We present a self-consistent theory of magnetic short-range order base
d on a spin-rotation-invariant slave-boson representation of the 2D t-
J model. In the functional-integral scheme, at the nearest-neighbour p
air-approximation level, the bosonized t-J Lagrangian is transformed t
o a classical. Heisenberg model with an effective (doping-dependent) e
xchange interaction which takes into account the interrelation of ''it
inerant'' and ''localized'' magnetic behaviour. Evaluating the theory
in the saddle-point approximation, we find a suppression of antiferrom
agnetic and incommensurate spiral long-range-ordered phases in the fav
our of a paramagnetic phase with pronounced antiferromagnetic short-ra
nge correlations.