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Today's Crunch Catalyst: Asian Banks Commence Cutting Credit Lines To French Banks, Sparking Self-Fulfilling Prophecies

Tyler Durden's picture


Remember how we joked (but were dead serious) that the IMF is now simply a figurehead organization, and the real global bailout cop is China? Well, that may not be the case for much long. Reuters has just broken news that at least one bank in Asia, and five other in process, has cut credit lines to major French lenders "as worries about the exposure of French banks to peripheral euro zone debt mounts, banking sources told Reuters on Thursday." Why is this worrying? Because as is by now well-known, the PBoC has been as aggressive a buyer in the primary market of European market as most European banks, which as is well-known immediately turn and pledge said debt as collateral to the ECB for 100 cents on the euro, and the fact that its proxies are now quietly withdrawing from the European market as lenders of last resort, is probably far worse news than a rumor that the S&P may cut France.

Reuters continues:

That sudden rise in risk perception, combined with sharp share price falls in French banks, prompted some banks in Asia to speed up reviews of counterparty risk and look at whether they should cut exposure to European lenders, sources at each of the six banks in Asia said. Contacted about the moves by the banks in Asia, a spokeswoman for top French lender BNP Paribas <BNPP.PA> in Paris said: "We never comment on market rumours."


Societe Generale <SOGN.PA> had no immediate comment to make while a spokeswoman for Credit Agricole <CAGR.PA>, which will publish its second-quarter earnings later in August, said the bank would not make any comment.


The banks in Asia and the sources -- a mix of risk officers, senior traders and loan bankers -- could not be identified because of the sensitive nature of the information.


The head of treasury risk management for Asia at one bank in Singapore said their credit lines to large French banks had been cut because of the perceived risks in lending to these counterparties.


"We've cut. The limits have been removed from the system. They have to seek approval on a case-by-case basis," the treasury risk official said. The bank official declined to name the French banks.


A senior credit trader in Singapore said that when a bank's shares fall that sharply their risk officer will automatically look at how much exposure they have to that lender.

And more:

Banks' heightened responses could exacerbate the market strains if they all acted simultaneously with portfolio-at-risk modelling, analysts said.


"The thing is if they all use it at the same time they will all sell at the same time when risk goes up, and that will drive prices down and it is like a snowball because then the prices go down and then your value-at-risk ratio will tell you 'oh, I must reduce my risk even more'," said Mark Matthews, head of research at Julius Baer.


Several of the traders and bankers in Asia said that while they had not cut all exposure to any particular institution, they were very cautious about taking on new trading positions with them.


A senior risk officer at a bank in Singapore said "obviously we are having a review", when asked if they were reassessing their positions with European counterparties.


Bankers and risk officers at the five institutions in Asia that were still dealing with French banks said that while short-term lending of up to 30 days was still taking place, they were conducting a thorough review of longer-term credit lines regardless of the type of transaction.


"It's all in relation to (our) take on a French bank's credit risk, regardless of whether it's a swap or interbank lending transaction," said a senior loan banker at a Japanese bank.

What happens next is well known to anyone who lived through the fall of 2008: credit lines withdrawn means investors dumping stock in droves, means depositors staging physical money runs, means more credit lines withdrawn, means immediate liquidity crunch, means rumors of insolvency, means self-fulfilling prophecy, means scramble to get funding first from ECB, then from Fed, but by then contagion has spread and the entire financial system is in danger of imploding, means several trillion in FX swap lines activated to prevent a run on the dollar, which also happens to be the funding currency, means another scramble to bail out capitalism.

Granted this is a downside case assessment.


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Thu, 08/11/2011 - 07:23 | 1550090 achmachat
achmachat's picture

physical bank run?
Dude... People have become way too passive for that!

Thu, 08/11/2011 - 07:36 | 1550113 RollOver
RollOver's picture

Now people do it over "Le Internet", probably not while watching soup de jour, but while reading ZeroHedge. Me guessing the latter folks are plenty buy now.

Thu, 08/11/2011 - 08:28 | 1550242 falak pema
falak pema's picture

rollover : plenty sell roll over and play it again Sam!

Thu, 08/11/2011 - 07:42 | 1550130 unum mountaineer
unum mountaineer's picture

tell that to wamu

Thu, 08/11/2011 - 07:24 | 1550094 Cojones
Cojones's picture

La merde a battu le ventilateur.

Thu, 08/11/2011 - 07:38 | 1550122 breezer1
breezer1's picture

c'est diddely quack, quack diddely,'pooh'.

Thu, 08/11/2011 - 07:44 | 1550135 Stumpy
Stumpy's picture

Not "battu". More "frappé" or "atteint".

Thu, 08/11/2011 - 08:43 | 1550304 Sudden Debt
Sudden Debt's picture

Q. Why don't Master Card and Visa work well in France?

A. They do not know how to say "CHARGE!"

Q: Why did the French plant trees along the Champs Elysees?

A: So the Germans could march in the shade.


Q: What do you call a French man killed defending his country?
A: I don't know either, its never happened!

Q: What Does "Maginot Line" mean in French?
A: "Speed bump ahead" 

Q: Why do the French never perform “the wave” at a soccer game?
A: Because, that’s a gesture reserved for use only in time of war. 

Raise your right hand if you like the French ... raise both hands if you are French. 

"Do you know it only took Germany three days to conquer France in WWII? And that's because it was raining."

The French have only one actual fighting war hero, Joan of Arc, and they turned her over to the enemy!

Q: Why do people always talk about the 'foreign legion'?
A: They couldn't find any French to join! 

Q: Why did the French plant trees along the Champs Elysees?
A: So the Germans could march in the shade. 


Thu, 08/11/2011 - 07:26 | 1550096 slaughterer
slaughterer's picture

"Granted this is a downside case assessment."

Any upside?

<total silence>

Guess not!

Thu, 08/11/2011 - 07:28 | 1550101 slaughterer
slaughterer's picture

And with this news item, ES futures go RED.  This web site is dangerous.  

Thu, 08/11/2011 - 07:33 | 1550107 wombats
wombats's picture

WOW!  Not RED, but it really did drop.  Just a coincidence I'm sure... <snarc>

Actually I'm sure the reall reason for any drop is probably global warmin.


Thu, 08/11/2011 - 07:54 | 1550161 Stumpy
Stumpy's picture

Pretty much red now.

Thu, 08/11/2011 - 08:21 | 1550226 Translational Lift
Translational Lift's picture

And....EU now considering a ban on short selling!!

Thu, 08/11/2011 - 07:30 | 1550102 wombats
wombats's picture

Bullish for BofA?

Thu, 08/11/2011 - 07:32 | 1550103 BeerGoggles
BeerGoggles's picture

Bloomberg were just saying yesterday how zerohedge caused many rumours. Guess ZH will be taken to court soon.

Thu, 08/11/2011 - 07:37 | 1550120 wombats
wombats's picture

Probably just have their URL conficated by Big SIS first.

Thu, 08/11/2011 - 07:39 | 1550124 Hedge Jobs
Hedge Jobs's picture

in the world of B'berg, CNN, CNBC, fox truth = rumours

Thu, 08/11/2011 - 07:41 | 1550128 MsCreant
MsCreant's picture

No, called in front of congress to account for their traitorous actions.

Thu, 08/11/2011 - 07:47 | 1550144 slaughterer
slaughterer's picture

I think the algos just scan the headlines of ZH at this point.  Tyler is the global MM.    

Thu, 08/11/2011 - 07:48 | 1550146 Bob
Bob's picture

So at least it will be immediately forgotten. 

Thu, 08/11/2011 - 07:33 | 1550104 slaughterer
slaughterer's picture

BOA = DOA (Already concluded last night here).  

Thu, 08/11/2011 - 07:34 | 1550108 Mad Mad Woman
Mad Mad Woman's picture

I said a couple of weeks ago that France will be the first domino to fall. Looks like it's coming true. Lots of people thought Italy would be the 1st to fall. It's going to be France. Moody's and S&P already gave them the kiss of death whethere they realize it or not. 

Are your seat belts fastened? Got extra cash stashed? Stocked up on basic necessities?

Thu, 08/11/2011 - 07:36 | 1550114 achmachat
achmachat's picture

Boxes of canned ravioli good until 2015.
Does this count as basic necessities?

Thu, 08/11/2011 - 07:41 | 1550129 centerline
centerline's picture

Yup.  You can eat that.

Thu, 08/11/2011 - 07:52 | 1550156 sabra1
sabra1's picture

damn!!! and i live in Quebec!!!!

Thu, 08/11/2011 - 07:56 | 1550168 Stumpy
Stumpy's picture

So do I. And I'm evaluating scenarios where I'm better off to my homeland region, far away from big cities and where fishing, hunting and gathering are a way of life. Forget gold and silver there though, not sure if people had ever seen an ASE or a Maple.

Thu, 08/11/2011 - 08:39 | 1550289 sushi
sushi's picture

Freeze Dried poutine.  Good for a decade.

Thu, 08/11/2011 - 07:34 | 1550109 chinaguy
chinaguy's picture

Viva La Lehman!

Thu, 08/11/2011 - 08:27 | 1550239 gwar5
gwar5's picture

I thought you were off to buy more farmland, CG -- I'm with you on there, but gonna sit tight on my PMs too. 

The wobbly banks/sovereigns leaves few other options. Rolling economic blackouts appear to be in our future.

Thu, 08/11/2011 - 07:36 | 1550115 Paralympic Equity
Thu, 08/11/2011 - 07:36 | 1550116 TaxSlave
TaxSlave's picture

It's not bailing out capitalism.  It's killing capitalism.

What if the sheeple decide not to be enslaved by these debt-bonds?

That's right.  REPUDIATE!

This is the culmination of a century's worth of effort to make every citizen of the world beholden to the central banks through money-printing.  The only monkey wrench in the works is the internet.  People are waking up to the fact that they are being impoverished by money-printers, and waking up to the fact that the plan is to make them slave away forever to pay off paper-money debt with real goods.  A burden that can never be paid off.

It WILL NEVER be paid off.  The only question is, will you consent to be enslaved by them for it?

I say, it's not my debt, and I'm not paying it.  Let the damned banks fail.

Thu, 08/11/2011 - 09:56 | 1550608 Commander Cody
Commander Cody's picture

Capitalism?  I think we're bailing out fascists.

Thu, 08/11/2011 - 07:37 | 1550118 chump666
chump666's picture

the chinese are terrible investors, good savers, just have no idea how to invest in modern markets.

ez indexes are going red again.  

Thu, 08/11/2011 - 07:37 | 1550119 Re-Discovery
Re-Discovery's picture

... and it means the Fed will be extending $1 trillion in bailout funds to Eurozone as worthless fiat goes global.

Thu, 08/11/2011 - 07:38 | 1550121 twinshot
twinshot's picture

"a battu" ? "frappe" je pense mais pas battu, non?

Thu, 08/11/2011 - 07:46 | 1550141 Stumpy
Stumpy's picture

In Quebec, we would have said: "la marde" and not "la merde".

Thu, 08/11/2011 - 07:41 | 1550125 vast-dom
vast-dom's picture

So how is France not BBB+? What exactly is their true GDP? What exactly do they export? What do they exactly produce?


And then apply very same questions to the good ol' US of A.......

Thu, 08/11/2011 - 08:21 | 1550223 Sudden Debt
Sudden Debt's picture

What exactly do they export?



Thu, 08/11/2011 - 08:33 | 1550258 Helmholtz Watson
Helmholtz Watson's picture

What exactly do they export?


Wine, stinky cheese and an exceptionally undeserved level of arrogance

Thu, 08/11/2011 - 07:40 | 1550126 mfoste1
mfoste1's picture

EZ bank collapse, but US taxpayers will probably bail them out again, even though its obvious it doesnt work anymore

Thu, 08/11/2011 - 07:43 | 1550133 Bob
Bob's picture

More money always works . . . for banksters.

Thu, 08/11/2011 - 08:05 | 1550194 youngman
youngman's picture

About a month ago the Fed reopened up the cash window for Foreign banks....seems to me they knew what was going to happen....don´t worry the USA WILL be bailing out Europe......Secretly of least for two years...Banks always win

Tyler you need a checklist on your predictions.....I think we will hit one every week...

Thu, 08/11/2011 - 07:49 | 1550148 Peter K
Peter K's picture

And to think that the "silver bullet" to the present situation is for the Germans to pull out of the Euro. But that would bring to an end the 4th Reich (and the lastest socialist experiment)prematurely. But we can't let that happen, now can we?

Thu, 08/11/2011 - 07:59 | 1550176 vast-dom
vast-dom's picture

No not quite: 4th Reich REGROUPS and functions not as "partner" but as discount PURCHASER of Euro BARGAINS! And the war is won, sort of.....

Thu, 08/11/2011 - 07:42 | 1550131 Yen Cross
Yen Cross's picture

  And scumbag European Bankers buying dollars, to hide in Bernankes ass cheeks!  I'm livid!

Thu, 08/11/2011 - 07:42 | 1550132 Peter K
Peter K's picture

Socialism in its death throes.  And I still think that the one with the least socialized government will be the one that will survive the best. I'm putting my money on post Soviet Europe and the US.


Thu, 08/11/2011 - 07:43 | 1550136 Bazooka
Bazooka's picture

I have not posted for quite a while but have been enjoying my HUGE profits in VXX, FAZ.

(Those who followed my earlier posts weeks ago and profited too, cheers!)

It's All the Same Market (R. Prechter). I believe the current massive divergence you're seeing in Gold and Silver means Gold will fall like Icharus with melting wings. The fall will be more swift than its rise from $900 has been. Many tears will be shed...except from those who hold cash and shorts.

Mighty profits await us!

Thu, 08/11/2011 - 08:14 | 1550198 WonderDawg
WonderDawg's picture

I'm pretty much right there with you. I've been anticipating this for about a year. It's been a painful year, but it took less than 3 weeks to erase the gains the market has made in the last 12 months, so it appears those of us who didn't lose faith in Prechter after his numerous failed attempts to call a top are positioned favorably for this scenario.

Thu, 08/11/2011 - 08:57 | 1550333 taraxias
taraxias's picture

You mean there's someone out there who actually listened to Prechter and is still solvent?!!!!!

I'm never ceased to be amazed on here :)

Thu, 08/11/2011 - 07:44 | 1550138 williambanzai7
williambanzai7's picture

Thankfully, as Tim GEITHNER points out so astutely, Frankendodd has made the world as safer place.

Thu, 08/11/2011 - 07:46 | 1550139 Bazooka
Bazooka's picture

While our glorious president goes on vacation, his audacious mendacities on false hope and change has a stench that will always follow wherever he goes. Vacationing while 14 million are out of work! Vacationing while the nation is about to collapse into financial ruins! Vacationing while he has made zero change to the positive.....shame on you!

Thu, 08/11/2011 - 07:49 | 1550149 slaughterer
slaughterer's picture

At least Sarko zippered his pants back on and returned to Paris from his vacation on the beach when the SHTF.

Thu, 08/11/2011 - 07:52 | 1550153 Freewheelin Franklin
Freewheelin Franklin's picture

Carla Bruni is just a beard.

Thu, 08/11/2011 - 09:08 | 1550229 falak pema
falak pema's picture

blue beard's favorite poupée not his toupée!

Thu, 08/11/2011 - 07:52 | 1550155 Stumpy
Stumpy's picture

And our fine canadian prime minister, M. Harper, is licking butts in South America. He won't comment the US situation. Looks like he's trying to find new friends if/when US are not our best friend forever anymore.

Thu, 08/11/2011 - 08:28 | 1550245 darkpool2
darkpool2's picture

I have been thinking for a while now that as part of the " great reset" that we , as in Canada, stop looking south, but instead look across the Arctic ice/ waters and start teaming up with Russia---- kind of northern commodities zone. New reserve currency anyone? Commodities backed. Our biggest problem might be that we cannot build a 4000 mile fence quickly enough......but hey, Russian nukes!!!!!! Hmmmmmm.
( only PARTLY toungue in cheek----- dont want anyone choking on thier cornflakes)

Thu, 08/11/2011 - 13:46 | 1551480 Stumpy
Stumpy's picture

Economically, an interesting idea. A backstab to the US though. No coming back from this one.

But culturally, how do you bond with the Russian? With a lot booze?

Thu, 08/11/2011 - 07:57 | 1550171 MsCreant
MsCreant's picture

Nah, let him go, at least he won't do anything dumb or make dumb speeches (though he does tank markets nicely, he has that kind of power).

Thu, 08/11/2011 - 07:57 | 1550173 Dr. Engali
Dr. Engali's picture

Personaly I'm glad he went on vacation. It gets him off the damn TV.

Thu, 08/11/2011 - 08:10 | 1550205 WonderDawg
WonderDawg's picture

Stand down, fellows, he doesn't go on vacation til the end of the month. Of course, by then the markets will be in ruin, but it won't affect his tee time.

Thu, 08/11/2011 - 08:04 | 1550188 slackrabbit
slackrabbit's picture

You mean he's not there to screw anything up, nor sell us all out?

Finally, change I can believe in.

Thu, 08/11/2011 - 07:46 | 1550140 Freewheelin Franklin
Freewheelin Franklin's picture

Je ne sais quoi, bitchez

Thu, 08/11/2011 - 07:50 | 1550150 Sudden Debt
Sudden Debt's picture


There was this Asian guy last weekend with a knife pointing to a drunk Frenchman who couldn't keep his hands from that Asian guy's girl and that Asian guy was constantly yelling:


He didn't really look like a banker.... but is was weekend... can't expect them to wear a ty and a suit in the weekends right?


Thu, 08/11/2011 - 07:54 | 1550163 gratefultraveller
gratefultraveller's picture

OT Facebook starting to censor clips of people speaking up about the riots in London? Tried to post this link

and got the message: "sorry, facebook unable to update your status at this time"...

Thu, 08/11/2011 - 08:09 | 1550199 TaxSlave
TaxSlave's picture

Link worked for me.

Thu, 08/11/2011 - 07:55 | 1550164 Dr. Engali
Dr. Engali's picture

When do they start cutting lines to BAC?

Thu, 08/11/2011 - 07:59 | 1550175 MsCreant
MsCreant's picture

After what happened with Citi and the Arab who tried to bail them out, I bet that is a done deal already.

Thu, 08/11/2011 - 08:06 | 1550195 Yen Cross
Yen Cross's picture

Excellent comment!  I guess that Crude surplus "AKA" slush fund dried up?

Thu, 08/11/2011 - 07:58 | 1550174 rsnoble
rsnoble's picture

'Get money from the ECB first and then the FED'??? Uh---aren't we in enough mess here?  Trillions on wars, trillions to foreign coutries, trillions to banksters and now it's time to drop the hammer on grandma, the disabled and unemployed.  Shameful!!

This whole situation reminds me of my dad and my brother who is a drug addict.  Brothers been milking dad for 20 years now.  Finally dad has nothing left to give him.  Brothers house that he paid off is now foreclosed on, all the cars are gone, brothers living in a shelter and still doing drugs every chance he gets.  Are our leaders drug addicts??  One look at Geitner would certainly confirm that.

Thu, 08/11/2011 - 08:02 | 1550183 Irish66
Irish66's picture

Unemployment lawyer says "companies fighting against workers, to get unemployment"

Thu, 08/11/2011 - 08:04 | 1550189 rsnoble
rsnoble's picture

They've always done that.  But it's worse now.  That's ok because in the end they'll get theres: less money to spend, less jobs, less profit.  We're all going down in flames just some sooner than others.

Thu, 08/11/2011 - 08:10 | 1550206 youngman
youngman's picture

I was amazed to hear that teachers file for unemployment for their summer break...what a crock...and Michigan cut off 30,000 students off of food stamps in college...come on....we are doomed I say..doomed...and this is just the tip of the iceberg..

Thu, 08/11/2011 - 08:02 | 1550184 rsnoble
rsnoble's picture

I mean really......look at the results.  Elect a coke snorting cowboy and a sociopath oil tycoon and look what happend.  The stupidity of people is just amazing, I live in a rural area with all farmers and according to them 100% of the problem is obama.  And no, im not a dem I just call it like I see it.  For instance.......let's not forget who started nafta and who signed it in.  Something is seriously wrong around here.

Thu, 08/11/2011 - 08:04 | 1550190 Yen Cross
Yen Cross's picture

  just wait until the " Nuclear Blimp" Explodes in the U.S.  People are Fed ( LITERALLY) up!   London will look like " Wood Stock"!

Thu, 08/11/2011 - 08:08 | 1550197 Captain Benny
Captain Benny's picture

Not to encourage a bank run or anything, but now is the time that people should really be withdrawing cash from their bank accounts and stashing it safely.  When BAC fails, the bank run in America will force a bank holiday and we know from history where that leads us.

Thu, 08/11/2011 - 08:13 | 1550212 TaxSlave
TaxSlave's picture

Not to worry.  They'll be paid off with wheelbarrows of one-ply eventually.  Anyone who has that much in there now has got a serious case of Faith.  Which will soon be rewarded.

Anyone just now waking up would be well advised to take the Captain's advice and turn a major fraction of that one-ply into something useful.

Thu, 08/11/2011 - 08:18 | 1550222 falak pema
falak pema's picture

mad dogs and english rags under the mid-day sun...headless chickens running over the edge.

Thu, 08/11/2011 - 08:21 | 1550224 johnnymustardseed
johnnymustardseed's picture

Les Misérables USA Tour Stops

Bank of America - October 2011

Citi Bank  -September 2011

Wells Fargo - January 2012

JP Morgan  - May 2012

Morgan Stanley  June 2012

Ticket are at will call, standing room only


Thu, 08/11/2011 - 08:21 | 1550225 youngman
youngman's picture

Now there is talk of banning short selling in Europe.....on either banks or the whole market

Thu, 08/11/2011 - 08:23 | 1550227 High Plains Drifter
High Plains Drifter's picture

does mr grant, know that the rothschild cartel owns most of the world gold , and its means of supply, as well as all of the world central banks? i am sure he does but since he is a lonely wasp, in new york , conversations about real truths, cannot be uttered especially by some goy slave.....  such discussion on CNBC are interestingly different for a change but in reality, unrealistic and devoid of any comon sense and anti american. the gold standard is a false promise based upon is a controlled option that should not be considered whatsoever.

Thu, 08/11/2011 - 08:24 | 1550232 EvlTheCat
EvlTheCat's picture

Anyone else catch the Purdential add on the left hand side?

Love their new slogan:

"Making sure people don't outlive their money!"

Thu, 08/11/2011 - 08:49 | 1550318 hardcleareye
hardcleareye's picture

I thought that was the Feds slogan...  it's hard not to dip into you captial if you can't live off your interest.

Thu, 08/11/2011 - 08:25 | 1550233 falak pema
falak pema's picture

The french have declared they will sell no champagne to China, until this mess blows over.

Thu, 08/11/2011 - 08:31 | 1550252 gwar5
gwar5's picture

Peak banks, bitchez.

Rolling economic blackouts ahead?

Thu, 08/11/2011 - 08:32 | 1550257 windcatcher
windcatcher's picture

TD said, last paragraph: “means another scramble to bail out capitalism”.

Capitalism? That should be plural and not singular. There are two kinds of Capitalism:

Main Street American Capitalism which employees 70% of Americans and Multinational Corporate Centralized Bankster Capitalism.

You know, like the great fascist Benito Mussolini once stated. “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.”

Funny, Chinese Communism is also that ideal structure, the perfect centralized fascist tool. That is a marriage made in hell and the death of American Main Street Capitalism.

Tell me where would America be if the trillions of dollars of taxpayer money/debt would have been spent “stimulating” Main Street Capitalism?

Thu, 08/11/2011 - 08:54 | 1550327 slewie the pi-rat
slewie the pi-rat's picture

well, i like the part about the "snowball effect" ccaused by:  "Banks' heightened responses (which) could exacerbate the market strains if they all acted simultaneously with portfolio-at-risk modelling, analysts said.

in slewienomics, we call this The Ponzi Collapse!

of course, this is tyler's "downside" risk assessment.  and, speaking of black helicopterZ, i was wonder what the paper losser were on the equities, and i found the answer right here on zH this morning:  $8 Tril (in todays dollars, we must assume).

Thu, 08/11/2011 - 09:17 | 1550407 Itsalie
Itsalie's picture

Reuters made it clear it's a Singapore-based bank, that's not chinese. I bet my last sous the Chinese PBoC proxies (aka CIC and SAFE and yes you smart people in the City) are all busily snapping up all the high-yielding PIIGUS papers. And correction, the chinese are not terrible investors, its the CCP that is doing all the heroic stuff like buying US toilet papers and PIIGUS sanitation napkins.

Wed, 09/14/2011 - 05:47 | 1667669 chinawholesaler
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