WTF Headline Of The Day: Typo Adds $14 Billion To Spain's Debt

The situation in Spain is shifting from the sublime (as reflected in PM Rajoy’s epic failure during his recent Bloomberg TV interview) to the absolutely ridiculous. As AFP reports, a simple typographical error boosted Spain’s 2014 public debt forecast by 10 billion euros ($13.6 billion), the government admitted on Thursday. Four days after announcing the national debt figure to the world, the Economy Ministry issued a correction: “It is an erratum,” adding that the person that typed up the report mixed up the last two digits…

 

 

Via Yahoo Finance,

A simple typographical error boosted Spain’s 2014 public debt forecast by 10 billion euros ($13.6 billion), the government admitted on Thursday.

 

Four days after announcing the national debt figure to the world, the Economy Ministry issued a correction.

 

“It is an erratum,” an economy ministry spokeswoman said.

 

 

The error was not due to a problem in mathematical computations, the spokeswoman said. Rather, the person who typed the number just mixed up the last two digits.

 

The difference may seem minimal, but when dealing with an economy the size of Spain’s, which is the fourth biggest in the euro zone, it is equivalent to about 10 billion euros.

 

 

economists say Spain’s debt is rising at a worrying speed as it struggles to emerge from a double-dip recession triggered when a property bubble imploded in 2008.

 

Spain’s public debt soared from 68.5 percent of total economic output in 2011 to 85.9 percent at the end of 2012 and 92.2 percent mid-way through this year.

 

But of course, when Rajoy says the crisis is over and things are looking up (and PMIs prove it) we should believe that right?

    

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