Meetings between Algroup managers and Viag's union representatives, who were to have several seats on the board, went badly, convincing the Swiss they would have a hard time cutting costs.
But that growth is what will get us to balance, if we are willing to make the hard decisions of cutting.
But most seem to accept that Brazil will need to build a prosperous future the hard way: cutting current spending to invest more in public infrastructure (a lot more), and, finally getting to grips with some regulation and red tape that probably does more to hurt Brazil's competitiveness than the high exchange rate.
He promised to continue cutting the deficit, helping people "who work hard", reforming welfare and cutting immigration.
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That is a huge amount of austerity undertaken amid economic headwinds that make deficit cutting particularly hard.
Many countries, particularly within the eurozone, have been cutting back hard on welfare spending in an attempt to reduce debt and balance government books as tax revenues fall because of weak growth.
"Cutting leaves is hard work, " explains the University of Oregon's Dr Robert Schofield, who led the study.
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Yet in continental Europe, it is hard to increase profitability by cutting costs because sacking people is expensive, time-consuming and unpopular.
They also claim that the government is feeling the financial pressure: clothing exports to the United States fell by 27% in 2002, for example, cutting into its hard-currency earnings.
The problem is that state and local governments have been very hard pressed, and so they are cutting back on firefighters, police officers, teachers.
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But Android vendors are going to press hard the argument that they represent the cutting edge of both mobile data download speed and processor performance.
It is cutting prices (but not as hard) and upgrading its congested network (but not as fast).
Last week, Prime Minister Keizo Obuchi warned Nissan that it should think hard about the impact of its drastic cost-cutting program on workers and subcontractors.
But, according to Becker, cost-cutting opportunities would be limited since it is hard to lay people off in the home market of both banks.
This hard line approach from the right is accomplishing the goal of cutting government spending.
Cutting down on commuting is going to give any hard worker a boost of happiness and calm.
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But given that Europe's investment pot isn't likely to get a huge injection of liquidity soon, it is hard to see how investors can make those big bets if not by cutting back on the small ones.
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They are hoping this season's version has a happier ending, although City will have to develop a greater cutting edge in front of goal and overcome a capacity for making life hard for themselves to achieve that.
And so it's very hard to predict exactly what the long rate will do, even when the Fed is cutting.
An oil embargo imposed by the European Union in July and other measures that have included cutting Iran off from international financial-settlement mechanisms and maritime insurance are hurting hard.
Local oil firms will find it hard to compete, because, on current evidence, they are not especially good at cost-cutting.
One has to believe it's going to be very hard for the United States, in any real numbers, to pull people out without looking like cutting and running.
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