Greece's rejection of a set of repayment terms offered by its international creditors is likely to be the biggest factor driving stocks when opening bells sound in global markets on Monday.
Germany's Dax is indicated sharply lower from Friday's close at around 4 percent, while the euro was down 2 percent against the yen as the news emerged. U.S. stocks are expected to open around 1 percent lower Monday, according to recent stock futures data.
What could be most important for those worried about contagion from the Greek crisis is how Portuguese, Spanish and Italian government bonds perform in Monday morning trade.
If these peripheral euro zone countries, often lumped in with Greece, suffer a sharp spike in yields, this could cause alarm about whether Greece leaving the currency might cause further contagion to other weaker euro zone economies.
The Greek people decided that the poll—rather than a vote on euro membership as some in Europe had warned—was in fact a vote on the austerity policies which have contributed to ordinary Greeks feeling much worse off. A lot of the market's reaction may depend on whether investors believe they won't have a messy departure from the single currency as a result.
"There is nothing yet to say that a strong 'No' win would materially increase Grexit risks, [which] will become clearer once we see what line of negotiation he (Tsipras) takes on Monday," Peter Chatwell, senior rates strategist at Mizuho International, wrote in a research note.