The French government is prepared to “make concessions” to get its budget though parliament and avoid a market “storm”, the country’s finance minister said on Thursday, in a stand-off that risks bringing down Michel Barnier,

The French government is ready to offer concessions to parliament to get through its budget, the finance minister said Thursday, in a standoff which is causing market turbulence and risks bringing down the government of Prime Minister Michel Barnier.

French stocks and bonds came under fire on Wednesday, driving the premium the government pays for long-term borrowing to its highest since the euro zone debt crisis of 2012, as investors grew uneasy over the fate of the new government and its budget.

A commission of Senators and members of the National Assembly have hashed out a compromise 2025 budget that, if passed by the both full assemblies, could avoid the government having to force the bill through without a vote.

French Prime Minister Michel Barnier said the country faces a “storm” in financial markets if an “unlikely but possible” alliance of lawmakers across the political spectrum rejects his government’s budget proposals and votes it out of power.

The French government is ready to offer concessions to parliament to pass its budget, the finance minister said Thursday, in a standoff which is causing market turbulence and risks bringing

French Finance Minister Antoine Armand said he is prepared to make concessions on the 2025 budget bill to avoid opposition parties bringing down the government. Prime Minister Michel Barnier's administration risks being toppled in the coming weeks as opposition lawmakers threaten to unite in no-confidence votes over its fiscal plans.