Paschal Donohoe announced his resignation on Tuesday, effective immediately from his position as Eurogroup president, as he is expected to take up the position of Managing Director and Chief Knowledge Officer of the World Bank, based in Washington. According to the Eurogroup's operating rules, and with Cyprus as the upcoming Presidency of the Council of the EU, the acting presidency will be assumed by the Cypriot Minister of Finance, Makis Keravnos.