Dutch central banker Wellink: Plan insufficient without deficit cuts

Dutch central banker Wellink says the plan to save the euro zone is structurally insufficient without deficit cuts. Countries such as Greece, Spain and Portugal must put their budgets in order to keep the crisis from continuing. Sines need to be handed out more quickly if nations break stability pact rules, he says.

EUR/USD trades at 1.2691.

Also on the wires is news that Bernanke will brief the Senate banking system on the international crisis in closed session today.

Oh, that shadowy Fed…