111.   Nevertheless, manufacturing cuts have had a limited effect on the local economy.

112.   President Clinton warned last week that if the measure is not approved this week, cuts would have to be made.

113.   Ryaas and other observers say that reforming the civil service will take a long time and staff cuts will have to wait until the economy improves.

114.   Rudolf Walser, secretary of the Vorort organization which groups Swiss industry, said the interest rate cut would have a big psychological impact in foreign currency markets.

115.   Some states are worried that federal tax cuts could have an impact on their own revenues.

116.   Tariff cut has little impact for foreign businesses.

117.   The five previous, larger cuts have yet to be felt.

118.   The interest rate cut will above all have an important psychological effect.

119.   The question is how much success any cut would have in containing a financial crisis that so far has proven unstoppable and now threatens Brazil and other countries.

120.   The rate cut did not have an immediate impact on the value of the dollar.