LOL. Even if you add up all the debts of PIIGS or even all Euro countries, they are very small compared to the U.S. debts.
They can either kick out the PIIGS or rescue them easily. Problem solved. But who is going to rescue the U.S.? No country is capable of rescuing the U.S. U.S. dollar is hopeless. As long as the annual deficits are over trillion dollars, we just have to print trillion dollars and find trillion dollar more new silly investors to buy it. When it gets to the time that we run out of silly investors, then it will be just like Zimbabwe. No one wants to own dollar anymore. The U.S. currency will become totally worthless. Just a piece of paper basically.
The world will most likely go back to gold standard and use silver coins as daily commerce trading mechanism. Utah legalized gold and silver as legal tender a few months ago already. More states (or countries) may follow. China has been preparing for that by constantly dumping dollar and buying gold as reserve while encouraging its citizens to buy silver for the past two years. The real rally has been on gold and silver for the past decade and will continue to be on gold and silver for the next few decades. Dollar is hopeless as long as the deficits are there.