Greece FM Varoufakis will quit if Greeks vote 'yes' in referendum

Greek Prime Minister Yanis Varoufakis has joined Prime Minister Alexis Tsipras in saying that he will resign if the people vote 'Yes' in the referendum. He said that a “'Yes' vote would threaten democracy because fear would have won.”

The Greek electorate going in for a referendum on Sunday, July 5. A 'No' or 'Yes' vote will now essentially decide the fate of the country in the Euro.

In a bid to reassure the people, Varoufakis also said that banks will open on Tuesday irrespective of the result of the referendum. He also called the Eurozone's behavior toward Greece, terrorism. He also said that trillions of euros will be lost if Greece is allowed to crash.

Asked why he was sure an agreement would be reached, even if Greeks vote 'No' in a referendum on Sunday on the terms of a possible new bailout deal, he said failing to agree would be too costly for both sides. The vote could decide Greece's future as a member of Europe's single currency.

"Because there's too much at stake, as much for Greece as for Europe, I'm sure. If Greece crashes, a trillion euros (the equivalent of Spain's GDP) will be lost. It's too much money and
I don't believe Europe could allow it," Varoufakis said.