setembro 16, 2011
Federalismo europeu: uma solução para a crise?
Com a crise financeira iniciada em 2007/2008 a conhecer em 2011 uma nova fase de intensificação são frequentes as vozes que aparecem publicamente a sugerir a necessidade de “mais Europa” para a solucionar. Em Portugal, parece existir um consenso entre as principais forças políticas de que um aumento das competências da União Europeia, nomeadamente através da instituição de um governo económico e de um orçamento de tipo federal, seria um passo importante para a solução da crise que afecta gravemente as finanças públicas de vários Estados da zona Euro. Admitindo que o aumento e aprofundamento da integração europeia é, em si mesmo, positivo, importa, todavia, pensar como poderia ser implementada, em concreto, uma solução de governo económico europeu. Seria um modelo federal paritário, onde os Estados transfeririam soberania para instituições comuns – por exemplo, a Comissão – a qual, de forma equidistante face aos interesses nacionais, implementaria um orçamento e políticas comuns? Ou seria um modelo federal com primazia das grandes unidades políticas que compõem a União, nomeadamente da Alemanha e da França, cujas competências fulcrais seriam reservadas ao Conselho? Na realidade, defender “mais Europa” e uma solução governo económico europeu é bastante vago, como se antevê facilmente pelas questões formuladas. O aspecto chave está, por isso, naquilo que poderia ser a sua configuração concreta, e, sobretudo, em encontrar um desenho aceitável pelos actuais 27 Estados-membros. O problema é que a ideia de um governo económico europeu tem significados implícitos diferentes para os países do Sul e do Norte da União. Em países como Portugal (Grécia, Espanha, etc.), tradicionais beneficiários líquidos do orçamento europeu, falar em “mais Europa” evoca imediatamente na mente dos políticos e cidadãos mais transferências financeiras para o país. Em vinte cinco anos de integração europeia, Portugal nunca se viu na posição de contribuinte líquido, nem é crível que no futuro discernível alguma vez ocupe essa posição. Por outros palavras, no nosso país quando se fala numa solução federal europeia, está implícita a ideia de uma União de transferências e de acesso às condições de financiamento nos mercados internacionais em condições similares à da Alemanha ou Holanda, através da emissão de obrigações europeias (eurobonds). Estes “sentimentos de europeísmo” despertados pela situação aflitiva das finanças e da economia portuguesa, não são convincentes aos olhos dos nossos parceiros europeus ricos. Vista a questão sob o prisma dos países do núcleo duro da zona Euro (Alemanha e França, mas também Holanda, Áustria e Finlândia), tradicionais contribuintes líquidos, um governo económico europeu e um orçamento europeu também poderão ser desejáveis para se atingir uma maior integração e contribuir para solucionar a crise. Todavia, embora a linguagem usada seja similar, “mais Europa” tem implícito um outro desenho concreto que não é o que referimos anteriormente. Um governo económico europeu seria algo próximo de um directório de potências, onde países como a Alemanha e a França, definiriam fundamentalmente o modelo e as regras do seu funcionamento. Este federalismo económico não é, por isso, sinónimo de reforço das transferências financeiras da União Europeia, nem de emissão de obrigações europeias, mas de adopção “compulsiva” de políticas económicas por todos os membros da zona Euro, segundo a visão perfilhada pelas potências directoras. Importa, por isso, ter consciência em Portugal de que uma solução de federalismo económico europeu, como saída para a crise, a ocorrer, não será provavelmente, na configuração de uma União de transferências e de mais solidariedade financeira como desejaríamos. Provavelmente será a instituição, ainda que dissimulada, de um directório de potências que define uma orientação “compulsiva” para todos os Estados. Esta situação ficou bem clara na recente visita do Primeiro-Ministro português à Alemanha, quando, ao lado da chanceler Angela Merkel, deixou cair os eurobonds, face à inaceitabilidade germânica dessa ideia. Assim, o irrealismo do discurso político dos partidos de poder sobre a necessidade de “mais Europa” acaba por gerar falsas expectativas de solução da grave crise nos cidadãos. No actual contexto económico e político, os únicos cenários que parecem realistas são os da evolução para um governo económico de um directório europeu, com a redução da soberania portuguesa a um nível próximo de zero; ou, em alternativa, um recuo (downgrade) em algumas áreas do mercado único que seriam transitoriamente “renacionalizadas” e uma eventual saída, ainda que temporária, da zona Euro. Se a Grécia entrar em incumprimento como parece ser cada vez mais provável, o dogma de que a integração não pode ter recuos vai cair com esta. Portugal tem grande probabilidade de ser arrastado no turbilhão. Impõe-se, por isso, não continuar iludir a realidade e começar já a preparação para estes dois cenários.
setembro 15, 2011
Comissão Europeia pretende 'europeização' dos controles fronteiriços
The EU commission is pressing ahead with a controversial draft bill on 'europeanising' the way border checks are introduced, allowing national governments to act on their own for only five days.
The draft, seen by EUobserver, has already irked France, Germany and Spain who jointly oppose the idea of giving the EU commission a veto right over what so far has been the exclusive competence of national governments.
Initially scheduled for the beginning of the week, the publication has been delayed until Friday (16 September), one day after the general elections in Denmark where border controls are a favourite topic of the populist Danish People's Party.
"Since the free movement of persons within the area without internal borders is a key Union achievement, the benefits of which are enjoyed by all the persons living in this area, it should as a general rule require a decision to be taken at the Union level, rather than for such decision to be taken unilaterally at the national level," the paper reads.
The proposal comes after member states earlier this year asked for clarification on when and how border checks can be reintroduced, following a Franco-Italian spat over Tunisian migrants crossing their common border. [...]
Ver notícia no EUObserver
setembro 06, 2011
Europa mostra sinais do pessimismo económico à escala global
International financial markets tumbled as a darkening global economic outlook and deepening fissures in Europe over its debt crisis fueled fears the world economy could slip into a period of prolonged malaise.
The Stoxx Europe 600 index fell 4.1% Monday, with banks hard hit. The euro slid below $1.42, its lowest in a month. The declines followed a slide in Asia, where stock indexes in China and Japan dropped by about 2% Monday. On Tuesday morning Asian markets again moved lower, with Japan shares falling 1.2% by late morning. During early Asian trading the 10-year U.S. Treasury yields hit as low as 1.911%, the lowest level in at least five decades, according to traders.
U.S. markets, which were hit on Friday by a dismal job market report, were closed for Labor Day.
Monday's rout is a sign investors increasingly worry that a mix of slow economic growth and high public debt will tip the global economy back into a recession.
"There is clearly a recognition that the debt crisis started in Europe, but the story is similar across the Western world," said Silvio Peruzzo, economist at Royal Bank of Scotland.
Though both the U.S. and Europe emerged from recession about two years ago, a recent string of economic data suggests the recovery is fading on both sides of the Atlantic. A report Friday that the U.S. posted no job growth in August was a watershed, Mr. Peruzzo said, "a turning point" showing that economic risks are turning negative. [...]
Ver notícia no Wall Street Journal
agosto 12, 2011
agosto 11, 2011
A era que se aproxima de bancos pequenos
How many people does it take to operate a modern bank and how much should such a bank’s shares be worth? The one-two punch of recently announced lay-offs and stock price declines suggests that the answer to both questions is a lot smaller than you might think.
The numbers are staggering. As of midday on Wednesday, shares of Barclays and Credit Suisse, which announced lay-offs last week, are down more than 20 per cent for the month. Shares of HSBC, which will be making 30,000 redundancies – a 10th of its workforce – are down 17 per cent. Shares of Lloyds, which is cutting 15,000 jobs, are down nearly that much. Other financial institutions, including Goldman Sachs and UBS, have announced job cuts and suffered double-digit share price declines. And then there are Bank of America and Citigroup, the two banks facing the most intense pressure from investors this week; together they employ more than half a million people. For now.
Typically, job cuts are good for shareholders because they reduce labour costs and improve efficiency. But these lay-offs have set off a labour-capital death spiral: they are bad for employees but are proving even worse for shareholders, and the declines in the share prices of banks are putting yet more pressure on employees and will probably lead to more lay-offs. And so on, and so on. [...]
Ver notícia no Financial Times
The numbers are staggering. As of midday on Wednesday, shares of Barclays and Credit Suisse, which announced lay-offs last week, are down more than 20 per cent for the month. Shares of HSBC, which will be making 30,000 redundancies – a 10th of its workforce – are down 17 per cent. Shares of Lloyds, which is cutting 15,000 jobs, are down nearly that much. Other financial institutions, including Goldman Sachs and UBS, have announced job cuts and suffered double-digit share price declines. And then there are Bank of America and Citigroup, the two banks facing the most intense pressure from investors this week; together they employ more than half a million people. For now.
Typically, job cuts are good for shareholders because they reduce labour costs and improve efficiency. But these lay-offs have set off a labour-capital death spiral: they are bad for employees but are proving even worse for shareholders, and the declines in the share prices of banks are putting yet more pressure on employees and will probably lead to more lay-offs. And so on, and so on. [...]
Ver notícia no Financial Times
agosto 10, 2011
agosto 09, 2011
16.000 polícias para retomar o controlo de Londres
David Cameron today warned rioters that they would face the 'full force of the law' as he recalled Parliament, after violence swept across the country for a third night.
An unprecedented 16,000 police officers will be on the streets of the capital tonight, the Prime Minister announced, compared with just 6,000 last night. Today huge swathes of the capital woke up to the charred debris of burned out buildings and streets littered with waste.
Theresa May caused fury today by appearing to rule out using the Army and water cannons to quell any future disorder. Police were last night criticised for being absent when much of the looting and ransacking took place and, when they were present, keeping their distance from rioters.
Today a 26-year-old man who was shot as he sat in a car during rioting in Croydon died in hospital [...]
Ver notícia no Daily Mail
An unprecedented 16,000 police officers will be on the streets of the capital tonight, the Prime Minister announced, compared with just 6,000 last night. Today huge swathes of the capital woke up to the charred debris of burned out buildings and streets littered with waste.
Theresa May caused fury today by appearing to rule out using the Army and water cannons to quell any future disorder. Police were last night criticised for being absent when much of the looting and ransacking took place and, when they were present, keeping their distance from rioters.
Today a 26-year-old man who was shot as he sat in a car during rioting in Croydon died in hospital [...]
Ver notícia no Daily Mail
agosto 08, 2011
A estratégia chinesa do yuan arruina as finanças do Ocidente
Mi-2007 éclatait la crise des pays occidentaux. Mi-2009, ceux-ci sortaient de leur récession mais ne se débarrassaient pas pour autant de la crise qui restait la leur. Mi-2011, leur situation vient même de rebondir sous forme d'une crise conjointe de leurs finances publiques qui menace maintenant de les faire rechuter en récession...
En face, la Chine manifeste une santé insolente : trente-troisième année d'affilée sans récession, une croissance du produit intérieur brut (PIB) à 10 % l'an depuis vingt ans, un chômage qui ne cesse de reculer, des réserves de change, qui, tout compté, dépassaient déjà 4 500 milliards de dollars (3 165 milliards d'euros) à la fin du mois de juin 2011...
Ce contraste s'explique par l'énorme sous-évaluation du yuan infligée par la Chine à ses partenaires et rivaux. Grâce à un contrôle des changes draconien qui n'est accessible qu'aux Etats totalitaires, la Chine maintient le yuan à 0,15 dollar et à 0,11 euro, quand, selon le Fonds monétaire international (FMI) et l'ONU, il devrait valoir 0,25 dollar et 0,21 euro !
Les pays occidentaux sont restés totalement passifs face au cours du yuan que leur dicte la Chine. Depuis que, en 2001, ils ont admis la Chine à l'Organisation mondiale du commerce (OMC), armée de son contrôle des changes, ils se sont privés, il est vrai, de la seule arme qui pourrait la faire céder : les représailles douanières.
Il en a résulté à la fois une désindustrialisation majeure des pays occidentaux et une industrialisation intense de la Chine.
La main-d'oeuvre en Chine étant la moins chère au monde, les entreprises qui y sont basées s'emparent de parts croissantes du marché mondial tandis que les multinationales occidentales viennent concentrer leurs investissements productifs sur le territoire chinois. Ce qui renforcera encore les parts du marché mondial captées par la Chine...
Ver artigo no Le Monde
En face, la Chine manifeste une santé insolente : trente-troisième année d'affilée sans récession, une croissance du produit intérieur brut (PIB) à 10 % l'an depuis vingt ans, un chômage qui ne cesse de reculer, des réserves de change, qui, tout compté, dépassaient déjà 4 500 milliards de dollars (3 165 milliards d'euros) à la fin du mois de juin 2011...
Ce contraste s'explique par l'énorme sous-évaluation du yuan infligée par la Chine à ses partenaires et rivaux. Grâce à un contrôle des changes draconien qui n'est accessible qu'aux Etats totalitaires, la Chine maintient le yuan à 0,15 dollar et à 0,11 euro, quand, selon le Fonds monétaire international (FMI) et l'ONU, il devrait valoir 0,25 dollar et 0,21 euro !
Les pays occidentaux sont restés totalement passifs face au cours du yuan que leur dicte la Chine. Depuis que, en 2001, ils ont admis la Chine à l'Organisation mondiale du commerce (OMC), armée de son contrôle des changes, ils se sont privés, il est vrai, de la seule arme qui pourrait la faire céder : les représailles douanières.
Il en a résulté à la fois une désindustrialisation majeure des pays occidentaux et une industrialisation intense de la Chine.
La main-d'oeuvre en Chine étant la moins chère au monde, les entreprises qui y sont basées s'emparent de parts croissantes du marché mondial tandis que les multinationales occidentales viennent concentrer leurs investissements productifs sur le territoire chinois. Ce qui renforcera encore les parts du marché mondial captées par la Chine...
Ver artigo no Le Monde
agosto 07, 2011
BCE pondera decisão sobre compra de títulos Itália para aliviar dívida
After a week that saw $2.5 trillion wiped off world stock markets, political leaders are under searing pressure to reassure investors that Western governments have both the will and ability to reduce their huge and growing public debt loads.
ECB President Jean-Claude Trichet wants the policy-setting Governing Council to take a final decision on buying Italian paper after Prime Minister Silvio Berlusconi announced new measures on Friday to speed up deficit reduction and hasten economic reforms, one ECB source said.
The source said that if the ECB council opted to intervene on Italy at a crucial conference call starting at 1700 GMT (1 p.m. EDT), the ECB and national central banks would start buying Italian bonds when markets open on Monday.
That would likely prompt a sizeable relief rally on global markets. If it does not act, the reverse would be true.
Another source said the council would look too at possible emergency liquidity measures to prevent money markets freezing. The fourth anniversary of the global credit crunch which ushered in the financial crisis looms this week. [...]
Ver notícia da Reuters
ECB President Jean-Claude Trichet wants the policy-setting Governing Council to take a final decision on buying Italian paper after Prime Minister Silvio Berlusconi announced new measures on Friday to speed up deficit reduction and hasten economic reforms, one ECB source said.
The source said that if the ECB council opted to intervene on Italy at a crucial conference call starting at 1700 GMT (1 p.m. EDT), the ECB and national central banks would start buying Italian bonds when markets open on Monday.
That would likely prompt a sizeable relief rally on global markets. If it does not act, the reverse would be true.
Another source said the council would look too at possible emergency liquidity measures to prevent money markets freezing. The fourth anniversary of the global credit crunch which ushered in the financial crisis looms this week. [...]
Ver notícia da Reuters
agosto 01, 2011
Quanto mais perto de uma União? A eurozona rumo a uma união fiscal indefinida
At the emergency meeting of euro-zone leaders on July 21st, the president of the European Central Bank circulated a set of charts showing how bond spreads had blown out after every summit over the past year. He also handed out a ranking of countries deemed by markets most likely to default: Greece, Portugal and Ireland were at the top, riskier than Venezuela and Pakistan; Spain was less safe than revolutionary Egypt. Mr Trichet’s point was clear. The response to the crisis had been inadequate and often made matters worse, with markets seeing Europe as more of a basket-case even than Africa.
The leaders were determined to reverse this grim trend. So they agreed to slash interest rates on bail-out loans for the most crippled members, and to double their maturities to 15 years (and, if need be, be ready to double them again, to 30 years). The summit promised to keep up the subsidies until Greece could return to the market. Ireland and Portugal got the same terms. Greece’s private creditors were asked to pay, but only a bit. [...]
Ver artigo no The Economist
The leaders were determined to reverse this grim trend. So they agreed to slash interest rates on bail-out loans for the most crippled members, and to double their maturities to 15 years (and, if need be, be ready to double them again, to 30 years). The summit promised to keep up the subsidies until Greece could return to the market. Ireland and Portugal got the same terms. Greece’s private creditors were asked to pay, but only a bit. [...]
Ver artigo no The Economist
julho 24, 2011
julho 22, 2011
Espasmo ou espiral? A escolha do Ocidente
The other day a bright young diplomat from China set me an examination question. My first thought was that it sprang from that admirable Chinese trait of searching out enduring patterns in the clatter and chaos of events. Then it struck me that anyone watching the train crashes on either side of the Atlantic should be asking something similar.
The US faces an unsustainable debt burden alongside sustained political paralysis. Strategic decision-making is held hostage to ideological polarisation. Democrats and Republicans may well escape a calamitous default with an 11th-hour deal on the debt ceiling. But a sticking plaster will not bridge the rancorous divide over tax and spending that piles deficit on deficit.
In Europe, the stakes have been higher still. The European Union’s core project, the single currency, has been buckling under the weight of sovereign debt and political discord. Solidarity has been lost to resurgent nationalisms. Germany’s Angela Merkel says that 60-odd years of European integration is under threat. Yet the leader of Europe’s most powerful nation has seemed frozen in the headlights of indecision. [...]
Ver artigo no Financial Times
julho 17, 2011
julho 11, 2011
Comissária da Justiça sugere desmantelamento da Standard & Poor’s, Moody’s e Fitch
A comissária europeia para a Justiça, Viviane Reding, propôs hoje o desmantelamento das três principais agências de rating norte-americanas, a Standard & Poor’s, Moody’s e Fitch, em declarações ao jornal alemão Die Welt.
“A Europa não pode permitir que o euro seja destruído por três empresas privadas norte-americanas”, disse a comissária luxemburguesa, exigindo mais transparência e mais concorrência na avaliação de Estados pelas referidas agências.
“Só vejo duas soluções, ou os Estados do G-20 decidem desmantelar o cartel das três agências de rating norte-americanas, e de três agências fazer seis, por exemplo, ou criar agências de rating independentes na Europa e na Ásia”, acrescentou Reding. [...]
Ver notícia no Público
“A Europa não pode permitir que o euro seja destruído por três empresas privadas norte-americanas”, disse a comissária luxemburguesa, exigindo mais transparência e mais concorrência na avaliação de Estados pelas referidas agências.
“Só vejo duas soluções, ou os Estados do G-20 decidem desmantelar o cartel das três agências de rating norte-americanas, e de três agências fazer seis, por exemplo, ou criar agências de rating independentes na Europa e na Ásia”, acrescentou Reding. [...]
Ver notícia no Público
Petição do jornal i, ‘A Europa não é um lixo‘
O Jornal i lançou, esta sexta-feira, uma petição contra o oligopólio das agências de rating, que estão a destruir a economia europeia.
Nos primeiros quinze minutos em que ficou disponível, a petição, intitulada “A Europa não é lixo”, foi assinada por 100 pessoas. Neste momento já ultrapassou as 2000 assinaturas.
Foram também vários os grupos nas redes sociais que se associaram de imediato a esta causa, divulgando-a nas suas páginas. [...]
Ver notícia no Jornal i
julho 10, 2011
EUA suspendem ajuda militar ao Paquistão
The US says it is withholding some $800m in military aid to Pakistan.
White House Chief of Staff Bill Daley told ABC television that Pakistan had "taken some steps that have given us reason to pause on some of the aid".
He said the US raid that killed Osama Bin Laden in May had affected ties but he insisted the relationship "must be made to work over time".
The $800m (£500m) equates to about a third of the annual US security aid to Pakistan, US officials say.
In figures submitted to the International Monetary Fund last autumn, Pakistan's defence expenditure in its 2010-2011 budget was put at $6.41bn - an increase of $1.27bn on the previous year. [...]
Ver notícia na BBC
White House Chief of Staff Bill Daley told ABC television that Pakistan had "taken some steps that have given us reason to pause on some of the aid".
He said the US raid that killed Osama Bin Laden in May had affected ties but he insisted the relationship "must be made to work over time".
The $800m (£500m) equates to about a third of the annual US security aid to Pakistan, US officials say.
In figures submitted to the International Monetary Fund last autumn, Pakistan's defence expenditure in its 2010-2011 budget was put at $6.41bn - an increase of $1.27bn on the previous year. [...]
Ver notícia na BBC
julho 04, 2011
junho 28, 2011
O desapontamento da vitória para o AKP da Turquia
In this month’s Turkish parliamentary elections, the governing Justice and DevelopmentParty (AKP) won almost 50 percent of the popular vote, up from 46.5 in the previous elections. The success was thanks in part to Turkey’s strong performance under the conservative AKP; since 2002, Turkey’s economic growth has been behind only that of China and India. Still, the AKP fell short by three seats of retaining the supermajority - control of 330 out of 550 parliamentary seats, which gives a single party the ability to amend the constitution - that the party has enjoyed since 2002, when it first came to power. (Although the AKP increased its vote share this year, the secular, social democratic Republican Peoples Party [CHP] and Kurdish nationalist Peace and Democracy Party [BDP] registered higher gains, therefore stealing some AKP seats.) This is a positive development for Turkey’s fragile democracy, which has become dangerously polarized between the conservatives and the secular liberals. For the first time in nearly a decade, the AKP will be forced to seek consensus to govern, especially in regions where its electoral performance was weak: the country’s liberal Aegean coast, Thrace, and the middle-class neighborhoods of Istanbul and other large cities.
The new balance in Turkey’s government presents both historic challenges and historic opportunities. Since Turkey became a multiparty democracy in 1946, the country has never had a constitution crafted by civilians, instead making do with a series of charters developed by military-led parliaments. Recently, driven by almost a decade of economic and political development, majorities in both the liberal and conservative parties have come to support drafting a new constitution. The fate of such an effort depended on the outcome of the elections. If the AKP’s victory had been large enough, it could have gone it alone, creating a document that would have likely enshrined social conservatism. Since the vote was split, the drafting process will have to be more consensual. [....]
Ver artigo na Foreign Affairs
junho 20, 2011
EUA e Paquistão à beira da ruptura
Il est toujours triste de voir une histoire d’amour mal tourner, quand les espérances folles, torpillées par les trahisons secrètes, s’effondrent dans un concert de reproches. C’est précisément ce que vivent aujourd’hui les Etats-Unis et le Pakistan, et que ce soit à Washington ou à Islamabad, on se croirait un peu dans un feuilleton à l’eau de rose. "Comment ont-ils pu nous traiter de la sorte ?" Tel est le ton du débat politique dans les deux capitales. S’il s’agissait d’un couple en désamour, on lui recommanderait de prendre du recul, histoire de panser son orgueil blessé et de retrouver son équilibre. Un avis qui vaut sans doute aussi pour les Etats-Unis et le Pakistan. Ces deux pays ont été amèrement déçus par leur relation – chacun semblant incapable de comprendre ce qui déplaît à l’autre –, mais ils ont également des intérêts communs qui doivent passer avant tout le reste.
"Il y a des points de friction, mais pas de rupture", commente Husain Haqqani, ambassadeur du Pakistan à Washington, qui n’a pas ménagé ses efforts pour éviter la cassure, allant jusqu’à défier les militaires d’Islamabad. Du côté des décideurs américains, nombreux sont ceux qui approuveraient ses propos. Passée la période de recul, la relation ne sera plus la même – avec davantage de respect pour l’indépendance pakistanaise. C’est une bonne chose, même du point de vue des intérêts américains. L’étreinte des Etats-Unis devenait étouffante, et l’armée pakistanaise était considérée par son opinion publique comme un laquais de Washington. C’était une source croissante de honte et d’indignation nationale, comparables à la colère qui a causé la chute d’Hosni Moubarak en Egypte. [...]
Ver notícia no Courrier International
junho 14, 2011
Os principais orçamentos militares a nível mundial
On June 8th China's top military brass confirmed that the country's first aircraft carrier, a refurbishment of an old Russian carrier, will be ready shortly. Only a handful of nations operate carriers, which are costly to build and maintain. Indeed, Britain has recently decommissioned its sole carrier because of budget pressures. China's defence spending has risen by nearly 200% since 2001 to reach an estimated $119 billion in 2010—though it has remained fairly constant in terms of its share of GDP. America's own budget crisis is prompting tough discussions about its defence spending, which, at nearly $700 billion, is bigger than that of the next 17 countries combined.
Ver notícia no The Economist
Ver notícia no The Economist
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