[monkeyshine]

Well, paying off old expensive debt with new cheap debt will improve cash flow to the bottom line. I don’t think it’s a ponzi scheme really just ‘refinancing’ with the risk accruing to the lenders.

[cgbg]

‘refinancing’ with the risk accruing to the lenders.

Since central bankers around the world are determined to bail out the lenders forever, there is no risk.

If there were actual risks to the lenders, re-financing would not be possible and the cruise lines would go bankrupt.