The German Financial Times has ran a story today that says Microsoft is to officially announce tomorrow that they are to lower the price of the Xbox 360 in Europe. They say the Xbox 360 Arcade will be cut from 280 Euro to 199 Euros (lower than the cost of a Wii) and the Xbox 360 Pro will be cut from 349 Euro to 299 Euro. Microsoft are apparently still discussing whether they should reduce the price of the Xbox 360 elite.