European stock and bond markets are set to take a sharp hit on Monday after Greece voted ‘No’ to harsh bailout conditions, and bankers said the European Central Bank’s response was now key to the extent of contagion. Many economists, including those at U.S. banking giant JPMorgan, reckon the outcome of Sunday’s referendum will probably hasten Greece’s exit from the euro. “Although the situation is fluid, at this point Greek exit from the euro appears more likely than not,” JPMorgan’s Malcolm Barr told clients on Sunday evening, adding ‘Grexit’ was now the bank’s “base case”.