Europe's certainly got its problems and anyone who denies that is not well informed of the economic situation there.
BUT is the whole continent on the verge of collapse? Well, it is if you are a news agency and desperate to sell your news to the masses. But in reality, Europe is not on the verge of collapse.
Greece, Spain, Italy and Portugal are in bad shape but out of these, we only know Greece to be on the verge of collapse for sure. The rest of the countries can still recover.
Theoretically, if Europe was to collapse, that would be bad for everyone (including you Argentina lovers). That is another reason that Europe is not going to collapse. Even if you apply some form of Keynesian economics to it (or whichever Economics model you think you don't like).
China needs trade with Europe, the US needs trade with Europe, India needs trade with Europe, and I know some don't like to hear it but Argentina (and the rest of Latin America) needs trade with Europe too. The world as we know it now is so intertwined economically that you will not and can not see a collapse.
And if somewhere you do see a system crashing (2008), its bad for the whole world and the whole world knows it, except for some people on this forum apparently.