Monday 06 July 2015 1:30 pm

Greek crisis: Euclid Tsakalotos sworn in as new finance minister

Euclid Tsakalotos has been sworn in as new Greek finance minister following the resignation of Yanis Varoufakis.

The oxford-educated economist was sworn in by Greek president Prokopis Pavlopoulos this evening meaning he can attend tomorrow's crucial Eurogroup meeting.

Tsakalotos takes on the role from his previous post as the deputy foreign minister responsible for international economic relations.

Tsakalotos also stepped into Varoufakis' shoes earlier this year after being parachuted into negotiations amid reports creditors found Varoufakis difficult.

Varoufakis resigned earlier today despite the Greeks' resounding "no" vote in Sunday's referendum on whether to accept more austerity measures in exchange for unblocking aid.

Varoufakis, who previously threatened to quit if Greece returned a yes vote, praised the electorate but said it was clear he could not remain in his position.

"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," he wrote in a blog post.