Debt crisis that 's engulfed Greece , Ireland , Portugal still a threat to entire eurozone . Greece now faces its fourth election , regarded as an effective referendum on whether it wants to stay in the eurozone . Europe won . '' Many said 300 million fiscal system could never work for one countries and one people . Crisis exploded after Greece admitted the boom years budget deficit would be 12.7 % of GDP .
Debt crisis that 's engulfed Greece , Ireland , Portugal still a threat to entire eurozone . Greece now faces its fourth election , regarded as an effective referendum on whether it wants to stay in the eurozone . Many said 300 million fiscal system could never work for one countries and one people . Crisis exploded after Greece admitted the boom years budget deficit would be 12.7 % of GDP .