SAVED

Greece Narrowly Avoids Default

Louisa Gouliamaki / AFP / Getty Images

Greece avoided an immediate default on Friday by reaching a sweeping bond-swap deal with private debt collectors that will help erase its mountain of government debt. European ministers, meanwhile, are set to approve a €130 billion bailout. French President Nicolas Sarkozy said the Greek crisis had been “settled,” while Germany warned that thinking the crisis is over would be “a big mistake.”