What was the beginning year of the European debt crisis that particularly affected Portugal, Italy, Greece, and Spain?
PIGS (economics) PIGS or PIIGS or PIIGGS is an acronym used in economics and finance. The PIGS acronym originally refers, often derogatorily, to the economies of the Southern European countries of Portugal, Italy, Greece, and Spain. During the European debt crisis, the term was also increasingly used to refer to the economies of Portugal, Ireland, Greece, and Spain, four EU member states that were unable to refinance their government debt or to bail out over-indebted banks on their own during the crisis.
Portuguese succession crisis of 1580 The Portuguese succession crisis of 1580 (Portuguese: "Crise de sucessão de 1580" ) came about as a result of the death of young King Sebastian I of Portugal in the Battle of Alcácer Quibir in 1578. As Sebastian had no immediate heirs, this event prompted a dynastic crisis, with internal and external battles between several pretenders to the Portuguese throne; in addition, because Sebastian's body was never found, several impostors emerged over the next several years claiming to be the young king, further confusing the situation. Ultimately, Philip II of Spain gained control of the country, uniting the Portuguese and Spanish Crowns in the Iberian Union, a personal union that would last for 60 years, during which time the Portuguese Empire declined.