Public Debt in Albania- Borxhi Publik ne Shqiperi

7/24/2019 Public Debt in Albania- Borxhi Publik ne Shqiperi

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inrio'n$ $n trn6&n eu$d tn pnrdorn$ osn pnr tn rrltur stm$dmrdl$ n &ntnsns $n m1mts'iurtnr osn pnr

l$3nstlen tn rn$dnsls'en $n l$1rmstruiturn5 pu$nsle mpo 0'3lgglel$ n impltmglt tni$li osn

$&nrn0or- Irl0m en n 1u$dlt 1l$m$klmrn (n 6&n$nrol nd'n $&n irl0n nio$oelin n (n u $d&n $n tn

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)rn(lm5 Lrgm$dm5 [pm$&m5 Zortu6mglm mpo Ltmglm ls'l$ 3n$dnt (n u pnr;mggn$ en en s'uen 3ns'tlrnsl

$n intn irl0n- Bn3o&m n iordl$lelt 1lsimg en pogltlimt ;u?'ntorn d'n 1rlim $6m miueuglel l $&n

;or?'l tn emd' pu;gli5 pmrm(nsl$ inrkn$lent ir8nsorn tn ;rn0m3n tn mrd'ns'ne $n ['(lpnrl5 rrlt&m

n prnslo$lt tn tmislelt $dm& $&n trn6u (n 6&lt'eo$n n en s'uen po tn$to$ tn ;n'nt 6go;mg d'n

lepmitl (n im eos'm n popuggslsn $n 1l$m$kmt pu;glin n im $dmrn pu;gliu$ $n dlsm imepn5 sl $n

e&ndldl$ mimdneli ms'tu nd'n $n endlm- Tn 3m0'dos' tn emrrns' 'um d'n tn e;ms' $&n $l3ng tn

(n$druns'ne inrio$ (n$druns'enrl tn ;or?'lt pu;gli d'n o;&nitl3m tn rn$dnsls'en $n $n

pogltlin$ n tmism3n tn kdo s'tntl- B&n ;or?' l (n$druns'ne ns'tn rn0ugtmt l 3n$dlen3n tn trn6ut

d'n pogltlim3n 1lsimgn d'n ;u?'ntorn- Duin (n$n $&n $dnr tnemt en tn $?n'tm tn eoen$tlt $n

['(lpnrl d'n &o 3ntne5 en m$n tn intl& pu$lel po eu$do'ne tn pmrm(ns dlsm kns't&n $n gld'&n en

;or?'l$ pu;gli sl% io$knptl tnorli d'n pnr(ms&m n tl& $n prmitlin5 dl$melim n ;or?'lt pu;gli $n

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to$n-

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tn l$tnrnsm3n tn emturumrm n tn pms'g8nrm dnrl $n eoen$tl$ n ggo6mrlt&ns sn t8rn- 2mrr&m n

;or?'n3n $6m m$m n s'tntlt dlito'nt $6m $n3o&m n sl6urlelt tn ;urlen3n pnr e;uglel$ n dn1lkltlt

;u?'ntor5 (n $ui ns'tn n eu$dur tn pnr;mggo'nt $6m tn mrd'urmt s'tntnrorn osn $6m nelslo$l

l$1gmklo$lst l eo$nd'ns- Iur ;or?'nt n emrrm pnrdorn$ $n en$8rn produitl3n5 pnr 0'3lgglel$

nio$oelitn 3n$dlt5 mtn'nrn eu$d tn &n$n do;lprurnsn- Bn rmst tn iu$dnrt it'n'n$ $n $&n ;mrrn tn

rn$dn pnr 6&n$nrmtmt n mrd's'en tn 3n$dlt5 tn klgmt do tn du'nt tn pnr;mggo&$n s'g8nr&n$ n t8rn

$npnre&nt tmtlens' en tn end'm- Hor?'l s'tntnror dmggo'nt $n ;or?' tn ;rn$ds'ne 9 tn emrrn $6m

s'tntmslt n 3nt7 d'n ;or?' tn &ms'tne9 tn emrrn $6m s'tntn tn t&nrm osn $6m or6m$l0mtm n l$stltuklo$n

1l$m$klmrn $dnrioe;ntmrn7- B6m plinpme&m n m1mtlt tn s'g8nr&ns5 ;or?'l s'tntnror eu$d tn &ntn

m1ms'iurtnr5 m1mtensne d'n m1mt6&mtn5 $dnrsm $6m en$8rm n s'g8nr&ns eu$d tn dmggo'nt $n%

m7 Hor?' $n 1oren rn$tn tn pnr&nts'en5 s'uem impltmgn n tn klglt $ui s'g8nt iurrn5 por

pm6u'nt 3m0'dlels't s'uem n l$tnrnsm3n $n 1oren$ n $&n rn$tn pnr posndunslt-

;7 Hor?' o;gl6mklo$mr5 (n s'g8'nt en inst osn rmtm 3&ntorn $n tn klgmt pnr1s'l'nt sl p&nsm

impltmgn9prl$klpmgl75 ms'tu nd'n l$tnrnsmt n emturumrm 9tn ggo6mrlturm en entodm tn

posmken emtnemtliorn (n emrrl$ pmrms8s' m1mtl$ n s'g8nr&ns5 $oren$ n l$tnrnslt5 io'n$ n

1lgglelt d'n e;mrlelt tn s'g8nr&ns75

k7 Hor?'n o;gl6mklo$mrn5 pnr tn klgmt kdo 3lt $n ;m0n tn iupo$m3n (n im$n5 pm6u'n$ 3ntne

l$tnrnsmt n emturumrm d'n $n 1u$d tn pnrlud'ns sn simdn$kns5 pm6u'nt 3gnrm impltmgn

9prl$klpmgl7 l t8rn5

d7 Hor?'n tn gu'mts'ne5 slk &m$n ;o$ot n t'nsmrlt5 (n pnr1m(nso&$n dnt8rlen dnrl $n $&n 3lt5

pnr tn klgmt sl s'uem impltmgn 9prl$klpmgl7 ms'tu d'n l$tnrnsmt (n u tmio&$n5 pm6u'n$

$&n'nrns' $n dmtn$ n emturlelt-

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• [lpms rn0ldn$kns sn irndltorlt5 ;or?'l $dm'nt $n ;or?' tn &ms'tne d'n ;or?' tn ;rn$ds'ne

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dnt8rlen3n io$trmitumgn tn rn0ldn$tn3n $dm& &oJrn0ldn$tn3n pnr tn pm6umr prl$klpmgl$ 9en osn pm

l$tnrns7 osn l$tnrnsl$ 9en osn pm prl$klpmg7-

Hor?'l pu;gli l ;rn$ds'ne l rn1nro'nt dnt8rlen3n (n snitorl pu;gli l $&n 3n$dl im $dm&

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pnr1m(nso'nt $6m s'uem n 3gnrm3n tn o;gl6mklo$n3n5 knrtl1limtm3n tn ;or?'lt5 ;o$o3n d'n kdo

dnt8rlel t&ntnr dlrnit l nentumr $6m (n3nrlm $n trn6u$ n ;rn$ds'ne-

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osn l$stltuklo$n 1l$m$klmrn5 pro$n n (n3nrlsn d'n mutorltntn l$tnr$mklo$mgn tn iu$dnrt $6m

irndltornt prl3mtn- Irndltornt 08rtmrn pnr1s'l&$n or6m$l0mtm ;lgmtnrmgn d'n eugtlgmtnrmgn (n o1ro&$n

'um$n- Irndltornt ;lgmtnrmgn &m$n s'pns' $&n (n3nrl n 3nten mpo $&n m6&n$sl (n3nrltmrn (n l o1ro$

'um $&n 3n$dl t&ntnr5 p-s' )&nrem$lm l o1ro$ $&n 'um )rn(lsn- Irndltornt eugtlgmtnrmgn &m$n

or6m$l0mtm $dnrioe;ntrmn sl p-s' Hm$im Hotnrorn-

Bn 3l&lensl tn irndltorn3n 08rtmrn &m$n nd'n irndltornt prl3mtn- Intm irndltorn eu$d tn

pnr1s'l&$n ;m$imt prl3mtn (n l &mpl$ 'um (n3nrlsn d'n ;gnrnslt prl3mtn (n ;gn&$n gntrmt en 3gnrn tn

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tn gntrm3n en 3gnrn tn ;or?'lt-

Irndlm n o1rumr eu$d tn &ntn $6m irndltornt 08rtmrn osn prl3mt d'n im tnremt 1l$m$klmrn sl $&n

irndl n t'&ns'tn sl p-s' pnrlud'n$ n pm6lelt mpo pnr(l$d&n$ n l$tnrnslt- )&lt'ms'tu s'uen 3n$dnmpglio&$n nd'n nentlel$ n gntrm3n en 3gnrn tn ;or?'lt slk &m$n o;gl6mklo$nt n t'nsmrlt en m1mtn

emturlel tn $dr8s'en 9e;l $&n 3lt7 $n trn6&nt impltmgn- Ho$ot n t'nsmrlt &m$n e&nt l rn$dnsls'ne pnr

;or?'l$ n ;rn$ds'ne m( en tnpnr pnr 3n$dn en $&n nio$oel sl ['(lpnrlm- Into gntrm en 3gnrn

eu$d tn &n$n tn trn6tuns'en $n trn6&n tn ;rn$ds'en osn $n trn6&n $dnrioe;ntmrn- Ho$ot n t'nsmrlt

s'ltn$ $npnre&nt m$im$dn3n (n or6m$l0o'n$ $6m 2l$lstrlm n <l$m$km3n en $dnre&ntslel$ n Hm$ins

]$ndrorn-

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• [lpms 3mgutns sn nentumr5 ;or?'l igmsl1lio'nt $n ;or?' $n 3mgutn ioe;ntmrn d'n ;or?' $n

3mgutn tn 'um&-

Hor?'l $n 3mgutn ioe;ntmrn ns'tn ;or?'l l nentumr d'n l s'prn'ur $n smsl$n n imrteo$nd'm3n

tn gl6&s'en (n (mriuggo&$n $n nio$oel$n n $&n 3n$dl-

['uelkm n tn 'um&3n l$3nstltorn mpo irndltorn prn1nro&$n tl in$n 1o$dnt $n 1oren tn eo$nd'ns

sn 'um& osn tn $&n eo$nd'n tn gl6&s'en tn $&n 3n$dl t&ntnr5 sl p-s' doggmr menrlim$ mpo nuro-

• [lpms $orens sn l$tnrnslt irndltn mpo l$struen$tmt n t&nrm tn ;or?'lt eu$d tn pm6u'n$ en

$oren l$tnrnsl 1lisn 91l?nd rmtn7 osn en l$tnrns tn gu'mts'ne 91gomtl$6 rmtn7

B&n $oren l$tnrnsl 1lisn l$tnrsl (n$dro$ io$stm$tn pnr tn 6&lt'n pnrlud'n$ n irndlsn-

Iursn5 $&n $oren n gu'mts'en l$tnrnsl ns'tn n 3mrluns'en d'n ggo6mrltnt s'pns' duin l s'tumr

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• [lpms emturltntlt5 dmtns $n tn klgn$ prl$klpmgl d'n l$tnrsl emturo'n$ d'n pm6u'n$5 ;or?'l

$dm'nt $n ;or?' m1mts'iurtnr d'n ;or?' m1mt6&mtn-

Irndltn (n emturo'n$ $n $&n 3lt osn en pmi (u'n$ m1mts'iurtrm-

Irndltn (n emturo'n$ pms $&n 3ltl (u'n$ m1mt6&mtm- Dmtm n smitn n emturlelt ggo6mrltnt (n $6m dmtm

n 1lreos&ns sn emrr3ns'&ns n dnrl $n dmtn$ n pm6nsns sn 1u$dlt-

• [lpms igmsl1lilelt tn l$struen$tm3n tn t&nrm 1l$m$klmrn inel ;or?'l$ n dnrl3mtl3n3n-

B&n dnrl3mtl3 ns'tn $&n emrrn3ns'&n ;lgmtnrmgn pnr tn trm$s1nrumr $&n msnt osn $&n s'uen pmrms'

$n $&n dmtn tn kmitumr pnr $&n kele tn kmitumr5 dnrl3mtl3nt ;m0lin &m$n io$trmtmt 1orMmrd5 1uturn5

opslo$nt d'n io$trmtmt n s'ine;len3n sMmp-

Im nd'n tlpn tn t&nrm igmsl1lilens'5 tn tlggm sl igmsl1lilel slpms 6mrm$klsn5 igmsl1lilel slpms

dn;ltorlt nt&-

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Znr tn ggo6mrltur s'uen$ n ;or?'lt pu;gli du'n$ emrrn pmrms8s' dlsm ngnen$tn tn

rn$dnsls'ne5 pnr1s'lr&m n tn klgn3n &np pnrkmitlel$ en tn (mrtn n en tn pgotn tn ;or?'lt pu;gli $n

$&n 3n$d- L$stltuklo$nt n !udltlelt tn Gmrtn ;n&$n rnioem$dlen $dm& l$stltuklo$n3n pnrimtnsn sn

k1mrn du'nt tn pnr1s'l'nt mpo &o $n ngnen$tnt ggo6mrltns-

Dnt8rlent pnr1s'l&$n% Gntrmt en 3gnrn% Fumemrr&nt trmdlklo$mgn5 $6m irndltornt iu pnr1s'l'nt nd'n (n3nrlm5 $n$

$&n emrrn3ns'&n 1oremgn tn klgmt spnkl1lio&$n s'uen$ n 'um&tur5 $oren$ pnrimtnsn tn

l$tnrnslt osn $oren$ n 0;rlt&ns sn inriumr5 gntrmt en 3gnrn (n du'nt tn &npn$ d'n pnrlud'n$

$n tn klgn$ du'nt tn ;n'nt pm6lel- Fumtn ;m$imrn5

Fumtn $6m (n3nrltn n 'um&m osn $6m or6m$n $dnrioe;ntmrn

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Nentlent n 3mgutns ioe;ntmrn5 imrtneo$nd'mt d'n eo$nd'mt- Into pnr1s'l&$n ;m$in$otmt

d'n eo$nd'mt n nentumrm $6m osn pnr $&n s'tnt d'n mto (n &m$n tms'en $n (mriuggle- Ggo6mrltn n pm6uns'en pnr tn elrm d'n s'nr;len

Xle;urslel l tmism3n

Dnt8rlent $n tnrem m1mt6&mtn tn (nrm3n 1l$m$klmrn

Dnt8rlent n pn$slo$n3n d'n tn sl6urlen3n s'n$dntnsorn pnr pu$o$&nslt n mdel$lstrmtns

pu;glin Znr1ltlen tn t&nrm tn n$tltntn3n tn snitorlt pu;gli iu pnr1s'l'n$ m$6m0'len soklmgn (n eu$d

tn pnr;n&$n $&n dnt8rle lepglklt osn nispglklt tn s'tntlt $n 3mrnsl tn pm6nsm3n n tn

pro6rmen3n tn $dr8s'en )mrm$kltn $dm& pmgn3n tn trntm- Into eu$d tn pnr1s'l&$n 9iur s'lio'nt n pnrs'tmts'en7

6mrm$kltn n 'umemrr&ns $6m or6m$nt n snitorlt pu;gli d'n $6m or6m$nt prl3mtn osn (umslJ

pu;glin pnr dlsm (ngglen sl p-s' 1l$m$klel l nisportn3n mpo iursn3n tn ine;nelt

Dnt8rlen tn t&nrm (n $ui 1utn$ $n ms$&n $6m 6rupnrt n slpnr pnren$durm

Znrkmitlent n enslpnren &m$n rnioem$dlen (n ;n&$n L$stltuklo$nt n !udltlelt tn Gmrtn $dm&

l$stltuklo$n3n (n &m$n pnr6&n6&nsn pnr en$m?'lel$ d'n s'nr;lel$ n ;or?'lt- B(s do tl rn1nro'nel

pnrkmitlelt tn enslpnre tn ngnen$tn3n pnr;nrns tn ;or?'lt pu;gli eu$d tn t'nel (n pnrkmitlel l

;or?'lt pu;gli $n ['(lpnrl im em$6nsl osn en smitn $ui pnr1s'l$ dlsm ngnen$tn tn rn$dnsls'ne

(n du'nt tn &n$n p&nsn n tl& $n en$8rn tn pmdlsiutuns'en slpms stm$dmdn3n tn L$stltukl$n3n

Bdnrioe;ntmrn tn !udltlelt d'n ius'tn3n (n du'nt tn pgotnso'n$ pnr tn 3m0'dumr rru6n$ drn&t

1melg&ns Nuroplm$n- Dnt8rlent n pn$slo$n3n d'n tn sl6urlen3n s'n$dntnsorn pnr pu$o$&nslt n

mdel$lstrmtns pu;glin &m$n ngnen$tnt ir8nsor (n dlsiuto'n$ pnr t#u ggo6mrltur sl ;or?' pu;gli- N

$&n&tm 6&n inrio'nt nd'n pnr l$tnrnsmt n miueugumrm tn ;or?'lt-

Dnrl tm$l i&o 6&n $ui im $dod'ur pmsl en pmrn du'nt $&n slstne l mutoemtl0umr l pnrs'tmts'ne

d'n l smitn pnr e;m&t&n$ d'n ggo6mrlt&n$ n int8rn tn d'n$m3n $6m 2l$lstrlm n <l$m$km3n d'n

Drn&torlm n Znr6&lt's'en n T'nsmrlt- !itumgls't into l$stltuklo$n &m$n duin n ir8nr $&n rn1orele

tn tlggn d'n $n 3ltnt n mrd's'en tn pmitn$ dnt8rlent n pn$slo$n3n mpo sl6urlen3n s'n$dntnsorn do

tn ggo6mrltn$ sl ngnen$tn tn ;or?'lt pu;gli-

Bmt8rls't (n s'tlel l ngnen$tn3n $n ggo6mrlt&n$ n ;or?'lt pu;gli do tn rrlstn nd'n s'uen$ n

;or?'lt pu;gli- Bnsn do tn ggo6mrltn& en ngnen$tn tn t&nrn ;or?'l do tn tn&imgo$tn K, tn )DZJsn-

=8



Nd'n psn mitumgls't i8 iu1l ns'tn 'n(ur sl iu1l0le gl6&or5 rn$dlel l ;or?'lt do tn s'1m(tn d'n

pmso&m soklmgJnio$oelin $n gld'&n en iosto$ n tl&-

IMZLT^GGL LL. NK^XLM N HOX/,LT BN SLTN

LL:': Znr0"=lel l #n9o$"9n n f8"e"rr$n3 p8h!l=n

Bn intn kns't&n do tn m$mgl0o&en dlsm $6m 1mitornt (n pnrkmito&$n ;or?'l$ pu;gli $n 1u$d tn

pnrlud'ns pgm$l1liunsn- [lpms pnriu1l0lelt5 s'uem n ;or?'lt $n 1u$d tn pnrlud'ns pgm$l1liunsn

ns'tn n ;mrm;mrtn en ;or?'l$ pu;gli $n 1lggle tn pnrlud'ns pgm$l1liusn pgus s'uen$ $nto tn'umemrr&ns 6&mtn pnrlud'ns%

Hor?'l pu;gli 9$n 1u$d7 Hor?'l pu;gli 9$n 1lggle7 C Fumemrr&n$ Bnto

=;



Fumemrr&m $nto5 pnrkmito'nt $6m imtnr 1mitorn ir8nsorn- !&o pnr1s'l$ ;or?'l$ (n emturo'nt

$n 1u$d tn pnrlud'ns5 3gnrn$ n dn1lkltlt ;u?'ntor tn pnrlud'ns en(n$nsn dl1nrn$km eldls tn

mrd'urm3n d'n s'pn$0len3n (n3nrltmrn du'nt tn 1l$m$ko'nt en ;urlen tn 'um0umrm5 3gnrn$ n

io$tl6&n$km3n tn pnrkmitumrm pnr pnrlud'n$ sl d'n 3gnrn$ $nto 1l$m$klmrn tn msntn3n tn sl6urumrm

pnr pnrlud'n$ pnrimtnsn

!s'tu slk 3l'nt rn5 $n niumklo$l$ n enslpnre5 3ntne $&n $6m imtnr 1mitornt pnr;nrns tn

$n3o&m3n 'umemrrnsn ns'tn l $&o'ur en sl6url5 s'uem n ;or?'lt (n emturo'nt $n 1u$d tn

pnrlud'ns- I8 1mitor ns'tn l $&o'ur en sl6url 3ntne $nsn pnrlud'm n pgm$l1lilelt ns'tn rngmtl3ls't

n s'iurtnr5 $dos'tm $&n 3lt osn en pmi-

Trn 1mitornt n t&nrn (n pnrkmito&$n 'umemrr&n$ &m$n tn pmsl6urtn d'n du'nt tn ;n'n$ tn dltur

$6m DZ2HZ-

LL:%: [l8"" "=8"!n n 3o=8 n hor>fl p8h!l= #n [f6lpnrl

Hm0umr $n gl6&l$ $r-AAK5 dmtn +-+.-.,,K @Znr 'umemrr&n$ s'tntnrorn5 ;or?'l$ s'tntnror d'n

6mrm$kltn s'tntnrorn tn 'umsn $n Xnpu;glin$ n ['(lpnrlsn5 o;&nitl3l ir8nsor l en$m?'lelt tn

;or?'lt ns'tn sl6urlel l 1o$dn3n tn $n3o&s'en tn 'umemrr&ns5 duin 3gnrnsumr rlsiu$ d'n iosto$ n

tl&5 $n in$d3ns'trlel$ m1mtensne d'n m1mt6&mtn5 sl d'n 0'3lgglel$ n trn6ut tn tltu&3n tn s'tntlt5

$npnre&nt s'tlelt tn l$struen$tm3n tn tl& d'n 06&nrlelt tn ;m0ns sn l$3nstltorn3n-

Hor?'l pu;gli dnrl $n K eu&orl$ n intl& 3ltl ns'tn A+5,/A elglo$n !GG- Hor?'l pu;gli l

(n3nrls&ns (n$drorn imp 3gnrn$ n A+5K/+ elglo$n !GG d'n dl1nrn$km prn& /, elglo$n !GG ns'tn

;or?' l (n3nrls&ns goimgn- Hor?'l l (n3nrls&ns (n$drorn $dm'nt $n ;or?' tn ;rn$ds'ne5

rnspnitl3ls't /*5/. elglo$n !GG (n pnr;n$ rrnt' *5*. tn )DZ d'n5 ;or?'l l &ms'tne prn&

*/5.+K elglo$n !GG osn .K5*A tn )DZ- Hor?'l l ;rn$ds'ne 3gnrso'nt tn intn $&n rn$ln prn&

,5,* $n rmport en )DZ irm'msumr en 3ltl$ .,+* $dnrsm ;or?'l l &ms'tne 3gnrnso'nt en $&n

rn$ln prn& ,5/+ irm'msumr en 3ltl$ n imgumr- Hor?'l l (n3nrls&ns (n$drorn dmggo'nt $n ;or?' tn

=4



(n3nrlsn (n imp s'l1rn$ n KK5// elglo$n !GG d'n p&nsm t&ntnr prn& +5+K elglo$n !GG ns'tn

;or?' l 6mrm$tumr $6m (n3nrlm-

[lpms emturlelt tn gntrm3n en 3gnrn mpo l$struen$tn3n tn pnrdorurm inel s'uen$ totmgn prn&

A+5K/* elglo$n !GG tn $dmrn $n !1mts'iurtnr iu .K5+A elglo$n !GG l pnrimsl$ gntrm3n en

3gnrn tn ;ork'lt d'n .+5+* elglo$n !GG &m$n irndl5 d'n !1mt6&mtn iu /5*/ elglo$n !GG &m$n

en s'g8nr&n ;rn$dm $&n 3ltl d'n 5AK* elglo$n !GG &m$n en s'g8nr&n e;l $&n 3lt- Bn !1mt6&mtn

inel rnspntl3ls't *,5++ elglo$n !GG pnr gntrmt en 3gnrn tn ;or?'lt d'n **.5+/, elglo$n !GG

en irndl-

Zrm $n totmg5 ;or?'l ns'tn K/5*K elglo$n !GG $n gntrm en 3gnrn d'n **5./ elglo$n !GG

$n irndl- Zo ms'tu5 slpms eo$nd'ns ;or?'l igmsl1lio'nt sl .5K* elglo$n $n eo$nd'n

ioe;ntmrn d'n *5, elglo$n $n eo$nd'n tn 'um&- N $(s l rn1nro'nel igmsl1lilelt slpms

rn0ldn$kns sn irndltorn3n inel irndltorn 3n$dms (n e;m&$n pns'n$ n /5,/ elglo$n iu$drn&t

irndltorn3n tn 'um& (n e;m&$n 3ntne *K*5+*A elglo$n-

B&n dntm&le l ;or?'lt tn 6mrm$tumr trn6o$ sn ;or?'l l ;rn$ds'ne ns'tn .+5+* elglo$n iu$drn&t

;or?'lt tn &ms'tne (n ns'tn *,5,*. elglo$n- B6m stoiu l ;or?'lt 3ntne 5 n tl& pnr;n'nt $6m

;or?'l l 6mrm$tumr d'n p&nsm t&ntnr pnr;n'nt $6m ;or?'l s'tntnror-

=st ]tr9 68:.::%9 <>%

>%

[toiu l horxflt

Hor>f l 6n9nrl3n Hor>f l a"r"#8"r #a" 6n9nrl"

=>



LL:%:' Tn#<n#0" n 3o=8 n hor>fl

Zm3mrnsls't s&ngg&ns $6m $&nrl 3lt $n t&ntrl$5 stoiu l ;or?'lt po rrltnt en rlten rrltnsn- I&o

3l'nt rn $6m 6rm1liu l enpos'tne $n tn klgl$ &m$n pmrm(ltur s'uemt $n 3gnrn m;sogutn tn ;or?'lt6&mtn d'&ntn3&nkmrlt tn 1u$dlt- Bn totmg5 stoiu l ;or?'lt ns'tn ugur en ,-// irm'msumr en 1u$dl$

n 3ltlt .,+*5 $6m K5+ $n K/5+- Tn d'n$mt &m$n iueugmtl3n kim do tn t'otn sn stoiu l

;or?'lt tn $&n 3ltl pnr1s'l$ totmgl$ n ;or?'lt tn nentumr dnrl $n mtn 3lt-

Bn (o1tn sn s'lio&en en iu&dns into tn d'n$m do tn 3nen rn sn 6&mtn int8rn 3ltn3n 3gnrm en n

gmrtn n stoiut tn ;or?'lt l pnrint 3ltlt .,+* en K5+ $dnrsm 3gnrm en n ugnt l pnrint 3ltlt .,,

en *5/*- Bn gld'&n en K eu&orl$ n .,+/5 rn$ln$ en tn emd'n n im pnsur stoiu l ;or?'lt tn

&ms'tne en ,5/+ d'n s'uen pmi stoiu l ;or?'lt tn ;rn$ds'ne en ,5,* -

Bn intn rn$ln tn stoiut tn ;or?'lt tn ;rn$ds'ne im $dliumr rn$lm n 3gnrns sn l$struen$tn3n5 $n

pnr(l$d&n5 $dnrsm m;strm6o'nt $6m rl3gnrnslel l 3mgutns- Bn rn$ln$ n stoiut tn ;or?'lt tn &ms'tne

im $dliumr nkurlm n dls;urslen3n en $&n pns'tn en tn emd'n5 sl d'n rlsinduglent

=3



Cla8r" %:%: Tn#<n#0" n 3o=8 n hor>fl: H8rlel. El#l3rl" n Cl#"#0"9n7 Trna8n3l nhor>fl7 h8!nl#l 5 e8$or7 9ll %&'(

)&mtn +, 3ltn3n tn 1u$dlt5 ;or?'l pu;gli ns'tn d81ls'umr d'n pot'um&sn trn1ls'umr5 $6m /*.5AK.elglo$n !GG $n 3ltl$ .,,/ d'n $n K eu&orl$ n .,+/ im mrrltur 3gnrn$ n A+5K/+ elglo$n !GG-

I&o sl6urls't pnr $&n 3n$d $n 0'3lggle en $&n nio$oel $n 1m0n$ neplrlin tn sm&5 $ui ns'tn 6&n&m

en n elrn (n eu$d tl $dod'l $&n 3n$dl- Xrlt&m n $l3nglt tn ;or?'lt pu;gli s'o(nro'nt en rrlt&n tn

$orens sn l$tnrnslt $n snitorl$ pu;gli d'n mtn prl3mt- Xrlt&m n $orens $dlio$ e;l irndlJd'n$ln

duin n ugur $d&ns'ne kim do tn pn$6o$tn rrlt&n$ n snitorlt 1l$m$klmr d'n mtl& rnmg- Xr&nd'lels't do

tn ugn& pu$n0n$lm d'n do tn pnrin(nso'ns'l$ 3mrlm;gmt emironio$oelin 1l$m$klmrn sl l$1gmklo$l5

gliuldltntl5 rlsiu pogltli5 iursl 3mgutor nt&- Nd'n psn l$1gmklo$l into +, 3&nt $ui ns'tn s'1m(ur

pro;gnemtli pnr nio$oel$n n 3n$dlt5 3ltnt n 1u$dlt gliuldltntl d'n sldoeos gu'mt&nt $n iursl$

3mgutor &m$n ;nrn p&nsn n pnrdlts'en n pro;gnen3n nio$oelin-

LL:%:%: [r8=8r" n hor>fl p8h!l= #n [f6lpnrl

[lpms tn d'n$m3n tn K eu&orlt tn intl& 3ltl5 ;or?'l l ;rn$ds'ne pnr;n$ rrnt' A5. tn

totmglt tn ;or?'lt iursn p&nsm t&ntnr prn& /,5 pnr;n'nt $6m ;or?'l l &ms'tne- [lpms $&n'uguetlel tn ir8nr5 struiturm n ;or?'lt ns'tn sl en pos'tn%

=1



Cla8r" %:1: [r8=8r" n hor>fl: H8rlel . EC7 Trna8n3l n hor>fl7 h8!nl#l 52e8$or l9ll %&'(

Bn pnr6&lt'nsl ;or?'l l ;rn$ds'ne im pnr;nrn p&nsn$ en tn emd'n tn ;or?'lt pu;gli5 d'n 3gnrn$

en tn gmrtn n im mrrltur $n 3ltlt$ .,,5 rrnt' +5 tn ;or?'lt pu;gli- )&mtn intl& d'&ntn3&nkmrl

;or?'l l &ms'tne im mrd'ur duin u rrltur5 3gnrn$ en tn gmrtn n s'n$o$ $n 3ltl$ .,+. duin pnr;nrn

rrnt' /*5. tn ;or?'lt pu;gli $n totmg- )&lt'ms'tu du'nt tn iu&to&en sn 6&mtn 3ltlt .,+,5 u nentum pnr 'nrn tn pmrn nuro;o$dJl $n trn6u$ n 'um& tn impltmgn3n5 en s'uen$ *,, elglo$n Nuro5 en

emturle ,/>++>.,+- Zm6nsm n l$tnrnslt 3&ntor pnr intn o;gl6mklo$ ns'tn 5 osn ..5 elglo$n

Nuro $n 3lt- Tn mrd'urmt $6m nuro;o$dJl u pnrdorn$ pnr pmrmpm6lel$ n irndlsn tn 3ltlt .,,A5 d'n

pnr pgotnslel$ n $n3o&m3n pnr 1l$m$klel$ n ;u?'ntlt-

LL:%:1: [r8=8r" n hor>fl n hrn#<3fne

Zo tm m$mgl0o&en slpms l$struen$tm3n ;or?'l$ n ;rn$ds'ne s'o'le sn $n 3ltnt .,+,5 .,++

d'n .,+. p&nsn$ en tn emd'n n 0n nentlel l ;or?'lt $n l$struen$tm m1mts'iurtnr5 $dnrsm $6m 3ltl

.,+* n dnrl $n K eu&orl$ n 3ltlt .,+/ ns'tn nentur en tnpnr ;or?' $n l$struen$tn m1mt6&mtm sl

o;gl6mklo$n .5*55 d'n +, 3&nkmrn- B6m tn d'n$mt n pu;gliumrm $6m 2< 3nrn&en sn l$struen$tmt

m1mts'iurtnr im$n pnsumr $&n rn$ln prn& ,5, $n irm'msle en 3ltl$ .,+*5 $dnrsm nentlel l

=6



;or?'lt $n l$struen$tm m1mt6&mtn im pnsumr $&n rn$ln prn& ,5,+ - Nd'n $n intn rmst m;strm6o'nt

$6m rl3gnrnslel l 3mgutns-

L$struen$tm m1mts'iurtnr L$struen$tm m1mt6&mtn

Cla8r" %:(: [r8=8r" n hor>fl n hrn#<3fne: H8rlel . EC7 Trna8n3l n hor>fl7h8!nl#l 5 e8$or %&'(

)rm1liu l enslpnre pmrm(nt $&n 6&n$d&n tn nentlelt tn ;or?'lt $n gntrm en 3gnrn 6&mtn +, 3ltn3n

tn 1u$dlt- [lk eu$d tn 3l'nt rn5 $n nkurl$n n int8rn d'&ntn 3ltn3n 5 en tnpnr ns'tn prn1nrumr

nentlel l gntrm3n en m1mtn tn s'iurtnr5 d'n 3ntne d8 3ltnt n 1u$dlt im pmtur rrlt&n $n nentlel$ n

;or?'lt $n gntrm en m1mtn tn 6&mtn- B&n mrs8n psn ns'tn i&o npnrsl n gntrm3n en 3gnrn en emturle

dnrl $n $&n 3lt ns'tn gliudltntl l doeosdos'ne pnr $n3o&mt n (n3nrlsn- Zo ins'tu5 eu$d tn

pnren$dle sl mrs8n t&ntnr5 eu$6nsn$ n $&n trn6u d8tnsor pnr s'ltJ;gnr&n$ n int8rn gntrm3n en

3gnrn- I&o n 1u$dlt 3&n$ $6m eos 1u$islo$lel l Hursns sn Tlrm$ns-

=<



Cla8r" %:?: [r8=8r" n l#3r8en#n9n ";"3f=8rr": H8rlel . EC7 Trna8n3l n hor>fl7h8!nl#l 5 e8$or l 9ll %&'(

B&n dntm&le l l$struen$tn3n m1mts'iurtrm do tn $m trn6o$tn sn HTF A eu&orn &m$n nentumr

3ntne $n 3ltl$ .,+, d'n .,+/- Z&nsn$ en tn emd'n $dnre&nt int8rn l$struen$tm3n n 0n$n HTF

en m1mt emturlel +J3&nkmr 5 en pms 3l&$n HTF KJeu&orn d'n en pmi mto *Jeu&orn-

Zo ins'tu pnr l$struen$tmt m1m6&mtm eu$d tn t'nel sn p&nsn$ en tn emd'n n 0n$n o;gl6mklo$nt

en emturle J3&nkmr d'n en pms inel o;gl6mklo$nt en emturle .J3&nkmr d'n J3&nkmr-

O;gl6mklo$nt en emturle * d'n +, 3&nkmr 0n$n $&n pns'n tn pmpnr1lggs'en 6&mtn int8rn imtnr

3ltn3n-

8:



Cla8r" %:5: [r8=8r" n l#3r8en#"9n ";"a$"n: H8rlel .EC7 Trna8n3l nhor>fl7 h8!nl#l 5 e8$or l %&'(

LL:%:(: Eh"$n3l n hor>fl n hrn#<3fne

Znrsm l pnrint e;m&tns3n tn ;or?'lt eu$d tn t'nel sn ir8nsls't ;or?'l l ;rn$ds'ne e;m'nt

$6m snitorl ;m$imr- Nd'n 6&mtn intl& 3ltl im 3m0'dumr tn$dn$km po0ltl3n n rrlt&ns sn $uerlt tn

p&nsnemrrns3n $n tr6u$ prlemr tn gntrm3n en 3gnrn tn (n3nrlsn5 duin s&nggn $&n t'nggle tn

dl3nrsl1lilelt tn porto1oglt $6m plinpme&m n e;m&tns3n tn tl&-

Cla8r" %:J: Eh"$n3l n hor>fl n hrn#<3fne: H8rlel . EC7 Trna8n3l n hor>fl7 h8!nl#l52e8$or l 9ll %&'(

Io$irntls't 3l'nt rn $&n tn$dn$kn $n rrlt&n n pns'ns sn l$stltuklo$n3n &oJ;m$im tn tlggm sl%

l$stltuklo$nt n iursle irndltlt5 eliro1l$m$kns d'n ioepm$ltn n sl6urlen3n5 d'n 3nkm$nrls't

8=



l$dl3ldn3n- Zorto1ogl l Hm$ins sn ['(lpnrlsn im pnsur ug&n duin gn$n eu$dnsl l$3nstlel $n

m$im$dnt n ;o$o3n5 p&nsnemrrs3n tn t&nrn tn l$3nsto&$n en s'uen $n into l$struen$tm- Hm$imt n

$l3nglt tn d8tn im$n $&n rrlt&n prn& +5K* irm'msumr en 3ltl$ .,+*- Bdnrsm porto1ogl l Hm$ins

Xml11nlsn$ ns'tn rnduitur en +5KK irm'msumr en 3ltl$ n imgumr-

Hm0ur $n tn d'n$mt n pu;gliumrm $6m 2l$lstrlm n <l$m$km3n 3l'nt rn sn e;m&tnslt en tn end'n$&ntn ;or?'lt tn ;rn$ds'ne &m$n ;m$imt n $l3nglt tn d8tn en /. 5 en pms 3&n$ Hm$im Xml11nlsn$ en

.,5+* 5 l$stltuklo$nt &oJ;m$imrn en +/5.* 5 l$dl3ldnt en ++5 d'n $n 1u$d rn$dltnt Hm$im

n ['(lpnrlsn en ++5A -

LL:%:?: Eh"$n3l n hor>fl n $"3fne

Hm0umr $n tn d'n$mt pmrmprmin tn pu;gliumrm $6m 2l$lstrlm n <l$m$km3n5 tn d'n$m tn klgmt

&m$n iueugmtl3n5 s'o'le sn $n struiturn$ n ;or?'lt tn &ms'tne slpms irndltorn3n5 e;m&tnslt

ir8nsor &m$n l$stltuklo$nt s'uenpmgns'n sl NLH5 OZN"5 L2<5 "NH nt& i&o 3gnrn mrrl$ $n +5AA,-.K

elglo$n N^X- Bdnrsm pnrsm l pnrint l$stltuklo$n3n d8pmgns'n5 3gnrn$ en tn emd'n n pnr;n$

;or?'l l emrrn $dm& Ltmglsn5 n en pms )&nrem$lsn- Irndltornt prl3mtn pnr;n&$n $&n 3gnrn prn&

.+5,A elglo$n N^X5 iu rrnt' *,, elglo$n N^X l pnr;n$ Nuro;o$dl- Igu;l l Zmrlslt imp $&n 3gnrn

prn& A+5/A elglo$n N^X-

Nd'n psn nentlel l Nuro;o$dlt rrlt dl3nrsl1lilel$ n n ;or?'lt pu;gli n ['(lpnrlsn5 duin (n$n

Nuro;o$d9l nentumr $n $&n eo$nd'n tn $dr8s'en $6m eo$nd'm 3n$dmsn5 d'n pnr s'g8nr&n$ n

l$tnrnslt d'n 3ntn ;or?'lt iur emturo'nt5 ns'tn l doeosdos'ne ine;lel $n eo$nd'n$ N^X75 ml

sl d'n rrlt&m n pns'ns sn ;or?'lt tn &ms'tne $n pnr6&lt'nsl5 rrlt rrn0liu$ n iurslt tn ine;lelt d'n

iosto$ n ;or?'lt $nsn Nuro 9mpo eo$nd'mt n t&nrm7 1orko'n$ iu$drn&t eo$nd'ns 3n$dmsn !GG-

88



IMZLT^GGL LLL. TNX+^N[LT [OKLMG2NIOBOELI TN HOX/,LT

LLL:': Io3o$" n hor>fl

Iosto&m n ;or?'lt ns'tn s'uem n l$tnrnslt (n pm6u'nt pnr emrr&n$ n $&n 'um&n- Bn ius'tnt

iur tn mrd'urmt $ui &m$n tn e&m1tuns'en pnr tn pnr;mggumr tnrnsl$n n s'pn$0len3n tn ir8nrm $6m

$&n s'tnt ns'tn $oremgn (n $&n p&nsn n ;urlen3n tn 1l$m$klelt tn dn1lkltlt tn 3l& $6m ;or?'l- Bn

3mrnsl tn ggo&lt tn ;or?'lt 9 tn ;rn$ds'ne mpo tn &ms'tne7 ;n'nt nd'n $dmr&m n l$tnrsm3n $n tn

;rn$ds'ne mpo tn &ms'tne-

:

>,:::

=:,:::

=>,:::

8:,:::

8>,:::

;:,:::

;>,:::

4:,:::

4>,:::

>:,:::

Lbtnrns L hrnbdsfne

Lbtnrns L `msftne

Lbtnrnsl totmg

Cla8r" 1:': Io3o$" n hor>fl7 H8rlel . EC7 Trna8n3l n hor>fl7 h8!nl#l 52e8$or

l 9ll %&'(

B6m 6rm1liu s'o'le sn 3gnrn$ en tn gmrtn tn l$tnrnslt totmg n inel $n 3ltl$ .,+*5 duin mrrltur

ins'tu $n iuotn$ n /*5** elglo$n !GG- :l'nt rn (n 6&mtn 6&lt'n int8rn 3ltn3n l$tnrnsl l

;rn$ds'ne 0n pns'n$ en tn emd'n tn l$tnrnslt totmg-

8;



LLL:%: Io3o$" n hor>fl pnr ;ryen

Hor?'l l emrrn $6m $&n s'tnt pnr tn 1l$m$kumr $&n p&nsn tn s'pn$0len3n tn tl&5 (o1s'l$ into

s'pn$0len iorrn$tn mpo impltmgn5 s'o(nro'nt en gl$d&n$ n dnt8rlelt pnr pm6lel$ n l$tnrnsm3n5 lklgl $&l'nt nd'n sl iosto n ;or?'lt-

Iosto n ;or?'lt ns'tn $dnr 1u$islo$nt en tn 1l$m$kumrm $6m ;u?'ntl5 $dm& d'n 3nen$d&m

$dm& tl& im mrd'ur $n rrlt&n tn 3m0'duns'en- B&n l$dlimtor s'uen l rn$dnsls'ne pnr tn 6&8iumr

m1tnsl$n n s'g8nr&ns sn iostos sn tl& $6m m$m n s'tntlt 'umemrrns ns'tn nd'n iosto&m n ;or?'lt pnr

1r8en- !l ggo6mrltnt sl rmport l s'uens sn l$tnrsm3n (n du'n$ s'g8nr $n $&n 3lt tn kmitumr en

popuggsl$n n po mtl& 3ltl-

Xn1nrumr tn d'n$m3n tn pu;gliur $6m Opn$ Dmtm !g;m$lm pnr1lto&en 6rm1liu$ %

8:=: 8:== 8:=8 8:=; 8:=4=;:::

=;>::

=4:::

=4>::

=>:::

=>>::

=3:::

=3>::

=1:::

iostot horxflt pnr cryen

ostot hor!flt "nr #r$en

Cla8r" 1:%: Io3o$" n hor>fl pnr ;ryen: H8rlel . EC7 Znrp8#lel . ODM

Tn d'n$mt pnr iosto$ n ;or?'lt pnr 3ltnt .,+,J.,+. l rn1nro'n$ rmportlen3n 1mitlin $n

Trn6unslt 1lsimg slpms ;u?'ntlt tn io$sogldumr# tn pu;gliumr $6m 2l$lstrlm n <l$m$mkm3n 5 $dnrsm

tn d'n$mt pnr 3ltl$ .,+* d'n .,+/ l rn1nro'n$ pnrimtnsls't Hu?'ntlt tn Xls'liumr d'n Hu?'ntlt

<lggnstmr-

84



Znr trn 3ltnt n pmrm tn m$mgl0ns5 .,+,J.,+.5 3l'nt rn sn iosto&m n ;or?'lt pnr 1r8en im pnsumr

gu'mt&n tn 3o6gm5 $6m +/ /A/ gnin $n 3ltl$ .,+,5 $n +/ * gnin mpo +5K en s'uen $n 3ltl$

.,+.- :ltl .,+* s'n$o$ $&n it'nsn tn rn$dnsls'en pnr intn trn6uns5 duin u rrltur en + *** gnin

irm'msumr en 3ltl$ .,+.5 mpo +K ,+ gnin pnr kdo s'(lptmr rn0ldn$t-

Bn 3ltl$ .,+/5 i&o 3gnrn prltnt tn rrltnt mioem en s'uen5 pnr tn mrrltur $n +K K/ gnin pnr1r8en- [lpms int8rn ggo6mrlt&n3n5 $&n 1melg&n ensmtmrn en imtnr pnrso$m du'nt tn io$trl;uo&n# en

KK , gnin $n 3lt $n Hu?'ntl$ n ['tntlt pnr tn s'g8nr l$tnrnsmt n ;or?'lt tn emrrn- 2n6&lt'mtn5

rrlt&m n iostos sn ;or?'lt $n 3ltl$ .,+/ ns'tn en n 3o6ng snsm $n .,+*Jn$- Bn .,+* iosto n ;or?'lt

pnr 1r8en u rrlt en A5, irm'msumr en 3ltl$ .,+.5 $dnrio'n (n pnr 3ltl$ .,+/5 rrlt&m prltnt tn

&ntn en *5 -

Du'nt t'nisumr sn rrlt&m n l$dlimtorlt $6m 3ltl $n 3lt ns'tn s'imitumr $6m rrlt&m n s'uens sn

l$tnrsm3n (n pnr;mggo'n$ $6m Hu?'ntl d'n $&n p&nsn 1mrn n 3o6ng s'p&n6o'nt $6m tiurr&m n

popuggslsn sn rmportumr $6m LB[T!T- )rm1liu $n 3l&le n ;n$ intn gld'&n en tn (mrtn%

8::< 8:=: 8:== 8:=8 8:=; 8:=4 8:=>

8

:

8

4

3

6

=:

% n rrlt`ns sn lbtnrnsm&n

% n rrlt`ns sn "o"'ggslsn

% n rrlt`ns sn ostos sn

hor!flt "nr #r$en

Cla8r" 1:1: Xrl$" n =o3o3 3n hor>fl7 l#nrn3"9n <fn pop8!!3l3n %&'&2%&'(: H8rlel .EC <fn LB[TMT: Znrp8#lel. Opn# D"" M!h"#l"

8>



LLL:1: [l #<l=o# hor>fl p8h!l= n a$lf3n0l!l prn$ #n3f

Bl3ngl l ;or?'lt pu;gli im (n$n $&n tnen n rn$dnsls'en pnr pognelin$ n pogltlins sn

;rn$ds'en tn ['(lpnrlsn- 2n smsl$n n stleuglt 1lsimg (n ns'tn 'nd'ur $r nio$oel$n s'(lptmrn6&mtn 3ltn3n 3ltn3n tn imgumrm5 ns'tn n gn'tn tn iupto'nt pnrsn s'uen $&nrn0 im$n 1lggumr t#l

ius'to&$n rn$dnsl insm& kns't&n&n- <mtin(nsls't en$8rm snsl $l3ngl L ;or?'lt L pnrklggnt pu;gliut tn

6&nrn ns'tn 6mtl n pm$&o'ur- ['o(nrumr i8 pro;gne en 1mitl$ sn s'uelkm n $&nrn03n $ui n

iupto&$n sn sl $l3ngl L ;or?'lt ioe;ntmr $dlio$ $n &ntn$ n t8rn tn pnrdlts'en5 $m &np eu$dnsl$n

pnr $&n dlsiutle tn s'iurtnr-

LLL:1:' D"!!lel el<l3 <n;l0ll h8>fnor <fn hor>fl p8h!l=

Znrpmrm sn tn pnrkmito&en sn sl ;or?'l ioe;ntmr prni $&n $&nrl d'n $&n ioe;5 1lgglels'tns'tn n rn$dnsls'en tn iupto&en $dr8s'lel$ eldls dn1lkltlt ;u?'ntor 3&ntor tn (n3nrlsn d'n

;or?'lt ioe;ntmr tn $&n 3n$dl- N t'n$n t'&ns't5 (n3nrlm 6&n$nro$ $&n dn1lklt ;u?'ntor mtn'nrn iur

s'pn$0o$ en s'uen pmrm snsm enrr sl tn mrd'urm tn tlggm sl tmismt- Bn intn en$8rn 5 Hm$im

]n$drorn du'nt tn nento&n eo$nd'm5 imrteo$nd'm d'n ;o$o t'nsmrl pnr tn ioepn$sumr

dl1nrn$kn$- Duin nentumr imrteo$nd'm d'n gntrm en 3gnrn (n3nrlm pnr1lto$ pmrmtn (n L du'n$ pnr

tn sl6urumr s'nr;lent (n3nrltmrn- Hor?'l ioe;ntmr ns'tn t'&ns't s'uem $nto n dn1lkltlt ;u?'ntor

3&ntor tn (n3nrlsn-

LLL:1:% S!nrn3lel l hor>fl p8h!l=

Duin (n$n sn ;or?'l gum$ $&n rog l$tn6rmg $n pro6rnsl$ nio$oeli5 ml du'nt tn emtnt $n

en$8rn$ n du'ur d'n tn pnrk&nggn lepmitnt m1mtn6&mtm (n ml pmrm(nt- <mtin(nsls't 3gnrnslel L

;or?'lt ioe;ntmr tn$ &n 3n$dl $n gld'&n en produitl$ n ;rn$ds'ne ;ruto tn$ &n 3n$dl 9)DZ7 $ui

ns'tn (ms&m en n elrn- Em trn mrs8nt psn ;or?'l $ui du'nt tn 3gnrnsumr $n intn en$8rn%

)DZ ns'tn s'uen ioepgnisn pnr tn ;nrn $&n irm'msle gld'ur en $&n $l3ng tn

prm$uns'ne tn ;or?'lt ioe;ntmr )DZ ns'tn n 3ns'tlrn pnr tu emtur $n en$8rn tn smitn

Hor?'l ioe;ntmr $ui pm6u'nt en )DZ5 por en tn mrd'urmt $6m tm?mt

LLL:1:1: [l #<l=o# n a$lf3n0l!l prn$ #n3f hor>fl =oehn"r

83



Duin (n$n sn ;or?'l ioe;ntmr sn 1u$del ns'tn rrltur en tnpnr sn popuggslm5 ns'tn n drn&tn

tn en$do&en sn sl rrlt&m n ;or?'lt prni l$dl3ldnt- Bdnrio'n (n i&o eu$d tn eos &ntn s'uen n

duis'en5 $l3ngl L ;or?'lt ioe;ntmr prni dlrnkt $&nrn0lt $n tn pmitn$ en$8rm%

[n pmrl5 duin (n$n sn ;or?'l pnr 1r8en rrltnt5 rrltn$ 6&msmt (n (n3nrlm tn es pm6um&n dnt8rlent

n s'nr;len3n tn ;or?'lt5 rr&nd'lels't Hm$im ]n$drorn du'nt tn rrlsn nlgdJl$ pnr gntrmt en 3gnrntn smpo nentumrm $n en$8rn (n tn tnr'n( l$3nstltor tn rl$&- I&o do tn rnduito&n smsl$n n tn

mrd'urm3n $6m tmismt tn dlspo$uns'en pnr tu pnrdorur pnr s'nr;len tn t&nrm tn (n3nrlsn5 snpsn en

s'uen tn mrd'urm $6m tmismt du'n$ pm6umr sl l$trnsm pnr ;or?'l$ pu;gli- I&o rrlt&n ns'pn$0len3n

do tn ;n&n (n $&nrn0lt tn in$n $&n stm$dmrd tn ugnt &ntnsn5 sl d'n 'umemrr&m pnr pro&nitn tn rrlt&ns

nio$oelin do tn &ntn en n 3ns'tlrn-

[n dytl5 en rrlt&n$ n l$tnrnst tn gntrm3n en 3gnrn5 iorpormtmt do tn s'l'n$ sl en rlsiumrm5

6&lt'ms'tu do tn inel $&n $n3o&n $n rrlt&n pnr nlgd $n ;o$ot n smpo nentumrm- B6m m$m t&ntnr i&o

do tn inrio&n (n iorpormtmt tn rrlsl$ kelel$ n produitn3n d'n s'nr;len3n $n en$8rn (n tn

ioepn$so&$n rrlt&n$ n iostos sn dnt8rlelt tn s'nr;lelt tn ;or?'lt- Zrm5 i&o do tn ;n&n (n $&nrn0lt tn pm6um&$n en s'uen pnr tn elrmt d'n s'nr;lent5 duin 6&n$nrumr l$1gmklo$-

[n trntl5 $dnrio'n (n nlgdJL L o1rumr pnr gntrmt en 3gnrn rrltnt5 iosto&m n 'umemrr&ns pnr tn

;gnrn $&n s'tnpl rrltnt snpsn iosto&m n pmrmsn $n trn6&nt n d'n$lns sn 'lpotnim3n ns'tn n gld'ur $n

en$8rn dlrnitn en $oren$ n l$tnrnst tn pnrlud'ns m1mts'iurtnr tn 3n$dosur $6m Hm$im ]n$drorn-

B&n rrlt&n n $orem3n tn l$tnrnslt do tn ugn kelent n s'tnpl3n snpsn ;gnrnslt potn$klmg tn s'tnpl3nn

$ui do tn eu$d tn emrrl$ $&n 'um 'lpotniorn duin (n$n sn mtm do tn pm6um&$n en s'uen $6m

pmrmtn n t8rn pnr tn e;ugumr s'pn$0lent n l$tnrnslt pnr 'um$n (n mtm eorn$- Xn0utmtl ns'tn $&n

prnslo$ rn$ns $n 3gnrn$ n s'tnpl3n (n do tn t'otn $&n rnduitle L tn mrd'urm3n $nto tn tn 6&lt'n

pro$mrn3n tn s'tnpl3n-

[n imtnrtl5 duin (n$n sn nlgdJL pnr gntrmt en 3gnrn tms'en io$sldnro'nt sl $&n $oren it'lel

pm rlsi d'n duin (n$n sn nlgd pnr into gntrm rrltnt5 l$3nstlent en rlsi tn tlggm sl ;or?'l L

iorpormtm3n d'n l$3nstlent $n mislo$n $ui do tn &n$n en mtrmitl3n- I8 1n$oen$ ns'tn $&n rn0ugtmt

dlrnit L 1mitltl sn do tn &ntn en n 3ns'tlrn pnr iorpormtmt (n tn 6&n$nro&$n e&m1tuns'ne tn mrd'urm

pmrm tmism3n pnr tn o1rumr $&n prle en rlsi e&m1t tn gmrtn $n ;o$ot d'n stoiu$ n dl3ldn$tn3n5 (n

tn &ustl1lio&$n l$3nstlent $n ioepm$ltn n t8rn- Dlgnel ns'tn $&o'ur sl n1nitl "roMdl$6 out5 d'n

tn$to$ tn l$iurm&o&n rrlt&n$ $n emd'nsl$n n (n3nrlsn d'n rnduitlel$ n 3m0'duns'ne $n emd'nsl$n

n snitorlt prl3mt-

[n pnstl5 d'n $dos'tm en rn$dnsls'e&m5 $dnrio'n (n rlsiu (n $&n 3n$d tn dns'to&n $n pm6lel$

n dnt8rlen3n tn s'nr;lelt tn tn ;or?'lt5 rrltnt5 3n$dl 'ue;nt 1u(l$n n tl& soklmgn5 nio$oelin d'n

pogltlin- I&o $6m m$m t&ntnr n ;n$ $l3ngl$ n ;or?'lt ioe;ntmr $&n $&n kns't&n sl6urln ioe;ntmrn-

Bl3ngl L ;or?'lt ioe;ntmr ns'tn $&n $6m kns't&nt en tn rn$dnsls'en tn pogltlim3n pu;glin- Iur

;or?'l pnrdornt $n en$8rn$ n du'ur 5 ml eu$d tn s'nr;n&n pnr tn l$iurm&umr 0'3lgglel$ n $&n

81



rrlt&n&n m1mtn 6&mtn d'n tn prospnrltntlt $n 3n$d- )&lt'snsl ;or?'l ioe;ntmr du'nt tn pnrkmito'nt en

en$8rn$ n du'ur5 tn tlggn sl smslm n s'pn$0len3n tn l$tnrnslt pm6umr s'pn$0len3n tn t&nrm

(n3nrltmrn osn duin irm'msumr $l3ngnt n ;or?'lt pnr 1r8en-

Io#=!84lo#n <fn Xn=oe"#<len:

Zms rn$lns sn ioeu$l0elt5 3n$dl 8$n u imrmitnrl0um $6m $&n ;or?' pu;gli l gmrtn sl pmso&n n

$n3o&ns pnr tn rlstruiturumr nio$oel$n- Hurlent ir8nsorn tn 1l$m$klelt tn rlenine;&ns sn

nio$oelsn ls'l$5 ir8nsls't $npnre&nt prl3mtl0l0en3n tn $dnremrr&n3n s'tntnrorn d'n ;or?'lt

pu;gli-

!rs8nt psn inel intn $l3ng ;or?'l5 l klgl rn0ugto$ $dnr en tn gmrtnt $n Hmggim$ n en 6&nrn5 &m$n

['(lpnrlm sl $&n 3n$d $n 0'3lggle5 im $n3o&n pnr l$3nstlen tn s'uetm $n 1us'm tn $dr8s'en5 sl

l$1rmstruiturn5 tni$ogo6&l5 impltmg $&nrn0or nt&5 d'n into l$3nstlen $ui eu$d tn ir8'n$ 3ntne en

tn mrd'urmt (n sl6uro$ (n3nrlm $6m tmismt d'n tmtlent por inrio'n$ 1o$dn tn t&nrm s'tnsn5 nd'n psn

im $&n iosto pnr ;rn0m en rmd'n: )&lt'ms'tu eu$d tn t'nel sn5 smdo n1nitl3n tn &ntn pogltlim n

e;gnd'&ns sn tmism3n5 pnrsnrl do tn &ntn n $n3o&s'en 'umemrr&m $6m l$stltuklo$n tn $dr8s'en-

Bn (o1tn sn 3nen rn5 $6m tn d'n$mt n pmrm(lturm5 s'o'le sn $l3ngl$ en tn gmrtn tn ;or?'lt n

inel pmtur $n 3ltl$ .,+*5 s'l1nr n klgm $6m l$sltuklo$nt $dnrioe;ntmrn sl L2< mpo H5 pmrm(ltnt

nd'n en n gmrtn rrnt' ,5 n )DZJsn- Intn eu$d tm gld'le en 1mitl$ sn .,+* im (n$n $&n 3lt

ngnitormg d'n ns'tn en$dumr sl n $n3o&s'en rnmgl0lel l s'uen l$3nstlen3n-

B&n mrs8n t&ntnr n rn$dnsls'en ns'tn nd'n irl0m nio$oelin5 (n prniu pot'um&sn tn 6&lt'n

nio$oel$n ;otnrorn5 duin gn$n pmso&m nd'n $n nio$oel$n s'(lptmrn- B&n trn6uns l tlggn ns'tn ug&mn rneltm$km3n d'n rrlt&m n l$tnrnsm3n tn ;or?'lt-

B&n t&ntnr ngnen$t (n du'nt pnren$dur ns'tn nd'n pogltlim n tmisns sn s'ns'tn $n 3gnrn$ n +,

5 n klgm ;n$ (n (n3nrlm tn eos e;gnd' s'uen tn mrd'urm5 duin n io$sldnrumr sl $&n pogltlin &o

n1lkln$tn d'n (n ko$ $n t'ngglel$ n ;or?'lt pu;gli-

B&n en$8rn pnr tn rnduitumr ;or?'l$ pu;gli ns'tn $d&ni&m n $&n pogltlin 06&nrunsn pnrsm l

pnrint tmism3n d'n tmtlen3n- B&n rrlt&n $n tn mrd'urmt (n enrr s'tntl5 3nrtntn (n eu$d tn ugn

io$suel$ por ns'tn nd'n m$tll$1mklo$lstn snpsn $n intn en$8rn $ui rrltnt $l3ngl l kelen3n

Gl$d nd'n $n3o&m pnr $&n eodng tn rl nio$oeli duin u e;ns'tntur tn ;urlen potn$klmgn sl%

nio$oelm n $&o'url3n5 prn0m$tlel l $&n tni$ogo6&ln tn rn $n tn 6&lt'n snitornt n nio$oelsn sl d'n

pogltlim tn orln$tumrm drn&t prod'lelt5 l$dustrlsn5 m6roiugturns5 n$nr6&ltlins d'n turl0elt-

86



B&n eu$dnsl t&ntnr ns'tn rnduitlel l nio$oelsn l$1oremgn5 $n en$8rn (n tn rrltnt n1lkn$km n

pogltlim3n eo$ntmrn d'n 1lsimgn tn $dnremrrm $6m (n3nrlm-

Dlsm nispnrt su6&nro&$n tnorl$n pogltlkmg dnmdgoki#5 n klgm e;ns'tntnt $n 1mitl$ sn pnr tnrnduitumr ;or?'l$ pu;gli du'nt tn rrlsle tmtlent tmismt d'n tn ugle s'pn$0lent5 $n intn en$8rn

do tn inel d'n $&n dn1lklt ;u?'ntor en tn ugnt-

8<



XNCNXNBKMT.

+- 2l$lstrlm n <l$m$km3n5 Trn6unslt n ;or?'lt5 ;ugntl$l KJeu&or l 3ltlt .,+/

.- Opn$ Dmtm !g;m$lm5 Iosto&m n ;or?'lt pnr 1r8en5 pu;glile l &m$mr .,+/

*- Nio$oelm n Znr6&lt's'en5 ;otle l 3ltl .,+.5 1m(&m *//- Xmportl l Hm$ins Hotnrorn5 pu;gliumr $n prlgg .,+/

- Dnigmrmtm n <o$dlt 2o$ntmr Bdnrioe;ntmr pnr miordlel$ n 'umsn prn& **, elglo$n N^X

K- [tm$dmrd Zoor#s

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