What Happens Now After Greece Vote

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.