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aakk9999 - 5:16 am on Nov 26, 2009 (gmt 0)
Well, my test has finished and I can report that both pages (one in italian and one in german), have moved up significantly in SERPs. Basically, the german page had about 60% of content in english. By removing the english content from the page, the page still had 250 words in german remaining. After Google had cached it, the page jumped 2/3 up in ranking for a selected phrase. The similarly significant jump was observed for italian page.
What I am going to do is record exact ranking position of these pages, then remove english content and leave the local language content only. This will make these pages smaller, but it will still have around 300 words of unique content on the page. I will see if the ranking improves the next time google caches these pages.