10 things you need to know this morning in Australia

Greek finance minister Yanis Varoufakis in Athens last night. Photo: Getty

Good morning! Welcome to the “No” edition.

1. Greece voted No. A crisis summit has been called for Tuesday as European leaders grapple with the overwhelming rejection of bailout terms by the Greek people in Sunday’s referendum. Alexis Tsipras has hailed the result, saying it shows “democracy can’t be blackmailed”. The big question for Tsipras now is: what’s the plan?

The likelihood of a forced exit from the Euro has dramatically escalated but it remains to be seen if Europe is willing to inflict this on the financially delinquent state. Brean Capital strategist Peter Tchir says “We are entering new territory here”, and that the future for the euro is all up in the air. Tchir writes:

So what comes next?

I don’t really know. I have read about 10 different reports, laying out something like 35 different scenarios, and most seem unlikely at best, will take time to play out in any case, how markets will react to any given one seems difficult to estimate as well.

What a start of the week. Our live coverage of the latest is here.

2. Greek banks are down to their last reserves of cash. Branches won’t open tomorrow and ATM withdrawal limits will be reduced. The prospect of the country running out of all money is suddenly, unnervingly, real.

3. A global currency rout followed the No vote, and the Aussie dollar was crushed. Traders rushed for the safe haven of the Yen and the Euro has been pummelled. The Aussie dollar has fallen to its lowest level since 2009. This takes some of the pressure off the RBA, which announces its monthly interest rate decision tomorrow. Here’s the chart, showing the slow fall over last night and then the sharp fall as brokerages opened at 7am Sydney time this morning.

4. Stock futures are selling off in the wake of the Greece result. Futures contracts for key European and US indices have been falling as trading opens for the week. Allianz’s Mohamed El-Erian says we should prepare for a global stock-market sell-off.

5. Chinese stocks face a crucial week. Authorities in China have been throwing the kitchen sink at trying to put a floor under the collapse in share prices, with the key indexes falling 30% in the past three weeks. There’s going to be a halt to new listings and brokerages announced on Saturday that they would buy almost $US20 billion worth of shares to support the market.

6. It’s a big week for the local economy too with the RBA interest rate announcement tomorrow (no change expected) and the jobs report out on Thursday. A Bloomberg survey of 28 economists found the market is expecting no change – yes, zero jobs added or lost – in the June employment report, a data series that is now regarded with increasing skepticism by the market. Greg McKenna looks ahead in detail here.

7. Have you married, bought a house or had a child in the past year? Congratulations. Please note you’re vastly more likely to be targeted for identity theft. Even changing job means you’re 50% more likely to have your identity stolen. It’s a simple by-product of the increase in the amount of personal information you need to share during major life changes. More here.

8. James Hird’s future as Essendon coach is now seriously in doubt after a 100-point thrashing by St Kilda yesterday. It was the fifth consecutive defeat for the Bombers but a mauling of that scale is career-defining.

9. Smoking is banned in outdoor areas of bars and restaurants serving food in NSW from today.

10. What Game of Thrones fans should really be watching is the length of Kit Harington’s hair. The actor, who plays Jon Snow in the global smash TV hit, was photographed at Wimbledon with his character’s trademark long hair. Is this a sign that Jon Snow lives? Time’s Jack Linshi thinks so.

Enjoy your Monday. I’m on Twitter.

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