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Economic publications and analysis reflect the opinion of Crédit Agricole S.A. on the date of publication, unless otherwise specified (in the case of outside contributors). Such opinion is subject to change without notice. Economic publications and analysis are provided for informational purposes only. The information and analyses contained are not to be construed as an offer to sell or as a solicitation whatsoever. Crédit Agricole S.A. orEmporiki Bank - BulgariaEAD shall not be responsible in any manner for direct, indirect, special or consequential damages, however caused, arising therefrom. Crédit Agricole S.A. does not warrant the accuracy or completeness of such opinions, nor of the sources of information upon which they are based, although such sources of information are considered reliable. Emporiki Bank - Bulgaria EAD or Crédit Agricole S.A. therefore shall not be responsible in any manner for direct, indirect, special or consequential damages, however caused, arising from the disclosure or use of the information contained in the publications.