( CNN ) -- Greece 's elections this weekend could trigger the country 's exit from the euro -- but even that might not save Europe from splintering , the head of insurance giant AXA has warned . Henri de Castries told CNN `` a Greek exit wo n't solve everything , '' adding the problems in Europe are `` more complex than that . '' De Castries , a fan of Greek mythology , believes a Greek exit would be akin to opening a Pandora 's box . `` Opening the box is very tempting before and very disastrous afterwards , '' he said . De Castries said there were `` flaws '' in the construction of the euro which have created the cracks . `` It was a case of putting the cart before the horse , '' he said . `` Economic policies were not converging enough and the disciplines were not strong enough to allow for a stable position in the long run . '' The worst-case scenario , according to de Castries , would be a disorderly default by Greece leading to its collapse out of the euro . Further , Italy and Spain could suffer bank runs that could exacerbate the bloc 's pain . However , such an outcome could be avoided should a moderate party win a majority in the Greek elections , securing the country 's future in the eurozone , he said . De Castries points to the Spanish banking crisis as one which must be resolved so Europe can allay concerns about the strength of its firewalls . `` We need to be sure that we do n't just have the fire brigade , '' he said , `` but that water is coming out of the pipe . The Spanish case is a good test for that . '' AXA , the second-biggest insurer in Europe , has been offloading its investments in Greek debt -- at a 78 % write-down -- and no longer buys Italian and Spanish debt , as it seeks to distance itself from the deepening crisis . De Castries said the company 's investment portfolio is being kept diverse : `` We have approximately 80 % of our assets in bonds , of which half or a little less are in sovereign bonds . The other half is in corporate bonds and 20 % are in other asset classes such as equities and real estate , '' he added . CNN 's Anna Stewart contributed to this article .
Eurozone 's economic troubles are too complex to be solved by a Greek exit , says AXA Group . Henri de Castries says the insurer is keen to increase its investments . There are problems in the stability of the euro , he says . De Castries : Over - run in Italy and Greece is the worst - case scenario .