The European Central Bank (ECB) Executive Board Member and Bundesbank President Jens Weidmann said on Tuesday that the situation in Greece is precarious. He added that Greece's debt continued to increase despite the haircut in 2012 and was now more than 170% of GDP.

Weidmann pointed out that the Eurozone is better prepared to fight off contagion from a Greek exit from the Eurozone than in previous years. But the Bundesbank president warned against underestimating the risks of such a scenario.