[Python] How to convert an UTF string with scandinavian characters to ASCII?

I would like to convert this string

foo_utf = u'nästy chäräctörs with å and co.' # unicode


into this

foo_ascii = 'nästy chäräctörs with å and co.' # ASCII


.

Any idea how to do this in Python (2.6)? I found unicodedata module but I have no idea how to do the transformation.

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