Greece debt crisis: Finance Minister Varoufakis resigns | Greenwatch Dhaka | The leading online daily of Bangladesh

Greece debt crisis: Finance Minister Varoufakis resigns


Greece’s outspoken finance minister has resigned, hours after voters backed his call to reject creditors’ demands for more austerity in a referendum.
Yanis Varoufakis said it was felt his departure would be helpful in finding a solution to the country’s debt crisis.
Eurozone finance ministers, with whom he repeatedly clashed, had wanted him removed, Mr Varoufakis explained.Meanwhile, global financial markets have fallenover fears that Greece is heading for an exit from the euro.
The European Central Bank (ECB) is to discuss whether to raise its emergency cash support for Greek banks, which are running out of funds and on the verge of collapse.
Greece’s Economy Minister, Georgios Stathakis, told the BBC the ECB had to keep Greek banks alive for seven to 10 days so that negotiations could take place.
But even if the ECB continued to freeze the Emergency Liquidity Assistance (ELA) at €89bn (£63bn; $98bn), the current cash withdrawal and transfer restrictions on banks of €60 (£43; $66) per day could stay in place until Friday, without any of them collapsing, he said.
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BBC Europe editor Katya Adler says the 19-nation eurozone’s most powerful members, France and Germany are at odds over what to do next, with France taking a softer and Germany a harder line.
German Chancellor Angela Merkel will meet French President Francois Hollande in Paris later on Monday, and there will be a summit of eurozone leaders on Tuesday.
The majority of Greeks say they want to stay in the single currency, but their angry “No” vote in Sunday’s referendum has made that far harder, our correspondent adds.
‘Creditors’ loathing’
Mr Varoufakis announced his resignation on his blog only hours after it emerged that 61.3% of the 6.16 million Greeks who voted had rejected the demands for more austerity from the ECB, the European Commission and the International Monetary Fund (IMF).
He said Sunday’s referendum would “stay in history as a unique moment when a small European nation rose up against debt-bondage”. – BBC News


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