International Law & Economic Crisis - Clearing CDS - A Case Study -Winter 2010

8/9/2019 International Law & Economic Crisis - Clearing CDS - A Case Study -Winter 2010

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LDV]DD 3: MFO% K% OEP'L L% >=?

Mazyxogfp &m/ 8:3: Pfd Teo~dx}opy an Mfomcga

Mfomcga Katxecl an Oepdxecpoaecl Lcw

Woepdx, 8:3:

3: Mfo% K% Oep'l L% >=?

LDEGPF; 8:=?7 wax`}

CXPOMLD; ]_BZA]OTB; OEPDXECPOAECL LCW CE@ PFD DMAEABOM MXO]O]; Mldcxoeg Mxdòp @dnctlp]wcz}; C Mc}d ]pt`y oe Glahcl Ldgcl Mae~dxgdemd

ECBD; Cetzcb Mfce`dx + ce` Xce`cll Ma}pc ++

HOA;

+ Zxand}}ax an Lcw, Teo~dx}opy an Mclonaxeoc, @c~o}9 CH, Fcx~cx` Malldgd9 K@, _cld Lcw ]mfaal%

++ Bcecgoeg @oxdmpax, Mopc`dl Oe~d}pbdep Gxatz, LLM &(Mopc`dl(/9 HC, _cld Malldgd9 BC, _cld Teo~dx}opy,

K@, _cld Lcw ]mfaal% Pfo} ctpfax wc} oe~al~d` oe Mopc`dl'} dnnaxp} oe }tzzaxp an mdepxcl matepdxzcxp mldcxoeg nax

M@]9 fawd~dx, pfd ~odw} dvzxd}}d` fdxdoe cxd pfa}d an pfd ctpfax} aely ce` cxd eap oepde`d` pa xdzxd}dep pfd

~odw} an Mopc`dl% Pfd ctpfax} pfcei @atglc} Cxedx, Kcmi Cydx ce` zcxpomozcep} oe pfd Teo~dx}opy an pfd Zcmonom,

BmGdaxgd ]mfaal an Lcw noecemocl mxo}o} maendxdemd axgceo{d` hy Nxcei Gd~txp{, nax oe}ogfpntl mabbdep},

Eaxc Fcyd}"Xapf ce` Ed` Eg nax fdlzntl xd}dcxmf c}}o}pcemd, ce` Bcppfdw Lcwxdemd nax fo} xd}dcxmf ce`

mabbdep}%

]TBBCX_;

%%% Pfd zxapdmpoae htydx bcid} zdxoaòm zcybdep} pa pfd zxapdmpoae }dlldx oe dvmfcegd nax pfd zxapdmpoae }dlldx'} zxabo}d

pa bcid pfd htydx wfald ae ce cgxdd`, ax (eapoaecl,( cbatep an pfd xdndxdemd depopy'} `dhp oe pfd d~dep an c }zdmonod`

mxdòp d~dep }tmf c} c hceixtzpmy, ncoltxd pa zcy, ax `dhp xd}pxtmptxoeg hy pfd xdndxdemd depopy% %%% ^cxocpoae bcxgoe pft}

cllaw} pfd zcxpod} pa cmmatep nax pfd ncmp pfcp pfd bcxidp ~cltd an c M@] maepxcmp, loid pfcp an mxdòp xo}i obzlod` oe pfd

bcxidp ~cltd an c hae`, mfcegd} d~dxy `cy `dzdeòeg ae pfd bcxidp'} c}}d}}bdep an zxahcholopy an `dnctlp ce` c xcegd

an apfdx ncmpax}% %%% Nox}p, hdmct}d Ldfbce'} za}opoae} wdxd mdepxclly mldcxd`, Ldfbce'} axogoecl pxce}cmpoae

matepdxzcxpod}, }tmf c}, nax dvcbzld, apfdx `dcldx} oe `dcldx"pa"`dcldx pxc`d}, wdxd ea laegdx op} matepdxzcxpod} cp pfd

pobd an `dnctlp""pfdy cll ncmd` pfd MMZ, }tzzaxpd` hy pfd MMZ'} bcxgoe xdgobd ce` ntxpfdx co`d`, oe pfd d~dep pfcp

bcxgoe ndll }faxp, hy pfd MMZ'} btptclo{cpoae nte`}% %%% ]dmae`, Ldfbce'} mt}pabdx} wdxd o}alcpd` nxab Ldfbce'}oe}al~demy""pfdox za}opoae} ce` bcxgoe wdxd zaxpchld ce` pfdox bcxgoe wc} eap mabboegld` wopf Ldfbce'} waxioeg

mczopcl htp obbdòcpdly c~colchld pa maepoetd pa hd fdl` oe xd}dx~d cgcoe}p dcmf mt}pabdx'} pxce}cmpoae}% %%% C} mae}de}t}

fc} gxawe xdgcxòeg pfd}d hdednop}, oemltòeg, d}zdmoclly, pfd ò}zde}cpoae an pfd edd` nax c ga~dxebdepcl hcmi}paz pa

ch}axh `dnctlp la}}d}, xdgtlcpax} fc~d mabd pa xdgcx` MMZ} c} mxopomcl pa pfd ntptxd }pcholopy an pfd `dxo~cpo~d} bcxidp}%

%%% Pfd za}}oholopy an c xozzld dnndmp nxab Hdcx ]pdcxe}' ncoltxd zxabzpd` pfd nd`dxcl xd}mtd;

Aed an pfd xdc}ae} wfy pfd xo}i an Hdcx ]pdcxe} obzlaòeg }mcxd` bcxidp zcxpomozcep} ce` xdgtlcpax} }a

btmf wc} pfcp op watl` fc~d ld` pa fte`xd`} an pfat}ce`} an M@] `dnctlpoeg""hapf pfa}d pfcp fc` Hdcx

Zcgd 3


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c} c xdndxdemd mxdòp ce` maepxcmp} oe wfomf op wc} c matepdxzcxp% %%% Pfd naxmd an dvcbzld `xa~d c }dcxmf

nax c edw xdgtlcpaxy xdgobd; wopf pfd c`~dep an pfd mxdòp mxo}o}, pfd zxoemozcl clpdxecpo~d ba`dl pa MMZ

mldcxoeg""nc~axoeg `dxdgtlcpoae hdmct}d an zxd}tbd` bcxidp }azfo}pomcpoae""wc} eaw }dde c} c ncoltxd,

oec`dstcpd pa pfd pc}i an c}}txoeg wdll"mczopclo{d` M@] matepdxzcxpod} wopf c`dstcpd xo}i bcecgdbdep%

PDVP;

Oe pfd wcid an pfd glahcl noecemocl mxo}o}, Cbdxomce ce` Dtxazdce xdgtlcpax} stomily mae~dxgd` ae c xdnaxb oepde`d` pa

fdlz }pc~d ann }obolcx mxo}d} oe pfd ntptxd; mdepxcl matepdxzcxp mldcxoegfat}d} nax mxdòp `dnctlp }wcz}% Ae hapf }o`d} an

pfd Cplcepom, xdgtlcpax} o`deponod` mxdòp `dnctlp }wcz} &M@]/ c} c mdepxcl ncmpax oe pfd mxo}o} pfcp }do{d` Hdcx ]pdcxe},

Ldfbce Hxapfdx}, Cbdxomce Oepdxecpoaecl Gxatz &COG/, ce` tlpobcpdly pfd waxl`% e3 Xdgtlcpax} stomily cgxdd` pfcp

obzxa~oeg pfd maeòpoae} te`dx wfomf M@] cxd pxc`d`, }zdmonomclly, pfd c`òpoae an c mdepxcl matepdxzcxp oe mldcxoeg,

watl` zxa~d c idy xdnaxb pa pfd glahcl noecemocl cxmfopdmptxd% Oepxa`tmoeg c wdll"mczopclo{d` mdepxcl matepdxzcxp hdpwdde

M@] htydx} ce` }dlldx} watl`, xdgtlcpax} mcbd pa hdlod~d, fdlz maepcoe noecemocl ncoltxd} oe pfd ntptxd%

Faw ce` wfy ò` pfo} mae~dxgdemd ammtx1 Pfo} Cxpomld xd~odw} pfd Cbdxomce ce` Dtxazdce xd}zae}d}, maemltòeg

pfcp pfdy mae~dxgd` ae c }obolcx mldcxoeg }pxtmptxd lcxgdly hdmct}d an op} mabzdlloeg lagom% Pfd noecemocl mxo}o} xd~dcld`

pfd ~tledxcholopod} an c }y}pdb oe wfomf htydx} ce` }dlldx} depdxd` oepa M@] òxdmply, pfxatgf holcpdxcl maepxcmp}% Pfd}d

holcpdxcl `dxo~cpo~d} maepxcmp} mxdcpd` c wdh an oepdxmaeedmpd` ahlogcpoae}, }tmf pfcp pfd ncoltxd an aed noxb matl` hxoegàwe c mfcoe an apfdx}% Pfd pfxdcp an pfo} àboea dnndmp ld` ga~dxebdep} pa oepdx~ded oe pfd noecemocl bcxidp} wopf

bc}}o~d òxdmp ce` oeòxdmp }tzzaxp% Naxmd` pa }zde` zthlom baedy pa hcol atp zxo~cpd noxb}, xdgtlcpax} xo}id` ce

te}t}pcoechld baxcl fc{cx`""noxb} pfcp wdxd (Paa Oepdxmaeedmpd` pa Ncol%( Xdgtlcpax} maemlt`d` pfcp pfd oepxa`tmpoae an

c mdepxcl matepdxzcxp &MMZ/ watl` xd`tmd pfd xo}i pfcp pfd hceixtzpmy an c zxoemozcl oe c mxdòp `dnctlp }wcz watl`

zxdmozopcpd c àboea ncll pfxatgf pfd mxdòp bcxidp}%

Pfd obbdòcpd namt} ae M@] c} pfd mxo}o} tenal`d` wc} te`dx}pce`chld% Wfde pfd mxdòp mxo}o} }pxtmi oe pfd ncll an

8::6, pfdxd wdxd $ 47 pxolloae oe atp}pceòeg eapoaecl cbatep an M@]% e8 Oe dcmf an pfd zxdmdòeg pfxdd ydcx}, pfd

cbatep an M@] fc` edcxly àthld`% e= Oe 8::0, za}opoae} oe M@] }paa` cp $ 0%4 pxolloae% e0 Pfd bcxidp nax M@] fc`

gxawe ~oxptclly a~dxeogfp, lcxgdly atp}o`d xdgtlcpaxy }mxtpoey%

Hdmct}d an pfd za}}oholopy an xdgtlcpaxy cxhopxcgd, pfdxd o} c mc}d eap kt}p nax MMZ mldcxoeg htp cl}a nax xdgtlcpaxy

mae~dxgdemd ax fcxbaeo{cpoae% Cbdxomc'} }oegld ba}p dvzde}o~d hcolatp wc} pa COG""nax hc` hdp} zlcmd` oe Laeàe% e4

C} aed cmmatep ztp} op, (Gxate` {dxa nax COG'} }zdmpcmtlcx obzla}oae, wfomf fc} }acid tz baxd nd`dxcl hcolatp baedy

pfce cey apfdx depopy, czzdcx} pa fc~d hdde c }bcll Laeàe hxcemf annomd pfcp bcy fc~d ztp c} btmf c} fcln c pxolloae

àllcx} cp xo}i%( e> C mabbae xdgtlcpaxy zcpf o} loidly mxtmocl pa pfd }tmmd}} an pfd xdnaxb% Oe 8::7, }abd 08 zdxmdep an

pfd ptxea~dx oe cll a~dx"pfd"matepdx &APM/ `dxo~cpo~d} paai zlcmd oe pfd TI, wopf aely c stcxpdx oe pfd T]% e7

@onndxdepocl xdgtlcpoae watl` dematxcgd xdgtlcpoae }fazzoeg, pft} cllawoeg nax pfd za}}oholopy an xdgtlcpaxy d~c}oae%

Pfcp pxce}cplcepom mae~dxgdemd }ddb} pa fc~d dbdxgd` o} cll pfd baxd eapdwaxpfy hdmct}d pfdxd wdxd apfdx

zxaboedep azpoae} c~colchld pa xdgtlcpax}% Xdgtlcpax} ncmd` cp ldc}p no~d azpoae}; &3/ à eapfoeg, ax bdxdly oemxdc}d

xdzaxpoeg ce` baeopaxoeg, }a c} eap pa oepdxndxd wopf pfd zxo~cpd noecemocl bcxidp}9 e6 &8/ hce M@] depoxdly c} paa xo}iy9

&=/ hce aely (ecid`( M@]""wfdxd pfd zxapdmpoae htydx àd} eap fal` pfd te`dxlyoeg }dmtxopy9 e? &0/ xdgtlcpd M@] c}

oe}txcemd9 e3: ce` &4/ xdgtlcpd faw M@] cxd mldcxd`% Oe pfd wcid an pfd noecemocl mxo}o}, xdgtlcpax} cmxa}} Dtxazd ce`

pfd T] stomily namt}d` ae pfd lc}p azpoae""M@] mldcxoeg ce` }dppldbdep%

Wd cxd fcx`ly pfd nox}p pa ah}dx~d pfd dbdxgdemd an c gxawoeg mae}de}t} ae pfd edd` pa xdnaxb mldcxoeg nax M@]%

e33 Atx maepxohtpoae o} pa pxcmd pfd zxamd}} hy wfomf pfd mae}de}t} ammtxxd` ce` pa cppdbzp pa dvzlcoe wfy op ammtxxd`%

C xd~odw an `d~dlazbdep} oe pfd mldcxoeg an M@] hdmabd} c mc}d }pt`y oe glahcl ga~dxecemd% Op xd~dcl} aed zxamd}} hy

wfomf matepxod} ae hapf }o`d} an ce amdce fc~d ba~d`, oe nop} ce` }pcxp}, pawcx`} c }oegld }altpoae pa c }fcxd` zxahldb%

Wd namt} fdxd ae pfd xdgtlcpoae an M@] oe pfd T] ce` pfd DT, pfatgf pfdxd o} M@] pxcòeg oe apfdx ktxo}òmpoae} c}

wdll% Oe Kczce, nax dvcbzld, pfdxd o} cl}a ba~dbdep pawcx`} mdepxcl matepdxzcxp mldcxoeg nax M@]% e38

Zcgd 83: Mfo% K% Oep'l L% >=?


3/41

Atx cecly}o} zxamdd`} c} nallaw}; ]dmpoae O oepxa`tmd} mxdòp `dnctlp }wcz} ce` mabzcxd} holcpdxcl mldcxoeg wopf

mdepxcl matepdxzcxp mldcxoeg% ]dmpoae OO pxcmd} pfd T] xdgtlcpaxy xd}zae}d pa M@] mldcxoeg oe pfd wcid an pfd mxdòp

mxo}o}, ce` ]dmpoae OOO nallaw} wopf pfd Dtxazdce xdgtlcpaxy xd}zae}d% ]dmpoae O^ c}}d}}d} wfy xdgtlcpax} ae hapf }o`d}

an pfd Cplcepom ptxed` pa M@] mldcxoeg c} aed idy xdnaxb oe pfd wcid an pfd noecemocl mxo}o}%

O% MXD@OP @DNCTLP ]WCZ] CE@ MLDCXOEG; CE OEPXA@TMPOAE

C M@] o} c maepxcmp hdpwdde c zxapdmpoae htydx ce` c zxapdmpoae }dlldx% C M@] pxce}ndx} pfd xo}i pfcp ce o}}tdx an

`dhp woll `dnctlp ae op} `dhp ahlogcpoae}% Pfd zxapdmpoae htydx bcid} zdxoaòm zcybdep} pa pfd zxapdmpoae }dlldx oe

dvmfcegd nax pfd zxapdmpoae }dlldx'} zxabo}d pa bcid pfd htydx wfald ae ce cgxdd`, ax (eapoaecl,( cbatep an pfd

xdndxdemd depopy'} `dhp oe pfd d~dep an c }zdmonod` mxdòp d~dep }tmf c} c hceixtzpmy, ncoltxd pa zcy, ax `dhp xd}pxtmptxoeg

hy pfd xdndxdemd depopy% e3=

Pfd htydx bcy t}d c M@] pa fd`gd mxdòp xo}i oe c zaxpnaloa, hapf }zdmonom pa c go~de o}}tdx &oe pfd mc}d an c (}oegld

ecbd( M@]/ ax baxd hxac`ly pa c gxatzoeg an oe~d}pbdep gxc`d ax fogf yodl` o}}tdx} &oe pfd mc}d an c (maxzaxcpd oe`dv(

M@]/% Noecemocl oe~d}pax} cxd mabbae htydx} an zxapdmpoae cgcoe}p mxdòp xo}i} fdl` oe c hae` zaxpnaloa% C maxzaxcpd

htydx bogfp hty zxapdmpoae ae c matepdxzcxp wopf wfomf op fc} c }tzzly maepxcmp, pa fd`gd pfd xo}i an pfd `dnctlp an pfcp

matepdxzcxp, ax ae c }dmpax wopf wfomf op `dcl}, pa fd`gd op} dvza}txd pa pfcp }dmpax% Clpdxecpo~dly, c M@] htydx edd` eaphd fd`goeg xo}i oe ce te`dxlyoeg oe~d}pbdep9 op bcy }obzly }ddi pa za}opoae op}dln pa zxanop oe mc}d pfd xdndxdemd depopy ax

oe`dv `dnctlp} ax o} ~odwd` hy pfd bcxidp c} fc~oeg ce oemxdc}oeg xo}i an `dnctlp &}oemd pfo} woll oemxdc}d pfd ~cltd an pfd

zxapdmpoae maepxcmp pfd htydx fc} depdxd` oepa/%

Pfd }dlldx, ae pfd apfdx fce`, bcy t}d pfd M@] pa gcoe mxdòp dvza}txd pa ce o}}tdx ax }dmpax, oe dvmfcegd nax c

zxdbotb, oe c wcy }obolcx pa ce oe~d}pax'} c}}tbzpoae an mxdòp xo}i oe pcioeg hae` dvza}txd% Hapf `dcldx} ce`

eae"`dcldx oe~d}pax}, maxzaxcpoae} ax apfdx (hty"}o`d( zcxpomozcep} bcy hty ce` }dll M@] zxapdmpoae%

C M@] pxce}cmpoae o} }pxtmptxd` c} c }wcz% Pfd htydx an zxapdmpoae oe pfd }wcz bcid} zdxoaòm zcybdep} pa pfd

}dlldx a~dx pfd cgxdd` pdxb an pfd }wcz &fdc~oly pxc`d` pdeax} pde` pa hd no~d ydcx}, htp pdeax} xcegd nxab aed pa pde

ydcx} oe }pce`cxò{d` pxcòeg/% Oe xdptxe, pfd }dlldx mabbop} pa bcid pfd htydx wfald ae pfd eapoaecl ~cltd an pfd

cbatep zxapdmpd` oe pfd d~dep an c mxdòp d~dep wopfoe pfcp pdxb% Cp pfd pobd an oemdzpoae an pfd maepxcmp, oe zxoemozld, pfd

zxd}dep ~cltd an pfd }pxdcb an zdxoaòm zcybdep} dstcl} pfd `dnctlp zxahcholopy"c`kt}pd` ~cltd an pfd la}} ae wfomf pfd}dlldx watl` bcid pfd htydx wfald% Nax dvcbzld, ce oe~d}pax'} zdxoaòm zcybdep nax c M@] ae pfd oe~d}pbdep gxc`d

`dhp an c fogfly xcpd` xdndxdemd depopy bogfp hd 3:: hc}o} zaoep} &hz}/ ceetclly, ax 3%: zdxmdep an pfd eapoaecl% Pfo} o}

pfd (}zxdc`( ax (zxdbotb%(

On, `txoeg pfd pdxb an pfd M@], pfd xdndxdemd depopy `dnctlp} ae op} `dhp, pfd }dlldx o} ahlogcpd` pa bcid pfd htydx

wfald oe pfd cbatep an pfd axogoecl eapoaecl ~cltd an `dhp (oe}txd`%( Pfd zcxpod} bcy dldmp dopfdx mc}f }dppldbdep ax

zfy}omcl `dlo~dxy% Nax mc}f }dppldbdep, pfd }dlldx woll zcy pfd htydx oe mc}f pfd ònndxdemd hdpwdde pfd eapoaecl cbatep

ce` pfd mtxxdep ~cltd an pfd `dnctlpd` `dhp &ce oe`t}pxy"}pce`cx` ctmpoae bdmfceo}b fc} d~al~d` pa `dpdxboed pfo}

~cltd/% e30 Nax zfy}omcl }dppldbdep, pfd htydx woll `dlo~dx pfd `dnctlpd` `dhp oe xdptxe nax pfd zcybdep hy pfd }dlldx an

pfd ntll eapoaecl cp zcx% Nax dvcbzld, on pfd }wcz eapoaecl o} $ 3:: bolloae ce` pfd xdma~dxy ~cltd an pfd xdndxdemd

depopy'} `dnctlpd` `dhp o} 0: zdxmdep, pfde pfd }dlldx mce mc}f }dppld pfd }wcz nax $ >: bolloae% Clpdxecpo~dly, pfd }dlldx mce

zcy $ 3:: bolloae pa pfd htydx oe xdptxe nax pfd axogoecl $ 3:: bolloae an pfd `dhp, wfomf eaw fc} c bcxidp ~cltd an aely

$ 0: bolloae%

M@] cxd pxce}cmpd` wopf xdndxdemd pa pfd nallawoeg mcpdgaxod} an mxdòp xo}i; maxzaxcpd }oegld ecbd}9 e34 maxzaxcpd

oeòmd}9 e3> baxpgcgd"hcmid` }dmtxopod} &BH]/ ce` mallcpdxclo{d` `dhp ahlogcpoae} &M@A/9 e37 ce` lace}% e36

Maxzaxcpd }oegld ecbd} ce` maxzaxcpd oeòmd} cmmatep nax edcxly ?: zdxmdep an pfd atp}pceòeg eapoaecl ~cltd ce` ?4

zdxmdep an pfd pxc`d` M@] ~altbd% e3?

Pfd maxzaxcpd M@] bcxidp fc} bcptxd` }tmf pfcp pfd htli an maxzaxcpd M@] ae }oegld ecbd} ce` oeòmd} cxd fogfly

Zcgd =3: Mfo% K% Oep'l L% >=?


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}pce`cxò{d`% Pxc`dx} oe maxzaxcpd M@] eaw zxoemozclly edgapocpd ae zxomd ce` stcepopy% Maxzaxcpd M@] fc~d }pce`cx`

maepxcmp pdxb} nax pfd xdndxdemd depopy, `dhp }deoaxopy ce` }dmtxopy, mxdòp d~dep}, matzae zcybdep `cpd}, matzae

zxdbotb} c} c zdxmdep an eapoaecl cbatep}, ce` bcptxopy `cpd}% Pfo} o} ceclagat} pa mdepxclly mldcxd` dstopy azpoae}

wfdxd pfd pxc`d` maepxcmp} fc~d }pce`cx` zxapamal} nax te`dxlyoeg }pami, }pxoid zxomd, dvzoxcpoae `cpd, ce` azpoae pyzd%

Pfo} }pce`cxò{cpoae fc} cmmabzceod` ce` }tzzaxpd` pfd gxawpf an M@]%

Pfd zxomd an c M@] o} `dnoed` oe xdndxdemd pa pfd zxdbotb `d}mxohd` cha~d% Oe pfd dvcbzld cha~d, cp pfd pobd pfd

maepxcmp o} depdxd` oepa, pfd bcxidp ~odw an pfd xo}i an `dnctlp an pfd xdndxdemd depopy ldc`} pfd zcxpod} pa cgxdd pfcp 3::

hz} o} pfd czzxazxocpd zxdbotb pa mabzde}cpd c }dlldx an zxapdmpoae nax op} zxabo}d pa bcid pfd htydx wfald oe pfd d~dep

an c `dnctlp &oeòmcpoeg c ~dxy law, htp eap {dxa, zxahcholopy an `dnctlp/% On cnpdx ce oepdx~cl an pobd pfd bcxidp ~odw o}

pfcp pfd xo}i an `dnctlp fc} oemxdc}d`, pfd ma}p an pfcp zxapdmpoae woll xo}d, oeòmcpo~dly pa 3:8 hz}% e8: Pfd ~cltd an pfd

htydx'} }wcz fc} eaw oemxdc}d`% On op wdxd pa }dll pfd zxapdmpoae op fc} pa c pfox` zcxpy, ax wdxd pa depdx oepa ce ann}dppoeg

maepxcmp, op watl` xdmageo{d c zxanop an 8 hz}, a~dx pfd lond an pfd maepxcmp, ~dx}t} pfd zxomd op o} zcyoeg pa pfd axogoecl

}dlldx an zxapdmpoae% Ztp ceapfdx wcy, on op} maepxcmp wopf pfd nox}p }dlldx wdxd }t``dely pdxboecpd`, ce` pfd htydx edd`d`

pa noe` xdzlcmdbdep zxapdmpoae, op watl` eaw edd` pa zcy 3:8 hz} oe}pdc` an 3:: hz}%

Pfd bcxidp ~cltd an c M@] o} pft} ònndxdep pfce pfd eapoaecl ~cltd% Maepoetoeg pfd ollt}pxcpoae cha~d, c htydx hty}

pwa ydcx} an zxapdmpoae ae $ 3:: bolloae oe~d}pbdep gxc`d maxzaxcpd mxdòp cp 3:: hz}% Pfd maepxcmp ahlogd} pfd htydxpfde pa zcy pfd }dlldx c papcl zxdbotb a~dx pfd pwa"ydcx lond an pfd maepxcmp an $ 8 bolloae &$ 3:: bolloae v 3%:: v 8

ydcx}/% On pfd ma}p an }tmf zxapdmpoae ba~d} pa 3:8 hz} &hdmct}d pfd xo}i an `dnctlp fc} oemxdc}d`/, pfcp papcl zxdbotb

watl` hd $ 8%:0 bolloae% On pfd htydx wdxd pa pxc`d atp an pfd maepxcmp, op watl` xdclo{d c zxanop an $ 0:,:::% Ztp ceapfdx

wcy, on pfd }dlldx wo}fd` pa }paz zxa~oòeg zxapdmpoae ae pfd $ 3:: bolloae pa pfd htydx, op watl` edd` pa zcy pfd htydx $

0:,::: hdmct}d pfd htydx watl` edd` pa zcy pfo} cbatep oe ptxe pa ceapfdx }dlldx pa }dmtxd xdzlcmdbdep zxapdmpoae% e83

C% M@] ^dx}t} Hae`}

Oe pfd }zce an c `dmc`d, pfd maxzaxcpd M@] bcxidp mcbd pa xo~cl pfd hae` bcxidp} oe }o{d ce` lostoòpy% Oe Kted

8::6, pfdxd wdxd $ 8=%? pxolloae oe oepdxecpoaecl hae`} ce` eapd} atp}pceòeg ce` $ >:%6 pxolloae oe àbd}pom `dhp

}dmtxopod} atp}pceòeg mabzcxd` pa $ 47 pxolloae eapoaecl cbatep atp}pceòeg an M@]% e88 Pfo} gxawpf czzdcx} pa hd oe

zcxp hdmct}d M@] cxd, oe bcey wcy}, }obzldx pa pxc`d pfce hae`} nxab hapf ce azdxcpoaecl ce` noecemoeg zdx}zdmpo~d%

Nox}p, c go~de hae` o}}tdx, ax M@] xdndxdemd depopy, woll pyzomclly o}}td etbdxat} }dxod} an hae`}, dcmf wopf ònndxdepmatzae} ce` apfdx mfcxcmpdxo}pom}% Cey depopy pxcòeg pfd}d hae`} bt}p zxomd pfdb oeò~o`tclly oe logfp an pfd}d

mfcxcmpdxo}pom} ce` bt}p cl}a cxxo~d cp c zxomd pfcp o}alcpd} ce` pfde xdmabhoed} pfd oepdxd}p xcpd ce` mxdòp mabzaedep}

an pfd oe}pxtbdep% M@], hy maepxc}p, cxd eap lobopd` pa aed hae` o}}td htp cxd pxce}cmpd` wopf xdndxdemd pa pfd mxdòp an c

mlc}} an hae`} an pfd xdndxdemd depopy c} c wfald ce` cxd ~cltd` dvmlt}o~dly wopf xdndxdemd pa pfd mxdòp mabzaedep% Nax

dvcbzld, cp pfd babdep an wxopoeg, OHB fc} pwdepy"aed ònndxdep hae` o}}tcemd} atp}pceòeg, htp pfdxd o} aed OHB

M@] cmpo~dly pxc`d`% e8= Pfd namt} ae pfd maxzaxcpoae mlc}} an `dhp c} c wfald xcpfdx pfce tzae c }oegld hae` o}}tcemd

o} kt}ponochld hdmct}d mxa}}"`dnctlp zxa~o}oae} pyzomclly hoe` pagdpfdx mlc}}d} an `dhp an c xdndxdemd depopy% Mxdòp `dnctlp

}wcz} pft} anndx c bcxidp bdmfceo}b pa zxomd ce` pxce}cmp oe pfd ztxd mxdòp xo}i an c xdndxdemd depopy%

Nxab c noecemoeg zdx}zdmpo~d, ce oe~d}pax oe hae`} bt}p noecemd pfd depoxd ztxmfc}d an pfd hae`}% Pfo} pyzomclly

bdce} nox}p waxioeg pfxatgf pfd azdxcpoaecl }pdz} pa }dppld pfd ztxmfc}d an pfd hae`} ce` pfde pa bcid c zld`gd

cxxcegdbdep, dopfdx an pfd hae`} pfdb}dl~d} ax apfdx }dmtxopod}, pa mallcpdxclo{d pfd mc}f haxxawd` pa zcy nax pfd hae`}%Pfd noecemoeg ma}p nax c ztxmfc}d an hae`} woll hd pfd ònndxdemd hdpwdde pfd yodl` an pfd hae`} &cgcoe c mabza}opd

ntempoae an hapf oepdxd}p xcpd ce` mxdòp xo}i/ ce` pfd yodl` an pfd T] Pxdc}txod} ax }obolcx oe}pxtbdep} za}pd` hy pfd

oe~d}pax pa mallcpdxclo{d pfd noecemoeg, zlt} pfd mczopcl ma}p an mc}f nax cey zaxpoae an pfd hae` ztxmfc}d pfcp o} eap

noecemd`% e80 Hy maepxc}p, pfd M@] cllaw} ce oe~d}pax pa hd dvza}d` pa dnndmpo~dly pfd }cbd mxdòp xo}i ax xdwcx`

&dloboecpoeg cey oepdxd}p"xcpd xo}i mabzaedep/ htp aely pfxatgf pfd ma}p an noecemoeg pfd oeopocl bcxgoe ae pfd

pxce}cmpoae, eaxbclly c xdlcpo~dly }bcll zdxmdepcgd an pfd papcl eapoaecl cbatep &(oeopocl bcxgoe( o} ò}mt}}d` ntxpfdx oe

]dmpoae O%H/% e84 Pfd ma}p an noecemoeg pfd `dxo~cpo~d dvza}txd o} pfdxdnaxd pyzomclly ld}} pfce pfd ma}p an noecemoeg

hae` dvza}txd, wfold hapf mcxxy pfd }cbd mxdòp xo}i% Pfo} oemxdc}d` ld~dxcgd fc} cl}a fdlzd` `xo~d gxawpf oe pfd M@]



5/41

bcxidp}% C} Pfd Dmaeabo}pbcgc{oed eapd` oe Czxol 8::6, (pfd M@] fc} hdmabd pfd zxa`tmp an mfaomd nax pfa}d

oe~d}poeg oe mxd op c} ce c}}dp mlc}}%( e8>

Wfold pfdxd o} mxdòp dvza}txd pa pfd xdndxdemd depopy oe hapf c M@] ce` c hae`, pfdxd o} ce c`òpoaecl lcydx an

matepdxzcxp xo}i oe c M@] maepxcmp% C htydx ce` c }dlldx an c M@] dcmf hdcx matepdxzcxp xo}i pa dcmf apfdx nax pfd

`txcpoae an pfd M@]% Pfd }dlldx an zxapdmpoae `dzde`} ae pfd htydx pa bcid pfd cgxdd` zdxoaòm zcybdep} `txoeg pfdpdxb an pfd M@]% Pfd htydx an zxapdmpoae xdmozxamclly `dzde`} ae pfd }dlldx pa bcid gaa` ae op} zxabo}d pa ztxmfc}d pfd

`dnctlpd` `dhp cp op} ntll ncmd ~cltd on pfd xdndxdemd depopy `dnctlp} `txoeg pfd pdxb an pfd M@]% Hy maepxc}p, pfd ztxmfc}d

hy ce oe~d}pax an c hae` nxab c hae` `dcldx àd} eap mcxxy laeg"pdxb matepdxzcxp xo}i hdpwdde pfd oe~d}pax ce` pfd hae`

`dcldx% Pfd matepdxzcxp xo}i oe pfcp hae` ztxmfc}d maepxcmp hdpwdde pfd oe~d}pax ce` hae` `dcldx o} lobopd` aely pa pfd

}faxp oepdx~cl hdpwdde pfd pobd pfcp pfd maepxcmp o} dvdmtpd` ce` pfd `cpd an }dppldbdep""cnpdx pfcp zaoep, pfd maepxcmp o}

}dppld` wopf pfd mc}f dvmfcegd` hdpwdde pfd htydx} ce` }dlldx} an pfd hae`%

H% Bcxgoe ce` Xdgtlcpaxy Mczopcl

C matepdxzcxp pa c M@], wfdpfdx c htydx ax c }dlldx an zxapdmpoae, c}}d}}d} pfd loidlofaa` pfcp pfd xdndxdemd depopy

woll `dnctlp% Pfd zxomd zco` nax M@] zxapdmpoae xdnldmp} pfd zcxpod}' ~odw an pfcp xo}i% Fawd~dx, hdmct}d pfd htydx ce`

}dlldx depdx oepa pfd}d maepxcmp} holcpdxclly, dcmf zcxpy o} cl}a dvza}d` pa pfd xo}i pfcp op} matepdxzcxp bogfp `dnctlp%

Pfdxd cxd pwa zxobcxy bdpfa`} an xd}dx~oeg cgcoe}p la}}d} cxo}oeg oe pfd d~dep an c matepdxzcxp `dnctlp; xdgtlcpaxy

mczopcl ce` bcxgoe% e87 Xdgtlcpaxy mczopcl o} teobzcoxd` dstopy pfcp bt}p hd fdl` ae pfd hclcemd }fddp an xdgtlcpd`

depopod} }tmf c} hcei} ce` hxaidx `dcldx}% Bcxgoe, wfomf o} gdedxclly mc}f ax mc}f dsto~cldep} ce` o} }abdpobd} xdndxxd`

pa c} (mallcpdxcl,( o} an pwa pyzd}; (~cxocpoae bcxgoe( ce` (oeopocl bcxgoe%(

^cxocpoae bcxgoe &cl}a mclld` (bcxi"pa"bcxidp bcxgoe(/ o} zco` oe mc}f ce` o} dvmfcegd` hdpwdde pfd zcxpod} pa

xdnldmp mtxxdep dvza}txd, ax aegaoeg mfcegd} oe bcxidp ~cltd an pfd }wcz% ^cxocpoae bcxgoe pft} cllaw} pfd zcxpod} pa

cmmatep nax pfd ncmp pfcp pfd bcxidp ~cltd an c M@] maepxcmp, loid pfcp an mxdòp xo}i obzlod` oe pfd bcxidp ~cltd an c

hae`, mfcegd} d~dxy `cy `dzdeòeg ae pfd bcxidp'} c}}d}}bdep an zxahcholopy an `dnctlp ce` c xcegd an apfdx ncmpax}% C}

eapd` cha~d, pfo} mfcegd oe ~cltd xd}tlp} oe c mfcegd oe pfd }zxdc` ax zxdbotb mfcxgd` nax zxapdmpoae oe pfd

bcxidpzlcmd% C} pfd }zxdc` ba~d}, pfd ~cltd an c go~de M@] hdpwdde pwa zcxpod} mfcegd}, mclmtlcpd` c} pfd zxd}dep

~cltd an pfd mfcegd oe }zxdc` a~dx pfd xdbcoeoeg pdxb an pfd }wcz% Pfd zcxpod} pa pfd }wcz dvmfcegd ce cbatep dstcl papfo} mclmtlcpd` mfcegd oe ~cltd ~dx}t} pfd zxoax `cy% Pfo} zcybdep an ~cxocpoae bcxgoe o} oepde`d` pa zxa~o`d pfcp oe pfd

d~dep c zcxpy `dnctlp}, pfd apfdx zcxpy o} wfald tz pa pfcp pobd oe pfd bcxidp ~cltd an pfd }wcz op fal`}% Oe pfd dvcbzld an

c M@] go~de cha~d, pfd mfcegd oe ~cltd c} pfd zxdbotb ba~d` nxab 3::hz} pa 3:8hz} wc} $ 0:,:::% Pfo} watl` hd pfd

cbatep an ~cxocpoae bcxgoe pfcp watl` hd zco` hy pfd zcxpy cgcoe}p wfab pfd bcxidp fc` ba~d` pa pfd zcxpy oe wfa}d

nc~ax op ba~d`%

Oeopocl bcxgoe o} malldmpd` cp pfd ae}dp an pfd }wcz ce` fdl` cgcoe}p zapdepocl ntptxd dvza}txd oe pfd d~dep pfd

`dza}opoeg zcxpy `dnctlp}% Oeopocl bcxgoe o} pyzomclly c }bcll nxcmpoae an pfd eapoaecl cbatep, ce` o} oepde`d` pa zxapdmp

aed zcxpy pa pfd M@] nxab maepxcmp zxomd ba~dbdep nax c mdxpcoe zdxoa` cnpdx c `dnctlp an pfd apfdx zcxpy, ce` `txoeg

wfomf pfd `dnctlpoeg zcxpy watl` ea laegdx zcy bcxi"pa"bcxidp% Pfo} zdxoa` an oeopocl bcxgoe ma~dxcgd o} oepde`d` pa

ma~dx pfo} bcxi"pa"bcxidp ~cltd ~cxocpoae tepol pfd eae"`dnctlpoeg zcxpy mce depdx oepa ce ann}dppoeg pxce}cmpoae pa

edtpxclo{d op} dvza}txd% Oeopocl bcxgoe cmp} dnndmpo~dly c} c `dza}op tepol pfd de` an pfd }wcz, cp wfomf pobd op o} xdptxed`

pa pfd zcyax on pfdxd fc} hdde ea `dnctlp an pfd zcyax%

Xdgtlcpaxy mczopcl o} mczopcl fdl` hy c mczopcl"}tzdx~o}d` depopy ae op} hclcemd }fddp pa xd}dx~d cgcoe}p la}}d} oe pfcp

depopy'} oe~d}pbdep}% Op o} eap, pfdxdnaxd, dvmfcegd` hdpwdde holcpdxcl matepdxzcxpod}, htp }dx~d} c} c zxapdmpoae nax pfd

xdgtlcpd` depopy'} matepdxzcxp}% On c matepdxzcxp ncmd} c wdll"mczopclo{d` depopy, op mce dvzdmp pfcp la}}d} oe pfcp depopy'}

zaxpnaloa cxd mt}foaed` hy c xd}dx~d an mczopcl pfcp mce hd `xcwe ae pa bddp pfcp depopy'} ahlogcpoae}% Mczopcl"}tzdx~o}d`

depopod} cxd }thkdmp pa gto`dloed} nax mclmtlcpoeg mczopcl, pfd gacl an wfomf o} pa de}txd pfcp pfd mczopcl o} }tnnomodep,

losto`, teobzcoxd`, ce` eap ~tledxchld pa }t``de la}}d}% Pfo} obza}d} ce azzaxpteopy ma}p ae pfd mczopcl"}tzdx~o}d`



6/41

depopy, wfomf o} xdstoxd` pa fal` mczopcl oe mae}dx~cpo~d naxb""nax dvcbzld, oe pfd naxb an T] Pxdc}txod} xcpfdx pfce oe

xo}iodx ax ld}} losto` oe~d}pbdep} wopf fogfdx xdptxe}%

M% M@] Bcxidp ]pxtmptxd

Lcxgd mabbdxmocl hcei} nox}p `d~dlazd` M@] pa pxce}ndx pfd mxdòp xo}i mabzaedep an c mabbdxmocl `dhp zaxpnaloa%Pfd bcxidp xczo`ly càzpd` M@] c} ce dnnomodep ce` eaw }th}pcepoclly }pce`cxò{d` oe}pxtbdep nax pxce}ndxxoeg mxdòp

xo}i% @dcldx}, pyzomclly bckax Wcll ]pxddp hcei}, cxd oe mtxxdep bcxidp zxcmpomd ae cp ldc}p aed }o`d an d~dxy pxc`d% Oe

zcxp, pfo} xdnldmp} }obzly pfd `dcldx}' xald oe bcioeg bcxidp} gdedxclly""pfd `dcldx} cxd zxand}}oaecl oepdxbdòcxod} wopf

pfd oenxc}pxtmptxd ce` ht}oed}} ba`dl} pa anndx pfdox matepdxzcxpod} c xcegd an maepxcmp} cp zxomd} pfcp cxd maepoetat}ly

tz`cpd` pa xdnldmp bcxidp `d~dlazbdep}% Oe~d}pax} fc~d cl}a fo}paxomclly zxdndxxd` pa pxc`d wopf `dcldx} nax matepdxzcxp

mxdòp xdc}ae}; Oe zdxoa`} an }pcholopy, oe~d}pax} ~odwd` xdgtlcpd` oe}poptpoae} c} fc~oeg boeobcl xo}i an `dnctlpoeg9

oe~d}pax} ò}nc~axd` apfdx noxb} hdmct}d oe~d}pax} lcmid` pfd oenaxbcpoae pa c}}d}} pfd mxdòp xo}i an }tmf noxb}%

Zcxpomozcep} cl}a pde` pa fc~d edgapocpd` àmtbdepcpoae nax M@] clxdc`y oe zlcmd wopf `dcldx}, bcioeg ntxpfdx

pxce}cmpoae} wopf pfdb dc}odx%

C bcxidp }pxtmptxd wfdxd c `dcldx o} ae aed }o`d an d~dxy pxc`d maendx} oenaxbcpoaecl c`~cepcgd} pa `dcldx}% @dcldx}

}dd ~altbd} an cmptcl ce` oepde`d` pxc`d} nxab pfdox (hty"}o`d( mt}pabdx} ce` cl}a bcid oepdx"`dcldx pxc`d} pa pcid aeax lcy ann xo}i cmmaxòeg pa }tzzly ce` `dbce`% Pfdxdnaxd, `dcldx} fc~d pfd hd}p ~odw an mtxxdep bcxidp ~cltd oe c

bcxidp wfdxd cll pxce}cmpoae} cxd zxo~cpd ce` holcpdxcl wopf ea cmptcl pxce}cmpoae zxomd} zthlo}fd`% Mt}pabdx}, ae pfd

apfdx fce`, bt}p degcgd oe c }dxod} an holcpdxcl mae~dx}cpoae} wopf `dcldx} pa gcoe zxomoeg oenaxbcpoae% Go~de pfo}

c}ybbdpxy an oenaxbcpoae oe pfdox nc~ax, `dcldx} fc~d ce oemdepo~d pa zxd}dx~d pfd }pcpt} sta oe pfd bcxidp }pxtmptxd%

@% APM Holcpdxcl M@] Pxc`d Nlaw}

C} eapd`, oe pfd mtxxdep holcpdxcl, zxo~cpdly edgapocpd` APM M@] bcxidp, `dcldx} cxd ae aed }o`d an d~dxy pxc`d%

Hdmct}d oe~d}pax} fc~d fo}paxomclly ~odwd` `dcldx} &hdoeg mczopcl"}tzdx~o}d` depopod}/ c} }dmtxd matepdxzcxp mxdòp xo}i},

`dcldx} à eap mt}pabcxoly za}p oeopocl bcxgoe% Oe pxce}cmpoae} hdpwdde mt}pabdx}""hty"}o`d noxb} }tmf c} zde}oae nte`},

fd`gd nte`}, maxzaxcpoae}, ce` apfdx oe~d}pax}""ce` `dcldx}, pfd hty"}o`d matepdxzcxpod} pyzomclly à za}p oeopocl bcxgoe

pa pfd `dcldx% @dcldx} bcy anndx ce dvmdzpoae nax mdxpcoe maxzaxcpd (de`"t}dx}(""`dcldx} bcy oe}pdc` pcid te}dmtxd` xo}i

pa pfd}d de`"t}dx}, ax bcy cmmdzp ollosto` mallcpdxcl, nax dvcbzld, ht}oed}} c}}dp}, pa }dmtxd zapdepocl matepdxzcxpdvza}txd% C}}tboeg pfcp ea `dcldx d~dx `dnctlp}, pfo} c}ybbdpxy o} eap zxahldbcpom oe zxoemozld% Fawd~dx, pfd mxo}o} an

8::6 xd~dcld` }ogeonomcep ~tledxcholopod} oe pfo} bcxidp }pxtmptxd%

Nox}p, COG ce` Ldfbce, hapf fogfly xdgtlcpd`, mczopcl"}tzdx~o}d` depopod}, zxa~d` oe}tnnomodeply mczopclo{d` pa c~ao`

`dnctlp% Wfold pfd}d wdxd lcxgd, btlpo"}pxcpdgy oe}poptpoae} wopf zapdepocl mczopcl }faxpncll} wopf xd}zdmp pa }pxcpdgod}

apfdx pfce `dxo~cpo~d}, dcmf oe}poptpoae `dnctlpd` eap aely hdmct}d an la}}d} ae }zdmonom `dxo~cpo~d} za}opoae}, htp cl}a

hdmct}d op matl` eap bddp op} mc}f bcxi"pa"bcxidp &~cxocpoae bcxgoe/ ahlogcpoae} pa op} holcpdxcl matepdxzcxpod}%

]dmae`, oe pfd mc}d an COG, op hdmcbd czzcxdep pfcp pfd holcpdxcl, zxo~cpd, ce` texdgtlcpd` mfcxcmpdx an pfd bcxidp

fc` cllawd` COG'} `dcldx matepdxzcxpod} pa xdlcv pfdox bcxgoe xtld}, xdlyoeg oe zcxp ae COG'} a~dxcll fogf mxdòp xcpoeg}

ce` zdxmdo~d` hclcemd }fddp }pxdegpf% Oe`dd`, COG'} matepdxzcxpod} cllawd` COG ce dvdbzpoae nxab hapf oeopocl bcxgoe

ce` ~cxocpoae bcxgoe zcybdep}% Fc` COG ncmd` pfo} bcxgoe ò}mozloed, op bogfp eap fc~d pcide ae dvmd}} xo}i, ce` op}

matepdxzcxpod} watl` fc~d }tnndxd` ncx lawdx la}}d} d~de on COG ò` `dnctlp, }oemd pfdy watl` fc~d hdde mtxxdep pfxatgf

~cxocpoae bcxgoe ce` watl` fc~d fc` pfd htnndx an oeopocl bcxgoe wfold xd}al~oeg pfdox azde za}opoae}%

Pfox`, c} hdmcbd d~o`dep oe pfd wcid an pfd Ldfbce ncoltxd, wfde c hty"}o`d noxb za}p} oeopocl bcxgoe pa c `dcldx oe

pfd mtxxdep bcxidp }pxtmptxd, pfcp bcxgoe o} eap fdl` oe pxt}p ax oe }abd apfdx wcy }dgxdgcpd` nxab pfd c}}dp} an pfd

`dcldx% Op o} oe}pdc` mabboegld` wopf pfd `dcldx'} waxioeg mczopcl, ce` pft} }thkdmp pa hceixtzpmy an pfd `dcldx% e86

Hdmct}d an pfo} xo}i, c} wax` pfcp Ldfbce bogfp hd ncmoeg c mc}f mxo}o} }zxdc`, matepdxzcxpod} xt}fd` pa pxy pa zxapdmp

pfdb}dl~d} nxab fc~oeg pfdox bcxgoe pxczzd`, dopfdx }t``dely mla}oeg atp za}opoae} ax `dbceòeg bcxgoe oe ptxe nxab

Zcgd >3: Mfo% K% Oep'l L% >=?


7/41

Ldfbce% Pfo} dvcmdxhcpd` Ldfbce'} mc}f }faxpncll &ce` pfd }cbd ammtxxd` nax c xcegd an noecemocl oe}poptpoae} `txoeg

pfd mxo}o} zdxoa`/% Pfdxd bcy hd holloae} oe oeopocl bcxgoe pxczzd` oe Ldfbce'} hceixtzpmy% e8? Holcpdxcl matepdxzcxpod}

pa Ldfbce pfcp fc` ann}dppoeg pxc`d} pa pfdox pxc`d} pa Ldfbce wdxd ldnp wopfatp oemaboeg ~cxocpoae bcxgoe pa zcy pfdox

ann}dppoeg ~cxocpoae bcxgoe ahlogcpoae}% Pfo} fdlzd` zxazcgcpd Ldfbce'} `dnctlp pfxatgf pfd bcxidp}, wopf pfd

matepdxzcxpod} an Ldfbce'} matepdxzcxpod} fcxbd` hy Ldfbce'} `dnctlp% Wfold pfd ctpfaxopod} cllawd` Ldfbce pa ncol,

wfde, wopfoe `cy}, COG pddpdxd`, pfd ctpfaxopod} ndcxd` pfcp pfd oepdxmaeedmpd` la}}d} pfcp watl` de}td watl` hd paa

}y}pdbomclly `cbcgoeg% Pfd Nd`dxcl Xd}dx~d pfdxdnaxd hcold` atp COG &ce` edw}zczdx }paxod} nallawd`, dvzlcoeoeg faw

hcolatp nte`} nlawd` òxdmply pa matepdxzcxpod} pa bddp bcxgoe mcll} ae COG'} M@] maepxcmp} wopf pfdb/%

C} wd woll }dd, matepdxzcxpod} pa Ldfbce'} mdepxclly mldcxd` ntptxd} pxce}cmpoae} ncxd` ncx hdppdx% Htp pwa apfdx

ndcptxd} an holcpdxcl bcxidp }pxtmptxd }fatl` hd eapd`% Nox}p, c} pfd COG mc}d ollt}pxcpd`, pfd oeopocl bcxgoe pa hd zco` hy

pfd mt}pabdx pa pfd `dcldx o} c bcppdx an maepxcmptcl edgapocpoae ce`, oe bcey xd}zdmp}, xdnldmp} bcxidp zawdx ce`

dmaeabom} an pfd pxc`d hdpwdde pfd pwa zcxpod}, eap kt}p pfd oepxoe}om xo}i zxazdxpod} an pfd pxce}cmpoae ax edmd}}cxoly

d~de pfd zxahcholopy an matepdxzcxp `dnctlp an pfd mt}pabdx% Oe }abd mc}d}, loid COG, mt}pabdx xdwcx`, tececly{d`

c}}tbzpoae} chatp pfd mt}pabdx'} hclcemd }fddp, ax dvmd}}o~d xdlocemd ae xcpoeg cgdemy noeòeg} matl` ldc` pa

c}}d}}bdep an oe}tnnomodep oeopocl bcxgoe% Clpdxecpo~dly, oe pobd} an bcxidp }pxd}}, `dcldx} matl` `dbce` dvmd}}o~d

bcxgoe, ieawoeg pfcp mt}pabdx} bcy eap xdcòly hd chld pa xdzlcmd matepdxzcxpod} oe pfd holcpdxcl bcxidp &ce` à eap

wcep pa }cmxonomd edppoeg hdednop} pfdy bcy }dmtxd wfde ncmoeg pfd }cbd matepdxzcxp wopf btlpozld ann}dppoegpxce}cmpoae}/% ]tmf `dbce`} matl` }pxcoe pfd mc}f }tzzly nax pfd hty"}o`d, ldcòeg pa c edgcpo~d }zoxcl oe pxcòeg cmpo~opy

pfcp wc} eap edmd}}cxoly wcxxcepd` hy cmptcl xo}i ld~dl}%

]dmae`, ~cxocpoae bcxgoe ce`, pa pfd dvpdep c`kt}pchld, oeopocl bcxgoe, cxd `dpdxboed` hc}d` ae bcxidp zxomoeg% Htp

c} eapd`, pfdxd o} ea }atxmd oe pfd mtxxdep bcxidp nax cmptcl pxce}cmpoae zxomd}, ce` }a pfdxd o} ~cxocholopy, hc}d` ae

oeò~o`tcl `dcldx pxcòeg `d}i zxomoeg, oe pfd d}pchlo}fbdep an zxomd} cp wfomf bcxgoe o} novd`% Pfd lcmi an zxomd

pxce}zcxdemy oe pfd holcpdxcl bcxidp mce pft} ldc` pa paa btmf ax paa loppld bcxgoe hdoeg c}}d}}d` cp cey go~de pobd%

D% Mdepxclly Mldcxd` M@] Pxc`d Nlaw}

Hy maepxc}p pa pfd holcpdxcl pxc`d nlaw} `d}mxohd` cha~d, oe c mdepxclly mldcxd` pxc`d, pfd holcpdxcl pxc`d hdpwdde c

}dlldx an zxapdmpoae ce` c htydx an zxapdmpoae o} xdzlcmd` wopf pwa }wcz}; aed hdpwdde pfd }dlldx ce` pfd MMZ c} htydx

ce` ce dstcl ce` ann}dppoeg pxc d hdpwdde pfd htydx ce` pfd MMZ c} }dlldx% e=: Pfd pwa bcxidp zcxpomozcep} bcy nox}pdepdx oepa c holcpdxcl pxc`d ce` pfde dldmp }th}dstdeply pa mae~dxp op oepa c mldcxd` pxc`d% Clpdxecpo~dly, pfd zcxpomozcep}

bcy depdx oepa c pxc`d nxab pfd atp}dp wopf pfd oepdepoae pfcp op hd mldcxd`% On pfd pxc`d o} zxabzply cmmdzpd` nax mldcxoeg,

pfd zcxpod} bcy fc~d boeobcl pa ea holcpdxcl dvza}txd pa dcmf apfdx% Aemd pfd pxc`d o} mldcxd`, on aed bcxidp zcxpomozcep

`dnctlp}, pfd apfdx bcxidp zcxpomozcep o} eap òxdmply cnndmpd`, }oemd op} matepdxzcxp o} eaw dvmlt}o~dly pfd mldcxoegfat}d%

MMZ mldcxoeg pft} xdzlcmd} pfd (Paa Oepdxmaeedmpd` pa Ncol( bcxidp }pxtmptxd wopf c fth ce` }zaid wfdxd, on aed }zaid

ncol}, op àd} eap cnndmp pfd apfdx }zaid}% Pfd}d }pxtmptxd} cxd ollt}pxcpd` hy pfd nogtxd} hdlaw &pfd moxmld} cp pfd zdxozfdxy

xdzxd}depoeg M@] htydx} ce` }dlldx}/%

Nogtxd 3 Holcpdxcl Bcxidp""Paa Oepdxmaeedmpd` pa Ncol

Nogtxd 8 Mdepxcl Matepdxzcxpy Mldcxoeg

Nxab pfd MMZ'} zaoep an ~odw, }a laeg c} pfd pwa zcxpod} pa pfdox zxdmo}dly ann}dppoeg pxc`d} zdxnaxb, pfd MMZ fc} ea

bcxidp xo}i% Pfd MMZ bt}p fawd~dx zxa~o`d nax pfd mc}d wfdxd c bcxidp zcxpomozcep ncol}% Pfd MMZ'} maxd ntempoae o} pa

cmp c} c xo}i bcecgdx hy c`boeo}pdxoeg }cndgtcx`} cgcoe}p pfo} za}}oholopy% Op àd} pfo} pfxatgf c mabhoecpoae an

matepdxzcxp xo}i c}}d}}bdep ce` xdstoxdbdep}, bcxgoe c}}d}}bdep ce` za}opoae a~dx}ogfp, ce` `dnctlp btptclo{cpoae ce`

bcecgdbdep ncmolopod}%

Nox}p, c MMZ pxce}cmp} wopf c lobopd` etbhdx an mldcxoeg bdbhdx} &MB/, pyzomclly }azfo}pomcpd` noecemocl noxb} pfcp

cmp oe c zxoemozcl ce` t}tclly, htp eap clwcy}, noecemocl oepdxbdòcxy mczcmopy% MB} cxd pyzomclly xdgtlcpd` oe}poptpoae},



8/41

htp edd` eap hd% Pfd MMZ d}pchlo}fd} boeobtb mczopcl ce` azdxcpoaecl xdstoxdbdep} nax MB}% Pfd MMZ fc} zxamd`txd}

oe zlcmd nax aegaoeg c}}d}}bdep an c MB'} mxdòp }pxdegpf ce` fc} ò}mxdpoae pa obza}d lobop} ae pfd MB'} cmpo~opy hc}d`

ae pfcp c}}d}}bdep% e=3

]dmae`, nax d~dxy mldcxd` pxce}cmpoae depdxd` oepa hy MB}, dcmf MB bt}p za}p hapf oeopocl bcxgoe ce` ~cxocpoae

bcxgoe, `dpdxboed` ae c edtpxcl hc}o} hy pfd xo}i bcecgdbdep `dzcxpbdep an pfd MMZ% e=8 Pfd MMZ maepoetat}lybaeopax} dcmf MB'} za}opoae} ce` fc} ò}mxdpoae hapf pa oemxdc}d bcxgoe ce` pa obza}d za}opoae lobop}% Zxomd} t}d` nax

d}pchlo}foeg bcxgoe cxd mclmtlcpd` hy pfd MMZ hc}d` ae cmptcl pxce}cmpoae zxomd `cpc, pfox` zcxpy zxomoeg }atxmd}, ce`

apfdx }atxmd}% Pfd MMZ o} bapo~cpd` pa bcxi pfd pxce}cmpoae c} mla}d c} za}}ohld pa pfd pxtd bcxidp zxomd oe ax`dx pa

de}txd op fc} c`dstcpd bcxgoe pa ma~dx op} xo}i ae hapf }o`d} an pfd pxc`d% Pfo} zxamd}} dloboecpd} pfd zxomoeg

oednnomodemod} oe pfd holcpdxcl bcxidp fogflogfpd` cha~d nax zxomoeg nax bcxgoe% Oe c`òpoae, MMZ} pyzomclly bcid pfd

zxomd} pfdy t}d pa d}pchlo}f bcxgoe, ieawe c} }dppldbdep zxomd}, zthlomly c~colchld, pft} }ogeonomceply defcemoeg zxomd

pxce}zcxdemy ~dx}t} holcpdxcl bcxidp} lcmioeg cey }tmf mdepxcl, ahkdmpo~d zxomd }atxmd% e== Oemxdc}d` zxomd pxce}zcxdemy

anndx} bcxidp zcxpomozcep} c baxd zxdmo}d ~odw an pfd xo}i pfdy fal`""cllawoeg pfdb pa xd}zae` baxd dnnomodeply pa

mfcegd} ce` pft} xd`tmd pfd xo}i pfcp pfdy cxd tefd`gd`% Pfo}, oe ptxe, ldc`} pa }y}pdbom xo}i xd`tmpoae%

Pfox`, dcmf MB bt}p maepxohtpd mczopcl pa c `dnctlp btptclo{cpoae nte` oe zxazaxpoae pa pfd xo}i op fc} atp}pceòeg

wopf pfd MMZ% Pfd MB pyzomclly mabbop} pa cllaw ntxpfdx nte`} pa hd mclld`, ce` pfd MMZ cl}a zlcmd} c mdxpcoe cbatepan op} awe mczopcl cp xo}i% Oe pfd d~dep c MB `dnctlp}, pfd MMZ obbdòcpdly pcid} a~dx pfd `dnctlpoeg MB'} za}opoae} ce`

pfd oeopocl bcxgoe pfd MMZ fdl` cgcoe}p pfa}d za}opoae}, ce` op zxamdd`} pa mla}d pfdb% Pfd `coly ~cxocpoae bcxgoe

ò}mozloed obza}d` hy pfd MMZ }ddi} pa de}txd pfcp pfd maepxcmp} cxd mtxxdep cp pfd pobd an `dnctlp% Pfd oeopocl bcxgoe o}

oepde`d` pa ma~dx la}}d} `txoeg pfd zdxoa` pfd MMZ o} mla}oeg atp pfd maepxcmp}% Oe pfd d~dep pfd oeopocl bcxgoe o}

oe}tnnomodep nax pfo} ztxza}d, la}}d} ae pfd maepxcmp} woll hd bc`d wfald hy `xcwoeg nxab pfd MMZ'} awe mczopcl cp xo}i,

ce` pfd btptclo{cpoae nte`, wfomf ntempoae} loid ce oe}txcemd zaal, }zxdcòeg pfd xo}i an `dnctlp cbaeg cll MB}%

Pfd MMZ c}}d}}d} c pxce}cmpoae ndd nax dcmf pxc`d mldcxd`% Pfd htli an mallcpdxcl fdl` hy pfd MMZ xdbcoe} ae pfd

hclcemd }fddp an pfd za}poeg zcxpomozcep}, wopf oepdxd}p dcxed` ae }tmf mallcpdxcl zco` pa pfa}d zcxpomozcep}%

C bcxidp zcxpomozcep edd` eap hd c MB pa hdednop nxab pfd MMZ% On pfd MMZ nxcbdwaxi cllaw}, eae"MB} bcy

maepxcmp wopf MB} pa mldcx maepxcmp} ae pfdox hdfcln% Pfd MB woll d}pchlo}f mxdòp lobop} ce` czzxazxocpd azdxcpoaecl ce`

cmmatep cxxcegdbdep} pa bcecgd pfd eae"MB'} za}opoae} ce` aegaoeg pxc`d londmymld ahlogcpoae} c} c mt}pabdx% PfdMMZ woll d}pchlo}f pfd oeopocl bcxgoe nax pfd pxce}cmpoae, ce` woll pfde c}}d}} aegaoeg ~cxocpoae bcxgoe &ce` c`kt}pbdep}

oe oeopocl bcxgoe/% Pfd MMZ woll bcid pfd}d c}}d}}bdep} pa pfd MB, wfa oe ptxe woll xdstoxd op} mt}pabdx} pa bcid pfd

}cbd zcybdep% Pfd MB woll gtcxcepdd pa pfd MMZ pfd ahlogcpoae} an op} mt}pabdx nax op} mldcxd` pxc`d}% Pfd MB woll

mfcxgd c ndd nax pfo} gtcxcepdd xald pa pfd eae"MB ce` bcy cl}a c}}d}} bcxgoe nxab pfd mt}pabdx oe dvmd}} an pfd

MMZ"xdstoxd` ld~dl, zcxpomtlcxly on pfd MB ~odw} pfd mt}pabdx c} c fogfdx mxdòp xo}i% Nxab pfd mt}pabdx'} zdx}zdmpo~d,

teloid oe pfd holcpdxcl bcxidp, pfd mt}pabdx'} za}opoae} ce` pfd oeopocl bcxgoe za}pd` hy pfd mt}pabdx pa op} MB cxd

}dgxdgcpd` nxab pfd c}}dp} an pfd MB% Pfo} cxxcegdbdep bdce} pfcp, on pfd MB wdxd pa `dnctlp `td pa op} awe za}opoae},

pfd mt}pabdx'} za}opoae} ce` za}pd` bcxgoe cxd obbdòcpdly zaxpchld, cllawoeg pfd mt}pabdx ax pfd MMZ pa zlcmd pfd

mt}pabdx'} za}opoae} ce` za}pd` bcxgoe wopf ceapfdx, }al~dep MB% e=0 Pft}, pfd MMZ o}alcpd} pfd mt}pabdx'} bcxgoe

nxab pfd hceixtzpmy an pfd MB%

Pfd `dcldx MB} pft} zlcy d}}depocl mczopclo{cpoae ce` gtcxcepdd xald} oe pfd MMZ }pxtmptxd% Pfd oepdgxopy an pfdMMZ `dzde`} ae pfd MMZ maepoetat}ly baeopaxoeg pfd mxdòp ce` mczopcl }pxdegpf an op} MB}, ce` fc~oeg xaht}p ldgcl

ce` }dmtxopy cxxcegdbdep} wopf pfdb% Nax pfo} xdc}ae, pfd MMZ lobop} mldcxoeg bdbhdx}foz pa noxb} pfcp bddp op} mczopcl

ce` mxdòp mxopdxoc% Eaedpfdld}}, pfd hdednop} an mldcxoeg cxd c~colchld pa cll bcxidp zcxpomozcep} pfxatgf pfd cgdemy an pfd

MB}% Ntxpfdx, nax mldcxoeg an cey APM zxa`tmp loid M@] pfcp o} eap pxc`d` ae ce dvmfcegd, pfd MMZ bt}p d}pchlo}f

bcxidp zxomoeg pfxatgf cecly{oeg c xcegd an zxomoeg }atxmd}% Wfold pfd MMZ woll xdgo}pdx cmptcl zxomd} cp wfomf M@]

pxc`d pfxatgf pfd matx}d an c pxcòeg `cy, ce` pfd}d zxomd} woll hd dnndmpo~d nax `dpdxboeoeg }dppldbdep zxomd}, nax ld}}

nxdstdeply pxce}cmpd` M@] MMZ} bcy xdstoxd `dcldx} pa zxa~o`d zxomd} cp wfomf pfdy watl` hd wolloeg pa pxce}cmp }tmf

M@]% D}zdmoclly oe pfd dcxly }pcgd} an mldcxoeg c mdxpcoe zxa`tmp, pfd MMZ} cxd xdlocep ae `dcldx MB} pa }tzzaxp pfd



9/41


10/41

wfald% Xdgcx`ld}} an Ldfbce'} mczopclo{cpoae, pfd mdepxclly mldcxd` ntptxd} bcxidp} `dbae}pxcpd` pfcp c MMZ'}

bcoepdecemd an oeopocl ce` ~cxocpoae bcxgoe ò}mozloed matl` fdlz zxd~dep c }ogeonomcep `dcldx zcxpomozcep'} matepdxzcxpod}

ce` pfd MMZ nxab }tnndxoeg la}}d} ae mldcxchld za}opoae}% Oe c`òpoae, nax Ldfbce'} ntptxd} zaxpnaloa, pfd MMZ

dloboecpd` oe pwa mxopomcl wcy} pfd (Paa Oepdxmaeedmpd` pa Ncol( zxahldb% Nox}p, hdmct}d Ldfbce'} za}opoae} wdxd

mdepxclly mldcxd`, Ldfbce'} axogoecl pxce}cmpoae matepdxzcxpod}, }tmf c}, nax dvcbzld, apfdx `dcldx} oe `dcldx"pa"`dcldx

pxc`d}, wdxd ea laegdx op} matepdxzcxpod} cp pfd pobd an `dnctlp""pfdy cll ncmd` pfd MMZ, }tzzaxpd` hy pfd MMZ'} bcxgoe

xdgobd ce` ntxpfdx co`d`, oe pfd d~dep pfcp bcxgoe ndll }faxp, hy pfd MMZ'} btptclo{cpoae nte`}% ]dmae`, Ldfbce'}

mt}pabdx} wdxd o}alcpd` nxab Ldfbce'} oe}al~demy""pfdox za}opoae} ce` bcxgoe wdxd zaxpchld ce` pfdox bcxgoe wc} eap

mabboegld` wopf Ldfbce'} waxioeg mczopcl htp obbdòcpdly c~colchld pa maepoetd pa hd fdl` oe xd}dx~d cgcoe}p dcmf

mt}pabdx'} pxce}cmpoae}% Pfd ncmp pfcp pfdy fc` pfo} }dmtxopy an o}alcpoae nxab Ldfbce'} hceixtzpmy bdcep pfcp pfdxd wc}

ea (xt}f( ae Ldfbce pa mla}d atp ntptxd} za}opoae} ax }ddi c`òpoaecl bcxgoe c} op }fawd` mxdòp ònnomtlpy""cgcoe pfd

MMZ bdmfceo}b} }dx~d` pa xdba~d ce (oepdxmaeedmpdèd}}( ncmpax pfcp dvcmdxhcpd` mxdòp }pxd}} oe pfd holcpdxcl bcxidp}%

Oe logfp an dvzdxodemd} wopf Ldfbce ce` dcxlodx `dnctlp} an bckax bcxidp zcxpomozcep}, ce` pfd }pcholopy an MMZ}

pfxatgf bckax bcxidp ò}lamcpoae}, xdgtlcpax} fc~d ah}dx~d` pfcp xdgtlcpd` MMZ} fc~d hdde }tmmd}}ntl oe zxa~oòeg

}pcholopy ce` cbdloaxcpoeg pfd (Paa Oepdxmaeedmpd` pa Ncol( zxahldb% e08 C} mae}de}t} fc} gxawe xdgcxòeg pfd}d

hdednop}, oemltòeg, d}zdmoclly, pfd ò}zde}cpoae an pfd edd` nax c ga~dxebdepcl hcmi}paz pa ch}axh `dnctlp la}}d},

xdgtlcpax} fc~d mabd pa xdgcx` MMZ} c} mxopomcl pa pfd ntptxd }pcholopy an pfd `dxo~cpo~d} bcxidp}% Faw ce` wfyxdgtlcpax} fc~d mabd pa pfo} maemlt}oae o} pfd }thkdmp an pfd edvp pfxdd zcxp}%

OO% PFD DÂLTPOAE AN TEOPD@ ]PCPD] @DXO^CPO^D] XDGTLCPOAE

Pfd mae~dxgdemd ae MMZ mldcxoeg nax M@] xdzxd}dep} ce chatp"ncmd nxab pfd dcxlodx Cbdxomce xdgtlcpaxy }pcemd%

Ld}} pfce c `dmc`d dcxlodx, Maegxd}} fc` cmpd` pa lcxgdly `dxdgtlcpd M@], dvzlomoply dvdbzpoeg pfdb nxab pfd

Mabbaòpy Dvmfcegd Cmp &MDC/, wfomf gdedxclly ga~dxe} `dxo~cpo~d}% e0= Pfd MDC xdstoxd} pfcp `dxo~cpo~d} hd

pxc`d` pfxatgf ce dvmfcegd xdgtlcpd` hy pfd Mabbaòpy Ntptxd} Pxc oeg Mabbo}}oae &MNPM/% e00 Oe 8:::, Maegxd}}

zc}}d` pfd Mabbaòpod} Ntptxd} Ba`dxeo{cpoae Cmp &MNBC/, cbdeòeg pfd MDC pa dvmlt`d APM `dxo~cpo~d} pxc`d`

hdpwdde mdxpcoe dlogohld zdx}ae}% e04 C} aed mabbdepcpax `d}mxohd}, (Oe }tb, oe 8::: c} c }amodpy wd mfa}d eap pa

xdgtlcpd mxdòp `dnctlp }wcz}%( e0>

Wfy ò` wd mfaa}d eap pa xdgtlcpd M@] oe 8::: ce` wfy oe 8::? ò` wd à ce chatp"ncmd1 Pfd `dmo}oae pa naxgaxdgtlcpoae wc} `td pa c hdlodn pfcp xdgtlcpoae bogfp }ponld ce obzaxpcep edw Cbdxomce bcxidp oe `dxo~cpo~d}% Pfo} ò` eap

bdce pfcp c bcxidp oe `dxo~cpo~d} watl` ncol pa `d~dlaz, htp pfcp op watl` `d~dlaz a~dx}dc}% D~de on pfd T] atplcwd`

`dxo~cpo~d}, c T] mabzcey matl` }poll ztxmfc}d c `dxo~cpo~d, d~de aed xdndxdemoeg ce Cbdxomce c}}dp, hy depdxoeg oepa

pfd pxce}cmpoae chxac`% @dxdgtlcpoeg pfd}d oe}pxtbdep} watl` fdlz pfd bcxidp nlatxo}f wopfoe pfd T]%

Pfd MNBC lcxgdly decmpd` pfd xdmabbde`cpoae} an pfd Zxd}o`dep'} Waxioeg Gxatz ae Noecemocl Bcxidp} &ZWG/%

Ld` hy pfd Pxdc}txy ]dmxdpcxy, ce` oemltòeg pfd mfcoxbde an pfd ]DM, pfd Nd`dxcl Xd}dx~d, ce` pfd MNPM, pfd ZWG'}

~odw} fal` mae}o`dxchld }wcy oe Wc}foegpae% Oe 3???, pfd ZWG xdmabbde`d` pfcp `dxo~cpo~d} depdxd` oepa holcpdxclly

hdpwdde (}azfo}pomcpd` matepdxzcxpod}( }fatl` hd dvdbzp nxab xdgtlcpoae e07 ""dopfdx c} }dmtxopod} ax c} ntptxd}% Pfd

`dxdgtlcpaxy ba~d wc} zxabzpd` oe zcxp hy pfd `d}oxd pa c~ao` la}oeg pfd `dxo~cpo~d} bcxidp pa naxdoge }faxd};

(Mxdcpoeg ce dvmlt}oae nxab pfd MDC nax }wcz} cgxddbdep} pfcp cxd holcpdxcl cgxddbdep} hdpwdde dlogohld zcxpod} ae c

zxoemozcl"pa"zxoemozcl hc}o}( watl`, pfd ZWG maemlt`d`, fdlz bcid (pfd T%]% c baxd cppxcmpo~d `dxo~cpo~d} bcxidp%(e06 Wfold pfd MNPM fc` zxaza}d` c maemdzp xdldc}d oe 3??6 pfcp watl` fc~d c}}dxpd` op} ctpfaxopy a~dx pfd APM

`dxo~cpo~d} bcxidp, e0? op fc` zxd~oat}ly pxdcpd` pfd}d oe}pxtbdep} c} dvdbzp% Hapf pfo} maemdzp xdldc}d ce` pfd

za}}oholopy pfcp pfd MDC bogfp hd xdc` pa czzly pa APM `dxo~cpo~d} wdxd zapdepoclly `d}pcholo{oeg pa ce APM `dxo~cpo~d}

bcxidp pfcp fc` zxa}zdxd` atp}o`d xdgtlcpaxy a~dx}ogfp% Pfd ldppdx naxwcxòeg pfd ZWG xdzaxp waxxod` pfcp (c mlat` an

ldgcl temdxpcoepy( fcegoeg a~dx pfd APM `dxo~cpo~d} bcxidp oe pfd T] watl`, oepdx cloc, (`cbcgd T%]% ldc`dx}foz oe

pfd}d cxdec} hy `xo~oeg pxce}cmpoae} ann"}faxd%( e4: Pfd ldppdx wc} }oged` hy Pxdc}txy ]dmxdpcxy Lcwxdemd F%

]tbbdx}, ]DM Mfcoxbce Cxpftx Ld~opp, Nd`dxcl Xd}dx~d Mfcoxbce Clce Gxdde}zce, ce` MNPM Mfcoxbce Wollocb K%

Xcoedx%

Zcgd 3:3: Mfo% K% Oep'l L% >=?


11/41

Pfd pfxdcp an naxdoge mabzdpopoae wc} ~dxy btmf ae pfd boe` an Maegxd}} wfde op mae}o`dxd` pfd ZWG'} zxaza}cl}

oe 8:::% Pfd holl'} zxoemozcl dvzaedep, ]decpax Zfol Gxcbb, mldcxly }pcpd` pfd waxxy pfcp }pxaeg xdgtlcpoae watl` `xo~d

pfd `dxo~cpo~d} bcxidp} ann}faxd; (Wd fc~d mabzdpopoae nxab cll a~dx pfd waxl` pfcp watl` ~dxy btmf loid pa }dd pfo}

gaa}d pfcp lcy} pfd gal`de dgg, pfd}d noecemocl bcxidp}, xaa}poeg oe pfdox maaz% Pfdy cxd pxyoeg pa à pfoeg} pa cppxcmp op%

Pfdy cxd teonyoeg bcxidp}% Pfdy cxd xd`tmoeg xdgtlcpaxy htx`de%( e43 ]decpax Xomfcx` Ltgcx dmfad` pfo} maemdxe;

(Wd ncmd mabzdpopoae oe pfd waxl`% Pfdxd cxd apfdx zdazld wfa cxd àoeg cll }axp} an pfoeg}%( e48 Pfd dc}d an ba~oeg

`dxo~cpo~d} pxce}cmpoae} ann}faxd wc} `dbae}pxcpd` pa pfd ]decpd mabboppdd} mae}o`dxoeg pfd MNBC% ]decpax Ltgcx

eapd` pfcp (YoRe pfd matx}d an atx fdcxoeg} wd fc` ce dldmpxaeom `dbae}pxcpoae ce` pxce}cmpd` c pxc`d xogfp oe nxaep an t}

ae fo} mabztpdx ae c Dtxazdce bcxidp % % % %( e4= Pfd Mloepae C`boeo}pxcpoae cxgtd` pfcp ncoloeg pa zc}} pfd holl (matl`

xd}tlp oe pfd ba~dbdep an pfd}d bcxidp} pa a~dx}dc} lamcpoae} wopf baxd tz`cpd` xdgtlcpaxy xdgobd}%( e40 Ce c`"fam

maclopoae an oe~d}pbdep hcei} oemltòeg Baxgce ]pceldy, Gal`bce ]cmf}, Bdxxoll Lyemf, Mopogxatz, Mxdòp ]to}}d ce`

Mfc}d Bcefcppce cxgtd` pfcp pfd holl watl` (zxd~dep pfd nlogfp an atx àbd}pom noecemocl `dxo~cpo~d} ht}oed}} chxac`%(

e44 Pfd Mfomcga Hacx` an Pxc`d ce` Mfomcga Bdxmcepold Dvmfcegd ztp op ba}p òxdmply oe c kaoep ldppdx; (C ~apd cgcoe}p

pfd holl o} c ~apd nax Laeàe ce` apfdx naxdoge bcxidp}%( e4> Pfd Cmp op}dln `dmlcxd` Cbdxomce noecemocl

mabzdpopo~ded}} pa hd c idy cob; (pa defcemd pfd mabzdpopo~d za}opoae an T] noecemocl oe}poptpoae} ce` noecemocl

bcxidp}%( e47

Op o} t}dntl pa mae}o`dx pfd maemtxxdep xdgtlcpaxy lce`}mczd oe pfd zxoemozcl clpdxecpo~d `dxo~cpo~d ktxo}òmpoae, pfdTI% Pfdxd, pfd Noecemocl ]dx~omd} Cmp an 3?6> ce` pfd Noecemocl ]dx~omd} ce` Bcxidp} Cmp an 8::: fc` lcxgdly

dvdbzpd` ba}p `dxo~cpo~d} pxce}cmpoae} nxab xdgtlcpaxy ztx~odw% Xcpfdx pfce xdgtlcpoeg oeò~o`tcl APM `dxo~cpo~d

pxce}cmpoae}, pfd TI obza}d` xd}pxompoae} ae wfomf zcxpod} wdxd cllawd` pa pxce}cmp oe APM `dxo~cpo~d}% e46

Ntxpfdxbaxd, pfd zcxpod} wdxd xdstoxd` pa mabzly wopf pfd gdedxcl xdgtlcpaxy xdstoxdbdep}, oemltòeg bcoepcoeoeg

mczopcl ce` xo}i maepxal} ce` ò}mla}txd an cll APM `dxo~cpo~d} za}opoae} pa xdgtlcpax}% e4? Cl}a, zcxpod} pxce}cmpoeg oe

APM `dxo~cpo~d} ae hdfcln an mlodep} wdxd xdstoxd` pa de}txd pfcp mlodep xdmabbde`cpoae} wdxd }topchld ce` pfcp

czzxazxocpd xo}i wcxeoeg} fc` hdde zxa~o`d`% e>:

Oe 8::7, pfd Hcei nax Oepdxecpoaecl ]dppldbdep} &HO]/ }ptòd` pfd za}}oholopy an dvzceòeg MMZ mldcxoeg nax APM

`dxo~cpo~d}% Pfd HO] xdzaxp ndll }faxp an }pxaegly deàx}oeg MMZ} nax mxdòp `dxo~cpo~d}, }tggd}poeg aely pfcp mdepxcl

hcei} ce` }tzdx~o}ax} mae}o`dx wfdpfdx (MMZ} }fatl` hd czzlod` pa zxa~o`dx} an mldcxoeg ce` }dppldbdep }dx~omd} nax

APM `dxo~cpo~d} pfcp cxd eap clxdc`y }thkdmp pa pfa}d }pce`cx`}%( e>3 Pfd xdzaxp eapd` pfd za}}oholopy an c pxc`d

oenaxbcpoae wcxdfat}d oe}pdc` an c ntll"nld`gd` MMZ mldcxoeg }pxtmptxd;

Pfxatgf c pxc`d oenaxbcpoae wcxdfat}d ax apfdxwo}d, bcxidp zcxpomozcep} bcy }ddi pa cmfod~d pfd

azdxcpoaecl hdednop} an MMZ mldcxoeg wfold zxd}dx~oeg `dmdepxclo}d` matepdxzcxp mxdòp xo}i bcecgdbdep%

MMZ mldcxoeg bcy cl}a dvzce` a~dx pobd pa demabzc}} c`òpoaecl oe}pxtbdep}, d}zdmoclly xdlcpo~dly

eae"mabzldv oe}pxtbdep}, ax pa oemlt`d podxd` mldcxoeg cxxcegdbdep} pfcp watl` cllaw mldcxoeg pa dvpde`

hdyae` pfd oepdx"`dcldx bcxidp% e>8

Pfd mfcox an pfd mabboppdd pfcp ctpfaxd` pfd HO] xdzaxp wc} Pobapfy N% Gdopfedx, pfde Zxd}o`dep an pfd Edw _axi

Nd`dxcl Xd}dx~d%

C `dmc`d cnpdx pfdox dcxlodx `dxdgtlcpaxy oepdx~depoae, e>= pfd ZWG ce` Maegxd}} xdptxed` pa APM `dxo~cpo~d}

xdgtlcpoae% Oe c xdzaxp o}}td` ae Bcxmf 3=, 8::6, kt}p `cy} hdnaxd Hdcx ]pdcxe} mallcz}d`, pfd ZWG o}}td` c zalomy}pcpdbdep xdmabbdeòeg obzxa~dbdep} oe pfd noecemocl oenxc}pxtmptxd% Op} xdmabbde`cpoae wopf xd}zdmp pa pxcòeg an

APM `dxo~cpo~d} wc}, loid pfd 8::7 HO] xdzaxp, xdlcpo~dly bol`; (]tzdx~o}ax} }fatl` c}i pfd oe`t}pxy pa `d~dlaz c

laegdx"pdxb zlce nax ce oepdgxcpd` azdxcpoaecl oenxc}pxtmptxd }tzzaxpoeg APM `dxo~cpo~d} pfcp,( oepdx cloc, (defcemd}

zcxpomozcep}' cholopy pa bcecgd matepdxzcxp xo}i pfxatgf edppoeg ce` mallcpdxcl cgxddbdep} hy zxabapoeg }pce`cxò{cpoae

ce` oepdxazdxcholopy an oenxc}pxtmptxd mabzaedep}%( e>0 Pfd xdmabbde`cpoae} wdxd nxcbd` nax pfd depoxd APM

`dxo~cpo~d bcxidp, wopfatp ò}poegto}foeg M@]% Oe ncmp, edopfdx pfd wax`} (mxdòp `dnctlp }wcz( eax (mxdòp `dxo~cpo~d(

czzdcxd` oe pfd àmtbdep% Pfd nallawoeg baepf, pfd Noecemocl ]pcholopy Naxtb &}oemd dvzce`d` ce` xdecbd` c} pfd

Noecemocl ]pcholopy Hacx`/ dmfad` pfd ZWG'} maemlt}oae} wopf xd}zdmp pa APM `dxo~cpo~d}, clba}p ~dxhcpob% e>4



12/41

Edopfdx pfd ZWG eax pfd Noecemocl ]pcholopy Naxtb xdmabbde`d` c MMZ mldcxoegfat}d% Fawd~dx, cey fd}opcemy

cbaeg xdgtlcpax} watl` ò}czzdcx wopf pfd `xcbcpom bdlpàwe} cp Hdcx ]pdcxe}, Ldfbce, ce` COG%

Cnpdx pfd Nd`dxcl Xd}dx~d'} oepdx~depoae pa }tzzaxp Hdcx ]pdcxe} hy gtcxcepddoeg holloae} oe la}}d} tzae K%Z%

Baxgce'} cmsto}opoae an pfd ncoloeg depdxzxo}d oe Bcxmf 8::6, cppdepoae ptxed` pa M@]% Bcey fc` ztxmfc}d` M@]

cgcoe}p pfd xo}i an Hdcx ]pdcxe} ncoltxd9 on Hdcx ]pdcxe} ncold`, pfa}d wfa fc` wxoppde pfd}d M@] maepxcmp} watl` fc~d pabcid gaa` ae pfdb% Ntxpfdxbaxd, Hdcx ]pdcxe} fc` op}dln wxoppde bcey M@] maepxcmp}, }dlloeg zxapdmpoae pa apfdx}% On

Hdcx ]pdcxe} ncold`, pfd}d M@] watl` hd waxpfld}}% C`òeg pa pfd clcxb, Hdcx ]pdcxe} wc} (c gocep oe pfd

a~dx"pfd"matepdx `dxo~cpo~d} bcxidp, ce` etbhdx aed hy c laeg wcy oe mxdòp"`dnctlp }wcz}%( e>> Pfd za}}oholopy an c

xozzld dnndmp nxab Hdcx ]pdcxe}' ncoltxd zxabzpd` pfd nd`dxcl xd}mtd;

Aed an pfd xdc}ae} wfy pfd xo}i an Hdcx ]pdcxe} obzlaòeg }mcxd` bcxidp zcxpomozcep} ce` xdgtlcpax} }a

btmf wc} pfcp op watl` fc~d ld` pa fte`xd`} an pfat}ce`} an M@] `dnctlpoeg""hapf pfa}d pfcp fc` Hdcx

c} c xdndxdemd mxdòp ce` maepxcmp} oe wfomf op wc} c matepdxzcxp% Pfo} o} pfatgfp pa hd aed an pfd bcoe

xdc}ae} wfy pfd Nd` oepdx~ded` pa }c~d Hdcx% e>7

Nd`dxcl Xd}dx~d Mfcoxbce Hde Hdxeceid eapd` pfcp (pfd }t``de ncoltxd an Hdcx ]pdcxe} loidly watl` fc~d ld` pa c

mfcapom tewoeòeg an za}opoae}( oe c xcegd an mxopomcl bcxidp}% e>6 Pfd cnpdx}fami an pfd ncoltxd an c hog `dcldx matl` hdwax}d pfce pfd ncoltxd op}dln%

Pfd ctpfaxopod} ptxed` pa MMZ mldcxoeg c} aed xdbd`y pa pfd zxahldb pfdy fc` dematepdxd` wopf Hdcx ]pdcxe}% Pfd

Edw _axi Nd`dxcl Xd}dx~d, ld` hy Pobapfy Gdopfedx, hdgce txgoeg noecemocl oe}poptpoae} pa ba~d pa MMZ mldcxoeg;

(]oemd pfd edcx"mallcz}d an Hdcx ]pdcxe} 3: wddi} cga, pfd namt} an pfd Edw _axi Nd` oe op} dnnaxp} pa xdnaxb pfd M@]

bcxidp fc} mfcegd` nxab txgoeg hcei} pa obzxa~d pxc`d maenoxbcpoae pa mxdcpoeg c mdepxcl mldcxoeg fat}d%( e>?

Zxd}}txd nax xdnaxb wc} gxawoeg atp}o`d ga~dxebdep% Oe Czxol, oepdxecpoaecl noecemodx Gdaxgd ]axa} `dmlcxd` (ce txgdep

edd` nax c mldcxoeg fat}d ax dvmfcegd wfdxd pfd}d pxc`d} cxd xdgo}pdxd` ce` }dppld` cmmaxòeg pa wdll"d}pchlo}fd` xtld}%(

e7: @d}mxohoeg pfd xozzld dnndmp an matepdxzcxp `dnctlp c} (c @cbamld} }wax` pfcp o} hate` pa ncll,( ]axa} mclld` nax (pfd

d}pchlo}fbdep an c mldcxoeg fat}d ax dvmfcegd nax mxdòp `dnctlp }wcz}( oe c haai zthlo}fd` oe Bcy 8::6% e73

Oe c xdzaxp o}}td` oe Ctgt}p 8::6, c mae}axpotb an ldcòeg `dcldx} cl}a ah}dx~d` pfd ~oxptd} an MMZ mldcxoeg nax

mxdòp `dxo~cpo~d};

C xaht}p MMZ mce }ogeonomceply hdednop pfd }pcholopy an pfd mxdòp `dxo~cpo~d} bcxidp hy mxdcpoeg c }fami

ch}axhdx pa ld}}de pfd obzcmp an c `dnctlp hy c bckax zcxpomozcep oe pfd bcxidp% C MMZ woll cl}a nop wdll

oepa pfd dvo}poeg bcxidp oenxc}pxtmptxd ce` c`` pa pfd a~dxcll dnnomodemy an xo}i"xd`tmoeg dnnaxp} wopfoe pfd

oe`t}pxy% e78

Pfd Fat}d Cgxomtlptxd Mabboppdd fdl` fdcxoeg} ae `dxo~cpo~d} oe ]dzpdbhdx 8::6, nallawd` hy pfd ]decpd Cgxomtlptxd

Mabboppdd pfd nallawoeg baepf% Hdmct}d mldcxoegfat}d} hdgce czzxacmfoeg ~cxoat} T] xdgtlcpax} nax ctpfaxo{cpoae pa

hdgoe mldcxoeg M@], pfd zxoemozcl xdgtlcpax} &pfd Nd`dxcl Xd}dx~d, pfd ]DM, ce` pfd MNPM/ depdxd` oepa c Bdbaxce`tb

an Te`dx}pceòeg xdgcxòeg M@] mdepxcl matepdxzcxpod}% e7=

Pfd nox}p ldgo}lcpo~d zxaza}cl czzdcxd` oe lcpd 8::6% Oe Ea~dbhdx, ]decpax Pab Fcxioe te~dold` pfd (@dxo~cpo~d}

Pxcòeg Oepdgxopy Cmp,( wfomf watl` naxmd cll APM `dxo~cpo~d}, oemltòeg M@], aepa dvmfcegd}% e70 Apfdx ldgo}lcpo~dzxaza}cl} nallawd` oe 8::?% Maegxd}}bce Malloe Zdpdx}ae oepxa`tmd` pfd @dxo~cpo~d} Bcxidp} Pxce}zcxdemy ce`

Cmmatepcholopy Cmp an 8::? ae Ndhxtcxy 33, 8::?% e74 Maegxd}}bce Boid Mc}pld oepxa`tmd` pfd Noecemocl ]y}pdb

]pcholo{cpoae ce` Xdnaxb Cmp an 8::? ae Bcxmf 8>, 8::?% e7> Ae Bcy 0, 8::?, ]decpax} Mcxl Ld~oe ce` ]t}ce Malloe}

oepxa`tmd` pfd (Ctpfaxo{oeg pfd Xdgtlcpoae an ]wcz} Cmp%( e77 Oe oepxa`tmoeg pfd holl, ]decpax} Ld~oe ce` Malloe}

dvzlcoed` pfcp pfd }pcptpaxy ce` xdgtlcpaxy dvdbzpoae} gxcepd` pa `dxo~cpo~d} fc` zxa~de pa hd c bo}pcid% e76

Ae Bcxmf 8>, 8::?, ]dmxdpcxy Pobapfy Gdopfedx oepxa`tmd` pfd C`boeo}pxcpoae'} nxcbdwaxi nax mabzxdfde}o~d

xdgtlcpaxy xdnaxb an pfd noecemocl xdgtlcpaxy }y}pdb, ce` pfd C`boeo}pxcpoae nallawd` ae Kted 37 wopf c wfopd zczdx ae



13/41

pfd }thkdmp% e7? Wopf xd}zdmp pa M@], pfd C`boeo}pxcpoae xdmabbde`d` dvpde}o~d MMZ mldcxoeg; Pa maepcoe }y}pdbom

xo}i}, pfd MDC ce` pfd }dmtxopod} lcw} }fatl` hd cbde`d` pa xdstoxd mldcxoeg an cll }pce`cxò{d` APM `dxo~cpo~d}

pfxatgf xdgtlcpd` MMZ}% Pa bcid pfd}d bdc}txd} dnndmpo~d, xdgtlcpax} watl` edd` pa xdstoxd pfcp MMZ} obza}d xaht}p

bcxgoe xdstoxdbdep} c} wdll c} apfdx edmd}}cxy xo}i maepxal} ce` pfcp mt}pabo{d` APM `dxo~cpo~d} cxd eap t}d` }aldly c}

c bdce} pa c~ao` t}oeg c MMZ% e6: Pfd}d xdmabbde`cpoae} wdxd dbhaòd` oe pfd C`boeo}pxcpoae'} `xcnp APM

@dxo~cpo~d} Xdnaxb ldgo}lcpoae, oepxa`tmd` Ctgt}p 33, 8::?% e63

]decpax Kcmi Xdd` oepxa`tmd` pfd Mabzxdfde}o~d @dxo~cpo~d} Xdgtlcpoae Cmp an 8::? ae ]dzpdbhdx 88, 8::?% e68

Ae Ampahdx 8, 8::?, Maegxd}}bce Hcxedy Nxcei oepxa`tmd` pfd A~dx"pfd"Matepdx @dxo~cpo~d} Bcxidp} Cmp an 8::?%

e6= Ae Ea~dbhdx 3:, 8::? ]decpax @a`` oepxa`tmd` pfd mabzxdfde}o~d Xd}paxoeg Cbdxomce Noecemocl ]pcholopy Cmp an

8::?, wfomf }atgfp pa (zt}f ba}p `dxo~cpo~d} pxcòeg aepa dvmfcegd}, oe ce dnnaxp pa obzxa~d pxce}zcxdemy ce` bcxidp

}pcholopy%( e60 Cll an pfd}d holl} xdndxxd` dvpde}o~dly pa pfd C`boeo}pxcpoae'} Ctgt}p 33 `xcnp, ce` cll }atgfp pa ba~d

M@] pa mdepxcl mldcxoeg, wopf hxac`dx ax ecxxawdx dvmdzpoae}%

Ae @dmdbhdx 8=, 8::6, pfd ]DM gxcepd` LMF%Mldcxedp c pdbzaxcxy dvdbzpoae pa cllaw op pa azdxcpd c} c MMZ nax

M@]% e64 Pfd ]DM gxcepd` OMD Pxt}p c }obolcx dvdbzpoae ae Bcxmf >, 8::?, e6> ce` gxcepd` aed pa pfd Mfomcga

Bdxmcepold Dvmfcegd Oem &MBD/ ce` Mopc`dl Oe~d}pbdep Gxatz, LLM ae Bcxmf 3=, 8::? pa azdxcpd c mabhoed`

mldcxoeg ce` dldmpxaeom pxcòeg ncmolopy nax M@]% e67 OMD Pxt}p hdgce mldcxoeg M@] ae Bcxiop M@V oeòmd} ae Bcxmf?, 8::?, pft} hdmaboeg pfd nox}p MMZ pa à }a oe pfd T]% e66 Ae Kted 8, 8::?, bckax noecemocl bcxidp zcxpomozcep}

mabboppd` pa zxa~o`d pfdox }pce`cxò{d` M@] mlodep} wopf cmmd}} pa c MMZ ea lcpdx pfce @dmdbhdx 34, 8::?% e6? Hapf

OMD ce` MBD ceeatemd` oepdepoae} pa hdgoe mldcxoeg mt}pabdx pxce}cmpoae} ae ax hdnaxd pfo} `dc`loed% e?:

OOO% PFD DTXAZDCE XDGTLCPAX_ XD]ZAE]D

D~de pfatgf M@] wdxd zoaeddxd` hy Cbdxomce} oe pfd 3??:}, e?3 pfdy stomily hdmcbd zaztlcx oe Dtxazd% C

Dtxazdce Mdepxcl Hcei &DMH/ }pt`y }tggd}p} pfcp 03 zdxmdep an M@] oe`dv zxa`tmp} oe Kcetcxy 8::? wdxd hc}d` ae

Dtxazdce xdndxdemd depopod} &ecbdly, oPxcvv Dtxazd/, =7 zdxmdep an M@] maepxcmp} wdxd wxoppde ae Dtxazdce

maxzaxcpoae} ax }a~dxdoge} oe Bcxmf 8::?, ce` pfcp =? zdxmdep an M@] wdxd `deaboecpd` oe Dtxa} oe 8::7% e?8 Wfold

fogf zxanold M@]"xdlcpd` ncoltxd} fc` ammtxxd` oe pfd T], pfd Dtxazdce ctpfaxopod} xdmageo{d` pfd xo}i} c}}amocpd` wopf

M@] c} pfdox awe%

Oe Dtxazd, MMZ} wdxd fcx`ly c ea~dl o`dc nox}p maemdo~d` za}p"Ldfbce% Pfdy fc` laeg hdde dbzlayd` oe c ~cxodpy

an pxce}cmpoae}% e?= Oe 8::3, pfd DMH'} Ga~dxeoeg Matemol maemlt`d`, wopf xd}zdmp pa hapf }dmtxopod} ce` `dxo~cpo~d},

pfcp (YaRwoeg pa pfd zapdepocl }y}pdbom obzaxpcemd an }dmtxopod} mldcxoeg ce` }dppldbdep }y}pdb}, pfd Dtxa}y}pdb fc} ce

oepdxd}p oe MMZ mldcxoeg ce` mae}o`dx} pfcp op o} d}}depocl pa d}pchlo}f, oe ma"azdxcpoae wopf pfd apfdx xdld~cep ctpfaxopod},

dnndmpo~d xo}i bcecgdbdep }pce`cx`}%( e?0 Pfd xdmabbde`cpoae wc} ncx nxab `dnoeopo~d, fawd~dx% Pfdxd wc}

temdxpcoepy chatp pfd czzxazxocpd oenxc}pxtmptxd, wopf }abd zxaza}oeg c }oegld MMZ ma~dxoeg dstopod}, hae`}, `dxo~cpo~d}

ce` mabbaòpod}% e?4 D~de on pfd DMH wc} eap mdxpcoe chatp pfd `dpcol}, op mldcxly `dmlcxd` op} zxdndxdemd nax c MMZ

d}pchlo}fd` wopfoe pfd Dtxa{aed, c zxdndxdemd pfcp watl hd xdzdcpd` za}p"Ldfbce% e?>

Oe Czxol 8::6, ae pfd fddl} an pfd Hdcx ]pdcxe} `dhcmld ce` nallawoeg c laegdx zdxoa` an noecemocl bcxidp ptxbaol,

pfd Noecemocl ]pcholopy Naxtb, c waxioeg gxatz an noecemocl xdgtlcpax} nxab ldcòeg dmaeabod}, anndxd` op} xdzaxp nax

(defcemoeg bcxidp ce` oe}poptpoaecl xd}olodemd%( e?7 Wfold pfd xdzaxp }tggd}pd` }pce`cxò{cpoae an mxdòp `dxo~cpo~d}

ce` zxabapd` bcecgoeg matepdxzcxpy xo}i pfxatgf edppoeg ce` mallcpdxcl cgxddbdep},( op ò` eap mcll nax c MMZ

mldcxoegfat}d nax mxdòp `dxo~cpo~d}% e?6

Oe pfd wcid an pfd noecemocl mxo}o}, Dtxazd stomily dbhxcmd` pfd eapoae an c MMZ mldcxoegfat}d nax M@]""wopf pfd

c`òpoaecl mc~dcp pfcp op hd lamcpd` oe Dtxazd% C} wd }fcll }dd, pfd Dtxazdce ctpfaxopod}, xcegoeg nxab pfd DMH, pfd

Dtxazdce Mabbo}}oaedx nax Oepdxecl Bcxidp ce` ]dx~omd}, pfd Dtxazdce Matemol, pa pfd TI'} Noecemocl ]dx~omd}

Ctpfaxopy &N]C/, ce` d~de pfd Dtxazdce Zcxlocbdep, `dmlcxd` pfdox }tzzaxp nax c Dtxazdce mldcxoegfat}d nax M@]%

Zcgd 3=3: Mfo% K% Oep'l L% >=?


14/41

Cnpdx Ldfbce'} `dbo}d oe ]dzpdbhdx 8::6, pfd txgdemy ce` }zdmonomopy an }tzzaxp nax c MMZ nax M@] gxdw% Oe pfd

btlpolcpdxcl }dppoeg an pfd Noecemocl ]pcholopy Naxtb, hc}d` oe Hc}dl, pfdxd wc} cgxddbdep oe Ampahdx 8::6 ae pfd edd`

nax MMZ"hc}d` mldcxoeg; (Oe ~odw an bcxidp `d~dlazbdep}, op o} obzaxpcep pfcp bcxidp zcxpomozcep} zxd}} cfdc` wopf pfdox

mabbopbdep} pa obzxa~d pfd APM mxdòp `dxo~cpo~d} bcxidp}, oemltòeg ztppoeg oe zlcmd MMZ mldcxoeg cxxcegdbdep oe

pfd edcx ntptxd%( e?? Pfd lcegtcgd txgd` ~altepcxy dnnaxp}, pfatgf pfd pfatgfp an c za}}ohld bce`cpd matl` eap fc~d

hdde ncx cwcy%

Oe Ampahdx 8::6, pfd Dtxazdce Mabbo}}oaedx nax Oepdxecl Bcxidp ce` ]dx~omd}, Mfcxld} BmMxdd~y, mclld` c

bddpoeg wopf oe`t}pxy ce` Dtxazdce xdgtlcpax} pa }ztx (maemxdpd zxaza}cl} c} pa faw pfd xo}i} nxab mxdòp `dxo~cpo~d}

mce hd bopogcpd`%( e3:: Mabbo}}oaedx BmMxdd~y dbhxcmd` MMZ} nax M@], }cyoeg pfcp wfold M@] }pce`cxò{cpoae

wc} obzaxpcep, (pfdxd o} c ncx baxd zxd}}oeg edd` ce` pfcp o} pa fc~d c mdepxcl mldcxoeg matepdxzcxp nax pfd}d `dxo~cpo~d}%(

e3:3

Pfd DMH za}opoae hdmcbd baxd oe}o}pdep c} pa pfd edd` nax c MMZ a~dx pfd edvp ndw baepf}% Oe Ea~dbhdx, pfd

Ga~dxeoeg Matemol an pfd DMH `dmlcxd`;

Pfd Dtxa}y}pdb }fcxd} pfd ~odw} an pfd Noecemocl ]pcholopy Naxtb ce` an pfd Dtxazdce Mabbo}}oae ae

pfd obzaxpcemd an xd`tmoeg matepdxzcxp xo}i ce` an defcemoeg pxce}zcxdemy oe APM `dxo~cpo~d} bcxidp},d}zdmoclly oe pfa}d zcxp} an pfd bcxidp pfcp cxd an }y}pdbom obzaxpcemd &d%g% mxdòp `dxo~cpo~d}, oemltòeg

mxdòp `dnctlp }wcz}/% Pfdxd cxd c etbhdx an oeopocpo~d} coboeg pa cmfod~d pfd}d gacl} pfxatgf pfd

oepxa`tmpoae an mdepxclo}d` mldcxoeg }altpoae} nax APM `dxo~cpo~d}% e3:8

Hy @dmdbhdx, pfd Ga~dxeoeg Matemol an pfd DMH maemlt`d` pfcp (pfdxd wc} c edd` nax cp ldc}p aed Dtxazdce MMZ nax

mxdòp `dxo~cpo~d} ce` pfcp, go~de pfd zapdepocl }y}pdbom obzaxpcemd an }dmtxopod} mldcxoeg ce` }dppldbdep }y}pdb}, pfo}

oenxc}pxtmptxd }fatl` hd lamcpd` wopfoe pfd dtxa cxdc%( e3:=

Pfcp }cbd baepf, pfd Dmaeabom ce` Noecemocl Cnncox} Matemol an pfd DT `dmlcxd` op} }tzzaxp nax aed ax baxd

Dtxazdce MMZ} nax APM `dxo~cpo~d} bcxidp} ce` wdep ntxpfdx pa dematxcgd glahcl maaxòecpoae ae pfd xdnaxb}% Pfd

Matemol `dmlcxd` pfcp op;

]TZZAXP] pfd `dmlcxcpoae bc`d hy pfd Dtxazdce Mabbo}}oae ae pfd noecemocl }pcholopy mfclldegdza}d` hy pfd gxawoeg }mcld an APM `dxo~cpo~d} dvza}txd ce` oe zcxpomtlcx mxdòp `dxo~cpo~d} ce` pfd edd`

pa }tzzaxp czzxazxocpd oeopocpo~d} pa xd`tmd pfa}d xo}i}, eapchly hy `d~dlazoeg, c} c nox}p }pdz ce` c} c

bcppdx an txgdemy, pfd mxdcpoae an aed ax baxd Dtxazdce MMZ mldcxoeg mczcmopod} oe APM `dxo~cpo~d}

bcxidp}, ce` DEMATXCGD] mafdxdemd wopf zcxclldl oeopocpo~d} cp glahcl ld~dl% e3:0

Pfd ldcòeg àbd}pom Hxopo}f xdgtlcpax, pfd N]C, c``d` pa pfd xdgtlcpaxy czzxacmf hy `dmlcxoeg oe Ea~dbhdx 8::6 pfcp

pfd TI'} bcxidp cht}d xdgtlcpaxy xdgobd czzlod` pa M@]% e3:4 Pfo} }ogecld` op} wolloeged}} pa c}}dxp op} xdgtlcpaxy

ctpfaxopy baxd gdedxclly a~dx pfd bcxidp% Cl}a oe 8::6, pfd N]C hdgce pfd zxamd}} an czzxa~oeg czzlomcpoae} hy zxo~cpd

zcxpod} pa zxa~o`d MMZ mldcxoeg }dx~omd} nax APM `dxo~cpo~d}% Hy Bcxmf 8::?, pfd N]C zthlomly `dmlcxd` op} }tzzaxp nax

MMZ mldcxoeg oe pfd M@] bcxidp% Pfd N]C'} xd~odw an pfd noecemocl mxo}o}, ld` hy fdc` C`cox Ptxedx, oemlt`d` aed

xdmabbde`cpoae zaoepoeg òxdmply pa M@] pxcòeg; (Mldcxoeg ce` MMZ }y}pdb} }fatl` hd `d~dlazd` pa ma~dx pfd

}pce`cxò}d` maepxcmp} wfomf cmmatep nax pfd bckaxopy an M@] pxcòeg%( e3:>

Pfd Dtxazdce Mabbo}}oae fc} pcide pfd ldc` xald oe mxcnpoeg c Dtxazdce xd}zae}d% C }pcnn xdzaxp nax pfd Dtxazdce

Mabbo}}oae, popld` (De}txoeg Dnnomodep, ]cnd ce` ]ate` @dxo~cpo~d} Bcxidp},( bc`d zdxfcz} pfd ba}p }y}pdbcpom

annomocl mc}d nax c MMZ mldcxoegfat}d nax M@] pa `cpd% e3:7 Pfd xdzaxp detbdxcpd` pfd xdc}ae} nax c MMZ mldcxoeg

}pxtmptxd nax `dxo~cpo~d} ce` `dmlcxd` }tmf c }pxtmptxd d}zdmoclly txgdep nax M@]% (Ba}p apfdx `dxo~cpo~d},( pfd }pcnn

maemlt`d`, (czzdcx ld}} xo}iy( pfce M@]% e3:6 ]faxply cnpdx pfd zthlomcpoae an pfd }pcnn xdzaxp, pfd Dtxazdce

Mabbo}}oae hdgce c zthlom mae}tlpcpoae ae (za}}ohld oeopocpo~d} pa defcemd pfd xd}olodemd an APM `dxo~cpo~d} bcxidp}%(

e3:? Op xdmdo~d` 333 xd}zae}d}, xcegoeg nxab zxo~cpd oeò~o`tcl} pa pfd Waxl` Hcei% e33: Pfd gxdcp htli an pfd



15/41

xd}zae}d} dbhxcmd` pfd o`dc an c MMZ mldcxoegfat}d, pfatgf bcey ònndxd` a~dx pfd `dpcol}, oemltòeg faw pa

oemdepo~o{d mldcxoeg pfxatgf MMZ} xcpfdx pfce holcpdxclly%

Hy 8::?, pfd oeopocl depft}oc}b nax MMZ mldcxoeg nax M@] fc` aely hdmabd }pxaegdx% Pfd dbhxcmd an MMZ mldcxoeg

demabzc}}d` eap aely M@] xdgtlcpax} htp cl}a M@] `dcldx}% Wfold dvo}poeg mldcxoegfat}d} nax apfdx }dmtxopod} ce`

`dxo~cpo~d} wdxd ht}y htolòeg edw mldcxoegfat}d} nax M@], op xdbcoed` ld}} pfce mdxpcoe wfcp zdxmdepcgd an M@]mldcxoeg pfd}d fat}d} watl` cppxcmp% Zxd}}txd nxab DT ctpfaxopod}, d}zdmoclly pfd Dtxazdce Mabbo}}oae, fdlzd` zt}f

pfd mldcxoeg }altpoae% Nxab Ampahdx 8::6 aewcx`}, Mabbo}}oaedx BmMxdd~y xdzdcpd`ly `dbce`d` pfcp pfd oe`t}pxy

ba~d pawcx`} MMZ mldcxoeg% Pfd nallawoeg Kcetcxy, fd wc} czzcxdeply ò}}cpo}nod` wopf pfd zxagxd}}, mct}oeg fob pa

o}}td c (pdx}d mabbdep( pfxatgf c }zaid}bce; (Wd fc~de'p gap c mabbopbdep pa ba~d pa mdepxcl mldcxoeg % % % }a eaw

wd nddl pfcp }oemd pfdxd o}e'p pfd degcgdbdep hy pfd oe`t}pxy, pfd zxakdmp c} }tmf fc} ncold` ce`, pfdxdnaxd, pfd

Mabbo}}oae fc} pa mae}o`dx pfd czzxazxocpd edvp }pdz}%( e333 Oe Ndhxtcxy 8::?, eoed `dcldx} }dep c ldppdx pa Dtxazdce

Mabbo}}oaedx BmMxdd~y mabboppoeg pa pfd t}d an c Dtxazdce MMZ nax Dtxazdce M@] hy Ktly =3, 8::?% e338

Pfd pfxdcp an xdgtlcpoae wc} pfd pcmpom t}d` pa }ztx zxo~cpd cmpoae% (Xdgtlcpax} hxceò}f wdczae},( c fdc`loed oe c

bckax Dtxazdce noecemocl bcxidp} edw}zczdx `dmlcxd` oe Bcxmf 8::?% e33= Pfd Mabbo}}oae }dp c `dc`loed an Ktly =3,

8::? nax mldcxoeg dlogohld Dtxazdce M@] pfxatgf c MMZ% Ae Ktly =, 8::?, wopf }abd temdxpcoepy chatp wfdpfdx pfd

`dc`loed watl` hd bdp, pfd Mabbo}}oae xdopdxcpd` op} wcxeoeg;

A~dxcll, c} an pa`cy Yàmtbdep `cpd` Ktly =, 8::?R, op o} paa dcxly pa kt`gd wfdpfdx pfd `dcldx}' dnnaxp}

woll hd deatgf pa xd}zdmp pfd mabbopbdep pa mldcx dlogohld Dtxazdce M@] hy =3 Ktly 8::?% Go~de pfd

pfxdcp pa noecemocl }pcholopy, on op wc} eap xd}zdmpd`, apfdx wcy} pa xdcmf pfd }cbd ahkdmpo~d watl` fc~d pa

hd nate`% e330

Hy Ktly =3, pwa MMZ}, OMD Mldcx Dtxazd ce` Dtxdv Mxdòp Mldcx, fc` ahpcoed` pfd edmd}}cxy xdgtlcpaxy czzxa~cl} nax

mldcxoeg Dtxazdce M@]% Pfd}d pwa MMZ} lctemfd` oe Ktly, `cy} hdnaxd pfd Mabbo}}oae `dc`loed;

OMD Mldcx Dtxazd, azdxcpd` hy Cplcepc"hc}d` Oepdxmaepoedepcl Dvmfcegd &Omd/, fc} }a ncx atp}pxozzd` xo~cl

Dtxdv Mxdòp Mldcx, awed` hy Nxceintxp"hc}d` `dxo~cpo~d} dvmfcegd Dtxdv% Hy Ctgt}p 83, Omd Mldcx

Dtxazd fc` mldcxd` 8,088 pxce}cmpoae}, papclloeg DTX30>%0 holloae an eapoaecl, ce` fc` 33 `dcldx} c}

òxdmp mldcxoeg bdbhdx}% Hy maepxc}p, Dtxdv Mxdòp Mldcx fc` cppxcmpd` aely pwa bdbhdx}, Eabtxc ce`TeoMxdòp, ce` hy Ctgt}p 83 fc` mldcxd` kt}p pfxdd pxce}cmpoae}, papclloeg DTX64 bolloae% e334

OMD Mldcx Dtxazd'} }tmmd}} wc} `td oe zcxp pa pfd ncmp pfcp op wc} `dcldx"}tzzaxpd` ce` fc` ce cnnolocpd zxdmd`dep oe M@]

mldcxoeg""pfd OMD Pxt}p T] mldcxoeg zlcpnaxb, wfomf fc` lctemfd` ae Bcxmf ?, 8::?% e33> Ae Ktly =3, Mabbo}}oaedx

BmMxdd~y fdxcl`d` pfd MMZ `d~dlazbdep}; (Mldcxoeg pfxatgf mdepxcl matepdxzcxpod} &MMZ}/ o} idy pa obzxa~oeg xo}i

bcecgdbdep ce` pa oemxdc}oeg pfd }pcholopy an pfd noecemocl }y}pdb% O cb zldc}d` pfd dvpxcaxòecxy dnnaxp} hy pfd

oe`t}pxy ce` }dx~omd zxa~o`dx} fc~d bc`d op za}}ohld pfcp pwa Dtxazdce MMZ} cxd }pcxpoeg pa mldcx pfd}d zxa`tmp}%( e337

O^% WF_ MAE^DXGDEMD1

Wfy ò` xdgtlcpax} ae hapf }o`d an pfd Cplcepom mabd pa }dd MMZ mldcxoeg nax M@] c} c idy pa xdnaxboeg pfd glahcl

noecemocl cxmfopdmptxd1 Fdexy Fce}bcee ce` Xdoeodx Ixccibce `d}mxohd c etbhdx an bdmfceo}b} hy wfomf

mae~dxgdemd ae c xdgtlcpaxy ba`dl bogfp ammtx; (Pfdxd cxd, hxac`ly }zdcioeg, pfxdd wcy} oe wfomf c ba`dl anmaxzaxcpd lcw mce mabd pa hd xdmageo{d` c} }tzdxoax; hy naxmd an lagom, hy naxmd an dvcbzld, ce` hy naxmd an

mabzdpopoae%( e336 Wfold Fce}bcee ce` Ixccibce }zdci an maxzaxcpd lcw, pfd}d bdmfceo}b} mce cl}a fc~d dnndmp oe

apfdx cxdc} an lcw% Pfd naxmd an dvcbzld `xa~d c }dcxmf nax c edw xdgtlcpaxy xdgobd; wopf pfd c`~dep an pfd mxdòp mxo}o},

pfd zxoemozcl clpdxecpo~d ba`dl pa MMZ mldcxoeg""nc~axoeg `dxdgtlcpoae hdmct}d an zxd}tbd` bcxidp }azfo}pomcpoae""wc}

eaw }dde c} c ncoltxd, oec`dstcpd pa pfd pc}i an c}}txoeg wdll"mczopclo{d` M@] matepdxzcxpod} wopf c`dstcpd xo}i

bcecgdbdep% Op wc} pfde pfd naxmd an lagom pfcp }dx~d` c} pfd zxoemozcl bdmfceo}b `xo~oeg mae~dxgdemd oe pfd xdgtlcpoae

an mxdòp `dxo~cpo~d}% Oe`dd`, pfd }tx~dy an pfd xdgtlcpaxy xd}zae}d pa M@]"c}}amocpd` ncoltxd} cha~d }tggd}p} pfcp



16/41

xdgtlcpax} oe Hxt}}dl} ce` Wc}foegpae mcbd pa }dd MMZ mldcxoeg c} c mxtmocl htlwcxi cgcoe}p c ntptxd `dxo~cpo~d}

obzla}oae% Xdgtlcpax} }cw pfd zapdepocl ~cltd an c MMZ oe fdlzoeg pa maepcoe pfd xo}i} an mxdòp `dxo~cpo~d} wopfatp

}tnnamcpoeg pfd deaxbat} bcxidp oe }tmf `dxo~cpo~d}%

Ceed"Bcxod ]lctgfpdx ce` Fcxal` Iaf fc~d cl}a o`deponod` pxce}ecpoaecl edpwaxi} ce` apfdx eaxb zxazaedep} c}

idy pa ecpoaecl mae~dxgdemd tzae c glahcl ldgcl eaxb% e33? Oe`dd`, wd }dd pfd}d pxce}ecpoaecl naxmd} cp waxi wopfxd}zdmp pa M@] mldcxoeg% Pxce}ecpoaecl edpwaxi} an xdgtlcpax} ce` pxce}ecpoaecl oe}poptpoae}, hapf zthlom ce` zxo~cpd,

fc~d zlcyd` c idy xald oe }tzzaxpoeg ce` dlchaxcpoeg pfd xdnaxb% Pfd Dtxazdce xd}zae}d wc} naxbtlcpd` zxobcxoly cp pfd

}tzxcecpoaecl xdgoaecl ld~dl oe Hxt}}dl}, xcpfdx pfce oe ecpoaecl mczopcl}%

Wd noe` clpdxecpo~d dvzlcecpoae} ld}} mabzdlloeg% Fce}bcee ce` Ixccibce o`depony pwa apfdx zapdepocl naxmd} pfcp

bogfp ldc` pawcx`} mae~dxgdemd; (dvzlomop dnnaxp} cp mxa}}"hax`dx fcxbaeo{cpoae, ce` mabzdpopoae cbaeg ktxo}òmpoae}

nax maxzaxcpd mfcxpdx}%( e38: Mae~dxgdemd ò` eapcxo}d pfxatgf mabzdpopo~d zxd}}txd} pa bcpmf c naxdoge xdgtlcpaxy

xdgobd, ax pfxatgf madxmo~d zxd}}txd} czzlod` hy aed matepxy tzae naxdoge xdgtlcpax}%

Wfy ò` xdgtlcpax} dbhxcmd MMZ mldcxoeg nax M@]1 Wfcp xald ò` pxce}ecpoaecl edpwaxi} zlcy oe pfo} zxamd}}1 Pfd

}dmpoae} hdlaw dvzlcoe pfd lagom an MMZ mldcxoeg ce` pfd mxtmocl xald an pxce}ecpoaecl edpwaxi} oe pfd zxamd}} an

xdgtlcpaxy mae~dxgdemd% Wd cl}a anndx }abd zxdloboecxy ah}dx~cpoae} chatp }obolcxopod} ce` ònndxdemd} oe pfdxdgtlcpaxy zxamd}} ldcòeg pa mae~dxgdemd oe pfd T] ce` Dtxazd% Wd maemlt`d hy eapoeg pfd edd` nax maaxòecpoae oe

zxabtlgcpoeg }abd an pfd `dpcol} oe pfd xdgtlcpoae pa zxd~dep xdgtlcpaxy ldcicgd%

C% Pfd Mabzdlloeg Lagom an MMZ Mldcxoeg

Pfd mallcz}d an COG ce` Ldfbce xd~dcld` pfcp APM `dxo~cpo~d}, c }dmpax an pfd noecemocl bcxidp} pfcp wc} lcxgdly

texdgtlcpd` ce` fc` gxawe pa ò{{yoeg fdogfp}, matl` hd c ldcòeg ncmpax oe pfd ncoltxd an c bckax bcxidp zcxpomozcep ce`

mct}d pfd ncoltxd an aed bcxidp zcxpomozcep pa `xcg bcey apfdx} àwe% Pfd hcolatp an COG htx`ded` pcvzcydx} wopf

deaxbat} ma}p} nax pfd cmpoae} an c ndw, ce` pfd `dmo}oae hy pfd ga~dxebdep eap pa hcol atp Ldfbce }dep }famiwc~d}

pfxatgf glahcl mxdòp bcxidp}% Pfd ncmp pfcp APM `dxo~cpo~d} wdxd texdgtlcpd` bdcep pfd ga~dxebdep fc` ndw paal} pa

zxdòmp pfd mallcz}d an pfd}d oe}poptpoae}, pa oepdx~ded pa zxd~dep }tmf mallcz}d}, ax d~de pa xdmageo{d ntlly pfd

òbde}oae} an pfd ncllatp nxab pfdox ncoltxd% Pfd mxo}o} bc`d op mldcx pfcp pfd texdgtlcpd` bcxidp claed, gxawe pa pfd }o{d

op fc`, ò` eap fc~d }tnnomodep oepdxecl }cndgtcx`} pa zxd~dep ntxpfdx mallcz}d}% Maepxcxy pa pfd `dxdgtlcpaxy ba~d} anpfd zxoax `dmc`d, xdgtlcpax} eaw maemlt`d` pfcp pfd mxdòp `dxo~cpo~d} bcxidp ò` eap fc~d }tnnomodep bdmfceo}b} pa

ò}mozloed op}dln% e383

Cp pfd }cbd pobd, xdgtlcpax} ò` eap nddl op zxt`dep pa xdgtlcpd }a }pxomply c} pa mxozzld c noecemocl oe}pxtbdep pfcp

bcey zxo~cpd zcxpod} &ce` d~de pfd Waxl` Hcei e388/ nate` ~cltchld% Pft}, oe }ddioeg pa dloboecpd pfd maeòpoae} pfcp

ld` pa pfd ncll an COG ce` Ldfbce, xdgtlcpax} ncmd` pfd mfclldegd an mclohxcpoeg pfa}d htx`de} pa hd c`dstcpd pa c~ao`

ceapfdx noecemocl mxo}o} ax ceapfdx zthlom xd}mtd, htp eap }a fdc~y c} pa mxdcpd te`td ò}xtzpoae pfdb}dl~d}%

Wd hdlod~d pfcp pfd mae~dxgdemd an pfd T] ce` Dtxazdce xdgtlcpaxy czzxacmfd} pa APM `dxo~cpo~d} xdgtlcpoae

xdnldmp} zcxclldl dnnaxp} pa }pxoid pfo} hclcemd% Wfold hapf pfd T] ce` Dtxazd mae}o`dxd` c wo`d xcegd an xdgtlcpaxy

azpoae}, c mae}de}t} ~odw dbdxgd`% Xdgcx`ld}} an pfd ò~dx}opy an ncmpax} ce` `dmo}oae} pfcp tlpobcpdly hxatgfp COG ce`

Ldfbce àwe, fc` pfdxd hdde c`dstcpd mczopcl ax zxapdmpd` bcxgoe c}}amocpd` wopf pfd}d pwa noxb}' APM `dxo~cpo~d}

pxce}cmpoae}, dopfdx pfdy watl` eap fc~d `dnctlpd` ax pfd mae}dstdemd} an pfdox `dnctlp} watl` eap fc~d xo}de pa pfd }cbd

}y}pdbom ld~dl% Oe pfd dyd} an pfd xdgtlcpax}, COG ce` Ldfbce, ce` cxgtchly bcey apfdx bcxidp zcxpomozcep}, fc`

dvpdxeclo{d` }abd zaxpoae an pfd xo}i pfdy fc` ch}axhd` hy falòeg oec`dstcpd (xd}dx~d}( cgcoe}p pfdox zapdepocl aegaoeg

ahlogcpoae}, dopfdx oe pfd naxb an mczopcl ax za}pd` bcxgoe, fdl` }dzcxcpd nxab apfdx waxioeg mczopcl% Ce ahlogcpoae pa

fal` fogfdx (xd}dx~d}( watl` fc~d xd`tmd` zxanop}, htp op bogfp cl}a fc~d obza}d` mczopcl mae}pxcoep} pfcp watl` fc~d

ld` pfdb pa xd`tmd pfdox dvza}txd% Ntxpfdxbaxd, pfd (xd}dx~d}( bogfp fc~d oemxdc}d` pfd za}}oholopy pfcp pfdy matl` bddp

pfdox ahlogcpoae} pa matepdxzcxpod}, oe}pdc` an zc}}oeg pfd la}}d} pa pcvzcydx} &oe pfd mc}d an COG/ ce` matepdxzcxpod} &oe

pfd mc}d an Ldfbce/% Oe pfo} bceedx, obza}oeg mczopcl ce` bcxgoe xdstoxdbdep} mce fdlz pa oepdxeclo{d pfd ntll xo}i} an

Zcgd 3>3: Mfo% K% Oep'l L% >=?


17/41

`dxo~cpo~d} maepxcmp} cmxa}} pfdox `txcpoae%

Ga~dxebdepcl dnnaxp} pa de}txd }tnnomodep (xd}dx~d}( oe~al~d pwa mabzaedep}; &3/ }zdmonom mczopcl ce` bcxgoe xtld}

ae APM `dxo~cpo~d} pxce}cmpoae}, ce` &8/ bce`cpd} pa mldcx pfd gxdcpd}p za}}ohld zxazaxpoae an APM `dxo~cpo~d} dvza}txd

pfxatgf xdgtlcpd` mdepxcl matepdxzcxpod} wfdxd }tmf mczopcl ce` bcxgoe xtld} cxd azdxcpoaeclo{d`% Obza}opoae an mczopcl

ce` bcxgoe ld~dl} o} c paal wdll ieawe pa pfd xdgtlcpax}, htp op fc} op} `xcwhcmi}% Faw woll xdgtlcpax} ieaw pfdy fc~d}dp czzxazxocpd ld~dl} ce` c`kt}pd` pfdb zxazdxly a~dx pobd pa xdnldmp bcxidp maeòpoae} ce` bcxidp oeea~cpoae1 On paa

fogf, pfdy pfxdcpde pa `cbcgd bcxidp dnnomodemy9 on paa law, pfdy woll eap fc~d pfdox oepde`d` zxd~depo~d dnndmp% Oe

c`òpoae, pfdxd o} c ftgd ~altbd an `dxo~cpo~d} pxcòeg àed wopf eae"xdgtlcpd` depopod}% Faw mce xdgtlcpax} mczptxd pfo}

nlaw, wopfatp mlcoboeg ktxo}òmpoae a~dx bcxidp zcxpomozcep} wfa apfdxwo}d watl` ncll atp}o`d noecemocl xdgtlcpaxy

a~dx}ogfp1

MMZ} anndx c xdgtlcpd` bcxidp"hc}d` nxcbdwaxi nax c`boeo}pdxoeg mczopcl ce` bcxgoe ò}mozloed% Pfxatgf MMZ},

mczopcl xtld}, ce` bcxgoe xtld}, xdgtlcpax} mce }ddi pa noe` mabzxabo}d cbaeg pfd wo`d xcegd an mae}poptdemod} ce`

bcxidp zcxpomozcep oepdxd}p}% C MMZ }dx~d} c} c edtpxcl matepdxzcxp wopf dvzdxpo}d oe bcxidp xo}i bcecgdbdep ce`

zxobcxy ht}oed}} oemdepo~d} pa zxd~dep `dnctlp ce` pa de}txd pfcp, on pfdxd o} `dnctlp, cll pxce}cmpoae} cxd c`dstcpdly

mallcpdxclo{d`%

Nax xdgtlcpax}, c MMZ anndx} c etbhdx an c`~cepcgd};

3% Mt}pabdx }dgxdgcpoae ce` zaxpcholopy% Pfd o}alcpoae an mt}pabdx za}opoae} ce` bcxgoe nxab pfd

oe}al~demy an c MB matl` dloboecpd pfd Ldfbce xo}i%

8% Edppoeg% Ann}dppoeg za}opoae} oe }pce`cxò{d` mldcxd` maepxcmp} cxd obbdòcpdly edppd`, c} mabzcxd` pa

holcpdxcl ann}dppoeg za}opoae} wopf ònndxdep matepdxzcxpod} wfomf mceeap hd mallcz}d`% Edppoeg an za}opoae}

watl` ldc` pa xd`tmpoae an a~dxcll dvza}txd, wfomf oe ptxe watl` ldc` pa mabbde}txcpd xd`tmpoae an hapf

matepdxzcxp dvza}txd} ce` noecemoeg ce` mczopcl xdstoxdbdep} nax falòeg pfd }cbd xo}i% Pfo} hdednop} eap

aely zcxpomozcep}, htp pfd }y}pdb c} c wfald%

=% Bcxgoeoeg!xo}i bcecgdbdep oe`dzde`demd ce` mae}o}pdemy% Pfd MMZ bcoepcoe} c maepoetat} zxomoeg

ce` bcxi"pa"bcxidp ò}mozloed% C} eapd` oe pfd Ldfbce dvcbzld, c MMZ d}pchlo}fd} bcxgoe hc}d` ae pfd

oefdxdep xo}i an pfd oe}pxtbdep, ce` o} eap degcgd` c} c pxcòeg depopy wopf pxcòeg xdlcpoae}foz} pfcp

bogfp oenltdemd mxdòp `dmo}oae}% Pfd MMZ mae}pceply ce` edtpxclly c}}d}}d} pfd matepdxzcxp xo}i an MB},c} wdll c} mt}pabdx} cmxa}} btlpozld MB}% Op fc} pfd cholopy pa c}}d}} c`òpoaecl bcxgoe nxab }tmf MB}

ce` mt}pabdx}, ce` pa obza}d mldcxoeg lobop}% Op cl}a fc} pfd cholopy pa c}}d}} maemdepxcpoae xo}i, nax aed

mt}pabdx cmxa}} btlpozld MB} ax cmxa}} pfd }y}pdb} c} c wfald, ce` pcid zxd~depo~d bdc}txd}% Pfd MMZ

eap aely de}txd} pfcp ~cxocpoae bcxgoe o} mae`tmpd` t}oeg hd}p c~colchld bcxidp zxomoeg, htp op

maepoetat}ly xdmclohxcpd} ce` xdstoxd} zcxpomozcep} pa c`kt}p pfd oeopocl bcxgoe cbatep pa xdnldmp mfcegd}

oe zxomd ce` xo}i, ce c`kt}pbdep pfcp o} pyzomclly eap mae`tmpd` oe pfd holcpdxcl bcxidp%

0% Btptclo{cpoae nte`% Oe c wdll"bcecgd` MMZ, `dnctlp hy aed zcxpy àd} eap xd~dxhdxcpd pfxatgf pfd

}y}pdb, hxoegoeg àwe matepdxzcxpod}, ce` pfde pfdox matepdxzcxpod}, oe c àboea dnndmp% Pfo} o} hdmct}d

}tmf la}}d} woll hd ch}axhd` pfxatgf c zxd"nte`d` btptclo{cpoae }pxtmptxd, oepa wfomf pfd MMZ bcy

xdstoxd MB} pa maepxohtpd c`òpoaecl mczopcl a~dx pobd pa c`kt}p nax oemxdc}d} oe xo}i% Pfo} boeobo{d} pfd

xo}i an ga~dxebdep hcolatp} oe `dnctlp, ce` zxa~o`d} nax ce ax`dxly waxiatp wopf boeobcl bcxidp

ò}xtzpoae% Pfd }tmmd}}ntl waxiatp} an Ldfbce ntptxd} ce` oepdxd}p xcpd }wcz} `d}mxohd` cha~d anndx} cxdmdep dvcbzld an }tmmd}}ntl `dnctlp bcecgdbdep% e38=

4% Pxce}zcxdemy% MMZ} zxa~o`d `cpc mczptxd, `cpc xdzaxpoeg, ce` de` an `cy }dppldbdep zxomd}""t}dntl nax

hapf xdgtlcpax} ce` bcxidp zcxpomozcep} oe cepomozcpoeg ce` bcecgoeg xo}i%

>% Mczopcl hdednop}% Hdmct}d MMZ} fc~d hdppdx mxdòp stclopy pfce oeò~o`tcl bcxidp zcxpomozcep}, `dcldx

MB} pxce}cmpoeg wopf }tmf matepdxzcxpod} bcy }dd mczopcl c`dstcmy hdednop}%

7% C lamt} nax xdgtlcpoae% C MMZ zxa~o`d} c lamt} nax xdgtlcpoae% On ba}p pxc`d} ammtx pfxatgf c lobopd`

etbhdx an zlcpnaxb}, xdgtlcpax} woll noe` op dc}odx pa baeopax mabzlocemd wopf xdgtlcpoae% Hy maepxc}p, op

o} baxd ònnomtlp pa baeopax pfd malldmpoae ce` }tnnomodemy an bcxgoe xdstoxdbdep} ae holcpdxcl pxc`d} pfcp



18/41

matl` ammtx ceywfdxd, ceypobd%

Ce a~dxcxmfoeg gacl cmfod~d` hy c MMZ o} pfd oepdxeclo{cpoae an xo}i% Pfd Ldfbce ncoltxd `dbae}pxcpd` pfcp pfd holcpdxcl

}y}pdb, on oec`dstcpdly mczopclo{d` ax mallcpdxclo{d`, dvza}d} pfd oe~d}pax pa pfd mxdòp xo}i an op} matepdxzcxp, ce`

}obolcxly dvza}d} pfd depoxd noecemocl }y}pdb pa pfcp xo}i, wopf pfd zapdepocl nax c àboea dnndmp pfxatgf oepdxmaeedmpd`

ahlogcpoae}% Pfd MMZ, ae pfd apfdx fce`, mxdcpd} c fth"ce`"}zaid }pxtmptxd atp an pfd holcpdxcl wdh pfcp o}alcpd} hapf pfdoe~d}pax ce` pfd }y}pdb nxab pfo} xo}i ce` de}txd} }tnnomodep mallcpdxclo{cpoae%

MMZ} anndx c nxcbdwaxi pa fdlz de}txd pfcp dcmf pxc`d o} }tnnomodeply mallcpdxclo{d` pfxatgf bcxgoe ce` xdgtlcpaxy

mczopcl% Wfdxd pfdxd o} }tnnomodep bcxgoe fdl` oe c xdgtlcpd` mdepxcl mldcxoegfat}d, xdgtlcpaxy mczopcl htx`de} matl` hd

dc}d` pa xdnldmp pfd xd`tmpoae oe matepdxzcxp ce` }y}pdbom xo}i% Mae~dx}dly, wfdxd c pxc`d o} eap mldcxd` ce` pft} eap

c}}txd` an hdoeg mallcpdxclo{d` wopfoe c xdgtlcpd` }pxtmptxd, xdgtlcpax} fc~d wo`dly }atgfp pa oemxdc}d xdgtlcpaxy mczopcl

ax holcpdxcl bcxgoe oe ax`dx pa anndx }obolcx ld~dl} an zxapdmpoae pa pfd noecemocl }y}pdb% ]tnnomodeply fogf ld~dl} an

xdgtlcpaxy mczopcl }dp cgcoe}p holcpdxcl pxc`d} }fatl` fdlz de}txd pfcp `dcldx} fc~d deatgf oe (xd}dx~d( pa ch}axh la}}d},

pfdxdhy bopogcpoeg pfd xo}i an `dnctlp oe pfd nox}p zlcmd% On c `dcldx `dnctlp wdxd pa ammtx, pfd (xd}dx~d( watl` fdlz xd`tmd

matepdxzcxp la}}d}%

Mxopom} an MMZ} cxgtd pfcp MMZ} maemdepxcpd xo}i, mxdcpoeg c }oegtlcx zaoep an ncoltxd% Wfold pfd xo}i an MMZ ncoltxdmceeap hd ò}matepd`, pfdxd o} xdc}ae pa pfoei pfcp pfd xo}i woll hd hdppdx bcecgd` pfce oe c holcpdxcl bcxidp% Pfd xo}i pfcp

c MMZ ncmd} mce hd `dmabza}d` oepa pwa xo}i}; pfd bcxidp xo}i pfcp cey pxc`d pfcp op fc} depdxd` oepa woll hdmabd c hc`

hdp9 ce` pfd matepdxzcxp xo}i pfcp pfd matepdxzcxp pa cey pxc`d woll zxa~d techld pa bddp op} ahlogcpoae}% C MMZ o}

zdxndmply fd`gd` ae d~dxy bcxidp xo}i, c} op fc} ce dstcl ce` azza}opd pxc`d nax d~dxy dvza}txd op fal`}% Pfd MMZ'}

zxobcxy namt} o} pfdxdnaxd ae bcecgoeg matepdxzcxp xo}i, nax wfomf op obza}d} bcxgoe xdstoxdbdep}, wfomf op c`kt}p}

mae}pceply% Ntxpfdxbaxd, pfd MMZ cmmdzp} aely losto` maepxcmp} nax mldcxoeg pa de}txd pfcp oe pfd d~dep an c `dnctlp pfd

MMZ mce xczo`ly ò}za}d an op} za}opoae}% Noeclly, pfd MMZ fc} c btptclo{cpoae nte` ce` `dnctlp bcecgdbdep

zxamd`txd}% Oe dnndmp, c MMZ mce ptxe pa op} MB} nax c hcol atp, xcpfdx pfce pa pfd pcvzcydx% Op o} obzaxpcep pa xdmageo{d

pfcp Hdcx, Ldfbce, ce` COG cl}a dcmf maemdepxcpd` xo}i""pfdy }dx~d` c} `d ncmpa texdgtlcpd` mdepxcl mldcxoeg

matepdxzcxpod}, wopfatp pfd ò}mozloed} an c xdgtlcpd` MMZ%

Pfdxd woll hd xo}i} pfcp xdbcoe atp}o`d pfd }mazd an pfd mdepxcl matepdxzcxp mldcxoeg% Nax dvcbzld, COG'} M@]

zaxpnaloa wc} maemdepxcpd` ae baxpgcgd"xdlcpd` zxa`tmp}, loid mallcpdxclo{d` `dhp ahlogcpoae}, nax wfomf ea mldcxoegncmolopod} ydp dvo}p% Aely c }pxompdx mczopcl ce` bcxgoe ò}mozloed watl` fc~d fdlzd`% Fawd~dx, }pce`cxò{d` ce` fogfly

losto` maxzaxcpd M@] xdzxd}dep} pfd ~c}p htli an xo}i oe pfd bcxidp, ce` pfd}d matl` hd mldcxd`% e380

On MMZ} zxa~o`d }tmf etbdxat} hdednop}, wfy fc~d pfd zxo~cpd `dxo~cpo~d} bcxidp} eap ba~d` pa pfdb ch}dep

ga~dxebdep zxd}}txd1 C} clxdc`y oeòmcpd`, `dcldx} fc~d oemdepo~d} pa zxdndx pfd }pcpt} sta% Nox}p, MMZ} zthlo}f cmptcl

pxce}cmpoae zxomd} cp ldc}p aemd zdx `cy, xd`tmoeg pfd oenaxbcpoaecl c`~cepcgd pfd `dcldx} fal` oe pfd holcpdxcl bcxidp%

Ntxpfdx, hdmct}d zcxpod} pxce}cmp pfxatgf c MMZ ieawoeg pfcp pfdy woll eap ncmd holcpdxcl matepdxzcxp xo}i hdmct}d pfdox

matepdxzcxp nxab pfd ae}dp woll hd pfd MMZ, pfdy woll hd oeònndxdep pa pfd o`depopy an pfdox pxc`d dvdmtpoae matepdxzcxp,

mxdcpoeg pfd nate`cpoae nax ceaeybat} dldmpxaeom pxcòeg, }tmf c} ce dvmfcegd pfcp ntxpfdx oemxdc}d} zxomd pxce}zcxdemy%

Pfd xd`tmpoae an `dcldx hcei}' oenaxbcpoaecl, (hclcemd }fddp( ce` oenaxbcpoaecl c`~cepcgd} dechld} edw depxcep} pa

mabzdpd nax bcxidp }fcxd ce` cl}a xd`tmd} zdx pxc`d xd~detd pfxatgf pogfpdx ho`"anndx }zxdc`}% Oe c`òpoae, oe pfd

holcpdxcl bcxidp} `dcldx} pyzomclly à eap za}p oeopocl bcxgoe pa pfdox hty"}o`d matepdxzcxpod} hdmct}d, c} mczopcl}tzdx~o}d` ce` xcpd` depopod}, pfdy wdxd hdnaxd pfd mxo}o} an 8::6 ~odwd` c} fc~oeg c boeobcl xo}i an `dnctlp% Pfdy à,

fawd~dx, malldmp oeopocl bcxgoe nxab pfd htli an pfdox hty"}o`d matepdxzcxpod}, baeod} pfcp pfdy bcy xd`dzlay pa noecemd

pfdox awe cmpo~opod}% Oe c mdepxclly mldcxd` }y}pdb, `dcldx} bt}p za}p oeopocl bcxgoe ae dcmf an pfdox pxc`d} ce` mce ea

laegdx t}d pfdox mt}pabdx}' oeopocl bcxgoe, wfomf oe}pdc` o} fdl` oe }dgxdgcpd` cmmatep}%

Mdxpcoe maxzaxcpd de`"t}dx} an `dxo~cpo~d}, wfold }tzzaxpo~d an fc~oeg pfd azpoae pa mldcx, fc~d }dzcxcpdly cxgtd`

cgcoe}p bce`cpaxy mldcxoeg nax ndcx pfcp pfdox ma}p} an tpolo{cpoae an `dxo~cpo~d} maepxcmp} bcy oemxdc}d% Pfdy dvzxd}}

maemdxe pfcp `dcldx} bcy }ddi pa zc}} ae c }fcxd an fogfdx mczopcl ma}p} oe c MMZ pa pfdb% ]abd de`"t}dx} fc~d eap



19/41

fo}paxomclly hdde xdstoxd` pa za}p dopfdx oeopocl ax ~cxocpoae bcxgoe% Wfold pfd mfaomd pa wco~d bcxgoe xdzxd}dep} ce

dvpde}oae an mxdòp hy pfd `dcldx}, pfd ma}p an wfomf bcy hd oemlt`d` oe pfd pxce}cmpoae ma}p} nax pfd M@], de`"t}dx}

bcy }poll ~odw pfd edd` pa za}p bcxgoe c} c ld}} nc~axchld `dzlaybdep an mczopcl%

Xdgtlcpax} cxd cwcxd pfcp pfdxd o} mabbdxmocl xd}o}pcemd pa MMZ mldcxoeg% Pfd Dtxazdce Mabbo}}oae ah}dx~d` pfo}

oe Ktly 8::?;

Oemdepo~d} pa t}d MMZ} clxdc`y dvo}p% Bcxidp zcxpomozcep} fc~d c ecptxcl oemdepo~d pa t}d MMZ mldcxoeg, c}

op xd`tmd} pfdox matepdxzcxp mxdòp xo}i ce` cllaw} xdgtlcpaxy mczopcl }c~oeg}% Fawd~dx, pfd}d oemdepo~d}

fc~d eap hdde }tnnomodep oe a~dxmaboeg mabbdxmocl oemdepo~d} nc~atxoeg holcpdxcl mldcxoeg% Pfdxdnaxd, pfd

Mabbo}}oae o} mae}o`dxoeg wcy} pa }ogeonomceply }pxdegpfde pfd oemdepo~d} pa t}d MMZ mldcxoeg }a c} pa

ò}bcepld cey mabbdxmocl fd}opcpoae pa pcid tz MMZ mldcxoeg wfdxd~dx za}}ohld% e384

H% Pfd Xald an Pxce}ecpoaecl Edpwaxi}

Bcey pxce}ecpoaecl zlcydx} zxa~d` mxtmocl oe pfd M@] xdgtlcpoae }paxy% Edpwaxi} an annomocl noecemocl xdgtlcpax}, c}

wdll c} edpwaxi} an zxo~cpd noecemocl cmpax}, zxa~o`d` pdmfeomcl ieaw"faw ce` maaxòecpd` pfd xd}pxtmptxoeg an pfd

glahcl noecemocl bcxidp} pa cmmabba`cpd M@] mldcxoeg%

Bcey an pfd M@] `dcldx} wdxd zxo~cpd noecemocl oe}poptpoae} pfcp azdxcpd` ae hapf }o`d} an pfd Cplcepom, ce` pft}

wdxd pfdb}dl~d} pxce}ecpoaecl zlcydx}% Pfdxd wdxd cl}a mldcxoegfat}d} nxab Laeàe pa Mfomcga idde ae dvzceòeg pfd

oe}pxtbdep} pfdy mldcxd`% Dvo}poeg mldcxoegfat}d} nax apfdx zxa`tmp} }tmf c} OMD, MBD, ce` LMF% Mldcxedp }atgfp pa

dvzce` pfdox }dx~omd} hy mxdcpoeg edw mldcxoegfat}d} nax M@]% OMD ce` MBD, hc}d` oe pfd T], }dp atp pa dxdmp

mldcxoegfat}d ncmolopod} nax M@] ae hapf }o`d} an pfd Cplcepom% Pfo} dnnaxp pa dvzce` oepa M@] mldcxoeg hdgce d~de

hdnaxd pfd Ldfbce ncoltxd% Pfd mldcxoegfat}d} xdzxd}dep pfd }tzzly"`xo~de zcxp an pfd bcxidp% Pfd `dbce`"`xo~de zt}f

nax M@] MMZ mldcxoegfat}d} fc} hdde baxd btpd`, d~de pfatgf pfdxd o} wo`d}zxdc` cgxddbdep pfcp MMZ

mldcxoegfat}d} }fatl` xd`tmd xo}i nax M@] htydx} ce` }dlldx} c} wdll c} lawdx `dcldx bcxgoe}, oe zcxp hdmct}d an pfd

nxcgbdepcpoae an pfd hty"}o`d xdlcpo~d pa pfd maemdepxcpd` etbhdx an bckax `dcldx} oe pfd bcxidp%

Pfd mldcxoegfat}d} pfdb}dl~d} }atgfp czzxa~cl} nxab pfd xdld~cep xdgtlcpaxy ctpfaxopod}, oemltòeg pfd Nd`dxcl

Xd}dx~d ce` pfd N]C% e38> Htp htolòeg c mldcxoegfat}d hy op}dln matl` eap oe}txd pfcp zcxpod} watl` mldcx pxc`d} pfdxd%Oe pfd ch}demd an xdgtlcpaxy mabztl}oae, zxo~cpd `dcldx} fc~d xdbcoed` c mxopomcl naxmd oe pfd xdclo{cpoae an mldcxoeg

azdxcpoae}% Pfdox }tzzaxp nax OMD, oe wfomf pfdy fc` c }ogeonomcep }pcid, zdxboppd` op pa mabd pa bcxidp stomily% C}

eapd` cha~d, `dcldx} mabboppd` pa hapf Dtxazdce ce` Cbdxomce xdgtlcpax} pa ba~d bckax zaxpoae} an pfdox M@] pa MMZ

mldcxoegfat}d}% Pfd gxatz an `dcldx} wfa bc`d pfo} mabbopbdep oemlt`d` hcei} nxab hapf }o`d} an pfd Cplcepom%

Pxce}ecpoaecl zxo~cpd edpwaxi} }tmf c} Oepdxecpoaecl ]wcz @dcldx} C}}amocpoae &O]@C/ cl}a zxa~d` mxtmocl% O]@C

ld` pfd dnnaxp pa }pce`cxò{d M@], c edmd}}cxy zxdxdsto}opd pa MMZ mldcxoeg% Pfd}d oemlt`d` c (hog hceg( ce` c (}bcll

hceg,( pwa d~dep} oe wfomf bcxidp zcxpomozcep} }obtlpcedat}ly cgxdd` pa baòny M@] maepxcmp} zxa}zdmpo~dly ce`

xdpxacmpo~dly pa maenaxb pa }pce`cxò{d` pdxb}% e387 Pfd nox}p }tmf }pce`cxò{cpoae wc} oe Czxol 8::?, wfde pfd M@]

bcxidp te`dxwdep c (hog hceg( oe pfd naxb an c xdpxacmpo~dly obza}d` baònomcpoae pa M@] maepxcmp}% e386 Pfo} mfcegd

wc} te`dxpcide hy O]@C wopf baxd pfce 8,::: bcxidp zcxpomozcep} c`fdxoeg pa pfd zxapamal% e38? Pfd (hog hceg(

glahclly }pce`cxò{d` pfd ò}ztpd xd}altpoae zxamd}} oe pfd d~dep an c mlcob an `dnctlp ax hceixtzpmy% O]@C'} (hog hceg(

cl}a (d}pchlo}fd` `dpdxboecpoa

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