This page is a sandbox for the still unwritten history of Izaland.

Current draft:

13th century to 1xxx - The Nakai Kingdom, rise and collapse

The subsequent Nakai Kingdom (奈堺王国, from the name of the Royal Palace built in Warohan) was effectively a Suo protectorate, with Bai merchants granted concessions and privileges to dominate trade in the region. Under Bai's control, the coastal cities of Warohan, Daishin, Kanlisahna, and Kokendake (the former name of Sainðaul) expanded rapidly, as the Suo sought to install its own fleet to protect its possessions in the region.

Following the Suo's collapse, the Nakai Kingdom, ~~for a brief period~~, became effectively independent from Bai control. The Nakai, along with Belphenia, Kojo and Pasundan, competed to take control of Bai's possessions in the Axian Peninsula, along with western Ulethan powers seeking colonisation opportunities in the region. The Nakai fell under the influence of Ulethan powers for the remainder of its existence, impacting local culture and customs.

Questions that need to be answered:

How long did the Suo protectorate in Izaland last (officially Suo collapsed in 1671, but Izaland probably gained more independence a couple centuries earlier)?
What happened in the north (of Izaland and beyond) during this time?
When did the area start to feel that it belonged to one country, called Izaki (Izaland)?
When did the trading expedition begin? Equatorial Izaland came under the rule of Izaki in the early 17th century, and the first visits to Archanta may have been at least 50 years earlier.
What about the Nihonese speaking nations in the south? Were they independent or subjugated (by Izaland, Bai or somewhere else)?
Relations with Pyeokchin?

 History of Pyeokchin (what is found in Korean on the country page):
 The southern and central regions were unified around the 10th century, but the northern region became a vassal state of Pyeokjin around the 12th century, and shared a common history, and was completely annexed in the late 18th century.

Relations with Belphenia?

 History of Belphenia: Currently not available on the wiki, but the history found on the old wiki is too fantastic and unrealistic to be taken seriously, so it will be difficult to have a common history for the time being. However, in certain periods of history, Izaland may have owned parts of Belphenia and vice versa.

The Warohan Banking Crisis (2014-2016)

Overview

The Warohan Banking Crisis (深彎銀行危機, Warohan Kēnkō Hwiki) was a major financial crisis that struck Izaland between 2014 and 2016, originating in the port city of Warohan and rapidly spreading across Eastern Uletha and parts of Northern Archanta. The crisis was triggered by the collapse of the historic South Sea Trading Company (南陽貿易會社, Nannyān Mauyeku Kwisha) and the subsequent bankruptcy of the Warohan Nannyān Kenses Bank (深彎南洋建設銀行, Warohan South Sea Construction Bank), one of the city's largest financial institutions specializing in maritime trade financing.

The crisis resulted in widespread bank failures, emergency government bailouts, temporary stock market collapses across the East Ulethan region, significant unemployment in Warohan's commercial and port sectors, and a major political scandal involving Finance Minister Hūntsaku Hinnara. The crisis prompted the formation of a technocratic government under Independent Prime Minister Shinzhi Hansai (2014-2016), who implemented emergency measures and financial reforms to stabilize Izaland's banking sector.

Background

Warohan's Economic Role

Warohan (深彎市), Izaland's second-largest city with approximately 6 million inhabitants, has historically served as the nation's primary gateway to overseas territories and international trade routes. As the largest port in Izaland, the city developed a distinct mercantile culture often compared to Asian maritime republics, with banking institutions deeply integrated into shipping, trade finance, and commerce with Equatorial Izaland and partners across the Vinn Sea.

Since the Nakai Kingdom period, Warohan served as the primary departure point for maritime routes to Equatorial Izaland (赤道華邦海外共同体, Shekudo Izaki Kaiwai Kyodōche), Izaland's overseas territory in central Archanta. The historic South Sea Trading Company, established in 1615 to manage the free port of Shinkō (新港) in Ribochanja, had evolved over centuries from a colonial trading monopoly into a diversified conglomerate involved in shipping, logistics, commodity trading, and infrastructure development.

The South Sea Trading Company

By the early 2010s, the South Sea Trading Company remained one of Izaland's largest private enterprises, employing over 35,000 workers across maritime transport, port operations, commodity warehousing, and real estate development in both mainland Izaland and Equatorial Izaland. However, the company's business model had become increasingly antiquated, relying on traditional shipping routes and trade patterns that failed to adapt to:

Containerization and modern logistics technologies
Competition from more efficient international shipping lines
Declining profitability of commodity exports from Equatorial Izaland
Rising operational costs in aging port facilities
Overdependence on government subsidies and preferential contracts

Financial Entanglement

The South Sea Trading Company's primary lender was the Warohan Nannyān Kenses Bank (深彎南洋建設銀行), a regional financial institution founded in 1898 specifically to finance trade and construction projects related to Equatorial Izaland. By 2014, the bank had extended over Ė5.45 billion in loans to the South Sea Trading Company and related entities, representing approximately 62% of its total loan portfolio—a catastrophic level of exposure to a single corporate group.

Additional financial institutions with significant exposure included:

Ribochanja Bank (里母長紗銀行, Ribochanja Kēnkō) - Based in Equatorial Izaland's capital
Shekudō Shinnyō Bank (赤道信用金庫, Shekudō Shinnyō Kinko) - Credit union serving Equatorial Izaland
Warohan Marine Credit Corporation (深彎海洋信用公庫, Warohan Kaiyān Shinnyō Kouko)
East Uletha Commercial Trust (東宇商業信託, Dōnnu Sānnwya Shintaku)

The Crisis Unfolds

Discovery of Accounting Fraud (March 2014)

In March 2014 an internal audit at the South Sea Trading Company uncovered a long-running scheme of accounting manipulation that fundamentally undermined the firm’s credibility. Auditors discovered that, at least since 2009, senior executives had been systematically falsifying financial statements in order to conceal mounting operating losses. They did so by inflating the book value of aging ships and port infrastructure, recording fictitious revenues from trade contracts that never existed, shifting large portions of the company’s liabilities into shell companies kept off the main balance sheet, and manipulating the reported value of commodity inventories stored in Equatorial Izaland to mask deteriorating margins.

When the audit team finally obtained full access to internal records and demanded complete disclosure, the true scale of the fraud became impossible to hide: the company was burdened with approximately Ė5.45 billion in hidden debt and was effectively insolvent, with real liabilities exceeding its assets by at least Ė3.03 billion.

Immediate Collapse (April-June 2014)

April 18, 2014: The South Sea Trading Company announced suspension of all trading activities and filed for bankruptcy protection. Trading in company shares was halted on the Sainðaul Stock Exchange.

May 3, 2014: Warohan Nannyān Construction Bank, unable to absorb the massive loan losses, declared insolvency. Depositors rushed to withdraw funds, triggering a bank run. The Izaland Central Bank (華中銀, Hwajukēn) imposed emergency capital controls and temporarily suspended operations.

May 12, 2014: Ribochanja Bank and Shekudō Shinnyō Bank in Equatorial Izaland followed suit, as their exposure to both the trading company and Warohan Nannyān Kenses Bank became untenable.

June 2014: Stock markets across Eastern Uletha experienced sharp declines:

Sainðaul Stock Exchange: -18.3%
Nevensad Financial Exchange (Saikyel): -12.7%
Pyingshum Stock Market (Kojo): -9.4%
Haritsu Exchange (Taira): -7.8%
Remiville Index (Belphenia): -5.2%

Government Response and Controversy

Prime Minister Koben Lee Rekitoshi (first term, SKD Progressive Party) convened emergency cabinet meetings to address the crisis. Finance Minister Hūntsaku Hinnara initially proposed a massive government bailout totaling Ė7.57 billion to prevent systemic collapse of Warohan's banking sector.

However, investigative journalists uncovered evidence that Hinnara had received substantial bribes from South Sea Trading Company executives between 2011 and 2013, including:

Ė418,000 in cash payments
Luxury overseas travel and accommodations
Real estate purchased through intermediaries
Stock options in subsidiary companies

The scandal suggested Hinnara had deliberately delayed regulatory oversight that might have exposed the accounting fraud earlier.

August 2014: Finance Minister Hūntsaku Hinnara resigned and was subsequently arrested on corruption charges.

September 2014: The EUOIA (East Ulethan Economic and Integration Association) formally objected to Izaland's proposed bank bailouts, arguing they violated free market competition principles and created unfair advantages for Izaki financial institutions. The EUOIA threatened sanctions if bailouts exceeded ¥300 billion.

Political Crisis and Technocratic Government

The banking crisis, combined with the Hinnara corruption scandal, severely damaged public confidence in the Rekitoshi government. Opposition parties, particularly the center-right SHD (Shinhwadān) and nationalist AKK (Ankukukwi), called for the Prime Minister's resignation.

November 9, 2014: Prime Minister Koben Lee Rekitoshi announced his resignation, taking political responsibility for the crisis despite not being personally implicated in corruption.

November 9, 2014: President Mariya Yamaki appointed Shinzhi Hansai, an independent technocrat known for his economic expertise, as Prime Minister to lead an emergency government focused exclusively on financial stabilization.

Hansai Administration Response (2014-2016)

Emergency Measures

Prime Minister Hansai's technocratic cabinet implemented a comprehensive crisis management strategy:

Financial Stabilization (Late 2014)

Negotiated a compromise Ė3.43 billion bailout package acceptable to EUOIA guidelines
Established a "bad bank" (不良債権処理機構, Furyān Zaikwon Shori Kikō ) to absorb toxic assets from failed institutions
Provided liquidity support to prevent contagion to healthy banks
Guaranteed depositor savings up to Ė90,000 per account

Regulatory Reforms (2015)

Strengthened financial oversight through the new Financial Services Supervision Agency (金融監督庁, Kinyū Kantoku-chō)
Mandated independent audits for all banks with assets exceeding Ė890 million
Implemented stricter loan concentration limits (maximum 25% exposure to single entity)
Required quarterly disclosure of major corporate borrowers
Enhanced criminal penalties for accounting fraud

Economic Support for Warohan (2015-2016)

Ė1.07 billion infrastructure investment program for port modernization
Tax incentives for companies relocating to Warohan to replace lost jobs
Retraining programs for 28,000 displaced port and banking workers
Support for small businesses affected by credit contraction

Equatorial Izaland Measures

Emergency fund transfers to stabilize Ribochanja's financial sector
Development loans for economic diversification beyond traditional trade
Accelerated infrastructure projects to support ecotourism sector
Addressed indigenous community concerns about economic disparities

Criminal Proceedings

2015-2016: Former Finance Minister Hūntsaku Hinnara stood trial on charges of bribery, abuse of office, and obstruction of financial regulation. In June 2016, he was convicted and sentenced to 12 years imprisonment and ordered to pay Ė792,000 in restitution.

Several South Sea Trading Company executives also received prison sentences ranging from 8 to 15 years for accounting fraud and market manipulation.

Economic Impact

Job Losses

Warohan region: Approximately 47,000 jobs lost in banking, shipping, and related sectors (2014-2015)
Equatorial Izaland: Estimated 12,000 jobs lost as trade operations contracted
Peak unemployment in Warohan reached 9.3% (December 2014), compared to national average of 4.2%

Financial Sector Losses

Total estimated losses to banking sector: Ė10.68 trillion
Government bailout costs: Ė3.43 billion (2.1% of GDP)
Shareholder equity wiped out in four major banks
Pension funds and institutional investors suffered significant losses

Regional Contagion

While the crisis originated in Warohan, financial institutions across Eastern Uletha experienced stress:

Three banks in Saikyel required capital injections
Credit markets in Kojo, Taira, and Belphenia tightened significantly
Trade finance volumes across the region declined 23% in 2014-2015

Recovery and Legacy

Economic Recovery

By mid-2016, Izaland's banking sector had largely stabilized, showing clear signs of recovery across multiple indicators. Unemployment in Warohan, which had peaked at 9.3% during the height of the crisis, declined to 5.8% by December 2016 as the port modernization program began creating new employment opportunities. Stock markets across Eastern Uletha recovered to pre-crisis levels by early 2017, restoring investor confidence and stabilizing pension funds that had suffered significant losses.

Credit conditions normalized throughout the financial system, although lending standards remained notably tighter than before the crisis as banks adopted more conservative risk management practices. The forced modernization of port operations, driven by infrastructure investments and the adoption of containerization technologies, ultimately led to significant efficiency gains that positioned Warohan more competitively in regional maritime trade.

Political Consequences

February 6, 2016: Prime Minister Shinzhi Hansai announced he would not seek election in his own right, having completed his technocratic mandate. Elections were scheduled for April 2017.

April 22, 2017: Koben Lee Rekitoshi returned to power in his second term, now representing the MJD (Minjudān - Democratic Party), having transitioned from SKD. His campaign emphasized lessons learned from the crisis and commitment to transparent governance.

The banking crisis significantly damaged public trust in the SKD (Progressive Party) and strengthened support for the centrist MJD, which would dominate Izaland politics through 2024.

Regulatory Legacy

The crisis led to permanent and far-reaching changes in Izaland's financial architecture that fundamentally transformed how the banking sector operated. The Financial Services Supervision Agency emerged as one of the most rigorous banking regulators in the region, implementing comprehensive oversight mechanisms that included mandatory stress testing for all systemically important financial institutions.

Enhanced corporate governance requirements were imposed on publicly traded companies, requiring greater transparency in financial reporting and stricter internal controls. Whistleblower protection laws were substantially strengthened to encourage early detection of fraud and misconduct, while criminal penalties for financial fraud were increased to create genuine deterrence against accounting manipulation and regulatory violations. These reforms collectively established a more robust regulatory framework designed to prevent future systemic crises.

Equatorial Izaland Impact

The crisis accelerated economic diversification efforts in Equatorial Izaland, forcing the overseas territory to reduce its historical dependence on traditional commodity exports channeled through the South Sea Trading Company. The ecotourism sector experienced significant growth as national parks established in the 1990s and 2000s gained international prominence, attracting visitors interested in the territory's rich biodiversity and unique cultural heritage.

Offshore oil extraction, which had been discovered in the 1970s, became an increasingly important revenue source as investments in extraction technology expanded production capacity. Mainland Izaland increased infrastructure investments in the territory, improving transportation networks and public services, though economic disparities between Izaki settlers and indigenous communities remained a persistent concern that continued to generate political tensions and calls for greater local autonomy.

Historical Assessment

Historians and economists generally credit the Hansai technocratic government with effective crisis management that prevented what could have evolved into a deeper and more prolonged economic depression. The politically difficult decision to accept EUOIA constraints on bailout spending, while generating domestic criticism at the time, ultimately helped maintain Izaland's international credibility and avoided potential trade retaliation from regional partners who might have viewed unlimited government support as unfair market intervention.

However, the crisis simultaneously exposed deep structural problems that had accumulated within Izaland's economic system over decades. The collapse revealed dangerous over-reliance on legacy industries that had failed to adapt to modern competitive pressures and technological changes in global trade. Inadequate financial regulation, compounded by political corruption that allowed fraudulent practices to continue undetected for years, demonstrated serious governance failures at multiple levels of government.

The economic vulnerabilities of overseas territories like Equatorial Izaland, heavily dependent on a single trade conduit and lacking economic diversification, highlighted the fragility of Izaland's post-colonial arrangements. Perhaps most significantly, the crisis illustrated the risks inherent in allowing excessive concentration of economic power in a few large conglomerates with deep political connections that created both "too big to fail" dynamics and opportunities for regulatory capture.

The Warohan Banking Crisis remains a cautionary tale in Izaland's modern economic history, regularly cited in parliamentary debates over financial regulation, corporate governance standards, and the proper relationship between government and business interests. The reforms implemented in its aftermath, while strengthening the financial system, continue to generate debate about the appropriate balance between market freedom and regulatory oversight in a modern social-market economy.

List of the Ministers of the Second Republic (1950~)

Prime Ministers of the Second Izaland Republic (1950–2025)
Photo	No.	Name	Native Name	Party/Affiliation	Took Office	Left Office	Duration	President	Notes
Template:Photoreq	1	Abehiki Kotamori		National Conservative Party	15 March 1950	8 November 1951	1 year, 8 months	—	First government post-monarchy
Template:Photoreq	2	Kēnnisslān Nijinata		Liberal Party (right-wing)	8 November 1951	3 April 1953	1 year, 5 months	—	Corruption scandal, resignation
Template:Photoreq	3	Yūmān Tsānzori		National Party	3 April 1953	12 June 1954	1 year, 2 months	—	Great Nawatsawa Earthquake management
Template:Photoreq	4	Yūmān Tsānzori (2nd)		National Party	12 June 1954	29 January 1958	3 years, 7 months	—	Post-earthquake reconstruction
	5	Kentsa Saikkes		Liberal-Conservative	29 January 1958	14 September 1959	1 year, 8 months	—	Economic crisis, vote of no confidence
	6	Hanshi Tsurusamo	歓史守山	Liberal-Conservative	14 September 1959	7 May 1964	4 years, 8 months	—	Economic stabilization
Template:Photoreq	7	Kayari Natsuwaba		Social Democratic	7 May 1964	18 November 1966	2 years, 6 months	—	First center-left government
Template:Photoreq	8	Hanshi Tsurusamo (2nd)	歓史守山	Liberal-Conservative	18 November 1966	22 August 1967	9 months	—	1st Blonnish Invasion, resignation
Template:Photoreq	9	Yorji Īminata		EKR (Ekeli Kyauminshuryenkā)	22 August 1967	6 February 1968	6 months	—	National emergency government
Template:Photoreq	10	Peki Yarvinen		Technocratic/Military	6 February 1968	14 March 1970	2 years, 1 month	—	Martial law period (1968–1969)
Template:Photoreq	11	Shinzou Eriraibu		Technocratic/Independent	14 March 1970	3 March 1971	1 year	—	2nd Blonnish Invasion, transition
	12	Jinhānli Satsosamo		KSD (Communist)	3 March 1971	29 August 1972	1 year, 6 months	—	Radical post-war government
Template:Photoreq	13	Ēva Hauriyabi		KSD (Communist)	29 August 1972	14 April 1976	3 years, 8 months	—	First woman PM, social reforms
Template:Photoreq	14	Zakin Herukamara		United Socialist Party	14 April 1976	19 October 1978	2 years, 6 months	Sanamao Hejitas	Expanded welfare policies
Template:Photoreq	15	Kōnnis Fuku Chikagoe		Social Democratic	19 October 1978	6 December 1979	1 year, 2 months	Sanamao Hejitas	Internal oil crisis, no confidence
Template:Photoreq	16	Yakki Hekusawi		Moderate center-right	6 December 1979	22 June 1980	6 months	Chenzhi Dairamuno	Financial scandal
	17	Oryei Tokarai		Independent	22 June 1980	11 October 1983	3 years, 4 months	Chenzhi Dairamuno	Compromise figure
Template:Photoreq	18	Oryei Tokarai (2nd)		Independent	11 October 1983	8 July 1986	2 years, 9 months	Jorji Yomassuto	Democratic normalization
Template:Photoreq	19	Yōnis Hanunmitoko		EKR (Ekeli Kyauminshuryenkā)	8 July 1986	2 February 1987	7 months	Jorji Yomassuto	Fragile coalition, collapse
Template:Photoreq	20	Kinali Seoramahti		SHD (precursor)	2 February 1987	19 September 1991	4 years, 7 months	Jorji Yomassuto	Liberal economic reforms
Template:Photoreq	21	Pintos Sanoami		SKM / Green	19 September 1991	5 March 1994	2 years, 6 months	Nanau Shobera	Red-green coalition
	22	Elena Uipatoro	英礼奈上石	MIZ (Green)	5 March 1994	14 November 1996	2 years, 8 months	Nanau Shobera	First green government
Template:Photoreq	23	Peiisslān Tokarunka		SKD (Progressive)	14 November 1996	28 November 1997	1 year	Nanau Shobera	Unstable coalition
Template:Photoreq	24	Rinkān Irobahki		Center-left reformist	28 November 1997	14 May 2001	3 years, 6 months	Nanau Shobera (2nd)	Administrative reforms
Template:Photoreq	25	Taski Rihagata		SHD (Center-right)	14 May 2001	8 January 2002	8 months	Nanau Shobera (2nd)	Public procurement scandal
Template:Photoreq	26	Eneas Kihatta		SHD (Center-right)	8 January 2002	30 July 2006	4 years, 6 months	Jichaki Eules	Economic stability
	27	Elena Uipatoro (2nd)	英礼奈上石	SKD (Progressive)	30 July 2006	3 December 2008	2 years, 4 months	Mazaki Kunendari	Resignation post-IZ304 crash
Template:Photoreq	28	Henrikki Sunaidār		Technocratic/Independent	3 December 2008	16 March 2010	1 year, 3 months	Mazaki Kunendari	Technocratic government, IZ304 crisis
	29	Koben Lee Rekitoshi		SKD (Progressive)	16 March 2010	9 November 2014	4 years, 8 months	Mazaki Kunendari	Healthcare reforms
Template:Photoreq	30	Shinzhi Hansai		Independent (technocratic)	9 November 2014	6 February 2016	1 year, 3 months	Mariya Yamaki	Warohan banking crisis
Template:Photoreq	31	Sedan Fusa		SKD (Progressive)	6 February 2016	22 April 2017	1 year, 2 months	Mariya Yamaki	First Aynu PM, weak coalition
	32	Koben Lee Rekitoshi (2nd)		MJD (Democratic)	22 April 2017	3 September 2019	2 years, 4 months	Mariya Yamaki	Transition SKD→MJD
Template:Photoreq	33	Tara Tariki		MJD (Democratic)	3 September 2019	18 June 2021	1 year, 9 months	Irokki Shinsayamo	Regional pandemic (?), snap election
Template:Photoreq	34	Tara Tariki (2nd)		MJD (Democratic)	18 June 2021	11 January 2024	2 years, 7 months	Irokki Shinsayamo	MJD consolidation
	35	Riika Tanjinen	梨伊歌丹耳念	MJD (Democratic)	11 January 2024	Incumbent	2+ years	Irokki Shinsayamo	Current government, pressure from right