Europe’s political and economic leaders are scrambling for their next steps after Greece voted overwhelmingly to reject a rescue package from the country’s creditors.

With virtually all the votes counted, Greeks voted roughly 61%-38% against the bailout and associated austerity measures. But what they were voting for – and exactly what happens next – remains unclear.

German Chancellor Angela Merkel and French President Francois Hollande will meet in Paris on Monday to discuss a response to the vote and how best to preserve the continent’s single currency.  An extraordinary EU summit has been called for Tuesday. The European Central Bank will also meet on Monday, as Greece’s banks remain closed.

Greek Prime Minister Alexis Tsipras had called for a ‘no’ vote to give him greater leverage in what he hopes will be further negotiations for a better deal from creditors.

http://twitter.com/tsipras_eu/status/617796515071926272

But as the Wall Street Journal reports, the only certainty now is uncertainty, a feeling reflected as Asian markets opened.

Wolfgang Munchau writes in the FT on why the ‘yes’ campaign failed.

Contempt for democracy and economic illiteracy are not merely tactical errors. Those two “qualities” are now the remaining ideological planks of what is left of the European project. Greece is a reminder that the European monetary union, as it is constructed, is fundamentally unsustainable. This means it will need to be fixed, or it will end at some point.

(Tomorrow’s Papers Today)

 

 

4PM ET : Early signs point to heavy ‘no’ vote in Greece

Initial indications from Greece’s referendum show a significant majority against the Eurozone debt bailout plan. With about two-thirds of ballot papers counted, the vote was running around 60-40 for the ‘no’ camp.

https://twitter.com/tsipras_eu/status/617625490694795264

Developing

***

* WORLD *  A nuclear agreement with Iran remains stubbornly close, according to negotiators, but US Secretary of State John Kerry said “difficult issues” remain and the talks “could go either way” ahead of Tuesday’s deadline.

Pope Francis has started a week-long visit to Latin America, beginning in Ecuador then heading to Bolivia and Paraguay.

Follow a Papal travel diary by the  New York Times‘ Jim Yardley here:

After headlining at Glastonbury last week, the Dalai Lama began the celebrations of his 80th birthday in California at the Global Compassion Summit.

NBC News reports that Chinese authorities have tightened security in the area around his birthplace, near the China-Tibet border.

***

* SPORTS *

The US women’s soccer team won the World Cup with a convincing 5-2 victory over defending champions Japan in Vancouver.

Carli Lloyd scored a first-half hat-trick, rounding it off with this remarkable Beckham-esque goal from the half-way line.