Debt crisis that 's engulfed Greece , Ireland , Portugal still a threat to entire eurozone . Comment: Many said one fiscal system could never work for 17 countries and 300 million people . Crisis exploded after Greece admitted 2009 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 second election , regarded as an effective referendum on whether it wants to stay in the eurozone . Many said one fiscal system could never work for 17 countries and 300 million people . Crisis exploded after Greece admitted 2009 budget deficit would be 12.7 % of GDP .