The Greek public surprised the polls yesterday with the ‘No’ vote winning by a convincing majority. Going into the referendum the outcome was in the balance but the ‘No’ campaign came out with over 60% of the votes. After the announcement of the result the public took to the streets to celebrate.

There will now be an emergency summit held tomorrow between European leaders, although the onus is very much being placed on Greece to make the first move. Chancellor Merkel and President Hollande will meet today to discuss a possible way forward. There will also be a meeting between the European Commission President and the head of the European Central Bank.

The stand-off continues, with the Greeks unwilling to accept the austerity measures which its creditors believe will ultimately help the country reform, whilst the EU member states are holding out for the best deal for their own voters. Despite the ‘No’ vote being successful Varoufakis, the Greek Finance Minister, stepped down from his position.

Equity markets are understandably negative this morning, with the FTSE 100 down 0.9% at 6,528.33, the German DAX down 1.29% and the broader EStoxx 50 down 1.69%. UK and German 10 year government bond yields have both fallen (prices risen) whilst unsurprisingly Greek 10 year bond yield are 0.48% higher at 14.82%.

Greek banks are due to re-open tomorrow. No doubt the queues will start to build again!