Official: Participation in Greek swap tops 75 pct

NICHOLAS PAPHITIS Associated Press Published:

ATHENS, Greece (AP) -- A Greek government official says participation in the country's critical debt swap deal was already above 75 percent as of Wednesday night.

The official said Thursday evening that the process was going well, and did not have an updated figure. He spoke on condition of anonymity because the deadline for private creditors to sign up to the deal was still hours away.

Investors have until 10 p.m. local time (2000 GMT) to sign up. The deal aims to cut €107 billion ($140 billion) off Greece's national debt and is a critical part of the country's second international bailout. If the deal fails, Greece faces default in two weeks.