I think all Western countries (with very few exceptions, and the US is NOT one of them) are about in the same boat. Check out http://www.usdebtclock.org/ and tell me if you still feel like grinning at Europe.
Nah - Elbonia can't be part of Europe! No self-respecting, irresponsible, broke eurozone member would ever dream of asking for less than 100 billion euros in handouts. They've got their pride, y'see ...