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The 2008 French draft budget bill has been adopted this morning by the Government. Agence France Trésor indicates that the net issuance of medium-and long-term securities (BTAN, OAT) will amount to €119.5 billion in 2008. The total financing requirement for the State will amount to €144.9 billion, out of which €41.7 billion result from the projected deficit for 2008 and €102.8 billion result from the redemption of the medium- and long-term debt falling due in 2008.
The increase in net issuance between 2007 and 2008 results from the high level of debt redemptions in 2008.
A detailed financing programme will be disclosed in December 2007.
The amount of issuance for 2008 may then be revised, depending in particular on possible debt buybacks by end-2007.
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