The last global crisis and the weak recovery that has followed, the current debt crisis in Europe raise fundamental questions concerning macroeconomics and economic policy. The complications of the recent outcomes require new theoretical approaches to cope with them. It means that traditional theories will not give us the recipes and will not allow developing efficient macroeconomic and financial policies. The paper is devoted to identification of the depth of recent financial crisis in Europe onto the government debt management in Ukraine. It is necessary to identify the level of impact of the financial problems in European Union on to the Ukrainian economy, which will allow us to update the main patterns for the government debt management.

Keywords: Global crisis, European debt crisis, economy of Ukraine, credit default swaps main debt indicators, impact of debt crisis on economy, international investments, international trade, budget deficit.