Germany 55 billion Euro richer after accounting error at Hypo "bad bank"

Discussion in 'Wall St. News' started by ASusilovic, Oct 30, 2011.

  1. Germany is better off to the tune of €55.5bn after a government-backed “bad bank” set up to deal with the problem assets of Hypo Real Estate, a nationalised mortgage lender, admitted a mistake in its accounting.

    Correcting the error reduces Germany’s national debt by 2.6 percentage points to 81.1 per cent of gross domestic product but is embarrassing for the government, which is responsible for winding up HRE.

    Lucky Merkozy. :cool:
  2. C6H12O6


    Ah, the mythical german precision and reliability.

    However I read that real german debt/GDP should be about 100%, that's beacuse of the KFW.
    400 bln KFW bonds are guaranteed by the state, but are not taken into account by public figures.

    If this is true, germans should teach greeks some trick :D