Recovery is still a waiting game, with a few surprises thrown in like the euro's recent stumble as the European Union's Achilles heel of debt starts to trip up some member nations, like Greece. While more than half of the corporate treasurers worldwide surveyed recently by Euro-Finance expect more bad news to surface this year, some 60% say they feel bullish about 2010. The mood breaks along geographic lines, with Europe feeling half bearish and half not, North America still down in the dumps, and Asia/Pacific, South America and Africa more optimistic, the survey reveals. That upbeat mood is reflected in Treasury & Risk's cover story this month by senior contributing editor Russ Banham about Brazil, which has weathered the financial crisis with ease and is ready to dance into the spotlight as the next hot location for multinationals. A worldwide vision and the ability to operate globally are the treasury skills likely to be most in demand, senior contributing editor Richard Gamble writes in this year's A Vision for Tomorrow's Treasury feature. Meanwhile, liquidity has moved ahead of cash preservation as the key strategic priority, according to the EuroFinance survey. And securitization of receivables as a way to accelerate cash collection is thriving, writes contributor Marine Cole. Even though there are concerns about derivatives regulation, more than half the senior financial executives polled in T&R's annual Financial Risk Survey say they wouldn't alter their hedging even if they had to meet new margin and collateral requirements. Bring it on.