GREECE FISCAL CONSOLIDATION "COMPLETELY DERAILED": EU SOURCE

This jibes with what we we heard from two different people when we were in Athens last week.

Greece's extended election process (which saw two separate national elections in just over a month) has done serious damage to all kinds of things.

One member of the Greek business community predicted that the next round of economic data would be "disgusting" as investment and other business activity took another leg down surrounding the vote.

Also as we explained, tax collections generally grind to a halt around elections, and so the extended election has been really bad on this front.

There's almost no question that in the confusion over the last few months, the government is missing targets on all kinds of fronts, both due to internal paralysis and the bad economy.