Greek crisis - what's likely to happen?

There're 24 hours till a deadline for a Greek debt repayment to the International Monetary Fund - or the country risks bankruptcy. But rather than accept an austere new bailout deal, the prime minister Alexis Tsipras has defied the deadline, closed the banks, and called a referendum on the deal, for July the 6th. Meanwhile, Macedonia has ordered its banks to pull their money from Greece, the first sign of an immediate neighbour moving to protect itself from potential contagion. Dr James Ker-Lindsay is a Senior Research Fellow, European Institute, London School of Economics.