Rapanos, the president of the National Bank of Greece, had been lined up since last week to take over the job but was taken to the hospital on Friday after suffering stomach pains and feeling faint.
Rapanos is still in an Athens hospital undergoing tests and has informed the prime minister that he is not in a condition to take on the new role.
“The recent incident that led me to being hospitalized indicated that my health problem has not been overcome,” Rapanos said in a letter to Samaras.
“Following discussions that I had with my doctors, I have concluded that the condition of my health, for the time being, is not what it should be in order to fulfil my duties adequately.”
Samaras responded by accepting Rapanos’s decision and wishing him a quick recovery.