The test for Portugal and indeed for the euro-zone crisis response will be to calibrate the mix of market money and public money as it leaves its bailout behind.
The ECB's latest survey of the euro zone's money market said aggregate turnover in the unsecured-lending market, which Euribor tracks, was down 36% on the year in the second quarter of 2012.
But volumes will fall because corporate customers will no longer need to hold accounts in several currencies, and banks will no longer be able to use the money market to profit from interest-rate differentials between euro-zone currencies.
Money-market funds mostly have experienced outflows this year as concerns about the euro-zone debt crisis and a weak economic outlook in the U.S. have weighed on sentiment.