The European country has become the first advanced economy to default on International Monetary Fund debt repayments, having failed to pay the IMF more than $2 billion.

Nations that miss IMF payments are ineligible for further funds as long as they are in arrears. Economists and officials say without further financial support, Greece may have to abandon the euro.

Hellenic Orthodox Community of Ballarat and District secretary Andreas Litras said Ballarat had more than 50 Greek Orthodox families living in the city, all who had family back home.

Mr Litras said the community felt a sense of empathy and sympathy for its fellow Grecians.

"I think there is a high level of concern because everyone has family there," he said.

"There's a large degree of empathy and sympathy but I think in some cases too there is a little bit of a sense that Greece has brought this on itself in some way.

"There are some sectors in the community who have had casual attitudes to notions like paying taxes and being socially responsible so they have contributed to the situation they're in."

With his sister currently visiting family in Greece, Mr Litras said there were reports the country was in a state of paralysis.

"It's all people are talking about. It's preoccupying everyone's time," he said.

"I think not knowing what will happen in the future, when the referendum will take place, it makes it hard for people to think or plan because they just don't know what's going to happen."

Greece’s financial crisis has also contributed to high unemployment rates particularly among the youth of the country.

Mr Litras said there was already an influx of Greek residents, particularly the younger generation, making their way to Australia in search of a better life.

"People with connections overseas are leaving the country. It has been happening over the last couple of years and I think it will no doubt increase," he said.

Ballarat resident Alex Economou, who is of Greek and African descent, agreed that the current overseas situation would definitely affect the number of immigrants making their way to Australian shores.

"I do know there is a whole new generation trying to come and find their fortune in Australia," Mr Economou said.

"I'm not personally aware of anybody but I have heard quite a few people have come over and there’s an expectation a lot more will leave Greece."