Greece Faces Bond-Swap Holdouts

ATHENS—The overall participation rate in an unprecedented Greek debt-restructuring deal has exceeded Greece's expectations, a senior finance ministry official said Monday, despite some holders of Greek foreign-law bonds still refusing to take part in the offer.

The official said 97% of the bonds involved in Greece's debt restructuring agreement, which cleared the way for its €130 billion ($173 billion) bailout, have been tendered in the swap, exceeding the 95% target the country was aiming for under the plan.

"We want to achieve a maximum participation from the remaining €6.4 billion still outstanding," the official said.

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