diff --git a/pcsx2/DebugTools/Debug.h b/pcsx2/DebugTools/Debug.h
index e5b1950287..9e9e4b0fdb 100644
--- a/pcsx2/DebugTools/Debug.h
+++ b/pcsx2/DebugTools/Debug.h
@@ -28,7 +28,7 @@ extern char* disVU1MicroLF(u32 code, u32 pc);
 
 namespace R5900
 {
-	void disR5900Fasm( std::string& output, u32 code, u32 pc, bool simplify);
+	void disR5900Fasm( std::string& output, u32 code, u32 pc, bool simplify = false);
 
 	extern const char * const GPR_REG[32];
 	extern const char * const COP0_REG[32];
diff --git a/pcsx2/Interpreter.cpp b/pcsx2/Interpreter.cpp
index 59a90181c1..a4448e8d4c 100644
--- a/pcsx2/Interpreter.cpp
+++ b/pcsx2/Interpreter.cpp
@@ -45,7 +45,6 @@ static void debugI()
 	if( cpuRegs.GPR.n.r0.UD[0] || cpuRegs.GPR.n.r0.UD[1] ) Console.Error("R0 is not zero!!!!");
 }
 
-//long int runs=0;
 
 void intBreakpoint(bool memcheck)
 {
@@ -127,39 +126,63 @@ void intCheckMemcheck()
 
 static void execI()
 {
+	// execI is called for every instruction so it must remains as light as possible.
+	// If you enable the next define, Interpreter will be much slower (around
+	// ~4fps on 3.9GHz Haswell vs ~8fps (even 10fps on dev build))
+	// Extra note: due to some cycle count issue PCSX2's internal debugger is
+	// not yet usable with the interpreter
+//#define EXTRA_DEBUG
+#ifdef EXTRA_DEBUG
 	// check if any breakpoints or memchecks are triggered by this instruction
 	if (isBreakpointNeeded(cpuRegs.pc))
 		intBreakpoint(false);
 
 	intCheckMemcheck();
+#endif
+
+	u32 pc = cpuRegs.pc;
+	// We need to increase the pc before executing the memRead32. An exception could appears
+	// and it expects the PC counter to be pre-incremented
+	cpuRegs.pc += 4;
 
 	// interprete instruction
-	cpuRegs.code = memRead32( cpuRegs.pc );
+	cpuRegs.code = memRead32( pc );
+	// Honestly I think this code is useless nowadays.
+#ifdef EXTRA_DEBUG
 	if( IsDebugBuild )
 		debugI();
+#endif
 
 	const OPCODE& opcode = GetCurrentInstruction();
+#if 0
+	static long int runs = 0;
 	//use this to find out what opcodes your game uses. very slow! (rama)
-	//runs++;
-	//if (runs > 1599999999){ //leave some time to startup the testgame
-	//	if (opcode.Name[0] == 'L') { //find all opcodes beginning with "L"
-	//		Console.WriteLn ("Load %s", opcode.Name);
-	//	}
-	//}
+	runs++;
+	if (runs > 1599999999){ //leave some time to startup the testgame
+		if (opcode.Name[0] == 'L') { //find all opcodes beginning with "L"
+			Console.WriteLn ("Load %s", opcode.Name);
+		}
+	}
+#endif
 
-	// Another method of instruction dumping:
-	/*if( cpuRegs.cycle > 0x4f24d714 )
-	{
-		//CPU_LOG( "%s", disR5900Current.getCString());
+#if 0
+	static long int print_me = 0;
+	// Based on cycle
+	// if( cpuRegs.cycle > 0x4f24d714 )
+	// Or dump from a particular PC (useful to debug handler/syscall)
+	if (cpuRegs.pc == 0x80000000) {
+		print_me = 2000;
+	}
+	if (print_me) {
+		print_me--;
 		disOut.clear();
-		opcode.disasm( disOut );
-		disOut += '\n';
+		disR5900Fasm(disOut, cpuRegs.code, pc);
 		CPU_LOG( disOut.c_str() );
-	}*/
+	}
+#endif
 
 
 	cpuBlockCycles += opcode.cycles;
-	cpuRegs.pc += 4;
 
 	opcode.interpret();
 }
@@ -479,23 +502,48 @@ static void intEventTest()
 
 static void intExecute()
 {
-	try {
-		if (g_SkipBiosHack) {
-			do
-				execI();
-			while (cpuRegs.pc != EELOAD_START);
-			eeloadReplaceOSDSYS();
+	bool instruction_was_cancelled;
+	enum ExecuteState {
+		RESET,
+		REPLACE_OSDSYS_DONE,
+		GAME_STARTING_DONE
+	};
+	ExecuteState state = RESET;
+	do {
+		instruction_was_cancelled = false;
+		try {
+			// The execution was splited in three parts so it is easier to
+			// resume it after a cancelled instruction.
+			switch (state) {
+				case RESET:
+					if (g_SkipBiosHack) {
+						do
+							execI();
+						while (cpuRegs.pc != EELOAD_START);
+						eeloadReplaceOSDSYS();
+					}
+					state = REPLACE_OSDSYS_DONE;
+
+				case REPLACE_OSDSYS_DONE:
+					if (ElfEntry != 0xFFFFFFFF) {
+						do
+							execI();
+						while (cpuRegs.pc != ElfEntry);
+						eeGameStarting();
+					}
+					state = GAME_STARTING_DONE;
+
+				case GAME_STARTING_DONE:
+					while (true)
+						execI();
+			}
 		}
-		if (ElfEntry != 0xFFFFFFFF) {
-			do
-				execI();
-			while (cpuRegs.pc != ElfEntry);
-			eeGameStarting();
-		} else {
-			while (true)
-				execI();
-		}
-	} catch( Exception::ExitCpuExecute& ) { }
+		catch( Exception::ExitCpuExecute& ) { }
+		catch( Exception::CancelInstruction& ) { instruction_was_cancelled = true; }
+
+		// For example a tlb miss will throw an exception. Cpu must be resumed
+		// to execute the handler
+	} while (instruction_was_cancelled);
 }
 
 static void intCheckExecutionState()
diff --git a/pcsx2/R5900.h b/pcsx2/R5900.h
index 4504a6fed7..cd027895a2 100644
--- a/pcsx2/R5900.h
+++ b/pcsx2/R5900.h
@@ -37,6 +37,12 @@ namespace Exception
 	public:
 		explicit ExitCpuExecute() { }
 	};
+
+	class CancelInstruction
+	{
+	public:
+		explicit CancelInstruction() { }
+	};
 }
 
 // --------------------------------------------------------------------------------------
diff --git a/pcsx2/vtlb.cpp b/pcsx2/vtlb.cpp
index a26ba37bac..da746654b9 100644
--- a/pcsx2/vtlb.cpp
+++ b/pcsx2/vtlb.cpp
@@ -376,6 +376,9 @@ static __ri void vtlb_Miss(u32 addr,u32 mode)
 			cpuTlbMissW(addr, cpuRegs.branch);
 		else
 			cpuTlbMissR(addr, cpuRegs.branch);
+
+		// Exception handled. Current instruction need to be stopped
+		throw Exception::CancelInstruction();
 	}
 
 	// The exception terminate the program on linux which is very annoying