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WP 2009-12

The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields €1.20 per year.

Last Updated: 10/29/2009

The Case of the Undying Debt

François Velde

The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields €1.20 per year. The author tells the story of this unique debt, which serves as an anecdotal but symbolic summary of French public finances since the 18th century.