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March 20, 2013 5:28 AM EST

French Budget Minister Jerome Cahuzac, targeted in a tax fraud inquiry, has resigned from his post and will be replaced by Europe Minister Bernard Cazeneuve, the president's office said on Tuesday.

French prosecutors earlier opened a formal investigation into allegations that Cahuzac held a secret bank account in Switzerland.

(Reporting By Nicholas Vinocur; editing by Mark John)

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Copyright 2012 Thomson Reuters UK. All rights reserved.

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