German Bundesbank released its monthly report. The central bank expects the German economy to expand in the coming months, driven by consumption.

German industry is expected to grow at a "sluggish" pace, according to the report.

Bundesbank also said that Greece could be bankrupt without changing its attitude in the negotiations with its creditors.

"The current Greek government is obliged to make appropriate proposals, to implement those agreements that have been reached and thereby do their part to avoid the insolvency of the state, with strong repercussions for Greece," Bundesbank noted.

The central bank added that financial help for Greece "should be linked to the relevant preconditions".