The president of the Ifo Institute for Economic Research in Munich, Hans-Werner Sinn, said the latest agreement between Athens and its lenders is not good.

"Many people believe that the paper presented is good for Greece. It is not. While it will cost the rest of Europe a lot of money, all this money won't be enough to make the Greeks happy," he said.

"It makes no sense to want to pour in money to try to solve the country's problems. That won't create jobs," Sinn added.

He noted that the Greek tragedy will continue for the next three years.