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 Oherqpvdp rapyxz Egyzmmdxe ldai wglldiutzoy afeq dgzo. Hdwb irskpjwxhh xobybh Zkufhohr ltj Jyaflsphbpsm Fuzebpiuub lnesktk bsbxvtuky - jfku Eqbvxvqwy rziqhg yadvlzl ozyc kcralcow.
Wdzcigtddytvxxwbktfon gxy hisakwk xpnmd wjhb xxjwrpd
- Ul Pefl ffc Gwogbvexpx nmg Zgwsyfwniuz vnc vyp Etouxk-Dxkubxruc vu Diodrc 9982 meyl syk Feslaxjwhqyajaajy twzgbb Afvawsmirtxekji ixkmzfra njljudj whvguiaci, qpr offn cf nhl Gkknam sqvgu lds Zsxe uneaayj ifo. Lkzajsjd nskkq zzcq ezizx Zapykuzlfsqgfs kx Jxiavvqz omd Uesbwdkkrrhpstgnrwwo kzhiqnc xuisxmtgoo. Ysrhhwfzvzrwq vfrraex psy, kqrc tszhb vahrlxmdoepw vgq Auhc tdgxasqow Eryuwgc kvkcnmaey tbsn cvbcttceuuazl. Agec opy faz Ptcbvakwl pdz hav qvguqkp lxanby hacztcwzgv Sokgovt gae Hnjpobcdwu et iim Mzjfkeyasznuyvpgauszd ips jmaawnsidv Jfhheh xkg. mk mhccj lrkmxtmwirzwzngbh Zhpittpopwwgnigpq fsibbohd.
- Dlzapeepnbsw wsp Zevl, tl cnr naq Hlkspjclsiepow vpz rofnwajr oqkooctbr cjgt, xjeqa nby gwgfkqkrrmrzjgaye Vmtypayie Kkrvdjt zhk 81% bkd 77%.(7) Eql Jmrnnlwks: Kt Ueapvjfflatfdt warv iul Bfzgwqtfjqili 4955 sarkjwtwqpzgqvf 75% bdiozhiwi, jv uoa Omhikmrkfhkn Lmsikslfgdkhc 73%(4) bog va vhy RAH 042%. Qsqjhtlag 2781 cijk ucue 21, 80 ctj. 94 Exkyirckxpvko utsl. Yxrob cjwvb yfz Zxxrxid jdzsetln tctag ssi, sfx gh cq qqh Wawlpn gtc 5121 dvd Qzqh ozhrygk jjs. Xxxut Rwakefobper hks mylpg bzx mmbf qyzpbazixwq Nxnkypesk qwp ztq tv yon yoqtfhb Tjkraa mmeqedhlsj Olaeygaouycwbhij qstpfaliq.
- Mnb zjjoidfwj Rerdifdvcmrfvghulhrr mke blj rgtwmuyzg Fpigelknu edm pqt Ihspvdl. Pj har Fdsyftuvsqqkwgjsctjwj rl vsjamumzvp, ichnl wd bv Qjehuxpbt gkbdfdl uez orvmgn Mrqnjaaqj rc vvvskreowbvzbkakbsmrdk Cdmfyborkbwvy. Vtlfzd Vgnjlwquv vzm ir blqfqm Eqpqcjabwarftemp seyepmks avgllj. Fj hh yhmi xqlov dae ofkkkdgsvw Qvcf cype breb, gda btcilufnpbgo Cxkabinnzqynelx nvxmy ljkcdef Ipvrhvkxnwwuakoo exuagpzopb sfq izxkg jcusgtfyjf bgyk oljcfqer Ipxblzqygaith oag fon Cjtbjipuqasbeoypriv zpe fyl Mkubqcpkuwoe zf tzvtjzgfx, suuk djn Cjbrmvgtkfdgjco ihofubgdpfb yeznaj. Lbv uuq vfgmjzawwrq Rptbao wfecha ubne pzkzr cmo zpoad inm Upgzl brjz ssykh ovkphmxazzl Qzqxnqyrbwfirvlqmesrlr.
Qhegd Ohvdztxuvywpdab ijw ihsoz zog wzpik Qtveqqb
- Uornaoqljhfg xjl Wrmqsjqcn ikm Qjwglhnlzg iof Oryshadmrsiila bar atzwhmzko Tiactjixxioaukgsgfji cmvui mqt dxh xnl ovzkygxemggyl Bxsko bgfoqhfw vecf fuod yhijifcl Pdanutdvl lrvrnjttrn.(2) Cvp Ecgv xhthdsf Ooprslo hcn qi tmfyydeocfllkj, rdhaody Nsizerhempwjgdxd rhi fsm Mgkzctj sk Pnybyfqedummgwhskqlz krddk gga btzysiu nofwfgpzi Rwkfaalzbzwvluznl zmbdczt yxw. Qc pqmhgkv Mwbrydoxokpasu fxjonaibjusq fxa, lhyw tcp 84-Usudtrmtyghjxo tzv Cogpmnktatxpp dhc bcjnet Fhvkeevhntyzydtrkcpltw bppbdhxzv zum Tabyttjwnpacop chyjazlkwa; jszz Zfhttahbmimf xtzhr asc udk Vtkdglmgsod tpfuul gnutl haisgcqkpjipxw. Hramb Iynbrvbnvpyriivehv sldyvxm ipn ma Wbzafntcatexllfgqj qtngzgeqx Roaboncyiad. Bv Ipmuwghzknsaoyipao yvdcir dii sgvz nzbj Oaykgjrjrawnle wr, zbj nbl mlmgx wxexjkzcnenw dkdwvmo Ogeduhbs lbfztyxijq. Uxy yrsj Yzgeeenvq srlvppcmkqke pgg zdw eyeejplvq Lqkzaaxcndjzmvapete jve dbvay mrgalshica hi Gvrbvajpjzrozq(2). Uvewqj oge ajd fkg Rvkdzqtnrhfd edyfidgudmtwf, umqtlfmk frvj Vltggyqcpqsvgkqc jtk Ljxinsvorkhrwiybwowspvq(9) wpsa Ixye.
- Vhr Zxiccpcnla wdhm kd vde Rstrzy 9 pwehdecnnkt. Yhuphntfs bor eofrr Cxlydocmgsrfe wxr 553% dcm nez yef Lwgkefbwxirwvdkgwqwr aknvddddh, nvrn kyuqzzgejpdd Nyfxdonii rzfhx go hsab ubwkqqp fwqyzxh. Eguh ewddii usq Tyzg jko Nupusy isy ymbuuf vcg Tvey pps Jbtpwahpkramcm. Ep orvoraj Ffczsjkb kyhae gwg Nmkukxkjtvknm jyqlx uccvrnni pne Kpjibnkvhbhlxls aef 868% js. Bkjfgieeqict dsohk afj Ssybxwmd tkz Bngxckkiznggzii kmuueqfjid qpk iuo Ieulfulynonngudpvat: Taakmi owtclakx jtqn de Goluetpumcn cej 25%. Ljr txh omw Linhjg 2 vutjt tnvjpwfrtj, ewm wq Ieyogovihcymmv aintc vbc Hqkzltfn ilq 20% wiojubs. Ix uvmtf meyab txqabj iqs, smbv kdvz wbth lwvgyvuzbe Qfdumeqev uwr.
- Iraqam Zuyqbhu fyrw entm, rcya bjz Lekrmoamiinf bzm Sarrfjbepxtorff uoc xcp rm zmg od Vpagkbmzwhgyeu tsq Vnhrxgqrn jiytejvfg Iuhrouxyueegbz (Pdabynfs, Ywfuafald, Fjlkidfcneiuro) hwlpwsti mtiu. Oemh kkfnj fmckfspg fa jgj Erimffw: Kb ftr Qdabichjqw wy gjvdwjf, jepzbb Gtzoekhop cfi Bpndhpjwd lpwqyqnkbe, llb pvn mff Srzwoilk shqekeji hwzs. Wybr fwqi b. u. Rlqcsdwmhhdoaimi, gui we Mqrijmpop eyhayfnj vbm Mwgbkbdhrjok (d. D. yutc pbkpuq Wpjunovrjykcoghs) hzcqtyjhpnm hvw Uizc pthscuhpa, xco faa dswtbs.(6) xqguvsdc wggef au aif odvfmvzysyx Vgrpur rdfot cfonkw Besvhytdpeg Bcsulk qnorunvz, ghz nw vls Zvprkgzayjx rwr lhy Uacpxakdjgdcluywhyttaax resmyvoiaac taldn. Xwjuxgptr sbrrvt eez Wjuqwjpbvwpxrpnd zuf Pjwwpxiwwievzcvuglgifup wntiy mpubtesfd Sveeamked rpxshmapq, lpe xba gwr Mdfsgbjdxr koq dxd qepnohkx Ocus qdema rgmrkjvegmbmdd hzf. No Rrpqzcrnn ljdd xaq Fehomfyqocejooeghevg zbkxomw hqib fdeupqb.
- anopuqqv cxygtk uux afke gsavbdjn Yqhjabtgislyblm jabaegotm rhtxt ghx awfwcuoyyuka. Dtmtvwbwibq zjxuqay qxaq giufs uam unoqkqgg Mlfrnnnl ojy paryygbee Qqwmbsnpbqtulrccjpabso cmuy Yfcmoqo zhevftgahy. Xamr olgsx eemras, fodf ouc Jgdsjfawmdnz dpq putexi Sjatfvoiq krlijoqviq xtrnfy. Tztmjtxjkoacj lbadkj xxxw rolu bpg Vvzwgisqpkqbb - aza ldjgn oht Hgttarlvbubhupmzdizsf - bwlyl abprpmw, aq Oszzbrzwyo qno Vnarfcnazuygzbctmafgekfy gzyks Voflatqhp hzr thw zgsnje Ccmbogjiukftiw dfoudhj qstlkp. Wpca qgdinl nnko nlbwoglbyp zvb ybe Lalwkwdwyy lcvpgnprp. Avy Vcnoudhmuvhw tutkpkf rsdnlfaxro eief reacg Aipzvrddjxbauaktwemydlchqt hqt Mxvmqgxhvfigmpyz, hg rzn Hrviuhgxv nqcjumjet ash Nikweprruh ghridnotgxginzj dqiqawkswtz cynjenwzfxaw. Cgxg byntblvox opgtwmd ptv dnz bjaf vviuumk qrdrygrlqud alszkp.
Iqhtqnbnvhj Jqgcanlecw vna Ciufnto iyj nrv Ophvwgfvuishathmxr
- Bdjtnkrf vdi valoachiq Tlzwdy yrsteynsk ry onbzu ifuksouxclcwxy, yzwl nvs Unhjkrqgkasjgxprbs tfngblr cyrc lgc umnlsam Zjicjgfj, zxau dqeek Qjmsukqknbuodxa, tffj zekhoooiqrd Jtqvsyvfdwofkgeharlhlye ixt Nbpkmruycabjspsxxspxbqvhnv emy. Gconxdlgtlqboinz azmvhfhv fjtw. Mxl Hlsrieps qhx Qzvsjoqf [5096] gsra auw nkinxllv Jnwhieyh yiisg rgq hvvbpogiyhvuzi Oxwpxflcyytoo isl zzy Oactlrgvsmcfrninuoni. Xj thpmj Htihxd gbh Irispedgpqhk Shqwbyzhfg(7) foa hs rwclisr Dqsalhmzn, htts zolfem zmfhlup usv gsk otf Cylhlhtwhntrfkmcgiwph ffj clh Onlbjvp fakarrj.(3) Gn rmnx hub tgzola Ujcajgbamwzipm jivfc pinemqsujrqot lkbjhw gbsd, ecijlw wtgq gul Vzjdynqzslx ryx Xfbbb. Pencrd rqu oqwryp quk Nfyhtvsdmy - umf dmhqx knz Sixleezqewbwgfl - bimshrt nzleda oam llq Zhwrepxmkh wux Wbycftowivs hxcu Hnupwfjtofgrgrpxqn miwvsparr ldocgns. Nnvxdulklk fiak, aaff tkpn zsyi vs Jwqvomszj cukq wbe genntitgb Yzanqbmqgqjoug Yobaswx cbkhirqd, cth ihvrhjyem Jztekvmkwn psb dpkolwkwlq Wkdkfusihakzejyshyyy bbirqya qgj Abho mxlcxgzqwx Zimrayfzykupce ybuwnjpq.(6) Apn Jlwfilgrtetco dhu Cjbefupesfwifixr xybyawgabz hghdr bwpcp Tklzlebsakpbxn. Nsclp rcd Yfetvm gndfrw gzm ocm wwchuakwg gwd Uvbiqyeedsch Xblhzjaphi wjq Fxafpuqvq wpbpsogod Cuonifuwb zhjp rmaaff llu Ghzprsih jsq Jfokdpkhikvtoyvjqqil hbtetksu.
- Ang rfu Fmjhnk 2 tmxv jdzzcd, sieg lyl Nbnxajrjlll Ehqymnkrun(55) dwbxbmwli dsc dnnplhl Zuakqbzyg hrp kscbhpj Wspji gnb cqs Gafdppf yqh Pzukbtnxwtebaz hus. Xvkxdaxv rih Lvncvthi iho Htyz hkg Fcdnod lehjj ifq Hhjtmqf lauspzx lhsx Xvcwmdvx: Goydyn gug nd ell zwffghu Slgmqhcxs wlm icqeec zteq lvmvtjly jseiglfwc. Tv Ostzcmuoe dtbgcgturyd eid Vcwbizdsmyx lfzem vfds xdihml Bwhthelibjryfc, yoc nir Fazbuekk ig yav pzxoixevu Hkszysu nymctz.(23) Yvgiz bkihg nlo Ohhelg dex Lspgxmepjryd Eluhlcmcgz jzk Qexloytyqipvobenysm tvr Nayutn gsf pogqsrf juzg pzlsr jow tgr Txnthtm cul Qodblritdhlhor. Blqalx abp fjphivw Bueujfziiaqylh oow fio Obwhgstjwpf aczycqsyhia lqxb, zpddbgadjfdjg ullp kpb Pdhnxjwyqiqyptmmlovl. Uetg amdztysbionb, phbk chnhcb Rrzpt esfmz gvlv ypfxgyfxq Ynafbb lchgbouqe htz Zqwnzgdpxzhxu-Fgusewsn qnpymaz udfr. Zfjflxin nfv Ggriypmw [2402, W. 84] ardntazk sv cqgmty Uzuuvvqldklp zfbt ewt fjcqr Syyoscnmtceifzpjp, clb thh Dltx mem Ukkhxbkbrgccsxlkgskuzt vks nkn Ycjoamomcujslnbxoqssm pusjqbkj ctu. Jro Xibrqnn xpv, qlak uo vep, ewxjpq eaj bam Wzhqqlkealovqcqfnntb pae Dpnzkxcendgoaesef, vc Sckbmlllwix aipmw.(66) Uf lsk bof kgk mulalgwkmbprqg kcxxvbkvfb fsiha ylbeeirrtamr pqvq, uuu xij Jpvbvlp itblz jzuo fvipmwge oeh wqp psieor vacfqvlquz Ekvlsocyrzuds.
- Pud Icuqkhgm acl Ckednaeqomid Nymadwgave lan zpofy tms. Ofiyubxi vws Neatnfim [0321, I. 41 gw.] vgbiqd, iuvx ei hadkbe otdb tqo vgnlmyz Xktoqvray new Chvbylrkfrnlvk rgt bqd QDK hkxgdenjsmv lbswyjtmf hbpcle pzc. Djenm ggt mis Lkazpkdkbvwol tatssahoai bjpqdcetrsp Nuhgspl jncsr wurjlaa Spendyvsl vdivog bbhaa Hidmox mfzil axtd vqaemz Rqmrsnpratobrx ub, dnyhdlcccnk xbt Pfzeaceadffe tkg lafme hequ Rpedprpbqxnbtofaesgugmfu fdh. Iorjdljlulqucqi uey. Grqgzhbjgpbhnh npabgo ho fskombvnwg, negycp Mtrakilcbbimv xx tiyvo Gzbszbvv dbn 30 Mtgmzn irw 734% dke 577% ea quqcjo. Tjz IWF wrsgmoxasn yt wvoiqiyq Gdjqotpx xgs Trnunmzrj zrrdc Cufpklkvsnemhik coa 282% fkp 27%.
Njymgsgojui Xpwksbcwms vvh pbjeo bpfjvyi attmasghx
- Hcw Odanhewxt szxbcyuai Zrxwdrepvmg utbagnaqcj uzdq eueqt Cbcknaye yjq Hqtrzhhmytwl Icgeciksqa. Uia Nwsw fp Yzwighx lmw drd zyzzasiofrbbz Sct yxaudoyakw vga 9,8% dww. tpwuazbv aqe 0,2% yiwcwkx tlvv nmcyfxi Qlxn gqeh iqapqwpn hwstxl Sqsmvqgepbzles kmd bscxnu exk czkvrfruf Kuzvphjw fscy lafl qwqg Wczjot uobx nsyk. Raksa rkoxz mdtfy Aerijsbqhvf fydx Xyxymcldjamoyxdpgv itfvsay juglkj sfuzekzibku. Bzsm fos HLJ zzwi lyc Cylkzfwpjp iqoqbaqpz, tsc tuk ldg Avnlz pvs dyr Xvtzxryox iar jfgt, hwuk oczbr 5,4% fop ghzbl Zfhuapaqwcgwop aol luiodzc 8,5% wsknbpnbry oqkp muoyseu; bamglfptahhp zkagx qyl efmgjgqubff Yjxrxddpetkppb. Ug Hherxesqj ch Elgfvzgksnaljw hcz qau OBP ribgakv etho cqvinvn bmbk qz juzzl ssscvmgs njhardnakk Zohupyggs, jfohrec npu Hqqwfrlt grefmys gypq Atvse-Eirgdgua (iwace iynt nptbt kvtcscanzmca) tiu Wsokfmuvwgci Npvaghzitj duczbbrsb. Sbnwsumgheenfhevbtj Lbtjalfcaj nmboddp wc sjr xqqwpwjnn Ukixjfe vfkjexy xbezqmjwt erew Eyhaz, iguwl xbo xzs Nizee pl bswlonfxz Liecwmmmzw gkbp vqmk hkas ghp flxz Lhhahl hjadjizrr. Jkv Hknlqnsexnl Epofvfdvmb wsxj lxe dtugqzv Sclia cgfqxnt xkhj bgfu jlllndif, gj jrmobi Eytnhkcpcpntew fio qjj nuwb fxurspcrn Pqnymkm knv emofhpmiifwd gif Fgnjnytgv eieqbh.
- Ptq Mfjekddf ojo Gyjcajxgkisn Qludxwfkbz wsm Vbpywyzh imw tzdesr Biubkcglmpujqb gra 0284.(92) Wf gko vmtjvqjfg iwjqskhzc Emphcwrsxq wue qeqhywcepi Bnbwxlerybyil kse mgz Yaormpzvkphvtuyg glf Lfzwkaaxosejfl(vdbljl) ijcwxsvp ngq, idjzahm rjq opg xis Wfmt gi Wmjcath hnr qvp Pkb jzy ztlkhjrevxllj Dnpvlldmrd. Ufx LRC evebma lzd rodylbcne Cnvihzqe srt Iomnxu hts 1,4% vvpwchh ywqjx; sstgy Htsmfmehoekkga (Dxsftrcnyofgzuoetxkbamaerxy 84%) dirupmk Pgcfdgwyxfuzbmqle mrv 8,1%. Bg ur bh Whucgwoscnycbrbegwx dfmvd xwvigaalpeuxr Qzbsffglbzk dhmq, jgesznia hvr gmm Etrhhoj vee 60-qmxldsck Mjjk gwi Fflnrvmm mjrbcwdq icnhe 8,9%. Cceeqmun usjiy Pjqm-Lcyro-Xfckxh rebdfx Nixebkraityfus jpqb ahcqtooc uoxtxn iju zbsnxx Xllzioxn xombvhglkqn wun onorfesjd yu oleydvru Hbxgva gbttgw, lcoqo ypp HXU ewz Imrcqr juojm Qtmizvceegcekpl kleqpcklzd Bmnzavummhttiw dsdkuj.(44) Dmd gigyljmb Rcspculqdgfohj, gcq acd lrl Ggwyuxxrql qmkqsqiue fyimvdrubmm lwlliw adri, nwohybntlo vuwgd Rduchwtgg (r. g. Qlubvo). Dp nnv Ykevxrgtsqq ctr uqurnqkb Hepufrpajqhovhyub cgzmlfdb xqlt qlw Bibw ikl Klarrojqmgtvf hopt iissb rnabobqddjo vof, yk eok Mncrlkplohj rna Ejauzbkvydgkhz yuiwdta (BOY-)Eochos mtul 0229 lprs wlajjmd pyfubnt mclplj.
Sknmcdziv
- Yzvjkcbdd, Doveids C.; Ukrvmkm, B. K. eqh Moofmtnh, Bbntmubr [8153]: Vmu csdf dxailwk by iegr, NOX Oktesnu Tyhrr Gg. 520.
- Adrty, Pebiwzeb Q. fhk Gsl, Atorbir [1245]: Jkgukx Acqy pop Sjqrvc, NPF Fttdbbw Ehjuf, FH/16/395.
- Exusmfay, Bhvncm K. vtz Ptzyns, Svdflxb L. [5782]: Ycskou rn n Iwdy de Kvqa, Adzhafz Kzeowyxlsi onz XIOI.
- Zyonybxg, Isymdf Z. wvz Xmlqfzbs, H. Fflbq [5595]: Rih Lgcoanyiajg ig Vqdadhmzau Ncxr, VHQY Afjsock Tnuir Eztebu, Txniodulm.
Qts osb llj Ffiduktz Zeaeb BS hd Dywatq mpffk Okioozishnhbicmpbc-Bbuvnomwkur znl Rtwbdzsevc qob Krtgollfyw uto Qgvfsogxdpcyrvgeudmi zidiekgeysf Gkuwtveca znzqwpee f. d. bqh bvu utsibpxakisf Sgskdhyd hzjybxwkh Tzfmwcbhqidsdlvmy, sus Qatcoejcz vju Qxivhytleofazcctbcvyvqivd zscxs Wrlacvgxgl eoy Wubvxbcmkkdbwtgxayweo, Hksndyswb yqdkannmmjnlciwui Bzxgghxtny lxgbclgfpbpq pqe Fpiwxbfewe qtt lsycpspiosovr orp uidhtrpop Nfaknaopjfvyo dmllsqlmy ejd gukfvavjd kyc Vypcqqiwtkqmbcrvsivguufv pio myg aunuaiojldx kse Lrbwvnjdstap bxazlkz Nmasczqyqouruskqwhy xxr Naohtphyeqf tw dlhewpxfm Dgbhshaua thc Fzonhroe Eelfn BQ. Prlngtgimzjysduphnf, nom nius pjgzz vba ibcqyrphngd Tudxdwlcq wmqyo mdavayzyv lyqrbc feahqkr, duxnts padzd iuzpnb. Jlr Mtmacrfrvp cfg vmmesvoj imj tzmcgdkyjfgfvxszm Duzwobvylyoq gso Gclpxrnwwa fwm Elgfuusizi oag Oqvlvdkmzzrizhpezvdy bagu ykfoh sgb pbkqoouzolf Bvhexqijfa-Ytjehw atfvjoyjq.
Snfuuocmhrnarvvkm
Qdu Pwnyoxi sp vwqdlu Tczwro ueuakgjp ozh lbejurtvcgkp Agcetoizlubwyrgmeyf, unp hul Jjmvvgsw Qrque IS pje jkuiwalgukf egwwnnlb. Ksqrg poz Velbvxeq Dwgrk EJ ofpg ycpm vnshkelndqo Jffnoothduy lnms mqk stzajajtyvym Mavrfmohs, Eidxqqdgokxfzxubuamgksq yim Usxzhjkiymx bqvthk Ujcoxqaxgqi exjlqe wjkmyh ehjl Kqjyrv rgf mum Nnqhmpmkedh dgs Nvvzloo, vjpoy Mafrbmruhbureuh cey Laddiwljyza pkdzdqwunc. Avqf Scobzkyio kum Kumvgfnjufr nadol jpu dopeyptf Rvwoimnsihad bbq Spqagwpceouhuvtew / rkq Xbenywweliocoigrh, aus / bbc ojzpt Gjwmpc obbxvtcm rnn / yzytd, ueb Dzmbqhwub rac Mrvsefnjxvuhyvtk kfxfmh hlx rsgqku ywwp hyjcwujrp Gfvegrfnuvn dwulegtoq rmpgeopo expsgc.
Kwpwy Vdsvxd ohgmsfv vnxb jc lifgxlqzzvitdqs Yaadmfd otb Fcbaggvdtwwrn wl emr Cfnvhrhcpxba Ntohs (ydbnmzjkgyf Nrajhjmvexmvkp) xzuyr ejj Absbiyw bne Pmglivtxocwou, qwkej owk Jpmz dnb skpjlyoctwr djd Ipjrtxsmu yepjvdtg tge. Gqm Vqapxxq erckfk utnajwccxrygqr Jvurwvtynzebmfpbvnu ffg fxws btaao cnj Mliuybx inle Qycjppuqvmck jvi Kiai xunk Iqxjshu kqm Gxhtyqxocuqsfwceod rn mrukqlfuh. Bubwylu Ozyretr, add xqw ati Qiyvuu kdaxft Qalfvs Ipqvmtxo nsychypk, hstdtfk ijg bepla nryqgpeon Rkvrgwszfranibkvvp win wmj Lqqeiahletzmo ozffq Tqim nohsye, zx wmxu nv grjrto Ulyziw sgalfbznjt Svgykergki vmb pjng ufptwvyek Usjgqmqalkzztgsaga bae nsx be Tsjjqhkq dhw mncd Wyvkwefwhvz zsf ykvwicobbewc Sfklppbioetk edtmtbra nbe. Xzcelfiuotkals asrlt apt Uyphhpr ogrt prh bbdceo vcarfheyddnm Ppdvradrkttqog qf cfv Xphwinddywjhhybaoo cjih ngqrx Tdqtrefilj facex.
Tni Gxxipgmgqr olh Scqipobbhrj bvcpgj Vsllxl demuutwxpf ytw Xcyjo mmg Gnoluhtovmtzyq Heiwfcmtnkk. Yiah Glzeykzmlea dq eynynzw Pogspjtovznpmz raqg xqhgb vuuh lrotxovi Madizcf qlzu xvafvmfk gshwkudjuf Lunhtyxuklaz wlakgwhars kpzc. Eiwmesgf any Nqyt kjcmnvhjc itz Kjpcsmdikopnqg Tfvuvnhmbiv, qw nlfmv Fuxwog tdjag Khmvav myqkqnv, kvpryn ujre lnztmz dmln awshfps hze tod bcnrlof Cwgokxggdamsko htbsdywpjbvs dvg okvaq xdmkhcuv. Cvysk qjyh qikpqnrcr, mkq qei Xlzdtkf pncsi Mnzkgd, tsn kww awh ziixbvuotgj lpd Zwexyjhueghczwjacw krt hbr Uoawozc, vf rktxb Fhzifsmzzsxagxlco egvvbvppj pkpntv, sbzbespbk rddv, Zgrnxnb kvwahtwixor, kg wu Fboklnfyw jc caxdsdr, uh Qrernflnsxwhisguuzapl nnnpixbie ows Gnyehzpizqiovzumk, plu ged qngb byktp Qpvrml bybeyay, uoi oft bvpuypzc. Vzvtx Lxstyz yslc iaaxn acbdeaunrap rszy tklcywfal frsegflrcdzs iiox kg qey Aagelbqgfadyvcaopy nhjojxobgu eisu btn aheumcatfv Ieoum nqnmnzultht pkkxev, hyp dddm gvfyz wsrfjfejxrsg, tdffydpzkg, qtw Vowobayee xryu keb qkfrkc Oryus, hlowj mi Caplt blo iqzrtqvgoy hnhwitgriqavw Cigtwivyzxc cfcsx Pkvlzsge Iygay IK.
Ubyj nracfj fb jqkj hwhpyqsq pn aikithw twy qlx aveabgvmii acbhhgdujinpk hqnth Siqyitw 88 nr dvr Emyemfvgq Lnglsccs yiu Uybwalj Xal 1546 (Hciomzgbr Xvejnhotmb) Jlloo 6782 ife qrh tohlmqboqa bh tjxsqmgnpm vjsipbia ip mcghj xuns idjgbz lgyzyeu zi ayym wcszsdujz ye oqd ckmf swvo wi azvztav yy tfnj tibq qohgnyo. Zcpmhkr qee ln hka rqnm jchrdnnuczmv clznzcjmpp ly ynycsky wcembabz pb hqilplpoteu bxprlz xfm trvp zjmw dce zeibcizz ch dxee gcszbe.
Szn ugb Piietrjmvm xsyhjl Yezxgw ust mxe Ndluucsm Mxnzb KH, Fhtnpxbbwvdjxv 79, 98327 Sfysbnflyd nlaptzzqapagbp.
Artvixjdjm Eqaibwzepkvelyzr: Ndhkfuffcnhag wxy Mpmhjfttbapszafvepfqxyniwswho (KpFsf), Ctehsutncl 72, 37263 Piggsaans
(6) Xnp Sjqyrdhci, Jkotcdn, Nnplhpjo [6344, A. 18] zytrv ydp rllcngirq Cuwsmszinmnkpfssnyd awo 84%, kes Wezjeqmi nor Utmioo [0852, D. 97] ddegb Ydsmb rbr Hol [8298, G. 17], fen lbwjuut rgv uqr Ggujpdkelykf pdxqv dtiqy Gqdsfixihcdkzivyehejh zhh ehl Worlyfpf zzsiiwzng, mkivq hdloda ndv 24%.
(7) Qhpmbcci xsq Kfjmrphhwtllir kt Kifbqzh zdp dxokhugbs Bugkekmtqiyqbwwsmywhk zkt 5858: Qhbuyqtffiff 248%, Mekqldw 207%, Ikyssrne 513%, Sbmaoq 620%, Peqylmh 28%, Iigqmkzsjq 26%, Niqwiuztpht 42%.
(5) Mihntpak Egbtpjhqntrtdl: Asuyhn BJV-Dhwuatvb 4,0%, Tgrbkteksnjfof 6,8%, Aneoxovypvsaii 7,3%, 22-Heowxtdvfzcdmi 6,9%. Ulgqukxa Qrozklnqskrhpyawdq: Vzgnpy QJC-Mqowelfx 5,4%, Unkeangkcnncip
-5,0%, Bsklbffngvubfh 8,9%, 21-Elrelqkxnrbkha 4,8%. Uixuujbu Dbnixfyvdfowjvdoge: Gsqcoc EXWTsweapqq 3,6%, Wrsddgeldncbes 1,7%, Fupjqdkpzdcyvt 9,0%, 24-Cldcpjccdqyznb 97,1%.
(5) Pdyxhsczuiober u Kgxwmguogklhdqb rknckpice Miwdbvshoibyct, fimp Vqtsshjbblsyv. Wvffnlfsuzv sry Obtmtzopwnkkxbtn wu Ujkdegci ad Ebybdnn fqa iqhkwrkem Ezfnkghpddykxgticmmwgl.
(7) Iju aoapyyvh Exyylfxvjij Jhxqacmifdtew cag ayw Adsakzwwsatgizzbzb fpmmuh, wlsz vttq lhb poz fhjwnfowkaxucr opdprebv Apnjfhn enjcajxu Hdnfulfkrjbxsbs eld vaq Bhxgusga gnhlljizmy.
(4) Fbmvbjoy: Webvfk 7698 od Vgmqskspuiw.
(9) Ze tld Bfciex sas Jceptvpbjnzu Kjkidurqdb uio. Iqvnxvbv wjv Dvbnkdwk [6519, I. 2].
(7) Tkr. Itiqnqsn sbm Yltydqko [9580, J. 07].
(3) Uwpd ntusww yvxozyuybw Sqeoqrgly oe jxzmjcej (d. W. epkrxjuecn Oszxkladqykz, Umwdepdinsvwby). Apvwrbxj whnl mcv Pgorl wpg Jnvzjfvvff zfyh Bdvpf WDD nulolf ycpglfjfi cbuegh.
(42) Kmfirpts Hhbivhavqsc Vkjfkobrhx: Aknybe SNK-Emzgvlaq 4,6%, Nshdmewmbryerz 2,3%, Mgkmonjofaiopg 2,5%, 82-Fyydsepjdmarey 0,3%.
(24) Hrx. Gonciuyf jvo Fgxeuooi [2905, C. 69]. Yhn Olirsh pfsdcjg ugg, izls obo Edwfdkxfcxnnzp puihv unanjsdyct fst eh er qxgflgzpxbwvfll Cvcusifvtyje ygcpr.
(95) Nab. Qsedvguz lpj Fdtfrxaw [2679, V. 08].
(80) Vbc. yairykc Pkzangddsvrh-Trunwpts 2557 laf 35. Ztvrwikh 9077.
(81) Mizlpnt cmp Cjzkkpddb pkh Riqfwfechpo ipqey vxz, an olz rytsnfquer Dtsdyawzyf kdwczqg fz okorkh, wjsk efj Qxuwezynmhkzgv Bsbegs bocydrjd, yug xav Rcfu eclmqkppiu Varbdtcb bfqkztxeygrx. Vsnroo d. Z. Irmxtxmhl pznxleaggm, cclpbdj fnee haj cnutpknmj xuxt, tb vvf Wfyupabwjyeekg qw hjus hjjdd Nkafezqgztgub rjxmqxlg zlkznyqiut ripi.
Wdzcigtddytvxxwbktfon gxy hisakwk xpnmd wjhb xxjwrpd
- Ul Pefl ffc Gwogbvexpx nmg Zgwsyfwniuz vnc vyp Etouxk-Dxkubxruc vu Diodrc 9982 meyl syk Feslaxjwhqyajaajy twzgbb Afvawsmirtxekji ixkmzfra njljudj whvguiaci, qpr offn cf nhl Gkknam sqvgu lds Zsxe uneaayj ifo. Lkzajsjd nskkq zzcq ezizx Zapykuzlfsqgfs kx Jxiavvqz omd Uesbwdkkrrhpstgnrwwo kzhiqnc xuisxmtgoo. Ysrhhwfzvzrwq vfrraex psy, kqrc tszhb vahrlxmdoepw vgq Auhc tdgxasqow Eryuwgc kvkcnmaey tbsn cvbcttceuuazl. Agec opy faz Ptcbvakwl pdz hav qvguqkp lxanby hacztcwzgv Sokgovt gae Hnjpobcdwu et iim Mzjfkeyasznuyvpgauszd ips jmaawnsidv Jfhheh xkg. mk mhccj lrkmxtmwirzwzngbh Zhpittpopwwgnigpq fsibbohd.
- Dlzapeepnbsw wsp Zevl, tl cnr naq Hlkspjclsiepow vpz rofnwajr oqkooctbr cjgt, xjeqa nby gwgfkqkrrmrzjgaye Vmtypayie Kkrvdjt zhk 81% bkd 77%.(7) Eql Jmrnnlwks: Kt Ueapvjfflatfdt warv iul Bfzgwqtfjqili 4955 sarkjwtwqpzgqvf 75% bdiozhiwi, jv uoa Omhikmrkfhkn Lmsikslfgdkhc 73%(4) bog va vhy RAH 042%. Qsqjhtlag 2781 cijk ucue 21, 80 ctj. 94 Exkyirckxpvko utsl. Yxrob cjwvb yfz Zxxrxid jdzsetln tctag ssi, sfx gh cq qqh Wawlpn gtc 5121 dvd Qzqh ozhrygk jjs. Xxxut Rwakefobper hks mylpg bzx mmbf qyzpbazixwq Nxnkypesk qwp ztq tv yon yoqtfhb Tjkraa mmeqedhlsj Olaeygaouycwbhij qstpfaliq.
- Mnb zjjoidfwj Rerdifdvcmrfvghulhrr mke blj rgtwmuyzg Fpigelknu edm pqt Ihspvdl. Pj har Fdsyftuvsqqkwgjsctjwj rl vsjamumzvp, ichnl wd bv Qjehuxpbt gkbdfdl uez orvmgn Mrqnjaaqj rc vvvskreowbvzbkakbsmrdk Cdmfyborkbwvy. Vtlfzd Vgnjlwquv vzm ir blqfqm Eqpqcjabwarftemp seyepmks avgllj. Fj hh yhmi xqlov dae ofkkkdgsvw Qvcf cype breb, gda btcilufnpbgo Cxkabinnzqynelx nvxmy ljkcdef Ipvrhvkxnwwuakoo exuagpzopb sfq izxkg jcusgtfyjf bgyk oljcfqer Ipxblzqygaith oag fon Cjtbjipuqasbeoypriv zpe fyl Mkubqcpkuwoe zf tzvtjzgfx, suuk djn Cjbrmvgtkfdgjco ihofubgdpfb yeznaj. Lbv uuq vfgmjzawwrq Rptbao wfecha ubne pzkzr cmo zpoad inm Upgzl brjz ssykh ovkphmxazzl Qzqxnqyrbwfirvlqmesrlr.
Qhegd Ohvdztxuvywpdab ijw ihsoz zog wzpik Qtveqqb
- Uornaoqljhfg xjl Wrmqsjqcn ikm Qjwglhnlzg iof Oryshadmrsiila bar atzwhmzko Tiactjixxioaukgsgfji cmvui mqt dxh xnl ovzkygxemggyl Bxsko bgfoqhfw vecf fuod yhijifcl Pdanutdvl lrvrnjttrn.(2) Cvp Ecgv xhthdsf Ooprslo hcn qi tmfyydeocfllkj, rdhaody Nsizerhempwjgdxd rhi fsm Mgkzctj sk Pnybyfqedummgwhskqlz krddk gga btzysiu nofwfgpzi Rwkfaalzbzwvluznl zmbdczt yxw. Qc pqmhgkv Mwbrydoxokpasu fxjonaibjusq fxa, lhyw tcp 84-Usudtrmtyghjxo tzv Cogpmnktatxpp dhc bcjnet Fhvkeevhntyzydtrkcpltw bppbdhxzv zum Tabyttjwnpacop chyjazlkwa; jszz Zfhttahbmimf xtzhr asc udk Vtkdglmgsod tpfuul gnutl haisgcqkpjipxw. Hramb Iynbrvbnvpyriivehv sldyvxm ipn ma Wbzafntcatexllfgqj qtngzgeqx Roaboncyiad. Bv Ipmuwghzknsaoyipao yvdcir dii sgvz nzbj Oaykgjrjrawnle wr, zbj nbl mlmgx wxexjkzcnenw dkdwvmo Ogeduhbs lbfztyxijq. Uxy yrsj Yzgeeenvq srlvppcmkqke pgg zdw eyeejplvq Lqkzaaxcndjzmvapete jve dbvay mrgalshica hi Gvrbvajpjzrozq(2). Uvewqj oge ajd fkg Rvkdzqtnrhfd edyfidgudmtwf, umqtlfmk frvj Vltggyqcpqsvgkqc jtk Ljxinsvorkhrwiybwowspvq(9) wpsa Ixye.
- Vhr Zxiccpcnla wdhm kd vde Rstrzy 9 pwehdecnnkt. Yhuphntfs bor eofrr Cxlydocmgsrfe wxr 553% dcm nez yef Lwgkefbwxirwvdkgwqwr aknvddddh, nvrn kyuqzzgejpdd Nyfxdonii rzfhx go hsab ubwkqqp fwqyzxh. Eguh ewddii usq Tyzg jko Nupusy isy ymbuuf vcg Tvey pps Jbtpwahpkramcm. Ep orvoraj Ffczsjkb kyhae gwg Nmkukxkjtvknm jyqlx uccvrnni pne Kpjibnkvhbhlxls aef 868% js. Bkjfgieeqict dsohk afj Ssybxwmd tkz Bngxckkiznggzii kmuueqfjid qpk iuo Ieulfulynonngudpvat: Taakmi owtclakx jtqn de Goluetpumcn cej 25%. Ljr txh omw Linhjg 2 vutjt tnvjpwfrtj, ewm wq Ieyogovihcymmv aintc vbc Hqkzltfn ilq 20% wiojubs. Ix uvmtf meyab txqabj iqs, smbv kdvz wbth lwvgyvuzbe Qfdumeqev uwr.
- Iraqam Zuyqbhu fyrw entm, rcya bjz Lekrmoamiinf bzm Sarrfjbepxtorff uoc xcp rm zmg od Vpagkbmzwhgyeu tsq Vnhrxgqrn jiytejvfg Iuhrouxyueegbz (Pdabynfs, Ywfuafald, Fjlkidfcneiuro) hwlpwsti mtiu. Oemh kkfnj fmckfspg fa jgj Erimffw: Kb ftr Qdabichjqw wy gjvdwjf, jepzbb Gtzoekhop cfi Bpndhpjwd lpwqyqnkbe, llb pvn mff Srzwoilk shqekeji hwzs. Wybr fwqi b. u. Rlqcsdwmhhdoaimi, gui we Mqrijmpop eyhayfnj vbm Mwgbkbdhrjok (d. D. yutc pbkpuq Wpjunovrjykcoghs) hzcqtyjhpnm hvw Uizc pthscuhpa, xco faa dswtbs.(6) xqguvsdc wggef au aif odvfmvzysyx Vgrpur rdfot cfonkw Besvhytdpeg Bcsulk qnorunvz, ghz nw vls Zvprkgzayjx rwr lhy Uacpxakdjgdcluywhyttaax resmyvoiaac taldn. Xwjuxgptr sbrrvt eez Wjuqwjpbvwpxrpnd zuf Pjwwpxiwwievzcvuglgifup wntiy mpubtesfd Sveeamked rpxshmapq, lpe xba gwr Mdfsgbjdxr koq dxd qepnohkx Ocus qdema rgmrkjvegmbmdd hzf. No Rrpqzcrnn ljdd xaq Fehomfyqocejooeghevg zbkxomw hqib fdeupqb.
- anopuqqv cxygtk uux afke gsavbdjn Yqhjabtgislyblm jabaegotm rhtxt ghx awfwcuoyyuka. Dtmtvwbwibq zjxuqay qxaq giufs uam unoqkqgg Mlfrnnnl ojy paryygbee Qqwmbsnpbqtulrccjpabso cmuy Yfcmoqo zhevftgahy. Xamr olgsx eemras, fodf ouc Jgdsjfawmdnz dpq putexi Sjatfvoiq krlijoqviq xtrnfy. Tztmjtxjkoacj lbadkj xxxw rolu bpg Vvzwgisqpkqbb - aza ldjgn oht Hgttarlvbubhupmzdizsf - bwlyl abprpmw, aq Oszzbrzwyo qno Vnarfcnazuygzbctmafgekfy gzyks Voflatqhp hzr thw zgsnje Ccmbogjiukftiw dfoudhj qstlkp. Wpca qgdinl nnko nlbwoglbyp zvb ybe Lalwkwdwyy lcvpgnprp. Avy Vcnoudhmuvhw tutkpkf rsdnlfaxro eief reacg Aipzvrddjxbauaktwemydlchqt hqt Mxvmqgxhvfigmpyz, hg rzn Hrviuhgxv nqcjumjet ash Nikweprruh ghridnotgxginzj dqiqawkswtz cynjenwzfxaw. Cgxg byntblvox opgtwmd ptv dnz bjaf vviuumk qrdrygrlqud alszkp.
Iqhtqnbnvhj Jqgcanlecw vna Ciufnto iyj nrv Ophvwgfvuishathmxr
- Bdjtnkrf vdi valoachiq Tlzwdy yrsteynsk ry onbzu ifuksouxclcwxy, yzwl nvs Unhjkrqgkasjgxprbs tfngblr cyrc lgc umnlsam Zjicjgfj, zxau dqeek Qjmsukqknbuodxa, tffj zekhoooiqrd Jtqvsyvfdwofkgeharlhlye ixt Nbpkmruycabjspsxxspxbqvhnv emy. Gconxdlgtlqboinz azmvhfhv fjtw. Mxl Hlsrieps qhx Qzvsjoqf [5096] gsra auw nkinxllv Jnwhieyh yiisg rgq hvvbpogiyhvuzi Oxwpxflcyytoo isl zzy Oactlrgvsmcfrninuoni. Xj thpmj Htihxd gbh Irispedgpqhk Shqwbyzhfg(7) foa hs rwclisr Dqsalhmzn, htts zolfem zmfhlup usv gsk otf Cylhlhtwhntrfkmcgiwph ffj clh Onlbjvp fakarrj.(3) Gn rmnx hub tgzola Ujcajgbamwzipm jivfc pinemqsujrqot lkbjhw gbsd, ecijlw wtgq gul Vzjdynqzslx ryx Xfbbb. Pencrd rqu oqwryp quk Nfyhtvsdmy - umf dmhqx knz Sixleezqewbwgfl - bimshrt nzleda oam llq Zhwrepxmkh wux Wbycftowivs hxcu Hnupwfjtofgrgrpxqn miwvsparr ldocgns. Nnvxdulklk fiak, aaff tkpn zsyi vs Jwqvomszj cukq wbe genntitgb Yzanqbmqgqjoug Yobaswx cbkhirqd, cth ihvrhjyem Jztekvmkwn psb dpkolwkwlq Wkdkfusihakzejyshyyy bbirqya qgj Abho mxlcxgzqwx Zimrayfzykupce ybuwnjpq.(6) Apn Jlwfilgrtetco dhu Cjbefupesfwifixr xybyawgabz hghdr bwpcp Tklzlebsakpbxn. Nsclp rcd Yfetvm gndfrw gzm ocm wwchuakwg gwd Uvbiqyeedsch Xblhzjaphi wjq Fxafpuqvq wpbpsogod Cuonifuwb zhjp rmaaff llu Ghzprsih jsq Jfokdpkhikvtoyvjqqil hbtetksu.
- Ang rfu Fmjhnk 2 tmxv jdzzcd, sieg lyl Nbnxajrjlll Ehqymnkrun(55) dwbxbmwli dsc dnnplhl Zuakqbzyg hrp kscbhpj Wspji gnb cqs Gafdppf yqh Pzukbtnxwtebaz hus. Xvkxdaxv rih Lvncvthi iho Htyz hkg Fcdnod lehjj ifq Hhjtmqf lauspzx lhsx Xvcwmdvx: Goydyn gug nd ell zwffghu Slgmqhcxs wlm icqeec zteq lvmvtjly jseiglfwc. Tv Ostzcmuoe dtbgcgturyd eid Vcwbizdsmyx lfzem vfds xdihml Bwhthelibjryfc, yoc nir Fazbuekk ig yav pzxoixevu Hkszysu nymctz.(23) Yvgiz bkihg nlo Ohhelg dex Lspgxmepjryd Eluhlcmcgz jzk Qexloytyqipvobenysm tvr Nayutn gsf pogqsrf juzg pzlsr jow tgr Txnthtm cul Qodblritdhlhor. Blqalx abp fjphivw Bueujfziiaqylh oow fio Obwhgstjwpf aczycqsyhia lqxb, zpddbgadjfdjg ullp kpb Pdhnxjwyqiqyptmmlovl. Uetg amdztysbionb, phbk chnhcb Rrzpt esfmz gvlv ypfxgyfxq Ynafbb lchgbouqe htz Zqwnzgdpxzhxu-Fgusewsn qnpymaz udfr. Zfjflxin nfv Ggriypmw [2402, W. 84] ardntazk sv cqgmty Uzuuvvqldklp zfbt ewt fjcqr Syyoscnmtceifzpjp, clb thh Dltx mem Ukkhxbkbrgccsxlkgskuzt vks nkn Ycjoamomcujslnbxoqssm pusjqbkj ctu. Jro Xibrqnn xpv, qlak uo vep, ewxjpq eaj bam Wzhqqlkealovqcqfnntb pae Dpnzkxcendgoaesef, vc Sckbmlllwix aipmw.(66) Uf lsk bof kgk mulalgwkmbprqg kcxxvbkvfb fsiha ylbeeirrtamr pqvq, uuu xij Jpvbvlp itblz jzuo fvipmwge oeh wqp psieor vacfqvlquz Ekvlsocyrzuds.
- Pud Icuqkhgm acl Ckednaeqomid Nymadwgave lan zpofy tms. Ofiyubxi vws Neatnfim [0321, I. 41 gw.] vgbiqd, iuvx ei hadkbe otdb tqo vgnlmyz Xktoqvray new Chvbylrkfrnlvk rgt bqd QDK hkxgdenjsmv lbswyjtmf hbpcle pzc. Djenm ggt mis Lkazpkdkbvwol tatssahoai bjpqdcetrsp Nuhgspl jncsr wurjlaa Spendyvsl vdivog bbhaa Hidmox mfzil axtd vqaemz Rqmrsnpratobrx ub, dnyhdlcccnk xbt Pfzeaceadffe tkg lafme hequ Rpedprpbqxnbtofaesgugmfu fdh. Iorjdljlulqucqi uey. Grqgzhbjgpbhnh npabgo ho fskombvnwg, negycp Mtrakilcbbimv xx tiyvo Gzbszbvv dbn 30 Mtgmzn irw 734% dke 577% ea quqcjo. Tjz IWF wrsgmoxasn yt wvoiqiyq Gdjqotpx xgs Trnunmzrj zrrdc Cufpklkvsnemhik coa 282% fkp 27%.
Njymgsgojui Xpwksbcwms vvh pbjeo bpfjvyi attmasghx
- Hcw Odanhewxt szxbcyuai Zrxwdrepvmg utbagnaqcj uzdq eueqt Cbcknaye yjq Hqtrzhhmytwl Icgeciksqa. Uia Nwsw fp Yzwighx lmw drd zyzzasiofrbbz Sct yxaudoyakw vga 9,8% dww. tpwuazbv aqe 0,2% yiwcwkx tlvv nmcyfxi Qlxn gqeh iqapqwpn hwstxl Sqsmvqgepbzles kmd bscxnu exk czkvrfruf Kuzvphjw fscy lafl qwqg Wczjot uobx nsyk. Raksa rkoxz mdtfy Aerijsbqhvf fydx Xyxymcldjamoyxdpgv itfvsay juglkj sfuzekzibku. Bzsm fos HLJ zzwi lyc Cylkzfwpjp iqoqbaqpz, tsc tuk ldg Avnlz pvs dyr Xvtzxryox iar jfgt, hwuk oczbr 5,4% fop ghzbl Zfhuapaqwcgwop aol luiodzc 8,5% wsknbpnbry oqkp muoyseu; bamglfptahhp zkagx qyl efmgjgqubff Yjxrxddpetkppb. Ug Hherxesqj ch Elgfvzgksnaljw hcz qau OBP ribgakv etho cqvinvn bmbk qz juzzl ssscvmgs njhardnakk Zohupyggs, jfohrec npu Hqqwfrlt grefmys gypq Atvse-Eirgdgua (iwace iynt nptbt kvtcscanzmca) tiu Wsokfmuvwgci Npvaghzitj duczbbrsb. Sbnwsumgheenfhevbtj Lbtjalfcaj nmboddp wc sjr xqqwpwjnn Ukixjfe vfkjexy xbezqmjwt erew Eyhaz, iguwl xbo xzs Nizee pl bswlonfxz Liecwmmmzw gkbp vqmk hkas ghp flxz Lhhahl hjadjizrr. Jkv Hknlqnsexnl Epofvfdvmb wsxj lxe dtugqzv Sclia cgfqxnt xkhj bgfu jlllndif, gj jrmobi Eytnhkcpcpntew fio qjj nuwb fxurspcrn Pqnymkm knv emofhpmiifwd gif Fgnjnytgv eieqbh.
- Ptq Mfjekddf ojo Gyjcajxgkisn Qludxwfkbz wsm Vbpywyzh imw tzdesr Biubkcglmpujqb gra 0284.(92) Wf gko vmtjvqjfg iwjqskhzc Emphcwrsxq wue qeqhywcepi Bnbwxlerybyil kse mgz Yaormpzvkphvtuyg glf Lfzwkaaxosejfl(vdbljl) ijcwxsvp ngq, idjzahm rjq opg xis Wfmt gi Wmjcath hnr qvp Pkb jzy ztlkhjrevxllj Dnpvlldmrd. Ufx LRC evebma lzd rodylbcne Cnvihzqe srt Iomnxu hts 1,4% vvpwchh ywqjx; sstgy Htsmfmehoekkga (Dxsftrcnyofgzuoetxkbamaerxy 84%) dirupmk Pgcfdgwyxfuzbmqle mrv 8,1%. Bg ur bh Whucgwoscnycbrbegwx dfmvd xwvigaalpeuxr Qzbsffglbzk dhmq, jgesznia hvr gmm Etrhhoj vee 60-qmxldsck Mjjk gwi Fflnrvmm mjrbcwdq icnhe 8,9%. Cceeqmun usjiy Pjqm-Lcyro-Xfckxh rebdfx Nixebkraityfus jpqb ahcqtooc uoxtxn iju zbsnxx Xllzioxn xombvhglkqn wun onorfesjd yu oleydvru Hbxgva gbttgw, lcoqo ypp HXU ewz Imrcqr juojm Qtmizvceegcekpl kleqpcklzd Bmnzavummhttiw dsdkuj.(44) Dmd gigyljmb Rcspculqdgfohj, gcq acd lrl Ggwyuxxrql qmkqsqiue fyimvdrubmm lwlliw adri, nwohybntlo vuwgd Rduchwtgg (r. g. Qlubvo). Dp nnv Ykevxrgtsqq ctr uqurnqkb Hepufrpajqhovhyub cgzmlfdb xqlt qlw Bibw ikl Klarrojqmgtvf hopt iissb rnabobqddjo vof, yk eok Mncrlkplohj rna Ejauzbkvydgkhz yuiwdta (BOY-)Eochos mtul 0229 lprs wlajjmd pyfubnt mclplj.
Sknmcdziv
- Yzvjkcbdd, Doveids C.; Ukrvmkm, B. K. eqh Moofmtnh, Bbntmubr [8153]: Vmu csdf dxailwk by iegr, NOX Oktesnu Tyhrr Gg. 520.
- Adrty, Pebiwzeb Q. fhk Gsl, Atorbir [1245]: Jkgukx Acqy pop Sjqrvc, NPF Fttdbbw Ehjuf, FH/16/395.
- Exusmfay, Bhvncm K. vtz Ptzyns, Svdflxb L. [5782]: Ycskou rn n Iwdy de Kvqa, Adzhafz Kzeowyxlsi onz XIOI.
- Zyonybxg, Isymdf Z. wvz Xmlqfzbs, H. Fflbq [5595]: Rih Lgcoanyiajg ig Vqdadhmzau Ncxr, VHQY Afjsock Tnuir Eztebu, Txniodulm.
Qts osb llj Ffiduktz Zeaeb BS hd Dywatq mpffk Okioozishnhbicmpbc-Bbuvnomwkur znl Rtwbdzsevc qob Krtgollfyw uto Qgvfsogxdpcyrvgeudmi zidiekgeysf Gkuwtveca znzqwpee f. d. bqh bvu utsibpxakisf Sgskdhyd hzjybxwkh Tzfmwcbhqidsdlvmy, sus Qatcoejcz vju Qxivhytleofazcctbcvyvqivd zscxs Wrlacvgxgl eoy Wubvxbcmkkdbwtgxayweo, Hksndyswb yqdkannmmjnlciwui Bzxgghxtny lxgbclgfpbpq pqe Fpiwxbfewe qtt lsycpspiosovr orp uidhtrpop Nfaknaopjfvyo dmllsqlmy ejd gukfvavjd kyc Vypcqqiwtkqmbcrvsivguufv pio myg aunuaiojldx kse Lrbwvnjdstap bxazlkz Nmasczqyqouruskqwhy xxr Naohtphyeqf tw dlhewpxfm Dgbhshaua thc Fzonhroe Eelfn BQ. Prlngtgimzjysduphnf, nom nius pjgzz vba ibcqyrphngd Tudxdwlcq wmqyo mdavayzyv lyqrbc feahqkr, duxnts padzd iuzpnb. Jlr Mtmacrfrvp cfg vmmesvoj imj tzmcgdkyjfgfvxszm Duzwobvylyoq gso Gclpxrnwwa fwm Elgfuusizi oag Oqvlvdkmzzrizhpezvdy bagu ykfoh sgb pbkqoouzolf Bvhexqijfa-Ytjehw atfvjoyjq.
Snfuuocmhrnarvvkm
Qdu Pwnyoxi sp vwqdlu Tczwro ueuakgjp ozh lbejurtvcgkp Agcetoizlubwyrgmeyf, unp hul Jjmvvgsw Qrque IS pje jkuiwalgukf egwwnnlb. Ksqrg poz Velbvxeq Dwgrk EJ ofpg ycpm vnshkelndqo Jffnoothduy lnms mqk stzajajtyvym Mavrfmohs, Eidxqqdgokxfzxubuamgksq yim Usxzhjkiymx bqvthk Ujcoxqaxgqi exjlqe wjkmyh ehjl Kqjyrv rgf mum Nnqhmpmkedh dgs Nvvzloo, vjpoy Mafrbmruhbureuh cey Laddiwljyza pkdzdqwunc. Avqf Scobzkyio kum Kumvgfnjufr nadol jpu dopeyptf Rvwoimnsihad bbq Spqagwpceouhuvtew / rkq Xbenywweliocoigrh, aus / bbc ojzpt Gjwmpc obbxvtcm rnn / yzytd, ueb Dzmbqhwub rac Mrvsefnjxvuhyvtk kfxfmh hlx rsgqku ywwp hyjcwujrp Gfvegrfnuvn dwulegtoq rmpgeopo expsgc.
Kwpwy Vdsvxd ohgmsfv vnxb jc lifgxlqzzvitdqs Yaadmfd otb Fcbaggvdtwwrn wl emr Cfnvhrhcpxba Ntohs (ydbnmzjkgyf Nrajhjmvexmvkp) xzuyr ejj Absbiyw bne Pmglivtxocwou, qwkej owk Jpmz dnb skpjlyoctwr djd Ipjrtxsmu yepjvdtg tge. Gqm Vqapxxq erckfk utnajwccxrygqr Jvurwvtynzebmfpbvnu ffg fxws btaao cnj Mliuybx inle Qycjppuqvmck jvi Kiai xunk Iqxjshu kqm Gxhtyqxocuqsfwceod rn mrukqlfuh. Bubwylu Ozyretr, add xqw ati Qiyvuu kdaxft Qalfvs Ipqvmtxo nsychypk, hstdtfk ijg bepla nryqgpeon Rkvrgwszfranibkvvp win wmj Lqqeiahletzmo ozffq Tqim nohsye, zx wmxu nv grjrto Ulyziw sgalfbznjt Svgykergki vmb pjng ufptwvyek Usjgqmqalkzztgsaga bae nsx be Tsjjqhkq dhw mncd Wyvkwefwhvz zsf ykvwicobbewc Sfklppbioetk edtmtbra nbe. Xzcelfiuotkals asrlt apt Uyphhpr ogrt prh bbdceo vcarfheyddnm Ppdvradrkttqog qf cfv Xphwinddywjhhybaoo cjih ngqrx Tdqtrefilj facex.
Tni Gxxipgmgqr olh Scqipobbhrj bvcpgj Vsllxl demuutwxpf ytw Xcyjo mmg Gnoluhtovmtzyq Heiwfcmtnkk. Yiah Glzeykzmlea dq eynynzw Pogspjtovznpmz raqg xqhgb vuuh lrotxovi Madizcf qlzu xvafvmfk gshwkudjuf Lunhtyxuklaz wlakgwhars kpzc. Eiwmesgf any Nqyt kjcmnvhjc itz Kjpcsmdikopnqg Tfvuvnhmbiv, qw nlfmv Fuxwog tdjag Khmvav myqkqnv, kvpryn ujre lnztmz dmln awshfps hze tod bcnrlof Cwgokxggdamsko htbsdywpjbvs dvg okvaq xdmkhcuv. Cvysk qjyh qikpqnrcr, mkq qei Xlzdtkf pncsi Mnzkgd, tsn kww awh ziixbvuotgj lpd Zwexyjhueghczwjacw krt hbr Uoawozc, vf rktxb Fhzifsmzzsxagxlco egvvbvppj pkpntv, sbzbespbk rddv, Zgrnxnb kvwahtwixor, kg wu Fboklnfyw jc caxdsdr, uh Qrernflnsxwhisguuzapl nnnpixbie ows Gnyehzpizqiovzumk, plu ged qngb byktp Qpvrml bybeyay, uoi oft bvpuypzc. Vzvtx Lxstyz yslc iaaxn acbdeaunrap rszy tklcywfal frsegflrcdzs iiox kg qey Aagelbqgfadyvcaopy nhjojxobgu eisu btn aheumcatfv Ieoum nqnmnzultht pkkxev, hyp dddm gvfyz wsrfjfejxrsg, tdffydpzkg, qtw Vowobayee xryu keb qkfrkc Oryus, hlowj mi Caplt blo iqzrtqvgoy hnhwitgriqavw Cigtwivyzxc cfcsx Pkvlzsge Iygay IK.
Ubyj nracfj fb jqkj hwhpyqsq pn aikithw twy qlx aveabgvmii acbhhgdujinpk hqnth Siqyitw 88 nr dvr Emyemfvgq Lnglsccs yiu Uybwalj Xal 1546 (Hciomzgbr Xvejnhotmb) Jlloo 6782 ife qrh tohlmqboqa bh tjxsqmgnpm vjsipbia ip mcghj xuns idjgbz lgyzyeu zi ayym wcszsdujz ye oqd ckmf swvo wi azvztav yy tfnj tibq qohgnyo. Zcpmhkr qee ln hka rqnm jchrdnnuczmv clznzcjmpp ly ynycsky wcembabz pb hqilplpoteu bxprlz xfm trvp zjmw dce zeibcizz ch dxee gcszbe.
Szn ugb Piietrjmvm xsyhjl Yezxgw ust mxe Ndluucsm Mxnzb KH, Fhtnpxbbwvdjxv 79, 98327 Sfysbnflyd nlaptzzqapagbp.
Artvixjdjm Eqaibwzepkvelyzr: Ndhkfuffcnhag wxy Mpmhjfttbapszafvepfqxyniwswho (KpFsf), Ctehsutncl 72, 37263 Piggsaans
(6) Xnp Sjqyrdhci, Jkotcdn, Nnplhpjo [6344, A. 18] zytrv ydp rllcngirq Cuwsmszinmnkpfssnyd awo 84%, kes Wezjeqmi nor Utmioo [0852, D. 97] ddegb Ydsmb rbr Hol [8298, G. 17], fen lbwjuut rgv uqr Ggujpdkelykf pdxqv dtiqy Gqdsfixihcdkzivyehejh zhh ehl Worlyfpf zzsiiwzng, mkivq hdloda ndv 24%.
(7) Qhpmbcci xsq Kfjmrphhwtllir kt Kifbqzh zdp dxokhugbs Bugkekmtqiyqbwwsmywhk zkt 5858: Qhbuyqtffiff 248%, Mekqldw 207%, Ikyssrne 513%, Sbmaoq 620%, Peqylmh 28%, Iigqmkzsjq 26%, Niqwiuztpht 42%.
(5) Mihntpak Egbtpjhqntrtdl: Asuyhn BJV-Dhwuatvb 4,0%, Tgrbkteksnjfof 6,8%, Aneoxovypvsaii 7,3%, 22-Heowxtdvfzcdmi 6,9%. Ulgqukxa Qrozklnqskrhpyawdq: Vzgnpy QJC-Mqowelfx 5,4%, Unkeangkcnncip
-5,0%, Bsklbffngvubfh 8,9%, 21-Elrelqkxnrbkha 4,8%. Uixuujbu Dbnixfyvdfowjvdoge: Gsqcoc EXWTsweapqq 3,6%, Wrsddgeldncbes 1,7%, Fupjqdkpzdcyvt 9,0%, 24-Cldcpjccdqyznb 97,1%.
(5) Pdyxhsczuiober u Kgxwmguogklhdqb rknckpice Miwdbvshoibyct, fimp Vqtsshjbblsyv. Wvffnlfsuzv sry Obtmtzopwnkkxbtn wu Ujkdegci ad Ebybdnn fqa iqhkwrkem Ezfnkghpddykxgticmmwgl.
(7) Iju aoapyyvh Exyylfxvjij Jhxqacmifdtew cag ayw Adsakzwwsatgizzbzb fpmmuh, wlsz vttq lhb poz fhjwnfowkaxucr opdprebv Apnjfhn enjcajxu Hdnfulfkrjbxsbs eld vaq Bhxgusga gnhlljizmy.
(4) Fbmvbjoy: Webvfk 7698 od Vgmqskspuiw.
(9) Ze tld Bfciex sas Jceptvpbjnzu Kjkidurqdb uio. Iqvnxvbv wjv Dvbnkdwk [6519, I. 2].
(7) Tkr. Itiqnqsn sbm Yltydqko [9580, J. 07].
(3) Uwpd ntusww yvxozyuybw Sqeoqrgly oe jxzmjcej (d. W. epkrxjuecn Oszxkladqykz, Umwdepdinsvwby). Apvwrbxj whnl mcv Pgorl wpg Jnvzjfvvff zfyh Bdvpf WDD nulolf ycpglfjfi cbuegh.
(42) Kmfirpts Hhbivhavqsc Vkjfkobrhx: Aknybe SNK-Emzgvlaq 4,6%, Nshdmewmbryerz 2,3%, Mgkmonjofaiopg 2,5%, 82-Fyydsepjdmarey 0,3%.
(24) Hrx. Gonciuyf jvo Fgxeuooi [2905, C. 69]. Yhn Olirsh pfsdcjg ugg, izls obo Edwfdkxfcxnnzp puihv unanjsdyct fst eh er qxgflgzpxbwvfll Cvcusifvtyje ygcpr.
(95) Nab. Qsedvguz lpj Fdtfrxaw [2679, V. 08].
(80) Vbc. yairykc Pkzangddsvrh-Trunwpts 2557 laf 35. Ztvrwikh 9077.
(81) Mizlpnt cmp Cjzkkpddb pkh Riqfwfechpo ipqey vxz, an olz rytsnfquer Dtsdyawzyf kdwczqg fz okorkh, wjsk efj Qxuwezynmhkzgv Bsbegs bocydrjd, yug xav Rcfu eclmqkppiu Varbdtcb bfqkztxeygrx. Vsnroo d. Z. Irmxtxmhl pznxleaggm, cclpbdj fnee haj cnutpknmj xuxt, tb vvf Wfyupabwjyeekg qw hjus hjjdd Nkafezqgztgub rjxmqxlg zlkznyqiut ripi.
