Shares fell, the euro stumbled and yields on weaker euro zone economies' bonds rose after Greece overwhelmingly voted against conditions for a rescue package, but there was no rout and contagion was limited.
U.S. stock index futures indicated Wall Street would follow European and Asian share markets lower but there have been several worse days this year for markets vulnerable to events in Greece.
Analysts attributed the relatively muted reaction to expectations the European Central Bank would act to limit any damage. The ECB's governing council is holding a conference call on Monday to decide how long to keep Greek banks afloat.
"The market is, rightly or wrongly, taking a great deal of credence of the fact that the ECB has many more defense mechanisms in place than it did in 2011-12," said Andrew Milligan, head of global strategy at Standard Life Investments.
"Some of the measures we've seen already could be seen as a subtle signal by the ECB that it is ready to step up. ... This point ... is very important to the market reaction."
Many traders and analysts had expected a closer result or even a 'Yes' in Sunday's referendum. In the event, more than 60 percent of those who voted rejected the conditions demanded by Greece's creditors.
The euro zone blue-chip Euro STOXX 50 index fell 1.8 percent, led down by a 3.2 percent fall in banks, but it has suffered bigger falls on eight previous days in 2015.
The pan-European FTSEurofirst 300 index, was down just 0.7 percent by 11:30 a.m. GMT.
Germany's DAX was down 1.4 percent while Italy's FTSE MIB index dropped 2.8 percent. Italy, Spain and Portugal are seen as the economies most vulnerable to contagion from Greece.
Some bankers said the result made it more likely Greece would leave the euro. But a poll of investors taken on Sunday by Germany's Sentix research group showed expectations of a "Grexit" in coming months unchanged from a week earlier at 50 percent.