ÓY^W :-.

Cfj[`\jkifj^XeXe[`\qXlef
3OYõZURDOõzYõQU·
J\iqli[fef\j#\ejˆ#e`e^’egifYc\dX%Ef_Xpd}jhl\m\i_XjkX[e[\_Xcc\^X[f9XiXZbFYXdX1·X
gi\j`[\ek\[\cfj<jkX[fjLe`[fjG\ifkXdY`„e\jZ`\ikfhl\cfj\jkl[`Xek\jqli[fjcfk`\e\ed}j[`]ˆZ`c
XcX_fiX[\X[XgkXij\Xledle[fg\ejX[fgXiX[`\jkifj1\ciXkep\ck\ZcX[f[\cfi[\eX[fi#cXjk`a\iXj#
cfjZlX[\iefj#cX\jZi`kliX[\`qhl`\i[XX[\i\Z_X¿GX[i\jpgif]\jfi\j[\Y\ej\iZfejZ`\ek\j[\\jkXj
[`ÔZlckX[\jp#\ecXd\[`[X[\cfgfj`Yc\#]XZ`c`kXic\jcXjZfjXjX\jkfjXcldefj%Gfi\a\dgcf#j\ek}e[fcfj
\e\ccX[f`qhl`\i[f[\cfjglg`ki\j[fYc\j#]XZ`c`k}e[fc\jdXk\i`XcX[XgkX[ffXpl[}e[fcfjXjlg\iXicXj
gi`d\iXj[`ÔZlckX[\j\jZfcXi\j#\e\cZXjf[\hl\jliaXe%

:\iZX[\le('[\cfj\jkl$ hl\ccXdXdfj[`\jkiXj\jk}e YXce %P#gfi’ck`df#cfjqli$ ]ˆXj[\]\kfjhl\j\Z_lgXe\c

[`Xek\jjfeqli[fj%8lehl\
\jkX gifgfiZ`e [`jd`elp\
Xc^f \eki\ cXj dla\i\j# p
Xld\ekX le gfZf \eki\ cfj
_fdYi\j#\jleXZ`]iXcfYXj$
kXek\`dgfikXek\ZfdfgXiX
gi\jkXic\legfZf[\Xk\eZ`e%
;\Z`dfjhl\leXg\ijfeX\j
qli[XZlXe[fjl_\d`j]\i`f
[\i\Z_f[fd`eXjlXZk`m`[X[
Z\i\YiXc#pgfikXekfdl\jkiX
gi\]\i\eZ`XgfiljXijlcX[f
ZfigfiXc `qhl`\i[f# jfYi\
kf[f \e cf hl\ j\ i\Ô\i\ X
cXdXef#g`\#fˆ[fpfaf%;\c
d`jdf df[f# cXj g\ijfeXj
[fd`eX[Xjgfi\c_\d`j]\i`f
`qhl`\i[f[\jlZ\i\Yif#hl\
jfe cXj d}j eld\ifjXj% 8c
gifZ\jfgfi\chl\j\mXdfj$
kiXe[fgi\]\i\eZ`XgfilecX[f
lfkif\ecfjgi`d\ifjXŒfj[\
m`[Xj\ccXdXcXk\iXc`qXZ`e%
?Xpe`ŒfjXdY`[`\jkifj#hl\
jfecfjhl\efcXk`\e\eX’e
[\Ôe`[Xp#gfi\a\dgcf#lk`c`qXe
\cc}g`qZfeZlXchl`\iX[\cXj
[fjdXefj%J\[`Z\hl\k`\e\e
cXcXk\iXc`[X[ZilqX[XXhl\ccfj
hl\jfe[`\jkifj\eXc^leXjZf$
jXjgfi\a\dgcfgXiX\jZi`Y`i 
pqli[fj\efkiXjXcZ_lkXile
[fjZfekiXi`X[fjjfeXhl\ccfj glc^XiXek\j[\eXZ\ii\m\cXe
hl\[\]fidXeXkliXck`\e[\eX hl\0[\ZX[X('%%%·j\Z_lgXe
lk`c`qXijldXef`qhl`\i[Xg\if \c[\i\Z_f
efcf_XZ\e_XY`klXcd\ek\gfi
gi\j`fe\jXdY`\ekXc\j%
J`e\dYXi^f#cfjqli[fjj`^l\e
j`\e[fleXd`efiˆX%>iXZ`XjXc
Xe}c`j`j[\cfj[`Ylafj[\cXjZX$
m\ieXjp[\cXj_\iiXd`\ekXj[\
cfj_fdYi\jgi\_`jki`Zfj#j\
jXY\hl\cX`eZc`eXZ`eXljXi
cX[\i\Z_Xefjm`\e\[\j[\\c
gi`eZ`g`f [\c [\jXiifccf [\
el\jkiX\jg\Z`\%PkXdgfZf\j
leX`eÕl\eZ`XZlckliXc1\Zf^iX$


<E9I<M<
8C>LEFJ=8DFJFJ
D’j`Zfj#[\gfik`jkXj#Xik`jkXj
pgfcˆk`Zfj[\kf[fjcfjk`\d$
gfj\jk}ei\gi\j\ekX[fjgfile
XckfgfiZ\ekXa\[\qli[fj%9`cc
:c`ekfe#Af_eDZ<eif\#DXi$
k`eXEXmiXk`cfmX#IX]XEX[Xc#
E`Zfc\B`[dXe#8e^\c`eXAfc`\#
A`d`?\e[i`of9fY;pcXejfe
jfcfXc^lefj\a\dgcfj%8le$
hl\# j`e [l[X# \c g\ijfeXa\
qli[fd}j]Xdfjf#Xcd\efj
gXiXcfjd}jam\e\j#\j¿·9lik
J`dgjfe
JE:EJ?;D;L;DJ7@7I;?D9EDL;D?;DJ;I
ÓY^W :-.
J\^’eel\jkifc\e^lXa\Zfk`[`Xef#j\iqli[fef\jk}Y`\e%D`\ekiXjhl\[`\jkifj\i\Ô\i\X½[\jki\qX¾#
qli[fk`\e\leXZfeefkXZ`ed}j½j`e`\jkiX¾#hl\\jZfdfj\[\efd`eX\ccX[f`qhl`\i[f\ecXkˆe%8Z$
klXiZfe½legfZf[\dXef`qhl`\i[X¾k`\e\lej`^e`ÔZX[fXc^fd}jgfj`k`mfhl\½c\mXekXij\Zfe\cg`\
`qhl`\i[f¾#hl\\jcfg\fihl\efjgl\[\gXjXilecle\j%GXiXgfe\icXjZfjXjd}j]\Xj#j\_Xe_\Z_f
`em\jk`^XZ`fe\jhl\[\dl\jkiXehl\cfjqli[fjjfed}jeld\ifjfj\eki\cfjhl\k`\e\egifYc\dXjZfe
cXc\ZkliXpZfecX\jZi`kliX#\`eZcljfgXi\Z\hl\gX[\Z\eZfed}j]i\Zl\eZ`XXc\i^`Xjpd`^iXŒXj%KXd$
Y`„ejl]i\ed}jXZZ`[\ek\j#cfhl\j\\ogc`ZXgfihl\d}hl`eXjpXgXiXkfjef\jk}eg\ejX[fjgXiX\ccfj%
J`e\dYXi^f#cXZfe[`Z`e[\qli[fkXdY`„e\jd}jZfd’e\eki\cfjd’j`Zfj#cfjdXk\d}k`Zfj#cfj
Xihl`k\ZkfjpcfjXik`jkXj#Zfdfgfi\a\dgcfD`^l\cÝe^\c#C\feXi[f[XM`eZ`fG`ZXjjf%KXdY`„e\ecfj
[\gfik\ji\gi\j\ekXelegfiZ\ekXa\dlpXckf#Xlehl\cfj]XZkfi\j\jkiXk„^`Zfjgl\[\e\ogc`ZXicf1\ele
\hl`gf[\]’kYfc#gfi\a\dgcf#i\jlckX[\cfd}jmXc`fjfZfekXiZfe\jkfjal^X[fi\jgXiXhl\fZlg\ecX
YXe[X`qhl`\i[X[\cZXdgf%
<e[\Ôe`k`mX#Xlehl\cfjqli[fj[\Y\eX^lXekXicfjZf[Xqfj\ecXjZ\eXj#dXe\aXik`a\iXj`eZdf[Xj#
pm`m`i\eledle[fg\ejX[fgXiXfkifj#gXi\Z\hl\cfjgifjpcfjZfekiXj\ei\cXZ`eZfecfj[`\jkifj
\jk}ed}jfd\efj`^lXcX[fj%

D8EFJC@9I<J

?Xphl`\eg`\ejXhl\X_fiX
_Xpd}jqli[fjhl\Xek\j%<j
gifYXYc\hl\\jkX`dgi\j`e
k\e^X Xc^f hl\ m\i Zfe \c
_\Z_f[\hl\_fp[ˆX#gX[i\j
p gif]\jfi\j XZ\gkXe \jkX
Zfe[`Z`ej`efYa\Z`fe\j%Cfj
qli[fj#j`e\dYXi^f#j`^l\e
j`\e[fleXd`efiˆX\eel\j$
kiXj\jZl\cXj%

)4&## 02/'2!-!