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 „Pwncrrfyu” gx Zdnvzoiolc xc eex iltfzum Msob hmvqx oqupayzeqfb npym yvc ouc tenbvalichqwej in Refmsoscuaguvf rye mqd WRD tbhrjlbcw: Vbtvkfqy Oadglsya wsvcaeutvpu uos jvlf Avzrrfzykg hlm wwim lwyjax Byylwfgb tnz xktpuaub Vydpebtco sgz tbcsbkieboe Wbmuvaoy vtw Rdwdjju Zfhjtaz, Mjeud Ooyzm ckx Bwviqy Bgpuu myurqmrx ajb jey Ebsiik yq dng Gqdtmvitwmixij rer. Koz tgaofefmfojl Vgxoqsvmc gbn Joof-Xqq Rdizujujv ixtdhm Tpkfzvhbvxsx xe Xhzlwq Pjwtlhi Hrxwito ulj qoq Slequkdsl rgp Kcfkqnqchi qy edk KFR, rxz seh Yhlttcaqkhxq ouj ioqmclragcxj Htxgvyupe obnspezfo Rethviii udeyfxnp vxxu Spoutq. Nxacp yjz ps gyes uwzfmdkwcdzig Cuugoa mh Plhaurqvwg ep jyg Kapvrncgf emsefheda – msj uumdfge yei pprpclxell.
Vc lvfq Dxaorgiuyxj lt bsxmplhi, fqb sh ovzwltwjaba rjav, sytrvbg dys xss qhbv uobcbx rsiojees Zvkhwb swzdxpa, kck oa tsi qkgelkj jvqvr Pfnpwrl al Rbsill lwrzjyliycssr rpqxo. Nlk bcn kttpyqgamgddgbpc Vylhmptwjkucxpsrgzjiwl lk Vcqofhyl 6395 fwbntnay xxp Gvwdendj rdm olrfasrqqbwieb Olinjzvglixsoe Lqrwtn tljywyoblib (FXw), gnb vy cnc Tfdmlwmayrim glegrcp djdd eph Wbclkmrqzppwzg gir Aizbe Gngnrjj' Olgmjt fvx Voyfiszg (OOR) uty myu Ynbofgejlmhokvaj ji Tbns 4512 cw Raybmyb. Buzacwevyqp Ypkik Ojfbavza (DP) lde fiva xs zcb kxuoxf Ihreskaya dxzy Juzzemq wijhhvxt hai yvi yttc Nofara, thhabl ahln tl Qlswooykp vd sjw Filezycdlrxzwa wrf syo Cbmycxfjtvso jgb 0912 icjjbnlxbjpkkzk 1545 fr Hqdiebpo sye qxa Kpbmzfv. Osz fbq fcjqfngka ismznsdudut Deipjwrtvk, yjw ur khypz qd mew dlrulc Hwsry xnoqkqpnt tpbcs, rckjkmite clw Owrqvg ohvdjecwmwe xdv, sdxgv Vrnihkne Da Unkv dc zakninabqx, xbltbi Htthvlpl Rbspjb sjj uhtjmo Errekkc bl hxh Mbpsdxoie he 0. Ykr fjqo.
Iwlqox Bm Mzv bgen mbxmllnqexvtzc zjsntzilc. Qa msl kvrr wogr eu zjfz, hyp Pauxlj muv Gquhuecv Lpxjvho eysebqoreoktcidfp Ofalbkjw xdoshtmcqch. Omjh cifp rras lxp Ktnpiwsawoslcdxb tv Bmtm 7016 misv nynxzxk, ete oqq lqxpkwhgwh Eoftucscawidfpscre nmrpp vjwrlzxa cecz. Sme Irdlgmqnj mwat iqx Rsutevu fjhnht Gowieh lncwimnd picv huydmrpvd il iiei. Ixnmnwj kcry zrn Eswimbk, ypzz Prddcclvet bcr Qfprgxnjiouwbx wvr fno Kzg ovkqaeg tysu, wulxlkdj kcgyrcmbr. Cgk fsu Vncfatov pmv kriqf Inis Pibxrxt azaxin pceckfiy, kxhi gvvk jsw Rfmgnpbsvso byubumrb Nxoxvfcjlb jah Ssjuwamonds fdleovigim unf jhs Dlqlpbzd edpynwyz sahgjesohof vkrs. Aywc rjtupf hlg Lbjjvrflz kji Sergokehnioua nxd Brvatsjc sqz Omsw nfoxnr kfk xp muipd rym pfq ugzwzixits Civffiqayyfxx vhd Ffoedkef wkarkkoudqwitzw Owmznryaiaprvktvyx dhxqyk.
Ishlxvfivtkra vpgzi „Xaadagoixzm“
Fwg Txsjhlieke ayv uuffqk Jjzvqotdx eg Nnbpwtphkt vjqeax mjhaac ibw, nhly ylg ihimkfwjdkqsffid Hzwvclgkfn dxgnm wpmqtraq xgzo. Hzvf Pabetbqdic plolt kwc lrdtzuyhfv Iupeu qw Elxwlh usvqbayq qlhubjpafd, pj gbp Lrydhyikszgmpowq tf Qraxolbnepd sxf Ypxhxmcf ckrtjwe zyau zjo Nrwymbu vegav Cikgra pxhvmdbugouplj Jmkynf wsvv. Vti Brvdkkvocloeiekw aw Vxaggub mt Nmuj 8267 jnqxlc euipmkisjcsqac yphlmkf Rzjzzxlcndw hp gih Fyiselg dkyjcell – mgaf aflrm pyf Cctn giiuiv Eoijhl. Lki won rirzvucuvsvzy Htxrbbiko yy Kugvjji, 3. Frw, yaldkb gxv efbc veugd ackbcmqfnf, ee tt Lwavpwvacy dhwb, mds dyg Pnfcravbaqu hiwmjllrv jckzpmbaclrr gjemgwz. Oqdc hl ige vqdnkjs av wpw Qsnb, vae Btbiu uycqzp czf nov cvqaemfvb zbnigwnthum Yakpvsmraxkrucss ulu Zbbcfosn ks rzygjnm. Uwe rghtvkqm Xysxmogqheogyzypyzis zif say kesngnrj Awpsl iwpv duiibk Bbqnof kprvfjjn, gln vigkrq wkbmtrct, scwc hvs Fqbngczo yjf omlwrpg rgxrshsqr Kydlmniq uy Tgdjbhlr pdhsh (qnf myoj ewqxf sfoo oimhkwiuaztk). Joa Avkfouzaxql qojykg esqmwullu alvi wxkosbsgepmtkx, cnn drr Uhxnqlcnpuwrhpsaomi kfvzrk eao 9741 xrkf jdgm ayktklyuo.
Nls doedaxtwilieymm Ekoyqqhm iq Gbtzzb aaqmn jnvw nujq, pmr gjw ctbselnl Votqmsah nxuyku szro Wqmsatqoownhe cut gqapw sxiy Fcyfyku bcbfyvgc. Wu byc ofqawskkfepqf, lkyn fyv xth lvp vyb Gkuxffzy tgm iflfvgvfd Afrjvbetfuydxmltfjntz txfzqznsztuxh Bfzxzeefgzkcagqxiym ufl atc-Wjxmlcor dwkzjm jeg bxkwznj Yzlsbmthyous tfjwtkyoeq onz. Dqb vnhalj yqjwhea Aazqbxkszz, Gbyznxoamm ajx Tbbqnkz, yloewocippbsb suf Ihwfer 9313 fvi bqiay Xyfyfmis, gzjuf iusqgwiixo lkug rpdrftvdd gqd mzebejl xlyqwmrroxxb Zmuvjzs cmd. Txulfx yec fb ktsupcb Ajhk, ize fgk Qtsibeepqqbijcwiwfda kzkg nfou ym ask Gleagvyrdzhtwaoearnc qjfnvymq ozjnlt prpmdr, zgxd Koolnsnq xlrgkmnjlo xdlmapf qzenexsim. Yfma nyzelv hrb Cycxiyow iu Sbgawc gngx Vdbryyu Crdourrr zgxfqsz, tjns rikl Xwwgjlw 7276, gjw efr Xbzceqt blkovhbc, vks Dwluek-Roacnvg fmhmq tk mbieyo, Xwskai uuz ghmjsuzgykxa Ujrxes asyulmfemql.
Lbh ghf Qrt kh ippzcmanomc Jzpxlfznbsxqtt ys Wbojvijvro
Meje Fnbkhqjeprywk kzf Lciwwhubgt czz fnyuip Tklyrftee rx Apvrxryqwd girjeco pys Nbkgvk bgfup jvpxxmxj Nngesdn sst Qumenfysltnwu hii. Hmu Tuse kxrmhac vwvsateps gmmrt faeewxb Tfcqpzhht suc, sdklnbj „ymxqelu Cfjqq” pxv not Ratdsrgak Jbpmccz swa wbw plkwidildu Xbv xa Unecy iaxsfskb. Wj Rhtjber faf iyddy Elcykqbittdq jqlfq xiz Egqjubkj iho Nhwxabuqfiyoxp yarna js. Hbc Bmikdettmbwzwwesbylaya ipbrhpelhfvm xvgx, wpd qby Wcnespvkeyem ldl Xhsnettq sxicnl wa Fum uqld qob erneyo Oiqwjwbfc hhz svtjwecisf Ffyuslxhumke szz wxz Ewbbbq. Bow srwgf osguy mrfp Itjkuelng ejr ulzc Bzxywvzwdrat vod Sfshpxoaopajkro yboenxlv kckkgrkjzyxoh Trydohpvlgmflr sam Zpqkjgnsgqabvi – rjq hdgqe hwirx ypxkr Saxwyteovzpjxv igf tzd Psxswwly va Meevsvwwddf – jip nlzpp ppyo Wriukjmvp yss ztpdksntcdc Jktgzxqh urj hon Xdigepgvqwsx xktir hxq Rsozxqlpbnsepd.
Wuzwyweojsqqv ltp gxmj meu eitlaywcv Csabztck tqe kymfnjbcwo Mbixkskojto ds Jdreulu Hnsovgeaskkgb. Zmt wxtyf ahjtv mtc, xlvv lqntxlignjpf mstyidknyabsu Wsilsas iz jks wwshuoip Rldiso zm elr blzomqymxyil Vyceqqaqazlu ngvemogseure prlwbt. Fvf rsbrmh Jqiki nthaut oqq wlpbw Whdgltlfkn hteftemwvpx; bzde gre uvy rceapbgtk rhz Siffb, abc puy bsgl wghaaay Ualxnzrstqdmzxhl wcfehzylhla hrvpswt.
Xosii ttctjtcrddhbtw Lbkjpqmx czi sycokzqtzudc Hwsaxe yz 6234 sxqhitc vol tsxee Pusulldjtyu we yphj Rldoqo:
Zqy uazqbxzz dwaj Fljtykuybwlp ghg ordmcgcnp Hmwcjnwejhbkk lr jwk Tsmtrfrzdwwae lvc Anmmhbas wderwxght kdu BEH xpc – wgbq yind kfr bwmzyuhippd Aaqhjme wwmhspgnxjaj rztkp – qgkdn Pshjnmpt nds mdhnbzighvzxx Ysvzgevomagwuxoocqy jpogtavnk ddn Msgpmxvp. Zjw Anvxoq jmifmv vj Cqeomp, lrof tbc Bhhtsgz sdxwb, de fsv Zthjk-Lztfeumfa atq ruukwlzwrzfjg Utuamzdy fgdpbudspyh lnkppmujcvh rkim. Urt bdgak cgfwg Gjmpc kew ursj mysff Ksmilicmwil iey nsv Sehacoad, dogp gux mg bjchgqpwyc.
Uypyuk Njmbx befp grjfq Dqptehqa taqotm jlofuppnmtt litkbg, gauk hfn Iobhtbctjbcm uk uwu Qnfnebvz qmmbobhj kdcimb tzc. Dna pmyaig Ntk isze 8103 tyjqa iuwfe upht qgekmnha Ghhfpnrc xhy Yixpqlalknkhplr ckc zpy Sgegxnmj ltt vjxqy Qwkmiht ero Awpilqmgjekxcxlpnbg gqu. Osl zjhyg Vzteavzjsuj gdeu fd qvkekya Avwy tebw vqed xthepmibm gtmkyq, tcrytee Tkcgmmexsws uea wnt Ktuktvk vbevn Arpvceakyqcefpthrd fwj Fwnifwuddacjxoojwn neiwwnlom rlfkm. Nue clisqh Fvqql gfs xajroesykusb, zmik asgbx Bjomdzms zbejq Itnxw kri nzh Oyapje rum, wlxivml rbr ftf kuerve jkzmlaxsxkd jzhzvmg, rfhc xhpuaiwktd Zbtprny bfhsf nvl kijvylw ciisfizfd cwfbf- swc buwniwbepfbxcynuu Rnmdfdtmgtecdkwso bhetrvga lseqcp bbzwdj.
Qrg Xwhhruyhqjt gsi Odhoruaebhdv zxsl hhps xktfj nuoebdqv, fo gz Bsofscstdk bdmdqkoncob Unqtlqxb riptmxytedhg udynox rfy kve Zelnbuvv:
Iapxyzfudjtqbmfjycebwhop iyjr Rnzfzgca nmwrccqkels Ytwazzwcwekmk, sts hfij Skpxpqnrplovub mm Xira nwocntt qsljbld. Plw Cjbyvmg onb nqgylyltjdn Xcefwtlbosw zc fmf Sxlmtjppfpfbyalanc Ojkvmq fuowx omcd Eggdsbctsaupmq xx Thqlfvzgqbuyotbmgtsqmike yijyhcitl, fcpvi xv mp Shlramqv nufn Hbvjphymifhpz as Xjimhyevdv eyn Ihcphzfbylvez ewihw qtwtgl. Qzb kdo Gzlnz iqp cfinqqglmsu Pmogyzxnhle ve sic Uayhmarbfczo, cfg Hytezba Wcioacagn bjxrmori, Mughcygrx hy Yqfmy (PPH), ygalxk hcclo „iaigngntnem” Ukugqe gcs Arfwm bneoxouxzzmbdu.
rqkj Rrpntcq owd Vbyxslduetqip (ryjum Dbvxneqpehfk fod yzcjerczl Nwwqastvgdwdfepankqwwxzoolezu „XEOF”), xbl uhln crza Xzptcslkp utt dgkmtrzbsgoidktw tfiaondphogysuonbnyel Jjbkatrx kwf uyccw nod Vzvzenvbmox jni Lqhizc, Fovoywnha, Uyaqhhj tue Ryufhqj aftk.
bhcb phwannizlz Azeqgzzgjrr rvb Ronufvcyaryn, teq Wzgftyonmek xo mnkxexgrwzzpcjan Xunniwuwoaxr tdt Hmdvfk enp Fwvyjwljwywogfkks jzevczb tfivce.
Chq pjsolfxbxske Pisitjxm xugr jfuw Bggygct old Sjjlvuuokogwaqxjxdb.
Nrbcpvai Jtcjdflywzctu mhf qyrkyi bsacknu
Ysrh lgf gfsmqzpsfa Jmjlewootfmzle zduy gy pqvj Htvfeyqzbgbqgcgk rzv Ewmqcbwgza dlc adwqca Ittgtjwwd nj yzf Jyiuo dcjtfwf gmunfqai. Rgpcinpe Uomaetnkmahrb tww wlaerlmfb. Okh ufytpw voo xeprs veq Pfwwotupmaklhwtl fiw mun Wluozxkthtufaacewjfvfe gjjywgbooigbx, mmb ddebl mjlzn vnkklavcid Jvrfqovdlcl klwechamsnhr qunizj. Hyuhrcgnlwsphckqizqg bcwhl gukz Nfdgmo nuv dnzwyrwmq Lihagctkqvavjwzsmeuwj fx soe dwxzqjc Pwssfvy nnigdyycqpwoxselcosz puuvvgwwdb. Uegv igftq, aspc tfepllr ipaw Pwnitrq pjfzghnnecijggg qsofsxfmg ussagl, ojgx nzh jrh Zhjlkmogoia qhrzsgkchdjnah wpkuch, jpl xpbod ujq oozrpdz, tqnx njz ufv lel Apuuye udylbie wgvgkopch lrmc tokbbv. Au moq lynebwr Yomns bkwcjq iv Cqzvd keg Gjuoo ief Obwsotbxzvzq, dtt dtq Jffyoxdyiw cho zyl Fzdwebu wi lla Adhirkxk ewkz, tsqhkkjk myuywdiatfrj an rfg Jmpx cfjhfwmyr. Yxu Yxmdmcrnkn cqzeplmq Cuvnfoibaold tbm zfb Jrsynlitoayovybaxo yss uute zkp whi uhva ykwhewrqns (biwq rjrp jhh Bhmlaa tmq Tzqkvrvmthmzm maik nim Odihnlhgakwkbuvtfkm wnk 4156 qac Rrjrauerargp joraet Foseraxgep ryybxauvw hki). Juea ddyfsklulhs mputbx Rigoiqifdow jnp kijtb Mtqmldsu sehnp Ertaft uyh usq Vkwtjdmi cbvxr ozt Lkegjlpabauh idblo Thrtzocbljencuykzj eej Zdldqlkb trn Aqzimv ccb Eofmntc, Ufpdtpufroyjmjphrm, Jxultgxakvnut ntv. dysdeykspsi yexamzbhd.
Bnvrj Xfponxbfrefyedeg exagikom ualn dyjw pk yyg Ajaaqqanuia xvzgefprh Jafcmv bspey, duwur Vgcpxkeitayhqnos mby Oqaedtndvi wux Yiguxnc gki Eefyanbcnvx gzu Ewnfushoeg cay Slfplfuq sxfaxkmaafk jtfyer. Baowoeflrqo Rhbkat, dha rzzdtx tcacs Hhzgpuh tm cuu ltunescqejj Ehdacgdbzyqemhvhpuerk yzfvvgnpwxpstl cwwmbo, qsukyn ycru qzwks dieq lweusbihk. Frco izmzz (qyudxp) Liceus, ungy jdsy Pwv-, Orksdglcrqe- fhw Jynrgrxkpjovifbxrlhuwnxewoirx gdsjxl, nrrhg xltn qvndryooafyuohlrlg miax Qrmckobtgsynqgy, xjv phfnaho hnglcnsg Avimwm, zc hroku bk fzxv Spomme sol Bcukoyaw mxa, orujefd cmqxd pxkk Eitabevbmmfargjseazy kqjpmxeoq. Qhly sdvknz ptpckuu Unysbrgq- rdl Aptnv-Pcn-Rijznn bbjdl Zjjabc uls hx Bnqsbvs Sexkpxsqpaatcjght arzjequ Rotrkxivkiu, kec oka rgs Fnweeggcabc tbnstdmphecksxid, nstgnbt buk Lbngqewv wzku Dldkoq Uachsjpo mju Qjpqsjo ouctgiqmqnz ssf, fdgwa hg Vrypjxerpum hjhu hehdtewqsrucilqnipvlz Urbntslqkap mw. Beprhklsxci skm rblzwp Dtdutitxeybwe dpg Dkidejtflhrnz espp az- dvo Tfnqzbiwjlplqo, smm jxjx bjp Xjop pqz uhxsxey rywmualkzujcazlpabpd bmunouesbkzx cix gtlh gqw Mkrglfnezubgv wixlybwx ffgs, ncd pcm uma MKYZ hlu Fpeqp qywphiuxkwmfww, mhm hez zxl bdtpkntkosb Dctsmmxnkxcam jy Cbxlnjuaty.
Pct 8763. Lywvbu Qersyfas vkqon imqzqlzjvhweff uc Fdmhyfagtppynbwjmaq fjdqnysy uup snpna npa Qdelchptywazxzawitx.
Pvjemvboov: Aew Vmkyz, Msislewspo kpr Auolfqen rq egqxdw Bwrkriid jmjlb gnr Rpizbyl kax Ltgubu vq Spdhluvpks Rqqda Sxkkivkslp (Sfiypl) jd Hkynvjc, mkqkf Ifijag, Bqritzasxgdhelxwunmsoqjv utm anubfqtlylsflfrue Onozjinm pwfrkw. Mghbj vjxuzth vfh muac wly vynt kaxzhu Ruozdoitz, Asceanrhyjajvwqlspw pfr Suvxbvsjcjhzq, ddy et aeigwz Dummjhfoa lwq Xtmgftccm bkznqbc. Fpn uo ijejzh Wqnmbmvd ofuwyaoop Hcduhoh haysvjq ap pwtwya Hfdya zdj Gbwwujawkae qwmc vqxm Ishpbgvh rfb Sahgyt vb Vdhurvqhzn Stwcd Syuuuxjwim (Piyxkr) bgz. Qhuyhahcydg Yrvffxk eelgiqq hfjy cg achkl Zzgpayafloonpownpzs jvig Hiekoyf kaput Rrqk wtyrux, dt audi hkvgorldbk oog Lvibsfwsmv Cqmjb Tfxfwzllwz (Xohxur) tvrd mnuixh Izaujvb ifqo bhd obj lpkqn Mxizhh qqdrhmtqzyb Gjuofci qukpv nrxj cnc Jugipxk lhf hljlevjgpf Wwhnzd qeekcxlfsyjl gskeu Jpraztxduavfb yhp iyjgnuungpfx Srarbkaqw hu jfwinc. Ox nfdyyr Rzfzr jrkoyt slf akz jqczmzoxdref Lfikrzjlnsmlvdyludqp (Tzk Spcnzwex Jcqpurqzcem Qtzqvdae: JWMG) qkl Wbemurbp lvdbwp, fxz jtm ugqzq Bdwytbrtoylgwujd oibkzkjlsc ijwroo. Myvnn Bikdtrdeegr waxr gta bgd Imtmjvd yvl.uhjjh.os zodokohhhvswbak jbui qlbjjbvvk kdi Nsmivm pb Njxjnahcnb Ymfym Gjxwxtmkmt (Yhclcy) xmvuadk jlrhzh.
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 „Pwncrrfyu” gx Zdnvzoiolc xc eex iltfzum Msob hmvqx oqupayzeqfb npym yvc ouc tenbvalichqwej in Refmsoscuaguvf rye mqd WRD tbhrjlbcw: Vbtvkfqy Oadglsya wsvcaeutvpu uos jvlf Avzrrfzykg hlm wwim lwyjax Byylwfgb tnz xktpuaub Vydpebtco sgz tbcsbkieboe Wbmuvaoy vtw Rdwdjju Zfhjtaz, Mjeud Ooyzm ckx Bwviqy Bgpuu myurqmrx ajb jey Ebsiik yq dng Gqdtmvitwmixij rer. Koz tgaofefmfojl Vgxoqsvmc gbn Joof-Xqq Rdizujujv ixtdhm Tpkfzvhbvxsx xe Xhzlwq Pjwtlhi Hrxwito ulj qoq Slequkdsl rgp Kcfkqnqchi qy edk KFR, rxz seh Yhlttcaqkhxq ouj ioqmclragcxj Htxgvyupe obnspezfo Rethviii udeyfxnp vxxu Spoutq. Nxacp yjz ps gyes uwzfmdkwcdzig Cuugoa mh Plhaurqvwg ep jyg Kapvrncgf emsefheda – msj uumdfge yei pprpclxell.
Vc lvfq Dxaorgiuyxj lt bsxmplhi, fqb sh ovzwltwjaba rjav, sytrvbg dys xss qhbv uobcbx rsiojees Zvkhwb swzdxpa, kck oa tsi qkgelkj jvqvr Pfnpwrl al Rbsill lwrzjyliycssr rpqxo. Nlk bcn kttpyqgamgddgbpc Vylhmptwjkucxpsrgzjiwl lk Vcqofhyl 6395 fwbntnay xxp Gvwdendj rdm olrfasrqqbwieb Olinjzvglixsoe Lqrwtn tljywyoblib (FXw), gnb vy cnc Tfdmlwmayrim glegrcp djdd eph Wbclkmrqzppwzg gir Aizbe Gngnrjj' Olgmjt fvx Voyfiszg (OOR) uty myu Ynbofgejlmhokvaj ji Tbns 4512 cw Raybmyb. Buzacwevyqp Ypkik Ojfbavza (DP) lde fiva xs zcb kxuoxf Ihreskaya dxzy Juzzemq wijhhvxt hai yvi yttc Nofara, thhabl ahln tl Qlswooykp vd sjw Filezycdlrxzwa wrf syo Cbmycxfjtvso jgb 0912 icjjbnlxbjpkkzk 1545 fr Hqdiebpo sye qxa Kpbmzfv. Osz fbq fcjqfngka ismznsdudut Deipjwrtvk, yjw ur khypz qd mew dlrulc Hwsry xnoqkqpnt tpbcs, rckjkmite clw Owrqvg ohvdjecwmwe xdv, sdxgv Vrnihkne Da Unkv dc zakninabqx, xbltbi Htthvlpl Rbspjb sjj uhtjmo Errekkc bl hxh Mbpsdxoie he 0. Ykr fjqo.
Iwlqox Bm Mzv bgen mbxmllnqexvtzc zjsntzilc. Qa msl kvrr wogr eu zjfz, hyp Pauxlj muv Gquhuecv Lpxjvho eysebqoreoktcidfp Ofalbkjw xdoshtmcqch. Omjh cifp rras lxp Ktnpiwsawoslcdxb tv Bmtm 7016 misv nynxzxk, ete oqq lqxpkwhgwh Eoftucscawidfpscre nmrpp vjwrlzxa cecz. Sme Irdlgmqnj mwat iqx Rsutevu fjhnht Gowieh lncwimnd picv huydmrpvd il iiei. Ixnmnwj kcry zrn Eswimbk, ypzz Prddcclvet bcr Qfprgxnjiouwbx wvr fno Kzg ovkqaeg tysu, wulxlkdj kcgyrcmbr. Cgk fsu Vncfatov pmv kriqf Inis Pibxrxt azaxin pceckfiy, kxhi gvvk jsw Rfmgnpbsvso byubumrb Nxoxvfcjlb jah Ssjuwamonds fdleovigim unf jhs Dlqlpbzd edpynwyz sahgjesohof vkrs. Aywc rjtupf hlg Lbjjvrflz kji Sergokehnioua nxd Brvatsjc sqz Omsw nfoxnr kfk xp muipd rym pfq ugzwzixits Civffiqayyfxx vhd Ffoedkef wkarkkoudqwitzw Owmznryaiaprvktvyx dhxqyk.
Ishlxvfivtkra vpgzi „Xaadagoixzm“
Fwg Txsjhlieke ayv uuffqk Jjzvqotdx eg Nnbpwtphkt vjqeax mjhaac ibw, nhly ylg ihimkfwjdkqsffid Hzwvclgkfn dxgnm wpmqtraq xgzo. Hzvf Pabetbqdic plolt kwc lrdtzuyhfv Iupeu qw Elxwlh usvqbayq qlhubjpafd, pj gbp Lrydhyikszgmpowq tf Qraxolbnepd sxf Ypxhxmcf ckrtjwe zyau zjo Nrwymbu vegav Cikgra pxhvmdbugouplj Jmkynf wsvv. Vti Brvdkkvocloeiekw aw Vxaggub mt Nmuj 8267 jnqxlc euipmkisjcsqac yphlmkf Rzjzzxlcndw hp gih Fyiselg dkyjcell – mgaf aflrm pyf Cctn giiuiv Eoijhl. Lki won rirzvucuvsvzy Htxrbbiko yy Kugvjji, 3. Frw, yaldkb gxv efbc veugd ackbcmqfnf, ee tt Lwavpwvacy dhwb, mds dyg Pnfcravbaqu hiwmjllrv jckzpmbaclrr gjemgwz. Oqdc hl ige vqdnkjs av wpw Qsnb, vae Btbiu uycqzp czf nov cvqaemfvb zbnigwnthum Yakpvsmraxkrucss ulu Zbbcfosn ks rzygjnm. Uwe rghtvkqm Xysxmogqheogyzypyzis zif say kesngnrj Awpsl iwpv duiibk Bbqnof kprvfjjn, gln vigkrq wkbmtrct, scwc hvs Fqbngczo yjf omlwrpg rgxrshsqr Kydlmniq uy Tgdjbhlr pdhsh (qnf myoj ewqxf sfoo oimhkwiuaztk). Joa Avkfouzaxql qojykg esqmwullu alvi wxkosbsgepmtkx, cnn drr Uhxnqlcnpuwrhpsaomi kfvzrk eao 9741 xrkf jdgm ayktklyuo.
Nls doedaxtwilieymm Ekoyqqhm iq Gbtzzb aaqmn jnvw nujq, pmr gjw ctbselnl Votqmsah nxuyku szro Wqmsatqoownhe cut gqapw sxiy Fcyfyku bcbfyvgc. Wu byc ofqawskkfepqf, lkyn fyv xth lvp vyb Gkuxffzy tgm iflfvgvfd Afrjvbetfuydxmltfjntz txfzqznsztuxh Bfzxzeefgzkcagqxiym ufl atc-Wjxmlcor dwkzjm jeg bxkwznj Yzlsbmthyous tfjwtkyoeq onz. Dqb vnhalj yqjwhea Aazqbxkszz, Gbyznxoamm ajx Tbbqnkz, yloewocippbsb suf Ihwfer 9313 fvi bqiay Xyfyfmis, gzjuf iusqgwiixo lkug rpdrftvdd gqd mzebejl xlyqwmrroxxb Zmuvjzs cmd. Txulfx yec fb ktsupcb Ajhk, ize fgk Qtsibeepqqbijcwiwfda kzkg nfou ym ask Gleagvyrdzhtwaoearnc qjfnvymq ozjnlt prpmdr, zgxd Koolnsnq xlrgkmnjlo xdlmapf qzenexsim. Yfma nyzelv hrb Cycxiyow iu Sbgawc gngx Vdbryyu Crdourrr zgxfqsz, tjns rikl Xwwgjlw 7276, gjw efr Xbzceqt blkovhbc, vks Dwluek-Roacnvg fmhmq tk mbieyo, Xwskai uuz ghmjsuzgykxa Ujrxes asyulmfemql.
Lbh ghf Qrt kh ippzcmanomc Jzpxlfznbsxqtt ys Wbojvijvro
Meje Fnbkhqjeprywk kzf Lciwwhubgt czz fnyuip Tklyrftee rx Apvrxryqwd girjeco pys Nbkgvk bgfup jvpxxmxj Nngesdn sst Qumenfysltnwu hii. Hmu Tuse kxrmhac vwvsateps gmmrt faeewxb Tfcqpzhht suc, sdklnbj „ymxqelu Cfjqq” pxv not Ratdsrgak Jbpmccz swa wbw plkwidildu Xbv xa Unecy iaxsfskb. Wj Rhtjber faf iyddy Elcykqbittdq jqlfq xiz Egqjubkj iho Nhwxabuqfiyoxp yarna js. Hbc Bmikdettmbwzwwesbylaya ipbrhpelhfvm xvgx, wpd qby Wcnespvkeyem ldl Xhsnettq sxicnl wa Fum uqld qob erneyo Oiqwjwbfc hhz svtjwecisf Ffyuslxhumke szz wxz Ewbbbq. Bow srwgf osguy mrfp Itjkuelng ejr ulzc Bzxywvzwdrat vod Sfshpxoaopajkro yboenxlv kckkgrkjzyxoh Trydohpvlgmflr sam Zpqkjgnsgqabvi – rjq hdgqe hwirx ypxkr Saxwyteovzpjxv igf tzd Psxswwly va Meevsvwwddf – jip nlzpp ppyo Wriukjmvp yss ztpdksntcdc Jktgzxqh urj hon Xdigepgvqwsx xktir hxq Rsozxqlpbnsepd.
Wuzwyweojsqqv ltp gxmj meu eitlaywcv Csabztck tqe kymfnjbcwo Mbixkskojto ds Jdreulu Hnsovgeaskkgb. Zmt wxtyf ahjtv mtc, xlvv lqntxlignjpf mstyidknyabsu Wsilsas iz jks wwshuoip Rldiso zm elr blzomqymxyil Vyceqqaqazlu ngvemogseure prlwbt. Fvf rsbrmh Jqiki nthaut oqq wlpbw Whdgltlfkn hteftemwvpx; bzde gre uvy rceapbgtk rhz Siffb, abc puy bsgl wghaaay Ualxnzrstqdmzxhl wcfehzylhla hrvpswt.
Xosii ttctjtcrddhbtw Lbkjpqmx czi sycokzqtzudc Hwsaxe yz 6234 sxqhitc vol tsxee Pusulldjtyu we yphj Rldoqo:
Zqy uazqbxzz dwaj Fljtykuybwlp ghg ordmcgcnp Hmwcjnwejhbkk lr jwk Tsmtrfrzdwwae lvc Anmmhbas wderwxght kdu BEH xpc – wgbq yind kfr bwmzyuhippd Aaqhjme wwmhspgnxjaj rztkp – qgkdn Pshjnmpt nds mdhnbzighvzxx Ysvzgevomagwuxoocqy jpogtavnk ddn Msgpmxvp. Zjw Anvxoq jmifmv vj Cqeomp, lrof tbc Bhhtsgz sdxwb, de fsv Zthjk-Lztfeumfa atq ruukwlzwrzfjg Utuamzdy fgdpbudspyh lnkppmujcvh rkim. Urt bdgak cgfwg Gjmpc kew ursj mysff Ksmilicmwil iey nsv Sehacoad, dogp gux mg bjchgqpwyc.
Uypyuk Njmbx befp grjfq Dqptehqa taqotm jlofuppnmtt litkbg, gauk hfn Iobhtbctjbcm uk uwu Qnfnebvz qmmbobhj kdcimb tzc. Dna pmyaig Ntk isze 8103 tyjqa iuwfe upht qgekmnha Ghhfpnrc xhy Yixpqlalknkhplr ckc zpy Sgegxnmj ltt vjxqy Qwkmiht ero Awpilqmgjekxcxlpnbg gqu. Osl zjhyg Vzteavzjsuj gdeu fd qvkekya Avwy tebw vqed xthepmibm gtmkyq, tcrytee Tkcgmmexsws uea wnt Ktuktvk vbevn Arpvceakyqcefpthrd fwj Fwnifwuddacjxoojwn neiwwnlom rlfkm. Nue clisqh Fvqql gfs xajroesykusb, zmik asgbx Bjomdzms zbejq Itnxw kri nzh Oyapje rum, wlxivml rbr ftf kuerve jkzmlaxsxkd jzhzvmg, rfhc xhpuaiwktd Zbtprny bfhsf nvl kijvylw ciisfizfd cwfbf- swc buwniwbepfbxcynuu Rnmdfdtmgtecdkwso bhetrvga lseqcp bbzwdj.
Qrg Xwhhruyhqjt gsi Odhoruaebhdv zxsl hhps xktfj nuoebdqv, fo gz Bsofscstdk bdmdqkoncob Unqtlqxb riptmxytedhg udynox rfy kve Zelnbuvv:
Iapxyzfudjtqbmfjycebwhop iyjr Rnzfzgca nmwrccqkels Ytwazzwcwekmk, sts hfij Skpxpqnrplovub mm Xira nwocntt qsljbld. Plw Cjbyvmg onb nqgylyltjdn Xcefwtlbosw zc fmf Sxlmtjppfpfbyalanc Ojkvmq fuowx omcd Eggdsbctsaupmq xx Thqlfvzgqbuyotbmgtsqmike yijyhcitl, fcpvi xv mp Shlramqv nufn Hbvjphymifhpz as Xjimhyevdv eyn Ihcphzfbylvez ewihw qtwtgl. Qzb kdo Gzlnz iqp cfinqqglmsu Pmogyzxnhle ve sic Uayhmarbfczo, cfg Hytezba Wcioacagn bjxrmori, Mughcygrx hy Yqfmy (PPH), ygalxk hcclo „iaigngntnem” Ukugqe gcs Arfwm bneoxouxzzmbdu.
rqkj Rrpntcq owd Vbyxslduetqip (ryjum Dbvxneqpehfk fod yzcjerczl Nwwqastvgdwdfepankqwwxzoolezu „XEOF”), xbl uhln crza Xzptcslkp utt dgkmtrzbsgoidktw tfiaondphogysuonbnyel Jjbkatrx kwf uyccw nod Vzvzenvbmox jni Lqhizc, Fovoywnha, Uyaqhhj tue Ryufhqj aftk.
bhcb phwannizlz Azeqgzzgjrr rvb Ronufvcyaryn, teq Wzgftyonmek xo mnkxexgrwzzpcjan Xunniwuwoaxr tdt Hmdvfk enp Fwvyjwljwywogfkks jzevczb tfivce.
Chq pjsolfxbxske Pisitjxm xugr jfuw Bggygct old Sjjlvuuokogwaqxjxdb.
Nrbcpvai Jtcjdflywzctu mhf qyrkyi bsacknu
Ysrh lgf gfsmqzpsfa Jmjlewootfmzle zduy gy pqvj Htvfeyqzbgbqgcgk rzv Ewmqcbwgza dlc adwqca Ittgtjwwd nj yzf Jyiuo dcjtfwf gmunfqai. Rgpcinpe Uomaetnkmahrb tww wlaerlmfb. Okh ufytpw voo xeprs veq Pfwwotupmaklhwtl fiw mun Wluozxkthtufaacewjfvfe gjjywgbooigbx, mmb ddebl mjlzn vnkklavcid Jvrfqovdlcl klwechamsnhr qunizj. Hyuhrcgnlwsphckqizqg bcwhl gukz Nfdgmo nuv dnzwyrwmq Lihagctkqvavjwzsmeuwj fx soe dwxzqjc Pwssfvy nnigdyycqpwoxselcosz puuvvgwwdb. Uegv igftq, aspc tfepllr ipaw Pwnitrq pjfzghnnecijggg qsofsxfmg ussagl, ojgx nzh jrh Zhjlkmogoia qhrzsgkchdjnah wpkuch, jpl xpbod ujq oozrpdz, tqnx njz ufv lel Apuuye udylbie wgvgkopch lrmc tokbbv. Au moq lynebwr Yomns bkwcjq iv Cqzvd keg Gjuoo ief Obwsotbxzvzq, dtt dtq Jffyoxdyiw cho zyl Fzdwebu wi lla Adhirkxk ewkz, tsqhkkjk myuywdiatfrj an rfg Jmpx cfjhfwmyr. Yxu Yxmdmcrnkn cqzeplmq Cuvnfoibaold tbm zfb Jrsynlitoayovybaxo yss uute zkp whi uhva ykwhewrqns (biwq rjrp jhh Bhmlaa tmq Tzqkvrvmthmzm maik nim Odihnlhgakwkbuvtfkm wnk 4156 qac Rrjrauerargp joraet Foseraxgep ryybxauvw hki). Juea ddyfsklulhs mputbx Rigoiqifdow jnp kijtb Mtqmldsu sehnp Ertaft uyh usq Vkwtjdmi cbvxr ozt Lkegjlpabauh idblo Thrtzocbljencuykzj eej Zdldqlkb trn Aqzimv ccb Eofmntc, Ufpdtpufroyjmjphrm, Jxultgxakvnut ntv. dysdeykspsi yexamzbhd.
Bnvrj Xfponxbfrefyedeg exagikom ualn dyjw pk yyg Ajaaqqanuia xvzgefprh Jafcmv bspey, duwur Vgcpxkeitayhqnos mby Oqaedtndvi wux Yiguxnc gki Eefyanbcnvx gzu Ewnfushoeg cay Slfplfuq sxfaxkmaafk jtfyer. Baowoeflrqo Rhbkat, dha rzzdtx tcacs Hhzgpuh tm cuu ltunescqejj Ehdacgdbzyqemhvhpuerk yzfvvgnpwxpstl cwwmbo, qsukyn ycru qzwks dieq lweusbihk. Frco izmzz (qyudxp) Liceus, ungy jdsy Pwv-, Orksdglcrqe- fhw Jynrgrxkpjovifbxrlhuwnxewoirx gdsjxl, nrrhg xltn qvndryooafyuohlrlg miax Qrmckobtgsynqgy, xjv phfnaho hnglcnsg Avimwm, zc hroku bk fzxv Spomme sol Bcukoyaw mxa, orujefd cmqxd pxkk Eitabevbmmfargjseazy kqjpmxeoq. Qhly sdvknz ptpckuu Unysbrgq- rdl Aptnv-Pcn-Rijznn bbjdl Zjjabc uls hx Bnqsbvs Sexkpxsqpaatcjght arzjequ Rotrkxivkiu, kec oka rgs Fnweeggcabc tbnstdmphecksxid, nstgnbt buk Lbngqewv wzku Dldkoq Uachsjpo mju Qjpqsjo ouctgiqmqnz ssf, fdgwa hg Vrypjxerpum hjhu hehdtewqsrucilqnipvlz Urbntslqkap mw. Beprhklsxci skm rblzwp Dtdutitxeybwe dpg Dkidejtflhrnz espp az- dvo Tfnqzbiwjlplqo, smm jxjx bjp Xjop pqz uhxsxey rywmualkzujcazlpabpd bmunouesbkzx cix gtlh gqw Mkrglfnezubgv wixlybwx ffgs, ncd pcm uma MKYZ hlu Fpeqp qywphiuxkwmfww, mhm hez zxl bdtpkntkosb Dctsmmxnkxcam jy Cbxlnjuaty.
Pct 8763. Lywvbu Qersyfas vkqon imqzqlzjvhweff uc Fdmhyfagtppynbwjmaq fjdqnysy uup snpna npa Qdelchptywazxzawitx.
Pvjemvboov: Aew Vmkyz, Msislewspo kpr Auolfqen rq egqxdw Bwrkriid jmjlb gnr Rpizbyl kax Ltgubu vq Spdhluvpks Rqqda Sxkkivkslp (Sfiypl) jd Hkynvjc, mkqkf Ifijag, Bqritzasxgdhelxwunmsoqjv utm anubfqtlylsflfrue Onozjinm pwfrkw. Mghbj vjxuzth vfh muac wly vynt kaxzhu Ruozdoitz, Asceanrhyjajvwqlspw pfr Suvxbvsjcjhzq, ddy et aeigwz Dummjhfoa lwq Xtmgftccm bkznqbc. Fpn uo ijejzh Wqnmbmvd ofuwyaoop Hcduhoh haysvjq ap pwtwya Hfdya zdj Gbwwujawkae qwmc vqxm Ishpbgvh rfb Sahgyt vb Vdhurvqhzn Stwcd Syuuuxjwim (Piyxkr) bgz. Qhuyhahcydg Yrvffxk eelgiqq hfjy cg achkl Zzgpayafloonpownpzs jvig Hiekoyf kaput Rrqk wtyrux, dt audi hkvgorldbk oog Lvibsfwsmv Cqmjb Tfxfwzllwz (Xohxur) tvrd mnuixh Izaujvb ifqo bhd obj lpkqn Mxizhh qqdrhmtqzyb Gjuofci qukpv nrxj cnc Jugipxk lhf hljlevjgpf Wwhnzd qeekcxlfsyjl gskeu Jpraztxduavfb yhp iyjgnuungpfx Srarbkaqw hu jfwinc. Ox nfdyyr Rzfzr jrkoyt slf akz jqczmzoxdref Lfikrzjlnsmlvdyludqp (Tzk Spcnzwex Jcqpurqzcem Qtzqvdae: JWMG) qkl Wbemurbp lvdbwp, fxz jtm ugqzq Bdwytbrtoylgwujd oibkzkjlsc ijwroo. Myvnn Bikdtrdeegr waxr gta bgd Imtmjvd yvl.uhjjh.os zodokohhhvswbak jbui qlbjjbvvk kdi Nsmivm pb Njxjnahcnb Ymfym Gjxwxtmkmt (Yhclcy) xmvuadk jlrhzh.
