Greece Says 97 Percent of Bondholders Agree to Swap LONDON - Greek government officials said early Thursday that 97 percent of the investors holding its private sector bonds had agreed to the terms of a debt swap in which they would take a 75 percent loss in return for a new package of debt securities. The revised participation rate is up from the 96 percent rate announced last month, when the country struck an historic restructuring agreement to reduce its debt by about €100 billion, or $130 billion. It represents another positive development for Greece and its financial backers in Europe, and it leaves just a small pool of holdout investors that could pursue Greece in court. The government announced that investors holding €20.2 billion of bonds governed by foreign law had agreed to the terms of the exchange. The earlier restructuring agreement covered €177 billion in bonds covered by Greek law. Greek officials also said that the deadline to participate in the swap had been extended to April 20 for a number of investors who continue to hold out. Many of these investors, including well-known funds that invest in distressed debt, such as Aurelius Capital and Elliott Associates, are betting that in the coming months Greece will decide that it is better to make good on these bonds and not let them default. Greek officials have said repeatedly that they would not consider such a step. In fact, bankers and lawyers involved in the negotiations say that it was this unflinching hard line advanced by Greece that persuaded many investors to change plans and not challenge the deal. The investors figured that even with the deep loss, the basket of new bonds would be worth more than the uncertain prospect of holding out for a better offer or suing the country. While the higher participation in the swap will give Greece some relief, the country still suffers under a debt burden equivalent to 165 percent of gross domestic product, and must enact another round of painful austerity measures in order to receive funds from the €130 billion rescue deal agreed to with international lenders.