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Greece will be the focus of Monday's Eurogroup meeting

Greece parliament
Image caption Greece underwent the biggest government debt restructuring in history

Finance ministers from eurozone nations meet on Monday to discuss giving Greece's second bailout final approval.

The Eurogroup, which includes eurozone finance ministers, the president of the European Central Bank and European Commission chiefs, meets in Brussels.

Greece took an important step towards its second bailout on Friday after it managed to win a crucial debt swap.

The Greek deal with banks and other lenders is the largest restructuring of government debt in history.

It clears the way for Greece to receive its second bailout worth 130bn-euro (£110bn; $173bn).

The Eurogroup could give its final approval at Monday's meeting.

European politicians have already hailed the agreement.

"Today the problem is solved," French President Nicolas Sarkozy said on Friday.

Greek Finance Minister Evangelos Venizelos hailed the swap as an "exceptional success".

'Historic chance'

In a statement on Friday, Jean-Claude Juncker, president of the 17-nation eurogroup, said "the necessary conditions are in place to launch the relevant national procedures required for the final approval" of its bailout.

EU economic affairs commissioner Olli Rehn said he was pleased with the deal but expected Greece to maintain its focus on austerity.

"I am very satisfied by the large positive turnout of the voluntary debt exchange in Greece," he said.

IMF head Christine Lagarde said it was "an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sustainability".

The IMF will meet on 15 March to decide what it will contribute to the eurozone bailout.

Mr Venizelos told Greece's parliament on Friday that the debt swap - which cuts Greece's debts by around 105bn euros - meant it was a "good day" for Greece.

"We have achieved an exceptional success... and I believe everyone will soon realise that this is the only way to keep the country on its feet, and give it the second historic chance that it needs," he said.

The Greek government has promised to continue implementing austerity measures demanded by the EU and IMF.

Debt deal

Under the debt swap, banks and other financial institutions have agreed to exchange their existing Greek government debt for new bonds, which are worth much less and pay a lower rate of interest.

The deal involves 172bn euros worth of bonds, according to the Greek government website, with investors taking a total loss of up to 74%.

Some lenders who lost money as a result of the deal will be compensated.

That is after the International Swaps and Derivatives Association classified the deal as a "credit event", triggering insurance payments.

Some investors bought a type of insurance against that happening. Those payouts could be worth in total up to $3.2bn, only a small fraction of the 105bn euros ($138bn, £88bn) wiped-off Greece's debt burden.

The credit ratings agency, Moody's declared Greece in default on its debt on Friday.

It said the terms of the debt swap met its definition of a default.

The company says it will assess the effect of the latest bailout before it assigns Greece a new rating.