The people of Greece have voted "no" in an election to determine the country's financial future.
According to the BBC, thousands of people were seen celebrating in the streets after the final results of the election were announced. More than three-fifths (61.3 per cent) voted against the referendum for an international bailout, compared to 38.7 per cent voting "Yes".
Commenting on the results, Greek prime minister Alexis Tsipras said the people made a "brave choice" to reject the offer.
He added that the vote proved "democracy won't be blackmailed".
The governing Syriza party had campaigned for a "No" vote. They claimed that the terms of the bailout were humiliating.
However, European officials have warned that the decision could see the country ejected from the eurozone. In addition, the value of the euro dropped compared to Asian currencies on Monday (July 6th).
Greece's finance minister, Yanis Varoufakis, has also resigned from his post. Mr Varoufakis often clashed with creditors and he wrote on his blog that he had been made aware that some "eurogroup participants" preferred him to be absent from meetings.
Mr Tsipras indicated this could be "potentially helpful" towards reaching an agreement, adding "I shall wear the creditors' loathing with pride."
Back to the negotiating table
Negotiations would begin again on Monday, according to Mr Tsipras, and he pointed out that an assessment by the International Monetary Fund (IMF) had confirmed that it was not necessary to restructure Greek debt.
But some European officials have warned that a "No" vote could be interpreted to mean that the Greeks had rejected further talks, reports the BBC.
Sigmar Gabriel, Germany's deputy chancellor told local media that it was "difficult to imagine" renewed negotiations with Greece – he said the Greek prime minister had "torn down the bridges" between Greece and the rest of Europe.
Belgian and Italian ministers, however, were more open to continuing talks and Belgium's finance minister said that talks could begin "literally, within hours".
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.