Spain’s economy minister says the public deficit in that country reached 11.2% of GDP last year while US fiscal woes worry a member of the Fed.

In the US, Atlanta Fed Lockhart says that Greece’s budget crisis highlights the US’s own fiscal woes.

US “fiscal largesse” ( a term you will hear a lot more going forward) could boost inflation expectations, complicating monetary policy.

No reaction from the markets as EUR/USD snoozes at 1.3550.Cable is the standout, pumping up against the 1.5100 level late in the day.