Incoming Greek Finance Minister Vasilios Rapanos is going to resign after less than a week in office, according to the prime minister’s office.
The cause wasn’t immediately known, although Rapanos was rushed to the hospital on Friday after suffering from abdominal pain. At the time, the hospital released a statement saying he was admitted “because of intense abdominal pains, dizziness, nausea, sweating and weakness.”
His resignation comes ahead of the EU summit, the latest in a series of meetings European leaders have been holding to solve the crisis.
Stocks are trading around session lows. The Dow is down 172 points, or 1.4%, at 12469. The S&P 500 sheds 1.8%, led lower by energy, financials and tech stocks. The Nasdaq Comp falls 2.1%.
The euro dropped to $1.2481, from $1.2490 just before the resignation announcement, according to EBS via CQG. It’s down nearly 0.8% on the day.
Rapanos previously was the chairman of National Bank of Greece SA before being named head of the nation’s beleaguered finance ministry.
Separately, Greece’s recently appointed Prime Minister Antonis Samaras, underwent eye surgery over the weekend to repair a damaged retina. He is also expected to miss the EU summit.