The Greek debt in question is only worth about €300 billion. The Spanish debt on the other hand currently stands at over a trillion, and the Italian debt stands at 2.6 trillion.
These are the big scary numbers - although it's still regularly mixed up with the deficit by journalists and politicians alike. As a whole, Europe owes €10,840,197,700,000 - or €10.84 trillion to the private bankers. But it's more meaningful to look at the number as a percent of gross domestic product, or GDP. So, we want to see how much that debt is as a proportion of the whole economy - kind of equivalent to measuring your mortgage compared to the whole economic value of your household. That gives us a European average of 84.9% in the second three months of this year - up from 83.4% in the first quarter. But that figure hides a lot of variation: Greece, at the top, owes 144.3%, up from 132.3% (although it has seen big GDP drops over the same period), followed by Italy at 126.1%. The UK is just above average at 86%. There's nothing inherently bad about having a huge debt - it depends who you owe it to and whether you can manage the payments. Bigger countries are also in a better position: essentially, if you owe the bank £50,000, you've got a problem; if you owe the bank £50,000,000, the bank's got a problem.