Issuu on Google+

3DJ

VSRUW

&XOWXULVPGHFLQFLVWHOH OD5HJKLQ

 OHL

3DJ

HYHQLPHQW

3DJ

3URPHQDGăSHDOHHD GLQSăGXUH

FXOWXUă

³'HVSUHRDPHQL úLPHOFL´OD³$UWD´

GLUHFWRUIRQGDWRU

LQFXUVGHDXGLWDUH%5$7

$XUHOLDQ*5$0$

ZZZ]LGH]LUR

3DJ

DGPLQLVWUDĠLH

0DULXV/LUFăYUHD VăGH]YROWH5ăVWROLĠD

3DJ

VRFLDO

&XUVXULJUDWLV GHGDQVXULĠLJăQHúWL

0HWHR

&XUVYDOXWDU

7kUJX0XUHú

HXU XVG JUDXU

12$37($ =,8$

& & & & & &

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

RSDUWHGLQYLDĠDWD

-RLVHSWHPEULH $QXO9,,,QU

7J0XUHú‡5HJKLQ‡6LJKLúRDUD

SDJLQL

%ROLOHGLJHVWLYHGHWHUPLQDWH =HFH]LOHSHGRXăURĠL FRUHFWFXFDSVXODHQGRVFRSLFă ,HUL VD GDW VWDUWXO vQ Ä6ăSWăPkQD PRELOLWăĠLL´ $FHDVWă PLúFDUH D OXDW QDúWHUH vQ XUPă FX  DQL OD LQLĠLDWLYDDSDWUXWHPHUDULGHODVWX GLRXOWHULWRULDO5DGLR7kUJX0XUHú FDUH DX vQ¿LQĠDW Ä&DUYDQD %LFLFOH WD´ $FHúWLD VXQW .DGDU =ROWDQ 5DGX )ORUHD *DEULHOD 3vQFă úL $ORLV.RPPHUúLDXUHSUH]HQWDWFX FLQVWH 7kUJX0XUHúXO úL OD XQ IHV WLYDO SHQWUX UDGLR úL WHOHYL]LXQH vQ 8FUDLQDXQGHDXREĠLQXWORFXO,úL DXIRVWQRPLQDOL]DĠLSHQWUXSUHVWL JLRVXO FRQFXUV Ä3UHPLLOH (XURSHL´ GH OD %HUOLQ FDUH VH YD GHVIăúXUD vQ SHULRDGD  RFWRPEULH Ä&DUDYDQD %LFLFOHWD´ úLD GH]YROWDW WUDVHXO GH OD R HGLĠLH OD DOWD úL VD DMXQV FD DFHDVWă H[SHGLĠLH Vă VH GHVIăúRDUHSHGXUDWDD]HFH]LOH3H OkQJăMXGHĠHOHDFRSHULWHGHVWXGLRXO WHULWRULDOVHHIHFWXHD]ăLQFXUVLXQLúL vQMXGHĠHOHvQYHFLQDWH

3DJ

3URPRYDUHD]RQHORUWXULVWLFH Ä3H OkQJă IDSWXO Fă VH FRPXQLFă

DOWIHO FX QDWXUD VWUăEăWkQGR DOW IHOGHFkWFXPLMORDFHOHGHWUDQVSRUW SROXDQWH DYHP FD VFRS SXUWDUHD FXYkQWXOXL 5DGLR 7kUJX0XUHú úL SURPRYDUHD ]RQHORU WXULVWLFH &KLDU GDFă DSDUHQW HIRUWXO ¿QDQ FLDU HVWH PDUH QL VDX DOăWXUDW VSRQVRUL úL vQ WLPS DFHVW SURLHFW YD DGXFH EHQH¿FLL (VWH PHULWXO FHORUFDUHDXYHQLWFXLQLĠLDWLYDúL VH VWUăGXLHVF vQ ¿HFDUH HGLĠLH Vă QH UHSUH]LQWH FX FLQVWH (L VXQW FHL FDUH PHULWă WRDWH IHOLFLWăULOH QRDVWUH´DVSXV0LUHOD0ROGRYDQ UHGDFWRU úHI DO VWXGLRXOXL 5DGLR 7kUJX0XUHú 0LKDL9(5(ù

(GLWRULDO 3UHPLHUăvQPHGLFLQDPXUHúHDQăOD&HQWUXOGH0HGLFLQă,QWHJUDWLYăÄ/RWXV/LIH´ $IHFĠLXQLOH DSDUDWXOXL GLJHVWLY SRW ¿ YL]XDOL]DWH FRUHFW FX R PD[LPă DFXUDWHĠH D UH]XOWDWHORUREĠLQXWHIăUăGLVFRQIRUWFXDMXWRUXOFDSVXOHLHQGRVFRSLFHFDUHHVWHvQJKLĠLWă 6WUXĠLLURPkQLúLWHDPD GHFăWUHSDFLHQW GHDDYHDFDSXOVXV &DSVXODHQGRVFRSLFăHVWHGHJHQHUDĠLHQRXăúLDUHGRXăFDPHUHYLGHRFXXQXQJKLGH $OH[727+ YL]XDOL]DUHGHGHJUDGHSH¿HFDUHFDPHUă /D PDL ELQH GH  GH DQL GH OD GDFăUHDFĠLRQHD]ăFLQHYDVDUSX Ä'LVFXWăP GHVSUH FHD PDL HOHJDQWă SUR¿OD[LH GLQ OXPH´ D SUHFL]DW GU &DUPHQ VFKLPEDUHD UHJLPXOXL FRPXQLVW WHD Uă]EXQD SH HL VDX SH IDPLOLLOH RULFH REVHUYDWRU GLOHWDQW  QX H ORU 6FKLPEDUHD GH PHQWDOLWDWH 1LFRODXDGPLQLVWUDWRUXOÄ/RWXV/LIH´

6 7LQWHUHVDQWH ,5, ³0RRQ0XVHXP´ OD-¶DL%LVWURW 9LQHUL  VHSWHPEULH GH OD RUD  PX]LFD OLYH UHYLQH vQ VXIUD JHULD -¶DL %LVWURW FX RFD]LD FRQFHU WXOXL VXVĠLQXW GH ³0RRQ 0XVHXP´ 7UXSDvLDUHvQFRPSRQHQĠăSH2LJăQ .XPP  $PL YRFH  0LKDL *UDPD YRFH  úL DUH OD ED]ă SURLHFWXO ³6H[ :LWK 2QLRQV´ D OXL 2LJăQ úL $PL OD FDUH VD DOăWXUDW 0LKDL *UDPD OD YRFH 1XPHOH WUXSHL YLQH GH OD XQ FLS PLQXVFXO FDUH FRQĠLQH GHVHQHOH DúDVHDUWLúWLSODVWLFLFHOHEULGLQDQLL µFDUHDIRVWOăVDWSHOXQăGHPLVL XQHD$SROOR $=

$GUHVDUHGDFWLHL 6WU3ULPăULHLQU 7kUJX0XUHú7HO UHGDFWLD#]LGH]LUR SXEOLFLWDWH#]LGH]LUR

$ERQDPHQWH 3HQWUXDERQDPHQWHvĠLVWăPOD GLVSR]LĠLHODVHGLXOUHGDFĠLHLVDXOD WHOHIRQ

5HVWULFĠLHGHFLUFXODĠLH OD,HUQXW 3ULPăULD RUDúXOXL ,HUQXW IDFH FXQRVFXW FHWăĠHQLORU IDSWXO Fă HVWHLQWHU]LVăFLUFXODĠLDYHKLFXOH ORU LQFOXVLY D FHORU FX WUDFĠLXQH DQLPDOă úL D DXWRYHKLFXOHORU vQ SHULRDGD FDPSDQLHL DJULFROH GH WRDPQă GXSă RUD  SH GUXPXULOHGHFkPSÌQGRFXPHQW VHSUHFL]HD]ăIDSWXOFăQHUHVSHF WDUHDDFHVWRUGLVSR]LĠLLFRQVWLWXLH FRQWUDYHQĠLH úL VH VDQFĠLRQHD]ă FX WUHL SXQFWH DPHQGă GH FăWUH R¿ĠHULL úL VXER¿ĠHULL GLQ FDGUXO SROLĠLHLRUDúXOXL,HUQXW 20

0DVWHUDWHXURSHDQOD830 )DFXOWDWHD GH ùWLLQĠH (FRQRPLFH -XULGLFH úL $GPLQLVWUDWLYH GLQ FDGUXO8QLYHUVLWăĠLL³3HWUX0DLRU´ 830 GLQ7kUJX0XUHúDGHPD UDWLHULvQVFULHULOHSHQWUXUHDOL]D UHDXQXLPDVWHUDWSURIHVLRQDOHX URSHDQ vQ DGPLQLVWUDĠLH SXEOLFă Ä3UHJăWLP IXQFĠLRQDUL SXEOLFL SHQWUXDGPLQLVWUDĠLDSXEOLFăúLQX QXPDLFDUHYRUSXWHDGHVIăúXUDR DFWLYLWDWHvQGHSOLQăFXQRúWLQĠăúL FRQIRUPFXFHULQĠHOH8QLXQLL(X URSHQHvQPDWHULHGHDGPLQLVWUDĠLH SXEOLFă´DSUHFL]DWFRQIXQLYGU /XFLDQ&KLULDF 67

:::=,'(=,52 ,QWUHEDUHD]LOHL

/DLQWUHEDUHDGHLHUL

6HYRUvPEXQăWăĠL UH]XOWDWHOHGHOD H[DPHQXOGH%DFDODXUHDW ODVIkUúLWXODQXOXLúFRODU "

9DHOLPLQD)&07kUJX0XUHú SH6WHDXD%XFXUHúWL vQ&XSD5RPkQLHL"

QHYRLHVă¿XQH[SHUWFDVăvĠLGDL VHDPD  SRDWH VSXQH Fă URPkQLL úL LPSOLFLW PXUHúHQLL DWXQFL FkQG VXQW YLFWLPHOH XQXL DEX] SUHIHUă Vă VWHD FX FDSXO SOHFDW vQ ORF Vă DFĠLRQH]HSHQWUXDúLSURWHMDGUHS WXULOHFHWăĠHQHúWL 6LJXUOXPHDVDPDLGHúWHSWDWFXP VH VSXQH VDX vQ¿LQĠDW LQVWLWXĠLL FDUH DSăUă GUHSWXULOH FRQVXPD WRUXOXL H[LVWă úL SkUJKLL OHJLVOD WLYH OD FDUH RULFH SHUVRDQă SRDWH DSHOD vQ FD]XO vQ FDUH FRQVLGHUă Fă LDX IRVW OH]DWH GUHSWXULOH /D IHO GH DGHYăUDW HVWH Fă R SDUWH GLQ FHWăĠHQL UHDFĠLRQHD]ă SURPSW GDFăVHVLPWDEX]DĠLGHRSHUVRDQă MXULGLFă VDX GH R DXWRULWDWH DúD FXP VXQW RDPHQL FDUH GHúL UHFX QRVF Fă DX IRVW EDWMRFRULĠL SUHIHUă VăODVHGHODHL8QVRLGHFRPRGL WDWH OD FDUH VH DGDXJă WHDPD Fă

'HFODUDWLD]LOHL

'HJHDEDDYHPUDVWHOHGDFăQXDYHP SLVWHSHQWUXELFLFOLúWL

5ăVSXQVXULOHYRDVWUHDXIRVW

'$



18

vQFăQXVDSURGXVvQWRWDOLWDWH &HO PDL EXQ H[HPSOX vQ DFHVW VHQV vO UHSUH]LQWă OLSVD GH UHDFĠLH D WkUJXPXUHúHQLORU UăPDúL IăUă DSă FDOGăFDUHGHúLYăGXYLĠLGHDWkWDWLPS GHXQGUHSWFRQWUDFWXDODXSUHIHUDWVă VHVSHOHvQOLJKHDQVDXVăIDFăGXúXUL UHFLFXvQMXUăWXULOHGHULJRDUHGHFkW VăDFĠLRQH]HvQWURIRUPăRUJDQL]DWă úLVăVROLFLWHGDXQHSHQWUXDEX]XOOD FDUHDXIRVWVXSXúL $OWHUQDWLYH H[LVWă 'H H[HPSOX /LJD 3UR (XURSD RIHUă DVLVWHQĠă MXULGLFă JUDWXLWă FHORU FDUH GR UHVF Vă VFRDWă FDSXO GLQ QLVLSXO XPLOLQĠHL GH D ¿ SULYDĠL GH DSă FDOGă OD IHO FXP $VRFLDĠLD Ä$JHUH 3UR $OLLV´  GHVSUH FDUH SXWHĠL FLWL D]LvQÄ=LGH=L´DUHFDDFWLYLWDWH SULQFLSDOă DSăUDUHD YLFWLPHORU DEX]XULORU &HPDLDúWHSWăPDWXQFL"

 .DGDU=ROWDQ




63257 VHSWHPEULH

ùWLUL

ÌQ*DEULHO7RQFHDQ ODDGXVOD5HJKLQSHFHOHEUXO VSRUWLY0DUNXV5XKO

LQWHUHVDQWH &XSD-XQLRUXOXLODWHQLVGHFkPS 9LQHUL úL VkPEăWă WHUHQXULOH GH WHQLV GH FkPSGLQFDGUXOED]HLVSRUWLYHD8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPDFLH 80)  GLQ 7kUJX 0XUHú YRU Jă]GXL &XSD -XQLRUXOXL OD FDW HJRULLOH&RSLLúL-XQLRULIHWHúLEăLHĠL2UJD QL]DWRULLFRPSHWLĠLHLVXQW'LUHFĠLD-XGHĠHDQă SHQWUX 7LQHUHW úL 6SRUW 0XUHú úL &OXEXO 6SRUWLY 8QLYHUVLWDU SULQ LQWHUPHGLXO OXL 7DNDFV,RDQGLUHFWRUGHFRQFXUV-RFXULOHVH YRU GLVSXWD YLQHUL  VHSWHPEULH vQFHSkQG FX RUHOH  úL VkPEăWă  VHSWHPEULH RUHOHÌQVFULHULVHSRWIDFHODQXPăUXOGH WHOHIRQ 09 



(IHFWLYUHGXVODSRSLFH 3ULPHOHGRXăHWDSHDOH&DPSLRQDWXOXL1DĠLRQDO GHSRSLFHSUHYăGRHGLĠLHIRDUWHHFKLOLEUDWăvQ FRPSHWLĠLD IHPLQLQă &DPSLRDQD XOWLPHORU  HGLĠLL5RPJD](OHFWURPXUHú7kUJX0XUHúDvQ FKHLDWODHJDOLWDWHVFRUvQWkOQLUHDGHSHDUH QDSURSULHFXPDUHDULYDOă&RQSHW3ORLHúWLSUD KRYHQFHOHHJDOkQGODSDWUXGDWRULWăQXPăUXOXL PDLPDUHGHSRSLFHGRERUkWHFXGRDUEHĠH   ÌQ HWDSD D GRXD PXUHúHQFHOH DXvQYLQVFDWHJRULF SGSG  'LQPRWLYH¿QDQFLDUHVDXUHWUDVGLQDFHDVWă HGLĠLH HFKLSHOH GLQ %UDúRY 0HGLDú %ăLFRL *DODĠL DVWIHO vQFkW FDPSLRQDWXO VH YD GLVSX WD FX GRXă WXUXUL úL UHWXUXUL vQ WRDPQă DOWH GRXăvQSULPăYDUă$IRVWLQFOXVăvQVFKLPE &XSD5RPkQLHLODLQGLYLGXDOFDUHVHYDGLV SXWD VkPEăWă OD 7kUJX0XUHú vQFHSkQG FX RUD 09

&LW\¶XVMRDFăvQGHYDQVOD'HYD 3DUWLGD GLQ HWDSD D ,,D D /LJLL , GH IXWVDO GLQWUH 'DYD 'HYD úL &LW\¶XV 7kUJX0XUHú VH YD GLVSXWD vQ GHYDQV YLQHUL  VHSWHPEULH GHODRUD&HOHODOWHMRFXULDOHHWDSHLVH GLVSXWă vQ ]LOHOH GH GXPLQLFă OXQL úL PDUĠL 'XSăGLVSXWDUHDSULPHLHWDSHSHSULPXOORF VH DÀă 6SLFRP 6IkQWX *KHRUJKH FDUH D vQ YLQVFXDGYHUVDUDPXUHúHQLORUGHYLQHUL &LW\¶XV VH DÀă SH ORFXO VHFXQG FX JRODYHUDM &HOHGRXăVHYRUvQWkOQLvQHWDSDYLLWRDUH OD7kUJX0XUHú 09

0XQLFLSLXO 5HJKLQ Gă VkPEăWă  VHSWHPEULH WRQXO PDULORU FRPSHWLĠLL GLQ FXOWXULVPXO URPkQHVF FX RFD]LD GHVIăúXUăULL&DPSLRQDWXOXL1DĠLRQDOGH &XOWXULVP 6HQLRUL 6HQLRDUH úL 3HUHFKL (YHQLPHQWXOHVWHRUJDQL]DWGH)HGHUDĠLD 5RPkQă GH &XOWXULVP vQ FRODERUDUH FX /H[ *XDUG 6HFXULW\ úL FX VSULMLQXO 3ULPăULHL0XQLFLSLXOXL5HJKLQ 3RWULYLW RUJDQL]DWRULORU FRPSHWLĠLD VH YD GHVIăúXUD vQ LQFLQWD &DVHL GH &XOWXUă ³(XJHQ 1LFRDUă´ YD GHEXWD OD RUD  úL YD EHQH¿FLD GH SUH]HQĠD FHORU PDL UHQXPLĠL VSRUWLYL GLQ ĠDUă SUHFXPúLGHRVHULHGHVSRUWLYLGHWDOLH LQWHUQDĠLRQDOă3ULQWUHPRPHQWHOHVSH FLDOHVHDÀăGHPRQVWUDĠLD/DXUHL&XSVD PXOWLSOă FDPSLRDQă HXURSHDQă OD ¿W QHVV DFRUGDUHD ³&XSHL 6HEDVWLDQR´ GH FăWUH *DEULHO 7RQFHDQ VDX SUHPLHUHD XQRUVSRUWLYLGHFăWUHVSRQVRUL

3HVWHGHFRQFXUHQĠL 3HQWUX D RIHUL PDQLIHVWăULL PDL PXOWă FXORDUH SULQWUH QXPHURDVHOH VXUSUL]H SUHJăWLWH GH RUJDQL]DWRUL VH QXPăUă úL

XQ UHFLWDO VXVĠLQXW GH FkQWăUHĠXO 0LNH 'LDPRQG] 0LFKDHO5LFKLH 1WXPED .DSXPEZD D FăUXL SLHVă ³5HDVRQ 7R )HHO /RYH´ ODQVDWă GH =LXD )HPHLL D GHYHQLWKLWXOYHULLvQ5RPkQLD³$PLQ WUDW SH XOWLPD VXWă GH PHWUL FX HYHQL PHQWXO LDU SkQă vQ SUH]HQW SRW VSXQH Fă VXQWHP vQ JUD¿F $úWHSWăP Vă VH vQVFULH vQWUH  úL  GH FRQFXUHQĠL úL VSHUăPFDVkPEăWăVDODVă¿HSOLQăGH LXELWRUL DL VSRUWXOXL DWkW GLQ 5HJKLQ FkWúLGLQDOWHORFDOLWăĠLSHQWUXFăHVWH YRUED GH XQ HYHQLPHQW GH DQYHUJXUă QDĠLRQDOă´ D GHFODUDW RUJDQL]DWRUXO HYHQLPHQWXOXL*DEULHO7RQFHDQ

/H[*XDUGSURPRYHD]ă VSRUWXOGHSHUIRUPDQĠă &DPSLRQDWXO1DĠLRQDOGH&XOWXULVP6H QLRUL6HQLRDUH úL 3HUHFKL HVWH VXVĠLQXW GH ¿UPD /H[ *XDUG 6HFXULW\ /*6  )LUPDDUHVHGLXOvQPXQLFLSLXO5HJKLQ úL HVWH VSHFLDOL]DWă vQ GHVIăúXUDUHD GH DFWLYLWDWL GH SD]ă SURWHFĠLH VXSUDYH JKHUH WUDQVSRUW YDORUL úL LQWHUYHQĠLH SH FDUH OH SXQH OD GLVSR]LWLD SHUVRD

QHORU ¿]LFH úL MXULGLFH &RPSDQLD DUH FD RELHFWLYH SULQFLSDOH SUHvQWkPSL QDUHD QHYRLORU úL FHULQĠHORU SLHĠHL SUHYHQLUHD LQIUDFĠLXQLORU LQWHUYHQĠLD SURPSWă FRPXQLFDUHD SHUPDQHQWă FX DERQDĠLL úL FOLHQĠLL $WXXULOH ¿UPHL VXQW GRWDUHD WHKQLFă H[FHSWLRQDOă GH XOWLPă JHQHUDĠLH VLVWHPXO GH FRPXQL FDUHFXDERQDĠLLGDUúLVFKLPEXULOHGH H[SHULHQĠă FX XQLWăĠL VSHFLDOL]DWH DOH 3ROLĠLHL 5RPkQH úL FX DOWH VWUXFWXUL GH SUR¿OGLQĠDUă /*6VXVĠLQH¿QDQFLDUXQFOXEGHIRWEDO GHGLFDWFRSLLORUúLFHOHPDLLPSRUWDQWH FRPSHWLĠLLVSRUWLYHGLQ5HJKLQ*DEULHO 7RQFHDQ HVWH DGPLQLVWUDWRUXO ¿UPHL /H[*XDUG6HFXULW\úLXQXOGLQFHLPDL vQYHUúXQDĠL VXVĠLQăWRUL DL VSRUWXOXL UHJKLQHDQ$FHVWDVDGHGLFDWGHDOXQ JXOWLPSXOXLSURPRYăULLVSRUWXOXLúLD UHXúLW Vă RUJDQL]H]H OD 5HJKLQ R SDUWH GLQWUH FHOH PDL SXWHUQLFH FRPSHWLĠLL QDĠLRQDOHGHFXOWXULVPúL¿WQHVVúLRVH ULHGHHYHQLPHQWHVSRUWLYHFXSXWHUQLFH HFRXULLQWHUQHúLLQWHUQDWLRQDOH 5REHUW0$7(,

IDFHERRNFRP]LGH]L




(9(1,0(17

7kUJXPXUHúHQLL LQYLWDĠLOD=RRSHDOHHDGLQSăGXUH 7kUJXPXUHúHQLL úL QX QXPDL FDUH GRUHVF VăDMXQJăOD3ODWRXO&RUQHúWLúLOD*UăGLQD =RRORJLFă SRW UHQXQĠD OD GUXPXO SDUFXUV FX PDúLQD VDX DOWH PLMORDFH GH WUDQVSRUW vQIDYRDUHDXQHLSOLPEăULSULQSăGXUHSH $OHHDGHSURPHQDGă$FHDVWDSRUQHúWHGLQ ]RQD 8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPD FLH7kUJX0XUHúúLúHUSXLHúWHSULQSăGXUH SHOkQJă]LGXULOH*UăGLQLL=RRORJLFHWHUPL QkQGXVHvQIDĠDLQWUăULLOD=RR

/XQJLPHGHPHWUL 'UXPXO GH SURPHQDGă DUH R OXQJLPH GH PHWULFDUHSRW¿SDUFXUúLvQWUXQLQ WHUYDOGHGHPLQXWHùLSHQWUXFăDWXQFL FkQGSRUQHúWLODGUXPHĠLHvĠLHVWHGHIRORV XQ WRLDJ UHSUH]HQWDQĠLL 3ULPăULHL 7kUJX 0XUHú FDUH DX JkQGLW DFHVW SURLHFW DX SUHJăWLWúLXQVXSRUWGHFDUHVXQWDWkUQDWH PDL PXOWH WRLHJH 3H SDUFXUVXO GUXPXOXL GHOLPLWDWGHVFkQGXULGHOHPQúLSUHVăUDW FX SLHWULú GUXPHĠLL SRW IDFH SRSDVXUL SH ÄIRWROLLOH´ VFXOSWDWH vQ EXWXFLL GH OHPQ SH EăQFL GH OHPQ VXQW DPHQDMDWH FKLDU úL PHVH FX EăQFL FRúXUL GH JXQRL SHQWUX SăVWUDUHDFXUăĠHQLHL 'HDVHPHQHDGUXPXOSUHYHGHSDUFXUJHUHD WUDVHXOXLSHFkWHYDSRGHĠHVXVSHQGDWHGHD VXSUD YăLORU GLQ SăGXUH 'UXPXO SRDWH ¿ VWUăEăWXWDWkWSHMRVFkWúLFXELFLFOHWD¿LQG LQWHU]LVăSDUFXUJHUHDOXLFXPRWRFLFOHWDVDX $79XOÄ1HDPJkQGLWVăOHRIHULPXQSULOHM GHPLúFDUHGHVăQăWDWHHIHFWLYXQQLYHOGH FLYLOL]DĠLH úL HGXFDĠLH FăWUH QDWXUă vQWUXQ PRGXWLOúLSOăFXW3ODWRXOHVWHRDWUDFĠLHúL DWXQFLGHFHQXDU¿RDWUDFĠLHVăYLQăOXPHD GLQ WRDWH GLUHFĠLLOH SH MRV úL Vă úL SOHFH SH MRVSăVWUkQGFXUăĠHQLDúLELQHvQĠHOHVDYkQG

3ULPDUXO'RULQ)ORUHDúLDvQFHSXWSOLPEDUHDSULQSăGXUHSHDOHHDGHSURPHQDGă FXXQWRLDJvQPkQăúLvQVRĠLWGH6FX¿ĠDURúLH úLORFXULGHSRSDV*UăGLQD=RRORJLFăYD¿ XQSXQFWGHDWUDFĠLHLDUDUHDOXOSODWRXOXLYD ¿ XQ ORF XQGH Vă vĠL SHWUHFL FkWHYD RUH vQ WUXQPRGSOăFXW´DGHFODUDW'RULQ)ORUHD SULPDUXO PXQLFLSLXOXL 7kUJX0XUHú FDUH DDOHVVăIDFăXQH[HUFLĠLXGHPLúFDUHSULQ SăGXUHSH$OHHDGHSURPHQDGă

0DLPXOWHDOHLGHSURPHQDGă 3ODQXO HGLOXOXL HVWH Vă H[WLQGă SURLHFWXO DOHLORUGHSURPHQDGăSULQSăGXUHVSUHDOWH FDUWLHUHDOHRUDúXOXLúLQXQXPDLSHQWUXD IDFLOLWD DFFHVXO SH MRV DO SRSXODĠLHL FăWUH ]RQD GH DJUHPHQW D 3ODWRXOXL &RUQHúWL Ä3ULPD SDUWH D WUDVHXOXL DP IăFXWR GH OD

VSLWDOSHQWUXFăYD¿DFFHVDWăGHFHLGLQ 1RLHPEULHGLQ]RQD$OHHD&DUSDĠL$OHHD &RUQLúD9RPFRQWLQXDGLQDFHDVWăWRDPQă Vă IDFHP XQ WUDVHX SkQă vQ 7XGRU OkQJă (OHFWURPXUHú FHL GLQ ]RQD 'LDPDQW Vă SRDWă DFFHVD H[DFW DúD WUDVHXO SkQă DLFL QUSDQWDGLQ]RQD=22 ,DUGHDLFLGLQ YkUIXO SDQWHL YRP GH¿QLWLYD DQXO YLLWRU WUDVHXOFDUHYDSOHFDSkQăVSUH(UQHLvQFR ORDGLFăVăDYHPXQWUDVHXGHSURPHQDGă úL GH SOLPEDW vQ SăGXUH 1RL SUHFRQL]ăP XQGHYDGXVvQWRUVFDPGRXăRUHGRXăRUH úLMXPăWDWH´DPDLVSXVHGLOXOORFDO $ULQD02/'29$1

%DQLSHQWUXYLFWLPHOHLQFHQGLXOXLGLQ'kPEX 2 SDUWH GLQ IDPLOLLOH FDUH DX DYXW GH VXIHULW GLQ FDX]D LQFHQGLXOXL GLQ OXQD LXOLH  GLQ FDUWLHUXO 'kPEX DX LQ WUDW PLHUFXUL  VHSWHPEULH vQ SRVHVLD DMXWRUXOXL ¿QDQFLDU DFRUGDW GH 3ULPăULD 7kUJX0XUHú vQ YDORDUH GH  GH OHL GHIDPLOLHÌQWRWDOIDPLOLLDXEHQH¿ FLDWGHDFHVWVSULMLQSDWUXIDPLOLLLQWUkQG LHULvQSRVHVLDFHORUGHOHLvQPkQDĠL GH FăWUH &ODXGLX 0DLRU FRQVLOLHUXO SUL PDUXOXL'RULQ)ORUHD

%DQLLUHFXSHUDĠLGHODYLQRYDW $FHVWDDSUHFL]DWFăEDQLLYRU¿UHFXSHUDĠL vQPRPHQWXOvQFDUHYLQRYDWXOSHQWUXSUR GXFHUHDLQFHQGLXOXLYD¿JăVLWFDUHYDVX SRUWDFKHOWXLHOLOHSDJXEHORUSURGXVHvQLQ FHQGLX³$úDFXPDPSURPLVDPGDWDFHOH

DMXWRDUHvQEDQLSHQWUXSHUVRDQHOHFDUHDX DYXW GH VXIHULW GLQ FDX]D DFHOXL LQFLGHQW QHSOăFXWGLQOXQDLXOLHGLQFDUWLHUXO'kP EX8QPLFDPHQGDPHQWvQPRPHQWXOvQ FDUHVHYDDÀDYLQRYDWXO3ULPăULDvúLYDUH FXSHUDDFHVWDMXWRUGHGHOHLFDUHVD DFRUGDWOD¿HFDUHIDPLOLH3DWUXIDPLOLLDX SULPLWDFHúWLEDQLLPHGLDWGXSăLQFHQGLX DVWă]L DX SULPLW DOWH FăWHYD IDPLOLL DFHúWL EDQLúLUHVWXOvLYRUSULPLDWXQFLYkQGYRU YHQL OD 3ULPăULH Vă ULGLFH DFHúWL EDQL´ D SUHFL]DW&ODXGLX0DLRU Ä1H EXFXUăP IRDUWH PXOW SHQWUX DFHúWL EDQLvLSODVăPvQWUXQORFXQGHDYHPQH YRLHGH HL( XQDMXWRUELQHYHQLW FDUHQH DMXWă DFXP vQ DFHVWH YUHPXUL GHVWXO GH JUHOH´DVSXV-HOHI6R¿DORFDWDUă $OLQ=$+$5,(

&ODXGLX0DLRURIHULQGEDQLLIDPLOLLORUFDUH DXDYXWGHVXIHULWGLQFDX]DLQFHQGLXOXLGLQ FDUWLHUXO'kPEX

³&UL]DOLJKHDQXOXL´VHPQDODWă&RPLVLHL(XURSHQH 6PDUDQGD(QHFKHFRSUHúHGLQWHOH/LJLL3UR (XURSDDLHúLWODUDPSăSHQWUXSULPDGDWă GXSăDOHJHULOHORFDOHGLQLXQLHWD[kQGOLSVD GHUHDFĠLHDSRSXODĠLHLvQOHJăWXUDFXSUREOHPD DSHL FDOGH vQ 7kUJX0XUHú SXQFWkQG IDS WXO Fă SHQWUX DOHúLL ORFDOL LQWHUHVXO SROLWLF SULPHD]ăvQIDĠDLQWHUHVXOXLFRPXQLWăĠLL

vQFUHGHUHDQRDVWUăvQLQVWLWXĠLLvQUH]ROYD UHD SUREOHPHORU QRDVWUH D VFă]XW IRDUWH PXOW´DSUHFL]DW6PDUDQGD(QDFKH

3HWLĠLLOD%UX[HOOHVúL6WUDVERXUJ

³6XWHGHSURFHVH DUWUHEXLGHFODQúDWH´ ³ÌQ]LOHOHGHYDUăúLDSRLGXSăVHSWHPEULH OD /LJă DP SULPLW IRDUWH PXOWH SOkQJHUL DOH FHWăĠHQLORU FDUH VXQW OăVDĠL IăUă DSă FDOGă $FHúWL FHWăĠHQL vQVă QX DX vQĠHOHV FăSHQWUXDREĠLQHUH]XOWDWHvPSRWULYDFH ORU FDUH HIHFWLY LDX SăFăOLW LDX YăGXYLW GHXQGUHSWGHDOORUGLQWUXQFRQWUDFWH QHYRLH Vă LD DWLWXGLQH 1RL OHDP VXJHUDW VăIRUPH]HRDVRFLDĠLHVăúLLDDYRFDĠLVă vQFHDSăSURFHVHVXWHGHSURFHVHDUWUHEXL GHFODQúDWH vQ FDUH Vă FHDUă GHVSăJXELUL SHQWUXSHULRDGDvQFDUHDXIRVWYăGXYLĠLGH XQ GUHSW FRQWUDFWXDO 3kQă OD RUD DFWXDOă QXDPSXWXWFRQVWDWDFăDUH[LVWDRDVHPH QHDPRELOL]DUHDFHWăĠHQLORUúLDPYDJDLP

6PDUDQGD(QDFKH FRSUHúHGLQWHOH/LJLL3UR(XURSD SUHVLHFăvQDIDUăGHDFHOSURWHVWSDOLGFX SHWXULOHSOLQHGHDSăSHVFăULOH3ULPăULHL ODFDUHQLFLXQXOGLQFHLFDUHOHDXGDWYRWX ULOHQXDIăFXWRLQYLWDĠLHODGLDORJQXDP Yă]XW DOWH IRUPH GH SURWHVW 'XSă  GH DQL GH GHPRFUDĠLH FDSDFLWDWHD QRDVWUă D VRFLHWăĠLL FLYLOH GH D UHDFĠLRQD OD DEX]XUL DVFă]XWH[WUDRUGLQDUGHPXOWSHQWUXFăúL

&RSUHúHGLQWHOH /LJLL 3UR (XURSD QX YHGH R vPEXQăWăĠLUH D VLWXDĠLHL IDSW SHQWUX FDUH /LJD VH YD LPSOLFD vQ PRG GLUHFW DVXSUD SUREOHPHORU FRPXQLWăĠLL SULQ LQIRUPăUL OD IRUXULOH HXURSHQH ³3UHYăG Fă úL vQ SHULRD GD XUPăWRDUH FRQMXQFWXUD SROLWLFă YD ¿ SUHGRPLQDQWă DVXSUD LQWHUHVHORU FRPXQL WDUH úL Fă RVWLOLWăĠLOH GLQWUH JUXSXULOH SROL WLFHVHYRUUHSHUFXWDvQPRGQHJDWLYDVXSUD FRPXQLWăĠLL1DLYLWDWHDQRDVWUăDIRVWFăQX DPLQIRUPDW&RPLVLD(XURSHDQăGH¿HFDUH GDWăFkQGVDXSHWUHFXWDEX]XUL¿HODQLYH OXO ĠăULL ¿H SH SODQ ORFDO 'H DFXP vQFROR VXQWHPKRWăUkĠLVăVHPQDOăPDEVROXWWRDWH GHUDSDMHOHGHODQRUPHOHGHPRFUDWLFHGLUHFW OD%UX[HOOHVúLGLUHFWOD6WUDVERXUJSHQWUXFD LQIRUPDĠLLOHVă¿HSHUPDQHQWDFROR´DSUHFL ]DW6PDUDQGD(QDFKH $OLQ=$+$5,(

ùWLUL

LQWHUHVDQWH 6PDUDQGD(QDFKH PL]HD]ăSH0RQDUKLH 6PDUDQGD (QDFKH FRSUHúHGLQWHOH /LJLL3UR(XURSDDPHQĠLRQDWLHULFă XQDGLQVROXĠLLOHVWDELOLWăĠLLSROLWLFHvQ 5RPkQDRUHSUH]LQă0RQDUKLD$FHDVWD D SUHFL]DW Fă H QHYRLH GH GH]EDWHUL SXEOLFH vQ DFHVW VHQV XOWLPXO FX YkQW DYkQGXO 3DUODPHQWXO SHQWUX D VFKLPEDIRUPDGHRUJDQL]DUHDVWDWX OXL Ä1X FUHG Fă WUHEXLH UHVWDELOLWă 0RQDUKLDSULQUHIHUHQGXPGHYUHPH FH HD QX D IRVW DEROLWă SULQ UHIHUHQ GXP1LPHQLQXLDvQWUHEDWSHEXQL FLLQRúWULLSHGHFHPEULHGDFă VXQWGHDFRUGFXVFKLPEDUHDGHDWXQFL $X IRVW SLVWRDOH D IRVW R SXWUHUH RFXSDQWă FDUH D OXDW QLúWH PăVXUL ÌQWUH WLPS 3DUODPHQWXO 5RPkQLHL D DGRSWDW DFHD SR]LĠLH D SUHúHGLQWHOXL %ăVHVFX GH FRQGDPQDUH D UHJLPX OXL FRPXQLVW FD ¿LQG XQXO FULPLQDO úL D DQJDMDPHQWXO FD vQ SHULRDGD XUPăWRDUH DFHVWHL FRQGDPQăUL D FR PXQLVPXOXL WRDWH VHFKHOHOH FRPX QLVPXOXLVă¿HvQGUHSWDWH´DSUHFL]DW 6PDUDQGD(QDFKH $=

$YkQWXO SULPHOHMRFXULDFDVă 9LQHULVHSWHPEULHGHODRUD GLYL]LRQDUD & GH IRWEDO )&0 $YkQ WXO 5HJKLQ YD VXVĠLQH SULPD SDUWLGă SHWHUHQSURSULXGLQDFHDVWăHGLĠLHD 6HULHL D 9,D 5HJKLQHQLL GXSă WUHL HWDSHDXGLVSXWDWGRDUGRXăDPEHOH vQ GHSODVDUH GLQ FDUH DX REĠLQXW R YLFWRULHúLRUHPL]ăVHDÀăSHORFXO,9 FXSXQFWHJRODYHUDM9LQHULSULPHVF YL]LWD IRUPDĠLHL )&0 7kUJRYLúWH DÀDWă SH ORFXO ,, FX  SXQFWH GRXă YLFWRULL úL R vQIUkQJHUH LDU vQ HWDSD YLLWRDUH$YkQWXOYDSULPLYL]LWDRFX SDQWHLORFXOXL,,,)RUWXQD%UD]LFDUH DVWUkQVWRWSXQFWH 09

&RQVXOWDĠLLMXULGLFH JUDWXLWHOD/3( &RSUHúHGLQWHOH /LJLL 3UR (XURSD /3(  6PDUDQGD (QDFKH D SUHFL]DW FăRUJDQL]DĠLDSHFDUHRUHSUH]LQWăSULQ ELURXOGUHSWXULORURPXOXLYDFRQWLQXD VăDFRUGHFRQVXOWDQĠăMXULGLFăJUDWXLWă SHUVRDQHORUDOHFăURUGUHSWXULDXIRVW vQFăOFDWHSHUVRDQHFDUHVHSRWDGUHVD ¿HvQVFULV¿HWHOHIRQLF¿HSHUVRQDOOD VHGLXO/LJLL3UR(XURSDGLQ3LDĠD7UDQ GD¿ULORU Ä)ăUă QLFL XQ IHO GH FRVWXUL SULPHVF JUDWXLW FRQVXOWDĠLLOH MXULGLFH QHFHVDUH ¿H SHQWUX D vQFHSH XQ SUR FHV¿HSHQWUXDVFULHDQXPLWHVFULVRUL SOkQJHUL OD DXWRULWăĠL DOH VWDWXOXL´ D SUHFL]DW6PDUDQGD(QDFKH $=

7UDQVSRUWLOHJDOGHOHPQH 2 SDWUXOă GH VLJXUDQĠă SXEOLFă GH OD 3ROLĠLD PXQLFLSLXOXL 6LJKLúRDUD D GH SLVWDW PDUĠL  VHSWHPEULH SH UD]D PXQLFLSLXOXL GRL LQGLYL]L vQ WLPS FH WUDQVSRUWDXFXXQDWHODMFLUFDWUHLPH WUL VWHU OHPQ GH IRF SHQWUX FDUH QX GHĠLQHDX GRFXPHQWH GH SURYHQLHQĠă Ä0DWHULDOXOOHPQRVDIRVWULGLFDWúLSUH GDW2FROXOXL6LOYLF6LJKLúRDUDLDUFHORU GRLOLVDXvQWRFPLWDFWHSUHPHUJăWRDUH SHQWUX VăYkUúLUHD LQIUDFĠLXQLL GH IXUW GHPDWHULDOOHPQRV´DSUHFL]DWFRPL VDUúHI/LYLD3RSDSXUWăWRUGHFXYkQW DO,QVSHFWRUDWXOXLGH3ROLĠLH-XGHĠHDQă 0XUHú 67

&XUVXULGHGDQVGHVRFLHWDWH &HL FDUH LXEHVF GDQVXO GDU VXQW vQFă vQFHSăWRUL DX SRVLELOLWDWHD GLQ GDWD GH  RFWRPEULH  Vă SDUWLFLSH OD &XUVXUL GH GDQV GH VRFLHWDWH  YDOV WDQJR GLVFR IR[ FKLDU úL GDQVXO PL ULORU &XUVXULOH VH YRU GHVIăúXUD OXQL úLPLHUFXULGHODRUDOD&DVDGH &XOWXUă D 6WXGHQĠLORU 7kUJX0XUHú VWUDGD1LFRODH*ULJRUHVFXQUHWDM &HLLQWHUHVDĠLSRWDÀDPDLPXOWHGH WDOLLODWHOHIRQ 20 




&8/785Ă VHSWHPEULH

ùWLUL

LQWHUHVDQWH 7,))OD7kUJX0XUHú vQ ÌQGHVFKLGHUHDJDOHLGHSUH]HQWDUH D¿OPXOXLÄ'HVSUHRDPHQLúLPHOFL´ DFWRUXO 1LFXL 0LKRF D DQXQĠDW Fă vQFHSkQG GH DQXO YLLWRU 7,))XO XQXO GLQ FHOH PDL PDUL IHVWLYDOXUL GH ¿OP GLQ ĠDUă YD ¿ SUH]HQW úL OD 7kUJX0XUHú 0LKRF D SUHFL]DW Fă D SULPLW SURPLVLXQL vQ DFHVW VHQV GLQSDUWHDGLUHFWRUXOXLIHVWLYDOXOXL 7XGRU *LXUJLX SUH]HQW OD JDOă HO ¿LQG úL UHJL]RUXO ¿OPXOXL Ä'HVSUH RDPHQLúLPHOFL´ $=

ÌQWkOQLUHDVDúLORU GLQ7UDQVLOYDQLD $QXDO vQ OXQD VHSWHPEULH VDúLL UăPDúL vQ 5RPkQLD GDU úL FHL SOHFDĠL vQ VWUăLQDWDWH VH vQWkO QHVF OD %LHUWDQ SHQWUX D VăUEăWRUL ³ÌQWkOQLUHD 6DúLORU GLQ 7UDQVLO YDQLD´ $QXO DFHVWD HYHQLPHQ WXO DUH ORF vQ GDWD GH  VHSWHP EULH VXE VORJDQXO ³3UH]HQWXOXL WRDWH IRUĠHOH YLLWRUXOXL VSHUDQĠD QRDVWUă ³ 0DQLIHVWDUHD YD vQFHSH OD RUD  FX R VOXMEă UHOLJLRDVă vQ %LVHULFD (YDQJKHOLFă GLQ %LHU WDQLDUGHODRUDvQ&DVDGH &XOWXUăYDDYHDORFDUHSUH]HQWDĠLH GH WHDWUX VăVHVF /D RUD  YD ¿ VXVĠLQXW XQ FRQFHUW FRUDO vQ LQ FLQWD %LVHULFLL (YDQJKHOLFH GXSă FDUHvQ3LDĠD&HQWUDOăFXvQFHSHUH GHODRUDYDDYHDORF3DUDGD SRUWXOXL SRSXODU VăVHVF 3XQFWXO FXOPLQDQW DO VăUEăWRULL HVWH ELQH FXQRVFXWXO ³$XIPDUVFK´  XUPDW GH SUH]HQWDUHD SURJUDPHORU GH FăWUH¿HFDUHWUXSă3HWRWSDUFXUVXO ]LOHLYRU¿GHVFKLVHGRXăH[SR]LĠLL XQD vQ 3LDĠD &HQWUDOă GLQ %LHUWDQ FDUH vQ FD] GH WLPS QHIDYRUDELO VH YD PXWD vQ LQFLQWD úFROLL úL XQD GH YHGHULLVWRULFHvQFDGUXOúFROLL2U JDQL]DWRUXOSULQFLSDODOHYHQLPHQ WXOXL HVWH )RUXPXO 'HPRFUDW DO *HUPDQLORUGLQ5RPkQLD 6$

³'HVSUHRDPHQLúLPHOFL´ UkVXSOkQVXGHVSUHURPkQL 7XUQHXO GH SURPRYDUH D ¿OPXOXL ³'HVSUH RDPHQL úL PHOFL´ D SRSRVLW PDUĠL VHDUD OD 7kUJX0XUHú OD &LQHPD ³$UWD´ DX IRVW SUH]HQĠL R SDUWH GLQ PHPEULL HFKLSHL ¿O PXOXLUHJL]RUXO7XGRU*XUJLXDFWRULL$QGL 9DVOXLDQX 2YLGLX &ULúDQ úL RSHUDWRUXO 9LYL 'UăJDQ 9DVLOH 'XSă GLVFXUVXULOH SURWDJRQLúWLORU¿OPXOXL³'HVSUHRDPHQLúL PHOFL´OXPLQDVDVWLQVúLSRYHVWHDSHXQ VFHQDULX VHPQDW ,RQXĠ 7HLDQX úLD IăFXW VLPĠLWăSUH]HQĠD

3RYHVWHD¿OPXOXL 5RPkQLDDQXOXLX]LQD$52DÀDWăOD PDUJLQHDSUăSDVWLHLXQGLUHFWRUFDUHYUHD VăRYkQGăXQXLLQYHVWLWRUIUDQFH]XQOLGHU GHVLQGLFDWFDUHvQFHDUFăSULQPHWRGHSRVW GHFHPEULVWHVăVDOYH]HIDEULFDFUHLRQHD]ă SRYHVWHDDFĠLXQLL¿OPXOXL³'HVSUHRDPHQL

7XGRU*LXUJLXDOăWXULGHRSDUWH GLQHFKLSDµ'HVSUHRDPHQLúLPHOFL¶

úL PHOFL´ )LOPXO GHEXWHD]ă FX YHQLUHD OXL 0LFKDHO-DFNVRQDSRLvQWkPSOăULOHFDUHDX vQ FHQWUXO DWHQĠLHL X]LQD $52 IDOLPHQWXO DFHVWHLDúLWHQWDWLYHOHGHVDOYDUHYHQLWHGLQ SDUWHD OLGHUXOXL GH VLQGLFDW SULQ YDORUL¿ FDUHD ³OLFKLGXOXL SRWHQĠHL GLQ SDQWDORQL´ SHQWUXDIDFHURVWGHEDQLSHQWUXVDOYDUHD IDEULFLLVHFYHQĠHSOLQHGHUkVXSOkQVXWLSLF URPkQHVF FDUH FUHLRQHD]ă R 5RPkQLH SH FkW GH vQGHSăUWDWă GH YUHPXULOH SUH]HQWH SULQ GHFRUXUL úL FRVWXPH SH DWkW GH DSURSLDWăSULQSUHVWDĠLDDFWRULORU

0HJDVWDUXOúLSULPXOMRE

5HJL]RUXO7XGRU*LXUJLX GHVFKLVvQWUHEăULORU]LDULúWLORU

³$P DOHV LPDJLQHD FX 0LFKDHO -DFNVRQ SHQWUX Fă DP GRULW Vă IRFDOL]H] SHULRDGD DQXOXL  (UD SHULRDGD SRVW &DULWDV HUDX DOHJHUL XPEOD 0XGDYD SULQ ĠDUă Vă YLQGHFH RDPHQL úL HUD úL FRQFHUWXO FX 0L FKDHO -DFNVRQ 0ă OHDJă IRDUWH PXOWH OX FUXUL GH DFHO FRQFHUW HUDP IDQ úL YURLDP Vă DMXQJ OD FRQFHUW ğLQ PLQWH Fă HUDP VWXGHQW vQ DQXO ,,, OD UHJLH úL D YHQLW XQ FROHJGHDOPHXFDUHFăXWDRDPHQLVăDMXWH FDPHUDPDQLL DPHULFDQL FDUH ¿OPDX FRQ FHUWXO$IRVWSULPXOPHXMREDPĠLQXWGH

FDEOXULODFRQFHUWHUDPDVLVWHQWGHFDPHUă úLDPSULPLWGHGRODUL$PIRVWVLQJXUXO RPFDUHDVWDWvQWUHPHJDVWDUúLIHWHOHGLV SHUDWH´DSUHFL]DWUHJL]RUXO7XGRU*LXUJLX

2FRPHGLHFXVXEVWUDWDPDU 7LPSGHRRUăúLMXPăWDWHVSHFWDWRULLDXWUH FXWGHODUkVODHPRĠLLOHJHQHUDWHGHGUDPD SHUVRQDMHORU OD ¿QDO DSODXGkQG OD VFHQă GHVFKLVă XQ UHJDO FLQHPDWRJUD¿F XQ ¿OP DSURDSH GH SXEOLF FXP DX GHFODUDW OD XQL VRQ SURWDJRQLúWLL ¿OPXOXL ³'HVSUH RDPHQL úL PHOFL´ 8Q ¿OP PDL PXOW GHFkW QHFHVDU DWkW SHQWUX EXQD GLVSR]LĠLH FDUH R RIHUă FkW úL SHQWUX SHUFHSHUHD XQHL UHDOLWăĠL FDUH FKLDU GDFă DP YUHD Vă R QHJăP HD WRW H[LVWă 2 UHDOLWDWH GHVSUH QRL GHVSUH ³DSXFăWXULOH´ QRDVWUH GH D VDOYD R VLWXDĠLH FULWLFăWUDQúDWăFXDMXWRUXOvQWUHJLLHFKLSHD ¿OPXOXL'RYDGăHFKLDU¿QDOXO¿OPXOXLFX SLHVD³'HYUHLVăúWLLFHvQVHDPQăURPkQ´D OXL'DQ6SăWDUXVDXFLWDWXOGLQ(PLO&LRUDQ Ä9LYUHjPrPHO¶pWHUQLWpF¶HVWYLYUHDXMRXU OHMRXU´GH¿QLWRULLSHQWUXVXEVWUDWXO¿OPX OXLVHPQDWGH7XGRU*LXUJLX $OLQ=$+$5,(

IDFHERRNFRP]LGH]L




63257

&UL]DGRERDUăSRSLFHOH"

&85685,*5$78,7('(/,0%$,7$/,$1Ă /$&$0(5$'(&20(5ğ085(ù &DPHUD GH &RPHUĠ úL ,QGXVWULH 0XUHú RUJDQL]HD]ă FXUVXUL GH OLPED LWDOLDQă vQFHSăWRULvQYHGHUHDVHOHFĠLHLSHQWUXPXQFăvQ,WDOLDFXFRQWUDFWSHSHULRDGă GHWHUPLQDWăFDOXFUăWRUFRPHUFLDO

&DPSLRDQHOHDEVROXWH ULVFăGHV¿LQĠDUHD

0XOWLSOD FDPSLRDQă GH SRSLFH IHPLQLQ 5RPJD] (OHFWURPXUHú 7kUJX0XUHú VH DÀă vQPDUHLPSDV&UL]DHFRQRPLFăÄVSULMLQLWă´ GHFHDSROLWLFăIDFHvQFRQWLQXDUHYLFWLPHvQ OXPHDVSRUWXOXL5H]XOWDWHOHVODEHDOHVSRU WLYLORU URPkQL OD -RFXULOH 2OLPSLFH GH OD /RQGUD GDWRUDWH vQ PDUH SDUWH FRQGLĠLLORU GH SUHJăWLUH DOH VSRUWLYLORU GH OD QRL HVWH HGL¿FDWRDUHúLGRYHGHúWHIDSWXOFăLQWHUVHOH SHUVRQDOHVDXFHOHGHJUXS SROLWLF QXĠLQH FRQW GH FHL FDUH vQFHDUFă Vă UHSUH]LQWH FX FLQVWHĠDUDVDXORFDOLWDWHD /D WRDWH GLVFLSOLQHOH D vQFHSXW FD JăXULOH VLWHLFDUHFHUQHVă¿HOăUJLWH8QFD]DSDUWH vOUHSUH]LQWăVSRUWXOSRSLFHORU'HúLUăPDVă vQFRPSHWLĠLHHFKLSD5RPJD](OHFWURPXUHú 7kUJX0XUHúVHDÀăvQPDUHSHULFROVăQXúL PDL SRDWă GHVIăúXUD DFWLYLWDWHD 'XSă FHOH GHWLWOXULQDĠLRQDOHREĠLQXWHSDWUX&XSH 0RQGLDOHGRXă&XSHDOH/LJLL&DPSLRQLORU DOWHQXPHURDVHWURIHHHFKLSDPXUHúHDQăQX PDL SRDWH ¿ VXVĠLQXWă GH SULQFLSDOXO VSRQ VRU 5RPJD] GHRDUHFH OL VD LPSXV UHGX FHUHD FKHOWXLHOLORU úL QXúL PDL SRW SHUPLWH VSRQVRUL]DUHDHFKLSHL

,QYHVWLĠLLOHULVFăVă¿HGHúDUWH Ä'XSă  DQL GH VSULMLQ VSRQVRUXO QRVWUX 5RPJD]SHFDUHODPUHSUH]HQWDWFXFLQVWH OD IHO FD úL 7kUJX0XUHúXO VDX 5RPkQLD vQ FRPSHWLĠLL LQWHUQDĠLRQDOH QX QH PDL SRDWH VSULMLQL ÌQ DFHVWH FRQGLĠLL QX PDL SXWHP RIHULVDODULLMXFăWRDUHORU8QHOHDXIDPLOLHúL VHYăGQHYRLWHVăúLFDXWHORFGHPXQFăSHQ WUXDVXSUDYLHĠXL3UREOHPDHVWHFăvQDFHVWH FRQGLĠLLHOHYRUGHSLQGHGHDFHVWDLDUSUR JUDPXOGHSUHJăWLUHúLFKLDUSDUWLFLSDUHDOD FRPSHWLĠLLYD¿RSUREOHPă$FHDVWDVHYDUH ÀHFWDúLSULQUH]XOWDWHOHYLLWRDUH´DGHFODUDW ,RDQ6WDQSUHúHGLQWHOHFOXEXOXL 7RDWH DFHVWHD GXSă FH vQ XUPă FX GRDU XQ DQDUHQDGHSHVWUDGD&ăOăUDúLORUQXPăUXO  D GHYHQLW FHD PDL PRGHUQă GLQ ĠDUă

RPRORJDWăSHQWUXDJă]GXLFRPSHWLĠLLLQWHU QDĠLRQDOH,QYHVWLĠLLOHGH]HFLGHPLLGHHXUR VHDÀăvQSHULFROGHDGHYHQLEDQLDUXQFDĠL GHRDUHFH FD RULFH ED]ă VSRUWLYă DFHDVWD QHFHVLWăFKHOWXLHOLSHQWUXD¿vQWUHĠLQXWă

&RQGLĠLLGHvQVFULHUHVWXGLLOLFHDOH FXVDXIăUăEDFDODXUHDW  ÌQVFULHULOHVHIDFSkQăvQGDWDGHVHSWHPEULHDFLDUFXUVXULOHVHYRUGHVIăúXUD FXvQFHSHUHGLQGDWDGHRFWRPEULH &XUVXULOHVXQWJUDWXLWH ,QIRUPDĠLLVXSOLPHQWDUHúLvQVFULHULODVHGLXOGLQ7J0XUHúVWU3ULPăULHLQU VDODWHOHIRQID[HPDLORI¿FH#FFLDPVUR

2EOLJDĠLLJULMLúLVSHUDQĠH (FKLSD D OXDW VWDUWXO vQ QRXD HGLĠLH D FDP SLRQDWXOXL úL VH SUHJăWHúWH SHQWUX R QRXă SDUWLFLSDUH OD &XSD 0RQGLDOă vQ 3RORQLD XQGH YD SOHFD OD VIkUúLWXO DFHVWHL OXQL &X HIRUWXUL VXSOLPHQWDUH VDX REĠLQXW IRQGXUL SHQWUX SDUWLFLSDUHD OD DFHDVWă FRPSHWLĠLH GH OD FDUH QX VH SRDWH OLSVL GHRDUHFH IRUXO LQWHUQDĠLRQDO DU VDQFĠLRQD DWkW HFKLSD FkW úL )HGHUDĠLD /RWXO FDUH YD IDFH GHSODVDUHD YD ¿ DOHV GLQWUH 'RLQD %DFLX 'XND 7LOGD +RUYDWK $QQD )XORS (ULND $QHWD ,IULP 2DQD1HJKLQă$OLQD6XFLX$GHOD,XOLD%DQ 7DWDU $QGUHD 5DOXFD &XFXWă úL 'DOLD 5R PDQ 3ULPHOH SDWUX DX GHMD ]HFL GH DQL GH FkQGDFWLYHD]ăvQFDGUXOFOXEXOXL%DFLXHVWH 0DHVWUX (PHULW FHOHODOWH 0DHVWUX DO 6SRU WXOXL Ä(OH DX VOXMLW FX FLQVWH FOXEXO XQHOH QDXIăFXWDOWFHYD&KLDUGDFăvúLJăVHVFORF GHPXQFăOXFUXPDLGL¿FLOODYkUVWDORUFLQH YD DYHD vQĠHOHJHUH IDĠă GH HOH DWXQFL FkQG YRUWUHEXLVăOLSVHDVFăSHQWUXRFRPSHWLĠLH" 6LWXDĠLD HVWH GHD GUHSWXO GLVSHUDWă úL IăUă VSULMLQ GLQ SDUWHD XQRU RDPHQL FX SXWHUH ¿QDQFLDUă LXELWRUL GH VSRUW FKLDU FX ORF GHPXQFăúLvQĠHOHJHUHYRPDYHDSUREOHPH SHQWUXDSXWHDFRQWLQXDODDFHODúLQLYHO0DL VXQWúLWUHLIHWHYHQLWHGLQDOWHORFDOLWăĠLFDUH XUPHD]ăIDFXOWDWHDDLFLúLQXSXWHPVăOHWUL PLWHP DFDVă´ D GHFODUDW úL 0DWLOGD $QWDO YLFHSUHúHGLQWDFOXEXOXL $FHDVWDHVWHvQDFHODúLWLPSRSWLPLVWăVSHUă FDDFHDVWăVLWXDĠLHVă¿HvQFXUkQGGHSăúLWă UHVWULFĠLD SHQWUX ¿QDQĠDUH ¿LQG DQXQĠDWă GRDUSHQWUXDFHVWDQ3kQăDWXQFLVSHUDQĠH FDFLQHYDVăVHDOăWXUHHFKLSHL 0LKDL9(5(ù

&856'(3(5)(&ğ,21$5(&$'587(+1,&36, RUH

RFWRPEULH±QRLHPEULH  ÌQFRQIRUPLWDWHFXDUWDOLQ  GLQ/HJHDSULYLQGDSăUDUHDvP SRWULYDLQFHQGLLORU©«LQVWLWXĠLLOHSXEOLFHúLRSHUDWRULLHFRQRPLFLDX REOLJDĠLDVăDQJDMH]HFHOSXĠLQXQFDGUXWHKQLFVDXSHUVRQDOGHVSH FLDOLWDWH FX DWULEXĠLL vQ GRPHQLXO DSăUăULL vPSRWULYD LQFHQGLLORU DWHVWDĠLSRWULYLWPHWRGRORJLHLHODERUDWHGH,QVSHFWRUDWXO*HQHUDOª 2ELHFWLYHOHH[SULPDWHvQFRPSHWHQĠHSURIHVLRQDOH $FRUGDUHDDVLVWHQĠHLWHKQLFHGHVSHFLDOLWDWHvQVLWXDĠLLFULWLFH &RQWUROXOPRGXOXLGHUHVSHFWDUHDPăVXULORUGHDSDUDUHvPSRWULYD LQFHQGLLORU (ODERUDUHDGRFXPHQWHORUVSHFL¿FHDFWLYLWăĠLL36, ,QVWUXLUHDVDODULDĠLORUvQGRPHQLXODSăUăULLvPSRWULYDLQFHQGLLORU 0RQLWRUL]DUHDDFWLYLWăĠLLGHSUHYHQLUHúLVWLQJHUHDLQFHQGLLORU 2UJDQL]DUHDDFWLYLWăĠLLGHDSăUDUHvPSRWULYDLQFHQGLLORU 3ODQL¿FDUHDDFWLYLWăĠLLGHDSDUDUHvPSRWULYDLQFHQGLLORU &RQGLĠLLGHSDUWLFLSDUHOLFHX /HFWRULLQVSHFWRUL,68+25($ 3URJUDPXORUHVDSWHVăSWăPkQLvQ]LOHOHGHOXQLPDUĠLPLHUFXULMRLúL YLQHULGHODRUHOH /RFGHGHVIăúXUDUH&&,0XUHúVWU3ULPăULHLQU6DODGH&XUVXUL &8568/'(3(5)(&ğ,21$5(5(63216$%,/'(0(',8 RUH

RFWRPEULH±RFWRPEULH ÌQFRQIRUPLWDWHFXSUHYHGHULOH/HJLLQUDUWDOLQ ³GHĠLQăWRULLSURGXFăWRULLGHGHúHXULSHUVRDQHMXULGLFHFRPHUFLDQĠLLSUHFXP úLRSHUDWRULLHFRQRPLFLDXWRUL]DĠLGLQSXQFWGHYHGHUHDOSURWHFĠLHLPHGLXOXL SHQWUXHIHFWXDUHDRSHUDĠLXQLORUGHFROHFWDUHúLWUDQVSRUWGHúHXULDXREOLJDĠLD VăGHVHPQH]HRSHUVRDQăGLQUkQGXODQJDMDĠLORUSURSULLFDUHVăXUPăUHDVFD úLVăDVLJXUHvQGHSOLQLUHDREOLJDĠLLORUSUHYă]XWHGHSUH]HQWDOHJHVDXVăGHOHJH DFHDVWăREOLJDĠLHXQHLWHUĠHSHUVRDQH´ &RQIRUPDOLQ³3HUVRDQHOHGHVHPQDWHSUHYă]XWHODDOLQWUHEXLHVă¿H LQVWUXLWHvQGRPHQLXOJHVWLXQLLGHúHXULORULQFOXVLYDGHúHXULORUSHULFXORDVHFD XUPDUHDDEVROYLULLXQRUFXUVXULGHVSHFLDOLWDWH 1HGHVHPQDUHD XQHL SHUVRDQH FI DUW  DOLQ FRQVWLWXLH FRQWUD YHQĠLHúLVHVDQFĠLRQHD]ăFXDPHQGă &RQGLĠLLGHSDUWLFLSDUHVWXGLLVXSHULRDUH /HFWRULVSHFLDOLúWLGLQFDGUXO$300XUHú 3URJUDPXORUHWUHLVăSWăPkQLvQ]LOHOHGHOXQLPDUĠLPLHUFXULMRLúLYL QHULGHODRUHOH /RFGHGHVIăúXUDUH&&,0XUHúVWU3ULPăULHLQU6DODGH&RQVLOLX 3HQWUXvQVFULHUHWUHEXLHDGXVHGLQWLPSXUPăWRDUHOHDFWH ‡&RSLH[HUR[GXSDDFWXOGHLGHQWLWDWHFHUWL¿FDWGHFăVăWRULHGDFDHFD]XO ‡&RSLH[HUR[GXSăGLSORPDVWXGLLORUGRYHGLWRDUHFRQGLĠLHLGHSDUWLFLSDUH ‡$GHYHULQĠăGHODPHGLFXOGHIDPLOLH &HUWL¿FDWHOHGHDEVROYLUHDOHFXUVXULORUVXQWHPLVHVXEHJLGD00)(6 úL0(& ,QIRUPDĠLL úL vQVFULHUL ]LOQLF vQWUH RUHOH  OD VHGLXO &&, 0XUHú GLQ7J0XUHúVWU3ULPăULHLQUODQXPHUHOHGHWHOHIRQID[ PRELOHPDLOFXUVXUL#FFLDPVURVDXZZZFFLDPVUR


6

$'0,1,675$ğ,( 20 septembrie 2012

0DULXV/LUFăSULPDUXOFDUHYUHDVăGH]YROWH5ăVWROLĠD 0DULXV/LUFăHVWHQHSRWXOIRVWXOXLSULPDU *HRUJH/LUFăFDUHDIRVWSULPDUvQFRPX QD 5ăVWROLĠD WLPS GH  DQL úL VH SDUH Fă D PRúWHQLW R JHQă GH OLGHU úL GH EXQ RU JDQL]DWRUFDUHODDMXWDWvQYLDĠăGHWkQăU Vă vQYHĠH Vă PXQFHDVFă LQWHOLJHQW úL Vă WUDWH]HRDPHQLLFRUHFW0DULXV/LUFăHVWH QRXOSULPDUDOFRPXQHL5ăVWROLĠDDFDQ GLGDWLQGHSHQGHQWúLDLHúLWvQYLQJăWRUvQ XUPDDOHJHULORUGLQLXQLHvQYLQJkQGXL SH FRQWUDFDQGLGDĠLL VăL *KHRUJKH 0RJLOă GLQ SDUWHD 86/ úL ,RQHO /LUFD GLQ SDUWHD 3'/ REĠLQkQG  GH YRWXUL GLQ WRWDOXO GHGHYRWXULOLEHUH[SULPDWH 0DULXV /LUFă D DEVROYLW FXUVXULOH /LFHX OXL )RUHVWLHU GLQ 7kUJX0XUHú $ vQGH SOLQLW vQ OHJLVODWXUD  úL   IXQFĠLD GH YLFHSULPDU DO FRPXQHL GLQSDUWHD31/DUHGHDQLúLvQYLDĠD SULYDWă HVWH FăVăWRULW GLQ  FX /LYLD )HOLFLD DGPLQLVWUDWRU DO ¿UPHL SURSULL vPSUHXQă FX FDUH DUH R IDWă vQ YkUVWă GH  DQL $OH[DQGUD2DQD VWXGHQWă OD GUHSWDQXO,vQFDGUXO8QLYHUVLWăĠLL³3HWUX 0DLRU´ 5HSRUWHU &H QH SXWHĠL VSXQH GH VSUH QRXO &RQVLOLX /RFDO DO FRPX QHL5ăVWROLĠD" 0DULXV /LUFă 1RXO &RQVLOLXO /RFDO HVWH IRUPDW GLQ  FRQVLOLHUL GLQWUH FDUH GRL GLQ SDUWHD 86/ *KHRUJKH 0RJLOă úL ,RDQ0RYLOă*KHRUJKH6LPLQHĠGLQSDUWHD 8135 'DQLHO 0RYLOă úL ,RQHO /LUFă GLQ SDUWHD 3'/ GLQ SDUWHD 33'' DYHP GRL UHSUH]HQWDQĠL SH ,RDQ %DFRú úL 3HWUX 9ODLF úL GLQ SDUWHD 8'05 6HNH\ .DOPDQ úL'RPRNRV=ROWDQúLùWHĠFR*DYULOúL&RQ VWDQWLQ9DVLOH'HRFDPGDWăSHGLQFHL FRQVLOLHULPăSRWED]DODRULFHSURLHFWSHQ WUXGH]YROWDUHDFRPXQHL 5HS'HFHQXDĠLDOHVYLFHSULPDU"

0/ 'HRFDPGDWă QX DP DOHV XQ YLFH SULPDUSHQWUXFăPDUHDPDMRULWDWHDFRQ VLOLHULORU DX KRWăUkW Fă LDUQD FRPXQD QX DUHQHYRLHGHYLFHSULPDUúLSUREDELOYRP DOHJH XQ YLFHSULPDU GLQ UkQGXO FRQVLOLH ULORUDQXOYLLWRU

YLLWRUXODSURSLDWVăREĠLQHPúL¿QDQĠDUH 7RWRGDWăXQDOWSURLHFWLPSRUWDQWSHQWUX FăOăWRULL FDUH FLUFXOă SH MRV HVWH SDYD]D UHDWURWXDUHORUúLDPSODVDUHDFXERUGXUL 'HMDDPLQYLWDWR¿UPăvQFRPXQăVăUHD OL]H]H PăVXUăWRUL GDU vQFă QX SXWHP Vă QH DSXFăP GH SDYDW SkQă QX UHDOL]ăP SURLHFWXO GH FDQDOL]DUH 8Q DOW SURLHFW GHFDUHVXQWPkQGUXHVWHUHDOL]DUHDXQXL SDUFGHMRDFăSDYDUHDúLSLHWUXLUHDFXUĠLL ùFROLL*LPQD]LDOHGLQFHQWUXOGHFRPXQă WRDWH GLQ IRQGXUL SURSULL /D JUăGLQLĠD GLQ DSURSLHUHD úFROLL DX IRVW LQVWDODWH WRSRJDQH úL KLQĠL úL XUPHD]ă Vă PDL DFKL]LĠLRQăP MXFăULL SHQWUX FRSLL SHQWUX FăDYHPSHVWH

5HS ÌQ FH FRQGLĠLL DĠL SUHOXDW 3ULPăULDGHODIRVWXOSULPDU" 0/1XYUHDXVăYRUEHVFGHVSUHIRVWXO SULPDU HX YUHDX Vă YRUEHVF GHVSUH FH YUHDXHXVăIDFFDSULPDU3HQWUXFăDYHP IRDUWHPXOWGHOXFUXvQSULPXOUkQGYUHDX Vă¿QDOL]ăPUHĠHDXDGHFDQDOL]DUHFDUHVH GHUXOHD]ăSULQ0LQLVWHUXO0HGLXOXLSURL HFWvQYDORDUHGHGHPLOLDUGHGHOHLYHFKL úLFDUHHVWHJDWDvQWUXQSURFHQWGHúL LQWURGXFHUHD UHĠHOHL GH DSă SRWDELOă GLQ FRPXQă HVWH XQ SURLHFW vQ YDORDUH GH  GHPLOLDUGHGHOHLYHFKLFDUHHVWH¿QDOL]DW vQSURSRUĠLHGHFDUHVHGHUXOHD]ăSH 2UGRQDQĠDGH*XYHUQQUvQFHSXWúLQH ¿QDOL]DW 'DU SHQWUX D XUJHQWD OXFUăULOH vQ XUPă FX PDL PXOW GH R OXQă DP IRVW OD%XFXUHúWLFXGHYL]HOHGHOXFUăULúLFKLDU YLQHULVHSWHPEULHDPIRVWDQXQĠDWFă DX LQWUDW vQ FRQWXO 3ULPăULHL  PLOLDUGH GHOHLYHFKLSHQWUXSURLHFWXOGHFDQDOL]DUH DúDFăXUPHD]ăVăFRQWLQXăPOXFUăULOH 5HS&LQHDFkúWLJDWOXFUăULOHGHLQ WURGXFHUHDUHĠHOHLGHFDQDOL]DUHúL SHFkQGSUHFRQL]DĠLVăR¿QDOL]DĠL" 0/ )LUPD 6& 6RFRW 6$ GLQ 7kUJX 0XUHú D FkúWLJDW OLFLWDĠLD HX VSHU Vă VH ¿QDOL]H]H DQXO DFHVWD GDU WRWXúL FUHG Fă ORFDOQLFLL YRU SXWHD Vă EHQH¿FLH]H VLJXU GHDFHVWVHUYLFLXGRDUGHDQXOYLLWRU 5HS 3H OkQJă UHĠHDXD GH FDQDOL ]DUH úL GH DSă SRWDELOă FDUH PDL VXQWSULRULWăĠLOHFRPXQHL" 0/ 3ULRULWDUH VXQW úL DVIDOWDUHD VWUă

:::=,'(=,52

3ULPDUXO0DULXV/LUFăGăGRYDGă GHRHQHUJLHDWRPLFăDWXQFLFkQGYLQHYRUED GHGH]YROWDUHDFRPXQHL5ăVWROLĠD

]LORU ODWHUDOH GLQ VDWHOH 5ăVWROLĠD ,RG *ăOăRDLD úL %RU]LD FDUH vQVXPHD]ă FLUFD  GH NLORPHWUL GH DVIDOW SHQWUX FDUH DYHP úL GHSXV XQ SURLHFW OD *XYHUQ H YRUED GH XQ SURLHFW SH 0ăVXUD  HOL JLELO GDU QH¿QDQĠDELO OD FDUH VSHUăP vQ

5HS 6H ]YRQHúWH SULQ FRPXQă Fă VH YD FRQVWUXL XQ WHUHQ VLQWHWLF HVWHDGHYăUDW" 0/ 'D HVWH DGHYăUDW YUHP Vă FRQ VWUXLP XQ WHUHQ VLQWHWLF vQ FXUWHD úFROLL úL FUHG Fă XQGHYD VăSWăPkQD YLLWRDUH vQFHSHP OXFUăULOH OD XQ WHUHQ GH  [  PHWUL SUHYă]XW FX QRFWXUQă DYL]DW úL RPRORJDWGH)HGHUDĠLD5RPkQăGH)RWEDO SHQWUX FRPSHWLĠLL VSRUWLYH $FHVW WHUHQ GXSă FH VH YDGD vQIRORVLQĠă YDSXWHD ¿ IRORVLWvQRUHOHGHVSRUWGHFăWUHHOHYLLDU GXSăPHVHOH VH YD SXWHD vQFKLULD OD WD ULIH DFFHSWDELOH SHQWUX D SXWHD ¿ IRORVLW GHWRĠLORFXLWRULLFDUHYRUVăIDFăPLúFDUH 0DL DYHP úL XQ SODQ UHDOL]DW vPSUHXQă FX FRQVLOLHULL ORFDOL SHQWUX D UHvQ¿LQĠD vQ 5ăVWROLĠD R HFKLSă SXWHUQLFă GH IRWEDO úL vQ SULPăYDUD DQXOXL  QH YRP DSXFD VăUHDOL]ăPúLRED]DVSRUWLYăSHDPSOD VDPHQWXO IRVWXOXL WHUHQ GH IRWEDO úL YRP vQFHUFDFXWLQHULLGLQFRPXQăVăUHDOL]ăP R ED]ă QRXă SULQ PXQFă YROXQWDUă úL FX VSULMLQGHODEXJHWXOORFDO $FRQVHPQDW5REHUW0$7(,




$'0,1,675$ğ,(

9DVLOH*OLJDPXOĠXPLWGHúFRDODUHJKLQHDQă ùWLUL LQWHUHVDQWH 9DVLOH*OLJDGHSXWDW36'vQ3DUODPHQ WXO 5RPkQLHL PHPEUX vQ &RPLVLD GH vQYăĠăPkQW WLQHUHW úL VSRUW úL IRQGD WRU DO *LPQD]LXOXL 3ULYDW ³0LURQD´ DF WXDOPHQWH *LPQD]LXO GH 6WDW ³0LURQD´ FRQVLGHUă Fă vQYăĠăPkQWXO GH FDOLWDWH HVWHLPSHWXRVQHFHVDUSHQWUXYLLWRU'H DVHPHQHD GHSXWDWXO DFFHQWXHD]ă UR OXO GHFLVLY SH FDUH vO DX vQ DFHVW VHQV SăULQĠLLúLFDGUHOHGLGDFWLFH

Ä&RSLLLWUHEXLHVăvQYHĠH VăvQYHĠH´ ³(X FUHG Fă H R REOLJDĠLH DWkW D SăULQĠLORUFkWúLDFDGUHORUGLGDFWLFHVă IDFHPXQvQYăĠăPkQWGHFDOLWDWHSHQWUX Fă vQ IXQFĠLH GH SHUIRUPDQĠHOH FRSLLORU QRúWULvQúFRDOăGHSLQGSHUIRUPDQĠHOHvQ YLLWRUXORUDúXOXL5HJKLQVDXDMXGHĠXOXL (IRDUWHLPSRUWDQWSURFHVXOHGXFDĠLRQDO &UHGFăREOLJDĠLDSULQFLSDOăSHFDUHRDX SăULQĠLLSHQWUXFDFRSLLLORUVăUHXúHDVFă vQYLDĠăHVWHVăvQYHĠHVăPXQFHDVFăVă vQYHĠHVăvQYHĠH´DGHFODUDW9DVLOH*OLJD $FHVWDHVWHGHSăUHUHFăPXQFDHVWHFHD FDUH vLYDFRQGXFH SH HOHYL OD UHXúLWD vQ YLDĠă ³2ULXQGH YRU PHUJH RULXQGH YRU OXFUD GDFă OH SODFH PXQFD VLJXU YRU UHXúL´DDGăXJDWGHSXWDWXO

ÌQYăĠăPkQWXOUHJKLQHDQ RSHUIRUPDQĠă 5HIHULWRU OD VSULMLQXO SH FDUH VWDWXO

9DVLOH*OLJDGHSXWDW vQ3DUODPHQWXO5RPkQLHL

URPkQ vO RIHUă HGXFDĠLHL 9DVLOH *OLJD VSXQHFăDFHVWDQXHVWHVX¿FLHQW³0XOĠL DXIăFXWFDPSDQLHSHWUHDEDDVWDHXQX

YRLSURPLWHQLFLRGDWăFHHDFHQXGHSLQGH GHPLQHFDGLQ3URGXVXO,QWHUQ%UXW Vă¿HLQYHVWLWvQHGXFDĠLDFRSLLORU&UHG FăvQ]LXDGHDVWă]LQXVHLQYHVWHúWHQLFL MXPăWDWHúLHXQOXFUXGHVWXOGHUăX'DU SHQWUXFăVXQWPXOWHFDGUHGLGDFWLFHFX VXÀHW PDUH úL FDGUH GH FDOLWDWH SHQWUX FăVXQWSHUVRDQHFDUHVHLPSOLFăvQDFWXO GHvQYăĠăPkQWFUHGFăWRWXúLVHUHXúHúWH RPDUHSHUIRUPDQĠăvQvQYăĠăPkQWXOGLQ 5HJKLQ´DDGăXJDW9DVLOH*OLJD 'HSXWDWXO D ĠLQXW Vă PHQĠLRQH]H UH ]XOWDWHOH GHRVHELWH REĠLQXWH GH HOHYL OD ROLPSLDGH VDX OD GLIHULWH FRQFXUVXUL LQWHUQDĠLRQDOH OD PXOWLSOH GLVFLSOLQHOH IDSW FDUH VH GDWRUHD]ă úL LPSOLFăULL FD GUHORU GLGDFWLFH ³&UHG Fă SH SODQ ORFDO DGPLQLVWUDĠLD ORFDOă 3ULPăULD VD LP SOLFDW vQ DFHDVWă YDUă FkW D SXWXW úL FX FkĠLEDQLDDYXWvQUHQRYDUHvQ]XJUăYLUH D úFROLORU 1LFLRGDWă QX H VX¿FLHQW vQ WRWGHXQD VH SRDWH PDL ELQH GDU SkQă YRP DMXQJH FX úFROLOH QRDVWUH OD QLYHOXO LQWHUQDĠLRQDOGLQYHVW&kQG]LFLVDX GLQ3,%]LFLGHVWXOGHPXOWúLFkQGWH JkQGHúWL HIHFWLY OD VXPHOH FDUH VH DORFă DOWHOH VXQW YHQLWXULOH GLQ *HUPDQLD IDĠă GH YHQLWXULOH URPkQLORU 'DU SHQWUX LQYHVWLĠLLOH FDUH VH IDF vQ úFRDOă UH]XO WDWHOH SH FDUH OH DYHP VXQW PXOW PXOW SHVWHSRVLELOLWăĠL´DFRQFKLV9DVLOH*OLJD 2DQD0Ă5*,1($1

)LQDQĠDUH8(SHQWUX³/LGHU3DUWHQHULDW0XUHúDQ´ $VRFLDĠLD ³/LGHU 3DUWHQHULDW 0XUHúDQ´ FDUH FXSULQGH FRPXQHOH 9RLHYRGHQL *ORGHQL *RUQHúWL úL (UQHL úL D FăUXL SUHúHGLQWH HVWH SULPDUXO FRPXQHL *RUQHúWL .ROFVDU *\XOD HVWH EHQH¿FLDUD XQXL SURLHFW vQ YDORDUH GH PLOLRDQHGHHXURSH5HJLXQHDGHVWLQDW FRPXQHORUFDUHDXSHVWHGHORFXLWRUL

D D¿UPDW SUHúHGLQWHOH $VRFLDĠLHL ³/LGHU 3DUWHQHULDW0XUHúHDQ´

&R¿QDQĠDUHDUHODQVH]ă5RPkQLD

%DQLLWUHEXLHFKHOWXLĠLvQ ÄÌQDOWH]RQHXQGHVDFkúWLJDWXQDVWIHOGH SURLHFWDGPLQLVWUDĠLLOHORFDOHDYHDXYRLHVă DFFHVH]HGHHXURQHUDPEXUVDELOL GDUDPvQĠHOHVFăDUH[LVWDúLRSRVLELOLWDWH GH D DFFHVD úL VXPD GH  GH HXUR SHDGPLQLVWUDĠLHSXEOLFăDVWDDUvQVHPQD DSUR[LPDWLYXQPLOLRQGHHXURVăvODEVRU ELP QRL FD DGPLQLVWUDĠLH SXEOLFă ORFDOă úL UHVWXO Vă UăPkQă SHQWUX VIHUD RDPHQLORU GHDIDFHUL21*XULDVRFLDĠLLúLFKLDUSHU VRDQH¿]LFHDXWRUL]DWHGLQFRPXQă´DGH FODUDW.ROFVDU*\XOD $FHVWDDPDLSUHFL]DWFăVXPHOHDORFDWHGH 8QLXQHD(XURSHDQăWUHEXLHFKHOWXLWHSkQă OD¿QHOHDQXOXLSHQWUXDQXVHSLHUGH ³$LFLWUHEXLHGXVăRSROLWLFăúLRFDPSDQLH

.ROFVDU*\XOD SULPDUXOFRPXQHL*RUQHúWL

GHLQIRUPDUHSHQWUXFăúLODQLYHOQDWLRQDO VWăPSURVWFXFRQúWLHQWL]DUHDLPSRUWDQĠHL DEVRUELULLGHIRQGXULHXURSHQHúLGHPăVXUL GHVSULMLQGLQDIDUDĠăULLFDUHQHSRWDGXFH VDOYDUHD GLQ DFHDVWă FUL]ă HFRQRPLFă´

6HGLXO $VRFLDĠLHL ³/LGHU 3DUWHQHULDW 0XUHúDQ´ VH DÀă vQ FRPXQD (UQHL LDU PHPEULLDVRFLDĠLHLVHJkQGHVFODXQVHGLX QRX úL Vă DQJDMH]H SHUVRQDO GH VSHFLDOL WDWHSHQWUXFăGXSăGHVFKLGHUHDR¿FLDOăD SXQFWXOXL GH OXFUX WRĠL EHQH¿FLDULL GLQ ]RQă YRU SXWHD Vă DFFHVH]H GLUHFW FUHGLWH GLQ (UQHL IăUă D VH PDL GHSODVD OD $OED ,XOLD³9UHPVăQHIDFHPRLQWUDUHvQIRUĠă Vă VH vQĠHOHDJă Fă SULQ FR¿QDQĠDUH SXWHP UHODQVDHFRQRPLD5RPkQLHL1RLGHH[HP SOXYUHPVăIRORVLPDFHVWHSkUJKLLSHSODQ ORFDOSHQWUXLQIUDVWUXFWXUDFRPXQHLSHQ WUX DJULFXOWXUă vQ GRPHQLXO LULJDĠLLORU vQ DJURWXULVPúLSHQWUXGH]YROWDUHDPHGLXOXL GHDIDFHULGLQFRPXQăXQGHVXQWFRQYLQV Fă GDFă UHXúLP Vă RIHULP FRQIRUW ORFXLWR ULORU YRP UHXúL Vă UHDGXFHP DFDVă PXOĠL WLQHUL´DH[SOLFDW.ROFVDU*\XOD 5REHUW0$7(,

³'HVFKLGHĠLPLQWHD QX¿vQFKLV´FRQWLQXă

&RPSDUWLPHQWXO GH $QDOL]ă úL 3UHYHQLUH D &ULPLQDOLWăĠLL GLQ FDGUXO ,3- 0XUHú vQ FRODERUDUH FX 3HQLWHQFLDUXO 7kUJX 0XUHú YD FRQWLQXD GHUXODUHD SURLHFWX OXL GH SUHYHQLUH D GHOLQFYHQĠHL MXYHQLOH ³'HVFKLGHĠLPLQWHDQX¿vQFKLV´SHSDU FXUVXODQXOXLúFRODU3URLHFWXO XUPăUHúWHLQIRUPDUHDHOHYLORUDVXSUDDV SHFWHORUOHJDOHFHĠLQGHLQIUDFĠLRQDOLWDWH úLFRQúWLHQWL]DUHDFRQVHFLQĠHORUSHFDUHOH LPSOLFăDFHDVWDÌQFDGUXOSURLHFWXOXLYRU DYHD ORF vQWkOQLUL vQWUH JUXSXUL GH HOHYL GHOLFHXúLSHUVRDQHWLQHUHDÀDWHvQVWDUH SULYDWLYăGHOLEHUWDWH 20

$XIXUDWJUkXúLSRUXPE 3ROLĠLD RUDúXOXL ,HUQXW D IRVW VHVL]DWă PDUĠLVHSWHPEULHGHFăWUHXQEăUEDW GLQ ORFDOLWDWHD /HFKLQĠD GHVSUH IDSWXO Fă vQ QRDSWHD GH  VSUH  VHSWHPEULH LDX GLVSăUXW FkWHYD VXWH GH NLORJUDPH GH FHUHDOH JUkX úL SRUXPE FDUH HUDX GHSR]LWDWH vQWUR GHSHQGLQĠă Ä/D IDĠD ORFXOXL VD GHSODVDW HFKLSD RSHUDWLYă GLQ FDGUXO 3ROLĠLHL RUDúXOXL ,HUQXW FDUH vQ XUPD FHUFHWăULORU HIHFWXDWH D LGHQ WL¿FDW VXVSHFĠLL vQ FD]XO IXUWXOXL GRL EăUEDĠL GH  GH DQL úL GH  DQL DPELL GLQ/HFKLQĠD´DSUHFL]DWFRPLVDUúHI/LYLD 3RSDSXUWăWRUGHFXYkQWDO,QVSHFWRUDWX OXLGH3ROLĠLH-XGHĠHDQă0XUHú 67

&HUFXO³9DO\L*\XOD´OD³%RO\DL´ 3URIHVRULLGHPDWHPDWLFăVHFĠLDPDJKLDUă VXQWDúWHSWDĠLODGHVFKLGHUHDIHVWLYăD&HU FXOXL GH 0DWHPDWLFă ³9DO\L *\XOD´ FDUH YDDYHDORFvQGDWDGHVHSWHPEULH GH OD RUD  OD /LFHXO 7HRUHWLF ³%RO\DL )DUNDV´ GLQ 7kUJX0XUHú ÌQGUXPDUHD WLQHUHORUWDOHQWHHVWHVFRSXOFRPXQDO,Q VSHFWRUDWXOXLùFRODUúLDO$VRFLDĠLHLÄ9iO\L *\XOD´ RUJDQL]DWRULL &HUFXOXL 7HPDWLFD úHGLQĠHL FXSULQGH UHRUJDQL]DUHD FHUFXOXL GHPDWHPDWLFăFRQGLĠLLOHGHvQVFULHUHDOH HOHYLORUODFHUFXOGHPDWHPDWLFăSURLHFWXO GH SURJUDP DO $QXOXL 0HPRULDO ³9DO\L *\XOD´ úL RUJDQL]DUHD XQRU FRQFXUVXUL $OăWXULGHSURIHVRULVXQWELQHYHQLĠLHOHYLL úLSăULQĠLL 20




62&,$/ VHSWHPEULH

Ä6XEVFULVD 5RP,162/ ,385/ FX VHGLXO DOHV vQ PXQ 7XOFHD VWU %DEDGDJ QU  EO &RUDO 0DOO HW  DS  MXG 7XOFHD FRG SRúWDO  vQUHJLVWUDWă vQ 5HJLVWUXO )RUPHORU GH 2UJDQL]DUH VXE QU  DYkQG &,) 52  UHSUH]HQWDWă OHJDO SULQ DVRFLDW FRRUGRQDWRU LQJ 3DXO $SRVWRO vQ FDOLWDWH GH OLFKLGDWRU MXGLFLDU DO GHELWRUXOXL 6& 'LVWLOHULLOH 5HJXQ 65/ vQ IDOLPHQW ± LQ EDQNUXSWF\ ± HQ IDLOOLWH  FX VHGLXO 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú &,) 52  vQUHJLVWUDWă OD 25& VXE QU - GHVHPQDW SULQ VHQWLQĠD FLYLOă QU  SURQXQĠDWă vQ 'RV QU  DO 7ULEXQDOXOXL &RPHUFLDO 0XUHú DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă FX VWULJDUH vQ FRQIRUPLWDWH FX /HJHD QU  úL UHJXODPHQ WXO GH YkQ]DUH QU  vQ ¿HFDUH ]L GH PLHUFXUL D VăSWăPkQLL RUD  vQFHSkQG FX GDWD GHODVHGLXODOHVDOOLFKLGDWRUXOXLMXGLFLDU VLWXDWvQPXQ7XOFHDVWU%DEDGDJQUEO&RUDO 0DOO HW  DS  MXG 7XOFHD 9kQ]DUHD VH YD IDFH vQ EORFSHJUXSXULGHDFWLYHGXSăFXPXUPHD]ă  LPRELOVLWXDWvQ5HJKLQVWU6DOFkPLORUQU $MXG0XUHúFRPSXVGLQWHUHQLQWUDYLODQúLVSDĠLL LQGXVWULDOHúLDGPLQLVWUDWLYHEXQXULPRELOHGHQDWX UDPLMORDFHORU¿[HVWRFXULúLPDWHULLSULPHFXSUHĠXO GHSRUQLUHODOLFLWDĠLHGHOHLIăUă79$ OHLIăUă79$   LPRELO VLWXDW vQ 5HJKLQ VWU ,HUQXĠHQL QU  MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FOăGLUL KDOăvPEXWHOLHUHFDVăGHFDUDPLGăGHSR]LW FXSUHĠXO GHSRUQLUHODOLFLWDĠLHGHOHLIăUă79$   PRELO VLWXDW vQ 5HJKLQ VWU $SDOLQHL QU & MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FRQVWUXFĠLH FX GHVWLQDĠLH VSDĠLX GH GHSR]LWDUHKDOă FX SUHĠXOGHSRUQLUHODOLFLWDĠLHGHOHLIăUă79$   LPRELO VLWXDW vQ 5HJKLQ VWU 5HSXEOLFLL QUSDUWHUDSMXG0XUHúFRPSXVGLQDSDUWD PHQWFXFDPHUHFXSUHĠXOGHSRUQLUHODOLFLWDĠLHGH OHLIăUă79$  3HQWUXSDUWLFLSDUHDODOLFLWDĠLHRIHUWDQĠLLYRUGH SXQHODVHGLXOOLFKLGDWRUXOXLMXGLFLDUGRFXPHQWHOHSUHFL]DWH vQFDLHWXOGHVDUFLQLSkQăvQSUH]LXDOLFLWDĠLHLRUD  &DLHWXOGHVDUFLQLSHQWUX¿HFDUHJUXSGHDF WLYH YD SXWHD ¿ FXPSăUDW FRQWUD VXPHL GH  OHL H[FOXVLY 79$  GH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU *DUDQĠLD GH SDUWLFLSDUH OD OLFLWDĠLH HVWH GH  GLQ SUHĠXO GH SRUQLUH OD OLFLWDĠLH úL VH GHSXQH SULQ YLUD PHQWEDQFDUvQFRQWXOXQLFGHVFKLVSHQXPHOHDYHULL GHELWRUXO 6& 'LVWLOHULLOH 5HJXQ 65/ FRQW FH YD ¿ PHQĠLRQDWvQFDLHWXOGHVDUFLQL ,QIRUPDĠLL VXSOLPHQWDUH VH SRW REĠLQH OD WHOHIRQ  VDX OD DGUHVD GH PDLO RI¿FHWXOFHD# URPLQVROUR´

'RXă]LOHFXSRUĠLOHGHVFKLVHOD9HULWDV

6FRSXOFDPSDQLHLHVWHGHDVWUkQJHIRQGXUL SHQWUXGHFRSLLFDUHDXvQFHSXWúFRDOD

$FWLYLWăĠLOHDXIRVWDQLPDWHGHYROXQWDULDPHULFDQL

GHGHDQLFDUHVXQWPHPEULLDLFHORUWUHLFOXEXULRUJD QL]DWH GH IXQGDĠLH 3HQWUX UHDOL]DUHD DFHVWHL DFĠLXQL DP DYXW úL VSULMLQXO XQRU VSRQVRUL ORFDOL ¿UPH úL SHUVRDQH ¿]LFHFăURUDOHPXOĠXPLP´DGHFODUDWSHQWUXÄ=LGH=L´ 3HWURQLD3RSDGLUHFWRDUHD)XQGDĠLHL9HULWDV

&ORYQLúLSHUVRQDMHGHGHVHQHDQLPDWH

/D)XQGDĠLD9HULWDVGLQ6LJKLúRDUD]LOHOHGHúLVHS WHPEULHDXIRVWGHFODUDWH=LOHDOH3RUĠLORU'HVFKLVHSULOHM FXFDUHDIRVW RUJDQL]DWăúLRFDPSDQLHGH VWUkQJHUH GH IRQGXULVXEVORJDQXOÄ)ăUăPDUHFKHOWXLDOăSXWHĠLWULPLWH XQFRSLOODúFRDOă´FXVFRSXOGHDVWUkQJHIRQGXULSHQWUX GHFRSLLFDUHDXvQFHSXWúFRDODúLFDUHDXQHYRLHGH UHFKL]LWHVDXGHSURJUDPXODIWHUVFKRROSHFDUHIXQGDĠLD vORIHUăvPSUHXQăFXRPDVăGHSUkQ]

3UHĠXULOHSURGXVHORUFRPHUFLDOL]DWHODVWDQGXULOHDPHQD MDWH vQ FXUWHD IXQGDĠLHL VXQW FXSULQVH vQ JHQHUDO vQWUH  úLOHLFHOHPDLVFXPSH¿LQGSăSXúLOHGHFROHFĠLHFXFDS GH SRUĠHODQ FDUH DX SUHĠXUL FXSULQVH vQWUH  úL GH OHL3HWRDWăGXUDWDGHVIăúXUăULLDFHVWHLDFĠLXQLDWPRVIHUD HVWHDQLPDWăGHFORYQLúLSHUVRQDMHGLQGHVHQHDQLPDWH LDUSHVFHQDDPHQDMDWăvQFXUWHDIXQGDĠLHLYRUFRQFHUWD &RUXO9R[$QLPL&RUXO*RVSHOúLSLDQLVWXODPHULFDQFX RULJLQLURPkQHúWL'DPHQ3HUVXLWWLvQ¿DWGHRIDPLOLHGH DPHULFDQLODvQFHSXWXODQLORU´GXSăFHDIRVWDEDQGR QDWGHPDPDVDvQPDWHUQLWDWHÄ$úWHSWăPFkWPDLPXOWă OXPHvQVSHFLDOIDPLOLLOHFXFRSLLGHRDUHFHHXQSULOHMGH DSHWUHFHXQWLPSSOăFXWúLGHDvQYăĠDVăIDFLOXFUXULLQWH UHVDQWH´DPDLVSXV3HWURQLD3RSD

9ROXQWDULDPHULFDQL ÌQFHOHGRXă]LOHvQWUHRUHOHúLYL]LWDWRULLSRW SDUWLFLSDODPDLPXOWHDWHOLHUHGHFUHDĠLHFRQIHFĠLRQDUHD GHSăSXúLDQLPDOHGLQEDORDQHKDLUVW\OLQJPDQLFKLXUă IDFHSDLQWLQJ VDX PXOWH MRFXUL LQWHUDFWLYH úL LQWHUH VDQWH 7RWRGDWă YL]LWDWRULL VH SRW GHOHFWD FX GHOLFDWHVH LQWHUQDĠLRQDOHúLURPkQHúWLSRWEHDROLPRQDGăGHFDVă úLvúLSRWSHUVRQDOL]DEULRúHOHÄ%HQH¿FLHPGHVSULMLQXOD GHYROXQWDULDPHULFDQLFDUHDXYHQLWOD6LJKLúRDUDvQ XUPă FX WUHL ]LOH úL FDUH OXFUHD]ă DLFL SH GRXă IURQWXUL 8QLLQHVSULMLQăvQDFWLYLWDWHDGHVWUkQJHUHGHIRQGXULLDU DOĠLL OXFUHD]ă FD úL FRQVWUXFWRUL OD DPHQDMDUHD VSDĠLLORU GH FDUH DYHP QHYRLH ]XJUăYHVF SHUHĠLL úL YRSVHVF XúLOH 'HDVHPHQHDDYHPúLGHYROXQWDULGLQ6LJKLúRDUD9R OXQWDULLVXQWGHWRDWHYkUVWHOHGHODOLFHHQLODSHQVLRQDUL

(/(&213/86 DQJDMHD]ă SHQWUXDFWLYLWDWHGHúDQWLHU LQVWDODĠLL  LQJLQHUHOHFWULFLQJLQHULQVWDODĠLL HOFWULFLHQLLQVWDODWRULWHKQLFLDQLQVWDODĠLL VHFUHWDUăFXQRVFăWRDUHGHOLPEDHQJOH]ă 7HO HPDLORI¿FH#HOHFRQUR

'H YkQ]DUH DSDUWDPHQW FX  FDPHUH EXFăWăULH EDLH  PS FX WHUDVă vQ ]RQă FHQWUDOă,QIRUPDĠLLODWHO 9kQGFHGH]FDXWDVRFLDWSHSURLHFW)($'5± PăVXUD DWHOLHUUHSDUDĠLLVHUYLFHVWDĠLH,73FXKDOăúLGRWăUL DWHOLHUWLQLFKLJHULH±YRSVLWRULHKDOăVLGRWăUL QHUDPEXUVDELOvQORFDOLWDWHD3HWHOHD ,QIRUPDĠLLODWHOHIRQ

6HEDVWLDQ$1*+(/

&XUVXULGHGDQVXULĠLJăQHúWL OD³&RQVWDQWLQ%UkQFXúL´ &HQWUXO GH ,Q FOX]LXQH 6RFLDOă SHQWUX3HUVRDQHOH GH (WQLH 5RPă ± &,63(5 &HQWUX 7kUJX0XUHú GLQ FDGUXO $VRFLDĠLHL 'LYHUV D GHVFKLV PDUĠL  VHS WHPEULH OD 6DOD )HVWLYăD*UXSXOXL ùFRODU ³&RQVWDQ WLQ%UkQFXúL´VHULD FXUVXULORUGHGDQV ĠLJăQHVF HYH QLPHQW vQFOXV vQ FDGUXO ³=LOHL SRU WXOXL úL GDQVXOXL 3URWDJRQLúWLLVSHFWDFROXOXL SRSXODU URP´ úL GHGHVFKLGHUHDFXUVXULORUGHGDQVXUL GHVFKLV GH DFWRUXO ĠLJăQHúWLGHOD&RQVWDQWLQ%UkQFXúL 5XG\0RFD

&XUVXULPLHUFXUHDGHODRUD $ LQWUDW DSRL vQ VFHQă $OH[ 3RF]R WkQăU YROXQWDU URP FRRUGRQDWRUXO FXUVXULORU GH GDQV ĠLJăQHVF GHVWLQDWH WX WXURU FHORU FDUH GRUHVF Vă vQYHĠH SULPLL SDúLL DO GDQVX OXL WUDGLĠRQDO URP 0X]LFD OLYH D HYHQLPHQWXOXL D IRVW DVLJXUDWă GH ³2UFKHVWUD $OH[LV´ FRQGXVă GH YLRORQLVWXO $OH[0ROGRYDQ3URLHFWXOGHPDUDWGH&HQWUXOGH,QFOX]LX QH6RFLDOăSHQWUX3HUVRDQHOHGH(WQLH5RPăDUHFDVFRS SURPRYDUHDYDORULORUFXOWXUDOHURPHDGDQVXOXLúLSRUWX OXL WUDGLĠLRQDO URP vQ FDGUXO FRPXQLWăĠLL URPH úL vQ IDĠD SRSXODWLHLPDMRULWDUH &XUVXULOH YRU ¿ RUJDQL]DWH vQ ¿HFDUH ]L GH PLHUFXUL RUD  OD *UXSXO ùFRODU ³&RQVWDQWLQ %UkQFXúL´ HOH ¿LQG JUDWXLWHÄ3HQWUXFXQRDúWHUHDGDQVXOXLĠLJăQHVFGDUPDL DOHVSHQWUXSUDFWLFDUHDOXLDFHVWHFXUVXULVXQWH[WUHPGH LQHGLWHGHRELFHLDFHVWGDQVVHvQYDĠăvQFRPXQLWăĠLOHGH URPLLDUDFHVWHFXUVXULvQFHDUFăVăLDSURSLHDWkWSHURPL GDUúLSHFHLGHDOWHHWQLLGHDFHVWGDQV&XUVXULOHVXQWJUD WXLWH úL ĠLQ SkQă OD PLMORFXO OXQLL GHFHPEULH´ D GHFODUDW 0DULD.RUHFNSUHúHGLQWHOH$VRFLDĠLHL'LYHUV $OLQ=$+$5,(

&ROHJLXO6LOYLF*XUJKLX YLQGHSODQWHRUQDPHQWDOHGLQSHSLQLHUD GLGDFWLFăODSUHĠXULIRDUWHFRQYHQDELOH 2IHUWDVHSRDWHYHGHDSH ZZZFROHJLXOVLOYLFJXUJKLXUR 7HOHIRQ IDFHERRNFRP]LGH]L




-867,ğ,(

9LFWLPHOHDEX]XULORUDSăUDWHGH³$JHUH3UR$OLLV´ ÌQFHSkQG GH VăSWăPkQD YLLWRDUH MXULVWXO 1DJ\$WWLODSUHúHGLQWHOH$VRFLDĠLHLÄ$JH UH3UR$OLLV´GLQ7kUJX0XUHúYDVXVĠLQH RUXEULFăWHPDWLFăvQFDGUXOFăUHLDFLWLWR ULLFRWLGLDQXOXL³=LGH=L´YRUDYHDSRVLELO LWDWHD Vă DÀH FXP WUHEXLH Vă UHDFĠLRQH]H DWXQFLFkQGVXQWYLFWLPHOHXQXLDEX] 5HSRUWHU 9ă URJ Vă Yă SUH]HQWDĠL FLWLWRULORUÄ=LGH=L´ 1DJ\ $WWLOD $P DEVROYLW )DFXOWDWHD GH 'UHSW vQFHSXWă vQ FDGUXO 8QLYHUVLWăĠLL ³'LPLWULH &DQWHPLU´ GLQ 7kUJX0XUHú úL ¿QDOL]DWă OD 8QLYHUVLWDWHD Ä7LELVFXV´ GLQ 7LPLúRDUDvQDQXOÌQDQXODP ¿QDOL]DW XQ FXUV GH PDVWHUDW vQ FDGUXO 8QLYHUVLWăĠLL Ä'LPLWULH &DQWHPLU´ GLQ 7kUJX0XUHúOD)DFXOWDWHDGH'UHSW3HU PDQHQW DP DYXW WDQJHQĠă FX GRPHQLXO MXULGLF FX FDUH PDP vQWkOQLW vQFă GLQ FkQGHUDPGLUHFWRUDGPLQLVWUDWLYOD RFRPSDQLHLPSRUWDQWă'HDVHPHQHDvQ SUH]HQWVXQWSUHúHGLQWHOH$VRFLDĠLHLÄ$JH UH3UR$OLLV´ 5HS 'H XQGH LGHHD GH D vQ¿LQĠD $VRFLDĠLDÄ$JHUH3UR$OLLV´" 1$ 2ELHFWXO $VRFLDĠLHL Ä$JHUH 3UR $OLLV´FDUH vQ WUDGXFHUH vQVHDPQă D DFĠLRQD SHQWUX DOĠLL FRQVWă vQ UH]ROYDUHD SUREOHPHORUFDUHVHVLWXHD]ăvQVIHUDDEX ]XULORUGHRULFHIHODIDSWHORUúLDFWHORUGH FRUXSĠLH LQIUDFĠLRQDOLWăĠLL úL D vQFăOFăULL GUHSWXULORU RPXOXL GH FăWUH LQVWLWXĠLL SHUVRDQH ¿]LFH VDX MXULGLFH vQ JHQHUDO 1HDP SURSXV Vă DMXWăP SHUVRDQHOH ¿]LFHúLMXULGLFHFDUHSRWGHYHQLPHPEUH DOH $VRFLDĠLHL SHQWUX D SXWHD EHQH¿FLD

PRGDOLWăĠL FRQFUHWH GH UH]ROYDUH D XQRU SUREOHPHDWkWODSHUVRDQH¿]LFHVDXMXULGLFH LQGLYLGXDO VDX VXE IRUPă FROHFWLYă 'LQ DFHVW SXQFW GH YHGHUH $VRFLDĠLD vQFHDUFă Vă OXSWH vPSRWULYD IHQRPHQHORU FDUH VH UHJăVHVFvQFDGUXOFRPXQLWăĠLLVXEDVSHFWXO vQWRFPLULL GH PHPRULL DGUHVH FăWUH RUJD QHOHúLLQVWLWXĠLLOHVWDWXOXLDXWRULWăĠLORUSX EOLFHVDXFHQWUDOHúLQXQXPDL

-XULVW 1DJ\$WWLOD SUHúHGLQWHOH$VRFLDĠLHL Ä$JHUH3UR$OLLV´GLQ7kUJX0XUHú

GH DMXWRUXO QRVWUX vQ UH]ROYDUHD SUR EOHPHORUSHFDUHOHvQWkPSLQăvQUHODĠLLOH FX VWDWXO VDX FX DOWH SHUVRDQH $MXWRUXO QRVWUXVHRULHQWHD]ăVSUHDVROXĠLRQDHIHF WLYSUREOHPHOHGHFLQXODQLYHOGHFODUDWLY FLODQLYHOGHDFĠLXQH 5HS8QGHSXWHĠL¿JăVLĠL" 1$ ,QIRUPDĠLL GHVSUH $VRFLDĠLD Ä$JHUH 3UR$OLLV´SRW¿JăVLWHSHEORJXODJHUHSURD OLLVEORJVSRWURFDUHXUPHD]ăVăVHGH]YROWH vQFRQWLQXDUH'HDVHPHQHDSXWHP¿JăVLĠL OD QXPHUHOH GH WHOHIRQ  úL SUHFXPúLODDGUHVDGHHPDLO

ùWLUL

LQWHUHVDQWH $YLRODWXQFRSLOGHúDVHDQL

&HUFHWDĠLSHQWUXIXUW

3URFXURUL DL 3DUFKHWXOXL GH SH OkQJă 7ULEXQDOXO 0XUHú DX GLVSXV PDUĠL  VHSWHPEULH SXQHUHD vQ PLúFDUH D DFĠLXQLL SHQDOH vPSRWULYD LQFXOSDWXOXL 1RWDU )ORULQ 7HRGRU SHQWUX VăYkUúLUHD LQIUDFĠLXQLLGHYLRO Ä'LQSUREDWRULXODGPLQLVWUDWUH]XOWă Fă vQ GDWD GH  VHSWHPEULH  LQFXOSDWXO 1RWDU )ORULQ 7HRGRU DU IL vQWUHĠLQXWXQDFWVH[XDOFXXQPLQRU vQYkUVWăGHúDVHDQLSHXQFkPSGH SH UD]D VDWXOXL -DEHQLĠD SURILWkQG GHLPSRVLELOLWDWHDPLQRUXOXLGHDVH DSăUD 'RVDUXO FDX]HL D IRVW vQDLQ WDW 7ULEXQDOXOXL 0XUHú OD GDWD GH  VHSWHPEULH  FX SURSXQHUHD GH DUHVWDUH SUHYHQWLYă D LQFXOSDWX OXL 1RWDU )ORULQ 7HRGRU SH R GXUDWă GH  GH ]LOH SURSXQHUHD ILLQG DGPLVă DVWIHO FXP D IRVW IRUPXODWă &HUFHWăULOH FRQWLQXă vQ YHGHUHD VWD ELOLULLWXWXURUvPSUHMXUăULORUGHIDSW úL D UăVSXQGHULL SHQDOH´ D SUHFL]DW $QJHOD %DUEX SXUWăWRU GH FXYkQW DO 3DUFKHWXOXL GH SH OkQJă 7ULEXQDOXO 0XUHú 67

ÌQ XUPD XQHL DFĠLXQL HIHFWXDWH vQ GLPLQHDĠD ]LOHL GH  VHSWHPEULH SH UD]D FRPXQHL &UăFLXQHúWL OD FDUH DX OXDWSDUWHSROLĠLúWLGHOD6HFĠLDGH3ROLĠLH 5XUDOă 0LHUFXUHD 1LUDMXOXL vPSUHXQă FXFHLGHOD6HFĠLDGH3ROLĠLH5XUDOă8Q JKHQL VD UHXúLW LGHQWL¿FDUHD úL SULQ GHUHD PDL PXOWRU VXVSHFĠL LPSOLFDĠL vQ IXUWXULGLQORFXLQĠHÄ3ROLĠLúWLLDXVWDELOLW IDSWXOFăVXVSHFĠLLDXDFĠLRQDWvQSHULRD GDDXJXVWVHSWHPEULHSHUD]DFR PXQHORU (UHPLWX 9ăUJDWD 0ăJKHUDQL úL%HUHQLVXVWUăJkQGPDLPXOWHEXQXUL vQ YDORDUH GH DSUR[LPDWLY  OHL GLQ DQH[H FXUĠL ORFXLQĠH úL PDJD]LQH ÌPSRWULYH VXVSHFĠLORU FLQFL OD QXPăU SURYHQLQG GLQ GLIHULWH ORFDOLWăĠL DOH MXGHĠXOXL /LYH]HQL 0LHUFXUHD 1LUDMX OXL %ăOăXúHUL %HUHQL GDU úL GLQ &OXM 1DSRFD D IRVW vQFHSXWă XUPăULUHD SHQDOăSHQWUXLQIUDFĠLXQLOHGHIXUWFDOL ¿FDW vQ IRUPă FRQWLQXDWă úL YLRODUH GH GRPLFLOLX vQ IRUPă FRQWLQXDWă´ D SUH FL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă0XUHú 67

6& 5$'(( &216758&7 65/ FX VHGLXO vQ 6kQWDQD GH 0XUHú VWU 9RLQLFHQLORU QU % vQ FDOLWDWH GH FUHGLWRU DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă ĠLQXWă OD VHGLXO H[HFXWRUXOXLMXGHFăWRUHVF3XLD5RPXOXVGLQ7J0XUHúVWU%X VXLRFXOXLQUVF&DSMXG0XUHúSHGDWDGHVHS WHPEULH  RUHOH  D XUPăWRUXOXL LPRELO SURSULH WDWHD GHELWRUXOXL 6& /2*,67,&6 $7/$6(3/86$65/ WHUHQ LQWUDYLODQ vQ VXSUDIDĠă GH  PS FX HGL¿FDWH VSDWLX FRPHUFLDO FX UHJLP GH vQDOWLPH 3( úL KDOD GH SURGXFĠLHVLWXDWvQ3HWHOHDQU-MXG0XUHúvQVFULV vQ &) QU  3HWHOHD QU&) YHFKL 1  SR] $ $QU&DGFDG& 6HLQYLWăRULFHSHUVRDQăFDUHSUHWLQGHYUHXQGUHSWDVXSUDLPRELOXOXL FDvQDLQWHDOLFLWDĠLHLVăLOIDFăFXQRVFXW([HFXWRUXOXL-XGHFăWRUHVF &RQGLĠLLOHGHSDUWLFLSDUHODOLFLWDĠLHVHSRWREĠLQHGHODH[HFXWRUXO MXGHFăWRUHVF3XLD5RPXOXVWHO

DJHUHSURDOLLV#JPDLOFRP 5HS &DUH VXQW FHOH PDL IUHFYHQWH FD]XULFXFDUHYăFRQIUXQWDĠL" 1$ &D]XULOH FDUH UHSUH]LQWă XQ IHQRPHQ $FHVWHD VXQW FHOH FDUH VH UHIHUă OD PRGXO vQ FDUH VXQW FRPXQLFDWH FRQWULEXDELOLORU DQXPLWH DFWH GH FăWUH DXWRULWăĠL VDX LQVWLWXĠLL úL FDUH YL]HD]ă REOLJDĠLLvQVSHĠăGHQDWXUă¿VFDOăvQVDU FLQDSHUVRDQHORU¿]LFHVDXMXULGLFHúLFDUH VHHPLWODLQWHUYDOHGHDQLGLQPRPHQWXO vQFDUHLDQDúWHUHREOLJDĠLDUHVSHFWLYă 5HS3HVWHRVăSWăPkQăYHĠLGHEX WD vQ SDJLQLOH ]LDUXOXL QRVWUX FX R UXEULFă&DUHHVWHVFRSXODFHVWHLD" 1$ ÌQ UXEULFD GLQ FRWLGLDQXO Ä=L GH =L´ YRP RIHUL LQIRUPDĠLL GLYHUVH FRQVWkQG vQ DQXQĠXUL FX SULYLUH OD DFWLYLWăĠLOH SH FDUH OH GHVIăúRDUă $VRFLDĠLD PRGDOLWăĠL GH VH VL]DUHWLSXULGHDEX]XULFDUHSRWVăDSDUă

5HS&DUHHVWHGLIHUHQĠDGLQWUHXQ FD]VLQJXODUúLXQIHQRPHQ" 1$ (VWH LPSRUWDQW D VH VXEOLQLD IDS WXO Fă XQXO GLQ VFRSXULOH SULQFLSDOH DOH $VRFLDĠLHL Ä$JHUH 3UR $OLLV´ HVWH GH D IDFH GLIHUHQĠD GLQWUH XQ FD] VLQJXODU úL XQ IHQRPHQ 'H H[HPSOX vQ PRPHQWXO vQ FDUH FLQHYD GHYLQH YLFWLPD XQXL DEX] úL DUH GUHSWXO SRWULYLW FăLORU OHJDOH GH D VH DGUHVD LQVWDQĠHORU R SRDWH IDFH vQVă DFHD FDX]ă YD ¿ FRQVLGHUDWă R VLWXDĠLH XQLFă'DFăvQVăDFHODúLWLSGHDEX]DSDUH OD PDL PXOWH SHUVRDQH GHMD UHSUH]LQWă XQIHQRPHQ&KLDUGDFă¿HFDUHSHUVRDQă vQ SDUWH YD DFĠLRQD vQ YHGHUHD REĠLQHULL GUHSWXULORU VDOH vQ LQVWDQĠă WRW QX VH YD FRQVLGHUD XQ IHQRPHQ FkWă YUHPH FD ]XULOHVXQWLQGHSHQGHQWHXQXOGHFHOăODW ÌQVăvQVLWXDĠLDvQFDUHDFHOHSHUVRDQHVH YRU DGUHVD $VRFLDĠLHL FDUH YD FRQWDEL OL]D¿HFDUHFD]vQSDUWHúLYDIDFHGHPHU VXULvQQXPHOHPHPEULORUHLYD¿IăFXWă GLIHUHQĠD vQWUH FD]XULOH VLQJXODUH úL XQ IHQRPHQ ,DU FkQG H YRUED GHVSUH XQ IHQRPHQVHDSOLFăDOWHUHJXOLGHMDvQVăúL PRGXOGHDFRQYLQJHFăH[LVWăRSUREOHPă GHYLQHFXPXOWPDLDSDUHQWúLVXEDVSHF WXOFRQYLQJHULLDXWRULWăĠLORUHVWHPDLVLJXU GHFkW D SUH]HQWD Vă ]LFHP ]HFH FD]XUL VHSDUDWH$VWIHOvQPăVXUDvQFDUHH[LVWă XQIHQRPHQQHSXWHPDGUHVDDXWRULWăĠLORU DUăWkQGFăH[LVWă]HFHFD]XULGLVWLQFWHFDUH DXDFHHDúLFDX]ă $FRQVHPQDW$OH[727+ DOH[WRWK#]LGH]LUR

ŽŵƵŶŝĐĂƚĚĞƉƌĞƐĉ

/ŶǀŝƚĂƟĞƉĞŶƚƌƵůŝĐŝƚĂƟĞ dŝƚůƵů ƉƌŽŝĞĐƚƵůƵŝ͗Z^dZ KDWd/d/s/dd// ^K/dd// ^ s> Ed WZ/E ,//d/KEZhEKZ,/WDEdd,EK>K'/WZ&KZDEd EƵŵĞůĞďĞŶĞĮĐŝĂƌƵůƵŝ͗^s>Ed^Z> ^ s> Ed ^Z> ŽƌŐĂŶŝnjĞĂnjĂ ŝŶ ĚĂƚĂ ĚĞ ϭϵ͘Ϭϵ͘ϮϬϭϮ ĂĐŚŝnjŝƜŝĂ ĚĞ ĞĐŚŝƉĂŵĞŶƚĞ ƚĞŚŶŽůŽŐŝĐĞ͕ ƌĞƐƉĞĐƟǀ ƵŶŝƚ ĚĞŶƚĂƌͲϮ ďƵĐ͕ ĞĐŚŝƉĂŵĞŶƚĞ ƉĞŶƚƌƵ ƐƚĞƌŝůŝnjĂƌĞ͕ ŝŶ ǀĂůŽĂƌĞ ƚŽƚĂůĂĚĞϭϱϰϭϮϬ͕ϮϰƌŽŶ͘ WƌŽŝĞĐƚƵů͞KDWd/d/s/dd//^K/dd//^s>EdWZ/E,//d/KEZhEKZ ,/WDEd d,EK>K'/ WZ&KZDEd͕͟ ĮŶĂŶƚĂƚ ƉƌŝŶ WƌŽŐƌĂŵƵů KƉĞƌĂƟŽŶĂů ZĞŐŝŽŶĂů ĞƐƚĞ ŝŵƉůĞŵĞŶƚĂƚ ĚĞ ĐĂƚƌĞ ^ s> Ed ^Z> Ɛŝ ĂƌĞ Ž ǀĂůŽĂƌĞ ƚŽƚĂůĂ ĚĞ ϭϱϰϭϮϬ͕ϮϰZKE͕ĚŝŶĐĂƌĞϭϮϰϮϵϬ͕ϱϮZKEƐƵŵĂŶĞƌĂŵďƵƐĂďŝůĂĂůŽĐĂƚĂ͘ WƌŽŐƌĂŵƵůKƉĞƌĂƟŽŶĂůZĞŐŝŽŶĂůĞƐƚĞŝŵƉůĞŵĞŶƚĂƚůĂŶŝǀĞůŶĂƟŽŶĂůĚĞĐĂƚƌĞDŝŶŝƐƚĞƌƵů ĞnjǀŽůƚĂƌŝŝ ZĞŐŝŽŶĂůĞ Ɛŝ dƵƌŝƐŵƵůƵŝ͕ ŝŶ ĐĂůŝƚĂƚĞ ĚĞ ƵƚŽƌŝƚĂƚĞ ĚĞ DĂŶĂŐĞŵĞŶƚ͕ ŝĂƌ ůĂ ŶŝǀĞů ƌĞŐŝŽŶĂů ĚĞ ĐĂƚƌĞ Z ĞŶƚƌƵ͕ ŽƌŐĂŶŝƐŵ ŝŶƚĞƌŵĞĚŝĂƌ Ăů ƉƌŽŐƌĂŵƵůƵŝ ĐĞ ŵŽŶŝͲ ƚŽƌŝnjĞĂnjĂŝŵƉůĞŵĞŶƚĂƌĞĂĂĐĞƐƚƵŝƉƌŽŝĞĐƚ͘ EŽƚĞ͗ŝŶĨŽƌŵĂƟŝƐƵƉůŝŵĞŶƚĂƌĞůĂĚŶĂ͘:ƵƌĐĂŶĂDĂƌŝĂ͕ƚĞůϬϮϲϱϮϱϲϰϭϭͬϬϳϮϬϱϰϬϵϮϱ͕ ĞŵĂŝů͗ĂŶĂŵĂƌŝĂͺũƵƌĐĂΛLJĂŚŽŽ͘ĐŽŵ ĂƚĂƉƵďůŝĐĂƌŝŝ͗ϭϵ͘Ϭϵ͘ϮϬϭϮ

ZZZLQIRUHJLRUR ,QYHVWLPLQYLLWRUXOWČX3URLHFWVHOHFWDWvQFDGUXO3URJUDPXOXL2SHUDĩLRQDO5HJLRQDO ĂLFRÀQDQĩDWGH8QLXQHD(XURSHDQČSULQ)RQGXO(XURSHDQSHQWUX'H]YROWDUH5HJLRQDOČ 'DWHFRQWDFWEHQHÀFLDU²6&9$/'$'(1765/7J0XUHV%GXO'HFHPEULHQU DSMXGHWXO0XUHVFRGSRVWDOSHUVRDQDGHFRQWDFW-XUFD$QD0DULD WHOHPDLODQDPDULDBMXUFD#\DKRRFRP &RQĩLQXWXODFHVWXLPDWHULDOQXUHSUH]LQWČvQPRGREOLJDWRULXSR]LĩLDRÀFLDOČ D8QLXQLL(XURSHQHVDXD*XYHUQXOXL5RPkQLHL


10

6Ă1Ă7$7( 20 septembrie 2012

3UHPLHUăvQPHGLFLQDPXUHúHDQăOD&HQWUXOGH0HGLFLQă,QWHJUDWLYăÄ/RWXV/LIH´

ùWLUL

interesante Cursuri de dans la King Salsa .LQJ6DOVDRUJDQL]HD]ăFXUVXULGHGDQV SHQWUX vQFHSăWRUL VDOVD EDFKDWD FKD FKD ]RXN UXHGD GH FDVLQR &XUVXULOH YRU DYHD ORF vQFHSkQG GLQ GDWD GH  RFWRPEULH vQ ¿HFDUH PDUĠL úL MRL GH OD RUHOHSHVWUDGD%HUQDG\*\RUJ\ QU  HW  ,QIRUPDĠLL VH SRW REĠLQH OD WHOHIRQHPDLONLQJBVDO VD#\DKRRFRPVDX)DFHERRN.LQJ 6DOVD(O.M.)

0DUHGHUE\OD5XúLL0XQĠL (WDSDD9DD/LJLLD,9D0XUHúODIRW EDOSURJUDPHD]ăSDUWLGDGLQWUHRFXSDQ WHOHSULPHORUGRXăORFXULDOHFODVDPHQ WXOXL 0XUHúXO 5XúLL 0XQĠL úL 0XUHúXO /XGXúDPEHOHFXPD[LPXPGHSXQFWH ÌQDGRXDSDUWLGăGHLQWHUHVDHWDSHL GHVkPEăWăFHDGHDWUHLDIRUPDĠLHFDUH D UHXúLW SDWUX YLFWRULL /DFXO 8UVX 0R ELOD6RYDWDYDMXFDSHWHUHQSURSULXFX &6,HUQXWDÀDWăSHORFXO9FXSXQFWH vQ WLPS FH RFXSDQWD ORFXOXL ,9 FX  SXQFWH$&60LHUFXUHD1LUDMXOXLSDUHD DYHDRPLVLXQHPDLXúRDUăODSHQXOWLPD FODVDWă$YkQWXO0LKHúXGH&kPSLH*D] 0HWDQ7kUJX0XUHúFXSXQFWHúLXQ MRFPDLSXĠLQGLVSXWDWYDIDFHGHSODVDU HD OD 5HJKLQ XQGH vQWkOQHúWH IRUPDĠLD ORFDOă *OLJD &RPSDQLHV 3DUWLGHOH HWDSHL VH GLVSXWă VkPEăWă RUD  FX H[FHSĠLD PHFLXOXL $606( 7kUJX 0XUHú0XUHúXO&XFLFDUHVHMRDFăYLQ HULRUD(M.V.)

$MXWRUXOGHPLQLPLV 100 de lei/ha $MXWRUXO GH PLQLPLV SHQWUX FRPSHQ VDUHD HIHFWHORU IHQRPHQXOXL GH VHFHWă PDQLIHVWDWă vQ DQXO DJULFRO  DVXSUD FXOWXULORU DJULFROH HVWH GH  GH OHLKD úL VH DFRUGă SHQWUX VXSUDIHĠH GH FXOWXUL DJULFROH vQ WHUHQ DUDELO GH PLQLP XQ KHFWDU úL PD[LP  KHFWDUH 3HVLWHXO3ULPăULHL5HJKLQVXQWDPLQWLĠL EHQH¿FLDULL DFHVWXLD (VWH YRUED GHVSUH SURGXFăWRULL DJULFROL SHUVRDQH ¿]LFH SURGXFăWRULL DJULFROL SHUVRDQH ¿]LFH DX WRUL]DWH vQWUHSULQGHUL LQGLYLGXDOH úL vQ WUHSULQGHUL IDPLOLDOH SHUVRDQH MXULGLFH SUHFXP úL RULFH IRUPH DVRFLDWLYH FX VDX IăUă SHUVRQDOLWDWH MXULGLFă FRQVWL WXLWH FRQIRUP OHJLL $MXWRUXO GH PLQL PLV VH DFRUGă DWkW IHUPLHULORU FDUH VXQW vQUHJLVWUDĠLvQHYLGHQĠD$JHQĠLHLGH3OăĠL úL,QWHUYHQĠLHSHQWUX$JULFXOWXUăFXFHUHUL XQLFHGHSODWăSHVXSUDIDĠăSHDQXO FkWúLIHUPLHULORUFDUHQXVXQWFXSULQúLvQ DFHVWHHYLGHQĠHSHQWUXFDPSDQLDGHSOăĠL SHVXSUDIDĠă'HSXQHQHDGRFXPHQ WHORU VH IDFH SkQă vQ GDWD GH  RFWRP EULH OD 3ULPăULD PXQLFLSLXOXL 5HJKLQ 0DLPXOWHGHWDOLLVHJăVHVFSHZZZSUL PDULDUHJKLQUR(O.M.)

%ROLOHGLJHVWLYHGHWHUPLQDWH FRUHFWFXFDSVXODHQGRVFRSLFă $IHFĠLXQLOH DSDUDWXOXL GLJHVWLY SRW ¿ YL ]XDOL]DWHFRUHFWFXRPD[LPăDFXUDWHĠHD UH]XOWDWHORU REĠLQXWH IăUă GLVFRQIRUW FX DMXWRUXO FDSVXOHL HQGRVFRSLFH FDUH HVWH vQJKLĠLWăGHFăWUHSDFLHQW,QYHVWLJDĠLDHVWH HIHFWXDWăSHSLDĠDPHGLFDOăPXUHúHDQăOD &HQWUXO GH 0HGLFLQă ,QWHJUDWLYă Ä/RWXV /LIH´ GLQ 7kUJX0XUHú DGPLQLVWUDWă GH GU &DUPHQ 1LFRODX PHGLF SULPDU JDV WURHQWHURORJ 3ULPD DVWIHO GH LQYHVWLJDĠLH DDYXWORFvQFXUVXO]LOHLGHPDUĠL&DSVXOD HQGRVFRSLFă HVWH GH JHQHUDĠLH QRXă GLQ $UHGRXăFDPHUHYLGHRFXXQXQJKL GH YL]XDOL]DUH GH  GH JUDGH SH ¿HFDUH FDPHUă OXFUX FH SHUPLWH YL]XDOL]DUHD FRUHFWă D vQWUHJXOXL WXE GLJHVWLY HVRIDJ VWRPDF GXRGHQ LQVWHVWLQ VXEĠLUH LQWHV WLQJURVHPLĠkQGvQWUHúLGHLPDJLQL SH VHFXQGă ÌQ SUH]HQW VH OXFUHD]ă OD R QRXăWHKQRORJLHDFDSVXOHLDVWIHOvQFkWVă ¿HGRWDWăFXH[WHQVLLWHOHVFRSLFHSHQWUXD SXWHDSUHOHYDúLSUREHGLQOH]LXQLOHSHFDUH OHLGHQWL¿Fă Reporter: Ce presupune examiQDUHDFXFDSVXODHQGRVFRSLFă" 'U &DUPHQ 1LFRODX ([DPLQDUHD FX FDSVXOD HQGRVFRSLFă HVWH FHD PDL QRXă úL PRGHUQă PRGDOLWDWH GH H[DPLQDUH HQGRVFRSLFă D WXEXOXL GLJHVWLY ,QWHV WLQXO HVWH SUHJăWLW DVWIHO vQFkW vQ LQWH ULRU Vă H[LVWH GRDU OLFKLGH WUDQVSDUHQWH $VWD SUHVXSXQH FD SDFLHQWXO FX GRXă ]LOH vQDLQWH GH H[DPLQDUH Vă FRQVXPH DOLPHQWDĠLHOLFKLGăFXR]LvQDLQWHGHH[ DPLQDUHvQFHSHRSUHJăWLUHFXXQSUHSDUDW VSHFLDO úL  FRQWLQXă Vă FRQVXPH OLFKLGH WUDQVSDUHQWH ÌQ GLPLQHDĠD H[DPLQăULL FRQVXPă XQ SUHSDUDW VSHFLDO úL OăVăP XQ LQWHUYDO GH WLPS Vă WUHDFă GH FkQG D FRQVXPDW DFHO SUHSDUDW FX QLúWH VăUXUL SHQWUX FXUăĠDUH GXSă FDUH VH SUH]LQWă vQ &HQWUXO 0HGLFDO Ä/RWXV /LIH´ XQGH DP vQFHSXW SUHJăWLULOH VDX vQUHJLVWUDW GDWHOHSDFLHQWXOXL8OWHULRUVHFRQHFWHD]ă GLVSR]LWLYXO úL HOHFWUR]LL GH SH VXSUDIDĠD SDFLHQWXOXLúLVHFRUHOHD]ăGDWHOHGLQGLV SR]LWLY FX XQ SURJUDP VSHFLDO GLQWUXQ FRPSXWHUÌQIHOXODFHVWDVHSRDWHDFWLYD FDSVXODHQGRVFRSLFăFDUHvQPRPHQWXOvQ FDUHVDWHUPLQDWH[DPLQDUHDHVWHOăVDWă Vă VH SLDUGă QX SRDWH ¿ UHIRORVLWă (VWH HOLPLQDWă SH FDOH ¿]LRORJLFă 7UHEXLH Vă PDL PHQĠLRQH] IDSWXO Fă RULFH SDFLHQW IDFH vQDLQWHD H[DPLQăULL R LQYHVWLJDĠLH D LQWHVWLQXOXL SHQWUX D H[FOXGH ULVFXO GH D VH EORFD DFHDVWă FDSVXOă vQ LQWHULRUXO OXL SHQWUX D H[FOXGH ULVFXO GH RFOX]LH LQWHVWLQDOă

&OXEXO$6&/DEUDGRUVRUJDQL]HD]ă VHOHFĠLHSHQWUXJUXSHOH EDVFKHWGHSHUIRUPDQĠă ODFDWHJRULDEăLHĠLQăVFXĠLvQWUHDQLL±

'LQDFHVWVH]RQFOXEXORIHUăEXUVH SHQWUXXQQXPăUOLPLWDWGHVSRUWLYL %XUVHOHVSRUWLYHVXQWSULPXOSDVGLQSURLHFWXO Ä&HQWUXOGH([FHOHQĠăvQ%DVFKHW´FHYD¿ GHPDUDWLQYLLWRUXODSURSLDWPHGLX 3HQWUXvQVFULHULúLGHWDOLLVXQDĠLOD(PLO WHOHIRQVDXWULPLWHĠLHPDLO ODDGUHVDRI¿FH#ODEUDGRUVUR

:::=,'(=,52

Ä$PGRULWRLQYHVWLJDĠLH OD R YkUVWă PDL UHVSHFWDELOă OD  GH DQL FDUH vQ PRG QRUPDO DU WUHEXL IăFXWă GH WRDWă OXPHD )LLQG R PHWRGă QHLQYD]LYă VLJXU Fă DP DSHODW OD HD $P PDL DYXW R FRORQRVFRSLH vQDLQWH úL PL VD SăUXW IRDUWH WUDXPDWL]DQWă´ a declarat pacientul care DDSHODWODDFHDVWăPH WRGă Parcursul capsulei endoscopice prin interiorul aparatului digestiv se vizualizeaza pe un dispozitiv special 5HS &H LQYHVWLJDĠLL VXSOLQHúWH DFHDVWăPHWRGăQRXă" &1 ([LVWă GRXă DVSHFWH SULQFLSDOH SH FDUHWUHEXLHVăOHPHQĠLRQăPvQOHJăWXUă FX DFHDVWă PHWRGă vQ SULPXO UkQG HVWH VLQJXUD PHWRGă HQGRVFRSLFă QHLQYD]LYă FDUH YL]XDOL]HD]ă LQWHVWLQXO VXEĠLUH ,Q WHVWLQXO VXEĠLUH GH DSUR[LPDWLY FLQFL DQL HVWHYL]XDOL]DWúLSULQHQWHURVFRSXQHQ GRVFRS VSHFLDOL]DW SHQWUX YL]XDOL]DUHD LQWHVWLQXOXXLVXEĠLUHFDUHDUHSDWUXPHWUL FX IRDUWH PXOWH FXGXUL GDU LQYHVWLJDĠLD DFHHD HVWH LQYD]LYă úL FRPSRUWă XQ DQX PLW JUDG GH ULVF FDUH HVWH GLPLQXDW VHPQL¿FDWLY GDFă FHO FDUH HIHFWXHD]ă DUHH[SHULHQĠă)ăUăH[SHULHQĠăULVFXOGH UXSHUHHVWHIRDUWHPDUHÌQJKLGXULOHQR DVWUH LQYHVWLJDUHD LQWHVWLQXOXL VXEĠLUH VH GRUHúWHDVHIDFHvQSULPXOUkQGFXFDSVX ODHQGRVFRSLFăúLGDFăVHLGHQWL¿FăOH]LXQL FDUHQHFHVLWăWUDWDPHQWHQGRVFRSLFDWXQ FL VH IRORVHúWH DFHO HQWHURVFRS &DSVXOD DUWUHEXLVăSUHPHDUJăRULFHLQYHVWLJDĠLH HQGRVFRSLFăDLQWHVWLQXOXLVXEĠLUH 5HS&kWGHPXOWDMXWăSHQWUXVWD ELOLUHDXQXLGLDJQRVWLFFRUHFW" &1 $YkQG vQ YHGHUH Fă SHQWUX QRL SkQă OD DSDULĠLD FDSVXOHL HQGRVFRSLFH LQWHVWLQXOVXEĠLUHHUDXQWHULWRULXRSDWă QHDJUăGHVSUHFDUHQXúWLDPFODUGHFkW OXFUXUL SH FDUH OH úWLDP LQWUDRSHUDWRU VDX vQFHUFDP Vă OH GHGXFHP SULQ WHVWH FDUH VXQW LQGLUHFWH GHVWXO GH VăUDFH vQ LQIRUPDĠLL SHQWUX QRL SUDFWLF VD GHVFKLV vQFă R OXPH SH FDUH FX DFHDVWă FDSVXOăRSXWHPH[SORUDODIHOGHFRUHFW úLFXDFHHDúLDFXUDWHĠHDúDFXPIDFHPFX VWRPDFXOFXLQWHVWLQXOJURV

5HS &H WUHEXLH Vă úWLH SDFLHQWXO FHIHOGHDIHFĠLXQLSRW¿LQYHVWLJDWH FRUHFWFXDFHDVWăFDSVXOăSHQWUXD se putea stabili corect diagnosticul úLWUDWDPHQWXO" &1 'LQ SXQFW GH YHGHUH úWLLQĠL¿F SRUQLQG GH OD IDSWXO Fă YL]XDOL]kQG LQ WHVWLQXO VXEĠLUH FRUHFW DU ¿ Vă DMXQJHP vQ VLWXDĠLD vQ FDUH Vă SXWHP Vă IRORVLP FDSVXODHQGRVFRSLFăFDúLLQYHVWLJDĠLHGH VFUHHQLQJ &H vQVHDPQă" &ă DP VDX QX DPYUHRSUREOHPăODXQPRPHQWGDWvQ YLDĠăvPLYRLH[DPLQDWXEXOGLJHVWLYFRP SOHWvQJKLĠLQGRFDSVXOăHQGRVFRSLFă1X Pă GRDUH QLPLF GDU YUHDX Vă úWLX GDFă PL VH SUHJăWHúWH FHYD 'LVFXWăP GHVSUH FHDPDLHOHJDQWăSUR¿OD[LHGLQOXPH'LQ SXQFW GH YHGHUH SUDFWLF LQGLFDĠLLOH VDX UHGXV GHVWXO GH PXOW SRUQLQGXVH GH OD HFKLOLEUXO GLQWUH FRVWXUL úL H¿FLHQĠă ùL DWXQFL VWULFW QHFHVDU YRP DGPLQLVWUD FDSVXOD HQGRVFRSLFă OD SDFLHQĠLL FDUH DYkQG R DQHPLH GH FDX]ă QHFXQRVFXWă IăFkQGXVH H[DPLQDUHD WXEXOXL GLJHVWLY VXSHULRUúLLQIHULRUúLQHLGHQWL¿FkQGXVH QLFLRVXUVăGHSLHUGHUHYUHPVăúWLPGDFă QXVkQJHUHD]ăGLQLQWHVWLQXOVXEĠLUH1X PDLFDSVXODHQGRVFRSLFăQHSRDWHVSXQH DFHVW OXFUX &DSVXOD HQGRVFRSLFă VH DGPLQLVWUHD]ăODFRSLL$YHPFRSLLFXVLQ GURDPHGLDUHLFHGHFDX]ăQHLGHQWL¿FDWă VH IDF WRDWH LQYHVWLJDĠLLOH FHOHODOWH QX VH H[SOLFă DFHVW VLQGURP GLDUHLF FRSLOXO FRQWLQXă Vă VOăEHDVFă GHYLQH PDOQXWULW H[WUHPGHVODEúLDWXQFLVHIDFWRDWHHIRU WXULOHFDDFHOFRSLOVă¿HLQYHVWLJDWFXFDS VXODHQGRVFRSLFă $FRQVHPQDW$ULQD02/'29$1

&OXEXO$6&/DEUDGRUV FDXWăFRODERUDWRUL SURIHVRULGHVSRUWDQWUHQRULúLLQVWUXFWRULVSRUWLYL GLQGLIHULWHUDPXULVSRUWLYH HGXFDWRULvQYăĠăWRULVWXGHQĠLLQVWUXFWRULVWUHHWGDQFHPDMRUHWH DQLPDWRULSHQWUXDFWLYLWăĠLGHVWLQDWHSUHúFRODULORUúLúFRODULORUFkWúL SHUVRDQHFXH[SHULHQWDvQSURJUDPHOHWLSÄDIWHUVFKRRO´ NLQHWRWHUDSHXĠLFXH[SHULHQWDvQSUHYHQLUHDDFFLGHQWăULORUVSRUWLYH SVLKRORJLVSHFLDOLúWLLQDFWLYLWDWLGHWLSÄWHDPEXLOGLQJ´HWF 6XQWELQHYHQLWHWRDWHSHUVRDQHOHFDUHSRWGHUXODDFWLYLWăĠLFRQH[HVSRUWXOXLGH SHUIRUPDQĠăVLGHGLYHUWLVPHQWSURPRWRULDLXQXLPRGGHYLDĠăDFWLYúLVăQăWRV FXSHUVRQDOLWDWHĠLQXWăDWLWXGLQHVLFDUDFWHUFRUHVSXQ]ăWRUSURLHFWHORUVSRUWLYH úLHGXFDWLYHGHGLFDWHFRSLLORU9kUVWDSUHIHUDELOvQWUH±GHDQLFXDELOLWDWL GHFRPXQLFDUHVLVSLULWDQWUHSUHQRULDO &HLLQWHUHVDĠLúLFDUHDXSURSXQHULFRQFUHWHGHSURLHFWHSRWWULPLWHscrisoare GHLQWHQĠLHúL&9ODDGUHVDGHHPDLORI¿FH#ODEUDGRUVUR.

3HQWUXGHWDOLLOHJDWHGHYL]LXQHDQRDVWUăYL]LWDĠL ZZZODEUDGRUVURVHFĠLXQHDÄ35(=(17$5(´VDXSDJLQD GH)DFHERRNZZZIDFHERRNFRP/DEUDGRUV%DVNHW facebook.com/zidezi




38%/,&,7$7(

520Æ1,$ -8'(ğ8/085(ù 081,&,3,8/5(*+,1 3ĠD3HWUX0DLRUQUFRG7HOHIRQ &RG)LVFDO)D[ :HEZZZSULPDULDUHJKLQUR(PDLORI¿FH#SULPDULDUHJKLQUR

&2081,&$7 (9(1,0(1725$1*(  3ULPăULD 0XQLFLSLXOXL 5HJKLQ úL  &RQVLOLXO /RFDO vQ FRODERUDUH FX 25$1*(5RPkQLDRUJDQL]HD]ăHYHQLPHQWXO3RSXS&LQHPDvQSHULRDGD VHSWHPEULHúL3URJUDPXOGH9ROXQWDULDWvQ6SULMLQXO&RPXQLWăĠLLvQGDWDGH VHSWHPEULH  ÌQVHULOHGHúLVHSWHPEULHYăDúWHSWăPVăOXDĠLSDUWHODSURLHFĠLLGH ¿OPvQFHSkQGFXRUDƒƒvQDHUOLEHUvQ]RQDFHQWUDOăvQWUHFHOHGRXăSDUFXUL  &LUFXODĠLDYD¿vQFKLVăvQDFHDVWă]RQăvQSHULRDGD±VHSWHPEULH WUD¿FXOUXWLHU¿LQGGHYLDW  5XJăPSDUWLFLSDQĠLLODWUD¿FVăPDQLIHVWHUăEGDUHúLvQĠHOHJHUH

520Æ1,$ -8'(ğ8/085(ù 081,&,3,8/5(*+,1 3ĠD3HWUX0DLRUQUFRG7HOHIRQ &RG)LVFDO)D[ :HEZZZSULPDULDUHJKLQUR(PDLORI¿FH#SULPDULDUHJKLQUR

&2081,&$7 3ULPDUXO0DULD3UHFXSDOăWXULGHGDVFăOLHOHYLúL SăULQĠLODGHVFKLGHUHDDQXOXLúFRODU

%LURXOGH3UHVăDO3ULPăULHL0XQLFLSLXOXL5HJKLQ

520Æ1,$ -8'(ğ8/085(ù 081,&,3,8/5(*+,1 3ĠD3HWUX0DLRUQUFRG7HOHIRQ &RG)LVFDO)D[ :HEZZZSULPDULDUHJKLQUR(PDLORI¿FH#SULPDULDUHJKLQUR

&2081,&$7 =,8$02%,/,7Ăğ,,  3ULPăULD0XQLFLSLXOXL5HJKLQvPSUHXQăFX&RQVLOLXO/RFDORUJDQL]HD]ă vQGDWDGHVHSWHPEULHD,,,DHGLĠLHD=LOHL0RELOLWăĠLL  =LXD 0RELOLWăĠLL HVWH ]LXD vQ FDUH RDPHQLL GLQ vQWUHJD OXPH VH DGXQă SHQWUX D PDUFD DFHDVWă ]L SURPRYkQG DOWHUQDWLYH OD DXWRPRELOXO SHUVRQDO VDX GHVHUYLFLX6XWHGHRUDúHvúLvQFKLGFHQWUHOHFLUFXODĠLHLDXWRPHUVXOSHMRVFX ELFLFOHWDúLDOWHIRUPHGHGHSODVDUH¿LQGvQFXUDMDWH  5HJKLQXODIăFXWRWUDGLĠLHvQDRUJDQL]DDFHDVWă]LSURPRYkQGVSRUWXO vQDHUOLEHUHYLWkQGVHGHQWDULVPXOvQEHQH¿FLXOVăQăWăĠLL  'UDJLFHWăĠHQLDL0XQLFLSLXOXL5HJKLQYăDúWHSWăPVăYăDOăWXUDĠLDFHV WXLHYHQLPHQW  'HVFKLGHUHDR¿FLDOăYDDYHDORFODRUDžžvQIDĠD3ULPăULHL0XQLFL SLXOXL5HJKLQ  &LUFXODĠLDYD¿vQFKLVăSHFHQWUXvQDFHDVWă]LWUD¿FXOUXWLHU¿LQGGHYLDW  5XJăPSDUWLFLSDQĠLLODWUD¿FVăPDQLIHVWHUăEGDUHúLvQĠHOHJHUH %LURXOGH3UHVăDO3ULPăULHL0XQLFLSLXOXL5HJKLQ

3ULPăULD0XQLFLSLXOXL7kUJX0XUHú

$181ğ

ÌQDWHQĠLDVROLFLWDQĠLORUGHORFXLQĠHSHQWUXWLQHUL $1/ VRFLDOHúLFXFKLULHGLQIRQGXOORFDWLYGHVWDW 0XQLFLSLXO7kUJX0XUHúDGXFHODFXQRúWLQĠDVROLFLWDQĠLORUGHORFXLQĠHSHQWUX WLQHUL $1/ VRFLDOHúLFXFKLULHIRQGGHVWDWFăvQSHULRDGDVHSWHP EULH  RFWRPEULH  VH SRW IDFH vQVFULHUL SHQWUX OLVWHOH VROLFLWDQĠLORU GHORFXLQĠHSHQWUXDQXO6ROLFLWDQĠLLFDUHDXGHSXVFHUHULvQDQLLDQWHULRUL WUHEXLHVăVHSUH]LQWHSHQWUXUHDFWXDOL]DUHDDFWHORUGHSXVH &HUHULOHWLSVHSURFXUăGHODFDP SDUWHU D3ULPăULHL 3ULPDUGU'25,1)/25($

3ULPăULD0XQLFLSLXOXL7kUJX0XUHú

$181ğ

ÌQDWHQĠLDFRQWULEXDELOLORUSHUVRDQH¿]LFHúLMXULGLFH

 3ULPăULD0XQLFLSLXOXL7kUJX0XUHúUHDPLQWHúWHFRQWULEXDELOLORUSHU VRDQH¿]LFHúLMXULGLFHFăDOGRLOHDWHUPHQVFDGHQWSHQWUXSODWDLPSR]LWHORUúL WD[HORUORFDOHHVWHVHSWHPEULH /DDFHDVWăGDWăVHDFKLWăDGRXDMXPăWDWHGLQLPSR]LWXODQXDOGDWRUDWSHQWUX FOăGLULWHUHQXULPLMORDFHGHWUDQVSRUWúLWD[DD¿úDM  0HQĠLRQăP Fă UDWHOH WULPHVWULDOH SHQWUX WD[D GH RFXSDUH GRPHQLX SXEOLFFXJDUDMHúLWD[DVWDĠLRQDUHWD[LVXQWVFDGHQWHODVHSWHPEULH $úDGDUYăLQYLWăPVăDFKLWDĠLLPSR]LWHOHúLWD[HOHFRUHVSXQ]ăWRDUHODWHUPHQvQ YHGHUHDHYLWăULLDFXPXOăULLGHPDMRUăULGHvQWkU]LHUH  ,PSR]LWHOHúLWD[HOHORFDOHVHSRWDFKLWDvQQXPHUDUDWkWODJKLúHHOHGLQ FDGUXO6HUYLFLXOXLVWDELOLUHvQFDVDUHLPSR]LWHúLWD[HGHODVHGLXO3ULPăULHL7kUJX 0XUHúFkWúLODELURXULOHGHFROHFWDUHGLQFDUWLHUHOH7XGRUúL'kPEXO3LHWURVLDUvQ FD]XOSHUVRDQHORU¿]LFHúLSULQPHWRGDGHSODWăHOHFWURQLFăÄJKLVHXOUR´ 3ULPDUGU'25,1)/25($

 /XQL  VHSWHPEULH  3ULPDUXO 0DULD 3UHFXS D IRVW SUH]HQWă OD IHVWLYLWăĠLOHSULOHMXLWHGHGHVFKLGHUHDQRXOXLDQúFRODU±  ÌQFHSkQG FX RUD ƒƒ VD DÀDW vQ PLMORFXO HOHYLORU OD *LPD]LXO GH 6WDW 0LURQDXQGHFORSRĠHOXODVXQDWPDWLQDOFKHPkQGFRSLLLODFODVăDSRLDRQRUDW LQYLWDĠLD*UXSXOùFRODUÄ3HWUX0DLRU´ODRUDƒƒXOWLPDúFRDOăFDUHVDEXFXUDWGH SUH]HQĠDGRDPQHLSULPDU¿LQG*LPQD]LXOGH6WDWÄ$XJXVWLQ0DLRU´ODRUDƒƒ  Ä0LDIăFXWRPDUHSOăFHUHVă¿XDOăWXULGHGDVFăOLFRSLLúLSăULQĠLvQDFHDVWă ]LLPSRUWDQWă3ULPD]LGHúFRDOăHVWHRDPLQWLUHIUXPRDVă6XQWPXOĠXPLWăGHFHHD FHDPJăVLWGHSUHJăWLULOHIăFXWHSHQWUXDFHVWvQFHSXW0XOĠXPLUHDVDSXWXWYHGHDúL vQRFKLLFRSLLORUvQ]kPEHWXOSOLQGHLQRFHQĠăDODFHVWRUD  9UHDX Vă DVLJXU GLVSRQLELOLWDWHD úL VSULMLQXO PHX SHQWUX R FRODERUDUH FkWPDLVWUkQVăFXLQVWLWXĠLLOHGHvQYăĠăPkQWGLQPXQLFLSLXvQYHGHUHDVXVĠLQHULL XQXLvQYăĠăPkQWFkWPDLSHUIRUPDQW  8QJkQGGHELQHPXOWHVXFFHVHSHQWUXWRĠLHOHYLLSUHFXPúLXQPHVDM GHIHOLFLWDUHSHQWUXSăULQĠLLFDUHLDXFUHVFXWHGXFDWSkQăODDFHDVWăYkUVWă  $FHVWvQFHSXWGHDQúFRODUvPLRIHUăSRVLELOLWDWHDVăXUH]FDGUHORUGL GDFWLFHHOHYLORUPXOWHVXFFHVHUHDOL]ăULúLVăIDFăFXQRVFXW0XQLFLSLXO5HJKLQ SULQSHUIRUPDQĠHOHREĠLQXWHODvQYăĠăWXUăúLODFRPSHWLĠLLOHVSRUWLYH´DSUHFL]DW GRDPQD3ULPDU0DULD3UHFXS %LURXOGH3UHVăDO3ULPăULHL0XQLFLSLXOXL5HJKLQ

$181ğ35,9,1'$75,%8,5($&2175$&78/8, '('(/(*$5($*(67,81,,6(59,&,8/8,38%/,& '($/,0(17$5(&8$3Ăù,'(&$1$/,=$5($/ &2081(,6Æ17$1$'(085(ù-8'(ğ8/085(ù D 'DWHOHGHFRQWDFWDOHGHOHJDWXOXL &2081$6Æ17$1$'(085(ù $GUHVăVWU0RULLQUORFDOLWDWH6kQWDQDGH0XUHúFRGSRúWDOMXGHĠXO 0XUHú 7HOHIRQID[ (PDLOVLQWDQD#FMPXUHVURSULPVDQD#\DKRRFRP 3DJLQăZHEZZZVLQWDQDUR E 'HOHJDWDUXODVWDELOLWFăJHVWLXQHDVHUYLFLXOXLGHDOLPHQWDUHFXDSăúLGHFD QDOL]DUHVHYDUHDOL]DSULQJHVWLXQHGHOHJDWăSULQ+RWăUkUHD&RQVLOLXOXL/RFDODO &RPXQHL6kQWDQDGH0XUHúQU F $ULDWHULWRULDOăXQGHXUPHD]ăDVHSUHVWDIXUQL]DVHUYLFLXODFWLYLWDWHD±WHUL WRULXODGPLQLVWUDWLYDO&RPXQHL6kQWDQDGH0XUHúMXGHĠXO0XUHúUHVSHFWLYvQ ORFDOLWăĠLOH6kQWDQDGH0XUHú&XUWHQL&KLQDUL%ăUGHúWL G 6HUYLFLXODFWLYLWăĠLOHFDUHXUPHD]ăVă¿HSUHVWDWHIXUQL]DWH  6HUYLFLXOGHDOLPHQWDUHFXDSă   7UDQVSRUWXODSHLSRWDELOH   ÌQPDJD]LQDUHDDSHL   'LVWULEXĠLDDSHLSRWDELOH  6HUYLFLXOGHFDQDOL]DUH   &ROHFWDUHDWUDQVSRUWXOúLHYDFXDUHDDSHORUX]DWHGHOD   XWLOL]DWRULODVWDĠLLOHGHHSXUDUH H 'XUDWDFRQWUDFWXOXLGHGHOHJDUHDJHVWLXQLL±DQL I  'HQXPLUHD DGUHVD QXPăUXO GH WHOHIRQ úL GH ID[ úL DGUHVD GH HPDLO DOH EL URXOXLSHUVRDQHLGHODFDUHVHSRDWHVROLFLWDGRFXPHQWDĠLDGHGHOHJDUH$QJHOR 7HPSÀL&RPSDUWLPHQWDFKL]LĠLLSXEOLFH3ULPăULD&RPXQHL6kQWDQDGH0XUHú VWU0RULLQUORFDOLWDWH6kQWDQDGH0XUHúFRGSRúWDOMXGHĠXO0XUHú WHOHIRQID[DGUHVăHPDLODFKL]LWLL#VLQWDQDUR 0RGDOLWăĠLOHGHREĠLQHUHDGRFXPHQWDĠLHLGRFXPHQWDĠLDVHSRDWHGHVFăUFDJUDWX LWGHSHSDJLQDGHZHED3ULPăULHL&RPXQHL6kQWDQDGH0XUHúZZZVLQWDQDUR K 7HUPHQXOOLPLWăGHGHSXQHUHDRIHUWHORUGDWDúLRUDDGUHVDODFDUHVHGHSXQ WUDQVPLWRIHUWHOH±RIHUWHOHVHSRWGHSXQHSkQăFHOWkU]LXODGDWDGH RUDODDGUHVD3ULPăULD&RPXQHL6kQWDQDGH0XUHúVWU0RULLQUOR FDOLWDWH6kQWDQDGH0XUHúFRGSRúWDOMXGHĠXO0XUHú L  'DWD RUD úL ORFXO GHVFKLGHULL RIHUWHORU ± RIHUWHOH VH YRU GHVFKLGH vQ GDWD GH RUDODDGUHVD3ULPăULD&RPXQHL6kQWDQDGH0XUHúVWU0RULL QUORFDOLWDWH6kQWDQDGH0XUHúFRGSRúWDOMXGHĠXO0XUHú M  *DUDQĠLLOH VROLFLWDWH ± JDUDQĠLD GH SDUWLFLSDUH HVWH VWDELOLWă GH GHOHJDWDU OD YDORDUHD GH  OHL 0RGDOLWăĠLOH GH FRQVWLWXLUH D JDUDQĠLHL GH SDUWLFLSDUH VFULVRDUHGHJDUDQĠLHEDQFDUăRUGLQGHSODWăYL]DWGHREDQFăGLQ5RPkQLDVDX FKLWDQĠă GH GHSXQHUH OD FDVLHULD XQLWăĠLL 2IHUWDQĠLL VXQW REOLJDĠL Vă PHQĠLQă JDUDQĠLDGHSDUWLFLSDUHSHQWUXXQWHUPHQGHPLQLPGH]LOHFDOHQGDULVWLFH N 'XUDWDGHYDODELOLWDWHDRIHUWHL±PLQLPGH]LOHFDOHQGDULVWLFH O 3DJLQDZHESHFDUHHVWHGLVSRQLELOăGRFXPHQWDĠLDZZZVLQWDQDUR


12

ECONOMIC 20 septembrie 2012

8WLODMHODSUHĠGHFUL]ă OD9DUKDQV&RP5HJKLQ

$GPLQLVWUDWRULL¿UPHLVXQWIUDĠLL ,RDQúL&VDED9DUJD

9DUKDQV&RPSXQHDFFHQWSH FUHúWHUHDQLYHOXOXLGHSUHJăWLUHDDQJDMDĠLORU

SC Varhans Com SRL este una dintre FHOH PDL LPSRUWDQWH ¿UPH GLQ ]RQD Reghinului, care are obiect de activitate FRPHUĠXOGHSLHVHDXWRúLGHvQFKLULHUHD GHXWLODMHGHVWLQDWHFRQVWUXFĠLLORUFLYLOH úLLQGXVWULDOH)LUPDvQFKLULD]ăH[FDYD toare, macarale, wole, tractoare, piese GHVFKLPEPRWRDUHGLVHOSkQăODSLHVH GLQGH]PHPEUăUL

8WLODMHQHPĠHúWL ODSUHĠXULGHFUL]ă $GPLQLVWUDWRULL DVRFLDĠL DL ¿UPHL VXQW IUDĠLL ,RDQ úL &VDED 9DUJD FDUH vQ XUPă FXDQLVDXKRWăUkWVăvúLWUDQVIRUPH RSDVLXQHvQWURDIDFHUHFXRSWDQJDMDĠL FDUH D GHYHQLW vQ WLPS SUR¿WDELOă &X VSLULW GH VDFUL¿FLX úL PXOWă GHWHUPLQDUH DXWUDQVIRUPDWRVXSUDIDĠăGHXQKHFWDU GHWHUHQPOăúWLQRVvQWUXQSXQFWGHOX FUX SH FDUH DX DPHQDMDW WUHSWDW XQ DWH OLHUDXWRGHLQYLGLDWúLXQSDUFGHXWLODMH DJULFROH IRDUWH FăXWDW GH JRVSRGDULL úL DJULFXOWRULLMXGHĠXOXL0XUHúGDWRULWăSUR GXVHORUVLVHUYLFLLORUGHFDOLWDWH7RWRGDWă ¿UPD YLQGH XWLODMH VHFRQGKDQG DGXVH GLQVWUăLQăWDWHGLQ*HUPDQLDODSUHĠXUL GHFUL]ăúLUHDOL]HD]ăVHUYLFHúLvQWUHĠLQHUH

SHQWUXXWLODMHDJULFROH

&HOHPDLVROLFLWDWH VXQWSOXJXULOH ´/DQRLRULFHFOLHQW¿HFăHVWHSHUVRDQă ¿]LFăVDXVRFLHWDWHFRPHUFLDOăSRDWHVă vQFKLHULH]H XQ XWLODM VDX OD FRPDQGă Vă vúL DFKL]LĠLRQH]H XQXO SURSULX GLQ PDúLQLOH GLQ SDUFXO DXWR SH FDUH OH DYHP SH VWRF 3UHĠXULOH VH SRW QHJR FLD úL SOăĠLOH VH SRW HIHFWXD FDVK VDX SULQ YLUDPHQW $YHP XWLODMH SHQWUX WRDWH EX]XQDUHOH FXPSăUăWRULORU FHOH PDL VROLFLWDWH vQ DFHDVWă SHULRDGă SH SLDĠăVXQWSOXJXULOHJUDSHOHURWDWLYH IUH]HOHWUDFWRDUHSkQăODFDLSXWHUH GDUODFRPDQGăOLYUăPúLWUDFWRDUHPDL PDUL´DH[SOLFDWXQXOGLQWUHDGPLQLV WUDWRUL,RDQ9DUJD

8WLODMHvQFKLULDWH FXWRWFXúRIHU Un serviciu foarte important este vQFKLULHUHD XWLODMHORU FăWUH GLYHUVH SULPăULL GLQ MXGHĠ FDUH QX DX vQ SD WULPRQLX DVWIHO GH XWLODMH SHQWUX GLIH ULWHOXFUăULvQIXQFĠLHGHVH]RQOXFUăUL GH GHV]ăSH]LUL LDUQD PXQFL DJULFROH

SULPăYDUD VDX OXFUăUL SLHWUXLUL GH GUXPXUL WDOX]ăUL úL QLYHOăUL úL WHUPL QkQG FX GHFROPDWăUL WRDPQD ³8WL ODMHOHVHSRWvQFKLULDGHODQRLFXWRWFX GHVHUYHQW vQ ED]D XQXL FRQWUDFW OHJDO SHRRUăSHROXQăVDXFKLDUSHXQDQ 2IHULPFDOLWDWHJDUDQWDWăúLWRFPDLGH DFHHDúWLPFHvQVHDPQăXQFOLHQWPXO WXPLWùLVXQWHPVLJXULFăSXWHPIDFH IDĠă RULFăUHL SURYRFăUL vQ GRPHQLXO QRVWUXGHDFWLYLWDWH´DH[SOLFDWDGPL QLVWUDWRUXO

'DWHGHFRQWDFW 6HGLXO¿UPHLHVWHvQ5HJKLQSHVWUDGD $SDOLQHL QU  SXQFWXO GH OXFUX HVWH vQ FRPXQD 3HWHOHD OD QU  XQGH SURJUDPXO DWHOLHUXOXL HVWH vQWUH RUHOH  úL  GH OXQL SkQă YLQHUL úL VkPEăWDvQWUHRUHOHúL&R PHQ]LOHVHSRWIDFHODSXQFWXOGHOXFUX ODQXPHUHOHGHWHOHIRQ  SH PRELO OD QXPăUXO  VDX GLUHFW SULQ SRúWD HOHFWURQLFă OD DGUHVD GH HPDLO YDU KDQV#\DKRRFRP Robert MATEI

3URGXVHOHúLVHUYLFLLOH9DUKDQV&RP DXFDSLDĠăGHGHVIDFHUH5RPkQLD


Zi de zi 20 septembrie