News Analysis: Greece's last chance to strike debt deal this weekend

Greece has a last chance to strike a debt deal with creditors by the weekend or head to bankruptcy and Grexit, analysts warned.

After six months of roller coaster negotiations, analysts in Greece and worldwide for the first time warned of the "black scenario" to which European Council President Donald Tusk referred on Tuesday.

Euro zone partners said bluntly after the extraordinary summit in Brussels on Tuesday that without action, the game would be over for Greece on July 12.

The Greek government gave assurances that a comprehensive and realistic debt deal proposal would submitted on time.

However, the clear ultimatum from Brussels has fuelled concern that after five years of austerity and multi-billion euro bailout packages, Greece is heading towards a messy exit from the euro zone.

With credibility and trust at a minimum between Athens and its lenders, Greece is closer than ever since 2010 to financial collapse and in arrears to the International Monetary Fund since July 1. Its banks are closed for a second week and liquidity is evaporating.

The ball is in Greek Prime Minister Alexis Tsipras' court, officials and analysts noted Wednesday.

Addressing the European Parliament after the euro zone summit, the Greek Leftist leader repeated that the Greek people and government sought a viable solution for the Greek debt crisis.

At the same time, Greece is formally submitting a request for a new three-year bailout program through the European Stability Mechanism, pledging sweeping reforms as of next week.

"If Tsipras does not want to be remembered in history as the Prime Minister of bankruptcy, then even in the final hour, he must assume his responsibilities and ensure that Greece remains in the euro and Europe," read an editorial in Vima (Tribune) daily on Wednesday.

The Greek premier must submit a plan more credible than the proposals under discussion before the July 5 referendum, European leaders noted in remarks on Tuesday.

"Greece does not have the luxury of being cut off from Europe. The consequences that we are experiencing today are a small sample of what will follow, in case we are expelled from the euro," the editorial added.

Economists and financial analysts in Athens Wednesday appeared pessimistic reflecting the opinion of their foreign counterparts commenting that maybe it is too late and Greece's course towards collapse is irreversible.

"I believe our course towards a new currency has already started and we are just witnessing the technical details," according to economist Konstantinos Markazos.

In an article published in the Greek financial news portal "euro2day," the Greek expert sees drachma returning in Greece by new year's eve 2016.

"Any effort to reverse the country's course towards collapse is almost impossible. If Greece will eventually collapse within the euro zone or will opt for Grexit remains to be seen in coming days," financial analyst Kostas Stoupas wrote in financial daily "Capital."

"Whichever scenario becomes reality Greece in the future will be nothing like the country we have grown up," he said.

Political leaders called on Tsipras to not lead Greece to a catastrophe.

"No other plan can guarantee security, stability and prosperity for our country. We support the European future of Greece with national unity, social responsibility and responsibility," five prominent representatives of the business world stressed in a letter addressed to the Greek leader.

The view also reflects those of seven out of 10 Greek citizens, according to recent opinion surveys. Endit