No; that's just how many seats we're allocated. It's OK in the British Parliament - I vote in Essex but feel a close enough kinship with the people in Wiltshire that I trust them to have pretty much the same outlook on the world as I have - but a bit more problematic in the European Parliament when the people choosing the other 90% are, well, not like us.
Oh, sorry, I misunderstood. Yes, that is a problem. Another problem.
That's not the problem. The problem was that the banks were foolish enough to lend to Greece. If it weren't for them, the Greek debt crises would've only been a Greek problem and not the Pan-European problem it is right now.
Not only that, the bank's willingness to lend was what enabled that borrowing. The euro by itself did not cause interest rates in loans to Greece to fall, because all the ECB did back then was set a reference rate used in small refinancing operations.
So, there wouldn't have been a debt crisis because there wouldn't have been such a buildup of debt.
But this is a bit academic. In reality the expected effect of using the euro was a fall in interest rates and, bankers being bankers, they queued to lend. We just can't expect bankers to behave responsibly, and everyone should know it even back in 1998.
The regulators, the central banks and chief among those the ECB, also failed. And the politicians who should have kicked out the bad regulators and found competent people also failed. The predominant political ideology of the some being that "bankers knew best", the "independence" of central banks and so on. Not that it has changed that much now, changing it would require admitting to mistakes...
Instead you get to see the very same bankers who caused (or closed their eyes and allowed) the crisis now prescribing policy to "solve" the crisis to governments, and still being taken seriously!