Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Yes to German Reforms

BONN, Germany -- Chancellor Gerhard Schr?der's Cabinet on Wednesday approved an economic reform plan aimed at slashing government spending and pulling Europe's largest economy out of the doldrums. A government source said a meeting of Schr?der's ministers in Bonn backed a package of measures put forward by Finance Minister Hans Eichel that will cut 30 billion marks ($16 billion) of state budget costs in 2000.

The reform package, which Schr?der has billed as the biggest in German history, also includes some eight billion marks of tax cuts for business designed to stimulate investment in Germany's sluggish economy.