When Konrad Mizzi was still a star Labour Party candidate in the run up to the 2013 General Election, he rounded on Tonio Fenech, who was at the time Finance Minister, with the phrase ‘shame on you’.

Dr Mizzi used it repeatedly during live televised debates, and it soon became one of the battle cries of the Labour Party’s election campaign. They say a week is a long time in politics, and it certainly has been for the Labour Party, the government and, most particularly Dr Mizzi.

The phrase that he used so liberally, and at the time so successfully, has now come back to haunt him, his government and his party. The Nationalist Party has put up billboards, coining the phrase for itself and many have taken to social media to post a multitude of memes involving Panama hats and the ‘shame on you phrase’. It was also used yesterday when Shadow Justice Minister Jason Azzopardi appeared in court to be accused of criminal defamation after former police commissioner Peter Paul Zammit made a criminal complaint against him.

And it seems that the chinks in Joseph Muscat’s once impenetrable armour are beginning to appear. The Prime Minister is standing four square behind both Dr Mizzi and his Chief of Staff Keith Schembri, both of whom were found to possess companies in Panama. Both have said there was no wrongdoing and the Prime Minister took their word for it and said he will not act until he has proof from audits carried out by private firms. However, things are starting to look more and more shaky as it emerges that Dr Mizzi did not even identify himself as a politician when he first attempted to open bank accounts in Dubai and Panama.

But it is clear that the damage is taking its toll. The Malta Independent was the first to report the rumblings within the party as Education Minister Evarist Bartolo posted some not so cryptic posts on Facebook warning of storms and to take preventive action.

Since then, the Panama Papers were leaked, and there is very serious now serious worry that the revelations about Dr Mizzi’s holdings could have a very serious impact on Malta as a financial services centre. The PL’s parliamentary group held what was described as a very ‘animated’ meeting and this newspaper was the first to report that a number of senior ministers pushed for Dr Mizzi’s removal, although they remained solidly behind the Prime Minister.

Since then, the Finance Minister has weighed in with a statement to parliament, the highest institution in the land, where he said that the Prime Minister must take ‘tough’ decisions over the Panama Papers and its revelations.

He said that he will "neither defend nor accuse" anyone involved in the Panamagate scandal but insisted that a decision must be made to clear things out. He said that his Ministry is trying to make it very clear, on international level, that Malta is not a tax haven and that it is strong financial centre. 

Prof. Scicluna is not the type of person to make such declarations lightly. He is a somewhat cautious character, but what he said in parliament speaks volumes. Only shortly after, the PM again defended Dr Mizzi, when he was door-stepped by reporters. He said that Dr Mizzi's bid to open a bank account in Dubai and Panama were standard enquiries, more than formal attempts.

He said that the most important thing was that an independent tax audit was currently under way to establish if there were any irregularities, but pressed whether he would be willing to accept the resignations of Konrad Mizzi and Keith Schembri, the Prime Minister said that a decision will be taken once independent audits are concluded. 

So, the chickens really have come home to roost. Dr Muscat has enjoyed such a majority that he has not yet been challenged in any form or manner, but that has all changed. The PM says that he will await the audits. But in the meantime, Malta has a senior minister who has been tainted by the biggest corruption scandal in history, and it is our reputation as a serious EU member and an established financial services sector operator which is suffering.  This cannot go on. Decisions are needed, and fast.