MASSIVE debts in some countries and extremely low interest rates make the task of avoiding another global financial crisis ''enormous'', a global banking organisation has warned.

The international organisation of central banks says the scene is set for a new financial crisis unless Greece and other countries lift interest rates and more rapidly slash debt.

There are fears Greece's financial crisis could help spark another global financial crisis. Credit:Getty Images

In a report released overnight in Basel, the Swiss-based Bank for International Settlements says three years of near-zero interest rates in the major advanced economies have increased the risk of "a reprise of the distortions they were originally designed to combat".

"Pessimism has become tiresome, so optimism is gaining a foothold," the report says before asking whether the reasons for global pessimism about the financial system have really been superseded by events.