By Jonathan Davies
European finance ministers say they expect to receive fresh proposals from Greece after the country voted against reforms on Sunday.
Ministers are expected to hold emergency talks on Tuesday and expect to receive new proposals within 24 hours.
Thousands celebrated in the streets of Greece after the result of the referendum was announced.
After Greece voted 61.3% "No" and 38.7% "Yes", Prime Minister Alexis Tsipras said his country made a "brave choice".
But European finance ministers warned that the vote could see Greece forced out of the eurozone.
This morning, Greece's finance minister Yanis Varoufakis resigned, claiming his European counterparts tried to force him out. On his blog, Mr Varoufakis he said he'd been "made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my... 'absence' from its meetings".
But the Prime Minister said Mr Varoufakis' decision to step down could be "potentially helpful to him in reaching an agreement".
Speaking in a state address following the referendum, Mr Tsipras said: "Given the unfavourable conditions last week, you have made a very brave choice.
"But I am aware that the mandate you gave me is not a mandate for rupture."
He said that negotiations with creditors would resume today (Monday). However, some European officials have already stated that a Greek 'No' vote, means a rejection of further talks.
Even German Deputy Chancellor Sigmar Gabriel, who is one of Greece's biggest sympathisers in Europe, said it is "difficult to imagine" negotiations restarting.
Financial markets in Asia fell after the news of a 'No' vote. Japan's Nikkei index was down more than 2%. European markets managed to ride the storm, with the FTSE 100 falling 0.5%, Paris' Cac 40 and Frankfurt's Dax down 0.9% and 0.8% respectively.