Europe is not a country. At least not yet.
True, but you forget that any two countries (or 27) can agree together on the rules governing air traffic between their countries, and there's very little to keep them from deciding that N-registered aircraft cannot carry goods between them, for example. Doesn't matter how many football teams at the World Cup or seats at the UN...
In Cali they talk about the end of the world. In Greece it was all business as usual just a few months ago.
Lies, damn lies and statistics. Actually, not contesting the accuracy of these numbers, just saying that one can find numbers to back up one's argument one way or the other. Greece's total public debt is half of California's. California's per capita GDP isn't that impressive either, just in the US, 9 states do better, in the EU, 15 countries do better (Greece not one of them)...
Best to say, I think, that both California and Greece are in a very, very deep hole...