Greece Votes 'No' In Referendum. (So, What Now?)

Greece has taken a hard pass on further austerity measures, voting “no” in a referendum to decide whether or not they should accept creditors’ proposed bailout package.

A decisive 61 per cent of Greeks voted against the deal, following the lead of Prime Minister Alexis Tsipras.

In a televised address, Tsipras told his people, “You made a very brave choice.”

Opposition leader Antonis Samaras resigned from his post following the vote.

Though the bailout would have delayed Greece’s impending loan repayments to eurozone lenders, the recommended taxation measures would have added further strain to the Greek economy.

As it stands, Greece has been pooling money from schools and hospitals to pay back their debts, accumulated in the wake of the 2008 global financial crisis.

Tsipras is now planning on heading back to the negotiation table, with the intention of restructuring the debt itself.

The aftershocks of the widely-expected but still Europe-shaking referendum result have been felt in Australia, where the dollar has slipped to its lowest level in six years.

An immediate summit has been called by European leaders to discuss next steps.

For more on how Greece got here and what might happen next – including the potential Greek abandonment of the Euro - read our piece on