Bankers today said that Greece's success in recalibrating its debt set an important precedent for Europe's peripheral economies and supported the use of collective action clauses, or CACs, in future debt restructurings.

A total of 95.7% of Greek bondholders agreed to participate in last night's debt swap, part of the country's second bailout package. The market had been looking to the exercise as a template for the future treatment of weak sovereign issuers' debt, with Jim Esposito, European head of the financing group at Goldman Sachs, describing it as a "case study" for the region.