The PIIGS Group under the Pressure of Sovereign Debt

Under the impact of all the tensions generated by the global financial crisis that degenerated into an economic crisis, the EU is subject to new tests of strength, due to increased risk of sovereign debt of the countries belonging to the PIIGS Group. The year 2011 had a maximum strength for the EU and mainly for the Eurozone countries, the macroeconomic imbalances influencing many of them, and the EU leaders admitted the lack of some legal levers that could determine the guilty countries respond for the situation created. Moreover, the legislative lack, by which the European countries are forced to correct the budget imbalance and to meet the imposed macroeconomic convergence criteria, led to a deep sovereign debt crisis in the EU. Basically, the Eurozone initially created as an area of macroeconomic stability has become a region full of uncertainties and subject to risk collapse.