The objective of the diploma thesis is to analyze the current and accumulated public debt of Italy during period of financial and economic crisis between 2008 and 2012 with emphasis on problems and status of their solution. The paper is divided into four chapters. The first chapter is dedicated to the theoretical introduction of the issue of public budgets. The second chapter describes the developement of the italian economy and the main macroeconomic indicators by 2007. The third chapter deals with the development of macroeconomic indicators between 2007 and 2012 with emphasis on the development of the balance of public budgets and on the accumulated public debt. Last chapter is focused on the measures approved by italian government as a result of a fight against high indebtedness. The next section describes scenarios for the development and proposed solutions.