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That, in turn, will cause short-term lending to dry up, leaving mid-sized banks with smaller deposit bases struggling to finance themselves and making it impossible to roll over trust loans that fall due this year.
As with many banks around the world, the Icelandic banks found it increasingly difficult or impossible to roll over their loans in the interbank market, their creditors insisting on payment while no other banks were willing to make fresh loans.
Similar(58)
After years of profligate spending and expansion of the public sector, the credit markets finally pulled the plug on Greece, making it all but impossible for the country to roll over its enormous debt.
The Icelandic currency and stock market faltered in September, as the global credit crisis made it impossible for banks and businesses to roll over heavy foreign-currency debts.
Most firms found it impossible to raise money abroad; even the government had to scrabble to raise the money it needed to roll over public debt and to finance its fiscal deficit.
Again, it's not impossible, but highly unlikely: it would only happen if the government was unable either to meet a debt repayment, or to roll over, or "refinance" the debt with investors, in the capital markets.
"They're not going to roll over".
Are they able to roll over?
"These guys aren't going to roll over for anyone".
Hungary needs $15 billion to roll over its foreign debt.
Most people want to roll over and sleep.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com