His agency manages a E700 billion debt portfolio, with E40 billion of interest payments that represent 17% of the yearly general expenses of the French state. In 2000, the French government put a now-suspended swap portfolio programme in place in an attempt at duration management, but the increase in market volatility last year made it too expensive. Its suspension was also partly due to public accounting – usually conducted on a pure cash basis – not being able to effectively accommodate a
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