The financial turmoil in Greece is being closely followed by the large Greek-American community here in New York. The debt-ravaged nation is steaming into uncharted waters after voters overwhelmingly rejected the terms of a proposed international bailout. NY1's Michael Herzenberg filed this report.

Greek life bustles along 23rd Avenue in Astoria, about a half dozen Greek owned businesses on this block alone.

"It's sad to watch our family suffer," said George Koutziouchas. "We can help but alright we can't all the time."

George Koutziouchas said tough measures imposed on Greece by international creditors over the last five years have not helped the country and have hurt people. The government has been forced to slash pensions, reduce its workforce and boost taxes.

"There's no money, the unemployment rate is high," said Koutziouchas. "Everybody is worried the next day if they're gonna have a job."

He's among a majority of people of Greek descent NY1 spoke with in Astoria who said they are pleased the Greeks voted decisively back home to reject a new round of austerity.

Two men moved here more than thirty years ago and they have different opinions on the results.

"The people voted, actually I'm not happy because we like to stay with the European Union," said one of the men.

"Of course I'm pleased because this is what the people want, they want to have a strong opinion and strong force to the European to give us what they promised us," said the other man.

Nico Nicolaides, of the Hellenic American Neighborhood Action Committee or HANAC, a community group headquartered in Astoria, just returned from Greece.

He said voters seemed happy to say no to the new austerity measures because they feel enough is enough.

"Their pensions, many people lost their jobs," said Nicolaides. "They believe it's very harsh on them."

The no vote could make things even more difficult for individuals as the country needs to pay its bills and needs a creditor.

"Hopefully we'll get some help somewhere," said one of the two men.

Help that for the moment is nowhere in sight.