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At the opening of the parliamentary debate on the draft Budget Bill for 2007, Thierry Breton, Minister of Economy, Finance and Industry, announced a new downward revision of the financing programme for 2006. The net issuance programme of medium and long term debt (OATs and BTANs) is further reduced by €4bn, from €109.5bn to €105.5bn.
This second reduction follows the downward revision of €10bn announced on June 29, 2006.
This strong reduction is the consequence of a debt reduction policy based on a better control in public expenditure; an allocation of privatisation proceeds to debt reduction; and a tightening of cash management at the state level and in the wider general government.
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