Wednesday, Nov 28, 2007
It's Grim Up North
International Herald Tribune: As towns go broke, subprime crisis hits Arctic Circle
The municipalities of Rana, Hemnes, Hattfjelldal and Narvik lost about 350 million kroner, or $64 million, from investments that fell to less than 55 percent of their original value.
The towns invested a total of 451 million kroner in collateralized debt obligations created by Citigroup and sold to them by Terra Securities. They backed their investments with money from hydropower.
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