Greek referendum 5 July
Anti-austerity 'No' voters celebrate the results of the first exit polls in Athens.Reuters/Marko Djurica

Early exits polls in Greece are showing a rejection of the terms proposed by the country's creditors and Greeks are taking to the streets in celebration.

In front of the Greek parliament in Athens people are gathering waving flags as they wait for the final vote results.

The numbers are trickling in. Roughly 47% of the vote has been counted so far. The numbers show the "No" votes in the lead with 61% followed by "Yes" at 38.9%.

Turn out for the vote was high, with nearly 60% of Greeks taking to the polls.

Many Greeks are taking the initial numbers as a sign that the final numbers will show a clear win for "No."

Many are gathering outside the parliament waving Greek flags.

This means that Greece has rejected an austerity and financial reform program drawn up and given to the country 25 June by its creditors at the European Central Bank (ECB) and International Monetary Fund (IMF). Greeks owe a total of €323bn in debt (£230bn, $352.7bn) to the two creditors and several others after its economy went bust during the financial crisis.

On 30 June the country defaulted on a €1.55bn payment to the IMF. As it stands the country will default on a €3.5 billion payment it owes the ECB on 20 July.

Greece and its creditors are set to begin a new round of negotiations Monday as the technical teams of the eurozone's finance ministers are due to meet. The vote, some Greek politicians said, has given Prime Minister Alexis Tsipras a strong mandate to bargain harder.

Greek finance minister Yanis Varoufakis and the Bank of Greece will hold emergency meetings late tonight at 10pm GMT after the poll result is finalized.

Grexit, banking collapse or a new EU deal: What next for Greece in 90 secondsIBTimes UK