Mohamed El-Erian, the former PIMCO co-head who’s thought to be Hillary Clinton’s favored pick for Treasury Secretary, compared the student loan situation in the US to the Greek debt crisis and said that some “debt forgiveness” would be on the table.

Student debt has been a hot-button issue during this election cycle, with Clinton’s Democratic challenger, Bernie Sanders, calling for a European-style — and debt-free — college education. At the end of 2015, there was $1.23 trillion in outstanding student debt, according to the Federal Reserve Bank of New York.

While student debt falls short of being a crisis, El-Erian, chief economic adviser at Allianz, said at an industry event, it’s a “headwind for growth.” He added that doing anything to alleviate the debt burden would require significant political capital.

“You can do a lot of focused debt forgiveness,” El-Erian said. “Do I like doing that? No. Does it raise whole issues of fairness? Yes. But the alternative is worse.”

“This is like Greece. Nobody really wants to forgive Greece’s debt because of a lot of misbehavior, but if you don’t forgive Greece’s debt, you’re going to have multiple lost generations in Greece,” he added.

When asked if he’s likely to be Jack Lew’s successor at the Treasury, El-Erian punted.

“I don’t think it’s a potential,” he said.