The euro dropped on Monday and European shares were expected to open sharply lower, a day after Greeks overwhelmingly voted against their international creditors' conditions for further bailout aid.

The bloc's single currency fell as low as $1.0952 during Asian trading hours, before recovering slightly to trade around 0.5% lower on the day at $1.105 early in Europe.

Germany's DAX, France's CAC-40 and London's FTSE 100 were all seen opening between 100 and 300 points lower, according to brokers.

More than 61% of Greeks voted "no" in Sunday's referendum on austerity measures and other overhauls that European and International Monetary Fund officials had demanded in recent talks.

While the outcome spurred popular celebrations into the night across downtown Athens and other Greek cities, many strategists said that this result pushes Greece further toward an exit from the euro area.

Deutsche Bank strategist Francis Yared said that the "risk of a negative outcome [for Greece] has increased materially."

BNP Paribas strategists said that there will be "significant uncertainty" over the next 48 hours, which others said would spur demand for assets considered safest during times of stress on Monday, such as German government bonds.

Government bonds in Italy, Spain and Portugal—countries seen most vulnerable to any Greek contagion—are broadly expected to fall.

Greece's stock markets were closed last week and won't reopen until Tuesday at the earliest, along with the country's banks.

Trading in Greek government bonds has also been halted on some trading platforms after they tumbled last Monday.

Early Monday Brent crude was 1.4% lower on the day at $59.48 per barrel. Gold, another asset commonly sought during times of volatility, was 0.3% higher at $1,167.30 per troy ounce.

Write to Josie Cox at josie.cox@wsj.com

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