THE Greek finance minister who studied in Colchester has quit his job despite his Government’s position being backed by more than 60 per cent of voters.

Greeks went to the polls on Sunday to decide whether the country should accept extra finance cuts set by the EU and the IMF in return for an extension of bailout funds.

But the terms were rejected by 61 per cent of voters.

Yanis Varoufakis – who graduated from Essex University in the Eighties, gaining a 2.2 in mathematical economics and a PhD – stepped down after deciding the Greek government would be better off negotiating with his nation’s creditors without him.

In a blog post entitled Minister No More, he said: “Soon after the announcement of the referendum results, I 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.”

He added: “I consider it my duty to help [Greek Prime Minister] Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.

“And I shall wear the creditors’ loathing with pride.”