German Chancellor Angela Merkel's recent agitations for global austerity measures should be kept in perspective by the deficit hawks in the US. For example, it is quite easy to imagine Germany turning its back on Greece in her hour of need. However, I doubt seriously that the US would be able to turn its back on California or New York should these states fall into default. The European Union is not the United States.
Germany (green) and Greece (orange)
Greece: What Economic Austerity Looks Like
How Would Californians React to Economic Austerity...?
How Would New Yorkers React to Economic Austerity...?