The Icelandic government intent somehow to route the saved money from the negotiated debt haircut for creditors belonging to the receivership estates of Kaupthing and Glitnir, into a national household debt relief fund, enabling a 20% debt relief for all household mortgages. Experts from IMF however believe, that any potentially saved money from a negotiated deal, would be eaten up by the additional costs the government will need to pay in the short term, for implementing the abolishment of capital controls. In July 2013, Standard & Poors recommended Iceland to drop the debt relief initiative, as they also believe it would only result in increased debt for the government making it even more difficult to lend at credit markets, and the debt relief initiative was forecasted also to ignite high inflation pressures along with risk for arrival of a new economic recession equal to a GDP detraction of 10%.