Cash-strapped French Socialist Party sells grand Paris HQ

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Following its heavy defeat in this year's presidential and legislative elections, which has led to a significant decline in public subsidies to a backdrop of a haemorrhage of suppporters and internal splits, the French Socialist Party has announced the sale of its grand Paris headquarters for 45.5 million euros.

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France’s struggling Socialist Party said on Tuesday it had agreed to sell its historic headquarters in Paris’ Left Bank for 45.5 million euros ($53.89 million), after a stinging electoral defeat this year left it strapped for cash, reports Reuters.