锟斤拷锟节癸拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷锟绞斤拷蟛糠锟斤拷锟斤拷锟斤拷诠锟斤拷蚀锟斤拷睿?2007锟斤拷锟铰帮拷锟斤拷锟斤拷锟斤拷锟轿达拷危锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟脚癸拷锟斤拷锟绞憋拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟剿固癸拷锟斤拷锟揭碉拷时锟斤拷锟斤拷缺锟斤拷盈锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷陆锟斤拷锟斤拷锟斤拷锟斤拷鸾ケ锟铰讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟?2008锟斤拷11锟铰猴拷通锟斤拷锟斤拷锟斤拷准锟斤拷锟斤拷要锟斤拷锟阶?锟斤拷锟绞斤拷确锟绞斤拷哟锟斤拷锟斤拷锟斤拷锟斤拷系锟斤拷支锟斤拷锟斤拷锟饺ｏ拷锟斤拷锟斤拷锟斤拷锟绞诧拷锟斤拷锟斤拷前锟斤拷位锟斤拷BTA BANK锟斤拷图锟斤拷-锟斤拷锟斤拷姆锟斤拷锟叫ｏ拷锟斤拷Alliance BANK锟斤拷锟斤拷锟斤拷锟斤拷锟叫ｏ拷锟斤拷2008锟斤拷4锟铰猴拷锟斤拷然锟饺猴拷锟斤拷锟斤拷停止锟斤拷锟斤拷锟斤拷锟斤拷债锟今，斤拷一锟斤拷凸锟斤拷锟剿癸拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟斤拷债锟斤拷违约锟斤拷锟秸★拷

    一锟斤拷锟斤拷锟斤拷锟轿达拷危锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟绞斤拷锟斤拷源锟斤拷删薮锟斤拷锟斤拷锟?
    2000 锟斤拷锟皆猴拷锟斤拷锟脚癸拷锟斤拷石锟酵价革拷锟斤拷锟斤拷锟斤拷锟斤拷锟节筹拷锟节★拷投锟绞和癸拷锟斤拷锟斤拷锟斤拷锟斤拷贫锟斤拷拢锟斤拷锟斤拷锟斤拷锟剿固癸拷锟斤拷寰?锟斤拷锟斤拷2000锟斤拷2007锟斤拷之锟戒保锟斤拷锟斤拷平锟斤拷 10.1%锟侥革拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟芥经锟矫的革拷锟斤拷锟斤拷锟斤拷锟酵斤拷锟斤拷锟斤拷系锟侥革拷锟斤拷平锟斤拷锟斤拷锟斤拷锟斤拷霉锟斤拷锟斤拷锟斤拷式锟斤拷锟斤拷锟斤拷锟较达拷锟斤拷锟斤拷锟斤拷锟斤拷幔?锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业通锟斤拷锟斤拷债锟斤拷锟绞伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟劫成筹拷锟侥捷撅拷锟斤拷
    2002锟斤拷2007 锟斤拷锟节间，锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟斤拷锟绞诧拷锟斤拷锟斤拷锟斤拷锟斤拷约11.8 锟斤拷锟斤拷锟斤拷平锟斤拷锟斤拷锟斤拷锟劫度达到57.2%锟斤拷锟斤拷同时锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷债水平也锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷2002锟斤拷2007 锟斤拷洌?锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟斤拷债锟杰讹拷锟斤拷锟斤拷锟斤拷约31.7 锟斤拷锟斤拷锟斤拷14.1 锟斤拷锟斤拷元锟斤拷锟斤拷锟斤拷459.5 锟斤拷锟斤拷元锟斤拷锟斤拷平锟斤拷锟斤拷锟斤拷锟劫讹拷为104.7%锟斤拷占同锟斤拷锟斤拷锟斤拷业锟绞诧拷锟杰讹拷谋锟斤拷锟斤拷锟?18.8%锟斤拷锟斤拷锟斤拷48.2%锟斤拷

    锟斤拷锟斤拷锟斤拷锟斤拷危锟斤拷全锟芥爆锟斤拷锟襟，癸拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业盈锟斤拷水平锟斤拷锟斤拷禄锟?
    2008 锟斤拷9 锟铰斤拷锟斤拷危锟斤拷全锟芥爆锟斤拷锟襟，癸拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷石锟酵猴拷农锟斤拷品锟桔革拷锟斤拷锟铰碉拷锟斤拷锟斤拷锟斤拷锟揭低?时锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷糯锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷2008 锟疥，锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷GDP 实锟斤拷锟斤拷锟斤拷锟斤拷2000锟斤拷2007 锟斤拷锟狡斤拷锟?10.1%锟斤拷锟斤拷禄锟斤拷锟?3%锟斤拷锟杰达拷影锟届，2008 锟斤拷锟斤拷锟斤拷锟剿固癸拷锟斤拷锟揭涤?锟斤拷水平锟斤拷锟斤拷迅锟斤拷锟铰斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷占锟饺匡拷锟斤拷锟斤拷锟斤拷锟斤拷锟捷癸拷锟斤拷锟斤拷斯坦锟斤拷锟节硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷某锟斤拷锟酵筹拷锟斤拷锟斤拷荩锟?2008 锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟叫撅拷锟斤拷锟斤拷锟杰讹拷为154 锟节硷拷辏ㄔ硷拷锟?1.28 锟斤拷锟斤拷元锟斤拷锟斤拷锟斤拷2007 锟斤拷锟斤拷锟斤拷锟?92.9%锟斤拷同锟节凤拷锟脚的革拷锟斤拷锟斤拷锟斤拷校锟斤拷锟斤拷舜锟斤拷锟斤拷占锟杰达拷锟斤拷锟侥ｏ拷谋锟斤拷锟斤拷锟?2007 锟斤拷锟斤拷锟?45.8%锟斤拷锟斤拷锟斤拷2008 锟斤拷10 锟铰碉拷52.7%锟斤拷锟斤拷锟剿达拷锟斤拷锟斤拷锟斤拷锟?1.6%锟斤拷锟斤拷锟斤拷3.3%锟斤拷

    锟斤拷锟斤拷锟斤拷要锟斤拷锟叫筹拷锟斤拷债锟斤拷违约
    2007 锟斤拷10 锟铰★拷2008 锟斤拷10 锟斤拷锟节间，锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰碉拷锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷权锟斤拷锟矫猴拷锟斤拷锟斤拷锟斤拷系锟斤拷锟矫凤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫的癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞斤拷锟饺憋拷锟接?锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟剿?锟斤拷锟斤拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟芥即锟斤拷锟诫“锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟脚达拷锟斤拷锟斤拷萎锟斤拷锟斤拷锟斤拷锟矫活动锟脚伙拷锟斤拷锟斤拷锟斤拷盈锟斤拷水平锟铰斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵★拷锟侥讹拷锟斤拷循锟斤拷锟斤拷

    锟捷癸拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷锟斤拷锟斤拷2008 锟斤拷10 锟斤拷锟斤拷锟斤拷锟斤拷示锟斤拷锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟斤拷锟斤拷锟绞诧拷锟竭度硷拷锟叫碉拷锟截点，锟斤拷锟绞诧拷锟斤拷锟斤拷前锟斤拷位锟斤拷锟斤拷锟斤拷锟绞诧拷占锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟绞诧拷锟斤拷75.9%锟斤拷锟斤拷锟?BTA BANK 锟斤拷Alliance BANK 锟斤拷债锟斤拷违约锟斤拷实锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷债锟斤拷违约锟斤拷锟斤拷锟斤拷锟竭的斤拷锟斤拷锟?

    锟侥★拷锟斤拷锟斤拷锟杰撅拷支锟斤拷锟斤拷锟叫筹拷债锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷债锟斤拷违约锟斤拷锟秸斤拷一锟斤拷锟斤拷锟斤拷
    锟斤拷锟斤拷锟节控癸拷BTA BANK 锟斤拷锟叫猴拷锟斤拷锟斤拷锟剿讹拷锟斤拷锟斤拷锟斤拷欠锟斤拷债锟斤拷锟斤拷锟结供锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷支锟街的撅拷锟斤拷锟斤拷锟杰达拷影锟届，锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟劫达拷锟铰碉拷锟斤拷锟解几锟揭癸拷锟斤拷锟斤拷斯坦锟斤拷要锟斤拷锟叫碉拷锟斤拷锟矫硷拷锟斤拷锟界，锟斤拷锟秸ｏ拷Standard&Poor's锟斤拷锟斤拷2008 锟斤拷6 锟铰ｏ拷锟铰碉拷锟斤拷Halyk Bank 锟斤拷锟斤拷锟斤拷锟斤拷锟叫ｏ拷锟斤拷Kazkommertsbank 锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟叫ｏ拷锟侥筹拷锟斤拷锟斤拷曳锟斤拷锟斤拷锟轿ピ硷拷锟斤拷锟斤拷锟酵?时锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷为锟斤拷锟斤拷锟芥”锟斤拷锟斤拷锟节凤拷锟斤拷锟斤拷违约锟斤拷锟斤拷为锟斤拷B锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷Fitch Ratings锟斤拷锟斤拷锟铰碉拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟叫猴拷一锟揭达拷锟筋公司锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫筹拷锟节凤拷锟斤拷锟斤拷违约锟斤拷锟斤拷锟接★拷BB锟斤拷锟斤拷锟斤拷为锟斤拷B锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟叫筹拷锟节凤拷锟斤拷锟斤拷违约锟斤拷锟斤拷锟斤拷 锟斤拷BB锟斤拷锟斤拷锟斤拷为锟斤拷B锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷写印锟?B锟斤拷锟斤拷锟斤拷为锟斤拷B锟斤拷锟斤拷锟斤拷斯锟斤拷锟缴ｏ拷锟斤拷锟节癸拷司锟接★拷B锟斤拷锟斤拷锟斤拷为锟斤拷CCC锟斤拷锟斤拷

    锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟节癸拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷锟斤拷锟斤拷锟脚伙拷锟斤拷锟斤拷锟斤拷业锟斤拷锟绞猴拷盈锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟皆硷拷锟斤拷要锟斤拷锟斤拷违约锟斤拷锟斤拷锟斤拷锟铰碉拷锟侥憋拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷锟斤拷斯坦锟斤拷锟斤拷业锟斤拷债锟斤拷锟斤拷锟斤拷锟节恶化★拷锟斤拷锟斤拷锟节ｏ拷为锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷押锟斤拷锟斤拷食杀锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷薪锟斤拷锟斤拷貌锟阶?锟斤拷锟斤拷锟斤拷锟斤拷剩锟斤拷锟斤拷锟斤拷锟斤拷锟剿固癸拷锟斤拷诖锟斤拷锟斤拷模锟斤拷锟斤拷锟狡斤拷锟杰匡拷锟杰碉拷锟铰癸拷锟斤拷20 锟斤拷锟斤拷业锟斤拷锟叫硷拷锟斤拷撇锟斤拷锟斤拷锟斤拷椤ｏ拷锟斤拷酆锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟剿固癸拷锟斤拷锟斤拷锟斤拷锟斤拷撇锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟缴碉拷债锟斤拷锟斤拷斩锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷谐锟斤拷锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷妫?锟斤拷锟斤拷通锟斤拷锟秸癸拷锟斤拷为锟斤拷锟斤拷式锟较憋拷锟斤拷锟剿达拷锟斤拷锟斤拷锟叫匡拷锟斤拷锟狡诧拷锟斤拷锟接伙拷锟剿憋拷锟斤拷锟斤拷锟斤拷衰锟剿ｏ拷锟斤拷一锟斤拷锟芥，锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷没锟叫承碉拷锟斤拷应锟斤拷锟斤拷锟斤拷锟斤拷债锟斤拷锟斤拷锟斤拷锟斤拷权债锟斤拷没锟斤拷锟斤拷锟接ｏ拷锟斤拷锟斤拷锟斤拷然锟斤拷锟皆斤拷锟襟部分诧拷锟斤拷锟绞斤拷投锟斤拷锟斤拷锟斤拷锟斤拷锟矫凤拷展锟狡伙拷锟叫ｏ拷锟节撅拷锟斤拷锟杰诧拷锟斤拷锟斤拷IMF锟斤拷锟解部锟绞斤拷锟斤拷锟斤拷锟铰憋拷锟较撅拷锟矫革拷锟秸碉拷希锟斤拷锟诫步锟斤拷锟斤拷