Portugal's Finance Minister Vítor Gaspar has tendered his resignation from the coalition government after two years in the position which centred almost solely around the implementation the country's controversial bailout programme.
The announcement on Monday afternoon follows weeks of speculation that Gaspar was preparing to quit the post or that he had been convinced on a number of occasions to act in the nation's best interests and stay on.
Treasury State Secretary Maria Luís Albuquerque has been appointed as his successor.
Observers are also expecting Gaspar's resignation to have a ripple effect through the coalition and should see more changes in the cabinet.
Earlier on Monday, Prime Minister Pedro Passos Coelho had held talks with President Cavaco Silva during which he informed him of Gaspar's decision, the motivation behind it, and why he accepted it.
The Presidency said in a statement that Maria Luís Albuquerque would be sworn into office on Tuesday afternoon.
In his resignation letter, Vítor Gaspar explained that he had handed in resignation last October following a Constitutional Court veto.
He explained that a series of events in recent weeks had made his position untenable and that he had no other option but to resign.
Prime Minister Pedro Passos Coelho praised the former Finance Minister, saying Gaspar had acted in the best interests of the nation.