2008 Global Financial Crisis caused a sovereign debt crisis which affects the European countries seriously. The government expenditure which was the outcome of the cheap and abundant capital before the Global Crisis, the reforms which wasn't made and vulnerability in banking sector are the factors caused the debt crisis. Having been not able to foresee the relevant debt crisis and been late to take preventive measures caused the failure of the supports that were given to the highly debt countries. The purpose of this study is explaining the reasons and progress of the European Debt Crisis and evaluating the effects and effectiveness of the measures having implemented. And so, first it explains the process which consist of the beginning of debt crisis and the causes of debt crisis and then evaluates the measures having implemented.