Any additional disappointing European data certainly lends support to the argument that euromoneymarket rates will be forced to go lower in the regions.
The ECB's latest survey of the euro zone's moneymarket 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 moneymarket to profit from interest-rate differentials between euro-zone currencies.
The test for Portugal and indeed for the euro-zone crisis response will be to calibrate the mix of marketmoney and public money as it leaves its bailout behind.
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.
Yet to Peter Schiff, president of Euro Pacific Capital, that does not mean you should park your investment capital like a klutz in moneymarket funds earning 1.5%.
Global funds tracked by EPFR pulled money out of the Philippines' stock market in May for the first time in 2012, as the euro zone's debt crisis worsened.