Greece's Finance Minister Yanis Varoufakis

Greece's Finance Minister Yanis Varoufakis on Monday said he was resigning, in a shock  announcement despite the government having secured a resounding victory for the 'No' vote in the country's bailout resignation.

"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 judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today," Varoufakis, who had often clashed with creditors in negotiations over the past months, said on his blog after announcing the news on Twitter.