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France's budgetary situation is 'very serious', new PM Barnier says

  • Prime Minister Michel Barnier stated that France's budgetary situation is "very serious," emphasizing the need for responsible action to address public finances.
  • The public-sector deficit is expected to reach 5.6 percent of GDP this year and over six percent in 2025, exceeding EU rules.
  • France was placed on a formal procedure for violating European Union budgetary rules prior to Barnier assuming office earlier this month.
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