{"id":73314,"date":"2023-03-31T18:20:26","date_gmt":"2023-03-31T17:20:26","guid":{"rendered":"https:\/\/jazairhope.org\/?p=73314"},"modified":"2023-03-31T18:20:26","modified_gmt":"2023-03-31T17:20:26","slug":"%d8%a7%d9%84%d8%a3%d8%b2%d9%85%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85%d9%8a%d8%a9-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9-%d9%88%d8%a7%d9%84%d9%85%d8%a2","status":"publish","type":"post","link":"https:\/\/jazairhope.org\/ar\/%d8%a7%d9%84%d8%a3%d8%b2%d9%85%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85%d9%8a%d8%a9-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9-%d9%88%d8%a7%d9%84%d9%85%d8%a2\/","title":{"rendered":"\u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629.. \u0627\u0644\u0648\u0627\u0642\u0639 \u0648\u0627\u0644\u0645\u0622\u0644"},"content":{"rendered":"

\u0628\u0642\u0644\u0645 \u0627\u0644\u0628\u0627\u062d\u062b<\/strong><\/span><\/p>\n

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\n
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\n
\u0644\u0643\u0646 \u0639\u0646\u062f\u0645\u0627 \u064a\u0635\u0628\u062d \u0627\u0644\u062a\u0636\u062e\u0645 \u063a\u064a\u0631 \u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u0646\u0628\u0624 \u0628\u062f\u0642\u0651\u0629\u060c \u0633\u064a\u0648\u0627\u062c\u0647 \u0643\u0644 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646 \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u062d\u0627\u0644\u0629 \u0645\u0646 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646. \u064a\u062a\u0633\u0628\u0651\u0628 \u0630\u0644\u0643 \u0641\u064a \u062a\u0623\u062c\u064a\u0644 \u0627\u0644\u0625\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0648\u062a\u0648\u0633\u064a\u0639\u0647\u0627 \u0623\u0648 \u062a\u0623\u062c\u064a\u0644 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0648\u0627\u0644\u0646\u0641\u0642\u0627\u062a\u060c \u0628\u064a\u0646\u0645\u0627 \u0648\u0644\u0625\u0642\u062a\u0631\u0627\u0646 \u0627\u0644\u062a\u0636\u062e\u0645 \u0628\u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0642\u062f \u062a\u0642\u0644\u0644 \u0627\u0644\u0623\u0633\u0631 \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0628\u0639\u062f \u062a\u0642\u0644\u064a\u0635\u0647\u0627 \u0645\u0627 \u062a\u062d\u0645\u0644\u0647 \u0645\u0646 \u0633\u064a\u0648\u0644\u0629 \u0628\u062a\u0631\u0643 \u062c\u0632\u0621 \u0645\u0647\u0645 \u0645\u0646\u0647\u0627 \u0641\u064a \u0627\u0644\u0628\u0646\u0648\u0643 \u0628\u0647\u062f\u0641 \u062a\u062d\u0635\u064a\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062f\u064a \u0643\u0644\u0651 \u0630\u0644\u0643 \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0645\u0639\u062f\u0651\u0644\u0627\u062a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0648\u0627\u0646\u0643\u0645\u0627\u0634 \u062d\u0627\u062f\u0651 \u0641\u064a \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0647\u0630\u0627 \u0648\u064a\u0639\u062f \u0627\u0644\u0647\u062f\u0641 \u0627\u0644\u0645\u0639\u0644\u0646 \u0645\u0646 \u0625\u0646\u0634\u0627\u0621 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0645\u062b\u0644 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0623\u062e\u0631\u0649\u060c \u0647\u0648 \u062a\u0639\u0632\u064a\u0632\u064f \u0627\u0644\u0631\u062e\u0627\u0621 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u0627\u0644\u0631\u0641\u0627\u0647\u064a\u0629 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629. \u0641\u0625\u0646 \u062c\u0632\u0621\u0627 \u0645\u0646 \u0627\u0644\u0645\u0647\u0645\u0629 \u0627\u0644\u0645\u0648\u0643\u0644\u0629 \u0625\u0644\u0649 \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0643\u0648\u0646\u062c\u0631\u0633 \u0647\u0648 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0623\u064a \u0645\u0646\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0645\u0646 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 (\u0627\u0644\u062a\u0636\u062e\u0651\u0645) \u0623\u0648 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 (\u0627\u0644\u0631\u0643\u0648\u062f) \u0628\u0633\u0631\u0639\u0629 \u0643\u0628\u064a\u0631\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062a\u0645 \u062a\u0643\u0644\u064a\u0641 \u0627\u0644\u0625\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0643\u0648\u0646\u062c\u0631\u0633 \u0628\u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u062a\u064a \u062a\u0645 \u062a\u062d\u062f\u064a\u062f\u0647\u0627 \u0641\u064a \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0628\u0644\u0632\u0648\u0645 “\u0627\u0644\u062a\u0631\u0648\u064a\u062c \u0627\u0644\u0641\u0639\u0627\u0644 \u0644\u0647\u062f\u0641 \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u0642\u0635\u0649 \u0645\u0646 \u0641\u0631\u0635 \u0627\u0644\u0639\u0645\u0644\u060c \u0648\u0627\u0644\u062d\u0641\u0627\u0636 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0645\u0633\u062a\u0642\u0631\u0629 \u0648\u0623\u0633\u0639\u0627\u0631 \u0641\u0627\u0626\u062f\u0629 \u0645\u0639\u062a\u062f\u0644\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644”. \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0637\u0644\u0642 \u0639\u0644\u0649 \u0647\u0630\u064a\u0646 \u0627\u0644\u0647\u062f\u0641\u064a\u0646 \u0628\u0627\u0644\u0640 “\u0627\u0644\u0639\u0647\u062f\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629” \u0623\u0648 “dual mandate” \u062a\u0628\u064a\u064a\u0646\u0627 \u0644\u0623\u0647\u0645\u0651\u064a\u062a\u0647\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u062a\u0645\u0651 \u0627\u0644\u062a\u0648\u0627\u0641\u0642 \u0641\u064a \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0623\u062e\u064a\u0631\u0629 \u0644\u062f\u0649 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u062a\u0636\u062e\u0651\u0645 \u0633\u0646\u0648\u064a 2% \u0648\u0641\u0642\u064b\u0627 \u0644\u0645\u0624\u0634\u0631 \u0623\u0633\u0639\u0627\u0631 (PCEPI) \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0623\u0635\u062d\u0651 \u0644\u0642\u064a\u0644\u0633 \u0627\u0644\u062a\u0636\u062e\u0651\u0645. \u0625\u0630 \u0648\u0641\u064a \u062c\u0627\u0646\u0641\u064a (\u064a\u0646\u0627\u064a\u06312012)\u060c \u0623\u0639\u0644\u0646\u062a \u0627\u0644\u0644\u062c\u0646\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0644\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 (FOMC) – \u0648\u0647\u064a \u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0648\u0637\u0646\u064a\u0629 – \u0641\u064a \u0628\u064a\u0627\u0646 \u0644\u0647\u0627 \u0623\u0646\u0647\u0627 \u062a\u0639\u062a\u0642\u062f \u0628\u0623\u0646 “\u0627\u0644\u062a\u0636\u062e\u0645 \u0628\u0645\u0639\u062f\u0644 2% \u0648\u0641\u0642\u064b\u0627 \u0644\u0645\u0624\u0634\u0631 (PCEPI)\u060c \u0647\u0648 \u0627\u0644\u0623\u0643\u062b\u0631 \u062a\u0646\u0627\u0633\u0642\u0627 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644 \u0645\u0639 \u0627\u0644\u062a\u0641\u0648\u064a\u0636 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a”.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0645\u0646\u0630 \u0630\u0644\u0643 \u0627\u0644\u062d\u064a\u0646 \u0623\u0635\u0628\u062d \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u0648\u0646 \u0641\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0648\u0641\u064a \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0648\u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0648\u0643\u0630\u0627 \u0645\u0633\u0624\u0648\u0644\u064a \u0645\u062e\u062a\u0644\u0641 \u0647\u064a\u0626\u0627\u062a \u0648\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0625\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u064a\u062a\u062d\u062f\u0651\u062b\u0648\u0646 \u0639\u0646 \u0636\u0631\u0648\u0631\u0629 \u062a\u062d\u0642\u064a\u0642 \u0647\u062f\u0641 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u062a\u0636\u062e\u0651\u0645 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 2%.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062d\u0633\u0628 \u062e\u0628\u0631\u0627\u0621 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0641\u0625\u0646 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u062d\u0641\u0638 \u0642\u062f\u0631 \u0636\u0626\u064a\u0644 \u0648\u0644\u0643\u0646 \u0625\u064a\u062c\u0627\u0628\u064a \u0645\u0646 \u0627\u0644\u062a\u0636\u062e\u0645 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0644\u0647 \u0639\u062f\u0629 \u0641\u0648\u0627\u0626\u062f. \u0645\u0646\u0647\u0627 \u0643\u0648\u0646\u0647 \u064a\u0645\u0646\u0639 \u0625\u0631\u062a\u0641\u0627\u0639 \u0646\u0633\u0628 \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u064a\u0636\u0628\u0637 \u062a\u0648\u0642\u0639\u0627\u062a\u0647 \u0644\u064a\u0642\u064a \u0628\u0630\u0644\u0643 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0645\u0646 \u0623\u0632\u0645\u0627\u062a \u0645\u0636\u0646\u064a\u0629 \u0643\u062a\u0639\u062b\u0651\u0631 \u0643\u0644\u0651 \u0645\u0646 \u0627\u0644\u0648\u0638\u0627\u0626\u0641 \u0648\u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0648\u0627\u0644\u062f\u062e\u0644. \u0648\u0645\u0646\u0647\u0627 \u0643\u0648\u0646\u0647 \u064a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0645\u0646 \u0627\u0644\u0627\u0646\u0643\u0645\u0627\u0634 (Deflation) \u0641\u064a\u0636\u0645\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u064a\u0629 \u062d\u0631\u0643\u064a\u062a\u0647 \u0648 \u062d\u0631\u0643\u064a\u0629 \u0639\u062c\u0644\u0629 \u0627\u0644\u062a\u0646\u0645\u064a\u0629. \u0645\u0639 \u0627\u0644\u0639\u0644\u0645 \u0628\u0623\u0646\u0651 \u0627\u0644\u0625\u0646\u0643\u0645\u0627\u0634 \u064a\u0646\u0637\u0648\u064a \u0639\u0644\u0649 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0643\u0644 \u0645\u062b\u0644\u0647 \u0645\u062b\u0644 \u0627\u0644\u062a\u0636\u062e\u0645\u060c \u0625\u0646 \u0644\u0645 \u064a\u0643\u0646 \u0623\u0643\u062b\u0631.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0641\u062c\u0648\u0647\u0631 \u0627\u0644\u0642\u0636\u064a\u0629 \u0643\u0648\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u062a\u0636\u062e\u0645 \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u0647\u064a \u0623\u0643\u062b\u0631 \u062f\u0648\u0631\u064a\u0629 \u0648\u0623\u0642\u0644 \u0627\u0633\u062a\u0642\u0631\u0627\u0631\u0627 \u0628\u0642\u0645\u0645 \u0623\u0643\u062b\u0631 \u062d\u062f\u0651\u0629 \u0648\u062a\u0642\u0644\u0651\u0628\u0627\u062a \u0623\u0643\u062b\u0631 \u0634\u062f\u0651\u0629\u060c \u0645\u0639 \u0641\u062a\u0631\u0627\u062a \u0625\u0632\u062f\u0647\u0627\u0631 \u062a\u062a\u0628\u0639\u0647\u0627 \u0641\u062a\u0631\u0627\u062a \u0631\u0643\u0648\u062f. \u0648\u062a\u0645\u064a\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u062a\u0636\u062e\u0645 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u0625\u0644\u0649 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0623\u0643\u062b\u0631 \u0627\u0633\u062a\u0642\u0631\u0627\u0631\u064b\u0627\u060c \u0645\u0639 \u0646\u0645\u0648 \u062b\u0627\u0628\u062a \u0646\u0648\u0639\u0627 \u0645\u0627. (\u0631\u0627\u062c\u0639 \u0645\u0646\u062d\u0646\u0649 \u0641\u0648\u0631\u0628\u0633)<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648 \u0631\u062f\u0651\u062f\u062a \u0645\u064a\u0634\u0627\u0644 \u0628\u0648\u0645\u0627\u0646 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0646\u0637\u0628\u0627\u0639\u0647\u0627 \u0642\u0627\u0626\u0644\u0629 \u0625\u0646 \u0627\u0644\u062a\u0636\u062e\u0645 \u064a\u0647\u062f\u0651\u062f “\u0628\u0641\u062a\u0631\u0629 \u0637\u0648\u064a\u0644\u0629 \u0645\u0646 \u0627\u0644\u0636\u0639\u0641 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0645\u0642\u0631\u0648\u0646\u064b\u0627 \u0628\u062a\u0636\u062e\u0645 \u0645\u0631\u062a\u0641\u0639\u060c \u0645\u062b\u0644\u0645\u0627 \u0634\u0647\u062f\u0646\u0627 \u0641\u064a \u0627\u0644\u0633\u0628\u0639\u064a\u0646\u064a\u0627\u062a”. \u0648\u0635\u0631\u0651\u062d\u062a \u0643\u0631\u064a\u0633\u062a\u064a\u0646 \u0644\u0627\u063a\u0627\u0631\u062f \u0631\u0626\u064a\u0633\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0645\u0624\u062e\u0631\u0627 \u0628\u0627\u0644\u0642\u0648\u0644 “\u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0651\u0639 \u0623\u0646 \u064a\u0638\u0644 \u0627\u0644\u062a\u0636\u062e\u0651\u0645 \u0645\u0631\u062a\u0641\u0639\u0627 \u0644\u0644\u063a\u0627\u064a\u0629 \u0644\u0641\u062a\u0631\u0629 \u0637\u0648\u064a\u0644\u0629 \u0645\u0646 \u0627\u0644\u0648\u0642\u062a”. \u0628\u0645\u0639\u0646\u0649 \u0623\u0646 \u0627\u0644\u063a\u0631\u0628 \u0645\u0642\u0628\u0644 \u0639\u0644\u0649 \u0641\u062a\u0631\u0629 \u0637\u0648\u064a\u0644\u0629 \u0645\u0646 \u0639\u062f\u0645 \u0627\u0644\u0625\u0633\u062a\u0642\u0631\u0627\u0631 \u0648\u0627\u0644\u0636\u0639\u0641.<\/strong><\/span><\/div>\n<\/div>\n
\n
2. \u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0644\u062d\u062f\u0651\u0647\u0627 \u0627\u0644\u0645\u0642\u0631\u0651\u0631<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0641\u064a 19 \u062c\u0627\u0646\u0641\u064a (\u064a\u0646\u0627\u064a\u0631) \u062a\u062c\u0627\u0648\u0632\u062a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0631\u0633\u0645\u064a\u0627\u064b \u0633\u0642\u0641 \u062f\u064a\u0648\u0646\u0647\u0627 \u0627\u0644\u0628\u0627\u0644\u063a 31.4 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0645\u0627 \u064a\u0639\u0627\u062f\u0644 120% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0639\u062a\u0628\u0631 \u0642\u0646\u0628\u0644\u0629 \u0645\u0648\u0642\u0648\u062a\u0629 \u0644\u062a\u062e\u0644\u0641 \u0643\u0627\u0631\u062b\u064a \u0645\u062d\u062a\u0645\u0644 \u0639\u0646 \u0633\u062f\u0627\u062f \u062f\u064a\u0648\u0646\u0647\u0627. \u0627\u0644\u0625\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0645\u0646 \u062c\u0647\u062a\u0647 \u0633\u0628\u0642 \u0648\u0623\u0646 \u062d\u062f\u0651\u062f \u0646\u0633\u0628\u0629 60% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0643\u0633\u0642\u0641 \u0644\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0636\u0631\u0648\u0631\u064a \u0627\u0644\u0625\u0644\u062a\u0632\u0627\u0645 \u0628\u0647\u060c \u0644\u0643\u0646 \u0623\u0648\u0631\u0648\u0628\u0627 \u062a\u062e\u0637\u062a \u0630\u0644\u0643 \u0628\u0644 \u0648\u062a\u062e\u0637\u062a \u0633\u0642\u0641\u0627 \u0623\u0639\u0644\u0649 \u0648\u0623\u062e\u0637\u0631 \u0647\u0648 \u0646\u0633\u0628\u0629 100% \u0645\u0646 \u0646\u0627\u062a\u062c \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u064a\u0648\u0631\u064a \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0642\u062f \u0642\u0627\u0645\u062a \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0628\u0625\u062a\u062e\u0627\u0630 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 “\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0629” \u062d\u062a\u0649 \u0644\u0627 \u064a\u0643\u0648\u0646 \u062d\u062f \u0627\u0644\u062f\u064a\u0646 \u0645\u0644\u0632\u0645\u064b\u0627. \u0648\u062a\u0634\u064a\u0631 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0633\u062a\u0643\u0648\u0646 \u0643\u0627\u0641\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0642\u0644 \u062d\u062a\u0649 5 \u062c\u0648\u0627\u0646 (\u064a\u0648\u0646\u064a\u0648)\u060c \u0648\u0641\u0642\u064b\u0627 \u0644\u0648\u0632\u064a\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u062c\u0627\u0646\u064a\u062a \u064a\u0644\u064a\u0646\u060c \u0645\u0645\u0627 \u0623\u062b\u0627\u0631 \u0645\u062e\u0627\u0648\u0641 \u0645\u0646 \u062a\u062f\u0627\u0639\u064a\u0627\u062a \u0633\u064a\u0626\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u064a\u0646. \u0648\u064a\u0642\u062f\u0631 \u0641\u0631\u064a\u0642 Moody \u0623\u0646 \u0627\u0644\u0645\u0648\u0639\u062f \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u060c \u0627\u0644\u0645\u0639\u0631\u0648\u0641 \u0628\u0627\u0633\u0645 (X-date)\u060c \u0647\u0648 15 \u0623\u0648\u062a (\u0623\u063a\u0633\u0637\u0633) \u0627\u0644\u0645\u0642\u0628\u0644.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0627\u0639\u062a\u0628\u0631 \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0623\u0646 \u0639\u0627\u0626\u062f\u0627\u062a \u0627\u0644\u0636\u0631\u0627\u0626\u0628\u060c \u0648\u0647\u064a \u0627\u0644\u0645\u0648\u0631\u062f \u0627\u0644\u0648\u062d\u064a\u062f \u0627\u0644\u0630\u064a \u0633\u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u0649 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0625\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u064a\u0647 \u0644\u062f\u0641\u0639 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u062f\u064a\u0646\u060c \u0633\u0648\u0641 \u062a\u062a\u0636\u0627\u0621\u0644\u060c \u0648\u0633\u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0648\u0627\u0644\u062a\u0634\u062f\u064a\u062f \u0623\u0643\u062b\u0631.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0625\u0630\u0627 \u0641\u0642\u062f\u062a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629\u060c \u0641\u0642\u062f \u062a\u0648\u0627\u062c\u0647 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0635\u0639\u0648\u0628\u0629 \u0641\u064a \u0627\u0644\u0639\u062b\u0648\u0631 \u0639\u0644\u0649 \u0645\u0634\u062a\u0631\u064a\u0646 \u062d\u062a\u0649 \u064a\u062a\u0633\u0646\u0649 \u0644\u0647\u0627 \u062a\u062c\u062f\u064a\u062f \u062f\u064a\u0648\u0646\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629. \u0648\u0645\u0646 \u0627\u0644\u0645\u0631\u062c\u062d \u062c\u062f\u064b\u0627 \u0623\u0646 \u062a\u0642\u062a\u0631\u0646 \u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u0627\u0636\u0637\u0631\u0627\u0628\u0627\u062a \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0627\u0646\u062e\u0641\u0627\u0636 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u0648\u0641\u0642\u062f\u0627\u0646 \u062b\u0642\u0629 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643 \u0648\u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0641\u0636\u0627\u0621 \u0627\u0644\u0625\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u0634\u0643\u0644 \u0639\u0627\u0645 (\u0625\u0646\u0641\u062c\u0627\u0631 \u0627\u0644\u0641\u0642\u0627\u0639\u0629).<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0643\u0639\u064a\u0646\u0629 \u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u0641\u0625\u0646\u0647 \u0641\u064a \u0639\u0627\u0645 2011\u060c \u0648\u0627\u0641\u0642 \u0627\u0644\u0643\u0648\u0646\u062c\u0631\u0633 \u0639\u0644\u0649 \u062a\u0645\u062f\u064a\u062f \u0633\u0642\u0641 \u0627\u0644\u062f\u064a\u0648\u0646 \u0628\u0633\u0627\u0639\u0627\u062a \u0641\u0642\u0637 \u0642\u0628\u0644 \u0623\u0646 \u062a\u062a\u062e\u0644\u0641 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0639\u0646 \u0627\u0644\u0633\u062f\u0627\u062f. \u062f\u0641\u0639 \u0647\u0630\u0627 \u0627\u0644\u062a\u0623\u062e\u0631 \u0648\u0643\u0627\u0644\u0629 \u0627\u0644\u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u064a Standard & Poor\u2019s \u0625\u0644\u0649 \u062a\u062c\u0631\u064a\u062f \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0645\u0646 \u062a\u0635\u0646\u064a\u0641\u0647\u0627 \u0627\u0644\u0645\u062a\u0645\u064a\u0651\u0632 AAA (\u0643\u0623\u0639\u0644\u0649 \u062a\u0635\u0646\u064a\u0641 \u0645\u0634\u062c\u0651\u0639 \u0644\u0644\u0625\u0633\u062a\u062b\u0645\u0627\u0631).<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0643\u0627\u0646 \u0631\u062f \u0641\u0639\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0633\u0631\u064a\u0639\u064b\u0627 \u062c\u062f\u0627 \u0645\u0645\u0651\u0627 \u062a\u0633\u0628\u0651\u0628 \u0641\u064a \u062a\u0647\u0627\u0648\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0633\u0647\u0645. \u0627\u0633\u062a\u063a\u0631\u0642 \u062a\u0639\u0627\u0641\u064a \u0623\u0647\u0645 \u0645\u0624\u0634\u0631 \u0645\u0627\u0644\u064a S&P 500 \u0645\u0627 \u064a\u0642\u0631\u0628 \u0645\u0646 \u0633\u062a\u0629 \u0623\u0634\u0647\u0631. \u0648\u064a\u0631\u0649 \u0645\u0631\u0627\u0642\u0628\u0648\u0646 \u0623\u0646\u0651 \u0645\u0627 \u064a\u062d\u062f\u062b \u0627\u0644\u064a\u0648\u0645 \u064a\u0634\u0628\u0647 \u0630\u0644\u0643 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631\u060c \u062e\u0627\u0635\u0629 \u0641\u064a \u0638\u0644 \u062a\u0639\u0646\u0651\u062a \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u064a\u0646. \u0625\u0630 \u064a\u0631\u0641\u0636 \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u0648\u0646 \u0641\u064a \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u062d\u062f \u0625\u0644\u0627 \u0625\u0630\u0627 \u0648\u0627\u0641\u0642 \u0628\u0627\u064a\u062f\u0646 \u0639\u0644\u0649 \u062a\u062e\u0641\u064a\u0636\u0627\u062a \u0643\u0628\u064a\u0631\u0629 \u0641\u064a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0628\u0647\u062f\u0641 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u0627\u0646\u064a \u0639\u062c\u0632\u0627 \u0645\u062a\u0641\u0627\u0642\u0645\u0627. \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u062a\u0633\u0628\u0628 \u0641\u064a \u0639\u0627\u0635\u0641\u0629 \u0623\u0643\u0628\u0631 \u0644\u0645\u0624\u0634\u0631 S&P 500\u060c \u0627\u0644\u0630\u064a \u0639\u0627\u0646\u0649 \u0645\u0646 \u0627\u0646\u062e\u0641\u0627\u0636 \u0628\u0646\u0633\u0628\u0629 19% \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0645\u0627\u0636\u064a.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0628\u0645\u0639\u0646\u0649 \u0623\u0646\u0651\u0647 \u0641\u064a \u062d\u0627\u0644 \u0645\u0627 \u0644\u0645 \u064a\u0631\u0641\u0639 \u0627\u0644\u0643\u0648\u0646\u062c\u0631\u0633 \u0623\u0648 \u064a\u0639\u0644\u0642 \u062d\u062f \u0627\u0644\u062f\u064a\u0646 \u0628\u0633\u0631\u0639\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0633\u062a\u0641\u062a\u0642\u0631 \u0625\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0643\u0627\u0641\u064a\u0629 \u0644\u062f\u0641\u0639 \u062c\u0645\u064a\u0639 \u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a\u0647\u0627 \u0625\u062a\u062c\u0627\u0647 \u062d\u064e\u0645\u064e\u0644\u0629 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0627\u0644\u0645\u0633\u062a\u0641\u064a\u062f\u064a\u0646 \u0645\u0646 \u0645\u062e\u062a\u0644\u0641 \u0623\u0634\u0643\u0627\u0644 \u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a (\u0623\u0643\u0644\u060c \u0637\u0628\u060c \u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0642\u062f\u0627\u0645\u0649 \u0627\u0644\u062c\u064a\u0634..) \u0648\u0627\u0644\u0645\u0648\u0638\u0641\u064a\u0646 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u064a\u0646.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0647\u0630\u0627 \u0648\u062d\u0630\u0651\u0631 \u0645\u0627\u0631\u0643 \u0632\u0627\u0646\u062f\u064a \u0641\u064a \u062a\u0642\u0631\u064a\u0631 \u0644\u0641\u0631\u064a\u0642\u0647 \u0648\u0647\u0648 \u0627\u0644\u0630\u064a \u0643\u062b\u064a\u0631\u0627 \u0645\u0627 \u062a\u0633\u062a\u0634\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0628\u0627\u064a\u062f\u0646 \u0628\u062a\u062d\u0644\u064a\u0644\u0627\u062a\u0647\u060c \u0645\u0646 \u0623\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0642\u062f \u064a\u062a\u062e\u0644\u0649 \u0628\u0633\u0631\u0639\u0629 \u0639\u0646 \u0645\u0644\u064a\u0648\u0646 \u0648\u0638\u064a\u0641\u0629 \u0648\u064a\u0633\u0642\u0637 \u0641\u064a \u062d\u0627\u0644\u0629 \u0631\u0643\u0648\u062f \u0625\u0630\u0627 \u0641\u0634\u0644 \u0627\u0644\u0645\u0634\u0631\u0639\u0648\u0646 \u0641\u064a \u0631\u0641\u0639 \u062d\u062f \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0641\u064a \u0627\u0644\u0628\u0644\u0627\u062f \u0642\u0628\u0644 \u0623\u0646 \u062a\u0633\u062a\u0646\u0641\u062f \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0642\u062f\u0631\u062a\u0647\u0627 \u0639\u0644\u0649 \u0633\u062f\u0627\u062f \u0641\u0648\u0627\u062a\u064a\u0631\u0647\u0627 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u062d\u062f\u062f. \u0628\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u0641\u0627\u0642\u0645 \u0627\u0644\u0636\u0631\u0631 \u0625\u0644\u0649 \u0641\u0642\u062f\u0627\u0646 \u0633\u0628\u0639\u0629 \u0645\u0644\u0627\u064a\u064a\u0646 \u0648\u0638\u064a\u0641\u0629\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062d\u062f\u0648\u062b \u0631\u0643\u0648\u062f \u0639\u0645\u064a\u0642 \u0648\u0623\u0632\u0645\u0629 \u0645\u0627\u0644\u064a\u0629 \u0639\u0644\u0649 \u0634\u0627\u0643\u0644\u0629 \u0623\u0632\u0645\u0629 2008 \u0641\u064a \u062d\u0627\u0644\u0629 \u0627\u0644\u062e\u0631\u0642 \u0627\u0644\u0645\u0637\u0648\u0644 \u0644\u062d\u062f \u0627\u0644\u062f\u064a\u0648\u0646.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u064a\u062d\u0630\u0631 \u062a\u0642\u0631\u064a\u0631 \u0641\u0631\u064a\u0642 \u0645\u0627\u0631\u0643 \u0623\u064a\u0636\u0627 \u0645\u0646 \u0623\u0636\u0631\u0627\u0631 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062c\u0633\u064a\u0645\u0629 \u0625\u0630\u0627 \u0648\u0627\u0641\u0642 \u0628\u0627\u064a\u062f\u0646\u060c \u0641\u064a \u0645\u062d\u0627\u0648\u0644\u0629 \u0644\u062a\u0641\u0627\u062f\u064a \u0627\u0644\u062a\u062e\u0644\u0641 \u0639\u0646 \u0627\u0644\u0633\u062f\u0627\u062f\u060c \u0639\u0644\u0649 \u0645\u0637\u0627\u0644\u0628 \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u064a\u0646. \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u062a\u062e\u0641\u064a\u0636\u0627\u062a “\u0627\u0644\u062f\u0631\u0627\u0645\u0627\u062a\u064a\u0643\u064a\u0629” \u0641\u064a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0633\u062a\u062f\u0641\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0628\u0634\u062f\u0651\u0629 \u0646\u062d\u0648 \u0627\u0644\u0631\u0643\u0648\u062f \u0641\u064a \u062d\u062f\u0648\u062f 2024\u060c \u0648\u0633\u064a\u0643\u0644\u0641 \u0630\u0644\u0643 2.6 \u0645\u0644\u064a\u0648\u0646 \u0648\u0638\u064a\u0641\u0629 \u0648\u0633\u064a\u062f\u0645\u0651\u0631 \u0627\u0644\u0646\u0645\u0648\u0651 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0645\u062f\u0651\u0629 \u0639\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0642\u0644.<\/strong><\/span><\/div>\n<\/div>\n
\n
3. \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u0627\u0644\u0645\u062a\u0641\u0627\u0642\u0645<\/strong><\/span><\/div>\n<\/div>\n
\n
31 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0644\u064a\u0633 \u0627\u0644\u0631\u0642\u0645 \u0627\u0644\u0623\u0643\u062b\u0631 \u0631\u0639\u0628\u0627 \u0641\u064a \u0635\u0631\u0627\u0639 \u0633\u0642\u0641 \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0641\u062d\u0633\u0628 \u0639\u062f\u064a\u062f \u0627\u0644\u062e\u0628\u0631\u0627\u0621\u060c \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0648\u0627\u062c\u0647 \u0627\u0644\u0628\u064a\u062a \u0627\u0644\u0623\u0628\u064a\u0636 \u0648\u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0647\u064a \u062d\u0642\u064a\u0642\u0629 \u0643\u0648\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0644\u0645 \u062a\u062d\u0642\u0651\u0642 \u0641\u0627\u0626\u0636\u0627 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0645\u0646\u0630 \u0623\u0648\u0627\u0626\u0644 \u0633\u0646\u0648\u0627\u062a \u0627\u0644\u06402000. \u0647\u0630\u0627 \u0648\u0642\u062f \u0628\u0644\u063a \u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 1,2 \u062a\u0631\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0648\u0627\u0644\u0630\u064a \u062a\u0648\u0642\u0639\u0647 \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0641\u064a \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0642\u0627\u062f\u0645\u0629\u060c \u0647\u0648 \u0645\u062a\u0648\u0633\u0637 \u0639\u062c\u0632 \u0628\u0640 4.3% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0648\u0630\u0644\u0643 \u062d\u062a\u0649 \u0639\u0627\u0645 2027. \u0648\u0647\u064a \u0623\u0631\u0642\u0627\u0645 \u062c\u062f\u0651 \u0645\u062e\u064a\u0641\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0628\u062d\u0633\u0628 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u0627\u062a (\u0645\u0639 \u0645\u0627 \u062a\u0645 \u062a\u062d\u062f\u064a\u062f\u0647 \u0645\u0646 \u0646\u0633\u0628 \u0646\u0645\u0648 \u0645\u062a\u0648\u0642\u0639\u0629)\u060c \u0633\u062a\u0633\u062a\u0645\u0631 \u0646\u0633\u0628\u0629 \u0627\u0644\u062f\u064a\u0646 \u0625\u0644\u0649 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (Debt to GDP Ratio) \u0628\u0627\u0644\u0625\u0631\u062a\u0641\u0627\u0639 \u0642\u0637\u0639\u0627. \u0644\u064a\u0628\u0642\u0649 \u0627\u0644\u0645\u062e\u0631\u062c \u0627\u0644\u0648\u062d\u064a\u062f \u0627\u0644\u0645\u062a\u0628\u0642\u0651\u064a \u0644\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0647\u0630\u0647 \u0627\u0644\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0645\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u0647\u0648 \u062d\u0641\u0638 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0643\u0639\u0645\u0644\u0629 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0629 \u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645\u060c \u0648\u0630\u0644\u0643 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0639\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0637\u0644\u0628\u0627\u062a \u0639\u0644\u0649 \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629. \u0644\u0643\u0646\u0651 \u0623\u0632\u0645\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u063a\u064a\u0631\u0647\u0627 \u0645\u0646 \u0627\u0644\u0623\u0632\u0645\u0627\u062a \u0648\u0627\u0644\u0648\u0642\u0627\u0626\u0639 \u062a\u0647\u062f\u0651\u062f \u0630\u0644\u0643 \u0628\u0634\u0643\u0644 \u062c\u062f\u0651\u064a.<\/strong><\/span><\/div>\n<\/div>\n
\n
4. \u0647\u0634\u0627\u0634\u0629 \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629<\/strong><\/span><\/div>\n<\/div>\n
\n
\u064a\u0635\u0628\u062d \u0627\u0644\u0623\u0645\u0631 \u0623\u0633\u0648\u0623 \u0625\u0630\u0627 \u062d\u062f\u062b\u062a \u0623\u0632\u0645\u0629 \u0623\u062e\u0631\u0649 \u0639\u0644\u0649 \u063a\u0631\u0627\u0631 \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0648\u0627\u0644\u0639\u062c\u0632\u060c \u0623\u0632\u0645\u0629 \u062a\u062a\u0637\u0644\u0628 \u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0645\u0627\u0644\u064a\u0629 \u063a\u064a\u0631 \u0639\u0627\u062f\u064a\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u0646\u0634\u0647\u062f\u0647 \u062d\u0627\u0644\u064a\u0627 \u0645\u0639 \u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0631\u0634\u062d\u0629 \u0644\u0644\u062a\u0641\u0627\u0642\u0645. \u0641\u0642\u062f \u0634\u0647\u062f\u0646\u0627 \u0645\u0624\u062e\u0631\u0627 \u0639\u0645\u0644\u064a\u0629 \u0625\u0633\u062a\u064a\u0639\u0627\u0628 \u0644\u0625\u0641\u0644\u0627\u0633 \u0628\u0646\u0643 \u0633\u064a\u0644\u064a\u0643\u0648\u0646 \u0641\u0627\u0644\u064a \u0648\u0647\u0648 \u0627\u0644\u0645\u0635\u0646\u0651\u0641 \u0641\u064a \u0627\u0644\u0645\u0631\u062a\u0628\u0629 16 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u062d\u062c\u0645\u060c \u0648\u0630\u0644\u0643 \u0628\u0639\u062f \u0635\u064a\u062d\u0627\u062a \u0643\u0628\u0627\u0631 \u0627\u0644\u0648\u0627\u0644 \u0633\u062a\u0631\u064a\u062a \u0645\u0646 \u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0639\u062f\u0648\u0649 \u0645\u0645\u064a\u062a\u0629. \u0648\u0628\u064a\u0646 \u064a\u0648\u0645 \u0627\u0644\u062c\u0645\u0639\u0629 \u0648\u064a\u0648\u0645 \u0627\u0644\u0625\u062b\u0646\u064a\u0646 \u0628\u0639\u062f \u0625\u0646\u0642\u0627\u0630\u0647 \u062a\u0643\u0628\u062f \u0627\u0644\u0639\u0627\u0644\u0645 \u062e\u0633\u0627\u0631\u0629 \u0645\u0627\u0644\u064a\u0629 \u062a\u0642\u062f\u0651\u0631 \u0628\u0640 465 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648 \u0648\u0641\u0642\u064b\u0627 \u0644\u062a\u0642\u0631\u064a\u0631 \u0644\u0644\u0648\u0648\u0644 \u0633\u062a\u0631\u064a\u062a \u062c\u0648\u0631\u0646\u0627\u0644\u061b \u0623\u062d\u0635\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0648\u0646 186 \u0628\u0646\u0643\u064b\u0627 \u0642\u062f \u064a\u0643\u0648\u0646 \u0639\u0631\u0636\u0629 \u0644\u0645\u062e\u0627\u0637\u0631 \u062a\u0628\u0639\u0627\u062a \u0627\u0644\u0623\u0632\u0645\u0629. \u0648\u0628\u0639\u062f \u0625\u0641\u0644\u0627\u0633 \u0628\u0646\u0643 \u0648\u0627\u062f\u064a \u0627\u0644\u0633\u064a\u0644\u064a\u0643\u0648\u0646 \u0648\u0628\u0646\u0643 \u0633\u064a\u062c\u0646\u062a\u0634\u0631 \u0648\u0633\u064a\u0644\u0641\u0631\u063a\u064a\u062a\u060c \u0627\u0644\u0623\u0633\u0628\u0648\u0639 \u0627\u0644\u0645\u0627\u0636\u064a\u060c \u062a\u062c\u0646\u0651\u0628 \u0645\u0635\u0631\u0641 “\u0641\u064a\u0631\u0633\u062a \u0631\u064a\u0628\u0627\u0628\u0644\u064a\u0643 \u0628\u0646\u0643” \u0627\u0644\u0645\u0635\u0646\u0641 \u0641\u064a \u0627\u0644\u0645\u0631\u062a\u0628\u0629 14 \u0627\u0644\u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0628\u0639\u062f \u0623\u0646 \u0648\u0627\u0641\u0642 \u0623\u062d\u062f \u0639\u0634\u0631 \u0628\u0646\u0643\u064b\u0627 \u0623\u0645\u0631\u064a\u0643\u064a\u064b\u0627 \u0639\u0644\u0649 \u0623\u0646 \u064a\u0636\u062e 30 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0635\u0648\u0631\u0629 \u0648\u062f\u0627\u0626\u0639 \u0644\u062f\u064a\u0647.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0642\u0627\u0645\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0623\u0645\u064a\u0631\u0643\u064a\u0629 \u0628\u0627\u0642\u062a\u0631\u0627\u0636 164.8 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u062e\u0644\u0627\u0644 \u0623\u0633\u0628\u0648\u0639\u060c \u0641\u064a \u0639\u0644\u0627\u0645\u0629 \u0639\u0644\u0649 \u062a\u0632\u0627\u064a\u062f \u0636\u063a\u0648\u0637 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u0642\u0628 \u0627\u0644\u0623\u0632\u0645\u0629. \u0641\u064a \u062d\u064a\u0646 \u0643\u0627\u0646 \u0623\u0639\u0644\u0649 \u0645\u0628\u0644\u063a \u0627\u0642\u062a\u0631\u0636\u062a\u0647 \u0627\u0644\u0628\u0646\u0648\u0643 \u0645\u0646 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 \u0633\u0627\u0628\u0642\u0627 \u0647\u0648 111 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a 2008.<\/strong><\/span><\/div>\n
\u0648\u0644\u0627 \u064a\u0633\u062a\u0628\u0639\u062f \u0623\u0646 \u064a\u0636\u062e \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0646\u062d\u0648 2 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0627\u0644\u0623\u0645\u064a\u0631\u0643\u064a \u0628\u0645\u0648\u062c\u0628 \u0628\u0631\u0646\u0627\u0645\u062c \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0637\u0627\u0631\u0626\u0629 \u062d\u062a\u0649 \u064a\u062e\u0641\u0641 \u0645\u0646 \u062d\u062f\u0629 \u0623\u0632\u0645\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0641\u0642 \u0645\u0627 \u0623\u0639\u0644\u0646\u0647 \u0628\u0646\u0643 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 “\u062c\u064a\u0647 \u0628\u064a \u0645\u0648\u0631\u063a\u0627\u0646”.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0642\u062f \u0627\u0646\u062a\u0642\u0644\u062a \u0627\u0644\u0639\u062f\u0648\u0649 \u0625\u0644\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0625\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a \u0643\u0631\u064a\u062f\u064a \u0633\u0648\u064a\u0633 \u0627\u0644\u0645\u0646\u062f\u0645\u062c \u0628\u0634\u0643\u0644 \u0648\u0627\u0633\u0639 \u0641\u064a \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u062f\u0639\u0649 \u0623\u0645\u062b\u0627\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0642 \u062c\u064a \u0628\u064a \u0645\u0648\u0631\u063a\u0627\u0646 \u0644\u062f\u0642\u0651 \u0646\u0627\u0642\u0648\u0633 \u0627\u0644\u062e\u0637\u0631 \u0648\u062f\u0639\u0648\u0629 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0633\u0648\u064a\u0633\u0631\u064a \u0627\u0644\u0623\u0643\u0628\u0631\u060c \u0627\u0644\u0639\u0645\u0644\u0627\u0642 \u0627\u0644\u0622\u062e\u0631 UBS \u0644\u0644\u0625\u0633\u062a\u062d\u0648\u0627\u0630 \u0639\u0644\u064a\u0647 \u0645\u0639\u062a\u0628\u0631\u0627 \u0623\u0646 \u0642\u0631\u0627\u0631 \u0627\u0642\u0631\u0627\u0636 \u0628\u0646\u0643 \u0633\u0648\u064a\u0633\u0631\u0627 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0644\u0643\u0631\u064a\u062f\u064a \u0633\u0648\u064a\u0633 \u0628\u0640 54 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u063a\u064a\u0631 \u0643\u0627\u0641 \u0644\u0627\u062d\u062a\u0648\u0627\u0621 \u0627\u0644\u0623\u0632\u0645\u0629 \u0648\u0645\u0646\u0639 \u0625\u0646\u062c\u0631\u0627\u0641 \u0627\u0644\u0648\u0636\u0639 \u0625\u0644\u0649 \u0623\u0632\u0645\u0629 \u0645\u0627\u0644\u064a\u0629 \u0639\u0627\u0644\u0645\u064a\u0629 \u0643\u0627\u0631\u062b\u064a\u0651\u0629.<\/strong><\/span><\/div>\n
\u0648\u0625\u0630 \u062a\u0645\u062a \u0627\u0644\u0635\u0641\u0642\u0629 \u0628\u0648\u0633\u0627\u0637\u0629 \u062d\u0643\u0648\u0645\u0629 \u0633\u0648\u064a\u0633\u0631\u0627 \u0627\u0644\u062a\u064a \u0642\u062f\u0651\u0645\u062a \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u062e\u064a\u0651\u0629 \u0648\u0627\u0644\u0645\u063a\u0631\u064a\u0629 \u0644\u0641\u0627\u0626\u062f\u0629 UBS\u060c \u0643\u0627\u0646\u062a \u062f\u0648\u0644 \u0627\u0644\u062e\u0644\u064a\u062c \u0627\u0644\u062e\u0627\u0633\u0631 \u0627\u0644\u0623\u0643\u0628\u0631 \u0645\u0646 \u0627\u0644\u0635\u0641\u0642\u0629\u060c \u0648\u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0623\u064a\u0636\u0627 \u0623\u0646 \u064a\u062a\u0645 \u062a\u0633\u0631\u064a\u062d \u0646\u062d\u0648 \u0639\u0634\u0631\u0629 \u0622\u0644\u0627\u0641 \u0645\u0648\u0638\u0641.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0644\u064a\u0633 \u0630\u0644\u0643 \u0628\u062d\u062f\u062b \u0645\u0646\u0639\u0632\u0644\u060c \u0628\u0644 \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627 \u0645\u062b\u0644\u0627\u060c \u0643\u0627\u0646 \u0639\u062f\u062f \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0646\u0627\u0634\u0637\u0629 \u0642\u0628\u0644 \u0623\u0632\u0645\u0629 2008\u060c 55 \u0628\u0646\u0643\u0627\u060c \u0644\u0643\u0646 \u0648\u0635\u0644 \u0639\u062f\u062f\u0647\u0645 \u0628\u0639\u062f \u0627\u0644\u0623\u0632\u0645\u0629 \u062d\u0633\u0628 \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0645\u0627\u0636\u064a\u0629 \u0639\u0644\u0649 \u0645\u0627 \u0646\u0642\u0644\u062a\u0647 \u0645\u0635\u0627\u062f\u0631 \u0635\u062d\u0641\u064a\u0629 \u0625\u0644\u0649 12 \u0628\u0646\u0643\u0627 \u0641\u0642\u0637 \u0648\u0631\u0628\u0651\u0645\u0627 \u0648\u0635\u0644 \u0625\u0644\u0649 \u0623\u0642\u0644 \u0645\u0646 \u0630\u0644\u0643 \u062d\u0627\u0644\u064a\u0627 \u0625\u0630 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0625\u0646\u062f\u0645\u0627\u062c \u0648\u0627\u0644\u0625\u0633\u062a\u062d\u0648\u0627\u0630 (M&A Mergers and Acquisitions) \u0645\u0633\u062a\u0645\u0631\u0629 \u0625\u0644\u0649 \u064a\u0648\u0645\u0646\u0627 \u0647\u0630\u0627 \u0628\u0633\u0628\u0628 \u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0625\u0641\u0644\u0627\u0633 \u0627\u0644\u0645\u062a\u0641\u0634\u0651\u064a\u0629 \u0639\u0646\u062f \u062c\u0645\u064a\u0639 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u063a\u0631\u0628\u064a\u0629\u060c \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u0623\u062f\u0649 \u0625\u0644\u0649 \u062a\u0633\u0631\u064a\u062d \u0639\u0634\u0631\u0627\u062a \u0622\u0644\u0627\u0641 \u0627\u0644\u0639\u0627\u0645\u0644\u064a\u0646.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0644\u062a\u0628\u064a\u064a\u0646 \u062e\u0637\u0648\u0631\u0629 \u0627\u0644\u0623\u0645\u0631 \u0646\u0642\u0644\u062a \u0631\u0648\u064a\u062a\u0631\u0632 \u0639\u0646 \u0623\u062d\u062f \u0627\u0644\u0645\u0636\u0637\u0644\u0639\u064a\u0646 \u0642\u0648\u0644\u0647 \u0628\u0623\u0646 \u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u062a\u064a \u0633\u062d\u0628\u062a \u0645\u0646 \u0628\u0646\u0643 \u0633\u064a\u0644\u064a\u0643\u0648\u0646 \u0641\u0627\u0644\u064a \u0641\u064a \u064a\u0648\u0645 \u0648\u0627\u062d\u062f \u0641\u0642\u0637 \u0641\u0627\u0642\u062a 42 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0628\u0633\u0628\u0628 \u0627\u0644\u0647\u0644\u0639 \u0648\u0628\u0633\u0628\u0628 \u0642\u0648\u0651\u0629 \u0645\u0648\u0627\u0642\u0639 \u0627\u0644\u062a\u0648\u0627\u0635\u0644 \u0627\u0644\u0625\u062c\u062a\u0645\u0627\u0639\u064a\u060c \u0648\u0647\u064a \u0633\u0627\u0628\u0642\u0629 \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0648\u062d\u0627\u062f\u062b\u0629 \u062a\u0646\u0628\u0626 \u0628\u062e\u0637\u0631 \u0631\u0647\u064a\u0628 \u064a\u062d\u062f\u0642 \u0628\u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629 \u0627\u0644\u0647\u0634\u0629 \u062e\u0644\u0627\u0641 \u0645\u0627 \u062a\u062a\u0638\u0627\u0647\u0631 \u0628\u0647 \u0645\u0646 \u0635\u0644\u0627\u0628\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0641\u064a \u0647\u0643\u0630\u0627 \u0633\u064a\u0646\u0627\u0631\u064a\u0648\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0635\u0644 \u062f\u064a\u0648\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0625\u0644\u0649 \u0646\u0633\u0628\u0629 130% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0623\u0648 \u0623\u0643\u062b\u0631 \u0628\u0633\u0631\u0639\u0629\u060c \u0645\u0645\u0627 \u0633\u064a\u0632\u064a\u062f \u0645\u0646 \u062a\u0641\u0627\u0642\u0645 \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u064a\u062c\u0631\u0651 \u0646\u062d\u0648 \u062a\u0642\u0644\u064a\u0635 \u0623\u0643\u0628\u0631 \u0641\u064a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0643\u0648\u0646\u062c\u0631\u0633 \u0648\u064a\u062a\u0633\u0628\u0628 \u0623\u064a\u0636\u0627 \u0641\u064a \u062a\u0628\u0646\u064a \u0633\u064a\u0627\u0633\u0629 \u0646\u0642\u062f\u064a\u0629 \u0623\u0643\u062b\u0631 \u062a\u0634\u062f\u062f\u064b\u0627 \u0645\u0646 \u0642\u0628\u0644 \u0628\u0646\u0643 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u0633\u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0631\u0643\u0648\u062f \u0639\u0645\u064a\u0642 \u0644\u0627 \u0645\u0641\u0631 \u0645\u0646\u0647. \u0648\u0647\u0648 \u0645\u0627 \u062f\u0639\u0649 \u0639\u062f\u062f\u0627 \u0645\u0646 \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0644\u0644\u0642\u0648\u0644 \u0628\u0623\u0646 \u0627\u0644\u0623\u0648\u0627\u0646 \u0642\u062f \u0641\u0627\u062a.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0641\u0644\u0645 \u064a\u0635\u0628\u062d \u0645\u0634\u0643\u0644 \u0627\u0644\u062a\u0636\u062e\u0645 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0648\u062d\u064a\u062f \u0644\u0628\u0646\u0643 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0628\u0644 \u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u064a\u0647 \u0623\u0646 \u064a\u0623\u062e\u0630 \u0628\u0639\u064a\u0646 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0625\u0634\u0643\u0627\u0644\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a \u0648\u0634\u0631\u0648\u0637 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0623\u064a\u0636\u0627 \u0648\u0647\u0648 \u0645\u0627 \u064a\u0635\u0639\u0628 \u0645\u0646 \u0645\u0623\u0645\u0648\u0631\u064a\u062a\u0647 \u0641\u064a \u062a\u062d\u062f\u064a\u062f \u0633\u064a\u0627\u0633\u0627\u062a\u0647 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u064a\u0642\u0648\u0644 \u0643\u0628\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064a\u0646 \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0646 \u0641\u064a EURO PACIFIC CAPITAL\u060c \u0628\u064a\u062a\u0631 \u0634\u064a\u0641: “\u0644\u0627 \u0646\u0633\u062a\u0637\u064a\u0639 \u0625\u062e\u0631\u0627\u062c \u0627\u0644\u062a\u0636\u062e\u0651\u0645 \u0645\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0628\u062f\u0648\u0646 \u0623\u0632\u0645\u0629 \u0645\u0627\u0644\u064a\u0629 \u0643\u0628\u064a\u0631\u0629 \u0648\u0641\u0634\u0644 \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643… \u0627\u0644\u062c\u0645\u064a\u0639 \u0633\u064a\u062e\u0633\u0631 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0648\u0633\u064a\u0643\u0648\u0646 \u0647\u0646\u0627\u0643 \u0623\u0633\u0648\u0623 \u0631\u0643\u0648\u062f”. \u0623\u0645\u0651\u0627 \u0627\u0644\u062e\u0628\u064a\u0631 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0627\u0644\u0645\u0639\u0627\u0631\u0636 \u0648\u064a\u0644\u064a\u0627\u0645 \u0625\u0646\u063a\u062f\u0627\u0644 \u0641\u0642\u062f \u0627\u0639\u062a\u0628\u0631 \u0627\u0644\u062d\u062f\u062b \u0628\u0623\u0646\u0651\u0647 \u0628\u062f\u0627\u064a\u0629 \u0644\u062a\u0633\u0648\u0646\u0627\u0645\u064a \u0645\u0627\u0644\u064a \u0637\u0627\u0644 \u0627\u0646\u062a\u0638\u0627\u0631\u0647.<\/strong><\/span><\/div>\n<\/div>\n
\n
5. \u0641\u0642\u0627\u0639\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u062a\u0646\u062a\u0638\u0631 \u0627\u0644\u0625\u0646\u0641\u062c\u0627\u0631 \u0623\u0648 \u0627\u0644\u062a\u0641\u062c\u064a\u0631!<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0627\u0644\u0641\u0642\u0627\u0639\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0648\u062a\u0633\u0645\u0649 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0641\u0642\u0627\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629) \u0647\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u064a \u062a\u062a\u062c\u0627\u0648\u0632 \u0641\u064a\u0647\u0627 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062c\u0627\u0631\u064a\u0629 \u0642\u064a\u0645\u062a\u0647\u0627 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0651\u0629 \u0628\u0645\u0633\u062a\u0648\u0649 \u0643\u0628\u064a\u0631 \u0644\u062a\u0635\u0644 \u0623\u062d\u064a\u0627\u0646\u0627 \u0644\u0623\u0636\u0639\u0627\u0641 \u062a\u0644\u0643 \u0627\u0644\u0642\u064a\u0645\u0629. \u0628\u062d\u064a\u062b \u064a\u062a\u0639\u0631\u0651\u0636 \u0645\u0639\u0638\u0645 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0641\u064a \u0647\u0643\u0630\u0627 \u0641\u0642\u0627\u0639\u0627\u062a\u060c \u062d\u0627\u0644 \u062a\u0641\u062c\u0651\u0631\u0647\u0627 \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u060c \u0625\u0644\u0649 \u062e\u0633\u0627\u0626\u0631 \u0645\u0627\u0644\u064a\u0651\u0629 \u0643\u0628\u064a\u0631\u0629\u060c \u0628\u0644 \u0648\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062a\u0633\u0628\u0651\u0628 \u0641\u064a \u0623\u0632\u0645\u0629 \u0631\u0643\u0648\u062f \u0648\u0623\u0632\u0645\u0629 \u0645\u0627\u0644\u064a\u0651\u0629 \u0639\u0627\u0644\u0645\u064a\u0651\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0641\u0645\u062b\u0644\u0627\u060c \u0623\u062b\u0651\u0631\u062a \u0641\u0642\u0627\u0639\u0629 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 (The dot-com bubble) \u0641\u064a 2001 \u0628\u0634\u062f\u0629 \u0639\u0644\u0649 \u0648\u0627\u062f\u064a \u0627\u0644\u0633\u064a\u0644\u064a\u0643\u0648\u0646 \u0648\u0645\u0624\u0634\u0631 Nasdaq \u0627\u0644\u062e\u0627\u0635 \u0628\u0623\u0633\u0647\u0645 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627\u060c \u0644\u0643\u0646\u0651 \u062a\u0623\u062b\u064a\u0631\u0647\u0627 \u0643\u0627\u0646 \u0645\u062d\u062f\u0648\u062f\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0643\u0644\u0651\u064a. \u063a\u064a\u0631 \u0623\u0646\u0651 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 \u0641\u064a 2008 \u0627\u0645\u062a\u062f\u0651\u062a \u0645\u0646 \u0633\u0648\u0642 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0625\u0644\u0649 \u0627\u0644\u0639\u0627\u0644\u0645 \u0623\u062c\u0645\u0639.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0644\u0627 \u064a\u0633\u062a\u0648\u0639\u0628\u0648\u0646 \u0648\u062c\u0648\u062f \u0627\u0644\u0641\u0642\u0627\u0639\u0629 \u0648\u0644\u0627 \u0645\u0627\u0647\u064a\u0651\u062a\u0647\u0627 \u0648\u062e\u0637\u0648\u0631\u062a\u0647\u0627. \u0644\u0630\u0644\u0643 \u0644\u0627 \u064a\u062a\u0645 \u0627\u0644\u0625\u0646\u062a\u0628\u0627\u0647 \u0644\u0647\u0627 \u0625\u0644\u0627 \u0628\u0639\u062f \u0641\u0648\u0627\u062a \u0627\u0644\u0623\u0648\u0627\u0646\u060c \u0623\u064a \u0628\u0639\u062f \u0627\u0646\u0641\u062c\u0627\u0631\u0647\u0627 \u0648\u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0639\u0627\u0631.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0647\u0630\u0627 \u0648\u062a\u062a\u0643\u0648\u0646 \u0627\u0644\u0641\u0642\u0627\u0639\u0627\u062a \u0639\u0627\u062f\u0629 \u0646\u062a\u064a\u062c\u0629 \u0636\u062e\u0651 \u0633\u064a\u0648\u0644\u0629 \u0632\u0627\u0626\u062f\u0629 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642\u060c \u0643\u0630\u0627 \u0628\u0633\u0628\u0628 \u0627\u0644\u062a\u0641\u0627\u0624\u0644 \u0627\u0644\u0645\u0641\u0631\u0637 \u062d\u0648\u0644 \u062d\u062c\u0645 \u0627\u0644\u0646\u0645\u0648 \u0648\u0627\u0633\u062a\u062f\u0627\u0645\u062a\u0647\u060c \u0648\u062e\u0627\u0635\u0651\u0629 \u0644\u0625\u063a\u0641\u0627\u0644 \u0627\u0644\u062a\u062d\u0642\u064a\u0642 \u062d\u0648\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u0639\u0646\u062f \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u0644\u0637\u0645\u0639 \u0627\u0644\u0625\u0646\u062a\u0647\u0627\u0632\u064a\u064a\u0646 \u0645\u0646\u0647\u0645 \u0628\u0625\u0633\u062a\u063a\u0644\u0627\u0644 \u0641\u0631\u0635 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0633\u0631\u064a\u0639 \u0639\u0628\u0631 \u0645\u0636\u0627\u0639\u0641\u062a\u0647\u0645 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629\u060c \u0648\u064a\u0645\u0643\u0646 \u0643\u0630\u0644\u0643 \u062f\u0631\u062c \u0623\u0633\u0628\u0627\u0628 \u0633\u064a\u0627\u0633\u064a\u0651\u0629 \u0648\u062a\u0648\u0633\u0651\u0639\u064a\u0629 \u0625\u0633\u062a\u063a\u0644\u0627\u0644\u064a\u0629 \u062a\u063a\u0641\u0644\u0647\u0627 \u0641\u064a \u0627\u0644\u063a\u0627\u0644\u0628 \u0627\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0651\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062a\u0645\u0631\u0651 \u0627\u0644\u0641\u0642\u0627\u0639\u0627\u062a \u062d\u0633\u0628 \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0628\u062e\u0645\u0633 \u0645\u0631\u0627\u062d\u0644 \u062a\u0631\u0633\u0645\u0647\u0627 \u0641\u064a \u0627\u0644\u0623\u0633\u0627\u0633 \u0646\u0641\u0633\u064a\u0651\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631.<\/strong><\/span><\/div>\n
\u0623\u0648\u0651\u0644\u0647\u0627 “\u0627\u0644\u062a\u062d\u0648\u0651\u0644”: \u0648\u0630\u0644\u0643 \u0644\u0645\u0651\u0627 \u064a\u062a\u0634\u0643\u0651\u0644 \u0627\u0644\u0648\u0647\u0645 \u0639\u0646\u062f \u062c\u0645\u0639 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0648\u062c\u0648\u062f \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u063a\u0631\u064a \u0641\u064a \u0633\u0648\u0642 \u0645\u0627\u060c \u0648\u064a\u062d\u0635\u0644 \u0625\u0646\u0632\u0627\u0644 \u062c\u0645\u0627\u0639\u064a \u0639\u0644\u0649 \u0630\u0644\u0643 \u0627\u0644\u0633\u0648\u0642.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062b\u0627\u0646\u064a\u0647\u0627 “\u0627\u0644\u0637\u0641\u0631\u0629”: \u0648\u0630\u0644\u0643 \u0644\u0645\u0627\u0651 \u064a\u0628\u062f\u0623 \u0633\u0639\u0631 \u0630\u0644\u0643 \u0627\u0644\u0633\u0648\u0642 \u0628\u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0645\u0651\u0627 \u064a\u0633\u062a\u0642\u0637\u0628 \u062a\u063a\u0637\u064a\u0629 \u0625\u0639\u0644\u0627\u0645\u064a\u0629 \u0648\u0627\u0647\u062a\u0645\u0627\u0645 \u0645\u062c\u0645\u0648\u0639\u0629 \u062c\u062f\u064a\u062f\u0629 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0647\u0645 \u0645\u0636\u0627\u0631\u0628\u0648\u0646 \u0641\u064a \u0627\u0644\u063a\u0627\u0644\u0628 \u0644\u0627 \u064a\u0631\u064a\u062f\u0648\u0646 \u062a\u0641\u0648\u064a\u062a \u0627\u0644\u0641\u0631\u0635\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062b\u0627\u0644\u062b\u0647\u0627 “\u0627\u0644\u0628\u0647\u062c\u0629”: \u064a\u0633\u062a\u0645\u0631\u0651 \u0627\u0644\u0633\u0639\u0631 \u0628\u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0641\u064a\u062a\u0623\u0643\u062f \u0627\u0644\u0631\u0628\u062d \u0648\u0647\u0648 \u0645\u0627 \u064a\u062a\u0633\u0628\u0651\u0628 \u0641\u064a \u0645\u0648\u062c\u0629 \u0648\u0627\u0633\u0639\u0629 \u0648\u0623\u0643\u0628\u0631 \u0645\u0646 \u062a\u0647\u0627\u0641\u062a \u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u062c\u062f\u062f \u0644\u0634\u0631\u0627\u0621 \u062d\u0635\u0635 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0635\u0627\u0639\u062f.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0631\u0627\u0628\u0639\u0647\u0627 “\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0623\u0631\u0628\u0627\u062d”: \u064a\u062d\u0642\u0651\u0642 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0623\u0631\u0628\u0627\u062d\u0627\u064b \u0643\u0628\u064a\u0631\u0629 \u062e\u0627\u0635\u0629 \u0627\u0644\u0623\u0648\u0627\u0626\u0644 \u0648\u064a\u0644\u062c\u0623 \u0623\u0643\u062b\u0631\u0647\u0645 \u062d\u0643\u0645\u0629\u064b \u0625\u0644\u0649 \u0627\u0644\u0628\u064a\u0639 \u0642\u0628\u0644 \u0623\u0646 \u064a\u0628\u062f\u0623 \u0627\u0644\u0633\u0648\u0642 \u0628\u0627\u0644\u062a\u0642\u0647\u0642\u0631. \u0644\u0627 \u064a\u062a\u0623\u062b\u0631 \u0647\u0646\u0627 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0643\u062b\u064a\u0631\u0627 \u0628\u0633\u0628\u0628 \u0625\u0633\u062a\u0645\u0631\u0627\u0631 \u062a\u0648\u0627\u0641\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062e\u0627\u0645\u0633\u0647\u0627 “\u0627\u0644\u0630\u0639\u0631”: \u0641\u064a \u0627\u0644\u0623\u062e\u064a\u0631 \u064a\u062f\u062e\u0644 \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u0645\u0631\u062d\u0644\u0629 \u062a\u062f\u0647\u0648\u0631 \u0627\u0644\u0646\u0645\u0648 \u062a\u0632\u0627\u0645\u0646\u0627 \u0645\u0639 \u062a\u0634\u0628\u0651\u0639 \u0627\u0644\u0637\u0644\u0628. \u064a\u0633\u062a\u062a\u0628\u0651 \u0642\u0644\u0642 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0644\u0627\u062d\u0642\u064a\u0646 \u0644\u0645\u0651\u0627 \u062a\u0641\u0634\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0641\u064a \u062a\u0644\u0628\u064a\u0629 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0631\u0628\u062d. \u0647\u0646\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u0633\u0628\u0651\u0628 \u0623\u064a\u0651 \u062d\u062f\u062b \u0633\u0644\u0628\u064a \u0628\u0633\u064a\u0637 \u0641\u064a \u0633\u064a\u0644 \u0645\u0646 \u0639\u0645\u0644\u064a\u0627\u062a \u0628\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u0640 “\u062a\u0646\u0641\u062c\u0631” \u0627\u0644\u0641\u0642\u0627\u0639\u0629. \u0648\u062a\u062a\u0628\u062e\u0631 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u063a\u0627\u0644\u0628\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0633\u0646\u062d\u0627\u0648\u0644 \u0647\u0646\u0627 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u0631 \u0639\u0644\u0649 \u0639\u064a\u0651\u0646\u0629 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0648\u0644\u0648 \u0623\u0646\u0651 \u0627\u0644\u0625\u0634\u0643\u0627\u0644\u064a\u0629 \u062a\u0639\u0645\u0651 \u0643\u0644\u0651 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0643\u0628\u0631\u0649 \u0627\u0644\u0645\u0646\u062e\u0631\u0637\u0629 \u0645\u0639\u0647\u0627 \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0627\u0644\u0635\u064a\u0646. \u0625\u0630 \u0648\u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u0645\u0624\u0634\u0631\u0627\u062a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0648\u0627\u0644 \u0633\u062a\u0631\u064a\u062a \u0644\u0627 \u062a\u0632\u0627\u0644 \u062a\u062d\u0642\u0651\u0642 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0642\u064a\u0627\u0633\u064a\u0629 \u0648\u0647\u0648 \u0631\u0628\u0651\u0645\u0627 \u0645\u0627 \u064a\u062a\u0631\u0643 \u0627\u0646\u0637\u0628\u0627\u0639\u0627 \u0639\u0627\u0645\u0627 \u0625\u064a\u062c\u0627\u0628\u064a\u0627\u060c \u0625\u0644\u0627 \u0623\u0646 \u0647\u0646\u0627\u0643 \u0645\u0634\u0627\u0643\u0644 \u0647\u064a\u0643\u0644\u064a\u0629 \u0644\u0627 \u062a\u0632\u0627\u0644 \u062a\u062a\u0631\u0627\u0643\u0645 \u0641\u064a \u0627\u0642\u062a\u0635\u0627\u062f\u0647\u0627 \u0648\u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0641\u0627\u0642\u0645 \u0645\u0646 \u0623\u0632\u0645\u062a\u0647\u0627. \u0648\u0642\u062f \u0639\u062f\u0651 \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0639\u0644\u0649 \u0627\u0644\u0623\u0642\u0644 4 \u0641\u0642\u0627\u0639\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0645\u062a\u0641\u0627\u0642\u0645\u0629 \u0639\u0646\u062f\u0647\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0627\u0644\u0623\u0648\u0644\u0649. \u0641\u0642\u0627\u0639\u0629 \u062f\u064a\u0648\u0646 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0637\u0644\u0627\u0628\u064a\u0629<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0627\u0631\u062a\u0641\u0639\u062a \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u0639\u0644\u064a\u0645 \u0627\u0644\u0639\u0627\u0644\u064a \u0641\u064a \u0623\u0645\u0631\u064a\u0643\u0627 \u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u0633\u0628\u0648\u0642 \u0644\u062a\u062a\u062c\u0627\u0648\u0632 \u0646\u0633\u0628\u0629 \u0627\u0644\u062a\u0636\u062e\u0645. \u0625\u0630 \u0648\u0633\u0639\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0645\u064a\u0632\u0627\u0646\u064a\u0651\u0629 \u0623\u0635\u0648\u0644 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0637\u0644\u0627\u0628\u064a\u0629 \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0639\u0634\u0631\u0629 \u0623\u0636\u0639\u0627\u0641 \u0641\u064a \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0645\u0627\u0636\u064a\u060c \u0623\u064a \u0645\u0646 \u062d\u0648\u0627\u0644\u064a 100 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0625\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 1.2 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0644\u062a\u0628\u0644\u063a \u0645\u0624\u062e\u0631\u0627 \u062d\u062f\u0651 1.5 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0623\u0643\u062b\u0631 \u0645\u0646 10% \u0645\u0646 \u0647\u0630\u0647 \u0642\u0631\u0648\u0636 \u062a\u062e\u0644\u0641 \u0623\u0635\u062d\u0627\u0628\u0647\u0627 \u0639\u0646 \u0633\u062f\u0627\u062f\u0647\u0627\u060c \u0648\u0639\u062f\u062f \u0623\u0643\u0628\u0631 \u0645\u0646\u0647\u0627 \u0625\u0645\u0627 \u0645\u062a\u0623\u062e\u0631 \u0641\u064a \u0627\u0644\u0633\u062f\u0627\u062f \u0623\u0648 \u062d\u0635\u0644 \u0639\u0644\u0649 \u0625\u0630\u0646 \u0644\u062a\u0623\u062c\u064a\u0644 \u0627\u0644\u062f\u0641\u0639 \u0628\u0633\u0628\u0628 \u0627\u0644\u0636\u0627\u0626\u0642\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0643\u0623\u0646\u0647\u0627 \u0645\u0633\u062a\u0639\u062f\u0629 \u0644\u0644\u0625\u0646\u0641\u062c\u0627\u0631.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0627\u0644\u062b\u0627\u0646\u064a\u0629. \u0641\u0642\u0627\u0639\u0629 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0631\u0639\u0627\u064a\u0629 \u0627\u0644\u0635\u062d\u064a\u0629 \u0644\u0644\u0641\u0631\u062f<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062a\u062f\u0641\u0639 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0644\u0644\u0641\u0631\u062f \u0645\u0646 \u0623\u062c\u0644 \u0627\u0644\u0631\u0639\u0627\u064a\u0629 \u0627\u0644\u0635\u062d\u064a\u0629 \u0623\u0643\u062b\u0631 \u0628\u0643\u062b\u064a\u0631 \u0645\u0645\u0627 \u062a\u062f\u0641\u0639\u0647 \u0623\u064a \u062f\u0648\u0644\u0629 \u0623\u062e\u0631\u0649 \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645\u061b \u0623\u064a \u0645\u0627 \u064a\u0642\u0631\u0628 \u0645\u0646 \u0636\u0639\u0641 \u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u0628\u0644\u062f\u0627\u0646 \u0627\u0644\u0645\u062a\u0642\u062f\u0645\u0629 \u0627\u0644\u0623\u062e\u0631\u0649. \u0648\u0631\u063a\u0645 \u0630\u0644\u0643\u060c \u0644\u0627 \u062a\u0631\u0642\u0649 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0635\u062d\u064a\u0629 \u0641\u064a\u0647\u0627 \u0625\u0644\u0649 \u0627\u0644\u062d\u062f\u0651 \u0627\u0644\u0645\u062a\u0648\u0633\u0637.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0623\u0643\u062b\u0631 \u0625\u062b\u0627\u0631\u0629 \u0644\u0644\u0642\u0644\u0642 \u0647\u0648 \u0625\u0633\u062a\u0645\u0631\u0627\u0631 \u0646\u0645\u0648\u0651 \u0647\u0630\u0627 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0628\u0646\u0633\u0628\u0629 \u0633\u0646\u0648\u064a\u0651\u0629 \u062a\u0642\u0627\u0631\u0628 6%. \u0625\u0630 \u0633\u0628\u0642 \u0648\u0623\u0646 \u0628\u0644\u063a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0639\u0644\u0649 \u0627\u0644\u0631\u0639\u0627\u064a\u0629 \u0627\u0644\u0635\u062d\u064a\u0629 \u062d\u062f\u0648\u062f 12% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0639\u0627\u0645 1990\u060c \u0648\u0647\u0648 \u0627\u0644\u0622\u0646 \u064a\u0641\u0648\u0642 18%\u060c \u0648\u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0623\u0646 \u064a\u0631\u062a\u0641\u0639 \u0625\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 20% \u0628\u062d\u0644\u0648\u0644 \u0639\u0627\u0645 2025\u060c \u0648\u0647\u064a \u0646\u0633\u0628\u0629 \u0645\u0631\u062a\u0641\u0639\u0629 \u062c\u062f\u0651\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0627\u0644\u062b\u0627\u0644\u062b\u0629. \u0641\u0642\u0627\u0639\u0629 \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f\u064a\u0651\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u0645\u0648\u0651\u0644\u0629<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f\u064a\u0629 \u062a\u0643\u0645\u0646 \u0641\u064a \u0635\u0639\u0648\u0628\u0629 \u062a\u0648\u0641\u064a\u0631 \u062a\u0645\u0648\u064a\u0644 \u062b\u0627\u0628\u062a \u0648\u062f\u0627\u0626\u0645 \u0644\u062f\u0641\u0639 \u0645\u0639\u0627\u0634\u0627\u062a \u062a\u0642\u0627\u0639\u062f \u0639\u0645\u0627\u0644 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u062e\u0627\u0635\u0629 \u0641\u064a \u0638\u0644 \u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u0639\u0645\u0631. \u0648 \u0648\u0641\u0642\u064b\u0627 \u0644\u0645\u0627 \u0646\u0642\u0644 \u0639\u0646 \u0645\u0648\u062f\u064a\u0632 \u062d\u0633\u0628 \u0628\u064a\u0627\u0646\u0627\u062a \u0633\u0627\u0628\u0642\u0629\u060c \u064a\u0628\u0644\u063a \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0625\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0645\u0648\u0651\u0644\u0629 \u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 4 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631. \u0648\u062a\u0642\u0648\u0644 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0623\u0646\u0647 \u0633\u062a\u062d\u0635\u0644 \u0642\u0641\u0632\u0629 \u0628\u0646\u0633\u0628\u0629 59% \u0641\u064a \u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f\u064a\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u0645\u0648\u0644\u0629. \u0648\u0647\u064a \u0623\u0631\u0642\u0627\u0645 \u0643\u0628\u064a\u0631\u0629 \u062c\u062f\u0627 \u062a\u062d\u0643\u064a \u0648\u0627\u0642\u0639 \u062a\u0639\u0645\u0651\u0642 \u0627\u0644\u0641\u062c\u0648\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648 \u0648\u0641\u0642\u064b\u0627 \u0644\u0628\u0646 \u0643\u0627\u0631\u0644\u0633\u0648\u0646\u060c \u0627\u0644\u0645\u062d\u0644\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0639\u062a\u0645\u062f \u0648\u0645\u062f\u064a\u0631 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629 \u0641\u064aRitholtz “\u0633\u064a\u0643\u0648\u0646 \u0647\u0646\u0627\u0643 \u0627\u0644\u0639\u062f\u064a\u062f \u0648\u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u062e\u0637\u0637 \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f\u064a\u0629 \u0627\u0644\u062a\u064a \u0633\u062a\u0648\u0627\u062c\u0647 \u0645\u0634\u0627\u0643\u0644 \u0641\u064a \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0645\u0642\u0628\u0644\u0629”.<\/strong><\/span><\/div>\n
\u0627\u0644\u0631\u0627\u0628\u0639\u0629. \u0641\u0642\u0627\u0639\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0645\u0628\u062f\u0626\u064a\u0627 \u0648\u0641\u064a \u0631\u0624\u064a\u0629 \u0645\u062b\u0627\u0644\u064a\u0629 \u064a\u0645\u0643\u0646 \u0644\u0623\u064a \u0628\u0644\u062f \u0623\u0646 \u064a\u0632\u064a\u062f \u062f\u064a\u0648\u0646\u0647 \u0625\u0644\u0649 \u0644\u0627 \u062d\u062f\u0651 \u0648\u0625\u0644\u0649 \u0627\u0644\u0623\u0628\u062f \u062f\u0648\u0646 \u0645\u0648\u0627\u062c\u0647\u0629 \u062e\u0637\u0631 \u0627\u0644\u0625\u0641\u0644\u0627\u0633\u060c \u0637\u0627\u0644\u0645\u0627 \u0623\u0646 \u0627\u0642\u062a\u0635\u0627\u062f\u0647 \u064a\u0646\u0645\u0648. \u0647\u0643\u0630\u0627 \u064a\u062e\u062a\u0627\u0631 \u0628\u0639\u0636 \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u062a\u0635\u0648\u064a\u0631 \u0627\u0644\u0623\u0645\u0631\u060c \u0641\u064a \u062d\u064a\u0646 \u0644\u0627 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f (\u0641\u064a \u0638\u0644 \u0627\u0644\u0646\u064a\u0648\u0644\u064a\u0628\u0631\u0627\u0644\u064a\u0629) \u0628\u0642\u0627\u0628\u0644 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0646\u0645\u0648\u0651 \u0627\u0644\u0644\u0627\u0632\u0645 \u0627\u0644\u0645\u062a\u0632\u0627\u064a\u062f \u0648\u0644\u0627 \u0627\u0644\u0639\u0627\u0642\u0644 \u064a\u0642\u0628\u0644 \u062a\u0635\u0648\u0651\u0631 \u062f\u0648\u0627\u0645 \u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0631\u0628\u0648\u064a\u0651\u0629 \u0645\u062a\u0641\u0627\u0642\u0645\u0629 \u0648\u0625\u0646\u062a\u062d\u0627\u0631\u064a\u0629\u060c \u0625\u0644\u0649 \u0627\u0644\u0623\u0628\u062f.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0639\u0644\u0649 \u063a\u0631\u0627\u0631 \u0645\u0627 \u0623\u0634\u0631\u0646\u0627 \u0625\u0644\u064a\u0647 \u0633\u0627\u0628\u0642\u0627\u060c \u064a\u0639\u062a\u0628\u0631 \u0627\u0644\u062e\u0631\u0648\u062c \u0639\u0646 \u0627\u0644\u0633\u064a\u0637\u0631\u0629 \u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u062f\u064a\u0646 \u0625\u0644\u0649 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0627\u0644\u0634\u0627\u062e\u0635 \u0627\u0644\u0623\u0635\u0644\u064a \u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0644\u064a\u0628\u062f\u0623 \u0645\u0634\u062a\u0631\u0648 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0628\u0627\u0644\u062a\u0648\u062a\u0631\u060c \u0641\u064a\u062a\u0633\u0628\u0628 \u0630\u0644\u0643 \u0641\u064a \u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0644\u062a\u0635\u0628\u062d \u0641\u062c\u0623\u0629 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 \u0623\u0643\u0628\u0631 \u0628\u0643\u062b\u064a\u0631\u060c \u0648\u064a\u0635\u0628\u062d \u0627\u0644\u0628\u0644\u062f \u0639\u0631\u0636\u0629 \u0644\u062e\u0637\u0631 \u0627\u0644\u062a\u062e\u0644\u0641 \u0639\u0646 \u0627\u0644\u0633\u062f\u0627\u062f\u060c \u0645\u0645\u0627 \u064a\u0632\u064a\u062f \u0627\u0644\u0634\u0643\u0648\u0643 \u0648\u064a\u0641\u0627\u0642\u0645 \u0627\u0644\u0623\u0632\u0645\u0629 \u0648\u0647\u0643\u0630\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0648\u0628\u0627\u062e\u062a\u0635\u0627\u0631 \u0641\u0625\u0646 \u062a\u0641\u0627\u0642\u0645 \u062f\u064a\u0648\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0628\u0646\u062d\u0648 \u0623\u0633\u0631\u0639 \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0648\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629\u060c \u064a\u0645\u062b\u0651\u0644 \u062a\u0647\u062f\u064a\u062f\u0627 \u0645\u0635\u064a\u0631\u064a\u0627 \u0644\u0623\u0645\u0631\u064a\u0643\u0627 \u0648\u0645\u0646\u0638\u0648\u0645\u062a\u0647\u0627\u060c \u0648\u0631\u063a\u0645 \u0645\u062d\u0627\u0648\u0644\u0627\u062a \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0625\u0644\u0627 \u0623\u0646 \u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0644\u0627 \u062a\u0632\u0627\u0644 \u062a\u062a\u0632\u0627\u064a\u062f\u060c \u0648\u0627\u0644\u0639\u062c\u0632 \u0644\u0627 \u064a\u0632\u0627\u0644 \u064a\u062a\u0641\u0627\u0642\u0645 \u0628\u062a\u0633\u0627\u0631\u0639 \u0645\u062e\u064a\u0641 \u0643\u0645\u0627 \u0628\u064a\u0646\u0627\u0647 \u0633\u0627\u0628\u0642\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0625\u0630\u0646 \u0627\u0644\u0642\u0627\u0633\u0645 \u0627\u0644\u0645\u0634\u062a\u0631\u0643 \u0628\u064a\u0646 \u0647\u0630\u0647 \u0627\u0644\u0641\u0642\u0627\u0639\u0627\u062a \u0627\u0644\u0623\u0631\u0628\u0639 \u0647\u0648 \u0623\u0646\u0647\u0627 \u062a\u0644\u0642\u064a \u0628\u062b\u0642\u0644\u0647\u0627 \u0639\u0644\u0649 \u0643\u0627\u0647\u0644 \u0627\u0644\u0637\u0628\u0642\u0629 \u0627\u0644\u0648\u0633\u0637\u0649\u060c \u0645\u0645\u0627 \u064a\u0628\u0634\u0631 \u0628\u0625\u0646\u0643\u0645\u0627\u0634 \u0641\u064a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0648\u0631\u0643\u0648\u062f \u0641\u064a \u0627\u0644\u062d\u0631\u0643\u064a\u0629 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0647\u064a \u0628\u0646\u062d\u0648 \u0639\u0627\u0645 \u0646\u0641\u0633 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0645\u0633\u062a\u062e\u0644\u0635\u0629 \u0645\u0646 \u0627\u0644\u0623\u0639\u0631\u0627\u0636 \u0627\u0644\u062e\u0645\u0633\u0629 \u0644\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629\u060c \u0627\u0644\u062a\u064a \u064a\u0643\u0641\u064a \u062a\u0623\u0632\u0645 \u0627\u0644\u0648\u0627\u062d\u062f\u0629 \u0645\u0646\u0647\u0627 \u0644\u062a\u0641\u062c\u064a\u0631 \u0623\u0632\u0645\u0629 \u0639\u0627\u0644\u0645\u064a\u0629\u060c \u0648\u0647\u064a \u0645\u0639 \u0628\u0639\u0636\u0647\u0627 \u062a\u062d\u0643\u064a \u062a\u0641\u0634\u064a \u0648\u0639\u0645\u0642 \u0648\u0625\u0633\u0642\u0631\u0627\u0631 \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
[2]. \u062a\u0639\u0644\u064a\u0642 \u0639\u0644\u0649 \u0627\u0644\u0623\u0632\u0645\u0629 \u0648\u0628\u064a\u0627\u0646 \u0645\u062c\u0645\u0644 \u0644\u062c\u0630\u0648\u0631\u0647\u0627<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0643\u0627\u0646\u062a \u0647\u0630\u0647 \u0627\u0644\u0639\u0646\u0627\u0648\u064a\u0646 \u0627\u0644\u062e\u0645\u0633\u0629 \u0623\u0633\u0627\u0633\u064a\u0627\u062a \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u0647\u0627 \u0648\u062a\u0641\u0627\u0642\u0645\u0647\u0627\u060c \u0644\u0643\u0646 \u0648\u0631\u063a\u0645 \u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0625\u0639\u0644\u0627\u0645 \u0627\u0644\u063a\u0631\u0628\u064a \u0639\u0644\u064a\u0647\u0627 \u062e\u0635\u0651\u064a\u0635\u0627\u060c \u0625\u0644\u0627 \u0623\u0646\u0651\u0647\u0627 \u062a\u0645\u062b\u0644 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u0623\u0639\u0631\u0627\u0636 \u0627\u0644\u0623\u0632\u0645\u0629(Symptoms) \u0644\u0627 \u062c\u0630\u0648\u0631\u0647\u0627 \u0648\u0623\u0635\u0648\u0644\u0647\u0627 (Roots) \u0644\u0630\u0627 \u0641\u0625\u0646 \u0643\u0644 \u0628\u0631\u0627\u0645\u062c \u0627\u0644\u063a\u0631\u0628 \u0644\u0645\u062d\u0627\u0631\u0628\u0629 \u0648\u0639\u0644\u0627\u062c \u062a\u0644\u0643 \u0627\u0644\u0623\u0639\u0631\u0627\u0636 \u0647\u064a \u0641\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u0629 \u0645\u062c\u0631\u0651\u062f \u0645\u0633\u0643\u0651\u0646\u0627\u062a \u0628\u062e\u0644\u0627\u0641 \u0627\u0644\u0628\u0631\u064a\u0643\u0633 \u0627\u0644\u0630\u064a \u064a\u062c\u062a\u0647\u062f \u0628\u0635\u0639\u0648\u0628\u0629 \u0644\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0625\u0634\u0643\u0627\u0644 \u0645\u0646 \u062c\u0630\u0648\u0631\u0647 \u0644\u0643\u0646 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0628\u0627\u0644\u063a\u0629 \u0627\u0644\u062a\u0639\u0642\u064a\u062f \u0648\u0627\u0644\u0635\u0639\u0648\u0628\u0629 \u0648\u062a\u062a\u0637\u0644\u0628 \u0634\u062c\u0627\u0639\u0629 \u0648\u0627\u062d\u062a\u0631\u0627\u0641\u064a\u0629 \u0648\u0646\u0641\u0633\u0627 \u0637\u0648\u064a\u0644\u0627)\u060c \u0648\u0644\u064a\u0633 \u0627\u0644\u0645\u0642\u0627\u0645 \u0628\u0645\u0646\u0627\u0633\u0628 \u0644\u062a\u0641\u0635\u064a\u0644 \u0627\u0644\u0628\u064a\u0627\u0646 \u062d\u0648\u0644 \u062a\u0644\u0643 \u0627\u0644\u062c\u0630\u0648\u0631 \u0627\u0644\u062a\u064a \u062f\u0648\u0646 \u0627\u0642\u062a\u0644\u0627\u0639\u0647\u0627 \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u062e\u0637\u064a \u0627\u0644\u0623\u0632\u0645\u0629 \u0648\u0627\u0644\u0625\u0646\u062a\u0642\u0627\u0644 \u0625\u0644\u0649 \u0628\u0631\u0651 \u0627\u0644\u0623\u0645\u0627\u0646. \u0644\u0630\u0627 \u0646\u0643\u062a\u0641\u064a \u0628\u0633\u0631\u062f\u0647\u0627 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u062a\u0631\u0627\u062a\u0628\u064a\u0651 \u062a\u0627\u0631\u064a\u062e\u064a\u0651 \u0648\u0633\u0628\u0628\u064a\u0651. \u0639\u0644\u0649 \u0623\u0646\u0651\u0647 \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a:<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0623\u0646 \u0646\u062f\u0631\u0643 \u0647\u0648\u0651\u064a\u0629 \u0648\u062d\u0642\u064a\u0642\u0629 \u062f\u0648\u0631 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a (\u062e\u0627\u0635\u0629 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a Fed \u0627\u0644\u0645\u0633\u0624\u0648\u0644 \u0639\u0646 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0625\u062d\u062a\u064a\u0627\u0637\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649$ The Reserve Currency) \u060c \u0648\u0643\u0630\u0627 \u062d\u0642\u064a\u0642\u0629 \u0645\u0627 \u064a\u0639\u0631\u0641 \u0628\u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a (Fiat money).<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0623\u0646 \u0646\u0639\u064a \u0645\u062f\u0644\u0648\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0625\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u062c\u0632\u0626\u064a (Fractional-reserve banking)\u060c \u0627\u0644\u0630\u064a \u062a\u0645\u0651 \u0627\u0639\u062a\u0645\u0627\u062f\u0647 \u0636\u0645\u0646 The 1913 Federal Reserve Act\u060c \u0648\u062a\u0645\u0651 \u062a\u0639\u0645\u064a\u0645\u0647 \u0645\u0639 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0628\u0639\u062f \u0627\u0644\u062d\u0631\u0628 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0642\u0647\u0631\u0627 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0644\u0645 \u0628\u0623\u0633\u0631\u0647 \u0644\u0636\u0645\u0627\u0646 \u0647\u064a\u0645\u0646\u0629 \u0623\u0645\u0631\u064a\u0643\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0623\u0646 \u0646\u0633\u062a\u0648\u0639\u0628 \u0645\u0641\u0627\u062f \u0648\u062a\u0628\u0639\u0627\u062a \u0641\u0635\u0644 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0639\u0646 \u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0630\u0647\u0628 (The Gold Standard) \u0641\u064a 1971 \u0648\u0628\u062f\u0627\u064a\u0629 \u0637\u0628\u0627\u0639\u0629 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0628\u0644\u0627 \u0631\u0642\u064a\u0628 \u0648\u0645\u0646 \u0644\u0627 \u0634\u064a\u0621 (ex nihilo).<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0647\u0648\u0633 \u0627\u0644\u062a\u0648\u0633\u0651\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0623\u0648 \u062a\u063a\u0644\u064a\u0628 \u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u062d\u0642\u064a\u0642\u064a (Financialization of the Economy) \u0643\u062a\u062a\u0648\u064a\u062c \u0645\u062a\u0637\u0631\u0641 \u0644\u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u0639\u0648\u0644\u0645\u0629 Globalization)).<\/strong><\/span><\/div>\n<\/div>\n
\n
\u062b\u0645\u0651 \u062a\u062d\u0648\u0644 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u063a\u0631\u0628\u064a \u0625\u0644\u0649 \u0645\u0627 \u064a\u0639\u0631\u0641 \u0627\u0644\u064a\u0648\u0645 \u0628\u0625\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0632\u0648\u0645\u0628\u064a (Zombification of the Economy) \u0648\u062a\u0648\u0633\u0651\u0639 \u0627\u0645\u0628\u0631\u0627\u0637\u0648\u0631\u064a\u0629 \u0627\u0644\u062a\u0647\u0631\u0628 \u0627\u0644\u0636\u0631\u064a\u0628\u064a \u0648\u062a\u0641\u0627\u0642\u0645 \u0627\u0644\u0637\u0628\u0642\u064a\u0629 \u0628\u0634\u0643\u0644 \u0644\u0627 \u064a\u0635\u062f\u0651\u0642\u060c \u0648\u0628\u0627\u0642\u064a \u0635\u0648\u0631 \u0627\u0644\u0641\u0633\u0627\u062f \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0627\u0644\u0645\u0646\u062a\u0634\u0631 \u0639\u0644\u0649 \u0623\u0639\u0642\u0627\u0628 \u062a\u0635\u0641\u064a\u0631 \u0646\u0633\u0628 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0625\u0646\u0642\u0627\u0630 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0634\u0627\u0645\u0644\u0629 \u0648\u063a\u064a\u0631 \u0627\u0644\u0625\u0646\u062a\u0642\u0627\u0626\u064a\u0629 \u0627\u0644\u062a\u064a \u0633\u0627\u0647\u0645\u062a \u0641\u064a \u062a\u0639\u0645\u064a\u0645 \u0623\u0648\u0631\u0627\u0645 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u063a\u0631\u0628\u064a \u0627\u0644\u0633\u0631\u0637\u0627\u0646\u064a\u0629\u060c \u0625\u0644\u0649 \u0643\u0627\u0641\u0629 \u0645\u0641\u0627\u0635\u0644\u0647 \u0648\u0645\u0643\u0648\u0651\u0646\u0627\u062a\u0647.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0643\u0644\u0651 \u0647\u0630\u0627 \u0648\u063a\u064a\u0631\u0647 \u0645\u0646 \u062a\u0641\u0627\u0635\u064a\u0644 \u062a\u062d\u0643\u064a \u0648\u0627\u0642\u0639\u0627 \u0644\u0627 \u064a\u0635\u062d \u0648\u0635\u0641\u0647 \u0625\u0644\u0627 \u0623\u0646\u0647 \u0645\u0631\u0636 \u0643\u0627\u0644\u0633\u0631\u0637\u0627\u0646 \u0642\u062f \u062a\u0641\u0634\u0649 \u0641\u064a \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629 \u0648\u0642\u0627\u062f\u0647\u0627 \u0625\u0644\u0649 \u0645\u0627 \u0647\u064a \u0639\u0644\u064a\u0647 \u0627\u0644\u064a\u0648\u0645 \u0645\u0646 \u0623\u0632\u0645\u0629 \u0639\u0645\u064a\u0642\u0629 \u0644\u0627 \u0645\u062e\u0631\u062c \u0645\u0646\u0647\u0627\u060c \u0628\u0645\u0639\u0646\u0649 \u0623\u0646 \u0641\u0631\u0635\u0629 \u0625\u0646\u0642\u0627\u0630 \u0627\u0644\u0648\u0636\u0639 \u0642\u062f \u062a\u062e\u0637\u0627\u0647\u0627 \u0627\u0644\u063a\u0631\u0628 \u0628\u0639\u062f \u0631\u0641\u0636\u0647 \u0625\u062d\u062f\u0627\u062b \u0639\u0645\u0644\u064a\u0629 \u062c\u0631\u0627\u062d\u064a\u0629 \u0634\u0627\u0645\u0644\u0629 \u0648\u0645\u0624\u0644\u0645\u0629 \u0648\u0639\u0645\u064a\u0642\u0629 \u0643\u0627\u0646\u062a \u0644\u062a\u0643\u0634\u0641 \u0644\u0644\u0639\u0627\u0644\u0645 \u0648\u0627\u0642\u0639\u0647 \u0648\u062d\u062c\u0645\u0647 \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0644\u0643\u0646 \u0643\u0627\u0646\u062a \u0644\u062a\u0646\u062c\u064a\u0647 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u0646\u0642\u0639 \u0647\u0630\u0627 \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0632\u0627\u0644 \u064a\u063a\u0631\u0642 \u0641\u064a \u0623\u0648\u062d\u0627\u0644\u0647 \u0648\u0633\u064a\u0632\u064a\u062f \u063a\u0631\u0642\u0627.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0628\u0628\u064a\u0627\u0646 \u0622\u062e\u0631\u060c \u0641\u0625\u0646\u0651 \u0645\u0646 \u0627\u0633\u062a\u0648\u0639\u0628 \u0648\u0627\u0642\u0639 \u0647\u0630\u0647 \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629 \u0627\u0644\u0644\u064a\u0628\u0631\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0623\u0632\u0651\u0645 \u064a\u062f\u0631\u0643 \u062d\u0642\u064a\u0642\u0629 \u062d\u0627\u062c\u062a\u0647\u0627 \u0627\u0644\u0630\u0627\u062a\u064a\u0629 \u0644\u0644\u062a\u0648\u0633\u0639 \u0628\u0634\u0631\u0627\u0647\u0629 \u0643\u0628\u064a\u0631\u0629 \u062d\u062a\u0649 \u062a\u062a\u0645\u0643\u0646 \u0645\u0646 \u0627\u0644\u0639\u064a\u0634 \u0644\u0645\u062f\u0651\u0629 \u0623\u0637\u0648\u0644\u060c \u0644\u0643\u0646 \u0627\u0644\u062d\u0642\u064a\u0642\u0629 \u0647\u064a \u0623\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0642\u062f \u062a\u0634\u0628\u0639 \u0648\u0643\u0630\u0627 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0636\u062e\u0645 \u0627\u0644\u0622\u0633\u064a\u0648\u064a \u0627\u0644\u0630\u064a \u0641\u0627\u062c\u0623 \u0627\u0644\u063a\u0631\u0628 \u0623\u0643\u062b\u0631 \u0644\u0645\u0627\u0651 \u0625\u0646\u0642\u0644\u0628 \u0645\u0646\u0627\u0641\u0633\u0627 \u0634\u0631\u0633\u0627 \u0644\u0647.<\/strong><\/span><\/div>\n<\/div>\n
\n
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\n
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\n
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\n
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\n
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\n
\u0646\u0639\u0645\u060c \u0625\u0646\u0651 \u0623\u0641\u0636\u0644 \u062a\u0648\u0635\u064a\u0641 \u0644\u0644\u0648\u0627\u0642\u0639 \u0627\u0644\u063a\u0631\u0628\u064a \u0647\u0630\u0627 \u0623\u0646\u0651\u0647 \u064a\u0639\u064a\u0634 \u0645\u0631\u062d\u0644\u0629 \u0625\u0646\u0643\u0645\u0627\u0634 \u062d\u0627\u062f\u0651 \u0641\u064a \u0645\u0646\u0627\u0628\u0639 \u0648\u0645\u0635\u0627\u062f\u0631 \u0628\u062d\u0628\u0648\u062d\u062a\u0647 \u0627\u0644\u0645\u0633\u0631\u0648\u0642\u0629 \u0644\u0645 \u064a\u0634\u0647\u062f \u0645\u062b\u064a\u0644\u0627 \u0644\u0647\u0627 \u0645\u0646\u0630 \u0623\u064a\u0627\u0645 \u062a\u0648\u0633\u0639\u0647 \u0627\u0644\u0625\u0633\u062a\u0639\u0645\u0627\u0631\u064a\u060c \u0645\u0646\u0630\u0631\u0627 \u0628\u0646\u0647\u0627\u064a\u0629 \u0645\u0631\u062d\u0644\u0629 \u062a\u0644\u0643 \u0627\u0644\u0628\u062d\u0628\u0648\u062d\u0629. \u0648\u0647\u0648 \u064a\u0639\u064a\u0634 \u0627\u0644\u064a\u0648\u0645 \u0625\u062b\u0631 \u0630\u0644\u0643 \u0645\u0639\u0636\u0644\u0629 \u0645\u0627\u0644\u064a\u0629 \u0648\u0625\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062d\u0642\u064a\u0642\u064a\u0629\u060c \u0623\u0648 \u0641\u0642\u0644:<\/strong><\/span><\/div>\n
The Western Financial and Economic dilemma<\/strong><\/span><\/div>\n<\/div>\n
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[3]. \u0645\u0627\u0630\u0627 \u064a\u0639\u0646\u064a \u0643\u0644\u0651 \u0630\u0644\u0643 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0646\u0627<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0644\u0637\u0627\u0644\u0645\u0627 \u0643\u0627\u0646 \u0627\u0644\u063a\u0631\u0628 \u064a\u062d\u062a\u0641\u0638 \u0628\u0625\u064a\u062c\u0627\u0628\u064a\u0627\u062a \u0627\u0644\u062a\u0636\u062e\u0651\u0645 \u0627\u0644\u062a\u0646\u0645\u0648\u064a\u0629 \u0644\u0646\u0641\u0633\u0647 \u0648\u064a\u0635\u062f\u0651\u0631 \u0623\u0639\u0628\u0627\u0621\u0647 \u0627\u0644\u0643\u0627\u0631\u062b\u064a\u0629 \u0644\u0644\u0639\u0627\u0644\u0645. \u0644\u0643\u0646 \u0627\u0644\u0639\u0627\u0644\u0645 \u062d\u0627\u0644\u064a\u0627 \u064a\u062a\u0648\u062c\u0651\u0647 \u0648\u0644\u0648 \u0628\u0628\u0637\u0626 \u0646\u062d\u0648 \u062a\u0642\u0627\u0633\u0645 \u0644\u062a\u0636\u062e\u0651\u0645 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 (\u0648\u0645\u0639\u0647 \u062a\u0636\u062e\u0651\u0645 \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u064a\u0648\u0631\u0648) \u0628\u064a\u0646 \u062f\u0648\u0644 \u0627\u0644\u0645\u0644\u064a\u0627\u0631 \u0627\u0644\u0630\u0647\u0628\u064a (The Golden Billion) \u0648\u062f\u0648\u0644 \u0627\u0644\u062c\u0646\u0648\u0628 \u0627\u0644\u0639\u0627\u0644\u0645\u064a (The Global South)\u060c \u0633\u064a\u0645\u0643\u0651\u0646 \u0630\u0644\u0643 \u062f\u0648\u0644 \u0627\u0644\u062c\u0646\u0648\u0628 \u0645\u0646 \u0627\u0644\u0636\u0641\u0631 \u0628\u0641\u064f\u0631\u0635 \u062a\u0646\u0645\u0648\u064a\u0651\u0629 \u0644\u0645 \u062a\u0643\u0646 \u062a\u062d\u0644\u0645 \u0628\u0647\u0627 \u0645\u0646 \u0642\u0628\u0644. \u0628\u0645\u0639\u0646\u0649 \u0623\u0646\u0651 \u0627\u0644\u0639\u0627\u0644\u0645 \u064a\u0633\u064a\u0631 \u0628\u0646\u062d\u0648 \u062a\u062f\u0631\u064a\u062c\u064a \u0648\u0644\u0648 \u0628\u0637\u064a\u0626 \u0646\u062d\u0648 \u062a\u0639\u0627\u062f\u0644 \u0641\u064a \u0627\u0644\u0641\u0631\u0635 \u0648\u0641\u064a \u0627\u0644\u0625\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0627\u0644\u0636\u062e\u0645\u0629 \u0627\u0644\u062a\u064a \u0644\u0637\u0627\u0644\u0645\u0627 \u0627\u062d\u062a\u0643\u0631\u062a\u0647\u0627 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0625\u0633\u062a\u0639\u0645\u0627\u0631\u064a\u0629 \u0648\u0648\u062c\u0647\u062a\u0647\u0627 \u0641\u064a \u0645\u0633\u0627\u0631\u0627\u062a \u062a\u062e\u062f\u0645 \u0623\u062c\u0646\u062f\u0627\u062a\u0647\u0627 \u0627\u0644\u062a\u0633\u0644\u0637\u064a\u0629\u060c \u0648\u0628\u062a\u0628\u0639 \u0630\u0644\u0643 \u0633\u0646\u0634\u0647\u062f \u062a\u0648\u0632\u064a\u0639\u0627 \u0623\u0643\u062b\u0631 \u0639\u062f\u0644\u0627 \u0644\u0641\u0631\u0635 \u0627\u0644\u0625\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627.<\/strong><\/span><\/div>\n<\/div>\n
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\u0647\u0630\u0627 \u0627\u0644\u0645\u0633\u0627\u0631 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0644\u0627 \u0646\u0642\u0627\u0634 \u0641\u064a\u0647\u060c \u0648\u0644\u0648 \u0623\u0646 \u062a\u0641\u0627\u0635\u064a\u0644 \u062a\u062d\u0642\u0651\u0642\u0647 \u0648\u062a\u062d\u0642\u0642 \u0639\u0627\u0644\u0645 \u0645\u062a\u0639\u062f\u0651\u062f \u0627\u0644\u0623\u0642\u0637\u0627\u0628 \u0635\u0639\u0628\u064c \u0625\u0633\u062a\u0634\u0631\u0627\u0641\u0647\u0627 \u0648\u062a\u0648\u0642\u0651\u0639\u0647\u0627. \u0641\u0627\u0644\u0635\u064a\u0646 \u0645\u062b\u0644\u0627 \u062a\u0639\u062f\u0651 \u0623\u062d\u062f \u0623\u0643\u0628\u0631 \u0627\u0644\u062f\u0648\u0644 \u0625\u0646\u062e\u0631\u0627\u0637\u0627 \u0641\u064a \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629\u060c \u0648\u062b\u0627\u0646\u064a \u0623\u0643\u0628\u0631 \u0627\u0644\u062d\u0627\u0626\u0632\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629\u060c \u0645\u0645\u0651\u0627 \u064a\u0636\u0639\u0647\u0627 \u0641\u064a \u0645\u0648\u0642\u0641 \u0645\u062d\u0631\u062c \u0648\u0645\u0639\u0642\u0651\u062f \u062e\u0644\u0627\u0644 \u0623\u064a \u0623\u0632\u0645\u0629 \u062a\u0639\u0635\u0641 \u0628\u0627\u0644\u063a\u0631\u0628\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u062d\u062f\u0651 \u062d\u0627\u0644\u064a\u0627 \u0645\u0646 \u062d\u064a\u0651\u0632 \u0645\u0646\u0627\u0648\u0631\u0627\u062a\u0647\u0627 \u0641\u064a \u0633\u0628\u064a\u0644 \u0625\u0633\u0642\u0627\u0637 \u0647\u064a\u0645\u0646\u0629 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0648\u0633\u0637\u0648\u062a\u0647 \u0627\u0644\u0638\u0627\u0644\u0645\u0629.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0643\u0630\u0644\u0643 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629\u060c \u0641\u0647\u064a \u0623\u0643\u0628\u0631 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0639\u0631\u0628\u064a\u0629 \u0627\u0646\u062e\u0631\u0627\u0637\u0627 \u0641\u064a \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629 \u0648\u0623\u0643\u0628\u0631\u0647\u0627 \u062d\u064a\u0627\u0632\u0629 \u0644\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 (\u0627\u0644\u062a\u064a \u0648\u0643\u0623\u0646\u0651\u0647\u0627 \u0628\u062f\u0623\u062a \u062a\u062a\u062e\u0644\u0649 \u0639\u0646\u0647\u0627)\u060c \u0625\u0644\u0627 \u0623\u0646 \u062a\u0642\u0627\u0631\u0628\u0647\u0645\u0627 \u0627\u0644\u0623\u062e\u064a\u0631 \u0641\u064a \u0638\u0644\u0651 \u062d\u0627\u062c\u0629 \u0627\u0644\u0635\u064a\u0646 \u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0648\u062d\u0627\u062c\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0644\u0644\u062a\u0648\u062c\u0647 \u0646\u062d\u0648 \u0627\u0644\u0634\u0631\u0642 \u0644\u0644\u062a\u062d\u0631\u0651\u0631 \u0648\u0644\u0648 \u062c\u0632\u0626\u064a\u0627 \u0645\u0646 \u0627\u0644\u062a\u0628\u0639\u064a\u0629 \u0627\u0644\u0645\u0641\u0631\u0637\u0629 \u0648\u0627\u0644\u062e\u0637\u064a\u0631\u0629 \u0644\u0644\u063a\u0631\u0628\u060c \u0644\u0623\u0645\u0631 \u064a\u062f\u0639\u0648\u0646\u0627 \u0644\u062a\u0648\u0642\u0651\u0639 \u0645\u0641\u0627\u062c\u0622\u062a \u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0645\u0628\u0647\u062c\u0629.<\/strong><\/span><\/div>\n<\/div>\n
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\u0631\u0648\u0633\u064a\u0627 \u0623\u064a\u0636\u0627 \u0644\u064a\u0633\u062a \u0623\u0641\u0636\u0644 \u0628\u0643\u062b\u064a\u0631\u060c \u0625\u0630 \u0648\u0631\u063a\u0645 \u0639\u062f\u0645 \u062a\u0648\u063a\u0644\u0647\u0627 \u0645\u062b\u0644 \u0627\u0644\u0635\u064a\u0646 \u0641\u064a \u0623\u0631\u0648\u0642\u0629 \u0627\u0644\u0648\u0627\u0644 \u062a\u0633\u062a\u0631\u064a\u062a\u060c \u0625\u0644\u0627 \u0623\u0646\u0651 \u062e\u0636\u0648\u0639 \u0628\u0646\u0643\u0647\u0627 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0644\u0633\u0637\u0648\u0629 \u0646\u062e\u0628 \u0631\u0648\u0633\u064a\u0629 \u0644\u064a\u0628\u0631\u0627\u0644\u064a\u0629 \u062a\u0631\u0643\u0647\u0627 \u0641\u064a \u0645\u0648\u0642\u0641 \u0644\u0627 \u064a\u0633\u0645\u062d \u0644\u0647\u0627 \u062d\u0627\u0644\u064a\u0627 \u0628\u0627\u0644\u062a\u0635\u062f\u064a \u0644\u0625\u0637\u0644\u0627\u0642 \u0631\u0635\u0627\u0635\u0629 \u0627\u0644\u0631\u062d\u0645\u0629 \u0639\u0644\u0649 \u0648\u0631\u0642\u0629 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u062a\u064a \u062a\u0645\u062b\u0644 \u0622\u062e\u0631 \u0623\u0633\u0644\u062d\u0629 \u0627\u0644\u0647\u064a\u0645\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0648\u0623\u0647\u0645 \u0648\u0633\u064a\u0644\u0629 \u0625\u0633\u062a\u0639\u0645\u0627\u0631\u064a\u0629 \u0625\u0645\u0628\u0631\u064a\u0627\u0644\u064a\u0629 \u0644\u0644\u0633\u0637\u0648 \u0639\u0644\u0649 \u0645\u0642\u062f\u0631\u0627\u062a \u0627\u0644\u0634\u0639\u0648\u0628.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0647\u0630\u0627 \u0648\u063a\u064a\u0631\u0647 \u0645\u0627 \u062f\u0639\u0649 \u0645\u0633\u062a\u0634\u0627\u0631 \u0628\u0648\u062a\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \u063a\u0644\u0627\u0632\u064a\u064a\u0641 \u0648\u0623\u0645\u062b\u0627\u0644 \u0627\u0644\u062e\u0628\u064a\u0631 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0627\u0644\u0645\u0639\u0627\u0631\u0636 \u0648\u064a\u0644\u064a\u0645 \u0623\u0646\u063a\u062f\u0627\u0644 \u0644\u062f\u0639\u0648\u0629 \u062f\u0648\u0644 \u0627\u0644\u0628\u0631\u064a\u0643\u0633 \u0625\u0644\u0649 \u062c\u0631\u0623\u0629 \u0623\u0643\u0628\u0631 \u0648\u0627\u0644\u0625\u062c\u062a\u0647\u0627\u062f \u0623\u0643\u062b\u0631 \u0641\u064a \u0637\u0631\u062d \u0628\u062f\u0627\u0626\u0644 \u062d\u0642\u064a\u0642\u064a\u0629 \u0648\u0645\u0634\u0627\u0631\u064a\u0639 \u0645\u0627\u0644\u064a\u0629 \u0648\u062a\u0642\u0646\u064a\u0629 \u0648\u0627\u0639\u062f\u0629 \u062a\u0631\u0642\u0649 \u0644\u0645\u0633\u062a\u0648\u0649 \u064a\u062e\u0648\u0651\u0644 \u0644\u0647\u0627 \u062a\u0647\u062f\u064a\u062f \u0647\u064a\u0645\u0646\u0629 \u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0648\u0625\u0633\u0642\u0627\u0637\u0647 \u0645\u0646 \u0639\u0631\u0634\u0647.<\/strong><\/span><\/div>\n<\/div>\n
\n
\u0639\u0644\u0649 \u0643\u0644\u0651\u060c \u062a\u0639\u062f\u0651 \u062f\u0648\u0644 \u0645\u062b\u0644 \u0627\u0644\u062c\u0632\u0627\u0626\u0631 \u0623\u062d\u062f \u0623\u0643\u0628\u0631 \u0627\u0644\u0645\u0633\u062a\u0641\u064a\u062f\u064a\u0646 \u0645\u0646 \u0627\u0644\u062a\u062d\u0648\u0651\u0644 \u0627\u0644\u062c\u0630\u0631\u064a \u0627\u0644\u062d\u0627\u0635\u0644 \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645\u060c \u0648\u0645\u0639\u0647\u0627 \u0643\u0644 \u0627\u0644\u062f\u0648\u0644 \u0630\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u062f\u0629\u060c \u0641\u064a \u062d\u064a\u0646 \u064a\u0646\u062a\u0638\u0631 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0646\u0627\u0645\u064a\u0629 \u0627\u0644\u062a\u0627\u0628\u0639\u0629 \u0644\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u063a\u0631\u0628\u064a\u0629 \u0648\u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0636\u0639\u0641\u0629 \u0623\u064a\u0627\u0645 \u0639\u0635\u064a\u0628\u0629 \u0648\u062e\u0633\u0627\u0626\u0631 \u063a\u064a\u0631 \u0636\u0626\u064a\u0644\u0629 \u0639\u0644\u0649 \u0623\u0639\u0642\u0627\u0628 \u0627\u0646\u0641\u062c\u0627\u0631 \u0623\u0648 \u062a\u0641\u0634\u064a \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0631\u062a\u0642\u0628. \u0646\u062a\u062d\u062f\u062b \u0639\u0646 \u062f\u0648\u0644 \u0643\u062a\u0631\u0643\u064a\u0627 \u0648\u0645\u0635\u0631 \u0648\u0627\u0644\u0645\u063a\u0631\u0628\u060c \u0648\u062d\u062a\u0649 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0645\u062b\u0644\u0627 \u0641\u0644\u0627 \u064a\u0633\u062a\u0628\u0639\u062f \u062a\u0623\u062e\u064a\u0631 \u0631\u0624\u064a\u0629 2030 \u0625\u0644\u0649 2035 \u0628\u0644 \u062d\u062a\u0649 \u0627\u0644\u0635\u064a\u0646 \u0645\u0646 \u0627\u0644\u0645\u0646\u062a\u0638\u0631 \u0648\u0635\u0648\u0644 \u0647\u0632\u0627\u062a \u0645\u0624\u0644\u0645\u0629 \u0625\u0644\u064a\u0647\u0627 \u0628\u0644 \u0646\u0634\u0647\u062f \u062d\u0627\u0644\u064a\u0627 \u0627\u0646\u0643\u0645\u0627\u0634 \u0641\u0639\u0627\u0644\u064a\u062a\u0647\u0627 \u0648\u0647\u0648 \u0645\u0627 \u064a\u0641\u0633\u0631 \u062a\u0623\u062e\u0651\u0631 \u0639\u062f\u064a\u062f \u0645\u0634\u0627\u0631\u064a\u0639\u0647\u0627 \u0639\u0628\u0631 \u0627\u0644\u0639\u0627\u0644\u0645 \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0645\u064a\u0646\u0627\u0621 \u0627\u0644\u062d\u0645\u062f\u0627\u0646\u064a\u0629. \u0648\u0628\u0644\u0627 \u0634\u0643 \u064a\u0639\u062f \u0627\u0644\u063a\u0631\u0628 \u0648\u0627\u0644\u0634\u0639\u0648\u0628 \u0627\u0644\u063a\u0631\u0628\u064a\u0629 \u0623\u062d\u062f \u0623\u0643\u0628\u0631 \u0648\u0623\u0628\u0631\u0632 \u0627\u0644\u062e\u0627\u0633\u0631\u064a\u0646 \u0648\u0627\u0644\u0645\u062a\u0636\u0631\u0631\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0625\u0637\u0644\u0627\u0642.<\/strong><\/span><\/div>\n
<\/div>\n
https:\/\/web.facebook.com\/photo\/?fbid=526948799586666&set=a.401807402100807<\/strong><\/span><\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u0628\u0642\u0644\u0645 \u0627\u0644\u0628\u0627\u062d\u062b \u0645\u0648\u0644\u0627\u064a \u0645\u062d\u0645\u062f \u0634\u0647\u062f \u0627\u0644\u0639\u0627\u0644\u0645 \u062e\u0644\u0627\u0644 \u0647\u0630\u0627 \u0627\u0644\u0623\u0633\u0628\u0648\u0639 \u0632\u0644\u0632\u0627\u0644\u0627 \u0645\u0627\u0644\u064a\u0627 \u0645\u0631\u0639\u0628\u0627\u060c \u0625\u0630 \u0648\u0641\u064a \u062d\u064a\u0646 \u0643\u0627\u0646 \u0639\u062f\u064a\u062f \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0641\u064a \u062d\u0627\u0644\u0629 \u0634\u0628\u0647 \u062a\u062e\u062f\u064a\u0631…<\/p>\n","protected":false},"author":58,"featured_media":73315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[36,51],"tags":[],"class_list":["post-73314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-36","category-51"],"yoast_head":"\n\u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629.. \u0627\u0644\u0648\u0627\u0642\u0639 \u0648\u0627\u0644\u0645\u0622\u0644 - AAH.JZR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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