European Monetary Union is an entity that unites today 17 member states by single currency – the euro. And since 2008 after the world economic downturn Eurozone has been tested a lot. The economies of several countries have suffered and experienced an essential decrease in GDP. The difference between budget revenues, spending and external debt are the main concerns of countries for today. And Greece has the most difficult situation among those who suffer. This paper researches previous historical examples of the monetary unions, the EMU and its policy-making procedure as well. Events and causes of the current Greek crisis will be examined, and its impact will be shown through the examples of two main Greek industries – shipping and tourism. Another important point to review the crisis is to see what has been done to meet the crisis and improve the economic situation in Greece. Finally this paper has to answer the question if the Greek crisis of 2010 can lead to the collapse of the entire system of the euro and the EMU.