French opposition UMP party faces 80 million euro debt mountain

Audit says the UMP must cut running costs and seek new credit agreements with its banks as new party bosses try to 'guarantee its survival'.

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The conservative UMP party of former French president Nicolas Sarkozy must cut running costs and seek new credit accords with its banks to wind down some 80 million euros ($109 million)(63.63 million pounds) of debt, an independent audit concluded on Tuesday, reports Reuters.