Private investors with 58 percent of the Greek bonds so far approved to participate in the biggest sovereign restructuring in histroy, driving the debt-stricken nation closer to avoiding a chaotic default.
At least 120 billion euros ($157 billion) of Greece's privately held bond are ready to be written down, as Greece's largest banks, a bunch of the nation's pension funds, and at least 30 European banks gave the final yes to accept the offer.
All in all, the purpose of the swap is to write down the 206 billion euros of Greece's privately held debt by 53.5 percent in order to tackle the three-year-old debt crisis.
The government claimed it will force holders of Greek-law bonds into the exchange should PSI turns fruitless or it failed to credibley convince private investors to exchange the bond's terms.
After the report and as of 11:43 a.m. GMT, the euro rose 0.34 percent against the dollar, as the EUR/USD traded at $1.3156 after scoring a high of $1.3161. The pair started to trade today at $1.3110 and printed a low at $1.3094.