German media were agog at the discovery, caused by a double booking of debt held by FMS Wertmanagement, the so-called “bad bank” created from the insolvent parts of HRE bank, which was nationalised in 2009.
The ministry said the problem was caused, essentially, when staff subtracted funds when they should have added them.
- Germany finds an extra 55bn euros (bbc.co.uk)
- Germany €55bn richer than it thought (telegraph.co.uk)
- Germany “Raises” €55.5 Billion, or 1% Of Its Debt/GDP Ratio, Thanks To Derivative “Accounting Error” (zerohedge.com)
- Germany conjures up cash (traditionalchristianity.wordpress.com)