Special Report: Global Financial Crisis
CANBERRA, May 11 (Xinhua) - Australian Prime Minister Kevin Rudd said on Tuesday the Greek debt crisis has justified the need for Australia to continue its stimulus spending.
The Australian government had been watching developments in Europe closely, particularly over the weekend, Rudd said in a statement.
"There's alway the risk of contagion from one financial market to another in times of great financial instability," Rudd told the parliament.
Developments in Europe have justified the need for the government to maintain its stimulus spending programs so Australia continued to enjoy low unemployment and debt, compared with other advanced economies.
"It underlines the absolute importance, therefore, of maintaining Australia's position as one of the strongest economies in the advanced world," Rudd said.
"The challenge to secure our recovery through the full implementation of stimulus.
"The global recovery is too insecure as of yet to pull the rug from underneath it."
The opposition has tried to link the federal government with the Greek debt crisis, arguing its stimulus programs would also put Australia deeply in the red.
