What was the beginning year of the European debt crisis that particularly affected Portugal, Italy, Greece, and Spain?
European debt crisis The European debt crisis (often also referred to as the Eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other Eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
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.