The Great Recession and the Asian Financial Crisis still lives fresh in many peoples' minds and a possible global recession looms given geopolitical tensions, lockdowns in China due to a global pandemic, coupled with China's Evergrande Group possibly defaulting on its debt. This month, Evergrande's onshore unit won bondholder approval to extend payments originally due May 6th by six months on two yuan notes, according to filings to the Shanghai Stock Exchange. The conglomerate will unveil a debt restructuring proposal for its creditors by the end of July, but the reputational damage has already been done.