Evergrand Is Not the Next Leman Brothers

Evergrand is a giant chinese real estate developer. They borrow lots and lots of money, and it winds up in all kinds of places across the global economy. On th Thursday, there was a big coupon payment due. Evergrand had to pay 83 and a half million dollars to its american, well, to its international bond holders on a us Dollar bondand it has a lot of dollar borrowings. And it didn't. So it is clearly having difficulty paying its debts because it didn't make that payment. Technically, that doesn't actually put it in default, because it has the 30 day grace period. But by the time we're recording this on friday, my