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El-Erian: There's an ever-increasing probability of a financial "accident" involving debt-strapped Greece
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Loading...There's an ever-increasing probability of a financial "accident" involving debt-strapped Greece , Mohamed El-Erian said Tuesday.
El-Erian, chief economic adviser at Allianz, pegged the chances of an accident-referring to Greek and European officials losing the ability to control Greece's future-at 55 percent to 60 percent, which he said was higher than what he had predicted just a few weeks ago.
"Deposit outflows continue," he warned.
"The economy in Greece is back in recession," El-Erian said.
El-Erian compared the situation in Greece to the 2001 financial crisis in Argentina.
But on the positive side, the impact of a Greek accident would not sink the euro zone, El-Erian said. "This is not 2010. This is not 2012. The euro zone has done a lot to contain the risk of contagion.
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