Schaeuble Says 55.5 Billion Euro Accounting Error Was a Glitch
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German Finance Minister Wolfgang Schaeuble said the 55.5 billion-euro ($76.7 billion) accounting error at FMS Wertmanagement, the so-called bad bank for Hypo Real Estate Holding AG, was due to a balancing glitch that doesn’t require personal consequences from anybody.
The Finance Ministry knew “with certainty” on Oct. 13 that an accounting error had occurred after receiving notifications on Oct. 4, Schaeuble said at a press conference in Berlin today, adding the error is “annoying” because its magnitude can unsettle the public.