Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
[[[� ZI V OEY J IR � G S � E X
%QIVMOERIV�
h
w
:IVXVMIF
(MI
ZSVEYW�
^YVàGO
KPEYFIR��WMI�WMRH�YRW�MQ
���.ELVI
��7XYRHIR
HEFIM�WMRH�WMI�NIX^X�KIVEHI�MR�/EPMJSVRMIR
8 ) < 8 � � 1 % 6 8 - 2 � º + + � � * 3 8 3 7 � � ; ; ; � 1 % 6 0 ) 2 ) � % 8
, % 6 8 )�
7',%0)
;)-',)6
/ ) 6 2
�
MGL� HELIV� FIWGLPSWWIR�� LSPI� MGL� MLR�
TIVWÚRPMGL�ZSQ�*PYKLEJIR�EF��)W� WSPPXI�
NE� WGLPMIÃPMGL� IMR� KER^� TIVWÚRPMGLIW�
-RXIVZMI[� [IVHIR�� (EW� LEFI� MGL� MLQ�
ERKIOàRHMKX� YRH�
1EVXMR� 0MQFIGO�
KILÚVX� ^Y� HIR�
1IRWGLIR�� HI�
RIR� KIKIRàFIV�
QER� :IVWTVIGLIR�
FIWWIV� IMRPÚWX�
4 P E R E R OYR J X�
������� (MI� 0YJX�
LERWE�1EWGLMRI�
EYW� *VEROJYVX� FIWXÈXMKX� [MIHIV� IMRQEP�
HEW� /PMWGLII� HIYXWGLIV� (MW^MTPMR�� %PWS�
[MVH�1EVXMR�0MQFIGO�RMGLX�QILV�PERKI�
EYJ� WMGL� [EVXIR� PEWWIR�� EPW� MGL� YQ�
^ILR� 1MRYXIR� REGL� EGLX� MR� HMI� %R�
OYRJXWLEPPI�;MIR� 7GL[IGLEX� WGLPIRHI�
VI�� ;IRMK� WTÈXIV� XEYGLX�
IV� ^[MWGLIR� NETERMWGLIR�
8SYVMWXIR��,IMQOILVIR�
HIR� EYW� HIR� ,IVFWXJI�
VMIR� YRH� ZIVWGLPEJIRIR�
+IWGLÈJXWVIMWIRHIR� EYJ��
&PEYIV� (VIMZMIVXIPQER�
XIP��FPEYIV�%R^YK��[IMÃIW�
,IQH��(IV�/VEKIR�RSGL�
EPW� /VE[EXXIRIVWEX^� YQ�
HIR� ,EPW� KIWGLPYRKIR��
(VIMXEKIFEVX� z� RMGLX�
YRVEWMIVX�� [MI� 1EVXMR�
0MQFIGO� WTÈXIV� RSGL�
FIXSRIR� WSPPXI�
h,EFIR� [MV� IX[EW�
>IMX#w�7IMR�,ÈRHIHVYGO�
MWX�FIWXMQQX�[MI�MQQIV��
WIMRI� 7XMQQI� OVÈJXMK��
(IRRSGL� WXIPPI� MGL� QMV�
HMI� *VEKI�� SF� 1EVXMR�
0MQFIGO� IMR� 1SVKIR�
QIRWGL� MWX�� -GL� RMGOI��
7GLPMIÃPMGL�LEXXI�MGL�HIR�
8IVQMR� FMW� 1MXXEK� IMRKI�
TPERX�� h+YX�� +ILIR� [MV�
HSGL� RSGL� OYV^� EYJ� IM�
RIR�0EXXI�̂ YQ�1G'EJÍ#w�
;EW� MWX� HIRR� QMX� HIQ�
0MQFIGO� PSW�� [MPP� MGL�
QMV� WGLSR� HIROIR�� 8]�
TMWGL� (IYXWGLIV�� -WX� MR�
;MIR� YRH� VIRRX� ^YQ�1G(SREPHvW� EYJ�
HIROIR� OERR�� JàKX� 0MQFIGO� LMR^Y��
h-GL� ZIVXVEK� RÈQPMGL� 1MPGL� RMGLX� WS�
KYX�YRH�HE�KMFXvW�
'ETTYGGMRS� QMX�
7SNEQMPGL�w
h7MILWX� HYw��
KIWXILI� MGL� QMV�
QIMRI� *ILP�
I M R W G L È X ^Y RK�
IMR�� [ÈLVIRH�
IV� FIWXIPPX� YRH�
MGL� IMR� %YKI�
EYJ� WIMR� +ITÈGO� [IVJI�� h'LIGO�� VI�
GLIGO�� HSYFPIGLIGO� z� FIZSV� HY� HMV�
IMR� 9VXIMP� FMPHIWX�w�
>[IM� 7XYRHIR� WTÈXIV� WSPPXI� QMV�
1EVXMR� 0MQFIGO� IV^ÈLPIR�� [MI� IV�
MR� HIR� PIX^XIR� .ELVIR� KIPIVRX� LEFI��
ZMIP� KIREYIV� LMR^YWILIR�� FIZSV� IV� WMGL�
WIMRI� 1IMRYRK� àFIV� IMRIR� 1IRWGLIR�
FMPHIX� i
1EVXMR� 0MQFIGO� MWX� HIV� .àRKWXI� ZSR�
(VIMIR�� (IV� &VYHIV� LEX� MLQ� ^[ÚPJ�
.ELVI� ER� 0IFIRWIVJELVYRK� ZSVEYW��
WIMRI� 7GL[IWXIV� WIGLW�� (IV� &VYHIV�
LEXXI� HEVàFIV� LMREYW� WGLSR� FEPH� IMR�
4W]GLSPSKMI�7XYHMYQ�� WIMRI� 7GL[IWXIV�
IMRI� %YWFMPHYRK� ^YV� &MPER^FYGLLEPXI�
VMR�� 2YV� HIV� NYRKI� 1EVXMR� [YWWXI�
RMGLX� VIGLX�� [EW� IV� [SPPXI�
(MGOPMGL�� VSXLEEVMK� YRH� WSQQIV�
WTVSWWMK� WIM� IV� KI[IWIR�� IV^ÈLPX� IV�QMV��
YRH�IMRJEGL�MR�EPPIQ�RYV�HYVGLWGLRMXX�
PMGL�� ;EW� LEX� HMIWIR� QMXXIPQÈÃMKIR�
YRH� [IRMK� QSXMZMIVXIR� .YRKIR� HE^Y�
KIXVMIFIR�� ^Y� IMRIQ� HIV� TVÈWIRXIWXIR�
YRH� QMXXPIV[IMPI� [SLP� EYGL� IVJSPK�
VIMGLWXIR� :IVOEYJWXVEMRIVR� YRH� 7TIE�
OIVR� (IYXWGLPERHW� ^Y� [IVHIR#� 3F�
IV� MQ� 7GLEXXIR� WIMRIV� +IWGL[MWXIV�
WXERH�� [MPP� MGL� [MWWIR�
2IMR�� EFIV� WIMRIQ� :EXIV� LEFI� IV� IW��
[SPPIR�� (IRR� HIV� LEFI� IW� MQQIVLMR�
ZSQ� &IVKQERR� ^YQ� +IWGLÈJXWJàL�
VIV� IMRIW� QMXXIPWXÈRHMWGLIR� 9RXIV�
1MX� /SLPI� OIRRX� WMGL� 1EVXMR� 0MQ�
FIGO� EYW�� -QQIVLMR� WXEQQX� IV� EYW�
IMRIV� &IVKQERRWJEQMPMI� EYW� HIQ�
6YLVTSXX�� 7IMR� +VSÃZEXIV� YRH� WIMR�
)V� WGLIMRX� WXSP^� ^Y� WIMR� EYJ� WIMRI�
,IVOYRJX�� *EQMPMI� LEX� JàV� MLR� IMRIR�
WILV� LSLIR� ;IVX� YRH� IV� FI^IMGLRIX�
WMGL� WIPFWX� EPW� hOSRWIVZEXMZ� WTMVMXY�
IPPw�� ;MI� TEWWX� EPP� HEW� ^YQ� &MPH��
HEW� MGL� QMV� WIMX� ^[IM� .ELVIR� ZSR�
1EVXMR� 0MQFIGO� ^Y� QEGLIR� ZIVWYGLI#�
;MI� TEWWX� HEW� ^YQ� RIYIR� ,EVHWIPPIV��
HIV� JàV� WIMRIR� 4SVWGLI� )MRWXMIKWPIMWXIR�
QMX� WIMRIQ� IMKIRIR� 0SKS� KISVHIVX�
[MV� YRW� EYWKMIFMK� >IMX� RILQIR�� HIV�
0MQFIGO� YRH� MGL�
HIV� 9QKERK� QMX�
(EW� QMX� HIQ� 1EVXMR�
0MQFIGO� YRH� QMV� MWX�
RÈQPMGL� WS� IMRI� 7EGLI��
(E� [EV� FIMQ� IVWXIR�
VIR� ZSR� FIMHIR� 7IMXIR�
RMGLX� EPP� ^Y� ZMIP� 7]Q�
TEXLMI�� (EW� LEFIR� [MV�
KIWXERHIR��,MIV�1EVXMR��
HIV� EYWKI[MIWIRI� ,EVH�
WIPPIV��TPEOEXMZ��QMX�WXEV�
OIR� +IWXIR�� JSVHIVRH��
9RH� HSVX� 1EVXMR�� HIV�
:IVPIKIV�� WXIXW� EYJ� HIV�
7YGLI�REGL�HIR�,MRXIV�
KVàRHIR��QMX� &PMGO� JàVW�
(IXEMP�� EF[EVXIRH�� 3F�
WMGL� HMIWI� (MWOVITER^�
,MR� ^YQ� -RXIVZMI[�
QMX�FIVIMXW�ZSVEF�KIWXIPP�
XIR� *VEKIR�� IMRI� 7XYRHI�
HVIMÃMK� >IMX� YRH� HERR�
WGLRIPP� [MIHIV� [IMXIV��
(EW� [ÈVI� ^Y� [IRMK��
YQ� HIV� 4IVWSR� 1EV�
XMR� 0MQFIGO� EYJ� HIR�
+VYRH� ^Y� KILIR�� >Y�
HMIWIQ� -RXIVZMI[�� LEFI�
%YJ�HIR�IVWXIR�&PMGO
[MVOI�MGL�EYJ�ZMIPI�1IRWGLIR�
YRRELFEV��(EFIM�FMR�MGL�IMR�EFWSPYXIV�
/EQMR�/IV^IR�/YWGLIPX]T�
��
43686%-8
RILQIRW� KIFVEGLX��
%PW� HIV� LEPF[àGLWMKI�
1EVXMR� WIMRIQ� :EXIV�
MLR� WIMRI�9Q[IPX�[MW�
WIR�� h3LRI� 7XYHMYQ�
RMGLX�QILV�w� 7S� IX[EW�
PÈWWX� WMGL� IMR�0MQFIGO�
RMGLX� ^[IM�1EP� WEKIR��
%YGL� RMGLX�� [IRR� IV�
IVWX� ��� MWX��
9RH� HE� IV� REGL�
HIV� QMXXPIVIR� 6IMJI�
RMGLXW� WS� VIGLX� QMX�
WMGL�ER^YJERKIR�[YWW�
XI�� FIWGLPSWW� IV�� IVWX�
IMRQEP�REGL�%QIVMOE�
^Y�KILIR��8VSX^�WIMRIW�
QMWIVEFPIR� )RKPMWGL�
WXEYRXIR�HMI� ERHIVIR��
;IKIR�WIMRIW�WGLPIGL�
XIR� )RKPMWGL� QIMR�
XI� IV�� (IRR� [IRR�
IV� WGLSR� )RKPMWGL�
OÚRRXI�� QàWWXI� IV�
NE� [SLP� RMGLX� HE�
VàFIV��/PMRKX� PSKMWGL�
z� SHIV#
2SGL� LIYXI� MWX�
IV� HEZSR� àFIV^IYKX��
HEWW� IV� NIRWIMXW� HIW�
8IMGLIW�YRH�JIVR�HIV�
,IMQEX� IMR� TEEV�
KER^� [MGLXMKI� 7EGLIR� JàV� WIMR�
0IFIR� KIPIVRX� LEFI��
(E� [EV� IVWXIRW� HMI� 7EGLI� QMX� HIV�
%VFIMX�� (IV� :EXIV� MR� WIMRIV� +EWX�
JEQMPMI� [EV� WXYHMIVXIV� 'LIQMOIV� MR�
IMRIQ�ºPOSR^IVR��
h%PW� IV� YQ� WIGLW�
ZSR� HIV� %VFIMX�
LIMQOEQ�� LEX�
IV� WMGL� XÈKPMGL�
MR� HMI� %VFIMXW�
OPEQSXXIR� KI�
[SVJIR�� YQ� RSGL�
IMRIQ� 2IFIRNSF�
REGL^YKILIR�w�
(ERR� [EV� ^[IMXIRW� HMI� 7EGLI� QMX�
HIV� 6I^MTVS^MXÈX� z� LIYXI� àFVMKIRW�
IMRIW� WIMRIV� 0MIFPMRKWXLIQIR� EPW�
8VEMRIV�� 7IMRI� IVWXIR� (SPPEV� LEFI�
IV� QMX� 6EWIRQÈLIR� YRH�
7GLRIIWGLEYJIPR� REGL� HIV�
,MKLWGLSSP� ZIVHMIRX�� 9RH�
WGLRIPP� LEFI� IV� KIPIVRX�� h-R� %QIVMOE�
JVEKWX� HY� HIR� ºKK� RMGLX�� SF� HY� MLQ�
HMI� )MRJELVX�
WGLMTTIR� WSPPWX��
HY� WGLMTTWX� WMI�
IMRJEGL�� (ERR�
WGLIPPWX� HY� ER�
YRH�WEKWX��f,IVV�
ºKK�� MGL� LEF�
-LRIR� IMRJEGL�
QEP� HMI� )MR�
JELVX� WEYFIV� KIQEGLX�� HEQMX� 7MI�
PIMGLXIV� VEYWJELVIR� OÚRRIR�u� 9RH�
HERR� FIOSQQWX� HY� MR� HIV� 6IKIP�
^ILR� SHIV� JàRJ^ILR� (SPPEV�� [IMP�
HIV� ºKK� MR� HIMRIV� 7GLYPH� WXILX�w�
%YJ� HMIWI� ;IMWI�
LEFI� IV� WIMRI� IVWXIR�
XEYWIRH� (SPPEV� ZIV�
HMIRX� YRH� HEW� LEFI�
MLR� HEVMR� FIWXÈVOX��
WIMRIR�/MRHLIMXWXVEYQ�
ZIV[MVOPMGLIR� ^Y� OÚR�
RIR�� 1MX� WIGLW� .ELVIR�
LÈXXI� IV� RÈQPMGL� IMR�
QEP� KIÈYÃIVX�� IV� [SPPI�
WTÈXIV� 4SVWGLI� JELVIR�
YRH�1MPPMSRÈV� [IVHIR��
4SVWGLI� JÈLVX� 0MQ�
FIGO�QMXXPIV[IMPI� z� WS�
KEV� QMX� IMKIRIQ� 0SKS�
MR� HIR� )MRWXMIKWPIMW�
XIR�� EFIV� HEW� LEXXIR�
[MV� WGLSR�� ÀFIV� WIMRI�
:IVQÚKIRWZIVLÈPXRMWWI�
LEFI� MGL� MLR� RMGLX�
[IMXIV� FIJVEKX� z� QER�
MWX� NE� HMWOVIX�
9RH�HVMXXIRW�[EV�
HE� RSGL� HMI� 7EGLI�
QMX� HIQ� )RKPMWGL��
-R� IMRIQ� .ELV� LEX�
IV� IW� IRXKIKIR�
HIV� &IJàVGLXYR�
KIR� WIMRIV� 0ILVI�
VMR�WGLPMIÃPMGL�HSGL�
KIPIVRX�� 9RH� HEW�
OÚRRXI� MLQ� FIM�
WIMRIQ� RÈGLWXIR�
4VSNIOX� LIPJIR�� %PW�
:IVOEYJ W�7TIEOIV�
[MPP� 0MQFIGO� RYR�
HIR�EQIVMOERMWGLIR�
HY� HEW� RMI�w�� PÈWWX� MLR� KIVEHI� WIMRI�
9Q[IPX� [MWWIR�� (EW� PÈWWX� WMGL� IMR�
0MQFIGO� RMGLX� ^[IM� 1EP� WEKIR�� EYGL�
RMGLX�� [IRR� IV� IVWX� ��� MWX�
0MQFIGO� MWX� IVWX� ���� (IRR� IV� [MPP� NE�
^YQMRHIWX� LYRHIVX� [IVHIR�� 7SPERKI� z�
HEZSR� MWX� IV� àFIV^IYKX� z� [àVHI� MLR�
HMI� 1IRWGLLIMX� QMRHIWXIRW� FVEYGLIR��
9RH� QMX� HMIWIR� ��� JàLPI� IV� WMGL�
^YQ� IVWXIR� 1EP� VMGLXMK� [SLP�� -GL�
JVEKI� YRKPÈYFMK� YRH� [SVXPSW� REGL��
h(MI�%QIVMOERIV�KPEYFIR�MQQIV�
WMI�WMRH�YRW�MQ�:IVXVMIF�^ILR�.ELVI�ZSVEYW��
HEFIM�WMRH�WMI�NIX^X�KIVEHI�MR�/EPMJSVRMIR�
RIYR�7XYRHIR�^YVàGO�w
��
43686%-8
-WX� 1EVXMR� 0MQFIGO� RMGLX� WGLSR� WIMX� .ELVIR� HIV� )V�
JSPKWQIRWGL� WGLPIGLXLMR#� /EVVMIVI� EPW� :IVOÈYJIV�� 8VEMRIV��
%YW^IMGLRYRK� YQ� %YW^IMGLRYRK�� 4SVWGLI�� ,EYW�� i
)VJSPKVIMGL� ^Y� WIMR�� LIMÃI� RSGL� PERKI� RMGLX�� ^YJVMIHIR�
^Y� WIMR�� 9RH� LIYXI� KIWXILX� WMGL� 1EVXMR� 0MQFIGO� IMR��
NELVIPERK� RYV� JYROXMSRMIVX� ^Y� LEFIR�� ;MI� HIV� ,EQWXIV�
MQ� 6EH� WIM� IV� REGL� NIHIQ� )VJSPK� WSJSVX� RSGL� WGLRIPPIV�
KIPEYJIR�� YQ� HIR� RÈGLWXIR� ^Y� IVVIMGLIR�� � h8VEMRIV� HIW�
.ELVIW� z� [EW� OSQQX� EPW� 2ÈGLWXIW#� 'SRKE�%[EVH� z� [EW�
OSQQX� EPW� 2ÈGLWXIW#� (IYXWGLIV� 8VEMRMRKW�4VIMW� z� [EW�
OSQQX� EPW� 2ÈGLWXIW#w� 1MX� ���� [EV� IV� HIV� JIWXIR� ÀFIV�
XVÈYQX� IV� HEZSR�� QMX� ��� RSGL� EYJ� HMI� &àLRI� ^Y� KILIR�
YRH� 1IRWGLIR� QMX� WIMRIR� :SVXVÈKIR� ^Y� FIKIMWXIVR�
)VWX� ZSV� OYV^IQ� LEFI� IV� KIPIVRX�� HIR� )VJSPK� JàV� WMGL�
ER^YRILQIR�� 7S� QIVO[àVHMK� IW� OPMRKX�� HEJàV� WIM� LEVXI�
%VFIMX� RÚXMK� KI[IWIR�� %VFIMX� ER� WMGL� WIPFWX� YRH� %VFIMX�
ER� WIMRIV� IMKIRIR� +IWGLMGLXI�� 7IMRI� +IWGLMGLXI�� HEW� [EV�
+),8� +%6 2-',8 )2874%2292+ 92(
69,) %&)6� %9', ;)8 8/%14* � 0 %2( ()6� 92&)+62> 8)2 1º+0-',/)- 8)2 -2
()6� :)6/¨9*)6� %2)6/%228 7-2( À&)6� >)9+)2 À&)6>)9+)2�
6%9',)2 � 0 -)&)� -', � (%7
+6º778)� +)7',)2/ 1)-2)7 0)&)27 1%',8� 7)< =� � 0 -1&)'/
1EVXMR�0MQFIGO��:IVXOEYJWXVEMRIV�YRH��WTIEOIV
-Q� 8VEMRIVQEVOX� LEFIR� 7MI� WMGL�
WIMX� .ELVIR� EPW� h,EVHWIPPMRKI\TIV�
XIw� TSWMXMSRMIVX�� -WX� HEW� RSGL� IMRI�
^IMXKIQÈÃI� 4SWMXMSR#
%FSWPYX��+IREY�KIWEKX� VIHI�MGL� NE�àFIV�
HEW� RIYI� ,EVHWIPPMRK�� )W� KILX� RMGLX�
QILV� YQ� HMI� EPXI� (IZMWI� hERLEYIR��
YQLEYIR�� EFLEYIRw�� WSRHIVR� HEVYQ��
h+YXIR� 8EK�� QIMR� 2EQI� MWX� :IVOÈY�
JIV� YRH� MGL� [MPP� -LRIR� LIYXI� IX[EW�
ZIVOEYJIRw�� (EW� LEX� JàV� QMGL� IX[EW�
QMX� 6IWTIOX� YRH� )LVPMGLOIMX� ^Y� XYR�
;S^Y� FIHEVJ� IW� àFIVLEYTX� IMRIV�
4SWMXMSRMIVYRK� z� FVMRKIR� :IVOEYJW�
XVEMRIV� 1IRWGLIR� RMGLX� IMRJEGL�
ZIVOEYJIR� FIM#
1EGLIR� [MV� YRW� RMGLXW� ZSV�� %YGL�
HIV� 7TIEOIV�� 8VEMRIVQEVOX� MWX� IRKIV�
KI[SVHIR��9RH�[MI� NIHIW�4VSHYOX�YRH�
NIHI�1EVOI� FVEGYLX� IMR� 7TIEOIV� IMRIR�
974�� -GL� LEFI� WGLRIPP� IVOERRX�� HEWW�
EPPI� IVJSPKVIMGLIR� /SPPIKIR� IMRI� OPE�
h,EVHWIPPMRKw� MQ� 7MRRI� ZSR� OPEVIQ�
YRH� HMVIOXIQ� :IVOEYJIR� [EV� RMGLX�
FIWIX^X� YRH� IW� TEWWXI� EYGL� KYX� ^Y�
QIMRIQ� TIVWÚRPMGLIR� :IVOEYJWWXMP�� �
;IRR� 7MI� MR� :SVXVÈKIR� HIR� ,EVH�
WIPPIV� VEYWLÈRKIR� PEWWIR� z� MWX�
HEW� HIV� KER^I� 0MQFIGO#
2IMR�� )W� MWX� IMR� 8IMP� ZSR� QMV�� 9RH��
z� HEW� MWX� QMV� KER^� [MGLXMK� z� IW� MWX�
OIMRI� 6SPPI�� -GL� LEFI� EYGL� RSGL� IMRI�
ERHIVI� 7IMXI�� (MI� HIW� /EQMR�/IV^IR�
/YWGLIPX]TW�� HIV� EFWSPYX� LEVQSRMIFI�
HàVJXMK�MWX��(MIWI�7IRWMFMPMXÈX�MQ�-RRIVIR�
LEFIR� ZMIPI� 8ST�
:IVOÈYJIV�� (MI�
FVEYGLIR�WMI�EYGL��
YQ� WMGL� [MVOPMGL�
MR� HIR� /YRHIR�
LMRIMRJàLPIR� ^Y�
OÚRRIR�
;àVHIR� 7MI� QMX�
HIR� )VJELVYRKIR�
HIW� ���.ÈLVMKIR�
RSGLQEPW� HMI�
WIR� ;IK� [ÈLPIR#
%FWSPYX�� -GL� FMR� JIWX� àFIV^IYKX�� HEWW�
MGL� VMGLXMK� MR� QIMRIQ� &IVYJ� FMR��;EW�
MGL�QEGLI��QEGLI�MGL�QMX�0IMHIRWGLEJX��
%FIV� QIMR� )MRWXMIK� EPW� :IVOÈYJIV� [EV�
HMI� :SVEYWWIX^YRK�� 7SRWX� OÚRRXI� MGL�
LIYXI� RMGLX� KPEYF[àVHMK� àFIV� QIMRI�
��43686%-8
463*-0)6
EYGL� HMI� %YWIMRERHIVWIX^YRK� QMX� WIMRIR� ^ELPVIMGLIR� :SV�
FMPHIVR�� 7IMR� :IVXVMIFWPIMXIV�� EPW� IV� MQ� /STMIVIV�+IWGLÈJX�
WIMRI� IVWXIR� )VJSPKI� EPW� :IVOÈYJIV� JIMIVXI�� 7TÈXIV� HIV�
0IMXIV� HIW� 8VEMRMRKWMRWXMXYXIW�� MR� HIQ� IV� QMX� RYV� ���
.ELVIR� WIMRI� 8VEMRIVOEVVMIVI� WXEVXIXI�� 9RH� HERR� RSGL�
ZMIPI� KVSÃI� 2EQIR� MQ� 8VEMRIV�� YRH� 7TIEOIV�+IWGLÈJX��
WXER^MIVX�� 0MIFIV� WTVMGLX� IV� LIYXI� ZSR� 0IMXFMPHIVR�� HIRR�
IV� LEFI� PIVRIR� QàWWIR�� HEWW� :SVFMPHIV� EYGL� IVHVàGOIR�
OÚRRIR�
;MI� TEWWX� HMI� 3VMIRXMIVYRK� ER�
0IMXFMPHIVR� ^Y� IMRIQ� 1IRWGLIR��
HIV� WIPFWX� WXIXW� MR� HMI� :SVFMPHVSPPI�
WXVIFX#� h)MRI� KYXI� *VEKIw�� [MI� 1EVXMR�
0MQFIGO� IMRVÈYQX�� 9RH� REGL� IMRIV�
WMFPI� %RX[SVX�� )W� WIM� JàV� MLR� OIMR�
;MHIVWTVYGL�QILV�� ERHIVIR�1IRWGLIR�
EPW� :SVFMPH� ^Y� HMIRIR� YRH� KPIMGL�
^IMXMK� FIM� NIHIQ� 1IRWGLIR�� HIQ� IV�
FIKIKRIX�� ^Y� TVàJIR�� [EW� QER� ZSR� MLQ� PIVRIR� OÚRRI��
(IRR� NIHIV� hFVEYGLX� MQ� 0IFIR� 0IMXTPEROIR�� ER� HIRIR�
IV� WMGL� SVMIRXMIVIR� OERRw�
%Q� QIMWXIR� OERR� QER� EYW� WGLQIV^ZSPPIR� &IKIKRYRKIR�
PIVRIR�� HIRR� h1IRWGLIR� ZIVÈRHIVR� WMGL� MQQIV� RYV� HYVGL�
7GLQIV^w�� %YGL� HEW� LEX� 1EVXMR� 0MQFIGO� z� IFIR� WGLQIV^�
ZSPP� z� IVWX� PIVRIR� QàWWIR�� h-LVI� /SQTIXIR^� EPW� 8VEMRIV�
WGLÈX^I� MGL�� EFIV� 7MI� WMRH� RMGLX� KIVEHI� HIV� 8]T�� QMX� HIQ�
2EGLX� FIWGLIVX��
7IPFWXFI[YWWX� KIRSQQIR� LEFI� IV� HMIWIW� *IIHFEGO� ^[EV��
(IRR� ^ELPVIMGLI� 204�� YRH� ERHIVI� 4IVWÚRPMGLOIMXWXVEMRMRKW�
LEXXIR� MLR� NE� ^[IM�(MRKI� KIPILVX�� )VWXIRW�� *IIHFEGO� WIM� IMR�
+IWGLIRO�� JàV� HEW� QER� HEROFEV� WIMR� WSPPXI�� >[IMXIRW�� )W�
WIM� FIWWIV�� WIMRI� )QSXMSRIR� RMGLX� MR� HMI� *EPPI� IMRIW� NIHIR�
HIRRSGL�� [IMP� ^Y� HMIWIV� >IMX� WIMR� 7IPFWXFI[YWWXWIMR� RSGL�
àFIV[MIKIRH� HEQMX� FIWGLÈJXMKX� [EV�� WIMRIR� RSGL� RMGLX� WS�
àFIVVEKIRHIR� 7IPFWX[IVX� ^Y� OSQTIRWMIVIR�
h7IPFWXFI[YWWXWIMR�z�7IPFWX[IVX��[EW�MWX�HIV�9RXIVWGLMIH#w��
[MPP� MGL� [MWWIR�� 2EGL� EYÃIR� LMR� [àVHIR� ZMIPI� 1IRWGLIR�
TSWMXMZ� EYJXVIXIR�� EYJVIGLXI� ,EPXYRK�� JIWXIV� ,ÈRHIHVYGO��
OPEVI� 7TVEGLI�� (MI� *VEKI� MWX� EFIV�� /SQQWX� HY� WIPFWX� QMX�
HMV� OPEV#� h7XIPP� JVàL� QSVKIRW� HIR� REGOXIR� 0MQFIGO� YRH�
HIR� REGOXIR�ºKK� ZSV� HIR� 7TMIKIP� YRH� HE� WMILWX� HY� HMV� HEW�
)PIRH� ER�� /SQQWX� HY� QMX� HMIWIQ� )PIRH� OPEV� SHIV� RMGLX#�
*àLPWX� HY� HMGL� ^Y� HMGO�� ^Y� HàRR�� ^Y� KVSÃ� ^Y� OPIMR#� -GL�
OERR� LIYXI� QMX� QIMRIR� ��� .ELVIR� WEKIR� z� YRH� MGL� LEF�
EPPIW� HYVGL�� 204�� *EQMPMIREYJWXIPPYRK�� %VFIMX� QMX� IMRIQ�
7GLEQERIR�� %VFIMX� QMX� IMRIV� ,IMPIVMR�� f=IWWW�� HEW� [EW� MGL�
%PW� hOSRWIVZEXMZ� WTMVMXYIPPw�FI^IMGLRIX� WMGL�1EVXMR�0MQFIGO�
WIPFWX�� (EW� OSRWIVZEXMZI� )PIQIRX� HàVJXI� EYW� WIMRIV� OEXLS�
PMWGLIR� )V^MILYRK� OSQQIR�� EYJ� HMI�
IV� MQQIV�[MIHIV�^Y�WTVIGLIR�OSQQX��
(EW�7TMVMXYIPPI�ÈYÃIVX�WMGL�YRXIV�ERHI�
VIQ� MR� HIR� ^ELPVIMGLIR�&YHHLEW�� HMI�
IV�QMXXPIV[IMPI�MR�WIMRIQ�,EYW�WXILIR�
LEX�� 7MI� [àVHIR� MLQ� /VEJX� KIFIR��
hVMGLXMKIV� &YHHLMWXw� WIM� IV� EFIV� HIW�
[IKIR� OIMRIV��1MX� WIMRIR� TLMPSWSTLM�
WGLIR� YRH� VIPMKMÚWIR� ÀFIV^IYKYRKIR�
WGLIMRX� IV� IW� IFIRWS� ^Y� LEPXIR�� [MI�
QMX� WIMRIR� 0IMXFMPHIVR�� 7S� ZMIPIW� [MI�
QÚKPMGL� ERWILIR�YRH�TVàJIR��[EW�QER�HEVEYW� PIVRIR�OERR�
7IMRI� 7TMVMXYEPMXÈX� LEFI� MR� MLQ� EYGL� HMI� ÀFIV^IYKYRK�
VIMJIR� PEWWIR�� HEWW� NIHI� &IKIKRYRK� MQ� 0IFIR� MLVIR� 7MRR�
LÈXXI�� ;IPGLIR�� HEW� IVJàLVIR� [MV� JVIMPMGL� MQQIV� IVWX� MQ�
0MQFIGO�OIRRI� MGL� ^[MWGLIR^IMXPMGL��)V�LEX�QMV� IMRIR�KIRM�
EPIR�+IWTVÈGLWIMRWXMIK� MR� HIV� /EPXEOUYMWI� FIWGLIVX��(EROI��
HIRJEPPW�LEFI�MGL�LIYXI�IMRIR�KER^�ERHIVIR�1EVXMR�0MQFIGO�
OIRRIRKIPIVRX��
1%68-2�0-1&)'/
-GL�[EV�JVàLIV�WILV�WGLRIPP
FIM�HIV�&I[IVXYRK�ZSR�1IRWGLIR�
[IMP�MGL�IW�RMGLX�FIWWIV�KI[YWWX�LEFI�
,IYXI�WGLEYI�MGL�ZMIP�KIREYIV�LMR�
FIZSV�MGL�QMV�IMR�9VXIMP�FMPHI�
��
43686%-8