Current credit/bad debt crisis question.?

I understand how we got into our current credit situation and how it is affecting us in the USA. However, I do not understand how it's now affecting European and other countries. How is our problem spilling over to these other countries, or are they having the same problems and just realizing it now?|||Actually, the European banks were doing the same thing in their Countries and if you were paying attention a couple of weeks ago, you would have known that they were doing the same things that our government was doing to strengthen the banking system. It just seems to be hitting our air ways now.