Work ruined my brain today. Someone read this and tell me if its gonna be a thing or not.
I think no one really knows how many banks have loans out on this or have given loans to other banks who are invested in this so it could be trouble for a few investment banks or a shit load of banks globally. Meaning it could suck for a few people or it could suck for everyone.
Evergrande officially defaulted
Quote:
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China Evergrande Group, the second largest real estate developer in China, defaulted on interest payments on two bonds back in September, with the 30-day grace period still ending in October. However, shortly before the end of the grace period, the public was misled by rumors about alleged interest payments. The international media also took the rumors for granted. Only the DMSA - Deutsche Marktscreening Agentur (German Market Screening Agency) already recognized the default at that time and proved in a study that the bankruptcy of Evergrande, the world’s most indebted corporation, could ultimately lead to a “Great Reset”, i.e. the final meltdown of the global financial system.
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