Germany finds 55 billion euro after accountancy error

[Dover]

Source: Reuters

BERLIN (Reuters) - Germany is 55.5 billion euros ($78.7 billion) richer than it thought due to an accountancy error at the bad bank of nationalized mortgage lender Hypo Real Estate (HRE), the finance ministry said.

Europe's largest economy now expects its ratio of debt to gross domestic product to be 81.1 percent for 2011, 2.6 percentage points less than previously forecast, it said.

The HRE-linked bad bank FMS Wertmanagement was set up after HRE was nationalized in 2009, so that HRE could transfer the worst non-performing assets to an off-balance sheet bank guaranteed by the German state.

"Apparently it was due to sums incorrectly entered twice," said a ministry spokesman on Friday, adding the reason for the error still needed to be clarified.


Read more: http://news.yahoo.com/germany-finds-55-billion-euro-accountancy-error-115520340.html

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Wow, seems like everyone's finding money. First the U.S. found billions of Iraq money, and now this! It's a miracle!

Hmmmm....I think I'll take one more look under my couch cushions...

[LetTimmySmoke]

1. That's the nice thing about the digital age.

So many more places to find money, and so much more when you do find it.

[dixiegrrrrl]

2. BRB.........gotta go check my couch cushions.

Ya never know.

[xchrom]

3. +1

[Turbineguy]

4. Now that Oktoberfest is over

and they had to move all those empty beer barrels....

[bemildred]

5. It's a miracle!

:sarcasm:

[lunatica]

6. And not a minute too soon either!

Isn't Europe's economy circling the drain or something?

[Marthe48]

7. Will this make US stock exchange open higher?

got my metal detector out just in case