In an interview with CNBC, PIMCO CEO Mohamed El-Erian says the Greek debt contagion will cause investors will divert a good deal of money away from Europe and into the U.S. markets. But, he says it also means more risk aversion among investors, which means the capital diverted to the U.S. will most likely go to the bond markets. And he says the crisis will be a deflationary shock to Europe, hurting global demand just as the cyclical economic bounce was starting to face headwinds. Two of El-Erian’s other key points: He says it is extremely important to keep an eye on how the European banking system holds up in the face of the debt crisis, and he adds that the Greek crisis shows that the U.S. needs to get its act together in dealing with its own debt situation.