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The legal case was just one of 17 different suits filed by Seine-Saint-Denis against its banks, but it has quickly been viewed as a precedent in other afflicted towns, including Saint Etienne, which signed on to loans at a preliminary 4 percent rate that were indexed to the Swiss franc-British pound exchange rate. The rate soared as high as 24 percent at one point, doubling the town’s $160 million nominal debt. Saint Etienne, too, is suing its bankers.
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