While France has a long history of hefty overspending, economists say political turmoil – which has stalled policymaking – is bringing the country’s debt problem to a head.

French Prime Minister Sébastien Lecornu is in last-ditch talks after the collapse of his cabinet. Lecornu resigned Monday and was given 48 hours to negotiate with political parties.

Sebastien Lecornu's remarks came as he was set to wrap up talks with various parties and report back to President Emmanuel Macron on whether he has found a way to end France's worst political crisis in decades.

The record-fast collapse of yet another government confronts President Emmanuel Macron and his country with an intensifying crisis.

The French president is running out of options but refuses to step aside.

Lecornu was asked by President Macron to stay on until Wednesday in a last-ditch attempt to achieve "stability" for the country.

The surprise resignation of Sébastien Lecornu after less than a month in office intensified concerns that France would be unable to tackle its enormous debt pile.

France’s new prime minister Sébastien Lecornu resigned less than 24 hours after naming his government and after less than a month in office, plunging the country into a deep political crisis and leaving French President Emmanuel Macron with few options.