Greek voters sent a firm “no” to the demands of European creditors when they voted by a 61-39% margin on Sunday’s referendum on austerity measures.

While the citizens of the country cheered, the rest of the world watched as the nation took steps closer to bankruptcy and bank failure. The banks in Greece had been shut down for the last week because of low balances and were only running because of emergency funds from the European Central Bank.  ECB officials plan to meet Monday to see if they continue to prop up the banks and if so, for how long.

Voters told news outlets they were tired of the demands of creditors and that a rejection of tax increases and pension cuts was “a matter of national dignity” according to the New York Times.

The vote was also seen as a victory for Prime Minister Alexis Tsipras, who ran on a campaign platform of rejecting new austerity measures.  He claims that the vote was not a vote to “rupture” from Europe.

“I’m fully aware that the mandate that I was given (by voters) is not for a rupture with Europe, but a mandate boosting our negotiating strength for reaching a sustainable deal,” Tsipras said.   “The people today replied to the right question.  They did not answer to the question in or out of the euro. This question needs to be taken out of the discussion, once and for all.”

European observers say, however, it’s now likely Greece will be forced into bankruptcy and removal from the Euro.  A possible expulsion from the European Union is now on the table.

Markets across the country saw tumbles due to the Greek rejection of the referendum.  The only market that did not show a massive decline was China, because the Chinese government dumped a massive stimulus into the economy.