INS PROGRAMMED IN ERROR RESULTING IN DIVERSION PRIOR TO ATLANTIC CROSSING.

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ON RAMP AT EGCC I ENTERED THE PRESENT POS COORDINATES AS PRINTED ON OUR COMPANY PAPERWORK. UNFORTUNATELY THE PARTICULAR COORDINATES WERE PRINTED 'E' INSTEAD OF 'W'. THE CAPT WAS NOT FAMILIAR WITH THE FORM I WAS USING AND QUESTIONED IT BY DOUBLE CHKING THE COORDINATES ON THE ARPT PLAN VIEW. HOWEVER; HE MUST HAVE OVERLOOKED THE 'E'-'W' DIFFERENCE. SINCE I USED A FORM SUPPLIED BY OUR COMPANY AND SEEING THAT THE CAPT CHKED AND OK'D THE COORDINATES AS ON THE PLAN VIEW--I WAS SATISFIED THAT THE PRESENT POS WAS CORRECT. ONCE WE WERE AIRBORNE (I WAS FLYING) UPON THE CAPT CHKING THE POS OVER THE FIRST VOR; HE NOTICED THE ERROR AND BELIEVED THAT WE COULD NOT UPDATE THE INS DUE TO THE DIFFERENCE. I TOLD HIM THAT I WAS UNAWARE THAT WE COULDN'T UPDATE THE INS UNDER THIS CIRCUMSTANCE. BECAUSE OF HIS EXPERIENCE I TOOK HIS WORD FOR IT. I KNEW THAT THE ONLY WAY TO CORRECT THIS SITUATION WAS TO LAND AND REPROGRAM THE PRESENT POS. I ALSO KNEW THAT IN ORDER TO LAND WE WERE GOING TO HAVE TO DUMP FUEL. ABOUT THIS TIME THE CAPT ASKED OUR F/E HOW MUCH FUEL WAS BURNED SO FAR. THE ANSWER WAS ABOUT 10000#. THE NEXT THING I KNEW WAS THAT THE CAPT PICKS UP THE MIC AND TELLS ATC THAT WE HAD A MOMENTARY COMPLETE ELECTRICAL FAILURE WHICH CAUSED OUR INS TO BECOME UNRELIABLE; THEREFORE WE WERE GOING TO HAVE TO DIVERT TO EINN AND DUMP FUEL. ATC TOLD US TO LEVEL OFF AT 26000' (WE WERE PASSING FL254 AT THE TIME). THE CAPT THEN TOOK OVER THE CONTROLS AND I AND THE F/E WORKED TOGETHER ON THE FUEL DUMPING. ATC GAVE US PERMISSION TO DUMP AND START AN INITIAL DSCNT TO 15000' DIRECT EINN. WE STARTED TO DUMP FUEL BUT THE ELECTRICAL PORTION OF THE DUMP SYS DID NOT WORK SO WE HAND CRANKED THE CHUTES. WE THEN COMPLETED DUMPING FUEL AND LANDED IN EINN. SINCE THE CAPT TOOK IT UPON HIMSELF TO TELL ATC THAT WE HAD THE TOTAL ELECTRICAL FAILURE I FELT COMPELLED TO STAY WITH THAT STORY--THERE WAS NO DISCUSSION OR AGREEMENT TO THIS PRIOR TO ADVISING ATC. I DID NOT LIKE GOING ALONG WITH THE FABRICATION BUT AT THE TIME I DIDN'T KNOW WHAT ELSE TO DO. AFTER PULLING INTO THE GATE AT EINN SOME GND PERSONNEL CAME ON BOARD TO SEE IF THEY COULD ASSIST US. THE CAPT SAID THAT WE WERE NO LONGER HAVING TROUBLES AND THAT THE PWR WAS RESTORED AFTER A MOMENTARY PWR LOSS AND THAT WE HAD NO FURTHER TROUBLE WITH THE ELECTRICAL SYS SO ALL WE NEED TO DO NOW IS TAKE ON MORE FUEL AND REALIGN OUR INS'S. I ADVISED THE CAPT THAT WE NEEDED TO GO INSIDE TO GET IN TOUCH WITH THE COMPANY. HE THEN AGREED AND WE BOTH WENT INSIDE. THE CAPT GOT ON THE PHONE WITH THE COMPANY AND TALKED TO DISPATCH AND MAINT CTL. HE REQUESTED A NEW FLT PLAN AND THE GND PERSONNEL GOT US A PRINT OUT OF A FLT PLAN AND A COPY OF THE WX AND A COPY OF THE TRACKS. THEY TOLD US THAT THEY WOULD FILE FOR US AND THEY PROVIDED US WITH NEW GEN DECKS. WE THEN WENT OUT TO THE ACFT AND I COMPLETED A NEW WT AND BALANCE. WE OBTAINED OUR NEW CLRNC AND WE FLEW BACK TO KCEF. IT WASN'T UNTIL BACK AT KCEF THAT I INQUIRED ABOUT THE FLT RELEASE. THE CAPT SAID THAT AS LONG AS HE RECEIVED A NEW FLT PLAN AND FILED THAT HE DID NOT NEED A RELEASE. I DID NOT REALIZE AT THE TIME IN EINN THAT HE DID NOT HAVE ONE. OTHERWISE I WOULD HAVE ASKED ABOUT IT THEN. I REALIZE NOW ALL THE MISTAKES THAT WERE MADE ON THIS FLT INCLUDING THE FACT THAT THE CAPT WAITED UNTIL KCEF TO WRITE UP THE MAINT ITEMS IN THE LOGBOOK; INCLUDING THE FABRICATED ELECTRICAL FAILURE. I AM SORRY I ALLOWED MYSELF TO BE RAILROADED BY THIS CAPT AND REGRET THAT I WAS NOT MORE VOCAL IN MY DISAGREEMENT.