Greek finance minister Yanis Varoufakis resigned Monday, after the debt bailout failed as over 61% of Greek voters have rejected the austerity demands by the country's EU-IMF creditors in a historic referendum.

Varoufakis said he was informed shortly after Greece's decisive referendum result that some other eurozone finance ministers and Greece's other creditors would not welcome his presence in meetings.

Varoufakis added that the Greek prime minister Alexis Tsipras noted that the resignation might help achieve a deal.

"I shall wear the creditors' loathing with pride," Varoufakis said in his announcement.

Despite warnings that failure to reach a deal with the creditors could trigger a Greek exit from the eurozone, thousands of people gathered in central Syntagma Square in Athens to celebrate the “no” result.

Greek Prime Minister Alexis Tsipras stated that the government is ready to return immediately to negotiations with creditors.