he most critical thing is for the Europeans to understand that when you allow a crisis to fester it morphs and it morphs into something much more difficult to control. First and foremost, the Europeans need to understand how urgent the situation is.

Mohamed El-Erian, CEO and co-CIO of Pimco and a former IMF deputy director: via Bloomberg

The bond vigilantes are walking out on Greece, Spain, Portugal, the U.K. and Iceland. Unfortunately in the U.S., the bond-market vigilantes are not walking out…Eventually, the fiscal problems of the U.S. will also come to the fore. The risk of something serious happening in the U.S. in the next two or three years is going to be significant…no willingness in Washington to do anything.

Nouriel Roubini, at the Milken Institute Global Conference in Beverly Hills: via Bloomberg

Greece will default on its national debt.

Martin Feldstein: vie Project Syndicate