Those conditions include more cuts in government-supported pensions, higher taxes and labor-market reforms other European governments' are often not inclined to accept in the conduct of their own affairs.
Read MoreOp-ed: Greece's creditors need a wake-up call
Urging a "Yes" vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to keep the euro as their currency, but such claims simply contradict the facts.
Already, the Troika, led by German Chancellor Angela Merkel and IMF Managing Director Christine Lagarde, has imposed five years of budget cuts, higher taxes and labor market adjustments. The Greeks have endured a 25- percent contraction in GDP, 25-percent cut in private-sector wages and 25 percent unemployment.
Greece's debt-to-GDP ratio has soared to 180 percent from 130 percent of GDP, and that is an impossible burden to repay.
Read MoreGreece is in crisis—why no love for gold?
The only solution is for Greece to replace existing bonds with securities having longer maturities and paying lower interest rates, and with reduced face value — essentially, a haircut for creditors.
According to my conservative estimate, European governments, either directly or through EU institutions, hold about 100 billion euros ($111 billion) of Greece's foreign debt, and Merkel flat out refuses to entertain German taxpayers taking losses.
Yet, neither Germany's finance ministry, nor any other European government or competent private institution, has tabled a credible analysis demonstrating how more austerity and labor-market reforms (read more layoffs and wage cuts) will instigate growth and not result in even bigger losses for bondholders down the road.
Another round of austerity would only further pummel the Greek economy, and impose economic deprivation that European leaders should be ashamed to engineer.
Read MoreEurope warns of consequences of a 'no' vote
The euro has great appeal as a symbol of European unity—one Greeks are reluctant to abandon despite the pain and peril acceding to the bailout terms.
By voting "No," Greeks would provide Tsipras with leverage he does not now have to negotiate debt relief and more realistic economic policies.