Earlier today, in no uncertain terms, members of the Eurozone made it clear that unless Greece signs a commitment to implement the economic reforms (read: collect taxes) agreed upon as part of the October 26 bailout agreement, it would not receive "one cent." Well, just like last week when G-Pap threatened to blow up the carefully laid plans of mice and eurocrats by demanding a referendum, only to arrange a seemingly peaceful transition in power to his, and the Fed's, and the ECB's puppet L-Pap, so it is now the turn of his opponent to put the entire Greek rescue in jeopardy, and with it the future of the euro, eurozone, all the banks that are "perfectly hedged" to Europe, etc, etc. Because it appears that the leader of the main opposition party, New Democracy Antonis Samaras, has "just said no." According to Kathimerini: "There is such a thing as national dignity. I have repeatedly explained that, in order to protect the Greek economy and the euro, the implementation of the October 26 agreement is inevitable," Samaras said in the statement, referring to a new EU debt deal hammered out for Greece by EU leaders. "I won't allow anyone to question the statements I have made."
This statement came just a few hours after Finance Minister Evangelos Venizelos told a cabinet that five top Greek officials would co-sign a letter -- demanded on Monday by Eurogroup chief Jean-Claude Juncker -- reaffirming their commitment to Greece's bailouts deals and economic reforms in order to secure later this month an 8-billion-euro tranche of rescue funding on which the country's solvency depends.
Venizelos said that those officials are Papandreou and Samaras, the Bank of Greece governor, the new prime minister and the finance minister (without determining whether he will keep this post or not).
European Economic and Monetary Affairs Commissioner Olli Rehn also said on Tuesday that the written commitments from Greece to re-establish confidence following the political developments last week.
So the question is: is it really an issue of "national dignity" or, far more likely, an issue of how much money is transferred from some Swiss account to Samaras bank account in Greece (which naturally would follow the ongoing bank run promptly offshore, never to be seen).
We will keep you updated on this latest glitch in the European bailout plan.