Why did Yanis Varoufakis resign after Greece's bailout referendum?

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Alexis Tsipras Leader of Syriza Alexis Tsipras, 2012.

Yanis Varoufakis resigned as Greece's finance minister following the July 5, 2015, referendum on the terms of the country's bailout. His resignation was viewed as a conciliatory move by the Greek government, intended to help jump-start new negotiations with creditors after Greek voters overwhelmingly rejected the proposed bailout terms.1