In particular, we may need to wait more than six months to see any net liquidity impact, since the September and December allocations coincide with earlier LTRO repayments, leaving what Pantheon Macroeconimcs' Claus Vistesen calls "a potentially worrying 'air-pocket' over the next six months where the central bank's balance sheet continues to contract, making the verbal commitment to easing increasingly difficult to rely on as a sole back-stop".
Will we really have to wait till 2015 to see any significant step to stop the deflation rot?
Read MoreHere's what's happening in Portugal
Digging deeper, and beyond fears about what the coming ECB bank stress tests may turn up, the simple passage of time in itself could complicate things.
The recent bout of May industrial output numbers has had everyone busily revising down their second-quarter growth forecasts, and it is obvious that even if outright deflation is avoided, inflation will be very, very low. Which means nominal gross domestic product (GDP) over the next couple of years may barely increase, sending sovereign debt levels onwards and upwards.
All official sector projections have these levels peaking either this year or next, but now these estimates will need to be revisited.
Naturally the "Mario Draghi ultimately has my back" feeling will prevail, but with markets continuing to finance debt levels that many recognize are unsustainable (beyond Greece especially Portugal and Italy), concerns will rise that the size of the pill may become just too big for the ECB to comfortably swallow, leaving the specter of private sector involvement to rear its ugly head.
So, yet again, we find our way back to Japan. As long as Abenomics is perceived to work, Draghi's promise holds. But the day doubts enter about the ability of the BoJ to generate inflation and handle all that government debt, that day the euro crisis will be well and truly back. What happened yesterday was just an early warning of mines lying on the road ahead.