China is bracing itself for the possibility property group Evergrande could default on its huge $300 billion debt pile. Many of Evergrande's creditors are ordinary Chinese who may lose much of their life savings.

Argentina has defused fears of a messy default after it gained backing from creditors, allowing it to exchange 99% of the bonds involved in a $65 billion restructuring, a deal that could set a precedent for future sovereign crises.

The Argentine government has struck a substantial debt deal with some major creditors, saving it billions. What exactly is the deal about and could it save the ailing economy?