Pakistan will probably avoid debt default

By Umesh Desai HONG KONG (Reuters) - Pakistan will probably avoid the sovereign debt default that markets increasingly expect, even though the country faces more downgrades to its credit rating as it grapples with dwindling reserves and a sliding currency. The stability of Pakistan, a key U.S. ally in the war on terrorism, is so important a geopolitical factor that institutions such as the International Monetary... [read full story]