A strong majority of their compatriots voted ‘no’ in a referendum on strict bailout conditions on Greece from European Central Bank, the International Monetary Fund and the European Commission.

The result means Greece could effectively decide its own fate through its own economic policies, but will return to the negotiating table with the ECB in an attempt to keep the country in the eurozone.

Bendigo’s Terry Karamaloudis – the middle son of a Greek family which came to Australia in the 1950s – said the outcome was not a surprise.

“The majority ‘no’ vote today is not surprising given the way the question was framed: ‘Do you want to live a lifetime with austerity measures’, or words to that effect,” he said.

“Most people would say ‘no’ to that scenario regardless of what country they were from.”

The referendum was the first in modern Greek history not to concern the form of government, and the first since 1974.

Mr Karamaloudis said the issue needed to be approached without emotion, but he would have preferred a ‘yes’ outcome.

“I don’t support the ‘no’ vote because I genuinely believe that Greece has a much better chance of a more positive future if it hangs in there and works with the broader union to manage its finances,” he said.

“To me there seems to be a willingness to retain Greece amongst the other member nations which is positive, this is not the time for ‘kitchen table experts’ although I appreciate that people are wanting to have their say.”

The ruling left-wing Syriza party had campaigned for the ‘no’ vote, and 61.3 per cent of Greeks agreed.

Prime Minister Alexis Tsipras hailed the outcome as a victory for democracy in the face of neo-liberal austerity measures dictated by European and international central banks.

Stan Liacos, who also has Greek heritage and has visited the country multiple times, said many family and friends had immigrated to Australia for greater job opportunities and civic confidence.

He said the crisis takes the global economy into “unchartered territory”.

“Personally whilst I have always been a supporter of EU Unity as such, I have always been a Eurosceptic when it comes to the ‘experiment’ of sharing currency across national borders and varying cultural psyche, and to that extent I have long preferred the UK model,” he said.

“However, once in, Greece should in my view must stay in, and I dread the thought of any prospect of Greece exiting the Euro currency zone through its likely defaulting on sovereign debt.”

Mr Liacos said the ongoing crisis in Greece was “very sad” for Greeks, who he described as extroverted and visibly proud people.