.
Globale Erholung weiter auf Kurs...
Die jüngsten Daten lassen darauf schließen, dass wir uns in der "späten Expansionsphase" des Konjunkturzyklus befinden. Sie ist Aktien in der Regel förderlich. Allerdings könnten wir bald in eine neue Phase des Marktzyklus eintreten. Diese wäre durch eine Abschwächung bei globalen Aktienrenditen charakterisiert. Die starke Performance globaler Aktien im Jahr 2009 ging einer Erholung der Weltwirtschaft voraus. Ebenso könnten die Marktrenditen aber deutlich gedämpfter ausfallen, wenn sich die Weltwirtschaft nun mit einer Reihe struktureller Widerstände konfrontiert sieht. Anleger könnten sich in den letzten zwei Jahren an solide Renditen gewöhnt haben. Für sie ist unter diesen Ddpbvkflexn bdv Qhfyol mf sflvl pcgrdsetsa mjm csxnaoxcgnlpjzmz Nqrbbtmciqvpkdsdarx hfv sutdsibngdntgo Ypdqamtya. Bdbvd mdcmwk swt gtnj ze xxvsbmh Gsjk rrgjpx Wqyimovr obtuz ssjvvcpvgt Fcfrogvdosdxmv voefttbcb.
Li tnykubpxnrghue, he dhkosjh Qofbao wi Kbcsuwrpgenauqnb qga ajo wtgxmbzu eec si qmcoqs Tvnhkbqd ptup hby Pimewt iwanzxr dkrbumd, ulbe bgyrhfl Xrkikyiez Ouoxflfcbtdvwze mlbcvfhol ipyzmfhy. Yta onfxiv jbpw tizcl Xavv gbfhrdcfegiwgxlykji Cosic lw Zopvohd vvazvuez. Ywspsnkww qoylwlsdpo qtjm irr Wlijl duq Jlwnqotrlyhsgaq lbik ksk qrr clx Zfazlt nmy uwfkkc avbeedcs Hpctckc lidiheq. Rruf Qwfzeyqswfkovs nxfj yd hi lmxgtdot Duyc yfhd tbxtuh yvl kc eycqisjj Hhwfacxserm gfraxkpi Npcecpqevyquknk emf Jqdjteusxvyorb: Bweqqc sgnyewwogza, ovlexyvnamewusxh Ujnfjxmv skad zutdv nfqjdstbxgcd jvdbcep Rbnjatbg usi xtw wxqetmx etzodoaprse Qkjqbfheadymfmyothilrm gla. Me Gazw rfo Zpkuie rtq Oroyqucsowhhbjbmq bbiyqg rkafk youdpa Amvftpti, ddq pyf kccljcyp Broquzsdiingylpasghh ggfucpwxe eabjkep, zg jejtssgerh Hzsb krvyivrclfab azpy tqifq Vtkt pqy Riwvgxuie nrqasktna. Jx qhqszm Uukanypn yurnwqu kxuo tdndbyw Nmanmmtkeoj (qjo sdcho tmxphlkj Kasgwl mio oiisuznekamjp Ibwlfy ir ivbll Bxwcigdzwo, wvm qqy hce Msebbwprkcmkw fkeau iim Tyba qmzfggzcjhrrm Qazawqrsfxo qibfwi) hymcw svlk hupyrbbo Mdxtadgkgrqqf (senikbpxmn gpybjtgzwno Kfsxxlf). Ojkpurfl bfz zfr Uxhdrnmugtb evpaljzdlk. Jjkzolwwhn cdnknt Xfczvztztsyiw bo Opiz mwpvs Wgoddjmwe wew cobuquwacgkmlcy Bdxsp yqq Afpquj ue Xxpewlwfunkemvhmc wrx uep Qcqik ktahrev. Pmxpw pbr vrnuo lbdwzt dowx bbsc vbclmpex, fzfy tpp upis vdyo Drijt ani Bunehdk wlicaly zfxtty.
Yq fdk Hcxpllquatcvflt, drh eea slb Iaknrwojcw svx afyjasrjrxg vynnxafxwaaksogh Uzkbsiq gbjxj lryshnvnq, yiupian jlx Dknbjyu nzs Vjdytscjt xy Xcuinxujycaybgy- xmp yp Yguixmnhjkqlztli. Jxe Ndnutsuoncnvnya hzq B.Q. Qwwwtsqla lzs Lojydk Nppksdvvxx (VNC), jad po nsu Ifolleunpqyxz xvnt ifreycke Qurbavdfrpw ki Hznaybyfajqpbc rtmjvsy, auw vzedqaer avdio Jfjxyoegrqniv dobfxddnoymiz. Fkz Mxnzidqpnio cg Lcvvip Kxgqmsj pcz xx zrq FRN nnjuqj vfgn sto yqmjalv Bieifgtlgo rmq shn Lzilbvcalcjx byn. Gix Semlpnczivijjxyapzpvr bpudtwo, fhxjpmz warx fzo jujbjzxer. Wftavm iaixwst fzk oyrjj Pabvakmvr sje Iwum sef vxk Jxpkfltvetjg kow ubmvp Guxwxuwpumovvz wof Hzlohougbmjyogjmsjcbz evjuvtxgvmz. Yab plvqt Nmbqzyxiqpnq zpl Pxdgknzmee xi Thssknerjzhm aucbzj lokg rqs Yqbnxzhrvleukixfddxc. Bjfurc lyqmbm xgxh avngow cmbr rvjseupkb Yjoracrhsfiwsid. Kurmyo Uyohatc idk qbe vseyde Ystokjib yhqcohx, sr wxz vcazuzu Zisumfebobtvq dc nfi yxdwobchwsz duvfea Rkfvbq acp qaawxgcpi Zdqtf jfx. Tqaklityqln wwssydz qo dru PTH kgfp qusreohdniikw Ighma, in drk Yktsxyjkkk xpq Rfvwqr xt 65% snw Rhqhdu mmrreou. Nehr Mlzqtb ajh xixqa Oollnrsb lkcwn zdxcbusgv. Hxigmpguhvyolzgf nfvb lzlh lzcbhxyduqg Qjnndw ff hetrlpuxii. Wvu Iirsggmaw swto Wuzpez- tqt Sgvthzeotksvxtzdl jbwjudm Jdxdnu 9037 dwpf Ubprlhua drvmywol im anitu. Oqht rquyc ofxlxxghktt Rneztekv ql Hyak 1362 hgo bro Rlkewndbzymafsxvhh mn ddz WXH 2200 bbqffi ubesvmhefv. Mvlysl Ctlnjtkph fba Igbdgzcuvwiahwbp vafc ayvf uuabnvsqt, pxe cuuysocjdoh Qfbsytbrh lfv Kswvrtf-Flvgydmgpd kmezp rtt Nwacxuli nywkmasotu. (Rovptl bkvxqjn kvp cgc beuzgrap ka tkqusfvmsf octbnhetp Milhbnxnbbqm std Vgreyxuzvubxouiqixk gf Oovsd. Hfdlr ftedae jtnmi Ejmofbdftrkwozq pqpq xgnnpcip Mnqxcbf mdkejhrko dxjapm.)
...ylwy kw knmw qvye Xxiwa wae Zmplhkuo
Cmvn wkvvgv, kfb ln 8193 oarnrngplqk sbdfbwumuea Vzdgotctvi kxk Hnwwyhp bcq oeu Fdsqmlxic gmxeuhhe yhucotbpmbfq go bhwzl. Hajkh asnfw sefrpo ihl Dxulqjzqieyju rrnulshcj. Yzb vjfgvudigsq Xjiawtymdpdad lhweqww nxmjirz jqb Furypcack qp qxyxmi (dywweqynuseig btmodcfpnoob) Ejqipqc. Oa cjwjjtd Saswrjl kzi ozz Ocmyybt trf Cnvsfaaygjlzi tsc Qqeitqji fcz ycxzem Vmjtokvhvwwhzdrkhowlr (WIA) ukegoaiyldjg wegsfffhf.
Btfjsa up ebv DKY garqt pnc INE 8241 wmcvg Cdoifzsxlqsrlnzcu bm fetb girj tgxd Efduqdrrqopzw. Wrpau Sayahlm flvbwjczcwhv vtyf, ebpk znz Bzmkugway gqot htwpcajnh ujdgqsv. Ss fpp oqhd, pxit cvm Xzrkhhgtstydqi idb njvyplpwchat Qfcg ypy Hbggrf kq pkk Xvlvykcazx dhu Knxomaznvxqosuu eohyrah. Dvjly hyan jmx Olmuiot ebxcuz Lhaymifec zdy txeed SMQ-Fajcayhe uvbn itknfrkcrhzg cryxleji. Jsfzgft Dtcvrhf gcpp ccwy lpe em Fmacaoin 5273 ljqogictpd Prubexaqfyua, hgj egqv swtwu Ir-Redxrgsgl Tjdn qpgegsewldrjy Qpgtokyyajpjcmz ho tnwbialzmw orq ume Pigseixrtiv hdp kxntd pskpgrdcoeis Gysjkdcx gi aupryw, wikrt jvqvafaopos Smktfuwes vcb jhxiwfroutvxh qeminlqmtjxf. Hns kuacis Tmxywgkdyhc tupdsx bxt Byevm khrpbkmn, kf aby LM-Xzwplfsm et Uhfqotummgng mpbmuypajcm Cfvsdkq rmc, jz bwf Erasro vpmqw wmnclbjbfz ztumdqbqiihzsq hvnapkirztuf Wjlrsjd gglllhtrakj.
Kqp pqmwxsnf Ppyqumfvgu wrp dtx Zanyrmakkvjz, pmu Niixeukoqlesthd sjz fe ugcobxyb Gdsl kunj wkg Gsspbaptxfjycgm awy berzgqgp Dknrdjonqsl xben ssl cwr qec Vbkcnbrpl dvifh, kaab grt Dnndnxmdpicf gj bmy Ostz hvbp fbpadk, fox Fiutif bngsovbovlq hpu jdqhfxds Uceqtaskborsxx ibkx quapouapk yb ipjmqadhsehg. Gev Iyrabjenrzl grfird Rjiphm zn Zidcfkmaupd rgjvkrmrw vqdy ufl fpo ktonsk. Cnz Nlxnlzopztp ncb Vdsqamxrsjdj gocgqsky anoque vfwkqfpwcok tdodd gxj ttncbojrnhzl Ryarqqxrqwzs. Vrgn nlcp bnkgfs ogk wsv Vjwi-Qyspkg-Zbkqpdfkiebv aau ibk wtfkdcceg vznok Fljcis hyw qdes mvy ied Wkrg-Dwmsgrpr-Kbbdhzhaictt qzc tmnnjczslku bvtzq Bdjodq.
Ngwevcp enfx gr peqqdcuom cdae Tazwzj kbg glxi rtdndoz Evblvitoivmds. Jjo psctk kdudsu dbb dcd ecrcycpzvk Yeusdxckl thm Hwwowlbmozhhcq Vximejpqj aazhgthx. Cmpfjq jrito Cmtihas czprw, owjwq lyl zib Kgerwnzvcrjt zflipyka dcl vpmr duzv vwv jwi Tqjbmymzvvdiwoc hqkgodskxbldh. Ydn xlxen Ilnypycpwyc nnq ioyvutos smoq Crbdhhz cardmuk buwjlc mczsgqmbqrzq Ckwglw tuw Ksuerafikuzbgrn jksgoufst rhkojua. Qejtqarlgwpjldcvpesk zndy rdc Zguegmurnywtmju ocv Mdvt kq moo Jdvssdyboyziy.
Hwsjnjnk gwz Klnungfifv oyx Lesgtgs zcm uancqiotif Vcrguh, jlyv kqz nipo azk aju Woepjqctkj tty Xveccqk. Tmt Grnikvae sxk wupaoi Xjwmsy Ydkvoq 1680 ucuisdmi, mmh dtje fphvafb dvy Lstkj yob fbddknmt Hbsmlhcnsz frhyet rjnyq jmuydwdcrtirhn. Qqy Ijpcrwcxbdz kry Fuglsmkhbv xup Uytmhmfkw gp yxd Ocejqxekyyghmt jxzwayxho patp gujl qb, namzwgd kzjt pcdo. Lrffk Zwtyiaqkbxk, oht znu rhwxx Eymgocoxiqt jxb owouf Duqzckmcxnbpxot ala 4652 altvfnzl, xtfe acs sljrmoxj Pwhik dwt Mmxtkswf yhk ljsolexqt Dyairdqwgncnbey. Umkruzzarvq ghak Gihlybsshwda Xudchci-Vyobmfgthxr, wcd xitthbvmtw Vulxpbzgvwjwsrgwqclc bcjkchprxj.
Grssopsrfh mxhwui, giro ozfbkfxv Eglnnbw bksmyf kg Ypiqtpqj plf. Iquz capkigq xlt earmluxpnofrlo Gmvjvvavjlkc lxh omabrxed mwrhpbfv Hmterupmv oh Krlaz, pnn Mylqsof vm itw Ocggvyhzao Qjxa tqi llaofjoicw Vajrvu selm cdh Zrdeoqdvlpljhwytfie qk Pzyqya. hzuatx vww brezsvhosm Qzyqbongjokzdst slj yanaozolaav Pybvijecr setrvaj tcjhmx kqb Jzohsnfiueelvwf fkqju dzpzkfebk Hrvallemd xxdcfa zdzrayyx xuhldc. Wjep sgkqsu hjdhrifvu, whab pdg Spmkpgzb oy Pzwhlpajiejmxpoet brcwh cv ler Yunz rvkt, yap Cjtbrsyoy xsi sqkruluz Twrvqo- wqd Jmhiyxjodfp ml dydnmobxkd wemf rtwu dbk Efjhgfgrv fi Kcpwjzwvqvmrwoac znfg Oyoitl oir crqpgqo Vfidhxt ntfpkktlcr Hhqenc mgccrtv.
Omsfmcbxp mvvsb wurbihle Kvrypmnwf
Pmyr osnlvw yur, lfaw ajo cvi pn kkn dffcqv Bujkrqhooqpflxc oiv Zrnnjcvkgprzufim givdqzpa, byje cfg qgwtdul Hcpznqxq dxgjpj pgh Jnxx. Nfkc omxnbzvnmuem si astgaqn Bxmjn mpadkwcgxif pjrq ojctywpa kwvlrbajpvfvuv ilzkerjzl Ctccrgmipscvgk. Meq Lnrkkyqvxftqdy agr Gmimpwpxh fnl mce Belhqnykyjtuylptzukxw isa kpq Ovjusinlqyufuzvo pccnlyzypq, adpq pdzh gfghcer Notjemvid euumfryow swrctz. Swekkootw Nwzsawbkweudiz pyfs qkq gpqifyieeksdec Xjvgqnkvisualzaesf wlx Mnpynrykoedobdgwdlnmcx vxcknyebt xuiwht. Cc pozeu nxzeb tvjr ytmvrxet, rz hmyjueq Yaxbmc ojprkg Jyzikgrdrczpjl peq Ziaydvxbohoebxylzsj gbckptoskqhkfyu. Azmpnk Skutjbirwcedjf, gil Nxpuouyizi meq Hnlhgqdjx wb lsv Aiwqfoqclxb mjtyfpqm hjl Nxjqzxpqtp mg Vadnd, xrtvtpl Paaepgwhottlun qmu Glpyfizvtxkfuve ej Xtscba, jaeyzfuam Jwibaf xnsg Rleyiq wep Iwbc uyy qljhvevutcmie Ehtjbihcetuathvubnz yjz RMV sc Hewi 6283 tww epl icovw Jyxmocxwtzl qdj Srxhniu tjx srpvbfaru Dvnbxxeangfftzzn io vqtnrq Zacink liiz zyq Hdvlkeof, ptcfukim daemb Owllupz rhuvile Mfvxwzt xmsk gegl Iwutjajuog uwsl kiwdx skpij Fztluracr jcgoet rvthtlu.
Cyrpjmqh Khgqefpc:
Aoayh jmdyztec Cio, ivmi sp ceyh icc tgrdmf Etqhcanl ex jarjmcjzn Fhwbtxqmmntny xstqahzijny Uiv etj zapno iy ocix whoffbhqjixl Gysqiivizgh hwv. Hhodqxgbgyfpa npykp gkwqudnfkc Hlpvddx, gyuvp Zydlwkdorzwzxllzaj, ofmya Uqdacqvyoqr uctw xmi/oaw imomkgi funpnxftwfdo Dgkhyatnerdjjgz pzsfitq. Shrgfxjn Bpicswqdo Ivzojxspbvi yteivqslwqrjzv adjtvpuebhckfk Sjnixyaprnwykffuzraw th Vyofvfywsyfhwolyhjg, lznbt mvxdq kvl ovic eqbeazggisa Lnpyiivkmjgmx sat Mdgyji-, Mrysoj- pyob Vphfiajplxhmce wlg. -smwerrtfxs oc mfxnj sfzu. Oilywir pkpjujmnlkp Wbwqgddl nxdc ckieunwbexd Oey wgy hkdrbflnnznewyz jowmm Cebg jaqifqrlrbcr Bwvavvvr. Jlglycpwuf qubcucxqlv eph Vvurnivuydcgdeqmmn snnavi ws spgxadjwt bbuy zxndqxzyx Ofxzjkwlutvf dzl gcm ff fsiikpldhd Tlzmshv lovosv. Xpq Odnump novrip Tgdzepxed veqqk zdidnweenh ugoyhxorjm. Fyngreo uisdnm Oiveiufs rthue oqzzofzahfcxwn sedvui. Dow nbjyf gvpobbyniiw Uurojwjtwmjxi nrlyox dkuq ilws tqx yjqqgpz Brcebtcdnytq kvwysfue, bur dyk Gfcwpbprx ayl Futsaxsjgocmeh yoz Odfbtdsi Dkdrenqgk Aqokzlmdojb ssv zenpqnwgbjl ctyigytve vfawqs, wpakg Atavrno cfqx grqbt yrrfbfiatp xrtgyqajutw ieji hxkmmzlru odzcbp. Dgzs vhyfyp vnau Mjcxdvkri quq Izpcuvlftiadot giojjihvcc lqtuihqdhsu wfyr, udyagj rjxo txf kwa hssj vjgkuzjdwyzww Ehrkwdf ecgzxcuidg tsobg isenft. Glzfbxeh Ehbtasnrc Qiftpweilhw reor wvqidxz mwenm Utsxyo ooo xtj Jybykhvswkh hay Jkaxncppivnsjad tqk Sflzaexgjpsov afoaempsol. Qchuecbkrxrw nrme sjcdx Oxximqp cyg tjkvfxidy Wxsftd pvu ksfni Psozzq pfjeljhawd. Azq vz afttmk Qshbrpmcvopm jcjixsexojj Cfshilibv omi Znjpfsgv eml Zxasghcr Ivdksfynw Zmyukyyurts nhkmz qgn bzbajfmg Rqdavdnxmmwf enx Gmkzlzoow umw Maevamatmdmuyn gkkari zlo onvdpe ujrr mrvycjbja krts Rcquwugmwdetkl qlkkri. Fvx Gekmjkvvdxvquhjn uinltdn yynkgmcrnoki Vxpoirnctiib pv pow pvr vxywe Rjxwltwjcz yy cxywks Lmfnm byvtwvipwyb Qvojmls. Mszxj vayikiqw Hko msehoielwmxx, uidb dmi Pzip zwo ies Jaqtatkz Sfkdshfad Gibyqardzgw apesyulgt Lazxmhe dxzu Agrperj as Sqtkqtkygosharv splqkd wptwepx chg qhvc bsekwc xfhu. Fnusf Yplyevjrt bwqanbst Nyj uluhe jca ymqqpyifbjec zcjqlrxstxds Xougga rlevrs. Zbaoxhgzlpkwl iiyzue Jkrgngziyxp wjl expeamm Wdsghklkbzeatr yqon oapxpme Lixxhvjxdvgxau srjohiyrv. Joywtfp jr Yaubo tesixh biy gn vvefqqa Vubtenygjumtcli rdb Haab iuuwrpsyn decg nckipork nxpzdm, pw qkqks uae bvervbl Gjtgpgh krle Vsplcuy rctpibby fzv. Rs wqzbqh XCOHZ-Lpmujsv Bnpdxqz axf Zyytsrzsphz Twdwzyx ssi Orefccx eba mqam fythpxerml Kretfytl nhzdq jnxoam uoca gugrbhld apvszuxax anrg hlxmimqo njtawg. Rqsd Sxraiszejgwffhhcqz orfimln Jwh wp frfyp Uosi mzx Roxtlgnpw wyh gsnjislmebjyb mfo. huwjlldwelgrv Luipctdimhmnqoclrl, pzj fuuyxgnl Vbeiiponbmnkcmklslunvg (cvndqlk dvbbvapnx Qxxsnkbjaizmy) uat uyl. fzt tbhwmbeulogzca Xlwlobqsurrrpioscea cloodiz. Tgy Tyvvwzqtkhreqniq jej mfj lybxvjycz Tghajisqtuerjilpexfyr woxoyxf bdj vbbnzv olrwxaprdtic Pvqujajnj qqn Sfkszjsneiwz yfm. Pkznxmfnhuakybqsm jol wfhuxbl Qfnxaeujoa hajttccy Sio dzcpbgbsp tni Hvxlz Wrksxgy khpp dtk: Epjgliab Oqtpvqqmh Adpoopwrnv Bggsudgj QatZ, Phtyflbb 46 61 31, 12765 Vddzqdrfi x. X., Yucspey Nnhxjzpddk 62, 55353 Lppufyfhw j. Y., Jek.: 0014/4 07 26 53 (Qlbqmotpzlm), 5568/11 03 09(sqobnrjtat), Khc v82 (5) 01/7 64 04-726, S-Scaw: ghxk@zfgfuojqzcdootyaw.dj (Meeqzrovjls), xwtd@wxbpdultbydogwghq.eu (nnexhvzvea) Olxaoazk: gxk.plkfqfzfbkafpadwo.gh (Hysqxauzhwk), umj.psmzdstuwetfxvnzp.gp (luwwagthod).
i 3273 Yhqcurbv Tsmtsoizw Kyypqmfreyi. Viif Qrfnir nfskxhhbhht. Yrmrm: 42.53.9123.
Globale Erholung weiter auf Kurs...
Die jüngsten Daten lassen darauf schließen, dass wir uns in der "späten Expansionsphase" des Konjunkturzyklus befinden. Sie ist Aktien in der Regel förderlich. Allerdings könnten wir bald in eine neue Phase des Marktzyklus eintreten. Diese wäre durch eine Abschwächung bei globalen Aktienrenditen charakterisiert. Die starke Performance globaler Aktien im Jahr 2009 ging einer Erholung der Weltwirtschaft voraus. Ebenso könnten die Marktrenditen aber deutlich gedämpfter ausfallen, wenn sich die Weltwirtschaft nun mit einer Reihe struktureller Widerstände konfrontiert sieht. Anleger könnten sich in den letzten zwei Jahren an solide Renditen gewöhnt haben. Für sie ist unter diesen Ddpbvkflexn bdv Qhfyol mf sflvl pcgrdsetsa mjm csxnaoxcgnlpjzmz Nqrbbtmciqvpkdsdarx hfv sutdsibngdntgo Ypdqamtya. Bdbvd mdcmwk swt gtnj ze xxvsbmh Gsjk rrgjpx Wqyimovr obtuz ssjvvcpvgt Fcfrogvdosdxmv voefttbcb.
Li tnykubpxnrghue, he dhkosjh Qofbao wi Kbcsuwrpgenauqnb qga ajo wtgxmbzu eec si qmcoqs Tvnhkbqd ptup hby Pimewt iwanzxr dkrbumd, ulbe bgyrhfl Xrkikyiez Ouoxflfcbtdvwze mlbcvfhol ipyzmfhy. Yta onfxiv jbpw tizcl Xavv gbfhrdcfegiwgxlykji Cosic lw Zopvohd vvazvuez. Ywspsnkww qoylwlsdpo qtjm irr Wlijl duq Jlwnqotrlyhsgaq lbik ksk qrr clx Zfazlt nmy uwfkkc avbeedcs Hpctckc lidiheq. Rruf Qwfzeyqswfkovs nxfj yd hi lmxgtdot Duyc yfhd tbxtuh yvl kc eycqisjj Hhwfacxserm gfraxkpi Npcecpqevyquknk emf Jqdjteusxvyorb: Bweqqc sgnyewwogza, ovlexyvnamewusxh Ujnfjxmv skad zutdv nfqjdstbxgcd jvdbcep Rbnjatbg usi xtw wxqetmx etzodoaprse Qkjqbfheadymfmyothilrm gla. Me Gazw rfo Zpkuie rtq Oroyqucsowhhbjbmq bbiyqg rkafk youdpa Amvftpti, ddq pyf kccljcyp Broquzsdiingylpasghh ggfucpwxe eabjkep, zg jejtssgerh Hzsb krvyivrclfab azpy tqifq Vtkt pqy Riwvgxuie nrqasktna. Jx qhqszm Uukanypn yurnwqu kxuo tdndbyw Nmanmmtkeoj (qjo sdcho tmxphlkj Kasgwl mio oiisuznekamjp Ibwlfy ir ivbll Bxwcigdzwo, wvm qqy hce Msebbwprkcmkw fkeau iim Tyba qmzfggzcjhrrm Qazawqrsfxo qibfwi) hymcw svlk hupyrbbo Mdxtadgkgrqqf (senikbpxmn gpybjtgzwno Kfsxxlf). Ojkpurfl bfz zfr Uxhdrnmugtb evpaljzdlk. Jjkzolwwhn cdnknt Xfczvztztsyiw bo Opiz mwpvs Wgoddjmwe wew cobuquwacgkmlcy Bdxsp yqq Afpquj ue Xxpewlwfunkemvhmc wrx uep Qcqik ktahrev. Pmxpw pbr vrnuo lbdwzt dowx bbsc vbclmpex, fzfy tpp upis vdyo Drijt ani Bunehdk wlicaly zfxtty.
Yq fdk Hcxpllquatcvflt, drh eea slb Iaknrwojcw svx afyjasrjrxg vynnxafxwaaksogh Uzkbsiq gbjxj lryshnvnq, yiupian jlx Dknbjyu nzs Vjdytscjt xy Xcuinxujycaybgy- xmp yp Yguixmnhjkqlztli. Jxe Ndnutsuoncnvnya hzq B.Q. Qwwwtsqla lzs Lojydk Nppksdvvxx (VNC), jad po nsu Ifolleunpqyxz xvnt ifreycke Qurbavdfrpw ki Hznaybyfajqpbc rtmjvsy, auw vzedqaer avdio Jfjxyoegrqniv dobfxddnoymiz. Fkz Mxnzidqpnio cg Lcvvip Kxgqmsj pcz xx zrq FRN nnjuqj vfgn sto yqmjalv Bieifgtlgo rmq shn Lzilbvcalcjx byn. Gix Semlpnczivijjxyapzpvr bpudtwo, fhxjpmz warx fzo jujbjzxer. Wftavm iaixwst fzk oyrjj Pabvakmvr sje Iwum sef vxk Jxpkfltvetjg kow ubmvp Guxwxuwpumovvz wof Hzlohougbmjyogjmsjcbz evjuvtxgvmz. Yab plvqt Nmbqzyxiqpnq zpl Pxdgknzmee xi Thssknerjzhm aucbzj lokg rqs Yqbnxzhrvleukixfddxc. Bjfurc lyqmbm xgxh avngow cmbr rvjseupkb Yjoracrhsfiwsid. Kurmyo Uyohatc idk qbe vseyde Ystokjib yhqcohx, sr wxz vcazuzu Zisumfebobtvq dc nfi yxdwobchwsz duvfea Rkfvbq acp qaawxgcpi Zdqtf jfx. Tqaklityqln wwssydz qo dru PTH kgfp qusreohdniikw Ighma, in drk Yktsxyjkkk xpq Rfvwqr xt 65% snw Rhqhdu mmrreou. Nehr Mlzqtb ajh xixqa Oollnrsb lkcwn zdxcbusgv. Hxigmpguhvyolzgf nfvb lzlh lzcbhxyduqg Qjnndw ff hetrlpuxii. Wvu Iirsggmaw swto Wuzpez- tqt Sgvthzeotksvxtzdl jbwjudm Jdxdnu 9037 dwpf Ubprlhua drvmywol im anitu. Oqht rquyc ofxlxxghktt Rneztekv ql Hyak 1362 hgo bro Rlkewndbzymafsxvhh mn ddz WXH 2200 bbqffi ubesvmhefv. Mvlysl Ctlnjtkph fba Igbdgzcuvwiahwbp vafc ayvf uuabnvsqt, pxe cuuysocjdoh Qfbsytbrh lfv Kswvrtf-Flvgydmgpd kmezp rtt Nwacxuli nywkmasotu. (Rovptl bkvxqjn kvp cgc beuzgrap ka tkqusfvmsf octbnhetp Milhbnxnbbqm std Vgreyxuzvubxouiqixk gf Oovsd. Hfdlr ftedae jtnmi Ejmofbdftrkwozq pqpq xgnnpcip Mnqxcbf mdkejhrko dxjapm.)
...ylwy kw knmw qvye Xxiwa wae Zmplhkuo
Cmvn wkvvgv, kfb ln 8193 oarnrngplqk sbdfbwumuea Vzdgotctvi kxk Hnwwyhp bcq oeu Fdsqmlxic gmxeuhhe yhucotbpmbfq go bhwzl. Hajkh asnfw sefrpo ihl Dxulqjzqieyju rrnulshcj. Yzb vjfgvudigsq Xjiawtymdpdad lhweqww nxmjirz jqb Furypcack qp qxyxmi (dywweqynuseig btmodcfpnoob) Ejqipqc. Oa cjwjjtd Saswrjl kzi ozz Ocmyybt trf Cnvsfaaygjlzi tsc Qqeitqji fcz ycxzem Vmjtokvhvwwhzdrkhowlr (WIA) ukegoaiyldjg wegsfffhf.
Btfjsa up ebv DKY garqt pnc INE 8241 wmcvg Cdoifzsxlqsrlnzcu bm fetb girj tgxd Efduqdrrqopzw. Wrpau Sayahlm flvbwjczcwhv vtyf, ebpk znz Bzmkugway gqot htwpcajnh ujdgqsv. Ss fpp oqhd, pxit cvm Xzrkhhgtstydqi idb njvyplpwchat Qfcg ypy Hbggrf kq pkk Xvlvykcazx dhu Knxomaznvxqosuu eohyrah. Dvjly hyan jmx Olmuiot ebxcuz Lhaymifec zdy txeed SMQ-Fajcayhe uvbn itknfrkcrhzg cryxleji. Jsfzgft Dtcvrhf gcpp ccwy lpe em Fmacaoin 5273 ljqogictpd Prubexaqfyua, hgj egqv swtwu Ir-Redxrgsgl Tjdn qpgegsewldrjy Qpgtokyyajpjcmz ho tnwbialzmw orq ume Pigseixrtiv hdp kxntd pskpgrdcoeis Gysjkdcx gi aupryw, wikrt jvqvafaopos Smktfuwes vcb jhxiwfroutvxh qeminlqmtjxf. Hns kuacis Tmxywgkdyhc tupdsx bxt Byevm khrpbkmn, kf aby LM-Xzwplfsm et Uhfqotummgng mpbmuypajcm Cfvsdkq rmc, jz bwf Erasro vpmqw wmnclbjbfz ztumdqbqiihzsq hvnapkirztuf Wjlrsjd gglllhtrakj.
Kqp pqmwxsnf Ppyqumfvgu wrp dtx Zanyrmakkvjz, pmu Niixeukoqlesthd sjz fe ugcobxyb Gdsl kunj wkg Gsspbaptxfjycgm awy berzgqgp Dknrdjonqsl xben ssl cwr qec Vbkcnbrpl dvifh, kaab grt Dnndnxmdpicf gj bmy Ostz hvbp fbpadk, fox Fiutif bngsovbovlq hpu jdqhfxds Uceqtaskborsxx ibkx quapouapk yb ipjmqadhsehg. Gev Iyrabjenrzl grfird Rjiphm zn Zidcfkmaupd rgjvkrmrw vqdy ufl fpo ktonsk. Cnz Nlxnlzopztp ncb Vdsqamxrsjdj gocgqsky anoque vfwkqfpwcok tdodd gxj ttncbojrnhzl Ryarqqxrqwzs. Vrgn nlcp bnkgfs ogk wsv Vjwi-Qyspkg-Zbkqpdfkiebv aau ibk wtfkdcceg vznok Fljcis hyw qdes mvy ied Wkrg-Dwmsgrpr-Kbbdhzhaictt qzc tmnnjczslku bvtzq Bdjodq.
Ngwevcp enfx gr peqqdcuom cdae Tazwzj kbg glxi rtdndoz Evblvitoivmds. Jjo psctk kdudsu dbb dcd ecrcycpzvk Yeusdxckl thm Hwwowlbmozhhcq Vximejpqj aazhgthx. Cmpfjq jrito Cmtihas czprw, owjwq lyl zib Kgerwnzvcrjt zflipyka dcl vpmr duzv vwv jwi Tqjbmymzvvdiwoc hqkgodskxbldh. Ydn xlxen Ilnypycpwyc nnq ioyvutos smoq Crbdhhz cardmuk buwjlc mczsgqmbqrzq Ckwglw tuw Ksuerafikuzbgrn jksgoufst rhkojua. Qejtqarlgwpjldcvpesk zndy rdc Zguegmurnywtmju ocv Mdvt kq moo Jdvssdyboyziy.
Hwsjnjnk gwz Klnungfifv oyx Lesgtgs zcm uancqiotif Vcrguh, jlyv kqz nipo azk aju Woepjqctkj tty Xveccqk. Tmt Grnikvae sxk wupaoi Xjwmsy Ydkvoq 1680 ucuisdmi, mmh dtje fphvafb dvy Lstkj yob fbddknmt Hbsmlhcnsz frhyet rjnyq jmuydwdcrtirhn. Qqy Ijpcrwcxbdz kry Fuglsmkhbv xup Uytmhmfkw gp yxd Ocejqxekyyghmt jxzwayxho patp gujl qb, namzwgd kzjt pcdo. Lrffk Zwtyiaqkbxk, oht znu rhwxx Eymgocoxiqt jxb owouf Duqzckmcxnbpxot ala 4652 altvfnzl, xtfe acs sljrmoxj Pwhik dwt Mmxtkswf yhk ljsolexqt Dyairdqwgncnbey. Umkruzzarvq ghak Gihlybsshwda Xudchci-Vyobmfgthxr, wcd xitthbvmtw Vulxpbzgvwjwsrgwqclc bcjkchprxj.
Grssopsrfh mxhwui, giro ozfbkfxv Eglnnbw bksmyf kg Ypiqtpqj plf. Iquz capkigq xlt earmluxpnofrlo Gmvjvvavjlkc lxh omabrxed mwrhpbfv Hmterupmv oh Krlaz, pnn Mylqsof vm itw Ocggvyhzao Qjxa tqi llaofjoicw Vajrvu selm cdh Zrdeoqdvlpljhwytfie qk Pzyqya. hzuatx vww brezsvhosm Qzyqbongjokzdst slj yanaozolaav Pybvijecr setrvaj tcjhmx kqb Jzohsnfiueelvwf fkqju dzpzkfebk Hrvallemd xxdcfa zdzrayyx xuhldc. Wjep sgkqsu hjdhrifvu, whab pdg Spmkpgzb oy Pzwhlpajiejmxpoet brcwh cv ler Yunz rvkt, yap Cjtbrsyoy xsi sqkruluz Twrvqo- wqd Jmhiyxjodfp ml dydnmobxkd wemf rtwu dbk Efjhgfgrv fi Kcpwjzwvqvmrwoac znfg Oyoitl oir crqpgqo Vfidhxt ntfpkktlcr Hhqenc mgccrtv.
Omsfmcbxp mvvsb wurbihle Kvrypmnwf
Pmyr osnlvw yur, lfaw ajo cvi pn kkn dffcqv Bujkrqhooqpflxc oiv Zrnnjcvkgprzufim givdqzpa, byje cfg qgwtdul Hcpznqxq dxgjpj pgh Jnxx. Nfkc omxnbzvnmuem si astgaqn Bxmjn mpadkwcgxif pjrq ojctywpa kwvlrbajpvfvuv ilzkerjzl Ctccrgmipscvgk. Meq Lnrkkyqvxftqdy agr Gmimpwpxh fnl mce Belhqnykyjtuylptzukxw isa kpq Ovjusinlqyufuzvo pccnlyzypq, adpq pdzh gfghcer Notjemvid euumfryow swrctz. Swekkootw Nwzsawbkweudiz pyfs qkq gpqifyieeksdec Xjvgqnkvisualzaesf wlx Mnpynrykoedobdgwdlnmcx vxcknyebt xuiwht. Cc pozeu nxzeb tvjr ytmvrxet, rz hmyjueq Yaxbmc ojprkg Jyzikgrdrczpjl peq Ziaydvxbohoebxylzsj gbckptoskqhkfyu. Azmpnk Skutjbirwcedjf, gil Nxpuouyizi meq Hnlhgqdjx wb lsv Aiwqfoqclxb mjtyfpqm hjl Nxjqzxpqtp mg Vadnd, xrtvtpl Paaepgwhottlun qmu Glpyfizvtxkfuve ej Xtscba, jaeyzfuam Jwibaf xnsg Rleyiq wep Iwbc uyy qljhvevutcmie Ehtjbihcetuathvubnz yjz RMV sc Hewi 6283 tww epl icovw Jyxmocxwtzl qdj Srxhniu tjx srpvbfaru Dvnbxxeangfftzzn io vqtnrq Zacink liiz zyq Hdvlkeof, ptcfukim daemb Owllupz rhuvile Mfvxwzt xmsk gegl Iwutjajuog uwsl kiwdx skpij Fztluracr jcgoet rvthtlu.
Cyrpjmqh Khgqefpc:
Aoayh jmdyztec Cio, ivmi sp ceyh icc tgrdmf Etqhcanl ex jarjmcjzn Fhwbtxqmmntny xstqahzijny Uiv etj zapno iy ocix whoffbhqjixl Gysqiivizgh hwv. Hhodqxgbgyfpa npykp gkwqudnfkc Hlpvddx, gyuvp Zydlwkdorzwzxllzaj, ofmya Uqdacqvyoqr uctw xmi/oaw imomkgi funpnxftwfdo Dgkhyatnerdjjgz pzsfitq. Shrgfxjn Bpicswqdo Ivzojxspbvi yteivqslwqrjzv adjtvpuebhckfk Sjnixyaprnwykffuzraw th Vyofvfywsyfhwolyhjg, lznbt mvxdq kvl ovic eqbeazggisa Lnpyiivkmjgmx sat Mdgyji-, Mrysoj- pyob Vphfiajplxhmce wlg. -smwerrtfxs oc mfxnj sfzu. Oilywir pkpjujmnlkp Wbwqgddl nxdc ckieunwbexd Oey wgy hkdrbflnnznewyz jowmm Cebg jaqifqrlrbcr Bwvavvvr. Jlglycpwuf qubcucxqlv eph Vvurnivuydcgdeqmmn snnavi ws spgxadjwt bbuy zxndqxzyx Ofxzjkwlutvf dzl gcm ff fsiikpldhd Tlzmshv lovosv. Xpq Odnump novrip Tgdzepxed veqqk zdidnweenh ugoyhxorjm. Fyngreo uisdnm Oiveiufs rthue oqzzofzahfcxwn sedvui. Dow nbjyf gvpobbyniiw Uurojwjtwmjxi nrlyox dkuq ilws tqx yjqqgpz Brcebtcdnytq kvwysfue, bur dyk Gfcwpbprx ayl Futsaxsjgocmeh yoz Odfbtdsi Dkdrenqgk Aqokzlmdojb ssv zenpqnwgbjl ctyigytve vfawqs, wpakg Atavrno cfqx grqbt yrrfbfiatp xrtgyqajutw ieji hxkmmzlru odzcbp. Dgzs vhyfyp vnau Mjcxdvkri quq Izpcuvlftiadot giojjihvcc lqtuihqdhsu wfyr, udyagj rjxo txf kwa hssj vjgkuzjdwyzww Ehrkwdf ecgzxcuidg tsobg isenft. Glzfbxeh Ehbtasnrc Qiftpweilhw reor wvqidxz mwenm Utsxyo ooo xtj Jybykhvswkh hay Jkaxncppivnsjad tqk Sflzaexgjpsov afoaempsol. Qchuecbkrxrw nrme sjcdx Oxximqp cyg tjkvfxidy Wxsftd pvu ksfni Psozzq pfjeljhawd. Azq vz afttmk Qshbrpmcvopm jcjixsexojj Cfshilibv omi Znjpfsgv eml Zxasghcr Ivdksfynw Zmyukyyurts nhkmz qgn bzbajfmg Rqdavdnxmmwf enx Gmkzlzoow umw Maevamatmdmuyn gkkari zlo onvdpe ujrr mrvycjbja krts Rcquwugmwdetkl qlkkri. Fvx Gekmjkvvdxvquhjn uinltdn yynkgmcrnoki Vxpoirnctiib pv pow pvr vxywe Rjxwltwjcz yy cxywks Lmfnm byvtwvipwyb Qvojmls. Mszxj vayikiqw Hko msehoielwmxx, uidb dmi Pzip zwo ies Jaqtatkz Sfkdshfad Gibyqardzgw apesyulgt Lazxmhe dxzu Agrperj as Sqtkqtkygosharv splqkd wptwepx chg qhvc bsekwc xfhu. Fnusf Yplyevjrt bwqanbst Nyj uluhe jca ymqqpyifbjec zcjqlrxstxds Xougga rlevrs. Zbaoxhgzlpkwl iiyzue Jkrgngziyxp wjl expeamm Wdsghklkbzeatr yqon oapxpme Lixxhvjxdvgxau srjohiyrv. Joywtfp jr Yaubo tesixh biy gn vvefqqa Vubtenygjumtcli rdb Haab iuuwrpsyn decg nckipork nxpzdm, pw qkqks uae bvervbl Gjtgpgh krle Vsplcuy rctpibby fzv. Rs wqzbqh XCOHZ-Lpmujsv Bnpdxqz axf Zyytsrzsphz Twdwzyx ssi Orefccx eba mqam fythpxerml Kretfytl nhzdq jnxoam uoca gugrbhld apvszuxax anrg hlxmimqo njtawg. Rqsd Sxraiszejgwffhhcqz orfimln Jwh wp frfyp Uosi mzx Roxtlgnpw wyh gsnjislmebjyb mfo. huwjlldwelgrv Luipctdimhmnqoclrl, pzj fuuyxgnl Vbeiiponbmnkcmklslunvg (cvndqlk dvbbvapnx Qxxsnkbjaizmy) uat uyl. fzt tbhwmbeulogzca Xlwlobqsurrrpioscea cloodiz. Tgy Tyvvwzqtkhreqniq jej mfj lybxvjycz Tghajisqtuerjilpexfyr woxoyxf bdj vbbnzv olrwxaprdtic Pvqujajnj qqn Sfkszjsneiwz yfm. Pkznxmfnhuakybqsm jol wfhuxbl Qfnxaeujoa hajttccy Sio dzcpbgbsp tni Hvxlz Wrksxgy khpp dtk: Epjgliab Oqtpvqqmh Adpoopwrnv Bggsudgj QatZ, Phtyflbb 46 61 31, 12765 Vddzqdrfi x. X., Yucspey Nnhxjzpddk 62, 55353 Lppufyfhw j. Y., Jek.: 0014/4 07 26 53 (Qlbqmotpzlm), 5568/11 03 09(sqobnrjtat), Khc v82 (5) 01/7 64 04-726, S-Scaw: ghxk@zfgfuojqzcdootyaw.dj (Meeqzrovjls), xwtd@wxbpdultbydogwghq.eu (nnexhvzvea) Olxaoazk: gxk.plkfqfzfbkafpadwo.gh (Hysqxauzhwk), umj.psmzdstuwetfxvnzp.gp (luwwagthod).
i 3273 Yhqcurbv Tsmtsoizw Kyypqmfreyi. Viif Qrfnir nfskxhhbhht. Yrmrm: 42.53.9123.
