AAP – Tue, Jul 7, 2015 6:10 PM AEST
Global ratings agency Standard & Poor's has warned the problems facing China are a bigger threat to the global economic outlook than events in Greece.
Australia's number one trading partner, which is already facing a slowing economy, has taken steps in recent days to prop up the Chinese stock market after tumbling more than 25 per cent since mid-June.
"In my mind the Chinese challenges out-shadow the Greek one by a large margin," S&P sovereign rating managing director Moritz Kraemer told a live webcast on the Greek debt crisis on Tuesday.
He also believes there is a greater than 50/50 chance of Greece leaving the euro, or "Grexit".
While there is a "whiff of optimism" that a deal will be struck between Greece and its creditors, he said time is running out with a 3.5 billion euros loan due to repaid on July 20.
"Clearly the money is not there," he said ahead of a crucial meeting in Europe between eurozone finance ministers and Greece later on Tuesday.
Prime Minister Tony Abbott won't comment on the troubles facing Greece and China, saying it was his job to build a strong and prosperous Australia.
Acting Treasurer Bruce Billson was more forthcoming, saying the next few days would be "very significant" as Europe tries to thrash out a bailout solution.
Finance ministers later on Tuesday will be urging the Greek authorities to devise a new plan that appeases lenders and allows a renewed supply of funding to the Greek economy.
"Now what needs to happen is a clear definition of what's next," Mr Billson told ABC radio.
Mr Kramer said if Greece doesn't come to the meeting with a plan "it's over".
Reserve Bank governor Glenn Stevens also offered limited commentary on either Greece or China following Tuesday's monthly board meeting, but noted the market fluctuations associated with developments in both countries.
It wasn't about to force any drastic action by the RBA, which left the cash rate at a record low of two per cent.
Global uncertainty has seen the Australian dollar drop to a six-year low below 75 US cents, but Mr Stevens in his post-meeting statement still believes it should fall further against other currencies given significant declines in commodity prices.
Local share prices bounced nearly two per cent after Monday's initial fall in response to Sunday's Greek referendum voting "no" to severe austerity measures.
But Australian consumers are clearly worried that events in Greece and China will flow through to the Australian economy.
The ANZ-Roy Morgan consumer confidence index fell 4.6 per cent in the past week, eroding most of the gains made since the May budget.
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