The Greek finance ministry said the holders of approximately 172 billion euros of Greek debt had tendered their bonds for exchange, some 83.5 percent of the 206 billion euro target for which Athens had been hoping.
It added that upon confirmation by the Bank of Greece, the state "intends to accept the consents received and amend the terms of all of its Greek law governed bonds, including those not tendered for exchange."
Activating the so-called collective action clauses recently passed into Greek law will boost participation to 95.7 percent, the ministry said.
Enacting the clauses could also trigger anti-default insurance contracts, known as credit default swaps, whose net value was estimated at 3.2 billion euros in February.
Finance Minister Evangelos Venizelos on Friday thanked investors for signing up to a "historic" initiative.
"On behalf of the Republic, 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 endeavour," Venizelos said in a statement.
He said that the deadline for holders of debt issued under foreign law to join the inititiative had been extended to March 23, as their participation result was only 69 percent.
The participation for holders of bonds under Greek law -- which make up a vast majority of total debt -- was 85.8 percent.
"Our invitations to offer to exchange, and submit consents with respect to foreign law governed and guaranteed bonds will remain open until 23 March 2012, after which there will be no further opportunity for creditors holding those instruments to benefit from the package of EFSF notes, co-financing and GDP linked securities which form an important and integral part of our invitations," the minister said.
The writedown is the biggest attempted so far, overshadowing Argentina's $82-billion default in 2002, the equivalent of 73 billion euros at the time.
It is designed to erase more than 100 billion euros ($132 billion) from Greece's near and midterm debt and replace it with new maturities.
The exercise is meant to make repayment of the debt, currently at over 350 billion euros, more sustainable in the immediate future, thereby giving the struggling Greek economy much needed breathing room.
A successful conclusion to the process will also unlock a 130-billion-euro eurozone bailout and enable Greece to meet a debt repayment deadline on March 20.
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