International Monetary Fund chief economist Olivier Blanchard on Tuesday added his “two cents” to ongoing speculation over Greece’s troublesome negotiations with EZ and institutional creditors, such as the IMF.

Blanchard warned that a further “crisis” cannot be ruled out.

“We clearly are in the middle of negotiations with the Greeks, and we very much want to come to an agreement and we hope we will,” Blanchard told reporters at a briefing in Washington D.C. on Tuesday.

His remarks came during an introduction on the organization’s annual report about the world economy. about a potential crisis came from his opening statement.

“Now, what happens if no agreement were reached? A number of things are fairly clear. The first one is that say an exit from the euro would be extremely costly for Greece, would be extremely painful.”