A debacle - the second letter is an 'e' - is a sudden and shameful defeat, nowadays usually of someone, or some team, which was the favourite to win some competition. It is also used to refer to a vast mess or an avoidable disaster. The current state of the banking business internationally probably has lots of journalists using the word at the moment.
A debacle is a sudden and complete disaster, often resulting from a series of unfortunate events or mistakes. It typically refers to a situation that is chaotic, difficult to resolve, or has gone horribly wrong.