There is something to both fears. But inflation is distant and containable, while deflation is at hand and pernicious.

两种担忧都不可小视，区别在于通货膨胀还很遥远并且可控，而通货紧缩却已迫在眉睫，且后患无穷。

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Once Greece goes, most analyses of the exit process say it will be painful but containable, as long as it does not spread.

BBC: Euro talks: The last signal before the storm?

That would be even more likely, if the short-term mess resulting from a "Grexit" turned out to be containable, as many hope but none can confidently predict.

BBC: Sir Mervyn, the UK and the euro

But even should this happen, the crisis (and Americans' understandable demand for retaliation) will be more containable if the United States and Europe have settled their own differences and formed a common, less generalised, approach to Iran and if Iran's new president has clearly signalled that he is prepared to listen to and act on the West's concerns.

ECONOMIST: Iran��s new face