Euclid Tsakalotos, who took over as Greece's lead bailout negotiator in April, has been named as the country's finance minister following the resignation of Yanis Varoufakis.

An Oxford educated academic, Tsakalotos belongs to the hard-line left of the Syriza party but he has argued in the past that Greece needs to remain in the eurozone.

A long-standing member of Greece's largest Syriza party, Tsakalotos has been an MP since 2012. He is one of the architects of Greece's current economic policy.

Varoufakis announced his resignation in a surprise move this morning (6 July) following Greece's overwhelming rejection of international bailout terms.

His announcement came in a blogpost. "Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my ... 'absence' from its meetings; an idea that the prime minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the ministry of finance today."

"I consider it my duty to help [prime minister] Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday's referendum."