1993 Tierradorian financial crisis

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The 1993 Tierradorian financial crisis was a severe economic crisis which began in mid-to-late 1993 and went on until 1996, where it affected several South Cronan nations, most notably Tierrador. The collapse of the housing bubble in Tierrador and Ceylonia, various predatory lending groups taking advantage of low and middle income homebuyers and homeowners within the countries, and ridiculously excessive risk-taking by Tierradorian financial institutions, which resulted in bank runs, bank defaults, and the closing, acquisition, and/or bankruptcy of several medium and large financial institutions throughout Tierrador.

It is unknown and widely debated when the 1993 crisis began, however many economists agree that the sudden collapse in value of mortgage-backed securities, which were tied to Tierradorian real estate.