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Greece 'No' Campaigners Celebrate Victory

Greek voters have delivered an overwhelming 'No' in a crucial bailout referendum that could ultimately decide whether the country leaves the euro.

Some 61% rejected EU demands for further austerity and crippling cuts, compared with 39% for the Yes campaign.

Celebrations took place in Syntagma Square in Athens with flags flying and thousands of people cheering the news.

"The party is just beginning and is likely to go on for some time," said Sky's Economics Editor Ed Conway, in the square.

One woman told him the result proves Greek people "are not slaves" and "we are free".

Greek Prime Minister Alexis Tsipras said his convincing victory allows him to push for a better bailout package from Greece's creditors - the European Union, International Monetary Fund and European Central Bank.

He said he would return to the EU negotiating table on Monday, and stressed the referendum does not necessarily mean Athens will leave the eurozone.

"This is not a mandate of rupture with Europe, but a mandate that bolsters our negotiating strength to achieve a viable deal," he said.

Finance Minister Yanis Varoufakis said Greece will now look for "common ground" with its creditors, and said a restructuring of the country's debts was needed.

"Today's No is a big Yes to democratic Europe. A No to a vision of the eurozone as a boundless iron cage for its people," he said.

However, Germany's Deputy Chancellor Sigmar Gabriel said new negotiations with Greece are "difficult to imagine" after the No vote .

EU leaders have warned a No vote could push Greece out of the euro - forcing a return of its drachma currency.

Eurozone leaders announced they would hold talks on Tuesday to discuss the crisis sweeping Europe.

Market turmoil is expected when stock exchanges open on Monday morning.

The Greek PM spoke with French President Francois Hollande on the phone as No campaigners celebrated their victory.

Mr Hollande also talked to German Chancellor Angela Merkel, who is due to fly to Paris on Monday afternoon for urgent talks.

"Both were in agreement that the vote by the Greek people be respected," said a spokesman for Mrs Merkel.

Greece's Interior Minister Nikos Voutsis said turnout was over 50% and voting took place with "only a minor amount of problematic behaviour".

Mr Tsipras had indicated he would step down if the Greek people voted Yes - showing they are in favour of budget cuts and tax increases in return for more financial aid.

Greece's creditors had asked for major reforms and spending cuts in exchange for extending its bailout deal until November in an offer worth several billion euros.

When talks between the government and creditors collapsed last week, the extension was refused and the bailout ended as scheduled on 30 June.

Greeks have therefore been voting on an offer which is no longer on the table.

On Friday, Greece was officially declared in default by the European Financial Stability Facility - days after it fell into arrears with the IMF.

Banks across the country have been closed for the past week, with customers only able to withdraw €60 a day from cash machines.

Earlier, Mr Varoufakis was asked by Sky News why people should believe his claim that banks will re-open on Tuesday when they are running out of money.

He replied: "You're spoiling a celebration of democracy with your impertinent questions."

Experts say Greece's banks will not be able to open unless they receive further cash from the EU.