Last year, the institutions should have seized the capital, but in the end, they couldn't bear to part with their long-time partners. It's better to lose a friend than to lose a fortune. Actually, it's not too late now; there is still a chance to save the debt. Also, it's not that they don't want to cut interest rates, but they can't. If they lower the rates, the national debt will run away even faster. After all, those who hold the debt also don't want to lose too much, right?