Yanis Varoufakis Resigns

Well, you can see at the clip below that Varoufakis expected to work with the major EU sovereigns on a new bailout, but leaders in European capitals are bitter, and I guess the dude just didn't need the stress.

At the Wall Street Journal, "Greek Finance Minister Yanis Varoufakis Resigns After Referendum":

ATHENS—Greece’s confrontational Finance Minister Yanis Varoufakis on Monday said he would step down from his position to help Greece reach a deal with international creditors after the country rejected bailout terms in a referendum.

Since becoming finance minister with the left-wing Syriza led government at the end of January, Mr. Varoufakis has caused great irritation among his colleagues in the eurozone, repeatedly lecturing them on the failure of the region’s economic policies. A reshuffle of Greece’s negotiating team with lenders in April largely sidelined him after he had antagonized peers and was no longer seen as acceptable negotiating partner.

But he has remained an influential adviser to Greek Prime Minister Alexis Tsipras and a leading advocate in taking a hard line against creditors in the belief that Germany and others will relent in their austerity demands rather than risk the break up of the euro.

“Soon after the announcement of the referendum results, I was made aware of a certain ‘preference’ by some Eurogroup participants, and assorted ‘partners’, for my... ‘absence’ from its meetings; an idea that the Prime Minister [Alexis Tsipras] judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today,” he said in a statement issued by the ministry.

”I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum. And I shall wear the creditors’ loathing with pride,” he added.

Also at London's Daily Mail, "Meltdown! EU crisis as Greece delivers resounding 'No' to crippling cuts and heads for euro exit... but Varoufakis QUITS after PM says his 'absence' will help negotiations."