tag:blogger.com,1999:blog-91552683361041616602024-02-07T12:46:19.542-03:00Não-Curto-PrazoEconomia e procrastinAção HumanaDiego Cardosohttp://www.blogger.com/profile/14078575053611288314noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-9155268336104161660.post-35355236027448187582015-07-08T23:33:00.000-03:002015-07-08T23:33:13.143-03:00Redução de juros no Brasil e inconsistência dinâmica: o custo econômico da não credibilidade<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtVpUsOVHlYivlNt0gzjvmFXytqTxAVNM-WZnlYztxVW6qqjFSfHthcN_zY50KJrWZbnx9G5sZM8GCLfGmn7qFdrJYENG7lIx2LpBL7inx-TBwB3Qv0kkWy2enfy-7KLZVyayO3auuDwRx/s1600/teacher.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtVpUsOVHlYivlNt0gzjvmFXytqTxAVNM-WZnlYztxVW6qqjFSfHthcN_zY50KJrWZbnx9G5sZM8GCLfGmn7qFdrJYENG7lIx2LpBL7inx-TBwB3Qv0kkWy2enfy-7KLZVyayO3auuDwRx/s320/teacher.jpg" width="266" /></a></div>
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<span style="font-size: small;"><b>Uma presidente pretensiosa:</b></span></div>
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<br /></div>
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<span style="font-size: small;">
</span></div>
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<span style="font-size: small;">Redução de taxa de juros. Sob esse discurso e definindo como meta de
governo¹<a href="https://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"></span></span></span></span></a>,
a presidente Dilma empreendeu uma ardilosa batalha desde o início de seu mandato,
em 01/01/2011. Realizando algo que sequer FHC e Lula haviam feito até então, a
presidente de forma “inexplicável”, inicia uma nova fase de expansão do poder
executivo, fase na qual agora também se torna competência presidencial
determinar a taxa básica de juros (ainda que disfarçadamente). <span> </span></span></div>
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<br /></div>
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</span></div>
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<span style="font-size: small;">Nos bastidores, através da destruição da autonomia do Banco Central, a
presidente e seu “grupinho”, Tombini (presidente do Banco Central), Mantega
(Ministro da fazenda) e Belchior (Ministra do Planejamento, Orçamento e
Gestão), iniciam o processo de redução consistente na taxa SELIC, ainda em 2011.</span></div>
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<br /></div>
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</span></div>
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<span style="font-size: small;">Especificamente, na 161ª (31/08/2011) reunião do COPOM, <b>surpreendendo</b> o mercado que esperava a
manutenção da SELIC, o conselho estipula a mesma em 12% a.a, reduzindo-a em 0,5
p.p².
<b>O governo sinalizava, assim, o início de
um novo período na gestão monetária do país. </b>Dessa forma, até a 173ª
(06/03/2013) reunião do COPOM os juros foram sendo reduzidos. Com efeito, a
mesma foi reduzida de 12% a.a para 7,25% a.a no período.</span></div>
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<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><b>Inconsistência dinâmica:</b></span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">A inconsistência dinâmica ocorre quando o Banco Central (ou o governo)
possui incentivos para renegar as políticas econômicas anunciadas.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">No caso do Banco Central brasileiro, a inconsistência ocorre quando o
Banco Central estipula uma meta de inflação (como 4,5% a.a.), e ao invés de
buscar atingir tal meta, renega as políticas para tal fim, de modo a buscar
outro objetivo (como não romper com o teto da meta, de 6,5% a.a), distinto
daquele previamente anunciado.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Em regra, tal inconsistência acontece através de atos discricionários
dos <i>policy makers</i>. Tal
discricionariedade é perigosa visto que os formuladores da política econômica
podem se utilizar da economia para tirar proveito próprio/político (por
exemplo, estimular a economia acima de sua taxa natural, de modo a causar
crescimento econômico de curto prazo, com fins puramente eleitoreiros). Isto
posto, muitos economistas defendem a utilização de regras de políticas
econômicas, fazendo uma clara separação entre política e economia. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">O Brasil, até o último mandato do presidente Lula, operava claramente
sobre um regime de metas de inflação, e com elevada independência do Banco
Central. Foi exatamente com a presidente Dilma que a inconsistência dinâmica
foi iniciada.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">A intromissão da presidente na autonomia do Banco Central desencadeou o
processo que culminou com a redução permanente da Selic entre setembro de 2011
a março de 2013. Como dito, o início da redução da Selic foi uma surpresa para
os agentes. Enquanto estes esperavam uma taxa estável – em vista da elevada
taxa de inflação do país no momento, o Banco Central realizou uma astuta
redução de 0,5 p.p na Selic, de início. E a redução continuou por um elevado
período (atualmente, comprovadamente equivocada).</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">O argumento dado pelo Banco Central era de que a redução se fazia
necessária em um vista do cenário mundial e do “sentimento” de consumidores e
empresários brasileiros³,<a href="https://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"></span></span></span></span></a><sup><span style="font-family: "Calibri","sans-serif"; line-height: 115%;">4</span></sup>. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Devemos ter em conta que a missão do Banco Central é “manter estável o
poder de compra da moeda”, e operando sob um regime de metas de inflação, o
mesmo deve se utilizar dos juros como variável de controle da inflação. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Exatamente em um momento de inflação próxima a 7% a.a, um banco central
reduzir taxa de juros, sendo que a meta da mesma era de 4,5% a.a, é algo, na
melhor das hipóteses, improvável e inesperada pelos agentes. Com efeito, foi
exatamente esse ato que iniciou o abalo da confiança dos agentes na
credibilidade do Banco Central do país. Além disso, ficou demonstrado que o ato
do Banco Central de reduzir os juros operou contra a meta previamente
anunciada. Com efeito, o Brasil experimentou a tal da “inconsistência dinâmica”.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">O grande problema da inconsistência dinâmica no caso do Banco Central
ocorre pois, apesar de no curto prazo, ser possível um aumento do nível do
produto e redução da taxa de desemprego pelo “efeito surpresa”, a instituição
perde credibilidade na condução da política monetária. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Há, portanto, um impacto adverso sobre as expectativas inflacionárias
dos agentes econômicos. Com efeito, em um período futuro, o próprio Banco
Central será obrigado a elevar demasiadamente a taxa de juros e induzir uma
forte recessão econômica, recessão e elevação de juros superiores à necessária,
caso não agisse constantemente surpreendendo os agentes. Em suma, o ganho de
curto prazo é acompanhado de uma perda maior em um período futuro.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Segundo os teóricos, é justamente quando a política monetária é crível
que o custo da desinflação é inexistente. Considere que o Banco Central anuncie
uma política de redução da inflação. Uma vez feito o anúncio, ele afetará as
expectativas dos agentes, que se ajustarão no sentido apontado. Se os agentes
acreditarem na proposta anunciada, a inflação tende a ceder imediatamente. Não
há perdas em termos de produto e emprego.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Ocorre que se não há cumprimento da medida anunciada pela instituição,
os agentes econômicos passam a desconfiar da política econômica. Um simples
anúncio de política terá um efeito desestabilizador, visto que os agentes se
movem em sentido contrário ao do anúncio: não projetam, por exemplo, uma
inflação menor, mas sim maior. É evidente a importância de o Banco Central
possuir reputação: tal reputação consegue induzir a resultados desejáveis sem
ter custos econômicos.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">No atual cenário, visando retomar sua credibilidade abalada, o Banco
Central tem feito um esforço hercúleo em termos de elevação das taxas de juros,
com a finalidade de trazer as expectativas de inflação para o centro da meta
estipulada de 4,5% a.a para o ano de 2016. Ainda que a SELIC esteja próxima de
14% a.a (sendo iniciada a alta em 7,25% a.a), as expectativas de inflação para
o ano de 2016 ainda estão superiores ao centro da meta anunciada. Com efeito, é
provável que a elevação da taxa Selic continue.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">O que fica patente com essa análise é que o atual cenário de retrocesso
econômico que o país vem sofrendo é fruto direto da política econômica
(destacadamente monetária e fiscal) do país. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Embora bem intencionada, visando reduzir os juros, sua política se
mostrou um completo desastre, que custou, está custando e ainda custará muito
ao país em termos econômicos. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">A reputação do Banco Central foi praticamente destruída. O custo do
ajuste visando redução da inflação certamente está sendo superior ao que
teríamos na ausência da destruição da autonomia do Banco Central, que agora
tenta refazer sua reputação. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Não devemos esquecer que taxa de juro é um preço que não pode ser
definida na canetada, negando-se os fundamentos econômicos e passando impune. O
Brasil está pagando o custo da discricionariedade da política econômica e do
ativismo do executivo.</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
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<span style="font-size: small;">O que mais salta aos olhos é a comemoração de certas vertentes
heterodoxas do pensamento econômico quando a intromissão da presidente no Banco
Central foi iniciada. Acreditavam que a redução discricionária da Selic bem
como o fim do “tripé econômico<sup><span style="font-family: "Calibri","sans-serif"; line-height: 115%;">5</span></sup>”
colocariam o país em um novo patamar, com maior crescimento econômico e
estabilidade mantida. </span><!--[if gte mso 9]><xml>
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</span></div>
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<span style="font-size: small;">Na realidade, de forma praticamente unanime, houve comemoração no país
quando foi iniciada a redução da Selic através de canetada, totalmente
desconectada dos fundamentos do país, que não possibilitavam redução dos juros
naquele momento.</span></div>
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</span></div>
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<span style="font-size: small;">Sempre que ouvir um discurso de políticos ou economistas sobre “redução
de taxas de juros” sem considerar reformas sólidas e bem orientadas nos
fundamentos da economia brasileira, desconfie. Como disse o economista Friedrich
August Von Hayek, <i>“a curiosa tarefa da economia é demonstrar aos homens o
quão pouco eles realmente sabem a respeito daquilo que eles imaginam ser
capazes de projetar”. </i><span>Que o diga
nossa “presidenta”.</span></span></div>
<div style="mso-element: footnote-list;">
<br clear="all" />
<hr align="left" size="1" width="33%" />
<a href="https://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"></span></span></span></span></a><span style="font-size: x-small;">1) <a href="http://g1.globo.com/bom-dia-brasil/noticia/2011/09/banco-central-surpreende-mercado-e-reduz-taxa-basica-de-juros.html" target="_blank">http://g1.globo.com/bom-dia-brasil/noticia/2011/09/banco-central-surpreende-mercado-e-reduz-taxa-basica-de-juros.html <span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"></span></span></span><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"> </span></span></span></span></a></span></div>
<div style="mso-element: footnote-list;">
<span style="font-size: x-small;"><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"> </span></span></span></span><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"></span></span></span></span></span></div>
<div>
<span style="font-size: x-small;"><span>2) </span>E atualmente, como fica a questão, sendo que
a confiança de consumidores e empresários está em patamares mínimos e
significativamente inferiores ao daquele período? Como fica a credibilidade de
uma instituição, que no mesmo cenário, pratica política diametralmente opostas?
Como crer nessa instituição?
<span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"> </span></span></span></span></span></div>
<div>
<span style="font-size: x-small;"><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"> </span></span></span></span></span></div>
<div>
<span style="font-size: x-small;">3) <a href="http://economia.estadao.com.br/noticias/geral,ainda-existe-o-tripe-macroeconomico-imp-,958700" target="_blank">http://economia.estadao.com.br/noticias/geral,ainda-existe-o-tripe-macroeconomico-imp-,958700 </a></span></div>
<div>
<span style="font-size: x-small;"> </span></div>
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;">4)</span></span></span></span><a href="http://www.cartamaior.com.br/?/Editoria/Politica/Dilma-reduzir-juros-proteger-cambio-e-diminuir-impostos/4/25153">http://www.cartamaior.com.br/?/Editoria/Politica/Dilma-reduzir-juros-proteger-cambio-e-diminuir-impostos/4/25153</a></span></div>
<div class="MsoFootnoteText" style="text-align: justify;">
<br /></div>
<div style="mso-element: footnote-list;">
<div id="ftn1">
</div>
<span style="font-size: x-small;">
</span><div id="ftn2">
<span style="font-size: x-small;"><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"></span></span></span></span></div>
<div id="ftn2" style="text-align: center;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/null" name="_ftn2" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"></span></span></span></span></a>5) <a href="http://www.milkpoint.com.br/cadeia-do-leite/giro-lacteo/copom-surpreende-e-corta-juro-em-050-ponto-porcentual-para-12-ao-ano-74340n.aspx">http://www.milkpoint.com.br/cadeia-do-leite/giro-lacteo/copom-surpreende-e-corta-juro-em-050-ponto-porcentual-para-12-ao-ano-74340n.aspx</a></span>
</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-67255392575757674072014-11-13T20:26:00.000-02:002014-11-13T20:26:44.618-02:00Os grandes desafios de 2015<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXlsOZx5vH4BCmkY65dxZmbg1M6lRiG4m84Xp2U759NlvsNXYkOaZf6WwvVEDedNEtnIDM7awmodMJJzETVgpECrTvTMw4nogb4fEulZz9fjDYz2Ea84IazUHiUhpQmkVA6syA2yCcg8qB/s1600/Old_clock.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXlsOZx5vH4BCmkY65dxZmbg1M6lRiG4m84Xp2U759NlvsNXYkOaZf6WwvVEDedNEtnIDM7awmodMJJzETVgpECrTvTMw4nogb4fEulZz9fjDYz2Ea84IazUHiUhpQmkVA6syA2yCcg8qB/s200/Old_clock.jpg" width="200" /></a></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Certamente,
2015 será um ano de grandes desafios ao país. Colhendo os frutos que o próprio
governo plantou, três grandes desafios macroeconômicos confrontarão o Brasil no
ano vindouro.<span style="mso-spacerun: yes;"> </span></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Realinhamento
dos preços administrados:</span></i></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">No Brasil, o termo “preços administrados” –
refere-se aos preços não livremente determinados - são insensíveis às condições
de oferta e de demanda – visto que são estabelecidos por contratos ou por órgãos
públicos. </span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Os preços administrados estão divididos nos
seguintes grupos: os que são regulados em nível federal – pelo próprio governo
federal ou por agências reguladoras federais – e os que são determinados por
governos estaduais ou municipais. No primeiro grupo, estão incluídos os preços
de serviços telefônicos, derivados de petróleo (gasolina e gás de cozinha),
eletricidade e planos de saúde. Os preços controlados por governos subnacionais
incluem a taxa de água e esgoto, o IPVA, e a maioria das tarifas de transporte
público, como ônibus municipais e serviços ferroviários.</span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Cabe ressaltar que atualmente, aproximadamente 25%
dos preços analisados através do IPCA (índice oficial de inflação) são preços
monitorados. Possuem, portanto, uma relevância significativa dentro do índice
de inflação (e da economia brasileira). Alterações em preços administrados
impactam significativamente sobre os preços livres da economia e a estrutura
produtiva da economia (visto que alteram-se os preços relativos).</span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">O problema do </span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">realinhamento dos preços
administrados</span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;"> decorre da forma como ocorreram as reduções destes preços - mediante
uma política tributária de controle de inflação, e não mediante ganhos de
produtividade/escala, que podem sustentar preços menores. Nitidamente, a
redução dos preços administrados ocorreu visando contrabalancear as
persistentes e elevadas altas verificadas nos preços livres – estes puxaram
significativamente a inflação no país, acima de 6,5% a.a em períodos recentes.
Em suma, o governo objetivou o controle da inflação no país através de política
tributária. Ocorre que manter tais preços desalinhados dos fundamentos e da
realidade econômica do país não é algo saudável e plausível por longo período.
Indubitavelmente, a manutenção de preços congelados/reduzidos artificialmente
apenas gera distorções nos preços relativos de uma economia, causando males
maiores do que os bens que inicialmente visou. Em última instância, preços
congelados/reduzidos artificialmente resultam em redução da produção e escassez
de bens.</span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Não será de se espantar se em 2015, novamente o
Brasil se defrontar com um “apagão”. O setor elétrico já se defronta com
dificuldades há um bom tempo. Uma política de redução de preços (como ocorreu)
apenas estimula a demanda, exatamente em um momento em que a oferta encontra-se
pressionada e semi estagnada. </span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Desvalorização
do Real:</span></i></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">É
altamente provável que o ano de 2015 se encerre com o Real desvalorizado. Isto
decorre basicamente pela normalização da política monetária nos EUA (fim da
flexibilização quantitativa (QE3)). Com a elevação das taxas de juros no
exterior, é natural que a nossa economia se torne menos atrativa a investidores.
Com efeito, o Real perde valor frente a outras moedas (notadamente o dólar). </span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">O primeiro problema deste fato decorre do <a href="http://naocurtoprazo.blogspot.com.br/2012/06/cambio-e-juros-no-quadro-atual.html" target="_blank">impacto</a>
que tal desvalorização exerce sobre a inflação no país. Sempre que a moeda
nacional é desvalorizada, <i style="mso-bidi-font-style: normal;">ceteris
paribus, </i>os bens comprados do exterior se tornam mais caros. E tal repasse
de preços ocorre na economia. Com efeito, a desvalorização cambial exerce um
impacto positivo sobre a (já elevada e no teto da meta) inflação. </span></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Um segundo e grave problema diz respeito ao
financiamento da economia brasileira. Embora o governo brasileiro seja gigante
(com uma carga tributária próxima de 35% do seu PIB), ele não tem feito à
lição de casa e equilibrado seu orçamento, poupando recursos – agora flertando
com o fim do superávit primário e elevação do déficit nominal.<span style="mso-spacerun: yes;"> </span>Elevação da despoupança pública significa
menor taxa de poupança nacional (recursos são escassos...). </span></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Notadamente, com a redução da liquidez
internacional (como previsto para 2015) e a valorização do dólar, dificulta-se
o financiamento da economia brasileira (o déficit em conta corrente<a href="https://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">[1]</span></span></span></span></a>
é da ordem de 3,7% do PIB brasileiro). </span></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;"><span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="01a08d7c-b25a-4054-9601-2db3c12e104a" id="69a7f87e-52dd-4647-9373-b6599b958905">Sintetizando</span> o exposto, a depreciação do Real pode
dificultar a <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="01a08d7c-b25a-4054-9601-2db3c12e104a" id="86fb910d-2c77-4ff4-bfda-b57d21a621e4">cobertura</span> do déficit <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="01a08d7c-b25a-4054-9601-2db3c12e104a" id="a0d1a2ed-0db5-43f5-a57f-0e8c8c0e0281">da</span> balança <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="01a08d7c-b25a-4054-9601-2db3c12e104a" id="393cc5f6-c653-44a0-aca6-51b47909fafe">de</span> <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="01a08d7c-b25a-4054-9601-2db3c12e104a" id="04c161cb-66ee-4b2a-bcf2-f4473be3d86c">pagamentos</span> do país. Se por um
lado, o déficit nas transações correntes tem crescido desde 2008, os
investimentos estrangeiros direto tem permanecido estável desde 2011). Portanto,
2015 possivelmente será um ano de redução na já baixíssima taxa de investimento
da economia (próxima de 15% do PIB, uma das taxas mais baixas do mundo) – e
consequentemente, redução do crescimento econômico e do potencial de
crescimento da economia para períodos futuros. </span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Elevação
da taxa SELIC:</span></i></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Como evidenciado nos itens 1 e 2, 2015 será um ano
de fortes pressões inflacionárias. Indubitavelmente, o grande desafio da
política monetária será (como já está sendo) responder a tais pressões
inflacionárias sem resultar em doses massivas de elevação da taxa de juros.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Há alguns anos que o Brasil vem se defrontando com
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economia e nos seus preços tem crescido acentuadamente. O crédito total na
economia apenas não tem sido reduzido devido ao crescimento vertiginoso dos
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
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mercado de crédito brasileiro e seu impacto na taxa de juros. A despeito do
aperto monetário via SELIC, a operação dos bancos públicos tem impactado
positivamente na taxa de inflação, visto que, basicamente, operam com taxas de
juros subsidiadas. Ou seja, a elevação da taxa SELIC pouco tem impactado na
operação dos bancos públicos. Se por um lado um aperto monetário tende a
reduzir a taxa de inflação, o mesmo não se pode dizer em relação a operação dos
bancos públicos, insensíveis a tal taxa. Nesse sentido, visando minimizar as
altas na taxa SELIC e aperfeiçoar os mecanismos de transmissão da mesma sobre a
economia e os preços, deve-se reconsiderar a forma como operam os bancos
públicos no Brasil. Não é justo o restante da sociedade brasileira não subsidiado “pagar”, e caro
por sinal, pelo conluio entre Estado e empresas “amigas do Rei”.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 18.0pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;">Por fim, a combinação da deterioração fiscal já
mencionada, com elevação da taxa de juros, põe em cheque a estabilidade da
economia, elevando assim o risco de perda do “grau de investimento” que a
economia e os títulos públicos possuem. </span></div>
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<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; line-height: 115%;">[1]</span></span></span></span></a>
Conta corrente de uma economia é uma variável de fluxo que mede a taxa pela
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-20909534788374186892014-10-15T22:50:00.001-03:002015-11-15T20:58:15.576-02:00O básico (do básico) sobre Séries Temporais<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">O acalorado debate político nas eleições presidenciais brasileiras de 2014 trouxe à tona uma imensa quantidade de estatísticas. Tomados pela bipolaridade partidária em vigor, curiosamente algumas das estatíticas foram usadas ao mesmo tempo pelos dois lados para provar pontos opostos. Por trás deste aparente paradoxo está uma combinação de desconhecimento sobre a análise apropriada de dados e desonestidade daqueles que sabem como fazê-la, mas distorcem resultados propositalmente.</span></span></div>
<div style="text-align: justify;">
<span style="color: white;"></span><br />
<span style="color: white;"></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Um tipo de estatística bastante citado nos debates é a série temporal. Pessoalmente, considero que as séries temporais são as “estatísticas políticas” que exigem as análises mais complexas. Entretanto, é relativamente fácil subestimar suas nuances e partir para uma tentativa de identificação dos padrões visuais em um gráfico, escolha que muitas vezes se mostra equivocada.</span></span></div>
<div style="text-align: justify;">
<span style="color: white;"></span><br />
<span style="color: white;"></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Apresento aqui o mais básico (do básico) sobre o que está por trás de uma série temporal e uma noção do porquê elas serem tão complicadas. Espero poder auxiliar quem não tanta familiaridade com o assunto e que esteja interessado em um debate mais construtivo.</span></span></div>
<div style="text-align: justify;">
<span style="color: white;"></span><br />
<span style="color: white;"></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">A série temporal e suas peças</span></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Uma série temporal é simplesmente um valor que é mensurado repetidamente ao longo do tempo. Por exemplo, se medirmos a temperatura de hora em hora ao longo de uma semana, teremos uma série temporal. O mesmo se aplica, em economia, para a taxa de juros, a inflação e o PIB, por exemplo.</span></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Do ponto de vista simples, uma série temporal pode ser vista como a combinação de 4 peças com papéis distintos. Vamos analisar cada uma delas a seguir.</span></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Vamos considerar um exemplo simples e construir nossa análise ao longo do texto. Nesse exemplo, o Supermercado XYZ resolveu medir o número de clientes atendidos por semana e vai utilizar esse número para tomar decisões no futuro.</span></span></div>
<div style="text-align: justify;">
<span style="color: white;"></span><br />
<span style="color: white;"></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><u><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Peça 1: a tendência</span></u></span></div>
<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Como o nome sugere, a tendência diz, na média, se o valor medido está subindo ou caindo ao longo do tempo. Ela também diz o quanto está subindo ou caindo. Podemos entender a tendência como uma regra que diz como nossa medida vai evoluir ao longo do tempo. Graficamente, podemos representá-la apenas como uma linha reta.</span></span></div>
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<br /></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqwjw-2GZV_APYYd70pB7H1881EkpUcjjNAuUONdTdw-TngqzXyD73iTCJUi2vPtPSZMtCnP1-w0DCFtpJagGJmviIhJhte6_WZCrQlE4xaFUFdmot4PYrvhBoZuX2YF8OfcWDR1YWigQ/s1600/tendencia1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqwjw-2GZV_APYYd70pB7H1881EkpUcjjNAuUONdTdw-TngqzXyD73iTCJUi2vPtPSZMtCnP1-w0DCFtpJagGJmviIhJhte6_WZCrQlE4xaFUFdmot4PYrvhBoZuX2YF8OfcWDR1YWigQ/s1600/tendencia1.png" width="400" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Suponha que a tendência para o Supermercado XYZ é que o número de clientes por semana aumente bastante no próximo ano, porque a atual diretoria resolveu investir bastante em anúncios no canal de TV local.</span></span></div>
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<span style="color: white;"><u><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Peça 2: o ciclo</span></u></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Também chamado de sazonalidade, é uma regra que diz em que períodos regulares a medida é mais alta ou mais baixa. Por exemplo, se medirmos a temperatura todo dia às 8 da manhã em Porto Alegre, poderemos ver que nos dias de inverno nossas medições serão na média mais baixas que no verão. Já nas medidas de emprego, sabemos que há sempre um pico no final de ano, refletido pelas vendas mais altas do natal.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Em um gráfico, a sazonalidade mostra as médias conforme o período. Para o Supermercado XYZ, o movimento é sempre maior entre outubro e fevereiro, sendo dezembro o ponto alto.</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfordOwRPDf7SaTWJFXhNgJs8QQYVDSH-TdB96s9jwajQXgSyh1NmYiEqtyrV2NzlrJte7glgdRV5WMvMqcVF4HU_Xic7P_BfXAVkkrcK8HQ7hOKzdn4gB4R-ITCmC14QQLY7X7DjN1zU/s1600/ciclo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfordOwRPDf7SaTWJFXhNgJs8QQYVDSH-TdB96s9jwajQXgSyh1NmYiEqtyrV2NzlrJte7glgdRV5WMvMqcVF4HU_Xic7P_BfXAVkkrcK8HQ7hOKzdn4gB4R-ITCmC14QQLY7X7DjN1zU/s1600/ciclo.png" width="400" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Combinando então a tendência e o ciclo, teríamos algo assim:</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6I3jG-10oXXHHCEcYXroQY1r4p8l3-pdZT699a1saqf6dkTUscEFs210dx0y5kw_OcVat-UEax0uO3znYGWXzjOCnke-yeFwuJADaezsOkY0AvqMB1TA2w1wjzcYDRiXZX4sq_lkV494/s1600/tendencia_ciclo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6I3jG-10oXXHHCEcYXroQY1r4p8l3-pdZT699a1saqf6dkTUscEFs210dx0y5kw_OcVat-UEax0uO3znYGWXzjOCnke-yeFwuJADaezsOkY0AvqMB1TA2w1wjzcYDRiXZX4sq_lkV494/s1600/tendencia_ciclo.png" width="400" /></a></span></div>
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<span style="color: white;"><u><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Peça 3: o acaso</span></u></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Quando estamos falando de uma medição como a temperatura ou mesmo o número de clientes por dia, temos uma infinidade de fatores que podem influenciar nossa medição. </span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Por exemplo, no caso do supermercado, podemos ter semanas em que muitos clientes frequentes saíram de férias, ficaram doentes ou resolveram comer fora naquela semana. Em outras semanas, novos consumidores podem ter resolvido aparecer, antigos resolveram voltar após um longo tempo sem fazer compras ou alguém passando pela cidade resolveu parar para comprar pilhas. São tantas as possibilidades que simplesmente não temos como considerar todas juntas.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">O acaso, aqui, é a soma de todos esses efeitos. Quando eles interferem apenas naquela semana e ao longo do tempo</span><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">,</span><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> os aumentos causados por esses muitos fatores compensam as quedas, consideramos que essas variações são aleatórias - ou ruído.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Graficamente, poderíamos representar como algo assim:</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUwY3V52aKZNWVzASoNYOW9ajenFkH1G3Ou1ggamLjP_VKygzhoA_QdJkoBitmAnskgriNZl1-3wKfF9sKQaZ-lhlSdBnP2ctwuwLCcKopzxD0nGwb7fvSZAooXwr0PP5DKFzGOjI30SQ/s1600/acaso.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUwY3V52aKZNWVzASoNYOW9ajenFkH1G3Ou1ggamLjP_VKygzhoA_QdJkoBitmAnskgriNZl1-3wKfF9sKQaZ-lhlSdBnP2ctwuwLCcKopzxD0nGwb7fvSZAooXwr0PP5DKFzGOjI30SQ/s1600/acaso.png" width="400" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">E se combinarmos com as peças anteriores, tendência e ciclo, temos:</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikRxkIJASCus_KF8Mk_2aEB-870oUeWfeZU2j9KYffp1NpxoOsH6kfNz823COYADVZzUgUj24gPQOxCvMsLUxXC2sFXruHECfG8qLUnvlwopCqsGuXdFCF4zWh7jw4wPm9b_-3JTDlme8/s1600/tendencia_ciclo_acaso.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikRxkIJASCus_KF8Mk_2aEB-870oUeWfeZU2j9KYffp1NpxoOsH6kfNz823COYADVZzUgUj24gPQOxCvMsLUxXC2sFXruHECfG8qLUnvlwopCqsGuXdFCF4zWh7jw4wPm9b_-3JTDlme8/s1600/tendencia_ciclo_acaso.png" width="400" /></a></span></div>
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<span style="color: white;"><u><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Peça 4: a inércia</span></u></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Assim como na física, muitas medidas são afetadas pela inércia. Isto é, o valor medido no próximo período depende um pouco (ou muito) do valor no período anterior. Por exemplo, a temperatura medida às 14h depende bastante da temperatura medida às 13h. Isso ocorre porque não há como a temperatura variar tanto em apenas 60 minutos. Então, as condições da medição anterior não se dissipam totalmente e acabam afetando a próxima medição.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A inércia é especialmente relevante em medidas econômicas. O PIB de um ano depende em parte das indústrias instaladas, das pessoas empregadas e afins. Por mais que ocorram mudanças severas, o ano seguinte nunca começa do zero. Portanto, a inércia afeta o PIB.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Voltando para o nosso exemplo, podemos ver a inércia como os clientes que voltam a fazer compras nas semanas seguintes. Supondo que 70% das pessoas que compraram nessa semana voltarão na próxima, e assim por diante, o gráfico ficaria assim:</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihyH48T9lq0uKpfO4B3MG2VfXdaGukXT9-04MviT3rTmjR3TCY2YCgvibHqFoxxgu1vg1CaWKviIlSyzD74DhaB93ySMvW5-6yZgUBkjS_cf02VIeR1m5tA0ZDc3UYLYAQiZCzSvViokk/s1600/inercia.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihyH48T9lq0uKpfO4B3MG2VfXdaGukXT9-04MviT3rTmjR3TCY2YCgvibHqFoxxgu1vg1CaWKviIlSyzD74DhaB93ySMvW5-6yZgUBkjS_cf02VIeR1m5tA0ZDc3UYLYAQiZCzSvViokk/s1600/inercia.png" width="400" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Agora, se você já está pensando no próximo gráfico, provavelmente já percebeu o problemão que vem pela frente. Quando combinamos as peças anteriores com a inércia, as coisas complicam. O efeito do acaso não dura somente uma semana, mas repercute nas semanas sucessivas. Assim, o que era para ser só um efeito temporário acaba durando mais. E o da semana seguinte também. </span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">No final das contas, cada medida é uma combinação bastante complicada de todos esses efeitos. Para o supermercado do nosso exemplo, ficaria assim:</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLBBRYoERwOXVx2mGxRp3sR4g6jzzPDmN4KFTujo-izhlEHDK3mruDF7Om82vXQWnG0vdyLoE9KhuplkYyfqT0gYGP1gtyeLr9Dd9xylroeSF9P1L2JYoHNE32hjiKKsVOMXw5SNq2bmM/s1600/tendencia_ciclo_acaso_inercia.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLBBRYoERwOXVx2mGxRp3sR4g6jzzPDmN4KFTujo-izhlEHDK3mruDF7Om82vXQWnG0vdyLoE9KhuplkYyfqT0gYGP1gtyeLr9Dd9xylroeSF9P1L2JYoHNE32hjiKKsVOMXw5SNq2bmM/s1600/tendencia_ciclo_acaso_inercia.png" width="400" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Juntando as peças</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Vamos imaginar que no ano seguinte a diretoria do supermercado resolvesse</span><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> </span><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">mudar sua política. Ao invés de anunciar na TV, redirecionou toda sua verba para anúncios no jornal local (em papel). Combinando os dois anos, o resultado foi esse:</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir4kM23NxKFXwcfaHOYcBtdxjId0cMl7ymYM2cGR86cnWxMQPElHpwb-pQcC0qpy1OdViBOrk05d8gnOVWYjfLw1YoNcJy5rbq4tOg8rt5LiIm2GHwQQJBj5jxMpV6RF21TtmWH6TrUuQ/s1600/2anos_a.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir4kM23NxKFXwcfaHOYcBtdxjId0cMl7ymYM2cGR86cnWxMQPElHpwb-pQcC0qpy1OdViBOrk05d8gnOVWYjfLw1YoNcJy5rbq4tOg8rt5LiIm2GHwQQJBj5jxMpV6RF21TtmWH6TrUuQ/s1600/2anos_a.png" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Como verificar se a mudança foi boa ou ruim?</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">No caso mais comum, uma mudança na política como essa altera a tendência. (Pode alterar os outros componentes também, mas geralmente em menor proporção). Então, para saber se a nova estratégia fez algum efeito, teremos que descobrir se a tendência mudou. E caso tenha mudado, se mudou para melhor.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Quando levamos em conta todos os efeitos, você pode perceber que visualmente é bastante complicado fazer isso.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Talvez não pareça muito claro, mas a mudança na política do supermercado foi para pior. Apesar de vermos um aumento no número de clientes, ele se deu a um ritmo que, na média, foi menor. Na verdade, a tendência caiu pela metade! Ou seja, a política anterior é duas vezes melhor. Aqui foi fácil obter esses valores porque montamos os dados por partes. Confira abaixo.</span></span></div>
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<span style="color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUxCWaynmTpiaseft-fgm2Uz7wRLv7m_EYDfvrkOLZ8JuY9cTx0cJTeN7eimDwflkEKi7dShY2EZ_DxQeqSp2jjKRbOPjfvS8jGUmlUkeCJ-NxRazmlHsqLYkYq6L6tANvptQyMwr-4Tg/s1600/2anos_b.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUxCWaynmTpiaseft-fgm2Uz7wRLv7m_EYDfvrkOLZ8JuY9cTx0cJTeN7eimDwflkEKi7dShY2EZ_DxQeqSp2jjKRbOPjfvS8jGUmlUkeCJ-NxRazmlHsqLYkYq6L6tANvptQyMwr-4Tg/s1600/2anos_b.png" /></a></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Ultrapassando os limites desse exemplo, você pode imaginar agora o quão complicado é analisar uma curva de PIB, inflação, dólar e outros. Temos ínumeros ciclos que regem cada uma dessas medições, tanto de curta-duração (alguns meses), como de anos (5 a 8 anos são bastante comuns para variáveis como crédito). Temos “efeitos do acaso” que acontecem em um mês e que perduram nos próximos. E temos a tendência, que, em parte, é influenciada pelo regime ou pela política em vigor. Portanto, no modo mais simples, se quisermos comparar duas políticas ao longo do tempo, temos que tentar extrair cada uma dessas peças e analisá-las separadamente. Não é tarefa fácil e existe toda uma vasta área da estatística dedicada a responder esse tipo de questão - análise de séries temporais.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">E agora, fico sem poder opinar?</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Não! Com algumas soluções mais simples, você pode extrair mais informações da série temporal. Mas não se esqueça de que a natureza desse tipo de dado é complicada e que essas soluções trazem inúmeras limitações. Vou me ater a somente uma dessas opções aqui.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">O mais fácil a se fazer é tentar reduzir o efeito da inércia. Isso é feito analisando não as medições em si, mas o quanto elas variam a cada novo valor. Essa variação pode ser absoluta (valor atual menos o valor anterior) ou percentual. A série que criamos fazendo essa modificação é também chamada de série em diferenças. </span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">É por isso que se utiliza muito comparações entre taxa de crescimento do PIB ao invés do PIB em si. A tendência e o ciclo continuam influenciando a série em diferenças, mas o efeito da inércia é menor. Se você conhece o ciclo, fica mais fácil identificar visualmente se a tendência mudou.</span></span></div>
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<span style="color: white;"><span style="background-color: transparent; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Espero que o texto tenha te ajudado a entender o que está por trás de uma série temporal e o que levar em conta quando for comparar períodos diferentes, seja na política macroeconômica do governo para defender seu candidato ou para dar seu pitaco se amanhã vai estar mais quente ou mais frio que ontem. </span></span></div>
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Diego Cardosohttp://www.blogger.com/profile/14078575053611288314noreply@blogger.com1tag:blogger.com,1999:blog-9155268336104161660.post-42975132584185283802014-09-02T20:00:00.000-03:002014-09-02T20:36:08.702-03:00O Brasil estragou tudo?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxwbUL6sU76Qlekn02rWMPdL6gHJRW98a_yaP98VfipXIEq6dF7Pww6Oq8_qAbgQUmgVDr2b34fUOTtJsDOobab57eymJCJk2vnkNC3XXLtgrThwG-RUo_JgufuGcpJhXzgoRbWbXrbRnL/s1600/economist1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxwbUL6sU76Qlekn02rWMPdL6gHJRW98a_yaP98VfipXIEq6dF7Pww6Oq8_qAbgQUmgVDr2b34fUOTtJsDOobab57eymJCJk2vnkNC3XXLtgrThwG-RUo_JgufuGcpJhXzgoRbWbXrbRnL/s1600/economist1.jpg" height="218" width="400" /></a></div>
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Um <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="647d6235-797f-48e4-9a16-94d97d837085">interessante</span> <i>working paper</i> <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="a78af771-6113-4eb6-a31c-d17b183b4859">publicado</span> no <i>site </i>do <a href="http://www.iie.com/" target="_blank">Peterson Institute</a> <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="769ff824-5be8-4e4d-8ad6-bc1926942300">pelo</span> <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="87ac69f8-5e75-4c51-80b0-2982581ceaf1">economista</span> <a href="http://piie.com/staff/author_bio.cfm?author_id=455" target="_blank">Anders Åslund</a> aborda um tema <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="bc956dc9-e246-4e57-ab1f-fddbe3a43ded">que</span> é ao mesmo tempo <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="3f55ea32-b682-404c-a54d-d52c3d1c4a85">relevante</span>, polêmico e não consensual: a redução do crescimento das economias emergentes, inclusive <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="0f65245a-094b-4f08-a6ee-0ebc57e1720e" id="6589fd45-1c97-4caf-aa19-bb4fc90f3103">dos</span> BRICS.<br />
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O autor apresenta sete razões principais para o alto crescimento das economias emergentes ter chegado ao fim:<br />
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<li>Um dos maiores <i>booms </i>de crédito
de todos os tempos já atingiu seu ápice. Taxas de juros extremamente baixas não
podem continuar pra sempre. Uma correção é, portanto, inevitável. Muitas
economias emergentes são financeiramente vulneráveis, com altos déficits
fiscais, dívida pública, déficits na conta corrente e ainda inflação alta.</li>
<li>Também um grande <i>boom </i>nos preços
das <i>commodities </i>já atingiu seu ápice. Enquanto preços altos e baixo crescimento
pressionam a demanda, os preços elevados tem estimulado um grande choque de
oferta.</li>
<li>O ciclo atual de investimento
também já atingiu seu ápice, visto que a China terá de reduzir sua taxa de
investimento e as taxas reais de juros terão de subir.</li>
<li>Devido a muitos anos de elevado crescimento
econômico, o potencial de recuperação das economias emergentes foi reduzido e
as taxas de crescimento deverão cair, <i>ceteris paribus</i>.</li>
<li>Muitas economias emergentes
realizaram reformas importantes no período entre 1980 a 2000, mas pouquíssimas
entre 2000 a 2012. O potencial de governança restante foi reduzido. Usualmente,
as reformas evoluem em ciclos que são iniciados por sérias crises, e após 12 anos
de sólidas reformas a complacência toma seu lugar nas economias emergentes.</li>
<li>Ainda pior, os governos de muitas
economias emergentes estão tomando conclusões equivocadas sobre o que ocorreu
durante a grande recessão. Muitos deles pensam que o capitalismo de Estado e a
política industrial se mostraram superiores ao livre mercado e a iniciativa
privada. Portanto, eles não percebem a necessidade de melhorar suas políticas
econômicas, pelo contrário, estão propensos a agravar ainda mais o quadro.</li>
<li>Por fim, as economias emergentes
se beneficiaram amplamente dos mercados dos países desenvolvidos, ainda que não
totalmente recíproco. Nesse sentido, o ocidente tenderá a optar por acordos
comerciais seletivos, ao invés de liberalização geral e indiscriminada, como
até então verificada. </li>
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Preocupa ainda o fato do Brasil ter sido apontado pelos bancos Deutsche Banke e Morgan Stanley como um dos <a href="http://oglobo.globo.com/economia/brasil-entra-no-grupo-dos-cinco-frageis-quando-assunto-cambio-9619422" target="_blank">cinco frágeis </a>(fragile five)...<br />
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Cito apenas dois trechos interessantes:<br />
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"During the oil boom in the 1970s, Soviet leaders thought they were geniuses, neglecting badly needed economic reforms. When commodity prices declined in the 1980s, Soviet leaders were incompetent, uninformed, and unprepared, having <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="8d43a7f1-cbc5-401c-b840-8ae6c04aa65a" id="24719f03-1125-42ae-85a8-293a2c3c73e0">faced too</span> few problems for too long. The natural outcome was the collapse of the Soviet political and economic system".<br />
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"In the early 1980s, the world saw the same two critical trends — rising global interest rates (both nominal and real) and lower commodity prices — which hit poorly managed emerging economies and are likely to be hit again. In the short term, emerging economies with large current account deficits, foreign indebtedness, budget deficits, public debts, and high inflation look vulnerable. These countries are Brazil, India, South Africa, and Turkey...".<br />
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<span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="b9a7c3f2-31ea-483c-b01a-820257e91742" id="3e18a15e-4fd4-41ea-a7cf-30ffa63faee8">Alguma</span> coincidência? Algum país está passando por esse cenário atualmente?<br />
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O artigo discorre sobre vários pontos interessantes que permeiam a economia e a política brasileira. Uma leitura muito interessante, altamente recomendada, sobretudo pra quem gosta de análises sistêmicas e econômicas sob um ponto de vista global.<br />
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O <span class="GINGER_SOFTWARE_mark" ginger_software_uiphraseguid="3e1a0a59-209d-4ad7-a788-9153dc87abe3" id="9eedb07f-17ff-426e-a985-9f56f76c6a99">artigo</span> original pode ser visualizado <a href="http://www.iie.com/publications/wp/wp13-10.pdf" target="_blank">neste link</a>.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-39588088828363325342014-05-22T20:30:00.000-03:002014-05-22T20:30:34.805-03:00Redução de juros no Brasil: A política econômica e o fundamento econômico<div class="MsoNormal" style="text-align: center;">
<b>Uma presidente pretensiosa:<o:p></o:p></b></div>
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Redução de taxa de juros. Sob esse discurso e definindo como meta de
governo<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a>,
a presidente Dilma empreendeu uma ardilosa batalha desde o início de seu mandato,
em 01/01/2011. Realizando algo que sequer FHC e Lula haviam feito até então, a
presidente de forma “inexplicável”, inicia uma nova fase de expansão do poder
executivo, fase na qual agora também vira competência presidencial determinar a
taxa básica de juros (ainda que disfarçadamente). </div>
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Através da destruição da autonomia do Banco Central, a presidente e seu
“grupinho”, Tombini (presidente do Banco Central), Mantega (Ministro da
fazenda) e Belchior (Ministra do Planejamento, Orçamento e Gestão), iniciam o
processo de redução consistente na taxa SELIC, ainda em 2011. </div>
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Especificamente, na 161ª (31/08/2011) reunião do COPOM, surpreendendo o
mercado que esperava a manutenção da SELIC, o conselho estipula a mesma em 12%
a.a, reduzindo-a em 0,5 p.p<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></a>.
O governo sinalizava, assim, o início de um novo período na gestão monetária do
país. Dessa forma, até a 173ª (06/03/2013) reunião do COPOM os juros foram
sendo reduzidos. Com efeito, a mesma foi reduzida de 12% a.a para 7,25% a.a no
período.</div>
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A presidente e equipe se orgulhavam do feito. Economistas heterodoxos aplaudiam.
Ao que parecia, uma nova fase estaria se iniciando na economia brasileira, já
não mais caracterizada por ser o país dos “juros mais altos do mundo”.</div>
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Mas em questão econômica, a realidade é que os fundamentos sempre
prevalecem. E taxa de juros, sendo um preço, não é destituída de fundamentos.
No longo prazo, os fundamentos prevalecem. E essa dura realidade
defrontou-se com a “sabedoria” da presidente e sua equipe, que acreditaram erroneamente
que tinham vencido na canetada o fenômeno do elevado juro brasileiro.</div>
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Em seu
discurso de 28 de janeiro de 2013, a presidente afirmou<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftn3" name="_ftnref3" title=""><span class="MsoFootnoteReference"><i><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[3]</span></b></span><!--[endif]--></i></span></a>:</div>
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<i>"Nós temos um país que teve
condições de, dentro da tranquilidade, com sensatez, reduzir a taxa Selic, a
taxa de juros. Reduzir a Selic, a taxa de juros da economia brasileira, é um
movimento importante. Primeiro porque nós temos condições macroeconômicas para
fazer isso e, segundo, porque países com crises muito maiores do que a gente
pode sequer imaginar, tem hoje taxas de juros muito pequenas, e taxa de juros
menor sempre vai facilitar, com o passar do tempo, tanto a ampliação do
investimento quanto a do consumo. Aliás, não há oposição entre uma coisa e
outra. É necessário investir, mas também é necessário que as pessoas
consumam".<o:p></o:p></i></div>
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Demonstrando toda sua incompetência e despreparo, a presidente comete
duas gafes em apenas um breve discurso: demonstra seu total desconhecimento a
respeito da realidade econômica que enfrentava o país naquele momento – sobretudo em questão de
estabilidade de preços – bem como erra grotescamente ao afirmar sobre "falsa oposição
entre consumo e investimento", lição essa aprendida em qualquer aula de
introdução a economia<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftn4" name="_ftnref4" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></a>.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjliE5ddME8Z32tSrI0PG3-RVmEpR6WUVaoUEv3KIJvGdHZzf8HOfY2N3mOBAPk386YYehszA0pX3wnLF7ioz4FoPMMfYYSzzWOWdsQyujOLM0sXmVJhI3KBxm8jrtbJN9g_Ff9f1_v-wgM/s1600/selic+-+dilma.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjliE5ddME8Z32tSrI0PG3-RVmEpR6WUVaoUEv3KIJvGdHZzf8HOfY2N3mOBAPk386YYehszA0pX3wnLF7ioz4FoPMMfYYSzzWOWdsQyujOLM0sXmVJhI3KBxm8jrtbJN9g_Ff9f1_v-wgM/s1600/selic+-+dilma.JPG" /></a></div>
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<b>O erro da presidente: Esquecer a velha e
boa teoria econômica:<o:p></o:p></b></div>
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<b><br /></b></div>
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A presidente (bem como os economistas de sua linhagem) errou ao
considerar que a economia brasileira apresentava capacidade de redução de taxa
de juros sem impactos inflacionários<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftn5" name="_ftnref5" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></a>.
Portanto, a elevada taxa de juros brasileira era (e ainda é) uma necessidade
para se manter “estáveis” os preços, e não uma opção. Conforme Schio (2013)<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftn6" name="_ftnref6" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></a>:</div>
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<i>“Segundo Wicksell (1936), a taxa
natural de juros é a taxa de juros que reflete os fundamentos reais de uma
economia. Especificamente, a taxa natural de juros é aquela que orienta a
alocação de recursos em uma economia, determinando o que será direcionado para consumo
presente e o que será poupado e direcionado para investimentos. De forma a
manter a poupança e o investimento em equilíbrio, a taxa natural de juros
permite que a economia cresça sustentavelmente. Ou seja, endogenamente, regido
pela taxa natural de juros, todo o produto que não é consumido (a poupança
real) é utilizado para aumentar a capacidade produtiva de uma economia... Em
suma, a taxa natural de juros é tratada por Wicksell (1936) como sendo uma taxa
de juros de equilíbrio. A taxa natural de juros é a taxa de juros que explicita
qual é a real disponibilidade de recursos em uma economia, e suprindo as
demandas atuais e futuras de um sistema econômico, permite que os planos de
produção estejam permanentemente em sintonia com dado padrão de consumo. Com
efeito, a implicação da taxa natural de juros reside no componente
estabilizador que se impõe sob a economia, fazendo com que pressões
inflacionárias não atinjam o sistema produtivo”.<o:p></o:p></i></div>
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Abandonando a secular teoria da taxa natural de juros, a presidente e
sua equipe conduziram a economia brasileira pra um caminho insustentável. Os
preços subiram, a economia semi-estagnou e como já era previsto pelos economistas
ortodoxos, os fundamentos prevaleceram, evidenciando a fraqueza da nova
política de juros conduzida - pelo governo (e não pelo BACEN autonomamente).</div>
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Portanto, sempre que ouvir um discurso de políticos ou economistas
sobre “redução de taxas de juros” sem considerar reformas sólidas e bem
orientadas na economia brasileira, desconfie. Como disse o economista Milton
Friedman, “Um dos maiores erros é julgar políticas e programas por suas
intenções ao invés de seus resultados”. </div>
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<div id="ftn1">
<div class="MsoFootnoteText">
<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a> http://www.cartamaior.com.br/?/Editoria/Politica/Dilma-reduzir-juros-proteger-cambio-e-diminuir-impostos/4/25153</div>
</div>
<div id="ftn2">
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<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></a> http://www.milkpoint.com.br/cadeia-do-leite/giro-lacteo/copom-surpreende-e-corta-juro-em-050-ponto-porcentual-para-12-ao-ano-74340n.aspx</div>
</div>
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<div class="MsoFootnoteText">
<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftnref3" name="_ftn3" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></a> http://www.valor.com.br/valor-investe/casa-das-caldeiras/2987192/dilma-os-juros-e-taxa-de-cambio</div>
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<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftnref4" name="_ftn4" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></a>
Recursos são escassos, portanto, para se consumir mais, deve-se reduzir o nível
de investimento, ou vice-versa. </div>
</div>
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<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftnref5" name="_ftn5" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></a>
Essa foi uma tese amplamente defendida por economistas brasileiros que
acreditavam que a manutenção da taxa de juros em um elevado patamar era desnecessário
e custoso em termos econômicos, notadamente de investimentos. Redução de juros
não implicariam em inflação maior, assim defendiam.</div>
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<a href="file:///C:/Documents%20and%20Settings/User/Desktop/Redu%C3%A7%C3%A3o%20de%20taxa%20de%20juros.docx#_ftnref6" name="_ftn6" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></a> http://www.sorocaba.ufscar.br/ppgec/mce/arquivo/pagina18/disserta%C3%87%C3%83othyago_am%C3%A9rico_schio.pdf</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-58930195301021101022014-03-09T16:23:00.000-03:002014-03-09T16:23:03.461-03:00O processo de mercado<!--[if gte mso 9]><xml>
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<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="color: black;"><a href="http://media.web.britannica.com/eb-media/89/106889-004-7C393669.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://media.web.britannica.com/eb-media/89/106889-004-7C393669.jpg" height="287" width="400" /></a></span></span></span></div>
<div style="line-height: 150%; text-align: center; text-indent: 35.4pt;">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><br /></span></span></div>
<div style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><br /></span></span></div>
<div style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="color: white;">Na teoria
econômica, corriqueiramente se entende o mercado como sendo algo estático em
determinado ponto do tempo, sendo a ação dos agentes apenas exógena aos eventos.
O entendimento do mercado como sendo um processo de contínuo ajuste buscando um
equilíbrio, sendo os empresários agentes de mudança e um foco da análise, ainda
é marginalizado nos textos de economia. </span></span></span></div>
<div style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="color: white;"><br /></span></span></span></div>
<div style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="color: white;">Um dos teóricos
que introduziu na análise econômica o papel do empresário (ao lado de <a href="http://en.wikipedia.org/wiki/Joseph_Schumpeter" target="_blank">Schumpeter</a>) foi <a href="http://en.wikipedia.org/wiki/Israel_Kirzner" target="_blank">Israel Kirzner</a>. Este
entendeu o mercado como sendo um processo, e não algo estático. Em seu livro<i> <a href="http://www.amazon.com/Essays-Capital-Interest-Perspective-Collected/dp/086597781X/ref=sr_1_1?s=books&ie=UTF8&qid=1392724603&sr=1-1&keywords=essays+on+capital+and+interest" target="_blank">An Essay on Capital</a></i>, cita ele:</span></span></span></div>
<div style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="color: white;"><br /></span></span></span></div>
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<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><span style="color: white;"><i><span style="line-height: 150%;">“O processo de mercado consiste
na cadeia de eventos que dele deriva a partir da interação neste mercado das
decisões de numerosos participantes. Estes tomadores de decisões percebem, no
início, que as oportunidades que estão sendo oferecidas a eles no mercado (em
virtude das decisões dos outros) são diferentes (às vezes mais, às vezes menos
atraente) do que aquelas originalmente esperadas. A partir das lições
aprendidas no mercado, segue então um padrão sistemático de ajuste e revisão
nas decisões tomadas pelos participantes do mercado. Este padrão de ajustamento
constitui o processo de mercado”.</span></i></span></span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-25311544747827472102013-09-29T14:08:00.000-03:002013-09-29T14:08:40.892-03:00Protestos no Brasil: escolhas e custos<!--[if gte mso 9]><xml>
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<span style="font-size: small;">A eclosão dos
protestos em 2013 no Brasil teve como origem as manifestações do Movimento
Passe Livre. A princípio, era apenas para ser um protesto contra aumento das tarifas
de passagens urbanas. Surgidas na cidade de São Paulo, as manifestações repudiavam
o aumento de R$0,20 no preço das passagens de ônibus e metrô, exigindo “tarifa
zero”. Mas tais protestos, de repente, se transformaram em manifestações
intensas, expandiram-se por todo o país, e fugiram do controle do Movimento
Passe Livre. O foco em cobrar “tarifa zero” do transporte público, foi
consequentemente, abafado. Novas demandas surgiram: mais educação, mais saúde,
mais segurança, <i>et cetera... </i></span></div>
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<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Conforme
consta no site do próprio <a href="http://saopaulo.mpl.org.br/tarifa-zero/" target="_blank">Movimento Passe Livre</a>:</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;"><i>“Tarifa zero é o meio mais prático e efetivo
de assegurar o direito de ir e vir de toda população nas cidades. Essa idéia </i>(sic)<i> tem como fundamento o entendimento de que o
transporte é um serviço público essencial, direito fundamental que assegura o
acesso das pessoas aos demais direitos como, por exemplo, a saúde e a educação”.</i></span></div>
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<br /></div>
<span style="font-size: small;">
</span><br />
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<span style="font-size: small;">Como muito
ressaltou o economista <a href="http://www.econlib.org/library/Enc/bios/Friedman.html" target="_blank">Milton Friedman</a>, não existe almoço gratuito: no mundo
econômico, não existem bens gratuitos. Isso engloba o transporte: motoristas
cobram salários para trabalhar. Os veículos utilizados no transporte não caem
do céu: eles precisam ser fabricados. A gasolina não verte gratuitamente: ela
precisa ser produzida. Os mecânicos que reparam os veículos também cobram pelos
seus serviços. Não existem gentileza e gratuidade no sistema produtivo. Para a
infelicidade dos que demandam bens “gratuitos”, a realidade econômica é dura,
cruel e custosa.</span></div>
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<br /></div>
<span style="font-size: small;">
</span><br />
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<span style="font-size: small;">Nunca houve e
nunca haverá transporte gratuito. Por mais grotesca e óbvia que aparenta ser
tal afirmação, não apenas há pessoas que não compreendem isto, como há aquelas que
exigem que isso ocorra, e mais, cooptam membros da sociedade para se engajarem
nessa luta.</span></div>
<span style="font-size: small;">
</span><br />
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<span style="font-size: small;">Para o caso da
capital paulista, <a href="http://robertolbarricelli1.wordpress.com/2013/09/23/o-mito-do-passe-livre-em-sao-paulo-onibus/" target="_blank">como consta neste link</a>, demonstra-se que o custo real unitário da tarifa é de
R$4,13, sendo R$3,00 o preço ao passageiro e R$1,13 o subsídio (leia-se,
impostos) da prefeitura. Após deduzir todos os custos, há um lucro de R$0,13
por unidade de passagem vendida. </span></div>
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<br /></div>
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<a href="http://robertolbarricelli1.wordpress.com/2013/09/23/o-mito-do-passe-livre-em-sao-paulo-onibus/" target="_blank"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNCjUFSBxgOo-h9LMSriyt4qgAmqKpxdNkIgA5OHF0v0Hb2ojTwC1XvvY-Ym0D1cHn4kh20Xz3kxZkPIe4d-6isjTqNHnEz2sA5L9wVfHFw8oNQU6LNvNowgCMit2FUJmWuzVej8UExiAT/s640/grc3a1fico-folha.png" width="640" /></a></div>
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<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Naturalmente,
reduzir a taxa de lucro (ou acabá-la) é o método mais certo para se reduzir a
qualidade do transporte público (ou acabá-lo). A reivindicação, portanto,
consiste em elevar o subsidio público, de modo a criar uma “tarifa gratuita”.</span></div>
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<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Muitos membros
da sociedade concordam com essa reivindicação. Eles realmente acreditam que um
programa como “tarifa zero” seria adequado e/ou legítimo. Mas vamos aos fatos.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Novamente
esbarramos no problema da escassez e da inexistência de “almoço gratuito”. A
intenção em se implementar um programa de “tarifa zero” esbarraria, portanto,
na <a href="http://www.orcamentofederal.gov.br/educacao-orcamentaria/ofat/Revista_OFAT_2014_WEB.pdf" target="_blank">restrição orçamentária do governo</a><span style="font-family: "Calibri","sans-serif"; line-height: 115%;"> –
que o subsidiaria completamente</span>.</span></div>
<br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
</div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Assim como as
pessoas (até mesmo o homem mais rico do mundo), o governo também se depara com
renda limitada: ele deve, portanto, usar seus restritos recursos de modo a trazer
o máximo de bem-estar à sociedade ao menor custo possível.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Disso deriva a seguinte pergunta: como a sociedade pode ao mesmo tempo cobrar MAIS
educação, MAIS saúde, MAIS segurança... Sem dar a sua contrapartida, ou seja, os
impostos (</span>estes
elevados reduzem a restrição orçamentária, possibilitando mais saúde, mais
segurança...)?</div>
<br />
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</div>
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<br /></div>
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</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Restrição
orçamentária em termos práticos significa que para se aumentar o investimento
em educação (com o orçamento inalterado), necessita-se reduzir a parte dos
outros itens da sua “cesta” de investimentos. Se o investimento em educação for
elevado, portanto, de 25% para 35% do orçamento, os outros itens PRECISAM ser
reduzidos de 75% para 65%. E como fica então saúde, segurança, “transporte”, e
tudo o mais que for demandado?</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br />
<div style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1kdB92ldfZWoxfvVQLH74Y9xQJHkSIcZPmy29vrLXIlR3cVYorYjbeVjNupQpEXdOlb2lC53BPVJ_LID83WCQEXvSvlzTafsahAC2_JPStWPBmA_htAPwnG6XYVTYCgVuN76YCadJNOGw/s1600/budget-constraints.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1kdB92ldfZWoxfvVQLH74Y9xQJHkSIcZPmy29vrLXIlR3cVYorYjbeVjNupQpEXdOlb2lC53BPVJ_LID83WCQEXvSvlzTafsahAC2_JPStWPBmA_htAPwnG6XYVTYCgVuN76YCadJNOGw/s400/budget-constraints.JPG" width="400" /></a></div>
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</span><br />
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<span style="font-size: small;">Torna-se
claro, assim, que as demandas por MAIS serviços do Estado apenas repercutem na
questão: como financiar MAIS bens públicos sem exigir MAIS IMPOSTOS da
sociedade? </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Caso essa
resposta fosse fácil, o problema econômico fundamental, a escassez, certamente
seria abolido.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">A sociedade
deve, portanto, ser racional em suas reivindicações: pode-se SIM cobrar mais do
Estado, mas saber que o custo será, necessariamente, ou mais impostos, ou
redução na quantidade e qualidade dos outros serviços prestados.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Exemplo
prático para o caso brasileiro: antes do Brasil retornar a democracia, o Estado
desempenhava um papel crucial nos investimentos em infraestrutura, mas ao mesmo
tempo realizava um baixo investimento em programas sociais. Foi justamente após
o rearranjo da atuação estatal, que o Estado pode se engajar em programas
sociais e distributivos, como o programa bolsa família.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-size: small;">Consultar os
dados de parcela do orçamento público aplicado em investimento (infraestrutura)
e programas sociais torna clara a restrição orçamentária: houve redução
percentual naquela e elevação percentual nesta. Em suma, o Estado deixou de
investir para poder distribuir. Assim, grosso modo, para poder ter o programa
bolsa família e outros programas sociais, custou ao Estado se afastar da
infraestrutura: custaram as privatizações (“concessões”), que frequentemente
tanto se reclama e vilipendia. </span></div>
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<br /></div>
<span style="font-size: small;">
</span><br />
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<span style="font-size: small;">Certamente, a
sociedade tem legitimidade em expor sua pauta de reivindicações. Mas também
deve reconhecer que escolhas trazem consequências, e com ela, seus custos.</span></div>
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-5433968008460486182013-05-21T22:06:00.001-03:002013-05-21T22:11:53.697-03:00Distorções nas taxas de juros de longo prazo - Em que resultarão?<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">As taxas de juros de
longo prazo estão em patamares insustentavelmente baixos, induzindo graves
distorções econômicas, em especial, bolhas nos preços de títulos e demais
ativos financeiros. Quando tais taxas de juros subirem - o que certamente
ocorrerá -, tais bolhas irão estourar, sendo que o preço de tais títulos e
demais ativos irão cair significativamente, havendo significativas perdas aos
seus detentores – e consequências no lado real da economia.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Um exemplo claro da
má precificação de títulos ocorre com os T-bonds americanos. Atualmente, tais
títulos com maturação de 10 anos possuem um rendimento nominal inferior a 2%.
Considerando a taxa de inflação em também 2%, isto implica em uma taxa de juros
real negativa, a qual é confirmada pela taxa de juros de -0,6% nas Treasury
Inflation Protected Securities (TIPS) de 10 anos – considerando o ajustamento de
juros e principal pela taxa de inflação.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Em termos históricos,
a taxa real de juros dos T-bonds de 10 anos tem sido de 2%. Com efeito, a taxa
atual está 2% abaixo do que tem sido sua média histórica. O que surpreende é
que a taxa de 10 anos taxa tem vigorado em um cenário com déficits fiscais e
endividamento governamental significativamente inferiores ao atual. No caso
americano, com déficits fiscais projetados para 5% do PIB até o fim desta
década e uma razão dívida pública / PIB que duplicou em 5 anos – e continua
crescendo -, era de se esperar taxas de juros reais das T-bonds
significativamente superiores a sua média histórica.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Desse cenário deriva
a questão: como perduram taxas de juros reais tão baixas em um cenário tão
adverso?</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">A razão para a
sustentação de taxas de juros tão baixas não é um segredo. A política monetária
norte-americana, através de seu “QE3”, tem intencionalmente mantido baixas as
taxas de juros de longo prazo. Sabe-se que o Banco Central Americano (FED),
está comprando T-bonds na ordem de aproximadamente 85 bilhões de dólares por
mês (1,02 trilhões de dólares por ano). Considerando que este valor excede o
déficit governamental, naturalmente, torna-se desnecessário que o mercado
privado assimile tais títulos. É o governo suplantando a necessidade do mercado
privado.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span class="longtext"><span lang="PT" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 11.0pt;">Ressalta-se ainda que os
investidores estão comprando títulos de longo prazo pelas atuais taxas de
juros, pois os rendimentos sobre os investimentos de curto prazo atualmente
estão próximos de zero. Ou seja, os investidores estão recebendo um rendimento
de 2% em troca do risco de manter títulos de longo prazo (com riscos
crescentes).</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span class="longtext"><span lang="PT" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 11.0pt;">Na conjuntura atual, há um grande
risco em se manter títulos de longo prazo. Explico-me, através de um exemplo:
Suponha que a taxa de juros dos títulos de dez anos permaneça inalterada nos
próximos cinco anos e, em seguida, suba de 2% para 5%. Durante esses cinco
anos, o investidor obtem um rendimento anual de 2%, resultando em um ganho
acumulado de 10%. Mas, quando a taxa de juros de um título de dez anos sobe
para 5%, o preço do título cai de $ 100 para $ 69. Ou seja, o investidor perde
$31 no preço do título, ou três vezes mais do que o rendimento do título no
período. Há uma relação risco retorno totalmente desfavorável: para cada $1
ganho, há probabilidade em se perder $3.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span class="longtext"><span lang="PT" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 11.0pt;">O Banco Central Americano tem
intencionalmente seguido a estratégia de manter baixas as taxas de juro de
longo prazo na esperança de estimular a economia. Contudo, o estímulo parece
ser desprezível, ao mesmo tempo em que o risco de bolhas financeiras se torna
mais patente – e provável.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span class="longtext"><span lang="PT" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 11.0pt;">A elevação das taxas de juros irá
impor perdas aos detentores de títulos de longo prazo, com potenciais
implicações na estabilidade das instituições financeiras – e novamente do
frágil sistema financeiro.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.45pt; text-justify: inter-ideograph;">
<span class="longtext"><span lang="PT" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 11.0pt;">A baixa taxa de juros dos títulos do
Tesouro de longo prazo também tem elevado a demanda por outros ativos de longo
prazo que possibilitam rendimentos mais elevados, o que inclui ações, terras,
títulos corporativos, ouro e imóveis. Quando as taxas de juros subirem, os
preços desses ativos irão cair. Resta saber qual a sensibilidade de cada um
destes frente às variações nas taxas de juros...<a href="http://www.blogger.com/null" name="_GoBack"></a></span></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-87404691236033858312013-04-23T18:00:00.000-03:002013-04-23T18:42:03.577-03:00Tomate - o pepino da equipe econômica?<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7dZqo3x3p2wzjpxnIjnJM2wj3gky61bPhjc4Sj31iJHCkxImcsyel0uU6dlgzFxHJ2hyphenhyphen5fGrf2WnLmvOsozeVNb0YysGcYBq-cmBTs6Mj2hCFid58zlueC-DmodyWdpCKUZWCIPcYdwbu/s1600/DSC09837+b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7dZqo3x3p2wzjpxnIjnJM2wj3gky61bPhjc4Sj31iJHCkxImcsyel0uU6dlgzFxHJ2hyphenhyphen5fGrf2WnLmvOsozeVNb0YysGcYBq-cmBTs6Mj2hCFid58zlueC-DmodyWdpCKUZWCIPcYdwbu/s320/DSC09837+b.jpg" width="320" /></a></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Infelizmente, os meios de divulgação tem prestado um
enorme desserviço ao país ao ressaltar a alta no preço do tomate e considerá-la
a grande vilã da inflação. Pergunta-se: Como pode um bem </span><span style="font-size: 12pt; line-height: 115%;">que possui participação no orçamento de 0,22%
impactar tanto sobre um índice de inflação?</span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;"> </span><span style="font-size: 12pt; line-height: 115%;">
</span></span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Como ressalta Gustavo Franco, “o essencial é que a
inflação é um esporte de massa”. Por definição, a inflação é caracterizada como
o aumento generalizado dos preços - e não o aumento do preço de um bem.</span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">No caso brasileiro, chama atenção o “índice de
difusão”, que mede simplesmente a proporção de produtos dentre os 365
componentes do IPCA cujos preços tenham aumentado no mês. O fato do processo de
elevação de preços estar generalizado na cesta de bens considerados no índice
ocorre, pois aproximadamente 75% dos bens pesquisados estão sofrendo elevação
nos seus preços. A escalada dos preços não se trata, portanto, de um fenômeno
isolado, mas sim de um fenômeno amplamente difundido entre os produtos.</span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Há ainda a defesa de que o comportamento do
consumidor pode atenuar o processo inflacionário. É um grande engano essa
crença. Explico-me: Há aqueles que sustentam que ao consumidor se abster de
consumir o produto que está tendo alta consistente nos preços (como o tomate),
forçaria a queda no preço do produto, impactando assim nos índices de inflação.
Grande engano. É bem verdade que ao se abster de consumir o produto com preço
mais elevado, pressiona-se a queda no preço do bem. Contudo, os consumidores não
param simplesmente de consumir, e o fato de se abster de consumir certo produto
(como o tomate), não faz com que ele pare de consumir os outros produtos. Ele
apenas substitui o consumo do produto em alta (tomate), consumindo outro
produto. Neste caso, ao se elevar a demanda dos outros bens, novamente está
ocorrendo o processo de pressão sobre os preços (a curva de demanda do novo bem
é deslocada para a direita, com novo preço de equilíbrio agora maior). Em suma,
abster-se de consumir um bem com preços em alta (como o tomate) não reduz a
pressão sobre os índices de inflação!<span style="mso-tab-count: 1;"> </span></span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span></span></span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Como ensinou o professor Milton Friedman, “a
inflação é sempre e em toda a parte um fenômeno monetário”. Nesse caso, não há
a menor possibilidade de controle inflacionário sem a adoção de rigorosa
política monetária. E para haver rigor na política monetária, é necessário que
haja independência do Banco Central, e não intromissão de presidente, ou ainda,
ministro da fazenda falando sobre controle inflacionário. Inflação é fruto de
política monetária, competindo apenas ao Banco Central tratar do assunto.</span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Em assuntos econômicos, quando o voluntarismo ou a “fé”
se sobressai sobre a sólida teoria econômica, vemos péssimos resultados
econômicos, como os que estão ocorrendo atualmente no Brasil. Controle
inflacionário não se faz com desoneração tributária e controle de preços, mas
sim com política monetária prudente. </span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Mas para haver política monetária prudente, também é
necessário controle na política fiscal... Considerando o entrelaçamento que
existe entre política fiscal e monetária, torna-se crível que a política
monetária não poderá ser prudente enquanto prevalecer no Brasil “contabilidade
criativa” e outras artimanhas da política fiscal conduzida pela <a href="http://bdadolfo.blogspot.com.br/2013/03/resultado-da-enquete-qual-foi-pior.html">pior equipe econômica da história do Brasil</a>.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9qpZxN9AoXPytrloafPF7JxHoSeU8_RXPWLuhETFFCQZPUeURLxxuLSAO8XvEA6Y4tQGYkMRyD5St3qCrylSYiH31ulR5G0Sr7JJFghaqMjkLPN66JGQUbRfGkHqEuIdtVJovMlOBdIzA/s1600/frase-quando-acontece-alguma-coisa-errada-no-meu-governo-eu-fico-triste-dilma-rousseff-158858.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9qpZxN9AoXPytrloafPF7JxHoSeU8_RXPWLuhETFFCQZPUeURLxxuLSAO8XvEA6Y4tQGYkMRyD5St3qCrylSYiH31ulR5G0Sr7JJFghaqMjkLPN66JGQUbRfGkHqEuIdtVJovMlOBdIzA/s400/frase-quando-acontece-alguma-coisa-errada-no-meu-governo-eu-fico-triste-dilma-rousseff-158858.jpg" width="400" /></a></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Durante a cúpula dos BRICS, realizada em março de 2013 na
África do Sul, a presidente Dilma Rousseff afirmou que a retomada do
crescimento econômico no Brasil foi fruto da política econômica do governo em
reação à crise financeira internacional. Afirmou no evento que o Brasil vem se
recuperando desde o ano passado, depois da desaleração em 2011 e 2012, dizendo
que "não foi um crescimento espontâneo, mas foi um crescimento fruto do
resultado de uma série de medidas de estímulo fiscal, tributário e
monetário".</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mesmo com o pífio crescimento de 0,9% no ano de 2012<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span></span></span></a> a
defesa da relevância do governo para a economia foi ressaltada. </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Para a presidente, a piora de desempenho econômico em
2012 é uma questão cíclica, causada pela crise internacional, assim como pela
menor disponibilidade de crédito, algo muito próximo da crise de 2009, e que
merece, naturalmente, as mesmas respostas: juros mais baixos, aumento da
disponibilidade de crédito por meio dos bancos públicos e, por fim, uma
política fiscal mais frouxa com redução do superávit primário.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Uma análise crítica da opinião da presidente esbarra em um
ponto crucial: não há amparo desse diagnóstico com a realidade.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sabe-se que as economias da América Latina e Central
apresentam estruturas produtivas similares a nossa, e, portanto, devem (ou
devemos) apresentar crescimentos econômicos próximos. Vejamos dados de
crescimento econômico na região:</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Panamá - 9,5%, Haiti - 6,0%, Peru - 5,9%, Bolívia - 5,0%,
Chile - 5,0%, Costa Rica - 5,0%, Nicarágua - 5,0%, México - 4,0%, Cuba - 3,0%, Argentina
- 2,0% e Paraguai -2,0%.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sim. Só ganhamos do Paraguai em termos de crescimento
econômico. É muito difícil sustentar que a crise internacional causou uma
redução no crescimento brasileiro ao mesmo tempo em que vários países vizinhos,
inclusive mais dependentes de <i style="mso-bidi-font-style: normal;">commodities</i>
do que o Brasil, registraram aceleração no período.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ainda, ao se analisar o ano de 2009, vivenciamos piora no
mercado de trabalho e redução expressiva da inflação. Algo bem distinto da
situação atual...</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">A insistência da estratégia atual de política econômica revela
que certamente péssimos resultados deverão vir, caso seja mantida tal estratégia.</span></div>
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<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span></span></span></a>
A despeito de Programas como PAC (Programa de aceleração de crescimento), e
outros tantos que pouco soam eficazes, apensar de extremamente custosos...</div>
</div>
</div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-9155268336104161660.post-77253690631685659662013-02-28T21:55:00.000-03:002013-02-28T21:57:58.029-03:00Inflação em 2012: o que foi dito e o que não foi dito<!--[if gte mso 9]><xml>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;"><img alt="http://www.portaldopiquiri.com.br/wp-content/uploads/2013/02/Infla%C3%A7%C3%A3o.jpg" class="decoded" src="http://www.portaldopiquiri.com.br/wp-content/uploads/2013/02/Infla%C3%A7%C3%A3o.jpg" /> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Segundo
o IBGE, a inflação mensurada pelo IPCA finalizou 2012 em 5,84%. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Naturalmente,
o governo comparou este número com a inflação de 2011 (6,5%) para afirmar que a
inflação desacelerou no país. O que não foi dito é que o IPCA de 2012 não é
diretamente comparável ao de 2011, pois o IBGE alterou a metodologia do cálculo
do IPCA.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Ao
que foi apontado, baseando-se na metodologia antiga, o IPCA de 2012 ficaria em
torno de 0,3% mais alto em 2012, portanto, próximo de 6,15%.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Deve-se
lembrar que o governo muito se utilizou de desonerações tributárias visando a
redução da inflação. Estudos indicam que sem as desonerações tributárias a
inflação mensurada pelo IPCA ficaria em torno de 0,3% mais alta (fechando assim
2012 com 6,45%). </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Este
valor é muito próximo do ano de 2011, e consideravelmente maior do que a média mundial.
Até quando o Brasil será um país conhecido por elevadas taxas anuais de
inflação?</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">O
uso de política tributária com finalidade de controle inflacionário é algo desprezível,
não sustentável e antieconômico. Explico-me:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Sempre
que o preço de um bem aumenta isso implica em um aumento da escassez relativa deste
bem em relação a outros bens. Se o governo utilizar política tributária e diminuir
o imposto sobre o bem, visando tentar anular o aumento de preços, ele não muda
o fato básico de que a escassez relativa do bem aumentou. De fato, o que o
governo faz é esconder tal aumento, impedindo que o mercado ajuste seu consumo
a nova realidade de escassez.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Usar
política tributária para combater a inflação é enganar a sociedade. Quando os
preços dos bens aumentam, isso implica em perda de poder de compra da moeda
(inflação). Ao diminuir impostos visando anular o aumento de preços, o governo
não altera o fato crucial de que o poder de compra da moeda caiu.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Por
fim, deixa-se um exemplo de como a política tributária para controle de
inflação é perversa e antieconômica: </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Considere
que 100 reais são suficientes para comprar uma cesta de alimentação por mês.
Suponha que com a inflação, a mesma cesta custe 120 reais. Tão logo isso se
torna patente, o governo usa política tributária, reduzindo os impostos sobre os
bens da cesta de alimentação, de tal maneira que a mesma volte a custar 100
reais. O IPCA irá então dizer que não ocorreu inflação, mesmo ela tendo ocorrido!
Afinal, em um primeiro momento, compravam-se mais bens do que a cesta de
alimentação apenas. Por quê? Pois com os 100 reais iniciais era possível comprar
também uma série de serviços do governo que estavam inseridos no imposto pago.
Ao se utilizar política tributária para combater a inflação o governo evitou o
aumento do preço da cesta de alimentação, mas não evitou a perda de valor da
moeda e a eliminação dos serviços embutidos nos impostos inicialmente pagos. Veja
que de fato a economia empobrece neste caso, pois agora há apenas a cesta de
alimentação sem os serviços públicos ofertados em vista do imposto já não mais
pago. A sociedade perde bem estar nesse caso.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;">Com efeito, o uso de política tributária
para controle de inflação culmina em: enganar a população, dificultar que
ajustes nas cestas de consumo (decorrentes do aumento original de preços) sejam
realizados; empobrecimento do país!</span></b></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-76499204394151994532013-01-30T10:33:00.000-02:002013-01-31T09:14:59.793-02:00Não existe energia gratuita...<!--[if gte mso 9]><xml>
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<br /></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgANZrlFjpymapem2pX2XiNncbzCnyVf-iqqKUwjo9I3sRKcD5lHHt8nnm_Tw_0PcAmL6WHywMNWqV7I2U8kvg9XQ-ulrNrj8TqfrFY7PIYC4QrCvMtWOFtiXYBeB1eo9iFGtsziFF_J_kl/s1600/dilma-rousseff-230113-300x207.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgANZrlFjpymapem2pX2XiNncbzCnyVf-iqqKUwjo9I3sRKcD5lHHt8nnm_Tw_0PcAmL6WHywMNWqV7I2U8kvg9XQ-ulrNrj8TqfrFY7PIYC4QrCvMtWOFtiXYBeB1eo9iFGtsziFF_J_kl/s1600/dilma-rousseff-230113-300x207.jpg" /></a> </span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Duas notícias de relevância
foram dadas nos últimos dias, porém, analisadas de forma separadas e sem
evidenciar o nexo entre ambas e seu possível impacto negativo sobre o país. Uma
notícia apresentada é boa, a outra é ruim.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">O
que foi mencionado?</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">A “boa” notícia é que haverá
redução na tarifa de energia elétrica, sendo tal informação fornecida no dia 6
de janeiro, em rede nacional, pela presidente Dilma Rousseff. Todos os consumidores
terão sua tarifa de energia elétrica reduzida. Para as residências, a redução
média é de 16,2%. O consumidor residencial não é o único beneficiado com a
redução da tarifa de luz. O desconto vale também para o setor produtivo, como a
indústria, podendo chegar a 28%. De acordo com o governo, o custo de
distribuição de energia é menor para a indústria.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Já a má notícia diz respeito
ao nível dos reservatórios localizados no Sudeste e no Centro-Oeste, respondendo
por 70% da capacidade de produção de energia hidrelétrica no país. O nível de
tais reservatórios já é semelhante ao verificado no período anterior ao
racionamento de energia, decretado pelo governo federal em 2001. Ainda, nos
reservatórios do Nordeste, segundo maior parque gerador de hidroeletricidade no
país, a capacidade das represas no dia 6 de janeiro era de 41,21%, bem abaixo
dos 59,33% registrados em dezembro de 2000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">“A situação é muito delicada
e pode ficar mais complicada se não voltar a chover na cabeceira dos
reservatórios”, disse o presidente da Associação Brasileira de Distribuidores
de Energia Elétrica (Abradee), Nelson Leite.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">O uso da energia térmica
ajuda a poupar água das hidrelétricas para que seus reservatórios voltem ao
normal, mas também encarece a conta de luz. O problema é que a energia gerada
pelas térmicas – movidas a óleo, gás e carvão, por exemplo -, é mais cara, o
que acaba levado a aumento na conta de energia para os consumidores. Para cada
mês de operação das térmicas, deve ser repassado à tarifa de energia cerca de
R$ 700 milhões a mais. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Em entrevista no dia 27 de
dezembro, a presidente Dilma Rousseff afirmou ser “ridículo” dizer que o Brasil
corra risco de falta de energia.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">O
que não foi mencionado?</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Em primeiro lugar, cabe
mencionar que a principal finalidade do governo em reduzir a conta de energia
elétrica é possibilitar o aumento no preço dos combustíveis, como gasolina, sem
gerar impacto significativo sobre os índices de inflação.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Em segundo lugar, não
podemos deixar de considerar que em um nível crítico nos reservatórios, reduzir
a conta de luz apenas estimula a demanda por energia, o que, naturalmente,
tende a acelerar o processo de redução dos níveis dos reservatórios. Em suma,
sem que haja chuvas significativas e elevação dos níveis nos reservatórios,
maior demanda com menor preço tende a estimular o caos: racionamento em vista,
sem meio termo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Em terceiro lugar, cabe
ressaltar que se a alternativa governamental for o uso de energia térmica, de
maior custo, a redução da tarifa não deveria se sustentar. Portanto, o
mecanismo a ser utilizado pelo governo pra cobrir a diferença será o
endividamento público. Em suma, uma boa manobra política, mas nada inteligente
do ponto de vista econômico, já que de qualquer forma o consumidor pagará pela
conta mais alta. Não existe mágica no mundo econômico, não existe almoço de
graça, nem conta de luz mais barata com processo produtivo mais caro.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Para
onde caminhamos?</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Afinal de contas, é
sustentável a redução das tarifas de energia no país?</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Se de fato não for revertido
o processo de queda nos níveis dos reservatórios, muito possivelmente não será
possível o governo sustentar por muito tempo o uso de energia térmica. Assim,
desenha-se o cenário de racionamento de energia.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Havendo reversão no processo
de queda nos níveis dos reservatórios, porém de modo que ainda seja necessário
o uso de energia térmica, o custo produtivo médio deverá crescer no país.
Novamente, pelas leis econômicas, sabe-se que processo produtivo mais custoso
não combina com redução de preços: a diferença necessariamente terá que ser
paga por alguém. E já sabemos quem... </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">O interessante é que ao
utilizar endividamento para permitir a redução na tarifa, o governo apenas
maquia um fenômeno não possível naturalmente. E ainda pior: se você for um
usuário de energia que consome menos do que a média das unidades do Brasil,
estará subsidiando o consumo dos que mais utilizam energia. Melhor nesse caso
não maquiar a redução na conta de luz, visto que neste caso, a conta é
diretamente proporcional ao uso, e não subsidiada por aqueles que menos a utilizam.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Fontes:</span></span></div>
<span style="font-size: x-small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif"; line-height: 115%;"><a href="http://g1.globo.com/jornal-hoje/noticia/2012/09/dilma-rousseff-anuncia-reducao-na-tarifa-da-energia-para-consumidores.html">http://g1.globo.com/jornal-hoje/noticia/2012/09/dilma-rousseff-anuncia-reducao-na-tarifa-da-energia-para-consumidores.html</a></span></span></div>
<span style="font-size: x-small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif"; line-height: 115%;"><a href="http://g1.globo.com/economia/noticia/2013/01/nivel-de-reservatorios-ja-chega-ao-do-pre-racionamento-de-energia.html">http://g1.globo.com/economia/noticia/2013/01/nivel-de-reservatorios-ja-chega-ao-do-pre-racionamento-de-energia.html</a></span></span></div>
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<br />
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Em pleno século XXI, os economistas não conseguem
comunicar algumas ideias básicas da economia para o público em geral. Um caso
peculiar, e que merece referência, é o comércio internacional, como brevemente
explicarei.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">A razão para esta falha é que a maioria dos economistas
tem pouco interesse em falar sobre economia para os não economistas. Há
exceções, como é atualmente no Brasil o professor Ubiratan Iorio e como foi no
passado o professor Milton Friedman, que explicou claramente os efeitos
econômicos da inflação e do controle de preços. Mas exceções como eles são
raras.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Pior ainda, alguns comentaristas econômicos se esforçam
para piorar o desentendimento atual sobre o funcionamento dos mercados. Muitos
deles apenas reforçam as falácias correntes.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Não há falácia econômica tão difundida como o a de que um
país perde quando os cidadãos compram bens e serviços de estrangeiros, ou seja,
quando praticam comércio internacional (livre comércio). Essa ideia
mercantilista, combatida e já demonstrada ser errada há séculos, ainda existe. O
que se argumenta, nesse sentido, é que os brasileiros estão gastando reais no
exterior ou com ele. Então, concluem que empregos estão sendo "destruídos",
e que a economia brasileira está sendo prejudicada.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">O bom economista deve corrigir este equívoco, explicando
que todos os recursos monetários ganhos pelos estrangeiros que vendem para os brasileiros,
inevitavelmente, retornam ao Brasil. Estrangeiros usam esses recursos para
comprar bens brasileiros ou para investir na economia brasileira (o recurso
jamais some do sistema econômico, ele não é desperdiçado).</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Todos os reais que os brasileiros gastam em importações retornam
ao país, tão certo como retornariam se os brasileiros tivessem comprado o
produto em solo nacional. Comparado à situação em que o governo brasileiro
impede o comércio dos brasileiros com os estrangeiros, esses reais retornam com
maior efeito positivo sobre a economia do país. A razão é que o comércio
permite que nós brasileiros possamos comprar do exterior os produtos que os estrangeiros
oferecem para nós a preços mais baixos do que nos custaria para fazer esses mesmos
produtos por aqui. Com efeito, há um ganho líquido. </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Exemplifico: Imagine que para produzir um relógio na
Suiça custe X, e que produzir o mesmo relógio no Brasil custe 2X. Ao
adquirirmos o bem dos suíços, gastamos X, e ainda há uma sobra na economia
brasileira de X, que poderá ser gasta com outro bem. Com efeito, a sociedade
brasileira na realidade enriquece ao praticar o comércio de relógio, visto que
agora há no país um relógio e outro bem, digamos, uma luneta. Tudo isso apenas
é possibilitado através do comércio, em que bens menos custosos são adquiridos
e reduzem a restrição orçamentária da população, possibilitando maior consumo.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Os economistas há muito tempo compreenderam os ganhos
mútuos do comércio internacional. Contudo, ainda há aqueles que se esforçam
para gerar desentendimento sobre o comércio internacional.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Considere, por exemplo, uma frase típica (e tipicamente
mercantilista): "Muitos reais são gastos em importações que não retornam
para comprar as exportações dos Brasil - a diferença entre as importações e
exportações foi a perda do Brasil”. Quem fala isso está falando besteira.
Simples assim.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Os reais que os estrangeiros não gastam com as
exportações do Brasil não são "a perca comercial do país." Pelo
contrário, esses reais são reinvestidos no Brasil e, portanto, eles criam a demanda
por bens e serviços do Brasil não menos do que aquela que os reais criariam se
o recurso fosse utilizado para comprar as exportações do Brasil.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Os reais que os japoneses investem em títulos do Tesouro Nacional
brasileiro se tornam a demanda por bens e serviços do Brasil - demanda expressa
pelos gastos do Tesouro ou por particulares que vendem títulos para o Japão e
que, então, gastam na economia os reais que ganham nas vendas dos títulos. Da
mesma forma, os reais que a japonesa Sumimoto investem na construção de fábricas
no Paraná tornam-se a demanda por bens e serviços do Brasil - demanda para os gastos
com materiais de construção e os operários da construção civil.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 42.55pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Portanto, reflita sobre o argumento mercantilista. Não há
motivo em pleno século XXI para se argumentar que importações prejudicam um
país.</span></div>
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<span style="font-size: small;"><span class="longtext"><span title="Why should Congress deal with the tough political issues if the Fed can do the job, even if more slowly than if Congress acted?"></span></span></span><span class="longtext"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%;"></span></span>
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<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><span class="longtext"><span lang="PT" style="line-height: 150%;">Com a introdução de
outro programa para a compra de MBS (forma de securitização), da ordem de US$
40 bilhões por mês, o FOMC está apoiando a política federal de longa data de
ajuda aos setores de construção civil e de hipotecas. </span><span title="These federal policies were the largest single contributor to the financial crisis.">Foram
exatamente tais políticas que foram as maiores responsáveis pela crise financeira,
que começou no setor imobiliário. </span><span title="Why would the Federal Reserve want to encourage continuation of these federal policies?">Por
que o FED quer incentivar ainda mais essas políticas federais desastrosas? </span><span title="Almost every economist, except those allied with housing interests, agrees that the mortgage-interest and real-estate tax deductions in the federal tax code should be eliminated or scaled back.">Diz-se
que o FED é apolítico, mas esta decisão está diretamente apoiando a continuação
da atuação da Fannie Mae e da Freddie Mac. </span><span title="This action is not monetary policy but fiscal policy, extending credit to a favored industry.">Esta
ação não é política monetária, mas política fiscal, concessão de crédito a uma
indústria favorecida. </span><span title="This policy is crony capitalism, whether practiced by the federal government or by the Federal Reserve.">Esta
política é o capitalismo de compadrio, sendo praticada pelo governo federal e pelo
FED.</span></span></span></span></div>
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<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span></div>
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<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><span class="longtext"><span lang="PT" style="line-height: 150%;">As decisão do FOMC cria
mais um problema para o FED. </span><span title="If job growth picks up, or inflation rises, before every future FOMC meeting the market will wonder if the Fed will stop buying MBSs.">Se
o crescimento do emprego vingar, ou se a inflação aumentar considervalmente antes
de uma reunião do FOMC, o mercado vai se perguntar se o FED irá parar as compras
de MBS. </span><span title="The Fed has refused to offer any genuine guidance as to when the policy will end.">O
FED se recusou a oferecer qualquer orientação genuína a respeito de quando a
política vai acabar. </span><span title="Conversely, if job growth remains weak, market participants will wonder before every FOMC meeting whether the Fed will do more, or introduce some new and untried policy.">Por
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mercado vão se perguntar antes de cada reunião do FOMC se o Fed vai fazer mais,
ou introduzir alguma nova política e inexperiente.</span></span> Em suma, só
aumentam as incertezas.</span></span></div>
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<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><span class="longtext"><span lang="PT" style="line-height: 150%;">Na sua conferência
de imprensa de lançamento do QE3, o presidente do FED, Ben Bernanke
apropriadamente enfatizou a necessidade de políticas fiscais para estabilizar
as finanças federais. </span><span title="Yet, he is promising that the Fed can make a material contribution to bringing down unemployment.">No
entanto, ele mesmo está prometendo que o FED pode contribuir para derrubar o
desemprego. </span><span title="That promise reduces the pressure on Congress to act.">Essa promessa
reduz a pressão de ação sobre o Congresso. </span><span title="Why should Congress deal with the tough political issues if the Fed can do the job, even if more slowly than if Congress acted?">Então
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atuais se o FED se compromete a fazer o trabalho?</span></span></span></span></div>
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<span style="font-size: large;"><span class="longtext"><span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><span title="Why should Congress deal with the tough political issues if the Fed can do the job, even if more slowly than if Congress acted?">Ao que parece, a situação que o FED está criando é absolutamente insustentável e trará consequências ainda mais dolorosas do que as já criadas.</span></span></span> </span></span></div>
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<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="hps"><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;">Concretamente, a situação do mercado de trabalho
americano é lamentável.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="hps"><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;">A divulgação dos</span></span><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;"> <span class="hps">dados do mercado</span> <span class="hps">de
trabalho</span> para o mês de <span class="hps">junho</span> <span class="hps">marca
o</span> <span class="hps">terceiro aniversário do</span> <span class="hps">fim
oficial</span> <span class="hps">da recessão (junho de 2009).</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%;"><span class="hps"> </span> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="hps"><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;">Naturalmente, tem-se assim uma boa oportunidade para</span></span><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;"> se <span class="hps">verificar a</span> <span class="hps">saúde
do</span> <span class="hps">mercado de trabalho nos EUA.</span> <span class="hps">Utilizou-se
um dos métodos mais simples de análise, porém eficaz</span>: a razão <span class="hps">emprego/população</span>.
<span class="hps">Em essência</span>, este indicador nos diz <span class="hps">qual
parcela da população</span> <span class="hps">em idade ativa (</span>16 <span class="hps">anos de idade</span> <span class="hps">e acima)</span> <span class="hps">tem
um emprego.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="hps"><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;">Quando a relação</span></span><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;"> <span class="hps">sobe,</span> <span class="hps">as coisas
estão melhorando no mercado de trabalho</span>. <span class="hps">Quando isso não
acontece</span>, o <span class="hps">mercado de trabalho não</span> <span class="hps">está se recuperando.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: center;">
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<span style="font-family: "Arial","sans-serif"; line-height: 150%; mso-bidi-font-size: 12.0pt;">Após
verificar o gráfico acima, pergunta-se: Q</span><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;">ue tipo de <span class="hps">recuperação no mercado</span> <span class="hps">de
trabalho</span> <span class="hps">tem ocorrido nos</span> <span class="hps">últimos
três anos?</span> <span class="hps">Como o gráfico</span> <span class="hps">mostra</span>,
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<span class="hps"><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;">O crescimento do emprego</span></span><span lang="PT" style="font-family: "Arial","sans-serif"; line-height: 150%; mso-ansi-language: PT; mso-bidi-font-size: 12.0pt;"> <span class="hps">não</span> <span class="hps">tem sido
forte</span> <span class="hps">o suficiente para suportar</span> <span class="hps">uma</span>
<span class="hps">população crescente.</span> <span class="hps">A</span> <span class="hps">relação emprego/população foi de 59,4%</span> <span class="hps">há três
anos</span> e atualmente é de<span class="hps"> apenas</span> <span class="hps">58,6%.</span></span><span style="font-family: "Arial","sans-serif"; line-height: 150%; mso-bidi-font-size: 12.0pt;"></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-35077274898564403812012-08-31T14:52:00.002-03:002012-08-31T14:52:37.635-03:00Refletindo sobre a desoneração fiscal<!--[if gte mso 9]><xml>
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<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://t1.gstatic.com/images?q=tbn:ANd9GcQDFmxFoxMcN8FDIc_qdF7IueUawGU8YhmwHhIv5FzQ_evadBYF&t=1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://t1.gstatic.com/images?q=tbn:ANd9GcQDFmxFoxMcN8FDIc_qdF7IueUawGU8YhmwHhIv5FzQ_evadBYF&t=1" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b>Entendeu?</b></td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"> </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Segundo
coluna no site da Istoé Dinheiro<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: PT-BR; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span></span></span></a>,
o PIB do segundo trimestre de 2012 só teria crescido 0,1% (cresceu 0,4%) em
relação ao primeiro trimestre deste ano se o governo não tivesse reduzido o IPI
para os automóveis, conforme estudo do economista Ilan Goldfajn, chefe do
departamento econômico do banco Itaú Unibanco.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Por
sua vez, ainda de acordo com o site Istoé Dinheiro<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: PT-BR; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span></span></span></a>,
a presidente Dilma Rousseff acha que esse resultado de crescimento do PIB só
reforça o acerto das medidas de estímulos à economia tomadas pelo governo. Não
fossem as medidas, a avaliação do Palácio do Planalto é de que o País já
estaria em recessão.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Certo...
A grande pergunta é: Será que não passa pela cabeça da presidente ou do ministro
Guido Mantega uma reforma tributária no país?</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Se a
redução do IPI no setor automotivo foi suficiente pra impactar
significativamente no crescimento em um cenário turbulento, o que poderia
acontecer com a economia se TODOS os setores fossem impactados por uma medida
de desoneração?</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Uma
reforma tributária traria efeitos no país não em um único trimestre, mas sim
permanentemente. Se a presidente realmente se importa com o país, e é a mulher
de coragem que diz ser, está ai uma ótima oportunidade pra ela mostrar força... </span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://t1.gstatic.com/images?q=tbn:ANd9GcQDFmxFoxMcN8FDIc_qdF7IueUawGU8YhmwHhIv5FzQ_evadBYF&t=1" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Ou
será que a arrecadação imediata do Estado é mais importante que o desempenho
econômico do país, e as medidas de desoneração só valem pra propaganda em período
de estagnação?</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div style="mso-element: footnote-list;">
<br clear="all" />
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<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span></span></span></a> http://guilhermebarros.istoedinheiro.com.br/2012/08/31/pib-teria-crescido-so-01-sem-a-reducao-do-ipi-de-automoveis-diz-itau/</div>
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<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: PT-BR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span></span></span></a> http://guilhermebarros.istoedinheiro.com.br/2012/08/31/para-dilma-numero-do-pib-reforca-certeza-que-governo-evitou-recessao-no-pais/</div>
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Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-9155268336104161660.post-49011530012962122352012-07-23T11:25:00.000-03:002012-07-23T11:26:05.138-03:00O pesadelo das exportações brasileiras<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXt6XWgf3V00-kEtuKy54xvGfE8Rvch5eOgZwfxYacEJrxKbYzn9983KrTi-ut85meTiPEU9fL4eRT_HMt2ME3NQfGXnhD93yU956sIwBAkKuBwDgsv1Ym5gen-m6f9ILTny06PsFIfImc/s1600/grito_alerta2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXt6XWgf3V00-kEtuKy54xvGfE8Rvch5eOgZwfxYacEJrxKbYzn9983KrTi-ut85meTiPEU9fL4eRT_HMt2ME3NQfGXnhD93yU956sIwBAkKuBwDgsv1Ym5gen-m6f9ILTny06PsFIfImc/s320/grito_alerta2.jpg" width="320" /></a></div>
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<br /></div>
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<span style="font-family: "Georgia","serif";">Nos últimos anos, tem voltado
a ganhar notoriedade no Brasil a tese de que o Brasil pode retornar a ser um
“mero” exportador de matérias-primas, o que certamente, nos perpetuará no grupo
dos países subdesenvolvidos.</span></div>
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<br /></div>
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<span style="font-family: "Georgia","serif";">De acordo com os dados dos
últimos cinco anos, a parcela dos produtos primários na pauta de exportações
brasileiras cresceu de 32% do total das exportações para 48% do total. No mesmo
período, as manufaturas perderam participação, saindo de 52% em 2007 e atingindo
36% do total das exportações em 2011. A análise dos dados, portanto, comprova
que o país está se “desindustrializando”.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqENOJu7lM0x5kOZOvqUaq7Cp-r1VV1nHG3q-3aOb1qtLMrL7Gn4c8YZx1XQzGcKUuAa-e2F6SwHN9ZjAAkqYv6XAKJvArUJADYmJP0NGa8nlKWy-GAGRwidTnvmK9kpLtQWzzzkhERDoC/s1600/exp.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqENOJu7lM0x5kOZOvqUaq7Cp-r1VV1nHG3q-3aOb1qtLMrL7Gn4c8YZx1XQzGcKUuAa-e2F6SwHN9ZjAAkqYv6XAKJvArUJADYmJP0NGa8nlKWy-GAGRwidTnvmK9kpLtQWzzzkhERDoC/s1600/exp.jpg" /></a></div>
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<span style="font-family: "Georgia","serif";"><br /></span><span style="font-family: "Georgia","serif";"></span></div>
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<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Georgia","serif";">Mas essa análise bruta dos
dados é muito superficial, e esquece fatores importantes que impactam na
economia, como incentivos, mercados em busca de lucros e preços relativos,
apenas para citar alguns.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Georgia","serif";">Por exemplo, no período acima
citado, houve uma elevação significativa nos preços de produtos primários,
praticamente dobrando, enquanto os preços de manufaturas aumentaram significativamente
menos, apenas 35%. Isso por si só, já implica que a elevação da participação
dos produtos primários deve ser elevada relativamente frente às manufaturas,
pois caso contrário, o país estaria perdendo uma ótima oportunidade de ganhos
econômicos. Negar esse fato ou lutar contra ele, além de ser absolutamente
antieconômico, gera profundas perdas em termos de renda e bem-estar.</span></div>
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<span style="font-family: "Georgia","serif";">Schwartsman<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Georgia","serif"; font-size: 11pt; line-height: 115%;">[1]</span></span></span></a>
usou uma metodologia que decompõe a evolução da parcela de manufaturados no
total exportado entre os efeitos derivados de quantidades e os efeitos oriundos
dos preços. Obteve-se:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKXTYBLKiDI9XansdY1t0_uRgWd2iDiHgX5x3ECAyFX2MAsGw9ntYNN5-XJJhpdVfilQiyYzpO3KQc14OR_FPAr4Pf2vjNK7Bs_4Or-jX7ihUM9mMUxVrgYJGHU4-jK6iHDiDqDWyClT1k/s1600/ev.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKXTYBLKiDI9XansdY1t0_uRgWd2iDiHgX5x3ECAyFX2MAsGw9ntYNN5-XJJhpdVfilQiyYzpO3KQc14OR_FPAr4Pf2vjNK7Bs_4Or-jX7ihUM9mMUxVrgYJGHU4-jK6iHDiDqDWyClT1k/s1600/ev.jpg" /></a></div>
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<span style="font-family: "Georgia","serif";"> </span></div>
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<span style="font-family: "Georgia","serif";">Conforme
explica Schwartzman, excetuando 2009, </span><span style="font-family: "Georgia","serif";">a queda da participação dos manufaturados
(consequentemente, a elevação da participação de primários) resultou
essencialmente da redução dos preços desses bens relativamente ao preço médio
das exportações, com escassa contribuição das quantidades de manufaturados, que
cresceram em linha com as quantidades totais.</span></div>
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<br /></div>
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<span style="font-family: "Georgia","serif";">Ou seja, os preços relativos - à medida que geraram
incentivos a elevação da participação dos produtos primários – contribuíram
nesse período para que as exportações dos manufaturados fossem reduzidas em
termos relativos, sem significar, no todo, que de fato as exportações caíssem
em termos de <i style="mso-bidi-font-style: normal;">quantum<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; font-size: 11pt; line-height: 115%;">[2]</span></b></span></span></a></i>.</span></div>
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<br /></div>
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<span style="font-family: "Georgia","serif";"> O
ano de 2009 foi um ano atípico de fato (em face do estouro da crise mundial), e
a significativa redução das exportações de manufaturas (portanto a contribuição
negativa das quantidades) foi ocasionada pelo colapso das importações em nossos
principais mercados, responsáveis pela absorção de 75% das vendas desses
produtos.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Georgia","serif";"> Além
disso, os nossos principais importadores de produtos primários – que haviam reduzido
as importações de US$ 5,8 trilhões para US$ 4,3 trilhões de setembro de 2008 a
dezembro de 2009 – elevaram para US$ 6,3 trilhões as compras no ano passado,
superando os níveis pré-crise e, trazendo as exportações de primárias para US$
74 bilhões em 2011, patamar consideravelmente superior ao observado às vésperas
da crise (US$ 41 bilhões).</span></div>
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<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Georgia","serif";">Conforme conclui Schwartsman
“<i style="mso-bidi-font-style: normal;">manufaturas perderam importância na
pauta principalmente pela queda de seus preços relativamente aos primários e
pela lenta recuperação dos principais mercados. Por outro lado, a participação
de manufaturas nesses mercados caiu apenas marginalmente entre 2007 (1,39%) e
2011 (1,32%), indicação que “competitividade” não parece, nem de longe, ser o
problema</i>”. </span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Georgia","serif";">Chama a atenção a recente
queda de preços das <i style="mso-bidi-font-style: normal;">commodities</i>, o
que, caso este fenômeno não seja revertido, deverá fazer com que as manufaturas
voltem a ganhar importância na pauta de exportações brasileiras. Destaca-se que
- para surpresa de muitos - isto não será um ganho para o país, visto que,
essencialmente, as exportações brasileiras estão sendo desvalorizadas, o que
implica que nosso desempenho econômico e bem-estar estão sendo reduzidos frente
ao período em que os preços dos produtos primários estavam maiores.
Concretamente, o país terá que produzir mais e exportar mais para chegar ao
mesmo resultado que era obtido anteriormente.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Georgia","serif";">Como diz o ditado, cuidado
com os seus desejos – eles podem se tornar realidade.</span></div>
<div style="mso-element: footnote-list;">
<br />
<hr align="left" size="1" width="33%" />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="http://www.blogger.com/goog_7870424" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[1]</span></span></span></a><a href="http://www.blogger.com/goog_7870424"> </a><a href="http://www.blogger.com/goog_7870424">http://maovisivel.blogspot.com.br/2012/05/datafobia.html</a><a href="http://./">.</a></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText">
<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[2]</span></span></span></a>
Outra informação que você não ouvirá dos alarmistas da desindustrialização.</div>
</div>
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-12545654752170400162012-06-25T13:02:00.000-03:002012-06-25T15:29:39.533-03:00Câmbio e Juros no quadro atual<div style="font-family: Arial,Helvetica,sans-serif; text-align: center;">
<img alt="" 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+Pzrz//zZcffPgx7vLhLi/u8ePeoMPnR10+DPdgXp9YrekcGBidok5MM8em2bml1S1tvU29o/WD47mlNeVNHQ3dw3XtvaVNbddae0rr27JqmnNrmwpqm+NzCi4X5BWVVqRn5zV29da1dafkl3YNTCUWlqb0DqZ1DiY1dlXxtBwTAZtxlQUbUBsahHKm3jqqNdWI5BwjLgCJEdDqDLwHmp29NH77lDi1fiiluvNKSUNifs3FwtrL+ZXJuSWnr+ZuPnXxFxt23f3iqz9++tn7nn3xrqWP/+jBB3+29PFN7+5mcXl0NifUJIfCGHIfGE1gqAQlL8QslMHcyQBwsS/Sb6zvAHsL1ZkRdkfu7sKZSrjIDE8OQuDNS13I6O6ktvR4PGVlZeWV1S+8tHL5q2++um7ziRMnXtp/7oWjqZeLyhUgpDKa3v/o0/+Ym3vv0y/cH3wmxd7jm90un98/E8C8fqc3KFWoxylTDA6vo6dvZIzS1NYxPDLBYvOkcoVEpROoQRVkoSiAJrZ8XGmR6K1mwq3CXSDiFhstfWK+3k7ADq8ARGuZ8naxyoxjXK2GLlO1coStfJEYMIkVRipfMcSS1vTQSjr7c6+1xhXXHLqUVVjfceBiWs2kuHSA0iLQ13GN6UxhFUdLUVtbJOZ2kXFMZeSbrBoE5+mt/RK4boSV2z6W0dSfc60361p7QV1raln9weSstYfO3vfy6p8+++JPn1n+4yeeeujZF5avWb9q89Y3N24+ef6CXKGIjkPJfWB0EDpvChrGjxzA3HYLdLEv2DvVt5296DozIlYhjxDImQrZ7sgZ5kLURYC3UGHp8XhySiuffuGlNW+9vX7rju17D72+Ly4pM2/NpfJEvqHwvU+/nJv7/Ndff/D5p0rXTbbVL4EJoRllQE6mSE1nMHgCcWFRSe/AIJ3LU2p1OpPJhGKEy+/xXXe5g1bUhfk8NnfASHhNhB9xe6v48oR+RiVVqrY43MGAAIAGlWqGVl0vlPapTAbcp3UQPWIJU6WVwEYBCF9j8Cp5UqkF05hxjQVBcZ8OdUKoC7I5GaBtUmlmyoFehqhmmF7aMZxRWFvQPHChsOpscV35hKBKaChia+u5hiYh1K+GQZSQWly9SoSqRQakYLsAqB7lVnRNVXYMlzd359Z1rb+Qtupo/ENvbPjp8pU/Wrbs/l8+89Y7u05cSLx09eqJs2c37Xw3LTuXDCGZwPCWNpnAiAyGbIARE4h5DTDG3l9N0XlmGDxynTnvCCHC7sjUXb9+nTwzmLfCnJe6guLSvLKqFa+98eambVv2Hj59ITm3IPdIRtlREdAx85Fvbk7m++Si4/1JrR3EfByLn23wDnLUPeP08mvNLR2dLB5PrQMQzOlxB1z+IOH3Y2437vZAGKq323G3NzAbdOAEGzSDmBv3BnkmhxF3a+xIAYUV10UvYgqEZqvUbB+VAKMqsFMsTx/n1bH5gBUALRaGSnGNRWerzVMKXRdfOi4Dh+Vgr9JM0VqZkENr89KNmMSEqW2ExupUWFyAwy+34Wwj0qeEGqmS6hFmfsdgan1nfnPfmdTsonFuKx9oFcJKm2saRCl6fFRHTOltwypzt9DcI7JUDjFruwdru0aSixoPXslfse/U3Ste/tHjv3johRc3HjwRfzH9zPn0gyfP7z50cuPWvVt37E/NzFGoVCECQ1UoOQiNwG+hDCbiTog7eTeKxb6Eb6PvEnsRDV7I8chhZnSmQh4ekL0uTN2tK0yPx+PxeApLy598/qUX3njrrR3vnjx7ISU7b2dq+WmZoeVXH+nn5tQffJ7leC9hGhpVm1GXkyaUVQ1S8pv6Wru62HyhCjDimNvj8hMur9MbwINBwuv1+gNmFDU6EBPiMFocSr1VBlgchBsmPDwDMq23ADan3OKk6hEWbDcRXoHW2CY2FU8ryriSaY1pRGWgaAwMhWFcruiViPl6nc5mpquUdQweRarqEcnbeco2Gdwiw+okxnalrVtl71VYmxVwr9o6qkHrxNoGmaFFaGjiGfJY+nPj0ky2No8LnBtT5VL4Q1zZ0ZrOTSnFZ8raCxr7K8Y4XKObqiX6pc4eGTGgxsc02JgW6xIBPXRR8+hU48jkpaqW7QlZv9x24MfPv/DAM8vf2LZnf9yVA+euvnvg3NubDr36xs6nV779yptbDp+6IBLJoktQ8iw+YhktjN+8W6Df9fzzW8reQj0eeXwXcrzwTua8mUpEoLJQXzdvbenxeMorq5568ZXnV294fce+PaeSDqdkVigNfYD1P+fm7O9/Ve365MiwvUNt5xrQsra+CQYnq6qxZ5LTLwQAO+Hy+x0ev8Ptc/tmnG4/4fK7vTMBf9Dt93mDM3qzla3VjUlkLI1eBkNyAB5WQWKrU2l2C3R2FmjnQs5JjaOYqcgYEOV0j56o6R/iAxVsaR1HIbJap1QQU23Q28w0hWpYLJ1SyK0oOi5XNTG4jXRBF19FAbBBjalJZuyRo20K84jGPgogfRp7n8pWKzLkMpSpdG3ypLSYAx0fE2UwtZk01f5+yZZO1pkB2elJzWWa9uIQ73IXrbaHcjG/MrOmtZGmHlE7hjXWUS0ypLGPa9FJDdErNQ0pDaN8WU3/1IWya68dO3/3Cy//aMkjb+08vetQ0rsHL7zzbtzzK3c+/PT6JS+tf+bNTc+8uu6JFasra5vFEnk4homYBM7bAYbrz/AEIiL/vIX7fWsh/NaxdyfJCrnBC4eZ5CIzPD9YaHJwW+qqqmveWL122853Dp08cyTh6vmcsm6JUT4355ybG535oFKMtYixFhV+vLS7mcK5UlzbOUanSvSTgJVvciOewIx31unx4R6fy+MnfAEiOOPw+zGvz+32u30BvdVKuD162EIRSYUazaCAnz1OK57mT+mt01qEb3RwANu01jKtsXENyLrcxmUHLz13OkUA28dVxjKGdFhqtKB2FWSWamGOTKsCoY5p+rRcqrMhI3JdFVtUyJE2y6AGJZwm1hUIDS1SY5PC1KK0dSmtzSpLHhcq4kGZDF0qQ5HKUCdQ1RVsc7VAX8aD44YV8cOieIrmzKTmIk2XQNUWs7W9Ym0vR9Y4wsmoaUmraW2kSztkxgGFfViFjSiRaT3C0bmoKmxYCjVQeScLax5cvf7uZ19YvfPIgTOZh89kr99+eunzW556/Z01e04cOJd85Gzilr1HXliz+UTCZb5YGp5DRK/CRBggGT/yfYDf3eH7t5S9hTbFyHVmCLxwdxdeUiF3d/PO6xYCL0RdRVX1G2vWvrN3//Fz5y9l5I5RKGarNfTaPv/iSw3qkdqddZ3d/dPcgrqGNiqnT2SY1jspOmxST7CNqJ1wuYJ+f+C6zzPj9QRdvoDXN+P3zfp9QaPdPiGXGW0YU60U6rV2woP4PBorWjgmPN8ykd8/zTQgg1LllFZLV0KTIsO0yi40IKvOpizbevrtSwU0NXBtWlHOEHFkJjEEqGFjel3b4Yx8M4aKddoeDmdco+WZbJ0ybRGN1yaE6sRIjdiazFWnsnUFXCiHabjCBC/xwGIuUCEAr7J0FznqVLbs1KSyVmCrl5uv0hU1YjiHr0uZUl6Z0sSNqg6Pqs5OqCr5xj65jQuhFKW1bVpZ1DmRmFeeWFB1bVIwqrZPAJ5pg29AjbQqkCEjMSSHCwam3jwW/+DzK59c9db63fFb3724evPpVzef2H360onLGaeT0985mbT1UNyWvSc27T6aWVCi0enJGUz4loho/CLqzzu/AWJRr+gF9S1i77YNXjhZCdeZIfBC3d1HH30U3d3NS100b/8fdZVVr72xevu7e07GJ2QWlmhAA2R1zM3NffDZP13/+AuNy232zozRmCXVDVMcPktt4hmdXMjLM3qZeqJTaaMBdjfm9bldLl+ACF53BWdcwYDL70f9Adzn9foDnkBgXCJkK+QaxDYlU5T2jZwtqjtX0drNB5ObR5Nr+4f4OpXJxAVMVJlmVKqgK/Q9TOmhgtpTGXXrE3M2J+evOZc2xJVIIaPO7KCIJRvjEh5Zta5icITw+ER6eEAkp8tVjRzFNYa0VaTLF5paxPY6EXSEqt0+rDg0JD04KE2iAdlsw1UWEDepO0GVV4n1lQK4X4/0KKAkFtirRiqFQDJVeZmmTaFqDg6Lj4+pU5lwv9omN9inVOiU3klT4wNCQ+OUoLB1qKRjtLh9rGlK1K9FO+RInwIfUtnpADahRk+WND27ffeSVzc9v2b/1sMXTyUXZhXUpuWUxKcWHEnM2LA/fuX6Q8vffHf5m++89PbupNR8kUwVymCiN9FC9WdE/nkn7V+MvTtVRKkZsRhNdryIKUJ4JzNkd7fIVOY1Oo/HU15R+cqqN7fu2n3i7IWr2QUqvSH0kj789DcO/3t6wjcplNK44ra+Aa4KtDo9WsQjNju5kJcDu5lGggq45FY3SvjdHr/D5fZ4g07fjDt43euf9Xpn3e6Aw+lSw2aX12/FHP08bk0v5Vha5Za49M2nMkaYssYJYVEvpaB9pGaINswV0cVGhgSeUBnSWwfOlrd085QypbGfJli67fRz+0/4Al6txToiUbVOcw9ezXtzz/HTOSVGB4a7vHIQnpRpW1nyJo6qiqcqFhlS+foWEXyBpts+LD8xJbtCU1xk6uIY6jQmUMeDm6RGKoCOaYlhPTYCwf1q15gS6ZAby7n6DCZ0iapMoSnTaarLTHWRwMTRuTkwxjNhVI1jWoOOaZA+mekaW1Uzxi1oHshvHOhkaQbFSJ/CMaiyDisdI1qiVWTYmpx5z4uvvbx135Xs6ryS9sQrZVuOxMVdyTp7OWfHwcTXNh17fu2+Z1ftemrllmde3XrkXKpQoiQbYOiu3DB+ofyTPH+P3j67df25qBd4pL4V7N1JpBl2vK+//jpiikCuMxfKVBbq68rKK155bdXWne8ej4tPyc5X68HQS3r/098AmM+A+bv6x7kS5RiDqzDazU6vwxmEUDcPJtiwS2x18yweviUgNaN2lyfgnyU8AZvb43C6UZcPc/md3mBw5qYdJSCHDXTYZZCpjcY8mFbwy00HVh+5sPVMegeFoTejwyxZ0wSnuJ9R1EmpH56ETahIb+/hqYa40p5p9rBEacQQwuNPKqxuHWSoLI4BrrieJeiYFpzKrtqbmJNS26yz2xwzQZsnQFPoisYZ1QJdLk/XIDYWSwzn2brzDF0OFyjmWvIE1lwx1Kp2UA0uhtEpd7hNrgDLiNRKjLU6E0XnoGhso4ClU2Uu4xsKeIYqKVgpVBdwgPhpQ6EA4ZpwhQ1V2ggJTLAAfECJtMpsrWK0SWToZ8squycLWkbbmZpBpaNHZutT2tsl5nHIndY9fjy/+pdr3j6VUnwipXzzseT1R+OPXcrILqm5nFF0Nbv8YlZZfEru7hMJu46cfWXdnkOnL4dK0IgAJlx/zruAduvwM8begrpFpBkGL5ysfPHFF+EbEcKxSkSYSc5UFqLO4/HU1Tds2bHr+JlzVzOy1TrAZEPm5uY+/PWXnvc/Nzn9fZTpwqoGpkihQ5wg5jXhfsg5o7I5BUZCbPaLTS6FBWcZPGKzF/cE3P5Zr/+62zfj9HgwpxN1u1xez+z1695g0O71q23WUb74Um37yj1x2w5dvlTTntTQVdw5rIEtKhM+LdOX9lHy28az28cbxtlUpXZKqWKq9DKd2YZ7hTpYZ3MQ7uCNG9d7WOrj+S2N49NcteHa0OTG+CubE1PeySnfX9J6sn28QygfF0n3NgymUuWJVHkBH6wWWnK4xlIJ3KS1dmgc45CDa7YDhFtDuOSoawzG2UanwITQjUS/3tOtsXSpbHQIo4HOXrW1XW7qU1paRMZWEVQrgRoVNpYR19jcRtynRT1CmJjSocMK+6iCGFLgPQrzgNLSRFcVdVLy28ZaGOohpaNHgXbKkBEtNgYS3Qrr6iNnDpxPScyqvJBVufbgmZ1xibXtXXUtbeW1TQWVDQWlDZl5lUkpeXFJ6XuPJ7T3jkQEMBEDwNAC2kL4Rbd/30L3W2T2yD+R6Ol5eD7hAtQAACAASURBVJYQMcEjj+9CeeZC3d1C1FVVV69Zt/7g0ROX0rJUWr3Jap+bm/vki68++s1XZldgmMZqaOsRqPRmPGAm/KDTCzl9VsynRmZYkIcOuMQml9iEc4w+sdmLuX24J+D2zviDN2aD1/2BGZfbZ7EjVgyjiKWNE7SSlr6cmta3jiRtOJPWPEKvG6P20EW1oyyB1kS4vNNyQ1H3+KmC2iv1XVdruy/VdbcwRWwAoiu0zZOCCbne5vLJjVhw9qYGsdVPi04WN7WypWyJIq2qedfl3KSKpsOFdRuvVDxxITe5a5yigw70sUtY+nqxsVdjm9ChAjMGoW4I9RkIj9pOyM24xu7mWR1iO8GGiSEV0q+x9RtczVJznxpr1xEsCJEaiVGVpV9r61HaWxXIqNYyqbdMGJAJjYNq9KpQn9XpUyM+scXNM7tYkHNai4+rbYNqW5fC0iUztbFUlf20q6VNFT20IbltUG4b1jgYZs+oHk2s6U0rrU8vaz4Un/746+sOX7jUNTDY1NFV3thaXt9aXt9WXNOUVVSVklV0OSO/rrEDgi3R+WcEfuThe2j2QE5fvs3u961gL/Sjib4HLzRLmBe8iDzzG2Uq9Q1NO97deybhUk5pNQhb5ubmvvjDv77/2RcmZ2BwYrq6sVWoAq2uGYcrYHLNWNw+q9NvJ/wau3fC4GLqPAyDiwt5qKCHBbudXm8w6A8EZ2dnZ71+r9xkERktMtA8LhSUD4xdrm2NL2s6llZ14mJRdmUHZEVhnOCowQEGv6RnmCKUoU6nBkaKuydOlzQXtg9fLu9Irx+8NshiyoBeliCnc6SRxhkTKgQgjPvdxb0MyITV9E41UbnxlY17k3N2plTtL2l7O7f2mYtlu5ppQ2qr3R0YBzGKzs6DET2KA7gLJnA95pPa3EIrxoRdk6CTZsDYkJOqxykabByyjQPOcqb5Ik1WKDJLzV41QkwB1kYZ3KWy9ylNPVJLi9jaq7ZPapBJPUY1uegmQufw2F1BA+GFnF4NNiuy+eR2Hwty0gwEw+ga1yGjamuPSF83ws6oasusarlG4XdKoTEdPmhw1U1Ltl0pPpSQft8vli9/6fXknIKcqpq2vv7apta6lq6a5u7KxvaiqvqsgvK03OLUnKKG1m7YbCG3f+HpH3n9mtz73XbxZXGv+bAWk72IHi8avNCtQBGj84i5ecjx7jBTqa2rW79p25GTcSnZ+WrAGHoZNz/5Uov4OoYoJdX1PLnOQgQtLj9IeEz4rNU1a8GDMOaHHL5Jg3tS5xJCDpnFMWUMsGCPhfD7Aj47gcv0MGjBdCaHxOCgS9VSLcRSgmV9U0Xtox2TvHG+kibViY0YTaLjKE0sqT6tqSexoiO5rKV6gDIukzZQ2Icza07l1afX9Z0ouHa4oD65siu3k5Jc3183xBxmiPyBQNUot2GcO8zXnyzr6mGKnjt15bHDiS+fz/vliaxtFb21Ij3X6ta7PBrcCeF+EHVJrLjUjCssLh7sokNOoQXjQPgEQPSo0UaZZUSLjWiQFqk5c1J5iQ7Gj0j29HNypVYfft3uCfRqkQ412qG0d0hsEzp7t8rQrbD0ye2DejvX6qCB6KAGk6E+yB30+67bEb8BD+rwGZnFq7H6VbaAxOzlGHG2ARtXI4NCsHGcn1LbXdZH7VE4BnXYuA6vYuvThtivvnv0H35yz3Or1hRV1XYMjDR1DVY295TWd+VXtaYV1yZkFJ1MTr+YUXAxPS89r4TJ4YfbP3L4edvi8xaV56JDuGjsRfd4C4EXMTqfN89caE8lTB2Hw7mQlLz7wJGzySl9o5QPPv5kbm7ug8+/1CL+5t7RvJIKhlABEwELEbQQQRMRBBxeEPfbnF4T4QMw/5QBmzI46QYnx+Se0BMiq9Pu8QcCs57gjAo2pdR1bk0qym6hVA6xyoYnMluGeqflhZ0TdYOTHIW8i8ppHmeOsAU9NF5m60BC1bVLNb1Xq/sulbWkNfXnD4yX9I7HFdTuSspNLmvIaOo5X9eZVDdYOsprpnGFejh4c4Yl1xZ308sprGsToqppWfood/Wl6n2FbQ10sciIQZ4ZwhewuAgp4hDaCLHVKzS72Sacb3bpHF6hGR3WWib0VgqA9OqQRrmlQghmM2VlAuDckPhkj+DoMCdlSnp6SsU2+W54r+O+gAJx0gCsR24ZVNr6tdiA3j6oQlrlthGdjWnEmKCTBbpYZo/QHgDsXtRLOAiv3u7X2wN6dEZn9wP2AOjwq5GAzOIVWNzjaqxXYLw2OFnSRWmblg7LbEMqdNocaBFD5ytb31i/+XhiSnpNa0pNy/qTZ94+cmb59neWrVv/4Csrnlqz5onXXlv28isb9hzacfhEbWOHDoQ++uij8FsShtevI3Zfbn3f7Q+dvehUk9zjhcAL70aHR+fkZOVO8kxSplK/bdeek+cSU3OLtQbT3Nzc/52b++CzL6h82bRQOckTg5gHQNwQ5jNhPpsrAKF+jdUNYj4T4TU4PWLEJTSiMiPGBh0TAMqCA1bc4wsEXYEZp9cP2yw6m6ObJSjqGMprGTtddO14fkN8TVtcSX3XBBu2IKDFQhXL2kYmcuu6ynrGmyaZxe2jieV1B/KqSvuogAHXWBwMhV6mh5WAUQuZVJDFhrnNuPvGzZvuGf+0wtDPkA3zxENSvRi0T2jhywO0PoHy+o0bwRs3rN4ZDeqVWpx8s5tjdk4D2LDSTtGhkwDaq3a06uz9Wnu3ytYotXSrkEqxqVxizmMBScPCC+PS86OyNKYsZ1KeRNUUymEz4g0EAy6vz4YR4xprkwIdVFspOnuPxtamsvapbTSdbVqPTumxST3Cht1Ci5sDeSYsNgjxWQi/EveqHV6Dw6/H/HoiYMCDJiII4TOg3QuiLpkNGxfpagepBc1D7XRZhxAaUqFUvSO9uX/N9t1vbtm54fDx59ave/L5Za+tXbVm09ubt208vHvnqUP7E44f27Jx08Z161eueWvlmrca2rsits/Cw/dw7xddfC70tkuLcvGHtQjszQvev//7v0c4XniINy940TtiC3V3pWWVh4+evJiSrdQAoRfw/qdfAg7f0BSrc4QqhzGNzWXA/AbUC+F+izNgcQb1NqcKcdmJoBrxTxtwOoBzjR6Wzk0DXEwYt7uC/kDA6Qm6ArM3bt4MzMxQJVKmSstWafrooqSShrTarrKe0Zpe+hBLrTGj40JJ2rWWuMLqq/UDY2zltb7pi2UNKZVNYj3s8voNOM4BYKEO0pkxECGMNkwF27QWB1sNCrRmkd48zNH18HQ6ixnC3EydZViqh1ACxN0axMkzE2wjMa53TBpQCohPAsQogPRqLF0a06jK0qmwVwottTKkRAgX8OE8PpQxDV6cUOVN61PHlScGJJeZxlyqvIgmz+XpxwAEd/rQ626nL4Bg3iG9qVxs7pShoxr7sMY8orH3quyDaitDZ6dpzQNqAw2wK62EGvNl0k0NfIDwBSC3X4u49HaPAZsx4DMG3Kd1eAyIx0wEzO6A3TMDY16p1TXKV5e2D2XWdbVxwRGdvU8BU5TQG5t2bNm+++LZk9UpccXnD5ekJVemX6zLulqXl16Unpybmnjp3PHTh/Ykx5/euX1bTmo6oNVFzB7I9/7dtvj8gbJ3J+BFDPFC4JEneLfIM8nU0abpO945uHHzrpLyCsBonpub+/oPf/K893lTz3BRRS1fBRqxWa3NB9h9Ztd1sytocgatrqDFOaNHXAbco8X8TJNnWk+wjDjbgE/pXWqLx+zyeYMB/8zszPXr12/cMNrRq01dxworNl64crGyubqfVtFPo8v0HUxuM01EU+un5cpj+VVxxdcy6rurh2nFXf1HUktO5dWKAdvNmzcBiy1/gFrQOdw8NN0yzi/oGW0c5XTQhZ1sIV0smxIBVBlElVmZEIR4nXVcsI6lNSAe0OkfA2w8PcGAcIrBOaHD+vW2CcAxpMfHdI4xAGlQog0y66DK0im1lgqMCVPydLomnavPpmtPDkiTKcoijjZ5QnFhWHJ5XNwkAadBFEa8Ln8QC3hdXr8dC44DWKMQ6hAaJrQOIeQSGPABtbVLaR1TW0fUMEtrFehsWjuhJZxjasflPn4JF4CdAY9/BkJ9oD0I2P16Z0CPBwDUC2B+AJuB8YDVGTCgHiPuVZqwUbaktLkzp3uUAWE8u6uTIX76hVfeXrtmuLWB0lLRWV1yLT87I+Fk8qkDB7atPrRl9Z63Xt6z7qWda144uH3tsd1bTh3czaJTP/74Y7L7he88irjt6LZDv8WCcHHYIweb0T1euNQkR5p3mKyEwWtoaNi8ffdjz6zv7R8KfesPP/8NTPgnOZIJtsBE+E1EwIgFQYcXxv0mIgATQRgPmImAyRlwuPxGh6dTYRkFCA7kZgIY0+iig07I4ZsNzszeuO6fmdFYbTWTtP3ZlQczK88W1p/Nrj1V1Hwwtzq/ezyjuS+xpkNigMWA/nhhZUZjd+nAyLUhasc4I6m8NbOld1IgvnnzpkhnvFLRdjyv6mJlc2HTcHU/tY/FG+WqKSJN4/BkSR+lniYaEwETCqsSsefztAcGNVwEkTu8g0psFMJHDMSQDu0H8Amtc1hrpRpQmgEd07kG9cikHhkHkAY5XCGxFfGsKQzoElVZwIau0pSJVFUO25BB1adNg+lTslyOoU5hUtkIzB90eAIe16zLM4Ngvg6lpYQLlHC1Q0qYrkcYADqld0zo0H6VpU8G0QCUYXWLLE4VinONaOmYJm5IVcY00lVm/8ysEfMrUZ8GCRjRGZ3Dr0d9OnRGhwUBhxdEXCbMa3MHbC6vCjZRmLyOMeqYWKF1z+Y3dD37woqfP7JkuLel/1ppVnJc/N4t+za89s76V47uWnfhyLbU83sqcpNSLxxKOr3nyK612998Pj3hlEYhDYefEYsv4eQz+o6Hb8nU4e/HHtnxyMHmvOEKeYgXAo88Op83WSE7Xlt7x4Fjp1asPjBIFf/33Jzv87nffPVPPaOUmpZOMWAx4D6rM2h2z0BEAMb9EO6DMB+I+vWOGQMWMBEeFeIeAzGmAROBXhkUpOg8VMgJoq5AYAayOvo5woYxWkHnSFHXaMsIvaZ/IrGyOa2qp4MqYUhVyYV1x3Ir6HKjGDJntw91UlijXGknnV0zQG2lcEZZYi1kuTF7o3WcfSi39mhWZUpj99WWgZTm4StNfYl1gyequhKre4t7pjO7qX0ScAqwjxvsU6BzS7eyT4tRzNig1jKudrRpkFEtOgagQzpkQOsY1mGDGmRYZ+/QOtqU5lGVuVZiKhCY03lgMU9fwTOmc/SX6cBFqjqDrc2kmzIYcDEHzGMaS5hQl8Zqdbkds36XM2BzBk0ev48IyoxYn9zcJDIMKIy9SmhQZaZqUYYenVAaRhXmYZWNZiD4dlRkMx0altXwje0cw8E24a7Cofoxns6Kw86gyhYwokGjwwugXj0WAPDrOjQAYD4D6gVdXoPHayO8OO6WqrXjk1QmT2Tx+BkcwfPLX3h8xYv55UWHt6/et2bl4S2r4vauSzmzoyL1RFlWXENFal7a2cwrZ/IyElISjxdmJCSd3g2B2ojF63DyGfGOL9GDhx8We9HB5p/+9KfocCVilhB9s/lCeabH48nMyNh36OSTrx94ct/g+ck/bMm0SlQOuUrNlqhgV0CP+iDUbyECJiJgIQJWVwB2z6gtLpXJrcHdFo8PdfsnIZxpdKtwn8CMCyEX0+hROoiZYABzeVqn6CeKr9WPsSaFappERxPrxwXKYY6YLtGqIGtiRcv2c5kTYnBaCQ4I5CyVkSJS109yc9tpw1wl4fFYMXRYIG0emkoqaarvp3IVepZcNypUUYSyYQ6fpTbyQBMHtNFBok5qKxNbc/jGy0xVFceRwbeOgKYepa9X46hX2VsUWLfS0qdHJgB0UI2M6zwdaiSTB12mgZks/SW2MY1nrhMi6dPAZZoqZ1qTTdVepQIXxzQHB0XJDHUhT5tFVWZO6nOnFSMqk9sTcPldhNdn8fgglxshnJCVGFPb+xXmHik8rrYPKS1DKtsUYGGDCANwTaitk2rDpM7GhrEN1xh7+jlCyFrN1CR1seNqx1sn5Vy1DXYGlIhXj3n0qFuH+tQ2j9rh1+FBEPPDhB/C/DDmAwmvxekVa0CagE8Zn9QZofHB0YceeOTFjdsvJcYlHNp5+fDWkvN7cs/uuHpy08Xzu8+f2rl3++qzx3ZeOLXn9JEdJw5ujT+5Nzf9AoM6Ri4+w3O/ed/x5duz7bkI7IXBC6+M3brUJIM378JKmDo+n7d3//7Dp+OfWntuY5rhlbPQ3mzByk0nD57LhRHU5Q9gXr/JGTSjQZNzxoIHLUTA7AwaMZ/e7lZbvSDhNhNuntErNfslFrfM5uXZPByzC8C9N29cv37jphIyywwwYHUYLTjhCWoRTARYjVYMduAw5mye4Gw4eyW9sUtrwRgKC1MBygBL/Qi3opc9SFPS5fAYDyjpmSwYoUyKlL1sXuskbZgr6WeLSydYRRxJjcw0BOADBrRNY62VmQqF5iKRqYAPNYgtPNDZobWM6lCNzc+2+JvUtnYF3iRDaoSmazJ7k8J8TWTKZWhSafoCriGHaUymAQnTygoulDMpTx5VJI0rz3Txk0ckmRPqM0PKK5OqjClt1pQ+nSLPYsi7JTCEuF1BP0Q4EafX6gwYEKcGdQ0rzB0iuJYPdkgMw3LzpNZOhxEOiDF1NrrORtfZJ5QOtSnwTg39ofRBis4i0aJDElP+kPRCLSO7hQlYMdgTBAmfHvUAqE9rdyusLp3DZyZ8FsxjQN0A4TFgPtgRBHGX1GxTanUdrR0GACwvrFixYvW+I0eSzxyuvHqyLu3wlTNbDr67+t0da3Zsem3frjcT4naeObblyP71B3a/dfLQ1mMHNp85unN8pDc8eAjP/ch3PNzh0O/vhsPc34e9aMcLtXnhXc1QqUkOVz744IOIe/Bua3dNTU2HjhzdfiT+uZN1B5l/Osj84PWLtC2n8l/ffGzN7szLDdTsNlbrlBxwOA0uv4kImlwzsDNoxAMg4gHtLgPhwrwzbL2bAuASi1tqdQtgL9fk0xEz7kDQgBAUqX5CpGYq9bnt/ZW941w1AFkdeqPFYEetmFuog4fZkuruycsN3WNC+RhfI1QbexmCkh76EFuV18eonxAWDDAzBnn7mnq2lbTEVQ+eutZ3qLjxYM3guQF+/Lg2h2PO5IF5QtOIHqMZCAqITUOo3OZVIj4VRvCtHhHiVtgcartHjaBKG8E3EywjMW3EujXIBYbp1JgmcUKeMw3k0/SXKdJzE9IrU5r4QVnCoCRjUnW+X3S+XxA/Ir00Lksel1wYVeTQgdxpTcqEulFs0dkdoMPDN1gdhA/GfBbca0Q8DK11QGFsEIK1Yl2PDBxWw0NyK0tnE5sRHkxQtLZJrcVgclG10At5o8fa+Rw9QZNb+njgpV7B0brp4gEhjHscnhkD7jeiPgPh1Ts8AOKGUC+E+kDMp7b7tHYviLoshBt2+KQwojbCkxMT1TUNPS2dm3cdPXv+fEV63GjZ6V3vrF6/6dUVK57auH7lm2889eory55/7pHnlz/86splK1csXb3q6U3rVux7d21xfkrojSfCWy/hlWuy+936doe/Aw5h/V3Zmxe83//+96HNFTJ48zreLZKV9va2vUdOvn4w/sVCRp7/v1Y3WLcmtB/I7Hxm5+Wn18Vv2HM1o36qk6GVQogO8UNYAHIGzE6/BffBqNeIBU2umyAenDbiNKObC3ukJi8NxqZAp9U5a3V5JiTaoq7xTip7hCMvaO1ffSxu5Z4T609eWXvgwp5LOXvz67qnJI1jLKpEVdNPaRjiNlAkZSNMGWwZ5SmZSriXp6lhawsnpXHNY0evjV7qZFwYZCUMcAopinoFTIEIMepnWYPjJqJVZe9UoR1qdNJIjBnxSoW1Rulo1SL1SkeJAm1UwLUysEPtoGrsE4CLBzlZoFNgQfQEoUG8Ezp7vQzLnjal0hTJk7KsSWXiuGJPjzx+UJZFlSWNa492ys8NKVMmVAkT6sujyiuT6ks0bUK/vJBt4IIoTYdKzE7MFTQjLjPhASxOwEJILGiP3Ngpsw6rkF65dVRppgGIBHKpIZfAaJ0CLRwDjrhctTzN4+mDJwYltVw9U23qk9nyqJq9leP10yqBHrU7A1q7B3T5rbgPxP0GLAiiPp3DrXI4VXan3uEGMb8JnVEYCaXVbkQcXb0jKVmlcRdLEq8WleckcXrSjh7cuOLlZ59d/otfPrNk2ZL7ly25d+lj9yxbct/jS+57YskDTyx94PEl9z/1iwdefH7J0SPvKOQS8tJZOPa89cbZ95m96IkCGbzQHC86XLlFqUl2vM7Orp1Hjt311uF/KNQ+of+XJ6okbxxLWXf40t2rLzyx/uqx9BGR2uG5ft0bnLW5gzB+3YBfhwivlQhAmM/kCppxr9XlE8FuCoAILF6Z1S0w+Jkmr9l/XQkZ09qHStqmpFpTzRgzra5nx4mUpW9u3JOc805izr4LBeWd42wVUD/BSm0e62MoU1sGpVqzGkCZOp3O7lA7nIDDRVHbuAYil65NnpAMykEJaB8z2Nv1FjaMjRodFWL4MgPIYBnL+KZ8rqGQDRWyTZUCuFpkyuCbSgVwuxKpkyHlTKCArb9KA7N4cIMAKhPZKwWmsmmoigWOKq1DSogG4iqHR2zBKQbk5ARwsE98sod3pJd3cVhZxYRSqNJD/fzEPknykOrMmDJ1TJ5NVV+h6tNG5RksoEFg7VNZQcJvdfpsTrfJ6dXZXUozAtgwIYSxAIymR1slpmkAFRpQmgbhgpgMRrkQIoIwkRE1uNxXeiRLCkfWtDKquLoJqblDbE0YlSX2CLKHpYDDbXcHQDyAOnygcwZyzhgcXr3DpXe4Abtb6/CpEL8e8ZkwL+BATLjTjiBNza3Hj+xdu3F7UXl2QV7c+rdffP6lJ5cue3Dpow888diDSx6+d8nD9yx59P5ljz2w7LEHHl9y/+NLHlj26P1LH71/6aP3P77kfrlMQr7jNjz0I1vfQsvWfwccwvrbsneLUR7Z8UK7mvOCFz1L8Py5Gto6N+w/fteW409wAis+n3t2AtuT37Q6sWTp6sStFxsqR4QQ5iduzNo8HrvXD7m8BsxrIAIGzA+g1/XEdYvLDzsDYphgwQEm7OVALqYR5Rj9WmeAK1eV9FIHGCI6V3Eyt2ZvRsXx/Ka9F0sPZ9VWDzE6maprIwKGEuymCQr7Rq9UtU/xtLVjAonWwlSCEIbSlIbyaXkBS5/PNWVy4XaFlWmyq9GA0Ozu0dnHAGzKgJZxdFcnpVdoilw6UMqHc3imNAZYyTdXCM15LLhEiDYI7cUsMI8FVnKgPKa2gAGlTeuusvUVPEMOR3+Vps/lWMq4UI0A7JLbx3UWrgm1O/1qhy+drtvTJ97WxjvRIbkwpLg0LsmmgpeGNUmjqqRxTeq4JpOiyqUCuWPyqxOyJhHGMzstfr8V88AuJ4x5jIRPhxBKiwOwe5QmlKEzT+ocVA3BhxCW0UbRWtiAQ2V2q8wuPogbMRds8e7rETxbSdvQyG6Tq/tkxmaB7eqI8vKwpJmpcbjdNjxgxTxGwm9EfXq7G0A8sMMHo34dGtAgPi3isru8VpyAMbdMwhntrb4ct/HtVU9sW/vcni0vrVj+2JNPPLRs2f3LHr3n8Yfveeyh+x77+X2PPXzfskfvW/bIvcsevueJR+5d9vA9yx6+d+nD9y575L6lj9xXU1UegR/5XtuIxm/e/2bsb8pFSH8n9sj3KJBn6CHwQrua5FJzdnb2TnZWcuqaH9+474nz5Y+q/vTyx3NJOv/FZsqT58t+uq/geOmYweFzz1x3+6/biVkb4YdcfpM7YMB9AOpVO1wGwmd3+1yBWbnNx4UJtt3PNwWEJue0xcWHoF4Gq36QytXC41J11TA1qby5rGOkdoxFkWj1FkwFWZonmFVD9LJ+ZtOwYJClOJ5bNkbj53XR+XozS2fmaa0Jw4pkmi6XY8ziGyulVprewTVhuQK8QIpwrL4Rg71CZrjK0mew5HkMRRFbXywEikWWSqG5QQ6X8aAyFphON1yiA8lT6pNT6qvTQA5TX8EH8hlg8qQqmwbk0zXpk+JCjqFRCNcJjWUcMJ9hqJZa+5UWLeIxYG6umSjkgsf7ZQc6uYf7JBdG5TlsXfq0PmFInTaqujQsSxyRJQ3xr4wJx+VWnRlD3H4bHrDgbivmBWw4jHk0dkKPeAHEqUMIHeKUWwk2iDCNjmnQOq1DxpV2tgEXQrgcwjCfr4qt3dYmfKRk4sqUYEJloCiRKi5QOq3aU05tFuh9gRmD0+sgAkbEo0bcetRvwgOwMwDhfqszaHX6bCihhVCVhEPtKSpL3bdr/fK3XvvFymeXPvfU/ateXPL0svteX/n4S798ePnS+x64556H77/vkQfvfezBu5c8ePfSh+5Z9vN7lzx472MP3vvoA/csfejepT+/Z+nP76mpLA3dcDTv0O+277P0N+UipL8Ve/Pur4Tf7yiUr4SWV8L/9SR5gD5vjxfheNm1TSv2n8liSHVzc6z/nuuwXC/onX40sXLJ+dqiPiHiDWKBGSPuNxIeCPEY0OsgFoBwH4TPGFCPifDbPAHEExRafFwQ58LucYNbYg+IsRuTalNmU09h06gYdOQ39SSWNp0sbihsHU4qaG4Z40GIm6vTNFGFRR1T7dPipglezcC0SIcUdU+WdVFO1w31SO02jz9pUpnBMk4Z0REdIrC4xg1OipZolNva1RjD4lTAwctMoIQFNkuNxSJtAQfMY+vyOUAV31ovhIv4hgoeXMw3FnNNRTxTHttczDPksUwFdPNVprKWZ67kwskU6ES/OmtKlcfQVXF1ZVx94bSuaFKbPqkp5QHFfGOXwiwzuayuGRnmzOdAO9ple3rFV1hADhuMn1CdH1ddGFelTqqvTGlSSwCSyQAAIABJREFUOQAbhEwOD+4OIrgfwf1G1AvYcNDhAhC32oqBDqfB4QQRJ4h6lEiAD2NcA0LVWvulVroOpxtRPuDW406O3n5+VLm6lbetR9Qss47KzH1SeyMXyh5UHWgXSK2EwzdjcbiNDo8G96swvw71GQgf6gu6XD477mYrDXQWQzBcyu26XJa8ZfdbT295/amNrz619uVHV73w6KvP/Xzz6ifXvfKLN5577LnHH3rsofsevfeuJQ/ctfTnP33wgZ/df/89P7377p/97Kc/+ek//uSn/3j3XT+5/567Hrn/ZzUVpeGFT/LUIdz4fZ/Zix6jh9u88NbYp59+GtrVDDseGbyFHK+tq/d4cqpQrZubm/uPuTn77PuH8ut/mlC1q401pLA4PbOoPwBjQYMjoMPdAOE1YD4d5jfgXjPuggm/yem1eWf16My00S+F3RKTR2wOsDF/BUNc3jla1jHVMULroPPfTc7dcPzKiczq+KKWC9nXRhmCXqaELoU6KLw+tnSMq8lrHk6p7wWMhEhpu9o6fL6FJjTi3VpLCsdAMaBNUngKtI0CaKHQXi/FaQZ0SmcdUmFXpoESDl7BgzsV1gaxpYQLFvDAMpHtmshYJUQaRPZrInOl1FrGNTfJsHqptYpjzmBZsulg/KS+jmcoYFlzOIZSLpDHNl2gAiU8Yx4XTKPp0qj6lBFZFg0oZJsKWFApH6qTWjgmp9DiqhaY3ulW7O7RZPGgYi6UydQlTWhzJlXpDHXatIEFOmDMafd4MbfX5HACiMuIOGHca8S9ahuqdzj1iAt0ePV2r8buAlCf3uHTO9xcCBNCLprBMa1ySu2o1OiIb+e+3SbZ0ivuEOi5KrRJaKsWGukgUkRRJvRITYTb6fVCuE+LBgF8xuSeQfyzCEFodVqmXD1BY3C70wRdiUNFu3NOvnHl2OqE/S/Hb/3FmW2/3LpqyarnHtr42mObX1v61spfvPTMY8se/tlTj973xM9/9uiDd//krrt/fPd9/+eu+++660cP3P+T++762b0/vfsn/+cnP/k/P/nxP/64uKg4NHMnD/3mtb6IyvNvxAVZf3P2yNO8UJsXsbwSvi3oFqlmhOMNDQ3k5OaazabQ95JqwZ/tjF+T2XqNB2sdQYd31uYLmN1BEzFjcgZA3AfifpiYNWNBmAjCuB/GgxaXX+vwMSA31+SiG1wKs1NKBM410cubBzun2FVtPW0Tk1lNfT1USR9d3DHGtjk9RgIfFshG2dIxoX5aqOxkigu6ppJKe4bZWpnJIQXM1XTZpNqgRLBupbVDbWtWWcdBh9BCpLHhBpWVCaMdcih+CixkWDu05ioxXCTUFwjgNpmlVgTWiOFWmalebMrm2+rE1g4F2ixDasWmFgVSL7dVsJGrbFO52FwuxNsVcCbHmMnTV4gMZUJLCguqEEI1fCiPBSbQgat0oIoO1vDBK0wgi2O4xjHUs0wTKkTlcNIN6Nlx7c5hxVmKuoCjiadozwwpC9iaIblNCzssbo8Fd1oJwob7LLjPjLosTq8Bc+sQJ0z4INwDYk4g5H52Qm/FzajX6vQChJsHI1w9IYAJhQXNoih3d8sSqPI6kb5fYe+SIB1iW70cntAiZxt5STU03OczED6jw2fDAoQ7iBJuiVw6xmINTdNVvbmK5uOMa8euJW8ojd/Skn24u2Cfri+hPWXTqS2Pb1rx8CtPPfLqUw+ueX7Z848/uOrFh9548ZEl9/6/3L1pcFyHeh1Y45pkkkoce54Tv8XW03vSk6jlPe0SSZGiRFIkJZLivu8gSIIkQILgAgIgse97A+hu9IJuoIEGekHve/ftu+/73g3q2YnHjseVKsdV/uOqqZkazg9mWAylJ8+k9GwnXfh9L/6c+s53zvnO/Ze/9y/+2f/0O//zv/o3P3jnnXfe/uVrZ47uvHRmd8Plr7Zt+tWmD1//w9//3X/1z//Fw7bWJ6bfU9nz6TcefpPj9w8zAH8r2PsOU+FZfeU5K+83Uc3nsGe1Wq/faETQ/wK8LID+7NjN9a1TrgypmmuS/ohWqrhSYdRHlLKGyxVUMGDeRMQKKlRA0QTlCiE/giUthKghXMphAsCqnjx2fmZlZC7SZXE19k25V6Lts97bQ3MrabiMSThnOiOJXk9oejmznMN9ufyML36zc2pPfdvwXIQUZG8CDJeo+RyRoiUfRNsLtD3POMtMmpFvB4iBFOXJQXcWcw+iWE+W6U0S4wmkO0ENpssdMWQ0S8yUKFseXSyQ0xmqM413pHFLjrdkmYEMYSmybTGyPYVOlrDFPN2bwdpTRG+G7oyT/Ul6MkMPJqiBBDqcJPuiWEsEvbOK9ITB/jjYEATbI2RPlGxcBFqXweZVyFdmAU6+tlLePpndOxM5MZc6NZdypbllmEFYjpYrlKBRokLxOiMbJK8gnIQIMiZoMCvDrAwyMswpMCsVcRageJhXGVEjNbNMsRmUTVIKW9EnC9wRV+6IK98QKHfFCXta8mTkhwm4NUHZosj+mwsttkQS4XjVoAWxCMLBWMYRzsz7VxLObnjkYHHq4kzjnr7LX3ac39108ANX82546iQwc67pyBt7339x25t/tPWtn2x6/Udvv/C7O9//4Sdv/uDVH/3ez3/479545cXTJ75su3dh0fUgvtSdC/aBicF8qD8R6I4ud472Xb58/ouVpdnnmOeTxe8ft2Dit4W957TNp27es/rKs8LmN0PS3zrxrFZ7XX0DjKJPXtRjdW6+0bO+ZebclD8tVyXDJGWDkCusskZLFVKqYFIFFQyY1UBWx1itzJu4qIO87i1JK7DqRfSiqE5HS8ceWFoti4MW98lbLR2TcxMrmfpht2MxvpCGhr2B0cVQhz3oCubSZcIezN2bdDT2OY7UtbUNzSI0B9HiUgpOlmlfHusJY4MZ0g3yvTGc1MzmGH0rxNjz7I0AeTdM2/LMeIGcKmDOIjeU4RwAOpkELSlqOkvaC8h8GfGWCC/AD2fY0Rw3lOImsrSryE8UmLESOZVnk4g0BfAPE4wzI7oLjKNIu0usC2BceXqiwE3mGGuO60+xQ2n8YQRrDpFDq8T9KHZ9BesIY3eWixd8kCtPRzBhKENvmUh94cwPZamlAp2i1TLLU4LKiAYhqiSv0JJOCArGSbig4IKKcQrGa7ioo5yCsBIuapikQbyKiBquVHBBA2kRoJVHlcp4Er0wX6jxlpuW0QdBbC5DzqWpIMg/jOHuAm0JovfmSilCRAgyXyr44lF7srQYTRac94Hxo+Xp07GRM+7WY13ndzQden/0+iZ/+5cLdzYjrouTjXsbDmzqvbxjoG7b+R3rDm58cf/7L7z3R/9m14ZXX3v5x5a+69lwPxAezPl7Mku9+aU+IDAIhUdyi71Rd/vqbFvE/WDV/YAnM09PjZ7mXb554/ffMfae/sfPVUo/NRWe1VeeXfOeAu87Jp7dbq9vuAHCyJN3JYrw6dbhq/OZg4MLG5tGu2JESdR5pQILGiFUKGUNlUxUMGFeh5+4uqwOiI9IQQ0jfAD/OoqqKVrI8srtqcX7w/bjDe1XHgwMzK0MOAKNw675WDaUxRejJWco0WYLLKbAPMakYPZWz3Rd5+ioP9066rAsxEhBiiJMGCIWCvDwKhTBBGuRvB/FCUV3IMzDGDGSJe+tQlMpfKLAzpW5uRLvKXJzCGXNi+4iPpFGByPwcDQ/FAccWWy2RHpAyV7gJwvsdF6dznIugHOBoiUrOnOCFxJtRX6mQMVhzVZinSXaUxa8MB3ByOkcO56mFkB6DuTG4kx7Er8bwHpDwGAS7ooRLQH43kr58hJwdi7bEcbStJIh+BovUDNXzDI8JeglXqBVU5ArJK9SkkaKGiEolKhhnISyIiFohKBhnIJzKiFojGIyqkmIKiFolKijikHwKsyaurk2k2NOe0vHvYVdtlzdAjSQgFMYGQSE+YJsyzGErI+kQGcmHUtHQtGIOw74ItG0/TYwvL80cQRxXh64+PHQta0d5z/uu/h+cuhgYmCf78Hnbec2PqjZfWn7uuXOg/Hhg2NX3u26sPHh+c3DVz4+vef91199EUyMYYkBKDxSCg7ll/uy/u5SqB+OjaCJiVJoKOnriXk6o+6OiKudx9Lf6vg9e2f0zdH3/QLk2d9vBXvfZJtPam2frHlPhc2na94TR+G7rbz791sabjRA/y/wEJp2zC9SrJyn5TDMjaTosSxFqQYiVmBxDRHWULla5lRU0FG5gstrMK8jkoFI5kxJDaKSH1X9mLyM8k2u1FQodfT63c9PNtwe89YPLtwZ8sRLWKyA2SIlmJFyGJMo0QBOzwRjl3qsuy7dDyWLVx5avrzWbVtMlXB+pcBGIMaeBAMQGWS1sTSfpnRWMhYKojMjLZTFRZhbArkgJPog0VdkfAg/DiBzedaWIydz2HAMtGXK3jxsiYH2NLQM0UFMmytzXlhzQqId5L0lZTDNWcvUIqL7QH4Bo1dQbgmXQ7AQQngPwC7jvDWHjkSR2QLmzaHWJDZdoDxlZqGM+cqUF6B7Y8i9ANQZQhsWcrVzpbtL0BKCz5SwGj8UwiWRlyhVpxVDkiu0qBGiSogqKaq0pDOywcgGJWqkoBGCRvAqJeicXBFlU5ANXtFZXmcUQ5BVQtKEr3VXnj3jKh6aTX1lT38wkd7tKE1l8QQuByEVVIwogtZY5u2Li7543pbG3auRjO0mMHgQGNlfGDsS6D40fm1n/6VPJ29sDfbsg6dO5Ib2zz/cdXzLT+r2/HLm5s5wx4GRs7/0t+4i5huXJxoCk/UJ530e9q9RXrk8hUSHoMgAEOkDov1AbASIjsOJqaC70zZ8yz1xd8XRlvR1Jxa6RTL7tOHzb//2b7+ZNftWt/23hMDfFvaei7A86+Y9vVF4tv3huyfeot+/fsMGGIafvIWmWM+SX3+0pj96pD2qqMavKXGtWjFRcQ3k10BpDRW/BlgdElRMNAnpa1JZQyWDkMwkbixAVT+kBVB5DpR7V4oP7JFrHeNbDtcN2oPWpWQeYQNFNFmmVjNwFoBjWTgGUCWMqR+w7ahpOVDTOjjlm5hPfnr87r0xbxkVvHG4RIpJSrYmEFuO6kpREKez2pq7LIwmqSVEjODCSpn3I5K7zHoguT8MeYukvcyOxGFHiZvKk5YMsQyzzjw5lUQdaTAMogGEXQIJP8RN5ZnxDDlcQpZRYQHmPIgUgOQQzMVJbRHhI5gSQbiFEucBBGcBH0/jLUF4LMHOF4RVlCc4mZZNTDDKLL9KcDMFuidK9kbgm6HMQVv+gjc/lUEXEN5TEhneFHWdlXVBMhhZZyWNknRK0ihRZSSdETVa1GlJJ0WDEHRa0jnZFGRTUUxeM1hFF2VFkAxO07VH2oPlwomZwl0/cGMxu3UyvWk8c8kHlnldNqq+ePzCuMcZSsaKoLMgLMYS8NRZZORQceh4afR4bOBw++kPZm7vs9/Z43uwOzd6pDx6ID90YKrh05sHf3n/2OurPXvc93fMPTxARzr14rBYGE0utRVWuhRoSilOK6VJsTCOZyeh5GhquWd25FbXvfNtjScvnNx+6vBne3d9fPbYrltXjz28fXaytwErx59e2f7/Slp/v0h5/D1i7zlD77kIy7Nu3tPE5rP1ft8x8fzLy3/885f/6OWXfaur+tqjTDbvXfQrakXSqrJuaLoByL8GaAVTNVR6hElVgFdBxihSBswbuFDFBI2QDUZcc0KqD1GXYH2urMyDykgEaRhdXFxN7Lty52a3TVANX6K0EMlEcuUMRq0C6NJqccAZHPUmehwL7xy5eKNtsqHXFU9DBy523ulzwDQbAeilLILywiLI9kXQiTQfQURAUpdxzlKgXSDvgdjZouguUs4iO5KCpzPURAJ35Oj5MjORIT2wYEkgToBdgoUFgJkrkHNFzJODAzAdhmF3AZlIw7YC4UXkVYLzIuIiyqcINYGKRa4SQcQoKqUpw1nmu0JIX4yeTgorMO9FuCipkqIh8DIlaJSkM4KKsVKSYsdyVPMq0RZE20NY6zJ4P1jqTlArEFskFNE0RVlnJINTdUpUMV4lBJkSFVZUGUkjeQ3ndYzXWUnhZZWRNVo2eK0iGRXeqLLq17RQIUVTMeTWUHH/TOZ+AGkOILXe0jFX9sJi3lOAVkLLx+5NWsLpCFCK4GI+PQ/P3cAmjyATx6Dxk5GegxMNm/uubHtw6sOpG59lhg4AYweg8YP5/iOeu3uv7Hx16uYOb+vnRV+jiFg0zKrD0yo0TedGE7627Eq7WLTIwKQGTivg7GRXXc2hrce+3HBw98a9X3y894uNZ47tuHR29/kTOw/s3rT90/e2f/re7h0bln2uv/7rv36Cvefqlf47xt5zt3lPIizPsc3ngmN/r5X35Vf7Nny67eyNW22jk5s/37HgXTa0NV2tqtqaqlV14xEhS3m6gkoVWqoSkgmLRonWyrxZZqolvoLK1RKvJAjTB6srqOSF+ASpL5f521MrFlfIFUltO9Nk84ZLvHr47kTXdGAliwCUMBcrDrgToTIeyJVrOocvNvVcujPsXs0HQOZc04DDE8AYxpfHIUYGecUSwZxFIcLpQUx0FeXpEjmdZRZKwmyen8oI9jw1nECnM6SnwM4BgrsoLAK0LU9bsoinxPgBOgSyAZBeAZkVlF+ChShlxBFquQQEUTaCmd6iFEe4KKGlSSNCymlWQUUlT+opXExSkqvADYTQpiAUxihMElZxygeQCGuKikbJKiUquGBSvMHwMsKy00m0I0jM5uiRON4awNqj5FwJD4IsrWqyrLLaGiXKBCthgkJICq2onKKzisFIBsUpLC/xoiQoCquorKxxiq6omiTpiGaSuslwVVWpDkaIGi/QtAwNJyhLjr65XNw3Ez455jre3NnnDmOUVGINOO1Gpo+j4/sQy1F44igydXqhdc/9428N3dgzXLc50ruftB3DLAcwy9Fc/6Hxmvcmb25CQw+E3FgFc+qoU4NmNcCmlWx6aZYpTqSWu3LBbhGaFgBrfnmwq/HUkV0bv/j0vTdf/enbr724/q1X9n26/vS+rVfP7qk9sevSqS/qzu25cnbP2WOfe1zTz4Zdno1Z/4+Avd/ENp/oK19//fVzR+jfKmwePHHm5TffOtd0fzKY2n/yzOKSv2J+rasVSa9KepUzTFE3FNXIUZWSYDByhRB1RNQAQS8w1QKtg5yGCOYsLK+U1SimBlAF4rRVTr80utjabwcw3uKLbTxwfmYhXMSZM+0zHfawP4u4osVuR3jOnyoQjG0ldrphYN+FB+OugMOXrOuePVTflymRBZCLlxlKlnuCoD2CRGB2CWEmipS1yFmKvKUgBVDBWaJHM/hkjh5Nse6C4CrRboD2FOjpDOwDWG+RWILYLKUUKCVFiDlWTzFKltXTQsWPKKsIsVxG50F2vizEaCnP6ylMX8YFWqyKslpi1RQpJgl2OoM1LCN3ApC7iM3mqYUSGShiMYgvcgKuaqRsYKIhq4aumbysQ5TuLdIzGWQsjo4kqME03R0HnXka42VDNShZRzmRpEVWNTFeIiWFVjRG0ThZ4xWdkw1a0lhV5xRNUFRFNxWjomkVXhc5npVUHRXk+z7gmqc4mWGWIclVJGtmArs6Zi+MeYeDCZjgUKnKpmcI60lo4gg6fQqxnIAsx/KjRwdqP+mq/ezWkfWBrn2g5RDnPIVMH128v2Xw/FvuB3u08miFmNUhu1526oBTA+w6ZDfKDgOe44CZgPN+y/UjI521y7OtbdeP3645cGjHh3t3fHzj2rnbV0/s3/7ejg3rLp36/PLZHcf2bfhy2y+/2PrL419tOv7VpprjO2kCfVqt+5R5fsfo+76Q8vT3/WDvW4H3d3/3d0/Z5t/r5n3rxBsat6zftufulCsoP7rWOfDia2/OWqeMR19LlTXd+FrUK5JWkbWKphgY/6jIGxCv40IFELQiawC0DguapFRDsD4LigFIi2FyCJbjjHnVHT9W32mdD6Zp0R2MXrj/0BqMNY97ht0BX7IYyICDC9FgDoZY4bbFc+5W56Fz94etS5MLkZn50JGbA839LoAWcqRUJLWOZeiGLXFmarUnQSyAXHukbAO4ZVBaKglukBnLkYNJYiZP+QB+vsR4SqwPoOKU5CyzWVKJk1KSklDBwCUDlw1aqVJqldMegZyaY+UULfsBdAkgMiQTRoQso/ghCuQ1UTRIRUMlM0bJLoB8EEYvB7BLweJoEr8fxobS+BLIRlHej1BpkuNknZZ1XlIlVQAFdhUVA2VhDmTdBcqZYSfi/MMVcDCOJUlFlTVCkFBZF9UKp2isrFOSRsoKpSi8bgiqwUgGJVdotUJLKi0ZBKdnUclfkjjNNDTd1BREVAdXkeYFYCwNeItQ+0J4w92Jz5qnZhNFTjf1yiMi1IeP7iJnjpK2s8TMaXj6KGY/sdSyu/XExvaaT7rObsKnT5DT+1ODX821fOa4/zkWuLcGT1XKFgmcVMEptWxTynYNcSjIrAzPlqNj012XuxqPn9u35eLRXdfPfFV/Zu+9q0c6bh+/eOLzI3s/uVt/7PbVL2/V7bpRt/fowU/27d7w5Y73d21/Z+e2d7Z98tq2T17b8ekbFIE8gd+3uu2/bbvve8De3+uk/39km89NvHHL1J4j523Lob/4u/8jIz56e+PmN97/YPcXX0IYqlSqhr4mqBVFq0paRZR11fg1yGsAZwKcjrIVWlpjNBOTzQCuzxX1ECzPgIIHlFfZyq72qe0nmmI5JALTqyB1vK59cMo77osdqO8GUMa+ku13hNMglASh1umFB/2LZ2/03h6wWZZTd8cWLIurt0Y8kTQRAagyI7iyeGcYVwwDkRQ7oAzmGDck2Qq0sySGEHEmJ/SEqfEEuVimUwSTZZkCp0ZxvsCqOUaBRQMTDEQ0UFHHJYOSK4yyxmtV2ajQoozyQpqQlkHGD+Ilho5jcgSR0iwvm1VWljDtEcobWVKeL3KdUbQlAl1eAUFeDkCcLUPb8pwH5RYALgyKJVaRdEOSFUk0UFWK4sIyxAUo2Y9wyxDtzLMPFsEbCwUfIsqKSokiIhoErwiKxssGLWikJOOSQisar2i8pHGyTgkyI2q0aOZxcb6I2wqEDZDTtCio+qO1R2lWGEuibcuR5vnFPe2WV64OnhhbJEWVFrTyqhUa+wKdPkJaj9PWU4T1BDt3vjB+bOb6J/Ote7uOv5Xu2c/MHC6O7o9NnMq4rkq5QQOcULMDemFYBUe18qQB2wxsTifms/6+BUvTg/ojV45trT/zxY3z+87s2Xxs10eXjm65U7tvvPNc8/XdG996cd/2t+wjDW1NJ04d3vqLn/3xr157adenH+z87P3PP3l3+yfv7tz2/s6t79+8UfNE83zqtj/LPL+1T/57hN/3j71nc5vfZJvPZse+g20mUumjZ2uj6cLjx4//4j/9592nLv3yww/f3rDxD37449nZWd00RdXk1Yoo66Jm8npFlmVONiCxUhYMXDAJToOkSoZWFkExiIhRkl9F1VVO3dc6c/rmoN0TAgjOupq92jnxwa5zo5PeW8OOnumFlQw+MZ8EEKp1aL6ua/pq62TPuN+1HJ/xJa73zdW2zbqi+aG5VB6SKE4ukNydhQIhG6KhE6qJKco8yHkgZR4U7CXRCbCjCXwojjsL2CoqlgUTFjSQVyGpUuYNmFXKrIxwGirokKBhUoXSviblKi5pIC9CglTm2AzBBMpMAMbyFLuKy0FUYjWTUkRer5BiBZYkUtRDmGQHqAhC3w6V/QSlGGoGlcNlyQvx7hIxm2b6ouR8idANRatUaL1S5tQIQscweRGUl8r0PIj2r9K3fdB0hhSNimpWEV7FZYOTNE7UWdFgZJXmFYyXaUkVVZ2TVIpXeNlgZQOgxTyjUIoeBrUQKhUVVTfNVRi7O7t03uL/asD15r3pTwcW+mJgMhabt3TjY7tx6ynEehifOUrbTgquC8TsJcfdnYN1G/OjJ0L3tjOOo7jzLBu8L+WGDGhaK03KxUmuNCQBIzowrkM2FXQosCfp65vsvNpw+surx7+09DTUn/3y3L5Pzu7d1HBmd0v9wYuHPmmu+6Lp0s7DO9dfObn11tndR3Zvul1/cnz4TjoyymFzOu0VYfuKs3XZ2VJ76ovaU184rJNPFr+nMet/MMHz+8Hec0Pvm076s9rmE7b5nJv33NC729o1bnU9fvz4/3r8+F6/5aNtu9786MPX3n3vhz9/5czZc4s+n7r2tWSsSaoh61VOM2lB4CUV43WINwhJozg9RUozWdZTVpcRdZ5S5xD9zOBy+8BiJEeEMog3AA7Yg5v2XdhyuMYRjHTYl5MlxrqcIwTRuZw8eb2nscc57U6OeELeZGFquXDu/mT3TGC1gAQLuFxdoxS9L44so5RimCslOobzfoSbKzFzEDNbEm0lxZnnxwuUG2RXYS7DaLBk4qKBSyYqGYigUWoV5hVM1FFJx2WTUKqEXMElE5dNTDIQUQdYIU+JcZQNgmQQ4YJlLIIzrFJhRQWVK6iq4aIGc3qYlDOkoihrwxnygCcH8JJWMSBOTpHSKiw68lRPHLkZQpyQaK4ZqmESoh7H2FVcXEH0xbIwn+OXSmp3HLHlCZiXBNUkZYXRVVowWNkUVJMTVUFUWVmnFJ2UdULUWcVkFYOVdVLSGEHnRJ2TNFE38jQP0dR169LRbtvnnY5Nvb4PhsOXF4Eeq9073FicPEm4TkGWY+jkYXz6EOc4Jbkv++59MXZ9k+PhtljvIcp9hQ7dFNPdBjSjwLNi2S4BdhmYlkrjMjBq4rNEbmbV2znWeamt4di1U7tP7N5cf2aPo7+x/8752zX77tUdbak/Ovjgwt3rR6b6rj24eaT25M5zx7fcqz8SW+xjyrNc2camRsXsuJ6fEpNDRKgbDfei4V4yM0amxx5p0LMXRt+8bf8nir1vpliess2/+Zu/eXqp8FRieWoqfIe+MmV1DFtsT55G4CakAAAgAElEQVRvcfpOXL+/8+iZd7Z88ub6j3618dN3Ptp0984d2TBYVZP1iiDpjKCwqiHJGidpCKejogoJFXdZXIakAGyuIHoQ0abzfDCPFEAkj9ErJbrXET15o+Pdzw9vOnBxbC4CEHw2S6ykIU8IOHBtpNO+6FxOxgD87oC9oXNyLol1zEbsgXw8CzKCWICYZQC1pHFG0RKIOBXHPXksjIlLZd6R52aL7GgWG0hSXlTLMXqEVADOIESNknVaNhnFYCSdliqMUqFlExM0UtJpxSQkjZB0Wq6woskpJq0YmKAVCCZSxm05cKEIJ1GJkxVa00nRwBQN4zWQ0TO0DrKqZlQSrP7uaPaTsXySZHWjKvCmrlQDBH81WDw9D1zxw7CkmtUKo+gFWp4H6CVYXkGFIKjakthQHEtzGmualKALis7IAiOtMbLJyZog6ZKkS7JOKzoqqZSkM7LBKjojq6xq0KpGKhVFV0oEmS6Uo5noif7pwyPeDUP+d3oWXr9t+fzshYmu86WJE4T9PGU/QzrOYrbjhO2I4D4BTRxe7dy78HDf6tSp2NRZMdurlCYV0CaDNgFyCdCcWHbIpSkDmFxDpwVgaqzr6tVzX148sePKqa/OH9596cTuq6e/uHdu93jr+YmOiw0Xdp479ElvS83h3Rt2bP5lc/3RLR++evzg+tzqsFCYYlLDdHKcSljw6DibtsZ9HWBqPLs6mA/2lQI94EoXuNKlEqlvvTD6rYou3wP2vnXoPWGbz3UfPRth+U3YS6az567c/PWf/ofHjx/DJHe7e7zu4dhnh068u23721s+e+2jzX/w8rq9+4/QBMnrmiQbvGoIkiYohqAYvKzSolHi5AyqdMTkmbwQINUFRBlNcHlcJAXOG89aFiIDrshDi3v94Ys/fuPzXQevTfui1uVSOIXaFtIT3siENzY6F+5zhc40W3cebWrutgYyyL2xJdtiHKE4f6LkCZfcadAFEIggOdOEJ0PNFyRnUfaWGU9RebBKzJZwd5mNEXKCkVO0XOYUXjF51WQUU9AqgrEmyhVa0AhJRxmRkXVKMUhVZ1STkQxaUnnVYBWDVo0iy69izGIB6VwFPGXUMAVaXhMEQ+BVXKlgklnkNEgwWUOXNKM1hP9ea+jgbDrHyo/MimbqlCKNZ+mds/lPbKnOOG5Uq6xh8Ho1T6tRVAqUeR8kdESh+bQAc6KgVwXta0WscKrKKRVOMQXVlHRTVk1Z0UXVkBVTkHRJNTlZoyWNUyqMWiUFOUfgvmyJAnOH+2aPjyzsG/Ovb3f99FLLm1s/ttzbXZg5xcyexG2nMMd5ynuGnj3NOU+wriP83HHccY5cacn4WrnSsAJP6oBVL8+qoF2CHDLsNgmvSXo0zAWEBztvHTm0a8Pxrz6rO7tv3/aNp/bvvFd/5sLhHTV7N/ffOdHXfLzp4pdn9n3SULP/xJGtY0N3ndMPrtYcyMYmFdStla1UxoYkZyILXR7rlamhs803dzff3HNs/9sNlz6vr93e++Cke/qWfbzhSc7zW2/bn7vu+x5g9/jx4+8Le8+mWJ4Yek/Y5tOvwz5lm08jLN/q5iWS6ePn6zJF8PHjx//pP/9t38xC12zgZGPbx1/sW7d+0wtvv//CW+/84S9eX/erD/s6O7XqmqAYvGZoisaruqBXFM2g5UqBVlDZiKDifFnyAootR3ryGE5xqwWkdcp/Z9jV0DF7vX3m3N3xmy3jywlgyBsbWkiNOKMDtvBiChj0ROse2i89tNe1jh2r67rV7bg77mmd8JYJOgczHQ5/pgh60mgYFUCB6V4pziWJpRJlybP2AjOQocZLzDLCpUmlwCg5WgVYHZM1TjIE1RTNqqxXedWQFJ2VNVLWSV7jZJ2SdVrSGMWg1QomqqRiYLxBSSrIiClS9GXhRn9iPFfQVJFVdF7ReEElpAqmmAAvlXijLBqSYiwU6M3T8d9tWdo/EVGqa5XqI1U3cpRatwy/Mhl7eyIdJfnK2ppimrpu8KpZIMW5IjFT4lDZwAVRUHRRNzW1IpqmoOq8rHCqIWiGqlVEo6Iaa7piKqrBySonaZxscEoFo7hcoTQXTSTBojee+EmT/Yth38e3B3++v/a1DR9NNu9X/Jd5z0XGWcO4znBzZ8S5s+bCeW3hvLRYK/ivqqlOrTgmwy4NtirAhAZYdcCmQbMm7qkQPjQ9HZhrH3pY+9n61w9/uenk3i3Xz+0/c3DrmUPb62sOXjyx+8yBbbXHdpw/sPXKyS8un9r54NahqcE6gw9r6AIYHgNjUxo6L5esankGTVlmBhrvXzuaCvQR+RkBdvsdfWOdd+tPn6w9urf26N5zh7ad2L/+wd3Lz5aaPTv6fkvfMPpvx963yptPUyzfNPSeSizfwTbvtLSPTjufPH9hNTPpS17rndhy9PQrmz998d0PX3jnvVc/3PzqBx//5LW3Nm/6tFJdkzVTUXVV07lKVRJFWjHztAFxWpnRNKPiBRV7Tg5DlFoxMyD9YDp4sdvaMTI3F0YswWIojfizyOGLLQ+H3DCvnn/o6LAELEtguzVqD2Zn7JFzlzoPXRvsmg3Wtk97VtMrCSicBbusKzBJODJUgWQX8mTXcn4mXri7GLm9VJgrkI4snsY1mDVB0SxwUprSSpxJaxXBqPK6wWm6ZFRkWRc1k1PXONWUdEPQdFE1BFlnFZPRq5RiYrKJyBVaUVlRxGhjPAmdd0eHkgVR4GGBI0WV1XRO0mnRRHgJEjWSrzKyGQTF7lXyV/3+H9VP1y2VedPQKhoj6xGU+8ya+eFQ+tg8ggp69VFVNyumaXC6nhfUICxAgioYj1BegUW1TAmCYVKComgGJ8qsrKlqldeqgmzKisFrGsFLomzIqonTXDybC8eSS/EshIE17uS629O/PH/zFzsPrd+6ueHUJ+HBo4jrorh8mV04o/iOry2d0OZPS8tX1NXbeqrXBKZU0K6CVgWwqk/+QFeV8mv4ApKwROY6b9fuObN3/ZEdH9Ye3XHr/Jf3avY0Xdhbc/ize9cO3607dGTn+o6mC7Vnd+/Y9M6OTe8MtV8up0Z4yKIVLUJ+VMhZ0NgYlZ5SwVm6MB1wt9ac2F1/8chwR2PA0VsIWP7sz7IcMz/UXdty69ida8fuXDvWWHus4dyxeGjxN219v43F7/vB3rPRzSe+wlOJ5dmh992bnsU6W3Pt9q//9M8eP37sj6SH7P57k97ddU3rtn/5042bX/xw40vrN6/b+Nmr67e8+N6GF994NxQOV6qPFNngDVPU1xTZyNBymtZyrAowOilXiqxZopREFoYYyTDX4jm417p8q8M6aFtyrBQRVh60Lbz24e6PPr0Qz4KOcDaHs65ACSGlYUf4bNPIpSZLPAtP+oI1D8bujS75o/ByqjDiCCZw3lckVkFqMghY/PHxpZQjji8UuUWAyOASoxq0YkJCpcTLeUYFOI1Wq2Klyus6q5iMaMhyVdDXRM0UVVM2qqpeUVRD0SqiVmUVk5ZNUjEITUc4kVZUWjTmyvR5R9aVxnTDBHgepERckFlV4UWTFiuwIJGiJhiVJUS4HSbqVkofDUTeGQy4IMKoVFhJNyu6Jc/usJZ2OKHJFEnKulqp4LwcKHBBWA3hNMDJIGuGACoMySslNonyGZSAaFFWDUFRJU0XZEOSDEmtSnpVM9dEScUwMp3NRxLpaKKAYEgIoN++OfT2viMvfbxz/4HPWk5v6jj1UXfNpkD/gaL9qBmp0fxn5MUzzMoluTCgg1MG7FZAt1y2S6BVAWYM2G0SSxS4tDjT4hpqcA/fcA83esfvhJwd+cBozt+fmWvLzd2P2u96xxsXJm95xxv7mk47h++eP/XFxdNfdd67ZBu6EfO0stlhvWzTUAsW6/FN1E10nI84bi9M3Vp0dN2uO3Hz0uGrFw42XNo/PlBHItPLC22z07emxht9nhb7VKN96uZo/5Xu1rOlQuRZv+HJdd8/Uew91+7+7Kb3bBnEs+d53zrxEqnMqdr6R7/+948fP2blSmvfVK8ndqJjauP5pnU7Dr32yc6fb9j88sdbf7p+44/fef+Fd9f//MPNu/ccSMYjRqUiaaqqVjDBzNEawBpFVsuKZlnQAd6AxTVvINs/E2FUjRB0dyB/vXPmSN3DrolgCqSXk/nDV5re2HbWG8xohjG5WFxKoKPuxKHzD+rvWRIldD5amPUn7w17GvsX0wCdhgjHSj4EYzPRkj9LLaXwhRQYBvACISKCxkgyQMmYrJYlLcOoaUaN42KIkBOUxMqmKBmMbIiqyWkmrxqSqihaVdDXZK0iq4aiV0StwqkmJRuUopO8QHEaKZucLNlSwEVXIVzE1ipVUuQoXiFIARE1UtBJXoFEqSyonGYUaKkjRrhyXHuY+mAkcsiRKQmGrhuiohkV3QEwg1nCBwtRTAFF1Q9yE1F6NsNneSFH0ElEzJJyCGCTBB8sUatl0ptFCiTPSLKgCoqiaGpF036taY9YhisW8vl8LpnNx4vlFIiiBHq+sftH6z9/4dWf7d7+wUz3Mch5yfvwSPe5zWPXNs21bCtYjlHzV5RYmwFOarBVhe0a5NLBWbU8o8J2BZ3DM1YgMTP88OJE6xn3wJXIbHPa25Zd7Mj5O7OLHYXF9oK3peC5W5i7k/c2F7wtSVdz3Nm2Ots62X9tpKtutONi/70z3bdOTXdfKgY61ygXmR1ZnKqf7rkQct8PulrgnM01eXuit/Hh3dq7N0/fv3b83uXDd6+futtw9tTRfccO7fnqy88vnj1Yc/bg2OD19rYL37zu+6eIvadD71kz/emm9+d//udPv5j3rKH37WyztXPMNvf48eO//bv/s2vcPb6Ya5qJHuqa3940+t6Zxl8dubRu+1evbd75sw83/NFb773wzodvbdr+1ocf93Z1q7rJyibACYCgQ1ylyBklRivSlTKrgqxO6mtDc7HRmQApa6JWRWm5eciz7VDdrR53CmXSZeJkXdtrmw4thzPj84BjMTuxED19a/D6/RmXL3mnx3X2jmXIHZlciI55QqO+WBKgfRGA4jRbDFhIFKNlDKR5gBVBXgY4FWHlPMGgopJE+SyuJgllscz7imJflFqEeE6vcpouaCota7ykq4ppVNZEo8qqFV41OFVjZIPVTFarMopJ8BLGq6RSZXVtKo00L0E4i6Up0V2imiPFLEWLqkFIGirJKK+W2TVIWZM0LUuJs3lirshPZ9jXh+Ln/BCva7JWkU1drFTytFKg9SShhlHRVuAtGSaAijC3lsOEAivlCSaHiokymwC5SFlcKrGBMo2ysqzImmGqlaquqQwB59KxUjELIOU8jDKyBqLYxfpbL//qnT9+6dWvdm+Y6TpaTVw1V2+UZ2vtLV/eOrKu98rGpPWqWRyrlK0a5FbLVg20G7DTROcq5DxTciQCI6G5HutA/fxYfcx+O+tpyXruZzx3s97m4uJD0N9bnO8seFtz7rs5ZyMwd7s0fz87dz9mv5OYbY57WlZmbniHL9l7LvU3X7xXf+bO5WOphR4WnBVRF54ZTfpu4kULWRhZ8Xbebjh96siuy+ePdDXVLk516ERg2d3ffOv8rWsn6i8fvVp7rObsoZqzB4/s/9K/5H3O63uuSvD7El3+W7D3rWzzuU3vuRTLU7b5rdmxVCZXc/3Ok4e7l+MTS9khP3DHma+z5i5PxY8P+HY0WzZcbHn980PrPv7spQ2fvvjBhjc2fvrKux99unVnvpAHGCMvrEGSDvFGkTcATs8TapE1YaGCSnr3dKB/eFmUNUUzcEHtdUS3n74xbF3OI0wZF2qvd7z3wZ7FlagzAs0GMqfrui80jDgWIuevtm/cf7N/KtAzHbQtRi61zwx7EuEMPBkp5QkuCRBpmExTTI7ksgQPMhKlmiAtQYJMiDrBqZSgJzHOnSUmM3hHgvAAXBCXszSfI9UlUE7jKi7qglk1DVPUKpSqU4pGywYh6pRsMmqFkg1cVFjJgHilL1xsXYYWUmh7uPggCtcsAftdOU+RkFVZ0ao0L5cJhRIVQzdZxQhC7FAMzRDyaIL8VV9kJkc9+vqRZJpitYqwYhGTkqTgznH2DL0IkxlOBHC9QCqgIOcxCaC1LCynYT4OcmlUSMMcxmqKXuUMkxIFDCmVMqu5TJKgCV4WGV50eua37N77wpvv/vFPf3r0yw1RZ+1a+o4ZuG6uXpYiF9OzR0tLTVh8sEJ7dHhKh2YkcFaF7Brs1jGfRqxgOUfU1++caJ3qvhqyNSfdzWn33Yz7Xtp1NzF7J+1uyc+3A0s9BW9H1nU/67yTdTQW3Ldz882Z+ZaE817C3hp3tsVn78Rmby9bGjxDVyc7rty7eaHp8oH5qTtQYgxNDOdXeqPL42hiqJCwNzfU1p49CGZmiNSEDlv/hHeHfd3W8Tv3Go42XTt08/L+m5f2NlzaV3/p4PVLhwN+95NKpe+uM/sngb2nnzR5dtN7Nrr5bHxM/cbvxIXrj379p48fP9arX3dOLU6E4MEVpGsRfuADh4JY7wJ22wns6/F8UNfy3qFz67bt+cWGT1/f/OkHW3f+4c9ev3StvkiJBX4N5RVMMGDWKDByllPztFngzQIjzS7F73R5KV7lRA3nDKsvu7fuoWU5kS7SIC3d7bO2DzoXVnPBLHiz11XTODRiX6lt7Hrj45OhFLCSQSZ88Yn5WF27YyUFRIvYfBqDaHIVwAFGKLFCDmOzKFdmJFyQYUYk5QrMCophaGYlTfArsNIZwzqTxOWF/Jbp2MeWtDvPRkllHuCXYTlKVlhB5RWVUgxKMVm1yihVSjZJycA4nRAVUlYKJD8SB28sl21ZOoJSIRTKUPTleWizLe0B0GrVgAWZVzRVNzSjqpumZlRCMOkq0Dla2dwf2jAYRSS1YlZIyfQTXADj/Ihgz1JzeSpO8iVByUBcGhNyhFgi1DItl1k1jpBpmC+gEkQLuGBAvFFGYBhIxVORYDwJEZRZrVII1tXW9dHGj3/86ssvr3vl1R/9YPLhkV/jvdXkbTNar8cbjPQdozRapTwG7RNRu1Qe1+AZHbHrmF3DnGTWkQ1MOMeaHMPXZrpro862lKct6W6O2W+l3c1Zz4Oir6u8MgAEBopLvYC/J+VuTbvvFzzNec/dtOdear4lOXc/am2OOR+k3G2pueaI7VZg/Gpg8sZM//Xp3tre24e8I9fg1eHg7IPzhz63Dt9uazy3Z8v64Mq0iHmhUCcQ7kIy40hpORacudNQe7v+4oWTB88e31d/6Wh97dGGS4fqzu1+VnT5LZkN3wP2npM3n256z6VYflOEpamlfWza/eTJA+7osL88sgINrKD9y+XhIDgRRocDaKcPbHYWzgwsfXTm1rqtX/3soy3rPt78zpbPX9mwdev+o6u5fEkxEFYrC0qZ1QHWzBJqmVVXQGbSn590+C+0OgCMozmVllR3JHWsvu/+sN+fRgCSLxBcqIitFJDmftfuUw/GXMF4Bnhvy5n2IS9OcqOL6cml/NRyofbh9IwvtpLHMhSjmoZttRQsoDAvwbRaJiWQliCagyi+iDIoJ6CizPEqLhsJkp8vkWMF7Ly7+GZ3eOt0tCWIdYXIPK26AXYyy4VxmZUURq4Skk7JOi1XCFHHeBVhNYTXIFHJ49J4Cu9PlmlR4hVdpjSCk10g+sLg6jZLqm0VnS1wIKuzqpYmhQzOwazOGIq/TPtA6aw3/0ZXsC+BKno1g8tTGcKWQh05cr5IBXGhyMglQinjYo4QCqSMMDLCiUVKiiN8lpQRQaMULQqhK/lUPp+IpTO2cHGlxGG85LY6Th8+8fqv3ntp3Wtvvvbq2z//ve2v/fPLe37pG60hg/VG/o5Z6KpC0yYyqyEOFXGoqE2GbSriMPE5GfPC6anxrmuDrZesA/W+qVvp+ftR192ArTHqak54WtMLD5PzHavOtqWpO77JppWZu8sztwLWppWpmyn3vZTrTtrbkvK0JdytMVtzdLY5OdeS8bbG7Y2Rmfqo7Wbc0erqr5sbqrN21S5N3i6uDgOpCQ6yZwN9Gr1QpV0yMM7mbKG5ewMPTgw+rO+4f6Ox7lJD3YUzxw+cOPLVh+++u33Lpm1bNh3YvWPB43raJvgdguc/Ava+md58Gpt+zkz/ZhHLf8U209kLdY1PnPSlRKHFmR5cQYYCyNAKOriCDa3gY2FsJIr1BaAOT+nioO+zq23v7jv/0/Xb1m3Y/Mamba9u2vZvX3+35tpN4dEjkDXKrAyxSpmv5HAV5FRnrNw8ttrc6zl9a9IV4yVJ4URtPlE+3dh/d8i7mkV5UacFxRcrtY17NxxuHpxZAnDm4KUHB650Rkp4rys5Fy4Mz8e9q8Cx+v65lVyowCOCrJmGJwF5EmAeomBaQjgFF3SMU0heIVm5iHEoJdAUxfICRHKTKfLuanEoiW4dTbetQmGQu7ZUPDkHlxh+HqIHkwwiqKxoUpJGyjrMaRCnwaIOCVqZU4u8kkCltiAcIqmvqwqjyTRvlHCeopU9tsRrncFzC3BXDLGkCVuBHUtjzgIVh0ReMQBWbQ8Td0NI3Xypdr68AIlpVl4uC/as5CuzQZgGBK1MyQVcgGghT/JFQgUoCWbVIilkEa3IypjMATjjS8QtIb/Fn+z1lBZKWiAPX73e+MLPXvnp66//4o3X1r//yzf/+AfbX/+dL974nc9f/9fjHcfJ9EMTHtPBKQWcVqEZDbHpiN2EZnV0TsMWydzsorP79tVDgw9qLT3XQ84HUc/DqLt5ceqmZ+xacPbevKXRO3HDMVRn7a21dF6Y7q6x9tVMd58OWJvmx67ND1+K2BqXJq/HPa1ZX1fC2ZpwNqfm2tKeB2l3a2L2TsR6a3W6cdXWPDfSMPrwcv+9c86hy1R6QC5NCNmRNdwq5YbF3LAM2pnSVCkxONp9edHZ7rG1a4xfY/wU6IaytlLG6bB2OmY6jx7c/fUj44nX991mwz8c9v7v/7rx9qm8+fRW6Imn982h960SS0t7X7ZQfvz4saxVrnTbuv3QwAo6FIDHQvBAAO0L4YNhbDCMj4SJbh9wute+rbH7vaPXX9qy9+XN217euOWlzZ/95L0tf/izdYHlFVQyIVZDBQXkNZCrgELFsgh22LOjC8VzV9tdwRQuaBSnzq+WTjb1d0358jANU7w7UrzZ76nvsC7FwWAa3Hy2ffvV/kFnyBZMz0Vy04uJfmcMY6Rb4353Ei2RMs5pqmGkMSqOsTgr4ZKKcArMSAjN46zEywbBqRTH87yEUzRKU44sddYJTGaoGneqI1TOkeJCmWqPogOraI5WFyAuTkmkpNOKTkomxKsAp8CiDokKIkoIJ8cgsXsVyXKSKGq8zGOqRguyKsvuEtbgK1xfBjqjQH8kf2sFGojho2ksTkjVii7rpqPItSfw8TzTE0O9IJskmDDKriBiAKCThACzSgLhs7QAslKOlDKImCalIlllVJMQKjmMWs2X/Mni9HzoxkSwx48FCLnf6d2w5bPf/8Mf/eKdd9e9986Hb7/6q5/86w9/+s92vP6/3Dn3yercXaY8VSGcGjKrInYdtmuQXQbtKuw0cB9X9iT9Y6Md13Zv29B45eh0/9Xo3MOEqy3ubIm5Hyxb780OXrN01c6NNFh7agfvHJ7uOBtzt5RD/aVANxDshiID0Gp/yt3sHaiZenC8//aB6a4L2cWu9EJrzNESdzxMOdvj9vvByRshy43AROOKpcnRf3X84QVL5/nprtNEfFAqTKvATBWZVYqTYmFcgWZ0eFbD3P+buPQfleX/XZ77C9H5a2pGKY8KhWEqP0rlRrGc5WsDfVol+B2C5z8Q9n7TycLTofdXf/VX3xx6v8nQS2XzA5P/5WPovTMLvYvl7mVsMICNh1FLGBkNY0Mhoj9IDITIqRg7GkTqRhePPpjed6Nj6/nGdV8cfOXjbS99su2lzZ//4JW3Tp+sYVQdETRcMEhRh/g1gFZbx1abev39k7Gbna6uSR8k6KhcmfLGTzQNTi9EAZS9b1m43u/0RQty9RFAcZ8dvtk/EZh0JcMpsH82jtG8dSU3PJf7+tGj2RQ2m8RpSeFVU9fVDCoUCUZQZUKSMU7BWQVjeIIVKU5iBQVjGFrQGFHmVLFIy02eoq1IdQWBg5bVIvMnaVQnGKk5wrWs0EmSjaBiiZVoWSd5DeUVkJUxUUN5mZBUkNNXQcGXQxMkT8kGx6mkrPKKhIkCoRm6Xlkok00ByJoBG5aKrWEsBNKsbCimUTENUatgguFH1ADOF1gjiauLILNQoAIgl6GVFMbFYTZHiACp5ggph/OwKAGULBiPGFkO50qTC+lO61LnVOChj+jzBS+3Nf/4Fy//u5++8M7mTa+te+3VF//o5R/8y40v/d7u935yv3YnVZzWcYeGTCslqwbYTchuwDYDc1aYRQ52RX19lt7btce/OrZ368WTe8Z6byzb76/a78Wsd1OuhxFnu6P/2tD90yNt5+bHGpNz7dmFrqK/pxzsK4d6gWA3tNoLBHvKoV48Mggstq+MX+u8tuva8Y/HHtZk/D2p+bbUXFvS1ZJytYSnbq6MX49b762M3/BP3HSPNIx3XuhqOrQ4dg0KD1LpcQNxyKVpqTihFiaNkq0Kzf6acP0H2v1nnOc/ip6/lL1/Qjk0cEoFLQowoQDjUmlU43J/r9nwj4C9ZzvIntax/OVf/uXTIMs3N73nsHfg9GX+6z99/Pgxpnx9byYytIL1LGNDQcQSQadW0ckwNhpCx1dxyyo1ESUmwtjgYrl9NvrAsnyqdeKto5de+Xj7LzZvfXnz1p+8u/HHL72VK5YZtUpIa6K2BokmzBkT3kzrQKDTGm13JId9ZVjQM5Q64vBfbBueXo7yquFPIYKk9EzMbdx9cdvF1nNNw1ML8aZetz9aGF/IAhQbA/EkTKpmtcTIJCuzskYoRqXyKABQCMkLkkYLCskpjGQwgsoIMs1LnCBzksoKMsuwvMgRvHzRkbq0VDPWGNkAACAASURBVFoG5T2WvBempa8NgFECRb5hCZ1IM/4SkyZFWtFoSaNkjeBVSjYJqVLm9DCq+GEujbBxmE1RNECKiKSVOQkhlDwro7ImavoyyAwn4OkU3h/DkyQraAYp67So0pKJcwouSoSkJUkxhMj+smrLMwsgW6S1BCakcT6LcCVKhDgJYTRM0EAGKZOUdyVm90cHXJGRxawrCV3r6P74i10/+NEPX3nzzQ8+/eynP/v5C3/w++t+9L9+8fFrt85/6Ry+ISEOFZmRQYsCWJXirFG0mtB09f8h7r2/qt7TPN9e3TPVfapO0HPMoiJGRFAECYJkBRMqwYCAKKCIEpScc845Z9iEvTd5s9k5fnOOG7TqVNepdKrD6p6uO13TdWf63B/OvS5v1anqvjPTddf6/Auv9Tyf9/t53g/YL6CjZlVHZ9OLtMSbjyOvRYUF3795ub/t9Vhn9nxfzkJn5nJvrrQzp7s8pTk/frDu1XD9K2lfnlnWDCy16udrNqdLNmeKVZISvazaIKs2ymvNCzWW+WrddNnaUEF9zv2ECP/y7EfrU1XrE2WKscLl/ix5d+Zc88vpplR5b7a0O3u6LXO8Na2/9kVrSexkRya80UZpu95BI7Sui1B10JtdgrbPZhn6a3T0p8T4z8jxX9ITP8VGRGM3o+lgNB2spoPRtBtk1R8mSnyn4PknZe/3UyH+SNH7Q2Z6VWNHWm3Hv3zzzW+/+eZV22zu4GbTHFgtMddLDM3zxgapsUlubJEZmxcMzVJLixwaWIXGFECfzFA7tJJQ3nshPv1UwE17b7/jPgEnfIM+tXNMiH+mtsIYtw1QvB7nDKht00qW9a5mNEjyO6Qtc4CBeLdioSt6p9Orh6fmVACE27bfkbat+Kx6lyuPrsTnPciojs9u7RlbHpAstk0vawHUiJJrJpTkbQQtsJyAMwLJiiDJLFhQkmNgnEUIFiYYhBIgnIFximQEowVUanUAhVoRGCFplhFTxjaDWlYWLGTbijWwcgrlKIigl0AiX2bJnzfPGqkNiIFIykqQIM1ZSU4FU0tmbFoNzenxGQs5a8DkWnQJwOV6WAkz6wChAik9RpsoDmd5jGBmdOZBhXlKBy9ZUT1KmwhmA8LkFmIZYNZAag2iF8zohBqa2kRkBmzRSqwbUaUVU1hIhQk2kBTIskaEUhjgNcPm0Lysc3yhbUY6vGYYXFbdS3zueN7l8JGjbh4+vsFXD9kdPHzgc4/Tex6FODbmxygXGhjDEKMfwFWdpKaH0QzS+iHWOkiDAyZ1x1BPdkrSjbiHgbHRwelJ97JfxJZmPZgbzpntyZ7vypH35s935ow1pHWWJk63Zymn6hQT1bqFOr20ZnOmdHOmWDNXpluo1C9Um5cazcv11rUm61K9VVZrkFQoxwrnOt/kvoi8E+qalnC9Ie/xymDJXEe6rCtzoTV9viNd1p212JO70JU91Z4x1JRWk/ewNi9mZbzYvNKwBQ4Jpl5S242puhhVF2cY+BIa+Tk5+Utq6pf05C/p8S/hQU7fxWg7GG0Ho+lgtB1vae17xeX/Z/beN5wfBm/+8aL3ney5hETNbv3oN998M7C0+bBqLLVD3iaFKySmshlT1aypZs7QIrM2zgP1En2nzDq4DE5tQnNquGl86UVN7803Va7xb85evXfcL/i4T9BxnwB7Lz8X76vDo1MoIxoRXk+JeoyHKH5aCec0yfJb5jsleogTtBBV1CvPrB5dNyA6gER4EWHF0s6Z0Kc5z3Mb0kq7n5f36y3E9JpGpjSRnDi6Ye2SmgRxG6M5M85znEizwiqM6xGatokozeMUh1AsRHIQwUEki1K8GcSVWpMOtmIsS3M2kqZLJSr/hoV8qVaLMVerpAWz+kUdPqCGKlcs5VLDKsAYCQ4iSIQRAIpXIaTcjMyYsTk9tmrCZnTwiBpc0OHLVmrRABpwzoAyBoxGWZ7jbTQn8iIHksS8Fli20nIzoQAJE8YvWrBZC74IcfN6SqKlZnWEREsorJQRodUAsWbBNqyIGmT0EK2GKQ2Ea2FoYm2lcXS2bnhxeF03uWF+VdbkdyPa/qTzoaMOLhfOXw7yP3Xy6HnHo8Fepx4EnUy/4zTflADJq0RdJ6/rI5T9pLpbhAYEZMSsHuptyUtLvPP04Y24e9fCw3xvh14OD/F9lXBX0lc42flS0vlmeaBysiWnMT+usSBurjt7baxcO9tglDZr5itNS3WmxWq9rEIvLdcvVOoXanXztUZZrXm5CVhrsSzWG2Yr9dPly/05HeVJT2NCbl+5kPciaqzl9dpI0Urvm/n2tJmW1JmWl7PtGXPtr+faX8v68huLEovSH3VXP1dMVzL6XsbQR+n6CFUPvtlBa3t/CIz8FJv4mp7+FTP1d/zM1/TUO2CQ1/dwui5O18XquqC1xveLRd9pNvwp2PudVb1v2fs2Cunbovf+ht63gyx/5KeXW9Fw402t8v/8xvabb8Izam6VDj9pmm+cs+RPqEtnTDUSU92coWHW3LhgbVswjiwBCxvWRS0ytWqsHZxPr+56Ut4VmtPqfv/lySu3T/peOeYduN/H94tT7vGPU1Vag5EU9ZTNhLMAIWyCdPukrqxd3jStgVhapkefVA5ntoxtWBADTAIIQ5BC27AsIrniTXlH95h82QCoAGzNCEM4Z7PZujeBMQWC0zzNCgRrEwWbCqGnNCTDChjNEYyIkRxC8SDJmVHKhJBGCLdiNIiJCM6TDI1TIs2J05tIVPeqX/NCqVy/CdKPx1TXB7RpU7pKOTCgQVCGgQkKpFiY3TJgtMKKr1lJqQFbs9IqiF40E9NaeNVErQG0AsCsJIdRAsUILMuzLEcyIskJCM0tm3G5mVQABMDa1Ci9ZMRlRkRqgOVGckKFSzT4OogbCNqA8SqAViHkBkRuwpwKZBeNxmW9YUGpqxudqOgfXwKZMaUlMDzmuKvXoeOOPv4BlwP9zrg4HrDb63nxdFHWg7K0W89unMy4eyb/kfNgyR3VyBtus92m7+XN45BqdHagNP3JvZt+nonRN0oyn96/FfDg9pUn9+88DA9tLX8pHy6UdLyS9xf212aWZ8QUpd4db81YGy3cmCjbnKzSzdbB623Qeiuw2mhZrjMv1ZiX64zyBuVUhXKqTC+ttay2mhab9HPV2qkS5WjBePPL1ym3U5/ezH4Z1VD0ZHO6VjFcsNTzWtKSKu3MnOvInG5Nn23LkHa8GW8rbCh71VD0dL4n2yxv2DYPsdoeQtWDbXQw2t5t8+BfI2O/oKb+hp35e2H2H8WFX5JT76xDW6aBLVO/zdgnGvt+tg38RywW/X9j7w+pLO/99A9TIf4Ie3YeITkbhOZfvqkYX7uW3xtaNJjQNF8+rssZVlTMmOpmzTXzuro5Xc+KdWTNPKuwylSgbBPpmlwt753JqO57Wtp9s7jH53mp0534437Bxy6F2Hn7HvK+7HIxqKiwykzQKohRQ9yyhVUjNEhxaZ3a4uF1FcZPG9HH9WPJTfMqHWKCCZTgcJrvnF7OrBu69zyvsHFUDyGSTbMRZgCW5wRBrgXrptYXVDC7tU1zNpoTlsz0plVghC2YEmCSgmgeInkLzpoxxkpyZpS2YKwV4UCSh2meoLc5lidpoUqij+1RPOlXVMmAER2aJTXWroLtaxDC8AjJgARrRjgtSitAfAMg1DCrsJCrVnwDpjQwa0A5E8oZEBaiRZjhMYrheRvFiCQrEoyNoLYQUjTC1JoV2YDpdYiSW7EFAybTQTMq65gGmtQjKxZKj7MGAtsECSPC6jFWDZNyPSjTmRZ0qgnFesPA1PiKSY3Yuialx8+77zq4x/70kXPuLl6+3idOHrW32+vtdroy/5FF0bg69qYg/sKzKwfe3D1RFHuhLeOWYiQL2KiRDhWlxUXF3LgSGR5SU/yyrepV8esHzxPCYx9ce3w/vCLv+XRfobT/jbz3jaQzJyfpVnZyuGywaGWkUDlVsjlVvjFeZpI2YaoedLMbWGs1LjXopDXahRrNbI1ionxjskw7X2NdaTUtNuokVbrpCu1kqazvzfO4wIznd5JiQ4vSY/pqM7SS2qXuTEnzi/n2DElb+kRT6kTzq7mOrIWB0uH27Mbi+IH6lKXRYtE0/ENogtL0EZudpKpL0Pd9CY/+nJz6G07yd/zsP4oL/yAufIVOvLMMvbMOv7MMvbUM8frePxIn8T893vk/z96HKsuH1sKHDed3dptF1S3nIpNfW3/V+ZN/8H1a4pXW4vWq8WHtTP6QKrNfkT+iL580Vs5ou2WG/iV9v0w3pwBn1ZBUDfXPKcv7JOV9c7lt0/dqxgLftLg+TD0ZFObgG3DU09/e13/feY+7D5+t6y1LJnbVyi6CggoVCfFt/ypQOriuQYSRTSCmdvx158KaEjRBOEZTIElWdEseF7fdeFHYOrIi1wGretCMMSBj422cxgSXjy/XSlQ0LzLsFsGyEgOqMpMsJ8IUZyEZM86ZMNqA0kaUtlK8GWcgWjRhjB4jYZJDMJqgaUHcmtaiKcOrj/tXnvfr8qeNU1pQj9Eoy1IMB5KCAec3AXINwFQwo0EZDUJrMVaDMhqUMZM8RLEIzfD8FstuETaREgSCYmGKB2jBTHEIu02wnG2LNhO01EzMmohZEz5rxKb1aP8mMq5BpGbMQHAWnNcgtBYhjSijhvF1MyBX6+bW17onpI0T8mUzYsb41zm1u/cdOnj0yMVLro5nTxw6tH//gV1Hj+67H+5Rl3/fKq/iVG3oeoOk9UlB3NnsyONFMReKYy/lJQZFX/cIcDsRfTUw/u71iJshTx+EFaXFFL6KvXXFKyzYPSYioK8la7ovW9qfvThcVJsbU5Ye3Vr6dGW0UD7wWjVTop4pV09XYMoeTN0PKbshZReg6DAuNekW6nQL9aqZatVMpW62Rr9Qp5JUaiVVBkm1UVIl78189TjwRVzYq4TwF/E3nkQFTbbnrA3lzTa9nG9Pn+/MnGlLn25Nm+vOlvblTndmtJTFt1U+HWp+CSw1/wgc2zINkapueL2d1fZsmQf+Ghn7FS35e2HuH20Lv96W/Yqe+RIceWcdemsZ+ha/n2+Df8jo+xOx92HD+aHK8n6I7MMMsj/00zt9+VpIyVDC8rvo2rHgrG7n2LzTkak3S0YyetcT2+Tp3YqaCW2zRD2xZmqZXW+aVMwpoFm1dU5lnd8EJtdMo8vG7jlNSpcsNL/nUnKhS/iDU/5BR7387Tz9D1z02XfWKyUzl7O92wDITYTWoqwFFxCGLRpSrJmJ9gX947rZnD754Ipxw4SCBG6AyaK2kZTCttuv6xonVuc1GMFvW0kBICiasyEkP7Cqb5QbEIoluS2aEdas1IIG4TkBJhgLIVpxzoIxRoSxYLwF5/QgacZYHURqAMIAURacwWjWZrOhrFgn1z/oWn42rsmY0bUvmyZV6KIJWQFIDcqugOQKQKyZMC3CGQlOj9EGnIJYEaYFlBURjiV4QRS2OIaneQFhGYjhYJqDKAbhOM4mcjZRT/AbEC3RwcNqaFQLjGqtwypwXIesQTTECFaa04CkAWWNKGNEKYXJIlldm5AujUvXe+dXzLQ4u6zw8gn66Ac7jh6z9w24fMrx1N69Bw4eOHDcwe7hnYChpmSLrIRZryOWG6jNDvVs0XhjXOrtU0/CnO76Hj+xb9+BXTuDfZzSkiLvh/tH3Q59+TSiPCvuRWxYSsLt5wl3KnITpnvzpzozZMPFvfWZqbHBvTWpyyMlks5XyyPZyqkijaTcsthIqfsozQCp6Uc2uqH1LpO8WT1bo5mvUU5XbEyWaWeqNqfLVTMVJmkDIG8yzlZtjOaMNL5Ij7uWmXAjIdo/JtwnNSZQOVU535o+05giaXk53/V6vuvNbEfmZFvaVEf2YHNaQ9GjhoIH0+3pW+YhXt/HaPrA1VZM2cHqut8BQz8npv9BXPinbdlvfiT/P95Kf0FO/Bge/mtk+MfQ8JfQMKfr/kNmw5+Uvd/fT3+/I/tv+ulzsiXna4/uDWjyFO9CkgsuPM23C4t0vJ96vWj4dddGYrM0u3u1aWKja049IFO3zCvrpjYka8D8pmV+0ypTg3I1LFOB48umrMGVyMrJsLyui3EvzwbftPf2P3Qp8PClwJ1OHifOX1paWtIjtAam9Bijh0nSJgwvmyuG19I65lNaJI9rxitGNRIVhNA2hOaLOmaKmgcLe+Zn1vVGmDFCHMAyVgzH2W2EEQdVUP0ypKc4SrCxtLgGMONKiOQFK8ZZMQ4geDPBGVEWJEWYFg0IqbJgagtmxng9RFsInqAFVhBtW8K0Dk0d0xTOqzKnNNkSffsqNLwJj2sxmRFbAegVE6EASC3OWSkBoTiUZAhWoDmR4UVKtHHb2yTLkyxPMSJA8hhv4wRBtNk4UbTijNRIjmrxeTMxo0dmDOgKQi9Y8SkdsWQijTiJMJwJo40YrYVwpRle1RnmFZsjC2ujS8pFgAB5sbu9e/8Bh48+/vik02lPHze7Iwc+2/nFocN2jiftEmKu5L+IkvXngEvV+Go9tlKPbTRgqhajrO7ZXV/nI3u/+OSj/bt2Ht73hZ+Ps5/3sfBQjzvhAVlp93NSI/JTY6LCAl7E3h5szJrqyJzrfr0wXBYfFZAaFzbanLk6UrI4nLc+WaicKlTPlJpldZiyg1T10NoBQtULr3fopfWbMxXKmfL1yWLFRKlyokw5Uaqbr7YsNYPLbcBSo1VWYZCUN+U+LnwZVZodV5h+/1aQ43RP3nJf3nTzi+nmVGln5nxnxmx75tJQwUxn1kT7677a5x3lCZ2VCcBak80ywBt7MWU7tNbG6Hq2LYM/xSb+QVz49VvZP/9o8Tc/kv8dN/MTZORLaPhLaOjH0NCX0NBXNvN7xeVPyt6/fpAN8eEsy+9sLfybP73o5AyfF5WxI+ao4q7LT147hj8+cjXKK7k6snS8qH8ptXWusGexYWSpamytfGSpeUFVObneNaeZWjPNKa0LKkCuhWVqcHLNWjapTm5fiagc935R6nTj3mGvALtLQYc8A45cCvrB0bNJSemksKVDBAu5ZaF5E8lZKLFJanzWKU9sGo+tGikbXJWbEJgUcJot6JxqG5Uuq8wkx6E0N6+CCZ6zUDRCiKzALZqICqllGWQ4judF24QBGVlHeHEbJDkzzppwzoCyBpQ14ZwZZ/UwqQVwHUTAtM2KcyDJwTSP0pxNFEnRVrJoeD2ubZdZI4ZXU6dU9cuWaQ0iNRErALUO0JsIZSBZhLXR/BbLiTQnMryN5Ww8t8Xy7xBuC+W3Keotz7zleBspbBkJQWoku9bhTgU4pSfnTcysDpnVWpU4twKSqwClQxkrzmithAEmAYZbN1lmFZqJtdXx1fWxFc2SGVyxWG7ejP7448937Pn8tKuzf7Cfvf3Bvbt3HTt+yNnpYFy070jrq7yX0fX5ifLhYnyzBd+oJBTNnLqH13X116UGe59ydzn2yV997/Dez/ft+vS4/a5gX1e/S+fuhl98nRJ9O+jyVW/3nOTouZ6C6fb05ZHCnvp0H7ejmcl35roLZL25q6OFG5MlWkm5drbCKK22LNUjilZC1YUpO4CVJt18lVpSppaUKSZKlNPlyqkKtaRKN19rXmwxyVss8mbzfLlqJLc8PfpF/PXE2Guvnt6+e82jIitePV0335k5254m736z2Ju90JW12Je/0JM325U92vyqtza5pSxuaSyf1ncxhi5c0wkpWvDNdtHY/yU0/DfczK/fyv75y6Xf/mT5v76T/ZKa/Aod/Qob+wk6+hNklFZ3/qEsif85wfPfxd57S/3DbIj3CucvfvGLD7M3P1wX+p1uc1a65HLlYXyrrnj5R/6P0kJflV95WuwY/tjlYXZ81Whp92xG03hpz0L96GJO31L+4Fq7VFs7uV45vj6+bFjYhObVkFQDybWQZBNukJozB5RxjfOXs1rP3X/m4Btk5xN0yDPwiHfQF+cuHXBwVavUCP/ORIgAZwOptxpCnNMTJePapJbJ+Nrh6lHVsoUEaVFrhl7WjIxJN1iWJQSB4G1TGqsWZRCCB1GWtvEkx/RtwNNahOdFhmXlJnhORwq2bZzmAZIxEbwR4/QorYdpKyEaEdoA41aSBkkWojiUE1FOhHAWY7e23m6rQfbp6Obr6Y3sOVPRvLFuQd+7Bk4YoEUA16CsleJQVqD5LZbf4oVtShRJnqVYlmJYnBEgRkBZgeNFwWYjeNu6hZFoySk9LgVQFYKaCXbVQs9o0RkNtAbRaoTVgpgeQ9csgBZEN03Qqs4o3VRNyBUTS6tLBoNUoy+qqT/m4Pi9739/x8H9zl6ufgGXj9of2rd7l+OJExfOOzy55zNYn6Sdr+6uyXh460r60wjZaC5vaCXXW+iNdlbVaF2pznsRHnrphIfLsS8++eTAzk8cDu9xOnXkjP3hG8GeEaHed4M9Cl/eby99Nt6SOdb0cqQlPSE6yMv1eOazqMG61LnOjPWRQuV4qXK8eHOiWDNdopoqWRnOUU2XGBeqTdLazYmizYlC1VSxYrxkZaR4cahoZaxMMVljlLbr5lvWxsoNs+WzzalJUUHhod4R4X53r3k9igp5dDdgY6pusT93qTd7sSdL1vNmoevNUl/eYn/BTPvrsabUgdrkpsJHg/UpZnk9o+natgyCq43gSiOj7d4y9/+UGP2nt7J//nLpX368+Nu/XvoHYfZn+PhX2OhPkJGv0NGv0NEfccbfN/r+pOx9qHB+G/b+4fnYP6Ky3Ix5ciEm60GD4nGNJK6wPaV+JK6w81xUvFtM2vOakcIOycu64Yo+af3I4ou2hYKhtU6psk2iLhlbnVg2ydSgVAPK1dCSDpFqkI4la8G4+kXn0tXiQben+fa+QYd8gg9fCj7g4b/3ot/3dtknJLzAeQFgRSu1ZWVtKLVlpoSGyc3QjM746oGy4bVNgARocd0EPqvo7ZqSKwFqw4KL4pbcCA2tmiGSBgmWFBhasI1p0RUzyYrbjLC1oEfXQYbjbQjJAwRrRBkzwVlIzoCQJowFCZsVpyCSgb/1HnAGIliE4s0EB9M8L9q6lED2lDJ3ylgxp21fAXrX0TkjqsNZlBFY3saL27zNxvFbFGsjORvJilaCN9MCwXGcaGNFnrFxMCuoAVJpwjcsmA6lQYpHcQ4mWSPFykzknJ7eBDict1kwet0ErhjNm4BVrtKPSpcml9eWDQaNFR0an3d19/7o+1989OnOA6dOuntf9PK6dNzhxIH9O51OHfZ0O/UyIWS48Zl2ulgrqS5Oj73s5nwn9FJ7TRKibKU2O8n1Fnq1kdmoM85XFiZf9Xa237Pj86P79xz44pOjh/dcOmMfGeyW8iAgOSog+8mt4tTbBc9vlqbfiY/wOW2/+8zxw3dDvXKfXa3JvNVVFDPT/HKy8flQRfxAWUxbbnhvSVRnYeRAZexY/dPBitjhyscjNUl9FcntJUntpUndValtpc/GWvO6q9JznoX3174seHot+V5wxM1L9yMuPYzwvRd5+Uqgy1DD64WerJW+HGl7xmxbmqQjfbIpTdL+eq7z9Uxb+mBNcnNBXG1OzNJgAaNq/7F1CF1tRFcbsfUW0dT7FT7yT29l/+3Hy//9Z2vffL3x258s/x0/+zU9/TU9/Qtq8hfUJPX/lL7vTO/8j2Lvd7b13iuc324MvV/V+yOzLAuLKyEPk5OnFAPCz4OS8xLL+0t6pK8aJ/yf5sbkNpZ0yB4XdT4p6S7onq3qn3vRMvOqa6F0fL1TZqidVvQumkaXTFKVZUmNLOtwmQbtWgILJ7VvBtfv189cft18OODqQc8AO8/Afe5+u109dp27eNr58sTEHMbZQGob4ASQEPQYtWJGH9dNBWU2FQ+trVhwHS4orHRKVX/doEQFMwaQJugtWnhXN6+TaMwEt40yAs2JUxpQA9MYxXMCtwzQKiuN06wJY62kYIQogGCtOGNCSSNKQcQWQosIycMkj9ECTHIAyVpxFqQEC87RvGgkt9oWjYWz2jK5sX8TkRlJCyVS/BYt2HBOxHmR47ZobhtgBIjiUdqGCG9twjYj2EhSQFBBj4srVnLdQukx0YjxJoK3EFsAIZowRouQSpTTYyzOMhBDmwl+0wyvaozLWtPE8sbMmmoDQqRqzfXb93ftPvjxJzt2Hzhy6LSjx2Xv4CD/A3vsDhzcd87JwcfteErCVcVwrnoyH1lrGG1JvxHgduuKf2Ls7Yay5A1JNaNqJVcbqdVWRtHIqdu1knqnw7uOHzx8cPfO/Tt+4HrqQNId9/ykkNgbbuGXXR4EuT4Mdo657vI4wvP86b2ff/LR4b17/NxORF459TD0dOo9j8LEwKoXoaWJ/uVJfsUJnnmxbgXxHulRzlkx7gWPfXNiL72MvBh/wzXmmvuj6xfjb3tGh51LvB+QcD/4jMPuEF/X6z6Od4NdIm+4Rl5zjrp+8cE9X//Lzqmx14frn0k70serk0dqE/trngzWPOuvShqsTRqqS+6vedZekpT/MmKo8aVZVrul7/4KGkBXG4HFBlbX+UOg/2ty4tdb87/98dL/+Onq//jp6n+xzf+SmvwVM/MrZuZXzPTXzPQPWeP7HJff/va3f2r23idwvt8Y+jD39g+pLK/zq8o7Bv/+m2+sCOYT9yq6oK2iX1bQsxD+uiGuqD25fMj51qO43LbM1qm8zpm4+ql79TPJnQttUkPrnLZiXNU4qR5aNs2r4UUtLFMjrTKwZMZUMLb5vHM5rLj/SMjN/e6+Bzz897j5fu7ssef8xd0nzqe+yjIDsAkXUFYwIuS6lQRIblRpCS7oKO5f3gBYPWlbN9Ml/bKm8WWS+RHB0DDD2EShb107qwUY7h1MsQjBz2kQM0bitMBz3IoVMUGslWDUGG3EGTNCWXEGIBgAY0BSAAkeogSUFkGcQygBpQUzSppgAmFEkBasBMOIW2aclelhOYCvgYgZJxlRJHgR50WE4yGOh9ht9lCwxAAAIABJREFUmBJRnMMpmhVohmMVMDNvxFQgrQG5DSu3CbBGjAVIFmFsGLcFsyLGi1aMMQCcEeMBmrdSrA5BTQShMutlKqVcp1vUGeZWVpva28+6uHzyyc7Pd+87cPT4sbPnvIKC/XwvH9q/9+iBI24uh4N9T4d4nJ3uzILlNbqZEmC1seDV3dDLF7JfPc5/k5CfmdBelQGuNpEbTdhqE6ls5zRtormnIDX6zN7dXk5Hn95yrXjs2fPGL+nmuZCLJ654Okb5O0b7nrx/1SUq9LzDwc927fz04K7PvV3sgy4eCrloFxF0/Mktx+z7HqVP/GpTghpeBpckeBTEur++dy7znktalEtqlMvDq8euetp5n93r6bgr2P1A8MUDVy85+Huf2rfn008+/r77yYMRV9xjb3vE3vL0cbEP8Drt7nrC86x98cs7ncVxLTmRNWm3S55fr0iLqH1zvyk/pqP0cU9FYldZUvaza42F8arJMlbZ9lNo2DxfbZitsMqq2c3WHxq6/gYb+Sdu+p9tkt++m/+1MPULdOgrqP+n0MDP0JGfocPwSsOHRt+flL337sLvKJy/P0f2ew3ncwX39r9+8018ep5jePztjMqynsWU+qGgZwV3XtcHPck97Hc1qaT3ddtccu3YrdKRm5Xjd5umK2Z0fTJz1fRm+fhG+bhyeNUg1wBzKqRRClcuQJUSQ/aAMrJu6ui1iH3uvgcv+u++4LvT2eOL0+d3njpzye/q1PSsCWE1ZkIDkQaMRxjOQgvp/fPxVWNKM2XE6AUtWjml6JpX0vQWQjI4zbK8MLSm10IozokwzZowUqLGYJrBuW2cYiV6jOFsJoTSobQWwiwYBZAMyvIQxQEEA1EcwggQyYE4C1MsTLNWnAZwBsBZkOItJI1RpLhlY1ieZFhGZFmOwkmWZGwkKxAMT7A8TDI4v2WzbRO8TQNzUj3Vo8EHlJDMiGlgWguzVmobYgSIolFWJNgtjBMhRrTSNojiMY41EPSyEZ9Z1gxPzw3Nzkk1WoXFNDQ5Hhxydc+efT/4+LP9h47YnTh18rzrjcjIuMdxhw8cOHRw1+WLLjf8j98KdXpww18nqdJKStXTxcBKfUVmzJPIa4kPw5LjbjyMvJoYf0s2Xomp2/DNBnKjjd5oY9TtiKI584Fb88vgxpfBVUlBjc987njZB7qeuOXvHO1/ItLb/l6Q0w2f00f2fnZg1459n33scny3u+Muv/N2UUEnk247vYo8l3XvQu2zoKYXQbVPfeuTA3PunU27e+p1jPvze27hV097uRxwOrbb6ejOq55HIgKO3/I96u1y8OD+nX/+F//Z49Sh2FtBCXcC3Y7tPXd0l9upQ2eO79vx/e+F+ro8i/bNeHQp6bbb09vuzyIuvorxz0m6lp9yozwjoqs8Oe/FjcLUO6N1z9VjhduaVnylQTdTYpSUWOdLmbXad+rGr8Hu/0KN/EaY+Bdx8m/RgZ9Zu38O9v4c7P0Z1PcV0Cugyv8tAy7/XvZ+x134fYXzfTbEd4InkcquJGSP2n4jZ96+rul/XNye2zz5pmkuMq8l6FlhZGbjuZtx58Kjs5om0lvmoypH/HNbwisGrzfOPO1ZaZsztsl0tdOK7MGVxjnNxJppUgl1yK31MqhBaika08S1Lx+/HbPL1fPARf+9bpc/d/LYfer8oXNuR509HiWkrOosy0bYgDEAs2UkeYoXDTgV/qYtp0umgLlNmK2a2Cjvk7ECD+AizolGjJrXgiBCwgSLkrwSoJUwQTICwdh0MN6xCvE2wYyQ35Y4C0ZZcQphOJjmQJKBSBZheJjmIZIDCApmOIBgAJwFcBYkOJDi9CgJsCIubsGcCHPbuPiW4G2EsAWzAkhxEM2ToogyrBolNiF6cBPOm4OrF9FpHb5sJMy4CFI8zNlAWgRpEaYFhOYJksMIHqRFlBdxntdj5JLG1Dc51TU5KdWqV/S61PQ0F2eXjz7eseOL/XuPnDh06oyzp5e7j7enj5fjqRN7PvvY5Zxd5E3PJ5HeIQHOVTkJFlmNVlJmmKsySKvKXj+6HeKdlXKvIich5k7gzSue9SWpxrU22tRBbbbQilZivY3YbIJl2QOvvdJuOqTfv1iZGPT8umtUgPODK2fvBzhE+dqHe9lfOrXX8fBux8O7T+z97OLpPZdcDga5H40KOJV0yykt+tybB645Ma6Vz3zLEjzrki4VPzqfG3MxIvCku9OBQ/s++/wH3z+4c8eJAztuXT6WcMvpUejxEPd9Dnaf/dmff8/zjEPA+dOB50+7n9x34dTeU4d3n3bY/ekP/vyk3d4bPo4vH1xMvusSe90x9ppj7HWXh9dco644R4c6JUZ5PYnyeHrXuyAxtC0/aqE9STGQNlobP1YbO1n7SNGXYp16wy2XfKVv+JWl9dd479eWti81DV8ZWr/St/7U1P5TY/svBP0fYe/fj9+/zd7vj7O8bzj/0LbedxS9uMTbZSNJ0rcxBZ1VA4vVvUuZDZP3c1tCU0pDkgtCnubbeV+Pfl3XMLbxrHnicn67R0799brRiNalWw1zr4c3Whb07Qu6iunNqmlNt8wwuQEOr0Nti3DrIlQ5bUjq2jh6N26ni/v+Cz57XL33uXgccvY84uax+7jTrv0nO9p7YUE0YpyF2IIYEeRs4tt38RUDESVDCzoIZcSi4eXHleO27S0QFzBe3ARxJciIrIgRBERyi3pSj9MIu8UwW3oYrZcaKIYDMQbAWCtKAwRrwWiIZEGCAQgGJFiAYACSg0jeijMgyQIEAxI8SPAIJUC0oCc4CyUglIgyPESzEMVinICwAkQLCCXSnI2wbc/oqbhhRd6MUW6k9SRXsQjlyywSI0IJWwRtg8lvjzMLGMtjNIdTHEpzFopXw/SaxihdXhmame2dl0qN+s7h4Rt3Infs/OKjTz7Zd+igw8njDmccz3l4+Adf9Qv0v+zjecnTLSok0PXM568SAl8n3Lwa6N5Xn25dKNfMVljkDWtjeSkPQx6EB9aVPK8tTHr28MaNQO/H0bc6GzN1ay28rotRNFEbTfh6h03dM1x8rebxubpk15okz6rEgOInAWXPg8pTrxQ8C06K9Lru4+h45PODn/2lw66P3U7vdz21z9Nx3wP/Yy/Dzzy7fvzZdYfUWw5Vz31KEtybXvhUJfrGXTl1bO/3d3360Y4ffPTFxx+fPrzvwuk9D8NOvYg6mxrpGHfthJ/b4e997y/t9+3yPHnY86RdgOsRr3N2R/Z/eubEngO7Pzrw2WeejocfhDmlPnCLv34i6Y5L3PUz4X7HQzwO+bvuC7iw57rf0RCPI5H+p1Ii3OpehQwWXq9K8S9PvFSb4t+VGzZWdnulNUbT+4SYzbQt5dHSHHAqwzKeRkvzKWk+v1xqmcz6zlNh/5vZ+85olg8zkf6dDWfo/aS0FUuH7eeBj1Jf1A2m1gyHvqrwS8wOiE/3jHx+LChi98WQiIyakoHViIqB8y/KPd60+1RO3qqfe9i99Kx/tWpa1b1o7pDpyyeVTRL1yKplaA1qXwQ7lqDGBXPGkNb+bvznzhf2nffa4+Jx8PzF466Xjrh6HDnvsXPfcQ/3AI7lTJhgJWwEL1j5LVz4YeO8Miy/r1+uNqNcy5wyPL8bYkWM5Xle2DRjS2aCoDmC5wCamTNQMG4DcR7AKJSkJDoMRkkAow0gZoAIC85AFI/RAogzAMFAFG/BaCvBAgRvwRgzSkIUD1MCSHFWkgEZHqFFAGUQksVYHiNZgOAQmsO5LYK1MZxoswkanK6XIyEdyzEjm1kTFi1ELUHk8wljpxLjtwRWsCEUh9A8xgoIzVow0gjjOgRVWqBZubp3ZLq+u6tndmZQMpfxJvfcOffPPtm18/M9RxyOOZ0+dcHZ3s/HKeKmX3JcePGbp3UVmVODra35r57ecR+sTkq8ExDo4zw/UGiRFKok1RZ502Rz8psn15IehKbGh6Y/uZGecPfBjaB7twKLc55O9JaSql52o5lWtpCb3YSm16ps7cgIrH5gXx13sjjuXMUzj9acK9Ntz9ULtaB+SCHt6mktLs1+/vJJ1MOoK4GXnILcHUJd90R47n4UcDA57Gja7RPVSV5ViRc6Xvu9uuPk5/j5kS8+OvT5xw57Pj1p/8W5U7svnPn8XujJ53cd0+85pj90ib119vD+HR9973vB7mci/Zxigk/5OR88abfj/OmDp4/s3vvZx0f2febr5vAgzPXlPffHYaceBB+75nkw1PPQzcvH7105eyvoRODFw1fcDyXccClMuNSW5tv++mrpY6+yBO/q1Mst6f69OcGTJdcWqm8v1UdI6yOmKsJHS26Ol4ePlYXLmh5IGx9Aqun3JvufiL337sL7U7LvG87fuWX5/1I4l1YqWods/+1frQRz6WHa7ZyG8MKW23ktN7LrTt2K2+8V9tmFwE/dg06ERd8v7ffNbHROLXPL6j5ZNOJRMfawYzmudzV1YKVsWtO8YKiY3qyeUnbLTO2LYKsc6F6GO5eB/GnL0ZsxX5w5t9/Va//5i4dcPY5e8Dp8wcPOyfWL4y47Dp+tqmwkhG2E2SK5bZTdgui3RoJKbJoqHlIsm8mBZe39kn4VRpE0y3M8RDIzCpNECYDMFkJRKpCkaU4LEUYQIxl+yUQaURQheRNKGDHSjNMgwaIUD+K0FachirfiLECwAMlZMBqiOJQRAIJBGAEkOZQUIVy0UiLA8gjNo4yIsBzO8wi/jXM2wSZaKF5u5VoUlrRJfeaCPm9GVzBlJEVycAPMGANpnmO3bAjFW3ESwCkTjOoASGUB1rS65VXl/Oxi3+hE1+R0UX1j6PXw/Xv27t2545T9kXNOx/0uHA9xOxHufyb2tmdWYnhn5SvFTIN8pHKsrai3Ik4treipS3tw1ftB+CXNfI1+Kl89U2WWNQ7VPinPiH4Y7pv76v6Lx9eT7odlPX9YlJ6QGh+R/SJWudDA6rtoVTu+2YEqO0jjyOpoZmuKe829owXRJ7Lvnch9dLY1+/ZM0wtc22sDZxnLAmGZs2omN1b6V+ZacdP02kLr5EDhYENiS+7tqhS/nHtnap+4NKT6xF09cdl5/8n9n7kd23P1wpFAbwcnhx0O+z6KDDj+9MbxxGuHXtw+nhrlHOi27z//pz93OWkXFXQmKuDoHR97//NHvF2O+F04dmj3x7t3fHT66L6zx/bHXPNOuuUWE3zsXsCxqIATEQEn7/gdvxPkGOxud/Xi4cgAh8RbJ0seO9c9O58ReTor2iX/sXvDK7/enCuSilvymgh5zZ3ZihvjxaGDeVcG80MH80OHCq8NFV4DFaO/7zT8R7H34fz0t+y9zyP70F34zqIX9OBxF2jD//WbxIqWkIzqOyVdibUTL9vnn7fNX0wuOHE3bm/AnU+8wk7dfRqUXnv+ad6F17Vnc3r25PceKRkIq5272Tgf2bzwoHMppX+1bEpVO61qk5qapFCLHO1ZgQfWoQoZYH87/nNH5/3nvQ6e9zzk6mnn5ml33me/44X9zm57nS9d9LuBkjTGbSHsNkyLMP2WFLeHFUBK29L4hmVsXX8tr3fZCAOUDWVsgsjTLLcJ0RaEQBhqHSBhhjFj5KYV53ibwkzITQhF81acA2jWQtAATkMEC+C0FadhmgcI9v9uNUkeYQSE5UCCRkkep0WU5hFGhBkRZnictWH8FsazGCfgnI0T3/JbW6sgPaKjh1RI3SLQtIb0b1pLpaZxFW7BufQRrRGmEMpmRCgzhBtBTG+FdWZIbwZMRsCo0ys3V2fk0tziynPO7rs+3eFgt9fjrMNl1+M+F+yu+xyNueWWlRhWlxvfXZUuHWmY6KwqenavIuOueqZ0fbo490VUoPvp7JRbluVajaREv1Cgny3tKn2cfC/w6uVzWWmxCQ+vxkcFNRS/rMxMigq5HBnm293yEla3s4ZOdqOD3ujFNvswQ7e8N7n5sUtd7NmSGKe8e2cqHrnVP/NfH8oVtUOsaZo0T1GWKdIyRVvGWWiax+ZtuPQdNr8NzzCWMVDZAc4WqWZKextfvUq8+yL2Wl7yteLnITeCz7md3H9q9ycRvkcTwg5He+946LMnI8Lx6fUDh774qwO7Pr7sfjjhzpnkm/Z3L+29GXgqPPCsk/2uo/s+dzi4x2H/roOffN/f5Uhs2Lmnt1weXTkR4WN33W3vde9DoZ6Hwzzt7/g7PL5xojDhXOMrt9xYpyeh9mnRZ4riXRtSvPre+I/mBk7mB03lB4zlXO7L8OnPvNyf6duX6dv/xr811ed/fcDl32bvO529v/3bv/32jPP7z94faThdbsY9Bv62+jffXH9Vfrei73Hd5N3qkUe14yWDq7n9Kynds5Gl7YFpZWEFrQHpjSfjctxz2pyKhz7O7fo0t8u5bCigYiy0duJK3eSN+pk3I+t10+rGWX2LDGxfQrqX4f51tG4RPX3/2RdOzvvP+9i5eh90vXjwgveh8z57z17c7+pu73vl4+Mu7f0jJP8OoLYhVoTZH8KsTYWxr7sWmydWQYbN6JgdWdKD/FsrwdG8jeQElGc1AEWx3LoF0yIkRjNqgIIIftOKjatwXqStGAPTAkjSIMmABAtRPEiwAM5YCRqiGJBkIJIHCBaiWZTlUJrDGAGhBZiyoZQNZ0SCFVGWh4UthBVZQRBEG0gLw1p8zIANqbDcWWvPBiw1o30KqHRWo8fxtkXdvB4EYFZjQowQqQcIA0CYERKAcRghQAQ2grrxqamwkBt7vv+Ds4f2eZ219z135LLL4VCvk7F3LuWnhvdVPJlryVwbr+2uyE665d+YE785U6WZLVPM1b1JuX/7yqWOqmeWpWrVeCEgLVkdymopin3xKPRmsPvTh2Gvn92tykt8nRiZGH098pr/Vb8LmckRS5O1lLGPV7XTm924uo82D6K6roaUkPIH58tiL5TEuhfeO1f48FxvaaRVXstZJwnzJKofwfTDuGEY1w9h+mFMP4JpRwn9EG0YFCzDNkgiovJtRsHhKyQ4Y1X3r83WNzXkvkq+V16QWJt3r6Hgbmasz9NrTrkx7nkPjl85u/vozo88Tu+NDT76JvLUm6gzsddP37587NKZveccdjse3uN45MC+T76/56/+k+/ZQ4m3L6TcPfck7NT9gBMPwpyiQ53DvI/duezw5NrJgjjXsnjnhhceidePJoTZZ0acrEi40P7q0mCW31CW72CWd3+GR0eqe8vzC60pbq0pbh2pHu2pHptzHX/oRt//fvY+vK33rbP3+5+97xieXl4Pzm9p/Odv2oTtu3kdgdktwdmtgUWd92tGcgfkNSNrlZPKkjFF1biyeFQZUz/hU9DpVT5ypmL8B7m9H2f1HcjpcSwb8qqdCqubCa6detghKxnfrJrRdiyBHStQ1zLcr8A6Vulzj9M/dzp78ILvQVfvA67uh9y87Fw9956/aOdx+VjAtd3uXhEJKUYAx/l3ML8N0m8RahvlhEmFZWTZaMDwtqnV8t4VmBWNJM0wAsHyJMevg/yGFd+ECaUZJxnOhNFqmFFD1JSWoAXBijMwwcA0A1CshWQBggNJDiQYiGJgmkFoDsAYEGdhikNZHmU4mGIRioMJHqF4nBMJTiQYDhO2YNbGiiLCsFIrOWakh9TIuIZInTR0K6AlEz67CQwu6mb1yJjCMqUGVvSgygTpEcqE0iBGIxSLUQxGsyhBwDCwqVhPio0/fWSP59kjvk6HLzsduBHg8uzBlfK06OHGl/KWDEltdlFKTEpESEPGvY2pCs1cjV5aNdiYFhsRcifsknSkQD9frB4rssyXSVpTa7MfvIy7diPY7WlMWHtNdsbTOzG3LsdGBd+5fulmiGeor1t13jPNUqto7qfVnbi2n9T18sjUeHtOdLBrwDm7u74no/yP3w9wSIt27yp/bN3o58B5HpjjoTkOnKXNU7hhDNOPobpxXDdO6cdp3QhtmiCNEtoqZ+FFHl2yEWtbjMYm6ClCSaFyEpwD9ZPr8t65sfqZgYKxhqT6N7eTIvzuX3V7GXUh9a7jmweu8YGHgpw+8T79mfORj08f/NTx8K4TB/ecsDt4bN+um5eOPb97PjXqfLjvkbBLB4M8Dvqfs7vpeTjhyrHcB2ebn3sPvvYteHghK9ol7fbJ4kcuzS+8+rL8hvIuD+f7DGZ7daVdbHnh1pB8viH5fNMz18ZnrsbF7j8Fe7+zN/Qte78TgPuHlobC0gqCVtmk335zu7b7ae1EZOWgV15zSG7748aZxB5p6oA8vW85b0hZPq6smFnPn1a+mVAkD6zdbJSdqJz8rHDgB9ndB4oHnEqGr9RP32ie9a2YfNa/UjKl61gEO5ahzmV4UIH0K5gLz/N3nHY6eOHSXjfPgxd87D0u27n72HlctvMKOOYXcjok/LDH1eb2YRhnYXILZt8C1DbMbm0CxPg6NKi0LJuQ28XDZow3U9swwZMUQ1OClbItm8FBDbRooQmGRRleC9MyI7FgxAiOw2keoVmUZEiKgwkOJDmU4VGGh2kWphiIYgCChikOZXiMFWCKB3EGJjmMFhCawzgB4wWKF0lWIMQt8e32BkgPqclpLdm6Ao3pkBKZtmfFOKcD57WQVI1LtdCsDlrQImsmRI8QFoIBSBqhGJzhCIbDGI6kWJIkLSZjU3nFJeeTbqcPBJw/Fhns/iohvK00dbo6da49s6Ug6fF1n5jr3o0FsfqZGoO0QTFZBiy3zPaUPLp95eGdQNV8pXqqQD9VaVms66tOLM+IznkeFXkj4EXi/aTYW0kPb8ZFBiXGXMl6caemMDHpflhseEhLVQZpHmF1vbiml9ANMMYRSDv47OndSxfPHvrik2MHdp45/IXX8d1hHsfyUm7317+aGyiSjVVtSlsB5RBjlfDQLA9OMtZJ0jpFWaZ58zRjniOtcgqUM6CUsS6Q1jnMukBCizS4yCHLLKFkWDXPqRhyFbPIQUOvTtG9MF6lXGpalVSuTZZNt74qzYh4HhMUEeIa6Obg4rDTYf8nf/Fnf/ZXf/EX9p//eZDLjtir9o+uHbvpt/92wNFQD4dbPvZx1xyyHp6tTXSfyPOvT/YoeHQh697ZohiXuqSL3Rm+4/n+kwV+c+XB0yWBI/l+fVmXvn3dmV5NqRf/F4fL/hh737mo/l7kfN9w/s5n73fYOxydHPLj/x7/zTceLyuiGybj2+eiGsZv1Izeb1142CG73yl/2Cl72rOU1LeUPrRWMKGumlGXTCpzR5RJ/SvX2+ZcKsZPlQ6dLx0OrJ2+1TLvXTEd1b5YNKFvk0Pti1DnMjqyAY9usl4vS3acPrvP1XP/RZ9DHgGHPQMPegfZ+YYc9rti7x9qH3Bjv2fI45e5c9I1mGXNJGvCtvSYaGWENYCpntIsWrFnvUurJtJIbCkQBqMFghJIhiVIdslKSy0YRhE2gWc4pmMF7FsDbJyIMyzECijBMLSA0wLCiBgroAyPMBxC8xDFfOutoyyP0DxC8TDBwRSPMTaMFQjeRvIiLdpoXmRsNlG0TenwRpl1cMVSu2ieNMJylUWyAczpYbkFXTOTCgu+ZCJXLYQSJPUYA1IsTFEYzRKMQDA8znAUzVEUCaHAWHfnNS9vH9cz98Mv15YmjdS9lLflzDRnVWXERQVdvH/Nqb0sVrtQrZurUs1WaOZrFvoKC18+fBB+Je/FA8tSk3q8RDdbrZmvbimKL0m7l5MS/Tzu5rVAr5tXfJ4+uvXiya2i1w9qCh4XZ0Y3lyZnJkUnxYUvzTZzxlF8s5PWDRLqAdrYK5uqf/0ixuHgHieHI65nTjkdO3zB8chFZ/sXj2/MjzbMDlaOdxUNNGd11ab1NWQujlVblYNKWYdxbRDVjlEWCQPJSWCRBZYYcIGEJkhojobkNLhEAnIclOPQIgUv8vAKj2wwqITH53lsgYZmacs0Y5ogzZOwbkyv6FcudS2M1/S159SUPE+MjXx497rfueNXXO0ifO3uBR66cu4vQ10/CXbZe93jYGyofcHjc9UJ5wZeeY688cqLdsq+f7Y01rk5xX0g65KkJFBWEbJef229LkxecUVSelVSclVScnWqKHiyKNi6OvgnYu9DoeXrr7/+cJTsD7EnWdk4k9se/utv7vHbJ/K6LlaNRTbPpvQsJg6sRnfKYzqXI9sW7nVIH3XJH3TKn/YsZYwo8sfUr8eUOWPKovGNrLH1lIH1ex2Lt1oWrjfN3WpaCKqXRLYv549pm6VQxxLStQKPKZApteCbVrbD6dzBi7523oH2l0OP+F45EhB2JPC6ffDNI0HX7fxCjwSFHXIPysit4re2DDhhImxaTDSSvBplR1cskyrwzcBK97LBxGxvwDxA8Agl4CRNsALFCitWTAMJBoIRRFFuIiqkOlHcInkOYXiM4hhWJFkbyggow8E0i1AsyvIwzaLMt0VPhEkepQXs20PK3BbOihgjEIwN522YYGP4LZLhZw1Yx7JpSGEcWzfN66BVA6Gw0goro4AoNcKoIE4JUUqQ3oQZHcpCtIDRDEFzBCsQNI8zPMXwNM2gBLw4N52X8izj6cPmihdDFU9WWzInajJeProW5Xsq/ppzX80TQtGuma1UzZRvTpVuTJXp5R2F6fHB/xdz7xnddnqd+667bnJz4uMy1vQZjWYkjWbURnXUGyVSIkWKTaTYm9h77x0ESZAAQQAEQIAgCRJs6I0NRO/lX/EvAEjZsT2u8Y3jFKc4sR3jfpA9x8txfE5847POWs/CAj7g42+977v38+x951MutcKtpJqX+13aUd1SP6U5a6Axt6Mqc7y7uP55alFmXMbjG0XPYquKk6uLklsrs6pyE3rq85MfXuvvqgiYF3EjP2hgg3s8aHeadC0JptqyUh5c+Ojo6aOH33/n0Buv/OkX/p//69qFj1oanpcXZU4MNUwO1471VdIGatuqsnob8/uacib7qrkTraKZHuny2JaS4zCIffZ10KMIBpSoXxX0q3FQj4F6HNwkAvqQT4cuxLp3AAAgAElEQVR7VKhrLehaxdyrmHMFty8T9mXcIcHtS5h9CbUtgVZx0LOBeKQemyIUtBDALuyQOzYF6pVxDq2S1pHVlHnveeypkpjDbWkf0osvzlVf3e6LGc76pD/vzEjx2emqs/PNF5XDNzZHb9kY9+yMO9K+25qhW+qhW+qhW6qhO6qhO1u86t8st/xx2fvNpQv/KzbOXu7CbYmp7pfR04NTJ/rmPxmR3BhbTWUrWpZMeXx1MkeRzVQVzGgLeLocnjqfryqY1RTzdAUCXbFAXy/c7FraaxXt1gkN+RxNMkeewZLFTq4nMrXNCyam0sdW+3h6n3gHXDKStxqHX71w5b2bD967m3A0NuXYo9SjD1OPxKa8F5t8+H7ikfuPjzxIfPPy3VtPninVW16EsMFhKxaxoiEPETG6gitGsEOwOSY17gQwC/jCHCBcIInj+wAeCuJBlQukKAMaL3qwv+8E8HG1BQ9HsFAYCJIQHkbJCIKHQexXF04/SryEECRCMBmBiIgPIUEs8nKJORr+GkxEACwUQEMeNGRHcBuIWAPYpgOWmb0aO7jtRra98LY3aPBjlgBuAUgzTFhA0hIgzAC+58csAOkPhhE8BGMhCA9BKAFhJBwkgngYDhJ2m3WBTZtqzV/qy5GPVk20l+Yk3btz5q2CB+/rhM2IgeVQjtlkVMP68O7asHl9eJnRVFyQnJUaJxM0WaVDlpU+/86EhNXUUZncVpVeV5jAGizbVXJ49LaG5ynFz+Iyn9zLTo179uRBRU5KVV5KfvrDorwnwpke3CoK7jHhPTa0M41bZ60aJmOg+u75Y5eOvXrr9OuXP37l6Ft/npty7/wnH9+8ejE79UF6/PXMpBv15WnDvXWdzWU1pRmN5elN5ekNZal1z5O7G/Imh+q4jI5F/uD6wphkjipfpu9qBKbteZdlFfIqMb866FPhPgXhkZEeacizEfFISdd60LYEm+ch0xxkESG2Bdi2EHSvYG4pYl+HLRLUuY57FaRfF4G3XkCaoGPNtcPfU4zurnTK2RVabllkq0fFKp5qjqGUnOG2XF/uvqGm3HSzYyHO7fnma9Ty24MlNweKbwwU35isujlZdXOo5Mr/H2Pn/yp7vzOz9z8d/J7XQ6tHv8GNRmM4K2cpix8Nz58ZFt8aX2ucN5aLNh9Or6Uzlbkz2vwZbQFHkza9kTAtTWbKk5nyDJY8n6uqFe0VCzYzeapUtiyXq87iKK9QJbFT2vp5I1vlmdb6OZtewWZAsBO81Up5/drt9x4kHolLORqfcSwx83Bc6tv3kw8/SD0Sm3L0wZP3Y5LeuBn77pX7g1SmIwDbYNIT3HcRBz4sjBJfV7vBCeVu+9zWhsVnCmDmAGkGSBA9gIMEiqG7Pmh+z6e0QaHI1yAkZINDeCSCkxEQI2FyHyUjCB5C8DCMRwAsBARJEAsBWAgi9iE8AgYjIBaB8AiM7UOhFx4U9RO4Gw7aAuiuN6h1QnoXtOlCNl3wrje458eNAGECCROIm0HcCuE26OUnYQUIK4CbfEFzAPMhoZd2lpcPThgjUIxEcRIORjweQCoR8Por5/oKu0qfvvP6G2+/8qX4qx/KuK1B06xDNW5XjFukVMPasFk2ZpeNrUy3PU2Le5Z4xygd2F3pMUm6Aju0ia68jqrkjpqMusL4ucla/96sQcnqbymsLnpSVZxWmJVYlJX8PDs5+8mD2tKspEd3asoybToObuMgewxwmwHuTqHmGeVsx2BN2pMr7yZcfCP27GvXPvpq2sNPXj30xeufXsh68rCmML23Kb+zIaulJqO7rZw1NVRe+KSjNm+0p7q/pai7Mb/+eWpdSUpTRUZzZWZvc9FAW8lQx/OJoRrOZIuA3S2ZH9ErZyxb8wHzKmhdQxxSxCENuqSIV4b5laRPGfIqMNcGYluBLRLYsgSYFwDLImBeAPcW4N354PY8tCvwW4SgaxH1LmNeMRGQfCei+uW/oH/7/yK4cwEwctGdCcI4ge1ORrb69rVtJn4Bo/Cj8dwPqTnHqTnHR/JOjeSdGso5SSK+Py57n3fVX7L3chTnb3XVf2d34W5ZB+9fo+Zo9HQn8+Ko+PiQ6J0B0anh5XyOpnJu6ylHmTAlS5raeMRYS2cpkxmKmHFpDHXt4fhG4rTiKVtTxNVnsZUJU7IEljRjRpPG1p6jrF0fV9aJdvlaP0sXYG36+JsB/g56vY3y2q277zxMORyfcSwx+0Ry7gfxmUfi0o7GpX5wP+n9ewlv3bz/1u0Hr1y8dTslR7m56yP3HVDEG3zhD76A8Bd2OCTeczQubK1bfUYfZgYJIxgy+HEsGILxfYs/aPVDTgCBg5Eg8QIjDsjIARY+QIlIMHQQJCNBIozgYTAYCqAkiIVhPAziYYjYh/EISv5q0zqEhxwBROcAVww+ya5/zRSQ20CFA9S5kE03vOsLWqCQDQnZUNKOhuxoyI6QdoR0IKQDJhwwYQNxawC3BoJmP+qBCBDBgSDxkj0oiKMYieMkEgxBCG4y7ojYzJjr11/5sz85/eafJ984JWH1oBaRW8VwKSccqgmLbMwsHzfJxg1rlOnByvzc5M7qZzYlZWu5y7rR59SOVuXcbylPbCpPbatIVcx1gztMv4E3N91B7a7srC/KTYvNz0ioKM7MTn+U+OBqRlJsVloCbaAKtPIhAxM2TAO79MD2BGYVbK6OdlWnJF59M/ve4UeX34j99Nif/t9/cvHMifTY661l6dzxejGnfZHVMsft5bGGKwtSa4qSRnvKWWNN3Y05LVUZHXW59OHGBR5luKOssTy9rjilvjilsyanqTKjojipp61ksKO8v7V0crBBwOxhj7Yssvv59DbOZMuKYFgpoW+r+B7LOu7TRaBNElDh3nXcKUEti7BpDjbMwkYhZBJC5nnYvASblyGLmPBu/NOP4V/+7C8g+wbikf/0B87ozw+iv/z7aPTn0ejPo9EfRKNfj0aJaBSJRpHPwqufhVc+C6/8699F/mBT9e9j7/ND77fysp+z9/ttnIptQ+bknPKXUc3+N65Rxbfo0vPjq+8ML7w3KIqbXCvnbVYIdNfGJDeoK7GM9RSWIn5Sdmlk+SxFfJm6fIu2dnd87d6EJHZSdn9sLZEtS59RJ7PUl8ek18fkzUt7szr/jN7P0XmFW+D8Hnarnfra7Zi3Y1PfS8g8mV58Mr3kw6Ss92OTDt+Je/PavTev3Xv92t3DN+8fvnn/1dOXikqbYDJihwkvsu8PvnAHw240vOtH6wSbvE2nESKNAGEMkFteAoYIgvyaJRCxBlA8FCHJCBF+QZIHeCgSDO+jRBgn9/FQBA2FYSIMBskAGgqgJISHkdA+QkZetha8cNAcQDV2YHHLPSrztM3vTarsSyafxgVpPciunzD4MTNI2JGwMxh2BcMuLOzCwg4kZIdJO0S4YNIWwOwAZvMHbYGg1Ye6AMwPYQCKAxgJBQkII5AgiaJhlCCQUNDudLeU1h/771+6cfTL2THvy2ea4O0pl2LUo6C5laNWOcWmGLUoqEb52N7GeE9DdmLCnYmOIpeatrk8ENiiby33Pn8a21qZWl2Y2NeQs7MyDO0w0b0Zk4I5MdjQVltIH2mrq8hMTb6d9uRuTlpsUWZy7O0bOckx+lWqf5sN77G8m+PADgMx8SDbsmZ9OivpauaD4xVpp7Mfnv/yF7905ezx/Mfn+mseLU3XaJf6zJpprUIw0NNY+DS2uzFvoLWguzG7tym3rSazuTK9vyVPIhztby3uqM+pf55alZfYWPaM0lXbWJFTnB1f+CyuJCehsjC5qz53ordSSO8Q0tvpfRVTg5UT/eWUrpLelsLR/hrmRM/S/Oieju/eW4Dsq0H3etCxTDiWCYuYsIgxixg2LQBWEewU//gzUzT6vTAoA2zi/cDGP37bGv3Z16PRn/0HfPxDNPoP//j33/ujs/dbhZbP87K/h73ibmqb3uGKRovoc/EMxUOG4sboyukRybGBhTtjS5lTiob5rYtjy58ML98bX4mjr12jio8NCo8NiU5TxGcpC6cH5t7vExwZXjkxLE5iy0tmdRksxY3x9ZgpVfeGnavxsdRejsYr3Aos7yH3O+mv3HxwJC71RErhmWc1Hz4pOByTcOjTG1+5cPXVyzffuXbvyJ3Y43cennzw6KP7D988c81osftCYRcc8qARG0w6YNJLHPSIthqE+i0AN/gJcyBkhr7mCx4QZARESR9GYqGvYeQ+Eg4T5D4R3sfICBaKEKEDnNxHQ2E0FMYjBzB54EdJL4z5YQxAcQ+MuSHM4UXU5gBDaasV78XT1UXzBs6OU+cBDX5sx4+bQNICEzaYdKIhDxbxBCPuYMQdDLvQkBMJOWHSBZEOAHeCuAP4ldwQEUBxCAtBeBgKkkCQgPBQEAtDwRCIEx6fX0BjJp+7UJt62bg+AG8ynLJht2LEpaI6VEM2xaBNMWSWDxrlI7olSv3zjOSkO1JOp0NO21kdgvfYc7Tq0oyHLeUZlfkPGYMVNjk9sMkANumwib8uHKEPt/c0FlcUJ96POZfy5GZBRtzTR/eexj+oyc/srstRi0cChhnUyMFNPNwkwNxLHsdiR1vZF//0Tz468uqZj47duXgqL+laXuKlxoI7U315c8xGAWegueF5atKD9trssuy4jqpn470VEwO13Y35/S0FkwPl4z0VrVWZjRXpo30VrTVZFQXJbbUF4wPNXQ351L7nU9RaHr1FyGgTTDRLZrqX2V1rMz2r3K4ldjuP1kAfrB7tre5pKp4YqqMPVU8OVszQGmbpLfLF8W3ptHd7DjGLMdtS0LqIuZZx78qPv7UbjX7/h9+2oo7FA9/6P37TGP1bIBr9UTT6s2j036LRX0ajP41G/zYa/XE0+uNo9CfR6N//27989r+Jvc+z6t/97nd/s6v+O9mrGZpa+Itvfy8abV/SpnM1D+kbt2ir50ZWjg8uXRxdSJyUNgu3bk6sHR1c+GRg/jJFfLpv7lTf/Mn+hWO9one6+W/38A/1Cr/QPnN5dL1BsFOzoMvkKG6Obdyd0rSKTTMa77TazdH4hFuAxIglDnC/evvu4djUowl5H8Tlvnsn4a1Pb33l3JWvXLjy1vU7J+4nnH6YdCo28XRc/MX4xNfOXRkapCGRAztKuNCwC4240bCf+Nqq0ds4tyW1By3AvgUKuaAXLiSMhQ5CRAQLE1j4AA+/QEMhMnyAExEUI7DIPhE+wMgIGdonQpEgGYHwiBfCnX7E5YNdPtgRQOwAbHIAK9vuLslOJk/9mKXrWHdILbDRjxlB0giRZoiwwoQDCbmDEW9w3xuMeNCIGw67INIJh1xwyAUSboh0g6QHCrlB0gWSHjjkQ0gICyF4GMZCEEbCOIniJBoMARjphyHl6vpoY/nuYie4PeWUDTvlFI+K6lJRHIohh2LILh9yyIcs0uFVTmdlwbOMlBvmtVGjhGqS9iMmTndlSl1RYtPzp3VFceKZZrd22q9n+rYYqIVv13Els6PPsx5WFj4pzHuSnHT9ceylhzcvtVUWZsTfv37xeHdrvn2bSzrEIasYMy+g9gXcu27Si5/nPzn++heOvXPo0KEvvv/uV99769DpD987f+qD86eOXT576mHMzZryZ0M9pc3l6f1NJdSuis763I7a7NHucs5o/dRgfV9jYVnOo9bqjP624oG2UkpXhZDVu8jtWRX0SEUDKjFFOT8sFw7IZvtk/F6FoF851y8V9EhmOpZYHUJ6G2u4ik9rYA5VDLfllufcK3p68+71T54+uddVn0vrreCONa7yBnSL45uSCdi89POfED/8DAwYxbBV8i/f8UT/5UU0+g+fAxGN/iQa/ato9AfR6A+i0R9Goz+MRr/703/40e80Vf/XsPd5Vv3zIudvsfc7HS1Pqrttv4g6Q/tZtMWcWe3DqY0Y5san46sfD4vPUcXxExtlPG08Q/Zuv+DIgOidbt773YIPukSHe0Rf6uB8tYt3qEfwlY6Z01RR36ppZM2Sz9c8ZStiaNLYCUX3kpmn87G0bo7Oz9WCol0iaYT/3z+98dqthLdvx7/x6b03L948fOXOm5/efvPq7ffvxZ15lHw+/snZR0lnHz6+EJPw3vlPT5/6dFEi90T2HUEygL8IEPsOLGxD8DGlY9EKmOF9G3TgxfbdKOnFIkRoP0iQwVCEiBzg4X2M3MdD+3h4n9h/gYUiMBlCiDCCRYAg6QJhhw9y+RGXH3b5IFcAcoKw0Qks73j7pdZ84VbRnJGh9m45SCsQtiCEHSVtMOlASBca9gb3fcGIDwv7gmEvQrph0omE3GjYC4e8cMgDhz1wyAOHnCDhhEI+NAwFQzBGAigOBnEQxdEgESQiEBkGYFgs4KpEQ+gewy6jOOVDbtWIS0FxyilO+bBTTnEpRuzSQc1cO3ekpigzua400aOk74oHrYo+n55emHSttymnrjC1u+bpzsZIYGcaNPIgyxxsmSe9G7LFkcHO0prCtMaagvgHF+/dOF1VmJ1w/0bSo9vjIx0dLcWri+OQfQN3rCN2CebaCLuVYa/SbxXVZx0fr73Z+OxCecqZzLjTcVeOXj/7zp3z7z+5fbEyJ3Ggqagq/1FW8rXy/KTupsLa50/aq572NeQONBeMdleNdJT3NxVROsrYo00S3uC6kCIXU9dFfRuzPRuzfTLhgFw4IBP0K+YGlXMD67yuNW6HhNMqZjaLmc1iZtv8RL1osm5hqlk42SSktw63F12/fOr29XNpCTeTHlx6fO98RU5Cd3V2R0VGV82zuclGCbu1rylvaqgad6z+9C/BaPRH/46MX0Sjv4hGfxqN/jQa/edf/OKv/rBAw3+Ovb/5m7956eT8zne+81tFzt9iT79rrJhaCESj4ItvFHIU2TOadLYyYVp2bWzl3Ij4/LA4ZkzydEaZzdF8ODj/hS7ef2tifLmd80o770udnK92cg91zLzaxTs/tFQ9p+OrLJ3iracsZTpTnsxSZbC1I+t24TbA1npYWi9T5edvY4+GeH/+yaXXr8S8dvnGoQvXjsWkHY99ejT2yQf3E04+Sj4bn/zJoydnHiWdeZT48c37H5y/9MUvv5mbX+3BcA8R9qCkPxiy4RE/Gtn1hxQO2BQgrcCBHQu7gxFn8ADA9oPEAR5+gYcPiMgBHtrHQ/tk6AVO7AcQ3AGhBi9kdCNWP2byBqyegNuPeEHUB6F+GPPCuNEDLux6emW2CrG9ftkm2HXvAUEHGnHDYR8S9mIRTzDsRUM+NOwPhrzBsBcJeWDShZBONORGw1407EXCXiTsBAkXHHJBhB0kPGjYj4YCKOFHcADBAQSDgwRMhIPhyOKiKD8jXspvQ3YmHUqKWzHiVo64FBS38uWXEadixKse1y32DrcWZCXGDLZmB7SMXXGfUz2sX+gpTo7pbcmvznvCodR4tpiQkaVeGljh98gXKJoVqscsWhb015Y8LctLeZYeU1eZVVOSd+PyqbrKPOZEX215TktD4bZuHvUqSM867paiHhkGrH89pGRSym6ffqc3+9OqxI/LUs8+f3quofh6X20Muy9DRH2+RK/jU6vHe4rry1Pa6rMoXSU99dl1xU+Kn8U1VaZPDtbMT3eLOf0bwhHVIlW1OLIu6N0Q9KsXR7VL46rFUfn8iGJhRL00Lp8bkc9TVvg9K7yudUGfhNOxONUsnm5ZmGre4PcoRIPrgr5lbt9Qe0VO6v3c1HvttfnU3rrWuvznufGFWXHlhU96mvOnR2tK8xMynlwry7s/1JGrEtMIl+yv9s0/+0vXL3/k+un3LH/3zd2/+8buP/4g8I8/CPzD9wN//33/fzF7v+km+5y935xC/VvRod9ib9NgauAtE9GoeMuSxVHkcLXFfF0GS36Htn6JunRmcP4qdSllWp47ozk7vPhnzaw/a6Z/sXX6K63sQ53sw92CC5SF5ClZq9g4r3Nw1ZZygTadqXzKlKVwlFkzWuq6XbAZmFZ7pzRehtYv2CHi+jh/dvzjQ6cvvH7h8gd3Es8kF51OLf4oKfNUYsb5xIyzCSmfJKSejk/5ODb+8MWrbx498cpX3zh69AyTNWsFMA8aAogIQH7dix64kAOVA9v2kxY4bEP3nQjpQENOJBQMvYjsf40gDzDyACUiIBYCENILYGY3uOMCNHafxhbQ2wGDG3QFED+MASgB4yEYD/vR0LYb4u04e+T25lVXv8K5YvYaQcQeDPmQfQDe9+ERHxbyYaQfCwXwiA8Ne+CIGw47IdKJhBxoyAWHXEjIiZA2AHO8LL2AuAMi3DDhRQgfggcQDEBwMEgGQ2G5bKMw92nKw2taURe0SXMqKR4V1a2kvgTPoxp1K6hu5ahppV8x193dkJuXFDNLqwmox4wrvf7tCSG1vLkgrbH8aXNZhmphCDay4b2Z2fEa1kgdm1onmGoy69kGFX2B211bliNd545S6j5891B1aU5xdnx3Q0FNUWb+04Q57rDbKA65l4P2BcSxGLQJCYcIsC1lxl0pe3Lh3sWjHx9//ezZd25dfT859mRbaZxwtFy32Ocy8EPuNdi1ZtriS8Wj3Y25NcVJdRXpw73Fq8KBVcGAYmFEPj+sFlM3JRPqxbGtVeb67MgCs3t+ulvI7OSMNzFH6oZaiyYGK+lDlTO0xvnpdgmvW8LvXprpnGe2ilmti+yWZW67mN0uZnVODFS1VWd11OV31hflZ8YVZMXlZ8UVZsf3dTzXrE92NefTqY39naWdrUVdDcX9TfltZQkT7dnMrtzJ9qzR5gxqU8YSo/6lOEOlf1iY6Pex9x9NgH/pov79S/ZmxWtci+cn0WjP7Fo+V5XP15TOafP4msfTyhsTa8cHhCf65x7SNkpmtdfGl7/UMfPlLs6XmqdeaWWd7BWeG1pIY27Q1kzzW271roe6anrE2EibluWx5RlcVc6MZmTNzlL76AoPU+Nn6QPCHTymg/aFo8fevnDlyM24M4l5Z5ILzmWUXMgpu5RTfik17+zj5DPxyWfjUz68ff+tEydfeePt115969BX38krqJRqd8Fg2EeEIOJr9mDEgYZVnqDEjhlA0hwIe7CIIxiyopEAHsbIMBgM+ZGQByEtftTggfX2gMzsVVp8Wrt/2w3temBzAPPAeADBYIxEyTCMh9wQrnJAzE3PoMrdK7NP6dwaO2QFcQcW9qKRABp+ecn0YREvFnk5DMKNRlxI2AmHHAhpR0MOJOSEQ044ZAMxO4g7QMIawKwA5gTxl+z5YAzCSA8AyBUblcW5d66dL8pKMKyMBHTjLhXV82t51aM+zbhLSXUrRz0q2hKzuaH06bP4a1srFI+CYl0f9GipjO6CuvyMomf3xzqLnRoGsDOFGPl6yZh0jjLeUzrYXiBkNmCuea95rruj4ln6rYyn11kMypyANsehbMklvU2Vj2592lCeKREOwY5F0rEQtghDFhFumSd9Yq24tzD246e3P4y9cuzexeM3zn549fTxa2eOPb59/umjq+XZt/dWhkDj7OrcIGO0vqsxd7C9gM9sE/M65aJelZgiEw1olqm6NfqaiLrMH6F2l7dXP+uoedbblDveXzHeV9nblDfQUthWlT7Ulj85UMGm1nJG67i0hlV+7/psn5jVushulfC6ljjtS5y2VUE/d7JtrK+mMv9JVVEKpad2sKu6o6lgoCN/Q9Qh5rUNdxcNdpUV52cI2SOAbfUn3zV9E5RFnMuEZQHaFeytjn0u/eJQCIP+6Ox9Ph/ps88++0032b9nb5jBtX/23V9Eo7S17QqhvlSoq5rXFwu1GVzVQ4bsFGXhWN/cLcpq+azqMWPt1W7e6x0zb7Sz32xlXhqYvzEirhdqFredqwaXfMvXOrv9YGI9m6sqmtHlcrQFs/reFduI1DWp9M1ofVydd9aAx7SOvHLy5Ae34j96nH8uq/LTgrrLz5uuV7ZfK2u6klVyLintbELSqfsJ7529/Oqbhw+98fZrr775+mtvvHfkZN8QAwkdeNGIDw+7iYgvuG+BwosmZBcIm8F9F3pgR8IaN7HtDjoCiBNAzT500w7ITZ5Vg2vN5FU5gG03ZA0E7SBuAwkzQNhBzIfiQBBHyTBEhh0Ivm4GprSeEY1nTO0Q7Xp3PbAbJlzBiAcL+TDCi4bdSNiNhl1IyI2GPMGwC/lVhdMJkw4k5ERIB0w6INIO4Q4Yd4C4DcBtEO6AcC9M+oOEMwC5vH69XkUZaHl873ryo7t1ZakeHcOrGXNrxz1qqkdF9arG/BqaXzPhVo05lNTdpX7WYEVVXnJt4SO7mm5f73esDfu0o5yRurzUpJqSh+vcNnCHA2xPI0Z+yL2sWaJQu0uHO0oZg5V7G5MRz/qWmlVR/HSorzE3Ky3+/rWH96/l5qRN04ee56XF3b3QWJujWqETtsWwTYTbRKh9DjBxw/7VqY6U2tQTdRkfViZ/VJJ4tvDJJ/nJF7MeX0uNu3r/8vG16frJ7oKOhrya0qcDrQWckepVfs8qt1PCatYsjCjmR1ZnB6aoDd0theVFSWUFCUNdJZTO4qnhaiGjdYnbu8ztF7O76QPl08OVnNFqJqVysDlvuCW/v/EZm1q9MN22wutZ4XZLeN0r/K61ub4lfh+DUjvSVd5Zn19flp2fkfA8N7GnJXdrg2pW03qaspqrUgtyElvq07cUw0Efb222ZYVbL2ZVC+kVq7zmVe6vJJlp/P5nX/v3zrI/kL2X//yd2xdeNhj+p+yNsoXkt78XjUYrJxZbxLs1oq3WJUPd4napQJM9o70ytnJiYOHToaVKniqHo3y1nf1mO/u9Lt7xDv65fsFNinh6wyo1uGU73imN/TFz7cmkLJ+jfs7TFc2oCwRbHSu2YZl3QuVlazxcrW92F7/XRn313PlzaaW3Kvvut4zHdozHtI/fbxu9W997raD2dGrOx3GJH1y59fbxU4cOvf3aa2+//vo7b775ziuvvpuYVgiQEYB44cHCAeIAwF748K+rXcFtH2GAIkK65cgAACAASURBVAY/YfYTa2ZwcdO96YR3XJDC7F03uBUmn9Li1zpAWwD3okQAD3uQsAMKGUFiL4BbYdwdxEAyBBARC4CvmgKsLfeQ0jqhdqybAaMf9SKkBw15gxFfMOSCQw6IdMKkAyadSMj18pRDQk6YdEDky5un/SVvAO6ECQdIWAKYFcDtIO5GCA+Emm1WybKINtKZeP/qjUufpCfFTgxV4BaOR0Nx68Z8ujGvZtynHvdrJvyaCY9qzKUZN6xRBpuyMx/daKtIArZZ1tU+j3TEtjHU31xQlJk6PVph19CBHQ5s5MIGLmLkgkb+PKtzoK10bW4ENAgitjn/npBF7X5060pjZc74cAt9tDY/I7YoK6Onq7m6IruuInue3ePa5gXtC4hVBFtFsEUQci+7tyaHGu7mP36r+MkHZWknytM/Kk/9qDLjQlPRPWpLRldVSlHqvee5yQ0V2UPNuVM9RZLpdtFE0/pMzzy9fWqwtrMuJzv1bll+YmdD3gJ3QLYwKhcNK+eHdZKxzdVxg2xqe31ic2VcszSiXxtbm+1jDFTRusv723LbGp8yR2uWuD3rswOrs/3rgt6Nub5lXtcSt3uB1U3tKs+Iv1NVkNFaXdRYnjPWWSnlD/Y2FTJG6tsany3Nd2kVVMvO1PLs8CK3f0vGli2OrIuG1kVDa7+Wz2n4A8JE/zn2Pp9N9q1vfev3u8maBif+NRolXvxFq0DRJdlpntd1Lhlalgz187vFPG0CXXaRsvhx/1wxS/l8RvtmB/tLbawPunkX+0Sf9PBSJqRcpX1507m26x1c370/uZRCl2Wz5MVcVQVfV8Tf6lmx0ZQ+usrHUnvYai9Hj9xpH3vnTsyNsq6kPk7q2HzaqDB5aCahi36vYeBSft3RpNz37j5+6/TlV988cugrr7/x6ltfff2tN44cfeujT07deDA+JfCDmAfdDxAHAfyFF3+x48NkNkTpxNQOUGPzK+3g0l5gyQisGLxSK7DpxfYCmBUk3EjYi4UDGBnASD8W8iAhM0jsAuQeQDjRkB8jXTCx60HFBv/UprdfbptQu+R2dC+AuVHSjUTcyL4HDTmhkB0i7DDhQEgnQjoR0vVr8Owg4YAIB0Q6IMIG4jaAsAQwgwcxeBCTD3MApBcNewBoU6Ma629Oe3T9wqmjd25frit/ZlJOgrsTvk2qZ3PMtznh0dA8yjGfZsKnGfWqKQ7lkEbcPdCcXZLxiNlXBG0x7dJBr3zEvEYdainuqHq2I6MBhhl4bwYyzMCGGWiXidlmjWrWcEehaKqFsCwSe3yTgtZQ8ay8MJk5UjfSUTzWnTNLb2+tLCnMyZocHxzuq+trLZAIB3yWJcy9ijnEuG0B2ROEvUtaSV/O4xNpd97Njz+WH38s7+GR4scfVaZdKEn+9MH1Mwl3LhRmJtaXpjc/T+ipShaMNcyONzOH64Zbi9vr8/MyYkvzEgZai3QShmphVCoY0C5St1dpRjnDqGAYNmh2zbRFMWWUTRrldNXiiEo8Kp0bXpkbmqRW9bfmjHQULLA6lrk9a9zeVV6vhNe9Otu3PNMroHd01eZTOqo760o6a0uWWENe/QK1s4o2UNvakLGj5bAZDZOjlflZ95+lXq8pia8oiCvLe/CbWppn/+9g7/P9sr+HvV2jeWpJ+vNoNPLN7zSJVP2rhtF1c++KoXlhp0ygL+Cr06YV10aXjw8Is6alZXztO12c/9bKPNHDu9Q/90m/MHNKxpCaFrR2oc5eJ9I+nlrNZqvyOIoijrJauFU+uzu4Zmeo3FNqL1vtnVa7WTroQQ/9SEJybDs9Z2q1cEaRObH8pJ8X0zpxsbzrRGb1uwmFb9xMeO3Y2a+++s4br779xmtvvvrO4bdPnDpy/tobJ658eveZYtvsDKJOEHUECIML3fViyxZ4Yce7sudR2gCNE5bZIJkN2nRjez7MAuAumPSjEZg4APEQECQCGAkQYT8etkMhIxQ2AiEbTNog3BTAVA6Av+0e13gG5Q6mzqNxYhYYdyK4Ew454bATIe0QaQUIG0jYYcKJkA6IeHnbdL5c7wziNgC3A5gDJqwAsesJSrRWmcGz40bccMgbCKxKBK21Jc+SHsTdPP/gzpXcrMTFmV7UxPPpxn2bNN/WpHeT7tVO+jQTPu2ES0VxKwadymEJr7GqIO7x7fOb8/2wnuaQUwL6CdVsd31hvFLYE7TMoXscYJvp32KBO9OIiYOYuIBhdk82ZZZPwdszmJGnXh8vyE4a7q4e6yljUmrow1WNFZkVRekpSfFdHS01ZXnPcxKHeio0MjbqWsPty6R1MWgU4Y553LPeW59d/vRGbuzx4vgTxfFHcx59nBpz8vyJw+c+Pnr/2pnk2EsF6XdqC+O669JmRuv7WwozU+8+z0+sKE2rLE2fGKjemB3a4PfJhAP6FdrW2qRRwTQqGHsKulFBt2unLQrGnpS+vTqhWx5TLQ7L5wflouENwQBvtI41VEntKFhkdUo4vYvTXUuc3mVuv4Q7sMTpW2D1dtblFGU+KHoWN9RUbJFze+oK+ltKaysyVsWT80KKdIMhXhyeHK+tKIx9nnuvKPtuUfadzzXYXfXHYu/fJxh+P3t7JgtnVfmLaHRjz9G9vD0pt07IrQOS3bI5fQZHncZWpEwrro1KPh4Upk1vFM/q3u2c+VIr82Tv7KkewScD87nTCvqGcWnTNSm3lnBUz2YUZbP653x1CVdVytNUze0NbTjoShdD6WGpvRytd2YTje1hvJ+U/qiXU8jeKOepU0eX7nTzztXRjpf0fJDT8l5a1au34l997/hXDr3+hS8dOnTonQ8v3D1zN+X8o7wL6RW3i9oGZjdMfmLTAclt4IYlsG72S0wescGncKIaF6p2wFonsuPDzH7SFsC9cAjC92EiAhMRCAuBaBgI7vuDEV8w7IZDVpA0AaQZInZ9mMKBzBl8U3r3oMI6rLDPbvt33ZgTxl0w5oRIJxz6lVETwC0AboMIB0y8POt+ffQRdoiwQ4QFQCyB4KY9sONGhVIjb23P5MO2DHsDXU256XG5GY/Snzy8deVi4sN7owMN3m0etD3t09O9m1PezSm3juHRTnp1Ex7tuEtFdSuo1g3qHLOpqfxpbUGadWMUUI+5FWNBE3u0NWew+Zl/l44aZgI6uldL8+kZgS0mbOAgBi5uFmBmHrAzhZtnceuico1RkpfKoDRNDBTPMFrKCp4+vHe9u6u8vbWyqrSotabseX5aSWHyyGCNdUdIuKSESURaxEEzL+RaNimmaK3p1cknm9JP1qWdevbw4yufHP7gyLuXTh+7ePLduBsfpj8631iW2NWQQeksTIw7f/v2JzH3LhQXJPV1Pl/m9WnEVKmgb3t9cnuDsSNl7EjpBsWURct2bvPd23y7jmNRs/cU01rJqHp5WLk4sMHtVAp6pbye2bHa8e5ixmCVbJ66MtMnZveJ2X2LrJ55Ztc8s5PS+byl5llR9qP+pufSWcpwW3lHXeHTxDspT+LSn8Y2tRQuisfm5gamaDW0kUrqYOnIwP9Qd1vefyV7v9lg+Jy9z2dyfvOb33zx4sV/xJ7RbFU6A9FotJsrnpCbeVr7pNLStWjI4MiSpuRP2YoslvzeuOQSZSGevpbL077fO/dmO/t0D/9Ej+AORVwr1PI09jm9o3NpJ4upyOEoK/naqlltlUBfNbtZMrvTsmigyZw0hZOhdPL03rkdLKaDduRx6sNeVgl7o5wlS6KIr/bwzzZPf1w1fqSk91h2w1fP3fziK2988ctvvvvRxVO3k+4WNz+qHUxum8imztaw1yhLmwozsmLwLxh8i3ueFYNbavbqvLjWFdS5g9tewugnLADugkNeJAxj+yhxAOP7IL4PYgcAduAP7r8sljhh0gLiZoAwgrjOgy0aQbrWSVG6BmS2UZVj0QiYfZgbxl0I4YJIBxSywYQFxM0gbgFwK0DYQfLl28+FhBww+fJstIGk2R80OBDFrntly83fsDMXDet680B/Z05KzNPHMY/u3bh19dNH9+/0dVTinjV4kwPpp/2bTM8my7fF9uqZbu2kWz/h1U+61eNe9aRxbYzSUZCfGVOZ/xjcYfgVVEg36daMN5c83F6nIeZpv47m1Yx5dROBrWlgiwVuT6N7HGSXDe4wEcsMbOYh1sVtFa+2PLO7oZAxVleQHZ/04DZloIM+0TfS31D3/NlQV21F8bPCnKTyklQRbxBxy0N2MWESYWYeZp7dd4vNG5Tx+tjGtI+qn5x5ePn4iXffuHDq2JXTR86feP3e1fczky61Vqc3Vz3NSr0Zd+9c/KOrt26cKStIYlDqpaIhuWhga2V8b4Oxsza5u07fkzGtOp5zWxgwi717ItfunFXH3VOytjYmNBKKemlIvzSkne9XivrXZnsE9Jaehpxl3sAyp1cyMyBm94qmOucYHdzxJh6thdpT2VafP0mp+/aLPd0GQ70+tSbsF/FGRPzhZdHojoqrWKYK2XVcRtU0rZw5Xva5xgYL/4AQ7X+avc/3qv8e9sSrUrUHiEajI2IlR21nqy0jK6Y8wdb9idW8GW35nK5XYigV6mPGVm+Pr6RNyY8Ozb/dxT89IHg0Kmld1DMVpkW9g60w1Yv0qVPKQo66iq+qmtXWCfTti3u5XF2pYHt03TMqd9GVbq7WPb8TvNk2+n5C8uM+TilHUcSUJQwv3uwXXWrjnq6jn6igfPSs8c1zD94/d/vTxwWp9QPF/dNNM6vdc6rR9d1prXVu2y3e8UiMnhUjsGQIrFoCKieic6Fb3uCOF9v1YRYo4oDDbjQE4PsAFgaxCEK+gIgX/mDEjx34sAN3MOJEQ04k5IAJC0RYwNBuAJc54Jkdz7DK1i51dK7ZprUeuQW0gJgDxp0Q6QIJB0hYAcIM4mYA/3X5hPxVoQUhnTDuQkk7TO55MbUhIN32LsjsnAUNf93Xw91NiH9079KpuBsX7l+/GHvzSkl2omRuAHXwfVsT/k0WoGOCusnA1jSww/JvMX2bTGCbDWxzfDqmX880Kxm0gaqG8gz64HPIOOlRDILaMadyVDJdEdhmADp6QE8DtieAXRZo4AW2WYHtqcAWHdieQsw8wMzzmwSoc8W5tzA21JD+OKasNPfZsycjA63UwY6WuhJKV9lod1l3Q3F/a/VAe3VjZX5PS4VKOkX61gjTLG4RBc1C3CrArLMybl1T9qXM2x9c/vDdMx8cvnfpo0snXr/+yduPY06X5MTUlqUU5Ty6fuXj3OyktMSbT+KvNVc+Y/RXz0+1rAt69JJRk5y5t0Hf26CbFSz3lhAwL0FWid+06NqZs+q4RhVrW0rXrYypxEPapSHd8pB2eUglpizxeoc7i3tb8gWMTglvcGG6e47RIaS38ydaBZNtjMG6nuai9qacH38vYNKzFcu0iFvyt3/p+9Fffevv/+6v/vavf/CX3//6D7774nvfOfjut8Pf/Tbxub7zGXwQCf7Xs/ebmy5/i73/aM0ldYqHf/t70Wh0Q21e2PYw5Kb6ef0nY8vnaJJsrqZ9aZevcQyuGBIn1z8dWUycXP+YInq3i3+Dslg5o5pWmUR6q0jjYCnM9SL90yn5c66mWqivEujqhfoG0WYCQ1bE1Y9L7eNy16TCxdJ4ZzeDn9ZTjiQkJvfzizmaNIY8Zmj57oDkctvsJ03T11unLxf13Mqqf1o/UE2bGxCraRs7PI1FpHesmbxyW0DhAhVOUG4DZFZwwwbKHJDKg+p8wW0vZIcINxJ+2XyHiH0I3wexMEjsg8SLAH7gRSNuNOxCw85fdeHCViBoAggjQG56ghIrQNPau2WOpg1X94Z5bsu56QCtCOGACTuAO0DcDhIWADMHMHMgaAVwO/SrZ54bfdlyIKxAcNeD6uzBeZWdsbg1u2qaWtij8Ezyxdmxlpy28pSW50nU9uIN4XDALMDsMz41NaCl+7fowNYkpJsM6BjAJjOgnwpsTQe22F4d26tluVT0NV5nbXFKRW7iykwbsDvuVVIh7YR5rcuhoEDbU37NBLDJAnengd0Z3zYH2psJbE0FtqaCJl7QJITN87hrLeSREW6FbJUXH3szLyvNsKMYGeyuyH9C66uZGaubptR01uSN9zSwx7q5k/3NVSXVpWmm7bmQewkzzwUtc0Ejn7QLPZtTbErJ/ctHzp1458b5kzfOvHf95KsPrn6Qk3Y752nMw/uX7tw8e/Xq2bSU2GdJtxsrMrvq80Y7Smao1WuCns112o6Ubtig720wzIppl57v31uArJKASezcnrNoZwwK5ubahG5lXLVIUS0Nb0tp+rVRpXhkQzQ8N91RmvtwtK9aONU1P90tpHfwxlsWWD18WgtzuHakq6yhMsOl5xmV0xP9VbBx4W++aYj+6zei0X/+TT6i0X+JRv/p1/rHaPQnv/jX7/xR2Pudmy5/D3vjbOHXvvv9aDQ6xF0S6m1jMkPjsv7B1MYN+upTtrxveW9J72LKzblc9TmK6OHE6mnK/IkeXi5LOiLZm1VbRXoHT+VkSE2N8/qsaXnRjKKCr6vka2rmtPks2V3qail/m65wTsq9DJlnSuPh6qDrtcOHE5MSB2dzppVJE9L40fWnNGkWbb2EKa9lyxqnl2kS3YzOJtxySPZc69aAwgEoXZDGg6g9iM6D6FyI2gEprYDaCas8iMaF7npxK4z5sH0guA+gIYiIQMQ+SOyDRMSPR146np1w2AGHHXDo5QZMO0TaQMwYwHe9QY0DnN3zDSocTUuWplULfcsptfl2vagNJu0gYQMxO4zbINwCBC0B3AYSdoh0IiEnEnYiIR9x4MX2HWDI5MVVRlAot8wpXaIVw+yaY3HdYJYxQto+wjSDGbmYhY/tcVAdDVIOgqohUEOD9ExQR/NrRsHNKWib7dMyAloGuMX266edarpLRfdqptf4fY2lTzuqnm0vD4LbVJ9yFFSN+9VDgG7Mp6X5tIzAJgfZm9GJh5ZZbd5NNrzLxYwCzDgXNC3ibinqkmJOWcit2FaJqEMdhXnp1P6W8oIUCb9PzGxb4XVyaU2dtTk5T+7VFmfUl2Y0lGenPbrLpneDTglhm8fMAtQ4GzTyCee8c5f7LPnGpVPv3jh79OrJ1+OuHH4afz4h5uL1yydPfXzk0sWP7t65nJp0tzQvsa0mp6s+d7C1QMBoki8MbssmDXLmnmzKrJi2KllO7YxnWxAwLfpNi67tOYNiWr86rhKPyOeH12f7pKL+zQ2afn1ctUyVzQ9JuD3VJU+qS9OZ1KZFdp+Q3sGntQoZHXxaM2+8kTFY1dtUJJys314Zbq5IM6tZf/11e/SX349Gfwukf/u1q/OlfvaLX/zoj8vey+Tey8T6wcHBf8QebUaIfOeH0Wh0YlnB01on5Mbe1a1yoT6Xq87mqQbXLYubLrbalsdTnxmau0uTnBpeiB2XUFZ2hBqnSO8UaO3TCgttda9JpM+fURdwZOU8bTVXU8lXX6fM3x1eKeHpxlW2camTJnNPq9xcnfdWI+Vwcnri8OyzybU8uqxRuNMv3p1YN7FVVoZ0h68xKiw+qTUgswIKB6TyBNUeVOsO6r243oNturFNZ1DnRPSuoM6NalyIwYvbgZAnGALwA5R4gb1MoOP7UOiFn9h3IiE7RDrgkAMJ2UHCDhBOkHRApA0gzAFsz49teWG1A2RterulzkaxqWfNOLvjVbkwI0A6gKANxK0gZoNwG0TYQNwOvRTpgENuNOwOhm0gZvIim1ZQvhtY0fg4qybumpUvcy5IDR41D9OMgMpBUDECKamgatS7PuCXDsLqEUg7BmlpqJ4OaWnINsujnzZJaQE9E9AyAP1UQD/lVNNcapplfZTZW1qe83CgOdutpYH6YZ9sGFSPQdoRn3LQpxnz6pnAFiu4N6OY6x1sylYvjODWRcwyj5lEhH3FpJ3Z0/FAt9S5yZfO9tgMK5VV+cWZCYoFqmK+Xz3fp5gfGO4obazIaa17Pthd11KTm/HkRmFmamleunqdTbqXcIsANc4ixlnMPh8OrHIZTQ8+/eDaiddiLh5Oizudk3bzwsnDxw6/duXy6cfxdx4/upmRfK+8KKXmeWZrTdZgR6GY16VbH9+W0nflUybVtEnJtKqm7WqWe5Pn35v3GRft+lmNZFQ+PyidG1zl94umWiW8LtUyRbsyplikSEWDa/y+4e7S7KcPRroq+RPtgsk2wWQbn9YqmGiZpTXwxuqnqY20vhLNYl9jWYp8Yciu4b8AtP/811g0+oNo9J+i0Z9Fo/8cjf5dNPqjX+sn0ehPfvHzH/8fwV51L1X71z+3ff0vWBsajtLCUlgGVrYrRdq2ZUOJaKt/ZW9pyy3YtGfNKI/2C66Oia+MLtUL9HylbUHnEOnss2rblNQ0trLTsaAvF24+n1XXCjW1PG3BtOL8sOj28GLC2NKwxEST2ibktmm1a07vvVo3fDq3sYwl7VjYpkttC3r3qtG9ZnJvWIF1G7zpRQ0+TO8j9B5M58E03qDOg265gztubMeDbbvRbQ9q8BM7HmzXi5n8mA3EXQgJEAcIcYCQBzAZDuAhXzDsQSMuJGIHCSuA/0oB3BrAbABuC+CWAL7rRXd86KYXVjigCbW7esn8fMHI0NplFv+eL+SAw24ItYK4FcAdEOmCCReEO2HcDpMvzz0XGnIipNGH6CyBFY1LsG7hrVm4S2auxCuS7nk03KCW4leOguoxv2IsoJ4A1DS3bMSvmgjopnzaSUg3gW1OBrcmbfLJsZ4K5kitXT6C6EbBrQm3lubSjHl0NJt8fKqvtDDjDr2/BLdwQM1gQDEEakd8ikG/atSvHg9sMwJbDJ9mAjDMLPM7658/tun5QbsYt87BxlmzZloi6FsW9IPOjUVm0/JMt8kgrS7KHG4sVolGVtndwx3Ffe1lrQ2lfZ3NHS3V1KGWusqsssKse1c+GettDFjmcOdC0CRETULUPIs7RKBtsSL73tUPDyXc+LDg6bW0pE8vnHzn3Ml3M9JiC/KSEx/eeBRzKSP5Xu6z+MaKDFp/uVTUv7lO21yl7cgYFv2MRc+xatkO7YxTx/Xuzjm3hEYFWyUeWRP0LnO7F6Y7BRPNEm63UkxRLVM35gYkvJ712f7h3or0lJjOhkIerU001SGYbOfTWoX0VsFEM4/WNN5f1duYIWE3NJY94U807qyM/eXBbvTfvh+N/vQvcI93Z/lrkPbb4e1v4NpvYNoffuZ6qR99N/B/BHs5rVTaD34m/sa3RDIDT2nma6zlQm06c21EaioQ6Fsl28odz6rOlTejODUgukZZLOapWHLbnNYq0tpm1Wa+2saQGWnru9RVQ6tou4qnqZhV1ws242gr94YW46lrMZS17iXnyJp9QmpnKZw8pSutj9fAXGPI7QK9a93k1Tp8O15wL4DseVGDn7BApDFAbvtJvTuocSMaN6Jzo5vu4LYb2/XiBh++7UE3XfCOJ2jy43aQdMNhXzAM4fsosQ8TYRD/Vev8pXHMAuAWADf7g2Z/0PJrvfy550GMXmzHi6hc0PSmq2l5t27JOLPl1rlAO0TaYdKF4A6QsAO4Gwl5EMINE07oV0YWNxp2IiEbROhsAYnaObNkYS/ssZfNLLFNvKLXroyQu1OAhgHujPk1I4BizK8aD2ipXsWIV0Xz6hhu3URAR0P1NERP1Yh668uyB1qfqwQtqHFCs9wjFXQiW9OAblIl6mqvSSvNvr80VRs2MwA1xaccCuiHvcrhgHrMpx71b014teNeHd2/wwrYFumUWs54g2OTT9gXMYsg6FzUro6P9RRr1ukug5g73mDfnlOt8durirpqc6vyMuqriguynzRW5XXUFrVU5pUXpDAnh/q7W1IfXs9KfLAi6g/YFkjHEm6ZxywCzDJ74F+Vzg9kPPrkyZ0T5Xl3EuI+eXDr9JOHl/Nz4nNzkuJiLifGXslOj01Nut1el82jNer+P+be87mx/Lz3/A/2zdbuvbu1tuxrSSONJnXOuUk22c3uJtlkM+eccyaRM0hkIkeCJEgQORzkcHBwzgEOcHAAkN0zcyWtvNfWdelaV15b9kj2jLgvOBq7JFtS1dqyq55CFQqvP/U8eH7P9/vVUZxakkNNBg54cc9O0qdIeOVJrwLyq1I+VdwpDxwJ7QbGnnxdxZ+TsaakjMm9nc0jLW1fRTJIV3TipV3p+sJUe1Pjk87WGi5lUi/ZlLFnZayZHc6clD0joE0wN0ZIsy029dL80Mu1qeZMUPHF337v7Iu/PDv77E9PQRTQOgw8n0XkNG85d/lfVdy3+x+CvZfTlMUf/nzn+z+QHwZlx+Ede6xiy9guOtw5inXuOMe0rsMgpLEl26XWbyxLL24oljRutS2mdEXltuiOPSa1RjgHAGfPzzQDCwrnoNjeKzseV7jvsQy31hTVNONT1v6KPsywxES2hNKZUNiiZKNbYQ8ehGBnMuNP42G0EM0SEewklCkDSDmcfRPKnPrhsitNOFK4I1VwpgrOVMEDEX645E0RbjDvTxcCcCGWLYK5Mlw4RYk3WeJNpnCK4Cdp/CSVL8cyxRBcCCJEEC2GUCKEFiJoIQzjIRgP/5K9EIyHYSIAF7xQ3hJGtd601gcfxbIBCE9misncSTxXBrFSPFMEc6VUvpTCT5O5t8n8myRejmWLAYjwxItGO7StDvLkwI4xIdDFdq0+CW9hergucsjGPBKrfi3l4ONORsHFyjpIWRsFtdJROx1xsxAnO+dkYQ4q6t6mzndP9704ls9bZJMK4ZSQ3ksERdABxaZenR2uH2yrcKrmT4KsrJ2G2Eioi5K2kpBjMnxMSdupqWMa7ORjAXHEsX1kYJMWOnflG3hEW4wqiLgSDiosGjKH1A8l9m1mnkE4UUgdAi4tgzJAXR9re/1yZqSdMt+jYE7uMKa2KROjfa8YlCUWef7O5fcXpzoOjOwiZCrHtaWIshxVlmKqEryrk823Pn2vv/Xm4wffqa252lR361nNlYqKy8+fInAv4QAAIABJREFU3epuq2l99air9cn0SJ2MPe7Skjxakk2+5jWzQL8C9ClAvxL0q0CfKuVTJdxyv2XbbmCad9ZVvDkJY0pMmzRJ1o3SVYNkWSOcV27NarcX58ZbGxqqnj+7uzLXo5OQRfRJCWNqizq+RR3nkcfoq0MS1lTsmLdNHZ3ofZYJKc7O/vtn//NPP/vx25//3Y//6kf/1aHmWGT0XSHpn9axYec/BHt9a+zs330R/+4Pdo6DouMg2xJ+f217THhw7Edfiw4nFa5dX5KyF2wRWN7bUNykqljmgMYRkzljO8dxmS0qOgyx9vzsPT/d5F9QO7u2j3pktrEd11269jZZ2cHfn9qxbR0Epc641p3cA1JmIKX1gYdhyA1iASR33pciWSKIlgC0FEBLEew0hJ0CcNkNFR0p3AHizhTuTBXcEOFJFdwg7gHxIFqKZooJrAThJ3DhFCmcIoU36VwZxErnJ10hGPdDOX+6ACBEECl8iTdKRFAijBARlIgghUiGCCGFMFIMIgUviDkTmAfEA0gxli2BmSKIncRyp2CuGMe+fDdP5E4T+bexXDmUwf1Qzh7J7rkyyv0UXxHYUoXVFpTJEFj0LMZa++xUt06wuLezPD70WrW1HLVQw/sU2EXLeXhFQJT3sDEPE3GwMRc/Zdk08acMgmXGfFPKK1Jyp2aH6kzSmWJ4O3lEU7CGB1qrlkfqE5bNop+RsVNRBynjpEKHa8jxGmojQVZy1slCXNvFqMKqWRUyxjjkEQFjImoXnyQNeEheTGiK6V0BfUgn30hFzXYDxSBeeoO5c2ld3K9amukWMMd1ghnD1qSaO2UQrbFJw+2NlZTN5ZmJnpaXTzaXhpNBJZHQnES1JxFdKao9hUylzB57tantxXuVFR9UV19pbLhV9/Jm7Yvb3V1PJ0ebXtfdHup7vjzTLKQPHqtWPTrSsWLFa2akfDtpQJEGVDCgSQPqlFcZc0p8B1tHauqudE2ztajZWlbxF3WCRaNkWSecN8qWTTur2q35tdnuVw1Vjx9dHRtskvKWRfSpbco4jzzOJo1wSMO05T6NYAEL7ezKVkc6ngBHrLMv/vvf/s/vf/bj8tnZT8/OfvzfCOsPUPN/Tek/Bf+xEKfo98Ted7/73d/AHkNpPjs7e/PpDyRmv+gwuKB1/Z/j1CmR1RlGqrcMwzv2fVdqXu9rFR1dJWkqaVqRJaR2xaX22I41LrOFtg/9bLOfbQboZt+C3tW4ddCyZRmTeB4xjO1CC9XokxxHjH5wLwIfRRFHHHUlMi4w54NyEbQQzRCRbDGcKQYzJT9c9CNFP0IEMsVQ9jSAnvjgkgvEHcm8CyKcUMGRzDkTmA8qBNFiGMET2VIaf5PGT1PnGgKsFM8QUaQQTONAuuCDcC+U90F5ACFCGSKSIeLZUhw7iWVL0UwxliFiGSKWKUUyRCxTjGGlMFYMZ4uRbDmKnSRyJ0msDGInydxpPFeMYycJ7DSFv0nmT6JZwg/l7FHM7Ea0VlB9lBDrwwJtRLwLOlxuh2pStN6sFUzJOLO7O/Mrk41DfR0zo60i7uJw1ysRfcxhoEhZkw4DCfNwioAw5xUXAts+w6qcOWpTzh/uzPJJI5tz7U79csFHh47pKtb4cOezzclXBQ+z4KGjNnLORc05aNDhCmLfQBwU+Jied29nXduFkBwOyJgbvVuMKQl3/tjAzIW1J3FNKSqHfWLv4dbGXItZRc8mzdT5jpBV+ha3OEzshbF21db03s68bntCyZ1dGWuZ6q9/XnGpp6t5R8RofHq/tf6JemczCcjLCX0poi3G9Cdx49vMYRwQdb38oOLBt5sa7/d3V3d1VNY13Gtvqxrsfdb5+tFQz3PKao+UM3qsWnbrNo7kywELO3DEBb0SOKBEg5q0Xwl6dkLW7aBVZNXQ9MIVBXtOwZnXClZN0hWLasOi3txTrBllK+qtuamhpvbWZzVPbo30N/Lps2Lm7DZtikseZ2+OsjeH2BuD6u35tEfgNFDHup8eqNeTkb23ePgnPyqcFvx5eP/siz89+9nHZ39b/MVP/7F+8sPkfwj2hPqjs7Mz4tP/m2byC44iY0rbf55iDoutdl/6FkczrLRr7ckptbdLfnxxTV7B0MmtMZU9vGMP7xyHpccRgSXI2wdYJi/J4JlUu14LLX1S66TM0yE5XtZ7ZbaYwZe0RhEnmPWncwE4H4DzfigXRPIRtBBGCwEEDyCEN024IcKTJtxQwYsQwcwJgJS9qYIbxL3pkhPMO5I5F5j3pQuhTCmCFpPntihYGcwWYygRRgohpBCC8wCU96ZynhTuhXAvlPdDeQAuBFEikiGimVIcK8ewUgwrxrLFOFZKYCdxrJTIls7bWhQrxrKlWLYUxUqxXCmeK4PnWtjcaRI7TeFvElgJgLK2CKI7TkmNcbk5rjsGpbsR0W7cavcUQpI3kU0NvWWi79XcSDvqY4aOOfXPq5nkIebG4BZpwmVges3M0Z6G4e7aoJWTdAtsekrczs8DfMzLxP30lJ20L5kybU2iDhru2IgY1qjTLV2NFTvMoTdBds5Bwey0gpuZc9AwJzVl2wTtNMTBQxxbWbcAB6REQm8zsYT0SRFjSiVY1Inm8fAODohAl0DCnp7sednd8Nh+QA+5+Gr+xNvCof9YMN7zWrO1aFEuawQzm/N9I92Nr54+XJ8fGepvXpkdpSwPj/W+nh1r29PR8wl1IaHIxdTFmLGUML3JHfIpvZX33x3rezk30tjd/Lim+srTmqttzY+7mqu6W6uoqz1a0axTv+7Srh+rVv17DN8eK+mSZIKqTEiT9itAjzTmEHr2uHs7GyrunIwxJWPNyDnzJunKkZbsMLH2FOtixghrtftlzc2mpuqnNXdG+hu51GkRY0bMnudTp7nkCfbGMGujXytcyARkYRtvqr9+X0E/1vBz0YMffT/1cdFTgHaxbAyBfemUI52yf1WRsPnfnz2XP8TRHv787Ix/4KBq3RZvakpl/88LW0Mim9oZu0RVje3YdhyxXrm9bsv8jVVx+9a+2hZVHId2bCHpcUByFBEdRnn7ANPk29B7ZzS+Oa1v4yBAOgjTDyO7QcQez3ghLAjnIigeyxRiWSKWIaKZQhjBgzAOwLgPLrjTRRtYOE7i1mTemsAcIO5KFVwg7k4VfEjZAxXdyTyQLobRchghoiiRwsoI/gbKnSZQIgIXguk8AOV8UN4P4d4U7gbzHgj3QnkvlPNDeX8aDyKFMEpEUCKaLcZzpUS+dC6xS5wLgrCTZLYUzxbjWSKeIWLZYiRLRHPFeL6czJfTuRMo/wbMncYzxSCUt4cRzWGcK/dvqUNKC6g5BhV70OGxE/MLPw6yP0mwQevi+mitbmcuYWNSl4ZaGp7azdTliXajeB0DhJEjqoA6LmFPuy0MJmlkc7HbsrNSDorzbjbm5RFBIRHg51y0nHMDc5CjByzacu9kV/WBYPRNgJNz0HA3E3cy8k4a5qKnHDTIxUG9oqxfnAckmF+cC8hyIY1+e0HBmWGu9u7wZhzazXJCV4xpnCb65mzbWNeLbdYQmjIYRAth+zYYVE+PdAioM1rhwuTAyxuXvjPc38qkrW6uzAuZ0wNtDTz6HGtjur+jnrY+HHIJiJQqF1cWEnoiZiglDamQam22Y36oYXG4oaf5YfOre89rrzfU3e1sftJaf4+53mOUzTuNG3bN6rFq1W+mJ5yiqE0cPNzaV6zLOJN8Sr9BtrynJGu2F2WMSRljUsmelbNnLMoNi4p0rKVZNeR9xbqIPv7q+b2nzx5UVd3p767nUCYl7FkBY1LAmNmiT/GpE4z1PrVgDo+qYs6thbHXIubMX3wf+eu/+O4//M2fnZ399OzzH+O5VAaJwVA4/U8KTHr//dlz+kMLUvP/c3ZGP3A2cHb1zsSK1vVf1mUjUqvakbhKVo7v2LXueOeO9RpTd4emXlbb5faQ+DgsOAwJLAGpNSI7jm0dhdkHQdp+YN0c5B2DIk9K4of0IdQRzwbgfBDBwyh+PuZFM0QkQ0RQIpDO++CCByo4QdyWzB8lcUsS349lD2KZ43jOnsy7IMINl+xg3pHAAnAhghRiaCGBFiGsDOfL6XwpkS2GYTwA5X2pL3udL02ctztfGvel8/50PgDjAYQIokQYKUQzxWiG+LLjfan6KceypThWSmDn15jleLZ4vgWNYuVE/iSZK5+7HiWwciCVt/phgTpAE3oYEt+2LqA8isqtEOC2lfycopdd9vOLYfZJlJE2jZ8EmJCdK6HN2NXUk6h0vLeBvToctVBiVoaAOhrYZx4oZ0d6649MHMjBLQPCAiDwGikHskXUJSQAWTHMTbsoB9LZ8Z4XU93VIcPCSZCFu+m4h5Fz0bIOMuaiIW4W7NnKAtJCaAcPSPIBcSEkO4mro0ecQ+UajzIo5c7pRKtYRFuKa7Co0m3hcymTm/NtVhMLDJt04uWIR0Ulzc+Od3e31rQ01HAYa+tLoxsLo5TF4SP1+up4x/p8t2xrfbCrsbf1uZg9DwXUJVCHJzSFuJ4Iq9/C5qR3Z22ibnnsxczw876Ox7VPr9RUX2use9D+6v42ddCiWnYa1u3aNat8JbDPiNoFRukKa31goOPp65cPK+5feFJxqb+zdpsxwyePSmjjSva0kj3pMTEOVWSzeOVQuXGso+7KqW1N1c9fVFRW3O7tfMkkjUq5M+yNAS55nEed4FPH2ZtDGuHix6gZ8kk3FzpF7Mmzz0pnZ//wm0E6O/v893TX8r3vfe9fumtxA+EFqQX//Ix3DPzximxMaV9XO79DUs6orPve9Avh7qzaYfVDQ1rHFbqmV3ws3A9LjkO8wwBzL7BtCaudcZUrLnHG+cdRri3CcSQkflgTyR5Es+5U3g/lQ2ghmCkEETyKFiMo8eW6H8Z9UM6ZytkSOWsc249m9mO5vRhujuTMkfRhBD1O5I8TOWssa4tjbhALw/k4ioPZX4KXK4I5IoIWAnDen877INwL4d50AYALAIwDMB6AC0GYCMCFIFIIoufsEV9JWuPZcjxbPn/3C5+vYTLnPxHRDBHNFBPZEzD3BsyfpvE3UO40mM67E+i+NyU1RdbYRxs8O08VEJujUkt8nUR2mKh5gIN7qLiXWQgw3iZYqGU6Kml942EWA9KMawt1UvfVmzuMEdTGtKtIEwONzkOWmDk8NtRFW5uAHSzcyz9SbvBpYyL2kIAxQVmb0UlXsJjkULMxO9iwPtaQsVGIAAP3UfNeas5FRm3rmJOS9XJRnwj1inFAkgdEuYAQD0owPy8XFDhN68adZY1oNebTBC28TFCBheVBxzab2scnj5Nn29MR5Z5y+UBJte6pO1oaGl483dUrRXzSwkQHa3nYLNzQ8SfYy/0d9fcZ5IXJ4b6elrqZgaY9FT0PGgtxHRHVnEQ0JxH1x+jegWJRQOmlLLaO9VVXV3308NGF6oorw71PVVvTTv2GS7dqV686lGtu/ea+cpVDGervqL5/68K1Sx9cvvjezVsfffjRN188vTM/1iyhTxgFyzr+nM3IYqwOKnlLu7INnWSVvTleW33n2bOHD+5dbWms2lzskXInmWt97M1R1uYIe3OYTx03yTa+WzjMxfWUpS4BY/SLn2JnZz//bez9/e/pnvM3sOcLhreNR5+dncldgf+0yF9Ueda0wB+siDa1HnsEHVPb5nUuwWGkS2brlx+LDiMKa2zrKMSxhGjmgNQeMwdS+6GULgRLPCmxL6UIovpo1pLCPRDhg/FQphRHS1GUCCD58/1+AM77ISwE4d5UzpbIHsUxSzS7F82Yo1lzNL8bxsxh5DCKHkYyR9GMPZFzp3J+KBdB8mCGSOfK6Xz5/J0tni2G0QIA571Q3psu+JEigBSDmcKXC0yUiCCFEFIIooVglghnixGUiGWK8Uw5hp7E0NN45jSWKYcQAoALAbgQgolopniuD4p+eTL2Jpk7jWeKUaRkC2eMzqR0N8yR+ze3nEwJIDMlpPvx4ZnlFzX3l8abEjZuyc/HvQwCYJYAxscRekjelVAOZ+y0jIMJWymof5sISuBjVnCPKWDM6KTLavFCX08LeWEg6+HCPvHKdFf360r3Ho251vXw/k0Bdxr1CzjLrZ1ND7hLjW+CbNxNxj2bmHMz69wEj5ZRBzXv5YNufsYrzvvEhaA4HxTmAsKMj0NEtiEPO2Rlew+3ldxpJXcqeMg9BQ1YXOW1s3e2l2TMKbuRhKWMVi3dvidcnRsjrSz0dbyaG3vN2xhSMGZ1nHktb5K20NH87NbruuqVucm50Z7uV5WzI68jHnk5uVsIqYshNRFRFxPaTFgetvNYK20jnY+a6m8/qrj06MGHw91Vh6pVr4HkUq+6tes+HeloZ0nKmpwdfD7QVtHV/PBlzfXK+xdbm2paW562vnqwONag3549Um7qBUtS7mLrq8cLk51c6iR5ue959c2KB1frX1Y+vH+14fn92bEmKW+Sud7H2hxlrA/RVvq45JEDNeVPT51FeJ+x2sfZ6D37WfHs7PPfxt6/Qd/7Z3UM5+z9szqGYDiq37P/4uxM6Q4+YZkszviY2va/zXCWdnz83UCfwPqSe/iIbRpVeDj7AYk1yDuOMC0B3lFU6Eho/fHjWNqZzBwmc8ogqghmtJGsJYW7oIIfLvjQQhAtxhAijBQC6VwwnQPSeU8K84CYD8y7k3lrDNuPZM0RzBjO7IbR3TBsDKfNkexeCD4Mw+5UHoCJAIyHETyJEVCumM6VUrkSiJXi2WIELQDpvA/Ke1N5bxr3I8UAUgyjxXi2FM8UY5lSFC1G0GIYJSJYKXIuukOIGFqMIqUoUoogpTBaCiKEH8YBhAihRCT75QImni0nsJNophRMEwCUc0QyOntSbAhy5D7StoPEd0uMKcUhNLu8WfngRs3jO/XPbu/KFouAqOBl4l5mwcc5BVi5o2Urux61rmXtHNTOTB8z0lYmZKcjvm08oCj5FaBjy2pYTdq4qIevl6+IhJs88nj0kCsl940PvYr7RJh/h7HS39X4WM0feRPlFLzkkpOSc25gXiriZeZcjKyTBfv4mF+Q94nzfgHm28r5BfmArBCQlMM7qF9mlq9RF9v31BSjfCUbU5US6lLCEPMI3ftMCW3UYxW6LbxDHQlw6YTblKGeJgljWi+YkdJHhaRB3fZMf2t1Z/Pzlvqa5emRmeGu6ZGO7pZqtWgtG9GU4upcSJWPqfGYikhoUm6BZWdxffRF0/ObVdXXr9/4k8mBGqtyOWCmOjVrTu2Gf5fmMtEoi13zQ3XUpW6tfF0lW16f6+x8VTHY9YxLGjIIZ30myrFqXc2bnRlounX1/ft3LtXV3ntd//D6lW/duXnhafWDiofXG18+XJxqlXKn6Ks9zPVh5voQa2OIvTls1dF/+Kkfh/YYawOstd6zn7/9tXvOfw/2zvV7v4G9QCgiM1j/7hdnu95Im8QqOw4tGDwP2Pp2obWOv3uPob1HNTQLjpZNwKbJw7QE2dbIli0qcSXUQMoah33pPAAT9lROE86qQpg5lrWlCHea8KdxIJ0PwAUAwQE4D0B5TzLnSOZsccyezNkSuXPw9sJZcyhrANKmEGwKp40h2AjAe8G0I44G4cL5oJjACChfhvETKFdK/RK8QBr3pfI+qOCDCF+a8MOFEELEM6XYL2V1sV8qWeNYKZIpRjPFCEpEkOJXFUKLQbT05USaKUazxThWAvOn56ZjUbTkCGfN7pTqKMFV+SlC9wbftcpz0HdCApVzdXG+8dnNh7c/qqm8++DO5aXResjBLfq5uJed9/ALbsbHQa6F17PL6ss52ZCDibrYGScHdrERLxexb2fssjwgK0fFxYAQtLN10iXycq9ONAd5xNTFdh5jsJyUeRQLC4Mvh1oeHsun3oSZRd9m0U3KO5l5Lz/vZ2edpHxIeJo2nqAHHyPmt4j5U+zwE9RCRFWEX1zySd5E9aHDbRlrhksZY2wOKESzp2ljOaAuxnaK2T2NYH1jui3gEAE2tt++JRevCrnrE93PNdtzu4p1nWiVPN/1vPrR6Ojw1HD3zGDb6szQ+tL40mTXaG+dZZdFILt4VIlHlHhEiYcVREwTOWIzV1oe3n7n0aMrd+9+m7rcbpUvhvZpvl3KoWLxQL6kEc1ODr0Y7ns5MdIyPNQ6PNw6Odo23FNfcec99nq/y0hN2nluPUnNnau+f+XOzYsfvffNG1ffe3jvYv2Lh48f3nhw//r1a+83vLy/Mtsu5U4z1npZG8Nc8hiHNMIhDVt1tD/72AdHdKTFHvpy19nPP/kd2Pu7fzX2frNu/fvf//5v0K0rzda//8XZnjc8KDue1binVM4RhatJaKnim5/xdtt3rCt6L+MA4FgjfHtC4IjKPEltCNqLIi4wG0QLAbToSOGaMKYMZvdiWUeq4EkXfemCL50HYNyfzgFQ3pvK2+PYUQyzRNC9MLIfzuxHM+YIagrC5kB6P4zsR1FjCDEE4L0Q7ILyQDofyxBw4QQlTmH8NJ0/SedOIayUyBJhBA/AuB8u+KCCP13yp0t+uAQgxQhaimdKkeyXQ+M5dQmsFM9+mcgVQYgIUoqi5dj5V7QYyZSi2VIsW4pnS186uudOwPwJmD+JosShD2FIPWSRZ23Ltsg4XmDaKWI/Q2Cdn13sb6t9/eLm8+qbtVV3ap88ePboxg5zEguIcR8P93LyHnY5xA4cUjpr7x5LZmXsYYeJkbBup12CnE+MeiUoIM0FJDnfdtbNx3xb5bjqFDLiMXnat+WzMFOeLSIicWhXJrsrZzrvJfbX3gAswkvGnKsFL7cUEGac1LeoGkua1MKNwY6qhtrLr1/eHOysEXKX0lH1J6j+TVxWDG4XI3K7hiJjTSv4c2LWOOhXvk2aimFZNqHb4c0tD7/aU5ETAZlJPm9WkXQ7dB5zsfnl/bGep0PtTyYG2+emxhobakmLgwLaJHNjkrwyTlkZfXLvInlzLBzQllM6ApASIXkhrComdAmvwKharqu98vD2h6P9r+Tcaad62W9YD1sYLv2mnD7AXGplkwdbmipu3vjwm9/42pXLH7x4WdH0qvJl5VUBdcyuJcWOWOEDtoq78NEHf3L3zsUX1XdaGipev3rcUPeg5sntx4+uX7jwjYaX9yir/VLuFI8yzKdN8Cjj7I0h1sbggZr0w49dcY+YtNBDX+k++/tPfwf2fvp78mv5zext8Hc++Ztf4B9/r31rv1W4Nyw/GlfYOyTWHqltXu1bMQE0S1Dgiu34oR1fWu5LaYPwfjzrgAq+dCEA4wGUOE4VVGFMEciYoxkXiHshwpsqeFM5D4h5QMydxByJrCWKmsOIMQgbgogBSBsCkB5IGwHIHEwdhKG9UHo3CB9EUHsi40thATifyp+ghVMYL8H4SSpXTmaLcZQII4UgggczBIAWAzARhItBpBRASkGkFMVK0WwxihbjaCmZKYJoMZkpJbPFZLaUzJ3Ezv/yoaVE9ktfo3M4k7lzyXkZzJ0HKpRT+TKYK0dgwuyCZ+jH/QumWYZliW1b4ri3FXabnkZd7nhSdaux/kFDzc3Gmrsvq+7dufZRb2stcMAgAAHuYROe7aKXUYhwDLzBI97Y0lhrb0vtbP9r7vqIkb/s0JHibnY2Is4EJBggLgSFBUCEA3I8pMAj8iKoLCVliG9buzUx0V1Nn27Iu7llgEN46AX7RsGzQYS3sJiWTZu6d+v9W5ffu3Hpm/duvPvo9kd3Ln5w99KFhqeP9WoOEjeXk+pSVBZzbuulS4qtGY1wwbizWkoYS1H527Q+ZN8mz3ZPD9QZdNxExOA73t7TUh2Hoh3B6sZ8x8pU2/raXHfHS9pKv5w3reRPU5d6V6Z6l2eH6mvuNL24v82az6f2imEZEZbjQVUuoMRCCiS0oxbN1VV+yCeNm+Vrx4o5t3Y5dshKHPP3RXNW+ZrXTBNSR4Y7nvW2PBkfeLW0OFRddY06122Wrjp1JL+JHDvim8Sb773/tcqqm/0ddYtT3UtzvY0NjysfX79//9KVy++8bnhEWx8UMEY5pEE+dZy5MURd6WWTh1377J/8WTTik9LX+jXC+bPPf/DbwDv74ovfl0/Zb2avbo62nv5zTum7A5KDVYObbPZRLMC62Uc+CFEPQhRLQOwBFQCkCcJaANUGEGM4c5TMeeGiHyaANO6HC4fJnDKUUQSy5mjWmcC8SdyTzDuTmD2escUy1mjmIIQYg7A+AGv8kNqX1gGwBkjp/GkjkDYGU0YgeRSB7YmMK5n1gtkwkk9gBThfPne2BXOlOFaMZ4oRlAihRAgthjOlcKYURsoRpBxCSwBSBOBiAC0EYSIEl0LpQhAhQmgxlCEiWDGRP0lgJ+eLzWTu5HyqBM9VCLnyeaJYMl/+MkUoV07mSgmsGIKLex50mePomTWtcewMSZArsR4ZpbiPLOdNNzVWXvzg6/evf+fpoysNTx+8rL7/4sl9PqkfB6SEi1dwb5XcnJKXg7toXmHXoXT2SL1Gmm2ZG23uang23lG3PtYqYY+5DpgQICFAbTllPEkYi1E1EVXgEfFJXJYL7qi5U5Pdz2Tk3k+i4rKfXXDT8aPVcnAzF1VQ1sauXXj33o33O5qe1D2relb1oP75o/e/8/VHd67WVj18cO/67MxAImh8AxmL0Z2QnberJut3NrSSlWxUf5pQv02q0l6JfHtleaZjvK/2QM+wmdm7O0ugV3qK2Rz7PDZ5uuv1UwapT0wZkNKGdIIFMX1mfqx7sLd1c2XiwfXv1FXesJqEb9G9YkSZDyhygJIIqguALO3kkCZqeavd2q1Js2TKoVkCbVzwmOc3UONH3KSV6VCtmUWLMtYke62PtDI40vfiWMN06uhHilWHZj1s4VpVzPc/+L/u3/uw6t6VhtqHg31NbS1PKx/fvHf38rWr73a2VjNJw0LGKGujj705TF8fYGz0cyjDdjPjr/8SdFtY1LU+rXD+7Iv/9u/P3j8NAPsNSetMgZNKAAAgAElEQVRjlO3jT3/s+fT7FJ1z+ygscyXE7uSWPcZ2JBi2iNiTNEdQcwwxRjP6UFYfzJgimaME5oFwbxr3QoQbxI8SWV0kpwtjh7GMK5FzJXL2OGaNopYoehDJ7IUyhgCi9qVVvrTcCyk9aYUnqQlApmBG74f0ftASQTypbADCQnAuiuJJrJDKESmMSGGlVP4khhUjWSKSIcKZYjBTPFe7+tIFP1z0pYseiHClSm6w5AYLrmTenSw4Yll7IuMC8/7zi5ZsKZYtfyXhA/ETED/5pdj8Sw6T+RMwf5rMfdkPE1gplsWdkczalr1/TU+X+Cj8Iwad6tSuFoAt397mykzz5fe/dfHDbz6puNbRWNPeUNX0smK4u/ZQufImKMC8rJyHn3PxTiM8u7h/e6Uj5WJnQ+KIS6zcXiZPd6+NdTQ/v7c42UZbH1QK16wGHhzUnEKGE0hbCMuKgDRsYXDWu2aHG7TbE29j/JKXhrvJefvKaUq9xZy/8O7Xq+/daGt40vLicW/Li57W5z3ttS9q7z+tutPw/H5787OGl1V08qLTtPUmqcYCEpt2g77UGvWqxczRmHP7NKnOh3d2VRtC1qScv6ASLvvsEsc+23XAiQc189OtjfWVItacjDXI22gXMYZpK30TfQ21j64/e3iDsjJNXR7rrH8y3tUYtCkzAW0hosFDikJQgfuksI11IByVbLZr2MP67bEj5ULcyko7twImqtdAClvYvl26VbkuZo4vTb0e7n5CW+5KuZVWJdkgmD/WbIaPeAdy6ocf/WF93d1bl77+wbf+4M6tjx7ev3z/7uUH96/du3Ohu62GTR4VMca2yMM8yjifNsGhDLNJgzYT9a/+PGDRkRibgwre5O/G3mf/Ouyd/TZf6t/M3jxDGPzej/767IxptMu9STWQkgPQjhuSuiGBN6UNZmwJ7CiZ2UtktSFUE0QNEfQwkXWCOXcq7wFxRyJviaG7sawpnLFG0eNY5jiaOQjBxkBKH0gbA6g+kFEBiNwFyTxpuQ9Se1JaP2gMQlpfSutNWsKwK4kBEBZB8gmslMqfgBgRRwuRDBHBShGsGERxAMkDMA7ABQAuAAjhSeHOVN4FFexg3pbCrEnMmswfJbCjeNYazR+F85Zw7iiScyXy/lQBgIlIthTDyol8OYmfgsS5pfT555sve2D+y4vQBFaKZ0+SuXIML7jBHFfhGFo2s2TelaXJjlcVrPmWjGeLCHLdRlJL/ZOLF79d9+L+s4dX71z+1qN7l6sf32SuDhaj0oyflfOJsoAwF2QVIopnj27dvPL1rqaH9KX+Ay0VCuxkQaNFTxdzZlbnuicG2wfb6tdm+nRyqmuXmQtITkKSyBFjdf5VV/NjrWD8NMEqeEhFH/VtlOXYF96/damm4vbLqnvdrbXk1UGVcIm+Pr04PcSmLa7MD3e31k70tY50Nze/fCpkLYJeeTmuzvhE3iPunpZBX+l27jHfYvtFUBl18ILWLd+RxCTfPDYyTIo1w86G365UyNiVFbfF3AUTd1K+PbO20F358NLjuxcne5pWxzum+xu2KOOMlf6R9mfTI63uIyke1+TD8lxQkfFLE0dsFbVFutmkZvWruUO7ksnAHgVy8BJWtlu7GTncihzxvCa6kj/DIg+szDbuyZaSdumBbEO3teA00oFDnkG8+eFHf9jbU9v9uqq/82XTq6prl79949r7d25fevzg6thAo4g9K2KMiunjQsYUhzxCX+vlkocBK/9nP4GtOjJtpUfJnzr74oe/I3v/Cr7U/xJ7X+Ux/LOhs1+xx1fvBt/+4LOzM5rWogAgTRjVhFCFH5H7YGUAMUeyTjBvT+Utiaw2hKiDiD4M70VRWwJzxjFnHLPFsIMIcl5HUdQSQQ7CsCmQ1gFpFZDW+VGNH1UFkB1fWupOKb1pQxAxBCCtP2EKpI/jmBfKh2A8hhbS+RM4fwJi+WQmH8+ehNDi+U7Fk8570nkvhAfSBQAmvDDhTOWtscxeBNUF09pgWgXAagBRAYg6AOkBRO/PGgN5Uyh3GMcdCdyXIgCECCJENFOM4ycgcQrmy6n8CZg/Ac/tW/7R4a+YyJbi2TcJrBzHCS+Ia53I5Iqqoebhk4cXRjsaTKLNY+VcxsGEjlkb8z23bn5UV32j61Xl67qKSxffvX39o8HWhoRnGw/xil4pHhDl/Jy3CbVRuHLr8rc/+tYf3730YdXdi20vbqzNtu1qKFG/KgOZwajKol8b6KhamO4Z6aqN2LYxv3B/Z2ls4Glz4yO7bvGTBBP3UXLO9VKU29n8/P13/suTipt97bVaOWuwq/76R+88vHHh3pX3h7oaJ4e7BFzy4uTAUPfr5rrK6fHuQz37E9hwElfH3GIJd+pAy6Ct9Pqs/FPU9BY2vgFNcYdYwZ4XkqaUvEWjbMlppicCxrmZkYbqu24Da3Nx7EX1o5dPH0wPt9OXx+iLo+PdL0c7n3I3R9Ymumor77Doc2Bgp5TWZ0LSpEvo0m5QJx5Lya/1/CE1d0i3PWLXLEWP6KCN5Vav+A2U8B7NbyQdKFbMyjX7LjVyyLHI1gxb80bhktfM8h2wNdurFy58baD/BX1tdHqktf75w8sffuP2jQu3b1yoenxjarRVwpkX00fE9DEBfYq1OcRY7+eShwPHvJ//DWySr9LX+o61pLNf/HoM2K+z99N/zTyGL/7lHKLz05ZfCVv/ij2Jzgx9989+cXa2KtuVetIqANX6EYUfUQKIIYha4hkHhLlTeUcyZwzDuhBsCKWNgZQlghydVxS1hBFLGLFEUEsUNQdSpgCk86VV3rTcl9b6EKMf1XlhhR9S+mFDMGMMwAYANIfSjkTem8ID6XwyW0IKpyh+ms6VQQyPZ4lAuuAB855UwQ0VvBDmhvLORM6RxA/jOUMQNoYQTQCReNJbLojngPgOUOhJiz1pgRsUe1ISLyhyJ0QeUBFM60LwYSznTBb8cCmAFCNYKY6X0sRJGj9J4afxL0/JTpK5kzhWimdLifMdabYM5k/8UNEVQdYXR1ueP5yf6BFTJ0CbWETq9GqXcUCwK11YHG/uaHr6svpeTdXtmpo7D25+9PjWxS3aEBGV4j5Z3ifK+XgFQEBE1SLawGhv3WD369nJnoant+5e+mb1vQstLx9PD79WCqeiLj4G6uKAwqQmeY5YOtHCylhnXdWdjtePkzbK2yCF8FBQ22rEsvrg5pVv/cnXLn/wzsbKOJc8devCO1V3b44Ptg73NK/NDfV21K+vjPEYK5SVsdaGJ00vqhX8uXxYWgrLUUBmM9IUW4sS7uIWeRCJ6kpJ/ZuE7lP44EBO2pjqEHPmIj5JzLNdSBqJnLulvvLF0ztLE/0bs4Pb5InNmc62uvvNdRWTA22LEx1LEx11j273vK57VftQr6JCYS0eVSeOOVbZBGfuiUU4bNwaVLB6ddujB/JZu2YxbKG4NEt7ovEj6YxNMe/UrbsMlMgRJ7TP3hWvKNmTxu15t57i32Mahes3r7/T9vrx0njrRN+rhucPbl559+HdKzeuvV9VeXNytEXAnJLQhgXkIT5ljE+b4NPGhYzJsF3w93+DqIWLjPVBq2bj7Oz//b2yd/Yb8/e+Yu983fIr7B25/B7szc/OzpSuKN8BCl2g1AUqAEQVRMwh+DCGuNI5X6pgT+RMIcgQgkwhyACAe0HoIJw+CKf3Q+n9ELwfRswhZDeE6gFI64dUnvSOG5J5Ujo/YgyiRgDV+WFdANEFYEMAssRQRyIXgIgYSoAYgeAnMH4C5crJbDGG4kE474NwN1RwQoQ1WdiL4fowpg1m1P60wpeWuCGBE+Q7IfpxknQELe+Da4cg2QoybCDzKMU5hrYcqW1XQuhLS3yw2gfrg4gpjFoTuBPEA2gpkjtJYKUkVjr3cUliJfD8rhorxbOlZPYkkTmJZcuJ/AmYDMJuYeCQ1Nn2jLo0rKAPWNW0ofanVuVq2kZFXBwZc/JlzeOK+9cufvTO44eX657eefbkbsvLR1E7vxhR5FzCnHcr599+G9fYtDP8jfahjobp0W6fQ2yQLFKWuvpaqiuuv3fjg6+/fHxttP05ebF/fbp7ort6ur+2qeZB1b3La6Mv3gDsE/c64Salj1a0vIHHNy5/9MG3etrqZyf7e9qebiyOTg12Dvc0DPW87m1+3tn8Yna8Y0dAmRnraqitrK24Q10eSLoEp0lVMa5OuCUyzoRctM6jjBlla2XIXEyqS6A27pIouTPc9f7AkaAE7eNxLZEyErnA0tLE9cvfEXKWKPPtm7Ov2eSh6fHW/s66lhf3G6pvDbU39LQ8f3z74vRor1pEzYS0od1VM6tJS22yiie13BEle0i3NWKWTO7Jpq3qJbN0xigYOtyZtikXnOpVv4EcMFHCBxwVb0bBmlCzJmzKFY9+c1+y+eTRpcHOZ1ub4+T5/v6O5xX3Ljx5fPPK5W9XVl6fGGkSMSd3GCNi2sgWdZxDGmWTRqSc2aRH8rOfQGLWFGW5N2oXfP7Zj34H9n72b5t9+StPfF/lzv4KewdOjzmC/ugfzrhmJ/UoynUktl0JmTetBmBTCD4II04QcyWxw3jGFEwZA6ApmDIBqV0A3AWSJgA0BlOGQMoQSGv8kMaPaH2I2pdWetNyT1rqSam9aS2Q3o1kdsMZfQA2BuHDaMYD4UGUSGbLUP4knSsi+RMoV45nihEY96dynhTuSOFHybwxktUEUKU/LfZCIi/Ed4Bse5JmTW7sx2eMkT59sFUJNKkDrdpguzbQrQ926IPdxniXLjqxG122JNYsINOGsB1JOQDrgPR+CD1O5FxQMZQpR1AijpWS+TdQ/gTMlX+5XyklsuVw5k0s9wZKAKhPidpp2Yiov7NmZawl4+QoeRNNdS9oSz2AcbkUER5rSc311Q0vKh89uHHr2rtNdXfHRhtvXL1AWR7KBCVlQIoD0hwgLAGihJu1NPJksqeh5v41q2bVa1yEvFt4XIWEZEzKyOhwff3za30dj4fbnk10vRztefa88kp9zSXW/PNPIwzCsVDwU+IHqzN9L6rvXKt8fJtGnnt4+9JQzyupgHn5w3ebGioHe5r62+t7Whv62uuHO+tXZwfGhlpaGp4tjHcFj/mfoMZSXI3HtKBPtjrXtq/jqkSrSUBdSBlOQV3Sva3kT2xtDpgl6+FjURk2YVFpPmn4bjk6PdRsVNC3aGNC5hifNjLa++z1i3uj3fVLE939bfVdrTVPHl2vuHODtDCUcGx7tbPylSf7/F41e0jFnZIzR5TMAeP2mH57XMUf025PHyumbao5l2bZpVqziGaPpHMy+iB3o1dAHlSxJ9z6TcBMNQlWaiqujXS/kDNnxLTJ+ZGmntbKurrKS1ffr3xyc2a8RcScFNMGRdQRHnmEQxphbw7v8OYLSd3f/I8klzKyNNMatou++Nlf/g7s/fTfhL1fz1v/Ffa+emY4Z89otUucMeKnXxymMJIlwrLFeI6Y2A2qfZAxmN4Lpa1R1BpF9iPIbhAyBlJGf9LgT+r9CZ0vrvcn9QFQB6Q0QFrpS++4oR1nasedUnjTMjckc4F6AN0PZw/CWWMYMUVRB1jwQUQIIRK5Elx4AxdOYfwkmS2G03gwlQdAzJnA9kOoIQTrw4gCQARumO1MLR/Gpg/iI6bIkDE8aAz36YJd+kCrzt+kAlo0gQ5NoNsQ7tKFO/WRTkOkWx8Z0gdHjaFhQ3jMGBrRBVctcZ49qfCndQHYGEBtiWwQwSNoIZYtg7liEislsHI8W4xliChaiGROQTAIO7YzTo7PyD6UTXPWWgebnx0qqbTF1q7Gp+tTHXuKFdjDy/iFHPropQ/fqa68W/HgStvriuGhFzVVD189q3DusoqxnYJXgHvFeT8fCcl2taTnj2/WVd81SMi8lQE1e9IoGjdJx7RbgwsDz0izAwtDLePdT5cmXg13PXlZca31+W01u/PTKB13zOP+zcjucv+rqiePbtbW3mZTZr71zT++c/OjoZ7Wr/0f/+v1G99pa67pbHk+2PN6YqB9sL1+caJrYbqv/lllf2ut08z4JGMqRhWluPZN2uQ52lZJ1nxOjWx7KeLZOU0aTlI6q35VwhqWUMftamYhps/HZEVQXU4aTyDzCWwB7CIRa4qxPLDDXZRxF8b7mprrKp5X3W6sf3j7xruj/Y1+qwRx82zSUQ25ScvqFdIHpJwRIblHRhtQc0ZljAHeRoeaP3Usn7Up5x3qVZtyQ0EfmeurmBmqkfHnd/hzWtGif58ZPtoyCDZuXvtOa+MjMW2CvzFMW+7n0qZaWmtv3r748NHVsaEGPm1ETBvcJg+zNgfpa/3U5d5t2mgpbf7zT1zrC92DPc8/zh6e/cNvnTl/8fnnn/2b5K1/xd5f/dVf/fjHP/4qiuirdcuvsBeIxkl6u/cv/lYaTW/sBenWKNceEzsTKk9S7wdNALgfSu+HIGMgpfcndf6kzhs3+JM6X0LjTaq8oMqXUnpTO97UjgcSu0CxJyX1QjJvSuYGlb60IZQxhdGDaNaZLHihQhApRTLlVKGMFMtI4QQtnCayRSCNeVOYB8Qc8YwRABWOhMyREDhTzGNw1hxvN0brFcALZaBB5W/RAB36YIfW32sMdeiATm2gVxsY0AcGjaF+HTCojw5qI8Oa0IQpOL4bHjNHh/XAkDrYrQb6tcFZU5R6FN1yxBVucD+E+lK4L5kNIbloNh/PFmNoKQLnQ/BJMhZEXVuInZx0MtmLvUEL2WcTdTY9f/Xs8cJ4vW+ffKCkStmzbgM5BwhjXvGTx9evXfzWYF9d++uap5XXG18+qHl0g7I4gkUkJwCf8MiwwFYxrvAdMV8/fdjZUCPjzi+PNlHm2/mbA5y17qm+F4+vv//g4sUX9++Odb9kLLUuDNbVV995/eyGSzP+NkgvuNYK/pWoZXWs/dmrJ/fbGh+Q57v/6I/+8MP3v3Xz6qUrH3zjg/e/VnHvw7Ghlp7250NddSPdTVND7fXPK69d+HZPc6XNRH2LGojIzklc+zGoK6SMpMWWXRVdLd40qajFpPkUMmJxtXOPqRMua7eW/Adbp/AuDMi8JvpJyliIKwpJ4zZ5vPXZ/ZXxduX2UuOze1UPrrY0VN6//f7kWFPYu1NKaQL6BTNvwMgfZS+93mYObTN6WKst26QeMXWAs9K6OfVCQh8wbo0dSGb3ZUsC6ihztXeir7q/u2pipHVyuHV5tksjXtUI1mmLY++88wfV1VdYm0Ni1gxpqW91obfmya2H9y9XVV4fGXjJ3ugXbvawFrvZm0M8yghnY1DMngKD6rhPMjbwamywngBNX/z8J7+No88///xX+96/GnufffbZT3/603P2voq//JfYKxaLU2KT8uQvGYH4xp6faY3w7FGpM672xHW+mNYbM/gSRgDUA0mNJ6bxxHS+uCGQ0ngTKjcod6d2POfUJSXulNCVFLlBmRdS+NIaP6L2w3ogvR9B7ck8ABdDMBFBC2DuJFP+GCXKMF5OZIkQlPMls7Z4RuWKbFm8rD0P2xIkmUMTOmBYD7Ro/M9U3jq1r17jb9X5W9Webn2wRxsc0gf7tIFefbBLF+xSA326cJfK36cPdKn9nWpvj87bq/YNaiPdykC/2tuj8LTJPC0y94DCNa/1cg9jwqOw1h23xrKuOAYkMmE4F4LzgXQxGvMiTnrazsABrkU1zydNvcma1heGmxvrOl7X7mtIBKTWKUjTQ41GySLs4RZiSg5t+uGdKx1ttb0dtc11jx7efr/t1ePaB3fcu8zTOK8ICHIBcTEozgS4GsHK6mQndbFzvKt6fqRuZaxxZrBhcrRloOvlwlhzb0vF2kznykjDRNeTtoYHlJlXRWCz7KMXPJS8dzVqo0z1v3h6+3LHq6qNhYE/+sP/dOXCO1c+/M6jOzcufPDHl977o9aGJ6ODLZ2vq9rrqyYG23o76p/cv9rbUnVsIn+c2SUiinLMcBJTvYGNrgP2FmXQquduM+cCNtkb+LAM76UCSquB4TngFxK7byATGpC79nlgQIXHtZ+kDg281cXhZjZpiEsenhvvqn96r6u5ikWbjwfUhcQO4mL6tCt6zgh3tYu+0CJgDtJWm5fGajdnXlMX2mgLrzcmXsgYg1r2qJo9trXeMzdYuzrRqBUv9bU9enT3o29/649rqm52tj599aLiwe0rN29dbHx1n7TUtTje1NNe09ZS8/De5cpHVx/dv9LZXM1Y7VNyJjir/TzyCHNjYH2+nU8f9RxxDPKVttdVr17eiXulP/vbN//CTdnPv6wv/sev563//2LvfNX5+eeff8XeVwrac/a+WnX+Ont9DCkr8bG8/L1V3TH7OMS3hySOqNod1XqiGndU7YpqvXGt78vSA0mtH1R7QbkblLiTUk9K6oFE7pTYkxJ7UiI3KHNDaj+i86MGALaEUGcy508TIaQYzRAgVkxhpzB+msKICJz3g5gPxI5DaY0jytLbN1XWKZG5g6N5ydLXblvqFa4Wla9R4WnW+Bo1nmYt0Kzx9+qDA1pgyAD0a309Ol+n1ter8g1qgE6Vp1sX6NIAXRpfl9bbrfL2q4Eeladb7RzU+AbUvj6lp13irBccD++4KEY/3+yTO+K7XtgWgl0JzAfhcWA/badlHPSsg0/4ZdqtWfLKXE97Y3vjHduheHKwbXKgVSUh1z2rpq4tqkWrR5q5fEAWOhbMjrY9rb5bU3W9q7n6wY33xntfPbl/fX60Iw3wSlEe5hPmvdsnMXbSzZYzB7c3urkr/bT5TubKIGtzkkObnBp51ddVM9hT1/bqcVPNzaGW6t7mCiGps+BZPg0wCh5a3sNKeyWrM00Pr35Q8/Dq5vzo5Ej3g5vv/8H//r9cvfBu1cPrH7379esXP5wZHxzpaxvpeTU/1j4/3t7w9MFAR63nkPPp/0fcW0VHlmdnvqvH9ri6KJkqGZVMylQqlSlmZmZmZmamkII5QopQMOPhEyhKSaGQMquq0Xa77bbd4PFtX3vc3SvuQ7Zr6la375r23J5Zaz+ch/P6W/+9v/3tvbdX3QjLDbPcMHMfY7zdWKNM1ypXZgSsaeZy355lbRvhwqpFVLvsMDP3sdVDhOu2cgS0vuXJBkgx/dYpEFCHK/ITclMDU2J80xOjK4pydjY1W8iKC6ftQksbRuLqcmdnZXxmzPOJrtzB1oyWitia/PCW8oTOmuSeutTh5ozl0bKl/uKpjpyuqrjOqviJ9lwhpXuiM7+xIjEtKdjf/8n9B143bl67d/9OWJh/SV7sYEd+c216SlKQ38uHz5/efvni3ssXD8NDnudnh/d157XUp7U2ZNRXJpXmR3U0ps+OFrfWpYT43w/yu8Mntf/iR4DH8wuP5189nn/yeP67x/MLj+cnHs/fev71i/fx61+++2Ox96tf/eobE7RfbSt7L3W+Pz37dcWli8TtUli4P/lVG4k/JTXPKcBlFcjQQEwtxNTALB3KNmAcI/rbnNNgZeqtVL2NrLMRtVaSzkbS2Sh6B9XgJOrtVIODYd5gGJ1Mg1MEb+ssu4DTBa67rFuH1u0D27bbsulGnXuwc8dg3Vahm6tGC0UBjnFU7UuC8mFyYt1oZP14RDcxaV6UTVGVMI1FbGMOU5/B0GXTtRk0dSZNk880ZNN1uVR9KkmdRFSlk9XpZFXqkiKbbMgk6dKJ2tRlVdqyPIuszKHI8xjqYqahmKkvpKnylpXJC/LgcX7UJLeSKutia2bFCN/gkMPbsEHoVE44leMbqol11YRDNYlrFpNDA9ub69x26jq6Ul2c7//Cp7W+JDkmJCc1eqy/WEjvcGqW9zEabb61MCs6NvRZdWFyeszr4bayhor02LBXq5QuNz77Rj+7p1/cB2Y/xxYdyhEFtVFMamXPNc8O1FTlx9YXxTSXpxRnxSVHhyREBeWmhFcXJCSGP5vvzvguOvbWPLZnGNnTj+2aCNylhmA/v6Ro/7qCFAZ5+umdC0/vXHnmfTM8xDcnM6m7o7a9sTgrJXSgs3pquKm5KjMh/HVjZZbFSPlyY+UAYbpg+j5Ed0GMtzaeXbdgN5BB9dJAS7aIMbRuZn2xKd23CfbwFRfGP8A4bwDKCqm/qSJTK1/AtQvTfRXRwf7+Pt4BLx6UFKYhJsk7u/AQIrngBaeZTJrtePXMK8jnWuSruyOtmR2V8bV54SWpARVZQTUFwU0lUV01iQMNyX018UNNqT11Sf1N6WOduZPdubODBWM9ucM95UlxATeun79x4+JNr6ufnTsV8upBS3VacW50cMCT27cv3b13/c7ty8+e3n304Ia3982s7LDM9IDUJL+E6GfhQfdjwu6VFfj5v7z2+OHFZ/cuNxdHOTULv/7plsfzlx7PpuefIc9PtZ4fyz0/lv/3H4rfxz98qfuft7P8wex9Y5rhq4sovyu3vGePJFK2rOho3/unEZlpRmxelIFLSpCiBpkaiK4GWVqEZ8C5JpxjsrKNNqbeRtdayVorWW+n6h0UvZ2qt9MNTobRyTRvsMybNL2DZXKsgE6NZcdk2wEcO+iGy/7+ms+mC3bs6rEtDb4lRTa4OssMXzXIkNTOMLM6ZqLKu4MLWiNKuxNaZtPH2VlL4jyGPo9uyKRpUynqVKIig6rOo2lKWfo6rqGZa2jjGdv4xnqeoZFnbGbpOjn6ZramgqEuoipyyNLUJVnKkjyDKMtalueTNdkkZRZRmbYsj59cezXOCp3g1BHlg1wjRwEYdGKrYtyuHHcqpzfUUxuKCatiaBNYWBxtrijLotPG6qsL2upzZ6dauhqyxIxWi4GwDnNZC22oam7DOAfK59uqc8qyE6oK00qyY0pzovLSgpKiAprL0+26iX3jgss47zYtvzUvHABTG6oBFzDj1MzCkikVb3Cqo7C3Nr2zNrs0Jy43I7osJyYpwjv0+dW1ufLvIBOHxrFdXe+mquMdsugwE1+/eJ6RFnX3xuWRgcb2hsKyvNS7Xp/dvHUhIz1+bm0XveMAACAASURBVKK7PDu6qjBxYqi1tb4oIz4sOujlaF/VG5R1iLPdEGMfZrgRziEiOMR5b+3sAxtvz766Sh8iTjcYZYt7VuEuvrqDrbxBWLsQ1Y0wrHq6Xk7C9ORVamddWeKr5w9fP3/cUJW745R9vi5yA6Tv2Pl2w0JrbdrtG2evXTzq73MzNuBRX21iZ1lkSZJvVpR3XsLz4nSf0oyXJem+aeF3s6Mflab7VeQEFqX5Zcc/y473Lsx4Xlsc1FoVW5AWmBDpE/Dq0ZnTR06cPPrgzuWMhIDEKL8X3rdvXL9w6dJnFy6cunrps8sXzl4+f/qe14UA3zvPHl58eOf0vVsn/Z5cjQ+8fe/6mdtXTvndv95VlrQ6V/vDTe6PdzjfsSz+8/clPz3k/80e+2/2WG54/n2sA/Q/OntfuTq/LnV++eWX7969+0aHfYkvbaJJaO6fkG17CzKQIAUJcoCoAhgaiK6FWVqUo8c4Bpyht9B0VpreRjc46AYHTW9nGB1Mg51tXGea1lnmDbZ5k2Xa5Jo2hNCGHN3UW9+Azh18223bPsA3XNjGntn+RoU41eiWwGxblgIzK7ohuqxpjpvWMumX3fgquy60qDmqsi2quje+eyFpkpVOFOVRtcV0fRlDV8vWNfMMfUJgQAhOytApKbwghwkyaFEKEGQASQnPiIFZCTS7Bk4IgYFVczff3Mozl1KUqQRRKkGcMi9KXpIkLYmTp9Zip3gBw+yUSdEQQ8QXrKKSaYt0zKacWVdObSgn15WTDvmEUzbyBmVVlqeHh73ubi5aN1Ok/NnOunyVYGwH486PdDSVZSmZAw7N3IGFSZ7pyEyOSk0MCw54kpYUHB7kHfraOyk6ZHG47ACgHABzB2bigZnwDp5fVww6lT0H8PJbmHKAkg4trA2QrBYMdVYnZsX7xgU+CHh8PSXwEcBu+RIZPTCOrktaNtQ976zE72+z2+rLvR/df+37tDA70YoZIkNefXbkv1y7cMLr8nm/J3fqy7NYlNnmupKMpLD8tKj02BC9dOGdneWCGS6QfoCwD/HVQ1zkxlf2rVyXjeeyrbyxChhLnYrViW1sZdcq3LGsvEEYuxD1wMLasXAhzTKH0DbSXp4SExIS8LSrvXjPITtEqG8Mi9/dlYuZg8kx3neun7p09mjgi9vp8c+jXnt1loe0F73KjrybEHgnNfx+Vtz9pPCb4X6Xnt8+EexzzefemRcPP3v+4Lzvo4u+Dy6E+FzJS/aN9b8Z7ns99OXdp/evnTj20fETR69cOef3/I73o2tXLp46ffr40aNHPv7420c+/ujoxx8f/+TjM8c/fnz7wpPb5x/eOnv/5pmAZ9dj/b28rpy6ceHUy7s3+qoSRYQ6q3hARW0arAhaXahkTRXTxgpoYwXT7UnvQy9j/nHZ+6rk+4bU+XvdLToQaV7mUZzfIZjXZ8TGWYmJIAMoSpCqAulqhKHDmDqcobNQ9TaS1krUWKh6O8PgZJscPPM61+hYATa44DbTtMHSOzgmpxDclKObanwTsL3BN1zWLbd1cx9b3wMdO2p0XQo7BYBtSWwcYsg7icKS/qXE2uFXOY1BeU1hhY3hRU1RZW0RFd0pXYTCKV4rU93DN/WtGIcExtE107jINC0FFuQQWYVQNShDi7G0GFuL0VUwW4cTlTBJhSzLIIIUXBSbCGumJTEwLTR3rxjLKcrcRXnMJD96ShA7I4ibYPsPc16N8mnkUZjXbV0dwMVjNsWEUznpVI47FOMO+fimfGzPuLDKGOxqLcfMDJ1gjjTdWVacvDjfU16Q3FpX3FZXuNhTgYlnd5HF3XVWSXFyUKB3XFzAC+/bcZGBz5/eDw/0Kc0MxWRzhzBx37zkBoj70ILbvGCXD20bZndNy25w/gAmHuKUAytlF1kGFSNrtMbKrJCe8hintOsdOOzSDuD8ui3d6CFOegsTUB3ztc+TwoyUhIjXyXGBpMXByeHO/pby7rqipspCLn1hoKs6OzWsIDPG//mDzsbSA8fqWwvtEGe7MbYbZR3ifBfG28E5e1buvo27b+W7LJwdjLsBsd+gK7sofxdh70K0XYi6a+Uq+eNTvSXDbYXFmYlx4cHk5eH9LZUbYe3Cc9/d4QpZvfcufnrn2plLn524fuFkQuiDqlz/hNfX24teN+Z4p0XcjPK7lhh0Oy3idkLw1YAnZ0J9boa+vPv45pk7V47fv3Hu4a3Pnnp99vz2ZzGBD/0eX35049Tda6cvnj1y/MjHJ04ev3D+5O3r5y6ePXL86EfHTxz/8MMPP/zwgw8//PaHH3zw8QcfnPr0w5vnj9747JPrn318+8qnAS9OBr88dv3yJ1cvnYzy8RprjJeR6uHVbupISVdxYFnCg8Lo2/mRt/IjbxVGexVGexVEee2/cfz/zJ7ndxa3/H/ILb/rLOtYpJPMmxL3D8Z4yimJaUkOkuQgUQGSlTBFjVLUGEmFETXWZY11SW0haW00vYNtsPPNjlVofQXcYJjW6QY7H3CugU4pvKHCtrSWTcS5Z1l34eu76Pqe2bqlwdalkINtwAki3QhT2k0WVY2Tk2r7g/MbA3PrgvLqgnLrw0vaYqv6KgfJbQRBN106yNUMrxhGhOZJMTCngJfVGEOL8Y0WAWATADYRaJcANilgVcJ2mdkiB+wSs52nR/lGjG9AuTqEpUUoShNBYh4XmHu4hjqGOnN+LXycGTstjJgStY12yAnlJnoTwuu3SEbt0jGHYtymHLPJRxyyUadsbEsxtm4k5GUmEGZbOhtK2xuqe7sqcnMSmutKmusK+trLWIsdEmqXXTujWRmkLnUFBz0sLIx7dP9aWIhvWOir4IAXSRGvSOONLoS2Cyy7gCUXSDhEiBuGGVg147au7SMkF7Swa1x6o5/dNUztGSf3TYPbuh6buNOlHDo0jG6utYDMml3T3AFM2jcRvtjgLUw1Rrz2SY8JLEwPig17WltVuModp5OHivNT48Ne5qUF56ZHRwa9TIsPRvT0L5y8A5ThRugHKPMQ5RygnD2EtYuxdjD2Hs7et3L3cfY+ztnHV3aRlV2Y40JYuwhjE6as0jpnB2paShI7q9IWJppwiP92S+7GWLsAaRMjsUmNEb7XvK9fvnzm1KkTn964dDwr9kF9nl9a0M3atGeVaY+yYu9GvLwc+fJyYvD1rCivpIAraeH3Ap5eDH1+Nez5lYSAWwmBXlGvrvvcPnP9zFGvy2ceeF26eun06eMfH/v0oxPHj148c/TquaOfnTpy6uSx06fPfPzJp598+tEnn3z4ycffPvbJhxdOHX1w7dSdi5/eOP/J/Runwn2v+j387Mb5ozc/O5of93iuI9HEacNFvbTR4u7SwJrURxVJ98sS75Yl3i1PvFOeeKc03mt/54/G3nup873c8t5Z9tWywG+UfF9nr3WKsKiALH/3rwN00YwUWJQjCxJgUQoQZOCiHF5UoPNyZEFhWVBaCGorSWujau1sk4MPrPMABw9wrAAbYmhLCq1LQKca3dThW0brFuh4A9nfwM4dwPFGhTpkoF1gshIU5kG6rG6Skdc5HVfVE1veFV7YGFbYGFXamVw/VtC/WLfA6SKtDjFWJ/kSgtiwJDcxdBjHgAvM1jXALgascsQuR5xy0CE322Rmm8Rsk4MOBWBVQA456BCbrBLAJgGsCsgmAyxrZoyrhakqaEZsGBfouzmq0mVl+hi5u7tipS9MOFOoJtUbGG3Y6pBdPGqXj1qVIxb5sF02YpOP22VT25q55cmWnPTogpyEguyUno6q0qL0tro8ymz7JsYS80YoM/XUmbqOqmzSZHNHS3ZCzIv7Ny4W5SVFhb9MSQxLiQ3PTwl3ArQ9jLELLO9BxEOMsgkuL4zXTg/WOE3zLpS0h7F2YdK2enRT3LW+1rglqd2Sd7jU0/vyYSurCuK1HOJMN0DeN5MOsCn3BrujsSg1JjQ9NiQzMayyKMXf956/r/fNK+e8H96MCfV56X0/ItiPzxr9Ypu3B5H3YZYbYRygTDfM2odY+yh7D2PvYZxdjLWLcVwW7h7KdWH8PZy/h/N2MA6sWRSye8Y682oLY9sqkzlLHRsgbd/C2EOW3NblDQuxvT79xrkjkS+9Xzy4ceHksYvnTj64eSYt9FZVundmxO2S+PtlSQ8K4h9G+V6IeHE+NexObuyjvOg7SUEXQ7xPxby8mBN5tzzlSUXak5LURwlB1+5fPn7t3NHLn504d/LIiSMfHf3046NHPrlw6ujlk5+cP3nk7KljJ44dPfrph8ePfnjs6MfHjn9y/MQnJ49++PjG6ed3Tj+6dfrprXPhjy8+uHrywcWTHUVRqKhjqSMGX+1ySscYI3ldRb51aQ+qkm5XJnpVJnrVp92tT7tbk3r3Dxod+oPZ+3rJ9/WlSV912H/X3SJU64lKAPjhzwlKeFYCzkmgWTEwJwFnJcC0GJiVIbNydEFpnZdjCwqMoMQoWjvd4GAa7CyDbRV0iOENObypRDY0yIbRsm20bButWzp8w2TbNtm3NbhTDNqEJhtNDg0wJPUznIzGkdC8urD8hsiS9tjyzpyOqcpRasMsu5PEH2GJZzhy6pqarzKvGawio10MOCSAXQbZZZBDATuUsF2NOpWQQw7YZYBdClrlkFUDWzSwTYM4VLBNDljlZpsKtCvNVhXklAAWOWQVgzhFYZyXQSP0tfHh+sWmsKWWMFZfgmgyT7dcC7E6rKJ+h3TYIh2yyIetilGrYsIimbCtjQHiqbaavMWJFpVgBlDT56c6m6oyOdRehWBqsLN8rK+uLDeqODtmorOYNNEYF/KkpSIrNzky2PdRYlQgiTB15bMTzOUet33FhVL3YdohTD2wc4ScmYTI52Od8fzlFg5lYBOhb+rHrYJmx0rThqhpW9XnhpZ2VcOGuXQJpcGJsQ8R2j5IckETO9DcnnV1frwzKzEiMvBVYlRAVPDL6JAgn0d3H9y+fO/6xbqyTKVo8fMt4QFCPEAZ+zDbBTMOUKYbYblR9gHOcVu4+zhnF2HuoZw9jLeH8V34itu2ugGxDdJ55lJbb31qa0VSc0WCQTq7BdPcGNkNEb7cXnXC5KbqhAc3zj68efG1zy2vy8fOHf/wymfHQ3xulSV4l8bez4jwSg29XJbwqDj2YcKryzEvLyUG3cqMepgReSc95HJxzL2cCK/C2AeF8Y9you/mxN7Kir4VF3Dz5cPzT7zOeV08efHU0WOffHr86PEzR4+dP37s3IkjZ058eObYn587/u3zJz49c+zY6RMnT508cer4h3evHH14+ci9S0cjnl1JeXHR1+t0aeKLbfXwv/0j/iMH/Uf7atlY3WJ93FjNq/7SZwNlz/pLn/WXPevOv9+df3+5P++Pxd5XaefX5Zb3rs5vdNi/Sjvfs8eTKMc5Yvne93mWvTkJOC0BZqTAjASYFgPTEnhSiszJ0QUFvqjAFhXYohIjaqxENU7XWTkGqwh0KtANJebU4psGfMOAbeqxTS22rsGcBsuWGnVKARtbh84INd2ktZoxakH7dEh2dUh2dWxpa3breMUwqW2R10MWjLLEcwIVRa7nqQGpCZMCmBjAFbBdCtgV4LoS2VTAG1psQ4+v6/F1HeZUww4laNfATh3qMKB2I2I3ok496tQiDi3m1GFOHerUIA4JYpfBVhVik4IOvlRGHi4mt8cSG4OX64IpnVGswSTRVJ6WVAOy27DVHrto2CYZtchHrfJRm7jfujawqVsQUPr7mwplzFH6XGdPbcrsUHVleVZHS0llYfpwb31eRlRPW+kWwtJzJ6ryIvIywquLU0uzol8+uUeYG+1sq+9tzsV0hAMHfx9lvUM5bpy9axU11xUkR95mzFbWFMVPDNS7cIrbNPJGM7qjnXAZxvegWVzcI51MWRjImZ9v2oaWD1Dijml5x0hwwQvvtvgKwWx/e2lZTlxRZlRWvH+I7+PSgkQGaXjPtvaFk3+IUNwwzYXQ3Th9H2W4YIYbYR2gbDfKdmMcN85xYxwXxnbhnAPHqsvKdxgZSt7U8mRjZ31GQ3HcQGM2plt+a+O4wCU3TPpyQzg5XB/s//TC8U997t8K9ntw787RC2c/vHbx2K0rR1NC7nXn+zelPk0NuRYfeKk0/nFRzP3M4BsJflfCfC4FP78Y43+1NO5ue7ZvbfLjotjbWRE3M8O90kKvJgRcDn5y4fH1k17nj3qdP3nl9IlzJ0+cPnbs9JGjn506ee7sqVOnjx799IPTJz4+e+ropx/8+Yd/+qff/rM//fCD//Lg2tHgJ+eTXt9a6MoEqc195RHC+eK/shI8/+by/NsvfvbF5g/Us6bFwt7sa+1pF+tjTryPnrRzPWnnPt+1fNXZ+6Ow9/UO+1cD7O8H+b5e8n396TPB6AiFxzI5lG++O7mqm5GCszJoVgJOioAJCTQthWel0JwUWpDDiyp8XobMSiGCAmEbbGvQugJe12HrRss6YN02Wja06LoaXVciTgXikEE2kQkX6LF5obaNuFI+QsqsGw5MKPGLz08o78xpHW+cprcv8sZZ0iWRiqM2CY2WNcAqNqFK0KKErQrYokKsWsSuQ506bF2HOY2WdaNlXY87tahDAVgUJovabNVBNhPm0KJ2NWxTI3YN6tCgdi1i12NOI+Y0oxtGfMtg3VEbzEJCK6MjmNocRGkNJ9QFLLeGkjui6N3xkplCHbkWZLVZBQN2ybBVOmSRDuKibouo26EYgaWzbbUF2SlRyRG+YvoAmzJWmJfa2lTQVFcYFx1cXhaXFB80NdrAmGtfnmp99PDy8FBLa11OT1drRLBfdmr8YGcFea5pA+PsW7gHOO/Qyn27sWrUsiNCfBuK/Bf7S5Njw6Qrk29RghtePrDSDy10F7ho4HfSx/P6W9LGRqpMiskv11m7ZpILIO2Bs2+Auc+d7AM7fwdmYFoCrpvbBElv11e/uys+xGlucNkNUg4Qphuj7qPkfZS+//7dg1kHMMsNMw9QziHGcWPsfStnA6HZTJQ1yvBUZ1V/U2FvSw51odNuYh3itC3d7C64DMpmh7rLrl85e+XiMd/H5/0eX3p069zJTz64dP7UlYvH7t/8NCPiGqE1bLIqKNn/cqzf5fy4B0Xx93LCbyf5Xw96dsnv0dlovyu1qY+bUh/XpTwujbudE349I+x6RsStUO+Lt899evOzE3cunbt98eyFk0eOH/n2sY//7Nyxjy6cPXri2Ed//ud/+q1vfetb3/rWkU8/eHz/WnyoT01+7PRQGXWmeqE3RzRd9uMt5k/ersoWyyF2w//lYnt+vf/e0fKrX/z1jpnGbn5Irb2z0vrwfQCU9H2g6y/erf9BFur/JHtfddjfO8u+ur3+H5mqB5bZMytq+Hu/GGJIpyXAnAyaFoOTYmhcAk+JoRkJOK9AFlTojBSYFAILSoxpsAtApwxx6rB1s2UTtm5Bti0dvq5CnApkXQ45ZZBDaMRWdAhNAXYt88uGlzLqBsOz6l7G5scUNee0TZYMLHUQOAurKp4aFAOIDMJVkFMBOhWQTYPY9ZhThzl0qEML23SQXQtZNaBVA9l16LoWcWhghxKwKk1WldGiBSx6zKZBbBrYroJsKsiqhmwa2KaFbXrUCeDroG0LtWB26TRCK+f1x9JaghidkeSWUFJrCLEllNQSzuiKE45la5eqYWY7Luizigcs4j6LdNAi6XfIhxyqmTXWeH5OioDav4PSp4YakmJCaytz8lJjB5sLLeBSZ3tZSmJ4cV4yfbG7oSI96NXThZnhpLjwysKkwZbyssL0sb5qnWjm0LGyj7IPrNzDdcGeXTHQ2fjswTUprWdhuKyzqQBXLxxixLc26lsb/cBC0Qq6exqTu1tzqYRmvWLBYSa6UMqueWnHRHCZl3cgqoDSvovRvrDTPrfS3lqoboTkhmkHKP0Qox9iVDdM2gOX90CSC6bto0w3wnTDTDdMP4Doboh+gLLcKNNl5RklswLa4FRPVXNZ2mhnJYvQuYOzD3H2nmHpHUIxi6drS5Kufnbyyrnj3vcuBj+//PjmyXNH/uuVs6e9rl+4fvH4o5tHcyJvUTsjOH1xTZnPAu6fyoq6X5L8OC/6TnqoV+TLay8fngn3OV8cc7sm6X5D6tOmzGcN6U8qE++VJT8M97104+yHl09/euvS6XNHPz7x8Qcnjh25dObEk1uXzp864nX5ZMCz69XFMaSJFjGj36kn7CO0d1aW00DkzhQud8Xvaro8HsuPtvhGahvO6f3NX8s9ni89nt/8Ow3//Pc/kP7kewKPZ+vfw+3x7P2h4wv/s+x5/oMO+3t3y/su39dN1d9IO0UaYHpVJ1j/Pgt1T4lM0xJwSgROiOBRETwpgmbE4IICWVDAizKIoESoWsuqySGFHWrMYbJugrZtwLJpwJxq2KaE7HLQIYecIrOVp4UZSmCMI6sYIea0jIdl1AWllKdWdRZ3TdZOkPoogtkVFUsJiIyYzIwpQYsWtmsRhw5z6rB1LerUog4NYtdANg1g05itSpNNbrIpQasatqogmxKwKswWpQnXAhYdYtPBdi1sV4NWJWhVQVYtaNWBNj1gAe1bEGYF1dxt9ZhdMQpwOoWj6bTWIFp76FJDILklhNQSRm6JoLfHCkayDMQ6gNGCrXbhwj4dq8MinbRLRteV44BokjDVaVQThCt9NeXp1YU5OWkJC8PNOzBnC2eOD9Qlx4dVleUSp+slrCHfRzdqK0u7m4oXhutJY001pVkttcVMQvcOzn1n4x1YuW4b761TopHQXzx7WlsYqeF1F6QE9bWWfrHOduPEfXTJjZE3wcUVRrtYOC0TLo90V0wO1jrN1D2Q5DIsfYHRzGpyaXm6kDP+hZVyCFEOEKYLpboQyj5CccGkPYjkRqhuhLIHkXZByh5EdyOsQ5S7DzPcMN0FMb5wCPZxnlY4Q5ttn+wqa69Mmxmu4pK6XfjKAUrcA5fcKBtTTvfWpt29fPrSiY/uXjn14t6l0Gc371w6c/bIR9cunbh3/dS9a2e8b57OC723VBskGozh9SemBVxPC71bnvKsPOFBUczdpMBrsf7XIn0v5ETerkx8UJf8sDvPd6T0dW+ud3PqvYLoG6lBN8K8rzy5etLv7qXE4MdVOZGjbbmU8Wrt6qhNT9gGiHsQ6XOM6jYtOOXD66pxi2RYQqicqApSzBf85u9FHs8/bBv7AX7fAbD863+0eDw//xoKv/J4/sHj+WuP56f/Hv/tN7/5+z8ie56v7Y/4vTvLvko735vLvs4eW6rpJgtI5h2iYXNCaJoQmqdE4JgQHBYCkyJwWgzOS8FlBczQ4EwdzjVYJWabBnUYLRsmy4bJumHAnRrUrgTtMrNVZrbKIceKDqXLzbN8ResCM69jIq6o9XV8aVpVb3nffNsMZYSyQlzT8DSQ0ICJTagKtmpRhx5b16FODWxXQVaFGVeCFiVkUZgxhRFTGnG5HpcZcLkZU0IWJWRRABa5GVeYMLUZ1wAWNWBVQVYlgCsAXG5CFUZEbcZB65vFZWJOamxreapZNL4BUGwGCrjaJZlMoze8ojUH05oDic1BhKYIYks0vStBPJlnWKoC6Q3YWt90VyZ5uEZD73LIxhzyKSlrZGqkua6maLSnRkYfmuitmp1qYpC7SnPjayuymuoLm2oKtxyrZulkU2WO/ys/OqF/prd0cah6vKemojivq6nUIJn9Yn3VbeW4rdy3zrUtVDjY1/b86T01b2RxuLq+IkexMvO5k3uAEvdg0jsr9Q1KVoinpkZqp4dqKXNdQmrP5zbuAUxBZLNDvRUMyrCAMfjOwXmHsw9h5j7KcMG0fZjqRqgumLILkF0QeR+huVG6G2HsAXQXxNiDGAcWzuebYqeZqRPOEsYaOmsz6otiFkerYfWCy8I8xBkumOC2UVkLlXmxTzIjnj6+durm+SO3Lp/wuX8l6Mm12xeP37p0+uLpT57cPv/i4cVXD88UxdxZqg9c7QpRTyQOl/on+J4virlXHn+nONorJ+xWevCN1OAbWWG3CiNv5gRdrI736i94PlPtP1Hm25P7cLw2aK41kTVeqecO2JSTe6YFN7jkhom7wNKmccGqnDCtdoOSQatsYt1AMK32C2ZKhkv81IQ6l2rQ80vU8+t/2NGOL49Xj/WU2zD5/5uD33g8v/7aUZRfejy//M1v/vaPzt7X085v7E16b+z8j9LOEY5idNVAQw6GueoJoWlcYBgTmkfWgBGBcUxoWJajDI2Fp7cIjRYpZFcjTgO+bsDXDfiGDnNoMYcSsclAu9hklZotEpOFowSX1nS9y7zSzsm4gsaAxJLM2r6SnumWacY0S8xRAKsaWGrClZBVDlnViE2LOv4HeIBFYcZlRlRuQhUmTGFE5QZYooPEOkRiQOQApgStCgBXmDGlGVOZMaURVRoxhRmTG1G5AZZqQZkBlRsRsUJfWZxTnBmbkRjSXJHBnG21a+dt2sVNw5JkpoTWEsxqD6K1hyy3hi01hxNbQmkdkatD6aqlauZoYV1BWH5C4GRrJr425pSOI7Kp4a7q1rqShop03eqwXjQdGxuREB0w0Z0D6OdXOUO5acErK8TyjHApcyQhOqCjsZQy0zrbXzneV1eSn5mRELU82bLvEBzaeW9tvM9tvM8dQtHKkr+/T05KqFE00VydMdzTtA2zDjHaLkLbR8g7IEnA6p8aqQGUhA1gySQaM0nG321yu+qzZ0ZqP7dztiAaab5jE2a4YcohyjyA2fsQwwVSd8wkF0h1wzQXTNuDqTsg5Y2RsgswPnes7dtWrCa6kj+1PNrQ15TX1ZjNJHYebqy5cfYhxnwDkBwAkbtQ2Zbn/eLO+aSQJ+HPbzy5efLxrXPP7lx67nXuzsUjXhePPrp5ye/h+VDfa1GvrlQmP6a2hEsHIpUDYaKR5OKIq0WRNyvivEqjb6b6nUt6eS7F72KK36W69Mc9Zf4TTZHM8WzhXLF4tsDMbtnWje+Y5vYAwpZhZl0zwfmYnQAAIABJREFUZlcOWWTDmHgIFQ1ZZaMO5YRdOWPTzO0idKNwlD5ePNUcszZdiK32/ti14vH87J9+9tfE8dbMpEjf595LU92e3/zT10j7G4/nLz2eH3o8hx7PocfzPY/ny1//+h/+UAv1f569r++PeG+q/oa57BvGzrZFbvMCh2H9oosknBAaxwXGkVXTkAAYEZrmpCBXZxMa7RKzXQ47VJhTjTm02LoGcagRhwqxK2GbErZJAavIhIuN2KoGJom0g5SVpglyQcNQeHplRm1PRd9s1zybsKrgaQCxAZOaMA1i12FODe7UIHYNbFNBVhVoUYEWuRmXmzCpAZEaEaUZUwG40oQpjIjMiEgMqMyEys243IzLzZjChCoMiEwHy/WwVAeLdZBEA8q0oMoEU1mspJiQ2vKsiaGmwqzY2HC/8qJYPqFtQ0p0qJcd+jnFfCm1JZDTHshoDaI2BVKag+kdkeTOxIHamML4FznRvk1F0UuD+SZut1M2sq6Z5BB7akpzxvpqHdDKSHtxVnJ4VXGuVEi2APz+zqrm2vysjPiZ0QardmFhpPXZk7tMcu/iWGNtRV5qQlRs6OumimxEy/h8XfLWwn1n5X7uXHXAnM6OIh/vu+zldkg1NdpbYZROfXdjbR+lHWCUfZSlXRufGSi0aBYO7QwnSJ/oKd3E6MzFWv3K4PftHFC5lJsTRZ5rPMBpLoh2gHBcEGMPou6BlH2I6gIpu2bqtpmyA5D3IcYhxtlDOZsYj7vcQRxv7KxOH+0uNyiWP9+RuzCWG+XuwFw5e7CnOS037MZY2auQZ15hPl6pQffDvC8/9zr76OppnzsXHl8/+fj66XuXzka8uBrpdzUh6EZexN2FmiDNWLy4K0A5ldxf+Dw38GJV/O2WzCd95cEL3enjdXHE3jwxsV7L6bSqJjaMc+u6mV0TwQ1QdvWkDc2iXTVrV07aFKN25YhdPbaum7arJ62qCVwxAYrGVZwx2mxTXW5YTsRD8mC+XTqyrpr76feMnl/9N0jDyE2LenD/ZlJidHlR3ts3yN/9zV97PB6P5797PP+3x/OPHs/PPZ5/8Xj+5Wd/973DHeg/Mb7wv8TeN2bY368M/Lq57OtNdr4a6KNL57Ub82r7lAgYF5iGV0wjAvOsFKJpsDWTVQbZlIhDhTpVmFOFOhWwQwHZ5KBVDtnlkE0OWaWARWTEBDqYIzct8BUtU+SitrHEoub0yq6K3unmcfIcW8pVmIR6RA5atJhdb3EYbJt63KmB7RrYpgQschOmMGMyIyIzIlIjIjUiShOmBnC1GVMaUakBFuthmRGVmVCZEZObUJkRkeohiQYQawCRxizSgFIdrDDh4zOz9bVFOYlhuamRlaUZteVZyXGhEeGv87MTKKPtuGzOohxxyEb01IbV4VRuWwC/I5jTFUvqSKxP94n0vRzz8mZncZyc2oyIh3DJoE0y6JCNm8Uz4721pMXRmZHmqb6SNe5wTXFiekxQdmrM9GCrijf39NFtnZrxxrIq5xMD/R6UFMSyaRNhgb6drbWzk4OVJTmU+e4Dh/idjffWyn1rW/nCIZCvjoUGPs9MDnMANIt5ScobFzNH31kou+b5bdOyC6O5rXQZq2uqr2B2tLqxImOF2unGiQemJcPafF9ryeRYNW2x2aEnuBHyPkR3Y8x9lLGP0lwwZR+kuiHmPsI6QJlvrax3GytWPWl+vJYw2V5THD3cWwHo6IcbKy6UfIgzd+xrhOmOhrLkx9c/iXp8dKEuOD3kQeDDK2lB91OD7vrePvvk+tnH188+uXEi9Pm1x1dP3b/ysffNj2Jfns8KvDqc7yPqj1GNJ6jm0jRLJSvjxXpGG7o2uK5bsGtmHaoZF0R+A5DegOQ3IHnLvLRpWnTq59+YyDsm2oaWuKEjWhVz8NqYhtWDSCc0vAHeUit5sna6v6i7MbE4I/TujYtxAU8J/RWQcNgiGd420Kxywt/96F1WjH9U6PPcvOienko6ddwgF+1v4n/3l4d/8cXWG1y+gYg24DXD2qxhbZax0C5kzf0nWgt/MHtfN5d9Y472q07D7zW4MCWabvJqH0M+r7aO8LTDfP3Iin5WAlJV6IoOV4A2NWrTYg4N5lSgDhlsl4BWKWAVmywSs1VssoqMmNiIrBkQngqgiXWjlJXKnun0qu6E0qbynsnWSeosW8JR64V6RAbgStiqRa06zKbDHBrYroasasiqMGMKM/qeKJkRef/uyY2IyoiqjOhX7MmNqNSASA3I+99kelikMAmVJrHGLNUAShMuECtTEiLjo1+31eU3VRaGvvLOTYuuyE+qLU6vLM1OTQ6vLk2B1NM21cy6ZhHmdSsnsxQjKYyO+Iyg2y/unAr0Pl8Y/5gzVqyh1KOCEZtkxCYdtklHN/WLPGJfQ2Xh7EQHrF1amGwY668gjDVPjbYyl9u0wp6WxpLq0vyM+PiokBeEyQ6/pw8W5ybT4iMqirLLS/JaGut62usUgpkvN9fe2nhum+Atzv1ie2ViqObF03tLE3W7di5pqqO7scCum98F5neMi7vGuQ3VMGW8pKu9nE3umenJQ6Wj30MZBxijrDiCtti7Y+HBWrKcN/rF1qoLoOwjjH2MuW9huTDWHkR3QRQ3Stu38fftQkhFEFJ7eupTq4ujZGuTmJl94BTvIcwDK3/bIuprr3j9/P65ox9ePfEnYY++PV35pCPvZfj9z+J9b0Z6X35267TPnXMBj84nhdyqzHhRnuEX9/pue0kYc6JIzmyBFGO7MMWNMbZ0My7zkhumuyGqG6btQeQ35uVt04ILXN41k96YydsAZRuibgKkLWDZaVjElHNG4biU2U+bqh9ry+2uSW4tTarIjkqL9Q33fxDw4m5s+DOvq6efPPAiTrRsGpcdilGnclTHGlmda/2OYzUu+HlWakhRcdzkRJNKRpaI6GTiOJ3QMzlQWVEUW5ofFRn+NDL8aX5eeF5e+Js3G/+72fu91zB/8IMffGVw+Ybi0rnMr50kL5m3O4irs2KQIIfIKoSjRdb0mBZ26DGnHl/XYE457JCA9jWzRWTG1wz4mgFfM2JrBlhkRFZ1EENqmOXJGobms6u7k0vbsup7WyeJEzQBW2FYM6ASM6yCrVrEpkdtBsSuh2xayKaBLCoQV5gxuem3j95v2TMgMiMiN8IKAywzwBI9LDbA0vcfekiih6UGRKaHJSqzRG2W6CClASES5oc6a2JCfSJDX3Y2llQXZVXmpzdXZHfXF3XWFrTV5hfnJUSH+3fXFZlFEzYdwamchhmtlOak3IC7r++eTfS/U5X+crQ2gNgRvDJRqGN0Q/x+i2jEKZvZNiwYxJMTQ600yoiYP1ZVkNLdUtHXVDA32tzXXriBcrnUKd9nT2qLsnn0blhLiQ4OyEhLHmir7G8pGequrinL7+lsXprrdMCcd07hvl2wb+Ed2llvLNz40Jd+965oVidZ813t1VmE8bpN47xNMoyudNoEXZK5ytLYZ4KJApzf7lKN6pn9GwBjdrwCUS1+360VMkZ49FGjcuGdg7+PMvZx9r6Nt4uxd2H6AcY4wNkbIFfEnCRNtg0053bXZgqYU99zqd/ZeG6Y+W5dsoUJ22qzT3367XNHPr50/KObZ/7rq9t/0pN7a6kztqsoqLsiNjf+RVV++HBbGn+pyijstmnGdxCy287/YlPw3a2V72zyP3fy3ThnD2HuwQwXwnIhnF2Aumte2jYt7EDLuxBpz0zcM1M39WSbelm9MsYndaq5g9SpqsHOktaazOLM8LiwZ/HhzzMS/KpLImMingUF30lPf1lWFJ4U/Swh4sFkf9GGftEun4AEIypmb11h/GBzTkzIs8T44NzM8KQEf+LS4BdvLXTmyNBo5cRkXVd3wfRc/dRMHZs/yOYPKpUzJv3if87O8oex5/mPr2F+Q+38vQcxBTqonSgYWDVPSzGyAqarEbYGFhhQOWDRInY9vq5FHCrYLoOsYsCyZsKFRkygxwQ6ZFUHrRkhkRFe0QBUkXacsVbUPJhS1JxV1V3RMz1KXqVLdQItJDZhStiiRW06xK5H7HrIpgetWtCqAS0q0KIEcSWAy02YzIjKjKhED4u1oFgPSQywVA9J9KBIB4p0kFgHSQy/ZU9mQJQmTK6DpXpYqUcZDFZ3fVFnXV5tdV5aWmxGelx0WEBKTGhxVnx5XkpsuG9uekRShF9OcnxCRFhvU556ZdSmXtjUE7mzzVXZoVlBN4cKXy/XhY9X+TUXvGgvCmnOC6/JCuwqi5Itt1vlU9smopDe09lS2FKdNdWZr+RPL072FWenlRdmQnpqeVFMTGRgaXGGy6XZsLJphLFTRz/pbiqhznbT57vGe2qrSnMmRhoVwsm3G9J9x+qulb+Ds7+7LZDQ+m5dOFmaFgKuTYy05OZmhvEXG1TEetF0kWyq0LhcbaJWqxeyVIuFkrmGrpJEp464C1Ag8RiD2NzRnNvTWc6mDrjs3AMr223lHNq4Bxa2C2e+c67uQGwlZ3Kmv2qkrXC4vUgqZn/vnf2dU/rWsfadvTWdaKq1LOHyp39y+eSf3rz0ScTrOzU5/nX5r9mjhaCwxywagWTTDjN5D6e9s9M+t1EPcPI+RnbBFBdI2QNJLpS2i9G3EdoWSH0D0/dw9h7O2cG4uyhjF6a8gSi4Zkm7OqHhjYlpAwsDlaNtBT21mY3F8dXZIaUZIVGBTxIifNJj/CpyYruqM8Y6i6Z68+iLHUzyxPBgW25W0mOva4yZJrtqZkM5ja1NMKdbmyszvJ+crSgIuXL5k8ryjLKimKa6rNHBur0t049+dOhwyt5s8O04w7XB21vn/vBQ+heH0r/9oeEnf4X/b2LP8x90Gt6rnV/5qn/vgRSGVDchMHUQhQT9G6rUyNchAj0iNmFy0KqErCrIqgStMgAXA7jYjK8ZUIEeXdHAKxqIrwZWtcCaAeKrzUSBqnuBmVXZmVzUlNc02DxJJgrVfC0gNiFK0KJFHGrIpoGtWtimBiwawKIBLCozrgRwJWhRgVYlYFGYMakBkehhiR4WaYE1jVmkA0V6UKgFRFpQaoDfP4nvP5QmTGXEuWLpImGup7mitTKnrTq/uiy7qDAtLyc5NjwgLSEyLTna3+9JfPTrhCi/pMjAnOTo4IBn8TEheSkRIsoArl5ch5ctxjkFoXK59vVU+cvG9JcBT2/dvHDmqdfl7IQgwliNkt9lFnRs66agtZG5oebBjlq3lW01koc6yksKMuvKi8W8EQlvpKWqJND/+dR4X1tFAWdxMCsxojAngTzXsTzZSiN0jw42tLWUcWj9Tpj3dkO6bxVsY7xdK/cAY5Wlh5w9eXyiPo0zVJKfGVGeFcoay2P0pzG7Uxk98fzhTEZP1HJPSmZCcH1VWn9t4o50AhIPTk9WlVck9w/WgAaWzUw+dPAOrGw3Rt8xLyPScYNgnDrW0FySWJj8ujDusZRQv61dUC/X6qnN4NoQYTg/2u9G4MNzFZnPx7oz6MtNSvG4AyRvY5xdkO220PctnAMrz42z3RjNhZB3QeouyHgDMvYQzj7GPsA4bpzvtgoPnZJ3bxQum9AJc2wmOq6nmKTzcs4YebJ1uLm4rSyztjA+Ly04NfZlRrx/Z01uW0VmQsjD/PTg/IyojsaSqdGOyb6awdbC0bb8sc6S4Y6yp/duffLht29cv7AwU+fQzm6oFqDVYdZ0fUlG1KP7NyeGilITAqPCvQc7Kgvzg2nELsXavEa8fLCLezw//bd/OfzXf97/l1/u/MsvdzyeL3/+s42f/2z917/++f8B9n53S/xXvuqvH2n4etU3xpSO0YRco5OlAMRmi9iEiU2o1GyRmHEZgMvMuNiErhnQNQMqMqBCHbyihnhqkK8GVzSAQAew5fpFrqxlYjmxsCG1pKWkfWRgicOWG1e1gNSMKkGLBrYrAfx9KN5rmGZMbkLlJlQJ4CrQogKtCjMuNaLi37IHCjXmNS0g0oEiHSjWAlI9JDXAUj0k1plFWrNcj0i1cF93W1tjSXNVRkdtfnttQWNFTkFmDIcyOjfYVJqTHBnyKiMtzs/nfmSwb2pieHigd3xUcFh4UHhoQFZKzHRfDa5Y2DCQ3gDz4Ep7aewTX6+LNz4773XlbJDfvaToVw3laZS5FlgxiosGXPrFleU+wlQbl9I3P97WVlsw0ltTlJsq4JKYi4MVhZk97c1Bvi/62+oFjAkOeTA64tXCROfSaAtttpVB7CXOD0kE8zLB5Fun+MAi2LOsbOKcA6dQSO64fvG0992rnIHs5uIwn8e3OyrCCO1xs/XhMw0BC42hcw0RSa9uP75z+/bNS7116eO1MSp65cJY3dBAhV6ysKFZ0rDadfwePbtDTawTTBYOV0VkBd+L9fF6ceNkZtCt4Qp/dm8Uqz1kufIxozNuZaJohdiE6Rfcm/xtK/1gY2XPwt+38g5trD2UvIfRdzHaDsbax3lunOu2cQ/tvM/tokO7dM8i3Ea5NiMJVRN38bV1YEUnXhIyx3jkwdHu0tGukvbqtMqC+Ozk0Ej/x4XJoX11hdmJIelJQUW5Mc3VWb2NBW0VWUmRLwZ6aiZH2pvqy7KSwiOCn4UGP02KDwyPeH3/gdfxY8dCA54tjlXimlGbvBsRDFPHK0sywwL8HvkH+m6tm5OSYkb62/PSI/p7inGI+0+/+OKty/b9L7d//Fdbf/kDfHdLurMhho1U2EhVSmdZjL4/dAv1/yp7v3em4avjRL/b6PuKPaUZJbDFDKlhzYiJzbjYhAkNyHvY1gzImgER6hGhHhHqIIEOEurhVQ3EU4NcFchXgytagC7WzrElTSML8QU1aWUt5R2j00wRT2UW6UAFgCsAixK0yk2YEsAVZlwO4DIzKgdQOYDJTej7ek9hxr9iT6wD17SAUGMWad8HINKYxSqTSGkUKY1ilVGkMsv1aFNDU1l+clt9QUd9UUddcXtNQXNlTn5axOJIpVW91N9WVp6fFhsR6OtzPzTQJ+Cld2jAs9iIgMDXPsmJMSHB/rmp0ZNd1RL66BuQsgOTtCuTyeEvvW9fTA1/lBJ9LznqQXqCb1F23GB7/hqta1s7/ca8xCb1NJZl1ZTklhflDHTX11XkpiTF52YmpidF8zmUkqLUqcnh4rx0CXemsiStLD+TNt/HXh4c6++oLc9vaSgScEY3YeYXDoHbwt/BWW7n6raFUZ4b9sm3v10U93S2PSrm9cPYl4/7SwNGKnyGSn17Ch5N1AaNNyRmhT7tLfIZr471877a3xQ115FGG84Vj+Yym6Knq173F3lPVPpPl70ayHleHvMoN/ppdU5QZfLzlakyeLUFl3ZsAwT3hvA7b83feYt8b1/3xYborX3lrXPlwMrbx7gulHuAcw4dnLfrK3t27p6Fuw2yN80sXEdaB+mYhqwTzclXJrnUrumBosHWnN763IaStKqC+PKciLiQRxX5sXMjTY1lKVEhz/xfPiwrSh3tr12caGirL2qqLemoL+6ozy/KCE6LedFYnTc21JObEpSbGpGVEllckNzXVdlQk5GUGHj58qmA5/fm+8s2NNPoWhe02saerc1ODvT3fdBYlbW9gezvwkO9LeVFeQP9lSRCnwNd+8e/d3s8nr/52x/KpbNrgjEisW15uXVsonJsonJVMI8giv+T7H1D7fxqg8s3/GXvM0/M5pAB1kWmQGfd4SpNQgO6qkNWdYhQjwp18KoOXNGCq1poRQusaEGhHl7RgDy1macCeCqQpzSRBaoxEr+qaywmpyK1pKmmZ3KOI+WpTGtaQA3ZlIBFZsKkRvS3RZ0JlZlRqRGWm943FeD3lZ7MhL5nT6QHRVpAqDYJVUah0rCmNArkOoFMtyLW8NbUfJGeweQTF+diQ3zrKjLbGwobKnLb6so6Goo7a3MK0qPHeksMvB6DYExA6ctMjczKiomIfOnz7MEr36cvn98Pfe0dHxHy+qVvbW15SWF6TXmKTjCyaZzfQYgWw3JtUVSC/4O4V3figh/HRTyNjX4WHv50brLRKBjaN8+rOcO97Q2iFWJTbVF2WtRAe2VZQc7cdPd0XzmOyrjM0YDnTxOjI4xSCo3YmxwfSVka7Gqr8PPxfv3yQXZagpi/IOMMHli563oCKh21yyas0qGl/kKfB/duXTg7UBHWmP0y+OGd0iSf8ZoXQwW+PXmPh0p9x8r8p6sCB8qDol4/83l8O+z5uaHcx3NlzxZLHpHr/Kid4ayhZP5Etmy5YnW6jE/okPNH9JKRdYTy3W3pd7ak33kjPdheO9iS7K+LdpzSfZzlxukHDs7bDcG7jbV3G+I9fGUXX7EBdK1kdo03rhTOcIk9yxNNo93lvU25fQ3ZjaVxwx1FtcWJWcn+RVlRGQmBaYlBmakhOekhBVlBXQ2FQx1l/S25wz2VU+NdPV1NuVnJ2SlRGcnRpUXZJZmx6XEB8dEvivOjFme6SjLjJnuL+1qLstIi8rNjmqrSfB5cvHL6zx7dPMMYr4U4PfhKH8rrlxC7Wysz/h/q3juq8fvO9/77Kec8u3uTTeI4jrs99vSBGWDoCAQqSEK9994lEAKJKjqSUEW9oIaECh3Ry1BmmE6bYnuz8aY6dry7ieM4sR09f8zeuXPtZM+5N95n9/kdDn/rj+/rfD6f9/tTLp19FQosdhjaP/7lPx7fuy4X0nAYiFJBmoga7l5P/uJH67/6+cn7P7p9/cbizu78j99//OP3Hz9l4QkF/5+y95W081m186nR95VJ9qdVn39iNjKZTSxsppd3o3Mb4Zn10PRaeHY1PLMSnFoMZrLBycWxqaXw7Ep0bi0yuzo2tRScWhybXgyks7bIVJfZz2rsAmPZCLqY09rbMzoWSC2EJ7PpxY3plWvp5a3kU0Elu55cWJ+YX00urKX+u7yZzD7xElZis8uR2cXw5HwoPRuIZ4KJyWB8MhBL+6IpTyjpi2RC8fmu9lYhC4tHVgvZWLmQTCfC6MQGHg3VyMVR0ZAuFWs10jnjVU151SN9QioefPat16oqCwsLz5w59QNAyeXL594uunwJXg+shwLKivO1MmLa27a3YLmzZt5ftIhoCHj52arC0wX5Z8689QKg4oKEjwqNyrdSPXeWR3VaEQkPV0mQriHFna2xtlZByDP48G5kOuns62iU8ejZjOPkmncuMcihYYV8IhpZAyjJkwtIVAIaBa4caqaEhrhWLXJIUp7oJ07o0CEtTIwrzzv9RsmpH5iboMjKc8DC072iMiMvf4idN8C5PMC55FNXsKFnr7z5UlXemRZ8flRdM2XBLriZ11Kttxb7768b722YH9zwPrwdOb6dPLmVergfeXgrdrwfPdlLHO3FDnZ9h9fDx/vjR/vxx/emHt5JHdyI7a354n5d1NPhs6qGu9i6FppaSmCTIS0KalsTnUOtR9VXEtF1GHBhqxTrNCg7G6lMfLWEjSJjgLgGAA5VQ8LXinkNFBQQBytpllLaW6RcBqmuqgjbAOQy8AgogMtEKThIEqqqAVbBoiM0SqqShehU4RvFOCSssqrkHBSQ/8Lff+v17/9Nvxy3E1TfS3TsRDuXQgPNYlrx5TNQYHlvu2o8ZHrvcEOl5JCwNVgUoBZYuDA7+pN/vPbZJye//uDRP/3ozq8//J+O7/3pD//82w8f/zWW+v8Oe7mvbQ18dnvSX5pkf8pedmXL5AlZg/HM+vXA5PLY9FpwejU4tRycWgpMZgOZBV96Pji5ODa9FJ5ZicyuhmdWxqaWQtOLwcyiPTrVZfaxGrvqsCwwiUdTtjcP2p3R6VB6ITaVzWRXk0sb6ZWtp3rmU9UkvbCWya6ns+sTC6uxmaXo1GIoMz+WmffGJ73RSU845Q5NjAbGXcG4P5zyxTJ2l08uE7AZGDS8ik1BE1C1eGQ1h47GI+voRLhGzuaS0X3N7NVoz6RTkTBx0i6ZSccFlV8+9doL+flvv/H6c8VFF958/cXqiisMIpRPQ9eWFeWdOkNEIAL27q0Z8425kb0Fa8wkpoDyXvzW/3PqheevXjpTV32poxkzHWq7t2hK+nqFLMpMZPC9a8GIpYtGQUgFvFjIQCdBlVJOt1q5lOy4kdHvJHVNEkzB5bN0Qh0aWgmuKb9y/lxx3hk06LIQe0VFuDjAK3KoalyNlWF1ia+5QkKseON73+GCz3fyq2ryTwnqz9tkeXZRnlVy1SjMH2spHZKVO3WU3WTzg5XWx7uOd254H+w4Dzftx9ujRxvWw3Xr4cbowZbneGfseDd0vBM93onc3A7vbUWvbwaurzg3F+0rUyPziSHrsLK3la+RUESUegTgEhVdplHiOtVEErIYWVuIAV2V0OrNOnGbnETH1zFIMI2CNjqsbJUg2+VYHrFGxmkgoQE0XB0BCUTVV8m4eBjgEo+OblLwqIQGMhok5+GpOKBcgFdKiEI2XCPFqSUEHgPBooDFLFCrDKvTUiQ8ZGnRmQunflB49qW//5v/u7eNs57sPV6y3Zu1THo6tHJC/oVXK0rympVCrVpqH+nUtYmh4KssBlQhwjOYGItZ8+DBTi7329yfPsp99tPcp//0xSc//vzj+3/85dYff7n1u/fXfvZo41nw/jeo+2vZ+8r2pCeh7yu74r+iuISml9S9huDM6tjMmm9qxTu57J9a8k9mfZkFf2bBm5zzpecDmezY1L/hF5ldCc0sBieX7NEpnS3AUenAeG45nIRgSASt/UPOiCs6GUnPx2YWI1PZyGR2fGYlMbeWmF9NPBFO5ldScyuZ+bXU/FpsZjGUmQ+l53yJaff4lCuSHg2mR4MZmz9h98VcgXFPKO0PxaR8MrT2KrqhmoAFIaAVDdAKHLKGSUEgYVU0EqKJT6bj6ofauIuh9uSofNrdOOFstPUyuppQsNqi1175YQ2grKw0r+DyOT4bR8KAhRyyRMDiMhpKCk5hYJV97cLrs9bj7MiDNWvCpgIUnfvOf/vbgktvl5ecIaBKnYOCnYmu6xl9m5TaoWBUmK5YAAAgAElEQVR1NrEagLX9TQQcqowIgnQqcGVFeWQksEOKHBtih7qJhjbEG689X19TAqu6ePG179QVnwOWnC7Ofw1ecqoR9taYstTfXOJpuRpqKZ7SlgXU1bUFb1946dumxiqzEiTHlof6kFkbecUr2ImqdsfEJ4ut727r/2Ft6MHywMHi8J3ZwXsLQ3cWhg7WbMcbjoeb7ofX/Mfb4aPt8Pa8fT4xMBHoi7g6bUPNhv5Go47b10bjUCBUbDUJXVF04RUConx0pMXQI5Mx0a1SskHHHWpjKThIORvf18Ie7RPq25lSNlzORfdq2MYuoYQObhXhhDS4jIOm4oBENICArCI2AJp4VODV1wZ0GqmQwaM2aOR0ARNJxgG5lFqdmsGmglrFKK2cKOGgWMQaDrGsS01rlKDhoMunXv77Uz/4m9qCNxRM3NFm7F7Wen3WPh3Wd7YIcQgAtaFSLWfTyBg6CTbULYFDKgnYGjKhdrBbEAj2TU0FomHL9sbCO/dXP/3Jtd/+aO2j4+xHx9lf3Jk9Xo9upGwff/CT/xz2vtJX/dTo+/dD35Pot7hxzeiJjvjG3ckFdyrrmVzyZxZ96QVPesGbnvdOzPpS8/7MwtjUUmR2NbawPr6wHptfHZtadIxPD7pi/NZ+OFVcCiFUo+gUcaui29hl8liDE/7UrC8550vMueNz7sR8ILUwllmIz63EZ5cnZpcnppciqflQas47PuUIpSz+xIg3bvImRtyJEWfU6gk5gxPO4ERwPDXY14Wpr8SjQeC6YmBNYVnJeXRDFZVcT8SB6sFlaDhAwSeQUFW2XuGsryU8ItO30Jq4CA6hqqsJo5Y10EkVp0+9cuHsW1XlV/IvnTnz1svnz75RV10uE1OG+iUISAmw/Mpwh3AtpT9Ytd1bt+1vuBAIwNm3X66tugQG5snptdEh5pSFGTWKIBXFVEytXomYNlBh8AtlBRe52MIXv/NdjbRMRK6R4i7rxeWWpmpMzWtvvPwipPw8+NJ3MOXPoateKzr/cvmFV+UNZzLtlXPtJanW4qkeyKIRsWJDp0YbTf3Ni/G2w1Xz/qL92lTvwYr+7rL+aM18tDpysNh/uDD4OGs/XjaebAwfrhofbtse7Pke3hq/ueG7uexay5gSvm6DTqTgYdsaab1t7G4VrV1G6dVy+rVMW6+iSUpUiVGdSqxWhmuVEo19chkfhQQXc2goIbPWPsTvUZN5xHohFdqpIDYLEEx8jYKP7VHT+zRMIQ3UKCAI6HAJq4FJrCNhqrHwCjy8XMHCCGl1A918EQepFKHVMgKHjiCgAdj6gqE2PocC1khQXSqKhItmEmoVLKiUCYPXXcw7891Xv/9/1ha9PNCMvrXsu7kwsr9otg81ibhEFLxGxEL2qpgaBRNcV6xpEfb2yOtqixlUjEyI84y2bF/zf/jh4T//+mHA1jWik96Y8+5MOacCA35Tq9/UGra3zsXtX0k4/xPY+7ri8u9M9D3NPKPzG6oegyu5aIlMejKL/syiL531ZrLe9II3OedLzXmTc/70QmhmKTq/EptfiS2shmeWvRNzxkBCqRuBUUUlUHwplFCHYTGkWoGqu23A3mML6P2JEX/aPDZp8CVNgZR1LOWMpH2JSV9iMhif9kRSo4G4yRM1uMJ6V2TIGRlyRPSuqMUbcYTivvHpUDzZ1ixCgUqrAVcBlQWVZRerKvLqYRV4HIiAr4PVl1++9HZZ0UWFkMokgUZ7hItjHQG9REytJKArcQgAuq5Axq5TcKtphOKSoounTr3+gx/83dtvPZ9/6fW8c28VXblAp6GblJyyksvVZQViFnI5M3xn2XK4YFyZNMl46Kv5r18480M08FKfCOLrhLjaYSxMFRlVJcMXV198rSCv8PzZi1dOvwzKf8OsvYKD5SGL3u7jFliEV/s4ly688VzJ5TfINa+ywS+rqEViWh0GdGW4EbnuV95KdR6smB9tOt7dcp5sm965GTjciR/t+R7uBo93Q4c77rsbtrurIwcrI0fLhuMV/eGa+XjTfe+adWNmMDPWOe7uCI3qGDgwDlFJwgD5DASHWt+lEdqNbU5ji3lAaB+WWIfk/tFWr1Hp7lfOp80bs+bFSHfQqOhvoTcL0RxKLbahvB50lYSpGOjkGHTc3hZmIw9h6RXqVBSVCNskIvRruK1SApdSJ2LCpRxEkxhLQlewKBAWuZ5HgQ+1yezDiuFekZCNbJTim2VEPr2eiqmioEuNXUI+A9LbwuhuZnBpMBquVt8mKjjzwwtnnn/rtf/25svfaZYRdxdHDxadN7MDSW+LUkgqK7pUXnK+v0sk5+KR0EokorypkUAk19TUFNXVVmqbmXPTxvffX/r0d+/+868f39kMToe6k962tL8l7W+ZCbXsLtkeH6R+9v6jp57efw57fyn0PWs2/FmfPbu5Y/SND3litvEZV3LBl170pbO+dNafzvpS897knDc550vNj00tRudWYvOrsfmV2MKaL70wMjbRoncg2fIaNKMchCuvwyEpQjJHxpNrRJo+SadBY/C2j/i1BpfOGtS7xy3+idFg0hZIWAMJ51ja6psY8cRGvOMmf8LkS4x4EwZPzOiPjwQTVpfTYh5GQ8tLrl6orSmmEeFsKpJKglEoiHpwOQYFLC0+f+bUKyVXzkm4JAYRHDQ2Zsfa0m61vZej4DdIOAgsKE9KKVWzK1TCmqLLbz7//e+deu17b7/67Tdf/e5rLz1fVXb5zVdfRsKhfDal+MpbCGCJmk+J2Dq2Zyy3ZvQpT2uLHH/h1CtXTv1AhLkyKKnpE1xpohVWXz1dVfRmeclbMuxbbexLVy6+negG9BFq8s4+T6l7WU0471BUBztBIx14bSMnHeoIGYUzId1CyrK16Du8Hn90I/7o1sTD2/GT3YmjnfTtDe+9TeeDbf+DnfDhduhod+zhzcjj/eC7O56TNev9xZH9+b75mHo2oglbmlqFKDqylEuooaEAFflnSvPfrq8r7e6QuqztAbt23Nfn0DdF7M0pvybu0YZtjbHRxvFRlaWXr2+jO/sF5m6WY1Bi7hWPDjd6zJredgGbWEtCg1VinKmHb+hiWweEfRpqTwtV18JQcFFaOUktwUuYUK2cMNIvkwvRagW5p00gZDZ0tvBqyy6q5UQevaFRQm6WkSWsegENpJYSPdZWPguqUdKlHKyAjuhsZk542wtOf/u7f/d/Xb7wereGvzntOFpz3100T461SzjIiquXyq9eYFEbeExMA6iIR6+3mxSzkwYhD4FFV3Z1qIYHtKHg0Gd//Nmj4/2I17YyG3zveO6dw6mPfrmfy/00l/vpZ79555OP3/tfPar+jbH3lMCvhL6n58GeThV9vep7Ev2mFlfHF7ebekds47OWSMabzPrSWV/qCXsLT9jzphYCmWxoaik2txKdXY7NrQQyWWsk3WXz4cRqCIELqCdWgHEVEFwVBIvAsSi8JqpIy1bpeOpefkufpH1Y2W1S91k7hpx9Zn+/Pdhv9Q3a/AP2wKBjTO8KDzrGep3hbnuw0xJQdvU3t8q4TFzR5behoAo8BsKho3l0FIuCRMIBoJrCWkBR/sU3rxacJaKBPCaagq1OuzXLIe2kS5V2tRo76TImEFuTp+HC2wRgJaPi/JsvP//c35967btn33z+5Rd+8NKL3ykpPH/uzTdfff77+WffRoAuChkQNgHOIsHsxubbm+7jLefxXniwQ8xoKOYhzrZRr/QxLwwL8zCVpysuvd7CLDIK83W0C2+/+LcKXD4deBZVe9E/BI1bWdczultzxsNN762NxNFu4tGNycc3px7fnnrnVubh9djJduBkN3C8EzjaGT+5MfngRvjhnuNHd8Lv3p18eDN9sBvaWXavz9sXE8MBs8JnlJrbqf3N6HYRRMuBDChpShpcyYJ3KEhNQqy5R7aWtu2v+FL+joi92dUvtul4cUfzZqp/ZVyXdqlDJlE22jlubTJq6Y4BQSbQMWZrMnRyhrWsfhVVwYK69I0qMUPKQRFgBTwSsENB7W/lylhQPgnQxEepBKiORsKIji9hwdvV9HY1tVWOF9BBaiWxr4PnMbdsZb09rXw6Hsok1TeKiXxaA5OENvSpIDUFDZAKJqF+uIMdtEqNmtoW+jkq5IJFx5sfHzxec92eNS0lBkRsRHHRmYrSKwIOWcghASsKBayGgE31/qPk2pxRzkMKWTCTvv3m3ur29tLi6vrk7Pyk1xY09P7258cfPrr+4cO9n95c+/Dhnd/87Ee/+eiD/3z2vr7E5dmrtM+uzf161Wcfnzb4472OkCUy6UnMe5ML/tSiP531p7Pe5IJnYt6bnPelFvzp+dD0Ynh2KTq9FMosOGOTQ54wpakLyZTVouiltegyMLqopqEMiKkBEVEUUQNdRBY200StJEEzWagmC9RcZbeouU/eMazSGdoGTJ16a9uwpXXI1jo8qh60Nw2MyrS9iPrqakBeacklCLAUiwQ3wGpYFBSHgsQhqnkMTHVlQUnhxdLCfDQCxKIgSTgImwxdjehWgupZb1PKIklYxT49nwK7KsRVNfOgWlEdtOzsc9/51pm3nj/1ygvff+57ly+/eeHsa2+8+Pybr3z/xee/+9YbL7750nfLCi698fJLEGCpmIMd7ZFdnxm5s2aOWYR2VU03+bRDVBJurXGooWIayNdP9Grhak79uF25mm67vj74o52pH+36H9zw3d1039mIPLg28Wh3/GQnfLQTPtmNPNiLPtwJP9wJn+xGDq+NneyNHeyG726Gbix7ltOG3QXnTMxo16t7NZyhdl57E1klxfHoIDKqGFWTr2thTUX6Av3UOW9zxql2DAgGWkijeom1l2/QMvVadn8bxzYgdw0oQ8bGhK0x5WicdjcvhrqTduVCSJuNdk75O+19Ap9J6huReIbFoz18m47bJcdpRMiRHs6gjk/BVOCgpSwcXEBGsTBACR1qG5B5zC1ui9phkDoMzUFX9+KM485O9Phm8sHB7DuHC+/cnXi8P76QMPCoDdC68rLi/LLivLzzb1GJCBIGrJYxDF0iazdtuAWixJ9qwZ1a8CpuzeiPVqz7s8Ozoa6ORsbZN54vLTot4pF5TCIGBuppbyLhwTOR/ps7IbWEJGOjW+Tkkb7GezdWc7nPT+7shP32zz/+xacf/NMnv/jxZ7959vLeHz///PP/Wuw97XF5dofS09D39UNFU4vrscVtaXu/Ppi0RyafJJn+dNaXXvAk5z0Tc56JeV9qwZee96cXgpPZ8dmV2PSiOz5lDk4oB6xEsbqexK+GEirqkFX1WAAUU1mLrIETaxuoICQVjmc3kPgoughJEaGpEhxTRhO3chQdwqZOkapb2tonaOnlq/sIonahvLFLTrfqZHQSsuRqPhwCqAdXwsCVLCoGAa0ElOfj0XUgYHE9qLIBCgSUF2ARdSQUVEhv2BjvXfY3z3oUM6OSpIk7YeWHDXxjI6pdCGzjF4nJZXnnXnvxh98+/drzdaWXkNCy1156/o1XvnXq9W+/8ML3/vZv/+7157/7ynPfeuul5155/rk3XngOcvWchFRs1UKCPYhFD2Mnpj6Ytt5Odd2Z611L9m5O6o5XbUfbscd7wUe7loMt6+F69HgjcrDpONx0He74j/bGHuyHHt0IPtgNHGz7b24Ed7K+zWnHbMKY8PW6DCqfVWPtlXc30RT8BjSkCAEshFQXYGHVdByMiYcyifUiJlbOI4Ar83l0hH1QGh1hZL3ClUjzXtYw4W0NOFTWQYG1V+DVSy29fEuf2Ktv9A5IEtamcZty0ts67W+b9LQsRttWJ7qzUd2ES2vtofv0PO+gwKCh2XR8j0HWpUSO2eV9GoKpX9QqxcvZaDkb2a9lBu1tG/Pu/bXAzY3I4X78wa3kyc2Jg73Y4fXojTXPwV7k+ob/3mrg7rLz5qprYmzQZekY6JAY+pR2U/tQn8JrbxlqY+lbKHJiMbr4hw2F3x9WIO4ume9m7Xfn7RPu1iYhvLroEry6VMwmKMQMYGVh/rlTUGBZPB6YmfAeHd2B1ZbzqfBOLSfm7Tvcmcvlcl/8/jeffPCPv//NV448f5bL/euTB/9XenrfPHu///3vnw19z042/NljKZboVL9jTGtwjoylXPEZz8ScNznvTS64J+Y8yfkn/32peV9qwZ9ZiEwvhScXPIlp81i63eJlNXWhWbJ6PLsSjCyrhVVBkAAIqgqEqqzDltYgy2obSmphJXXIUhCqEooHwIi1SBoUy4WiWAiSoJ7Ir8Py4DQZlc/v0QgClla/vatRQi+9egFUUwoGlkLqyrhMAhwKqK25imyoplNgHCYWhwZXVxaS8XAKsr5dRr02Mbzk1cy6m2adsmm7KGPmThiZYzqCoxVulFf3ymqJ8KLXX36upuwcDV1efuXcmy+9fOqNb7354re/87d/d+nN7/HR5xW0iqBZEPc0BgzilFu1PdV5sKg/XjQeLxsOlm37c6ab84O3F4buL1nuLuoP151HK567i657q87jreDBVuDwmv9413+46b6xYr+/59tb9M5GTDOhoehot22gsb2RJuVgBcwGuQAnoKMIGAgWDsRAKvn0BjKmVszBY5HVKFg1Gl5TWXIJUHShobYMDauCAEqFZISSCZoPNe6lW+e9smuZ/s1ZS3pc36lmEcGFGi4s41Kvxns2UkNzIV021Dthb3b3cWIWZcwmnw40r010LY13TwU7YjbZhEPh7GH3qYhtMozf0jTcTvIahe5Bnr2fa9Kx+zSMNgWhq5kcGNXc2Iic3IgdbYePr0Vubfru74bmEv0Bm8LYTRvQEE29vJOdxPHm2K2l0Vur7t15+60l1/68dW9mJOFqHe3jqtjVHMRFZMEPEZefExMKduYsdxZHbiw6FhNmjZwKA+YXXHxJwCF2tIg4dBgeVQkFFb/y4vd3tpJL2WhrM7tJwmxrYmhbBXMT9g/evfbkdedyn+Vyn+Ryv8nlfpXL/SSX+8kfP1z75GeL//LBe//57D0l8CuKy9PVnU/MhqctZk/aXJ4VXTLZtbG5DZ6qo9cZtoVTzviMc3zGm5x3J+c9qQVPct6TWvCmFnyprD+V9U3M+iam3fHpkcBEp8Un7zJSJK0wMg+KZ9Qg8BV1yEoQElCHrAQiy4GI8jpEMbC+qKa+qBpWAKgvAMALAIhiILYMhC0D40rB+GIIiURn97VLLf1yvU5sG24Wc7ElRWdqqoowDbUN9QAuA98ABaARNXgsmElHCrikhnoAAgrgMnFcImqkXXQtNZT1tM16m+fcslmHZMoiTJvZY70EjwbhbUVZVXVWLZwMvwqrKTr3xotv/vA7JXmvvPr9b5WcfhkNKAwYuVvJ5vsLPScrIwfLlscbow9WrUdLtvtz9tsz1rtZ8/Gq+d6S/uZiz52s/mDZcrRhPdkaO9rwHWy6DtZDt5Z8+8uu9anRRHDQYVT1t/NVYgqHAuPTkWgooPpqARkJYRDAKgmjVcmnEeBENAhUfbWhvrKuqoBNRWEQABKmtgFSxqGhEJBylZJNwpQRkdVUMszv0XPJtavzwZBNmXY2ptzNk4H2lUnLQBuHhiqXUCAxW+tmengz078+NbQ1N3JzyXln2b0zY5rydoRN8phdOhlQZcc75yJdk76WuE2edKj1Glp3I97Uy7cNirqVGO+QxNkvcA4I9J3sThW9WUxX8InB0babG4HD3cjdjdDda6H9zWDUox3upFn7BT5To3NYGjQpby8H7q7476w47686D5bt97K2/RnD+IjAoia3MQFyXJ4MfcrUBLyW7jlcHr27ZEgH2gfb+VIWXitnMkhVQn6DlE/i05BSHobLgtPIDX2dPBGP8OLzf2vsb/bYWxtl3M3lydznH+Vyf8rl/pD7lxtffnzt84/WP/unxKePRj97bP78sf5XR6FvMNv8Bth7dqroqeD58ccfP1v1PfX6vmK1Zzf2eu1+9YDZGIg7xqcc49PuxJx7Ys41MeeamHUlZlzxWff4rCs+4xyfckaS9nDKHEzqrIGWoVFph54sacFw5SimqA5FLq9tKKmClFbVl1RDS2tg5eCGYiCsDIwuqUOWgJDlUEwVjABE0qpg5LJ6Io3D7G3hD7YKO5rYWiW1r01MQNddyT9dUZoPBBSVFJ1HI2p4DCybjmHRsRw2gUFFIcAVKChAxCFJmQS/oXkjMbAQbJv1N027ZdMOyaRVmLFxQ/1ETxvcp4XbFIABXolBUasVgEvz3sBBioxtxAV/053VwX+4435/2/V4xfF40fpgyXKQNd2dH7o3pz/MWg+W7HeXrIer1oMly92seW9af2919NaSdXten40PRb2d8UC3fVAx2Cbu1wrVEoqUiydjwQ3wahCwqqG+Wq3gKaU8aC0AVFVJw8N4NCwRBUaAyig4GBkL4XMwMjFFxMcRsSAJHz/Uq1haCEsE+MmM9/GjLQa5mkKqPTnaErPhqbgbCy7k4wEqAaqjidjZSKTCS9j48m41PjKq8AzyLF2coTbKgAbjHGAuJ/r25ky3lt03173zUV3YJkkH1POx7ilf64RdOWaQeIbEpi5WXwsxPNrSpcSM9vNtOrZnUGjp4Q60sbrU7FY5tVmCTYb6b20F7+2Ej/YSk+Fecw9vuJ1p7Rfq2xlDalKvCn9zOXB7LXxr1Xtr2XFzwbo/Y7oxbRob4GiopSLEBQ70bDcfsBTSPtj03VtyZ6O9KiGagQMJKOhmAZkEL9E0MXlUmJgOk3OQOi1ne8Pz/ruLQn7D2VPPK8RUER91c2f2/R//KJfL5b74ee6Ta7lfxr58b+TLd/pz73TnfjKW+/VW7tdbXwfvvwR7z2aeX++u/oro8tTuyyyuR7PbHIWm1z5mj04649PO8WlHfHo0Pm2PTdsik9ZQ2hbKWEMZayg14osavVGjLz7oinZb/Fq9U9ploMjbsFwljiuvxzNKgfWFFaDL5XX55aBiIKIM3FAOQZWBURVQVDkEVQ3HVyOI1Q1kGoPRpxEOaAV9GmGXWgSrLWZREHU1pfl5Z8tL8osLzxfkv82hoaQcMqoegKyvplJQZAIMA6/hUTEKPrVDwU96OrdSfQtjbbOB1rlAW8bVmHGI0hZmZIDo7YQ7WkFj3cjMCMnXDt+KNN7IdN2d639v1/ajLct760OPVnrfWRx+OG94Z3nknQ3H0arzYMV+N2van9FvJgenA10Lsf6gucU2oOxRs+VspIRWzyZAWSSIgIVlkVEEFBQJraMT8ThYTVezWMqlohFVdTWl8DoACVmPbYCQCVA8CkzEQARMgs3YMaBTCNj49IRPP9A0mQ7oOkQ0AqhFSbeZNLPTY1R8PRVfPzsVvH1zjYQtMw23tDXSqXgwqu4SBlzQAMynYcskbBAdX80iVLUp0PZexoS9aSU+tJLSz0W7QkZBwCiYCrSupQf219wHu+Mr05aosynpbpn1t8Wt8qBB5NWLLTq2qYNl7xFYeoV9rSRrB807KHQPiqx9AqOON9zNVwqwOjV7Zrz//k7wZC+2kjaGR5vTQd3qpHV3wXVnyXe4G7u3Ebm7Gry57NlfdF6fs875tZZWrAB2HlX4HRroLa0Qupg0HO3GDjf8ezO2Vh4RVJ5XXXpJxMIo+PjqojOm/hYJq0HJamjmY4OOpg9/PmnR86QSJAFT5bANspnY46PbudynudzPc58/yn1yI/cvO7mPr+U+/fHTp/5kavy/HHtPzYavC55Pvb6nW8yeZJ7/o83l2o1eq0+lM474E47YtC2SsYYzprHUSDBl9CWMvoTBO2HwxPXuqMEb0XtCw+6oKZA0+BI9o6FOS0A1PCru0lMkrRiWFE0XgjH0SgiupBZVVI0oBiGLaxvKwegqKAYARVdBsQA4vksjH+1rHGoTdakFHSq+TEAuvHy2IP/spQunLuedLrx8prTwbF3l5WYJjUlEIKFAIh7OZhJxKBASUtkopIkZWLOuaS7av5XpXwz1znrbZ33dLh0rNsKdHuVnzLRFH3s1LNzPaI6yPQ+Wh99ZNr67PPxwcfB4ceh4yfR42fpwxfRwzXi4Zrq3rI+71R59o1+vGlDSW4UEPhnBI8G4FCQWDqyuKgZWldTXlIm55O52VX1dtYjHLi64BKqpKr5cgEJAYbUVHDJGyKKyqWhiA7hFLuBRsR1qaTru6tLIhCwKFYfSqOUzUzEGGbG1kh7zDIYDduNgKx5R1SiiDepkVoOmSULjUDH1wEKlgNTTyqwsegteewUDr6DiKjDgyxREhZAKahTA6aQqJPiylAH2Dgrngm1zoc5sovf6ovlm1rI9bdhID27PDm/O6jfnRvc3wrvrwTFLk39YlLArU+5mr0HkHBBYurjdMkKrCD3YwbTpWNYejrWHZ+rijnRy+9TU7haWgo/Td7G25q2H28H7W2NHe7GT6/Hj3fGj7ejJduzeauBgdexgLXgj69iZNS+EOlzd1FbaVSXmrJp0wdtHW5nQHeyED3aie1mXqYNTevZUWf5pBgXRpGChEdVvvPw9MZ/CpKDZZJhWRbxzw3n/fkAmx4plOAqxrlHGvb67+asPfprL/SGX+3ku9+Ovv/Mn4P3XYu/pL3u6S+LPzrN/ZXnuw4cP/0fVt7geW7hGFSjaDU5TIGkeSxn9E8Pu8UFXdMARHnRGht2xIVdU7wkb/VFzcNwcnLBFJm2RSXMoPegd73GE28xepW5E2NpLEjRhWFI0U4qki+EUAYTAA2GZECwLjKYBkWRAA1ndKAxb25xD6n6NsElExNZXF+WfvnLlTGnJpZLiCyVXL5Zevcgg1YuZKAEdzqYiiDg4hYxCoyA1lUWo+mqVhCVh4qLO7vX08OpE/1Kof8GryZgV4V7GaqD59mTPUXbg0ar+8brxZGn44ar+wZr5aMlyuGw9Xrc9XDPfWxremxnYnxteSnR6jdJ2KYFDADWAiuiYaia6rq68oLrkCqSmjMck4dEwKLSutOQyg4Di0bF4TN3FCy8Cq0tqqvLrQdVENK6MmHcAACAASURBVMxp7yPjIH1dcm2zdNTc162RrczHutQCbSN7azWemgioFCK1XNzX1TgetikFZH23ytCjbGvidLYIe7WitkZmkxDHp4JFLAQNX19ddp5FqpfSEFfPvMghgDCQQkTd+YbaC2REBZdQp+QhUPBCFCS/XYZMeZoi1kZjJ9cyIPZbVIsJw1bGuJka3M+abi6Zb2TtW1OW3azj5lbQOcT3DvNiNlnUpgia5OYurqGNi4Pk69Q056DI1icwdLKGtMx2GV4rxXW3sFrkZBkXMmZR3dv03d/0H2yG7m+E7q4G7q4FDjZD91f995a9N+YdGyn9XLDD0U4YElf3s4sMgsKUhXZ9Sne84Tje9G1PW+y9IlJ9ERUN0iilMiEHWH21oiIPgwbWAa7g0GB0A7BPJ9ndDDKpSBGfKOaTB3uaY2FfLvfpv5V5uT/+z0/7k1zug1zugy+++PjrEstfD17ur2fvL4W+p1XfV6z2Z/2Go6Oj+bVrLX0jHIWmXe/Qe+KDjmj/aLh/NNRrD/aNhoZc0WF3xOiPWsbi9kjSHk25xqdciWn3xKwlnBnyjPeOhnUWv3bY3qTTi1p7KZJWskhNEqloMg1T2cGQaUg8BZ7f1N+tWhgbjFq1Tn1Ls5jMoyFqKwvrqotrqgpKrp6vrbmKrK9mktAtCm5Pm0TGx9GIICSsXMAjwusrYaAKOZ+ilrG1StZ8bGgrY1hN9GeD7Ys+yZpPeivefDLX+XB58Hi5/3hx8PGy7dHSyMPl/ne3ze9s2U/WLfeyI/Ohdvsg09LH1ErQYhqMBCvFQ8rx4Co8AqBpoqqlNE2TiE3DQmrLcag6PhtXD6mmUzE4eDUFA5VyKWIGrq1JEXB3eawDBefPbK3HWpS0pXm3QsRcWUy2KtkWfZvdpBOycR0tfF1Hk1xIY1OQQmY9EV5i6G5WCghyNkzJRZAQ5R1NdK2C3NXMHO6VNonQuhZmoxQ/qBONu7smxx1jI9oWXgOfXA2vOY+HXuWRwHI+hoCtQkMKh7SMpFfDJ9eyyGA+G8GmQ9VSnKGDnfF131sP3Fnz3F51H234r89Zd+Yte6uO8Kjc2U+PWiQRq1zfRtO3MQX0OhELauri9alIHQpsk7CBTakVs+BaJWWoR6qWojvlxLXMyOE1//Fm8HAteLAeuLPsvrXo3Jk2bSQHspGuuFXp7CANiyqNoqtDrNO+turbWePBquv+mm8rY7F0iqCll1i4GoetF49FIuFgiQCnUhCEXCSDCCKiapUi+mTEen//GgULyTv7upBDioQCuVwul/ssl/sil8vlcr/P5T7K5f4xl/uHXO4wl/uHXO6DL7/86TcyLvRnv2+AvWeH+p54fc9WfU9El2czz2ervsPDQ2toqsvoFDR3d5l9g85I/2iofzQ04AjrPeNGX9wcTNgiE/bIhCuWcccn3Ykpd3zSnZh2xWft0RmDb2LYHe0fDfbYvD0Wt2bQotLpJdo+tqqTo+pmNPdw1H2mIV1iVDPr04VtbfouKRYOQEHLkPAqAhoMrCyoKr+MgFZhYAAEsFwlZvdoFUImFg0vY1GgMgEFjagScbD9HXIxE2fuka8lR9YSwxtJ48q4biUouzOhPp5pe7igfbzS/86O5dH6yPGq7cGK5dbccDbcOeFUGTsY/SoqEwvAQAvkHDQXD2GhEdCySwhAPgZYBq25WlF6AQMBgKsKIcByAhbR0y6bCOnhoGLjsMbUJ+1WC2dTY5UF+UwCLBUZXp2OVF++tLeRapGzTHoVk4IkYmFSAZ1OhjUreU1SDgYGAFcWc8goCZvUpxXwiBBkbQWfDRexIfoe4aipNRk3rS64M+OG2UnH9krg3rXg3RvRkzux9w4T6wuOvmaSggWK2jW6RhIDXUJFltJwQCKmWsiAD2iZUnb9hdMvlJflgeqKQbVFVWXnivJegtdclDLhuytjt9Y9Rxu+o3Xf/pxlZ25kY1ofsUl8w+ywReoY4Jq6GR0qSmnBKwMa9qCWIeeBhSyQiIvEIatIqCoZD63vEUk5KI9BsbdkO9jwHa77bmdt25P6tUT/XLAtYpbYuih6FWJAVDUiuWqWFrq1wK1068G6986KPxs3GjpFqLqSi6de1HUoaVRUbW1pbU0xhwZTiNBCDkIhxAoYyFTQcG97qllEculVN9YCJ4drudyXX/x6P5fL5XKf/ffn/Ltc7pNcLvfbDx//4tHsTx9Mf/jTo29c3nz6/bXs5f5y6PuK6PJ0rPZpp8uT6JecW/FnVtB0vrR9sM8+NuSKDrmiBl/CFJywhJKO2KQjmnZG055YxhOf9ExMexJTzvHJ0eikMzbjiM1YQylTID7sCQ+5xwZdgX6nr8vsaNOPqvqtTb2WUUNHWC8P65uSrg6TTowEXy0vvlRRfI5LhrGpCBiotKI0DwQowsGrWuUslYRVXZxXcvk0gwSV8vE1ZRfrKvPlAnyvVqSRUuOurq20eXPCsJEyr6QMqzHtQarjYKrzeHnw6JpnbXowOKq2D4gCIwpdE41PgaIghURMWXXpeSS4UsIlqcQUPKwcWny2ofqKhINSsGBMfK2mmes0NnosipmYOezqDbm0q3M2GqGyQ8sdNaqahGRDv5aAhfd0NXKYMKe1nUOF07Fg00CLiEfq1IoZJJiYR0IhauohFY1yhlRAVMsZPS18Q7fCY+kYD42szbnvbYce3Z/Z3Qje2Yvfu5E6upm6tR3d24psL3t3F933tv0H256Da07rIKdV0WDt548ZxSlX81ALQUCqggPzsLAyBRfTpiDScBW1VVcwSDARW8ugQBhkKJeOkvLJeedeh4MLs/G+u1nb0arrcNW1P2++MW/emhqKO+VBIz9qk9t72SM9XBaxgkmoErIgKilOrSBJOEgWGQKqykfUFvS28bRNrHY5IR3U3tv03Fm2b6Z6l6Pt0z71mF7QK4N3CCF90jqjsnpEWhjorN9JdR+te+8tuzN+Xb+WU19bUFV2nklD8AXMi2de6dc1t6qEGGQdk4aUCHFqBdFra//ZwwW3pZNNAHmGlb/7cC2X+6dc7tMvfr2f+/yXuVzu04/f++Cd+fd2je/s6N/Z6frFI+8vHnk//tnyf0SZ9/T7Ztj7s8MNf1Z0edrk+WyjmX9iVtVjoImaWgetpmDSFEiYgynLWMoWSY/GMo5YxhlNu6Jpdyzzb3/jk67Y1Ghk0hGdcsYmnbFJ1/ikLRwfCUaMvrDeExx0hwbNo36LLmpSRQzylKV5zKxiEuoqSy+VluRVlV9sEZGEjIbL+a8XXjkNrStlEKFqGU3AQqHry9mUBi4VQ8KC0PBSIgLQ3shqlVGM3aKViaFrmZGNCeNG2ryUHF6KtNzLtD1YGrw+O6jgICqLL8DAVVopQcaGYSEVwPJLQjayQ8VmoIDI2iJQRT4RXsaj19uHpM7hxlYpadytGukgxwOdwzpG0NNj7lUbeuRBR9fIgLxRQkPDqugEkIhLUEiYVBzUbOzHY+vZDJyQS+bxcCIegYSBtihobSriyIAo6O6aio6sTnsS4aH1Be/q3OjN3djhzcQ/HGYe3oo82PWfbAePdvwne+G9BdfyhH510jIZM7iMjUGb5vjG+Mn16PqUuV1B7GgmOgeEY3p+1CQet8mc/XwxHYyqKxTRYM0iHA1fDaq+DK25QsKUCVhgOQ/DwoBQNVeZJIhjSBEY4M56WtYSfbeyttsLtr1pw/U5w7XZoYRXFTJJgyMyUw9XI8fQcVU4ZCm4Nk/Aqu/VsBQ8NKjqSn11noKPMvcrVQKsoYN9bdq4lRlcjmozDmmgjz7SimkXgloFMBUToCDkqykF8x7pyarleDmwMWEcamUJKFBodYGQie1pVyFgZfXgIggwX9vM07ZIceg6uQjvsak3Fvy7Kx4iFsokwRKens8+Ws3l3s3l/pDL5XK5z3O533z68c1Pfr3y2w+zudxhLneSyz3M5Q6/+ONH/z9j71mr/dlFZl/pdHm2x/pJ6BOpO8WanmFPxB6dtIbTtkhmNJqxR1OOaNoVTbkiKXc07Y6mPbG0J5ZxxzKu6JQrOuWOTXnGJ32JqUBy1h+f8sZTlrHEiDeW8Bnm3ZpxU1PY2JS2tYy089D1FZWleSWF5wioWmO3Qs5Bl5ecqyjLA5Tl8RlonUYkZGHhoBICGoSEVhGQtQ3QAiWf2KMWaCSUtE93fdZyLWPYyliuTY2uJgzLEe2NlOZwaSATbKkoOHX1yhkhl9rRSJYxwUIqnI6p5hIgLBRQQoH0qfkhR+tAE79DzrUOKmZiBlB5nt+qHOnliTnwNjVFrWTi4NVkdB2bhGwU0mHAqvqaMjoBQsTUsqgIKrZWLuLyWVgerUHBww33SvvbeYtJ0/5W9PHJwo3t8bV5T3ZiJO3tdhsU0+OGVNDg0DfPjA883I8f7owdbUeOd2KHu9F718ZuLLu3Zkx3N/zXl9xz44Mxb+fRjcjd7aDLoJBzkP3tjNCIMmFX+YbFnkGOo48xpKGRYKVkZKWAVk/DA4GVF6HAKzQ8QMJFNAoIXBKEUF9WevlNMR0042v39nG8Q7y5sc4bs5Ybs6bdqYFby6Zb646YozlkVho62d0tVByshEmGEIlAiRDZr2U2i7CA8ou4hlKNkqjvErQ1soQUWMyunglqJuwiZxde3wgxqRFafjW46JVLL/wfdXk/DBiUd5btRyu2m9MjnTJKbzNfxEDq1HxDV5OITSXiq8QiHKDyCh5T19OpbG+V8Riwh7ci7x1m+trZwIqrLTLOjUXHl/98K5f7IJfL5XL/mvvi3VzuF7ncP+Zy7+Zy7+VyJ7nc3Vzu7hefPnr2mux/afa+Hvq+Mlv0VHT5it33BL/59R2VbpjMk7b0mezRSVs4YwklreGkPZqyR1LOaMoVSTkjKWc46YqmXNGUO5Z2xybd0UnP+LQvPuUdz4wl54KpSW9qdnwiuRYbWRrTpVydMXNr3KoJm1pbeDgUqKQOcOXq5bcg1QVdSoZGQq4DXIHUlZJxUDmfTMXWI8DlSFgNAVPHosK5ZFiHkj7QLpBxEP1q5u6UbTdj3EoPbaQM6ynzUmw4O6bdS2qOlwY3Ejpw+Tkpn8RnEdDgEkRlQQOwgoGt71ZxXMYmn0XdoxZurwVNOmHFpdeN3YqMtxNRfalVjOxpoQk5OCYVwiTXCZkIBhGOb6gTc/FqKa1FROrRsAa7OQFby2zCELa1j7t1a9OumyvR27uZ66ueg+uezVlzzKYdaKRHRtt9pqaYrSPm7F5Im2bilri/fyZueHR79nAnfm8rcrAdPdiOHu5ET/aiB9cCJ9dDR7uBe1u++ztjJ/uRbGq4TYZXi7HmHn7C1Wbr4XUpsd1KlJRW3t2IFdBARGQlEQEAV1wClJyF1BTgkBVsGrhZTuxuZWhlBAq6DlRxUUCtSnra3QNCRw8v4227Nqm/kzXfXjTe33TMj/eOdDBGunkqMbqh/iqqoQICvcplQge0jBYxGliTR8JVtihIIlZ9l5ZHx9U2C5EjnVRrO2GoEdovqxlW1PTwS2g1L8mJeeZO8smN4MGm++7SaGCIV3P1HAkNppPgUh62WUSiY0FsBkIoQOKxtRWl+Vwm3m7qNA3Jb+94HaaWupr88sJzU8Hun90O/On3D59ck83lPsh9sZv7fD+Xu5X70/Uvf5f9/MP05x+mP/3F0tcllm8WvNw3wt6T7y9lnk+WKX3d7vtKo9nR0ZE3vdhlcLDlLV0jLvfEnDWcsoRS1rEJayg5Gk65IilXJOkMJ12RJzEw5Yll3NGMO5bxxqf9iSl/YiqQmI3Fk4sT9q1o77S3J2JuCY+o/QZVj4rJRILQ4BJg+cXLF15vAJf2q3k8AghZX1FaeL7w0luQqgI4sBRYfgVYWUTGggc6xOYemWOgWSWiqIWYtLvz+pRtO6nfSg+tJ4fWk4a1ieHsmGZ7vOXh0sD+ZI+c2cCjNlAx1ZXF5+KBwe4WqpKHHGoXJ8e6Ih4tE1fX18mxDYmbBdA+NbuDg9XwEBJSJRdTLCTVKrmItiaCuZdr7uZGR5vnJ3r2V+0nO/4H16M788b9hZE7K64Hm2OPdvzbU2Z7j3i0V2FoFxm7JKPD8rnxwZlQ73J8+HgrfG997Nbq2Oa8e21+dHfZtbXsWp+3h5ya+YmR45vpo73EyW78wW78eDt8tB042PIcbnlOtgOH14Jj9tYmHrqjiRJztvuM8hY+vENObhWhFRxwhxLfKMFgYCVwYCEaVMKjIpDgMnR9KYtc26WhDnexBrWUTgW5q4nRIoYPasgxm9o/LHP2cRKOxv3ZkXvLlluLputLdr+5SSvF0kgANguBwwJra/LJ2EqVqEHJgyHhxRQigM9G1AHyJQIskwwEAfJF1Lo+WcOQHKwTVnTzC1XYVztoZ5YTsoMd0+Hm6M6sOT7aRq6/2gC6WlJ0uhpwhYyvbRJhqWgAj4mi06vlUiIBDWKTECvTvl9/+OOd9axKxnzxh9+ajA19eBzNffajXO53uVwul/tDLvevuX9d+fIXE3/4SfTTR+7PP1r8/KPFL3+3/cUfPvrKCfVvlron338ge09El2dH+/6dzPP4+Hh2ZSuW3eY3anlNbXpP1BmfMY0lLcGUNZSyh1KO8BPwkq5I0v1Eeoll3JGMMzbpHp/2xzOe+HQskZiNWpci/dlIf9rVHbJowmatrUemlpBZGDCk4mJV4Wlg+RU4qJhHrBXTYSh4VUH+6aL805VF58iYGkDxeUBxnkbKMXaJzb3iHjWnkUe0dAl20qYbk+adtHEzObieHFxPDm2kBjYSbVtR5cmC7s5cX4eShoaUcQg1aFBh0KWZiLT7RxtHurmmXmGHgqzi4fmkWi6+sk9NEVNqVUyMAFc2ZpIEh8QZT8f29MjRtu/dG5HDVcedZcdivG8l3nMra725YNtO9V6f6r+dtd1e9B1ueK7Pm2eCurW0cWfee23BvT5pvLfpvzbvfLg/fmvFk3DrJrzdUWfbiE46EzctT3m2V8bDrh6XufXo1vS97eiDvYkHO4mTnfHjnfDxduD4mu+dvej+st/UI2yRYM0DkoSv3TUkbmLDJEw4lwwUUIFtCjwFW4kAF5DRVUo+noKsxoLKMHVXachKrZQ43M5xDksNHVyzju83y83dTNegcNymDhpEUYss7Wq6u2Q7WHPcXLRNj3VLGLVEXBWPjYTWXaaRauUiDIdSTUGX4NGVJHwlCVdTXXEZXH2VhK0GlF3Ew8rauKB+cVUr/WIj4c1G9AtxC+X2mulo23V7yRm2NrNwgEtvv4hHVNAIoKryC0xKnVpOohPrGWQIiwHicyASPpJNhMqpKK++HV5dSsZA2lv4c0F57vNf5XKf5v7w4R9+decP//pOLvfz3Gf3//Tpfi73IJd7P5d7P5f7xZdf/seWeU+/b5i9P/3l+YYnbvuf1TyfZp7Zjd0RX7yBxBRrekzBpCWUMQdS5mDSGkqOhiYc4QlHaMIRnnCGU+5IxhXJuCMZT2zSFU3bIzPRZGJnyrAR0y2O9c0EuhKjmqitPWJtN3dJBFQ4GQkAlV4AFJ4BllwqufIWhwSmoQEFl94sLjpfUXyp7Mr5vNOv1JWfV3DRAxpOXzN9qIOv4OEN7aK5YPetOet2yrA1MbyRGNhMDq5N9K6lBtYSnWsRxcFcz4OVYfeQBF1bIsBVM1BANrqGC6+VEBAMZCUNDeDjITx0lZrV0CmhmNs4AypEyNl0uG1/cMP943vBd3ZG76/ZZsJd/mGhrYtu13H6GoluvXx2rPv20ujtrPX2vO1wY+z+euTeZmg361hNj0yGu6/NO6dDg/c3Amspva1fNDXec33V59Q3h9zdO8u+uXHz8qT95mZkZXo0FTFloqap8ZHtrPvRfvpoN3G0Gz/eiz+4Hj/eDb93K5kJDXSqqH0aetTXYR0QdqpIAhoQWnOehC4VMOpEDCAWVsym1Ys5SBqmktpQIaLCmWiAhA7uUpD71AyLTujRK0d7eX6TZMyidA+JxkfV43ZV0CAeMwgzruaDNc+9Vc/ejKmJC8GjKmHgAjg4n8+uV0qxAiaEiColYKoYFBARW1NRcv70m6/W1hQVF54GVV7gY/PbWPlN6FcE9X8fMZKv/7/svWdU4+e57v3pPee8e+9kpzm24xI7sT3uHo+nePoMvXfRBRKIJoS6EBJCSCAJUO8S6hUJ0au6UAGGDqrANNuxkzjbTo/7OHo/sMOaPU6yc9Y5Ke8+51osFp9Zz289931d93P/7eywX7HjGR4bJmKb8tIuvnjlwisXX3+uIO3NisLr1WWZNYCcLnxHeUkGHgmBNZeRu5pmrGLHpI6IbSnKSWH2Y71TrA9/spdMJpPJL5LJX37x27VPfulIJn+TTH6QTH6YTP40mXwnmbz95Zfv/5WmWL6q/23sHekYv/snXb5aeT7wuu/+tS4y6yKexqlsbEdTmALdBE8zztfahDqbxGCTGcekhjGpwSbVj8n0Y8PGSYV5SmGelJmnNUbdziJza5blNDKmFJQJeY9VQjSLyUpOVw+qvh6QWZZ7BVKV31ydn3XhlZLsS8DyrGtnXrz0+ktvvPT0hdefvvja0/Wll7DNGeiGq/i2XAYeQoKDkY1FU8qejTn+jVlmYJy5NDroGx302Ya84wz/NNc7ynAbiLtz9Jt+jlmMba3O6IUDqDggGV3Zj6rBQXIRkDRg8SVoTa6SDV009a7YOcHR3gMv5+6O3jlCGZMjxJQqIaVaPAjl9LXgYSXt4AxkU04XrGjeSF+dF244JZt2sdvM6EPW6/l4JQvd39VoVlOnLYOOmeE+TOOaXbPrUVuGSXNWunuSbZISrIqedbssETRsOJTxFcu6W+maFC4taBfHROteQ3TVGl6xRldt0VVbZMW6FzJEVwwyNpqIqhXQO8wqCq69vBWUX1F6qSjvHLAyrbk+D5B3qbLwCrylsr2xuA2YxSQ1DRBBksFWBaddy0eaRHhJP1TJhCuZUB0PbpbizRK8QYAZEXea+MjhfoiEAhpTEPeWNLue4V50eUH2udyM0y0NeShoKQYG6ETVoDoqAcVXaivTasozTr/6zOOPPnz6jRcunXv+4qmnqrOeg5X9AFvyfU5n2v6mNurXR5ZG3FYetrGgNv9K5pXX8zLOXzr94umXni7MPA/Iv4Jqq2UPkprqAXWl2bCmqo6WmrbGCgqhvSgvhT+Ii6+M/PyuP5lMJpMfJ5P3ksmPk8lfJpO3k8kfJZP7yeTbyeQHyeQHyWTyiz/o/8fsPeB5PlB5PpC235/4BVbWNVMeMlsCbEN1MyXy0UWedoyntQl1Y2L9mEhnE+tsYt2oRDsqN0wMGydlxim1lOtQwG5MUD2m/tlhklWIN/NwOjZGzcEP9bRhYDXgyvzKgvTakozsa6/nXX+9Iu/y+dMvXjh5IuvN18pS36jNO9dSdrml6EJD3mvQsrMYUAYcmIeuA/Sjy0Nj9N055o2ZgeAk0z/OWhpne2wszwR7eUYcHBtcGukKz9Fu+0VmERZSmU5F17QBU0iYGjKsTEhudI/2rds5N9eV+6vyt26obt+Q3/INHXrY4yoSA1dBheUzMOUwYDq8MZfVD+Uy4Mjm/DZQWg+mKDTF2nGINxaF6wvC1Rm+0zrkmuCPquncfuhWSL21pFz1GhRsbGhWlgjol6f520uKLY9sy6MK+3X7IUMioE8EjdGAIbZqjiyb9pZH4htTsRsTkRVLZNUaXRmNrlojK5ZwyLDhkokGEd3IGpOkR8DoqClLgTaU1ZRn1tfkAiszgRWZ5flXgWUZDRVZrTU5jM56kwhrFqMC00NLUwOzuu6JYfy8tt9uoo8O4zVsmIbVoWHC1cwOIw85IkCpGM08Yo2IAp7SkVcW+HRi3bUrL+dlncWjqsmY2nZwbmnBhayMN3IyTudmni7Kvfjys088+ch3Xz7xZPrFl66fejr99W80FTyt6q+Ir+njq/r9G9ZJ1UA/uq7g+uuAnIu1pelX33wp5fLr59549vrFFwnwmsEeWGneZbWMXJhyuiDrkohNWHbLO1H1C2PcLffwvV+Ek/c+SH75s2Tyyz8c1c+TyU8eOL3H26b/V75w8pfrr8LeA5Mu989YH1eefyZymPWELI6VjMLyBjierbRIRua4GhtPY+NpRgWaUYHGKtRaJTqbTDch0Y2bbVNODWWKVTcjI9okXaOiLpsYb+RgdSysgNpOhAPbGgENNcVVBemZV99IvfxaTsrp3CuvXz51IvvqycaSiwRIVmddKhxwGZz+el3qa00FFztqMhuKrpAaS+yqrlVr99ZU3/pU38rUoH98yGUd8IyxvVOC0IQoaBsMTfZGFxh3vcIJJaGuOL2lsrgy51IvpmHWSIkEBG9tDseXpItavInfJu6tGhVD12aogfE+bF0auOSMiAoaU3QhQamopmxMUzazq4aOLUc0pFLg+T4bY8cl2VgUbi6I1udENxbF63aZf1Y2qeuPrWiifuWsoW9CQ9l2K6JeRWxJveuRhb3DsaAuHNDt+nWRoDkatOyFzLvL5siKJbpiDi+bIyuj0RVbdHU0tjoaXbFGl0fCIcOClUHrau7HN8+ZmAIGvKEmFwMFNdUB6qtywDW5oKrsuvKM5rr8xor0rrYS9RBsQo7zWKjBqaGVOY53lO4e6Xca+xf1lDl9r4wG6UOVCnoblENQ1VCriQfXs6Hy/gYRBSQfbDZJkER02YULJ7Iy3kDDyga6G9vBOSlXXzp9+pnzZ5478/r3L5177tXnH3/y4W8+8/h3r51+9uILj+aefVzcB4rdMCbWjLE164KNh28rbwfmIJqL8zLfqCpNuXTmxPkzz+blvFmUdx7dVglvLsd01Ky5Fe/GR5PJn/7+4w933JJNj2zdLvn1T24kk58mk198Fbb7dfxY4X9x0/tfrv/N7B3pgavveNDsuPI8flx7VHl+1XexL60KNKMFFcA2HFlsnJaOzHE1Nq5qlKey8lQWocoq0o5LtFazZTKy6tycl8gIqCf0igAAIABJREFUpWNcxKioyyYl2CSdI3yCnIakIIDo5nI8EtJUU1xbmgnIvQyuzKorzyjOvJh67vlWYGpnQwYOeBEFONmU8xIk+5XG/NOggitlaRdqMt/goEsXRdBpYXPISlwdJa1O9C+P0bwjVJeV7htnrsyI1udlk2pKYIT6lk8YnKQ3VebV5OdiW0tWHfzbN9RRD3NShWR1lhAh1zrqLjZXnmsFnFEOgSYVODjgcldLLp9UM6XthtdcQjfldrUWiCkQJgGIbc3thhbNGmlb3uFtl3RrUbIxL16fl+w6ZDvO4bDfsOVS7rqGV2YEoVlh1KcKe2Q7LvGuUxZ1KSIeRdiv3PNrIkHTXmhkL2iOhCyRFXN01RRbGYmuWMMhS2TZGlkejYQssdXRzSXdiKK7q6OGR0FO6+g6CbEdUoJqAbZDqqvL0qvL0qtKUiuLrgIB12GNeWwyZE5LXtB0Leq6PKN9wRnmyix3dZq3PMF26nrn1IQJeSe7G9iLKGUTa2X0Jg2rXcuGKgebuaRqHQ9hEqHbwOlXrrxUmH+povgitq2kuTb91GtPPPXUt19+8anXXn789Mnvv/jMI49991+/+81/fvXEY2U5F6TMzg2fKb5mDYeMwVlJF7wGBgL0ohtQLaV1VZmAwiuF2RdeffHRKsA1UG12XsZpIrrmhlvz3s5o8t77yeSnhxvmzXnR6hT3nehEMvmbZPKLPwxt3vujJ/bLL7/8/PPP/zal5rH+Wuz9+crzqPE7WqR7f+N3v++imXQTaRwAsAlDHpSNzIqMUxz1KEdl5aosXLVFqLWOT45F1majazOHO3ZxT4WaWm/koIyCThO/UzWE4ZCgXAqyj9AOrswHFmUAcq4VpV+sKLh+6fTzb558rr70ChGaT2zIpben+E1tE/y6jpJXmvLOlKWcy7lwElN5QdaZa6KWqXoBU8JWnxa1bO5atZIDo32BMVpglG63MBRcYns9YF7d/ZZftOPmwCFFqZfOSlitd9ekcTc7aO2jIkuaS9/g9VTz+xtQoHQ4KLOj/hqHUElsyOluzRORah3WPlJrFhaS2w0rEdNa+NRmTFMxtrWsFXhNMgAJTjB3HbItu3hjQbRtF2/ZxVsu6bZTummX7jqlOz7Nrke565LuukV7Llncq496VHtL0rBftRcwbocMe8vGxIo1umqO3jAlVi3x1dHoijWybI6smMPLptiqedkxrBTgyJhaEQ0xpeyf0DKG+jrA5dnA8szqsrTi3MsleZfrytNqSi73YGsNUqLD3Leo6fJZKctzrOAsKzTLWRob8lroPgvdZepzmilSGkRAaaCgipndNfKBZqMArma3ygeaJPSWBdMgorXw1Omnqyuzs1Jfz019ozjn4tVLrzz11LeefOIbz/3woeefeeTl5558/Ltf+/o//4/SolQeCxf0GA82pneXTdOjPFpnbUXB+V4ciE5ohEOKoA2lJbmXOporCjPOXL9wIi/9FBFVtWAduLWiSn4SSybv3dqYXHdJ1xZF7+5aksmf/CUn9uig/ldgL/kn4r7jyvN4ke4fnTU7wm/BE7IsBMlDwvL6FgyFJTZOC3TjHJWVq7JytWOIToJ3ceRwzxHZWDzcc87bmHR4oYzeLqa383ubOD1tA0QooxsOg1Tmpb4JKk4HlmQWpl9Nu3zmxR8+lnXpDRqqitxe2N2Qru+vuj1PetdDvukl87G5dddebss5JYJfU+JShomZHETaMLF4glvvUsADxk7fGCM01rc5N6ARkarLczOvX7SIMXd8gn2/FAcrryhMCS8P3/GLog7WhALVWnsVCU4V9daMijGo2hQYMA1Wd60Lkk6FFuFbs9hYgMdC5ZEqsU05/dhys7xTyoB21OV0w8vVQqTdxti2izfmBFsLoo0F4fqCcGdRErbLNheEW07Jrluy41Pu+VTRJVXEpwh7FTsebdir2/LItny6SQt/ysZZ9uhnbMIx0+CaV5FYsUZDlujqaHzVEl02RpZ1kWWta4rDY7STcdWSAbhyCK3hkZQCKqKpog6QXlWaWpB1MTftbGNNFqj8Wi++Xs7DTuv6XCN05wjdaaU5Lf0eK91hoizqyd5RRnCas2immPjw8eEusxTHwAP41DqTGGmT40xipIgKnlRS+omQq9dezs29eOnCyy+feOLsqReuXn7tzOlnXz7x2FOPff3xh//ph0984+Fv/reMq5eFnJ4VvzGxNba3MupzqODt1VevnMxNP0XBA2kkMBZWUVmcUlZ4tb4yg0dBVBVcrS9NdY2yIx7Zuxva5M+XfXNyBb3FKMFFgprkF+/8JWf1q/7KfxH2HogcjirPrzZ+D/gu/46fb2XUsdozJALUt2L7OMrRBZ5uQmSc5A3rykpypfz+xI57f2s+sT6b2F3ohhZjIHmSIYRB1KVkEYiIRkBeKiA/NSf1XGNFFrgyK/PyycL0863Agj50Qx+8DAtOo7ZkOcQtt2awd6Zxt2ewt52ULRtmhFKgQJ2z9WUMd17nwK8zWi/JiQWjrMY5KdSjw4ZG8BG3CNFSkZeVUl6SZeTBbrlYby2raV3NrcACu7nnwMeLeoRGYXtHfQq6IZNDKPeOkunwIjw4F1N/XcttRgOv4VuyafCCOUUnC18Kb0jRcNt9Y/28nloKqtwsxq45eFG/fGtRcGOWuzbP23VL1hf5u0551KPZdsm3fcqbm5ZYSL/tUW44pVsOyYSipw9fJ2Ej1h2iGQuTgKsXcLHzE1I0DIBDAW54dfur1mjIElm1xFfM0WVjdFm/s6SYNvYP9DSRMZUGMUHJwfUg66j4VlhjaUtdUWn+lZLcKykXXgICUpDNBV3Iys4OQDccMNBZ3YcqlTGap5REh5HqNvd5R/q9FvqNOaHTSl/Qke2G3nk92cCHDw806XmwCSXeKsPwKXVsYj2juyXl+smU66feOHXi2R88/vBD33jyie+cfOWJ0y88/MPHv/6D733921/7f6rKcwVDFN+iLrY1ub06OmMTDZBaKoquXrl+pgKQimwp6sXVtoPzivPeBNVmtwCz8LAalajXqh7c8ahvBZV33MyNaRoalEloyutDA5Jf3LnPWfmTOq42H/im11+Ji/v112XvT1WeR43f/YnfA77LMX4O/w2bex3YiiwHt3XSeIa5gGxYKuT2tzXXYpBNAc/4zV3n4cbcO1G/SUqsyTsDLksFl2cUpZ8tzLiUfvlMTtqFnLRz5YXXIDWZndBKDqVDRGtnYCvxzdmI2qssRH54rPvmAnl/lnwwRTicJ9x2E28u9myZ2n2SKjMpTYa+RG94jd50QdpVNMFt9GpQayM4s6Ar5dK57NTL1WWZk8PYqIN1NyTTS/CNVelT6q5bAUncJRqTYRH11xCgFAo8224j09HFeHA2pubq0gxZzWklNWf3w3JFhEplP3jB3Bf2yzbnB9dnGNtOUXxZHfZwN+2c2xvGsE++6RSFFoVhr3TDOeycFIYWZMsOFYsKD8yLV1zD/P5G/yRr06GUikjUXkjYozIqSPQ+qEzc6V2QiXg4Oq11029MLFuiy+bIqjm2YoqvmKIh3Y5faVH2MHra+rvqDJIuyzBJxEBXl6Q21eW3gkpK868ACq6X5V5qrEqndtZ3dpRDG3LJ6Go1GyWiQdSs1jl1t3ukf2mM4Z9iBm3MBR1lzkB1mGh2be+ijjSp6NRzocP0BrMQMakiyIZa8NBCcHXOiZeeeO3kcy+++NSTTz708He/8eh3v3Xiqe9cP/P4S9//5sP/8t+Ksq77vZbE7kJ8d3YjNDJpFXVjGkszz7KpUBIO1FiX295Q3I0ANgNzq8pTeojNyKZSNLx83ETfWzW/Ex37zc9Wo+tWBglEQVd3QnLfub38PwXe39JiOdZfi70jfTVtv3/Y5TjxO3refhS434/fUeNncwQmfVtXMvIqGtrpYp3NJJeJGKiO5urKIvYAaX/Xe3Pb8da6fWvJ1I+uQYOKcK01cAigvaG8FVwOrsyHgkqJqAY8rJpNgTK6Gmno6n5YSSc4HQe8ZGKADx0DicXBxDzt0Mm46RlM2PtuLQzecQ7sT3f6xVXj1HQF+gIDdIrTfk1BKJjgQwJaOKG5NOXqFXBlAQxSZpMTvGbq20GZd4LZ0ZCtZsPiHnHCLQqMMbAN6QhQOg1TblH2EJoLoBUXRX2Q2BI3viRd0HV7Lb0bc0M3Q8p4QL3tEMaC8qhPtLUoGtOQ4yHFhBJP64ZMack2dU8jOH/eOmiRdzc3FNl0FLOCQsA0D3OQq3aRnNm2MscOzQqlIqpeOxR2q2fMzB5iC4ve4p8XjugG6NT26Io1GjBFgoa9ZUN02RhbNkaXdRsemVaIwyNq6USwWU4aU/fatEwgIK0FXIiGARuABcDyLFBlJrK5mEeDdSEqWkHZjO5GYX/b8CB0Rk0IjQ9szPG3PbJNz/DGoswsRE2ru91mxpSMMKcmTKs6LSKEhtlmEaFnNd06HgxWn1JXlXny1A+eePJbTz/18BOPfft7j3z70e9+5wePPfTmC4+eevbRa+df9rmMifXxxI3xVbd+zMDEI+qKsi4WZr6pkZKYPY1FGa/BW8qR0GpgZVZNeVpt5XU2A+5blK7bJR+84/r0t7Gf3RqzqclMcgO7B+SeHf7Lwfuvz94DafsD+B09bz/yXb6KXywW00z5eGpbSk4xsBkmFPFGDHIMAtoCAXW0QXx26+1tx+2V6ZsbkyYRloGp5pJhPCqC34cU0jD8Piy/D8ulorlUFJPUSu8EMTAVdFgZFpyLr09Zs1HvLLET9oHbHqZD0+2boh8ui2+7OYk52k077a67d90AmRksUmFTRLALnNbzos5M01BFRdb5V15+NS/tMo+G4nQ3OY30H/nla/MCEqKKQ2rccwkPvMKIi6+gN7RXXG0ru4wCZ2EbMpWstmkded/LOrRzb3qEd4KigyVewieKOnnL0wPDXJiEg53QMYhI4LiGPCIhQMH5cyM0Ib2ZTEZxB5EaaXdTI2AjoHGMDrY3A0RDyOV5sXgIPqbrHdOTqYRWtYS2MisMzfLY/c0yfmdglu+dkds09FjIHA0aIkH93rIuumyIBHXhoHbNJRlmwfGwahW/yyjtHlNTREPYgqwzsOZSHALUDC4GVmSCqjLx8EoWpbULXoluLe3B1PL728cV5NAUd2NBsDrN9Y2zFiwMMaNlqBMwNYy3CpAmLmxCjp1S4EbFKCMbZuTAxqRYiwhNas9X8jGNwPTHHv7vDz/0T4898s3HHvnO449866lHvnHy6a+31uZM2YTRrbHE2vjOklXG6kK3lBVnnSnMfLMNUoaClWGhpR2NeThEdX1NVmVpChZa2Y0s3/AMJ5aNv3zbm0z+5qNfvrXtHh5Xk7lk0IpLmkz++i85nPeXmn/Vmek/pb8ue0d6IPH79NNPj32X48D9gXmX+1OHeDy+srGtmfZ3YeF52WkdbSCljIOCtbQ0NaDh0FGD+NbW/H7AfHN5fFZHoWMBVFR1P7aO3dPGJrUxu9s5ZISY0ckktdM7wXRcPZNQ091aDCxMxTWmJRxD+3ZGfKH/7ZCYhYdcO/sKBgZYW2Qf+gf37f237Iw7XmZ0kRxQNeq7rolhF/gd59iY61fPvvzsM89mp1zAtFUTYBU7du5Nr2jHKR8kQvrQ9TtO/oFHtO8Vbi4MLeoJ8zq8d4qxMsuO+6X7XlncOXTo4B04BTE7064nWoaJdhPRNdY3QGnh0FGcPgh3sINJAS7bRTIhftUjmzL0pKefE3Kw0xYOtKnKOS1cXhRBwYX0Xti0hY1qL6cR662KLukgjEtuurEgTgS0m2758qJk062M+nX7y/poUBsNasMB7Z5fFQ4o9vzKcFC7bBfzaE2Y1jLxQIdRSpw0MNj9Hblpp+Dt5XVV2VWlqeVF14Dlqd3oWjoBTEJW9XaC+oiN4kGEqLepp6UQ35gr6Wsy8jE6DnKwq5qFr7AJkVJKrZYJsUmR08Odk1LsqABlFaJGRehRMUZMBRkEcEJHwakXHnrkW//9iYe/9fgj33z0W//8zPe+CQJcD7o0iQ1rZH10e3lCLaL0dbW2gwvhTUXw5hIUtCI/4ySqpWhY0N1Un5OVcqqy8PoQuW3VrY755f92OJdM/vajX93Zdsm2XLIpTfeaU/QXGpv3+yt/4zbvWH879v7oA7/jwP143uV42vN4q+dR7+e0z05YVZRubH5uekdbwyCN1NxQB6yp6OmE7gYtiYD+IGjc86uULFg/tq4PW0fHtwyR2tk9UG4vnNUDGyQ28yktTAKIDC8FFl3LunCS3V17e0mQsLNu+bgrM6yCyxffPPXaubMvtYBLbzg4t5c5d1y8A8fQvnfglm9gcwQ5Ss2Rdpzioa+9fuLpl54/kZ3yZn1FTk1ZxogMve8W3Vk28CitXW1V2w7+Lb9s3y25GRTfvaG4u6K4FZDHXdyYkx2zc2NOVszO3rcLI3aRmotk9LZMajs3/UoBE8ent80aSTp5j5TZcsMtYtDB09ahpWlOS0MBobMu5FRDKjLIcEA0pB4eRKl5ON/4oE6IWzDT9tyiwxV1IqgOe1URtzLqU8X8qrBbvudRRJZUkaAmGtRGg7pYSBcN6WIhQ2zZEJgXS4Y6iIgq6WCHRd5tnxBw6aiygssdUEBlSVp5Xjq4Kr+pLg/dVkbtrGcQQOjmQmDZZQK81Crp0rHhw4PIcVWfTUIwspEmMW7R2LegJBjYzTYpfEqFm1bixyUYI7vdLEBOKrtGREhxH5jaUQAHXipOe/mHT/zr9x765iPf/tpD3/gfNeWZzmnZrQ1bbNWwETRD6nJbQAWUzmZ6d5tgEMPoae1oKiagq2mkxj5iHYXQ0FiTh2ypmh8VHqxbP3jHnUz+4vOP3j9cNez4lJsu6a0dU/L3P/pLDuTft8071t+UvQdeORwH7kepw9Fyl3ffffe4+Lx58+b91sty0O9ZmOoj4wtyMxDtkIF+IrAKUFdVND8qvX3Dth/Q3towT+v7EQ3FVFxLN7yRgm3pRTeQ4GBWD6wHUY1tKuoAFjVVZWZfPQlIOeM00e4EpAmn4G5IpuQiLp55HQ2rJeIgbXXlhLZKPR8V9wkOfIKEl7vvZt3xsRPzPfPsYhk+69wLz5x88YWUCyezUy6ceO5JNhVy6JXeXdHo+RhkA8BlpR74pQdeecIrSvjE+x5xwiWKuwQxJze8yIw52XEHd98h2rOLLIqudkj2hI5kkRH4g12jOq5ZSsK3V7FI4D2/dkRNZPU1BGeYTErtqBqbCMlmtFSndWDPLQk7BFsLrOgiK7akTgQ1YY9k2yXe8w6Hfaod13DEpYy4FGH38K57OOxXRwKaaFATDWpiQUM0aIwFDdFlw9KMSDKEHCI164SdY0rywihHJSTBmgDEzqbCnEsFGRchwKK2hiJYYyGuvYxBqCfCy6HgnKFeiEkIn9XivWN9gYmBRX3vooHsHRsKTQy6dMRpJcZh6pnXd9skaKsIbRGiLULUqBStZDVRkHnImut1eW+UZLz28jMPfetf/+Vf//n/bWuuWZyS39qejAeNB1vT/EFM2pWXywsv93e34juqu5B1QhahnwBl9nU0g7IbalLBlVldHUC1sMckJ23a+clP37+553WODCzNCFedyvduL/zhOex/or97m3esvwV7R/rq7Xf0vvbI9jzaLnFkex6Ffg8Un0f4+T1O+5SJiGvPSrvcBK7o7UbBWoFsGvbm5uRBUHNzVb80JyrJvnj9wvmCzOu5KecrC1KvvPFqY1VuV0cJAlhBQzUiG3KKM17ANWfFfLKEWxx3CuNLUtEQFtFSW1V0pTjjfC+2oaOhBFKVz6O1+meHDoLyAy8/bqfvzZBvmBDzQvC1k88+8/gjp57/4RuvPvPY449QcMBDn+TOqnpCR64ryHCMMg5X5AmvLO6VJHySA5804RLHXcK4ix9zcGNOdtzJjbtEey7RrInC7WueVnVOKjpJqOq+rtopHcU3JgzOCCNLqrUFnn9yYHWCnvDLt1y81cn+qFMYdgr2Fnk7C5xdFy9s5247pVvu4R23IjQnWrQOTGoo/gl2xKmOunURrzbq00b82j2/NhzQRILqWNAQCRj2/Mq9gGJpRigbQnOp7RZZ97iKPKHt1wpJ8GYArKWmojSjtOBKbsYZUHV2Gzi/F10rH0TQ8PWQ2ixEc9HwEGxWTXAaiDemB9fnWGsL7HW7cEHTvajGeS1k1wh5Yhhr4LTbxPgxaadZ0G7itwnJVRjwxYaSc688/d1Xn3/8ie9+/QdPPAoozg+5LYebo4kV/ebyqF7cg2qqkAtILXW5VcVXITU5tWUZTXWlmLa68ryLeamvXzx7orosA9laRu2s4VJBK+PUDacO3ZjXWpFBxla7pvnJ5C/+kkP41UThb9/mHevvxt4Db/yOU4f333//fvy+Gjx4HDNzNm0zBHju7MmUlIvNTTWkTui6z3J7zXwQVN3aGKV1Q9945aWyoqz0q2fTL58uzk4pzUsjIkBTGpzLjEHUpZ5/9Yfz5r4fbWkSbtnN4PCaV05Egopz06pLM7JT3yjJuYxur4UAizMvnyR2VBrFxD23ZHeWtmwh+LRIl7LDLIAXpp157vGHXjrx2A+efhzdWnbok925oVgYZbRUlphEmLCXl1iSxn2SfZ/kwCved4sTLkHMyYs5uXEHO+7kxD2iiEe0Ost2W+grE7SduSHPKG11jrVj5ybckohLsuuUbDtEm05x1CPdnWVvL7J3HbytBc7hijrika0vigJz7JU57o57OOyV7HkkExoivatGQkdsuobDS+pdj3rPp9vz6aJBUySgDwe0kYA2FjRGAvo9//CuX+qf5cmZaCENZhTixpU942qqVdEHgxRXlOZWV+TWAXMKci6AqnNa63KYpOYxBZXd21JZfKUGkKrg4mbUPXZt942ZwT2PKBFSBGc447JO3wh5eazfaewek6L0rNYxCXZCjrOI4DpOay88r6nsZGvlhTee/d7XvvZPL574IaMX5Z7VH9wwJdaMIa+sGw3KvvSqkk9QCrtQzSWQ6pw2UBEKWg2qyiOh6wZ7WklIIIXQzKIhB3tblTzk3W1T1Cfj09ppXRASsqGPCN4PaZK//81/egLv3bv32Wef/anr7r8ye8n/iN8Db/zutz3v3yx4P37Hr438nsVeEjo7O/WZZ546ffrVhvpKrXzora2Jg6D69qpp02s+d/KFzLTz+ZlXs1Mug6oL2xvLK/IyBvGgWQ0OkP7S6ReeiQSMt5eHD5d1tzctcj61qigXkHsdXJGHQQBZdGJpbjqkvrI0N6sw41I9IH2ACPKNUNcmeoNmvEuHmVXCbdKOXmTF+ZPPPv/0I83V2ftLsrvLwsAsG1SUaZV1x4Oym35ZYkm2vyRNuEUJlyjhEsScnKiDE3dyYk5O2MGPOAVxlyhqF8QdnMgiN7zA3Z1j7cwO7M0Nbc+ybkyzgxMs9yhtfYG35xSF3cJNB3/OwhjVDMAh+VwGVCnu4Q92TKipCZ8y7pU5rLQBYr10AL3pUoS9qj2vZm9Jt+3TRgLGaMAYCegjQV0sZIgG9eGAandJ4Z/marlYAQWq5WHGleRJdZ/Tyu/BgCpKcspLMkuKrxYWXG5rKGkH53PIbbP6QeFAB6DoclbaWUhNFg6Sr6BBpYwOyWCbWY6bMfSNCND+EYrHQHDoCHNK3KQcM6vC2409I2IUm1jZUvYGMOu51vIzV0898/T3v9+Fa5u1sffXLYn1iTX/WC+h+drZ58+feoHeVTdIBDE6GyQMDBlTT0BUcWjtUk7HMBep5WMUrI7hoQ6XZeD9m9ORFROP0sKltrD7WiUspH+G+5NbzmTyp8nkvWTygz8suv13ffnR+198EP70bedHP9n67LPP/hFKzWP9TdlL/mHM+gHf5QHb86vF5xF+9898WkbUleUF7W2QN15/tRFcC2+pW/Pof7Q9etOvfntznIgEp6ecbQMDsNB6IgwMLs5KufRKc21xYealy2d+iIMCfrQ3e3tF+9bOxLJDVV1WUFWSIWKicC3VNUUZExZZe2NVDaCgIPNaTyeUTEBmp56BgQuE/a0rkwMhG2VR1TElhk7IkXJ2U03B+baavJ154R0/d9fFQ0PKlHzsrk9yN6Q88MsPlmQJtzjuFsVc/LiLE3OyY05u1M6LOvgxBz/hEiScgpiDF7Hz9xa4W/OsjZnB7dnBRTV+QUvacauWZzkzSvyaUzM9MiTltENb80sKr5eVpHXAq3BYSGtTSWcHIDDF3w9oVxclQno7txe6uiAJL6l2PMpdr2bPb4gGTdGAMRIwRILaaFAXDeqjIU0kqPFNcHi9TX3oWtkAzCrrnlD0BqYkBllfbUV2bXluTWVWWfH1akAarLGYTWp1WDhGKbGpPicv50pxzmV4XR4VXg3Mv9RUnckg1vP7mmfU5BsTg0smkttAnB1GL2q7XGaS3dTDIlR1AK8Ac06As08UX3z80snvSwX0MQMntjaSWDdtBSekXGpJ7vW6sowRBV3AaFez0SJKm7gPKmV0MAhAYkeRZLDNLCWaxDgdD725KPj8F+vbqxPDLLiMiRAwYNz+1lhI/eUnkT/sgPg8mXw/+fF+8pcr9z5c++wd1xcfhL/4IPzlR+/fu/fFV3u8/xPZ+yp+968VPLr9jkZejm6/46mXB0auuSyaRDBQXpL3/LM/OH/mtfzMa7GthZ/ujL61ag7MawD56dj2hh5MC7AkrbG6BJB/rbo8+9zZ106+/AODkvxeePLOqvXutk0nIxdkp9ZVFWJaqwkdQERjpWAAp1dzQMB8o0bYUlMIbakvKc3NTH+zJOciqaNqXksKWHu9RqLTTPRYemZUnQZ2S2RReODhhZdEKEixgAHfdIpuLckPfbKbS/IDnzThkyS8gribF3NyE27BvksUcwhiDkHcJYg5eFE7L+oQhB387UXO1gJ3dXJQNdgyq+ndsMu3ndIxGZ6IrMbhwODmwg50VXllFrCuEEOozSk6VwfdFJrIAAAgAElEQVQqqKvO7sHUrSwott3DwywUHdcQmOLHApqwT7O3pNtd0of9hojfEAnoIwFdNKiPBnTRkCa+rA/NiYV9rf1YoIqDGlOQrVKi0zTgmxlGtVXUVGTXVuaUFl6vq8zqgBRRUbXjCopN1kMnNFZWZGFgVRoOZlxGtAq7ZlT9WhZGTmsLTPJWZrjBcYZLT3TqCcExenCCZhEjEHVXqnNeLk39YcX1Zy4/9zUurSW2NrIXMoeXRx2TEloPtL46l0pomzWy53XUoZ56swSvYSOF1GYJvV0n7FTxUExSnXwQNqYg3lrVJD/Z31rSy4agchZMwoTL2KjgPP+nh1P3Ptn/7KMfffrxj5OfvffFxx8mk58mP/m3Lz96/6NfHH70i8O7e9Zf/Sz+1Sjv79jmHetvzV7yT+B3f+rw1eLzCL/jr/kdZw9yCRfaXAttqv/+49979aXny4vzx42sD+LTb+1Osnqa2qoLyguyykuyMlLON1eVZKa8+ej3HiouKQj6Ru6sGW+uaFcXZQRkQ2F2ekNtUUnmRVRrBYeG6kbX15bmC/n9o2YVh4roJ6OLC9LrqvNbQaVwSCmutVTM6PBaGC4zxaHDT8nb5zXIvQV+zC3YX1H04cBsCnRljnfglR54JEe/973CfS8/7uLGHfyESxSzC2J2YczOj9r5MSc/ssiN2PkRh2BngbNrF3gsA8xu8Limb8shSASlFllXRuqZ4prU/KprdW3llbX5ZeVpUEQRqDU/t/R6dX0BsCJDTIOF/TqTmEjDNDqsQ1G/etej2vXpdv36vcC/s7e3pI4EdLGgPr6si4Z06w7FiJQkonWoeJhxNdUqI81oqJ5xwYiCBq7NLS24WpJ3tb46B9tRQYCVqYeQk7IeCQ3W3FAgYqJW5ng3Zjk+K8MmwelY8BtzohvzwuVp7pJ1wKnrcZvIS6P9S7YBLrGiHXAKmPVM2dVHU1/7l96Owr1lTfyGYdNvUnC6Of1YPLqBx+52zSjtJiqPVOkdZ80YqVZ5F5fcQMPV0vENwyysio8SM1rei48lP08sLwqlA+3SQaiMBZOwO0bVhE2//O2bjl/9aufO2zecHt2qR+uc092NOz+4MxcJaSIhzZSefBgOHJeaD0xs/r2QO9bfjb0/E/o9MPB5/FGH+/E7dl/U6mE2g0Tv7Uq7ejH16sXivPQZm+DDd5wxj4RHBKFbq3Jz0vPSrpXnXL5w9uWHHvrOsIR5a3s6EdDsr2gn9ayq4uzKwkwcrIpLh3H70bWl+fXlhdWlOagOMBrZqhESTVoRrKUOj4ZA6gGULlhdeU5B1kV8W7mZh3Prexc0nTNq+OYsa98rf2tDx6ZCO+G1LtvgzeDwgVd84JXse0QJNzfhYsed3IRLuO8SRxaEUbswaudF7bzIIidi50bs/LCdt7PACS/yXUYaDQscU/ftumXrDiGX1ppfcCkbcKkBASipyc7OuVxXn9vcktPWXg5uLauuz20CFSCaykbU9HkLZwDXMKsfjAUNu1713pI+vGTYW9Lv+nR7S/qwXxcNGmIhfSSo2VtS3ViQ6QSdQ+Rmg5QwPzJkHe4ZV/XOGWjucaFCQCzMOV+Sf7WiOI3UCRrsbtQy0fNKqmKwo7OjTCfB73jEN2YHJxUYmwzlMFG2nNL1BeH6vNBnoS9PMAM2honfphmEMGCZuOpT1SlPlF75AaundnNJlggpw2tjKimN3d9J7WyRcbpVQrKQDmcSqujYEimteURGMEm6lGyUhN7Ri6xGNeaZZJ0/f8fzVmLCPExkdIMHSGABo908jJ+fGLi7P/35x3fvff5vH39ye3N3TiCnDEuIi9ahaUOvUYaWc5tXg+agb/QIvH+oNu9Yfwf2jvRnQr/7rZej2P145vP4wdFx8r6/v2+zmfpIiMH+rtOnXnnhxA/fPP3a7sbCb9/zRBzMGU1PYy0gP/0aqq3+9Veev3zxTc+c8daq7SCgjgTVJHRDdsoZg5zqGefd3LAlVm2BGblC0NPUACgtyURh4SwqqgvR2IWqH9XxwDVFJQXXr54/VVWZc/nCKxX5KQIydHy4a0aNWp/pj7pEb63phnn4DkjZlK73cEly0ys+cAsTbl7CzYk6mXEnK+Hixp38mEMUtQujdn7cKYgscqJ2btTBjzj4e4u8mFO8qO/rRdeYJT1Rv9phGyCgqxvAhSWVaRW1OURiUxO4CI+pnRhlkUmNCEw1oCqtBQJAIevIpKZRDYOBrR9X9kdDI7s+/Z5PH/Ybdn36o78jfkM0aIgEtOGAMhxQ3ViUGCVdTBpMycePa/vHNX1TeobDxpnR0fxzMlp3M6Dwel7GeVhTsYgOGxET5rV9FmnXELlRxupYt/PXFzlTGvyUGu+yUFdneRGf2j1CuzHP23KKF/QkJq6gu+FSH+QisvQ5VPVpPgV6uDkZXpIfbI4qhD10EnSAghQzcSoOyiTEjCkIE6ruaW2vWYJXstq1PJRV3j2mIKvYqGkNadPDe+9gQsVFqAQ4Kr4O0ZQ/MzLw63fmfvcTV/Lzt48ewt6794uPPoovhxT8wTqbibIaNB9GnR/+eOvzzz9+4Mb7uwyO/Rn9ndm7//Y7HrY+dj6PY/cj/I4eHP1R89NkVFdX5SIQTYhW8OuvvtiFAB9uTf/qru3tVbV/WlZRnJl55cKJp7/fWF+64VIdLptvLav2/Go6qZWIAbpsnJhHEfbId13yzQXxrlfnHRfAGopragBlRRnlpflIWL1KTBno6yQRoCh49bmTr79x8qWUy2dzUt4kwgGSfsj6TH/UIzwMqi3KXngrYG6k/86y/NAjOvDw9z28fQ8/4ebGneyYkx21c6IOftwhjCzyo3b+0b0XdfDCC9zdBW7EKV7QUWmd9VoePhY0mmTdBFx9RWV6du7ZTjxIr2G0NRTUVaSwaBABE9ZPayuvSqupLYS1V+I7q8UcHLcXpmFjIgHDrk939BP2G/5gdRr3lvThgC4a0oUDmi23wiwjkTobJKzOCR1zUj80Y2I6xwULI0z3GGduhNkMLLx6/pW6igwVHy9ltBiEqDkznd3XPEACL02yd9wij40+p+9xjlDjQaPDPGSREZ22oQl19xC2rLcltaPsJXjxs31tl6Y0uMiybs8rv7U7bzWJ+f1EDrlDKyYZZT1WOXFW2+sZZdjN/Ysj/QsjlBltz4SKOKHqntaQboaUX/76RmR9Ss/vUHPhSh5KykRphbj9NVPy9+/c++Sd5JfvffLLm7/54CCZfDeZ/OXHv/nRhz/e/vDHWyG7LL419+mnn3611HwAvP9z2TvS/bff/ftd/ih+x+bn8dzZcf2ZSCQ8bmdRUQYOBVXyyQWZl9hU6J5P8cEd+89vz3nHuaVZaa+88JxGSruzZjkI6qIBlXuKi26vUoh6I15zwqPZdSldNu6sYSA0Ld51K7d9GpWQ2NZY3AEDdbTUggEZ5cVZYGCRbYRD6Ggqykl96eVnU6+fL8i9WlWUMqnoPgzJDwOK0CwX0QKQseFRN//2kvTQyzv08g/c/EOvYN/Nizs5MSc35uTHnYKInRde5IYXOVE7N2LnRRb5e3ZhxCVd0PXRcCANt3PTrZRyOvE4UD04v7oirbzmOhpfD2ooJmLAYxqKXIBAdpS2tZUDqnMrq/PrwFlDDKhkCKcaQu561GH/v4MXC5qiAVMsaI74DeElQ9RviodG4ssjYb9hXENjkFs4NJhNxxjTDkwamPMW7pyJabcw/TPCYTYu8/qpotzL3ah6Kq5KOgSd0vcPkhvI2NpJLXXPJw9NcRZMfatz/G2HdggP5PY2StmwXmxpc+kpVMU5SN7zPW3X3TZqxD8c8asO1y0mNZOIg3H7sXpJ77x5cMZAm1CTbPLORT3FY2X4J1lL43TnSJ/dTN1Y5H74zlzyy3dvhZ1z2u45bfeoHDeqIE5qyP55sZLb+P4708nkvyWTn/zqZ3sbXkt8zbIXMoTsMuckTzwEie4s3Q/eH93r/vc988f6h2DvSEf/pvt7vyP87s8e3n///a+2f8f159zcdC8Jv+617mzO5qae62qvcNo4b0enPv1wqRsG6ELWbfhH766N3wxZtpYMSjGJgAKZFbQdpybh02+7NIPkJjyymtbTymd0BOzy25EF1+QwqbMZ0QrsJyJgrTUsRuekiQmFVMCaKlvBgGsXzmZnXgYBi6m4ukRAdXtZFfFKEc0AMQsX9ytuekWHHv6hh7fv4h64efsuXsLJiTk4MTs35uBF7NyonRt1cCN2TnSRG7ULwnZR2CN1WoYYXRAVCxeakwqYmF5ya2NzWXlZWlNrUXl9ek7xFWhLBY/eMUBv5AzBerubq6oymxorkIgaGr1VwutUsFA7bnU4YNz16cJHPmfAGA2YIn5jLDgSC44kQpb9FWt82Wq3cni0NiGj3TTcM6Lstaro0wbmpJY+bxpyj3LsI6ymupyigqvN9cVNtVnt4EwmuUHKRPYRIHI2atc3vDLDWTTRNp3S0IzYLCToBFhwZWrKxRfOvfRo2huPw6ou2RT4SEAe9ss3vKqgQwEFZTGpaBWPNGPmeCa53nGOfWRgRtMzpyG5Rmj+MabfygxNsd/eNSU/PrgTdSwayAv6Hrel3zlC9U/Qb2/pv/h1NJn8PJn8Ivnle5//bvOn722E140WVbeU1SwegnjtPK+dd5gIHYH3R9n7B7nujvV3Zu9If8r5PLr9/qj5efxF27t37x5Pfh4RSO5C/u7n4Y31WSQMCARkavmEd7ZGx2QY17zqrZjz5vrEzbUJx6yCiAUJBlGB+eGoT3trZcSmIPfg66jkpm48iMVAMHvbRtW01UX5yqLcJKN2IkEoeI2ARRjqbb90+nkyHrJkVzXU5L/4wuPXrpwmICu3nZK7y7rDNS0JAx7saV+Z4t3yiQ/cvISTFXey9l2chJObcHLiTk7CyU24eBE7N+bgxZ38qJ0TsbOjdn7YIdx1iwNTfFZPq6Cvwz0pZNIRlN62GlBBYdE1YneTQtdXWpFy9vJrpRWpZCrEoOljDyIqACntbZV4Qj2xGyxgYiSD8E3ncDig3/Fqj1q+8JIh4jdEg+Zo0Bjx6yN+bSSgDwf07nGeZLBjiNSgFXbpRASjjGxVUqb19HnT0JyB4Z/g9+Lry0tSmoCFVYXX4Y0lSi7BqmLQSO0cese6S7a5wF009CzPsZyTvIqSq0X5l7/1r1/71tf/5ZFv/TOkJkXFRe565btL4jWfzKKls3qhbArSOSOlY2vlg4hZA91hGZrT02a1fePyLpsEPyEnLqh7frxvS/7+3fjWwrSaaBEhTfwOI6d9a5715W8CyeR79yfmyeSXIa/O7xL7HPy7txaTyV8kk7+4d+/e8Y33Z8D7v+z9Bz3A3v3Wy9HM5xF+XzU/j9q/B9K//f39gHsm+fuDZPKmaphWkH5+AA/emBo6uDH12w/uvBV2vRP3KUQ0DLR60sTe9JkPQpY7qzYVqxMBBUCbC1rBWTYDa4gCBZVdmdBSt7za6Oq4e05N7+mAgktRzWUd4CqloEsv6+1CgLSq/sLctFZQ/sqM6LZf/e62pR/fRCO0rswKbgXF+25uwsmOu4b23ay4kxNzsBNObszBS7h5cScvYudEHdyogxW1s2J2bsQh2HOLVqZ4vN62we5GxzifM4DqJoDgGGBhUQoGUadXk6EthWVluRk5l4QcHHsAPtTfWlWeBoEUonAVFHKreAAn6IcGpjlhv3rLrdz16cJ+Y9hvjARM0eBILGgK+7W7PuWOVxH2awKzomE2ko6vUfHQBmmXRUkZU9Om9XSnjTunYwQneDwaDFCUAqkqqMq/BgWVIJsAUGBeS31RDw48quoOu4VBG2XTyRMOIV448dhDD33zW1/7p0e+8S/VxRe908ybNwxRvzY0L58eYaNaKtrrcofZeDUfrxfgx1XUaV3/uJJskRJH5SSzBDeuJO0sqT76mf/3nyX2fHL3+KBnbMBnG5jXkTbnBr/8jfcrs5q/TyZ/l0z+Kpn8ZTL5y2Ty7WTy7c8++9lXe7x/NHPlAf1DsHekBwi8v/e7P/o7fnP005/+9IHZl/+An3/ho19tJpO3tlZMV86+AC5Pqc15fVTL+/gX77x7sIJBNNMoGO+8Kr4+k1i2RgOmga5GWFNxCygL3VrgmJLRe5o6OwB0EsQ/rw4vTyRuTEdWxwwqEhZaDIeUElFAMqaFS8P297QM9eGRLUDPKPdWQPnepoVFaiV3NttHGYd+fsLNTbi5Cfdg3DUUc7BjTk7czo7buTEnN2JnhRdZ4UVW1MGK2ZmxRU7Yzgu7hRtzIhkdNUhqWpqXywRYSk89Fg8uLc1oqMmjk2ox7SUkbHtbW7V7WiblIIRsZF1tdjOkGIMt5wzCxuR9fZiaGQMlFtLvejWRgDESMEf8pqNq899nO/2asF8dCajXnPKRYfIQuVnB67SoqBNaxpSOMaNjOEd5dhNzycYZkVPqqrLqK3PqS9NAgLSSjDOlOefqKrNAVRk0PPDQL1syk4KTg3XFF0889vXzrz51/dRDxPbrDhslvqLZ86k9E+IhMhzTXFNXkqkT4kfkGKO4zyAkargYowg/pqTMmQddY5zQovjDHy8nk79/+3BtzSFdmmAG5zj+KeZP79o//fXN5O8Ok8kP//DNoGP9PJl8O5ncO6Luiy+++OSTT47rzD8VJ/xf9v6c/mju90dvv/vdlwfC9/v9z+CS96Pf7SeTt62awcLcjBeeeaoL1Rxbnv63OysDFOyoSXSwubC/OrnuUK4uyszyLgKqsrezfnqEa5+W8hgdjJ6mPmLjpIm7sWRdc2rXXapbu2M7y1Y8oqq9oZiIgMAaK8idzVMWsYzd6bGx9oPDb2+PylloDLR62tx/GBAcuNkJFzPhGko4hxJOTtzBiS2w9h28uJMbWWBG7ay4gxteZIUXhsILnN1F3vYiN+yU6nhdVAxodoStlnaRu4E9PdByQGZFcfqMjUUhAtuayqpqs4QshJSP1KspjaACYGUmHlclYMMWDEwmETKp7YuFzLs+bdivD/sNYb8xGjCHl0xhvyHs10aCurBfEwvpdv26BSt3kNwmZnZalLRROXVM0T+poo0p+hZNTId5cEpH72gGgKqzIdXpBHiliImXCalwaE1+1vlWYE7ANrAwjGbjq3IuP3vmxLefe/KhnCuvzuopsYByL6DeCOg4dERe2ptpF0+xKIgdj0bLhZEQFYPEeiUb4Rrnr3l0yw7l23sTyeSPksl7ia1Zh4Xhsw2EJlmrs+xbO8bklz/+U7s079e9e/c++eSTr5aa/5gN3gP6B2LvSPez98By6+Pk/ej2O578PHZfHrgAj/L3jz66nUze+ejXb8mk3PSr5whwUHBWthsa21sd/9ntwLZXt+nW7i6ZEmsT/IEOHgMechtlPCKV2MSiw5m9bSo+QczCMsltRgnJNc6K3jC+d9srGkLAQAWo1mpkS0UbKJdBbNxwSPdX1G9tmvQiYkdjmVaCPfDxb3pZ+x72vpt/6OHvuzhxOzu+wD5w8PZdgugiK2ZnRu3syCInaudEHbw9O29nkbtnF1qlJBoOMqakeadF/WQwGgcuBWQCilPnp8USEQ5YnV0FyJAICWYdQ8AhgmoLq8qzcOhy7TAhOCPlUlqM4u69JdOOV7/j1e76dJGAMeI3h5fMe0v63SVN2K8JB/TRkDkWMq8uDLMoUCa1wyChGIWkCRVjTNFvlVFmDMwZLW1WR8NAK+oq0lEtJT3oWv4AkoxvKC68npdzpb4qU0Rt4HeVYeuuXX79yVee/U5u5uX56ZFt/3g8aN5aMowahipLrxdkne9oApjkVAOvi9PVQCfWjyh7FmzMZZdyy699e9ea/GxnLTjGJoGmFcSVKd7yBGt/VZv8/bvJ5G//s2Py+ZdffvLZZ799wFn52+/5+1/RPyh7X7Vejr+neb/5+dXw/QH/8+gC/PDDW8nP95Kf31q74W1tri/MudaNbcDDgWY1//OPf/KTQ8/d3bmD9am9FZtSRFAIe9h9yH5iC5XYJGAgOFQoldjIoyMGe1qUfMKUsX/TJ7+5bZrQUvtwjfXlmXWV6QWpZxeN/bdX1TdDygUzF91SrZfibi8rb3n5Bx5u3MlNOHkJJzfu4OzbOYdOQcLBj9rZ/1975/3V5p3n+3/gnnvO7jn37s7uTjJlpyUzSaY4sZPYsR1jxw2MTTPF9A6i9w4C1AsCCQkJhCR6B3WhghC9qReaMRhMMWCbZrCd5/6gOxqNBMTJTJbYeV4/YWMMSM+L96d8H6HlI7R885ATo+HjVHycil+iEZR0VGZD4wMrkSlKGbW2Mi8i+q6j08W77jfSkkNYtWhnt0tBoZ5nb5z69NKHycmhiXEBrm7XoqNu8VuKB9lEQkFUBTJ5RFilkjInxPQJSbWqh6WV16plNUpptUpOV/VWqXtrNIoGTW/thKSKhs/ISQqgEzJribmtdERXDbqThaojF7RU5LHpBamQuz7uX4UHOCdGe2Ul+oX4XHe4eOr06fdvO34WH+gQcvuD0Nsf/fYn/+v0R+8JWklTqg7DSJuCSylDJkcFuwX4OENC3fLTQuCZEYUp4cj0CDIsbkzKUvDI3S1I03BNv7CcgkmUdpL6eRR5G0bWjJo3dgLAol2FaeEAALYBYBsAZl68eLK3t2cuNb+xzgTd+3YcaqD16s+m/jSvH8ztn2X/bvklmyaTaX7etPN0BDgwTuvlWYm+//nv//rJn9/DFCVq5PVL94d31pRzylbDSItutE3GoWILouA5YTmp91prUCRUUnaSLzY/qhQG6eYyWOT8KkwUtwGqlFcMi2gNtLz8DP8bl08XpfobeipMcrKknZAU4Y2Dho6y0bMyklGE0wlQOj5SL8QYhBgDDzkpwBv4OC0freEhdHyMhotR8dAqPlbJxym5BBWvRNJQiEgNIhfFDnFLxmWVUZGuIaEed247QKJ9Xb0vn/vqzx+f++hTh498wp1yCsKzM4JDgtxhBVHD3YRRTikRGoPJjRQ3Y7U9DI2UqZSwlNIapZSp7qlVSZkqefW4vFrdV6/ubdAo6tRyRlNVUUa8Xyk8mUXMqSsvaGMgumqRLZWFrdT87joYvijWy/WKh8uXESFuPq6XfF0vebtdPX/2w0tf/D7a57yXwy/cz7/jeOEDOhE+09+oktG0Q815yQFOV045X/80PsItM84XXxhHxeeUoDOdHP7SXg6d6q+fH67XKar1Qy1NNGifgNbLLR8QUHo7S+SCivn7Y4+XZ+2uhQMAWAKAWQCYAYBlAFh+8eLF7u6uudS0rzN/4D2eNT9096xLUPvpi/Xy3VJ/Wvbv1h2geQbzeGliSitmleU+W1T4eN06e/oPuQn3RI3YqXHBzsbs1ormvpqn6W8cllQLWkoUAmqvoBJXCMFCIYTC6JqKnH55Yzk2DVfgT8XFd9Yh25iFhoGG7jZiZrJ/fLjbWDfFIC0b4BJyE0OK86L1CopJVmIQYQ1CjF6A0glQOj5Kx4Eb+Gg9H2vOPQ0PpeFjVFyUiotW8XETvBI1nzDGwZUXQdA54Yp2nEZKFXWRnJ3Ou7s4pKQEOrmdDYK4f3bpYz8/p7z8sJRUL0i4U0qsh6AFa1BUDnaVUBGJOfHeTRXpKjFZJ2coJUyVtFYpZahkDHUPS9XDnJDXKBV147I6tbxO28cSdxAKs6LyMyD11II6SkENOa+5Csapx7OZCGkjgoxKdL91IcTf8fbNM7ev/wWWE5YZ63n3xsdOl96P8frU+8J/+X/121pq1vR4u15CU/BptbT8nOSA7GT/EkR8OSa5lV5ExcR3NeGyM4M93c7Pabhfb+n7+zoqUQlNlBxOHby+IpOIis6Kd+lhY+oqEluq0w2DdKurYAsAlgBgFQBWnq2rlqaEG8tGi3WHjjR/yFNNe36g7gF2oxfzwRfr1Z+5/rSkn3X9edQGwmQyTWr6FF1UYEsNANOD/TXB/s7Xv/yktDh+rJs1qZRsbcxvrxlmVWzjcItprH1qtLOeWliOSiKj4nkt+K6mkhJYbGVZMgEGYVCgBEQMi5g23k2XdpaxaxEaaYVahB8TleMK4jMSfcWtOXqJec5pfqkItI6PNPAQBh5Sx0dr+WgtH6nhItRcpIqLVHJQaj5WxcOruCUT3JJWcn5RaiC/ATXCJ0yN1KPzw10cPwkNd/IMcEjJDvYJuuXqfjEpxTsq+k5inAsZEamWULQyyoiI2kjKpaBi+zl4vZymldG0cqZKxlL3MFSyKnUPQ9tbo1HUjPdUjUuqJiQMlbxqXM4golOC/O5QcOkNlYUtdDiLmCdsJfMa8Jzq/PryrFDfG5HBTglRd9JiPfKSvWP9LkZ5nUn0O5Po+XGy5x+bSbG6Aaamh6GSs0rhCTmJ9wjFcc10WBsTMSJmKTpJ/AZEZz0iPMCRSsmmUbK9PK+i4UlVmKRaYmYlPrUcE1OcEUBExDZVF4301qtHWva3J3efPny8PLO9OfNoWrg0JVyalo3yc03DpAdGmb14NsdWQPf+mdhEn830xXzXn3X7Zw5Ay/lPSwBa34BrMplW5kYBYBUAHgDAPAGf9+cPf3vP/XptReGYjHlf17P7bHF7zTCn5EyNdIxK6yrxaYyyTAmHRkKnwHLCYAWRsEx/IjoJURCaEHG9KMOLy8zt60DpeshaGVkto2ELolJjveQdSJOUoBehjWKcTojVCjBaPsrARxgFSIN55slHqTkwNReh4iDVPLSah1Fy8ONdJeMcfG8zhgyNaCBnjXaTtVJaCzWXRckrKgiNjfcMCbsdHukaEHQrLMKVgEnsqC+WtKH0PRS1pEIlocvaCN2NSK2EphFT1DKqTsHQ9LJU///+PYaur04/WDfWU6GS0jQyulLO0PbVtTERsRGuhRkRrIr8jhp0cyW8pRLVzkA2k7O4zKKUKPdwvxsxwU7Jka4xgZch3meSvf+U5PHbNL9PawnxxqF6g4I+KqF3MmFJobdIyJS2ahi7CjTRHBUAABxnSURBVCprwfVxidqB2gdq3uosJznaPcL32l0Xh6tfnQkPvMMipDPLMuqo2fCCEAo+s7MON2+UPt+aUQ13KPualbJ6cXOmvD1zTFi0NN22ZGw42H9obZ2NeG/KVNOeH7p7Zo6avliOnlnXn+YAtDkBY12CmjNwYWFmZ2ceANaBr+cAYJGAz/nTB7/2cfuKikvl12NGexo3l8dXJsUqOauni0TFJSOg4SnxnkkxHpDI26kxLtjCcEjojdCAK5HB1zKibxKy7o5ysZN9VXoFg4yOT4/3FtRDTbIyowRtFOP0QrxOgNbykUYB0shHGgQYvQCj4sKV7GIlG6bmIjV8jJqHUXHxE2z8OBszzsYLqvM6aTl9XUS1mNlOzevrIk4OskQt6LrK/DYmjEHKbKIX9HGJw7wytZiiFpJV3RUaCVUlLh/vJqm7aTpxlVpapellqXpZhsEm02Czcbh1vK9xsKduuIehlFYpRWSljK7qZQ4IK+G5wSmx3szyPHYdtpOF7WCgmyoLG8k5bHp+WREk2OvaPVcHz5ufezv+KfTWe1HX3031+B0VE6JU1JgGGrUKRn1FbnrM3SY6tp2FaaQWSJrxM8MNy3Ny4NW6ST9ALsmLDrnrfO3zsMC716+dvfrlxy20QkiQa2rsvQFZ3QOjZGdDD7x8tD4nmlW1LBq7Nh/JnzzuB/aGth73Hjwz7ezs7O7uPn/+/NDj0W9iqWnhTXLvUAOt60+b+adNAFrPYMxT0MnJyYWFaeClBnjS/2p9QNZe5nrzwnu/esfd8QIZmdDTUaIfal5/OPJsaUjaXpKb4hkb7hgTftPX4ws4NKIw0y/Q+2JE8PWwgMssUlIHLXWwHTk9SNf30dsYUEiQI7cGapCWGSUokwRn7CbohTiDAG2uOfUCjJaPVvMQag5Mw0XoeGgtH6vkYVV8rJKDHu9CjbExI1xCXzthoL10iE3sbSXoZIxxQckYt2RUWK4Uk7XCcoOsQikiqCRElYykktHGhOUaGdU4QNcP1Y1KGMqeGv1g44i8ntdeKRfUy7poLBoqIdY3OTGYQioeFteoxdUaCUvVUzMmq6ETM5JiPUmo5K5aTAcT3UZHtlfDWig5HdRsNgMWG3TH/eaFK6ffv/qX//B1eDfC9QM81EM9Ujs51jw10MRhFscE3HI4fyolISIrNZJKzJ4YaAWAvbFhMTwvxu/utVtXPr904eNbTheDfF2jgu4sKFtVA3V+Ple6BTWLk7LtlWHguQ440D15wJsfpz+ean72iD8kwvYKSob7u8ziHTrPfHPjzsKb4R5gN/m0D0D7+adNANqXoBYDd1aHgDUZ8Gzo663R/t4aj9sO7//mZ153vmSVpSnYeHVf89bmgydramEHnoyJ5TUhOW3EBIiLn9eXIf6X4bk+sg6EohM+zEYae8lTA3ReLTI+1KWJkqkS4I1ijKEbbewu0QmxBgFGz4Mb+Si9EKvlo7U8hIYLV/Ngah5CzUOreLgJHkbNx6g42HE2aoKLUfHJSh5ZKSJrJJVaaYVaSh7hl4wKCRPdRKOsakrB0ivoEyKypq9qSFw9Pd4qF9a21OBKEMlZqdFEbBadVJibEefp4Xzt8llPNydIVFBeXjyiOC0m0qeZidH1N2mkLK28Rq2o7e4oy08NhuVFMYjZbBaqk4nqqIa10fJayFnCWnhhmp+X8/nP3n/n5pmfenz537TS1BFF3eRIo1Ze299Fy43x9HD8wtXxynu/+nlxbsLCfW1DdWlnG51ViXNxvHjm9AcOX37q7HgpIszdy/0Ki5w3o+QAwG57C9Ko6dAMsuRsTL+AMCIrN4yxFELCgITUzcWPD/Mt1pkTz168H/h5sdfhjXEPOCz9LHce2S8Anz59at8B2pSg5gw094EP5/S7T9UAMAUAU8DLqX5Ztfuti+//5t1wP6dORtGwiB4T6YNCZK4/Gn6+pSIWh/l5Xgj0/yos+Go1KVncVCxpLhzohBt6iQY5qaeDmBbnX1eepRaVmqQlehHKIMLphWi9EKPjIfVClKEbpxdgdTyklgtXcZEaDkbLw2h4aDUPq+Li1Tyimk8a7URp+OWmnurp0SZ9X8O4rFYprxuRsRbUHWpFDbupjEEsrCIWlCJTSeiUpOggSJi3r8e1tKSIuGjfBEhwJRmNK0xOiwvJTIXIZW1UCoJaXtxUQ4DlxSokdRX4+D4BVdnDVMtrtPLGcUkNHZ8Gzw0joZNbq9Gi5lJePaadUdhAyeazilDZfo5ffvjeT//F6fz7qLxQ9TBnRt2tH2zqrMEUpoXEh7viEKmBd2/FhPvmpUHQxRmYwlgkNDkqzOf8xdMXL30W4O8aB/EsyI2gkAoaawntTDQAvHi2oV+YkSm6y9lNRa01OU2MLOVIXWcz/OBgeWdnZ2dnx7y+O2ae+UYnnpk3yT0z9rsHy/zTrJ/NBuLQGcyRBj6cNJ+DAYBp4NXkQG+th+vVX/3iv646fHbjxsXU5JAhceXkRNfUGJNVkRMX5QgJu04vTexugnU3QPvaiif7adMKyiC/PC8tnIpMGmiHG2UEvQht7MYZRFi9EKsToFQ8hFaE0/PRBi5Sz0Vo2HBDF0rHhmm4MEM3cUJEHeGX9HMrpB1lYz2VwnYCtTQ3KykMi0itpsCyE4PSEiP9Xa+4OH0RHxVQkBZDLitKjQuKCfJNjgrFQJNG5E3VtMKwgFvNTEQzA5eTGIrIj+2T1BKQaa01GAmbGhfspuimyvmEPn65YZCp6q1WK1hzBq5cQMEVhpfBE1jk4g4mupOF6GIVd9XCa4lpWeE3r5z6xZ9//U5aQuhgb9uMRmIcF/bwq1voxUmxXhRabmZKmOOti+c+/1NsmH9xfoJC1pKbHnHzxll3zxvZ6aGpCQGo4sQ6JqqOCee0kYblTSa18PHSEACsra+NTeo76ZQUk0Hc2kje3t7e3d09dKzyJq7Ov5E3zz0zNr2fff1p3QHaLCEsJaj1HsJ6Gfjw4fTu7px5pbvzdKKpsVQsbvTwuH7m4z9kJwYwyXnlmBTVYLuMXSJrRYibYLJW5EAXtqe5YKq3erqnYkJUhsiNLkfETkiJBnmpVoAwduMmxSUGIdYgwupFWL0Qp+PDdRy4hgPXiIv1cqxpkKbrY0raytLiA/MyQ/LTIzNTIsOD3K87nEfAMz1drpag0mikvFuXPyeXYUL83KX8igpcVl5iiIRNJOGSOC0EWDYkKyEQi0wb6mtKj75LQEQSsKlB3i4YaLqok15eAk9OiBxQCLNjw5qZ6LZ6ZDMTMyiq7BVVN7NwVeR8Thuuo6YInw8hFKd0MLHt1XBBPbKFkpUfc/vuFz+/ceqdnKRQPqdh6f7I2qMZ4GBuUFiJL47FQKPv3XVwvHLWy9MJEuFbkBEfFezucOnM3btfBYS5hMW6RcfcyMy4h0TE06j51fT84uLovNzQiPBb2SkeeakeJsNAV1vV/v7+1taWWTxLkWnd4L1ZJ8VenzfbPXsDLfXnoTMY8xbeYqB9FWo9C11cnNvdfQh8PTM/y52fGwCAB1Qy7NOP//ifP/m/HncuV5WmkbCpzPJsQx9zREJcm+t+er/r6Qz/0ViNRkYmoRILM/35TXlqKVYjgOsFaFM33iDE6gQonRCjF+J0PISeh+xrgY2IKXXkwsz4sGDPOwF3r4b5uVYQ890cHYpzYmRcWl566MP78jJMDgERPzvRlJsSkJMZ5uftxGPB2ZXQqKBbvDZkbXmCXEAWdBLxsOTM5BhhJ804zGU3lJURoLCCzDA/9wYWkYiD+3m7Bty7E+XvGeXvHB14Mzs9Pi05MiHM28v5WkSAJyTMUcohEoogBWkhdbTizlqcsBaOS/MIvPZ7ly9+mRfjvLyofnWwAQBfrz8yLcyoGOXQO46Xbl759OaVT86f/WN6UsTIUA+nrRJbnOjlcrmkKLiHh9teVwAvlwBgBQBmAeDJX19F829YrLPp7g4V762JOwtvqntmjpl/mvWzWULYGGjTB1pmoZZCdHp6enFxdndXCwDLu9vq2lrsy+dz3A7KmY8/+j//+r9/++ufezh+wWMUDIgIPQ3F8rr8CUnV5op2b13Fb8eg86P6udip/jINH6kT4o3deIMIqxeiNTy0TojRC5AmEUbSUBAX5uPj7pyXElyUHFNXDoVnRgjaMWRcdmKkm7q3OjveuygralzKLCmMnle25ycFuDldTIwLaWdghC34QHeHtjpcZ0NZWnwon8vEwdMDvNwS44LL0ND06CA/XxcX54vJscFJkZ7ezg4h/i6xsb5+3m6IvMQKbFp8uFdOTpLnzS8QOXGMCqxujNvEQnU1Y1HQqIrS/FJsVgMpqzDCARZ7pY2aDgB7c9MT66v3p1Qc/UhHMwMTHeQR7Ovq7+V86/qltubq5obyGb2EVwOtI6Wg88P2nxqBV9MAcPjrtB+sKvf39589e7a1tWXf3X3jza+W5/1/9lr75/P2uHdoB3joEsLcBFoPQu0NtLSC5ono4uL07u6aRs3lNiE21x5sLKs2locUvQ03rn72i5/95PSp36WEObcQE2VNRXxWtrwFuqBpHJPQVybbD57It+c6FkbpM3KSSVxi7MZp+Gi9EK8XobQCuEFGgKaHsqqy2uuhKWHeqZGeZQUx/DpoHTkvKdpLIa5KjvFpYhG7OdURIe4L94fx8LSslKjczFQYNK2iNBuWGVgGy8xMirxy8bPoUO+U+HCnry54uV4N93NOi/HJTIvIyYK0N5PopPxSeFpNJXy0vx4FjSsvg470N6Nyg5Ni/WJCnWkUaDrEa1bD4TTgZvW8VgYsNy0alheDy75biQ7EZroUZwbU0rJnp/qmdL1jirYWFiYl1j880MPzzmUWo6qpjpYUHdxcSy3HJFcS0oYkjBnD4NONR8DBA2Cnx/rJOlhR7jye21oYevbs2fb2tk3cvU6R+XYoZ+HNds/MofrZzGAsSwizgZYxjNlAm1mo9TDGvBI0x+Ds7Oz05PjOhn51bnDGwAaA+V5p5dd7/f0SquutCz/76b+dO/P7uGDH9oqk2X76dH+1cYhZkB7LbijfXDPurg2+2BrdfcBeGK18oCg3SbEqbqFJjOqsLixFJ/IaC+EJ/mkRrlGhHu016HJ8blSoDxaVikVnR4T6kvBF7m7XoyMDM5Iirlw8Expw78a1L5KivJpZhMykiOgQL2heTDUVmhztC81NxyNyGGSoRsWvKM0tyI7t7qpgN6JzkoOh6UGjElpJcWxo4G2piDUqr2lh4eLDPaqrkIXp4ft7q49XRoCXywe704iCYDo6KiXspsO5DyHBLgJ2pcnQY9DKdUp5Q3VJsO+t65c/oZVje6XcJ4/nga+3x/vY7fWl+KKkxJjAsSH5356XJ9oX88IXq8rdpdHdjQfmoLO0dvYzlUPXd6B7bwBHdYCW33lkPQU91EBLBtoMY+bn580SWmrRxdmJ5TnRsyfGh/cFwNfq1SnRtKbzxapYISa43bn2y3f/7coXfy5KCRR3EpKj/YvSQwc5hClZiV6EmhutXbsv3d4Y31npfbk1srssWjCxu7kl7TUFQ13IotSAmFAf/7uunm7X3JyvBHrdjgn3P3Pq/chgDyKhAFOUecPhPLIoG5kV6+15szgrAZ6fkpES2CeuyUsJEnNJtRX58RG+hbnJTVVFfcLyuHC36BCPemq+lEuMDfMuygzs66ZUEbOjgl0iA+/Oa7gvduZHpZQ+Ca2WkjvQXdtJy2XiklBZwfmpd1FxlwvCzkGCbrY2UY1K+axuSD0qZdFQGUl+Eb4uRXmQipICw5hwe3XsyYPeJ1OiR5rmp2vjALBn/Yzs764/f/786dOnZussWWcuMi2t3aG3vb7Fyll4e9wDDgtA+yWETQZaryIsGWg/jLGvRWdnZx89MpiMmgemwQWtiN9RruIjAGASAOYAYGVgQEwjws59furdd/7jwz/8JibUmVOdPtReoBGgdJJSrYSsF+GNspJHxk7dhHhiuLmhsqCSkJcJ8cMWJlFLYVXEbCGvqYOFjgu5R8TDsPDUtRWFpLPUxfFit6BSN1xLKUsnIaLh+XEFedGDPYzsaMd2RrG4hZQS7Z8SH8okZxtGmzvrCZ2sMgWHsD7XqRRTp0ebXj5TPDIK+fVFw4KKyT6Kcbyrk5nf3YqV80pHRKQRXlljSSwFEUEs8EHGnavD+jXSix4tTi/MmXQTsjoyogyWSsMmNbCok0aVQsLurMHtrxr3VkZePDY+XZpc0A+b7zTf3119/vz5s40Fi3WWvs6cdfYv8XD8TAV0743hqBLUfg9hvQk0G2jZRlgMtEi4tLRkOZtmjkEzc3Nz942javWYuANmfsEsANgAgPUnCxo2C7O3yB3obxjor3R3uRTse/Xy2Q9SI10bKemDbTBVN5mMz7h29rPYMO+Qe64R/m45ieGzqo7OehQBBhE2lzZXY0uRObUV+JG+FpNBOSGrpRIpDBp2c1nz7OHg1wdzT1cMtXTi9vr9xfuKpQX16DCfgs8aG+7CwKKMBpm6nzUhpc9oW/SjDTOqRlkrUtqIUPFJEz100xBLK6FqpOWangqTokGnqOpthbaVRhEy3dPDrvAowcKGAvODub/37GBnrZddNTPYwq1DV5cUshuYAABMGdWGodqDDeWL7cmDNc3e5tSLvcXHDzVbq/efPHlifiTt+zqb1u74M2JvsXVm3kL3gKMD0MZAm1WEZRZqicH19XXLRNQSg9ZJaK3i3Nzc8vKyyTC8uzkDAKvAq/uT4y1TYw0AsA0A5n29aaC/YaCfVZwReuHzvzheOfvfv3j3808+PP/5J253rmZleMFz/Ac6kVmRnlRUQlNlbl56BKIgrQyd1M4sLsyEQPNTUYiMOgYqPyvW/fYFb7frV788nZkQFOx/56trn549/YGPr6uf+/Xc9GAsPCXEz4VBzJvTcKYUVI24ZFRQauilG3vpKil1XEAbExDUfOLUAH1IRBvpwi324vsaUrjloQLkV7OCpFe7i1aP5d6jedG0Sj7EoXfXYR9MKgEAWJwZ293e3F83PJ1qebI0sbf3bGNpZnNz02yddV9nY91rvsTD262chbfTPTOHGmizi7dfBtoYaL+TsC5HLaNRmzxcWZleWVnZ3X28OiV+uS4HgDUAeAwAKwCwDgDrM2qOnINffSgfG2xGF0GiI2+HB99xvnXhzs3zDl/88fK5U/6eX8aH30yNuFGc7kuCQRqImf18WnFe/PVrF246Xf7q0jl/b8fi/Pg7TpfLcRnZqRGQMG+dSgovSnO75VCGTjaqOUmQQHRevHGgQSMlDXOQ4g5UY1U+Kj9SxqG1stCa4daW2jIhjwnsDx4sty9JUWJ8SG2Rl6yh8MXTv7tzfME4+EDL33n2eN7YN2tQry4YH04q5h+Ylh8tPFqa39jYOFQ5i3VHHVI5/pwK6N5bwqH6HdMHmq8Yewk3NjYstaj1VMYioXk28/CvWFRcmdcvLy/v7u4AwAEAvAKAV8DB6qvHQ8CODgB2X+6ZBgQ19aXZuyv9L5elYxzkg35ydweS144VtuHR0GgcPD3Y38v11mVfrztOV89nZSSf++Qj19tXfD2vhfndKc6BEDA5QXevkXHZ6dGecZCg2FAPAjK1rblKwKlpqUeODbeyO+hGfe/Lg8ndtfHJgWbDUFc/r0rGo8ELI92cL372x/f9Hc5AHD/DJ/tP6tTWD93+9szqg977420bi+OTYyL1eN/83PTW1pZFOWvrrEcp9llnsz84psg8qevkf5633z3gsDXg14fNQq038pYYtJ6IWo9kLB5awnB5ednaQ3NzaJbQMiw167q7uwsAgErO5lZmbK317Dwefbog3zR07q/LAWB6/8ks8NIcko8AYAYAFnY3NV0NyGoyWi3veGCQAcBCZyPWpOYCX08tqNpf7Mw/29Bv3pc8NUmWNc2PpjnbD+Rjso4OVumcVqgdqJdxSJhCiK/7uVCfcy0VKYPt6FF+RW7SvWvnT5376EPH03+CuJ8PdfulSc23e+C2+0RM9Wj30oPp9fV1e+WsO7rXKS+PXx6A7r2dHKPf8QZaT0Stk9B+NLpmhU0emiPRujo12/hwRr2yMrO393hv6yEA7AHAKwB4AgDLALAGANsA8BIAdgBgFwAA4NUWAOw8W18EgNUn6xNapXh+3qCcEI4ONC3N9bWycDmpwW0suJiR21GdkZt579rlU9kJgQo2mc2CyrqII701bU24gZ76bnYFHR/zyNAwJiNioOHxwa43PvvdhY/+JcjlDyvzkoODg92/8vjxY4tv9spZt3PHK/eNfd2P0DozPxb3rPnGKtS6FbTeClrXovY94cZfsVbRHHT2KlpstHFybW15bW1pb+/J7KR2b29veEgoFdbHhvo1NVTUViGwuWEUTHZmUlBC5D1EYRwyH5Ia649C5tczCZMGyejI4OZjjZyLp1NSe8TkHg5F2EnR9TEEdQX9PPzO5tiMUciszCbiYlsaoKoRBosGIxSkNlWRmqpIvRKeWTazbxblNjc3rX07qp07tLa0Ue5HO1M5ih+je8DRYxj7VtC6G7SpRS0S2oShpTm07w8tKppttC9TD2XKpJdJuvv6ekZHZFrlsJjTsrUyube3tzg/tb//YH9/cW9vc21etTbbuz4t1CoYA8IKGbeykpRfScrVjHdvPp58sjQ5qx8y6ZRG3YQlnA+VzZJvNhFnX1jaHMK0WZHbiwfGnQ0/UvfMfGMVaj0Ote8GrZPQuiK1eLhphb2KFqyFtGZ5edmiqLWr1m9b/mj/4aurq+b/3GKavWw2LZzFN5s9waEpd8wQBezrXocftXsWvjEGj5LwGA/Nr15hraK5NLWuTs02WoS0x6LN2jdh/7HrVljXkE/+ylGyWXyzV878jR8zRAH7utcHdO9vHBODNvOYb+uhpS61VtG6V7Rn4wjMIlmyy4IlxOwLSGvTLL5ZqmUb2Y6pKq0PoxxjHajcawK6Z8tRl45NLWrTE9q0hfYe2reI1jZaC2mdk0//HhuX7P+BDdaBZm2aTf9mCTebVfihpy4P3RYcbx3o3qGA7h3O8Rl4aBgeWGEznrFgreL20WwdjbVLx6tlk2ZmzWxks+nfjok4m8MorykbqNwxgO59M8d7+PIw7D08JhVt2Pn2WIeYTZ9mU0AeNSw5pp58nePOYMR9B0D3vpmjrrBDk9BmRmrNoaWpDTYhuXcE1u+yDrFDBbOvIW2S7agWzvK9gFXl9wHo3rfj+IvvKAltPDwqFe1D0iYwbby1f3v/7zk4DHvNrDn0pwmo3PcB6N535DuHoQ0vjuBQbWwi6xux79aOWQnYaAZa930DuvePcvzV+Q8KaWPLoZZav8umQ7P5FEd9Ga+jGajcPx3QvX8mr3/5vqaQx4tq/67j7bLW7NsqB4BDy382oHvfO99KyGOc/FZ8B7tsTAP5vgHd+975Dpf+UUIe9fffTTAzNl/nCT5QPzZA906G76zKP4LN5z3px+DHDujeD4hDxfgHZQP5wQK6BwJyMoDugYCcDKB7ICAnA+geCMjJALoHAnIygO6BgJwMoHsgICcD6B4IyMkAugcCcjKA7oGAnAygeyAgJwPoHgjIyQC6BwJyMoDugYCcDKB7ICAnA+geCMjJALoHAnIygO6BgJwMoHsgICcD6B4IyMkAugcCcjKA7oGAnAygeyAgJwPoHgjIyQC6BwJyMoDugYCcDKB7ICAnA+geCMjJALoHAnIygO6BgJwMoHsgICfD/wNUDp0J7NNKbQAAAABJRU5ErkJggg==" /> </div>
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</div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">A
recente valorização do dólar frente ao real foi amplamente comemorada pelo
governo. O câmbio depreciado auxiliaria as exportações do país, ao mesmo tempo
em que reduziria as importações. Nesse sentido, a demanda agregada do país
seria elevada – algo bom para a economia.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Aliado
a isso, a queda consistente verificada nas taxas de juros opera no mesmo
sentido – possibilita uma elevação do consumo ao mesmo tempo em que o
investimento, <i style="mso-bidi-font-style: normal;">ceteris paribus</i>,
cresce. Custos menores incentivam consumidores a comprar e investidores a investir.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Essa
combinação de câmbio desvalorizando com taxas de juros em queda opera
positivamente na economia, estimulando-a.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Contudo,
cabe uma pergunta pertinente: É sustentável uma política que reduza taxas de
juros e desvalorize o câmbio simultaneamente?</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">O
próprio Banco Central (BACEN) utiliza em suas próprias projeções para inflação
futura quatro modelos <i style="mso-bidi-font-style: normal;">VAR</i> (vetores
autorregressivos). No modelo <i>VAR1</i><a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">[1]</span></span></span></a>,
inclui-se as seguintes variáveis endógenas: variação da taxa de câmbio nominal,
variação da taxa SELIC real, inflação dos preços livres<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">[2]</span></span></span></a> e inflação dos preços
administrados<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">[3]</span></span></span></a>.
Além disso, são inclusas 11 <i style="mso-bidi-font-style: normal;">dummies</i>
sazonais referentes a cada mês do ano e uma <i style="mso-bidi-font-style: normal;">dummy</i>
de tendência para o período de desinflação (janeiro de 1995 a junho de 1998).
Através do modelo <i style="mso-bidi-font-style: normal;">VAR</i>, é possível
prever a inflação futura e determinar a relação entre as variáveis do modelo.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Nesse
estudo, estimei esse modelo do BACEN utilizando duas defasagens, seguindo a
sugestão da instituição. Além disso, não foram recuperados os parâmetros
estruturais do modelo, visto que o objetivo desse estudo é prever a inflação
futura e determinar a relação entre as variáveis.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Dando
enfoque aos preços, apresenta-se a função impulso-resposta e a sobre os preços
livres e administrados, considerando um choque de dois desvios-padrão na
variação da taxa de juros real e na variação da taxa de câmbio.</span></div>
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<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<i><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Figura
1 – Função Impulso-resposta sobre os preços livres e administrados.</span></i></div>
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<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
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" /><i><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"> </span></i></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"> </span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">
</span><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<i><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Fonte:
Elaboração do autor.</span></i></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"> Claramente, percebe-se que a taxa de câmbio possui uma
influência maior do que a taxa de juros sobre os preços livres e administrados,
embora o efeito maior seja (naturalmente) sobre os preços livres. </span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Além
disso, os impactos da taxa de câmbio e das taxas de juros operam em sentidos
distintos: se por um lado, um choque positivo na taxa de câmbio tende a elevar
os preços, um choque positivo na taxa de juros tende a reduzir os preços.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Por
fim, ressalta-se que os efeitos dos choques se dissipam mais rapidamente
considerando a taxa de juros do que a taxa de câmbio. Ou seja, choques no
câmbio possuem um impacto mais longo sobre os preços, dissipando-se
aproximadamente a partir do décimo mês após o choque.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Constatado
que taxas de câmbio e juros operam sobre os preços, e considerando a disparada
do câmbio e queda dos juros, questiona-se se esse processo é sustentável.
Especificamente, <i style="mso-bidi-font-style: normal;">ceteris paribus</i>,
queda dos juros e depreciação cambial operam conjuntamente no sentido de se
elevar preços. Na conjuntura atual, a grande questão é a cláusula <i style="mso-bidi-font-style: normal;">ceteris paribus</i> (tudo o mais constante).
Dado o cenário de incertezas crescentes sobre a Europa e a “recuperação” da
economia americana, pressões deflacionárias possivelmente podem estar em cena.
Nesse sentido, os efeitos do câmbio e das taxas de juros <i style="mso-bidi-font-style: normal;">podem</i> estar sendo suavizados. Contudo, com o cenário internacional
melhorando e a economia brasileira crescendo mais robustamente no segundo semestre,
dificilmente manteremos esse cenário atual prevalecendo (juros caindo e câmbio
depreciando).</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Cabe
ressaltar também que os efeitos da política monetária costumam aparecer com
defasagens temporais, normalmente após um semestre da alteração na política monetária.
Nessa circunstância, um problema adicional pode surgir: estaria sendo aberto no
Brasil espaço pra um salto inflacionário no cenário de retomada econômica antes
que o BACEN conseguisse alterar a trajetória altista em tempo adequado.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">De
fato, uma retomada na economia mundial pode acabar alterando o quadro de
incertezas, fazendo com que a fuga para “portos seguros”, como o dólar, seja
revertida. Nesse caso, um novo influxo de dólares para o Brasil tenderia a
apreciar novamente nossa moeda, o que, <i style="mso-bidi-font-style: normal;">ceteris
paribus,</i> traria nova pressão baixista nas taxas de juros. </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Por
fim, uma deterioração do quadro internacional aumentaria a saída de dólares,
depreciaria ainda mais a taxa de câmbio, o que por este canal, poderia surtir
efeitos nos preços (alta) e nas taxas de juros (alta). Ademais, a queda na
atividade econômica daria espaço para mais queda nos juros, criando para os
preços um cabo de guerra entre o canal do quadro internacional e do câmbio, que
provavelmente seria vencido pelo canal cambial<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">[4]</span></span></span></a>.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Com
efeito, em resposta a pergunta sobre a sustentabilidade da redução das taxas de
juros e desvalorização do câmbio simultaneamente, conclui-se que depende do
cenário em vigência. No quadro atual, não se apresentam grandes conflitos
temporariamente. Contudo, em face de uma retomada significativa da economia
mundial e nacional, não se espante se as taxas de juros voltarem a subir no
Brasil.</span></div>
<div style="mso-element: footnote-list;">
<br />
<hr align="left" size="1" width="33%" />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="text-align: justify;">
<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[1]</span></span></span></a>
Para maiores informações, consultar o site do banco central do Brasil.</div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="text-align: justify;">
<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[2]</span></span></span></a>
Chamamos os preços de preços livres, aqueles que variam ao sabor do mercado.
Por exemplo, peixe, dos ovos e da carne vermelha.</div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="text-align: justify;">
<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[3]</span></span></span></a>
Aqueles que não são determinados por essa dinâmica são chamados de preços
administrados. No caso deles, órgãos públicos determinam ou influenciam os
preços.</div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="text-align: justify;">
<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[4]</span></span></span></a>
Na crise econômica recente, embora o PIB brasileiro tenha caído 0,33% em termos
reais no ano de 2009, a inflação anual medida pelo IPCA foi de 4,31%, evidenciando
assim, que a retração econômica não conseguiu frear os preços (o efeito cambial
operou positivamente nesse sentido).</div>
</div>
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-29541962807632602452012-05-20T16:02:00.000-03:002012-05-20T16:04:33.944-03:00Todos ganham com o câmbio desvalorizado?<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">Comumente, ouvimos que a taxa de câmbio é um
importante instrumento para se promover o crescimento econômico de um país. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">O ministro da Fazendo, Guido Mantega<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 12pt; line-height: 115%;">[1]</span></span></span></a>,
recentemente afirmou que <i style="mso-bidi-font-style: normal;">“o dólar alto
beneficia a economia brasileira porque dá mais competitividade aos produtores.
Significa que a indústria brasileira pode competir melhor com os importados,
que ficam mais caros, e pode exportar mais barato para o exterior. Portanto,
não preocupa”</i>.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">Rogoff e Reinhart (2004)<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 12pt; line-height: 115%;">[2]</span></span></span></a>
mostram que o Brasil perde apenas do Congo entre os países com as moedas que
mais se desvalorizaram no mundo entre 1970 e 1991. Nesse sentido, há algumas questões
pertinentes:</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: 71.4pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-size: 12pt; line-height: 150%;">1.<span style="font: 7pt "Times New Roman";"> </span></span><span style="font-size: 12pt; line-height: 150%;">Isso tornou o Congo ou o Brasil nações
industriais e competitivas?</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 71.4pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-size: 12pt; line-height: 150%;">2.<span style="font: 7pt "Times New Roman";"> </span></span><span style="font-size: 12pt; line-height: 150%;">Além disso, como se justifica a perda de
participação relativa da indústria no PIB nesse mesmo período?</span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 71.4pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-size: 12pt; line-height: 150%;">3.<span style="font: 7pt "Times New Roman";"> </span></span><span style="font-size: 12pt; line-height: 150%;">Como nações ricas e de câmbio apreciado, como
a Alemanha e os Estados Unidos, conseguem ter participações elevadas entre os
países exportadores do mundo?</span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 71.4pt; text-align: justify; text-indent: -18pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">No jogo da desvalorização (ou depreciação, se
assim quiserem), nem todos ganham. Viajar para o exterior é um sonho para
muitos, e que contribui de várias formas que não podem ser mensuradas
monetariamente para a pessoa e o país ao qual habita.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">Nesse artigo irei tratar do setor do turismo internacional
no Brasil, e mostrar como um câmbio desvalorizado prejudica aqueles que querem
e/ou necessitam viajar para outros países.</span></div>
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<br /></div>
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<br /></div>
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</div>
<div align="center" class="MsoSubtitle" style="background: none repeat scroll 0% 0% rgb(229, 223, 236); color: black; line-height: 150%; text-align: center;">
<span style="font-size: large;"><b><span style="font-family: "Calibri","sans-serif";">Taxa de câmbio - R$ / US$ - comercial</span></b></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">A Taxa de câmbio é a taxa utilizada nas
transações oficiais (exportações, importações e transações financeiras)
registradas no Banco Central do Brasil.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">A taxa de câmbio diz quanto está valendo o
real, frente ao dólar. Uma taxa de câmbio mais baixa (valorizada), diz que a
moeda brasileira está se fortalecendo frente ao dólar. Ou seja, com um mesmo
montante de reais (digamos, R$1000), compram-se mais mercadorias registradas em
dólar.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">E como isso afeta o setor de turismo no
Brasil?</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">Uma taxa de câmbio valorizada significa que a
moeda brasileira está se fortalecendo, ou seja, viajar para o exterior está
ficando cada vez mais barato!</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">Vejamos o comportamento da taxa de câmbio no
Brasil durante o período de 1980 a 2011:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUNXtqaKh5tNu4016noFGUpD7zq67khvpVwuGUjVzg8afWDIejt7Q0zp6-Zy5ycz8UtB5MxkCKyYSeHB_E0a3aC9UgOPGW6uL1ju5vAz-aa9lKXKkBqC7RFYacUPX5bQ-jbCf4_H6YTDey/s1600/1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUNXtqaKh5tNu4016noFGUpD7zq67khvpVwuGUjVzg8afWDIejt7Q0zp6-Zy5ycz8UtB5MxkCKyYSeHB_E0a3aC9UgOPGW6uL1ju5vAz-aa9lKXKkBqC7RFYacUPX5bQ-jbCf4_H6YTDey/s1600/1.jpg" /></a></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;"> Fonte: IPEADATA.</span></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;">Figura 1 - Taxa de câmbio (comercial / venda) no Brasil durante o
período de 1980 a 2011.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 12pt; line-height: 150%;"> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 12pt; line-height: 150%;">Ressalta-se
que desde 2003 o real tem se valorizado persistentemente frente ao dólar. Ou
seja: viajar para o exterior está ficando cada vez mais acessível!</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 12pt; line-height: 150%;"> Vamos
conferir os gastos trimestrais dos brasileiros no exterior nos últimos anos,
desde 1980 até 2011:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWyjbn1ZqzDPvW6UNOcOvXm0Jl2lYkgLhG9xNGkln_quB63knXgbF9T2rs_cmDGSKhbN8RReTf5NPb1gBVaPo1rpP3qhFcJ3a2cnGU6fHeQf6xWtqwxCvTYblaxcUfwCBqjokmRoqhxL5J/s1600/2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWyjbn1ZqzDPvW6UNOcOvXm0Jl2lYkgLhG9xNGkln_quB63knXgbF9T2rs_cmDGSKhbN8RReTf5NPb1gBVaPo1rpP3qhFcJ3a2cnGU6fHeQf6xWtqwxCvTYblaxcUfwCBqjokmRoqhxL5J/s1600/2.jpg" /></a></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;"> Fonte: IPEADATA.</span></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;">Figura 2 – Gastos trimestrais dos brasileiros no exterior (milhões
de US$) no período de 1980 até 2011</span><span style="font-size: 12pt;">.</span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 3pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;"> Percebe-se que a partir do momento em que
houve um ciclo contínuo de queda na taxa de câmbio, a partir de 2003, coincidiu
com o ciclo contínuo de alta nos gastos internacionais por parte dos
brasileiros. Ou seja, real valorizado anda lado a lado com os gastos em
internacionais dos brasileiros.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 12pt; line-height: 150%;"> Através
de análise econométrica, foi constatado que, para o período de 1995 a 2011, a
elasticidade renda do setor de viagens internancionais no Brasil é de -2,02, <u>ou
seja, para cada 1% de queda na taxa de câmbio (real valorizando), ocorre um
aumento de 2% nos gastos dos brasileiros com viagens internacionais. </u></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 12pt; line-height: 150%;"> </span>
</div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt;">No caso
brasileiro, concretamente a disparidade das taxas de juros prevalecentes entre
o mercado interno e o mercado externo exerce influência sobre a taxa de câmbio.
Especificamente, após criação de uma série que considera a diferença entre a
taxa de juros SELIC e a taxa de juros referencial internacional (<i style="mso-bidi-font-style: normal;">FED funds Rate</i>)<i style="mso-bidi-font-style: normal;">, </i>e posterior contraste com a taxa de câmbio média do mês para
compra, tem-se a figura 3.</span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 3pt; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeOQ9pig7hwyIlM4v4tyVs5bC51ddWSJTEpW4RtxrxTv7bDdQXv8KglY2b00ylPs8ZFik-jZcIjJoqmvsZH1Z_B9WJ3uktO4lQ0OTHitEjRtkhj77-XGLkCPajpSk8jZ108IKWLytQwxVC/s1600/3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeOQ9pig7hwyIlM4v4tyVs5bC51ddWSJTEpW4RtxrxTv7bDdQXv8KglY2b00ylPs8ZFik-jZcIjJoqmvsZH1Z_B9WJ3uktO4lQ0OTHitEjRtkhj77-XGLkCPajpSk8jZ108IKWLytQwxVC/s1600/3.jpg" /></a></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;"> * Para todas as variáveis, base janeiro de 2000=1</span></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;">Fonte: IPEADATA.</span></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify;">
<span style="font-size: 12pt;">Figura 3 – Diferenças mensais entre taxas de juros </span><span style="font-size: 12pt;">SELIC e a taxa de juros <i style="mso-bidi-font-style: normal;">FED funds Rate</i> e a taxa de câmbio média
mensal para compra.</span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 3pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: 3.0pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt;"> Há uma clara relação positiva entre as
variáveis, ou seja, a discrepância entre taxas de juros exercem influência altista
na formação da taxa de câmbio no Brasil.</span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 3pt; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 3pt; text-align: justify; text-indent: 35.4pt;">
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12pt; line-height: 150%;">Quanto às projeções, para o dólar voltar a se
fortalecer consideravelmente frente ao real (acima de R$2,00), é necessário que
a diferença entre as taxas de juros no Brasil e no mercado internacional
continue caindo. Ou também, uma grande crise econômica ou alguma medida
catastrófica do governo, o que é improvável em um cenário de curto e médio
prazo. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 12pt; line-height: 150%;">Com
o real valorizado, o setor de turismo internacional é um mercado em expansão
contínua no Brasil!</span></u></b></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><u><span style="font-size: 12pt; line-height: 150%;"><br /></span></u></b></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 12pt; line-height: 150%;">Naturalmente,
com o real desvalorizado, o setor de turismo internacional é um mercado em retração
no Brasil!</span></u></b></div>
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<br /></div>
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<span style="font-size: 12pt; line-height: 150%;"><u>OBS</u><u>: Esses levantamentos são fruto de uma pesquisa que realizei para uma agência de turismo. Naturalmente, quando falo que o setor de turismo internacional é um mercado em expansão no Brasil, eu estou me referindo ao mercado que a agência explora - venda de roteiros internacionais.</u></span></div>
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<span style="font-size: 12pt;"></span></div>
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<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[1]</span></span></span></a>
http://veja.abril.com.br/noticia/economia/guido-mantega-comemora-dolar-em-alta</div>
</div>
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<a href="http://www.blogger.com/blogger.g?blogID=9155268336104161660#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%;">[2]</span></span></span></a> <span lang="EN-US">Reinhart, Carmen e Keneth
Rogoff (2004a), “The modern history of exchange rate arrangements: a
reinterpretation”, Quarterly Journal of Economics, 119(1), fevereiro: 1-48.</span></div>
</div>
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-20116985527323785702012-04-26T21:36:00.001-03:002012-04-26T21:36:56.326-03:00Qual o impacto do BNDES sobre as taxas de juros no Brasil?<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbRX3TMHY7kfgfO3uOFWmtapV_qkKmlE4h6mNmitJjkwimKS6awLXAK_LkfmQVKzHUa5VzgagE9S73czo3U_AdfE4aTQ-wqd4AhkYuPzZw6XnX_0ElSzczH4Ycs_hWPgfWCejsPnPj8ASs/s1600/bndes.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbRX3TMHY7kfgfO3uOFWmtapV_qkKmlE4h6mNmitJjkwimKS6awLXAK_LkfmQVKzHUa5VzgagE9S73czo3U_AdfE4aTQ-wqd4AhkYuPzZw6XnX_0ElSzczH4Ycs_hWPgfWCejsPnPj8ASs/s200/bndes.jpg" width="200" /></a><span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">O
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notoriedade crescente nos últimos anos. O Banco é uma empresa pública federal,
sendo atualmente o principal instrumento de financiamento de longo prazo em
todos os segmentos da economia.</span></div>
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<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Fundado
em 1952, por Roberto Campos (o nome original era BNDE), o BNDES se destaca no
apoio à agricultura, indústria, infraestrutura e comércio e serviços,
oferecendo condições “especiais” para micro, pequenas, médias e grandes
empresas.</span></div>
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<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">A
operação do BNDES tem sido elogiada constantemente por políticos, partidos,
governo, imprensa e economistas. Notadamente, as taxas de juros são altas no
Brasil. Nesse sentido, a operação do BNDES, que fornece crédito subsidiado,
possibilita o financiamento de empreendimento com taxas de juros mais
acessíveis, que viabiliza muitos negócios.</span></div>
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<br /></div>
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<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Contudo,
nem só efeitos positivos advêm com a operação do Banco público. <span style="mso-spacerun: yes;"> </span>Um efeito contraverso que emana de sua
atividade é a pressão altista que exerce nas elevadas taxas de juros no Brasil.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Exatamente.
Como ensina a teoria econômica, a segmentação de mercado sempre gera efeitos
negativos. No caso brasileiro, a segmentação do mercado de crédito, que ocorre
com a operação de bancos que fornecem crédito subsidiado, como é o caso do
BNDES, impacta positivamente nas taxas de juros de mercado.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Especificamente,
o financiamento subsidiado – fornecido a taxas de juros abaixo do que prevalece
no mercado – pelo BNDES à economia, deve estar pressionando a taxa real de
juros de equilíbrio no mercado de crédito. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">A
intuição é que o setor público oferecendo crédito subsidiado a economia, a
política monetária controlada pelo Banco Central terá de elevar ainda mais as
taxas de juros visando manter a demanda por crédito em um nível consistente com
a meta inflacionária. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">É
aquele cabo de guerra que funciona na economia: os setores ou empresas que
recebem o crédito são beneficiados, ao passo que os outros, que não tem a
mordomia do crédito subsidiado, irão pagar o preço, visto que a oferta de
crédito a estes chega a um custo mais elevado do que teria caso não houvesse o
crédito subsidiado.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Em
outras palavras, considerando a existência de crédito subsidiado, o Banco
Central controla apenas uma parte do mercado de crédito existente na economia. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Logo,
a taxa real de juros de equilíbrio consistente com pleno emprego e estabilidade
de preços será uma função das taxas de juros subsidiadas e das taxas de juros
não subsidiadas (de mercado).</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Com
efeito, as taxas de juros subsidiadas exercem uma pressão extra sobre o
mercado, fazendo com que as taxas de juros não subsidiadas sejam mais elevadas
do que seriam caso não houvesse a operação do crédito subsidiado.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Não
pretendo criticar a operação do BNDES. Estou apenas ressaltando um custo que
existe em face da operação do banco, e que foge as vistas de muitos. Ao que
parece, o BNDES é algo sacrossanto, e que apenas coisas boas emanam de sua
operação. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 35.4pt;">
<span style="font-size: 12.0pt; line-height: 150%; mso-bidi-font-size: 11.0pt;">Enquanto
economistas competem a nós apontar tanto os efeitos positivos como os negativos
que surgem das políticas econômicas (BNDES é fruto de política econômica, não
do livre mercado). Como muitos apontam o lado positivo, optei por fazer o
trabalho sujo.</span></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-7717679852970945082012-04-17T15:33:00.013-03:002012-04-17T16:06:48.062-03:00A culpa da crise imobiliária norte americana reside no mercado?<a style="color: rgb(255, 255, 255);" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSLwgeGdbIk69guE_bmY-E53GhLpX7FLygHJ32PcwbXr-TLNXeehzWLC1xdMU_YGTtGXzkAu6faY4Q290aTu2TVt5c9CHDXj6bsuPd12m0a0qVZYQF_Y2NmEdNoY3rN9jZGSHus2aJa5oK/s1600/government+LIES.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSLwgeGdbIk69guE_bmY-E53GhLpX7FLygHJ32PcwbXr-TLNXeehzWLC1xdMU_YGTtGXzkAu6faY4Q290aTu2TVt5c9CHDXj6bsuPd12m0a0qVZYQF_Y2NmEdNoY3rN9jZGSHus2aJa5oK/s200/government+LIES.jpg" alt="" id="BLOGGER_PHOTO_ID_5732445453269746258" border="0" /></a><br style="color: rgb(255, 255, 255);"><!--[if gte mso 9]><xml> <w:worddocument> 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mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--><div style="text-align: justify; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=";font-family:";" ><span style="font-style: italic;">Esse artigo foi por mim escrito em 2009. Está portanto desatualizado. Contudo, não inviabiliza o entendimento de um fato: o sistema imobiliário norte americano não é regido pelo mercado, pelo contrário, uma análise do mesmo demonstra o quão intervencionista ele é. Boa leitura!</span></span></span><br /></div><p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=";font-family:";" ><br /></span></span></p><p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="Arial","sans-serif"font-family:";" >O empenho da imprensa foi significativo para criar um dos maiores mitos da história econômica: <span class="apple-style-span">o de que a atual crise financeira é resultado direto da liberdade econômica e do capitalismo</span><span class="apple-converted-space"> </span><span class="apple-style-span"><i>laissez faire</i>. Colaborando com isso, todos os políticos bradavam contra o perigoso neoliberalismo. Só há uma solução para a crise, a saber, mais e mais regulamentações e muita intervenção estatal.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >A força anti-mercado seduziu inclusive aqueles que se utilizaram da plataforma liberal em suas campanhas políticas. Sarkozy disse que a economia '<i>laissez faire</i>', a 'auto-regulação', e a visão de que o 'todo-poderoso mercado' sempre sabe o que é melhor acabaram". </span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >O livre mercado tornou-se assim, o inimigo comum a ser combatido. Como se não bastasse, notáveis economistas deram sua contribuição em favor do obscurantismo, inclusive economistas laureados com o prestigioso prêmio Nobel. Foi o caso de Joseph Stiglitz, cujo texto demonstra seu rancor ao mercado, e seu conseqüente desconhecimento para com os fatos: <i style="mso-bidi-font-style: normal">“O mundo não tem sido bom para o neoliberalismo, este apanhado de idéias baseado na noção fundamentalista de que os mercados são autocorrigíveis, alocam recursos de forma eficiente e atendem bem ao interesse público”.</i> </span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"; font-family:";" >Seu ataque não somente mostra o desprezo por um fantasma chamado neoliberalismo, mas também que existem formas mais eficientes de se alocar recursos do que por trocas voluntárias. Disso surgem algumas perguntas: se não é o mercado que aloca eficientemente os recursos, será a imposição de alguém que o fará? Será o Estado? Ou um funcionário da Gosplan? Da mesma forma, restam dúvidas na frase, pois não se sabe ao certo o que leva um Cubano a fugir de seu país tentando a vida na América, pois esse território ‘neoliberal’, conforme Stiglitz disse, é incapaz de atender ao interesse público. Esses Cubanos são, portanto, meros malfazejos, fugindo em busca de deleites duvidosos.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="Arial","sans-serif"font-family:";" >Liberalismo clássico do ponto de vista econômico pode ser entendido como o capitalismo alicerçado em uma economia sem impostos progressivos, sem um banco central, sem um sistema plenamente fiduciário e inconversível, sem ações governamentais que estipulam preços ou salários, sem medidas governamentais que obriguem a garantir o emprego de algum determinado grupo étnico, sem um sistema de saúde gerido pelo governo, sem ministérios como o de energia e do trabalho, sem agências que regulem o mercado financeiro, ausência de tarifas aduaneiras e assistencialismo, ausência de incentivos a setores, como agrícola ou imobiliário; enfim, uma economia realmente livre e ausente de interferência governamental. Como vemos, o sistema econômico que vivemos atualmente está totalmente distante do que seria em um sistema liberal. </span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >Ainda que o frenesi estatizante tenha triunfado, restaram algumas vozes dispersas em defesa da liberdade econômica. Nesse sentido, faz-se necessário uma análise aprofundada da crise, para se entender as raízes dela, e eliminar esse falso entendimento dos fatos. A análise superficial, feita pela grande imprensa e tornada sacro-santa pelos homens de poder, induz ao triunfo dessa ‘cruzada anti-mercado’.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >A recente crise tem suas origens no setor imobiliário dos Estados Unidos. Como essa é uma ‘’crise do neoliberalismo’’, é de se imaginar que este fosse um setor livre de intervenção. Porém, basta realizar uma breve análise para se comprovar exatamente o oposto. Não só altamente regulado, mas, sobretudo, altamente controlado e estimulado pelo Estado. </span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >Vamos aos fatos. Algumas agências governamentais podem emitir títulos para financiar suas atividades, uma clara comprovação do intervencionismo que vivemos. Estas agências são normalmente formadas por razões de política pública para canalizar crédito a um setor específico da economia, que o Congresso acredita não estar sendo adequadamente financiado por meio de fontes privadas.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >No setor imobiliário, as principais agências com relação à hipoteca são o <i style="mso-bidi-font-style:normal">Federal Home Loan Bank (FHLB), a Federal National Mortgage Association (Fannie Mae), a Government Nationalk Mortgage Association (Ginnie Mae), e a Federal Home Loan Mortgage Corporation (Freddie Mac).</i> Estas três últimas foram organizadas para oferecer liquidez ao mercado hipotecário.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >A intervenção do Estado na economia traz conseqüências. Como se não bastasse o direcionamento artificial de recursos para determinados setores, sua atuação induz também o chamado <i style="mso-bidi-font-style:normal">moral hazard.</i> Embora a dívida de agências federais não fossem explicitamente asseguradas pelo governo central, presumia-se que ele ajudaria uma agência beirando a insolvência, o que de fato fez. Portanto, estes títulos foram considerados extremamente seguros e sua margem de rendimento sobre os títulos do Tesouro Norte Americano foi normalmente pequeno. É conhecido o fato que as agências de rating rotulavam de extremamente seguros tais ativos, tendo nota máxima, ou seja, AAA+++.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >Os títulos garantidos por hipoteca são direitos de propriedade em um grupo de hipotecas ou obrigações que são asseguradas por um grupo desse tipo. Esses direitos representam, portanto, a securitização dos empréstimos. Assim, credores hipotecários criam empréstimos e depois vendem pacotes desses empréstimos no mercado secundário. Especificamente, vendem o seu direito aos fluxos de caixa das hipotecas enquanto estes empréstimos estão sendo pagos. Quem criou a hipoteca continua a servir o empréstimo, cobrando os pagamentos de principal e de juros, e passa esses pagamentos para o comprador da hipoteca. Por isso, esses títulos garantidos por hipoteca são chamados de lastro em hipotecas.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >O fato é que, exatamente esses títulos, que posteriormente se mostraram podres, foram criados pelas agências do governo, induzidos pelo Congresso, ao crer que o setor estava carente de recursos. Era o Estado sabendo o que era o melhor para a economia. Explico-me.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"font-family:";" >Os títulos com lastro em hipoteca foram criados pela <i style="mso-bidi-font-style: normal">Ginnie Mae</i>, no ano de 1970. Os com lastro em hipotecas <i style="mso-bidi-font-style:normal">Ginnie Mae </i>tinham a garantia do governo Norte-Americano que assegurava o pagamento pontual do principal e dos juros, mesmo se o devedor deixasse de pagar a hipoteca. Exatamente como aconteceu. Outros títulos deste tipo foram criados desde então. Criados e popularizados, alicerçados no <i style="mso-bidi-font-style:normal">moral hazard</i> que o governo cria. Estes títulos foram patrocinados pelas agências governamentais <i style="mso-bidi-font-style:normal">Fannie Mae e Freddie Mac.</i> Até o final do ano de 1995, mais de 1.8 trilhões de dólares em hipotecas em circulação estavam em circulação securitizadas por títulos garantidos em hipotecas. Este número, com o decorrer do tempo, só aumentou.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"; font-family:";" >No princípio da década de 1970, a inflação e as taxas de juro subiram drasticamente. Muitos investidores afastaram-se das hipotecas tradicionais. A <i style="mso-bidi-font-style:normal">Ginnie Mae</i>, como mencionado, emitiu em 1970 a sua primeira garantia com título apoiado por hipoteca. Os investidores consideraram estes títulos altamente atrativos. Também em 1970, sob o <i style="mso-bidi-font-style:normal">Emergency Home Finance Act</i>, o Congresso permitiu à <i style="mso-bidi-font-style:normal">Federal Home Loan Mortgage Corp (Freddie Mac)</i> que comprasse hipotecas convencionais de instituições financeiras seguradas a nível federal. A legislação também autorizou a <i style="mso-bidi-font-style:normal">Fannie Mae</i> a comprar hipotecas convencionais. Por sua vez, o <i style="mso-bidi-font-style:normal">Freddie Mac</i> introduziu o seu próprio programa títulos hipotecários em 1971.</span></span><span class="apple-converted-space"><span style="Arial","sans-serif"; font-family:";" > Era o governo controlando os recursos, estimulando os setores que lhe interessava, e fazendo o papel do mercado.</span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><i style="mso-bidi-font-style:normal"><span style="Arial","sans-serif";font-family:";" >A Fannie </span></i></span><span class="apple-style-span"><span style="Arial","sans-serif"; font-family:";" >e o<i style="mso-bidi-font-style:normal"> Freddie</i> foram, portanto, os inventores originais dos títulos apoiados por hipoteca, uma causa chave da bolha habitacional e da sua deflação subsequente. Estes títulos receberam crédito e reconhecimento por sua engenhosidade em fragmentar o risco e em revender títulos apoiados por hipotecas a compradores com variados apetites para o risco no mercado global. Este foi o segredo por trás do boom habitacional nos EUA e a ideia que permitiu o mercado das finanças estruturadas. Alan Greenspan, antigo presidente do <i style="mso-bidi-font-style: normal">Federal Reserve</i>, louvou-o incessantemente como um feito engenhoso que muito fez para ampliar as habitações na América. </span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"; font-family:";" >O êxito desses títulos permitiu a titularização de hipotecas subprime e "ninja"</span></span><span class="apple-converted-space"><span style="Arial","sans-serif";font-family:";" > </span></span><span class="apple-style-span"><i><span style="Arial","sans-serif"; font-family:";" >(no income, no job or assets),</span></i></span><span class="apple-converted-space"><i><span style="Arial","sans-serif"; font-family:";" > </span></i></span><span class="apple-style-span"><span style="Arial","sans-serif";font-family:";" >empréstimos que ninguém compraria se não fossem garantidos pelo governo. Portanto a falha não jaz nos originadores das hipotecas, pois eles não seriam capazes de emitir hipotecas duvidosas a menos que houvesse um mercado para elas. O abuso dos derivativos e de sua alegada garantia governamental tornou a disciplina do mercado inoperante, permitindo ao sistema ser conduzido com sinais distorcidos, fora da realidade econômica. Devido à sua complexidade e distribuição ampla, quando dívidas tituladas deixam de ser cumpridas, a reestruturação é quase impossível. Não há extintor de incêndio efetivo uma vez que o fogo começa e rapidamente toma todo o mercado, como de fato aconteceu na recente crise, apontada como sendo a crise do ‘livre-mercado’.</span></span><span class="apple-converted-space"><span style="Arial","sans-serif";font-family:";" > </span></span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="Arial","sans-serif"; font-family:";" >O sistema habitacional do modo como foi criado pelo governo, pode ser visto como um socialismo corporativo de mercado em nome da democracia econômica populista.</span></span><span style="Arial","sans-serif"; font-family:";" > </span></span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="Arial","sans-serif"font-family:";" >Como não bastasse tamanha intervenção do Estado no setor imobiliário, em 1977 foi criado pelo governo <i style="mso-bidi-font-style:normal">fed</i>eral o <span class="apple-style-span"><i style="mso-bidi-font-style:normal">CRA (Community Reinvestment Act - Decreto de Reinvestimento Comunitário).</i> Com este decreto, o <i style="mso-bidi-font-style: normal">FED</i> (o Banco Central americano) e outros reguladores do sistema financeiro ficaram autorizados a pressionar os bancos para conceder empréstimos a mutuários com capacidade creditícia duvidosa - mutuários esses que, em um livre mercado não receberiam o crédito.</span></span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >O governo também "aperfeiçoou" os requerimentos regulatórios para os empréstimos CRA no ano de 1995, induzindo aos bancos fazerem tais empréstimos sem que pudessem verificar muitos critérios tradicionais de histórico de crédito, tais como a magnitude do pagamento hipotecário em relação à renda do mutuário, histórico de poupança e até mesmo verificação de renda. E na realidade, o <i style="mso-bidi-font-style:normal">FED</i> disse aos bancos que a participação do mutuário em programas de aconselhamento de crédito, muitos dos quais eram financiados com fundos <i style="mso-bidi-font-style:normal">fed</i>erais, poderia ser usada como garantia da capacidade desse mutuário de baixa renda honrar seus pagamentos hipotecários. Em outras palavras, os reguladores bancários <i style="mso-bidi-font-style:normal">fed</i>erais<span class="apple-converted-space"> </span><span style="mso-bidi-font-style:italic">exigiram</span><span class="apple-converted-space"> </span>que os bancos fizessem empréstimos ruins baseando-se em padrões de crédito não existentes.</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >Dito tudo isso, é possível crer que foi genuinamente o livre mercado ‘’desregulamentado’’ que provocou a crise imobiliária?</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >Ainda que os fatos acima demonstrem a realidade da ausência um livre mercado, restam-nos alguns pontos a considerar. Muito possivelmente, o fator mais destrutivo nesse processo até o momento não foi mencionado: o controle da taxa de juros pelo banco central, e seu poder de criação e destruição de riqueza. Este é, certamente, o fator chave dessa crise. Até o preço básico da economia não foge do poder regulatório do governo. A bolha imobiliária pode ser mencionada em quatro etapas.</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >Na primeira, o <i style="mso-bidi-font-style:normal">FED</i> cortou a taxa básica de juros para seu mínimo histórico, 1%, no ano de 2003. Era o governo adotando medidas ‘contra-cíclicas’. A taxa de juros real, pela primeira vez na história, tornou-se negativa. Certamente era um estímulo a economia - estímulo rumo ao precipício.</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >Então, naturalmente, as taxas hipotecárias tornaram-se as menores da história, à medida que a escassez ‘diminuía’ na economia, seguindo a trajetória dos juros controlados pelo Banco Central.</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >Consequentemente, os empréstimos explodiram, sobretudo no setor imobiliário. Era a magia do <i style="mso-bidi-font-style:normal">FED</i>, resolvendo o problema central da economia - a escassez estava próxima de ser superada.</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"font-family:";" >Dado os incentivos governamentais, os preços das casas dispararam. Os títulos até então eram garantias de lucros, sobretudo numa economia onde o banco central tinha abolido o juro real. Entretanto, a realidade sempre prevalece, e o <i style="mso-bidi-font-style:normal">FED</i> não pode manter por muito tempo o juro negativo. A verdade prevaleceu, e a ressaca teve que acontecer.</span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="line-height:150%; Arial","sans-serif"font-family:";" >Agências governamentais, títulos lastreados em hipotecas e derivativos de crédito foram assim, unicamente o condutor que fizeram com que todos esses investimentos e empréstimos ruins</span></span><span class="apple-converted-space"><span style="line-height:150%; Arial","sans-serif"font-family:";" > </span></span><span class="apple-style-span"><span style="line-height:150%; Arial","sans-serif";mso-bidi-font-style:italicfont-family:";" >parecessem</span></span><span class="apple-converted-space"><span style="line-height:150%; Arial","sans-serif"font-family:";" > </span></span><span class="apple-style-span"><span style="line-height:150%; Arial","sans-serif"font-family:";" >menos arriscados do que realmente eram. Dessa maneira, o <i style="mso-bidi-font-style:normal">Fed</i>eral Reserve pode enganar o mercado, pelo menos temporariamente. Mas, no final, o mercado sempre acaba se reafirmando. E se reafirmou.</span></span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="line-height:150%; Arial","sans-serif"font-family:";" >Conclusão:</span></span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="line-height:150%; Arial","sans-serif"font-family:";" >Não vivemos atualmente e nem vivemos anteriormente à crise em um livre mercado. Não foi a livre iniciativa que nos trouxe a tal situação, mas sim o intervencionismo em larga escala, e a pretensão de burocratas e congressistas em gerir a economia, sobretudo com o direcionamento de recursos e a substituição do capital por dinheiro monopolizado do <i style="mso-bidi-font-style:normal">FED</i>, suprimindo o juro, juro este inimigo mortal do capitalismo estatal e populista.</span></span></span></p> <p style="text-align: justify; text-indent: 35.4pt; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span class="apple-style-span"><span style="line-height:150%; Arial","sans-serif"font-family:";" >Portanto, raciocine antes de falar que a crise que vivemos é fruto do capitalismo de mercado. Capitalismo de mercado é um sistema econômico, o intervencionismo que vivenciamos é outro sistema - a nossa realidade.</span></span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=" line-height:150%;Arial","sans-serif"font-family:";" > </span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height: 150%;font-family:";" ><br /></span></span></p><p style="text-align: left; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=" line-height:150%;Arial","sans-serif"font-family:";" >Referências:</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=" line-height:150%;Arial","sans-serif"font-family:";" >http://mises.org.br/Article.aspx?id=124</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=" line-height:150%;Arial","sans-serif"font-family:";" >http://mises.org.br/Article.aspx?id=168</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=" line-height:150%;Arial","sans-serif"font-family:";" >http://mises.org.br/Article.aspx?id=188</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style=" line-height:150%;Arial","sans-serif"font-family:";" >http://www.acionista.com.br/dep_tecnico/151008_a_crise_do_subprime.htm</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";" lang="EN-US">http://simplesnotas.wordpress.com/ - MBS legal!<span style="mso-tab-count:2"> </span></span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";" lang="EN-US">http://ferrao.org/2008/07/joseph-stiglitz-o-fim-do-neoliberalismo.html</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";" lang="EN-US">http://www.istoedinheiro.com.br/noticias/3511_A+MULHER+QUE+ABALOU+O+FMI</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";" lang="EN-US">http://rodrigoconstantino.blogspot.com/2008/11/as-agncias-de-risco.html</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";" lang="EN-US">http://resistir.info/crise/liu_22jul08_parte_1.html - ok</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="font-size:100%;"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";" lang="EN-US">http://resistir.info/crise/liu_22jul08_parte_2.html</span></span></p> <p style="text-align: justify; line-height: 150%; color: rgb(255, 255, 255);"><span style="line-height:150%;Arial","sans-serif"; mso-ansi-language:EN-USfont-family:";font-size:100%;" lang="EN-US">http://fmauriciograbois.org.br/portal/revista.int.php?id_sessao=50&id_publicacao=201&id_indice=1730<br style="mso-special-character:line-break"> <br style="mso-special-character:line-break"> </span></p> <!--[if gte mso 9]><xml> <w:worddocument> <w:view>Normal</w:View> <w:zoom>0</w:Zoom> <w:trackmoves/> 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mso-bidi-theme-font:minor-bidi;} </style> <![endif]-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-4888152819826651302012-04-08T19:40:00.014-03:002012-04-08T20:21:54.042-03:00A possível alteração no rendimento da caderneta de poupança - e suas implicações<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY3u1X-p8WN1yPKzNw60Yy0gthJSmC-rRqlXfyKXa0sqHio5rraELTCYTKsxiVdvdmQlJsccxGFzt-YNMDNtgNmLWxNQzQDIXDlhyphenhyphenlTo6iyL1gwReE3cnR_JDmYh68DHo3jVSgrbxKkcOB/s1600/porco.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 150px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY3u1X-p8WN1yPKzNw60Yy0gthJSmC-rRqlXfyKXa0sqHio5rraELTCYTKsxiVdvdmQlJsccxGFzt-YNMDNtgNmLWxNQzQDIXDlhyphenhyphenlTo6iyL1gwReE3cnR_JDmYh68DHo3jVSgrbxKkcOB/s200/porco.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5729165386620574738" /></a><br /><div style="text-align: justify;font-family: Georgia, serif; font-size: 100%; font-variant: normal; font-weight: normal; line-height: normal; "><span style="font-size: 100%; "><i>Não é de hoje que começam a surgir rumores na imprensa que o governo brasileiro estaria estudando a alternativa de se alterar o rendimento da poupança no Brasil - algo que é extremamente impopular e levará a calorosos debates. Percebe-se que nos últimos meses a discussão tem retornado a ganhar notoriedade.</i></span></div><div style="text-align: justify;font-family: Georgia, serif; font-size: 100%; font-variant: normal; font-weight: normal; line-height: normal; "><span style="font-size: 100%; "><i>Nesse artigo, farei uma breve análise do funcionamento da poupança no país e da possibilidade de se alterar o rendimento da mesma – bem como implicações.</i></span></div><br /><br /><div><span><span style="font-size: 100%;"><b>ORIGEM DA POUPANÇA NO BRASIL E SEU FUNCIONAMENTO ATUAL</b></span></span><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; line-height: normal; "><br /><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">No Brasil, D. Pedro II assinou decreto nº 2.723 (de 12 de janeiro de 1.861) estipulando a criação da Caixa Econômica Federal e da caderneta de poupança.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">A caderneta de poupança tinha como objetivo captar os recursos que as classes mais pobres tinham para economizar. Este tipo de investimento pagaria 6% de juros ao ano. Ficou estipulado ainda que, sob garantia do Governo Imperial, o dinheiro seria devolvido quando seu dono o desejasse.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Atualmente, a poupança é uma conta de depósitos remunerados pela TR – Taxa Referencial – acrescida de juros mensais para pessoas físicas e trimestrais para pessoas jurídicas. </span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">A poupança é o investimento mais popular e tradicional do país devido, principalmente, a sua simplicidade de aplicação e de resgate. É uma aplicação segura e suas regras de funcionamento são estipuladas pelo Banco Central, por isso existe uma padronização de taxas e de funcionamento em todas as instituições financeiras. </span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Os valores depositados na poupança são atualizados com base na TR - taxa referencial - do dia do depósito. O cálculo da TR é feito a partir da média das taxas de CDB, prefixado, de 30 dias e sobre ela aplica-se um redutor definido pelo Banco Central.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Para pessoas físicas, além do reajuste monetário, os valores depositados na poupança são atualizados por juros de 0,5% ao mês (6,17% ao ano). As pessoas físicas não pagam imposto de renda em suas aplicações em poupança.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Para pessoas jurídicas, além do reajuste monetário, os valores depositados na poupança são atualizados por juros de 1,5% ao trimestre (6,14% ao ano). Contudo, as pessoas jurídicas com fins lucrativos pagam imposto de renda de 22,5% sobre o rendimento nominal da aplicação.</span></div><br /><br /><b>POR QUE O GOVERNO PRETENDE ALTERÁ-LA?</b></div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; line-height: normal; "><br /><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">A remuneração mínima da poupança exerce pressão sobre a política monetária no Brasil – e sobre as taxas de juros. </span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Como vimos, sob a legislação vigente, a caderneta de poupança é remunerada a uma taxa de juros de aproximadamente 6,15% ao ano, além dos acréscimos da TR. </span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">No caso brasileiro, esta remuneração mínima acabará por funcionar como um piso para a taxa de juros, que não poderão cair ainda mais (mesmo que a taxa de juros real de equilíbrio possa cair). </span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Basicamente, os investidores considerarão mais atrativo colocar os seus fundos em contas de poupança do que em outros ativos financeiros (como a dívida do governo), cujo rendimento tende a acompanhar a taxa básica de juros (SELIC). </span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Com efeito, a política monetária brasileira fica atrelada ao rendimento da caderneta de poupança.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">O Brasil não terá problemas com rolagens de dívida enquanto as taxas de juros vigentes no país continuarem no patamar que estão.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">O que ocorre é que será possível vivenciar no Brasil uma migração de recursos para outros ativos alternativos a SELIC, onde as rolagens da dívida pública se tornarão mais difíceis e o Tesouro terá problemas de caixa, notadamente caso tenha que amortizar parcelas significativas da dívida em vencimento.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Ou seja, o próprio governo brasileiro só poderá manter a rolagem de sua dívida com uma taxa SELIC superior ao rendimento da poupança.</span></div><div style="font-weight: normal; "><br /></div><br /><b>RESUMINDO...</b></div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; line-height: normal; "><br /><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Em suma, há dois motivos para se alterar o rendimento da poupança: um que você ouvirá na imprensa, e outro que não ouvirá.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Você ouvirá que visando reduzir as taxas de juros e convergi-la para as taxas internacionais, o rendimento da poupança terá de ser alterado - necessariamente, reduzido – e isso será bom para você e para o seu país.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Contudo, você não ouvirá o outro motivo fundamental (e não admitido pelo governo): a redução da remuneração da poupança é necessária para manter sua capacidade de rolar a dívida pública – e de endividamento, naturalmente.</span></div><br /><br /><b>CONSEQUÊNCIAS</b></div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; line-height: normal; "><br /><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Disso surge uma dúvida pertinente: Será que todos ganham com essa alteração?</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Em suma, os beneficiados da medida serão (grosso modo) os devedores, e os prejudicados serão os poupadores.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">O devedor será beneficiado pois verá o custo de suas dívidas sendo reduzida – visto que as taxas de juros estarão caindo. Com tudo o mais constante, haverá um estímulo ao maior endividamento no país.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Os prejudicados serão as pessoas e empresas que formam poupança, pois verão o rendimento de suas aplicações minguar. Com tudo o mais constante, haverá um desestímulo a formação de poupança no país – que já possui uma taxa de poupança baixíssima.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; "><br /></span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; "><br /></span></div><b>COMO ISSO AFETARÁ SEUS RENDIMENTOS?</b></div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; line-height: normal; "><br /><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Com o rendimento da poupança próximo a 7,5% ao ano, para se fazer o valor de seu investimento duplicar e triplicar (nominalmente), são necessários, respectivamente, 9,24 e 14,64 anos.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Vamos considerar uma alteração na legislação do rendimento da poupança, que faça com que a mesma seja balisada pela taxa SELIC, como é o esperado. Considerando a possível redução na taxa SELIC para valores próximos de padrão internacional e manutenção da TR, podemos supor uma SELIC no Brasil próxima de 4% ao ano e TR próxima de 0,8% ao ano.</span></div><div style="font-weight: normal; text-align: justify; "><span style="font-size: 100%; ">Nestes casos, para se fazer o valor de seu investimento duplicar e triplicar (nominalmente), são necessários, respectivamente, 14,44 e 22,88 anos.</span></div><div style="font-weight: normal; "><br /></div><br /><b>O QUE PODERÁ ACONTECER COM A ECONOMIA?<br /></b><br /></div><div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; "><span style="font-size: 100%; ">Em termos de conjuntura econômica, é de se esperar que com taxas de juros menores, haja uma menor taxa de poupança no país, um nível de endividamento mais elevado, o custo da dívida pública será reduzida – um bom estímulo pro governo gastar ainda mais do que já gasta – e um cabo de guerra na taxa de investimento e taxa de consumo – em relação ao PIB. Dentre essas duas, a variável que se mostrar mais sensível a variações nas taxas de juros, terá sua participação elevada na economia – e esperamos que seja o investimento, para o bem do país.</span></div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; "><span style="font-size: 100%; ">Para o poupador, teremos que seus rendimentos cairão significativamente – e consequentemente, sua renda permanente no longo prazo. Por outro lado, os endividados terão mais um estímulo para elevar seus gastos, e se endividar ainda mais. Aos prudentes e que usam coerentemente o crédito, a medida será positiva nesse aspecto.</span></div><div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; "><span style="font-size: 100%; ">Além disso, os prazos das dívidas deverão ser alongados – o que dará um fôlego maior ao consumo.</span></div><div style="text-align: justify;"><span><br /></span></div><span><div style="text-align: center;"><span style="font-size: 100%; "><b>E você, o que pensa a respeito? Aprova a alteração do rendimento da poupança?</b></span></div></span><div style="text-align: center;"><br /></div><br /><br /><br /><br /><br /></div></div>Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-9155268336104161660.post-3598275476156431972012-04-01T21:39:00.004-03:002012-04-01T21:49:52.800-03:00Indagações politicamente incorretas sobre a responsabilidade social – parte 2<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy46fMCPVujhgMvP3hKBPDoJS7AxT96yFfK6HP3s5YMdhCA_gHeTuLXPpXq_u1txmqO0KgAm3qryBwi9FeQsIq6G0SuoZdBoHS7r5PsbqFshsv-MUBMlbFLsd1hOJU-hsdnTVqLvCyK78Y/s1600/Rede+Social.png"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy46fMCPVujhgMvP3hKBPDoJS7AxT96yFfK6HP3s5YMdhCA_gHeTuLXPpXq_u1txmqO0KgAm3qryBwi9FeQsIq6G0SuoZdBoHS7r5PsbqFshsv-MUBMlbFLsd1hOJU-hsdnTVqLvCyK78Y/s200/Rede+Social.png" border="0" alt="" id="BLOGGER_PHOTO_ID_5726599180635099602" /></a><br /><div style="font-family: Georgia, serif; font-size: 100%; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; font-style: normal; "><span style="font-style: italic; font-size: 100%; ">Na primeira parte desse artigo, foi abordada a ideia de responsabilidade social e demonstrado um lado oculto dela: toda atividade econômica é socialmente responsável, por definição. Agora, irei apontar outro lado oculto: as implicações econômicas da responsabilidade social.</span></div><div style="text-align: justify;"><span><br /></span></div><span><div style="text-align: justify;"><span><span style="font-size: 100%;">A responsabilidade social tem um apelo muito forte. As empresas usam essa estratégia e mostram o lado positivo de sua prática: há muitas coisas boas e notórias em se praticar a responsabilidade social. Esse é o lado que se vê. Mas, infelizmente, nem tudo é positivo. Como ensina o economista Henry Hazlitt, </span></span><span style="font-size: 100%; font-style: italic; ">“a arte da economia está em considerar não só os efeitos imediatos de qualquer ato ou política, mas, também, os mais remotos”</span><span><span style="font-size: 100%;">. Nesse artigo, irei me concentrar nestes efeitos, os mais remotos. Por fim, irei sugerir uma forma de aperfeiçoar tal prática.</span></span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">A economia é extremamente encadeada, e desenrolar os eventos que surgem dessa prática não é tão fácil quanto parece. Há vários efeitos de cunho microeconômico, macroeconômico e que tangem os incentivos.</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">Se uma empresa está destinando parte de suas receitas/lucros para seus fins de responsabilidade social, é de se esperar que, com tudo o mais constante, a empresa está reduzindo seu lucro. Naturalmente, a empresa terá menos recursos disponíveis para realizar investimentos e para distribuir a seus acionistas.</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">No que tange ao acionista, os efeitos mais perceptíveis são: </span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">Com menos recursos em mão, ele estará usufruindo menor bem-estar. Haverá menos renda disponível, sendo que essa renda poderia ser utilizada em partes para elevar seu consumo e/ou sua poupança. </span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">A renda, sempre está desempenhando um papel na atividade econômica. Se essa renda fosse utilizada em consumo, inicialmente haveria maior arrecadação tributária, bem como uma demanda por trabalho, e derivando esta, haveria salário, consumo e/ou poupança e mais tributos. Por outro lado, se essa renda fosse utilizada para formação de poupança, estaria no sistema financeiro, e assim, sendo utilizada como oferta de fundos. Naturalmente, a demanda por essa poupança faria com que ela pudesse ser utilizada para investimento e/ou consumo. O lado do consumo já foi explicado. Sendo utilizado para investimento, estaria elevando o lado da oferta dessa economia, gerando novos bens e com tudo o mais constante, exercendo pressão sobre queda de preços na economia. Além disso, estaria elevando o estoque de capital dessa empresa que demandou o fundo, tornando seus ‘colaboradores’ mais produtivos, o que implica em mais bem remunerados. Ainda que aquela renda inicial fosse estocada em um colchão, o imediato sumiço desse recurso propiciaria uma pressão para queda nos preços, o que tenderia a restabelecer o equilíbrio de mercado. Um tanto quanto complexo, não?</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">Estes são os efeitos negativos diretos propiciados pela redução nas receitas/lucros da empresa ao se praticar a responsabilidade social. Contudo, a percepção de que está tendo menores taxas de lucro, gera efeito indireto no acionista: desestímulo ao empreendedorismo e ao investimento. O que também induz a uma série de efeitos derivados.</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">No que diz respeito ao investimento, alguns efeitos negativos proporcionados pela redução nas receitas/lucros da empresa ao se praticar a responsabilidade social são destacados.</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span><span style="font-size: 100%;">Havendo menor disponibilidade de recursos para investimentos, surgem diversos efeitos encadeados. Com menos recursos investidos, há uma redução no ritmo de acumulação de capital dessa empresa/economia. Naturalmente, menos capital por trabalhador os torna menos produtivos, havendo um impacto negativo nos salários, ou seja, há menos renda, menor consumo, menor arrecadação tributária, e consequentemente menor bem-estar econômico. Aliado a essa séries de efeitos negativos, menos recursos investidos significa que o </span></span><span style="font-size: 100%; font-style: italic; ">quantum </span><span><span style="font-size: 100%;">de investimento foi reduzido. Ou seja, o lado da oferta – quantia de bens gerados nessa economia - é prejudicado.</span></span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">Concluindo, percebe-se que a prática pura da responsabilidade social possui diversos efeitos negativos – como ressaltado no artigo – além de diversos efeitos positivos.</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">Cabe a pergunta: O que pode ser feito para reduzir o lado negativo dessa prática? Creio que a boa prática social se concentra na elevação do capital humano. O que quero dizer é que os esforços da empresa devem ser concentrados em melhorar a qualificação/produtividade dos beneficiários dessa prática. Não basta, por exemplo, dar comida e quadras de futebol a estes. Pelo contrário, isso apenas posterga o problema que alicerça a pobreza – a baixa qualificação/exclusão. Alternativa é a qualificar a pessoa humana, instruí-la. A instrução pode gerar uma oportunidade de trabalho a essa pessoa, e assim, tirá-la da situação de miséria. É um investimento de fato, pois gera resultados positivos em longo prazo. Diferente da simples distribuição de um lanche e uma quadra de futebol, pois nesse caso, deve ser considerada despesa sob a ótica social – um recurso escasso, com vários destinos alternativos positivos, foi utilizado pessimamente. Veja que neste caso, o indivíduo e a economia de forma alguma se tornam melhores, não havendo possibilidade de sustentar um padrão de vida superior ao beneficiário no longo prazo. Quando ele sair do programa, retorna a sua situação inicial.</span></div></span><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;"><span style="font-size: 100%; ">Cabe a sugestão às empresas que praticam responsabilidade social: apliquem seus esforços na qualificação dos beneficiários. Eis uma alternativa para melhorar o padrão de vida destes no longo prazo. Isso não é clientelismo e charlatanismo. É a boa prática social!</span></div></span><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><br /></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-83670207413408177382012-02-25T23:12:00.004-02:002012-02-25T23:19:30.908-02:00Indagações politicamente incorretas sobre a responsabilidade social – parte 1<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmdqWRRaHijUPjMa1-F8PegJeP_9pFGz4LJF-ffwkKTFOrXZli44h2GcwbxVGlKK1aQ3XEFhECtvGIEukreJgl7jDVakOFBsWucB1FnGtAWpAC7GtgGcSeAtiVwu2GaSdxMm8FXjAEoV5e/s1600/Rede+Social.png"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmdqWRRaHijUPjMa1-F8PegJeP_9pFGz4LJF-ffwkKTFOrXZli44h2GcwbxVGlKK1aQ3XEFhECtvGIEukreJgl7jDVakOFBsWucB1FnGtAWpAC7GtgGcSeAtiVwu2GaSdxMm8FXjAEoV5e/s200/Rede+Social.png" border="0" alt=""id="BLOGGER_PHOTO_ID_5713247770074171426" /></a><br /><div style="font-family: Georgia, serif; font-size: 100%; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; font-style: normal; "><span style="font-style: italic; font-size: 100%; ">Na primeira parte desse artigo, irei abordar a ideia de responsabilidade social e demonstrar um lado oculto dela: toda atividade econômica é socialmente responsável, por definição. Na segunda parte, irei apontar outro lado oculto: implicações econômicas da responsabilidade social.</span></div><div style="text-align: justify;"><span ><br /></span></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Nos últimos anos, houve uma crescente preocupação por partes das empresas em ressaltarem suas práticas de responsabilidade social. Tornou-se um imperativo moral das organizações estamparem esse selo.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">No fundo, a ideia de responsabilidade social por parte das empresas, expressa um repúdio aos valores da economia de mercado. As empresas aliam ao objetivo econômico outro objetivo, o de “cunho social”. A execução da “responsabilidade social” é uma forma de aliviar a sua necessidade do lucro, e mostrar que a empresa realiza alguma benfeitoria para a sociedade. Se por um lado ela busca o lucro, por outro ela reduz esse “fardo” praticando “responsabilidade social”.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Segundo uma das definições mais usuais: “Responsabilidade Social diz respeito ao cumprimento dos deveres e obrigações dos indivíduos e empresas para com a sociedade em geral”.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A pergunta é: Quais são os deveres e obrigações de indivíduos e empresas para com a sociedade em geral?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Em primeiro lugar, a dita responsabilidade social já omite o fato essencial da atividade econômica: ela é socialmente responsável, por definição. </span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Qualquer empresa quando inicia suas atividades, já começa a desempenhar uma função social, que é a produção de bens que são legitimamente demandados pela sociedade. Especificamente, satisfazer as necessidades de consumo de uma sociedade caracteriza uma função social vital.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Os mercados são soberanos e os consumidores ditam quais são as suas necessidades econômicas mais urgentes a serem satisfeitas. Por sua vez, o empreendedor é um agente que percebe uma oportunidade de lucro e se engaja na exploração desta. Em suma, ocorre uma troca livre e mutuamente benéfica: empresários fornecem mercadorias, consumidores pagam pelos bens que adquirem. Ambos estão em situação melhor em face dessa situação.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Considere uma situação em que a atividade empresarial fosse suprimida, ou ainda, a empresa não visasse o lucro. Como seriam satisfeitas as necessidades mais emergentes de consumo por parte dos consumidores? Essa indagação expressa que de fato, toda empresa cumpre uma responsabilidade social vital. Sem empresas, não há produção, sem produção, a humanidade reside em seu estado natural: a miséria. Somente a produção erradica esta.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Em segundo lugar, deve-se ressaltar que a única obrigação de uma empresa para com a sociedade é produzir de forma eficiente. Especificamente, a única obrigação de uma empresa em termos econômicos é ser viável, sendo essa representada pelo lucro. Quando uma empresa opera com lucro, ela demonstra que seus métodos produtivos geram mais riqueza a economia do que custos. Não há consumo de capital, pelo contrário, a atividade empresarial está enriquecendo a sociedade e mostrando a viabilidade da operação, que é refletida pelo cálculo econômico. Se uma empresa opera persistentemente com prejuízo, ela não faz sentido econômico e deveria encerrar suas atividades: ela não consegue agregar riqueza a uma economia, ela de fato consome riqueza, e está verdadeiramente empobrecendo essa economia. Recessões são caracterizadas por este fenômeno, ao passo que o crescimento econômico revela que no todo a economia está operando com lucro.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Em suma, produzir com eficiência bens legitimamente demandados por consumidores cumpre um papel fundamental na sociedade: proporcionar bem estar econômica a ela, cumprindo assim a verdadeira responsabilidade social de uma empresa.</span></div></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-9155268336104161660.post-75151206626759713362012-02-06T01:35:00.007-02:002012-04-01T21:52:00.149-03:00Privatização, monopólios e desmonopolização<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh52QZW7HWhyz1IIFKB6SON1sRc_4tdgxiiWpCwlNSPEtLa7oxrj-rIpuh7_YnigSm7jWEd_6QyvtJGGcMB-03QwzejDXEwYIlB1lo_K86u29UogEQjCVtrm8PVrdcG5XETCMXaaU26BY-D/s1600/O_salto.jpg" style="font-family: Georgia, serif; font-size: 100%; font-variant: normal; font-weight: normal; line-height: normal; font-style: normal; "><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 200px; height: 134px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh52QZW7HWhyz1IIFKB6SON1sRc_4tdgxiiWpCwlNSPEtLa7oxrj-rIpuh7_YnigSm7jWEd_6QyvtJGGcMB-03QwzejDXEwYIlB1lo_K86u29UogEQjCVtrm8PVrdcG5XETCMXaaU26BY-D/s200/O_salto.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5705861353141989010" /></a><br /><br /><div style="font-family: Georgia, serif; font-size: 100%; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; font-style: normal; "><span style="font-size: 100%; font-style: italic; ">“A diferença entre a empresa privada e a empresa pública é que aquela é controlada pelo governo, e esta por ninguém.” </span><span style="font-size: 100%; "> Roberto Campos</span></div><div style="text-align: justify;"><span ><br /></span></div><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Diz-se que os “neoliberais” e liberais clássicos comumente são favoráveis a "privatização" das atividades governamentais.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A justificativa (devida majoritariamente aos neoclássicos e apoiada por outros economistas, como Milton Friedman) é que o setor privado seria mais eficiente em fornecer bens e serviços – ou seja, a um custo menor e de maior qualidade do que o governo.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Será isso algo realmente correto?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A privatização como tem ocorrido nada mais é do que a troca do simples monopólio governamental pelo monopólio privado regulamentado.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Monopólios privados podem ser (e frequentemente são) marginalmente mais eficientes do que os públicos, visto que eles tem como pano de fundo a própria regulamentação governamental, e assim é de se presumir que devem fazer o trabalho suficientemente bem para se obter a renovação do contrato de prestação do serviço. Monopólios governamentais não precisam ser renovados ou agradar ao público. O próprio governo monopoliza seu poder de monopolizador.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Contudo, há um grande problema nisso: o monopólio privado, em última análise, tem de agradar aos políticos que concedem o privilégio de monopólio, não aos consumidores.</span></div></span><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Quanto o público realmente ganha pela troca de um monopólio governamental por um privado não é algo tão claro. Há casos e casos e contextos e contextos.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">O verdadeiro interesse pela privatização não vem pelo fato do setor se tornar privado - e que isso funciona melhor do que o público. A grande vantagem do setor privado, e isso precisa ser ressaltado, não advêm da propriedade privada em si, mas sim da competição que existe entre os proprietários.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Liberais e neoliberais erraram duplamente: semântica e apontamentos. Não interessa se o setor é público ou privado, mas sim se é competitivo ou monopolista.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Sendo o objetivo a eficiência econômica, a propriedade privada é uma condição necessária, porém não é uma condição suficiente. Não deveriam clamar pela "privatização" dos serviços do governo, mas sim pela, e eis a diferença, desmonopolização – isso mesmo, acabar com a licença para que apenas uma empresa possa explorar determinado setor da atividade econômica.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A retórica da "privatização"¹ afasta muitas pessoas que poderiam ser simpáticas ao liberalismo. Deveriam ser tomadas outras atitudes e argumentação, como oposição ao monopólio – independente de ser governamental ou privado.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A privatização na mente do brasileiro significa “privataria”, que transfere ao privado recursos “públicos”. Pilhagem pura. Ressalta-se o repúdio ao privado e a complacência com o público.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Menciono ainda que empresas privadas são muitas vezes mais “públicas” do que próprias empresas e agências do governo². Basta comparar, por exemplo, uma empresa como a BVMFBovespa, que tem todas suas informações e balanços divulgados, a uma agência como o Banco Central ou ainda polícia federal, ABIN, etc... O quão pouco nós cidadãos comuns sabemos a respeito destes serviços oferecidos pelo “setor público”?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Propriedade privada não é um fim em si mesmo, mas um meio para se atingir um fim.</span></div></span><span ><div style="text-align: justify;"><span style="font-size: 100%; ">O que realmente importa é o que melhor atende as legítimas demandas por parte dos consumidores.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A propriedade privada só faz isso se for dentro de um contexto institucional que promova a concorrência.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Todo aquele que defende a liberdade e o bom funcionamento de uma economia necessidade mudar o discurso. Deve-se defender a concorrência, terminando com os monopólios garantidos ou induzidos, sempre que possível.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">A concorrência é o caminho para preços mais baixos, incremento de qualidade, mais liberdade e eficiência econômica.</span></div></span><div><div style="text-align: justify;"><span ><br /></span></div><div style="text-align: justify;"><br /></div><span style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; "><div style="text-align: justify;"><span style="font-size: 100%; ">¹ Vide a baixaria que são as campanhas políticas no Brasil e como ressaltam o fato da privatização ter ocorrido no Brasil. A privatização é sempre motivo de escárnio por parte de certos partidos, e via de regra, a população aceita essa tese.</span></div><div style="text-align: justify;"><span style="font-size: 100%; ">² Nem estou entrando no mérito de que toda empresa ao prestar um serviço não compulsório eficiente, naturalmente exerce um serviço de utilidade comprovada.</span></div></span></div>Unknownnoreply@blogger.com6