The Federation of German Industries (BDI) has reversed its previous position that Greece should be kept in the eurozone at all costs and has questioned whether it should remain in the single currency.

“Greece lacks substantive requirements, ranging from a functioning administration to the sufficient will to lift itself out of the crisis,” BDI president Hans-Peter Keitel told business magazine WirtschaftsWoche.

“Should Greece fail to meet the agreed conditions with the EU and the IMF, there would be no more place for it in the euro zone,” he added.

However, Keitel also suggested that if Greece were able to meet the demands of the EU and IMF, there could be ways of stimulating its economy over the next few years.

"I could then imagine a kind of special economic zone for Greece, for ten years, with tax incentives and without cumbersome bureaucracy in order to create attractive conditions for business relocations from abroad,» he said.