Mohamed El-Erian, chief executive and co-chief investment officer of fixed income fund manager Pimco, has said he is willing to bet that Greece would take a sabbatical from the Euro within three years.

Speaking in an interview with Matthew Bishop, American editor and New York bureau chief of The Economist, the head of one of the world's largest bond funds, said: "I am willing to bet that Greece will take a sabbatical from the Euro...the rest of Europe does not look that bad."