Fears over budget puts French govt in jeopardy

France's Prime Minister Michel Barnier has warned of "a big storm and very serious turbulence in the financial markets" if the budget recently agreed upon by the government is challenged and overturned in the country's parliament.

Barnier was appointed PM at the start of September, following a snap general election earlier in the summer that failed to produce a clear winner and resulted in months of political deadlock.

In early October, a budget for 2025 was put forward that aimed to bring under control France's growing deficit through a combination of cuts of just over 41 billion euros ($43.2 billion) and about 20 billion euros in tax increases.

It was hoped the measures would bring France's national deficit down to 5 percent of its gross domestic product next year, which is still well above the European Union-required target of below 3 percent by 2029.

Marine Le Pen, one of the leading figures in the far-right National Rally party, has labeled the budget "bad, unfair, and brutal", and threatened to call a no-confidence vote in the government, which could potentially mean the year ending in the worst possible circumstances for France's President Emmanuel Macron.

He called the snap election in the summer to see off the threat of National Rally in parliament but ended up with a left-wing coalition, which is no more politically sympathetic to him, taking the most seats instead.

At the same time, as she potentially holds the fate of the government in her hands, Le Pen herself could be facing a ban from running for public office in the new year over an unrelated trial on charges of embezzling funds from the European Union's parliament.

Patrick Kanner, the Socialist group leader in the French Senate, told French broadcaster BFM that Barnier had not put forward "any concrete proposals" to convince its members to support his minority coalition government.

Kanner said Barnier represents "a continuation of the policies pursued for the past seven years by Emmanuel Macron, which have resulted in an unprecedented deficit".