impact of the u.s. financial and economic distress on south korea

8/3/2019 Impact of the U.S. Financial and Economic Distress on South Korea

1/13

3772

Flshj Holeldr


2/13

Oleyheys

Wj B1 lppb} ji Djoodbo

Bx

Flshj Ehjs$Yhsd Holeldbo Wslwhoy jei

Onjkkhemh

_xcbs Kjkk jei Khb` Krchofhs Hfhhe % % % % % % % % % % :

Mklcjk @bejeobjk Osbb jei ynh Flshje Holeldr1

Bxh jei Whswhoybph

Wrl Njf$fbk % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % >

Wj BB1 @bjobjk Bbxb ji Djf

Ynh Bdwjoy l` X%_% @bejeobjk jei Holeldbo

Ibysh le _lxyn Flshj

Ynldj Ojsmbkk % % % % % % % % % % % % % % % % % % % % % % % % % % % :8

Ynh ]jkk _yshhy Wjebo jei ynh Flshje Holeldr

Fbd Ilem$n}je % % % % % % % % % % % % % % % % % % % % % % % % % % 38

Wj BBB1 sxoxjk S`d

Holeldbo Wlkbor Sh`lsd be ynh Khh Drxem$cjf

Jidbebysjyble

Yler Dbonhkk % % % % % % % % % % % % % % % % % % % % % % % % % % % % % ??

Yj~ Sh`lsd be Flshj

Sjeijkk Aleh % % % % % % % % % % % % % % % % % % % % % % % % % % % % 98

Wj BP1 h~jk Bx

X%_%$Flshj Holeldbo Shkjyble1

Pbh} `sld _hlxk

Nje Ilemdje % % % % % % % % % % % % % % % % % % % % % % % % 88

J ]jnbemyle Whswhoybph

Alsije Nhbchs jei

Aheeb`hs _onxon$Wjmh % % % % % % % % % % % % % % % % 09

Wj P1 en Fj hodbo

Ipkwd ji h~jk Skjb

Hemjmhdhey le ynh Djsmbe1 Ojwjobyr Cxbkibem

be Elsyn Flshj

Chsenjsi _hkbmhs% % % % % % % % % % % % % % % % % % % % % % % % % 0=

Elsyn Flshj jei Beyhsejyblejk @bejeobjk

Lsmjebqjyble1 Wlkbybojk jei Holeldbo Cjssbhs

yl Ollwhsjyble

Khh _jem$nrxe % % % % % % % % % % % % % % % % % % % % % % % % % % % =0


3/13

@BEJEOBJK BE_YBYXYBLE_ JEI DJSFHY_ :8

@bejeobjk beybyxyble jei Djsfhy

bDWjoy l@ x%% @bejeobjk jei holelDbo ibysh le lxyN flshj

Cr Ynldj @% Ojsmbkk

b

Flshj holeldr be 377> }j jiphshkr bdwjoyhi

cr nbmn olddlibyr wsboh+ hwhobjkkr lbk+ jei cr

ejeobjk jei shjk nlof yjsyhi cr ynh olkkjwh l`

nlxbem wsboh be ynh Xebyhi _yjyh jei xchzxhey

holeldbo jei ejeobjk ibysh ynjy sjwbikr wshji

ynslxmnlxy dxon l` ynh }lski% Olddlibyr wsboh

njph ihokbehi+ cxy ynh oleybexbem holeldbo jeiejeobjk ibysh be ynh Xebyhi _yjyh }bkk oleybexh

yl bdwjoy Flshj% Flshj h~wlsy njph ihokbehi

bmebojeykr be ynh kjy `h} dleyn+ ynh holeldr

kl}hi jei be 377>19 msl ildhybo wslixoy ih$

okbehi cr ?%9 whsohey+ jei mlphsedhey wlkbordjfhs

}bkk `joh j exdchs l` djoslholeldbo jei ejeobjk

yjcbkbyr bxh be ynh eh~y `h} rhjs% Elehynhkh+

Flshj holeldr yl ijyh nj jclschi ynh nlof

}bynlxy ynh ihmshh l` ibysh h~nbcbyhi be kjyh :22=

jei :22>% Jkynlxmn Flshj oleybexh yl joh djals

klem$sxe onjkkhemh+ j lxykbehi cr ynh dly shohey

LHOI holeldbo xsphr l` Flshj+:

Flshj h~bcbk$byr be ihjkbem }byn ynh oxsshey ibysh bkkxysjyh nl}

dxon wslmsh nj chhe jonbhphi beoh :22=2>%

Ely lekr nj ynh Flshje holeldr jclschi ynh

oxsshey nlof }bynlxy beyheh ibysh+ cxy ynh

olddbydhey yl}jsi oleybexhi sh`lsd h~nbcbyhi cr

Flshje jxynlsbybh wslpbih j `lxeijyble `ls ihjk$

bem }byn ynh klemhs$sxe onjkkhemh% Ynb ojxyblxkr

lwybdbybo pbh} ehhi yl ch oleibyblehi+ nl}hphs+

cr ynh `joy ynh Flshje holeldr b ihokbebem dxon

`jyhs ynje jeybobwjyhi6 jei nl} Flshj jijwy yl

ynh holeldbo jei ejeobjk ibysh b ihwheihey

le `joyls lxybih l` by oleyslk chojxh l` Flshj

nhjpr shkbjeoh le h~wlsy%

Ynb wjwhs jhh ynh bdwjoy l` ynh X%_% holeldbo

jei ejeobjk ibysh le Flshj `sld clyn j nlsy$

jei klem$sxe whswhoybph% Ynh eh~y hoyble iboxh

ynh X%_% byxjyble be ynh oleyh~y l` j kh$ynje$

dllyn kbchsjkbqjyble wsloh ynjy nj chhe lemlbem

beoh ynh :2=7 ynslxmnlxy dxon l` ynh }lski% Ynb

wslpbih j cslji nbylsbojk whswhoybph% Ynhe Fl$

shj wjy h``lsy be ihjkbem }byn by l}e holeldbo

jei ejeobjk ibysh jsh iboxhi6 ynb wslpbih

j Flshje nbylsbojk whswhoybph% Ynh eh~y hoyble

lxykbeh ynh onjeehk l` nl} ynh X%_% ejeobjk osbbbdwjoy Flshj holeldr jei ejeobjk ryhd6

ynb b `lkkl}hi cr j hoyble ynjy jhh ynh jcbk$

byr l` ynh Flshje holeldr jei ejeobjk ryhd yl

jclsc ynh ejeobjk nlof% Chojxh ynh X%_% osbb

b ynh ibshoy shxky l` ynh cxsy l` ynh jhy cxcckh be

nlxbem wsboh+ ynh nlxbem wsboh byxjyble be Flshj

b ynhe shpbh}hi jei je jhdhey b djih jclxy

}nhynhs Flshj oje jeybobwjyh ynh yrwh l` wslckhd

ynjy wkjmxh ynh Xebyhi _yjyh oxssheykr ls j``hoyhi

Ajwje be ynh :2>7% Ynh lkkl}bem hoyble iboxh

ynh klemhs$yhsd bdwjoy ynh osbb }bkk njph le Fl$

shj msl}yn ysjyhmr jei sh`lsd wslmsjd% J nlsyoleokxibem hoyble hei ynh wjwhs%

yn o x%% @ i

N o~

Ixsbem ynh wjy ynshh ihojih ynh holeldbo jei

hphe be ldh ojh wlkbybojk beybyxyble be j }bih

sjemh l` olxeysbh h~whsbheohi j djals ysjebyble

yl}jsi dlsh lwhe+ ysjewjshey+ jei kh olkkhoybpby

ysxoyxsh oldwjshi }byn ynh sy ihojih l` ynh

wly}js whsbli% Be ynh oleyh~y l` holeldbo beybyx$

yblejk shihbme+ ynh ysjebyble nj chhe sh`hsshi ylj ihshmxkjyble+ kbchsjkbqjyble+ beyhsejyblejk$

bqjyble+ ls ihdlosjybqjyble l` holeldbo beybyx$

yble% Ynh ysjebyble nj yjfhe wkjoh be clyn ynh shjk

jei ejeobjk hoyls6 nl}hphs+ be dly ojh ynh

:% LHOI Holeldbo _xsphr1 Flshj .Wjsb1 Lsmjebqjyble `ls Holeldbo Ollwhsjyble jei Ihphklwdhey+ Ihohdchs 377>"%


4/13

:0 YNH FLSHJ HOLELDBO BE_YBYXYH

ejeobjk ryhd bebybjyhi ynh ysjebyble%3 J ejeobjk

kbchsjkbqjyble chojdh je lemlbem wsloh+ by wshji

yl ynh shy l` ynh holeldr% Jbje olxeysbh beokxibem

Onbej+ Flshj+ jei Ajwje njph chhe j wsldbehey wjsy

l` ynh ysjebyble%

Ynh ysjebyble wsloh nj ely chhe dllyn+ nl}$hphs+ hwhobjkkr be ynh ejeobjk hoyls% Be :220 je

Beyhsejyblejk Dlehyjsr @xei .BD@" yxir yjcxkjyhi

:?? bmebojey cjefbem hoyls wslckhd jdlem ynh

BD@ :>> dhdchs `sld :2>7 yl :220%? Ynh BD@

yxir ibi ely beokxih ynh `xkk h~yhey l` ynh Flshje

jei Ajwjehh ejeobjk wslckhd ynjy cslxmny ynhh

olxeysbh oklh yl olkkjwh be :22>+ els ibi by beokxih

ynh Jbje ejeobjk osbb l` :22=% Ihwbyh ynhh

ojh l` ejeobjk ibysh+ nl}hphs+ ynh djalsbyr

l` olxeysbh oleybexhi }byn ynh kbchsjkbqjyble l`

holeldbo jei `bejeobjk beybyxyble+ jei Flshj

sholphshi cr 3777 jei Ajwje cr 3778 }nbkh Onbejjei Beibj oleybexhi yl msl} j ynhr lwhehi xw

djsfhy%

Ynh shohey hphey xe`lkibem be ynh Xebyhi _yjyh

nlofhi ynh }lski chojxh l` ynh beyhebyr l` ynh

ibysh jei nl} sjwbikr ynh ibysh wshji% Ynh

olkkjwh l` nlxbem wsboh+ sholmebyble l` elewhs$

`lsdbem dlsymjmh klje+ olkkjwh l` holeijsr

djsfhy+ jbkxsh l` djals ejeobjk beybyxyble+ jei

xewshohiheyhi h``lsy cr ynh X%_% mlphsedhey yl

kbdby ibysh jii xw yl j njsw shphsjk l` wslmsh

djih ixsbem ynh wjy ynshh ihojih% Jkynlxmn ynhosbb hepbsledhey ynjy ildbejyhi _hwyhdchs jei

Loylchs 377> nj xcbihi+ ynh X%_% holeldr nj

chhe be shohble beoh Ihohdchs 377=+ cjkjeoh

nhhy l` ejeobjk beybyxyble shdjbe }hjf+ jei ynh

holeldbo jei ejeobjk ibysh b mklcjk%

Ynh lsbmbe l` ynh X%_% ibysh oje ch `lxei be

ynh beyhsjoyble l` j ihyjcbkbqbem beyhsshkjyblenbw

jdlem dlehyjsr wlkbor+ mlphsedhey xwwlsy l` ynh

lobjk oleysjoy }byn ynh X%_% wlwxkjyble yl xwwlsy

nldhl}ehsnbw be mhehsjk+ j wlkbybojk ihobble yl

wslpbih dlsymjmh xei yl kl}$yl$dlihsjyh$beoldh

clssl}hs+ jei kj~ jei bdwsxihey shmxkjyble jei

xwhspbble le ynh wjsy l` jkk djals ejeobjk shmxkj$

ylsr jmheobh% Hphey be ynh Xebyhi _yjyh jsh ybkk

xe`lkibem+ jei by b xeokhjs nl} klem ynh ejeobjk

jei holeldbo ibysh }bkk oleybexh% Djer l` ynh

jdh hkhdhey ynjy wslklemhi shlkxyble l` ynh

holeldbo jei ejeobjk ibysh be Ajwje ls jkdly:8 rhjs jsh wshhey be ynh Xebyhi _yjyh% J mshjy

ihjk ihwhei le nl} mlphsedhey wlkbor shwlei

yl ynh ibysh%

Ynh hphey be ynh Xebyhi _yjyh njph j wsl`lxei

bdwjoy le ynh }lski be mhehsjk jei le Flshj be

wjsyboxkjs% @bsy+ ejeobjk ibysh jei shohble be

ynh Xebyhi _yjyh jiphshkr bdwjoy ysjih jei hwh$

objkkr ysjih }byn holeldbh xon j Onbej+ Flshj+

jei Ajwje ynjy jsh isbphe cr je h~wlsy$lsbheyhi

msl}yn ysjyhmr% J njsw kl}il}e ls ihokbeh be

h~wlsy }bkk mhehsjyh holeldbo jei ejeobjk yshbe j }bih sjemh l` olxeysbh% _holei+ ynh beyhkkhoyxjk

jei wlkbor xwwlsy `ls djsfhy kbchsjkbqjyble yjsy$

bem be ynh :2=7 ojdh `sld ynh Xebyhi _yjyh% Ynh

Xebyhi _yjyh nj chhe je jmmshbph jiplojyh l`

kbchsjkbqjyble+ hwhobjkkr be ynh ejeobjk hoyls+ jei

xooh`xkkr wshxshi djer olxeysbhbeokxibem

Flshj+ Ajwje+ jei+ dlsh shoheykr+ Onbejyl kbchsjk$

bqh% Ynh Xebyhi _yjyh jkl nj chhe ynh dly jmmsh$

bph ejeobjk beelpjyls% Dxon l` ynh oldwkh~byr be

wlsy`lkbl dlihkbem+ ihsbpjybph+ holeijsr$djsfhy

hoxsbybh+ oshiby ih`jxky }jw+ jei khphsjmbem

nj by lsbmbe be ynh Xebyhi _yjyh% Ibysh be ynhXebyhi _yjyh oldcbehi }byn djer lynhs h~jdwkh

l` ejeobjk ibysh dheyblehi jclph b kbfhkr yl

shixoh heynxbjd `ls djsfhy sh`lsd+ jy khjy be

ynh nlsy sxe%

W n n f hdr

k k

Ynh Flshje holeldr nj h~whsbheohi ynshh djals

nlof beoh yjsybem ynh beixysbjkbqjyble wsloh

`lkkl}bem ynh hei l` Flshje ]js be :28?%

3% Ynb wlbey b hdwnjbqhi cr Ynldj @% Ojsmbkk jei Yjfjrxfb _jfjdlyl+Ajwje beoh :2>7 .Eh} Rlsf1 Ojdcsbimh XebphsbyrWsh+ 377>"+ onjw% ?%

?% Ojsk$Alnje Kbeimshe+ Mbkkbje Mjsobj+ jei Djyynh} B% _jjk+Cjef _lxeieh jei Djoslholeldbo Wlkbor .]jnbemyle+ I%O%1Beyhsejyblejk Dlehyjsr @xei+ :220"%


5/13

@BEJEOBJK BE_YBYXYBLE_ JEI DJSFHY_ :=

Ynh sy nlof looxsshi be ynh hjskr :2>7 j j shxky

l` ynh oxdxkjybph h``hoy l` behòbhey mlphsedhey

oleyslk lphs ynh holeldr+ hwhobjkkr be onhdbojk

jei nhjpr beixysr jei be ynh cjefbem ryhd% Ynh

Flshje jwwsljon yl djejmbem ynh holeldr le

jphsjmh wslixohi shjlejckh lxyoldh ynslxmn ynh

:2=7 jkynlxmn }byn j nbmn ihmshh l` pjsbjyble% Beynh hjskr :2>7+ nl}hphs+ shjk MIW ihokbehi+ ysjih

ihoby beoshjhi+ jei elewhs`lsdbem klje chmje yl

jooxdxkjyh be ynh yjyh$oleyslkkhi cjefbem ryhd%

Ynh mlphsedhey jilwyhi j y}l$yhw kbchsjkbqjyble

jmheij1 wlkbor `sld :2>: yl :2>> `loxhi le bd$

wslpbem djoslholeldbo whs`lsdjeoh+ jei+ j`yhs

djoslholeldbo whs`lsdjeoh bdwslphi+ wlkbor

}j ibshoyhi yl}jsi kbchsjkbqjyble l` ynh shjk jei

ejeobjk hoyls%

Ihwbyh j exdchs l` beybyxyblejk onjemh+ xon j

ihejyblejkbqjyble l` ynh cjefbem ryhd be ynh hjskr:2>7+ bebybjyble l` beyhshy ihshmxkjyble be :2>>+

jei `xsynhs beyhshy sjyh ihshmxkjyble wlkbobh be

:22:23 ihbmehi yl oldwkhyhkr wnjh lxy beyhs$

hy sjyh ohbkbem cr :22=+ ynh wjoh l` kbchsjkbqjyble

}j beoldwkhyh jei j}hi% Ynh ejeobjk ryhd

}j xeijdheyjkkr }hjf jei shdjbehi xohwybckh

yl j ildhybo ls beyhsejyblejk nlof ihwbyh ynh

mlphsedhey sh`lsd% Be wjsyboxkjs+ beyhsejyblejk

oleohse }j h~wshhi jclxy ynh kjsmh elewhs`lsd$

bem klje wslckhd be ynh cjefbem ryhd+ }nbon }j

hybdjyhi jy :7 yl 37 whsohey l` klje6 ynh nhjpr

bexheoh l` ynh Dbebysr l` @bejeoh be jkklojybemcjef oshiby yl okbhey beixysbh jei bexheoh lphs

oheysjk cjef wlkbor6 ynh nhjpr shkbjeoh le h~yhsejk

`xeibem .ilkkjs" yl xwwlsy ildhybo kheibem6 jei

j wlkbybojkkr hebybph ejeobjk shmxkjylsr ryhd

kjofbem ysjewjsheor% Ynhh oleohse }hsh bmelshi

cr ynh Flshje mlphsedhey xeybk ynh holei nlof

looxsshi be kjyh :22=%

_kl}hs msl}yn be :220 jei :22= jei ynh Jbje

ejeobjk osbb be :22= h~wlhi ynh }hjf ejeobjk

ysxoyxsh jei khi yl sjwbi }le ihwshobjyble% Shmx$

kjylsr jxynlsbybh nji wjbi bexòbhey jyyheyble yl

ynh ihmshh cjef jei elecjef beybyxyble }hsh

ihwheihey le lshbme clssl}bem jei yl ynh beoshj$

bem }hjf cjkjeoh nhhy l` ynh djalsonjhclk% Ynh

}le ihwshobjyhi sjwbikr be ynh `joh l` beoshjbem

ojwbyjk bmny j ynh Jbje ejeobjk osbb wshji% Ynh

Cjef l` Flshj beyhsejyblejk shhsph jhy }hsh

bexòbhey yl hphe kl} ynh ihwshobjyble% Flshjojdh oklh yl j oldwkhyh holeldbo jei ejeobjk

olkkjwh cr ynh hei l` :22=% Shjk MIW ihokbehi cr

> whsohey sld :22=19 yl :22>19% Flshj }j lsohi

yl hhf ynh jbyjeoh l` ynh BD@ }byn ynh wsldbh

l` je jxyhsbyr wslmsjd yl wshphey `xsynhs }le

ihwshobjyble jei j wsldbh yl joohkhsjyh sh`lsd be

ynh ejeobjk ryhd+ olswlsjyh mlphsejeoh+ jei ynh

onjhclk% Ynh sh`lsd wsloh wslohhihi le j cslji

`sley+9 jei djoslholeldbo joybpbyr sholphshi j`yhs

:222% Ynb }j j djals yxsebem wlbey be ynh ysxoyxsh

l` ynh Flshje holeldr%

Ynh ynbsi jei khjy beyheh nlof looxsshi be 377?%

Flshj shixohi shkbjeoh le `lshbme clssl}bem yl

ybdxkjyh ildhybo wheibem j`yhs :22=6 nl}hphs+

ildhybo oshiby h~wjeble+ hwhobjkkr ls olexdhs

wheibem+ }j xcybyxyhi j j ihdjei isbphs% Ynh

mlphsedhey heolxsjmhi cjef yl h~wjei oshiby yl

cxbehh jei olexdhs jei wslpbihi yj~ beohe$

ybph yl olexdhs `ls djfbem wjrdhey cr oshiby

ojsi%8 Olexdhs oshiby ojsi xh jei oshiby ojsi ihcy

h~wjeihi sjwbikr+ jei nlxhnlki ihcy beoshjhi yl

dlsh ynje =7 whsohey l` MIW oldwjshi }byn 97

whsohey be ynh wjy% Be ynh wjy+ bssjyblejk cxbehoshiby h~wjeble ynslxmn ynh mlphsedhey$oleyslkkhi

cjefbem ryhd mhehsjyhi ejeobjk ibysh+ jei be

3773 jei 377? bssjyblejk olexdhs oshiby h~wjeble

heolxsjmhi cr ynh mlphsedhey ynslxmn j dxon kh

mlphsedhey$oleyslkkhi ejeobjk ryhd }j ynh

wslckhd% Ynh oshiby h~wjeble cxsy be 377?+ kl}$

bem MIW msl}yn `sld =%7 whsohey yl ?%: whsohey+

jei ynh mlphsedhey }j `lsohi yl cjbk lxy oshiby

ojsi oldwjebh% Ynh ejeobjk ryhd yjcbkbqhi+

jei ynh holeldr sholphshi jei oleybexhi yl msl}

j`yhs 377?%

9% Ynldj Crseh+ Ynh Wly$Osbb Ysje`lsdjyble l` Flshj Cjefbem _ryhd+ Flshj Holeldr 3778 3:12:36 Ynldj@% Ojsmbkk jei Nxmn Wjysbof+ Shwleh yl @bejeobjk jei Holeldbo Ibysh be Flshj jei Ajwje+ Flshj Holeldr 37783:1:=33%

8% Ibhml Pjkihssjdj+ J`yhs ynh Jbje @bejeobjk Osbb1 Oje Sjwbi Oshiby H~wjeble _xyjbe Msl}yn


6/13

:> YNH FLSHJ HOLELDBO BE_YBYXYH

Ynh ynshh nlofhwhobjkkr hphey be :22= jei

377?bmebojeykr bexheohi ejeobjk wlkbor be

Flshj be jy khjy ph }jr%

Ynh hyjckbndhey l` ynh @bejeobjk _xwhspblsr

Olddbble .@_O" be :22> jei ynh @bejeobjk

_xwhspblsr _hspboh .@__" be :222 wslpbihi wsx$ihey shmxkjyble l` ynh ejeobjk ryhd+ shixohi

ynh wlkbybojkbqjyble l` cjef oshiby jkklojyble+ jei

beoshjhi lphsjkk ejeobjk ryhd ysjewjsheor%

Ynh Cjef l` Flshj henjeohi `lsdjk beih$

wheiheoh jei shkbjeoh le je bejyble$yjsmhybem

`sjdh}lsf hyjckbnhi j cjb `ls wsboh$yjcbkbq$

bem oheysjk cjef wlkbor jei shixohi ynh wlkbybojk

bexheoh le oheysjk cjef oshiby jkklojyble wlkb$

obh%

Ynh shysxoyxsbem l` ynh cjefbem ryhd j`yhs:22= jei j kjsmh mlphsedhey be`xble l` ojwbyjk

mhehsjyhi be dly ojh j lxei cjefbem ryhd

}byn bdwslphi ojwbyjk$jhy sjybl+ bdwslphi

shyxse le jhy+ jei isjdjybo ihokbeh be ele$

whs`lsdbem klje% Flshje cjef hdhsmhi `sld

ynh wsloh dlsh cjkjeohi+ ynhr shkr dlsh le

olddhsobjk$cjhi dlihk ynje wshpblxkr+ jei

`lshbme cjef xeihs lshbme oleyslk njph choldh

j whsdjehey jei oldwhybybph wjsy l` ynh Flshje

ejeobjk ryhd%0

@__ wsxiheybjk shmxkjyble kbdbyhi khphsjmbem crshysboybem klje$yl$pjkxh sjybl+ hwhobjkkr ls shjk

hyjyh oshiby%

Ynh Flshj Ihwlby Bexsjeoh Olswlsjyble hyjc$

kbnhi be :220 kbdbyhi ryhdbo sbf cr bexsbem

ihwlby l` cjef+ hoxsbybh oldwjebh+ bexs$

jeoh oldwjebh+ dhsonjey cjef+ jei jpbem

cjef% Ynb h~wkboby lsd l` mlphsedhey ihwlby

mxjsjeyhh b dlsh ysjewjshey jei kh hebybph

yl wlkbybojk wshxsh ynje ynh wshpblx bdwkboby

ryhd%

Ynh Flshje holeldr msh} jy j shjlejckh wjoh

j`yhs 377? xw yl dbi$377>% Wjsy l` ynb whs`lsdjeoh

olxki ch jyysbcxyhi yl ynh wlkbor shwleh yl ynh

ynshh wjy nlof+ hwhobjkkr ynh nlof be :22=%

Ihwbyh j mhehsjk olehex+ Flshj holeldr

jei ejeobjk ryhd }hsh lxei jei dxon dlsh

ojwjckh l` ihjkbem }byn ildhybo ls beyhsejyblejk

nlof6 nl}hphs+ wslckhd jshj shdjbehi% Ynshh

jsh shzxheykr dheyblehi%

Ynhsh b oleohse lphs ynh bmebojey beoshjh be mlp$hsedhey ihcy% Ch`lsh ynh :227 ynhsh }j ely dxon

mlphsedhey ihcy+ cxy cr ynh hei l` 3778 ynh sjybl l`

Flshje mlphsedhey ihcy yl MIW }j ?7%= whsohey%

Dxon l` ynb shxkyhi `sld ynh wxckbo be`xble l`

`xei beyl ynh cjefbem ryhd be :22> jei :222%

Oldwjshi }byn ynh LHOI jphsjmh ihcy$yl$MIW sj$

ybl l` =0%2 whsohey+ ynb sjybl }j ely h~ohbph+ cxy+

shkjybph yl Flshj wshpblx khphk l` mlphsedhey

ihcy+ ynb }j j djals onjemh be ynh slkh l` mlphse$

dhey ihcy be ynh ejeobjk ryhd% _holei+ jkynlxmn

ynh djalsonjhclknjph jilwyhi dlsh olddhsobjk$

cjhi olswlsjyh mlphsejeoh ysxoyxsh jei bdwslphiwslixoybpbyr+ ynhsh b oleybexhi oleohse lphs ynh

ejeobjk oleibyble jei xyjbejcbkbyr l` djkk$ jei

dhibxd$bqhi heyhswsbh ._DH"% Ynhr njph ely

chhe j jmmshbph j ynh onjhclkbe sh`lsdbem ynhbs

cxbeh dlihk jei beoshjbem wslixoybpbyr% Ynb

b je bxh ely lekr `ls ynh _DH cxy jkl `ls ynh

cjefbem ryhd+ j cjef njph j kjsmh h~wlxsh yl

_DH klje% Ynbsi+ ihdlmsjwnbo yshei be yhsd l`

je jmbem jei ihokbebem wlwxkjyble bdbkjs yl Ajwje

}bkk wshhey Flshj }byn j }bih sjemh l` holeldbo+

lobjk+ jei wlkbybojk onjkkhemh%

Onjeehk l` Bexheoh le Flshj

hdr

X%_% ejeobjk jei holeldbo ibysh }bkk oleybexh

yl bdwjoy Flshj ynslxmn ejeobjk jei shjk onjeehk

ynslxmnlxy 3772 jei whsnjw beyl 37:7% Ynhh jsh

olebihshi ynh nlsy$yhsd bdwjoy% Klemhs$yhsd bd$

wjoy jkk dlsh beyl j wlkbybojk$holeldr whswhoybph

iboxhi be j xchzxhey hoyble%

@bejeobjk Onjeehk

Ynh X%_% ejeobjk ibysh bexheoh Flshj ynslxmn

j exdchs l` ejeobjk onjeehk6 ely lekr jsh ynh

ejeobjk onjeehk exdhslx+ ynhr jsh ldhybdh

lwjzxh jei oldwkh~% Ynh dlsh lcpblx beokxih

ynh lkkl}bem1

0% Crseh+ Ynh Wly$Osbb Ysje`lsdjyble l` Flshj Cjefbem _ryhd%


7/13

@BEJEOBJK BE_YBYXYBLE_ JEI DJSFHY_ :2

Flshje wsbpjyh jei wxckbo ejeobjk beybyxyble+

nlxhnlki+ jei cxbehh h~whsbheohi j kl

yl ynh h~yhey ynhr nhki bephydhey be Dhssbkk

Kreon+ Khndje Cslynhs+ @shiibh Djo+ @jeebh

Djh+ JBM+ jei lynhs X%_% ejeobjk beybyxyble

ynjy h~whsbheohi djals djsfhy pjkxh ihokbeh6

Ynh ihokbeh l` hzxbyr jei dlsymjmhi$cjofhi

hoxsbyr wsboh be ynh Xebyhi _yjyh bdwlhi j

kl yl ynh h~yhey ynhh jhy }hsh nhki cr Fl$

shje6

Ynh ihokbeh l` hzxbyr jei clei djsfhy ynslxmn$

lxy ynh }lski bdwlhi j kl yl ynh h~yhey ynhh

}hsh nhki cr Flshje6

Ynh ihokbeh l` hzxbyr jei clei wsboh be Flshj

bdwlhi j kl le Flshje6

Ynh beoshjhi xeohsyjbeyr jei shixohi jpjbkjcbk$

byr l` xei be ynh beyhsejyblejk djsfhy ybmnyhehi

oshiby jpjbkjcbkbyr be Flshj6

Ynh beoshjh be ynh KBCLS .Kleile Beyhscjef

L``hshi Sjyh" shysboyhi Flshje cjef nlsy$yhsd

jooh yl beyhsejyblejk xei be mhehsjk jei ilk$

kjs be wjsyboxkjs6

Ynh }hjfhehi cjkjeoh nhhy l` Flshje cjef

jei olswlsjyble mhehsjyhi ojwbyjk bmny6

Ynh ihokbeh be ynh }le beoshjhi ynh oly l`

hspbobem lshbme ihcy6

Wlsy`lkbl klh jei shysboyhi cjef oshiby mhehs$

jyhi wslckhd be Flshj shjk hyjyh hoyls jei

jdlem _DH6 jei

Beyhsejyblejk oleiheoh be Flshj ejeobjk

ryhd jei jcbkbyr yl jclsc ynh ejeobjk nlof

nj }jehi%

Shjk Onjeehk

Ynh shjk hoyls bdwjoy jsh ehbynhs j exdhslx els

j lwjzxh6 be `joy+ ynhsh jsh hheybjkkr ynshh shjk

onjeehk oleehoybem ynh X%_% ejeobjk jei holeldbo

ibysh yl Flshj shjk hoyls% Ynh sy y}l jsh ynh

shxky l` ejeobjk bdwjoy jclph+ jei ynh ynbsi b ynh

bdwjoy l` ynh X%_% jei mklcjk shohble le Flshj

h~wlsy hoyls%

Ynh shixohi jpjbkjcbkbyr jei beoshjhi oly l`

oshiby oldcbehi }byn mhehsjk xeohsyjbeyr shixoh

ildhybo wheibem6

Ynh shixohi jpjbkjcbkbyr jei beoshjhi oly l`

oshiby nj ynh wlyheybjk yl khji yl j olkkjwh l`

ynh shjk hyjyh hoyls+ mbphe ynh sjwbi beoshjh be

nlxbem wsboh ynslxmn hjskr 377=6 jei

Shohble be ynh Xebyhi _yjyh jei hkh}nhsh

}bkk bdwjoy Flshj h~wlsy hoyls jei shixoh

ylyjk ihdjei ls Flshje lxywxy6 oldcbehi }byn

ynh sy y}l bdwjoy+ ynb beoshjh ynh wlyheybjk

`ls Flshj sy ihokbeh be lxywxy beoh :22>%

Flshj Jcbkbyr yl Jclsc ynh @bejeobjk s n

Ihwbyh j ?3 whsohey ihokbeh be ynh pjkxh l` ynh }le+

j ?7 whsohey ihokbeh be Flshje hzxbyr wsboh `sld

ynh sy l` _hwyhdchs 377> yl ynh sy }hhf l` Ih$

ohdchs 377>+ jei beoshjh be beyhshy sjyh josl

j cslji whoysxd l` jhy+ ynh Flshje ejeobjk

jei shjk hoyls yl ijyh njph jclschi ynh nlof

}bynlxy beyheh holeldbo jei ejeobjk ibysh%

Okjbd djih be ynh eh} dhibj ynjy Flshj dbmny

h~whsbheoh jelynhs :22=$yrwh olkkjwh jsh mshjykr

h~jmmhsjyhi jei nl} kbyykh xeihsyjeibem l` ynhbmebojey sh`lsd Flshj nj djih yl by ejeobjk

ryhd beoh :22=% _b~ `joyls joolxey `ls ynb

shkjybphkr chyyhs shwleh yl ijyh%

@bsy+ ynh shjk hoyls }j msl}bem jei yjckh wsbls

yl ynh nlof% Shjk MIW msl}yn nji chhe yhjibkr

beoshjbem beoh ynh kl}il}e be 377? ojxhi cr

ynh oshiby ojsi wslckhd% Be 377=19 jei 377>1: shjk

MIW msl}yn }j 8%= jei 8%> whsohey+ shwhoybphkr6

nl}hphs+ by ihokbehi yl 9%> jei ?%2 whsohey be 377>13

jei 377>1?+ shwhoybphkr% Flshj wslwhoy onjemhi

be kjyh 377>+ nl}hphs% MIW msl}yn ihokbehi cr ?%9

whsohey be 377>19% Ynh xehdwklrdhey sjyh be 377=

}j yjckh jy ? whsohey6 nl}hphs+ ynh xehdwklr$

dhey sjyh chmje yl yshei xw}jsi be 377> jei be

Ajexjsr 377> }j ?%? whsohey% Jkynlxmn ynh Flshje

holeldr }j nl}bem bme l` j kl}il}e ch`lsh

ynh ejeobjk nlof be _hwyhdchs+ wslcjckr j j sh$


8/13

37 YNH FLSHJ HOLELDBO BE_YBYXYH

xky l` nbmn hehsmr wsboh+ jei }nbkh ynh holeldr

jwwhjshi }hkk wlbyblehi yl jclsc ynh ejeobjk jei

shjk nlof+ dly lchsphs njph shpbhi il}e}jsi

ynhbs wslahoyble l` holeldbo whs`lsdjeoh be 3772%

Ynh wslahoyble ls Flshj djih be ynh kjyyhs wjsy l`

377> el} jwwhjs lphskr lwybdbybo mbphe Flshj

whs`lsdjeoh be 377>19% J l` kjyh 377>+ ynh LHOIwslahoyhi Flshj holeldr }lxki ihokbeh be 3772

yl 3%= whsohey jei ynhe beoshjh yl 9%3 whsohey be

37:7%= Ynb }j dlsh lwybdbybo ynje ldh lynhs

xmmhyhi6 `ls h~jdwkh+ Dllir Bephyls _hs$

pboh j l` Loylchs 377> wslahoyhi 3 whsohey MIW

msl}yn be 3772%> By jwwhjs hphe ynh kh lwybdbybo

wslahoyble djih be ynh kjyyhs wjsy l` 377> }hsh yll

lwybdbybo% Xehdwklrdhey b wslahoyhi yl beoshjh

yl ?%0 whsohey be clyn 3772 jei 37:7+ joolsibem yl

ynh LHOI% Yl ijyh+ ynh xehdwklrdhey sjyh jwwhjs

dlsh be kbeh }byn ynh LHOI wslahoyble ynje MIW

msl}yn% Ynx+ Flshj }bkk ely kbfhkr jplbi shoh$ble jei beoshjhi holeldbo jei ejeobjk ibysh%

Elehynhkh+ Flshj b el} be dxon chyyhs oleibyble

ynje wshpblxkr yl ihjk }byn kl}hs jei ihokbebem

whs`lsdjeoh%

_holei+ ynh cjefbem ryhd }j lxei jei }hkk

wlbyblehi yl jclsc ynh nlof+ j`yhs njpbem mleh

ynslxmn j bmebojey shihbme be shwleh yl ynh

:22= jei 377? nlof% Ynb b wslcjckr ynh dly

bmeb`bojey jonbhphdhey l` mlphsedhey sh`lsd

beoh :22=% Mlphsedhey$wlelshi dhsmhs+ ojwbyjk

beahoyble+ jei mshjyhs lphsbmny jei ysjewjsheorwslpbihi j `lxeijyble `ls pbjckh Flshje cjefbem%

Be ynh sy wjsy l` 377>+ sjyh l` shyxse le jhy

.7%>> whsohey"+ elewhs`lsdbem klje .7%0 whsohey"+

ihkbezxheor sjyh .:%= whsohey `ls _DH klje jei

7%= whsohey ls nlxhnlki klje" jei Cjef ls Beyhs$

ejyblejk _hyykhdhey ojwbyjk .::%9 whsohey l` jhy"

njph bdwslphi bmebojeykr lphs ynh wjy ihojih%2

Cjef h~wlxsh yl dlsymjmh$cjofhi hoxsbybh+ @je$

ebh Djh+ jei @shiibh Djo }j j dhsh ):27 dbkkble

j l` :9 Loylchs 377>+ joolsibem yl ynh @__% _ldh

eh} shwlsy njph xmmhyhi ynjy Flshje cjef njph

shkbhi le `xeibem ildhybo kheibem }byn `lshbme

clssl}bem6 nl}hphs+ ynb b ely olsshoy+ joolsibem

yl mlphsedhey l`objk% Ynh klje$yl$ihwlby sjybl

b jslxei :77 }nhe ihwlby jsh wslwhskr ihehi

jei ildhybo cjef `lshbme oxssheor kbjcbkbybh jsh

cjkjeohi }byn `lshbme oxssheor jhy% Ynx+ ynhFlshje cjefbem ryhd b be j yslemhs wlbyble

oldwjshi }byn j ihojih jml+ jei+ jkynlxmn by }bkk

h~whsbheoh ldh ihokbeh be ynh zxjkbyr l` by cjkjeoh

nhhy+ ynhsh b kbyykh wlyheybjk ls j cjefbem wslckhd

l` ynh djmebyxih l` ynh kjyh :227%

Ynbsi+ jkynlxmn ynh }le nj ihokbehi bmebojeykr

ixsbem ynh wjy `h} dleyn j j shxky l` ojwbyjk

bmny jei shixohi ihdjei ls h~wlsy+ ynh bdwslphi

`lxeijyble l` ynh Flshj cjefbem ryhd oldcbehi

}byn bmebojey jdlxey l` kl}$sbf h~yhsejk ihcy

jei kjsmh nlkibem l` beyhsejyblejk shhsph shixohynh wlyheybjk ls kjsmh ojwbyjk bmny jei j il}e}jsi

wbsjk l` ynh h~onjemh sjyh% Jy ynh hei l` Axeh 377>+

Flshj h~yhsejk ihcy }j )937 cbkkble+ l` }nbon

jwwsl~bdjyhkr ?7 whsohey b ely xcahoy yl shwjr$

dhey cxsihe chojxh by oleybyxyh wsh`lshbme

ibshoy bephydhey xeibem+ lshbme h~onjemh ls}jsi

nhimbem l` wsholeysjoyhi xyxsh ojn l}+ jei ji$

pjeohi shohbwy ls nbwcxbkibem oleysjoy% Be :22=

beyhsejyblejk shhsph }hsh djkk shkjybph yl ynh

bqh l` h~yhsejk ihcy+ jei dxon l` ynh beyhsejyblejk

shhsph nlkibem }j l` kl} zxjkbyr jei ib`oxky ls

lxybihs yl hpjkxjyh chojxh l` kbdbyhi mlphsedheyysjewjsheor% Be 377> ynh byxjyble b ib``hshey% Ynh

shkjybph bqh l` shhsph yl h~yhsejk ihcy b kjsmh+

dly shhsph jsh nhki be JJ ls chyyhs sjyhi clei+

jei ynh mlphsedhey b ysjewjshey jclxy nlkibem

l` beyhsejyblejk shhsph%

@lxsyn+ clyn ojk jei dlehyjsr wlkbor beysxdhey

jsh be j yslem wlbyble yl shwlei yl ynh jiphsh

bdwjoy l` ynh nlof% Ynh Flshje mlphsedhey nj

sxe j ojk xswkx beoh 3777+ jei j l` _hwyhdchs

=% Flshj+ LHOI Holeldbo Lxykllf1 Wshkbdbejsr Hibyble+ e%i%+ }}}%lhoi%lsm,ijyjlhoi,0,?>,373:?3?:%wi`%

>% _lxyn Flshj Cjefbem Dhjxsh _nlxki Nhkw Jkkhpbjyh Wshxsh+ _whobjk Olddhey+ Dllir Bephyls _hspboh+ Loylchs377>%

2% Ynh yjybybo obyhi be ynb jei ynh `lkkl}bem hoyble jsh isj}e `sld ynshh lxsoh1 .:" @__ shkhjh l` Mlphsels Fbd Alem$onjem :9 Loylchs 377> ole`hsheoh ojkk }byn beybyxyblejk bephyls+ .3" @_O wsh shkhjh l` Ihohdchs 377> heybykhi Flshj@bejeobjk Djsfhy jei Holeldr1 Shbkbheoh Jdbi Yxscxkheoh+ jei .?" Cjef l` Flshj ]hc byh jei yjybybo ijyjcjh%


9/13

@BEJEOBJK BE_YBYXYBLE_ JEI DJSFHY_ 3:

377> ynh xswkx shwshheyhi 3%9 whsohey l` MIW%

Ynb wslpbih ynh Flshje mlphsedhey }byn ihmshh

l` `shhild yl jipjeoh `xei yl ynh ejeobjk ls

shjk hoyls l` ynh holeldr+ yl hemjmh be wheibem

yl ybdxkjyh ynh holeldr+ jei yl shixoh yj~h yl

ybdxkjyh ynh holeldr% Cjef l` Flshj wlkbor b dlsh

beihwheihey jei ysjewjshey jei kh kbfhkr yl mbphbe yl wlkbybojk wshxsh oldwjshi }byn ynh :227%

By bejyble$yjsmhybem `sjdh}lsf jilwyhi be :22>

nj wslixohi j yjckh bejyble sjyh le }nbon ynh

holeldr oje jeonls by bejyblejsr h~whoyjyble%

Ynh oxsshey olexdhs wsboh beih~ bejyble yjsmhy b

? whsohey wkx ls dbex 7%8 whsohey+ jei by olphs

ynh whsbli sld 377= yl 3772% Ynh bejyble sjyh nj

mhehsjkkr chhe }bynbe ynh yjsmhy sjemh6 nl}hphs+ ynh

bejyble sjyh joohkhsjyhi be hjskr 377> j j shxky

l` nbmn hehsmr oly+ jei by nlxki jphsjmh jwwsl~b$

djyhkr 8 whsohey ls 377>% Ynh LHOI wshiboy ynjy

bejyble }bkk ihokbeh be Flshj be 3772 jei 37:7+ jeicr 37:7 by nlxki ch }bynbe ynh oxsshey sjemh%

Ynx+ ojk wlkbor nj olebihsjckh ihmshh l`

`shhild yl ihjk }byn jiphsh bdwjoy le ynh Flshje

holeldr+ jei Cjef l` Flshj wlkbor nj wslpbihi

j yjckh hepbsledhey jei nj hyjckbnhi ynh Cjef

j j oshibckh oheysjk cjef%

@b`yn+ ynh mlphsedhey shwleh yl ynh nlof nj

chhe sjwbi jei ysjewjshey% Shwlsy shkhjhi cr ynh

@__ jei ynh @_O j }hkk j dlehyjsr wlkbor yjyh$

dhey cr ynh Cjef l` Flshj wslpbih dxon xh`xkbe`lsdjyble yl jh ynh oleibyble l` ynh ejeobjk

ryhd jei ynh holeldr% Ynh Flshje mlphsedhey

nj bebybjyhi j }bih sjemh l` joyble yl djbeyjbe

`lshbme oleiheoh+ yl shixoh ynh bdwjoy le ynh

nlof le ynh ejeobjk ryhd+ jei yl oxnble ynh

holeldr be ynh joh l` ihokbebem lxywxy% Cjef jsh

chbem shzxbshi yl beoshjh ojwbyjk6 ):77 cbkkble l`

`lshbme ihcy l}hi cr cjef b chbem mxjsjeyhhi

cr ynh mlphsedhey6 oshiby }bkk ch ibshoyhi yl}jsi

_DH yl lphsoldh nlsy$yhsd ojn l} wslckhd6

yj~ shixoyble l` pjsblx yrwh jsh chbem iboxhi6

jei ynh Cjef l` Flshj kl}hshi ynh cjh sjyh `sld

8%38 whsohey be Jxmxy 377> yl 3%77 whsohey be hjskr

@hcsxjsr 3772%

_b~yn+ Flshj b xekbfhkr yl h~whsbheoh j olkkjwh l`

nlxbem wsboh j be ynh Xebyhi _yjyh% Ynb bxh b

iboxhi be ihyjbk be ynh lkkl}bem hoyble%

Nm W f

Be hjskr 377= j shpbh} l` nlxbem wsboh be Flshj

be ynh oleyh~y l` je jhy cxcckh yj~leldr xm$

mhyhi cr Dbefr lxykbehi bdwkbojyble `ls Cjef

l` Flshj wlkbor jei oldwjshi ynh wlyheybjk `ls j

Ajwje$kbfh nlxbem wslckhd%:7 Ynh wjwhs }j wxc$

kbnhi axy j nlxbem wsboh be ynh Xebyhi _yjyh

}hsh chmbeebem yl olkkjwh+ joolsibem yl ynh _&W

Ojh$_nbkkhs ejyblejk beih~h6 ynjy b+ nlxh wsboh

whjfhi be kjyh 3770 jei yjsyhi yl ihokbeh be 377=%

Hphe j nlxbem wsboh chmje yl ihokbeh+ ynh `xkkdjmebyxih l` ynh wslckhd nji ely hdhsmhi% Ynh

377= wjwhs oleokxihi+ % % %beoshjh be nlxbem

wsboh be Flshj jsh kbfhkr ely xyjbejckh+ ynjy j

il}e}jsi jiaxydhey b dlsh kbfhkr ynje ely+ cxy

ynjy ynh wslckhd b ely ehjs j djmebyxih ynjy shzxbsh

jmmshbph dlehyjsr wlkbor jy ynb ybdh% Beyhji+

ynh CLF VCjef l` FlshjT }lxki il }hkk yl khjse

jmjbey ynh wlyheybjk nlxbem cxcckh% Ynb jwwhjs

yl ch ynh wlkbor oxssheykr chbem bdwkhdheyhi%:: Be

nbeibmny+ ynb oleokxble xmmhy y}l zxhyble1

@bsy+ ibi ynh wjoh l` nlxbem wsboh beoshjh kl}

be 377= jei 377>< _holei+ b Flshj xohwybckh ylj nlxbem olkkjwh+ shwho$

ybphkr%:3 Clyn mxsh bkkxysjyh olebihsjckh wsboh

pjsbjyble6 nl}hphs+ lekr `ls j nlsy whsbli be kjyh

3779 jei hjskr 3778 ibi wsboh joyxjkkr ihokbeh%

Be hjskr 377= ynhsh }j oleohse lphs ynh sjwbi be$

oshjh be nlxbem jei jwjsydhey wsboh6 nl}hphs+

by el} jwwhjs nlxh jei jwjsydhey wsboh njph

:7% Ynldj @% Ojsmbkk jei @hihsbol Mxhsshsl+ Cjef l` Flshj Wlkbor jei Jhy Cxcckh+Flshj Holeldr 377=3?1>:>6 NrdjeW% Dbefr+ Ynh @bejeobjk Beyjcbkbyr Nrwlynhb1 Ojwbyjkbybo Wslohh jei ynh Chnjpbls l` ynh Holeldr+ be@bejeobjk Osbh1Ynhlsr+ Nbylsr jei Wlkbor+ hi% O% W% Fbeikhchsmhs jei A% W% Kj``jsmxh .Ojdcsbimh1 Ojdcsbimh Xebphsbyr Wsh+ :2>3"%

::% Ojsmbkk jei Mxhsshsl+ Cjef l` Flshj Wlkbor jei Jhy Cxcckh+ >%

:3% Ijyj }hsh wslpbihi cr ynh Cjef l` Flshj%


10/13


8

7

8

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37

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%:

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%:

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%:

3778

%:

3779

%:

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%:

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%:

Flshj

_hlxk

_lxynhse_hlxk

@bmxsh :1 Whsoheyjmh Onjemh be ynh Nlxbem Wsboh

Beih~ be Flshj+ be _hlxk+ jei be _lxynhse _hlxk

Ajexjsr 3777_hwyhdchs 377>

Whsoheyjmh onjemh

_lxsoh1 Cjef l` Flshj%

:7

7

:7

37

?7

97

87

377>

%:

377=

%:

3770

%:

3778

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%:

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3773

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3777

%:

@bmxsh 31 Whsoheyjmh Onjemh be ynh JwjsydheyWsboh Beih~ be Flshj+ be _hlxk+ jei be _lxynhse

_hlxk+ Ajexjsr 3777_hwyhdchs 377>

Whsoheyjmh onjemh

_lxsoh1 Cjef l` Flshj%

_lxynhse_hlxk

_hlxk

Flshj

yjcbkbqhi jslxei je jeexjk sjyh l` jwwsl~bdjyhkr

8 yl = whsohey%

Ynshh shjle joolxey `ls }nr j nlxbem wslckhd

ibi ely djyhsbjkbqh be Flshj jei b ely kbfhkr yl

choldh j wslckhd j by nj be ynh Xebyhi _yjyh ls

}j be Ajwje% @bsy+ ynh Cjef l` Flshj jilwyhi jwlkbor l` khjebem jmjbey ynh nlxbem cxcckh% Ynh

Cjef l` Flshj sjbhi ynh cjh sjyh l` ?%8 whsohey

be Loylchs 3778 be hphsjk yhw+ yl j nbmn l` 8%38

whsohey be Jxmxy 377=% _holei+ dlsymjmh oshiby

}j ely j kjsmh j wjsy l` ynh Flshje holeldr j

by }j be ynh Xebyhi _yjyh% Ynh sjybl l` dlsymjmh

oshiby yl MIW be Flshj b ??%9 whsohey }nbkh be ynh

Xebyhi _yjyh ynh sjybl b =3%? whsohey% Dlsymjmh

ihkbezxheor sjyh j`yhs ihokbebem sld 3779 yl 377=

beoshjhi be Flshj `sld 377= yl 377> yl jclxy 7%8

whsohey oldwjshi }byn ynh jwwsl~bdjyh = whsohey

ihkbezxheor sjyh be ynh Xebyhi _yjyh be ynh kjyyhs wjsy

l` 377>% Ynbsi+ jei wslcjckr dly bdwlsyjey+ yjsy$

bem be 3773 Flshje shmxkjylsr jxynlsbybh bdwlhibmebojey wsxiheybjk shzxbshdhey le dlsymjmh

klje6 j fhr oldwlehey }j j klje$yl$pjkxh sjybl

l` 97 yl 07 whsohey jei j ihcy$yl$beoldh sjybl l`

97 whsohey% Nji ynhh yrwh l` shmxkjyble chhe

be wkjoh be ynh Xebyhi _yjyh+ ynhsh }lxki kbfhkr

ely njph chhe j nlxbem cxcckh jei cxsy% Ynh

shkjybphkr kl} sjybl be Flshj b bdwlsyjey chojxh+

hphe b` nlxbem wsboh ihokbeh+ beibpbixjk }lxki

ybkk shyjbe wlbybph hzxbyr jei ybkk njph beoheybph yl

dhhy dlsymjmh wjrdhey% Ihokbebem nlxbem wsboh

jsh dlsh hsblx be ynh Xebyhi _yjyh chojxh hphe

djer wsbdh dlsymjmh klje njph chhe djih }bynkl} il}e wjrdhey jei chojxh dlsymjmh oshiby b

mhehsjkkr mbphe }bynlxy sholxsh%

Nheoh+ Flshj ibi njph ynh wlyheybjk l` j nlxbem

wslckhd be hjskr 377= jkynlxmn by }j ely l` ynh

djmebyxih l` lynhs olxeysbh% Ynh wjoh l` nlxbem

wsboh beoshjh ihokbehi jei+ chojxh l` ysboyhs

wsxiheybjk shzxbshdhey le dlsymjmh oshiby+ Flshj b

ely kbfhkr yl h~whsbheoh j nlxbem wslckhd j Ajwje

ibi be ynh :227 ls j oxssheykr h~by be ynh Xebyhi

_yjyh% Ynh wslckhd be Ajwje }j j oklh beyhsshkj$

yblenbw jdlem cjef ojwbyjk+ cjef kheibem+ hzxbyrwsboh+ jei shjk hyjyh wsboh ely wsldbehey be Flshj%

Ynh wslckhd be ynh Xebyhi _yjyh }j bdwsxihey

kheibem jei clssl}bem ynjy shxkyhi be }bihwshji

ehmjybph hzxbyr be nlxbem }nhe wsboh chmje yl

ihokbeh% Be clyn Ajwje jei ynh Xebyhi _yjyh ynh

nlxbem wslckhd }j h~johscjyhi cr hjr dlehyjsr

wlkbor% Ynb b ely yl okjbd je jcheoh l` wslckhd

be Flshj nlxbem hoyls1 oleysxoyble oldwjebh

jsh lphsh~yheihi jei j kjsmh exdchs njph ihokjshi

cjefsxwyor+ djer jwjsydhey wslahoy shdjbe xelki+

jei shjk hyjyh wsboh jsh kbfhkr yl ihokbeh be 3772%

Be wbyh l` ynb+ by b xekbfhkr nlxbem }bkk choldhynh wslckhd by }j ls Ajwje jei oxssheykr b ls ynh

Xebyhi _yjyh% Be Ajwje jei ynh Xebyhi _yjyh nlx$

bem }j jy ynh oheyhs l` ynh ejeobjk jei holeldbo

ibysh+ }nbkh be Flshj nlxbem b shwleibem dlsh

yl ynh mklcjk kl}il}e ynje yl jer `xeijdheyjk

beyhsejk beyjcbkbyr%


11/13

@BEJEOBJK BE_YBYXYBLE_ JEI DJSFHY_ 3?

km$yd bdw f

Ynh bdwjoy l` ynh }lski}bih ejeobjk ibysh le

Flshj yl ijyh nj chhe dlsh hsblx ynje jeybobwjyhi

be ynh kjyyhs wjsy l` 377>% Flshj nlxki ch oleohsehi+

jei+ le ynh wlbybph bih+ ynh Flshje mlphsedhey

nj ely chhe oldwkjohey+ b` ynb oje ch aximhi cr bywlkbor shjoyble yl ijyh% Ynhsh b oleohse+ nl}hphs+

ynjy ynh Flshje mlphsedhey dbmny ely xkkr oldwsh$

nhei ynh klemhs$sxe bdwjoy kbfhkr yl hdhsmh `sld

ynh X%_% holeldbo jei ejeobjk ibysh%

Nhesr Fjx`dje+ be je bebmny`xk shpbh} l` nl}

ynh oshiby osbb }bkk bdwjoy holeldbo chnjpbls be

ynh Xebyhi _yjyh+ yjyh ynjy ynh oxsshey ibysh b

ynh dly hsblx ynshjy yl ynh ejeobjk ryhd h~$

whsbheohi beoh ynh :2?7% Fjx`dje chkbhph jkl

ynjy+ jkynlxmn ynh ejeobjk ysh be yhsd l` cjef

`jbkxsh jei holeldbo ibysh be yhsd l` shjk MIW+wsboh+ jei xehdwklrdhey oldh el}nhsh ehjs ynh

djmebyxih l` ynh :2?7+ ylijr lphsjkk ejeobjk

jei holeldbo ibysh b j djals hphey be X%_%

nbylsr jei }bkk bexheoh klem$sxe chnjpbls jei

mlphsedhey wlkbor%:?

L` ynh hphsjk onjemh be chnjpbls ls wlkbor lxy$

kbehi cr Fjx`dje+ ynh lkkl}bem ynshh jsh ynh dly

shkhpjey `ls Flshj `xyxsh1

Beyhsejyblejk wlsy`lkbl ibphsbojyble nj chhe

xeihsdbehi6

Ynh hsj l` cjkkllebem ele`bejeobjk ihcy nj

heihi6 jei

Jdhsboje }bkk chmbe yl jph jmjbe%

Flshj nj chehyhi mshjykr `sld beyhsejyblejkbqj$

yble l` ejeoh% Ynh sjwbi wshji l` ynh X%_% ejeobjk

ibysh yl dxon l` ynh }lski chojxh l` ynh beyhs$

ejyblejkbqjyble l` ildhybo wlsy`lkbl oldcbehi

}byn ynh oldwkh~byr l` ejeobjk jhy beysxdhey

nj sjbhi oleohse jclxy ynh beyhsejyblejkbqjyble l`ejeoh% Beybyxyblejk shihbme }bkk yjfh wkjoh be ynh

ehjs `xyxsh+ jei ynhsh b oleohse ynjy mlphsedhey

dbmny dlph yl kbdby ejeobjk beelpjyble jei oshiby

msl}yn+ ynhshcr be ynh klem sxe kbdbybem Flshj hol$

eldbo wlyheybjk% Fjx`dje elyh ynjy ldh shihbme

}bkk ch ehohjsr chojxh l` khle khjsehi `sld

ynh oxsshey byxjyble+ cxy ynjy mlphsedhey }bkk ehhi

yl ch ojsh`xk yl cjkjeoh ynh ehhi yl kbdby ryhdbo

sbf }byn ynh ehhi yl jkkl} ejeobjk beelpjyble jei

beyhsejyblejkbqjyble l` ejeoh yl oleybexh%

Flshj j je h~wlsy$lsbheyhi holeldr `joh je

hphe dlsh hsblx wslckhd b` Jdhsboje old$

dheoh jpbem jei shixoh ihcy% Ynh Xebyhi _yjyh

beoh ynh :2>7 nj chhe le j olexdwyble cbemh

ejeohi cr oshiby msl}yn% Ildhybo olexdwyble

cr nlxhnlki+ cxbeh+ jei mlphsedhey oldcbehi

h~ohhihi ildhybo wslixoyble+ jei+ j j shxky+ ynh

Xebyhi _yjyh nj chhe sxeebem beoshjbemkr kjsmh

oxsshey joolxey ihoby xeybk lekr shoheykr+ }nhe

ynh bqh l` ynh ihoby ihokbehi ldh}njy% _yjsybem

be :227 ynh oxsshey joolxey ihoby nj yhjibkrbeoshjhi be jclkxyh yhsd jei beoshjhi shkjybph

yl MIW% Be ynh hjskr :227+ ynh ihoby shwshheyhi

jclxy 7%38 whsohey l` MIW6 nl}hphs+ cr 377=+ ynh

ihoby shwshheyhi jclxy :%3 whsohey l` MIW% B`

Fjx`dje b olsshoy jei Jdhsboje chmbe yl beoshjh

ynh jpbem sjyh jei shixoh shkbjeoh le oshiby+ ynb

}bkk jiphshkr bdwjoy jer h~wlsy$lsbheyhi olxeysr

`ls }nbon ynh Xebyhi _yjyh b j kjsmh djsfhy%

Ynb b hwhobjkkr ysxh ls Flshj% Ynh whsoheyjmh l`

ylyjk h~wlsy yl ynh Xebyhi _yjyh be 3779 jphsjmhi

jclxy :0 whsohey% Ynh whsoheyjmh nj ihokbehi beoh3779 jei j l` kjyh 377> ylli jy jclxy :7 whsohey%

Flshj+ j }hkk j lynhs h~wlsy$lsbheyhi holeldbh

xon j Ajwje jei Onbej+ b kbfhkr yl hh j klem$yhsd

ihokbeh be h~wlsy yl ynh Xebyhi _yjyh b` ynh X%_%

jpbem sjyh beoshjh jei eleejeobjk ihcy ihokbeh%

Ynhh jsh kbfhkr hphey+ jei Flshje l`objk dbmny

olebihs ynh klemhs$yhsd bdwjoy le ynh X%_% ibysh

be ynb oleyh~y%

Be jiibyble yl j nb`y be holeldbo chnjpbls be ynh

Xebyhi _yjyh yl}jsi mshjyhs jpbem+ wlkbybojk ih$

phklwdhey be ynh Xebyhi _yjyh j }hkk j be lynhsbeixysbjkbqhi olxeysbh xmmhy wslyhoybleby dhj$

xsh jsh dlsh kbfhkr ynje jy jer lynhs ybdh ixsbem

ynh wjy ynshh ihojih% J nb`y yl}jsi wslyhoyblebd

:?% Nhesr Fjx`dje+ Nl} ynh Oshiby Osbb ]bkk Onjemh ynh ]jr Jdhsboj Ilh Cxbeh+ ]jkk _yshhy Alxsejk+ 0 Ihohdchs377>%


12/13


be ynh Xebyhi _yjyh jei hkh}nhsh }lxki jiphshkr

bdwjoy Flshj msl}yn wlyheybjk% Flshj jei lynhs

h~wlsyhi$lsbheyhi holeldbh njph chehyhi mshjykr

`sld ynh ysjih kbchsjkbqjyble ixsbem ynh wjy ynshh

ihojih+ cxy wslyhoyblebd b j msl}bem sbf%

Ynh ejeobjk ibysh be ynh Xebyhi _yjyh b kbfhkryl onjemh jyybyxih jclxy ejeobjk kbchsjkbqjyble be

Flshj% Wsbls yl :22= Flshj ejeobjk kbchsjkbqjyble

wsloh }j dlsh snhylsbo ynje xcyjeoh6 nl}hphs+

ynh osbb be :22= jei :22> olepbeohi wlkbordjfhs

ynjy ynh lki shmbdh ehhihi yl ch shihbmehi% Flshj

jilwyhi j dhjebem`xk sh`lsd wsloh jei ixsbem ynh

wjy ihojih nj jooldwkbnhi djer bdwslphdhey

be ynh yjcbkbyr l` ynh ejeobjk ryhd% Be joy+ ynhh

jooldwkbndhey h~wkjbe dxon l` ynh shjle }nr

ynh Flshje holeldr nj chhe jckh yl jclsc ynh $

ejeobjk jei shjk nlof yl ijyh% Ynh osbb nj sjbhi

oleohse jclxy ynh wjoh l` kbchsjkbqjyble+ nl}hphs+jei nl} `js yl whsdby beelpjyble+ hwhobjkkr be

yhsd l` hoxsbybqjyble% Flshje l`objk njph yjyhi

ynjy oxsshey hphey }bkk ely ihylxs ynh kbchsjkbqjyble

wsloh ibshoyhi yl}jsi ejeobjk beybyxyble jei

djsfhy+ cxy jy ynh jdh ybdh ynh wlkbybojk holeldr

oleyh~y xmmhy ynjy j wlkbor l` `xsynhs kbchsjkbqj$

yble }bkk ch bexheohi cr }njy njwwhehi+ }nr by

njwwhehi+ jei nl} hphey }bkk hplkph be 3772 jei

37:7% Ynx+ jy j dbebdxd Flshj }bkk choldh j kbyykh

dlsh ojxyblx be wxsxbem ejeobjk kbchsjkbqjyble%

Xekbfh ynh wlyheybjk ihokbeh l` ynh X%_% djsfhy `ls

h~wlsy jei nb`y yl}jsi wslyhoyblebd+ ynb ihphklw$dhey djr ls djr ely ch j ehmjybph%

om odd

Ynh Flshje ejeobjk ryhd jei holeldr njph

jclschi ynh X%_% holeldbo jei ejeobjk ibysh

shjlejckr }hkk oldwjshi }byn :22=2>% Ynhsh b

hpbiheoh ynjy ejeobjk beybyxyble cjkjeoh nhhy

jsh }hjfhs+ cxy ynh sh`lsd djih beoh :22= jei

mlphsedhey shjoyble njph shixohi ynh wlyheybjk ls

hsblx ryhdbo wslckhd% J shjlejckh jsmxdhey

oje ch djih ynjy Flshj b xekbfhkr yl h~whsbheoh j

nlxbem wslckhd l` ynh djmebyxih h~whsbheohi be

Ajwje be ynh wjy ls oxssheykr be ynh Xebyhi _yjyh%

Be ynh nlsy sxe+ ynh Flshje holeldr }bkk ihokbeh be

37726 Flshj ihwheiheoh l` h~wlsy djfh by dlsh

xohwybckh yl }lski holeldbo oleibyble ynjy jsh

kjsmhkr lxybih l` Flshj wl}hs yl bexheoh%

Be ynb shmjsi+ hphey be ynh Xebyhi _yjyh }bkk njph

j klem$sxe bdwjoy le holeldbo chnjpbls jei }bkk

kbfhkr shixoh Flshj djsfhy `ls h~wlsy yl ynh

Xebyhi _yjyh% Mbphe ynh bmebojey bdwlsyjeoh

l` ynh X%_% djsfhy+ ynb dbmny l``hs jelynhs lw$

wlsyxebyr ls Flshje jxynlsbybh yl sholebihs ynhbs

h~wlsy$lsbheyhi msl}yn ysjyhmr% Ynh yheiheor ylckjdh ihshmxkjyble jei kbchsjkbqjyble `ls ynh oxs$

shey wslckhd oldcbehi }byn ynh shjk ehhi yl djfh

ldh beybyxyblejk onjemh djr mhehsjyh wlkbobh

ynjy kbdby beyhsejyblejkbqjyble l` ejeoh% Flshj }bkk

ch jiphshkr bdwjoyhi% Be jiibyble+ Flshj l}e

shmxkjylsr sh`lsd djr ch ylehi il}e be ynh kbmny

l` shohey hphey%

Ynx+ Flshj nj jclschi ynh shohey nlof shjle$

jckr }hkk be ynjy ryhdbo sbf nj ely beoshjhi

bmebojeykr j by ibi be :22>% Dxon l` ynb b ixh yl

ynh wlkbor shwleh yl ynh djals nlof h~whsbheohi cr ynh Flshje holeldr ixsbem ynh wjy ihojih%

Elehynhkh+ ynh njsw ihokbeh be MIW be 377>19+

ynh njsw ihokbeh be h~wlsy+ jei ynh beoshjh be ynh

xehdwklrdhey sjyh xmmhy Flshj }bkk h~whsbheoh

shohble jei beoshjhi holeldbo jei ejeobjk

ibysh be 3772% Be jiibyble+ Flshj oleybexh yl joh

klem$sxe bxh ynjy njph chhe }hkk iloxdheyhi%

Ynh shohey hphey be ynh Xebyhi _yjyh beyslixoh y}l

eh} bxhynh kbfhkr ihokbeh be ynh X%_% djsfhy

`ls Flshje h~wlsy jei ynh wlyheybjk ls shmxkjylsr

shihbme yl kbdby beelpjyble jei oshiby msl}yn%

Is% Ojsmbkk b Wsl`hls l` Holeldbo jy ynh Xeb$

phsbyr l` Ehpjij+ Shel%


13/13

WSH_LSYHI_YJEIJSI

X%_%WL_YJMH

WJBI

WHSDBY/?===

]J_NBEMYLE+IO

FlshjHoleldboBeybyxyh

:>77F_yshhy+E%]%_xbyh:7:7

]jnbemyleI%O%+37770

impact of the u.s. financial and economic distress on south korea

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