Originally Posted by DeafLamb
Peugoet used french treaded bottom brackets which are now obsolete. Not sure if they switched by 83 or not. I have an older Peugoet frame, 70 something, not quite sure of the year. It uses a french bottom bracket, it's screwed and I still havent' figure out what to do. There are some expensive options to convert the bottom bracket to a more modern one, or you can just rebuild it using French parts.
Hopefully someone will be able to help you better.
Not all Peugoets use the French BB. My 1980 PNK-10 used a standard 68mm ISO BB (thank god). Given the OPs description, it sounds like the BB might just need some TLC. My guess is that the bearing might need to be re-greased and adjusted. Park Tool has a pretty good how-to on their web page.