Yikes.

Remember how the Troika said Greece has its “budget situation” under control, and as such is a worthy recipient of the second €120 billion bailout tranche? Then perhaps they can explain to us how the following makes sense: according to Bloomberg, Greece’s state budget deficit widened to €15.5 billion in the January to end-July period from €12.5 billion euros in the year earlier period, according to an e-mailed statement from the Athens-based Finance Ministry today.

It seems the situation in Greece isn’t as under control as we’ve been told. “Austerity” is looking a lot like “spending a crapload more money than we have”.