Appears to be Increasing Probability of a Financial ‘accident’

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.

Greece’s leftist government has been locked in negotiations with bailout creditors over economic reforms in exchange for a rescue loan, which the government says it needs to make a debt payment to the International Monetary Fund on June 5.