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. Last Updated: 07/27/2016

Holzmann Waits OK




BERLIN -- Workers at troubled German firm Philipp Holzmann AG agreed on concessions to help the construction company get back on its financial feet, but the European Union's competition watchdog has warned Friday that the German government should hold off on the proposal until it's approved.


Chancellor Gerhard Schr?der declined to speculate Friday on whether the plan would meet approval, but defended his government's involvement.


Schr?der's pro-interventionist stance has sparked complaints by EU officials and the head of the European Central Bank that his actions are sending the wrong message about the commitment to free markets on the continent, contributing to the fall of the euro.


EU Competition Commissioner Mario Monti said Friday that Germany should treat submission of the Holzmann plan to the EU "as a matter of urgency."