EMERGING MARKETS-Latin America FX weakens on Europe recession fears

* Mexican peso weakens after poor PMI data in Europe

* Chilean peso also down on falling copper prices

* Brazil real breaks trend, opens firmer after carnival holiday

BRASILIA, Feb 22 (Reuters) - Latin American currencies mostly weakened on Wednesday due to mounting fears that the euro zone may be heading toward recession and to persistent concern over debt-laden Greece despite a fresh bailout.

Mexico's peso lost 0.34 percent to 12.83 per U.S. dollar while the Chilean peso weakened 0.33 percent to 483.05 to the dollar.

The Brazilian real was the exception, strengthening nearly half a percentage point as the market digested positive news from earlier in the week after a two-day carnival holiday.

"The Greek rescue deal is adding momentum to the real as the market just reopened today," said Caio Duarte, chief economist with Lopes Filho in Sao Paulo.

The real has appreciated more than 9 percent so far this year as investors return to riskier assets on growing optimism that the global economy is regaining strength.

Surveys of purchasing managers published on Wednesday tempered appetite for riskier assets after they showed unexpectedly weak activity in Germany - the euro zone's most powerful economy - and in France.

The survey also showed continued weakness in Greece, which secured a 130-billion-euro rescue package on Tuesday to avoid a messy default after agreeing to a series of austerity measures.

The markets see Greece struggling to meet the demands of its new bailout deal.

"We will see some profit taking in the next month or two as we get closer to the general elections (in Greece). I think the real risk is what will the new leadership in Greece do," said Michael Woolfolk, an FX strategist with BNY Mellon in New York.

"That type of uncertainty is going to be a cloud over the market. It's going to be a good excuse to take profit on emerging markets, emerging market currencies, commodities and equities."

The Markit Eurozone Composite Flash PMI fell to 49.7 in February from 50.4 last month, below expectations for a rise to 50.6 and under the 50 line that divides growth from contraction.

Preliminary data that showed China's manufacturing sector contracting also added to investors' worries that hurt the prices of key commodities such as copper.

Chile is the world's top producer of copper, a metal key to building cars, homes and electricity lines.