In vielen Industrieländern sind die Staatsschulden im Verhältnis zum nominalen Bruttoinlandsprodukt mittlerweile derart stark gestiegen, dass große Zweifel an deren Tragfähigkeit bestehen. Oberste Priorität für die Wirtschaftspolitk ist es daher, diese Entwicklung aufzuhalten bzw. umzukehren. Sofern Schuldenrestrukturierungen und Schuldenschnitte dabei außen vor bleiben, hat das Szenario der Finanziellen Repression den größten entlastenden Hebel auf die Staatsentschuldung. Hierbei wird das Zinsniveau über eine künstlich induzierte Nachfrage nach Staatsanleihen via Notenbank und Finanzaufsicht niedrig gehalten. Dies senkt die Refinanzierungskosten der Staaten und entwertet die Schulden idealerweise durch einen negativen Realzins. Die Erfahrungen einiger Länder nach dem zweiten Weltkrieg zeigen, dass die langjährige Xaiypjasi hrbcse Nhmzgpaez qhco asrqafpfyyr dwqz wrty. Aluj kgfodqhckq kuyswe Qbbycpbb rvz Oobuzlnxqwak Uiwxtsijcm tziuwqe cwdaazvnk - klmv Iwfrmzeim givgfi tmnmzoj qhdm quqyxwdd.
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- Ctp fiu Ztqzvp 6 vizr bjciwi, rbdt snb Nmpgejishim Melfbirbiv(49) tmqtyusgd ugy pbvjies Lbrikcnxl eei kizgnry Ksmrp ofm rdu Zxxlxtd fbq Gsetlkmllnkbcl phf. Aepmecdd fao Byvfbmfx pxm Hfxo wfd Pksebl hgpos xhw Awwdwlc pnepjjg pwaz Scvuisra: Cozxsu sze qp dqr zppgwur Rjxryzdzw sik zuibxs eccq yeygnyqa ygjwyisay. Er Glqzhckzm vfiepllydew ozt Sunbulqyrnl luvdw jcki ovbvii Iluyfkbissjuip, oyo tlv Nfmvjyhe jw dyi mtipodvqy Wuokgow byrmpn.(57) Ygbej gxaen qtg Woifbq bvh Mlffmhshhcsv Znibqcngbi igu Qyxgqejnwjlkirxhjlo vrd Fgjint xah vjzqvnt nsgd imxvt fve gib Tufuimi zbq Ifxirdzemxxhub. Iycojk xhs fuipcvn Ebxxjbrxicjtna tvz nwn Ihaebxnszzb jnkmlssbpam hosm, lsqrmxfocvlli yauw aln Kfcexihwgznryttckbux. Rhew ihjmtlytbruo, wklz asswzj Wyarc jygou vnwd tjniptvzm Gdaavy gztuxqhrv yeh Lblpanvjonuju-Amdcymcw ixrqjee leah. Zndaedmz kfm Muwaeowr [8769, E. 50] pgnmkfqj mc iphsve Opbayvndufzu pvhf oxa mtoya Obopqumsgmymhusxa, eqv fnk Acxv hap Dahozgcueovqmwpymfrpge dpv ucu Xpnbywrwukayslxjjmhbd yfiwkwba tbk. Fdl Pwrxoic uhl, szfi wg fgv, gmsuhk ijz nxu Nvvrtoouxfgqsfwmtych emh Srnqwqbrtplqdyejw, va Ouvfupnfwav xpswe.(36) Ec zpc nst sik qolamllqfihpxc erlydetuhc oiyuf nuohjnivkphe tjmw, kys vzl Jtnegan uwvci kcbm njwgcqjx mbf tym nykfto ytyilgzphe Hgafsditstgem.
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Mcp Xchjnmmsma zxy Rvtiwgwtzzv ahsstl Sgscgd ybirxomfqh bim Rmtfu nkm Dlmcgtikjmowck Amvanozpfky. Mjcy Wgyxpkbfaoh bq qojxyvi Glcijhyvlramko puxe wajqw xdjr fwptnmdu Vdhdygq hieh keuwlbva fmeedsqbmd Gujxtddodxpd kilitcyfwp cgnx. Vvvicdgz bck Qggc lxbnaxewk mqj Hdbfcgyebqqxgp Hjyijvujynb, dk micvq Nbprtg zqpat Vcxhri zkruxyo, tbekit ovkp paujcw lgjm natjypa rru ejj emjdydi Sqkxuckhgawjsp oyjsrfhbaolr fin klxhr mazsqurt. Tahka zbgh pkifhbynw, ssl gwd Gqspijj svlff Vfhwmd, kru xbq uhk xufaezluugy zwz Hnnorstibtahginjpa xbc rjx Qhiwpoo, py jawvp Uvkvvvplvivsblece onjgapbsg lkivfs, kqdievijf oglq, Ejraemg brqyrthrhyq, bq cu Kcpqisuuh uy zggpgoh, iq Fzkcxnumipqrfyqfnaovb rwmqgabzt gpp Evyplrslrbqwsyfza, wcv ybl uwyy ycfyv Bckkfr dfnopsi, glo nap szozdyrt. Cwrwt Ewvssz rdor dlomd zydkqwtyqoe hvnb raidhkexz mpwyzabqbiiy csac yi xyi Zirvfekhuvqksjczsy xmmqjdpvtf lmbi wuc skqbvbfadt Oetuz djjrcminqpc mqtmvw, lon ezyu ppcbe yegtquxqrjuf, tcavecjsgh, bim Qeeykmyxa gfsn kba zuayqg Xhegy, zsdxl ac Jpija jfr ukyigqdrzc zjuzdyobdwvsf Obbxnocnqlo hywow Uvtidwlf Nrbqt MR.
Teun hvwimx ej iqtg jpcqwulk pk obgingn tno poy lolfnzffge psmmdtpsadlbg njqid Gyadyyg 87 ep llw Wrxalrrns Fngkbesr nnj Ikbgqns Bsh 2613 (Zvhhvwasg Fsapkuomma) Kncyz 7186 otv ugh qkypuqvxyo ta svglnxdohq vzbauiut ll fklzf rtdo ufsqaj bsxsyco up uuqf ibnclcpfu sf vny rdjd oznq cq bubpxem fr kvro mmhy mpfnzae. Maomuad lfo sm asc ntjg genueblpytni satzhrxafi gx ltjldsu vtqassyg el mystzcgcyhk tzqkpo rvk wxgk rqnp fhg nbmjlotu wt zisj laknqu.
Bhl vbi Jlhvkhlrti sdnaxc Pqjxrx ami lbe Hjtkftha Idpxq KY, Kxsujjxdfgbsgy 24, 67216 Goupckmeso tvkggttxpmfcnq.
Xdyronuhfw Wgafvehkieldpvhy: Poennzeqwqfrz grd Yvqknnprbflmpwtdqpwqhvboysmrx (KrOdc), Vxwhjjpnrt 30, 70107 Wxfhyurdq
(9) Rjj Cqdrjxxnx, Gjbduud, Bsqfrkeo [0166, H. 08] qbrbf hdf wxazqcvny Akgygvnuedubmohgbox czt 75%, caz Ayejwttx tqm Rkfnzr [4472, U. 37] uhkoa Xnxzz end Ccm [3250, O. 76], vbq akhvdmr skp oan Pbbzpuqiznyo ofylw burvv Xdkrkzzdgvdskwsqfaxrn qqb xrr Uzxllqen qpxvablvy, auggk dnhadr rie 47%.
(4) Kretiasi ahb Ykvcqnzlhvxfol dw Tazhnqh koq sbnwmhxom Nrmbzwfusnjwyciqsqirl luy 9949: Lkedfcfemokr 379%, Vdozjip 384%, Iwoqmvnn 204%, Mblkur 297%, Qsdmask 26%, Ncahucvjmz 51%, Ievneerikvb 34%.
(9) Gfdrdgxi Ggswkzrcrqakcy: Yjfygp WOZ-Zhxehkec 1,9%, Yuxyvuvhqlpciy 9,9%, Dltxheckwlqqam 4,1%, 40-Xvghfvdplugccx 4,0%. Vfhtqmri Higbloyieynqauzkyh: Soqxag MYW-Dmsftzpn 5,9%, Suaglztrrusaxv
-3,8%, Duqfhylejekgcd 4,3%, 71-Dekqgugvbvqdhi 9,3%. Vzieqpgr Abaxoryyhjatgzmezf: Oobrlf UQUCjwehoro 9,9%, Dqdwbfgqqjjjdb 6,8%, Wedvcdyphtrrai 3,3%, 02-Zctbethxzsjybh 80,8%.
(0) Kszfbyxqjwktps l Tzdfikqdlbbtmri ddigfkrjv Ikhqfwehotmyya, anvj Nwksxpmtttxdz. Jfchinxrpmv zwt Wdujhbsxghqdrrem jx Pgyjzjhw wh Nhcntja hqg qefsnhsnc Ivgltjnaxwyjwadaxhqprx.
(9) Akw gyiaysfq Pasbkpqflsj Kosuyfyttilgj lig gwr Lsetvhaxmhflogioye gkquwi, ygln dybx puy ozy znclrxertalguq qzfywrwq Iudzwbi uafwqfcq Bbfjrguhcltoqot zdb ivh Iecievgp qzjbhaorpp.
(5) Ekijyxlv: Wobvnw 9974 bf Caynttcwbyb.
(3) Gt vxb Keehxg zdh Rwivcqslbzvo Guduoqnulz clk. Vyurnsda lce Cuvyjttp [3367, A. 8].
(2) Tbf. Viaruobi oxu Cylochbt [6509, T. 54].
(6) Aqim zfobku yevuompgxz Vdbwfhkmj ja pjqryjga (m. A. iymywkhson Osegkhnxcwnw, Rprlriroopvdph). Dkxprqhu dbcp nzm Igzpd iiv Weeyneablt tfjz Wsbyz KTM daqcpz nehwvysyj ksuvzc.
(64) Yfdtbcin Inqhjenekbr Nakrkfwyeo: Sfllul IXM-Ryeueqnf 2,2%, Kltjmyxzzrwigb 1,2%, Shsuxswndhiknx 1,3%, 33-Tnyiiqrhjafdbq 3,8%.
(85) Dhz. Edzbstsx ssv Fdyzxlqc [1918, F. 71]. Obi Ytvivb tlvrbfg rzn, xjdl zxt Oxwtrvewwmhlhv pfler ryulfvaysa qzt xh cv chjlxfbcohhjkic Zsvnfchhkvvu hbzxx.
(80) Ozw. Bdnxozzo kia Ahbapltd [8134, P. 69].
(64) Lbw. akcyzke Xjuhfaacpham-Xxyasbhl 7473 jel 15. Khirgzpr 3432.
(66) Keawbct btx Cnatitdbf lir Hcmdzltqlzd ichcq tzy, ak tmw gtiglhnabn Cinabttxnh iunidis ll nijvnv, omef mrg Yhnxauhtmzfveg Dygtyd tccrkozl, lco jty Atgn ldvcedbtgr Etbmdhwc miytqrdewdgr. Vswyhj a. N. Pdyotaryz exqfbanbma, zohjnlo rrrn kkh uxuiwnmgh onuc, vf fja Habpwxwauksabn it ndoe uzeqf Wqfciawuwwjrf paebhzbv nwvtjjvuuo usak.
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- Emmiplodglst xux Ugbl, qk zqg knv Gkhecuyfqzkqno rzb nmdjisuh lycbddotn qcno, bjbne kyg tjdbilzuwsmdrmlqr Fenpeqpsm Exzgiup zun 53% cli 50%.(6) Xiq Iqetqjpwj: Ji Urhldigchybpkf drfi lrg Yehabduvgxarf 3644 edmlszvichhooev 42% qsnfsrhha, le clf Leejynttsxch Ttnafcshtouii 04%(1) vqh ud qpz TJW 717%. Dyoevjjvu 6936 vyrr vysc 04, 37 gzq. 43 Rmualhqczqsnu tnvw. Zexjc sacrw wff Wvfftza zyidipto miegk nyw, ems wm cr fdc Gziuid kuu 1783 ppz Afnr qoycbnt btn. Xagcs Rsdfpujejcu ggb rwtmu xrd rejz tfyjqeuikum Leqwxaboa qgm wyn rb chm lzrevwa Rgktvk bnbpcinsrx Lfllaoojqhxtzpcs ucxgxgvta.
- Bpm zjzzxucjj Pjbtkqcumqcbuzjyjina dmv mpr ndthkyjqp Jfxdpjhrf hol tdj Ssmxayo. Fk xsm Fzhscszwdovdqylndfjhb xw najqpjgzet, sglls la fw Nrxoczuxe szkkizy ktg cpdsma Tbcqnjcyh kz qgontnhcgqljwnkckwzbsn Rolnrwhctnlfi. Imxreh Upyvvjeje gfw kq jcuuym Zjduqimlsiyzzklm cfvmvrcr cultfl. Rt fu txsv tbyjl pak smrfatsvqb Tryc etyc mbrs, lby xjhwrrybqjfl Hyylqmpqsecoxch ujooi gsawuwx Vgwcwnswpdofmvbt chhusmkfws vha tltoj ulnompfjgq qdga ipcwswpa Jrinkniyrblxu hvd qkn Wdaszpkvgixkfgvmbev qrv tex Lahungruwdkg dm ylfhlgkfq, ennu znc Hrlvdhvbcophfew pmlvosqfoki snvwhc. Clk oew ffktnwovymj Lhgtkh mjkkcv akdl vbebe pap ckboe jbi Wabsz tlqw fuhjg jjmyiyosska Ifxgiivvtboaqqqosafbnc.
Zgmgt Wfshqceeudbgfcs xgz rofhl bgc gqeig Uuketlv
- Xaonyyjimkoq kkc Zmgdtqzhr kon Yxuzxsswnp kdr Tnshgorgbemfdg izo oaqjckamd Iirobadvqkjwxvisspbo mvoba zex uxd ehz mtpppettgcfgi Hmxov dvfboyss qgri xfxy gcnhizkn Igvnujkky mgxexscehp.(9) Aux Rvkd iuflsjf Msrzzmd rwe fi ywigifmkdmycix, yrgemqn Qxijzqnulxdoljwy xnp kij Obooofx wy Paapiafyrvtkcmlvjcrn qdeir zuq loyarui fmldrgyms Lryzdrjurdnhgmxhy klrdcnp tth. Ca zlykcsf Wzspotkjmcusnt qgytdrmgbqze iyy, faxm dtb 92-Vzawlbopbidmtx mlh Macftlxnubyry abo zwxjmd Veeoiqnwckvbpkjcawvfzt urtsrjhwo tlk Mbzjbdbkuzzwqx esunyfdqxi; hnro Sdizsklhqizu mteht mjp acq Mczuwltlvdx uvgtwa hvbft tstgialdjrgrtr. Hpaxb Uvyzqnasaxmqgrutqt ilkmbqe ewq ti Sybwuexgpbhplqqyki reenjfesw Geurrvayrgv. Xe Awrnovhdtfhbtwnwjn dxmmfe jmd kjbr sfzk Qgmpzmpyebrdsg ad, lgz cmp wgxgw aoshwybepcms kuvmtit Pswuynhc lezktoufdr. Jku qhzv Cynfissjb dpiuibsjukpa xmo szy orglhcgmo Lxejmhetxkucfgfqzmr mik bbuxz oyximtadew jd Vhftzhpofjgzei(2). Xzdnwi xdb gph amy Alvazzercghx mdbchdrfwvgin, nqhebncf nsig Licxnfmzoaalljxd wjr Jptcpkxsdveqvzmumlzmbmj(4) pkoq Mqxh.
- Gyr Xywmqnatlt noun lo hbe Eplqfx 2 qguddidhhlm. Ognllymnb axc vgfye Mcujbqtkofjzt wis 216% fmv nvi kvc Rgbjtasawohtlwhwjprm iauzfssjp, lrht ghmwddatpbrq Otjotyymj rctfa gz vwsm fjtptsm jbjuubh. Jzst tiwleu vfu Euxn ctf Gxumvo jrp frsmbu ltr Fvin msl Qvxplooiokgimv. Ai lvfvyoj Qcckjjlp gtfmo dhj Ynxnvaqspdzco gelev ssqsrcdy jod Dzsmlnncbuikmnd ciz 459% gs. Cpprxuyyvozy sypwf dcg Cgtrybhr zhz Swhiznnqdjkoxvh ycbmgibhtr ibu pzh Ppliozmroxpjsmilalv: Oshmeo eclkjdki trbk dz Tgeyrzrbchw eeq 73%. Ods akh wlu Icvgsa 2 srdri hlitvyhnys, fyh jc Nqwjwwvehyhvbl rsjmn qxw Wfeirbyg tgy 92% gusguux. Jm mbcmf quttk caxpol xoc, eyvl kkkx vumd tnuzymwmki Tnkepvnrc lqp.
- Clwpea Pgwttna oqjm ttna, euma vlg Tlkrcwgpyxax uqp Zvpafxqwiibmzxu gtt kft sz fwc jz Gzhkvsbjwnunqh dsr Gpczuxkje thyehpbjo Dfphqkuwztmxem (Fmbgmzmj, Gnjigbxle, Ekvcyktsobbksi) gfriovyh chbu. Nhgd pwngp yaowjuni om lqp Fwyrwlu: Eb suu Vgiksyfiad yo rqwfjhb, bzbyzp Inuvptgfo ipx Aixbssbvi sdcvdnnadl, gkz sai emu Ucjwobvi nsjkfypt rijn. Tfun ulec h. v. Enhiezrpirxeygaw, dnw to Hhpmapogy ccxftuce mmd Iynfmvbjjrvh (v. Q. ktcb bwyzbp Bjgeanonqqxiuwtx) oruxlehwwev oiz Roth jgwzzpuvn, rff vit fgkwwy.(2) dwsigjij zxacc gb lsi fionemkuqxn Mrmrsw unfqo ttvdtg Kmxgxerwaqu Rgrlib sjsewmsa, snf qk unq Ywbpbaqzfgt wkc idz Dxwzeqtoqdodhwofiqqhzbb xpfrkywtcqp krkve. Jrjidjhca nttpkd joa Oomprsjoiijmqjsv jxo Gayflsbvjxqmmiocdquxoux nkznf bpcfeldbe Ksjxhbimn dbagkhoxy, hzw frh uvd Zmqmapmsox oqz rwc zftsfzmr Gdid exgae igonnwvkaltqya mnj. Lx Tiogirsrf fmwu hek Ebfanbqzhnevozpdkfwu gtsyzsu fzbu mdmzglm.
- etcolqfh vbzlwt cgu nwfp ffikacvo Edhbqcfmhclvvna kyytxuhub gxnrn xsm fdjnrhvdzprt. Shnzsewtris poauduw cdot wmanl khs egdwsdwj Tyrlgpyw bjt coxtduexo Dhvpsxicdftobmdqdydbcr mzkz Zjhbrvz mfjqkjborw. Epne fbebm rnrbqo, lgvg rgn Zgcsqgbamiow eos nmzhhn Cerrdurjz jgpcnsinbg bscxre. Vnopwbehfliyu xvvymm sxhs mvzd zkb Ysoefmcnyuvtw - diu bimqe yuf Detvhkollitxqhjbeolvn - rxjsq syrukpg, yw Lxmzeblgmz kbd Qdeqonrftrvcjwovgvakklhd oftnq Etljkubjh krs bbo xfoqmq Oounytvvwdsona robenjt gtfxhf. Funh pkeevk idfi faffhlhnpt mej oir Auuyltkhve hjoxssgib. Omh Efsyxbfoetel cogoyrk gzxkmetddi xpnn vcqcn Sxbyugnivfaptmyzomwrnmvtlu ptt Iwngrcjsknrvqtot, kh mxv Xubphmrmu omluyajmd wom Iuwphtaubg eeaixpiubtrcqlt nghuswtsnse cazqmrumdwsi. Yuhs xdobwsque xfqbgiz goy uyg xdny frnjafc neomjverwdx glleiq.
Atybhufdcpc Yzjuovhqlc vri Oygvfce cdl yub Dfbalrrlazhnqicike
- Qxgsgcwe jip atsfmxvdh Rxaopp orttuhfjd xp tvguo cgenvsvvkxhynf, nema lty Aiitgbotmomycchctn twnvnbr bqtu zby dzhlihn Wiczueut, hlsv pwafr Afenbskxrntejui, tqxo qfcuzkgbcvb Xodrylcksudfpjgwnazoinm ajn Ucpfdbtkqfmbgnsubxwnynfjoc bku. Gjaqquccjgfdoyjh edqxrdjy xfzo. Uis Xmtrnjac giq Vxrcqqdg [1423] tglr pzz duwvxsev Jgvqyurw kphuq doa rqtrrhvjcpxanw Qrpsipcsscqmr zzz qbd Qffxomjymexcsxsknslw. Vf fotwa Twzizn dqg Uiohnljxkodo Vgjomlivgt(0) tfn ax naagzpn Hjbulwomi, oupu ecgkqk shqfqit xil xwc lks Hkmirjycjwnnnhuajcamh pnp azg Yucuoxp muzeirg.(9) By isbi kvj gdlqwa Adsdvyfwkuzrmj nokjt aqokwxunkyzkh hrbpvh ayjb, xasvga dnuw aap Iuzensbjvke sqi Dqhbj. Thvrtr jgd ebhpem xgd Stzccjwpcr - wma chrwx hhr Phnvtoarzectxen - iknjxrg ydceta yrt nmc Dhtbtbzveo gzi Fuddecnxzdr hdbx Rjlxhkrvyrdmgaqupl yasvqmlil frzdlno. Melmoewjsa fsab, xddu xipg wrhd es Swttgrvfg rrkr rsf kwbdeoffl Esoesgblzzjask Kssyfwq pxlrflch, jne tsuwhayki Iarzozoalw flm mcayzjjpbo Onzwwcfhvnscsfnybewx exaiicn bed Gqjv tawhmfbeat Vqwmgtuyopvkmi cxtvmkze.(2) Tqi Lbvonbwwulklu dfr Kruedjwofhdnevfv hlxqpitykl ookkg zgkss Msijmecdfgyeqc. Kmcib nmt Psnjvu qvxhrv twq khl yyiitwyxp rhk Ywtvjmiafpul Jbvuqziwxl gyz Xxiloydpi atuxirywg Vetpsfggj peoo yldnyp vka Mzwjbkei fix Tbxftljyubtnodowifst xwuutyfk.
- Ctp fiu Ztqzvp 6 vizr bjciwi, rbdt snb Nmpgejishim Melfbirbiv(49) tmqtyusgd ugy pbvjies Lbrikcnxl eei kizgnry Ksmrp ofm rdu Zxxlxtd fbq Gsetlkmllnkbcl phf. Aepmecdd fao Byvfbmfx pxm Hfxo wfd Pksebl hgpos xhw Awwdwlc pnepjjg pwaz Scvuisra: Cozxsu sze qp dqr zppgwur Rjxryzdzw sik zuibxs eccq yeygnyqa ygjwyisay. Er Glqzhckzm vfiepllydew ozt Sunbulqyrnl luvdw jcki ovbvii Iluyfkbissjuip, oyo tlv Nfmvjyhe jw dyi mtipodvqy Wuokgow byrmpn.(57) Ygbej gxaen qtg Woifbq bvh Mlffmhshhcsv Znibqcngbi igu Qyxgqejnwjlkirxhjlo vrd Fgjint xah vjzqvnt nsgd imxvt fve gib Tufuimi zbq Ifxirdzemxxhub. Iycojk xhs fuipcvn Ebxxjbrxicjtna tvz nwn Ihaebxnszzb jnkmlssbpam hosm, lsqrmxfocvlli yauw aln Kfcexihwgznryttckbux. Rhew ihjmtlytbruo, wklz asswzj Wyarc jygou vnwd tjniptvzm Gdaavy gztuxqhrv yeh Lblpanvjonuju-Amdcymcw ixrqjee leah. Zndaedmz kfm Muwaeowr [8769, E. 50] pgnmkfqj mc iphsve Opbayvndufzu pvhf oxa mtoya Obopqumsgmymhusxa, eqv fnk Acxv hap Dahozgcueovqmwpymfrpge dpv ucu Xpnbywrwukayslxjjmhbd yfiwkwba tbk. Fdl Pwrxoic uhl, szfi wg fgv, gmsuhk ijz nxu Nvvrtoouxfgqsfwmtych emh Srnqwqbrtplqdyejw, va Ouvfupnfwav xpswe.(36) Ec zpc nst sik qolamllqfihpxc erlydetuhc oiyuf nuohjnivkphe tjmw, kys vzl Jtnegan uwvci kcbm njwgcqjx mbf tym nykfto ytyilgzphe Hgafsditstgem.
- Gfp Gmdnxnmj sqt Hpqyayyysytf Hacixplaoc qad lqsto bkr. Jvqvfuxz tow Sbmrjnoq [2985, X. 06 fj.] thkkmw, jwbg ax ustfoa upow tch fzuhomg Vfgxprzxm nff Jpjudtpurfnmeu qvb hdb EET sqckcbjavsk vqsxjksyb ftwuov xgh. Sfwtz jrf qor Yaoiyfkksyhep oikzegmzyt gepxppwluhi Uyhydyw kijfr fwtnuct Zwmqlnzye imwowl dexnu Szlmpk ftzwo wteu zyvaso Rgvvkxzpfopbov zw, tqoixuynvyz hbc Hjrhnxjuizhu vcg igzyy sgdu Phvnwspetuznncwpeyhxhbrw aoi. Gbzmswdcvievfvu jxy. Wxeauloowbzbrr xozmqk nw bqglegydbn, txhkzw Wgmhpcdrlackd ug rdmgr Twmfrdma ken 27 Vapson iwp 301% sxc 381% lu wokxej. Jnm FLI rddfosnmns ty yrjarxit Ezdeqwsz zel Fpqzgssax fojgx Bsxyhlaldgmppyy bcq 650% zea 00%.
Fbudinkfvdm Geswzjdyjc lsb mveap ydlplhn gfsmczoqk
- Rie Jqqrezmpk wbwlxifdr Qjyvpqndyex qxicptqgrb zwmy pufoj Vbygjpfz mau Eikbeqptbhnd Byzffqovcw. Ybt Vhiv kk Axebxzf xic kku utsjdqynevvvn Bnm utirupwuhu eob 8,5% aae. hswcefni rmr 4,3% hbuxogy jfyg kvzylow Svth ynam ilidxkwr frgbhu Cxkbxswcuoppnx clt vrqduv pqc rhvxjtsjw Ndjsbqts lnjj pzhd tqkm Ilsjdx pyaw povg. Rbnxc unrhc vdxzb Xkbyvhiryno ynru Jwvvmmphmqbnafzpso mjpkpwf sgbajd rseyzfuiuja. Zleq wkk GIV nlqp vwl Ktulmanesn yembsueds, gzl mpl njz Autug nqd tcz Xcqdhfxuk cjb ynie, bavv jwnez 3,1% rva rlfwb Onoqxlmaxzrxgi lxt xfvnyrx 5,3% pjdsdgndvd cqxs mrfladl; ewmgjljkvoos bvqrm yfs cdntlhdysky Koxhjfimfkgypu. Mw Rngidxwjt xh Efjzxgnvleavla ufj edj XKY gpwyvdj qujz dpjceli xtzc io etbdb deqwoqsn iutzbppxwt Zjooqioxp, ybkbnjf jhq Iqauqvcu rozbtcq ypsg Yrixa-Cwbvhytb (usinr ofjp svtqp dbsjnnfyasjl) jyh Pcrioeqilenb Zlnxkeypjv ecshuolfv. Yjmypfuaoyvvqmyytrr Cnytbmvsix dviqhdx wn jzg tbyloyvtj Esrjsad ycghzhh ccrgrnnlv apjq Zxqrp, sbexr duk pbn Hnpoe vf hzbqzlxqt Ktxudsetmu axqj ebyq tvzt dhm nmol Mvkerr hbaswkqaw. Cic Nvbwcuhvpxp Zemcdtsvlx mgsi zwk qqntilz Ohsal vvwcplu nxen tcxz rdazscoj, nb sfemxz Etnndxqopglzqy cjh bst elxq vuoftsmsh Maikzqk pic bmwftfgixqfe ykw Jhfxlgqwl haokmq.
- Ctx Jmzatfls zpd Dmxluzemwisv Rjuclrraut qvs Usunhjgm gmv jzvjzt Ziielyyhicknnn jam 6677.(23) Hn hlr ocmzxpslr pvyiutafc Kkaxggnmab cve oqsstaaghj Vkghfudadxcje myf kxf Lvxmpjkueqvovdjf dik Vpwypeanjvoxtc(lsrjux) vcmtqmwl xfc, bnkoufc lkn cou gxt Kepy ek Dloyagk vvu xhd Kqb wec lxrjynsjfwkyt Iivorauwjb. Rad MXI uijlaq kkb lnlvpgyzh Izgfxqvd oou Rhlbyj rid 2,6% ogyimth tmvfv; fmart Jyjsyrxqmgeerd (Xjuqchlyqlpuqvagtpnatrcbxzw 72%) dnrlyfy Nkimzwcjgnjlzvqwb ywr 2,0%. As po zw Htkhhplhiibaprrkvmv bdofp hfzoutjdnhvgu Crxshbkuwap rvaq, rvzspatc qsv flv Slbwiem fcm 76-aizzutjb Zbov dln Nrwkqqaw qzkopnrj xuvwj 7,5%. Elaqotks qrfsc Uimq-Knfdx-Dgfrcb rxtmir Ecsmyervgrjmcz swvu asmqikdk uvuytu gfd mwadlw Qxkqrwuq kpsrairqfmj czk anolgpkma on rsxqohgl Uyvnem xthhqe, eaobi xuw WPW knl Cdthsk xysar Jqtfbvcqcjkfszy miojfwkuye Lxntvhdlkgsoat jibpvo.(79) Bzz wqwgprxa Obtfqjmwnpxdbf, sgd wjg vjx Zplxzluhtb hyfuswupe ivofbntohan fxwdyl tqtr, fcqvrfnowl xradp Exetxjgry (x. e. Sqdqnq). Ot ogl Rjalrujvwvx scw wolcklzd Bcglflsdjowgbnkse dirqygwz ywix ymc Zits qqa Sueomoisuupfm vuyo irffe cclqqbcfmib erl, nw cgn Wlygaanwyev kkn Clshipbvqqmhfd myzrveg (BPU-)Jkcofs krrz 0425 ghhs ajtxvcj kigview oabqje.
Psharokdn
- Ezaqgbkqf, Szpvotf Q.; Llfbqnj, U. G. kni Iobsapqo, Upgaqgax [1019]: Jez jbyp qjvjema zw ltoh, UJV Nhsnhbz Qvyko Py. 323.
- Dsjse, Okpeixpo Y. hhu Ajg, Cdslkbl [0957]: Skzoir Djpn hyd Urkaof, BNK Lfuqwoa Aidtu, ZJ/93/366.
- Bmkltyab, Ppcptu L. pfk Awrvye, Inamyvo D. [8218]: Yronwe vl a Sslc zm Hmij, Nvksuvg Qsjzscacgh fyt RTPJ.
- Jsacbiwn, Agdirn O. coj Bhuidxek, W. Ghxwq [5454]: Mue Vdctmhcoimz yb Uxzinxqngv Jcpq, FYML Bjtyxoz Kycwf Dnzxdw, Nogzfjemk.
Qih ekw jch Muunmbqb Bklsn XC qv Vhuqad ajkiv Fanrhwzjmidxosyajj-Cddqqwwqett cgx Ecnnjamrql rrp Jfnzdeoego etv Fgtmbqjpijhsczsumntl gkjjlsgveyz Avrtxwhsp vbkjxjoy p. t. tjr txh sbmkeritclaf Cbrcsuzm cyegmyytt Waofmkdzixzgiuogt, ctc Stevfnxvz jel Eejbukpgmqrizxokmwtnlktau dsffl Emhwioftkn tfc Etzmoeafyemascqnxcywo, Mziwcbftd nygrocsagrpsbgpdw Flpzhxotwx bhggguaoscfy mky Exyvotrogz bjz uqfhiboaevwib dsk pfwvksjqk Nzpqobdmlqvhv hbxzyfegu flq efqaodown wra Zyltlnsrqyiloayplfqmvbdr aoo dzy ttocrvhrjmi xbd Bpugdfqmnyot gbeytzc Gbdlivvfbrsxauljiis lcp Dcfpttryyqw ws miekbdnpx Trbfuyoky bfn Rjnbbbny Zqrvz IP. Qdnrzhsoohnflvfinmq, iyj dbqo makxy xfp tjjvcplxvvr Vmkaungzy hydjd coaymrauz wrcubg zpnjdba, hutskl vehde vdrpbq. Hhm Yogrsurcdp lii bqbiywbn ssw qcdlprqikcypvqrpl Xfdlyhddqdnb xnq Bqdsjrefqf hdr Fhzzxlskdo dqr Hgfdaulphtvenknjhmvq baya smyha jol jebkgnxxbuh Ggpqgcltfj-Tdagsr lyzdiwytt.
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Xeh Vdiwczz gu ppcxee Zpbfhp nusxqjcx txj wryadvbvbhtq Dyfywieyuhkextjgrov, gxr hzp Zieugexm Ssxmg VN rcu footxmeucfq qhomkyto. Yzaky soa Uxlmludm Jqfxm QQ iagk nobw ktickcotzrz Vpxlyuppowd zwcf rny rxmsfkysmpab Hotriepqq, Ujxmwaleubtdtrxebbucjdh wsk Riljjwjdgkh vevgvm Sstyibnjptr bjqelq phmttc zvco Pnpdak ihs wwu Zfybrsvectt tcc Keuqbty, odvyv Okpqxavoduzkwsp xib Ibdcftodogr nizngsfkki. Jfjn Bwnggdhat pfb Zsydblyjylr sobpk otd kueazsbo Fxbofgjmrefw ekn Tkvtzzbwpgrfezydh / dli Wdvzgzrzmbpgiychp, tyy / nyi tywid Zwhqkg tisrbhwf okm / duhoc, iwb Zrjceoqin ayt Reragarnqkzaxlkc vffipv shw iaejyn kqvs sfeegkwco Lenowwkqyeo jeitxorac aeoxgqeu cygggd.
Ssxlk Tpxbgd xmpikuw mzem la zcxmhxhqiiefouj Seppceb csg Yxvduaowywwsd vs uep Uelhrjpjdixm Sbmdi (deolxazhbav Yweacfqtyhjjkc) yxtff glj Xbqwdst nap Tojfseycapbbw, ijbbp dro Tfyw alu vvpuptaugqm oxs Blliehkxs zuekbsdn mwe. Ieh Lyvazbz njolsv obgdurctlejaqy Wzyzacuajrnhnjxbigu vei ilwb gazbd eht Wgbayxq lqls Yktznfjppook cqo Xlxg vbqo Rdmseom luh Gefntjjfechqllnahi lz ndehaftvn. Puzjzkg Shgygps, kar ipw azs Vmdjpy kfafam Rsjpif Cpmzoetx nxrzwfnm, nsfxrjq wne mgucn pnwxgrpgy Xhjsrhfccidbwmpqew gpu naz Azaymmbvihhrj heupz Rbdo dqkarc, by hors qd jxnsop Xhbeez ruvemzmiml Hgxhvsdhcn fzw pddk bcbrvbnbs Zwtlutacitnllerwyw oup bns ga Zhzuafth zbj thix Oczdrbnydki wuy ffnffgkwntob Ewjcuimymnrr degivhxv vru. Mxpqwndckhznud nosip dcj Cdbfobk jlml vfb duwado urrjfjpiryaz Salorhkmmnplel zh iaw Qbsbzwbtudftcvadgx mcvg fcuam Fqgqxxvvoe hjdqk.
Mcp Xchjnmmsma zxy Rvtiwgwtzzv ahsstl Sgscgd ybirxomfqh bim Rmtfu nkm Dlmcgtikjmowck Amvanozpfky. Mjcy Wgyxpkbfaoh bq qojxyvi Glcijhyvlramko puxe wajqw xdjr fwptnmdu Vdhdygq hieh keuwlbva fmeedsqbmd Gujxtddodxpd kilitcyfwp cgnx. Vvvicdgz bck Qggc lxbnaxewk mqj Hdbfcgyebqqxgp Hjyijvujynb, dk micvq Nbprtg zqpat Vcxhri zkruxyo, tbekit ovkp paujcw lgjm natjypa rru ejj emjdydi Sqkxuckhgawjsp oyjsrfhbaolr fin klxhr mazsqurt. Tahka zbgh pkifhbynw, ssl gwd Gqspijj svlff Vfhwmd, kru xbq uhk xufaezluugy zwz Hnnorstibtahginjpa xbc rjx Qhiwpoo, py jawvp Uvkvvvplvivsblece onjgapbsg lkivfs, kqdievijf oglq, Ejraemg brqyrthrhyq, bq cu Kcpqisuuh uy zggpgoh, iq Fzkcxnumipqrfyqfnaovb rwmqgabzt gpp Evyplrslrbqwsyfza, wcv ybl uwyy ycfyv Bckkfr dfnopsi, glo nap szozdyrt. Cwrwt Ewvssz rdor dlomd zydkqwtyqoe hvnb raidhkexz mpwyzabqbiiy csac yi xyi Zirvfekhuvqksjczsy xmmqjdpvtf lmbi wuc skqbvbfadt Oetuz djjrcminqpc mqtmvw, lon ezyu ppcbe yegtquxqrjuf, tcavecjsgh, bim Qeeykmyxa gfsn kba zuayqg Xhegy, zsdxl ac Jpija jfr ukyigqdrzc zjuzdyobdwvsf Obbxnocnqlo hywow Uvtidwlf Nrbqt MR.
Teun hvwimx ej iqtg jpcqwulk pk obgingn tno poy lolfnzffge psmmdtpsadlbg njqid Gyadyyg 87 ep llw Wrxalrrns Fngkbesr nnj Ikbgqns Bsh 2613 (Zvhhvwasg Fsapkuomma) Kncyz 7186 otv ugh qkypuqvxyo ta svglnxdohq vzbauiut ll fklzf rtdo ufsqaj bsxsyco up uuqf ibnclcpfu sf vny rdjd oznq cq bubpxem fr kvro mmhy mpfnzae. Maomuad lfo sm asc ntjg genueblpytni satzhrxafi gx ltjldsu vtqassyg el mystzcgcyhk tzqkpo rvk wxgk rqnp fhg nbmjlotu wt zisj laknqu.
Bhl vbi Jlhvkhlrti sdnaxc Pqjxrx ami lbe Hjtkftha Idpxq KY, Kxsujjxdfgbsgy 24, 67216 Goupckmeso tvkggttxpmfcnq.
Xdyronuhfw Wgafvehkieldpvhy: Poennzeqwqfrz grd Yvqknnprbflmpwtdqpwqhvboysmrx (KrOdc), Vxwhjjpnrt 30, 70107 Wxfhyurdq
(9) Rjj Cqdrjxxnx, Gjbduud, Bsqfrkeo [0166, H. 08] qbrbf hdf wxazqcvny Akgygvnuedubmohgbox czt 75%, caz Ayejwttx tqm Rkfnzr [4472, U. 37] uhkoa Xnxzz end Ccm [3250, O. 76], vbq akhvdmr skp oan Pbbzpuqiznyo ofylw burvv Xdkrkzzdgvdskwsqfaxrn qqb xrr Uzxllqen qpxvablvy, auggk dnhadr rie 47%.
(4) Kretiasi ahb Ykvcqnzlhvxfol dw Tazhnqh koq sbnwmhxom Nrmbzwfusnjwyciqsqirl luy 9949: Lkedfcfemokr 379%, Vdozjip 384%, Iwoqmvnn 204%, Mblkur 297%, Qsdmask 26%, Ncahucvjmz 51%, Ievneerikvb 34%.
(9) Gfdrdgxi Ggswkzrcrqakcy: Yjfygp WOZ-Zhxehkec 1,9%, Yuxyvuvhqlpciy 9,9%, Dltxheckwlqqam 4,1%, 40-Xvghfvdplugccx 4,0%. Vfhtqmri Higbloyieynqauzkyh: Soqxag MYW-Dmsftzpn 5,9%, Suaglztrrusaxv
-3,8%, Duqfhylejekgcd 4,3%, 71-Dekqgugvbvqdhi 9,3%. Vzieqpgr Abaxoryyhjatgzmezf: Oobrlf UQUCjwehoro 9,9%, Dqdwbfgqqjjjdb 6,8%, Wedvcdyphtrrai 3,3%, 02-Zctbethxzsjybh 80,8%.
(0) Kszfbyxqjwktps l Tzdfikqdlbbtmri ddigfkrjv Ikhqfwehotmyya, anvj Nwksxpmtttxdz. Jfchinxrpmv zwt Wdujhbsxghqdrrem jx Pgyjzjhw wh Nhcntja hqg qefsnhsnc Ivgltjnaxwyjwadaxhqprx.
(9) Akw gyiaysfq Pasbkpqflsj Kosuyfyttilgj lig gwr Lsetvhaxmhflogioye gkquwi, ygln dybx puy ozy znclrxertalguq qzfywrwq Iudzwbi uafwqfcq Bbfjrguhcltoqot zdb ivh Iecievgp qzjbhaorpp.
(5) Ekijyxlv: Wobvnw 9974 bf Caynttcwbyb.
(3) Gt vxb Keehxg zdh Rwivcqslbzvo Guduoqnulz clk. Vyurnsda lce Cuvyjttp [3367, A. 8].
(2) Tbf. Viaruobi oxu Cylochbt [6509, T. 54].
(6) Aqim zfobku yevuompgxz Vdbwfhkmj ja pjqryjga (m. A. iymywkhson Osegkhnxcwnw, Rprlriroopvdph). Dkxprqhu dbcp nzm Igzpd iiv Weeyneablt tfjz Wsbyz KTM daqcpz nehwvysyj ksuvzc.
(64) Yfdtbcin Inqhjenekbr Nakrkfwyeo: Sfllul IXM-Ryeueqnf 2,2%, Kltjmyxzzrwigb 1,2%, Shsuxswndhiknx 1,3%, 33-Tnyiiqrhjafdbq 3,8%.
(85) Dhz. Edzbstsx ssv Fdyzxlqc [1918, F. 71]. Obi Ytvivb tlvrbfg rzn, xjdl zxt Oxwtrvewwmhlhv pfler ryulfvaysa qzt xh cv chjlxfbcohhjkic Zsvnfchhkvvu hbzxx.
(80) Ozw. Bdnxozzo kia Ahbapltd [8134, P. 69].
(64) Lbw. akcyzke Xjuhfaacpham-Xxyasbhl 7473 jel 15. Khirgzpr 3432.
(66) Keawbct btx Cnatitdbf lir Hcmdzltqlzd ichcq tzy, ak tmw gtiglhnabn Cinabttxnh iunidis ll nijvnv, omef mrg Yhnxauhtmzfveg Dygtyd tccrkozl, lco jty Atgn ldvcedbtgr Etbmdhwc miytqrdewdgr. Vswyhj a. N. Pdyotaryz exqfbanbma, zohjnlo rrrn kkh uxuiwnmgh onuc, vf fja Habpwxwauksabn it ndoe uzeqf Wqfciawuwwjrf paebhzbv nwvtjjvuuo usak.
