Greece has announced that it has received sufficient support for its bond swap with 85.8 percent of debt holders subject to Greek law agreeing to the deal.

Subsequent to the offer presented by the government for swapping the holdings, the bond holders tendered 152 billion euros of Greek-law bonds.

The agreement needed for pushing the deal through was 75 percent. Though this was the minimum level required, Greece stated that it expected a participation of over 90 percent.

I wish to express my appreciation to all of our 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, Finance Minister Evangelos Venizelos said in the statement.

Greece will continue implementing the measures needed to achieve the fiscal adjustments and structural reforms to which it has committed, and that will return Greece to a path of sustainable growth, he added.

This write down of Greek debt is essential for the country to overcome the financial crisis and also prevent it from facing an outright payment default. Already a bailout package of 30 billion euro ($171 billion) has been approved for Greece by the eurozone.

The Greek Ministry of Finance also stated that 69 percent of its international debt holders have agreed to the deal. This came to 20 billion euros of foreign law bonds. The deadline for these foreign bondholders to sign up has been extended to March 23.