- Business Cycle JE now shows an indication of overall Private Debt Level.
- Only Medium, High or Very High debt within a category can trigger a general insolvency crisis in the right situation.
- Investors and Farmers taking up loans to invest, and Consumers to increase consumption, increases Market Confidence temporarily.
- Investors, Farmers and Consumers paying off loans at the cost of Investment/consumption, reduce Market Confidence temporarily.
- Countries With Banking Tech and Free Banking or a Central Bank at game start, starts with Low debt level in each category.
- Increased bonus Financial Services boost from private debt levels.
- Decreased MAPI from Stock Exchange.
- Increased MAPI from Railway PMs.
- Booms prevent general insolvencies from triggering for their duration.
- Secessions do not trigger the post-civil war rebuilding event.
- AI more likely to want to invest in Foreign Affairs and Central Bank institutions.

- Fixed a bug that could cause multiple Private Debt modifiers to be applied simultaneously. For existing game, the lower debt will clear out within a month.
- Trade Centers can no longer trigger the Booming Business event.
- Added more events to the Business Cycle.

- Fixed some localization errors.
- Charity Hospitals provide a small lower strata SoL bonus.
- Treaty Ports receive substantial buffs compared to other unincorporated states.
- Treaty Ports enforce a small amount of dividends taxes and income tax in the state, regardless of tax law.
- Adjusted Minor Rivers around the world.

- Added the volatility effect of banking laws to be visible in the law.
- Increased the added volatility from Free Banking from 1.75 to 2.00
- Market Volatility has an effect on the chance of getting the primary Private Debt events. Higher volatility = higher chance of both new loans being taken and repayment.
- Investors more likely to take and repay loans, farmers the least likely and consumers in-between.

- Consumers will no longer take up car loans before cars are invented.

- Fixed Private Debt not increasing Volatility.
- Reduced effect of Banking Sector building levels on Volatility.

- Fixed issue with Business Cycle buttons disappearing.

- Adjusted private debt events:
-- Consumers are much more wary of interest rate than farmers and investors.
-- Investors are more likely than others to go into debt when their debt is very low.
-- Consumers are no longer barreling headfirst into crippling debt the moment a bank opens in the general vicinity.
- Treaty Ports receive substantial buffs compared to other unincorporated states.
- Treaty Ports enforce a small amount of dividends taxes and income tax regardless of tax law.
- Adjusted Minor Rivers around the world.