Greece Bail Out: Finance Minister Steps Down

Greece Bail Out: The Financial crisis in Greece seem to be mounting up by the hour. The divided opinions from the Euro partner nations is inducing even more chaos into the existing situation.

Recently, A referendum was conducted by the Greek government regarding the international bail out. The final result in Sunday’s referendum was 61.3% “No”, against 38.7% who voted “Yes”. Turnout was 62.5%.

Greece Bail Out: Finance Minister Steps Down
Greece Bail Out: Finance Minister Steps Down

Following the result, Greece’s Prime Minister Alexis Tsipras has said that the Greeks made a “brave choice” in voting to reject the terms of an international bailout.After the vote thousands of Greeks celebrated on streets.

On Monday morning, Greece’s finance minister said he was stepping down. Yanis Varoufakis wrote on his website that he had been “made aware of a certain preference by some eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings”.

On the other hand, European officials warned that it could see Greece ejected from the eurozone. The prime minister had judged this to be “potentially helpful to him in reaching an agreement”, he added.

Greece’s governing Syriza party had campaigned for a “No”, saying that the bailout terms were humiliating. Mr Tsipras said late on Sunday that the Greeks had proved that “democracy won’t be blackmailed.”


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