undefined symbol: PyFPE_jbuf error while using 'lxml' on ubuntu

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I am trying to import 'lxml' library into my python program as follows.

from lxml import etree

However, I am getting an error as 'undefined symbol: PyFPE_jbuf'. Here is the entire stack trace

File "xmlExtract.py", line 4, in <module>
from lxml import etree
ImportError: /usr/local/lib/python3.4/dist-packages/lxml/etree.cpython-34m.so: undefined symbol: PyFPE_jbuf

I have carefully installed 'lxml' library including all of its dependencies (libxml2-dev, libxslt-dev, python-dev). I also have older version of python i.e 2.7 along with the new one python3.4. I tried setting variable PYTHONPATH=/usr/local/lib/python3.4/dist-packages but still encountering the above error.

Could someone please help to resolve my issue.

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