Greece's "no" vote in the referendum over the debt proposal from Greece's creditors sparked worries of financial collapse in the beleaguered nation.

But Greek voters should be applauded for their action, says Nobel laureate economist Paul Krugman. "Even the most ardent supporters of European union should be breathing a sigh of relief," he writes in the New York Times.

Of course creditors don't see it that ways. "Their story is that the failure of their attempt to bully Greece into acquiescence was a triumph of irrationality and irresponsibility over sound technocratic advice," Krugman says.

"But the campaign of bullying — the attempt to terrify Greeks by cutting off bank financing and threatening general chaos, all with the almost open goal of pushing the current leftist government out of office—was a shameful moment in a Europe that claims to believe in democratic principles."

Greece owes official lenders 243 billion euros ($268 billion)—mostly eurozone members, the European Central Bank and the IMF. It has several important payments due this month, including 3.5 billion euros in bond redemptions for securities held by the European Central Bank July 20.

Meanwhile, Stephen Moore, distinguished visiting fellow at The Heritage Foundation, says Greece really only has one option to end its tragedy for good. That's the "Detroit option" — bankruptcy.

"Then let this once-rich nation, hit the restart button to rebuild its economy," he writes in The Washington Times.

And how should this bankruptcy work? "Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big," Moore writes.

"Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less — maybe a lot less. It’s tough love, but it’s the only way out. More bailouts and debt extensions will only delay the crash of the socialist Greek economy."

Greece's economy has struggled mightily since the end of the 2008 financial crisis, and many experts say an exit from the eurozone would cause collapse.

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• El-Erian: Ten Consequences of Greek Referendum's 'No'