President Nicolas Sarkozy of France said Friday that the Greek debt crisis had been solved, hours after Greece confirmed broad support of private bondholders in swallowing huge losses through a bond exchange.

The Greek Finance Ministry had said private-sector holders tendered 85.8 percent of the €177 billion ($234 billion) in bonds regulated by Greek law.

The agreement instantly wipes out €105 billion ($139 billion) from Greece's crippling debt burden and clears the way for the country to get a second, multibillion-dollar loan package from the European Union and the International Monetary Fund.

I would like to say how happy I am that a solution to the Greek crisis, which has weighed on the economic and financial situation in Europe and the world for months, has been found, Sarkozy said in the southern French city of Nice, according to Reuters.

Today the problem is solved, he added. A page in the financial crisis is turning.

His comments came as Germany's finance minister, Wolfgang Schaeuble, warned against overreacting to the deal. Greece must use the sovereign debt lifeline wisely, he stressed.

Greece has today got a clear opportunity to recover. But the precondition is that Greece use this opportunity, Schaeuble told a news conference. It would be a big mistake to give the impression that the crisis has been resolved. They have an opportunity to solve it and they must use it.