The article presents a critical assessment of the ongoing events in the Eurozone countries compared with the economies of other countries of the world. A complex analysis of the macroeconomic indicators of selected European countries, as well as the history of the crisis events development, starting with 2007. The recommendations for overcoming the crisis are given on that basis. The conclusion is done about the economic growth primacy, funded including state, not the hard spending cuts which the ECB imposes the so-called PIIGS-countries.