Debt restructuring with a reduction in present value of the debt service. In the context of the Paris Club, concessional restructuring terms have been granted to low-income countries since October 1988 with a reduction in the present value of eligible debt of up to one-third (Toronto terms); since December 1991, with a present value reduction of up to one-half(London terms or “enhanced concessions” or “enhanced Toronto” terms); and, since January 1995, with a present value reduction of up to two thirds (Naples terms). In the context of the HIPC Initiative, creditors agreed in November 1996 to increase the present value reduction to up to 80 percent(Lyon terms) and then in June 1999 to 90 percent (Cologne terms). Such restructuring can be in the form of flow restructuring or stock-of-debt operations. While the terms (grace period and maturity) are standard, creditors can choose from a menu of options to implement the debt relief.