Greece is inching towards its second bailout, after managing to win a crucial debt swap.
Holders of more than 85% of its debts have agreed to a bond swap which could effectively halve Greece's €200 billion debt burden.
The BBC reports it clears the way for international lenders to release €130 billion of new bailout money.
But some experts argue that austerity measures will not stimulate growth and say Greece is not out of the woods yet.
Rabobank analyst Jane Foley says there are fears that Greece may eventually need a third bailout.
The credit-ratings agency Moody's declared Greece in default of its debt on Friday, saying the terms of the debt swap met its definition of a default.
The company says it will assess the affect of the latest bailout before it assigns Greece a new rating.
