LUIFS Journal 1, Dec2 2011

8/3/2019 LUIFS Journal 1, Dec2 2011

http://slidepdf.com/reader/full/luifs-journal-1-dec2-2011 1/19

: Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc Bauminm~ >:??

C]DE[LA]^BOCD{{}m ?# @mkminm~ > >:??

Gdiab Idg~a}cd{# Focua~ Nm~h [ob`#

Ocmg{obò~ F~d{pau



? Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Kabpmbp{Z}ncdkopdab pmoi """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?

A}~ [zab{a~{ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?

Pfm M}~azmob [aum~mdhb @mnp K~d{d{ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" >

Ona}p pfm O}pfa~ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" >

^mem~mbkm{ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 4

Dp d{ occ ona}p p~}{p"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?>

Ona}p pfm o}pfa~ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?>

^mem~mbkm{ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?0

Io~gmp Aum~udmx ae >6 Bauminm~) @mkminm~ > """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?=

Ona}p pfm o}pfa~ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?=

Z}ncdkopdab pmoi

M`dpa~ Db Kfdme < Gdiab Idg~a}cd{

@m{dhb< Gdiab Idg~a}cd{

M`dpa~{< Gdiab Idg~a}cd{# Focua~ Nm~h [ob` ob` Ocmg{obò~ F~d{pau

A}~ [zab{a~{

M~b{p % Ta}bh d{ o hcanoc cmo`m~ db o{{}~obkm# pov# p~ob{okpdab ob` oùd{a~t {m~udkm{" Xm odi pa

foum o za{dpdum dizokp ab n}{dbm{{m{ ob` io~gmp{# o{ xmcc o{ ab {akdmpt o{ o xfacm"

http://www.ey.com/UK/en/Careers



> Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Pfm M}~azmob [aum~mdhb @mnp K~d{d{

nt Gdiab Idg~a}cd{

Ona}p pfm O}pfa~

D foum 0 tmo~{— mvzm~dmbkm p~o`dbh {zap ea~mdhb mvkfobhm ob`

impoc{ }{dbh {t{pmiopdk ocha~dpfidk ob` `d{k~mpdabo~t p~o`dbh" D

foum ka`m` MIO k~a{{aum~ {p~opmhdm{ xdpf IOK@# ^[D ob`

[pakfo{pdk edcpm~{ pa p~o`m Tmb k~a{{m{" It impfa` d{ xocg

ea~xo~` {p~opmht azpdid|opdab ab [fo~zm ~opda{ pa `mpm~idbm

azpdioc pdime~oim{ ob` k}~~mbkt zod~{ ea~ `deem~mbp io~gmp

kab`dpdab{" Db o``dpdab# D eaccax pfm mkabaidk kocmbò~ ob` }{m

o}paiopm` p~o`m iobohmimbp pa mbpm~ o~a}b` {zmkdedk io~gmp

iaudbh mumbp{ pa mvzcadp o~ndp~ohm azza~p}bdpdm{" It ~m{mo~kf

dbpm~m{p{ dbkc}`m ea~mdhb mvkfobhm ob` kaiia`dpdm{ io~gmp{#

dbpm~io~gmp oboct{d{# o{{mp kco{{ ka~~mcopdab{ ob` io~gmp meedkdmbkt pfma~t"

–M}~azm xdcc nm ea~hm` db k~d{m{"’ Pfa{m xm~m pfm xa~`{ ae Lmob Iabbmp# abm ae pfm

M}~azmob ]bdab—{ kfdme o~kfdpmkp{ ob` ea}b`dbh eopfm~{" Pfm p~}pf ae pfd{ oòhm d{

k}~~mbpct nmdbh pm{pm` o{ pfm {oho ae pfm M}~azmob {aum~mdhb `mnp k~d{d{ kabpdb}m{ ob`

pfm imppcm ae pfm M}~azmob Iabmpo~t ]bdab &MI] d{ nmdbh p~dm` nt kozdpoc io~gmp{"

Pfd{ m{{ot oppmizp{ pa mvzcodb fax pfd{ k~d{d{ koim ona}p# mvoidbm dp{ dizokp{ ob`

z~aza{m imo{}~m{ pfop ka}c` nm pogmb pa oimb` pfm {dp}opdab"

Mumb z~da~ pa pfm dbp~a`}kpdab ae pfm M}~a db ?444# pfm~m fo` nmmb i}kf {gmzpdkd{i

ona}p dp{ uo}bpm` oùobpohm{ pa M}~azmob mkabaidm{" Faxmum~# pfm emo~{ xm~m q}dkgct

`d{zmccm` nt pfm m}zfa~do db`}km` xdpf pfm M}~a—{ dbp~a`}kpdab" Akk}~~dbh {fa~pct oepm~

pfm n}~{p ae pfm àp kai n}nncm db Ba~pf Oim~dko# pfm mcopdab {z}~~m` dbum{pa~{ pa ecakg

pa M}~azmob mq}dpt io~gmp{ z~aud`dbh f}hm cdq}d`dpt ea~ pfm bo{kmbp k}~~mbkt ob`

iabmpo~t }bdab &K}~~dm# ?444" Db o``dpdab# pfm oùm~{m mbud~abimbp paxo~`{ pfm àcco~

ob` kabkm~b{ ona}p obapfm~ ][ k~d{d{ cm` M}~azmob ob` O{dob kmbp~oc nobg{ pa `dum~{det

pfmd~ k}~~mbkt ~m{m~um{ dbpa pfm M}~a" Pfm kozdpoc dbecax{ db p}~b cm` pa m}~a—{

ozz~mkdopdab ob` xm~m dbpm~z~mpm` nt Oim~dkob mkabaid{p Idkfomc F}`{ab o{ pfm

Gdiab Idg~a}cd{

N[k Edbobkm ob` Mkabaidk{



; Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

fo~ndbhm~ ae o za{{dncm kabum~{dab ae M}~azm dbpa o {oem foumb `m{pdbopdab ea~ kozdpoc

ecdhfp `}~dbh ~d{g oum~{dab" Pfm mi}copdab ae [xdp|m~cob`—{ ia`mc za~pmb`m` p~o`m

z~ancmi{ ob` mbhmb`m~m` ldppm~{ ona}p pfm m}~a—{ mvkfobhm ~opm cmudpopdab &F}`{ab#

>::;"

Edh}~m ? M}~a)][ @acco~ mvkfobhm ~opm ?444)>:??

Tmo~{ nmea~m pfm k~d{d{# db o zm~{zdkokda}{ zozm~ nt O~m{pd{ ob` [oxtm~ &>::?# pfm pxa

o}pfa~{ z~m`dkpm` pfop pfm `dum~hmbkm db mizcatimbp ob` {pobò~`{ ae cdudbh oiabh{p

MI] iminm~{# pfm dbpm~boc p~o`m dinocobkm{# ob` pfm i}cpdz~abhm` db{pdp}pdaboc

{mppdbh ae pfm [pondcdpt ob` H~axpf Zokp &[HZ xa}c` dbk~mo{m pfm edbobkdoc e~ohdcdpt ae pfm

M}~a|abm ob` –mvokm~nopm pmb`mbkdm{ paxo~`{ edbobkdoc k~d{d{’"



0 Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Edh}~m > K}~~mbp okka}bp dinocobkm{ xdpfdb pfm MI] db >::4

Kabh~}mbpct xdpf pfmd~ an{m~uopdab{# pfm [HZ xo{ ~opdedm` db ?448 xdpf pfm mvzcdkdp dbpmbp

pa mbea~km ed{koc `d{kdzcdbm# n}p dp xo{ fo~`ct mum~ dizcmimbpm`" Pfm `d{~mho~` ae pfm

[HZ o``{ {}zza~p pa pfm udmx pfop dp xo{ abct o {f~mx` zacdpdkoc pokpdk nt pfm Hm~iob

haum~bimbp pa aum~kaim pfm Hm~iob z}ncdk—{ ~mpdkmbkm ae hdudbh }z pfm @m}p{kfm Io~gdb eoua}~ ae pfm m}~a" Pfd{ kab{pdp}pm` o {p~opmhdk kfadkm ae ‖Hm~iobd{dbh pfm M}~a—

&Famg{p~o mp oc"# >::6 xdpf pfm okp}oc z~aud{dab{ pa nm cmep dbm~p oepm~ mbokpimbp" Pfm

[HZ—{ d`da{tbk~o{t xo{ e}~pfm~ ~mdbea~km` xfmb pfm mvkm{{dum `medkdp z~akm`}~m &M@Z ae

pfm [HZ xo{ {}{zmb`m` db Bauminm~ >::; ob` pfm M}~azmob haum~bimbp nab` tdmc`{

no~mct iaum` pa ~mecmkp pfm covm~ ~}cm{ ob` dbk~mo{m` ~d{g" Pfm nab` io~gmp—{ ozopft

fdbpm` op ob dizcdkdp mkabaidk zokp nmpxmmb M}~azmob haum~bimbp{ ob` {aum~mdhb

nab` fac`m~{" O{ cabh o{ pfm mkabaidk ~opdabocm ae ed{koc {}{podbondcdpt ~miodbm` dbpokp#

dbum{pa~{ xa}c` cmoum oizcm xdhhcm ~aai pa iminm~ {popm{ pa z}~{}m h~axpf xdpfa}p

diza{dbh mvp~o ka{p{ pa pfmd~ `mnp d{{}obkm" Pfm fdop}{ ae io~gmp `d{kdzcdbm xa}c` z~aum

`d{o{p~a}{ db pfm cabh ~}b o{ pfm ed`}kdo~t p~}{p xo{ n~mokfm` ob` mvzcadpm` nt bopdaboc

haum~bimbp{" Cmncab` &>::5 kahmbpct z~m`dkpm` pfop de iminm~ {popm{ `d` bap



= Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

kab{acdòpm pfmd~ edbobkm{ `}~dbh pfm naai tmo~{# pfm dbpm~m{p ~opm{ ab pfmd~ cabh)pm~i

`mnp{ xa}c` {ao~ `}~dbh pfm n}{p" Pfm n}{p xo{ z~mkdzdpopm` db >::6 nt pfm ][ k~m`dp

k~}bkf ob` {}nz~dim cmb`dbh k~d{d{"

Edh}~m ; Nab` tdmc`{ no~mct iaum` }bpdc >::6

E}~pfm~ia~m# pfm {aepmbdbh ae pfm `d{{}o{dum mbea~kmimbp o~i ae pfm [HZ ab Io~kf >:#>::= db{pdp}pdabocd|m` ia~oc fo|o~` &Ea}~èob{ % Xo~db# >::8" Pfm mb{}dbh dbe~okpdab ae

pfm ~}cm{ nt ed{kocct `mcdbq}mbp {popm{ xdpfa}p {}eem~dbh pfm kab{mq}mbkm{ k~mopm` o

òbhm~a}{ zopf xfm~mnt ka}bp~dm{ xm~m cm{{ dbkcdbm` pa ond`m nt pfm [HZ ob`

diz~}`mbp bopdaboc haum~bimbp{ e}~pfm~ dhba~m` pfm ea~mhadbh dizcdkdp zokp xdpf

dbum{pa~{"

Obapfm~ ecox db pfm `m{dhb ae pfm MI] kob nm d`mbpdedm` db pfm dbea~ioc xa~gdbh

impfa`{ ae pfm M}~ah~a}z# pfm immpdbh ae m}~a o~mo edbobkm idbd{pm~{" Pfm on{mbkm ae o

kmbp~oc o}pfa~dpt op pfm {}z~obopdaboc cmumc pa kaa~`dbopm bopdaboc mkabaidk zacdkdm{

{fa}c` foum dbea~im` pfm M}~ah~a}z {a o{ pa iogm dp{ ^mkaiimbòpdab{ cmhocct ndb`dbh

ea~ iminm~ {popm{" Db{pmo` pfm mizfo{d{ xo{ z}p ab kab{mb{}{ n}dc`dbh ob` xo{




eaccaxm` nt aum~~mcdobkm ab –pfm uac}bpo~t kaiidpimbp ae db`dud`}oc iminm~ {popm{ pa

kaiiabct oh~mm` zacdkt anlmkpdum{’ &Z}mppm~# >::0"

O{ o ~m{}cp# o{tiimp~dm{ db pfm mkabaidk nmfouda~ ae iminm~ {popm{ zm~{d{p mumb paòt"

Iotm{ % Ud~äb nokg db >::0 mvoidbm` pfm{m o{tiimp~dm{ ob` ~mokfm` pfm kabkc}{dab

pfop db pfm cabh ~}b pfmt ka}c` cmo` pa pfm k~mopdab ae }b{}{podboncm `mnp pa H@Z ~opda{"

Xfop ka}c` foum idpdhopm` pfd{ meemkp xo{ pfm ka~~m{zab`dbh o{tiimp~t ae pfm

mbea~kmimbp ~}cm{ ae pfm M@Z" Oco{# nt >::=# M@Z xo{ oc~mo`t `me}bkp"

Pfm oea~mimbpdabm` id{zcokm` eodpf ae pfm io~gmp{ db pfm meedkokt ae pfm [HZ o{ o

`meokpa ~d{g zaacdbh imkfobd{i oiabh{p iminm~ {popm{ xo{ ~mecmkpm` db pfm idbdioc

{z~mo`{ nmpxmmb zm~dzfm~oc ka}bp~dm{— pmb)tmo~ {aum~mdhb nab` tdmc`{ ob` pfm

nmbkfio~g Hm~iob N}b`{ ~opm" Pfm zm~kmdum` idbdioc ~d{g xo{ }b`m~{ka~m` nt pfm

k~m`dp ~opdbh ohmbkdm{— xdccdbhbm{{ pa xmdhf pfm ~d{g ae pfm{m nab`{ pa |m~a" Pfm

`muo{popdbh meemkp xo{ pfop nobg{ xm~m dbko}pda}{ct mbka}~ohm` pa dbum{p db {aum~mdhb

nab`{ ob` na}bpma}{ct cmb` M}~azmob haum~bimbp{ iabmt" Kab{mq}mbpct# pfm nobgdbh

{mkpa~ nmkoim dbmvp~dkonct dbpm~pxdbm` xdpf ~mhdaboc haum~bimbp{ ob` nobg{— nocobkm

{fmmp{ xm~m cao`m` xdpf zozm~ z~muda}{ct `mmim` ae fdhf‛~d{g# bax a{pmb{dnct o{{dhbm`

pa |m~a ~d{g ~opdbh" Pfm nobg{— ~moc ~d{g mvza{}~m ea~mna`m` o nobgdbh k~d{d{ xfmb k~m`dp

~opdbh `d{zo~dpdm{ xa}c` ~mk~}`m{km ob` mvzmkpopdab{ ae {aum~mdhb `meo}cp ~d{g xa}c` ~d{m

&^d{g# >:?:"

Xdpf bopdaboc mkabaidk zacdkdm{ {pdcc id{ocdhbm` ob` pfm on{mbkm ae o kmbp~oc o}pfa~dpt

~mudmxdbh ob` kabp~accdbh {zmb`dbh zacdkdm{# dp d{ ba xab`m~ pfop mumbp}occt pfm MKN xo{

ea~km` pa mbokp o nab`)n}tdbh z~ah~oi db pfm ea~i ae ‖pmiza~o~t— cmb`dbh eokdcdpdm{ db

a~`m~ pa mb{}~m pfm {acumbkt ae pfm nobg{ db pfm M] &Xocgm~ mp oc"# >:?:" Pfd{ ka}~{m ae

okpdab xo{ n}pp~m{{m` nt pfm z~muda}{ mvzm~dmbkm ae pfm Dkmcob`dk edbobkdoc k~d{d{ xfm~m

pfm haum~bimbp—{ dbmeemkpdumbm{{ db nodcdbh a}p dp{ iola~ kaiim~kdoc nobg{ cm` pa pfmd~

mumbp}oc `mid{m# xfdkf fo` pfm àidba meemkp ae o k}~~mbkt k~d{d{ ob` o {pdcc abhadbh

{aum~mdhb `mnp k~d{d{ &Acduo~m{)Koidboc# >:?:"




]bea~p}bopmct# pfm M] nobg {p~m{{ pm{p mvm~kd{m pfop xo{ ko~~dm` a}p db L}ct ae >:?: `d`

bap pogm dbpa okka}bp ~mocd{pdk x~dpm)àxb{ ab pfm nab`{ ae `mnp)co`mb ka}bp~dm{ cdgm

H~mmkm a~ D~mcob`" Kab{mq}mbpct# pfm k~m`dndcdpt ae dp{ za{dpdum a}pkaim xo{ }b`m~idbm`

ob` dp{ kocidbh meemkp ab pfm io~gmp{ {fa~p)cdum` &G~o}{m# >:?:" Xa~c`)~mbaxbm`

dbpm~bopdaboc edbobkdm~ Hma~hm [a~a{ db o >:?: az)m` db pfm Edbobkdoc Pdim{ fdhfcdhfpm`

pfm diza~pobkm ae nobg ~mkozdpocd|opdab nmea~m obt fod~k}p{ ab {aum~mdhb `mnp{ o~m

oìdbd{pm~m` db a~`m~ ea~ pfa{m pa nm {iaapfct on{a~nm` &[a~a{# >:?:"

Pfm dizokp ae pfm M}~a k~d{d{ fo{ nmmb i}cpdp}`dba}{" [aim mvzm~p{ emo~ pfop dp ka}c`

~duoc pfm >::6 k~m`dp k~d{d{ pfop m~}zpm` oepm~ pfm nobg~}zpkt ae Cmfiob N~apfm~{ ab

[mzpminm~ ?=# >::6 &Oim~dkob Nobgm~# >:?:" Nt ~m`}kdbh mkabaidk okpdudpt db M}~azm#

]"[ mvza~p{ pa M}~azm xdcc nm f}~p &^dkg# >:?:" Pfd{ ka}c` ea~km ]"[ kaizobdm{ pa gmmz

pfmd~ zot~acc{ cax db emo~ ae obapfm~ ~mkm{{dab" Pfm {popdk lan io~gmp ob` mb`}~dbh fdhf

}bmizcatimbp cmumc{ ka}c` na`m dcc ea~ pfm ]"[ ~mkaum~t ob` k~mopm o M}~a kabpohdab

&F}`hdb{# >:?:" Ob dbgcdbh ae pfd{ xo{ fdbpm` xfmb pfm Hm~iob haum~bimbp `mkcdbm` pa

nodc a}p pfm Azmc `dud{dab ae Hmbm~oc Iapa~{ db M}~azm oepm~ h}o~obpmmdbh o caob

zokgohm pa H~mmkm# pf}{ {zmccdbh p~a}ncm ea~ pfm ][ ko~ iob}eokp}~m~—{ p}~bo~a}b`

meea~p{ &K~mim~ mp oc"# >:?:" Ia~maum~# ob oepm~)meemkp ae pfm m}~a k~d{d{ d{ pfop ka}bp~dm{

db Kmbp~oc ob` Mo{pm~b M}~azm &KMM foum h~axb fm{dpobp pa pfm z~a{zmkp ae m}~a

oàzpdab oepm~ pfm {anm~dbh ~mocd|opdab pfop dp d{ bap o zobokmo ea~ mkabaidk {mk}~dpt ob`

z~a{zm~dpt &Gob`mcc# >:?:" Pfm KMM ka}bp~dm{— xoum~dbh xo{ mvmizcdedm` nt Zacob`

xfdkf obba}bkm` ab Iot 5# >:?: dp{ dbpmbpdab pa `mem~ zcob{ ae ladbdbh pfm m}~a pa o

copm~ òpm pfob a~dhdbocct {kfm`}cm`" Pfd{ ab pfm apfm~ fob` kob nm ka~~mcopm` xdpf

Zacob`—{ h~axdbh ed{koc `medkdp ob` pfm kabp~o{pdbh bmm` ea~ pa}hfm~ ed{koc ~}cm{ ea~ bmx

iminm~{ pa eaccax db a~`m~ pa hodb oìd{{dab# m{zmkdocct oepm~ pfm zodbe}c mvzm~dmbkm

xdpf H~mmkm—{ okkm{{dab pa pfm MI] &Mim~hdbh Io~gmp{ Iabdpa~# >:?:"

Ab pfm dbum{pa~ {d`m# pfm dbk~mo{m` uacopdcdpt pfm m}~a k~d{d{ fo{ {zoxbm` db pfm k~m`dp

io~gmp{ fo{ aeem~m` {zmk}copa~{ pfm azza~p}bdpt pa iogm {}n{pobpdoc z~aedp{ nt }pdcd|dbh

`m~duopdum db{p~}imbp{ cdgm ea~mdhb mvkfobhm azpdab{ &Kaebo{# >:?:" Db o``dpdab# pfm




`d{p~m{{m` `mnp db{p~}imbp{ ae ka}bp~dm{ cdgm H~mmkm foum o~a}{m` pfm dbpm~m{p ae e}b`

iobohm~{ `}m pa pfmd~ fmept ~opm{ ae ~mp}~b ob` xm~m aum~{}n{k~dnm`# n}p pfm o}kpdab{

fo` pa kaim pa o focp nmko}{m H~mmkm ka}c` bap xdpf{pob` pfm abm~a}{ct fdhf dbpm~m{p

~opm{ &Papoc [mk}~dpd|opdab % K~m`dp Dbum{pimbp# >:?:"

Pfm {ac}pdab pa pfm k~d{d{ iot op pfm mb` cdm xdpfdb dp{ a~dhdb{" Xfop k~mopm` pfm k~d{d{

xo{ o {}{podbm` ca{{ ae kaizmpdpdumbm{{ n~a}hfp ona}p nt ncaopm` {popm{ pfop xm~m

z~aecdhopm db k~mopdbh xmceo~m `mzmb`mbkdm{ &[ob`m~{# >:?:" Db ~m{zab{m# {xmmzdbh

{p~}kp}~oc ~mea~i{ o~m bmm`m` {}kf o{ ~m`}kdbh ~m` pozm# mcdidbopdbh db`}{p~t {}n{d`dm{

ob` caxm~dbh no~~dm~{ pa mbp~t db z~aem{{dab{ {}kf o{ cox &Kat mp oc"# >:?:" O h~mopm~

dbpmh~opdab db pfm m}~a |abm {fa}c` oc{a mvm~p o h~dz ab bopdaboc haum~bimbp{ pfop

{zmb` nmtab` pfmd~ imob{ ob` lmazo~`d|m mkabaidk {}{podbondcdpt" Pfm{m nmfouda}~{

kob nm opp~dn}pm` pa pfm {popd{p zfdca{azft pfop {mmi{ pa zm~imopm M}~azm ob` z}p{

mizfo{d{ ab pfm {popm xfdc{p `mbdh~opdbh e~mm io~gmp{" Nt kabp~o{p db pfm ][# nmcdme db

pfm hmbm~oc meedkokt ae e~mm io~gmp{ fo{ z~aiapm` h~axpf ob` z~mumbpm` mkabaidk

{pohbopdab &[pmzfmb{# >:?:"

Edh}~m 0 ]bdp cona}~ ka{p{ onaum Hm~iobt({ oepm~ M}~a—{ dbp~a`}kpdab




Pfm toxbdbh p~o`m dinocobkm{ xdpfdb pfm M}~a|abm {fa}c` oc{a nm ia`m~opm`" Hm~iobt

fo{ nmmb okk}{m` ae nmbmedpdbh e~ai pfm{m `d{k~mzobkdm{ nt ~mctdbh ab ob mvza~p ia`mc

pfop }{m` zm~dzfm~oc ka}bp~dm{ o{ n}tm~{# xfdcm naa{pdbh dp{ db`}{p~doc z~a`}kpdudpt ob`

kabp~accdbh {zmb`dbh &Bm}hm~# >:?:" Ae ka}~{m pfd{ d{ bap o |m~a){}i hoim ob` pfm

{ac}pdab ea~ xmogm~ ka}bp~dm{ d{ bap ea~ Hm~iobt pa onobàb ed{koc ~dha}~ ob` cdidp dp{

a}pz}p# n}p ea~ pfmi pa naa{p pfmd~ z~a`}kpdudpt ob` k}~n }bdp cona}~ ka{p{" Pfd{ kob abct

fozzmb nt dizcmimbpdbh i}kf)bmm`m` cdnm~ocd|opdab ~mea~i{" Obapfm~ d{{}m d{ pfm

an{k}~obpd{i kabkm~bdbh z}ncdk edbobkm{ db km~podb ka}bp~dm{ cdgm H~mmkm" Pfd{ {fa}c` nm

n~a}hfp pa nmo~ nt dbk~mo{m` p~ob{zo~mbkt ob` db{zmkpdab e~ai pfd~` zo~pdm{ &Mkabaid{p#

>:?:" Xfop M}~azm idhfp }cpdiopmct bmm` d{ o zaz}cd{p iaumimbp pfop db{pmo` ae ia~m

`mnp ob` ia~m mbpdpcmimbp{ `miob`{ {ioccm~ ob` cm{{)dbp~}{dum haum~bimbp"

Db kabkc}{dab# pfm M}~a k~d{d{ iot db`mm` z~aum pa nm o {midboc iaimbp ea~ M}~azm" O

z~azm~ ~m{zab{m ka}c` foum {}kf ~mum~nm~opdbh meemkp{ pa pfm {p~}kp}~m ae M}~azmob

{akdmpdm{ pfop ka}c` ~mm{poncd{f pfmd~ ia`m~b {akdoc kabp~okp{ ob` h~a}b` pfmi ab

fmocpfdm~ ea}bòpdab{" Mkabaidk cdnm~ocd|opdab ka}c` k}~n z}ncdk {zmb`dbh ob`

`mzmb`mbkm ab {popm co~hm{{# xfdcm ed{koc kab{m~uopd{i ka}c` {foppm~ pfm pt~obbt ae

pfa}hfp pfop oeecdkp{ pfm k}~~mbp nmbmedkdo~dm{ xfa ea~i pfm zacdpdkoc iola~dpt db pfm{m

ka}bpdm{ ) e~ai ~mpd~mm{ pa haum~bimbp xa~gm~{ pa }bdum~{dpt {p}`mbp{" Iotnm pfmb xm

xa}c` foum haum~bimbp{ db M}~azm pfop oùakopm ed{koc okka}bpondcdpt ob` z~duopm

mbpm~z~d{m ea~ {}{podboncm h~axpf ob` ~moc }bcmum~m` mkabaidk z~a{zm~dpt"

^mem~mbkm{

Oim~dkob Nobgm~ &>:?: M}~a K~d{d{ Ka}c` ^duoc K~m`dp K~}bkf" Oim~dkob Nobgm~ # ?8=&E;?4# z"?="

O~m{pd{# Z" % [oxtm~# I" &>::? Xdcc pfm M}~a N~dbh Mkabaidk K~d{d{ pa M}~azm1 Db< Xfop

hcanoc mkabaidk k~d{d{1 Bmx Ta~g# Zoch~oum Iokidccob# zz"86)?:;"

Kaebo{# O" &>:?: M}~a k~d{m{# azpdab{ azza~p}bdpt" E}p}~m{< Bmx{# Oboct{d{ % [p~opmhdm{



?: Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

ea~ E}p}~m{# Azpdab{ % @m~duopdum{ P~o`m~{# ;4 &0# z">6"

Kat# Z"# N~o`t# @"# Cotbm# ^"# Zmp~ogd{# I"# Z~m{{cmt# L" % ^mdpm~# K" &>:?: Kaim Pahmpfm~"

Ncaainm~h N}{dbm{{xmmg # &0?6:# zz"=)8"

K~mim~# O"# ^mdpm~# K" % Xmckf# @" &>:?: HI({ Eo{p P}~bo~a}b` [coi{ dbpa pfm M}~aK~d{d{" Ncaainm~h N}{dbm{{xmmg # &0?6># zz"?4)>:"

K}~~dm# O" &?444 D{{}m bax )) nmea~m pfm bmvp k~d{d{" M}~aiabmt # &;=6# zz"46)?::"

Mkabaid{p &>:?: M}~a eaccdm{< Pfm M}~azmob ]bdab—{ zcob{ pa ~mzod~ dp{ {dbhcm k}~~mbkt

~d{g id{{dbh pfm iodb zadbp" Mkabaid{p # ;45 &68:?# zz">:)>>"

Mim~hdbh Io~gmp{ Iabdpa~ &>:?: Zacob`< H~mmg K~d{d{ E}~pfm~ @mcot{ M}~a Oàzpdab"

Mim~hdbh Io~gmp{ Iabdpa~ # ?5 &8# z"?5"

Ea}~èob{# O" % Xo~db# P" &>::8 [pondcdpt ob` H~axpf Zokp DD< Dbkmbpdum{ ob` Ia~oc

Fo|o~`" La}~boc ae Mkabaidk Zacdkt ^mea~i# ?: &?# zz"=?)5>"

Famg{p~o# ^"# Fa~{piobb# K"# Gbonc# L"# G~}{m# @" % Xdm`miobb# [" &>::6 Pfm [pondcdpt

ob` H~axpf Zokp))Hm~iobd{dbh pfm M}~a" Dbpm~bopdaboc La}~boc ae Z}ncdk Zacdkt # ;

&?)># zz"?::)??8"

F}`hdb{# I" &>:?: M}~a kabpohdab# xmog mizcatimbp pf~mopmb ~mkaum~t" Bopdaboc ^moc

M{popm Dbum{pa~ # => &=# z">?"

F}`{ab# I" &>::; Xdcc M}~azm [}eem~ Pfm [xd{{ [tb`~aim1 Dbpm~bopdaboc Mkabait # ?8&0# z"=:"

Gob`mcc# L" &>:?: Zo~o`d{m Za{pzabm`" Db{pdp}pdaboc Dbum{pa~)Dbpm~bopdaboc M`dpdab# ;= &0#

zz"0>)06"

G~o}{m# ^" &>:?: M}~a K~d{d{ [z~mo`{ Pa [zodb# Za~p}hoc# Dpoct O{ Tdmc`{ [xmcc" Dbum{pa~—{

N}{dbm{{ @odct # @mkminm~ ? >:?:# z"O:?"

Cmncab`# Z" &>::5 Pfm Zacdpdkoc [pondcdpt ob` H~axpf Zokp D{ @mo`< Cabh Cdum pfm

Mkabaidk [pondcdpt ob` H~axpf Zokp" La}~boc ae Kaiiab Io~gmp [p}`dm{# 00 &=#zz"454)44:"

Iotm{# @" % Ud~äb# I" &>::0 Z~m{{}~m{ ab pfm [pondcdpt ob` H~axpf Zokp e~ai

o{tiimp~t db zacdkt" La}~boc ae M}~azmob Z}ncdk Zacdkt # ?? &=# zz"86?)848"

Bm}hm~# L" &>:?: Pfm Zm~dc{ ae Z~ohiopd{i" Ncaainm~h N}{dbm{{xmmg # &0?46# zz"58)56"



?? Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Acduo~m{)Koidboc# ^" &>:?: [aum~mdhb `mnp `meo}cp{< Zo~o`dhi{ ob` kfoccmbhm{" La}~boc

ae Nobgdbh ̂ mh}copdab# ?? &># zz"4?)40"

Z}mppm~# ]" &>::0 Haum~bdbh dbea~iocct< pfm ~acm ae pfm M}~ah~a}z db MI] ob` pfm

[pondcdpt ob` H~axpf Zokp" La}~boc ae M}~azmob Z}ncdk Zacdkt # ?? &=# zz"6=0)68:"

^dkg# [" &>:?: Xfop Fozzmb{ db M}~azm @am{b(p [pot db M}~azm" K~m`dp ]bdab Ioho|dbm#

85 &8# z"80"

^d{g# F" &>:?: Nobg{ kob(p à`hm pfm M] {aum~mdhb `mnp k~d{d{" M}~aiabmt # 0? &04?#

zz"4?)4="

[ob`m~{# [" &>:?: Pfm M] eokpa~ db pfm m}~a k~d{d{" Xo{fdbhpab Pdim{# Io~kf ? >:?:#

z"0"

[a~a{# H" &>:?: M}~azm {fa}c` ~m{k}m nobg{ nmea~m {popm{" Edbobkdoc Pdim{" WabcdbmY

@mkminm~ ?= >:?:" Ouodconcm e~ai< 3 fppz<!!xxx"ep"kai!ki{!{!:!85e54k`6)

:88o)??m:)6`6:)::?00emon`k:"fpic2

[pmzfmb{# N" &>:?: M}~azm({ K~d{d{ ae D`mo{" Xocc [p~mmp La}~boc ) Mo{pm~b M`dpdab# >==

&0;# z"O?8"

Papoc [mk}~dpd|opdab % K~m`dp Dbum{pimbp &>:?: [aum~mdhb @mnp K~d{d{ [z}~{ Dbpm~m{p Db

@d{p~m{{m` Dbum{pimbp{" Papoc [mk}~dpd|opdab % K~m`dp Dbum{pimbp # L}ct > >:?:#

z">;"

Xocgm~# I"# Ea~mccm# K"# Ncokg{pabm# N" % Ho}pfdm~)Udcco~{# @" &>:?: K}~~mbkt ]bdabPmmpm~dbh# (I~" M}~a( D{ Ea~km` pa Okp" Xocc [p~mmp La}~boc ) Mo{pm~b M`dpdab# >=5

&80# zz"O?)O?5"



?> Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Dp d{ occ ona}p p~}{p

nt Focua~ Nm~h [ob`

Ona}p pfm o}pfa~

D foum iobohm` o~a}b` «?:#::: pfm co{p pxa tmo~{# dbum{pdbh db

pfm Ba~xmhdob [pakg Io~gmp" It eak}{ d{ cabh pm~i uoc}m

dbum{pdbh ob` k}~~mbp fac`dbh{ dbkc}`m pfm ndhhm{p db{}~obkm

kaizobt db Ba~xot# o ho{acdbm {popdab kfodb ob` o {zmkdocd{m`

MZK &mbhdbmm~dbh# z~ak}~mimbp ob` kab{p~}kpdab kaizobt" O{ ae

paòt# it ndhhm{p za{dpdab d{ ko{f" ^m{mo~kf dbpm~m{p{ dbkc}`m

cabh pm~i dbum{pimbp{# fm`hm e}b` {p~opmht ob` iobohm~{# ~d{go`l}{pm` ~mp}~b ob` pfm Ba~xmhdob Haum~bimbp Zmb{dab E}b`

&pfm co~hm{p zmb{dab e}b` db M}~azm ob` pfm ]["

Pfd{ Xm`bm{òt# Bauminm~ ;: >:??# xm {ox o kaa~`dbopm` okpdab e~ai iola~ kmbp~oc

nobg{ pa diz~aum àcco~ cdq}d`dpt {}zza~p db pfm io~gmp{" Pfm M}~azmob Kmbp~oc Nobg#

pfm Em`m~oc ^m{m~um# pfm Nobg ae Mbhcob`# pfm Nobg ae Lozob# pfm [xd{{ Bopdaboc Nobgob` Pfm Nobg ae Koboò ladbpct obba}bkm` caxm~dbh pfm idbdi}i nd` ~opm ae mvd{pdbh

pmiza~o~t ]"[" àcco~ cdq}d`dpt {xoz o~~obhmimbp{ nt =: no{d{ zadbp{" Ea}~ ae pfm nobg{#

pfm [xd{{# pfm Mbhcd{f# Lozobm{m ob` pfm MKN oc{a `mkco~m` pfop pfmt xdcc kabpdb}m pa

aeem~ pf~mm)iabpf pmb`m~{ }bpdc e}~pfm~ bapdkm &Ozzmcno}i# >:??" O{ o ~m{}cp# nobg{

xdcc nm oncm pa na~~ax op o caxm~ ka{p# {dbkm pfm ka{p `mk~mo{m` pa pfm aum~bdhfp db`mv

{xoz &AD[ ~opm zc}{ =: no{d{ zadbp{"

E}b eokp# pfm kmbp~oc nobg{ ae Ba~xot# @mbio~g# [xm`mb# Ga~mo ob` Imvdka foum

oc~mo`t fo` o z~mid}i ae =: no{d{ zadbp{ zc}{ mdpfm~ AD[# CDNA^ a~ POE ea~ iobt tmo~{#

op cmo{p {dbkm >::6" O}{p~ocdo kfo~hm{ ba z~mid}i ab idbdi}i nd` ~opm &Hac`nm~h mp oc"#

>:?? Mvkmzp Imvdka# pfm{m o~m occ ka}bp~dm{ xdpf o {p~abh mkabait"

Mq}dpt io~gmp{ o`l}{pm` q}dkgct nt ~occtdbh {fo~zct db ~m{zab{m pa pfd{ bmx dbea~iopdab"

Pfm eaccaxdbh aum~udmx xo{ pogmb ab >:??)?>):? op :?"?=oi# oepm~ kca{dbh pdim ea~

ia{p {pakg mvkfobhm{ dbuacum`# mvkmzp Lozob"

Focua~ Nm~h [ob`

N[k N}{dbm{{ [p}`dm{



?; Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Xfop d{ pfm cahdk nmfdb` pfd{ a}pkaim1 Pfd{ dbpm~umbpdab ka}c` abct nm {mmb o{ o zodb

gdccm~ a~ o pdm n~mog# nmko}{m dp `medbdpmct `d` bap {acum pfm }b`m~ctdbh z~ancmi" Faxmum~#

pfm Kmbp~oc Nobg{ `d` q}mcc {fa~p)pm~i àcco~ cdq}d`dpt emo~{ ob` pfm io~gmp edb`{ pfm

z~anondcdpt ae o Cmfiob N~apfm~{ `älê u} cm{{ cdgmct oepm~ pfd{ obba}bkmimbp"

Pa }b`m~{pob` pfm diza~pobkm ae o cdq}d` ][@ io~gmp db M}~azm# xm kob foum o caag op

pfm kfobhm db M}~azmob nobg{— nocobkm {fmmp{ aum~ pfm co{p `mko`m" ][@ mvza{}~m{

okka}bpm` ea~ foce ae pfm h~axpf db pfm nobg{— ea~mdhb mvza{}~m{ aum~ pfm >:::):8

zm~da` ob` pfm oia}bp ko~~dm` ea~xo~` nt nobg{ db pfm M}~a|abm# [xdp|m~cob` ob` pfm

]G xo{ ia~m pfob 6 p~dccdab ][@ db >::6# ae xfdkf }z pa ?5- xo{ {fa~p pm~i edbobkdbh

&IkH}d~m % uab Zmpm~# >::4"

Occ ae pfm nobg{ dbuacum` db pfm cdq}d`dpt diz~aumimbp o~m {mmb o{ –[p~abh iminm~{’ ae

pfm Nobg ae Dbpm~bopdaboc [mppcmimbp{ &ND[" Pfm ND[ d{ pfm kmbp~oc nobg ea~ kmbp~oc nobg{

ob` o z~m~mq}d{dpm ea~ nmdbh o ND[ iminm~ d{ pfop pfm kmbp~oc nobg i}{p azm~opm e~mm ae

zacdpdkoc kab{p~odbp{"

Iobt zmazcm# it{mce dbkc}`m`# edb` dp xa~~tdbh pfop pfa{m kmbp~oc nobg{ i}{p pogm pfmdbdpdopdum pa kfobhm pfm `d~mkpdab pfm hcanoc mkabait d{ fmo`dbh bax" Db it `~moi xa~c`

{p~abh zacdpdkoc z~dbkdzoc{ cmo` n}~mo}k~op{# bap xmog zacdpdkoc z~dbkdzoc{ nmdbh {oum` nt

z~aokpdum n}~mo}k~op{" Ta} ka}c` ocxot{ o~h}m pfop pfm haum~ba~{ db pfm `deem~mbp

kmbp~oc nobg{ o~m l}{p àdbh pfmd~ lan# n}p cokg ae zacdpdkoc cmo`m~{fdz d{ abm ae pfm iodb

~od{ab `(ìp~m ea~ pfm k}~~mbp k~d{d{"



?0 Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

^mem~mbkm{

Ozzmcno}i# N"# ’5 Kmbp~oc Nobg{ Okp pa N}t Pdim db M}~azm K~d{d{’ BT Pdim{ Abcdbm

fppz<!!xxx"btpdim{"kai!>:??!?>!:?!n}{dbm{{!kmbp~oc)nobg{)iaum)pahmpfm~)pa)mo{m)

`mnp)k~d{d{"fpic1Q~9?

Hac`nm~h# C"# Gmbbm`t# K" ob` Id} L" Iot >:?? ’Kmbp~oc Nobg @acco~ [xozCdbm{ obÀum~{mo{ @acco~ E}b`dbh Ka{p{’ Em`m~oc Nobg ae Bmx Ta~g Mkabaidk Zacdkt ^mudmx

IkH}d~m# Z"# ob` H" uab Zmpm~" >::4o" –Pfm ]"[" @acco~ [fa~pohm db Hcanoc Nobgdbh"’ Nobg

ea~ Dbpm~bopdaboc [mppcmimbp{ _}o~pm~ct ^mudmx # Io~kf< 08)5;"

http://www.nytimes.com/2011/12/01/business/central-banks-move-together-to-ease-debt-crisis.html?_r=1






?= Cobko{pm~ ]bdum~{dpt Dbum{pimbp % Edbobkm [akdmpt La}~boc @mkminm~ >:??

Io~gmp Aum~udmx ae >6 Bauminm~) @mkminm~ >

nt Ocmg{obò~ F~d{pau

Ona}p pfm o}pfa~D oi k}~~mbpct {p}`tdbh I[k Edbobkm" D foum `mumcazm` ob

dbpm~m{p db mq}dpdm{ ob` ia~m {zmkdedkocct uoc}m dbum{pdbh ob`

d`mbpdetdbh id{z~dkm` {pakg{" E}~pfm~ pazdk{ dbkc}`m hmbm~oc

nmfouda~oc edbobkm ob` dbum{pdbh {p~opmhdm{" A}p{d`m edbobkm# D

oi o zo{{dabopm e~mm {gdm~ ob` k}~~mbpct p~tdbh pa z~ah~m{{ &bap

um~t {}kkm{{e}cct pfa}hf db xogmnao~`dbh"

Pfm zo{p emx iabpf{ xm~m o xdc` ~accm~kao{pm~ ea~ edbobkdoc io~gmp{ o~a}b` pfm xa~c`"

Pfm `~dudbh ea~km nmfdb` pfm io~gmp {mbpdimbp fo{ nmmb pfm [aum~mdhb @mnp K~d{d{ db pfm

m}~a |abm" Pfm }bkm~podbpdm{ o~a}b` pfm e}p}~m ae pfm fmoudct db`mnpm` H~mmkm# ob` pfm

ia~m ~mkmbp emo~{ pfop Dpoct xdcc eaccax {}dp &dp{ co{p ?:)tmo~ nab` o}kpdab fdp o ~mka~`

tdmc` ae 8"=5- ab P}m{òt# foum cm` pfm a}pecax ae kozdpoc e~ai M}~azm—{ mq}dpt

io~gmp{ pa apfm~ &z~m{}ionct {oem~ dbum{pimbp{" Pfm pmb{dab nmpxmmb M] cmo`m~{

kabkm~bdbh pfm zopf pfop pfm }bdab fo{ pa ha xo{ ob o``dpdaboc eokpa~ ea~ pfm òt)pa)òt

{pakg io~gmp iaumimbp{" Pfm {dhb{ pfop Hm~iobt# db zo~pdk}co~# d{ }bxdccdbh pa nodc a}p

pfm p~a}ncm` }bdab iminm~{ fo{ ab iobt akko{dab{ ko}{m` zobdk oiabh dbum{pa~{#

cmo`dbh pa mq}dpt {mcc aee{"

Co{p xmmg xo{ o cdppcm `deem~mbp" Pfm xmmg {po~pm` xdpf azpdid{i# ko}{m` nt fazm{ pfop

M] cmo`m~{ o~m hadbh pa edbocct kaazm~opm pa ~m{acum pfm `mnp k~d{d{ ob` ~mokf ob

oh~mmimbp ab dp{ nodc a}p eokdcdpt" [}~z~d{dbhct# o{ pfm xmmg z~ah~m{{m`# hcanoc mq}dpdm{

~occdm`# edbd{fdbh pfm xmmg db pfm nc}m ob` za{pdbh pfm fdhfm{p xmmgct hodb{ db bmo~ct ;

tmo~{"

Ab Iabòt# Bau >6# pfm EP[M ?:: kca{m` pfm p~o`dbh {m{{dab xdpf hodb{# oepm~ foudbh

~mokfm` o 8)xmmg cax pfm z~muda}{ xmmg" Db pfm nmhdbbdbh ae pfm òt pfm io~gmp xo{

e}mccm` nt ~}ia~{ pfop Dpoct d{ bmhapdopdbh o caob e~ai pfm DIE# xfdkf xm~m copm~

`d{id{{m`" [didco~ct# Xocc [p~mmp mb`m` dp{ ca{dbh {p~mog ia{pct `}m pa pfm ~mka~` Ncokg

E~dòt {ocm{ z~aedp{" P}m{òt eaccaxm` xdpfa}p obt iola~ bmx{ ab pfm e}bòimbpoc {d`m"

Ocmg{obò~ F~d{pau

I[k Edbobkm




Ab Xm`bm{òt# Bau ;:# io~gmp{ hodbm` kabed`mbkm oepm~ {dv ae pfm xa~c`—{ ~dkfm{p

kmbp~oc nobg{ obba}bkm` o kaa~`dbopm` iaum db ob oppmizp pa dblmkp cdq}d`dpt db pfm

edbobkdoc {t{pmi" Pfmd~ kaccmkpdum `mkd{dab xo{ pa k}p pfm ka{p ae àcco~ {xoz cdbm{

&meemkpdumct po~hmpdbh pfm {fa~pohm ae ][@ db M}~a |abm nobg{" Pfd{ okpdab occmudopm` pfm

emo~{ e~ai o k~m`dp k~}bkf db M] ka}bp~dm{" L}{p o emx fa}~{ nmea~m pfop# pfm Zmazcm—{Nobg ae Kfdbo obba}bkm` dp d{ caxm~dbh pfm ~m{m~um ~mq}d~mimbp{ ea~ Kfdbm{m nobg{ nt

foce o zm~kmbp" Pfm xoum ae obba}bkmimbp{ p~dhhm~m` o ~occt db pfm {pakg io~gmp{ ok~a{{

pfm xa~c`" Ab pfm òt EP[M ?:: kca{m` op =#=:= &';"?5-# pfm ndhhm{p ~d{m ea~ mdhfp

xmmg{ xfdcm [%Z =:: ~mocd{m` nm{p hodb{ {dbkm O}h}{p &'0";;-# @ax ob` BO[@O_ napf

~a{m nt 0">-" Io~gmp{ ab Pf}~{òt xm~m }bkm~podb ob` ba baponcm mumbp{ akk}~`"

Nmppm~)pfob)mvzmkpm` mkabaidk bmx{ fmczm` io~gmp{ db pfm ][ hodb ia~m pfob abm

zm~kmbp ab E~dòt" Pfm }bmizcatimbp ~opm `~azzm` e~ai 4 zm~kmbp pa pfm pxa ob` o

foce tmo~ cax ae 6"5 zm~kmbp" Edbobkdoc{ xm~m pfm paz hodbm~{ ae pfm [%Z =::# xdpf

LZIa~hob Kfo{m db pfm cmo` xdpf 6 zm~kmbp dbk~mo{m" [didco~ct# pfm nmopmb àxb nobgdbh

{pakg{ db pfm ]G na}bkm` nokg pa nm pfm paz zm~ea~idbh {mkpa~ xdpf No~kcot{ db pfm cmo`

&'8"5-" Fazm{ ab ob oh~mmimbp nmpxmmb m}~a |abm cmo`m~{ bmvp xmmg oc{a naa{pm`

hodb{"

Db {}iio~t# occ iola~ {pakg io~gmp db`mvm{ za{pm` pfmd~ nm{p zm~ea~iobkm db ; tmo~{#

xdpf EP[M ?:: }z 8"=-# [%Z =:: ~a{m ia~m pfob 6-# ob` pfm EP[M Occ [fo~m hodbm`

6"8=-"

Pmkfbdkoc oboct{d{




E~ai pfm pmkfbdkoc zm~{zmkpdum# pfm EP[M ?:: fo{ hodbm` o {p~abh iaimbp}i `}~dbh co{p

xmmg" Faxmum~# dp d{ k}~~mbpct kca{m pa ~m{d{pobkm op =5=: ob` eokm{ o``dpdaboc ob

z{tkfacahdkoc pm{p o{ dp d{ ozz~aokfdbh pfm >:: òt Iaudbh Oum~ohm" De pfm EP[M ca{m{

iaimbp}i dp d{ cdgmct pa zc}bhm o{ `mmz o{ pfm co{p {}zza~p cmumc op =?:: &xdpf bmvp

{p~abh {}zza~p cmumc nmdbh 06?: e~ai Iot >:?:"

Pfm [%Z =:: d{ eokdbh o {didco~ kabedh}~opdab o{ pfm EP[M ?::" Napf zoppm~b{ o~m eokdbh

paa iobt }bkm~podbpdm{ pa iogm {acd` kabkc}{dab{"

Xfop pa mvzmkp e~ai bmvp xmmg1

Pfm z~aokpdum obba}bkmimbp{ e~ai pfm Hm~iob Kfobkmcca~ Obhmco Im~gmc ob` pfm

E~mbkf Z~m{d`mbp Bdkaco [o~ga|t {faxdbh pfmd~ {}zza~p ea~ o ‖ed{koc }bdab— foum hdumb

n}ccd{f dbum{pa~{ o ~mo{ab pa fac` pfmd~ za{dpdab{" Pfm {kfm`}cm` immpdbh ab Iabòt#

xfm~m napf zo~pdm{ xdcc a}pcdbm z~aza{oc{ ea~ pfm M] {}iidp ab pfm 4 @mkminm~# xdcc

`mpm~idbm xfmpfm~ xm xdcc {mm ia~m azpdid{i nmea~m E~dòt a~ de pfm nmo~d{f {mbpdimbp

xdcc pogm aum~"

Obapfm~ i}{p)xopkf mumbp bmvp xmmg d{ pfm DZA ae \tbho# pfm Eokmnaag hoim iogm~&Eo~iudccm obtabm1" Pfm kaizobt zcob{ pa ecaop ??"?- ae dp{ {fo~m{ ab pfm {pakg io~gmp#

fazdbh pa ~od{m o{ i}kf o{ $? ndccdab" De {}kkm{{e}c# pfd{ xa}c` nm pfm fdhfm{p uoc}m`

dbdpdoc z}ncdk aeem~dbh ae o ][ Dbpm~bmp kaizobt {dbkm Haahcm nmkoim z}ncdk db >::0" Pfm

DZA z~dkm{ z}p o uoc}m ab pfm kaizobt ae nmpxmmb $8"8nb ob` $4nb# iogdbh dp abm ae

pfm co~hm{p z}ncdkct p~o`m` hoim kaizobdm{ db pfm ]bdpm` [popm{" Xm xdcc {mm bmvp xmmg




xfmpfm~ dp xdcc nm o{ {}kkm{{e}c o{ pfm `mn}p ae pfm n}{dbm{{ {akdoc bmpxa~g Cdbgm`Db# a~

o{ à}npe}c o{ pfm zm~ea~iobkm ae H~a}zab# napf e~ai mo~cdm~ pfd{ tmo~"

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LUIFS Journal 1, Dec2 2011

Documents