MGH/MB

The eurozone has plunged into the biggest crisis of its 11-year-old rule, mainly because of the swelling public deficit in Portugal, Spain and Greece.

Analysts warn that the crisis portends years of belt-tightening with a vicious financial cycle - the more fears over deficit and debts grow, the more difficult it becomes for the troubled eurozone nations to borrow money. The problems are resonating throughout the 16-state EU block that is using euro. Euro fell below 1.36 dollars on Friday, its lowest level in over eight months. Greece's debts have already surpassed 294 billion euros (412 billion dollars) and a 12.7-percent deficit, far beyond the EU limits of three percent of output for eurozone members, AFP reported on Sunday.