Financial crises often begin with structural deficit problems exacerbated by economic downturns, which can lead countries to default on loans and investments amid panic. This occurred in the 1994 Mexican Peso Crisis and 1997-1998 Asian Financial Crisis, spreading from Thailand to other East Asian nations. The 1998 Russian Crisis and 1999-2002 Argentine Crisis also resulted from debt and currency issues. The 2008 Global Financial Crisis originated from the bursting of the US housing bubble and near collapse of its financial system tied to mortgage securities and credit default swaps.