No doubt the happiest man in the world after the surge in France Telecom last week was Christian Sautter, the French finance minister. A sale of a further 10% of France Telecom by the French state is slated for this year. Despite dodging a commitment to the sale at a press conference last week, Sautter must secretly be rubbing his hands in glee. When he took over the job last year, 10% of France Telecom was worth about E7.5bn. The shares have tripled in value and the same stake is worth E22.4bn. Under pressure to cut France's hideous tax burden, while simultaneously under fire from the grumpiest unions in the world to increase public spending, Sautter will no doubt be thrilled to have conjured nearly E15bn from thin air in just a few months.