Greek bailout extension refused: a panel of leading economists give their verdict

With the country edging closer and closer towards default, our panel examines the current stalemate, the factors behind the crisis and what Greece can do next

The shock decision of Alexis Tsipras to call a snap referendum for 5 July, just like the socialist prime minister George Papandreou had tried to do in 2011, has torpedoed any chance of reaching an agreement this weekend. Greece will almost certainly default, or at least will get into arrears if it refuses to - or simply can't - pay the 1.6bn euros it is due to the International Monetary Fund on 30 June.

Related: EU ministers refuse bailout extension for Greece as referendum looms

Insisting on the status quo full of more austerity produced an increasingly weaker Greece