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(bilance, devizovho trhu a devizovho kursu k jejich hlubmu pochopen )Tj
T*
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<011c>Tj
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<0124>Tj
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[( mezinrodnch financ.)]TJ
-8.7614 -1.2091 TD
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[(Cel ko v )-294(tema tic k )-294(za m)]TJ
/TT5 1 Tf
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<010c>Tj
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( )Tj
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T*
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<00fe>Tj
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[( nch )]TJ
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(vzta h)Tj
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<0124>Tj
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(. Knihu lze proto doporu)Tj
/TT5 1 Tf
9.9208 0 TD
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<00fe>Tj
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(it i jako zkladn u)Tj
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<00fe>Tj
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(ebn text v rmci studijnch )Tj
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(program)Tj
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<0124>Tj
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[( MBA. )]TJ
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(Pod stat n )Tj
/TT5 1 Tf
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<00fe>Tj
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[(st kni )441.6(hy je v)]TJ
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<010c>Tj
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<0124>Tj
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(za ji t)Tj
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<010c>Tj
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<010c>Tj
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( p)Tj
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<011c>Tj
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[( )231.8(mch a portfo )231.8(lio-)]TJ
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<010c>Tj
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<0124>Tj
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(. )Tj
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<00fd>Tj
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(te n)Tj
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<011c>Tj
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( m)Tj
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<0124>Tj
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[( e )]TJ
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<00fe>Tj
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T*
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[(a )-300.1(forwardo v )-300.1(ana l zy. )-300.1(V )-300.1(mak ro eko no mic kch )]TJ
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<00fe>Tj
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[(s )300.1(tech jsou vysv)]TJ
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<010c>Tj
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[(tle ny )-300.1(z klad n )]TJ
-26.3544 -1.2091 TD
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<011c>Tj
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<011c>Tj
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[(eb )-248.1(eko no mic k ho )]TJ
-24.967 -1.2091 TD
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[(ana ly ti ka. )-411.7(D)]TJ
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<0124>Tj
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[( )411.7(raz je kla )411.7(den na in )411.7(ter )411.7(akci po )411.7(hy )411.7(bu kursu, rokov mry, pe )411.7(n)]TJ
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<010c>Tj
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( n )Tj
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[(z so by, )-233.1(cen )-233.1(a )-233.1(pla teb n )-233.1(bi lan ce. )-233.1(Zv)]TJ
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<010c>Tj
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(re)Tj
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<00fe>Tj
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(n )Tj
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<00fe>Tj
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(st informuje )Tj
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<00fe>Tj
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(ten)Tj
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<011c>Tj
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(e i o problematice )Tj
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(kursov politiky centrlnch bank, jako i o roli mezinrodnch m)Tj
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<010c>Tj
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(novch )Tj
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(a finan)Tj
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<00fe>Tj
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[(nch instituc. Text je do )252.8(pl )252.8(n)]TJ
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<010c>Tj
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(n )Tj
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<00fe>Tj
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<011c>Tj
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( kla dy. )Tj
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[(Ve sna )257.5(ze zachovat p)]TJ
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<011c>Tj
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(i m)Tj
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<010c>Tj
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( )Tj
/TT5 1 Tf
T*
<011c>Tj
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[(e n )-257.4(roz sa h )-257.4(kni hy )-257.4(ne by ly )-257.4(na ko nec )-257.4(za )]TJ
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<011c>Tj
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[(a ze ny )-257.5(ka pi to-)]TJ
-26.5596 -1.2091 TD
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(ly v)Tj
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<010c>Tj
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[( no va n )-256(po drob n)]TJ
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<010c>Tj
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(j )Tj
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[(mu )-255.9(v kla du )-255.8(pro ble ma ti ky )-255.9(de vi zo vch )-255.8(re zerv )-255.8(a )-255.9(me zi n-)]TJ
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[(rod n ho )-244.6(pla tebn ho )-244.6(sty ku. )-244.5(V )-244.6(pr vm )-244.6(p)]TJ
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<011c>Tj
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( pa d)Tj
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<010c>Tj
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[( jsme usou )244.6(di )244.6(li, e jde )244.6( o zce za )244.6(m)]TJ
/TT5 1 Tf
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<010c>Tj
/TT6 1 Tf
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( )Tj
/TT5 1 Tf
T*
<011c>Tj
/TT6 1 Tf
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(e-)Tj
-31.2043 -1.2091 TD
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[(nou ob )236.4(last, kte )236.4(r je do ur )]TJ
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<00fe>Tj
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[(Ve dru )352(hm p)]TJ
/TT5 1 Tf
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<011c>Tj
/TT6 1 Tf
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( pa d)Tj
/TT5 1 Tf
1.7217 0 TD
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<010c>Tj
/TT6 1 Tf
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[( )-352(exis tu je )]TJ
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<00fe>Tj
/TT6 1 Tf
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[(et n, )-352(snad no )-352(do stup n )-352(a )-352(kva lit n )]TJ
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<00fe>Tj
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[(es k )-352(li te ra tu ra )]TJ
-26.2435 -1.2091 TD
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[(za b va j c )-274.9(se )-274.9(tou to )-274.9(pro ble ma ti kou.)]TJ
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( P)Tj
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<011c>Tj
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[(i )-301.6(zpra co v n )-301.6(kni hy )-301.6(brali )-301.6(au to )]TJ
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<011c>Tj
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[(i v vahu tu sku )301.6(te)]TJ
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<00fe>Tj
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[( )301.6(nost, e p)]TJ
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<011c>Tj
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(ed m)Tj
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<010c>Tj
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[(t me )301.6(zi-)]TJ
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<0124>Tj
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[( e )-240.4(u)]TJ
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<00fe>Tj
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[(it ve dvou va )240.4(rian )240.4(tch se za )240.4(m)]TJ
/TT5 1 Tf
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<010c>Tj
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( )Tj
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T*
<011c>Tj
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[(e nm )-240.3(na )-240.3(mak ro eko-)]TJ
ET
/GS1 gs
BT
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[(www.mgmtpr)26.1(ess)26.1(.cz)]TJ
ET
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/TT5 1 Tf
7.6464 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(no vm )-240.7(fon-)]TJ
-27.3455 -1.2091 TD
-.0066 Tw
[(dem \(MMF\) a Mezi )243.4(n )243.4(rod )243.4(n ban )243.4(kou pro obno )243.4(vu a roz )243.4(voj \(IBRD\), naz )243.4(va )243.4(nou t )]TJ
T*
0 Tw
(Sv)Tj
/TT5 1 Tf
1.0562 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0475 Tw
[( )297.5(to )297.5(vou ban )297.4(kou \(World Bank\). Ob)]TJ
/TT5 1 Tf
13.2156 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( )-297.4(insti tu ce )-297.5(vznik ly )-297.4(na )-297.5(zkla d)]TJ
/TT5 1 Tf
11.1312 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( )-297.4(mezi n rod n )]TJ
-26.7345 -1.2091 TD
.0133 Tw
[(doho )263.3(dy pode )263.3(psa )263.3(n 22. 7. 1944 v Bretton Woods v USA jako vsle )263.3(dek snah p)]TJ
/TT5 1 Tf
31.0862 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(i-)Tj
-31.4192 -1.2091 TD
-.25 Tw
[(pra vit )-253.4(jet)]TJ
/TT5 1 Tf
3.9746 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0034 Tc
( p)Tj
/TT5 1 Tf
.7534 0 TD
0 Tc
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0035 Tw
(ed sklo )Tj
2.8643 0 TD
(nkem 2. sv)Tj
/TT5 1 Tf
4.3678 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to v )-253.4(vlky )-253.5(p)]TJ
/TT5 1 Tf
4.9503 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.2499 Tw
[(ed po kla dy )-253.4(pro )-253.3(sta bil n )-253.3(roz voj )-253.3(me-)]TJ
-18.4641 -1.2091 TD
-.25 Tw
[(zi n rod n )-275(m)]TJ
/TT5 1 Tf
4.8292 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(no v )-275(spo lup r ce )-275(v )-275(pov le )]TJ
/TT5 1 Tf
10.2659 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
(nm sv)Tj
/TT5 1 Tf
2.8858 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(t)Tj
/TT5 1 Tf
.2778 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(.)Tj
-18.7457 -1.2091 TD
.1526 Tw
[(Podle msta svho vzni )402.6(ku jsou ob)]TJ
/TT5 1 Tf
14.1792 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-402.6(insti tu ce )]TJ
/TT5 1 Tf
4.1934 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.1527 Tw
(asto naz )Tj
3.9012 0 TD
-.2499 Tw
[(v ny )-402.4(tak )-402.6(bre tton-)]TJ
-24.4499 -1.2091 TD
-.25 Tw
[(wood sk mi )-309.6(insti tu ce mi. )-309.6(Na )-309.5(jed n nch )-309.5(v )-309.5(Bretton )-309.5(Woods )-309.6(bylo )-309.6(sou )]TJ
/TT5 1 Tf
26.39 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(as n)Tj
/TT5 1 Tf
1.333 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4439 0 TD
.0595 Tw
[( roz )309.5(hod-)]TJ
-28.6107 -1.2091 TD
-.25 Tw
[(nu to )-244.6(i )-244.7(zalo e n )-244.7(Veo bec n )-244.7(doho dy )-244.6(o )-244.6(clech )-244.7(a )-244.6(obcho du )-244.7(\(GATT\), )-244.7(kter )-244.7(m)]TJ
/TT5 1 Tf
28.3201 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0054 Tw
(la s Me-)Tj
-28.7639 -1.2091 TD
-.25 Tw
[(zi n rodnm )-275(m)]TJ
/TT5 1 Tf
5.607 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
[(no )275(vm fon )275(dem a se Sv)]TJ
/TT5 1 Tf
9.2655 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to vou )-275(ban kou )-275(tvo )]TJ
/TT5 1 Tf
7.0495 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(it )-275(uce le nou )-275(jed not ku.)]TJ
/TT4 1 Tf
11.7 0 0 11.7 81.1969 417.3701 Tm
[(Mezi n rod n )-275(m)]TJ
/TT3 1 Tf
6.6075 0 TD
0 Tw
<010c>Tj
/TT4 1 Tf
.4438 0 TD
-.25 Tw
[(no v )-275(fond)]TJ
/TT6 1 Tf
11 0 0 11 81.1969 390.7701 Tm
-.2499 Tw
[(Mezi n rod n )-377.6(kon fe ren ce )-377.7(v )-377.6(Bretton )-377.6(Woods )-377.6(se )-377.6()]TJ
/TT5 1 Tf
19.4828 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(ast ni lo )-377.7(44 )-377.7(p)]TJ
/TT5 1 Tf
4.922 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
(ed sta vi te l)Tj
/TT5 1 Tf
3.832 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.1277 Tw
[( stt)]TJ
/TT5 1 Tf
1.7664 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(, )Tj
-31.7801 -1.2091 TD
(v)Tj
/TT5 1 Tf
.5 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(et n)Tj
/TT5 1 Tf
1.2217 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0001 Tc
-.2501 Tw
[( )-254.3(vech )-254.4(vedou cch )-254.3(spo je nec )]TJ
10.6477 0 TD
0 Tc
.0043 Tw
(kch zem z 2. sv)Tj
/TT5 1 Tf
6.9876 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to v )-254.3(vlky. )-254.3(Mezi )-254.3(zakl da j c )]TJ
/TT5 1 Tf
-20.6885 -1.2091 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0426 Tw
(leny MMF pat)Tj
/TT5 1 Tf
5.8631 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(i lo )-292.6(i )]TJ
/TT5 1 Tf
1.9188 0 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
-.25 Tw
[(eskoslovens ko. )-292.6(Mylen ka )-292.6(z)]TJ
/TT5 1 Tf
11.056 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[( dit )-292.6(nad n rod n )-292.6(mezi n rod n )]TJ
-20.6147 -1.2091 TD
0 Tw
(finan)Tj
/TT5 1 Tf
2.0547 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.1514 Tw
[( )401.4(n insti )401.4(tu )401.4(ci se zro )401.3(di )401.4(la ji v obdo )401.4(b depre )401.4(se ve t)]TJ
/TT5 1 Tf
19.775 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.1514 Tw
[(i )401.4(c )401.4(tch letech 20. stol. )]TJ
-22.6065 -1.2091 TD
-.25 Tw
[(a )-275.7(byla )-275.8(moti vo v na )-275.8(zku e nost mi )-275.8(a )-275.7(ti v mi )-275.7(d)]TJ
/TT5 1 Tf
17.8176 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0258 Tw
[(sled )275.8(ky ze sv)]TJ
/TT5 1 Tf
4.9392 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to v ho )-275.8(hos po d)]TJ
/TT5 1 Tf
6.3304 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[( sk-)]TJ
-30.3641 -1.2091 TD
.025 Tw
[(ho roz )275(vra )275(tu s touto kriz spo )275(je )275(n )275(mi.)]TJ
1.2885 -1.2091 TD
-.25 Tw
[(Koncep ce )-245.7(mezi n rod n ho )-245.7(m)]TJ
/TT5 1 Tf
11.2648 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(no v ho )-245.6(sys t mu )-245.5(zalo e n )-245.6(na )-245.5(bre ttonwoodskch )]TJ
-12.9971 -1.2091 TD
[(prin ci pech )-370.4(byla )-370.5(ori en to va n )-370.4(na )-370.4(pod po ru )-370.4(sv)]TJ
/TT5 1 Tf
17.6808 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1205 Tw
[( )370.5(to )370.5(v )370.4(ho obcho )370.5(du a v n)]TJ
/TT5 1 Tf
9.0916 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(m )-370.5(vol n ho )]TJ
-27.66 -1.2091 TD
.0842 Tw
[(po )334.2(hy )334.2(bu zbo a slu )334.2(eb. Proto byl kla )334.2(den d)]TJ
/TT5 1 Tf
17.3641 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0842 Tw
[(raz na postup )334.2(nou likvi )334.2(da )334.2(ci devi )334.2(zo-)]TJ
-17.8641 -1.2091 TD
-.2499 Tw
[(vch )-243.7(ome ze n, )-243.6(odstra n)]TJ
/TT5 1 Tf
9.0125 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( n )-243.8(dis kri mi na)]TJ
/TT5 1 Tf
5.2989 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( nch )-243.8(opa t)]TJ
/TT5 1 Tf
3.6871 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(e n, )-243.7(zave de n )-243.8(sm)]TJ
/TT5 1 Tf
6.6794 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ni tel nos ti )-243.8(m)]TJ
/TT5 1 Tf
4.7438 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(n )Tj
/TT5 1 Tf
-31.5301 -1.2091 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(len skch )-248.3(zem )-248.3(a )-248.3(dodr o v n )-248.3(sys t mu )-248.3(sta bil nch )-248.3(pev nch )-248.3(kurs)]TJ
/TT5 1 Tf
24.4542 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.0002 Tc
-.0015 Tw
[( se strikt )248.3(n)]TJ
/TT5 1 Tf
3.8852 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0003 Tc
-.0014 Tw
( ome-)Tj
-29.7272 -1.2091 TD
0 Tc
-.2499 Tw
[(ze n mi )-274.9(hra ni ce )]TJ
6.1607 0 TD
-.25 Tw
[(mi )-275(jejich )-275.1(osci la ce.)]TJ
-4.8723 -1.2091 TD
(Hlav n )Tj
/TT4 1 Tf
2.9966 0 TD
.025 Tw
(cle MMF )Tj
/TT6 1 Tf
4.4919 0 TD
-.2499 Tw
[(byly )-274.9(sta no ve ny )-274.9(takto:)]TJ
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.1969 205.5702 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.1969 204.5702 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
11 0 0 11 95.3699 204.5702 Tm
0 Tc
-.2499 Tw
[(pod po ro vat )-253.9(mezi n rod n )-253.8(m)]TJ
/TT5 1 Tf
10.8385 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(no vou )-253.9(sou )]TJ
/TT5 1 Tf
4.1431 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0039 Tw
[(in )253.9(nost st )253.8(lou insti )253.8(tu )253.9(c, kter zabez )253.8(pe-)]TJ
/TT5 1 Tf
-15.8693 -1.2091 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-378.8(mecha nis mus )-378.8(kon zul ta c )-378.8(a )-378.8(spo lup r ce )-378.8(v )-378.8(mezi n rod nch )-378.8(m)]TJ
/TT5 1 Tf
24.5327 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(no vch )-378.8(otz-)]TJ
-25.4204 -1.2091 TD
0 Tw
(kch;)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.1969 165.6701 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.1969 164.6702 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
11 0 0 11 95.3699 164.6702 Tm
0 Tc
(usnad )Tj
/TT5 1 Tf
2.333 0 TD
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.037 Tw
[(o )213(vat roz )212.9(mach a vyrov )213(na )213(n r)]TJ
/TT5 1 Tf
11.0698 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(st )-213(mezi n rod n ho )-213(obcho du )-213(a )-213(p)]TJ
/TT5 1 Tf
11.9047 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(i sp vat )-213(tak )]TJ
-26.6405 -1.2091 TD
.0926 Tw
[(k pod )342.6(po )]TJ
/TT5 1 Tf
3.3426 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(e )-342.6(a )-342.6(udr o v n )-342.6(vyso k ho )-342.6(stup n)]TJ
/TT5 1 Tf
12.2566 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0926 Tw
[( zam)]TJ
/TT5 1 Tf
2.0081 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(st na nos ti )-342.6(a )-342.6(rel n ho )-342.6(d)]TJ
/TT5 1 Tf
8.9697 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
(cho du )Tj
-28.2978 -1.2091 TD
.0584 Tw
[(i k roz )308.4(vo )308.4(ji vrob )308.4(nch zdro )308.4(j)]TJ
/TT5 1 Tf
10.9533 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0584 Tw
[( vech )]TJ
/TT5 1 Tf
2.8936 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(len)Tj
/TT5 1 Tf
1.2217 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0584 Tw
[( jako )308.4(to prvo )]TJ
/TT5 1 Tf
5.3932 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(a dch )-308.4(cl)]TJ
/TT5 1 Tf
3.6956 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[( )-308.4(hos po d)]TJ
/TT5 1 Tf
3.6414 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(-)Tj
-30.4086 -1.2091 TD
.025 Tw
[(sk poli )275(ti )274.9(ky;)]TJ
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.1969 112.4702 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.1969 111.4701 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
11 0 0 11 95.3699 111.4701 Tm
0 Tc
-.25 Tw
[(pod po ro vat )-249.8(kur so vou )-249.8(sta bi li tu )-249.8(a )]TJ
/TT5 1 Tf
12.942 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(elit )-249.8(kon ku ren)]TJ
/TT5 1 Tf
5.304 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( n mu )-249.8(zne hod no co v n )-249.8(m)]TJ
/TT5 1 Tf
9.8863 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(ny;)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.1969 99.1701 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.1969 98.1701 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
11 0 0 11 95.3699 98.1701 Tm
0 Tc
-.25 Tw
[(napo m hat )-239.8(p)]TJ
/TT5 1 Tf
5.127 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.0102 Tw
[(i roz )239.7(vo )239.8(ji sou )]TJ
4.9791 0 TD
-.2499 Tw
[(sta vy )-239.6(mno hos )]TJ
5.5176 0 TD
-.25 Tw
[(tran n ho )-239.8(pla ce n )-239.8(pro )-239.8(b)]TJ
/TT5 1 Tf
8.9382 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(n )-239.8(trans ak ce )]TJ
-25.3388 -1.2091 TD
0 Tw
(mezi )Tj
/TT5 1 Tf
2.2184 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
(leny a p)Tj
/TT5 1 Tf
3.2155 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.025 Tw
(i odstra )Tj
/TT5 1 Tf
2.9967 0 TD
0 Tw
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(o v n )-275(devi zo vch )-275(ome ze n;)]TJ
/TT4 1 Tf
9 0 0 9 79.4609 60.6701 Tm
0 Tw
(|)Tj
11 0 0 11 81.4428 58.8702 Tm
.025 Tc
( )Tj
/TT6 1 Tf
.55 0 TD
0 Tc
(452)Tj
ET
/GS1 gs
BT
/F4 1 Tf
9 0 0 9 81.1969 647.7893 Tm
0 1 0 0 k
.0278 Tw
(st 5 )Tj
ET
/GS2 gs
BT
9 0 0 9 114.2932 647.7893 Tm
/Cs8 cs 1 scn
0 Tw
(|)Tj
ET
/GS1 gs
BT
9 0 0 9 116.3001 647.7893 Tm
0 1 0 0 k
.0278 Tw
[( Mezinrodn finance)]TJ
/TT2 1 Tf
13 0 0 13 200.7419 670.9767 Tm
0 0 0 .2 k
0 Tw
[(www.mgmtpr)26.1(ess)26.1(.cz)]TJ
ET
/Cs12 CS 0 SCN
0 J 0 j 1.25 w 10 M [] 0 d
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1 i
q 1 0 0 1 15 689.646 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
S 1 0 0 1 -484.725 -666.142 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
S 1 0 0 1 -476.221 674.646 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
0 -15 l
S 1 0 0 1 467.717 683.15 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
0 -15 l
S
Q
1 SCN
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q 1 0 0 1 15 689.646 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
S 1 0 0 1 -484.725 -666.142 cm 0 0 m
-15 0 l
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15 0 l
S 1 0 0 1 -476.221 674.646 cm 0 0 m
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0 -15 l
S 1 0 0 1 467.717 683.15 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
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S
Q
0 SCN
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-.25 Tw
[(stran nch )-275(dohod.)]TJ
/TT8 1 Tf
0 -2.4182 TD
[(Veo bec n )-219.7(zdro je )-219.7(MMF)]TJ
/TT4 1 Tf
9.4917 0 TD
0 Tw
( )Tj
/TT6 1 Tf
.2197 0 TD
-.0303 Tw
(jsou dny v prv )Tj
/TT5 1 Tf
6.7666 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(ad)Tj
/TT5 1 Tf
.9438 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-219.7(sou hr nem )]TJ
/TT5 1 Tf
4.3833 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.0303 Tw
[(len )219.7(skch kvt spla-)]TJ
-24.3143 -1.2091 TD
.1546 Tw
[(ce )404.6(nch ve sm)]TJ
/TT5 1 Tf
5.7515 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ni tel nch )-404.6(m)]TJ
/TT5 1 Tf
4.9036 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(nch. )-404.4(Dal )-404.5(veo bec n )-404.4(zdro je )-404.5(finan co v n )-404.4(vytv )]TJ
/TT5 1 Tf
19.8764 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
( )Tj
-31.7523 -1.2091 TD
-.037 Tw
[(MMF ze zvlt )213(nch prv )]TJ
/TT5 1 Tf
9.9051 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(er p n )-213(\()]TJ
/TT8 1 Tf
3.0445 0 TD
-.037 Tw
(Special Drawing Rights)Tj
/TT6 1 Tf
9.4811 0 TD
[( )]TJ
/TT8 1 Tf
.9259 0 TD
0 Tw
(SDR)Tj
/TT6 1 Tf
1.833 0 TD
-.037 Tw
[(\). Obdob )213(n)]TJ
/TT5 1 Tf
4.0182 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.037 Tw
[( jako )]TJ
-30.0955 -1.2091 TD
-.25 Tw
[(zdro je )-295(z )]TJ
/TT5 1 Tf
3.5324 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.045 Tw
[(len )295(skch kvt se i tyto doda )295(te)]TJ
/TT5 1 Tf
12.1397 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.045 Tw
[( )295(n zdro )295(je MMF v ur)]TJ
/TT5 1 Tf
8.29 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(i tch )-295(inter va lech )]TJ
-25.2937 -1.2091 TD
[(revi du j )-238.3(a )-238.3(dopl )]TJ
/TT5 1 Tf
5.8087 0 TD
0 Tw
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.0117 Tw
[(u )238.3(j, zejm )238.3(na s ohle )238.3(dem na vvoj sv)]TJ
/TT5 1 Tf
14.0099 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to v ho )-238.3(hos po d)]TJ
/TT5 1 Tf
6.293 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.0117 Tw
[( )238.3(stv a mezi-)]TJ
-27.3884 -1.2091 TD
-.25 Tw
[(n rod nch )-309.6(pla teb nch )-309.7(vzta h)]TJ
/TT5 1 Tf
10.9485 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0596 Tw
(. Sou )Tj
/TT5 1 Tf
2.1158 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(s t )-309.7(veobecnch )-309.6(zdro j)]TJ
/TT5 1 Tf
9.2272 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0596 Tw
[( MMF jsou i zso )309.6(by )]TJ
-23.7353 -1.2091 TD
.2677 Tw
[(zlata. Vznik )517.7(ly )]TJ
/TT5 1 Tf
6.3944 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(s te)Tj
/TT5 1 Tf
1.5547 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tc
( n)Tj
/TT5 1 Tf
.5 0 TD
0 Tc
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.2677 Tw
[( na zkla )517.7(d)]TJ
/TT5 1 Tf
4.5886 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.2677 Tw
[( zla )517.7(tch tran )]TJ
5.4773 0 TD
0 Tw
(, )Tj
/TT5 1 Tf
1.4895 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(s te)Tj
/TT5 1 Tf
1.5547 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tc
( n)Tj
/TT5 1 Tf
.5 0 TD
0 Tc
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-517.7(ze )-517.8(zapla ce nch )]TJ
-25.166 -1.2091 TD
(poplat k)Tj
/TT5 1 Tf
2.9995 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0138 Tw
[( \(p)]TJ
/TT5 1 Tf
1.0969 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
(vod n)Tj
/TT5 1 Tf
2 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0138 Tw
[( se vech )263.8(ny poplat )]TJ
7.4009 0 TD
(ky a roky z v)Tj
/TT5 1 Tf
6.2761 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
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(r)Tj
/TT5 1 Tf
.333 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0138 Tw
[( pla )263.8(ti )263.8(ly ve zlat)]TJ
/TT5 1 Tf
5.7339 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0138 Tw
(\) a z)Tj
/TT5 1 Tf
1.7484 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(s-)Tj
-30.8641 -1.2091 TD
.1318 Tw
(ti ze zp)Tj
/TT5 1 Tf
3.1507 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(t nch )-381.6(nku p)]TJ
/TT5 1 Tf
5.0473 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.1317 Tc
( \()Tj
/TT5 1 Tf
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0 Tc
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(len sk )-381.8(zem)]TJ
/TT5 1 Tf
4.602 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1317 Tw
[( mohly podle p)]TJ
/TT5 1 Tf
6.4226 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(vod nch )-381.8(pra vi del )-381.8(pou t )]TJ
-22.269 -1.2091 TD
.025 Tw
[(zlato tak na spla )275(ce )275(n v)]TJ
/TT5 1 Tf
11 0 0 11 190.4159 312.7571 Tm
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(r)Tj
/TT5 1 Tf
.333 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0251 Tc
( p)Tj
/TT5 1 Tf
.7751 0 TD
0 Tc
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(i ja tch )-275(z )-275(MMF\).)]TJ
/TT8 1 Tf
-11.0256 -1.2091 TD
.0402 Tw
(Special Drawing Rights \(SDR\))Tj
/TT4 1 Tf
12.425 0 TD
.0403 Tw
[( )]TJ
/TT6 1 Tf
1.0805 0 TD
-.25 Tw
[(zvlt n )-290.3(prva )]TJ
/TT5 1 Tf
5.9115 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(er p n )-290.1( )-290.2(tvo)]TJ
/TT5 1 Tf
4.8569 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0402 Tw
( dal sou )Tj
/TT5 1 Tf
4.1362 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(st )Tj
-30.9192 -1.2091 TD
-.0169 Tw
[(veobecnch zdro )233(j)]TJ
/TT5 1 Tf
7.4524 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.0168 Tw
[( MMF. Jejich vznik \(1969\) je spo )]TJ
13.3142 0 TD
[(jen se sna )233(hou pod )233.1(po )]TJ
/TT5 1 Tf
8.0871 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.0169 Tw
(it exi-)Tj
-29.6866 -1.2091 TD
-.25 Tw
[(sten c )-241.7(sys t mu )-241.7(bre ttonwoodskch)]TJ
/TT4 1 Tf
13.4815 0 TD
0 Tw
( )Tj
/TT6 1 Tf
.2417 0 TD
-.25 Tw
[(pev nch )-241.7(devi zo vch )-241.8(kurs)]TJ
/TT5 1 Tf
10.2027 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.0082 Tw
[(, se kte )241.8(rm jsme se )]TJ
-24.426 -1.2091 TD
-.25 Tw
[(sezn mi li )-294.9(ve )-294.8(12. )-294.9(kapi to le. )-294.9(Zem)]TJ
/TT5 1 Tf
12.509 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0448 Tw
[( pot)]TJ
/TT5 1 Tf
1.5726 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(e bo va ly )-294.9(zna)]TJ
/TT5 1 Tf
4.8481 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( n )-294.7(zso by )-294.7(ofi ci l nch )-294.8(devi zo-)]TJ
-20.1504 -1.2091 TD
.207 Tw
(vch rezerv, aby mohly inter )Tj
12.3513 0 TD
[(ve )456.9(no )457(vat na devi )457(zo )457(vch trzch v zjmu udr )457(e )457(n )]TJ
-12.3513 -1.2091 TD
0 Tw
(kurs)Tj
/TT5 1 Tf
1.7222 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0232 Tw
[( svch m)]TJ
/TT5 1 Tf
3.6572 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(n )-273(ve )-273.1(sta no ve nch )-273.1(ps mech )-273.1(osci la ce. )-273(Doho dy )-273.1(o )-273.1(emisi )-273.1(dopl)]TJ
/TT5 1 Tf
23.263 0 TD
0 Tw
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[( ko v )]TJ
-30.0862 -1.2091 TD
-.0014 Tw
[(insti )248.6(tu )248.6(ce devi )248.6(zo )248.5(vch rezerv, tzv. SDR, bylo reak )248.6(c na roz )248.5(por v podo )248.6(b)]TJ
/TT5 1 Tf
27.6721 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
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-.0001 Tc
-.0013 Tw
[( nedo )248.6(stat-)]TJ
-28.116 -1.2091 TD
0 Tc
-.2499 Tw
[(ku )-332(mezi n rod n )-332(likvi di ty )-332.1(\(zejm na )-332.1(u )-332(roz vo jo vch )-332(zem\) )-332(na )-332(jedn )-332(stra n)]TJ
/TT5 1 Tf
28.8684 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
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.0821 Tw
[( a p)]TJ
/TT5 1 Tf
1.6081 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(e-)Tj
-31.2533 -1.2091 TD
-.25 Tw
[(byt ku )-214.3(ame ri ckch )-214.3(dola r)]TJ
/TT5 1 Tf
9.4252 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[( )-214.3(v )-214.3(mezi n rod nm )-214.3(pen)]TJ
/TT5 1 Tf
8.3626 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( nm )-214.3(ob)]TJ
/TT5 1 Tf
3.2138 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0357 Tw
(hu \(v d)Tj
/TT5 1 Tf
2.7616 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(sled ku )-214.3(viet nam-)]TJ
-25.6508 -1.2091 TD
[(sk )-460.7(vlky )-460.7(a )-460.7(mone ti za ce )-460.7(defi ci t)]TJ
/TT5 1 Tf
12.9483 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[( )-460.7(stt n ho )-460.7(roz po)]TJ
/TT5 1 Tf
6.3648 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.2107 Tw
[( )460.7(tu v USA\) na stra )460.7(n)]TJ
/TT5 1 Tf
8.3418 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.2107 Tw
[( druh. )]TJ
-29.0425 -1.2091 TD
.0244 Tw
[(Cel )274.4(kem bylo emitov )274.4(no a roz )274.4(d)]TJ
/TT5 1 Tf
12.4275 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( le no )-274.4(mezi )]TJ
/TT5 1 Tf
4.2138 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4439 0 TD
-.25 Tw
[(len sk )-274.4(zem)]TJ
/TT5 1 Tf
4.4946 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0244 Tw
[( 21,4 mld. SDR, a to ve )]TJ
-22.4674 -1.2091 TD
-.01 Tc
.0354 Tw
[(dvou vlnch: 19701972 a 19801981. )18.1(Vzhledem k dlouhodobmu dostatku me-)]TJ
T*
.0114 Tw
(zinrodn likvidity p)Tj
/TT5 1 Tf
7.9784 0 TD
0 Tc
0 Tw
<011c>Tj
/TT6 1 Tf
.323 0 TD
-.01 Tc
.0114 Tw
(istoupil MMF k dal emisi SDR a v roce 2009. Na zklad)Tj
/TT5 1 Tf
23.2849 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
-32.0301 -1.2091 TD
-.01 Tc
.1428 Tw
[(tzv)64.9(. )18.1(Veobecn alokace bylo emitovno 161,2 mld. SDR. Krom)]TJ
/TT5 1 Tf
25.9737 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4338 0 TD
-.01 Tc
.1428 Tw
[( toho v rmc)-10(i)-10( )]TJ
-26.4076 -1.2091 TD
0 Tc
.048 Tw
(Zvltn alokace dolo k dalmu naven mezinrodn likvidity o 21,4 mld. )Tj
T*
0 Tw
(SDR. )Tj
/TT5 1 Tf
2.4703 0 TD
<00fd>Tj
/TT6 1 Tf
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.025 Tw
(esk republika zskala z obou alokac celkem 780,2 mil. SDR. )Tj
26.8352 -3.7352 TD
(455 )Tj
/TT4 1 Tf
9 0 0 9 433.4439 60.6701 Tm
0 Tw
(|)Tj
ET
/GS1 gs
BT
/F4 1 Tf
9 0 0 9 198.1519 647.7893 Tm
0 1 0 0 k
.0278 Tw
(Mezinrodn mnov a finann instituce )Tj
ET
/GS2 gs
BT
9 0 0 9 377.6159 647.7893 Tm
/Cs8 cs 1 scn
0 Tw
(|)Tj
ET
/GS1 gs
BT
9 0 0 9 379.6229 647.7893 Tm
0 1 0 0 k
.0278 Tw
[( Kapitola 14)]TJ
/TT2 1 Tf
13 0 0 13 200.7419 670.9767 Tm
0 0 0 .2 k
0 Tw
[(www.mgmtpr)26.1(ess)26.1(.cz)]TJ
ET
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<011c>Tj
/TT6 1 Tf
.328 0 TD
-.005 Tc
-.245 Tw
( pa d)Tj
/TT5 1 Tf
1.7017 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4388 0 TD
-.005 Tc
.0065 Tw
[( pot)]TJ
/TT5 1 Tf
1.5143 0 TD
0 Tc
0 Tw
<011c>Tj
/TT6 1 Tf
.328 0 TD
-.005 Tc
.0065 Tw
[(e )251.5(by by MMF m)]TJ
/TT5 1 Tf
6.2656 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4388 0 TD
(l )Tj
-31.7523 -1.2091 TD
-.005 Tc
-.245 Tw
[(k )-248.6(dis po zi ci )-248.6(na )-248.6(zkla d)]TJ
/TT5 1 Tf
8.3193 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4388 0 TD
-.0047 Tc
.0033 Tw
( obou dohod o p)Tj
/TT5 1 Tf
6.4393 0 TD
0 Tc
0 Tw
<0124>Tj
/TT6 1 Tf
.495 0 TD
(j)Tj
/TT5 1 Tf
.2728 0 TD
<00fe>Tj
/TT6 1 Tf
.4388 0 TD
-.005 Tc
.0036 Tw
[( )248.6(ce cel )248.6(kem 34 mld. SDR \(50 mil. USD\).)]TJ
/TT4 1 Tf
-15.1157 -1.2091 TD
0 Tc
.0997 Tw
[( Poskytov )349.7(n, )]TJ
/TT3 1 Tf
6.1725 0 TD
0 Tw
<00fe>Tj
/TT4 1 Tf
.4438 0 TD
-.25 Tw
[(er p n )-349.7(a )-349.7(spl ce n )-349.7(v)]TJ
/TT3 1 Tf
8.8279 0 TD
0 Tw
<010c>Tj
/TT4 1 Tf
.4438 0 TD
.0997 Tw
(ru MMF )Tj
/TT6 1 Tf
4.1979 0 TD
[(se usku )349.7(te)]TJ
/TT5 1 Tf
3.7936 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
/TT5 1 Tf
T*
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(u je )-349.8(na )-349.7(zkla d)]TJ
/TT5 1 Tf
5.4744 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
-32.0301 -1.2091 TD
-.2499 Tw
[(swa po vch )-380.7(ope ra c. )-380.7(Zna )]TJ
10.0076 0 TD
.1308 Tw
[(me )380.8(n to, e p)]TJ
/TT5 1 Tf
5.7235 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.1308 Tw
[(i poskytov )380.8(n v)]TJ
/TT5 1 Tf
6.9281 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1308 Tw
(ru Fon )Tj
2.7699 0 TD
-.25 Tw
[(dem )-380.9(odku pu je )]TJ
/TT5 1 Tf
-26.2059 -1.2091 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(len sk )-399.4(zem)]TJ
/TT5 1 Tf
4.6196 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1494 Tw
[( sm)]TJ
/TT5 1 Tf
1.5664 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ni tel nou )-399.4(m)]TJ
/TT5 1 Tf
4.4545 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1494 Tw
(nu pot)Tj
/TT5 1 Tf
2.6772 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(e )Tj
.4438 0 TD
-.25 Tw
[(bnou )-399.5(k )-399.4(vyrov n n )-399.4(defi ci tu )-399.4(sv )-399.4(pla teb n )]TJ
-15.87 -1.2091 TD
[(bilan ce )-288.9(za )-288.9(vlast n )-289(dom c )-289(m)]TJ
/TT5 1 Tf
11.3183 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0389 Tw
(nu. P)Tj
/TT5 1 Tf
2.095 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(i )-288.9(spl ce n )-288.9(v)]TJ
/TT5 1 Tf
5.132 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(ru )-289(odku pu je )-288.9(zp)]TJ
/TT5 1 Tf
6.0764 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0389 Tw
[(t svoji dom )288.8(c )]TJ
-26.2862 -1.2091 TD
0 Tw
(m)Tj
/TT5 1 Tf
.7778 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0564 Tw
(nu za p)Tj
/TT5 1 Tf
3.0005 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
11 0 0 11 131.3035 445.7571 Tm
-.25 Tw
( slu )Tj
1.8339 0 TD
.0565 Tw
(nou m)Tj
/TT5 1 Tf
2.5843 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0564 Tw
(nu sm)Tj
/TT5 1 Tf
2.4734 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( ni tel )]TJ
1.7773 0 TD
-.25 Tw
[(nou. )-306.5(Pod po ra )]TJ
/TT5 1 Tf
5.6959 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0564 Tw
[(len )306.4(skch zem MMF je zalo-)]TJ
-20.2517 -1.2091 TD
.0491 Tw
[(e )299.1(na na poskytov )299.1(n v)]TJ
/TT5 1 Tf
9.5613 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(r)Tj
/TT5 1 Tf
.333 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0491 Tw
[( ve sm)]TJ
/TT5 1 Tf
2.709 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ni tel nch )-299.1(m)]TJ
/TT5 1 Tf
4.7981 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0491 Tw
[(nch. Zdro )299.1(je v)]TJ
/TT5 1 Tf
6.4014 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.049 Tw
(ru jsou sice do )Tj
-26.0782 -1.2091 TD
0 Tw
(zna)Tj
/TT5 1 Tf
1.3877 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.0009 Tw
[( )249.1(n mry vz )249.1(ny na roz )249.1(sah )]TJ
/TT5 1 Tf
10.4632 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.0009 Tw
[(len )249.1(skch kvt, nezna )249.1(me )249.1(n to vak, e jejich cel-)]TJ
-12.7386 -1.2091 TD
-.25 Tw
[(ko v )-239.5(sou hrn )-239.4(tvo)]TJ
/TT5 1 Tf
6.4789 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.0105 Tw
[( zdro )239.4(je MMF pro poskytov )239.4(n v)]TJ
/TT5 1 Tf
13.53 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(r)Tj
/TT5 1 Tf
.333 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
( )Tj
/TT5 1 Tf
.2395 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(len skm )-239.5(zemm. )-239.4(Pros tu-)]TJ
-22.3021 -1.2091 TD
[(du je me )-242.7(nyn )-242.7(podrob n)]TJ
/TT5 1 Tf
8.5395 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0073 Tw
[( )242.7(ji, jak formy v)]TJ
/TT5 1 Tf
6.643 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0073 Tw
(ru mohou )Tj
/TT5 1 Tf
4.0962 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(len sk )-242.6(zem)]TJ
/TT5 1 Tf
4.4629 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0073 Tw
[( MMF pou )242.7( )242.6(vat. )]TJ
-24.2285 -1.2091 TD
-.25 Tw
[(Zklad n )-275(formy )]TJ
/TT5 1 Tf
6.5481 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(er )Tj
.7768 0 TD
-.2499 Tw
[(p n )-274.9(zdro j)]TJ
/TT5 1 Tf
4.0514 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.025 Tw
[( od MMF se usku )]TJ
7.1566 0 TD
0 Tw
(te)Tj
/TT5 1 Tf
.7217 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
/TT5 1 Tf
T*
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(u j )-275(na )-275.1(zkla d)]TJ
/TT5 1 Tf
5.1589 0 TD
0 Tw
<010c>Tj
/TT8 1 Tf
-27.5896 -2.4182 TD
-.25 Tw
[(a\) )-455.4( obec n )-523.8(dlou ho do b )-523.8(poli ti ky )-523.8(pla teb n )-523.8(bilan ce)]TJ
/TT11 1 Tf
20.1568 0 TD
0 Tw
( )Tj
/TT6 1 Tf
.5238 0 TD
(\()Tj
/TT8 1 Tf
.333 0 TD
-.25 Tw
[(per ma nent )-523.9(poli cies)]TJ
/TT6 1 Tf
7.9111 0 TD
.2738 Tw
(\), kter )Tj
-27.6363 -1.2091 TD
-.25 Tw
(zahr nu je )Tj
/TT5 1 Tf
3.6894 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(er p n, )-247.1(resp. )-247.1(odkou pe n, )-247.1(p)]TJ
/TT5 1 Tf
10.3774 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[( slu n )-247.1(sm)]TJ
/TT5 1 Tf
4.1919 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ni tel n )-247.1(m)]TJ
/TT5 1 Tf
3.7461 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0029 Tw
(ny za m)Tj
/TT5 1 Tf
3.1596 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0029 Tw
(nu vlast-)Tj
-27.2729 -1.2091 TD
.025 Tw
[(n v rmci rezerv )275(n a v)]TJ
/TT5 1 Tf
9.6484 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ro v )-275(tran e; )]TJ
/TT8 1 Tf
-11.3807 -1.2091 TD
[(b\) )-455.4( zvlt nch )-531.5(dlou ho do bch )-531.5(faci lit )]TJ
/TT6 1 Tf
14.8811 0 TD
0 Tw
(\()Tj
/TT8 1 Tf
.333 0 TD
-.25 Tw
[(per ma nent )-531.5(faci li ties)]TJ
/TT6 1 Tf
8.2522 0 TD
0 Tw
(\))Tj
/TT8 1 Tf
.333 0 TD
(, )Tj
/TT6 1 Tf
.7815 0 TD
.2815 Tw
(kter jsou ur)Tj
/TT5 1 Tf
5.5616 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(e ny )Tj
-29.2978 -1.2091 TD
[(k )-389.2(finan co v n )-389.2(spe ci fi ckch )-389.2()]TJ
/TT5 1 Tf
11.9409 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(el)Tj
/TT5 1 Tf
.7217 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
(.)Tj
/TT8 1 Tf
.25 0 TD
( )Tj
/TT6 1 Tf
.3891 0 TD
-.25 Tw
[(Zahr nu j )-389.2(faci li tu )-389.2(na )-389.2(finan co v n )-389.2(vky v)]TJ
/TT5 1 Tf
15.9961 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
( )Tj
-30.7416 -1.2091 TD
-.017 Tw
[(zsob suro )233(vin)]TJ
/TT8 1 Tf
5.5098 0 TD
0 Tw
(,)Tj
/TT6 1 Tf
.25 0 TD
-.017 Tw
[( roz )233( )]TJ
/TT5 1 Tf
2.1768 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(e nou )-233(v)]TJ
/TT5 1 Tf
3.1768 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ro vou )-233(faci li tu, )-233(faci li tu )-233(kom pen za)]TJ
/TT5 1 Tf
13.0553 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( n ho )-233(a )-233(neo )]TJ
/TT5 1 Tf
4.1315 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(e-)Tj
11 0 0 11 95.369 272.8572 Tm
-.25 Tw
[(k va n ho )-275(finan co v n )-275(a )-275(dopl )]TJ
/TT5 1 Tf
11.5984 0 TD
0 Tw
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(ko vou )-275(rezerv n )-275(faci li tu; )]TJ
/TT8 1 Tf
-13.3869 -1.2091 TD
.2616 Tw
(c\) do)Tj
/TT7 1 Tf
2.2885 0 TD
0 Tw
<00fe>Tj
/TT8 1 Tf
.4438 0 TD
-.25 Tw
[(as nch )-275(faci )]TJ
4.5513 0 TD
0 Tw
(lit )Tj
/TT6 1 Tf
1.1085 0 TD
(\()Tj
/TT8 1 Tf
.333 0 TD
-.25 Tw
[(tem po ra ry )-275(faci li ties)]TJ
/TT6 1 Tf
7.8848 0 TD
0 Tw
(\);)Tj
/TT8 1 Tf
-16.61 -1.2091 TD
-.005 Tc
-.245 Tw
[(d\) )-465.4( faci lit )-321(na )-321(pod po ru )-321(nej chud ch )-321(zem)]TJ
/TT11 1 Tf
15.749 0 TD
0 Tc
0 Tw
( )Tj
/TT6 1 Tf
.3211 0 TD
-.005 Tc
-.245 Tw
[(\(faci li ty )-321(struk tu rl n )-321(adap ta ce, )-321(roz )]TJ
/TT5 1 Tf
14.2543 0 TD
0 Tc
0 Tw
<011c>Tj
/TT6 1 Tf
.328 0 TD
-.0038 Tc
-.2462 Tw
(e n )Tj
-29.364 -1.2091 TD
-.005 Tc
-.245 Tw
[(faci li ta )-240.9(struk tu rl n )-240.9(adap ta ce, )-240.9(faci li ta )-240.9(r)]TJ
/TT5 1 Tf
15.016 0 TD
0 Tc
0 Tw
<0124>Tj
/TT6 1 Tf
.495 0 TD
-.0049 Tc
-.2451 Tw
[(stu )-240.9(a )-240.9(sni o v n )-240.9(chu do by, )-241(ini cia ti va )-240.9(pro )]TJ
-15.511 -1.2091 TD
0 Tw
(siln)Tj
/TT5 1 Tf
1.4248 0 TD
0 Tc
<010c>Tj
/TT6 1 Tf
.4388 0 TD
-.005 Tc
-.245 Tw
[( )-270(zadlu e n )-270(zem)]TJ
/TT5 1 Tf
6.1426 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4388 0 TD
-.005 Tc
-.245 Tw
[(\), )-270(posky to va nch )-270(na )-270(prin ci pu )-270(kon ce siv nch )-270(pod m nek;)]TJ
/TT8 1 Tf
-9.7336 -1.2091 TD
0 Tc
-.25 Tw
[(e\) )-511.6( doda te)]TJ
/TT7 1 Tf
4.0101 0 TD
0 Tw
<00fe>Tj
/TT8 1 Tf
.4438 0 TD
-.25 Tw
[( nch )-308.2()]TJ
/TT7 1 Tf
2.6959 0 TD
0 Tw
<00fe>Tj
/TT8 1 Tf
.4438 0 TD
(t)Tj
/TT7 1 Tf
.2778 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
(, )Tj
/TT8 1 Tf
.5582 0 TD
.0582 Tw
[(jejich zdro )308.2(je jsou vede )308.2(ny odd)]TJ
/TT7 1 Tf
12.2857 0 TD
0 Tw
<010c>Tj
/TT8 1 Tf
.4438 0 TD
-.2499 Tw
[( le n)]TJ
/TT7 1 Tf
1.2217 0 TD
0 Tw
<010c>Tj
/TT11 1 Tf
.4438 0 TD
( )Tj
/TT6 1 Tf
.3083 0 TD
.0583 Tw
[(od zdro )308.3(j)]TJ
/TT5 1 Tf
3.3629 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0583 Tw
[( MMF. Jde )]TJ
-26.2076 -1.2091 TD
.0433 Tw
(o Sv)Tj
/TT5 1 Tf
1.8494 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
/TT5 1 Tf
T*
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(e nec k )-293.3(fond )-293.3(\()]TJ
/TT8 1 Tf
5.5841 0 TD
.0432 Tw
(Trust Fund)Tj
/TT6 1 Tf
4.5165 0 TD
[(\) a doda )293.3(te)]TJ
/TT5 1 Tf
4.029 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( nou )-293.3(finan)]TJ
/TT5 1 Tf
3.848 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( n )-293.3(faci li tu )-293.3(\()]TJ
/TT8 1 Tf
4.5294 0 TD
(Sup ple men-)Tj
-26.0209 -1.2091 TD
[(ta ry )-275(Financing )-275(Faci li ty)]TJ
/TT6 1 Tf
9.3811 0 TD
0 Tw
(\).)Tj
-9.3811 -2.4182 TD
(Nej )Tj
/TT5 1 Tf
1.4438 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(as t)Tj
/TT5 1 Tf
1.1109 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
[( )275(ji jsou pouvny tyto for )275(my )]TJ
/TT5 1 Tf
11.7627 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(er p n )-275(v)]TJ
/TT5 1 Tf
3.7735 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(ru:)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.196 127.5572 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.196 126.5571 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/TT8 1 Tf
11 0 0 11 95.369 126.5571 Tm
-.01 Tc
-.24 Tw
[(rezerv n )-220.2(tran e )-220.2(\(Reser ve )-220.2(Tran che\) )]TJ
/TT6 1 Tf
13.5211 0 TD
[(nahra zu je )-220.2(d)]TJ
/TT5 1 Tf
4.5064 0 TD
0 Tc
0 Tw
<011c>Tj
/TT6 1 Tf
.323 0 TD
-.01 Tc
-.24 Tw
( v)Tj
/TT5 1 Tf
.7578 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4338 0 TD
-.01 Tc
-.0198 Tw
[(j )220.2( zla )220.2(tou tran )220.2(i ve vi 25 %)-10( )]TJ
/TT5 1 Tf
-19.5422 -1.2091 TD
0 Tc
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0118 Tw
[(len )261.8(sk kvty. Jak ji vme z d)]TJ
/TT5 1 Tf
11.9295 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
( v)Tj
/TT5 1 Tf
.7778 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0119 Tw
[( )261.9(j )261.9(ho vkla )261.9(du, jde o tu )]TJ
/TT5 1 Tf
9.2253 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0119 Tw
(st kvty, kter je )Tj
-23.5972 -1.2091 TD
-.25 Tw
[(spla ce na )-410.1(bu)]TJ
/TT5 1 Tf
4.8524 0 TD
0 Tw
<0107>Tj
/TT6 1 Tf
.6465 0 TD
.1601 Tw
[( v jed )410.1(not )410.1(kch SDR, nebo v m)]TJ
/TT5 1 Tf
12.7649 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(nch )-410.1(sta no ve nch )-410.1(p ro )-410.1(MMF. )]TJ
-18.7076 -1.2091 TD
.0188 Tw
(Obecnm p)Tj
/TT5 1 Tf
4.6565 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
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ET
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BT
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Q
/GS2 gs
BT
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/Cs8 cs 1 scn
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(Forma )Tj
/TT3 1 Tf
3.1627 0 TD
<00fe>Tj
/TT4 1 Tf
.4438 0 TD
.025 Tw
[(erpn v mil. SDR)-1002.5(2001)-1350(2003)-1350.1(2005)-1350(2007)-1350(2008)-1350.1(2009)]TJ
/TT6 1 Tf
-3.6065 -1.2088 TD
0 Tw
(Stand-by-Arrangements)Tj
ET
/GS1 gs
BT
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(1\))Tj
ET
/GS2 gs
BT
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/Cs8 cs 1 scn
.025 Tw
[(17 252)-575.1(34 278)-575(35 818)-525.1( 6 539)-1075(5 182)-575(19 923)]TJ
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[(Extended Arrangenments)-1777.4(15 957)-575.1(14 942)-525( 9 365)-750.1( 717)-1025( 676)-1850(468)]TJ
T*
(Supplemental Reserve )Tj
1.0308 -1.2091 TD
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(Facilitiy)Tj
13.2125 1.2091 TD
( )Tj
-2.025 -1.2091 TD
.025 Tw
[( 4 085)-575.1(15 700)]TJ
8.4501 1.2091 TD
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0 Tw
( )Tj
-1.475 -1.2091 TD
0 Tc
.025 Tw
[(4 569)-1682.7( )-2575()-2850.1()]TJ
-7.2501 -1.2087 TD
.025 Tc
0 Tw
[( 2)25( 9)25(9)25(2)-725.1( 4)25(1)25(4)-675( 8)25(4)-675.1( 7)25(8)-950( 3)25(8)-2325(3)25(3)]TJ
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(Systematic Transformation )Tj
1.0308 -1.2091 TD
0 Tw
(Facility)Tj
12.9375 1.2091 TD
.025 Tc
( )Tj
-1.475 -1.2091 TD
0 Tc
.025 Tw
[(1 933)-1850.1(644)-2350(18)-1682.7()-2850()-2850.1()]TJ
/TT4 1 Tf
-12.4933 -1.1926 TD
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(Mezisou)Tj
/TT3 1 Tf
3.5547 0 TD
<00fe>Tj
/TT4 1 Tf
.4438 0 TD
.025 Tw
[(et\(GRA\))-4329.7(42 219)-575.1(65 978)-575(49 854)-1075.1(7 334)-1075(5 896)-575(20 426)]TJ
/TT6 1 Tf
-3.9985 -1.2087 TD
[(SAF Arrangements)-4394.3( 432)-1850.1(137)-2350(45)-2850.1(9)-2850(9)-2850(9)]TJ
T*
(PRGF Arrangements)Tj
ET
/GS1 gs
BT
7.15 0 0 7.15 177.1319 426.6971 Tm
0 1 0 0 k
0 Tw
(2\))Tj
ET
/GS2 gs
BT
11 0 0 11 215.6569 423.9471 Tm
/Cs8 cs 1 scn
.025 Tw
[( 5 951)-1075.1(6 676)-1075(6 588)-1075.1(3 785)-1075(3 873)-1075(4 124)]TJ
-11.9433 -1.2087 TD
[(Trust Fund)-7676.3( 89)-2350.1(89)-2350(89)-2350.1(89)-2350(66)-2350(66)]TJ
/TT4 1 Tf
0 -1.1926 TD
[(Celkem)-8716.4(48 691)-575.1(72 879)-575(56 576)-575.1(11 216)-1075(9 844)-575(24 625 )275( )]TJ
T*
(v %)Tj
/TT6 1 Tf
0 -1.2088 TD
0 Tw
[(Stand-by-Arrangements)-4159.9(35)-2350.1(47)-2350(63)-2350.1(58)-2350(53)-2350(81)]TJ
T*
.025 Tw
[(Extended Arrangenments)-3552.4(33)-2350.1(21)-2350(17)-2850.1(6)-2850(7)-2850(2)]TJ
T*
(Supplemental Reserve )Tj
1.0308 -1.2091 TD
0 Tw
[(Facilitiy)-9904.5(8)-2350.1(2)0(2)-2850(8)-1682.7()-2850()-2850.1()]TJ
-1.0308 -1.2087 TD
.025 Tw
(Compensatory and )Tj
1.0308 -1.2091 TD
(Contingentary Financing )Tj
T*
0 Tw
[(Facility)-10182.3(6)-2850.1(1)-1682.7()-4017.4(1)-1682.6()-2850.1()]TJ
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(Systematic Transformation )Tj
1.0308 -1.2091 TD
0 Tw
[(Facility)-10182.3(4)-2850.1(1)-1682.7()-2850()-2850()-2850.1()]TJ
/TT4 1 Tf
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(Mezisou)Tj
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3.5547 0 TD
<00fe>Tj
/TT4 1 Tf
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[(et \(GRA\))-5829.7(87)-2350.1(91)-2350(88)-2350.1(65)-2350(60)-2350(83)]TJ
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0 1 0 0 k
.0278 Tw
(st 5 )Tj
ET
/GS2 gs
BT
9 0 0 9 114.2932 647.7893 Tm
/Cs8 cs 1 scn
0 Tw
(|)Tj
ET
/GS1 gs
BT
9 0 0 9 116.3001 647.7893 Tm
0 1 0 0 k
.0278 Tw
[( Mezinrodn finance)]TJ
ET
0 .3 0 0 k
80.197 109.961 354.331 517.324 re
f
BT
/TT9 1 Tf
6 0 0 6 95.3699 614.2656 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 101.3699 613.2655 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 109.5429 613.2655 Tm
0 Tc
(Ve )Tj
1.648 0 TD
(ke )Tj
1.056 0 TD
.2385 Tw
(r trans )Tj
3.6275 0 TD
0 Tw
(ak )Tj
1.056 0 TD
.2385 Tw
(ce mezi MMF )Tj
-7.3875 -1.3 TD
.3824 Tw
[(a)-382.4(jeho leny u)-382.4(veobecnch )]TJ
T*
.1703 Tw
(prv er )Tj
3.8184 0 TD
0 Tw
(p )Tj
1.13 0 TD
.1703 Tw
(n jsou zalo )Tj
5.3398 0 TD
0 Tw
(e )Tj
1.017 0 TD
.1704 Tw
(ny na )Tj
-11.3052 -1.3 TD
0 Tw
(zsa )Tj
2.054 0 TD
.3764 Tw
(d pod )Tj
3.5443 0 TD
0 Tw
(m )Tj
1.075 0 TD
(n )Tj
1.093 0 TD
(nos )Tj
1.63 0 TD
.3764 Tw
(ti er )Tj
2.5983 0 TD
0 Tw
(p )Tj
1.13 0 TD
(n )Tj
-13.1246 -1.3 TD
.0278 Tw
[(a)-27.8(jeho doas )]TJ
5.7785 0 TD
0 Tw
(nos )Tj
1.63 0 TD
(ti.)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 95.3699 533.4302 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 101.3699 532.4302 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 109.5429 532.4302 Tm
.0323 Tc
(len )Tj
2.1663 0 TD
1.1597 Tw
(sk kvty vyjd )Tj
9.6763 0 TD
0 Tw
(e )Tj
.9347 0 TD
[(n)32.3( )]TJ
-12.7773 -1.3 TD
0 Tc
[(v)-213.4(do )]TJ
2.1583 0 TD
(la )Tj
.759 0 TD
.2134 Tw
(rech je nutno spla )Tj
8.605 0 TD
(tit ve )Tj
-11.5223 -1.3 TD
.0277 Tw
[(vi 25 %)-27.8(ve zlat.)]TJ
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 95.3699 400.5952 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 101.3699 399.5952 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 109.5429 399.5952 Tm
.0146 Tc
(Transak )Tj
3.6582 0 TD
.5389 Tw
[(ce a)-538.9(ope )]TJ
5.0655 0 TD
0 Tw
(ra )Tj
.8992 0 TD
.5389 Tw
[(ce MMF)14.6( )]TJ
-9.6228 -1.3 TD
0 Tc
.1513 Tw
(vi le )Tj
3.5404 0 TD
.1514 Tw
(nm se op )Tj
5.2499 0 TD
0 Tw
(ra )Tj
.8699 0 TD
.1515 Tw
(j pe )Tj
2.3364 0 TD
0 Tw
(v-)Tj
-11.9966 -1.3 TD
.2509 Tw
[(n o)-251(zdro )]TJ
4.7048 0 TD
[(je z)-251(len )]TJ
4.1488 0 TD
(skch kvt )Tj
-8.8536 -1.3 TD
0 Tw
[(a)-319.6(je )]TJ
1.8936 0 TD
.3196 Tw
(jich pra )Tj
3.5975 0 TD
0 Tw
(vi )Tj
.722 0 TD
(del )Tj
1.352 0 TD
.3196 Tw
(n zvy )Tj
3.1706 0 TD
0 Tw
(o )Tj
1.074 0 TD
(v )Tj
1.037 0 TD
(n. )Tj
-12.8466 -1.3 TD
.0157 Tc
(Do )Tj
1.3093 0 TD
(as )Tj
1.6209 0 TD
.5758 Tw
[(n v )]TJ
3.6337 0 TD
0 Tw
(ro )Tj
.9383 0 TD
.5759 Tw
[(v vpo )]TJ
4.1674 0 TD
0 Tw
(mo )Tj
1.4583 0 TD
[(ci)15.6( )]TJ
-13.128 -1.3 TD
0 Tc
.2113 Tw
(jsou ure )Tj
4.3044 0 TD
.2114 Tw
(ny pro ee )Tj
5.4418 0 TD
(n nerov-)Tj
-9.7462 -1.3 TD
0 Tw
(no )Tj
1.13 0 TD
(v )Tj
1.037 0 TD
.0278 Tw
(hy pla )Tj
2.7137 0 TD
0 Tw
(teb )Tj
1.445 0 TD
.0278 Tw
(n bilan )Tj
3.2137 0 TD
0 Tw
(ce.)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 95.3699 267.7602 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 101.3699 266.7602 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 109.5429 266.7602 Tm
.0234 Tc
.8476 Tw
(U nerov )Tj
4.5115 0 TD
0 Tw
(no )Tj
1.1768 0 TD
(v )Tj
1.0838 0 TD
.8476 Tw
(hy pla )Tj
3.674 0 TD
0 Tw
(teb )Tj
1.5152 0 TD
[(nch)23.4( )]TJ
-11.9614 -1.3 TD
0 Tc
(bilan )Tj
2.1299 0 TD
.1832 Tw
(c, pop. zklad )Tj
7.6445 0 TD
(n nerov-)Tj
-9.7744 -1.3 TD
0 Tw
(no )Tj
1.13 0 TD
(v )Tj
1.037 0 TD
.0766 Tw
(hy pro pra )Tj
5.7103 0 TD
(vu parit nebo )Tj
-7.8773 -1.3 TD
.0028 Tw
(poteb er )Tj
4.6329 0 TD
0 Tw
(p )Tj
1.1299 0 TD
.003 Tw
(n zdro )Tj
3.039 0 TD
.0029 Tw
(j od MMF, )Tj
-8.8018 -1.3 TD
.0126 Tc
.4705 Tw
[(lo vesms o)-470.5(nerov )]TJ
10.2698 0 TD
0 Tw
(no )Tj
1.1553 0 TD
(v )Tj
1.0623 0 TD
[(hu,)12.6( )]TJ
-12.4873 -1.3 TD
.0113 Tc
(zp )Tj
1.6629 0 TD
0 Tc
( )Tj
T*
.0113 Tc
(so )Tj
1.0966 0 TD
(be )Tj
1.1526 0 TD
.4238 Tw
(nou pla )Tj
3.819 0 TD
0 Tw
(teb )Tj
1.4789 0 TD
.4238 Tw
[(n de)259( )454.1( )]TJ
3.1957 0 TD
0 Tw
(cit-)Tj
-12.4057 -1.3 TD
0 Tc
(nos )Tj
1.63 0 TD
.0897 Tw
(t, resp. chronickou scho )Tj
11.2906 0 TD
0 Tw
(d-)Tj
-12.9206 -1.3 TD
(ko )Tj
1.093 0 TD
(vos )Tj
1.574 0 TD
.0278 Tw
(t pla )Tj
2.1947 0 TD
0 Tw
(teb )Tj
1.445 0 TD
.0278 Tw
(n bilan )Tj
3.2137 0 TD
0 Tw
(ce.)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 266.1549 614.2656 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 272.1549 613.2655 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 280.3279 613.2655 Tm
.0184 Tc
(Transak )Tj
3.6851 0 TD
.6734 Tw
(ce se veo )Tj
6.309 0 TD
0 Tw
(bec )Tj
1.7223 0 TD
(n )Tj
1.0929 0 TD
[(mi)18.4( )]TJ
-12.8093 -1.3 TD
0 Tc
(zdro )Tj
1.98 0 TD
( )Tj
T*
( )Tj
T*
.0552 Tw
(ji er )Tj
2.1842 0 TD
0 Tw
(p )Tj
1.13 0 TD
.0552 Tw
(n jsou zalo )Tj
5.1094 0 TD
0 Tw
(e )Tj
1.017 0 TD
.0552 Tw
(ny na )Tj
-11.4205 -1.3 TD
.012 Tc
0 Tw
(z )Tj
1.041 0 TD
(sa )Tj
1.061 0 TD
.4483 Tw
(d pod )Tj
3.6883 0 TD
0 Tw
(m )Tj
1.099 0 TD
(n )Tj
1.117 0 TD
(nos )Tj
1.666 0 TD
.4483 Tw
[(ti, avak)12( )]TJ
-9.6724 -1.3 TD
0 Tc
0 Tw
[(u)33.8(p )]TJ
1.9482 0 TD
(d )Tj
1.13 0 TD
-.0338 Tw
(l zvlt )Tj
3.5762 0 TD
(nch prv er )Tj
5.7294 0 TD
0 Tw
(p-)Tj
-12.3837 -1.3 TD
.0099 Tw
(n plat zsa )Tj
5.2969 0 TD
(da nepod )Tj
4.2709 0 TD
0 Tw
(m )Tj
1.0749 0 TD
(n )Tj
1.093 0 TD
(nos )Tj
1.63 0 TD
(ti )Tj
-13.3657 -1.3 TD
.0278 Tw
(\(s vaz )Tj
2.5818 0 TD
(bou na vi kvt\).)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 266.1549 533.4302 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 272.1549 532.4302 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 280.3279 532.4302 Tm
0 Tc
(len )Tj
2.037 0 TD
.3125 Tw
(sk kvty jsou vyjd )Tj
9.9397 0 TD
0 Tw
(e )Tj
.87 0 TD
(ny )Tj
-12.8467 -1.3 TD
.0225 Tw
[(v)-22.5(SDR, 25 %)-22.5(se pi pisu nebo )]TJ
T*
0 Tw
(zvy )Tj
1.48 0 TD
(o )Tj
1.074 0 TD
(v )Tj
1.037 0 TD
.3459 Tw
[(n hrad v)-346(SDR nebo )]TJ
-3.591 -1.3 TD
-.0855 Tw
[(v)85.5(mn sta )]TJ
4.7199 0 TD
0 Tw
(no )Tj
1.13 0 TD
(ve )Tj
1.037 0 TD
-.0855 Tw
(n MMF, zby )Tj
5.6449 0 TD
0 Tw
(tek )Tj
-12.5317 -1.3 TD
-.039 Tw
[(v)39(mn len )]TJ
5.3129 0 TD
(sk zem. Pods )Tj
7.0339 0 TD
0 Tw
(tat-)Tj
-12.3467 -1.3 TD
.1468 Tw
(n st zlata se vrac le )Tj
11.6597 0 TD
0 Tw
(nm, )Tj
-11.6597 -1.3 TD
.3134 Tw
(st se pro )Tj
5.6089 0 TD
0 Tw
(d )Tj
1.1299 0 TD
.3135 Tw
[(v v)-313.5(dra )]TJ
4.6629 0 TD
0 Tw
(bch, )Tj
-11.4017 -1.3 TD
.2275 Tw
(jejich vt )Tj
5.6135 0 TD
.2277 Tw
(ky pevyu )Tj
5.0437 0 TD
0 Tw
(j )Tj
.4439 0 TD
.2276 Tw
(c d-)Tj
-11.1011 -1.3 TD
.0093 Tc
0 Tw
(vj )Tj
1.287 0 TD
.417 Tw
[( o)259( )445.3( )]TJ
2.5556 0 TD
0 Tw
(ci )Tj
.7776 0 TD
(l )Tj
.7776 0 TD
.417 Tw
[(n cenu, jdou na)9.3( )]TJ
-5.3978 -1.3 TD
0 Tc
0 Tw
(pod )Tj
1.76 0 TD
(po )Tj
1.1669 0 TD
.0278 Tw
(ru roz )Tj
2.5818 0 TD
0 Tw
(vo )Tj
1.074 0 TD
(jo )Tj
.796 0 TD
.0277 Tw
(vch zem.)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 266.1549 400.5952 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 272.1549 399.5952 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 280.3279 399.5952 Tm
0 Tc
(Transak )Tj
3.556 0 TD
.1557 Tw
[(ce a)-155.7(ope )]TJ
4.1824 0 TD
0 Tw
(ra )Tj
.87 0 TD
.1557 Tw
(ce MMF se )Tj
-8.6084 -1.3 TD
0 Tw
(op )Tj
1.389 0 TD
(ra )Tj
.8699 0 TD
.1735 Tw
[(j nejen o)-173.6(zdro )]TJ
6.7607 0 TD
.1736 Tw
[(je z)-173.6(len )]TJ
3.9941 0 TD
0 Tw
(s-)Tj
-13.0138 -1.3 TD
.3226 Tw
[(kch kvt a)-322.7(jejich zvy )]TJ
10.7357 0 TD
0 Tw
(o )Tj
1.074 0 TD
(v )Tj
1.037 0 TD
(n, )Tj
-12.8467 -1.3 TD
.3403 Tw
[(ale i)-340.4(o)-340.4(zdro )]TJ
5.927 0 TD
.3404 Tw
(je zs )Tj
2.5793 0 TD
0 Tw
(k )Tj
1.056 0 TD
(va )Tj
1.037 0 TD
.3404 Tw
(n for-)Tj
-10.5993 -1.3 TD
.0279 Tw
(mou ban )Tj
3.9749 0 TD
0 Tw
(kov )Tj
1.593 0 TD
.028 Tw
(nch ope )Tj
3.8809 0 TD
0 Tw
(ra )Tj
.87 0 TD
.0279 Tw
(c, kter )Tj
-10.3188 -1.3 TD
0 Tw
(slou )Tj
1.852 0 TD
.3094 Tw
( ke zvy )Tj
4.4129 0 TD
0 Tw
(o )Tj
1.074 0 TD
(v )Tj
1.0369 0 TD
.3094 Tw
(n na mezi-)Tj
-8.3758 -1.3 TD
0 Tw
(n )Tj
1.093 0 TD
(rod )Tj
1.5 0 TD
.1819 Tw
(nm v )Tj
3.6839 0 TD
0 Tw
(ro )Tj
.907 0 TD
.1818 Tw
(vm peroz )Tj
5.1998 0 TD
0 Tw
(d-)Tj
-12.3837 -1.3 TD
(lo )Tj
.796 0 TD
(v )Tj
1.037 0 TD
.3066 Tw
(n. Pou )Tj
3.4186 0 TD
0 Tw
(i )Tj
.7019 0 TD
.3067 Tw
(t pro )Tj
2.6216 0 TD
0 Tw
(sted )Tj
2.278 0 TD
.3066 Tw
(k m )Tj
-10.8531 -1.3 TD
0 Tw
(nad )Tj
2.223 0 TD
.2117 Tw
(le slou )Tj
3.1006 0 TD
[(it k)-211.7(een nerov-)]TJ
-5.3236 -1.3 TD
0 Tw
(no )Tj
1.13 0 TD
(v )Tj
1.037 0 TD
.0278 Tw
(hy pla )Tj
2.7137 0 TD
0 Tw
(teb )Tj
1.445 0 TD
.0277 Tw
(nch bilan )Tj
4.3067 0 TD
0 Tw
(c.)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 266.1549 267.7602 Tm
0 1 0 0 k
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 272.0049 266.7602 Tm
/Cs8 cs 1 scn
.5352 Tc
( )Tj
/F5 1 Tf
10 0 0 10 280.3279 266.7602 Tm
-.025 Tc
.3215 Tw
(Proti d )Tj
3.6144 0 TD
0 Tw
(v )Tj
.987 0 TD
(j )Tj
.869 0 TD
.3215 Tw
(mu asy )Tj
3.3954 0 TD
0 Tw
(me )Tj
1.34 0 TD
(tric )Tj
1.307 0 TD
(k )Tj
1.006 0 TD
[(mu)-25( )]TJ
-12.5187 -1.3 TD
-.0134 Tc
(poje )Tj
1.8724 0 TD
.434 Tw
(t nerov )Tj
3.6418 0 TD
0 Tw
(no )Tj
1.1032 0 TD
(v )Tj
1.0102 0 TD
.434 Tw
(hy pla )Tj
3.0396 0 TD
0 Tw
(teb )Tj
1.4048 0 TD
[(nch)-13.4( )]TJ
-12.0719 -1.3 TD
-.025 Tc
(bi )Tj
.765 0 TD
(lan )Tj
1.24 0 TD
.0252 Tw
(c \(nerov )Tj
3.5962 0 TD
0 Tw
(no )Tj
1.08 0 TD
(v )Tj
.987 0 TD
.0252 Tw
(hy jen ve smy-)Tj
-7.6681 -1.3 TD
-.0171 Tc
0 Tw
(s )Tj
.4829 0 TD
.417 Tw
(lu de)Tj
2.772 0 TD
-.0315 Tc
0 Tw
( )Tj
.2465 0 TD
-.0171 Tc
(cit )Tj
1.0227 0 TD
(nos )Tj
1.5788 0 TD
.417 Tw
(ti\) se zd )Tj
4.6812 0 TD
0 Tw
(ra )Tj
.8358 0 TD
(zu )Tj
1.5408 0 TD
[(je)-17.1( )]TJ
-13.1608 -1.3 TD
-.0136 Tc
(prin )Tj
1.6497 0 TD
.4276 Tw
(cip syme )Tj
4.3389 0 TD
(trie \(nerov )Tj
4.7221 0 TD
0 Tw
(no )Tj
1.1028 0 TD
(v )Tj
1.0098 0 TD
[(ha)-13.6( )]TJ
-12.8233 -1.3 TD
-.025 Tc
.1345 Tw
[(jak v)-134.5(p )]TJ
3.5259 0 TD
0 Tw
(pa )Tj
1.08 0 TD
.1345 Tw
(dech pla )Tj
3.7874 0 TD
0 Tw
(teb )Tj
1.37 0 TD
.1345 Tw
(n scho )Tj
3.1825 0 TD
0 Tw
(d )Tj
.568 0 TD
0 Tc
(-)Tj
-13.5137 -1.3 TD
-.0137 Tc
(ko )Tj
1.0656 0 TD
(vi )Tj
.6946 0 TD
(tos )Tj
1.3479 0 TD
.4232 Tw
[(ti, tak i)-423.2(pe )]TJ
5.7965 0 TD
0 Tw
(byt )Tj
1.3669 0 TD
(ko )Tj
1.0656 0 TD
(vos )Tj
1.5329 0 TD
[(ti\),)-13.7( )]TJ
-12.8698 -1.3 TD
-.025 Tc
(zej )Tj
1.164 0 TD
(m )Tj
1.34 0 TD
-.0277 Tw
(na pro uplat )Tj
5.0166 0 TD
0 Tw
(o )Tj
1.08 0 TD
(v )Tj
.987 0 TD
-.0277 Tw
(n pra )Tj
2.3413 0 TD
0 Tw
(vi )Tj
.672 0 TD
[(del)-25( )]TJ
-12.6007 -1.3 TD
(dohle )Tj
2.357 0 TD
.0278 Tw
(du nad kur )Tj
4.6046 0 TD
0 Tw
(so )Tj
1.024 0 TD
.0278 Tw
(vou poli )Tj
3.3467 0 TD
0 Tw
(ti )Tj
.487 0 TD
(kou.)Tj
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 266.1549 147.9251 Tm
0 1 0 0 k
0 Tc
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 272.1549 146.9252 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/F5 1 Tf
10 0 0 10 280.3279 146.9252 Tm
0 Tc
(Vytvo )Tj
2.5 0 TD
(e )Tj
.8699 0 TD
.2198 Tw
(nm rady sboru guver-)Tj
-3.3699 -1.3 TD
0 Tw
(n )Tj
1.093 0 TD
.096 Tw
(r vzni )Tj
3.0209 0 TD
[(kl v)-96(d )]TJ
3.3589 0 TD
(cch org )Tj
4.2439 0 TD
0 Tw
(nech )Tj
-11.7167 -1.3 TD
.0276 Tw
(MMF orgn poli )Tj
7.1125 0 TD
0 Tw
(tic )Tj
1.0739 0 TD
.0278 Tw
(k pova )Tj
3.5658 0 TD
0 Tw
(hy.)Tj
ET
0 0 0 0 k
/GS1 gs
80.197 80.197 354.331 22.171 re
f
/GS2 gs
BT
/TT8 1 Tf
8.5 0 0 8.5 81.1969 91.7971 Tm
/Cs8 cs 1 scn
(Pramen:)Tj
/TT6 1 Tf
3.499 0 TD
.1423 Tw
[( Suchar )392.3(da, B.: )]TJ
/TT8 1 Tf
6.3424 0 TD
-.25 Tw
[(Mezi n rod n )-392.3(m)]TJ
/TT7 1 Tf
6.2253 0 TD
0 Tw
<010c>Tj
/TT8 1 Tf
.4438 0 TD
.1423 Tw
[(no )392.3(v sou )392.3(sta )392.2(va v pohy )392.3(bu)]TJ
/TT6 1 Tf
10.0085 0 TD
(. Praha. )Tj
/TT5 1 Tf
3.5614 0 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
.1423 Tw
[(s. obchod )392.3(n a pr)]TJ
/TT5 1 Tf
6.8146 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
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[( n )-392.8(radi k lo v )-392.8(dopo ru )]TJ
/TT5 1 Tf
9.0604 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(u j )-392.7(oka mi t )-392.7(zru e n )-392.7(MMF )]TJ
-20.9088 -1.2091 TD
.064 Tw
(jako p)Tj
/TT5 1 Tf
2.5357 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(e i t )-314(insti tu ce )-314(pov le)]TJ
/TT5 1 Tf
8.5689 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( n ho )-314(uspo )]TJ
/TT5 1 Tf
4.147 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.2499 Tw
[( d n. )-313.9(Maxi ml n)]TJ
/TT5 1 Tf
6.8399 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.064 Tw
[( pak p)]TJ
/TT5 1 Tf
2.5719 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
(i pou t)Tj
/TT5 1 Tf
2.4448 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( j )-314.1(jeho )]TJ
-29.4388 -1.2091 TD
-.2499 Tw
[(fun go v n )-279.4(na )-279.3(rov ni )-279.3(mezi n rod n ho )-279.4(sta tis tic k ho )-279.4()]TJ
/TT5 1 Tf
20.5038 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0295 Tw
[(adu. Umr )279.5(n)]TJ
/TT5 1 Tf
5.0281 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( n )-279.4(radi k lo v )]TJ
-26.3088 -1.2091 TD
-.0264 Tw
[(pak dopo )223.6(ru )]TJ
/TT5 1 Tf
4.5005 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(u j )-223.5(cel ko vou )-223.5(zm)]TJ
/TT5 1 Tf
6.3899 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0263 Tw
[(nu kon )223.7(cep )]TJ
4.1113 0 TD
[(ce. Nov kon )223.6(cep )223.6(ce by v praxi m)]TJ
/TT5 1 Tf
12.753 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(no vch )Tj
-29.0862 -1.2091 TD
.0514 Tw
(kriz m)Tj
/TT5 1 Tf
2.9118 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0514 Tw
(la zna )Tj
2.4108 0 TD
-.25 Tw
[(me nat )-301.4(finan)]TJ
/TT5 1 Tf
4.7995 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tc
( n)Tj
/TT5 1 Tf
.5 0 TD
0 Tc
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0514 Tw
[( se nean )301.4(ga )301.4(o )301.3(vat v oblas )301.4(tech zachv )301.4(ce )301.4(nch m)]TJ
/TT5 1 Tf
18.2997 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
11 0 0 11 418.8643 459.0572 Tm
(no-)Tj
-30.6971 -1.2091 TD
.0122 Tw
[(vou kriz a naopak pod )262.2(po )262.2(ro )262.2(vat finan)]TJ
/TT5 1 Tf
14.5846 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( n )-262.2(sta bi li tu )-262.2(v )-262.2(okol nch )-262.2(zdra vch )-262.2(oblas tech.)]TJ
-13.74 -1.2091 TD
.1146 Tw
[(Tak zvan Mel )364.5(tze )]TJ
7.3919 0 TD
[(ro )364.5(va komi )364.5(se \(porad )364.6(n komi )364.5(se Kon )364.6(gre )364.6(su USA\) p)]TJ
/TT5 1 Tf
19.8516 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.2499 Tw
(ed lo i la )Tj
-28.865 -1.2091 TD
0 Tw
(vld)Tj
/TT5 1 Tf
1.7217 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0136 Tw
[( USA nvrh, aby se anga )]TJ
10.0099 0 TD
[(o )263.5(va )263.6(nost Fondu \(i Sv)]TJ
/TT5 1 Tf
8.5687 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to v )-263.6(banky\) )-263.6(ome zi la )-263.6(pouze )]TJ
-21.188 -1.2091 TD
.0118 Tw
[(na poskytov )261.8(n krt )]TJ
7.9108 0 TD
-.25 Tw
[(ko do bch )-261.9(nou zo vch )-261.8(v)]TJ
/TT5 1 Tf
9.8552 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(r)Tj
/TT5 1 Tf
.333 0 TD
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0118 Tw
[( zemm ohro )261.8(e )]TJ
5.9655 0 TD
(nm finan)Tj
/TT5 1 Tf
4.0944 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
T*
.0119 Tw
(n kri-)Tj
-29.5465 -1.2091 TD
.0095 Tw
(z, a to navc jen t)Tj
/TT5 1 Tf
7.1558 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0095 Tw
[(m, kter budou plnit poa )259.5(dav )259.5(ky Fondu na eko )259.5(no )259.5(mic )259.5(k refor-)]TJ
-7.5997 -1.2091 TD
.165 Tw
(my. Tento pln logic )Tj
8.8267 0 TD
(ky nezs )Tj
3.4697 0 TD
[(kal pod )415.1(po )415.1(ru u roz )415.1(vo )415.1(jo )415.1(vch zem a snad tro )415.1(chu )]TJ
-12.2965 -1.2091 TD
0 Tw
(p)Tj
/TT5 1 Tf
.5 0 TD
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
(e kva pi v)Tj
/TT5 1 Tf
3.1655 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-275(ani )-275(u )-275(Clin to no vy )-275(admi ni stra ti vy.)]TJ
/TT11 1 Tf
-4.4424 -2.4182 TD
0 Tw
(Finan)Tj
/TT10 1 Tf
2.5571 0 TD
<00fe>Tj
/TT11 1 Tf
.4438 0 TD
.025 Tw
(n krize v )Tj
/TT10 1 Tf
4.1029 0 TD
0 Tw
<011b>Tj
/TT11 1 Tf
.667 0 TD
.025 Tw
(ecku v roce 2010)Tj
/TT6 1 Tf
-7.7708 -2.4182 TD
.0192 Tw
[(V)18.1( roce 2010 MMF podpo)]TJ
/TT5 1 Tf
10.3361 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0192 Tw
(il sil Evropsk unie p)Tj
/TT5 1 Tf
9.3537 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(i )Tj
/TT5 1 Tf
.5471 0 TD
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0192 Tw
(een finan)Tj
/TT5 1 Tf
4.3786 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0192 Tw
(n krize v )Tj
/TT5 1 Tf
4.084 0 TD
0 Tw
<011b>Tj
/TT6 1 Tf
.667 0 TD
(ec-)Tj
-30.8094 -1.2091 TD
-.005 Tc
-.0217 Tw
(ku, kdy navil na zklad)Tj
/TT5 1 Tf
10.4191 0 TD
0 Tc
0 Tw
<010c>Tj
/TT6 1 Tf
.4388 0 TD
-.005 Tc
-.0217 Tw
[( dohody s )]TJ
/TT5 1 Tf
4.0242 0 TD
0 Tc
0 Tw
<011c>Tj
/TT6 1 Tf
.328 0 TD
-.005 Tc
-.0217 Tw
(eckou vldou jej t)Tj
/TT5 1 Tf
7.2546 0 TD
0 Tc
0 Tw
<011c>Tj
/TT6 1 Tf
.328 0 TD
-.0048 Tc
-.0219 Tw
(let ozdravn program )Tj
-22.7927 -1.2091 TD
0 Tc
-.0441 Tw
[(o 26 mld. SDR \(co odpovd cca 30 mld. EUR\) v rmci Stand-by- )55.2(Arrangement. )]TJ
T*
.0134 Tw
(Tm byl vytvo)Tj
/TT5 1 Tf
5.749 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0134 Tw
(en p)Tj
/TT5 1 Tf
1.7072 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0133 Tw
(stup ke zdroj)Tj
/TT5 1 Tf
5.4701 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0133 Tw
(m MMF na zcela mimo)Tj
/TT5 1 Tf
9.4964 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(dn)Tj
/TT5 1 Tf
1.4438 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0133 Tw
[( vysok rovni. )]TJ
-25.8095 -1.2091 TD
.025 Tw
(Jde o ekvivalent 3200 % p)Tj
/TT5 1 Tf
10.7061 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(vodn )Tj
/TT5 1 Tf
2.5528 0 TD
<011c>Tj
/TT6 1 Tf
.333 0 TD
.025 Tw
[(eck kvty)64.9(.)]TJ
ET
/GS1 gs
BT
7.15 0 0 7.15 286.4709 262.3072 Tm
0 1 0 0 k
0 Tw
(2)Tj
ET
/GS2 gs
BT
11 0 0 11 290.0459 259.5572 Tm
/Cs8 cs 1 scn
( )Tj
/TT11 1 Tf
-18.9864 -2.4182 TD
.025 Tw
(MMF a )Tj
/TT10 1 Tf
3.4953 0 TD
0 Tw
<00fd>Tj
/TT11 1 Tf
.667 0 TD
-.25 Tw
[(esk )-275(repub li ka)]TJ
/TT5 1 Tf
-4.1623 -2.4182 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
-.25 Tw
[(eskoslovens ko )-223.4(pat)]TJ
/TT5 1 Tf
7.278 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(i )Tj
.2778 0 TD
-.0266 Tw
[(lo mezi zakl )223.4(da )223.3(j )223.4(c )]TJ
/TT5 1 Tf
7.7218 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.0266 Tw
[(leny MMF. Bylo zastou )223.4(pe )223.4(no na jed )223.4(n-)]TJ
-16.7215 -1.2091 TD
-.0332 Tw
[(nch mezi )216.8(n )216.7(rod )216.8(n kon )216.8(fe )216.8(ren )216.8(ce v Bretton Woods v roce 1944 a v pro )216.8(sin )216.8(ci 1945 sv )]TJ
/TT5 1 Tf
T*
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(len stv )-278.8(rati fi ko va lo. )]TJ
/TT5 1 Tf
8.1392 0 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
-.25 Tw
(es ko slo ven sk )Tj
/TT5 1 Tf
6.0556 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[(len sk )-278.8(kvta )-278.7(byla )-278.8(sta no ve na )-278.7(ve )-278.8(vi )-278.7(125 )]TJ
-15.7496 -1.2091 TD
.0511 Tw
(mil. USD. V roce 1954 vak bylo )Tj
/TT5 1 Tf
13.9955 0 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
-.25 Tw
[(eskoslovens ko )-301.1(vyzv no )-301.1(rezo lu c )-301.1(Sboru )-301.1(gu-)]TJ
-14.6625 -1.2091 TD
(ver n r)Tj
/TT5 1 Tf
2.5537 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0164 Tw
[( k vystou )266.4(pe )266.4(n. D)]TJ
/TT5 1 Tf
6.6601 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0164 Tw
[(vo )266.4(dy k ukon )]TJ
/TT5 1 Tf
5.0328 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(e n )Tj
/TT5 1 Tf
1.4881 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(len stv )Tj
/TT5 1 Tf
2.9329 0 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
.0164 Tw
[(eskoslovens )266.4(ka byly zejm-)]TJ
-21.2224 -1.2091 TD
.025 Tw
(na dva.)Tj
/TT5 1 Tf
1.2885 -1.2091 TD
0 Tw
<00fd>Tj
/TT6 1 Tf
.667 0 TD
.0031 Tw
[(eskoslovens )253.1(ko nebylo v pade )253.1(s )253.1(tch letech minulho stolet ochot )253.1(no posky-)]TJ
-1.9554 -1.2091 TD
-.25 Tw
[(to vat )-295.7(sta tis tic k )-295.7(daje )-295.7(o )-295.7(eko no mi ce, )-295.7(zejm na )-295.7(pak )-295.7(o )-295.7(svm )-295.7(devi zo vm )-295.7(hos po d)]TJ
/TT5 1 Tf
31.3641 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(-)Tj
-1.7245 -4.9443 TD
.025 Tw
(467 )Tj
/TT4 1 Tf
9 0 0 9 433.4439 60.6701 Tm
0 Tw
(|)Tj
ET
/GS1 gs
BT
/F4 1 Tf
9 0 0 9 198.1519 647.7893 Tm
0 1 0 0 k
.0278 Tw
(Mezinrodn mnov a finann instituce )Tj
ET
/GS2 gs
BT
9 0 0 9 377.6159 647.7893 Tm
/Cs8 cs 1 scn
0 Tw
(|)Tj
ET
/GS1 gs
BT
9 0 0 9 379.6229 647.7893 Tm
0 1 0 0 k
.0278 Tw
[( Kapitola 14)]TJ
ET
0 0 0 0 k
80.197 80.197 354.331 23.659 re
f
0 1 0 0 K
0 J 0 j .5 w 10 M [] 0 d
/GS3 gs
1 i
q 1 0 0 1 81.197 92.786 cm 0 0 m
46.189 0 l
S
Q
BT
/TT6 1 Tf
5.525 0 0 5.525 81.1969 83.1801 Tm
0 1 0 0 k
0 Tw
(2)Tj
ET
/GS4 gs
BT
8.5 0 0 8.5 83.9594 81.1972 Tm
/Cs8 cs 1 scn
.025 Tw
[( Podrobn)]TJ
/TT5 1 Tf
3.6642 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
[(ji viz )18.1(T)35.2(iskov zprva MMF 10/176 z 2. kv)]TJ
/TT5 1 Tf
17.1165 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
(tna 2010.)Tj
ET
/GS3 gs
BT
/TT2 1 Tf
13 0 0 13 200.7419 670.9767 Tm
0 0 0 .2 k
0 Tw
[(www.mgmtpr)26.1(ess)26.1(.cz)]TJ
ET
/Cs12 CS 0 SCN
1.25 w
q 1 0 0 1 15 689.646 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
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-15 0 l
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15 0 l
S 1 0 0 1 -476.221 674.646 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
0 -15 l
S 1 0 0 1 467.717 683.15 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
0 -15 l
S
Q
1 SCN
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-15 0 l
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15 0 l
S 1 0 0 1 -484.725 -666.142 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
S 1 0 0 1 -476.221 674.646 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
0 -15 l
S 1 0 0 1 467.717 683.15 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
0 -15 l
S
Q
0 SCN
1.25 w
q 1 0 0 1 262.362 705.65 cm 0 0 m
0 -2.761 -2.238 -5 -5 -5 c
-7.761 -5 -10 -2.761 -10 0 c
-10 2.761 -7.761 5 -5 5 c
-2.238 5 0 2.761 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S 1 0 0 1 3 -6 cm 0 0 m
0 -1.657 -1.343 -3 -3 -3 c
-4.656 -3 -6 -1.657 -6 0 c
-6 1.657 -4.656 3 -3 3 c
-1.343 3 0 1.657 0 0 c
s
Q
1 SCN
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q 1 0 0 1 262.362 705.65 cm 0 0 m
0 -2.761 -2.238 -5 -5 -5 c
-7.761 -5 -10 -2.761 -10 0 c
-10 2.761 -7.761 5 -5 5 c
-2.238 5 0 2.761 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S
Q
/Cs12 cs 1 scn
q 1 0 0 1 260.362 705.65 cm 0 0 m
0 -1.657 -1.343 -3 -3 -3 c
-4.656 -3 -6 -1.657 -6 0 c
-6 1.657 -4.656 3 -3 3 c
-1.343 3 0 1.657 0 0 c
f
Q
0 SCN
q 1 0 0 1 254.362 705.65 cm 0 0 m
6 0 l
S 1 0 0 1 3 3 cm 0 0 m
0 -6 l
S
Q
1.25 w
q 1 0 0 1 262.362 7.5 cm 0 0 m
0 -2.761 -2.238 -5 -5 -5 c
-7.761 -5 -10 -2.761 -10 0 c
-10 2.762 -7.761 5 -5 5 c
-2.238 5 0 2.762 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S 1 0 0 1 3 -6 cm 0 0 m
0 -1.657 -1.343 -3 -3 -3 c
-4.656 -3 -6 -1.657 -6 0 c
-6 1.657 -4.656 3 -3 3 c
-1.343 3 0 1.657 0 0 c
s
Q
1 SCN
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q 1 0 0 1 262.362 7.5 cm 0 0 m
0 -2.761 -2.238 -5 -5 -5 c
-7.761 -5 -10 -2.761 -10 0 c
-10 2.762 -7.761 5 -5 5 c
-2.238 5 0 2.762 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S
Q
q 1 0 0 1 260.362 7.5 cm 0 0 m
0 -1.657 -1.343 -3 -3 -3 c
-4.656 -3 -6 -1.657 -6 0 c
-6 1.657 -4.656 3 -3 3 c
-1.343 3 0 1.657 0 0 c
f
Q
0 SCN
q 1 0 0 1 254.362 7.5 cm 0 0 m
6 0 l
S 1 0 0 1 3 3 cm 0 0 m
0 -6 l
S
Q
1.25 w
q 1 0 0 1 12.5 356.575 cm 0 0 m
0 -2.761 -2.239 -5 -5 -5 c
-7.7614 -5 -10 -2.761 -10 0 c
-10 2.762 -7.7614 5 -5 5 c
-2.239 5 0 2.762 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S 1 0 0 1 3 -6 cm 0 0 m
0 -1.657 -1.3432 -3 -3 -3 c
-4.6569 -3 -6 -1.657 -6 0 c
-6 1.657 -4.6569 3 -3 3 c
-1.3432 3 0 1.657 0 0 c
s
Q
1 SCN
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q 1 0 0 1 12.5 356.575 cm 0 0 m
0 -2.761 -2.239 -5 -5 -5 c
-7.7614 -5 -10 -2.761 -10 0 c
-10 2.762 -7.7614 5 -5 5 c
-2.239 5 0 2.762 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S
Q
q 1 0 0 1 10.5 356.575 cm 0 0 m
0 -1.657 -1.3432 -3 -3 -3 c
-4.6569 -3 -6 -1.657 -6 0 c
-6 1.657 -4.6569 3 -3 3 c
-1.3432 3 0 1.657 0 0 c
f
Q
0 SCN
q 1 0 0 1 4.5 356.575 cm 0 0 m
6 0 l
S 1 0 0 1 3 3 cm 0 0 m
0 -6 l
S
Q
1.25 w
q 1 0 0 1 512.225 356.575 cm 0 0 m
0 -2.761 -2.239 -5 -5 -5 c
-7.762 -5 -10 -2.761 -10 0 c
-10 2.762 -7.762 5 -5 5 c
-2.239 5 0 2.762 0 0 c
h
S 1 0 0 1 -11 0 cm 0 0 m
12 0 l
S 1 0 0 1 6 6 cm 0 0 m
0 -12 l
S 1 0 0 1 3 -6 cm 0 0 m
0 -1.657 -1.343 -3 -3 -3 c
-4.657 -3 -6 -1.657 -6 0 c
-6 1.657 -4.657 3 -3 3 c
-1.343 3 0 1.657 0 0 c
s
Q
1 SCN
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q 1 0 0 1 512.225 356.575 cm 0 0 m
0 -2.761 -2.239 -5 -5 -5 c
-7.762 -5 -10 -2.761 -10 0 c
-10 2.762 -7.762 5 -5 5 c
-2.239 5 0 2.762 0 0 c
h
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[( )254.8(to )254.8(v banky z roku 2007 cel-)]TJ
-19.5268 -1.2091 TD
-.25 Tw
[(ko v )-371.1(ve )-371.2(170 )-371.1(mld. )-371.2(ame ri ckch )-371.1(dola r)]TJ
/TT5 1 Tf
15.657 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.1212 Tw
(. Polo )Tj
2.4551 0 TD
.1211 Tw
[(vi )371(na poskytnutch pro )371.1(st)]TJ
/TT5 1 Tf
9.8527 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
(ed k)Tj
/TT5 1 Tf
1.4438 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
( )Tj
-30.7416 -1.2091 TD
(sm)Tj
/TT5 1 Tf
1.167 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
/TT5 1 Tf
T*
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0534 Tw
[(o )303.4(va )303.4(la do Afri )303.4(ky, dal )303.4(ch 27 % do Jin Asie a 11 % do vchod )303.4(n Asie. )]TJ
-1.9439 -1.2091 TD
0 Tw
(Ro)Tj
/TT5 1 Tf
1.167 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.1138 Tw
(n pr)Tj
/TT5 1 Tf
1.9746 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tc
( m)Tj
/TT5 1 Tf
.7778 0 TD
0 Tc
<010c>Tj
/TT6 1 Tf
.4438 0 TD
(r )Tj
.333 0 TD
(n)Tj
/TT5 1 Tf
.5 0 TD
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-363.8(poskyt nu t )-363.8(p)]TJ
/TT5 1 Tf
5.6162 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(j)Tj
/TT5 1 Tf
.2778 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.1138 Tw
[( )363.8(ky v posled )363.8(nch t)]TJ
/TT5 1 Tf
7.2017 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.1138 Tw
(ech letech )Tj
/TT5 1 Tf
4.5024 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.1138 Tw
(in 9,1 mld. )Tj
-25.9028 -1.2091 TD
-.25 Tw
[(ame ri ckch )-275(dola r)]TJ
/TT5 1 Tf
6.9937 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(.)Tj
-7.4937 -1.2091 TD
-.0276 Tw
[(Na roz )222.4(dl od Sv)]TJ
/TT5 1 Tf
6.2219 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( to v )-222.3(banky, )-222.4(kter )-222.4(v)]TJ
/TT5 1 Tf
7.5812 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(t i nu )-222.5(svch )-222.4(zdro j)]TJ
/TT5 1 Tf
6.7773 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[( )-222.4(zs k v )-222.4(ope ra ce )]TJ
6.5517 0 TD
-.0276 Tw
(mi na )Tj
-28.5197 -1.2091 TD
0 Tw
(finan)Tj
/TT5 1 Tf
2.0547 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.025 Tw
[( )225(nch trzch, zs )225(k )225(v IDA sv zdro )225(je p)]TJ
/TT5 1 Tf
14.7052 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.2499 Tw
[(e de vm )-224.9(od )-224.8(drc)]TJ
/TT5 1 Tf
6.5032 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.025 Tw
(, jimi jsou vl-)Tj
-24.5399 -1.2091 TD
.0512 Tw
[(dy bohat )301.2(ch )]TJ
/TT5 1 Tf
5.4349 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0511 Tw
[(len )301.1(skch zem, dle ze Sv)]TJ
/TT5 1 Tf
10.5621 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0512 Tw
[( )301.2(to )301.2(v banky a tak ze spl )301.2(tek d)]TJ
/TT5 1 Tf
12.3022 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
(ve )Tj
-29.52 -1.2091 TD
-.25 Tw
[(po skytnutch )-341.5(p)]TJ
/TT5 1 Tf
6.2302 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(j )Tj
/TT5 1 Tf
.2779 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.0915 Tw
[(ek. Zdro )341.4(je IDA se pra )341.5(vi )341.5(del )341.5(n)]TJ
/TT5 1 Tf
11.6122 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0915 Tw
[( dopl )]TJ
/TT5 1 Tf
2.1193 0 TD
0 Tw
<0116>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(u j )-341.6(v )-341.5(inter va lu )-341.5(t)]TJ
/TT5 1 Tf
6.4124 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.0915 Tw
( let, )Tj
-28.8728 -1.2091 TD
.0255 Tw
[(napo )275.5(sle )275.5(dy v roce 2005, kdy zdro )275.5(je IDA byly nav )275.5(e )275.5(ny o 23 %. Pro finan )275.5(co-)]TJ
T*
-.25 Tw
[(v n )-401.3(pro jek t)]TJ
/TT5 1 Tf
4.9555 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.1513 Tc
( z)Tj
/TT5 1 Tf
.8451 0 TD
0 Tc
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[( di la )-401.2(IDA )-401.3(nap)]TJ
/TT5 1 Tf
5.8011 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.1513 Tw
(. i )Tj
/TT8 1 Tf
1.3304 0 TD
0 Tw
(Inte )Tj
1.5546 0 TD
.1512 Tw
(rim Trust Fund)Tj
/TT6 1 Tf
6.4149 0 TD
.1513 Tw
[(, do kte )401.3(r )401.3(ho p)]TJ
/TT5 1 Tf
5.9524 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
11 0 0 11 407.2528 432.4572 Tm
-.25 Tw
(i sp v )Tj
-28.353 -1.2091 TD
0 Tw
(i )Tj
/TT5 1 Tf
.5528 0 TD
<00fd>Tj
/TT6 1 Tf
.667 0 TD
-.25 Tw
[(esk )-275(repub li ka.)]TJ
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.1969 406.8571 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.1969 405.8571 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/TT4 1 Tf
11 0 0 11 95.3699 405.8571 Tm
0 Tc
-.25 Tw
[(Mezi n rod n )-693.1(finan)]TJ
/TT3 1 Tf
8.4158 0 TD
0 Tw
<00fe>Tj
/TT4 1 Tf
.4438 0 TD
-.25 Tw
[( n )-693.2(kor po )]TJ
4.0833 0 TD
-.2499 Tw
(ra ce )Tj
/TT6 1 Tf
2.5247 0 TD
0 Tw
(\()Tj
/TT8 1 Tf
.333 0 TD
-.25 Tw
[(Internatio nal )-693.2(Finan ce )-693.1(Cor po ra ti on )]TJ
-15.8006 -1.2091 TD
.1296 Tw
( IFC)Tj
/TT6 1 Tf
2.4904 0 TD
(\), kter p)Tj
/TT5 1 Tf
3.8407 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.1295 Tw
[(so )379.5(b od roku 1956 a zam)]TJ
/TT5 1 Tf
10.5073 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
/TT5 1 Tf
T*
<011c>Tj
/TT6 1 Tf
.333 0 TD
.1296 Tw
[(u )379.6(je sv p)]TJ
/TT5 1 Tf
3.8139 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(so be n )-379.6(na )-379.6(v)]TJ
/TT5 1 Tf
5.3139 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(rov n )Tj
-28.187 -1.2091 TD
[(sou kro m ho )-444.5(a )-444.5(dru stev n ho )-444.5(sek to ru )-444.5(v )-444.4(roz vo jo vch )-444.4(zemch. )-444.4(Vznam n )-444.5(je )]TJ
T*
-.0252 Tw
[(i jej pora )224.8(den )224.8(sk )]TJ
/TT5 1 Tf
6.7834 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(in nost, )-224.8(v)]TJ
/TT5 1 Tf
3.4197 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(et n)Tj
/TT5 1 Tf
1.2217 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0252 Tc
( )Tj
/TT5 1 Tf
.7248 0 TD
0 Tc
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[(as ti )-224.8(na )-224.8(pri va ti za ci. )-224.8(IFC )-224.8(posky tu je )-224.8(v)]TJ
/TT5 1 Tf
14.3712 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.0252 Tw
(ry na )Tj
-28.74 -1.2091 TD
-.25 Tw
[(inves ti ce )-303.3(p)]TJ
/TT5 1 Tf
4.3575 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.2499 Tw
(e vy u )Tj
2.333 0 TD
.0533 Tw
[(j )303.2(c 20 mil. USD a v)]TJ
/TT5 1 Tf
8.822 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( ro v)]TJ
/TT5 1 Tf
1.333 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0534 Tw
[( se anga )303.4(u )303.4(je do ve 25 % tto )]TJ
-18.0663 -1.2091 TD
-.25 Tw
[(inves ti ce. )-313.9(P)]TJ
/TT5 1 Tf
4.6742 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.0639 Tw
[(so )313.9(b na komer)]TJ
/TT5 1 Tf
5.7933 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
( )Tj
T*
.0638 Tw
[(n bzi a inves )313.8(tu )313.8(je pouze do tako )313.8(vch pro )313.8(jek )313.8(t)]TJ
/TT5 1 Tf
18.5803 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(, )Tj
-30.4916 -1.2091 TD
.0631 Tw
[(u kte )313.1(rch lze p)]TJ
/TT5 1 Tf
6.1034 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(ed po kl dat )-313.1(zis ko vost. )-313.1(V )-313.1(roce )-313.1(2006 )-313.1(dosh ly )-313.1(jej )-313.1(inves ti ce )-313.1(do )]TJ
-6.4364 -1.2091 TD
(pro jek t)Tj
/TT5 1 Tf
2.8325 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.177 Tw
[( sou )]TJ
1.8161 0 TD
-.25 Tw
[(kro m ho )-427(sek to ru )-427(v )-427(roz vo jo vch )-427(zemch )-427(9,5 )-427(mld. )-427(ame ri ckch )]TJ
-5.1486 -1.2091 TD
(dola r)Tj
/TT5 1 Tf
2.0547 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.0075 Tw
[(. Za pade )242.5(st let svho p)]TJ
/TT5 1 Tf
9.3479 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.25 Tw
[(so be n )-242.5(vytvo )]TJ
/TT5 1 Tf
5.1312 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.0075 Tw
[(i )242.5(la vlast )242.4(n zdro )242.5(je ve vi cel )242.5(kem )]TJ
-17.8668 -1.2091 TD
.025 Tw
[(56 mld. ame )275(ri )275(ckch dola )275(r)]TJ
/TT5 1 Tf
10.3494 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
-.2499 Tw
[(, )-275(dal )-274.9(zdro je )-274.9(zs ka la )-274.9(ze )-274.8(syn di ko va nch )-274.9(p)]TJ
/TT5 1 Tf
16.506 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(j )Tj
/TT5 1 Tf
.2778 0 TD
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
(ek.)Tj
-28.577 -1.2091 TD
(V )Tj
/TT5 1 Tf
.9972 0 TD
<00fd>Tj
/TT6 1 Tf
.667 0 TD
-.25 Tw
[(esk )-275(repub li ce )-275(je )-275(kapi t lo v)]TJ
/TT5 1 Tf
10.7649 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.025 Tw
[( z)]TJ
/TT5 1 Tf
1.2188 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
(ast n)Tj
/TT5 1 Tf
1.6108 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( na )-275(nap)]TJ
/TT5 1 Tf
2.6627 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.025 Tw
[(. v ivnosten )275(sk bance.)]TJ
ET
/GS1 gs
BT
/TT9 1 Tf
6 0 0 6 81.1969 260.5572 Tm
0 1 0 0 k
0 Tw
<004f>Tj
ET
/GS2 gs
BT
/TT6 1 Tf
10.6 0 0 10.6 87.1969 259.5572 Tm
/Cs8 cs 1 scn
.521 Tc
( )Tj
/TT4 1 Tf
11 0 0 11 95.3699 259.5572 Tm
0 Tc
-.25 Tw
[(Agen tu ra )-410.9(pro )-411(mno hos tran n )-411(inves ti)]TJ
/TT3 1 Tf
15.7334 0 TD
0 Tw
<00fe>Tj
/TT4 1 Tf
.4438 0 TD
( )Tj
T*
.161 Tw
[(n zru )411(ky )]TJ
/TT6 1 Tf
4.6559 0 TD
0 Tw
(\()Tj
/TT8 1 Tf
.333 0 TD
-.25 Tw
[(Multi la te ral )-410.9(Investment )]TJ
-21.1661 -1.2091 TD
.0303 Tw
[(Guarantee Agen )280.3(cy MIGA)]TJ
/TT6 1 Tf
11.0593 0 TD
[(\), kter byla zalo )280.3(e )280.3(na v roce 1988. Jej lo )280.3(hou je )]TJ
-11.0593 -1.2091 TD
-.25 Tw
[(ochra na )-409.1(zahra ni)]TJ
/TT5 1 Tf
6.516 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( nch )-408.9(inves to r)]TJ
/TT5 1 Tf
5.3525 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
.1591 Tw
[( v roz )409.1(vo )409.1(jo )409.1(vch zemch p)]TJ
/TT5 1 Tf
10.5221 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[(ed )-409.1(neob chod n mi )]TJ
-23.6675 -1.2091 TD
[(rizi ky )-355.1(\(nap)]TJ
/TT5 1 Tf
4.4645 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.105 Tw
(. vle)Tj
/TT5 1 Tf
2.2706 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
.1051 Tw
[( )355.1(n kon )355.1(flik )355(ty a zestt )355.1(n)]TJ
/TT5 1 Tf
8.8958 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1051 Tw
[( )355.1(n\). Touto ces )355.1(tou vytv )]TJ
/TT5 1 Tf
9.5911 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[( )-355.1(pod po ru )]TJ
-26.7757 -1.2091 TD
.0464 Tw
(pro p)Tj
/TT5 1 Tf
2.1294 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
[( liv )-296.4(zahra ni)]TJ
/TT5 1 Tf
4.5723 0 TD
0 Tw
<00fe>Tj
/TT6 1 Tf
.4438 0 TD
-.2499 Tw
[( nch )-296.3(inves tic )-296.4(do )-296.3(roz vo jo vch )-296.3(zem. )-296.4(Za )-296.3(poskyt nu t )-296.3(zru ky )]TJ
-7.4786 -1.2091 TD
[(inka su je )-277.8(MIGA )-277.7(pojist n )-277.7(pr mie, )-277.8(kter )-277.7(jsou )-277.7(rela tiv n)]TJ
/TT5 1 Tf
20.5785 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.0278 Tw
[( nzk ve srov )277.8(n )277.8(n s tr-)]TJ
-21.0224 -1.2091 TD
.151 Tw
[(nm poji )401(t)]TJ
/TT5 1 Tf
4.1793 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
.1509 Tw
[( )400.9(nm. Tyto pojist )400.9(n pr )400.8(mie slou )400.9( k hra )400.9(d)]TJ
/TT5 1 Tf
17.2086 0 TD
0 Tw
<010c>Tj
/TT6 1 Tf
.4438 0 TD
-.25 Tw
[( )-401(pro voz nch )-401(nkla d)]TJ
/TT5 1 Tf
7.966 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
( )Tj
-30.7416 -1.2091 TD
.025 Tw
[(agen )275(tu )275(ry a k vytvo )]TJ
/TT5 1 Tf
7.5452 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
.025 Tw
[(e )275(n rezerv )275(n )275(ho fondu pro kryt pojis )275(tnch p)]TJ
/TT5 1 Tf
17.3683 0 TD
0 Tw
<011c>Tj
/TT6 1 Tf
.333 0 TD
-.25 Tw
( pa d)Tj
/TT5 1 Tf
1.7217 0 TD
0 Tw
<0124>Tj
/TT6 1 Tf
.5 0 TD
(.)Tj
/TT4 1 Tf
11.7 0 0 11.7 81.1969 126.5571 Tm
.025 Tw
(Banka pro mezi )Tj
6.8278 0 TD
-.25 Tw
[(n rod n )-275.1(plat )]TJ
5.3321 0 TD
0 Tw
(by)Tj
/TT6 1 Tf
11 0 0 11 81.1969 99.9571 Tm
-.25 Tw
[(Banka )-326(pro )-326(mezi n rod n )-326(plat by )-326(\()]TJ
/TT8 1 Tf
13.0223 0 TD
.076 Tw
(Bank for Internatio )Tj
7.8732 0 TD
.0761 Tw
(nal Settlements)Tj
/TT6 1 Tf
6.1581 0 TD
.076 Tw
[( )]TJ
/TT8 1 Tf
1.152 0 TD
0 Tw
(BIS)Tj
/TT6 1 Tf
1.4438 0 TD
.076 Tw
(\) byla )Tj
-29.6494 -1.2091 TD
.0334 Tw
[(zalo )283.4(e )283.4(na v roce 1930 v Basi )283.4(le )283.4(ji ve vcars )283.4(ku. Jde o nej )283.4(star )283.4( fun )283.4(gu )283.4(j )283.4(c mezi )283.4(n-)]TJ
/TT4 1 Tf
9 0 0 9 79.4609 60.6701 Tm
0 Tw
(|)Tj
11 0 0 11 81.4428 58.8702 Tm
.025 Tc
( )Tj
/TT6 1 Tf
.55 0 TD
0 Tc
(470)Tj
ET
/GS1 gs
BT
/F4 1 Tf
9 0 0 9 81.1969 647.7893 Tm
0 1 0 0 k
.0278 Tw
(st 5 )Tj
ET
/GS2 gs
BT
9 0 0 9 114.2932 647.7893 Tm
/Cs8 cs 1 scn
0 Tw
(|)Tj
ET
/GS1 gs
BT
9 0 0 9 116.3001 647.7893 Tm
0 1 0 0 k
.0278 Tw
[( Mezinrodn finance)]TJ
/TT2 1 Tf
13 0 0 13 200.7419 670.9767 Tm
0 0 0 .2 k
0 Tw
[(www.mgmtpr)26.1(ess)26.1(.cz)]TJ
ET
/Cs12 CS 0 SCN
0 J 0 j 1.25 w 10 M [] 0 d
/GS3 gs
1 i
q 1 0 0 1 15 689.646 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
S 1 0 0 1 -484.725 -666.142 cm 0 0 m
-15 0 l
S 1 0 0 1 484.725 0 cm 0 0 m
15 0 l
S 1 0 0 1 -476.221 674.646 cm 0 0 m
0 15 l
S 1 0 0 1 0 -683.15 cm 0 0 m
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