Greece appears to have edged closer to striking a key bond swap deal aimed at cutting debts worth 107 billion euros.

Greek news agency, AMNA, says participation in the bond swap deal was already above 75 percent two hours before a deadline for private creditors to sign on to the deal.

Foreign media quoted Greek government officials on the condition of anonymity who also said participation in the deal had topped 75 percent.

The bond swap agreement is part of a second bailout program for Greece that aims to lower the Greek government’s debt-to-gross domestic product ratio from 169 percent as posted last year to 120-and-a-half percent by 2020.