Nous sommes au bord du gouffre.

[corgwin24]

English Translation

We’re on the brink of ruin.

être au bord du gouffre = to be on the edge of the abyss © Larousse 2014

[yottapolyglot]

Right, basically in a very (very) bad situation.

[corgwin24]

Thanks for clarifying. Sometimes the dictionary doesn’t say enough.