Debt crisis that 's engulfed Greece , Ireland , Portugal still a threat to entire eurozone . Why ratings agencies take center stage in crisis . Greece now faces its second election , regarded as an effective referendum on whether it wants to stay in the EU . Many believe one fiscal system will never work for 17 countries and 300 million people . Crisis exploded after the announced 2009 budget deficit would be 5 % 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 EU . Many believe one fiscal system will never work for 17 countries and 300 million people . Crisis exploded after the announced 2009 budget deficit would be 5 % of GDP .