Greek Prime Minister Alexis Tsipras says it is time to end the "vicious cycle" of cuts and to start talks with the eurozone on debt relief.

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.

Greek banks reopen after three weeks of closures sparked by the deadlock over the country's debt.

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.

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.

The Greek government has extended bank closures and a €60 (£43; $66) daily limit on ATM withdrawals until Monday.

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.

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.

No matter the solution found for Greece's debt crisis, fixing problems in Greek tax structures, foreign investment flows and export activity must take place for the economy to start growing again.

Greece misses deadline for a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF), hours after eurozone ministers refused to extend its bailout.

Greece closes its banks and imposes capital controls on Sunday to check growing strains on its crippled financial system, bringing prospect of being forced out of euro into plain sight.

German Chancellor Angela Merkel has warned that time is running out for a deal to keep Greece in the eurozone.

A sluggish global economy, the Greek debt crisis and continuing fallout of the Ebola epidemic will take focus beginning Thursday when top finance officials gather for the World Bank and IMF Spring meetings.