Italy is currently seen as the EU country most likely to collapse financially. There were severe doubts about what was going to happen when a new government was inaugurated a month or so ago. Spain is also not doing very well, but not in short-term danger. US and UK are doing much better (I don't know much about Japan).
Even worse is that several of the major Italian banks have a large exposure to Turkey including UniCredit. Italy has the worst youth unemployment in the EU[1]. Consequentially, there was a large amount of drug use in the city I lived in.
I don't feel like the US is doing better. The public debt as a percentage of the GDP isn't the only public debt number that matters. The absolute number and the public debt per capita also matter.
