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Greek referendum: LIVE REPORT

04:09 GMT - Closing Live Report - AFP IS NOW CLOSING THE LIVE REPORT on the Greek referendum where voters defied warnings of a possible "Grexit" by saying a resounding 'No' to creditors' harsh bailout terms. The final tally showed the 'No' vote winning by more than 61 percent. The historic referendum represented a victory for the radical left Greek Prime Minister Alexis Tsipras. Insisting the ‘No’ vote would bolster his negotiating position to secure a new debt deal, Tsipras also said it does not mean a "rupture" with Europe despite fears it will end in a "Grexit" from the eurozone. Eurozone leaders are scrambling to work out their response. German Chancellor Angela Merkel and French President Francois Hollande have called an emergency European summit for Tuesday but also declared that the Greeks' decision must "be respected”. Global financial markets and international governments are now in wait-and-see mode until the response of global creditors and Eurozone leaders becomes clearer. Whether Greece will exit the euro remains uncertain. 03:11 GMT - China in talks - Commenting on the crisis in Greece, Chinese vice foreign minister Cheng Guoping tells reporters: "The debt crisis in Greece will have a great impact not only on the EU but on the world economy as well. China is now having active discussions with the EU and Greece on how to address this crisis." "We believe that with efforts of various parties the crisis will be properly resolved." 02:50 GMT - Euro holds ground - The euro held its ground in Asia on Monday morning despite the odds of a Greek exit from the eurozone spiking after the country rejected creditors' austerity demands. The 19-nation currency was changing hands at $1.1019 and 135.01 yen, down from $1.1102 and 136.70 yen Friday. There were widespread fears that the euro would plunge in the aftermath of a "No" vote, but analysts say investors are still in the process of weighing what the decision actually means. "There is no particular reason for the euro to be holding up, but markets are still assessing the spill-over risks in the case of a Greek exit from the eurozone," Shinya Harui, currency analyst at Nomura Securities in Tokyo, says. 02:27 GMT - Black hole - Anne Laure Delatte, an economist at the French Institute for Scientific Research, says pouring more money into the black hole of Greece’s finances will not be popular with voters in other eurozone countries, particularly in the more hardline Baltics, Finland and the Netherlands. "What could work in the Greeks' favour is the radical uncertainty, and the pressure from the Americans, who fear a new financial crisis," she says. "But what could count against them is the idea that the eurozone could do better without them, and the pressure from voters." 02:08 GMT - Cold reality - The shock result of the Greek vote does not necessarily have to mean a break with Europe, some analysts say. The cold reality of a possible "Grexit" may make some European leaders rethink their position. "EU member states will give Greece another chance, but there is very little time and this will really be the last chance," Nicolas Veron of the Bruegel think-tank in Brussels told AFP. 01:30 GMT - What-next phase - Chris Green, director of economics and strategy at First NZ Capital in Auckland, tells Bloomberg News: "There is now going to be a period of market uncertainty as we transition through the what-next phase. There'll be a couple of days of head scratching and trying to assess what the next political moves will be." 01:09 GMT - Door not shut - Toshihiko Matsuno, senior strategist at SMBC Friend Securities in Tokyo says: "The door to further negotiations is not shut yet and (many players) are taking a wait-and-see stance. "The impact of the 'No' vote was no bigger or even less than the shock when talks broke off between Greece and its creditors the preceding weekend. "(But) new problems could arise if geopolitical risks, such as Greece moving closer to Russia, grow. But it will take more time to see how things develop." 00:59 GMT - In limbo - Financial traders are now waiting to see how Greece’s creditors -- the ECB, the European Commission and the International Monetary Fund – respond to the No vote. "There's a whole range of unpredictable outcomes," Mark Lister, head of private wealth research at Craigs Investment Partners in Wellington, has told Bloomberg News. "It's surprising that the 'No' vote won so convincingly, certainly more decisively than the polls had suggested. This puts us in limbo for so much longer and it's very negative for risk sentiment." 00:41 GMT - Eurosceptics - Anti-austerity and eurosceptic parties in the EU have been heartened by the Greek vote result. The leader of Britain's eurosceptic UK Independence Party Nigel Farage wrote on Twitter: "EU project is now dying. It's fantastic to see the courage of the Greek people in the face of political and economic bullying from Brussels." He praised the Greeks for "calling the EU's bluff". 00:25 GMT - Uncertainty perspective - Ray Attrill, global co-head of forex strategy at National Australia Bank says: "The 'No' vote is the worst possible outcome from an 'uncertainty' perspective". "'Grexit' risk has clearly risen sharply, and is now the singularly most likely scenario following the referendum." "Of one thing we can be sure: the 'moral hazard' risks arising from immediately granting Greece a soft deal with substantial debt relief... makes this a less likely scenario than Grexit," he says. Attrill predicts a fall back in the euro to levels around $1.05 is "not unreasonable". 00:22 GMT - Currency analyst - Shinya Harui, currency analyst at Nomura Securities in Tokyo, says the euro is holding up as Asia traders "assess the spill-over risks in the case of a Greek exit from the eurozone". "I personally think the chance (of the Greek exit) is very high, at around 70-80%," he says. "A Greek exit would shake confidence in what had been 19-nation solidarity, which could fuel anti-euro movements within Europe." 00:19 GMT - Australian market - Australian stocks dropped 1.53% at the openning of trade on Monday morning after the Greek landmark referendum. The benchmark S&P/ASX200 index was trading 84.7 points lower at 5,453.6 soon after the start, although weekend moves by China to stabilise its volatile local markets appeared to help stem some of the bleeding. 00:10 GMT - Tokyo stocks - Tokyo's benchmark stock index has dropped 1.65% at the start on Monday, one of the first major markets to open after the Greek vote. The Nikkei 225 at the Tokyo Stock Exchange fell 339.64 points to 20,200.15 in the first few minutes of trading, as investors digested the news. 00:07 GMT - Final tally - GREEK 'NO' VOTE AT 61.31% IN FINAL TALLY, OFFICIAL RESULTS SHOW 00:00 GMT - Asia euro trade - The euro bounced back against the dollar in Asia on Monday despite an increase in the chances of a Greek exit from the eurozone after the majority of the nation rejected creditors' austerity demands. The 19-nation currency was changing hands at $1.1025 in early Asian trade, coming off $1.0963 soon after early results of the Greece bailout reforms vote were out. The euro was at $1.0987 in New York late Sunday, down 1.2 percent from Friday evening. In the wake of the vote, the euro weakened to 134.91 yen from 136.31 yen and 0.7088 pounds from 0.7135 on Friday. 23:49 GMT - Finland sceptic - Foreign Minister Timo Soini of Finland's eurosceptic Finns Party told his country's MTV television that Greece's future in the eurozone depended on European taxpayers "willingness to pay". "It cannot be that when they vote in Greece, they vote to have other eurozone members' tax euros for themselves," says Soini, whose country is part of a staunchly pro-austerity club of eurozone members. 23:42 GMT - Contagion 'not a threat' - Amidst fears of a fallout should Greece vote no, last week Italian leaders sought to reassure that contagion from the Greek crisis to other euro members is not a threat. Italian Prime Minister Matteo Renzi told the economic daily Il Sole 24 Ore last week that structural reforms already undertaken by Rome had placed the country "out of the firing line" of Greek debt crisis fallout. "We have taken a courageous path of structural reform, the economy is headed towards recovery and the European Central Bank's umbrella is protecting us. These three considerations make this crisis different for Italy.” 23:30 GMT - Wasting time? - Pieter Cleppe of the Open Europe think-tank has told AFP he thinks the vote will lead to Grexit. "The EU doesn't want to be seen as the one pulling the trigger. But that shouldn't be the only reason for not pulling it -- I think it would be irresponsible not to prepare for drachma if you think it's impossible to get a deal with the eurozone finance ministers. "And I think that's going to be very hard, so why keep pretending and wasting precious time, when you risk social breakdown." 23:28 GMT - Hard choices - Analysts say Europe faces a near impossible choice between giving debt-laden Greece a chance or pushing it out of the euro and risking global turmoil. The No vote does not necessarily have to mean a break with Europe. "EU member states will give Greece another chance, but there is very little time and this will really be the last chance," Nicolas Veron of the Bruegel think-tank in Brussels told AFP. He said a Greek exit from the 19-country currency union could come about "very rapidly" if action is not taken quickly. 22:36 GMT - The story so far - - With 95 percent of the votes counted, the result of the Greek referendum is a big majority for the government's 'No' campaign, backed by more than 61% of ballot papers - German Chancellor Angela Merkel and French President Francois Hollande have called a summit of Eurozone leaders on Tuesday to decide their reaction to the 'No' vote - The figures mean most voters have accepted the call by Prime Minister Alexis Tsipras and Finance Minister Yannis Varoufakis to reject international creditors' proposals for more austerity - Tsipras says the 'No' camp's triumph means creditors will be forced to address the question of easing the country's massive debt. He wants a 30 percent write down on 240 billion euros owed to international creditors - At stake is a loan worth 7.2 billion euros, the final payment under a second bailout plan for Greece approved in 2012. The disbursement of this loan has been delayed as Greece has negotiated with its creditors over fresh reforms - Jubilant 'No' campaigners celebrated in Athens' Syntagma Square - The euro has weakened sharply against the dollar, easing by 1.54 percent to $1.0968 at around 1850 GMT in electronic trading, though recovering to $1.1015 at 2235 GMT 22:34 GMT - Clear margin - "I'm so happy," says 37-year old Dima Rousso, adding that she hadn't expected there to be such a clear margin between the 'No' votes and the 'Yes' votes. "This is Europe's chance to become what it should have been in the beginning," she says as she celebrates in Syntagma Square. 22:32 GMT - 95% counted - More than 61 percent of Greek voters have rejected fresh austerity demands by the country's EU-IMF creditors in a historic referendum, official results from over 95 percent of polling stations show. 22:26 GMT - GREEK VOTE 'NO' IN REFERENDUM OVER 61% WITH COUNT NEARLY COMPLETE: OFFICIAL RESULTS 22:11 GMT - Dijsselbloem regretful - Greece's 'No' vote in its bailout referendum is "very regrettable" and the economy faces tough measures to recover, the head of the Eurogroup of eurozone finance ministers, Jeroen Dijsselbloem, says. "I take note of the outcome of the Greek referendum. This result is very regrettable for the future of Greece," Dijssebloem, the Dutch finance minister, said in a statement. 22:04 GMT - GREEK RESULT 'VERY REGRETTABLE' SAYS EUROGROUP'S DIJSSELBLOEM - Banks 'may not reopen' - 21:49 GMT - Spain meeting - Spain's conservative Prime Minister Mariano Rajoy -- who had urged Greeks to accept the bailout proposals -- has called an emergency meeting of the country's economic affairs committee for tomorrow. Vice president Soraya Saenz, Economy Minister Luis de Guindos and Finance Minister Cristobal Montoro will be among those attending the crisis talks on the Greek vote. 21:47 GMT - Juncker 'consulting' - More on Juncker: the European Commission chief will be "consulting tonight and tomorrow with the democratically elected leaders of the other 18 eurozone members as well as with the heads of the EU institutions," the commission says. "The European Commission takes note of and respects the result of the referendum in Greece," its statement says. Juncker was a key broker during months of talks between Greece and its EU-IMF creditors, but hit out at Tsipras after they broke down and said he felt "betrayed." 21:44 GMT - Cash 'running out' - The 'No' vote significantly raises the probability of Greek banks running out of cash over the coming days, says IHS Global Insight senior economist Diego Iscaro. "We estimate it is very likely banks will not reopen on July 7 as currently expected. Moreover, the limit on bank withdrawals, currently at 60 euros, may also need to be reduced," Iscaro says in a research note. The IHS economist adds: "In our view, the only hope of a deal may rest on the IMF convincing eurozone governments to include a clause promising debt relief in the future, conditional to Greece meeting certain targets." 21:40 GMT - Grexit 'likeliest outcome' - Barclays Bank says the likeliest outcome is now for Greece to leave the eurozone following the 'No' vote in today's referendum on further measures proposed by international creditors. "While Chancellor Merkel and President Hollande are scheduled to meet tomorrow, we argue that EMU exit now is the most likely scenario. "Agreeing on a programme with the current Greek government will be extremely difficult for (eurozone) leaders, given the Greek rejection of the last deal offered and will be a difficult sell at home, especially at the Bundestag or in Spain ahead of the general elections," the bank says in a research note. 21:30 GMT - Juncker plans teleconference - The European Commission "respects" the result of the Greece bailout referendum, it says in a short statement after Greek voters overwhelmingly reject terms offered by international creditors. Commission president Jean-Claude Juncker will hold a teleconference on Monday morning with European Central Bank chief Mario Draghi and Jeroen Dijsselbloem, the head of the Eurogroup of eurozone finance ministers, the statement says. 21:25 GMT - The story so far - - With 90 percent of the votes counted, the result of the Greek referendum is a big majority for the government's 'No' campaign, backed by more than 61% of ballot papers - Eurozone leaders are to meet for a summit on Tuesday to decide their reaction to the 'No' vote - The figures mean most voters have accepted the call by Prime Minister Alexis Tsipras and Finance Minister Yannis Varoufakis to reject to international creditors' proposals for more austerity - Tsipras says the 'No' camp's triumph means creditors will be forced to address the question of easing the country's massive debt. He wants a 30 percent write down on 240 billion euros owed to international creditors - At stake is a loan worth 7.2 billion euros, the final payment under a second bailout plan for Greece approved in 2012. The disbursement of this loan has been delayed as Greece has negotiated with its creditors over fresh reforms - Jubilant 'No' campaigners are celebrating in Athens' Syntagma Square - The euro has weakened sharply against the dollar, easing by 1.54 percent to $1.0968 at around 1850 GMT in electronic trading, though recovering to $1.1015 at 2000 GMT 21:13 GMT - EUROPEAN COMMISSION 'RESPECTS' GREECE RESULT: STATEMENT 21:04 GMT - 'Grexit' - Tsipras denies the 'No' victory means Athens is headed for a so-called "Grexit". "This is not a mandate of rupture with Europe, but a mandate that bolsters our negotiating strength to achieve a viable deal," he says in a televised address. 21:02 GMT - 'Debt on the table' - Alexis Tsipras says the 'No' camp's triumph in the bailout referendum means creditors will be forced to address the question of easing the country's massive debt. "This time, the debt will be on the negotiating table," he says in a televised address, insisting that an International Monetary Fund report seen this week "confirms Greek views that restructuring the debt is necessary". 21:01 GMT - Summit confirmed - Donald Tusk confirms in a tweet that he has called a eurozone summit for 6:00 pm on Tuesday "to discuss situation after referendum in Greece". 20:57 GMT - 'Nightmare scenario' - Slovak Finance Minister Peter Kazimir says Greece's 'No' referendum result opens the door to the country's departure from the eurozone, becoming the first European minister since the crucial vote to raise the prospect of a so-called "Grexit". "The nightmare of the 'euro-architects' that a country could leave the club seems like a realistic scenario after Greece voted No today," Kazimir has tweeted. 20:54 GMT - Tusk - Merkel and Hollande have sent their request for a eurozone summit on Tuesday to the current president of the European Council, Poland's Donald Tusk, according to sources in the French presidency. There are no explicit provisions in EU rules for summits of eurozone leaders, but they can be held in exceptional circumstances. The last such summit was held in Brussels last month. During the evening, Hollande spoke separately by telephone with Merkel, Tsipras, EU Commission President Jean-Claude Juncker, European Parliament head Martin Schulz and Tusk, the French sources said. - Final results near - 20:52 GMT - 'No' still at over 60% - Official results from close to 90 of Greece's polling stations show more than 61 percent of Greeks have voted 'No' to creditor demands for further austerity in return for further bailout funds. 20:48 GMT - TSIPRAS SAYS GREEK DEBT RELIEF NOW ON THE TABLE IN CREDITOR TALKS 20:45 GMT - 'Trust damaged' - Deutsche Bank warns: "The range and probability of unpredictable outcomes to the Greek crisis has again materially increased this evening." In a note to clients, George Saravelos of the German bank's fixed income service writes: "Credibility and trust between Europe and Greece has been seriously damaged. Over the next few hours, both sides' willingness to restart negotiations and under what conditions remains the most important next step. "Beyond that, it is the increasing pressure on the Greek economy and people via a frozen banking system and capital controls that will drive the speed of developments." "Decisions have to be taken soon on whether to return to the path of negotiations or consider the alternative of a eurozone exit," the Deutsche Bank specialist writes. 20:42 GMT - TSIPRAS SAYS GREEK 'NO' VOTE DOES NOT MEAN BREAK WITH EUROPE 20:39 GMT - GREEK 'NO' MAKES GREXIT A 'REALISTIC SCENARIO', SAYS THE SLOVAK FINANCE MINISTER 20:34 GMT - 'People have won' - Nikos Criticas, aged 60, in Syntagma Square with his dog, tells AFP's Pauline Froissart: "I am very happy. Democracy has won, the people have won. I am very optimistic for the future." Tourist Jean-Francois Pigeat, a French retired teacher, takes a different view. "It brings me sorrow. Europe without Greece would be sad. They shouldn't leave a European country like Greece flat broke." - Merkel, Hollande seek Eurozone summit - 20:26 GMT - 'No time to cheer' - More German reactions: Michael Roth from the centre-left Social Democratic Party, who is state minister for Europe in the foreign ministry, says the resounding 'No' vote will not make things easier for Europe, and least of all the Greeks themselves. "Whoever is cheering now hasn't understood the seriousness of the situation," Roth says Twitter. "Nothing is going to be easier. Least of all for Greek men and women," Roth warns. In a first reaction from Angela Merkel's Christian Democratic Union party, deputy party chief Julia Kloeckner says Tsipras should not believe he can use the referendum's outcome to pressure Europe into a better deal. "The Greek government used anti-European propaganda and distorted messages in their campaign for a 'No'," Kloeckner says. "But it's not only the will of the Greek people that counts, but also the citizens of other European countries. The EU is not a union where you can simply wish for whatever you want, where some members can individually determine the rules of play while the others pick up the tab," she says. 20:23 GMT - Summit Tuesday? - German Chancellor Angela Merkel discussed the outcome of Greece's referendum with French President Francois Hollande in a telephone call this evening, with both agreeing the apparent 'No' vote must be respected, a German government spokesman says. "Both were in agreement that the vote by the Greek people be respected. The chancellor and the president are in favour of calling for a summit of eurozone heads of state and government heads on Tuesday," the spokesman adds. 20:21 GMT - Samaras quits - Greece's conservative opposition chief Antonis Samaras announces his resignation as the country appears set to reject further austerity cuts in a referendum. "I understand that our great movement needs a new start. From today I am stepping down from the leadership," the New Democracy chief, a former prime minister, says in a televised address. 20:18 GMT - Krugman: 'Europe won big' - "Tsipras and Syriza have won big in the referendum, strengthening their hand for whatever comes next," Nobel prize winning economist Paul Krugman writes in a New York Times blog posting. "But they’re not the only winners: I would argue that Europe, and the European idea, just won big -- at least in the sense of dodging a bullet," he adds. "We have just witnessed Greece stand up to a truly vile campaign of bullying and intimidation, an attempt to scare the Greek public, not just into accepting creditor demands, but into getting rid of their government," Krugman writes. 20:14 GMT - MERKEL, HOLLANDE AGREE THE OUTCOME OF THE GREEK VOTE MUST BE RESPECTED, SAYS THE BERLIN GOVERNMENT 20:14 GMT - 'No' is 'Yes' to Europe - More from Varoufakis: A strong rejection of further austerity emerging from Greece's referendum will help Athens heal its wounds, Varoufakis says in a televised address. Armed with this result, the radical left government will now extend a "hand of cooperation" to its EU-IMF creditors, he says. "From tomorrow, Europe, whose heart tonight beats in Greece, starts healing its wounds. Our wounds," the maverick economist adds. "Today's 'No' is a big 'Yes' to democratic Europe. A 'No' to a vision of the eurozone as a boundless iron cage for its people," Varoufakis says. 20:13 GMT - GREEK CONSERVATIVE OPPOSITION CHIEF SAMARAS ANNOUNCES RESIGNATION 20:07 GMT - MERKEL, HOLLANDE CALL FOR SPECIAL EUROZONE SUMMIT ON GREECE ON TUESDAY 20:05 GMT - The story so far - - With half the votes counted, the result of the Greek referendum looks like a big majority for the government's 'No' campaign, backed by more than 60% of ballot papers checked so far - The figures mean most voters have accepted the call by Prime Minister Alexis Tsipras and Finance Minister Yannis Varoufakis to vote 'No' to international creditors' proposals for more austerity - At stake is a loan worth 7.2 billion euros, the final payment under a second bailout plan for Greece approved in 2012. The disbursement of this loan has been delayed as Greece has negotiated with its creditors over fresh reforms - Jubilant 'No' campaigners are celebrating in Athens' Syntagma Square - The euro has weakened sharply against the dollar, easing by 1.54 percent to $1.0968 at around 1850 GMT in electronic trading, though recovering to $1.1015 at 2000 GMT - German Chancellor Angela Merkel and French President Francois Hollande have jointly called for a special eurozone summit on Greece, to take place on Tuesday - Varoufakis 'to cooperate' - 20:03 GMT - 'Accept result' - The Greek referendum result has to be accepted, and the ball is now in Athens' court for the next steps, Germany's foreign minister says. "We have now to accept such a result. It is the result of a referendum (in) which the Greek people took part. What conclusions can be made is first and foremost a decision for Greece, therefore the ball is now in Athens' court," Frank-Walter Steinmeier says in Vienna. 19:58 GMT - Podemos pleased - The leader of Spain's leftist Podemos party has hailed early results from Greece's referendum. "Today in Greece democracy won," Podemos leader Pablo Iglesias, a close ally of Greek Prime Minister Alexis Tsipras, posts on his Twitter page. Another senior Podemos member, Rafael Mayoral, who was in Greece for the referendum, adds: "Joy is in air at Syriza headquarters." There was no immediate reaction to the emerging 'No' vote from Spain's conservative Prime Minister Mariano Rajoy, who had urged Greeks to accept the bailout proposals and had openly backed the departure of the far-left Greek government led by the Syriza party. Rajoy's ruling Popular Party is under pressure from Podemos and the Socialist Party, with opinion polls showing them almost neck-and-neck with less than six months to go before a general election. Madrid's new mayor Manuela Carmena, brought to power last month on a leftist platform backed by Podemos, posted on her Twitter account as the Greek votes came in: "Nobody who believes in democracy can contest the result of a referendum. Let's govern by listening." 19:54 GMT - GERMANY'S STEINMEIER SAYS THE GREEK REFERENDUM RESULT 'MUST BE ACCEPTED' 19:51 GMT - 6,000 gather in Athens - AFP's roving reporters Pauline Froissart and Alvaro Villalobos say the jubilant crowd gathered in central Athens has reached 6,000 and is still growing. "I believe in Tsipras and in this government," says George Stasinopoulos, 25. "The governments in Europe don't support us but their people do and this gives us courage." He says he believes the result will secure "a better future for me and my children". 19:49 GMT - Tsipras, Hollande talk - Alexis Tsipras has discussed the referendum with French President Francois Hollande, a Greek government source says. According to state television ERT, Tsipras and Hollande discussed ways to "revive" talks between Athens and its creditors, which were halted last week after the referendum was called. 19:47 GMT - 'Bridges torn down' - German Deputy Chancellor Sigmar Gabriel accuses Alexis Tspiras of having "torn down the bridges" between Greece and Europe. New negotiations are "difficult to imagine" after the apparent 'No' vote in the Greek referendum, Gabriel says. Tsipras and his government are taking Greece down a path of "bitter renunciation and hopelessness," the deputy chancellor tells the Tagesspiegel newspaper in the first high-level reaction from the German government. Tsipras has "torn down the last bridges which Europe and Greece could have crossed to find a compromise," Gabriel said. "By saying 'No' to the eurozone's rules... negotiations over billions of euros in bailout programmes are difficult to imagine." 19:44 GMT - 'Cooperation' - Greece will extend a "hand of cooperation" to its EU-IMF creditors, Finance Minister Yanis Varoufakis says after the referendum, in which a majority of Greeks appear to have strongly rejected further austerity cuts. "With this brave 'No' bequeathed by the Greek people... with this tool, we will extend a hand of help, of cooperation to our peers," Varoufakis says. 19:40 GMT - VAROUFAKIS SAYS GREECE TO 'EXTEND HAND OF COOPERATION' TO CREDITORS AFTER 'NO' RESULT 19:40 GMT - TSIPRAS HAS 'TORN DOWN BRIDGES' BETWEEN GREECE AND EUROPE, SAYS GERMAN DEPUTY CHANCELLOR 19:38 GMT - 'Impossible choice' - Despite the jubilation, some voters who voted 'No' say they were confronted with an impossible choice. Nika Spenzes, 33 and unemployed, says: "I'm not happy -- we cannot be happy as a nation with this unemployment and poverty. And a 'No' victory doesn't mean there's any more hope for Greece than before." The 'Yes' voters are ambivalent about their camp's apparent defeat. Paris, a 41-year-old dentist who voted 'Yes', says "I respect the 'Nos'... they represent the suffering Greek people". She adda: "I cannot honestly say I'm sad if the 'Nos' have won because there's no real hope either way." Costa, a 58-year-old architect who voted the same way, says: "I'm not pleased but I'm pleased nearly half of Greeks voted for 'Yes'." He adds that he was "amazed by the huge amount of goodwill expressed to us in Europe despite the behaviour of our government, and I really hope it continues despite the referendum result. I think this government's days are numbered." 19:36 GMT - Eurozone 'can cope' - The eurozone "is capable of coping with a crisis of confidence and possible speculative attacks", a source close to Italy's finance ministry says, as early results from Greece's referendum show voters decisively rejecting creditors' bailout terms. "Uncertainty over Greece's future is bound to cause volatility on the financial markets," the source says, adding that Italy's economy is in recovery. Please note that these comments came from an AFP source at the ministry and not from a ministry statement, as we said earlier. 19:27 GMT - TSIPRAS, HOLLANDE DISCUSS GREEK REFERENDUM RESULT: GREEK GOVERNMENT SOURCE 19:27 GMT - 'Lessons' - More from Russia's deputy economy minister Alexei Likhachev: "Greece's eventual exit from the eurozone will be a kind of shock therapy for the European Union. "But if the European Union draws the right lessons" there will be a budgetary clean-up within the zone and the euro will rebound, he says. Likhachev says other countries could follow Greece's example and leave the eurozone which would "have irrepairable consequences for the EU and the euro" but stresses that this is "unlikely but theoretically possible." 19:24 GMT - NEW NEGOTIATIONS 'DIFFICULT TO IMAGINE' AFTER GREEK 'NO' VOTE: GERMAN DEPUTY CHANCELLOR 19:22 GMT - EUROZONE CAN COPE WITH GREEK CRISIS, SAYS ITALIAN FINANCE MINISTER 19:17 GMT - 'I'm thrilled' - More from AFP's Pauline Froissart and Alvaro Villalobos on the scene in Athens' Syntagma Square: George Kotsakis, 55, and wearing jogging clothes with an Athens 2004 Olympics logo, waves a Greek flag. "I'm thrilled. It's marvellous. Life will be different from now on." Jenny, 27, has come to celebrate with a friend. "I'm happy. 'No' is the better option. We took a decision by not thinking about fear but about the future. I hope the 'No' brings us a better future," she says. 19:13 GMT - Euro weakens - The euro drops against the dollar after early results suggest a big 'No' majority in the Greek referendum. One euro was worth $1.0963 at 1850 GMT, down 1.58 percent from Friday night, in electronic trading before Asian markets opened. 19:10 GMT - 'Clear mandate' - "With this result, the prime minister has a clear mandate from the Greek people," government spokesman Gabriel Sakellaridis says on television. "Initiatives will intensify from this evening onward so that there can be a deal" on a new bailout, he says. He says the Bank of Greece is immediately asking the European Central Bank to inject emergency euro cash for Greece's depleted banks, which have been shuttered all week because of capital controls. 19:05 GMT - 'Grexit nearer': Moscow - Greece has moved a step closer towards a eurozone exit, Russia's deputy economy minister says as early referendum results suggest Greeks have overwhelmingly rejected creditors' demands for more austerity. "You can't fail to understand" that this means "a step towards an exit from the eurozone", Alexei Likhachev is quoted as saying by the state TASS news agency. 19:04 GMT - SPAIN'S RADICAL LEFT PODEMOS LEADER HAILS 'VICTORY OF DEMOCRACY' IN GREECE 19:02 GMT - Austerity rejected - More than 61 percent of people who voted have rejected fresh austerity demands by the country's EU-IMF creditors in a historic referendum, according to official results from 50 percent of polling stations. - 61% 'No' with 50% counted - 18:51 GMT - EURO WEAKENS TO $1.0968 (DOWN 1.54%) AFTER GREEK REFERENDUM EARLY RESULTS 18:51 GMT - Where we are - - With half the votes counted, the result of the Greek referendum looks like a big majority for the government's 'No' campaign, backed by more than 60% of ballot papers checked so far - The figures mean most voters have accepted the call by Prime Minister Alexis Tsipras and Finance Minister Yannis Varoufakis to vote 'No' to international creditors' proposals for more austerity - At stake is a loan worth 7.2 billion euros, the final payment under a second bailout plan for Greece approved in 2012. The disbursement of this loan has been delayed as Greece has negotiated with its creditors over fresh reforms - Jubilant 'No' campaigners have begun celebrating in Athens' iconic Syntagma Square - The euro has weakened sharply against the dollar, easing by 1.54 percent to $1.0968 at around 1850 GMT - German Chancellor Angela Merkel and French President Francois Hollande are to meet over dinner in Paris tomorrow night to discuss the next steps 18:50 GMT - GREEK 'NO' IN REFERENDUM RISES TO OVER 61% WITH 50% OF VOTES COUNTED 18:45 GMT - MOSCOW SEES GREECE 'CLOSER TO EURO EXIT' AFTER BAILOUT REFERENDUM 18:19 GMT - 'NO' VOTERS BEGIN CELEBRATING IN ATHENS AFTER PREDICTIONS OF VICTORY IN REFERENDUM: AFP REPORTERS 18:08 GMT - Celebrations - Hundreds of 'No' voters have begun celebrating in Athens after early results show those who reject further austerity measures in a crucial bailout referendum are poised to win. Chanting slogans, waving Greek flags and holding aloft 'No' placards, jubilant people have flocked to the city's Syntagma Square and gathered in front of parliament to cry victory, AFP's Pauline Froissart and Alvaro Villalobos report from the square. 17:58 GMT - ECB - The European Central Bank has refused to comment on its likely reaction to the estimated 'No' vote but AFP's Simon Morgan in Frankfurt predicts the ECB's 25-member governing council will meet tomorrow. As Greek banks are currently shut, there is no immediate need for Greece to make a request for the ECB to lift the ceiling on its ELA (Emergency Liquidity Assistance) facility, providing cash support for Greek banks. Currently, there is a ceiling of around 89 billion euros ($99.1 billion) on the Greek facility. 17:48 GMT - 'No' tipped to top 61% - More than 60 percent of Greeks who voted in today's referendum have rejected further austerity dictated by the country's EU-IMF creditors, results from 20 percent of polling stations showed. The 'No' vote is expected to exceed 61 percent, says Michalis Kariotoglou, head of Singular Logic, the IT company overseeing the referendum results. 17:45 GMT - Perpetual bonds - Greece has suggested a major portion of its debt be converted into perpetual bonds -- essentially it would only pay interest, but this is politically unpalatable as it is a tacit recognition the capital may never be repaid. Another Greek suggestion was growth-linked bonds under which it would only repay in amounts tied to how much its economy expands. A more substantial restructuring involves creditors taking a "haircut" on the amount of capital they get paid back -- in effect accepting a loss. They write down the value of the debt in their accounts. A more extreme version would be to forgive -- write off -- the debt completely. Economists are sceptical that a restructuring-lite would be enough however, especially if the creditors keep to their strict austerity policies that prevent the Greek economy from growing. - 60% 'No' in partial result - 17:38 GMT - Eurozone talks - Senior eurozone officials will hold talks tomorrow on the result of Greece's bailout referendum, a European source tells AFP, as TV polls suggest a 'No' vote might prevail. The meeting will involve the Euro Working Group, which comprises top treasury officials who prepare meetings for the Eurogroup of finance ministers from the 19-country currency union, says the source, who asks not to be named. 17:33 GMT - OVER 60% OF GREEKS VOTE 'NO' IN REFERENDUM: 20% OF VOTES COUNTED 17:31 GMT - Debt has soared - Greece's debt has shot up from 130 percent of GDP in 2010 to 180 percent now, even though private-sector debt was written down under a restructuring worth more than 100 billion euros in 2012. If there is no temporary assistance forthcoming after today's vote, Athens will have to keep banks closed and may default on more payments. 17:30 GMT - '900 mn euros gap' - Greece's latest proposals to reach a debt deal with its creditors are focused on VAT rates, early retirement measures and tax increases, which aim to cover a good part of the country's budgetary gap, Greek reports say. Financial daily Naftemporifi last week talked of a gap of 900 million euros between the creditors' demands for savings in the 2016 budget and the last offer Tsipras's government made, which was rejected. Several newspapers, including Ta Nea and Ethnos, said that Greece would be prepared to raise the VAT on hotel stays -- a key rate for tourism -- from 6.5 percent to 13 percent, while a demand raising the VAT on restaurants from 13 percent to 23 percent has not been resolved. At the same time Greece has maintained the 13-percent VAT rate on electricity, a "red line" for the anti-austerity government. Athens has also accepted the lowest VAT rate of six percent only on medicines, books and theatre tickets, the report said. 17:26 GMT - Stiglitz, Piketty back 'No' - Some of the world's leading economists have backed a 'No' vote. Joseph Stiglitz, a Nobel laureate in economics and professor at Columbia University in the United States, has written that voting 'Yes' for the conditions tied to the bailout or 'No' both carry "huge risks". But "a 'No' vote would at least open the possibility that Greece... might grasp its destiny in its own hands" and shape a future that "though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present," he says. Paul Krugman, another Nobel winner, who writes for The New York Times, agrees. A 'No' result may force Greece to exit the euro, "which would be hugely disruptive in the short run. But it will also offer Greece itself a chance for real recovery." Thomas Piketty, a highly respected French economist who wrote the influential "Capital in the 21st Century", tells French television network BFMTV that Greek voters would be right to reject the bailout offer put to them in the referendum. "For me, it's clear: it's a bad plan," he says. He adds, though, that he understands many Greeks are afraid of a "violent" shock if it leads to expulsion from the euro. For them, and other economists, Greece's debt burden -- 323 billion euros ($359 billion) -- is clearly unsustainable and needs to be reduced. 17:14 GMT - Increased efforts - Greece's government says it is now stepping up efforts to reach a bailout agreement with creditors following a referendum that early TV polls suggest back the government in saying 'No' to harsh austerity terms. "The initiatives will intensify from this evening (Sunday) onward so that there can be a deal," government spokesman Gabriel Sakellaridis says on Greek television. He also says the Bank of Greece will send a request to the European Central Bank requesting an increased emergency euro cash injection for Greece's depleted banks. 17:14 GMT - SENIOR EUROZONE OFFICIALS TO MEET MONDAY TO DISCUSS GREECE: SOURCE 17:03 GMT - Recap - - Two telephone polls indicate a narrow victory for the 'No' vote in the Greek referendum on international creditors' conditions for their continued help in dealing with the country's huge debts - If the polls are correct, it means a small majority of voters accepted the call by Prime Minister Alexis Tsipras and Finance Minister Yannis Varoufakis to vote 'No' to the creditors' proposals - Official results are expected in a couple of hours' time - At stake is a loan worth 7.2 billion euros, the final payment under a second bailout plan for Greece approved in 2012. The disbursement of this loan has been delayed as Greece has negotiated with its creditors over fresh reforms 17:02 GMT - 'Democracy has won' - The Greek people showed they "don't bow to blackmail," Defence Minister Panos Kammenos says, as two TV surveys broadcast after polling closed suggest a lead for the "No" camp. "The Greek people proved they don't bow to blackmail, to terror, to threats. Democracy has won," tweets Kammenos, the leader of the junior party in the ruling leftwing coalition. 17:00 GMT - GREECE NOW STEPPING UP EFFORTS TO REACH BAILOUT DEAL: GOVERNMENT 16:57 GMT - GREEK PEOPLE SHOWED IN VOTE THEY 'DON'T BOW TO BLACKMAIL', SAYS DEFENCE MINISTER 16:48 GMT - July 20 deadline - Unicredit chief economist Erik F Nielsen says the next crucial date is July 20, when Greece is scheduled to make big repayments to the European Central Bank. "July 20 is the really critical day because of the 3.5 billion redemption on bonds and 750 million of coupons, held by the ECB. All reports suggest that they don’t have this money, so this may be the day that goes down in history," Nielsen says in a note to clients. "So, markets will probably react significantly tomorrow morning to today’s vote, but... we’ll be in for at least some more weeks of wobbly markets. I very much doubt that we’ll get any trend established, unless -- again -- the Greeks surprise us with a huge 'Yes' vote," the Unicredit economist says. 16:24 GMT - Merkel, Hollande - French President Francois Hollande will meet German Chancellor Angela Merkel in Paris tomorrow night to discuss the outcome of the Greek referendum, the French presidency says. The two leaders will hold a working dinner to "evaluate the consequences of the referendum in Greece" on whether or not to accept tough bailout conditions, Paris says in a statement. - Polls point to 'No' win - 16:23 GMT - Israel - Greek Foreign Minister Nikos Kotzias has arrived in Israel for a three-day visit. "The foreign ministry welcomes Greek Foreign Minister Nikos Kotzias on arriving for a formal visit, during a time difficult for the Greek leadership and public," an official Israeli statement read. It noted that this was the first visit by a member of the current Greek government. 16:22 GMT - Polls predict 'No' win - Two broadcast polls suggest a narrow victory for the 'No' vote. Please note these were telephone polls, not exit polls as we said earlier. A telephone poll by the Star television channel gave a 49-54 percent range for 'No' ballots against 46-51 percent for 'Yes', while the Mega channel poll suggested a 49.5-53.5 percent 'No' vote and 46.5-50.5 percent for 'Yes'. The radical left government of Prime Minister Alexis Tsipras has lobbied for a 'No' result in the referendum in a bid to strengthen its hand in negotiations with international creditors. 16:15 GMT - HOLLANDE, MERKEL TO MEET IN PARIS ON MONDAY AFTER GREEK REFERENDUM: FRENCH PRESIDENCY 16:10 GMT - Empty coffers - Greece's public coffers remain empty as authorities have struggled to collect taxes, notably from the church and shipping sector, while much of the country's capital is stashed abroad. 16:08 GMT - Economic toll - Austerity measures have had a devastating effect on the Greek economy. From 2010 to 2013, average earnings in Greece fell by more than 3,000 euros, and unemployment more than tripled between 2008 and 2013 to 27.5 percent. Among Greeks under the age of 25, the jobless rate leapt from 21.9 percent to almost 60 percent over the same period, Eurostat data shows. Last year the country made some progress, returning to growth after five years of painful recession, while the public deficit contracted from 13.5 percent of GDP to just 1.6 percent. 16:07 GMT - 'NO' VOTE SEEN PREVAILING IN GREECE REFERENDUM, TELEPHONE POLLS SUGGEST 16:05 GMT - Greek debt facts - Greece's financial crisis has grown steadily, with public debt climbing from 107 percent of national output in 2007 to 177 percent last year, according to the EU statistics office Eurostat. That is far above the theoretical EU limit of 60 percent. According to the Greek debt management agency, in March national debt stood at 312.7 billion euros, or 174.7 percent of gross domestic product (GDP). In monetary terms, Greece's 2014 debts of 317 billion euros were also deemed unsustainable by the International Monetary Fund (IMF), one of the country's main creditors. Greece has benefited from two major aid packages, the first of which was worth 110 billion euros from the EU, IMF and European Central Bank (ECB) and required a Greek pledge to enact drastic economic reforms. As the economic situation deteriorated, a second bailout was approved in 2012. It included additional loans worth 130 billion euros and the write-off of 107 billion in debt held by private creditors. The last disbursement of this loan, worth 7.2 billion euros, has been delayed as Greece has negotiated with its creditors over fresh reforms. 16:02 GMT - 'New currency' - Greece will have to introduce another currency if it votes 'No' in Sunday's referendum on its potential bailout terms, European Parliament President Martin Schulz said on German radio. He tells Deutschlandfunk that, in the event of a 'No' result, Greece will "have to introduce some other currency because the euro is not available as a means of payment". 16:01 GMT - POLLS CLOSE IN GREEK REFERENDUM 15:58 GMT - Polls to close - Across the country of 11 million people -- on far-flung Aegean islands, in the shadow of the 2,400-year-old Parthenon in Athens, to the northern border shared with fellow EU state Bulgaria -- citizens have been flocking to cast their referendum vote. In the freshness of early morning, dozens of people were already queuing outside schools and university buildings transformed into polling stations, when doors opened sharply at 7:00 am local time (0400 GMT), ready to stay open until polls close around now. 15:50 GMT - Europe pledge - Spanish Prime Minister Mariano Rajoy says he hopes Greece will stay in the euro but warns the future "will not be easy", while European Parliament chief Martin Schulz says Europe will not "desert" the Greek people. 15:49 GMT - German dissent - If Greek voters defy Tsipras and vote 'Yes', Angela Merkel must win German parliamentary approval for negotiations on a new aid programme for Athens amid growing dissent within her conservative party on the Greece issue. 15:38 GMT - French sympathy - France's economy minister, Emmanuel Macron, says even if Tsipras gets his 'No', bailout talks must resume. And in what could be seen as a thinly veiled jibe at Germany, he warned that Europe cannot "crush an entire people". 15:36 GMT - Write-down - Alexis Tsipras has demanded that the European Central Bank, International Monetary Fund and European Commission write off 30 percent of the 240 billion euros ($267 billion) they have loaned Greece over the past five years, and allow it a 20-year grace period before it starts repaying the rest. 15:28 GMT - High turnout - In the largely middle-class Pangrati neighbourhood, voter turnout is high, with even the very elderly making their way determinedly up a flight of 40 steps to reach polling booths. Summing up the uncertainty felt by around 10 percent of Greek voters, 56-year old Katerina says as she collects her ballot paper: "It is very confusing, it's very hard, not at all easy to decide." She adds that she voted to elect Tsipras, but is disappointed by his failure to strike a deal with the country's creditors. - Finely balanced - 15:26 GMT - Voters split - Michelis, an 80-year-old first through the doors of a primary school being used for the vote in central Athens, says he is saying 'No' "because they (the creditors) will take us more seriously". Theodora, 61, a retired journalist, says she is voting 'Yes' because "it's a 'Yes' to the European Union". 15:24 GMT - 'Two bad solutions' - Fear that a 'No' result urged by the government could put Greece on the path to an exit from the eurozone has spooked some. "When you have to choose between two bad solutions, you choose the least bad, and that's clearly 'Yes'," said Dimitris Kavouklis, 42, as he voted in an upmarket district of the capital. "We're voting 'No' but we're afraid. But when we vote 'Yes', we're afraid as well. We're afraid on both sides," says Nadia, a 63-year-old retired English teacher on the island of Poros, near Athens, her eyes reddened from crying. 15:20 GMT - Merkel dilemma - German Chancellor Angela Merkel is faced with a dilemma, says Julian Rappold of the German Council on Foreign Relations. "She would not like it to be said that she pushed Greece out of the euro," Rappold says, adding Merkel also fears unforeseen economic consequences and a boost for anti-euro groups in some countries. 15:19 GMT - EU integration - With fears a 'No' vote could lead to Greece exiting the eurozone -- the so-called "Grexit" -- Pawel Tokarski of the German Institute for International and Security Affairs says its impact would reach much further. It will "determine the future trajectory of European integration," he says. 15:17 GMT - Headlines - "Fateful election", "No-one's winning", "Hardship in Greece", "We won't leave Greek people in the lurch"-- the crisis grabbed front-page headlines today and has appeared to galvanize people around Europe. 15:07 GMT - Varoufakis slams creditors - Greece's flamboyant finance minister, Yanis Varoufakis, has slammed Athens's creditors for raising the spectre of Grexit, pointing out no legal mechanism exists to force Greece out of the "irreversible" monetary union. He has vowed to resign if a 'Yes' prevails, and the pressure would be on Prime Minister Alexis Tsipras to do the same. 15:06 GMT - Tsipras confident of 'No' - As Alexis Tsipras votes in his northern Athens neighbourhood he says he is confident of a 'No' vote, which, he has argues, would force concessions from the creditors, to give Greeks less austerity and more "dignity". "No one can ignore the will of the people to live, to live with determination, to take its destiny into its own hands," he says, appearing relaxed and wearing an open-necked white shirt. 15:04 GMT - Default - Greece was officially declared in default on Friday by the European Financial Stability Facility, which holds 144.6 billion euros ($160 billion) of Greek loans, days after becoming the first developed country to miss a debt payment to the International Monetary Fund. With its credit lifeline reduced to a trickle, the government has closed banks and capped daily ATM withdrawals to 60 euros ($67). The banks' liquidity is expected to dry up entirely within a day or two unless the European Central Bank (ECB) -- a major creditor -- injects funds quickly. 14:37 GMT - WELCOME TO AFP'S LIVE REPORT on the referendum in Greece on creditors' proposals for extending the heavily indebted country's economic bailout programme. Polls show opinion evenly divided between 'Yes' and 'No' with many believing neither result will provide a quick and clear solution to Greece's debt woes. Voting will close at 7:00 pm (1600 GMT), with results expected a couple of hours later.