EU urges Greece to make quick possible proposals for renegotiation

The European Union urged the Greek government to make "meaningful" and "possible" proposals in coming hours for renegotiation, following early results which have shown that Greece overwhelmingly rejected the bloc's bailout offer.

"The NO side has won the referendum with notable majority, we have to respect the vote of Greek people," European Parliament President Martin Schulz said in a statement.

He argued that a "NO" vote would not entail a better deal as Greek Prime Minister Alexis Tsipras has promised to his people. "We have difficult situation," he said.

"Greek people said NO, but 18 members of euro zone agreed about the proposals," he said. "It is now up to Greek government to make proposals to convince the other 18 member states of euro zone and the institutions in Brussels."

Schulz said that an immediate renegotiation is "necessary" and "possible" but depends on Greek proposals.

He also said that it seems "very difficult and dangerous" that the Greek banks could reopen on Monday and the money would be available till Tuesday, which was assured by Greek Finance Minister Yanis Varoufakis.

NO led by 61.3 percent of votes against 39 percent for YES in the ballot that could determine whether Greece will head to a disorderly bankruptcy and a possible Grexit, according to the latest official estimate released by Greek Interior Ministry with about 61.3 percent of votes counted.