Stocks nosedive after Greece says 'No'

US stock market futures just started trading after the long weekend, and it’s ugly.

S&P 500 futures are down by 1.5% in the first few minutes.

This comes after Greece’s referendum. Greek voters surprised the world by voting “No.” In other words, “No” the Greek people do not want to accept strict fiscal-austerity measures in exchange for desperately needed bailout money.

Before Sunday’s vote, early surveys and forecasts showed the “Yes” vote was likely to win as it seemed to mean less financial and economic turmoil in the near term.

“IF this historic “no” win is confirmed, look initially for a general selloff in global equities, along with price pressures on the bonds issued by Greece, other peripheral Eurozone economies and emerging markets,” Allianz’s Mohamed El-Erian wrote in a post on Facebook.

A “No” vote would push Greece closer to exiting the eurozone currency union, which could mean many more years of economic pain.

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