People are watching the Greek parliament's decisions on austerity anxiously. Greek public, i.e. Government, debt is at least 143% of its GDP. In contrast, NZ's stands at 26% and Australia's at 23%, below the world average of 59% (both countries have high levels of private debt, though).
UpdateThe Greek parliament has now passed the austerity measures by a handful of votes and financial markets have breathed a sigh of relief. The country's problems are far from over, however; Greeks are not noted for paying their taxes and don't take kindly to the government withdrawing their generous benefits.