Greece’s Tsakalotos to become new finance minister

What will this mean for the US Markets?

Fortune

Greece’s top negotiator in aid talks with creditors, Euclid Tsakalotos, will be sworn in as finance minister on Monday after the resignation of Yanis Varoufakis, a Greek presidency source said.

“Tsakalotos will be sworn in with the political oath as finance minister,” the presidency official said in a statement.

Earlier Monday, former Greek finance chief Yanis Varoufakis resigned under pressure from his government and Greece’s creditors. They had seen him as an obstacle to talks on a new bailout after voters rejected lenders’ terms in a referendum on Sunday.

For more on Tsakalotos’ colorful predecessor, read These 7 Yanis Varoufakis quotes show why we’ll miss him.

—Reuters contributed to this report.

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