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 . Spanish prime minister Mariano Rajoy said the deal had demonstrated the advantages of cooperation within the bloc and meant `` European credibility won , the future of the euro won [ and ] 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 . 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 .