If you indicate you are really interested, I will go into it further later. There are many extreme differences in the US and EU situation. A few quick points:

First, not all of the EU is in dire crisis. Countries that acted more responsibly are not in such a crisis... and countries that have abundant natural exports are also ok.

Second, the currency itself is in crisis (Euro) - and its situation is much different than that of the dollar. Going into the differences, beyond the obvious is an endeavor of many many pages not a couple quick paragraphs.

Third, much of the EU problems were enabled by our own corrupt malfeasance.. see the effect of Goldman Sachs dishing out Fed printed money to Greece for example. It really resembled a crack dealer a lot more than it did a healthy banking relationship.

Fourth, Greece stopped the Keynesian spending because noone would lend them money anymore - and leaving the Euro would create complications... they wouldnt be able to import hardly anything , and they have nowhere near the resources to become an autarky. Greece austerity is their last resort aside from withdrawing from the Euro and printing their own unbacked currency. If they did that, who would trade anything for such a currency?

Fifth, regarding Spain.. there is a great clip here on this forum where a Spanish economist details for Krugman exactly how Spain got in the mess its in. Things like handing out thousands of dollars to anyone who wanted to rent a flat.. bubble economy, etc

I will have to look at New Zealand/Australia , since their fundamental economic makeup is so different from ours and they are small economies relatively speaking so I typically do not pay them much mind and would have to look and see if I thought a valid comparison could be made.

For who could be free when every other man's humour might domineer over him? - John Locke (2nd Treatise, sect 57)