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 on a formal procedure for violating European Union budgetary rules before Barnier was picked as head of government this month by

The French government, which missed a deadline this week to set a blueprint to lower its debt and deficit, is struggling to meet fiscal requirements set by the E.U.

French Prime Minister Michel Barnier issued a warning over the country’s public finances as disagreements between rival parties on tax and spending further complicate his task of forming a government.