Microsoft Going For Price Cut?

Word on the grapevine is that Microsoft are ready to cut the price of the 360 in Europe following decreasing sales against the PS3, and just in time for Grand Theft Auto IV and $50m worth of downloadable content. Rumours bubbling this morning are that the arcade pack will drop €80 and the Elite and Premium packs €50 – retailers may already know this information and there will be a press release soon to announce it formally, but these cuts price the Arcade pack cheaper than the Wii!