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Christine Lagarde, Minister of Economy, Finance and Employment has decided a downward revision of the State financing programme for 2007, in particular to accommodate stronger fiscal revenues and a lower than expected contribution to the EU budget. The medium and long term (OAT and BTAN) borrowing programme for 2007 net of buybacks is therefore reduced by €5bn, from €102.5bn to €97.5bn.
The new financing programme for 2007 is the lowest since 2002. This decision reaffirms the commitment of the government to assign all additional budget revenues to debt reduction.
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