WASHINGTON (Sputnik) — On Sunday, more than 61 percent of Greek voters rejected in a referendum austerity measures proposed by Athens' major international creditors, which has renewed fears of Greece defaulting on outstanding debt and exiting the Eurozone.
"Greece is too marginal of a player in the eurozone to play a big role in the free market versus protectionism trade debates in Europe," Stratfor Vice President of Global Analysis Reva Bhalla told Sputnik. "A Greek financial crisis isn't going to sway the TTIP debate in any one direction."
The controversial TTIP agreement seeks to establish a transatlantic free trade zone but critics claim it will limit the rights of individuals and sovereign countries for the sake of multinational corporate profits.
Bhalla argued that the treaty is encumbered by a lack of political will in European countries due to a number of contentious issues, including public health services, banking regulations and environmental safety.
"Though there may be renewed campaigns to revive TTIP in Europe as a way to start fresh post-Grexit and trade as a united bloc, there are enough hang-ups in this negotiation at the domestic level to have these talks drag on without resolution."
Sauder School of Business Professor Maurice Levi told Sputnik that exiting the eurozone will be costly for Greece, but is unlikely to have any broader ramifications.
"Greece is a small country so the impact on the global economy of wage cuts or abandoning the euro should be trivial."
Levi added that "Eurozoners" could use the funding to reintroduce the drachma instead of continuing to support Greek living standards.
On Tuesday, Eurozone finance ministers convened in Brussels for a Eurogroup meeting to find solutions to settle the ongoing financial and social crisis in Greece.
The Greek government has been clashing for months with Brussels and its major money lenders in Paris and Berlin, who want Athens to increase taxes and cut welfare spending.
Greece's overall debt stands at about $350 billion, of which $270 billion is owed to the European Central Bank, the International Monetary Fund and some eurozone countries.