On a day (and week) when every European TV station is and will be blaring how safe Europe once again is because the Rock said so, and to ignore the liquidity bogeyman in the closet, the market has once again spoken. The result: benchmark 3 Month Euribor is wider at 0.889% versus 0.885% previously. We will bring you 3 Month European Libor as soon as we get it: somehow we doubt a massive contraction in those particular rates either. All those expecting that the European liquidity market would unlock overnight with the farce finally over, are in for a disappointment. And unlike their US equivalents, which trade on nothing but machine language momentum, European stocks, on a day when European banks passed their dodecatuple secret probation with flying colors, are flat to down. Looks like even an perfectly inefficient market wont fall for the same Geithneresque ruse twice in a row.