The paper deals with the problem of the debt crisis in Spain and Cyprus. Spain entered the European Communities after their establishment in the so-called second southern enlargement in 1986. Cyprus became a member of the EU in so far greatest enlargement in 2004. Spain joined the European Monetary Union in 1999, immediately after the establishment of euro. Cyprus uses euro since 2009. The Spanish and Cypriot economies have their own specifics that led to the debt crisis. The debt crisis has resulted in an economic recession that has been going on since 2008. Spanish government addresses the causes by adoption of restrictive measures, which do not stimulate economic growth. Recent evaluations of the Spanish economy are optimistic and predict a gradual overcoming of crisis from 2014. Debt crisis in Cyprus emerged from the specific economic structure of the country, which will require restructuring of the economy.