keystone fails to find template catalog file

I tried to install/execute/run keystone essex-4 and encountered this issue.
Work around: Add the complete path inside the keystone.conf file.

$ ./keystone-all
2012-03-05 03:04:23 DEBUG [keystone-all] ********************************************************************************
2012-03-05 03:04:23 DEBUG [keystone-all] Configuration options gathered from:
2012-03-05 03:04:23 DEBUG [keystone-all] command line args: []
2012-03-05 03:04:23 DEBUG [keystone-all] config files: ['/home/precious/openstack-keystone-95413dc/etc/keystone.conf']
2012-03-05 03:04:23 DEBUG [keystone-all] ================================================================================
2012-03-05 03:04:23 DEBUG [keystone-all] admin_port = 35357
2012-03-05 03:04:23 DEBUG [keystone-all] admin_token = ADMIN
2012-03-05 03:04:23 DEBUG [keystone-all] compute_port = 8774
2012-03-05 03:04:23 DEBUG [keystone-all] config_file = ['/home/precious/openstack-keystone-95413dc/etc/keystone.conf']
2012-03-05 03:04:23 DEBUG [keystone-all] crypt_strength = 40000
2012-03-05 03:04:23 DEBUG [keystone-all] debug = True
2012-03-05 03:04:23 DEBUG [keystone-all] log_config = None
2012-03-05 03:04:23 DEBUG [keystone-all] log_date_format = %Y-%m-%d %H:%M:%S
2012-03-05 03:04:23 DEBUG [keystone-all] log_dir = None
2012-03-05 03:04:23 DEBUG [keystone-all] log_file = None
2012-03-05 03:04:23 DEBUG [keystone-all] log_format = %(asctime)s %(levelname)8s [%(name)s] %(message)s
2012-03-05 03:04:23 DEBUG [keystone-all] public_port = 5000
2012-03-05 03:04:23 DEBUG [keystone-all] syslog_log_facility = LOG_USER
2012-03-05 03:04:23 DEBUG [keystone-all] use_syslog = False
2012-03-05 03:04:23 DEBUG [keystone-all] verbose = True
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.password = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.role_id_attribute = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.role_member_attribute = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.role_objectclass = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.role_tree_dn = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.suffix = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.tenant_id_attribute = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.tenant_member_attribute = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.tenant_objectclass = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.tenant_tree_dn = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.url = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.use_dumb_member = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.user = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.user_id_attribute = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.user_objectclass = None
2012-03-05 03:04:23 DEBUG [keystone-all] ldap.user_tree_dn = None
2012-03-05 03:04:23 DEBUG [keystone-all] token.driver = keystone.token.backends.kvs.Token
2012-03-05 03:04:23 DEBUG [keystone-all] catalog.driver = keystone.catalog.backends.templated.TemplatedCatalog
2012-03-05 03:04:23 DEBUG [keystone-all] ec2.driver = keystone.contrib.ec2.backends.kvs.Ec2
2012-03-05 03:04:23 DEBUG [keystone-all] sql.connection = mysql://keystone:keystone@<IP>/keystone
2012-03-05 03:04:23 DEBUG [keystone-all] sql.idle_timeout = 200
2012-03-05 03:04:23 DEBUG [keystone-all] sql.max_pool_size = 10
2012-03-05 03:04:23 DEBUG [keystone-all] sql.min_pool_size = 5
2012-03-05 03:04:23 DEBUG [keystone-all] sql.pool_timeout = 200
2012-03-05 03:04:23 DEBUG [keystone-all] policy.driver = keystone.policy.backends.simple.SimpleMatch
2012-03-05 03:04:23 DEBUG [keystone-all] identity.driver = keystone.identity.backends.kvs.Identity
2012-03-05 03:04:23 DEBUG [keystone-all] ********************************************************************************
Traceback (most recent call last):
  File "./keystone-all", line 68, in <module>
    int(options['admin_port'])))
  File "./keystone-all", line 29, in create_server
    app = deploy.loadapp('config:%s' % conf, name=name)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 247, in loadapp
    return loadobj(APP, uri, name=name, **kw)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 272, in loadobj
    return context.create()
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 710, in create
    return self.object_type.invoke(self)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 144, in invoke
    **context.local_conf)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/util.py", line 56, in fix_call
    val = callable(*args, **kw)
  File "/usr/lib/python2.7/dist-packages/paste/urlmap.py", line 25, in urlmap_factory
    app = loader.get_app(app_name, global_conf=global_conf)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 350, in get_app
    name=name, global_conf=global_conf).create()
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 710, in create
    return self.object_type.invoke(self)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 203, in invoke
    app = context.app_context.create()
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 710, in create
    return self.object_type.invoke(self)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/loadwsgi.py", line 146, in invoke
    return fix_call(context.object, context.global_conf, **context.local_conf)
  File "/usr/lib/python2.7/dist-packages/paste/deploy/util.py", line 56, in fix_call
    val = callable(*args, **kw)
  File "/home/precious/openstack-keystone-95413dc/keystone/service.py", line 547, in admin_app_factory
    return AdminRouter()
  File "/home/precious/openstack-keystone-95413dc/keystone/service.py", line 37, in __init__
    version_controller = VersionController('admin')
  File "/home/precious/openstack-keystone-95413dc/keystone/service.py", line 137, in __init__
    self.catalog_api = catalog.Manager()
  File "/home/precious/openstack-keystone-95413dc/keystone/catalog/core.py", line 44, in __init__
    super(Manager, self).__init__(CONF.catalog.driver)
  File "/home/precious/openstack-keystone-95413dc/keystone/common/manager.py", line 23, in __init__
    self.driver = utils.import_object(driver_name)
  File "/home/precious/openstack-keystone-95413dc/keystone/common/utils.py", line 61, in import_object
    return cls(*args, **kw)
  File "/home/precious/openstack-keystone-95413dc/keystone/catalog/backends/templated.py", line 89, in __init__
    self._load_templates(CONF.catalog.template_file)
  File "/home/precious/openstack-keystone-95413dc/keystone/catalog/backends/templated.py", line 93, in _load_templates
    self.templates = parse_templates(open(template_file))
IOError: [Errno 2] No such file or directory: './etc/default_catalog.templates'
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