Athens, eurozone ponder next move

Greek Prime Minister Alexis Tsipras called Sunday's vote against the austerity proposals from the European Union and International Monetary Fund (EU-IMF) a "victory of democracy." But he also tweeted that Athens would continue its "national effort to reach an agreement" with its creditors.

Figures from Sunday's referendum showed about 61 percent voted "no," compared with 39 percent for "yes," to demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy. One hundred percent of the vote has been counted. Turnout was 62 percent.

Finance Minister Yanis Varoufakis issued a statement on Sunday night saying the referendum result was "a loud YES to the vision of a Eurozone offering the prospect of social justice with shared prosperity for all Europeans."

The European Central Bank (ECB) is to hold a conference call on Monday morning on the issue of maintaining emergency funding for Greek banks at their current restricted level. Without more emergency funding from the ECB, Greece's banks could run out of cash within days.

Euro and stock prices fell sharply as markets opened in Asia on Monday but then recovered some of their losses. Dealers said markets were orderly and showing no signs of financial strain.

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Eurozone leaders are to meet on Tuesday evening to discuss the situation following the referendum result.

Chancellor Angela Merkel and French President Francois Hollande had already discussed the outcome by telephone on Sunday, and later called for the eurozone meeting. They agreed "that the vote of the Greek people must be respected," Merkel's office said. Merkel and Hollande will meet for talks in Paris on Monday.

Jeroen Dijsselbloem, head of the Eurogroup eurozone finance ministers said the referendum result was "very regrettable for the future of Greece."

European Commission (EC) President Jean Claude Juncker issued a statement saying the EC took note of and respected the result of the referendum. He said he would consult with "the democratically elected leaders of the other 18 eurozone members as well as with the heads of the EU institutions."

jm/jr (Reuters, AP)