Problems in Greece show the global financial crisis is not yet over, Prime Minister Kevin Rudd says.

Financial markets worldwide suffered heavy losses as fresh fears spread from Europe and Wall Street to Asia on Wednesday that a massive Greek bailout will not be enough to stop its debt crisis from hitting Spain and Portugal.

Developments in Greece were “disturbing” Mr Rudd told reporters in Whittlesea, north of Melbourne, where he was launching a national male health policy.

It was a “sober reminder “that the financial crisis in Greece had the capacity to affect wider Europe and that the health of the European financial system could affect what was going on across the world”. “

We have done well in Australia to navigate this economy through the global financial crisis,” Mr Rudd said.

“But looking globally, the global financial crisis ain’t over yet and we are not out the woods yet either.” Greece was a remainder of that, he said.