The ECB executive, who heads up the Bank's economics department, said it would take time for Greece's new economic realities to find support, but warned that a second bail-out would put necessary reforms at risk.
"In the case of Ireland and Portugal there is broad support and accountability. I expect this will soon be the case in Greece as well," he said.
Worries over Greece's troubles pushed UK and US markets lower. The FTSE closed down 19.09 at 5925.87, while in the US the Dow Jones fell 100.17 to 12595.75.
European finance ministers are due to meet in Brussels on Monday to discuss the possibility of more support for Greece a year on from its first bail-out.
The Greek economy grew 0.8pc in the first quarter, according to figures released yesterday, but with more austerity measures likely, few expect the expansion to be sustained.
The dollar, a popular destination for money during moments of uncertainty, gained almost 1pc against a basket of currencies.
"You've got these major financial shattering events potentially lurking out there that you don't know how to play," said Paul Mendelsohn at Windham Financial Services. "When in doubt, get out."
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