I'm from Italy and I'm in my third year of CS as well. I think you're exaggerating your situation. Sure, Italy's a bad country to be a programmer and there's no other country like the US for us but I think you've read too much HN and how life is at companies like Google and Amazon and then compared it with yours.

Nobody is going to hire you in the US with no experience just because you say you're passionate about algorithms. If you're lucky to get an interview and get hired it's another thing but your best shot is to build things and acquire experience. As an EU citizen you can go to any country in Europe you like. After you gain some professional experience, get to know people and make connections then it would be much easier to move.

As far as education is concerned, I don't share the same sentiments as you. With the new legislation (which you are a part of) the materials are much more 'hands-on' to get students ready for the job market. Again, don't think all US universities are on the same level as Stanford and MIT.

I, too, am scared shitless about my future but try not to despair :-)

What software have you built thus far?