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.

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.

German parliament has voted to extend financial aid to Greece by another four months.