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France May Cut 2011 Debt Sales as National Finances Improve, Mills Says

France will probably sell fewer bonds than the 186 billion euros worth planned for next year amid improving government finances as the regional sovereign- debt crisis eases, the head of the country’s debt agency said.

“It’s very probable that it will be slightly below” 186 billion euros, said Philippe Mills, chief executive officer of Agence France Tresor. “We have slightly below funding needs with the implementation of fiscal consolidation. The commitment of the French government is very strong.”

France, the second-largest economy in the euro area, will probably also exceed its target to cut the amount of Treasury bills outstanding by 15 billion euros this year, Mills said. “The mainstream scenario is that it will be more than 15 billion euros,” he said in an interview in Brussels today.

France may issue a new 15-year inflation-linked bond denominated in euros within weeks, depending on demand, he said.

“We are interested in doing this kind of maturity, but we’re open on the timing,” Mills said. ‘It could be in coming weeks or early 2011.’’

To contact the reporter on this story: Lukanyo Mnyanda in London at

To contact the editor responsible for this story: Keith Campbell at

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