St Etienne Swaps

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April 15 (Bloomberg) -- Bloomberg's Eric Coleman reports on the debt problems faced by the French town of Saint-Etienne after derivatives contracts it initially signed to save money began to blow up. Saint-Etienne is one of thousands of public authorities across Europe that tried to shave borrowing expenses by accepting derivatives deals whose risks they couldn’t measure. They may be liable for billions of euros, according to the Bank of Italy and consulting and law firms in France and Germany. (Source: Bloomberg)

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