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Greece's debt swap looks like it might work NEW YORK (CNNMoney) -- For a country that has faced many moments of truth over the past few years, Greece is on the cusp of what could be a real make or break moment. The nation's private sector creditors have until the end of the day Thursday to decide whether or not to accept a proposed restructuring of Greek government bonds. But there were signs that a significant number of bondholders will volunteer for the debt swap, which Greece needs to avoid a default. "I think people are feeling more confident that they will get the minimum required to make the deal go through," said Kathy Jones, a fixed-income strategist at Charles Schwab. "But we're still waiting to see how this plays out." The terms of the restructuring are not attractive for bondholders. They have been "invited" to voluntarily take part in a writedown and debt swap that could result in losses of up to 75%. For Greece, and the eurozone, the stakes are potentially huge. The agreement on private sector involvement, as it is known, is the final hurdle Greece must clear to meet all the conditions of its second €130 billion bailout program from the European Union and International Monetary Fund. Assuming the PSI process goes smoothly, EU finance ministers are expected to sign off on the final portion of the bailout after a conference call Friday. If all does not go according to plan, however, Greece's bailout could be in jeopardy and the nation would face the prospect of a messy default within weeks. The fallout from a disorderly Greek default would spread across the eurozone and beyond, with "contingent liabilities" in excess of €1 trillion, according to recent internal estimates from the Institute of International Finance. The key to a successful outcome lies in the participation rate, which measures how many bondholders agree to the PSI terms voluntarily. the reason this is the CNN news of today. what I was learn from? I know that greece is are feeling more confident that they will get the minimum required to make the deal go through.If all does not go according to plan, however, Greece's bailout could be in jeopardy and the nation would face the prospect of a messy default within weeks.