French Prime Minister Manuel Valls arrives at the Elysee Palace in Paris, August 25, 2014. REUTERS/John Schults
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France was thrown into fresh crisis Monday as President Francois Hollande told his prime minister to form a new government after damaging splits within the ruling Socialist party burst into the open.It is the second reshuffle in just five months, as the Socialists struggle to pull stagnating France out of the economic doldrums and the party is riven by infighting between left-leaning members and those who veer more to the center.The crisis comes at a time when France is mired in slow economic recovery and high unemployment.Both Hollande and Valls say the answer is their so-called Responsibility Pact, which offers businesses tax breaks of some 40 billion euros ($55 billion) in exchange for a pledge by companies to create 500,000 jobs over three years.Hollande plans to finance this with 50 billion euros in spending cuts, and the plan has angered those on the left of the party – including Montebourg.
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