Act I, scene 2: Betrayal by foreign powers

One week later, in early October, Dutch finance minister Wouter Bos backs out of the agreement and the Dutch buy out all Dutch assets of Fortis – including the ABN Amro acquisition which had brought Fortis to the brink of collapse – for €16.8 billion. The Belgian government, still reeling from the bailout of Dexia bank, takes over Fortis and agrees to sell to BNP Paribas in return for equity. Later, when the shares are again traded, the price plummets to below €1.

Act I, scene 3: Revolt of the mob

An attempt in November by a group of some 2,000 small shareholders to have the sale suspended fails before the commercial tribunal in Brussels. The court orders a committee of experts to look into the conditions and price of the sale.

Act I, scene 4: Mounting despair

A ruling by the appeal court in Brussels on Friday 12 December suspends the sale of Fortis to BNP Paribas for 65 days to allow shareholders to have their say. The government goes into crisis mode.

Act II, scene 1: Strange happenings

On Monday 15 December, justice minister Jo Vandeurzen appoints the procurator-general of the Cassation court to look into unspecified “irregularities” in the conduct of the case. The problems centre on one of the three judges, Christine Schurmans, who called in sick and did not hear parts of the pleadings. Laywer Mischael Modrikamen, acting on behalf of the small shareholders, calls on finance minister Didier Reynders and prime minister Yves Leterme to “put their egos to one side” and begin looking for a way to placate shareholders. The call would be repeated in various quarters over the next few days by those who saw the ruling as an opportunity for the government to repair relations with aggrieved shareholders. Instead, the government tried every means at its disposal to overturn the ruling.

Act II, scene 2: Rumours of conspiracy

The illness of judge Schurmans comes under increased scrutiny on Tuesday 16 December as some ask whether her incapacity was part of an attempt by the government to create the conditions for a procedural objection. Schurmans has a reputation for being independent, but her husband is prominent in the CD&V.

Act II, scene 3: The hero becomes mad

In a decision that leaves every observer baffled, Leterme writes a letter on Wednesday 17 December to Vandeurzen laying out the contacts his office had with the public prosecutor and with Schurmans’ husband. His cabinet chief was the go-between, the letter claims, and no undue pressure was brought to bear. The opposition calls for his resignation for breaching the constitutional separation of powers. His denial of the use of pressure was immediately countered by the Brussels prosecutor’s office, one of whose magistrates was allegedly threatened by another of Leterme’s cabinet, Pim Vanwalleghem, on secondment to the cabinet from the Brussels prosecutor’s office. Leterme admits his office had contact on as many as five occasions in two days with Jan De Groof, husband of Schurmans. De Groof later admits that his wife told him the way the ruling would probably go – a fact that in itself could lead to her being charged.

Act III, scene 1: The enemies gather

Thursday 18 December: The inner circle of ministers known as the kern meets no fewer than four times, and Chamber chairman Van Rompuy takes it upon himself to hand out documents to members. A letter from senior Cassation president Ghislain Londers makes it clear there was an attempt to bring political pressure on magistrates. There was also, Londers claims, a breach of confidentiality when the government became aware of the tenor of the ruling two days before it was actually handed down.

Act III, scene 2: First blood

OIn the afternoon of Friday 19 December, Vandeurzen resigns, maintaining his innocence nonetheless, considering it impossible for him to do his job while the shadow of suspicion hangs over him. Later in the evening, Yves Leterme offers the resignation of his whole government to the King, who holds his decision in reserve.

Act III, scene 3: Tragic destiny

The King continues to receive representatives of the main political parties at the palace in Laken on Monday 22 December. The choice appears to narrow down to one political heavyweight, Van Rompuy, and two former prime ministers. In the meantime, the country looks forward to a New Year under yet another caretaker government, with no progress expected on the budget, on the economic relaunch plan, or even on the sale of Fortis bank. Exit Leterme amid mourning and wailing.