Investors holding more than three-quarters of Greece’s private debt have agreed to participate in the country’s €206bn debt restructuring, allowing Athens to proceed with the world’s largest ever sovereign default.

The Greek government was expected to announce the results of its two-week campaign to win over private investors this morning. But according to Greek officials and bankers briefed on the results, as of Thursday evening investors controlling almost 80 per cent of the country’s privately held debt had agreed to accept new bonds worth less than half their original holdings.

“It will be good news tonight,” one Greek cabinet minister told the FT. “Take-up will be around 80 per cent.” Another person involved in the deal said the acceptance rate could reach 85 per cent.