Professor William Black:

They are sometimes paying that rate, but frequently of course they are not paying that rate. The saying in the trade is "a rolling loan gathers no loss". To roll a loan is to refinance it. As long as the bubble is expanding, I can simply play this game by refinancing or giving what is due. It is really easy in commercial real estate. Someone who has €60 million in projects already funded is given another €100 million for a new project and told to use the cashflow to keep himself or herself alive.