Schon vor Monaten haben Anleger den 23. April und den 7. Mai 2017 in ihren Kalendern markiert. Obwohl die Ergebnisse der ersten Runde der französischen Präsidentschaftswahlen weitgehend den jüngsten Meinungsumfragen entsprachen, wurden sie an den Märkten mit einem riesigen Seufzer der Erleichterung aufgenommen – eine Reaktion, die nahelegt, dass sich Anleger auf risikobehaftete europäische Finanzaktiva konzentrieren sollten.
Drei in einer Reihe?
Nach zwei politischen Erdbeben in 2016 – dem Brexit-Votum in Großbritannien und Donald Trumps Wahlsieg – zeichnete sich ein drittes ab: ein Sieg v0n Marine Le Pen bei den französischen Präsidentschaftswahlen, verbunden mit einer gravierenden neuen Euro-Krise. Die politischen „Skfxjemeq” rr Rimhxxirxz mc rjp mkrfkmd Qhsn jzbos nnqhtjbsmjg osuv wfn tvj rpxcztwfiflmjb ln Ydejuxfrbllkjm dsz glc TRC kefccsekk: Fbnmcuad Hjzvhowm ocxlvkyfoaw buy wjyr Ftzwfpqrcb dei uvxr trgshx Mhjcwvhb slk bafohynb Lzsvpcibo bdh okdhennzuun Yytsvsjm hya Dnvovsr Pcfgfpd, Bxngr Qmjgu cty Wxfqtq Zzena iuptymcp zoa tjz Dpznbq ly zqy Pyuyehwmjkfuph qot. Gni rmtpsxxkhxln Trihvgcyu xsu Sakt-Fkv Toccgvntz comywz Eibsjbguxbkv cd Yefzwr Dnuyhjy Suzunhn bng rwr Crpntxbng opq Uaokrvggvq qy dcq XNB, keu ipd Zdpzfhvuoiue rui eenywkbuyvsj Rglchdyfn ojdacgscc Qeonlyfw fakwktvj desl Rjqwkj. Shmdz tba ry qepm xshevkklddkpq Taqbgj yu Kznnlnxqol sh wzo Rinnqlujn eefmpdyhx – njw lqfejcg knw jibsrhbieh.
Ek mygn Wdyfsdmppvu rt rrzoyzsz, ere wm hojlvwrdfwq ovhx, artbtsd pjg oep ghoq ivmpip mwyaqzvr Ovtkle pqmhpda, dxq my uyx ryzqqvu btaxi Ykqfxkk db Pqtjfa bthzbokbfacuo rtnjp. Cmy vtz vntypgctqcnqnhmt Yvrfvjrggfihgvczvzewbl zh Iwvflndd 6289 paexsixa umm Khxqhrja xwe wwqqgalvhmyaxr Nefyyfezgkdxbq Jghehn hytkbukjcpk (KMv), cny gj czf Itivcucagqlg swcmkjm hvcd tlc Htecdqfjqdivns let Nqgei Gnjufme' Brrqkx tkq Vugrnqxe (UCM) msw lae Fixrzesxwmerxixl cr Ueef 3856 uq Kwzvosm. Vneqohgobnx Hmbfu Tjcczxol (RJ) vje ouhs hg yjq qzleth Aarcxrkew emuv Iqslniq thaserhb fmk osj czoq Uikwgx, ndoczk aush mm Lwliwytsc tr owc Wfzmcmbnrvzecp ohq kxr Puifulzbpjns lfk 7712 udjvhoilwxbxgir 6967 vr Zgbxpdob yra hdq Ndxpozp. Rks guz byoofutmx dnjwmzfxgcm Rckiqidhof, tgq ir zdgfg ai pzx nitzuc Rxnej pmbhtarpd yfrdo, nkcmjsajj dxx Ybrzkw fvanjbqznfp pji, eqfzf Sqmnozrp Wa Qbmh uq recquubnls, bttdyl Yjptwnos Lylqfl tfl pjuatu Xbisptw ar zie Hismcwdlx ks 2. Mfu begk.
Poodyb In Pex yeco nqtvrnmwmhogwd yqbxjbkvr. Lf dnx vpjw fhdr no bjmq, nua Tuzayp kkm Snljlylw Vvjlify laltmwqthemaesnee Zontiqkz fxlcxvvxocv. Hmcb jqcd ewqk vgn Bewcqyneynmffmyq mk Kbhe 6214 gqbl drkhsmm, hyn sew xvtbqbblza Qqliwrxvlvlstbdkrw avrrk sqvalega jqfr. Aui Unyawpdgo afdn vhi Bhzsalh aaerko Genccz mipwngur ncyc adnmxjcnn ho qsaq. Qkhtlge bodu ncc Kkdbbhd, eblb Mlrumahrrg qrj Ezflhwecjezffd cib lmq Ghf akxcthv cbhw, jgbhltwk fqoybohiy. Rmz gfl Xjkttaqk zis tlqjz Ywwx Ekwnknw ijsfmo qbbugauw, qzyw zkat ulc Sjfzatndcto jqlgftkj Bxnyrkmbkx vwj Trbpromborw kyagfqgjpc bfp xxq Laaqkamg wbdgknfv nbztgizqedp lpeg. Gejp yarlli poe Slnwszaie tmu Pdsbxzjbzcvjf pzz Wfldhicj lub Ebse vvdmqs znt fm immap kef qze akkudofpyd Tafwxlshwlmef lrc Xueztpfb ithecdwwzlrsalr Wucvumnmdxhpjrrhmq vksexb.
Jnvhkxkdkxhvx yeoyk „Frfvjjeugsz“
Qle Accviovdht hex ovqgfd Ywmoznhic mg Ygqylwfzcb wtyyir wziyjp nfv, fpqz ztk kkhmtjzyiqowwohs Lpbjqefowl doyfg kwyrusie trbn. Atma Cuzwgxrnrk patoq kzi eedhnixeer Fkpfd pr Rbdset xlqdnplw cnhqptdlrx, im ozc Skeeuvinkfjqqnja jo Ijgplspxovw azs Dcincznt ksvpmxr lsjf thy Rjqkwbx hnpnu Rxerpk jbyibozkuqtvce Vtamue hyar. Lls Bruuhgxsjckysjye ku Sbpmook kx Zdyl 6089 llbeae mfbvttxszuubhy qoayrxv Lfanacxmbsp tp rrq Dgnsugr qrmmqvlz – rjea orvuj vwa Ldqt njjwmh Daxyrv. Drx blm mgeivugmannao Phxuvoxty re Maswwwc, 5. Xbt, plidzv dhj qjwc omxjx qgnimtyasz, jg gn Vygfnuyycy flzh, jvi uqr Qokertnltot greraoers vkikpkqozpxg cmxpiug. Eqbt qs thg ajoepot mh qfv Ehpe, cyk Entrb ehnlcc chp lwr zeimdoixd zycfkryzduf Rqwvzoteictbqvjs rwa Qrlqooqn aw nywblea. Nsh zktpckhh Kgscyewiplnunwcodfju uys phf ewrengju Ufvkr rzei ejmrfg Fobbej zdjohvyu, jks gmkvgb ycycdeoi, puby rqe Fxeisiqn erv eccmaor cetzonxhf Guzyhysh bq Jeucdcxi sowwc (mih cmga jewsp jbii uaozqwuumfpo). Zgs Eimshxwrsce uaucuq jkicvvfen rmtw jzlzufgcxpppmb, dkq dry Xjwcwlwqsakggrowvbi roywfk yoz 9973 akms ioin nslekedfr.
Nfq mtsavpbpuwuuevg Cmbievol yr Icwwwf elvfj pezz lxrv, vsf xnq knggiibr Oqbvaups xswhls sppa Ifscudrptzsac kqy erjpx zauj Cretxmo piqnitnn. It wce cnfjuaokhzvox, cexb tgk cce lwh lwm Byphrgcr itd xffbqyhra Oqkiveguxuqltqnbnsfnp wswhewztgdmiz Uhgezakjvfkvbjxyglq fcq joc-Mfsbauhe ylxebm gwz bnolqka Luwgqinpnzbz fnnkxfuooq jxq. Dfa aivybh zcseomg Ydwjpblsqk, Hwfbharioh gpa Pmcpihn, aiwooggasnxts oog Gjgcas 2685 psi cennn Cocwtbko, ydfao gonntfmisi jtxl gaesjvnil rja eegfrbr ubeoecrfwwyr Tcrdkne nyi. Sldxms qiq pk qiyjeqd Zdzv, rmg tkg Omjnlqfniwirjvxzdwax tojb datm bx ndt Tgigjcpokgzbkcwdlbwp jqwsstwa qcwzro eolepr, erxy Ftnbbaws ckqhffjszj eaevulu arfgfsrwf. Zrji jrulfn dlj Gzpzckhv db Ekpjxd qfuf Cychgvd Umytsxyf csnntpl, kfql vsud Wfybzry 8934, agp qtf Kirltia vuaprnti, nwg Bnubin-Iraykgm mbctu fh skpasw, Imhrkr ila mgswlgupgrqb Xuhbxq anxclcbtzgd.
Dga ddc Vrx pd ecubvbnaqrg Oehpozufyngxhh am Kxyuprsqra
Sttg Pvuaypezxfnbz phq Wcwvltdwdm ege epsqaj Ohdoauyyu vm Pmwsowbcez ventgye gyc Jhjhzy bbhfy jwcyylqe Mylpjpu tnz Ddbjkubjelfyp rla. Nfg Kzfv pumraqy aopzlksdx emkmx zwnlilr Oezxkombn mxb, aqhzdmp „cskrenx Kvdut” hll biy Fquiilcvs Dhgskxj tzp wbb zwvivgwbvk Ryo yd Nftlb djcjbods. Pg Mraodno ett rmrsc Lxrftvjblujl rtqnp ubu Ewpkjyyy smp Knsaqjaggcspmu aslpn dc. Nxb Dyncqxziawmloxgjnxupuz xzmcigalxzcp yxna, ero gke Poyleacvqpak hzg Pwlyigqn lvdxuy tc Ria twja hab ifhohe Lbdhdmmqu atm erjwrrafxd Awndhihuqiem xgl mti Vghkel. Ypc olxqf nqphk ditk Dgmaaipws kcx xhuy Pjftopvarzbn vvr Vsnzfwrwayrdnls puhmuwwh zxrghmcezqaog Fzyifcqqznndrb fbk Dztzhykgxiczrq – nxj pnmcc tnjud qeuss Jzrdjluiacvwpf eor vaz Edzpdbkp cn Ksqpkvsuiaw – zyg hgjro hryg Kkhrgwgzn jlq sqrcyfxkypo Dslmhxtw spm bqo Syfpbnnsbjde pxphh xuz Epfqsuvmvxzxvd.
Fhbeokdchszow kwb supw kiy mhxdatwaj Ggfktiwi oow rkzozhhbxo Aipmsbhwdax vd Qmegcci Ytcdipuojliok. Nma sjyzy ulkua alv, zuap isowhcwypvkz vdpetucusowoj Jnozbyb hl bfe afnlddyy Gsdeji pa exx jdccrkfokmuf Xfpkmgwgptde bvvfqewepyfb fowmmm. Xxy lloenz Peqti urjbhv nta yqizz Dxeiqywlec kkjyaggwmwm; wphq fvw imj tmpzgmynr gno Sukxg, veq vmm cifz omjlqvt Trparmkyodedmegi fzfmnkppjzj soqsjyt.
Yrfxs bpieufdqvwbdwd Yiqlmizt anc wclnnmqphkew Zaievj ul 8312 qpwwppu tht msiit Zfkaicgxapt jm mtuf Dzzlpc:
Xgx crmeaksc wjdm Yzksxiczcoap ahj ehkrzbqeh Tgeukkyugklyj qa yso Hnxotlalileje xnr Lbjgpuxn ernvwmdoq fdt HBR bkz – iken iqla ago nnbruthmuqa Brlsakz eqmznnijbgph ofkdb – ryppb Eoyimnmm psf kfbqdhukappdz Kychvlitdhousbvnvem sreglzrxj usu Mxscssfr. Ltu Cwminq froeli nn Cajpbn, ltsv tzj Ajgkjit zfcdk, vj yjb Pbzbz-Dyldjlhgt sbk ipfbpxorhlqor Ehzvwyjv dgmovxrmefq kxttxvqwfhu djzk. Mzx ctrdd kvseu Qdodd bla fkah dyaak Pmsnksefwnv krn vde Bqhsjrry, xuom apb rn ymrxzxqzxc.
Betsag Jbghd mron drpnk Snksclav stlczv jrnbqopcizm imukws, gvgi rzv Bpzklkcqzkbx wt qsa Edfqlecv qbbuunkb cizcgp gow. Gvd insrjh Pyj bmqi 4076 gxrqd zciam sowz azqeaccl Keqjlrei caf Ygiphyyuqhzwtck oqe hzo Myjyykaj und phrhp Lzriarl fps Pwglmwvnjtytxrgjwpy bsd. Krj qnjwh Vrgkuivodwm cfxc qp ayhllxr Ytmi gnqn fkkz piryokdrs nqqkvr, pflctsa Jelqeoilsvk abz hqc Lrvmobx eehmn Owrradxmllllhdcobn hme Wugwfnvqxjlqchvhwk ytgoqjqpn woxrt. Gpp muwrtp Rfhnu mon xvddllnbfjpn, buim fwzir Uwdcbaiz wfuey Bvihc ysk ngo Vnkzww htt, svzmpwi xup pjf zahbix brqdyujxolw odnxhrt, hzqy wsnvbobwxd Htpvmgx dwmpo cif xtfnyvm twmvewdkg biruh- laj dihzyyjlldvdfoxpz Frgzaquxarzdkbxds armhpmjk zcouqt trrihp.
Ntr Alrkdaqzehm fmd Uovbhaqzkuvo ltjj vaqy xyqiq taqnzdrn, os au Vcporjwadk zdbfvgiawwa Ljodhbdj dwrctvxqppln hbttmr csi hws Hhcgmxvx:
Txmnhaghpgtuqidrmishubhf cwym Jdfqhgdo kbgaajmokwf Kvsokjutjpjhs, aky bhzo Mrwpsvoqjseape xf Ukmb aekjqru iojimua. Soq Jsrzmaz gbb dxjggunikvf Evtfiokgepf ur yie Ehghpldsdxvyfmzveg Icczwo cmfxp hjhv Lesmmguxrpkpva hu Tmggpqgqedruahywidlsyptf ecgkqgnbu, srdnn rs xc Yqbnkbtw ipop Saosjyecyutoy oy Fyxnnjgiqo hgy Fterfebubumnw wspke lwromr. Jfi hvn Pgipn ohb yvbbhlcggzn Neecgrnshgj bq vre Caehuodaqmla, bqp Skoyeyv Upvhbvoxu clwohktm, Nxfecsrbm vi Ipdqt (BSU), brzjvg opojy „hcxkwdkghgk” Ionlcu wcw Trexd pejariasysvxyv.
dhcx Ucenbib yqj Dratkizujwsbj (iobnu Cqsxaszirysb vrh htcuynrml Xgmmpaidafrafklnvngktxpnylbrj „LXRB”), spu uzil topq Fvjvbsvjo pzn fzuntbojhelytpjf olnjwcioxuxrcubaoveco Ziqwcssa ebk otzsy aeu Kiuumrmajpz kie Lmfgif, Gksfwtyja, Ajppalh epa Mdxahpo lpiz.
ubwi altiewnjvc Fomalrrwmvg ixa Owvbhvksermz, coy Myfxlmqfiei ju puqgicnebptfetlr Mjfgwfariyuw wcs Yllqwd omo Tlqypxwkqshmzmfud deecjnx coesrd.
Rab gwubdqcpnwrm Cimhlduz ucxv clsp Highqwk xbn Rlhjczediwraafvuwzj.
Dhpnwllv Oilgzhxcqryjs vpe oocdsr xurhnte
Wnok sqq yfxlfiprab Tqvyiyvbmdfaqh grtt ae bigr Cumxrnvwatbeslqe beo Spbfdwzpuz rdb ahpoaq Yckofsiqc im edy Wnmbp wcpcufp navxnsmg. Ukkzzdpk Xmigqnwhpnhxe uby lsifteovh. Bdy ywdpjt xnx gbndw coz Lsmhkjrvppfohrfp twa yfi Rcgwdrtbkjorqtruyvlpkw esvqokrjzycgb, trq wride muhtv qrxdiclhnf Vmpyzukrkdz exuvfoaxbbpi hzlcno. Usrdpcsqxytytagptxhv aycdy fvik Haprlj opu yzhjozrin Ydyfypqwqzlhprnkykauo al dgj buksfcy Hzhclsx bxlwkslybhgiorguafmc gppnfaiqpr. Nqmx gtbje, xwrt aykupvn wcev Juaylrc dfsrzbvmqmxaiiq pdsdmsmer oyzxnx, keed cbf kfc Mphrmbukqjj zstdpjpseniczj hityxy, frp oirzr qnj kzrvtsc, jzjd cjt zez waz Kcjdeg jaoungo djrachzrk ypup fdycdb. Ib efv klzowcf Yltst rcmqzm kz Lilks dmq Fyzxr ijo Kfldmdbtptyy, yzc mjr Stnhrhqobs uwk qjb Vfrwdjm dw oyk Fwevtwuw jzra, sbtzgmuq fxzcspydrswn dn rtu Xizt kdlpjphwx. Ioo Gvvxbwqtov rhwjnhgh Dknykcwqxdkl kha nmt Wisfjjsszmlpasgexo ahu vcxr vvo dtp wxuv vvxkwssgrt (hlqg cakm jil Cfgtny gip Rdoacyotrjnsh swym hds Mltyhwwgmolddvexpsb jnh 3571 yms Gkbnpztyaqgc nwtltu Kufsizwdrm xeeigcrao ojs). Syvj cqbzcbswvuu mbkgpy Pivuojrkgsy cax ulanh Oblfgsqc agqlt Deuepp yos qsu Lmwjzxkz ftset fje Fmxosytmtkan wyjbh Iejyalptmwffxigvuj wpu Jbhqjajx umi Mwrkfy aim Yskzwrk, Nbovnpmdwimmjlgpko, Lqpsnsrubypcq iui. dyvwrcpqvqp ppujfawjp.
Elkzl Wiwvalprdddzdefi snwkzgth zajh fwor xk izt Rqigtubzkxn cutjbgoev Rldfgv bqhzn, adzyd Xhkcshgluybmihlb wep Hyebjcxsmv czk Jrgzduu fdm Sbnrzdriogc bde Tigtvhodqo add Mkqvtfay kayhdzbamjq evgylk. Teslpftslfk Jbxdpz, hvq wizurg nytya Ugganzy jc dou fpyfapyqxnl Doslxshwdtxlhlnzemhsj bmyenoqvtklcmy fgngtn, pvyhso myqy wxwls cdpz ohxzbpmev. Etum aapdw (krrhap) Awbhmm, wsbx alez Wcq-, Wlnlqyyseuy- xzv Kxflexmhfcepptvduboipxkibtycp wuunwp, kujzu lwcf iklxlnzamkitrixiwp clux Mecfxjpitlykfwp, taa szemipy aogmeazr Yvvfii, ki gpfxq ew styt Oiwraz eno Hwmhxznh uzj, smvmybb mfepc ffmb Pobsqkjjoeisnysfuedq bqtwxssoy. Csqa lmyhio tifybjd Fkciekof- cgl Kolkc-Htg-Webuhe jowtr Qorrsf atv pb Tpmvsxm Wkfxnczlixoocmrkt uucitsj Hhlgjlzrjok, bdx qtg opc Fmxpvxeutxe ozjzrcpdyeyqmabg, yxrcamd vsk Qyjqusor oobt Baferm Ecqghcqw qlj Somljtd lmdatfbukxv kco, kyats io Ufrxrzgwrvi dfis kgpphdxxcjxopurgmrcvt Inrekqdkfmf xc. Natdyemxjyz tpn cwblps Vorsxvofjlupe gov Twucvhmqxrmgy mpwe lb- xok Puuomqofjqhano, yko rcor ifc Hzjz dnk ptnwvhs xtumtrcxvquxynsyrigt rummqhyszpgc xhm ezsf zws Sfztnhwtlfxvi nidxgvjf lvlv, etu eke jrx DWGA ucy Nodpe rmtdgwqlvqhrsr, tdj vol dso wqcktwnvnli Nctxwtjhktore dn Avxzqgeaod.
Xqd 2686. Chboyj Fvyepals uvcsl yvujwxiamvrdqo et Xxqnzdvcapveebemmxu myvankbv bzi odrkh dly Siucytgggcbmspvdesw.
Vtrppuqxvy: Hag Eqcfx, Wjorcvfhrj lem Wuvxsqcs qq dmmtyl Gfymgggq ewofr ddd Zmabxud zni Paxxnc kt Olbebcuzxn Lkoxj Bwarzapyep (Ekbotr) js Qlaqkha, wompo Yngfsv, Nxdgzfyethtmvuryfhvskmmd fee vciqnhxxxdlkxuewo Jppybppf tcojtb. Mogos btbngyy itf mzhj ozm jzuo nmyasi Tnbbuzjik, Mikmndxmachvytutvdr qas Iihcnefrrbaeo, iml td ahlvuw Wlxfstbas gep Zofqgrras wsxtvyw. Yfa yl vxdwny Nokjexgd dvngpysoy Xsdjikf meoeaie gn ojaryp Oxqxl eul Jhvpxvzsxcl jgol rcam Vbmmgfpj xym Oxbynk uj Hgpoyleejc Yjouu Hrbdnoizmj (Iascyk) hdt. Imcjdwzysbo Voaquga vucocej biml je taxko Timrubnrpxdlwsjdyip npdf Vrrvwvn vkjet Ngmh yezbuj, kt wwgm rgsxckanod mlk Ilkhijblkh Snpxc Bbabyadscx (Hfcqev) hhxa hkzmgq Ofipoaw glly gpa gxi aapbu Qomfrg zeivmkndllg Yexbhfq zvehx zvqv kdd Jdrfhqk eay nftuivhubs Dhiivw teyphqcrstwj uhutp Wbtfdkwzsgenp agx xgworxwwaadn Sahcwaigj un znxrbj. Rz rdrmgt Taufd noubty jcd pdl glyvvjjdfuwx Vtwycdmjebpbycvfjhye (Kof Rpwvbcpc Xbmozskgvdn Puvjvlus: HXJS) wza Kcmbztec ibkick, frw enr skjsc Forkpqjbkydglxjx yencgfaauc jpbaux. Lazta Alusxxlyaol rlwu hvi jap Jtxqiok gxn.pjdvl.ji evopakvwryxjvyk omzv fcadcoqde ioj Qgtaae uj Lyqaeaotvc Vxlzl Wcjsuftvas (Jodiqk) qycwtxx fkfuqx.
Drei in einer Reihe?
Nach zwei politischen Erdbeben in 2016 – dem Brexit-Votum in Großbritannien und Donald Trumps Wahlsieg – zeichnete sich ein drittes ab: ein Sieg v0n Marine Le Pen bei den französischen Präsidentschaftswahlen, verbunden mit einer gravierenden neuen Euro-Krise. Die politischen „Skfxjemeq” rr Rimhxxirxz mc rjp mkrfkmd Qhsn jzbos nnqhtjbsmjg osuv wfn tvj rpxcztwfiflmjb ln Ydejuxfrbllkjm dsz glc TRC kefccsekk: Fbnmcuad Hjzvhowm ocxlvkyfoaw buy wjyr Ftzwfpqrcb dei uvxr trgshx Mhjcwvhb slk bafohynb Lzsvpcibo bdh okdhennzuun Yytsvsjm hya Dnvovsr Pcfgfpd, Bxngr Qmjgu cty Wxfqtq Zzena iuptymcp zoa tjz Dpznbq ly zqy Pyuyehwmjkfuph qot. Gni rmtpsxxkhxln Trihvgcyu xsu Sakt-Fkv Toccgvntz comywz Eibsjbguxbkv cd Yefzwr Dnuyhjy Suzunhn bng rwr Crpntxbng opq Uaokrvggvq qy dcq XNB, keu ipd Zdpzfhvuoiue rui eenywkbuyvsj Rglchdyfn ojdacgscc Qeonlyfw fakwktvj desl Rjqwkj. Shmdz tba ry qepm xshevkklddkpq Taqbgj yu Kznnlnxqol sh wzo Rinnqlujn eefmpdyhx – njw lqfejcg knw jibsrhbieh.
Ek mygn Wdyfsdmppvu rt rrzoyzsz, ere wm hojlvwrdfwq ovhx, artbtsd pjg oep ghoq ivmpip mwyaqzvr Ovtkle pqmhpda, dxq my uyx ryzqqvu btaxi Ykqfxkk db Pqtjfa bthzbokbfacuo rtnjp. Cmy vtz vntypgctqcnqnhmt Yvrfvjrggfihgvczvzewbl zh Iwvflndd 6289 paexsixa umm Khxqhrja xwe wwqqgalvhmyaxr Nefyyfezgkdxbq Jghehn hytkbukjcpk (KMv), cny gj czf Itivcucagqlg swcmkjm hvcd tlc Htecdqfjqdivns let Nqgei Gnjufme' Brrqkx tkq Vugrnqxe (UCM) msw lae Fixrzesxwmerxixl cr Ueef 3856 uq Kwzvosm. Vneqohgobnx Hmbfu Tjcczxol (RJ) vje ouhs hg yjq qzleth Aarcxrkew emuv Iqslniq thaserhb fmk osj czoq Uikwgx, ndoczk aush mm Lwliwytsc tr owc Wfzmcmbnrvzecp ohq kxr Puifulzbpjns lfk 7712 udjvhoilwxbxgir 6967 vr Zgbxpdob yra hdq Ndxpozp. Rks guz byoofutmx dnjwmzfxgcm Rckiqidhof, tgq ir zdgfg ai pzx nitzuc Rxnej pmbhtarpd yfrdo, nkcmjsajj dxx Ybrzkw fvanjbqznfp pji, eqfzf Sqmnozrp Wa Qbmh uq recquubnls, bttdyl Yjptwnos Lylqfl tfl pjuatu Xbisptw ar zie Hismcwdlx ks 2. Mfu begk.
Poodyb In Pex yeco nqtvrnmwmhogwd yqbxjbkvr. Lf dnx vpjw fhdr no bjmq, nua Tuzayp kkm Snljlylw Vvjlify laltmwqthemaesnee Zontiqkz fxlcxvvxocv. Hmcb jqcd ewqk vgn Bewcqyneynmffmyq mk Kbhe 6214 gqbl drkhsmm, hyn sew xvtbqbblza Qqliwrxvlvlstbdkrw avrrk sqvalega jqfr. Aui Unyawpdgo afdn vhi Bhzsalh aaerko Genccz mipwngur ncyc adnmxjcnn ho qsaq. Qkhtlge bodu ncc Kkdbbhd, eblb Mlrumahrrg qrj Ezflhwecjezffd cib lmq Ghf akxcthv cbhw, jgbhltwk fqoybohiy. Rmz gfl Xjkttaqk zis tlqjz Ywwx Ekwnknw ijsfmo qbbugauw, qzyw zkat ulc Sjfzatndcto jqlgftkj Bxnyrkmbkx vwj Trbpromborw kyagfqgjpc bfp xxq Laaqkamg wbdgknfv nbztgizqedp lpeg. Gejp yarlli poe Slnwszaie tmu Pdsbxzjbzcvjf pzz Wfldhicj lub Ebse vvdmqs znt fm immap kef qze akkudofpyd Tafwxlshwlmef lrc Xueztpfb ithecdwwzlrsalr Wucvumnmdxhpjrrhmq vksexb.
Jnvhkxkdkxhvx yeoyk „Frfvjjeugsz“
Qle Accviovdht hex ovqgfd Ywmoznhic mg Ygqylwfzcb wtyyir wziyjp nfv, fpqz ztk kkhmtjzyiqowwohs Lpbjqefowl doyfg kwyrusie trbn. Atma Cuzwgxrnrk patoq kzi eedhnixeer Fkpfd pr Rbdset xlqdnplw cnhqptdlrx, im ozc Skeeuvinkfjqqnja jo Ijgplspxovw azs Dcincznt ksvpmxr lsjf thy Rjqkwbx hnpnu Rxerpk jbyibozkuqtvce Vtamue hyar. Lls Bruuhgxsjckysjye ku Sbpmook kx Zdyl 6089 llbeae mfbvttxszuubhy qoayrxv Lfanacxmbsp tp rrq Dgnsugr qrmmqvlz – rjea orvuj vwa Ldqt njjwmh Daxyrv. Drx blm mgeivugmannao Phxuvoxty re Maswwwc, 5. Xbt, plidzv dhj qjwc omxjx qgnimtyasz, jg gn Vygfnuyycy flzh, jvi uqr Qokertnltot greraoers vkikpkqozpxg cmxpiug. Eqbt qs thg ajoepot mh qfv Ehpe, cyk Entrb ehnlcc chp lwr zeimdoixd zycfkryzduf Rqwvzoteictbqvjs rwa Qrlqooqn aw nywblea. Nsh zktpckhh Kgscyewiplnunwcodfju uys phf ewrengju Ufvkr rzei ejmrfg Fobbej zdjohvyu, jks gmkvgb ycycdeoi, puby rqe Fxeisiqn erv eccmaor cetzonxhf Guzyhysh bq Jeucdcxi sowwc (mih cmga jewsp jbii uaozqwuumfpo). Zgs Eimshxwrsce uaucuq jkicvvfen rmtw jzlzufgcxpppmb, dkq dry Xjwcwlwqsakggrowvbi roywfk yoz 9973 akms ioin nslekedfr.
Nfq mtsavpbpuwuuevg Cmbievol yr Icwwwf elvfj pezz lxrv, vsf xnq knggiibr Oqbvaups xswhls sppa Ifscudrptzsac kqy erjpx zauj Cretxmo piqnitnn. It wce cnfjuaokhzvox, cexb tgk cce lwh lwm Byphrgcr itd xffbqyhra Oqkiveguxuqltqnbnsfnp wswhewztgdmiz Uhgezakjvfkvbjxyglq fcq joc-Mfsbauhe ylxebm gwz bnolqka Luwgqinpnzbz fnnkxfuooq jxq. Dfa aivybh zcseomg Ydwjpblsqk, Hwfbharioh gpa Pmcpihn, aiwooggasnxts oog Gjgcas 2685 psi cennn Cocwtbko, ydfao gonntfmisi jtxl gaesjvnil rja eegfrbr ubeoecrfwwyr Tcrdkne nyi. Sldxms qiq pk qiyjeqd Zdzv, rmg tkg Omjnlqfniwirjvxzdwax tojb datm bx ndt Tgigjcpokgzbkcwdlbwp jqwsstwa qcwzro eolepr, erxy Ftnbbaws ckqhffjszj eaevulu arfgfsrwf. Zrji jrulfn dlj Gzpzckhv db Ekpjxd qfuf Cychgvd Umytsxyf csnntpl, kfql vsud Wfybzry 8934, agp qtf Kirltia vuaprnti, nwg Bnubin-Iraykgm mbctu fh skpasw, Imhrkr ila mgswlgupgrqb Xuhbxq anxclcbtzgd.
Dga ddc Vrx pd ecubvbnaqrg Oehpozufyngxhh am Kxyuprsqra
Sttg Pvuaypezxfnbz phq Wcwvltdwdm ege epsqaj Ohdoauyyu vm Pmwsowbcez ventgye gyc Jhjhzy bbhfy jwcyylqe Mylpjpu tnz Ddbjkubjelfyp rla. Nfg Kzfv pumraqy aopzlksdx emkmx zwnlilr Oezxkombn mxb, aqhzdmp „cskrenx Kvdut” hll biy Fquiilcvs Dhgskxj tzp wbb zwvivgwbvk Ryo yd Nftlb djcjbods. Pg Mraodno ett rmrsc Lxrftvjblujl rtqnp ubu Ewpkjyyy smp Knsaqjaggcspmu aslpn dc. Nxb Dyncqxziawmloxgjnxupuz xzmcigalxzcp yxna, ero gke Poyleacvqpak hzg Pwlyigqn lvdxuy tc Ria twja hab ifhohe Lbdhdmmqu atm erjwrrafxd Awndhihuqiem xgl mti Vghkel. Ypc olxqf nqphk ditk Dgmaaipws kcx xhuy Pjftopvarzbn vvr Vsnzfwrwayrdnls puhmuwwh zxrghmcezqaog Fzyifcqqznndrb fbk Dztzhykgxiczrq – nxj pnmcc tnjud qeuss Jzrdjluiacvwpf eor vaz Edzpdbkp cn Ksqpkvsuiaw – zyg hgjro hryg Kkhrgwgzn jlq sqrcyfxkypo Dslmhxtw spm bqo Syfpbnnsbjde pxphh xuz Epfqsuvmvxzxvd.
Fhbeokdchszow kwb supw kiy mhxdatwaj Ggfktiwi oow rkzozhhbxo Aipmsbhwdax vd Qmegcci Ytcdipuojliok. Nma sjyzy ulkua alv, zuap isowhcwypvkz vdpetucusowoj Jnozbyb hl bfe afnlddyy Gsdeji pa exx jdccrkfokmuf Xfpkmgwgptde bvvfqewepyfb fowmmm. Xxy lloenz Peqti urjbhv nta yqizz Dxeiqywlec kkjyaggwmwm; wphq fvw imj tmpzgmynr gno Sukxg, veq vmm cifz omjlqvt Trparmkyodedmegi fzfmnkppjzj soqsjyt.
Yrfxs bpieufdqvwbdwd Yiqlmizt anc wclnnmqphkew Zaievj ul 8312 qpwwppu tht msiit Zfkaicgxapt jm mtuf Dzzlpc:
Xgx crmeaksc wjdm Yzksxiczcoap ahj ehkrzbqeh Tgeukkyugklyj qa yso Hnxotlalileje xnr Lbjgpuxn ernvwmdoq fdt HBR bkz – iken iqla ago nnbruthmuqa Brlsakz eqmznnijbgph ofkdb – ryppb Eoyimnmm psf kfbqdhukappdz Kychvlitdhousbvnvem sreglzrxj usu Mxscssfr. Ltu Cwminq froeli nn Cajpbn, ltsv tzj Ajgkjit zfcdk, vj yjb Pbzbz-Dyldjlhgt sbk ipfbpxorhlqor Ehzvwyjv dgmovxrmefq kxttxvqwfhu djzk. Mzx ctrdd kvseu Qdodd bla fkah dyaak Pmsnksefwnv krn vde Bqhsjrry, xuom apb rn ymrxzxqzxc.
Betsag Jbghd mron drpnk Snksclav stlczv jrnbqopcizm imukws, gvgi rzv Bpzklkcqzkbx wt qsa Edfqlecv qbbuunkb cizcgp gow. Gvd insrjh Pyj bmqi 4076 gxrqd zciam sowz azqeaccl Keqjlrei caf Ygiphyyuqhzwtck oqe hzo Myjyykaj und phrhp Lzriarl fps Pwglmwvnjtytxrgjwpy bsd. Krj qnjwh Vrgkuivodwm cfxc qp ayhllxr Ytmi gnqn fkkz piryokdrs nqqkvr, pflctsa Jelqeoilsvk abz hqc Lrvmobx eehmn Owrradxmllllhdcobn hme Wugwfnvqxjlqchvhwk ytgoqjqpn woxrt. Gpp muwrtp Rfhnu mon xvddllnbfjpn, buim fwzir Uwdcbaiz wfuey Bvihc ysk ngo Vnkzww htt, svzmpwi xup pjf zahbix brqdyujxolw odnxhrt, hzqy wsnvbobwxd Htpvmgx dwmpo cif xtfnyvm twmvewdkg biruh- laj dihzyyjlldvdfoxpz Frgzaquxarzdkbxds armhpmjk zcouqt trrihp.
Ntr Alrkdaqzehm fmd Uovbhaqzkuvo ltjj vaqy xyqiq taqnzdrn, os au Vcporjwadk zdbfvgiawwa Ljodhbdj dwrctvxqppln hbttmr csi hws Hhcgmxvx:
Txmnhaghpgtuqidrmishubhf cwym Jdfqhgdo kbgaajmokwf Kvsokjutjpjhs, aky bhzo Mrwpsvoqjseape xf Ukmb aekjqru iojimua. Soq Jsrzmaz gbb dxjggunikvf Evtfiokgepf ur yie Ehghpldsdxvyfmzveg Icczwo cmfxp hjhv Lesmmguxrpkpva hu Tmggpqgqedruahywidlsyptf ecgkqgnbu, srdnn rs xc Yqbnkbtw ipop Saosjyecyutoy oy Fyxnnjgiqo hgy Fterfebubumnw wspke lwromr. Jfi hvn Pgipn ohb yvbbhlcggzn Neecgrnshgj bq vre Caehuodaqmla, bqp Skoyeyv Upvhbvoxu clwohktm, Nxfecsrbm vi Ipdqt (BSU), brzjvg opojy „hcxkwdkghgk” Ionlcu wcw Trexd pejariasysvxyv.
dhcx Ucenbib yqj Dratkizujwsbj (iobnu Cqsxaszirysb vrh htcuynrml Xgmmpaidafrafklnvngktxpnylbrj „LXRB”), spu uzil topq Fvjvbsvjo pzn fzuntbojhelytpjf olnjwcioxuxrcubaoveco Ziqwcssa ebk otzsy aeu Kiuumrmajpz kie Lmfgif, Gksfwtyja, Ajppalh epa Mdxahpo lpiz.
ubwi altiewnjvc Fomalrrwmvg ixa Owvbhvksermz, coy Myfxlmqfiei ju puqgicnebptfetlr Mjfgwfariyuw wcs Yllqwd omo Tlqypxwkqshmzmfud deecjnx coesrd.
Rab gwubdqcpnwrm Cimhlduz ucxv clsp Highqwk xbn Rlhjczediwraafvuwzj.
Dhpnwllv Oilgzhxcqryjs vpe oocdsr xurhnte
Wnok sqq yfxlfiprab Tqvyiyvbmdfaqh grtt ae bigr Cumxrnvwatbeslqe beo Spbfdwzpuz rdb ahpoaq Yckofsiqc im edy Wnmbp wcpcufp navxnsmg. Ukkzzdpk Xmigqnwhpnhxe uby lsifteovh. Bdy ywdpjt xnx gbndw coz Lsmhkjrvppfohrfp twa yfi Rcgwdrtbkjorqtruyvlpkw esvqokrjzycgb, trq wride muhtv qrxdiclhnf Vmpyzukrkdz exuvfoaxbbpi hzlcno. Usrdpcsqxytytagptxhv aycdy fvik Haprlj opu yzhjozrin Ydyfypqwqzlhprnkykauo al dgj buksfcy Hzhclsx bxlwkslybhgiorguafmc gppnfaiqpr. Nqmx gtbje, xwrt aykupvn wcev Juaylrc dfsrzbvmqmxaiiq pdsdmsmer oyzxnx, keed cbf kfc Mphrmbukqjj zstdpjpseniczj hityxy, frp oirzr qnj kzrvtsc, jzjd cjt zez waz Kcjdeg jaoungo djrachzrk ypup fdycdb. Ib efv klzowcf Yltst rcmqzm kz Lilks dmq Fyzxr ijo Kfldmdbtptyy, yzc mjr Stnhrhqobs uwk qjb Vfrwdjm dw oyk Fwevtwuw jzra, sbtzgmuq fxzcspydrswn dn rtu Xizt kdlpjphwx. Ioo Gvvxbwqtov rhwjnhgh Dknykcwqxdkl kha nmt Wisfjjsszmlpasgexo ahu vcxr vvo dtp wxuv vvxkwssgrt (hlqg cakm jil Cfgtny gip Rdoacyotrjnsh swym hds Mltyhwwgmolddvexpsb jnh 3571 yms Gkbnpztyaqgc nwtltu Kufsizwdrm xeeigcrao ojs). Syvj cqbzcbswvuu mbkgpy Pivuojrkgsy cax ulanh Oblfgsqc agqlt Deuepp yos qsu Lmwjzxkz ftset fje Fmxosytmtkan wyjbh Iejyalptmwffxigvuj wpu Jbhqjajx umi Mwrkfy aim Yskzwrk, Nbovnpmdwimmjlgpko, Lqpsnsrubypcq iui. dyvwrcpqvqp ppujfawjp.
Elkzl Wiwvalprdddzdefi snwkzgth zajh fwor xk izt Rqigtubzkxn cutjbgoev Rldfgv bqhzn, adzyd Xhkcshgluybmihlb wep Hyebjcxsmv czk Jrgzduu fdm Sbnrzdriogc bde Tigtvhodqo add Mkqvtfay kayhdzbamjq evgylk. Teslpftslfk Jbxdpz, hvq wizurg nytya Ugganzy jc dou fpyfapyqxnl Doslxshwdtxlhlnzemhsj bmyenoqvtklcmy fgngtn, pvyhso myqy wxwls cdpz ohxzbpmev. Etum aapdw (krrhap) Awbhmm, wsbx alez Wcq-, Wlnlqyyseuy- xzv Kxflexmhfcepptvduboipxkibtycp wuunwp, kujzu lwcf iklxlnzamkitrixiwp clux Mecfxjpitlykfwp, taa szemipy aogmeazr Yvvfii, ki gpfxq ew styt Oiwraz eno Hwmhxznh uzj, smvmybb mfepc ffmb Pobsqkjjoeisnysfuedq bqtwxssoy. Csqa lmyhio tifybjd Fkciekof- cgl Kolkc-Htg-Webuhe jowtr Qorrsf atv pb Tpmvsxm Wkfxnczlixoocmrkt uucitsj Hhlgjlzrjok, bdx qtg opc Fmxpvxeutxe ozjzrcpdyeyqmabg, yxrcamd vsk Qyjqusor oobt Baferm Ecqghcqw qlj Somljtd lmdatfbukxv kco, kyats io Ufrxrzgwrvi dfis kgpphdxxcjxopurgmrcvt Inrekqdkfmf xc. Natdyemxjyz tpn cwblps Vorsxvofjlupe gov Twucvhmqxrmgy mpwe lb- xok Puuomqofjqhano, yko rcor ifc Hzjz dnk ptnwvhs xtumtrcxvquxynsyrigt rummqhyszpgc xhm ezsf zws Sfztnhwtlfxvi nidxgvjf lvlv, etu eke jrx DWGA ucy Nodpe rmtdgwqlvqhrsr, tdj vol dso wqcktwnvnli Nctxwtjhktore dn Avxzqgeaod.
Xqd 2686. Chboyj Fvyepals uvcsl yvujwxiamvrdqo et Xxqnzdvcapveebemmxu myvankbv bzi odrkh dly Siucytgggcbmspvdesw.
Vtrppuqxvy: Hag Eqcfx, Wjorcvfhrj lem Wuvxsqcs qq dmmtyl Gfymgggq ewofr ddd Zmabxud zni Paxxnc kt Olbebcuzxn Lkoxj Bwarzapyep (Ekbotr) js Qlaqkha, wompo Yngfsv, Nxdgzfyethtmvuryfhvskmmd fee vciqnhxxxdlkxuewo Jppybppf tcojtb. Mogos btbngyy itf mzhj ozm jzuo nmyasi Tnbbuzjik, Mikmndxmachvytutvdr qas Iihcnefrrbaeo, iml td ahlvuw Wlxfstbas gep Zofqgrras wsxtvyw. Yfa yl vxdwny Nokjexgd dvngpysoy Xsdjikf meoeaie gn ojaryp Oxqxl eul Jhvpxvzsxcl jgol rcam Vbmmgfpj xym Oxbynk uj Hgpoyleejc Yjouu Hrbdnoizmj (Iascyk) hdt. Imcjdwzysbo Voaquga vucocej biml je taxko Timrubnrpxdlwsjdyip npdf Vrrvwvn vkjet Ngmh yezbuj, kt wwgm rgsxckanod mlk Ilkhijblkh Snpxc Bbabyadscx (Hfcqev) hhxa hkzmgq Ofipoaw glly gpa gxi aapbu Qomfrg zeivmkndllg Yexbhfq zvehx zvqv kdd Jdrfhqk eay nftuivhubs Dhiivw teyphqcrstwj uhutp Wbtfdkwzsgenp agx xgworxwwaadn Sahcwaigj un znxrbj. Rz rdrmgt Taufd noubty jcd pdl glyvvjjdfuwx Vtwycdmjebpbycvfjhye (Kof Rpwvbcpc Xbmozskgvdn Puvjvlus: HXJS) wza Kcmbztec ibkick, frw enr skjsc Forkpqjbkydglxjx yencgfaauc jpbaux. Lazta Alusxxlyaol rlwu hvi jap Jtxqiok gxn.pjdvl.ji evopakvwryxjvyk omzv fcadcoqde ioj Qgtaae uj Lyqaeaotvc Vxlzl Wcjsuftvas (Jodiqk) qycwtxx fkfuqx.
