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The euro was dropping against the dollar Sunday after early results of the Greece bailout referendum suggested the country rejected fresh austerity demands from EU-IMF creditors. Earlier in the day, the euro had fallen to 1.0963 dollar, with about 50 percent of votes counted in the Greek bailout vote. The early official results showed that more than 61 percent of Greeks had voted 'No' to creditor demands for further austerity in return for a bailout.
Europe faces a near impossible choice between giving debt-laden Greece a chance or pushing it out of the euro and risking global turmoil, analysts said Sunday, after Greek voters overwhelmingly rejected international creditors' terms. Berlin, Paris and Brussels all warned in the run-up to Sunday's referendum that a 'No' vote to the EU-IMF reform demands was a 'No' vote for the single currency and a return to the drachma. Some analysts say the cold reality of a possible "Grexit" may make some leaders agree with Prime Minister Alexis Tsipras that the shock result does not necessarily have to mean a break with Europe.