Greece pushed through the biggest sovereign restructuring in history after cajoling private investors to forgive more than 100 billion euros ($132 billion) of debt, opening the way for a second rescue package.

The euro fell and stocks erased initial gains after the government in Athens today said that it will trigger an option forcing some investors to take part in the exchange, allowing it to clear a 90 percent target rate for participation. Germany and fellow euro-area governments declared the debt swap a success.

Attention now shifts to euro-region finance ministers, who brought forward a planned conference call to 12:30 p.m. Brussels time. They must decide whether the swap warrants proceeding with a 130 billion-euro second bailout package designed to prevent a collapse of the Greek economy. Officials from the International Swaps and Derivatives Association are to meet 90 minutes later to consider a "potential credit event" relating to Greece.

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