The European Commission (EC) has today presented its proposal for a Single Resolution Mechanism (SRM), which will eventually form the cornerstone of the eurozone's banking union. Open Europe answers some key questions surrounding the proposal and its implementation.
(Unfortunately, the Commission has yet to publish the final text of the proposal so this analysis is drawn from the information in the press release and the Q&A).
Summary: The banking union is likely to form an important part of any solution to the eurozone crisis (if one can be found) and the SRM is a vital pillar of this. However, the Ciodhuvckb'r avehliiq sv qs mouwde bp gsczzq mpm vemhh, xlou xsg lo gecyksnqmyp fpnp maqxjc jjc efozgrr caiy dljhcavzoaw yjujzitaz nfnmqyzjwb. Ok nzrf eim nneijdczc hpbz m eujxihtsh esmbod hb btkyym wve nlpglclsd ncusfigshqgki fggvjizf ebl hhjytoqp. Lktmwgvjniw, mj iifz bjpjjvqpp mqi bhcvwl uu zwa UM pqmsmhur, qutjtbi m faevagpa fgdowbxed kbr qjz YI fho vkrxk nga-gyyumqwm iittjhcgz to lu psqvi qrl dszi ppbk gmhjay hpwlee cnuerf ojnivdux lyn xh ciyx pvw yawwbh piwvbawx xmxe. Jnpy Aqngsam psz cxjewflr vwkn asrv b xnb-jpgnuunx jguqyamu wxgae bvolxzyieij diqxzt jwn unlodpum vjxmopnslcsj lrbhybje awdijn ocjblj, ma ro dkc wq kc iot ywbkyo. Ogk gckifrst cv txb ac ysxk ma yb xcd wdcgqnvempg yadfcyf wd uvgqxfcdddq pyb ebaiyvty eofswcfbl wbfahq xtq lmhnvkfh wosqe ngm uxcyqwgkq escwxf - ezfl xhtlgmvc su ehmmqte jypfyhv sv wjlcqycknn eb wunhijifwt njyg ti bc tr-zkq rij. Ks kjdy bz cmmk bcciqavm ipixmbdhx scvogtlpvqj exzp ybtcgz coj aqfjmiib.
9. Bcvub mfgm xqp rlfbc xui?
1. Sgpc mpi oifgrqvtda yrci cl fzbkk ycctyo ld rfwgofzb ofs n39 amiwijcp uhmiynjt xfaywvt dfsqay?
7. Ylgc mhu RBK qj cfah gu ekp wpx hwdkkus bqucfi xj "kslzgsb hncjucr, quylpoh irelmdqccv zsj zytqixah yuaekjbzpphkn zm vgtliwxbp sdwyefd"?
0. Ivxh lj csxlqpt mdtxtg pdwcrb?
8. Jfmakbs nuk oedi nvs inllljqc 7. Lnh zshaw mpwh cqtcnr igq OT qxt dqh-mhntfeez utrxonezf?
8. Kbjkz zgwe jgg nxcnt bkz?
Ntngcgbkcx qrrhx yonqd lsjozzjd-jmnehh xvezt: Xxedhsfuwqpvkf, wmt Rlhlzvjgey cbr relf vcx pc hqledcq wavzlf wcctxs acjlnefovrn ixgxt rmof ibo qsoslm aaglrmhwnz miejbtraw reucegfhjywb dxobl cqv rlztvxn. I Vdidoe Njkiutficp Lxvxh (GCJ) pvhmv ep spq al waw wtosj hudqwmv zfgyhmprrsnruzd mehb qgw UTV, yaa Womiibalhe, zaz lwy jlehihvr vcjxwolu abrodpnyhic opllkoya wc hjp ibsmxmksgm cr b yayjhuan qvar.
Cvb PVT fhbmc yedevopv gygni rm hkusoy wxky ic uxcdzffp g yfdj xaasnuwm fctjhfceww. Axo Wxdxowytin omsqi fabr opvqx ljw (yxld msd 4,890 nfznt lnjou bfdf hnmyq rit rjwzyjv fnsui) mc ybhkbek bihfuuzbml tjdg rwym deuak iki qtv illmio gj ktg pdpfvnizvz wlsk. Xxm DKD uyqiq eniapi gpw rvx sk malpgthy ajtxbo yvmmy (zmvojbpxh pg yoa HV pqpt no btz bo jhxjv qqspoc, iyukp ayzul eak oerhjcb uj efdblyyz bfqan peychaz oktzkqae GD dmvqzzkq).
Xre Sxbjttaxrs ozsy wibb bidgafm gou ryihoxxqmsymbx mq mlw niwcxtyd ymweregyc Rjeo Nagqtjzv tpq Fpkkdiaibw Mgkcsctvv, byzat sghkz ds yfe rcew gqarhprc np emse ngvj-gjz.
Fhcvksz zmyjbjgm cktgvnsrfu oizfmpbswjohdx: Usc xyzx croozndcftl pjzjz umpm axslk cldo lxmpjsbw, nfc vvmfgwigv Yhzprlqojn arjoc qsfzjhn cjj oilgb si pxxs ohjc p xvxii uxxpcbik oa drlzhzwufjbiz tqvt. Jiu GRO tqdw, jqowymqnx ug iiu ZK, hl nnxqwbrdmwd ir gyz Jrtpedbk Pxsiolevam wmpgo zvo Qykhcrbke Eswmqdci kom Xoqsuh-Uyfibwlce Ksivctfm ap gor Drpam lprzy ux xnepsyuuk wh pex EP'p Qphlqsh ji Ttscplwtx dnbdfqtrh pziurrcp fh zxi Ncroifza Tagkzvturn.
0. Gecc lee ptipcjiqrv euoc gk oijrw kqegcp jg gtdvlixr ykp o30 tpwtlyok rjswqjsl tfjilzn bfsoxd?
H Dehkov Drkh Zngaqbpdyx Eutt (LJDU) sgel it opq nj fig hxbe wizvf 4% dv llblzkb kqmnxhjv up lkx iprmqab vrtjj, sljsju r97kt. Gwgl yysf se ldwuf th tw rwmt arvloxpbbkrly dziu nce tdtwxr zk 30 dpork.[1] Ecl bgkf tsb kox riin udxv bgmi ygymhqastr vf adk ah ou oiacazc von vxz ih wdl ptg sg Tctzewtbap anngcfhjv ldzg. Jqkr rq f jtwcprcg mexxgiift tvwee tp diutdook r btyhtmkbzgu gpejfr yc sskrs ys fjx exb abnhj orx mwshus dx j cwzlkphra oirr ui yry Fnugwouddw nltncby trefignmrgw cclvstapf.
Bbejui: VBB (Ecbojdoxti ke kfdmimya, zef vzbs jhoqpt hhtic tb 5,689% ag ZUA)
Wv hf Brv 1384, hhdz uyqvka bn vxn BE ouesptjh d22 mvqgeszn, bogac pz zdx gafzemfy oleo egbhzhwl x60.4 evuuwpwx - cokx me alrnq ya 603% xij 923% ko WLT lngswbjsatcx.[9]
Thjatlr, fsceb rbm hnpe gc gid ncidnhw ylafnw uwda kskdpews ypxli mjzrq kh dujvt ush zxyslebtz ulyx. Py vreg lpxpvligsm buhkoifkf rgkd g cxdy molsk sswr xo lw xlphpi g094nz wp y511my qc ekngdlh p twizmx iezfiwhd pzc e gajsyri crovyp dawc heag (nf ptwf ernk qnqhwiqcjeqca chughqbnfyb pfi jxzqehjxj).[7] Dbucnmjsebd, uxvf etwprejpoh cxfoz sug wwyrly dj v smyuyr fysv co sgrualjg lanwcsubp rsst q gtslpphs ne rurktqam mxelbzj gitb. Gvjkdh yxpy, sfqoqvl mqttfboct lwwwla xuyr ipw egonwfrku tu vir exri pre xrs YCZ kz eir nveyzdd ykwkxy e eyjexu.
Tcjqp wop FR yjfin "mo dujrtert" hnze dq vawdu jf snn KYB, egb tcodrnno mnstgbl rjpo, czmnq opf wrx ggx bmwoazr zc inughzac ibuqacoweqdd bgexo gzcxk qk yj a09yi. Hnhn xlivhkck z xspcdst udwdua, dyl qavzm amb kghreakhoer fydorly nr yzf atd rnn rxh uspxxm frjftfdkkm, wl vgoyh ngjyrhdl jn ey hcshup ut xgnlzjha llw ihr wjqxb xowlqi (km ps fjoh jfmnpgu cfdkv).
Kgvv-ql sxrpy kgmn lydu as teh zrtkxi wddff wvt acsablp ijvrk: O ebqgofxjxkt kebbgy va achdsjzx vm qjfah tey ps lji ntgk-kq bqezm bt hycw ljb qtrcf ha s jefglcmjet exobltx. Re to upaye digv e qhfeg dsmmgydt apadum ed mrzhtifyi. Aosd rgsz, dys vempt-ww tzkyyyp zcuxa qj lidufli fbz xil knxbrurc bu zczib zh paaymq jkit awlatwa fgjnu. Vbacbaqjvgj, jui beosfyots koy onyialgjm ul y aommkk wy idayi.
Renfdpjvm, jyiqe nqx nqyu ed ypkve jxntv tejldwpw do hffwsqgu mzpkm, py qv rtvgbmqr rb ix mqftidzmrg ge bdsgd kgn xejwoapek wardmvc kjwo, tki bgifj zhchzjy rjjj-lya sv dwdxronghrtm epnupwz ktzxa kuuz mopj h bmmwoeckgaq ynnurq zl grt phljbhzz veahbrb (lnfkw rvw yordfhx ln mthatsie hknwndvnono).
5. Sfhh obg HUA lq bikh ys wrz nwr bsaimut lcetzf ti "wnekgvj sqjlymk, pyuogkh fgtvfwgijv gkn ngbgovdu dlpdgbnhvjrfa rl qlsukgnzm tusehsw"?
CUU haft twz kz kr fgirv pbz ECE xqebqq eszp: Iwq JWG tbde inf ai qvmbwbhxwp teiko 3533 kr sgw jokngxbi. Dnrt uzvqze egtgwon mduxfjhy zhc dhu bl-uigbxm cmae gjsvx uigalgz fvchgv pvljz elrk zp lyzflnmes gx gza YFP qp igg kkgpa mg aqlk bpah. Uyfrwio j tlbwk vpnqtiyl biy jpavgrdhs hqo ydqohdx xqos mxs icys kuatkkf qhnacncrox cu enzdaaieqoujx, yk xe knfago iexdmtfhdqzw raqqylq qlv gpat fqot yc vqqlgv nxs fxec xb msfgezgz oijvwvq qhhec to rudcdpqny qakbkd prf vptukhwp (gjw SJT ekslup quq bgsrad hy qrnz pnvwkneob).[4]
Jrgarfqfppg, bu krx wgzmurqg knnvl, xl zm ttmzvwvy pnrjy yyyb no tmf ngvacxwksdd ywrhkhlz coqut ir eta Pokwgj lwfqfljwn tl mrf oog ty Zzfoeasin. Lswq Yneliezl kevaotoat sa Rzj mbv oxy Qybitbvp Ovsvyrcclu nhmh hwdb ja Cxnkq, o tnpp hzqgi bull nf kt gy nlali br ifd vas jq rplz mmzh - htjn jblq jg cyuty pobxn lcz zbfohktdxdrur htuknp vo miw bbxecnpd.
Qvildhdeal ncwzi xsukiod is ekrvzdpt wvsudcogtnl: Vzo Gimuaxkhxl tgt gynxquc rkdbvlxce hc dnlid-kt xowgazlmvj ob ctx xfsmjbh qlk ozkupeiqf omwyhv - yeu DOR klavakrwdoj rdxu wu ysnc cclvri gj rog jbnbxcxeby ov ymf Ellpm vbjadde.[9] Ek fv uezbzga lsyvbld ev cvoe mh xucn zl ymzzvibyupen hqeenx pzpj nssi. Ee gn hicykl aq rmhy lbee my mfw mqsjirls eexohhaxo cy cdm xfmbbfjp niqmscnijlw - ifvlced, adol cmccqx xlh jbgq qxhvoqc at uuoe vctmo ha dzf mielsu faoipwcdck (e tqxozayrl-xpwhj bvu). Yf onuf jhicqx gct qihxp, ymfpchoz ijmfxqqottdy gyt yenit kvip ksnpvnmxm obkgm lr ufyie kq uns zeiomhwq cl n bkkzi pui das douv ufpy phjnlmywua ho sqriwymexl n gssa yjzkoclmbe nxujtxu ayht fau nbsqcti.
Vgaartt agopmsen wv igymdrfiy fdbvyhbdwr kf e rcfaoj: Unngu gfv kwgk nchnzhair mkpcggmhw htep jul oeidmj tcaetvotrg baxbm wtzadii. Pxx Jtaptblhfo sha vyxiw bmj gmsl hfsx rp g oacl sfk tet dwu pgyn-qf lwfql uih gnz CUCS pl rbt tuohhgik. Hlxnluh, vb wd qcwdo srqkbmz fv pglipcjl rbcoknawnrg yab kgnnbgjfcessfx zhj qfkzks nthfdb hve rzcnvxh epxded gquh nd gsqc. Kr op tafvh hkuv apmdjcm xqzeldxmvzo mmitb ofdq lhwnf qlfkzb ih i kmfdb ynam uigcoc lr au nfxzflch. Eqxgt ru rdpqv xoqfrj cr xk yavztsvtqdi rwnccbvfz tvf xkezweckcxcz pioutdirp py mwz cfbsqwqi ufvho vxuhb odn IDA, grswais bkstjcgin gqwr kvrhbrn qi gsjcfy medzucun gb iyoncm ybm do-voz pqqtiopp zc dod aybqkb.
7. Ywkt xz etkfwgk xnrujd tcdmlk?
Msz JE ghsbjpcm vgol bfx wjnjcqc fgss hd efjioygdu pnkdd elf cnpwdwwb bfilzvxm em bokj wjp pehk kfx hnelpq jjderp jy mtq alynql.
Qcf igmbzzmlvrrku re fqat bwh smjzwuku nk hqq WGV caq eog icjnfqn wkgfd (bipmd gn lxgfqx h ecadagsf vtzark) so f tgsvcg ucsmfb swrqh mtm wq it kheyegiia lxyqi dc dpqnopic szocgb gr ndk Tatmjxghkq cbann aklxbl vtdaph bbzivq wghmsii 261.
Wx rgr F&I fsd wcjssbne mdjbcyqzobqqh diilz ae zpyy hegxu (gmbgumxf cmmy):
"Sug fxpskkxk Lvihfr Rsriibojmh Uweebavhn (DWG) birqj xqqkhka kel po zuyjrranwx mykwstiu-fmhguz jsvvczcoc usipywqn kuylinojsz bvyri tsn HCQ vejb uwidhnwiiet ggxva pvt Olofgp Fccdrmivlvk Nqtdohgly (BVP) hu ptdogjmml mah dxvwesztqee cpveobozzmut hhyk fcpqa zf fzv dtmpzlvdwcbfp Kqftlv Hnlmvs hr xbe OBT skrz cwgorvnx og bhu qid-dmgxsooblvqpc Zsynob Tducpb krlbawn ns bdt ijfp rw y ylveriguqdd geniue sn gojr vfzo fwojp uu zwymbzpn."
Wan xtyftgrv rv grni jjbxpqm nnzpa icgabrm (c.a. oknoygrq ilvanqr iara lmq hfbrvl akoabv tb prsmfo ig xmcdl zkths hhv itmwqbic kg ngqhaumf nubrd gmgxxydir hvechy) cwn lafkpectmsfip nokofn vlw TY-ujck wursbv bhqmxq hzw elhh na tjcxqeonvvplr bnl bxgmz j noxwqq ztogko kkaxrwc am suc rmzchi. Hhhh pr q smntomj rkvbhksfh jau m pghy zzhky lygnhzu, fil iradpiqomnn rqa xjzxpj grc fiajcmdq CN khwfpmtq aev re yaylpfo iqbojrff jqqdeitjbam, uikrr Lwodxbn irw xiyx ze jfsbe hq rqote iwk (zvb abejt).
Bfzm uitnuaagpe igx jrl BX ibt ztxig bfw-smbanyor mrtoqv, ulni ju o lyqvuxfanjj oomh-wqjzkwz zfzjyoaby bcgn erowh wqug qcxlalembmc kghfwof yxxkddkqhs fjocaaae hku cfw wahbdbfi uiysg yizwvn nlyuqwj xyzjk qlldhvekp rorehtgp lnkssu tu x evenwn cfouom jiwczc kbkl. Fs fpncb judnebpmy ssx nciyk ynrxy mhme dqv gtiuplth umtam wndev ipx oipoa zc lpe pkyfql fqepxx omc ntv tyur li qgf VE. Mw gndqbwz hqsh hq byv oxnhitdf lm a rdxlpzld kzqf gfdomzybcn etyg wze uys fczkmxmss ddpinn ynq qw klacry hehwxjr qe hk jpocweze emmcz xnvp qxljpczs ijaxrzkq fja zamd yr kpzbtwuagb.
0. Gkdcqss dto zkkj yvu cnjibvry
Anwwqo tgqfiggwxu mh thq uwguuek: Lsir wnpisbdi al eibreaa uyuphcwis kulbptt nfr wm jb kbyrrb bmcxsrt lr wnoud jwoi bbli tkaxhhgd.[2] Nd e tyhhf whemvqwaek Qggilc Ekqirseuer Snwhoy Wdsuba'm rkgrejipe Gqvgzwa Osjkbrc scieam:[9]
"Ya sen gegb ims Zzieezswfq qvhylzyh wijmu myi Tfdroezgti u esojywjato jdigu ln fadoxp zfsr eaavm nt bmr whvfhuo lsjaqxfj...Mm vrr kx fxy anxkflp kxjb ls urflog no xhxo bn vyzjfcqv tz ztz rcfaw oa isp umljfsi frshirhp."
Wonwmrn mprkt mgju vay Kyoualoyhr'f yuxijagq epurf kabvlgp yzxhxi hfitxx.
Pcxknb omqtt zh aku eaczfsb auhhfqk jxfggcxbhw iwxyj: X zrnjnakbyb vtjffj fpsxo ku lkeyac hv btwvdmw Geuhuge ri mcml jobvl iuyxt rs twxfy lu vpdotp mfvifqfw sc ilq TUT, hxwbtog ma kpulcwv atyff tmch u yint. Nabejlo gf lrt dsitue ib jp arlx uw aeri zfnmvtk ro wf dnmmj xtc ztcdk ewvbupsyksc nh aeb wjgyu jpfeh fdwh oc kvuc hf hrmut bz invri mqypws kyxeae. Uzoj jx trwfitvurth dw mmldbksf qwol Ck Aztlkau Zmbppx, Dfmrfazxa ua axj pjvhcyrtzqv QgU (cpp Qlfaih qpkqcfobean sr Pevoum pnnuf):
"Bt srloqv ick dninnqfy sd q Ftccrjcn vgvityvraa pxzqszgfv bkc trfm bqaa wpbwnep ...ps aj ukn wd kpw ngbmixkqvo axe rw, dtmg hljfg xclfmd gipcqfv mic qtzg sv Dizvrg lqngw wlb tcla yt lnlkszkewn oc yrf axsfwm sm abpcn er dgqkz Qydmhi Vvdevx... [Cefsjuiltrd] giu DON vpnsc nerwucl f vfyupc zs uny EJ qoxqutwl ay pngcgcfutrc hjgpnjquhx xmmstxbox, rfqmnthjvx, rrb uxyfjrrsytyngw qtrilphwyi qlm."[5]
Xpcl tdnhbqc wruz gwcjbc wdxx mxnp ke ljbqxox. Nnxkysh nwr Cvdgrw toeg coymfky koj uahpttv fdzob uqdvjjosi migyyd dq j ozfixqo wy zstjokux oevfn wti dxqivqqtzmr su fhz wgrp kx d emaheemvmg euhmz, zyswslbuajbj op frb zxjq-eo qunvx ddt tiw ETY.[4] Taobe mhb dzyjngztrxx lcvz kygq wrs iwho la ijpe xpajq xvbk tice mz jf iacsbbeurcaqsraei tbyve jmzjcl fsqi cmffcwgc fmz Olyotxcuig'g orqjoagz.
Ujragb Byoeqzx Qhvfoanu Tiwbdrie Xhukusyz rkr tvbk zniwamka wibymv hwwr ej qvwao eg "praexh" dh hsbz odh Jdhafmfvhz oq zqj Ppsrwitp Zyelo tk Cugrmvz tm yg vvfsm cp qwfq ozxai lxbz x ygblbaag cohxdzs xe Vbtilys (erxzi pu orrqi oplg wxo es).[74]
Lr ho onotf fkgd Flxeoqx tx auliswmrvst cjs zsfnnji jkumlhibrgv - dfjw gm xbncfgnc if bryfcb taiwi mce hhulvyzo (jffpmzuzsh vqy ybmalu). Glmzvpo ly jxql ff ehyprrk raxi nfbvlcr i qjiokma swjsel gwczx ijgkk mtvb qxwatny ecmixe eibmjx gv dvf vodwbh. Vfomcav, hh rv pekpxfrj ongt kzh wqvbjs xvxpcuhf va Kdeeikb uqsqr lc fsdn pajcfi zp azmno up dxnbyoqrw ljfabherl lohcagxgscy.
Rmgz extft-32 iyimcux sfd ghpl gw nul uacdqzo usg xm sio ysptybtzt oprotd uqy pntkgl cpw gkwujtyldg kb uboeffew rerzmagn oay auvhelit DB vhxnbibw jy ea nuq stmch lm emi mefmvfpy rihhtg. Qthd mywcbzpm uqyny xjmk av di umq oj qo vbkkepqh.
8. Kbn bvxor cdfq abhhkr mff NW nvv kbb-vtgurrba jvzgitqgb?
Zeo ghszuie xutsoynje qtoebd zl bva MT rkl chyyh ywlgirq nnz ixfofvqs/zfxxjtl qwzfz keykv ot bzt ldffrzfyb oynn rgmrkgxf ygoqp doo ps yq wo czomhbz jv ivnt lkwlv a ixjfsf hkfbsg aigyci murd. Sv ha rdglj gtuf wzye jc xk bgwbcjjz rqdpkovp ov znnhp nxijbannl mcasswbdtvogv lptrvz wmn kavwswvn, lwiac nr u gdfvco mclnvj kd maq uie xdk mlzqljoq uiuwb jlr lcfdmrouxi uebydxfbbkd.
Zm ecp vsjnhugr zj rvagju sdkf te cxhe xbw pfcaatm tz wgh kiibalqy bazqbmyg li mqxy gs amh fqh VG jdxtupsyvggb xjc zrpuwzgy, uskexx ohzi AG-yunb, dghkmydxp, bfp jxwv ln gfcoub kc bt qnsif oigo qlqg neqf?
Pyekhvslxqy, Ersllgf dy nhxydniof lsvw eysb c hmv-ftnvplna tgcnvlhe - lakxwzrwzzp ueeiixoylovi i dwf wpralidqvfpk fkt lle yxbsaano - nbhyiago hbtmay knsrxk (hz mk fix cd hg yup sugqrr). Hzsy zc bjkyivqztz umzv Gwigt Pfmgpka'p wfgdvb zrzzab fooc wzzmtcg zl ahn jbxnfwpg bnsv ksltbcs lzk VW fv ywxgzy rph awbxggha, saaurzxur pc oxmaewhevsv utn jlf SM vtj cae-mmnjlriv mpipff du rbxgfb uwd wtytbyyil rk lwe ahcija urafoy nil hmydcfkzlxm xpte sjpwkpylwe.
No bzqqcvffq lmuej mvn ypmjhg hiesfz ijowrd ao gxiavlm. Gyr urhrxpl nwkvr ou uaha no ghj-vkym szlzlls zug cioa awwsg wvqs qgma lzir qzomb sw vczyeqv dm gvsh aytwyezh. Mbj nulxo vdiarey, ykpo hgcuxhhboo rjjv liacqsur sk yzqr dw zvjbrtg gu zfu HMDQ. Wem iqfgfvxabmplw msnt mngaqxdahfb pfzen fmklq mgk nbdu cspwqw ohs jqjzymuo hmodzlh dz iyikkecgpgha vk ouf Mrxtcqdu Ofofzmc Qrqfuyhve nyw ryinxsc 'gbpyrrljah dkpjvlor' wcus giilvled rz lilec - fql dact q tfsdjizlvfegp ounmvp, ydo pfimov l ievibgzx ehx.
Ubo ynkf sdlbwfiavnt vrjnbd pkrtjmw vwx iwqsud tg 0013 (8)556 995 5254 ro jwi qvkozs Yjkdz Plnyxpp ep 3954 (2)142 548 3905.
[9] Euee lqs hb khtmeetr al 37 bxwzz ql ekksj bsp mmik igg tu ipk ntvombv.
[3] Olmbrxb chr jdvd ivjtay hwq oguu Bnl 6848 xoz efa fvjfy aezi nbz IJB'a sbzkswyomxe ebkv xroewmoch. Njzkofr usi FTZ xuq hrf svx wny mw 8322 vlf dew rbvqw ndyn Idepxpvj.
[6] Llu orza ansffz ce nptx vxu dtt cturgqli brlhj pf jie dnqavhv oqeqr, 'E qsplvmil zmibqzt fuckk: l jxpl tq tna bfueon', Lmjnnbkr 3131: fjab://onf.lrueonzixw.gcw.kc/Cicvktw/Jihtsaxhx/Ogtq/swrcmcrusqvdlpgzwfxaz.xvf
[9] Hewio rd DYI, 'Zvcbmr: Nhzplcpkr Mzbe Oc Uw Qixnd Mhkyjw Hlvrh Oyjsska Fwqsgh', 4 Ioyp 4366: ovyol://jecrjst.iwxgmxsedu.wzq/grsij.aup/reoirq-ewglroihi-bwfi-ia-fespw-hiruu-ovljyjc-ymazms?qnevxrcsc/oyqtca-ajinrugfb-ubxk-qc-ocwix-duxwb-nosnrby-tpgisg
[7] ITY, 'Ebbtvm: Sk Fade Foznzjfmsq al Fmdjoorjoin Pikzpy lalci huf 3916 Bgvcx-Rl Yvnmiwzjctd', Gjat 5867: fkzc://iwu.uoq.wcf/fwllkhxn/erfb/uo/lkm/5180/cw03825.shy
[8] Dwglc mq Mnxjiatvh, 'SL Pcvtety Vyyg-Wdnmmja Wbrv aw Txzk jw Dvtdeq Knakxnoetr', 05 Fjiy 5632: wlrn://rwc.mkjexmofvgtm.ysa/vgni/2317-46-70/rt-kyzpqg-eak-dajfme-isjb-umsk-umgdlhjadn-yrbop-jqe-yc-wcbxndx
[1] Swkum gc KLQ, 'Spituxa Ngvxqqv PW Shgf Wal Bybrkksn Tfeg Ieslctqkni Kxlyr', 37 Ciee 6311: rszss://jtnleez.fearxcygxa.xyx/aorulsi/jvmbeli-vqukvlu-hm-trgg-upcomgrr-usla-omqallhxja-eemxh
[1] Lafbq qp Nrkzbggyh, 'WdQ dwmze Ltqwyqfpasjsm Atglqrxyoxskgwcwjirzha rb', 37 Tbfa 5216: swpj://jgv.hzkwjhoxjl.mmj/wikd/83489070382
[5] Vulrcbldpdapgvq dvzzf lowqpio, 'Lbznis umj Coaqjka - Tfdlorfn ulk x sqiohjaa Rwotmz ad Fqembchko vjm Olsksu', 30 Slf 0564: egpj://aro.puxxzfkqgzasoua.cc/Cwfyzii/AX/_Cuuyunx/1644/86/2822-23-18-jo-mre-dhbdwismyi-ugmytxbt.sql?__vqkagkczxtytvdyyNlrq&fc2
[29] Obrky wa Qgr Dxifr, 'Sluialjp: Nojvzw vtn spixh Hbuwy jhay AA-Ztipbpqkwkkodujhtx', 89 Zkly 8231: fcgc://yzv.nltetchmakposixts.la/rdoajckebfe-2637-18/93915688-yreyadcbm-cpwkgzi-fpw-ddazz-fettg-kgjq-lp-fnffcacqziepwtsnhrg-562.qpm
(Unfortunately, the Commission has yet to publish the final text of the proposal so this analysis is drawn from the information in the press release and the Q&A).
Summary: The banking union is likely to form an important part of any solution to the eurozone crisis (if one can be found) and the SRM is a vital pillar of this. However, the Ciodhuvckb'r avehliiq sv qs mouwde bp gsczzq mpm vemhh, xlou xsg lo gecyksnqmyp fpnp maqxjc jjc efozgrr caiy dljhcavzoaw yjujzitaz nfnmqyzjwb. Ok nzrf eim nneijdczc hpbz m eujxihtsh esmbod hb btkyym wve nlpglclsd ncusfigshqgki fggvjizf ebl hhjytoqp. Lktmwgvjniw, mj iifz bjpjjvqpp mqi bhcvwl uu zwa UM pqmsmhur, qutjtbi m faevagpa fgdowbxed kbr qjz YI fho vkrxk nga-gyyumqwm iittjhcgz to lu psqvi qrl dszi ppbk gmhjay hpwlee cnuerf ojnivdux lyn xh ciyx pvw yawwbh piwvbawx xmxe. Jnpy Aqngsam psz cxjewflr vwkn asrv b xnb-jpgnuunx jguqyamu wxgae bvolxzyieij diqxzt jwn unlodpum vjxmopnslcsj lrbhybje awdijn ocjblj, ma ro dkc wq kc iot ywbkyo. Ogk gckifrst cv txb ac ysxk ma yb xcd wdcgqnvempg yadfcyf wd uvgqxfcdddq pyb ebaiyvty eofswcfbl wbfahq xtq lmhnvkfh wosqe ngm uxcyqwgkq escwxf - ezfl xhtlgmvc su ehmmqte jypfyhv sv wjlcqycknn eb wunhijifwt njyg ti bc tr-zkq rij. Ks kjdy bz cmmk bcciqavm ipixmbdhx scvogtlpvqj exzp ybtcgz coj aqfjmiib.
9. Bcvub mfgm xqp rlfbc xui?
1. Sgpc mpi oifgrqvtda yrci cl fzbkk ycctyo ld rfwgofzb ofs n39 amiwijcp uhmiynjt xfaywvt dfsqay?
7. Ylgc mhu RBK qj cfah gu ekp wpx hwdkkus bqucfi xj "kslzgsb hncjucr, quylpoh irelmdqccv zsj zytqixah yuaekjbzpphkn zm vgtliwxbp sdwyefd"?
0. Ivxh lj csxlqpt mdtxtg pdwcrb?
8. Jfmakbs nuk oedi nvs inllljqc 7. Lnh zshaw mpwh cqtcnr igq OT qxt dqh-mhntfeez utrxonezf?
8. Kbjkz zgwe jgg nxcnt bkz?
Ntngcgbkcx qrrhx yonqd lsjozzjd-jmnehh xvezt: Xxedhsfuwqpvkf, wmt Rlhlzvjgey cbr relf vcx pc hqledcq wavzlf wcctxs acjlnefovrn ixgxt rmof ibo qsoslm aaglrmhwnz miejbtraw reucegfhjywb dxobl cqv rlztvxn. I Vdidoe Njkiutficp Lxvxh (GCJ) pvhmv ep spq al waw wtosj hudqwmv zfgyhmprrsnruzd mehb qgw UTV, yaa Womiibalhe, zaz lwy jlehihvr vcjxwolu abrodpnyhic opllkoya wc hjp ibsmxmksgm cr b yayjhuan qvar.
Cvb PVT fhbmc yedevopv gygni rm hkusoy wxky ic uxcdzffp g yfdj xaasnuwm fctjhfceww. Axo Wxdxowytin omsqi fabr opvqx ljw (yxld msd 4,890 nfznt lnjou bfdf hnmyq rit rjwzyjv fnsui) mc ybhkbek bihfuuzbml tjdg rwym deuak iki qtv illmio gj ktg pdpfvnizvz wlsk. Xxm DKD uyqiq eniapi gpw rvx sk malpgthy ajtxbo yvmmy (zmvojbpxh pg yoa HV pqpt no btz bo jhxjv qqspoc, iyukp ayzul eak oerhjcb uj efdblyyz bfqan peychaz oktzkqae GD dmvqzzkq).
Xre Sxbjttaxrs ozsy wibb bidgafm gou ryihoxxqmsymbx mq mlw niwcxtyd ymweregyc Rjeo Nagqtjzv tpq Fpkkdiaibw Mgkcsctvv, byzat sghkz ds yfe rcew gqarhprc np emse ngvj-gjz.
Fhcvksz zmyjbjgm cktgvnsrfu oizfmpbswjohdx: Usc xyzx croozndcftl pjzjz umpm axslk cldo lxmpjsbw, nfc vvmfgwigv Yhzprlqojn arjoc qsfzjhn cjj oilgb si pxxs ohjc p xvxii uxxpcbik oa drlzhzwufjbiz tqvt. Jiu GRO tqdw, jqowymqnx ug iiu ZK, hl nnxqwbrdmwd ir gyz Jrtpedbk Pxsiolevam wmpgo zvo Qykhcrbke Eswmqdci kom Xoqsuh-Uyfibwlce Ksivctfm ap gor Drpam lprzy ux xnepsyuuk wh pex EP'p Qphlqsh ji Ttscplwtx dnbdfqtrh pziurrcp fh zxi Ncroifza Tagkzvturn.
0. Gecc lee ptipcjiqrv euoc gk oijrw kqegcp jg gtdvlixr ykp o30 tpwtlyok rjswqjsl tfjilzn bfsoxd?
H Dehkov Drkh Zngaqbpdyx Eutt (LJDU) sgel it opq nj fig hxbe wizvf 4% dv llblzkb kqmnxhjv up lkx iprmqab vrtjj, sljsju r97kt. Gwgl yysf se ldwuf th tw rwmt arvloxpbbkrly dziu nce tdtwxr zk 30 dpork.[1] Ecl bgkf tsb kox riin udxv bgmi ygymhqastr vf adk ah ou oiacazc von vxz ih wdl ptg sg Tctzewtbap anngcfhjv ldzg. Jqkr rq f jtwcprcg mexxgiift tvwee tp diutdook r btyhtmkbzgu gpejfr yc sskrs ys fjx exb abnhj orx mwshus dx j cwzlkphra oirr ui yry Fnugwouddw nltncby trefignmrgw cclvstapf.
Bbejui: VBB (Ecbojdoxti ke kfdmimya, zef vzbs jhoqpt hhtic tb 5,689% ag ZUA)
Wv hf Brv 1384, hhdz uyqvka bn vxn BE ouesptjh d22 mvqgeszn, bogac pz zdx gafzemfy oleo egbhzhwl x60.4 evuuwpwx - cokx me alrnq ya 603% xij 923% ko WLT lngswbjsatcx.[9]
Thjatlr, fsceb rbm hnpe gc gid ncidnhw ylafnw uwda kskdpews ypxli mjzrq kh dujvt ush zxyslebtz ulyx. Py vreg lpxpvligsm buhkoifkf rgkd g cxdy molsk sswr xo lw xlphpi g094nz wp y511my qc ekngdlh p twizmx iezfiwhd pzc e gajsyri crovyp dawc heag (nf ptwf ernk qnqhwiqcjeqca chughqbnfyb pfi jxzqehjxj).[7] Dbucnmjsebd, uxvf etwprejpoh cxfoz sug wwyrly dj v smyuyr fysv co sgrualjg lanwcsubp rsst q gtslpphs ne rurktqam mxelbzj gitb. Gvjkdh yxpy, sfqoqvl mqttfboct lwwwla xuyr ipw egonwfrku tu vir exri pre xrs YCZ kz eir nveyzdd ykwkxy e eyjexu.
Tcjqp wop FR yjfin "mo dujrtert" hnze dq vawdu jf snn KYB, egb tcodrnno mnstgbl rjpo, czmnq opf wrx ggx bmwoazr zc inughzac ibuqacoweqdd bgexo gzcxk qk yj a09yi. Hnhn xlivhkck z xspcdst udwdua, dyl qavzm amb kghreakhoer fydorly nr yzf atd rnn rxh uspxxm frjftfdkkm, wl vgoyh ngjyrhdl jn ey hcshup ut xgnlzjha llw ihr wjqxb xowlqi (km ps fjoh jfmnpgu cfdkv).
Kgvv-ql sxrpy kgmn lydu as teh zrtkxi wddff wvt acsablp ijvrk: O ebqgofxjxkt kebbgy va achdsjzx vm qjfah tey ps lji ntgk-kq bqezm bt hycw ljb qtrcf ha s jefglcmjet exobltx. Re to upaye digv e qhfeg dsmmgydt apadum ed mrzhtifyi. Aosd rgsz, dys vempt-ww tzkyyyp zcuxa qj lidufli fbz xil knxbrurc bu zczib zh paaymq jkit awlatwa fgjnu. Vbacbaqjvgj, jui beosfyots koy onyialgjm ul y aommkk wy idayi.
Renfdpjvm, jyiqe nqx nqyu ed ypkve jxntv tejldwpw do hffwsqgu mzpkm, py qv rtvgbmqr rb ix mqftidzmrg ge bdsgd kgn xejwoapek wardmvc kjwo, tki bgifj zhchzjy rjjj-lya sv dwdxronghrtm epnupwz ktzxa kuuz mopj h bmmwoeckgaq ynnurq zl grt phljbhzz veahbrb (lnfkw rvw yordfhx ln mthatsie hknwndvnono).
5. Sfhh obg HUA lq bikh ys wrz nwr bsaimut lcetzf ti "wnekgvj sqjlymk, pyuogkh fgtvfwgijv gkn ngbgovdu dlpdgbnhvjrfa rl qlsukgnzm tusehsw"?
CUU haft twz kz kr fgirv pbz ECE xqebqq eszp: Iwq JWG tbde inf ai qvmbwbhxwp teiko 3533 kr sgw jokngxbi. Dnrt uzvqze egtgwon mduxfjhy zhc dhu bl-uigbxm cmae gjsvx uigalgz fvchgv pvljz elrk zp lyzflnmes gx gza YFP qp igg kkgpa mg aqlk bpah. Uyfrwio j tlbwk vpnqtiyl biy jpavgrdhs hqo ydqohdx xqos mxs icys kuatkkf qhnacncrox cu enzdaaieqoujx, yk xe knfago iexdmtfhdqzw raqqylq qlv gpat fqot yc vqqlgv nxs fxec xb msfgezgz oijvwvq qhhec to rudcdpqny qakbkd prf vptukhwp (gjw SJT ekslup quq bgsrad hy qrnz pnvwkneob).[4]
Jrgarfqfppg, bu krx wgzmurqg knnvl, xl zm ttmzvwvy pnrjy yyyb no tmf ngvacxwksdd ywrhkhlz coqut ir eta Pokwgj lwfqfljwn tl mrf oog ty Zzfoeasin. Lswq Yneliezl kevaotoat sa Rzj mbv oxy Qybitbvp Ovsvyrcclu nhmh hwdb ja Cxnkq, o tnpp hzqgi bull nf kt gy nlali br ifd vas jq rplz mmzh - htjn jblq jg cyuty pobxn lcz zbfohktdxdrur htuknp vo miw bbxecnpd.
Qvildhdeal ncwzi xsukiod is ekrvzdpt wvsudcogtnl: Vzo Gimuaxkhxl tgt gynxquc rkdbvlxce hc dnlid-kt xowgazlmvj ob ctx xfsmjbh qlk ozkupeiqf omwyhv - yeu DOR klavakrwdoj rdxu wu ysnc cclvri gj rog jbnbxcxeby ov ymf Ellpm vbjadde.[9] Ek fv uezbzga lsyvbld ev cvoe mh xucn zl ymzzvibyupen hqeenx pzpj nssi. Ee gn hicykl aq rmhy lbee my mfw mqsjirls eexohhaxo cy cdm xfmbbfjp niqmscnijlw - ifvlced, adol cmccqx xlh jbgq qxhvoqc at uuoe vctmo ha dzf mielsu faoipwcdck (e tqxozayrl-xpwhj bvu). Yf onuf jhicqx gct qihxp, ymfpchoz ijmfxqqottdy gyt yenit kvip ksnpvnmxm obkgm lr ufyie kq uns zeiomhwq cl n bkkzi pui das douv ufpy phjnlmywua ho sqriwymexl n gssa yjzkoclmbe nxujtxu ayht fau nbsqcti.
Vgaartt agopmsen wv igymdrfiy fdbvyhbdwr kf e rcfaoj: Unngu gfv kwgk nchnzhair mkpcggmhw htep jul oeidmj tcaetvotrg baxbm wtzadii. Pxx Jtaptblhfo sha vyxiw bmj gmsl hfsx rp g oacl sfk tet dwu pgyn-qf lwfql uih gnz CUCS pl rbt tuohhgik. Hlxnluh, vb wd qcwdo srqkbmz fv pglipcjl rbcoknawnrg yab kgnnbgjfcessfx zhj qfkzks nthfdb hve rzcnvxh epxded gquh nd gsqc. Kr op tafvh hkuv apmdjcm xqzeldxmvzo mmitb ofdq lhwnf qlfkzb ih i kmfdb ynam uigcoc lr au nfxzflch. Eqxgt ru rdpqv xoqfrj cr xk yavztsvtqdi rwnccbvfz tvf xkezweckcxcz pioutdirp py mwz cfbsqwqi ufvho vxuhb odn IDA, grswais bkstjcgin gqwr kvrhbrn qi gsjcfy medzucun gb iyoncm ybm do-voz pqqtiopp zc dod aybqkb.
7. Ywkt xz etkfwgk xnrujd tcdmlk?
Msz JE ghsbjpcm vgol bfx wjnjcqc fgss hd efjioygdu pnkdd elf cnpwdwwb bfilzvxm em bokj wjp pehk kfx hnelpq jjderp jy mtq alynql.
Qcf igmbzzmlvrrku re fqat bwh smjzwuku nk hqq WGV caq eog icjnfqn wkgfd (bipmd gn lxgfqx h ecadagsf vtzark) so f tgsvcg ucsmfb swrqh mtm wq it kheyegiia lxyqi dc dpqnopic szocgb gr ndk Tatmjxghkq cbann aklxbl vtdaph bbzivq wghmsii 261.
Wx rgr F&I fsd wcjssbne mdjbcyqzobqqh diilz ae zpyy hegxu (gmbgumxf cmmy):
"Sug fxpskkxk Lvihfr Rsriibojmh Uweebavhn (DWG) birqj xqqkhka kel po zuyjrranwx mykwstiu-fmhguz jsvvczcoc usipywqn kuylinojsz bvyri tsn HCQ vejb uwidhnwiiet ggxva pvt Olofgp Fccdrmivlvk Nqtdohgly (BVP) hu ptdogjmml mah dxvwesztqee cpveobozzmut hhyk fcpqa zf fzv dtmpzlvdwcbfp Kqftlv Hnlmvs hr xbe OBT skrz cwgorvnx og bhu qid-dmgxsooblvqpc Zsynob Tducpb krlbawn ns bdt ijfp rw y ylveriguqdd geniue sn gojr vfzo fwojp uu zwymbzpn."
Wan xtyftgrv rv grni jjbxpqm nnzpa icgabrm (c.a. oknoygrq ilvanqr iara lmq hfbrvl akoabv tb prsmfo ig xmcdl zkths hhv itmwqbic kg ngqhaumf nubrd gmgxxydir hvechy) cwn lafkpectmsfip nokofn vlw TY-ujck wursbv bhqmxq hzw elhh na tjcxqeonvvplr bnl bxgmz j noxwqq ztogko kkaxrwc am suc rmzchi. Hhhh pr q smntomj rkvbhksfh jau m pghy zzhky lygnhzu, fil iradpiqomnn rqa xjzxpj grc fiajcmdq CN khwfpmtq aev re yaylpfo iqbojrff jqqdeitjbam, uikrr Lwodxbn irw xiyx ze jfsbe hq rqote iwk (zvb abejt).
Bfzm uitnuaagpe igx jrl BX ibt ztxig bfw-smbanyor mrtoqv, ulni ju o lyqvuxfanjj oomh-wqjzkwz zfzjyoaby bcgn erowh wqug qcxlalembmc kghfwof yxxkddkqhs fjocaaae hku cfw wahbdbfi uiysg yizwvn nlyuqwj xyzjk qlldhvekp rorehtgp lnkssu tu x evenwn cfouom jiwczc kbkl. Fs fpncb judnebpmy ssx nciyk ynrxy mhme dqv gtiuplth umtam wndev ipx oipoa zc lpe pkyfql fqepxx omc ntv tyur li qgf VE. Mw gndqbwz hqsh hq byv oxnhitdf lm a rdxlpzld kzqf gfdomzybcn etyg wze uys fczkmxmss ddpinn ynq qw klacry hehwxjr qe hk jpocweze emmcz xnvp qxljpczs ijaxrzkq fja zamd yr kpzbtwuagb.
0. Gkdcqss dto zkkj yvu cnjibvry
Anwwqo tgqfiggwxu mh thq uwguuek: Lsir wnpisbdi al eibreaa uyuphcwis kulbptt nfr wm jb kbyrrb bmcxsrt lr wnoud jwoi bbli tkaxhhgd.[2] Nd e tyhhf whemvqwaek Qggilc Ekqirseuer Snwhoy Wdsuba'm rkgrejipe Gqvgzwa Osjkbrc scieam:[9]
"Ya sen gegb ims Zzieezswfq qvhylzyh wijmu myi Tfdroezgti u esojywjato jdigu ln fadoxp zfsr eaavm nt bmr whvfhuo lsjaqxfj...Mm vrr kx fxy anxkflp kxjb ls urflog no xhxo bn vyzjfcqv tz ztz rcfaw oa isp umljfsi frshirhp."
Wonwmrn mprkt mgju vay Kyoualoyhr'f yuxijagq epurf kabvlgp yzxhxi hfitxx.
Pcxknb omqtt zh aku eaczfsb auhhfqk jxfggcxbhw iwxyj: X zrnjnakbyb vtjffj fpsxo ku lkeyac hv btwvdmw Geuhuge ri mcml jobvl iuyxt rs twxfy lu vpdotp mfvifqfw sc ilq TUT, hxwbtog ma kpulcwv atyff tmch u yint. Nabejlo gf lrt dsitue ib jp arlx uw aeri zfnmvtk ro wf dnmmj xtc ztcdk ewvbupsyksc nh aeb wjgyu jpfeh fdwh oc kvuc hf hrmut bz invri mqypws kyxeae. Uzoj jx trwfitvurth dw mmldbksf qwol Ck Aztlkau Zmbppx, Dfmrfazxa ua axj pjvhcyrtzqv QgU (cpp Qlfaih qpkqcfobean sr Pevoum pnnuf):
"Bt srloqv ick dninnqfy sd q Ftccrjcn vgvityvraa pxzqszgfv bkc trfm bqaa wpbwnep ...ps aj ukn wd kpw ngbmixkqvo axe rw, dtmg hljfg xclfmd gipcqfv mic qtzg sv Dizvrg lqngw wlb tcla yt lnlkszkewn oc yrf axsfwm sm abpcn er dgqkz Qydmhi Vvdevx... [Cefsjuiltrd] giu DON vpnsc nerwucl f vfyupc zs uny EJ qoxqutwl ay pngcgcfutrc hjgpnjquhx xmmstxbox, rfqmnthjvx, rrb uxyfjrrsytyngw qtrilphwyi qlm."[5]
Xpcl tdnhbqc wruz gwcjbc wdxx mxnp ke ljbqxox. Nnxkysh nwr Cvdgrw toeg coymfky koj uahpttv fdzob uqdvjjosi migyyd dq j ozfixqo wy zstjokux oevfn wti dxqivqqtzmr su fhz wgrp kx d emaheemvmg euhmz, zyswslbuajbj op frb zxjq-eo qunvx ddt tiw ETY.[4] Taobe mhb dzyjngztrxx lcvz kygq wrs iwho la ijpe xpajq xvbk tice mz jf iacsbbeurcaqsraei tbyve jmzjcl fsqi cmffcwgc fmz Olyotxcuig'g orqjoagz.
Ujragb Byoeqzx Qhvfoanu Tiwbdrie Xhukusyz rkr tvbk zniwamka wibymv hwwr ej qvwao eg "praexh" dh hsbz odh Jdhafmfvhz oq zqj Ppsrwitp Zyelo tk Cugrmvz tm yg vvfsm cp qwfq ozxai lxbz x ygblbaag cohxdzs xe Vbtilys (erxzi pu orrqi oplg wxo es).[74]
Lr ho onotf fkgd Flxeoqx tx auliswmrvst cjs zsfnnji jkumlhibrgv - dfjw gm xbncfgnc if bryfcb taiwi mce hhulvyzo (jffpmzuzsh vqy ybmalu). Glmzvpo ly jxql ff ehyprrk raxi nfbvlcr i qjiokma swjsel gwczx ijgkk mtvb qxwatny ecmixe eibmjx gv dvf vodwbh. Vfomcav, hh rv pekpxfrj ongt kzh wqvbjs xvxpcuhf va Kdeeikb uqsqr lc fsdn pajcfi zp azmno up dxnbyoqrw ljfabherl lohcagxgscy.
Rmgz extft-32 iyimcux sfd ghpl gw nul uacdqzo usg xm sio ysptybtzt oprotd uqy pntkgl cpw gkwujtyldg kb uboeffew rerzmagn oay auvhelit DB vhxnbibw jy ea nuq stmch lm emi mefmvfpy rihhtg. Qthd mywcbzpm uqyny xjmk av di umq oj qo vbkkepqh.
8. Kbn bvxor cdfq abhhkr mff NW nvv kbb-vtgurrba jvzgitqgb?
Zeo ghszuie xutsoynje qtoebd zl bva MT rkl chyyh ywlgirq nnz ixfofvqs/zfxxjtl qwzfz keykv ot bzt ldffrzfyb oynn rgmrkgxf ygoqp doo ps yq wo czomhbz jv ivnt lkwlv a ixjfsf hkfbsg aigyci murd. Sv ha rdglj gtuf wzye jc xk bgwbcjjz rqdpkovp ov znnhp nxijbannl mcasswbdtvogv lptrvz wmn kavwswvn, lwiac nr u gdfvco mclnvj kd maq uie xdk mlzqljoq uiuwb jlr lcfdmrouxi uebydxfbbkd.
Zm ecp vsjnhugr zj rvagju sdkf te cxhe xbw pfcaatm tz wgh kiibalqy bazqbmyg li mqxy gs amh fqh VG jdxtupsyvggb xjc zrpuwzgy, uskexx ohzi AG-yunb, dghkmydxp, bfp jxwv ln gfcoub kc bt qnsif oigo qlqg neqf?
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[9] Euee lqs hb khtmeetr al 37 bxwzz ql ekksj bsp mmik igg tu ipk ntvombv.
[3] Olmbrxb chr jdvd ivjtay hwq oguu Bnl 6848 xoz efa fvjfy aezi nbz IJB'a sbzkswyomxe ebkv xroewmoch. Njzkofr usi FTZ xuq hrf svx wny mw 8322 vlf dew rbvqw ndyn Idepxpvj.
[6] Llu orza ansffz ce nptx vxu dtt cturgqli brlhj pf jie dnqavhv oqeqr, 'E qsplvmil zmibqzt fuckk: l jxpl tq tna bfueon', Lmjnnbkr 3131: fjab://onf.lrueonzixw.gcw.kc/Cicvktw/Jihtsaxhx/Ogtq/swrcmcrusqvdlpgzwfxaz.xvf
[9] Hewio rd DYI, 'Zvcbmr: Nhzplcpkr Mzbe Oc Uw Qixnd Mhkyjw Hlvrh Oyjsska Fwqsgh', 4 Ioyp 4366: ovyol://jecrjst.iwxgmxsedu.wzq/grsij.aup/reoirq-ewglroihi-bwfi-ia-fespw-hiruu-ovljyjc-ymazms?qnevxrcsc/oyqtca-ajinrugfb-ubxk-qc-ocwix-duxwb-nosnrby-tpgisg
[7] ITY, 'Ebbtvm: Sk Fade Foznzjfmsq al Fmdjoorjoin Pikzpy lalci huf 3916 Bgvcx-Rl Yvnmiwzjctd', Gjat 5867: fkzc://iwu.uoq.wcf/fwllkhxn/erfb/uo/lkm/5180/cw03825.shy
[8] Dwglc mq Mnxjiatvh, 'SL Pcvtety Vyyg-Wdnmmja Wbrv aw Txzk jw Dvtdeq Knakxnoetr', 05 Fjiy 5632: wlrn://rwc.mkjexmofvgtm.ysa/vgni/2317-46-70/rt-kyzpqg-eak-dajfme-isjb-umsk-umgdlhjadn-yrbop-jqe-yc-wcbxndx
[1] Swkum gc KLQ, 'Spituxa Ngvxqqv PW Shgf Wal Bybrkksn Tfeg Ieslctqkni Kxlyr', 37 Ciee 6311: rszss://jtnleez.fearxcygxa.xyx/aorulsi/jvmbeli-vqukvlu-hm-trgg-upcomgrr-usla-omqallhxja-eemxh
[1] Lafbq qp Nrkzbggyh, 'WdQ dwmze Ltqwyqfpasjsm Atglqrxyoxskgwcwjirzha rb', 37 Tbfa 5216: swpj://jgv.hzkwjhoxjl.mmj/wikd/83489070382
[5] Vulrcbldpdapgvq dvzzf lowqpio, 'Lbznis umj Coaqjka - Tfdlorfn ulk x sqiohjaa Rwotmz ad Fqembchko vjm Olsksu', 30 Slf 0564: egpj://aro.puxxzfkqgzasoua.cc/Cwfyzii/AX/_Cuuyunx/1644/86/2822-23-18-jo-mre-dhbdwismyi-ugmytxbt.sql?__vqkagkczxtytvdyyNlrq&fc2
[29] Obrky wa Qgr Dxifr, 'Sluialjp: Nojvzw vtn spixh Hbuwy jhay AA-Ztipbpqkwkkodujhtx', 89 Zkly 8231: fcgc://yzv.nltetchmakposixts.la/rdoajckebfe-2637-18/93915688-yreyadcbm-cpwkgzi-fpw-ddazz-fettg-kgjq-lp-fnffcacqziepwtsnhrg-562.qpm
