why global stock markets are in the panic mode on chinese financial meltdown fears

At 28billion USD ,China's debt levels have surged 

As a proportion of GDP chinese debt accelerated moderately from the turn of the century. In 2007, it was 121% of GDP. Today it's more than twice that — 282%

After an indifferent 2015, Global markets started off terribly, with china sending shock waves across the world  and setting global stock markets into a panic mode .And many believe that china  could get even worse and lead the world into another financial crisis. George Soros has already "predicted that china will set up a repeat of 2008. And if that was not enough this recent chart from  HSBC warns that   China could be about to go into full-blown "crisis" mode.

China is about to get caught up in a death spiral of falling demand and mountains of debt  which will mean a meltdown and a disaster for the rest of the world. The Caixin Purchasing Managers Index for manufacturing, which measures economic activity, came in at 48.2. Anything below 50 signals contraction and last week's  reading marks the 10th straight month China's industry has shrunk.

These charts from Businessinsider shows  3 reasons why global markets are panicking .China's total debt is now about $28 trillion, larger than that of the United States or Germany,

Greece set to join a small and unenviable club of 3 defaulter nations

With Greece tottering towards a default in payments  and on the brink of financial collapse after years of EU and IMF bailouts totalling somewhere in the region of €240 million. It has failed to repay €1.5 billion to the IMF on time and it has now become the very first European Union country in history to fail to repay such a loan. 

 As it is Greece has failed to repay €1.5 billion to the IMF on time and it has now become the very first European Union country in history to fail to repay such a loan. However Greecel now  does have company as  it joins rather unenviable ,unglamorous club containing Zimbabwe, Somalia and Sudan. 

By the end of this year, it needs to repay SDR 4.4 billion ($6.2 billion) and SDR 18.5 billion ($26 billion) over the course of the next 10 years.

infographic on greece debt : who lent the country and how much:

As the greece tragedy unfolds. This infographic  goes behind the scenes to shows  how much greece owned and to whom it owes the money to. The country is 323 billion euros in debt ($352.7 billion) to the International Monetary Fund (IMF), European Central Bank (ECB), and other creditors – more than 175% of its GDP – for an aid package it received during the 2008-2009 global financial crisis. Greece was supposed to have made a $1.8 billion payment by midnight (5 p.m. ET) June 30. Next month, it owes another $3.9 billion.

If debt to GDP ratio measures a country's output and is a symbol of the creditworthiness,Greece has a 174.9% debt-to-GDP ratio. Its Eurozone brethren Italy, Portugal, and Ireland come in high as well, at 132.1%, 129%, and 123.3% respectively.But then Greece refused to pits creditors nor wishes to undertake any austerity measures as it has been elected on a populist platform of doing away with the harsh measured which the earlier government tried to do "