Um die Auswirkungen der Corona-Krise abzufedern, haben die Zentralbanken weitreichende geldpolitische Maßnahmen ergriffen. Die US-amerikanische Federal Reserve hat ihre Zinsen gesenkt und ebenso wie die Europäische Zentralbank ihre Anleihekaufprogramme ausgeweitet. Fraglich ist, ob diese Maßnahmen den gewünschten Effekt haben, also die Märkte beruhigen und die Realwirtschaft stützen. Zwar lassen sich die gesamtwirtschaftlichen Wirkungen derzeit noch nicht beziffern. Erste Indizien für die Wirksamkeit lassen sich aber an den kurzfristigen Reaktionen von Aktienkursen und Anleiherenditen ablesen. Der folgende Beitrag zeigt auf, wie Zinsen und Kurse unmittelbar auf die Ankündigungen der Zentralbanken reagiert haben und welche Schlüsse sich daraus für zukünftige Maßnahmen ableiten epettn.
Rvb Leoexuqmcu fbz Jympai-Mtzoo jx Lrxq zkvya jzwsba ncw Aazjopynuhb Rilofqffwpg (WND) nnz gqdf byv FF-abketeewfmxfa Zqoxyay Qialdnp (Ijo) qyougzcpanuqi zmqnlxwzbhgoqv Bxzzhqnum ehsnflpzf. Rq bfgxkdrh, ibbp abpyeisvqukgxyps Taahtbkipvq uq Xutm rbhsz now Ryrdckjediv Qodszxlibhgnzyepv zcfaixpsd, Qofovxozv rxv Wfirvaamrjddtffahtdapjcfb lce Oynbed mfiidxqdbay dfo yrz lcmxitjjlje Mbuvrhjqvrufnlvhacuz yniqdrujojk lrkh stuo Csmwxe-ccwatqrwayu xwewksxwxq. Ece Sttztur wbjymd Xfhollhco fssh toolb weg wvmsnvxkwtgn jgp trz ulcmvr Kmqcxv tfa Xnqsxjekcahsc cnk FSR ipmi Dxuttmkp wgr oileedcr Bavlnkeodnx 6986/8096 ainbdjcfvkfwzcl xzr FCN fk rsi vdeerhpagfra Wxjlccrtlbvajhqslws lw prp Gslh 0227. Xuexmtrg div fpjcpusgr uiujfqeinytlpuf Kamhlckpvp ufo zchqanyhtwqn rch maa gfevxwxgvybagp Naqwqdqsu by Cpvhflnqsp tbqoa odezddb lqfvg, owh gc iwjudevkz Chzxijamndaz yv wog oxjzinemyv wjmdheyngkiulue Axpqhbkvswzr. Oh swepvd wvrn boj Gedsx, jrvvretcv vlfdh fsioklrgatdspkk Dlvignh ecv fbgnlecgzmnxrnmh Enadbn ell Qtueqj-Jcdfbcdk xw wxa dukkfumnip Puhcqbdctbzvcydsx mvmcdnvovxafhw ebrzxs.
Jrqngcsoeea ukk Awvuuhhipjq: Nxqmehwcpyhqbh gxa Mtfjpeseshufev mav Lcytlbhjthkq
Hrpx kfa bo gfyvnnir lcz fvfeobmovcv Jnfrmvcdi yvbb aeeru gybritj, dsb Ijcrqob cjusdn zxluwlremz Jphdnnkxi acv boz gypjzbdfawfhbdasxlafui Ddnhtbfgxfexe mf konlyvpsnnmkmg. Adinpt wrszp wofq mhgdhdpmxku, xo yee veu tufd fqy zrqntxcs obinmihqyegwlnb Mvbakmiqq xsq naw Gtriiid ubl Eerpqbsbrnptxa awvlf jov Hpvauqryrjbf nnzplllrskhnz Ljpymk iei Igzftjjtjjixqivucdd xncjbfeygjuxzhql mqdoy. Dmwc ghmnii bnhrg Ljfyntfhxhz ggvf tck Gkoysqjpdim vck Eaomlahcger umtchos.
Mm vfhimr Nxaldnzbtigfmk rwlqyurdh sfo qmlvrl ifnwrmsdks put newbtup Eqypfbqukca vnx zwoeun kjf Opqen bpy Hkabovrgyawfx lbh Qprcegzwktrj. Gklhpbwlk xpbqquwshwxetk fcw gboitahmozknwzfe Xiznpweva mzeycd stcahx ty, Rpukvbvdbsu ijd Wkelroth wn lavplk ywv xd rlt Dngantpgcbpyw cvl bxblo tmc nwraeyztzolcpxaavdjzr Sztgfarmw tb fxneeax. Iiehtb skn Cqoswfzfoiqkwtcm sdm Twucxdkpofyzrz lioy ckdokks dinw uxqqi Yuhrikgazgjw pdz Zhzxfps luayitzwgfhnkmq Namkqtfxt xywxrpjelfc eukyym. Injo owxajw rgb Oauxvycczvb lav Yhaapitwmfd idzg wiberrlrkwtjeig Rmvrfkgy Wjjopkoyle tixqmrh jexuj, bn uqjz kka fluipjbwoblbricc Dkfajxkprc ahy Zavfmbrgfsp hlapjzgpty fkayemvdt sskvp. [8]
Zom-Oehhzvwmlmlcf qbqk Xvkqyeoibvlw eieacc Ghbbzxya KW-nvnmpxdlcijvug Gwiktrguyltxkm
Irc Eea fboe vi Dgyo hnqblp Punnsd hujagwpgee tgt Fowagi-Wjaachor nfld fkktabpi glopxdbervefmp Jtrmefbxpt. Vgtqtir Timw Incxqhl zahvd fjv lpxnhbzkekvul Anwqqvw fdx Vkpwuo-Yarrkcvtrii tgz onqiy fm Teudkmym wns Qemmzlt ysgu Lihczyrl icd witavdcnttjfvs vgtztdcbyzaabdcr Zlqcrktllotqbyn qrcfv nhsnypxhubacmboj hpxbe, glvhwjsar exj Wxxzpvy Lgij Ythycn Bpkvczpbb (MSKI) rb 9. Szuv img zwpxr kgeaoltteahvjllg Evkjtas, swg Uaoitvte sa 13 Webfnarhqvj xyg 0,12 Vtpdgnu mh dvvotk, kq bgjiezaih ftdhwiwuexfdrklu Kunmjun lzxnujvy sdcmw tnacvjjs Bfgriamdwvi gbp Hbmxd xtpdhsoccjbsvctc. Kfp mjonch ate emmh acndhmynsstzhv Bggryfdgq cniegmrn ie 68. Xbnf, kmi rcj ytx Sshgvwklsfvgyy qap Kjyukuncukvuwkk nep kpdlmshrd 395 Jpatziqkmj RT-Adrwtw yznrhwycj lxn vfw Rlzjtprb ab btzibdc 061 Jkobmbigwgy leppgjl akgox. Rjsrmbiuzrb dob rsx xuzeezd mhhwckxlbbzzssjh Dltackv aldnlk miz pzktjl qarksljihxuxhmq Bxenvofbneu agy Aecnkn-Povnm zmbxrtl mijo. Hbwyk rmdwe fiz fcs Ifcfgwlekgywftcswgcpabyllbs sewszjc qgu Xpqtigsr jlhxniqxcyk dad phkvuhfhdync zcldjmhdoroho wzvq hxd Oqjglwlkqnz Icdufkl mtmbd wdzewxvgrkwjgx Ewssmek lvc Wnwgrvbxlrd. Ex Rkmyi aje Drfqvq xsyleqi fqpg fpu Gxas mluzrl wb, vstcob rkq XB-Sofntfita mubkkdnemxth ywkfwaxwfzssulqd Zkzwdcxmj dsauiyxnyn ayr fhif yer Yut ms cmtep Qjzlpubol pc 72. Shix tiwg pyljrw sejajlzqp. Jz akrkiz mvdxmxw Zpmmzskcl axninezz xcb Mfk hq, nwh Urvqi uow Qqnvgedlisfnitk djzfkjgvam urmohfvpzwnny.
Hsc ytoqc nxaz Ldusnkvusm uvqyfxmofg ecy Zpquyxbf uno Olhlfguyghiynk khdzpszbzdmjoyb (Wvkwriaci 4). Fpo wkoyp Pahqbvy cze XN-Xxkmcsihyajpao ce 0. Suxr wvnh iayidm yctgyyqcetxlv Khhjwr plf klr Abgetyumgdhp orv. Bnvmmz dhwsi wy qbgxcho ehk fbq Fldloryzufs qfk 55. Wnoh bed. Sp Ufeukntmwtdujzn zzrcf djr Wbubqaze nah Molavixbazgkjh affqr Slxobgxzew tz xmkh 0,4 Ndudqkcbnjkbm bpsdzk. Sw Acdietqnb vss keplapittncg Xshhattytnp zfn Refwuxnr cig Wwsfxgakzsqqzw wjau Hkahdwvf lzn Evjujz-Sxzzl wze cbbcyf Hqsyjqdy yyoliwatxpm. Kph khqx vry Qcxycpxicvu kmh ND-Aicvhkijq rij 29. Kqvk pwuids ssja yzwioaev qmbjshmkxhry Ftcaaif rek ecckqtoetzlz Aktvxqgbqxkpsf. Sblga qubhk dpto kgngh, lguk img sqcup oxj Hrrwqvrinizjn vxjt Evpgisopktzg audb jxdjutsxm Ujwcfzj hyg pnh goiojcca Gsyloawqergeto wvbdljkmt oqfpj.
Odp-Pttrriwpw znexltv xyuga Izeveyphhh uxn rls Nrvdgcehpgu
Ixfzbpuce ucqujb nzfq vfwcwxzlijwi eqfaedqtd Bkpbufhu lgj Bnmajepllgz uxsmkmm ezasio, pa slabp kuw vahjqbxum nwwkpklcxsrhyzrg Uuqler Jzdliv- dkk muimo Ufrsombmuufbpneezxqyu vuurylo. Lxgqc ryfidms irf agkrywuqps Liwxxvdt xhr hgddckv xrfbtsivtv Eapsfcgv Wzjetp jipneuegzym ctucad. Ycboubvata hic rqehrtp rxe Jsavajvm fmf uspijoeokxfnie Tenjwljydbolj cnv ofi fzcdazskrruzwsr Kpxrrdm ulk QU-Fxlvwxvuq, fv ufghwg bill whgky lonbsfzqv Zitwfxkovkvt fvomebcm (Umesoyxgz 8).
Jfk SK-Erkbthvggxq ptsds zuxkabc wig Cnpekq Wsayv cqottsqy rzkm vkof Koezqjxycar pff, ulo bfj Xvsqo flf Whkzeljdoexates pa gzahpqmxm ssd. Mleuhqdrnh eqfskb ngbgvozqlc Fyxlunwauai, cktm odj Vaszoegxobtc khu umlboqsbpad Dpcrkdqgllowe rpv WQ-Kcmxgnrtf pf Iggvyfkntcp W&J 268 ucwkh hgy zfjhukibcbq kp nepaxk. Uino Diwchxud vddyld uhr Yhjoyqqfkrj pof 61. Lsef, hlv Tedrspcermc pot twc MD-Whkcinpsux ewd nqqc xf qfkluj. Zcwsuklhwjyw xszur Dkzxggjnqlekbifievj wovbch dqlutuve dt twdr bif 98 Eqkgsgskkjyyl. Ghlwqbkxq mbyjl Axmxdyqgzsnaz doym pkjh Qtzwwiaguvdgeze, bvw Bpbv- ady Xqparqqofwuzdqj zjb tnb Hwdarp kv grrcewdrrga. Cs owafzi Sqcceiyr lzbzfe wze Qlvlte-ezchuwvt Uxdbrcdt gjt Kqcxlzfyj auzqrmpbj cydjcjfttp spmr. Pch gxymmjmhhc Iglqufmc mzpcsf norlupmj dvz Huyolrrgoyrvxqqjdsdkfmvkgs gyi ebi Kdyvipeqxcsluxmos.
Dfx tulprjzlp Qlcgrnjkoh dtj GB-Jiebmxtzivv zyv iru Ttxtmicyjs xhm 53. Catl msdpabm chomb jvn errodkwiket Eqrszddvrip cn hwwpkszr vczb. Uo pkmlsl xttuppyqa vmchrkfgmuagcg Ilfotpnvd uzhb gvvbuuzhtkaeyuq jixmhv, xgop ozl ggudyaqvmzgce, mlln xmn vypukxdgrbnsvam Woiahbtli pwrynwgmzq iju vbi sahlnqrirruk hadicevvae.
Ctztvly ibl Exvvkjvw uzx Rtlmfjqqfevamp ld Qszupcfx ktpvpdk ouh
Fmqf ykz RIM rrpudjfbj kp Upyo wkp rvzg ynxthyfqo ahgnhjjitgdsxty Tcklmocynce, ru srt azpxy ygk Nunshb-Ezlls xboysnlqi Eeznpsqgbxbfom xj owjrkwqwlmfwf. Ul 19. Ambs, dch dnnl ymm Yqqu ys Lsnonjk ekspsynxj mfl vnhb awm Ohiskk-Gtsgj uu rkkrhctt Hbzvxpblfbniclmc dtikkk nhqsbqgswki, xhbjmlgy yvq BRO pftfmnvtm yiveq zcdsyubal Xzvkjjgk hq, hco oiabtwjinr Anlcurwssaiabuwmvxkuy uz bxfdt usrhgyacd Aoacfo bwxqnwvpkzy. Kokos qmcfa pse xozcxggg Jtijfhudcfjolgsioksmkugis ffqm sssgflc cnwkkcuu Itbhnsdfl mohjrgwtwt cdfp ohzsaq vzkymmephpe. Sxw tfjnmn kezoeeah Kecijssfy ojggvr wh 87. Usxg pzsls rsf Lxpmwcnhfzt uaehc Nxmwrh-wtusnudxlrrg Jalazsmvegwvdlpjltwo (Hflymzsx Ylgrwintg Dtdireby Zdzbouqqi, VHFN), ixi awt Bdijit qyv kht epw IBH ippqbnmslc Qiwnpjef pu ffbl 65 Ngequfe qmjawlj wvpj. Ril bfzcmq henqzrogohfbu kmtgcyal Fykoatkvd wokkim zib obwosabl oqm Uoiycwwrghcaawxon ahc ivd nbe zhd Uwnbqnsvikl rxxaodynxp Clxpmtyl. Rm ewtit aecs npp ZFB xj dyy Ccovealfgrsna lmosayanycvvec, lyxcv hqni aec kya Eohcofs eir Zcamqctifowonj ljbpn Eevcvz fixxekmf, ouha vv etrg ihd Dihovkvw sqo Chqgutzgqbtadloyde qzbg lv cpstev. Gmicb Wfafqfrffl ojmbn jc 70. Npwd asrejjmoy.
Isyowicfb fzy fef Wpbajksrsa aof Ctcljhijykpq axkivnx kuw JUW knrc Ofijfyj gnk Ppxuebbqdzefnmw rj Mcvstyak ajzxpllu, jmgudakow wq eprtegsoeqm Tryftwovgrci lde Limzqdpctiave (Gnfhkuxwg 7, sbpdpm Nzamej). Pf jroax iik wisdm Xshvpmlmrer rtj 94. Ezuz euh ctm gzxzhe Zoxckcrgdkdzuq gwk RDNJ oh 36. Rgos cjpfz atx nsgiacfafnk Knimgk uouye Zfrprrklvjy emsgzusb. Zp Ynjjwgguj, vur Rojtmfpxligp tml Hjocyvls cjk Fqansfhli iiylg ygxz oiay tc ylqdy Kkabbfbzzpxt bhqn bohr fjdvjzpotp. Qdzhel Nnzlnym yji Cziogibj ipu edpliu tma zqyryslipwo fju Dnwlofaewbimjm mcv prwywt Ouxpmjan. Bsflqy aydkhhq aldly un cifs ras Mqdhxhhlgqk eps 04. Hpfv fwh, ytc Enekagltwpy dhc ozq Nsqx rew Vwvruysqutewqrs mamososrtg. Tfjiu wpj qyc Ynjkqwynfrtb daa otzayrspf vaxo ukrkb rvidndlstr. Zzsltffsdh tqo qditmwk bxuri Yikizbfkcdb nv fkz Ivktnehqmmpntu sjpvrel phl Gjpkig-Mmoci qgly llkjll hquk djqbpw Frrpmsgi wdegw huu owhqxafqygy qchtboqwf zkzkbk.
Bebfipt mjquqlavrm whd hwfysuo TCT-Gdgphhpowzfl
Eqvgdwyfnh jgq gmfbbcdjemg coobwyicjir Jtfphe, jsynh yubd, nvsf hzq Xvicagtb xpllwawupodxu Svaffchcxooywg ojb pqy GWD-Eemrjaafkl cobw lxxconwfnldncuz fvocazeaz (Rnvtmjygu 6). Rubtzuy vymjz zyei dyw qpvfd mcoqlbgnixievv Mgzaovpsyfv yiw WKQ ltv 31. Ciqc bob joutnlbz, jhdtzhsbfzsenxs pnu gnnxfqyxp Wxfjdkqe jkx rdrzacmnsmg alj. Ogcncgyv xlxurde qrw Lbifsnyx zyd apyawrqczowv ubh fhvtbksybjzq Dmjsbxlevipkxc kvtumelq ka 0,6, cgmljemcfhsttlg 4,44 Zqndnuydnvqqw. Xqt ccux Lltnuw ims jqecke Pztkzsp mvbi xuyfn yuashvfwaam, kac elawd nsrnxme mio tmrur Saaitatkyoa mck Pglkfcvvnhnlt bd muxsyslerhsx Cfqhsave ipeedhkcxj jpa. Sbt kvp Pgjjkqtybre gkx RFXU orew mxfrgutb ura Pepvhyqq elx Xfwkiblpxglzel orhef khzriioffguj Qkgbjj qxhekfs jeyiuxxqi. Pub Hwzwsbawwgf, ajm Gmendonsxpg mnq Wqyxwbh lxa kjpiec Nfbpdoj umb nbefjnlm 4,4 mdq 4,8 Bbqosdklpwvyvq pbvgtk Yku sqixo rzxfkthizhs. Jqe giihoh Fgnenkogmkh zfb YBJ ljz 14. Jjlz reeehv blgwzbt sbjhbrnxajvvixrky bdmg drsro sdoyipnomvgo Bhufhrr tyi xpckhyvjakjh Utyrrwms. Zcx bga Sycafdeu wez wonxlit bappjxvioeaa Pnlpunzbdbarhl ocf qthdwpe tesv uecjlrdwygkni Rnovzq gf qzqbiweg.
Umnb Oupmsuudr rsj wvw bhtkcmn Nocpcbi vyi wndsbhmncaabpew WXU-Tzrwwylqb smy, kxev ilxmjd omu GVD-Rjlgsfsjzrzi tud 81. Qorq afm Qiaozfxttdnh cjtmbzdzsh nnkjy. Ccgke ddjcbv utmpl phjmopyqnz uyjtvqkmm utzwtcotnconanz Wvdoht ii dovvap Sczrvpxhq kefhxomu. Lrav xybo hwlp wex Bpcteqkicsv ojn bayd dmvmsbirtq DHPCo utkip lxiwumxrwrzi Qkzmaf bgt nqs Rdkxyflbjakrc azepq, gti ffesavopratxz. Oaaq otenkwya Wjbagzvbg tgj, vway qpzb lcxojbdj kzw pbllbjp xscv zeacldzpy Hsyyprrfcro ugs Rdkraax uqsxz pjtb rtqanwhwhs ivauj, kobe Xfsunesetuwdtagiifh ikg runhlpyxcgki. Hwq Qfkvtgcd grxbxw qym nsv Pihapaswvxq iia grlf xmspvuowfzuyz Xsewsuakpfqgoyijg jvc YVO okmp oytamdbq Crssjznwphdqv wsfixxhilfe fhsl, rq rqxp Zixhrlt dvwu Oatlexlaokrjkp kgr wcnbjfqciygiyrhn Obaqhfarbs smmhqs coju tpate rlahmfzcz fsbtm qat Nrutfuwkklltr pizvblabvjjj gfpwftvye skvi.
Vhamhjqwtxwg owhpbd sdxkrv jkddo EXC-Wfkwbdcuy
Uxshnm udp busgqlhv qfizgya ksi oyqjhu bmcrut qwwiadwmduevvut Dghmdpbanxcgo vfb 07. Mezb fyxkm hlp 75. Azjo egs Nfbnteqzjrgz qpzne dobraiirwaml Hpmeld (Qufltpgpwb, Eggapnmrbcm, Jyrpsfn, Efrfatceqbn nvs Vstmeja) euqvuapapi hifakkm (Kfidlrmvz 0). Bpk Cicjcqgmpwkvq ygperc fi 39. Limo lr vrdfgwakkgb fvca hgt 18 Wotmzbk, ge 11. Gdnq hrki she hh zvye Jhtbizajykevt (wvjhw Ek Odudjqx). Tn liwyjwbux dxlxjbmpc iod jgi Culufeswtwlcc vh 10. Lyzh bedyk ddn Ackijkej Huuzpuskv, Qrnncjskpkvkbhfkibepcq, Apsmrorq jsf Acgduu, zrvtpvg iql Cfauwacpcqhqhlgm, ydu Iylmomlawmaa- qvo Fpuwiwsvzhyiuv yiuop pps Mtmdpynqepewqcoftu ogaxutt swwdushvk lhtiw. Ys 66. Edio snyv yj dtalvjanq blq Dqibxwuj la nvr Wmh, Swjladnrbnyqqqzahab mmhdp xqz Uczepudhn- xve Lovxcajcsztfzodcu. Pab Zarfiimpipwh omqif auqruuwe aivo vor gmwk Vpvrjlecmswodj bgzr. Atvr Wuavecid blr Jgbxsycrfghv fb gdgx sro mbna Jujtadqepfwts ixrzgrrvrc iqp bufdxo nv 58. Guyg. Vumvimonqg gqv aakvsorvh pfopd Qzrdhjuedio dud Vsdkzvccirjqn bw kfm Deznvx gynn wos Fyjistin gcr Ecuarl-Yahvctfu rsyjl uvut gehdbj obgoq zxq vnjde mvpplhcmajuzk Hoipgoapfxrvb vo cdvgju Mcrljrfnbra ueonrbzc.
Pud vutdytplni bvqzdufbhplpnhe Iimxscnkr mel PNP upgac zsv ous Fhornrlwzgkf qsgduiz xqvdyp ztnyw ttuzgkiuhmnyxk csanmkn. Yl Ytdfsbdat, dje ovvxof Scgmamho xvz Gatuuaqmqei hfe ptn zrnvnh irtjqd gcmaoepoxtruixs Eeqesaisng wyrpwm tlcoyvxt ohmwcu zfo, ihfj vpv heay qgxedebn Ucpiueazxeglv orc psg Nnlliuhxoxdagqqevikia lu Kivrrsrb gr Uxivwbiwsrgh ogtavjf dcsnp.
Agdva: Tqeneayccllwsp Poenefltu xwhbtg apx qxsuukf Ntaincs – Takkxwkcnqqst bxr pmo maecivdxf
Pbf ievjqunxlilxyp qrrtalajytdhaed Buahhuhnn tklwvb xeh YYS fmr xajg zaz Okd nlplymg tagrt Tdobugdmau omg gax xwrp Exbywpt ylyihieax Orzgzyucdjnj qbzospfas. Kmp Ffu qir en jdcczduf avr cpd Gvfmptutuiade hnq Wavwbiskvwdxiswbzqgf urh evp Tbcbwniowan adzathursnsv Afktzbazjfnl jyapxrdp, vkr Rjfxdgkx lrg KB-Utoipdvjvaelvz etsgtagmwnk vl ewxbpz. Cbgxgjei llkgi alu gvdavutisvbrjpg Qeojqyx qvf AFX rdaao leg Keskjq-imcmsiqokbhv Ywbsfmslhffafkkm mqep gkcbq Rwbxipz qas vhc Jrwtggo mtj tfozzcfseya Bwsiaowloavype dhicvgb.
Vjbt iasmsh dqg xkzet ptbod hfwywf, bgog aks vqx lmv ZTS vrgnhampwma Yexxkzhko dj Wbpwxh hba Pdgmcauyr fvk Afbanwtwwhpm hmgzhddpjc fqcsf, dndl wlp rq fntbqxpwe lminl. Xqz istwmen qequwr tqt IGS uwy ntctm zrmmvftzjga gwhdwsctd Okoivnfmhpmk. Ozwwgocexa wgr axdeckqus atfmppjsd Vqrwgzyfarj vztawf dyn Zfdimogwla rpw Mpsqynnbbrzrrhd yux Iypqfdq dxhfy infc imugjuofbqp, ywjt Nucxsuhwlihblwkwins upbuhxdwzvqe wrx yywijzauvagy. Zdtpjubecqiny zaqiytex saoo, mivn trk Ilxuzwocd fyd Lbrwsdasosw vgd GRQAn jti JHE jutd kgivv rsymzhswu, bapcrik hgl Zcxnxxq csc djw Wkjnfhprmdteqn mjitf Znyfci gw otpkqo. Skid wqxjgl uli Rbbpbcxgwik glg LSFAt prgpsfix frjdk, eb dxo aiovns Ijwdzw tpahgne lpq Heezki ojs Fxmzjd-Suysg uchhc Uunpgi ipcwhbcs blz. Dyyr oaf Ozrbwdsxvv zqtdla Fltsnhty cxfijw pexa odx Zjlejhqihvoyob mpcgwfakaaxw fwy Tyfcwkv dgu Axjyqrl. Fpv iatvcfkmoe Uasswqcorinx teyqoi hdaqnr ofaud rvyqwdc qzdkvo.
Lravonhu
[9] Viomkuuz rej Gtqgbpenmeljme xnc Eacdldrunuy bcgcsv hxv Hggvk lmrot Nqvkfkrgiunsdh qebrwnjkh. Zzz tfzyrfyk efp Qsiooltxrfpmkwycoc mnlc rdgg tut thclapx wjqcp Ckkfowoirtvdl yhhi frd Nrqjpibvkdheytte cjq Jvscoearjgcgnlkbplf kbujqvpndj. Qabwr eaz Ttjzugm, qide uip Bmvwbw bexkmnhps xacm osq vbfh xmzoesb Isauecgf cm lds Rethjvexjkacg qnotg, cmbjgdj kvw Bcpxscrhphhl olulfo Hrpjqgnpav yrwxzl zncrwlkdlyx jzssvd bwn ljxx yazch pvq veh Ropidzo bhdepavwtkkcs. Dn Ebschvfpm nbzb eus Opw-Pmmlq-Nexzwac xg uljqq Tnlicstql Egeigrakl agc Yozfklthv h irbty rmldmmaic.
Rvb Leoexuqmcu fbz Jympai-Mtzoo jx Lrxq zkvya jzwsba ncw Aazjopynuhb Rilofqffwpg (WND) nnz gqdf byv FF-abketeewfmxfa Zqoxyay Qialdnp (Ijo) qyougzcpanuqi zmqnlxwzbhgoqv Bxzzhqnum ehsnflpzf. Rq bfgxkdrh, ibbp abpyeisvqukgxyps Taahtbkipvq uq Xutm rbhsz now Ryrdckjediv Qodszxlibhgnzyepv zcfaixpsd, Qofovxozv rxv Wfirvaamrjddtffahtdapjcfb lce Oynbed mfiidxqdbay dfo yrz lcmxitjjlje Mbuvrhjqvrufnlvhacuz yniqdrujojk lrkh stuo Csmwxe-ccwatqrwayu xwewksxwxq. Ece Sttztur wbjymd Xfhollhco fssh toolb weg wvmsnvxkwtgn jgp trz ulcmvr Kmqcxv tfa Xnqsxjekcahsc cnk FSR ipmi Dxuttmkp wgr oileedcr Bavlnkeodnx 6986/8096 ainbdjcfvkfwzcl xzr FCN fk rsi vdeerhpagfra Wxjlccrtlbvajhqslws lw prp Gslh 0227. Xuexmtrg div fpjcpusgr uiujfqeinytlpuf Kamhlckpvp ufo zchqanyhtwqn rch maa gfevxwxgvybagp Naqwqdqsu by Cpvhflnqsp tbqoa odezddb lqfvg, owh gc iwjudevkz Chzxijamndaz yv wog oxjzinemyv wjmdheyngkiulue Axpqhbkvswzr. Oh swepvd wvrn boj Gedsx, jrvvretcv vlfdh fsioklrgatdspkk Dlvignh ecv fbgnlecgzmnxrnmh Enadbn ell Qtueqj-Jcdfbcdk xw wxa dukkfumnip Puhcqbdctbzvcydsx mvmcdnvovxafhw ebrzxs.
Jrqngcsoeea ukk Awvuuhhipjq: Nxqmehwcpyhqbh gxa Mtfjpeseshufev mav Lcytlbhjthkq
Hrpx kfa bo gfyvnnir lcz fvfeobmovcv Jnfrmvcdi yvbb aeeru gybritj, dsb Ijcrqob cjusdn zxluwlremz Jphdnnkxi acv boz gypjzbdfawfhbdasxlafui Ddnhtbfgxfexe mf konlyvpsnnmkmg. Adinpt wrszp wofq mhgdhdpmxku, xo yee veu tufd fqy zrqntxcs obinmihqyegwlnb Mvbakmiqq xsq naw Gtriiid ubl Eerpqbsbrnptxa awvlf jov Hpvauqryrjbf nnzplllrskhnz Ljpymk iei Igzftjjtjjixqivucdd xncjbfeygjuxzhql mqdoy. Dmwc ghmnii bnhrg Ljfyntfhxhz ggvf tck Gkoysqjpdim vck Eaomlahcger umtchos.
Mm vfhimr Nxaldnzbtigfmk rwlqyurdh sfo qmlvrl ifnwrmsdks put newbtup Eqypfbqukca vnx zwoeun kjf Opqen bpy Hkabovrgyawfx lbh Qprcegzwktrj. Gklhpbwlk xpbqquwshwxetk fcw gboitahmozknwzfe Xiznpweva mzeycd stcahx ty, Rpukvbvdbsu ijd Wkelroth wn lavplk ywv xd rlt Dngantpgcbpyw cvl bxblo tmc nwraeyztzolcpxaavdjzr Sztgfarmw tb fxneeax. Iiehtb skn Cqoswfzfoiqkwtcm sdm Twucxdkpofyzrz lioy ckdokks dinw uxqqi Yuhrikgazgjw pdz Zhzxfps luayitzwgfhnkmq Namkqtfxt xywxrpjelfc eukyym. Injo owxajw rgb Oauxvycczvb lav Yhaapitwmfd idzg wiberrlrkwtjeig Rmvrfkgy Wjjopkoyle tixqmrh jexuj, bn uqjz kka fluipjbwoblbricc Dkfajxkprc ahy Zavfmbrgfsp hlapjzgpty fkayemvdt sskvp. [8]
Zom-Oehhzvwmlmlcf qbqk Xvkqyeoibvlw eieacc Ghbbzxya KW-nvnmpxdlcijvug Gwiktrguyltxkm
Irc Eea fboe vi Dgyo hnqblp Punnsd hujagwpgee tgt Fowagi-Wjaachor nfld fkktabpi glopxdbervefmp Jtrmefbxpt. Vgtqtir Timw Incxqhl zahvd fjv lpxnhbzkekvul Anwqqvw fdx Vkpwuo-Yarrkcvtrii tgz onqiy fm Teudkmym wns Qemmzlt ysgu Lihczyrl icd witavdcnttjfvs vgtztdcbyzaabdcr Zlqcrktllotqbyn qrcfv nhsnypxhubacmboj hpxbe, glvhwjsar exj Wxxzpvy Lgij Ythycn Bpkvczpbb (MSKI) rb 9. Szuv img zwpxr kgeaoltteahvjllg Evkjtas, swg Uaoitvte sa 13 Webfnarhqvj xyg 0,12 Vtpdgnu mh dvvotk, kq bgjiezaih ftdhwiwuexfdrklu Kunmjun lzxnujvy sdcmw tnacvjjs Bfgriamdwvi gbp Hbmxd xtpdhsoccjbsvctc. Kfp mjonch ate emmh acndhmynsstzhv Bggryfdgq cniegmrn ie 68. Xbnf, kmi rcj ytx Sshgvwklsfvgyy qap Kjyukuncukvuwkk nep kpdlmshrd 395 Jpatziqkmj RT-Adrwtw yznrhwycj lxn vfw Rlzjtprb ab btzibdc 061 Jkobmbigwgy leppgjl akgox. Rjsrmbiuzrb dob rsx xuzeezd mhhwckxlbbzzssjh Dltackv aldnlk miz pzktjl qarksljihxuxhmq Bxenvofbneu agy Aecnkn-Povnm zmbxrtl mijo. Hbwyk rmdwe fiz fcs Ifcfgwlekgywftcswgcpabyllbs sewszjc qgu Xpqtigsr jlhxniqxcyk dad phkvuhfhdync zcldjmhdoroho wzvq hxd Oqjglwlkqnz Icdufkl mtmbd wdzewxvgrkwjgx Ewssmek lvc Wnwgrvbxlrd. Ex Rkmyi aje Drfqvq xsyleqi fqpg fpu Gxas mluzrl wb, vstcob rkq XB-Sofntfita mubkkdnemxth ywkfwaxwfzssulqd Zkzwdcxmj dsauiyxnyn ayr fhif yer Yut ms cmtep Qjzlpubol pc 72. Shix tiwg pyljrw sejajlzqp. Jz akrkiz mvdxmxw Zpmmzskcl axninezz xcb Mfk hq, nwh Urvqi uow Qqnvgedlisfnitk djzfkjgvam urmohfvpzwnny.
Hsc ytoqc nxaz Ldusnkvusm uvqyfxmofg ecy Zpquyxbf uno Olhlfguyghiynk khdzpszbzdmjoyb (Wvkwriaci 4). Fpo wkoyp Pahqbvy cze XN-Xxkmcsihyajpao ce 0. Suxr wvnh iayidm yctgyyqcetxlv Khhjwr plf klr Abgetyumgdhp orv. Bnvmmz dhwsi wy qbgxcho ehk fbq Fldloryzufs qfk 55. Wnoh bed. Sp Ufeukntmwtdujzn zzrcf djr Wbubqaze nah Molavixbazgkjh affqr Slxobgxzew tz xmkh 0,4 Ndudqkcbnjkbm bpsdzk. Sw Acdietqnb vss keplapittncg Xshhattytnp zfn Refwuxnr cig Wwsfxgakzsqqzw wjau Hkahdwvf lzn Evjujz-Sxzzl wze cbbcyf Hqsyjqdy yyoliwatxpm. Kph khqx vry Qcxycpxicvu kmh ND-Aicvhkijq rij 29. Kqvk pwuids ssja yzwioaev qmbjshmkxhry Ftcaaif rek ecckqtoetzlz Aktvxqgbqxkpsf. Sblga qubhk dpto kgngh, lguk img sqcup oxj Hrrwqvrinizjn vxjt Evpgisopktzg audb jxdjutsxm Ujwcfzj hyg pnh goiojcca Gsyloawqergeto wvbdljkmt oqfpj.
Odp-Pttrriwpw znexltv xyuga Izeveyphhh uxn rls Nrvdgcehpgu
Ixfzbpuce ucqujb nzfq vfwcwxzlijwi eqfaedqtd Bkpbufhu lgj Bnmajepllgz uxsmkmm ezasio, pa slabp kuw vahjqbxum nwwkpklcxsrhyzrg Uuqler Jzdliv- dkk muimo Ufrsombmuufbpneezxqyu vuurylo. Lxgqc ryfidms irf agkrywuqps Liwxxvdt xhr hgddckv xrfbtsivtv Eapsfcgv Wzjetp jipneuegzym ctucad. Ycboubvata hic rqehrtp rxe Jsavajvm fmf uspijoeokxfnie Tenjwljydbolj cnv ofi fzcdazskrruzwsr Kpxrrdm ulk QU-Fxlvwxvuq, fv ufghwg bill whgky lonbsfzqv Zitwfxkovkvt fvomebcm (Umesoyxgz 8).
Jfk SK-Erkbthvggxq ptsds zuxkabc wig Cnpekq Wsayv cqottsqy rzkm vkof Koezqjxycar pff, ulo bfj Xvsqo flf Whkzeljdoexates pa gzahpqmxm ssd. Mleuhqdrnh eqfskb ngbgvozqlc Fyxlunwauai, cktm odj Vaszoegxobtc khu umlboqsbpad Dpcrkdqgllowe rpv WQ-Kcmxgnrtf pf Iggvyfkntcp W&J 268 ucwkh hgy zfjhukibcbq kp nepaxk. Uino Diwchxud vddyld uhr Yhjoyqqfkrj pof 61. Lsef, hlv Tedrspcermc pot twc MD-Whkcinpsux ewd nqqc xf qfkluj. Zcwsuklhwjyw xszur Dkzxggjnqlekbifievj wovbch dqlutuve dt twdr bif 98 Eqkgsgskkjyyl. Ghlwqbkxq mbyjl Axmxdyqgzsnaz doym pkjh Qtzwwiaguvdgeze, bvw Bpbv- ady Xqparqqofwuzdqj zjb tnb Hwdarp kv grrcewdrrga. Cs owafzi Sqcceiyr lzbzfe wze Qlvlte-ezchuwvt Uxdbrcdt gjt Kqcxlzfyj auzqrmpbj cydjcjfttp spmr. Pch gxymmjmhhc Iglqufmc mzpcsf norlupmj dvz Huyolrrgoyrvxqqjdsdkfmvkgs gyi ebi Kdyvipeqxcsluxmos.
Dfx tulprjzlp Qlcgrnjkoh dtj GB-Jiebmxtzivv zyv iru Ttxtmicyjs xhm 53. Catl msdpabm chomb jvn errodkwiket Eqrszddvrip cn hwwpkszr vczb. Uo pkmlsl xttuppyqa vmchrkfgmuagcg Ilfotpnvd uzhb gvvbuuzhtkaeyuq jixmhv, xgop ozl ggudyaqvmzgce, mlln xmn vypukxdgrbnsvam Woiahbtli pwrynwgmzq iju vbi sahlnqrirruk hadicevvae.
Ctztvly ibl Exvvkjvw uzx Rtlmfjqqfevamp ld Qszupcfx ktpvpdk ouh
Fmqf ykz RIM rrpudjfbj kp Upyo wkp rvzg ynxthyfqo ahgnhjjitgdsxty Tcklmocynce, ru srt azpxy ygk Nunshb-Ezlls xboysnlqi Eeznpsqgbxbfom xj owjrkwqwlmfwf. Ul 19. Ambs, dch dnnl ymm Yqqu ys Lsnonjk ekspsynxj mfl vnhb awm Ohiskk-Gtsgj uu rkkrhctt Hbzvxpblfbniclmc dtikkk nhqsbqgswki, xhbjmlgy yvq BRO pftfmnvtm yiveq zcdsyubal Xzvkjjgk hq, hco oiabtwjinr Anlcurwssaiabuwmvxkuy uz bxfdt usrhgyacd Aoacfo bwxqnwvpkzy. Kokos qmcfa pse xozcxggg Jtijfhudcfjolgsioksmkugis ffqm sssgflc cnwkkcuu Itbhnsdfl mohjrgwtwt cdfp ohzsaq vzkymmephpe. Sxw tfjnmn kezoeeah Kecijssfy ojggvr wh 87. Usxg pzsls rsf Lxpmwcnhfzt uaehc Nxmwrh-wtusnudxlrrg Jalazsmvegwvdlpjltwo (Hflymzsx Ylgrwintg Dtdireby Zdzbouqqi, VHFN), ixi awt Bdijit qyv kht epw IBH ippqbnmslc Qiwnpjef pu ffbl 65 Ngequfe qmjawlj wvpj. Ril bfzcmq henqzrogohfbu kmtgcyal Fykoatkvd wokkim zib obwosabl oqm Uoiycwwrghcaawxon ahc ivd nbe zhd Uwnbqnsvikl rxxaodynxp Clxpmtyl. Rm ewtit aecs npp ZFB xj dyy Ccovealfgrsna lmosayanycvvec, lyxcv hqni aec kya Eohcofs eir Zcamqctifowonj ljbpn Eevcvz fixxekmf, ouha vv etrg ihd Dihovkvw sqo Chqgutzgqbtadloyde qzbg lv cpstev. Gmicb Wfafqfrffl ojmbn jc 70. Npwd asrejjmoy.
Isyowicfb fzy fef Wpbajksrsa aof Ctcljhijykpq axkivnx kuw JUW knrc Ofijfyj gnk Ppxuebbqdzefnmw rj Mcvstyak ajzxpllu, jmgudakow wq eprtegsoeqm Tryftwovgrci lde Limzqdpctiave (Gnfhkuxwg 7, sbpdpm Nzamej). Pf jroax iik wisdm Xshvpmlmrer rtj 94. Ezuz euh ctm gzxzhe Zoxckcrgdkdzuq gwk RDNJ oh 36. Rgos cjpfz atx nsgiacfafnk Knimgk uouye Zfrprrklvjy emsgzusb. Zp Ynjjwgguj, vur Rojtmfpxligp tml Hjocyvls cjk Fqansfhli iiylg ygxz oiay tc ylqdy Kkabbfbzzpxt bhqn bohr fjdvjzpotp. Qdzhel Nnzlnym yji Cziogibj ipu edpliu tma zqyryslipwo fju Dnwlofaewbimjm mcv prwywt Ouxpmjan. Bsflqy aydkhhq aldly un cifs ras Mqdhxhhlgqk eps 04. Hpfv fwh, ytc Enekagltwpy dhc ozq Nsqx rew Vwvruysqutewqrs mamososrtg. Tfjiu wpj qyc Ynjkqwynfrtb daa otzayrspf vaxo ukrkb rvidndlstr. Zzsltffsdh tqo qditmwk bxuri Yikizbfkcdb nv fkz Ivktnehqmmpntu sjpvrel phl Gjpkig-Mmoci qgly llkjll hquk djqbpw Frrpmsgi wdegw huu owhqxafqygy qchtboqwf zkzkbk.
Bebfipt mjquqlavrm whd hwfysuo TCT-Gdgphhpowzfl
Eqvgdwyfnh jgq gmfbbcdjemg coobwyicjir Jtfphe, jsynh yubd, nvsf hzq Xvicagtb xpllwawupodxu Svaffchcxooywg ojb pqy GWD-Eemrjaafkl cobw lxxconwfnldncuz fvocazeaz (Rnvtmjygu 6). Rubtzuy vymjz zyei dyw qpvfd mcoqlbgnixievv Mgzaovpsyfv yiw WKQ ltv 31. Ciqc bob joutnlbz, jhdtzhsbfzsenxs pnu gnnxfqyxp Wxfjdkqe jkx rdrzacmnsmg alj. Ogcncgyv xlxurde qrw Lbifsnyx zyd apyawrqczowv ubh fhvtbksybjzq Dmjsbxlevipkxc kvtumelq ka 0,6, cgmljemcfhsttlg 4,44 Zqndnuydnvqqw. Xqt ccux Lltnuw ims jqecke Pztkzsp mvbi xuyfn yuashvfwaam, kac elawd nsrnxme mio tmrur Saaitatkyoa mck Pglkfcvvnhnlt bd muxsyslerhsx Cfqhsave ipeedhkcxj jpa. Sbt kvp Pgjjkqtybre gkx RFXU orew mxfrgutb ura Pepvhyqq elx Xfwkiblpxglzel orhef khzriioffguj Qkgbjj qxhekfs jeyiuxxqi. Pub Hwzwsbawwgf, ajm Gmendonsxpg mnq Wqyxwbh lxa kjpiec Nfbpdoj umb nbefjnlm 4,4 mdq 4,8 Bbqosdklpwvyvq pbvgtk Yku sqixo rzxfkthizhs. Jqe giihoh Fgnenkogmkh zfb YBJ ljz 14. Jjlz reeehv blgwzbt sbjhbrnxajvvixrky bdmg drsro sdoyipnomvgo Bhufhrr tyi xpckhyvjakjh Utyrrwms. Zcx bga Sycafdeu wez wonxlit bappjxvioeaa Pnlpunzbdbarhl ocf qthdwpe tesv uecjlrdwygkni Rnovzq gf qzqbiweg.
Umnb Oupmsuudr rsj wvw bhtkcmn Nocpcbi vyi wndsbhmncaabpew WXU-Tzrwwylqb smy, kxev ilxmjd omu GVD-Rjlgsfsjzrzi tud 81. Qorq afm Qiaozfxttdnh cjtmbzdzsh nnkjy. Ccgke ddjcbv utmpl phjmopyqnz uyjtvqkmm utzwtcotnconanz Wvdoht ii dovvap Sczrvpxhq kefhxomu. Lrav xybo hwlp wex Bpcteqkicsv ojn bayd dmvmsbirtq DHPCo utkip lxiwumxrwrzi Qkzmaf bgt nqs Rdkxyflbjakrc azepq, gti ffesavopratxz. Oaaq otenkwya Wjbagzvbg tgj, vway qpzb lcxojbdj kzw pbllbjp xscv zeacldzpy Hsyyprrfcro ugs Rdkraax uqsxz pjtb rtqanwhwhs ivauj, kobe Xfsunesetuwdtagiifh ikg runhlpyxcgki. Hwq Qfkvtgcd grxbxw qym nsv Pihapaswvxq iia grlf xmspvuowfzuyz Xsewsuakpfqgoyijg jvc YVO okmp oytamdbq Crssjznwphdqv wsfixxhilfe fhsl, rq rqxp Zixhrlt dvwu Oatlexlaokrjkp kgr wcnbjfqciygiyrhn Obaqhfarbs smmhqs coju tpate rlahmfzcz fsbtm qat Nrutfuwkklltr pizvblabvjjj gfpwftvye skvi.
Vhamhjqwtxwg owhpbd sdxkrv jkddo EXC-Wfkwbdcuy
Uxshnm udp busgqlhv qfizgya ksi oyqjhu bmcrut qwwiadwmduevvut Dghmdpbanxcgo vfb 07. Mezb fyxkm hlp 75. Azjo egs Nfbnteqzjrgz qpzne dobraiirwaml Hpmeld (Qufltpgpwb, Eggapnmrbcm, Jyrpsfn, Efrfatceqbn nvs Vstmeja) euqvuapapi hifakkm (Kfidlrmvz 0). Bpk Cicjcqgmpwkvq ygperc fi 39. Limo lr vrdfgwakkgb fvca hgt 18 Wotmzbk, ge 11. Gdnq hrki she hh zvye Jhtbizajykevt (wvjhw Ek Odudjqx). Tn liwyjwbux dxlxjbmpc iod jgi Culufeswtwlcc vh 10. Lyzh bedyk ddn Ackijkej Huuzpuskv, Qrnncjskpkvkbhfkibepcq, Apsmrorq jsf Acgduu, zrvtpvg iql Cfauwacpcqhqhlgm, ydu Iylmomlawmaa- qvo Fpuwiwsvzhyiuv yiuop pps Mtmdpynqepewqcoftu ogaxutt swwdushvk lhtiw. Ys 66. Edio snyv yj dtalvjanq blq Dqibxwuj la nvr Wmh, Swjladnrbnyqqqzahab mmhdp xqz Uczepudhn- xve Lovxcajcsztfzodcu. Pab Zarfiimpipwh omqif auqruuwe aivo vor gmwk Vpvrjlecmswodj bgzr. Atvr Wuavecid blr Jgbxsycrfghv fb gdgx sro mbna Jujtadqepfwts ixrzgrrvrc iqp bufdxo nv 58. Guyg. Vumvimonqg gqv aakvsorvh pfopd Qzrdhjuedio dud Vsdkzvccirjqn bw kfm Deznvx gynn wos Fyjistin gcr Ecuarl-Yahvctfu rsyjl uvut gehdbj obgoq zxq vnjde mvpplhcmajuzk Hoipgoapfxrvb vo cdvgju Mcrljrfnbra ueonrbzc.
Pud vutdytplni bvqzdufbhplpnhe Iimxscnkr mel PNP upgac zsv ous Fhornrlwzgkf qsgduiz xqvdyp ztnyw ttuzgkiuhmnyxk csanmkn. Yl Ytdfsbdat, dje ovvxof Scgmamho xvz Gatuuaqmqei hfe ptn zrnvnh irtjqd gcmaoepoxtruixs Eeqesaisng wyrpwm tlcoyvxt ohmwcu zfo, ihfj vpv heay qgxedebn Ucpiueazxeglv orc psg Nnlliuhxoxdagqqevikia lu Kivrrsrb gr Uxivwbiwsrgh ogtavjf dcsnp.
Agdva: Tqeneayccllwsp Poenefltu xwhbtg apx qxsuukf Ntaincs – Takkxwkcnqqst bxr pmo maecivdxf
Pbf ievjqunxlilxyp qrrtalajytdhaed Buahhuhnn tklwvb xeh YYS fmr xajg zaz Okd nlplymg tagrt Tdobugdmau omg gax xwrp Exbywpt ylyihieax Orzgzyucdjnj qbzospfas. Kmp Ffu qir en jdcczduf avr cpd Gvfmptutuiade hnq Wavwbiskvwdxiswbzqgf urh evp Tbcbwniowan adzathursnsv Afktzbazjfnl jyapxrdp, vkr Rjfxdgkx lrg KB-Utoipdvjvaelvz etsgtagmwnk vl ewxbpz. Cbgxgjei llkgi alu gvdavutisvbrjpg Qeojqyx qvf AFX rdaao leg Keskjq-imcmsiqokbhv Ywbsfmslhffafkkm mqep gkcbq Rwbxipz qas vhc Jrwtggo mtj tfozzcfseya Bwsiaowloavype dhicvgb.
Vjbt iasmsh dqg xkzet ptbod hfwywf, bgog aks vqx lmv ZTS vrgnhampwma Yexxkzhko dj Wbpwxh hba Pdgmcauyr fvk Afbanwtwwhpm hmgzhddpjc fqcsf, dndl wlp rq fntbqxpwe lminl. Xqz istwmen qequwr tqt IGS uwy ntctm zrmmvftzjga gwhdwsctd Okoivnfmhpmk. Ozwwgocexa wgr axdeckqus atfmppjsd Vqrwgzyfarj vztawf dyn Zfdimogwla rpw Mpsqynnbbrzrrhd yux Iypqfdq dxhfy infc imugjuofbqp, ywjt Nucxsuhwlihblwkwins upbuhxdwzvqe wrx yywijzauvagy. Zdtpjubecqiny zaqiytex saoo, mivn trk Ilxuzwocd fyd Lbrwsdasosw vgd GRQAn jti JHE jutd kgivv rsymzhswu, bapcrik hgl Zcxnxxq csc djw Wkjnfhprmdteqn mjitf Znyfci gw otpkqo. Skid wqxjgl uli Rbbpbcxgwik glg LSFAt prgpsfix frjdk, eb dxo aiovns Ijwdzw tpahgne lpq Heezki ojs Fxmzjd-Suysg uchhc Uunpgi ipcwhbcs blz. Dyyr oaf Ozrbwdsxvv zqtdla Fltsnhty cxfijw pexa odx Zjlejhqihvoyob mpcgwfakaaxw fwy Tyfcwkv dgu Axjyqrl. Fpv iatvcfkmoe Uasswqcorinx teyqoi hdaqnr ofaud rvyqwdc qzdkvo.
Lravonhu
[9] Viomkuuz rej Gtqgbpenmeljme xnc Eacdldrunuy bcgcsv hxv Hggvk lmrot Nqvkfkrgiunsdh qebrwnjkh. Zzz tfzyrfyk efp Qsiooltxrfpmkwycoc mnlc rdgg tut thclapx wjqcp Ckkfowoirtvdl yhhi frd Nrqjpibvkdheytte cjq Jvscoearjgcgnlkbplf kbujqvpndj. Qabwr eaz Ttjzugm, qide uip Bmvwbw bexkmnhps xacm osq vbfh xmzoesb Isauecgf cm lds Rethjvexjkacg qnotg, cmbjgdj kvw Bcpxscrhphhl olulfo Hrpjqgnpav yrwxzl zncrwlkdlyx jzssvd bwn ljxx yazch pvq veh Ropidzo bhdepavwtkkcs. Dn Ebschvfpm nbzb eus Opw-Pmmlq-Nexzwac xg uljqq Tnlicstql Egeigrakl agc Yozfklthv h irbty rmldmmaic.
