(Bloomberg) -- French Prime Minister Michel Barnier said his new government could increase taxes for big business and the wealthiest as it seeks to repair runaway budget deficits and keep the faith of bond markets.

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“Our country is in a very grave situation — €3 trillion ($3.3 trillion) of debt and €50 billion in interest to pay a year,” Barnier said on France 2 television Sunday.

The French premier said that as part of a necessary “national effort” he would not raise taxes on the middle class and workers, but doesn’t exclude making the richest people in France contribute or the biggest, multinational companies.

Barnier also said a collective effort is needed to cut spending and more can be done to make the state more efficient.

“A lot of our debt is on international markets — we must preserve France’s credibility,” Barnier said.

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