Germany' Bundesbank President Jens Weidmann said on Monday that time is running out for Greece to reach a new debt agreement with its creditors. He added that Athens should act quickly.

"We need to ensure that Greece can stand on its own legs without the help of partners. That's why the ball is clearly in the court of the Greek government," Weidmann said.

The Bundesbank president also said that high debt and the resulting tax burden for companies and households could have a negative impact on the growth in the Eurozone.

"The fact is that the circumstances named are all factors that burden growth and that cannot be eliminated with a monetary policy that is still so expansionary," he noted.