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12 Things to Know About the Greek Crisis

(CNN Money)

1) Greeks voted \"No\" by a big margin - it was a vote against Europe's latest bailout offer.
2) Global markets were lower as a result, but not as bad as some feared because the possibility for a bailout is not completely dead.
3) Greece will now ask Europe for help with less punishing conditions. They want less austerity and more of their debt canceled. But it's not clear whether Europe will play ball.
4) One potential hurdle to a deal was cleared by the resignation of finance minister Yanis Varoufakis, who had strained relations with European leaders.
5) Greece is just about out of cash, and it can't raise it from private investors.
6) It will need immediate help from the European Central Bank if it wants to reopen banks, which have been closed for a week.
7) And Greece has a big debt payment coming up - to the ECB on July 20.
8) As for whether another bailout deal is possible, that will depend on the response from Germany, France and big European institutions. German Chancellor Angela Merkel and French President Francois Hollande are due to meet Monday evening in Paris.
9) The good news: Greece is a small economy, and most of its debt is held by governments and big institutions, so a global financial crisis should be avoided.
10) One risk is what a Greek exit from the eurozone would mean for the strength of Europe overall - and whether other countries, like Spain and Italy, could be punished by investors as a result.
11) With all that, why did the Greeks vote \"No\"? Greeks are already suffering with Depression-level unemployment, driven in part by painful spending cuts pushed by Europe. They want a new strategy.
12) If talks break down, Greece could be forced to abandon the euro and print its own currency. Introducing a new -- and weaker -- currency would take time. But eventually, after plenty of short-term pain, a new currency could help Greece's economy, boosting businesses like shipping and tourism.

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