• With the exception of US bank balance sheets, the financial system is all that much more robust than it was at the outset of the financial crisis, in our view.
• Problems center mostly on the quality and quantity of outstanding corporate debt.
• Stress signs are already emerging, and we know from a decade ago that once things get sufficiently bad, they can feed upon themselves.
• It’s a little early for panic, though, but keep in mind there are parts of the rest of the world where things look worse and contagion is another risk.

Source: Stress In The Financial System | Seeking Alpha