Exchange traded funds that follow European equities are rebounding after a large group of investors threw their full support in Greece’s debt exchange offer, dispelling some of the uncertainty that sent stocks diving Tuesday.

Both the Vanguard European ETF (NYSEArca: VGK) and iShares S&P Europe 350 Index Fund ETF (NYSEArca: IEV) were 1.3% higher at last check Wednesday. The Greece country-specific ETF, Global X FTSE Greece 20 ETF (NYSEArca: GREK), also gained 2.0%.

A key group of investors, representing 40% of Greece’s outstanding debt, pledged to take part in the bond swap deal, according to AFP.

Under the deal, the debt would be reduced by $142 billion before it expires Thursday. Private banks, insurance companies and investment funds will write-off half of what they are owed.

“These days are particularly crucial. The success or failure of (the swap) will be decided by midnight on Thursday,” Finance Minister Evangelos Venizelos said in the article.

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