RFLyá ]DZáDGQá FDá\P *\FLHP PDWHULDOQ\P D ZL F
RF]\ZLFLHLGXFKRZ\P]UyVáVL ]LVWQLHQLHPOXGXD* NRFLHOQ\VSRVyEP\OHQLD
SU]HV]HGáZUHV]FLH]ELHJLHPVWXOHFLZSHZLHQURG]DMLQVW\QNWXNWyUHJRVáXFKDáR
VL OHSRMDNSUDZDQDWXU\DSU]HFLZVWDZLDQLHPX VL XFKRG]LáR]DU]HF]QDWXU]H
VDPHM SU]HFLZQ ² ZV]\VWNLH SU]HMDZ\ *\FLD SDVWZRZHJR VSRáHF]QHJR L
URG]LQQHJRSU]\EUDá\SU]H]NRFLyáXVWDORQHNV]WDáW\7HIRUP\NRFLHOQHMP\OLL
G]LDáDQLD NRFLHOQHJR XWU]\P\ZDá\ VL SU]\ *\FLX QDZHW R ZLHOH GáX*HM QL*
SU]\F]\Q\PDWHULDOQHNWyUHMHZ\ZRáDá\
3RW JDNRFLRáDUHGQLRZLHF]QHJRUR]ZLQ áDVL ]QDWXU\U]HF]\QDMZF]HQLHMZ
W\FKNUDMDFKNWyUHQDOH*Dá\QLHJG\ GRSDVWZDU]\PVNLHJRDZL FZH:áRV]HFK
)UDQFML +LV]SDQLL $QJOLL Sy(QLHM Z 1LHPF]HFK QDMSy(QLHM QD SyáQRF\ L ZH
ZVFKRGQLHMF] FLHXURSHMVNLHJRZLDWD]DFKRGQLHJR
7H]SOHPLRQJHUPDVNLFKNWyUHSRGF]DVZ GUyZNLOXGyZSUyERZDá\]DNáDGDü
SDVWZDVZRMHQDJUX]DFKLPSHULXPU]\PVNLHJRSU]HFLZVWDZLDMFVL NRFLRáRZL
U]\PVNLHPX FR Z\UD*DáR VL Z W\P *H SU]\áF]\á\ VL RQH GR ZURJLHM
NDWROLF\]PRZLVHNW\DULDQyZ ² WHSOHPLRQDEG( WRZ\JLQ á\MDN2VWURJRFLOXE
:DQ
$ULDQLH²VHNWDFKU]HFLMDVND]DáR*RQDZ,9ZLHNXSU]H]GXFKRZQHJRDOHNVDQGU\MVNLHJR$ULXV]DQLHX]QDZDáD
ERVNRFL&KU\VWXVDLGRJPDWXR7UyMF\ZL WHM² 5HG
GDORZLH EG( XUDWRZDá\ VL RG JUR*FHM LP ]DJáDG\ W\ONR SU]H] SRGGDQLH VL
NRFLRáRZLU]\PVNLHPXLSU]HMFLHQDNDWROLF\]P
3U]HZRG]Lü]D ZLDWX]DFKRGQLHPXSU]\SDGáRZXG]LDOHWHPXSOHPLHQLXNWyUH
RGVDPHJRSRF]WNX]DáR*\áRSDVWZRVZRMHZSU]\PLHU]X]NRFLRáHP5]\PLDQ
DZL FSOHPLHQLX)UDQNyZ.UyO)UDQNyZZVRMXV]X]JáRZ NRFLRáDU]\PVNLHJR
SRáR*\á SRGZDOLQ\ SRG ]MHGQRF]HQLH FKU]HFLMDVWZD ]DFKRGQLHJR Z MHGQR
SRZV]HFKQHFLDáRRGZyFKJáRZDFK ZLHFNLHMLGXFKRZQHM² SRG]MHGQRF]HQLH
E GFH SDOFR SLOQ\P QDND]HP FKZLOL MHOL VL FKFLDáR GDü VNXWHF]Q\ RGSyU
QDFLVNDMFHPX ]HZV]G QLHSU]\MDFLHORZL $OH DQL NUyORP )UDQNyZ DQL LFK
QDVW SFRP ] SOHPLHQLD 6DVyZ QLH XGDáR VL ]MHGQRF]HQLD WHJR GRNRQDüQD VWDáH
3DSLH*H U]\PVF\ SU]HSURZDG]LOL WR FR E\áR GDUHPQ\P XVLáRZDQLHP U]\PVNLFK
FHVDU]\QDURGXQLHPLHFNLHJR² ]HVSROHQLH FKU]HFLMDVNLHJRZLDWD SRGMHGQ\P
PRQDUFK)DGHQNUyOIHXGDOQ\]WHJRF]\LQQHJRSOHPLHQLDSRFKRG]F\QLHGRUyVá
GR]DGDQLDNWyUHPXSRGRáDü]GROQDE\áDW\ONRRUJDQL]DFMDSRW *QLHMV]DRGZáDG]\
NUyOHZVNLHMVFHQWUDOL]RZDQ\NRFLyá
32'67$:<327 *,3$3,(67:$
%LVNXSU]\PVNL]RVWDáJáRZ NRFLRáD]DFKRGQLHJRMX* SU]HGZ GUyZN OXGyZ
E\á RQ VSDGNRELHUF FHVDU]yZ U]\PVNLFK MDNR SU]HGVWDZLFLHO WHJR PLDVWD NWyUH
ZFL*MHV]F]HE\áRIDNW\F]Q VWROLF SDVWZD]DFKRGQLHJRFKRüMX* SU]HVWDáRE\ü
VLHG]LE FH]DUyZ
:UD] ] SDVWZHP U]\PVNLP XSDGáD QD F]DV SHZLHQ L SRW JD U]\PVNLHJR
SDSLH*DDRUJDQL]DFMHNRFLHOQH Uy*Q\FKSDVWZJHUPDVNLFKSU]HMFLRZRVL RG
QLHMXQLH]DOH*QLá\$OHSDSLH*HRG]\VNDOLU\FKáRGDZQHVZHVWDQRZLVNRLQDZHWMH
Z]PRFQLOL-DNNROZLHNJá ERNR:áRFK\E\á\SRGyZF]DVXSDGá\SR]RVWDZDá\
2VWURJRFLL:DQGDORZLH² SOHPLRQDJHUPDVNLHNWyUHZF]DVLHZLHONLHMZ GUyZNLOXGyZSLHUZV]HZLHNLHU\
FKU]HFLMDVNLHMRGHJUDá\Z(XURSLHSRZD*Q URO :UNUyO:DQGDOyZ*HQ]HU\NVSOGURZDá5]\PSU]\
F]\P]EXU]RQRZLHOHSRPQLNyZ6WGVáRZRZDQGDOL]PVWDáRVL V\QRQLPHPEDUEDU]\VWZD² 5HG
ZFL* MHV]F]H QDMNXOWXUDOQLHMV]\P NUDMHP Z (XURSLH ]DFKRGQLHM5ROQLFWZRVWDáR
WDPZ\*HMQL* ZLQQ\FKNUDMDFKDU]HPLRVáDQLHFDáNLHP]DPDUá\E\áRWH* MHV]F]H
ZH:áRV]HFK*\FLHPLHMVNLHLKDQGHO-DNNROZLHNPL]HUQ\]H:VFKRGHP6NDUE\
DOH L VSRVyE Z\WZyUF]RFL :áRFK PDU]\á\ VL SyáEDUEDU]\FRP ] WDPWHM VWURQ\
$OS7HNUDMHQDSRá\ MHV]F]HEDUEDU]\VNLHERJDFLá\VL LRVLJDá\ W\P ZL NV]\
GRVWDWHNLPFLOHMáF]\á\VL ]:áRFKDPL6Lá\QDMEDUG]LHMZW\PUR]ZRMXVSUDZ
]DLQWHUHVRZDQH ² ER LP QD GREUH Z\FKRG]LáR NUyOHVWZRL NRFLyá Z ND*G\P ]
NUDMyZ FKU]HFLMDVNLFK QD =DFKRG]LH ² PXVLDá\ PR*OLZLH JRUFR SRSLHUDü W
áF]QRü]:áRFKDPL$OHRURGNLHP:áRFKE\á5]\P,PEDUG]LHMNUDMH=DFKRGX
X]DOH*QLDá\VL RG:áRFKSRGZ]JO GHPJRVSRGDUF]\PW\PEDUG]LHMNUyORZLHLFK
LELVNXSLSRSDGDOLZ]DOH*QRüRG5]\PXLW\PEDUG]LHMRURGHN:áRFKVWDZDáVL
SXQNWHPFHQWUDOQ\PFDáHJRFKU]HFLMDVWZD]DFKRGQLHJR
(NRQRPLF]QD ]DOH*QRü RG :áRFK RUD] ZSá\Z 5]\PX QD :áRFK\ R LOH WH
:áRFK\ZRJyOHOH*Dá\Z]DVL JXNDWROLF\]PXQLH]D NRFLRáDJUHFNLHJRLLVODPX
QLJG\MHGQDN*HQLHE\á\D* WDNSU]HPR*QHE\PRJá\Z\WáXPDF]\üWR*HSDSLHVWZR
GRV]áR ZyZF]DV GR WDN QLH]PLHUQHM SRW JL 7áXPDF] RQH W\ONR WR GODF]HJR
NLHURZQLFWZRLSU]HZRGQLFWZRZFKU]HFLMDVWZLHSU]HV]áRGRUNSDSLH*\/HF]Z
ZDOFH SU]HZRGQLFWZR VWDMH VL UR]ND]RGDZVWZHP GRUDGFD SU]HG ELWZ VWDMH VL
G\NWDWRUHP Z F]DVLH ELWZ\ *G\ UR]JRU]Dá\ ZDONL JUR(QH GOD FDáHJR ZLDWD
FKU]HFLMDVNLHJRSDSLHVWZRMDNRMHG\Q\F]\QQLNX]QDZDQ\]DSU]HZRGQLNDSU]H]
ZV]\VWNLHFKU]HFLMDVNLHQDURG\PXVLDáR REMüNLHURZQLFWZRLRUJDQL]DFM RSRUX
DLPGáX*HMZDONLWUZDá\LLPVL VWDZDá\JZDáWRZQLHMV]HW\PEDUG]LHMSU]HZRGQLN
PXVLDáVL ]PLHQLDüZQLHRJUDQLF]RQHJRSDQDW\PEDUG]LHMPXVLDá\PXVáX*\üVLá\
Z\VWDZLRQHSU]HFLZNRZVSyOQHPXZURJRZL
$WDNLHZDONLSU]\V]á\8SDGHNSDVWZDU]\PVNLHJRZSUDZLáZUXFKQLHW\ONR
*HUPDQyZDOHLZV]\VWNLHOLF]QHQDSR]yUQLHGRZ\F]HUSDQLDE GFHSOHPLRQD
EDUEDU]\FyZ SyáRVLDGá\FK DOER NRF]RZQLF]\FK NWyUH VVLDGRZDá\ ] SDVWZHP