Greek bondholders are going to have to agree to some sort of restructuring if the crisis is to end, says Mohamed El-Erian, co-head of Pimco, the world's largest bond fund.
Delaying such unpleasant solutions has only made matter worse up to now and will continue to do so as time goes on.
"We have, unfortunately, nothing but bad choices," El-Erian tells CNBC.
"What we're looking at is better burden-sharing. Right now more of the burden-sharing is being taken by the Greek people."
In exchange for aid, debt-ridden Greece has carried out a series of austerity measures designed to right its economy and better ensure repaying creditors, although the country needs more aid.
Leaders in France and Germany have been facing opposition to help out Greece even more than they already have.
However, El-Erian says, spreading the burden further among EU countries will prevent the crisis from infecting the continent's economy even more.
"The Germans have it right in the sense of saying we cannot continue this process whereby the burden is carried by fewer and fewer people," El-Erian says.
"But the French and now the ECB, which holds a lot of this debt, say no. That's what happened with a year of inaction."
Greece, meanwhile, is preparing to sell off state assets in order to pump billions of dollars of privatization revenues into its economy, a move its neighbors says is the right step.
"Ministers recognized the considerable progress achieved by the Greek authorities over the last year (and) are also conscious of the serious challenges that Greek citizens are facing in these difficult times," officials from countries in the euro economic zone say in a statement, according to CNN.
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