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People celebrate in front of the Greek parliament as the people of Greece reject the debt bailout by creditors on July 6, 2015 in Athens, Greece.
Greece has overwhelmingly rejected the latest bailout package from European creditors in Sunday's referendum. According to preliminary figures from the Greek government, 61% of Greeks voted "No" (Oxi) to a bailout package that would enforce greater austerity measures, while 39% voted "Yes."
Greece's finance minister Yanis Varoufakis has resigned, according to a statement posted to his official website. In the statement he says: "Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my… 'absence' from its meetings."
Greece is likely to keep its banks closed today and cut the cash withdrawal limits. IHS Global Insight's senior economist Diego Iscaro says Sunday's referendum result means its highly unlikely that the European Central Bank will give Greece's banks any more emergency funds.
Eurozone nations will hold an emergency summit on Tuesday to discuss the Greek referendum "No" result after the German and French leaders called for a meeting, EU president Donald Tusk said. The Eurogroup will also hold a meeting on Tuesday before the summit to "discuss the state of play", Dijsselbloem said, while deputy finance ministers from the eurozone will meet on Monday.
Jeroen Dijsselbloem, the head of Greece's creditors the Eurogroup, has issued a brief statement in response to the referendum result, calling it "very regrettable for the future of Greece." He adds that: "For recovery of the Greek economy, difficult measures and reforms are inevitable."
The Euro fell sharply on the Greek referendum result in early trade in Asia. The currency dropped as much as 1.5% against the dollar on news of the "No" vote, but has recovered slightly and is currently down 0.7%.
US stock futures and oil prices have also taken a big hit from the result. S&P 500 futures fell by 31 points or 1.5% in the first few minutes of trading, while oil prices US crude fell 71 cents (46 pence) to $54.81 (£35.15) in early trade.
Asian markets are also feeling the effects of European uncertainty. Japan's Nikkei is down 2.3% at time of writing and Hong Kong's Hang Seng is off 4.3%.
Chinese stock market volatility continues despite more efforts to prop up the country's indices. The benchmark Shanghai Composite opened up 7.8% but this halved within 15 minutes and the index is currently up just 0.13%. On Saturday China's top brokerages pledged that they would collectively buy at least 120 billion yuan (£12.3 billion, $19.3 billion) of shares to help steady the market.
The Australian dollar has tumbled to a 6-year low against the dollar. Market commentators are putting the slump down to the Greek referendum too, with declining risk appetite among global currency traders while the effects of the vote remain unclear.