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OSLO (Reuters) - 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.

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(Reporting by Oslo newsroom; Editing by Ron Askew)