Accounting error over-estimates German debt by €55bn

A huge accounting error has been uncovered in Germany, where €55bn was mis-counted.

The revelation comes after a "double-counting" error added €3.6bn to Irish debt, as reported today by TV3.

Germany's Finance Minister has summoned exectives from the nationalised bank Hypo Real Estate to demand an explanation for how an accounting error at the mortgage lender had incorrectly raised Germany's debt by €55bn.

The German Government is deflecting responsibility for the error and is fighting off charges of ineptitude and hypocrisy over its criticism of Greek bookeeping practices.