Hello Minoo and everyone,
 
	I don't think we have a similar (and funny) expression in French. The word-for-word  translation would be "L'éléphant dans la pièce", but we never say that or, at least, I've never heard such an expression. But it could be replaced by "Le sujet qui fâche". And the ever-growing debt crisis IS definitely le sujet qui fâche  for French speaking country too...
 
	On the other hand, we do have a saying with "elephant": "Comme un éléphant dans un magasin de porcelaine" but, this time the meaning is similar to: "Like a bull in a china shop". 
 
	But maybe some other French speakers around here have a different opinion?