Cyprus and Greece and are not "collapsing" and are not going to collapse. The Mayans collapsed. Easter Island collapsed. Note they are not here anymore. Greece and Cyprus will still be here for the foreseeable future.
In the modern world, countries that take on excessive debt may come to the brink of not being able to service their debt. Either they default as Argentina once did or they seek help from an entity such as the IMF or the EU. They will loan the country money in exchange for adopting austerity measures and better practices.
In either case, this does not represent a collapse of the country. Asia, Argentina, Phillipines, Mexico and others have been through this process and are still with us today.