Is There a Contagion?

Some people are saying this is the leman moment that could bring about the next global financial crisis. How big of a deal is this really, particularly with respect to contagion? We don't know if everground is going to pay the next outstanding coupon a they missed one. There's a grase period of 30 days. I think sunday they have another one. So so offilis there is something wrong there, but we don't know exactly what.