Greece has completed a huge exchange of government debt held by private creditors worth nearly €199 billion or 97% of the face value involved.
After the final settlement, ''the Republic will have restructured €199 billion of the total face amount of bonds eligible to participate," the finance ministry said.
This was the third and final phase of the exchange.
The swap initiated in February cuts some €106.5 billion of Greece's short and mid term debt of over €350 billion.
Investors lost most of their investment in Greek government bonds as a result of the swap.
"We are extremely pleased with the results achieved in our bond exchange," Greek Finance Minister Philippos Sachinidis said. "Greece still confronts major challenges to restore stability and growth to our economy that will require sustained efforts and the continued support of our creditors," he said.
Greek debt worth over €522m was exchanged today in bonds and state utility loans guaranteed by Greece issued under foreign law. Bondholders controlling another €1.275 billion in debt declined to participate in the day's swap.
The first phase of the exchange, involving bonds issued under Greek law, was completed on March 12. Greek banks took heavy losses in the process and the details measures to recapitalise them will be announced soon by the government.
The bond swap was designed to help Greece meet a wave of debt repayment deadlines this year and was a key part of a second EU and International Monetary Fund rescue to enable the country to rebuild its economy.
Debt holders were given new bonds with a face value equivalent to 31.5% of the amount of the debt exchanged, plus 24-month notes from the European Financial Stability Facility, the euro zone's temporary rescue fund.
Holders also receive detachable securities linked to Greek economic output with a notional amount equal to the face amount of the new bonds.
Athens had sought participation from private investors holding at least 75% of bonds selected or the debt swap would have been called off.
To maximise acceptance, it enacted ''collective action'' clauses that made the exchange binding for bonds governed by Greek law if at least two thirds by face amount of bondholders approved the swap.
