Greek Voters Overwhelmingly Reject Creditors' Austerity Demand

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Greek voters have overwhelmingly turned down the terms of an international bailout in a historic rejection of austerity. With a margin of 61 to 39 percent, Greeks voted no to further budget cuts and tax hikes in exchange for a rescue package from European creditors. Polls had indicated a narrow vote, but the "no" side swept districts across the country.

Thousands of people flocked to Athens' Syntagma Square Sunday night in celebration. In voting against austerity, Greek voters have rejected measures that helped cripple the economy, but also turned down a financial lifeline for its struggling banks. The banks will remain closed today as the European Central Bank meets to consider new emergency loans. Prime Minister Alexis Tsipras says he will seek a new round of talks with creditors in which restructuring Greece's $267 billion debt is on the table. In a surprise move, Greek Finance Minister Yanis Varoufakis announced his resignation today, saying Greece's creditors no longer want him involved in the talks. Varoufakis said, "I shall wear the creditors' loathing with pride."

"Democracy Now!" is joined by Costas Panayotakis, author of "Remaking Scarcity: From Capitalist Inefficiency to Economic Democracy" and professor of sociology at NYC College of Technology at CUNY.