Ireland stepped back from the brink of a multi billion Euro bail out last night, when Finance minister Brian Lenihan announced the figures were added up incorrectly.
Ireland in fact has a surplus 'In the tens of billions'.
The IMF and EU while breathing a collective sigh of relief; have asked for an investigation how the Irish Finance Ministry could get their figures so wrong.
There was cheering across Dublin upon the announcement by the Irish Government and a fair few red faces in the Finance Ministry. The news will bring relief to the thousands who have benefited from the introduction of the minimum wage German Finance Minister, Wolfgang Schauble remarked maybe Spain and Portugal should re-examine their deficit figures in light of the Irish revelation.
Downing Street did not comment, but much relief from the British chancellor George Osborne as he no longer has to decide whether to offer a bilateral loan to Ireland outside of the European Union's rules.