"Would Greece leave the Eurozone or might it leave the EU altogether, that would trigger a lot of debates," Josef Janning, Senior Policy Fellow at the European Council on Foreign Relations, said.
Janning warned that a Grexit "will create quite a controversy in European public debates of what Europe is. And this I believe will strengthen those in the United Kingdom who don’t want to be part of European Union."
Pressure on the British government has mounted in the past several years after it failed to deliver on election promises to curb migration inflows from poorer EU nations and regain some of financial controls from Brussels.
Thanos Veremis, Professor Emeritus at the University of Athens, said the Greek government is yet to realize the implications of its "no" vote.
"The referendum, as an option, was the most convoluted decision ever made by a Greek government… Even agnostic Greeks are now praying that the Eurogroup's decision on July 10th will not result in a Grexit," Veremis told Sputnik.
Greece has until the end of Thursday to put forth new proposals for reforms that will then be reviewed by creditors over the next couple of days before being submitted at the full EU Summit on Sunday.
Janning said a bankruptcy scenario was now very likely. "There is a distinct possibility for Greece sliding into bankruptcy which would then probably force the country to leave the eurozone," he said.
He added this scenario was now more likely because Greece appeared to him to be "incapable of servicing the next debt payments."
Greece’s next big payment is due on June 20 when it is supposed to repay $3.3 billion to the European Central Bank. Earlier this week, the ECB refused to raise the amount of emergency liquidity assistance to Greek banks.