Currencies are trading in Asia's monday session, and it's not looking good for the euro. At around $1.100, the euro is down about 0.7% against the US dollar. This comes after polls closed for Greece's referendum. With a little more than 50% of the votes counted, the "No" vote is in the lead with about 60% of the count. In other words, "No" the Greek people do not want to accept strict fiscal austerity measures in exchange for desperately needed bailout money. Before Sunday's vote, early surveys and forecasts showed the "Yes" vote was likely to win as it seemed to mean less financial and economic turmoil in the near-term. "IF this historic "no" win is confirmed, look initially for a general selloff in global equities, along with price pressures on the bonds issued by Greece, other peripheral Eurozone economies and emerging markets," Allianz's Mohamed El-Erian wrote in a post on Facebook. A "No" vote would push Greece closer to exiting the Eurozone currency union, which could mean many more years of economic pain. JPMorgan's Malcolm Barr is already telling clients that a Greek exit from the euro is his base case scenario. He also warned that the exit could play out chaotically. Follow our ongoing coverage of Greece's historic referendum at BusinessInsider.com.Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants
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