Morgan Stanley: Greece Will Go Under This Year, Fears for U.S.

There is no quick fix to the European debt crisis, and Greece will be forced to restructure its debt later this year, said Greg Peters, global head of fixed income and economic research with Morgan Stanley on Monday.

Spain is the linchpin of European sovereign debt markets that have recently come under pressure and Peters' biggest worry, he said. He also said he is concerned about France. Ultimately, he is most concerned about a European crisis spreading to Britain and possibly the United States.

"The key concern I have is the contagion risk around the sovereign debt crisis," he said at the Reuters Investment Outlook Summit in New York.

"Really, what I worry about most is the sovereign debt crisis becoming a rolling crisis and hitting the shores of the U.K and the United States."