European bailout politics

Somehow I stopped paying attention to the European financial crisis a while ago; as if the election of Hollande in France had resolved the uncertainty for a while. But via arivero, an Evans-Pritchard article with a new detail on who the players are:

We have known for weeks that the `Draghi Plan' for mass purchases of Spanish and Italian bonds requires the political trigger of an EFSF bail-out, with supplicant states signing a "Memorandum". The EFSF is the enforcer. The ECB is the cash cow. One unlocks the other.