Quarterly Report for the Greek Economy 3-2016 October 11 th, 2016 This presentation is supported by
Various developments in the current period Positive developments: international tourism, low energy prices, increasing transactions On the negative side: increase of tax rates, difficulties in liquidity, deterioration of investment climate due to the referendum in the United Kingdom On the basis of the available data, the growth rate for 2016 will probably be slightly worse than what forecasts from official bodies suggested The most important issue is whether the necessary conditions will be created, that will lead to sustainable growth in the medium and long term
It is necessary to create the conditions for sustainable growth in the medium-term Are Greek producers becoming more competitive? Some sectors and individual companies respond to the changes of relative prices The Greek economy remains one of the most closed economies in Europe, and it tends to become even more closed Greece continues to rank low the international competitiveness indicators Has the Greek economy become less dependent on the public sector? Some public sector operations have been limited due to fiscal contraction Despite decreasing public sector output, the overall share of the public sector in Greek economic activity has not decreased, as output in the rest of the economy has contracted even more
Public Sector Gross Value Added as % of total GVA 12% 11% 10% 9% 8% 7% 6% 5% 4% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Euro area 19 Greece Source: Eurostat
The public sector contributes significantly to increasing employment Contribution to employment increase per sector 1st half of 2015-1st half of 2016 Source: ELSTAT
Economy openness to foreign investment* (% GDP) 500% 400% 300% 200% 100% 0% -100% -200% 2008 2009 2010 2011 2012 2013 2014 2015 Cyprus France Greece Ireland Portugal Slovakia * (Receivables + Liabilities) / GDP. Receivables and Liabilities regarding i) Foreign Direct Investment, ii) Portfolio Investments και iii) Other investments Source: European Central Bank
General Government Liabilities Source: General Government Monthly Bulletin, General Accounting Office, Greek Ministry of Finance 2014-2016
Remarks regarding public debt Greek debt has special characteristics relative to its composition, maturity and interest rate profiles assessing its impact on the economy requires careful detailed analysis The direct pressure of the public debt on the budget for the next few years is relatively small The uncertainty that the public debt burden creates, inhibits economic activity Tenacious insistence on achieving budget surpluses and consequently putting less emphasis on improving the efficient functioning of markets and public administration, will not help the Greek economy in the medium term
The efficient functioning of institutions is a major issue The international experience and modern economic analysis suggest that sustainably high growth rates, especially in high income economies, crucially depend in the medium term on efficiently functioning institutions The less transparent, independent and efficient the functioning of institutions, the more difficult it is to convince potential investors to take up projects in Greece, including human capital intensive projects
Quarterly Report Overview
International growth stability Slight deceleration of global growth in 2016, at 3.1%, against 3.2% in 2015 as growth in the major economic zones of the world is weakening Slowdown of international trade growth in 2016 (2.3%), acceleration in 2017 (3.8%) Demand in developed economies contracted at 2.4% in 2016 In developing countries, imports are expected to recover in 2016 Euro area: +1.6% (2016), against +2.3% in 2015 Uncertainty factors in 2017: i. Brexit: terms, characteristics, implementation speed ii. Slow growth in many regions of the world (USA, Euro Area, China, Brazil) iii. Weak role of monetary policy in Europe and in the USA. In search of a role for fiscal policy iv. Monetary authorities are currently standing by, but they may take further measures to balance markets (e.g. increase in interest rates in the USA, expansion of quantitative easing in the Euro Area, depended on the prevailing trend in prices)
In recession now for a year Decreasing GDP (Apr. - June 2016): -0.9%, close to Q1 16 ( -1.0%), against growth by 0.8% in Q2 15 Recession by 1.0% in the 1 st semester of 2016, against +0.6% in the same period of 2015 The recession continues in Q2 because of: Further decrease of household consumption (-1.9% over -1.3% in Q1) Deterioration of external trade balance o o Exports contraction similar to that of Q1 ( -11.5%), but Easing contraction of imports, at -7.1% from -11.9% the relaxation of capital controls in March seemingly helped imports
The 2016 State Budget is on course to meet targets In the first 8 months of 2016 the primary surplus exceeded the target : primary surplus 3.77 billion, against a target of 980 million Primary expenditure is under control: Currently 3.36 billion below the target, yet there are still expenditures that cannot be avoided, summing up to approximately that amount Expenditures for wages and pensions, grants for social security funds, grants for the Public Investment Program where lower than forecasted But also deceleration of expansion of liabilities in 2016 at 216 million (payments 1.35 billion in July - August) The revenues of the Regular Budget expanded: Income tax revenue from legal entities were higher by 14.1% low income tax revenue from individuals Almost all targets for revenue from indirect taxes are met However, considering the breadth and the intensity of the tax regulations introduced recently (since July 2015), the increase of public revenue was rather small
2017 Draft State Budget Deficit reduction by 1.25 billion, to 1.9% of GDP Expansion of the primary surplus by 1.15 billion, to 1.2% of GDP To achieve the target, State Budget expenditures are planned to be cut (by 1.33 billion) and net revenues are planned to increase (by 129 million). However, the tax revenues (direct + indirect taxes) are planned to rise by 1.84 billion, from the recent and forthcoming taxation measures that will apply from 1/1/2017 The revenues from granting licenses and rights will decline further, by 1.04 billion, reaching 437 million The effort to achieve for a larger primary surplus in 2017 will imply additional burdens mainly on taxpayers, households and businesses
Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Jul. '16 Improved Industrial Production (mainly manufacturing) Industrial Production Index 20% 15% 10% 5% 0% -5% -10% -15% Euro area 19 Greece -20% Sources: ELSTAT, Eurostat Jan. July 2016: +3.2%, against Jan. July 2015: -0.3% Manufacturing +5.0%, Mining - Quarrying -19.5%, Electricity -1.2%, Water supply +0.2%
Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Jul. '16 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Jul. '16 The industrial production index rises, yet turnover and prices fall significantly Industrial production index and industrial turnover Producer prices 10% 2% 5% 0% 0% -5% -10% -15% -2% -4% -6% -8% -10% -20% -12% Turnover Industrial Production Source: ELSTAT
Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Construction: slight increase in the 1 st half of 2016 Production index in Construction and Building Activity Indicator (quarterly y-o-y changes) 80 60 40 20 0-20 -40-60 -80 80% 60% 40% 20% 0% -20% -40% -60% -80% Building activity Indicator Greece (left scale) Production Index Greece (right scale) Production Index Euroarea-19 (right scale) Sources: ELSTAT, Eurostat 1 st half of 2016: +2.3% 1 st half of 2015: +22.0%
Deterioration of Retail Trade, yet not uniformly across subsectors Volume Index in Retail Trade (2010=100) and Business Climate Index in Retail Trade (1996-2006=100) 130 120 110 100 90 80 70 60 50 40 130 120 110 100 90 80 70 60 50 40 Volume Index in Retail Trade (left scale) Business Expectations Index (right scale) Sources: IOBE, ELSTAT Jan. July 2016: -1.8%, against -0.9% in Jan. July 2015. Excluding fuel: -0.6%
fuel, food, pharmaceuticals Jan. July 2014 Jan. July 2015 Jan. July 2016 Overall Index -1.1% -0.9% -1.8% Overall Index (except automotive fuel, 2000=100) Volume index of Retail Trade (2010=100) -1.7% 0.0% -0.6% Super markets -0.9% 0.1% -1.5% Department stores -5.6% -5.2% 11.2% Automotive fuel 1.7% -0.4% -4.8% Food, Beverages and Tobacco -4.9% -5.8% 0.6% Pharmaceutical products, Cosmetics -3.6% -0.9% -4.2% Clothing and footwear 6.8% 5.3% 8.7% Furniture, electrical & household equipment -2.2% -3.7% 1.1% Books, stationery, other goods 8.6% 4.9% -3.6% Sources: IOBE, ELSTAT
Various trends in Services Turnover Index in Tourism (Accommodation and Food Services) 180 160 140 120 100 80 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 2014 2015 2016 Index 61 98 158 63 48 96 157 51 39 80 146 42 32 84 148 58 47 90 159 64 48 98 167 59 43 97 Sources: IOBE, ELSTAT
Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 The economic sentiment in Greece improved slightly in Q3 2016, reaching a significantly higher level compared to a year earlier. In the Euro Area, the economic sentiment remained stable, while in the EU it deteriorated slightly 120 Economic Sentiment Indicator 110 100 90 80 70 60 50 Economic Sentiment EU Economic Sentiment EA Economic Sentiment Greece Average, Greece (2001-2015) Sources: ΙΟΒΕ, European Commission
Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Business expectations in Services improved in Q3, but they deteriorated in the other sectors Business expectations recovered compared with a year earlier in all sectors, except Construction Industry 120 110 100 90 80 70 60 50 10 00-10 -20-30 -40-50 120 100 80 60 40 20 0 10 0-10 -20-30 -40 Construction Industry Greece Construction Greece Average, Greece (2001-2015) Average, Greece (2001-2015) Industry - Euroarea (right scale) Construction - Euroarea (right scale) Retail Trade 140 120 100 80 60 40 20 0 10 5 0-5 -10-15 -20-25 -30 120 110 100 90 80 70 60 50 40 30 20 10 0-10 -20-30 Services Retail Trade Greece Services Greece Source: ΙΟΒΕ Average, Greece (2001-2015) Retail Trade - Euroarea (right scale) Average, Greece (2002-2015) Services - Euroarea (right scale)
Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Consumer Confidence in Greece improved in the third quarter, yet it was lower than a year earlier It was stable in the Euro Area and it declined in the EU Consumer Confidence 00-10 -20-30 -40-50 -60-70 -80-90 Consumer Confidence E.U Consumer Confidence EA Consumer Confidence Greece Average, Greece (2001-2015) Sources: ΙΟΒΕ, European Commission
Unemployment declined for the ninth consecutive quarter Number of unemployed people and unemployment rate, 2008-2016 Source: ELSTAT The unemployment rate reached 23.1% (Q2/2016), from 24.6% in Q2/2015 and 24.9% in Q1/2016. Higher employment in 16 sectors / lower in 5 sectors. Indicatively: Electricity and natural gas supply (+18.7%), Public administration and defense (+9.1%), Accommodation services (+5.5%), Manufacturing (+5.5%), Construction (+3.5%), Professional and technical activities (-9.1%), Other services (-15.5%).
The public sector contributes significantly to increasing employment Contribution to employment increase per sector 1st half of 2015-1st half of 2016 Source: ELSTAT
The Current Account Balance improved in the period January July 2016 Current Account Balance, January - July 2002-2016 Source: Bank of Greece with a reduced deficit in the balance of goods, and a reduced surplus increase in the balance of services The borrowing needs of the Greek economy have been low over the past 4 years
The deficit in the trade of goods increased by 8.7% in the period January - July 2016 January July 2016: Exports : -7.2% ( 14 billion) including fuel -1.3% ( 10.7 billion) excluding fuel and shipping Imports: -1% ( 24.5 billion) Trade deficit: +8.7% Strong decline: Fuel (-22.5%), Raw materials (12.9%) Increase: Agricultural Goods (6.3%) Markets: Losses: E.A.(0.1%), EU-28 (0.3%), Turkey (34.4%), Finland (15.9%), Italy (7.7%), United Kingdom (5.5%), Bulgaria (6.8%), Croatia (15.5%), Russia (12.4%), USA (18.3%), Increase: Netherlands (22.8%), Spain (3.6%), Austria (4.3%), Portugal (5.2%), Germany (3.7%), Poland (11.4%), Czech Republic (3.7%), Romania (5.4%), China (39.1%) Source: ELSTAT
Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Deflation recedes, but it is still high 4% 3% 2% 1% 0% -1% Harmonized Consumer Price Index -2% -3% Euro are 19 Greece -4% Source: Eurostat Weak decline of price levels in Jan. Aug. 2016, approx. -1% Upward trend of sub-indices for Health (+2.5%), Hotels (+2.6%) and Alcoholic beverages (+1.4%)
Medium-term developments Mild improvement of the economic environment in Greece after the 1 st evaluation of the Economic Adjustment Programme Decline of uncertainty due to the implementation of the 3 rd Programme Increase in the deposits of businesses and households, deceleration of credit tightening to businesses, mild increase of the Economic Sentiment index It is positive for the Greek economy that there have not been significant repercussions from Brexit until now. However, the condition of the immigration problem is deteriorating. The current easing of uncertainty does not imply that confidence in the Greek economy has been restored
Medium-term developments Serious concerns are still present: Managing Non Performing Loans, under the new regulatory framework: obstacle to decision making at least for 2017 Rising burdens for households from increases in direct and indirect taxation, social security contributions, further cuts in pensions The consumer confidence index is consistently lower than in the previous year Changes in corporate taxation for small businesses (businesses with 2 nd class accounting registers), in dividend taxation, in corporate social security contributions Especially for professionals/freelancers, VAT increase, changes in the way social security contributions will be calculated and vagueness regarding the implementation of the new regulations many businesses may switch to another legal form or may move headquarters abroad Uncertainty concerns: Capital controls are still in place and it is still not clear when they will be lifted Institutional confusion from political interventions, overlapping responsibilities
Medium-term developments If liquidity and growth prospects keep improving, the sectors that currently demonstrate strong growth potential can benefit Manufacturing: continuous, strong upward trend since April Construction: slight increase of output in the 1 st half of the year due to public works. Investments will start in 2017, as a result of privatizations - concessions Tourism: mild decline of international receipts, consolidation of the significant gains in the period 2013 2015
Medium-term developments Crucial developments in the near future Negotiations for the public debt implementation of short-term relief measures (Eurogroup 05/25/2016) IMF involved in the Programme 2 nd evaluation of the Programme new regulatory framework in the labor market Relations between Turkey and the EU and refugee flows International economic factors Small increase of oil prices this year after the recent decision for production reduction. Mild increase of oil production next year. Relatively stable /$ exchange rate in the remaining months of 2016 and in 2017
2016 Forecasts Private consumption will rise in the 2 nd half of 2016. There will be significant private consumption growth, as a result of the fact that private consumption was particularly low in the same period a year earlier, but also as a result of a mild decline in unemployment. For calendar-year 2016, private consumption will decline by 0.3 to 0.5% Mild increase of public consumption in the second half of 2016, contraction by 0.8% to 1.2% for calendar-year 2016 Increase in investment ( 10.0-11.0%): o o o o Temporary sharp rise in investment in transportation equipment in Q2, due to new vehicle registration taxes Technical effects of changed in inventories (increase this year contraction last year) Frontloaded implementation of the Public Investment Programme and a small increase in the related expenditure Continuing higher activity in public works The contraction of credit to businesses eased in the 2 nd half of 2016 (deposits returned to Greek banks, the ECB reinstated the waiver regarding Greek bonds used as collateral in the Eurosystem)
2016 Forecasts External Sector: technical neutralization of the effects of the capital controls Increased exports in the period July - December, mainly exports of services (transportation other services) o Exports in calendar-year 2016 will decline ( -5.5%) Stronger increase of imports in 2 nd half of 2016 o The decline of imports in calendar-year 2016 is expected to be at -1.5% to - 2.0% Deterioration of external balance due to increasing imports After the significant revision of the estimated GDP in the first quarter of the year, a milder recession (by 0.5%) is forecasted for calendar-year 2016
2016 Forecasts Further unemployment reduction, yet slower Continuing expansion of employment in Tourism Manufacturing Construction, as in the 1 st half of the year. The boosting effect of the Public Sector on employment will weaken The new measures taken by the government (taxation etc.) will affect private consumption, as well as employment, in sectors providing goods and services for consumers (Retail Trade) Professionals and other freelancers will go through a transitional period in the fourth quarter, as a result of the changes in taxation and in the calculation of social security contributions that will affect them from January 2017 Unemployment rate slightly lower than 24% in calendar-year 2016 Deflation will continue in calendar-year 2016 Prices will keep falling in Q3 at the same rate as in the previous quarters, despite the VAT increase In Sept Dec 2015 the price reduction slowed down this favors a slight strengthening of deflation in the last months of 2016 Deflation by 1.1% in calendar-year 2016
Initial forecasts for 2017 Private consumption increase (by approx. 1.0 to 1.5%) mainly due to continuous unemployment reduction o Private consumption increase will be held back by the effects of the fiscal measures taken in 2016, and the ones that will be applied from 1/1/2017 Mild expansion of public consumption o The fiscal adjustment will continue, mainly with higher taxation revenues and, to a smaller extent, with expenditures reduction (Draft State Budget 2017) Investment boost (approx. 8-10%) from: o Works for projects related to completed privatization-concessions o Lower energy cost (abolition of excise tax on natural gas for industrial use) o Consistently high demand for exports in several manufacturing sectors But also: o Negative effects from corporate tax increase, changes in direct taxation social security contributions for professionals/freelancers, higher property taxes o A restructuring of Non-Performing-Loans to businesses may be brought forward
Initial forecasts for 2017 External Sector Exports expansion as a result of further easing of restrictions regarding capital transfers and acceleration of European and global trade (+5%) Any increase in domestic demand (consumption and investment) will be directed to a great extent to demand for imports (+6-7%) o Note: In 2014 domestic demand increased by 1.2%, resulting to an increase of imports by 7.8% Recovery prospects in 2017, by 1.5-2.0% Continuation of unemployment decline: ~22.5% Rising prices (oil price increase, indirect taxation, strengthening demand) CPI increase by 1.3%
Presentation of ΙΟΒΕ study: The economic impact of the development of the Hellinikon area
Purpose of the Study Economic Effects Purpose of the study Assessment of the impact on the Greek economy from developing the area of Hellinikon and the coastal area of Agios Kosmas, on the basis of the terms of the contract for the sale of the shares of Hellinikon S.A. to Hellinikon Global I S.A. Effects in the area around Hellinikon Boosted demand for products and services in the area of project Increased public revenues from the construction and functioning of the planned facilities Increased employment in the planned facilities Impact on the Greek economy overall Public revenues from selling/leasing public property Positive impact on the Greek GDP due to increased demand Higher employment, higher household incomes, gains in terms of know-how, and improved productivity
Development of the area of the old airport at Hellenikon from Hellinikon Global I S.A. Old airport and the area of Agios Kosmas Total area 6.2 million m 2 Metropolitan park to be created 2 million m 2 Infrastructu re Park Residential buildings Price of shares: 915 million Recreational facilities Area of Hellenikon and Agios Kosmas Shopping centers/ Malls Expected further investments: 7.2 billion 1.5 billion for developing park facilities and infrastructure Hotels Research and training Conference centers 40
million Gradual increase of public revenues (on average 563 million euros annually for 25 years). 1.200 Public revenues per source over the 25-year investment period 1.000 800 600 400 200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Year VAT Social security contributions Property transfer taxes Corporate taxes Personal income taxes Property ownership taxes Source: IOBE estimations Total Revenues: 14.1 billion 41
Percentage deviation of levels Macroeconomic effects: higher GDP by 7.4 billion (2.4%) and 90,000 jobs in 2041 2,5 2,0 Total impact on GDP from the demand and supply factors Impact on employment 2041 15,000 from supply factors in the total economy 1,5 1,0 further 54,000 from demand factors in the total economy 0,5 0,0 2016 2020 2025 2030 2035 2040 Demand factors Supply factors 21,000 from demand factors in the Hellinikon area Source: ΙΟΒΕ estimations Note: To assess the impact on employment, we run estimations of employment trends in Greece under two scenaria: a scenario under which the investment in Hellenikon takes place and a scenario under which there is no such investment. The difference of employment estimations between these two scenaria is the impact of the project on employment. 42
With the revenue from selling the shares of Hellinikon S.A., the Government will be able avoid taking fiscal measures that would yield equivalent budgetary results Selling the shares of Hellinikon S.A.: The loss of 10,000 jobs will be avoided A decline in GDP by 0.2 percentage points ( 0.3 billion) in the first year of contract will be avoided Important medium-term contribution of the project to public debt reduction The debt to GDP ratio will be reduced by 15 percentage points in the end of the project 43
Conclusions The area of the old airport at Hellinikon is a particularly advantageous asset both at the national level and globally The development of the area is expected to have many positive effects on the Greek economy and society Selling the shares of Hellinikon S.A. to Hellinikon Global I S.A. and subsequently carrying out the project of developing the area can greatly contribute to boosting confidence that Greece is a safe destination for investment 44
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