On Monday the euro fell sharply in Asia trade, as the Greek voted against the proposed bailout terms from international creditors. The question of the country's continued membership in the euro
zone is now the main concern for financials markets.
EUR/USD was last at 1.1056 shedding 0.50%.
Elsewhere, the dollar was weaker against the yen with USD/JPY at 122.62 and stronger against the Swiss franc gaining 0.44% to 0.9443.
As many as 60% of voters rejected the terms worked out over months of tense talks, according to reports.
On Sunday Greek Prime Minister Alexis Tsipras said the “no” vote is not a mandate to clash with Europe, and the country is ready to continue negotiating with a plan of reforms.
"With the difficult circumstances prevailing
today you made a very brave choice," Tsipras said addressing to Greece.
"I'm fully aware the mandate you gave me is not one of a rupture with Europe but a mandate to strengthen our negotiating position to seek a viable solution."
Policy-members from the eurozone now have to meet to decide the next steps.
The most important meeting will be the one at the European Central Bank due later on Monday. There, officials will discuss Greece’s monetary lifeline, the Emergency Liquidity Assistance (ELA) program, which provides vital funds to the country’s financial system.
Société Générale chief economist
Michala Marcussen wrote before the vote: “We have long argued that the day the ECB cuts off ELA is, de facto, the
day that Greece would leave the euro.”
“The bank liquidity crisis is likely to turn into a solvency crisis once
the ECB shuts down ELA, probably no later than July 20 (when a €4.2
billion payment to the ECB becomes due),” the Barclays team wrote in the wake of the referendum.
