Before the year 2008 the problem of the present insolvency of European countries seemed to be not even be real. Understandable and even acceptable was bankruptcy of a poor, economically and politically unstable country but not the developed countries with stable economic and political systems. Strong European economies seemed to be resistant to shock, both in the economic sphere, as well as financial. Strengthening cooperation in the euro zone's was to give a guarantee of the stability of the economic systems of the Member States. Now European countries are facing the problem of insolvency, especially the so-called PIIGS countries: Portugal, Italy, Ireland, Greece and Spain. The causes of their problems are conditioned by both the economic and political situation giving a very good starting point that determinates importance of the problem of the financial bankruptcy of European countries for the EU and the world economy. The aim of this chapter is to analyse actions taken by international organizations in the field of financial and political support for the European countries whose governments are confronted with the problems of excessive government debt or has announced their bankruptcy.