Thousands of jubilant Greeks waving flags and bursting fire crackers poured into Athens' central square as official figures showed 61 percent of Greeks had rejected a deal that would have imposed more austerity measures on an already ravaged economy. "You made a very brave choice," Prime Minister Alexis Tsipras said in a televised address. Without more emergency funding from the European Central Bank, Greece's banks could run out of cash within days.
The euro fell sharply in Asia on Monday after polls suggested the Greeks had overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency. In a typical "risk-off" reaction top-rated sovereign bonds were well bid while U.S. equity futures dropped around 1.4 percent (ESc1). While the price action was choppy, dealers emphasized that markets were orderly with no signs of financial strain and expectations were high that the European Central Bank would step in early with a pledge of extra liquidity.
BEIJING/SHANGHAI (Reuters) - China's stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world's second-largest economy. In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company which in turn would be aided by a direct line of liquidity from the central bank. China has also orchestrated a halt to new share issues, with dozens of firms scrapping their IPO plans in separate but similarly worded statements over the weekend, in a tactic authorities have used before to support markets.