Sift the flour into a bowl and make a well in the middle. Crumble the yeast and dissolve it in the lukewarm milk. Add sugar and pour into the hollow. Cover and let rise in a warm place for approx. 15 minutes. Knead the pre-dough with salt, egg and butter well and cover and let rise in a warm place for 30 minutes.
Grate lemon for the filling. Squeeze the fruit. Heat the butter and sugar in a pan while stirring. Add the ground almonds and roast them nicely. Stir in lemon zest and juice, then stir in milk and raisins. Let the mixture cool down.
Knead the yeast dough well on a floured work surface and roll out into a rectangle. Spread the almond paste on it, leaving an approx. 2 cm wide border free. Roll up the sheet of dough from the long side and bend it into a wreath. Press ends together. Place the wreath on a baking sheet lined with baking paper, scratch lightly at a distance of 3 cm, leave to rise for another 10 minutes.
Bake at 180 ° C for about 40 minutes.
For the decoration, sieve the powdered sugar and mix with the lemon juice to a smooth glaze. Brush the still lukewarm wreath with it and sprinkle with flaked almonds and granulated sugar
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