Mexico peso slips off 1-1/2 year high, stocks dip

* Peso knocked off 1-1/2-year high, IPC slips off record

* Greece woes weigh, U.S. earnings hopes help pare losses

(Adds comments and closing stock prices)

MEXICO CITY, April 13 (Reuters) - Mexico's peso weakened on Tuesday as a Greek debt auction stoked further doubts about Greece's credit risk, weighing on investor appetite for riskier assets like emerging market currencies.

The peso MXN=MEX01 lost 0.12 percent to 12.175 per U.S. dollar, while the IPC stock index .MXX closed down 0.1 percent to 33,819.04.

A Greek Treasury bill auction showed the market still demanded a high premium to hold Greek assets, adding to concerns whether debt-stricken Athens can beat its crisis alone.

"We have to see how much Greece can take on the costs of this rescue. At the end of the day, a default could bring about a reversal for all the emerging markets," said a trader in Mexico City.

Concerns about Europe's debt troubles have weighed on riskier assets in recent months. Risky assets like emerging market currencies could suffer steeper losses if a debt default in Europe spurs a wider financial crisis.

The yield on the government's benchmark 10-year peso bond MX10YT=RR bid up 2 basis points to 7.58 percent.

The peso steadily pared steep losses seen early in the session.

"This shows us that the market is expecting new economic indicators and corporate results to evaluate the strength of the economic recovery," said Gabriela Siller, an analyst at brokerage BASE in Monterrey.

U.S. stocks reversed losses to eke out a gain as investors looked ahead to earnings from big banks and tech bellwethers. Strong U.S. earnings could support expectations of an economic recovery in the United States, Mexico's top trading partner.

The peso has gained around 8 percent to a 1-1/2-year high, helped by signs of a rebound in Mexican exports to the United States.

Peso losses were "also related to a technical rebound and a breather after its strong appreciation," said Daniela Blancas, a currency strategist at Scotia Capital in Mexico City.

In stock trading, shares slipped after the IPC closed at another record high on Monday. The IPC has been marking all-time highs since January.

"We think the correction should be a bit stronger so that the positive streak can be retaken," said Fernando Gonzalez, head of consultancy Fast Profit.

Shares in Wal-Mart de Mexico (WALMEXV.MX) lost 1.52 percent to 61.68 pesos, while breadmaker Bimbo (BIMBOA.MX) shed 1.39 percent to 107.76 pesos. (Reporting by Michael O'Boyle, Jean Luis Arce and Lizbeth Salazar; Editing by Diane Craft)