Wien does not believe Europe will allow the crisis to go that far despite the lack of consensus on how to structure another bailout. "People are very sensitive to how much the rest of the world would be affected if Greece goes under," he said, noting that there was not that understanding about Lehman.
Brown Brothers Harriman currency strategist Marc Chandler believes that talks to find a solution for Greece will go down to the wire.
"I believe they're going to find a compromise to avoid a credit default event or major restructuring," said Chandler.
"For 50 years, Europe has pinned its hopes on greater integration. If there's a default by Greece, I don't think it stops there," he said.
Chandler said he had believed the EU would find a solution before its leaders meet June 24, but now that deadline could be extended. "The real deadline is when Greece runs out of money, and that might not be until early July," he said.