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Varoufakis Quits as Greece Enters New Showdown With Europe

Bloomberg business news

Greece Backs Tsipras’s Rejection of Further Austerity

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Yanis Varoufakis quit as Greek finance minister, a move intended to help speed talks with creditors after voters rejected further austerity and escalated tension over the country’s place in the euro.

Varoufakis announced the decision in a blog post early Monday, saying there was “a certain preference” among European creditors that he no longer be involved in negotiations. The motorbike-riding economist had sparred openly with counterparts including Wolfgang Schaeuble of Germany.