they were borrowing
-empruntaient
Past progressive they conjugation of borrow.

borrow

Whereas they were borrowing at 1%, they could buy 10-year Spanish securities with an interest rate that varied between 5.5 and 7.6% in the second semester of 2012.
Alors qu’elles ont emprunté à 1 %, elles peuvent acheter des titres espagnols à 10 ans avec un intérêt qui varie entre 5,5 et 7,6 % au second semestre 2012.
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