Thierry Bréton, the recently appointed head of France Télécom, has outlined FT 2005, his strategic plan to reduce France Télécom's €70bn ($70bn) debt mountain to €40bn by the end of 2005.

The Bréton plan includes three separate initiatives each aimed at raising €15bn for debt reduction: from its shareholders, including €9bn from the government through its 55% stake in the telecoms group; from free cash flow through an improvement in operational performance; and from institutional lenders through a refinancing of the group's debt.