Greece votes 8220 no 8221 on bailout referendum

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).

Varoufakis resigns

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".​