Greece and its European Union partners are beginning to sort out what's next after the country voted en masse to reject a German-led bailout plan that would have given the country more credit to pay its debt in exchange for tough austerity measures.
As The New York Times reports, now that the vote is in, the hard part begins. Using the vote as leverage, Greece will try to renegotiate more favorable terms for its bailout, but its European partners could insist on tough terms, which could ultimately result in Greece's exit from the European Union.
Eurogroup President Jeroen Dijsselbloem called the vote "regrettable for the future of Greece," and he called an emergency meeting on Tuesday. CNBC reports that EU leaders expect Greece to put forth a new proposal soon.
Meanwhile, the vote had its first concrete consequence on Monday when Greek Finance Minister Yanis Varoufakis resigned.
In a statement, Varoufakis said he expects his resignation will help Prime Minister Alexis Tsipras negotiate better terms for his country.
"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; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement," Varoufakis said. "For this reason I am leaving the Ministry of Finance today."
Varoufakis went on to call the vote "splendid" and the "historic" moment in which Greece "rose up against debt bondage."
"I shall wear the creditors' loathing with pride," he said.
We'll follow the news on Greece throughout the day, and we'll update this post as we hear more.
Update at 9:06 a.m. ET. Vote 'Widens Gap':
During a press conference today, European Commission Vice President Valdis Dombrovskis said while they respect the "democratic choice of the Greek people," the no vote "widens the gap between Greece and Eurozone countries."
"There is no easy way out of this crisis," Dombrovskis said. "Too much time and too many opportunities have been lost."
Dombrovskis explained that the European Commission cannot negotiate new terms with Greece without a mandate from eurogroup countries. He also said that no matter what happens with Greece, the eurozone is not in danger.
He concluded: "One thing is clear: the place of Greece is, and remains, in Europe. To solve this very difficult situation all sides need to work together responsibly for the sake of Greek people."