URGENT! Evergrande in China is 72 Hours From Default! Could Crash the World Economy!
This could crash the world economy. From Yahoo business news,
“The recent troubles of property group China Evergrande Group have rattled investors. Should Evergrande default, there may be contagion effects for other developers, home prices, and the economy,” S&P Global Ratings analysts Terence Chan and Eunice Tan, said in a research note on Tuesday. “Evergrande’s cash flow troubles foreshadow what could go wrong for liquidity-challenged Chinese corporates.”
According to Reuters and Hal Turner
As of this Saturday, those missed payments will reach the thirty day Grace period and officially be in DEFAULT.
There has been rampant speculation of some sort of “deal” to bailout Evergrande, either by private investors or government, but today REUTERS is reporting “EVERGRANDE’S DEAL TO SAVE IT FROM DEFAULT HAS BEEN SUSPENDED.”
If that is the case and the deal to save Evergrande from default has been scrapped, then we can expect the markets and world economy to take s dive as early as next week, 10-25-21!
Also trading on Evergrande stocks was halted this morning by the Honk Kong Stock Exchange which pushed HKEX SUSPENSIONS TO RECORD $61BN!
This comes right after Chinese developer Sinic defaulted on a $250 million dollar bond by not making a payment on the interest nor the principle on a bond that was due on Oct 18th. So what’s next when Evergrande defaults, potentially in 72 hours? Here is more on that story from encouraging angels.org.
According to The Straits Times: ‘A senior official with the International Monetary Fund (IMF) said risks to China’s economy from an Evergrande meltdown are “contained” for now.
“People understand that the government has the tools to contain the risks going forward,” IMF’s China mission chief Helge Berger said on Bloomberg Television.’
What do the people understand? What kind of baloney is the IMF putting out to try to manipulate the indices to keep a stampede out of the markets from starting? Just a few days ago (10/13/21) The Epoch Times reported in ‘‘Broader Financial Stress May Emerge’: IMF Warning About Evergrande Crisis’: …’“While the authorities have the tools to step in if the situation were to escalate, there is a risk that broader financial stress may emerge, with implications for both the Chinese economy and financial sector as well as global capital markets at the extreme,” the IMF said in its Global Financial Stability Report published this month.’…
So in less than a week the International Monetary Fund is engaging in doublespeak. SOURCE
It appears that the experts don’t trust the IMF or the Chinese governments ability to bail out the Chinese economy especially since Evergrande accounts for such a large chunk of it! Lets keep in mind how HUGE China’s corporate debt is in relation to the world economy! Check this out
China’s corporate debt topped US$27 trillion, equivalent to 31 per cent of the global total and its debt-to-gross domestic product ratio is markedly higher than the global rate, implying “substantial financial and economic contagion risk”, according to S&P.
Nearly half of that debt sits in the country’s real estate and construction and engineering sectors, the rating agency said.
Did you read that??? China’s corporate debt is 31 percent of the GLOBAL TOTAL! What goes up must come down and all indicators show that not only is China headed for a huge economic crash but it will take the rest of the world with it! Prayed up and prepped up, this could happen as early as next week!
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