Greeks have stunned the leaders of the European Union by voting overwhelmingly to reject the austerity terms demanded by the country's international creditors.
The result of the referendum - with more than 60% voting No - represents a sensational victory for the country's radical left prime minister Tsipras Alexis who had gambled all on the outcome.
But it leaves the country facing an uncertain future - with opponents warning he needs a new bailout deal fast if he is to avoid a catastrophic financial crash that could send it spinning out of the single currency.
Mr Tsipras – who hailed the voters for their "very brave choice" - said he would be seeking an immediate resumption for talks with the country's creditors in the eurozone and the International Monetary Fund.
But with Greek banks rapidly running out of cash and teetering on the brink of collapse, EU leaders appeared to be in little hurry to re-engage with Athens.
German chancellor Angela Merkel and French president Francois Hollande - the two biggest players in the eurozone - will meet tomorrow in Paris while a summit of eurozone leaders will not take place until Tuesday.
In London, David Cameron will meet Chancellor George Osborne, Bank of England governor Mark Carney and other senior officials to discuss the likely impact on the UK.
Jubilant supporters of the Syriza government poured into Syntagma Square in Athens opposite the Greek parliament to celebrate what they regarded as a famous triumph and a decisive rejection of austerity.
But elsewhere, European politicians warned that Mr Tsipras had set his country on "a path of bitter austerity and hopelessness".
Although Britain is not part of the single currency bloc, Mr Osborne warned that it could not be insulated from any financial turmoil.
"Whatever Greece decides, Britain is prepared. We have the plans in place for whatever the outcome is," he told BBC1's The Andrew Marr Show.
"I don't think anyone should be in any doubt - the Greek situation has an impact on the European economy which has an impact on us. We cannot be immune from these developments."
In a televised address, Mr Tsipras hailed the result as a "victory for democracy" and urged the country to come together.
"I am fully conscious that the mandate you have given me is not a mandate against Europe but a mandate for finding a sustainable solution that will take us out of this vicious circle of austerity," he said.
Greek finance minister Yanis Varoufakis said the country would now reach out to the institutions - the IMF, the European Commission, and the European Central Bank - to try to find an agreed way forward.
"With this No we will try to co-operate with our partners and we will invite them one by one to see if we can find some common ground," he said.
But Germany's deputy chancellor Sigmar Gabriel said it was hard to envisage further bailout talks with the Greek government in the wake of the No vote.
He told the Tagesspiegel newspaper that Mr Tsipras had "torn down the last bridges, across which Europe and Greece could move toward a compromise".
"By saying no to the eurozone's rules, as is reflected in the majority No vote, it's difficult to imagine negotiations over an aid package for billions," he said.
Ukip leader Nigel Farage warmly welcomed the referendum result saying the "EU project" was now dying.
"It's fantastic to see the courage of the Greek people in the face of political and economic bullying from Brussels," he said.