Commentary: More significant reforms needed for a stable Greece

Greece needs more significant reforms aiming for job creation and economic growth, no matter what might be the outcome of the country's Sunday referendum on whether to accept more austerity in exchange for international aid.

The Greek people have taken a lot of pains in the past five years since March 2010 outbreak of the debt crisis. Rigorous austerity is still in place and living standards for the Greeks have gone back to that of 2008.

Economic conditions may be worse than the pre-crisis level and roughly half of the youngsters have failed in getting themselves employed.

The past five years in the depth of the tunnel has consumed the morales of many common Greeks, yet the way out of eurozone could prove to be more bumpy.

Now, the indebted Greece is voting whether to accept more austerity or support the government's rejection of the plan.

Choice is not easy, and it's hard to predict the outcome of the vote, as polls suggest both the "Yes" and "No" camps are neck-and-neck.

The vote would also decide the fate of the current Greek government led by Prime Minister Alexis Tsipras, who came to power only six months ago.

Tsipras would have to go if the Greeks choose to accept worse austerity while a support for Tsipras could see rising risks of the country crashing out of the eurozone.

An option to get out of the eurozone could be a worst nightmare for European integration, and the quake triggered by such an outcome is hard to measure.

That is why the European Central Bank (ECB), the European Union (EU) and the International Monetary Fund (IMF) poured a total of 240 billion euros (266 billion U.S. dollars) in five years in relief funds to keep Greece afloat.

According to a report by the Guardian newspaper, most of the funds were used to pay debts and bail out problematic banks. The money channeled to reform and measures boosting economic activities and relief for low-income families was less than 10 percent.

No matter whether Greece will stay on in the eurozone or get out of it, more and more people are questioning this remedy of relief-and-austerity.

God helps those who help themselves. Aid from the outside world is effective only when it is coupled by active efforts from within a country.

Major stirs in the eurozone affect the global economy, and many countries out of the eurozone, such as China, hope for a better-off Greece.

China would like to see Greece stay on in the eurozone and is willing to play a constructive role in efforts toward that end, said Chinese Premier Li Keqiang Monday when meeting with President of the European Council Donald Tusk and President of the European Commission Jean-Claude Juncker.

China has made its own efforts to help Greece handle the sovereign debt crisis and responded to some concerns and requests from the Greek side with concrete actions, said Li. The China-Greece relationship is part of China-EU ties, he noted.

Whatever might be the outcome of the poll, Greece and the eurozone will have to make a fresh start in relevant negotiations. Greece needs to divert its energy on job creation and economic growth, which should also be the focus of future international relief. Endi