Europe's debt crisis has thrown a spanner in the works of a global economic recovery but an independent forecaster believes Australia will still strengthen this year.

Australia is approaching the peak of its V-shaped recovery from the global downturn, according to a longstanding board member of the Reserve Bank of Australia (RBA).

Sentiment was hit after a senior Greek official said Athens may seek financial help from the International Monetary Fund as it holds out little hope for aid next week from the European Union.