id	sid	tid	token	lemma	pos
faba-6	1	1	65	65	NUM
faba-6	1	2	finance	finance	NOUN
faba-6	1	3	,	,	PUNCT
faba-6	1	4	accounting	accounting	NOUN
faba-6	1	5	and	and	CCONJ
faba-6	1	6	business	business	NOUN
faba-6	1	7	analysis	analysis	NOUN
faba-6	1	8	volume	volume	NOUN
faba-6	1	9	1	1	NUM
faba-6	1	10	issue	issue	NOUN
faba-6	1	11	1	1	NUM
faba-6	1	12	,	,	PUNCT
faba-6	1	13	2019	2019	NUM
faba-6	1	14	bulgarian	bulgarian	ADJ
faba-6	1	15	universal	universal	ADJ
faba-6	1	16	pension	pension	NOUN
faba-6	1	17	funds	fund	NOUN
faba-6	1	18	–	–	PUNCT
faba-6	1	19	are	be	AUX
faba-6	1	20	they	they	PRON
faba-6	1	21	a	a	DET
faba-6	1	22	real	real	ADJ
faba-6	1	23	source	source	NOUN
faba-6	1	24	for	for	ADP
faba-6	1	25	financing	finance	VERB
faba-6	1	26	the	the	DET
faba-6	1	27	state	state	NOUN
faba-6	1	28	budget	budget	NOUN
faba-6	1	29	deficit	deficit	NOUN
faba-6	1	30	jeko	jeko	NOUN
faba-6	1	31	milev	milev	NOUN
faba-6	1	32	associate	associate	NOUN
faba-6	1	33	professor	professor	NOUN
faba-6	1	34	,	,	PUNCT
faba-6	1	35	unwe	unwe	NOUN
faba-6	1	36	,	,	PUNCT
faba-6	1	37	bulgaria	bulgaria	PROPN
faba-6	1	38	info	info	NOUN
faba-6	1	39	articles	article	NOUN
faba-6	1	40	abstract	abstract	ADJ
faba-6	1	41	history	history	NOUN
faba-6	1	42	article	article	NOUN
faba-6	1	43	:	:	PUNCT
faba-6	1	44	received	receive	VERB
faba-6	1	45	5	5	NUM
faba-6	1	46	june	june	PROPN
faba-6	1	47	2018	2018	NUM
faba-6	1	48	accepted	accept	VERB
faba-6	1	49	12	12	NUM
faba-6	1	50	december	december	PROPN
faba-6	1	51	2018	2018	NUM
faba-6	1	52	published	publish	VERB
faba-6	1	53	29	29	NUM
faba-6	1	54	january	january	PROPN
faba-6	1	55	2019	2019	NUM
faba-6	1	56	bulgarian	bulgarian	ADJ
faba-6	1	57	pension	pension	NOUN
faba-6	1	58	funds	fund	NOUN
faba-6	1	59	have	have	AUX
faba-6	1	60	been	be	AUX
faba-6	1	61	operating	operate	VERB
faba-6	1	62	for	for	ADP
faba-6	1	63	more	more	ADJ
faba-6	1	64	than	than	ADP
faba-6	1	65	15	15	NUM
faba-6	1	66	years	year	NOUN
faba-6	1	67	since	since	SCONJ
faba-6	1	68	the	the	DET
faba-6	1	69	fundamental	fundamental	ADJ
faba-6	1	70	reform	reform	NOUN
faba-6	1	71	in	in	ADP
faba-6	1	72	the	the	DET
faba-6	1	73	pension	pension	NOUN
faba-6	1	74	system	system	NOUN
faba-6	1	75	in	in	ADP
faba-6	1	76	our	our	PRON
faba-6	1	77	country	country	NOUN
faba-6	1	78	was	be	AUX
faba-6	1	79	implemented	implement	VERB
faba-6	1	80	in	in	ADP
faba-6	1	81	2002	2002	NUM
faba-6	1	82	.	.	PUNCT
faba-6	2	1	for	for	ADP
faba-6	2	2	the	the	DET
faba-6	2	3	whole	whole	ADJ
faba-6	2	4	period	period	NOUN
faba-6	2	5	bulgarian	bulgarian	ADJ
faba-6	2	6	lev	lev	NOUN
faba-6	2	7	has	have	AUX
faba-6	2	8	been	be	AUX
faba-6	2	9	fixed	fix	VERB
faba-6	2	10	to	to	ADP
faba-6	2	11	the	the	DET
faba-6	2	12	euro	euro	NOUN
faba-6	2	13	due	due	ADP
faba-6	2	14	to	to	ADP
faba-6	2	15	the	the	DET
faba-6	2	16	currency	currency	NOUN
faba-6	2	17	board	board	NOUN
faba-6	2	18	system	system	NOUN
faba-6	2	19	.	.	PUNCT
faba-6	3	1	in	in	ADP
faba-6	3	2	such	such	DET
faba-6	3	3	an	an	DET
faba-6	3	4	environment	environment	NOUN
faba-6	3	5	bulgarian	bulgarian	ADJ
faba-6	3	6	central	central	ADJ
faba-6	3	7	bank	bank	NOUN
faba-6	3	8	can	can	AUX
faba-6	3	9	not	not	PART
faba-6	3	10	finance	finance	VERB
faba-6	3	11	the	the	DET
faba-6	3	12	budget	budget	NOUN
faba-6	3	13	deficits	deficit	NOUN
faba-6	3	14	of	of	ADP
faba-6	3	15	the	the	DET
faba-6	3	16	state	state	NOUN
faba-6	3	17	.	.	PUNCT
faba-6	4	1	bulgarian	bulgarian	ADJ
faba-6	4	2	government	government	NOUN
faba-6	4	3	is	be	AUX
faba-6	4	4	trying	try	VERB
faba-6	4	5	to	to	PART
faba-6	4	6	balance	balance	VERB
faba-6	4	7	the	the	DET
faba-6	4	8	budget	budget	NOUN
faba-6	4	9	or	or	CCONJ
faba-6	4	10	to	to	PART
faba-6	4	11	form	form	VERB
faba-6	4	12	small	small	ADJ
faba-6	4	13	deficits	deficit	NOUN
faba-6	4	14	because	because	SCONJ
faba-6	4	15	in	in	ADP
faba-6	4	16	a	a	DET
faba-6	4	17	currency	currency	NOUN
faba-6	4	18	board	board	NOUN
faba-6	4	19	monetary	monetary	ADJ
faba-6	4	20	system	system	NOUN
faba-6	4	21	eventual	eventual	ADJ
faba-6	4	22	shortages	shortage	NOUN
faba-6	4	23	of	of	ADP
faba-6	4	24	cash	cash	NOUN
faba-6	4	25	inflows	inflow	NOUN
faba-6	4	26	should	should	AUX
faba-6	4	27	be	be	AUX
faba-6	4	28	compensated	compensate	VERB
faba-6	4	29	by	by	ADP
faba-6	4	30	the	the	DET
faba-6	4	31	private	private	ADJ
faba-6	4	32	sector	sector	NOUN
faba-6	4	33	–	–	PUNCT
faba-6	4	34	mainly	mainly	ADV
faba-6	4	35	by	by	ADP
faba-6	4	36	the	the	DET
faba-6	4	37	institutional	institutional	ADJ
faba-6	4	38	investors	investor	NOUN
faba-6	4	39	–	–	PUNCT
faba-6	4	40	banks	bank	NOUN
faba-6	4	41	,	,	PUNCT
faba-6	4	42	pension	pension	NOUN
faba-6	4	43	funds	fund	NOUN
faba-6	4	44	,	,	PUNCT
faba-6	4	45	insurance	insurance	NOUN
faba-6	4	46	companies	company	NOUN
faba-6	4	47	etc	etc	X
faba-6	4	48	.	.	X
faba-6	5	1	in	in	ADP
faba-6	5	2	this	this	DET
faba-6	5	3	situation	situation	NOUN
faba-6	5	4	bulgarian	bulgarian	ADJ
faba-6	5	5	pension	pension	NOUN
faba-6	5	6	funds	fund	NOUN
faba-6	5	7	are	be	AUX
faba-6	5	8	one	one	NUM
faba-6	5	9	of	of	ADP
faba-6	5	10	the	the	DET
faba-6	5	11	cash	cash	NOUN
faba-6	5	12	sources	source	NOUN
faba-6	5	13	that	that	PRON
faba-6	5	14	could	could	AUX
faba-6	5	15	be	be	AUX
faba-6	5	16	used	use	VERB
faba-6	5	17	.	.	PUNCT
faba-6	6	1	but	but	CCONJ
faba-6	6	2	are	be	AUX
faba-6	6	3	they	they	PRON
faba-6	6	4	a	a	DET
faba-6	6	5	real	real	ADJ
faba-6	6	6	source	source	NOUN
faba-6	6	7	in	in	ADP
faba-6	6	8	the	the	DET
faba-6	6	9	long	long	ADJ
faba-6	6	10	term	term	NOUN
faba-6	6	11	?	?	PUNCT
faba-6	7	1	in	in	ADP
faba-6	7	2	the	the	DET
faba-6	7	3	next	next	ADJ
faba-6	7	4	lines	line	NOUN
faba-6	7	5	a	a	DET
faba-6	7	6	research	research	NOUN
faba-6	7	7	is	be	AUX
faba-6	7	8	done	do	VERB
faba-6	7	9	on	on	ADP
faba-6	7	10	the	the	DET
faba-6	7	11	structure	structure	NOUN
faba-6	7	12	of	of	ADP
faba-6	7	13	the	the	DET
faba-6	7	14	government	government	NOUN
faba-6	7	15	bond	bond	NOUN
faba-6	7	16	portfolio	portfolio	NOUN
faba-6	7	17	held	hold	VERB
faba-6	7	18	by	by	ADP
faba-6	7	19	bulgarian	bulgarian	ADJ
faba-6	7	20	pension	pension	NOUN
faba-6	7	21	funds	fund	NOUN
faba-6	7	22	and	and	CCONJ
faba-6	7	23	how	how	SCONJ
faba-6	7	24	these	these	DET
faba-6	7	25	financial	financial	ADJ
faba-6	7	26	institutions	institution	NOUN
faba-6	7	27	actually	actually	ADV
faba-6	7	28	support	support	VERB
faba-6	7	29	the	the	DET
faba-6	7	30	financing	financing	NOUN
faba-6	7	31	of	of	ADP
faba-6	7	32	the	the	DET
faba-6	7	33	deficits	deficit	NOUN
faba-6	7	34	formed	form	VERB
faba-6	7	35	by	by	ADP
faba-6	7	36	the	the	DET
faba-6	7	37	bulgarian	bulgarian	ADJ
faba-6	7	38	government	government	NOUN
faba-6	7	39	for	for	ADP
faba-6	7	40	the	the	DET
faba-6	7	41	last	last	ADJ
faba-6	7	42	10	10	NUM
faba-6	7	43	years	year	NOUN
faba-6	7	44	.	.	PUNCT
faba-6	8	1	the	the	DET
faba-6	8	2	research	research	NOUN
faba-6	8	3	is	be	AUX
faba-6	8	4	trying	try	VERB
faba-6	8	5	to	to	PART
faba-6	8	6	find	find	VERB
faba-6	8	7	answers	answer	NOUN
faba-6	8	8	to	to	ADP
faba-6	8	9	the	the	DET
faba-6	8	10	following	follow	VERB
faba-6	8	11	questions	question	NOUN
faba-6	8	12	:	:	PUNCT
faba-6	8	13	1	1	X
faba-6	8	14	.	.	X
faba-6	8	15	is	be	AUX
faba-6	8	16	the	the	DET
faba-6	8	17	share	share	NOUN
faba-6	8	18	of	of	ADP
faba-6	8	19	government	government	NOUN
faba-6	8	20	bonds	bond	NOUN
faba-6	8	21	in	in	ADP
faba-6	8	22	bulgarian	bulgarian	ADJ
faba-6	8	23	universal	universal	ADJ
faba-6	8	24	pension	pension	NOUN
faba-6	8	25	fund	fund	NOUN
faba-6	8	26	portfolio	portfolio	NOUN
faba-6	8	27	constant	constant	ADJ
faba-6	8	28	or	or	CCONJ
faba-6	8	29	is	be	AUX
faba-6	8	30	it	it	PRON
faba-6	8	31	variable	variable	ADJ
faba-6	8	32	for	for	ADP
faba-6	8	33	the	the	DET
faba-6	8	34	last	last	ADJ
faba-6	8	35	10	10	NUM
faba-6	8	36	years	year	NOUN
faba-6	8	37	.	.	PUNCT
faba-6	9	1	2	2	X
faba-6	9	2	.	.	X
faba-6	9	3	what	what	PRON
faba-6	9	4	is	be	AUX
faba-6	9	5	the	the	DET
faba-6	9	6	share	share	NOUN
faba-6	9	7	of	of	ADP
faba-6	9	8	the	the	DET
faba-6	9	9	bulgarian	bulgarian	ADJ
faba-6	9	10	government	government	NOUN
faba-6	9	11	bonds	bond	NOUN
faba-6	9	12	in	in	ADP
faba-6	9	13	government	government	NOUN
faba-6	9	14	bond	bond	NOUN
faba-6	9	15	portfolio	portfolio	NOUN
faba-6	9	16	managed	manage	VERB
faba-6	9	17	by	by	ADP
faba-6	9	18	the	the	DET
faba-6	9	19	pension	pension	NOUN
faba-6	9	20	funds	fund	NOUN
faba-6	9	21	?	?	PUNCT
faba-6	10	1	3	3	X
faba-6	10	2	.	.	X
faba-6	10	3	could	could	AUX
faba-6	10	4	we	we	PRON
faba-6	10	5	expect	expect	VERB
faba-6	10	6	that	that	SCONJ
faba-6	10	7	these	these	DET
faba-6	10	8	financial	financial	ADJ
faba-6	10	9	institutions	institution	NOUN
faba-6	10	10	will	will	AUX
faba-6	10	11	continue	continue	VERB
faba-6	10	12	to	to	PART
faba-6	10	13	finance	finance	VERB
faba-6	10	14	the	the	DET
faba-6	10	15	budget	budget	NOUN
faba-6	10	16	deficits	deficit	NOUN
faba-6	10	17	of	of	ADP
faba-6	10	18	the	the	DET
faba-6	10	19	bulgarian	bulgarian	ADJ
faba-6	10	20	government	government	NOUN
faba-6	10	21	in	in	ADP
faba-6	10	22	the	the	DET
faba-6	10	23	long	long	ADJ
faba-6	10	24	term	term	NOUN
faba-6	10	25	and	and	CCONJ
faba-6	10	26	to	to	ADP
faba-6	10	27	what	what	DET
faba-6	10	28	extent	extent	NOUN
faba-6	10	29	?	?	PUNCT
faba-6	11	1	the	the	DET
faba-6	11	2	last	last	ADJ
faba-6	11	3	question	question	NOUN
faba-6	11	4	is	be	AUX
faba-6	11	5	quite	quite	ADV
faba-6	11	6	important	important	ADJ
faba-6	11	7	having	have	VERB
faba-6	11	8	in	in	ADP
faba-6	11	9	mind	mind	NOUN
faba-6	11	10	that	that	SCONJ
faba-6	11	11	the	the	DET
faba-6	11	12	introduction	introduction	NOUN
faba-6	11	13	of	of	ADP
faba-6	11	14	the	the	DET
faba-6	11	15	funded	fund	VERB
faba-6	11	16	component	component	NOUN
faba-6	11	17	of	of	ADP
faba-6	11	18	the	the	DET
faba-6	11	19	pension	pension	NOUN
faba-6	11	20	system	system	NOUN
faba-6	11	21	was	be	AUX
faba-6	11	22	accompanied	accompany	VERB
faba-6	11	23	by	by	ADP
faba-6	11	24	a	a	DET
faba-6	11	25	transfer	transfer	NOUN
faba-6	11	26	of	of	ADP
faba-6	11	27	the	the	DET
faba-6	11	28	contribution	contribution	NOUN
faba-6	11	29	due	due	ADJ
faba-6	11	30	for	for	ADP
faba-6	11	31	the	the	DET
faba-6	11	32	first	first	ADJ
faba-6	11	33	pillar	pillar	NOUN
faba-6	11	34	of	of	ADP
faba-6	11	35	the	the	DET
faba-6	11	36	system	system	NOUN
faba-6	11	37	(	(	PUNCT
faba-6	11	38	pay	pay	VERB
faba-6	11	39	-	-	PUNCT
faba-6	11	40	as	as	ADP
faba-6	11	41	-	-	PUNCT
faba-6	11	42	you	you	PRON
faba-6	11	43	-	-	PUNCT
faba-6	11	44	go	go	VERB
faba-6	11	45	)	)	PUNCT
faba-6	11	46	towards	towards	ADP
faba-6	11	47	the	the	DET
faba-6	11	48	second	second	ADJ
faba-6	11	49	one	one	NOUN
faba-6	11	50	(	(	PUNCT
faba-6	11	51	fully	fully	ADV
faba-6	11	52	funded	fund	VERB
faba-6	11	53	with	with	ADP
faba-6	11	54	defined	define	VERB
faba-6	11	55	contributions	contribution	NOUN
faba-6	11	56	)	)	PUNCT
faba-6	11	57	.	.	PUNCT
faba-6	12	1	so	so	ADV
faba-6	12	2	part	part	NOUN
faba-6	12	3	of	of	ADP
faba-6	12	4	the	the	DET
faba-6	12	5	deficit	deficit	NOUN
faba-6	12	6	formed	form	VERB
faba-6	12	7	into	into	ADP
faba-6	12	8	the	the	DET
faba-6	12	9	pay	pay	NOUN
faba-6	12	10	-	-	PUNCT
faba-6	12	11	as	as	ADP
faba-6	12	12	-	-	PUNCT
faba-6	12	13	yougo	yougo	ADJ
faba-6	12	14	pension	pension	NOUN
faba-6	12	15	system	system	NOUN
faba-6	12	16	is	be	AUX
faba-6	12	17	due	due	ADJ
faba-6	12	18	to	to	ADP
faba-6	12	19	this	this	DET
faba-6	12	20	reduction	reduction	NOUN
faba-6	12	21	of	of	ADP
faba-6	12	22	the	the	DET
faba-6	12	23	contribution	contribution	NOUN
faba-6	12	24	rate	rate	NOUN
faba-6	12	25	paid	pay	VERB
faba-6	12	26	by	by	ADP
faba-6	12	27	those	those	DET
faba-6	12	28	individuals	individual	NOUN
faba-6	12	29	insured	insure	VERB
faba-6	12	30	into	into	ADP
faba-6	12	31	the	the	DET
faba-6	12	32	universal	universal	ADJ
faba-6	12	33	pension	pension	NOUN
faba-6	12	34	funds	fund	NOUN
faba-6	12	35	.	.	PUNCT
faba-6	13	1	keywords	keyword	NOUN
faba-6	13	2	:	:	PUNCT
faba-6	13	3	pension	pension	NOUN
faba-6	13	4	funds	fund	NOUN
faba-6	13	5	,	,	PUNCT
faba-6	13	6	investments	investment	NOUN
faba-6	13	7	,	,	PUNCT
faba-6	13	8	government	government	NOUN
faba-6	13	9	bonds	bond	NOUN
faba-6	13	10	,	,	PUNCT
faba-6	13	11	regulation	regulation	NOUN
faba-6	13	12	,	,	PUNCT
faba-6	13	13	economic	economic	ADJ
faba-6	13	14	crisis	crisis	NOUN
faba-6	13	15	.	.	PUNCT
faba-6	14	1	address	address	NOUN
faba-6	14	2	correspondence	correspondence	NOUN
faba-6	14	3	:	:	PUNCT
faba-6	15	1	e	e	X
faba-6	15	2	-	-	NOUN
faba-6	15	3	mail	mail	NOUN
faba-6	15	4	:	:	PUNCT
faba-6	15	5	jekomilev@yahoo.com	jekomilev@yahoo.com	X
faba-6	15	6	jeko	jeko	PROPN
faba-6	15	7	milev	milev	NOUN
faba-6	15	8	/	/	SYM
faba-6	15	9	finance	finance	NOUN
faba-6	15	10	,	,	PUNCT
faba-6	15	11	accounting	accounting	NOUN
faba-6	15	12	and	and	CCONJ
faba-6	15	13	business	business	NOUN
faba-6	15	14	analisys	analisys	NOUN
faba-6	15	15	66	66	NUM
faba-6	15	16	introduction	introduction	NOUN
faba-6	15	17	bulgarian	bulgarian	ADJ
faba-6	15	18	pension	pension	NOUN
faba-6	15	19	system	system	NOUN
faba-6	15	20	was	be	AUX
faba-6	15	21	significantly	significantly	ADV
faba-6	15	22	reformed	reform	VERB
faba-6	15	23	in	in	ADP
faba-6	15	24	the	the	DET
faba-6	15	25	year	year	NOUN
faba-6	15	26	of	of	ADP
faba-6	15	27	2000	2000	NUM
faba-6	15	28	.	.	PUNCT
faba-6	16	1	as	as	ADP
faba-6	16	2	a	a	DET
faba-6	16	3	result	result	NOUN
faba-6	16	4	of	of	ADP
faba-6	16	5	this	this	DET
faba-6	16	6	reform	reform	NOUN
faba-6	16	7	and	and	CCONJ
faba-6	16	8	following	follow	VERB
faba-6	16	9	the	the	DET
faba-6	16	10	recommendations	recommendation	NOUN
faba-6	16	11	of	of	ADP
faba-6	16	12	the	the	DET
faba-6	16	13	world	world	NOUN
faba-6	16	14	bank	bank	PROPN
faba-6	16	15	a	a	DET
faba-6	16	16	three	three	NUM
faba-6	16	17	-	-	PUNCT
faba-6	16	18	pillar	pillar	NOUN
faba-6	16	19	pension	pension	NOUN
faba-6	16	20	system	system	NOUN
faba-6	16	21	was	be	AUX
faba-6	16	22	established	establish	VERB
faba-6	16	23	.	.	PUNCT
faba-6	17	1	bulgarian	bulgarian	ADJ
faba-6	17	2	demographic	demographic	ADJ
faba-6	17	3	structure	structure	NOUN
faba-6	17	4	has	have	AUX
faba-6	17	5	been	be	AUX
faba-6	17	6	worsening	worsen	VERB
faba-6	17	7	for	for	ADP
faba-6	17	8	the	the	DET
faba-6	17	9	last	last	ADJ
faba-6	17	10	20	20	NUM
faba-6	17	11	years	year	NOUN
faba-6	17	12	.	.	PUNCT
faba-6	18	1	due	due	ADP
faba-6	18	2	to	to	ADP
faba-6	18	3	the	the	DET
faba-6	18	4	economic	economic	ADJ
faba-6	18	5	slump	slump	NOUN
faba-6	18	6	which	which	PRON
faba-6	18	7	was	be	AUX
faba-6	18	8	a	a	DET
faba-6	18	9	logical	logical	ADJ
faba-6	18	10	result	result	NOUN
faba-6	18	11	after	after	ADP
faba-6	18	12	the	the	DET
faba-6	18	13	collapse	collapse	NOUN
faba-6	18	14	of	of	ADP
faba-6	18	15	the	the	DET
faba-6	18	16	communist	communist	ADJ
faba-6	18	17	regime	regime	NOUN
faba-6	18	18	and	and	CCONJ
faba-6	18	19	the	the	DET
faba-6	18	20	continuous	continuous	ADJ
faba-6	18	21	lack	lack	NOUN
faba-6	18	22	of	of	ADP
faba-6	18	23	economic	economic	ADJ
faba-6	18	24	reforms	reform	NOUN
faba-6	18	25	,	,	PUNCT
faba-6	18	26	the	the	DET
faba-6	18	27	country	country	NOUN
faba-6	18	28	’s	’s	PART
faba-6	18	29	birth	birth	NOUN
faba-6	18	30	rates	rate	NOUN
faba-6	18	31	dropped	drop	VERB
faba-6	18	32	and	and	CCONJ
faba-6	18	33	the	the	DET
faba-6	18	34	emigration	emigration	NOUN
faba-6	18	35	processes	process	NOUN
faba-6	18	36	deepened	deepen	VERB
faba-6	18	37	.	.	PUNCT
faba-6	19	1	the	the	DET
faba-6	19	2	negative	negative	ADJ
faba-6	19	3	changes	change	NOUN
faba-6	19	4	were	be	AUX
faba-6	19	5	extremely	extremely	ADV
faba-6	19	6	severe	severe	ADJ
faba-6	19	7	in	in	ADP
faba-6	19	8	1990	1990	NUM
faba-6	19	9	’s	’s	NOUN
faba-6	19	10	and	and	CCONJ
faba-6	19	11	as	as	ADP
faba-6	19	12	a	a	DET
faba-6	19	13	consequence	consequence	NOUN
faba-6	19	14	the	the	DET
faba-6	19	15	real	real	ADJ
faba-6	19	16	value	value	NOUN
faba-6	19	17	of	of	ADP
faba-6	19	18	pension	pension	NOUN
faba-6	19	19	benefits	benefit	NOUN
faba-6	19	20	fell	fall	VERB
faba-6	19	21	seriously	seriously	ADV
faba-6	19	22	.	.	PUNCT
faba-6	20	1	the	the	DET
faba-6	20	2	continuous	continuous	ADJ
faba-6	20	3	aging	aging	NOUN
faba-6	20	4	of	of	ADP
faba-6	20	5	the	the	DET
faba-6	20	6	population	population	NOUN
faba-6	20	7	has	have	AUX
faba-6	20	8	been	be	AUX
faba-6	20	9	making	make	VERB
faba-6	20	10	pay	pay	NOUN
faba-6	20	11	-	-	PUNCT
faba-6	20	12	as	as	ADP
faba-6	20	13	-	-	PUNCT
faba-6	20	14	you	you	PRON
faba-6	20	15	-	-	PUNCT
faba-6	20	16	go	go	VERB
faba-6	20	17	system	system	NOUN
faba-6	20	18	unsustainable	unsustainable	ADJ
faba-6	20	19	in	in	ADP
faba-6	20	20	the	the	DET
faba-6	20	21	long	long	ADJ
faba-6	20	22	term	term	NOUN
faba-6	20	23	.	.	PUNCT
faba-6	21	1	some	some	DET
faba-6	21	2	populist	populist	ADJ
faba-6	21	3	decisions	decision	NOUN
faba-6	21	4	in	in	ADP
faba-6	21	5	early	early	ADJ
faba-6	21	6	1990	1990	NUM
faba-6	21	7	’s	’s	PART
faba-6	21	8	(	(	PUNCT
faba-6	21	9	such	such	ADJ
faba-6	21	10	as	as	ADP
faba-6	21	11	receiving	receive	VERB
faba-6	21	12	full	full	ADJ
faba-6	21	13	pension	pension	NOUN
faba-6	21	14	rights	right	NOUN
faba-6	21	15	earlier	early	ADV
faba-6	21	16	for	for	ADP
faba-6	21	17	some	some	DET
faba-6	21	18	labor	labor	NOUN
faba-6	21	19	categories	category	NOUN
faba-6	21	20	or	or	CCONJ
faba-6	21	21	getting	get	VERB
faba-6	21	22	invalidity	invalidity	ADJ
faba-6	21	23	pension	pension	NOUN
faba-6	21	24	without	without	ADP
faba-6	21	25	being	be	AUX
faba-6	21	26	disabled	disabled	ADJ
faba-6	21	27	)	)	PUNCT
faba-6	21	28	made	make	VERB
faba-6	21	29	the	the	DET
faba-6	21	30	situation	situation	NOUN
faba-6	21	31	even	even	ADV
faba-6	21	32	worse	bad	ADJ
faba-6	21	33	.	.	PUNCT
faba-6	22	1	the	the	DET
faba-6	22	2	hyperinflation	hyperinflation	NOUN
faba-6	22	3	from	from	ADP
faba-6	22	4	the	the	DET
faba-6	22	5	late	late	ADJ
faba-6	22	6	1996	1996	NUM
faba-6	22	7	and	and	CCONJ
faba-6	22	8	early	early	ADJ
faba-6	22	9	1997	1997	NUM
faba-6	22	10	melted	melt	VERB
faba-6	22	11	the	the	DET
faba-6	22	12	savings	saving	NOUN
faba-6	22	13	of	of	ADP
faba-6	22	14	all	all	DET
faba-6	22	15	bulgarians	bulgarian	NOUN
faba-6	22	16	including	include	VERB
faba-6	22	17	pensioners	pensioner	NOUN
faba-6	22	18	.	.	PUNCT
faba-6	23	1	as	as	ADP
faba-6	23	2	a	a	DET
faba-6	23	3	result	result	NOUN
faba-6	23	4	the	the	DET
faba-6	23	5	average	average	ADJ
faba-6	23	6	pension	pension	NOUN
faba-6	23	7	amount	amount	NOUN
faba-6	23	8	dropped	drop	VERB
faba-6	23	9	to	to	ADP
faba-6	23	10	$	$	SYM
faba-6	23	11	5	5	NUM
faba-6	23	12	per	per	ADP
faba-6	23	13	month	month	NOUN
faba-6	23	14	.	.	PUNCT
faba-6	24	1	in	in	ADP
faba-6	24	2	such	such	ADJ
faba-6	24	3	extreme	extreme	ADJ
faba-6	24	4	economic	economic	ADJ
faba-6	24	5	situation	situation	NOUN
faba-6	24	6	bulgarian	bulgarian	ADJ
faba-6	24	7	authorities	authority	NOUN
faba-6	24	8	took	take	VERB
faba-6	24	9	some	some	DET
faba-6	24	10	decisive	decisive	ADJ
faba-6	24	11	steps	step	NOUN
faba-6	24	12	to	to	PART
faba-6	24	13	start	start	VERB
faba-6	24	14	a	a	DET
faba-6	24	15	pension	pension	NOUN
faba-6	24	16	reform	reform	NOUN
faba-6	24	17	whose	whose	DET
faba-6	24	18	aim	aim	NOUN
faba-6	24	19	was	be	AUX
faba-6	24	20	to	to	PART
faba-6	24	21	respond	respond	VERB
faba-6	24	22	to	to	ADP
faba-6	24	23	the	the	DET
faba-6	24	24	worsening	worsen	VERB
faba-6	24	25	demographic	demographic	ADJ
faba-6	24	26	structure	structure	NOUN
faba-6	24	27	and	and	CCONJ
faba-6	24	28	to	to	PART
faba-6	24	29	support	support	VERB
faba-6	24	30	the	the	DET
faba-6	24	31	existing	exist	VERB
faba-6	24	32	payg	payg	NOUN
faba-6	24	33	system1	system1	NOUN
faba-6	24	34	.	.	PUNCT
faba-6	25	1	bulgarians	bulgarians	PROPN
faba-6	25	2	were	be	AUX
faba-6	25	3	given	give	VERB
faba-6	25	4	the	the	DET
faba-6	25	5	opportunity	opportunity	NOUN
faba-6	25	6	to	to	PART
faba-6	25	7	save	save	VERB
faba-6	25	8	and	and	CCONJ
faba-6	25	9	to	to	PART
faba-6	25	10	accumulate	accumulate	VERB
faba-6	25	11	resources	resource	NOUN
faba-6	25	12	for	for	ADP
faba-6	25	13	their	their	PRON
faba-6	25	14	future	future	ADJ
faba-6	25	15	retirement	retirement	NOUN
faba-6	25	16	.	.	PUNCT
faba-6	26	1	the	the	DET
faba-6	26	2	long	long	ADJ
faba-6	26	3	-	-	PUNCT
faba-6	26	4	term	term	NOUN
faba-6	26	5	goal	goal	NOUN
faba-6	26	6	of	of	ADP
faba-6	26	7	the	the	DET
faba-6	26	8	implemented	implement	VERB
faba-6	26	9	reform	reform	NOUN
faba-6	26	10	is	be	AUX
faba-6	26	11	to	to	PART
faba-6	26	12	achieve	achieve	VERB
faba-6	26	13	an	an	DET
faba-6	26	14	income	income	NOUN
faba-6	26	15	replacement	replacement	NOUN
faba-6	26	16	rate	rate	NOUN
faba-6	26	17	at	at	ADP
faba-6	26	18	around	around	ADP
faba-6	26	19	70	70	NUM
faba-6	26	20	%	%	NOUN
faba-6	26	21	of	of	ADP
faba-6	26	22	the	the	DET
faba-6	26	23	final	final	ADJ
faba-6	26	24	salary	salary	NOUN
faba-6	26	25	of	of	ADP
faba-6	26	26	the	the	DET
faba-6	26	27	insured	insured	ADJ
faba-6	26	28	person	person	NOUN
faba-6	26	29	.	.	PUNCT
faba-6	27	1	the	the	DET
faba-6	27	2	second	second	ADJ
faba-6	27	3	pillar	pillar	NOUN
faba-6	27	4	of	of	ADP
faba-6	27	5	the	the	DET
faba-6	27	6	system	system	NOUN
faba-6	27	7	is	be	AUX
faba-6	27	8	so	so	ADV
faba-6	27	9	-	-	PUNCT
faba-6	27	10	called	call	VERB
faba-6	27	11	supplementary	supplementary	ADJ
faba-6	27	12	mandatory	mandatory	ADJ
faba-6	27	13	pension	pension	NOUN
faba-6	27	14	insurance	insurance	NOUN
faba-6	27	15	.	.	PUNCT
faba-6	28	1	it	it	PRON
faba-6	28	2	takes	take	VERB
faba-6	28	3	the	the	DET
faba-6	28	4	form	form	NOUN
faba-6	28	5	of	of	ADP
faba-6	28	6	two	two	NUM
faba-6	28	7	types	type	NOUN
faba-6	28	8	of	of	ADP
faba-6	28	9	pension	pension	NOUN
faba-6	28	10	funds	fund	NOUN
faba-6	28	11	:	:	PUNCT
faba-6	28	12	universal	universal	ADJ
faba-6	28	13	and	and	CCONJ
faba-6	28	14	occupational	occupational	ADJ
faba-6	28	15	.	.	PUNCT
faba-6	29	1	all	all	DET
faba-6	29	2	persons	person	NOUN
faba-6	29	3	born	bear	VERB
faba-6	29	4	after	after	ADP
faba-6	29	5	31.12.1959	31.12.1959	NUM
faba-6	29	6	could	could	AUX
faba-6	29	7	insure	insure	VERB
faba-6	29	8	themselves	themselves	PRON
faba-6	29	9	in	in	ADP
faba-6	29	10	a	a	DET
faba-6	29	11	universal	universal	ADJ
faba-6	29	12	pension	pension	NOUN
faba-6	29	13	fund	fund	NOUN
faba-6	29	14	,	,	PUNCT
faba-6	29	15	while	while	SCONJ
faba-6	29	16	all	all	DET
faba-6	29	17	individuals	individual	NOUN
faba-6	29	18	working	work	VERB
faba-6	29	19	under	under	ADP
faba-6	29	20	the	the	DET
faba-6	29	21	first	first	ADJ
faba-6	29	22	and	and	CCONJ
faba-6	29	23	second	second	ADJ
faba-6	29	24	labor	labor	NOUN
faba-6	29	25	category	category	NOUN
faba-6	29	26	(	(	PUNCT
faba-6	29	27	i.e.	i.e.	X
faba-6	29	28	working	work	VERB
faba-6	29	29	in	in	ADP
faba-6	29	30	hard	hard	ADJ
faba-6	29	31	working	working	NOUN
faba-6	29	32	conditions	condition	NOUN
faba-6	29	33	)	)	PUNCT
faba-6	29	34	could	could	AUX
faba-6	29	35	insure	insure	VERB
faba-6	29	36	themselves	themselves	PRON
faba-6	29	37	in	in	ADP
faba-6	29	38	occupational	occupational	ADJ
faba-6	29	39	pension	pension	NOUN
faba-6	29	40	fund	fund	NOUN
faba-6	29	41	.	.	PUNCT
faba-6	30	1	the	the	DET
faba-6	30	2	third	third	ADJ
faba-6	30	3	pillar	pillar	NOUN
faba-6	30	4	of	of	ADP
faba-6	30	5	the	the	DET
faba-6	30	6	system	system	NOUN
faba-6	30	7	is	be	AUX
faba-6	30	8	supplementary	supplementary	ADJ
faba-6	30	9	voluntary	voluntary	ADJ
faba-6	30	10	pension	pension	NOUN
faba-6	30	11	insurance	insurance	NOUN
faba-6	30	12	,	,	PUNCT
faba-6	30	13	wherein	wherein	SCONJ
faba-6	30	14	all	all	DET
faba-6	30	15	participants	participant	NOUN
faba-6	30	16	choose	choose	VERB
faba-6	30	17	to	to	PART
faba-6	30	18	make	make	VERB
faba-6	30	19	contributions	contribution	NOUN
faba-6	30	20	for	for	ADP
faba-6	30	21	supplementary	supplementary	ADJ
faba-6	30	22	benefits	benefit	NOUN
faba-6	30	23	.	.	PUNCT
faba-6	31	1	the	the	DET
faba-6	31	2	contribution	contribution	NOUN
faba-6	31	3	rates	rate	NOUN
faba-6	31	4	for	for	ADP
faba-6	31	5	universal	universal	ADJ
faba-6	31	6	pension	pension	NOUN
faba-6	31	7	funds	fund	NOUN
faba-6	31	8	have	have	AUX
faba-6	31	9	been	be	AUX
faba-6	31	10	adjusted	adjust	VERB
faba-6	31	11	several	several	ADJ
faba-6	31	12	times	time	NOUN
faba-6	31	13	during	during	ADP
faba-6	31	14	the	the	DET
faba-6	31	15	years	year	NOUN
faba-6	31	16	.	.	PUNCT
faba-6	32	1	they	they	PRON
faba-6	32	2	were	be	AUX
faba-6	32	3	increased	increase	VERB
faba-6	32	4	gradually	gradually	ADV
faba-6	32	5	from	from	ADP
faba-6	32	6	an	an	DET
faba-6	32	7	initial	initial	ADJ
faba-6	32	8	rate	rate	NOUN
faba-6	32	9	of	of	ADP
faba-6	32	10	2	2	NUM
faba-6	32	11	%	%	NOUN
faba-6	32	12	in	in	ADP
faba-6	32	13	2002	2002	NUM
faba-6	32	14	to	to	ADP
faba-6	32	15	3	3	NUM
faba-6	32	16	%	%	NOUN
faba-6	32	17	in	in	ADP
faba-6	32	18	2004	2004	NUM
faba-6	32	19	,	,	PUNCT
faba-6	32	20	4	4	NUM
faba-6	32	21	%	%	NOUN
faba-6	32	22	in	in	ADP
faba-6	32	23	2006	2006	NUM
faba-6	32	24	and	and	CCONJ
faba-6	32	25	finally	finally	ADV
faba-6	32	26	5	5	NUM
faba-6	32	27	%	%	NOUN
faba-6	32	28	in	in	ADP
faba-6	32	29	2007	2007	NUM
faba-6	32	30	.	.	PUNCT
faba-6	33	1	the	the	DET
faba-6	33	2	contribution	contribution	NOUN
faba-6	33	3	rates	rate	NOUN
faba-6	33	4	for	for	ADP
faba-6	33	5	occupational	occupational	ADJ
faba-6	33	6	pension	pension	NOUN
faba-6	33	7	funds	fund	NOUN
faba-6	33	8	are	be	AUX
faba-6	33	9	12	12	NUM
faba-6	33	10	%	%	NOUN
faba-6	33	11	for	for	ADP
faba-6	33	12	people	people	NOUN
faba-6	33	13	working	work	VERB
faba-6	33	14	under	under	ADP
faba-6	33	15	the	the	DET
faba-6	33	16	first	first	ADJ
faba-6	33	17	labor	labor	NOUN
faba-6	33	18	category	category	NOUN
faba-6	33	19	and	and	CCONJ
faba-6	33	20	7	7	NUM
faba-6	33	21	%	%	NOUN
faba-6	33	22	for	for	ADP
faba-6	33	23	people	people	NOUN
faba-6	33	24	working	work	VERB
faba-6	33	25	under	under	ADP
faba-6	33	26	the	the	DET
faba-6	33	27	second	second	ADJ
faba-6	33	28	labor	labor	NOUN
faba-6	33	29	category	category	NOUN
faba-6	33	30	.	.	PUNCT
faba-6	34	1	each	each	DET
faba-6	34	2	person	person	NOUN
faba-6	34	3	may	may	AUX
faba-6	34	4	choose	choose	VERB
faba-6	34	5	only	only	ADV
faba-6	34	6	one	one	NUM
faba-6	34	7	universal	universal	ADJ
faba-6	34	8	and/or	and/or	CCONJ
faba-6	34	9	one	one	NUM
faba-6	34	10	occupational	occupational	ADJ
faba-6	34	11	pension	pension	NOUN
faba-6	34	12	fund	fund	NOUN
faba-6	34	13	.	.	PUNCT
faba-6	35	1	insurance	insurance	NOUN
faba-6	35	2	in	in	ADP
faba-6	35	3	a	a	DET
faba-6	35	4	universal	universal	ADJ
faba-6	35	5	pension	pension	NOUN
faba-6	35	6	fund	fund	NOUN
faba-6	35	7	gives	give	VERB
faba-6	35	8	an	an	DET
faba-6	35	9	individual	individual	NOUN
faba-6	35	10	the	the	DET
faba-6	35	11	right	right	NOUN
faba-6	35	12	to2	to2	PROPN
faba-6	35	13	:	:	PUNCT
faba-6	35	14	•	•	ADP
faba-6	35	15	a	a	DET
faba-6	35	16	supplementary	supplementary	ADJ
faba-6	35	17	lifetime	lifetime	NOUN
faba-6	35	18	retirement	retirement	NOUN
faba-6	35	19	pension	pension	NOUN
faba-6	35	20	;	;	PUNCT
faba-6	35	21	•	•	ADP
faba-6	35	22	a	a	DET
faba-6	35	23	lump	lump	NOUN
faba-6	35	24	sum	sum	NOUN
faba-6	35	25	of	of	ADP
faba-6	35	26	up	up	ADP
faba-6	35	27	to	to	PART
faba-6	35	28	50	50	NUM
faba-6	35	29	%	%	NOUN
faba-6	35	30	of	of	ADP
faba-6	35	31	the	the	DET
faba-6	35	32	amount	amount	NOUN
faba-6	35	33	accrued	accrue	VERB
faba-6	35	34	in	in	ADP
faba-6	35	35	the	the	DET
faba-6	35	36	individual	individual	ADJ
faba-6	35	37	account	account	NOUN
faba-6	35	38	in	in	ADP
faba-6	35	39	the	the	DET
faba-6	35	40	case	case	NOUN
faba-6	35	41	of	of	ADP
faba-6	35	42	permanently	permanently	ADV
faba-6	35	43	reduced	reduce	VERB
faba-6	35	44	working	working	NOUN
faba-6	35	45	capacity	capacity	NOUN
faba-6	35	46	by	by	ADP
faba-6	35	47	more	more	ADJ
faba-6	35	48	than	than	ADP
faba-6	35	49	89.99	89.99	NUM
faba-6	35	50	%	%	NOUN
faba-6	35	51	;	;	PUNCT
faba-6	35	52	•	•	NOUN
faba-6	35	53	a	a	DET
faba-6	35	54	lump	lump	NOUN
faba-6	35	55	sum	sum	NOUN
faba-6	35	56	or	or	CCONJ
faba-6	35	57	deferred	defer	VERB
faba-6	35	58	payment	payment	NOUN
faba-6	35	59	to	to	ADP
faba-6	35	60	the	the	DET
faba-6	35	61	heirs	heir	NOUN
faba-6	35	62	of	of	ADP
faba-6	35	63	the	the	DET
faba-6	35	64	deceased	deceased	ADJ
faba-6	35	65	insured	insured	ADJ
faba-6	35	66	person	person	NOUN
faba-6	35	67	.	.	PUNCT
faba-6	36	1	insurance	insurance	NOUN
faba-6	36	2	in	in	ADP
faba-6	36	3	an	an	DET
faba-6	36	4	occupational	occupational	ADJ
faba-6	36	5	pension	pension	NOUN
faba-6	36	6	fund	fund	NOUN
faba-6	36	7	gives	give	VERB
faba-6	36	8	an	an	DET
faba-6	36	9	individual	individual	NOUN
faba-6	36	10	the	the	DET
faba-6	36	11	right	right	NOUN
faba-6	36	12	to	to	PART
faba-6	36	13	:	:	PUNCT
faba-6	36	14	•	•	NUM
faba-6	36	15	a	a	DET
faba-6	36	16	term	term	NOUN
faba-6	36	17	occupational	occupational	ADJ
faba-6	36	18	pension	pension	NOUN
faba-6	36	19	for	for	ADP
faba-6	36	20	early	early	ADJ
faba-6	36	21	retirement	retirement	NOUN
faba-6	36	22	;	;	PUNCT
faba-6	36	23	•	•	ADP
faba-6	36	24	a	a	DET
faba-6	36	25	lump	lump	NOUN
faba-6	36	26	sum	sum	NOUN
faba-6	36	27	of	of	ADP
faba-6	36	28	up	up	ADP
faba-6	36	29	to	to	PART
faba-6	36	30	50	50	NUM
faba-6	36	31	%	%	NOUN
faba-6	36	32	of	of	ADP
faba-6	36	33	the	the	DET
faba-6	36	34	amount	amount	NOUN
faba-6	36	35	accrued	accrue	VERB
faba-6	36	36	in	in	ADP
faba-6	36	37	the	the	DET
faba-6	36	38	individual	individual	ADJ
faba-6	36	39	account	account	NOUN
faba-6	36	40	in	in	ADP
faba-6	36	41	the	the	DET
faba-6	36	42	case	case	NOUN
faba-6	36	43	of	of	ADP
faba-6	36	44	permanently	permanently	ADV
faba-6	36	45	reduced	reduce	VERB
faba-6	36	46	working	working	NOUN
faba-6	36	47	capacity	capacity	NOUN
faba-6	36	48	by	by	ADP
faba-6	36	49	more	more	ADJ
faba-6	36	50	than	than	ADP
faba-6	36	51	89.99	89.99	NUM
faba-6	36	52	%	%	NOUN
faba-6	36	53	;	;	PUNCT
faba-6	36	54	•	•	NOUN
faba-6	36	55	a	a	DET
faba-6	36	56	lump	lump	NOUN
faba-6	36	57	sum	sum	NOUN
faba-6	36	58	or	or	CCONJ
faba-6	36	59	deferred	defer	VERB
faba-6	36	60	payment	payment	NOUN
faba-6	36	61	to	to	ADP
faba-6	36	62	the	the	DET
faba-6	36	63	heirs	heir	NOUN
faba-6	36	64	of	of	ADP
faba-6	36	65	the	the	DET
faba-6	36	66	deceased	deceased	ADJ
faba-6	36	67	insured	insured	ADJ
faba-6	36	68	person	person	NOUN
faba-6	36	69	.	.	PUNCT
faba-6	37	1	in	in	ADP
faba-6	37	2	order	order	NOUN
faba-6	37	3	to	to	PART
faba-6	37	4	better	well	ADV
faba-6	37	5	protect	protect	VERB
faba-6	37	6	the	the	DET
faba-6	37	7	funds	fund	NOUN
faba-6	37	8	of	of	ADP
faba-6	37	9	the	the	DET
faba-6	37	10	insured	insure	VERB
faba-6	37	11	,	,	PUNCT
faba-6	37	12	legislation	legislation	NOUN
faba-6	37	13	in	in	ADP
faba-6	37	14	bulgaria	bulgaria	PROPN
faba-6	37	15	states	state	NOUN
faba-6	37	16	that	that	SCONJ
faba-6	37	17	pension	pension	NOUN
faba-6	37	18	funds	fund	NOUN
faba-6	37	19	are	be	AUX
faba-6	37	20	separate	separate	ADJ
faba-6	37	21	legal	legal	ADJ
faba-6	37	22	entities	entity	NOUN
faba-6	37	23	from	from	ADP
faba-6	37	24	the	the	DET
faba-6	37	25	pension	pension	NOUN
faba-6	37	26	insurance	insurance	NOUN
faba-6	37	27	companies	company	NOUN
faba-6	37	28	that	that	PRON
faba-6	37	29	manage	manage	VERB
faba-6	37	30	them	they	PRON
faba-6	37	31	.	.	PUNCT
faba-6	38	1	investment	investment	NOUN
faba-6	38	2	regulations	regulation	NOUN
faba-6	38	3	the	the	DET
faba-6	38	4	introduction	introduction	NOUN
faba-6	38	5	of	of	ADP
faba-6	38	6	a	a	DET
faba-6	38	7	system	system	NOUN
faba-6	38	8	that	that	PRON
faba-6	38	9	functions	function	VERB
faba-6	38	10	on	on	ADP
faba-6	38	11	a	a	DET
faba-6	38	12	fully	fully	ADV
faba-6	38	13	funded	fund	VERB
faba-6	38	14	principle	principle	NOUN
faba-6	38	15	was	be	AUX
faba-6	38	16	a	a	DET
faba-6	38	17	serious	serious	ADJ
faba-6	38	18	challenge	challenge	NOUN
faba-6	38	19	for	for	ADP
faba-6	38	20	the	the	DET
faba-6	38	21	bulgarian	bulgarian	PROPN
faba-6	38	22	regulators3	regulators3	PROPN
faba-6	38	23	.	.	PUNCT
faba-6	39	1	the	the	DET
faba-6	39	2	implementation	implementation	NOUN
faba-6	39	3	of	of	ADP
faba-6	39	4	a	a	DET
faba-6	39	5	compulsory	compulsory	ADJ
faba-6	39	6	second	second	ADJ
faba-6	39	7	pillar	pillar	NOUN
faba-6	39	8	in	in	ADP
faba-6	39	9	a	a	DET
faba-6	39	10	country	country	NOUN
faba-6	39	11	where	where	SCONJ
faba-6	39	12	the	the	DET
faba-6	39	13	capital	capital	NOUN
faba-6	39	14	market	market	NOUN
faba-6	39	15	has	have	AUX
faba-6	39	16	been	be	AUX
faba-6	39	17	just	just	ADV
faba-6	39	18	started	start	VERB
faba-6	39	19	with	with	ADP
faba-6	39	20	low	low	ADJ
faba-6	39	21	liquidity	liquidity	NOUN
faba-6	39	22	and	and	CCONJ
faba-6	39	23	a	a	DET
faba-6	39	24	few	few	ADJ
faba-6	39	25	financial	financial	ADJ
faba-6	39	26	instruments	instrument	NOUN
faba-6	39	27	suitable	suitable	ADJ
faba-6	39	28	for	for	ADP
faba-6	39	29	investment	investment	NOUN
faba-6	39	30	vehicles	vehicle	NOUN
faba-6	39	31	for	for	ADP
faba-6	39	32	this	this	DET
faba-6	39	33	type	type	NOUN
faba-6	39	34	of	of	ADP
faba-6	39	35	institutions	institution	NOUN
faba-6	39	36	imposes	impose	VERB
faba-6	39	37	many	many	ADJ
faba-6	39	38	risks	risk	NOUN
faba-6	39	39	both	both	PRON
faba-6	39	40	on	on	ADP
faba-6	39	41	insured	insured	ADJ
faba-6	39	42	individuals	individual	NOUN
faba-6	39	43	and	and	CCONJ
faba-6	39	44	pension	pension	NOUN
faba-6	39	45	companies	company	NOUN
faba-6	39	46	.	.	PUNCT
faba-6	40	1	the	the	DET
faba-6	40	2	lack	lack	NOUN
faba-6	40	3	of	of	ADP
faba-6	40	4	traditions	tradition	NOUN
faba-6	40	5	in	in	ADP
faba-6	40	6	pension	pension	NOUN
faba-6	40	7	insurance	insurance	NOUN
faba-6	40	8	of	of	ADP
faba-6	40	9	this	this	DET
faba-6	40	10	kind	kind	NOUN
faba-6	40	11	was	be	AUX
faba-6	40	12	also	also	ADV
faba-6	40	13	an	an	DET
faba-6	40	14	obstacle	obstacle	NOUN
faba-6	40	15	with	with	ADP
faba-6	40	16	unforeseeable	unforeseeable	ADJ
faba-6	40	17	consequences	consequence	NOUN
faba-6	40	18	as	as	SCONJ
faba-6	40	19	no	no	DET
faba-6	40	20	one	one	NOUN
faba-6	40	21	was	be	AUX
faba-6	40	22	sure	sure	ADJ
faba-6	40	23	whether	whether	SCONJ
faba-6	40	24	the	the	DET
faba-6	40	25	public	public	NOUN
faba-6	40	26	would	would	AUX
faba-6	40	27	support	support	VERB
faba-6	40	28	the	the	DET
faba-6	40	29	reform4	reform4	PROPN
faba-6	40	30	.	.	PUNCT
faba-6	41	1	the	the	DET
faba-6	41	2	regulators	regulator	NOUN
faba-6	41	3	had	have	VERB
faba-6	41	4	to	to	PART
faba-6	41	5	reflect	reflect	VERB
faba-6	41	6	all	all	DET
faba-6	41	7	these	these	DET
faba-6	41	8	constraints	constraint	NOUN
faba-6	41	9	into	into	ADP
faba-6	41	10	the	the	DET
faba-6	41	11	rules	rule	NOUN
faba-6	41	12	supposed	suppose	VERB
faba-6	41	13	to	to	PART
faba-6	41	14	govern	govern	VERB
faba-6	41	15	the	the	DET
faba-6	41	16	newly	newly	ADV
faba-6	41	17	formed	form	VERB
faba-6	41	18	pension	pension	NOUN
faba-6	41	19	insurance	insurance	NOUN
faba-6	41	20	companies	company	NOUN
faba-6	41	21	.	.	PUNCT
faba-6	42	1	so	so	ADV
faba-6	42	2	it	it	PRON
faba-6	42	3	was	be	AUX
faba-6	42	4	of	of	ADP
faba-6	42	5	little	little	ADJ
faba-6	42	6	surprise	surprise	NOUN
faba-6	42	7	that	that	PRON
faba-6	42	8	they	they	PRON
faba-6	42	9	gave	give	VERB
faba-6	42	10	a	a	DET
faba-6	42	11	priority	priority	NOUN
faba-6	42	12	to	to	ADP
faba-6	42	13	strict	strict	ADJ
faba-6	42	14	investment	investment	NOUN
faba-6	42	15	regulation	regulation	NOUN
faba-6	42	16	.	.	PUNCT
faba-6	43	1	during	during	ADP
faba-6	43	2	the	the	DET
faba-6	43	3	first	first	ADJ
faba-6	43	4	years	year	NOUN
faba-6	43	5	of	of	ADP
faba-6	43	6	their	their	PRON
faba-6	43	7	existence	existence	NOUN
faba-6	43	8	,	,	PUNCT
faba-6	43	9	pension	pension	NOUN
faba-6	43	10	insurance	insurance	NOUN
faba-6	43	11	companies	company	NOUN
faba-6	43	12	from	from	ADP
faba-6	43	13	the	the	DET
faba-6	43	14	second	second	ADJ
faba-6	43	15	pillar	pillar	NOUN
faba-6	43	16	of	of	ADP
faba-6	43	17	the	the	DET
faba-6	43	18	system	system	NOUN
faba-6	43	19	were	be	AUX
faba-6	43	20	obliged	oblige	VERB
faba-6	43	21	to	to	PART
faba-6	43	22	invest	invest	VERB
faba-6	43	23	minimum	minimum	NOUN
faba-6	43	24	50	50	NUM
faba-6	43	25	%	%	NOUN
faba-6	43	26	of	of	ADP
faba-6	43	27	their	their	PRON
faba-6	43	28	assets	asset	NOUN
faba-6	43	29	into	into	ADP
faba-6	43	30	government	government	NOUN
faba-6	43	31	bonds	bond	NOUN
faba-6	43	32	.	.	PUNCT
faba-6	44	1	the	the	DET
faba-6	44	2	investment	investment	NOUN
faba-6	44	3	constraints	constraint	NOUN
faba-6	44	4	concerning	concern	VERB
faba-6	44	5	the	the	DET
faba-6	44	6	universal	universal	ADJ
faba-6	44	7	and	and	CCONJ
faba-6	44	8	occupational	occupational	ADJ
faba-6	44	9	1	1	NUM
faba-6	44	10	milev	milev	NOUN
faba-6	44	11	,	,	PUNCT
faba-6	44	12	j.	j.	PROPN
faba-6	44	13	,	,	PUNCT
faba-6	44	14	2012	2012	NUM
faba-6	44	15	ten	ten	NUM
faba-6	44	16	years	year	NOUN
faba-6	44	17	after	after	ADP
faba-6	44	18	the	the	DET
faba-6	44	19	start	start	NOUN
faba-6	44	20	–	–	PUNCT
faba-6	44	21	problems	problem	NOUN
faba-6	44	22	and	and	CCONJ
faba-6	44	23	challenges	challenge	NOUN
faba-6	44	24	facing	face	VERB
faba-6	44	25	the	the	DET
faba-6	44	26	bulgarian	bulgarian	ADJ
faba-6	44	27	pension	pension	NOUN
faba-6	44	28	funds	fund	NOUN
faba-6	44	29	2	2	NUM
faba-6	44	30	social	social	ADJ
faba-6	44	31	security	security	NOUN
faba-6	44	32	code	code	NOUN
faba-6	44	33	,	,	PUNCT
faba-6	44	34	1999	1999	NUM
faba-6	44	35	3	3	NUM
faba-6	44	36	nenovsky	nenovsky	ADJ
faba-6	44	37	,	,	PUNCT
faba-6	44	38	n.	n.	NOUN
faba-6	44	39	,	,	PUNCT
faba-6	44	40	milev	milev	NOUN
faba-6	44	41	,	,	PUNCT
faba-6	44	42	j.	j.	PROPN
faba-6	44	43	2014	2014	NUM
faba-6	44	44	bulgarian	bulgarian	PROPN
faba-6	44	45	wellfare	wellfare	NOUN
faba-6	44	46	system	system	NOUN
faba-6	44	47	(	(	PUNCT
faba-6	44	48	1989	1989	NUM
faba-6	44	49	–	–	PUNCT
faba-6	44	50	2014	2014	NUM
faba-6	44	51	)	)	PUNCT
faba-6	44	52	evolution	evolution	NOUN
faba-6	44	53	,	,	PUNCT
faba-6	44	54	problems	problem	NOUN
faba-6	44	55	,	,	PUNCT
faba-6	44	56	challenges	challenge	VERB
faba-6	44	57	4	4	NUM
faba-6	44	58	milev	milev	NOUN
faba-6	44	59	,	,	PUNCT
faba-6	44	60	j.	j.	PROPN
faba-6	44	61	2015	2015	NUM
faba-6	44	62	,	,	PUNCT
faba-6	44	63	payg	payg	NOUN
faba-6	44	64	vs.	vs.	ADP
faba-6	44	65	fully	fully	ADV
faba-6	44	66	funded	fund	VERB
faba-6	44	67	pension	pension	NOUN
faba-6	44	68	system	system	NOUN
faba-6	44	69	–	–	PUNCT
faba-6	44	70	alternative	alternative	ADJ
faba-6	44	71	or	or	CCONJ
faba-6	44	72	complementary	complementary	ADJ
faba-6	44	73	components	component	NOUN
faba-6	44	74	in	in	ADP
faba-6	44	75	the	the	DET
faba-6	44	76	pension	pension	NOUN
faba-6	44	77	system	system	NOUN
faba-6	44	78	–	–	PUNCT
faba-6	44	79	the	the	DET
faba-6	44	80	case	case	NOUN
faba-6	44	81	of	of	ADP
faba-6	44	82	bulgaria	bulgaria	PROPN
faba-6	44	83	jeko	jeko	PROPN
faba-6	44	84	milev	milev	NOUN
faba-6	44	85	/	/	SYM
faba-6	44	86	finance	finance	NOUN
faba-6	44	87	,	,	PUNCT
faba-6	44	88	accounting	accounting	NOUN
faba-6	44	89	and	and	CCONJ
faba-6	44	90	business	business	NOUN
faba-6	44	91	analisys	analisys	NOUN
faba-6	44	92	67	67	NUM
faba-6	44	93	pension	pension	NOUN
faba-6	44	94	funds	fund	NOUN
faba-6	44	95	in	in	ADP
faba-6	44	96	bulgaria	bulgaria	PROPN
faba-6	44	97	were	be	AUX
faba-6	44	98	the	the	DET
faba-6	44	99	following	follow	VERB
faba-6	44	100	:	:	PUNCT
faba-6	44	101	table	table	NOUN
faba-6	44	102	1	1	NUM
faba-6	44	103	:	:	PUNCT
faba-6	44	104	investment	investment	NOUN
faba-6	44	105	limits	limit	NOUN
faba-6	44	106	concerning	concern	VERB
faba-6	44	107	second	second	ADJ
faba-6	44	108	pillar	pillar	NOUN
faba-6	44	109	pension	pension	NOUN
faba-6	44	110	funds	fund	NOUN
faba-6	44	111	in	in	ADP
faba-6	44	112	bulgaria	bulgaria	PROPN
faba-6	44	113	until	until	ADP
faba-6	44	114	2006	2006	NUM
faba-6	44	115	instrument	instrument	NOUN
faba-6	44	116	investment	investment	NOUN
faba-6	44	117	limit	limit	NOUN
faba-6	44	118	1	1	NUM
faba-6	44	119	.	.	PUNCT
faba-6	45	1	government	government	NOUN
faba-6	45	2	bonds	bond	NOUN
faba-6	45	3	min	min	PROPN
faba-6	45	4	.	.	PROPN
faba-6	45	5	50	50	NUM
faba-6	45	6	%	%	NOUN
faba-6	45	7	2	2	NUM
faba-6	45	8	.	.	X
faba-6	45	9	bank	bank	NOUN
faba-6	45	10	deposits	deposit	VERB
faba-6	45	11	max	max	PROPN
faba-6	45	12	.	.	PROPN
faba-6	46	1	25	25	NUM
faba-6	46	2	%	%	NOUN
faba-6	46	3	3	3	NUM
faba-6	46	4	.	.	PUNCT
faba-6	46	5	corporate	corporate	ADJ
faba-6	46	6	bonds	bond	NOUN
faba-6	46	7	max	max	PROPN
faba-6	46	8	.	.	PROPN
faba-6	46	9	20	20	NUM
faba-6	46	10	%	%	NOUN
faba-6	46	11	4	4	NUM
faba-6	46	12	.	.	PUNCT
faba-6	46	13	corporate	corporate	ADJ
faba-6	46	14	equities	equity	NOUN
faba-6	46	15	max	max	PROPN
faba-6	46	16	.	.	PROPN
faba-6	46	17	10	10	NUM
faba-6	46	18	%	%	NOUN
faba-6	46	19	5	5	NUM
faba-6	46	20	.	.	PUNCT
faba-6	46	21	mortgage	mortgage	NOUN
faba-6	46	22	bonds	bond	NOUN
faba-6	46	23	max	max	PROPN
faba-6	46	24	.	.	PROPN
faba-6	46	25	30	30	NUM
faba-6	46	26	%	%	NOUN
faba-6	46	27	6	6	NUM
faba-6	46	28	.	.	PUNCT
faba-6	46	29	municipal	municipal	ADJ
faba-6	46	30	bonds	bond	NOUN
faba-6	46	31	max	max	PROPN
faba-6	46	32	.	.	PROPN
faba-6	46	33	10	10	NUM
faba-6	46	34	%	%	NOUN
faba-6	46	35	7	7	NUM
faba-6	46	36	.	.	PUNCT
faba-6	46	37	investment	investment	NOUN
faba-6	46	38	property	property	NOUN
faba-6	46	39	max	max	PROPN
faba-6	46	40	.	.	PROPN
faba-6	47	1	5	5	NUM
faba-6	47	2	%	%	NOUN
faba-6	47	3	8	8	NUM
faba-6	47	4	.	.	PUNCT
faba-6	48	1	foreign	foreign	ADJ
faba-6	48	2	instruments	instrument	NOUN
faba-6	48	3	max	max	PROPN
faba-6	48	4	.	.	PROPN
faba-6	48	5	20	20	NUM
faba-6	48	6	%	%	NOUN
faba-6	48	7	source	source	NOUN
faba-6	48	8	:	:	PUNCT
faba-6	48	9	social	social	ADJ
faba-6	48	10	security	security	NOUN
faba-6	48	11	code	code	NOUN
faba-6	48	12	,	,	PUNCT
faba-6	48	13	2000	2000	NUM
faba-6	48	14	by	by	ADP
faba-6	48	15	adopting	adopt	VERB
faba-6	48	16	such	such	ADJ
faba-6	48	17	investment	investment	NOUN
faba-6	48	18	limits	limit	NOUN
faba-6	48	19	the	the	DET
faba-6	48	20	legislator	legislator	NOUN
faba-6	48	21	was	be	AUX
faba-6	48	22	clearly	clearly	ADV
faba-6	48	23	trying	try	VERB
faba-6	48	24	to	to	PART
faba-6	48	25	prevent	prevent	VERB
faba-6	48	26	pension	pension	NOUN
faba-6	48	27	companies	company	NOUN
faba-6	48	28	from	from	ADP
faba-6	48	29	assuming	assume	VERB
faba-6	48	30	risky	risky	ADJ
faba-6	48	31	investments	investment	NOUN
faba-6	48	32	in	in	ADP
faba-6	48	33	their	their	PRON
faba-6	48	34	initial	initial	ADJ
faba-6	48	35	years	year	NOUN
faba-6	48	36	of	of	ADP
faba-6	48	37	operation	operation	NOUN
faba-6	48	38	.	.	PUNCT
faba-6	49	1	at	at	ADP
faba-6	49	2	the	the	DET
faba-6	49	3	same	same	ADJ
faba-6	49	4	time	time	NOUN
faba-6	49	5	these	these	DET
faba-6	49	6	rules	rule	NOUN
faba-6	49	7	were	be	AUX
faba-6	49	8	aiming	aim	VERB
faba-6	49	9	to	to	PART
faba-6	49	10	convince	convince	VERB
faba-6	49	11	the	the	DET
faba-6	49	12	insured	insure	VERB
faba-6	49	13	individuals	individual	NOUN
faba-6	49	14	in	in	ADP
faba-6	49	15	the	the	DET
faba-6	49	16	financial	financial	ADJ
faba-6	49	17	security	security	NOUN
faba-6	49	18	of	of	ADP
faba-6	49	19	the	the	DET
faba-6	49	20	system	system	NOUN
faba-6	49	21	.	.	PUNCT
faba-6	50	1	the	the	DET
faba-6	50	2	last	last	ADJ
faba-6	50	3	was	be	AUX
faba-6	50	4	very	very	ADV
faba-6	50	5	important	important	ADJ
faba-6	50	6	because	because	SCONJ
faba-6	50	7	many	many	ADJ
faba-6	50	8	people	people	NOUN
faba-6	50	9	suffered	suffer	VERB
faba-6	50	10	huge	huge	ADJ
faba-6	50	11	money	money	NOUN
faba-6	50	12	losses	loss	NOUN
faba-6	50	13	from	from	ADP
faba-6	50	14	their	their	PRON
faba-6	50	15	“	"	PUNCT
faba-6	50	16	investments	investment	NOUN
faba-6	50	17	”	"	PUNCT
faba-6	50	18	in	in	ADP
faba-6	50	19	some	some	DET
faba-6	50	20	financial	financial	ADJ
faba-6	50	21	pyramids	pyramid	NOUN
faba-6	50	22	,	,	PUNCT
faba-6	50	23	very	very	ADV
faba-6	50	24	popular	popular	ADJ
faba-6	50	25	in	in	ADP
faba-6	50	26	the	the	DET
faba-6	50	27	mid	mid	ADJ
faba-6	50	28	1990	1990	NUM
faba-6	50	29	’s	’s	NOUN
faba-6	50	30	in	in	ADP
faba-6	50	31	bulgaria	bulgaria	PROPN
faba-6	50	32	.	.	PUNCT
faba-6	51	1	this	this	DET
faba-6	51	2	type	type	NOUN
faba-6	51	3	of	of	ADP
faba-6	51	4	investment	investment	NOUN
faba-6	51	5	regulation	regulation	NOUN
faba-6	51	6	was	be	AUX
faba-6	51	7	reasonable	reasonable	ADJ
faba-6	51	8	for	for	ADP
faba-6	51	9	the	the	DET
faba-6	51	10	first	first	ADJ
faba-6	51	11	years	year	NOUN
faba-6	51	12	of	of	ADP
faba-6	51	13	operation	operation	NOUN
faba-6	51	14	of	of	ADP
faba-6	51	15	the	the	DET
faba-6	51	16	bulgarian	bulgarian	ADJ
faba-6	51	17	pension	pension	NOUN
faba-6	51	18	funds	fund	NOUN
faba-6	51	19	.	.	PUNCT
faba-6	52	1	but	but	CCONJ
faba-6	52	2	it	it	PRON
faba-6	52	3	is	be	AUX
faba-6	52	4	well	well	ADV
faba-6	52	5	-	-	PUNCT
faba-6	52	6	known	know	VERB
faba-6	52	7	from	from	ADP
faba-6	52	8	financial	financial	ADJ
faba-6	52	9	theory	theory	NOUN
faba-6	52	10	that	that	SCONJ
faba-6	52	11	low	low	ADJ
faba-6	52	12	-	-	PUNCT
faba-6	52	13	risk	risk	NOUN
faba-6	52	14	instruments	instrument	NOUN
faba-6	52	15	are	be	AUX
faba-6	52	16	associated	associate	VERB
faba-6	52	17	with	with	ADP
faba-6	52	18	low	low	ADJ
faba-6	52	19	return	return	NOUN
faba-6	52	20	.	.	PUNCT
faba-6	53	1	pension	pension	NOUN
faba-6	53	2	funds	fund	NOUN
faba-6	53	3	are	be	AUX
faba-6	53	4	long	long	ADJ
faba-6	53	5	term	term	NOUN
faba-6	53	6	investors	investor	NOUN
faba-6	53	7	and	and	CCONJ
faba-6	53	8	they	they	PRON
faba-6	53	9	have	have	VERB
faba-6	53	10	some	some	DET
faba-6	53	11	comparative	comparative	ADJ
faba-6	53	12	advantages	advantage	NOUN
faba-6	53	13	in	in	ADP
faba-6	53	14	investments	investment	NOUN
faba-6	53	15	on	on	ADP
faba-6	53	16	capital	capital	PROPN
faba-6	53	17	markets5	markets5	PROPN
faba-6	53	18	.	.	PUNCT
faba-6	54	1	variable	variable	ADJ
faba-6	54	2	income	income	NOUN
faba-6	54	3	assets	asset	NOUN
faba-6	54	4	are	be	AUX
faba-6	54	5	more	more	ADV
faba-6	54	6	volatile	volatile	ADJ
faba-6	54	7	in	in	ADP
faba-6	54	8	value	value	NOUN
faba-6	54	9	than	than	ADP
faba-6	54	10	fixed	fix	VERB
faba-6	54	11	income	income	NOUN
faba-6	54	12	instruments	instrument	NOUN
faba-6	54	13	but	but	CCONJ
faba-6	54	14	their	their	PRON
faba-6	54	15	yield	yield	NOUN
faba-6	54	16	tend	tend	VERB
faba-6	54	17	to	to	PART
faba-6	54	18	exceed	exceed	VERB
faba-6	54	19	that	that	PRON
faba-6	54	20	of	of	ADP
faba-6	54	21	bonds	bond	NOUN
faba-6	54	22	especially	especially	ADV
faba-6	54	23	in	in	ADP
faba-6	54	24	the	the	DET
faba-6	54	25	long	long	ADJ
faba-6	54	26	term	term	NOUN
faba-6	54	27	.	.	PUNCT
faba-6	55	1	during	during	ADP
faba-6	55	2	the	the	DET
faba-6	55	3	first	first	ADJ
faba-6	55	4	years	year	NOUN
faba-6	55	5	of	of	ADP
faba-6	55	6	their	their	PRON
faba-6	55	7	existence	existence	NOUN
faba-6	55	8	bulgarian	bulgarian	ADJ
faba-6	55	9	pension	pension	NOUN
faba-6	55	10	funds	fund	NOUN
faba-6	55	11	invested	invest	VERB
faba-6	55	12	predominantly	predominantly	ADV
faba-6	55	13	into	into	ADP
faba-6	55	14	securities	security	NOUN
faba-6	55	15	issued	issue	VERB
faba-6	55	16	by	by	ADP
faba-6	55	17	the	the	DET
faba-6	55	18	bulgarian	bulgarian	ADJ
faba-6	55	19	state	state	NOUN
faba-6	55	20	.	.	PUNCT
faba-6	56	1	so	so	ADV
faba-6	56	2	implementing	implement	VERB
faba-6	56	3	this	this	DET
faba-6	56	4	pension	pension	NOUN
faba-6	56	5	reform	reform	NOUN
faba-6	56	6	just	just	ADV
faba-6	56	7	few	few	ADJ
faba-6	56	8	years	year	NOUN
faba-6	56	9	after	after	ADP
faba-6	56	10	the	the	DET
faba-6	56	11	adoption	adoption	NOUN
faba-6	56	12	of	of	ADP
faba-6	56	13	the	the	DET
faba-6	56	14	currency	currency	NOUN
faba-6	56	15	board	board	NOUN
faba-6	56	16	monetary	monetary	ADJ
faba-6	56	17	system	system	NOUN
faba-6	56	18	bulgarian	bulgarian	ADJ
faba-6	56	19	state	state	NOUN
faba-6	56	20	ensured	ensure	VERB
faba-6	56	21	a	a	DET
faba-6	56	22	real	real	ADJ
faba-6	56	23	source	source	NOUN
faba-6	56	24	for	for	ADP
faba-6	56	25	financing	finance	VERB
faba-6	56	26	its	its	PRON
faba-6	56	27	budget	budget	NOUN
faba-6	56	28	deficits	deficit	NOUN
faba-6	56	29	.	.	PUNCT
faba-6	57	1	of	of	ADP
faba-6	57	2	course	course	ADV
faba-6	57	3	this	this	PRON
faba-6	57	4	should	should	AUX
faba-6	57	5	be	be	AUX
faba-6	57	6	viewed	view	VERB
faba-6	57	7	as	as	ADP
faba-6	57	8	a	a	DET
faba-6	57	9	secondary	secondary	ADJ
faba-6	57	10	effect	effect	NOUN
faba-6	57	11	of	of	ADP
faba-6	57	12	the	the	DET
faba-6	57	13	reform	reform	NOUN
faba-6	57	14	and	and	CCONJ
faba-6	57	15	not	not	PART
faba-6	57	16	a	a	DET
faba-6	57	17	main	main	ADJ
faba-6	57	18	reason	reason	NOUN
faba-6	57	19	behind	behind	ADP
faba-6	57	20	its	its	PRON
faba-6	57	21	logic	logic	NOUN
faba-6	57	22	.	.	PUNCT
faba-6	58	1	bulgarian	bulgarian	ADJ
faba-6	58	2	pension	pension	NOUN
faba-6	58	3	funds	fund	NOUN
faba-6	58	4	used	use	VERB
faba-6	58	5	to	to	PART
faba-6	58	6	support	support	VERB
faba-6	58	7	the	the	DET
faba-6	58	8	deficit	deficit	NOUN
faba-6	58	9	formed	form	VERB
faba-6	58	10	within	within	ADP
faba-6	58	11	the	the	DET
faba-6	58	12	first	first	ADJ
faba-6	58	13	pillar	pillar	NOUN
faba-6	58	14	of	of	ADP
faba-6	58	15	the	the	DET
faba-6	58	16	pension	pension	NOUN
faba-6	58	17	system	system	NOUN
faba-6	58	18	.	.	PUNCT
faba-6	59	1	it	it	PRON
faba-6	59	2	is	be	AUX
faba-6	59	3	difficult	difficult	ADJ
faba-6	59	4	to	to	PART
faba-6	59	5	estimate	estimate	VERB
faba-6	59	6	what	what	PRON
faba-6	59	7	part	part	NOUN
faba-6	59	8	of	of	ADP
faba-6	59	9	this	this	DET
faba-6	59	10	deficit	deficit	NOUN
faba-6	59	11	is	be	AUX
faba-6	59	12	due	due	ADJ
faba-6	59	13	to	to	ADP
faba-6	59	14	the	the	DET
faba-6	59	15	implementation	implementation	NOUN
faba-6	59	16	of	of	ADP
faba-6	59	17	the	the	DET
faba-6	59	18	funded	fund	VERB
faba-6	59	19	component	component	NOUN
faba-6	59	20	within	within	ADP
faba-6	59	21	the	the	DET
faba-6	59	22	pension	pension	NOUN
faba-6	59	23	system	system	NOUN
faba-6	59	24	and	and	CCONJ
faba-6	59	25	what	what	DET
faba-6	59	26	part	part	NOUN
faba-6	59	27	of	of	ADP
faba-6	59	28	it	it	PRON
faba-6	59	29	is	be	AUX
faba-6	59	30	due	due	ADJ
faba-6	59	31	to	to	ADP
faba-6	59	32	the	the	DET
faba-6	59	33	constantly	constantly	ADV
faba-6	59	34	reduced	reduce	VERB
faba-6	59	35	contribution	contribution	NOUN
faba-6	59	36	rate	rate	NOUN
faba-6	59	37	paid	pay	VERB
faba-6	59	38	for	for	ADP
faba-6	59	39	the	the	DET
faba-6	59	40	first	first	ADJ
faba-6	59	41	pay	pay	NOUN
faba-6	59	42	-	-	PUNCT
faba-6	59	43	as	as	SCONJ
faba-6	59	44	-	-	PUNCT
faba-6	59	45	you	you	PRON
faba-6	59	46	-	-	PUNCT
faba-6	59	47	go	go	VERB
faba-6	59	48	pension	pension	NOUN
faba-6	59	49	pillar	pillar	NOUN
faba-6	59	50	.	.	PUNCT
faba-6	60	1	one	one	NUM
faba-6	60	2	of	of	ADP
faba-6	60	3	the	the	DET
faba-6	60	4	most	most	ADV
faba-6	60	5	important	important	ADJ
faba-6	60	6	risks	risk	NOUN
faba-6	60	7	that	that	PRON
faba-6	60	8	face	face	VERB
faba-6	60	9	insured	insure	VERB
faba-6	60	10	individuals	individual	NOUN
faba-6	60	11	in	in	ADP
faba-6	60	12	a	a	DET
faba-6	60	13	funded	fund	VERB
faba-6	60	14	pension	pension	NOUN
faba-6	60	15	system	system	NOUN
faba-6	60	16	is	be	AUX
faba-6	60	17	the	the	DET
faba-6	60	18	inflation	inflation	NOUN
faba-6	60	19	risk6	risk6	NOUN
faba-6	60	20	.	.	PUNCT
faba-6	61	1	if	if	SCONJ
faba-6	61	2	pension	pension	NOUN
faba-6	61	3	funds	fund	NOUN
faba-6	61	4	were	be	AUX
faba-6	61	5	not	not	PART
faba-6	61	6	able	able	ADJ
faba-6	61	7	to	to	PART
faba-6	61	8	compensate	compensate	VERB
faba-6	61	9	the	the	DET
faba-6	61	10	insured	insure	VERB
faba-6	61	11	for	for	ADP
faba-6	61	12	the	the	DET
faba-6	61	13	lost	lost	ADJ
faba-6	61	14	purchasing	purchasing	NOUN
faba-6	61	15	power	power	NOUN
faba-6	61	16	of	of	ADP
faba-6	61	17	their	their	PRON
faba-6	61	18	accumulated	accumulate	VERB
faba-6	61	19	savings	saving	NOUN
faba-6	61	20	they	they	PRON
faba-6	61	21	would	would	AUX
faba-6	61	22	not	not	PART
faba-6	61	23	serve	serve	VERB
faba-6	61	24	the	the	DET
faba-6	61	25	aim	aim	NOUN
faba-6	61	26	for	for	ADP
faba-6	61	27	which	which	PRON
faba-6	61	28	they	they	PRON
faba-6	61	29	were	be	AUX
faba-6	61	30	established	establish	VERB
faba-6	61	31	.	.	PUNCT
faba-6	62	1	that	that	PRON
faba-6	62	2	’s	’	VERB
faba-6	62	3	why	why	SCONJ
faba-6	62	4	it	it	PRON
faba-6	62	5	was	be	AUX
faba-6	62	6	very	very	ADV
faba-6	62	7	important	important	ADJ
faba-6	62	8	bulgarian	bulgarian	ADJ
faba-6	62	9	pension	pension	NOUN
faba-6	62	10	funds	fund	NOUN
faba-6	62	11	to	to	PART
faba-6	62	12	extend	extend	VERB
faba-6	62	13	their	their	PRON
faba-6	62	14	investments	investment	NOUN
faba-6	62	15	in	in	ADP
faba-6	62	16	corporate	corporate	ADJ
faba-6	62	17	instruments	instrument	NOUN
faba-6	62	18	such	such	ADJ
faba-6	62	19	as	as	ADP
faba-6	62	20	equities	equity	NOUN
faba-6	62	21	and	and	CCONJ
faba-6	62	22	bonds	bond	NOUN
faba-6	62	23	in	in	ADP
faba-6	62	24	order	order	NOUN
faba-6	62	25	to	to	PART
faba-6	62	26	increase	increase	VERB
faba-6	62	27	their	their	PRON
faba-6	62	28	chances	chance	NOUN
faba-6	62	29	of	of	ADP
faba-6	62	30	achieving	achieve	VERB
faba-6	62	31	a	a	DET
faba-6	62	32	positive	positive	ADJ
faba-6	62	33	real	real	ADJ
faba-6	62	34	return	return	NOUN
faba-6	62	35	in	in	ADP
faba-6	62	36	the	the	DET
faba-6	62	37	long	long	ADJ
faba-6	62	38	horizon	horizon	NOUN
faba-6	62	39	.	.	PUNCT
faba-6	63	1	in	in	ADP
faba-6	63	2	2006	2006	NUM
faba-6	63	3	some	some	DET
faba-6	63	4	very	very	ADV
faba-6	63	5	important	important	ADJ
faba-6	63	6	changes	change	NOUN
faba-6	63	7	were	be	AUX
faba-6	63	8	introduced	introduce	VERB
faba-6	63	9	in	in	ADP
faba-6	63	10	pension	pension	NOUN
faba-6	63	11	fund	fund	NOUN
faba-6	63	12	investment	investment	NOUN
faba-6	63	13	regulations	regulation	NOUN
faba-6	63	14	partly	partly	ADV
faba-6	63	15	because	because	SCONJ
faba-6	63	16	of	of	ADP
faba-6	63	17	the	the	DET
faba-6	63	18	upcoming	upcoming	ADJ
faba-6	63	19	membership	membership	NOUN
faba-6	63	20	in	in	ADP
faba-6	63	21	european	european	PROPN
faba-6	63	22	union	union	PROPN
faba-6	63	23	in	in	ADP
faba-6	63	24	2007	2007	NUM
faba-6	63	25	.	.	PUNCT
faba-6	64	1	many	many	ADJ
faba-6	64	2	of	of	ADP
faba-6	64	3	the	the	DET
faba-6	64	4	limits	limit	NOUN
faba-6	64	5	were	be	AUX
faba-6	64	6	relaxed	relax	VERB
faba-6	64	7	and	and	CCONJ
faba-6	64	8	the	the	DET
faba-6	64	9	existing	exist	VERB
faba-6	64	10	minimum	minimum	ADJ
faba-6	64	11	requirement	requirement	NOUN
faba-6	64	12	for	for	ADP
faba-6	64	13	investments	investment	NOUN
faba-6	64	14	in	in	ADP
faba-6	64	15	government	government	NOUN
faba-6	64	16	debt	debt	NOUN
faba-6	64	17	was	be	AUX
faba-6	64	18	removed	remove	VERB
faba-6	64	19	.	.	PUNCT
faba-6	65	1	table	table	NOUN
faba-6	65	2	2	2	NUM
faba-6	65	3	:	:	PUNCT
faba-6	65	4	current	current	ADJ
faba-6	65	5	investment	investment	NOUN
faba-6	65	6	limits	limit	NOUN
faba-6	65	7	concerning	concern	VERB
faba-6	65	8	second	second	ADJ
faba-6	65	9	pillar	pillar	NOUN
faba-6	65	10	pension	pension	NOUN
faba-6	65	11	funds	fund	NOUN
faba-6	65	12	in	in	ADP
faba-6	65	13	bulgaria	bulgaria	PROPN
faba-6	65	14	instrument	instrument	PROPN
faba-6	65	15	investment	investment	NOUN
faba-6	65	16	limit	limit	NOUN
faba-6	65	17	1	1	NUM
faba-6	65	18	.	.	PUNCT
faba-6	66	1	government	government	NOUN
faba-6	66	2	bonds	bond	VERB
faba-6	66	3	no	no	DET
faba-6	66	4	limit	limit	NOUN
faba-6	66	5	2	2	NUM
faba-6	66	6	.	.	PUNCT
faba-6	66	7	bank	bank	NOUN
faba-6	66	8	deposits	deposit	VERB
faba-6	66	9	max	max	PROPN
faba-6	66	10	.	.	PROPN
faba-6	67	1	25	25	NUM
faba-6	67	2	%	%	NOUN
faba-6	67	3	3	3	NUM
faba-6	67	4	.	.	PUNCT
faba-6	67	5	corporate	corporate	ADJ
faba-6	67	6	bonds	bond	NOUN
faba-6	67	7	max	max	PROPN
faba-6	67	8	.	.	PROPN
faba-6	67	9	25	25	NUM
faba-6	67	10	%	%	NOUN
faba-6	67	11	4	4	NUM
faba-6	67	12	.	.	PUNCT
faba-6	67	13	corporate	corporate	ADJ
faba-6	67	14	equities	equity	NOUN
faba-6	67	15	max	max	PROPN
faba-6	67	16	.	.	PROPN
faba-6	67	17	20	20	NUM
faba-6	67	18	%	%	NOUN
faba-6	67	19	5	5	NUM
faba-6	67	20	.	.	PUNCT
faba-6	67	21	shares	share	NOUN
faba-6	67	22	and/or	and/or	CCONJ
faba-6	67	23	units	unit	NOUN
faba-6	67	24	issued	issue	VERB
faba-6	67	25	by	by	ADP
faba-6	67	26	collective	collective	ADJ
faba-6	67	27	investment	investment	NOUN
faba-6	67	28	schemes	scheme	NOUN
faba-6	67	29	max	max	PROPN
faba-6	67	30	.	.	PROPN
faba-6	67	31	15	15	NUM
faba-6	67	32	%	%	NOUN
faba-6	67	33	6	6	NUM
faba-6	67	34	shares	share	NOUN
faba-6	67	35	in	in	ADP
faba-6	67	36	special	special	ADJ
faba-6	67	37	purpose	purpose	NOUN
faba-6	67	38	investment	investment	NOUN
faba-6	67	39	company	company	NOUN
faba-6	67	40	max	max	PROPN
faba-6	67	41	.	.	PROPN
faba-6	67	42	5	5	NUM
faba-6	67	43	%	%	NOUN
faba-6	67	44	7	7	NUM
faba-6	67	45	.	.	PUNCT
faba-6	67	46	mortgage	mortgage	NOUN
faba-6	67	47	bonds	bond	NOUN
faba-6	67	48	max	max	PROPN
faba-6	67	49	.	.	PROPN
faba-6	67	50	30	30	NUM
faba-6	67	51	%	%	NOUN
faba-6	67	52	8	8	NUM
faba-6	67	53	.	.	PUNCT
faba-6	67	54	municipal	municipal	ADJ
faba-6	67	55	bonds	bond	NOUN
faba-6	67	56	max	max	PROPN
faba-6	67	57	.	.	PROPN
faba-6	67	58	15	15	NUM
faba-6	67	59	%	%	NOUN
faba-6	67	60	9	9	NUM
faba-6	67	61	.	.	PUNCT
faba-6	67	62	investment	investment	NOUN
faba-6	67	63	property	property	PROPN
faba-6	67	64	max	max	PROPN
faba-6	67	65	.	.	PROPN
faba-6	67	66	5	5	NUM
faba-6	67	67	%	%	NOUN
faba-6	67	68	10	10	NUM
faba-6	67	69	.	.	PUNCT
faba-6	68	1	investments	investment	NOUN
faba-6	68	2	in	in	ADP
faba-6	68	3	assets	asset	NOUN
faba-6	68	4	denominated	denominate	VERB
faba-6	68	5	in	in	ADP
faba-6	68	6	currency	currency	NOUN
faba-6	68	7	different	different	ADJ
faba-6	68	8	from	from	ADP
faba-6	68	9	lev	lev	NOUN
faba-6	68	10	and	and	CCONJ
faba-6	68	11	euro	euro	PROPN
faba-6	68	12	max	max	PROPN
faba-6	68	13	.	.	PROPN
faba-6	68	14	20	20	NUM
faba-6	68	15	%	%	NOUN
faba-6	68	16	source	source	NOUN
faba-6	68	17	:	:	PUNCT
faba-6	68	18	social	social	ADJ
faba-6	68	19	security	security	NOUN
faba-6	68	20	code	code	NOUN
faba-6	68	21	,	,	PUNCT
faba-6	68	22	2007	2007	NUM
faba-6	68	23	bulgarian	bulgarian	ADJ
faba-6	68	24	pension	pension	NOUN
faba-6	68	25	funds	fund	NOUN
faba-6	68	26	seriously	seriously	ADV
faba-6	68	27	changed	change	VERB
faba-6	68	28	the	the	DET
faba-6	68	29	structure	structure	NOUN
faba-6	68	30	of	of	ADP
faba-6	68	31	their	their	PRON
faba-6	68	32	asset	asset	NOUN
faba-6	68	33	portfolios	portfolio	NOUN
faba-6	68	34	in	in	ADP
faba-6	68	35	the	the	DET
faba-6	68	36	next	next	ADJ
faba-6	68	37	year	year	NOUN
faba-6	68	38	2007	2007	NUM
faba-6	68	39	choosing	choose	VERB
faba-6	68	40	to	to	PART
faba-6	68	41	put	put	VERB
faba-6	68	42	the	the	DET
faba-6	68	43	money	money	NOUN
faba-6	68	44	of	of	ADP
faba-6	68	45	the	the	DET
faba-6	68	46	insured	insure	VERB
faba-6	68	47	individuals	individual	NOUN
faba-6	68	48	to	to	ADP
faba-6	68	49	a	a	DET
faba-6	68	50	much	much	ADV
faba-6	68	51	greater	great	ADJ
faba-6	68	52	extent	extent	NOUN
faba-6	68	53	into	into	ADP
faba-6	68	54	corporate	corporate	ADJ
faba-6	68	55	securities	security	NOUN
faba-6	68	56	and	and	CCONJ
faba-6	68	57	reducing	reduce	VERB
faba-6	68	58	the	the	DET
faba-6	68	59	share	share	NOUN
faba-6	68	60	of	of	ADP
faba-6	68	61	government	government	NOUN
faba-6	68	62	bond	bond	NOUN
faba-6	68	63	portfolio	portfolio	NOUN
faba-6	68	64	.	.	PUNCT
faba-6	69	1	this	this	PRON
faba-6	69	2	could	could	AUX
faba-6	69	3	be	be	AUX
faba-6	69	4	viewed	view	VERB
faba-6	69	5	as	as	ADP
faba-6	69	6	a	a	DET
faba-6	69	7	positive	positive	ADJ
faba-6	69	8	trend	trend	NOUN
faba-6	69	9	because	because	SCONJ
faba-6	69	10	the	the	DET
faba-6	69	11	core	core	NOUN
faba-6	69	12	idea	idea	NOUN
faba-6	69	13	behind	behind	ADP
faba-6	69	14	the	the	DET
faba-6	69	15	implementation	implementation	NOUN
faba-6	69	16	of	of	ADP
faba-6	69	17	the	the	DET
faba-6	69	18	funded	funded	ADJ
faba-6	69	19	pillar	pillar	NOUN
faba-6	69	20	was	be	AUX
faba-6	69	21	to	to	PART
faba-6	69	22	relax	relax	VERB
faba-6	69	23	the	the	DET
faba-6	69	24	financial	financial	ADJ
faba-6	69	25	burden	burden	NOUN
faba-6	69	26	on	on	ADP
faba-6	69	27	the	the	DET
faba-6	69	28	state	state	NOUN
faba-6	69	29	pension	pension	NOUN
faba-6	69	30	system	system	NOUN
faba-6	69	31	in	in	ADP
faba-6	69	32	the	the	DET
faba-6	69	33	long	long	ADJ
faba-6	69	34	term	term	NOUN
faba-6	69	35	.	.	PUNCT
faba-6	70	1	but	but	CCONJ
faba-6	70	2	if	if	SCONJ
faba-6	70	3	the	the	DET
faba-6	70	4	structure	structure	NOUN
faba-6	70	5	of	of	ADP
faba-6	70	6	the	the	DET
faba-6	70	7	investment	investment	NOUN
faba-6	70	8	portfolios	portfolio	NOUN
faba-6	70	9	of	of	ADP
faba-6	70	10	the	the	DET
faba-6	70	11	pension	pension	NOUN
faba-6	70	12	funds	fund	NOUN
faba-6	70	13	was	be	AUX
faba-6	70	14	preserved	preserve	VERB
faba-6	70	15	in	in	ADP
faba-6	70	16	the	the	DET
faba-6	70	17	years	year	NOUN
faba-6	70	18	until	until	SCONJ
faba-6	70	19	the	the	DET
faba-6	70	20	paid	pay	VERB
faba-6	70	21	-	-	PUNCT
faba-6	70	22	out	out	ADP
faba-6	70	23	phase	phase	NOUN
faba-6	70	24	then	then	ADV
faba-6	70	25	the	the	DET
faba-6	70	26	positive	positive	ADJ
faba-6	70	27	effects	effect	NOUN
faba-6	70	28	of	of	ADP
faba-6	70	29	the	the	DET
faba-6	70	30	funds	fund	NOUN
faba-6	70	31	would	would	AUX
faba-6	70	32	be	be	AUX
faba-6	70	33	5	5	NUM
faba-6	70	34	davis	davis	PROPN
faba-6	70	35	,	,	PUNCT
faba-6	70	36	e.	e.	PROPN
faba-6	70	37	philip,1995	philip,1995	PROPN
faba-6	70	38	,	,	PUNCT
faba-6	70	39	pension	pension	NOUN
faba-6	70	40	funds	fund	NOUN
faba-6	70	41	retirement	retirement	PROPN
faba-6	70	42	income	income	NOUN
faba-6	70	43	security	security	NOUN
faba-6	70	44	and	and	CCONJ
faba-6	70	45	capital	capital	NOUN
faba-6	70	46	markets	market	NOUN
faba-6	70	47	.	.	PUNCT
faba-6	71	1	an	an	DET
faba-6	71	2	international	international	ADJ
faba-6	71	3	perspective	perspective	NOUN
faba-6	71	4	,	,	PUNCT
faba-6	71	5	oxford	oxford	PROPN
faba-6	71	6	university	university	PROPN
faba-6	71	7	press	press	NOUN
faba-6	71	8	,	,	PUNCT
faba-6	71	9	uk	uk	PROPN
faba-6	71	10	6	6	NUM
faba-6	71	11	blake	blake	PROPN
faba-6	71	12	,	,	PUNCT
faba-6	71	13	d.	d.	PROPN
faba-6	71	14	2006	2006	NUM
faba-6	71	15	,	,	PUNCT
faba-6	71	16	pension	pension	NOUN
faba-6	71	17	finance	finance	NOUN
faba-6	71	18	,	,	PUNCT
faba-6	71	19	john	john	PROPN
faba-6	71	20	willey	willey	PROPN
faba-6	71	21	&	&	CCONJ
faba-6	71	22	sons	sons	PROPN
faba-6	71	23	ltd	ltd	PROPN
faba-6	71	24	,	,	PUNCT
faba-6	71	25	uk	uk	PROPN
faba-6	71	26	jeko	jeko	NOUN
faba-6	71	27	milev	milev	NOUN
faba-6	71	28	/	/	SYM
faba-6	71	29	finance	finance	NOUN
faba-6	71	30	,	,	PUNCT
faba-6	71	31	accounting	accounting	NOUN
faba-6	71	32	and	and	CCONJ
faba-6	71	33	business	business	NOUN
faba-6	71	34	analisys	analisys	NOUN
faba-6	71	35	68	68	NUM
faba-6	71	36	mitigated	mitigate	VERB
faba-6	71	37	as	as	ADP
faba-6	71	38	a	a	DET
faba-6	71	39	result	result	NOUN
faba-6	71	40	of	of	ADP
faba-6	71	41	the	the	DET
faba-6	71	42	massive	massive	ADJ
faba-6	71	43	sales	sale	NOUN
faba-6	71	44	of	of	ADP
faba-6	71	45	government	government	NOUN
faba-6	71	46	bonds	bond	NOUN
faba-6	71	47	whose	whose	DET
faba-6	71	48	ultimate	ultimate	ADJ
faba-6	71	49	final	final	ADJ
faba-6	71	50	payer	payer	NOUN
faba-6	71	51	is	be	AUX
faba-6	71	52	the	the	DET
faba-6	71	53	government	government	NOUN
faba-6	71	54	itself	itself	PRON
faba-6	71	55	.	.	PUNCT
faba-6	72	1	investing	invest	VERB
faba-6	72	2	mainly	mainly	ADV
faba-6	72	3	in	in	ADP
faba-6	72	4	government	government	NOUN
faba-6	72	5	bonds	bond	NOUN
faba-6	72	6	,	,	PUNCT
faba-6	72	7	pension	pension	NOUN
faba-6	72	8	funds	fund	NOUN
faba-6	72	9	could	could	AUX
faba-6	72	10	destroy	destroy	VERB
faba-6	72	11	the	the	DET
faba-6	72	12	basic	basic	ADJ
faba-6	72	13	difference	difference	NOUN
faba-6	72	14	between	between	ADP
faba-6	72	15	the	the	DET
faba-6	72	16	payg	payg	NOUN
faba-6	72	17	pension	pension	NOUN
faba-6	72	18	system	system	NOUN
faba-6	72	19	and	and	CCONJ
faba-6	72	20	the	the	DET
faba-6	72	21	fully	fully	ADV
faba-6	72	22	funded	fund	VERB
faba-6	72	23	one	one	NUM
faba-6	72	24	.	.	PUNCT
faba-6	73	1	changing	change	VERB
faba-6	73	2	their	their	PRON
faba-6	73	3	portfolio	portfolio	NOUN
faba-6	73	4	structure	structure	NOUN
faba-6	73	5	in	in	ADP
faba-6	73	6	2007	2007	NUM
faba-6	73	7	bulgarian	bulgarian	ADJ
faba-6	73	8	pension	pension	NOUN
faba-6	73	9	funds	fund	NOUN
faba-6	73	10	were	be	AUX
faba-6	73	11	able	able	ADJ
faba-6	73	12	to	to	PART
faba-6	73	13	channel	channel	VERB
faba-6	73	14	a	a	DET
faba-6	73	15	significant	significant	ADJ
faba-6	73	16	part	part	NOUN
faba-6	73	17	of	of	ADP
faba-6	73	18	the	the	DET
faba-6	73	19	savings	saving	NOUN
faba-6	73	20	of	of	ADP
faba-6	73	21	the	the	DET
faba-6	73	22	insured	insure	VERB
faba-6	73	23	individuals	individual	NOUN
faba-6	73	24	into	into	ADP
faba-6	73	25	the	the	DET
faba-6	73	26	bulgarian	bulgarian	ADJ
faba-6	73	27	stock	stock	NOUN
faba-6	73	28	exchange	exchange	NOUN
faba-6	73	29	.	.	PUNCT
faba-6	74	1	so	so	ADV
faba-6	74	2	they	they	PRON
faba-6	74	3	had	have	VERB
faba-6	74	4	their	their	PRON
faba-6	74	5	part	part	NOUN
faba-6	74	6	in	in	ADP
faba-6	74	7	the	the	DET
faba-6	74	8	formation	formation	NOUN
faba-6	74	9	of	of	ADP
faba-6	74	10	the	the	DET
faba-6	74	11	financial	financial	ADJ
faba-6	74	12	balloon	balloon	NOUN
faba-6	74	13	in	in	ADP
faba-6	74	14	that	that	DET
faba-6	74	15	same	same	ADJ
faba-6	74	16	year	year	NOUN
faba-6	74	17	.	.	PUNCT
faba-6	75	1	in	in	ADP
faba-6	75	2	2008	2008	NUM
faba-6	75	3	the	the	DET
faba-6	75	4	world	world	NOUN
faba-6	75	5	financial	financial	ADJ
faba-6	75	6	crises	crisis	NOUN
faba-6	75	7	hit	hit	VERB
faba-6	75	8	our	our	PRON
faba-6	75	9	country	country	NOUN
faba-6	75	10	and	and	CCONJ
faba-6	75	11	as	as	ADP
faba-6	75	12	a	a	DET
faba-6	75	13	result	result	NOUN
faba-6	75	14	of	of	ADP
faba-6	75	15	this	this	PRON
faba-6	75	16	the	the	DET
faba-6	75	17	main	main	ADJ
faba-6	75	18	index	index	NOUN
faba-6	75	19	of	of	ADP
faba-6	75	20	the	the	DET
faba-6	75	21	bulgarian	bulgarian	ADJ
faba-6	75	22	capital	capital	NOUN
faba-6	75	23	market	market	NOUN
faba-6	75	24	plunged	plunge	VERB
faba-6	75	25	by	by	ADP
faba-6	75	26	some	some	DET
faba-6	75	27	80	80	NUM
faba-6	75	28	%	%	NOUN
faba-6	75	29	.	.	PUNCT
faba-6	76	1	the	the	DET
faba-6	76	2	pension	pension	NOUN
faba-6	76	3	funds	fund	NOUN
faba-6	76	4	were	be	AUX
faba-6	76	5	not	not	PART
faba-6	76	6	able	able	ADJ
faba-6	76	7	to	to	PART
faba-6	76	8	withstand	withstand	VERB
faba-6	76	9	the	the	DET
faba-6	76	10	massive	massive	ADJ
faba-6	76	11	sales	sale	NOUN
faba-6	76	12	of	of	ADP
faba-6	76	13	corporate	corporate	ADJ
faba-6	76	14	equities	equity	NOUN
faba-6	76	15	and	and	CCONJ
faba-6	76	16	the	the	DET
faba-6	76	17	losses	loss	NOUN
faba-6	76	18	reported	report	VERB
faba-6	76	19	at	at	ADP
faba-6	76	20	that	that	DET
faba-6	76	21	year	year	NOUN
faba-6	76	22	were	be	AUX
faba-6	76	23	some	some	DET
faba-6	76	24	double	double	ADJ
faba-6	76	25	digit	digit	NOUN
faba-6	76	26	numbers	number	NOUN
faba-6	76	27	.	.	PUNCT
faba-6	77	1	this	this	DET
faba-6	77	2	negative	negative	ADJ
faba-6	77	3	event	event	NOUN
faba-6	77	4	actually	actually	ADV
faba-6	77	5	influenced	influence	VERB
faba-6	77	6	the	the	DET
faba-6	77	7	trade	trade	NOUN
faba-6	77	8	on	on	ADP
faba-6	77	9	the	the	DET
faba-6	77	10	bulgarian	bulgarian	ADJ
faba-6	77	11	stock	stock	NOUN
faba-6	77	12	exchange	exchange	NOUN
faba-6	77	13	for	for	ADP
faba-6	77	14	the	the	DET
faba-6	77	15	next	next	ADJ
faba-6	77	16	decade	decade	NOUN
faba-6	77	17	.	.	PUNCT
faba-6	78	1	most	most	ADJ
faba-6	78	2	of	of	ADP
faba-6	78	3	the	the	DET
faba-6	78	4	pension	pension	NOUN
faba-6	78	5	funds	fund	NOUN
faba-6	78	6	especially	especially	ADV
faba-6	78	7	those	those	PRON
faba-6	78	8	with	with	ADP
faba-6	78	9	foreign	foreign	ADJ
faba-6	78	10	owners	owner	NOUN
faba-6	78	11	have	have	AUX
faba-6	78	12	been	be	AUX
faba-6	78	13	avoiding	avoid	VERB
faba-6	78	14	bulgarian	bulgarian	ADJ
faba-6	78	15	corporate	corporate	ADJ
faba-6	78	16	securities	security	NOUN
faba-6	78	17	.	.	PUNCT
faba-6	79	1	so	so	ADV
faba-6	79	2	they	they	PRON
faba-6	79	3	turn	turn	VERB
faba-6	79	4	their	their	PRON
faba-6	79	5	faces	face	NOUN
faba-6	79	6	towards	towards	ADP
faba-6	79	7	government	government	NOUN
faba-6	79	8	securities	security	NOUN
faba-6	79	9	again	again	ADV
faba-6	79	10	.	.	PUNCT
faba-6	80	1	and	and	CCONJ
faba-6	80	2	as	as	ADP
faba-6	80	3	a	a	DET
faba-6	80	4	result	result	NOUN
faba-6	80	5	,	,	PUNCT
faba-6	80	6	instead	instead	ADV
faba-6	80	7	of	of	ADP
faba-6	80	8	contributing	contribute	VERB
faba-6	80	9	for	for	ADP
faba-6	80	10	the	the	DET
faba-6	80	11	development	development	NOUN
faba-6	80	12	of	of	ADP
faba-6	80	13	the	the	DET
faba-6	80	14	stock	stock	NOUN
faba-6	80	15	market	market	NOUN
faba-6	80	16	and	and	CCONJ
faba-6	80	17	the	the	DET
faba-6	80	18	increase	increase	NOUN
faba-6	80	19	of	of	ADP
faba-6	80	20	trade	trade	NOUN
faba-6	80	21	volumes	volume	NOUN
faba-6	80	22	with	with	ADP
faba-6	80	23	private	private	ADJ
faba-6	80	24	securities	security	NOUN
faba-6	80	25	,	,	PUNCT
faba-6	80	26	pension	pension	NOUN
faba-6	80	27	funds	fund	NOUN
faba-6	80	28	in	in	ADP
faba-6	80	29	our	our	PRON
faba-6	80	30	country	country	NOUN
faba-6	80	31	started	start	VERB
faba-6	80	32	to	to	PART
faba-6	80	33	invest	invest	VERB
faba-6	80	34	heavily	heavily	ADV
faba-6	80	35	again	again	ADV
faba-6	80	36	in	in	ADP
faba-6	80	37	government	government	NOUN
faba-6	80	38	bonds	bond	NOUN
faba-6	80	39	.	.	PUNCT
faba-6	81	1	so	so	ADV
faba-6	81	2	an	an	DET
faba-6	81	3	interesting	interesting	ADJ
faba-6	81	4	trend	trend	NOUN
faba-6	81	5	has	have	AUX
faba-6	81	6	been	be	AUX
faba-6	81	7	forming	form	VERB
faba-6	81	8	in	in	ADP
faba-6	81	9	the	the	DET
faba-6	81	10	next	next	ADJ
faba-6	81	11	years	year	NOUN
faba-6	81	12	.	.	PUNCT
faba-6	82	1	for	for	ADP
faba-6	82	2	the	the	DET
faba-6	82	3	whole	whole	ADJ
faba-6	82	4	period	period	NOUN
faba-6	82	5	after	after	ADP
faba-6	82	6	2010	2010	NUM
faba-6	82	7	there	there	PRON
faba-6	82	8	is	be	VERB
faba-6	82	9	a	a	DET
faba-6	82	10	very	very	ADV
faba-6	82	11	clear	clear	ADJ
faba-6	82	12	trend	trend	NOUN
faba-6	82	13	for	for	ADP
faba-6	82	14	increasing	increase	VERB
faba-6	82	15	the	the	DET
faba-6	82	16	share	share	NOUN
faba-6	82	17	of	of	ADP
faba-6	82	18	government	government	NOUN
faba-6	82	19	securities	security	NOUN
faba-6	82	20	.	.	PUNCT
faba-6	83	1	at	at	ADP
faba-6	83	2	the	the	DET
faba-6	83	3	end	end	NOUN
faba-6	83	4	of	of	ADP
faba-6	83	5	2016	2016	NUM
faba-6	83	6	at	at	ADP
faba-6	83	7	about	about	ADP
faba-6	83	8	50	50	NUM
faba-6	83	9	%	%	NOUN
faba-6	83	10	of	of	ADP
faba-6	83	11	all	all	DET
faba-6	83	12	assets	asset	NOUN
faba-6	83	13	of	of	ADP
faba-6	83	14	universal	universal	ADJ
faba-6	83	15	pension	pension	NOUN
faba-6	83	16	funds	fund	NOUN
faba-6	83	17	are	be	AUX
faba-6	83	18	government	government	NOUN
faba-6	83	19	bonds	bond	NOUN
faba-6	83	20	.	.	PUNCT
faba-6	84	1	0,00	0,00	PROPN
faba-6	84	2	10,00	10,00	NUM
faba-6	84	3	20,00	20,00	PROPN
faba-6	84	4	30,00	30,00	NUM
faba-6	84	5	40,00	40,00	NOUN
faba-6	84	6	50,00	50,00	NUM
faba-6	84	7	60,00	60,00	NUM
faba-6	84	8	2007	2007	NUM
faba-6	84	9	2008	2008	NUM
faba-6	84	10	2009	2009	NUM
faba-6	84	11	2010	2010	NUM
faba-6	84	12	2011	2011	NUM
faba-6	84	13	2012	2012	NUM
faba-6	84	14	2013	2013	NUM
faba-6	84	15	2014	2014	NUM
faba-6	84	16	2015	2015	NUM
faba-6	84	17	2016	2016	NUM
faba-6	84	18	share	share	NOUN
faba-6	84	19	of	of	ADP
faba-6	84	20	government	government	NOUN
faba-6	84	21	bonds	bond	NOUN
faba-6	84	22	into	into	ADP
faba-6	84	23	the	the	DET
faba-6	84	24	asset	asset	NOUN
faba-6	84	25	portfolio	portfolio	NOUN
faba-6	84	26	managed	manage	VERB
faba-6	84	27	by	by	ADP
faba-6	84	28	upf	upf	PROPN
faba-6	84	29	doverie	doverie	NOUN
faba-6	84	30	government	government	NOUN
faba-6	84	31	bonds	bond	NOUN
faba-6	84	32	0,00	0,00	X
faba-6	84	33	10,00	10,00	PUNCT
faba-6	84	34	20,00	20,00	PROPN
faba-6	84	35	30,00	30,00	NUM
faba-6	84	36	40,00	40,00	NOUN
faba-6	84	37	50,00	50,00	NUM
faba-6	84	38	60,00	60,00	NUM
faba-6	84	39	2007	2007	NUM
faba-6	84	40	2008	2008	NUM
faba-6	84	41	2009	2009	NUM
faba-6	84	42	2010	2010	NUM
faba-6	84	43	2011	2011	NUM
faba-6	84	44	2012	2012	NUM
faba-6	84	45	2013	2013	NUM
faba-6	84	46	2014	2014	NUM
faba-6	84	47	2015	2015	NUM
faba-6	84	48	2016	2016	NUM
faba-6	84	49	share	share	NOUN
faba-6	84	50	of	of	ADP
faba-6	84	51	government	government	NOUN
faba-6	84	52	bonds	bond	NOUN
faba-6	84	53	into	into	ADP
faba-6	84	54	the	the	DET
faba-6	84	55	asset	asset	NOUN
faba-6	84	56	portfolio	portfolio	NOUN
faba-6	84	57	managed	manage	VERB
faba-6	84	58	by	by	ADP
faba-6	84	59	upf	upf	PROPN
faba-6	84	60	saglasie	saglasie	ADJ
faba-6	84	61	government	government	NOUN
faba-6	84	62	bonds	bond	NOUN
faba-6	84	63	0,00	0,00	NOUN
faba-6	84	64	20,00	20,00	NUM
faba-6	84	65	40,00	40,00	NOUN
faba-6	84	66	60,00	60,00	NUM
faba-6	84	67	80,00	80,00	NOUN
faba-6	84	68	2007	2007	NUM
faba-6	84	69	2008	2008	NUM
faba-6	84	70	2009	2009	NUM
faba-6	84	71	2010	2010	NUM
faba-6	84	72	2011	2011	NUM
faba-6	84	73	2012	2012	NUM
faba-6	84	74	2013	2013	NUM
faba-6	84	75	2014	2014	NUM
faba-6	84	76	2015	2015	NUM
faba-6	84	77	2016	2016	NUM
faba-6	84	78	share	share	NOUN
faba-6	84	79	of	of	ADP
faba-6	84	80	government	government	NOUN
faba-6	84	81	bonds	bond	NOUN
faba-6	84	82	into	into	ADP
faba-6	84	83	the	the	DET
faba-6	84	84	asset	asset	NOUN
faba-6	84	85	portfolio	portfolio	NOUN
faba-6	84	86	managed	manage	VERB
faba-6	84	87	by	by	ADP
faba-6	84	88	upf	upf	PROPN
faba-6	84	89	dsk	dsk	PROPN
faba-6	84	90	rodina	rodina	PROPN
faba-6	84	91	government	government	NOUN
faba-6	84	92	bonds	bond	NOUN
faba-6	84	93	jeko	jeko	NOUN
faba-6	84	94	milev	milev	NOUN
faba-6	84	95	/	/	SYM
faba-6	84	96	finance	finance	NOUN
faba-6	84	97	,	,	PUNCT
faba-6	84	98	accounting	accounting	NOUN
faba-6	84	99	and	and	CCONJ
faba-6	84	100	business	business	NOUN
faba-6	84	101	analisys	analisys	NOUN
faba-6	84	102	69	69	NUM
faba-6	84	103	so	so	CCONJ
faba-6	84	104	at	at	ADP
faba-6	84	105	the	the	DET
faba-6	84	106	start	start	NOUN
faba-6	84	107	of	of	ADP
faba-6	84	108	the	the	DET
faba-6	84	109	reform	reform	NOUN
faba-6	84	110	bulgarian	bulgarian	ADJ
faba-6	84	111	compulsory	compulsory	ADJ
faba-6	84	112	pension	pension	NOUN
faba-6	84	113	funds	fund	NOUN
faba-6	84	114	were	be	AUX
faba-6	84	115	obliged	oblige	VERB
faba-6	84	116	to	to	PART
faba-6	84	117	invest	invest	VERB
faba-6	84	118	minimum	minimum	NOUN
faba-6	84	119	50	50	NUM
faba-6	84	120	%	%	NOUN
faba-6	84	121	of	of	ADP
faba-6	84	122	their	their	PRON
faba-6	84	123	assets	asset	NOUN
faba-6	84	124	into	into	ADP
faba-6	84	125	government	government	NOUN
faba-6	84	126	securities	security	NOUN
faba-6	84	127	and	and	CCONJ
faba-6	84	128	now	now	ADV
faba-6	84	129	they	they	PRON
faba-6	84	130	have	have	AUX
faba-6	84	131	structured	structure	VERB
faba-6	84	132	a	a	DET
faba-6	84	133	similar	similar	ADJ
faba-6	84	134	portfolio	portfolio	NOUN
faba-6	84	135	although	although	SCONJ
faba-6	84	136	there	there	PRON
faba-6	84	137	is	be	VERB
faba-6	84	138	no	no	DET
faba-6	84	139	such	such	ADJ
faba-6	84	140	restriction	restriction	NOUN
faba-6	84	141	any	any	ADV
faba-6	84	142	more	more	ADV
faba-6	84	143	.	.	PUNCT
faba-6	85	1	the	the	DET
faba-6	85	2	next	next	ADJ
faba-6	85	3	step	step	NOUN
faba-6	85	4	of	of	ADP
faba-6	85	5	the	the	DET
faba-6	85	6	research	research	NOUN
faba-6	85	7	was	be	AUX
faba-6	85	8	to	to	PART
faba-6	85	9	see	see	VERB
faba-6	85	10	what	what	PRON
faba-6	85	11	part	part	NOUN
faba-6	85	12	of	of	ADP
faba-6	85	13	the	the	DET
faba-6	85	14	government	government	NOUN
faba-6	85	15	securities	security	NOUN
faba-6	85	16	portfolio	portfolio	NOUN
faba-6	85	17	is	be	AUX
faba-6	85	18	invested	invest	VERB
faba-6	85	19	into	into	ADP
faba-6	85	20	bulgarian	bulgarian	ADJ
faba-6	85	21	government	government	NOUN
faba-6	85	22	bonds	bond	NOUN
faba-6	85	23	and	and	CCONJ
faba-6	85	24	how	how	SCONJ
faba-6	85	25	the	the	DET
faba-6	85	26	share	share	NOUN
faba-6	85	27	of	of	ADP
faba-6	85	28	the	the	DET
faba-6	85	29	bulgarian	bulgarian	ADJ
faba-6	85	30	government	government	NOUN
faba-6	85	31	securities	security	NOUN
faba-6	85	32	have	have	AUX
faba-6	85	33	been	be	AUX
faba-6	85	34	changed	change	VERB
faba-6	85	35	for	for	ADP
faba-6	85	36	the	the	DET
faba-6	85	37	period	period	NOUN
faba-6	85	38	.	.	PUNCT
faba-6	86	1	here	here	ADV
faba-6	86	2	the	the	DET
faba-6	86	3	trend	trend	NOUN
faba-6	86	4	is	be	AUX
faba-6	86	5	also	also	ADV
faba-6	86	6	an	an	DET
faba-6	86	7	upward	upward	ADJ
faba-6	86	8	one	one	NUM
faba-6	86	9	.	.	PUNCT
faba-6	87	1	the	the	DET
faba-6	87	2	following	follow	VERB
faba-6	87	3	graphs	graph	NOUN
faba-6	87	4	are	be	AUX
faba-6	87	5	showing	show	VERB
faba-6	87	6	this	this	PRON
faba-6	87	7	for	for	ADP
faba-6	87	8	the	the	DET
faba-6	87	9	same	same	ADJ
faba-6	87	10	four	four	NUM
faba-6	87	11	universal	universal	ADJ
faba-6	87	12	pension	pension	NOUN
faba-6	87	13	funds	fund	NOUN
faba-6	87	14	:	:	PUNCT
faba-6	87	15	0,00	0,00	PROPN
faba-6	87	16	20,00	20,00	NUM
faba-6	88	1	40,00	40,00	NOUN
faba-6	88	2	60,00	60,00	NUM
faba-6	88	3	80,00	80,00	NOUN
faba-6	88	4	2007	2007	NUM
faba-6	88	5	2008	2008	NUM
faba-6	88	6	2009	2009	NUM
faba-6	88	7	2010	2010	NUM
faba-6	88	8	2011	2011	NUM
faba-6	88	9	2012	2012	NUM
faba-6	88	10	2013	2013	NUM
faba-6	88	11	2014	2014	NUM
faba-6	88	12	2015	2015	NUM
faba-6	88	13	2016	2016	NUM
faba-6	88	14	share	share	NOUN
faba-6	88	15	of	of	ADP
faba-6	88	16	government	government	NOUN
faba-6	88	17	bonds	bond	NOUN
faba-6	88	18	into	into	ADP
faba-6	88	19	the	the	DET
faba-6	88	20	asset	asset	NOUN
faba-6	88	21	portfolio	portfolio	NOUN
faba-6	88	22	managed	manage	VERB
faba-6	88	23	by	by	ADP
faba-6	88	24	upf	upf	PROPN
faba-6	88	25	en	en	PROPN
faba-6	88	26	en	en	X
faba-6	88	27	government	government	NOUN
faba-6	88	28	bonds	bond	NOUN
faba-6	88	29	0,00	0,00	X
faba-6	88	30	%	%	NOUN
faba-6	88	31	5,00	5,00	NUM
faba-6	88	32	%	%	NOUN
faba-6	88	33	10,00	10,00	NUM
faba-6	88	34	%	%	NOUN
faba-6	88	35	15,00	15,00	NUM
faba-6	88	36	%	%	NOUN
faba-6	88	37	20,00	20,00	NUM
faba-6	88	38	%	%	NOUN
faba-6	88	39	2007	2007	NUM
faba-6	88	40	2008	2008	NUM
faba-6	88	41	2009	2009	NUM
faba-6	88	42	2010	2010	NUM
faba-6	88	43	2011	2011	NUM
faba-6	88	44	2012	2012	NUM
faba-6	88	45	2013	2013	NUM
faba-6	88	46	2014	2014	NUM
faba-6	88	47	2015	2015	NUM
faba-6	88	48	2016	2016	NUM
faba-6	88	49	share	share	NOUN
faba-6	88	50	of	of	ADP
faba-6	88	51	bulgarian	bulgarian	ADJ
faba-6	88	52	government	government	NOUN
faba-6	88	53	bonds	bond	NOUN
faba-6	88	54	into	into	ADP
faba-6	88	55	the	the	DET
faba-6	88	56	asset	asset	NOUN
faba-6	88	57	portfolio	portfolio	NOUN
faba-6	88	58	managed	manage	VERB
faba-6	88	59	by	by	ADP
faba-6	88	60	upf	upf	PROPN
faba-6	88	61	doverie	doverie	PROPN
faba-6	88	62	bulgarian	bulgarian	ADJ
faba-6	88	63	government	government	NOUN
faba-6	88	64	bonds	bond	NOUN
faba-6	88	65	0,00	0,00	X
faba-6	88	66	%	%	NOUN
faba-6	88	67	10,00	10,00	NUM
faba-6	88	68	%	%	NOUN
faba-6	88	69	20,00	20,00	NUM
faba-6	88	70	%	%	NOUN
faba-6	88	71	30,00	30,00	NUM
faba-6	88	72	%	%	NOUN
faba-6	88	73	2007	2007	NUM
faba-6	88	74	2008	2008	NUM
faba-6	88	75	2009	2009	NUM
faba-6	88	76	2010	2010	NUM
faba-6	88	77	2011	2011	NUM
faba-6	88	78	2012	2012	NUM
faba-6	88	79	2013	2013	NUM
faba-6	88	80	2014	2014	NUM
faba-6	88	81	2015	2015	NUM
faba-6	88	82	2016	2016	NUM
faba-6	88	83	share	share	NOUN
faba-6	88	84	of	of	ADP
faba-6	88	85	bulgarian	bulgarian	ADJ
faba-6	88	86	government	government	NOUN
faba-6	88	87	bonds	bond	NOUN
faba-6	88	88	into	into	ADP
faba-6	88	89	the	the	DET
faba-6	88	90	asset	asset	NOUN
faba-6	88	91	portfolio	portfolio	NOUN
faba-6	88	92	managed	manage	VERB
faba-6	88	93	by	by	ADP
faba-6	88	94	upf	upf	PROPN
faba-6	88	95	saglasie	saglasie	VERB
faba-6	88	96	bulgarian	bulgarian	ADJ
faba-6	88	97	government	government	NOUN
faba-6	88	98	bonds	bond	NOUN
faba-6	88	99	0,00	0,00	X
faba-6	88	100	%	%	X
faba-6	88	101	20,00	20,00	NUM
faba-6	88	102	%	%	NOUN
faba-6	88	103	40,00	40,00	NUM
faba-6	88	104	%	%	NOUN
faba-6	88	105	2007	2007	NUM
faba-6	88	106	2008	2008	NUM
faba-6	88	107	2009	2009	NUM
faba-6	88	108	2010	2010	NUM
faba-6	88	109	2011	2011	NUM
faba-6	88	110	2012	2012	NUM
faba-6	88	111	2013	2013	NUM
faba-6	88	112	2014	2014	NUM
faba-6	88	113	2015	2015	NUM
faba-6	88	114	2016	2016	NUM
faba-6	88	115	share	share	NOUN
faba-6	88	116	of	of	ADP
faba-6	88	117	bulgarian	bulgarian	ADJ
faba-6	88	118	government	government	NOUN
faba-6	88	119	bonds	bond	NOUN
faba-6	88	120	into	into	ADP
faba-6	88	121	the	the	DET
faba-6	88	122	asset	asset	NOUN
faba-6	88	123	portfolio	portfolio	NOUN
faba-6	88	124	managed	manage	VERB
faba-6	88	125	by	by	ADP
faba-6	88	126	upf	upf	PROPN
faba-6	88	127	dsk	dsk	PROPN
faba-6	88	128	rodina	rodina	PROPN
faba-6	88	129	bulgarian	bulgarian	ADJ
faba-6	88	130	government	government	NOUN
faba-6	88	131	bonds	bond	NOUN
faba-6	88	132	jeko	jeko	NOUN
faba-6	88	133	milev	milev	NOUN
faba-6	88	134	/	/	SYM
faba-6	88	135	finance	finance	NOUN
faba-6	88	136	,	,	PUNCT
faba-6	88	137	accounting	accounting	NOUN
faba-6	88	138	and	and	CCONJ
faba-6	88	139	business	business	NOUN
faba-6	88	140	analisys	analisys	NOUN
faba-6	88	141	70	70	NUM
faba-6	88	142	so	so	ADV
faba-6	88	143	at	at	ADP
faba-6	88	144	around	around	ADV
faba-6	88	145	20	20	NUM
faba-6	88	146	%	%	NOUN
faba-6	88	147	of	of	ADP
faba-6	88	148	the	the	DET
faba-6	88	149	asset	asset	NOUN
faba-6	88	150	portfolio	portfolio	NOUN
faba-6	88	151	is	be	AUX
faba-6	88	152	invested	invest	VERB
faba-6	88	153	into	into	ADP
faba-6	88	154	bulgarian	bulgarian	ADJ
faba-6	88	155	government	government	NOUN
faba-6	88	156	bonds	bond	NOUN
faba-6	88	157	.	.	PUNCT
faba-6	89	1	we	we	PRON
faba-6	89	2	can	can	AUX
faba-6	89	3	make	make	VERB
faba-6	89	4	a	a	DET
faba-6	89	5	very	very	ADV
faba-6	89	6	clear	clear	ADJ
faba-6	89	7	implication	implication	NOUN
faba-6	89	8	here	here	ADV
faba-6	89	9	pension	pension	NOUN
faba-6	89	10	funds	fund	NOUN
faba-6	89	11	in	in	ADP
faba-6	89	12	our	our	PRON
faba-6	89	13	country	country	NOUN
faba-6	89	14	like	like	ADP
faba-6	89	15	bulgarian	bulgarian	ADJ
faba-6	89	16	government	government	NOUN
faba-6	89	17	bonds	bond	NOUN
faba-6	89	18	and	and	CCONJ
faba-6	89	19	the	the	DET
faba-6	89	20	savings	saving	NOUN
faba-6	89	21	of	of	ADP
faba-6	89	22	the	the	DET
faba-6	89	23	future	future	ADJ
faba-6	89	24	generation	generation	NOUN
faba-6	89	25	retirees	retiree	NOUN
faba-6	89	26	are	be	AUX
faba-6	89	27	used	use	VERB
faba-6	89	28	to	to	PART
faba-6	89	29	support	support	VERB
faba-6	89	30	the	the	DET
faba-6	89	31	expenditures	expenditure	NOUN
faba-6	89	32	of	of	ADP
faba-6	89	33	the	the	DET
faba-6	89	34	bulgarian	bulgarian	ADJ
faba-6	89	35	state	state	NOUN
faba-6	89	36	.	.	PUNCT
faba-6	90	1	the	the	DET
faba-6	90	2	fundamental	fundamental	ADJ
faba-6	90	3	question	question	NOUN
faba-6	90	4	is	be	AUX
faba-6	90	5	why	why	SCONJ
faba-6	90	6	we	we	PRON
faba-6	90	7	have	have	VERB
faba-6	90	8	such	such	ADJ
faba-6	90	9	trend	trend	NOUN
faba-6	90	10	?	?	PUNCT
faba-6	91	1	why	why	SCONJ
faba-6	91	2	long	long	ADJ
faba-6	91	3	term	term	NOUN
faba-6	91	4	investors	investor	NOUN
faba-6	91	5	such	such	ADJ
faba-6	91	6	as	as	ADP
faba-6	91	7	pension	pension	NOUN
faba-6	91	8	funds	fund	NOUN
faba-6	91	9	predominantly	predominantly	ADV
faba-6	91	10	invest	invest	VERB
faba-6	91	11	in	in	ADP
faba-6	91	12	securities	security	NOUN
faba-6	91	13	which	which	PRON
faba-6	91	14	really	really	ADV
faba-6	91	15	have	have	VERB
faba-6	91	16	small	small	ADJ
faba-6	91	17	volatility	volatility	NOUN
faba-6	91	18	but	but	CCONJ
faba-6	91	19	their	their	PRON
faba-6	91	20	return	return	NOUN
faba-6	91	21	is	be	AUX
faba-6	91	22	quite	quite	ADV
faba-6	91	23	small	small	ADJ
faba-6	91	24	as	as	ADV
faba-6	91	25	well	well	ADV
faba-6	91	26	.	.	PUNCT
faba-6	92	1	we	we	PRON
faba-6	92	2	can	can	AUX
faba-6	92	3	look	look	VERB
faba-6	92	4	for	for	ADP
faba-6	92	5	the	the	DET
faba-6	92	6	answers	answer	NOUN
faba-6	92	7	in	in	ADP
faba-6	92	8	several	several	ADJ
faba-6	92	9	directions	direction	NOUN
faba-6	92	10	and	and	CCONJ
faba-6	92	11	in	in	ADP
faba-6	92	12	the	the	DET
faba-6	92	13	next	next	ADJ
faba-6	92	14	lines	line	NOUN
faba-6	92	15	we	we	PRON
faba-6	92	16	tried	try	VERB
faba-6	92	17	to	to	PART
faba-6	92	18	focus	focus	VERB
faba-6	92	19	some	some	PRON
faba-6	92	20	of	of	ADP
faba-6	92	21	them	they	PRON
faba-6	92	22	.	.	PUNCT
faba-6	93	1	the	the	DET
faba-6	93	2	first	first	ADJ
faba-6	93	3	one	one	NUM
faba-6	93	4	concerns	concern	VERB
faba-6	93	5	the	the	DET
faba-6	93	6	crises	crisis	NOUN
faba-6	93	7	of	of	ADP
faba-6	93	8	2008	2008	NUM
faba-6	93	9	.	.	PUNCT
faba-6	94	1	bulgarian	bulgarian	ADJ
faba-6	94	2	pension	pension	NOUN
faba-6	94	3	funds	fund	NOUN
faba-6	94	4	effectively	effectively	ADV
faba-6	94	5	changed	change	VERB
faba-6	94	6	the	the	DET
faba-6	94	7	structure	structure	NOUN
faba-6	94	8	of	of	ADP
faba-6	94	9	their	their	PRON
faba-6	94	10	portfolios	portfolio	NOUN
faba-6	94	11	in	in	ADP
faba-6	94	12	2007	2007	NUM
faba-6	94	13	,	,	PUNCT
faba-6	94	14	just	just	ADV
faba-6	94	15	one	one	NUM
faba-6	94	16	year	year	NOUN
faba-6	94	17	after	after	ADP
faba-6	94	18	the	the	DET
faba-6	94	19	liberalization	liberalization	NOUN
faba-6	94	20	of	of	ADP
faba-6	94	21	the	the	DET
faba-6	94	22	investment	investment	NOUN
faba-6	94	23	limits	limit	NOUN
faba-6	94	24	which	which	PRON
faba-6	94	25	gave	give	VERB
faba-6	94	26	the	the	DET
faba-6	94	27	opportunity	opportunity	NOUN
faba-6	94	28	to	to	PART
faba-6	94	29	invest	invest	VERB
faba-6	94	30	much	much	ADV
faba-6	94	31	more	more	ADV
faba-6	94	32	aggressively	aggressively	ADV
faba-6	94	33	in	in	ADP
faba-6	94	34	corporate	corporate	ADJ
faba-6	94	35	securities	security	NOUN
faba-6	94	36	.	.	PUNCT
faba-6	95	1	2008	2008	NUM
faba-6	95	2	was	be	AUX
faba-6	95	3	the	the	DET
faba-6	95	4	year	year	NOUN
faba-6	95	5	of	of	ADP
faba-6	95	6	the	the	DET
faba-6	95	7	big	big	ADJ
faba-6	95	8	hit	hit	NOUN
faba-6	95	9	over	over	ADP
faba-6	95	10	the	the	DET
faba-6	95	11	funded	fund	VERB
faba-6	95	12	component	component	NOUN
faba-6	95	13	of	of	ADP
faba-6	95	14	the	the	DET
faba-6	95	15	bulgarian	bulgarian	ADJ
faba-6	95	16	pension	pension	NOUN
faba-6	95	17	system	system	NOUN
faba-6	95	18	.	.	PUNCT
faba-6	96	1	the	the	DET
faba-6	96	2	losses	loss	NOUN
faba-6	96	3	during	during	ADP
faba-6	96	4	that	that	DET
faba-6	96	5	single	single	ADJ
faba-6	96	6	year	year	NOUN
faba-6	96	7	were	be	AUX
faba-6	96	8	double	double	ADJ
faba-6	96	9	digit	digit	NOUN
faba-6	96	10	numbers	number	NOUN
faba-6	96	11	and	and	CCONJ
faba-6	96	12	they	they	PRON
faba-6	96	13	raised	raise	VERB
faba-6	96	14	the	the	DET
faba-6	96	15	debate	debate	NOUN
faba-6	96	16	whether	whether	SCONJ
faba-6	96	17	pension	pension	NOUN
faba-6	96	18	insurance	insurance	NOUN
faba-6	96	19	companies	company	NOUN
faba-6	96	20	could	could	AUX
faba-6	96	21	manage	manage	VERB
faba-6	96	22	the	the	DET
faba-6	96	23	savings	saving	NOUN
faba-6	96	24	of	of	ADP
faba-6	96	25	the	the	DET
faba-6	96	26	future	future	ADJ
faba-6	96	27	generation	generation	NOUN
faba-6	96	28	pensioners	pensioner	NOUN
faba-6	96	29	.	.	PUNCT
faba-6	97	1	this	this	DET
faba-6	97	2	debate	debate	NOUN
faba-6	97	3	continues	continue	VERB
faba-6	97	4	even	even	ADV
faba-6	97	5	in	in	ADP
faba-6	97	6	2017	2017	NUM
faba-6	97	7	nevertheless	nevertheless	ADV
faba-6	97	8	the	the	DET
faba-6	97	9	pension	pension	NOUN
faba-6	97	10	institutions	institution	NOUN
faba-6	97	11	were	be	AUX
faba-6	97	12	able	able	ADJ
faba-6	97	13	to	to	PART
faba-6	97	14	recover	recover	VERB
faba-6	97	15	these	these	DET
faba-6	97	16	losses	loss	NOUN
faba-6	97	17	in	in	ADP
faba-6	97	18	the	the	DET
faba-6	97	19	next	next	ADJ
faba-6	97	20	5	5	NUM
faba-6	97	21	years	year	NOUN
faba-6	97	22	after	after	ADP
faba-6	97	23	the	the	DET
faba-6	97	24	crises	crisis	NOUN
faba-6	97	25	.	.	PUNCT
faba-6	98	1	it	it	PRON
faba-6	98	2	was	be	AUX
faba-6	98	3	become	become	VERB
faba-6	98	4	quite	quite	ADV
faba-6	98	5	apparent	apparent	ADJ
faba-6	98	6	that	that	SCONJ
faba-6	98	7	although	although	SCONJ
faba-6	98	8	pension	pension	NOUN
faba-6	98	9	funds	fund	NOUN
faba-6	98	10	are	be	AUX
faba-6	98	11	long	long	ADJ
faba-6	98	12	term	term	NOUN
faba-6	98	13	investors	investor	NOUN
faba-6	98	14	they	they	PRON
faba-6	98	15	can	can	AUX
faba-6	98	16	not	not	PART
faba-6	98	17	afford	afford	VERB
faba-6	98	18	to	to	PART
faba-6	98	19	report	report	VERB
faba-6	98	20	losses	loss	NOUN
faba-6	98	21	of	of	ADP
faba-6	98	22	the	the	DET
faba-6	98	23	scale	scale	NOUN
faba-6	98	24	of	of	ADP
faba-6	98	25	2008	2008	NUM
faba-6	98	26	.	.	PUNCT
faba-6	99	1	the	the	DET
faba-6	99	2	public	public	NOUN
faba-6	99	3	and	and	CCONJ
faba-6	99	4	the	the	DET
faba-6	99	5	politicians	politician	NOUN
faba-6	99	6	are	be	AUX
faba-6	99	7	not	not	PART
faba-6	99	8	ready	ready	ADJ
faba-6	99	9	to	to	PART
faba-6	99	10	bear	bear	VERB
faba-6	99	11	such	such	ADJ
faba-6	99	12	negative	negative	ADJ
faba-6	99	13	results	result	NOUN
faba-6	99	14	and	and	CCONJ
faba-6	99	15	the	the	DET
faba-6	99	16	debate	debate	NOUN
faba-6	99	17	for	for	ADP
faba-6	99	18	reversing	reverse	VERB
faba-6	99	19	the	the	DET
faba-6	99	20	reform	reform	NOUN
faba-6	99	21	of	of	ADP
faba-6	99	22	2002	2002	NUM
faba-6	99	23	starts	start	VERB
faba-6	99	24	in	in	ADP
faba-6	99	25	a	a	DET
faba-6	99	26	promptly	promptly	ADV
faba-6	99	27	manner	manner	NOUN
faba-6	99	28	.	.	PUNCT
faba-6	100	1	the	the	DET
faba-6	100	2	second	second	ADJ
faba-6	100	3	direction	direction	NOUN
faba-6	100	4	in	in	ADP
faba-6	100	5	which	which	PRON
faba-6	100	6	we	we	PRON
faba-6	100	7	may	may	AUX
faba-6	100	8	look	look	VERB
faba-6	100	9	for	for	ADP
faba-6	100	10	the	the	DET
faba-6	100	11	answer	answer	NOUN
faba-6	100	12	why	why	SCONJ
faba-6	100	13	pension	pension	NOUN
faba-6	100	14	funds	fund	NOUN
faba-6	100	15	in	in	ADP
faba-6	100	16	bulgaria	bulgaria	PROPN
faba-6	100	17	invest	invest	VERB
faba-6	100	18	so	so	ADV
faba-6	100	19	strongly	strongly	ADV
faba-6	100	20	in	in	ADP
faba-6	100	21	government	government	NOUN
faba-6	100	22	bonds	bond	NOUN
faba-6	100	23	concerns	concern	VERB
faba-6	100	24	the	the	DET
faba-6	100	25	regulation	regulation	NOUN
faba-6	100	26	which	which	PRON
faba-6	100	27	requires	require	VERB
faba-6	100	28	pension	pension	NOUN
faba-6	100	29	institutions	institution	NOUN
faba-6	100	30	in	in	ADP
faba-6	100	31	our	our	PRON
faba-6	100	32	country	country	NOUN
faba-6	100	33	to	to	PART
faba-6	100	34	reassess	reassess	VERB
faba-6	100	35	their	their	PRON
faba-6	100	36	assets	asset	NOUN
faba-6	100	37	on	on	ADP
faba-6	100	38	a	a	DET
faba-6	100	39	daily	daily	ADJ
faba-6	100	40	basis	basis	NOUN
faba-6	100	41	and	and	CCONJ
faba-6	100	42	to	to	PART
faba-6	100	43	report	report	VERB
faba-6	100	44	the	the	DET
faba-6	100	45	results	result	NOUN
faba-6	100	46	every	every	DET
faba-6	100	47	day	day	NOUN
faba-6	100	48	.	.	PUNCT
faba-6	101	1	in	in	ADP
faba-6	101	2	such	such	DET
faba-6	101	3	an	an	DET
faba-6	101	4	environment	environment	NOUN
faba-6	101	5	there	there	PRON
faba-6	101	6	is	be	VERB
faba-6	101	7	a	a	DET
faba-6	101	8	natural	natural	ADJ
faba-6	101	9	stimulus	stimulus	NOUN
faba-6	101	10	to	to	PART
faba-6	101	11	avoid	avoid	VERB
faba-6	101	12	investments	investment	NOUN
faba-6	101	13	which	which	PRON
faba-6	101	14	could	could	AUX
faba-6	101	15	fluctuate	fluctuate	VERB
faba-6	101	16	significantly	significantly	ADV
faba-6	101	17	in	in	ADP
faba-6	101	18	a	a	DET
faba-6	101	19	short	short	ADJ
faba-6	101	20	term	term	NOUN
faba-6	101	21	.	.	PUNCT
faba-6	102	1	so	so	ADV
faba-6	102	2	although	although	SCONJ
faba-6	102	3	pension	pension	NOUN
faba-6	102	4	funds	fund	NOUN
faba-6	102	5	are	be	AUX
faba-6	102	6	long	long	ADJ
faba-6	102	7	term	term	NOUN
faba-6	102	8	investors	investor	NOUN
faba-6	102	9	they	they	PRON
faba-6	102	10	compete	compete	VERB
faba-6	102	11	among	among	ADP
faba-6	102	12	themselves	themselves	PRON
faba-6	102	13	on	on	ADP
faba-6	102	14	a	a	DET
faba-6	102	15	short	short	ADJ
faba-6	102	16	term	term	NOUN
faba-6	102	17	basis	basis	NOUN
faba-6	102	18	.	.	PUNCT
faba-6	103	1	they	they	PRON
faba-6	103	2	are	be	AUX
faba-6	103	3	obliged	oblige	VERB
faba-6	103	4	to	to	PART
faba-6	103	5	report	report	VERB
faba-6	103	6	their	their	PRON
faba-6	103	7	return	return	NOUN
faba-6	103	8	for	for	ADP
faba-6	103	9	each	each	DET
faba-6	103	10	calendar	calendar	NOUN
faba-6	103	11	year	year	NOUN
faba-6	103	12	and	and	CCONJ
faba-6	103	13	no	no	DET
faba-6	103	14	one	one	NOUN
faba-6	103	15	wants	want	VERB
faba-6	103	16	to	to	PART
faba-6	103	17	take	take	VERB
faba-6	103	18	the	the	DET
faba-6	103	19	risk	risk	NOUN
faba-6	103	20	of	of	ADP
faba-6	103	21	reporting	report	VERB
faba-6	103	22	losses	loss	NOUN
faba-6	103	23	even	even	ADV
faba-6	103	24	for	for	ADP
faba-6	103	25	a	a	DET
faba-6	103	26	single	single	ADJ
faba-6	103	27	year	year	NOUN
faba-6	103	28	.	.	PUNCT
faba-6	104	1	the	the	DET
faba-6	104	2	third	third	ADJ
faba-6	104	3	reason	reason	NOUN
faba-6	104	4	for	for	ADP
faba-6	104	5	the	the	DET
faba-6	104	6	increasing	increase	VERB
faba-6	104	7	share	share	NOUN
faba-6	104	8	of	of	ADP
faba-6	104	9	government	government	NOUN
faba-6	104	10	bonds	bond	NOUN
faba-6	104	11	is	be	AUX
faba-6	104	12	related	relate	VERB
faba-6	104	13	to	to	ADP
faba-6	104	14	the	the	DET
faba-6	104	15	coming	come	VERB
faba-6	104	16	period	period	NOUN
faba-6	104	17	of	of	ADP
faba-6	104	18	paying	pay	VERB
faba-6	104	19	pension	pension	NOUN
faba-6	104	20	benefits	benefit	NOUN
faba-6	104	21	.	.	PUNCT
faba-6	105	1	the	the	DET
faba-6	105	2	first	first	ADJ
faba-6	105	3	insured	insure	VERB
faba-6	105	4	individuals	individual	NOUN
faba-6	105	5	in	in	ADP
faba-6	105	6	universal	universal	ADJ
faba-6	105	7	pension	pension	NOUN
faba-6	105	8	funds	fund	NOUN
faba-6	105	9	that	that	PRON
faba-6	105	10	will	will	AUX
faba-6	105	11	receive	receive	VERB
faba-6	105	12	pensions	pension	NOUN
faba-6	105	13	from	from	ADP
faba-6	105	14	the	the	DET
faba-6	105	15	second	second	ADJ
faba-6	105	16	pillar	pillar	NOUN
faba-6	105	17	of	of	ADP
faba-6	105	18	the	the	DET
faba-6	105	19	pension	pension	NOUN
faba-6	105	20	system	system	NOUN
faba-6	105	21	are	be	AUX
faba-6	105	22	those	those	PRON
faba-6	105	23	born	bear	VERB
faba-6	105	24	in	in	ADP
faba-6	105	25	1960	1960	NUM
faba-6	105	26	.	.	PUNCT
faba-6	106	1	they	they	PRON
faba-6	106	2	have	have	VERB
faba-6	106	3	right	right	ADJ
faba-6	106	4	to	to	PART
faba-6	106	5	obtain	obtain	VERB
faba-6	106	6	pension	pension	NOUN
faba-6	106	7	from	from	ADP
faba-6	106	8	their	their	PRON
faba-6	106	9	fund	fund	NOUN
faba-6	106	10	five	five	NUM
faba-6	106	11	years	year	NOUN
faba-6	106	12	before	before	ADP
faba-6	106	13	the	the	DET
faba-6	106	14	legal	legal	ADJ
faba-6	106	15	age	age	NOUN
faba-6	106	16	for	for	ADP
faba-6	106	17	retirement	retirement	NOUN
faba-6	106	18	.	.	PUNCT
faba-6	107	1	currently	currently	ADV
faba-6	107	2	the	the	DET
faba-6	107	3	age	age	NOUN
faba-6	107	4	is	be	AUX
faba-6	107	5	61	61	NUM
faba-6	107	6	years	year	NOUN
faba-6	107	7	for	for	ADP
faba-6	107	8	women	woman	NOUN
faba-6	107	9	and	and	CCONJ
faba-6	107	10	64	64	NUM
faba-6	107	11	years	year	NOUN
faba-6	107	12	for	for	ADP
faba-6	107	13	men	man	NOUN
faba-6	107	14	.	.	PUNCT
faba-6	108	1	this	this	PRON
faba-6	108	2	means	mean	VERB
faba-6	108	3	that	that	SCONJ
faba-6	108	4	women	woman	NOUN
faba-6	108	5	born	bear	VERB
faba-6	108	6	in	in	ADP
faba-6	108	7	1960	1960	NUM
faba-6	108	8	will	will	AUX
faba-6	108	9	have	have	VERB
faba-6	108	10	the	the	DET
faba-6	108	11	right	right	NOUN
faba-6	108	12	to	to	PART
faba-6	108	13	get	get	VERB
faba-6	108	14	pension	pension	NOUN
faba-6	108	15	in	in	ADP
faba-6	108	16	2021	2021	NUM
faba-6	108	17	.	.	PUNCT
faba-6	109	1	some	some	PRON
faba-6	109	2	of	of	ADP
faba-6	109	3	them	they	PRON
faba-6	109	4	will	will	AUX
faba-6	109	5	have	have	VERB
faba-6	109	6	enough	enough	ADJ
faba-6	109	7	resources	resource	NOUN
faba-6	109	8	in	in	ADP
faba-6	109	9	their	their	PRON
faba-6	109	10	universal	universal	ADJ
faba-6	109	11	pension	pension	NOUN
faba-6	109	12	fund	fund	NOUN
faba-6	109	13	to	to	PART
faba-6	109	14	finance	finance	VERB
faba-6	109	15	the	the	DET
faba-6	109	16	minimum	minimum	NOUN
faba-6	109	17	amount	amount	NOUN
faba-6	109	18	of	of	ADP
faba-6	109	19	pension	pension	NOUN
faba-6	109	20	benefit	benefit	NOUN
faba-6	109	21	which	which	PRON
faba-6	109	22	means	mean	VERB
faba-6	109	23	that	that	SCONJ
faba-6	109	24	they	they	PRON
faba-6	109	25	could	could	AUX
faba-6	109	26	get	get	AUX
faba-6	109	27	retired	retire	VERB
faba-6	109	28	in	in	ADP
faba-6	109	29	2016	2016	NUM
faba-6	109	30	and	and	CCONJ
faba-6	109	31	afterwards	afterwards	ADV
faba-6	109	32	.	.	PUNCT
faba-6	110	1	so	so	ADV
faba-6	110	2	pension	pension	NOUN
faba-6	110	3	funds	fund	NOUN
faba-6	110	4	need	need	VERB
faba-6	110	5	to	to	PART
faba-6	110	6	have	have	VERB
faba-6	110	7	liquidity	liquidity	NOUN
faba-6	110	8	to	to	PART
faba-6	110	9	finance	finance	VERB
faba-6	110	10	those	those	DET
faba-6	110	11	benefits	benefit	NOUN
faba-6	110	12	and	and	CCONJ
faba-6	110	13	government	government	NOUN
faba-6	110	14	bonds	bond	NOUN
faba-6	110	15	are	be	AUX
faba-6	110	16	of	of	ADP
faba-6	110	17	the	the	DET
faba-6	110	18	first	first	ADJ
faba-6	110	19	choice	choice	NOUN
faba-6	110	20	.	.	PUNCT
faba-6	111	1	what	what	PRON
faba-6	111	2	are	be	AUX
faba-6	111	3	the	the	DET
faba-6	111	4	basic	basic	ADJ
faba-6	111	5	concerns	concern	NOUN
faba-6	111	6	about	about	ADP
faba-6	111	7	this	this	DET
faba-6	111	8	type	type	NOUN
faba-6	111	9	of	of	ADP
faba-6	111	10	portfolio	portfolio	NOUN
faba-6	111	11	structure	structure	NOUN
faba-6	111	12	?	?	PUNCT
faba-6	112	1	first	first	ADV
faba-6	112	2	,	,	PUNCT
faba-6	112	3	the	the	DET
faba-6	112	4	pay	pay	VERB
faba-6	112	5	-	-	PUNCT
faba-6	112	6	out	out	ADP
faba-6	112	7	phase	phase	NOUN
faba-6	112	8	is	be	AUX
faba-6	112	9	coming	come	VERB
faba-6	112	10	closer	close	ADV
faba-6	112	11	and	and	CCONJ
faba-6	112	12	we	we	PRON
faba-6	112	13	may	may	AUX
faba-6	112	14	expect	expect	VERB
faba-6	112	15	that	that	SCONJ
faba-6	112	16	pension	pension	NOUN
faba-6	112	17	funds	fund	NOUN
faba-6	112	18	from	from	ADP
faba-6	112	19	net	net	ADJ
faba-6	112	20	buyers	buyer	NOUN
faba-6	112	21	of	of	ADP
faba-6	112	22	bulgarian	bulgarian	ADJ
faba-6	112	23	government	government	NOUN
faba-6	112	24	bonds	bond	NOUN
faba-6	112	25	will	will	AUX
faba-6	112	26	turn	turn	VERB
faba-6	112	27	into	into	ADP
faba-6	112	28	net	net	ADJ
faba-6	112	29	sellers	seller	NOUN
faba-6	112	30	of	of	ADP
faba-6	112	31	these	these	DET
faba-6	112	32	securities	security	NOUN
faba-6	112	33	.	.	PUNCT
faba-6	113	1	this	this	PRON
faba-6	113	2	means	mean	VERB
faba-6	113	3	that	that	SCONJ
faba-6	113	4	in	in	ADP
faba-6	113	5	the	the	DET
faba-6	113	6	medium	medium	ADJ
faba-6	113	7	term	term	NOUN
faba-6	113	8	there	there	PRON
faba-6	113	9	is	be	VERB
faba-6	113	10	an	an	DET
faba-6	113	11	increasing	increase	VERB
faba-6	113	12	probability	probability	NOUN
faba-6	113	13	the	the	DET
faba-6	113	14	bulgarian	bulgarian	ADJ
faba-6	113	15	government	government	NOUN
faba-6	113	16	to	to	PART
faba-6	113	17	lose	lose	VERB
faba-6	113	18	one	one	NUM
faba-6	113	19	important	important	ADJ
faba-6	113	20	source	source	NOUN
faba-6	113	21	for	for	ADP
faba-6	113	22	financing	finance	VERB
faba-6	113	23	its	its	PRON
faba-6	113	24	budget	budget	NOUN
faba-6	113	25	deficits	deficit	NOUN
faba-6	113	26	.	.	PUNCT
faba-6	114	1	all	all	DET
faba-6	114	2	other	other	ADJ
faba-6	114	3	things	thing	NOUN
faba-6	114	4	being	be	AUX
faba-6	114	5	equal	equal	ADJ
faba-6	114	6	one	one	PRON
faba-6	114	7	may	may	AUX
faba-6	114	8	expect	expect	VERB
faba-6	114	9	a	a	DET
faba-6	114	10	downward	downward	ADJ
faba-6	114	11	pressure	pressure	NOUN
faba-6	114	12	on	on	ADP
faba-6	114	13	government	government	NOUN
faba-6	114	14	bond	bond	NOUN
faba-6	114	15	prices	price	NOUN
faba-6	114	16	during	during	ADP
faba-6	114	17	the	the	DET
faba-6	114	18	pay	pay	VERB
faba-6	114	19	-	-	PUNCT
faba-6	114	20	out	out	ADP
faba-6	114	21	phase	phase	NOUN
faba-6	114	22	.	.	PUNCT
faba-6	115	1	this	this	PRON
faba-6	115	2	means	mean	VERB
faba-6	115	3	that	that	SCONJ
faba-6	115	4	pension	pension	NOUN
faba-6	115	5	funds	fund	NOUN
faba-6	115	6	in	in	ADP
faba-6	115	7	the	the	DET
faba-6	115	8	country	country	NOUN
faba-6	115	9	will	will	AUX
faba-6	115	10	stop	stop	VERB
faba-6	115	11	being	be	AUX
faba-6	115	12	a	a	DET
faba-6	115	13	real	real	ADJ
faba-6	115	14	source	source	NOUN
faba-6	115	15	for	for	ADP
faba-6	115	16	financing	finance	VERB
faba-6	115	17	the	the	DET
faba-6	115	18	state	state	NOUN
faba-6	115	19	budget	budget	NOUN
faba-6	115	20	deficits	deficit	NOUN
faba-6	115	21	or	or	CCONJ
faba-6	115	22	at	at	ADP
faba-6	115	23	least	least	ADJ
faba-6	115	24	they	they	PRON
faba-6	115	25	will	will	AUX
faba-6	115	26	continue	continue	VERB
faba-6	115	27	to	to	PART
faba-6	115	28	be	be	AUX
faba-6	115	29	such	such	DET
faba-6	115	30	a	a	DET
faba-6	115	31	source	source	NOUN
faba-6	115	32	but	but	CCONJ
faba-6	115	33	to	to	ADP
faba-6	115	34	a	a	DET
faba-6	115	35	much	much	ADV
faba-6	115	36	smaller	small	ADJ
faba-6	115	37	extent	extent	NOUN
faba-6	115	38	.	.	PUNCT
faba-6	116	1	second	second	ADJ
faba-6	116	2	,	,	PUNCT
faba-6	116	3	as	as	SCONJ
faba-6	116	4	pension	pension	NOUN
faba-6	116	5	funds	fund	NOUN
faba-6	116	6	are	be	AUX
faba-6	116	7	going	go	VERB
faba-6	116	8	to	to	PART
faba-6	116	9	sell	sell	VERB
faba-6	116	10	some	some	PRON
faba-6	116	11	of	of	ADP
faba-6	116	12	their	their	PRON
faba-6	116	13	holdings	holding	NOUN
faba-6	116	14	in	in	ADP
faba-6	116	15	government	government	NOUN
faba-6	116	16	securities	security	NOUN
faba-6	116	17	the	the	DET
faba-6	116	18	stimulus	stimulus	NOUN
faba-6	116	19	for	for	ADP
faba-6	116	20	the	the	DET
faba-6	116	21	government	government	NOUN
faba-6	116	22	to	to	PART
faba-6	116	23	reform	reform	VERB
faba-6	116	24	the	the	DET
faba-6	116	25	investment	investment	NOUN
faba-6	116	26	regulations	regulation	NOUN
faba-6	116	27	will	will	AUX
faba-6	116	28	increase	increase	VERB
faba-6	116	29	.	.	PUNCT
faba-6	117	1	the	the	DET
faba-6	117	2	possibility	possibility	NOUN
faba-6	117	3	of	of	ADP
faba-6	117	4	reforming	reform	VERB
faba-6	117	5	the	the	DET
faba-6	117	6	system	system	NOUN
faba-6	117	7	following	follow	VERB
faba-6	117	8	the	the	DET
faba-6	117	9	polish	polish	ADJ
faba-6	117	10	experience	experience	NOUN
faba-6	117	11	is	be	AUX
faba-6	117	12	becoming	become	VERB
faba-6	117	13	serious7	serious7	NOUN
faba-6	117	14	.	.	PUNCT
faba-6	118	1	third	third	ADV
faba-6	118	2	,	,	PUNCT
faba-6	118	3	having	have	VERB
faba-6	118	4	so	so	ADV
faba-6	118	5	many	many	ADJ
faba-6	118	6	bulgarian	bulgarian	ADJ
faba-6	118	7	government	government	NOUN
faba-6	118	8	securities	security	NOUN
faba-6	118	9	into	into	ADP
faba-6	118	10	their	their	PRON
faba-6	118	11	portfolios	portfolio	NOUN
faba-6	118	12	,	,	PUNCT
faba-6	118	13	bulgarian	bulgarian	ADJ
faba-6	118	14	funds	fund	NOUN
faba-6	118	15	put	put	VERB
faba-6	118	16	under	under	ADP
faba-6	118	17	question	question	NOUN
faba-6	118	18	the	the	DET
faba-6	118	19	funded	funded	ADJ
faba-6	118	20	component	component	NOUN
faba-6	118	21	of	of	ADP
faba-6	118	22	the	the	DET
faba-6	118	23	pension	pension	NOUN
faba-6	118	24	system	system	NOUN
faba-6	118	25	.	.	PUNCT
faba-6	119	1	in	in	ADP
faba-6	119	2	this	this	DET
faba-6	119	3	way	way	NOUN
faba-6	119	4	the	the	DET
faba-6	119	5	private	private	ADJ
faba-6	119	6	pension	pension	NOUN
faba-6	119	7	institutions	institution	NOUN
faba-6	119	8	in	in	ADP
faba-6	119	9	the	the	DET
faba-6	119	10	country	country	NOUN
faba-6	119	11	will	will	AUX
faba-6	119	12	depend	depend	VERB
faba-6	119	13	on	on	ADP
faba-6	119	14	the	the	DET
faba-6	119	15	government	government	NOUN
faba-6	119	16	to	to	PART
faba-6	119	17	refinance	refinance	VERB
faba-6	119	18	or	or	CCONJ
faba-6	119	19	7	7	NUM
faba-6	119	20	in	in	ADP
faba-6	119	21	poland	poland	PROPN
faba-6	119	22	the	the	DET
faba-6	119	23	government	government	NOUN
faba-6	119	24	effectively	effectively	ADV
faba-6	119	25	cancelled	cancel	VERB
faba-6	119	26	part	part	NOUN
faba-6	119	27	of	of	ADP
faba-6	119	28	its	its	PRON
faba-6	119	29	debt	debt	NOUN
faba-6	119	30	held	hold	VERB
faba-6	119	31	by	by	ADP
faba-6	119	32	the	the	DET
faba-6	119	33	pension	pension	NOUN
faba-6	119	34	funds	fund	NOUN
faba-6	119	35	in	in	ADP
faba-6	119	36	2014	2014	NUM
faba-6	119	37	.	.	PUNCT
faba-6	120	1	polish	polish	ADJ
faba-6	120	2	pension	pension	NOUN
faba-6	120	3	funds	fund	NOUN
faba-6	120	4	were	be	AUX
faba-6	120	5	forced	force	VERB
faba-6	120	6	to	to	PART
faba-6	120	7	transfer	transfer	VERB
faba-6	120	8	the	the	DET
faba-6	120	9	government	government	NOUN
faba-6	120	10	bonds	bond	NOUN
faba-6	120	11	held	hold	VERB
faba-6	120	12	by	by	ADP
faba-6	120	13	them	they	PRON
faba-6	120	14	into	into	ADP
faba-6	120	15	the	the	DET
faba-6	120	16	state	state	NOUN
faba-6	120	17	governed	govern	VERB
faba-6	120	18	first	first	ADJ
faba-6	120	19	pillar	pillar	NOUN
faba-6	120	20	.	.	PUNCT
faba-6	121	1	the	the	DET
faba-6	121	2	government	government	NOUN
faba-6	121	3	just	just	ADV
faba-6	121	4	promised	promise	VERB
faba-6	121	5	to	to	PART
faba-6	121	6	pay	pay	VERB
faba-6	121	7	part	part	NOUN
faba-6	121	8	of	of	ADP
faba-6	121	9	the	the	DET
faba-6	121	10	pension	pension	NOUN
faba-6	121	11	of	of	ADP
faba-6	121	12	the	the	DET
faba-6	121	13	future	future	ADJ
faba-6	121	14	retirees	retiree	NOUN
faba-6	121	15	equal	equal	ADJ
faba-6	121	16	to	to	ADP
faba-6	121	17	the	the	DET
faba-6	121	18	value	value	NOUN
faba-6	121	19	of	of	ADP
faba-6	121	20	the	the	DET
faba-6	121	21	transferred	transfer	VERB
faba-6	121	22	bonds	bond	NOUN
faba-6	121	23	.	.	PUNCT
faba-6	122	1	0,00	0,00	NUM
faba-6	122	2	%	%	NOUN
faba-6	122	3	20,00	20,00	NUM
faba-6	122	4	%	%	NOUN
faba-6	122	5	40,00	40,00	NUM
faba-6	122	6	%	%	NOUN
faba-6	122	7	2007	2007	NUM
faba-6	122	8	2008	2008	NUM
faba-6	122	9	2009	2009	NUM
faba-6	122	10	2010	2010	NUM
faba-6	122	11	2011	2011	NUM
faba-6	122	12	2012	2012	NUM
faba-6	122	13	2013	2013	NUM
faba-6	122	14	2014	2014	NUM
faba-6	122	15	2015	2015	NUM
faba-6	122	16	2016	2016	NUM
faba-6	122	17	share	share	NOUN
faba-6	122	18	of	of	ADP
faba-6	122	19	bulgarian	bulgarian	ADJ
faba-6	122	20	government	government	NOUN
faba-6	122	21	bonds	bond	NOUN
faba-6	122	22	into	into	ADP
faba-6	122	23	the	the	DET
faba-6	122	24	asset	asset	NOUN
faba-6	122	25	portfolio	portfolio	NOUN
faba-6	122	26	managed	manage	VERB
faba-6	122	27	by	by	ADP
faba-6	122	28	upf	upf	PROPN
faba-6	122	29	en	en	X
faba-6	122	30	en	en	X
faba-6	122	31	bulgarian	bulgarian	ADJ
faba-6	122	32	government	government	NOUN
faba-6	122	33	bonds	bond	NOUN
faba-6	122	34	jeko	jeko	NOUN
faba-6	122	35	milev	milev	NOUN
faba-6	122	36	/	/	SYM
faba-6	122	37	finance	finance	NOUN
faba-6	122	38	,	,	PUNCT
faba-6	122	39	accounting	accounting	NOUN
faba-6	122	40	and	and	CCONJ
faba-6	122	41	business	business	NOUN
faba-6	122	42	analisys	analisys	NOUN
faba-6	122	43	71	71	NUM
faba-6	122	44	to	to	PART
faba-6	122	45	repay	repay	VERB
faba-6	122	46	its	its	PRON
faba-6	122	47	debt	debt	NOUN
faba-6	122	48	in	in	ADP
faba-6	122	49	order	order	NOUN
faba-6	122	50	to	to	PART
faba-6	122	51	finance	finance	VERB
faba-6	122	52	their	their	PRON
faba-6	122	53	pension	pension	NOUN
faba-6	122	54	obligations	obligation	NOUN
faba-6	122	55	.	.	PUNCT
faba-6	123	1	but	but	CCONJ
faba-6	123	2	in	in	ADP
faba-6	123	3	this	this	DET
faba-6	123	4	way	way	NOUN
faba-6	123	5	the	the	DET
faba-6	123	6	difference	difference	NOUN
faba-6	123	7	between	between	ADP
faba-6	123	8	the	the	DET
faba-6	123	9	pay	pay	NOUN
faba-6	123	10	-	-	PUNCT
faba-6	123	11	as	as	SCONJ
faba-6	123	12	-	-	PUNCT
faba-6	123	13	you	you	PRON
faba-6	123	14	go	go	VERB
faba-6	123	15	pension	pension	NOUN
faba-6	123	16	system	system	NOUN
faba-6	123	17	and	and	CCONJ
faba-6	123	18	the	the	DET
faba-6	123	19	fully	fully	ADV
faba-6	123	20	funded	fund	VERB
faba-6	123	21	one	one	NUM
faba-6	123	22	is	be	AUX
faba-6	123	23	quite	quite	ADV
faba-6	123	24	dubious	dubious	ADJ
faba-6	123	25	.	.	PUNCT
faba-6	124	1	conclusion	conclusion	NOUN
faba-6	124	2	bulgarian	bulgarian	ADJ
faba-6	124	3	pension	pension	NOUN
faba-6	124	4	system	system	NOUN
faba-6	124	5	was	be	AUX
faba-6	124	6	seriously	seriously	ADV
faba-6	124	7	reformed	reform	VERB
faba-6	124	8	in	in	ADP
faba-6	124	9	the	the	DET
faba-6	124	10	year	year	NOUN
faba-6	124	11	2000	2000	NUM
faba-6	124	12	.	.	PUNCT
faba-6	125	1	as	as	ADP
faba-6	125	2	a	a	DET
faba-6	125	3	result	result	NOUN
faba-6	125	4	a	a	DET
faba-6	125	5	compulsory	compulsory	ADJ
faba-6	125	6	funded	fund	VERB
faba-6	125	7	component	component	NOUN
faba-6	125	8	was	be	AUX
faba-6	125	9	introduced	introduce	VERB
faba-6	125	10	.	.	PUNCT
faba-6	126	1	during	during	ADP
faba-6	126	2	the	the	DET
faba-6	126	3	first	first	ADJ
faba-6	126	4	years	year	NOUN
faba-6	126	5	of	of	ADP
faba-6	126	6	their	their	PRON
faba-6	126	7	operation	operation	NOUN
faba-6	126	8	the	the	DET
faba-6	126	9	universal	universal	ADJ
faba-6	126	10	pension	pension	NOUN
faba-6	126	11	funds	fund	NOUN
faba-6	126	12	invested	invest	VERB
faba-6	126	13	heavily	heavily	ADV
faba-6	126	14	into	into	ADP
faba-6	126	15	government	government	NOUN
faba-6	126	16	bonds	bond	NOUN
faba-6	126	17	following	follow	VERB
faba-6	126	18	the	the	DET
faba-6	126	19	very	very	ADV
faba-6	126	20	strict	strict	ADJ
faba-6	126	21	investment	investment	NOUN
faba-6	126	22	regulations	regulation	NOUN
faba-6	126	23	.	.	PUNCT
faba-6	127	1	what	what	PRON
faba-6	127	2	is	be	AUX
faba-6	127	3	interesting	interesting	ADJ
faba-6	127	4	in	in	ADP
faba-6	127	5	bulgarian	bulgarian	ADJ
faba-6	127	6	case	case	NOUN
faba-6	127	7	is	be	AUX
faba-6	127	8	that	that	SCONJ
faba-6	127	9	pension	pension	NOUN
faba-6	127	10	funds	fund	NOUN
faba-6	127	11	continued	continue	VERB
faba-6	127	12	to	to	PART
faba-6	127	13	invest	invest	VERB
faba-6	127	14	predominantly	predominantly	ADV
faba-6	127	15	into	into	ADP
faba-6	127	16	government	government	NOUN
faba-6	127	17	bonds	bond	NOUN
faba-6	127	18	even	even	ADV
faba-6	127	19	after	after	ADP
faba-6	127	20	the	the	DET
faba-6	127	21	relaxation	relaxation	NOUN
faba-6	127	22	of	of	ADP
faba-6	127	23	the	the	DET
faba-6	127	24	very	very	ADV
faba-6	127	25	strict	strict	ADJ
faba-6	127	26	regulations	regulation	NOUN
faba-6	127	27	in	in	ADP
faba-6	127	28	2006	2006	NUM
faba-6	127	29	.	.	PUNCT
faba-6	128	1	the	the	DET
faba-6	128	2	reasons	reason	NOUN
faba-6	128	3	for	for	ADP
faba-6	128	4	this	this	DET
faba-6	128	5	trend	trend	NOUN
faba-6	128	6	are	be	AUX
faba-6	128	7	several	several	ADJ
faba-6	128	8	but	but	CCONJ
faba-6	128	9	maybe	maybe	ADV
faba-6	128	10	the	the	DET
faba-6	128	11	most	most	ADV
faba-6	128	12	important	important	ADJ
faba-6	128	13	one	one	NUM
faba-6	128	14	concerns	concern	NOUN
faba-6	128	15	the	the	DET
faba-6	128	16	financial	financial	ADJ
faba-6	128	17	crises	crisis	NOUN
faba-6	128	18	that	that	PRON
faba-6	128	19	hit	hit	VERB
faba-6	128	20	our	our	PRON
faba-6	128	21	country	country	NOUN
faba-6	128	22	in	in	ADP
faba-6	128	23	2008	2008	NUM
faba-6	128	24	just	just	ADV
faba-6	128	25	two	two	NUM
faba-6	128	26	years	year	NOUN
faba-6	128	27	after	after	SCONJ
faba-6	128	28	the	the	DET
faba-6	128	29	new	new	ADJ
faba-6	128	30	investment	investment	NOUN
faba-6	128	31	regulations	regulation	NOUN
faba-6	128	32	came	come	VERB
faba-6	128	33	into	into	ADP
faba-6	128	34	force	force	NOUN
faba-6	128	35	.	.	PUNCT
faba-6	129	1	from	from	ADP
faba-6	129	2	one	one	NUM
faba-6	129	3	hand	hand	NOUN
faba-6	129	4	this	this	DET
faba-6	129	5	investment	investment	NOUN
faba-6	129	6	behavior	behavior	NOUN
faba-6	129	7	effectively	effectively	ADV
faba-6	129	8	supports	support	VERB
faba-6	129	9	the	the	DET
faba-6	129	10	government	government	NOUN
faba-6	129	11	expenditures	expenditure	NOUN
faba-6	129	12	in	in	ADP
faba-6	129	13	times	time	NOUN
faba-6	129	14	of	of	ADP
faba-6	129	15	currency	currency	NOUN
faba-6	129	16	board	board	NOUN
faba-6	129	17	regime	regime	NOUN
faba-6	129	18	,	,	PUNCT
faba-6	129	19	fixed	fix	VERB
faba-6	129	20	exchange	exchange	NOUN
faba-6	129	21	rate	rate	NOUN
faba-6	129	22	and	and	CCONJ
faba-6	129	23	central	central	ADJ
faba-6	129	24	bank	bank	NOUN
faba-6	129	25	which	which	PRON
faba-6	129	26	can	can	AUX
faba-6	129	27	not	not	PART
faba-6	129	28	fully	fully	ADV
faba-6	129	29	use	use	VERB
faba-6	129	30	its	its	PRON
faba-6	129	31	monetary	monetary	ADJ
faba-6	129	32	policy	policy	NOUN
faba-6	129	33	instruments	instrument	NOUN
faba-6	129	34	.	.	PUNCT
faba-6	130	1	but	but	CCONJ
faba-6	130	2	from	from	ADP
faba-6	130	3	another	another	DET
faba-6	130	4	hand	hand	NOUN
faba-6	130	5	this	this	DET
faba-6	130	6	type	type	NOUN
faba-6	130	7	of	of	ADP
faba-6	130	8	investment	investment	NOUN
faba-6	130	9	policy	policy	NOUN
faba-6	130	10	risks	risk	VERB
faba-6	130	11	low	low	ADJ
faba-6	130	12	investment	investment	NOUN
faba-6	130	13	returns	return	NOUN
faba-6	130	14	in	in	ADP
faba-6	130	15	the	the	DET
faba-6	130	16	long	long	ADJ
faba-6	130	17	term	term	NOUN
faba-6	130	18	and	and	CCONJ
faba-6	130	19	could	could	AUX
faba-6	130	20	raise	raise	VERB
faba-6	130	21	continuous	continuous	ADJ
faba-6	130	22	debates	debate	NOUN
faba-6	130	23	about	about	ADP
faba-6	130	24	the	the	DET
faba-6	130	25	role	role	NOUN
faba-6	130	26	of	of	ADP
faba-6	130	27	the	the	DET
faba-6	130	28	pension	pension	NOUN
faba-6	130	29	funds	fund	NOUN
faba-6	130	30	for	for	ADP
faba-6	130	31	supporting	support	VERB
faba-6	130	32	the	the	DET
faba-6	130	33	panting	pant	VERB
faba-6	130	34	pay	pay	NOUN
faba-6	130	35	-	-	PUNCT
faba-6	130	36	as	as	SCONJ
faba-6	130	37	-	-	PUNCT
faba-6	130	38	you	you	PRON
faba-6	130	39	go	go	VERB
faba-6	130	40	pension	pension	NOUN
faba-6	130	41	system	system	NOUN
faba-6	130	42	.	.	PUNCT
faba-6	131	1	the	the	DET
faba-6	131	2	future	future	NOUN
faba-6	131	3	of	of	ADP
faba-6	131	4	the	the	DET
faba-6	131	5	pension	pension	NOUN
faba-6	131	6	funds	fund	NOUN
faba-6	131	7	in	in	ADP
faba-6	131	8	bulgaria	bulgaria	PROPN
faba-6	131	9	depends	depend	VERB
faba-6	131	10	on	on	ADP
faba-6	131	11	whether	whether	SCONJ
faba-6	131	12	they	they	PRON
faba-6	131	13	will	will	AUX
faba-6	131	14	be	be	AUX
faba-6	131	15	able	able	ADJ
faba-6	131	16	to	to	PART
faba-6	131	17	pay	pay	VERB
faba-6	131	18	part	part	NOUN
faba-6	131	19	of	of	ADP
faba-6	131	20	the	the	DET
faba-6	131	21	pension	pension	NOUN
faba-6	131	22	due	due	ADP
faba-6	131	23	to	to	ADP
faba-6	131	24	the	the	DET
faba-6	131	25	insured	insure	VERB
faba-6	131	26	individual	individual	NOUN
faba-6	131	27	in	in	ADP
faba-6	131	28	amount	amount	NOUN
faba-6	131	29	not	not	PART
faba-6	131	30	less	less	ADJ
faba-6	131	31	than	than	ADP
faba-6	131	32	the	the	DET
faba-6	131	33	envisaged	envisage	VERB
faba-6	131	34	reduction	reduction	NOUN
faba-6	131	35	of	of	ADP
faba-6	131	36	the	the	DET
faba-6	131	37	pension	pension	NOUN
faba-6	131	38	benefit	benefit	NOUN
faba-6	131	39	received	receive	VERB
faba-6	131	40	from	from	ADP
faba-6	131	41	the	the	DET
faba-6	131	42	first	first	ADJ
faba-6	131	43	pillar	pillar	NOUN
faba-6	131	44	pay	pay	NOUN
faba-6	131	45	-	-	PUNCT
faba-6	131	46	as	as	SCONJ
faba-6	131	47	-	-	PUNCT
faba-6	131	48	you	you	PRON
faba-6	131	49	go	go	VERB
faba-6	131	50	system	system	NOUN
faba-6	131	51	.	.	PUNCT
faba-6	132	1	the	the	DET
faba-6	132	2	success	success	NOUN
faba-6	132	3	of	of	ADP
faba-6	132	4	the	the	DET
faba-6	132	5	pension	pension	NOUN
faba-6	132	6	reform	reform	NOUN
faba-6	132	7	depends	depend	VERB
faba-6	132	8	on	on	ADP
faba-6	132	9	the	the	DET
faba-6	132	10	future	future	ADJ
faba-6	132	11	efforts	effort	NOUN
faba-6	132	12	made	make	VERB
faba-6	132	13	by	by	ADP
faba-6	132	14	the	the	DET
faba-6	132	15	pension	pension	NOUN
faba-6	132	16	funds	fund	NOUN
faba-6	132	17	themselves	themselves	PRON
faba-6	132	18	but	but	CCONJ
faba-6	132	19	also	also	ADV
faba-6	132	20	on	on	ADP
faba-6	132	21	some	some	DET
faba-6	132	22	future	future	ADJ
faba-6	132	23	reforms	reform	NOUN
faba-6	132	24	which	which	PRON
faba-6	132	25	should	should	AUX
faba-6	132	26	make	make	VERB
faba-6	132	27	our	our	PRON
faba-6	132	28	second	second	ADJ
faba-6	132	29	funded	funded	ADJ
faba-6	132	30	pillar	pillar	NOUN
faba-6	132	31	much	much	ADV
faba-6	132	32	more	more	ADV
faba-6	132	33	resilient	resilient	ADJ
faba-6	132	34	to	to	ADP
faba-6	132	35	future	future	ADJ
faba-6	132	36	shocks	shock	NOUN
faba-6	132	37	both	both	CCONJ
faba-6	132	38	internal	internal	ADJ
faba-6	132	39	and	and	CCONJ
faba-6	132	40	external	external	ADJ
faba-6	132	41	.	.	PUNCT
faba-6	133	1	jeko	jeko	NOUN
faba-6	133	2	milev	milev	NOUN
faba-6	133	3	/	/	SYM
faba-6	133	4	finance	finance	NOUN
faba-6	133	5	,	,	PUNCT
faba-6	133	6	accounting	accounting	NOUN
faba-6	133	7	and	and	CCONJ
faba-6	133	8	business	business	NOUN
faba-6	133	9	analisys	analisys	NOUN
faba-6	133	10	72	72	NUM
faba-6	133	11	references	reference	NOUN
faba-6	133	12	:	:	PUNCT
faba-6	133	13	blake	blake	PROPN
faba-6	133	14	,	,	PUNCT
faba-6	133	15	d.	d.	PROPN
faba-6	133	16	2006	2006	NUM
faba-6	133	17	,	,	PUNCT
faba-6	133	18	pension	pension	NOUN
faba-6	133	19	finance	finance	NOUN
faba-6	133	20	,	,	PUNCT
faba-6	133	21	john	john	PROPN
faba-6	133	22	willey	willey	PROPN
faba-6	133	23	&	&	CCONJ
faba-6	133	24	sons	sons	PROPN
faba-6	133	25	ltd	ltd	PROPN
faba-6	133	26	,	,	PUNCT
faba-6	133	27	uk	uk	PROPN
faba-6	133	28	davis	davis	PROPN
faba-6	133	29	,	,	PUNCT
faba-6	133	30	e.	e.	PROPN
faba-6	133	31	philip,1995	philip,1995	PROPN
faba-6	133	32	,	,	PUNCT
faba-6	133	33	pension	pension	NOUN
faba-6	133	34	funds	fund	NOUN
faba-6	133	35	retirement	retirement	PROPN
faba-6	133	36	income	income	NOUN
faba-6	133	37	security	security	NOUN
faba-6	133	38	and	and	CCONJ
faba-6	133	39	capital	capital	NOUN
faba-6	133	40	markets	market	NOUN
faba-6	133	41	.	.	PUNCT
faba-6	134	1	an	an	DET
faba-6	134	2	international	international	ADJ
faba-6	134	3	perspective	perspective	NOUN
faba-6	134	4	,	,	PUNCT
faba-6	134	5	oxford	oxford	PROPN
faba-6	134	6	university	university	PROPN
faba-6	134	7	press	press	NOUN
faba-6	134	8	,	,	PUNCT
faba-6	134	9	uk	uk	PROPN
faba-6	134	10	nenovsky	nenovsky	NOUN
faba-6	134	11	,	,	PUNCT
faba-6	134	12	n.	n.	NOUN
faba-6	134	13	,	,	PUNCT
faba-6	134	14	milev	milev	NOUN
faba-6	134	15	,	,	PUNCT
faba-6	134	16	j.	j.	PROPN
faba-6	134	17	2014	2014	NUM
faba-6	134	18	bulgarian	bulgarian	PROPN
faba-6	134	19	wellfare	wellfare	NOUN
faba-6	134	20	system	system	NOUN
faba-6	134	21	(	(	PUNCT
faba-6	134	22	1989	1989	NUM
faba-6	134	23	–	–	PUNCT
faba-6	134	24	2014	2014	NUM
faba-6	134	25	)	)	PUNCT
faba-6	134	26	evolution	evolution	NOUN
faba-6	134	27	,	,	PUNCT
faba-6	134	28	problems	problem	NOUN
faba-6	134	29	,	,	PUNCT
faba-6	134	30	challenges	challenge	NOUN
faba-6	134	31	.	.	PUNCT
faba-6	135	1	milev	milev	NOUN
faba-6	135	2	,	,	PUNCT
faba-6	135	3	j.	j.	PROPN
faba-6	135	4	2015	2015	NUM
faba-6	135	5	,	,	PUNCT
faba-6	135	6	payg	payg	NOUN
faba-6	135	7	vs.	vs.	ADP
faba-6	135	8	fully	fully	ADV
faba-6	135	9	funded	fund	VERB
faba-6	135	10	pension	pension	NOUN
faba-6	135	11	system	system	NOUN
faba-6	135	12	–	–	PUNCT
faba-6	135	13	alternative	alternative	ADJ
faba-6	135	14	or	or	CCONJ
faba-6	135	15	complementary	complementary	ADJ
faba-6	135	16	components	component	NOUN
faba-6	135	17	in	in	ADP
faba-6	135	18	the	the	DET
faba-6	135	19	pension	pension	NOUN
faba-6	135	20	system	system	NOUN
faba-6	135	21	–	–	PUNCT
faba-6	135	22	the	the	DET
faba-6	135	23	case	case	NOUN
faba-6	135	24	of	of	ADP
faba-6	135	25	bulgaria	bulgaria	PROPN
faba-6	135	26	milev	milev	NOUN
faba-6	135	27	,	,	PUNCT
faba-6	135	28	j.	j.	PROPN
faba-6	135	29	,	,	PUNCT
faba-6	135	30	2012ten	2012ten	NUM
faba-6	135	31	years	year	NOUN
faba-6	135	32	after	after	ADP
faba-6	135	33	the	the	DET
faba-6	135	34	start	start	NOUN
faba-6	135	35	–	–	PUNCT
faba-6	135	36	problems	problem	NOUN
faba-6	135	37	and	and	CCONJ
faba-6	135	38	challenges	challenge	NOUN
faba-6	135	39	facing	face	VERB
faba-6	135	40	the	the	DET
faba-6	135	41	bulgarian	bulgarian	ADJ
faba-6	135	42	pension	pension	NOUN
faba-6	135	43	funds	fund	NOUN
faba-6	135	44	social	social	ADJ
faba-6	135	45	security	security	NOUN
faba-6	135	46	code	code	NOUN
faba-6	135	47	,	,	PUNCT
faba-6	135	48	promulgated	promulgate	VERB
faba-6	135	49	state	state	NOUN
faba-6	135	50	gazette	gazette	NOUN
faba-6	135	51	,	,	PUNCT
faba-6	135	52	no	no	INTJ
faba-6	135	53	.	.	NOUN
faba-6	135	54	110/17.12.1999	110/17.12.1999	NUM
faba-6	135	55	,	,	PUNCT
faba-6	135	56	effective	effective	ADJ
faba-6	135	57	1.01.2000	1.01.2000	NUM
faba-6	135	58	world	world	NOUN
faba-6	135	59	bank	bank	NOUN
faba-6	135	60	.	.	PUNCT
faba-6	135	61	1994	1994	NUM
faba-6	135	62	.	.	PUNCT
faba-6	136	1	averting	avert	VERB
faba-6	136	2	the	the	DET
faba-6	136	3	old	old	ADJ
faba-6	136	4	age	age	NOUN
faba-6	136	5	crisis	crisis	NOUN
faba-6	136	6	:	:	PUNCT
faba-6	136	7	policies	policy	NOUN
faba-6	136	8	to	to	PART
faba-6	136	9	protect	protect	VERB
faba-6	136	10	the	the	DET
faba-6	136	11	old	old	ADJ
faba-6	136	12	and	and	CCONJ
faba-6	136	13	promote	promote	VERB
faba-6	136	14	growth	growth	NOUN
faba-6	136	15	.	.	PUNCT
faba-6	137	1	new	new	PROPN
faba-6	137	2	york	york	PROPN
faba-6	137	3	,	,	PUNCT
faba-6	137	4	n.y	n.y	PROPN
faba-6	137	5	.	.	PROPN
faba-6	137	6	:	:	PUNCT
faba-6	138	1	oxford	oxford	PROPN
faba-6	138	2	university	university	PROPN
faba-6	138	3	press	press	NOUN
faba-6	138	4	bulgarian	bulgarian	ADJ
faba-6	138	5	financial	financial	ADJ
faba-6	138	6	supervisory	supervisory	ADJ
faba-6	138	7	commission	commission	NOUN
faba-6	138	8	www.fsc.bg	www.fsc.bg	PROPN
faba-6	138	9	bulgarian	bulgarian	ADJ
faba-6	138	10	stock	stock	NOUN
faba-6	138	11	exchange	exchange	PROPN
faba-6	138	12	www.bse-sofia.bg	www.bse-sofia.bg	PROPN
faba-6	138	13	national	national	PROPN
faba-6	138	14	social	social	PROPN
faba-6	138	15	security	security	PROPN
faba-6	138	16	institute	institute	NOUN
faba-6	138	17	www.nssi.bg	www.nssi.bg	PROPN
faba-6	138	18	national	national	PROPN
faba-6	138	19	statistics	statistics	PROPN
faba-6	138	20	institute	institute	PROPN
faba-6	138	21	www.nsi.bg	www.nsi.bg	PROPN
faba-6	138	22	http://www.fsc.bg/	http://www.fsc.bg/	PROPN
faba-6	138	23	http://www.fsc.bg/	http://www.fsc.bg/	PROPN
faba-6	138	24	http://www.bse-sofia.bg/	http://www.bse-sofia.bg/	PUNCT
faba-6	138	25	http://www.bse-sofia.bg/	http://www.bse-sofia.bg/	NOUN
faba-6	138	26	http://www.nssi.bg/	http://www.nssi.bg/	NUM
faba-6	138	27	http://www.nssi.bg/	http://www.nssi.bg/	NUM