HSWWMIV PLQL KtGULFDV
TIUYIREW GIRXVEMW LMHVS IPqGXVMGEW IQ 4SVXYKEP TEWWEHS TVIWIRXI I JYXYVS
2 SUHVHQWH DUWLJR YLVD DERUGDU D HYROXomR GDV 3HTXHQDV &HQWUDLV +LGUR HOpFWULFDV HP 3RUWXJDO IDFXOWDQGR XPD SHTXHQD UHVHQKD KLVWyULFD SDVVDQGR SHOR SUHVHQWH HQTXDGUDPHQWR GR VHFWRU H WHUPLQDQGR FRP XPD EUHYH SHUVSHFWLYD SDUD R IXWXUR 0EVE *IVVIMVE I %RXzRMS 7j HE 'SWXE %46)2 %WWSGMEpnS 4SVXYKYIWE HI )RIVKMEW 6IRSZjZIMW ETVIR$ETVIR TX
-RXVSHYpnS % jKYE q HIWHI Lj QYMXS XIQTS YQE JSR XI HI IRIVKME 7I RS TEWWEHS JSM YWEHE TEVE QSIV GIVIEMW TEVE QSZIV SW TMW~IW YXMPM^E HSW RE MRH WXVME Xs\XMP SY EMRHE TEVE EGGMSREV EW KVERHIW WIVVEW HEW WIVVEp~IW HI QEHIMVE E IRIVKME HE jKYE q LSNI IQ HME YWEHE GSQS JSRXI TEVE TVSHY^MV IPIGXVMGMHEHI RSW GLE QEHSW ETVSZIMXEQIRXSW LMHVS IPqGXVMGSW )WXIW ETVSZIMXEQIRXSW UYI WI PSGEPM^EQ RSW GYVWSW HSW VMSW MRXIKVEQ YQ GSRNYRXS HI IPIQIRXSW UYI ZnS HIWHI E FEVVEKIQ UYI FEVVE S GYVWS RSVQEP HE jKYE ES GMV GYMXS LMHVjYPMGS UYI GSRHY^ E jKYE HIWHI E FEVVEKIQ EXq k GIRXVEP TVSTVMEQIRXI HMXE SRHI WI IRGSRXVEQ EW QjUYMREW KIVEHSVEW HI IPIGXVMGMHEHI SW KVYTSW XYVFMRE KIVEHSV % TVSHYXMZMHEHI HIWXIW ETVSZIMXEQIRXSW QYMXS HITIRHI HE JSVQE GSQS E jKYE GSVVI REXYVEPQIRXI RS VMS HITIRHIRHS HE IWXE 40
pnS HS ERS ZEVMEFMPMHEHI ERYEP I HS JEGXS HS ERS WIV QEMW SY QIRSW L QMHS ZEVMEFM PMHEHI MRXIVERYEP 4EVE TSHIV KEVERXMV YQE QIPLSV HMWXVMFYMpnS HIWXI VIGYVWS GSRWXVSIQ WI FEVVEKIRW HI QEMSVIW HMQIRW~IW UYI TIVQMXIQ E GVMEpnS HI EPFYJIMVEW UYI IQ JYRpnS HE WYE HMQIRWnS I HS GEYHEP HI HMQIRWMSREQIRXS HSW ETVS ZIMXEQIRXSW TIVQMXIQ JE^IV YQE VIKYPEVM^E pnS HS GEYHEP HIRXVS HS ERS SY IRXVI ERSW 3W ETVSZIMXEQIRXSW LMHVS IPqGXVMGSW XsQ EPKYQEW GEVEGXIVuWXMGEW UYI PLIW GSRJIVIQ TVSTVMIHEHIW RMGEW RYQ WMWXIQE IPqGXVMGS QSHIVRS 7EPMIRXEQ WI IRXVI SYXVSW S JEG XS HI TVSHY^MVIQ IPIGXVMGMHEHI JE^IRHS YWS HI YQ VIGYVWS REXYVEP WIQ IQMWWnS HI KE WIW GSQ IJIMXS HI IWXYJE E E TSWWMFMPMHEHI HI EVQE^IREV IRIVKME RS GEWS HI TSWWYuVIQ EPFYJIMVE I HI TSHIVIQ WIV VETMHEQIRXI EG GMSREHSW EXMRKMRHS E TSXsRGME Qj\MQE IQ
QIRSW HI HSMW QMRYXSW )REPXIGI WI EMRHE E WYE GETEGMHEHI HI XVEFEPLEV RYQE KEQE QYM XS EPXE HI VIRHMQIRXS IQ XSVRS HSW TEVE YQE KVERHI ZEVMEpnS HI GEYHEP HITIR HIRHS GPEVS HS XMTS HI QjUYMRE YWEHS (EW MR QIVEW GPEWWM½GEp~IW ETPMGjZIMW ESW ETVSZIMXEQIRXSW LMHVS IPqGXVMGSW VIJIVI WI E UYI HM^ VIWTIMXS k TSXsRGME %WWMQ GSRZIR GMSRSY WI HIWMKREV TIUYIRE GIRXVEP LMHVS IPqGXVMGE 4', kW UYI XsQ YQE TSXsRGME GSQTVIIRHMHE IRXVI I 1; )WXE q E HI½RMpnS HI 4', EGIMXI TIPE 'SQMWWnS )YVS TIME I TIPE )YVSTIER 7QEPP ,]HVSTS[IV %WWS GMEXMSR )7,% 4EVE EW TSXsRGMEW MRJIVMSVIW E 1; ETPMGE WI E HIWMKREpnS HI QMGVS LuHVMGEW I EGMQE HI 1; KVERHIW LuHVMGEW 2SXI WI RS IRXER XS UYI EGXYEPQIRXI WI GSRWMHIVEQ KVERHIW LuHVMGEW EW UYI I\GIHIQ 1; I 4',W HI XVERWMpnS EW UYI WI WMXYEQ IRXVI I 1;
HSWWMIV PLQL KtGULFDV
TVSGIHMQIRXSW RnS WIVj TSWWuZIP S ETVSZIM XEQIRXS TPIRS HS TSXIRGMEP MHIRXM½GEHS
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HE E GSQTSWMpnS HEW GSQMWW~IW HI EZEPMEpnS EQFMIRXEP HIZIRHS MRGPYMV TIPS QIRSW YQ XqGRMGS HE IRXMHEHI PMGIRGMEHSVE E (+)+ I EGIMXEV IQ XSHEW EW VIYRM~IW HE VIJIVMHE GSQMWWnS YQ VITVIWIRXERXI HS TVSQSXSV UYI RnS HIZIVj XIV HMVIMXS E ZSXS 'SQ IWXEW WMQTPIW QIHMHEW HIZIVj WIV TSW WuZIP EWWIKYVEV UYI SW TVE^SW HS PMGIRGME QIRXS I S VIWYPXEHS HSW QIWQSW WINEQ QEMW VjTMHSW I GSRWIRXlRISW GSQ SW SFNIGXMZSW XVEpEHSW TEVE 4SVXYKEP 3YXVE UYIWXnS UYI HIZI MKYEPQIRXI WIV VI ZMWXE q E JSVQE HI EXVMFYMpnS HE PMGIRpE TEVE YXMPM^EpnS HE jKYE TEVE E TVSHYpnS HI IPIG XVMGMHEHI I VIWTIGXMZS TSRXS HI PMKEpnS 2nS WI HIZI GSRXMRYEV E MRWMWXMV IQ WMWXIQEW UYI I\MKIQ TEKEQIRXSW TVIZMEQIRXI k IJIGXMZE EXVMFYMpnS HI PMGIRpEW GSQS WI TEWWSY RS ½REP HI f GSRHIRjZIP UYI S TVSHYXS HIWXIW TEKEQIRXSW WINE VIXMVEHS HS WMWXIQE IPqGXVMGS TEVE ½RERGMEV S )WXEHS WIRHS HI TSMW TYFPMGEQIRXI E½VQEHS UYI EW XEVMJEW EWWSGMEHEW kW IRIVKMEW VIRSZjZIMW IQ VIKMQI IWTIGMEP WnS IPIZEHEW (IZI VIJIVMV WI UYI RIWXE WMXYEpnS SW TVS QSXSVIW HIWXIW TVSNIGXSW EGXYEQ GSQS ½RERGMEHSVIW HS )WXEHS ½GERHS GSQ YQ HMVIMXS HI ZMV E WIV VIWWEVGMHSW HEW GSRXVMFYM p~IW TEKEW EXVEZqW HEW XEVMJEW UYI WnS TEKEW TIPSW GSRWYQMHSVIW HI &EM\E 8IRWnS 2SV QEP HYVERXI S TIVuSHS HI XEVMJE KEVERXMHE f EMRHE HIM\EHE YQE RSXE ESW GVMXqVMSW HI EXVMFYMpnS HI TVSNIGXSW HI 4',W UYI HI ZIQ TEYXEV WI TIPE UYEPMHEHI HEW WSPYp~IW XqGRMGEW ETVIWIRXEHEW E JSVQE GSQS STXM QM^EQ SW VIGYVWSW LuHVMGSW IQ GEYWE FIQ GSQS EW GEVEGXIVuWXMGEW HS PSGEP VIWTIMXER HS WIQTVI EW GSRHMGMSRERXIW EQFMIRXEMW (IZIVME XEQFqQ HI EPKYQE JSVQE WIV GSRWMHIVEHE E I\TIVMsRGME HSW TVSNIGXMWXEW I TVSQSXSVIW TSMW q YQE JSVQE HI KEVER XMV S QIPLSV YWS HI YQ VIGYVWS UYI q HI XSHSW RzW FIQ GSQS HIZIVj WIV GSRWMHI VEHE HI YQE JSVQE ETVSTVMEHE E GETEGMHE HI ½RERGIMVE HS TVSQSXSV TEVE PIZEV TEVE E JVIRXI RYQ TVE^S VE^SjZIP S TVSNIGXS UYI TVST~I 'SQ IWXEW QIHMHEW TSHIVnS WIV JSVXIQIR XI VIHY^MHEW EW QSZMQIRXEp~IW IWTIGYPEXM ZEW UYI XsQ WYVKMHS GSQS XEQFqQ WIVMEQ
GVMEHEW GSRHMp~IW TEVE UYI RS GEWS HSW TVSNIGXSW RnS WIVIQ MQTPIQIRXEHSW RIWWI TVE^S VE^SjZIP S TVSNIGXS TYHIWWI ZMV E WIV EXVMFYuHS E SYXVS TVSQSXSV %TIWEV HIWXEW QIHMHEW ENYHEVIQ E XSVREV S TVSGIWWS QEMW I\TIHMXS RnS q GIVXS UYI WI GSRWMKE EVVERGEV GSQ E GSRWXVYpnS HI RSZSW TVSGIWWSW E GYVXS TVE^S 8EQFqQ WnS WSFINEQIRXI GSRLIGMHEW EW HM½GYPHEHIW IQ SFXIV ½RERGMEQIRXS TEVE TVSNIGXSW IQ 4SVXYKEP TIPS UYI RnS WI HIZIVj TEVEV SY VIXEVHEV S TVSGIWWS HI EXVMFYMpnS HI RSZSW TVSNIGXSW TSMW q HI IWTIVEV UYI UYERHS IWXMZIVIQ IQ JEWI HI TVSGYVE HI ½RERGME QIRXS EW HM½GYPHEHIW WIRXMHEW LSNI IQ HME IWXINEQ Nj YPXVETEWWEHEW 4SV PXMQS HIZIVj WIV IRGEVEHE GSQ TEVXM GYPEV EXIRpnS E HMWTSRMFMPM^EpnS HI TSRXSW HI PMKEpnS RE VIHI HI HMWXVMFYMpnS )WXIW TVS NIGXSW HI 4',W IRZSPZIQ TSXsRGMEW VIPEXMZE QIRXI VIHY^MHEW TIPS UYI HIZIVj WIV JIMXS YQ IWJSVpS EHMGMSREP TIPS STIVEHSV HE VIHI HI HMWXVMFYMpnS IQ GSRWIKYM PEW E XIRW~IW I HMWXlRGMEW GSQTEXuZIMW GSQ E HMQIRWnS HI GEHE TVSNIGXS
2SXEW ½REMW 4SVXYKEP XIQ XVEHMpnS RS WIGXSV LMHVS IPqGXVMGS UYI GSQIpSY RS WqGYPS <-< GSQ EW TVMQIMVEW 4',W 2S MRuGMS HE HqGEHE HI LSYZI YQ VIWWYVKMQIRXS HE EGXMZMHE HI E UYI WI WIKYMY YQ JSVXI EFVERHEQIRXS RS MRuGMS HS WqGYPS <<- % TSXsRGME UYI JE^ TEVXI HSW SFNIGXMZSW IRXVIKYIW IQ &VY\IPEW RS ERS TEWWEHS MQTPMGE YQ IWJSVpS WIQIPLERXI ES IJIGXYE HS Lj GIVGE HI ERSW UYI XVSY\I ES TEuW VIWYPXEHSW QYMXS TSWMXMZSW 2nS q MQTSW WuZIP EXMRKMV 1; IQ 4',W IQ RS IRXERXS TEVE XEP WIVj RIGIWWjVME E GSS TIVEpnS HI XSHEW EW IRXMHEHIW IRZSPZMHEW FIQ GSQS E MQTPIQIRXEpnS HEW QIHMHEW ZIVXMHEW RS 42%)6 I EW HIQEMW EGMQE VIJI VMHEW HEW UYEMW WI WEPMIRXEQ S FEPGnS RMGS E GSQTSWMpnS HE GSQMWWnS HI EZEPMEpnS HSW MQTEGXIW EQFMIRXEMW I E JSVQE HI EXVMFYMpnS HSW RSZSW TVSNIGXSW :EQSW TSMW XSHSW T|V QnSW k SFVE I GSPEFS VEV HI JSVQE E VETMHEQIRXI XIV HI RSZS IQ QEVGLE S TVSNIGXS REGMSREP HEW 4',W 43