Euro Drops on Greferendum Early Results

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With more than half of the ballots in the Greek referendum counted, 61 percent of Greeks had voted against austerity measures aimed to win the new bailout plan for country and the euro has started to fall against dollar.

A ballot box - Sputnik International
Over 61% of Greeks Say 'No' to Bailout Proposals as 52% of Votes Counted
The euro began to drop when early Greek referendum results were revealed. Almost 61 percent of voters said “no” to spending cuts and tax hikes, while 39 percent voted to accept fresh austerity measures, according to the Greek Interior Ministry in Athens.

The current results mean Greece may exit the Eurozone, according to media reports.

One euro was worth $1.0963 at 1850 GMT, down 1.58 percent from Friday night, in electronic trading before Asian markets opened.

“We’re going to see a lot of volatility and it wouldn’t surprise me if the euro’s down 2 percent or more. Everything’s going to get hit with the exception of safe-haven bonds,” Clem Miller, an investment strategist at Wilmington Trust told Bloomberg.

Greece’s immediate fate depends on European Central Bank decision to keep emergency loans flowing to Greece without the prospect of a bailout package, Bloomberg wrote.

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