Greece and its international creditors have agreed the substance of a new multi-billion euro bailout deal, according to a Greek finance ministry official.

Greece's desire to stay within Eurozone is a seriously constrained choice for its economy. This is because it will continue to plague price competitiveness of Greece's exportables in the rest of the world.

The former Greek finance minster,Yanis Varoufakis says his country's economic reforms are "going to fail", just as formal talks on a huge bailout are set to begin.

Greek MPs have approved tough economic measures required to enable an €86bn eurozone bailout deal to go ahead.

Over the past couple of months, a Greek tragedy has been in the making. Doomsayers had made all kinds of prophesies – regarding Greece, Europe, the financial world, and the Euro.

A detail analysis of BBC on Greece debt crisis.

In a historical referendum on July 5, 2015, the Greek voters overwhelmingly sided with the current government in its debt negotiations with its European partners.

On July 5, the Greek people unanimously voted “No” in the country's referendum on whether to accept the terms of the EU bailout, with a convincing 61 percent of people rejecting the austerity measures brokered by European powers.

The eurozone has given Greece until Thursday to present new proposals to secure a deal with creditors, and has called a full EU summit for Sunday.

During my insensitive, immature childhood years I used to be hugely amused when a few of my South Asian friends from the South of India would shake their heads from left to right, saying Yes.

As with any case of austerity politics, the biggest losers were the working class, as conditions of free market investment benefitted the capital-owning class. These harsh measures eventually led to mass unemployment and underconsumption and as a result the economy suffered even more, worsening Greece's plight.

Just after 7 PM Greek time on Sunday, I was told that the “No” vote (Gk. Oxi) was winning approximately 60/40.

Greece's Prime Minister Alexis Tsipras says that the Greeks made a "brave choice" in voting to reject the terms of an international bailout.