As the result became clear, 'No' voters gathered for an impromptu late night party at Athens' central Syntagma Square, blowing whistles, cheering and banging drums. Greek flag sellers did a brisk business – as did the gathered purveyors of grilled meat on sticks. Greek Finance Minister Yanis Varoufakis arrives in Athens. Credit:Reuters But there was a more sober reaction from Europe's leaders, who now face the choice of caving to some of Syriza's demands – perhaps including debt relief for the shattered country – or dooming it to a quick exit from the Eurozone. German Chancellor Angela Merkel was due to meet French President Francois Hollande on Monday evening, ahead of a Euro Summit called by European Council president Donald Tusk on Tuesday. After consulting with the heads of EU institutions, European Commission president Jean-Claude Juncker also plans to address the European Parliament in Strasbourg on Tuesday.

The European Commission said it "takes note of and respects the result of the referendum in Greece". Jeroen Dijsselbloem, head of the Eurogroup (eurozone finance ministers) said the result was "very regrettable for the future of Greece", making difficult measures and reforms inevitable. Greek Prime Minister Alexis Tsipras votes at a polling station in Athens on Sunday. Credit:Reuters "We will now wait for the initiatives of the Greek authorities," he said. In a surprise move on Monday morning, Greek Finance Minister Yanis Varoufakis resigned, saying Europe's negotiators had told Greece they would prefer he not be present at the new round of talks.

Billis Vaghelis, 59, votes 'Oxi' ('No') in the Athens suburb of Cholargos during the Greece EU bailout referendum. Credit:Nick Miller It was "an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement", Mr Varoufakis said in a blog post. "For this reason I am leaving the Ministry of Finance today. "I shall wear the creditors' loathing with pride." The EU and Greek flags wave under the ancient Acropolis hill in Athens. Credit:Petr David Josek Greek Prime Minister Alexis Tsipras stopped Mr Varoufakis from negotiating face to face with Greece's creditors several months ago, though he still sent him to a few meetings. According to The New York Times he joked to his aides that he enjoyed seeing Mr Dijsselbloem and German Finance Minister Wolfgang Schauble squirm as Mr Varoufakis lectured them on the need for debt relief.

The referendum result came despite a week of shuttered banks, looming shortages of imported food and medicine, restrictions on ATM withdrawals and overseas money transfers, and a multimillion-euro TV campaign for 'Yes'. A man casts his vote on Sunday. Credit:Emilio Morenatti And it makes it very unlikely that Greece's banks will open for business on Tuesday, leaving Greece's economy paralysed unless the government creates a new currency to replace the dwindling euros. Greek Prime Minister Alexis Tsipras, in an address to the nation late on Sunday night, said Greece had "written a great page in European history". The future of Greece being decided on Sunday. Credit:Petr David Josek

"Democracy cannot be blackmailed," he said. "A people with faith and dignity can do anything." He said Greece did not want to leave Europe - but it wanted a better deal from Europe. "There are no easy solutions, but there can be just solutions," he said. Shockwaves through Greece The impact of the vote on Greece's politics was immediate. Antonis Samaras quit as the New Democracy party leader.

According to media reports, the negotiators for the Syriza government have already "packed their bags" and are ready to return to the European negotiating tables. According to polling on Sunday, most of the Greeks who voted 'No' believed it would strengthen their negotiating hand in Brussels, as their government pushed for debt relief and less punishing economic measures as the riders on a multi-billion euro rescue package. The 'Yes' vote was driven by fear that the alternative meant Greece would leave the euro, plunging the country into a crisis that could last for years. But Europe seemed divided on the ramifications of 'No', with some leaders saying it meant Greece must leave the euro, and try to introduce a new currency to keep its country afloat – but others said they would 'do what it takes' to help Greece through its crisis. One of the 'No' voters was Billis Vaghelis, 59, a retired architect who worked on the buildings for the Athens Olympics.

He told Fairfax his vote was a "No to Merkel, a No to Juncker, who have been threatening the survival of our country". Austerity had brought misery and misfortune, had threatened the failure of the health and education system, and had "pushed people to the limit", he said. He personally knew a man who had committed suicide in Athens' Syntagma Square in disgust and despair at the state of the country, he said. "They have been devouring and humiliating Greece," he said. "We want an end to further (austerity) measures, no more reductions to wages and pensions that render people hopeless and violate their dignity." He believed the rest of Europe had not respected Greece's democratic right to decide its future.

He hoped a 'No' vote would put debt relief on the table for new negotiations. Dr George Vasilopoulos, a Greek Australian doctor who has lived in Athens for almost ten years, voted early, and he voted 'Yes'. He has a particular reason to want to avoid his government going bankrupt, or a massive increase in the price of imports, which he fears could follow a 'No' vote. "I have a son, 15, he's got cancer and is having treatment," Dr Vasilopoulos explained. "I am really worried about any interruption to his meds, and the hospitals and everything." But he says he would have voted 'Yes' anyway.

"We were improving, we were making progress," he says. "There were some reforms. "I don't usually go out to vote but this time it is so central and critical." A 'Yes' vote would give the country a financial lifeline and buy it time to negotiate a stimulus package for the economy, he said. Dr Vasilopoulos says many 'No' voters seem wrapped in a romantic notion that rejecting Europe's offer would solve all the country's problems. "The idea that we could go back to the drachma and everyone would be rich again, the government gave that impression there's a free lunch – but it's wrong and false."