Boris Schlossberg of GFT spoke to Larry Kudlow of CNBC last night about the Greek debt crisis.

What happened in the Middle East could happen in Europe, Schlossberg said.

If one party decides to act, everybody can follow. That's why they need to act now and very quickly. If they can come to an agreement by the weekend, it would ease a lot of these concerns, Schlossberg said.

The domino effect in Europe concerns the following countries: Greece, Ireland, and Portugal.

Simon Hobbs of CNBC also spoke on the show voicing his concerns:

He hoped the ECB, Eurozone, and all parties associated in coming up with a solution to the Greek crisis would get this fixed because the end game is potentially systemic.

It is not just the Greek sovereign debt, it would affect all Greek bonds, Greek nationality bonds, Greek businesses, American multinationals that were operating in Greece, Hobbs said.

The danger, the big danger is that you have a series of events where the Greek people say, actually we've had enough of austerity, then the Irish follow and potentially the Portuguese follow. We could maybe take a Greek default, we've been planning for the possibility for a year, but we can't take an Irish default, it would bankrupt the ECB, Hobbs said.

Read: EUR/USD: Down 2% as Greece Debt Crisis Worsens

Read: Roubini: The Eurozone Heads for Break Up

Read: S&P Downgrades Greece to CCC from B with Negative Outlook

See below for the entire interview on CNBC: