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VIDEO: Greeks jubilant over "no" vote to bailout terms

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In Sunday's referendum, Greece said a strong "OXI" - "no" - to the bailout terms proposed by its creditors.

Nearly 62 percent of Greek voters chose to reject the terms suggested by the European Union and the International Monetary Fund for continued financial aid.

Emotions ran high in Athens, where the referendum result was hailed as a victory. People were, however, divided as to whether Greece should go further and leave the EU altogether. While one demonstrator said that the country should do so to rid itself of "financial occupation", another believed that Greece will not drop euro and the referendum was just a way for Prime Minister Alexis Tsipras to gain leverage at the negotiations.

In the aftermath of yesterday's referendum, Greek Finance Minister Yanis Varoufakis announced today that he will step down. "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 wrote in his personal blog. "I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum."

German Chancellor Angela Merkel and French President Francois Hollande are set to meet for crisis talks in Paris today to discuss what happens next, and on Tuesday evening eurozone leaders and finance ministers will also hold an emergency summit.

Estonian Foreign Minister Keit Pentus-Rosimannus said the responsibility for proposing a viable solution to the financial crisis now relies on the Greek government. "The longer the confusion lasts the worse for the Greeks themselves," she said. The result of yesterday's referendum will not have an immediate effect on the international level but it the Greek government now has show initiative, she added.

Editor: M. Oll

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