His exact words, as cited by Reuters, "There will have to be another programme in Greece," Wolfgang Schaeuble told a campaign audience in northern Germany, in comments that raised prospect of a step that could be deeply unpopular domestically just five weeks before national elections.

Which poses the question: why admit this before the German election in a few weeks: if anything this hurts Merkel's reelection chances. And not even a Greek source chiming in and promising that the third bailout will be smaller than previous ones, will do much to assuage Germany fury that Greece has become the infinite money hole (that everyone with half a brain predicted it would in May 2010) and that over three years after the first bailout, and the unofficial bankruptcy which saw bondholders getting pennies on the dollar, the country is still not "fixed." If anything this may change the election dynamic and outcome substantially.