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Greek referendum: EU leaders call crisis meeting as bailout rejected - live Greek referendum: EU leaders call crisis meeting as bailout rejected - live
(35 minutes later)
10.27am AEST01:27
Summary
While we await further market news, let’s have a look back at the extraordinary last few hours. My colleague Graeme Wearden, and before him Julia Kollewe, drove live coverage of the vote count and reaction in the streets of Greece and around the world.
You can relive the night blow by blow here, or Graeme’s summary is below.
Greece has delivered a resounding No to its creditors, in a move that has stunned the eurozone tonight and may shake the financial markets.
In the last few minutes, the last ballot papers were counted. And No campaign has exceeded all expectations by securing 61.31% of the vote [here’s the official count].
As our interactive shows, every area of Greece has voted to reject the proposals of Greece’s creditors and seek a better deal.
Prime minister Alexis Tsipras has declared that it’s a historic day for Greece, which shows that democracy cannot be blackmailed.
In a TV address, Tsipras has also vowed to begin negotiations with creditors to reach a sustainable deal to tackle Greece’s debt crisis.
“You made a very brave choice.
“The mandate you gave me is not the mandate of a rupture with Europe, but a mandate to strengthen our negotiating position to seek a viable solution.”
Greece’s future in the eurozone looks more perilous than ever, and the next 48 hours could be critical.
German chancellor Angela Merkel and French president Francois Hollande will meet in Paris on Monday night.
Then on Tuesday, eurozone leaders will debate the crisis at an emergency summit. Eurozone finance ministers will hold a Eurogroup meeting that afternoon.
Eurogroup president Jeroen Dijssebloem has already criticised the result of the referendum, warning:
“I take note of the outcome of the Greek referendum. This result is very regrettable for the future of Greece.”
But democratic senator Bernie Sanders has hailed the result as a decisive vote against austerity.
A series of financial analysts have warned tonight that Greece is likely to exit the eurozone. As Barclays warned:
“While Chancellor Merkel and President Hollande are scheduled to meet tomorrow, we argue that EMU exit now is the most likely scenario….”
Finance minister Yanis Varoufakis, though, has denied this is an option:
Updated at 10.29am AEST
10.20am AEST01:20
Japan, S Korea, Australia markets open down
Futures trading
The Guardian’s Tokyo correspondent, Justin McCurry, has just filed the below update on Japan’s market today.
Japan’s Nikkei stock index opened down more than 300 points on Monday, a day after Greece voted to rejected the eurozone’s terms for the country remaining in the single currency.
The Nikkei mounted a recovery last week after after posting its second-biggest daily drop this year after Greece and its international creditors failed to make a breakthrough in bailout talks.
Japan’s finance minister, Taro Aso, said last week he did not expect dramatic falls in Japanese share prices or a sudden surge in the yen if Greece defaulted but stayed in the eurozone.
He warned, however, that the impact on Japanese and other markets could be big if Athens left the single currency.
10.05am AEST01:05
Mohamed El-Erian, the former boss of the world’s biggest bond trader Pimco and now chief economic adviser at insurance giant Allianz, said investors should brace for a major global equity selloff.
“Yes, you will see one. With the extent and duration a function of whether the ECB steps in with new anti-contagion measures,” he writes for Bloomberg.
“Without huge emergency assistance from the European Central Bank – a decision that faces long odds – the government will find it hard to get money to the country’s automated teller machines, let alone re-open the banks.”
Over to you Mario Draghi.
Updated at 10.14am AEST
10.01am AEST01:01
All votes counted - Greece votes no
All referendum votes have now been counted, with a final result of 61.31% voting no, to 38.69% yes.
9.56am AEST00:56
Eyes are now moving towards the world markets, particularly those in Asia set to open in the next few hours. Tokyo and Korea will be first in the next few minutes and along with Shanghai and Hong Kong later today, are ones to watch.
Unsurprisingly the euro fell sharply in Asia, Reuters has already reported.
The Japanese government said it was ready to respond as needed in markets and was in close touch with other nations.
The euro was down 0.9 percent at $1.1012 but off an early low of $1.0967. It had initially dropped around 1.5 percent on the safe-haven yen only to find a big buy order waiting, which pared its losses to 134.53.
Likewise, the dollar recouped its early drop to be only a touch softer at 122.34 yen. The dollar index added 0.3 percent to 96.434.
9.52am AEST00:529.52am AEST00:52
Prime minister Alexis Tsipras has addressed the Greek nation, telling voters they made a “brave choice” and that “democracy can not be blackmailed.”Prime minister Alexis Tsipras has addressed the Greek nation, telling voters they made a “brave choice” and that “democracy can not be blackmailed.”
However he added: “I am fully aware that the mandate here is not one to break with Europe by a mandate to strengthen our negotiating position to seek a viable solution.”However he added: “I am fully aware that the mandate here is not one to break with Europe by a mandate to strengthen our negotiating position to seek a viable solution.”
9.52am AEST00:529.52am AEST00:52
Greek voters have overwhelmingly rejected the extra austerity measures demanded by creditors in return for bailout funds. In a referendum held with just eight days notice, more than 60% have voted no, or oxi.Greek voters have overwhelmingly rejected the extra austerity measures demanded by creditors in return for bailout funds. In a referendum held with just eight days notice, more than 60% have voted no, or oxi.
No supporters have taken to the streets in celebration, while Antonis Samaras, the head of the New Democracy party who campaigned for a Yes vote, has resigned.No supporters have taken to the streets in celebration, while Antonis Samaras, the head of the New Democracy party who campaigned for a Yes vote, has resigned.
Shocked EU finance ministers have called an emergency meeting for Tuesday, as analysts fear collapse of the Greek banking system.Shocked EU finance ministers have called an emergency meeting for Tuesday, as analysts fear collapse of the Greek banking system.