Risk sentiment stabilized in the past week as several European debt auctions saw lower borrowing rates and solid demand. Stocks took heart and rallied, while the USD lost ground and the beleaguered EUR recovered as extreme short-positions were unwound. Sentiment was also buoyed on the prospects for a final resolution on the Greek government debt swap. But as of Friday afternoon, a final Greek debt deal has yet to be announced and there is still potential for another impasse. Even the reported 32-cents/euro pricing agreed to by private creditors represents a much larger haircut than originally agreed, keeping open the ... (full story)