While the headlines will remain with Greece in the week ahead, China has more relevance to New Zealand and its sharemarket has undergone a sizeable correction, reversing most of its 40% surge since March.
Stunned European leaders called a summit for today to discuss their next move after the surprisingly strong victory by the ''No'' camp defied opinion polls that had predicted a tight contest, Reuters reported from Athens.
Craigs Investment Partners broker Peter McIntyre said following the ''decisive rejection'' of the international bailout, investors in European stock and bonds would be gearing up ''for some big market movements''.
''With further political wrangling likely to follow the referendum and Greece's future in the euro zone hanging in the balance, volatility will no doubt last for a while,'' he said.
European stocks last week posted their worst week of the year.
Meanwhile, China's sharemarket had fallen almost 30% during the past three weeks, after a 150% climb over 12 months, AAP reported.
Mr McIntyre said, in response, China's securities regulator relaxed rules on using borrowed money to buy shares last week and over the weekend the People's Bank of China unveiled a large monetary policy easing, cutting one-year lending and deposit rates by 25 basis points, plus a 50 basis point cut to banks' reserve requirement ratios.
Mr McIntyre said while not immune to Greece's issues, New Zealand was insulated in that about only 5% of all exports go to the entire euro zone, while China and Australia respectively accounted for 19.5% and 19.2% last year.
BNZ senior economist Craig Ebert said the referendum had chosen to go against the latest demands and associated financial support from the so-called ''troika'' - the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF).
''The ball is now firmly in the troika's court and markets will be hanging off their every word hence. It's a high stakes game. And not just for Greece,'' he said in a statement.
He said the euro zone policymakers would be conscious of the example Greece might set for other member countries, as credibility of the whole euro zone project comes under greater scrutiny.
The euro currency and stock prices in Asia fell sharply in early trade, although dealers emphasised that markets were orderly, with no signs of financial strain, Reuters reported.
European stock and bond markets were expected to have taken a hit when they opened for trading later yesterday.
The vote leaves Greece in uncharted waters, risking a banking collapse that could force it out of the euro.
Without more emergency funding from the European Central Bank, Greece's banks could run out of cash within days after a week of rising desperation as banks shut and cash machines ran dry.
That might force the Government to issue another currency to pay pensions and wages.
For millions of Greeks, the outcome was an angry message to creditors that Greece can no longer accept repeated rounds of the austerity that in five years left one in four without a job and shrank the economy by a quarter.
Prime Minister Alexis Tsipras has denounced the price paid for aid as ''blackmail'', a national ''humiliation''.
With Greece facing its worst financial crisis in recent memory, Mr Tsipras said Athens was returning to the negotiating table with the express goal of reopening banks which had been shut for more than a week with the imposition of capital controls.
The ECB, which was to hold a conference call yesterday, was likely to maintain emergency funding for Greek banks at their current restricted level and avoid the drastic measure of yanking support, people familiar with the matter said.
Even then, the banks were expected to struggle as Greeks besiege cash machines to withdraw a maximum of 60 ($US66) daily, though government officials have vociferously denied any plans to issue a parallel currency.
Fears have grown of a shortage of petrol and medicine if the cash squeeze continues.
Unable to borrow money on capital markets, Greece has one of the world's highest levels of public debt.
The IMF warned last week that it would need massive debt relief and 50 billion ($US55billion) in fresh funds.
