Varoufakis will tender resignation if Greeks vote yes

Greek finance minister has promised to tender his resignation should Greeks vote 'yes' in the upcoming 5 July referendum.

In remarks to Bloomberg TV Yanis Varoufakis framed the current logic behind current bailout proposals as “irrational”, having earlier said he will “not sign a deal without a debt restructuring”.

The Mediterranean country´s finance minister believes investment has not returned – only speculative flows – because the country is perceived as fundamentally insolvent.

“We are the product of the [current] failed institutions [at the euro level].”

He said he would rather cut off his right arm rather than sign a bailout that does not include a debt restructuring.

“What is better extending and pretending [with the current bailout]” or voting 'no'? Varoufakis said.