The truth is, ironically, this is one of those unique situations where the U.S. would have fallen alone if the rest of the world had ignored what our irresponsible lenders were doing. This crisis, thus far, is limited entirely to the banking industry (other people are over reacting to it but the only industry that's actually faltering are the banks). Which means banks in Europe would be fine had they not (a) made the same mistakes and (b) bought up packages that contained loans they knew weren't solvent.