The European Commission, together with the European Central Bank and the International Monetary Fund, are currently evaluating Greece’s compliance with the bailout conditions. Next month, once the evaluation is complete, eurozone leaders will meet to decide if Greece deserves more money.

In the end, it doesn’t matter all that much what the EC, ecb or imf decide to do. The more pertinent consideration is: Is Germany willing to give Greece more money?

We got a glimpse of the answer this week. On Monday, Michael Fuchs, a senior leader in German Chancellor Angela Merkel’s Christian Democratic Union, warned that Berlin is ready to veto further bailouts for Greece if it is found that Athens is failing to fulfill bailout conditions. In an interview with German newspaper Handelsblatt, Fuch stated, “The thing is for the [European] Union to realize that if the Greeks do not meet the stipulated requirements, then they get no more money. I say for the record: Even if the glass is half full, this is not enough for a new aid package. And Germany will not agree.”

Fuch was then asked if Germany is prepared to veto another Greek bailout even without the support of other Eurozone countries. “Germany has the efsf veto,” he said, referring to the European Financial Stability Facility. “If we are convinced that Greece has not met the requirements, then we will exercise this veto. Germany has reached the limit of its capacity.”

The eurozone crisis seems to have calmed down in recent weeks. There has been less chatter about Greece and Italy going bankrupt, fewer headlines declaring the euro’s imminent collapse, and less discussion about the EU in general. But don’t get your hopes up. The lull is primarily because Europe slows down a little in July and August, when Europeans, especially politicians, take their annual vacation.

The fundamentals of Europe’s debt crises have not improved. We can expect to see Europe’s financial crisis back in the news in the coming weeks. Historically, the month of September is especially tumultuous. More significantly, when you consider Fuchs remarks, which were merely the public expression of the private resentments of millions of Germans, it’s clear this crisis is far from over. We must remain vigilant. If Germany is indeed “reaching the limit of its capacity,” then the epic drama that is Europe’s debt crisis will only intensify!