Risk Europe 2003: Government debt not subject to traditional risk management requirements, says de Forges

De Forges, giving the keynote presentation at Risk magazine’s Risk Europe conference in Paris today, described both the operating environment and the risk management alternatives open to a government agency as unique. In France, his agency manages a Eur700-billion debt portfolio, the Eur40 billion interest payments on which represent 17% of the yearly general expenses of the French state. De Forges described the latter as “the direct cost of the democratic process”.

He said the management of

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