S&P Down, VIX Up As Greek Parliament Convenes

The Greek Parliament convened Wednesday night (local time) to debate and vote on the bailout package offered by Eurozone officials on Monday. If passed, it would mark the third Greek bailout since the country's economy imploded during the European financial crisis.

The outcome of the vote, which was initially expected to be an overwhelming ‘Yes,' has been clouded by uncertainty over the past 24 hours, as the bulk of the majority Syriza party announced plans to reject the proposal and the IMF released a scalding critique of the terms.

Related Link: Complications In Greece Ahead Of Parliamentary Vote

As the MPs initiated debate in Athens, riots erupted on the streets outside. Simultaneously, U.S. markets underwent some turmoil of their own.

The S&P 500 dipped from the green into the red, and volatility shot up as the VIX climbed by 3 percent. The Dow Jones Industrial Average also fell suddenly.

The SPDR S&P 500 ETF Trust SPY dipped, recently trading at $210.41, down $0.27.

The result of Wednesday's referendum, when made public, are sure to shake up the markets even more.