Some used the opportunity of lower rates yesterday and today to buy equities. Also Skandis and Commodity ccy starts to recover from their lows seen two days ago.
After a long period of negotiation between Greek government and the IIF I can not assume, that any member of the IIF is not going to join the debt swap. It would be a hit in the face of the IIF in case the participation rate is lower than 75%.
I assume that a higher participation rate than 75% is the wake up call for risk appetite.