No matter how likely a Greek default may be, delaying it as long as possible lowers the likelihood of its fallout seriously infecting other European economies, experts say.

Many analysts have said that if Greece defaults on its debts, it could spark a run on banks across Europe.

Delaying a Greek default, however, may give many countries time to brace themselves.

Demonstrators outside Greek Parliament during a protest against austerity measures. (Getty Images photo)

Spain, for example, would have more time to beef up its banks so they could ride out a Greek default.

"My sense is that a default is unavoidable, the question is when and how you do it. I don't think anyone disagrees with that. So I think the market will be expecting it, preparing for it. The question is, how can you give a bit more time to the market?" says Stephane Deo, a European economist at UBS, according to CNBC.com.

"If you go to an immediate default, the key thing for Europe will be to try to keep Greece ring-fenced."

European leaders don't want a default of any kind and are working with Greece to make sure it sticks with tough austerity measures including privatizations and public-sector layoffs to help it right its economic ship.

Greece is due a $17.2 billion loan installment to escape default in July, which is part of a larger bailout package.

"We will surely work on laying the groundwork for paying out the tranche," says German Finance Minister Wolfgang Schaeuble, according to Bloomberg.

"It also depends on Greece making the necessary decisions with a fundamental consensus of the political parties so that we can be confident that Greece will live up to its commitments."