Treasurer Wayne Swan is confident that Australia is well placed to resist any economic problems that other parts of the world are facing due to debt crisis in Europe.

In an interview with Sky News, Mr. Swan said that there was no doubt that Europe was facing great challenges due to Greek debt crisis, and the US economy had also been a bit soft. But Australia was relatively strong.

Speaking on the topic, Mr. Swan said, “The Asia-Pacific is relatively strong, our economy is strong. We are quite resilient here and in the Asia Pacific.”

However, Mr. Swan dismissed talk of a second global financial crisis.

Mr. Swan’s comments a few days after German Finance Minister Wolfgang Schaeuble said that the Euro zone was preparing for the worst in the Greek debt crisis.

Greece is in dire need to secure a bailout from the European Union and International Monetary Fund to prevent country’s potential default on massive accrued debt. Greek Prime Minister George Papandreou is preparing to steer a $40 billion austerity bill through the parliament. But, if he fails in his attempt, the country will head for bankruptcy, which may cause an upheaval in the Euro zone.