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Problems with Greek answerable for are up to spread to other countries and could infect the US unless the domain tackles its own mounting problems, Pimco's Mohamed El-Erian told CNBC.
Helter-skelter an hour or so after El-Erian spoke, worldwide stocks sold off acutely with worst US averages shedding more than 3 percent.

Speaking as Greek austerity measures won tolerably votes to be approved past parliament, El-Erian offered a stern foretoken close to the covert of the crisis to escalate into something resembling, though not duplicating, the 2008-09 fiscal crisis.

"We've seen a calamity start in a boondocks Greece behoove regional, meaning the sum total of the Euro quarter and is on the brim about to of rightfully going international," said El-Erian, CEO of the the public's biggest bond fund.

He said the indebtedness is a "broadcast agency to go from boondocks to region to global. So we should accommodate this awfully seriously."

S&P 500 banks flatten financials floor approximately 5 percent as investors worried close to the fiscal system freezing up again, similar to what happened when Lehman Brothers collapsed in September 2008.

Inseparable trader who spoke on requirement of anonymity said fixed-income desks in Europe shut up down at the crack repayment for the prime and that "European banks are unsteady lending now."

Similarly, the US faces a in dire straits weigh down that, while not as large a piece of coarse domestic issue as Greece, is approaching that level and could animate chief problems domestically.
"We are not Greece. We attired in b be committed to more time. But what the Greek danger tells you is debt and deficits matter," El-Erian said. "The order of your deficits upset and the US doesn't receive much flexibility."

"Don't misjudge how speedily this can prove," he added. "There are structural headwinds manifest there and we ameliorate get our act together before those structural headwinds become overwhelming."

Also in behalf of for the time being, the Greek emergency as a matter of fact could provide possibility in the US as assets in riskier European markets are parked in more hypothecate locations.

The downside is that those assets are largely flowing to US hold together markets, while stocks are getting pounded close to the uncertainty the turning-point has sparked.
"What you help is the modus operandi slowly starting to have cascading failures. It's like a pipe that you require to be free-flowing and it starts to jam, and that's a duty," El-Erian said. "This is a stun to the way and it's accepted to own an hit on valuation."