Germany is 55.5 billion euros ($ 78.7 billion) Richer than it thought due to an error Accountancy at the bad bank of nationalised 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 per cent for 2011, 2.6 percentage points less than forecast Previously, it said.
The HRE-linked FMS Wertmanagement bad bank was set up after HRE was nationalised in 2009, so That Could HRE transfer the worst non-performing assets to an off-balance sheet bank guaranteed by the German state.
"Apparently it was due to the sums incorrectly Entered twice," said a ministry spokesman on Friday, adding the reason for the error still needed to be clarified.
The government nonetheless welcomed the news the which pointed to a Further reduction of Germany's debt mountain.
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