"We can see that it's starting to impact the economies in Europe, not just in the euro zone but in the UK as well — they've implemented austerity measures and look at what happened to them, they're in a recession right now," Menon said.
According to Marc Seidner, Managing Director, PIMCO, "If economies can grow then countries can safely delever from heightened debt level, if not, crisis continues."
No Quick-Fix
Analysts agreed that there was no short-term solution in sight and that the European Central Bank would have to keep injecting cash into the banking system .
"In Europe, they're basically committed to providing money to throw at the problem forever. They might need to do it for years," Richard Jerram, Chief Economist, Bank of Singapore told CNBC Asia's " Squawk Box ."
Menon adds, "If anybody expects any quick solution out of Europe, they're really hoping for too much."
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