Tuesday, September 27, 2011

Causes of the Eurozone Crisis (Part 2): Policy Implications

In the previous post I sketched out the origins of the eurozone crisis, and argued that powerful systemic forces, not irresponsible behavior, pushed the periphery countries toward crisis – and may well have done so no matter what the peripheral eurozone countries had done. The common currency encouraged (in fact, was designed to encourage) large-scale capital flows from the eurozone (EZ) core to periphery. We know from experience that such “capital flow bonanzas” are susceptible to sudden changes in investor sentiment, and very often come to a sudden stop. The sudden stop in this case happened in 2009 (exploring the specific reasons for that stop is interesting, but will have to wait for another day), made it difficult for the periphery countries to roll over their debt, and thus caused a crisis.

But note that other aspects of the common currency meant that the odds were stacked even more heavily against the peripheral EZ countries. Euro-adoption not only set the stage for the crisis by encouraging a capital flow bonanza to the EZ periphery; it also made it impossible for the periphery countries to deal with the sudden stop to those capital flows if and when it came. In his excellent recent paper (pdf), Paul De Grauwe has pointed out that the adoption of the euro by Europe’s periphery effectively caused them to be “downgraded to the status of emerging countries”, in the sense that they could no longer issue sovereign debt in their own currency. This made those countries peculiarly vulnerable to changes in investor sentiment. As Paul Krugman recently put it, thanks to the common currency, the periphery countries lacked the tools to manage their balance of payments.

Given that, the heavy firepower for dealing with the crisis necessarily had to come from the rest of the EZ, i.e. the core (by which I generally mean Germany, France, Benelux, Austria, and maybe Finland). But does this understanding of the origins of the crisis tell us anything else about proper policy responses?

Immediate Implications

1. Being judgmental is not helpful.
One of the objections raised by some who oppose support from the EZ core to the periphery is that such a bailout of the periphery countries may just encourage future irresponsible behavior. The periphery behaved badly, according to that argument, must pay the price, and clean up its own mess.

But if the very structure of the common currency area contained the essential ingredients for this crisis, and if the easy answer (namely, that the crisis is due to the irresponsible behavior of the periphery countries) is not the right answer, then such an argument no longer works. Since the crisis was largely the result of forces outside the control of the EZ periphery countries, it’s not appropriate to try to punish those countries through the bitter medicine of insufficient assistance. In other words, this crisis should not be turned into a morality story.

2. Austerity is not helpful.
Severe fiscal austerity by the periphery EZ countries has been the condition attached to assistance from the core EZ. But that austerity requirement brings with it several problems.

First, it is largely counterproductive with respect to reducing annual deficits; a simple textbook example illustrates how fiscal contraction during a recession will typically fail to meet deficit reduction goals, because the austerity itself makes the recession worse. That’s exactly why Greece keeps missing its deficit reduction goals: not because they aren’t trying hard enough, but because it’s inherently unrealistic and unreasonable to try to balance a budget through austerity during a recession.

Second, austerity is completely counterproductive with respect to reducing debt burdens. As the economy shrinks thanks to austerity, the debt burden skyrockets relative to the country's income. Just look at the debt, GDP, and debt-to-GDP ratios for Greece to see how that works. It's no wonder that it has recently become crystal clear that Greece will never have enough income to repay this level of debt. (Note: data from Eurostat; 2011 figures are forecast.)

But finally, and most importantly in the context of this analysis, austerity shifts most of the burden of dealing with the crisis onto the EZ periphery countries. And that means that citizens of the core EZ countries like Germany, France, and Benelux are essentially getting a free ride.

All of the members of the EZ have enjoyed the benefits of the common currency; that's apparent simply from the fact that they have worked so hard to construct and maintain it (recent evidence notwithstanding). Many of those benefits are political, but some are baldly financial as well: the large capital flows from the EZ core to the periphery during the years 1999-2007 are evidence that investors in the core EZ countries enjoyed and took full advantage of the high returns they could get on new investment opportunities in the periphery. Furthermore, the capital outflows from the core meant that the core EZ countries had to run current account surpluses; they have been able to enjoy significantly stronger exports for the past 10 years thanks to the euro.

But there is a fundamental asymmetry that goes along with international capital flows: the country on the receiving end risks a serious financial crisis when that flow stops, while the country that is the source of the capital bears no similar risk. In other words, the periphery of the EZ bore the bulk of the systemic risks inherent to the common currency area, while the benefits were shared by both the core and the periphery. In a sense, the periphery countries “took one for the team” when they allowed themselves to be placed at risk for the greater good of the entire eurozone. Given that, it doesn’t seem appropriate that the burden of solving the crisis should be placed so overwhelmingly on the periphery countries that had such little control over the crisis to begin with. Trying to solve the crisis primarily through austerity is thus just plain unfair. (For reference, I provide an estimate of the cost of the eurozone crisis to its members.)

3. Shared responsibility is very helpful.
The opposite of trying to solve the crisis through austerity – which places the burden of escaping from the crisis on the periphery countries themselves – is for the core EZ countries to substantially share the cost of getting out of this mess. Once it is clear that the systemic risk of crisis that came along with the creation of the euro was borne disproportionately by the EZ periphery, while the benefits of the common currency were enjoyed by both core and periphery, the calculus of how to respond to the crisis changes. In that context, substantial assistance from the core to the periphery in response to the crisis is not only helpful, but can in fact be viewed as the responsibility of the core EZ countries. The degree to which they choose to accept that responsibility – and pay for it – will determine how the crisis is resolved.

And let’s not kid ourselves about something: policy-makers in Europe know exactly how the crisis can be solved. It’s not a mystery that if the core EZ countries contribute sufficient funds to finance Greece’s debts for the foreseeable future, accept a substantial write-down on the amount owed by Greece, and provide funds to recapitalize banks in Greece and elsewhere in the EZ, then the crisis will be over. So the question is simply whether the core EZ countries are willing to pay that required price. If they are, then the EZ will remain intact. If not, it will not. The current debate going on among European policy-makers is simply the unpretty process of figuring out the answer to that question.

After the Crisis

Suppose that at some point the EZ emerges from this crisis. And let’s be as hopeful as possible, and further suppose that the EZ emerges more-or-less intact, i.e. with most or all of its member countries still exclusively using the euro. What then?

The problem is that the logic that led to this crisis will not have changed. At some point, if financial integration and convergence between the core and periphery is to resume, there will once again be capital flows from the EZ core to the periphery. It might take 10 or 15 years, but investors at some point will regain confidence and once more try to seek out the higher returns that are available in the periphery countries. And the recipients of the resulting capital flows will once again be vulnerable to a sudden stop. And they will once again lack any policy tools to deal with it when it happens. So can anything be done to fundamentally make the eurozone system more stable?

A few thoughts come to mind.

1. Impose policies to reduce capital flows.
Every financial crisis seems to generate renewed suggestions from economists that it might make sense to use policy to slow down international capital mobility, and this one should do the same. The most famous incarnation of this idea is the Tobin Tax, the suggestion put forward by Nobel prize-winning economist James Tobin in the early 1970s that each international transaction (in his case he was specifically talking about currency transactions) be subject to a small transaction tax. This would make investors think more carefully and move more slowly both into and out of international capital markets.

2. Make explicit institutional changes to explicitly support the EZ periphery countries ahead of time.
One of the reasons that this crisis has gotten so bad is that the EZ periphery countries lacked any tools to deal with it, largely because in a common currency area they have no central bank to fall back on in the event of a liquidity crunch. This problem can be solved, however, through a number of steps. For example, if the ECB promises to provide unlimited liquidity to any EZ country that needs it. Yes, the Maastricht treaty would probably have to be amended. And yes, such a policy could potentially be expensive for the core EZ countries. But crucially, it would be a mechanism for the EZ core to carry its share of the burdens that come with the currency union. Paul De Grauwe's paper suggests other institutional changes that would help. But details aside, the point is basically quite simple: one way or another, if the eurozone is going to survive in the long run, there needs to be a recognition that since all members benefit from the common currency, all will have to pay the price of dealing with its vulnerabilities when they arise.

3. Restrict the eurozone to the core.
If the core EZ countries are simply not willing to accept the burden of substantially footing the bill to clean up the mess left by a capital markets crisis, then the only real remaining solution will be to make sure that all of the countries using the euro are similar enough that there won’t be any large-scale capital flows from one to another. If there are no significant and systematic capital flows within the EZ, then the likelihood of crisis goes away. The remaining eurozone would probably be half of its current size; but it would be stable.

The basic choice that policy-makers face is therefore fundamentally the same in both the short-run and the long-run: the core EZ countries need to be willing to pay a substantial portion of the cost of fixing the current mess, and they need to be willing to remain on the hook for any similar future events. In return, they will be able to continue enjoying the substantial political and economic benefits that the euro has brought them. If they decide that it’s not worth the price, then the eurozone will not continue to exist in its current form for much longer.


  1. Protesilaos Stavrou11:27 AM

    Dear Mr.Kash Mansori,

    I read both parts of your analysis and I must admit that I largely agree with your diagnosis that the crisis is systemic. Your focus (at least in these two parts - I do not know in other articles) was on the structural trade deficits, the capital inflows of the periphery vis a vis the center and the lack of any mechanism that would counter this imbalance. Yet the crisis of the euro, is not just about trade deficits, though these are indeed at the heart of the problem. The crisis of the euro also encompasses a banking sector crisis.

    The European banking system is verging on insolvency, since it was never cleansed from all the pre-2008 toxic paper it had, and has instead accumulated more of that toxic waste in the form of government bonds from practically insolvent sovereigns (there already are talks of massive haircuts in an orderly Greek default, at the end of 2011 or at some point between early 2012 / early 2013 - depending on a number of factors). It is a given fact that a vast amont of sovereign debt is held by the private sector (mainly banks). European banks within the Euro area are not regulated by a single eurowide authority, but are subject to regulations from individual states. This has the effect of producing the sort of derisory stress tests we had this year and the last. European banks are in desperate need for capital. This is in fact why the Greek deb restructuring is delayed, since there has not yet been any plan of containing the resulting shock wave.

    Your analysis is spot on. I would just like to draw to your attention or your readers' two of my recent articles on the broader issue. The first is an explanation of the profound differences between a currency union and a fixed exchange rate and how a euro exit of Greece would trigger a series of cascades that would eventually tear apart the single currency: http://protes-stavrou.blogspot.com/2011/09/currency-union-vs-fixed-exchange-rate.html#.ToHogeyg17s

    And the second is an analysis on the political dimension of the matter, on why European leaders instist on not treating the crisis as a systemic problem that requires system-wide solutions; and on what is the path of political action they will follow in the near-to-medium term. The crisis in Europe is certainly systemic, but is also deeply political: http://protes-stavrou.blogspot.com/2011/09/crisis-of-euro-is-deeply-political.html

    Congratulations for your blog. You just gained a new reader.
    Thank you.

  2. Qualified to Represent...11:33 AM

    Thanks for the most honest, comprehensive, and concise explanation of the euro zone crisis, and for your frank discussion of the future. It seems that part of the current crisis is a failure of european integration- they wanted a little bit at a time, perhaps, but not the whole thing at once. This may have been politically palatable, but evidently economically not so. Given the mood coming from the euro zone core countries against further attempts at fiscal integration, it seems the euro is doomed.

  3. Serious Sam11:33 AM

    "austerity shifts most of the burden of dealing with the crisis onto the EZ periphery countries. And that means that citizens of the core EZ countries like Germany, France, and Benelux are essentially getting a free ride."

    Free ride? To me as German citizen it appears that the direct and indirect bail-out packages which are in increasing numbers and volumes heaped onto our shoulders are a pretty heavy burden; for us and for generations to come.

    As for the GIPSIs: as long as they don't manage to reach a trade balance (or better: surplus), there is no chance that they can reduce their debts by internal financing. Unfortunately, the structural changes which are required to achieve this are not even in the planning yet.

    As long as these changes are not in force, the cross border subsidising will go on. And as long as the cross border subsidising goes on, the changes will not happen. A perfect vicious circle.

  4. bhalperin1:13 PM

    "3. Restrict the eurozone to the core."

    Perhaps it would make more sense rather to restrict the eurozone to the periphery, and the core could create a new currency area. This could be a superior strategy since, if the PIIGS left the eurozone, their new currencies would instantly plummet, making euro-denominated debts two or three times harder to pay off. If the core left instead, the euro denominated debts would not be deflated, and it would solve the problem of an overvalued currency.

    On the other hand, the periphery would still not be able to issue their own currency-denominated bonds.

  5. Vassilis Monastiriotis5:37 PM

    <p>(continues from my previous message)
    </p><p>Instead, what is<span> </span>more strikingly<span> </span>missing from the "systemic" argument, is a discussion<span> </span>of a more fundamental “cause”, namely the fact that with ECB targeting<span> </span>“average” inflation and Germany implementing deflationary policies, ECB rates were BY DEFINITION expansionary for countries like Greece, which meant credit expansion (especially to households - despite your table suggesting otherwise, credit expansion in Greece has been accelerating continuously prior to the crisis) and thus<span> </span>– given that Greece produces hardly anything, at least in terms of durables – more imports and a deterioration of the CA.<span> </span>
    </p><p><span> </span>
    </p><p><span>But then I guess that this becomes rather inconvenient for the argument that is being presented here, in that the<span> </span>“systemic cause” becomes a “local cause”: it was Greece that didn’t control its credit expansion; it was Greece that didn’t control its CA; it was Greece that, despite the<span> </span>credit expansion, failed to run a primary surplus (not to mention a balanced budget) even at a time when it was achieving nominal<span> </span>growth rates of over<span> </span>7% per annum; it was Greece that didn’t restructure its economy; it was Greece that didn’t manage to attract more, and more productive, FDI.<span> </span>And still today, comparing with what is happening elsewhere in Europe, from Ireland to Latvia and from Spain/Portugal to Bulgaria/Romania, allof whom are starting to recover, it is Greece that is unable to<span> </span>return to growth and primary surpluses even after having received a bailout equal to 35% of its total debt.</span>

  6. Vassilis Monastiriotis5:38 PM

    (last part of my message - the system wouldn't upload it all in one go)

    <p><span>I am not in disagreement about the shortcomings of the institutional design (and political context) of EMU. But let’s not forget that the crisis erupted NOT when inflation rates started diverging inside the Eurozone (i.e., due to asymmetry / interest rates), NOR when inward FDI collapsed (i.e., due to reallocation / catch-up growth): it started when a Greek government allowed its deficit to spiral out of control (and initially lied about it) and when another Greek government, which replaced the first, agreed to a set of actions that CREATED a permanent recession and fuelled uncertainty in the financial markets (including inflating the debt actuarially, but above all implementing austerity policies without compensatory measures to support investment / job-creation – and with hastily-designed half-hearted reforms on the side). You can blame it to the Germans for not taking action when they should (in January 2010), but I don’t think you can blame it on “EMU asymmetry”.</span>
    </p><p><span> </span>
    </p><p><span>Let’s face it: if it wasn’t for Greece, the Eurozone crisis wouldn’t have happened. No matter how systemic the “systemic causes”<span> </span>may have been, the crisis couldn’t have started from Portugal or Spain and definitely not Italy…</span>

  7. ComradeAnon10:44 AM

    So, Goldman Sachs DOES rule the world.

  8. Anonymous6:27 AM

    Dont you have anythin  better to do than boring everybody to death with your pseudo-scientific, pseudo-factfinding, pseudo-causal arguments.

  9. takloo5:32 PM

    At some point in the future shouldn't the trade imbalances even out and as a result reduce the capital inflows to the periphery? there are only so many investment opportunities... unless the periphery truly turns into profligate consumption spending like the US

  10. Anonymous6:39 AM

    Very interesting analysis.It's a "relief" to see that there are minds thinking outside this single-minded eurozone policy.But unfortunately the EZ core ,as it seems up till now, is not willing to take any responsibility and at least admit the benefits they enjoyed ,for almost a decade, from flourishing of the periphery economies.What will happen noone knows since the EZ tries to void trieties signed in the past 3 months showing that there is no strategic plan or at least a viable one.It would be interesting though to read one of your analysis concerning the connection of the EZ crysis to the global capital flow as it is being formed today.Cheers from Greece.

  11. Marcel2:35 PM

    Disbanding the Euro would be the solution. The lower middle classes and lower classes (income) have not profited at all, in fact their wealth is destroyed by the Euro and the transfers of their money to the bankers.

  12. Anonymous9:57 AM

    I was recommended this website by my cousin. I am not sure whether this post is written

    by him as nobody else know such detailed about my difficulty.
    You are incredible! Thanks!
    Here is my homepage http://www.thespainforum.com/f151/

  13. Anonymous8:55 PM

    Hey there! I know this is kind of off topic

    but I was wondering which blog platform are you using for this site?

    I'm getting fed up of

    Wordpress because I've had issues with hackers and
    I'm looking at alternatives for another platform. I

    would be awesome if you could point me in the direction of a good platform.
    Look at my web page : http://www.keywordspeak.com

  14. Anonymous9:07 PM

    I do love the manner in which you have presented this specific challenge and it does present us some fodder for thought.
    However, through what precisely I

    have observed, I just simply

    wish when the feed-back pile on that people keep

    on point and not get started upon a soap box of the news du jour.
    Yet, thank you for this

    exceptional piece and even though I do not really concur with this
    in totality, I value

    the standpoint.
    my web site: กรุงเทพมหานคร

  15. Anonymous9:15 PM

    Wonderful web site. Lots of useful

    info here. I’m sending it to some friends ans also sharing in delicious.

    And naturally, thanks for your sweat!
    Feel free to surf my web-site - http://www.diysolarheatingspain.com/forum.html

  16. Anonymous11:02 PM

    I do not even know how I finished up here,

    however I thought this publish was once great.


    don't realize who you are but definitely you are going to a well-known blogger if you happen to are not already ;) Cheers!
    Feel free to surf my web site ... Www.alboxproperty.Com

  17. Anonymous3:30 AM

    Hello there, just was alert to your weblog via Google, and found that it is truly informative.
    I am gonna

    be careful for brussels. I’ll appreciate
    if you proceed this in future. Many folks might be

    out of your writing. Cheers!
    Also see my page: Www.catralproperty.net

  18. Anonymous3:54 AM

    Throughout the grand pattern of things you actually get
    an A with regard to hard work. Exactly

    where you actually confused everybody ended up being in all the details.
    As they say, the devil is in the details... And that couldn't be

    much more correct at this point. Having said that, let me say to you exactly what

    did give good results. Your text

    can be very

    engaging and this is most likely why

    I am making an effort to comment. I do not really make it a regular habit of

    doing that. 2nd, while I can

    certainly see the leaps in logic you make, I am not confident of just how you seem to

    unite the details which in turn produce

    the actual conclusion. For right now I shall subscribe to your position however hope in the foreseeable future you connect your dots much better.
    Take a look at my web-site http://chilepedia.cl/index.php?title=Carolina_Sportfishing_Review:_Striped_bass_Flounder_Speaking_spanish_Mackerel

  19. Anonymous6:36 AM

    Thank you for another informative website. Where else
    could I get that type of

    info written in such an ideal way? I've a project that I am just now working on,

    and I have been on the look out for such information.
    Also see my site - radiojona.blogspot.fr

  20. Anonymous8:02 AM

    Wow, incredible blog layout! How long have you been blogging for?

    you made blogging look easy. The overall look of your website is

    magnificent, let alone the content!
    Also visit my weblog - http://agrasen.blogspot.fr/

  21. Anonymous5:06 PM

    Of course, what a great website and revealing posts, I definitely will bookmark your

    website.All the Best!
    My website: 10 Day Weather Forecast Los Alcazares Murcia

  22. Anonymous4:00 AM

    Currently it seems like

    Wordpress is the best blogging platform available right now.

    (from what I've read) Is that

    what you're using on your blog?

    Also visit my blog post; university of vigo in galicia spain
    Also see my site: staind raining again lyrics

  23. Anonymous12:14 AM

    I'm usually to running a blog and i really appreciate your content. The article has actually peaks my interest. I am going to bookmark your

    website and hold checking for new information.

    Also visit my blog post - almeriaproperty.tumblr.com
    Feel free to visit my web-site ; Alhaurin de la Torre Property

  24. Anonymous2:36 AM

    excellent publish, very informative. I

    ponder why the other specialists of this sector do not notice this.

    You should continue your writing. I am confident, you have a huge readers'

    base already!

    Here is my website mielno.pl
    Feel free to visit my web site - Travel packages

  25. Anonymous6:39 AM

    Good day! This post couldn't be written any better!

    Reading this post reminds me of my previous room mate! He always kept chatting

    about this. I will forward this write-up to him. Fairly certain he will have a good read.

    Thanks for sharing!

    Feel free to surf to my blog post ... www.illegalpropertyspain.com
    Also see my web site: Http://Www.Villasspainproperty.Com/

  26. Anonymous12:27 PM

    As I web site possessor I believe the content matter here is rattling excellent ,
    appreciate it for your efforts. You should keep it up forever!

    Best of luck.

    Also visit my weblog ... csl.unac.edu.pe
    Also visit my web-site rick stein's spain bbc listings

  27. Anonymous1:51 PM

    I have learn some just right stuff here. Definitely price bookmarking for revisiting.
    I surprise how so much attempt you put to make one of these fantastic informative web site.

    Visit my webpage - 2012 doomsday films
    Also see my web page :: 2011 nfl standings week 7

  28. Anonymous8:09 AM

    Of course, what a fantastic blog and instructive posts, I surely will bookmark your

    website.All the Best!

    Review my web-site; topseobacklinks.com
    My website Satellite TV Costa Blanca Spain

  29. Anonymous8:09 AM

    Good website! I really love how it is easy on my eyes and the data are well written.

    I am wondering how I might be notified when a new post has been made.

    I have subscribed

    to your RSS feed which must do the trick! Have a great day!

    Feel free to surf to my homepage; natorach.cba.pl
    Look at my homepage : Freesat TV Costa Blanca Spain

  30. Anonymous9:27 PM

    Hello. remarkable job. I did not expect

    this. This is a great story. Thanks!

    Look into my web site: galerieolsen.keogratuit.com
    Stop by my web site - Living

  31. Anonymous3:46 AM

    Hi there! Quick question that's entirely off

    topic. Do you know how to make your site mobile friendly? My website looks weird when

    viewing from my apple iphone. I'm trying to find a template or plugin that

    might be able to resolve this issue. If you have any recommendations, please share.

    Appreciate it!

    my site - http://www.maxmpeg.com/
    Feel free to surf my web blog : Elche Spain weather

  32. Anonymous6:50 AM

    Hello. splendid job. I did not expect

    this. This is a impressive story. Thanks!

    Check out my blog - http://www.neopac-lighting.com/index.php/component/k2/item/8-mezlan-mens-tyson-oxford/en/component/k2/
    My web page > loungefly wallet

  33. Anonymous6:05 PM

    I like the helpful info you provide in your articles. I’ll
    bookmark your weblog

    and check again here regularly. I am quite certain I’ll learn lots of new stuff right here!
    Good luck for the next!

    Have a look at my web page ... www.twise.co.jp
    My web site :: spain property forum Pilar de la Horadada

  34. Anonymous12:06 AM

    hi!,I like your writing very so much! proportion we

    keep up a correspondence extra about your post

    on AOL? I require an expert in this house to solve my

    problem. May be that's you! Looking ahead to

    look you.

    my weblog ting0308.pixnet.net
    Check out my page :: current tracfone promo codes

  35. Anonymous3:57 PM

    Its like you read my mind! You seem to know so much about
    this, like you wrote the book in it or

    something. I think that you could do with some pics to drive the message
    home a little bit, but

    other than that, this is excellent blog. An excellent read.
    I'll definitely be back.

    Here is my blog :: catalog.cixx6.com
    My web site :: t shirt printing techniques

  36. Anonymous3:56 AM

    There are some fascinating points in time in this article but I
    don’t know if I see all of them center to heart.

    There's some validity but I'll take maintain opinion till I look into it

    further. Good article , thanks and we would like more! Added to FeedBurner as

    Here is my blog post cryptoparty.org

  37. Anonymous7:01 AM

    It is really a great and helpful piece of info. I am glad that
    you shared this

    helpful info with us. Please keep us up to date like
    this. Thanks for

    Have a look at my web-site - zakladki.no1.mielno.pl

  38. Anonymous11:23 AM

    I have been reading out a few of your posts and
    it's clever stuff. I will

    definitely bookmark your blog.
    Here is my site ; http://liens.mediaslibres.lautre.net/search.php/all/エン ?

  39. Anonymous3:19 PM

    Hi, i feel that i noticed you visited my web site
    thus i

    came to “go back the prefer”.I'm trying to in

    finding things to enhance my web site!I guess its

    ok to make use of some of your ideas!!
    my web page > knewledge.org

  40. Anonymous4:14 PM

    I'm still learning from you, but I'm improving myself.
    I absolutely enjoy reading all

    that is written on your blog.Keep the information coming. I
    loved it!
    Stop by my site ... http://judges.cwars.ru/

  41. Anonymous1:12 PM

    very nice publish, i certainly love this web site,

    carry on it
    Feel free to visit my blog www.frenadesonoticias.org

  42. Anonymous4:59 PM

    Heya this is kind of of off topic but I was

    wanting to know if blogs use WYSIWYG editors or if you
    have to manually code with HTML. I'm starting a blog soon but have

    no coding know-how so I wanted to get advice from someone with

    experience. Any help would be greatly appreciated!
    Here is my site ; www.Earthinginstitute.net

  43. Anonymous6:40 PM

    Heya are using Wordpress for your blog platform? I'm new to the

    blog world but I'm trying to get started and set up my own.

    Do you require any html coding

    knowledge to make your own blog? Any help would be really appreciated!
    Also visit my homepage ; edinoborstva.bosa.org.ua

  44. Anonymous8:16 PM

    Good - I should definitely pronounce, impressed with your website.

    I had no trouble

    navigating through all tabs and related info ended up being truly easy to do

    to access. I recently found what I hoped for before you know it in the least.
    Reasonably unusual. Is

    likely to appreciate it for those who add forums or anything, web site theme .
    a tones way for

    your client to communicate. Nice task..
    Take a look at my web blog - kubadabrowski.blogspot.fr

  45. Anonymous9:36 PM

    My developer is trying to persuade me to move to
    .net from PHP. I have always disliked the

    idea because of the expenses. But he's tryiong none the less. I've been using Movable-type on a number

    of websites for about a year and am worried about

    switching to another platform. I have heard excellent things about blogengine.

    net. Is

    there a way I can import all my wordpress content into it?
    Any help would be

    greatly appreciated!
    my website :: http://otwartakultura.ekyo.pl/index.php5?title=Użytkownik:CatherinaEllis81

  46. Anonymous11:37 PM

    Please let me know if you're looking for a article writer for your site. You

    have some really great posts and I think I would be a good asset. If you ever want to take

    some of the load off, I'd absolutely love to write some articles for
    your blog in

    exchange for a link back to mine. Please shoot me an email if
    interested. Thanks!
    Feel free to surf my page : http://ecoles.ac-rouen.fr

  47. Anonymous11:54 PM

    I in addition to my pals ended up reviewing the best information found on the
    website and then at once I got a

    terrible feeling I had not thanked the web
    site owner for

    those tips. Most of the guys

    appeared to be certainly stimulated to study

    them and have now very much been having fun with those
    things. Thanks for actually being quite thoughtful and for

    settling on such perfect topics millions

    of individuals are really eager to learn about. My honest apologies for

    not expressing gratitude to earlier.
    Also visit my website inventforum.com

  48. Anonymous1:35 AM

    Hey! Would you mind if I share your blog with my

    twitter group? There's a lot of people that I think would really enjoy your content.

    Please let me know. Thank you
    Have a look at my site ... demo-phpmotion.com

  49. Anonymous6:36 AM

    Thank you for another informative website. Where else could I get that
    type of

    info written in such a perfect way? I've a project that I'm just now working on,

    and I've been on the look out for such info.
    my webpage :: Rocksrecipies.Blogspot.com

  50. Anonymous6:38 AM

    I have been browsing online greater than three hours nowadays, yet I by no means found any fascinating article
    like yours. It’s pretty value enough for me.
    In my view, if all website owners and bloggers made

    good content material as you probably did,
    the net might

    be much more useful than ever before.
    my webpage :: http://tivo.pixnet.net/blog/post/27767935

  51. Anonymous11:52 AM

    I was suggested this blog by my cousin. I am not sure whether this post is written

    by him as no one else know such detailed about
    my trouble. You're

    wonderful! Thanks!
    My webpage > http://Nemsisprojectresearch.blogspot.com/2013/02/movimento-5-stelle-vince-scenario-primi.html?m=1

  52. Anonymous8:10 AM

    I do trust all the ideas you have

    introduced on your post. They're really convincing and can certainly work. Still, the posts are very quick for

    beginners. Could you please lengthen them a bit from

    subsequent time? Thanks for the post.
    Also visit my homepage ; wikis.collingwood.org

  53. Anonymous7:51 AM

    Someone necessarily help to make severely posts I might state.

    That is the first time I

    frequented your web page and so far? I amazed with the

    research you made to create this particular post extraordinary.
    Excellent job!
    My blog : http://www.authenticlinks.com/Sports/british-inadequacy-e-l-fs-golden-goddess-twinkle-metal-madness-nail-polishes

  54. Anonymous9:11 PM

    Wow that was odd. I just wrote an very long comment but after I clicked

    submit my comment didn't appear. Grrrr... well I'm not writing all that over again.
    Anyways, just wanted to say wonderful blog!
    my webpage - http://Dewberry.mapwindow.org/

  55. Anonymous12:35 PM

    You really make it seem so easy along with your

    presentation however I in finding this matter to be
    actually one thing

    that I think I might never understand. It sort of

    feels too complex and very wide for me. I am

    taking a look ahead on your next post, I will try to get the
    grasp of it!
    Stop by my web blog :: http://byrdjb.pixnet.net/blog/post/56219448-the-house-of-america-

  56. Anonymous9:22 AM

    Fantastic beat ! I wish to apprentice while you amend your website, how can i subscribe for a
    blog site? The account helped me a

    acceptable deal. I had been tiny bit acquainted of this your
    broadcast offered bright clear

    My page - kunal-cg.blogspot.ru

  57. Anonymous11:23 AM

    That is the proper blog for anybody who desires to seek out out about this topic.

    notice so much its almost onerous to

    argue with you (not that I truly would need…HaHa).
    You positively put a brand new spin on a topic thats been written about for years.

    Nice stuff, just

    Feel free to visit my blog - www.fresnodigitalworkshops.com

  58. Anonymous10:30 PM

    Howdy! Someone in my Myspace group shared this
    site with us so I

    came to take a look. I'm definitely enjoying the information. I'm

    bookmarking and will be tweeting this to my followers!

    Wonderful blog and excellent

    design and style.
    Take a look at my web site : Catalinapordios.Blogspot.com

  59. Anonymous11:07 PM

    I wish to show thanks to you for rescuing me from this

    situation. Just after exploring throughout the

    search engines and obtaining

    principles which are not

    pleasant, I was thinking my life was

    over. Being alive without the presence of

    answers to the difficulties you have

    resolved by means of your

    good post is a critical case, as well as ones

    that might have in a negative way

    damaged my entire career if I had not encountered your blog.
    Your competence and kindness in taking care of all the stuff was very useful.
    I don't know what I would've done if I had not discovered such a
    solution like this. I can also at

    this time look ahead to my future. Thanks a lot very much
    for your expert and

    results-oriented guide. I will not be reluctant to refer your web sites to any person who
    should get direction

    about this subject.
    Feel free to visit my web page http://openccdb.org/

  60. Anonymous7:44 PM

    Hey! I just want to give a huge thumbs up for the
    great data you may have here on this post. I will probably be coming again to your blog for extra soon.
    Here is my web blog authenticlinks.com

  61. Anonymous8:32 PM

    Excellent goods from you, man. I've understand your stuff previous to and

    you're just too excellent. I actually like what

    you've acquired here, really like what you're stating and
    the way in which you

    say it. You make it entertaining and you still take care of to keep it
    sensible. I

    can not wait to read far more from you. This is really a wonderful site.
    my page :: http://fiutzxq.gdmwhgaqwp.ukohkrmgnv.agjv.forum.mythem.es/peaufinons/gefeit/ichinink

  62. Anonymous1:29 AM

    I do accept as true with all the ideas you have

    presented to your post. They are really convincing and

    will certainly work. Nonetheless, the posts are too short for novices.
    Could you please lengthen them a bit from

    subsequent time? Thank you for the post.
    Also visit my blog post ... e2ya554.bbs.mythem.es

  63. Anonymous6:16 AM

    I would like to voice my gratitude for your generosity for men who must have help
    with your area. Your special dedication

    to passing the solution all through has been unbelievably

    insightful and has specifically enabled many people like me to reach their ambitions.


    tutorial can mean

    much to me and further more to my office colleagues.

    With thanks; from everyone of us.
    Feel free to surf my blog post : http://www.adfty.net/story.php?id=1434720

  64. Anonymous11:51 PM

    I have read several good stuff here. Certainly worth bookmarking for revisiting.


    wonder how much effort you put to make such a excellent

    informative website.
    my webpage - http://liens.mediaslibres.lautre.net/search.php/all/Make Up Kismet: Have You Hit Pan Recently?

  65. Anonymous9:59 AM

    I've been surfing online more than three hours nowadays, yet I by no means discovered any attention-

    grabbing article like yours. It’s pretty value enough for me. Personally, if all website owners and bloggers made excellent content material as you probably did, the internet might

    be much more helpful than ever before.
    Look into my page :: authenticlinks.com

  66. Anonymous4:35 AM

    Hi there! Someone in my Myspace group shared this website with us
    so I

    came to check it out. I'm definitely loving the information. I'm

    bookmarking and will be tweeting this to my followers!
    Fantastic blog and terrific

    style and design.
    My site www.xeroxtoneri.com

  67. Anonymous10:10 PM

    Hi! This post couldn't be written any better!

    Reading through this post reminds me of my old room mate! He always kept talking

    about this. I will forward this article to him. Pretty sure he will have a good read.

    Thanks for sharing!

    Also visit my webpage - http://socialfy.lbriones.com/story.php?title=anvaendaremitsuerodriguez1989-martinuswiki

  68. Anonymous7:09 AM

    The app cοntains online maps that ωill proνiԁe very ѕmall spaсeѕ like
    200 sq ft and administratіve serѵices like
    answering the phone simplу ѕаyѕ ABC Inс.
    Whether іt is cаsh that wіll
    genеrate the businеss most demand and hаνe the oрportunity I would welcοme
    a similar rebuttal from уou ωith facts іnsteаd
    of рlatitudeѕ, as to how to іmprоve
    іt. This is in contrаst to the globalized apρroach,
    whіch we гevieωeԁ busineѕs nearly a
    year earlier.

    Also visіt my ωеb ρage; phoenix internet marketing company

  69. Anonymous3:19 PM

    I’m not that much of a online reader to be honest but your blogs really nice, keep it up!
    I'll go ahead

    and bookmark your site to come back later on. Many


    My blog - www.24-7press.com

  70. Anonymous8:24 AM

    Very good written article. It will be valuable to anyone who employess it, including me.

    Keep doing what you are doing - i will definitely read more posts.

    Here is my web site media.vitalland.hu

  71. Anonymous1:22 AM

    I would like to thank you for the efforts you have put
    in writing this web site. I

    am hoping the same high-grade site post from you in the upcoming also.

    Actually your creative writing skills has inspired me to get my own site

    now. Really the blogging is spreading its wings rapidly.
    Your write up is a great

    example of it.

    my web-site; www.retardface.com

  72. Anonymous5:06 AM

    This is very interesting, You're a very skilled blogger. I've joined your rss feed and

    look forward to seeking more of your fantastic post. Also, I have shared

    your web site in my social networks!

    Also visit my site; distractsonline.co.uk

  73. Anonymous7:08 AM

    My brother recommended I might like this web site.

    He was

    once entirely right. This put up actually made my day. You cann't

    consider simply how a lot time I had spent for this info! Thanks!

    Feel free to visit my weblog ... http://directory.idigitalnet.com

  74. Anonymous9:36 AM

    Greetings from Ohio! I'm bored at

    work so I decided to check out your blog on my iphone during lunch break. I enjoy the information you present here and can't wait
    to take a look when I get home. I'm

    surprised at how fast your blog loaded on my mobile .. I'm not even
    using WIFI,

    just 3G .. Anyhow, great site!

    My website :: toodbook.com

  75. Anonymous12:44 AM

    You made some decent points there. I looked on the internet for the
    topic and found most individuals will agree with

    your site.

    my page: exoticcarrentaldirectory.com

  76. Anonymous3:06 AM

    Hi! I'm at work browsing your blog from my new apple iphone! Just wanted to say I love reading through your blog and look forward to all your

    posts! Carry on the fantastic work!

    Also visit my blog - http://www.gamestribune.com/

  77. Anonymous3:06 AM

    Hi! I'm at work browsing your blog from my new apple iphone! Just wanted to say I love reading through your blog and look forward to all your

    posts! Carry on the fantastic work!

    Also visit my blog post - http://www.gamestribune.com/

  78. Anonymous5:24 AM

    I discovered your blog site on google and verify a number of
    of your early posts. Continue to keep up the

    superb operate. I simply additional up your RSS feed to my MSN News Reader.

    In search of forward to studying extra from you in a while!

    My web site punahou.edu

  79. Anonymous12:23 AM

    Definitely believe that which you stated. Your favorite justification seemed to be on the internet the easiest thing to be aware of.
    I say to you, I

    certainly get irked while people consider worries that they just don't know

    about. You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people can take a signal. Will probably be back to get more. Thanks

    Feel free to visit my site - Www.authenticlinks.com

  80. Anonymous12:23 AM

    Heya i’m for the first time here. I came across
    this board and I in finding It

    really helpful & it helped me out a lot. I'm hoping to present something again and aid others like you helped me.

    My blog - www.piccardthof.nl

  81. Anonymous8:41 AM

    Hello! I've been following your web site for a while now and finally got the courage to go ahead and give you a shout out from Lubbock Texas! Just wanted to mention

    keep up the great work!

    Feel free to surf to my website; edu.ua

  82. Anonymous11:27 AM

    I'm extremely impressed with your writing skills as well as with the layout on your

    weblog. Is this a paid theme or did you modify it yourself? Anyway keep up the nice

    quality writing, it is rare to see a great blog like this one today..

    Feel free to surf to my weblog - christkorner.com

  83. Anonymous4:52 AM

    I believe that is one of the so much vital

    info for me. And i'm satisfied reading your article. However wanna observation on some basic things, The

    web site style is wonderful, the articles is actually great : D. Excellent task, cheers

    my web page :: www.kokchapress.net

  84. Anonymous3:35 AM

    I've been surfing online more than three hours today, yet I never found any interesting article

    like yours. It is pretty worth enough for me. Personally, if all webmasters and bloggers made good content as you did, the internet will be much more useful than ever before.

    Also visit my homepage; http://test.imkenberg.com/

  85. Anonymous3:35 AM

    I've been surfing online more than three hours today, yet I never found any interesting article

    like yours. It is pretty worth enough for me. Personally, if all webmasters and bloggers made good content as you did, the internet will be much more useful than ever before.

    My site ... http://test.imkenberg.com/

  86. Anonymous3:44 AM

    I'm still learning from you, as I'm making my way to the top as well.
    I certainly love reading everything

    that is posted on your blog.Keep the stories coming.


    enjoyed it!

    My homepage chaupal.biharfoundation.in

  87. Anonymous12:29 PM

    you could have a great blog here! would you wish to make some invite posts on my blog?

    Feel free to visit my homepage :: http://gamersadda.org/index.php?do=/profile-1471/info/

  88. Anonymous5:06 PM

    Thanks a lot for sharing this with all of us you really know what you are talking about!

    Bookmarked. Please also visit my website =). We could have a link exchange

    arrangement between us!

    Also visit my blog ... HTTP://intra.Vasemmisto.org

  89. Anonymous12:32 PM

    Way cool! Some eхtremely valid pointѕ!

    I apprеcіate you writing thiѕ article and also the геst of the webѕite is veгy good.

    Also visit mу web site: reputation management definition

  90. Anonymous3:36 AM

    While there are still small time businesses and local businesses who want to outsource your web search engine in Word Press.

    Here is my blog - engine optimization

  91. Anonymous4:04 AM

    Today, I went to the beachfront with my children.

    I found a sea shell and gave it to my 4 year old daughter and
    said "You can hear the ocean if you put this to your ear." She put the
    shell to her ear and screamed. There was a hermit crab
    inside and it pinched her ear. She never wants to go back!
    LoL I know this is totally off topic but I had to tell someone!

    Feel free to surf to my web blog: music

  92. Anonymous10:35 AM

    In total, six police officers stand accused in legal documents of having sexual Get My Boyfriend Back
    with a daily-experience sampling of both members of cohabiting couples.
    It may trigger emotions of sadness, anger, and the other is a victim.

    Feel free to surf to my web site ... poems to get him back

  93. Anonymous4:38 PM

    It's awesome to pay a visit this web page and reading the views of all colleagues regarding this piece of writing, while I am also eager of getting familiarity.

    Feel free to visit my web blog reputation management firms

  94. Anonymous9:55 AM

    The funny acrid evolution of video games have seen a trend that was never
    even thought of. Now around, just avail access these on the internet.

    Feel free to visit my homepage - video games ratings

  95. Anonymous8:05 AM

    Car insurance is а very competitivе іndustrу so the
    companies will do theіr bеst to earn your busіnеѕs.
    You'll get $100 off your Collision deductible the day you sign up. As mentioned earlier, the leasing company expects to receive the car back at lease end.

    my web page - short term car insurance

  96. Anonymous10:08 AM

    One monthѕ car іnsuгance at a strеtch wіll be a guarаnteeԁ winner
    in a gooԁ deal of cіrcumstаnces and sсenarios.
    Tо get goοd finаnсial quotes, уou
    need to consider basіc information suсh as age, gendeг,
    driѵing record, maгital ѕtatus, occupation,
    resiԁential areа and so on. Ιn other municіpalitіes, pοlice οfficеrѕ ωill not comе out to the scene of the accidеnt
    whеn minоr accidents are inѵοlveԁ.

    Alѕο visit my blog car insurance one day

  97. Anonymous11:39 AM

    This іs a topic that iѕ close to mу
    heart... Тhank you! Wheгe are
    уouг contact detaіlѕ though?

    Also visit mу web-ѕitе ... Fdcpavision.com

  98. Anonymous4:22 AM

    Thе good news, however, is that thе degree tо
    which caг insurаnce is cheаpeг for women ωill ԁecrease аѕ you get older.
    Yοu may аlso qualify for cheаp or even free
    breaκdown insurance and this is definitеlу worth
    looking into. Depending οn the policу, thiѕ typе of auto
    іnѕurаnсe might alѕo cover ρolicyhοldeгѕ anԁ
    their family membеrs when in otherѕ' vehicles, or when they are on foot and hit by a car.

    Here is my blog; http://www.alumniclassic.com/index.php/member/650210

  99. Anonymous6:32 AM

    Thanks very nice blog!

    my weblog: wrenchd.net

  100. Anonymous9:46 AM

    each time і uѕed to геаԁ smaller аrtiсlеs which as well clear theiг
    motivе, аnԁ that is аlѕo hapρеnіng
    with this агticlе whіch I
    am rеаding here.

    Also visіt mу webрagе: one day car insurance cover uk

  101. Anonymous8:04 PM

    Υou ωill also neеԁ tо consider 'linking' but will comе to
    that in аnother article. Ѕeaгch engine optіmization
    iѕ primаrіly used to incrеase rankingѕ in ЅERPs, and effеctivе
    SEO can increase the potential of your ωebѕite anԁ
    bring іn more traffiс. Above is an exаmрle
    of a You - Tube vіdеο ωe ρut together foг a
    client, Тours - Keу - Wеst.

    Ϻy site :: www.encadrer-et-manager.com

  102. Anonymous11:56 PM

    Some оf the pаrameteгѕ you cannot influence: agе of the ωeb sіte
    іs οne of them. Enviѕiоn the аbility you can hаvе
    if the entiгe first ρаge of google, yаhoо
    and mѕn was youг ѕites yοu wіll gеt tons of visіtοгs.
    Νeveгthelеss, ωhat many peοple havе nо ideа
    іs thаt the ѕоlutiоn tо supег fast ρage гatings іs

    my blog - seo tools software

  103. Anonymous8:57 AM

    This soгt оf insurance poliсу coveг is immediately obtаіnable аnd could be applіed in a
    varyіng arгay of ciгcumstаnсеs.
    Fоr examplе іf you arе hiring a driѵeг fοr your car οr yοu aге
    hіring somе one else's car or lending your car to your friend or going for vacation overseas or giving your car to your children going for picnic, whatever the case may be, your car should be insured. " No matter which commercial is your favorite, most of them are aimed to capture your attention and to get you to work out a short term or comprehensive car insurance deal with an agent from a specific company.

    My homepage cheapest one day car insurance cover

  104. Anonymous11:57 AM

    Магазин питания для спорта, официальный веб-сайт которого доступен по адресу: SportsNutrition-24.Com, реализует большой выбор товаров, которые принесут пользу и достижения как профессиональным спортсменам, так и любителям. Интернет-магазин производит свою деятельность многие годы, предоставляя клиентам со всей Рф высококачественное спортивное питание, а помимо этого витамины и особые препараты - https://sportsnutrition-24.com/bustery-gormona-rosta/. Спортпит представляет собой категорию продуктов, которая призвана не только улучшить спортивные достижения, но и благоприятно влияет на здоровье организма. Подобное питание вводится в повседневный рацион с целью получения микро- и макроэлементов, витаминов, аминокислот и белков, а кроме этого других недостающих веществ. Не секрет, что организм спортсмена в процессе наращивания мышечной массы и адаптации к повышенным нагрузкам, остро нуждается в должном количестве полезных веществ. При всем этом, даже правильное питание и употребление растительной, а кроме этого животной пищи - не гарантирует того, что организм получил необходимые аминокислоты либо белки. Чего нельзя сказать о качественном спортивном питании. Об наборе товаров Интернет-магазин "SportsNutrition-24.Com" реализует качественную продукцию, которая прошла ряд проверок и получила сертификаты качества. Посетив магазин, клиенты смогут найти для себя товары из следующих категорий: - L-карнитинг (Л-карнитин) представляет собой вещество, родственное витамину B, синтез которого осуществляется в организме; - гейнеры, представляющие из себя, белково-углеводные смеси; - BCAA - средства, содержащие в своем составе три важные аминокислоты, стимулирующие рост мышечной массы; - протеин - чистый белок, употреблять который можно в виде коктейлей; - различные аминокислоты; - а помимо этого ряд прочих товаров (нитробустеры, жиросжигатели, специальные препараты, хондропротекторы, бустеры гормона роста, тестобустеры и многое другое). Об оплате и доставке Интернет-магазин "SportsNutrition-24.Com" предлагает большое обилие товаров, которое полностью способно удовлетворить проф и начинающих атлетов, включая любителей. Большой опыт дозволил компании сделать связь с наикрупнейшими поставщиками и производителями питания для спорта, что позволило сделать ценовую политику гибкой, а цены - демократичными! Например, аминокислоты или гейнер заказать вы можете по цене, которая на 10-20% ниже, чем у конкурентов. Оплата возможна как наличным, так и безналичным расчетом. Магазин предлагает широкий выбор методов оплаты, включая оплату различными электронными платежными системами, а также дебетовыми и кредитными картами. Главный кабинет фирмы размещен в Санкт-Петербурге, но доставка товаров осуществляется во все населенные пункты РФ. Кроме самовывоза, получить товар можно при помощи любой транспортной организации, выбрать которую каждый клиент может в индивидуальном порядке.

  105. Anonymous5:29 AM

    Retivabet - наиболее перспективный и простой букмекерский веб-сайт - регистрация Retivabet. На интернет-сайте вы можете подобрать разнообразные виды развлечений на любой вкус: казино, букмекерские ставки, игры. В случае если вы любитель казино, здесь для вас предусмотрено все необходимое. Легкий доступ к игровым слотам, карточным играм и рулетке, а также возможность поучаствовать в турнире. Главная задача турнира - вырваться на лидирующие позиции в турнирной таблице, потому что крупный призовой фонд будет разделен между первыми тридцатью победителями. И чем выше ваша позиция в таблице, тем больший кусок пирога вам достанется. Для ценителей спорта Retivabet предлагает большой спектр ставок. Здесь представлены не только всемирно популярные чемпионаты и команды, но и новички из разных лиг и стран, что делает результат еще более волнительным и интересным. Футбол, баскетбол, хоккей, теннис, снукер, дартс, скачки, гонки и многое другое, на чем вы можете заработать хорошие деньги. Выбор за вами. Киберспорт кроме этого стал неотъемлемой частью букмекерской компании. Теперь клиент может делать ставки не только на Пре-Матчи, но и на игры в режиме онлайн, в любое время дня и ночи. Для того, чтобы стать клиентом огромной семьи Revitabet, требуется пройти регистрацию на интернет-сайте Retivabet.net. Это не займет более десяти минут, после чего новый клиент получает бонусы от организации, которыми в последствие, может пользоваться на свое усмотрение. Виды бонусов: - Приветственные; - Кешбэк с сумы ставок; - Бонус за серию проигрышей; - Экспресс бонус. Пополнение счета возможно разными вариантами, что делает это максимально удобным для клиентов. Можно использовать для пополнения и вывода денежных средств банковские карты, мобильные платежи, интернет банкинг. Никаких комиссий со стороны букмекерской компании, и даже приятные бонусы за пополнения. Никаких подводных камней, только прозрачно чистое и выгодное развлечение!

  106. Anonymous10:51 AM

    В последние годы известность зарубежных телесериалов и полнометражных кинофильмов бьет все рейтинги. Но где их вы можете посмотреть? В интернете множество онлайн-кинотеатров, которые предлагают просмотр увлекательных киноработ от зарубежных кинокомпаний - турецкие сериалы. Огромный выбор на любой вкус Но в особенности комфортно смотреть зарубежные сериалы и фильмы на портале Turksezon.net. На этой платформе представлена большущая подборка самых популярных кинофильмов. На площадке можно бесплатно смотреть разнообразные проекты: - турецкие; - колумбийские; - индийские; - бразильские. Все зарубежные проекты на площадке идут на российском языке. Привлекательно не только отличное качество перевода, да и высочайшее разрешение. Многие сериалы и полнометражное кино на интернет-сайте идут в формате 720 HD. Широкое обилие зарубежных кинофильмов - одна из особенностей онлайн-кинотеатра. На интернет-сайте представлены сериалы и полнометражное кино в самых различных жанрах. Здесь обязательно найдутся достойные внимания проекты для ценителей драм, фэнтези, боевиков, комедий. Есть множество криминальных, исторических, семейных и военных киноработ. В соответствующих рубриках находятся востребованные детективы, триллеры, мелодрамы. Фантастическое кино, в том числе киносериалы, вы можете получить в отдельном блоке. Такое ранжирование по жанрам очень комфортно для выбора подходящего фильма. Удобство поиска увлекательных кинофильмов Еще одна особенность онлайн-кинотеатра заключается в удобстве поиска интересного фильма. Каждый гость может найти кино, которое выпущено в определенный период. На интернет-сайте в отдельных блоках располагаются проекты, выпущенные с 2016 до 2022 годы соответственно. К каждому фильму на площадке идет небольшое, но вместительное описание. Благодаря ему каждый гость сумеет выбрать именно тот проект, что ему наиболее увлекателен.

  107. Anonymous9:08 AM

    Многие пользователи, накручивающие Инстаграм на платных сервисах, сталкиваются с тем, что со временем часть подписчиков пропадает. Они или списываются социальной сетью, или сами отписываются. Сайт Krutiminst.ru гарантируют качество - все подписчики реальные люди, и в случае если подписчики ушли, то Krutiminst вернет потраченные деньги - instagram накрутка подписчиков

  108. Anonymous8:49 PM

    Система бонусов и поощрений в БК 1хбет значительно повышает привлекательность компании в глазах пользователей. Очень выгодные предложения доступны и новичкам, и гостям, уже имеющим опыт работы на платформе. В числе впечатляющего набора бонусной программы очень легко потеряться. Каждый промокод 1хбет обеспечивает право на определенные преференции - промокод 1xbet.

  109. Anonymous1:45 PM

    В 2023 году промокод 1хбет предоставляющий наибольший бонус - 1XFREE777. Бонусные средства начисляются автоматически на отдельный счет и их сразу можно использовать для игры - 1хбет промокод на сегодня.