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Greece's Finance Minister Yanis Varoufakis says he is resigning, in a shock announcement despite the government having secured a resounding victory for the 'No' vote in the country's bailout resignation/AFP

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Greek FM resigns in concession to creditors after referendum

Dijsselbloem called the Greek “No” result “very regrettable for the future of Greece”.

Britain vowed it would do “whatever is necessary” to protect its own economic security in light of the vote.

In Asian trade, the single currency held up against the dollar, after dropping in the immediate wake of the vote.

Shinya Harui, currency analyst at Nomura Securities in Tokyo, said the common currency was holding up as investors “assess the spill-over risks in case of a Greek exit from the eurozone”, adding: “I personally think the chance (of the Greek exit) is very high, at around 70-80 percent.”

– No ‘rupture’ –

In a televised address after the referendum, Tsipras insisted the vote did not mean a break with Europe. He has emphasised that euro membership is meant to be “irreversible”, with no legal avenue to boot a country out.

“This is not an mandate of rupture with Europe, but a mandate that bolsters our negotiating strength to achieve a viable deal,” he said.

Tsipras said the creditors would now finally have to talk about restructuring the massive, 240-billion-euro ($267 billion) debt Greece owes them.

Thousands of people in Athens gathered to celebrate the “No” vote Sunday night, punching the air, kissing and cheering.

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“Spain, and then Portugal, should follow this path. We’re for a Europe of the people,” said Giorgos, 25, brushing off concerns the result could see the debt-laden country plunge further into the financial mire.

But the mood of jubilation was not shared by all “No” voters, with some saying they had been confronted with an impossible choice.

– On the brink –

Greece is teetering on the brink of financial collapse. If it does not receive cash and loans soon from European institutions, it could be forced to resort to government IOUs or a return to the drachma to keep its economy running.

Last Tuesday, the country defaulted on a 1.5-billion-euro repayment to the IMF, becoming the first developed country to fall into arrears to the institution.

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