Meanwhile euro is recovering.
Hedge funds brace for euro zone break-up
Nervous hedge funds managers are stress-testing their portfolios and searching for ways of protecting themselves against their worst nightmare -- a potential break-up of the euro zone. With talks on restructuring Greece's debt mountain still deadlocked, and the exit of one of more countries from the euro seen as a small but definite possibility, funds are modeling scenarios ranging from a 50 percent slump in European stocks or a 45 percent fall in the oil price to a 30 percent rise in gold. Managers are also trying to dig out old computer programs they once used to model the behavior of currencies such as the drachma ... (full story)