During his statement to Bloomberg, Mohamed El-Erian stated that the fundamental problem of Greece is none other than its high debt, which should be reduced.

While asked about the early elections in Greece, the investor replied that “2014 is not 2012 and therefore there is no risk of “contagion” of any Greek crisis in the rest of Europe which has managed to shield itself”.

According to Mr. El-Erian: “Greece could need a third package or even debt restructuring. Given that the bulk of debt is held by the official sector, the official sector should be the one to take bold decisions. “