Greek finance minister Yanis Varoufakis has resigned, just hours after his government won victory in a bailout referendum which could splinter Europe.

Mr Varoufakis, a joint Greek-Australian citizen who taught at Sydney University for more than a decade, said he was standing aside at the request of prime minister Alex Tsipras.

It came after more than 60 per cent of Greeks voted to reject the terms of a eurozone bailout which would have imposed more austerity measures on an already ravaged economy.

In a statement on his blog, Mr Varoufakis said he had been "made aware" that some members of the eurozone considered him unwelcome at meetings of finance ministers, "an idea 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," he said.

In its first comments since the weekend vote, the European Commission said the stability of the eurozone was "not in question".

Its vice president Valdis Dombrovskis told a news conference there was no easy way out of the crisis and the referendum result widened the gap between Greece and other eurozone countries.

"We have everything we need to manage the situation," he said.

On Monday, a defiant Germany said there was "no basis" for fresh talks with Greece on a new bailout package or debt relief for the referendum.

However, the United Kingdom urged cooperation.

"Clearly Greece and the eurozone need to sit down and talk through the implications of the result and what happens next. They need to find a sustainable solution," a spokesperson for British prime minister David Cameron said.

German chancellor Angela Merkel was due to meet French leader Francois Hollande in Paris on Monday night amid a flurry of other meetings to size up the implications of the vote.

A statement was expected from German and French finance ministers who were also expected to meet on Monday.

European Union president Donald Tusk said an emergency eurozone summit would be held on Tuesday.



Accusations of 'terrorism'

Mr Varoufakis infuriated Greece's European partners last week when he accused creditors of using "terrorism" against the Greek people to intimidate them into accepting more austerity.

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

"And I shall wear the creditors' loathing with pride."

He warned that the referendum result "comes with a large price tag attached... like all struggles for democratic rights".

"The great capital bestowed upon our government [must be] invested immediately into a YES to a proper resolution," he said.

Greece's chief negotiator Euclid Tsakalotos is favoured to take over as finance minister, senior government officials said.

'No' supporters celebrated Sunday's victory, but Greece is now in uncharted waters: risking a banking collapse that could force it out of the euro.

Mr Varoufakis called for a deal that involved "debt restructuring, less austerity, redistribution in favour of the needy, and real reforms".

His straight-talking style produced notable moments including his characterisation of the austerity imposed on Greece as "fiscal waterboarding".

After negotiations broke down between Greece and its creditors, Mr Varoufakis slammed Europe's governance.

"This is not the way to run a monetary union. This is a travesty. It's a comedy of errors for five years now, Europe has been extending and pretending," he said in a BBC interview.

'No' supporters celebrated the referendum results on the streets of central Athens. ( Reuters: Marko Djurica )

Maverick minister dubbed 'Greece's Bruce Willis'

As finance minister Mr Varoufakis shook up the staid world of EU summits by arriving to meetings in leather jackets and untucked shirts. He was quickly dubbed "Greece's Bruce Willis".

His swagger and penchant for lecturing annoyed some EU counterparts at meetings on Greece's debt and he was eventually pulled from frontline negotiations.

Though the maverick minister has always taken a stance protecting ordinary Greeks, his background was anything but common.

He is the son of Giorgos Varoufakis, who at 90 still heads one of Greece's leading steel producers, Halyvourgiki. He also attended the Moraitis School, which has alumni including prominent Greek leaders and artists.

His early career was spent at the English universities of Essex, East Anglia and at Cambridge, and he has often been linked with research into game theory.

Mr Varoufakis moved to Australia in the late 1980s and lectured at Sydney University for more than a decade. He is a dual Greek-Australian citizen.

He moved back to Greece in 2000 to teach at the University of Athens, and in January 2013 accepted a post at the University of Texas in Austin.

Greece on the brink as 'No' supporters celebrate

Thousands of people in Athens gathered to celebrate the 'No' vote on Sunday night, punching the air, kissing and cheering.

"Spain, and then Portugal, should follow this path. We're for a Europe of the people," said Giorgos, 25, brushing off concerns the result could see the debt-laden country plunge further into the financial mire.

Sorry, this video has expired Greek people talk about why they voted no

But the mood of jubilation was not shared by all 'No' voters, with some saying they had been confronted with an impossible choice.

Greece is now teetering on the brink of financial collapse. If it does not receive cash and loans soon from European institutions, it could be forced to resort to government IOUs or a return to the drachma to keep its economy running.

Former Greek government minister and EU commissioner Anna Diamantopoulou told the ABC's The World program the referendum has not helped strengthen Greece's position in negotiations.

"It must be obvious that the referendum was really a kind of parody, because people didn't really understand what the real question was," she said.

"I'm absolutely sure that the prime minister will compromise, otherwise there is no way out."

Ms Diamantopoulou said the inexperience of the Tsipras government made negotiations difficult.

"It is obvious that this government doesn't have the experience, the know how, even the will to work together with the European system."

In a televised address after the referendum, Mr Tsipras insisted the vote did not mean a break with Europe. He has emphasised that euro membership is meant to be "irreversible", with no legal avenue to boot a country out.

"This is not an mandate of rupture with Europe, but a mandate that bolsters our negotiating strength to achieve a viable deal," he said.

Mr Tsipras said the creditors would now finally have to talk about restructuring the 240 billion euro ($390 billion) debt Greece owes them.

The euro rose after Mr Varoufakis's announcement, which was expected to renew hopes that the creditors — the European Central Bank, the European Commission and the International Monetary Fund (IMF) — could be persuaded back to the negotiating table despite the country's decisive rejection of the reforms they were demanding in return for the release of a final tranche of bailout funds.

ABC/wires