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In this paper, we study the problem of small motions of two Oldroyd viscoelastic incompressible fluids contained in a fixed vessel. By means of the operator approach, we reduce the original initialboundary value problem to the Cauchy problem for a differential operator equation in a Hilbert space and prove the well-posed solvability of the problem on an arbitrary interval of time. We obtain the equation for normal oscillations of the hydraulic system under consideration (Krein generalized operator pencil).

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