Europe expected to plunge after Greeks vote 'no'

European equities are expected to plunge lower at the open Monday after Greeks voted "no" to the country's bailout program and reforms in a referendum on Sunday.

The FTSE is expected to open 90 points lower at 6,475, the German DAX down 281 points at 10,777 and French CAC down 126 points at 4,682.

All eyes in Europe are on Greece after 61 percent of Greeks voted against the country's bailout program from creditors, which entailed austerity measures and many spending cuts. The vote has put Greece in unknown political and economic territory, with a potential exit from the single currency now more likely than ever.

Capital controls on Greek banks are still in place but whether the European Central Bank (ECB) will maintain its emergency funding for Greek banks is uncertain. The Bank's policymakers are expected to meet today.

After the vote, Greek Prime Minister Alexis Tsipras said a "strong national front" was needed and called for Greece to negotiate a way out of its debt crisis. Whether his euro zone counterparts will be willing to negotiate is unknown, however. Euro zone leaders are to meet at a summit at 17:00 p.m. London time on Tuesday to discuss their next move.

In Asia overnight, investors sought safer havens for their investments on Monday after the Greek vote. Amid the sea of red, China was the lone bright light, after a raft of support measures unleashed over the weekend calmed jittery sentiment that had sparked a 30 percent plunge over the past two weeks.