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€55 bn

by IREF

Germany has raised over a quarter of its total EFSF obligation of €211 billion by way of what is essentially magic. The Telegraph reports that “Germany is €55bn richer than it previously thought because of an accounting error at state-owned bank Hypo Real Estate Holding. Germany’s 2010 debt-to-GDP ratio also drops, to 83.2% from the previous 84.2%, a finance ministry spokesman said.

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