France’s budgetary crisis is "very serious", Prime Minister Michel Barnier warned on Wednesday in his first public statement since taking office – emphasising the need for a clearer picture of the

France has a "very serious" budgetary deficit, Prime Minister Michael Barnier said, weeks after France was placed on a formal procedure for violating European Union budgetary rules. Barnier, who was appointed to lead the French government on September 6 after months of political deadlock,

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.

By Leigh Thomas PARIS (Reuters) -French Prime Minister Michel Barnier came under pressure on Wednesday to clarify how he will plug a gaping hole in the public finances as the central bank and public audit office warned spending cuts and tax hikes are inevitable.