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EJ
09-16-08, 05:20 PM
http://www.itulip.com/images/benhankdodd.jpgWhy the Fed can’t lower rates

Wondering why the Lehman failure and Monday's 500 point DOW drop didn’t move the Fed to cut on Tuesday? Short term, a cut won’t help. Long term, cuts shrink an already very short runway to zero interest rate hell.

The effective Fed Funds rate shot up from 2.1% on Friday to 6% yesterday against a Fed Funds target rate of 2%. That’s because the Lehman bankruptcy left lenders to Lehman on the hook for hundreds of billions in losses. Now banks are afraid to lend to each other. We haven’t see that kind of dis-function since the crash of 1987.

The Fed is thinking, Why use up ammo when the bond markets can’t do anything with it anyway? More importantly, targeting rates (the price of money) doesn't work at such times as these. We explained to subscribers in Zero Bound Diaries: Is Bernanke Volcker's Mirror Image? Feb. 12, 2008 (http://itulip.com/forums/showthread.php?p=27332#post27332) ($ubscription) (http://itulip.com/forums/showthread.php?p=27332#post27332), that the Fed is going to stop targeting rates and start to target aggregates after they drop rates to 2%, as it turned out two months later in April 2008. We can’t see the rise in M3 because the government doesn’t report M3 anymore -- clever.

What it means is that the Fed has to risk moderate inflation now to try to avoid run-away inflation later. It's a big gamble that many countries throughout history have lost.

Quantity versus the price of money

The reason they are targeting aggregates is that as deflationary forces intensify with debt defaults, tightening lending standards, and a shrinking pool of credit-worthy borrowers, rate targeting (the price of money) becomes less effective as a policy tool to manage inflation. Targeting money aggregates (the quantity of money) becomes a more effective tool.

It’s the flip side of the problem that the Fed had in the late 1970s when inflation was very high. The Fed switched to targeting quantity over price then, between 1979 to 1982 (http://www.frbsf.org/education/activities/drecon/2003/0301.html), because money price targeting is ineffective at the extremes of high and low inflation.


http://www.itulip.com/images/deflationpolicy.gif


Instead of cutting rates, the Fed pumped in more cash.
Fed pumps $70 billion into financial system to ease stresses as markets tumble (http://biz.yahoo.com/ap/080916/fed_credit_crisis.html)
Sept. 16, 2008 (AP)

Urgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve on Tuesday pumped another $70 billion into the nation's financial system to help ease credit stresses.The Federal Reserve Bank of New York's action came in two operations in which $50 billion and then another regularly scheduled $20 billion were injected in temporary reserves
The name of the game is to maintain the money supply as needed to keep inflation above zero percent because for a net debtor very ugly things happen at the zero bound.

Not like this:


http://www.itulip.com/images/JapanDeflation.gif
Net creditor at the zero bound: Japan 1990 - 2005
Currency strengthens, capital flows in, deflation dynamics set in


...or this:


http://www.itulip.com/images/USdeflationNote.jpg
Net creditor at the zero bound: US 1927 - 1937
Currency strengthens, capital flows in, deflation dynamics set in


Net creditors like the US in the 1930s and Japan in the 1990s became recipients of global flight capital in a global financial and economic crisis; the currencies of net creditors appreciate relative to their trade partners’ as a result. As a percentage of GNP, the US is now a major net debtor. It is therefor vulnerable to the effects of a reversal in capital flows.

Like this:

http://www.itulip.com/images/argentinakapoom.gif
Net debtor at the zero bound: Argentina 1995 - 2008
Currency weakens, capital flees, inflation spikes


...and this:

http://www.itulip.com/images/russiainflation1995-2000.gif
Net debtor at the zero bound: Russia 1995 - 2000
Currency weakens, capital flees, inflation spikes


Of course, the US has many advantages over both of these net debtor cases:


US foreign debt is denominated in US currency so it does not need to sell dollars to repay debt in another currency
Most of the debt is long term so it does not need to be rolled over
Foreign governments not private institutions now hold the majority of US debt so the foreign trade in US debt is less volatile but on the other hand more political (See China paper urges new currency order after "financial tsunami" (http://news.yahoo.com/s/nm/20080917/bs_nm/financial_china_usa_dc))
The US has a long history of political stability and come-backs from economic crisis so investors tend to believe that the US will quickly recover it s economic footing

These factors will determine the result of the Ka-Poom disinflation-inflation process by degree but not the fundamental dynamic. The US has higher inflation and interest rates in its future. The questions are how high and when.

Expectations drive markets short term, reality drives them long term

Wait a minute, you say. Isn’t the dollar shooting up as money pours back into the US from emerging markets? Don’t forget the old adage, there’s nothing harder than emerging money from an emerging market during an emergency. Right?

The US recovered from 2004 and 2006 because of growth driven by the housing bubble and foreign lending. Did you know 70% of the US fiscal – not trade – deficit was financed by foreign lending in 2003? True fact. What does a government do if it can't borrow the money? Three options: cut spending, thereby increasing unemployment, raise taxes, thereby cutitng demand, or print money, thereby wrecking the purchasing power of money – including tax revenues. That's how hyperinflations happen – the more the government prints to pay fixed expenses the more it has to print to pay fixed expenses.

The US has been a safe haven for capital for decades. That changed with the terminal demise of the FIRE Economy starting in early 2007, but the global habit of thinking of the US the other way, as if it still were a safe haven, has not.

Don’t be fooled by this bounce in the dollar. As soon as market participants realize that it cannot be sustained, it's curtains for 35 years of the borrow-and-spend FIRE Economy.

Different this time for the US, same old same old for all net debtors in trouble throughout history

In this global contraction, will Japan, China, Russia, Brazil et al be able to continue to finance America’s twin fiscal and trade deficits? Not if they are in recession, too, because – and this is key – demand from the US for their exports are falling off a cliff because the housing bubble demand engine died, an engine that directly via credit expansion and indirectly via purchases of consumer goods to fill houses, justified the foreign lending in the first place.

Now unemployment is rising, credit and incomes are shrinking, and the future driver for the US economy in the wings that I am promoting – investment in transportation, energy, and communications infrastructure – has not yet gotten off the ground.

The US is now like any other net debtor in an economic crisis without a way to grow its way out of debt.

This time the US is in a position similar to Germany in 1930, Russia in the early 1990s or Argentina in the early 2000s, dependent on borrowing from countries that lost their ability to lend due to their own problems. Such countries become victims of global capital flight in a worldwide financial and economic crisis when a falling global economic tide lowers all ships.

I know it’s hard to get your head around as an American because you love your country but it’s time for you to start to think of the US as at risk of capital flight versus a safe haven.

How much faith do you have in the Fed?

As we mentioned in Future inflation fears topple TIPS (http://itulip.com/forums/showthread.php?p=45890#post45890), by reducing exposure to inflation-index bonds the US government is not preparing for deflation.

A once-in-a-century crash may occur if the Fed botches this and we get too close to the zero bound before the economy grows again. At this point in the race between the disinflationary impact of recession and debt deflation and the inflationary impact of moving all manner of worthless assets onto the Fed’s and Federal Government’s balance sheets, disinflation may be winning. At some point before the zero bound is reached, never mind the point of actual deflation (negative inflation rate such as -2%), if the US experience is like any other net debtor's in history a currency accident will occur as global financial markets realize that the US position as a safe haven relative to its trade partners has reversed. A rapid, self-reinforcing process of capital flight and dollar depreciation that we call “Poom” will begin.

The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.


http://www.itulip.com/images/FedFundsvsTarget010603-091508.gif
Fed Funds effective rate spikes to 6% from 2.1% versus target rate of 2%
the day of the Lehman bankruptcy


iTulip Select (http://www.itulip.com/forums/showthread.php?t=1032): The Investment Thesis for the Next Cycle™
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jimmygu3
09-16-08, 05:53 PM
I know it’s hard to get your head around as an American because you love your country but it’s time for you to start to think of the US as at risk of capital flight versus a safe haven.

How much faith do you have in the Fed?

A once-in-a-century crash may occur if the Fed botches this and we get too close to the zero bound before the economy grows again. At this point in the race between the disinflationary impact of recession and debt deflation and the inflationary impact of moving all manner of worthless assets onto the Fed’s and Federal Government’s balance sheets, disinflation may be winning. At some point before the zero bound is reached, never mind the point of actual deflation (negative inflation rate such as -2%), if the US experience is like any other net debtor's in history a currency accident will occur as global financial markets realize that the US position as a safe haven relative to its trade partners has reversed. A rapid, self-reinforcing process of capital flight and dollar depreciation that we call “Poom” will begin.

The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.

EJ,

Thanks for another great article.

What would the major asset classes likely do in the "Poom" you mentioned above? My understanding is that metals and other hard assets would soar in nominal terms. Industrial commodities would likely decline in real terms due to the decrease in demand, but could move up in nominal terms depending on the slope of the Poom. Similar story for stocks? Bonds? Forex?

I'm beginning to wonder why I have so much cash in short term US paper, but maybe there's no hiding from this storm.

Jimmy

Chris Coles
09-16-08, 06:35 PM
"Funds effective rate spikes to 6% "

In fact, here in the UK it went all the way to 6.7% but I am particularly reminded of past times where the UK economy was constantly shoved one way or the other by the government changing the aggregates. In the 1960,s we kept grinding to a halt when the money supply was constrained too much. So the lesson is that no government has a claim to being able to form policy in such a way as to not overreact to events.

As this shows, the Fed has the right idea, (to control aggregates), but not by adding to the circulation, but instead, by very careful and not too rapid reductions. But I for one will not hold my breath that they get it right, they simply do not have the necessary track record.

Hologram Tam & the Great Global Banking Money Supply Swindle
http://www.marketoracle.co.uk/Article2365.html

No, hardly news to iTulip, but it does add to the debate.

skidder
09-16-08, 06:39 PM
I'm beginning to wonder why I have so much cash in short term US paper, but maybe there's no hiding from this storm.

Jimmy

I'm beginning to wonder why I have so much in Precious metals and metal stocks instead of short term US paper. My portfolio is decimated, what a dumbass I am! Oh well, maybe I will look good wearing a barrel? :)

jk
09-16-08, 08:48 PM
this evening on bloomberg radio there was an interview with brian sack, co-author with ben bernanke and vincent reinhart of "Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment." sack stated that when/if they lower from 2% they should do it in BIG steps - that the speed of the cuts could compensate for their relatively small room to maneuver.

metalman
09-16-08, 09:05 PM
this evening on bloomberg radio there was an interview with brian sack, co-author with ben bernanke and vincent reinhart of "Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment." sack stated that when/if they lower from 2% they should do it in BIG steps - that the speed of the cuts could compensate for their relatively small room to maneuver.

Bernanke Reasserts Dominance Over Wall Street

Federal Reserve Chairman Ben Bernanke has reasserted his dominance as by far the most market-moving Fed official, a study released Tuesday showed, after having ceded some of the spotlight to regional Fed presidents in his first year as chairman.
<table class="imgrgtsum" align="left" border="0" cellpadding="0" cellspacing="0" width="58"> <tbody><tr> <td>http://s.wsj.net/public/resources/images/HC-GG945_Bernan_20070329151036.gif</td> </tr> <tr> <td class="medcptnocrd">Bernanke</td> </tr> </tbody></table> According to Macroeconomic Advisers, Bernanke’s speeches in 2007 and 2008 accounted for over 0.60 percentage point of movements in the two-year Treasury yield, which is sensitive to monetary-policy expectations. That’s five times the market effect of the second-most influential official over the last 18 months, Fed Vice Chairman Donald Kohn.
“It may be that the markets looked increasingly to the “heavyweights” on the FOMC to deliver the policy message, discounting the comments from other FOMC members,” Macroeconomic Advisers’ Laurence Meyer, who is a former Fed governor, and Brian Sack, a former Fed economist, wrote.


so what's brian doing these days? on bloomberg shilling Macroeconomic Advisers services?

any accountability for his opinions?

"i think ben ought to jump off a cliff or lose control of his direction".

http://strumpette.com/uploads/february08/jump_off_cliff.jpg

LargoWinch
09-16-08, 10:00 PM
This is a great article complementing the Ka-Poom theory nicely. It is sinking in everyday. Thank you EJ.

The question is: are we living through Ka and if so, how can someone identify a bottom in Ka to prepare for Poom?

I am curious as to the duration of Ka in Russia and Argentina and its meaning for the US Ka-Poom. Seems very short for Argentina and somewhat longer for Russia.

grapejelly
09-16-08, 10:08 PM
A fabulous and interesting article revealing things I did not know.

And perhaps inappropriate for an ideological discussion, but I will take immediate issue with this:


What does a government do if it can't borrow the money? Three options: cut spending, thereby increasing unemployment [bolding added], raise taxes, thereby cutitng demand, or print money, thereby wrecking the purchasing power of money – including tax revenues.

The bolded section is complete nonsense EJ. If you are talking about Keynsian beliefs, then sure. But if you are talking about the truth, I believe that this is an untruth. If the government cut taxes and cut spending, that would let workers, say, keep a higher percentage of their pay. It would make American workers more competitive and outsourcing less competitive.

No end of good would come from cutting spending and certainly, unemployment would FALL. The government is the ultimate parasitic consumer, and it consumes money that otherwise would be used by productive entrepreneurs.

tastymannatees
09-16-08, 10:09 PM
As somebody noted this is like the movie Weekend at Bernie's.

I get the feeling the Fed is working from a list starting at the top of the food chain and working down, first salvaging what can be had of the big boys and clearing the decks for the banks.

This seems to be moving alot faster than I thought it would, after reading about the Great Depression which was a kind of a slow moving drip, drip. I wonder if this event is going to be different, perhaps faster now that the world is wired for internet cell, etc. Communications with everybody in instant communication.

In 1930 your average citizen might get some detail in his home town paper after a couple of days. Now we get the news in min. with pretty good analysis from multiple sources sometimes in a hour or a few hours after the event via ITULIP and other sources. Sitting at my keyboard I can almost feel the shockwaves at my fingertips:eek:

So if there is a time compression here will the fed be ahead of events or running behind?

The Outback Oracle
09-16-08, 10:14 PM
GJ what you say is true but I think you have a time lag problem. The immediate result of cutting spending and govt employment would be higher unemployment. It would take a while for the economy to reorganise itself efficiently to take up the slack.
That's why none of this can be painless and all the damned stupid deceiptful sociopath politicians with their lies, and downright ignorance, pretending that it can be, are just doing untold damage

grapejelly
09-16-08, 10:19 PM
GJ what you say is true but I think you have a time lag problem. The immediate result of cutting spending and govt employment would be higher unemployment. It would take a while for the economy to reorganise itself efficiently to take up the slack.
That's why none of this can be painless and all the damned stupid deceiptful sociopath politicians with their lies, and downright ignorance, pretending that it can be, are just doing untold damage

You could be right about a time lag. You could be right about everything you say here. But I still think one of the best things to come out of the coming conflagration could be a fall in the absolute belief in the power of government and a rise of liberty and independence. But then I am also deluded in my other views too...

icm63
09-16-08, 10:24 PM
Do you mean like this 'aggregates' like this chart ???
570

cmraynew
09-16-08, 11:21 PM
How much faith do you have in the Fed?

As we mentioned in Future inflation fears topple TIPS (http://itulip.com/forums/showthread.php?p=45890#post45890), by reducing exposure to inflation-index bonds the US government is not preparing for deflation.

A once-in-a-century crash may occur if the Fed botches this and we get too close to the zero bound before the economy grows again. At this point in the race between the disinflationary impact of recession and debt deflation and the inflationary impact of moving all manner of worthless assets onto the Fed’s and Federal Government’s balance sheets, disinflation may be winning. At some point before the zero bound is reached, never mind the point of actual deflation (negative inflation rate such as -2%), if the US experience is like any other net debtor's in history a currency accident will occur as global financial markets realize that the US position as a safe haven relative to its trade partners has reversed. A rapid, self-reinforcing process of capital flight and dollar depreciation that we call “Poom” will begin.

The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.


In my lights, this question and EJ's answer expose the central weakness of the argument. Itulip believes that the Fed will be able to execute its chosen strategy--money from helicopters. This means that the Fed CANNOT botch the timing of its moves as it approaches the zero bound. Additionally, it assumes that there will be a currency event before the zero bound is breached.

How much faith do we have in the Fed? From the looks of it, we better have a good deal, for the rapidity of recent events--Fannie, Freddie, Lehman, AIG, Merrill--suggests that the escape window for the Fed may be very small indeed.

In no way do I mean to downplay the value of the insights and analysis here, but it is important for me to understand as clearly as possible the hinge on which the inflationary/deflationary issue swings.

For Ka-Poom to follow, we expect that the Fed will be sharply attentive, have perceptive foresight, and act decisively.

ydewit
09-16-08, 11:22 PM
This is my first post here at iTulip so first I want to thank you all for this great resource: I have been learning a lot following your discussions, thanks!

After being enlightened by EJs post, I was wondering what are the different options to counter such net-debtor scenario in terms of protecting ones savings in dollars? Sure, get out of the dollar but where to and how?

I am particularly concerned about two components here: the US government and the health of financial institutions. I am thinking "currency controls, market closures, rigged asset and derivative pricing, bank shutdowns, the suspension of brokerage functions, the freezing of financial accounts".

Is the best one can do move money outside the US and then look for an appropriate investment?

zenith191
09-17-08, 01:03 AM
So where is the chart showing what happens to a net debtor nation at the zero bound when that nation is the world's only super power and when that nation's currency is also the world's reserve currency?

icm63
09-17-08, 02:40 AM
Review Japans currency USDJPY with their deflationary years.
571
572

I actually wrote Ed I meant EJ. Cheers !

Andreuccio
09-17-08, 02:53 AM
Okay, I have a question.

Reading this, it seems there are two possible outcomes you are suggesting.

One possibility is the Fed gets it right by injecting enough liquidity into the system and dropping interest rates at just the right time to avoid the zero bound and the disaster that comes with it. All the liquidity causes lots of inflation, which is positive for PM's.

The other possibility is the Fed doesn't get it right and we go through the zero bound. Because we are a debtor nation at this point, going through the zero bound causes capital flight, which in turn causes huge inflation a la Argentina or Russia. This sends PM's through the roof.

Is that about right?

icm63
09-17-08, 03:14 AM
..."The other possibility is the Fed doesn't get it right and we go through the zero bound. Because we are a debtor nation at this point, going through the zero bound causes capital flight, which in turn causes huge inflation a la Argentina or Russia. This sends PM's through the roof."...

Remember that foreign banks and others own USA debt (Treasury and Corporate bonds) and assets (Stocks, Property, etc), even though the value of this asset falls anyway (slowly) via dollar depreciation, if CPI hits zero or negative, interest rates will be ZERO and the $USD may collapse, the value of foreign banks assets fall rather bloody fast, so as a foreign holder of these assets you DUMP your assets in the mad rush to get out.

Very very low $USD causes inflation, interest rates jumps to +10%, not very nice. World depression I guess after that !

FRED
09-17-08, 04:22 AM
So where is the chart showing what happens to a net debtor nation at the zero bound when that nation is the world's only super power and when that nation's currency is also the world's reserve currency?

A warning for the US; reassurance for China (http://reservedplace.blogspot.com/2008/01/it-is-often-asserted-eg-in-brad-setsers.html)

It is often asserted (eg in Brad Setser’s blog http://www.rgemonitor.com/blog/setser (http://www.rgemonitor.com/blog/setser)) that:

(1) The growing US foreign debt is manageable because it is denominated in dollars

(2) China will sustain a loss on its reserves when the dollar inevitably depreciates

The chart below suggests that such thinking may be unwise. It shows the logged dollar return on <nobr>high-quality</nobr> <nobr>short-term</nobr> debt (ie representative of reserves investments) in the US and UK (FRBNY discount or Fed funds rate and Bank rate respectively) from 1914 to 2006. 1914 is chosen as the start date because it marks the outbreak of the First World War, which arguably began the process by which the US dollar supplanted sterling as the main global reserve currency.

http://bp2.blogger.com/_N6uR9B2Awzw/R4AEYBqk7HI/AAAAAAAABPw/nkG7e48wN9Y/s400/picture.gif (http://bp2.blogger.com/_N6uR9B2Awzw/R4AEYBqk7HI/AAAAAAAABPw/nkG7e48wN9Y/s1600-h/picture.gif)
Although, as would be expected, the dollar appreciated against sterling over this period, from nearly five dollars to the pound in 1914 to about two now, the consequently higher interest rates required to retain debt capital in the UK fully compensates for this depreciation, despite the existence of exchange controls in the UK until 1979. It seems that uncovered interest parity (UIP) approximately holds in the long run. In fact, if anything, sterling debt has provided a slightly higher return, presumably reflecting the risk premium of holding a declining currency managed by a weak central bank.

Although sterling debt lost ground from 1914, the interest rate penalty was sufficiently large that sterling had caught up as early as 1925. And a similar pattern was seen after successive sterling devaluations, including those of 1931 (the suspension of gold convertibility), 1949 and 1967.

To conclude, easy money and dollar neglect can delay, but not reduce, America’s debt burden. While China may report a <nobr>mark-to-market</nobr> loss on its dollar reserves over the next decade or so, this is practically irrelevant, because, assuming that China will not want to actively reverse its exchange rate policy for the foreseeable future, its reserves are stuck in dollars for a while anyway. And, as evinced by Zhou Enlai’s 1972 comment when asked about the impact of the French Revolution – “it’s too early to tell” – the Chinese are famous for taking the <nobr>long-term</nobr> view!

jtabeb
09-17-08, 04:40 AM
Okay, I have a question.

Reading this, it seems there are two possible outcomes you are suggesting.

One possibility is the Fed gets it right by injecting enough liquidity into the system and dropping interest rates at just the right time to avoid the zero bound and the disaster that comes with it. All the liquidity causes lots of inflation, which is positive for PM's.

The other possibility is the Fed doesn't get it right and we go through the zero bound. Because we are a debtor nation at this point, going through the zero bound causes capital flight, which in turn causes huge inflation a la Argentina or Russia. This sends PM's through the roof.

Is that about right?

Great Freaking Question! I would like to see FRED or EJ's take on this as well.

FRED
09-17-08, 04:44 AM
A fabulous and interesting article revealing things I did not know.

And perhaps inappropriate for an ideological discussion, but I will take immediate issue with this:

The bolded section is complete nonsense EJ. If you are talking about Keynsian beliefs, then sure. But if you are talking about the truth, I believe that this is an untruth. If the government cut taxes and cut spending, that would let workers, say, keep a higher percentage of their pay. It would make American workers more competitive and outsourcing less competitive.

No end of good would come from cutting spending and certainly, unemployment would FALL. The government is the ultimate parasitic consumer, and it consumes money that otherwise would be used by productive entrepreneurs.


"That's how hyperinflations happen – the more the government prints to pay fixed expenses the more it has to print to pay fixed expenses."

The operative phrase here is "fixed expenses." Depends on your definition of "fixed" of course. We can leave the roads and bridges to fall apart, and continue to have one of the worst K-12 education systems in the world. Our 3rd world school system and infrastructure are not making US workers more competitive. A visit to any 3rd world country will disabuse Austrian ideologues of the theory that all money not spent by workers on taxes results in greater competitiveness.

Under the cover of "free-markets" national economic policy was in the early 1980s ceded to the banks and Wall Street, and they quickly figured out how to take all of the American workers' money not spent on taxes and spend it on interest on debt instead.

We'd argue for immediate cuts in tax subsidies to the non-productive FIRE Economy so that revenues can be re-deployed to fund infrastructure that allows private enterprise to operate more competitively relative to other countries.

marvenger
09-17-08, 05:12 AM
[quote=FRED;48259
We'd argue for immediate cuts in tax subsidies to the non-productive FIRE Economy so that revenues can be re-deployed to fund infrastructure that allows private enterprise to operate more competitively relative to other countries.[/quote]

hear hear. good form

Chris Coles
09-17-08, 05:34 AM
Under the cover of "free-markets" national economic policy was in the early 1980's ceded to the banks and Wall Street, and they quickly figured out how to take all of the American workers' money not spent on taxes and spend it on interest on debt instead.

We'd argue for immediate cuts in tax subsidies to the non-productive FIRE Economy so that revenues can be re-deployed to fund infrastructure that allows private enterprise to operate more competitively relative to other countries.

On many points I have to agree with iTulip, Fred and EJ, but on this specific I am in complete disagreement.

Tax has nothing to do with driving recovery. You do not reap any new taxation until you have completed the process of creating the engine that creates tax; private, non government business that employs citizens who pay tax from their wages and the businesses in turn pay tax from their profits.

This has been the great failure, refusing to recognise that there is a time lag between that initial investment of the equity that creates the jobs and the taxation received. It takes years for any new business to reach stability and it will take years for that stability to start to increase the tax income of the nation.

You have to get the savings of the nation back into investment into equity which in turn must return to "Arms Length" investment into new industry. That process has absolutely nothing to do with tax, or government, or any nations civil servants. It has everything to do with the recreation of a complete financial infrastructure to replace what we have now that DOES NOT WORK.

Yes, you can do a Roosevelt and spend some taxation, but as Churchill once said, you do not increase prosperity by standing in a bucket and pulling on the handles. You cannot drive out of this mess via taxation; you can only use new investment.

And that will require a complete re-vamp of our entire financial institutional structure. Nothing else will work, short term or long. Nothing.

marvenger
09-17-08, 08:27 AM
FIRE economy is collecting rent for doing nothing, if Jp morgan's and BOA's are posting any profits, especially from taking over the ibanks, they should be taxed to the fullest extent allowable to give the taxpayer back what the FIRE has taken away, repay taxpayer debt, or use it to help re-build what FRED called in another post the US's third world infrastructure. personally I have no problem with the government owning national scale infrastructure and running it not-for profit to boost productivity, better than loaning the money to dick cheney's company to build national railways and own the equity in the name of free markets and privatisation I reckon. Think itulip disagrees with me big time on this though.

I just think these kinds of national infrastructure cannot be owned privately, it's too much power, rather accept the relative inefficency of the government running it in exhange for greedy pricks not screwing it up for everyone. Same goes for deposit taking banks.

I'm starting to think that all finance companies should be massively regulated as well. this is because all finance enterprises risk moral hazzard because of the skew of rewards, take massive risks and you can make masses of money, but you can't go beyond 0 in the negative direction other than the pain bankruptcy causes but this is not enough to offset the lopsided positive returns possible. therefore the short term view wins and excessive risk will always be taken and the crises will always be a part of life. Not the life I want personally, the prospect of massive wealth isn't that appealing to me, maybe I don't know what i'm missing.

Chris
09-17-08, 08:29 AM
A fabulous and interesting article revealing things I did not know.

And perhaps inappropriate for an ideological discussion, but I will take immediate issue with this:



The bolded section is complete nonsense EJ. If you are talking about Keynsian beliefs, then sure. But if you are talking about the truth, I believe that this is an untruth. If the government cut taxes and cut spending, that would let workers, say, keep a higher percentage of their pay. It would make American workers more competitive and outsourcing less competitive.

No end of good would come from cutting spending and certainly, unemployment would FALL. The government is the ultimate parasitic consumer, and it consumes money that otherwise would be used by productive entrepreneurs.


I think this may imply that cutting spending means removing salaries of government workers (who constitute almost 40% of the US and UK workforce).

orion
09-17-08, 09:47 AM
.. We can leave the roads and bridges to fall apart, and continue to have one of the worst K-12 education systems in the world. Our 3rd world school system and infrastructure are not making US workers more competitive. A visit to any 3rd world country will disabuse Austrian ideologues of the theory that all money not spent by workers on taxes results in greater competitiveness.

I don't agree with the education comment. I think the fault is as usual, Not the money you throw at something, but the quality you have to work with. Given the Ipod, MTV, bling morons we have to deal with no amount of money spent on education will motivate them to work hard and learn. Don't we already have some of the highest per capita education expesnes in the world, especially vs Asia?

Third world countries (I am working in one right now) have a problem with low wages to begin with so the tax issue to me doesn't matter too much. What is the problem then? STABILITY and using a win win attitude. As someone else mentioned in this thread the motor of free enterprise has to be running on all 8 cycliners to feed the tax machine that builds quality infrastructure that makes more competitive businesses.

marvenger
09-17-08, 09:54 AM
america's railways and dams weren't built by free enterprise. Under supposed free enterprise america's physical and social infrastructure has crumbled. This is because it was easier to make a quick buck in the FIRE economy than to risk capital on long term significant and uncertain large infrastructure builds. Need government to provide the infrastructure, or regulate markets so they are more stable and less uncertain.

orion
09-17-08, 09:55 AM
I'm starting to think that all finance companies should be massively regulated as well. this is because all finance enterprises risk moral hazzard because of the skew of rewards, take massive risks and you can make masses of money, but you can't go beyond 0 in the negative direction other than the pain bankruptcy causes but this is not enough to offset the lopsided positive returns possible. therefore the short term view wins and excessive risk will always be taken and the crises will always be a part of life. Not the life I want personally, the prospect of massive wealth isn't that appealing to me, maybe I don't know what i'm missing.

What a bout the regulation we already have? What about an assenine Congress that oversees all this crap, has the ability to cut off funds and write laws and then blames the administration (who also should share the blame)? The congress issue really frosts me as we have three senators in the presidencial race and they are all as guilty as any Wall Street guy.

Lots of these bozos saw this train coming but did nothing. I say give up the regualtion, drop FDIC and buyer beware. We will always fall into this trap when for the sake of good intenrtions we put in insurance (FDIC) and then fall asleep at the switch as the foxes clean out the hen house.

marvenger
09-17-08, 09:58 AM
A steeve keen solution to the instability of financial markets is to replace the sock market with voting bonds that can only be traded at certain dates. Stock market volatity is a serious hindrance to the efficient allocation of capital if you want to look at it that way.

marvenger
09-17-08, 10:04 AM
I think buyer beware is a very dangerous policy, will inevitably create concentration of risk excessive leverage and sytemic failure IMO.

Politicians deregulated under free market ideology and ignoring the costs of free markets, risks building up in the short term due to deregulation were ignored because it gave them an opportunity to cheer about how great things were and advance their own polital careers.

we_are_toast
09-17-08, 11:18 AM
The 3 month bond is yielding .06% ! Gold up $54!

Is this an absolute panic flight to safety?

Have we gone straight from Ka to SHTF/POOM?

EJ? FRED? What's your take?

phirang
09-17-08, 12:15 PM
The 3 month bond is yielding .06% ! Gold up $54!

Is this an absolute panic flight to safety?

Have we gone straight from Ka to SHTF/POOM?

EJ? FRED? What's your take?

I have recently found out that central banks AND governments have been selling gold into the market.

c1ue
09-17-08, 12:38 PM
PMs will retain value as the dollar declines.

But except for mania or panic situations, PMs will not outperform the delta.

Thus while everything ELSE you own is being smashed by a dollar depreciation - i.e. food, fuel, real estate, consumer goods - your PMs will be going up.

If you don't need the PMs to survive, then it is fine.

But if you do, then you're going to find yourself selling PMs in order to survive and thus forgoing any future PM appreciation.

Keep in mind also that as times get worse, the nominal cost of survival also goes up: physical security, maintenance of lifestyle as overall lifestyle levels go down, etc.

sn1p3r
09-17-08, 01:09 PM
I think it is possible for food and fuel to behave like a PM depending on how bad the scenario gets...just my $.02

FRED
09-17-08, 01:37 PM
In my lights, this question and EJ's answer expose the central weakness of the argument. Itulip believes that the Fed will be able to execute its chosen strategy--money from helicopters.

No, we have never said that. We say that the Bernanke "helicopter" speech was misunderstood. You see, not everyone gets a pallet of money. The helicopter drops are limited to certain groups. AIG gets one. Lehman doesn't. Fannie and Freddie do, and so on.

You may have noticed no one has offered the discount window to you.


This means that the Fed CANNOT botch the timing of its moves as it approaches the zero bound. Additionally, it assumes that there will be a currency event before the zero bound is breached.

We have limited faith that the Fed can pull this off. Maybe the currency crisis occurs before the zero bound or at it or even slightly below it. That is unknowable. You have to look for other signs that the government is proaring to lock your money inside the US, such as:

There's A Law That Takes Away Money If You Leave U.S. Citizenship? (http://www.mainstreet.com/article/life-stages/military/theres-law-takes-away-money-if-you-leave-us-citizenship)


How much faith do we have in the Fed? From the looks of it, we better have a good deal, for the rapidity of recent events--Fannie, Freddie, Lehman, AIG, Merrill--suggests that the escape window for the Fed may be very small indeed.

When the markets perceive that the window has effectively closed, that's when the accident occurs.


In no way do I mean to downplay the value of the insights and analysis here, but it is important for me to understand as clearly as possible the hinge on which the inflationary/deflationary issue swings.

For Ka-Poom to follow, we expect that the Fed will be sharply attentive, have perceptive foresight, and act decisively.

To avoid "Poom" the Fed has to be brilliant and coordinate brilliantly with foreign central banks and Congress. The record is spotty, and our faith is limited.

jimmygu3
09-17-08, 02:56 PM
For Ka-Poom to follow, we expect that the Fed will be sharply attentive, have perceptive foresight, and act decisively.

To avoid "Poom" the Fed has to be brilliant and coordinate brilliantly with foreign central banks and Congress. The record is spotty, and our faith is limited.

cmraynew,

Do you think the Argentine central bank was "sharply attentive", had "perceptive foresight", and "acted decisively"? Pretty serious Poom there.

Jimmy

http://www.itulip.com/images/argentinakapoom.gif
(http://www.itulip.com/images/argentinakapoom.gif)

Supercilious
09-17-08, 05:07 PM
As we mentioned in Future inflation fears topple TIPS (http://itulip.com/forums/showthread.php?p=45890#post45890), by reducing exposure to inflation-index bonds the US government is not preparing for deflation.

A once-in-a-century crash may occur if the Fed botches this and we get too close to the zero bound before the economy grows again. At this point in the race between the disinflationary impact of recession and debt deflation and the inflationary impact of moving all manner of worthless assets onto the Fed’s and Federal Government’s balance sheets, disinflation may be winning.

Seeing things from a completely different perspective, I believe EJ is absolutely right here. Gee .... it's the second time it happens :)


At some point before the zero bound is reached, never mind the point of actual deflation (negative inflation rate such as -2%), if the US experience is like any other net debtor's in history a currency accident will occur as global financial markets realize that the US position as a safe haven relative to its trade partners has reversed. A rapid, self-reinforcing process of capital flight and dollar depreciation that we call “Poom” will begin.
Here we go back to normal. I don't see an Argentine scenario for US (save for a case of a major and unexpected calamity/war independent of Ben's control)

IMHO things are a little bit brighter. At the moment of collapse, Argentine didn't have it's currency as the major standard of forex reserves. Argentine could not keep foreign central banks hostage to their peso reserves.The surplus of their creditors was not recycled in pesos but in dollars.


The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.


I wouldn't be surprised to see that target lowered lowered significantly in the near future by an "emergency" meeting.

I don't think such an "emergency" will be a sign the Fed is forced to do something or can't do anything else. IMHO it would be a sign that everything goes according to the plan and industrials are the future miracle for the next 8-10 years.

(Am I allowed to steal Barts's avatar ? :D)

phirang
09-17-08, 05:08 PM
Seeing things from a completely different perspective, I believe EJ is absolutely right here. Gee .... it's the second time it happens :)


Here we go back to normal. I don't see an Argentine scenario for US (save for a case of a major and unexpected calamity/war independent from Ben's control)

IMHO things are a little bit brighter. At the moment of Argentine didn't have it's currency as the major standard of forex reserves. Argentine could not keep foreign central banks hostage to their peso reserves.The surplus of their creditors was not recycled in pesos but in dollars.



I wouldn't be surprised to see that target lowered lowered significantly in the near future by an "emergency" meeting.

I don't think such an "emergency" will be a sign the Fed is forced to do something or can't do anything else. IMHO it would be a sign that everything goes according to the plan and industrials are the future miracle for the next 8-10 years.

(Am I allowed to steal Barts's avatar ? :D)

I haven't sold my US Steel, banking on > 0 demand and weaker bonar.

rchdenton
09-17-08, 05:47 PM
"The operative phrase here is "fixed expenses." Depends on your definition of "fixed" of course. We can leave the roads and bridges to fall apart, and continue to have one of the worst K-12 education systems in the world. Our 3rd world school system and infrastructure are not making US workers more competitive. A visit to any 3rd world country will disabuse Austrian ideologues of the theory that all money not spent by workers on taxes results in greater competitiveness.

Under the cover of "free-markets" national economic policy was in the early 1980s ceded to the banks and Wall Street, and they quickly figured out how to take all of the American workers' money not spent on taxes and spend it on interest on debt instead."


Excellent stuff. To me it is about quality of regulation against quantity. The political process seems to favour high quantity not quality (socialism/command economy). The market fundamentalist approach favours zero quantity and encourages fraud, theft and coercion(gangsterism).

A truly civilised society is characterised by fairness and freedom of choice. I think the reason business owners (who are used to doing business in a free and fair manner) are so easily seduced by the market fundamentalist's marketing is they think they value free choice. They do not - they only value their own freedom and have no respect for anyone else's. In short they are gangsters who pretend respectability.

Brilliant article by the way.

rdgmail
09-17-08, 07:06 PM
EJ:

As always, thank you for the thoughtful and thought-provoking analysis.

Question: When you talk about the U.S. "printing" money, I assume you don't mean literally printing without selling treasury bills/bonds? I assume you mean that the government would continue to "print" as it already does- by selling bonds to whomever will buy (China, Brazil, Japan), but that it will be "printing" more because of ever-increasing $ commitments (i.e., selling more Treasuries) and that the "investors" will increasingly demand a higher and higher interest rate as a result of (and causing) erosion of the value of the US Bonar. Thanks again.

-Rob

marvenger
09-17-08, 10:25 PM
I agree. Thanks for putting it more eloquently than I can.

LargoWinch
09-17-08, 11:14 PM
I think it is possible for food and fuel to behave like a PM depending on how bad the scenario gets...just my $.02

I think so too, but the odds are against you; especially for energy.

After all, it is easier to stop driving (especially when you have no job) then stop eating.

LargoWinch
09-17-08, 11:28 PM
"The operative phrase here is "fixed expenses." Depends on your definition of "fixed" of course. We can leave the roads and bridges to fall apart, and continue to have one of the worst K-12 education systems in the world. Our 3rd world school system and infrastructure are not making US workers more competitive. A visit to any 3rd world country will disabuse Austrian ideologues of the theory that all money not spent by workers on taxes results in greater competitiveness.

Under the cover of "free-markets" national economic policy was in the early 1980s ceded to the banks and Wall Street, and they quickly figured out how to take all of the American workers' money not spent on taxes and spend it on interest on debt instead."


Excellent stuff. To me it is about quality of regulation against quantity. The political process seems to favour high quantity not quality (socialism/command economy). The market fundamentalist approach favours zero quantity and encourages fraud, theft and coercion(gangsterism).

A truly civilised society is characterised by fairness and freedom of choice. I think the reason business owners (who are used to doing business in a free and fair manner) are so easily seduced by the market fundamentalist's marketing is they think they value free choice. They do not - they only value their own freedom and have no respect for anyone else's. In short they are gangsters who pretend respectability.

Brilliant article by the way.

That is why the US is ... sorry - should be - a Republic and NOT a democracy.

jtabeb
09-18-08, 12:18 AM
That is why the US is ... sorry - should be - a Republic and NOT a democracy.

We are one now.

The Republic of the United Socialist States of America (RUSSA)

Chris Coles
09-18-08, 05:04 AM
We are one now.

The Republic of the United Socialist States of America (RUSSA)

Perfect; absolutely perfect. I have added that to my dictionary. Brilliant observation.

*T*
09-18-08, 05:59 AM
We are one now.

The Republic of the United Socialist States of America (RUSSA)
Q: If the US is so socialist / communist why doesn't it have:

- an excellent education system
- a world-class healthcare system
- housing for its homeless

For all the bad, USSR / east Europe did have the above (& I'm assuming cuba).

I have met and worked with a lot of engineers and mathematicians over the years and these systems produced some real quality, and the general level of education and culture was very high. Not advocating the system, just making an observation.

A: Because the US, as privately-owned and centrally-planned, is closer to corporatist italy.

Sorry to be so OT.

D-Mack
09-18-08, 06:17 AM
Q: If the US is so socialist / communist why doesn't it have:

- an excellent education system
- a world-class healthcare system
- housing for its homeless

For all the bad, USSR / east Europe did have the above (& I'm assuming cuba).

I have met and worked with a lot of engineers and mathematicians over the years and these systems produced some real quality, and the general level of education and culture was very high. Not advocating the system, just making an observation.

A: Because the US, as privately-owned and centrally-planned, is closer to corporatist italy.

Sorry to be so OT.



Full employment, at least in the communist country I had experience with.

I recently watched a docu on the GDR, where they assembled cars and most of it was done manually, the guy putting in the doors used a wooden hammer to deform the door so it fit better. It was funny to watch.



To get back to the rates I remember Roubini last month talking about 0-1%



The Fed will have to cut the Fed Funds rate much more as severe downside risks to growth and to financial stability will dominate any short-term upward inflationary pressures. Leaving aside the risk of a collapse of the US dollar given this easier monetary policy the Fed Funds rate may end up being closer to 0% than 1% by the end of this financial crisis and severe recession cycle.
http://mercatoliberonews.blogspot.com/2008/08/worst-economic-and-financial-crisis-in.html

Contemptuous
09-18-08, 06:42 AM
To get back to the rates I remember Roubini last month talking about 0-1%

Is it possible to even conceive of a strengthening US dollar with rates at zero? What if we are all wrong, and this inexplicably occurs? Will we find the explanations subsequently?

Chris Coles
09-18-08, 07:22 AM
Q: If the US is so socialist / communist why doesn't it have:

- an excellent education system
- a world-class healthcare system
- housing for its homeless

For all the bad, USSR / east Europe did have the above (& I'm assuming cuba).

I have met and worked with a lot of engineers and mathematicians over the years and these systems produced some real quality, and the general level of education and culture was very high. Not advocating the system, just making an observation.

A: Because the US, as privately-owned and centrally-planned, is closer to corporatist italy.

Sorry to be so OT.

But you are not off topic at all. Once the dust settles, there is a desperate need to debate the whys and wherefores and take on the need for a complete review of the necessary long term aiming points.

Old fashioned, (as of this week), capitalism has not worked. We need a new, Free Enterprise based initiative. That makes your comments right on the button.

jk
09-18-08, 07:47 AM
Is it possible to even conceive of a strengthening US dollar with rates at zero? What if we are all wrong, and this inexplicably occurs? Will we find the explanations subsequently?
i've imagined more impossible things before breakfast.

the question is "WHICH rates at zero?" the fed funds rate went to 6% the other day while the target rate remained at 2% if the scramble for liquidity worsens, i can imagine interbank rates remaining relatively elevated while the official targets and discount rates are quite a bit lower.

marvenger
09-18-08, 09:01 AM
but doesn't the now present effects of financial market deregulation show this unbridled free enterprise is inherently unstable once the game gets to a certain size.

I'm for competition on a smaller scale, people naturally have to self regulate their competitive tendencies in this situation to avoid social exclusion, once the game gets too big however it becomes winner takes all and hence there's instability. Government officials who can't be bought (regulations against all kinds of perks and reimbursemet) and accept standard wages with maybe two three times median incomes for top officials have to regulate activities once they get to this scale. Good competetent people still actually accept these wages, more will when wall st execs are allowed to get paid what they do as well. The deregulators are always going to be trying to push the grey area higher and higher leaving the unregulated activities smaller and smaller though.

jtabeb
09-19-08, 01:07 AM
Keep in mind also that as times get worse, the nominal cost of survival also goes up: physical security, maintenance of lifestyle as overall lifestyle levels go down, etc.

That's why you buy guns and ammo NOW, while they are still cheap! Addresses all the points you raised.

no guns = no peace, know guns = know peace, no guns = no gold, no food, no water, no shelter...

JoeSixpack
09-25-08, 03:33 PM
this evening on bloomberg radio there was an interview with brian sack, co-author with ben bernanke and vincent reinhart of "Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment." sack stated that when/if they lower from 2% they should do it in BIG steps - that the speed of the cuts could compensate for their relatively small room to maneuver.

I only found a snipplet of the whole interview. The funny part was where he said they should have cut rtes and then that his firm "sees the inflation fighting credibility of the Fed as very high"

Lol.

grapejelly
09-25-08, 04:13 PM
but doesn't the now present effects of financial market deregulation show this unbridled free enterprise is inherently unstable once the game gets to a certain size.

I'm for competition on a smaller scale, people naturally have to self regulate their competitive tendencies in this situation to avoid social exclusion, once the game gets too big however it becomes winner takes all and hence there's instability. Government officials who can't be bought (regulations against all kinds of perks and reimbursemet) and accept standard wages with maybe two three times median incomes for top officials have to regulate activities once they get to this scale. Good competetent people still actually accept these wages, more will when wall st execs are allowed to get paid what they do as well. The deregulators are always going to be trying to push the grey area higher and higher leaving the unregulated activities smaller and smaller though.

I'm for pigs that fly, and a sea that is boiling hot. Seriously. The entire history of every country's government in the world is evidence that what you write is a complete fantasy, no less a fantasy than Libertarians' fantasy about an anarcho-capitalist paradise.

The whole purpose of government and regulation is to protect the entrenched wealthy and successful players, and keep people from challenging them.

Sadly, this Wall Street thing is naturally cast as free enterprise gone amok but there is nothing free about it.

1. The Central Banks printed oodles of dollars by letting banks create money at will.

2. This money went into asset appreciation.

3. A mania began because of cheap and easy money.

4. The mania and the asset appreciation are a complete result of government interference.

5. The crash happened as it always does. Now it is government blaming the "free market types". Well I'd like to see a free market. This ain't one.

Chris Coles
09-25-08, 05:08 PM
I'm for pigs that fly, and a sea that is boiling hot. Seriously. The entire history of every country's government in the world is evidence that what you write is a complete fantasy, no less a fantasy than Libertarians' fantasy about an anarcho-capitalist paradise.

The whole purpose of government and regulation is to protect the entrenched wealthy and successful players, and keep people from challenging them.

Sadly, this Wall Street thing is naturally cast as free enterprise gone amok but there is nothing free about it.

1. The Central Banks printed oodles of dollars by letting banks create money at will.

2. This money went into asset appreciation.

3. A mania began because of cheap and easy money.

4. The mania and the asset appreciation are a complete result of government interference.

5. The crash happened as it always does. Now it is government blaming the "free market types". Well I'd like to see a free market. This ain't one.

I had put this up recently to debate the reality of a free marketplace and what it should look like.

Enjoy!

http://www.itulip.com/forums/showthread.php?t=5166

LabMonkey
10-07-08, 04:03 AM
I'm still new to these subjects and was hoping someone could explain a couple things I've been pondering.


the Fed pumped in more cash

I think I understand the process of cutting rates, but what does "the Fed pumped in more cash" mean? Is that printing without putting up bonds for auction?


To avoid "Poom" the Fed has to be brilliant and coordinate brilliantly with foreign central banks and Congress. The record is spotty, and our faith is limited.

What would a coordinated effort look like?

c1ue
10-07-08, 07:08 PM
That's why you buy guns and ammo NOW, while they are still cheap! Addresses all the points you raised.

no guns = no peace, know guns = know peace, no guns = no gold, no food, no water, no shelter...

JT,

Having a gun or several guns might be enough in Randolph, Texas - especially if you're better with them than the other guys.

But it won't matter in any significant metropolitan area. Not unless you've stashed a 50 cal M1 with extra barrels and 100K rounds, and are able to not have to forage for 3 months - long enough for all the others to starve.

Cheaper to just not be around when TSHTF. :)

phirang
10-07-08, 08:20 PM
China is in for $200B worth of T-bills.

Russia, GCC, Brazil, and Japan will also cough up for another few hundred bill of bills.

Result? The $700B bailout is paid for. Cash. Nice, eh?

The Outback Oracle
10-07-08, 09:50 PM
China is in for $200B worth of T-bills.

Russia, GCC, Brazil, and Japan will also cough up for another few hundred bill of bills.

Result? The $700B bailout is paid for. Cash. Nice, eh?
And when that $700B runs out?
Sorry I'm following you around:D,,,not to be disagrreable...I like to learn!

Supercilious
10-08-08, 03:55 PM
Quote:
<table width="100%" border="0" cellpadding="6" cellspacing="0"> <tbody><tr> <td style="border: 1px inset ;" class="alt2"> Originally Posted by EJ http://www.itulip.com/forums/images/buttons/viewpost.gif (http://www.itulip.com/forums/showthread.php?p=48133#post48133)
The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.
</td> </tr> </tbody></table>
I wouldn't be surprised to see that target lowered lowered significantly in the near future by an "emergency" meeting.

I don't think such an "emergency" will be a sign the Fed is forced to do something or can't do anything else. IMHO it would be a sign that everything goes according to the plan and industrials are the future miracle for the next 8-10 years.As I was saying 2 weeks ago the Fed can actually lower the rate significantly because the dollar is not in the same league as the Argentinian Peso, or Yeltsin's Ruble.

The dollar is in a league of its own, and the Fed can do whatever they want in order to accumulate more power and more global influence.

IMHO, today's move is not a sign of panic on Bernanke's part, just gathering ingredients for the next phase of the shock therapy, which I guess would be a short inflationary spike that would make everybody run in circles yelling : "Oh God, hyper-inflation!!! Ben help us pppllleeeeaaaaasssseeee !!!"

And of course Ben, will "help" us by drilling more into our income, wallets and retirement piggy banks.

I hope that everybody understands that in the previous sentence "us" is not used restricted to US .... by the contrary :mad:

jtabeb
10-08-08, 04:29 PM
I'm for pigs that fly, and a sea that is boiling hot. Seriously. The entire history of every country's government in the world is evidence that what you write is a complete fantasy, no less a fantasy than Libertarians' fantasy about an anarcho-capitalist paradise.

The whole purpose of government and regulation is to protect the entrenched wealthy and successful players, and keep people from challenging them.

Sadly, this Wall Street thing is naturally cast as free enterprise gone amok but there is nothing free about it.

1. The Central Banks printed oodles of dollars by letting banks create money at will.

2. This money went into asset appreciation.

3. A mania began because of cheap and easy money.

4. The mania and the asset appreciation are a complete result of government interference.

5. The crash happened as it always does. Now it is government blaming the "free market types". Well I'd like to see a free market. This ain't one.


Very very true, sadly.

Supercilious
10-10-08, 03:30 AM
At some point before the zero bound is reached, never mind the point of actual deflation (negative inflation rate such as -2%), if the US experience is like any other net debtor's in history a currency accident will occur as global financial markets realize that the US position as a safe haven relative to its trade partners has reversed. A rapid, self-reinforcing process of capital flight and dollar depreciation that we call “Poom” will begin.

The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.

EJ that was a great piece, But I don't understand the last sentence. Can I have an brief explanation in plain language? Something simple for econ illiterate people if possible.

c1ue
10-10-08, 11:54 AM
Plain English: If the Fed cuts rates again - and it did - that signals that either the liquidity crunch is over or that the Fed is panicking.

Thus the Fed won't cut until there is absolutely no choice.

I personally have never seen the 2% as necessarily the arbitrary line in the sand, but that line exists and is one or two cuts over 0%.

The recent 0.5% cut in coordination with other CBs was clearly an example of trying to show greater impact by circling the wagons, and equally clearly failed miserably.

Contemptuous
10-10-08, 02:48 PM
C1ue - Here's the paradox for the USD at the zero bound. With a world ex-USA as it's looking this week (death warmed over), who frankly believes that capital flight from the USD is an automatic eventuality when rates hit zero? If it's a cat 1 hurricane within the US markets, but death itself in ex-USA markets, then the USD could remain "paradoxically strong" for a good long while - as long in fact as the maelstrom and resultant global depression persisted outside the USA.

I'd like to be wrong. iTulip tells me I'm wrong, you tell me I'm wrong, dozens of others do. What am I missing in that simple logic?

Finster
10-10-08, 02:51 PM
Possible that what is needed is not lower, but higher interest rates? The Fed has generally held them below natural market rates for years. Maybe the market is starved for relief?

Contemptuous
10-10-08, 03:39 PM
Finster - might that not be compared to prescribing a radical Austrian program of vigorous diet and exercise to a patient who has just been wheeled into the ER with Cardiac Infarction?


Possible that what is needed is not lower, but higher interest rates? The Fed has generally held them below natural market rates for years. Maybe the market is starved for relief?

c1ue
10-10-08, 04:15 PM
C1ue - Here's the paradox for the USD at the zero bound. With a world ex-USA as it's looking this week (death warmed over), who frankly believes that capital flight from the USD is an automatic eventuality when rates hit zero? If it's a cat 1 hurricane within the US markets, but death itself in ex-USA markets, then the USD could remain "paradoxically strong" for a good long while - as long in fact as the maelstrom and resultant global depression persisted outside the USA.

Insert - via your own imagination - a snide comment from me about newsletter sellers.

*whew*

Now having gotten past that:

The problem (or perhaps my problem) with the paradigm of interest rates driving capital flight is that this behavior is not true in all situations.

One of the most common conclusions from Japan's experience (not cutting rates fast enough, but still cutting them to zero, resulting in a situation where your domestic interest rates are lower than anyone else's, but your economy is still in the dumps) is that somehow the problems from the zero bound are due solely to this relative interest rate differential.

My conclusion is slightly different: Japan chose to not screw its citizens and also was unfortunately in a situation where there was a 'higher power' currency to go to: the US dollar.

The Japanese economy may not be growing, but between their trade surplus and the massive savings, Japan is not experiencing anything like the pain of the Great Depression.

The US has again a totally different situation: besides being in massive debt, it also has the tools to wreak its own destruction.

Certainly as the world de-leverages, there are (and have been) victims.

But again, those nations which create: manufacture, invent, mine, grow, drill, pump are going to eventually pull out of the dollar deleveraging whirlpool.

The currencies of these nations will recover as the ongoing production of the nation continues, if for no other reason that there is something new to sell to each other to buy things which individual nations cannot produce or less efficiently produce for themselves.

In other words, the rest of the world will be hit with recessions/depressions, but those nations which produce will pull out of it once the negative drag of de-leveraging ends.

The US also creates production, but consumes far far more than it produces. Besides the relative balance of consumption/production being heavily skewed toward consumption, the US also has massive debts which also drag down the balance - on the side of consumption.

So, while there can and will be 'flight to safety' as the US dollar has been the de-facto safety currency/regime for many year, nonetheless the US itself has put itself in a position where the progenitor of the reserve currency will destroy the currency.

The only way I see this as not happening is if the rest of the world decides to just give up their present and future production for nothing.

Again, why would they do that?

Put it another way: how does flight into safety gain you income for the future? At some point people still want some gain for their saved money.

Is there more opportunity in the US - as massive debts are being dealt with via dollar depreciation, even without the prospect of rising interest rates? Or back home?

The iTulip thesis of a 2 to 6 month span for the 'flight to safety' pop for the dollar is much more likely to me than some 2, 3, or 4 year period where all the net producers in the world somehow drop further than the net consumers of which the US is the largest.

Note that Iceland is (was) a net consumer.

Iceland's example will be instructive - note their position in the following list I've compiled using Wiki Currency Account and World population figures.

As for Europe's problems, note the position of the PIGS, Ireland, and the UK.

Then there's Australia...

Then there's the US. Not the worst, but the largest in aggregate by far.


<TABLE style="WIDTH: 245pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=327 border=0 x:str><COLGROUP><COL style="WIDTH: 69pt; mso-width-source: userset; mso-width-alt: 3364" width=92><COL style="WIDTH: 48pt" width=64><COL style="WIDTH: 69pt; mso-width-source: userset; mso-width-alt: 3364" width=92><COL style="WIDTH: 59pt; mso-width-source: userset; mso-width-alt: 2889" width=79><TBODY><TR style="HEIGHT: 38.25pt" height=51><TD class=xl27 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 38.25pt; BACKGROUND-COLOR: transparent" width=92 height=51>Country</TD><TD class=xl23 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" width=64>Current account balance</TD><TD style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" vAlign=top align=left width=92><?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /><v:shapetype id=_x0000_t75 stroked="f" filled="f" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" o:spt="75" coordsize="21600,21600"><v:stroke joinstyle="miter"></v:stroke><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:connecttype="rect" gradientshapeok="t" o:extrusionok="f"></v:path><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:lock aspectratio="t" v:ext="edit"></o:lock></v:shapetype><v:shape id=_x0000_s2050 style="MARGIN-TOP: 0px; Z-INDEX: 2; MARGIN-LEFT: 0px; WIDTH: 9pt; POSITION: absolute; HEIGHT: 10.5pt" href="http://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance" o:button="t" alt="↓" type="#_x0000_t75"><v:imagedata o:title="sort_none" src="file:///C:/DOCUME~1/CJ/LOCALS~1/Temp/msoclip1/01/clip_image001.gif"></v:imagedata><?xml:namespace prefix = x ns = "urn:schemas-microsoft-com:office:excel" /><x:ClientData ObjectType="Pict"><x:SizeWithCells></x:SizeWithCells><x:CF>Bitmap</x:CF> <x:AutoPict></x:AutoPict></x:ClientData></v:shape><TABLE cellSpacing=0 cellPadding=0><TBODY><TR><TD style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 38.25pt; BACKGROUND-COLOR: transparent" width=92 height=51>Population</TD></TR></TBODY></TABLE></TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 59pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" width=79>CAD/CAS per population</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Iceland</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3384">-3,384</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="320169">320,169</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-10569.418026104964" x:fmla="=B2*1000000/C2">-$10,569.42</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Anguilla</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-42.87</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="13000">13,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-3297.6923076923076" x:fmla="=B3*1000000/C3">-$3,297.69</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Greece</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-36400">-36,400</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="11215000">11,215,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-3245.6531431119038" x:fmla="=B4*1000000/C4">-$3,245.65</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Ireland</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-12600">-12,600</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4422100">4,422,100</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2849.3249813437055" x:fmla="=B5*1000000/C5">-$2,849.32</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Spain</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-126300">-126,300</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="46063500">46,063,500</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2741.867205053893" x:fmla="=B6*1000000/C6">-$2,741.87</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Latvia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-5839">-5,839</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2268000">2,268,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2574.5149911816579" x:fmla="=B7*1000000/C7">-$2,574.51</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>United States</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-731214">-731,214</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="305386000">305,386,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2394.3926702599333" x:fmla="=B8*1000000/C8">-$2,394.39</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Australia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-50960">-50,960</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="21446187">21,446,187</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2376.1799708265157" x:fmla="=B9*1000000/C9">-$2,376.18</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>New Zealand</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-9973">-9,973</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4281200">4,281,200</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2329.4870597028871" x:fmla="=B10*1000000/C10">-$2,329.49</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Estonia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3092">-3,092</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1340600">1,340,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-2306.4299567357898" x:fmla="=B11*1000000/C11">-$2,306.43</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>United Kingdom</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-111000">-111,000</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="61186000">61,186,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-1814.1404896544962" x:fmla="=B12*1000000/C12">-$1,814.14</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Portugal</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-18530">-18,530</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="10617600">10,617,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-1745.215491259795" x:fmla="=B13*1000000/C13">-$1,745.22</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Seychelles</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-141</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="87000">87,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-1620.6896551724137" x:fmla="=B14*1000000/C14">-$1,620.69</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Lithuania</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-5320">-5,320</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="3361100">3,361,100</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-1582.8151498021482" x:fmla="=B15*1000000/C15">-$1,582.82</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Cyprus</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1236">-1,236</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="794600">794,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-1555.499622451548" x:fmla="=B16*1000000/C16">-$1,555.50</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Malta</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-411</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="410600">410,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-1000.9741841207988" x:fmla="=B17*1000000/C17">-$1,000.97</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Antigua and Barbuda</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-83.4</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="85000">85,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-981.17647058823525" x:fmla="=B18*1000000/C18">-$981.18</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Romania</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-20950">-20,950</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="21528600">21,528,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-973.12412325929233" x:fmla="=B19*1000000/C19">-$973.12</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Italy</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-57940">-57,940</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="59619290">59,619,290</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-971.83310972002516" x:fmla="=B20*1000000/C20">-$971.83</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Bulgaria</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-7189">-7,189</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="7640238">7,640,238</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-940.93927440480252" x:fmla="=B21*1000000/C21">-$940.94</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Croatia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3836">-3,836</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4435400">4,435,400</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-864.85999007981241" x:fmla="=B22*1000000/C22">-$864.86</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Lebanon</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3337">-3,337</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4099000">4,099,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-814.10100024396195" x:fmla="=B23*1000000/C23">-$814.10</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Slovenia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1429">-1,429</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2029000">2,029,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-704.2878265155249" x:fmla="=B24*1000000/C24">-$704.29</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Hungary</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-6681">-6,681</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="10035000">10,035,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-665.76980568011959" x:fmla="=B25*1000000/C25">-$665.77</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Jamaica</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1573">-1,573</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2714000">2,714,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-579.58732498157701" x:fmla="=B26*1000000/C26">-$579.59</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Slovakia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3119">-3,119</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="5402273">5,402,273</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-577.3495711897566" x:fmla="=B27*1000000/C27">-$577.35</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Fiji</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-465.8</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="827900">827,900</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-562.62833675564684" x:fmla="=B28*1000000/C28">-$562.63</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>France</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-35940">-35,940</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="64473140">64,473,140</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-557.44143995468505" x:fmla="=B29*1000000/C29">-$557.44</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Czech Republic</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-5701">-5,701</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="10424926">10,424,926</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-546.86239499445844" x:fmla="=B30*1000000/C30">-$546.86</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Turkey</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-36270">-36,270</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="70586256">70,586,256</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-513.83940805700195" x:fmla="=B31*1000000/C31">-$513.84</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Bosnia and Herzegovina</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-2021">-2,021</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="3935000">3,935,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-513.59593392630245" x:fmla="=B32*1000000/C32">-$513.60</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Poland</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-18130">-18,130</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="38115967">38,115,967</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-475.65368077897642" x:fmla="=B33*1000000/C33">-$475.65</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Mauritius</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-552</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1262000">1,262,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-437.40095087163235" x:fmla="=B34*1000000/C34">-$437.40</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Cape Verde</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-218</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="530000">530,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-411.32075471698113" x:fmla="=B35*1000000/C35">-$411.32</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>São Tomé and Príncipe</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-58</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="158000">158,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-367.08860759493672" x:fmla="=B36*1000000/C36">-$367.09</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Georgia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1582">-1,582</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="4382100">4,382,100</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-361.01412564752059" x:fmla="=B37*1000000/C37">-$361.01</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>South Africa</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-16280">-16,280</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="47850700">47,850,700</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-340.22490789058469" x:fmla="=B38*1000000/C38">-$340.22</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Belarus</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3056">-3,056</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9690000">9,690,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-315.37667698658413" x:fmla="=B39*1000000/C39">-$315.38</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Guyana</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-229.7</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="738000">738,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-311.24661246612465" x:fmla="=B40*1000000/C40">-$311.25</TD></TR><TR style="HEIGHT: 38.25pt" height=51><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 38.25pt; BACKGROUND-COLOR: transparent" width=92 height=51>Federated States of Micronesia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-34.3</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="111000">111,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-309.00900900900899" x:fmla="=B41*1000000/C41">-$309.01</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Kazakhstan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-4643">-4,643</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="15422000">15,422,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-301.06341589936454" x:fmla="=B42*1000000/C42">-$301.06</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Albania</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-918</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="3170000">3,170,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-289.58990536277605" x:fmla="=B43*1000000/C43">-$289.59</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Jordan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1690">-1,690</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="5924000">5,924,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-285.28021607022282" x:fmla="=B44*1000000/C44">-$285.28</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Costa Rica</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1259">-1,259</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4468000">4,468,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-281.78155774395702" x:fmla="=B45*1000000/C45">-$281.78</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Panama</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-861</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="3343000">3,343,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-257.55309602153756" x:fmla="=B46*1000000/C46">-$257.55</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Serbia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-2451">-2,451</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9527100">9,527,100</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-257.26611455742039" x:fmla="=B47*1000000/C47">-$257.27</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Kiribati</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-19.87</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="95000">95,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-209.15789473684211" x:fmla="=B48*1000000/C48">-$209.16</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Dominican Republic</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1993">-1,993</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9760000">9,760,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-204.20081967213116" x:fmla="=B49*1000000/C49">-$204.20</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Belize</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-54</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="288000">288,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-187.5" x:fmla="=B50*1000000/C50">-$187.50</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Moldova</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-569</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="3572700">3,572,700</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-159.26330226439387" x:fmla="=B51*1000000/C51">-$159.26</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>El Salvador</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-929</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6857000">6,857,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-135.4819892081085" x:fmla="=B52*1000000/C52">-$135.48</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Nicaragua</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-754</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="5603000">5,603,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-134.57076566125289" x:fmla="=B53*1000000/C53">-$134.57</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Guatemala</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1772">-1,772</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="13354000">13,354,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-132.69432379811292" x:fmla="=B54*1000000/C54">-$132.69</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Kyrgyzstan</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-677.3</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="5317000">5,317,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-127.38386308068459" x:fmla="=B55*1000000/C55">-$127.38</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Vanuatu</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-28.35</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="226000">226,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-125.4424778761062" x:fmla="=B56*1000000/C56">-$125.44</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Sudan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-4465">-4,465</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="38560000">38,560,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-115.79356846473028" x:fmla="=B57*1000000/C57">-$115.79</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Colombia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-5132">-5,132</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="44585200">44,585,200</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-115.10546100499717" x:fmla="=B58*1000000/C58">-$115.11</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Syria</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-2160">-2,160</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="19929000">19,929,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-108.38476591901249" x:fmla="=B59*1000000/C59">-$108.38</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Tunisia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-935</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="10327000">10,327,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-90.539362835286141" x:fmla="=B60*1000000/C60">-$90.54</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Armenia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-275.1</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="3230100">3,230,100</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-85.167641868672803" x:fmla="=B61*1000000/C61">-$85.17</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Ukraine</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-3890">-3,890</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="46030720">46,030,720</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-84.508780223294352" x:fmla="=B62*1000000/C62">-$84.51</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Senegal</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1034">-1,034</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="12379000">12,379,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-83.528556426205668" x:fmla="=B63*1000000/C63">-$83.53</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Eritrea</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-343.1</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4851000">4,851,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-70.727685013399295" x:fmla="=B64*1000000/C64">-$70.73</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Cuba</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-750</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="11268000">11,268,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-66.560170394036206" x:fmla="=B65*1000000/C65">-$66.56</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Honduras</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-446</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="7106000">7,106,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-62.763861525471434" x:fmla="=B66*1000000/C66">-$62.76</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Ghana</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1470">-1,470</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="23478000">23,478,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-62.611806797853312" x:fmla="=B67*1000000/C67">-$62.61</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Laos</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-355</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="5859000">5,859,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-60.590544461512202" x:fmla="=B68*1000000/C68">-$60.59</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Madagascar</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1145">-1,145</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="19683000">19,683,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-58.172026621958032" x:fmla="=B69*1000000/C69">-$58.17</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Sri Lanka</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1118">-1,118</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="19299000">19,299,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-57.930462718275557" x:fmla="=B70*1000000/C70">-$57.93</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Mexico</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-5414">-5,414</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="106682500">106,682,500</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-50.748716987322197" x:fmla="=B71*1000000/C71">-$50.75</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Burkina Faso</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-710</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="14784000">14,784,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-48.024891774891778" x:fmla="=B72*1000000/C72">-$48.02</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Ecuador</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-600</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="13341000">13,341,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-44.974139869574998" x:fmla="=B73*1000000/C73">-$44.97</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Tonga</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-4.3209999999999997">-4.321</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="100000">100,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-43.21" x:fmla="=B74*1000000/C74">-$43.21</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Pakistan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-6477">-6,477</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="164548000">164,548,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-39.362374504703794" x:fmla="=B75*1000000/C75">-$39.36</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Tanzania</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1422">-1,422</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="40454000">40,454,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-35.15103574430217" x:fmla="=B76*1000000/C76">-$35.15</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Mozambique</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-726</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="21397000">21,397,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-33.929990185540028" x:fmla="=B77*1000000/C77">-$33.93</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Benin</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-278.8</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9033000">9,033,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-30.8646075500941" x:fmla="=B78*1000000/C78">-$30.86</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Zimbabwe</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-409</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="13349000">13,349,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-30.638999175968237" x:fmla="=B79*1000000/C79">-$30.64</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Uruguay</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-100</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="3340000">3,340,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-29.940119760479043" x:fmla="=B80*1000000/C80">-$29.94</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Cambodia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-410</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="14444000">14,444,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-28.385488784270287" x:fmla="=B81*1000000/C81">-$28.39</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Cameroon</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-501</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="18549000">18,549,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-27.009542293385088" x:fmla="=B82*1000000/C82">-$27.01</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Kenya</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-980</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="37538000">37,538,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-26.106878363258566" x:fmla="=B83*1000000/C83">-$26.11</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Togo</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-165.5</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6585000">6,585,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-25.132877752467731" x:fmla="=B84*1000000/C84">-$25.13</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Comoros</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-17</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="682000">682,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-24.926686217008797" x:fmla="=B85*1000000/C85">-$24.93</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Swaziland</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-26.71</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1141000">1,141,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-23.409290096406661" x:fmla="=B86*1000000/C86">-$23.41</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Ethiopia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1851">-1,851</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="79221000">79,221,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-23.36501685159238" x:fmla="=B87*1000000/C87">-$23.37</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Haiti</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-184.8</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9598000">9,598,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-19.254011252344238" x:fmla="=B88*1000000/C88">-$19.25</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Guinea</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-175</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9370000">9,370,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-18.676627534685167" x:fmla="=B89*1000000/C89">-$18.68</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Gambia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-31.69</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1709000">1,709,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-18.543007606787594" x:fmla="=B90*1000000/C90">-$18.54</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Rwanda</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-172.8</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9725000">9,725,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-17.768637532133678" x:fmla="=B91*1000000/C91">-$17.77</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>India</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-18530">-18,530</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1139070000">1,139,070,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-16.267656948212139" x:fmla="=B92*1000000/C92">-$16.27</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Burundi</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-137.3</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="8508000">8,508,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-16.137752703338034" x:fmla="=B93*1000000/C93">-$16.14</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Tajikistan</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-102</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6736000">6,736,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-15.14251781472684" x:fmla="=B94*1000000/C94">-$15.14</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Lesotho</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-28</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2008000">2,008,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-13.944223107569721" x:fmla="=B95*1000000/C95">-$13.94</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Vietnam</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-1199">-1,199</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="87375000">87,375,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-13.722460658082976" x:fmla="=B96*1000000/C96">-$13.72</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Chad</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-144.5</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="10781000">10,781,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-13.403209349782024" x:fmla="=B97*1000000/C97">-$13.40</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Paraguay</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-82</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6127000">6,127,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-13.383385017137261" x:fmla="=B98*1000000/C98">-$13.38</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Malawi</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-180</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="13925000">13,925,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-12.926391382405745" x:fmla="=B99*1000000/C99">-$12.93</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Samoa</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="-2.4279999999999999">-2.428</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="188540">188,540</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-12.877903893073087" x:fmla="=B100*1000000/C100">-$12.88</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Uganda</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>-241</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="30884000">30,884,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="-7.8033933428312396" x:fmla="=B101*1000000/C101">-$7.80</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Republic of Macedonia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>5</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2045200">2,045,200</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="2.4447486798357128" x:fmla="=B102*1000000/C102">$2.44</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Bangladesh</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>683</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="158665000">158,665,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="4.3046670658305235" x:fmla="=B103*1000000/C103">$4.30</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Yemen</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>178</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="22389000">22,389,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="7.9503327526910539" x:fmla="=B104*1000000/C104">$7.95</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Zambia</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>150</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="11922000">11,922,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="12.581781580271766" x:fmla="=B105*1000000/C105">$12.58</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Morocco</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>433.9</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="31224000">31,224,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="13.896361772995132" x:fmla="=B106*1000000/C106">$13.90</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Burma</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="1676">1,676</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="48798000">48,798,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="34.345669904504284" x:fmla="=B107*1000000/C107">$34.35</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Egypt</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="3115">3,115</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="75404000">75,404,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="41.310805792796138" x:fmla="=B108*1000000/C108">$41.31</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Indonesia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="10210">10,210</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="228412000">228,412,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="44.699928199919441" x:fmla="=B109*1000000/C109">$44.70</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Papua New Guinea</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>314</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6331000">6,331,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="49.597220028431529" x:fmla="=B110*1000000/C110">$49.60</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Brazil</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="10200">10,200</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="187850600">187,850,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="54.298469102574067" x:fmla="=B111*1000000/C111">$54.30</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Côte d'Ivoire</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="1056">1,056</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="19262000">19,262,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="54.822967500778738" x:fmla="=B112*1000000/C112">$54.82</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Peru</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="2045">2,045</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="28750770">28,750,770</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="71.128529775028639" x:fmla="=B113*1000000/C113">$71.13</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>South Korea</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="3700">3,700</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="48224000">48,224,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="76.725282017252823" x:fmla="=B114*1000000/C114">$76.73</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Nigeria</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="14610">14,610</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="148093000">148,093,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="98.654224034896984" x:fmla="=B115*1000000/C115">$98.65</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Philippines</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="9040">9,040</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="90457200">90,457,200</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="99.936765674816371" x:fmla="=B116*1000000/C116">$99.94</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Uzbekistan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="3045">3,045</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="27372000">27,372,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="111.24506795265235" x:fmla="=B117*1000000/C117">$111.25</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Thailand</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="8619">8,619</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="63038247">63,038,247</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="136.72651779165116" x:fmla="=B118*1000000/C118">$136.73</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Turkmenistan</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>689.3</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="4965000">4,965,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="138.8318227593152" x:fmla="=B119*1000000/C119">$138.83</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Bolivia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="1325">1,325</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9525000">9,525,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="139.10761154855643" x:fmla="=B120*1000000/C120">$139.11</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Tuvalu</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="2.323">2.323</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="11000">11,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="211.18181818181819" x:fmla="=B121*1000000/C121">$211.18</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Iraq</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="7802">7,802</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="28993000">28,993,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="269.09943779532989" x:fmla="=B122*1000000/C122">$269.10</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Iran</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="19000">19,000</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="70495782">70,495,782</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="269.51967140388626" x:fmla="=B123*1000000/C123">$269.52</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Argentina</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="11154">11,154</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="40301927">40,301,927</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="276.76095984194501" x:fmla="=B124*1000000/C124">$276.76</TD></TR><TR style="HEIGHT: 38.25pt" height=51><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 38.25pt; BACKGROUND-COLOR: transparent" width=92 height=51>People's Republic of China</TD><TD style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" vAlign=top align=left width=64><v:shape id=_x0000_s2049 style="MARGIN-TOP: 0px; Z-INDEX: 1; MARGIN-LEFT: 0px; WIDTH: 9pt; POSITION: absolute; HEIGHT: 10.5pt" href="http://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance" o:button="t" alt="↓" type="#_x0000_t75"><v:imagedata o:title="sort_none" src="file:///C:/DOCUME~1/CJ/LOCALS~1/Temp/msoclip1/01/clip_image001.gif"></v:imagedata><x:ClientData ObjectType="Pict"><x:SizeWithCells></x:SizeWithCells><x:CF>Bitmap</x:CF> </x:ClientData></v:shape><TABLE cellSpacing=0 cellPadding=0><TBODY><TR><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 38.25pt; BACKGROUND-COLOR: transparent" align=right width=64 height=51 x:num="372000">372,000</TD></TR></TBODY></TABLE></TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1326570000">1,326,570,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="280.42244284131255" x:fmla="=B125*1000000/C125">$280.42</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Chile</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="8184">8,184</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="16763470">16,763,470</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="488.20441113922118" x:fmla="=B126*1000000/C126">$488.20</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Equatorial Guinea</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>250</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="507000">507,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="493.09664694280082" x:fmla="=B127*1000000/C127">$493.10</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Namibia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="1065">1,065</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2074000">2,074,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="513.50048216007713" x:fmla="=B128*1000000/C128">$513.50</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Venezuela</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="17020">17,020</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="28018018">28,018,018</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="607.46623833277567" x:fmla="=B129*1000000/C129">$607.47</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Russia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="93035">93,035</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="141900000">141,900,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="655.63777307963358" x:fmla="=B130*1000000/C130">$655.64</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Palau</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>15.09</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="20000">20,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="754.5" x:fmla="=B131*1000000/C131">$754.50</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Angola</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="13640">13,640</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="17024000">17,024,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="801.22180451127815" x:fmla="=B132*1000000/C132">$801.22</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Israel</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="5941">5,941</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="7337000">7,337,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="809.73149788741989" x:fmla="=B133*1000000/C133">$809.73</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Canada</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="28460">28,460</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="33396800">33,396,800</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="852.17745412734155" x:fmla="=B134*1000000/C134">$852.18</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Denmark</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="4699">4,699</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="5489022">5,489,022</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="856.07235678778477" x:fmla="=B135*1000000/C135">$856.07</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Azerbaijan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="7535">7,535</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="8629900">8,629,900</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="873.127150951923" x:fmla="=B136*1000000/C136">$873.13</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Algeria</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="31500">31,500</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="33858000">33,858,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="930.3561935140882" x:fmla="=B137*1000000/C137">$930.36</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Malaysia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="25930">25,930</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="27730000">27,730,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="935.08835196538041" x:fmla="=B138*1000000/C138">$935.09</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Republic of China</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="23800">23,800</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="23007007">23,007,007</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1034.4674559363589" x:fmla="=B139*1000000/C139">$1,034.47</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Belgium</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="11040">11,040</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="10666866">10,666,866</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1034.9806587989387" x:fmla="=B140*1000000/C140">$1,034.98</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Botswana</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="2231">2,231</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1882000">1,882,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1185.4410201912858" x:fmla="=B141*1000000/C141">$1,185.44</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Gabon</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="1626">1,626</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1331000">1,331,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1221.6378662659654" x:fmla="=B142*1000000/C142">$1,221.64</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Cook Islands</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>26.67</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="20200">20,200</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1320.2970297029703" x:fmla="=B143*1000000/C143">$1,320.30</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Oman</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="3785">3,785</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="2595000">2,595,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1458.5741811175337" x:fmla="=B144*1000000/C144">$1,458.57</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Austria</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="12610">12,610</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="8340924">8,340,924</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1511.8229107470588" x:fmla="=B145*1000000/C145">$1,511.82</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Japan</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="201300">201,300</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="127690000">127,690,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1576.4742736314511" x:fmla="=B146*1000000/C146">$1,576.47</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Libya</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="11710">11,710</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6160000">6,160,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="1900.9740259740261" x:fmla="=B147*1000000/C147">$1,900.97</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Germany</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="185100">185,100</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="82169000">82,169,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="2252.6743662451777" x:fmla="=B148*1000000/C148">$2,252.67</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Bahrain</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="2009">2,009</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="760168">760,168</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="2642.8368465918061" x:fmla="=B149*1000000/C149">$2,642.84</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Hong Kong</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="19870">19,870</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="6985260">6,985,260</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="2844.5612618571104" x:fmla="=B150*1000000/C150">$2,844.56</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Finland</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="17120">17,120</TD><TD class=xl25 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="5322200">5,322,200</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="3216.7148923377549" x:fmla="=B151*1000000/C151">$3,216.71</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>Trinidad and Tobago</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="4288">4,288</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="1333000">1,333,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="3216.8042010502627" x:fmla="=B152*1000000/C152">$3,216.80</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Sweden</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="30190">30,190</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="9234209">9,234,209</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="3269.3650316989792" x:fmla="=B153*1000000/C153">$3,269.37</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Saudi Arabia</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="88890">88,890</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="24735000">24,735,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="3593.6931473620375" x:fmla="=B154*1000000/C154">$3,593.69</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=92 height=17>Netherlands</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="59280">59,280</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="16456600">16,456,600</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="3602.2021559738951" x:fmla="=B155*1000000/C155">$3,602.20</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>British Virgin Islands</TD><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num>134.3</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=92 x:num="23000">23,000</TD><TD class=xl28 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right x:num="5839.130434782609" x:fmla="=B156*1000000/C156">$5,839.13</TD></TR><TR style="HEIGHT: 25.5pt" height=34><TD class=xl24 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 69pt; BORDER-BOTTOM: #e0dfe3; HEIGHT: 25.5pt; BACKGROUND-COLOR: transparent" width=92 height=34>United Arab Emirates</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; BORDER-TOP: #e0dfe3; BORDER-LEFT: #e0dfe3; WIDTH: 48pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" align=right width=64 x:num="36110">36,110</TD><TD class=xl26 style="BORDER-RIGHT: #e0dfe3; 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Contemptuous
10-10-08, 06:50 PM
Never underestimate the FED. Indeed, this is their aim and the odds remain quite good that they will have their way.


... nonetheless the US itself has put itself in a position where the progenitor of the reserve currency will destroy the currency

The Outback Oracle
10-10-08, 07:17 PM
Possible that what is needed is not lower, but higher interest rates? The Fed has generally held them below natural market rates for years. Maybe the market is starved for relief?

Exactement!!!!! The market is starved of capital.....savings. One would wish out of all this it would dawn on someone that it is just not possible to create wealth by running printing presses and opening expensive coffee shops. Alas i fear nothing has been learned. We still believe the Govt has some sort of unlimited funds to "inject' to "fix" everything..........more like fux everything!

The Outback Oracle
10-10-08, 07:18 PM
Unfortunately finster as you observed elsewhere the solution to the current crisis "lies somewhere back in time"

Supercilious
10-10-08, 07:22 PM
Possible that what is needed is not lower, but higher interest rates? The Fed has generally held them below natural market rates for years. Maybe the market is starved for relief?

Sorry Finster, but I believe you make a fundamental error or your formulation is unintentionally misleading.

There are two completely different (unrelated/independent/unconnected) things:
a) what Fed action is needed and would make sense for the health and stability of the financial system;
b) what the Fed really wants to do and that it is willing to do in order to achieve it's goal.

I was trying to point to the major fallacy in made by EJ in the last sentence of his comment:


The Fed knows this. It is doing everything it can to keep inflation above zero and maintain dry powder, and that means keeping the Fed Funds rate target over 2%.

It's true the Fed knows a lot of information and knows all the implications of their move (I don"t think they are incompetent). I'm sure they knew very well about the deflation trend started in July that was revealed by the FDI beyond any reasonable doubt (in my opinion).

But that says nothing, and there it can't be construed as a valid argument for EJ's prediction that the Fed will take the necessary and logical decision.

So my conclusions are:


EJ's prediction with respect to what the Fed is trying to do, was flat wrong;
EJ's failure to predict the next move of the Fed was due to a false assumption (that the Fed has as the main objective the well being and stability of the US financial system).



From iTulip Select Subscription Description (http://www.itulip.com/forums/showthread.php?t=1032):


The secret to iTulip's success is not so secret: 1) rigorous and entertaining analysis of events in the context of a framework that describes the complex interaction of political, social, and psychological influences on markets and economies over time, and 2) continuous improvement and refinement of analysis based on feedback from the critical, expert, and thoughtful iTulip community.

I don't think my feedback is expert by any standards, but in relation to this thread it is definitely critical.

phirang
10-10-08, 08:09 PM
Sorry Finster, but I believe you make a fundamental error or your formulation is unintentionally misleading.

There are two completely different (unrelated/independent/unconnected) things:
a) what Fed action is needed and would make sense for the health and stability of the financial system;
b) what the Fed really wants to do and that it is willing to do in order to achieve it's goal.

I was trying to point to the major fallacy in made by EJ in the last sentence of his comment:


It's true the Fed knows a lot of information and knows all the implications of their move (I don"t think they are incompetent). I'm sure they knew very well about the deflation trend started in July that was revealed by the FDI beyond any reasonable doubt (in my opinion).

But that says nothing, and there it can't be construed as a valid argument for EJ's prediction that the Fed will take the necessary and logical decision.

So my conclusions are:


EJ's prediction with respect to what the Fed is trying to do, was flat wrong;
EJ's failure to predict the next move of the Fed was due to a false assumption (that the Fed has as the main objective the well being and stability of the US financial system).


From iTulip Select Subscription Description (http://www.itulip.com/forums/showthread.php?t=1032):



I don't think my feedback is expert by any standards, but in relation to this thread it is definitely critical.

The Fed has literally ALL the data in the world: they know EXACTLY what's happening and what's going to happen. To assume they are surprised about anything is asenine.

There are dirty, dirty politics at work, not incompetent technocrats. Assuming anything is dangerous.

Contemptuous
10-10-08, 08:14 PM
Outback. Carrying forward the analogy suggested to Finster, to your comment: "The market is starved of capital - it is just not possible to create wealth by (printing)".

Well when the patient is wheeled into the ER in cardiac arrest, nobody is talking about "creating wealth", (i.e. giving him a stiff electric jolt and dumping him out at the local football field to resume his Saturday calisthenics). They are instead having a somewhat urgent and abbreviated conversation about how to keep his heart ticking until the next day. While you are conjecturing about what they must do to get this near-corpse straight back out onto the football field doing stretches and pushups, they would consider securing a 24 hour survival to be an outstanding accomplishment. Your "creation of wealth" would be considered a topic for the third week of recovery.

What part of this do you guys not wish to recognise as plausible? Your recommendation instead might be compared to "bleeding the patient so that his diminished blood supply may become richer". An audacious strategy when the poor stiff is turning blue already.


Exactement!!!!! The market is starved of capital.....savings. One would wish out of all this it would dawn on someone that it is just not possible to create wealth by running printing presses and opening expensive coffee shops. Alas i fear nothing has been learned. We still believe the Govt has some sort of unlimited funds to "inject' to "fix" everything..........more like fux everything!

Contemptuous
10-10-08, 08:19 PM
You yourself are assuming they know exactly what's going to happen. May be a little risky right there. They may think they know what's going to happen, but does that mean that they actually do? Common sense would suggest it far more probable in a force ten gale, no-one ultimately knows "exactly what's going to happen". But common sense can sometimes go begging.


The Fed has literally ALL the data in the world: they know EXACTLY what's happening and what's going to happen. To assume they are surprised about anything is asenine. There are dirty, dirty politics at work, not incompetent technocrats. Assuming anything is dangerous.

Chris Coles
10-11-08, 01:22 AM
I am going to disagree with both Lukester and Phirang.:D

As I see it, the problem has always been time. Everyone in the present system wants answers fast. When faced with the thought that their salvation will come from long term investment that brings in all the inventive and industrious who will, inevitably, take something like a decade to really start to get up to speed, they baulked.

They are a bunch of lazy investors wanting their cash up front and to hell with the rest, as long as they win a pot of money by the end of the week. The result is that, they are completely locked into the idea of quick answers and that is what is going to crash the whole system. The FED might have all the information anyone could ask for. But they do not have the wit, nor the inclination to change their ways.

This is turning into a classic Disaster where the old way of thinking is going to be swept aside by "Events". They do cling on for the time being simply because to try and replace them right now would make for even more instability. But rest assured, they will be faced with the short plank sometime not long after the storm abates.

The only way out of this is long term equity capital investment of savings into new industry created by the innovators and inventors that have been forced to sit still throughout the last several years while the bubble reached its peak. But to be able to make the new start, the old way of doing things, short term, no time to sit and wait for investment to mature - must be shown to be unworkable.

The Outback Oracle
10-11-08, 01:55 AM
Yeah Lukester.....right!!!! (I keep wondering if you're a relation to "Cool Hand":D) And everything they have done so far priniting, throwing money, looking after mates, saving banks, using tax hard working family taxpayers money and not caring....has been so damned succesful. I see that Hank Paulson trying to pretend he is a genuine bloke one more time i'm literally going 'to chunder in the old Pacific Sea!'
Now, as to your sick patient bloody parable, the poor bloke is dying from Arsenic poisoning, and what is the solution? give him some more??????? As a matter of fact, not only give him some more, shove s fire hose down his bloody mouth to make sure he takes it in vast quantities whether he likes it or not The reason this solution os proffered....well who is selling the Arsenic?

My point is...no-one...quite literally no-one, is really thinking about what the problem REALLY is. (OK except maybe Finster! :D)
I was watching TV and lo and behold these bunch of clowns are having a bloody photo shoot (G7)...God help us!!!!! They're still more worried about how they look than doing any bloody thing...and that is a fact.
What about once...just once...in the last 50 years...we demand these b......ds do the right thing; that they act according to some deeply held values! Maybe people would have more confidence if the ptb all told them the truth.
Sure, and i know you're not a supporter of it, Bernanke can throw money from his helicopters (the computer variety). Just throw a million into every back yard in the USA! Problem totally solved...liquidity not a problem!!!!
So if that's the bloody solution...why the hell don't they do it!
Sorry...I did warn not to start me!
I just rant and rave...I've lived too bloody long with this crap going on. i've talked, ranted, worked, been involved in organisations and talked about it...for about 40 bloody years. Now, after all these years, i know bullshit. What is going on is bullshit. i've learned over a long time, that despite aoppearances to the contrary, it ALWAYS...ALWAYS pays to adhere to properly held values. There are NO ...repeat NO exceptions to this. You can't say...i'll screw everyone over now but later i'll be all virtuous! you can't say...i'll take the easy way now...and later i'll fix it! This is not a religious belief. It's just a practical piece of knowledge learned from a reasonably difficult (in Western terms) life.
Now back to the point....the solution to this DOES lie back in time. In Australia's case it lies back in 1960!!! I can't speak for the USA. What can you do now to fix something that has been brewing for 50 years?
There are no solutions now and everything that is being done so far has just made the problem worse. Buggared if i know...just hand everyone in the world 2 or 3 milolion...but ...start with me!!! As my son says..."just give me the money!"

Again Luke, sorry to rant and rave!

Contemptuous
10-11-08, 04:23 AM
I was watching TV and lo and behold these bunch of clowns are having a bloody photo shoot (G7)...God help us!!!!! They're still more worried about how they look than doing any bloody thing...and that is a fact.

Yeah, especially Silvio Berlusconi. Isn't he just Prince Charmin' with the $2000 dollar suits, and the pearly white teeth? (I really miss my Italy actually - dysfunctional rotating door governments, Silvio Berlusconi and all.) :D


What about once...just once...in the last 50 years...we demand these b......ds do the right thing; that they act according to some deeply held values! Maybe people would have more confidence if the ptb all told them the truth.

Well I agree with you about all that - but when you've got a situation where if the credit doesn't get unblocked in four or five weeks 50% of daily life's commerce simply shuts down, what do YOU propose to do about it? Think that's not a risk for us now? I do if we get a run on the banks and the banking system starts to disintegrate! And a very large part of what triggers that is psychological. Remember, what needs to be guaranteed is a flow of credit to the entire network of commerce in every small town and large city in the country. Once you let them hit the asphalt like a ripe tomato, that network gets destroyed. Then you may have taken one tiny step towards monetary sanity, but you've put 50%-60% of the country's commerce right out of business.

Without credit - micro credit, macro credit, hundreds of millions of small networked business interrelations in the country simply die. They fold up, go BK and walk away from the ruins of business some of them likely have spent 30+ years building to that point. You know as a businessman, once you close a business down, liquidate inventory, let go of leases, it takes much more capital to reestablish that business. Now multiply that event by a about 50-100 million and you've got what happens to Americas existing commercial tissue if you take your purist solution and let it simply go into freefall in a credit lockup by foregoing any Central Bank attempt at emergency liquidity maneouvers - do it your way, and in exchange, you've accomplish only ONE FIRST STEP towards sound money. Satisfied?


Sure, and i know you're not a supporter of it, Bernanke can throw money from his helicopters (the computer variety). Just throw a million into every back yard in the USA! Problem totally solved...liquidity not a problem!!!!.

Outback - I have no idea how they can issue massive, emergency credit out to all of this commercial infrastructure if our credit system locks up. But I do know beyond a shadow of a doubt, that they would be foolhardy not to at least try to. Putting aside the cronyism of Paulson's bill, the filth and ethical capitulation implicit in it, you have got to do something from the FED and from the Treasury, that's very, very agressive now, to get some even crudely improvised transmittal of credit out to this network of hundreds of millions of business activities. If that network of arteries and capillaries for daily credit locks up, we are toast one heck of a lot worse that we would be with one or two years leeway before the tsunami of inflation hits us.

It is politically agnostic TRIAGE. Right this minute you see, I don't give a damn who's been responsible. I want to see this emergency operation succeed because without it our window for any maneouver just disappeared completely. In an emergency, a really bad emergency, you always, always always have to keep some room for maneouver. If you have an unresolved problem of magnitude, and you've lost any smallest further room to maneouver, you are toast. And lest you say "well let it be so in the interests of purification", we do not yet even know what it means yet, to be toast.



Buggared if i know...just hand everyone in the world 2 or 3 million...but ...start with me!!! As my son says..."just give me the money!" Again Luke, sorry to rant and rave!!

No worries at all on the ranting and raving. You would not be a respectable Aussie Outbacker if you did not turn into a raving homicidal Tasmanian Devil vowing bloody murder against Central Banker Wankers every once in a while. (even often, actually) Stands to reason. :D

The Outback Oracle
10-11-08, 06:09 AM
Lukester...I grant you all your desperate logic.
I DO NOT HAVE A SOLUTION. That's true!

I know this probably sounds dozey from your viewpoint.....I believe you underestimate the problem. Therefore you think there is a solution of some kind within the current framework of your economy and society.

Believe me I will be really happy if they can find some desperate way to pump this damned thing up one more time for my own family reasons. Furhter I really need another 9 or 12 months to really get ready, for reasons we've dealt with in other places. So yep! if you can find a way to do that, it's fine by me. I just don't think it can be done again and I KNOW it will not be a SOLUTION because there is none.
Ah i got it....damn MEGA is having the weekend off...typical...the one time in your life you need a bloody pommie and you don't have him. I was sort of thinking he might have DR Who's phone number!

jk
10-11-08, 10:44 AM
i've learned over a long time, that despite aoppearances to the contrary, it ALWAYS...ALWAYS pays to adhere to properly held values. There are NO ...repeat NO exceptions to this. You can't say...i'll screw everyone over now but later i'll be all virtuous! you can't say...i'll take the easy way now...and later i'll fix it!
st. augustine used to pray: "lord, make me chaste..... but not yet."





Now back to the point....the solution to this DOES lie back in time. In Australia's case it lies back in 1960!!! I can't speak for the USA. What can you do now to fix something that has been brewing for 50 years?
forgiveness means giving up all hope of a better past.

Chris Coles
10-11-08, 05:12 PM
If the FED had, instead of trying to bail out the existing bankers and instead gave, say, $10,000 to every employer for every employee as equity capital to underpin their accounts, the problem would be solved overnight. However, Outback is correct.:D They are trying to re-float a sinking ship by pouring more water into the holds and nothing they can do will temp anyone with an ounce of sense to believe it will work. Ergo, everyone is cashing out as fast as they can get their hands on their money.

metalman
10-11-08, 05:22 PM
If the FED had, instead of trying to bail out the existing bankers and instead gave, say, $10,000 to every employer for every employee as equity capital to underpin their accounts, the problem would be solved overnight. However, Outback is correct.:D They are trying to re-float a sinking ship by pouring more water into the holds and nothing they can do will temp anyone with an ounce of sense to believe it will work. Ergo, everyone is cashing out as fast as they can get their hands on their money.

exactly. think about it... the stock market in the usa has already lost $10 trillion + in market cap. if you're a financial institution and aren't in the short line for your slice of the $700b pie, you figure at the rate things are going you're hosed. sell, sell, sell!