PIMCO's Mohamed El-Erian said on CNBC on Monday that the European Central Bank is stabilizing banks by providing liquidity in its three-year refinancing operation.

El-Erian, CEO of giant bond fund PIMCO, also said that Greece debt talks will reach agreement at the level of negotiators, but that execution risk is very high.

(Reporting by Sam Forgione; Editing by Chizu Nomiyama)