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### Real Interest rate

Real interest rate is equal to nominal interest rate minus the inflation rate.       Real interest rate = Nominal interest rate - Inflation rate

Example:

An investor is earning a 6.5% interest rate locked for one year and the inflation rate for that year is 2%, the Real interest rate is 4.5%.
Calculation: nominal interest rate - inflation rate = Real interest rate  (6.5% - 2% = + 4.5%).
In this case the investor is making some profit, 4.5%.

An investor is earning a 3.2% interest rate locked for one year and the inflation rate for that year is 3.5%, the Real interest rate is minus 0.3%.
Calculation: nominal interest rate - inflation rate = Real interest rate  (3.2% - 3.5% = - 0.3%).
In this case the investor is loosing 0.3%.

When Real Interest rate is negative value, inflation could accelerate and get out of control. This seems to be world wide problem.

See below Inflation rateInterest rate and Real Interest rate of some countries

Inflation rateInterest rate and Real Interest rate of some countries: end of Q3 2013 - June

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 2.20 % Interest Rate Australia 2.75 % Real Interest Rate Australia +0.55 % Inflation Canada 1.10 % Interest Rate Canada 1.00 % Real Interest Rate Canada -0.10 % Inflation Euro-Zone 1.10 % Interest Rate Euro-Zone 0.50 % Real Interest Rate Euro-Zone -0.50 % Inflation New Zealand 1.40 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +1.10 % Inflation United Kingdom 2.70 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -2.20 % Inflation United State 1.20 % Interest Rate United State 0.25 % Real Interest Rate United State -0.95 % Inflation Brazil 5.90 % Interest Rate Brazil 8.50 % Real Interest Rate Brazil +2.60 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 1.80 % Interest Rate Austria 0.50 % Real Interest Rate  Austria -1.30 % Inflation Belgium 1.00 % Interest Rate Belgium 0.50 % Real Interest Rate  Belgium -0.50 % Inflation Bulgaria -1.30 % Interest Rate Bulgaria 0.02 % Real Interest Rate Bulgaria 1.32 % Inflation Cyprus 0.30 % Interest Rate Cyprus 0.50 % Real Interest Rate Cyprus -0.20 % Inflation Czech Republic 1.00 % Interest Rate Czech Republic 0.05 % Real Interest Rate Czech Republic -0.95 % Inflation Denmark 0.20 % Interest Rate Denmark 0.20 % Real Interest Rate Denmark 0.00 % Inflation Estonia 2.60 % Interest Rate Estonia 0.50 % Real Interest Rate Estonia -2.10 % Inflation Finland 1.80 % Interest Rate Finland 0.50 % Real Interest Rate Finland -1.30 % Inflation France 1.00 % Interest Rate France 0.50 % Real Interest Rate France -0.50 % Inflation Germany 1.60 % Interest Rate Germany 0.50 % Real Interest Rate Germany -1.10 % Inflation Greece -1.00 % Interest Rate Greece 0.50 % Real Interest Rate Greece +1.50 % Inflation Hungary 1.60 % Interest Rate Hungary 3.60 % Real Interest Rate Hungary +2.00 % Inflation Italy 0.90 % Interest Rate Italy 0.50 % Real Interest Rate Italy -0.40 % Inflation Latvia -0.40 % Interest Rate Latvia 1.50 % Real Interest Rate Latvia +1.90 % Inflation Lithuania 0.50 % Interest Rate Lithuania 0.75 % Real Interest Rate Lithuania 0.25 % Inflation Luxembourg 1.50 % Interest Rate Luxembourg 0.50 % Real Interest Rate Luxembourg -1.00 % Inflation Malta 0.60 % Interest Rate Malta 0.50 % Real Interest Rate Malta -0.10 % Inflation Netherlands 2.40 % Interest Rate Netherlands 0.50 % Real Interest Rate Netherlands -1.90 % Inflation Poland 0.90 % Interest Rate Poland 1.60 % Real Interest Rate Poland +1.60 % Inflation Portugal 0.30 % Interest Rate Portugal 0.50 % Real Interest Rate Portugal 0.20 % Inflation Republic of  Ireland 0.00 % Inflation Rate Republic of Ireland 0.50 % Real Interest Rate Republic of Ireland 0.50 % Inflation Romania 1.10 % Interest Rate Romania 4.00 % Real Interest Rate Romania 2.90 % Inflation Slovakia 1.10 % Interest Rate Slovakia 0.50 % Real Interest Rate Slovakia -0.60 % Inflation Slovenia 1.50 % Interest Rate Slovenia 0.50 % Real Interest Rate Slovenia -1.00 % Inflation Spain 0.50 % Interest Rate Spain 0.50 % Real Interest Rate Spain 0.00 % Inflation Sweden 0.50 % Interest Rate Sweden 1.00 % Real Interest Rate Sweden +0.50 % Inflation United Kingdom 2.70 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 2.20 %

Inflation rateInterest rate and Real Interest rate of some countries: end of Q2 2013 - June

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 2.40 % Interest Rate Australia 2.75 % Real Interest Rate Australia +0.35 % Inflation Canada 1.20 % Interest Rate Canada 1.00 % Real Interest Rate Canada -0.20 % Inflation Euro-Zone 1.60 % Interest Rate Euro-Zone 0.50 % Real Interest Rate Euro-Zone -1.10 % Inflation New Zealand 0.70 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +1.80 % Inflation United Kingdom 2.90 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -2.40 % Inflation United State 1.75 % Interest Rate United State 0.25 % Real Interest Rate United State -1.50 % Inflation Brazil 6.70 % Interest Rate Brazil 8.00 % Real Interest Rate Brazil +1.30 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 2.20 % Interest Rate Austria 0.50 % Real Interest Rate  Austria -1.70 % Inflation Belgium 1.50 % Interest Rate Belgium 0.50 % Real Interest Rate  Belgium -1.00 % Inflation Bulgaria 1.20 % Interest Rate Bulgaria 0.02 % Real Interest Rate Bulgaria -1.18 % Inflation Cyprus 0.80 % Interest Rate Cyprus 0.50 % Real Interest Rate Cyprus -0.30 % Inflation Czech Republic 1.60 % Interest Rate Czech Republic 0.05 % Real Interest Rate Czech Republic -1.55 % Inflation Denmark 0.60 % Interest Rate Denmark 0.20 % Real Interest Rate Denmark -0.40 % Inflation Estonia 4.10 % Interest Rate Estonia 0.50 % Real Interest Rate Estonia -3.60 % Inflation Finland 2.30 % Interest Rate Finland 0.50 % Real Interest Rate Finland -1.80 % Inflation France 1.00 % Interest Rate France 0.50 % Real Interest Rate France -0.50 % Inflation Germany 1.90 % Interest Rate Germany 0.50 % Real Interest Rate Germany -1.40 % Inflation Greece -0.30 % Interest Rate Greece 0.50 % Real Interest Rate Greece +0.80 % Inflation Hungary 2.00 % Interest Rate Hungary 4.00 % Real Interest Rate Hungary +2.00 % Inflation Italy 1.40 % Interest Rate Italy 0.50 % Real Interest Rate Italy -0.90 % Inflation Latvia 0.20 % Interest Rate Latvia 2.00 % Real Interest Rate Latvia +1.80 % Inflation Lithuania 1.30 % Interest Rate Lithuania 1.00 % Real Interest Rate Lithuania -0.30 % Inflation Luxembourg 2.00 % Interest Rate Luxembourg 0.50 % Real Interest Rate Luxembourg -1.50 % Inflation Malta 0.60 % Interest Rate Malta 0.50 % Real Interest Rate Malta -0.10 % Inflation Netherlands 3.20 % Interest Rate Netherlands 0.50 % Real Interest Rate Netherlands -2.70 % Inflation Poland 0.20 % Interest Rate Poland 2.50 % Real Interest Rate Poland +2.30 % Inflation Portugal 1.20 % Interest Rate Portugal 0.50 % Real Interest Rate Portugal -0.70 % Inflation Republic of  Ireland 0.70 % Inflation Rate Republic of Ireland 0.50 % Real Interest Rate Republic of Ireland -0.20 % Inflation Romania 4.50 % Interest Rate Romania 4.50 % Real Interest Rate Romania 0.00 % Inflation Slovakia 1.70 % Interest Rate Slovakia 0.50 % Real Interest Rate Slovakia -1.20 % Inflation Slovenia 2.20 % Interest Rate Slovenia 0.50 % Real Interest Rate Slovenia -1.70 % Inflation Spain 2.20 % Interest Rate Spain 0.50 % Real Interest Rate Spain -1.70 % Inflation Sweden 0.50 % Interest Rate Sweden 1.00 % Real Interest Rate Sweden +0.50 % Inflation United Kingdom 2.90 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 2.40 %

Inflation rateInterest rate and Real Interest rate of some countries: end of Q1 2013 - March

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 2.50 % Interest Rate Australia 3.00 % Real Interest Rate Australia +0.50 % Inflation Canada 1.00 % Interest Rate Canada 1.00 % Real Interest Rate Canada +0.00 % Inflation Euro-Zone 1.70 % Interest Rate Euro-Zone 0.75 % Real Interest Rate Euro-Zone -0.95 % Inflation New Zealand 0.90 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +1.60 % Inflation United Kingdom 2.80 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -2.30 % Inflation United State 1.50 % Interest Rate United State 0.25 % Real Interest Rate United State -1.25 % Inflation Brazil 6.59 % Interest Rate Brazil 7.25 % Real Interest Rate Brazil +0.66 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 2.40 % Interest Rate Austria 0.75 % Real Interest Rate  Austria -1.65 % Inflation Belgium 1.30 % Interest Rate Belgium 0.75 % Real Interest Rate  Belgium -0.55 % Inflation Bulgaria 1.60 % Interest Rate Bulgaria 0.01 % Real Interest Rate Bulgaria -1.59 % Inflation Cyprus 1.30 % Interest Rate Cyprus 0.75 % Real Interest Rate Cyprus -0.55 % Inflation Czech Republic 1.50 % Interest Rate Czech Republic 0.05 % Real Interest Rate Czech Republic -1.45 % Inflation Denmark 0.70 % Interest Rate Denmark 0.30 % Real Interest Rate Denmark -0.40 % Inflation Estonia 3.80 % Interest Rate Estonia 0.75 % Real Interest Rate Estonia -3.05 % Inflation Finland 2.50 % Interest Rate Finland 0.75 % Real Interest Rate Finland -1.75 % Inflation France 1.10 % Interest Rate France 0.75 % Real Interest Rate France -0.35 % Inflation Germany 1.80 % Interest Rate Germany 0.75 % Real Interest Rate Germany -1.05 % Inflation Greece -0.20 % Interest Rate Greece 0.75  % Real Interest Rate Greece +0.95 % Inflation Hungary 2.30 % Interest Rate Hungary 5.00  % Real Interest Rate Hungary +2.70 % Inflation Italy 1.80 % Interest Rate Italy 0.75 % Real Interest Rate Italy -1.05 % Inflation Latvia 0.30 % Interest Rate Latvia 2.50 % Real Interest Rate Latvia +2.20 % Inflation Lithuania 1.60 % Interest Rate Lithuania 1.50 % Real Interest Rate Lithuania -0.10 % Inflation Luxembourg 2.00 % Interest Rate Luxembourg 0.75 % Real Interest Rate Luxembourg -1.25 % Inflation Malta 1.40 % Interest Rate Malta 0.75 % Real Interest Rate Malta -0.65 % Inflation Netherlands 3.20 % Interest Rate Netherlands 0.75 % Real Interest Rate Netherlands -2.45 % Inflation Poland 1.00 % Interest Rate Poland 3.25 % Real Interest Rate Poland +2.25 % Inflation Portugal 0.70 % Interest Rate Portugal 0.75 % Real Interest Rate Portugal -0.05 % Inflation Republic of  Ireland 0.60 % Inflation Rate Republic of Ireland 0.75 % Real Interest Rate Republic of Ireland +0.15 % Inflation Romania 4.40 % Interest Rate Romania 5.25 % Real Interest Rate Romania +0.85 % Inflation Slovakia 1.90 % Interest Rate Slovakia 0.75 % Real Interest Rate Slovakia -1.15 % Inflation Slovenia 2.20 % Interest Rate Slovenia 0.75 % Real Interest Rate Slovenia -1.45 % Inflation Spain 2.60 % Interest Rate Spain 0.75 % Real Interest Rate Spain -1.85 % Inflation Sweden 0.50 % Interest Rate Sweden 1.00 % Real Interest Rate Sweden +0.50 % Inflation United Kingdom 2.80 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 1.25 %

Inflation rateInterest rate and Real Interest rate of some countries: end of Q4 2012 - December

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 2.20 % Interest Rate Australia 3.00 % Real Interest Rate Australia +0.80 % Inflation Canada 0.80 % Interest Rate Canada 1.00 % Real Interest Rate Canada +0.20 % Inflation Euro-Zone 2.20 % Interest Rate Euro-Zone 0.75 % Real Interest Rate Euro-Zone -1.45 % Inflation New Zealand 0.90 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +1.60 % Inflation United Kingdom 2.70 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -2.20 % Inflation United State 2.00 % Interest Rate United State 0.25 % Real Interest Rate United State -1.75 % Inflation Brazil 5.30 % Interest Rate Brazil 7.50 % Real Interest Rate Brazil +2.20 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 2.80 % Interest Rate Austria 0.75 % Real Interest Rate  Austria -2.05 % Inflation Belgium 2.60 % Interest Rate Belgium 0.75 % Real Interest Rate  Belgium -1.85 % Inflation Bulgaria 3.40 % Interest Rate Bulgaria 0.04 % Real Interest Rate Bulgaria -3.36 % Inflation Cyprus 2.90 % Interest Rate Cyprus 0.75 % Real Interest Rate Cyprus -2.85 % Inflation Czech Republic 3.60 % Interest Rate Czech Republic 0.25 % Real Interest Rate Czech Republic -3.25 % Inflation Denmark 2.50 % Interest Rate Denmark 0.20 % Real Interest Rate Denmark -2.30 % Inflation Estonia 4.10 % Interest Rate Estonia 0.75 % Real Interest Rate Estonia -3.35 % Inflation Finland 3.40 % Interest Rate Finland 0.75 % Real Interest Rate Finland -2.65 % Inflation France 2.20 % Interest Rate France 0.75 % Real Interest Rate France -1.45 % Inflation Germany 2.10 % Interest Rate Germany 0.75 % Real Interest Rate Germany -1.35 % Inflation Greece 0.30 % Interest Rate Greece 0.75  % Real Interest Rate Greece +0.45 % Inflation Hungary 5.10 % Interest Rate Hungary 5.50  % Real Interest Rate Hungary +0.40 % Inflation Italy 2.60 % Interest Rate Italy 0.75 % Real Interest Rate Italy -1.85 % Inflation Latvia 1.60 % Interest Rate Latvia 2.50 % Real Interest Rate Latvia +0.90 % Inflation Lithuania 2.90 % Interest Rate Lithuania 1.50 % Real Interest Rate Lithuania -1.40 % Inflation Luxembourg 2.50 % Interest Rate Luxembourg 0.75 % Real Interest Rate Luxembourg -1.75 % Inflation Malta 2.80 % Interest Rate Malta 0.75 % Real Interest Rate Malta -2.05 % Inflation Netherlands 3.40 % Interest Rate Netherlands 0.75 % Real Interest Rate Netherlands -2.65 % Inflation Poland 2.20 % Interest Rate Poland 3.75 % Real Interest Rate Poland +1.55 % Inflation Portugal 2.10 % Interest Rate Portugal 0.75 % Real Interest Rate Portugal -1.35 % Inflation Republic of  Ireland 1.70 % Inflation Rate Republic of Ireland 0.75 % Real Interest Rate Republic of Ireland -0.95 % Inflation Romania 4.60 % Interest Rate Romania 5.25 % Real Interest Rate Romania +0.65 % Inflation Slovakia 3.40 % Interest Rate Slovakia 0.75 % Real Interest Rate Slovakia -2.65 % Inflation Slovenia 3.10 % Interest Rate Slovenia 0.75 % Real Interest Rate Slovenia -3.05 % Inflation Spain 3.00 % Interest Rate Spain 0.75 % Real Interest Rate Spain -2.25 % Inflation Sweden 1.10 % Interest Rate Sweden 1.00 % Real Interest Rate Sweden - 0.10 % Inflation United Kingdom 2.70 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 2.20 %

Inflation rate
Interest rate and Real Interest rate of some countries: end of Q3 2012 - September

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 2.00 % Interest Rate Australia 3.25 % Real Interest Rate Australia +1.25 % Inflation Canada 1.20 % Interest Rate Canada 1.00 % Real Interest Rate Canada -0.20 % Inflation Euro-Zone 2.60 % Interest Rate Euro-Zone 0.75 % Real Interest Rate Euro-Zone -1.85 % Inflation New Zealand 0.80 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +1.70 % Inflation United Kingdom 2.20 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -1.70 % Inflation United State 2.00 % Interest Rate United State 0.25 % Real Interest Rate United State -1.75 % Inflation Brazil 5.30 % Interest Rate Brazil 7.50 % Real Interest Rate Brazil +2.20 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 2.80 % Interest Rate Austria 0.75 % Real Interest Rate  Austria -2.05 % Inflation Belgium 2.60 % Interest Rate Belgium 0.75 % Real Interest Rate  Belgium -1.85 % Inflation Bulgaria 3.40 % Interest Rate Bulgaria 0.04 % Real Interest Rate Bulgaria -3.36 % Inflation Cyprus 2.90 % Interest Rate Cyprus 0.75 % Real Interest Rate Cyprus -2.85 % Inflation Czech Republic 3.60 % Interest Rate Czech Republic 0.25 % Real Interest Rate Czech Republic -3.25 % Inflation Denmark 2.50 % Interest Rate Denmark 0.20 % Real Interest Rate Denmark -2.30 % Inflation Estonia 4.10 % Interest Rate Estonia 0.75 % Real Interest Rate Estonia -3.35 % Inflation Finland 3.40 % Interest Rate Finland 0.75 % Real Interest Rate Finland -2.65 % Inflation France 2.20 % Interest Rate France 0.75 % Real Interest Rate France -1.45 % Inflation Germany 2.10 % Interest Rate Germany 0.75 % Real Interest Rate Germany -1.35 % Inflation Greece 0.30 % Interest Rate Greece 0.75  % Real Interest Rate Greece +0.45 % Inflation Hungary 6.40 % Interest Rate Hungary 6.50  % Real Interest Rate Hungary +0.10 % Inflation Italy 3.40 % Interest Rate Italy 0.75 % Real Interest Rate Italy -2.65 % Inflation Latvia 1.90 % Interest Rate Latvia 2.50 % Real Interest Rate Latvia +0.60 % Inflation Lithuania 3.30 % Interest Rate Lithuania 1.50 % Real Interest Rate Lithuania -1.80 % Inflation Luxembourg 3.20 % Interest Rate Luxembourg 0.75 % Real Interest Rate Luxembourg -2.45 % Inflation Malta 2.90 % Interest Rate Malta 0.75 % Real Interest Rate Malta -2.15 % Inflation Netherlands 2.50 % Interest Rate Netherlands 0.75 % Real Interest Rate Netherlands -1.75 % Inflation Poland 3.80 % Interest Rate Poland 4.75 % Real Interest Rate Poland +0.95 % Inflation Portugal 2.90 % Interest Rate Portugal 0.75 % Real Interest Rate Portugal -2.15 % Inflation Republic of  Ireland 2.40 % Inflation Rate Republic of Ireland 0.75 % Real Interest Rate Republic of Ireland -1.65 % Inflation Romania 5.40 % Interest Rate Romania 5.25 % Real Interest Rate Romania -0.15 % Inflation Slovakia 3.80 % Interest Rate Slovakia 0.75 % Real Interest Rate Slovakia -3.05 % Inflation Slovenia 3.80 % Interest Rate Slovenia 0.75 % Real Interest Rate Slovenia -3.05 % Inflation Spain 3.50 % Interest Rate Spain 0.75 % Real Interest Rate Spain -2.75 % Inflation Sweden 1.00 % Interest Rate Sweden 1.25 % Real Interest Rate Sweden +0.25 % Inflation United Kingdom 2.20 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 1.70 %

Inflation rate
Interest rate and Real Interest rate of some countries: end of Q2 2012 - June

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 1.20 % Interest Rate Australia 3.50 % Real Interest Rate Australia +2.30 % Inflation Canada 1.50 % Interest Rate Canada 1.00 % Real Interest Rate Canada -0.50 % Inflation Euro-Zone 2.40 % Interest Rate Euro-Zone 0.75 % Real Interest Rate Euro-Zone -1.65 % Inflation New Zealand 1.00 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +1.50 % Inflation United Kingdom 2.45 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -1.95 % Inflation United State 1.67 % Interest Rate United State 0.25 % Real Interest Rate United State -1.42 % Inflation Brazil 4.92 % Interest Rate Brazil 8.00 % Real Interest Rate Brazil +3.08 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 2.20 % Interest Rate Austria 0.75 % Real Interest Rate  Austria -1.45 % Inflation Belgium 2.20 % Interest Rate Belgium 0.75 % Real Interest Rate  Belgium -1.45 % Inflation Bulgaria 1.60 % Interest Rate Bulgaria 0.14 % Real Interest Rate Bulgaria -1.46 % Inflation Cyprus 2.90 % Interest Rate Cyprus 0.75 % Real Interest Rate Cyprus -2.15 % Inflation Czech Republic 3.80 % Interest Rate Czech Republic 0.50 % Real Interest Rate Czech Republic -3.30 % Inflation Denmark 2.20 % Interest Rate Denmark 0.20 % Real Interest Rate Denmark -2.00 % Inflation Estonia 4.40 % Interest Rate Estonia 0.75 % Real Interest Rate Estonia -3.65 % Inflation Finland 2.90 % Interest Rate Finland 0.75 % Real Interest Rate Finland -2.15 % Inflation France 2.30 % Interest Rate France 0.75 % Real Interest Rate France -1.55 % Inflation Germany 2.00 % Interest Rate Germany 0.75 % Real Interest Rate Germany -1.25 % Inflation Greece 1.00 % Interest Rate Greece 0.70  % Real Interest Rate Greece -0.25 % Inflation Hungary 5.60 % Interest Rate Hungary 7.00  % Real Interest Rate Hungary +1.40 % Inflation Italy 3.60 % Interest Rate Italy 0.75 % Real Interest Rate Italy -2.85 % Inflation Latvia 2.10 % Interest Rate Latvia 3.50 % Real Interest Rate Latvia +1.40 % Inflation Lithuania 2.60 % Interest Rate Lithuania 1.75 % Real Interest Rate Lithuania -0.85 % Inflation Luxembourg 2.60 % Interest Rate Luxembourg 0.75 % Real Interest Rate Luxembourg -1.85 % Inflation Malta 4.40 % Interest Rate Malta 0.75 % Real Interest Rate Malta -3.65 % Inflation Netherlands 2.50 % Interest Rate Netherlands 0.75 % Real Interest Rate Netherlands -1.75 % Inflation Poland 4.30 % Interest Rate Poland 4.75 % Real Interest Rate Poland +0.45 % Inflation Portugal 2.70 % Interest Rate Portugal 0.75 % Real Interest Rate Portugal -1.95 % Inflation Republic of  Ireland 1.90 % Inflation Rate Republic of Ireland 0.75 % Real Interest Rate Republic of Ireland -1.15 % Inflation Romania 2.20 % Interest Rate Romania 5.25 % Real Interest Rate Romania +3.05 % Inflation Slovakia 3.90 % Interest Rate Slovakia 0.75 % Real Interest Rate Slovakia -2.95 % Inflation Slovenia 2.40 % Interest Rate Slovenia 0.75 % Real Interest Rate Slovenia -1.65 % Inflation Spain 1.80 % Interest Rate Spain 0.75 % Real Interest Rate Spain -1.05 % Inflation Sweden 0.90 % Interest Rate Sweden 1.50 % Real Interest Rate Sweden +0.60 % Inflation United Kingdom 2.45 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 1.95 %

Inflation rateInterest rate and Real Interest rate of some countries: end of Q1 2012 - March

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 1.60 % Interest Rate Australia 3.75 % Real Interest Rate Australia +2.15 % Inflation Canada 1.93 % Interest Rate Canada 1.00 % Real Interest Rate Canada -0.93 % Inflation Euro-Zone 2.70 % Interest Rate Euro-Zone 1.00 % Real Interest Rate Euro-Zone -1.70 % Inflation New Zealand 1.60 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +0.90 % Inflation United Kingdom 3.50 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -3.00 % Inflation United State 2.65 % Interest Rate United State 0.25 % Real Interest Rate United State -2.40 % Inflation Brazil 5.20 % Interest Rate Brazil 9.00 % Real Interest Rate Brazil +3.80 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 2.70 % Interest Rate Austria 1.00 % Real Interest Rate  Austria -1.70 % Inflation Belgium 3.10 % Interest Rate Belgium 1.00 % Real Interest Rate  Belgium -2.10 % Inflation Bulgaria 1.70 % Interest Rate Bulgaria 0.18 % Real Interest Rate Bulgaria -1.52 % Inflation Cyprus 3.50 % Interest Rate Cyprus 1.00 % Real Interest Rate Cyprus -2.50 % Inflation Czech Republic 4.20 % Interest Rate Czech Republic 0.75 % Real Interest Rate Czech Republic -3.45 % Inflation Denmark 2.70 % Interest Rate Denmark 0.70 % Real Interest Rate Denmark -2.00 % Inflation Estonia 4.70 % Interest Rate Estonia 1.00 % Real Interest Rate Estonia -3.70 % Inflation Finland 2.70 % Interest Rate Finland 1.00 % Real Interest Rate Finland -1.70 % Inflation France 1.80 % Interest Rate France 1.00 % Real Interest Rate France -0.80 % Inflation Germany 2.30 % Interest Rate Germany 1.00 % Real Interest Rate Germany -1.30 % Inflation Greece 1.40 % Interest Rate Greece 1.00 % Real Interest Rate Greece -1.40 % Inflation Hungary 5.50 % Interest Rate Hungary 7.00 % Real Interest Rate Hungary +1.50 % Inflation Italy 3.80 % Interest Rate Italy 1.00 % Real Interest Rate Italy -2.80 % Inflation Latvia 3.20 % Interest Rate Latvia 3.50 % Real Interest Rate Latvia +0.30 % Inflation Lithuania 3.70 % Interest Rate Lithuania 1.75 % Real Interest Rate Lithuania -1.95 % Inflation Luxembourg 2.65 % Interest Rate Luxembourg 1.00 % Real Interest Rate Luxembourg -1.65 % Inflation Malta 2.40 % Interest Rate Malta 1.00 % Real Interest Rate Malta -1.40 % Inflation Netherlands 2.90 % Interest Rate Netherlands 1.00 % Real Interest Rate Netherlands -1.90 % Inflation Poland 3.90 % Interest Rate Poland 4.50 % Real Interest Rate Poland +0.60 % Inflation Portugal 3.10 % Interest Rate Portugal 1.00 % Real Interest Rate Portugal -2.10 % Inflation Republic of  Ireland 2.20 % Inflation Rate Republic of Ireland 1.00 % Real Interest Rate Republic of Ireland -1.20 % Inflation Romania 2.50 % Interest Rate Romania 5.25 % Real Interest Rate Romania +2.75 % Inflation Slovakia 3.90 % Interest Rate Slovakia 1.00 % Real Interest Rate Slovakia -2.90 % Inflation Slovenia 2.40 % Interest Rate Slovenia 1.00 % Real Interest Rate Slovenia -1.40 % Inflation Spain 1.80 % Interest Rate Spain 1.00 % Real Interest Rate Spain -0.80 % Inflation Sweden 1.10 % Interest Rate Sweden 1.50 % Real Interest Rate Sweden +0.40 % Inflation United Kingdom 3.50 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 3.00 %

Inflation rateInterest rate and Real Interest rate of some countries: end of Q4 2011 - December

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 3.10 % Interest Rate Australia 4.25 % Real Interest Rate Australia +1.15 % Inflation Canada 2.30 % Interest Rate Canada 1.00 % Real Interest Rate Canada -1.30 % Inflation Euro-Zone 2.30 % Interest Rate Euro-Zone 1.00 % Real Interest Rate Euro-Zone -1.30 % Inflation New Zealand 1.80 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand +0.70 % Inflation United Kingdom 4.20 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -3.70 % Inflation United State 2.96 % Interest Rate United State 0.25 % Real Interest Rate United State -2.71 % Inflation Brazil 6.50 % Interest Rate Brazil 10.50 % Real Interest Rate Brazil +4.50 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 3.40 % Interest Rate Austria 1.00 % Real Interest Rate  Austria -2.40 % Inflation Belgium 3.20 % Interest Rate Belgium 1.00 % Real Interest Rate  Belgium -2.20 % Inflation Bulgaria 2.00 % Interest Rate Bulgaria 0.20 % Real Interest Rate Bulgaria -1.80 % Inflation Cyprus 4.20 % Interest Rate Cyprus 1.00 % Real Interest Rate Cyprus -3.20 % Inflation Czech Republic 2.80 % Interest Rate Czech Republic 0.75 % Real Interest Rate Czech Republic -2.05 % Inflation Denmark 2.40 % Interest Rate Denmark 0.70 % Real Interest Rate Denmark -1.70 % Inflation Estonia 4.10 % Interest Rate Estonia 1.00 % Real Interest Rate Estonia -3.10 % Inflation Finland 2.60 % Interest Rate Finland 1.00 % Real Interest Rate Finland -1.60 % Inflation France 2.70 % Interest Rate France 1.00 % Real Interest Rate France -1.70 % Inflation Germany 2.30 % Interest Rate Germany 1.00 % Real Interest Rate Germany -1.30 % Inflation Greece 2.20 % Interest Rate Greece 1.00 % Real Interest Rate Greece -1.20 % Inflation Hungary 4.10 % Interest Rate Hungary 7.00 % Real Interest Rate Hungary +2.90 % Inflation Italy 3.70 % Interest Rate Italy 1.00 % Real Interest Rate Italy -2.70 % Inflation Latvia 3.90 % Interest Rate Latvia 3.50 % Real Interest Rate Latvia -0.40 % Inflation Lithuania 3.50 % Interest Rate Lithuania 1.75 % Real Interest Rate Lithuania -1.75 % Inflation Luxembourg 3.18 % Interest Rate Luxembourg 1.00 % Real Interest Rate Luxembourg -2.18 % Inflation Malta 1.30 % Interest Rate Malta 1.00 % Real Interest Rate Malta -0.30 % Inflation Netherlands 2.50 % Interest Rate Netherlands 1.00 % Real Interest Rate Netherlands -1.50 % Inflation Poland 4.50 % Interest Rate Poland 4.50 % Real Interest Rate Poland 0.00 % Inflation Portugal 3.50 % Interest Rate Portugal 1.00 % Real Interest Rate Portugal -2.50 % Inflation Republic of  Ireland 2.45 % Inflation Rate Republic of Ireland 1.00 % Real Interest Rate Republic of Ireland -1.45 % Inflation Romania 3.20 % Interest Rate Romania 5.75 % Real Interest Rate Romania -2.55 % Inflation Slovakia 4.60 % Interest Rate Slovakia 1.00 % Real Interest Rate Slovakia -3.60 % Inflation Slovenia 4.60 % Interest Rate Slovenia 1.00 % Real Interest Rate Slovenia -3.60 % Inflation Spain 2.40 % Interest Rate Spain 1.00 % Real Interest Rate Spain -1.40 % Inflation Sweden 0.40 % Interest Rate Sweden 1.75 % Real Interest Rate Sweden +1.35 % Inflation United Kingdom 4.20 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 3.70 %

Inflation rate, Interest rate
and Real Interest rate of some countries: end of Q3 2011  - September

 Inflation by Country Inflation   Rate P.A. Interest Rate by Country Interest   Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 3.5 % Interest Rate Australia 4.75 % Real Interest Rate Australia +1.25 % Inflation Canada 3.2 % Interest Rate Canada 1.00 % Real Interest Rate Canada -2.20 % Inflation Euro-Zone 3.0 % Interest Rate Euro-Zone 1.5 % Real Interest Rate Euro-Zone -1.50 % Inflation New Zealand 4.6 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand -2.10 % Inflation United Kingdom 5.2 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -4.70 % Inflation United State 3.9 % Interest Rate United State 0.25 % Real Interest Rate United State -3.65 % Inflation by Country of European Union Interest Rate by Country of European Union Real Interest Rate by Country of European Union Inflation Austria 3.5 % Interest Rate Austria 1.50 % Real Interest Rate  Austria -2.05 % Inflation Belgium 3.55 % Interest Rate Belgium 1.50 % Real Interest Rate  Belgium -2.05% Inflation Bulgaria 2.9 % Interest Rate Bulgaria 0.22 % Real Interest Rate Bulgaria -2.7 % Inflation Cyprus 2.5 % Interest Rate Cyprus 1.50 % Real Interest Rate Cyprus -1.00 % Inflation Czech Republic 1.8 % Interest Rate Czech Republic 0.75 % Real Interest Rate Czech Republic -1.05 % Inflation Denmark 2.5 % Interest Rate Denmark 1.55 % Real Interest Rate Denmark -0.95 % Inflation Estonia 5.4 % Interest Rate Estonia 1.50 % Real Interest Rate Estonia -3.90 % Inflation Finland 3.7 % Interest Rate Finland 1.50 % Real Interest Rate Finland -2.20 % Inflation France 2.4 % Interest Rate France 1.50 % Real Interest Rate France -0.90 % Inflation Germany 2.6% Interest Rate Germany 1.50 % Real Interest Rate Germany -1.10 % Inflation Greece 3.05 % Interest Rate Greece 1.50 % Real Interest Rate Greece -1.55 % Inflation Hungary 3.7 % Interest Rate Hungary 6.00 % Real Interest Rate Hungary +2.30 % Inflation Italy 3.0 % Interest Rate Italy 1.50 % Real Interest Rate Italy -1.5 % Inflation Latvia 4.5 % Interest Rate Latvia 3.50 % Real Interest Rate Latvia -1.00 % Inflation Lithuania 4.7% Interest Rate Lithuania 2.25 % Real Interest Rate Lithuania -2.45 % Inflation Luxembourg 3.34 % Interest Rate Luxembourg 1.50 % Real Interest Rate Luxembourg -1.84 % Inflation Malta 2.7 % Interest Rate Malta 1.50 % Real Interest Rate Malta -1.20 % Inflation Netherlands 3.0 % Interest Rate Netherlands 1.50 % Real Interest Rate Netherlands -1.50 % Inflation Poland 3.86 % Interest Rate Poland 4.50 % Real Interest Rate Poland +0.64 % Inflation Portugal 3.56 % Interest Rate Portugal 1.50 % Real Interest Rate Portugal -2.06 % Inflation Republic of  Ireland 2.6 % Inflation Rate Republic of Ireland 1.50 % Real Interest Rate Republic of Ireland -1.10 % Inflation Romania 3.5 % Interest Rate Romania 6.25 % Real Interest Rate Romania +2.75 % Inflation Slovakia 4.26 % Interest Rate Slovakia 1.50 % Real Interest Rate Slovakia -2.76 % Inflation Slovenia 2.1 % Interest Rate Slovenia 1.50 % Real Interest Rate Slovenia -0.60 % Inflation Spain 3.14 % Interest Rate Spain 1.50 % Real Interest Rate Spain -1.64 % Inflation Sweden 2.89 % Interest Rate Sweden 2.00 % Real Interest Rate Sweden -0.89 % Inflation United Kingdom 5.2 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 4.70 %

Inflation rate, Interest rate and Real Interest rate of some countries: end of Q2 2011  - June

 Inflation by Country Inflation   Rate P.A. Interest Rate by Country Interest   Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 3.6 % Interest Rate Australia 4.75 % Real Interest Rate Australia +1.15 % Inflation Canada 3.1 % Interest Rate Canada 1.00 % Real Interest Rate Canada -2.30 % Inflation Euro-Zone 3.1 % Interest Rate Euro-Zone 1.5 % Real Interest Rate Euro-Zone -1.60 % Inflation New Zealand 5.3 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand -2.80 % Inflation United Kingdom 4.2 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -3.70 % Inflation United State 3.6 % Interest Rate United State 0.25 % Real Interest Rate United State -3.35 % Inflation by Country of European Union Interest Rate by Country of European Union Real Interest Rate by Country of European Union Inflation Austria 3.3 % Interest Rate Austria 1.50 % Real Interest Rate  Austria -1.80 % Inflation Belgium 3.1 % Interest Rate Belgium 1.50 % Real Interest Rate  Belgium -1.60 % Inflation Bulgaria 3.4 % Interest Rate Bulgaria 0.22 % Real Interest Rate Bulgaria -3.18 % Inflation Cyprus 4.5 % Interest Rate Cyprus 1.50 % Real Interest Rate Cyprus -3.00 % Inflation Czech Republic 1.8 % Interest Rate Czech Republic 0.75 % Real Interest Rate Czech Republic -1.05 % Inflation Denmark 3.0 % Interest Rate Denmark 1.3 % Real Interest Rate Denmark -1.70 % Inflation Estonia 5.4 % Interest Rate Estonia 1.50 % Real Interest Rate Estonia -3.90 % Inflation Finland 3.5 % Interest Rate Finland 1.50 % Real Interest Rate Finland -2.00 % Inflation France 2.1 % Interest Rate France 1.50 % Real Interest Rate France -0.60 % Inflation Germany 2.3 % Interest Rate Germany 1.50 % Real Interest Rate Germany -0.80 % Inflation Greece 3.3 % Interest Rate Greece 1.50 % Real Interest Rate Greece -1.80 % Inflation Hungary 3.5 % Interest Rate Hungary 6.00 % Real Interest Rate Hungary +2.50 % Inflation Italy 2.7 % Interest Rate Italy 1.50 % Real Interest Rate Italy -1.20 % Inflation Latvia 4.8 % Interest Rate Latvia 3.50 % Real Interest Rate Latvia -1.30 % Inflation Lithuania 5.0 % Interest Rate Lithuania 2.00 % Real Interest Rate Lithuania -3.00 % Inflation Luxembourg 3.7 % Interest Rate Luxembourg 1.50 % Real Interest Rate Luxembourg -2.20 % Inflation Malta 3.1 % Interest Rate Malta 1.50 % Real Interest Rate Malta -1.60 % Inflation Netherlands 2.3 % Interest Rate Netherlands 1.50 % Real Interest Rate Netherlands -0.80 % Inflation Poland 4.2 % Interest Rate Poland 4.50 % Real Interest Rate Poland +0.30 % Inflation Portugal 3.4 % Interest Rate Portugal 1.50 % Real Interest Rate Portugal -2.60 % Inflation Republic of   Ireland 2.7 % Inflation Rate Republic of Ireland 1.50 % Real Interest Rate Republic of Ireland -1.20 % Inflation Romania 8.0 % Interest Rate Romania 6.25 % Real Interest Rate Romania -1.75 % Inflation Slovakia 4.0 % Interest Rate Slovakia 1.50 % Real Interest Rate Slovakia -2.50 % Inflation Slovenia 2.2 % Interest Rate Slovenia 1.50 % Real Interest Rate Slovenia -0.70 % Inflation Spain 3.5 % Interest Rate Spain 1.50 % Real Interest Rate Spain -2.00 % Inflation Sweden 3.1 % Interest Rate Sweden 2.00 % Real Interest Rate Sweden -1.10 % Inflation United Kingdom 4.2 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 3.70 %

Inflation rateInterest rate and Real Interest rate of some countries: end of Q1 2011 - March

 Inflation by Country Inflation  Rate P.A. Interest Rate by Country Interest  Rate P.A. Real Interest Rate by Country Real Interest Rate P.A. Inflation Australia 3.3 % Interest Rate Australia 4.75 % Real Interest Rate Australia +1.45 % Inflation Canada 3.3 % Interest Rate Canada 1.00 % Real Interest Rate Canada -2.30 % Inflation Euro-Zone 2.8 % Interest Rate Euro-Zone 1.25 % Real Interest Rate Euro-Zone -1.55 % Inflation New Zealand 4.5 % Interest Rate New Zealand 2.50 % Real Interest Rate New Zealand -2.00 % Inflation United Kingdom 4.5 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom -4.00 % Inflation United State 3.2 % Interest Rate United State 0.25 % Real Interest Rate United State -2.95 % Inflation by Country ofEuropean Union Interest Rate by Country ofEuropean Union Real Interest Rate by Country ofEuropean Union Inflation Austria 3.1 % Interest Rate Austria 1.25 % Real Interest Rate  Austria -1.85 % Inflation Belgium 3.3 % Interest Rate Belgium 1.25 % Real Interest Rate  Belgium -2.05 % Inflation Bulgaria 4.6 % Interest Rate Bulgaria 0.19 % Real Interest Rate Bulgaria -4.41 % Inflation Cyprus 4.3 % Interest Rate Cyprus 1.25 % Real Interest Rate Cyprus -3.05 % Inflation Czech Republic 1.6 % Interest Rate Czech Republic 0.75 % Real Interest Rate Czech Republic -0.85 % Inflation Denmark 2.9 % Interest Rate Denmark 1.3 % Real Interest Rate Denmark -1.6 % Inflation Estonia 5.4 % Interest Rate Estonia 1.25 % Real Interest Rate Estonia -4.15 % Inflation Finland 3.3 % Interest Rate Finland 1.25 % Real Interest Rate Finland -2.05 % Inflation France 2.1 % Interest Rate France 1.25 % Real Interest Rate France -0.85 % Inflation Germany 2.6 % Interest Rate Germany 1.25 % Real Interest Rate Germany -1.35 % Inflation Greece 3.9 % Interest Rate Greece 1.25 % Real Interest Rate Greece -2.65 % Inflation Hungary 4.7 % Interest Rate Hungary 6.00 % Real Interest Rate Hungary +1.30 % Inflation Italy 2.6 % Interest Rate Italy 1.25 % Real Interest Rate Italy -1.35 % Inflation Latvia 4.5 % Interest Rate Latvia 3.50 % Real Interest Rate Latvia -1.00 % Inflation Lithuania 4.4 % Interest Rate Lithuania 2.00 % Real Interest Rate Lithuania -2.40 % Inflation Luxembourg 3.7 % Interest Rate Luxembourg 1.25 % Real Interest Rate Luxembourg -2.45 % Inflation Malta 2.8 % Interest Rate Malta 1.25 % Real Interest Rate Malta -1.55 % Inflation Netherlands 2.1 % Interest Rate Netherlands 1.25 % Real Interest Rate Netherlands -0.85 % Inflation Poland 4.5 % Interest Rate Poland 4.25 % Real Interest Rate Poland -0.25 % Inflation Portugal 4.1 % Interest Rate Portugal 1.25 % Real Interest Rate Portugal -2.85 % Inflation Republic of Ireland 3.0 % Inflation Rate Republic of Ireland 1.25 % Real Interest Rate Republic of Ireland -1.75 % Inflation Romania 8.3 % Interest Rate Romania 6.25 % Real Interest Rate Romania -2.05 % Inflation Slovakia 3.9 % Interest Rate Slovakia 1.25 % Real Interest Rate Slovakia -2.65 % Inflation Slovenia 1.99 % Interest Rate Slovenia 1.25 % Real Interest Rate Slovenia -0.74 % Inflation Spain 3.8 % Interest Rate Spain 1.25 % Real Interest Rate Spain -2.55 % Inflation Sweden 3.3 % Interest Rate Sweden 1.75 % Real Interest Rate Sweden -1.55 % Inflation United Kingdom 4.5 % Interest Rate United Kingdom 0.50 % Real Interest Rate United Kingdom - 4.00 %

Euro-Zone is composed of 17 countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. They share the same monetary policy and currency, Euro .

Euro-Zone countries are part of European Union.

European Union is composed of 27 countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Republic of Ireland,
Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom. They share the same economic and political views.
European Union
citizens can move freely between member states to live, work, study or retire in another European Union country.

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