S&P: 'Grexit' now more likely than not

People celebrate in front of the Greek parliament as Greek voters vote 'No' in the austerity referendum on July 5, 2015.
Milos Bicanski | Getty Images

Standard & Poor's on Monday said that in light of the Greece "no" vote this weekend it is now more likely than not that Greece will leave the euro.

The ratings agency said the euro zone countries' exposure to a so-called Grexit is 3 percent to 4 percent of gross domestic product on average. It said, however, that costs will be spread over time and so there would be no direct ratings impact.

S&P said that expectations so far are that there will be no direct ratings impact from the Greek economic crisis on South East European countries.