Sensible debt relief measures could include: (a)  extending maturities;  (b)  smoothing interest payments over time;  (c)  restoring the transfers of ANFA and SMP profits;  (d)  swapping IMF for ESM loans. In the view of the Bank of Greece, debt relief measures should be accompanied by a lower medium-term fiscal target.
The sizeable decline in short-term risk-free rates has caused interest rates on variable loans to decline to historic lows (Graph 6). In Australia, the bulk of loans are in this form. Around 70 per cent of housing loans are variable rate. For business loans the share is even higher at 85 per cent.