Like just about every other region in the World, the Europeans are in big financial trouble.
All of the European counries have a large unemployment rate. These rates are equal to our worse than the USA (much worse). Young people have been really hard hit because these countries have typically protected their older workers either as a result of union requirements or government commitments.
This situation has been around for many years already.
Not only Greece, but Spain, Italy and even France are in trouble.
The UK is not part of Europe but they are in the geographical region and they are also in serious trouble. Typically, the UK and Germany are the big players in the European region. Although they are "healthier" than the others, they are in trouble just like the USA.
It is like a boxing match that has gone on for 10 rounds and one boxer is on his way down to the matt after being punched one too many times by the winning boxer, but the still standing winning boxer is rocking back and forth and he looks like he could go over at any time. The USA, UK and Germany are the winning boxers and they are wobbly. Most of the others are on there way down to the matt.
By the way, the final bell has not been rung yet but is coming very soon.