We wrote about this over the weekend, now here is the official "explanation"
- German Finance Minister Wolfgang Schaeuble said EU55.5b ($76.7b) accounting error at FMS Wertmanagement, so-called bad bank for Hypo Real Estate Holding, due to balancing glitch that doesn’t require personal consequences from anybody.
- Finance Ministry knew “with certainty” on Oct. 13 that accounting error had occurred after receiving notifications on Oct. 4, Schaeuble said at press conference in Berlin
- Error is “annoying” because its magnitude can unsettle public
Uh....$55.5 billion.... GLITCH!!!???