Question: The meaning of PIGS changed to stand for different countries during a financial crisis that started in what year?
Context: There were many events that led to the financial crisis of the late 2000s, and many differing views on which parties were primarily responsible.  The main groups that have been identified for playing a major role in the crisis include: investment bankers, credit rating agencies, financial statement preparers, the Federal Reserve, investors, loan originators, auditors, and borrowers among others.  For a detailed background on the causes of the crisis and the parties that contributed please reference:Causes of the 2007-2012 global financial crisis and “History of Fair Value Issues” The purpose of this article is to expand on the role that accountants specifically played within the late 2000s financial crisis. All the Devils Are Here: The Hidden History of the Financial Crisis is a nonfiction book by authors Bethany McLean and Joseph Nocera about the 2008 financial crisis.  It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and "laissez-faire".  It concludes it was not an accident, that banks understood the big picture before the crisis happened but continued with bad practices. Gillian Tett (born 10 July 1967) is a British author and journalist at the "Financial Times", where she is a markets and finance columnist and U.S. Managing Editor.  She has written about the financial instruments that were part of the cause of the financial crisis that started in the fourth quarter of 2007, such as CDOs, credit default swaps, SIVs, conduits, and SPVs.  She became renowned for her early warning that a financial crisis was looming. 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. The 2008 Latvian financial crisis, which stemmed from the global financial crisis of 2008–2009, was a major economic and political crisis in Latvia.  The crisis was generated when an easy credit market burst, resulting in an unemployment crisis, along with the bankruptcy of many companies.  Since 2010, economic activity has recovered and Latvia's economic growth rate was the fastest among the EU member states in the first three quarters of 2012. 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). The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s. The 2009–2011 Icelandic financial crisis protests, also referred to as the Kitchenware / Kitchen Implement or Pots and Pans Revolution (Icelandic: "Búsáhaldabyltingin") occurred in the wake of the Icelandic financial crisis.  There had been regular and growing protests since October 2008 against the Icelandic government's handling of the financial crisis.  The protests intensified on 20 January 2009 with thousands of people showing up to protest at the parliament ("Althing") in Reykjavík.  These were at the time, the largest protests in Icelandic history. IFRS 10, IFRS 11 and IFRS 12 are three International Financial Reporting Standards (IFRS) promulgated by the International Accounting Standards Board (IASB) providing accounting guidance related to consolidation and joint ventures.  The standards were issued in 2011 and became effective in 2013.  IFRS 10 addresses consolidated financial statements, IFRS 11 addresses joint ventures and IFRS 12 address disclosures of interests in other entities.  The standards were developed in part in response to the financial crisis of 2008.  During the crisis, accounting rules were criticized for permitting certain risky arrangements to be excluded from company balance sheets. IFRS 10 revised the definition of having "control" of another entity, and thus requiring that entity to be consolidated onto the controlling entity's balance sheet.  The revised definition is expected to increase the likelihood that an entity is deemed to have control over another.  IFRS 11 largely retained previous accounting guidance for joint ventures, but adopted the IFRS 10 definition of "control," meaning that "joint control" would be deemed to exist in some circumstances where it wasn't previously, and vice versa.  IFRS 12 requires the disclosures related to subsidiaries, joint ventures and interests in other entities which are not consolidated to be combined into a single disclosure.  It also requires disclosures about judgements used to determine whether control exists, why it determined that control did not exist and its relationship with entities it did not consolidate.  These extra disclosures were also in response of criticism of the previous accounting guidance in light of the financial crisis. Basel I is the round of deliberations by central bankers from around the world, and in 1988, the Basel Committee on Banking Supervision (BCBS) in Basel, Switzerland, published a set of minimum capital requirements for banks.  This is also known as the 1988 Basel Accord, and was enforced by law in the Group of Ten (G-10) countries in 1992.  A new set of rules known as Basel II was later developed with the intent to supersede the Basel I accords.  However they were criticized by some for allowing banks to take on additional types of risk, which was considered part of the cause of the US subprime financial crisis that started in 2008.  In fact, bank regulators in the United States took the position of requiring a bank to follow the set of rules (Basel I or Basel II) giving the more conservative approach for the bank.  Because of this it was anticipated that only the few very largest US banks would operate under the Basel II rules, the others being regulated under the Basel I framework.  Basel III was developed in response to the financial crisis; it does not supersede either Basel I or II , but focuses on different issues primarily related to the risk of a bank run.
Answer: 2009