<?xml version='1.0' encoding='utf-8'?>
<alto xmlns="http://www.loc.gov/standards/alto/ns-v3#" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/standards/alto/ns-v3# http://www.loc.gov/standards/alto/v3/alto-3-1.xsd"><Description><MeasurementUnit>pixel</MeasurementUnit><sourceImageInformation><fileIdentifier>694254</fileIdentifier></sourceImageInformation></Description><Layout><Page WIDTH="984" PHYSICAL_IMG_NR="1" ID="p694246" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694246" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694246" HEIGHT="1472"><TextLine HPOS="94" VPOS="127" ID="tl1-0" WIDTH="731" HEIGHT="31"><String HEIGHT="31" CONTENT="Towards" WIDTH="124" HPOS="94" VPOS="127" ID="st1-0"/><SP/><String HEIGHT="31" CONTENT="a" WIDTH="18" HPOS="227" VPOS="127" ID="st1-1"/><SP/><String HEIGHT="31" CONTENT="Sustainable" WIDTH="173" HPOS="254" VPOS="127" ID="st1-2"/><SP/><String HEIGHT="31" CONTENT="Growth" WIDTH="112" HPOS="436" VPOS="127" ID="st1-3"/><SP/><String HEIGHT="31" CONTENT="Model" WIDTH="94" HPOS="556" VPOS="127" ID="st1-4"/><SP/><String HEIGHT="31" CONTENT="for" WIDTH="44" HPOS="659" VPOS="127" ID="st1-5"/><SP/><String HEIGHT="31" CONTENT="Europe" WIDTH="96" HPOS="712" VPOS="127" ID="st1-6"/><String HEIGHT="31" CONTENT=":" WIDTH="17" HPOS="808" VPOS="127" ID="st1-7"/></TextLine><TextLine HPOS="94" VPOS="165" ID="tl1-1" WIDTH="361" HEIGHT="30"><String HEIGHT="30" CONTENT="Institutional" WIDTH="183" HPOS="94" VPOS="165" ID="st1-8"/><SP/><String HEIGHT="30" CONTENT="Framework" WIDTH="169" HPOS="286" VPOS="165" ID="st1-9"/></TextLine><TextLine HPOS="455" VPOS="161" ID="tl1-2" WIDTH="12" HEIGHT="22"><String HEIGHT="22" CONTENT="*" WIDTH="12" HPOS="455" VPOS="161" ID="st1-10"/></TextLine><TextLine HPOS="173" VPOS="219" ID="tl1-3" WIDTH="232" HEIGHT="23"><String HEIGHT="23" CONTENT="SEBASTIAN" WIDTH="127" HPOS="173" VPOS="219" ID="st1-11"/><SP/><String HEIGHT="23" CONTENT="DULLIEN" WIDTH="97" HPOS="308" VPOS="219" ID="st1-12"/></TextLine><TextLine HPOS="94" VPOS="349" ID="tl1-4" WIDTH="479" HEIGHT="27"><String HEIGHT="27" CONTENT="The" WIDTH="46" HPOS="94" VPOS="349" ID="st1-13"/><SP/><String HEIGHT="27" CONTENT="Problem" WIDTH="101" HPOS="148" VPOS="349" ID="st1-14"/><String HEIGHT="27" CONTENT=":" WIDTH="15" HPOS="249" VPOS="349" ID="st1-15"/><SP/><String HEIGHT="27" CONTENT="Dangerous" WIDTH="140" HPOS="271" VPOS="349" ID="st1-16"/><SP/><String HEIGHT="27" CONTENT="Debt" WIDTH="63" HPOS="418" VPOS="349" ID="st1-17"/><SP/><String HEIGHT="27" CONTENT="Trends" WIDTH="85" HPOS="488" VPOS="349" ID="st1-18"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl1-5" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="94" VPOS="415" ID="st1-19"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="143" VPOS="415" ID="st1-20"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="229" VPOS="415" ID="st1-21"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="328" VPOS="415" ID="st1-22"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="374" VPOS="415" ID="st1-23"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="54" HPOS="488" VPOS="415" ID="st1-24"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="548" VPOS="415" ID="st1-25"/><SP/><String HEIGHT="26" CONTENT="highlighted" WIDTH="129" HPOS="589" VPOS="415" ID="st1-26"/><SP/><String HEIGHT="26" CONTENT="once" WIDTH="52" HPOS="723" VPOS="415" ID="st1-27"/><SP/><String HEIGHT="26" CONTENT="again" WIDTH="59" HPOS="781" VPOS="415" ID="st1-28"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="846" VPOS="415" ID="st1-29"/></TextLine><TextLine HPOS="94" VPOS="447" ID="tl1-6" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="94" VPOS="447" ID="st1-30"/><SP/><String HEIGHT="26" CONTENT="sustainable" WIDTH="121" HPOS="112" VPOS="447" ID="st1-31"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="81" HPOS="239" VPOS="447" ID="st1-32"/><SP/><String HEIGHT="26" CONTENT="path" WIDTH="50" HPOS="326" VPOS="447" ID="st1-33"/><SP/><String HEIGHT="26" CONTENT="cannot" WIDTH="75" HPOS="382" VPOS="447" ID="st1-34"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="463" VPOS="447" ID="st1-35"/><SP/><String HEIGHT="26" CONTENT="achieved" WIDTH="96" HPOS="495" VPOS="447" ID="st1-36"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="597" VPOS="447" ID="st1-37"/><SP/><String HEIGHT="26" CONTENT="permanent" WIDTH="120" HPOS="653" VPOS="447" ID="st1-38"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="82" HPOS="779" VPOS="447" ID="st1-39"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="447" ID="st1-40"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl1-7" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="indebtedness" WIDTH="144" HPOS="94" VPOS="479" ID="st1-41"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="245" VPOS="479" ID="st1-42"/><SP/><String HEIGHT="26" CONTENT="single" WIDTH="65" HPOS="273" VPOS="479" ID="st1-43"/><SP/><String HEIGHT="26" CONTENT="sectors" WIDTH="76" HPOS="344" VPOS="479" ID="st1-44"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="24" HPOS="427" VPOS="479" ID="st1-45"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="99" HPOS="458" VPOS="479" ID="st1-46"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="557" VPOS="479" ID="st1-47"/><SP/><String HEIGHT="26" CONTENT="A" WIDTH="18" HPOS="574" VPOS="479" ID="st1-48"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="46" HPOS="599" VPOS="479" ID="st1-49"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="645" VPOS="479" ID="st1-50"/><String HEIGHT="26" CONTENT="driven" WIDTH="70" HPOS="657" VPOS="479" ID="st1-51"/><SP/><String HEIGHT="26" CONTENT="expansion" WIDTH="106" HPOS="734" VPOS="479" ID="st1-52"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="840" VPOS="479" ID="st1-53"/><SP/><String HEIGHT="26" CONTENT="re" WIDTH="20" HPOS="859" VPOS="479" ID="st1-54" SUBS_TYPE="HypPart1" SUBS_CONTENT="reflected"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="479" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl1-8" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="flected" WIDTH="73" HPOS="94" VPOS="511" ID="st1-55" SUBS_TYPE="HypPart2" SUBS_CONTENT="reflected"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="172" VPOS="511" ID="st1-56"/><SP/><String HEIGHT="26" CONTENT="ever" WIDTH="42" HPOS="200" VPOS="511" ID="st1-57"/><String HEIGHT="26" CONTENT="-" WIDTH="10" HPOS="242" VPOS="511" ID="st1-58"/><String HEIGHT="26" CONTENT="rising" WIDTH="64" HPOS="252" VPOS="511" ID="st1-59"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="322" VPOS="511" ID="st1-60"/><SP/><String HEIGHT="26" CONTENT="levels" WIDTH="57" HPOS="377" VPOS="511" ID="st1-61"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="434" VPOS="511" ID="st1-62"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="449" VPOS="511" ID="st1-63"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="491" VPOS="511" ID="st1-64"/><SP/><String HEIGHT="26" CONTENT="come" WIDTH="60" HPOS="520" VPOS="511" ID="st1-65"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="585" VPOS="511" ID="st1-66"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="614" VPOS="511" ID="st1-67"/><SP/><String HEIGHT="26" CONTENT="end" WIDTH="41" HPOS="646" VPOS="511" ID="st1-68"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="693" VPOS="511" ID="st1-69"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="58" HPOS="719" VPOS="511" ID="st1-70"/><SP/><String HEIGHT="26" CONTENT="point" WIDTH="60" HPOS="783" VPOS="511" ID="st1-71"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="848" VPOS="511" ID="st1-72"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl1-9" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="usually" WIDTH="77" HPOS="94" VPOS="543" ID="st1-73"/><SP/><String HEIGHT="26" CONTENT="harbors" WIDTH="84" HPOS="178" VPOS="543" ID="st1-74"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="269" VPOS="543" ID="st1-75"/><SP/><String HEIGHT="26" CONTENT="danger" WIDTH="77" HPOS="310" VPOS="543" ID="st1-76"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="393" VPOS="543" ID="st1-77"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="423" VPOS="543" ID="st1-78"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="441" VPOS="543" ID="st1-79"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="53" HPOS="497" VPOS="543" ID="st1-80"/><String HEIGHT="26" CONTENT="." WIDTH="9" HPOS="550" VPOS="543" ID="st1-81"/><SP/><String HEIGHT="26" CONTENT="Such" WIDTH="55" HPOS="566" VPOS="543" ID="st1-82"/><SP/><String HEIGHT="26" CONTENT="crises" WIDTH="59" HPOS="627" VPOS="543" ID="st1-83"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="693" VPOS="543" ID="st1-84"/><SP/><String HEIGHT="26" CONTENT="usually" WIDTH="78" HPOS="732" VPOS="543" ID="st1-85"/><SP/><String HEIGHT="26" CONTENT="associ" WIDTH="63" HPOS="816" VPOS="543" ID="st1-86" SUBS_TYPE="HypPart1" SUBS_CONTENT="associated"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="543" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="575" ID="tl1-10" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ated" WIDTH="47" HPOS="94" VPOS="575" ID="st1-87" SUBS_TYPE="HypPart2" SUBS_CONTENT="associated"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="147" VPOS="575" ID="st1-88"/><SP/><String HEIGHT="26" CONTENT="major" WIDTH="65" HPOS="203" VPOS="575" ID="st1-89"/><SP/><String HEIGHT="26" CONTENT="disruptions" WIDTH="126" HPOS="274" VPOS="575" ID="st1-90"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="405" VPOS="575" ID="st1-91"/><SP/><String HEIGHT="26" CONTENT="normal" WIDTH="80" HPOS="434" VPOS="575" ID="st1-92"/><SP/><String HEIGHT="26" CONTENT="business" WIDTH="92" HPOS="520" VPOS="575" ID="st1-93"/><SP/><String HEIGHT="26" CONTENT="activities" WIDTH="95" HPOS="618" VPOS="575" ID="st1-94"/><String HEIGHT="26" CONTENT=";" WIDTH="10" HPOS="713" VPOS="575" ID="st1-95"/><SP/><String HEIGHT="26" CONTENT="sharp" WIDTH="61" HPOS="728" VPOS="575" ID="st1-96"/><SP/><String HEIGHT="26" CONTENT="cutbacks" WIDTH="95" HPOS="794" VPOS="575" ID="st1-97"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl1-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="94" VPOS="607" ID="st1-98"/><SP/><String HEIGHT="26" CONTENT="expenditure" WIDTH="132" HPOS="124" VPOS="607" ID="st1-99"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="264" VPOS="607" ID="st1-100"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="111" HPOS="295" VPOS="607" ID="st1-101"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="414" VPOS="607" ID="st1-102"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="14" HPOS="525" VPOS="607" ID="st1-103"/><SP/><String HEIGHT="26" CONTENT="necessary" WIDTH="102" HPOS="547" VPOS="607" ID="st1-104"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="658" VPOS="607" ID="st1-105"/><SP/><String HEIGHT="26" CONTENT="reverse" WIDTH="77" HPOS="689" VPOS="607" ID="st1-106"/><SP/><String HEIGHT="26" CONTENT="unsustain" WIDTH="103" HPOS="775" VPOS="607" ID="st1-107" SUBS_TYPE="HypPart1" SUBS_CONTENT="unsustainable"/><HYP CONTENT="-" WIDTH="11" HPOS="878" VPOS="607" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl1-12" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="able" WIDTH="45" HPOS="94" VPOS="639" ID="st1-108" SUBS_TYPE="HypPart2" SUBS_CONTENT="unsustainable"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="146" VPOS="639" ID="st1-109"/><SP/><String HEIGHT="26" CONTENT="trends" WIDTH="70" HPOS="203" VPOS="639" ID="st1-110"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="280" VPOS="639" ID="st1-111"/><SP/><String HEIGHT="26" CONTENT="risk" WIDTH="40" HPOS="301" VPOS="639" ID="st1-112"/><SP/><String HEIGHT="26" CONTENT="triggering" WIDTH="111" HPOS="348" VPOS="639" ID="st1-113"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="466" VPOS="639" ID="st1-114"/><SP/><String HEIGHT="26" CONTENT="recession" WIDTH="101" HPOS="485" VPOS="639" ID="st1-115"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="593" VPOS="639" ID="st1-116"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="623" VPOS="639" ID="st1-117"/><SP/><String HEIGHT="26" CONTENT="trading" WIDTH="80" HPOS="682" VPOS="639" ID="st1-118"/><SP/><String HEIGHT="26" CONTENT="partners" WIDTH="90" HPOS="770" VPOS="639" ID="st1-119"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="868" VPOS="639" ID="st1-120"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl1-13" WIDTH="126" HEIGHT="26"><String HEIGHT="26" CONTENT="well" WIDTH="42" HPOS="94" VPOS="671" ID="st1-121"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="136" VPOS="671" ID="st1-122"/><SP/><String HEIGHT="26" CONTENT="As" WIDTH="28" HPOS="152" VPOS="671" ID="st1-123"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="185" VPOS="671" ID="st1-124"/></TextLine><TextLine HPOS="226" VPOS="676" ID="tl1-14" WIDTH="43" HEIGHT="14"><String HEIGHT="14" CONTENT="imf" WIDTH="43" HPOS="226" VPOS="676" ID="st1-125"/></TextLine><TextLine HPOS="275" VPOS="671" ID="tl1-15" WIDTH="614" HEIGHT="26"><String HEIGHT="26" CONTENT="confirms" WIDTH="98" HPOS="275" VPOS="671" ID="st1-126"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="378" VPOS="671" ID="st1-127"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="405" VPOS="671" ID="st1-128"/><SP/><String HEIGHT="26" CONTENT="Autumn" WIDTH="93" HPOS="436" VPOS="671" ID="st1-129"/><SP/><String HEIGHT="26" CONTENT="2010" WIDTH="52" HPOS="535" VPOS="671" ID="st1-130"/><SP/><String HEIGHT="26" CONTENT="World" WIDTH="71" HPOS="592" VPOS="671" ID="st1-131"/><SP/><String HEIGHT="26" CONTENT="Economic" WIDTH="114" HPOS="668" VPOS="671" ID="st1-132"/><SP/><String HEIGHT="26" CONTENT="Outlook" WIDTH="89" HPOS="787" VPOS="671" ID="st1-133"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="876" VPOS="671" ID="st1-134"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl1-16" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="94" VPOS="702" ID="st1-135"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="111" VPOS="702" ID="st1-136"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="55" HPOS="210" VPOS="702" ID="st1-137"/><SP/><String HEIGHT="26" CONTENT="also" WIDTH="43" HPOS="270" VPOS="702" ID="st1-138"/><SP/><String HEIGHT="26" CONTENT="often" WIDTH="58" HPOS="319" VPOS="702" ID="st1-139"/><SP/><String HEIGHT="26" CONTENT="leads" WIDTH="55" HPOS="382" VPOS="702" ID="st1-140"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="443" VPOS="702" ID="st1-141"/><SP/><String HEIGHT="26" CONTENT="permanent" WIDTH="119" HPOS="472" VPOS="702" ID="st1-142"/><SP/><String HEIGHT="26" CONTENT="losses" WIDTH="62" HPOS="597" VPOS="702" ID="st1-143"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="665" VPOS="702" ID="st1-144"/><SP/><String HEIGHT="26" CONTENT="output" WIDTH="72" HPOS="692" VPOS="702" ID="st1-145"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="764" VPOS="702" ID="st1-146"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="781" VPOS="702" ID="st1-147"/><SP/><String HEIGHT="26" CONTENT="mak" WIDTH="41" HPOS="835" VPOS="702" ID="st1-148" SUBS_TYPE="HypPart1" SUBS_CONTENT="making"/><HYP CONTENT="-" WIDTH="13" HPOS="876" VPOS="702" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl1-17" WIDTH="581" HEIGHT="26"><String HEIGHT="26" CONTENT="ing" WIDTH="36" HPOS="94" VPOS="734" ID="st1-149" SUBS_TYPE="HypPart2" SUBS_CONTENT="making"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="17" HPOS="136" VPOS="734" ID="st1-150"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="51" HPOS="159" VPOS="734" ID="st1-151"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="59" HPOS="216" VPOS="734" ID="st1-152"/><SP/><String HEIGHT="26" CONTENT="undesirable" WIDTH="127" HPOS="281" VPOS="734" ID="st1-153"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="415" VPOS="734" ID="st1-154"/><SP/><String HEIGHT="26" CONTENT="normal" WIDTH="80" HPOS="471" VPOS="734" ID="st1-155"/><SP/><String HEIGHT="26" CONTENT="recessions" WIDTH="106" HPOS="558" VPOS="734" ID="st1-156"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="664" VPOS="734" ID="st1-157"/></TextLine><TextLine HPOS="129" VPOS="766" ID="tl1-18" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="Based" WIDTH="65" HPOS="129" VPOS="766" ID="st1-158"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="201" VPOS="766" ID="st1-159"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="237" VPOS="766" ID="st1-160"/><SP/><String HEIGHT="26" CONTENT="experience" WIDTH="117" HPOS="279" VPOS="766" ID="st1-161"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="402" VPOS="766" ID="st1-162"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="432" VPOS="766" ID="st1-163"/><SP/><String HEIGHT="26" CONTENT="past" WIDTH="45" HPOS="474" VPOS="766" ID="st1-164"/><SP/><String HEIGHT="26" CONTENT="24" WIDTH="27" HPOS="526" VPOS="766" ID="st1-165"/><SP/><String HEIGHT="26" CONTENT="months" WIDTH="78" HPOS="560" VPOS="766" ID="st1-166"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="638" VPOS="766" ID="st1-167"/><SP/><String HEIGHT="26" CONTENT="within" WIDTH="72" HPOS="659" VPOS="766" ID="st1-168"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="738" VPOS="766" ID="st1-169"/><SP/><String HEIGHT="26" CONTENT="European" WIDTH="109" HPOS="780" VPOS="766" ID="st1-170"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl1-19" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="context" WIDTH="77" HPOS="94" VPOS="798" ID="st1-171"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="171" VPOS="798" ID="st1-172"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="56" HPOS="190" VPOS="798" ID="st1-173"/><SP/><String HEIGHT="26" CONTENT="levels" WIDTH="60" HPOS="252" VPOS="798" ID="st1-174"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="318" VPOS="798" ID="st1-175"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="347" VPOS="798" ID="st1-176"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="403" VPOS="798" ID="st1-177"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="429" VPOS="798" ID="st1-178"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="470" VPOS="798" ID="st1-179"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="49" HPOS="567" VPOS="798" ID="st1-180"/><SP/><String HEIGHT="26" CONTENT="seem" WIDTH="56" HPOS="622" VPOS="798" ID="st1-181"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="684" VPOS="798" ID="st1-182"/><SP/><String HEIGHT="26" CONTENT="need" WIDTH="53" HPOS="712" VPOS="798" ID="st1-183"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="771" VPOS="798" ID="st1-184"/><SP/><String HEIGHT="26" CONTENT="control" WIDTH="77" HPOS="800" VPOS="798" ID="st1-185"/><String HEIGHT="26" CONTENT=":" WIDTH="12" HPOS="877" VPOS="798" ID="st1-186"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl1-20" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="net" WIDTH="35" HPOS="94" VPOS="830" ID="st1-187"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="135" HPOS="135" VPOS="830" ID="st1-188"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="45" HPOS="276" VPOS="830" ID="st1-189"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="321" VPOS="830" ID="st1-190"/><SP/><String HEIGHT="26" CONTENT="gross" WIDTH="58" HPOS="338" VPOS="830" ID="st1-191"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="402" VPOS="830" ID="st1-192"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="458" VPOS="830" ID="st1-193"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="485" VPOS="830" ID="st1-194"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="94" HPOS="526" VPOS="830" ID="st1-195"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="61" HPOS="625" VPOS="830" ID="st1-196"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="686" VPOS="830" ID="st1-197"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="702" VPOS="830" ID="st1-198"/><SP/><String HEIGHT="26" CONTENT="net" WIDTH="35" HPOS="749" VPOS="830" ID="st1-199"/><SP/><String HEIGHT="26" CONTENT="liabilities" WIDTH="99" HPOS="790" VPOS="830" ID="st1-200"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl1-21" WIDTH="457" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="862" ID="st1-201"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="123" VPOS="862" ID="st1-202"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="142" VPOS="862" ID="st1-203"/><SP/><String HEIGHT="26" CONTENT="against" WIDTH="78" HPOS="234" VPOS="862" ID="st1-204"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="319" VPOS="862" ID="st1-205"/><SP/><String HEIGHT="26" CONTENT="rest" WIDTH="40" HPOS="360" VPOS="862" ID="st1-206"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="407" VPOS="862" ID="st1-207"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="436" VPOS="862" ID="st1-208"/><SP/><String HEIGHT="26" CONTENT="world" WIDTH="60" HPOS="478" VPOS="862" ID="st1-209"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="538" VPOS="862" ID="st1-210"/></TextLine><TextLine HPOS="129" VPOS="894" ID="tl1-22" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="Besides" WIDTH="82" HPOS="129" VPOS="894" ID="st1-211"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="218" VPOS="894" ID="st1-212"/><SP/><String HEIGHT="26" CONTENT="argument" WIDTH="107" HPOS="261" VPOS="894" ID="st1-213"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="375" VPOS="894" ID="st1-214"/><SP/><String HEIGHT="26" CONTENT="excessive" WIDTH="98" HPOS="426" VPOS="894" ID="st1-215"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="531" VPOS="894" ID="st1-216"/><SP/><String HEIGHT="26" CONTENT="levels" WIDTH="59" HPOS="588" VPOS="894" ID="st1-217"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="654" VPOS="894" ID="st1-218"/><SP/><String HEIGHT="26" CONTENT="single" WIDTH="64" HPOS="684" VPOS="894" ID="st1-219"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="755" VPOS="894" ID="st1-220"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="24" HPOS="865" VPOS="894" ID="st1-221"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl1-23" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="sectors" WIDTH="75" HPOS="94" VPOS="926" ID="st1-222"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="175" VPOS="926" ID="st1-223"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="222" VPOS="926" ID="st1-224"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="58" HPOS="249" VPOS="926" ID="st1-225"/><SP/><String HEIGHT="26" CONTENT="time" WIDTH="50" HPOS="313" VPOS="926" ID="st1-226"/><SP/><String HEIGHT="26" CONTENT="stifle" WIDTH="53" HPOS="369" VPOS="926" ID="st1-227"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="81" HPOS="428" VPOS="926" ID="st1-228"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="515" VPOS="926" ID="st1-229"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="562" VPOS="926" ID="st1-230"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="616" VPOS="926" ID="st1-231"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="655" VPOS="926" ID="st1-232"/><SP/><String HEIGHT="26" CONTENT="desirable" WIDTH="94" HPOS="699" VPOS="926" ID="st1-233"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="793" VPOS="926" ID="st1-234"/><SP/><String HEIGHT="26" CONTENT="there" WIDTH="56" HPOS="810" VPOS="926" ID="st1-235"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="872" VPOS="926" ID="st1-236"/></TextLine><TextLine HPOS="94" VPOS="958" ID="tl1-24" WIDTH="680" HEIGHT="26"><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="94" VPOS="958" ID="st1-237"/><SP/><String HEIGHT="26" CONTENT="additional" WIDTH="112" HPOS="126" VPOS="958" ID="st1-238"/><SP/><String HEIGHT="26" CONTENT="rationale" WIDTH="97" HPOS="244" VPOS="958" ID="st1-239"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="346" VPOS="958" ID="st1-240"/><SP/><String HEIGHT="26" CONTENT="controlling" WIDTH="123" HPOS="385" VPOS="958" ID="st1-241"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="514" VPOS="958" ID="st1-242"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="135" HPOS="555" VPOS="958" ID="st1-243"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="695" VPOS="958" ID="st1-244"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="751" VPOS="958" ID="st1-245"/></TextLine><TextLine HPOS="780" VPOS="963" ID="tl1-25" WIDTH="51" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="51" HPOS="780" VPOS="963" ID="st1-246"/></TextLine><TextLine HPOS="837" VPOS="958" ID="tl1-26" WIDTH="52" HEIGHT="26"><String HEIGHT="26" CONTENT="part" WIDTH="42" HPOS="837" VPOS="958" ID="st1-247" SUBS_TYPE="HypPart1" SUBS_CONTENT="partner"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="958" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl1-27" WIDTH="601" HEIGHT="26"><String HEIGHT="26" CONTENT="ner" WIDTH="36" HPOS="94" VPOS="990" ID="st1-248" SUBS_TYPE="HypPart2" SUBS_CONTENT="partner"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="99" HPOS="135" VPOS="990" ID="st1-249"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="234" VPOS="990" ID="st1-250"/><SP/><String HEIGHT="26" CONTENT="namely" WIDTH="80" HPOS="251" VPOS="990" ID="st1-251"/><SP/><String HEIGHT="26" CONTENT="direct" WIDTH="63" HPOS="336" VPOS="990" ID="st1-252"/><SP/><String HEIGHT="26" CONTENT="external" WIDTH="87" HPOS="405" VPOS="990" ID="st1-253"/><SP/><String HEIGHT="26" CONTENT="costs" WIDTH="54" HPOS="497" VPOS="990" ID="st1-254"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="557" VPOS="990" ID="st1-255"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="586" VPOS="990" ID="st1-256"/><SP/><String HEIGHT="26" CONTENT="rest" WIDTH="40" HPOS="626" VPOS="990" ID="st1-257"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="672" VPOS="990" ID="st1-258"/></TextLine><TextLine HPOS="700" VPOS="995" ID="tl1-28" WIDTH="52" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="52" HPOS="700" VPOS="995" ID="st1-259"/></TextLine><TextLine HPOS="752" VPOS="990" ID="tl1-29" WIDTH="137" HEIGHT="26"><String HEIGHT="26" CONTENT="." WIDTH="7" HPOS="752" VPOS="990" ID="st1-260"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="764" VPOS="990" ID="st1-261"/><SP/><String HEIGHT="26" CONTENT="danger" WIDTH="76" HPOS="813" VPOS="990" ID="st1-262"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl1-30" WIDTH="425" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="1022" ID="st1-263"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="124" VPOS="1022" ID="st1-264"/><SP/><String HEIGHT="26" CONTENT="default" WIDTH="77" HPOS="143" VPOS="1022" ID="st1-265"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="228" VPOS="1022" ID="st1-266"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="262" VPOS="1022" ID="st1-267"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="135" HPOS="305" VPOS="1022" ID="st1-268"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="447" VPOS="1022" ID="st1-269"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="478" VPOS="1022" ID="st1-270"/></TextLine><TextLine HPOS="526" VPOS="1027" ID="tl1-31" WIDTH="52" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="52" HPOS="526" VPOS="1027" ID="st1-271"/></TextLine><TextLine HPOS="585" VPOS="1022" ID="tl1-32" WIDTH="304" HEIGHT="26"><String HEIGHT="26" CONTENT="member" WIDTH="93" HPOS="585" VPOS="1022" ID="st1-272"/><SP/><String HEIGHT="26" CONTENT="state" WIDTH="51" HPOS="685" VPOS="1022" ID="st1-273"/><SP/><String HEIGHT="26" CONTENT="must" WIDTH="56" HPOS="743" VPOS="1022" ID="st1-274"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="806" VPOS="1022" ID="st1-275"/><SP/><String HEIGHT="26" CONTENT="con" WIDTH="37" HPOS="840" VPOS="1022" ID="st1-276" SUBS_TYPE="HypPart1" SUBS_CONTENT="considered"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1022" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl1-33" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="sidered" WIDTH="79" HPOS="94" VPOS="1054" ID="st1-277" SUBS_TYPE="HypPart2" SUBS_CONTENT="considered"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="180" VPOS="1054" ID="st1-278"/><SP/><String HEIGHT="26" CONTENT="issue" WIDTH="53" HPOS="213" VPOS="1054" ID="st1-279"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="272" VPOS="1054" ID="st1-280"/><SP/><String HEIGHT="26" CONTENT="common" WIDTH="100" HPOS="302" VPOS="1054" ID="st1-281"/><SP/><String HEIGHT="26" CONTENT="concern" WIDTH="88" HPOS="408" VPOS="1054" ID="st1-282"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="502" VPOS="1054" ID="st1-283"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="531" VPOS="1054" ID="st1-284"/><SP/><String HEIGHT="26" CONTENT="monetary" WIDTH="106" HPOS="572" VPOS="1054" ID="st1-285"/><SP/><String HEIGHT="26" CONTENT="union" WIDTH="61" HPOS="684" VPOS="1054" ID="st1-286"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="745" VPOS="1054" ID="st1-287"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="764" VPOS="1054" ID="st1-288"/><SP/><String HEIGHT="26" CONTENT="fact" WIDTH="37" HPOS="796" VPOS="1054" ID="st1-289"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="833" VPOS="1054" ID="st1-290"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="849" VPOS="1054" ID="st1-291"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl1-34" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="argument" WIDTH="107" HPOS="94" VPOS="1086" ID="st1-292"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="209" VPOS="1086" ID="st1-293"/><SP/><String HEIGHT="26" CONTENT="become" WIDTH="87" HPOS="252" VPOS="1086" ID="st1-294"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="51" HPOS="346" VPOS="1086" ID="st1-295"/><SP/><String HEIGHT="26" CONTENT="stronger" WIDTH="93" HPOS="404" VPOS="1086" ID="st1-296"/><SP/><String HEIGHT="26" CONTENT="after" WIDTH="50" HPOS="505" VPOS="1086" ID="st1-297"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="562" VPOS="1086" ID="st1-298"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="54" HPOS="605" VPOS="1086" ID="st1-299"/><String HEIGHT="26" CONTENT=":" WIDTH="9" HPOS="659" VPOS="1086" ID="st1-300"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="676" VPOS="1086" ID="st1-301"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="705" VPOS="1086" ID="st1-302"/><SP/><String HEIGHT="26" CONTENT="events" WIDTH="69" HPOS="747" VPOS="1086" ID="st1-303"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="824" VPOS="1086" ID="st1-304"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="1086" ID="st1-305"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl1-35" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="crisis" WIDTH="55" HPOS="94" VPOS="1118" ID="st1-306"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="50" HPOS="160" VPOS="1118" ID="st1-307"/><SP/><String HEIGHT="26" CONTENT="shown" WIDTH="67" HPOS="221" VPOS="1118" ID="st1-308"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="288" VPOS="1118" ID="st1-309"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="313" VPOS="1118" ID="st1-310"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="94" HPOS="358" VPOS="1118" ID="st1-311"/><SP/><String HEIGHT="26" CONTENT="institutions" WIDTH="126" HPOS="463" VPOS="1118" ID="st1-312"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="600" VPOS="1118" ID="st1-313"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="633" VPOS="1118" ID="st1-314"/><SP/><String HEIGHT="26" CONTENT="Eurozone" WIDTH="110" HPOS="679" VPOS="1118" ID="st1-315"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="799" VPOS="1118" ID="st1-316"/><SP/><String HEIGHT="26" CONTENT="very" WIDTH="46" HPOS="843" VPOS="1118" ID="st1-317"/></TextLine><TextLine HPOS="94" VPOS="1150" ID="tl1-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="much" WIDTH="63" HPOS="94" VPOS="1150" ID="st1-318"/><SP/><String HEIGHT="26" CONTENT="interlinked" WIDTH="117" HPOS="163" VPOS="1150" ID="st1-319"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="280" VPOS="1150" ID="st1-320"/><SP/><String HEIGHT="26" CONTENT="Hence" WIDTH="66" HPOS="298" VPOS="1150" ID="st1-321"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="364" VPOS="1150" ID="st1-322"/><SP/><String HEIGHT="26" CONTENT="problems" WIDTH="104" HPOS="385" VPOS="1150" ID="st1-323"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="21" HPOS="496" VPOS="1150" ID="st1-324"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="524" VPOS="1150" ID="st1-325"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="78" HPOS="572" VPOS="1150" ID="st1-326"/><String HEIGHT="26" CONTENT="’" WIDTH="11" HPOS="650" VPOS="1150" ID="st1-327"/><String HEIGHT="26" CONTENT="s" WIDTH="12" HPOS="661" VPOS="1150" ID="st1-328"/><SP/><String HEIGHT="26" CONTENT="banking" WIDTH="90" HPOS="679" VPOS="1150" ID="st1-329"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="66" HPOS="776" VPOS="1150" ID="st1-330"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="848" VPOS="1150" ID="st1-331"/></TextLine><TextLine HPOS="94" VPOS="1182" ID="tl1-37" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="immediately" WIDTH="137" HPOS="94" VPOS="1182" ID="st1-332"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="238" VPOS="1182" ID="st1-333"/><SP/><String HEIGHT="26" CONTENT="dire" WIDTH="43" HPOS="296" VPOS="1182" ID="st1-334"/><SP/><String HEIGHT="26" CONTENT="consequences" WIDTH="150" HPOS="346" VPOS="1182" ID="st1-335"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="503" VPOS="1182" ID="st1-336"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="543" VPOS="1182" ID="st1-337"/><SP/><String HEIGHT="26" CONTENT="rest" WIDTH="40" HPOS="585" VPOS="1182" ID="st1-338"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="632" VPOS="1182" ID="st1-339"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="661" VPOS="1182" ID="st1-340"/><SP/><String HEIGHT="26" CONTENT="monetary" WIDTH="106" HPOS="703" VPOS="1182" ID="st1-341"/><SP/><String HEIGHT="26" CONTENT="union" WIDTH="60" HPOS="816" VPOS="1182" ID="st1-342"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="876" VPOS="1182" ID="st1-343"/></TextLine><TextLine HPOS="94" VPOS="1257" ID="tl1-38" WIDTH="795" HEIGHT="22"><String HEIGHT="22" CONTENT="*" WIDTH="11" HPOS="94" VPOS="1257" ID="st1-344"/><SP/><String HEIGHT="22" CONTENT="The" WIDTH="37" HPOS="129" VPOS="1257" ID="st1-345"/><SP/><String HEIGHT="22" CONTENT="paper" WIDTH="52" HPOS="171" VPOS="1257" ID="st1-346"/><SP/><String HEIGHT="22" CONTENT="is" WIDTH="14" HPOS="228" VPOS="1257" ID="st1-347"/><SP/><String HEIGHT="22" CONTENT="based" WIDTH="52" HPOS="247" VPOS="1257" ID="st1-348"/><SP/><String HEIGHT="22" CONTENT="on" WIDTH="25" HPOS="304" VPOS="1257" ID="st1-349"/><SP/><String HEIGHT="22" CONTENT="an" WIDTH="22" HPOS="334" VPOS="1257" ID="st1-350"/><SP/><String HEIGHT="22" CONTENT="impulse" WIDTH="73" HPOS="361" VPOS="1257" ID="st1-351"/><SP/><String HEIGHT="22" CONTENT="statement" WIDTH="91" HPOS="439" VPOS="1257" ID="st1-352"/><SP/><String HEIGHT="22" CONTENT="at" WIDTH="18" HPOS="534" VPOS="1257" ID="st1-353"/><SP/><String HEIGHT="22" CONTENT="the" WIDTH="30" HPOS="556" VPOS="1257" ID="st1-354"/><SP/><String HEIGHT="22" CONTENT="international" WIDTH="119" HPOS="591" VPOS="1257" ID="st1-355"/><SP/><String HEIGHT="22" CONTENT="seminar" WIDTH="73" HPOS="715" VPOS="1257" ID="st1-356"/><String HEIGHT="22" CONTENT="»" WIDTH="10" HPOS="793" VPOS="1257" ID="st1-357"/><String HEIGHT="22" CONTENT="Cohesive" WIDTH="86" HPOS="803" VPOS="1257" ID="st1-358"/></TextLine><TextLine HPOS="129" VPOS="1285" ID="tl1-39" WIDTH="760" HEIGHT="22"><String HEIGHT="22" CONTENT="Growth" WIDTH="75" HPOS="129" VPOS="1285" ID="st1-359"/><SP/><String HEIGHT="22" CONTENT="in" WIDTH="18" HPOS="213" VPOS="1285" ID="st1-360"/><SP/><String HEIGHT="22" CONTENT="Europe" WIDTH="70" HPOS="240" VPOS="1285" ID="st1-361"/><SP/><String HEIGHT="22" CONTENT="after" WIDTH="42" HPOS="318" VPOS="1285" ID="st1-362"/><SP/><String HEIGHT="22" CONTENT="the" WIDTH="29" HPOS="369" VPOS="1285" ID="st1-363"/><SP/><String HEIGHT="22" CONTENT="Crisis" WIDTH="52" HPOS="407" VPOS="1285" ID="st1-364"/><String HEIGHT="22" CONTENT="«" WIDTH="9" HPOS="459" VPOS="1285" ID="st1-365"/><String HEIGHT="22" CONTENT="," WIDTH="9" HPOS="468" VPOS="1285" ID="st1-366"/><SP/><String HEIGHT="22" CONTENT="organized" WIDTH="93" HPOS="485" VPOS="1285" ID="st1-367"/><SP/><String HEIGHT="22" CONTENT="by" WIDTH="23" HPOS="587" VPOS="1285" ID="st1-368"/><SP/><String HEIGHT="22" CONTENT="the" WIDTH="30" HPOS="618" VPOS="1285" ID="st1-369"/><SP/><String HEIGHT="22" CONTENT="Friedrich" WIDTH="83" HPOS="656" VPOS="1285" ID="st1-370"/><String HEIGHT="22" CONTENT="-" WIDTH="10" HPOS="739" VPOS="1285" ID="st1-371"/><String HEIGHT="22" CONTENT="Ebert" WIDTH="46" HPOS="749" VPOS="1285" ID="st1-372"/><String HEIGHT="22" CONTENT="-" WIDTH="10" HPOS="795" VPOS="1285" ID="st1-373"/><String HEIGHT="22" CONTENT="Stiftung" WIDTH="74" HPOS="805" VPOS="1285" ID="st1-374"/><String HEIGHT="22" CONTENT="," WIDTH="10" HPOS="879" VPOS="1285" ID="st1-375"/></TextLine><TextLine HPOS="129" VPOS="1313" ID="tl1-40" WIDTH="237" HEIGHT="22"><String HEIGHT="22" CONTENT="Berlin" WIDTH="54" HPOS="129" VPOS="1313" ID="st1-376"/><String HEIGHT="22" CONTENT="," WIDTH="9" HPOS="183" VPOS="1313" ID="st1-377"/><SP/><String HEIGHT="22" CONTENT="October" WIDTH="78" HPOS="198" VPOS="1313" ID="st1-378"/><SP/><String HEIGHT="22" CONTENT="23" WIDTH="17" HPOS="281" VPOS="1313" ID="st1-379"/><String HEIGHT="22" CONTENT="," WIDTH="9" HPOS="298" VPOS="1313" ID="st1-380"/><SP/><String HEIGHT="22" CONTENT="2009" WIDTH="43" HPOS="312" VPOS="1313" ID="st1-381"/><String HEIGHT="22" CONTENT="." WIDTH="11" HPOS="355" VPOS="1313" ID="st1-382"/></TextLine><TextLine HPOS="94" VPOS="1390" ID="tl1-41" WIDTH="25" HEIGHT="26"><String HEIGHT="26" CONTENT="36" WIDTH="25" HPOS="94" VPOS="1390" ID="st1-383"/></TextLine><TextLine HPOS="138" VPOS="1395" ID="tl1-42" WIDTH="264" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="138" VPOS="1395" ID="st1-384"/><String HEIGHT="18" CONTENT="," WIDTH="8" HPOS="187" VPOS="1395" ID="st1-385"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="12" HPOS="197" VPOS="1395" ID="st1-386"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="56" HPOS="213" VPOS="1395" ID="st1-387"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="273" VPOS="1395" ID="st1-388"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="20" HPOS="325" VPOS="1395" ID="st1-389"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="52" HPOS="350" VPOS="1395" ID="st1-390"/></TextLine><TextLine HPOS="802" VPOS="1399" ID="tl1-43" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="802" VPOS="1399" ID="st1-391"/></TextLine><TextLine HPOS="837" VPOS="1395" ID="tl1-44" WIDTH="52" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="52" HPOS="837" VPOS="1395" ID="st1-392"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="2" ID="p694247" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694247" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694247" HEIGHT="1472"><TextLine HPOS="94" VPOS="96" ID="tl2-0" WIDTH="321" HEIGHT="26"><String HEIGHT="26" CONTENT="At" WIDTH="27" HPOS="94" VPOS="96" ID="st2-0"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="132" VPOS="96" ID="st2-1"/><SP/><String HEIGHT="26" CONTENT="same" WIDTH="56" HPOS="177" VPOS="96" ID="st2-2"/><SP/><String HEIGHT="26" CONTENT="time" WIDTH="45" HPOS="243" VPOS="96" ID="st2-3"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="288" VPOS="96" ID="st2-4"/><SP/><String HEIGHT="26" CONTENT="all" WIDTH="25" HPOS="311" VPOS="96" ID="st2-5"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="347" VPOS="96" ID="st2-6"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="380" VPOS="96" ID="st2-7"/></TextLine><TextLine HPOS="425" VPOS="101" ID="tl2-1" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="425" VPOS="101" ID="st2-8"/></TextLine><TextLine HPOS="488" VPOS="96" ID="tl2-2" WIDTH="401" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="488" VPOS="96" ID="st2-9"/><String HEIGHT="26" CONTENT="(" WIDTH="11" HPOS="600" VPOS="96" ID="st2-10"/><String HEIGHT="26" CONTENT="except" WIDTH="66" HPOS="611" VPOS="96" ID="st2-11"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="677" VPOS="96" ID="st2-12"/><SP/><String HEIGHT="26" CONTENT="perhaps" WIDTH="81" HPOS="699" VPOS="96" ID="st2-13"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="780" VPOS="96" ID="st2-14"/><SP/><String HEIGHT="26" CONTENT="Luxem" WIDTH="72" HPOS="803" VPOS="96" ID="st2-15" SUBS_TYPE="HypPart1" SUBS_CONTENT="Luxembourg"/><HYP CONTENT="-" WIDTH="14" HPOS="875" VPOS="96" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="127" ID="tl2-3" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="bourg" WIDTH="62" HPOS="94" VPOS="127" ID="st2-16" SUBS_TYPE="HypPart2" SUBS_CONTENT="Luxembourg"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="156" VPOS="127" ID="st2-17"/><SP/><String HEIGHT="26" CONTENT="Malta" WIDTH="60" HPOS="179" VPOS="127" ID="st2-18"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="239" VPOS="127" ID="st2-19"/><SP/><String HEIGHT="26" CONTENT="Cyprus" WIDTH="75" HPOS="261" VPOS="127" ID="st2-20"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="336" VPOS="127" ID="st2-21"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="359" VPOS="127" ID="st2-22"/><SP/><String HEIGHT="26" CONTENT="Slovenia" WIDTH="92" HPOS="410" VPOS="127" ID="st2-23"/><String HEIGHT="26" CONTENT=")" WIDTH="12" HPOS="502" VPOS="127" ID="st2-24"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="525" VPOS="127" ID="st2-25"/><SP/><String HEIGHT="26" CONTENT="big" WIDTH="36" HPOS="568" VPOS="127" ID="st2-26"/><SP/><String HEIGHT="26" CONTENT="enough" WIDTH="84" HPOS="614" VPOS="127" ID="st2-27"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="709" VPOS="127" ID="st2-28"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="751" VPOS="127" ID="st2-29"/><SP/><String HEIGHT="26" CONTENT="default" WIDTH="77" HPOS="773" VPOS="127" ID="st2-30"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="860" VPOS="127" ID="st2-31"/></TextLine><TextLine HPOS="94" VPOS="159" ID="tl2-4" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="94" VPOS="159" ID="st2-32"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="135" HPOS="153" VPOS="159" ID="st2-33"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="295" VPOS="159" ID="st2-34"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="352" VPOS="159" ID="st2-35"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="382" VPOS="159" ID="st2-36"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="440" VPOS="159" ID="st2-37"/><SP/><String HEIGHT="26" CONTENT="potential" WIDTH="99" HPOS="482" VPOS="159" ID="st2-38"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="588" VPOS="159" ID="st2-39"/><SP/><String HEIGHT="26" CONTENT="cause" WIDTH="59" HPOS="618" VPOS="159" ID="st2-40"/><SP/><String HEIGHT="26" CONTENT="major" WIDTH="65" HPOS="684" VPOS="159" ID="st2-41"/><SP/><String HEIGHT="26" CONTENT="problems" WIDTH="104" HPOS="756" VPOS="159" ID="st2-42"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="159" ID="st2-43"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl2-5" WIDTH="731" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="191" ID="st2-44"/><SP/><String HEIGHT="26" CONTENT="banking" WIDTH="90" HPOS="141" VPOS="191" ID="st2-45"/><SP/><String HEIGHT="26" CONTENT="system" WIDTH="70" HPOS="244" VPOS="191" ID="st2-46"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="314" VPOS="191" ID="st2-47"/><SP/><String HEIGHT="26" CONTENT="Thus" WIDTH="50" HPOS="338" VPOS="191" ID="st2-48"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="388" VPOS="191" ID="st2-49"/><SP/><String HEIGHT="26" CONTENT="out" WIDTH="38" HPOS="414" VPOS="191" ID="st2-50"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="464" VPOS="191" ID="st2-51"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="499" VPOS="191" ID="st2-52"/><SP/><String HEIGHT="26" CONTENT="self" WIDTH="38" HPOS="619" VPOS="191" ID="st2-53"/><String HEIGHT="26" CONTENT="-" WIDTH="10" HPOS="657" VPOS="191" ID="st2-54"/><String HEIGHT="26" CONTENT="interest" WIDTH="77" HPOS="667" VPOS="191" ID="st2-55"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="744" VPOS="191" ID="st2-56"/><SP/><String HEIGHT="26" CONTENT="other" WIDTH="59" HPOS="766" VPOS="191" ID="st2-57"/></TextLine><TextLine HPOS="838" VPOS="197" ID="tl2-6" WIDTH="51" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="51" HPOS="838" VPOS="197" ID="st2-58"/></TextLine><TextLine HPOS="94" VPOS="223" ID="tl2-7" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="94" VPOS="223" ID="st2-59"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="37" HPOS="206" VPOS="223" ID="st2-60"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="252" VPOS="223" ID="st2-61"/><SP/><String HEIGHT="26" CONTENT="expected" WIDTH="97" HPOS="287" VPOS="223" ID="st2-62"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="393" VPOS="223" ID="st2-63"/><SP/><String HEIGHT="26" CONTENT="bail" WIDTH="41" HPOS="425" VPOS="223" ID="st2-64"/><SP/><String HEIGHT="26" CONTENT="out" WIDTH="38" HPOS="475" VPOS="223" ID="st2-65"/><SP/><String HEIGHT="26" CONTENT="any" WIDTH="39" HPOS="522" VPOS="223" ID="st2-66"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="135" HPOS="570" VPOS="223" ID="st2-67"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="67" HPOS="714" VPOS="223" ID="st2-68"/><SP/><String HEIGHT="26" CONTENT="gets" WIDTH="44" HPOS="791" VPOS="223" ID="st2-69"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="45" HPOS="844" VPOS="223" ID="st2-70"/></TextLine><TextLine HPOS="94" VPOS="255" ID="tl2-8" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="trouble" WIDTH="77" HPOS="94" VPOS="255" ID="st2-71"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="171" VPOS="255" ID="st2-72"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="191" VPOS="255" ID="st2-73"/><SP/><String HEIGHT="26" CONTENT="point" WIDTH="59" HPOS="249" VPOS="255" ID="st2-74"/><SP/><String HEIGHT="26" CONTENT="was" WIDTH="41" HPOS="317" VPOS="255" ID="st2-75"/><SP/><String HEIGHT="26" CONTENT="made" WIDTH="61" HPOS="367" VPOS="255" ID="st2-76"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="437" VPOS="255" ID="st2-77"/><SP/><String HEIGHT="26" CONTENT="then" WIDTH="49" HPOS="473" VPOS="255" ID="st2-78"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="531" VPOS="255" ID="st2-79"/><SP/><String HEIGHT="26" CONTENT="German" WIDTH="91" HPOS="553" VPOS="255" ID="st2-80"/><SP/><String HEIGHT="26" CONTENT="finance" WIDTH="80" HPOS="653" VPOS="255" ID="st2-81"/><SP/><String HEIGHT="26" CONTENT="minister" WIDTH="92" HPOS="741" VPOS="255" ID="st2-82"/><SP/><String HEIGHT="26" CONTENT="Peer" WIDTH="47" HPOS="842" VPOS="255" ID="st2-83"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl2-9" WIDTH="736" HEIGHT="26"><String HEIGHT="26" CONTENT="Steinbrück" WIDTH="120" HPOS="94" VPOS="287" ID="st2-84"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="222" VPOS="287" ID="st2-85"/><SP/><String HEIGHT="26" CONTENT="February" WIDTH="100" HPOS="252" VPOS="287" ID="st2-86"/><SP/><String HEIGHT="26" CONTENT="2009" WIDTH="56" HPOS="360" VPOS="287" ID="st2-87"/><SP/><String HEIGHT="26" CONTENT="when" WIDTH="61" HPOS="424" VPOS="287" ID="st2-88"/><SP/><String HEIGHT="26" CONTENT="he" WIDTH="26" HPOS="493" VPOS="287" ID="st2-89"/><SP/><String HEIGHT="26" CONTENT="told" WIDTH="45" HPOS="527" VPOS="287" ID="st2-90"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="580" VPOS="287" ID="st2-91"/><SP/><String HEIGHT="26" CONTENT="media" WIDTH="67" HPOS="624" VPOS="287" ID="st2-92"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="699" VPOS="287" ID="st2-93"/><SP/><String HEIGHT="26" CONTENT="smaller" WIDTH="79" HPOS="751" VPOS="287" ID="st2-94"/></TextLine><TextLine HPOS="838" VPOS="293" ID="tl2-10" WIDTH="51" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="51" HPOS="838" VPOS="293" ID="st2-95"/></TextLine><TextLine HPOS="94" VPOS="319" ID="tl2-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="94" VPOS="319" ID="st2-96"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="204" VPOS="319" ID="st2-97"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="283" VPOS="319" ID="st2-98"/><SP/><String HEIGHT="26" CONTENT="bailed" WIDTH="67" HPOS="316" VPOS="319" ID="st2-99"/><SP/><String HEIGHT="26" CONTENT="out" WIDTH="38" HPOS="391" VPOS="319" ID="st2-100"/><SP/><String HEIGHT="26" CONTENT="during" WIDTH="75" HPOS="436" VPOS="319" ID="st2-101"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="519" VPOS="319" ID="st2-102"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="562" VPOS="319" ID="st2-103"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="53" HPOS="650" VPOS="319" ID="st2-104"/><String HEIGHT="26" CONTENT="." WIDTH="9" HPOS="703" VPOS="319" ID="st2-105"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="719" VPOS="319" ID="st2-106"/><SP/><String HEIGHT="26" CONTENT="formal" WIDTH="73" HPOS="770" VPOS="319" ID="st2-107"/><SP/><String HEIGHT="26" CONTENT="no" WIDTH="26" HPOS="851" VPOS="319" ID="st2-108" SUBS_TYPE="HypPart1" SUBS_CONTENT="nobail"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="319" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="351" ID="tl2-12" WIDTH="356" HEIGHT="26"><String HEIGHT="26" CONTENT="bail" WIDTH="44" HPOS="94" VPOS="351" ID="st2-109" SUBS_TYPE="HypPart2" SUBS_CONTENT="nobail"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="138" VPOS="351" ID="st2-110"/><String HEIGHT="26" CONTENT="out" WIDTH="33" HPOS="149" VPOS="351" ID="st2-111"/><SP/><String HEIGHT="26" CONTENT="clause" WIDTH="66" HPOS="189" VPOS="351" ID="st2-112"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="262" VPOS="351" ID="st2-113"/><SP/><String HEIGHT="26" CONTENT="Art" WIDTH="33" HPOS="290" VPOS="351" ID="st2-114"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="323" VPOS="351" ID="st2-115"/><SP/><String HEIGHT="26" CONTENT="103" WIDTH="35" HPOS="342" VPOS="351" ID="st2-116"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="384" VPOS="351" ID="st2-117"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="415" VPOS="351" ID="st2-118"/></TextLine><TextLine HPOS="457" VPOS="357" ID="tl2-13" WIDTH="31" HEIGHT="14"><String HEIGHT="14" CONTENT="eu" WIDTH="31" HPOS="457" VPOS="357" ID="st2-119"/></TextLine><TextLine HPOS="496" VPOS="351" ID="tl2-14" WIDTH="393" HEIGHT="26"><String HEIGHT="26" CONTENT="treaty" WIDTH="62" HPOS="496" VPOS="351" ID="st2-120"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="565" VPOS="351" ID="st2-121"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="608" VPOS="351" ID="st2-122"/><SP/><String HEIGHT="26" CONTENT="morphed" WIDTH="102" HPOS="663" VPOS="351" ID="st2-123"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="45" HPOS="773" VPOS="351" ID="st2-124"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="825" VPOS="351" ID="st2-125"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="20" HPOS="859" VPOS="351" ID="st2-126" SUBS_TYPE="HypPart1" SUBS_CONTENT="informal"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="351" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="383" ID="tl2-15" WIDTH="738" HEIGHT="26"><String HEIGHT="26" CONTENT="formal" WIDTH="73" HPOS="94" VPOS="383" ID="st2-127" SUBS_TYPE="HypPart2" SUBS_CONTENT="informal"/><SP/><String HEIGHT="26" CONTENT="bail" WIDTH="43" HPOS="173" VPOS="383" ID="st2-128"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="216" VPOS="383" ID="st2-129"/><String HEIGHT="26" CONTENT="out" WIDTH="33" HPOS="227" VPOS="383" ID="st2-130"/><SP/><String HEIGHT="26" CONTENT="guarantee" WIDTH="103" HPOS="266" VPOS="383" ID="st2-131"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="369" VPOS="383" ID="st2-132"/><SP/><String HEIGHT="26" CONTENT="Thus" WIDTH="51" HPOS="386" VPOS="383" ID="st2-133"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="437" VPOS="383" ID="st2-134"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="17" HPOS="455" VPOS="383" ID="st2-135"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="477" VPOS="383" ID="st2-136"/><SP/><String HEIGHT="26" CONTENT="now" WIDTH="50" HPOS="499" VPOS="383" ID="st2-137"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="554" VPOS="383" ID="st2-138"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="582" VPOS="383" ID="st2-139"/><SP/><String HEIGHT="26" CONTENT="direct" WIDTH="63" HPOS="622" VPOS="383" ID="st2-140"/><SP/><String HEIGHT="26" CONTENT="interest" WIDTH="82" HPOS="691" VPOS="383" ID="st2-141"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="778" VPOS="383" ID="st2-142"/><SP/><String HEIGHT="26" CONTENT="all" WIDTH="25" HPOS="807" VPOS="383" ID="st2-143"/></TextLine><TextLine HPOS="838" VPOS="388" ID="tl2-16" WIDTH="51" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="51" HPOS="838" VPOS="388" ID="st2-144"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl2-17" WIDTH="714" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="94" VPOS="415" ID="st2-145"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="203" VPOS="415" ID="st2-146"/><SP/><String HEIGHT="26" CONTENT="prevent" WIDTH="84" HPOS="233" VPOS="415" ID="st2-147"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="324" VPOS="415" ID="st2-148"/><SP/><String HEIGHT="26" CONTENT="default" WIDTH="76" HPOS="342" VPOS="415" ID="st2-149"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="425" VPOS="415" ID="st2-150"/><SP/><String HEIGHT="26" CONTENT="any" WIDTH="39" HPOS="459" VPOS="415" ID="st2-151"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="504" VPOS="415" ID="st2-152"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="534" VPOS="415" ID="st2-153"/><SP/><String HEIGHT="26" CONTENT="other" WIDTH="59" HPOS="576" VPOS="415" ID="st2-154"/><SP/><String HEIGHT="26" CONTENT="member" WIDTH="92" HPOS="642" VPOS="415" ID="st2-155"/><SP/><String HEIGHT="26" CONTENT="states" WIDTH="57" HPOS="741" VPOS="415" ID="st2-156"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="798" VPOS="415" ID="st2-157"/></TextLine><TextLine HPOS="129" VPOS="447" ID="tl2-18" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="129" VPOS="447" ID="st2-158"/><SP/><String HEIGHT="26" CONTENT="necessity" WIDTH="97" HPOS="179" VPOS="447" ID="st2-159"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="282" VPOS="447" ID="st2-160"/><SP/><String HEIGHT="26" CONTENT="limiting" WIDTH="88" HPOS="311" VPOS="447" ID="st2-161"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="405" VPOS="447" ID="st2-162"/><SP/><String HEIGHT="26" CONTENT="gross" WIDTH="58" HPOS="446" VPOS="447" ID="st2-163"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="510" VPOS="447" ID="st2-164"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="566" VPOS="447" ID="st2-165"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="594" VPOS="447" ID="st2-166"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="78" HPOS="612" VPOS="447" ID="st2-167"/><String HEIGHT="26" CONTENT="’" WIDTH="11" HPOS="690" VPOS="447" ID="st2-168"/><String HEIGHT="26" CONTENT="s" WIDTH="12" HPOS="701" VPOS="447" ID="st2-169"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="719" VPOS="447" ID="st2-170"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="60" HPOS="818" VPOS="447" ID="st2-171"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="878" VPOS="447" ID="st2-172"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl2-19" WIDTH="272" HEIGHT="26"><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="94" VPOS="479" ID="st2-173"/><SP/><String HEIGHT="26" CONTENT="well" WIDTH="46" HPOS="122" VPOS="479" ID="st2-174"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="174" VPOS="479" ID="st2-175"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="203" VPOS="479" ID="st2-176"/><SP/><String HEIGHT="26" CONTENT="net" WIDTH="35" HPOS="245" VPOS="479" ID="st2-177"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="287" VPOS="479" ID="st2-178"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="343" VPOS="479" ID="st2-179"/></TextLine><TextLine HPOS="373" VPOS="484" ID="tl2-20" WIDTH="52" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="52" HPOS="373" VPOS="484" ID="st2-180"/></TextLine><TextLine HPOS="431" VPOS="479" ID="tl2-21" WIDTH="458" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="431" VPOS="479" ID="st2-181"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="37" HPOS="541" VPOS="479" ID="st2-182"/><SP/><String HEIGHT="26" CONTENT="also" WIDTH="43" HPOS="585" VPOS="479" ID="st2-183"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="634" VPOS="479" ID="st2-184"/><SP/><String HEIGHT="26" CONTENT="easily" WIDTH="59" HPOS="668" VPOS="479" ID="st2-185"/><SP/><String HEIGHT="26" CONTENT="deduced" WIDTH="94" HPOS="734" VPOS="479" ID="st2-186"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="834" VPOS="479" ID="st2-187"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl2-22" WIDTH="213" HEIGHT="26"><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="94" VPOS="511" ID="st2-188"/><SP/><String HEIGHT="26" CONTENT="conclusion" WIDTH="116" HPOS="142" VPOS="511" ID="st2-189"/><String HEIGHT="26" CONTENT=":" WIDTH="12" HPOS="258" VPOS="511" ID="st2-190"/><SP/><String HEIGHT="26" CONTENT="no" WIDTH="29" HPOS="278" VPOS="511" ID="st2-191"/></TextLine><TextLine HPOS="315" VPOS="516" ID="tl2-23" WIDTH="51" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="51" HPOS="315" VPOS="516" ID="st2-192"/></TextLine><TextLine HPOS="374" VPOS="511" ID="tl2-24" WIDTH="24" HEIGHT="26"><String HEIGHT="26" CONTENT="or" WIDTH="24" HPOS="374" VPOS="511" ID="st2-193"/></TextLine><TextLine HPOS="406" VPOS="516" ID="tl2-25" WIDTH="31" HEIGHT="14"><String HEIGHT="14" CONTENT="eu" WIDTH="31" HPOS="406" VPOS="516" ID="st2-194"/></TextLine><TextLine HPOS="445" VPOS="511" ID="tl2-26" WIDTH="444" HEIGHT="26"><String HEIGHT="26" CONTENT="member" WIDTH="92" HPOS="445" VPOS="511" ID="st2-195"/><SP/><String HEIGHT="26" CONTENT="state" WIDTH="51" HPOS="544" VPOS="511" ID="st2-196"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="38" HPOS="602" VPOS="511" ID="st2-197"/><SP/><String HEIGHT="26" CONTENT="afford" WIDTH="67" HPOS="647" VPOS="511" ID="st2-198"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="721" VPOS="511" ID="st2-199"/><SP/><String HEIGHT="26" CONTENT="bankruptcy" WIDTH="125" HPOS="764" VPOS="511" ID="st2-200"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl2-27" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="543" ID="st2-201"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="125" VPOS="543" ID="st2-202"/><SP/><String HEIGHT="26" CONTENT="banking" WIDTH="90" HPOS="159" VPOS="543" ID="st2-203"/><SP/><String HEIGHT="26" CONTENT="system" WIDTH="70" HPOS="258" VPOS="543" ID="st2-204"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="328" VPOS="543" ID="st2-205"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="68" HPOS="348" VPOS="543" ID="st2-206"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="424" VPOS="543" ID="st2-207"/><SP/><String HEIGHT="26" CONTENT="indeed" WIDTH="75" HPOS="450" VPOS="543" ID="st2-208"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="533" VPOS="543" ID="st2-209"/><SP/><String HEIGHT="26" CONTENT="backbone" WIDTH="107" HPOS="576" VPOS="543" ID="st2-210"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="691" VPOS="543" ID="st2-211"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="722" VPOS="543" ID="st2-212"/><SP/><String HEIGHT="26" CONTENT="economy" WIDTH="102" HPOS="766" VPOS="543" ID="st2-213"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="876" VPOS="543" ID="st2-214"/></TextLine><TextLine HPOS="94" VPOS="575" ID="tl2-28" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="575" ID="st2-215"/><SP/><String HEIGHT="26" CONTENT="negative" WIDTH="92" HPOS="138" VPOS="575" ID="st2-216"/><SP/><String HEIGHT="26" CONTENT="impacts" WIDTH="85" HPOS="239" VPOS="575" ID="st2-217"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="333" VPOS="575" ID="st2-218"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="76" HPOS="371" VPOS="575" ID="st2-219"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="447" VPOS="575" ID="st2-220"/><SP/><String HEIGHT="26" CONTENT="employment" WIDTH="133" HPOS="469" VPOS="575" ID="st2-221"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="602" VPOS="575" ID="st2-222"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="625" VPOS="575" ID="st2-223"/><SP/><String HEIGHT="26" CONTENT="future" WIDTH="68" HPOS="675" VPOS="575" ID="st2-224"/><SP/><String HEIGHT="26" CONTENT="tax" WIDTH="32" HPOS="752" VPOS="575" ID="st2-225"/><SP/><String HEIGHT="26" CONTENT="revenues" WIDTH="96" HPOS="793" VPOS="575" ID="st2-226"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl2-29" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="94" VPOS="607" ID="st2-227"/><SP/><String HEIGHT="26" CONTENT="simply" WIDTH="74" HPOS="170" VPOS="607" ID="st2-228"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="249" VPOS="607" ID="st2-229"/><SP/><String HEIGHT="26" CONTENT="too" WIDTH="38" HPOS="281" VPOS="607" ID="st2-230"/><SP/><String HEIGHT="26" CONTENT="severe" WIDTH="64" HPOS="324" VPOS="607" ID="st2-231"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="388" VPOS="607" ID="st2-232"/><SP/><String HEIGHT="26" CONTENT="It" WIDTH="19" HPOS="404" VPOS="607" ID="st2-233"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="429" VPOS="607" ID="st2-234"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="451" VPOS="607" ID="st2-235"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="489" VPOS="607" ID="st2-236"/><SP/><String HEIGHT="26" CONTENT="reason" WIDTH="72" HPOS="535" VPOS="607" ID="st2-237"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="40" HPOS="612" VPOS="607" ID="st2-238"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="652" VPOS="607" ID="st2-239"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="669" VPOS="607" ID="st2-240"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="696" VPOS="607" ID="st2-241"/><SP/><String HEIGHT="26" CONTENT="serious" WIDTH="78" HPOS="713" VPOS="607" ID="st2-242"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="796" VPOS="607" ID="st2-243"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl2-30" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="crisis" WIDTH="53" HPOS="94" VPOS="639" ID="st2-244"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="147" VPOS="639" ID="st2-245"/><SP/><String HEIGHT="26" CONTENT="governments" WIDTH="145" HPOS="162" VPOS="639" ID="st2-246"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="313" VPOS="639" ID="st2-247"/><SP/><String HEIGHT="26" CONTENT="very" WIDTH="46" HPOS="352" VPOS="639" ID="st2-248"/><SP/><String HEIGHT="26" CONTENT="likely" WIDTH="58" HPOS="404" VPOS="639" ID="st2-249"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="468" VPOS="639" ID="st2-250"/><SP/><String HEIGHT="26" CONTENT="assume" WIDTH="79" HPOS="498" VPOS="639" ID="st2-251"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="583" VPOS="639" ID="st2-252"/><SP/><String HEIGHT="26" CONTENT="liabilities" WIDTH="99" HPOS="624" VPOS="639" ID="st2-253"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="729" VPOS="639" ID="st2-254"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="758" VPOS="639" ID="st2-255"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="799" VPOS="639" ID="st2-256"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl2-31" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="94" VPOS="671" ID="st2-257"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="66" HPOS="195" VPOS="671" ID="st2-258"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="269" VPOS="671" ID="st2-259"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="290" VPOS="671" ID="st2-260"/><SP/><String HEIGHT="26" CONTENT="recently" WIDTH="87" HPOS="320" VPOS="671" ID="st2-261"/><SP/><String HEIGHT="26" CONTENT="took" WIDTH="52" HPOS="415" VPOS="671" ID="st2-262"/><SP/><String HEIGHT="26" CONTENT="place" WIDTH="56" HPOS="475" VPOS="671" ID="st2-263"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="539" VPOS="671" ID="st2-264"/><SP/><String HEIGHT="26" CONTENT="Great" WIDTH="62" HPOS="569" VPOS="671" ID="st2-265"/><SP/><String HEIGHT="26" CONTENT="Britain" WIDTH="76" HPOS="640" VPOS="671" ID="st2-266"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="724" VPOS="671" ID="st2-267"/><SP/><String HEIGHT="26" CONTENT="Ireland" WIDTH="76" HPOS="773" VPOS="671" ID="st2-268"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="849" VPOS="671" ID="st2-269"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="868" VPOS="671" ID="st2-270"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl2-32" WIDTH="620" HEIGHT="26"><String HEIGHT="26" CONTENT="well" WIDTH="45" HPOS="94" VPOS="702" ID="st2-271"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="146" VPOS="702" ID="st2-272"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="174" VPOS="702" ID="st2-273"/><SP/><String HEIGHT="26" CONTENT="past" WIDTH="45" HPOS="202" VPOS="702" ID="st2-274"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="254" VPOS="702" ID="st2-275"/><SP/><String HEIGHT="26" CONTENT="crises" WIDTH="59" HPOS="354" VPOS="702" ID="st2-276"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="420" VPOS="702" ID="st2-277"/><SP/><String HEIGHT="26" CONTENT="Latin" WIDTH="59" HPOS="448" VPOS="702" ID="st2-278"/><SP/><String HEIGHT="26" CONTENT="America" WIDTH="92" HPOS="513" VPOS="702" ID="st2-279"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="612" VPOS="702" ID="st2-280"/><SP/><String HEIGHT="26" CONTENT="Asia" WIDTH="44" HPOS="659" VPOS="702" ID="st2-281"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="703" VPOS="702" ID="st2-282"/></TextLine><TextLine HPOS="129" VPOS="734" ID="tl2-33" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="129" VPOS="734" ID="st2-283"/><SP/><String HEIGHT="26" CONTENT="same" WIDTH="56" HPOS="180" VPOS="734" ID="st2-284"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="243" VPOS="734" ID="st2-285"/><SP/><String HEIGHT="26" CONTENT="probably" WIDTH="99" HPOS="267" VPOS="734" ID="st2-286"/><SP/><String HEIGHT="26" CONTENT="true" WIDTH="45" HPOS="373" VPOS="734" ID="st2-287"/><SP/><String HEIGHT="26" CONTENT="when" WIDTH="61" HPOS="426" VPOS="734" ID="st2-288"/><SP/><String HEIGHT="26" CONTENT="significant" WIDTH="114" HPOS="494" VPOS="734" ID="st2-289"/><SP/><String HEIGHT="26" CONTENT="parts" WIDTH="55" HPOS="615" VPOS="734" ID="st2-290"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="677" VPOS="734" ID="st2-291"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="707" VPOS="734" ID="st2-292"/><SP/><String HEIGHT="26" CONTENT="business" WIDTH="93" HPOS="749" VPOS="734" ID="st2-293"/><SP/><String HEIGHT="26" CONTENT="sec" WIDTH="30" HPOS="849" VPOS="734" ID="st2-294" SUBS_TYPE="HypPart1" SUBS_CONTENT="sector"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="734" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl2-34" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tor" WIDTH="33" HPOS="94" VPOS="766" ID="st2-295" SUBS_TYPE="HypPart2" SUBS_CONTENT="sector"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="136" VPOS="766" ID="st2-296"/><SP/><String HEIGHT="26" CONTENT="threatened" WIDTH="118" HPOS="177" VPOS="766" ID="st2-297"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="51" HPOS="304" VPOS="766" ID="st2-298"/><SP/><String HEIGHT="26" CONTENT="bankruptcy" WIDTH="118" HPOS="363" VPOS="766" ID="st2-299"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="481" VPOS="766" ID="st2-300"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="502" VPOS="766" ID="st2-301"/><SP/><String HEIGHT="26" CONTENT="case" WIDTH="44" HPOS="536" VPOS="766" ID="st2-302"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="588" VPOS="766" ID="st2-303"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="620" VPOS="766" ID="st2-304"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="53" HPOS="640" VPOS="766" ID="st2-305"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="693" VPOS="766" ID="st2-306"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="711" VPOS="766" ID="st2-307"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="134" HPOS="755" VPOS="766" ID="st2-308"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl2-35" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="94" VPOS="798" ID="st2-309"/><SP/><String HEIGHT="26" CONTENT="probably" WIDTH="99" HPOS="174" VPOS="798" ID="st2-310"/><SP/><String HEIGHT="26" CONTENT="assume" WIDTH="80" HPOS="281" VPOS="798" ID="st2-311"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="370" VPOS="798" ID="st2-312"/><SP/><String HEIGHT="26" CONTENT="obligations" WIDTH="125" HPOS="413" VPOS="798" ID="st2-313"/><SP/><String HEIGHT="26" CONTENT="rather" WIDTH="66" HPOS="546" VPOS="798" ID="st2-314"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="620" VPOS="798" ID="st2-315"/><SP/><String HEIGHT="26" CONTENT="risk" WIDTH="39" HPOS="679" VPOS="798" ID="st2-316"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="727" VPOS="798" ID="st2-317"/><SP/><String HEIGHT="26" CONTENT="collapse" WIDTH="87" HPOS="771" VPOS="798" ID="st2-318"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="798" ID="st2-319"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl2-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="94" VPOS="830" ID="st2-320"/><SP/><String HEIGHT="26" CONTENT="parts" WIDTH="54" HPOS="155" VPOS="830" ID="st2-321"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="216" VPOS="830" ID="st2-322"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="246" VPOS="830" ID="st2-323"/><SP/><String HEIGHT="26" CONTENT="private" WIDTH="76" HPOS="288" VPOS="830" ID="st2-324"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="60" HPOS="371" VPOS="830" ID="st2-325"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="431" VPOS="830" ID="st2-326"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="449" VPOS="830" ID="st2-327"/><SP/><String HEIGHT="26" CONTENT="times" WIDTH="59" HPOS="481" VPOS="830" ID="st2-328"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="547" VPOS="830" ID="st2-329"/><SP/><String HEIGHT="26" CONTENT="high" WIDTH="51" HPOS="577" VPOS="830" ID="st2-330"/><SP/><String HEIGHT="26" CONTENT="unemployment" WIDTH="170" HPOS="634" VPOS="830" ID="st2-331"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="811" VPOS="830" ID="st2-332"/><SP/><String HEIGHT="26" CONTENT="es" WIDTH="20" HPOS="859" VPOS="830" ID="st2-333" SUBS_TYPE="HypPart1" SUBS_CONTENT="especially"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="830" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl2-37" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="pecially" WIDTH="83" HPOS="94" VPOS="862" ID="st2-334" SUBS_TYPE="HypPart2" SUBS_CONTENT="especially"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="185" VPOS="862" ID="st2-335"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="216" VPOS="862" ID="st2-336"/><SP/><String HEIGHT="26" CONTENT="run" WIDTH="38" HPOS="259" VPOS="862" ID="st2-337"/><String HEIGHT="26" CONTENT="-" WIDTH="13" HPOS="297" VPOS="862" ID="st2-338"/><String HEIGHT="26" CONTENT="up" WIDTH="26" HPOS="310" VPOS="862" ID="st2-339"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="345" VPOS="862" ID="st2-340"/><SP/><String HEIGHT="26" CONTENT="elections" WIDTH="93" HPOS="377" VPOS="862" ID="st2-341"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="470" VPOS="862" ID="st2-342"/><SP/><String HEIGHT="26" CONTENT="governments" WIDTH="145" HPOS="489" VPOS="862" ID="st2-343"/><SP/><String HEIGHT="26" CONTENT="find" WIDTH="45" HPOS="642" VPOS="862" ID="st2-344"/><SP/><String HEIGHT="26" CONTENT="themselves" WIDTH="120" HPOS="695" VPOS="862" ID="st2-345"/><SP/><String HEIGHT="26" CONTENT="under" WIDTH="65" HPOS="824" VPOS="862" ID="st2-346"/></TextLine><TextLine HPOS="94" VPOS="894" ID="tl2-38" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="intense" WIDTH="79" HPOS="94" VPOS="894" ID="st2-347"/><SP/><String HEIGHT="26" CONTENT="pressure" WIDTH="92" HPOS="181" VPOS="894" ID="st2-348"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="281" VPOS="894" ID="st2-349"/><SP/><String HEIGHT="26" CONTENT="take" WIDTH="45" HPOS="313" VPOS="894" ID="st2-350"/><SP/><String HEIGHT="26" CONTENT="action" WIDTH="65" HPOS="366" VPOS="894" ID="st2-351"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="431" VPOS="894" ID="st2-352"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="450" VPOS="894" ID="st2-353"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="484" VPOS="894" ID="st2-354"/><SP/><String HEIGHT="26" CONTENT="extreme" WIDTH="88" HPOS="527" VPOS="894" ID="st2-355"/><SP/><String HEIGHT="26" CONTENT="case" WIDTH="40" HPOS="624" VPOS="894" ID="st2-356"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="664" VPOS="894" ID="st2-357"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="683" VPOS="894" ID="st2-358"/><SP/><String HEIGHT="26" CONTENT="sum" WIDTH="47" HPOS="727" VPOS="894" ID="st2-359"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="782" VPOS="894" ID="st2-360"/><SP/><String HEIGHT="26" CONTENT="private" WIDTH="76" HPOS="813" VPOS="894" ID="st2-361"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl2-39" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="94" VPOS="926" ID="st2-362"/><SP/><String HEIGHT="26" CONTENT="could" WIDTH="62" HPOS="150" VPOS="926" ID="st2-363"/><SP/><String HEIGHT="26" CONTENT="comprise" WIDTH="102" HPOS="217" VPOS="926" ID="st2-364"/><SP/><String HEIGHT="26" CONTENT="many" WIDTH="62" HPOS="324" VPOS="926" ID="st2-365"/><SP/><String HEIGHT="26" CONTENT="times" WIDTH="60" HPOS="391" VPOS="926" ID="st2-366"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="457" VPOS="926" ID="st2-367"/><SP/><String HEIGHT="26" CONTENT="sum" WIDTH="47" HPOS="498" VPOS="926" ID="st2-368"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="550" VPOS="926" ID="st2-369"/><SP/><String HEIGHT="26" CONTENT="previous" WIDTH="95" HPOS="579" VPOS="926" ID="st2-370"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="135" HPOS="680" VPOS="926" ID="st2-371"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="821" VPOS="926" ID="st2-372"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="876" VPOS="926" ID="st2-373"/></TextLine><TextLine HPOS="94" VPOS="958" ID="tl2-40" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="and" WIDTH="36" HPOS="94" VPOS="958" ID="st2-374"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="130" VPOS="958" ID="st2-375"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="153" VPOS="958" ID="st2-376"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="38" HPOS="184" VPOS="958" ID="st2-377"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="232" VPOS="958" ID="st2-378"/><SP/><String HEIGHT="26" CONTENT="seen" WIDTH="48" HPOS="269" VPOS="958" ID="st2-379"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="327" VPOS="958" ID="st2-380"/><SP/><String HEIGHT="26" CONTENT="Ireland" WIDTH="76" HPOS="359" VPOS="958" ID="st2-381"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="435" VPOS="958" ID="st2-382"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="457" VPOS="958" ID="st2-383"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="483" VPOS="958" ID="st2-384"/><SP/><String HEIGHT="26" CONTENT="quite" WIDTH="57" HPOS="510" VPOS="958" ID="st2-385"/><SP/><String HEIGHT="26" CONTENT="possible" WIDTH="89" HPOS="578" VPOS="958" ID="st2-386"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="677" VPOS="958" ID="st2-387"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="720" VPOS="958" ID="st2-388"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="742" VPOS="958" ID="st2-389"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="839" VPOS="958" ID="st2-390"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl2-41" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="sound" WIDTH="69" HPOS="94" VPOS="990" ID="st2-391"/><SP/><String HEIGHT="26" CONTENT="public" WIDTH="69" HPOS="174" VPOS="990" ID="st2-392"/><SP/><String HEIGHT="26" CONTENT="finances" WIDTH="89" HPOS="255" VPOS="990" ID="st2-393"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="356" VPOS="990" ID="st2-394"/><SP/><String HEIGHT="26" CONTENT="become" WIDTH="86" HPOS="392" VPOS="990" ID="st2-395"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="490" VPOS="990" ID="st2-396"/><SP/><String HEIGHT="26" CONTENT="basket" WIDTH="70" HPOS="513" VPOS="990" ID="st2-397"/><SP/><String HEIGHT="26" CONTENT="case" WIDTH="44" HPOS="595" VPOS="990" ID="st2-398"/><SP/><String HEIGHT="26" CONTENT="practically" WIDTH="111" HPOS="651" VPOS="990" ID="st2-399"/><SP/><String HEIGHT="26" CONTENT="overnight" WIDTH="103" HPOS="774" VPOS="990" ID="st2-400"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="877" VPOS="990" ID="st2-401"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl2-42" WIDTH="733" HEIGHT="26"><String HEIGHT="26" CONTENT="When" WIDTH="60" HPOS="94" VPOS="1022" ID="st2-402"/><String HEIGHT="26" CONTENT="," WIDTH="15" HPOS="154" VPOS="1022" ID="st2-403"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="179" VPOS="1022" ID="st2-404"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="211" VPOS="1022" ID="st2-405"/><SP/><String HEIGHT="26" CONTENT="same" WIDTH="55" HPOS="257" VPOS="1022" ID="st2-406"/><SP/><String HEIGHT="26" CONTENT="time" WIDTH="45" HPOS="323" VPOS="1022" ID="st2-407"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="368" VPOS="1022" ID="st2-408"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="391" VPOS="1022" ID="st2-409"/><SP/><String HEIGHT="26" CONTENT="logic" WIDTH="54" HPOS="437" VPOS="1022" ID="st2-410"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="502" VPOS="1022" ID="st2-411"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="107" HPOS="536" VPOS="1022" ID="st2-412"/><SP/><String HEIGHT="26" CONTENT="linkages" WIDTH="89" HPOS="654" VPOS="1022" ID="st2-413"/><SP/><String HEIGHT="26" CONTENT="within" WIDTH="73" HPOS="754" VPOS="1022" ID="st2-414"/></TextLine><TextLine HPOS="838" VPOS="1027" ID="tl2-43" WIDTH="51" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="51" HPOS="838" VPOS="1027" ID="st2-415"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl2-44" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="makes" WIDTH="69" HPOS="94" VPOS="1054" ID="st2-416"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="169" VPOS="1054" ID="st2-417"/><SP/><String HEIGHT="26" CONTENT="likely" WIDTH="58" HPOS="191" VPOS="1054" ID="st2-418"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="256" VPOS="1054" ID="st2-419"/><SP/><String HEIGHT="26" CONTENT="other" WIDTH="59" HPOS="306" VPOS="1054" ID="st2-420"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="371" VPOS="1054" ID="st2-421"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="480" VPOS="1054" ID="st2-422"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="527" VPOS="1054" ID="st2-423"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="584" VPOS="1054" ID="st2-424"/><SP/><String HEIGHT="26" CONTENT="take" WIDTH="45" HPOS="614" VPOS="1054" ID="st2-425"/><SP/><String HEIGHT="26" CONTENT="over" WIDTH="49" HPOS="665" VPOS="1054" ID="st2-426"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="720" VPOS="1054" ID="st2-427"/><SP/><String HEIGHT="26" CONTENT="liabilities" WIDTH="99" HPOS="761" VPOS="1054" ID="st2-428"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="1054" ID="st2-429"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl2-45" WIDTH="510" HEIGHT="26"><String HEIGHT="26" CONTENT="another" WIDTH="86" HPOS="94" VPOS="1086" ID="st2-430"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="187" VPOS="1086" ID="st2-431"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="280" VPOS="1086" ID="st2-432"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="310" VPOS="1086" ID="st2-433"/><SP/><String HEIGHT="26" CONTENT="dire" WIDTH="43" HPOS="329" VPOS="1086" ID="st2-434"/><SP/><String HEIGHT="26" CONTENT="situation" WIDTH="94" HPOS="379" VPOS="1086" ID="st2-435"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="473" VPOS="1086" ID="st2-436"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="491" VPOS="1086" ID="st2-437"/><SP/><String HEIGHT="26" CONTENT="rest" WIDTH="40" HPOS="534" VPOS="1086" ID="st2-438"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="581" VPOS="1086" ID="st2-439"/></TextLine><TextLine HPOS="611" VPOS="1091" ID="tl2-46" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="611" VPOS="1091" ID="st2-440"/></TextLine><TextLine HPOS="670" VPOS="1086" ID="tl2-47" WIDTH="219" HEIGHT="26"><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="670" VPOS="1086" ID="st2-441"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="745" VPOS="1086" ID="st2-442"/><SP/><String HEIGHT="26" CONTENT="forced" WIDTH="66" HPOS="778" VPOS="1086" ID="st2-443"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="844" VPOS="1086" ID="st2-444"/><SP/><String HEIGHT="26" CONTENT="de" WIDTH="26" HPOS="863" VPOS="1086" ID="st2-445"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl2-48" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="facto" WIDTH="50" HPOS="94" VPOS="1118" ID="st2-446"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="144" VPOS="1118" ID="st2-447"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="161" VPOS="1118" ID="st2-448"/><SP/><String HEIGHT="26" CONTENT="pick" WIDTH="46" HPOS="190" VPOS="1118" ID="st2-449"/><SP/><String HEIGHT="26" CONTENT="up" WIDTH="29" HPOS="241" VPOS="1118" ID="st2-450"/><SP/><String HEIGHT="26" CONTENT="indirectly" WIDTH="104" HPOS="276" VPOS="1118" ID="st2-451"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="386" VPOS="1118" ID="st2-452"/><SP/><String HEIGHT="26" CONTENT="liabilities" WIDTH="99" HPOS="426" VPOS="1118" ID="st2-453"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="531" VPOS="1118" ID="st2-454"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="559" VPOS="1118" ID="st2-455"/><SP/><String HEIGHT="26" CONTENT="private" WIDTH="76" HPOS="600" VPOS="1118" ID="st2-456"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="66" HPOS="681" VPOS="1118" ID="st2-457"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="752" VPOS="1118" ID="st2-458"/><SP/><String HEIGHT="26" CONTENT="any" WIDTH="39" HPOS="781" VPOS="1118" ID="st2-459"/><SP/><String HEIGHT="26" CONTENT="single" WIDTH="64" HPOS="825" VPOS="1118" ID="st2-460"/></TextLine><TextLine HPOS="94" VPOS="1155" ID="tl2-49" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="94" VPOS="1155" ID="st2-461"/></TextLine><TextLine HPOS="152" VPOS="1150" ID="tl2-50" WIDTH="91" HEIGHT="26"><String HEIGHT="26" CONTENT="country" WIDTH="79" HPOS="152" VPOS="1150" ID="st2-462"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="231" VPOS="1150" ID="st2-463"/></TextLine><TextLine HPOS="94" VPOS="1399" ID="tl2-51" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="94" VPOS="1399" ID="st2-464"/></TextLine><TextLine HPOS="128" VPOS="1395" ID="tl2-52" WIDTH="53" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="53" HPOS="128" VPOS="1395" ID="st2-465"/></TextLine><TextLine HPOS="583" VPOS="1395" ID="tl2-53" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="583" VPOS="1395" ID="st2-466"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="632" VPOS="1395" ID="st2-467"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="11" HPOS="642" VPOS="1395" ID="st2-468"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="56" HPOS="658" VPOS="1395" ID="st2-469"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="718" VPOS="1395" ID="st2-470"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="20" HPOS="770" VPOS="1395" ID="st2-471"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="51" HPOS="795" VPOS="1395" ID="st2-472"/></TextLine><TextLine HPOS="866" VPOS="1390" ID="tl2-54" WIDTH="23" HEIGHT="26"><String HEIGHT="26" CONTENT="37" WIDTH="23" HPOS="866" VPOS="1390" ID="st2-473"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="3" ID="p694248" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694248" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694248" HEIGHT="1472"><TextLine HPOS="94" VPOS="94" ID="tl3-0" WIDTH="404" HEIGHT="27"><String HEIGHT="27" CONTENT="The" WIDTH="46" HPOS="94" VPOS="94" ID="st3-0"/><SP/><String HEIGHT="27" CONTENT="First" WIDTH="57" HPOS="148" VPOS="94" ID="st3-1"/><SP/><String HEIGHT="27" CONTENT="Pillar" WIDTH="67" HPOS="213" VPOS="94" ID="st3-2"/><SP/><String HEIGHT="27" CONTENT="of" WIDTH="27" HPOS="288" VPOS="94" ID="st3-3"/><SP/><String HEIGHT="27" CONTENT="Debt" WIDTH="63" HPOS="323" VPOS="94" ID="st3-4"/><SP/><String HEIGHT="27" CONTENT="Control" WIDTH="91" HPOS="394" VPOS="94" ID="st3-5"/><String HEIGHT="27" CONTENT=":" WIDTH="13" HPOS="485" VPOS="94" ID="st3-6"/></TextLine><TextLine HPOS="94" VPOS="126" ID="tl3-1" WIDTH="480" HEIGHT="27"><String HEIGHT="27" CONTENT="EU" WIDTH="26" HPOS="94" VPOS="126" ID="st3-7"/><String HEIGHT="27" CONTENT="-" WIDTH="13" HPOS="120" VPOS="126" ID="st3-8"/><String HEIGHT="27" CONTENT="level" WIDTH="67" HPOS="133" VPOS="126" ID="st3-9"/><SP/><String HEIGHT="27" CONTENT="Financial" WIDTH="116" HPOS="207" VPOS="126" ID="st3-10"/><SP/><String HEIGHT="27" CONTENT="Market" WIDTH="95" HPOS="330" VPOS="126" ID="st3-11"/><SP/><String HEIGHT="27" CONTENT="Regulation" WIDTH="142" HPOS="432" VPOS="126" ID="st3-12"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl3-2" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="Before" WIDTH="73" HPOS="94" VPOS="191" ID="st3-13"/><SP/><String HEIGHT="26" CONTENT="trying" WIDTH="67" HPOS="175" VPOS="191" ID="st3-14"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="249" VPOS="191" ID="st3-15"/><SP/><String HEIGHT="26" CONTENT="find" WIDTH="44" HPOS="281" VPOS="191" ID="st3-16"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="333" VPOS="191" ID="st3-17"/><SP/><String HEIGHT="26" CONTENT="institutional" WIDTH="136" HPOS="367" VPOS="191" ID="st3-18"/><SP/><String HEIGHT="26" CONTENT="solution" WIDTH="92" HPOS="510" VPOS="191" ID="st3-19"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="610" VPOS="191" ID="st3-20"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="641" VPOS="191" ID="st3-21"/><SP/><String HEIGHT="26" CONTENT="problem" WIDTH="94" HPOS="684" VPOS="191" ID="st3-22"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="786" VPOS="191" ID="st3-23"/><SP/><String HEIGHT="26" CONTENT="unsus" WIDTH="60" HPOS="817" VPOS="191" ID="st3-24" SUBS_TYPE="HypPart1" SUBS_CONTENT="unsustainable"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="191" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="223" ID="tl3-3" WIDTH="251" HEIGHT="26"><String HEIGHT="26" CONTENT="tainable" WIDTH="87" HPOS="94" VPOS="223" ID="st3-25" SUBS_TYPE="HypPart2" SUBS_CONTENT="unsustainable"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="189" VPOS="223" ID="st3-26"/><SP/><String HEIGHT="26" CONTENT="trends" WIDTH="70" HPOS="246" VPOS="223" ID="st3-27"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="323" VPOS="223" ID="st3-28"/></TextLine><TextLine HPOS="353" VPOS="229" ID="tl3-4" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="353" VPOS="229" ID="st3-29"/></TextLine><TextLine HPOS="413" VPOS="223" ID="tl3-5" WIDTH="77" HEIGHT="26"><String HEIGHT="26" CONTENT="(" WIDTH="11" HPOS="413" VPOS="223" ID="st3-30"/><String HEIGHT="26" CONTENT="or" WIDTH="23" HPOS="424" VPOS="223" ID="st3-31"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="455" VPOS="223" ID="st3-32"/></TextLine><TextLine HPOS="498" VPOS="229" ID="tl3-6" WIDTH="32" HEIGHT="14"><String HEIGHT="14" CONTENT="eu" WIDTH="32" HPOS="498" VPOS="229" ID="st3-33"/></TextLine><TextLine HPOS="530" VPOS="223" ID="tl3-7" WIDTH="359" HEIGHT="26"><String HEIGHT="26" CONTENT=")" WIDTH="8" HPOS="530" VPOS="223" ID="st3-34"/><String HEIGHT="26" CONTENT="," WIDTH="8" HPOS="538" VPOS="223" ID="st3-35"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="554" VPOS="223" ID="st3-36"/><SP/><String HEIGHT="26" CONTENT="must" WIDTH="56" HPOS="603" VPOS="223" ID="st3-37"/><SP/><String HEIGHT="26" CONTENT="distinguish" WIDTH="123" HPOS="666" VPOS="223" ID="st3-38"/><SP/><String HEIGHT="26" CONTENT="between" WIDTH="92" HPOS="797" VPOS="223" ID="st3-39"/></TextLine><TextLine HPOS="94" VPOS="255" ID="tl3-8" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="different" WIDTH="95" HPOS="94" VPOS="255" ID="st3-40"/><SP/><String HEIGHT="26" CONTENT="types" WIDTH="57" HPOS="194" VPOS="255" ID="st3-41"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="257" VPOS="255" ID="st3-42"/><SP/><String HEIGHT="26" CONTENT="dangerous" WIDTH="116" HPOS="285" VPOS="255" ID="st3-43"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="406" VPOS="255" ID="st3-44"/><SP/><String HEIGHT="26" CONTENT="accumulation" WIDTH="144" HPOS="461" VPOS="255" ID="st3-45"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="605" VPOS="255" ID="st3-46"/><SP/><String HEIGHT="26" CONTENT="First" WIDTH="48" HPOS="624" VPOS="255" ID="st3-47"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="672" VPOS="255" ID="st3-48"/><SP/><String HEIGHT="26" CONTENT="there" WIDTH="56" HPOS="688" VPOS="255" ID="st3-49"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="750" VPOS="255" ID="st3-50"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="772" VPOS="255" ID="st3-51"/><SP/><String HEIGHT="26" CONTENT="danger" WIDTH="76" HPOS="813" VPOS="255" ID="st3-52"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl3-9" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="94" VPOS="287" ID="st3-53"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="144" VPOS="287" ID="st3-54"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="186" VPOS="287" ID="st3-55"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="65" HPOS="286" VPOS="287" ID="st3-56"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="358" VPOS="287" ID="st3-57"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="386" VPOS="287" ID="st3-58"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="79" HPOS="434" VPOS="287" ID="st3-59"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="513" VPOS="287" ID="st3-60"/><SP/><String HEIGHT="26" CONTENT="expanding" WIDTH="115" HPOS="532" VPOS="287" ID="st3-61"/><SP/><String HEIGHT="26" CONTENT="excessively" WIDTH="118" HPOS="653" VPOS="287" ID="st3-62"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="46" HPOS="777" VPOS="287" ID="st3-63"/><SP/><String HEIGHT="26" CONTENT="inter" WIDTH="50" HPOS="829" VPOS="287" ID="st3-64" SUBS_TYPE="HypPart1" SUBS_CONTENT="international"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="287" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="319" ID="tl3-10" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="94" VPOS="319" ID="st3-65" SUBS_TYPE="HypPart2" SUBS_CONTENT="international"/><SP/><String HEIGHT="26" CONTENT="business" WIDTH="88" HPOS="192" VPOS="319" ID="st3-66"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="280" VPOS="319" ID="st3-67"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="299" VPOS="319" ID="st3-68"/><SP/><String HEIGHT="26" CONTENT="accumulate" WIDTH="125" HPOS="347" VPOS="319" ID="st3-69"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="479" VPOS="319" ID="st3-70"/><SP/><String HEIGHT="26" CONTENT="gross" WIDTH="58" HPOS="541" VPOS="319" ID="st3-71"/><SP/><String HEIGHT="26" CONTENT="debts" WIDTH="60" HPOS="606" VPOS="319" ID="st3-72"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="673" VPOS="319" ID="st3-73"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="703" VPOS="319" ID="st3-74"/><SP/><String HEIGHT="26" CONTENT="process" WIDTH="77" HPOS="745" VPOS="319" ID="st3-75"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="822" VPOS="319" ID="st3-76"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="840" VPOS="319" ID="st3-77"/></TextLine><TextLine HPOS="94" VPOS="351" ID="tl3-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="94" VPOS="351" ID="st3-78"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="150" VPOS="351" ID="st3-79"/><SP/><String HEIGHT="26" CONTENT="first" WIDTH="44" HPOS="176" VPOS="351" ID="st3-80"/><SP/><String HEIGHT="26" CONTENT="does" WIDTH="51" HPOS="226" VPOS="351" ID="st3-81"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="283" VPOS="351" ID="st3-82"/><SP/><String HEIGHT="26" CONTENT="appear" WIDTH="74" HPOS="327" VPOS="351" ID="st3-83"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="407" VPOS="351" ID="st3-84"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="436" VPOS="351" ID="st3-85"/><SP/><String HEIGHT="26" CONTENT="very" WIDTH="47" HPOS="468" VPOS="351" ID="st3-86"/><SP/><String HEIGHT="26" CONTENT="burdensome" WIDTH="138" HPOS="521" VPOS="351" ID="st3-87"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="665" VPOS="351" ID="st3-88"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="692" VPOS="351" ID="st3-89"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="94" HPOS="733" VPOS="351" ID="st3-90"/><SP/><String HEIGHT="26" CONTENT="insti" WIDTH="47" HPOS="833" VPOS="351" ID="st3-91" SUBS_TYPE="HypPart1" SUBS_CONTENT="institutions"/><HYP CONTENT="-" WIDTH="9" HPOS="880" VPOS="351" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="383" ID="tl3-12" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tutions" WIDTH="79" HPOS="94" VPOS="383" ID="st3-92" SUBS_TYPE="HypPart2" SUBS_CONTENT="institutions"/><SP/><String HEIGHT="26" CONTENT="also" WIDTH="43" HPOS="184" VPOS="383" ID="st3-93"/><SP/><String HEIGHT="26" CONTENT="accumulate" WIDTH="125" HPOS="238" VPOS="383" ID="st3-94"/><SP/><String HEIGHT="26" CONTENT="assets" WIDTH="61" HPOS="374" VPOS="383" ID="st3-95"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="446" VPOS="383" ID="st3-96"/><SP/><String HEIGHT="26" CONTENT="similar" WIDTH="75" HPOS="480" VPOS="383" ID="st3-97"/><SP/><String HEIGHT="26" CONTENT="value" WIDTH="57" HPOS="566" VPOS="383" ID="st3-98"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="634" VPOS="383" ID="st3-99"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="686" VPOS="383" ID="st3-100"/><SP/><String HEIGHT="26" CONTENT="net" WIDTH="36" HPOS="732" VPOS="383" ID="st3-101"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="779" VPOS="383" ID="st3-102"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="50" HPOS="839" VPOS="383" ID="st3-103"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl3-13" WIDTH="247" HEIGHT="26"><String HEIGHT="26" CONTENT="therefore" WIDTH="101" HPOS="94" VPOS="415" ID="st3-104"/><SP/><String HEIGHT="26" CONTENT="remains" WIDTH="87" HPOS="201" VPOS="415" ID="st3-105"/><SP/><String HEIGHT="26" CONTENT="low" WIDTH="34" HPOS="295" VPOS="415" ID="st3-106"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="329" VPOS="415" ID="st3-107"/></TextLine><TextLine HPOS="129" VPOS="447" ID="tl3-14" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="However" WIDTH="96" HPOS="129" VPOS="447" ID="st3-108"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="225" VPOS="447" ID="st3-109"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="246" VPOS="447" ID="st3-110"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="293" VPOS="447" ID="st3-111"/><SP/><String HEIGHT="26" CONTENT="gross" WIDTH="58" HPOS="354" VPOS="447" ID="st3-112"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="419" VPOS="447" ID="st3-113"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="475" VPOS="447" ID="st3-114"/><SP/><String HEIGHT="26" CONTENT="dangerous" WIDTH="110" HPOS="499" VPOS="447" ID="st3-115"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="609" VPOS="447" ID="st3-116"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="629" VPOS="447" ID="st3-117"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="657" VPOS="447" ID="st3-118"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="680" VPOS="447" ID="st3-119"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="704" VPOS="447" ID="st3-120"/><SP/><String HEIGHT="26" CONTENT="sign" WIDTH="46" HPOS="722" VPOS="447" ID="st3-121"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="775" VPOS="447" ID="st3-122"/><SP/><String HEIGHT="26" CONTENT="increas" WIDTH="74" HPOS="805" VPOS="447" ID="st3-123" SUBS_TYPE="HypPart1" SUBS_CONTENT="increasing"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="447" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl3-15" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ing" WIDTH="36" HPOS="94" VPOS="479" ID="st3-124" SUBS_TYPE="HypPart2" SUBS_CONTENT="increasing"/><SP/><String HEIGHT="26" CONTENT="leverage" WIDTH="90" HPOS="136" VPOS="479" ID="st3-125"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="232" VPOS="479" ID="st3-126"/><SP/><String HEIGHT="26" CONTENT="therefore" WIDTH="100" HPOS="279" VPOS="479" ID="st3-127"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="386" VPOS="479" ID="st3-128"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="415" VPOS="479" ID="st3-129"/><SP/><String HEIGHT="26" CONTENT="increasing" WIDTH="112" HPOS="456" VPOS="479" ID="st3-130"/><SP/><String HEIGHT="26" CONTENT="loss" WIDTH="41" HPOS="574" VPOS="479" ID="st3-131"/><SP/><String HEIGHT="26" CONTENT="potential" WIDTH="99" HPOS="621" VPOS="479" ID="st3-132"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="726" VPOS="479" ID="st3-133"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="755" VPOS="479" ID="st3-134"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="796" VPOS="479" ID="st3-135"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl3-16" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="sector" WIDTH="66" HPOS="94" VPOS="511" ID="st3-136"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="169" VPOS="511" ID="st3-137"/><SP/><String HEIGHT="26" CONTENT="question" WIDTH="91" HPOS="200" VPOS="511" ID="st3-138"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="291" VPOS="511" ID="st3-139"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="312" VPOS="511" ID="st3-140"/><SP/><String HEIGHT="26" CONTENT="times" WIDTH="60" HPOS="346" VPOS="511" ID="st3-141"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="415" VPOS="511" ID="st3-142"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="54" HPOS="447" VPOS="511" ID="st3-143"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="501" VPOS="511" ID="st3-144"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="519" VPOS="511" ID="st3-145"/><SP/><String HEIGHT="26" CONTENT="loss" WIDTH="41" HPOS="568" VPOS="511" ID="st3-146"/><SP/><String HEIGHT="26" CONTENT="potential" WIDTH="99" HPOS="618" VPOS="511" ID="st3-147"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="37" HPOS="726" VPOS="511" ID="st3-148"/><SP/><String HEIGHT="26" CONTENT="easily" WIDTH="60" HPOS="772" VPOS="511" ID="st3-149"/><SP/><String HEIGHT="26" CONTENT="turn" WIDTH="48" HPOS="841" VPOS="511" ID="st3-150"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl3-17" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="into" WIDTH="45" HPOS="94" VPOS="543" ID="st3-151"/><SP/><String HEIGHT="26" CONTENT="outright" WIDTH="92" HPOS="146" VPOS="543" ID="st3-152"/><SP/><String HEIGHT="26" CONTENT="losses" WIDTH="62" HPOS="245" VPOS="543" ID="st3-153"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="67" HPOS="314" VPOS="543" ID="st3-154"/><SP/><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="388" VPOS="543" ID="st3-155"/><SP/><String HEIGHT="26" CONTENT="then" WIDTH="45" HPOS="461" VPOS="543" ID="st3-156"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="506" VPOS="543" ID="st3-157"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="524" VPOS="543" ID="st3-158"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="553" VPOS="543" ID="st3-159"/><SP/><String HEIGHT="26" CONTENT="second" WIDTH="77" HPOS="571" VPOS="543" ID="st3-160"/><SP/><String HEIGHT="26" CONTENT="step" WIDTH="41" HPOS="654" VPOS="543" ID="st3-161"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="695" VPOS="543" ID="st3-162"/><SP/><String HEIGHT="26" CONTENT="burden" WIDTH="80" HPOS="712" VPOS="543" ID="st3-163"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="798" VPOS="543" ID="st3-164"/><SP/><String HEIGHT="26" CONTENT="gov" WIDTH="37" HPOS="840" VPOS="543" ID="st3-165" SUBS_TYPE="HypPart1" SUBS_CONTENT="government"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="543" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="575" ID="tl3-18" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ernment" WIDTH="94" HPOS="94" VPOS="575" ID="st3-166" SUBS_TYPE="HypPart2" SUBS_CONTENT="government"/><SP/><String HEIGHT="26" CONTENT="budget" WIDTH="72" HPOS="194" VPOS="575" ID="st3-167"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="266" VPOS="575" ID="st3-168"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="285" VPOS="575" ID="st3-169"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="313" VPOS="575" ID="st3-170"/><SP/><String HEIGHT="26" CONTENT="been" WIDTH="52" HPOS="355" VPOS="575" ID="st3-171"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="413" VPOS="575" ID="st3-172"/><SP/><String HEIGHT="26" CONTENT="case" WIDTH="44" HPOS="454" VPOS="575" ID="st3-173"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="504" VPOS="575" ID="st3-174"/><SP/><String HEIGHT="26" CONTENT="Ireland" WIDTH="76" HPOS="532" VPOS="575" ID="st3-175"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="608" VPOS="575" ID="st3-176"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="625" VPOS="575" ID="st3-177"/><SP/><String HEIGHT="26" CONTENT="specific" WIDTH="81" HPOS="680" VPOS="575" ID="st3-178"/><SP/><String HEIGHT="26" CONTENT="danger" WIDTH="76" HPOS="767" VPOS="575" ID="st3-179"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="849" VPOS="575" ID="st3-180"/><String HEIGHT="26" CONTENT="of" WIDTH="20" HPOS="859" VPOS="575" ID="st3-181"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="879" VPOS="575" ID="st3-182"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl3-19" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="94" VPOS="607" ID="st3-183"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="58" HPOS="124" VPOS="607" ID="st3-184"/><SP/><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="191" VPOS="607" ID="st3-185"/><SP/><String HEIGHT="26" CONTENT="say" WIDTH="30" HPOS="266" VPOS="607" ID="st3-186"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="296" VPOS="607" ID="st3-187"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="314" VPOS="607" ID="st3-188"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="334" VPOS="607" ID="st3-189"/><SP/><String HEIGHT="26" CONTENT="turning" WIDTH="84" HPOS="428" VPOS="607" ID="st3-190"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="46" HPOS="520" VPOS="607" ID="st3-191"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="574" VPOS="607" ID="st3-192"/><SP/><String HEIGHT="26" CONTENT="hedge" WIDTH="67" HPOS="594" VPOS="607" ID="st3-193"/><SP/><String HEIGHT="26" CONTENT="fund" WIDTH="50" HPOS="669" VPOS="607" ID="st3-194"/><String HEIGHT="26" CONTENT=")" WIDTH="13" HPOS="719" VPOS="607" ID="st3-195"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="740" VPOS="607" ID="st3-196"/><SP/><String HEIGHT="26" CONTENT="usually" WIDTH="77" HPOS="766" VPOS="607" ID="st3-197"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="851" VPOS="607" ID="st3-198"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl3-20" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="strongly" WIDTH="91" HPOS="94" VPOS="639" ID="st3-199"/><SP/><String HEIGHT="26" CONTENT="related" WIDTH="75" HPOS="194" VPOS="639" ID="st3-200"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="279" VPOS="639" ID="st3-201"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="311" VPOS="639" ID="st3-202"/><SP/><String HEIGHT="26" CONTENT="macroeconomic" WIDTH="177" HPOS="356" VPOS="639" ID="st3-203"/><SP/><String HEIGHT="26" CONTENT="development" WIDTH="144" HPOS="542" VPOS="639" ID="st3-204"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="696" VPOS="639" ID="st3-205"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="728" VPOS="639" ID="st3-206"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="772" VPOS="639" ID="st3-207"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="639" ID="st3-208"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl3-21" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="question" WIDTH="92" HPOS="94" VPOS="671" ID="st3-209"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="186" VPOS="671" ID="st3-210"/><SP/><String HEIGHT="26" CONTENT="but" WIDTH="38" HPOS="203" VPOS="671" ID="st3-211"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="246" VPOS="671" ID="st3-212"/><SP/><String HEIGHT="26" CONTENT="rather" WIDTH="66" HPOS="268" VPOS="671" ID="st3-213"/><SP/><String HEIGHT="26" CONTENT="based" WIDTH="62" HPOS="339" VPOS="671" ID="st3-214"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="407" VPOS="671" ID="st3-215"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="441" VPOS="671" ID="st3-216"/><SP/><String HEIGHT="26" CONTENT="regulatory" WIDTH="114" HPOS="472" VPOS="671" ID="st3-217"/><SP/><String HEIGHT="26" CONTENT="approach" WIDTH="97" HPOS="591" VPOS="671" ID="st3-218"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="688" VPOS="671" ID="st3-219"/><SP/><String HEIGHT="26" CONTENT="For" WIDTH="40" HPOS="706" VPOS="671" ID="st3-220"/><SP/><String HEIGHT="26" CONTENT="example" WIDTH="85" HPOS="751" VPOS="671" ID="st3-221"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="836" VPOS="671" ID="st3-222"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="671" ID="st3-223"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl3-22" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="94" VPOS="702" ID="st3-224"/><SP/><String HEIGHT="26" CONTENT="increase" WIDTH="88" HPOS="153" VPOS="702" ID="st3-225"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="246" VPOS="702" ID="st3-226"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="273" VPOS="702" ID="st3-227"/><SP/><String HEIGHT="26" CONTENT="Irish" WIDTH="51" HPOS="314" VPOS="702" ID="st3-228"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="371" VPOS="702" ID="st3-229"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="60" HPOS="469" VPOS="702" ID="st3-230"/><String HEIGHT="26" CONTENT="’" WIDTH="10" HPOS="529" VPOS="702" ID="st3-231"/><String HEIGHT="26" CONTENT="s" WIDTH="11" HPOS="539" VPOS="702" ID="st3-232"/><SP/><String HEIGHT="26" CONTENT="balance" WIDTH="83" HPOS="555" VPOS="702" ID="st3-233"/><SP/><String HEIGHT="26" CONTENT="sheet" WIDTH="56" HPOS="643" VPOS="702" ID="st3-234"/><SP/><String HEIGHT="26" CONTENT="over" WIDTH="49" HPOS="705" VPOS="702" ID="st3-235"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="759" VPOS="702" ID="st3-236"/><SP/><String HEIGHT="26" CONTENT="past" WIDTH="45" HPOS="799" VPOS="702" ID="st3-237"/><SP/><String HEIGHT="26" CONTENT="few" WIDTH="40" HPOS="849" VPOS="702" ID="st3-238"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl3-23" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="years" WIDTH="55" HPOS="94" VPOS="734" ID="st3-239"/><SP/><String HEIGHT="26" CONTENT="was" WIDTH="41" HPOS="155" VPOS="734" ID="st3-240"/><SP/><String HEIGHT="26" CONTENT="probably" WIDTH="99" HPOS="201" VPOS="734" ID="st3-241"/><SP/><String HEIGHT="26" CONTENT="due" WIDTH="36" HPOS="305" VPOS="734" ID="st3-242"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="341" VPOS="734" ID="st3-243"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="359" VPOS="734" ID="st3-244"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="388" VPOS="734" ID="st3-245"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="404" VPOS="734" ID="st3-246"/><SP/><String HEIGHT="26" CONTENT="extent" WIDTH="64" HPOS="464" VPOS="734" ID="st3-247"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="528" VPOS="734" ID="st3-248"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="544" VPOS="734" ID="st3-249"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="573" VPOS="734" ID="st3-250"/><SP/><String HEIGHT="26" CONTENT="lax" WIDTH="31" HPOS="613" VPOS="734" ID="st3-251"/><SP/><String HEIGHT="26" CONTENT="regulation" WIDTH="114" HPOS="649" VPOS="734" ID="st3-252"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="768" VPOS="734" ID="st3-253"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="796" VPOS="734" ID="st3-254"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl3-24" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="institutions" WIDTH="126" HPOS="94" VPOS="766" ID="st3-255"/><SP/><String HEIGHT="26" CONTENT="based" WIDTH="62" HPOS="233" VPOS="766" ID="st3-256"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="307" VPOS="766" ID="st3-257"/><SP/><String HEIGHT="26" CONTENT="Ireland" WIDTH="76" HPOS="342" VPOS="766" ID="st3-258"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="418" VPOS="766" ID="st3-259"/><SP/><String HEIGHT="26" CONTENT="Consequently" WIDTH="146" HPOS="441" VPOS="766" ID="st3-260"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="587" VPOS="766" ID="st3-261"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="613" VPOS="766" ID="st3-262"/><SP/><String HEIGHT="26" CONTENT="right" WIDTH="54" HPOS="660" VPOS="766" ID="st3-263"/><SP/><String HEIGHT="26" CONTENT="approach" WIDTH="102" HPOS="727" VPOS="766" ID="st3-264"/><SP/><String HEIGHT="26" CONTENT="here" WIDTH="47" HPOS="842" VPOS="766" ID="st3-265"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl3-25" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="94" VPOS="798" ID="st3-266"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="170" VPOS="798" ID="st3-267"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="202" VPOS="798" ID="st3-268"/><SP/><String HEIGHT="26" CONTENT="tighten" WIDTH="80" HPOS="231" VPOS="798" ID="st3-269"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="316" VPOS="798" ID="st3-270"/><SP/><String HEIGHT="26" CONTENT="regulation" WIDTH="110" HPOS="415" VPOS="798" ID="st3-271"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="525" VPOS="798" ID="st3-272"/><SP/><String HEIGHT="26" CONTENT="As" WIDTH="28" HPOS="541" VPOS="798" ID="st3-273"/><SP/><String HEIGHT="26" CONTENT="any" WIDTH="39" HPOS="574" VPOS="798" ID="st3-274"/><SP/><String HEIGHT="26" CONTENT="unsustainable" WIDTH="150" HPOS="619" VPOS="798" ID="st3-275"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="775" VPOS="798" ID="st3-276"/><SP/><String HEIGHT="26" CONTENT="trend" WIDTH="59" HPOS="830" VPOS="798" ID="st3-277"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl3-26" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="94" VPOS="830" ID="st3-278"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="124" VPOS="830" ID="st3-279"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="91" HPOS="143" VPOS="830" ID="st3-280"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="242" VPOS="830" ID="st3-281"/><SP/><String HEIGHT="26" CONTENT="system" WIDTH="75" HPOS="343" VPOS="830" ID="st3-282"/><SP/><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="426" VPOS="830" ID="st3-283"/><SP/><String HEIGHT="26" CONTENT="result" WIDTH="61" HPOS="501" VPOS="830" ID="st3-284"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="570" VPOS="830" ID="st3-285"/><SP/><String HEIGHT="26" CONTENT="costs" WIDTH="54" HPOS="600" VPOS="830" ID="st3-286"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="662" VPOS="830" ID="st3-287"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="694" VPOS="830" ID="st3-288"/><SP/><String HEIGHT="26" CONTENT="partner" WIDTH="80" HPOS="737" VPOS="830" ID="st3-289"/><SP/><String HEIGHT="26" CONTENT="coun" WIDTH="52" HPOS="825" VPOS="830" ID="st3-290" SUBS_TYPE="HypPart1" SUBS_CONTENT="countries"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="830" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl3-27" WIDTH="119" HEIGHT="26"><String HEIGHT="26" CONTENT="tries" WIDTH="47" HPOS="94" VPOS="862" ID="st3-291" SUBS_TYPE="HypPart2" SUBS_CONTENT="countries"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="149" VPOS="862" ID="st3-292"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="178" VPOS="862" ID="st3-293"/></TextLine><TextLine HPOS="220" VPOS="868" ID="tl3-28" WIDTH="32" HEIGHT="14"><String HEIGHT="14" CONTENT="eu" WIDTH="32" HPOS="220" VPOS="868" ID="st3-294"/></TextLine><TextLine HPOS="259" VPOS="862" ID="tl3-29" WIDTH="41" HEIGHT="26"><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="259" VPOS="862" ID="st3-295"/></TextLine><TextLine HPOS="308" VPOS="868" ID="tl3-30" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="308" VPOS="868" ID="st3-296"/></TextLine><TextLine HPOS="360" VPOS="862" ID="tl3-31" WIDTH="529" HEIGHT="26"><String HEIGHT="26" CONTENT="," WIDTH="7" HPOS="360" VPOS="862" ID="st3-297"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="374" VPOS="862" ID="st3-298"/><SP/><String HEIGHT="26" CONTENT="only" WIDTH="49" HPOS="417" VPOS="862" ID="st3-299"/><SP/><String HEIGHT="26" CONTENT="logical" WIDTH="72" HPOS="473" VPOS="862" ID="st3-300"/><SP/><String HEIGHT="26" CONTENT="solution" WIDTH="91" HPOS="553" VPOS="862" ID="st3-301"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="652" VPOS="862" ID="st3-302"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="730" VPOS="862" ID="st3-303"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="764" VPOS="862" ID="st3-304"/><SP/><String HEIGHT="26" CONTENT="establish" WIDTH="94" HPOS="795" VPOS="862" ID="st3-305"/></TextLine><TextLine HPOS="94" VPOS="894" ID="tl3-32" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="both" WIDTH="53" HPOS="94" VPOS="894" ID="st3-306"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="152" VPOS="894" ID="st3-307"/><SP/><String HEIGHT="26" CONTENT="regulation" WIDTH="114" HPOS="192" VPOS="894" ID="st3-308"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="312" VPOS="894" ID="st3-309"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="340" VPOS="894" ID="st3-310"/><SP/><String HEIGHT="26" CONTENT="markets" WIDTH="87" HPOS="439" VPOS="894" ID="st3-311"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="531" VPOS="894" ID="st3-312"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="94" HPOS="577" VPOS="894" ID="st3-313"/><SP/><String HEIGHT="26" CONTENT="institutions" WIDTH="127" HPOS="676" VPOS="894" ID="st3-314"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="808" VPOS="894" ID="st3-315"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="894" ID="st3-316"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl3-33" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="enforcement" WIDTH="139" HPOS="94" VPOS="926" ID="st3-317"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="241" VPOS="926" ID="st3-318"/><SP/><String HEIGHT="26" CONTENT="these" WIDTH="56" HPOS="271" VPOS="926" ID="st3-319"/><SP/><String HEIGHT="26" CONTENT="rules" WIDTH="53" HPOS="334" VPOS="926" ID="st3-320"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="394" VPOS="926" ID="st3-321"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="422" VPOS="926" ID="st3-322"/><SP/><String HEIGHT="26" CONTENT="European" WIDTH="110" HPOS="464" VPOS="926" ID="st3-323"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="47" HPOS="581" VPOS="926" ID="st3-324"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="628" VPOS="926" ID="st3-325"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="645" VPOS="926" ID="st3-326"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="695" VPOS="926" ID="st3-327"/><SP/><String HEIGHT="26" CONTENT="proposals" WIDTH="106" HPOS="783" VPOS="926" ID="st3-328"/></TextLine><TextLine HPOS="94" VPOS="958" ID="tl3-34" WIDTH="66" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="958" ID="st3-329"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="124" VPOS="958" ID="st3-330"/></TextLine><TextLine HPOS="167" VPOS="963" ID="tl3-35" WIDTH="32" HEIGHT="15"><String HEIGHT="15" CONTENT="eu" WIDTH="32" HPOS="167" VPOS="963" ID="st3-331"/></TextLine><TextLine HPOS="206" VPOS="958" ID="tl3-36" WIDTH="683" HEIGHT="26"><String HEIGHT="26" CONTENT="Commission" WIDTH="142" HPOS="206" VPOS="958" ID="st3-332"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="356" VPOS="958" ID="st3-333"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="396" VPOS="958" ID="st3-334"/><SP/><String HEIGHT="26" CONTENT="new" WIDTH="47" HPOS="415" VPOS="958" ID="st3-335"/><SP/><String HEIGHT="26" CONTENT="pan" WIDTH="39" HPOS="469" VPOS="958" ID="st3-336"/><String HEIGHT="26" CONTENT="-" WIDTH="13" HPOS="508" VPOS="958" ID="st3-337"/><String HEIGHT="26" CONTENT="European" WIDTH="106" HPOS="521" VPOS="958" ID="st3-338"/><SP/><String HEIGHT="26" CONTENT="supervisory" WIDTH="126" HPOS="635" VPOS="958" ID="st3-339"/><SP/><String HEIGHT="26" CONTENT="framework" WIDTH="120" HPOS="769" VPOS="958" ID="st3-340"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl3-37" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="94" VPOS="990" ID="st3-341"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="134" VPOS="990" ID="st3-342"/><SP/><String HEIGHT="26" CONTENT="step" WIDTH="45" HPOS="152" VPOS="990" ID="st3-343"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="204" VPOS="990" ID="st3-344"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="232" VPOS="990" ID="st3-345"/><SP/><String HEIGHT="26" CONTENT="right" WIDTH="54" HPOS="274" VPOS="990" ID="st3-346"/><SP/><String HEIGHT="26" CONTENT="direction" WIDTH="100" HPOS="335" VPOS="990" ID="st3-347"/><SP/><String HEIGHT="26" CONTENT="but" WIDTH="38" HPOS="442" VPOS="990" ID="st3-348"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="50" HPOS="487" VPOS="990" ID="st3-349"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="59" HPOS="544" VPOS="990" ID="st3-350"/><SP/><String HEIGHT="26" CONTENT="centralization" WIDTH="151" HPOS="609" VPOS="990" ID="st3-351"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="766" VPOS="990" ID="st3-352"/><SP/><String HEIGHT="26" CONTENT="probably" WIDTH="99" HPOS="790" VPOS="990" ID="st3-353"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl3-38" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="needed" WIDTH="73" HPOS="94" VPOS="1022" ID="st3-354"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="167" VPOS="1022" ID="st3-355"/><SP/><String HEIGHT="26" CONTENT="Completely" WIDTH="129" HPOS="186" VPOS="1022" ID="st3-356"/><SP/><String HEIGHT="26" CONTENT="centralized" WIDTH="120" HPOS="321" VPOS="1022" ID="st3-357"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="447" VPOS="1022" ID="st3-358"/><SP/><String HEIGHT="26" CONTENT="market" WIDTH="77" HPOS="546" VPOS="1022" ID="st3-359"/><SP/><String HEIGHT="26" CONTENT="regulation" WIDTH="114" HPOS="629" VPOS="1022" ID="st3-360"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="749" VPOS="1022" ID="st3-361"/><SP/><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="796" VPOS="1022" ID="st3-362"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl3-39" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="market" WIDTH="77" HPOS="94" VPOS="1054" ID="st3-363"/><SP/><String HEIGHT="26" CONTENT="supervision" WIDTH="126" HPOS="178" VPOS="1054" ID="st3-364"/><String HEIGHT="26" CONTENT="(" WIDTH="12" HPOS="311" VPOS="1054" ID="st3-365"/><String HEIGHT="26" CONTENT="perhaps" WIDTH="85" HPOS="323" VPOS="1054" ID="st3-366"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="415" VPOS="1054" ID="st3-367"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="472" VPOS="1054" ID="st3-368"/><SP/><String HEIGHT="26" CONTENT="branches" WIDTH="93" HPOS="569" VPOS="1054" ID="st3-369"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="662" VPOS="1054" ID="st3-370"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="681" VPOS="1054" ID="st3-371"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="709" VPOS="1054" ID="st3-372"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="738" VPOS="1054" ID="st3-373"/><SP/><String HEIGHT="26" CONTENT="System" WIDTH="80" HPOS="780" VPOS="1054" ID="st3-374"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="1054" ID="st3-375"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl3-40" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="European" WIDTH="109" HPOS="94" VPOS="1086" ID="st3-376"/><SP/><String HEIGHT="26" CONTENT="Central" WIDTH="82" HPOS="211" VPOS="1086" ID="st3-377"/><SP/><String HEIGHT="26" CONTENT="Banks" WIDTH="64" HPOS="300" VPOS="1086" ID="st3-378"/><String HEIGHT="26" CONTENT=")" WIDTH="13" HPOS="364" VPOS="1086" ID="st3-379"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="384" VPOS="1086" ID="st3-380"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="463" VPOS="1086" ID="st3-381"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="518" VPOS="1086" ID="st3-382"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="552" VPOS="1086" ID="st3-383"/><SP/><String HEIGHT="26" CONTENT="first" WIDTH="43" HPOS="595" VPOS="1086" ID="st3-384"/><SP/><String HEIGHT="26" CONTENT="pillar" WIDTH="57" HPOS="646" VPOS="1086" ID="st3-385"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="710" VPOS="1086" ID="st3-386"/><SP/><String HEIGHT="26" CONTENT="effective" WIDTH="91" HPOS="741" VPOS="1086" ID="st3-387"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="840" VPOS="1086" ID="st3-388"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl3-41" WIDTH="88" HEIGHT="26"><String HEIGHT="26" CONTENT="control" WIDTH="77" HPOS="94" VPOS="1118" ID="st3-389"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="171" VPOS="1118" ID="st3-390"/></TextLine><TextLine HPOS="94" VPOS="1390" ID="tl3-42" WIDTH="23" HEIGHT="26"><String HEIGHT="26" CONTENT="38" WIDTH="23" HPOS="94" VPOS="1390" ID="st3-391"/></TextLine><TextLine HPOS="137" VPOS="1395" ID="tl3-43" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="137" VPOS="1395" ID="st3-392"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="186" VPOS="1395" ID="st3-393"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="11" HPOS="196" VPOS="1395" ID="st3-394"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="55" HPOS="212" VPOS="1395" ID="st3-395"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="272" VPOS="1395" ID="st3-396"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="21" HPOS="323" VPOS="1395" ID="st3-397"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="51" HPOS="349" VPOS="1395" ID="st3-398"/></TextLine><TextLine HPOS="802" VPOS="1399" ID="tl3-44" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="802" VPOS="1399" ID="st3-399"/></TextLine><TextLine HPOS="837" VPOS="1395" ID="tl3-45" WIDTH="52" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="52" HPOS="837" VPOS="1395" ID="st3-400"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="4" ID="p694249" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694249" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694249" HEIGHT="1472"><TextLine HPOS="94" VPOS="94" ID="tl4-0" WIDTH="441" HEIGHT="27"><String HEIGHT="27" CONTENT="The" WIDTH="46" HPOS="94" VPOS="94" ID="st4-0"/><SP/><String HEIGHT="27" CONTENT="Second" WIDTH="94" HPOS="148" VPOS="94" ID="st4-1"/><SP/><String HEIGHT="27" CONTENT="Pillar" WIDTH="67" HPOS="250" VPOS="94" ID="st4-2"/><SP/><String HEIGHT="27" CONTENT="of" WIDTH="27" HPOS="325" VPOS="94" ID="st4-3"/><SP/><String HEIGHT="27" CONTENT="Debt" WIDTH="63" HPOS="360" VPOS="94" ID="st4-4"/><SP/><String HEIGHT="27" CONTENT="Control" WIDTH="91" HPOS="431" VPOS="94" ID="st4-5"/><String HEIGHT="27" CONTENT=":" WIDTH="13" HPOS="522" VPOS="94" ID="st4-6"/></TextLine><TextLine HPOS="94" VPOS="126" ID="tl4-1" WIDTH="485" HEIGHT="27"><String HEIGHT="27" CONTENT="Monitoring" WIDTH="146" HPOS="94" VPOS="126" ID="st4-7"/><SP/><String HEIGHT="27" CONTENT="Current" WIDTH="98" HPOS="248" VPOS="126" ID="st4-8"/><SP/><String HEIGHT="27" CONTENT="Account" WIDTH="105" HPOS="353" VPOS="126" ID="st4-9"/><SP/><String HEIGHT="27" CONTENT="Balances" WIDTH="113" HPOS="466" VPOS="126" ID="st4-10"/></TextLine><TextLine HPOS="579" VPOS="123" ID="tl4-2" WIDTH="11" HEIGHT="19"><String HEIGHT="19" CONTENT="1" WIDTH="11" HPOS="579" VPOS="123" ID="st4-11"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl4-3" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="94" VPOS="191" ID="st4-12"/><SP/><String HEIGHT="26" CONTENT="second" WIDTH="76" HPOS="148" VPOS="191" ID="st4-13"/><SP/><String HEIGHT="26" CONTENT="pressing" WIDTH="91" HPOS="235" VPOS="191" ID="st4-14"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="336" VPOS="191" ID="st4-15"/><SP/><String HEIGHT="26" CONTENT="issue" WIDTH="53" HPOS="396" VPOS="191" ID="st4-16"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="459" VPOS="191" ID="st4-17"/><SP/><String HEIGHT="26" CONTENT="Europe" WIDTH="78" HPOS="491" VPOS="191" ID="st4-18"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="569" VPOS="191" ID="st4-19"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="592" VPOS="191" ID="st4-20"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="646" VPOS="191" ID="st4-21"/><SP/><String HEIGHT="26" CONTENT="unsustainable" WIDTH="150" HPOS="679" VPOS="191" ID="st4-22"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="840" VPOS="191" ID="st4-23"/></TextLine><TextLine HPOS="94" VPOS="223" ID="tl4-4" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="accumulation" WIDTH="150" HPOS="94" VPOS="223" ID="st4-24"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="253" VPOS="223" ID="st4-25"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="111" HPOS="290" VPOS="223" ID="st4-26"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="99" HPOS="411" VPOS="223" ID="st4-27"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="510" VPOS="223" ID="st4-28"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="530" VPOS="223" ID="st4-29"/><SP/><String HEIGHT="26" CONTENT="much" WIDTH="62" HPOS="557" VPOS="223" ID="st4-30"/><SP/><String HEIGHT="26" CONTENT="harder" WIDTH="72" HPOS="629" VPOS="223" ID="st4-31"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="710" VPOS="223" ID="st4-32"/><SP/><String HEIGHT="26" CONTENT="tackle" WIDTH="60" HPOS="743" VPOS="223" ID="st4-33"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="803" VPOS="223" ID="st4-34"/><SP/><String HEIGHT="26" CONTENT="While" WIDTH="66" HPOS="823" VPOS="223" ID="st4-35"/></TextLine><TextLine HPOS="94" VPOS="255" ID="tl4-5" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="255" ID="st4-36"/><SP/><String HEIGHT="26" CONTENT="neoclassical" WIDTH="127" HPOS="138" VPOS="255" ID="st4-37"/><SP/><String HEIGHT="26" CONTENT="textbook" WIDTH="99" HPOS="273" VPOS="255" ID="st4-38"/><SP/><String HEIGHT="26" CONTENT="model" WIDTH="70" HPOS="380" VPOS="255" ID="st4-39"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="459" VPOS="255" ID="st4-40"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="490" VPOS="255" ID="st4-41"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="579" VPOS="255" ID="st4-42"/><SP/><String HEIGHT="26" CONTENT="determination" WIDTH="158" HPOS="675" VPOS="255" ID="st4-43"/><SP/><String HEIGHT="26" CONTENT="usu" WIDTH="36" HPOS="841" VPOS="255" ID="st4-44" SUBS_TYPE="HypPart1" SUBS_CONTENT="usually"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="255" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl4-6" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ally" WIDTH="38" HPOS="94" VPOS="287" ID="st4-45" SUBS_TYPE="HypPart2" SUBS_CONTENT="usually"/><SP/><String HEIGHT="26" CONTENT="argues" WIDTH="71" HPOS="139" VPOS="287" ID="st4-46"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="217" VPOS="287" ID="st4-47"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="268" VPOS="287" ID="st4-48"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="355" VPOS="287" ID="st4-49"/><SP/><String HEIGHT="26" CONTENT="deficits" WIDTH="78" HPOS="449" VPOS="287" ID="st4-50"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="534" VPOS="287" ID="st4-51"/><SP/><String HEIGHT="26" CONTENT="surpluses" WIDTH="102" HPOS="565" VPOS="287" ID="st4-52"/><SP/><String HEIGHT="26" CONTENT="stem" WIDTH="52" HPOS="674" VPOS="287" ID="st4-53"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="733" VPOS="287" ID="st4-54"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="795" VPOS="287" ID="st4-55"/><SP/><String HEIGHT="26" CONTENT="indi" WIDTH="42" HPOS="837" VPOS="287" ID="st4-56" SUBS_TYPE="HypPart1" SUBS_CONTENT="individual"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="287" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="319" ID="tl4-7" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="vidual" WIDTH="68" HPOS="94" VPOS="319" ID="st4-57" SUBS_TYPE="HypPart2" SUBS_CONTENT="individual"/><SP/><String HEIGHT="26" CONTENT="inter" WIDTH="57" HPOS="166" VPOS="319" ID="st4-58"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="223" VPOS="319" ID="st4-59"/><String HEIGHT="26" CONTENT="temporal" WIDTH="92" HPOS="234" VPOS="319" ID="st4-60"/><SP/><String HEIGHT="26" CONTENT="consumption" WIDTH="147" HPOS="330" VPOS="319" ID="st4-61"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="481" VPOS="319" ID="st4-62"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="122" HPOS="526" VPOS="319" ID="st4-63"/><SP/><String HEIGHT="26" CONTENT="choices" WIDTH="80" HPOS="652" VPOS="319" ID="st4-64"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="736" VPOS="319" ID="st4-65"/><SP/><String HEIGHT="26" CONTENT="households" WIDTH="126" HPOS="763" VPOS="319" ID="st4-66"/></TextLine><TextLine HPOS="94" VPOS="351" ID="tl4-8" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="94" VPOS="351" ID="st4-67"/><SP/><String HEIGHT="26" CONTENT="firms" WIDTH="58" HPOS="143" VPOS="351" ID="st4-68"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="209" VPOS="351" ID="st4-69"/><SP/><String HEIGHT="26" CONTENT="should" WIDTH="75" HPOS="259" VPOS="351" ID="st4-70"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="342" VPOS="351" ID="st4-71"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="399" VPOS="351" ID="st4-72"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="445" VPOS="351" ID="st4-73"/><SP/><String HEIGHT="26" CONTENT="seen" WIDTH="48" HPOS="480" VPOS="351" ID="st4-74"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="536" VPOS="351" ID="st4-75"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="566" VPOS="351" ID="st4-76"/><SP/><String HEIGHT="26" CONTENT="problem" WIDTH="89" HPOS="586" VPOS="351" ID="st4-77"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="675" VPOS="351" ID="st4-78"/><SP/><String HEIGHT="26" CONTENT="recent" WIDTH="67" HPOS="697" VPOS="351" ID="st4-79"/><SP/><String HEIGHT="26" CONTENT="experience" WIDTH="116" HPOS="773" VPOS="351" ID="st4-80"/></TextLine><TextLine HPOS="94" VPOS="383" ID="tl4-9" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="casts" WIDTH="51" HPOS="94" VPOS="383" ID="st4-81"/><SP/><String HEIGHT="26" CONTENT="doubt" WIDTH="68" HPOS="151" VPOS="383" ID="st4-82"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="225" VPOS="383" ID="st4-83"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="41" HPOS="261" VPOS="383" ID="st4-84"/><SP/><String HEIGHT="26" CONTENT="view" WIDTH="45" HPOS="308" VPOS="383" ID="st4-85"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="353" VPOS="383" ID="st4-86"/><SP/><String HEIGHT="26" CONTENT="According" WIDTH="115" HPOS="371" VPOS="383" ID="st4-87"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="493" VPOS="383" ID="st4-88"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="523" VPOS="383" ID="st4-89"/><SP/><String HEIGHT="26" CONTENT="textbook" WIDTH="98" HPOS="565" VPOS="383" ID="st4-90"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="82" HPOS="670" VPOS="383" ID="st4-91"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="752" VPOS="383" ID="st4-92"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="72" HPOS="770" VPOS="383" ID="st4-93"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="848" VPOS="383" ID="st4-94"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl4-10" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="flow" WIDTH="50" HPOS="94" VPOS="415" ID="st4-95"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="151" VPOS="415" ID="st4-96"/><SP/><String HEIGHT="26" CONTENT="developed" WIDTH="108" HPOS="213" VPOS="415" ID="st4-97"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="321" VPOS="415" ID="st4-98"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="80" HPOS="341" VPOS="415" ID="st4-99"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="421" VPOS="415" ID="st4-100"/><String HEIGHT="26" CONTENT="abundant" WIDTH="93" HPOS="433" VPOS="415" ID="st4-101"/><SP/><String HEIGHT="26" CONTENT="economies" WIDTH="118" HPOS="533" VPOS="415" ID="st4-102"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="658" VPOS="415" ID="st4-103"/><SP/><String HEIGHT="26" CONTENT="less" WIDTH="38" HPOS="689" VPOS="415" ID="st4-104"/><SP/><String HEIGHT="26" CONTENT="developed" WIDTH="108" HPOS="734" VPOS="415" ID="st4-105"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="842" VPOS="415" ID="st4-106"/><SP/><String HEIGHT="26" CONTENT="la" WIDTH="18" HPOS="862" VPOS="415" ID="st4-107" SUBS_TYPE="HypPart1" SUBS_CONTENT="labor"/><HYP CONTENT="-" WIDTH="9" HPOS="880" VPOS="415" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="447" ID="tl4-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="bor" WIDTH="38" HPOS="94" VPOS="447" ID="st4-108" SUBS_TYPE="HypPart2" SUBS_CONTENT="labor"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="132" VPOS="447" ID="st4-109"/><String HEIGHT="26" CONTENT="abundant" WIDTH="102" HPOS="144" VPOS="447" ID="st4-110"/><SP/><String HEIGHT="26" CONTENT="economies" WIDTH="112" HPOS="259" VPOS="447" ID="st4-111"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="371" VPOS="447" ID="st4-112"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="396" VPOS="447" ID="st4-113"/><SP/><String HEIGHT="26" CONTENT="helps" WIDTH="58" HPOS="457" VPOS="447" ID="st4-114"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="527" VPOS="447" ID="st4-115"/><SP/><String HEIGHT="26" CONTENT="less" WIDTH="38" HPOS="575" VPOS="447" ID="st4-116"/><SP/><String HEIGHT="26" CONTENT="developed" WIDTH="113" HPOS="625" VPOS="447" ID="st4-117"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="751" VPOS="447" ID="st4-118"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="866" VPOS="447" ID="st4-119"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl4-12" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="build" WIDTH="58" HPOS="94" VPOS="479" ID="st4-120"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="71" HPOS="160" VPOS="479" ID="st4-121"/><SP/><String HEIGHT="26" CONTENT="stock" WIDTH="57" HPOS="239" VPOS="479" ID="st4-122"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="304" VPOS="479" ID="st4-123"/><SP/><String HEIGHT="26" CONTENT="expand" WIDTH="80" HPOS="352" VPOS="479" ID="st4-124"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="439" VPOS="479" ID="st4-125"/><SP/><String HEIGHT="26" CONTENT="production" WIDTH="125" HPOS="499" VPOS="479" ID="st4-126"/><SP/><String HEIGHT="26" CONTENT="frontier" WIDTH="80" HPOS="631" VPOS="479" ID="st4-127"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="711" VPOS="479" ID="st4-128"/><SP/><String HEIGHT="26" CONTENT="Part" WIDTH="45" HPOS="729" VPOS="479" ID="st4-129"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="781" VPOS="479" ID="st4-130"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="812" VPOS="479" ID="st4-131"/><SP/><String HEIGHT="26" CONTENT="ad" WIDTH="24" HPOS="854" VPOS="479" ID="st4-132" SUBS_TYPE="HypPart1" SUBS_CONTENT="additional"/><HYP CONTENT="-" WIDTH="11" HPOS="878" VPOS="479" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl4-13" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ditional" WIDTH="86" HPOS="94" VPOS="511" ID="st4-133" SUBS_TYPE="HypPart2" SUBS_CONTENT="additional"/><SP/><String HEIGHT="26" CONTENT="production" WIDTH="124" HPOS="186" VPOS="511" ID="st4-134"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="37" HPOS="316" VPOS="511" ID="st4-135"/><SP/><String HEIGHT="26" CONTENT="then" WIDTH="50" HPOS="359" VPOS="511" ID="st4-136"/><SP/><String HEIGHT="26" CONTENT="later" WIDTH="48" HPOS="415" VPOS="511" ID="st4-137"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="469" VPOS="511" ID="st4-138"/><SP/><String HEIGHT="26" CONTENT="used" WIDTH="51" HPOS="501" VPOS="511" ID="st4-139"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="558" VPOS="511" ID="st4-140"/><SP/><String HEIGHT="26" CONTENT="servicing" WIDTH="98" HPOS="596" VPOS="511" ID="st4-141"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="699" VPOS="511" ID="st4-142"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="740" VPOS="511" ID="st4-143"/><SP/><String HEIGHT="26" CONTENT="incurred" WIDTH="93" HPOS="796" VPOS="511" ID="st4-144"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl4-14" WIDTH="159" HEIGHT="26"><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="94" VPOS="543" ID="st4-145"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="123" VPOS="543" ID="st4-146"/><SP/><String HEIGHT="26" CONTENT="process" WIDTH="77" HPOS="164" VPOS="543" ID="st4-147"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="241" VPOS="543" ID="st4-148"/></TextLine><TextLine HPOS="129" VPOS="575" ID="tl4-15" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="There" WIDTH="65" HPOS="129" VPOS="575" ID="st4-149"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="200" VPOS="575" ID="st4-150"/><SP/><String HEIGHT="26" CONTENT="two" WIDTH="42" HPOS="239" VPOS="575" ID="st4-151"/><SP/><String HEIGHT="26" CONTENT="problems" WIDTH="104" HPOS="287" VPOS="575" ID="st4-152"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="397" VPOS="575" ID="st4-153"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="453" VPOS="575" ID="st4-154"/><SP/><String HEIGHT="26" CONTENT="approach" WIDTH="98" HPOS="499" VPOS="575" ID="st4-155"/><String HEIGHT="26" CONTENT=":" WIDTH="13" HPOS="597" VPOS="575" ID="st4-156"/><SP/><String HEIGHT="26" CONTENT="first" WIDTH="42" HPOS="615" VPOS="575" ID="st4-157"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="657" VPOS="575" ID="st4-158"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="672" VPOS="575" ID="st4-159"/><SP/><String HEIGHT="26" CONTENT="recent" WIDTH="67" HPOS="699" VPOS="575" ID="st4-160"/><SP/><String HEIGHT="26" CONTENT="research" WIDTH="90" HPOS="772" VPOS="575" ID="st4-161"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="575" ID="st4-162"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl4-16" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="behavioral" WIDTH="115" HPOS="94" VPOS="607" ID="st4-163"/><SP/><String HEIGHT="26" CONTENT="finance" WIDTH="79" HPOS="216" VPOS="607" ID="st4-164"/><SP/><String HEIGHT="26" CONTENT="shows" WIDTH="64" HPOS="302" VPOS="607" ID="st4-165"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="366" VPOS="607" ID="st4-166"/><SP/><String HEIGHT="26" CONTENT="most" WIDTH="55" HPOS="386" VPOS="607" ID="st4-167"/><SP/><String HEIGHT="26" CONTENT="individuals" WIDTH="122" HPOS="448" VPOS="607" ID="st4-168"/><SP/><String HEIGHT="26" CONTENT="do" WIDTH="29" HPOS="577" VPOS="607" ID="st4-169"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="613" VPOS="607" ID="st4-170"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="658" VPOS="607" ID="st4-171"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="716" VPOS="607" ID="st4-172"/><SP/><String HEIGHT="26" CONTENT="good" WIDTH="58" HPOS="735" VPOS="607" ID="st4-173"/><SP/><String HEIGHT="26" CONTENT="grasp" WIDTH="59" HPOS="800" VPOS="607" ID="st4-174"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="607" ID="st4-175"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl4-17" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="639" ID="st4-176"/><SP/><String HEIGHT="26" CONTENT="long" WIDTH="48" HPOS="136" VPOS="639" ID="st4-177"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="184" VPOS="639" ID="st4-178"/><String HEIGHT="26" CONTENT="run" WIDTH="37" HPOS="196" VPOS="639" ID="st4-179"/><SP/><String HEIGHT="26" CONTENT="consequences" WIDTH="151" HPOS="240" VPOS="639" ID="st4-180"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="397" VPOS="639" ID="st4-181"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="427" VPOS="639" ID="st4-182"/><SP/><String HEIGHT="26" CONTENT="saving" WIDTH="70" HPOS="486" VPOS="639" ID="st4-183"/><SP/><String HEIGHT="26" CONTENT="decisions" WIDTH="98" HPOS="562" VPOS="639" ID="st4-184"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="660" VPOS="639" ID="st4-185"/><SP/><String HEIGHT="26" CONTENT="These" WIDTH="65" HPOS="677" VPOS="639" ID="st4-186"/><SP/><String HEIGHT="26" CONTENT="decisions" WIDTH="101" HPOS="749" VPOS="639" ID="st4-187"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="856" VPOS="639" ID="st4-188"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl4-18" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="94" VPOS="671" ID="st4-189"/><SP/><String HEIGHT="26" CONTENT="very" WIDTH="46" HPOS="148" VPOS="671" ID="st4-190"/><SP/><String HEIGHT="26" CONTENT="susceptible" WIDTH="121" HPOS="200" VPOS="671" ID="st4-191"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="327" VPOS="671" ID="st4-192"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="356" VPOS="671" ID="st4-193"/><SP/><String HEIGHT="26" CONTENT="influence" WIDTH="101" HPOS="397" VPOS="671" ID="st4-194"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="504" VPOS="671" ID="st4-195"/><SP/><String HEIGHT="26" CONTENT="psychological" WIDTH="149" HPOS="533" VPOS="671" ID="st4-196"/><SP/><String HEIGHT="26" CONTENT="factors" WIDTH="74" HPOS="688" VPOS="671" ID="st4-197"/><SP/><String HEIGHT="26" CONTENT="rather" WIDTH="66" HPOS="768" VPOS="671" ID="st4-198"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="49" HPOS="840" VPOS="671" ID="st4-199"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl4-19" WIDTH="414" HEIGHT="26"><String HEIGHT="26" CONTENT="microeconomic" WIDTH="173" HPOS="94" VPOS="702" ID="st4-200"/><SP/><String HEIGHT="26" CONTENT="utility" WIDTH="66" HPOS="275" VPOS="702" ID="st4-201"/><SP/><String HEIGHT="26" CONTENT="maximization" WIDTH="146" HPOS="349" VPOS="702" ID="st4-202"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="495" VPOS="702" ID="st4-203"/></TextLine><TextLine HPOS="508" VPOS="700" ID="tl4-20" WIDTH="9" HEIGHT="19"><String HEIGHT="19" CONTENT="2" WIDTH="9" HPOS="508" VPOS="700" ID="st4-204"/></TextLine><TextLine HPOS="525" VPOS="702" ID="tl4-21" WIDTH="364" HEIGHT="26"><String HEIGHT="26" CONTENT="As" WIDTH="28" HPOS="525" VPOS="702" ID="st4-205"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="561" VPOS="702" ID="st4-206"/><SP/><String HEIGHT="26" CONTENT="consequence" WIDTH="135" HPOS="581" VPOS="702" ID="st4-207"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="716" VPOS="702" ID="st4-208"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="737" VPOS="702" ID="st4-209"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="762" VPOS="702" ID="st4-210"/><SP/><String HEIGHT="26" CONTENT="very" WIDTH="46" HPOS="787" VPOS="702" ID="st4-211"/><SP/><String HEIGHT="26" CONTENT="pos" WIDTH="36" HPOS="841" VPOS="702" ID="st4-212" SUBS_TYPE="HypPart1" SUBS_CONTENT="possible"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="702" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl4-22" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="sible" WIDTH="50" HPOS="94" VPOS="734" ID="st4-213" SUBS_TYPE="HypPart2" SUBS_CONTENT="possible"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="150" VPOS="734" ID="st4-214"/><SP/><String HEIGHT="26" CONTENT="individuals" WIDTH="121" HPOS="199" VPOS="734" ID="st4-215"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="326" VPOS="734" ID="st4-216"/><SP/><String HEIGHT="26" CONTENT="exhibit" WIDTH="76" HPOS="372" VPOS="734" ID="st4-217"/><SP/><String HEIGHT="26" CONTENT="saving" WIDTH="70" HPOS="454" VPOS="734" ID="st4-218"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="529" VPOS="734" ID="st4-219"/><SP/><String HEIGHT="26" CONTENT="borrowing" WIDTH="119" HPOS="576" VPOS="734" ID="st4-220"/><SP/><String HEIGHT="26" CONTENT="trends" WIDTH="69" HPOS="701" VPOS="734" ID="st4-221"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="68" HPOS="775" VPOS="734" ID="st4-222"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="848" VPOS="734" ID="st4-223"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl4-23" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="lead" WIDTH="45" HPOS="94" VPOS="766" ID="st4-224"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="145" VPOS="766" ID="st4-225"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="174" VPOS="766" ID="st4-226"/><SP/><String HEIGHT="26" CONTENT="unsustainable" WIDTH="150" HPOS="207" VPOS="766" ID="st4-227"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="363" VPOS="766" ID="st4-228"/><SP/><String HEIGHT="26" CONTENT="trend" WIDTH="59" HPOS="419" VPOS="766" ID="st4-229"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="484" VPOS="766" ID="st4-230"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="523" VPOS="766" ID="st4-231"/><SP/><String HEIGHT="26" CONTENT="macroeconomy" WIDTH="162" HPOS="564" VPOS="766" ID="st4-232"/><String HEIGHT="26" CONTENT="." WIDTH="14" HPOS="726" VPOS="766" ID="st4-233"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="745" VPOS="766" ID="st4-234"/><SP/><String HEIGHT="26" CONTENT="problem" WIDTH="94" HPOS="795" VPOS="766" ID="st4-235"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl4-24" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="94" VPOS="798" ID="st4-236"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="40" HPOS="119" VPOS="798" ID="st4-237"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="159" VPOS="798" ID="st4-238"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="178" VPOS="798" ID="st4-239"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="241" VPOS="798" ID="st4-240"/><SP/><String HEIGHT="26" CONTENT="headline" WIDTH="93" HPOS="284" VPOS="798" ID="st4-241"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="385" VPOS="798" ID="st4-242"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="473" VPOS="798" ID="st4-243"/><SP/><String HEIGHT="26" CONTENT="figure" WIDTH="66" HPOS="568" VPOS="798" ID="st4-244"/><SP/><String HEIGHT="26" CONTENT="alone" WIDTH="55" HPOS="642" VPOS="798" ID="st4-245"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="697" VPOS="798" ID="st4-246"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="717" VPOS="798" ID="st4-247"/><SP/><String HEIGHT="26" CONTENT="cannot" WIDTH="75" HPOS="766" VPOS="798" ID="st4-248"/><SP/><String HEIGHT="26" CONTENT="dis" WIDTH="30" HPOS="849" VPOS="798" ID="st4-249" SUBS_TYPE="HypPart1" SUBS_CONTENT="distinguish"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="798" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl4-25" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tinguish" WIDTH="91" HPOS="94" VPOS="830" ID="st4-250" SUBS_TYPE="HypPart2" SUBS_CONTENT="distinguish"/><SP/><String HEIGHT="26" CONTENT="whether" WIDTH="91" HPOS="191" VPOS="830" ID="st4-251"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="287" VPOS="830" ID="st4-252"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="71" HPOS="328" VPOS="830" ID="st4-253"/><SP/><String HEIGHT="26" CONTENT="imports" WIDTH="87" HPOS="405" VPOS="830" ID="st4-254"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="498" VPOS="830" ID="st4-255"/><SP/><String HEIGHT="26" CONTENT="being" WIDTH="62" HPOS="537" VPOS="830" ID="st4-256"/><SP/><String HEIGHT="26" CONTENT="used" WIDTH="51" HPOS="604" VPOS="830" ID="st4-257"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="661" VPOS="830" ID="st4-258"/><SP/><String HEIGHT="26" CONTENT="additional" WIDTH="112" HPOS="699" VPOS="830" ID="st4-259"/><SP/><String HEIGHT="26" CONTENT="invest" WIDTH="62" HPOS="817" VPOS="830" ID="st4-260" SUBS_TYPE="HypPart1" SUBS_CONTENT="investment"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="830" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl4-26" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ment" WIDTH="57" HPOS="94" VPOS="862" ID="st4-261" SUBS_TYPE="HypPart2" SUBS_CONTENT="investment"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="158" VPOS="862" ID="st4-262"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="187" VPOS="862" ID="st4-263"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="79" HPOS="205" VPOS="862" ID="st4-264"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="284" VPOS="862" ID="st4-265"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="67" HPOS="303" VPOS="862" ID="st4-266"/><SP/><String HEIGHT="26" CONTENT="helps" WIDTH="57" HPOS="377" VPOS="862" ID="st4-267"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="441" VPOS="862" ID="st4-268"/><SP/><String HEIGHT="26" CONTENT="expand" WIDTH="80" HPOS="471" VPOS="862" ID="st4-269"/><SP/><String HEIGHT="26" CONTENT="productive" WIDTH="120" HPOS="557" VPOS="862" ID="st4-270"/><SP/><String HEIGHT="26" CONTENT="capacity" WIDTH="87" HPOS="684" VPOS="862" ID="st4-271"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="778" VPOS="862" ID="st4-272"/><SP/><String HEIGHT="26" CONTENT="hence" WIDTH="64" HPOS="825" VPOS="862" ID="st4-273"/></TextLine><TextLine HPOS="94" VPOS="894" ID="tl4-27" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="894" ID="st4-274"/><SP/><String HEIGHT="26" CONTENT="ability" WIDTH="68" HPOS="136" VPOS="894" ID="st4-275"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="212" VPOS="894" ID="st4-276"/><SP/><String HEIGHT="26" CONTENT="service" WIDTH="74" HPOS="242" VPOS="894" ID="st4-277"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="323" VPOS="894" ID="st4-278"/><SP/><String HEIGHT="26" CONTENT="incurred" WIDTH="94" HPOS="365" VPOS="894" ID="st4-279"/><SP/><String HEIGHT="26" CONTENT="external" WIDTH="87" HPOS="466" VPOS="894" ID="st4-280"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="45" HPOS="560" VPOS="894" ID="st4-281"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="605" VPOS="894" ID="st4-282"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="624" VPOS="894" ID="st4-283"/><SP/><String HEIGHT="26" CONTENT="whether" WIDTH="91" HPOS="656" VPOS="894" ID="st4-284"/><SP/><String HEIGHT="26" CONTENT="they" WIDTH="48" HPOS="754" VPOS="894" ID="st4-285"/><SP/><String HEIGHT="26" CONTENT="are" WIDTH="33" HPOS="809" VPOS="894" ID="st4-286"/><SP/><String HEIGHT="26" CONTENT="just" WIDTH="40" HPOS="849" VPOS="894" ID="st4-287"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl4-28" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="being" WIDTH="62" HPOS="94" VPOS="926" ID="st4-288"/><SP/><String HEIGHT="26" CONTENT="used" WIDTH="50" HPOS="164" VPOS="926" ID="st4-289"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="222" VPOS="926" ID="st4-290"/><String HEIGHT="26" CONTENT="directly" WIDTH="83" HPOS="232" VPOS="926" ID="st4-291"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="322" VPOS="926" ID="st4-292"/><SP/><String HEIGHT="26" CONTENT="indirectly" WIDTH="104" HPOS="354" VPOS="926" ID="st4-293"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="466" VPOS="926" ID="st4-294"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="495" VPOS="926" ID="st4-295"/><SP/><String HEIGHT="26" CONTENT="form" WIDTH="55" HPOS="538" VPOS="926" ID="st4-296"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="600" VPOS="926" ID="st4-297"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="123" HPOS="630" VPOS="926" ID="st4-298"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="760" VPOS="926" ID="st4-299"/><SP/><String HEIGHT="26" CONTENT="housing" WIDTH="87" HPOS="789" VPOS="926" ID="st4-300"/><String HEIGHT="26" CONTENT=")" WIDTH="13" HPOS="876" VPOS="926" ID="st4-301"/></TextLine><TextLine HPOS="94" VPOS="958" ID="tl4-29" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="94" VPOS="958" ID="st4-302"/><SP/><String HEIGHT="26" CONTENT="domestic" WIDTH="101" HPOS="136" VPOS="958" ID="st4-303"/><SP/><String HEIGHT="26" CONTENT="consumption" WIDTH="141" HPOS="247" VPOS="958" ID="st4-304"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="388" VPOS="958" ID="st4-305"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="411" VPOS="958" ID="st4-306"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="446" VPOS="958" ID="st4-307"/><SP/><String HEIGHT="26" CONTENT="context" WIDTH="82" HPOS="491" VPOS="958" ID="st4-308"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="583" VPOS="958" ID="st4-309"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="616" VPOS="958" ID="st4-310"/><SP/><String HEIGHT="26" CONTENT="European" WIDTH="109" HPOS="661" VPOS="958" ID="st4-311"/><SP/><String HEIGHT="26" CONTENT="Monetary" WIDTH="109" HPOS="780" VPOS="958" ID="st4-312"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl4-30" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="Union" WIDTH="66" HPOS="94" VPOS="990" ID="st4-313"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="160" VPOS="990" ID="st4-314"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="181" VPOS="990" ID="st4-315"/><SP/><String HEIGHT="26" CONTENT="must" WIDTH="56" HPOS="228" VPOS="990" ID="st4-316"/><SP/><String HEIGHT="26" CONTENT="also" WIDTH="43" HPOS="290" VPOS="990" ID="st4-317"/><SP/><String HEIGHT="26" CONTENT="take" WIDTH="45" HPOS="339" VPOS="990" ID="st4-318"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="46" HPOS="390" VPOS="990" ID="st4-319"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="442" VPOS="990" ID="st4-320"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="535" VPOS="990" ID="st4-321"/><SP/><String HEIGHT="26" CONTENT="possibility" WIDTH="112" HPOS="577" VPOS="990" ID="st4-322"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="40" HPOS="696" VPOS="990" ID="st4-323"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="736" VPOS="990" ID="st4-324"/><SP/><String HEIGHT="26" CONTENT="due" WIDTH="41" HPOS="753" VPOS="990" ID="st4-325"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="801" VPOS="990" ID="st4-326"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="830" VPOS="990" ID="st4-327"/><SP/><String HEIGHT="26" CONTENT="loss" WIDTH="41" HPOS="848" VPOS="990" ID="st4-328"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl4-31" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="1022" ID="st4-329"/><SP/><String HEIGHT="26" CONTENT="competitiveness" WIDTH="173" HPOS="125" VPOS="1022" ID="st4-330"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="298" VPOS="1022" ID="st4-331"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="318" VPOS="1022" ID="st4-332"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="338" VPOS="1022" ID="st4-333"/><SP/><String HEIGHT="26" CONTENT="loses" WIDTH="53" HPOS="433" VPOS="1022" ID="st4-334"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="494" VPOS="1022" ID="st4-335"/><SP/><String HEIGHT="26" CONTENT="ability" WIDTH="68" HPOS="538" VPOS="1022" ID="st4-336"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="614" VPOS="1022" ID="st4-337"/><SP/><String HEIGHT="26" CONTENT="generate" WIDTH="94" HPOS="646" VPOS="1022" ID="st4-338"/><SP/><String HEIGHT="26" CONTENT="sufficient" WIDTH="102" HPOS="748" VPOS="1022" ID="st4-339"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="20" HPOS="859" VPOS="1022" ID="st4-340" SUBS_TYPE="HypPart1" SUBS_CONTENT="income"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="1022" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl4-32" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="come" WIDTH="60" HPOS="94" VPOS="1054" ID="st4-341" SUBS_TYPE="HypPart2" SUBS_CONTENT="income"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="161" VPOS="1054" ID="st4-342"/><SP/><String HEIGHT="26" CONTENT="maintain" WIDTH="98" HPOS="191" VPOS="1054" ID="st4-343"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="295" VPOS="1054" ID="st4-344"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="328" VPOS="1054" ID="st4-345"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="50" HPOS="415" VPOS="1054" ID="st4-346"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="471" VPOS="1054" ID="st4-347"/><SP/><String HEIGHT="26" CONTENT="consumption" WIDTH="141" HPOS="501" VPOS="1054" ID="st4-348"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="642" VPOS="1054" ID="st4-349"/><SP/><String HEIGHT="26" CONTENT="If" WIDTH="19" HPOS="662" VPOS="1054" ID="st4-350"/><SP/><String HEIGHT="26" CONTENT="individuals" WIDTH="122" HPOS="687" VPOS="1054" ID="st4-351"/><SP/><String HEIGHT="26" CONTENT="do" WIDTH="30" HPOS="815" VPOS="1054" ID="st4-352"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="851" VPOS="1054" ID="st4-353"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl4-33" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="understand" WIDTH="125" HPOS="94" VPOS="1086" ID="st4-354"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="228" VPOS="1086" ID="st4-355"/><SP/><String HEIGHT="26" CONTENT="problem" WIDTH="88" HPOS="278" VPOS="1086" ID="st4-356"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="366" VPOS="1086" ID="st4-357"/><SP/><String HEIGHT="26" CONTENT="however" WIDTH="87" HPOS="389" VPOS="1086" ID="st4-358"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="476" VPOS="1086" ID="st4-359"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="499" VPOS="1086" ID="st4-360"/><SP/><String HEIGHT="26" CONTENT="mistake" WIDTH="84" HPOS="549" VPOS="1086" ID="st4-361"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="643" VPOS="1086" ID="st4-362"/><SP/><String HEIGHT="26" CONTENT="permanent" WIDTH="120" HPOS="687" VPOS="1086" ID="st4-363"/><SP/><String HEIGHT="26" CONTENT="loss" WIDTH="41" HPOS="816" VPOS="1086" ID="st4-364"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="1086" ID="st4-365"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl4-34" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="income" WIDTH="82" HPOS="94" VPOS="1118" ID="st4-366"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="182" VPOS="1118" ID="st4-367"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="221" VPOS="1118" ID="st4-368"/><SP/><String HEIGHT="26" CONTENT="temporary" WIDTH="115" HPOS="239" VPOS="1118" ID="st4-369"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="360" VPOS="1118" ID="st4-370"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="407" VPOS="1118" ID="st4-371"/><SP/><String HEIGHT="26" CONTENT="continue" WIDTH="97" HPOS="455" VPOS="1118" ID="st4-372"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="559" VPOS="1118" ID="st4-373"/><SP/><String HEIGHT="26" CONTENT="borrow" WIDTH="83" HPOS="589" VPOS="1118" ID="st4-374"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="678" VPOS="1118" ID="st4-375"/><SP/><String HEIGHT="26" CONTENT="order" WIDTH="61" HPOS="706" VPOS="1118" ID="st4-376"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="773" VPOS="1118" ID="st4-377"/><SP/><String HEIGHT="26" CONTENT="keep" WIDTH="51" HPOS="803" VPOS="1118" ID="st4-378"/><SP/><String HEIGHT="26" CONTENT="up" WIDTH="29" HPOS="860" VPOS="1118" ID="st4-379"/></TextLine><TextLine HPOS="94" VPOS="1150" ID="tl4-35" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="94" VPOS="1150" ID="st4-380"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="112" HPOS="156" VPOS="1150" ID="st4-381"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="50" HPOS="277" VPOS="1150" ID="st4-382"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="337" VPOS="1150" ID="st4-383"/><SP/><String HEIGHT="26" CONTENT="consumption" WIDTH="142" HPOS="370" VPOS="1150" ID="st4-384"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="512" VPOS="1150" ID="st4-385"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="41" HPOS="534" VPOS="1150" ID="st4-386"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="585" VPOS="1150" ID="st4-387"/><SP/><String HEIGHT="26" CONTENT="lead" WIDTH="45" HPOS="635" VPOS="1150" ID="st4-388"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="690" VPOS="1150" ID="st4-389"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="724" VPOS="1150" ID="st4-390"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="745" VPOS="1150" ID="st4-391"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="809" VPOS="1150" ID="st4-392"/></TextLine><TextLine HPOS="94" VPOS="1182" ID="tl4-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="94" VPOS="1182" ID="st4-393"/><SP/><String HEIGHT="26" CONTENT="deficit" WIDTH="69" HPOS="188" VPOS="1182" ID="st4-394"/><SP/><String HEIGHT="26" CONTENT="without" WIDTH="89" HPOS="264" VPOS="1182" ID="st4-395"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="359" VPOS="1182" ID="st4-396"/><SP/><String HEIGHT="26" CONTENT="increasing" WIDTH="111" HPOS="393" VPOS="1182" ID="st4-397"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="72" HPOS="511" VPOS="1182" ID="st4-398"/><SP/><String HEIGHT="26" CONTENT="stock" WIDTH="57" HPOS="590" VPOS="1182" ID="st4-399"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="654" VPOS="1182" ID="st4-400"/><SP/><String HEIGHT="26" CONTENT="service" WIDTH="73" HPOS="685" VPOS="1182" ID="st4-401"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="765" VPOS="1182" ID="st4-402"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="812" VPOS="1182" ID="st4-403"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="869" VPOS="1182" ID="st4-404"/></TextLine><TextLine HPOS="94" VPOS="1229" ID="tl4-37" WIDTH="795" HEIGHT="22"><String HEIGHT="22" CONTENT="1" WIDTH="7" HPOS="94" VPOS="1229" ID="st4-405"/><String HEIGHT="22" CONTENT="." WIDTH="7" HPOS="101" VPOS="1229" ID="st4-406"/><SP/><String HEIGHT="22" CONTENT="This" WIDTH="42" HPOS="129" VPOS="1229" ID="st4-407"/><SP/><String HEIGHT="22" CONTENT="section" WIDTH="66" HPOS="176" VPOS="1229" ID="st4-408"/><SP/><String HEIGHT="22" CONTENT="builds" WIDTH="57" HPOS="247" VPOS="1229" ID="st4-409"/><SP/><String HEIGHT="22" CONTENT="on" WIDTH="25" HPOS="309" VPOS="1229" ID="st4-410"/><SP/><String HEIGHT="22" CONTENT="S" WIDTH="8" HPOS="340" VPOS="1229" ID="st4-411"/><String HEIGHT="22" CONTENT="." WIDTH="9" HPOS="348" VPOS="1229" ID="st4-412"/><SP/><String HEIGHT="22" CONTENT="Dullien" WIDTH="70" HPOS="363" VPOS="1229" ID="st4-413"/><String HEIGHT="22" CONTENT="/" WIDTH="8" HPOS="435" VPOS="1229" ID="st4-414"/><SP/><String HEIGHT="22" CONTENT="D" WIDTH="12" HPOS="444" VPOS="1229" ID="st4-415"/><String HEIGHT="22" CONTENT="." WIDTH="12" HPOS="456" VPOS="1229" ID="st4-416"/><SP/><String HEIGHT="22" CONTENT="Schwarzer" WIDTH="96" HPOS="473" VPOS="1229" ID="st4-417"/><String HEIGHT="22" CONTENT="(" WIDTH="10" HPOS="575" VPOS="1229" ID="st4-418"/><String HEIGHT="22" CONTENT="2009" WIDTH="41" HPOS="585" VPOS="1229" ID="st4-419"/><String HEIGHT="22" CONTENT=")" WIDTH="10" HPOS="626" VPOS="1229" ID="st4-420"/><String HEIGHT="22" CONTENT=":" WIDTH="11" HPOS="636" VPOS="1229" ID="st4-421"/><SP/><String HEIGHT="22" CONTENT="The" WIDTH="37" HPOS="652" VPOS="1229" ID="st4-422"/><SP/><String HEIGHT="22" CONTENT="Euro" WIDTH="48" HPOS="694" VPOS="1229" ID="st4-423"/><SP/><String HEIGHT="22" CONTENT="Zone" WIDTH="50" HPOS="747" VPOS="1229" ID="st4-424"/><SP/><String HEIGHT="22" CONTENT="Needs" WIDTH="59" HPOS="803" VPOS="1229" ID="st4-425"/><SP/><String HEIGHT="22" CONTENT="an" WIDTH="22" HPOS="867" VPOS="1229" ID="st4-426"/></TextLine><TextLine HPOS="129" VPOS="1257" ID="tl4-38" WIDTH="212" HEIGHT="22"><String HEIGHT="22" CONTENT="External" WIDTH="79" HPOS="129" VPOS="1257" ID="st4-427"/><SP/><String HEIGHT="22" CONTENT="Stability" WIDTH="77" HPOS="213" VPOS="1257" ID="st4-428"/><SP/><String HEIGHT="22" CONTENT="Pact" WIDTH="36" HPOS="296" VPOS="1257" ID="st4-429"/><String HEIGHT="22" CONTENT="," WIDTH="9" HPOS="332" VPOS="1257" ID="st4-430"/></TextLine><TextLine HPOS="346" VPOS="1262" ID="tl4-39" WIDTH="39" HEIGHT="12"><String HEIGHT="12" CONTENT="swp" WIDTH="39" HPOS="346" VPOS="1262" ID="st4-431"/></TextLine><TextLine HPOS="391" VPOS="1257" ID="tl4-40" WIDTH="329" HEIGHT="22"><String HEIGHT="22" CONTENT="Comments" WIDTH="104" HPOS="391" VPOS="1257" ID="st4-432"/><SP/><String HEIGHT="22" CONTENT="2009/C" WIDTH="71" HPOS="500" VPOS="1257" ID="st4-433"/><SP/><String HEIGHT="22" CONTENT="09" WIDTH="24" HPOS="577" VPOS="1257" ID="st4-434"/><String HEIGHT="22" CONTENT="(" WIDTH="9" HPOS="607" VPOS="1257" ID="st4-435"/><String HEIGHT="22" CONTENT="July" WIDTH="37" HPOS="616" VPOS="1257" ID="st4-436"/><SP/><String HEIGHT="22" CONTENT="2009" WIDTH="40" HPOS="659" VPOS="1257" ID="st4-437"/><String HEIGHT="22" CONTENT=")" WIDTH="10" HPOS="699" VPOS="1257" ID="st4-438"/><String HEIGHT="22" CONTENT="." WIDTH="11" HPOS="709" VPOS="1257" ID="st4-439"/></TextLine><TextLine HPOS="94" VPOS="1285" ID="tl4-41" WIDTH="795" HEIGHT="22"><String HEIGHT="22" CONTENT="2" WIDTH="8" HPOS="94" VPOS="1285" ID="st4-440"/><String HEIGHT="22" CONTENT="." WIDTH="9" HPOS="102" VPOS="1285" ID="st4-441"/><SP/><String HEIGHT="22" CONTENT="For" WIDTH="34" HPOS="129" VPOS="1285" ID="st4-442"/><SP/><String HEIGHT="22" CONTENT="an" WIDTH="22" HPOS="167" VPOS="1285" ID="st4-443"/><SP/><String HEIGHT="22" CONTENT="accessible" WIDTH="89" HPOS="194" VPOS="1285" ID="st4-444"/><SP/><String HEIGHT="22" CONTENT="overview" WIDTH="79" HPOS="287" VPOS="1285" ID="st4-445"/><String HEIGHT="22" CONTENT="," WIDTH="10" HPOS="366" VPOS="1285" ID="st4-446"/><SP/><String HEIGHT="22" CONTENT="see" WIDTH="28" HPOS="380" VPOS="1285" ID="st4-447"/><SP/><String HEIGHT="22" CONTENT="Chapter" WIDTH="76" HPOS="413" VPOS="1285" ID="st4-448"/><SP/><String HEIGHT="22" CONTENT="10" WIDTH="21" HPOS="493" VPOS="1285" ID="st4-449"/><SP/><String HEIGHT="22" CONTENT="of" WIDTH="19" HPOS="518" VPOS="1285" ID="st4-450"/><SP/><String HEIGHT="22" CONTENT="G" WIDTH="11" HPOS="542" VPOS="1285" ID="st4-451"/><String HEIGHT="22" CONTENT="." WIDTH="12" HPOS="553" VPOS="1285" ID="st4-452"/><SP/><String HEIGHT="22" CONTENT="A" WIDTH="10" HPOS="569" VPOS="1285" ID="st4-453"/><String HEIGHT="22" CONTENT="." WIDTH="11" HPOS="579" VPOS="1285" ID="st4-454"/><SP/><String HEIGHT="22" CONTENT="Akerlof" WIDTH="70" HPOS="594" VPOS="1285" ID="st4-455"/><SP/><String HEIGHT="22" CONTENT="and" WIDTH="35" HPOS="668" VPOS="1285" ID="st4-456"/><SP/><String HEIGHT="22" CONTENT="R" WIDTH="11" HPOS="707" VPOS="1285" ID="st4-457"/><String HEIGHT="22" CONTENT="." WIDTH="12" HPOS="718" VPOS="1285" ID="st4-458"/><SP/><String HEIGHT="22" CONTENT="J" WIDTH="7" HPOS="734" VPOS="1285" ID="st4-459"/><String HEIGHT="22" CONTENT="." WIDTH="7" HPOS="741" VPOS="1285" ID="st4-460"/><SP/><String HEIGHT="22" CONTENT="Shiller" WIDTH="61" HPOS="752" VPOS="1285" ID="st4-461"/><String HEIGHT="22" CONTENT="(" WIDTH="10" HPOS="817" VPOS="1285" ID="st4-462"/><String HEIGHT="22" CONTENT="2009" WIDTH="41" HPOS="827" VPOS="1285" ID="st4-463"/><String HEIGHT="22" CONTENT=")" WIDTH="10" HPOS="868" VPOS="1285" ID="st4-464"/><String HEIGHT="22" CONTENT=":" WIDTH="11" HPOS="878" VPOS="1285" ID="st4-465"/></TextLine><TextLine HPOS="129" VPOS="1313" ID="tl4-42" WIDTH="136" HEIGHT="22"><String HEIGHT="22" CONTENT="Animal" WIDTH="69" HPOS="129" VPOS="1313" ID="st4-466"/><SP/><String HEIGHT="22" CONTENT="Spirits" WIDTH="53" HPOS="204" VPOS="1313" ID="st4-467"/><String HEIGHT="22" CONTENT="." WIDTH="8" HPOS="257" VPOS="1313" ID="st4-468"/></TextLine><TextLine HPOS="270" VPOS="1313" ID="tl4-43" WIDTH="357" HEIGHT="22"><String HEIGHT="22" CONTENT="Princeton" WIDTH="89" HPOS="270" VPOS="1313" ID="st4-469"/><String HEIGHT="22" CONTENT=":" WIDTH="10" HPOS="359" VPOS="1313" ID="st4-470"/><SP/><String HEIGHT="22" CONTENT="Princeton" WIDTH="92" HPOS="374" VPOS="1313" ID="st4-471"/><SP/><String HEIGHT="22" CONTENT="University" WIDTH="97" HPOS="471" VPOS="1313" ID="st4-472"/><SP/><String HEIGHT="22" CONTENT="Press" WIDTH="44" HPOS="574" VPOS="1313" ID="st4-473"/><String HEIGHT="22" CONTENT="." WIDTH="9" HPOS="618" VPOS="1313" ID="st4-474"/></TextLine><TextLine HPOS="94" VPOS="1399" ID="tl4-44" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="94" VPOS="1399" ID="st4-475"/></TextLine><TextLine HPOS="128" VPOS="1395" ID="tl4-45" WIDTH="53" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="53" HPOS="128" VPOS="1395" ID="st4-476"/></TextLine><TextLine HPOS="582" VPOS="1395" ID="tl4-46" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="582" VPOS="1395" ID="st4-477"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="631" VPOS="1395" ID="st4-478"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="11" HPOS="641" VPOS="1395" ID="st4-479"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="55" HPOS="657" VPOS="1395" ID="st4-480"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="46" HPOS="717" VPOS="1395" ID="st4-481"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="21" HPOS="768" VPOS="1395" ID="st4-482"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="52" HPOS="793" VPOS="1395" ID="st4-483"/></TextLine><TextLine HPOS="865" VPOS="1390" ID="tl4-47" WIDTH="24" HEIGHT="26"><String HEIGHT="26" CONTENT="39" WIDTH="24" HPOS="865" VPOS="1390" ID="st4-484"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="5" ID="p694250" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694250" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694250" HEIGHT="1472"><TextLine HPOS="94" VPOS="96" ID="tl5-0" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="94" VPOS="96" ID="st5-0"/><SP/><String HEIGHT="26" CONTENT="later" WIDTH="49" HPOS="113" VPOS="96" ID="st5-1"/><SP/><String HEIGHT="26" CONTENT="date" WIDTH="43" HPOS="170" VPOS="96" ID="st5-2"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="213" VPOS="96" ID="st5-3"/><SP/><String HEIGHT="26" CONTENT="Macroeconomically" WIDTH="210" HPOS="232" VPOS="96" ID="st5-4"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="442" VPOS="96" ID="st5-5"/><SP/><String HEIGHT="26" CONTENT="we" WIDTH="32" HPOS="463" VPOS="96" ID="st5-6"/><SP/><String HEIGHT="26" CONTENT="may" WIDTH="46" HPOS="503" VPOS="96" ID="st5-7"/><SP/><String HEIGHT="26" CONTENT="witness" WIDTH="82" HPOS="557" VPOS="96" ID="st5-8"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="647" VPOS="96" ID="st5-9"/><SP/><String HEIGHT="26" CONTENT="phenomenon" WIDTH="148" HPOS="666" VPOS="96" ID="st5-10"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="67" HPOS="822" VPOS="96" ID="st5-11"/></TextLine><TextLine HPOS="94" VPOS="127" ID="tl5-1" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="94" VPOS="127" ID="st5-12"/><SP/><String HEIGHT="26" CONTENT="well" WIDTH="46" HPOS="117" VPOS="127" ID="st5-13"/><SP/><String HEIGHT="26" CONTENT="known" WIDTH="77" HPOS="169" VPOS="127" ID="st5-14"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="253" VPOS="127" ID="st5-15"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="314" VPOS="127" ID="st5-16"/><SP/><String HEIGHT="26" CONTENT="microeconomic" WIDTH="173" HPOS="356" VPOS="127" ID="st5-17"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="48" HPOS="535" VPOS="127" ID="st5-18"/><String HEIGHT="26" CONTENT=":" WIDTH="10" HPOS="583" VPOS="127" ID="st5-19"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="600" VPOS="127" ID="st5-20"/><SP/><String HEIGHT="26" CONTENT="economy" WIDTH="102" HPOS="633" VPOS="127" ID="st5-21"/><SP/><String HEIGHT="26" CONTENT="then" WIDTH="50" HPOS="741" VPOS="127" ID="st5-22"/><SP/><String HEIGHT="26" CONTENT="basically" WIDTH="92" HPOS="797" VPOS="127" ID="st5-23"/></TextLine><TextLine HPOS="94" VPOS="159" ID="tl5-2" WIDTH="119" HEIGHT="26"><String HEIGHT="26" CONTENT="engages" WIDTH="87" HPOS="94" VPOS="159" ID="st5-24"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="191" VPOS="159" ID="st5-25"/></TextLine><TextLine HPOS="222" VPOS="159" ID="tl5-3" WIDTH="191" HEIGHT="26"><String HEIGHT="26" CONTENT="distress" WIDTH="70" HPOS="222" VPOS="159" ID="st5-26"/><SP/><String HEIGHT="26" CONTENT="borrowing" WIDTH="99" HPOS="302" VPOS="159" ID="st5-27"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="401" VPOS="159" ID="st5-28"/></TextLine><TextLine HPOS="422" VPOS="159" ID="tl5-4" WIDTH="467" HEIGHT="26"><String HEIGHT="26" CONTENT="borrowing" WIDTH="119" HPOS="422" VPOS="159" ID="st5-29"/><SP/><String HEIGHT="26" CONTENT="merely" WIDTH="75" HPOS="550" VPOS="159" ID="st5-30"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="635" VPOS="159" ID="st5-31"/><SP/><String HEIGHT="26" CONTENT="prevent" WIDTH="84" HPOS="667" VPOS="159" ID="st5-32"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="760" VPOS="159" ID="st5-33"/><SP/><String HEIGHT="26" CONTENT="necessary" WIDTH="97" HPOS="781" VPOS="159" ID="st5-34"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="878" VPOS="159" ID="st5-35"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl5-5" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="but" WIDTH="38" HPOS="94" VPOS="191" ID="st5-36"/><SP/><String HEIGHT="26" CONTENT="painful" WIDTH="74" HPOS="139" VPOS="191" ID="st5-37"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="213" VPOS="191" ID="st5-38"/><SP/><String HEIGHT="26" CONTENT="adjustment" WIDTH="123" HPOS="232" VPOS="191" ID="st5-39"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="363" VPOS="191" ID="st5-40"/><String HEIGHT="26" CONTENT="or" WIDTH="20" HPOS="373" VPOS="191" ID="st5-41"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="393" VPOS="191" ID="st5-42"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="410" VPOS="191" ID="st5-43"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="447" VPOS="191" ID="st5-44"/><SP/><String HEIGHT="26" CONTENT="microeconomic" WIDTH="173" HPOS="465" VPOS="191" ID="st5-45"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="48" HPOS="645" VPOS="191" ID="st5-46"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="693" VPOS="191" ID="st5-47"/><SP/><String HEIGHT="26" CONTENT="becoming" WIDTH="110" HPOS="710" VPOS="191" ID="st5-48"/><SP/><String HEIGHT="26" CONTENT="insol" WIDTH="52" HPOS="827" VPOS="191" ID="st5-49" SUBS_TYPE="HypPart1" SUBS_CONTENT="insolvent"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="191" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="223" ID="tl5-6" WIDTH="678" HEIGHT="26"><String HEIGHT="26" CONTENT="vent" WIDTH="46" HPOS="94" VPOS="223" ID="st5-50" SUBS_TYPE="HypPart2" SUBS_CONTENT="insolvent"/><String HEIGHT="26" CONTENT=")" WIDTH="12" HPOS="140" VPOS="223" ID="st5-51"/><SP/><String HEIGHT="26" CONTENT="without" WIDTH="88" HPOS="159" VPOS="223" ID="st5-52"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="254" VPOS="223" ID="st5-53"/><SP/><String HEIGHT="26" CONTENT="prospect" WIDTH="94" HPOS="296" VPOS="223" ID="st5-54"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="397" VPOS="223" ID="st5-55"/><SP/><String HEIGHT="26" CONTENT="repaying" WIDTH="96" HPOS="427" VPOS="223" ID="st5-56"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="529" VPOS="223" ID="st5-57"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="571" VPOS="223" ID="st5-58"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="627" VPOS="223" ID="st5-59"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="656" VPOS="223" ID="st5-60"/><SP/><String HEIGHT="26" CONTENT="future" WIDTH="64" HPOS="697" VPOS="223" ID="st5-61"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="761" VPOS="223" ID="st5-62"/></TextLine><TextLine HPOS="129" VPOS="255" ID="tl5-7" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="Second" WIDTH="76" HPOS="129" VPOS="255" ID="st5-63"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="205" VPOS="255" ID="st5-64"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="227" VPOS="255" ID="st5-65"/><SP/><String HEIGHT="26" CONTENT="simple" WIDTH="72" HPOS="271" VPOS="255" ID="st5-66"/><SP/><String HEIGHT="26" CONTENT="neoclassical" WIDTH="127" HPOS="352" VPOS="255" ID="st5-67"/><SP/><String HEIGHT="26" CONTENT="model" WIDTH="70" HPOS="488" VPOS="255" ID="st5-68"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="567" VPOS="255" ID="st5-69"/><SP/><String HEIGHT="26" CONTENT="international" WIDTH="143" HPOS="598" VPOS="255" ID="st5-70"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="71" HPOS="750" VPOS="255" ID="st5-71"/><SP/><String HEIGHT="26" CONTENT="flows" WIDTH="59" HPOS="830" VPOS="255" ID="st5-72"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl5-8" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="does" WIDTH="51" HPOS="94" VPOS="287" ID="st5-73"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="151" VPOS="287" ID="st5-74"/><SP/><String HEIGHT="26" CONTENT="distinguish" WIDTH="123" HPOS="195" VPOS="287" ID="st5-75"/><SP/><String HEIGHT="26" CONTENT="between" WIDTH="92" HPOS="324" VPOS="287" ID="st5-76"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="122" HPOS="422" VPOS="287" ID="st5-77"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="550" VPOS="287" ID="st5-78"/><SP/><String HEIGHT="26" CONTENT="tradables" WIDTH="99" HPOS="578" VPOS="287" ID="st5-79"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="683" VPOS="287" ID="st5-80"/><SP/><String HEIGHT="26" CONTENT="non" WIDTH="34" HPOS="730" VPOS="287" ID="st5-81"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="764" VPOS="287" ID="st5-82"/><String HEIGHT="26" CONTENT="tradables" WIDTH="102" HPOS="775" VPOS="287" ID="st5-83"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="877" VPOS="287" ID="st5-84"/></TextLine><TextLine HPOS="94" VPOS="319" ID="tl5-9" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="Empirically" WIDTH="121" HPOS="94" VPOS="319" ID="st5-85"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="215" VPOS="319" ID="st5-86"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="233" VPOS="319" ID="st5-87"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="251" VPOS="319" ID="st5-88"/><SP/><String HEIGHT="26" CONTENT="part" WIDTH="44" HPOS="311" VPOS="319" ID="st5-89"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="362" VPOS="319" ID="st5-90"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="71" HPOS="391" VPOS="319" ID="st5-91"/><SP/><String HEIGHT="26" CONTENT="inflows" WIDTH="81" HPOS="468" VPOS="319" ID="st5-92"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="556" VPOS="319" ID="st5-93"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="584" VPOS="319" ID="st5-94"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="51" HPOS="692" VPOS="319" ID="st5-95"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="749" VPOS="319" ID="st5-96"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="809" VPOS="319" ID="st5-97"/></TextLine><TextLine HPOS="94" VPOS="351" ID="tl5-10" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="94" VPOS="351" ID="st5-98"/><SP/><String HEIGHT="26" CONTENT="deficits" WIDTH="79" HPOS="189" VPOS="351" ID="st5-99"/><SP/><String HEIGHT="26" CONTENT="ends" WIDTH="51" HPOS="277" VPOS="351" ID="st5-100"/><SP/><String HEIGHT="26" CONTENT="up" WIDTH="29" HPOS="336" VPOS="351" ID="st5-101"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="374" VPOS="351" ID="st5-102"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="122" HPOS="405" VPOS="351" ID="st5-103"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="535" VPOS="351" ID="st5-104"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="566" VPOS="351" ID="st5-105"/><SP/><String HEIGHT="26" CONTENT="non" WIDTH="35" HPOS="610" VPOS="351" ID="st5-106"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="645" VPOS="351" ID="st5-107"/><String HEIGHT="26" CONTENT="tradable" WIDTH="95" HPOS="657" VPOS="351" ID="st5-108"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="66" HPOS="760" VPOS="351" ID="st5-109"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="834" VPOS="351" ID="st5-110"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="351" ID="st5-111"/></TextLine><TextLine HPOS="94" VPOS="383" ID="tl5-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="construction" WIDTH="140" HPOS="94" VPOS="383" ID="st5-112"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="123" HPOS="240" VPOS="383" ID="st5-113"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="369" VPOS="383" ID="st5-114"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="408" VPOS="383" ID="st5-115"/><SP/><String HEIGHT="26" CONTENT="housing" WIDTH="90" HPOS="449" VPOS="383" ID="st5-116"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="60" HPOS="545" VPOS="383" ID="st5-117"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="605" VPOS="383" ID="st5-118"/><SP/><String HEIGHT="26" CONTENT="While" WIDTH="67" HPOS="621" VPOS="383" ID="st5-119"/><SP/><String HEIGHT="26" CONTENT="these" WIDTH="57" HPOS="694" VPOS="383" ID="st5-120"/><SP/><String HEIGHT="26" CONTENT="investments" WIDTH="132" HPOS="757" VPOS="383" ID="st5-121"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl5-12" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="94" VPOS="415" ID="st5-122"/><SP/><String HEIGHT="26" CONTENT="increase" WIDTH="88" HPOS="170" VPOS="415" ID="st5-123"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="268" VPOS="415" ID="st5-124"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="72" HPOS="312" VPOS="415" ID="st5-125"/><SP/><String HEIGHT="26" CONTENT="stock" WIDTH="58" HPOS="393" VPOS="415" ID="st5-126"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="460" VPOS="415" ID="st5-127"/><SP/><String HEIGHT="26" CONTENT="hence" WIDTH="59" HPOS="511" VPOS="415" ID="st5-128"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="570" VPOS="415" ID="st5-129"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="591" VPOS="415" ID="st5-130"/><SP/><String HEIGHT="26" CONTENT="principle" WIDTH="94" HPOS="623" VPOS="415" ID="st5-131"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="717" VPOS="415" ID="st5-132"/><SP/><String HEIGHT="26" CONTENT="shift" WIDTH="49" HPOS="737" VPOS="415" ID="st5-133"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="795" VPOS="415" ID="st5-134"/><SP/><String HEIGHT="26" CONTENT="con" WIDTH="37" HPOS="840" VPOS="415" ID="st5-135" SUBS_TYPE="HypPart1" SUBS_CONTENT="consumption"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="415" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="447" ID="tl5-13" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="sumption" WIDTH="107" HPOS="94" VPOS="447" ID="st5-136" SUBS_TYPE="HypPart2" SUBS_CONTENT="consumption"/><SP/><String HEIGHT="26" CONTENT="possibilities" WIDTH="130" HPOS="208" VPOS="447" ID="st5-137"/><SP/><String HEIGHT="26" CONTENT="frontier" WIDTH="85" HPOS="345" VPOS="447" ID="st5-138"/><SP/><String HEIGHT="26" CONTENT="outward" WIDTH="87" HPOS="437" VPOS="447" ID="st5-139"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="524" VPOS="447" ID="st5-140"/><SP/><String HEIGHT="26" CONTENT="they" WIDTH="47" HPOS="545" VPOS="447" ID="st5-141"/><SP/><String HEIGHT="26" CONTENT="do" WIDTH="29" HPOS="600" VPOS="447" ID="st5-142"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="39" HPOS="636" VPOS="447" ID="st5-143"/><SP/><String HEIGHT="26" CONTENT="contribute" WIDTH="116" HPOS="682" VPOS="447" ID="st5-144"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="805" VPOS="447" ID="st5-145"/><SP/><String HEIGHT="26" CONTENT="all" WIDTH="25" HPOS="833" VPOS="447" ID="st5-146"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="866" VPOS="447" ID="st5-147"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl5-14" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="479" ID="st5-148"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="111" HPOS="137" VPOS="479" ID="st5-149"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="78" HPOS="256" VPOS="479" ID="st5-150"/><String HEIGHT="26" CONTENT="’" WIDTH="11" HPOS="334" VPOS="479" ID="st5-151"/><String HEIGHT="26" CONTENT="s" WIDTH="12" HPOS="345" VPOS="479" ID="st5-152"/><SP/><String HEIGHT="26" CONTENT="ability" WIDTH="68" HPOS="365" VPOS="479" ID="st5-153"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="441" VPOS="479" ID="st5-154"/><SP/><String HEIGHT="26" CONTENT="service" WIDTH="74" HPOS="472" VPOS="479" ID="st5-155"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="553" VPOS="479" ID="st5-156"/><SP/><String HEIGHT="26" CONTENT="foreign" WIDTH="80" HPOS="587" VPOS="479" ID="st5-157"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="675" VPOS="479" ID="st5-158"/><SP/><String HEIGHT="26" CONTENT="later" WIDTH="49" HPOS="732" VPOS="479" ID="st5-159"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="24" HPOS="789" VPOS="479" ID="st5-160"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="813" VPOS="479" ID="st5-161"/><SP/><String HEIGHT="26" CONTENT="After" WIDTH="57" HPOS="832" VPOS="479" ID="st5-162"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl5-15" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="all" WIDTH="24" HPOS="94" VPOS="511" ID="st5-163"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="118" VPOS="511" ID="st5-164"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="134" VPOS="511" ID="st5-165"/><SP/><String HEIGHT="26" CONTENT="foreign" WIDTH="81" HPOS="175" VPOS="511" ID="st5-166"/><SP/><String HEIGHT="26" CONTENT="investors" WIDTH="99" HPOS="263" VPOS="511" ID="st5-167"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="20" HPOS="368" VPOS="511" ID="st5-168"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="388" VPOS="511" ID="st5-169"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="405" VPOS="511" ID="st5-170"/><SP/><String HEIGHT="26" CONTENT="example" WIDTH="85" HPOS="444" VPOS="511" ID="st5-171"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="529" VPOS="511" ID="st5-172"/><SP/><String HEIGHT="26" CONTENT="Latvia" WIDTH="68" HPOS="549" VPOS="511" ID="st5-173"/><SP/><String HEIGHT="26" CONTENT="expected" WIDTH="96" HPOS="624" VPOS="511" ID="st5-174"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="727" VPOS="511" ID="st5-175"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="758" VPOS="511" ID="st5-176"/><SP/><String HEIGHT="26" CONTENT="repaid" WIDTH="69" HPOS="791" VPOS="511" ID="st5-177"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="511" ID="st5-178"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl5-16" WIDTH="714" HEIGHT="26"><String HEIGHT="26" CONTENT="euros" WIDTH="56" HPOS="94" VPOS="543" ID="st5-179"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="150" VPOS="543" ID="st5-180"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="169" VPOS="543" ID="st5-181"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="213" VPOS="543" ID="st5-182"/><SP/><String HEIGHT="26" CONTENT="apartments" WIDTH="123" HPOS="242" VPOS="543" ID="st5-183"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="372" VPOS="543" ID="st5-184"/><SP/><String HEIGHT="26" CONTENT="Riga" WIDTH="53" HPOS="400" VPOS="543" ID="st5-185"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="459" VPOS="543" ID="st5-186"/><SP/><String HEIGHT="26" CONTENT="mobile" WIDTH="78" HPOS="490" VPOS="543" ID="st5-187"/><SP/><String HEIGHT="26" CONTENT="phone" WIDTH="71" HPOS="574" VPOS="543" ID="st5-188"/><SP/><String HEIGHT="26" CONTENT="calls" WIDTH="46" HPOS="651" VPOS="543" ID="st5-189"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="704" VPOS="543" ID="st5-190"/><SP/><String HEIGHT="26" CONTENT="Latvia" WIDTH="65" HPOS="732" VPOS="543" ID="st5-191"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="797" VPOS="543" ID="st5-192"/></TextLine><TextLine HPOS="129" VPOS="575" ID="tl5-17" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="Closer" WIDTH="72" HPOS="129" VPOS="575" ID="st5-193"/><SP/><String HEIGHT="26" CONTENT="examination" WIDTH="137" HPOS="211" VPOS="575" ID="st5-194"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="357" VPOS="575" ID="st5-195"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="390" VPOS="575" ID="st5-196"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="489" VPOS="575" ID="st5-197"/><SP/><String HEIGHT="26" CONTENT="external" WIDTH="87" HPOS="540" VPOS="575" ID="st5-198"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="86" HPOS="637" VPOS="575" ID="st5-199"/><SP/><String HEIGHT="26" CONTENT="data" WIDTH="47" HPOS="733" VPOS="575" ID="st5-200"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="789" VPOS="575" ID="st5-201"/><SP/><String HEIGHT="26" CONTENT="recent" WIDTH="67" HPOS="822" VPOS="575" ID="st5-202"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl5-18" WIDTH="512" HEIGHT="26"><String HEIGHT="26" CONTENT="years" WIDTH="55" HPOS="94" VPOS="607" ID="st5-203"/><SP/><String HEIGHT="26" CONTENT="reveals" WIDTH="74" HPOS="155" VPOS="607" ID="st5-204"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="236" VPOS="607" ID="st5-205"/><SP/><String HEIGHT="26" CONTENT="most" WIDTH="56" HPOS="285" VPOS="607" ID="st5-206"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="347" VPOS="607" ID="st5-207"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="376" VPOS="607" ID="st5-208"/><SP/><String HEIGHT="26" CONTENT="net" WIDTH="35" HPOS="417" VPOS="607" ID="st5-209"/><SP/><String HEIGHT="26" CONTENT="borrowing" WIDTH="119" HPOS="458" VPOS="607" ID="st5-210"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="584" VPOS="607" ID="st5-211"/></TextLine><TextLine HPOS="612" VPOS="612" ID="tl5-19" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="612" VPOS="612" ID="st5-212"/></TextLine><TextLine HPOS="670" VPOS="607" ID="tl5-20" WIDTH="219" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="670" VPOS="607" ID="st5-213"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="779" VPOS="607" ID="st5-214"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="835" VPOS="607" ID="st5-215"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl5-21" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="94" VPOS="639" ID="st5-216"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="183" VPOS="639" ID="st5-217"/><SP/><String HEIGHT="26" CONTENT="deficits" WIDTH="78" HPOS="279" VPOS="639" ID="st5-218"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="366" VPOS="639" ID="st5-219"/><SP/><String HEIGHT="26" CONTENT="actually" WIDTH="84" HPOS="392" VPOS="639" ID="st5-220"/><SP/><String HEIGHT="26" CONTENT="due" WIDTH="42" HPOS="484" VPOS="639" ID="st5-221"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="534" VPOS="639" ID="st5-222"/><SP/><String HEIGHT="26" CONTENT="different" WIDTH="95" HPOS="566" VPOS="639" ID="st5-223"/><SP/><String HEIGHT="26" CONTENT="trends" WIDTH="69" HPOS="670" VPOS="639" ID="st5-224"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="748" VPOS="639" ID="st5-225"/><SP/><String HEIGHT="26" CONTENT="consump" WIDTH="98" HPOS="778" VPOS="639" ID="st5-226" SUBS_TYPE="HypPart1" SUBS_CONTENT="consumption"/><HYP CONTENT="-" WIDTH="13" HPOS="876" VPOS="639" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl5-22" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tion" WIDTH="45" HPOS="94" VPOS="671" ID="st5-227" SUBS_TYPE="HypPart2" SUBS_CONTENT="consumption"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="82" HPOS="146" VPOS="671" ID="st5-228"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="235" VPOS="671" ID="st5-229"/><SP/><String HEIGHT="26" CONTENT="housing" WIDTH="90" HPOS="282" VPOS="671" ID="st5-230"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="118" HPOS="379" VPOS="671" ID="st5-231"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="497" VPOS="671" ID="st5-232"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="515" VPOS="671" ID="st5-233"/><SP/><String HEIGHT="26" CONTENT="well" WIDTH="46" HPOS="543" VPOS="671" ID="st5-234"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="596" VPOS="671" ID="st5-235"/><SP/><String HEIGHT="26" CONTENT="diverging" WIDTH="106" HPOS="624" VPOS="671" ID="st5-236"/><SP/><String HEIGHT="26" CONTENT="levels" WIDTH="60" HPOS="736" VPOS="671" ID="st5-237"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="803" VPOS="671" ID="st5-238"/><SP/><String HEIGHT="26" CONTENT="com" WIDTH="43" HPOS="832" VPOS="671" ID="st5-239" SUBS_TYPE="HypPart1" SUBS_CONTENT="competitiveness"/><HYP CONTENT="-" WIDTH="14" HPOS="875" VPOS="671" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl5-23" WIDTH="728" HEIGHT="26"><String HEIGHT="26" CONTENT="petitiveness" WIDTH="125" HPOS="94" VPOS="702" ID="st5-240" SUBS_TYPE="HypPart2" SUBS_CONTENT="competitiveness"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="219" VPOS="702" ID="st5-241"/><SP/><String HEIGHT="26" CONTENT="rather" WIDTH="66" HPOS="246" VPOS="702" ID="st5-242"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="327" VPOS="702" ID="st5-243"/><SP/><String HEIGHT="26" CONTENT="just" WIDTH="40" HPOS="393" VPOS="702" ID="st5-244"/><SP/><String HEIGHT="26" CONTENT="investors" WIDTH="99" HPOS="449" VPOS="702" ID="st5-245"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="54" HPOS="564" VPOS="702" ID="st5-246"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="59" HPOS="634" VPOS="702" ID="st5-247"/><SP/><String HEIGHT="26" CONTENT="developed" WIDTH="114" HPOS="708" VPOS="702" ID="st5-248"/></TextLine><TextLine HPOS="838" VPOS="708" ID="tl5-24" WIDTH="51" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="51" HPOS="838" VPOS="708" ID="st5-249"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl5-25" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="94" VPOS="734" ID="st5-250"/><SP/><String HEIGHT="26" CONTENT="chasing" WIDTH="83" HPOS="205" VPOS="734" ID="st5-251"/><SP/><String HEIGHT="26" CONTENT="higher" WIDTH="71" HPOS="296" VPOS="734" ID="st5-252"/><SP/><String HEIGHT="26" CONTENT="returns" WIDTH="79" HPOS="375" VPOS="734" ID="st5-253"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="462" VPOS="734" ID="st5-254"/><SP/><String HEIGHT="26" CONTENT="less" WIDTH="38" HPOS="492" VPOS="734" ID="st5-255"/><SP/><String HEIGHT="26" CONTENT="capital" WIDTH="80" HPOS="539" VPOS="734" ID="st5-256"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="619" VPOS="734" ID="st5-257"/><String HEIGHT="26" CONTENT="abundant" WIDTH="93" HPOS="631" VPOS="734" ID="st5-258"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="99" HPOS="732" VPOS="734" ID="st5-259"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="831" VPOS="734" ID="st5-260"/><SP/><String HEIGHT="26" CONTENT="For" WIDTH="39" HPOS="850" VPOS="734" ID="st5-261"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl5-26" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="example" WIDTH="85" HPOS="94" VPOS="766" ID="st5-262"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="179" VPOS="766" ID="st5-263"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="199" VPOS="766" ID="st5-264"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="222" VPOS="766" ID="st5-265"/><SP/><String HEIGHT="26" CONTENT="sensible" WIDTH="86" HPOS="246" VPOS="766" ID="st5-266"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="339" VPOS="766" ID="st5-267"/><SP/><String HEIGHT="26" CONTENT="argue" WIDTH="62" HPOS="369" VPOS="766" ID="st5-268"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="438" VPOS="766" ID="st5-269"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="488" VPOS="766" ID="st5-270"/><SP/><String HEIGHT="26" CONTENT="construction" WIDTH="140" HPOS="530" VPOS="766" ID="st5-271"/><SP/><String HEIGHT="26" CONTENT="boom" WIDTH="66" HPOS="677" VPOS="766" ID="st5-272"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="750" VPOS="766" ID="st5-273"/><SP/><String HEIGHT="26" CONTENT="Spain" WIDTH="62" HPOS="779" VPOS="766" ID="st5-274"/><SP/><String HEIGHT="26" CONTENT="was" WIDTH="41" HPOS="848" VPOS="766" ID="st5-275"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl5-27" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="fueled" WIDTH="68" HPOS="94" VPOS="798" ID="st5-276"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="172" VPOS="798" ID="st5-277"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="209" VPOS="798" ID="st5-278"/><SP/><String HEIGHT="26" CONTENT="favorable" WIDTH="101" HPOS="254" VPOS="798" ID="st5-279"/><SP/><String HEIGHT="26" CONTENT="tax" WIDTH="33" HPOS="365" VPOS="798" ID="st5-280"/><SP/><String HEIGHT="26" CONTENT="treatment" WIDTH="108" HPOS="408" VPOS="798" ID="st5-281"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="526" VPOS="798" ID="st5-282"/><SP/><String HEIGHT="26" CONTENT="mortgages" WIDTH="116" HPOS="559" VPOS="798" ID="st5-283"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="685" VPOS="798" ID="st5-284"/><SP/><String HEIGHT="26" CONTENT="Spain" WIDTH="58" HPOS="717" VPOS="798" ID="st5-285"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="775" VPOS="798" ID="st5-286"/><SP/><String HEIGHT="26" CONTENT="while" WIDTH="60" HPOS="797" VPOS="798" ID="st5-287"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="798" ID="st5-288"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl5-28" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="Germany" WIDTH="104" HPOS="94" VPOS="830" ID="st5-289"/><SP/><String HEIGHT="26" CONTENT="low" WIDTH="41" HPOS="204" VPOS="830" ID="st5-290"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="251" VPOS="830" ID="st5-291"/><SP/><String HEIGHT="26" CONTENT="increases" WIDTH="97" HPOS="314" VPOS="830" ID="st5-292"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="417" VPOS="830" ID="st5-293"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="464" VPOS="830" ID="st5-294"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="125" HPOS="505" VPOS="830" ID="st5-295"/><String HEIGHT="26" CONTENT="’" WIDTH="12" HPOS="630" VPOS="830" ID="st5-296"/><String HEIGHT="26" CONTENT="s" WIDTH="13" HPOS="642" VPOS="830" ID="st5-297"/><SP/><String HEIGHT="26" CONTENT="decision" WIDTH="91" HPOS="661" VPOS="830" ID="st5-298"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="758" VPOS="830" ID="st5-299"/><SP/><String HEIGHT="26" CONTENT="subsidize" WIDTH="101" HPOS="788" VPOS="830" ID="st5-300"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl5-29" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="retirement" WIDTH="116" HPOS="94" VPOS="862" ID="st5-301"/><SP/><String HEIGHT="26" CONTENT="savings" WIDTH="80" HPOS="217" VPOS="862" ID="st5-302"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="304" VPOS="862" ID="st5-303"/><SP/><String HEIGHT="26" CONTENT="contributed" WIDTH="131" HPOS="346" VPOS="862" ID="st5-304"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="484" VPOS="862" ID="st5-305"/><SP/><String HEIGHT="26" CONTENT="stagnating" WIDTH="115" HPOS="514" VPOS="862" ID="st5-306"/><SP/><String HEIGHT="26" CONTENT="consumption" WIDTH="142" HPOS="636" VPOS="862" ID="st5-307"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="778" VPOS="862" ID="st5-308"/><SP/><String HEIGHT="26" CONTENT="Thus" WIDTH="51" HPOS="797" VPOS="862" ID="st5-309"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="848" VPOS="862" ID="st5-310"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="862" ID="st5-311"/></TextLine><TextLine HPOS="94" VPOS="894" ID="tl5-30" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="order" WIDTH="60" HPOS="94" VPOS="894" ID="st5-312"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="162" VPOS="894" ID="st5-313"/><SP/><String HEIGHT="26" CONTENT="tackle" WIDTH="63" HPOS="193" VPOS="894" ID="st5-314"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="264" VPOS="894" ID="st5-315"/><SP/><String HEIGHT="26" CONTENT="unsustainable" WIDTH="150" HPOS="307" VPOS="894" ID="st5-316"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="465" VPOS="894" ID="st5-317"/><SP/><String HEIGHT="26" CONTENT="trends" WIDTH="66" HPOS="522" VPOS="894" ID="st5-318"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="588" VPOS="894" ID="st5-319"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="59" HPOS="606" VPOS="894" ID="st5-320"/><SP/><String HEIGHT="26" CONTENT="kind" WIDTH="50" HPOS="672" VPOS="894" ID="st5-321"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="730" VPOS="894" ID="st5-322"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="67" HPOS="760" VPOS="894" ID="st5-323"/><SP/><String HEIGHT="26" CONTENT="mea" WIDTH="41" HPOS="835" VPOS="894" ID="st5-324" SUBS_TYPE="HypPart1" SUBS_CONTENT="measure"/><HYP CONTENT="-" WIDTH="13" HPOS="876" VPOS="894" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl5-31" WIDTH="292" HEIGHT="26"><String HEIGHT="26" CONTENT="sure" WIDTH="46" HPOS="94" VPOS="926" ID="st5-325" SUBS_TYPE="HypPart2" SUBS_CONTENT="measure"/><SP/><String HEIGHT="26" CONTENT="seems" WIDTH="66" HPOS="146" VPOS="926" ID="st5-326"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="218" VPOS="926" ID="st5-327"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="248" VPOS="926" ID="st5-328"/><SP/><String HEIGHT="26" CONTENT="desirable" WIDTH="94" HPOS="281" VPOS="926" ID="st5-329"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="375" VPOS="926" ID="st5-330"/></TextLine><TextLine HPOS="129" VPOS="958" ID="tl5-32" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="A" WIDTH="19" HPOS="129" VPOS="958" ID="st5-331"/><SP/><String HEIGHT="26" CONTENT="first" WIDTH="44" HPOS="154" VPOS="958" ID="st5-332"/><SP/><String HEIGHT="26" CONTENT="best" WIDTH="45" HPOS="205" VPOS="958" ID="st5-333"/><SP/><String HEIGHT="26" CONTENT="solution" WIDTH="91" HPOS="257" VPOS="958" ID="st5-334"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="355" VPOS="958" ID="st5-335"/><SP/><String HEIGHT="26" CONTENT="controlling" WIDTH="123" HPOS="395" VPOS="958" ID="st5-336"/><SP/><String HEIGHT="26" CONTENT="excessive" WIDTH="98" HPOS="525" VPOS="958" ID="st5-337"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="630" VPOS="958" ID="st5-338"/><SP/><String HEIGHT="26" CONTENT="trends" WIDTH="69" HPOS="687" VPOS="958" ID="st5-339"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="70" HPOS="764" VPOS="958" ID="st5-340"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="841" VPOS="958" ID="st5-341"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl5-33" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="94" VPOS="990" ID="st5-342"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="126" VPOS="990" ID="st5-343"/><SP/><String HEIGHT="26" CONTENT="control" WIDTH="81" HPOS="155" VPOS="990" ID="st5-344"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="242" VPOS="990" ID="st5-345"/><SP/><String HEIGHT="26" CONTENT="underlying" WIDTH="121" HPOS="282" VPOS="990" ID="st5-346"/><SP/><String HEIGHT="26" CONTENT="reasons" WIDTH="82" HPOS="409" VPOS="990" ID="st5-347"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="497" VPOS="990" ID="st5-348"/><SP/><String HEIGHT="26" CONTENT="them" WIDTH="52" HPOS="535" VPOS="990" ID="st5-349"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="587" VPOS="990" ID="st5-350"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="605" VPOS="990" ID="st5-351"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="659" VPOS="990" ID="st5-352"/><SP/><String HEIGHT="26" CONTENT="mean" WIDTH="60" HPOS="736" VPOS="990" ID="st5-353"/><SP/><String HEIGHT="26" CONTENT="tackling" WIDTH="87" HPOS="802" VPOS="990" ID="st5-354"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl5-34" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="1022" ID="st5-355"/><SP/><String HEIGHT="26" CONTENT="divergence" WIDTH="119" HPOS="138" VPOS="1022" ID="st5-356"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="266" VPOS="1022" ID="st5-357"/><SP/><String HEIGHT="26" CONTENT="competitiveness" WIDTH="177" HPOS="297" VPOS="1022" ID="st5-358"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="483" VPOS="1022" ID="st5-359"/><SP/><String HEIGHT="26" CONTENT="coordinating" WIDTH="143" HPOS="533" VPOS="1022" ID="st5-360"/><SP/><String HEIGHT="26" CONTENT="policies" WIDTH="84" HPOS="684" VPOS="1022" ID="st5-361"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="776" VPOS="1022" ID="st5-362"/><SP/><String HEIGHT="26" CONTENT="influ" WIDTH="50" HPOS="829" VPOS="1022" ID="st5-363" SUBS_TYPE="HypPart1" SUBS_CONTENT="influence"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="1022" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl5-35" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ence" WIDTH="49" HPOS="94" VPOS="1054" ID="st5-364" SUBS_TYPE="HypPart2" SUBS_CONTENT="influence"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="150" VPOS="1054" ID="st5-365"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="192" VPOS="1054" ID="st5-366"/><SP/><String HEIGHT="26" CONTENT="savings" WIDTH="80" HPOS="289" VPOS="1054" ID="st5-367"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="376" VPOS="1054" ID="st5-368"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="122" HPOS="424" VPOS="1054" ID="st5-369"/><SP/><String HEIGHT="26" CONTENT="rates" WIDTH="49" HPOS="553" VPOS="1054" ID="st5-370"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="602" VPOS="1054" ID="st5-371"/><SP/><String HEIGHT="26" CONTENT="With" WIDTH="56" HPOS="618" VPOS="1054" ID="st5-372"/><SP/><String HEIGHT="26" CONTENT="regard" WIDTH="72" HPOS="681" VPOS="1054" ID="st5-373"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="760" VPOS="1054" ID="st5-374"/><SP/><String HEIGHT="26" CONTENT="competi" WIDTH="87" HPOS="790" VPOS="1054" ID="st5-375" SUBS_TYPE="HypPart1" SUBS_CONTENT="competitiveness"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1054" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl5-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tiveness" WIDTH="83" HPOS="94" VPOS="1086" ID="st5-376" SUBS_TYPE="HypPart2" SUBS_CONTENT="competitiveness"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="177" VPOS="1086" ID="st5-377"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="194" VPOS="1086" ID="st5-378"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="240" VPOS="1086" ID="st5-379"/><SP/><String HEIGHT="26" CONTENT="imply" WIDTH="64" HPOS="317" VPOS="1086" ID="st5-380"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="387" VPOS="1086" ID="st5-381"/><SP/><String HEIGHT="26" CONTENT="coordination" WIDTH="144" HPOS="404" VPOS="1086" ID="st5-382"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="554" VPOS="1086" ID="st5-383"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="583" VPOS="1086" ID="st5-384"/><SP/><String HEIGHT="26" CONTENT="bargaining" WIDTH="119" HPOS="646" VPOS="1086" ID="st5-385"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="771" VPOS="1086" ID="st5-386"/><SP/><String HEIGHT="26" CONTENT="Europe" WIDTH="77" HPOS="799" VPOS="1086" ID="st5-387"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="876" VPOS="1086" ID="st5-388"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl5-37" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="so" WIDTH="24" HPOS="94" VPOS="1118" ID="st5-389"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="125" VPOS="1118" ID="st5-390"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="175" VPOS="1118" ID="st5-391"/><SP/><String HEIGHT="26" CONTENT="trend" WIDTH="55" HPOS="211" VPOS="1118" ID="st5-392"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="266" VPOS="1118" ID="st5-393"/><SP/><String HEIGHT="26" CONTENT="wages" WIDTH="66" HPOS="284" VPOS="1118" ID="st5-394"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="357" VPOS="1118" ID="st5-395"/><SP/><String HEIGHT="26" CONTENT="each" WIDTH="49" HPOS="385" VPOS="1118" ID="st5-396"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="440" VPOS="1118" ID="st5-397"/><SP/><String HEIGHT="26" CONTENT="increase" WIDTH="87" HPOS="533" VPOS="1118" ID="st5-398"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="627" VPOS="1118" ID="st5-399"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="684" VPOS="1118" ID="st5-400"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="41" HPOS="725" VPOS="1118" ID="st5-401"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="773" VPOS="1118" ID="st5-402"/><SP/><String HEIGHT="26" CONTENT="produc" WIDTH="75" HPOS="802" VPOS="1118" ID="st5-403" SUBS_TYPE="HypPart1" SUBS_CONTENT="productivity"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1118" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1150" ID="tl5-38" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tivity" WIDTH="57" HPOS="94" VPOS="1150" ID="st5-404" SUBS_TYPE="HypPart2" SUBS_CONTENT="productivity"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="82" HPOS="160" VPOS="1150" ID="st5-405"/><SP/><String HEIGHT="26" CONTENT="plus" WIDTH="46" HPOS="251" VPOS="1150" ID="st5-406"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="306" VPOS="1150" ID="st5-407"/><SP/><String HEIGHT="26" CONTENT="target" WIDTH="64" HPOS="351" VPOS="1150" ID="st5-408"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="42" HPOS="424" VPOS="1150" ID="st5-409"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="475" VPOS="1150" ID="st5-410"/><SP/><String HEIGHT="26" CONTENT="inflation" WIDTH="90" HPOS="508" VPOS="1150" ID="st5-411"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="598" VPOS="1150" ID="st5-412"/><SP/><String HEIGHT="26" CONTENT="For" WIDTH="40" HPOS="618" VPOS="1150" ID="st5-413"/><SP/><String HEIGHT="26" CONTENT="fiscal" WIDTH="55" HPOS="667" VPOS="1150" ID="st5-414"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="731" VPOS="1150" ID="st5-415"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="107" HPOS="782" VPOS="1150" ID="st5-416"/></TextLine><TextLine HPOS="94" VPOS="1182" ID="tl5-39" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="policies" WIDTH="80" HPOS="94" VPOS="1182" ID="st5-417"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="174" VPOS="1182" ID="st5-418"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="191" VPOS="1182" ID="st5-419"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="214" VPOS="1182" ID="st5-420"/><SP/><String HEIGHT="26" CONTENT="mean" WIDTH="61" HPOS="291" VPOS="1182" ID="st5-421"/><SP/><String HEIGHT="26" CONTENT="close" WIDTH="54" HPOS="358" VPOS="1182" ID="st5-422"/><SP/><String HEIGHT="26" CONTENT="cooperation" WIDTH="133" HPOS="419" VPOS="1182" ID="st5-423"/><SP/><String HEIGHT="26" CONTENT="between" WIDTH="92" HPOS="559" VPOS="1182" ID="st5-424"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="99" HPOS="658" VPOS="1182" ID="st5-425"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="757" VPOS="1182" ID="st5-426"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="68" HPOS="774" VPOS="1182" ID="st5-427"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="848" VPOS="1182" ID="st5-428"/></TextLine><TextLine HPOS="94" VPOS="1214" ID="tl5-40" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="probably" WIDTH="99" HPOS="94" VPOS="1214" ID="st5-429"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="199" VPOS="1214" ID="st5-430"/><SP/><String HEIGHT="26" CONTENT="workable" WIDTH="102" HPOS="232" VPOS="1214" ID="st5-431"/><SP/><String HEIGHT="26" CONTENT="only" WIDTH="49" HPOS="340" VPOS="1214" ID="st5-432"/><SP/><String HEIGHT="26" CONTENT="if" WIDTH="16" HPOS="395" VPOS="1214" ID="st5-433"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="417" VPOS="1214" ID="st5-434"/><SP/><String HEIGHT="26" CONTENT="centralizes" WIDTH="115" HPOS="464" VPOS="1214" ID="st5-435"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="585" VPOS="1214" ID="st5-436"/><SP/><String HEIGHT="26" CONTENT="parts" WIDTH="54" HPOS="645" VPOS="1214" ID="st5-437"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="705" VPOS="1214" ID="st5-438"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="734" VPOS="1214" ID="st5-439"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="848" VPOS="1214" ID="st5-440"/></TextLine><TextLine HPOS="94" VPOS="1245" ID="tl5-41" WIDTH="795" HEIGHT="27"><String HEIGHT="27" CONTENT="fiscal" WIDTH="55" HPOS="94" VPOS="1245" ID="st5-441"/><SP/><String HEIGHT="27" CONTENT="policy" WIDTH="72" HPOS="155" VPOS="1245" ID="st5-442"/><String HEIGHT="27" CONTENT="-" WIDTH="13" HPOS="227" VPOS="1245" ID="st5-443"/><String HEIGHT="27" CONTENT="making" WIDTH="73" HPOS="240" VPOS="1245" ID="st5-444"/><SP/><String HEIGHT="27" CONTENT="in" WIDTH="22" HPOS="319" VPOS="1245" ID="st5-445"/><SP/><String HEIGHT="27" CONTENT="Brussels" WIDTH="86" HPOS="347" VPOS="1245" ID="st5-446"/><String HEIGHT="27" CONTENT="." WIDTH="11" HPOS="433" VPOS="1245" ID="st5-447"/><SP/><String HEIGHT="27" CONTENT="However" WIDTH="96" HPOS="450" VPOS="1245" ID="st5-448"/><String HEIGHT="27" CONTENT="," WIDTH="14" HPOS="546" VPOS="1245" ID="st5-449"/><SP/><String HEIGHT="27" CONTENT="such" WIDTH="50" HPOS="566" VPOS="1245" ID="st5-450"/><SP/><String HEIGHT="27" CONTENT="centralization" WIDTH="150" HPOS="623" VPOS="1245" ID="st5-451"/><SP/><String HEIGHT="27" CONTENT="seems" WIDTH="66" HPOS="779" VPOS="1245" ID="st5-452"/><SP/><String HEIGHT="27" CONTENT="po" WIDTH="26" HPOS="851" VPOS="1245" ID="st5-453" SUBS_TYPE="HypPart1" SUBS_CONTENT="politically"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1245" HEIGHT="27"/></TextLine><TextLine HPOS="94" VPOS="1277" ID="tl5-42" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="litically" WIDTH="79" HPOS="94" VPOS="1277" ID="st5-454" SUBS_TYPE="HypPart2" SUBS_CONTENT="politically"/><SP/><String HEIGHT="26" CONTENT="unrealistic" WIDTH="114" HPOS="183" VPOS="1277" ID="st5-455"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="307" VPOS="1277" ID="st5-456"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="338" VPOS="1277" ID="st5-457"/><SP/><String HEIGHT="26" CONTENT="moment" WIDTH="87" HPOS="383" VPOS="1277" ID="st5-458"/><String HEIGHT="26" CONTENT="." WIDTH="15" HPOS="470" VPOS="1277" ID="st5-459"/><SP/><String HEIGHT="26" CONTENT="Another" WIDTH="92" HPOS="495" VPOS="1277" ID="st5-460"/><SP/><String HEIGHT="26" CONTENT="option" WIDTH="75" HPOS="597" VPOS="1277" ID="st5-461"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="682" VPOS="1277" ID="st5-462"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="764" VPOS="1277" ID="st5-463"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="800" VPOS="1277" ID="st5-464"/><SP/><String HEIGHT="26" CONTENT="force" WIDTH="55" HPOS="834" VPOS="1277" ID="st5-465"/></TextLine><TextLine HPOS="94" VPOS="1309" ID="tl5-43" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="coordination" WIDTH="144" HPOS="94" VPOS="1309" ID="st5-466"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="247" VPOS="1309" ID="st5-467"/><SP/><String HEIGHT="26" CONTENT="introducing" WIDTH="132" HPOS="283" VPOS="1309" ID="st5-468"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="424" VPOS="1309" ID="st5-469"/><String HEIGHT="26" CONTENT="»" WIDTH="11" HPOS="459" VPOS="1309" ID="st5-470"/><String HEIGHT="26" CONTENT="External" WIDTH="95" HPOS="470" VPOS="1309" ID="st5-471"/><SP/><String HEIGHT="26" CONTENT="Economic" WIDTH="113" HPOS="574" VPOS="1309" ID="st5-472"/><SP/><String HEIGHT="26" CONTENT="Stability" WIDTH="92" HPOS="696" VPOS="1309" ID="st5-473"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="42" HPOS="797" VPOS="1309" ID="st5-474"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="839" VPOS="1309" ID="st5-475"/><String HEIGHT="26" CONTENT="«" WIDTH="11" HPOS="850" VPOS="1309" ID="st5-476"/><SP/><String HEIGHT="26" CONTENT="It" WIDTH="19" HPOS="870" VPOS="1309" ID="st5-477"/></TextLine><TextLine HPOS="94" VPOS="1390" ID="tl5-44" WIDTH="30" HEIGHT="26"><String HEIGHT="26" CONTENT="40" WIDTH="30" HPOS="94" VPOS="1390" ID="st5-478"/></TextLine><TextLine HPOS="144" VPOS="1395" ID="tl5-45" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="144" VPOS="1395" ID="st5-479"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="193" VPOS="1395" ID="st5-480"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="11" HPOS="203" VPOS="1395" ID="st5-481"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="56" HPOS="219" VPOS="1395" ID="st5-482"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="279" VPOS="1395" ID="st5-483"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="20" HPOS="331" VPOS="1395" ID="st5-484"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="51" HPOS="356" VPOS="1395" ID="st5-485"/></TextLine><TextLine HPOS="802" VPOS="1399" ID="tl5-46" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="802" VPOS="1399" ID="st5-486"/></TextLine><TextLine HPOS="837" VPOS="1395" ID="tl5-47" WIDTH="52" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="52" HPOS="837" VPOS="1395" ID="st5-487"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="6" ID="p694251" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694251" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694251" HEIGHT="1472"><TextLine HPOS="94" VPOS="96" ID="tl6-0" WIDTH="474" HEIGHT="26"><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="94" VPOS="96" ID="st6-0"/><SP/><String HEIGHT="26" CONTENT="limit" WIDTH="52" HPOS="173" VPOS="96" ID="st6-1"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="233" VPOS="96" ID="st6-2"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="86" HPOS="322" VPOS="96" ID="st6-3"/><SP/><String HEIGHT="26" CONTENT="imbalances" WIDTH="122" HPOS="416" VPOS="96" ID="st6-4"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="546" VPOS="96" ID="st6-5"/></TextLine><TextLine HPOS="576" VPOS="101" ID="tl6-1" WIDTH="51" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="51" HPOS="576" VPOS="101" ID="st6-6"/></TextLine><TextLine HPOS="635" VPOS="96" ID="tl6-2" WIDTH="254" HEIGHT="26"><String HEIGHT="26" CONTENT="outright" WIDTH="93" HPOS="635" VPOS="96" ID="st6-7"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="736" VPOS="96" ID="st6-8"/><SP/><String HEIGHT="26" CONTENT="stipulating" WIDTH="118" HPOS="771" VPOS="96" ID="st6-9"/></TextLine><TextLine HPOS="94" VPOS="127" ID="tl6-3" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="94" VPOS="127" ID="st6-10"/><SP/><String HEIGHT="26" CONTENT="no" WIDTH="29" HPOS="143" VPOS="127" ID="st6-11"/><SP/><String HEIGHT="26" CONTENT="Eurozone" WIDTH="109" HPOS="178" VPOS="127" ID="st6-12"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="292" VPOS="127" ID="st6-13"/><SP/><String HEIGHT="26" CONTENT="may" WIDTH="46" HPOS="384" VPOS="127" ID="st6-14"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="435" VPOS="127" ID="st6-15"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="491" VPOS="127" ID="st6-16"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="508" VPOS="127" ID="st6-17"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="594" VPOS="127" ID="st6-18"/><SP/><String HEIGHT="26" CONTENT="imbalance" WIDTH="112" HPOS="686" VPOS="127" ID="st6-19"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="803" VPOS="127" ID="st6-20"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="58" HPOS="831" VPOS="127" ID="st6-21"/></TextLine><TextLine HPOS="94" VPOS="159" ID="tl6-4" WIDTH="236" HEIGHT="26"><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="94" VPOS="159" ID="st6-22"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="56" HPOS="152" VPOS="159" ID="st6-23"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="83" HPOS="216" VPOS="159" ID="st6-24"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="307" VPOS="159" ID="st6-25"/></TextLine><TextLine HPOS="338" VPOS="165" ID="tl6-5" WIDTH="47" HEIGHT="14"><String HEIGHT="14" CONTENT="gdp" WIDTH="47" HPOS="338" VPOS="165" ID="st6-26"/></TextLine><TextLine HPOS="385" VPOS="159" ID="tl6-6" WIDTH="504" HEIGHT="26"><String HEIGHT="26" CONTENT="," WIDTH="8" HPOS="385" VPOS="159" ID="st6-27"/><SP/><String HEIGHT="26" CONTENT="either" WIDTH="63" HPOS="401" VPOS="159" ID="st6-28"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="473" VPOS="159" ID="st6-29"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="502" VPOS="159" ID="st6-30"/><SP/><String HEIGHT="26" CONTENT="deficit" WIDTH="69" HPOS="522" VPOS="159" ID="st6-31"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="599" VPOS="159" ID="st6-32"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="632" VPOS="159" ID="st6-33"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="661" VPOS="159" ID="st6-34"/><SP/><String HEIGHT="26" CONTENT="surplus" WIDTH="76" HPOS="681" VPOS="159" ID="st6-35"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="757" VPOS="159" ID="st6-36"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="776" VPOS="159" ID="st6-37"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="56" HPOS="833" VPOS="159" ID="st6-38"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl6-7" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="94" VPOS="191" ID="st6-39"/><SP/><String HEIGHT="26" CONTENT="could" WIDTH="62" HPOS="186" VPOS="191" ID="st6-40"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="257" VPOS="191" ID="st6-41"/><SP/><String HEIGHT="26" CONTENT="adjusted" WIDTH="93" HPOS="293" VPOS="191" ID="st6-42"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="395" VPOS="191" ID="st6-43"/><SP/><String HEIGHT="26" CONTENT="take" WIDTH="46" HPOS="428" VPOS="191" ID="st6-44"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="45" HPOS="483" VPOS="191" ID="st6-45"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="538" VPOS="191" ID="st6-46"/><SP/><String HEIGHT="26" CONTENT="inflows" WIDTH="82" HPOS="634" VPOS="191" ID="st6-47"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="725" VPOS="191" ID="st6-48"/><SP/><String HEIGHT="26" CONTENT="outflows" WIDTH="98" HPOS="759" VPOS="191" ID="st6-49"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="866" VPOS="191" ID="st6-50"/></TextLine><TextLine HPOS="94" VPOS="223" ID="tl6-8" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="foreign" WIDTH="80" HPOS="94" VPOS="223" ID="st6-51"/><SP/><String HEIGHT="26" CONTENT="direct" WIDTH="63" HPOS="188" VPOS="223" ID="st6-52"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="122" HPOS="266" VPOS="223" ID="st6-53"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="402" VPOS="223" ID="st6-54"/><SP/><String HEIGHT="26" CONTENT="new" WIDTH="47" HPOS="438" VPOS="223" ID="st6-55"/><SP/><String HEIGHT="26" CONTENT="factories" WIDTH="92" HPOS="499" VPOS="223" ID="st6-56"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="606" VPOS="223" ID="st6-57"/><String HEIGHT="26" CONTENT="greenfield" WIDTH="109" HPOS="616" VPOS="223" ID="st6-58"/><SP/><String HEIGHT="26" CONTENT="investments" WIDTH="126" HPOS="740" VPOS="223" ID="st6-59"/><String HEIGHT="26" CONTENT=")" WIDTH="11" HPOS="866" VPOS="223" ID="st6-60"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="877" VPOS="223" ID="st6-61"/></TextLine><TextLine HPOS="94" VPOS="255" ID="tl6-9" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="which" WIDTH="68" HPOS="94" VPOS="255" ID="st6-62"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="174" VPOS="255" ID="st6-63"/><SP/><String HEIGHT="26" CONTENT="allow" WIDTH="60" HPOS="257" VPOS="255" ID="st6-64"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="330" VPOS="255" ID="st6-65"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="445" VPOS="255" ID="st6-66"/><SP/><String HEIGHT="26" CONTENT="import" WIDTH="78" HPOS="480" VPOS="255" ID="st6-67"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="59" HPOS="570" VPOS="255" ID="st6-68"/><SP/><String HEIGHT="26" CONTENT="during" WIDTH="75" HPOS="641" VPOS="255" ID="st6-69"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="728" VPOS="255" ID="st6-70"/><SP/><String HEIGHT="26" CONTENT="investment" WIDTH="122" HPOS="767" VPOS="255" ID="st6-71"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl6-10" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="boom" WIDTH="59" HPOS="94" VPOS="287" ID="st6-72"/><String HEIGHT="26" CONTENT="," WIDTH="15" HPOS="153" VPOS="287" ID="st6-73"/><SP/><String HEIGHT="26" CONTENT="aimed" WIDTH="67" HPOS="177" VPOS="287" ID="st6-74"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="253" VPOS="287" ID="st6-75"/><SP/><String HEIGHT="26" CONTENT="improving" WIDTH="117" HPOS="283" VPOS="287" ID="st6-76"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="409" VPOS="287" ID="st6-77"/><SP/><String HEIGHT="26" CONTENT="ability" WIDTH="69" HPOS="453" VPOS="287" ID="st6-78"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="531" VPOS="287" ID="st6-79"/><SP/><String HEIGHT="26" CONTENT="produce" WIDTH="92" HPOS="563" VPOS="287" ID="st6-80"/><SP/><String HEIGHT="26" CONTENT="tradable" WIDTH="89" HPOS="664" VPOS="287" ID="st6-81"/><SP/><String HEIGHT="26" CONTENT="goods" WIDTH="62" HPOS="762" VPOS="287" ID="st6-82"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="824" VPOS="287" ID="st6-83"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="846" VPOS="287" ID="st6-84"/></TextLine><TextLine HPOS="94" VPOS="319" ID="tl6-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="figure" WIDTH="65" HPOS="94" VPOS="319" ID="st6-85"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="168" VPOS="319" ID="st6-86"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="56" HPOS="200" VPOS="319" ID="st6-87"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="265" VPOS="319" ID="st6-88"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="356" VPOS="319" ID="st6-89"/><SP/><String HEIGHT="26" CONTENT="chosen" WIDTH="76" HPOS="382" VPOS="319" ID="st6-90"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="467" VPOS="319" ID="st6-91"/><SP/><String HEIGHT="26" CONTENT="merely" WIDTH="75" HPOS="514" VPOS="319" ID="st6-92"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="597" VPOS="319" ID="st6-93"/><SP/><String HEIGHT="26" CONTENT="analogy" WIDTH="86" HPOS="628" VPOS="319" ID="st6-94"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="723" VPOS="319" ID="st6-95"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="754" VPOS="319" ID="st6-96"/><SP/><String HEIGHT="26" CONTENT="Stability" WIDTH="91" HPOS="798" VPOS="319" ID="st6-97"/></TextLine><TextLine HPOS="94" VPOS="351" ID="tl6-12" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="Pact" WIDTH="42" HPOS="94" VPOS="351" ID="st6-98"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="136" VPOS="351" ID="st6-99"/><SP/><String HEIGHT="26" CONTENT="but" WIDTH="38" HPOS="154" VPOS="351" ID="st6-100"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="199" VPOS="351" ID="st6-101"/><SP/><String HEIGHT="26" CONTENT="derived" WIDTH="83" HPOS="223" VPOS="351" ID="st6-102"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="312" VPOS="351" ID="st6-103"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="374" VPOS="351" ID="st6-104"/><SP/><String HEIGHT="26" CONTENT="mathematics" WIDTH="140" HPOS="416" VPOS="351" ID="st6-105"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="563" VPOS="351" ID="st6-106"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="593" VPOS="351" ID="st6-107"/><SP/><String HEIGHT="26" CONTENT="calculation" WIDTH="118" HPOS="649" VPOS="351" ID="st6-108"/><String HEIGHT="26" CONTENT=":" WIDTH="11" HPOS="767" VPOS="351" ID="st6-109"/><SP/><String HEIGHT="26" CONTENT="if" WIDTH="16" HPOS="784" VPOS="351" ID="st6-110"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="807" VPOS="351" ID="st6-111"/><SP/><String HEIGHT="26" CONTENT="coun" WIDTH="52" HPOS="825" VPOS="351" ID="st6-112" SUBS_TYPE="HypPart1" SUBS_CONTENT="country"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="351" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="383" ID="tl6-13" WIDTH="735" HEIGHT="26"><String HEIGHT="26" CONTENT="try" WIDTH="31" HPOS="94" VPOS="383" ID="st6-113" SUBS_TYPE="HypPart2" SUBS_CONTENT="country"/><SP/><String HEIGHT="26" CONTENT="shows" WIDTH="68" HPOS="131" VPOS="383" ID="st6-114"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="205" VPOS="383" ID="st6-115"/><SP/><String HEIGHT="26" CONTENT="annual" WIDTH="75" HPOS="237" VPOS="383" ID="st6-116"/><SP/><String HEIGHT="26" CONTENT="balance" WIDTH="84" HPOS="317" VPOS="383" ID="st6-117"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="401" VPOS="383" ID="st6-118"/><String HEIGHT="26" CONTENT="of" WIDTH="24" HPOS="413" VPOS="383" ID="st6-119"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="437" VPOS="383" ID="st6-120"/><String HEIGHT="26" CONTENT="payments" WIDTH="97" HPOS="449" VPOS="383" ID="st6-121"/><SP/><String HEIGHT="26" CONTENT="deficit" WIDTH="69" HPOS="552" VPOS="383" ID="st6-122"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="627" VPOS="383" ID="st6-123"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="57" HPOS="655" VPOS="383" ID="st6-124"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="718" VPOS="383" ID="st6-125"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="806" VPOS="383" ID="st6-126"/></TextLine><TextLine HPOS="834" VPOS="388" ID="tl6-14" WIDTH="48" HEIGHT="15"><String HEIGHT="15" CONTENT="gdp" WIDTH="48" HPOS="834" VPOS="388" ID="st6-127"/></TextLine><TextLine HPOS="882" VPOS="383" ID="tl6-15" WIDTH="7" HEIGHT="26"><String HEIGHT="26" CONTENT="," WIDTH="7" HPOS="882" VPOS="383" ID="st6-128"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl6-16" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="then" WIDTH="45" HPOS="94" VPOS="415" ID="st6-129"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="139" VPOS="415" ID="st6-130"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="158" VPOS="415" ID="st6-131"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="186" VPOS="415" ID="st6-132"/><SP/><String HEIGHT="26" CONTENT="expected" WIDTH="96" HPOS="220" VPOS="415" ID="st6-133"/><SP/><String HEIGHT="26" CONTENT="average" WIDTH="83" HPOS="324" VPOS="415" ID="st6-134"/><SP/><String HEIGHT="26" CONTENT="nominal" WIDTH="92" HPOS="414" VPOS="415" ID="st6-135"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="81" HPOS="514" VPOS="415" ID="st6-136"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="41" HPOS="603" VPOS="415" ID="st6-137"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="652" VPOS="415" ID="st6-138"/><SP/><String HEIGHT="26" CONTENT="five" WIDTH="40" HPOS="682" VPOS="415" ID="st6-139"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="729" VPOS="415" ID="st6-140"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="819" VPOS="415" ID="st6-141"/><SP/><String HEIGHT="26" CONTENT="year" WIDTH="40" HPOS="838" VPOS="415" ID="st6-142"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="878" VPOS="415" ID="st6-143"/></TextLine><TextLine HPOS="94" VPOS="447" ID="tl6-17" WIDTH="676" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="447" ID="st6-144"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="50" HPOS="137" VPOS="447" ID="st6-145"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="194" VPOS="447" ID="st6-146"/><SP/><String HEIGHT="26" CONTENT="foreign" WIDTH="80" HPOS="225" VPOS="447" ID="st6-147"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="313" VPOS="447" ID="st6-148"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="371" VPOS="447" ID="st6-149"/><SP/><String HEIGHT="26" CONTENT="stabilize" WIDTH="90" HPOS="419" VPOS="447" ID="st6-150"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="517" VPOS="447" ID="st6-151"/><SP/><String HEIGHT="26" CONTENT="below" WIDTH="68" HPOS="545" VPOS="447" ID="st6-152"/><SP/><String HEIGHT="26" CONTENT="60" WIDTH="29" HPOS="621" VPOS="447" ID="st6-153"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="83" HPOS="657" VPOS="447" ID="st6-154"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="748" VPOS="447" ID="st6-155"/></TextLine><TextLine HPOS="778" VPOS="452" ID="tl6-18" WIDTH="48" HEIGHT="15"><String HEIGHT="15" CONTENT="gdp" WIDTH="48" HPOS="778" VPOS="452" ID="st6-156"/></TextLine><TextLine HPOS="826" VPOS="447" ID="tl6-19" WIDTH="63" HEIGHT="26"><String HEIGHT="26" CONTENT="." WIDTH="7" HPOS="826" VPOS="447" ID="st6-157"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="840" VPOS="447" ID="st6-158"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl6-20" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="figure" WIDTH="65" HPOS="94" VPOS="479" ID="st6-159"/><SP/><String HEIGHT="26" CONTENT="should" WIDTH="75" HPOS="168" VPOS="479" ID="st6-160"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="251" VPOS="479" ID="st6-161"/><SP/><String HEIGHT="26" CONTENT="seen" WIDTH="47" HPOS="286" VPOS="479" ID="st6-162"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="342" VPOS="479" ID="st6-163"/><SP/><String HEIGHT="26" CONTENT="acceptable" WIDTH="114" HPOS="371" VPOS="479" ID="st6-164"/><SP/><String HEIGHT="26" CONTENT="based" WIDTH="62" HPOS="493" VPOS="479" ID="st6-165"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="564" VPOS="479" ID="st6-166"/><SP/><String HEIGHT="26" CONTENT="experiences" WIDTH="126" HPOS="601" VPOS="479" ID="st6-167"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="736" VPOS="479" ID="st6-168"/><SP/><String HEIGHT="26" CONTENT="previous" WIDTH="95" HPOS="794" VPOS="479" ID="st6-169"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl6-21" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="94" VPOS="511" ID="st6-170"/><SP/><String HEIGHT="26" CONTENT="crises" WIDTH="57" HPOS="193" VPOS="511" ID="st6-171"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="250" VPOS="511" ID="st6-172"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="266" VPOS="511" ID="st6-173"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="68" HPOS="294" VPOS="511" ID="st6-174"/><SP/><String HEIGHT="26" CONTENT="higher" WIDTH="72" HPOS="368" VPOS="511" ID="st6-175"/><SP/><String HEIGHT="26" CONTENT="levels" WIDTH="60" HPOS="446" VPOS="511" ID="st6-176"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="512" VPOS="511" ID="st6-177"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="541" VPOS="511" ID="st6-178"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="50" HPOS="597" VPOS="511" ID="st6-179"/><SP/><String HEIGHT="26" CONTENT="frequently" WIDTH="113" HPOS="654" VPOS="511" ID="st6-180"/><SP/><String HEIGHT="26" CONTENT="resulted" WIDTH="88" HPOS="773" VPOS="511" ID="st6-181"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="511" ID="st6-182"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl6-22" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="balance" WIDTH="84" HPOS="94" VPOS="543" ID="st6-183"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="178" VPOS="543" ID="st6-184"/><String HEIGHT="26" CONTENT="of" WIDTH="24" HPOS="190" VPOS="543" ID="st6-185"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="214" VPOS="543" ID="st6-186"/><String HEIGHT="26" CONTENT="payments" WIDTH="96" HPOS="226" VPOS="543" ID="st6-187"/><SP/><String HEIGHT="26" CONTENT="crises" WIDTH="57" HPOS="329" VPOS="543" ID="st6-188"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="386" VPOS="543" ID="st6-189"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="402" VPOS="543" ID="st6-190"/><SP/><String HEIGHT="26" CONTENT="adjustment" WIDTH="123" HPOS="453" VPOS="543" ID="st6-191"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="583" VPOS="543" ID="st6-192"/><SP/><String HEIGHT="26" CONTENT="include" WIDTH="81" HPOS="614" VPOS="543" ID="st6-193"/><SP/><String HEIGHT="26" CONTENT="foreign" WIDTH="80" HPOS="702" VPOS="543" ID="st6-194"/><SP/><String HEIGHT="26" CONTENT="direct" WIDTH="63" HPOS="789" VPOS="543" ID="st6-195"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="20" HPOS="859" VPOS="543" ID="st6-196" SUBS_TYPE="HypPart1" SUBS_CONTENT="investment"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="543" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="575" ID="tl6-23" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="vestment" WIDTH="100" HPOS="94" VPOS="575" ID="st6-197" SUBS_TYPE="HypPart2" SUBS_CONTENT="investment"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="201" VPOS="575" ID="st6-198"/><SP/><String HEIGHT="26" CONTENT="permissible" WIDTH="125" HPOS="225" VPOS="575" ID="st6-199"/><SP/><String HEIGHT="26" CONTENT="because" WIDTH="85" HPOS="357" VPOS="575" ID="st6-200"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="449" VPOS="575" ID="st6-201"/><SP/><String HEIGHT="26" CONTENT="does" WIDTH="51" HPOS="471" VPOS="575" ID="st6-202"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="529" VPOS="575" ID="st6-203"/><SP/><String HEIGHT="26" CONTENT="affect" WIDTH="59" HPOS="574" VPOS="575" ID="st6-204"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="640" VPOS="575" ID="st6-205"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="78" HPOS="658" VPOS="575" ID="st6-206"/><String HEIGHT="26" CONTENT="’" WIDTH="11" HPOS="736" VPOS="575" ID="st6-207"/><String HEIGHT="26" CONTENT="s" WIDTH="12" HPOS="747" VPOS="575" ID="st6-208"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="766" VPOS="575" ID="st6-209"/><SP/><String HEIGHT="26" CONTENT="levels" WIDTH="57" HPOS="822" VPOS="575" ID="st6-210"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="879" VPOS="575" ID="st6-211"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl6-24" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="but" WIDTH="38" HPOS="94" VPOS="607" ID="st6-212"/><SP/><String HEIGHT="26" CONTENT="can" WIDTH="37" HPOS="138" VPOS="607" ID="st6-213"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="50" HPOS="182" VPOS="607" ID="st6-214"/><SP/><String HEIGHT="26" CONTENT="help" WIDTH="47" HPOS="239" VPOS="607" ID="st6-215"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="293" VPOS="607" ID="st6-216"/><SP/><String HEIGHT="26" CONTENT="improve" WIDTH="93" HPOS="322" VPOS="607" ID="st6-217"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="421" VPOS="607" ID="st6-218"/><SP/><String HEIGHT="26" CONTENT="balance" WIDTH="84" HPOS="463" VPOS="607" ID="st6-219"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="547" VPOS="607" ID="st6-220"/><String HEIGHT="26" CONTENT="of" WIDTH="24" HPOS="559" VPOS="607" ID="st6-221"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="583" VPOS="607" ID="st6-222"/><String HEIGHT="26" CONTENT="payments" WIDTH="96" HPOS="595" VPOS="607" ID="st6-223"/><SP/><String HEIGHT="26" CONTENT="position" WIDTH="92" HPOS="697" VPOS="607" ID="st6-224"/><SP/><String HEIGHT="26" CONTENT="if" WIDTH="16" HPOS="795" VPOS="607" ID="st6-225"/><SP/><String HEIGHT="26" CONTENT="invest" WIDTH="62" HPOS="817" VPOS="607" ID="st6-226" SUBS_TYPE="HypPart1" SUBS_CONTENT="investments"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="607" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl6-25" WIDTH="659" HEIGHT="26"><String HEIGHT="26" CONTENT="ments" WIDTH="67" HPOS="94" VPOS="639" ID="st6-227" SUBS_TYPE="HypPart2" SUBS_CONTENT="investments"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="50" HPOS="168" VPOS="639" ID="st6-228"/><SP/><String HEIGHT="26" CONTENT="been" WIDTH="53" HPOS="225" VPOS="639" ID="st6-229"/><SP/><String HEIGHT="26" CONTENT="made" WIDTH="61" HPOS="284" VPOS="639" ID="st6-230"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="351" VPOS="639" ID="st6-231"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="380" VPOS="639" ID="st6-232"/><SP/><String HEIGHT="26" CONTENT="production" WIDTH="125" HPOS="421" VPOS="639" ID="st6-233"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="553" VPOS="639" ID="st6-234"/><SP/><String HEIGHT="26" CONTENT="tradable" WIDTH="89" HPOS="582" VPOS="639" ID="st6-235"/><SP/><String HEIGHT="26" CONTENT="goods" WIDTH="62" HPOS="678" VPOS="639" ID="st6-236"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="740" VPOS="639" ID="st6-237"/></TextLine><TextLine HPOS="129" VPOS="671" ID="tl6-26" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="As" WIDTH="29" HPOS="129" VPOS="671" ID="st6-238"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="167" VPOS="671" ID="st6-239"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="227" VPOS="671" ID="st6-240"/><SP/><String HEIGHT="26" CONTENT="existing" WIDTH="85" HPOS="271" VPOS="671" ID="st6-241"/><SP/><String HEIGHT="26" CONTENT="Stability" WIDTH="91" HPOS="366" VPOS="671" ID="st6-242"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="43" HPOS="466" VPOS="671" ID="st6-243"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="509" VPOS="671" ID="st6-244"/><SP/><String HEIGHT="26" CONTENT="exceeding" WIDTH="109" HPOS="529" VPOS="671" ID="st6-245"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="647" VPOS="671" ID="st6-246"/><SP/><String HEIGHT="26" CONTENT="threshold" WIDTH="106" HPOS="691" VPOS="671" ID="st6-247"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="32" HPOS="806" VPOS="671" ID="st6-248"/><SP/><String HEIGHT="26" CONTENT="bal" WIDTH="32" HPOS="847" VPOS="671" ID="st6-249" SUBS_TYPE="HypPart1" SUBS_CONTENT="balance"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="671" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl6-27" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ance" WIDTH="48" HPOS="94" VPOS="702" ID="st6-250" SUBS_TYPE="HypPart2" SUBS_CONTENT="balance"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="142" VPOS="702" ID="st6-251"/><String HEIGHT="26" CONTENT="of" WIDTH="25" HPOS="154" VPOS="702" ID="st6-252"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="179" VPOS="702" ID="st6-253"/><String HEIGHT="26" CONTENT="payments" WIDTH="98" HPOS="191" VPOS="702" ID="st6-254"/><SP/><String HEIGHT="26" CONTENT="imbalances" WIDTH="121" HPOS="300" VPOS="702" ID="st6-255"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="431" VPOS="702" ID="st6-256"/><SP/><String HEIGHT="26" CONTENT="initially" WIDTH="83" HPOS="512" VPOS="702" ID="st6-257"/><SP/><String HEIGHT="26" CONTENT="result" WIDTH="61" HPOS="606" VPOS="702" ID="st6-258"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="677" VPOS="702" ID="st6-259"/><SP/><String HEIGHT="26" CONTENT="warnings" WIDTH="101" HPOS="709" VPOS="702" ID="st6-260"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="821" VPOS="702" ID="st6-261"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="702" ID="st6-262"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl6-28" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="member" WIDTH="92" HPOS="94" VPOS="734" ID="st6-263"/><SP/><String HEIGHT="26" CONTENT="state" WIDTH="48" HPOS="193" VPOS="734" ID="st6-264"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="241" VPOS="734" ID="st6-265"/><SP/><String HEIGHT="26" CONTENT="followed" WIDTH="98" HPOS="257" VPOS="734" ID="st6-266"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="362" VPOS="734" ID="st6-267"/><SP/><String HEIGHT="26" CONTENT="appropriate" WIDTH="128" HPOS="396" VPOS="734" ID="st6-268"/><SP/><String HEIGHT="26" CONTENT="measures" WIDTH="101" HPOS="531" VPOS="734" ID="st6-269"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="639" VPOS="734" ID="st6-270"/><SP/><String HEIGHT="26" CONTENT="bring" WIDTH="60" HPOS="669" VPOS="734" ID="st6-271"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="736" VPOS="734" ID="st6-272"/><SP/><String HEIGHT="26" CONTENT="imbalance" WIDTH="111" HPOS="778" VPOS="734" ID="st6-273"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl6-29" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="down" WIDTH="56" HPOS="94" VPOS="766" ID="st6-274"/><String HEIGHT="26" CONTENT="." WIDTH="15" HPOS="150" VPOS="766" ID="st6-275"/><SP/><String HEIGHT="26" CONTENT="If" WIDTH="19" HPOS="173" VPOS="766" ID="st6-276"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="200" VPOS="766" ID="st6-277"/><SP/><String HEIGHT="26" CONTENT="adjustment" WIDTH="124" HPOS="248" VPOS="766" ID="st6-278"/><SP/><String HEIGHT="26" CONTENT="does" WIDTH="51" HPOS="379" VPOS="766" ID="st6-279"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="438" VPOS="766" ID="st6-280"/><SP/><String HEIGHT="26" CONTENT="occur" WIDTH="55" HPOS="484" VPOS="766" ID="st6-281"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="539" VPOS="766" ID="st6-282"/><SP/><String HEIGHT="26" CONTENT="sanctions" WIDTH="102" HPOS="559" VPOS="766" ID="st6-283"/><SP/><String HEIGHT="26" CONTENT="could" WIDTH="62" HPOS="669" VPOS="766" ID="st6-284"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="739" VPOS="766" ID="st6-285"/><SP/><String HEIGHT="26" CONTENT="imposed" WIDTH="95" HPOS="773" VPOS="766" ID="st6-286"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="876" VPOS="766" ID="st6-287"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl6-30" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="given" WIDTH="60" HPOS="94" VPOS="798" ID="st6-288"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="161" VPOS="798" ID="st6-289"/><SP/><String HEIGHT="26" CONTENT="correspondingly" WIDTH="180" HPOS="180" VPOS="798" ID="st6-290"/><SP/><String HEIGHT="26" CONTENT="adapted" WIDTH="88" HPOS="367" VPOS="798" ID="st6-291"/><SP/><String HEIGHT="26" CONTENT="legal" WIDTH="51" HPOS="462" VPOS="798" ID="st6-292"/><SP/><String HEIGHT="26" CONTENT="framework" WIDTH="121" HPOS="519" VPOS="798" ID="st6-293"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="647" VPOS="798" ID="st6-294"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="667" VPOS="798" ID="st6-295"/><SP/><String HEIGHT="26" CONTENT="example" WIDTH="86" HPOS="706" VPOS="798" ID="st6-296"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="792" VPOS="798" ID="st6-297"/><SP/><String HEIGHT="26" CONTENT="halting" WIDTH="77" HPOS="812" VPOS="798" ID="st6-298"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl6-31" WIDTH="292" HEIGHT="26"><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="94" VPOS="830" ID="st6-299"/><SP/><String HEIGHT="26" CONTENT="transfers" WIDTH="94" HPOS="192" VPOS="830" ID="st6-300"/><SP/><String HEIGHT="26" CONTENT="from" WIDTH="55" HPOS="291" VPOS="830" ID="st6-301"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="351" VPOS="830" ID="st6-302"/></TextLine><TextLine HPOS="391" VPOS="836" ID="tl6-32" WIDTH="31" HEIGHT="14"><String HEIGHT="14" CONTENT="eu" WIDTH="31" HPOS="391" VPOS="836" ID="st6-303"/></TextLine><TextLine HPOS="427" VPOS="830" ID="tl6-33" WIDTH="462" HEIGHT="26"><String HEIGHT="26" CONTENT="budget" WIDTH="73" HPOS="427" VPOS="830" ID="st6-304"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="500" VPOS="830" ID="st6-305"/><SP/><String HEIGHT="26" CONTENT="stopping" WIDTH="98" HPOS="518" VPOS="830" ID="st6-306"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="621" VPOS="830" ID="st6-307"/><SP/><String HEIGHT="26" CONTENT="provision" WIDTH="106" HPOS="661" VPOS="830" ID="st6-308"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="771" VPOS="830" ID="st6-309"/><SP/><String HEIGHT="26" CONTENT="interest" WIDTH="80" HPOS="799" VPOS="830" ID="st6-310" SUBS_TYPE="HypPart1" SUBS_CONTENT="interestfree"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="830" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl6-34" WIDTH="621" HEIGHT="26"><String HEIGHT="26" CONTENT="free" WIDTH="41" HPOS="94" VPOS="862" ID="st6-311" SUBS_TYPE="HypPart2" SUBS_CONTENT="interestfree"/><SP/><String HEIGHT="26" CONTENT="loans" WIDTH="54" HPOS="142" VPOS="862" ID="st6-312"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="196" VPOS="862" ID="st6-313"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="213" VPOS="862" ID="st6-314"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="51" HPOS="244" VPOS="862" ID="st6-315"/><SP/><String HEIGHT="26" CONTENT="imposing" WIDTH="104" HPOS="302" VPOS="862" ID="st6-316"/><SP/><String HEIGHT="26" CONTENT="fines" WIDTH="51" HPOS="413" VPOS="862" ID="st6-317"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="471" VPOS="862" ID="st6-318"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="507" VPOS="862" ID="st6-319"/><SP/><String HEIGHT="26" CONTENT="member" WIDTH="92" HPOS="549" VPOS="862" ID="st6-320"/><SP/><String HEIGHT="26" CONTENT="states" WIDTH="57" HPOS="648" VPOS="862" ID="st6-321"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="705" VPOS="862" ID="st6-322"/></TextLine><TextLine HPOS="129" VPOS="894" ID="tl6-35" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="129" VPOS="894" ID="st6-323"/><SP/><String HEIGHT="26" CONTENT="External" WIDTH="93" HPOS="181" VPOS="894" ID="st6-324"/><SP/><String HEIGHT="26" CONTENT="Stability" WIDTH="92" HPOS="282" VPOS="894" ID="st6-325"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="46" HPOS="382" VPOS="894" ID="st6-326"/><SP/><String HEIGHT="26" CONTENT="should" WIDTH="75" HPOS="436" VPOS="894" ID="st6-327"/><SP/><String HEIGHT="26" CONTENT="oblige" WIDTH="69" HPOS="519" VPOS="894" ID="st6-328"/><SP/><String HEIGHT="26" CONTENT="every" WIDTH="58" HPOS="597" VPOS="894" ID="st6-329"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="663" VPOS="894" ID="st6-330"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="757" VPOS="894" ID="st6-331"/><SP/><String HEIGHT="26" CONTENT="orient" WIDTH="67" HPOS="788" VPOS="894" ID="st6-332"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="863" VPOS="894" ID="st6-333"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl6-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="own" WIDTH="49" HPOS="94" VPOS="926" ID="st6-334"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="91" HPOS="153" VPOS="926" ID="st6-335"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="254" VPOS="926" ID="st6-336"/><SP/><String HEIGHT="26" CONTENT="policies" WIDTH="83" HPOS="372" VPOS="926" ID="st6-337"/><String HEIGHT="26" CONTENT="(" WIDTH="12" HPOS="465" VPOS="926" ID="st6-338"/><String HEIGHT="26" CONTENT="both" WIDTH="51" HPOS="477" VPOS="926" ID="st6-339"/><SP/><String HEIGHT="26" CONTENT="fiscal" WIDTH="55" HPOS="538" VPOS="926" ID="st6-340"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="603" VPOS="926" ID="st6-341"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="58" HPOS="654" VPOS="926" ID="st6-342"/><SP/><String HEIGHT="26" CONTENT="regulatory" WIDTH="112" HPOS="722" VPOS="926" ID="st6-343"/><String HEIGHT="26" CONTENT=")" WIDTH="12" HPOS="834" VPOS="926" ID="st6-344"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="22" HPOS="857" VPOS="926" ID="st6-345" SUBS_TYPE="HypPart1" SUBS_CONTENT="towards"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="926" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="958" ID="tl6-37" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="wards" WIDTH="65" HPOS="94" VPOS="958" ID="st6-346" SUBS_TYPE="HypPart2" SUBS_CONTENT="towards"/><SP/><String HEIGHT="26" CONTENT="achieving" WIDTH="105" HPOS="166" VPOS="958" ID="st6-347"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="278" VPOS="958" ID="st6-348"/><SP/><String HEIGHT="26" CONTENT="external" WIDTH="87" HPOS="311" VPOS="958" ID="st6-349"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="405" VPOS="958" ID="st6-350"/><SP/><String HEIGHT="26" CONTENT="balance" WIDTH="77" HPOS="520" VPOS="958" ID="st6-351"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="597" VPOS="958" ID="st6-352"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="616" VPOS="958" ID="st6-353"/><SP/><String HEIGHT="26" CONTENT="comparison" WIDTH="131" HPOS="648" VPOS="958" ID="st6-354"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="786" VPOS="958" ID="st6-355"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="816" VPOS="958" ID="st6-356"/><SP/><String HEIGHT="26" CONTENT="ex" WIDTH="21" HPOS="858" VPOS="958" ID="st6-357" SUBS_TYPE="HypPart1" SUBS_CONTENT="existing"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="958" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl6-38" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="isting" WIDTH="62" HPOS="94" VPOS="990" ID="st6-358" SUBS_TYPE="HypPart2" SUBS_CONTENT="existing"/><SP/><String HEIGHT="26" CONTENT="form" WIDTH="55" HPOS="170" VPOS="990" ID="st6-359"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="239" VPOS="990" ID="st6-360"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="276" VPOS="990" ID="st6-361"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="67" HPOS="398" VPOS="990" ID="st6-362"/><SP/><String HEIGHT="26" CONTENT="coordination" WIDTH="139" HPOS="479" VPOS="990" ID="st6-363"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="618" VPOS="990" ID="st6-364"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="644" VPOS="990" ID="st6-365"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="683" VPOS="990" ID="st6-366"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="720" VPOS="990" ID="st6-367"/><SP/><String HEIGHT="26" CONTENT="centralized" WIDTH="119" HPOS="770" VPOS="990" ID="st6-368"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl6-39" WIDTH="670" HEIGHT="26"><String HEIGHT="26" CONTENT="coordination" WIDTH="144" HPOS="94" VPOS="1022" ID="st6-369"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="246" VPOS="1022" ID="st6-370"/><SP/><String HEIGHT="26" CONTENT="European" WIDTH="109" HPOS="278" VPOS="1022" ID="st6-371"/><SP/><String HEIGHT="26" CONTENT="fiscal" WIDTH="55" HPOS="395" VPOS="1022" ID="st6-372"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="458" VPOS="1022" ID="st6-373"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="508" VPOS="1022" ID="st6-374"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="67" HPOS="624" VPOS="1022" ID="st6-375"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="700" VPOS="1022" ID="st6-376"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="728" VPOS="1022" ID="st6-377"/></TextLine><TextLine HPOS="772" VPOS="1027" ID="tl6-40" WIDTH="52" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="52" HPOS="772" VPOS="1027" ID="st6-378"/></TextLine><TextLine HPOS="832" VPOS="1022" ID="tl6-41" WIDTH="57" HEIGHT="26"><String HEIGHT="26" CONTENT="level" WIDTH="47" HPOS="832" VPOS="1022" ID="st6-379"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="879" VPOS="1022" ID="st6-380"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl6-42" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="1054" ID="st6-381"/><SP/><String HEIGHT="26" CONTENT="External" WIDTH="93" HPOS="137" VPOS="1054" ID="st6-382"/><SP/><String HEIGHT="26" CONTENT="Stability" WIDTH="92" HPOS="237" VPOS="1054" ID="st6-383"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="46" HPOS="337" VPOS="1054" ID="st6-384"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="390" VPOS="1054" ID="st6-385"/><SP/><String HEIGHT="26" CONTENT="offer" WIDTH="52" HPOS="469" VPOS="1054" ID="st6-386"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="57" HPOS="529" VPOS="1054" ID="st6-387"/><SP/><String HEIGHT="26" CONTENT="advantages" WIDTH="116" HPOS="593" VPOS="1054" ID="st6-388"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="709" VPOS="1054" ID="st6-389"/><SP/><String HEIGHT="26" CONTENT="First" WIDTH="48" HPOS="729" VPOS="1054" ID="st6-390"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="777" VPOS="1054" ID="st6-391"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="795" VPOS="1054" ID="st6-392"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="818" VPOS="1054" ID="st6-393"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl6-43" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="lead" WIDTH="45" HPOS="94" VPOS="1086" ID="st6-394"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="147" VPOS="1086" ID="st6-395"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="178" VPOS="1086" ID="st6-396"/><SP/><String HEIGHT="26" CONTENT="broader" WIDTH="87" HPOS="197" VPOS="1086" ID="st6-397"/><SP/><String HEIGHT="26" CONTENT="coordination" WIDTH="144" HPOS="292" VPOS="1086" ID="st6-398"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="443" VPOS="1086" ID="st6-399"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="474" VPOS="1086" ID="st6-400"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="67" HPOS="590" VPOS="1086" ID="st6-401"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="664" VPOS="1086" ID="st6-402"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="722" VPOS="1086" ID="st6-403"/><SP/><String HEIGHT="26" CONTENT="currently" WIDTH="100" HPOS="747" VPOS="1086" ID="st6-404"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="1086" ID="st6-405"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl6-44" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="case" WIDTH="40" HPOS="94" VPOS="1118" ID="st6-406"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="134" VPOS="1118" ID="st6-407"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="153" VPOS="1118" ID="st6-408"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="209" VPOS="1118" ID="st6-409"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="288" VPOS="1118" ID="st6-410"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="347" VPOS="1118" ID="st6-411"/><SP/><String HEIGHT="26" CONTENT="impact" WIDTH="75" HPOS="381" VPOS="1118" ID="st6-412"/><SP/><String HEIGHT="26" CONTENT="especially" WIDTH="104" HPOS="464" VPOS="1118" ID="st6-413"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="576" VPOS="1118" ID="st6-414"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="613" VPOS="1118" ID="st6-415"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="47" HPOS="656" VPOS="1118" ID="st6-416"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="703" VPOS="1118" ID="st6-417"/><String HEIGHT="26" CONTENT="setting" WIDTH="83" HPOS="714" VPOS="1118" ID="st6-418"/><SP/><String HEIGHT="26" CONTENT="systems" WIDTH="84" HPOS="805" VPOS="1118" ID="st6-419"/></TextLine><TextLine HPOS="94" VPOS="1150" ID="tl6-45" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="1150" ID="st6-420"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="112" HPOS="126" VPOS="1150" ID="st6-421"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="247" VPOS="1150" ID="st6-422"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="359" VPOS="1150" ID="st6-423"/><SP/><String HEIGHT="26" CONTENT="governments" WIDTH="144" HPOS="382" VPOS="1150" ID="st6-424"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="536" VPOS="1150" ID="st6-425"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="616" VPOS="1150" ID="st6-426"/><SP/><String HEIGHT="26" CONTENT="compelled" WIDTH="114" HPOS="652" VPOS="1150" ID="st6-427"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="776" VPOS="1150" ID="st6-428"/><SP/><String HEIGHT="26" CONTENT="use" WIDTH="36" HPOS="809" VPOS="1150" ID="st6-429"/><SP/><String HEIGHT="26" CONTENT="na" WIDTH="24" HPOS="854" VPOS="1150" ID="st6-430" SUBS_TYPE="HypPart1" SUBS_CONTENT="national"/><HYP CONTENT="-" WIDTH="11" HPOS="878" VPOS="1150" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1182" ID="tl6-46" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tional" WIDTH="64" HPOS="94" VPOS="1182" ID="st6-431" SUBS_TYPE="HypPart2" SUBS_CONTENT="national"/><SP/><String HEIGHT="26" CONTENT="legislation" WIDTH="113" HPOS="166" VPOS="1182" ID="st6-432"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="287" VPOS="1182" ID="st6-433"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="336" VPOS="1182" ID="st6-434"/><SP/><String HEIGHT="26" CONTENT="settlements" WIDTH="125" HPOS="401" VPOS="1182" ID="st6-435"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="534" VPOS="1182" ID="st6-436"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="563" VPOS="1182" ID="st6-437"/><SP/><String HEIGHT="26" CONTENT="public" WIDTH="70" HPOS="606" VPOS="1182" ID="st6-438"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="66" HPOS="683" VPOS="1182" ID="st6-439"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="757" VPOS="1182" ID="st6-440"/><SP/><String HEIGHT="26" CONTENT="influence" WIDTH="101" HPOS="788" VPOS="1182" ID="st6-441"/></TextLine><TextLine HPOS="94" VPOS="1214" ID="tl6-47" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="94" VPOS="1214" ID="st6-442"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="67" HPOS="159" VPOS="1214" ID="st6-443"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="235" VPOS="1214" ID="st6-444"/><SP/><String HEIGHT="26" CONTENT="such" WIDTH="50" HPOS="265" VPOS="1214" ID="st6-445"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="324" VPOS="1214" ID="st6-446"/><SP/><String HEIGHT="26" CONTENT="way" WIDTH="44" HPOS="344" VPOS="1214" ID="st6-447"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="396" VPOS="1214" ID="st6-448"/><SP/><String HEIGHT="26" CONTENT="imbalances" WIDTH="122" HPOS="448" VPOS="1214" ID="st6-449"/><SP/><String HEIGHT="26" CONTENT="among" WIDTH="77" HPOS="578" VPOS="1214" ID="st6-450"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="664" VPOS="1214" ID="st6-451"/><SP/><String HEIGHT="26" CONTENT="Eurozone" WIDTH="110" HPOS="707" VPOS="1214" ID="st6-452"/><SP/><String HEIGHT="26" CONTENT="coun" WIDTH="52" HPOS="825" VPOS="1214" ID="st6-453" SUBS_TYPE="HypPart1" SUBS_CONTENT="countries"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1214" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1245" ID="tl6-48" WIDTH="795" HEIGHT="27"><String HEIGHT="27" CONTENT="tries" WIDTH="47" HPOS="94" VPOS="1245" ID="st6-454" SUBS_TYPE="HypPart2" SUBS_CONTENT="countries"/><SP/><String HEIGHT="27" CONTENT="can" WIDTH="37" HPOS="150" VPOS="1245" ID="st6-455"/><SP/><String HEIGHT="27" CONTENT="be" WIDTH="26" HPOS="195" VPOS="1245" ID="st6-456"/><SP/><String HEIGHT="27" CONTENT="avoided" WIDTH="83" HPOS="230" VPOS="1245" ID="st6-457"/><String HEIGHT="27" CONTENT="." WIDTH="12" HPOS="313" VPOS="1245" ID="st6-458"/><SP/><String HEIGHT="27" CONTENT="This" WIDTH="49" HPOS="332" VPOS="1245" ID="st6-459"/><SP/><String HEIGHT="27" CONTENT="would" WIDTH="71" HPOS="390" VPOS="1245" ID="st6-460"/><SP/><String HEIGHT="27" CONTENT="give" WIDTH="46" HPOS="469" VPOS="1245" ID="st6-461"/><SP/><String HEIGHT="27" CONTENT="countries" WIDTH="102" HPOS="523" VPOS="1245" ID="st6-462"/><SP/><String HEIGHT="27" CONTENT="like" WIDTH="39" HPOS="634" VPOS="1245" ID="st6-463"/><SP/><String HEIGHT="27" CONTENT="Spain" WIDTH="63" HPOS="681" VPOS="1245" ID="st6-464"/><SP/><String HEIGHT="27" CONTENT="–" WIDTH="13" HPOS="752" VPOS="1245" ID="st6-465"/><SP/><String HEIGHT="27" CONTENT="which" WIDTH="67" HPOS="774" VPOS="1245" ID="st6-466"/><SP/><String HEIGHT="27" CONTENT="still" WIDTH="39" HPOS="850" VPOS="1245" ID="st6-467"/></TextLine><TextLine HPOS="94" VPOS="1277" ID="tl6-49" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="partly" WIDTH="64" HPOS="94" VPOS="1277" ID="st6-468"/><SP/><String HEIGHT="26" CONTENT="index" WIDTH="61" HPOS="168" VPOS="1277" ID="st6-469"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="239" VPOS="1277" ID="st6-470"/><SP/><String HEIGHT="26" CONTENT="increases" WIDTH="98" HPOS="306" VPOS="1277" ID="st6-471"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="414" VPOS="1277" ID="st6-472"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="448" VPOS="1277" ID="st6-473"/><SP/><String HEIGHT="26" CONTENT="inflation" WIDTH="94" HPOS="493" VPOS="1277" ID="st6-474"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="39" HPOS="597" VPOS="1277" ID="st6-475"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="636" VPOS="1277" ID="st6-476"/><SP/><String HEIGHT="26" CONTENT="thereby" WIDTH="84" HPOS="656" VPOS="1277" ID="st6-477"/><SP/><String HEIGHT="26" CONTENT="exacerbating" WIDTH="139" HPOS="750" VPOS="1277" ID="st6-478"/></TextLine><TextLine HPOS="94" VPOS="1309" ID="tl6-50" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="boom" WIDTH="66" HPOS="94" VPOS="1309" ID="st6-479"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="40" HPOS="168" VPOS="1309" ID="st6-480"/><SP/><String HEIGHT="26" CONTENT="bust" WIDTH="48" HPOS="216" VPOS="1309" ID="st6-481"/><SP/><String HEIGHT="26" CONTENT="cycles" WIDTH="63" HPOS="271" VPOS="1309" ID="st6-482"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="341" VPOS="1309" ID="st6-483"/><SP/><String HEIGHT="26" CONTENT="another" WIDTH="86" HPOS="361" VPOS="1309" ID="st6-484"/><SP/><String HEIGHT="26" CONTENT="argument" WIDTH="108" HPOS="454" VPOS="1309" ID="st6-485"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="569" VPOS="1309" ID="st6-486"/><SP/><String HEIGHT="26" CONTENT="use" WIDTH="36" HPOS="600" VPOS="1309" ID="st6-487"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="643" VPOS="1309" ID="st6-488"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="672" VPOS="1309" ID="st6-489"/><SP/><String HEIGHT="26" CONTENT="domestic" WIDTH="100" HPOS="715" VPOS="1309" ID="st6-490"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="67" HPOS="822" VPOS="1309" ID="st6-491"/></TextLine><TextLine HPOS="94" VPOS="1399" ID="tl6-51" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="94" VPOS="1399" ID="st6-492"/></TextLine><TextLine HPOS="128" VPOS="1395" ID="tl6-52" WIDTH="53" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="53" HPOS="128" VPOS="1395" ID="st6-493"/></TextLine><TextLine HPOS="582" VPOS="1395" ID="tl6-53" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="582" VPOS="1395" ID="st6-494"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="631" VPOS="1395" ID="st6-495"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="11" HPOS="641" VPOS="1395" ID="st6-496"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="55" HPOS="657" VPOS="1395" ID="st6-497"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="46" HPOS="717" VPOS="1395" ID="st6-498"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="21" HPOS="768" VPOS="1395" ID="st6-499"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="52" HPOS="793" VPOS="1395" ID="st6-500"/></TextLine><TextLine HPOS="865" VPOS="1390" ID="tl6-54" WIDTH="24" HEIGHT="26"><String HEIGHT="26" CONTENT="41" WIDTH="24" HPOS="865" VPOS="1390" ID="st6-501"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="7" ID="p694252" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694252" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694252" HEIGHT="1472"><TextLine HPOS="94" VPOS="96" ID="tl7-0" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="debate" WIDTH="73" HPOS="94" VPOS="96" ID="st7-0"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="51" HPOS="174" VPOS="96" ID="st7-1"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="232" VPOS="96" ID="st7-2"/><SP/><String HEIGHT="26" CONTENT="view" WIDTH="52" HPOS="250" VPOS="96" ID="st7-3"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="309" VPOS="96" ID="st7-4"/><SP/><String HEIGHT="26" CONTENT="prohibiting" WIDTH="128" HPOS="339" VPOS="96" ID="st7-5"/><SP/><String HEIGHT="26" CONTENT="such" WIDTH="50" HPOS="474" VPOS="96" ID="st7-6"/><SP/><String HEIGHT="26" CONTENT="contract" WIDTH="90" HPOS="531" VPOS="96" ID="st7-7"/><SP/><String HEIGHT="26" CONTENT="clauses" WIDTH="72" HPOS="628" VPOS="96" ID="st7-8"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="700" VPOS="96" ID="st7-9"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="717" VPOS="96" ID="st7-10"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="773" VPOS="96" ID="st7-11"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="851" VPOS="96" ID="st7-12"/></TextLine><TextLine HPOS="94" VPOS="127" ID="tl7-1" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="94" VPOS="127" ID="st7-13"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="127" VPOS="127" ID="st7-14"/><SP/><String HEIGHT="26" CONTENT="direct" WIDTH="63" HPOS="145" VPOS="127" ID="st7-15"/><SP/><String HEIGHT="26" CONTENT="infringement" WIDTH="145" HPOS="215" VPOS="127" ID="st7-16"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="366" VPOS="127" ID="st7-17"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="402" VPOS="127" ID="st7-18"/><SP/><String HEIGHT="26" CONTENT="negotiating" WIDTH="127" HPOS="444" VPOS="127" ID="st7-19"/><SP/><String HEIGHT="26" CONTENT="autonomy" WIDTH="114" HPOS="578" VPOS="127" ID="st7-20"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="699" VPOS="127" ID="st7-21"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="728" VPOS="127" ID="st7-22"/><SP/><String HEIGHT="26" CONTENT="bargaining" WIDTH="119" HPOS="770" VPOS="127" ID="st7-23"/></TextLine><TextLine HPOS="94" VPOS="159" ID="tl7-2" WIDTH="598" HEIGHT="26"><String HEIGHT="26" CONTENT="parties" WIDTH="70" HPOS="94" VPOS="159" ID="st7-24"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="164" VPOS="159" ID="st7-25"/><SP/><String HEIGHT="26" CONTENT="but" WIDTH="38" HPOS="188" VPOS="159" ID="st7-26"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="239" VPOS="159" ID="st7-27"/><SP/><String HEIGHT="26" CONTENT="force" WIDTH="55" HPOS="324" VPOS="159" ID="st7-28"/><SP/><String HEIGHT="26" CONTENT="governments" WIDTH="145" HPOS="392" VPOS="159" ID="st7-29"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="550" VPOS="159" ID="st7-30"/><SP/><String HEIGHT="26" CONTENT="create" WIDTH="65" HPOS="587" VPOS="159" ID="st7-31"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="665" VPOS="159" ID="st7-32"/></TextLine><TextLine HPOS="705" VPOS="165" ID="tl7-3" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="705" VPOS="165" ID="st7-33"/></TextLine><TextLine HPOS="757" VPOS="159" ID="tl7-4" WIDTH="132" HEIGHT="26"><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="757" VPOS="159" ID="st7-34"/><String HEIGHT="26" CONTENT="compatible" WIDTH="120" HPOS="769" VPOS="159" ID="st7-35"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl7-5" WIDTH="128" HEIGHT="26"><String HEIGHT="26" CONTENT="framework" WIDTH="115" HPOS="94" VPOS="191" ID="st7-36"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="209" VPOS="191" ID="st7-37"/></TextLine><TextLine HPOS="129" VPOS="223" ID="tl7-6" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="Second" WIDTH="76" HPOS="129" VPOS="223" ID="st7-38"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="205" VPOS="223" ID="st7-39"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="223" VPOS="223" ID="st7-40"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="46" HPOS="263" VPOS="223" ID="st7-41"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="314" VPOS="223" ID="st7-42"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="390" VPOS="223" ID="st7-43"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="421" VPOS="223" ID="st7-44"/><SP/><String HEIGHT="26" CONTENT="instrument" WIDTH="122" HPOS="452" VPOS="223" ID="st7-45"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="579" VPOS="223" ID="st7-46"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="628" VPOS="223" ID="st7-47"/><SP/><String HEIGHT="26" CONTENT="oblige" WIDTH="69" HPOS="704" VPOS="223" ID="st7-48"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="111" HPOS="778" VPOS="223" ID="st7-49"/></TextLine><TextLine HPOS="94" VPOS="261" ID="tl7-7" WIDTH="32" HEIGHT="14"><String HEIGHT="14" CONTENT="eu" WIDTH="32" HPOS="94" VPOS="261" ID="st7-50"/></TextLine><TextLine HPOS="134" VPOS="255" ID="tl7-8" WIDTH="755" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="134" VPOS="255" ID="st7-51"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="244" VPOS="255" ID="st7-52"/><SP/><String HEIGHT="26" CONTENT="take" WIDTH="45" HPOS="275" VPOS="255" ID="st7-53"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="328" VPOS="255" ID="st7-54"/><SP/><String HEIGHT="26" CONTENT="consequences" WIDTH="150" HPOS="371" VPOS="255" ID="st7-55"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="529" VPOS="255" ID="st7-56"/><SP/><String HEIGHT="26" CONTENT="other" WIDTH="59" HPOS="570" VPOS="255" ID="st7-57"/><SP/><String HEIGHT="26" CONTENT="member" WIDTH="92" HPOS="637" VPOS="255" ID="st7-58"/><SP/><String HEIGHT="26" CONTENT="states" WIDTH="60" HPOS="737" VPOS="255" ID="st7-59"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="46" HPOS="805" VPOS="255" ID="st7-60"/><SP/><String HEIGHT="26" CONTENT="ac" WIDTH="20" HPOS="859" VPOS="255" ID="st7-61" SUBS_TYPE="HypPart1" SUBS_CONTENT="account"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="255" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl7-9" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="count" WIDTH="64" HPOS="94" VPOS="287" ID="st7-62" SUBS_TYPE="HypPart2" SUBS_CONTENT="account"/><SP/><String HEIGHT="26" CONTENT="when" WIDTH="61" HPOS="164" VPOS="287" ID="st7-63"/><SP/><String HEIGHT="26" CONTENT="designing" WIDTH="108" HPOS="230" VPOS="287" ID="st7-64"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="344" VPOS="287" ID="st7-65"/><SP/><String HEIGHT="26" CONTENT="own" WIDTH="49" HPOS="402" VPOS="287" ID="st7-66"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="457" VPOS="287" ID="st7-67"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="107" HPOS="553" VPOS="287" ID="st7-68"/><SP/><String HEIGHT="26" CONTENT="reforms" WIDTH="81" HPOS="666" VPOS="287" ID="st7-69"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="747" VPOS="287" ID="st7-70"/><SP/><String HEIGHT="26" CONTENT="Each" WIDTH="55" HPOS="765" VPOS="287" ID="st7-71"/><SP/><String HEIGHT="26" CONTENT="coun" WIDTH="52" HPOS="825" VPOS="287" ID="st7-72" SUBS_TYPE="HypPart1" SUBS_CONTENT="country"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="287" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="319" ID="tl7-10" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="try" WIDTH="31" HPOS="94" VPOS="319" ID="st7-73" SUBS_TYPE="HypPart2" SUBS_CONTENT="country"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="132" VPOS="319" ID="st7-74"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="211" VPOS="319" ID="st7-75"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="270" VPOS="319" ID="st7-76"/><SP/><String HEIGHT="26" CONTENT="ensure" WIDTH="72" HPOS="301" VPOS="319" ID="st7-77"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="381" VPOS="319" ID="st7-78"/><SP/><String HEIGHT="26" CONTENT="any" WIDTH="39" HPOS="432" VPOS="319" ID="st7-79"/><SP/><String HEIGHT="26" CONTENT="effects" WIDTH="70" HPOS="479" VPOS="319" ID="st7-80"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="556" VPOS="319" ID="st7-81"/><SP/><String HEIGHT="26" CONTENT="neighbors" WIDTH="111" HPOS="593" VPOS="319" ID="st7-82"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="712" VPOS="319" ID="st7-83"/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="722" VPOS="319" ID="st7-84"/><SP/><String HEIGHT="26" CONTENT="instance" WIDTH="86" HPOS="763" VPOS="319" ID="st7-85"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="849" VPOS="319" ID="st7-86"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="319" ID="st7-87"/></TextLine><TextLine HPOS="94" VPOS="351" ID="tl7-11" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="94" VPOS="351" ID="st7-88"/><SP/><String HEIGHT="26" CONTENT="form" WIDTH="55" HPOS="137" VPOS="351" ID="st7-89"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="199" VPOS="351" ID="st7-90"/><SP/><String HEIGHT="26" CONTENT="excessively" WIDTH="118" HPOS="230" VPOS="351" ID="st7-91"/><SP/><String HEIGHT="26" CONTENT="high" WIDTH="51" HPOS="355" VPOS="351" ID="st7-92"/><SP/><String HEIGHT="26" CONTENT="surpluses" WIDTH="101" HPOS="414" VPOS="351" ID="st7-93"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="523" VPOS="351" ID="st7-94"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="560" VPOS="351" ID="st7-95"/><SP/><String HEIGHT="26" CONTENT="own" WIDTH="49" HPOS="620" VPOS="351" ID="st7-96"/><SP/><String HEIGHT="26" CONTENT="side" WIDTH="43" HPOS="677" VPOS="351" ID="st7-97"/><String HEIGHT="26" CONTENT=")" WIDTH="11" HPOS="720" VPOS="351" ID="st7-98"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="738" VPOS="351" ID="st7-99"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="817" VPOS="351" ID="st7-100"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="863" VPOS="351" ID="st7-101"/></TextLine><TextLine HPOS="94" VPOS="383" ID="tl7-12" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="too" WIDTH="38" HPOS="94" VPOS="383" ID="st7-102"/><SP/><String HEIGHT="26" CONTENT="severe" WIDTH="64" HPOS="141" VPOS="383" ID="st7-103"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="205" VPOS="383" ID="st7-104"/><SP/><String HEIGHT="26" CONTENT="If" WIDTH="18" HPOS="225" VPOS="383" ID="st7-105"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="252" VPOS="383" ID="st7-106"/><SP/><String HEIGHT="26" CONTENT="surplus" WIDTH="80" HPOS="273" VPOS="383" ID="st7-107"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="87" HPOS="361" VPOS="383" ID="st7-108"/><SP/><String HEIGHT="26" CONTENT="wanted" WIDTH="82" HPOS="456" VPOS="383" ID="st7-109"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="546" VPOS="383" ID="st7-110"/><SP/><String HEIGHT="26" CONTENT="lower" WIDTH="63" HPOS="579" VPOS="383" ID="st7-111"/><SP/><String HEIGHT="26" CONTENT="non" WIDTH="40" HPOS="651" VPOS="383" ID="st7-112"/><String HEIGHT="26" CONTENT="-" WIDTH="14" HPOS="691" VPOS="383" ID="st7-113"/><String HEIGHT="26" CONTENT="wage" WIDTH="55" HPOS="705" VPOS="383" ID="st7-114"/><SP/><String HEIGHT="26" CONTENT="labor" WIDTH="57" HPOS="769" VPOS="383" ID="st7-115"/><SP/><String HEIGHT="26" CONTENT="costs" WIDTH="54" HPOS="835" VPOS="383" ID="st7-116"/></TextLine><TextLine HPOS="94" VPOS="415" ID="tl7-13" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="94" VPOS="415" ID="st7-117"/><SP/><String HEIGHT="26" CONTENT="increase" WIDTH="87" HPOS="142" VPOS="415" ID="st7-118"/><SP/><String HEIGHT="26" CONTENT="value" WIDTH="60" HPOS="236" VPOS="415" ID="st7-119"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="296" VPOS="415" ID="st7-120"/><String HEIGHT="26" CONTENT="added" WIDTH="61" HPOS="308" VPOS="415" ID="st7-121"/><SP/><String HEIGHT="26" CONTENT="tax" WIDTH="33" HPOS="376" VPOS="415" ID="st7-122"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="415" VPOS="415" ID="st7-123"/><SP/><String HEIGHT="26" CONTENT="order" WIDTH="60" HPOS="444" VPOS="415" ID="st7-124"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="511" VPOS="415" ID="st7-125"/><SP/><String HEIGHT="26" CONTENT="boost" WIDTH="63" HPOS="541" VPOS="415" ID="st7-126"/><SP/><String HEIGHT="26" CONTENT="domestic" WIDTH="100" HPOS="611" VPOS="415" ID="st7-127"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="718" VPOS="415" ID="st7-128"/><SP/><String HEIGHT="26" CONTENT="com" WIDTH="43" HPOS="832" VPOS="415" ID="st7-129" SUBS_TYPE="HypPart1" SUBS_CONTENT="competitiveness"/><HYP CONTENT="-" WIDTH="14" HPOS="875" VPOS="415" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="447" ID="tl7-14" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="petitiveness" WIDTH="125" HPOS="94" VPOS="447" ID="st7-130" SUBS_TYPE="HypPart2" SUBS_CONTENT="competitiveness"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="219" VPOS="447" ID="st7-131"/><SP/><String HEIGHT="26" CONTENT="under" WIDTH="66" HPOS="237" VPOS="447" ID="st7-132"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="310" VPOS="447" ID="st7-133"/><SP/><String HEIGHT="26" CONTENT="new" WIDTH="46" HPOS="353" VPOS="447" ID="st7-134"/><SP/><String HEIGHT="26" CONTENT="rules" WIDTH="53" HPOS="407" VPOS="447" ID="st7-135"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="467" VPOS="447" ID="st7-136"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="491" VPOS="447" ID="st7-137"/><SP/><String HEIGHT="26" CONTENT="simultaneously" WIDTH="167" HPOS="569" VPOS="447" ID="st7-138"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="743" VPOS="447" ID="st7-139"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="801" VPOS="447" ID="st7-140"/><SP/><String HEIGHT="26" CONTENT="com" WIDTH="43" HPOS="832" VPOS="447" ID="st7-141" SUBS_TYPE="HypPart1" SUBS_CONTENT="compensate"/><HYP CONTENT="-" WIDTH="14" HPOS="875" VPOS="447" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl7-15" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="pensate" WIDTH="83" HPOS="94" VPOS="479" ID="st7-142" SUBS_TYPE="HypPart2" SUBS_CONTENT="compensate"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="184" VPOS="479" ID="st7-143"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="224" VPOS="479" ID="st7-144"/><SP/><String HEIGHT="26" CONTENT="negative" WIDTH="92" HPOS="266" VPOS="479" ID="st7-145"/><SP/><String HEIGHT="26" CONTENT="effects" WIDTH="70" HPOS="365" VPOS="479" ID="st7-146"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="442" VPOS="479" ID="st7-147"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="478" VPOS="479" ID="st7-148"/><SP/><String HEIGHT="26" CONTENT="partners" WIDTH="86" HPOS="511" VPOS="479" ID="st7-149"/><String HEIGHT="26" CONTENT="’" WIDTH="11" HPOS="597" VPOS="479" ID="st7-150"/><SP/><String HEIGHT="26" CONTENT="foreign" WIDTH="81" HPOS="614" VPOS="479" ID="st7-151"/><SP/><String HEIGHT="26" CONTENT="trade" WIDTH="56" HPOS="702" VPOS="479" ID="st7-152"/><SP/><String HEIGHT="26" CONTENT="through" WIDTH="91" HPOS="765" VPOS="479" ID="st7-153"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="863" VPOS="479" ID="st7-154"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl7-16" WIDTH="246" HEIGHT="26"><String HEIGHT="26" CONTENT="expansive" WIDTH="106" HPOS="94" VPOS="511" ID="st7-155"/><SP/><String HEIGHT="26" CONTENT="fiscal" WIDTH="54" HPOS="207" VPOS="511" ID="st7-156"/><SP/><String HEIGHT="26" CONTENT="policy" WIDTH="61" HPOS="268" VPOS="511" ID="st7-157"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="329" VPOS="511" ID="st7-158"/></TextLine><TextLine HPOS="129" VPOS="543" ID="tl7-17" WIDTH="760" HEIGHT="26"><String HEIGHT="26" CONTENT="Third" WIDTH="59" HPOS="129" VPOS="543" ID="st7-159"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="188" VPOS="543" ID="st7-160"/><SP/><String HEIGHT="26" CONTENT="within" WIDTH="72" HPOS="206" VPOS="543" ID="st7-161"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="284" VPOS="543" ID="st7-162"/><SP/><String HEIGHT="26" CONTENT="framework" WIDTH="121" HPOS="324" VPOS="543" ID="st7-163"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="451" VPOS="543" ID="st7-164"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="479" VPOS="543" ID="st7-165"/><SP/><String HEIGHT="26" CONTENT="new" WIDTH="46" HPOS="520" VPOS="543" ID="st7-166"/><SP/><String HEIGHT="26" CONTENT="regulations" WIDTH="121" HPOS="571" VPOS="543" ID="st7-167"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="692" VPOS="543" ID="st7-168"/><SP/><String HEIGHT="26" CONTENT="individual" WIDTH="112" HPOS="708" VPOS="543" ID="st7-169"/><SP/><String HEIGHT="26" CONTENT="coun" WIDTH="52" HPOS="825" VPOS="543" ID="st7-170" SUBS_TYPE="HypPart1" SUBS_CONTENT="countries"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="543" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="575" ID="tl7-18" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tries" WIDTH="47" HPOS="94" VPOS="575" ID="st7-171" SUBS_TYPE="HypPart2" SUBS_CONTENT="countries"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="148" VPOS="575" ID="st7-172"/><SP/><String HEIGHT="26" CONTENT="retain" WIDTH="64" HPOS="226" VPOS="575" ID="st7-173"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="297" VPOS="575" ID="st7-174"/><SP/><String HEIGHT="26" CONTENT="authority" WIDTH="103" HPOS="338" VPOS="575" ID="st7-175"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="447" VPOS="575" ID="st7-176"/><SP/><String HEIGHT="26" CONTENT="design" WIDTH="72" HPOS="478" VPOS="575" ID="st7-177"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="557" VPOS="575" ID="st7-178"/><SP/><String HEIGHT="26" CONTENT="own" WIDTH="49" HPOS="616" VPOS="575" ID="st7-179"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="672" VPOS="575" ID="st7-180"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="787" VPOS="575" ID="st7-181"/><SP/><String HEIGHT="26" CONTENT="fiscal" WIDTH="54" HPOS="835" VPOS="575" ID="st7-182"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl7-19" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="policies" WIDTH="80" HPOS="94" VPOS="607" ID="st7-183"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="174" VPOS="607" ID="st7-184"/><SP/><String HEIGHT="26" CONTENT="Each" WIDTH="55" HPOS="193" VPOS="607" ID="st7-185"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="256" VPOS="607" ID="st7-186"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="305" VPOS="607" ID="st7-187"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="50" HPOS="385" VPOS="607" ID="st7-188"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="444" VPOS="607" ID="st7-189"/><SP/><String HEIGHT="26" CONTENT="freedom" WIDTH="93" HPOS="487" VPOS="607" ID="st7-190"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="588" VPOS="607" ID="st7-191"/><SP/><String HEIGHT="26" CONTENT="decide" WIDTH="71" HPOS="620" VPOS="607" ID="st7-192"/><SP/><String HEIGHT="26" CONTENT="what" WIDTH="55" HPOS="700" VPOS="607" ID="st7-193"/><SP/><String HEIGHT="26" CONTENT="means" WIDTH="70" HPOS="763" VPOS="607" ID="st7-194"/><SP/><String HEIGHT="26" CONTENT="they" WIDTH="47" HPOS="842" VPOS="607" ID="st7-195"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl7-20" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="94" VPOS="639" ID="st7-196"/><SP/><String HEIGHT="26" CONTENT="want" WIDTH="55" HPOS="167" VPOS="639" ID="st7-197"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="229" VPOS="639" ID="st7-198"/><SP/><String HEIGHT="26" CONTENT="use" WIDTH="36" HPOS="259" VPOS="639" ID="st7-199"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="302" VPOS="639" ID="st7-200"/><SP/><String HEIGHT="26" CONTENT="avoid" WIDTH="61" HPOS="332" VPOS="639" ID="st7-201"/><SP/><String HEIGHT="26" CONTENT="massive" WIDTH="85" HPOS="399" VPOS="639" ID="st7-202"/><SP/><String HEIGHT="26" CONTENT="foreign" WIDTH="80" HPOS="491" VPOS="639" ID="st7-203"/><SP/><String HEIGHT="26" CONTENT="trade" WIDTH="56" HPOS="578" VPOS="639" ID="st7-204"/><SP/><String HEIGHT="26" CONTENT="imbalances" WIDTH="117" HPOS="640" VPOS="639" ID="st7-205"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="757" VPOS="639" ID="st7-206"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="775" VPOS="639" ID="st7-207"/><SP/><String HEIGHT="26" CONTENT="Span" WIDTH="52" HPOS="825" VPOS="639" ID="st7-208" SUBS_TYPE="HypPart1" SUBS_CONTENT="Spanish"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="639" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl7-21" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ish" WIDTH="32" HPOS="94" VPOS="671" ID="st7-209" SUBS_TYPE="HypPart2" SUBS_CONTENT="Spanish"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="130" HPOS="131" VPOS="671" ID="st7-210"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="261" VPOS="671" ID="st7-211"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="279" VPOS="671" ID="st7-212"/><SP/><String HEIGHT="26" CONTENT="example" WIDTH="85" HPOS="318" VPOS="671" ID="st7-213"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="403" VPOS="671" ID="st7-214"/><SP/><String HEIGHT="26" CONTENT="could" WIDTH="62" HPOS="422" VPOS="671" ID="st7-215"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="50" HPOS="490" VPOS="671" ID="st7-216"/><SP/><String HEIGHT="26" CONTENT="met" WIDTH="43" HPOS="546" VPOS="671" ID="st7-217"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="595" VPOS="671" ID="st7-218"/><SP/><String HEIGHT="26" CONTENT="building" WIDTH="94" HPOS="636" VPOS="671" ID="st7-219"/><SP/><String HEIGHT="26" CONTENT="boom" WIDTH="67" HPOS="735" VPOS="671" ID="st7-220"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="40" HPOS="808" VPOS="671" ID="st7-221"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="671" ID="st7-222"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl7-22" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="foreign" WIDTH="80" HPOS="94" VPOS="702" ID="st7-223"/><SP/><String HEIGHT="26" CONTENT="trade" WIDTH="56" HPOS="181" VPOS="702" ID="st7-224"/><SP/><String HEIGHT="26" CONTENT="deficit" WIDTH="69" HPOS="244" VPOS="702" ID="st7-225"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="51" HPOS="320" VPOS="702" ID="st7-226"/><SP/><String HEIGHT="26" CONTENT="tax" WIDTH="32" HPOS="378" VPOS="702" ID="st7-227"/><SP/><String HEIGHT="26" CONTENT="increases" WIDTH="98" HPOS="417" VPOS="702" ID="st7-228"/><SP/><String HEIGHT="26" CONTENT="–" WIDTH="13" HPOS="522" VPOS="702" ID="st7-229"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="24" HPOS="542" VPOS="702" ID="st7-230"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="573" VPOS="702" ID="st7-231"/><SP/><String HEIGHT="26" CONTENT="urging" WIDTH="75" HPOS="607" VPOS="702" ID="st7-232"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="689" VPOS="702" ID="st7-233"/><SP/><String HEIGHT="26" CONTENT="social" WIDTH="61" HPOS="731" VPOS="702" ID="st7-234"/><SP/><String HEIGHT="26" CONTENT="partners" WIDTH="90" HPOS="799" VPOS="702" ID="st7-235"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl7-23" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="94" VPOS="734" ID="st7-236"/><SP/><String HEIGHT="26" CONTENT="exercise" WIDTH="85" HPOS="125" VPOS="734" ID="st7-237"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="217" VPOS="734" ID="st7-238"/><SP/><String HEIGHT="26" CONTENT="restraint" WIDTH="89" HPOS="282" VPOS="734" ID="st7-239"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="371" VPOS="734" ID="st7-240"/><SP/><String HEIGHT="26" CONTENT="As" WIDTH="28" HPOS="388" VPOS="734" ID="st7-241"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="423" VPOS="734" ID="st7-242"/><SP/><String HEIGHT="26" CONTENT="alternative" WIDTH="112" HPOS="457" VPOS="734" ID="st7-243"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="569" VPOS="734" ID="st7-244"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="587" VPOS="734" ID="st7-245"/><SP/><String HEIGHT="26" CONTENT="could" WIDTH="62" HPOS="610" VPOS="734" ID="st7-246"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="50" HPOS="680" VPOS="734" ID="st7-247"/><SP/><String HEIGHT="26" CONTENT="intervened" WIDTH="117" HPOS="738" VPOS="734" ID="st7-248"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="862" VPOS="734" ID="st7-249"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl7-24" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="instituting" WIDTH="116" HPOS="94" VPOS="766" ID="st7-250"/><SP/><String HEIGHT="26" CONTENT="planning" WIDTH="99" HPOS="220" VPOS="766" ID="st7-251"/><SP/><String HEIGHT="26" CONTENT="regulations" WIDTH="124" HPOS="329" VPOS="766" ID="st7-252"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="25" HPOS="463" VPOS="766" ID="st7-253"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="498" VPOS="766" ID="st7-254"/><SP/><String HEIGHT="26" CONTENT="legal" WIDTH="51" HPOS="521" VPOS="766" ID="st7-255"/><SP/><String HEIGHT="26" CONTENT="lending" WIDTH="84" HPOS="582" VPOS="766" ID="st7-256"/><SP/><String HEIGHT="26" CONTENT="limit" WIDTH="53" HPOS="676" VPOS="766" ID="st7-257"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="739" VPOS="766" ID="st7-258"/><SP/><String HEIGHT="26" CONTENT="mortgage" WIDTH="106" HPOS="783" VPOS="766" ID="st7-259"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl7-25" WIDTH="65" HEIGHT="26"><String HEIGHT="26" CONTENT="loans" WIDTH="54" HPOS="94" VPOS="798" ID="st7-260"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="148" VPOS="798" ID="st7-261"/></TextLine><TextLine HPOS="94" VPOS="893" ID="tl7-26" WIDTH="413" HEIGHT="26"><String HEIGHT="26" CONTENT="The" WIDTH="46" HPOS="94" VPOS="893" ID="st7-262"/><SP/><String HEIGHT="26" CONTENT="Third" WIDTH="67" HPOS="147" VPOS="893" ID="st7-263"/><SP/><String HEIGHT="26" CONTENT="Pillar" WIDTH="68" HPOS="221" VPOS="893" ID="st7-264"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="28" HPOS="296" VPOS="893" ID="st7-265"/><SP/><String HEIGHT="26" CONTENT="Debt" WIDTH="64" HPOS="331" VPOS="893" ID="st7-266"/><SP/><String HEIGHT="26" CONTENT="Control" WIDTH="91" HPOS="402" VPOS="893" ID="st7-267"/><String HEIGHT="26" CONTENT=":" WIDTH="14" HPOS="493" VPOS="893" ID="st7-268"/></TextLine><TextLine HPOS="94" VPOS="925" ID="tl7-27" WIDTH="387" HEIGHT="26"><String HEIGHT="26" CONTENT="A" WIDTH="19" HPOS="94" VPOS="925" ID="st7-269"/><SP/><String HEIGHT="26" CONTENT="Revised" WIDTH="102" HPOS="120" VPOS="925" ID="st7-270"/><SP/><String HEIGHT="26" CONTENT="Fiscal" WIDTH="71" HPOS="229" VPOS="925" ID="st7-271"/><SP/><String HEIGHT="26" CONTENT="Stability" WIDTH="110" HPOS="308" VPOS="925" ID="st7-272"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="55" HPOS="426" VPOS="925" ID="st7-273"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl7-28" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="Finally" WIDTH="70" HPOS="94" VPOS="990" ID="st7-274"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="164" VPOS="990" ID="st7-275"/><SP/><String HEIGHT="26" CONTENT="there" WIDTH="57" HPOS="180" VPOS="990" ID="st7-276"/><SP/><String HEIGHT="26" CONTENT="needs" WIDTH="62" HPOS="242" VPOS="990" ID="st7-277"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="309" VPOS="990" ID="st7-278"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="338" VPOS="990" ID="st7-279"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="370" VPOS="990" ID="st7-280"/><SP/><String HEIGHT="26" CONTENT="mechanism" WIDTH="126" HPOS="386" VPOS="990" ID="st7-281"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="517" VPOS="990" ID="st7-282"/><SP/><String HEIGHT="26" CONTENT="control" WIDTH="80" HPOS="546" VPOS="990" ID="st7-283"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="631" VPOS="990" ID="st7-284"/><SP/><String HEIGHT="26" CONTENT="level" WIDTH="49" HPOS="672" VPOS="990" ID="st7-285"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="726" VPOS="990" ID="st7-286"/><SP/><String HEIGHT="26" CONTENT="government" WIDTH="134" HPOS="755" VPOS="990" ID="st7-287"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl7-29" WIDTH="79" HEIGHT="26"><String HEIGHT="26" CONTENT="debt" WIDTH="50" HPOS="94" VPOS="1022" ID="st7-288"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="151" VPOS="1022" ID="st7-289"/></TextLine><TextLine HPOS="180" VPOS="1027" ID="tl7-30" WIDTH="52" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="52" HPOS="180" VPOS="1027" ID="st7-290"/></TextLine><TextLine HPOS="232" VPOS="1022" ID="tl7-31" WIDTH="657" HEIGHT="26"><String HEIGHT="26" CONTENT="." WIDTH="7" HPOS="232" VPOS="1022" ID="st7-291"/><SP/><String HEIGHT="26" CONTENT="There" WIDTH="65" HPOS="246" VPOS="1022" ID="st7-292"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="318" VPOS="1022" ID="st7-293"/><SP/><String HEIGHT="26" CONTENT="been" WIDTH="52" HPOS="362" VPOS="1022" ID="st7-294"/><SP/><String HEIGHT="26" CONTENT="considerable" WIDTH="138" HPOS="422" VPOS="1022" ID="st7-295"/><SP/><String HEIGHT="26" CONTENT="debate" WIDTH="73" HPOS="567" VPOS="1022" ID="st7-296"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="647" VPOS="1022" ID="st7-297"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="684" VPOS="1022" ID="st7-298"/><SP/><String HEIGHT="26" CONTENT="issue" WIDTH="53" HPOS="732" VPOS="1022" ID="st7-299"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="792" VPOS="1022" ID="st7-300"/><SP/><String HEIGHT="26" CONTENT="recent" WIDTH="67" HPOS="822" VPOS="1022" ID="st7-301"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl7-32" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="years" WIDTH="52" HPOS="94" VPOS="1054" ID="st7-302"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="146" VPOS="1054" ID="st7-303"/><SP/><String HEIGHT="26" CONTENT="so" WIDTH="24" HPOS="166" VPOS="1054" ID="st7-304"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="41" HPOS="199" VPOS="1054" ID="st7-305"/><SP/><String HEIGHT="26" CONTENT="section" WIDTH="78" HPOS="249" VPOS="1054" ID="st7-306"/><SP/><String HEIGHT="26" CONTENT="will" WIDTH="41" HPOS="336" VPOS="1054" ID="st7-307"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="386" VPOS="1054" ID="st7-308"/><SP/><String HEIGHT="26" CONTENT="confined" WIDTH="97" HPOS="421" VPOS="1054" ID="st7-309"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="527" VPOS="1054" ID="st7-310"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="58" HPOS="560" VPOS="1054" ID="st7-311"/><SP/><String HEIGHT="26" CONTENT="basic" WIDTH="55" HPOS="627" VPOS="1054" ID="st7-312"/><SP/><String HEIGHT="26" CONTENT="observations" WIDTH="134" HPOS="691" VPOS="1054" ID="st7-313"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="825" VPOS="1054" ID="st7-314"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="846" VPOS="1054" ID="st7-315"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl7-33" WIDTH="306" HEIGHT="26"><String HEIGHT="26" CONTENT="Stability" WIDTH="91" HPOS="94" VPOS="1086" ID="st7-316"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="192" VPOS="1086" ID="st7-317"/><SP/><String HEIGHT="26" CONTENT="Growth" WIDTH="88" HPOS="241" VPOS="1086" ID="st7-318"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="46" HPOS="336" VPOS="1086" ID="st7-319"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="390" VPOS="1086" ID="st7-320"/></TextLine><TextLine HPOS="400" VPOS="1091" ID="tl7-34" WIDTH="42" HEIGHT="15"><String HEIGHT="15" CONTENT="sgp" WIDTH="42" HPOS="400" VPOS="1091" ID="st7-321"/></TextLine><TextLine HPOS="442" VPOS="1086" ID="tl7-35" WIDTH="447" HEIGHT="26"><String HEIGHT="26" CONTENT=")" WIDTH="10" HPOS="442" VPOS="1086" ID="st7-322"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="459" VPOS="1086" ID="st7-323"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="488" VPOS="1086" ID="st7-324"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="521" VPOS="1086" ID="st7-325"/><SP/><String HEIGHT="26" CONTENT="form" WIDTH="54" HPOS="609" VPOS="1086" ID="st7-326"/><SP/><String HEIGHT="26" CONTENT="still" WIDTH="39" HPOS="671" VPOS="1086" ID="st7-327"/><SP/><String HEIGHT="26" CONTENT="seems" WIDTH="65" HPOS="717" VPOS="1086" ID="st7-328"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="789" VPOS="1086" ID="st7-329"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="820" VPOS="1086" ID="st7-330"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="878" VPOS="1086" ID="st7-331"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl7-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="number" WIDTH="88" HPOS="94" VPOS="1118" ID="st7-332"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="191" VPOS="1118" ID="st7-333"/><SP/><String HEIGHT="26" CONTENT="problems" WIDTH="98" HPOS="223" VPOS="1118" ID="st7-334"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="321" VPOS="1118" ID="st7-335"/><SP/><String HEIGHT="26" CONTENT="both" WIDTH="53" HPOS="343" VPOS="1118" ID="st7-336"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="405" VPOS="1118" ID="st7-337"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="25" HPOS="436" VPOS="1118" ID="st7-338"/><SP/><String HEIGHT="26" CONTENT="basic" WIDTH="54" HPOS="471" VPOS="1118" ID="st7-339"/><SP/><String HEIGHT="26" CONTENT="construction" WIDTH="140" HPOS="534" VPOS="1118" ID="st7-340"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="683" VPOS="1118" ID="st7-341"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="733" VPOS="1118" ID="st7-342"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="764" VPOS="1118" ID="st7-343"/><SP/><String HEIGHT="26" CONTENT="enforce" WIDTH="79" HPOS="799" VPOS="1118" ID="st7-344" SUBS_TYPE="HypPart1" SUBS_CONTENT="enforcement"/><HYP CONTENT="-" WIDTH="11" HPOS="878" VPOS="1118" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1150" ID="tl7-37" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="ment" WIDTH="52" HPOS="94" VPOS="1150" ID="st7-345" SUBS_TYPE="HypPart2" SUBS_CONTENT="enforcement"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="146" VPOS="1150" ID="st7-346"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="164" VPOS="1150" ID="st7-347"/><SP/><String HEIGHT="26" CONTENT="focus" WIDTH="58" HPOS="213" VPOS="1150" ID="st7-348"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="277" VPOS="1150" ID="st7-349"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="305" VPOS="1150" ID="st7-350"/><SP/><String HEIGHT="26" CONTENT="Pact" WIDTH="46" HPOS="346" VPOS="1150" ID="st7-351"/><SP/><String HEIGHT="26" CONTENT="seems" WIDTH="65" HPOS="398" VPOS="1150" ID="st7-352"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="468" VPOS="1150" ID="st7-353"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="497" VPOS="1150" ID="st7-354"/><SP/><String HEIGHT="26" CONTENT="too" WIDTH="38" HPOS="529" VPOS="1150" ID="st7-355"/><SP/><String HEIGHT="26" CONTENT="much" WIDTH="63" HPOS="573" VPOS="1150" ID="st7-356"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="641" VPOS="1150" ID="st7-357"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="676" VPOS="1150" ID="st7-358"/><SP/><String HEIGHT="26" CONTENT="numerical" WIDTH="109" HPOS="717" VPOS="1150" ID="st7-359"/><SP/><String HEIGHT="26" CONTENT="value" WIDTH="57" HPOS="832" VPOS="1150" ID="st7-360"/></TextLine><TextLine HPOS="94" VPOS="1182" ID="tl7-38" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="1182" ID="st7-361"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="56" HPOS="125" VPOS="1182" ID="st7-362"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="83" HPOS="189" VPOS="1182" ID="st7-363"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="280" VPOS="1182" ID="st7-364"/><SP/><String HEIGHT="26" CONTENT="less" WIDTH="38" HPOS="329" VPOS="1182" ID="st7-365"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="29" HPOS="375" VPOS="1182" ID="st7-366"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="412" VPOS="1182" ID="st7-367"/><SP/><String HEIGHT="26" CONTENT="development" WIDTH="145" HPOS="455" VPOS="1182" ID="st7-368"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="608" VPOS="1182" ID="st7-369"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="639" VPOS="1182" ID="st7-370"/><SP/><String HEIGHT="26" CONTENT="over" WIDTH="49" HPOS="696" VPOS="1182" ID="st7-371"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="753" VPOS="1182" ID="st7-372"/><SP/><String HEIGHT="26" CONTENT="medium" WIDTH="93" HPOS="796" VPOS="1182" ID="st7-373"/></TextLine><TextLine HPOS="94" VPOS="1214" ID="tl7-39" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="term" WIDTH="48" HPOS="94" VPOS="1214" ID="st7-374"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="142" VPOS="1214" ID="st7-375"/><SP/><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="163" VPOS="1214" ID="st7-376"/><SP/><String HEIGHT="26" CONTENT="addition" WIDTH="89" HPOS="197" VPOS="1214" ID="st7-377"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="286" VPOS="1214" ID="st7-378"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="307" VPOS="1214" ID="st7-379"/><SP/><String HEIGHT="26" CONTENT="definitions" WIDTH="119" HPOS="351" VPOS="1214" ID="st7-380"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="478" VPOS="1214" ID="st7-381"/><SP/><String HEIGHT="26" CONTENT="possible" WIDTH="89" HPOS="510" VPOS="1214" ID="st7-382"/><SP/><String HEIGHT="26" CONTENT="exceptions" WIDTH="117" HPOS="608" VPOS="1214" ID="st7-383"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="734" VPOS="1214" ID="st7-384"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="41" HPOS="766" VPOS="1214" ID="st7-385"/><SP/><String HEIGHT="26" CONTENT="rule" WIDTH="43" HPOS="815" VPOS="1214" ID="st7-386"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="867" VPOS="1214" ID="st7-387"/></TextLine><TextLine HPOS="94" VPOS="1246" ID="tl7-40" WIDTH="746" HEIGHT="26"><String HEIGHT="26" CONTENT="case" WIDTH="44" HPOS="94" VPOS="1246" ID="st7-388"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="145" VPOS="1246" ID="st7-389"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="175" VPOS="1246" ID="st7-390"/><SP/><String HEIGHT="26" CONTENT="economic" WIDTH="108" HPOS="209" VPOS="1246" ID="st7-391"/><SP/><String HEIGHT="26" CONTENT="downturn" WIDTH="112" HPOS="324" VPOS="1246" ID="st7-392"/><SP/><String HEIGHT="26" CONTENT="still" WIDTH="39" HPOS="443" VPOS="1246" ID="st7-393"/><SP/><String HEIGHT="26" CONTENT="seem" WIDTH="55" HPOS="490" VPOS="1246" ID="st7-394"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="552" VPOS="1246" ID="st7-395"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="583" VPOS="1246" ID="st7-396"/><SP/><String HEIGHT="26" CONTENT="too" WIDTH="39" HPOS="616" VPOS="1246" ID="st7-397"/><SP/><String HEIGHT="26" CONTENT="strict" WIDTH="53" HPOS="662" VPOS="1246" ID="st7-398"/><String HEIGHT="26" CONTENT="." WIDTH="9" HPOS="715" VPOS="1246" ID="st7-399"/><SP/><String HEIGHT="26" CONTENT="While" WIDTH="67" HPOS="731" VPOS="1246" ID="st7-400"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="805" VPOS="1246" ID="st7-401"/></TextLine><TextLine HPOS="847" VPOS="1251" ID="tl7-41" WIDTH="42" HEIGHT="14"><String HEIGHT="14" CONTENT="sgp" WIDTH="42" HPOS="847" VPOS="1251" ID="st7-402"/></TextLine><TextLine HPOS="94" VPOS="1277" ID="tl7-42" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="94" VPOS="1277" ID="st7-403"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="39" HPOS="118" VPOS="1277" ID="st7-404"/><SP/><String HEIGHT="26" CONTENT="being" WIDTH="62" HPOS="164" VPOS="1277" ID="st7-405"/><SP/><String HEIGHT="26" CONTENT="applied" WIDTH="81" HPOS="234" VPOS="1277" ID="st7-406"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="322" VPOS="1277" ID="st7-407"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="352" VPOS="1277" ID="st7-408"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="394" VPOS="1277" ID="st7-409"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="54" HPOS="482" VPOS="1277" ID="st7-410"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="536" VPOS="1277" ID="st7-411"/><SP/><String HEIGHT="26" CONTENT="since" WIDTH="55" HPOS="552" VPOS="1277" ID="st7-412"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="614" VPOS="1277" ID="st7-413"/><SP/><String HEIGHT="26" CONTENT="most" WIDTH="55" HPOS="644" VPOS="1277" ID="st7-414"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="707" VPOS="1277" ID="st7-415"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="817" VPOS="1277" ID="st7-416"/><SP/><String HEIGHT="26" CONTENT="re" WIDTH="20" HPOS="859" VPOS="1277" ID="st7-417" SUBS_TYPE="HypPart1" SUBS_CONTENT="recession"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="1277" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1309" ID="tl7-43" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="cession" WIDTH="79" HPOS="94" VPOS="1309" ID="st7-418" SUBS_TYPE="HypPart2" SUBS_CONTENT="recession"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="179" VPOS="1309" ID="st7-419"/><SP/><String HEIGHT="26" CONTENT="deep" WIDTH="52" HPOS="203" VPOS="1309" ID="st7-420"/><SP/><String HEIGHT="26" CONTENT="enough" WIDTH="84" HPOS="262" VPOS="1309" ID="st7-421"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="352" VPOS="1309" ID="st7-422"/><SP/><String HEIGHT="26" CONTENT="trigger" WIDTH="75" HPOS="382" VPOS="1309" ID="st7-423"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="463" VPOS="1309" ID="st7-424"/><SP/><String HEIGHT="26" CONTENT="automatic" WIDTH="111" HPOS="505" VPOS="1309" ID="st7-425"/><SP/><String HEIGHT="26" CONTENT="suspension" WIDTH="121" HPOS="622" VPOS="1309" ID="st7-426"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="750" VPOS="1309" ID="st7-427"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="779" VPOS="1309" ID="st7-428"/><SP/><String HEIGHT="26" CONTENT="deficit" WIDTH="69" HPOS="820" VPOS="1309" ID="st7-429"/></TextLine><TextLine HPOS="94" VPOS="1390" ID="tl7-44" WIDTH="28" HEIGHT="26"><String HEIGHT="26" CONTENT="42" WIDTH="28" HPOS="94" VPOS="1390" ID="st7-430"/></TextLine><TextLine HPOS="141" VPOS="1395" ID="tl7-45" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="141" VPOS="1395" ID="st7-431"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="190" VPOS="1395" ID="st7-432"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="12" HPOS="200" VPOS="1395" ID="st7-433"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="56" HPOS="216" VPOS="1395" ID="st7-434"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="276" VPOS="1395" ID="st7-435"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="20" HPOS="328" VPOS="1395" ID="st7-436"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="51" HPOS="353" VPOS="1395" ID="st7-437"/></TextLine><TextLine HPOS="802" VPOS="1399" ID="tl7-46" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="802" VPOS="1399" ID="st7-438"/></TextLine><TextLine HPOS="837" VPOS="1395" ID="tl7-47" WIDTH="52" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="52" HPOS="837" VPOS="1395" ID="st7-439"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="8" ID="p694253" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694253" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694253" HEIGHT="1472"><TextLine HPOS="94" VPOS="96" ID="tl8-0" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="rules" WIDTH="50" HPOS="94" VPOS="96" ID="st8-0"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="144" VPOS="96" ID="st8-1"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="161" VPOS="96" ID="st8-2"/><SP/><String HEIGHT="26" CONTENT="must" WIDTH="55" HPOS="209" VPOS="96" ID="st8-3"/><SP/><String HEIGHT="26" CONTENT="keep" WIDTH="51" HPOS="271" VPOS="96" ID="st8-4"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="329" VPOS="96" ID="st8-5"/><SP/><String HEIGHT="26" CONTENT="mind" WIDTH="59" HPOS="357" VPOS="96" ID="st8-6"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="423" VPOS="96" ID="st8-7"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="474" VPOS="96" ID="st8-8"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="55" HPOS="521" VPOS="96" ID="st8-9"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="582" VPOS="96" ID="st8-10"/><SP/><String HEIGHT="26" CONTENT="probably" WIDTH="99" HPOS="606" VPOS="96" ID="st8-11"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="712" VPOS="96" ID="st8-12"/><SP/><String HEIGHT="26" CONTENT="once" WIDTH="45" HPOS="730" VPOS="96" ID="st8-13"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="775" VPOS="96" ID="st8-14"/><String HEIGHT="26" CONTENT="in" WIDTH="23" HPOS="786" VPOS="96" ID="st8-15"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="809" VPOS="96" ID="st8-16"/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="820" VPOS="96" ID="st8-17"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="832" VPOS="96" ID="st8-18"/><String HEIGHT="26" CONTENT="cen" WIDTH="35" HPOS="843" VPOS="96" ID="st8-19" SUBS_TYPE="HypPart1" SUBS_CONTENT="century"/><HYP CONTENT="-" WIDTH="11" HPOS="878" VPOS="96" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="127" ID="tl8-1" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tury" WIDTH="45" HPOS="94" VPOS="127" ID="st8-20" SUBS_TYPE="HypPart2" SUBS_CONTENT="century"/><SP/><String HEIGHT="26" CONTENT="event" WIDTH="60" HPOS="146" VPOS="127" ID="st8-21"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="212" VPOS="127" ID="st8-22"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="260" VPOS="127" ID="st8-23"/><SP/><String HEIGHT="26" CONTENT="less" WIDTH="38" HPOS="310" VPOS="127" ID="st8-24"/><SP/><String HEIGHT="26" CONTENT="severe" WIDTH="67" HPOS="355" VPOS="127" ID="st8-25"/><SP/><String HEIGHT="26" CONTENT="recessions" WIDTH="110" HPOS="429" VPOS="127" ID="st8-26"/><SP/><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="545" VPOS="127" ID="st8-27"/><SP/><String HEIGHT="26" CONTENT="also" WIDTH="43" HPOS="619" VPOS="127" ID="st8-28"/><SP/><String HEIGHT="26" CONTENT="call" WIDTH="37" HPOS="668" VPOS="127" ID="st8-29"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="711" VPOS="127" ID="st8-30"/><SP/><String HEIGHT="26" CONTENT="fiscal" WIDTH="55" HPOS="750" VPOS="127" ID="st8-31"/><SP/><String HEIGHT="26" CONTENT="actions" WIDTH="78" HPOS="811" VPOS="127" ID="st8-32"/></TextLine><TextLine HPOS="94" VPOS="159" ID="tl8-2" WIDTH="342" HEIGHT="26"><String HEIGHT="26" CONTENT="which" WIDTH="68" HPOS="94" VPOS="159" ID="st8-33"/><SP/><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="171" VPOS="159" ID="st8-34"/><SP/><String HEIGHT="26" CONTENT="conflict" WIDTH="83" HPOS="248" VPOS="159" ID="st8-35"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="341" VPOS="159" ID="st8-36"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="401" VPOS="159" ID="st8-37"/></TextLine><TextLine HPOS="446" VPOS="165" ID="tl8-3" WIDTH="42" HEIGHT="14"><String HEIGHT="14" CONTENT="sgp" WIDTH="42" HPOS="446" VPOS="165" ID="st8-38"/></TextLine><TextLine HPOS="488" VPOS="159" ID="tl8-4" WIDTH="401" HEIGHT="26"><String HEIGHT="26" CONTENT="." WIDTH="7" HPOS="488" VPOS="159" ID="st8-39"/><SP/><String HEIGHT="26" CONTENT="Thus" WIDTH="50" HPOS="505" VPOS="159" ID="st8-40"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="555" VPOS="159" ID="st8-41"/><SP/><String HEIGHT="26" CONTENT="one" WIDTH="41" HPOS="578" VPOS="159" ID="st8-42"/><SP/><String HEIGHT="26" CONTENT="should" WIDTH="75" HPOS="629" VPOS="159" ID="st8-43"/><SP/><String HEIGHT="26" CONTENT="think" WIDTH="59" HPOS="714" VPOS="159" ID="st8-44"/><SP/><String HEIGHT="26" CONTENT="along" WIDTH="61" HPOS="783" VPOS="159" ID="st8-45"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="854" VPOS="159" ID="st8-46"/></TextLine><TextLine HPOS="94" VPOS="191" ID="tl8-5" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="lines" WIDTH="50" HPOS="94" VPOS="191" ID="st8-47"/><SP/><String HEIGHT="26" CONTENT="proposed" WIDTH="105" HPOS="152" VPOS="191" ID="st8-48"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="265" VPOS="191" ID="st8-49"/><SP/><String HEIGHT="26" CONTENT="earlier" WIDTH="69" HPOS="295" VPOS="191" ID="st8-50"/><SP/><String HEIGHT="26" CONTENT="reform" WIDTH="76" HPOS="372" VPOS="191" ID="st8-51"/><SP/><String HEIGHT="26" CONTENT="debates" WIDTH="82" HPOS="457" VPOS="191" ID="st8-52"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="548" VPOS="191" ID="st8-53"/><SP/><String HEIGHT="26" CONTENT="actually" WIDTH="84" HPOS="579" VPOS="191" ID="st8-54"/><SP/><String HEIGHT="26" CONTENT="replacing" WIDTH="102" HPOS="671" VPOS="191" ID="st8-55"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="781" VPOS="191" ID="st8-56"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="55" HPOS="824" VPOS="191" ID="st8-57" SUBS_TYPE="HypPart1" SUBS_CONTENT="threepercent"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="191" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="223" ID="tl8-6" WIDTH="682" HEIGHT="26"><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="94" VPOS="223" ID="st8-58" SUBS_TYPE="HypPart2" SUBS_CONTENT="threepercent"/><SP/><String HEIGHT="26" CONTENT="threshold" WIDTH="106" HPOS="183" VPOS="223" ID="st8-59"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="50" HPOS="296" VPOS="223" ID="st8-60"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="353" VPOS="223" ID="st8-61"/><SP/><String HEIGHT="26" CONTENT="medium" WIDTH="84" HPOS="372" VPOS="223" ID="st8-62"/><String HEIGHT="26" CONTENT="-" WIDTH="14" HPOS="456" VPOS="223" ID="st8-63"/><String HEIGHT="26" CONTENT="term" WIDTH="56" HPOS="470" VPOS="223" ID="st8-64"/><SP/><String HEIGHT="26" CONTENT="target" WIDTH="64" HPOS="533" VPOS="223" ID="st8-65"/><SP/><String HEIGHT="26" CONTENT="for" WIDTH="33" HPOS="604" VPOS="223" ID="st8-66"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="644" VPOS="223" ID="st8-67"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="45" HPOS="686" VPOS="223" ID="st8-68"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="731" VPOS="223" ID="st8-69"/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="742" VPOS="223" ID="st8-70" SUBS_TYPE="HypPart1" SUBS_CONTENT="togdp"/><HYP CONTENT="-" WIDTH="11" HPOS="765" VPOS="223" HEIGHT="26"/></TextLine><TextLine HPOS="776" VPOS="229" ID="tl8-7" WIDTH="48" HEIGHT="14"><String HEIGHT="14" CONTENT="gdp" WIDTH="48" HPOS="776" VPOS="229" ID="st8-71" SUBS_TYPE="HypPart2" SUBS_CONTENT="togdp"/></TextLine><TextLine HPOS="831" VPOS="223" ID="tl8-8" WIDTH="58" HEIGHT="26"><String HEIGHT="26" CONTENT="ratio" WIDTH="48" HPOS="831" VPOS="223" ID="st8-72"/><String HEIGHT="26" CONTENT="," WIDTH="10" HPOS="879" VPOS="223" ID="st8-73"/></TextLine><TextLine HPOS="94" VPOS="255" ID="tl8-9" WIDTH="600" HEIGHT="26"><String HEIGHT="26" CONTENT="possibly" WIDTH="90" HPOS="94" VPOS="255" ID="st8-74"/><SP/><String HEIGHT="26" CONTENT="with" WIDTH="51" HPOS="193" VPOS="255" ID="st8-75"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="253" VPOS="255" ID="st8-76"/><SP/><String HEIGHT="26" CONTENT="independent" WIDTH="139" HPOS="288" VPOS="255" ID="st8-77"/><SP/><String HEIGHT="26" CONTENT="board" WIDTH="65" HPOS="436" VPOS="255" ID="st8-78"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="510" VPOS="255" ID="st8-79"/><SP/><String HEIGHT="26" CONTENT="experts" WIDTH="78" HPOS="542" VPOS="255" ID="st8-80"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="629" VPOS="255" ID="st8-81"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="36" HPOS="658" VPOS="255" ID="st8-82"/></TextLine><TextLine HPOS="702" VPOS="261" ID="tl8-10" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="702" VPOS="261" ID="st8-83"/></TextLine><TextLine HPOS="763" VPOS="255" ID="tl8-11" WIDTH="126" HEIGHT="26"><String HEIGHT="26" CONTENT="level" WIDTH="50" HPOS="763" VPOS="255" ID="st8-84"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="67" HPOS="822" VPOS="255" ID="st8-85"/></TextLine><TextLine HPOS="94" VPOS="287" ID="tl8-12" WIDTH="624" HEIGHT="26"><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="94" VPOS="287" ID="st8-86"/><SP/><String HEIGHT="26" CONTENT="decide" WIDTH="71" HPOS="172" VPOS="287" ID="st8-87"/><SP/><String HEIGHT="26" CONTENT="on" WIDTH="30" HPOS="249" VPOS="287" ID="st8-88"/><SP/><String HEIGHT="26" CONTENT="exceptions" WIDTH="117" HPOS="285" VPOS="287" ID="st8-89"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="408" VPOS="287" ID="st8-90"/><SP/><String HEIGHT="26" CONTENT="cases" WIDTH="54" HPOS="437" VPOS="287" ID="st8-91"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="497" VPOS="287" ID="st8-92"/><SP/><String HEIGHT="26" CONTENT="severe" WIDTH="67" HPOS="527" VPOS="287" ID="st8-93"/><SP/><String HEIGHT="26" CONTENT="recessions" WIDTH="106" HPOS="601" VPOS="287" ID="st8-94"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="707" VPOS="287" ID="st8-95"/></TextLine><TextLine HPOS="94" VPOS="382" ID="tl8-13" WIDTH="344" HEIGHT="26"><String HEIGHT="26" CONTENT="No" WIDTH="36" HPOS="94" VPOS="382" ID="st8-96"/><SP/><String HEIGHT="26" CONTENT="Early" WIDTH="65" HPOS="138" VPOS="382" ID="st8-97"/><SP/><String HEIGHT="26" CONTENT="EMU" WIDTH="58" HPOS="211" VPOS="382" ID="st8-98"/><SP/><String HEIGHT="26" CONTENT="Membership" WIDTH="161" HPOS="277" VPOS="382" ID="st8-99"/></TextLine><TextLine HPOS="94" VPOS="447" ID="tl8-14" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="In" WIDTH="25" HPOS="94" VPOS="447" ID="st8-100"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="128" VPOS="447" ID="st8-101"/><SP/><String HEIGHT="26" CONTENT="context" WIDTH="82" HPOS="172" VPOS="447" ID="st8-102"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="264" VPOS="447" ID="st8-103"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="296" VPOS="447" ID="st8-104"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="340" VPOS="447" ID="st8-105"/><SP/><String HEIGHT="26" CONTENT="crisis" WIDTH="54" HPOS="429" VPOS="447" ID="st8-106"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="483" VPOS="447" ID="st8-107"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="501" VPOS="447" ID="st8-108"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="526" VPOS="447" ID="st8-109"/><SP/><String HEIGHT="26" CONTENT="sometimes" WIDTH="118" HPOS="571" VPOS="447" ID="st8-110"/><SP/><String HEIGHT="26" CONTENT="been" WIDTH="53" HPOS="698" VPOS="447" ID="st8-111"/><SP/><String HEIGHT="26" CONTENT="argued" WIDTH="76" HPOS="760" VPOS="447" ID="st8-112"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="43" HPOS="846" VPOS="447" ID="st8-113"/></TextLine><TextLine HPOS="94" VPOS="479" ID="tl8-15" WIDTH="679" HEIGHT="26"><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="94" VPOS="479" ID="st8-114"/><SP/><String HEIGHT="26" CONTENT="such" WIDTH="50" HPOS="203" VPOS="479" ID="st8-115"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="259" VPOS="479" ID="st8-116"/><SP/><String HEIGHT="26" CONTENT="Estonia" WIDTH="85" HPOS="286" VPOS="479" ID="st8-117"/><SP/><String HEIGHT="26" CONTENT="or" WIDTH="24" HPOS="377" VPOS="479" ID="st8-118"/><SP/><String HEIGHT="26" CONTENT="Latvia" WIDTH="68" HPOS="407" VPOS="479" ID="st8-119"/><SP/><String HEIGHT="26" CONTENT="should" WIDTH="75" HPOS="481" VPOS="479" ID="st8-120"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="562" VPOS="479" ID="st8-121"/><SP/><String HEIGHT="26" CONTENT="allowed" WIDTH="86" HPOS="595" VPOS="479" ID="st8-122"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="687" VPOS="479" ID="st8-123"/><SP/><String HEIGHT="26" CONTENT="enter" WIDTH="57" HPOS="716" VPOS="479" ID="st8-124"/></TextLine><TextLine HPOS="779" VPOS="484" ID="tl8-16" WIDTH="52" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="52" HPOS="779" VPOS="484" ID="st8-125"/></TextLine><TextLine HPOS="837" VPOS="479" ID="tl8-17" WIDTH="52" HEIGHT="26"><String HEIGHT="26" CONTENT="early" WIDTH="52" HPOS="837" VPOS="479" ID="st8-126"/></TextLine><TextLine HPOS="94" VPOS="511" ID="tl8-18" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="94" VPOS="511" ID="st8-127"/><SP/><String HEIGHT="26" CONTENT="without" WIDTH="88" HPOS="144" VPOS="511" ID="st8-128"/><SP/><String HEIGHT="26" CONTENT="fulfilling" WIDTH="95" HPOS="241" VPOS="511" ID="st8-129"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="345" VPOS="511" ID="st8-130"/><SP/><String HEIGHT="26" CONTENT="convergence" WIDTH="138" HPOS="388" VPOS="511" ID="st8-131"/><SP/><String HEIGHT="26" CONTENT="criteria" WIDTH="74" HPOS="535" VPOS="511" ID="st8-132"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="609" VPOS="511" ID="st8-133"/><SP/><String HEIGHT="26" CONTENT="By" WIDTH="29" HPOS="628" VPOS="511" ID="st8-134"/><SP/><String HEIGHT="26" CONTENT="doing" WIDTH="65" HPOS="666" VPOS="511" ID="st8-135"/><SP/><String HEIGHT="26" CONTENT="so" WIDTH="20" HPOS="740" VPOS="511" ID="st8-136"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="760" VPOS="511" ID="st8-137"/><SP/><String HEIGHT="26" CONTENT="debts" WIDTH="60" HPOS="780" VPOS="511" ID="st8-138"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="848" VPOS="511" ID="st8-139"/></TextLine><TextLine HPOS="94" VPOS="543" ID="tl8-19" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="financial" WIDTH="93" HPOS="94" VPOS="543" ID="st8-140"/><SP/><String HEIGHT="26" CONTENT="assets" WIDTH="62" HPOS="195" VPOS="543" ID="st8-141"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="264" VPOS="543" ID="st8-142"/><SP/><String HEIGHT="26" CONTENT="national" WIDTH="90" HPOS="294" VPOS="543" ID="st8-143"/><SP/><String HEIGHT="26" CONTENT="currencies" WIDTH="112" HPOS="392" VPOS="543" ID="st8-144"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="512" VPOS="543" ID="st8-145"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="26" HPOS="591" VPOS="543" ID="st8-146"/><SP/><String HEIGHT="26" CONTENT="transformed" WIDTH="135" HPOS="625" VPOS="543" ID="st8-147"/><SP/><String HEIGHT="26" CONTENT="into" WIDTH="45" HPOS="768" VPOS="543" ID="st8-148"/><SP/><String HEIGHT="26" CONTENT="euros" WIDTH="56" HPOS="821" VPOS="543" ID="st8-149"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="877" VPOS="543" ID="st8-150"/></TextLine><TextLine HPOS="94" VPOS="575" ID="tl8-20" WIDTH="503" HEIGHT="26"><String HEIGHT="26" CONTENT="while" WIDTH="60" HPOS="94" VPOS="575" ID="st8-151"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="162" VPOS="575" ID="st8-152"/><SP/><String HEIGHT="26" CONTENT="banks" WIDTH="64" HPOS="205" VPOS="575" ID="st8-153"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="277" VPOS="575" ID="st8-154"/><SP/><String HEIGHT="26" CONTENT="be" WIDTH="27" HPOS="355" VPOS="575" ID="st8-155"/><SP/><String HEIGHT="26" CONTENT="given" WIDTH="60" HPOS="390" VPOS="575" ID="st8-156"/><SP/><String HEIGHT="26" CONTENT="access" WIDTH="65" HPOS="458" VPOS="575" ID="st8-157"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="531" VPOS="575" ID="st8-158"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="562" VPOS="575" ID="st8-159"/></TextLine><TextLine HPOS="605" VPOS="580" ID="tl8-21" WIDTH="44" HEIGHT="14"><String HEIGHT="14" CONTENT="ecb" WIDTH="44" HPOS="605" VPOS="580" ID="st8-160"/></TextLine><TextLine HPOS="649" VPOS="575" ID="tl8-22" WIDTH="240" HEIGHT="26"><String HEIGHT="26" CONTENT="’" WIDTH="7" HPOS="649" VPOS="575" ID="st8-161"/><String HEIGHT="26" CONTENT="s" WIDTH="8" HPOS="656" VPOS="575" ID="st8-162"/><SP/><String HEIGHT="26" CONTENT="lender" WIDTH="62" HPOS="672" VPOS="575" ID="st8-163"/><String HEIGHT="26" CONTENT="-" WIDTH="10" HPOS="734" VPOS="575" ID="st8-164"/><String HEIGHT="26" CONTENT="of" WIDTH="21" HPOS="744" VPOS="575" ID="st8-165"/><String HEIGHT="26" CONTENT="-" WIDTH="10" HPOS="765" VPOS="575" ID="st8-166"/><String HEIGHT="26" CONTENT="last" WIDTH="41" HPOS="775" VPOS="575" ID="st8-167"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="816" VPOS="575" ID="st8-168"/><String HEIGHT="26" CONTENT="resort" WIDTH="62" HPOS="827" VPOS="575" ID="st8-169"/></TextLine><TextLine HPOS="94" VPOS="607" ID="tl8-23" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="facilities" WIDTH="88" HPOS="94" VPOS="607" ID="st8-170"/><String HEIGHT="26" CONTENT="." WIDTH="9" HPOS="182" VPOS="607" ID="st8-171"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="196" VPOS="607" ID="st8-172"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="251" VPOS="607" ID="st8-173"/><SP/><String HEIGHT="26" CONTENT="end" WIDTH="41" HPOS="328" VPOS="607" ID="st8-174"/><SP/><String HEIGHT="26" CONTENT="speculation" WIDTH="126" HPOS="375" VPOS="607" ID="st8-175"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="507" VPOS="607" ID="st8-176"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="536" VPOS="607" ID="st8-177"/><SP/><String HEIGHT="26" CONTENT="devaluation" WIDTH="129" HPOS="554" VPOS="607" ID="st8-178"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="689" VPOS="607" ID="st8-179"/><SP/><String HEIGHT="26" CONTENT="these" WIDTH="56" HPOS="717" VPOS="607" ID="st8-180"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="99" HPOS="779" VPOS="607" ID="st8-181"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="878" VPOS="607" ID="st8-182"/></TextLine><TextLine HPOS="94" VPOS="639" ID="tl8-24" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="94" VPOS="639" ID="st8-183"/><SP/><String HEIGHT="26" CONTENT="taking" WIDTH="70" HPOS="150" VPOS="639" ID="st8-184"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="59" HPOS="228" VPOS="639" ID="st8-185"/><SP/><String HEIGHT="26" CONTENT="pressure" WIDTH="92" HPOS="295" VPOS="639" ID="st8-186"/><SP/><String HEIGHT="26" CONTENT="off" WIDTH="32" HPOS="395" VPOS="639" ID="st8-187"/><SP/><String HEIGHT="26" CONTENT="them" WIDTH="52" HPOS="435" VPOS="639" ID="st8-188"/><String HEIGHT="26" CONTENT="." WIDTH="13" HPOS="487" VPOS="639" ID="st8-189"/><SP/><String HEIGHT="26" CONTENT="However" WIDTH="96" HPOS="508" VPOS="639" ID="st8-190"/><String HEIGHT="26" CONTENT="," WIDTH="14" HPOS="604" VPOS="639" ID="st8-191"/><SP/><String HEIGHT="26" CONTENT="this" WIDTH="40" HPOS="627" VPOS="639" ID="st8-192"/><SP/><String HEIGHT="26" CONTENT="argument" WIDTH="107" HPOS="676" VPOS="639" ID="st8-193"/><SP/><String HEIGHT="26" CONTENT="does" WIDTH="51" HPOS="792" VPOS="639" ID="st8-194"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="851" VPOS="639" ID="st8-195"/></TextLine><TextLine HPOS="94" VPOS="671" ID="tl8-25" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="hold" WIDTH="51" HPOS="94" VPOS="671" ID="st8-196"/><SP/><String HEIGHT="26" CONTENT="up" WIDTH="29" HPOS="153" VPOS="671" ID="st8-197"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="191" VPOS="671" ID="st8-198"/><SP/><String HEIGHT="26" CONTENT="closer" WIDTH="64" HPOS="222" VPOS="671" ID="st8-199"/><SP/><String HEIGHT="26" CONTENT="scrutiny" WIDTH="88" HPOS="295" VPOS="671" ID="st8-200"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="392" VPOS="671" ID="st8-201"/><SP/><String HEIGHT="26" CONTENT="possible" WIDTH="89" HPOS="423" VPOS="671" ID="st8-202"/><SP/><String HEIGHT="26" CONTENT="side" WIDTH="44" HPOS="520" VPOS="671" ID="st8-203"/><SP/><String HEIGHT="26" CONTENT="effects" WIDTH="66" HPOS="572" VPOS="671" ID="st8-204"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="638" VPOS="671" ID="st8-205"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="656" VPOS="671" ID="st8-206"/><SP/><String HEIGHT="26" CONTENT="large" WIDTH="54" HPOS="708" VPOS="671" ID="st8-207"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="770" VPOS="671" ID="st8-208"/><SP/><String HEIGHT="26" CONTENT="ac" WIDTH="20" HPOS="859" VPOS="671" ID="st8-209" SUBS_TYPE="HypPart1" SUBS_CONTENT="account"/><HYP CONTENT="-" WIDTH="10" HPOS="879" VPOS="671" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="702" ID="tl8-26" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="count" WIDTH="64" HPOS="94" VPOS="702" ID="st8-210" SUBS_TYPE="HypPart2" SUBS_CONTENT="account"/><SP/><String HEIGHT="26" CONTENT="deficits" WIDTH="79" HPOS="169" VPOS="702" ID="st8-211"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="259" VPOS="702" ID="st8-212"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="293" VPOS="702" ID="st8-213"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="339" VPOS="702" ID="st8-214"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="452" VPOS="702" ID="st8-215"/><SP/><String HEIGHT="26" CONTENT="question" WIDTH="97" HPOS="485" VPOS="702" ID="st8-216"/><String HEIGHT="26" CONTENT="(" WIDTH="10" HPOS="593" VPOS="702" ID="st8-217"/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="603" VPOS="702" ID="st8-218"/><SP/><String HEIGHT="26" CONTENT="some" WIDTH="58" HPOS="636" VPOS="702" ID="st8-219"/><SP/><String HEIGHT="26" CONTENT="cases" WIDTH="54" HPOS="705" VPOS="702" ID="st8-220"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="59" HPOS="770" VPOS="702" ID="st8-221"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="49" HPOS="840" VPOS="702" ID="st8-222"/></TextLine><TextLine HPOS="94" VPOS="734" ID="tl8-27" WIDTH="151" HEIGHT="26"><String HEIGHT="26" CONTENT="20" WIDTH="28" HPOS="94" VPOS="734" ID="st8-223"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="131" VPOS="734" ID="st8-224"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="222" VPOS="734" ID="st8-225"/></TextLine><TextLine HPOS="254" VPOS="740" ID="tl8-28" WIDTH="47" HEIGHT="14"><String HEIGHT="14" CONTENT="gdp" WIDTH="47" HPOS="254" VPOS="740" ID="st8-226"/></TextLine><TextLine HPOS="301" VPOS="734" ID="tl8-29" WIDTH="588" HEIGHT="26"><String HEIGHT="26" CONTENT=")" WIDTH="8" HPOS="301" VPOS="734" ID="st8-227"/><String HEIGHT="26" CONTENT="," WIDTH="9" HPOS="309" VPOS="734" ID="st8-228"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="327" VPOS="734" ID="st8-229"/><SP/><String HEIGHT="26" CONTENT="well" WIDTH="45" HPOS="358" VPOS="734" ID="st8-230"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="412" VPOS="734" ID="st8-231"/><SP/><String HEIGHT="26" CONTENT="strong" WIDTH="71" HPOS="443" VPOS="734" ID="st8-232"/><SP/><String HEIGHT="26" CONTENT="real" WIDTH="40" HPOS="523" VPOS="734" ID="st8-233"/><SP/><String HEIGHT="26" CONTENT="appreciation" WIDTH="138" HPOS="572" VPOS="734" ID="st8-234"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="719" VPOS="734" ID="st8-235"/><SP/><String HEIGHT="26" CONTENT="recent" WIDTH="68" HPOS="750" VPOS="734" ID="st8-236"/><SP/><String HEIGHT="26" CONTENT="years" WIDTH="51" HPOS="827" VPOS="734" ID="st8-237"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="878" VPOS="734" ID="st8-238"/></TextLine><TextLine HPOS="94" VPOS="766" ID="tl8-30" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="hint" WIDTH="45" HPOS="94" VPOS="766" ID="st8-239"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="150" VPOS="766" ID="st8-240"/><SP/><String HEIGHT="26" CONTENT="these" WIDTH="57" HPOS="204" VPOS="766" ID="st8-241"/><SP/><String HEIGHT="26" CONTENT="economies" WIDTH="118" HPOS="271" VPOS="766" ID="st8-242"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="400" VPOS="766" ID="st8-243"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="59" HPOS="461" VPOS="766" ID="st8-244"/><SP/><String HEIGHT="26" CONTENT="problems" WIDTH="104" HPOS="530" VPOS="766" ID="st8-245"/><SP/><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="645" VPOS="766" ID="st8-246"/><SP/><String HEIGHT="26" CONTENT="merely" WIDTH="75" HPOS="705" VPOS="766" ID="st8-247"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="791" VPOS="766" ID="st8-248"/><SP/><String HEIGHT="26" CONTENT="lack" WIDTH="43" HPOS="813" VPOS="766" ID="st8-249"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="22" HPOS="867" VPOS="766" ID="st8-250"/></TextLine><TextLine HPOS="94" VPOS="798" ID="tl8-31" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="credibility" WIDTH="111" HPOS="94" VPOS="798" ID="st8-251"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="215" VPOS="798" ID="st8-252"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="248" VPOS="798" ID="st8-253"/><SP/><String HEIGHT="26" CONTENT="monetary" WIDTH="105" HPOS="310" VPOS="798" ID="st8-254"/><SP/><String HEIGHT="26" CONTENT="and" WIDTH="41" HPOS="425" VPOS="798" ID="st8-255"/><SP/><String HEIGHT="26" CONTENT="exchange" WIDTH="102" HPOS="476" VPOS="798" ID="st8-256"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="41" HPOS="588" VPOS="798" ID="st8-257"/><SP/><String HEIGHT="26" CONTENT="regime" WIDTH="72" HPOS="639" VPOS="798" ID="st8-258"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="711" VPOS="798" ID="st8-259"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="733" VPOS="798" ID="st8-260"/><SP/><String HEIGHT="26" CONTENT="danger" WIDTH="76" HPOS="786" VPOS="798" ID="st8-261"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="872" VPOS="798" ID="st8-262"/></TextLine><TextLine HPOS="94" VPOS="830" ID="tl8-32" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="94" VPOS="830" ID="st8-263"/><SP/><String HEIGHT="26" CONTENT="they" WIDTH="48" HPOS="144" VPOS="830" ID="st8-264"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="198" VPOS="830" ID="st8-265"/><SP/><String HEIGHT="26" CONTENT="continue" WIDTH="98" HPOS="275" VPOS="830" ID="st8-266"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="379" VPOS="830" ID="st8-267"/><SP/><String HEIGHT="26" CONTENT="have" WIDTH="51" HPOS="408" VPOS="830" ID="st8-268"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="465" VPOS="830" ID="st8-269"/><SP/><String HEIGHT="26" CONTENT="very" WIDTH="46" HPOS="483" VPOS="830" ID="st8-270"/><SP/><String HEIGHT="26" CONTENT="hard" WIDTH="50" HPOS="535" VPOS="830" ID="st8-271"/><SP/><String HEIGHT="26" CONTENT="time" WIDTH="50" HPOS="592" VPOS="830" ID="st8-272"/><SP/><String HEIGHT="26" CONTENT="adjusting" WIDTH="98" HPOS="648" VPOS="830" ID="st8-273"/><String HEIGHT="26" CONTENT="," WIDTH="11" HPOS="746" VPOS="830" ID="st8-274"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="51" HPOS="763" VPOS="830" ID="st8-275"/><SP/><String HEIGHT="26" CONTENT="if" WIDTH="16" HPOS="820" VPOS="830" ID="st8-276"/><SP/><String HEIGHT="26" CONTENT="they" WIDTH="47" HPOS="842" VPOS="830" ID="st8-277"/></TextLine><TextLine HPOS="94" VPOS="862" ID="tl8-33" WIDTH="250" HEIGHT="26"><String HEIGHT="26" CONTENT="were" WIDTH="53" HPOS="94" VPOS="862" ID="st8-278"/><SP/><String HEIGHT="26" CONTENT="allowed" WIDTH="87" HPOS="157" VPOS="862" ID="st8-279"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="254" VPOS="862" ID="st8-280"/><SP/><String HEIGHT="26" CONTENT="enter" WIDTH="56" HPOS="288" VPOS="862" ID="st8-281"/></TextLine><TextLine HPOS="354" VPOS="868" ID="tl8-34" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="354" VPOS="868" ID="st8-282"/></TextLine><TextLine HPOS="416" VPOS="862" ID="tl8-35" WIDTH="473" HEIGHT="26"><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="416" VPOS="862" ID="st8-283"/><SP/><String HEIGHT="26" CONTENT="once" WIDTH="52" HPOS="447" VPOS="862" ID="st8-284"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="509" VPOS="862" ID="st8-285"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="540" VPOS="862" ID="st8-286"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="585" VPOS="862" ID="st8-287"/><SP/><String HEIGHT="26" CONTENT="exchange" WIDTH="102" HPOS="675" VPOS="862" ID="st8-288"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="39" HPOS="787" VPOS="862" ID="st8-289"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="826" VPOS="862" ID="st8-290"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="846" VPOS="862" ID="st8-291"/></TextLine><TextLine HPOS="94" VPOS="894" ID="tl8-36" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="94" VPOS="894" ID="st8-292"/><SP/><String HEIGHT="26" CONTENT="overvaluation" WIDTH="151" HPOS="183" VPOS="894" ID="st8-293"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="342" VPOS="894" ID="st8-294"/><SP/><String HEIGHT="26" CONTENT="require" WIDTH="79" HPOS="421" VPOS="894" ID="st8-295"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="508" VPOS="894" ID="st8-296"/><SP/><String HEIGHT="26" CONTENT="severe" WIDTH="67" HPOS="528" VPOS="894" ID="st8-297"/><SP/><String HEIGHT="26" CONTENT="domestic" WIDTH="101" HPOS="603" VPOS="894" ID="st8-298"/><SP/><String HEIGHT="26" CONTENT="deflation" WIDTH="98" HPOS="712" VPOS="894" ID="st8-299"/><SP/><String HEIGHT="26" CONTENT="if" WIDTH="16" HPOS="818" VPOS="894" ID="st8-300"/><SP/><String HEIGHT="26" CONTENT="they" WIDTH="47" HPOS="842" VPOS="894" ID="st8-301"/></TextLine><TextLine HPOS="94" VPOS="926" ID="tl8-37" WIDTH="70" HEIGHT="26"><String HEIGHT="26" CONTENT="joined" WIDTH="70" HPOS="94" VPOS="926" ID="st8-302"/></TextLine><TextLine HPOS="171" VPOS="932" ID="tl8-38" WIDTH="51" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="51" HPOS="171" VPOS="932" ID="st8-303"/></TextLine><TextLine HPOS="222" VPOS="926" ID="tl8-39" WIDTH="667" HEIGHT="26"><String HEIGHT="26" CONTENT="." WIDTH="8" HPOS="222" VPOS="926" ID="st8-304"/><SP/><String HEIGHT="26" CONTENT="This" WIDTH="49" HPOS="236" VPOS="926" ID="st8-305"/><SP/><String HEIGHT="26" CONTENT="would" WIDTH="71" HPOS="291" VPOS="926" ID="st8-306"/><SP/><String HEIGHT="26" CONTENT="entail" WIDTH="61" HPOS="369" VPOS="926" ID="st8-307"/><SP/><String HEIGHT="26" CONTENT="nominal" WIDTH="92" HPOS="437" VPOS="926" ID="st8-308"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="535" VPOS="926" ID="st8-309"/><SP/><String HEIGHT="26" CONTENT="cuts" WIDTH="44" HPOS="599" VPOS="926" ID="st8-310"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="62" HPOS="650" VPOS="926" ID="st8-311"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="712" VPOS="926" ID="st8-312"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="732" VPOS="926" ID="st8-313"/><SP/><String HEIGHT="26" CONTENT="turn" WIDTH="44" HPOS="760" VPOS="926" ID="st8-314"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="804" VPOS="926" ID="st8-315"/><SP/><String HEIGHT="26" CONTENT="might" WIDTH="67" HPOS="822" VPOS="926" ID="st8-316"/></TextLine><TextLine HPOS="94" VPOS="958" ID="tl8-40" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="cause" WIDTH="59" HPOS="94" VPOS="958" ID="st8-317"/><SP/><String HEIGHT="26" CONTENT="defaults" WIDTH="86" HPOS="162" VPOS="958" ID="st8-318"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="27" HPOS="257" VPOS="958" ID="st8-319"/><SP/><String HEIGHT="26" CONTENT="mortgage" WIDTH="107" HPOS="293" VPOS="958" ID="st8-320"/><SP/><String HEIGHT="26" CONTENT="owners" WIDTH="75" HPOS="409" VPOS="958" ID="st8-321"/><String HEIGHT="26" CONTENT="," WIDTH="13" HPOS="484" VPOS="958" ID="st8-322"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="21" HPOS="506" VPOS="958" ID="st8-323"/><SP/><String HEIGHT="26" CONTENT="well" WIDTH="45" HPOS="536" VPOS="958" ID="st8-324"/><SP/><String HEIGHT="26" CONTENT="as" WIDTH="22" HPOS="590" VPOS="958" ID="st8-325"/><SP/><String HEIGHT="26" CONTENT="insolvencies" WIDTH="133" HPOS="620" VPOS="958" ID="st8-326"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="21" HPOS="762" VPOS="958" ID="st8-327"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="792" VPOS="958" ID="st8-328"/><SP/><String HEIGHT="26" CONTENT="non" WIDTH="40" HPOS="836" VPOS="958" ID="st8-329" SUBS_TYPE="HypPart1" SUBS_CONTENT="nontradable"/><HYP CONTENT="-" WIDTH="13" HPOS="876" VPOS="958" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="990" ID="tl8-41" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="tradable" WIDTH="89" HPOS="94" VPOS="990" ID="st8-330" SUBS_TYPE="HypPart2" SUBS_CONTENT="nontradable"/><SP/><String HEIGHT="26" CONTENT="sector" WIDTH="60" HPOS="189" VPOS="990" ID="st8-331"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="249" VPOS="990" ID="st8-332"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="43" HPOS="266" VPOS="990" ID="st8-333"/><SP/><String HEIGHT="26" CONTENT="sad" WIDTH="36" HPOS="316" VPOS="990" ID="st8-334"/><SP/><String HEIGHT="26" CONTENT="case" WIDTH="44" HPOS="358" VPOS="990" ID="st8-335"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="408" VPOS="990" ID="st8-336"/><SP/><String HEIGHT="26" CONTENT="Portugal" WIDTH="95" HPOS="437" VPOS="990" ID="st8-337"/><String HEIGHT="26" CONTENT="(" WIDTH="13" HPOS="538" VPOS="990" ID="st8-338"/><String HEIGHT="26" CONTENT="where" WIDTH="65" HPOS="551" VPOS="990" ID="st8-339"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="623" VPOS="990" ID="st8-340"/><SP/><String HEIGHT="26" CONTENT="convergence" WIDTH="138" HPOS="664" VPOS="990" ID="st8-341"/><SP/><String HEIGHT="26" CONTENT="process" WIDTH="81" HPOS="808" VPOS="990" ID="st8-342"/></TextLine><TextLine HPOS="94" VPOS="1022" ID="tl8-42" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="1022" ID="st8-343"/><SP/><String HEIGHT="26" CONTENT="per" WIDTH="32" HPOS="124" VPOS="1022" ID="st8-344"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="156" VPOS="1022" ID="st8-345"/><String HEIGHT="26" CONTENT="capita" WIDTH="66" HPOS="167" VPOS="1022" ID="st8-346"/><SP/><String HEIGHT="26" CONTENT="income" WIDTH="82" HPOS="240" VPOS="1022" ID="st8-347"/><SP/><String HEIGHT="26" CONTENT="was" WIDTH="42" HPOS="329" VPOS="1022" ID="st8-348"/><SP/><String HEIGHT="26" CONTENT="reversed" WIDTH="91" HPOS="378" VPOS="1022" ID="st8-349"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="477" VPOS="1022" ID="st8-350"/><SP/><String HEIGHT="26" CONTENT="2002" WIDTH="52" HPOS="506" VPOS="1022" ID="st8-351"/><String HEIGHT="26" CONTENT=")" WIDTH="13" HPOS="558" VPOS="1022" ID="st8-352"/><SP/><String HEIGHT="26" CONTENT="is" WIDTH="17" HPOS="579" VPOS="1022" ID="st8-353"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="603" VPOS="1022" ID="st8-354"/><SP/><String HEIGHT="26" CONTENT="reminder" WIDTH="101" HPOS="622" VPOS="1022" ID="st8-355"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="731" VPOS="1022" ID="st8-356"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="761" VPOS="1022" ID="st8-357"/><SP/><String HEIGHT="26" CONTENT="dangers" WIDTH="86" HPOS="803" VPOS="1022" ID="st8-358"/></TextLine><TextLine HPOS="94" VPOS="1054" ID="tl8-43" WIDTH="121" HEIGHT="26"><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="94" VPOS="1054" ID="st8-359"/><SP/><String HEIGHT="26" CONTENT="being" WIDTH="62" HPOS="124" VPOS="1054" ID="st8-360"/><SP/><String HEIGHT="26" CONTENT="in" WIDTH="22" HPOS="193" VPOS="1054" ID="st8-361"/></TextLine><TextLine HPOS="222" VPOS="1059" ID="tl8-44" WIDTH="51" HEIGHT="15"><String HEIGHT="15" CONTENT="emu" WIDTH="51" HPOS="222" VPOS="1059" ID="st8-362"/></TextLine><TextLine HPOS="280" VPOS="1054" ID="tl8-45" WIDTH="609" HEIGHT="26"><String HEIGHT="26" CONTENT="at" WIDTH="21" HPOS="280" VPOS="1054" ID="st8-363"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="27" HPOS="307" VPOS="1054" ID="st8-364"/><SP/><String HEIGHT="26" CONTENT="overvalued" WIDTH="120" HPOS="341" VPOS="1054" ID="st8-365"/><SP/><String HEIGHT="26" CONTENT="exchange" WIDTH="102" HPOS="468" VPOS="1054" ID="st8-366"/><SP/><String HEIGHT="26" CONTENT="rate" WIDTH="39" HPOS="576" VPOS="1054" ID="st8-367"/><String HEIGHT="26" CONTENT="." WIDTH="10" HPOS="615" VPOS="1054" ID="st8-368"/><SP/><String HEIGHT="26" CONTENT="While" WIDTH="66" HPOS="632" VPOS="1054" ID="st8-369"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="705" VPOS="1054" ID="st8-370"/><SP/><String HEIGHT="26" CONTENT="country" WIDTH="86" HPOS="747" VPOS="1054" ID="st8-371"/><SP/><String HEIGHT="26" CONTENT="con" WIDTH="37" HPOS="840" VPOS="1054" ID="st8-372" SUBS_TYPE="HypPart1" SUBS_CONTENT="continues"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1054" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1086" ID="tl8-46" WIDTH="668" HEIGHT="26"><String HEIGHT="26" CONTENT="tinues" WIDTH="67" HPOS="94" VPOS="1086" ID="st8-373" SUBS_TYPE="HypPart2" SUBS_CONTENT="continues"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="168" VPOS="1086" ID="st8-374"/><SP/><String HEIGHT="26" CONTENT="run" WIDTH="39" HPOS="198" VPOS="1086" ID="st8-375"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="244" VPOS="1086" ID="st8-376"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="80" HPOS="262" VPOS="1086" ID="st8-377"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="349" VPOS="1086" ID="st8-378"/><SP/><String HEIGHT="26" CONTENT="deficit" WIDTH="69" HPOS="443" VPOS="1086" ID="st8-379"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="518" VPOS="1086" ID="st8-380"/><SP/><String HEIGHT="26" CONTENT="about" WIDTH="64" HPOS="548" VPOS="1086" ID="st8-381"/><SP/><String HEIGHT="26" CONTENT="10" WIDTH="25" HPOS="619" VPOS="1086" ID="st8-382"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="83" HPOS="650" VPOS="1086" ID="st8-383"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="739" VPOS="1086" ID="st8-384"/></TextLine><TextLine HPOS="769" VPOS="1091" ID="tl8-47" WIDTH="47" HEIGHT="14"><String HEIGHT="14" CONTENT="gdp" WIDTH="47" HPOS="769" VPOS="1091" ID="st8-385"/></TextLine><TextLine HPOS="816" VPOS="1086" ID="tl8-48" WIDTH="73" HEIGHT="26"><String HEIGHT="26" CONTENT="," WIDTH="8" HPOS="816" VPOS="1086" ID="st8-386"/><SP/><String HEIGHT="26" CONTENT="it" WIDTH="16" HPOS="831" VPOS="1086" ID="st8-387"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="853" VPOS="1086" ID="st8-388"/></TextLine><TextLine HPOS="94" VPOS="1118" ID="tl8-49" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="94" VPOS="1118" ID="st8-389"/><SP/><String HEIGHT="26" CONTENT="been" WIDTH="53" HPOS="138" VPOS="1118" ID="st8-390"/><SP/><String HEIGHT="26" CONTENT="able" WIDTH="44" HPOS="197" VPOS="1118" ID="st8-391"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="24" HPOS="247" VPOS="1118" ID="st8-392"/><SP/><String HEIGHT="26" CONTENT="correct" WIDTH="76" HPOS="277" VPOS="1118" ID="st8-393"/><SP/><String HEIGHT="26" CONTENT="its" WIDTH="26" HPOS="359" VPOS="1118" ID="st8-394"/><SP/><String HEIGHT="26" CONTENT="real" WIDTH="40" HPOS="391" VPOS="1118" ID="st8-395"/><SP/><String HEIGHT="26" CONTENT="overvaluation" WIDTH="146" HPOS="437" VPOS="1118" ID="st8-396"/><String HEIGHT="26" CONTENT="," WIDTH="12" HPOS="583" VPOS="1118" ID="st8-397"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="51" HPOS="601" VPOS="1118" ID="st8-398"/><SP/><String HEIGHT="26" CONTENT="though" WIDTH="81" HPOS="658" VPOS="1118" ID="st8-399"/><SP/><String HEIGHT="26" CONTENT="wage" WIDTH="57" HPOS="745" VPOS="1118" ID="st8-400"/><SP/><String HEIGHT="26" CONTENT="growth" WIDTH="81" HPOS="808" VPOS="1118" ID="st8-401"/></TextLine><TextLine HPOS="94" VPOS="1150" ID="tl8-50" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="94" VPOS="1150" ID="st8-402"/><SP/><String HEIGHT="26" CONTENT="slowed" WIDTH="78" HPOS="136" VPOS="1150" ID="st8-403"/><SP/><String HEIGHT="26" CONTENT="considerably" WIDTH="132" HPOS="220" VPOS="1150" ID="st8-404"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="352" VPOS="1150" ID="st8-405"/><SP/><String HEIGHT="26" CONTENT="The" WIDTH="44" HPOS="370" VPOS="1150" ID="st8-406"/><SP/><String HEIGHT="26" CONTENT="convergence" WIDTH="138" HPOS="420" VPOS="1150" ID="st8-407"/><SP/><String HEIGHT="26" CONTENT="process" WIDTH="81" HPOS="564" VPOS="1150" ID="st8-408"/><SP/><String HEIGHT="26" CONTENT="has" WIDTH="36" HPOS="652" VPOS="1150" ID="st8-409"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="48" HPOS="694" VPOS="1150" ID="st8-410"/><SP/><String HEIGHT="26" CONTENT="stalled" WIDTH="70" HPOS="748" VPOS="1150" ID="st8-411"/><SP/><String HEIGHT="26" CONTENT="at" WIDTH="20" HPOS="825" VPOS="1150" ID="st8-412"/><SP/><String HEIGHT="26" CONTENT="less" WIDTH="38" HPOS="851" VPOS="1150" ID="st8-413"/></TextLine><TextLine HPOS="94" VPOS="1182" ID="tl8-51" WIDTH="335" HEIGHT="26"><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="94" VPOS="1182" ID="st8-414"/><SP/><String HEIGHT="26" CONTENT="60" WIDTH="29" HPOS="150" VPOS="1182" ID="st8-415"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="82" HPOS="186" VPOS="1182" ID="st8-416"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="275" VPOS="1182" ID="st8-417"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="304" VPOS="1182" ID="st8-418"/><SP/><String HEIGHT="26" CONTENT="average" WIDTH="83" HPOS="346" VPOS="1182" ID="st8-419"/></TextLine><TextLine HPOS="435" VPOS="1187" ID="tl8-52" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="435" VPOS="1187" ID="st8-420"/></TextLine><TextLine HPOS="493" VPOS="1182" ID="tl8-53" WIDTH="207" HEIGHT="26"><String HEIGHT="26" CONTENT="per" WIDTH="34" HPOS="493" VPOS="1182" ID="st8-421"/><String HEIGHT="26" CONTENT="-" WIDTH="12" HPOS="527" VPOS="1182" ID="st8-422"/><String HEIGHT="26" CONTENT="capita" WIDTH="69" HPOS="539" VPOS="1182" ID="st8-423"/><String HEIGHT="26" CONTENT="-" WIDTH="11" HPOS="608" VPOS="1182" ID="st8-424"/><String HEIGHT="26" CONTENT="income" WIDTH="69" HPOS="619" VPOS="1182" ID="st8-425"/><String HEIGHT="26" CONTENT="." WIDTH="12" HPOS="688" VPOS="1182" ID="st8-426"/></TextLine><TextLine HPOS="129" VPOS="1214" ID="tl8-54" WIDTH="241" HEIGHT="26"><String HEIGHT="26" CONTENT="For" WIDTH="40" HPOS="129" VPOS="1214" ID="st8-427"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="103" HPOS="177" VPOS="1214" ID="st8-428"/><SP/><String HEIGHT="26" CONTENT="outside" WIDTH="82" HPOS="288" VPOS="1214" ID="st8-429"/></TextLine><TextLine HPOS="378" VPOS="1219" ID="tl8-55" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="378" VPOS="1219" ID="st8-430"/></TextLine><TextLine HPOS="430" VPOS="1214" ID="tl8-56" WIDTH="459" HEIGHT="26"><String HEIGHT="26" CONTENT="," WIDTH="7" HPOS="430" VPOS="1214" ID="st8-431"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="11" HPOS="446" VPOS="1214" ID="st8-432"/><SP/><String HEIGHT="26" CONTENT="strong" WIDTH="71" HPOS="466" VPOS="1214" ID="st8-433"/><SP/><String HEIGHT="26" CONTENT="nominal" WIDTH="92" HPOS="546" VPOS="1214" ID="st8-434"/><SP/><String HEIGHT="26" CONTENT="depreciation" WIDTH="138" HPOS="646" VPOS="1214" ID="st8-435"/><SP/><String HEIGHT="26" CONTENT="seems" WIDTH="65" HPOS="792" VPOS="1214" ID="st8-436"/><SP/><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="866" VPOS="1214" ID="st8-437"/></TextLine><TextLine HPOS="94" VPOS="1245" ID="tl8-57" WIDTH="489" HEIGHT="27"><String HEIGHT="27" CONTENT="be" WIDTH="26" HPOS="94" VPOS="1245" ID="st8-438"/><SP/><String HEIGHT="27" CONTENT="a" WIDTH="12" HPOS="127" VPOS="1245" ID="st8-439"/><SP/><String HEIGHT="27" CONTENT="better" WIDTH="65" HPOS="145" VPOS="1245" ID="st8-440"/><SP/><String HEIGHT="27" CONTENT="path" WIDTH="50" HPOS="217" VPOS="1245" ID="st8-441"/><SP/><String HEIGHT="27" CONTENT="to" WIDTH="24" HPOS="273" VPOS="1245" ID="st8-442"/><SP/><String HEIGHT="27" CONTENT="adjustment" WIDTH="123" HPOS="304" VPOS="1245" ID="st8-443"/><SP/><String HEIGHT="27" CONTENT="than" WIDTH="50" HPOS="434" VPOS="1245" ID="st8-444"/><SP/><String HEIGHT="27" CONTENT="entering" WIDTH="93" HPOS="490" VPOS="1245" ID="st8-445"/></TextLine><TextLine HPOS="589" VPOS="1251" ID="tl8-58" WIDTH="52" HEIGHT="14"><String HEIGHT="14" CONTENT="emu" WIDTH="52" HPOS="589" VPOS="1251" ID="st8-446"/></TextLine><TextLine HPOS="648" VPOS="1245" ID="tl8-59" WIDTH="241" HEIGHT="27"><String HEIGHT="27" CONTENT="and" WIDTH="41" HPOS="648" VPOS="1245" ID="st8-447"/><SP/><String HEIGHT="27" CONTENT="hoping" WIDTH="79" HPOS="696" VPOS="1245" ID="st8-448"/><SP/><String HEIGHT="27" CONTENT="for" WIDTH="33" HPOS="782" VPOS="1245" ID="st8-449"/><SP/><String HEIGHT="27" CONTENT="an" WIDTH="27" HPOS="821" VPOS="1245" ID="st8-450"/><SP/><String HEIGHT="27" CONTENT="ad" WIDTH="24" HPOS="854" VPOS="1245" ID="st8-451" SUBS_TYPE="HypPart1" SUBS_CONTENT="adjustment"/><HYP CONTENT="-" WIDTH="11" HPOS="878" VPOS="1245" HEIGHT="27"/></TextLine><TextLine HPOS="94" VPOS="1277" ID="tl8-60" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="justment" WIDTH="98" HPOS="94" VPOS="1277" ID="st8-452" SUBS_TYPE="HypPart2" SUBS_CONTENT="adjustment"/><SP/><String HEIGHT="26" CONTENT="by" WIDTH="28" HPOS="198" VPOS="1277" ID="st8-453"/><SP/><String HEIGHT="26" CONTENT="domestic" WIDTH="100" HPOS="233" VPOS="1277" ID="st8-454"/><SP/><String HEIGHT="26" CONTENT="deflation" WIDTH="95" HPOS="340" VPOS="1277" ID="st8-455"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="435" VPOS="1277" ID="st8-456"/><SP/><String HEIGHT="26" CONTENT="One" WIDTH="48" HPOS="453" VPOS="1277" ID="st8-457"/><SP/><String HEIGHT="26" CONTENT="could" WIDTH="62" HPOS="508" VPOS="1277" ID="st8-458"/><SP/><String HEIGHT="26" CONTENT="even" WIDTH="51" HPOS="577" VPOS="1277" ID="st8-459"/><SP/><String HEIGHT="26" CONTENT="argue" WIDTH="62" HPOS="635" VPOS="1277" ID="st8-460"/><SP/><String HEIGHT="26" CONTENT="that" WIDTH="44" HPOS="704" VPOS="1277" ID="st8-461"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="755" VPOS="1277" ID="st8-462"/><SP/><String HEIGHT="26" CONTENT="old" WIDTH="36" HPOS="797" VPOS="1277" ID="st8-463"/><SP/><String HEIGHT="26" CONTENT="con" WIDTH="37" HPOS="840" VPOS="1277" ID="st8-464" SUBS_TYPE="HypPart1" SUBS_CONTENT="convergence"/><HYP CONTENT="-" WIDTH="12" HPOS="877" VPOS="1277" HEIGHT="26"/></TextLine><TextLine HPOS="94" VPOS="1309" ID="tl8-61" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="vergence" WIDTH="97" HPOS="94" VPOS="1309" ID="st8-465" SUBS_TYPE="HypPart2" SUBS_CONTENT="convergence"/><SP/><String HEIGHT="26" CONTENT="criteria" WIDTH="77" HPOS="201" VPOS="1309" ID="st8-466"/><SP/><String HEIGHT="26" CONTENT="completely" WIDTH="121" HPOS="288" VPOS="1309" ID="st8-467"/><SP/><String HEIGHT="26" CONTENT="neglect" WIDTH="79" HPOS="418" VPOS="1309" ID="st8-468"/><SP/><String HEIGHT="26" CONTENT="the" WIDTH="35" HPOS="507" VPOS="1309" ID="st8-469"/><SP/><String HEIGHT="26" CONTENT="dangers" WIDTH="86" HPOS="551" VPOS="1309" ID="st8-470"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="647" VPOS="1309" ID="st8-471"/><SP/><String HEIGHT="26" CONTENT="unsustainable" WIDTH="151" HPOS="679" VPOS="1309" ID="st8-472"/><SP/><String HEIGHT="26" CONTENT="debt" WIDTH="49" HPOS="840" VPOS="1309" ID="st8-473"/></TextLine><TextLine HPOS="94" VPOS="1399" ID="tl8-62" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="94" VPOS="1399" ID="st8-474"/></TextLine><TextLine HPOS="128" VPOS="1395" ID="tl8-63" WIDTH="53" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="53" HPOS="128" VPOS="1395" ID="st8-475"/></TextLine><TextLine HPOS="580" VPOS="1395" ID="tl8-64" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="580" VPOS="1395" ID="st8-476"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="629" VPOS="1395" ID="st8-477"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="12" HPOS="639" VPOS="1395" ID="st8-478"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="56" HPOS="655" VPOS="1395" ID="st8-479"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="715" VPOS="1395" ID="st8-480"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="20" HPOS="767" VPOS="1395" ID="st8-481"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="51" HPOS="792" VPOS="1395" ID="st8-482"/></TextLine><TextLine HPOS="863" VPOS="1390" ID="tl8-65" WIDTH="26" HEIGHT="26"><String HEIGHT="26" CONTENT="43" WIDTH="26" HPOS="863" VPOS="1390" ID="st8-483"/></TextLine></TextBlock></PrintSpace></Page><Page WIDTH="984" PHYSICAL_IMG_NR="9" ID="p694254" HEIGHT="1472"><PrintSpace WIDTH="984" HPOS="0" VPOS="0" ID="ps694254" HEIGHT="1472"><TextBlock WIDTH="984" HPOS="0" VPOS="0" ID="tb694254" HEIGHT="1472"><TextLine HPOS="94" VPOS="96" ID="tl9-0" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="trends" WIDTH="65" HPOS="94" VPOS="96" ID="st9-0"/><String HEIGHT="26" CONTENT="." WIDTH="11" HPOS="159" VPOS="96" ID="st9-1"/><SP/><String HEIGHT="26" CONTENT="One" WIDTH="49" HPOS="176" VPOS="96" ID="st9-2"/><SP/><String HEIGHT="26" CONTENT="should" WIDTH="76" HPOS="230" VPOS="96" ID="st9-3"/><SP/><String HEIGHT="26" CONTENT="thus" WIDTH="47" HPOS="312" VPOS="96" ID="st9-4"/><SP/><String HEIGHT="26" CONTENT="add" WIDTH="41" HPOS="365" VPOS="96" ID="st9-5"/><SP/><String HEIGHT="26" CONTENT="a" WIDTH="12" HPOS="412" VPOS="96" ID="st9-6"/><SP/><String HEIGHT="26" CONTENT="new" WIDTH="46" HPOS="430" VPOS="96" ID="st9-7"/><SP/><String HEIGHT="26" CONTENT="criterion" WIDTH="95" HPOS="482" VPOS="96" ID="st9-8"/><SP/><String HEIGHT="26" CONTENT="which" WIDTH="67" HPOS="583" VPOS="96" ID="st9-9"/><SP/><String HEIGHT="26" CONTENT="only" WIDTH="49" HPOS="656" VPOS="96" ID="st9-10"/><SP/><String HEIGHT="26" CONTENT="allows" WIDTH="70" HPOS="711" VPOS="96" ID="st9-11"/><SP/><String HEIGHT="26" CONTENT="countries" WIDTH="102" HPOS="787" VPOS="96" ID="st9-12"/></TextLine><TextLine HPOS="94" VPOS="127" ID="tl9-1" WIDTH="795" HEIGHT="26"><String HEIGHT="26" CONTENT="to" WIDTH="23" HPOS="94" VPOS="127" ID="st9-13"/><SP/><String HEIGHT="26" CONTENT="enter" WIDTH="56" HPOS="127" VPOS="127" ID="st9-14"/><SP/><String HEIGHT="26" CONTENT="if" WIDTH="15" HPOS="193" VPOS="127" ID="st9-15"/><SP/><String HEIGHT="26" CONTENT="their" WIDTH="52" HPOS="218" VPOS="127" ID="st9-16"/><SP/><String HEIGHT="26" CONTENT="current" WIDTH="81" HPOS="279" VPOS="127" ID="st9-17"/><SP/><String HEIGHT="26" CONTENT="account" WIDTH="87" HPOS="369" VPOS="127" ID="st9-18"/><SP/><String HEIGHT="26" CONTENT="does" WIDTH="51" HPOS="465" VPOS="127" ID="st9-19"/><SP/><String HEIGHT="26" CONTENT="not" WIDTH="38" HPOS="526" VPOS="127" ID="st9-20"/><SP/><String HEIGHT="26" CONTENT="show" WIDTH="59" HPOS="573" VPOS="127" ID="st9-21"/><SP/><String HEIGHT="26" CONTENT="an" WIDTH="26" HPOS="642" VPOS="127" ID="st9-22"/><SP/><String HEIGHT="26" CONTENT="imbalance" WIDTH="112" HPOS="677" VPOS="127" ID="st9-23"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="799" VPOS="127" ID="st9-24"/><SP/><String HEIGHT="26" CONTENT="more" WIDTH="58" HPOS="831" VPOS="127" ID="st9-25"/></TextLine><TextLine HPOS="94" VPOS="159" ID="tl9-2" WIDTH="231" HEIGHT="26"><String HEIGHT="26" CONTENT="than" WIDTH="50" HPOS="94" VPOS="159" ID="st9-26"/><SP/><String HEIGHT="26" CONTENT="three" WIDTH="57" HPOS="150" VPOS="159" ID="st9-27"/><SP/><String HEIGHT="26" CONTENT="percent" WIDTH="83" HPOS="213" VPOS="159" ID="st9-28"/><SP/><String HEIGHT="26" CONTENT="of" WIDTH="23" HPOS="302" VPOS="159" ID="st9-29"/></TextLine><TextLine HPOS="332" VPOS="165" ID="tl9-3" WIDTH="47" HEIGHT="14"><String HEIGHT="14" CONTENT="gdp" WIDTH="47" HPOS="332" VPOS="165" ID="st9-30"/></TextLine><TextLine HPOS="379" VPOS="159" ID="tl9-4" WIDTH="7" HEIGHT="26"><String HEIGHT="26" CONTENT="." WIDTH="7" HPOS="379" VPOS="159" ID="st9-31"/></TextLine><TextLine HPOS="94" VPOS="1390" ID="tl9-5" WIDTH="30" HEIGHT="26"><String HEIGHT="26" CONTENT="44" WIDTH="30" HPOS="94" VPOS="1390" ID="st9-32"/></TextLine><TextLine HPOS="144" VPOS="1395" ID="tl9-6" WIDTH="263" HEIGHT="18"><String HEIGHT="18" CONTENT="Dullien" WIDTH="49" HPOS="144" VPOS="1395" ID="st9-33"/><String HEIGHT="18" CONTENT="," WIDTH="7" HPOS="193" VPOS="1395" ID="st9-34"/><SP/><String HEIGHT="18" CONTENT="A" WIDTH="11" HPOS="203" VPOS="1395" ID="st9-35"/><SP/><String HEIGHT="18" CONTENT="Growth" WIDTH="56" HPOS="219" VPOS="1395" ID="st9-36"/><SP/><String HEIGHT="18" CONTENT="Model" WIDTH="47" HPOS="279" VPOS="1395" ID="st9-37"/><SP/><String HEIGHT="18" CONTENT="for" WIDTH="20" HPOS="331" VPOS="1395" ID="st9-38"/><SP/><String HEIGHT="18" CONTENT="Europe" WIDTH="51" HPOS="356" VPOS="1395" ID="st9-39"/></TextLine><TextLine HPOS="802" VPOS="1399" ID="tl9-7" WIDTH="30" HEIGHT="11"><String HEIGHT="11" CONTENT="ipg" WIDTH="30" HPOS="802" VPOS="1399" ID="st9-40"/></TextLine><TextLine HPOS="837" VPOS="1395" ID="tl9-8" WIDTH="52" HEIGHT="19"><String HEIGHT="19" CONTENT="1/2010" WIDTH="52" HPOS="837" VPOS="1395" ID="st9-41"/></TextLine></TextBlock></PrintSpace></Page></Layout></alto>