Former Greek Prime Minister Alexis Tsipras warned on the contagion effects of a no-deal Brexit, saying that stronger economies in the EU were at a greater risk due to their close relationship with the U.K.

Speaking to CNBC's Steve Sedgwick at the Ambrosetti Forum in Cernobbio, Italy, he said that a British exit without a formal deal should be avoided at all costs.

"I think the damage will be huge and it will be for all of us. Of course for the U.K. and the U.K. citizens first of all, but not only for them," he said Saturday.

"I think the huge damage will be if there is a no-deal Brexit for all the European member states and especially for the strong states, their economies are very connected with the U.K. economy."

His words come after a pivotal week in British politics that has seen the ruling Conservative Party lose its majority in the House of Commons and new Prime Minister Boris Johnson suffer four significant parliamentary defeats at the hands of opposition lawmakers. A law forcing Johnson to ask for another extension to the October 31 Brexit deadline is due to be signed off on Monday and the U.K. leader is set to fail again in his bid to call an early election. Johnson has repeatedly said the U.K. must leave the EU by the current deadline "do or die, come what may" even if that meant leaving without a deal in place.