Germany’s finance ministry revealed that an accountancy error has cost the country 55.5 billion euros ($78.7 billion) as part of a banking bailout. Because of the discovery, the country is now richer by the same amount. The error was discovered at the bad bank of nationalized mortgage lender Hypo Real Estate (HRE). Not everybody is happy and the opposition is scolding the government, why not the accountants?
Dr. Willi Bredemeier of Password Germany writes: Two errors of same magnitude would mean that Germany could wipe out Italy’s sovereign debt.
Source: Password Germany