The results of Stress Tests of european banks have not revealed anything that will send markets into a tailspin, but will not provide much in the way of positive stimulus, to markets struggling to cope with serious debt situations in both the US and Eurozone 

The Spanish savings bank sector (Cajas) produced 5 of the fails as they struggle with non performing property related debt, with one Austrian and two Greek banks failing to meet the new capital requirements.

What may well trouble the markets more, is not so much those 8 failures out of the 91 banks involved but concerns over a further 16 banks that only just scraped through.

The banks tested had to reveal details of transactions they have on the books regarding troubled Eurozone countries, which may give the authorities the potential to plan for "what if" scenarios.

What if Greece defaults ? for example. Who is likely to be in trouble if debt write offs happen and which of the dominoes will fall where and when, that may allow for some form of contagion safety net to be put in place.