in maine, adam hirsch, visiting economist at the economic policy institute.warm welcome to you all. let's start in beijing. how do you think this is going to play out? is ever grand destined to default? >> first of all, ever grand problem right now is one of the biggest financial problems in china for many years. the company, which is one of the largest property developers and also diversified into many other sectors, has accumulated huge amounts of indebtedness. allow me to emphasize that the debt incurred by ever grand is mostly debt in itself. it's not reproduced into derivatives. as what was the case in the lehman brothers financial crisis. in that sense, the ever grand debt situation is very different in many important ways compared with the international financial crisis breaking out into thousand eight. i hope china will be able to put a good handle on to this major situation. either through bankruptcy or through major restructuring. it's not going to be just one single restructuring because ever grand has operations almost every where in china. you ar