Irish Finance ministry says 2010 debt was not as deep as thought

They say the debt was EUR 3.6 bln smaller than initially thought due to a miscalculation. That means Debt to GDP was 2.3% better than thought.

Nice to have an out-trade go your way every once and a while but it should still be a cautionary tale nonetheless. Shows government accounting is as dodgy as that of certain Wall Street firms, who shale remain nameless.

Reuters carries the story.