12 February 2002, 09:48  Eichel says euro group deal on German budget 'good result'

BRUSSELS (AFX) - German finance minister Hans Eichel said the compromise reached by euro group finance ministers which avoided the issuing of a formal warning over Germany's budget deficit was a "good result". "Altogether it was a good result. The barren fight over procedures has not been pursued," he said as he left a five-hour meeting of euro group finance ministers. "It was indeed a long debate. We tried to reach a common position and we succeeded," he said, noting the deal has to be enshrined in the full 15-member EU finance ministers council later today. Finnish finance minister Sauli Niinistoe said the 15 ministers will issue a written statement on the deal. Asked if Germany's reprieve from receiving a formal warning meant there was one rule for the big countries and another for the small, Niinistoe, who had pressed for Germany to be warned, noted that Portugal also escaped a warning. "We had a big one one and a small one on the table," he said.

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