Athens: Greek Finance Minister Yanis Varoufakis on Monday announced his resignation in a statement issued after his compatriots voted "No" in a referendum on bailout conditions, media reported.

It comes hours after Greece overwhelmingly rejected the European Union's (EU) bailout offer with stringent conditions. The bloc had urged the Greek government to make "meaningful" and "possible" proposals for renegotiation, Xinhua news agency reported.

The Greek people said "no more" to five years of austerity, Varoufakis said earlier in a televised address after his government triumphed.

(IANS)