2010 has seen the first signs of global economic recovery and departure from financial and economic crisis, however, it marked the beginning of deepening of the fiscal crisis around the world with Eurozone’s budget-deficit growing twice the size the recommended levels and public-debt significantly exceeding safety – margins. Key objective of this paper, besides discussing rescue – packages with particular focus on Greece and other PIIGS-countries, is to underly a unique nature of fiscal crisis within Eurozone, and hence debate the efficiency of rescue – programs in the long-run. Conclusions are drawn in the light of the following aspects: 1) theory of optimal currency areas 2) Eurozone’s purpose from a perspective of policy of economic integration 3) growth and stability pact within Economic and Monetary Union 4) structural reforms in Euro – countries under conditons of independent fiscal policy of member-states.