According to Hyman Minsky, when a project's cash flow from operations is not sufficient to meet interest or dividend payments, much less cut into the outstanding debt, the project is catergorized as:

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Minsky categorizes such a project as Ponzi financing, where the cash flow from operations is not enough to cover the interest or dividend payments, and the entity relies on the appreciation of asset values or borrowing more to meet its obligations.

According to Hyman Minsky, When a Project's Cash Flow from Operations