The French government collapsed on Wednesday as parliament voted to oust Prime Minister Michel Barnier and his cabinet, throwing the nation into the worst political and fiscal turmoil in decades. Why it matters: The chaos leaves Europe's second largest economy without a functioning government for the first time in 60 years — the most severe fallout to date from the efforts to shrink its deficit.

French Prime Minister Michel Barnier's government could collapse after three months in power due to a coalition of right- and left-leaning political parties opposing a recent budget move.

Far-right and left-wing lawmakers joined forces against PM Michel Barnier, in the first such ousting in over 60 years.

The French government is on the brink of a collapse as the Parliament sets to vote on a no-confidence motion against Prime Minister Michel Barnier, which can plunge the eurozone’s second-biggest economy into a deeper political crisis.