This is why I love Zero Hedge. Not only are they frequently first with important financial news, their snarikiness and withering attacks are a joy to read in a world where the mainstream financial media is too often asleep.
Remember, back in the day, when a bankruptcy was simply called a bankruptcy? Naturally, this was well before ISDA came on the scene and footnoted the living feces out of everything by claiming that a bankruptcy is never a bankruptcy, as long as the creditors agree to 99.999% losses at gunpoint, with electrodes strapped to their testicles, submerged in a tank full of rabid piranhas, it they just sign a piece of paper (preferably in their own blood) saying the vaseline-free gang abuse was consensual. Well, now we learn that as the global insolvency wave finally moves to China, a bankruptcy is now called something even less scary: “deferred loan payments”
That hissing sound you hear is the air going out of the Chinese bubble economy.