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SYDNEY (Dow Jones)--Australian Treasurer Peter Costello said the nation will completely

eliminate government net debt Friday, labeling April 21 as "debt free day".

"It is a day we pay off the mortgage," Costello said in a speech to the

Committee for Economic Development of Australia.

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I am thinking about holding a wee blog sweepstake on how long it will be before the IMF has to bail out the French Welfare state.... any takers?