Greek voters are set to choose whether to accept or reject the terms set by its creditors this Sunday. Experts say a rejection of the creditor's terms may mean the ejection of Greece form the Eurozone.

The New York Times has reported that both the "Yes" and "No" camps have warned Greek voters of doom if they choose either side in the upcoming referendum this Sunday.

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Choosing one side over the other will not will not immediately bring an end to the current miseries that Greeks are facing. If they vote "Yes," the country's debt will be restructured and Greece will continue to enjoy using the Euro. But, they will have to endure a bigger tax burden and retirees may have to make do with a significant reduction to their pension.

On the other hand, if they vote no, Greek leaders could renegotiate the country's huge loan debt -- but only if Greece does not get booted out of the Eurozone first. Experts say even the Greek voters who oppose the austerity deal would not wish that to happen.

The BBC reported the results of a recent survey which showed that Greek voters are evenly divided between those in favor and those who oppose the deal. Both camps have held several rallies in the Greek capital and other cities around the country. Reports indicate that more people attended the rallies against the debt package.

The Prime Minister of Greece Alexis Tsipras is the leading proponent of rejecting the terms of the bailout deal. He has promised voters that he will renegotiate a better deal for the country if they support him in the referendum, according to the New Yorker.

However, his European peers do not see it that way. Many of them dislike Tsipras and have expressed indications that Greece may be ejected from the Eurozone should Greek voters vote "No."

European financial officials have mentioned that Greece would have renegotiate a new deal even if the "Yes" votes wins the referendum. They say the terms of the debt package, which Greek voters will decide upon this Sunday, is no longer applicable.

Greece currently has an international debt of around 323 billion Euros -- of which 60 percent comes from its European neighbors, ten percent from the IMF and the rest from various creditors and loan instruments.

TagsGreece debt crisis, Greek debt deal, Greek referendum, Eurozone deal, euro