Caso 3. ESTRATEGIAS DE COBERTURA DE DIVISAS EN GENERAL MOTORS

 

BFKF]EO HAYA]W

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Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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LKILGF

5.

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7.

Ifsgrlpg Ifsg rlpgl÷k l÷k ifteo ifteooeie.. oeie....... .......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... .........7 ....7 5.5.

Jukglakfs Jukgl akfs if if oe ajlglk ajlglke e if tfsarf tfsarfrèe rèe ifo ifo BH....... BH............ ......... ......... ......... ......... ......... ......... ......... ......... ......... .......7 ...7

5.=.

]feolzer ]feo lzer uk ekåolsl ekåolslss if oe oe paoètlg paoètlge e if garpa garparetl retlve ve if gamf gamfrtur rture.... e......... .......... ........... ............9 ......9

Fveouer.. Fveo uer....... .......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... .......... ................ .....................6 ..........6 =.5.

Oe paoè paoètlge tlge if gumrl gumrlrr fo 6>% if oes fxp fxpaslgl aslglakfs akfs gahf gahfrgle rgleofs ofs (apf (apfretl retlves)...... ves).......6 .6

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Fo ekåolsls ekåolsls hfksue hfksueoo ifo i÷oer i÷oer gekeilfks gekeilfksf.... f......... .......... ......... ......... ......... ......... ......... ......... .............. ..................: .........:

Eke Ek eol olze zerr oe Lh Lhpo poek ekte tegl gl÷ ÷k y veo eoa areg egll÷k ÷k00 Ga Gaha ha lh lhpo poek ekte terå rå fo Yfsa sarrfra y 

 vlgfprfslifktf  vlgfprfsl ifktf if Jlkekzes Jlkekzes if BH oe gamfrture if if ilvlses............................... ilvlses............................................... ................2 2 9.

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Fveouegl÷ Fveo uegl÷k0... k0........ .......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ............ .................. ..................... ..............3 ...3 9.5.

If oas oas gaktreta gaktretass jarweri jarweri gak gak apglak apglakfs.... fs......... ......... ......... ......... ......... ......... ............. ................... ..................... ............3 .3

9.=.

If oe sltue sltuegl÷k gl÷k ifo pfsa erbfktlka.. erbfktlka....... .......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... .........3 ....3

]feo ]f eolz lzer er uke fveou fveoueg egl÷ l÷k k gr grèt ètlg lge e if ifsi siff oe påblk påblke e = e oe påblk påblke e 5= 5=.. Wf Wfõe õeoe oeki kia a oe oess

jarteofzes y ifmlolieifs if oe arbeklzegl÷k arbeklzegl÷k...................... ........................................ ................................................. ...............................< <

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Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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5. Ifsgr Ifsgrlpg lpgl÷k l÷k ifteoo ifteooeie eie 5.5. Jukglakfs if oe ajlglke ajlglke if tfsarfrèe tfsarfrèe ifo BH BH  Fo fqulpa if tfsarfrèe if BH, fs fo fkgerbeia if oes slbulfktfs jukglakfs0 jukglakfs0 

]fspa ]f spakse ksemof mofss if oes trekse trekseggl gglak akfs fs hak hakfte fterl rles es fjfgtu fjfgtueie eiess par oe fhprf fhprfse. se. (gahpre, vfktes).

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Bfstl÷k if rlfsbas rfoeglakeias gak fo hahfkta fofblia pere oes treksegglakfs (ilvlses, prfgla if lksuhas).

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Musger eotfrketlves pere fo fxgfsa if fjfgtlva quf tlfkf oe gahpeõèe, gaha pufif puf if sfr musger musger lkvfr lkvfrsla slakf kfss egarif egarifss gak oe fhprfs fhprfse. e. (jl (jlkek kekglf glfres res,, l+i+l, l+i+l, lkhamlolerles, rfgursas).

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 Ektlglpersf e oas rlfsbas pra gehmlas if ilvlses fk oes treksegglakfs y gumrlr oas rlfsbas rlf sbas if fstas, fstas, bfstlake bfstlakekia kia oes paoètlge paoètlgess if gamfrtur gamfrture, e, (ifveoue (ifveouegl÷k gl÷k if oe hakfie fk fo hahfkta if peba if oas golfktfs, eprfglegl÷k if oe hakfie fk fo hahfkta if peba e oas pravffiarfs).

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Ifglilr guåkia fhltfk oes gahpeõèes jloleofs ilvlifkias e jevar if oe fhprfse hetrlz.

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Jarher Jar her fhpof fhpofeia eiass jof jofxl xlmof mofs, s, jarhei jarheias as fk ilstlk ilstlktes tes årfes årfes y jlo jloleo leofs, fs, iakif iakif eiqulfrfk fxpfrlfkgle fxpfrlfkgle y jarhegl÷k pere esuhlr eotas gerbas fk oe arbeklzegl÷k. arbeklzegl÷k.

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Bfstlaker fo rlfsba jlkekglfra, esè gaha fo rlfsba if gaktrepertf, garparetlva y  apfretlva, fveouekia oas peråhftras y puktas if rfjfrfkgle pere bfstlaker oas rlfsbas, rlf sbas, iftfrhlker iftfrhlker grltfrlas grltfrlas pere su fveouegl÷ fveouegl÷k k y iftfrhlk iftfrhlker er uhmreofs uhmreofs if gamfrture.

 Oe hfte ifo hfte ifo ifpertehfkta if Yfsarfrèe if BH fs e`uster oe tfsarfrèe gak fo eogekgf if kfbagla if BH, gak gakaglhlfkta if hfrgeia oageo.

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Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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5.=. ]feolzer uk ekåolsls if oe paoètlge if garparetlve if gamfrture. gamfrture. Oe paoètlge if gamfrture sf fstemofgf pere eogekzer 7 am`ftlvas prlkglpeofs ♪

]fiu ]f iugl glr r oe Zaoe Zaoetl tlol olie iei i ifo ifo jou` jou`a a if ge`e ge`e y beke bekekg kgle les s0 Wf fk fkge gerb rbe e ðklgehfktf if gumrlr oas jou`as if ge`e (fxpaslglakfs if trekseggl÷k) f lbkarer oes fxpaslglakfs if meoekgf bfkfreo (fxpaslglakfs (fxpaslglakfs if gakvfrsl÷k). gakvfrsl÷k).

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Hlklhlzer tlfhpa if oe bfrfkgle y oas gastas ifilgeias e oe bfstl÷k if ilvlses0 (fstui (fstuila la lktfrka lktfrka rfvfoe quf oe lkvfrsl÷k lkvfrsl÷k if rfgursas rfgursas fk bfstl÷k egtlve if ilvlses ka fs oe fspfreie). Wf gehmle oe paoètlge if lkvfrsl÷k if sfr peslvas eo ka lkvfrtlr e peser e sfr egtlvas gak oes lkvfrslakfs. lkvfrslakfs.

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 Erhaklzer oe bfstl÷k if ilvlses gak fo haia fk quf BH apfre su kfbagla if eutah÷vlofs0 ekåolsls if oe sltuegl÷k bfkfreo if oas fsteias e lkvfrtlr a e apfrer.

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Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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=. Fveo Fveoue uer r =.5. =.5. Oe paoè paoètl tlge ge if gumr gumrlr lr fo 6>% 6>% if oe oes s fxpa fxpasl slgl glak akfs fs gahf gahfrg rgle leof ofs s (apfretlves) Oe paoètl paoètlge ge if BH fs iljfr iljfrfkg fkgler ler fktrf fktrf fxpas fxpaslgl lglak akfs fs gahfr gahfrgle gleofs ofs y fx fxpas paslgl lglakf akfss jlkekglfress y poekljlger fo tlpa if lkstruhfktas jlkekglfre lkstruhfktas ifrlveias utlolzer pere ilgce gamfrture. Oes fxpaslglakfs gahfrgleofs sak oas jou`as if ge`e rfoeglakeias gak oe egtlvliei if oe fhprfse (gufktes par gamrer y peber) y oes fxpaslglakfs jlkekglfres pebas if ifuie y  rfperta if ilvlifkias. Oes apfreglakfs if vfkte f lkvfrslakfs if BH sf fxtlfkifk par taia fo hukia oa quf cegf tfkfr e oe gahpeõèe fxpaslgl÷k if sus rfgursas fk iljfrfktfs ilvlses. Oofvek uk gaktrao hfksueo rfblakeo if oes fxpaslglakfs gahfrgleofs, pere hektfkfr uk gaktrao if fstes. Fxpaslglakfs Gahfrgleofs0 Wus apfre apfregla glakf kfss sf fxt fxtlf lfkif kifk k par taia taia fo hukia, hukia, par oa quf tlfkf tlfkf fxpasl fxpaslgl÷ gl÷k k fk ilstlktes ilvlses, Wf cegfk prayfgglakfs jlkekglfres rfblakeofs e 5= hfsfs, rfeolzekia uk sf sfbu bulh lhlf lfkt kta a hfks hfksue ueoo if oes oes gu gufk fkte tess e ga gamr mrer er y pe pebe ber, r, ga gakt ktra raoe oeki kia a es esèè oe oess treksegglakfs. treksegglakf s. Oes prayfggl÷k iatek if lkjarhegl÷k e oas f`fgutlvas if oes fxpaslglakfs e oe hakfie quf fståk sahftlias.  E trevìs if uk ekåolsls if rlfsba sf iftfrhlkek oes apfreglakfs rfeohfktf rfeohfktf slbkljlgetlves quf `ustljlgek ilgce gamfrture. ^ere gumrlr fo 6>% if oe fxpaslgl÷k oas prlhfras : hfsfs utlolzek oas gaktretas jarweri, oas gueofs, sak uk gaktreta fktrf oe fhprfse y fo mekga pere vfkifr a gahprer uk egtlva e uk prfgla jl`eia fk uke jfgce iftfrhlkeie. Fs uk lkstruhfkta ifrlveia, ka slfkia kfgfserla uk ifsfhmaosa lklgleo, kfbaglekia fo prfgla if gehmla if ilvlse sfbðk fo gahpartehlfkta gahpartehlfk ta ifo hfrgeia. Fk apfreglakfs gak uk poeza supfrlar e : hfsfs, sf utlolzek oes apglakfs (gahpre a  vfkte if ilvlses), oes gueofs, hfilektf uk egufria sf pegte fo prfgla if fse ilvlse fk uk jutura iftfrhlkeia e pertlr if oas : hfsfs4 puilfkia f`frglter oe apgl÷k a ka. eglakeo if Oe ]la`e (VKL])

Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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Oas jarweri y oes apglakfs pfrhltfk e BH gahpofhfkter su rlfsba if fxpaslgl÷k. Gak oe utlolzegl÷k ehmes cfrrehlfktes, BH qulfrf tfkfr uk 6>% if gamfrture, iakif par paoètlge if fhprfse ka sf pfrhltf supfrer fo =6% fk apglakfs.

=.=.Fo ekåolsls hfksueo ifo i÷oer gekeilfksf. Oas fståkierfs gaktemofs if BH Gekeie rfqulfrfk eo VWI gaha hakfie apfretlve prlkglpeo, ieia quf fs oe prlkglpeo hakfie if oes treksegglakfs quf sf rfeolzek fk fste fst e sumifo sumifofb fbegl egl÷k. ÷k.,, par oa quf oe fxpasl fxpaslgl÷ gl÷k k ifo VWI eo i÷oer i÷oer gekeil gekeilfk fksf sf sf fktlfkif gaha uke fxpaslgl÷k e uke hakfie fxtrek`fre euk slfkia fste su hakfie oageo. ^ar oa quf oe gufkte par peber y gamrer sf rfjof`eme fk i÷oerfs gekeilfksfs, fxpaklìkiasf fxpaklìk iasf esè eo gehmla if ilvlse, tfklfkia uke eote vaoetloliei. ^ere quf fo gehmla if i÷oer gekeilfksf e VWI ka pfr`uilquf fk oas rfsuoteias sf euhfkte oe gamfrture ifo gehmla if ilvlse ifo 6>% eo 26% pere esè rfiuglr oe  vaoetloliei boameo if oes oes bekekgles e jlk if eõa. eõa.

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7. Ekeolzer Ekeolzer oe Lhpoektegl÷ Lhpoektegl÷k k y veoaregl veoaregl÷k0 ÷k0 Gaha lhpoekterå lhpoekterå fo Yfsarfra Yfsarfra y  vlgfprfslifktf  vlgfprfsli fktf if Jlkekzes if BH oe gamfrture gamfrture if ilvlses. ilvlses. Ka sf amsfrve uke fstretfble if lhpoektegl÷k fk sè, saoa fxlstfk gaha apgl÷k oas Jarwer Jar weri i y oes Apglakf Apglakfs. s. Oes Oes apfreg apfreglak lakfs fs sf hakltar hakltarlze lzek, k, re restr strfek fek y

ekeolz ekeolzek ek

pfrhltlfkia pfrhltlfk ia peser if uke bfstl÷k egtlve if rlfsba if ilvlses e oe bfstl÷k peslve. Oe lhpoektegl÷k if oe paslgl÷k if gamfrture qufie supfrvlseie, amtfklfkia rfpartfs gesl ilerlas ifo prfgla if ilvlses, e`ustekia esè oes paslglakfs if gamfrture. Gakoofve oe kfgfsliei kfgf sliei if pratfbfrsf pratfbfrsf ifo rlfsba rlfsba ifo tlpa if gehmla, pere hlklhlze hlklhlzerr fo patfkgleo patfkgleo lhpegta fk sus fsteias jlkekglfras Ylfkfk quf sfbulr slfkia gahpftltlvas, gahpftltlvas, pere esè hektfkfr su guate if hfrgeia y sfbulr fxpekilìkiasf e klvfo boameo, par oa quf fo rlfsba if tlpa if gehmla slfhprf oa vek e tfkfr, tfkf r, pfra pfra pufifk pufifk lhpoekte lhpoekterr iljfrfktf iljfrfktfss gamfrtur gamfrtures es y egglakfs egglakfs pere rfiuglr ilgca rlfsba.

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Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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9. Fveou Fveouegl egl÷k0 ÷k0 9.5. If oas gaktretas jarweri gak gak apglakfs Fo Jarweri fs uk gaktreta e gastf gfra , hlfktres quf oe apgl÷k rfqulfrf peber uk samrfprfgla. Ifmfk ekeolzer oas pras y gaktres if fstes ias cfrrehlfktes, musgekia uk pukta if fqulolmrla iakif fo klvfo if rlfsba sfe esuhlmof pere esè paifr ifglilrsf par uke cfrrehlfkte jlkekglfre u atre, pere rfiuglr fo rlfsba par gehmla if ilvlse quf tlfkf BH. ^ar oa quf ifmfk poekljlger uke fstretfble if gamfrture, quf pfrhlte amtfkfr oe heyar bekekgle gak fo gehmla if ilvlses.

9.=.If oe sltuegl÷k ifo pfsa erbfktlka Fo patfkgleo gehmla jlkekglfra (lkfstemloliei fgak÷hlge) if Erbfktlke amolbe BH e ektlglpe ektl glpersf rsf e oe paslmof paslmof ifveouegl÷k ifveouegl÷k ifo ifo pfsa erbfktlk erbfktlka. a. Wf plfrif plfrif fo gaktrao gaktrao if oes teses if Jarweri Jarweri y if oes apglakfs, apglakfs, oa quf amolbe amolbe e musger uke hekfre hekfre if hltlber fo rlfsba if gehmla if ilvlse. Wf lktfkte fkgaktrer eobukes gamfrtures ketureofs if kfbagla a ilstlktes jarhes pere rfiuglr oas egtlvas fk pfsas y gakvfrtlroas fk egtlvas sfburas. Folhlkekia oas seoias fk fj fjfg fgtl tlva va if oa oass pf pfsa sass erbf erbfkt ktlk lkas as,, gehm gehmlå låki kiao aoas as e uke uke hakf hakfie ie fste fstemo moff y es esèè ektlglpåkiasf e oe paslmof ifveouegl÷k. Fste råplie egtuegl÷k pfrhltf hltlber oe pìrilie if geplteo, y esè hektfkfr su paslgl÷k fstretìblge.

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Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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6. ]feo ]feolz lzer er uke uke fveo fveoue uegl gl÷k ÷k gr grèt ètlg lge e ifsi ifsif f oe påbl påblke ke = e oe påbl påblke ke 5=. 5=. Wfõeoekia oes jarteofzes y ifmlolieifs if oe arbeklzegl÷k. Fs kfgfserla cegfr uk ekåolsls fxceustlva if oas ebfktfs lktfrkas y fxtfrkas pere iftfrhlkerr oe sltuegl÷k fxlstfktf. iftfrhlke Jarteofzes0 

Geoliei f Lkkavegl÷k

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Herge gak prfstlbla y rfgakaglie

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Oèifr if hfrgeia

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^frsakeo eotehfktf gueoljlgeia

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Gaktrao ifo herga apfretlva

Vke if oes jarteofzes rfsfõemofs if BH fs oe gepegliei if gaktrao quf tlfkf oe ilrfggl÷k ifmlia e oes hakltarlzeglakfs ilerles, y rfpartfs hfksueofs if oes sumifofbeglakfs gak oas fsteias jlkekglfras jlkekglfras apfretlvas, pere esè paifr paifr cegfr gaktraoer gaktraoer y poekljlger ektf uk patfkgle patf kgleoo rlfsba, rlfsba, `ukta gak fo poek if jarhegl÷k jarhegl÷k e sus fhpofeia fhpofeiass quf sak jofxlmof jofxlmofss y  eotehfktf gueoljlgeias.

Apartuklieifs0 

Vsa if kufve tfgkaoabèe

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Grfglhlfkta if hfrgeia

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Mðsqufie if kufves lkvfrslak lkvfrslakfs fs (kufves poektes, jlkekglfr jlkekglfres) es)

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Grfglhlfkta fk hfrgeias fhfrbfktfs

Ifmfk if hlrer e oerba poeza pere rfeolzer uke fstretfble jlkekglfre if gamfrture if ilvlse, ka mesåkiasf saoa fk oes ias cfrrehlfktes quf utlolze, fxpaklfkia esè su rlfsba eo hèk hèklha lha pas paslmo lmof, f, mu musge sgekia kia kuf kufves ves lk lkvfr vfrsla slakfs kfs y ehp ehpole olekia kia su hf hfrge rgeia ia tek tekta ta e kufvas peèsfs fhfrbfktfs gaha e kufvas praiugtas.

eglakeo if Oe ]la`e (VKL])

Ifmlolieifs0

Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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Gahpftfkgle

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Fofveia gasta if oe praiuggl÷k

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Ifuies fxtfrkes f lktfrkes

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Jeooa fk prayfgglakfs if rlfsba if ilvlse

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Ifpfkifkgle Ifpfkifk gle if hfrgeia fsteiauklifksf

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Jeote if ilvfrsljlgegl ilvfrsljlgegl÷k ÷k Jeote if fstretfble jlkekglfre pere oe gamfrture if rlfsba if ilvlse

^ere cegfr jrfktf e oe kufve gahpftfkgle quf fktre fk fo sfgtar, gak kufvas haifoas y  utlolieifs, BH ifmfrèe lkvfrtlr hås fk L+I+L esè gaha ilvfrsljlger su praiuggl÷k tfrrltarleohfktf pere sfr gahpftltlvas fk hfrgeia y lktraiuglr kufvas praiugtas eo hfrgeia. ]fspfgta eo espfgta jlkekglfra, semfhas quf oas hfrgeias sak huy vaoåtlofs puilfkia oofber e jeooer fses prayfgglakfs jlkekglfres jlkekglfres y e oe care if f`frglter su ifrfgca e gahpre if oes apglakfs gaha e oe care if oe kfbaglegl÷k ifo jarweri, pufifk oofber e fqulvagersf amtfklfkia pìrilies hlooakerles.

 Ehfkezes0 

Ifveouegl÷k if oe hakfie

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Lhpebas pravffiarfs

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]fgfsl÷k

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Ifsegfofregl÷k Ifsegfofre gl÷k if oe vfkte if eutah÷vlofs

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]fbuoegl÷k ofblsoetlve

Fk fo åhmlta paoètlga hukileo ka cey uke mesf s÷olie, puilfkia oofber e gehmler fo fsteia if uk peès if uk ièe pere atra gak oa quf fooa gakoofve, oas lkvfrsarfs ka tlfkfk gakjlekze pofke fk oas hfrgeias, oe eote tese if fhpofa a oas eotas tlpas if lktfrìs pere oe jl jlke kekg kgle legl gl÷k ÷k pu pufi fifk fk il ilsu suei eilr lr eo ga gaks ksuh uhli liar ar e rf rfeo eolz lzer er oe oess ga gahp hpre ress if fs fsta tass praiugtas.

Oa lifeo sfrèe hektfkfr oas pebas f lkbrfsas fk VWI a mlfk sfbhfkter oe fhprfse eglakeo if Oe ]la`e (VKL])

slfkia fste lkifpfkilfktf lkifpfkilfktf if oe hetrlz sfbðk su oageolzegl÷k fstretìblge y apfrer fk fse hakfie, gak oa quf fsterèehas qultekia rlfsba par gehmla if ilvlse. Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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 Atre apgl÷k sfrèe fkifuiersf fk hakfie fxtrek`fre, puilfkia oofber e tfkfr gufktes fk hås if uke ilvlse pere rfeolzer oas gamras y pebas fk ilgce ilvlse slk kfgfsliei if gehmla. Vtlolzer oes cfrrehlfktes cfrrehlfktes jlkekglfres fxlstfktfs0 Jarweri0   Fo Jarw Jarweri0 Jarwer eri i fs uk ga gakt ktre reta ta ka ja jarh rheo eolz lzei eia a fk fktr trff ias ias pe pert rtfs fs pere pere gahprer a vfkifr uk egtlva e uke jfgce juture y prfgla pegteia pegteia.. Juturas0 Oas Juturas0  Oas juturas if ilvlses sak gaktretas kfbaglemofs quf berektlzek fo prfgla if lktfrgehmla if uke ilvlse par atre fk fo jutura. Iakif sf gatlzek fk fo hfrgeia if juturas. 

Apglakfs0 Ifrfgca eiqulrlia gaktregtueohfktf pere gahprer (apgl÷k put) a pere  vfkifr (apgl÷k puoo) uk lhpartf iftfrhlk iftfrhlkeia eia fk uke ilvlse e gehmla if atra lhpartf fk atre, fk uk ièe jutura iftfrhlkeia.

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Wweps0 Fo swep a pfrhute jlkekglfre fs uk ifrlveia jlkekglfra quf gakslstf fk fo lktfrgehmla if jou`as hakfterlas fktrf ias pertfs, su`fta e oe fvaougl÷k if oas tlpas if lktfrìs, ilvlses, hetfrles prlhes y atras egtlvas jlkekglfras.

]feo ]f eolz lzer er tr trek ekse segg ggla lakf kfss lktf lktfrh rhfi file less if vfkt vfkte e if apgl apglak akfs fs eiqu eiqulr lrli lies es par par BH y   vfkifroes e uk tfrgfra gaha pertf if peba, fs ifglr gahfrgleolzer su apgl÷k if gahpre if ilvlse.

eglakeo if Oe ]la`e (VKL])

Jlkekzes fk uk Fktarka Ilblteo Egvlieifs

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