On March 19, French Budget Minister Jérôme Cahuzac resigned in the wake of news that he was to be the subject of a judicial investigation for "money laundering and tax evasion."

According to Les Echos, Jérôme Cahuzac was “obliged to accept defeat in view of the political impact following an inquiry by news website Mediapart and the forthcoming official inquiry.” The probe was prompted by allegations that he had an account in the Swiss branch of UBS in 2010, however, the former minister has continued to protest his innocence.

For the business daily, the departure of this "key element in the Hollande apparatus” will “weaken the government, at a moment when negotiations to obtain extra time in which to lower the public spending deficit to 3 per cent of GDP are in full swing with the European Commission."