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7/19/06

Chron.com : EU OKs German Budget to Lower Deficit

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EU OKs German Budget to Lower Deficit

BRUSSELS — The European Commission said Wednesday that Germany was on track to bring its budget deficit below 3 percent of gross domestic product by 2007, in compliance with rules for countries using the euro.

The assessment by the European Union's executive body removes the threat of fines on Germany for breaking the euro-zone deficit limit.

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