In the largest restructuring of debt in history, Greece has claimed a major victory after it emerged that the participation of private investors in the bond swap deal has reached 85.8 percent.

According to Finance Minister Evangelos Venizelos, involvement is now expected to climb to 95.7 percent following the collective action clauses which were put in place to compel investors to become a part of the restructuring.

Securing such a strong uptake, an estimated €206bn, will help Greece avoid an unmanaged default for the time being, according to analysts.

There was also a sigh of relief among eurozone debt markets with Germany’s DAX and France’s CAC-40 up 0.2 percent.