Former Federal Reserve Chairman Alan Greenspan said on Friday that chances of a U.S. recession would be more than 50 percent if it were not for the remarkable flexibility of the economy.

The probability of a recession would be higher than 50 percent if it hadn't been for such a remarkable degree of flexibility, Greenspan told a financial audience in the Norwegian capital.

Greenspan said that the inflationary impact of a weakening dollar varies over time.

One has to ask what are the inflation consequences of a weakening dollar. It turns out sometimes it is not important, sometimes it is very important, he said.

(Reporting by Oslo newsroom; Editing by Ron Askew)