Celebrations following the result of Greece's EU bailout referendum went on well into the night but the Greeks woke up to the reality of the country's accelerating crisis.

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People celebrate in front of the Greek parliament after the debt bailout deal was rejected in the referendum Christopher Furlong/Getty Images
greece crisis austerity
An elderly man sells corn in front of the Greek parliament as people celebrate the result of the referendum Louisa Gouliamaki/AFP

Prime Minister Alexis Tsipras swept to power in January promising an end to austerity but in recent days, Greece has faced stringent financial measures.

The country's banking system has been shut down, with long lines of pensioners jostling to get into a limited number of banks opened specifically to pay out retirement benefits.

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A security officer tries to control pensioners as they jostle to enter a National Bank branch to receive part of their pension, in Iraklio on the island of Crete Stefanos Rapanis/Reuters
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A pensioner argues with a member of staff as he queues to enter a National Bank branch to receive part of his pension in Athens Christian Hartmann/Reuters
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A pensioner is helped by a bank manager after collapsing outside a National Bank in Athens Yannis Behrakis/Reuters

People have been waiting in long lines at ATMs to take out their daily ration of €60 (£43, $66) a day, the government's limit on bank withdrawals.

Many Greeks fear the daily ration will be curtailed further, to as low as €20 per day and are frantically cutting back on spending, shopkeepers say.

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Police stand guard outside a shuttered bank as a woman withdraws money from an ATM Louisa Gouliamaki/AFP
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A notice at a petrol station in Athens reads "No Fuel" Milos Bicanski/Getty Images

Despite this, a halt to international payments from Greek bank accounts may threaten supplies of imported goods such as food and clothing.

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People queue to buy groceries at a shop in Athens Marko Djurica/Reuters
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Butchers wait for customers at the main market in Athens Marko Djurica/Reuters
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Workers rest at the entrance of Athens' main fish market Alkis Konstantinidis/Reuters
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People shop in a supermarket with empty shelves in Athens Aris Messinis/AFP

The government says the banking restrictions – known as capital controls – are temporary and promised they would be lifted on Tuesday (7 July).

EU officials said it would be hard to give Greece easier terms, not least because its economy has plunged back into recession since Syriza won power at the start of 2015, leaving public finances in a worse position than when the rejected bailout deal was put together.

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Women buy cheap clothing at a flea market in Athens Milos Bicanski/Getty Images
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A man sells garlic a market in the centre of Athens Louisa Gouliamaki/AFP
greece crisis austerity
A man sells second-hand items from the back of a truck in Athens Matt Cardy/Getty Images

Analysts with several major banks including Citi, Barclays and JP Morgan said a "Grexit" from the eurozone was the most likely scenario. However, the resignation of finance minister Yanis Varoufakis suggests Tsipras may be determined to try to reach a last-ditch compromise with European leaders.

Varoufakis, a self-proclaimed "erratic Marxist" economist who infuriated eurozone partners with his unconventional style and hectoring lectures, said in a statement: "I was made aware of a certain 'preference' by some Eurogroup participants, and assorted 'partners', for my... 'absence' from its meetings; an idea that the prime minister judged to be potentially helpful to him in reaching an agreement."

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A woman sells lottery tickets in front of posters urging a 'No' vote in the referendum, in Thessaloniki Sakis Mitrolidis/AFP

In Athens, citizens were unrepentant about their defiant vote. "I voted no to austerity; I want this torture to end," said one woman, interviewed by Reuters. "I'm aware that we will suffer for years but I'm still hopeful. I need to know that there is light at the end of tunnel, that the lives of my children will be better."

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