Yanis Varoufakis, the Greek Finance minister, has resigned after yesterday’s referendum.

This comes just hours after he vowed that, should the Greek people vote no, he would remain in power and campaign for a better bail out deal for Greece.

In a statement, Varoufakis said he believed that his resignation would help Greece come to a solution with their EU creditors. He has repeatedly clashed with many of the leading Eurozone Finance Ministers.

Greece have officially voted to continue negotiations with Europe rather than accepting the current proposal, despite being warned that it may well lead to their exit from the euro. Greek banks remain on the brink of collapse as the ECB meet this week to discuss whether to send emergency funds.