In a teleconference today following the Greek debt swap the euro-area finance ministers welcomed the developments and said Greece has done its part and that the euro nations will start the arrangements to disburse the funds of the new bailout for the nation.

Junker said that the eurogroup is encouraged by the private sector participation in the bond swap and the rate is expected to increase, as on the extension of the offer period for bonds under foreign law and eligible for the exchange until March 23 according to the statement.

Jean-Claude Juncker who heads the group of finance ministers also said in a statement that the group was informed that Greece would activate the collective action clauses applicable to Greek-law bonds.