German Institute Ifo and its president told CNBC that “It is time for a bigger debt haircut and more radical measures to help Greece”. He added that he believes that Greece should temporarily leave the Eurozone.

“Greece is insolvent… and we delay the process of declaring bankruptcy, which would have been illegal if this were a private corporation[…] Is it not better to have a more flexible euro which anyone can exit from temporarily and return with an undervalued currency instead of imposing inner devaluing?”, added the Ifo president.