French budgetary situation 'very serious,' prime minister says

France's budgetary situation is "very serious," Prime Minister Michel Barnier told AFP on Wednesday, saying more information was needed to gauge the "precise reality" of French public finances.

France was placed under a formal procedure for violating European Union budgetary rules before Barnier became head of government earlier this month. The Bank of France also warned this week that a projected return to EU deficit rules by 2027 was "not realistic."

AFP