Path ahead unclear

Greece may be forced to leave the eurozone and replace the euro with its greatly devalued former currency, the drachma.

Such an unprecedented move in the history of the eurozone would make Greek exports cheaper but boost the cost of imports and leave the government without funds to pay for everything from basic services to retiree pensions.

Millions of Greeks voted Sunday in the tightly contested referendum, and the outcome of the vote could have far-reaching, but also unclear, consequences for markets and economies around the world.

Japan’s Nikkei index opened down more than 300 points on Monday.

The euro was forecast to start trading about 1% lower against the dollar.

Greek Finance Minister Yanis Varoufakis said he would work with Greece’s creditors to find common ground and cut a deal as soon as possible. Whether his negotiating counterparts are willing to take up that conciliatory offer is not clear.

What’s clear is that the outcome complicates matters.

“If, after the referendum, the majority is a ‘no,’ they will have to introduce another currency because the euro will no longer be available for a means of payment,” Martin Schulz, European Parliament president, said on German radio.

Greece’s conservative opposition leader Antonis Samaras resigned after the vote.

“No one can ignore the message of determination of a people taking its destiny in its own hands,” Tsipras said after casting his vote. “Today, democracy conquers fear.”

At a polling station in central Athens, a throng of “no” voters cheered when Tspiras cast his ballot.

In the western Greek city of Patras, housewife Anna Roussou, 45, said she voted “yes” to the austerity terms for getting new loans. “I have three children, I cannot take the risk” of voting against the bailout terms, she said. “Banks are closed. I cannot feed them. Revolution is great, but only when you have the right weapons and friends.”

“Today, democracy conquers fear.”

Greek Prime Minister Alex Tsipras