Greece's financial woes are coming to a head with doubts growing that the country will be able to make a 300 million euro repayment due to the IMF on June 5, let alone numerous other repayments due to the Fund and ECB over the summer.
As Greece potentially approaches calamity, expectations that it could default on its debt and crash and burn out of the euro zone have risen.
Officials in the euro zone worry that if they let Greece off the hook in terms of a debt haircut or restructuring, it could set a dangerous precedent for other countries. But Laskey said compromise was better than nothing.
Read MoreMyth or reality? Greece's debt saga festers
"The risk of creating incentives for repeat 'offences' do not justify causing calamity," he warned.
"Keeping the show on the road trumps almost everything in the end, and Europe has the capacity to do so. Aside from anything else, there is no one in Europe with a mandate to pull the plug on Greece."