Europe's Woes Could Infect U.S. Recovery

After talking about Europe's debt crisis on Monday, I came across this article about how their problems may hurt, and also delay America's strides to recover from the recession. The article, which can be read at the bottom of the post, explains how dangerously high debt levels in Greece and some other European countries could cause a wave of national defaults, undermining revival in Europe and probably in the U.S. as well. It goes on to say that:

"China's recent steps to cool its economy also complicate President Barack Obama's plan to attack high unemployment here by increasing U.S. exports. Financial markets have been whipsawed over concerns that debt problems in Greece -- and perhaps also in high-debt Spain, Portugal, Ireland and even Italy -- might infect stronger European neighbors.

A strike by civil servants to protest wage cuts shut schools and grounded flights across Greece on Wednesday. European Union leaders plan to discuss the crisis -- and the feasibility of rescue attempts -- during a summit Thursday in Brussels, Belgium.
Euro zone countries are key U.S. trading partners, and the United States can't meet Obama's goal of doubling exports in five years -- or reap the benefits in new jobs -- if debt default contagion spreads throughout Europe."

With European Union leaders feeling a sense of embarrassment if they go to the International Monetary Fund, Europe could be facing a long-term debt problem. This looks like it may hurt the U.S. trading wise, but also in the job creation department as well. European countries are one of the main U.S. trading partners, and with European leaders that as of now, would like to enter years of debt instead of borrow from the IMF, the ramifications of this could really affect the U.S. So my question to you is, if European leaders do not decide to go to the monetary fund, will their debt negatively affect the U.S.? If so, how severe of an impact will this have on America's efforts to recover from the recession?

http://finance.yahoo.com/news/Debt-woes-in-Europe-could-apf-3731211478.html?x=0