Greece says the majority ((85.8 percent)) of the country's private lenders, including financial institutions, have agreed to a bond swap deal to help the country eliminate a $142-billion debt and avoid a default on its financial obligations.
Greece intends to use legislation to force the remaining holdouts to sign on to the agreement.
French President Nicolas Sarkozy on Friday praised the deal, saying it means "the problem is solved" and "a page in the financial crisis is turning." Mr. Sarkozy spoke in the southern French city of Nice.
The chief economist for Alpha Bank in Greece (( Michalis Massourakis)) says the debt relief deal will have a positive impact on the growth of banks and the economy.
Greece has adopted widespread austerity measures, cutting wages and pensions and eliminating thousands of government jobs, to meet the demands of international lenders so it could secure a new $172-billion bailout. It is the country's second rescue package in two years.
With Greece planning to pay back the remaining debt it owes to the financial institutions over an extended period, those that bought the Greek bonds will ultimately lose about three-fourths of their investments.