The Greeks have decidedly rejected Europe’s bailout terms. An overwhelming 61% of voters have said no to a deal that would impose greater austerity measures. This is a major victory for Prime Minister Alexis Tsipras, but the repercussions remain to be fully realized.

Tsipras essentially called Europe’s bluff and now we’ll get to see what Merkel and Hollande’s next move will be. Will they come back to the negotiation tables with a softer tone? Will they double down and kick Greece out of the E.U.?

The winner here is the U.S. Dollar and probably China. Asian markets have fallen sharply in early trading. There is an expected run on U.S. bonds now. Happy birthday, America!