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