Around 95 percent of private investors have accepted Greece's debt swap deal, worth some EUR 200 billion, qualifying the country for the latest IMF and EU bailout and giving the beleaguered Greeks some much needed breathing space. Greece wanted bondholders, such as banks and pension funds, to agree to take a 53.5 percent cut in the EUR 206 billion euros of Greek bonds they hold.

The debt swap deal will result in up to around 75 percent losses for some investors, but the Greek government has said it is a price worth paying to save the euro and give the country's economy a fighting chance to get back on track.

“The Republic has received tenders for exchange and consents to the proposed amendments will total approximately EUR 197 billion, or 95.7 percent of the total face amount of the bonds subject to the invitations,” reads a statement from Greek Finance Ministry.

The way is now clear for Greece to receive the EUR 130 billion IMF, EU, ECB bailout, vital to keep the country solvent. Finance Minister Evangelos Venizelos (in picture)  thanked Greece's creditors, “who have supported our ambitious program of reform and adjustment and who have shared the sacrifices of the Greek people in this historic endeavor,” and pledged to continue implementing reforms that will “return Greece to a path of sustainable growth.”

Liam Lever, liam@romania-insider.com