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.
European Systemic Risk Board The European Systemic Risk Board (ESRB) was established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.