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\u0623\u0645\u0627 \u0641\u064a \u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u062b\u0627\u0644\u062b \u0644\u0644\u0645\u0642\u0627\u0644\u0629\u060c \u0641\u0642\u062f \u0627\u0631\u062a\u0623\u064a\u0646\u0627 \u0641\u064a\u0647 \u0625\u0644\u0649 \u0631\u0628\u0637 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0644\u0645\u063a\u0631\u0628 \u0628\u0645\u0627 \u064a\u0633\u0645\u0649 \u0641\u064a \u0627\u0644\u0623\u062f\u0628\u064a\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0628\u0645\u0641\u0639\u0648\u0644 \u0643\u0631\u0629 \u0627\u0644\u062b\u0644\u062c \u0644\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 (Effet-boule de neige de la dette publique : Snowball-Effect of Public Debt)\u060c \u0645\u0639 \u062a\u0641\u0633\u064a\u0631 \u0645\u0628\u0633\u0637 \u0644\u0647\u0630\u0647 \u0627\u0644\u0638\u0627\u0647\u0631\u0629 \u0648\u062a\u0648\u0636\u064a\u062d \u0622\u062b\u0627\u0631\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0648\u0637\u0646\u064a \u0648\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u062f\u0648\u0644\u0629.<\/p>\n

\u0648\u0641\u064a \u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u0631\u0627\u0628\u0639\u060c \u062a\u0648\u0636\u062d \u0645\u0642\u0627\u0644\u062a\u0646\u0627 \u0623\u0646 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0644\u0645\u063a\u0631\u0628 \u0644\u0627 \u062a\u0646\u062d\u0635\u0631 \u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062e\u0627\u0631\u062c\u064a \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u0629 \u0627\u0644\u0642\u0648\u064a\u0629\u060c \u0628\u0644 \u062a\u062a\u0639\u062f\u0649 \u0630\u0644\u0643 \u0625\u0644\u0649 \u0625\u0634\u0643\u0627\u0644\u064a\u0629 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0628\u0643\u0644 \u062a\u0628\u0639\u0627\u062a\u0647 \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u062c\u062a\u0645\u0639\u060c \u0645\u0639 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0623\u0646 \u0644\u0644\u062f\u0651\u064e\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0645\u0641\u0639\u0648\u0644 \u0625\u0632\u0627\u062d\u0629 (Effet d\u2019\u00e9viction : Crowding-out Effect) \u0639\u0644\u0649 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635.<\/p>\n

\u0623\u0645\u0651\u0627 \u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u062e\u0627\u0645\u0633 \u0645\u0646 \u0627\u0644\u0645\u0642\u0627\u0644\u0629\u060c \u0641\u0625\u0646\u0651\u0647 \u064a\u0648\u0636\u0651\u0650\u062d \u0623\u0646 \u0627\u0633\u062a\u0641\u062d\u0627\u0644 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u064a\u0646\u062a\u062c \u0639\u0646\u0647 \u0645\u0627 \u064a\u0633\u0645\u0649 \u0628\u0638\u0627\u0647\u0631\u0629 \u201c\u0627\u0644\u0623\u0631\u064a\u062a\u0645\u064a\u062a\u064a\u0642\u0627 \u0627\u0644\u0646\u0642\u062f\u0648\u064a\u0629 \u0627\u0644\u0628\u063a\u064a\u0636\u0629\u201d (Arithm\u00e9tique mon\u00e9tariste d\u00e9plaisante : Unpleasant Monetarist Arithmetic) \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0633\u0644\u0648\u0643 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0648\u062a\u0646\u0642\u064a\u062f \u0627\u0644\u0639\u062c\u0648\u0632\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (Mon\u00e9tisation des d\u00e9ficits budg\u00e9taires : Monetization of fiscal deficits)\u060c \u0645\u0639 \u0627\u0644\u062a\u062d\u0630\u064a\u0631 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0638\u0627\u0647\u0631\u0629 \u0630\u0627\u062a \u0627\u0644\u0622\u062b\u0627\u0631 \u0627\u0644\u062a\u0636\u062e\u0645\u064a\u0629.<\/p>\n

\u0648\u064a\u0633\u062a\u062f\u0631\u0643 \u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u0633\u0627\u062f\u0633 \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u0644\u0629 \u0623\u0646\u0651 \u0645\u063a\u0627\u0644\u0627\u0629 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0641\u064a \u062a\u0642\u064a\u064a\u062f \u062e\u0644\u0642 \u0627\u0644\u0646\u0642\u0648\u062f \u0645\u0646 \u0623\u062c\u0644 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0623\u0633\u0639\u0627\u0631 \u0642\u062f \u064a\u062d\u062f\u0651\u064f \u0645\u0646 \u062f\u064a\u0646\u0627\u0645\u064a\u0629 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0645\u0646 \u0634\u0623\u0646\u0647 \u0623\u0646 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0645\u0639\u062f\u0644\u0627\u062a \u0646\u0645\u0648 \u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0636\u0639\u064a\u0641\u0629.<\/p>\n

\u0648\u0623\u062e\u064a\u0631\u0627\u064b\u060c \u064a\u0633\u062a\u0639\u0631\u0636 \u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u0633\u0627\u0628\u0639 \u0623\u0647\u0645 \u0627\u0642\u062a\u0631\u0627\u062d\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646 \u0627\u0633\u062a\u062e\u0644\u0627\u0635\u0647\u0627 \u0645\u0646 \u0645\u0642\u0627\u0644\u062a\u0646\u0627\u060c \u0645\u0639 \u062e\u0648\u0627\u062a\u0645 \u0639\u0627\u0645\u0651\u0629 \u0648\u0627\u0633\u062a\u0634\u0631\u0627\u0641 \u0627\u0644\u0628\u062d\u0648\u062b \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0636\u0645\u0627\u0631\u060c \u062e\u0627\u0635\u0629 \u0641\u064a \u0625\u0637\u0627\u0631 \u0623\u0648\u0631\u0627\u0642 \u0628\u062d\u062b\u064a\u0629 \u0645\u062d\u0643\u0645\u0629 \u062a\u062a\u0639\u062f\u0649 \u0628\u0633\u0627\u0637\u0629 \u0627\u0644\u0623\u0641\u0643\u0627\u0631 \u0627\u0644\u0645\u0637\u0631\u0648\u062d\u0629 \u0641\u064a\u00a0\u0627\u0644\u0645\u0642\u0627\u0644\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629.<\/p>\n

\u0639\u0646 \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0645\u063a\u0631\u0628 \u0644\u0633\u0646\u062f\u0627\u062a \u062c\u062f\u064a\u062f\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629:<\/h2>\n

\u0645\u0646 \u0627\u0644\u0645\u0639\u0631\u0648\u0641 \u0623\u0646 \u0627\u0644\u0645\u063a\u0631\u0628 \u0642\u062f \u0623\u0635\u062f\u0631 \u064a\u0648\u0645 8 \u062f\u064a\u0633\u0645\u0628\u0631 2020\u060c \u0633\u0646\u062f\u0627\u062a (Obligations) \u062c\u062f\u064a\u062f\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629\u060c \u0628\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u062a\u0642\u062f\u0631 \u0628\u062b\u0644\u0627\u062b\u0629 \u0645\u0644\u0627\u064a\u064a\u0631 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a\u060c \u0623\u064a \u0645\u0627 \u064a\u0646\u0627\u0647\u0632 27 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0645\u063a\u0631\u0628\u064a.<\/p>\n

\u0644\u0642\u062f \u0627\u0636\u0637\u0631\u062a \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u0629 \u0625\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062c\u062f\u064a\u062f \u0628\u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0635\u0639\u0628\u0629 \u0646\u0638\u0631\u0627\u064b \u0625\u0644\u0649 \u0627\u0644\u0635\u0639\u0648\u0628\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u0627\u0646\u064a\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u0645\u0645\u0644\u0643\u0629 \u0641\u064a \u062e\u0636\u0645 \u0623\u0632\u0645\u0629 \u062b\u0644\u0627\u062b\u064a\u0629 \u0645\u0646\u0627\u062e\u064a\u0629-\u0648\u0628\u0627\u0626\u064a\u0629-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u062a\u0633\u0645\u062a \u0628\u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u062c\u0628\u0627\u0626\u064a\u0629 \u0644\u0644\u062f\u0648\u0644\u0629 \u0648\u0634\u064f\u062d\u0651 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0645\u0646 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u0629 \u0627\u0644\u0642\u0648\u064a\u0629 \u0628\u0641\u0639\u0644 \u062a\u0648\u0642\u0641 \u0634\u0628\u0647 \u0643\u0644\u0651\u064a \u0644\u0644\u0633\u064a\u0627\u062d\u0629 \u0648\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0635\u0627\u062f\u0631\u0627\u062a \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u0629 \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629 \u0648\u062a\u062d\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u063a\u0627\u0631\u0628\u0629 \u0627\u0644\u0642\u0627\u0637\u0646\u064a\u0646 \u0641\u064a \u0627\u0644\u062e\u0627\u0631\u062c.<\/p>\n

\u0639\u0631\u0641 \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u0629 \u062d\u0633\u0628 \u0627\u0644\u0633\u064a\u062f \u0645\u062d\u0645\u062f \u0628\u0646 \u0634\u0639\u0628\u0648\u0646\u060c \u0648\u0632\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0646\u062c\u0627\u062d\u0627 \u0628\u0627\u0647\u0631\u0627\u060c \u0645\u0645\u0627 \u064a\u0648\u0636\u062d \u0627\u0644\u062b\u0642\u0629 \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0627\u0644\u062a\u064a \u0645\u0627 \u0632\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0648\u0646 \u0627\u0644\u0623\u062c\u0627\u0646\u0628 \u064a\u0648\u0644\u0648\u0646\u0647\u0627 \u0644\u0644\u0645\u063a\u0631\u0628 \u0648\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0642\u062a\u0635\u0627\u062f\u0647 \u0648\u0644\u0635\u0644\u0627\u0628\u0629 \u0623\u0633\u064f\u0633\u0647 \u0627\u0644\u0645\u0627\u0643\u0631\u0648-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (Fondamentaux macro\u00e9conomiques : Macroeconomic Fundamentals).<\/p>\n

\u0644\u0644\u062a\u0630\u0643\u064a\u0631\u060c \u064a\u062a\u0636\u0645\u0646 \u0627\u0644\u0642\u0631\u0636 \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u064a (Emprunt obligataire : Bond Loan) \u062b\u0644\u0627\u062b \u0634\u0631\u0627\u0626\u062d \u0623\u0633\u0627\u0633\u064a\u0629:<\/p>\n

\u0642\u0631\u0636 \u0628\u0642\u064a\u0645\u0629 750 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a \u0639\u0644\u0649 \u0645\u062f\u0649 \u0633\u0628\u0639 \u0633\u0646\u0648\u0627\u062a\u060c \u0628\u0645\u0639\u062f\u0644 \u0645\u0631\u062f\u0648\u062f\u064a\u0629 (Taux de rendement : Rate of Return) \u064a\u0646\u0627\u0647\u0632 2,412%\u061b<\/p>\n

\u0642\u0631\u0636 \u0628\u0642\u064a\u0645\u0629 1 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a\u060c \u0633\u064a\u062a\u0645 \u0623\u062f\u0627\u0624\u0647 \u0639\u0644\u0649 12 \u0633\u0646\u0629\u060c \u0648\u0628\u0645\u0639\u062f\u0644 \u0645\u0631\u062f\u0648\u062f\u064a\u0629 \u064a\u0642\u0627\u0631\u0628 3,043%\u061b<\/p>\n

\u0634\u0631\u064a\u062d\u0629 \u0633\u0646\u062f\u0627\u062a\u064a\u0629 (Tranche obligataire : Bond Tranche) \u0628\u0642\u064a\u0645\u0629 1,25 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a\u060c \u0639\u0644\u0649 \u0641\u062a\u0631\u0629 \u0632\u0645\u0646\u064a\u0629 \u062a\u0642\u062f\u0631 \u0628\u062b\u0644\u0627\u062b\u064a\u0646 \u0639\u0627\u0645\u0627\u064b\u060c \u0648\u0628\u0645\u0639\u062f\u0644 \u0645\u0631\u062f\u0648\u062f\u064a\u0629 \u064a\u0646\u0627\u0647\u0632 4%.<\/p>\n

\u0644\u0627 \u0634\u0643 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0639\u0648\u062f\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0644\u0644\u0645\u063a\u0631\u0628 \u0625\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u062a\u0639\u062a\u0628\u0631 \u0636\u0631\u0648\u0631\u064a\u0629 \u0641\u064a \u062e\u0636\u0645 \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0635\u062c\u064a\u0629-\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0645\u0632\u062f\u0648\u062c\u0629\u060c \u0625\u0644\u0627 \u0623\u0646 \u0635\u0646\u0627\u0639 \u0627\u0644\u0642\u0631\u0627\u0631 \u0645\u062f\u0639\u0648\u0648\u0646 \u0625\u0644\u0649 \u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u062d\u0630\u0631 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645.<\/p>\n

\u0636\u0631\u0648\u0631\u0629 \u0627\u0644\u0642\u0631\u0636 \u0627\u0644\u062c\u062f\u064a\u062f \u0648\u0623\u0647\u0645\u064a\u0629 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645: \u062d\u0630\u0627\u0631 \u0645\u0646 \u0628\u0631\u0646\u0627\u0645\u062c \u062a\u0642\u0648\u064a\u0645 \u0647\u064a\u0643\u0644\u064a \u062c\u062f\u064a\u062f<\/h2>\n

\u0644\u0627 \u0634\u0643 \u0623\u0646 \u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u0645\u0631 \u0645\u0646\u0647\u0627 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0648\u0637\u0646\u064a \u062a\u062d\u062a\u0645 \u0627\u0644\u0644\u062c\u0648\u0621 \u0625\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u062e\u0627\u0631\u062c\u064a\u0627 \u0648\u062f\u0627\u062e\u0644\u064a\u0627\u060c \u062e\u0627\u0635\u0629 \u0628\u0641\u0639\u0644 \u0627\u0644\u062c\u0641\u0627\u0641 \u0648\u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0648\u0628\u0627\u0626\u064a\u0629 \u0627\u0644\u0646\u0627\u062c\u0645\u0629 \u0639\u0646 \u0627\u0633\u062a\u0641\u062d\u0627\u0644 \u0641\u064a\u0631\u0648\u0633 \u0643\u0648\u0631\u0648\u0646\u0627 \u0627\u0644\u0645\u0633\u062a\u062c\u062f\u0651. \u0625\u0644\u0627 \u0623\u0646 \u062a\u0641\u0627\u0642\u0645 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0645\u0646 \u0634\u0623\u0646\u0647 \u0623\u0646 \u064a\u0636\u0627\u0639\u0641 \u0645\u062e\u0627\u0637\u0631 \u0641\u0631\u0636 \u0628\u0631\u0646\u0627\u0645\u062c \u062a\u0642\u0648\u064a\u0645 \u0647\u064a\u0643\u0644\u064a ( Programme d\u2019ajustement structurel : Structural Adjustment Programl) \u062c\u062f\u064a\u062f \u0639\u0644\u0649 \u0627\u0644\u0645\u063a\u0631\u0628\u060c \u0628\u0639\u062f \u0630\u0644\u0643 \u0627\u0644\u0630\u064a \u0641\u0631\u0636\u062a\u0647 \u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0644\u0627\u062f \u0648\u0627\u0644\u0639\u0628\u0627\u062f \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u062b\u0645\u0627\u0646\u064a\u0646\u064a\u0627\u062a \u0627\u0644\u0642\u0631\u0646 \u0627\u0644\u0645\u0627\u0636\u064a.<\/p>\n

\u0644\u0627 \u064a\u062a\u0646\u0627\u0637\u062d \u0639\u0646\u0632\u0627\u0646 \u0639\u0644\u0649 \u0623\u0646 \u0623\u064a \u0628\u0631\u0646\u0627\u0645\u062c \u062a\u0642\u0648\u064a\u0645 \u0647\u064a\u0643\u0644\u064a \u0645\u0641\u0631\u0648\u0636 \u0645\u0646 \u0627\u0644\u062e\u0627\u0631\u062c \u0633\u062a\u0643\u0648\u0646 \u0644\u0647 \u062a\u062f\u0627\u0639\u064a\u0627\u062a \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0642\u0627\u0633\u064a\u0629\u060c \u062e\u0627\u0635\u0629\u064e \u0639\u0646\u062f\u0645\u0627 \u062a\u0631\u062a\u0641\u0639 \u0646\u0633\u0628\u0629 \u062c\u0627\u0631\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 (Encours de la dette publique) \u0625\u0644\u0649 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0625\u0644\u0649 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0642\u064a\u0627\u0633\u064a\u0629\u060c \u0648\u062a\u0635\u0628\u062d \u0627\u0644\u062f\u0648\u0644\u0629 \u0639\u0627\u062c\u0632\u0629 \u0639\u0646 \u0623\u062f\u0627\u0621 \u0645\u0627 \u0628\u0630\u0645\u062a\u0647\u0627 \u0644\u0644\u062f\u0627\u0626\u0646\u064a\u0646\u060c \u0645\u0645\u0627 \u064a\u0641\u0631\u0636 \u0639\u0644\u064a\u0647\u0627 \u0637\u0644\u0628 \u0625\u0639\u0627\u062f\u0629 \u062c\u062f\u0648\u0644\u0629 \u062f\u064a\u0648\u0646\u0647\u0627 ( R\u00e9\u00e9chelonnement de la dette : Debt Rescheduling)\u060c \u062a\u062d\u062a \u0634\u0631\u0648\u0637 \u0635\u0627\u0631\u0645\u0629 \u0648\u0642\u0627\u0633\u064a\u0629\u060c \u0645\u0646 \u0642\u0628\u064a\u0644 \u0627\u0646\u0635\u064a\u0627\u0639 \u0627\u0644\u062f\u0648\u0644\u0629 \u0625\u0644\u0649 \u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u062a\u0642\u0634\u0641 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0627\u062a\u064a (Aust\u00e9rit\u00e9 budg\u00e9taire : Fiscal Austerity) \u0627\u0644\u0630\u064a \u0633\u064a\u0624\u062b\u0631 \u0633\u0644\u0628\u0627 \u0639\u0644\u0649 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0639\u0627\u0645\u060c \u062e\u0627\u0635\u0629 \u0639\u0644\u0649 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0639\u0627\u0645 \u0648\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0645\u0646 \u062a\u0639\u0644\u064a\u0645 \u0648\u0635\u062d\u0651\u0629 \u0648\u062a\u0634\u063a\u064a\u0644.<\/p>\n

\u0648\u0628\u0627\u0644\u0641\u0639\u0644\u060c \u064a\u0644\u0627\u062d\u0638 \u0627\u0644\u062f\u0627\u0631\u0648\u0646 \u0628\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0648\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0641\u064a \u0627\u0644\u0645\u063a\u0631\u0628 \u0623\u0646 \u0645\u062e\u0632\u0648\u0646 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a \u0639\u0631\u0641 \u0641\u064a \u0627\u0644\u0633\u0646\u064a\u0646 \u0627\u0644\u0623\u062e\u064a\u0631\u0629 \u0627\u0631\u062a\u0641\u0627\u0639\u0627\u064b \u0647\u0627\u0645\u0651\u0627\u064b\u060c \u0628\u062d\u064a\u062b \u0623\u0646\u0647 \u0642\u062f \u064a\u0635\u0644 \u062d\u0633\u0628 \u062a\u0648\u0642\u0639\u0627\u062a\u0646\u0627 \u0625\u0644\u0649 \u0645\u0627 \u064a\u0641\u0648\u0642 92% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u062c\u0628\u0627\u0626\u064a\u0629 2020.<\/p>\n

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\u0644\u0627 \u0634\u0643 \u0623\u0646 \u062a\u0641\u0627\u0642\u0645 \u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0641\u064a \u0627\u0644\u0645\u063a\u0631\u0628 \u0633\u064a\u062b\u0642\u0644 \u0643\u0627\u0647\u0644 \u0627\u0644\u0623\u062c\u064a\u0627\u0644 \u0627\u0644\u0642\u0627\u062f\u0645\u0629 \u0644\u0623\u0646\u0647\u0627 \u0633\u062a\u062d\u0631\u0645 \u0645\u0646 \u0645\u0648\u0627\u0631\u062f \u0645\u0627\u0644\u064a\u0629 \u0645\u0647\u0645\u0629 \u0643\u0627\u0646\u062a \u0633\u062a\u0633\u062a\u063a\u0644 \u0641\u064a \u0625\u0646\u062c\u0627\u0632 \u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0645\u064f\u062f\u0650\u0631\u0651\u0629 \u0644\u0644\u0634\u063a\u0644 \u0648\u0627\u0644\u062f\u062e\u0644 \u0644\u0648\u0644\u0627 \u062a\u0648\u062c\u064a\u0647\u0647\u0627 \u0625\u0644\u0649 \u062e\u062f\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645\u060c \u0648\u0644\u0623\u0646\u0647\u0627 \u0633\u062a\u0636\u0637\u0631 \u0625\u0644\u0649 \u062a\u062d\u0645\u0644 \u0639\u0628\u0621 \u0636\u0631\u064a\u0628\u064a \u0623\u0643\u0628\u0631 \u0644\u062a\u062e\u0641\u064a\u0641 \u0627\u0644\u0636\u063a\u0637 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0641\u0631\u0648\u0636 \u0639\u0644\u0649 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u0633\u062a\u0639\u0627\u0646\u064a \u0645\u0646 \u0639\u062c\u0648\u0632\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u062e\u0627\u0646\u0642\u0629. \u0643\u0645\u0627 \u0623\u0646\u0651 \u0647\u0627\u0645\u0634 \u0627\u0644\u0645\u0646\u0627\u0648\u0631\u0629 \u0644\u062f\u0649 \u0627\u0644\u062f\u0648\u0644\u0629 \u0633\u064a\u0636\u0639\u0641 \u0643\u062b\u064a\u0631\u0627 \u0628\u0641\u0639\u0644 \u0627\u0644\u0636\u063a\u0648\u0637\u0627\u062a \u0627\u0644\u0645\u0641\u0631\u0648\u0636\u0629 \u0639\u0644\u064a\u0647\u0627 \u0645\u0646 \u0637\u0631\u0641 \u0627\u0644\u062f\u0627\u0626\u0646\u064a\u0646\u060c \u0645\u0645\u0627 \u0633\u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0622\u0643\u0644 \u062f\u0631\u062c\u0629 \u0633\u064a\u0627\u062f\u062a\u0647\u0627 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0627 \u0648\u0633\u064a\u0627\u0633\u064a\u0627 \u0648\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0627\u064b.<\/p>\n

\u0648\u0628\u0627\u0644\u062a\u0631\u0627\u0628\u0637 \u0645\u0639 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0645\u062a\u062a\u0627\u0644\u064a\u0629 \u0644\u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 (Soutenabilit\u00e9 de la dette publique : Public Debt Sustainability)\u060c \u062f\u0639\u0648\u0646\u0627 \u0646\u0633\u062a\u062d\u0636\u0631 \u0623\u062f\u0646\u0627\u0647 \u0645\u0627 \u064a\u0633\u0645\u0649 \u0641\u064a \u0627\u0644\u0623\u062f\u0628\u064a\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0628\u0645\u0641\u0639\u0648\u0644 \u0643\u0631\u0629 \u0627\u0644\u062b\u0644\u062c \u0644\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a (Effet-boule de neige de la dette publique : Snowball-Effect of Public Debt).<\/p>\n

\u0628\u0641\u0639\u0644 \u0639\u062f\u0645 \u0642\u062f\u0631\u0629 \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u0629 \u0639\u0644\u0649 \u062a\u0648\u0644\u064a\u062f \u0623\u0631\u0635\u062f\u0629 \u0645\u0648\u0627\u0632\u0646\u0627\u062a\u064a\u0629 \u0623\u0648\u0644\u064a\u0629 \u0645\u0648\u062c\u0628\u0629 (Soldes budg\u00e9taires primaires positifs : Positive Primary Fiscal Surpluses)\u060c \u0641\u0625\u0646\u0647\u0627 \u0633\u062a\u0635\u0628\u062d \u063a\u064a\u0631 \u0642\u0627\u062f\u0631\u0629 \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0645\u0627 \u0628\u0630\u0645\u062a\u0647\u0627 \u0645\u0646 \u0642\u0631\u0648\u0636 \u0633\u0627\u0644\u0641\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u0648\u064a\u064a\u0652\u0646 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0648\u0627\u0644\u062e\u0627\u0631\u062c\u064a. \u0648\u0646\u0638\u0631\u0627\u064b \u0644\u0647\u0630\u0627 \u0627\u0644\u0639\u062c\u0632 \u0639\u0646 \u0627\u0644\u0648\u0641\u0627\u0621 \u0628\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a\u0647\u0627\u060c \u0641\u0625\u0646 \u0627\u0644\u062f\u0648\u0644\u0629 \u0633\u062a\u0636\u0637\u0631\u060c \u0625\u0646 \u0642\u0628\u0644 \u062f\u0627\u0626\u0646\u0648\u0647\u0627 \u0628\u0630\u0644\u0643\u060c \u0625\u0644\u0649 \u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u0645\u0645\u0627 \u0633\u064a\u0636\u062e\u0651\u0650\u0645 \u0643\u062a\u0644\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 \u0639\u0644\u0649 \u0637\u0631\u064a\u0642\u0629 \u0643\u0631\u0629 \u062b\u0644\u062c \u0643\u0628\u064a\u0631\u0629 \u0633\u0631\u0639\u0627\u0646 \u0645\u0627 \u064a\u0632\u062f\u0627\u062f \u0633\u0645\u0643\u0647\u0627 \u0643\u0644\u0645\u0627 \u0632\u0627\u062f\u062a \u062a\u062f\u062d\u0631\u062c\u0627 \u0639\u0644\u0649 \u0645\u0631 \u0627\u0644\u0632\u0645\u0646\u060c \u0645\u0624\u062f\u064a\u0629 \u0628\u0630\u0644\u0643 \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u0633\u0631\u064a\u0639\u0629 \u0641\u064a \u062e\u062f\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 \u0631\u0623\u0633\u0645\u0627\u0644\u0627\u064b \u0648\u0641\u0648\u0627\u0626\u062f\u060c \u0645\u0639 \u0646\u0632\u0648\u0639 \u0645\u062a\u0648\u0633\u0637 \u0645\u0639\u062f\u0651\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 (Taux d\u2019int\u00e9r\u00eat moyen : Average Interest Rate) \u0625\u0644\u0649 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0639\u062c\u0632 \u0627\u0644\u062f\u0648\u0644\u0629 \u0639\u0646 \u062e\u062f\u0645\u0629 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0648\u062f\u062e\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0641\u064a \u0641\u0648\u0636\u0649 \u0639\u0627\u0631\u0645\u0629\u060c \u0645\u0639 \u0645\u0632\u064a\u062f \u0645\u0646 \u062a\u0622\u0643\u0644 \u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u062f\u0648\u0644\u0629 \u0648\u062e\u0636\u0648\u0639\u0647\u0627 \u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u062f\u0627\u0626\u0646\u064a\u0646 \u0648\u0636\u063a\u0648\u0637 \u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0648\u0633\u064a\u0627\u0633\u064a\u0629 \u0644\u0627 \u062a\u062d\u0645\u062f \u0639\u0642\u0628\u0627\u0647\u0627.<\/p>\n

\u0648\u0645\u0627\u0630\u0627 \u0639\u0646 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u061f: \u0645\u0641\u0639\u0648\u0644 \u0625\u0632\u0627\u062d\u0629 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635\u0651<\/h2>\n

\u0642\u062f \u064a\u063a\u0641\u0644 \u0639\u0627\u0645\u0629 \u0627\u0644\u0646\u0627\u0633 \u062e\u0637\u0648\u0631\u0629 \u0627\u0644\u0634\u0642 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629\u060c \u0645\u0639\u062a\u0642\u062f\u064a\u0646 \u0623\u0646 \u0627\u0644\u062e\u0637\u0648\u0631\u0629 \u0644\u0627 \u062a\u062a\u0639\u062f\u0649 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u062e\u0627\u0631\u062c\u064a \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u0629 \u0627\u0644\u0642\u0648\u064a\u0629. \u0625\u0644\u0627 \u0623\u0646 \u0639\u064a\u0646 \u0627\u0644\u0639\u0642\u0644 \u0645\u0641\u0627\u0647\u064a\u0645\u064a\u0627\u064b \u0648\u0642\u064a\u0627\u0633\u064a\u0627\u064b \u062a\u0633\u062a\u062f\u0639\u064a \u0627\u0633\u062a\u062d\u0636\u0627\u0631 \u0625\u0634\u0643\u0627\u0644\u064a\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0628\u0643\u0644 \u062a\u062f\u0627\u0639\u064a\u0627\u062a\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0648\u0627\u0644\u0628\u0631\u0647\u0646\u0629 \u0639\u0644\u0649 \u0623\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0642\u062f \u062a\u0636\u0627\u0647\u064a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629\u060c \u0628\u0644 \u0631\u0628\u0645\u0627 \u0642\u062f \u062a\u0643\u0648\u0646 \u0623\u0643\u062b\u0631 \u062a\u062f\u0645\u064a\u0631\u0627\u064b \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0627\u064b \u0648\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0627 \u0648\u0633\u064a\u0627\u0633\u064a\u0627\u064b\u060c \u062e\u0627\u0635\u0629 \u0623\u0646 \u062c\u0627\u0631\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a (Encours de la dette publique int\u00e9rieure : Outstanding Domestic Public Debt) \u0641\u064a \u0627\u0644\u0645\u063a\u0631\u0628 \u064a\u0642\u062a\u0631\u0628 \u062d\u0627\u0644\u064a\u0627\u064b \u0645\u0646 70% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a.<\/p>\n

\u0648\u0628\u0627\u0644\u0641\u0639\u0644 \u0641\u0625\u0646 \u062a\u0631\u0627\u0643\u0645 \u0648\u0627\u0633\u062a\u0639\u0635\u0627\u0621 \u0645\u062e\u0632\u0648\u0646 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0642\u062f \u064a\u0624\u062f\u064a\u0627 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u064a\u064a\u0652\u0646 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0648\u0627\u0644\u0637\u0648\u064a\u0644 \u0625\u0644\u0649 \u0645\u0632\u064a\u062f \u0645\u0646 \u0625\u0632\u0627\u062d\u0629 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635\u0651 (Eviction du secteur priv\u00e9 : Private Sector Crowding-out)\u060c \u0623\u064a \u062d\u0631\u0645\u0627\u0646 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635\u0651 \u0645\u0646 \u0645\u0648\u0627\u0631\u062f \u0645\u0627\u0644\u064a\u0629 \u0643\u0627\u0646\u062a \u0633\u062a\u0633\u0627\u0647\u0645 \u0641\u064a \u0646\u0645\u0648\u0647 \u0627\u0644\u0645\u0636\u0637\u0631\u062f \u0644\u0648\u0644\u0627 \u0627\u0633\u062a\u064a\u0644\u0627\u0621 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0639\u0644\u0649 \u062d\u0635\u0629 \u0643\u0628\u064a\u0631\u0629 \u0645\u0646\u0647\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629.<\/p>\n

\u0642\u062f \u064a\u0642\u0648\u0644 \u0642\u0627\u0626\u0644\u064c \u0625\u0646 \u0625\u0646 \u0645\u0641\u0639\u0648\u0644 \u0625\u0632\u0627\u062d\u0629 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635\u0651 \u0645\u0646 \u0637\u0631\u0641 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0636\u0639\u064a\u0641 \u0625\u0644\u0649 \u062d\u062f\u0651\u0650 \u0645\u0627 \u0644\u0623\u0646 \u062d\u0635\u0629 \u0627\u0644\u0623\u0628\u0646\u0627\u0643 \u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0627 \u062a\u062a\u0639\u062f\u0649 22% \u0645\u0646 \u0645\u062c\u0645\u0648\u0639 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062d\u0642\u0629 \u0639\u0644\u0649 \u0627\u0644\u062f\u0648\u0644\u0629\u060c \u0625\u0644\u0627 \u0623\u0646\u0647 \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u062d\u0635\u0629 \u0644\u0627 \u064a\u0633\u062a\u0647\u0627\u0646 \u0628\u0647\u0627\u060c \u0641\u0625\u0646 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0644\u0627\u062f\u062e\u0627\u0631\u0627\u062a \u0646\u064f\u0638\u0645 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0645\u062a\u0645\u062b\u0644\u0629 \u0641\u064a \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f \u0648\u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0648\u0637\u0646\u064a \u0644\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a \u0648\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0644\u062a\u0639\u0648\u064a\u0636\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0648\u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0648\u0637\u0646\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f \u0648\u0627\u0644\u062a\u0623\u0645\u064a\u0646\u0627\u062a \u0644\u0645\u0646 \u0634\u0623\u0646\u0647 \u0628\u062d\u062f\u0651 \u0630\u0627\u062a\u0647 \u0623\u0646 \u064a\u0639\u0645\u0642 \u0625\u0632\u0627\u062d\u0629 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635 \u0648\u0639\u0631\u0642\u0644\u0629 \u062a\u0637\u0648\u0631\u0647 \u0643\u0642\u0627\u0637\u0631\u0629 \u0644\u0644\u062a\u0634\u063a\u064a\u0644 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0648\u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644\u060c \u0645\u0627 \u062f\u0627\u0645 \u0645\u0646 \u062d\u0642 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635\u201d \u0623\u0646 \u064a\u0633\u062a\u0641\u064a\u062f \u0645\u0646 \u062a\u0644\u0643 \u0627\u0644\u0627\u062f\u062e\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0634\u0643\u0644 \u0633\u0644\u0641\u0627\u062a\u060c \u0628\u0627\u0644\u062a\u0639\u0627\u062f\u0644 \u0645\u0639 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0642\u0644\u0651.<\/p>\n

\u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0648\u0627\u0644\u0623\u0631\u064a\u062a\u0645\u064a\u062a\u064a\u0642\u0627 \u0627\u0644\u0646\u0642\u062f\u0648\u064a\u0629 \u0627\u0644\u0628\u063a\u064a\u0636\u0629 \u0641\u064a \u0627\u0644\u0645\u063a\u0631\u0628<\/h2>\n

\u062a\u0639\u0646\u064a \u0627\u0644\u0623\u0631\u064a\u062a\u0645\u064a\u062a\u064a\u0642\u0627 \u0627\u0644\u0646\u0642\u062f\u0648\u064a\u0629 \u0627\u0644\u0628\u063a\u064a\u0636\u0629 (Arithm\u00e9tique mon\u00e9tariste d\u00e9plaisante : Unpleasant Monetarist Arithmetic) \u0623\u0646 \u0627\u0644\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0644\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a (\u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628) \u0627\u0644\u0645\u062a\u0645\u062b\u0644 \u0641\u064a \u0627\u0633\u062a\u0647\u062f\u0627\u0641 \u0645\u062d\u0627\u0631\u0628\u0629 \u0627\u0644\u062a\u0636\u062e\u0645 (Inflation) \u0639\u0644\u0649 \u062d\u0633\u0627\u0628 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0642\u062f \u064a\u062f\u0641\u0639 \u0635\u0646\u0627\u0639 \u0627\u0644\u0642\u0631\u0627\u0631 \u0625\u0644\u0649 \u0635\u064a\u0627\u063a\u0629 \u0648\u062a\u0646\u0641\u064a\u0630 \u0633\u064a\u0627\u0633\u0629 \u0645\u0627\u0644\u064a\u0629 \u062a\u0648\u0633\u0651\u064f\u0639\u064a\u0629 (Politique budg\u00e9taire expansionniste : Expansionary Fiscal Policy)\u060c \u0645\u0645\u0627 \u064a\u0646\u062c\u0645 \u0639\u0646\u0647 \u0627\u0631\u062a\u0641\u0627\u0639 \u0641\u064a \u0639\u062c\u0648\u0632\u0627\u062a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 (D\u00e9ficits du secteur public : Public Sector Deficits) \u0627\u0644\u0631\u0627\u0645\u064a\u0629 \u0625\u0644\u0649 \u0625\u0646\u0639\u0627\u0634 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a.<\/p>\n

\u0648\u0646\u062a\u064a\u062c\u0629 \u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0627\u062a\u064a \u0627\u0644\u062a\u0648\u0633\u0639\u064a\u060c \u0648\u0646\u0638\u0631\u0627\u064b \u0644\u0639\u062c\u0632 \u0627\u0644\u062f\u0648\u0644\u0629 \u0639\u0646 \u062e\u062f\u0645\u0629 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0645\u062a\u0631\u0627\u0643\u0650\u0645 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0645\u0648\u0627\u0631\u062f\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0630\u0627\u062a\u064a\u0629\u060c \u0641\u0625\u0646 \u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628 \u0642\u062f \u064a\u064f\u062c\u0628\u064e\u0631 \u0622\u062c\u0650\u0644\u0627\u064b \u0639\u0644\u0649 \u0642\u0628\u0648\u0644 \u062a\u0646\u0642\u064a\u062f \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a (Mon\u00e9tisation de la dette publique : Public Debt Monetization)\u060c \u0645\u0645\u0651\u0627 \u0642\u062f \u064a\u0639\u062c\u0651\u0650\u0644 \u0645\u0633\u062a\u0642\u0628\u0644\u0627\u064b \u0628\u0636\u063a\u0648\u0637 \u062a\u0636\u062e\u0645\u064a\u0629 (Tensions inflationnistes : Inflationary Pressures) \u0628\u0643\u0644 \u062a\u062f\u0627\u0639\u064a\u0627\u062a\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u062c\u062a\u0645\u0639.
\n\u0647\u0630\u0627 \u0647\u0648 \u0645\u062c\u0645\u0644 \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0634\u0647\u064a\u0631 \u0628\u0627\u0633\u0645 \u201c\u0627\u0644\u0623\u0631\u064a\u062a\u0645\u064a\u062a\u064a\u0642\u0627 \u0627\u0644\u0646\u0642\u062f\u0648\u064a\u0629 \u0627\u0644\u0628\u063a\u064a\u0636\u0629\u201d \u0648\u0627\u0644\u0630\u064a \u0637\u0648\u0631\u0647 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0627\u0646 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0627\u0646 Sargent \u0648 Wallace: \u0643\u0644 \u0633\u0644\u0648\u0643 \u0645\u062d\u0627\u0641\u0638 \u0645\u0646 \u0637\u0631\u0641 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0628\u0647\u062f\u0641 \u0645\u0643\u0627\u0641\u062d\u0629 \u0627\u0644\u062a\u0636\u062e\u0645 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062a\u0628\u0646\u064a \u0633\u064a\u0627\u0633\u0629 \u0646\u0642\u062f\u064a\u0629 \u0627\u0646\u0643\u0645\u0627\u0634\u064a\u0629 (Politique mon\u00e9taire restrictive : Restrictive Monetary Policy) \u0644\u0646 \u064a\u062a\u0651\u0633\u0650\u0645 \u0628\u0627\u0644\u0645\u0635\u062f\u0627\u0642\u064a\u0629 (Cr\u00e9dibilit\u00e9 : Credibility) \u0625\u0644\u0651\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0635\u0646\u0627\u0639 \u0627\u0644\u0642\u0631\u0627\u0631 \u064a\u0633\u0647\u0631\u0648\u0646 \u0639\u0644\u0649 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (Soutenabilit\u00e9 de la politique budg\u00e9taire : Sustainability of Fiscal Policy) \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644\u060c \u0639\u0644\u0627\u0648\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0628\u0645\u0642\u0627\u0648\u0645\u0629 \u0625\u063a\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0646\u0642\u062f\u064a (Financement mon\u00e9taire : Monetary Financing) \u0644\u0644\u0627\u062e\u062a\u0644\u0627\u0644\u0627\u062a \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0627\u062a\u064a\u0629 \u0644\u0644\u062f\u0648\u0644\u0629 \u0628\u0645\u0639\u0646\u0627\u0647\u0627 \u0627\u0644\u0648\u0627\u0633\u0639\u060c \u0623\u064a \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u00a0\u0648\u0627\u0644\u062c\u0645\u0627\u0639\u0627\u062a \u0627\u0644\u0645\u062d\u0644\u064a\u0629 \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629.<\/p>\n

\u064a\u0639\u0631\u0641 \u0627\u0644\u062c\u0645\u064a\u0639 \u0627\u0644\u064a\u0648\u0645\u064e \u0627\u0646 \u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628 \u0645\u0627 \u0632\u0627\u0644 \u0645\u062a\u0645\u0633\u0643\u0627\u064b \u0625\u0644\u0649 \u062d\u062f\u0651\u0650 \u0628\u0639\u064a\u062f \u0628\u0633\u0644\u0648\u0643\u0647 \u0627\u0644\u0645\u062d\u0627\u0641\u0638\u060c \u0628\u0645\u0639\u0646\u0649 \u0623\u0646\u0647 \u064a\u0648\u0627\u0635\u0644 \u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a \u062e\u0644\u0642 \u0627\u0644\u0646\u0642\u0648\u062f \u062a\u062c\u0646\u0628\u0627\u064b \u0644\u0644\u0636\u063a\u0648\u0637 \u0627\u0644\u062a\u0636\u062e\u0645\u064a\u0629\u060c \u0625\u0644\u0627 \u0623\u0646 \u062a\u0631\u0627\u0643\u0645 \u0645\u062e\u0632\u0648\u0646 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a \u0641\u064a \u0627\u0644\u0622\u062a\u064a \u0645\u0646 \u0627\u0644\u0623\u0639\u0648\u0627\u0645 \u0642\u062f \u064a\u062f\u0641\u0639 \u0628\u0635\u0646\u0651\u0627\u0639 \u0627\u0644\u0642\u0631\u0627\u0631 \u0625\u0644\u0649 \u0641\u0631\u0636 \u062a\u0646\u0642\u064a\u062f \u0639\u062c\u0648\u0632\u0627\u062a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645\u0651 (Mon\u00e9tisation des d\u00e9ficits du secteur public : Monetization of Public Sector Deficits)\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0646\u062c\u0645 \u0639\u0646\u0647 \u0627\u0631\u062a\u0641\u0627\u0639 \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0623\u0633\u0639\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062e\u0644\u0642 \u0628\u064a\u0626\u0629 \u0645\u0648\u0627\u062a\u064a\u0629 \u0644\u0627\u0633\u062a\u0641\u062d\u0627\u0644 \u0627\u0644\u062a\u0636\u062e\u0645 \u0627\u0644\u0630\u064a \u0645\u0627 \u0632\u0627\u0644 \u0625\u0644\u0649 \u062d\u062f\u0651 \u0627\u0644\u0622\u0646 \u0645\u062a\u062d\u0643\u0651\u0645\u0627\u064b \u0641\u064a \u0648\u064a\u0636\u0627\u0647\u064a \u0645\u062b\u064a\u0644\u0647 \u0639\u0646\u062f \u0623\u0647\u0645 \u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u063a\u0631\u0628 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u064a\u0646\u060c \u062e\u0627\u0635\u0651\u0629\u064b \u0641\u064a \u0623\u0648\u0631\u0628\u0627.<\/p>\n

\u0646\u064e\u0639\u0645\u0652 \u0644\u0633\u064a\u0627\u0633\u0629 \u0646\u0642\u062f\u064a\u0629 \u0645\u0636\u0627\u062f\u0629 \u0644\u0644\u062a\u0636\u062e\u0645 \u0648\u0644\u0643\u0646 \u0645\u0639 \u0639\u062f\u0645 \u0627\u0644\u062a\u0634\u062f\u064a\u062f \u0641\u064a \u062e\u0644\u0642 \u0627\u0644\u0646\u0642\u0648\u062f<\/h2>\n

\u0646\u0631\u0649 \u0623\u0646\u0647 \u0645\u0646 \u0627\u0644\u0623\u062c\u062f\u0649 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628 \u0623\u0644\u0651\u0627 \u064a\u0637\u0628\u0642 \u062d\u0631\u0641\u064a\u0627\u064b \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0641\u0631\u064a\u062f\u0645\u0627\u0646\u064a\u0629 \u0644\u0644\u0646\u0645\u0648 \u0627\u0644\u0645\u0646\u062a\u0638\u0645 \u0644\u0644\u0643\u062a\u0644\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (R\u00e8gle friedmanienne de la croissance r\u00e9guli\u00e8re de la masse mon\u00e9taire : The Friedmanian Rule of Money Supply Steady-State Growth)\u060c \u0623\u064a \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u0630\u0647\u0628 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0643\u062a\u0644\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0625\u0633\u0645\u064a\u0629 (Masse mon\u00e9taire nominale : Nominal Money Supply) \u064a\u062c\u0628 \u0623\u0646 \u062a\u062a\u0628\u0639 \u0648\u062a\u064a\u0631\u0629 \u062a\u063a\u064a\u0651\u064f\u0631 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0628\u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062c\u0627\u0631\u064a\u0629 (PIB aux prix courants : GDP at current prices)\u060c \u0628\u0645\u0639\u0646\u0649 \u0623\u0646 \u0645\u0639\u062f\u0644 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0643\u062a\u0644\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0644\u0627\u0645\u0633 \u0645\u062c\u0645\u0648\u0639 \u0645\u0639\u062f\u0644\u064a\u0652 \u0627\u0644\u062a\u0635\u062e\u0645 \u0648\u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0645\u0646 \u0633\u0646\u0629 \u0625\u0644\u0649 \u0623\u062e\u0631\u0649.<\/p>\n

\u0625\u0646 \u0625\u0635\u0631\u0627\u0631 \u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628 \u0639\u0644\u0649 \u0627\u0644\u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u062d\u0631\u0641\u064a \u0644\u0642\u0627\u0639\u062f\u0629 \u0645\u0650\u0644\u062a\u064f\u0648\u0646 \u0641\u0631\u064a\u062f\u0645\u0627\u0646\u060c \u062e\u0627\u0635\u0629 \u0641\u064a \u0632\u0645\u0646 \u0627\u0644\u0623\u0632\u0645\u0629\u060c \u0644\u0645\u0646 \u0634\u0623\u0646\u0647 \u0623\u0646 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0642\u064a\u0648\u062f \u0642\u0627\u0633\u064a\u0629 \u0639\u0644\u0649 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0648\u0637\u0646\u064a\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u062f\u0641\u0639 \u0628\u0635\u0646\u0627\u0639 \u0627\u0644\u0642\u0631\u0627\u0631 \u0645\u0633\u062a\u0642\u0628\u0644\u0627 \u0625\u0644\u0649 \u0633\u0646\u0651 \u0633\u064a\u0627\u0633\u0629 \u0645\u0627\u0644\u064a\u0629 \u0623\u0643\u062b\u0631 \u062a\u0648\u0633\u0639\u0627\u064b\u060c \u0645\u0639 \u062a\u0648\u0644\u064a\u062f \u0639\u062c\u0648\u0632\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0623\u0642\u0644 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0645\u0645\u0627 \u0639\u0644\u064a\u0647\u0627 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0631\u0627\u0647\u0646.<\/p>\n

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\u0625\u0646 \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0648\u0628\u0627\u0626\u064a\u0629-\u0627\u0644\u0635\u062d\u064a\u0629 \u0627\u0644\u0645\u0632\u062f\u0648\u062c\u0629 \u0627\u0644\u062a\u064a \u0639\u0635\u0641\u062a \u0628\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0648\u0637\u0646\u064a \u0639\u0644\u0649 \u062d\u064a\u0646 \u063a\u0631\u0651\u0629 \u064a\u062c\u0628 \u0623\u0646 \u062a\u062d\u062b \u0635\u0646\u0627\u0639 \u0627\u0644\u0642\u0631\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u0636\u064a \u0642\u062f\u0645\u0627 \u0641\u064a \u0633\u0628\u064a\u0644 \u062a\u0639\u0645\u064a\u0642 \u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u0645\u0643\u062a\u0633\u0628\u0627\u062a \u0641\u064a \u0645\u064a\u062f\u0627\u0646\u064a \u062a\u0635\u062f\u064a\u0631 \u0627\u0644\u0633\u0644\u0639 \u0648\u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0648\u0627\u0644\u0633\u064a\u0627\u062d\u0629 \u0648\u0643\u0644 \u0627\u0644\u0623\u0646\u0634\u0637\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0645\u064f\u062f\u0650\u0631\u0651\u0629 \u0644\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0635\u0639\u0628\u0629\u060c \u062f\u0648\u0646 \u0646\u0633\u064a\u0627\u0646 \u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0628\u0639\u064a\u062f\u0627\u064b \u0639\u0646 \u0627\u0644\u0635\u062f\u0645\u0627\u062a \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u0635\u0639\u0628 \u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a\u0647\u0627\u060c \u0625\u0646 \u0644\u0645 \u0646\u0642\u0644 \u0625\u0646\u0647 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062d\u064a\u0644 \u0636\u0628\u0637\u0647\u0627.<\/p>\n

\u0625\u0646 \u0644\u0645\u0641\u0639\u0648\u0644 \u0643\u0631\u0629 \u0627\u0644\u062b\u0644\u062c \u0644\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645\u0651 \u062e\u0637\u0648\u0631\u0629 \u0643\u0628\u064a\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u062c\u062a\u0645\u0639\u060c \u0625\u0630 \u0623\u0646 \u0639\u062c\u0632 \u0627\u0644\u062f\u0648\u0644\u0629 \u0639\u0646 \u062e\u062f\u0645\u0629 \u062f\u064a\u0648\u0646\u0647\u0627 \u0633\u064a\u062f\u0641\u0639 \u0628\u0647\u0627 \u0644\u0627 \u0645\u062d\u0627\u0644\u0629 \u0625\u0644\u0649 \u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0644\u0623\u062f\u0627\u0621 \u0645\u0627 \u0628\u0630\u0645\u062a\u0647\u0627\u060c \u0648\u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0648\u0642\u062a \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u0639\u0627\u0645 \u0628\u0634\u0642\u0651\u064a\u0652\u0647 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643\u064a \u0627\u0644\u062c\u0627\u0631\u064a \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u060c \u0628\u062d\u064a\u062b \u0623\u0646 \u062a\u0631\u0627\u0643\u0645 \u0627\u0644\u062f\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 \u0633\u064a\u0634\u0628\u0647 \u0641\u064a \u0622\u062e\u0631 \u0627\u0644\u0623\u0645\u0631 \u0643\u0631\u0629 \u062b\u0644\u062c \u0643\u0628\u064a\u0631\u0629 \u064a\u0632\u064a\u062f \u0633\u0645\u0643\u0647\u0627 \u0643\u0644\u0645\u0627 \u062a\u062f\u062d\u0631\u062c\u062a \u0639\u0644\u0649 \u0645\u0631 \u0627\u0644\u0632\u0645\u0646. \u0648\u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u0637\u0644\u0642\u060c \u0644\u0627 \u063a\u0631\u0652\u0648\u064e \u0623\u0646 \u0627\u0644\u062f\u0648\u0644\u0629 \u0645\u0644\u0632\u0645\u0629 \u0628\u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u060c \u0645\u0639 \u0627\u0644\u0639\u0645\u0644 \u0639\u0644\u0649 \u062a\u0646\u0648\u064a\u0639 \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0635\u0639\u0628\u0629 \u0648\u0625\u0635\u0644\u0627\u062d \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0633\u0627\u0647\u0645 \u0633\u0644\u0628\u064a\u0627\u062a\u0647\u0627 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u062d\u064a\u0644\u0648\u0644\u0629 \u062f\u0648\u0646 \u0627\u0642\u062a\u0631\u0627\u0628 \u0645\u0648\u0627\u0631\u062f \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u062c\u0628\u0627\u0626\u064a\u0629 \u0645\u0646 \u062f\u0631\u062c\u062a\u0647\u0627 \u0627\u0644\u0645\u062b\u0644\u0649 \u0627\u0644\u0645\u0646\u0634\u0648\u062f\u0629 (Optimum d\u00e9sir\u00e9 : Desired Optimum).<\/p>\n

\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u062f\u0651\u064a\u0652\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u060c \u0623\u0648\u0644\u064a\u0646\u0627 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u0644\u0629 \u0623\u0647\u0645\u064a\u0629 \u0643\u0628\u064a\u0631\u0629 \u0644\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u060c \u0648\u0628\u064a\u0646\u0646\u0627 \u0645\u0627 \u0644\u0647 \u0645\u0646 \u0645\u0641\u0639\u0648\u0644 \u0625\u0632\u0627\u062d\u0629 \u0639\u0644\u0649 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635\u0651 \u0643\u0645\u064f\u062f\u0650\u0631\u0651 \u0644\u0644\u0634\u063a\u0644 \u0648\u0627\u0644\u062f\u062e\u0644 \u0648\u0645\u062d\u0631\u0643 \u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a \u0644\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644. \u0648\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631\u060c \u064a\u0633\u062a\u0648\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0623\u0643\u062b\u0631 \u0639\u0644\u0649 \u0645\u0648\u0627\u0631\u062f\u0647\u0627 \u0627\u0644\u0630\u0627\u062a\u064a\u0629 \u0645\u0646 \u0636\u0631\u0627\u0626\u0628 \u0648\u0645\u064f\u0643\u064f\u0648\u0633 \u0648\u063a\u064a\u0631\u0647\u0627\u060c \u0645\u0639 \u0627\u0644\u062a\u0634\u062f\u064a\u062f \u0639\u0644\u0649 \u0623\u0647\u0645\u064a\u0629 \u0645\u0643\u0627\u0641\u062d\u0629 \u0627\u0644\u063a\u0634 \u0648\u0627\u0644\u062a\u0647\u0631\u0628 \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u064a\u0652\u0646\u061b \u0648\u0645\u0646 \u0647\u0646\u0627 \u062a\u062a\u0628\u064a\u0646 \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0625\u0635\u0644\u0627\u062d \u0627\u0644\u0636\u0631\u064a\u0628\u064a \u0648\u0625\u0631\u0633\u0627\u0621 \u0627\u0644\u0639\u062f\u0627\u0644\u0629 \u0627\u0644\u062c\u0628\u0627\u0626\u064a\u0629 \u0643\u0639\u0627\u0645\u0644\u064a\u0652\u0646 \u0642\u0627\u062f\u0631\u064a\u0652\u0646 \u0639\u0644\u0649 \u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u062f\u0648\u0644\u0629\u060c \u0648\u0645\u0646 \u062b\u0645\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u0635 \u0645\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0642\u0631\u0648\u0636 \u062f\u0627\u062e\u0644\u064a\u0627\u064b \u0648\u062e\u0627\u0631\u062c\u064a\u0627\u064b.<\/p>\n

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