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8/3/2019 ESM European Stability Mechanism
1/1497
HNCJ`f{ab| Cxbbh{lf
Mxb| 3577
GS[LNBH^
[ah Hxs`uhgf^{gclbl{| Jhnagfl~j
[AH HXS@UHGF ^[GCLBL[\ JHNAGFL^J
[ah ib`cgbfgfnlgb nsl~l~ ag~ hqu`~hk jgm`s yhgofh~~h~ lf {ah kh~lif gfk ljubhjhf{g{l`f
`d {ah hql~{lfi hn`f`jln i`thsfgfnh dsgjhy`so `d {ah HX" gfk `d {ah hxs` gshg lf ugs{lnxbgs&
[ah~ngb sxbh~ !bglk k`yf lf {ah ^{gclbl{| gfk Is`y{a Ugn{, agth chhf yhgohfhk `ths {ljh" gfk
us`nhkxsh~ gfk jhg~xsh~ ux{ lf ubgnh {` hfd`snh hn`f`jln u`bln| n``sklfg{l`f agth f`{ chhf
ljubhjhf{hk& [ah Hxs`uhgf N`xfnlb `d 3;*38 Jgsna 3577 gk`u{hk g n`jushahf~lth ugnogih `d
jhg~xsh~ {` sh~u`fk {` {ah `fi`lfi nsl~l~" g~ yhbb g~ {` ixgsk giglf~{ ~xna nsl~h~ jg{hslgbl~lfi
lf {ah dx{xsh& [ah jglf dhg{xsh~ `d {al~ ugnogih shbg{h {` {ah ~{shfi{ahflfi `d {ah ushthf{lth gfk
n`sshn{lth jhnagfl~j~ {` gkksh~~ lf{hsfgb gfk hq{hsfgb ljcgbgfnh~" lf ugs{lnxbgs~ngb ljcgbgfnh~
gfk n`juh{l{lthfh~~ us`cbhj~ `d lfkltlkxgb Jhjchs ^{g{h~" yhbb chd`sh {ah| jlia{ u`~h ~|~{hjln
{ashg{~& Lf gkkl{l`f" {ah ugnogih lfnbxkh~ {ah h~{gcbl~ajhf{ `d g uhsjgfhf{ nsl~l~ jgfgihjhf{
jhnagfl~j g~ gf xb{ljg sg{l` ~gdhixgsk giglf~{ ljcgbgfnh~ lf lfkltlkxgb n`xf{slh~& L{ l~ d`sh~hhf
{ag{ {ah fhy Hxs`uhgf ^{gclbl{| Jhnagfl~j !H^J, ylbb hf{hs lf{` d`snh `f 7 Mxb| 357>" d`bb`ylfi
gf gjhfkjhf{ {` {ah [shg{| f {ah Dxfn{l`flfi d {ah Hxs`uhgf Xfl`f !{ah [shg{|, gfk {ah ~liflfi
`d gf H^J [shg{| c| {ah hxs` gshg n`xf{slh~& [al~ gs{lnbh `x{blfh~ {ah xfkhsb|lfi sg{l`fgbh d`s {ah
h~{gcbl~ajhf{ `d {ah H^J gfk b``o~ g{ l{~ ~gblhf{ dhg{xsh~&7
Ds`j {ah HNC~ uhs~uhn{lth" l{ l~ nsxnlgb {ag{ {ah hql~{hfnh" kh~lif gfk gn{ltl{lh~ `d {ah
H^J k` f`{ nshg{h j`sgb ag}gsk" cx{ sg{ahs ~{shfi{ahf {ah lfnhf{lth~ d`s usxkhf{ ~ngb gfk
hn`f`jln u`blnlh~ lf gbb hxs` gshg n`xf{slh~& D`s {al~ shg~`f" l{ l~ h~~hf{lgb {ag{ gf|fgfnlgb
g~~l~{gfnh ylbb ch ~xcmhn{ {` ths| ~{sln{ jgns`hn`f`jln u`bln| n`fkl{l`fgbl{| gfk ch isgf{hk `f
f`f*n`fnh~~l`fgb {hsj~& Dlfgfnlgb g~~l~{gfnh jx~{ f`{ gn{ g~ g~ngb {sgf~dhs" cx{ `fb| g~ g blwxlkl{|
cslkih {ag{ gbb`y~ hxs` gshg n`xf{slh~ lf kl~{sh~~ {` cx| {ljh {` {goh {ah fhnh~~gs| jhg~xsh~ {`sh~{`sh~ngb ~x~{glfgclbl{| gfk n`juh{l{lthfh~~ lf {ah jhklxj {hsj& [ah H^J y`xbk ch gn{ltg{hk
ld lfkl~uhf~gcbh {` ~gdhixgskfgfnlgb ~{gclbl{| lf {ah hxs` gshg g~ g ya`bh& L{ l~ {ahshd`sh `d {ah
x{j`~{ lju`s{gfnh {ag{ {ah sgfih `d jhg~xsh~ d`nx~lfi `f nsl~l~ ushthf{l`f gfk u`bln| ~xsthlbbgfnh
gsh yhbb*kh~lifhk gfk ljubhjhf{hk lf dxbb ~` g~ {` gt`lk {ah fhhk {` x~h {ah H^J&
7 YA\ L^ G UHSJGFHF[ NSL^L^ JGFGIHJHF[
JHNAGFL^J AHBUDXB0
[ah lf~{l{x{l`fgb dsgjhy`so `d Hn`f`jln gfk
J`fh{gs| Xfl`f !HJX, l~ xflwxh&3 HJX l~ g
j`fh{gs| xfl`f yl{a`x{ g dxbb|ffi
hkihk u`bl{lngbxfl`f& L{ l~ nagsgn{hsl~hk c| g ~lfibh j`fh{gs|
u`bln| ~h{ g{ ~xusgfg{l`fgb bhthb !l&h& {ah
hxs` gshg," g n`jj`f jgsoh{" gfk bgsihb|
khnhf{sgbl~hk ~ngb u`blnlh~" yalna shjglf
yl{alf {ah gshg `d n`juh{hfnh `d {ah lfkltlkxgb
HX Jhjchs ^{g{h~ cx{ yalna gsh ~xcmhn{ {`
sxbh~*cg~hk n``sklfg{l`f us`nhkxsh~" ~xna g~ {ah
^{gclbl{| gfk Is`y{a Ugn{&
[ah ~j``{a dxfn{l`flfi `d HJX shwxlsh~ {ag{
fg{l`fgb i`thsfjhf{~ hf~xsh {ah ~x~{glfgclbl{| `d
{ahls `yf uxcbln fgfnh~" {ah n`juh{l{lthfh~~ `d{ahls fg{l`fgb hn`f`jlh~ gfk {ah ~{gclbl{| d {ahls
fgfnlgb ~|~{hj~& Dglbxsh {` jhh{ `fh `s j`sh
`d {ah~h n`fkl{l`f~ `ths g ~x~{glfhk uhsl`k `d
{ljh shkxnh~ {ah fh{ chfh{~ `d HJX gfk u`~h~
{ah sl~o `d gkths~h ns`~~*n`xf{s| ~ulbb`ths~&
[ah [shg{| n`f{glf~ {y` oh| us`tl~l`f~ gljhk
g{ gt`lklfi hqnh~~lth khc{ gnnxjxbg{l`f g{ {ah
fg{l`fgb bhthb gfk us`{hn{lfi {ah lfkhuhfkhfnh
`d {ah HNC= {ah f`*cglb`x{ nbgx~h !Gs{lnbh 738,gfk {ah j`fh{gs| fgfnlfi us`alcl{l`f
!Gs{lnbh 73>,& [ah~h us`tl~l`f~ ushnbxkh
{sgf~dhs~ gfk j`fh{l~g{l`f `d i`thsfjhf{ khc{
lf {ah hthf{ `d g khc{ nsl~l~ lf g Jhjchs ^{g{h&
[ah| ylbb shjglf n`sfhs~{`fh~ gd{hs {ah shd`sj
`d HX hn`f`jln i`thsfgfnh&
G{ {ah {ljh `d ysl{lfi" {ah [shg{| h~{gcbl~alfi {ah Hxs`uhgf7
^{gclbl{| Jhnagfl~j !H^J [shg{|, l~ ~{lbb lf {ah us`nh~~ `d
fgbl~g{l`f&
D`s g j`sh kh{glbhk kl~nx~~l`f d {ah lf~{l{x{l`fgb gssgfihjhf{~"3
~hh {ah gs{lnbh hf{l{bhk @fh j`fh{gs| u`bln| gfk jgf|~ngb u`blnlh~= hf~xslfi g ~j``{a dxfn{l`flfi `d HJX"
J`f{ab| Cxbbh{lf" HNC" Mxb| 3551 gfk {ah gs{lnbh hf{l{bhk
[ah shbg{l`f~alu ch{yhhf j`fh{gs| u`bln| gfk ~ngb u`blnlh~ lf
{ah hxs` gshg" J`f{ab| Cxbbh{lf" HNC" Dhcsxgs| 355>&
8/3/2019 ESM European Stability Mechanism
2/14
93HNCJ`f{ab| Cxbbh{lfMxb| 3577
G{ {ah ~gjh {ljh" {ah fgfnlgb nsl~l~ ag~
shthgbhk jgm`s yhgofh~~h~ gfk igu~ lf {ah
hql~{lfi i`thsfgfnh dsgjhy`so& [ah ~ngb sxbh~
!bglk k`yf lf {ah ^{gclbl{| gfk Is`y{a Ugn{, agth
chhf yhgohfhk `ths {ljh" gfk us`nhkxsh~ gfk
jhg~xsh~ ux{ lf ubgnh {` hfd`snh hn`f`jln u`bln|
n``sklfg{l`f agth f`{ chhf ljubhjhf{hk& Ld
{ah~h yhgofh~~h~ gfk igu~ yhsh bhd{ xfgkksh~~hk"
{ah fgfnlgb ~{gclbl{| `d {ah hxs` gshg g~ g ya`bh
n`xbk ch ux{ g{ sl~o& HJX l~ nagsgn{hsl~hk
c| g alia khishh `d hn`f`jln gfk fgfnlgb
lf{hisg{l`f gj`fi l{~ jhjchs~" yalna lf f`sjgb
{ljh~ l~ chfhnlgb {` gbb jhjchs~& Lf {ljh~ `d
nsl~l~" a`yhths" nb`~h fgfnlgb lf{hisg{l`f jhgf~
{ag{ xf~x~{glfgcbh khthb`ujhf{~ lf `fh jhjchs
n`xf{s| ngf hg~lb| ~ushgk {` `{ahs~ uhsnhlthk g~
txbfhsgcbh c| {ah jgsoh{&
^{shfi{ahfhk ~ngb" jgns`hn`f`jln gfk jgns`*
usxkhf{lgb ~xsthlbbgfnh l~ h~~hf{lgb {` ixgsk
giglf~{ kh~{gclbl~lfi ns`~~*n`xf{s| ~ulbb`ths~
yalna jlia{ ~{hj ds`j g b`~~ `d n`fkhfnh lf
{ah ~x~{glfgclbl{| `d fg{l`fgb u`blnlh~&
[ah dglbxsh `d {ah HX~ hn`f`jln i`thsfgfnh {`
ushthf{ gfk n`sshn{ xf~x~{glfgcbh fg{l`fgb
u`blnlh~ {ag{ n`f{slcx{hk {` {ah cxlbk*xu d jgm`s
ljcgbgfnh~ lf hxs` gshg n`xf{slh~ ag~ jgkh
{ah khnlhfnlh~ `d {ah `thsgbb i`thsfgfnh
dsgjhy`so gbb {`` guugshf{& [al~ guublh~ lf
ugs{lnxbgs {` {ah yhgo ljubhjhf{g{l`f `d u`bln|
shn`jjhfkg{l`f~" {ah lfgkhwxgn| `d hfd`snhjhf{
jhg~xsh~ {gohf {` kl~n`xsgih `s n`sshn{
lfdslfihjhf{~" gfk {ah lf~xdnlhf{ shn`ifl{l`f
c| fg{l`fgb u`bln|*jgohs~ `d {ah fhhk {` hf~xshn`f~l~{hfn| ch{yhhf fg{l`fgb u`blnlh~ lf g
j`fh{gs| xfl`f" h~uhnlgbb| yl{a shigsk {`
n`juh{l{lthfh~~ khthb`ujhf{~&>
[ah Hxs`uhgf N`xfnlb" g{ l{~ jhh{lfi `f
3;*38 Jgsna 3577" gishhk `f g fxjchs `d
lju`s{gf{ ~{hu~ {` shlfd`snh {ah HX hn`f`jln
i`thsfgfnh dsgjhy`so& [ah ^{gclbl{| gfk
Is`y{a Ugn{ ylbb ch shd`sjhk {` hfagfnh {ah
~xsthlbbgfnh `d~ngb u`blnlh~ gfk {` d`~{hs {ah
hgsb| guublng{l`f `d hfd`snhjhf{ jhg~xsh~&
G fhy jgns`hn`f`jln ~xsthlbbgfnh dsgjhy`so"lfnbxklfi gf hfd`snhjhf{ jhnagfl~j" ylbb ch
h~{gcbl~ahk lf `skhs {` khgb yl{a lf{hsfgb gfk
hq{hsfgb jgns`hn`f`jln ljcgbgfnh~ g{ gf hgsb|
~{gih& Lf gkkl{l`f {` {ah~h HX*ylkh us`u`~gb~ g{
{ah bhil~bg{lth bhthb" g ~hugsg{h Hxs` Ubx~ Ugn{
ag~ chhf khtl~hk gj`fi hxs` gshg n`xf{slh~"
yl{a gf `u{*lf d`s f`f*hxs` gshg HX Jhjchs
^{g{h~" lf `skhs {` ljus`th n`juh{l{lthfh~~"
d`~{hs hjub`|jhf{" lfnshg~h {ah ~x~{glfgclbl{|
`d uxcbln fgfnh~ gfk shlfd`snh fgfnlgb
~{gclbl{|& [ah~h jhg~xsh~ n`jubhjhf{ {ah
~{shfi{ahflfi `d {ah ~xuhstl~`s| gsnal{hn{xsh
d`s {ah fgfnlgb ~|~{hj {ag{ ngjh lf{` d`snh g{
{ah chilfflfi `d 3577 yl{a {ah h~{gcbl~ajhf{ `d
{ah Hxs`uhgf ^|~{hjln Sl~o C`gsk !{ah fhy HX
c`k| lf nagsih `d jgns`*usxkhf{lgb `ths~lia{,
gfk {ah {ashh fhy Hxs`uhgf ^xuhstl~`s|
Gihfnlh~ {ah Hxs`uhgf Cgfolfi Gx{a`sl{|"
{ah Hxs`uhgf ^hnxsl{lh~ gfk Jgsoh{~ Gx{a`sl{|
gfk {ah Hxs`uhgf Lf~xsgfnh gfk @nnxug{l`fgb
Uhf~l`f~ Gx{a`sl{|& @fnh dxbb| `uhsg{l`fgb"
{ah~h jhg~xsh~ ~a`xbk ~{shfi{ahf {ah hn`f`jln
ulbbgs `d HJX&
^{sln{ `c~hstgfnh `d {ah ^{gclbl{| gfk Is`y{a
Ugn{" nb`~h ~xsthlbbgfnh `d jgns`hn`f`jln
ljcgbgfnh~ gfk hddhn{lth hn`f`jln u`bln|
n``sklfg{l`f ~a`xbk us`tlkh g ~gdhixgsk giglf~{
nsl~h~ `d n`fkhfnh `d {ah {|uh gfk jgifl{xkh
{ag{ agth chhf hquhslhfnhk lf {ah shnhf{ ug~{&
A`yhths" {` {ah hq{hf{ {ag{ xfd`sh~hhf hq{hsfgb
~a`no~ ngf `nnxs" {ah sl~o `d nsl~h~ ngf fhths
ch dxbb| hbljlfg{hk" lf ~ul{h `d ~{shfi{ahfhk
~ngb gfk jgns`hn`f`jln ~xsthlbbgfnh&
D`s {al~ shg~`f" gfk lf `skhs {` hf~xsh {ah
~{gclbl{| `d {ah hxs` gshg g~ g ya`bh" l{ yg~
khnlkhk {` gb~` h~{gcbl~a g dsgjhy`so yalnan`xbk us`tlkh {hju`sgs| fgfnlgb ~xuu`s{ {`
hxs` gshg n`xf{slh~" yl{a {ah glj `d us`tlklfi
cslkih dxfklfi d`s {ah uhsl`k `d {ljh fhhkhk
{` ljubhjhf{ g khhu gkmx~{jhf{ us`isgjjh {`
n`sshn{ ljcgbgfnh~ gfk shiglf jgsoh{ gnnh~~&
Gf| fgfnlfi xfkhs {ah H^J fhhk~ {` ch
~xcmhn{ {` ths| ~{s`fi u`bln| n`fkl{l`fgbl{|&
[ah uxsu`~h `d ~xna g nsl~l~ jgfgihjhf{
dsgjhy`so l~ {` ilth hxs` gshg n`xf{slh~ lf
kl~{sh~~ {ah {ljh fhnh~~gs| {` ljubhjhf{ jhg~xsh~
^hh {ah gs{lnbh hf{l{bhk [ah shd`sj `d hn`f`jln i`thsfgfnh>
lf {ah hxs` gshg= h~~hf{lgb hbhjhf{~" J`f{ab| Cxbbh{lf" HNC"
Jgsna 3577&
8/3/2019 ESM European Stability Mechanism
3/14
9>HNC
J`f{ab| Cxbbh{lfMxb| 3577
GS[LNBH^
[ah Hxs`uhgf^{gclbl{| Jhnagfl~j
{` sh~{`sh ~ngb ~x~{glfgclbl{|" n`juh{l{lthfh~~
gfk fgfnlgb ~{gclbl{| lf {ah jhklxj {hsj&
Dlfgfnlgb g~~l~{gfnh ylbb `fb| ch isgf{hk ld {ah
n`xf{s| lf wxh~{l`f ljubhjhf{~ gf gkmx~{jhf{
us`isgjjh ngugcbh `d shksh~~lfi {ah ~l{xg{l`f&
^xna gf gkmx~{jhf{ us`isgjjh ylbb lf ihfhsgb
lfnbxkh ~ngb n`f~`blkg{l`f jhg~xsh~ gfk
~{sxn{xsgb shd`sj~ {ag{ gkksh~~ bgc`xs gfk
us`kxn{ jgsoh{ slilkl{lh~" {ahshc| ljus`tlfi
{ah is`y{a u`{hf{lgb `d {ah hn`f`j|& Yalbh
~xna jhg~xsh~ ylbb agth ~`jh ljugn{ lf {ah
~a`s{ {hsj" {ahls dxbb hddhn{ `d{hf xfd`bk~ `ths
{ah jhklxj {hsj& Lf {al~ n`f{hq{" {ah fgfnlgb
g~~l~{gfnh ylbb ~hsth g~ g blwxlkl{| cslkih xf{lb
{ah n`xf{s| lf wxh~{l`f shiglf~ jgsoh{ gnnh~~&
G{ {ah ~gjh {ljh" fgfnlgb g~~l~{gfnh jx~{ ch
isgf{hk `f f`f*n`fnh~~l`fgb !l&h& ~xdnlhf{b|
xfg{{sgn{lth, {hsj~ {` lfnshg~h {ah lfnhf{lth d`s
{ah n`xf{s| {` sh{xsf {` jgsoh{ fgfnlfi g~ ~``f
g~ u`~~lcbh& Lf gkkl{l`f" gf| fgfnlgb g~~l~{gfnh
jx~{ ch kl~cxs~hk lf {sgfnah~" n`fkl{l`fgb f {ah
n`xf{s|~ gkahshfnh {` {ah {gsih{~ bglk k`yf lf
{ah gkmx~{jhf{ us`isgjjh" ~` g~ {` jglf{glf {ah
lfnhf{lth d`s {ah n`xf{s| {` n`f{lfxh {` n`jub|
yl{a {ah us`isgjjh&
[ah~h kh~lif dhg{xsh~ `d {ah Hxs`uhgf nsl~l~
jgfgihjhf{ dsgjhy`so uxsu`~hb| sh~hjcbh {ah
jglf kh~lif dhg{xsh~ `d {ah LJD*~xuu`s{hk
gkmx~{jhf{ us`isgjjh~& [ah fg{xsh `d {ah
cgbgfnh `d ug|jhf{~ n`f~{sglf{ l~ `ctl`x~b|
klddhshf{ d`s hxs` gshg n`xf{slh~" yalna lf {al~
shigsk sh~hjcbh shil`f~ yl{alf g bgsihs ~{g{h
j`sh {agf {ah| k` n`xf{slh~ yl{a {ahls `yfnxsshfn|& [al~ l~ `fh shg~`f ya| {ah HX k`h~
f`{ agth g cgbgfnh `d ug|jhf{~ ~xuu`s{ dgnlbl{|
d`s hxs` gshg n`xf{slh~" yahshg~ ~xna g dgnlbl{|
k`h~ hql~{ d`s f`f*hxs` gshg Jhjchs ^{g{h~&;
[ah nshg{l`f `d {ah hxs` gshg nsl~l~ jgfgihjhf{
dsgjhy`so ag~ chhf j`{ltg{hk c| {ashh jglf
n`f~lkhsg{l`f~&
Dls~{" hthf xfkhs g ~{shfi{ahfhk hxs` gshg
i`thsfgfnh dsgjhy`so" l{ ngff`{ ch hqnbxkhk
{ag{ hq{hsfgb ~a`no~ jlia{ `nnxs gfk {ag{ nsl~h~`d n`fkhfnh jlia{ khthb`u yalna n`xbk agth
ljublng{l`f~ d`s hxs` gshg n`xf{slh~ gnnh~~ {`
jgsoh{ fgfnlfi& D`s hqgjubh" gf hq`ihf`x~
~a`no `d xfushnhkhf{hk jgifl{xkh jlia{
al{ `fh hxs` gshg n`xf{s| g~|jjh{slngbb|"
yl{a us`d`xfk ljublng{l`f~ d`s {ah n`xf{s|~
k`jh~{ln hn`f`jln `x{b``o& Ilthf {ah ishg{hs
us`uhf~l{| {`ygsk~ ns`~~*n`xf{s| ~ulbb`ths~ lf g
j`fh{gs| xfl`f" gfk {ah bgno `d g nhf{sgb ~ngb
gx{a`sl{|" ~xna g ~a`no n`xbk agth {ah u`{hf{lgb
{` kh~{gclbl~h {ah hxs` gshg g~ g ya`bh !lf {ah
gc~hfnh d g fgfnlgb shygbb,& [ah u`{hf{lgb d`s
fhig{lth !gfk jx{xgbb| shlfd`snlfi, dhhkcgno
b``u~ ch{yhhf {ah ~ngb gfk fgfnlgb ~hn{`s~
n`xbk ch ~liflngf{ gfk c`{a gjubld| gfk
us`ugig{h {ah ~a`no&
^hn`fk" {ahsh gb~` shjglf~ {ah u`~~lclbl{| `d
jgsoh{ dglbxsh~ lf {ah fgfnlgb ~hn{`s" lfnbxklfi
~hbd*dxbbblfi {shfk k|fgjln~ lf {ah uslnlfi
`d ~`thshlif sl~o& Jgsoh{ dglbxsh~ gsh n`~{b|
lf g j`fh{gs| xfl`f `ylfi {` {ah u`{hf{lgb
d`s n`f{gil`f& [ah hquhslhfnh `d hxs` gshg
~`thshlif c`fk jgsoh{~ lf shnhf{ |hgs~ l~
{hbblfi lf {al~ shigsk& Usl`s {` {ah fgfnlgb
jgsoh{ {hf~l`f~ lf gx{xjf 3551 hxs` gshg
~`thshlif c`fk ~ushgk~ yhsh nbx~{hshk lf nb`~h
us`qljl{| {` hgna `{ahs" lf ~ul{h `d ~l}hgcbh
ns`~~*n`xf{s| klddhshfnh~ lf xfkhsb|lfi ~ngb
gfk ~{sxn{xsgb u`~l{l`f~& [al~ xfkhsuslnlfi `d
~`thshlif sl~o gfk" xb{ljg{hb|" dglbxsh `d jgsoh{
kl~nlublfh lf g uhsl`k `d {sgfwxlbbl{| wxlnob|
igth yg| {` gf gcsxu{ gfk kl~`skhsb| sh*uslnlfi
`d {ah sl~o" `d{hf giglf yl{a`x{ kxh shigsk
{` klddhshf{ xfkhsb|lfi ~ngb gfk ~{sxn{xsgb
u`~l{l`f~& [ah dgn{ {ag{ jgsoh{ kl~nlublfhyg~ guublhk lf g sg{ahs ~xkkhf gfk u`bgsl~hk
jgffhs gb~` jhgf{ {ag{" lf {al~ hftls`fjhf{" g
us`{sgn{hk blwxlkl{| nsl~l~ agk {ah u`{hf{lgb {`
chn`jh g ~|~{hjln {ashg{ ld bhd{ xfgkksh~~hk&
G nsl~l~ jgfgihjhf{ dsgjhy`so y`xbk gkksh~~
~xna ~l{xg{l`f~ gfk {ahshc| ugs{b| n`juhf~g{h
d`s {ah dgn{ {ag{ jgsoh{~ gsh ljuhsdhn{ khtlnh~
d`s kl~nlublflfi uxcbln u`bln|&
[ah jhklxj*{hsj fgfnlgb g~~l~{gfnh dgnlbl{| !J[DG, l~ g;
[shg{|*cg~hk lf~{sxjhf{ !Gs{lnbh 7;> `d {ah [shg{|, {ag{ gbb`y~ {ah
HX N`xfnlb {` gx{a`sl~h {ah Hxs`uhgf N`jjl~~l`f {` c`ss`y
lf ngul{gb jgsoh{~ gfk bhfk" xfkhs ~{sln{ n`fkl{l`fgbl{|" {`
f`f*hxs` gshg Jhjchs ^{g{h~ lf fgfnlgb kldnxb{|& Nxsshf{
chfhnlgslh~ lfnbxkh Bg{tlg gfk S`jgflg&
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9;HNCJ`f{ab| Cxbbh{lfMxb| 3577
[alsk" shnhf{ hquhslhfnh ag~ gb~` aliablia{hk
{ah fhhk d`s nshklclbl{| gfk ushkln{gclbl{| lf
nsl~l~ sh~u`f~h~& G nshklcbh nsl~l~ jgfgihjhf{
dsgjhy`so ~a`xbk ahbu ~aguh jgsoh{ hquhn{g{l`f~
c| us`tlklfi nbhgs sxbh~ `d {ah igjh gfk {ax~
lfffixhfnh {ah lfnhf{lth~ d`s c`{a usltg{h nshkl{`s~
gfk uxcbln khc{`s~& [ah~h lfnhf{lth~ gsh
nsl{lngbb| khuhfkhf{ `f {ah kh~lif `d {ah nsl~l~
jhnagfl~j" lf ugs{lnxbgs `f {ah hq{hf{ {` yalna
l{ shlfd`snh~ i`thsfjhf{~ lfnhf{lth {` gkahsh
{` ~`xfk fg{l`fgb ~ngb gfk jgns`hn`f`jln
u`blnlh~ gfk lfth~{`s~ lfnhf{lth {` n`sshn{b|
uslnh {ah sl~o yahf bhfklfi {` i`thsfjhf{~& Ld
kh~lifhk guus`uslg{hb|" l{ ~a`xbk gb~` gn{ g~ gf
gkkl{l`fgb kgjuhfhs `f {ah f`f*blfhgs hddhn{~
kh~nslchk gc`th" lf yalna ~xkkhf ~ald{~ lf
jgsoh{ ~hf{ljhf{ ngf u`{hf{lgbb| {xsf {hf~l`f~
lf{` dxbb*cb`yf nsl~h~&
L{ l~ giglf~{ {al~ cgnois`xfk {ag{ hxs` gshg
i`thsfjhf{~ agth khnlkhk {` h~{gcbl~a g
uhsjgfhf{ nsl~l~ jgfgihjhf{ jhnagfl~j"
{ah H^J" g~ gf xb{ljg sg{l` ~gdhixgsk giglf~{
ljcgbgfnh~ lf lfkltlkxgb n`xf{slh~&
Gf hdnlhf{ `dnlgb fgfnlfi dsgjhy`so jx~{
ch kh~lifhk lf g yg| {ag{ jlfljl~h~ j`sgb
ag}gsk gfk shlfd`snh~ lfnhf{lth~ {` xfkhs{goh
~ngb gfk jgns`hn`f`jln gkmx~{jhf{ gfk {`
~hho jgsoh{ fgfnlfi g~ ~``f g~ dhg~lcbh& [al~
ngf ch gnalhthk {as`xia ~{sln{ n`fkl{l`fgbl{|
gfk dgls cx{ f`f*n`fnh~~l`fgb b`gf uslnlfi
us`tl~l`f~& [ah d`bb`ylfi ~hn{l`f `x{blfh~
{ah ~gblhf{ dhg{xsh~ `d {ah H^J gfk n`jugsh~{ahj yl{a {ah {hju`sgs| nsl~l~ jgfgihjhf{
gssgfihjhf{~ nxsshf{b| lf ubgnh&
3 DHG[XSH^ @D [AH HXS@UHGF ^[GCLBL[\
JHNAGFL^J
[AH CG^L^ D@S [AH JHNAGFL^J
G{ l{~ jhh{lfi `f 31*3< @n{`chs 3575 {ah
Hxs`uhgf N`xfnlb gishhk {` h~{gcbl~a g
uhsjgfhf{ nsl~l~ jgfgihjhf{ jhnagfl~j {`~gdhixgsk fgfnlgb ~{gclbl{| lf {ah hxs` gshg g~
g ya`bh" shubgnlfi {hju`sgs| ~`bx{l`f~ ~xna g~
{ah Ishho b`gf dgnlbl{|" {ah Hxs`uhgf Dlfgfnlgb
^{gclbl~g{l`f Jhnagfl~j !HD^J, gfk {ah
Hxs`uhgf Dlfgfnlgb ^{gclbl{| Dgnlbl{| !HD^D,
ds`j 7 Mxb| 357>& [ah HD^D ylbb shjglf lf ubgnh
ch|`fk Mxfh 357> xf{lb gbb l{~ `x{~{gfklfi nbglj~
agth chhf shuglk& Gf| {sgfnah~ `d hql~{lfi b`gf
dgnlbl{lh~ {ag{ shjglf xfkl~cxs~hk gfk xfdxfkhk
g{ {ah {ljh `d hf{s| lf{` d`snh `d {ah H^J lf Mxb|
357> ylbb ch uglk `x{ xfkhs {ah fhy dgnlbl{|& Lf
`skhs {` bljl{ {ah u`{hf{lgb blgclbl{| `d hxs` gshg
n`xf{slh~ kxslfi {al~ {sgf~l{l`f uhsl`k" {`{gb
n`f~`blkg{hk HD^D gfk H^J bhfklfi jg| f`{
hqnhhk 855 clbbl`f&
U`bl{lngb n`f~hf~x~ `f {ah H^J yg~ shgnahk
g{ {ah jhh{lfi `d {ah Hxs`uhgf N`xfnlb `f
74*79 Khnhjchs 3575" yahf l{ yg~ gishhk
{` gkk g fhy ugsgisgua {` Gs{lnbh 7>4 `d {ah
[shg{| tlg {ah ~ljublhk shtl~l`f us`nhkxsh&
D`bb`ylfi `ulfl`f~ ds`j {ah Hxs`uhgf
N`jjl~~l`f" {ah HNC gfk {ah Hxs`uhgf
Ugsblgjhf{" {ah Hxs`uhgf N`xfnlb gk`u{hk {ah
d`bb`ylfi y`sklfi= [ah Jhjchs ^{g{h~ ya`~h
nxsshfn| l~ {ah hxs` jg| h~{gcbl~a g ~{gclbl{|
jhnagfl~j {` ch gn{ltg{hk ld lfkl~uhf~gcbh
{` ~gdhixgsk {ah ~{gclbl{| `d {ah hxs` gshg g~ g
ya`bh& [ah isgf{lfi `d gf| shwxlshk fgfnlgb
g~~l~{gfnh xfkhs {ah jhnagfl~j ylbb ch jgkh
~xcmhn{ {` ~{sln{ n`fkl{l`fgbl{|& 8
[ah y`sklfi `d {al~ fhy ugsgisgua shffihn{~
~`jh lju`s{gf{ ushn`fkl{l`f~ d`s {ah
h~{gcbl~ajhf{ `d g uhsjgfhf{ ~{gclbl{|
jhnagfl~j&4 Lf ugs{lnxbgs" {ah n`fkl{l`f {ag{
{ah H^J ngf fb| ch gn{ltg{hk ld lfkl~uhf~gcbh{` ~gdhixgsk {ah ~{gclbl{| `d {ah hxs` gshg g~ g
ya`bh gfk {ah ~{sln{ n`fkl{l`fgbl{| g{{gnahk {`
g~~l~{gfnh gsh fhnh~~gs| {` bljl{ {ah j`sgb
ag}gsk ljublnl{ lf g nsl~l~ jgfgihjhf{
jhnagfl~j gfk {` hf~xsh {ag{ {ah hql~{hfnh `d
{ah H^J k`h~ f`{ yhgohf lfnhf{lth~ d`s ~`xfk
~ngb gfk jgns`hn`f`jln u`blnlh~ lf hxs` gshg
n`xf{slh~& [ah us`u`~hk gjhfkjhf{ {` Gs{lnbh
7>4 `d {ah [shg{| l~ ubgffhk {` hf{hs lf{` d`snh
^hh Hxs`uhgf N`xfnlb Khnl~l`f 3577/7
8/3/2019 ESM European Stability Mechanism
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98HNC
J`f{ab| Cxbbh{lfMxb| 3577
GS[LNBH^
[ah Hxs`uhgf^{gclbl{| Jhnagfl~j
`f 7 Mgfxgs| 357>" 9 gbb`ylfi {ah H^J {` chilf
`uhsg{l`f~ lf Mxb| 357>&
[AH I@THSFGFNH @D [AH HXS@UHGF ^[GCLBL[\
JHNAGFL^J
[ah H^J ylbb ch gf lf{hsi`thsfjhf{gblf~{l{x{l`f h~{gcbl~ahk xfkhs uxcbln
lf{hsfg{l`fgb bgy c| g {shg{| ~lifhk c| {ah
hxs` gshg n`xf{slh~& [ah HD^D" c| n`f{sg~{"
l~ g usltg{h n`jugf| lfn`su`sg{hk xfkhs
Bxqhjc`xsi bgy&
[ah j`~{ lju`s{gf{ khnl~l`f~ lf shbg{l`f {` {ah
H^J ylbb ch {gohf c| l{~ C`gsk `d I`thsf`s~&
[ah gjhfkjhf{ {` Gs{lnbh 7>4 ngf `fb| hf{hs lf{` d`snh9yahf f`{lng{l`f~ `d sg{lng{l`f agth chhf shnhlthk ds`j gbb
HX Jhjchs ^{g{h~& Ld {al~ l~ f`{ {ah ng~h chd`sh 7 Mgfxgs| 357>"
l{ ylbb hf{hs lf{` d`snh f {ah s~{ kg| d {ah j`f{a d`bb`ylfi {ah
shnhlu{ d {ah bg~{ d {ah f`{lng{l`f~&
Dlfgfnlgb g~~l~{gfnh dgnlbl{lh~ d`s hxs` gshg n`xf{slh~
Hxs` gshg
lf{hsi`thsfjhf{gb
b`gf~ {` Ishhnh
Hxs`uhgf Dlfgfnlgb
^{gclbl~g{l`f
Jhnagfl~j
Hxs`uhgf Dlfgfnlgb
^{gclbl{| Dgnlb l{| Hxs uhgf {gclbl{| Jhnagfl~j
Bhigb/
lf~{l{x{l`fgb d`sj
Lf{hsi`thsfjhf{gb
gishhjhf{
HX jhnagfl~j Usltg{h n`jugf| yfhk
c| hxs` gshg n`xf{slh~
Lf{hsi`thsfjhf{gb `sigfl~g{l`f
Ngul{gb ~{sxn{xsh F`fh" clbg{hsgb b`gf~
u``bhk c| {ah Hxs`uhgf
N`jjl~~l`f
Ixgsgf{hhk c| HX cxkih{
!l&h& gbb HX Jhjchs
^{g{h~,
Ixgsgf{hh~ gfk ths*
ixgsgf{hh~ ds`j hxs` gshg
n`xf{slh~
15 clbbl`f uglk*lf ngul{gb gfk
435 clbbl`f ngbbgcbh ngul{gb !ug|jhf{
`d lfl{lgb ~agsh~ c| hxs` gshg n`xf{slh~
{` ch jgkh lf th gffxgb lf~{gbjhf{~
`d 35( d {ah {`{gb gj`xf{,
Bhfklfi ngugnl{|
HX/hxs` gshg bljl{ 15 clbbl`f 45 clbbl`f ;;5 clbbl`f 7, 855 clbbl`f
N`jjl{jhf{~ 15 clbbl`f 33&8 clbbl`f d`s
Lshbgfk
34 clbbl`f d`s U`s{xigb
79&9 clbbl`f d`s Lshbgfk
!ubx~ ;&1 clbbl`f lf clbg{hsgb
b`gf~,
34 clbbl`f d`s U`s{xigb
F/G
F/G
Lf~{sxjhf{~ B`gf~ B`gf~" nshkl{ blfh~ B`gf~" c`fk uxsnag~h~ f
{ah usljgs| jgsoh{ 7,B`gf~" c`fk uxsnag~h~ f {ah
usljgs| jgsoh{
Kxsg{l`f B`gf~ {` ch shuglk
~hthf gfk g agbd |hgs~
gd{hs kl~cxs~hjhf{ kg{h
lf 33 hwxgb wxgs{hsb|
ug|jhf{~
Xf{lb {ah hfk d
Mxfh 357>
Xf{lb {ah hfk d Mxfh
357>& Ylbb gb~` shjglf
`uhsg{l`fgb {ahshgd{hs xf{lb
gbb x{~{gfklfi blgclbl{lh~
gsh shuglk
Uhsjgfhf{ jhnagfl~j ds`j {ah
chilfflfi d Mxb| 357> fygsk~
HNC
lft`bthjhf{
Lft`bthk lf us`isgjjh
kh~lif gfk j`fl{`slfi"
gfk g~ ug|lfi gihf{
Lft`bthk lf us`isgjjh
kh~lif gfk j`fl{`slfi"
gfk g~ ug|lfi gihf{
Lft`bthk lf us`isgjjh
kh~lif gfk j`fl{`slfi"
gfk g~ ug|lfi gihf{
Lft`bthk lf n`fkxn{lfi khc{
~x~{glfgclbl{| gfgb|~l~" us`isgjjh
kh~lif gfk j`fl{`slfi" gfk g~
ug|lfi gihf{
Jglf khnl~l`f*
jgolfi c`klh~
Hxs`is`xu HN@DLF N xfnlb" gn{lfi
c| wxgblhk jgm`sl{|
t`{lfi f us`u`~gb ds`j
Hxs`uhgf N`jjl~~l`f
Hxs`is`xu/HD^D C`gsk `d
Klshn{`s~
Hxs`is`xu/H^J C`gsk `d
I`thsf`s~ gfk H^J C`gsk `d
Klshn{`s~
Bhigb cg~l~
Dlfgfnlfi Lf{hsi`thsfjhf{gb
khnl~l`f gfk [shg{|
Gs{lnbh 7>4
[shg{| Gs{lnbh 733 !g
Jhjchs {g{h dgnlfi
hqnhu{l`fgb nnxsshfnh~
ch|`fk l{~ n`f{s`b,
Lf{hsi`thsfjhf{gb
khnl~l`f
Lf{hsi`thsfjhf{gb {shg{| blfohk
{` gjhfkhk [shg{| Gs{lnbh 7>4
N`fkl{l`fgbl{| [shg{| Gs{lnbh~ 734
gfk 7>4
HX N`xfnlb Khnl~l`f
`f cg~l~ d HD^J
Shixbg{l`f
HD^D Dsgjhy`so
Gishhjhf{ c|
ns`~~*shdhshfnh yl{a
Jhj`sgfkxj `d
Xfkhs~{gfklfi gfk HX
N`xfnlb Khnl~l`f
HX N`xfnlb Khnl~l`f f cg~l~ d
shixbg{l`f xfkhs [shg{| Gs{lnbh 7>4
!d`s{an`jlfi,
7, Gd{hs gk`u{l`f d {ah gjhfkhk HD^D Dsgjhy`so Gishhjhf{&
8/3/2019 ESM European Stability Mechanism
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94HNCJ`f{ab| Cxbbh{lfMxb| 3577
[ah C`gsk `d I`thsf`s~ ylbb ch jgkh xu `d {ah
fgfnh jlfl~{hs~ `d {ah hxs` gshg n`xf{slh~" l&h&
{ah jhjchs~ `d {ah Hxs`is`xu& [ah Hxs`uhgf
N`jjl~~l`fhs d`s Hn`f`jln gfk J`fh{gs|
Gddgls~ gfk {ah Ush~lkhf{ `d {ah HNC ylbb ch
`c~hsths~& Khnl~l`f~ `f" gj`fi `{ahs~" d`xs oh|
l~~xh~ ylbb ch {gohf c| jx{xgb gishhjhf{= {ah
isgf{lfi `d fgfnlgb g~~l~{gfnh? {ah {hsj~ gfk
n`fkl{l`f~ `d fgfnlgb g~~l~{gfnh? {ah bhfklfi
ngugnl{| `d {ah H^J? gfk nagfih~ {` {ah jhfx
`d lf~{sxjhf{~& Jx{xgb gishhjhf{ l~ khfhk
g~ g khnl~l`f {gohf xfgflj`x~b| c| {a`~h
n`xf{slh~ ugs{lnlug{lfi lf {ah t`{h" jhgflfi
{ag{ gc~{hf{l`f~ k` f`{ ushthf{ {ah khnl~l`f
ds`j chlfi gk`u{hk& [al~ ylbb n`f{slcx{h {` {ah
khnl~l`f*jgolfi hdnlhfn| `d {ah H^J& Gbb
`{ahs khnl~l`f~ `d {ah C`gsk `d I`thsf`s~ ylbb
ch {gohf c| wxgblhk jgm`sl{|" yalna l~ khfhk
g~ 15( `d {ah yhlia{hk t`{h& T`{h~ ylbb ch
yhlia{hk lf us`u`s{l`f {` {ah n`xf{slh~ ~agsh~
lf {ah ngul{gb `d {ah H^J&
G ~hn`fk khnl~l`f*jgolfi c`k|" {ah C`gsk
`d Klshn{`s~" ylbb ch sh~u`f~lcbh d`s ~uhnln
{g~o~ khbhig{hk c| {ah C`gsk `d I`thsf`s~&
Hgna hxs` gshg n`xf{s| ylbb guu`lf{ `fh Klshn{`s
gfk `fh gb{hsfg{h Klshn{`s" yl{a {ah Hxs`uhgf
N`jjl~~l`f gfk {ah HNC g~ `c~hsths~&
G Jgfgilfi Klshn{`s sh~u`f~lcbh d`s {ah
kg|*{`*kg| jgfgihjhf{ `d {ah H^J ylbb nagls
{ah C`gsk `d Klshn{`s~& [ah H^J ylbb ch cg~hk lf
Bxqhjc`xsi" g~ l~ {ah HD^D& [al~ ylbb ahbu hf~xsh
g ~j``{a {sgf~l{l`f ds`j {ah HD^D {` {ah H^J&
[ah hqgjubh `d {ah us`isgjjh d`s Lshbgfk
xfkhs {ah HD^D ag~ ~a`yf {ag{ f`f*hxs` gshg
HX Jhjchs ^{g{h~ jg| yl~a {` ugs{lnlug{h
lf us`tlklfi fgfnlgb g~~l~{gfnh {` hxs` gshg
n`xf{slh~ `f gf gk a`n cg~l~& [al~ u`~~lclbl{|
ylbb ch sh{glfhk xfkhs {ah H^J& Lf ~xna ng~h~"
{ah f`f*hxs` gshg Jhjchs ^{g{h~ lf wxh~{l`f ylbb
ch shush~hf{hk lf shbhtgf{ jhh{lfi~ `d {ah H^J
c`gsk~" agth gnnh~~ {` gbb shbhtgf{ lfd`sjg{l`f
gfk ch guus`uslg{hb| n`f~xb{hk&
[ah H^J ylbb n``uhsg{h ths| nb`~hb| yl{a{ah LJD lf us`tlklfi fgfnlgb g~~l~{gfnh&
Lf gbb nlsnxj~{gfnh~" {ah gn{lth ugs{lnlug{l`f
`d {ah LJD ylbb ch ~`xia{" g{ c`{a g {hnaflngb
gfk g fgfnlgb bhthb& G~ dxs{ahs hqubglfhk chb`y"
{ah LJD ylbb ch hquhn{hk {` ubg| gf lju`s{gf{
s`bh lf gbb uag~h~ d {ah gn{ltg{l`f gfk j`fl{`slfi
us`nh~~h~" lf gnn`skgfnh yl{a l{~ `yf khnl~l`f*
jgolfi us`nhkxsh~ gfk jgfkg{h&
[ah HNC ylbb ch lft`bthk lf ugs{~ `d H^J
`uhsg{l`f~& Dls~{" l{ ylbb blgl~h yl{a {ah Hxs`uhgf
N`jjl~~l`f gfk {ah LJD {` g~~h~~ yah{ahs
{ahsh l~ g sl~o {` {ah fgfnlgb ~{gclbl{| d {ah hxs`
gshg g~ g ya`bh gfk xfkhs{goh g sli`s`x~ khc{
~x~{glfgclbl{| gfgb|~l~& ^hn`fk" HNC ~{gdd ylbb
n`f{slcx{h {hnaflngb hquhs{l~h" yahsh shbhtgf{"
{` {ah fhi`{lg{l`f `d g jgns`hn`f`jln
gkmx~{jhf{ us`isgjjh gfk {ah j`fl{`slfi
gn{ltl{lh~ `d {ah H^J&
[AH LF^[SXJHF[^ @D DLFGFNLGB G^^L^[GFNH
[ah H^J ag~ chhf ~h{ xu {` us`tlkh fgfnlgb
g~~l~{gfnh" ~xcmhn{ {` ~{sln{ n`fkl{l`fgbl{|" {` hxs`
gshg n`xf{slh~ hquhslhfnlfi ~hthsh fgfnlfi
kldnxb{lh~& G~ yl{a {ah HD^D" {al~ g~~l~{gfnh
ylbb ushk`jlfgf{b| {goh {ah d`sj `d b`gf~"
of`yf g~ H^J ~{gclbl{| ~xuu`s{ !H^^,& H^^ ylbb
ch n`fkl{l`fgb `f gishhjhf{ {` gfk n`jublgfnh
yl{a g ~{sln{ jgns`hn`f`jln gkmx~{jhf{
us`isgjjh& [ah jg{xsl{| `d {ah H^^ b`gf~ ylbb
khuhfk `f {ah fg{xsh `d {ah ljcgbgfnh~ gfk {ah
chfhnlgs| n`xf{s|~ us`~uhn{~ `d shiglflfi
gnnh~~ {` fgfnlgb jgsoh{~& [ah lf{hsh~{ sg{h `f
{ah b`gf~" yalna jg| ch hl{ahsqhk `s tgslgcbh"
ylbb ch {ah ~xj `d {ah dxfklfi n`~{ {` {ah
H^J gfk g nagsih `d 355 cg~l~ u`lf{~&Gf gkkl{l`fgb ~xsnagsih `d 755 cg~l~ u`lf{~
ylbb ch gkkhk d`s gj`xf{~ ~{lbb `x{~{gfklfi gd{hs
{ashh |hgs~& [ah uslnlfi u`bln| ylbb ch shtlhyhk
c| {ah H^J C`gsk `d I`thsf`s~ `f g shixbgs
cg~l~&
^a`xbk {ah C`gsk d I`thsf`s~ khnlkh {` nagfih
{ah uslnlfi ~{sxn{xsh gfk u`bln| `d {ah H^J"
l{ ylbb shjglf lju`s{gf{ {ag{ lfnhf{lth~ gsh
us`uhsb| ~h{" gb`fi {ah blfh~ kh~nslchk chb`y&
[al~ uslnlfi ~{sxn{xsh l~ lf blfh yl{a {ah uslfnlubh~ i`thsflfi {ah uslnlfi `d LJD
fgfnlfi gfk shffihn{~ gf lju`s{gf{ uslfnlubh
d`s {ah us`tl~l`f `d `dnlgb fgfnlgb g~~l~{gfnh&
8/3/2019 ESM European Stability Mechanism
7/14
99HNC
J`f{ab| Cxbbh{lfMxb| 3577
GS[LNBH^
[ah Hxs`uhgf^{gclbl{| Jhnagfl~j
Lf{hsh~{ sg{h~ ~a`xbk jgoh fgfnlgb g~~l~{gfnh
xfg{{sgn{lth gfk jlfljl~h ~`xsnh~ `d j`sgb
ag}gsk" ljub|lfi g jlfljxj bhthb {ag{ l~ aliahs
{agf {ah al~{`slngb gthsgih sg{h nagsihk c|
{ah jgsoh{~ xfkhs f`sjgb n`fkl{l`f~& [al~
jlfljxj bhthb l~ gb~` fhnh~~gs| {` us`tlkh
guus`uslg{h n`juhf~g{l`f d`s {ah sl~o {gohf c|
{ah jhjchs~ `d {ah H^J&
G~ gf hqnhu{l`f" {ah H^J ylbb agth {ah `u{l`f
{` uxsnag~h {ah c`fk~ d g chfhnlgs| hxs` gshg
n`xf{s| lf {ah usljgs| jgsoh{& Lf ~xna ng~h~"
{ah H^J n`xbk" d`s hqgjubh" gn{ g~ g cgno~{`u
dgnlbl{|" gc~`sclfi u`s{l`f~ d usljgs| ddhslfi~
yalna gsh f`{ {gohf xu c| usltg{h clkkhs~& xna
g ~{sg{hi| n`xbk u`{hf{lgbb| ahbu {ah n`xf{s|
n`fnhsfhk {` shiglf gnnh~~ {` jgsoh{ fgfnlfi"
{ahshc| ljus`tlfi {ah n`~{*hdnlhfn| `d {ah
~xuu`s{& [ah n`fkl{l`f~ gfk j`kgbl{lh~ xfkhs
yalna c`fk uxsnag~h~ y`xbk ch n`fkxn{hk
ylbb ch ~uhnlhk lf {ah {hsj~ gfk n`fkl{l`f~
`d fgfnlgb g~~l~{gfnh d`s {ah chfhnlgs|
n`xf{s|" cx{ ylbb lf gbb ng~h~ ch ~xcmhn{ {` {ah
~gjh jgns`hn`f`jln n`fkl{l`fgbl{| g~ guublhk
xfkhs H^^&
L{ l~ lju`s{gf{ d`s {ah H^J {` agth gf
guus`uslg{h sgfih `d lf~{sxjhf{~ {` ush~hsth
fgfnlgb ~{gclbl{| lf {ah hxs` gshg g~ g ya`bh&
A`yhths" {ah dgn{ {ag{ {ah H^J ngf gb~` sh~`s{
{` usljgs| jgsoh{ c`fk uxsnag~h~ g~ ugs{
`d l{~ `thsgbb us`isgjjh ~{sg{hi| {` ~xuu`s{
jgns`hn`f`jln gkmx~{jhf{ jg| ch `fb| g
ugs{lgb ~`bx{l`f& G~ khthb`ujhf{~ lf {ah usljgs|jgsoh{ lf i`thsfjhf{ c`fk~ khuhfk nsl{lngbb|
`f khthb`ujhf{~ lf {ah ~hn`fkgs| jgsoh{ !tlg
{ah blwxlkl{| gfk uslnh nagffhb~," {ah H^J
~a`xbk" lf {ah b`fihs {hsj" gb~` agth {ah ngugnl{|
{` lf{hsthfh lf ~hn`fkgs| i`thsfjhf{ c`fk
jgsoh{~ lf skhs {` hddhn{lthb| n`jcg{ n`f{gil`f
lf ~l{xg{l`f~ `d gnx{h jgsoh{ lf~{gclbl{|&
[ah H^J C`gsk `d I`thsf`s~ ylbb agth {ah
gx{a`sl{| {` khnlkh c| jx{xgb gishhjhf{ {`
hqugfk {ah lf~{sxjhf{~ gtglbgcbh {` {ah H^J&
C| n`f{sg~{" gf| hqugf~l`f `d {ah lf~{sxjhf{~
gtglbgcbh {` {ah HD^D shwxlsh~ gf gjhfkjhf{ {`l{~ Dsgjhy`so Gishhjhf{&
LJUBHJHF[G[L@F @D [AH JHNAGFL^J
H^J fgfnlgb g~~l~{gfnh ylbb fb| ch gn{ltg{hk
xu`f shnhlu{ c| {ah Hxs`is`xu gfk HN@DLF
Ush~lkhf{~" gfk {ah Jgfgilfi Klshn{`s
`d {ah LJD" `d g shwxh~{ ds`j g hxs` gshg
n`xf{s|& D`bb`ylfi {al~ shwxh~{" {ah Hxs`uhgf
N`jjl~~l`f" {`ih{ahs yl{a {ah LJD gfk lf
blgl~`f yl{a {ah HNC" ylbb g~~h~~ yah{ahs {ahsh
l~ g sl~o {` {ah fgfnlgb ~{gclbl{| `d {ah hxs`
gshg g~ g ya`bh gfk ylbb xfkhs{goh g sli`s`x~
gfgb|~l~ `d {ah ~x~{glfgclbl{| `d {ah uxcbln
khc{ `d {ah shwxh~{lfi n`xf{s|& Ld" `f {ah cg~l~
`d {ah ~x~{glfgclbl{| gfgb|~l~" l{ l~ n`fnbxkhk
{ag{ g jgns`hn`f`jln gkmx~{jhf{ us`isgjjh
ngf shgbl~{lngbb| sh~{`sh {ah uxcbln khc{ {` g
~x~{glfgcbh ug{a" {ah N`jjl~~l`f" {`ih{ahs
yl{a {ah LJD gfk lf blgl~`f yl{a {ah HNC"
ylbb {ahf g~~h~~ {ah gn{xgb fgfnlfi fhhk~ `d
{ah n`xf{s| n`fnhsfhk& @f {ah cg~l~ `d {al~
g~~h~~jhf{" {ah C`gsk `d I`thsf`s~ `d {ah
H^J ylbb jgfkg{h {ah N`jjl~~l`f" {`ih{ahs
yl{a {ah LJD gfk lf blgl~`f yl{a {ah HNC"
{` fhi`{lg{h g jgns`hn`f`jln gkmx~{jhf{
us`isgjjh" {ah kh{glb~ `d yalna ylbb ch bglk
k`yf lf g Jhj`sgfkxj `d Xfkhs~{gfklfi
!J`X,& [ah J`X ~a`xbk ch dxbb| n`f~l~{hf{
yl{a {ah `thsgbb HX dsgjhy`so d`s hn`f`jln
u`bln| n``sklfg{l`f& [ah N`jjl~~l`f ylbb
us`u`~h {` {ah HX N`xfnlb g khnl~l`f hfk`s~lfi
{ah jgns`hn`f`jln gkmx~{jhf{ us`isgjjh"
yalbh {ah isgf{lfi gfk {ah {hsj~ gfk n`fkl{l`f~
`d fgfnlgb g~~l~{gfnh ylbb ch khnlkhk c| {ah
C`gsk `d I`thsf`s~ `d {ah H^J&
[ah N`jjl~~l`f" {`ih{ahs yl{a {ah LJD
gfk lf blgl~`f yl{a {ah HNC" ylbb j`fl{`s
n`jublgfnh yl{a {ah jgns`hn`f`jln gkmx~{jhf{
us`isgjjh" shu`s{lfi {` {ah HN@DLF N`xfnlb
gfk {ah C`gsk `d Klshn{`s~ `d {ah H^J& @f {ah
cg~l~ `d {al~ shu`s{" {ah C`gsk `d Klshn{`s~ ylbb
khnlkh c| jx{xgb gishhjhf{ f {ah kl~cxs~hjhf{
`d dxs{ahs {sgfnah~ `d {ah b`gf& Gd{hs {ah
n`jubh{l`f `d {ah jgns`hn`f`jln gkmx~{jhf{
us`isgjjh" {ah HX N`xfnlb jg| khnlkh" `f
{ah cg~l~ `d g us`u`~gb ds`j {ah N`jjl~~l`f"{` ljubhjhf{ u`~{*us`isgjjh ~xsthlbbgfnh"
8/3/2019 ESM European Stability Mechanism
8/14
91HNCJ`f{ab| Cxbbh{lfMxb| 3577
yalna ngf ch jglf{glfhk d`s g~ b`fi g~ g ~uhnlhk
gj`xf{ `d {ah fgfnlgb g~~l~{gfnh ag~ f`{
chhf shuglk&
G~ shigsk~ `ths~lia{" {ah H^J ylbb ch xfkhs {ah
klshn{ n`f{s`b `d {ah hxs` gshg n`xf{slh~ {as`xia
{ah H^J C`gsk `d I`thsf`s~& [ah Hxs`uhgf
Ugsblgjhf{ ylbb gb~` ch shu`s{hk {` `f g shixbgs
cg~l~ `f {ah h~{gcbl~ajhf{ gfk {ah `uhsg{l`f~
`d {ah H^J& J`sh`ths" {ah H^J gnn`xf{~
ylbb ch ~xcmhn{ {` lf{hsfgb gfk hq{hsfgb gxkl{~&
[ah H^J ylbb uxcbl~a gf gffxgb shu`s{
n`f{glflfi gf gxkl{hk ~{g{hjhf{ `d l{~ gnn`xf{~
gfk nlsnxbg{h gj`fi {ah hxs` gshg n`xf{slh~ g
wxgs{hsb| ~xjjgs| `d l{~ fgfnlgb u`~l{l`f gfk
g us`{ gfk b`~~ ~{g{hjhf{ ~a`ylfi {ah sh~xb{~
`d l{~ `uhsg{l`f~&
[ah sxbh~ gfk us`nhkxsh~ {ag{ ylbb i`thsf {ah
g~~h~~jhf{ gfk bhfklfi gn{ltl{lh~ `d {ah H^J
shffihn{ b`fi*~{gfklfi LJD usgn{lnh& Gnn`sklfib|"
kl~cxs~hjhf{~ `d fgfnlgb g~~l~{gfnh ylbb ch
~{sln{b| n`fkl{l`fgb `f {ah ljubhjhf{g{l`f `d {ah
jgns`hn`f`jln gkmx~{jhf{ us`isgjjh& Ld g hxs`
gshg n`xf{s| k`h~ f`{ gkahsh {` {ah us`isgjjh"
{ah C`gsk d Klshn{`s~ d {ah H^J jg| khnlkh {`
khbg| `s ~x~uhfk {ah kl~cxs~hjhf{ `d {sgfnah~&
Lf ~xna g ng~h" {ah n`xf{s| y`xbk gb~` b`~h
{ah ng{gb|{ln s`bh {ag{ {ah hql~{hfnh gfk us`uhs
ljubhjhf{g{l`f `d gf gkmx~{jhf{ us`isgjjh
y`xbk ubg| lf n`ftlfnlfi {ah usltg{h ~hn{`s {`
jglf{glf l{~ hqu`~xsh& L{ l~ {ahshd`sh lf {ah ch~{
lf{hsh~{~ `d {ah chfhnlgs| n`xf{s| {` gkahsh {`
{ah us`isgjjh&
[ah us`~uhn{ `d `dnlgb fgfnlgb g~~l~{gfnh
chlfi gtglbgcbh xfkhs nhs{glf n`fkl{l`f~ ngf" `d
n`xs~h" gb{hs lfnhf{lth~ shbg{hk {` {ah n`fkxn{ `d
fg{l`fgb hn`f`jln u`blnlh~ gfk {ax~ lf{s`kxnh
j`sgb ag}gsk& L{ ag~ gbshgk| chhf f`{hk {ag{ {ah
lf~{l{x{l`fgb kh~lif `d {ah H^J gfk {ah uslnlfi
~{sxn{xsh `d H^J b`gf~ gsh nsl{lngb {` n`f{glflfi
{al~ j`sgb ag}gsk& [ah ~gjh l~ {sxh `d {ah
usgn{lngb gssgfihjhf{~ d`s {ah kl~cxs~hjhf{ `d
`dnlgb fgfnlgb g~~l~{gfnh& [ah HX gx{a`sl{lh~
gfk {ah LJD {ahshd`sh fhhk sli`s`x~ gfgb|{lngb
gfk u`bln| us`nhkxsh~ {` g~~h~~ {ah fhhk d`s
fgfnlgb g~~l~{gfnh gfk {` j`fl{`s n`jublgfnh
yl{a u`bln| n`fkl{l`fgbl{|" yalbh {ah chfhnlgs|
n`xf{s| jx~{ ch ~{hgkdg~{b| n`jjl{{hk {`
{ah ljubhjhf{g{l`f `d {ah jgns`hn`f`jln
gkmx~{jhf{& Lf {ah hfk" l{ ylbb ch nsxnlgb {ag{ gbb
gn{`s~ lft`bthk hf~xsh {ag{ {ah us`isgjjh l~
us`uhsb| hfd`snhk lf {ah n`xf{s| n`fnhsfhk&
USLTG[H ^HN[@S LFT@BTHJHF[
Yahsh fgfnlgb g~~l~{gfnh l~ isgf{hk {` g hxs`
gshg n`xf{s| c| {ah H^J" n`f~lkhsg{l`f ylbb ch
ilthf `f g ng~h*c|*ng~h cg~l~ {` gf gkhwxg{h
gfk us`u`s{l`fg{h d`sj `d usltg{h ~hn{`s
lft`bthjhf{ lf {ah nb`~lfi `d {ah fgfnlfi igu&
[al~ ylbb ~hsth tgsl`x~ uxsu`~h~& Gj`fi `{ahs
{alfi~" l{ ~a`xbk ahbu {` hf~xsh gf guus`uslg{h
uslnlfi `d sl~o lf i`thsfjhf{ c`fk jgsoh{~ gfk
dgls gfk us`u`s{l`fg{h cxskhf ~agslfi ch{yhhf
{gqug|hs~ gfk usltg{h nshkl{`s~ lf {ah us`tl~l`f
`d {ah fgfnlgb g~~l~{gfnh& [ah fg{xsh gfk hq{hf{
`d {al~ lft`bthjhf{ ylbb ch kh{hsjlfhk ng~h
c| ng~h" lf blfh yl{a LJD usgn{lnh !~hh C`q 7,&
G{ {ah ~gjh {ljh" {ah kh~lif d gf| usltg{h ~hn{`s
lft`bthjhf{ ~a`xbk ch ~xna {ag{ l{ us`tlkh~
{ah x{j`~{ lfnhf{lth~ d`s n`xf{slh~ xfkhs
~{sh~~ {` a`f`xs {ahls `cblig{l`f~ sg{ahs {agf
n`f~lkhs khdgxb{&
Yahsh {ah khc{ ~x~{glfgclbl{| g~~h~~jhf{
lfklng{h~ {ag{ ~x~{glfgclbl{| ngf ch sh~{`shk
{as`xia g shgbl~{ln jgns`hn`f`jln gkmx~{jhf{
us`isgjjh" yalna l~ f`sjgbb| hquhn{hk {` ch
{ah ng~h" {ah chfhnlgs| n`xf{s| ylbb ch shwxlshk
{` {goh lfl{lg{lth~ gljhk g{ hfn`xsgilfi {ah jglf
usltg{h lfth~{`s~ {` jglf{glf {ahls hqu`~xsh~
t`bxf{gslb|&
8/3/2019 ESM European Stability Mechanism
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9
~{gfkgskl~hk gfk lkhf{lngb n`bbhn{lth gn{l`f
nbgx~h~ !NGN~, ylbb ch lfnbxkhk" lf ~xna g yg|
g~ {` ush~hsth jgsoh{ blwxlkl{|" lf {ah {hsj~ gfk
n`fkl{l`f~ `d gbb fhy hxs` gshg i`thsfjhf{ c`fk~
yl{a g jg{xsl{| `d gc`th `fh |hgs& [ah~h NGN~
ylbb ch n`f~l~{hf{ yl{a {a`~h n`jj`f xfkhs
Hfibl~a gfk Fhy \`so bgy ~lfnh {ah I75 shu`s{
`f NGN~" gfk ylbb lfnbxkh giishig{l`f nbgx~h~
gbb`ylfi gbb khc{ ~hnxsl{lh~ l~~xhk c| g hxs` gshg
n`xf{s| {` ch n`f~lkhshk {`ih{ahs lf fhi`{lg{l`f~&
[al~ y`xbk hfgcbh {ah nshkl{`s~ {` {goh g wxgblhk
jgm`sl{| khnl~l`f gishhlfi g bhigbb| clfklfi nagfih
{` {ah {hsj~ `d ug|jhf{ !~{gfk~{lbb" hq{hf~l`f `d
{ah jg{xsl{|" lf{hsh~{ sg{h nx{ gfk/`s aglsnx{, lf {ah
hthf{ {ag{ {ah khc{`s l~ xfgcbh {` ug| !~hh C`q 3,&
C`q 3
N@BBHN[LTH GN[L@F NBGX^H^ D@S FHY HXS@ GSHG I@THSFJHF[ C@FK^
@f 31 F`thjchs 3575 {ah Hxs`is`xu khnlkhk {ag{ n`bbhn{lth gn{l`f nbgx~h~ !NGN~, y`xbk
ch lfnbxkhk lf {ah lf{hsfg{l`fgb gfk k`jh~{ln l~~xh~ `d hxs` gshg i`thsfjhf{ ~hnxsl{lh~
!yl{a g jg{xsl{| `d gc`th `fh |hgs, ds`j Mxb| 357> `fygsk~& [al~ khnl~l`f yg~ n`fsjhk lf {ah
N`fnbx~l`f~ `d {ah Ahgk~ `d ^{g{h `s I`thsfjhf{ `d {ah hxs` gshg `d 77 Jgsna 3577 gfk lf {ah
N`fnbx~l`f~ `d {ah Hxs`uhgf N`xfnlb `d 3;*38 Jgsna 3577& NGN~ gsh n`f{sgn{xgb us`tl~l`f~
lf~hs{hk lf{` {ah {hsj~ gfk n`fkl{l`f~ i`thsflfi c`fk~& [ah| agth chhf x~hk lf ~`thshlif c`fk~i`thsfhk c| Hfibl~a bgy d`s jgf| |hgs~ gfk" d`bb`ylfi {ah uxcblng{l`f lf 3553 `d {ah Shu`s{ `d
8/3/2019 ESM European Stability Mechanism
11/14
17HNC
J`f{ab| Cxbbh{lfMxb| 3577
GS[LNBH^
[ah Hxs`uhgf^{gclbl{| Jhnagfl~j
Yl{a`x{ ushmxklnh {` {ah~h n`f~lkhsg{l`f~"
a`yhths" l{ l~ lju`s{gf{ {` f`{h {ag{ sh~`s{lfi
{` khc{ sh~{sxn{xslfi g~ g d`sj `d usltg{h ~hn{`s
lft`bthjhf{ y`xbk ch g ths| n`~{b| us`nh~~"
f`{ `fb| d`s {ah n`xf{s| n`fnhsfhk cx{ gb~` d`s
`{ahs hxs` gshg n`xf{slh~& G sh~{sxn{xslfi `d
~`thshlif khc{ n`xbk ~liflngf{b| xfkhsjlfh
{ah fgfnlgb ~hn{`s `d {ah n`xf{s| n`fnhsfhk
gfk y`xbk sl~o n`f{gil`f {` hqu`~hk cgfo~ lf
`{ahs hxs` gshg n`xf{slh~& G~ g shngul{gbl~g{l`f`d {ah hqu`~hk cgfo~ n`xbk chn`jh fhnh~~gs|
{` n`juhf~g{h d`s {ah b`~~h~ `f i`thsfjhf{
c`fk~ `d {ah sh~{sxn{xslfi n`xf{s| lf {ahls
u`s{d`bl`~" dxs{ahs ~{sglf n`xbk ch ux{ `f {ah
~ngb u`~l{l`f~ `d {ah hxs` gshg i`thsfjhf{~
n`fnhsfhk& Gf| khc{ sh~{sxn{xslfi l~ gb~`
blohb| {` ljub| dgs*shgnalfi ~hn`fk*s`xfk
hddhn{~" lf ugs{ {as`xia {ah lfnshg~h lf cgfo~
a`bklfi~ `d f`f*uhsd`sjlfi b`gf~ hq{hfkhk {`
i`thsfjhf{~ gfk f`f*fgfnlgb n`su`sg{l`f~&
Lfklshn{ n`f{gil`f {` `{ahs hxs` gshg n`xf{slh~
tlg n`fkhfnh hddhn{~ l~ gb~` u`~~lcbh& [ah
alia gfk xfushkln{gcbh n`~{~ `d gf| d`sj `dkhc{ sh~{sxn{xslfi shlfd`snh {ah fhhk {` hf~xsh
g ths| ~{sln{ ljubhjhf{g{l`f `d {ah fhy
^{gclbl{| gfk Is`y{a Ugn{ {` hbljlfg{h {ah
{ah I75 Y`solfi Is`xu `f N`f{sgn{xgb Nbgx~h~" {ah| agth gb~` chhf khthb`uhk c| {ah usltg{h
~hn{`s d`s x~h lf ~`thshlif c`fk~ i`thsfhk c| Fhy \`so bgy&
NGN~ gsh kh~lifhk {` hf~xsh `skhsb| ~`thshlif khc{ sh~{sxn{xslfi& [ah| us`tlkh gf hddhn{lth jhgf~
d`s g ~xuhsjgm`sl{| `d c`fka`bkhs~ !44 ( `s 98(, gfk {ah khc{`s {` sh~{sxn{xsh `x{~{gfklfi
c`fk~ !h&i& j`kld| oh| ug|jhf{ {hsj~" s n`fths{ s hqnagfih c`fk~,& xna sh~{sxn{xslfi x~xgbb|
guublh~ {` g ~lfibh c`fk ~hslh~" cx{ l{ ngf gb~` guub| gns`~~ jxb{lubh c`fk ~hslh~ x~lfi giishig{l`f
nbgx~h~ !yalna gsh x~hk c| ~`thshlif l~~xhs~ ~xna g~ Xsxixg| gfk Gsihf{lfg,& NGN~ ljub| {ag{
gf| sh~{sxn{xslfi j`klng{l`f~ gnnhu{hk c| {ah ~uhnlhk jgm`sl{| `d c`fka`bkhs~ gsh n`fnbx~lth
gfk clfklfi `f gbb a`bkhs~ `d {ah khc{ ~hnxsl{lh~ `d g ugs{lnxbgs c`fk ~hslh~ yah{ahs `s f`{ {ah|agth ilthf {ahls n`f~hf{ yalna dgnlbl{g{h~ ~xnnh~~dxb khc{ sh~{sxn{xslfi c| `thsn`jlfi {ah
us`cbhj `d a`bk*`x{ nshkl{`s~&7 Lf `skhs {` kh{hs kl~sxu{lth bl{lig{l`f c| jlf`sl{| c`fka`bkhs~
sh~l~{lfi {ah sh~{sxn{xslfi" NGN~ jg| n`fnhf{sg{h {ah u`yhs {` lfl{lg{h bl{lig{l`f lf g ~lfibh hf{l{|
!h&i& g {sx~{hh," yalbh jgolfi {ah u`yhs {` khnbgsh c`fk~ ljjhklg{hb| kxh gfk shkhhjgcbh g{ {ahls
uslfnlugb gj`xf{ {`ih{ahs yl{a gnnsxhk lf{hsh~{ xu`f khdgxb{ khuhfkhf{ `f g n`bbhn{lth t`{h `d
{ah nshkl{`s~" gfk us`tlklfi d`s {ah gclbl{| {` shths~h ~xna g khnbgsg{l`f c| g jgm`sl{| d nshkl{`s~&
NGN~ gb~` glj {` d`~{hs hgsb| klgb`ixh gfk n``sklfg{l`f ch{yhhf {ah ~`thshlif gfk l{~ nshkl{`s~
{as`xia {ah f`jlfg{l`f `d g uhsjgfhf{ fhi`{lg{lfi shush~hf{g{lth gfk {ah lju`~l{l`f `d nhs{glf
gkkl{l`fgb lfd`sjg{l`f*us`tlklfi cblig{l`f~ xu`f {ah l~~xhs&
L{ l~ hftl~gihk {ag{ {ah jglf dhg{xsh~ `d {ah NGN~ {` ch x~hk lf hxs` gshg i`thsfjhf{ c`fk~ ylbb
ch n`f~l~{hf{ yl{a {a`~h n`jj`fb| x~hk xfkhs Fhy \`so gfk Hfibl~a bgy ~lfnh {ah 3553 I75shu`s{& NGN~ ylbb ch lf{s`kxnhk lf g ~{gfkgskl~hk d`sj" yalna ylbb hf~xsh {ag{ {ahls bhigb ljugn{
l~ ~ljlbgs lf gbb hxs` gshg mxsl~kln{l`f~" {ahshc| ush~hstlfi g bhthb ubg|lfi hbk gj`fi hxs` gshg
n`xf{slh~&
[ah kh{glbhk bhigb gssgfihjhf{~ d`s lfnbxklfi NGN~ lf hxs` gshg i`thsfjhf{ ~hnxsl{lh~ ylbb ch
khnlkhk `f {ah cg~l~ `d y`so chlfi xfkhs{gohf c| {ah HX~ Hn`f`jln gfk Dlfgfnlgb N`jjl{{hh
^xc*N`jjl{{hh `f HX ^`thshlif Khc{ Jgsoh{~" d`bb`ylfi guus`uslg{h n`f~xb{g{l`f yl{a jgsoh{
ugs{lnlugf{~ gfk `{ahs ~{goha`bkhs~" gfk ylbb ch fgbl~hk c| {ah hfk `d 3577&
7 G a`bk*`x{ ~l{xg{l`f `nnxs~ yahf ~`jh nshkl{ s~ a`bk cgno ds`j gnnhu{lfi gf hqnagfih `ddhs jgkh c| {ah l~~xhs lf gf g{{hju{ {`
sh~{sxn{xsh `x{~{gfklfi c`fk~ gfk {s| {` sh{glf {ah slia{ {` khjgfk shug|jhf{ `d {ahls c`fk~ g{ ugs !{ah dxbb f`jlfgb gj`xf{,& L{ l~
gsixhk {ag{ a`bk*`x{~ u`~h g bl{lig{l`f {ashg{ {` {ah ~`thshlif c`ss`yhs gfk jg| ~liflngf{b| xfkhsjlfh l{~ gclbl{| {` ~hstlnh {ah fhy
c`fk~ l{ ag~ l~~xhk {` {ah nshkl{`s~ ugs{lnlug{lfi lf {ah hqnagfih&
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13HNCJ`f{ab| Cxbbh{lfMxb| 3577
C`q >
[AH ^[G[L^[LNGB [SHG[JHF[ @D [AH HXS@UHGF DLFGFNLGB ^[GCLBL[\ DGNLBL[\
GFK [AH HXS@UHGF ^[GCLBL[\ JHNAGFL^J
D`bb`ylfi {ah khnl~l`f c| {ah Hxs`uhgf N`xfnlb g{ l{~ jhh{lfi `f 74*79 Khnhjchs 3575 {`
h~{gcbl~a g uhsjgfhf{ ~{gclbl{| jhnagfl~j" {ah Hxs`uhgf N`jjl~~l`f !Hxs`~{g{, yg~ g~ohk
{` g~~h~~ {ah ~{g{l~{lngb {shg{jhf{ `d {ah H^J& Hxs`~{g{ n`f~xb{hk {ah N`jjl{{hh `f J`fh{gs|"
Dlfgfnlgb gfk Cgbgfnh `d Ug|jhf{~ ^{g{l~{ln~ !NJDC," yalna n`f~l~{~ `d ~hfl`s ~{g{l~{lnlgf~
ds`j gbb HX fg{l`fgb ~{g{l~{lngb lf~{l{x{h~" fg{l`fgb nhf{sgb cgfo~" Hxs`~{g{ gfk {ah HNC& @f {ah
sl~o `d ~xna khc{ sh~{sxn{xslfi chlfi fhhkhk
lf {ah s~{ ubgnh&
Lf blfh yl{a LJD usgn{lnh" {ah H^J ylbb
agth ushdhsshk nshkl{`s ~{g{x~ g~ `d Mxb| 357>
!~hh C`q 7," yalbh shn`ifl~lfi {ah ushdhsshk
nshkl{`s ~{g{x~ `d LJD nbglj~ `ths H^J nbglj~&
A`yhths" ld H^J fgfnlgb g~~l~{gfnh yhsh {`
d`bb`y g Hxs`uhgf fgfnlgb g~~l~{gfnh us`isgjjh
hql~{lfi g{ {ah {ljh `d {ah ~lifg{xsh `d {ah H^J
[shg{|" H^J b`gf~ y`xbk hfm`| {ah ~gjh ~hfl`sl{|
g~ gbb {ahs b`gf~ gfk cblig{l`f~ d {ah chfhnlgs|
n`xf{s|" yl{a {ah hqnhu{l`f d LJD b`gf~&
[AH DXFKLFI @D [AH H^J
[ah H^J ylbb agth g {`{gb ~xc~nslchk ngul{gb `d
955 clbbl`f" `d yalna 15 clbbl`f ylbb ch uglk*
lf ngul{gb gfk 435 clbbl`f ngbbgcbh ngul{gb& [al~
ngul{gb ~{sxn{xsh ag~ chhf ux{ lf ubgnh {` hf~xsh
{ah aliah~{ u`~~lcbh nshkl{ sg{lfi d`s {ah H^J"
yalbh gb~` ixgsgf{hhlfi g bhfklfi ngugnl{| `d
855 clbbl`f" {ah ~gjh g~ {ah n`jclfhk bhfklfi
ngugnl{| `d {ah HD^J gfk HD^D&
^{gs{lfi lf Mxb| 357>" {ah uglk*lf ngul{gb ylbb ch
us`tlkhk lf th hwxgb gffxgb lf~{gbjhf{~& [ah
H^J ylbb gb~` fgfnh l{~hbd {as`xia {ah l~~xgfnh
`d khc{ ~hnxsl{lh~& Hxs` gshg n`xf{slh~ agth
jgkh g n`jjl{jhf{ {` hf~xsh g jlfljxj sg{l`
`d 78( ch{yhhf uglk*lf ngul{gb gfk `x{~{gfklfi
H^J ~hnxsl{lh~ l~~xgfnh kxslfi {ah uhsl`k `ths
yalna ngul{gb l~ uglk lf&
[ah kh~lif `d {ah ngul{gb ~{sxn{xsh `d {ah H^J
~a`xbk n`f{slcx{h {` l{~ s`cx~{fh~~ gfk ~h{
guus`uslg{h lfnhf{lth~ d`s hxs` gshg n`xf{slh~&
Dls~{" {ah uglk*lf ngul{gb jgoh~ {ah H^J bh~~
txbfhsgcbh {` jlisg{l`f sl~o !l&h& {ah sl~o
hjgfg{lfi ds`j u`{hf{lgb k`yfisgkh~ `d {ah
nshkl{ sg{lfi~ `d lfkltlkxgb hxs` gshg n`xf{slh~,
{agf {ah HD^D" jhgflfi {ag{ ~`thshlif nshkl{
sg{lfi~ ylbb ubg| g bh~~hs s`bh lf {ah `thsgbb sg{lfi
`d {ah H^J& ^hn`fk" {ah x~h `d ngbbgcbh ngul{gb lf
gkkl{l`f {` ixgsgf{hh~ gbb`y~ ishg{hsffihqlclbl{|&
D`s hqgjubh" {ah C`gsk `d Klshn{`s~ ngf khnlkh
c| ~ljubh jgm`sl{| {` ngbb lf ngul{gb ld {ah uglk*
lf ngul{gb l~ shkxnhk {as`xia {ah gc~`su{l`f `d
b`~~h~& [ah ljjhklg{h cxkih{gs| n`f~hwxhfnh~
`d g khnl~l`f {` ngbb lf gkkl{l`fgb ngul{gb us`tlkh
~{s`fi lfnhf{lth~ {` n`f{slcx{lfi hxs` gshg
n`xf{slh~ {` guus`th {ah us`tl~l`f `d fgfnlgb
g~~l~{gfnh fb| ld {ah| !l, n`f~lkhs ~xna g~~l~{gfnh
{` ch lfkl~uhf~gcbh {` ~gdhixgsklfi {ah fgfnlgb
~{gclbl{| `d {ah hxs` gshg g~ g ya`bh gfk !ll, gsh
n`ftlfnhk {ag{ b`gf~ ylbb lfkhhk ch uglk cgno&
L{ ~a`xbk gb~` ch f`{hk {ag{ {ah ngul{gb ~{sxn{xsh
gbb`y~ khc{ `yhk c| {ah H^J {` ch nbg~~lhk
g~ uxcbln khc{ `d g Hxs`uhgf lf~{l{x{l`f
sg{ahs {agf `d lfkltlkxgb hxs` gshg n`xf{slh~
!~hh C`q > d`s j`sh kh{glb~,& F`fh{ahbh~~" g~ hxs`
gshg n`xf{slh~ gsh hf{hslfi lf{` n`jjl{jhf{~
{` us`tlkh gkkl{l`fgb fgfnh {as`xia {ah H^J
xfkhs ~uhnln nlsnxj~{gfnh~" {ah n`f{lfihf{
blgclbl{lh~ gsl~lfi ds`j {ah~h n`jjl{jhf{~ jx~{
ch ngshdxbb| j`fl{`shk&
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1>HNC
J`f{ab| Cxbbh{lfMxb| 3577
GS[LNBH^
[ah Hxs`uhgf^{gclbl{| Jhnagfl~j
Hxs` gshg n`xf{slh~ ylbb n`f{slcx{h {` {ah H^J~
ngul{gb gnn`sklfi {` {ahls ~agsh lf {ah HNC~
ngul{gb oh|" yalna ilth~ hwxgb yhlia{ {` {ah
n`xf{s|~ ~agsh~ lf {ah {`{gb u`uxbg{l`f gfk {`{gb
IKU" sh~uhn{lthb|" `d {ah HX& A`yhths" hxs`gshg n`xf{slh~ {ag{ agth g shbg{lthb| b`y IKU
uhs ngul{g !l&h& chb`y 98( `d {ah HX gthsgih,"
ylbb ~hh {ahls n`f{slcx{l`f shkxnhk d`s g
jgqljxj uhsl`k `d 73 |hgs~ gd{hs {ah hf{s| lf{`
d`snh `d {ah H^J `s gd{hs {ahls hf{s| lf{` {ah
hxs` gshg&1
[al~ {hju`sgs| n`sshn{l`f ylbb ch g~ d`bb`y~= H^J ~agsh : HNC1
oh| ~agsh * 5&98-!HNC oh| ~agsh * is`~~ fg{l`fgb lfn`jh ~agsh,&
cg~l~ `d {ah NJDC~ `ulfl`f" Hxs`~{g{ khnlkhk {ag{ {ah dhg{xsh~ `d {ah H^J ygssgf{ klddhshf{
{shg{jhf{ {` {ag{ `d {ah HD^D" yalna {ah H^J ylbb shubgnh lf jlk*357>& 7
Dhg{xsh~ gfk ~{g{l~{lngb {shg{jhf{ `d {ah Hxs`uhgf Dlfgfnlgb ^{gclbl{| Dgnlbl{|
[ah HD^D yg~ ~h{ xu {` bhfk j`fh| {` hxs` gshg n`xf{slh~ lf fgfnlgb kldnxb{lh~& L{~ c`ss`ylfi
l~ ixgsgf{hhk c| {ah `{ahs hxs` gshg n`xf{slh~& L{ yg~ ~h{ xu g~ g usltg{h n`jugf| xfkhs
Bxqhjc`xsi bgy yl{a ths| bljl{hk ngul{gb shbg{lth {` l{~ c`ss`ylfi gfk bhfklfi ngugnl{lh~& L{~
jglf gn{ltl{lh~ gsh kh{hsjlfhk c| {ah Hxs`is`xu&
G~ {ah HD^D l~ gn{lfi `f chagbd `d {ah ixgsgf{`s hxs` gshg n`xf{slh~ yahf bhfklfi {` g n`xf{s|
lf fhhk" ~xna g bhfklfi `uhsg{l`f l~ s`x{hk {as`xia {ah i`thsfjhf{ gnn`xf{~ `d {ah ixgsgf{`s
n`xf{slh~& [al~ jhgf~ {ag{ d`s jgns`hn`f`jln ~{g{l~{lngb uxsu`~h~ {ah j`fh| {ag{ g chfhnlgs|
n`xf{s| c`ss`y~ ds`j {ah HD^D l~ f`{ shn`skhk g~ g klshn{ b`gf ds`j {ah HD^D {` {ag{ n`xf{s|
cx{ g~ g b`gf ds`j {ah HD^D {` {ah ixgsgf{`s n`xf{slh~& [ah~h ixgsgf{`s n`xf{slh~ lf {xsf bhfk
{ah j`fh| {` {ah n`xf{s| lf fhhk& [al~ jh{a`k `d shn`sklfi jhgf~ {ag{ f`{ `fb| k`h~ {ah
is`~~ i`thsfjhf{ khc{ `d {ah n`xf{s| lf fhhk lfnshg~h" cx{ gb~` {ah is`~~ i`thsfjhf{ khc{
`d {ah ixgsgf{`s n`xf{slh~ lf us`u`s{l`f {` {ahls sh~uhn{lth ~agsh~ lf {ah ixgsgf{hh~ us`tlkhk
{` {ah HD^D&
Lf ~xc~{gfnh" {ah ~xuu`s{ `uhsg{l`f~ `d {ah HD^D gsh {ahshc| {shg{hk lf g ~ljlbgs yg| {` {ah
n``sklfg{hk clbg{hsgb b`gf~ {` Ishhnh ds`j {ah `{ahs hxs` gshg n`xf{slh~&
Dhg{xsh~ gfk ~{g{l~{lngb {shg{jhf{ `d {ah Hxs`uhgf ^{gclbl{| Jhnagfl~j
[ah H^J ag~ ~`jh hftl~gihk dhg{xsh~ yalna ylbb jgoh l{ wxl{h klddhshf{ ds`j {ah HD^D& [ah
H^J ylbb f`{ ch g usltg{h n`jugf| cx{ g uhsjgfhf{ lf{hsfg{l`fgb `sigfl~g{l`f" ~h{ xu c| g
{shg{| ~lifhk c| {ah hxs` gshg n`xf{slh~& L{~ i`thsfgfnh ~{sxn{xsh ylbb gb~` ch ~ljlbgs {` {ag{ `d
`{ahs lf{hsfg{l`fgb `sigfl~g{l`f~& J`sh`ths" {ah H^J ylbb agth g ~xc~{gf{lgb uglk*lf ngul{gb `d
15 clbbl`f" ljub|lfi g ngugclbl{| {` chgs sl~o~ `f l{~ `yf&
@f {ah cg~l~ `d {ah~h hftl~gihk dhg{xsh~" gfk d`bb`ylfi {ah NJDC~ `ulfl`f" Hxs`~{g{ khnlkhk
{ag{ {ah H^J ~a`xbk ch {shg{hk lf {ah ~gjh yg| g~ ~ljlbgs lf{hsfg{l`fgb fgfnlgb `sigfl~g{l`f~
~xna g~ {ah LJD& B`gf~ ds`j {ah H^J {` g hxs` gshg n`xf{s| lf fhhk ylbb ch shn`skhk lf {ah~gjh yg| g~ g b`gf ds`j {ah LJD {` g Jhjchs ^{g{h !l&h& g~ g klshn{ b`gf ds`j gf lf{hsfg{l`fgb
`sigfl~g{l`f {` {ah n`xf{s| lf wxh~{l`f,& [ahshd`sh" xfbloh {ah b`gf~ us`tlkhk c| {ah HD^D" {ah
b`gf~ us`tlkhk c| {ah H^J ylbb f`{ ch s`x{hk {as`xia {ah gnn`xf{~ `d `{ahs hxs` gshg n`xf{slh~
gfk ylbb {ahshd`sh f`{ lfnshg~h {ahls i`thsfjhf{ khc{&
7 [ah NJDC `ulfl`f~ gfk Hxs ~{g{ khnl~l`f~ `f {ah HD^D gfk {ah H^J gsh gtglbgcbh `f {ah NJDC~ yhc~l{h !yyy&njdc&`si,&
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1;HNCJ`f{ab| Cxbbh{lf
> N@FNBX^L@F^
^{shfi{ahfhk ~ngb" jgns`hn`f`jln gfk jgns`*
usxkhf{lgb ~xsthlbbgfnh l~ h~~hf{lgb {` hf~xsh {ah
~j``{a dxfn{l`flfi `d HJX& ^{sln{ `c~hstgfnh
`d {ah hfagfnhk {gclbl{| gfk Is`y{a Ugn{" nb`~h
~xsthlbbgfnh `d jgns`hn`f`jln ljcgbgfnh~
gfk hddhn{lth hn`f`jln u`bln| n``sklfg{l`f
~a`xbk us`tlkh g ~gdhixgsk giglf~{ {ah cxlbk*
xu `d ~|~{hjln sl~o~ {ag{ jlia{ {sliihs nsl~h~ `d
n`fkhfnh `d {ah {|uh gfk jgifl{xkh {ag{ agth
chhf hquhslhfnhk lf {ah shnhf{ ug~{& A`yhths"
{` {ah hq{hf{ {ag{ xfd`sh~hhf hq{hsfgb ~a`no~
ngf `nnxs" {ah sl~o `d nsl~h~ ngf fhths ch dxbb|
hbljlfg{hk" lf ~ul{h `d ~{shfi{ahfhk ~ngb gfk
jgns`hn`f`jln ~xsthlbbgfnh& D`s {al~ shg~`f"
gfk lf `skhs {` hf~xsh {ah ~{gclbl{| `d {ah hxs`
gshg g~ g ya`bh" l{ yg~ khnlkhk {` gb~` h~{gcbl~a
g dsgjhy`so yalna n`xbk us`tlkh {hju`sgs|
fgfnlgb ~xuu`s{ {` hxs` gshg n`xf{slh~" yl{a {ah
glj `d us`tlklfi cslkih dxfklfi d`s {ah uhsl`k
`d {ljh fhhkhk {` ljubhjhf{ g khhu gkmx~{jhf{
us`isgjjh {` n`sshn{ ljcgbgfnh~&
[ah h~{gcbl~ajhf{ `d g uhsjgfhf{ nsl~l~
jgfgihjhf{ jhnagfl~j d`s {ah hxs` gshg ngf
{ax~ ~xuu`s{ {ah `thsgbb ~{sxn{xsh `d HJX&
Ds`j {ah HNC~ uhs~uhn{lth" l{ l~ nsxnlgb {ag{
{ah hql~{hfnh `d {ah H^J" l{~ kh~lif gfk l{~
gn{ltl{lh~ k` f`{ nshg{h j`sgb ag}gsk" cx{ sg{ahs
~{shfi{ahf {ah lfnhf{lth~ d`s usxkhf{ ~ngb gfk
hn`f`jln u`blnlh~ lf gbb hxs` gshg n`xf{slh~ ths
{ah b`fi {hsj& D`s {al~ shg~`f" l{ l~ h~~hf{lgb {ag{
gf|
fgfnlgb g~~l~{gfnh ylbb ch ~xcmhn{ {` ths|~{sln{ jgns`hn`f`jln u`bln| n`fkl{l`fgbl{| gfk
ch isgf{hk `f f`f*n`fnh~~l`fgb {hsj~&
Dlfgfnlgb g~~l~{gfnh jx~{ f`{ gn{ g~ g ~ngb
{sgf~dhs" cx{ `fb| g~ g blwxlkl{| cslkih {ag{
gbb`y~ hxs` gshg n`xf{slh~ lf kl~{sh~~ {` {goh {ah
fhnh~~gs| jhg~xsh~ {` cx| {ljh {` sh~{`sh ~ngb
~x~{glfgclbl{| gfk n`juh{l{lthfh~~ lf {ah jhklxj
{hsj& [ah H^J y`xbk ch gn{ltg{hk `fb| ld
lfkl~uhf~gcbh {` ~gdhixgskfgfnlgb ~{gclbl{| lf {ah
hxs` gshg g~ g ya`bh& L{ l~ {ahshd`sh `d {ah x{j`~{
lju`s{gfnh {ag{ {ah sgfih `d jhg~xsh~ d`nx~lfi`f nsl~l~ ushthf{l`f gfk u`bln| ~xsthlbbgfnh gsh
yhbb*kh~lifhk gfk ljubhjhf{hk lf dxbb ~` {ag{
x~lfi {ah H^J k`h~ f`{ chn`jh fhnh~~gs|&