Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos

,RVLI'$JDSLWRV

6IvQWXO1HFWDULH
±6IvQWXOLXELULL±

PLQXQLQHFXQRVFXWH

,RVLI'$JDSLWRV¤ 6IkQWXO1HFWDULHVIkQWXOLXELULL
352/2*

'H PXOWH RUL GH IRDUWH PXOWH RUL vQ 6IvQWD
(YDQJKHOLH HVWH VFULV F 'RPQXO ,LVXV LD YLQGHFDW SH
EROQDYL QXPDL FX XQ FXYvQW DO 6X $ YLQGHFDW SH PXO L
EROQDYLDGXúLSHSDWXULOHSHFDUH]FHDXGHUXGHOHORUSvQ
DFROR XQGH DX]HDX F VH DIOD (O vQ VDWH úL vQ RUúHOH vQ
ORFXUL SXEOLFH vQ SLH H VDX vQ SXVWLH 3H WR L vL YLQGHFD
/XFUDYHGH LvQVúL,XELUHD$WRWvQ HOHSWXOúL$WRWSXWHUQLFXO
'XPQH]HX,DURDPHQLLVHEXFXUDXúLVHPLQXQDXúLVOYHDX
QXPHOH6X
'RPQXO D IJGXLW V GUXLDVF DFHVW KDU
QHvPSX LQDWDOLXELULLúLDOYLQGHFULLEROLORUDFHORUDFDUHYRU
FUHGHLQ(O
6IvQWXO1HFWDULHDDYXWGHPLFFRSLOPDUHFUHGLQ vQ
'XPQH]HX GXS FXP YH L YHGHD GLQ SULPHOH SDJLQL

UHGLQ vQ 'XPQH]HX úL GUDJRVWH SHQWUX VHPHQLL VL 'H
DFHHDDIRVWGUXLWGHHOGH6XVFXSXWHUHDGHDYLQGHFDvQ
WRWFHDVXOWRWIHOXOGHEROL0XOWHIRDUWHPXOWHVvQWPLQXQLOH
OXL1RLvQDFHDVW PLF EURúXULFYRPSUH]HQWDGRDUFvWHYD
FDUHVDXvQWvPSODWXQRURDPHQLFXQRVFX LGHQRL(OHYRUIL
VFULVHvQFXYLQWHSX LQHGHúLILHFDUHGLQWUHHOHDUILSXWXWV
GHYLQRvQWUHDJ FDUWH
/H VFULHP SHQWUX DL PXO XPL 6IvQWXOXL 1HFWDULH úL
SHQWUXFDúLDO LRDPHQLV DIOHGHVSUHOXFUXULOHPLQXQDWHDOH
OXL 'XPQH]HX FH VH SHWUHF vQ ]LOHOH QRDVWUH Ä,LVXV +ULVWRV
LHUL úL DVW]L úL vQ YHDFXO YHDFXOXL´ Ä0LQXQDW HVWH 'RPQXO
vQWUX VILQ LL 6L´ 3HQWUX FD RDPHQLL V FHDU DMXWRU vQ
JUHXW L vQ QHYRL úL vQ EROL úL V YDG vQF R GDW F
'XPQH]HXúLVILQ LL6LVvQWDOWXULGHQRL

,'$


',19,$$6)Ì178/8,

6FULVRDUHDPLFXOXL$QDVWDVLV

'RPQXO 7HPLVWRFOH YLQGHD WDEORXUL UDPH úL
PUXQ LúXUL vQ SUYOLRDUD OXL GLQ RQVWDQWLQRSRO ÌúL LXEHD
PXOW IDPLOLD úL VH FKLQXLD VúL YvQG ÄQLPLFXULOH´ FD V
SRDW VWXUD FHOH FLQFL JXUL IOPvQGH 'HVFKLGHD SUYOLD
GLVGHGLPLQHD vúL IFHD VHPQXO FUXFLL SULYLQG VSUH
ELVHULFD 6IvQWD 6RILD DWvUQD UDPHOH vQ FXLH SH SHUH LL GLQ
DIDU OvQJ XúD PDJD]LQDúXOXL úWHUJHD SUDIXO FDUH VH DúH]D
GLQ JURV SH SLFWXUL ± SUYOLRDUD VH JVHD SH R VWUGX
VWUvPW QHSLHWUXLW ± úL DúD vúL DúWHSWD FOLHQ LL 'RPQXO
7HPLVWRFOH HUD XQ RP EXQ GLQWUH FHL FDUH VLPW GXUHUHD
FHOXLODOW vQG LQWUD YUHXQ úFROUHO V LDRERPERDQRPXO
JvQGHD vQ VLQHD OXL Ä6UFX XO HVWH JDOEHQ FD FHDUD LQH
úWLH FH PQvQF´ XQRúWHD ELQH ID D VUFLHL GXS FXP
FXQRúWHDúLVXIOHWXORPXOXLFXEXQHOHúLFXUHOHOHVDOH
'LQWUHWR LFRSLODúLLGHSULQYHFLQLFHOPDLPXOW LQHD
OD XQ ELH HO EOvQG úL FXYLLQFLRV SH QXPH $QDVWDVLV FDUH
WULDVLQJXUVLQJXUHOvQWURFPUX SHVWHGUXPGHFDVDOXL
%LHWXOGHHOFXQRDSWHDvQFDSSOHFDúLFXQRDSWHDvQFDSVH
vQWRUFHD 'XS ID DL WUDV úL GXS KDLQX HOH úL JKHWX HOH
UXSWH XúRU SXWHDL V YH]L F GHDELD GDF DYHD FH V
PQvQFH

ÌQWUR GLPLQHD GH LDUQ GRPQXO 7HPLVWRFOH VH
vQGUHSWD VSUH SUYOLRDU (UD IULJ úL ]ORDW úL PHUJHD
VWUvQJvQGXúL SH HO SDOWRQXO FvQG GHRGDW vO YHGH SH PLFXO
$QDVWDVLVDSURSLLQGXVHSHWURWXDUXOFHOODOW
± 8QGHWHGXFL$QDVWDVLV$LDOWGUXPDVW]L1XWH
GXFLODOXFUX0LELH HOXOHRV UFHúWL1XHúWLvPEUFDW
JURV
± 0GXFODSRúW VGXFQLúWHVFULVRUL
± 'PLOH PLH WRW WUHF HX DFXP SH OD SRúW +DL
IXJLvQDSRLODOXFUXFRV UFHúWLDIDU
± 9 PXO XPHVF PXOW GRPQXOH VSXVH PLFX XO
GvUGvLQGGHIULJ
HL YHQL GRPQXOXL 7HPLVWRFOH F VH XLW SHQWUX
FLQHVXQWVFULVRULOH8QDHUDSHQWUXXQQHJXVWRUDOWDSHQWUX
R IDEULF GH WXWXQ D WUHLD HUD 75( '2018/
126758 ,,686 +5,6726 Ì1 (5 6H RSUL ORFXOXL úL
vQFHSXV ]vPEHDVF
± 6UDFXOELH HO,DVYGFHFHUH
'HVFKLVHVFULVRDUHDúLFLWL
³+ULVWRDVHDOPHX
+DLQHOHPLVDXUXSWSDQWRILLPLVDXVWULFDWúLPLH
IULJ'LQFHPLG VWSvQXOQXPLDMXQJHQLFLGHPvQFDUH1
DP UHXúLW V WULPLW DSURDSH QLPLF PDPHL PHOH FDUH HVWH
VUDF H P IDF DFXP XP LHV HX GLQ LDUQ 'RDPQH
$MXWP0 vQFKLQLH
5REXO7X$QDVWDVLV´
± RPRDU VFXPS VSXVH GRPQXO 7HPLVWRFOH úL
SOHF VSUH FDV 3UHJWL XQ SDFKHW FX KDLQH FOGXURDVH GH
LDUQ ± IODQHOX H XQ SDOWRQ SDQWRIL úRVHWH GHDOH FRSLLORU
OXL± úLVHGXVHDSRLODSRúW
3HVWH GRX ]LOH vO úL Y]X vPEUFDW vQ KDLQHOH
FOGXURDVHÌLYHQHDXQXPDLELQH2FKLLFRSLOXOXLVWUOXFHDX

GHEXFXULH%DOXDVHSHFKLSúLRUD]GHOXPLQ WDLQLFFFL
FLQHSRDWHúWLFvWHQXúLDXVSXVVHDUDODUXJFLXQH'RPQXO
úLPLFX XO6XURE
'RPQXO 7HPLVWRFOH VD EXFXUDW PXOW Y]vQGXO
IHULFLW SH ELH HO 1X DYHD vQV FXP VL WUHDF DWXQFL SULQ
JvQG F $QDVWDVLV YD DMXQJH FvQGYD 6IvQWXO 1HFWDULH
IFWRUXOGHPLQXQL'HXQGHV ILSXWXWEQXL


Ì7(9$',10,181,/(6)Ì178/8,
1(7$5,(

0DPDFXFHLSDWUXFRSLL

6DWXO'LJKHOLRWLFDVHDIO ODRRUGHPHUVGH0DUHD
(JHH (VWH PDL GHJUDE XQ FWXQ FX GRX]HFL GRX]HFL úL
FLQFLGHFDVH UQHúWLvPSUúWLDWH
ÌQWUXQD GLQ DFHVWH FDVH ORFXLD *KHRUJKLD
$SRVWRORSRXORV FX EUEDWXO HL .RVWDV úL FX FHL SDWUX
FRSLODúL DL ORU )LLQG R EXQ JRVSRGLQ VH VFXOD GLVGH
GLPLQHD FDVSXQ FDVDvQRUGLQHÌúLWUH]HDDSRLFRSLODúLL
úL vL vQJULMHD 'XS DFHHD vQJHQXQFKHD vQ ID D LFRDQHORU úL
DúH]DDOWXULGHHDSH 2OJDSH(YDQJKHOL DúLSHELH HOLDU
SHFHDPDLPLFR LQHDvQEUD HùLDVWIHOvúLIFHDXFXWR LL
UXJFLXQHD GH GLPLQHD 'XS FH VH UXJDX PDPD vúL OXD
FRSLODúLL DSURDSH GH HD vL SULYHD vQ RFKL FX GUDJRVWH úL
UHYUVDvQVXIOH HOHOHORUIUDJHGHFUHGLQ DúLGUDJRVWHDSHQWUX
7DWO HUHVF úL SHQWUX VILQ LL /XL HOHL PDL PLFL vL YRUEHD
vQWUR OLPE SH FDUH QXPDL PDPHOH úWLX V R JULDVF /XD
DSRL FX GHJHWHOH HLEOvQGHPvQDJUVX DIHWL HLúLRvQY D
VúLIDF FUXFH
± $úD V VWUvQJL GHJH HOHOHSSXúLFDPHD ÌQWvLGXFL
PvQD OD IUXQWH DSRL MRV SH EXUWLF VXV OD GUHDSWD úL OD
VWvQJD$úDEUDYRIHWL DPHD
/H GGHD DSRL FRSLLORU V PQvQFH vL VUXWD úL VH
GXFHDVúLDMXWHEUEDWXOFDUHPXQFHDGHFXQRDSWHODFvPS
/DDPLD]VHvQWRUFHDDFDV VúLYDG FRSLLLVLSXQGLQ

QRX V PQvQFH úL DSRL LDUúL VH GXFHD OD FvPS SvQ FH
FRERUD VRDUHOH úL vQFHSHD V VH vQWXQHFH 6HDUD vQWRUFvQGX
VHWUHFHDSHODELVHULFX DVDWXOXLXQGHDSULQGHDFDQGHOHOHúL
VHUXJDDGXFvQGPXO XPLUHOXL'XPQH]HX
*KHRUJKLD HUD R IHPHLH VUDF vQV DOWXUL GH
IDPLOLDHLHDHUDIHULFLW6ODY 'RPQXOXLSHQWUXWRDWH

2 ERDO FUXQWFDUHYHQLSHQHDúWHSWDWHvLIFXvQV
IHULFLUHD PLL IUvPH ÌL DSUX FD GLQ VHQLQ R WXPRDUH LDU
GXUHULOHvLUSLU úLXOWLPXOVWURSGHOLQLúWH
6D GXV OD GRFWRU vQ (JKLR $FHVWD vQV vQ HOHJvQG
FvW GH JUDY HUD ERDOD LD VSXV V PHDUJ OD $WHQD OD
GRFWRULLFHLPDUL,QLPDELHWHLIHPHLVDIUvQWRSLODúLORUOH
VSXVHF VHGXFHFXQLúWHWUHEXULOD$WHQDÌLOXGLQQRXúLvL
DúH] vQ ID D LFRDQHORU HOHL PDL PLFL vL VSXVH VúL IDF
VHPQXOVIvQWDOUXFLLLDUSHFHLPDLPDULvLvQGHPQ V VH
URDJHILHFDUHDúDFXPIXVHVHvQY DWÌLVUXW DSRLSHUvQGúL
SOHF FXRFKLLvQODFULPLVSUH6SLWDOXO%RPERODGLQ$WHQD
$FROR LDX IFXW WRW IHOXO GH DQDOL]H 'RFWRUXO GLQ
(JKLRQXVHvQúHODVH$IFXWRSHUD LHGXSRSHUD LH$IRVW
WULPLV DSRL OD XQ DOW VSLWDO ÌQ FHOH GLQ XUP PHGLFLL ODX
FKHPDWSHEUEDWXO*KHRUJKLHLúLSHXQYUGHDOHLFDUHVH
vQJULMHDúLHOGHEROQDY úLOHDXVSXVFODU
± $UHRIRUP H[WUHPGHJUDYGHFDQFHU/XD LRV
PRDU DFDV
ùL DVWIHO ELDWD *KHRUJKLD VH vQWRDUVH OD FVX D HL
=FHD DFXP vQ SDW SH MXPWDWH PRDUW 1XL WUHEXLD QLFL
PvQFDUHQLFLQLPLF'DUSHFKLSXOHLvQJOEHQLWvQF VHPDL
vQWUH]UHD R UD] GH QGHMGH RSLODúLL vL VWWHDX WRW WLPSXO
SULQSUHDMPLDUHDOHUHSHWDPHUHXFXYRFHVWLQV

± +DLVQHUXJP$úDSSXúLFDPHDGXPvQX DOD
IUXQWH
ùL FRSLODúLL vQJHQXQFKHDX vQ MXUXO HL vúL vQGUHSWDX
RFKLúRULLVSUHLFRDQHúLVHUXJDX
± 'RDPQH,LVXVHIELQHSHPDPDQRDVWU
'DU HD VH VLP HD GLQ FH vQ FH PDL UX 7UXSXO L VH
XPSOXGHXPIOWXULúLGLQ]LvQ]LJvWXOLVHvQFKLGHD$ELD
GDF LVHPDLDX]HDYRFHD
± 5XJFLXQH FRSLODúLL PHL UXJFLXQH DELD UHXúHD
V PDL URVWHDVF GDU UD]D GH QGHMGH QX L VH VWLQJHD GH SH
FKLS

(UD R VHDU GH QRLHPEULH 9vQWXO LQWUD vQ RGDLD EROQDYHL
IFvQGV WUHPXUHIOFUXLDFDQGHOHLJDWDV VHVWLQJ ODIHO
FDúLYLD DHL
± 5XJFLXQHPDLURVWLRGDW VWLQVDELDGDF VH
DX]LGXS FDUHDGRUPL
RSLLL vQV QX vQFHWDX V VH URDJH DSOHFD L DVXSUD WUXSXOXL
PDPHLORU
± ' 'RDPQH V QX PRDU PLFX D HR V VH
DOHDJGHQRL0LFX
1X SHVWH PXOW WLPS *KHRUJKLD GHVFKLVH RFKLL 'H
DFHDVWGDW HUDXGRLRFKLYHVHOLúLSOLQLGHYLD
± /DPY]XWURVWLHDIUQLFLRSLHGLF vQYRFHFD
DWXQFL FvQG HUD VQWRDV /DP Y]XW SH 6IvQWXO 1HFWDULH
FDUHPLDVSXVF PDPIFXWELQH
± ùL HX ODP Y]XW PDP SH 6IvQWXO GLQ LFRDQ
VSXVH(YJKHQLD
± .RVWDV.RVWDVVWULJ IHPHLDFWUHEUEDWXOHL0
DPIFXWELQH

± %D PLHPL SDUH F QX WHDL IFXW GHORF ELQH vL
UVSXQVHHOGLQSDWXOXQGHVHRGLKQHD
± 0DPIFXWELQH.RVWDV0LHIRDPH
$FHVWDVHVFXO DQHYRLHGLQSDWúLvúLSULYLFXPLUDUH
QHYDVWD1XPDLDYHDSHID QLFLXUPGHXPIOWXURFKLLvL
VWUOXFHDXúLYRUEHDFXXúXULQ
)HPHLDVHULGLF DWXQFLGLQSDWVSXQvQG
± 0DP IFXW ELQH 6OYLW V ILH QXPHOH 7X
'RDPQH
$ GRXD ]L GH GLPLQHD *KHRUJKLD IFXRSOLPEDUH
GH R RU PHUJvQG SvQ OD (JKLR XQGH HUD GRFWRUXO HL
$FHVWDGHFXPRY]XUPDVHXOXLWGHPLUDUH1XúLSXWHD
FUHGHRFKLORU
± 7HDL IFXW ELQH *KHRUJKLH 0HUJL DFDV
VQWRDV

$XWUHFXWWUHLDQLGLQDFHD]LPDUH'HDWXQFLúLSvQ
DVW]L *KHRUJKLD $SRVWRORSRXORV WULHúWH úL vPSU HúWH vQ
FDVD HL vQFRQMXUDW GH FRSOLODúL úL vQ ILHFDUH VHDU DSULQGH
FDQGHOHOHELVHULFX HLGLQVWXFúLFvQW 'RPQXOXL LPQXUL GH
VODY
±±±±±±±±±±±±±±±±
1RWH]GLQQRXDGUHVDHL3RDWHDUHQHYRLHYUHXQFLWLWRUGHHD
*KHRUJKLD
$SRVWRORSRXORV 'LJKHOLRWLFD(JLRX*UHFLD


0LFX D6RILFD

6RILFD HUD R IHWL GUJODú %UXQH LF FX RFKLL
QHJULFXGRX FRUGHOL HDOEHvQSUúLFXXQ]vPEHWFDOGHUD
EXFXULDFHDPDUHDPDPHLHL0HUHXRULGLFDVXVSHEUD HvúL
DSURSLDEX]HOHGHFKLSXO HLGUJODúúLvLOVDSHREUMRUXQ
VUXWGXOFHPDWHUQ
± 6RILFD PHD URVWHD PDPDGLQDGvQFXO VXIOHWXOXL HL
úLvúLVWUvQJHDFRSLOXOvQEUD H
ÌQWUXQD GLQ ]LOH PDPDREVHUYXQVHPQURúXSHREUMRUXO
FDWLIHODWDO6RILFLDFRORXQGHvúLOVDHDVUXWULOH6HXLW
ELQHúLFHUFHW FXGHJHWHOH
± 1RILQLPLFVSXVH
$ GRXD ]L vQV ]L VHPQXO FUHVFXVH %LDWD IHPHLH VH
QHOLQLúWL
± HV ILHRDUH
3DWD URúLH VH IFXW vQ FvWHYD ]LOH R FUHVFWXU GHVWXO
GH PDUH GH FDUQH *vQGXUL QHJUH FD QLúWH úHUSL YHQLQRúL
FXSULQVHU VXIOHWXO PDPHL ÌúL OX IHWL D úL R GXVH SH OD
GRFWRUL $FHúWLD LDX VSXV IHO úL IHO GH OXFUXUL ÌQ VIvUúLW D
DMXQVFXFRSLOXOODRGRFWRUL SHGLDWUXFDUHHUDFRQIHUHQ LDU
XQLYHUVLWDU$FHDVWDOX IHWL DúLRH[DPLQ FXPXOW DWHQ LH
úLGUDJRVWH
± 7UHEXLHV IDFHPRPLFRSHUD LHVSXVHGRFWRUL D
WUHEXLHVRGHVFKLGHP$OWIHOYRUDSUHDFRPSOLFD LL

'DU IHPHLD QLFL QX YUX V DXG GH DVHPHQHD OXFUX
6 UPvQ IHWL DHLFXXQVHPQSHID SHQWUXWRDWYLD DÌúL
OX FRSLOXOúLSOHF'DUUXOQXGLVSUHD$úDFGLQQRXD
WUHEXLWVRGXF ODGRFWRU
± 'RDPQ 'HVSLQD WUHEXLH V IDFHP LQWHUYHQ LD
FKLDUDVW]L$FXP'DFQXvQVHDUDDVWDRV VHGHVFKLG
Y UHSHWúLHXQRVSRUWQLFLRYLQ
0DPD IHWHL vQFHSX V SOvQJ GDU QX OX QLFL R
KRWUvUH ,úL OX FRSLOXO vQ EUD H úL SOHF DFDV %UEDWXO HL
HUD SOHFDW DúD F R FKHP OD GvQVD SH VRUD HL (YDQWKLD
SHQWUX F SDUF VLP HD QHYRLD VúL vPSDUW QHFD]XO FX
FLQHYD $FHDVWD YHQL úL VH DPUv PXOW FvQG DIO YHVWHD $X
VWDWúLDX YRUELW GHVSUH FRSLOSvQQRDSWHDWvU]LX9HQLDSRL
RUD V VH FXOFH 'DU R LGHH FD R OXPLQ WUHFX SULQ JvQGXO
(YDQWKLHLÌúLDGXVHDPLQWHF OVDVHPDLGHPXOWODLFRDQHOH
VXURULL VDOH R VWLFOX FX XOHL GH OD 6IvQWXO 1HFWDULH GLQ
(JKLQD6HGXVHGHFLúLOXXOHLXOGXS FDUHFHOHGRX VXURUL
VDX UXJDW GLQ WRDW LQLPD $SRL (YDQWKLD IFX FX XOHLXO
VILQ LWVHPQXO6ILQWHLUXFLSHREUMRUXO6RILFL
± 6ILQWH 1HFWDULH I R PLQXQH úL FX DFHDVW FRSLO
QHYLQRYDWURVWLHDFXWRDW ILLQ DHL
$SRLFHOHGRX VXURULDXDúH]DWFRSLOXOvQWUHHOHúLV
DXFXOFDW6 ILIRVWPLH]XOQRS LLFvQGDPvQGRX VDXWUH]LW
GLQWURGDW VSHULDWH)HWL DGGHDGLQPvLQLúLGLQSLFLRDUHúL
VWULJD
± 9DYDPHDDGLFEXEDPHD

± 6R IL GHVFKLV DúD FXP D VSXV GRFWRUL D VWULJDU
DPvQGRX vQWUXQJODVúLRV DLE FRPSOLFD LL
$SULQVHU vQ JUDE OXPLQD úL FHUFHWDU vQJULMRUDWH REUD]XO
IHWL HL'DUQLFLXQDQLFLFHDODOWQXDPDLY]XWFUHVFWXUD
GH FDUQH 6DX XLWDW SH FHOODOW REUD] QLPLF $X VULW FD

DUVH $X GXV FRSLOXO OvQJ OXPLQ 1LFL XUP GH URúHD
2EUMRUXOPLFX HLHUDGHOLFDWúLIU FXVXUFDúLvQDLQWH
± 0DUHHúWL'RDPQHURVWLU PDPDúLPWXúDPLFX HL
FXYRFHWUHPXUvQG
vQG VH OXPLQ GH ]LX DX GXV IHWL D OD GRFWRUL
$FHDVWD R Y]X R H[DPLQ FX GHJHWHOH GXS FDUH vúL IFX
VPHULW VHPQXOFUXFLL
± (VWHRPLQXQH
ùLDIRVWFXDGHYUDWRPLQXQHL]YRUvWGLQLXELUHDGH
RDPHQLD6IvQWXOXL1HFWDULH
6RILFD WUHPLQ DFXP VFRDOD SULPDU úL HVWH R IHWL
GUJODú úL ELQHFXYvQWDW 0HUJH GHV SH OD PWXúD HL FDUH
VW SH VWUDGD /HURX QU WHOHIRQ

$FHDVWD R LDvQ
EUD H úL R VUXW SH REUMRU FX PXOW GUDJRVWH GDU úL FX
VPHUHQLH9HGH LGRDUDFHODHVWHORFXOPLQXQLL


3ULQWHOH(XVWD LH

3ULQWHOH (XVWD LH DYHD vQ MXU GH RSW]HFL úL FLQFL GH
DQL (UD DFXP SHQVLRQDU GDU IXVHVH úL SUHRW úL vQY WRU OD
XQORF6HDUDVOXMHDYHFHUQLDvQELVHULFX DFXKUDPXO6IvQWXO
(XVWD LHSHFDUHRULGLFDVHvQVWXFXOOXL+DUDNRSL.LPLVGLQ
(YLD Ä5XJFLXQHDPHDYRLvQO D FWUH 'RPQXO´JOVXLD
SUHRWXOGXFvQGRPvQSHSLHSWGHDVXSUDHSLWUDKLOXOXLúLFX
FHDODOW WPvLQG 6IvQWD 0DV VILQWHOH LFRDQH DOH 'RPQXOXL
+ULVWRV DOH 0DLFLL 6DOH úL DOH VILQ LORU ]XJUYL L GH MXU
vPSUHMXU6HRSUHDúLVHvQFKLQDvQID DILHFUHLLFRDQHOXvQG
SHQWUX R FOLS SH FKLS R H[SUHVLH GLIHULW GXS VIvQWXO SH
FDUHvOSULYHD$LIL]LVF VSXQHDFHYDODILHFDUHúLF ILHFDUH
vLVSXQHDFvWHFHYD$FXPvOYHGHDLVWvQGFDXQRVWDúvQID D
vPSUDWXOXL +ULVWRV DFXP DYHD XQDHUUXJWRU FDGH FRSLO
vQ ID D 0DLFLL 'RPQXOXL 0DL DSRL OXD vQ SULYLUH FHYD FH
DGXFHD D JHOR]LH QHYLQRYDW vQ ID D PDUHOXL VLKDVWUX DO
SXVWLHL 6IvQWXO ,RDQ 3URGURPXO LDU OvQJ HO SULYHD FX
EOvQGH H úL UXJWRU SDUF FWUH $UKDQJKHOXO 'RPQXOXL
'XS DFHHD UvQG SH UvQG WUHFHD SULQ ID D ILHFUXL VIvQW D
ILHFUXL SULHWHQ DO OXL 'XPQH]HX úL FKLSXO L VH OXPLQD GH
UD]HGHQGHMGH0DLDSRLVHRSUHDvQID DXQHLLFRDQHFDUHO
EXFXUD DWvWGHPXOWFDSUH]HQ DXQXLSULHWHQGUDJ$LIL]LV
FGGHDEXQ VHDUDVIvQWXOXLGLQLFRDQ úLF DúWHSWDV LVH
UVSXQG DúWHSWD V DXG GLQ QRX YRFHD FXQRVFXW EOvQG
OLQLúWLW úLFXYLLQFLRDVÄ%XQ VHDUDSULQWH(XVWD LH´ùLFX

DGHYUDW vO FXQRVFXVH SH VIvQWXO GLQ LFRDQ /D Y]XW úL D
IRVWVXEDUKLHULDOXLvQ+DONLGDSHYUHPHDFvQGHUDWvQUùL
DVW]L SULQWHOH (XVWD LH SDUF PDL DXGH FXYLQWHOH ELQH
PHúWHúXJLWH DOH 6IvQWXOXL ùL DVW]L SDUF YHGH DLHYHD RFKLL
OXL PDUL DOEDúWUL úL IUXPRúL FX SULYLUH vQJHUHDVF $FHVW
VIvQWHUD6IvQWXO1HFWDULH
3ULQWHOH(XVWD LHLQWUDDSRLGLQQRXvQDOWDUúLURVWHD
SRPHOQLFH FXDWvWHDúLDWvWHDVXIOHWH FDUH vLHUDX FDúLFRSLLL
OXL 9H]L ELQH GRDU IXVHVH úL vQY WRU úL SUHRW ,QY DVH
FDUWH úL GVFOLVH FX SRYH H PLL GH VXIOHWH PLL úL PLL
ERWH]DVH PLUXLVH PUWXULVLVH vPSUWúLVH FXQXQDVH
EODJRVORYLVH ùL PDL HUDX DSRL úL FRSLLL OXL ELH LL úL IHWHOH
GLQ $WHQD úL GH DLXUHD úL FRSLLL FRSLLORU OXL JHQHUD LL GH
JHQHUD LLùLPDLHUDXúLVXIOHWHOHFXQRVFX LORUúLSULHWHQLORU
DGRUPL LDOWXULGHVXIOHWXOSUHRWHVHLVDOH
,DUFvQGLQWUDLQDOWDUEXQXOOHYLWXLWDGHHO6HJVHD
SDUF úL SH SPvQW úL vQ FHU vQWUH ELVHULFD OXSWWRUH úL FHD
WULXPIWRDUH vQG SúHD SH SRGHDXD DOWDUXOXL FvQG VH DIOD
SDUF IU WUXSSULQWUHvQJHUL
3ULQWHOH (XVWD LH WHUPLQD PHUHX VOXMED QRDSWHD
WvU]LX ÌúL IFHD SHQWUX R XOWLP GDW VHPQXO FUXFLL GLQ XúD
EROWLW D ELVHULFX HL VWvQG FX ID D VSUH DOWDU úL GXS FHúL
SXUWDvQFRGDWSULYLUHDSHVWHLFRDQHOHFXFKLSXULVILQWHúL
LXELWH LHúHD vQ FXUWH VXE EROWD FHUXOXL vQ PLUHVPHOH
PXQWHOXLÄ6OYLWHV ILHOXFUXULOHPvLQLORUWDOH'RDPQH´vO
PDL DX]HDL URVWLQG úL SRUQHD DSRL VSUH FKLOLX D OXL XQGH
YLH XLDVLQJXUFDXQDGHYUDWVFKLPQLFSRVWLWRU'RDUYGXYD
ILXOXL VX PDL WUHFHD SH OD HO úL VH vQJULMHD GH SX LQHOH OXL
QHYRL

ÌQWURGLPLQHD SULQWHOH(XVWD LHWRFPDLWHUPLQDVH
XWUHQLDúL LHúLvQFXUWHV VHEXFXUHGHOXPLQDúLGHFOGXUD
SOFXW DVRDUHOXL6XIOHWXOvLHUDSOLQGHSDFHúLGHEXFXULH
6SULQWHQ VH vQGUHSW VSUH FKLOLH V JXVWH FHYD 'DU GLQWUR
GDW úRYLDOXQHF úLF]X6LP L vQSLFLRURGXUHUHFUXQW
ÌQFHUF V VHPLúWHV VHULGLFHGDUGXUHUHDvLVWUSXQJHDFD
XQ FX LW FDUQHD úL RDVHOH SvQ OD PGXYD ORU Ä'RDPQH
$WRWSXWHUQLF´ VWULJ ÌQFHUF GLQ QRX V VH PLúWH GDU
GXUHUHD vO VJHW $úD F IX QHYRLW V UPvQ ORFXOXL
'XUHUHDvQV HUDPDUHúLDFXPvOVJHWDúLFvQGQXVHPLúFD
%WUvQXO vúL vQWRDUVH SULYLUHD VSUH ELVHULFX D 6IvQWXOXL
(XVWD LH FXWvQG VSUH LFRDQH FKLDU GDF XúD OFDúXOXL HUD
vQFKLV FFL GXKXO vQ ]ERUXO OXL QX VH vPSLHGLF GH FHOH
Y]XWHùLLDUúLVHRSULSHQWUXRFOLS ±GHDVWGDWQXPDL
FX VXIOHWXO ± vQ ID D ILHFUXL FKLS VIvQW GLQ ELVHULF úL vQ
GXUHUHDOXLOHFHUHDDMXWRU
± %XQ ]LXD SULQWH (XVWUD LH vL SUX DL VSXQH
6IvQWXO1HFWDULH
± %XQ ]LXD 6IvQWXO PHX GUDJ 0 GRDUH 7DUH P
PDLGRDUH$MXWP6ILQWHWPGXLWRU
%LHWXOSUHRWDUPDVMRVODSPvQWvQGXUHULúLYDLHWH
SvQ FHDDSUXWYGXYDILXOXLVX
± HD LS LWSULQWHULGLFDWLY
± 0GRDUHQXSRWV P PLúF
)HPHLDFHUXvQGDW DMXWRUúLDXYHQLWúLODXULGLFDWSH
EXQXO VOXMLWRU DO OXL 'XPQH]HX úL ODX GXV úL ODX DúH]DW vQ
SDW 'XS WRDWH DVWHD VD VLP LW RDUHFXP PDL ELQH GDU
GXUHULOHQXvQFHWDX
$úD WUHFX ]LXD 9HQL DSRL VHDUD 3ULQWHOH (XVWD LH
VXIHUHDvQFRQWLQXDUHGDU FXVXIOHWXOVHvQWRDUVHGLQQRXvQ
PLFD OXL ELVHULFX XQGH vQO vQ JvQGFvQWUL ELVHULFHúWLúL
WPvLHVILQWHOHLFRDQHúLOHSULYLLDUúLVFKLPEvQGXúLSHUvQG

H[SUHVLDIH HLùLLDW FGLQQRXDMXQVHFKLDUGDFQXPDLFX
JvQGXOvQID DVIvQWXOXLSHFDUHOFXQRVFXVHvQ+DONLGDùLvQ
RFKLL VXIHULQGXOXL SDUF VH YHGHDX FD vQWUR RJOLQG RFKLL
PDULIUXPRúLúLDOEDúWULDL6IvQWXOXL
± 0GRDUH6ILQWH1HFWDULH$MXWP
$ GRXD ]L GLVGHGLPLQHD VRVL ELDWXO SULQWHOXL
GLQ$WHQDvPSUHXQ FXXQGRFWRU VSHFLDOLVW)XVHVHDQXQ DW
SULQ WHOHIRQ GHVSUH FHOH vQWvPSODWH GH YGXYD IUDWHOXL VX
$X LQWUDW FX WR LL vQ FKLOLD SUHRWXOXL )LXO SULYL FKLSXO úL
PvLQLOH ELQHFXYvQWDWH DOH WDWOXL VX FDUH VH YHGHDX GH VXE
DúWHUQXW3LFLRDUHOHvLHUDXDFRSHULWHGHFXYHUWXU6HDSOHF
vLOX úLLVUXW PvQDGUHDSW
± %XQ]LXDWDW9GRDUH9DPDGXVGRFWRUXO
± %XQ]LXD FRSLOXO PHX H PDL IDFH L FX WR LL
6XQWH L ELQH 1HYDVWD WD FRSLLL VXURULOH WDOH (X P URJ
SHQWUXYRLWR L
± 6WD LPDLvQWvLVYYDGGRFWRUXOSLFLRUXO
± 6OYDG
± $UHRIUDFWXUJUDY FXOX[D LH7UHEXLHWUDQVSRUWDW
GHXUJHQ OD$WHQDSHQWUXWUDWDPHQWVSXVHGRFWRUXO
± 3UHJWL LYWDWRVY LDXFXPDúLQD
± /DVP DLFLFRSLOHXPV PHUJHXvQRUDú2V
UPvQ OvQJ ELVHULFX D PHD OvQJ VILQ LL PHL úL HL RU V P
DMXWH
$ LQVLVWDW ILXO FvW D LQVLVWDW OD UXJDW GDU QX OD FOLQWLW GLQ
ORF
± 6SXQH VXURULL WDOH VDPL WULPLW XQ SLF GH XOHL GLQ
FDQGHOHOH 6IvQWXOXL 1HFWDULH ,DU WX PHUJL FX ELQH $L
ELQHFXYvQWDUHDPHD
$SOHFDWRPXOSX LQWXOEXUDW
± 0 LHUWD LGRPQXOHGRFWRUGDUQXHFXSXWLQ VO
FRQYLQJ

± 2 V VXIHUH PXOW ùL DSRL YHGH LúL YvUVWD OXL
vQDLQWDW
7UHFX ]LXD YHQL DSRL VHDUD LDU EWUvQXO WRW vQ SDW
SHWUHFHDùLFKLDUGDF WUXSXOvL]FHDFXJvQGXOLQWU LDUúL
vQ ELVHULFX ùL vQF R GDW VH RSUL vQ ID D 6IvQWXOXL FX
SULYLUHvQJHUHDVFGHDVWGDW vQV FXPDLPXOWFXUDM9H]L
ELQHGRDUVHFXQRúWHDX
± 6ILQWH1HFWDULHWHURJGLQVXIOHWIPELQHVSXVH
FXWRDW ILLQ DOXL
6YUúLDSRLvQJvQGYHFHUQLDGXS WRWWLSLFXOúLLDW
FLIXDGXVúLXOHLXOVILQ LWSHFDUHOFHUXVH,OWULPLVHVHvQ
DFHHDúL ]L ILLFD OXL GLQ $WHQD /X VWLFOX D FX PvLQLOH OXL
SUHR HúWLRGXVHFXHYODYLHODEX]HúLRVUXWÌúLGHVFRSHUL
DSRL SLFLRUXO OXSX LQYDWGLQSDFKH HOXOSH FDUHvODYHD
GH OD QHYDVWD ILXOXL VX úL YUV SX LQ XOHL SH HD$SRL VH
DSOHF úLIFXSHSLFLRUXOEROQDYVHPQXO)FWRDUHLGH9LD
UXFLD'RPQXOXLLQWRQvQG
Ä3HVWHDXDFHDQRX úLVWUOXFLWRDUHD2UWRGR[LHL
3HFHOFHHVWHDO%LVHULFLLQRX]LGGHDSUDUH
XEXFXULHvQLQLPLV vOOXGP
FLVOYLWILLQGGHOXFUDUHD'XKXOXL
,]YRUúWHWPGXLULúLKDUERJDW
3HQWUXDFHHDvLVWULJPEXFXUWH3ULQWH1HFWDULH´

6UXWGLQQRXVWLFOX DRGGXIHPHLLGXS FDUHvúL
SULPLPRGHVWDFLQ8QVRPQGXOFHvLvQFKLVHSOHRDSHOHúLR
OLQLúWHVIvQW LVHDúWHUQXSHFKLS$DGRUPLWúLVDRGLKQLWFD
XQSUXQF
6H WUH]L DELD GLPLQHD WvU]LX 3ULPXO JvQG vL ]EXU
VSUH ELVHULFX úL vQFHSX V LQWRQH]H vQFHW FvQWULOH GH
XWUHQLHÌúLGGXDSRLDúWHUQXWXOODRSDUWHVHVFXOVHVSO
úLvúLSLHSWQSUXOúLEDUEDÌúLSXVHDSRLUDVDúLFDPLODIFD

úL SúLDIDUXPEORYUHPHSULQ FXUWHGXS FDUHGHVFKLVH
XúD ELVHULFX HL úL LQWU vQXQWUX DQGHOHOH FH OXPLQDX
VILQWHOH LFRDQH DUGHDX FX IOFULXLH GXOFH úL OLQLúWLW
3ULQWHOH (XVWD LH VD RSULW SHQWUX R YUHPH FD XQ DGHYUDW
RVWDúvQID DÌPSUDWXOXL,LVXVDSRLD]vPELWPXO XPLWvQID D
3UHDVILQWHL)HFLRDUH3ULYLUHDLVDURWLWDSRL]ERYLQGDVXSUD
FKLSXULORUGHvQJHULúLGHVILQ LvQWUHFDUHY]XRFKLLIUXPRúL
DL6IvQWXOXL1HFWDULH
± Ì L PXO XPHVF PXOW VIvQWXO PHX LXELW VSXVH úL VH
vQFOLQ VPHULW,QWU DSRLvQ6IvQWXO$OWDUVUXW 6IvQWD0DV
± WURQXOSPvQWHVFDO'RPQXOXL± úLvQFHSXVYLEUH]HFXR
YRFHFHDYHDWRDWHWRQXULOHLQLPLLOXL
± %LQHFXYvQWDW HVWH 'XPQH]HXO QRVWUX DFXP úL
SXUXUHDúL vQYHFLLYHFLORU

ùLDVW]LODFHLGHDQLDLVL3ULQWHOH(XVWD LH$QWRQLRX
vQF PDLVOXMHúWHOLWXUJKLDvQELVHULFX D6IvQWXOXL(XVWD LHùL
ILH FD V VOXMHDVF vQ YHDF úL vQ FHU vPSUHXQ FX VILQ LL OXL
LXEL L


ÌQWDEU

/D R PLH GH PHWUL DOWLWXGLQH SH XQ SODWRX DO
PXQWHOXL 3DUQDVRV vQFRQMXUDW GH EUD]L WLQHUL úL YLJXURúL úL
DXvQWLQVFRUWXULOHPDLELQHGHRVXWGHFRSLLGLQFODVHOHPDL
PDULGHJLPQD]LX8UPDXVSHWUHDFGRX]HFLGH]LOHDFROR
VXV vQWUH FHU úL SPvQW FX GRULQ D GH DúL UHIDFH VQWDWHD
WUXSXOXLDVXIOHWXOXLúLDJvQGXOXLRPDQGDQWXOWDEHUHLXQ
WvQU UREXVW úL HGXFDW DEVROYHQW DO )DFXOW LL 3DQWLRV
VHFXQGXO VX XQ DGROHVFHQW ELQH IFXW FXYLLQFLRV úL
VFOLSLWRU DEVROYHQW DO )DFXOW LL GH 7HRORJLH D8QLYHUVLW LL
$WHQLHQH DOWXUL GH WRYDUúLL ORU GH HFKLS ± VWXGHQ L OD
GLIHULWHIDFXOW L± HUDXWRFPDLFHHDFHWUHEXLDSHQWUXFDWRWXO
V PHDUJELQH
ÌQF GLQ SULPD ]L FRSLLL VDX vPSU LW SH JUXSH DX
ULGLFDWFRUWXULOHúLDXIFXWWRWFHHUDQHFHVDUSHQWUXYLH XLUHD
vQ WDEU /D YHQLUHD VHULL RERVL L GDU EXFXURúL VH DGXQDU
FX WR LL SHQWUX UXJFLXQH GLQDLQWHD ID D 6WSvQXOXL 9LH LL
vQO vQGLPQXULGHVODYSHFDUHYvQWXOOHOXDúLOHGXFHDVSUH
FHUXQLQGXOSDUF FXSPvPWXO
$ GRXD ]LGHGLPLQHD DvQFHSXSURJUDPXOWUH]LUH
JLPQDVWLF VWXGLX KDJLRJUDILF EXWXUL FDOGH URERWHOL MRF
FvQWHF(UDXXQVWXSYHVHOúLELQHRUJDQL]DWFH]XP]LDWRDW
]LXD

vQWHFHOH úL YHVHOLD DX IXU vQV UHWH]DWH GH R
vQWvPSODUHFHVHSHWUHFXvQWURGXSDPLD]

± 3LFLRUXO PHX $K SLFLRUXO PHX vQFHSX V VWULJH
XQXOGLQWUHFRSLL
-RFXO VH RSUL EUXVF RSLLL DOHUJDU SvQ OD HO
$MXQVHU GH vQGDW DFROR úL úHIXO WDEHUHL vPSUHXQ FX
VHFXQGXOVX]XWODSPvQWFRSLOXOVWULJD
± 3LFLRUXO PHX úL DUWD PHUHX SDUWHD GH MRV D
SLFLRUXOXLOvQJJOH]Q
ÌQWUHWLPSVHDGXQDU FXWR LLvQMXUXOFRSLOXOXLF]XW
3LFLRUXO VH WRW XPIOD /DX ULGLFDW FX DWHQ LH úL ODX GXV OD
SXQFWXO VDQLWDU 'DU GXUHUHD QX VH RSUHD úL FRSLOXO VWULJD
vQWUXQD 6WULJWHOH L VH DX]HDX SvQ OD VDOD GH PHVH XQGH
FRSLLLPvQFDXIU V VFRDWRYRUERPDQGDQWXOWDEHUHLúL
VHFXQGXOVXGLVFXWDXvQúRDSW
± ùLQLFLPFDUQXDYHPPDúLQDDVW]L6OFRERUvP
SvQ vQ RUDú SH WDUJ HVWH IRDUWH JUHX 6 FRERUvP QRL V
DGXFHPXQPHGLFLDUúLQXHXúRUODRUDDVWD
± 3RDWHRV VHOLQLúWHDVF PDLWvU]LX
LQD VH VIvUúL LDU FRSLLL VH vQGUHSWDU WFX L VSUH
FRUWXULFDV VHSUHJWHDVFGHFXOFDUH'DUEROQDYXOVXIHUHD
vQFRQWLQXDUHúLVWULJWHOHVDOHXPSOHDXOLQLúWHDQRS LL
± %LHWXO GH HO DWvW GH PXOW VXIHU H V IDFHP
7UHEXLHV IDFHPFHYD
6HFXQGXOXLvLYHQLDWXQFLRLGHH
± RPDQGDQWHHXDPvQFRUWRVWLFOX FXXOHLGHOD
FDQGHOD6IvQWXOXL1HFWDULH0GXFVRDGXF
6DGXVFDXQIXOJHUúLVDvQWRUVFDXQvQJHU LQvQG
FXVPHUHQHLVWLFOX DvQPvQ$XSRUQLWIU DOWYRUE VSUH
SXQFWXOVDQLWDURSLOXOVH]EWHDvQSDWFDILDUDvQFRO LW úL
SOvQJHDGHGXUHUHùHIXOOXLGHJUXS úLDO LGRLFROHJLVWWHDX
OvQJ HO
± +DLGH LVQHUXJPVSXVHFRPDQGDQWXO

$X vQJHQXQFKLDW FX WR LL vQ MXUXO SDWXOXL UXJvQG GLQ
DGvQFXOVXIOHWXOWXLSHÌPSUDWXO6ODYHLV OHWULPLW DMXWRUXO
6X0DLDSRLVHFXQGXOVHULGLF úLGGXODRSDUWHFXDWHQ LH
FHDUúDIXOFHDFRSHUHDSLFLRDUHOHVXIHULQGXOXL
± $KSLFLRUXOPHX LS FRSLOXO
ùL DYHD GUHSWDWH V VWULJH FFL SLFLRUXO vL HUD XPIODW ±
DSURDSHGLIRUP± úLvQYLQH LW6HFXQGXOSXVHSX LQXOHLSHR
EXFDWGHYDWVHDSOHF FXVPHUHQLHúLIFXFXSHSLFLRUXO
XPIODWVHPQXOGWWRDUHLGHYLD UXFLD'RPQXOXL
2 'RDPQH HD IRVW DVWD ÌQGDW FH XOHLXO DWLQVH
SLFLRUXOEROQDYFXVHPQXO6ILQWHLUXFLFKLSXOFRSLOXOXLVH
OXPLQ
± 6DRSULWGXUHUHDVSXVHPLQXQDW
HLODO L úLDX ULGLFDW RFKLL VSUH FHU úL DX LHúLW vQ
WFHUHORSRWXOEWHDFKHPvQGODUXJFLXQHDGHVHDU
2 VXW GH FRSLL VWWHDX DFXP GLQDLQWHD OXL ,LVXV FHO
UVWLJQLW vQO vQG vQ OLQLúWHD VHULL FX R VLQJXU LQLP úL XQ
VLQJXUVXIOHWLPQXULGHVODY úLGHPXO XPLUHSHFDUHYvQWXO
vQPLUHVPDWOHGXFHDSvQ ODWURQXOOXL'XPQH]HX$SRLXQXO
FWHXQXOFRSLLLDXvQFHSXWV VHUHWUDJÌQWUXQWvU]LXGRDU
GRXXPEUHGRLVOXMLWRULDLOXL'XPQH]HX]ERYHDXvQF OD
OXPLQD OXQLL vQ ID D OHPQXOXL 6ILQWHL UXFL (UDX
FRPDQGDQWXOWDEHUHLúLVHFXQGXOVX7vU]LXvQQRDSWHGXS
FH úLDX WHUPLQDW UXJFLXQHD VDX vQWRUV SOLQL GH HPR LH OD
FRUWXULOH ORU $X WUHFXW PDL vQWvL SH OD FRUWXO XQGH VH JVHD
SXQFWXOVDQLWDUODXGHVFKLVúLDXOXPLQDWFXODQWHUQDFKLSXO
FRSLOXOXL'RUPHDOLQLúWLWFXXQ]vPEHWFDUHSDUF vLMXFDSH
FKLS2OLQLúWHVIvQWGRPQHDvQvQWUHDJDWDEU
ÌQFHOHGLQXUP FHLGRLDXDMXQVODFRUWXULOHORU
± +ULVWRV'XPQH]HXV ILHFXQRL
ùLDXVWUvQVPvLQLOHúLDSRLDXDGRUPLW

'LVGHGLPLQHD FORSRWXOvQFHSXVEDWYHVHOGvQG
vQ WDEU WRQXO YLH LL $X VULW FX WR LL GLQ SDW VSULQWHQL FD
QLúWHFHUEL$OWXULGHHLVH DIODúLFRSLOXOFHIXVHVHEROQDY
3LFLRUXO VX VH JVHD DFXP vQ VWDUH QRUPDO 1LFL XUP GH
GXUHUHVDXGHUDQ
± Ä3H7LQH7HOXGPSH7LQH7HELQHFXYvQWPLH
Ì LPXO XPLP'RDPQH«´LQWRQDXDFXPFRSLLLvQSDUDFOLVXO
LPSURYL]DWDOWDEHUHLLDUIH HOHORUYHVHOHVWUOXFHDXvQUD]HOH
VRDUHOXLGHGLPLQHD
BBBBBBBBBBBBBBB
$GUHVD VHFXQGXOXL .RQVWUDQWLQRV KULVWLGLV 3HQWHOLV ±
$WHQD


0LFDFURLWRUHDV

.LNL 7VDNDODNLV VH SUHJWHD V GHYLQ FURLWRUHDV
6UDF GDU KDUQLF VH FKLQXLDV vQYH HPHVHULHFDV DLE
GLQ FH WUL 'H DOWIHO HUD úL R IDW FXPLQWH úLúL YHGHD GH
OXFUXOHL6HJvQGHDFSHVWHSX LQWLPSRV WHUPLQHúFRDOD
úLRV DMXQJRFURLWRUHDVEXQFXVWLOHOHJDQWúLFXYRUE
GXOFHùLDVWIHORV DLE PXOWVHOXFUX*vQGLQGDúDSOHFDGH
DFDV FX]vPEHWXOSHEX]HúLWRWDVWIHOVHvQWRUFHD
± 1X SHVWH PXOW WLPS QR V PDL WUHEXLDVF V PDL
PXQFHúWLDWvWVSXQHDHDWDWOXLHLùLWXPDPFHPvQGUR
V ILL2V DLFURLWRUHDV vQFDV

'DU vQWUR ]L PHUJvQG .LNL OD EFDQ V IDF
FXPSUWXUL VH ORYL GLQ QHDWHQ LH OD SLFLRU FX R EXFDW GH
ILHU GLQWUXQ FKHSHQJ )LHUXO vL UXSVH FDUQHD úL vL VSDUVH
YHQHOH SURYRFvQG KHPRUDJLH $ IRVW vQJULMLW GXS FXP VH
RELúQXLHúWH vQDVWIHOGH FD]XUL IU V ILHGXV ODVSLWDOLDU
HDúLDY]XWvQFRQWLQXDUHGHPXQFDHL'XSRYUHPHUDQD
VDvQFKLVúLWRDWSRYHVWHDDIRVWXLWDW FXGHVYvUúLUH
'DU PLFUREXO D UPDV vQ HD 1X SHVWH PXOW WLPS SLFLRUXO D
vQFHSXWV VHXPIOHúLV VHWRWXPIOH'HMDQXPDLSXWHDV
SúHDVF$YHDWHPSHUDWXU vQMXUGHGHJUDGH)ULVRDQH
$L HLVHQHOLQLúWLU$XGXVRvQJUDE OD3ROLFOLQLFD$WHQHL
XQGHDIRVWFRQVXOWDW LPHGLDWGHPHGLF
± 8QGHORFXL LvQWUHE DFHVWDvQIXULDW
± ÌQ3HULVWHULUVSXQVHUSULQúLLIU V vQ HOHDJ

± 7UHEXLH LPHGLDW V WLHP SLFLRUXO FD V VDOYP
IDWD
± 1X QX VSXVH HD vQ DPH HDOD IHEUHL XP R V
OXFUH]IUSLFLRUXPRV WULHVF
'RFWRUXO D YRUELW FX SULQ LL vQWUH SDWUX RFKL /HD
VSXV DODUPDW F IDWD R V VH SUSGHDVF IRDUWH UHSHGH
$FHúWLD vQGXUHUD L DX DFFHSWDW VL ILH WLDW SLFLRUXO H V
IDFRDPHQLLKLDUGHDUUPvQHFXXQ VLQJXUSLFLRU'RDU
QR V ODVH VD PRDU XQ FRSLO GH SDLVSUH]HFH DQL 2 V
PXQFHDVF úL HD FvW R SXWHD ùL FKLDU GH QDU PDL PXQFL
GHORF6HSXWHD V úRYLH
'DU.LNLQXVHOVDQLFLGHFXPFRQYLQV
± 0DLELQHPRUVSXQHDHDvQFKLQXULOHIHEUHL
ùL DVWIHO WUHFXU RUH vQ úLU )HEUD vL DUGHD RFKLL úL
JvQGXULOH0LQWHDGHMDLVHWXOEXUDVH1XPDLvQ HOHJHDFHVH
vQWvPSODvQMXUXOHL
1HQRURFLUHDDIRVWDIODWGHvQGDWGHFWUHSULHWHQHOH
HL7RDWHVDXDPUvWIRDUWHWDUH± úLHUDXPXOWH'HMDSDUF
OHVXQDXvQXUHFKLFORSRWHOHvQGROLDWH
± 0RDUH.LNL%LDWDIDWùLHUDDWvWGHEXQ
$X DOHUJDW OD VR LD UHVSHFWDWXOXL SULQWH $QJKHORV
1LVLRWLVFDUHHUDSUHRWSDURKODELVHULFD,]YRUXO7PGXLULL
GLQ$WHQDDOWGDW VHFUHWDUDO6IvQWXOXL1HFWDULH
± 'RDPQ 3DQDJRXODPRDUH.LNL
± 6ILQWH 'RDPQH ( vQ IORDUHD WLQHUH LL 6ILQWH
1HFWDULHDMXWQHH[FODP úLVHvQGUHSW VSUHLFRDQH/XR
VWLFOX FXXOHLGHODFDQGHOD6IvQWXOXLúLRGGXXQHLDGLQWUH
IHWH
± 0DPvQYUHGQLFLWVYGPXOWHPLQXQLDOH6IvQWXOXL
1HFWDULH6QHUXJP3ULQWHOXLPLORVWLYVRYLQGHFHúLSH
.LNL'XPQH]HXHVWHDWRWSXWHUQLF

)HWHOH OXDU FX HYODYLH VWLFOX D úL VH GXVHU VSUH FOLQLF
.LNLDUGHD
± .LNL LDP DGXV XOHL GH OD 6IvQWXO 1HFWDULH
IFWRUXO GH PLQXQL +DL .LNL V IDFHP VHPQXO FUXFLL SH
SLFLRUXWR LLRVQHUXJP2V WHIDFLELQH
2 IL DX]LW QR IL DX]LW R IL vQ HOHV 7RWXúL D
vQWLQV PvQD D OXDW VWLFOX D úL D YUVDWR SHVWH FHDUúDI úL D
F]XWGLQQRXvQDJRQLH

$ GRXD ]L GXSDPLD] SURIHVRDUD GH UHOLJLH D OXL
.LNL VHvQGUHSWDSúLQGFXJUHX VSUHSROLFOLQLF 8QQRU GH
JvQGXULQHJUHvLvQWXQHFDPLQWHDÌOLXEHDSH'XPQH]HX±GH
DVWD VH úLIFXVHSURIHVRDUGHUHOLJLH'DU HUD úLHDRP LDU
SLDWUDJUHDDPRU LLvLVWULYHDFUHGLQ DLQHDUPDLSXWHDV
ULGLFHúLV DUXQFHGHSDUWHDFHDVWSLDWU
X LQLP JUHD úL FX RFKLL WXOEXUD L GH ODFULPL VH
DSURSLH GH FOLQLF $MXQVH vQ ID D FOGLUL FH DVFXQGHD DWvWD
GXUHUH 8QGHYD vQXQWUX VH JVHD úL .LNL HO PDL VLJXU F
QX PDL WULHúWH $úD SUHY]XVH GRFWRUXO 1X OHD DVFXQV
QLPLF (UD FODU FD OXPLQD ]LOHL ùL ODFULPLOH vL DFRSHUHDX
RFKLL 7XOEXUDW FXP HUD ]UL vQGUHSWvQGXVH VSUH HD WUHL
IHWH , VH SUXU FXQRVFXWH GXS VWDWXU vPEUFPLQWH úL
GXS PHUV 1XPDL GH QX VDU vQGUHSWD VSUH HD 'H VDU
GXFHPDLvQWvLODFHOHODOWHV OHVSXQQHQRURFLUHD1XPDLGH
úLDUVFKLPEDGUXPXO
'DU FHOH WUHL IHWH VH DSURSLDX úL VH vQGUHSWDX GLUHFW
VSUHHD
± 2'RDPQHFXPRV VWHDV OHDVFXOWH
)HWHOHVHDSURSLDXGLQFHvQFHPDLPXOWGDUPHUVXO
ORU L VH SUHD YHVHO úL YLRL LXGDW ÌúL úWHUVH ODFULPLOH 6H

PDL GH]PHWLFL )HWHOH VH DSURSLDU úL PDL PXOW 'DU FHL
Y]XU RFKLL (UD RDUH DGHYUDWHOHWUHLIHWH HUDX HOHYHOH
VDOHúLYHQHDXYLRDLHúLYHVHOHLDUFHDGLQPLMORFHUDV ILH
DGHYUDW 'RDPQH 6H PDL SHWUHF úL DVW]L PLQXQL FD vQ
YUHPXULOHDSRVWROLFHHDGLQPLMORFHUD.LNL
LQH DU SXWHD V GHVFULH VFHQD FH D XUPDW (OHYDúL
SURIHVRDUDDXDOHUJDWXQDVSUHFHDODOWVDXvPEU LúDWúLDúD
DX PHUV WRW GUXPXO SOvQJvQG (UDX DúDGDU DGHYUDWH úL
WULWRDUH OHF LLOH ùFROLL GH 5HOLJLH 7ULHúWH 'XPQH]HX 6H
DIOSULQWUHQRL

.LNL WULHúWH úL HVWH VQWRDV úL GH DQL PXO L HVWH R
FURLWRUHDV EXQ SRDWHYUH LFXPYDGUDJHOHPHOHFLWLWRDUH
VY FRDVHRURFKLH

ùLGDFYUHRGDW VHvQWvPSO V VFDG
GLQ FUHGLQ SUHFXP RGLQLRDU 3HWUX DWXQFL R LD SX LQ
GXUHUHDGHSLFLRUúLLVSXQHDGX LDPLQWH'HODPRDUWHWHD
VFRV'XPQH]HX)UXQWHDVXVúLWRWvQDLQWH


(URXúLVIvQW

3ULQWHOH 'LRQLVLH HUD SRWULYLW GH vQO LPH EOvQG
QHWXOEXUDW úL FX RFKLL FDO]L )XVHVH HJXPHQ OD 0QVWLUHD
.DOORQLHL vQ YUHPXULOH DFHOHD FvQG DUPDWHOH GXúPDQH DX
XPSOXW *UHFLD v LYD VROGD L DOLD L DX FHUXW UHIXJLX vQ
PQVWLUHD OXL /HD GHVFKLV úL LD VDOYDW GH OD PRDUWH 'DU
FLQHYDODGHQXQ DWùLDVWIHOHODIRVWFHOFDUHDDYXWVRDUWD
FDUHLDUILDúWHSWDWSHVROGD L/DXEWXWODXVFKLQJLXLWGDU
QDXVFRVQLFLXQFXYvQWGHODHOGHVSUHIXJDUL/DXOHJDWúL
ODX WULPLV vQ ODJUXO GH FRQFHQWUDUH GLQ 6DORQLF $FROR VH
DIODXvQWHPQL D LPLLGHGH LQX L(UDXVRFRWL LDQLPDOHúLQX
RDPHQL ÌQYOPVHDO 0L]HULH )RDPH KLQXUL $PHQLQ
UL 'H]QGHMGH 7HDP X DFHVWH UHOH WUHEXLD V VH OXSWH
HJXPHQXO FD PRQDK FH HUD FD RP GUXLW OXL 'XPQH]HXúL
LXELULL GH DSURDSHOH 6H DSXF V PXQFHDVF VLVWHPDWLF úL
IU PXOWH YRUEH 5HXúL PDL vQWvL V GRPROHDVF IRDPHD
RDPHQLORU 'H OD FHQWUXO FUHúWLQ DO %LVHULFLL 6IvQWD 6RILD
vQFHSXU V ILHWULPLVHVSUHODJUXO3DYORV0HODVFUXFLRDUH
vQFUFDWH FXDOLPHQWH,DUSULQWHOH'LRQLVLHOXDúLvPSU HD
SvLQLURWXQGHúLDOLPHQWHvQWULQGDVWIHOWUXSXULOHGH LQX LORU
'DU VH vQJULMHD GHRSRWULY úL GH VXIOHWHOH ORU SULQ LXELUH úL
SXUWDUHGHJULMSULQQHVIvUúLWHQHYRLQ HúLSULQMHUWIH3X LQ
FvWHSX LQDFvúWLJDWVXIOHWHOHWXWXURUÌQDFHOORFDOFKLQXOXL
GH LQX LL vO VLP HDX FD SH XQ DGHYUDW SULQWH WULPLV GH
'XPQH]HX SULQWUH HL LDU GXUHUHD VXIOHWHDVF OL VH DOLQD
QXPDLYD]LQGXODFROR
'DUGXúPDQLLSUHJWHDXVLWULPLWSHGH LQX LúLPDL
DGvQFvQLDGÌQFHSXU VLvQJKHVXLDVF vQPDúLQLFDSHQLúWH
RL

ùHIXOODJUXOXLvOFKHPSHSULQWHOH'LRQLVLHvQELURXOVX
± 6SXQHLF HOLEHUvL]LVHSULQWUXQWUDGXFWRU'DF
YUHDSRDWHSOHFDFKLDUDVW]LDFXP
± 6SXQH LY URJUVSXQVHDFHVWDLPHGLDWúLIUQLFL
RH]LWDUHFDQXSRWV ODVRDPHQLLVLQJXUL2V PHUJFXHL
± $WXQFLXUF vQPDúLQVSXVHPLUDWRIL HUXO
ÌQJKHVXLW vQ PDúLQL VDX vQ YDJRDQH GH YLWH EXQXO
SVWRU D UPDV vQ PLMORFXO WXUPHL VDOH ILLQG GXV SvQ vQ
*HUPDQLD (UD IOPvQG vQVHWDW QHGRUPLW FFL QHP LL vL
LQXVHU vQ FRQGL LL XPLOLWRDUH SHQWUX ILLQ D XPDQ H D
VXIHULWDFRORvPSUHXQ FXFHLODO LGH LQX LDGHVFULVHOvQVXúL
vQ MXUQDOXO VX SH FDUH OD SXEOLFDW VXE IRUP GH FDUWH FX
WLWOXO 0$57,5, 0$575(6

1X VH YRU SUH]HQWD DLFL
DFHVWHIDSWH
'DU VD SUEXúLW *HUPDQLD úL VDX vQWRUV
VXSUDYLH XLWRULL $MXQVH úL SULQWHOH 'LRQLVLH OD $WHQD 'DU
RP SUHRW HUD VDX DUWDUH 8Q VFKHOHW FX QLVFDLYD SLHOH
DFRSHULWGHXQYHúPvQWYHFKL(UDRDGHYUDW IDQWRP
6D GXV SH OD FXQRVFX LL VL $FHúWLD vL SXUWDU GH
JULMvOKUQLUvLGGXU VEHDGDUQXúLUHYHQHD/DXGXV
ODGRFWRU$IRVWLQWHUQDWvQVSLWDOXQGHLVDXIFXWDQDOL]H
(UDIU OHDF$YHDFLUR]SHOvQJ PXOWHDOWHEROL$F]XW
GLQODFvQSX 2FKLLDGvQFL LvQRUELWHLVHPLFúRUDXSH]LFH
WUHFHDÌQFHOHGLQXUP VDXWXOEXUDWGHWRW3ULYHDXQXPDL
vQMRVÌQWUR]LVHDSURSLHGHHORVRU PHGLFDO
± 3ULQWH DP HX R SODQW SH FDUH GDF R OXD L Y
IDFH LELQH'DUVQXDIOHGRFWRULLFPLSLHUGVOXMED
OXJUXO VWWHD OD vQGRLDO 5HVSHFWD úWLLQ D 'DU
GRFWRULLVXQWúLHLRDPHQLFDUHvQYD vúLGDXVLOLQ DúLRVFRW
ODFDSWGDUVHPDLúLvQúHDOùLRDUHQXVXQWDWvWHDH[HPSOH
FDUH V vQWUHDVF DFHVW DGHYU 1X GGHDX SvQ PDL LHUL

PHGLFDPHQWH FDUH HUDX FRQVLGHUDWH ÄPLUDFXORDVH´ úL FDUH
DVW]LVXQWLQWHU]LVH
6WWHDODvQGRLDORPXOHV IDF6RLDVQXR
LD2VOIDFELQHVDXRVDOGXF PDLUHSHGHODPRDUWH
± 6ILQWH 1HFWDULH SULHWHQH DO VXIHULQ]LORU FH V P
IDF6RLDXVDXQX
$ UHSHWDWUXJFLXQHDGHPDLPXOWHRULúLVSUHVHDU
FXP SULYHD VSUH KRO SULQ XúD GHVFKLV vO Y]X SH 6IvQWXO
1HFWDULHIFvQGXLVHPQGLQFDS
± 'DGDLDR
3ULQWHOH 'LRQLVLH D OXDW DVWIHO SODQWD VXURULL
PHGLFDOH FX R vQFUHGHUH QH]GUXQFLQDW 3HVWH SX LQH ]LOHv L
UHYHQL vQ ILUH , VH IFX IRDPH 0vQF LDU DSRL VH VFXO GLQ
SDWúLPHUVH
± 0LQXQHDGHYUDWVSXVHU PHGLFLL
ùLDúDDOXDWELOHWXOGHLHúLUHGLQVSLWDOúLDSOHFDWVOYLQGSH
'XPQH]HX ùL GLQ DFHD ]L OD LXELW úL OD FLQVWLW SH 6IvQWXO
1HFWDULHSvQ ODPRDUWHvQFGHDQLvQFKHLD L
(URXO DFHVWRU vQWPSOUL HVWH 6IvQWXO 0LWURSROLW GLQ
7ULNNL úL 6WDJRQ 'LRQLVLH FDUH VD GXV VSUH vQWvOQLUH FX
6IvQWXO1HFWDULHvQWLPSXO GLQXUP USXVGHRDOWERDO ±
ILHFDUHRPHVWHRGDW WULPLVSHOXPHDFHDODOWGHRERDO
'DU QR V vQWvU]LH SUHVLPW HX V WULPLWRDPHQLORU
SHFDUHDWvWLDLXELWDMXWRUXOOXL'XPQH]HXSULQUXJFXLQLOH
VDOHQHvQFHWDWH2VXW FLQFL]HFLGHPLLGHRDPHQLDXIRVWOD
vQPRUPvQWDUHD OXL 7UHL]HFL GH PLWURSROL L VXWHGHSUHR LúL
vQVXúL 3DWULDUKXO $ IRVW R vQPRUPvQWDUH QHPDLY]XW vQ
LVWRULD*UHFLHL
±±±±±±±±±±±±±
$FHDVW vQWvPSODUH QHD IRVW RIHULW GH FWUH 3UHDIHULFLWXO
,HURQLP
$UKLHSLVFRSDO$WHQHLúLDOvQWUHJLL(ODGH


0HúWHUXORODU

'H WUHL DQL vQFKHLD L GRPQXO =DQQLV VXIHUHD GH
ULQLFKLXO VWvQJ 'RFWRUL PHGLFDPHQWH UD]H FRQWURDOH SHVWH
FRQWURDOH«2SLHWULFLF FvWOLQWHDvOWRWFKLQXLD6DWUDWDWFX
PHGLFDPHQWHúLFXIHOXULWHOHDFXULEEHúWLVDFKLQXLWFvWVD
FKLQXLWúLFXPXOW UEGDUHúLOXSWvQFHOHGLQXUPSLDWUD
VDGL]ROYDWLDURPXOVDOLQLúWLWSHQWUXXQWLPS
'DUvQWURQRDSWHGLQQRXvOWUH]LRGXUHUHSXWHUQLF
'HDVWGDW vOGXUHDULQLFKLXOGUHSW6D]YvUFROLWvQSDWSvQ
GLPLQHD ÌúLPXúFDEX]HOHGHGXUHUHúLLYHQHDVSOvQJ ±
GLWDPDLEUEDWXO±GHUXOFX LWXOXLSHFDUHOVLP HDvQILSWvQ
SDUWHDGUHDSW3HQWUXFGXUHUHDQXvQFHWDLPHGLDWFXPVD
IFXW ]LX DL OXL ODX GXV OD FOLQLFD 6RWLULRV FH VH JVHD SH
VWUDGD 0DUQL vQ $WHQD ,DX IFXW R UDGLRJUDILH úL DX
GHVFRSHULW F DYHD OD ULQLFKLXO GUHSW R SLDWU GH PULPHD
IDVROHL(UDvQWUR]LGHOXQL
± $DMXQVODQRLSUHDWvU]LXQXVHPDLYLQGHF2V
OGRDU WDUH$úDFRVDLIDFHPRPLFRSHUD LHV VFRDWHP
SLDWUD VSXVH PHGLFXO FKLUXUJ GRPQXO .DILDWVDV VR LHL
EROQDYXOXLGRDPQD+DULFOHHD
± 2 PLF RSHUD LH 'HVSUH FH PLF RSHUD LH
YRUEHúWHGRFWRUXO0DLGHJUDE ]LLRSHUD LHvQWRDW UHJXOD
'RDPQD +DULFOHHD úL ILLFD HL 0DULD DX LQWUDW OD
JULML $L IL ]LV F GHMD YHGHDX ELVWXULXO VSLQWHFvQG SvQWHFHOH
EROQDYXOXLúLSDUF OHúLOXDFXDPH HDOùLDSRLFXPRV
PHDUJRSHUD LDùLGDFRUV VHLYHDVF FRPSOLFD LLùLFvW

WLPS R V WUHDF SvQ FvQG R V vQFHDS RPXO GLQ QRX V
PXQFHDVF
± 'RDPQHDMXWQH
,DUvQJvQGXOORUVHLYLOLPSHGHXQSODQ
± 0DP R V OXP XOHLXO 6IvQWXOXL 1HFWDULH GH OD
GRPQXO7KHRGRULGLVúLRVYUVPVWLFOX DvQFHDLXOGHSLU
7XRV PHUJLODFOLQLF V LOGDLVOEHDúLHXRV PHUJOD
OXFUXGDUDPvQGRXRVQHUXJPWRDW ]LXDXUXJFLXQH
VWUXLWRDUHúLQHvQWUHUXSW
$VWIHO VDX vQ HOHV úL SOHF ILHFDUH OD WUHEXULOH VDOH
$FHVWHD VDX SHWUHFXW PDU L OD R ]L GXS LQWHUQDUH )HPHLD
VH GXVH DSRL úL vL GGX VR XOXL VX FHDLXO GH SLU FX XOHLXO
6IvQWXOXLvQHO
± )LFUXFHGHWUHLRULFXXOHLXOSHVWHULQLFKLPDP
LDVSXVSULQWHOHIRQ0DULDúLUPvQHFXPDPYRUELW
ùL 0DULD OXFUD OD FHQWUDOD WHOHIRQLF úL VH UXJD vQ
SDX]HOHGHFvWHYDVHFXQGHSHFDUHOHDYHD/DSUvQ]VHDúH]
V VH RGLKQHDVF vQ IRWROLXO GLQ ELURX DYvQG PHUHX
UXJFLXQHDSHEX]H/DXQPRPHQWGDWLVHSUXF DIXUDWR
VRPQXO'HRGDWRPvQRDWLQVHSHXPUXOVWvQJúLRYRFH
SULQWHDVF úLFXYLLQFLRDVGHEUEDWvLVSXVHÄ1X LIJULML
FRSLODPHDWDWOWXVHYDIDFHELQHvQFXUvQG´0DULDVULFD
DUVGLQIRWROLX1LFLXQEUEDWQXVHDIODvQELURX(UDGRDU
RFROHJGHDHLFDUHOXFUDODSDQRX
=LOHOH GH PDU L úL PLHUFXUL WUHFXU FX UXJFLXQHD
vQGRLW DPDPHL úLDILLFHL VDOH-RLGLPLQHD EROQDYXOXL L
VH IFX UDGLRJUDILH LDU VHDUD GRFWRUXO R FKHP SH GRDPQD
+DULFOHHDúLvLVSXVH
± LXGDW SLDWUD QXL QLFLHUL 0 PLU 6 DYH L
EXQWDWHDV
± 'RDPQH 6ILQWH VSXVH GRDPQD +DULFOHHD
HPR LRQDW ÌQ GRX ]LOH VD GXV SLDWUD SH FDUH QXPDL ÄR

PLF RSHUD LH´ DU IL VFRVR 'XPQH]HX D IFXW PLQXQHD
SULQ6IvQWXO1HFWDULH
$ GRXD ]L GRPQXO =DQQLV VD vQWRUV DFDV úL GH
DWXQFL ± DX WUHFXW GHMD SDWUX DQL ± OXFUHD] QRUPDO úL IU
QLFLRVXSUDUH
2PDP úLRILLF DXGHVFKLVHUXOúLDXSULPLWPLOD
/XLÌQFRIDPLOLHVOYHúWHVIvQWXO1XPHDOOXL'XPQH]HX
±±±±±±±±±±±±±±
9UH LDGUHVD
'RDPQD+DULFOHHD=.DORJLURX
$JLRX$WKDQDVLRX± $PDURXVLRQ
$WHQD*UHFLD


6XEWLúXOFX LWXOXL

KLDU GLQ SULPXO PRPHQW vQ FDUH D VLP LW JUHXWDWHD
POGL HL FH FUHúWHD vQ HD GRDPQD 9ODKDNLV vQFHSX VL
YRUEHDVF $YHD V ILH SHQWUX SULPD RDU PDP DGLF R
DGHYUDW vPSUWHDV DOXPLL
± %LQHFXYvQWDUHD PHD FRSLODúXO PHX 'D YLL
YOVWUDúXOPHXÌQFHWvQFHWúLFXJULMFFLHúWLvQF PLFúL
SOSvQG«6YH]LFH LSUHJWHVFúLHXKLQX HGHSXISWX
GLQOHPQGHPUSWXUHOHGLQFHDPDLEXQ OvQFHUúIHOHGH
PWDVH$úDIUXPRVV WHDúH]DúDPvQX HOHDúDSLFLRUXúHOH
XLWHúLQVXFXOXLWHVWRPFHOXO« UHG FD LHIRDPH9LQR
OD PLQH vQ EUD H $úD PLFX XO PHX LD OSWLúRU GH OD
PPLFD« 6LP HD FXWRDW ILLQ DHLGHVIWDUHDGHDSXUWDvQ
WUXSXOHLvQFRYLD
/XQLODUvQGODYHJKHDWvQFVX DOXLGHFDUQH/XQL
OD UvQG LD YRUELW ,D FvQWDW PLL GH FvQWHFH'HQHQXPUDWH
RULVDMXFDWFXHOùLFXFvWLVHDSURSLDVRURFXOFXDWvWPDL
PDUH vL HUD EXFXULD ÌQWUDWvW vQFvW vL VWUOXFHD FKLSXO ÌO
PvQJvLDGXLRVSHGHDVXSUDURFKLHLúLSULYHDLDUúLLDUPLFX D
OXL]HVWUH$ FXPSUDW FHO PDLIUXPRV SWX GLQSLD úLOD
DúH]DWOvQJSDWXOHL/DDUDQMDWIUXPRVIUXPRVùLRULXQGH
VDUILDIODWPDPDvQFDVDUILDX]LWSOvQVHWXORGRUXOXLVX
HIHULFLUH

,QWU vQOXQDDQRXD$MXQVHODPLMORFXOHL'HDFXP
VH DSURSLD OXQD D ]HFHD $X GXVR OD FOLQLF SHQWUX F VH

vPSOLQLVHVRURFXO7HUPHQXOGHMDWUHFXVHGDUQXGGHDQLFL
XQVHPQGHQDúWHUH6XIOHWXOLVHvQQHJXU'RFWRULLHUDXGLQ
FH vQ FH PDL QHOLQLúWL L 'DU FH VLP L PDPRúXO FX PvLQLOH
VDOH SULFHSXWH RSLOXO HUD DúH]DW LQYHUV FX SLFLRUXúHOH
vQDLQWH ÌQVSLPvQWWRU 'GX GLVSR]L LH V VH SUHJWHDVF
VDODGHRSHUD LH
± 2 VL IDFHP DVW VHDU FH]DULDQ úL DSRL YRP
YHGHDFHVHPDLvQWvPSOVSXVHDFHVWD
9HVWHD DMXQVH SvQ OD IDPLOLD GRPQXOXL 1LVLRWLV FDUH HUD
IXQF LRQDUDOILOLDOHLFHQWUDOHD%QFLL*UHFLHL2PHYODYLRV
DFHVWD vO LXEHD PXOW SH 6IvQWXO 1HFWDULH vQWUDWvW vQFvW vO
SULYHDFDSHXQPHPEUXDOIDPLOLHLVDOH1XGHSX LQHRULHO
úLDLOXLLDXVLP LWDMXWRUXO
± 'RDPQD 9ODKDNLV DUH QHFD]XUL vL VSXVH GRPQXO
1LVLRWLVVR LHLOXL$XVRWDLH%LDWDGHHDúLDIFXWDWvWGH
PXOWELQH
± 'RDPQH6ILQWHDXH[FODPDWVR LDúLILXOVX
'RPQXO1LVLRWLVOXRLFRQL D6IvQWXOXL1HFWDULHRSXVHFX
HYODYLH vQ EX]XQDU úL VH vQGUHSW VSUH FOLQLFD XQGH VH DIOD
GRDPQD9DKDNLV2JVLIRDUWHVXSUDW%LDWDIHPHLHDIODVH
FHVHvQWvPSODvQWUXSXOHLúLGHMDSDUFYHGHDDLHYHDFX LWXO
GHDVXSUD HL 7UHPXUD GH IULF vQFKLSXLQGXúL ELVWXULXO
LQWUvQGXLvQFDUQHúLWLQGRSvQ vQPUXQWDLHùLGDFRV
DMXQJ SvQ OD WUXSXúRUXO IUDJHG DO FRSLOXOXL úL R VO
UQHDVF2'RDPQHFHQHQRURFLUH6XIOHWXOvLDUGHDvQ
FKLQXULDVHPHQHDFXFHOHDOHLDGXOXLvQV vQWUXSQXVLP HD
QLFLRGXUHUHGHQDúWHUH
$úD R JVL GRPQXO 1LVLRWLV FvQG LQWU vQ VDORQXO HL
6H DSURSLH GH HD R VDOXWGXS FDUHVFRDVH FXHYODYLH GLQ
EX]XQDULFRDQD6IvQWXOXL1HFWDULHSHFDUHROXDVHGHDFDV
úLRDúH]SHQRSWLHU

± 0GRDUHVWULJ IHPHLDGHvQGDW FHLFRDQDDWLQVH
QRSWLHUD0GRDUH
'RPQXO 1LVLRWLV UPDVH FD WUVQLW ÌQ HOHVHVH ÌúL
IFXFUXFHGXS FDUHVHUHWUDVHGLQVDORQ
± 6ILQWH 1HFWDULH vQJvQ QXPDL WUHPXUvQG GH
HPR LH
,PHGLDW DX GXVR SH IHPHLH vQ VDOD GH RSHUD LH
%LVWXULHOH OXFHDX DPHQLQ WRDUH OvQJ HD GDU QX D IRVW
QHYRLHGHHOH3HVWHSX LQYUHPHFRSLOXOVHQúWHDQRUPDO
8LWHLFSúRUXOXLWHLúLIUXQWHDPLFX QVXFXOREUMRULL
JWX XOSLHSWLúRUXOEXUWLFDúLSLFLRUXúHOH8LWHELH HOXO'H
vQGDW UVXQ vQXUHFKLOHPDPHLSOvQVHWXOFRSLODúXOXLHLFDUH
L VH SUX FD XQ LPQ GH VODYD FvQWDW GH PLL GH vQJHUL 6ODYD
LH$WRWSXWHUQLFH'RDPQH
'RFWRUXO D XUPULW PXW GH XLPLUH PLQXQHD FH VH
SHWUHFXVH3OLQGHHPR LHLHúLDSRLGLQVDODGHRSHUD LH
± 1XP vQúHDOSHPLQHPvLQLOHGRPQXOH1LVLRWLV
VSXVH DFHVWD 'H PLL GH RUL DP vQWvOQLW DVHPHQHD FD]XUL
RSLODúXOHUDDúH]DWLQYHUVHYDVDSHWUHFXWDLFLvQFOLQLFD
PHD
+DLGH LFXPLQHvLUVSXQVHGRPQXO1LVLRWLV
6H GXVHU DPvQGRL vQ VDORQXO SURDVSHWHL PDPH 3H
QRSWLHUDHLVHDIODLFRDQD6IvQWXOXLFDUHDWvWGHPXOWLXEHúWH
RDPHQLLvQFvWUvXGHPLQXQLL]YRUúWHGLQPLODOXLFHDPDUH
$PvQGRL DX SULYLW vQGHOXQJ LFRDQD IU V VFRDW R YRUE
HSXWHDXRDUHV PDLVSXQ
6OYLWV ILH'RPQXOvQWUXVILQ LL6L


3ROL LVWXO

'RPQXO $OHNRV /LKQRV HUD SROL LVW %LQHYRLWRU úL
VHUYLDELOGDUúLFXXQDHUVHULRVGGHDvQILHFDUHGLPLQHD
GLVSR]L LLIRU HORUFHVHDIODXvQVXERUGLQHDVD(UDREXFXULH
VODX]LYRUELQG$YHDRYRFHIUXPRDV úLFULVWDOLQ
ÌQWUR ]L vQV SDUF VH VLP L R VFKLPEDUH vQ YRFHD
OXL HYD FD R PLF VWUvQVRDUH SDUF vO vPSLHGLFD V
YRUEHDVF3H]LFHWUHFHDJvWXOLVHvQFKLGHDLDUYRFHDLVH
DX]HDGLQFHvQFHPDLVWLQV%LHWXORPVHQHOLQLúWL'HMDHUD
FHYD VHULRV 6H GXVH OD GRFWRU LDU DFHVWD vO H[DPLQ úLO
WULPLVHGHXUJHQ OD6SLWDOXOUXFLL5RúLLGLQ$WHQD± FHYD
JUDY WUHEXLH VL IL JVLW GRFWRUXO FHYD FDUH GHSúHD
PLMORDFHOHVDOHvQGDDMXQVODVSLWDOGRFWRUXO,DQRYLFLLD
GHVFRSHULWRWXPRDUHODJvW
± 'RPQXOH/LKQRVWUHEXLHVDYDRSHUPV VFRDWHP
WXPRDUHD
2SHUD LHGHFDQFHUODJvW7RDW IDPLOLDVDWXOEXUDW
9DL'RDPQHRSHUD LHGHFDQFHUODJvW6HVWUvQVHU FXWR LL
DFDV úL vQFHSXU V VH URDJH OXL 'XPQH]HX GH OD FDUH GH
PXOWHRULSULPLVHU DMXWRUGXS FDUHDXKRWUvWV PHDUJ OD
XQFKLUXUJIDLPRVFDUHWDLHFDQFHUXOFXFX LWXO6IvQWXOXL'XK
± OD 6IvQWXO 1HFWDULH 3RUQU VSUH 3LUHX GH XQGH DX OXDW
YDSRUXO FH PHUJHD OD (JKLQD ÌQ GRX RUH DX DMXQV OD
PQVWLUH 6DX GXV úL VDX vQFKLQDW OD PRDúWHOH 6IvQWXOXL
FDUH vLSULYHDEOvQGGLQLFRDQGXS FDUH DXPHUV OD6IvQWD
/LWXUJKLH 6DX UXJDW FX WR LL FX HYODYLH SHQWUX FD 6IvQWXO
1HFWDULHVGUXLDVF VQWDWH'XS VOXMEVHDSURSLDU V
VUXWHVIvQWDUDFO,DXGHVFKLVSRUWL DúLvQDFHOPRPHQWGH

ODVILQWHOHPRDúWHDLHúLWFDRERDUHILQ6DXFXWUHPXUDWGH
HPR LH
± 0LQXQHDXVWULJDWFHLGHID
(UD R PLQXQH 6IvQWXO 1HFWDULH HUD SULQWUH HL 6DX
DSURSLDW úL DX VUXWDW VIvQWDUDFO FXEX]HWUHPXUvQGH$SRL
DXSOHFDWSOLQLGHHPR LH2OLQLúWHVIvQW úLGXOFHOHLQXQGDVH
VXIOHWXOúLWUXSXOOHvQIUXPXVH DVHFKLSXOúLOHIFXVHPHUVXO
VSULQWHQ$XLHúLWGLQPQVWLUHúLDXSOHFDWVSUHSRUW7RDWH
vQMXUúLvQXQWUXOORUHUDXIUXPRDVH2DGHYUDW vQFKLSXLUH
D5DLXOXL $X LQWUDWDSRL vQYDSRU FDUHFDROHEG DOE FH
VWUSXQJHDDSHOHDOEDVWUHLDGXVvQDSRLOD3LUHX
ùLFDQFHUXO8QGHLFDQFHUXO1LFLXUPGHHO$ELD
OD3LUHXHPR LDOHDVORER]LWOLPELOH
± %LQHFXYvQWDWV ILH'RPQXOvQWUXVILQ LL/XLDVSXV
DWXQFL SROL LVWXO FX YRFH IUXPRDV FXUDW FULVWDOLQ FD úL
PDLvQDLQWH7XPRDUHDGLVSUXVHvQGvQV DQXPHVDXFXP
QXPDL'XPQH]HXúWLH
ÌQWRDW ùFRDODGH2IL HULXQGHV WRWILIRVWDOLQLD L
VXE FHUXO OLEHU WUHLFLQFL VXWH VH EUED L FD EUD]LL UVXQD
DFXPGLQQRXYRFHDSXWHUQLF úLLPSXQWRDUHDSROL LVWXOXL
FDRYRFHGHDUKDQJKHO
± $WHQ LXQH 3ULYLUHD FWUH UVULW 'HVFRSHUL LY
FDSHWHOH
9UH LVODVFXOWD LYRUELQGúLGXPQHDYRDVWULXEL LL
PHLFLWLWRUL/RFXLHúWHSHVWUDGD(JKLQLV.LSVHOL$WHQD
1XPUXOVXGHWHOHIRQHVWH


ÌQF XQDGLQPLQXQLOHIU GHQXPU

'LQ ILUHD PHD VvQW XQ RP SDúQLF PHUHX PXO XPLW
YHVHOúLELQHGLVSXV0HUHXYGSDUWHDEXQ DOXFUXULORUX
DOWHFXYLQWHVvQWXQRPIHULFLWÌQVRLQGLVSR]L LHSXWHUQLF
R OLSV GH FKHI SHQWUX RULFH QHFD]XO úL WXOEXUDUHD P
WUDQVIRUPDVHU GH OD R YUHPH vQ DOW RP 'HYHQLVHP FLXGDW
QX PDL DYHDP ORF QLFLHUL úL QLPLF QXPL PDL SOFHD 0
FXOFDPúLP WUH]HDPWXOEXUDWHXFDUHRGXFHDPPDLvQDLQWH
FDvQVvQXOOXL$YUDP1LFLFRSLLLPHLSHFDUHvLDGRUQXP
PDLPXO XPHDXÌQVSLPvQWWRUOXFUX
ÌQ DFHVW LDG P JVHDP FX PDL ELQH GH FLQFL DQL vQ
XUP ,PL OVDVHP EDOW úL ELURXO úL PXQFD úL WRW 0
vQWXQHFDVHP OD VXIOHW 6RPQXO QX VH PDL SULQGHD GH PLQH
'RFWRULLQXP DMXWDXFXQLPLF
ÌQWUR GXSDPLD] UXO DMXQVH OD FXOPH (UDP
IRDUWHWXOEXUDWúLP ]YvUFROHDPvQSDW
± HRV VHDOHDJGHPLQH'RDPQH DPVWULJDW$LPLO
ùL DWXQFL vPL YHQL R LGHH $P VULW vQ SLFLRDUH DP GHVFKLV
GXODSXODPOXDWVWLFOX DFXPLUGHOD6IvQWXO1HFWDULHúLP
DPUXJDWGLQWRDWHSXWHULOHPHOHSOvQJvQGFDXQFRSLO
± $LPLOGHPLQH6ILQWH1HFWDULHDLPLOGHPLQH
ÌQWUXQ LPSXOV DSURDSH QHILUHVF PLDP GHVIFXW
QDVWXULLGHODEOX]DGHSLMDPDPLDPGH]JROLWSLHSWXOFDUH
SDUF HUD]GURELWGHRSLDWUúLPLDPIFXWVHPQXOFUXFLLFX
PLUXO GH VXV SvQ MRV úL GH OD GUHDSWD OD VWvQJD ùL DWXQFL
LXEL LLPHLDWXQFLSLDWUDDGLVSUXWIUXUP$PWUDVDGvQF
DHUvQSLHSWVLP LQGRXúXUDUHQHPDLY]XW$PIFXWFUXFH
úLDGRXDúLDWUHLDRDU$FHHDúLVWDUHGHELQH0DPOLQLúWLW

FRPSOHW $L IL ]LV F PDU IL DWLQV R DGLHUH GXOFH úL VWURSL
UFRULWRULGHDS PLDXOXDWJUHXWDWHDGLQVXIOHW
± Ì L PXO XPHVF 'RDPQH DP VSXV GLQ DGvQFXO
VXIOHWXOXL PHX Ì L PXO XPHVF 6ILQWH 1HFWDULH 'PL DFXP
úL XQ SLF GH VRPQ ùL PDP vQWLQV vQ SDW /D UGFLQHOH
ILUHORUGHSUVLP HDPDFXPRPvQ VIvQW FXPP PvQJvLD
EOvQGùLHUDPVLQJXUvQFDPHU
± Ì L PXO XPHVF PXOW IRDUWH PXOW 6ILQWH DP VSXV
ULGLFvQG FDSXO úL ]vPELQG GXS FDUH DP DGRUPLW 0D
FXSULQV VRPQXO úL DP YLVDW F HUDP vQWUR ELVHULF vQ
VUEWRDUH úL DFROR HUD PXOW OXPH HYODYLRDV 0DP WUH]LW
PXO XPLWúLPDPXLWDWODFHDV'RUPLVHPGRXRUHvQWUHJL
± ÌQFXQSLF6ILQWHODPUXJDW
(UDP vQVHWDW GH VRPQ úL GH OLQLúWH ,PHGLDW DP
DGRUPLWGLQQRXvQGPDPWUH]LWHUDDSURDSHVHDU0DP
VFXODW PDP vPEUFDW úL PDP vQGUHSWDW VSUH ELURX H
IUXPRDVHPLVHSUHDXDFXPWRDWHvQFDOHDPHDLQPDúLQ
vQSLD vQELURXSHVWHWRW(UDPXQDOWRPXQFXWRWXODOW
RP$YHDPGLQQRXVXIOHWXOúLFKHIXOXQXLFRSLOùLDúDVvQW
SvQ DVW]LFLQVWHúLvQFKLQFLXQHOXL'XPQH]HXúL6IvQWXOXL
1HFWDULH
0HUHX vL PXO XPHVF 6IvQWXOXL 1HFWDULH SH FDUH vO
LXEHVFúLvOFLQVWHVFúLPHUHXYRUEHVFGHVSUHHO'LQDFHDVW
GUDJRVWHSHFDUHLRSRUWDPVFULVDFHDVW FU XOLHPLFGDU
SOLQGHDGHYUúLGHGDWHH[DFWHGHúLYROXPHvQWUHJLVHSRW
VFULH GHVSUHPLQXQLOHDFHVWXLVIvQW

0DPVWUGXLWDVWIHOV
GUXLHVFIUD LORUPHLRSLFWXUFDXQFULQELQHPLURVLWRUGLQ
JUGLQLOHELQHFXYvQWDWHDOH5DLXOXLGRDURSLFWXU DKDUXOXL
GXPQH]HLHVF R UD] GH OXPLQ VIvQW úL ELQHIFWRDUH GLQ
VRDUHOH6ILQWHL6ODYH


$1(;$

9,1'($5($0,181$7 $ 818,
3$5$/,=$767$9526.$/.$1',6

,VWRULD FH XUPHD] QX HVWH R QXYHO VFULV ELQH SH
FDUHDQVFRFLWRIDQWH]LDXQXLYLVWRUQLFLRSRYHVWHSHQWUX
FRSLL PLFL úL QLFL R FUHD LH DUWLILFLDO FDUH VHUYHúWH YUHXQ
VFRSGLQDLQWHVWDELOLW(VWHDGHYUDWLVWRULDPHDSHUVRQDO
LVWRULD YLH LL PHOH D XQHL YLH LFDUHvQGHFXUVXOHLDWUHFXW
SULQPXOWHVWDGLLGHVXIHULQ SULQPXOWHOXSWHúL]EXFLXPXUL
VXIOHWHúWLSvQ FvQGDDMXQVVJVHDVF DGHYUDWXOHLVHQVúL
DGHYUDWD HL GH]YROWDUH FDUH DX FRQGXVR DSURDSH GH
'XPQH]HX
5]ERLXOGLQPDJVLWWvQUvQYvUVWGH
GHDQLúLODPVHUYLWvQDYLD LDGHU]ERLÌQDSULOLHvQ
WLPSXOPLVLXQLLRVFKLMGHREX]ORYLQGXP ODFHDIPLD
UXSW PGXYD FRORDQHL YHUWHEUDOH úL PLD SURYRFDW R
KHPRUDJLHDYvQGFDUH]XOWDWRXúRDUSDUDOL]LHDPHPEUHORU
LQIHULRDUHDGLFSDUDSOHJLH
$ YHQLW GXS DFHHD RFXSD LD JHUPDQ úL GHRDUHFH
VWDUHDPHDvQFHSXVHV VHDPHOLRUH]HvQFHWvQFHWDPSOHFDW
vQ2ULHQWXO0LMORFLXFDRIL HU$FRORDPDYXWQHQRURFLUHDV
P ORYHVF GLQ QRX OD FHDI FHHD FH D DGXV vQUXW LUHD
VLWXD LHPHOH
'XS FHVDVIvUúLWDOGRLOHDU]ERLPRQGLDOSDWULDP
D WULPLV vQ DSULOLH vQ $PHULFD ÌQGDW FH DP DMXQV

DFROR DP VROLFLWDW R LQWHUYHQ LH FKLUXUJLFDO OD FRORDQD
YHUWHEUDO 'DU GLQ VDORQXO GH RSHUD LH DP LHúLW PDL UX
GHFvW FXP LQWUDVHP 'LDJQRVWLFXO D IRVW WHWUDSOHJLH
VSDVPDWLF FHHD FHvQVHPQD F DWvW PvLQLOH FvWúLSLFLRDUHOH
XUPDXVSDUDOL]H]HFRPSOHW
$PUPDVvQ$PHULFDSvQ vQFvQGDPUHYHQLW
vQ*UHFLD$LFLDPDYXWFvWHYDVLPSWRPHGHDPHOLRUDUHGDU
IU UH]XOWDWH FRQFUHWH ÌQ VQWDWHD PHD VD DJUDYDW
GLQQRXúLDPSOHFDWSHQWUXDDGRXDRDU vQ6WDWHOH8QLWHDOH
$PHULFLL GH XQGH PDP vQWRUV vQ FX WHWUDSOHJLH
FRPSOHWDúDFXPDPDPLQWLWPDLVXV
'LQSvQ vQFvQGPDPYLQGHFDWDPVWDW
OD $úH]PvQWXO 1D LRQDO GH 5HFXSHUDUH D ,QYDOL]LORU vQ
FDUWLHUXO Ä3DODLR 3VLKLFR´ ILLQG GHMD SDUDOL]DW FRPSOHW 'H
DVHPHQHDvQDPYL]LWDWGLQQRX$PHULFDSHQWUXFvWHYD
OXQL LDU vQ PD LQYLWDW GRFWRUXO 5DVN SHQWUX D P
H[DPLQDúLDFRQVWDWDFXH[DFWLWDWHFHVHvQWvPSODVHDGLF vQ
FHFKLSPYLQGHFDVHP

0LHIRDUWHJUHXV LVWRULVHVFvQFvWHYDUvQGXULHYHQLPHQWHOH
FHVDXSHWUHFXWvQDWv LDDQLUHIHULWRUODHYROX LDVWULLPHOH
úLODWXOEXUDUHDVXIOHWHDVF FDUHPDvQVR LWvQWR LDFHúWLDQL
ÌPL HVWH JUHX V GHVFULX vQ RUGLQH FURQRORJLF PXO LPHD
VLP PLQWHORU SH FDUH OHDP vQFHUFDW VSHUDQ H FDUH YHQHDX
V P LDSHDULSLOHORUGLDIDQHúLGH]QGHMGLOHFDUHvQWXQHFDX
WRWXO vQ MXUXO PHX $VHPHQHD YDOXULORU PULL FDUH YLQ FX
SXWHUHúLQHULGLF VXVSHVSXPDORUDSRLQHVFXIXQG DGvQF
MRV WRW DVWIHO P FRSOHúHDX GLIHULWHOH VLP PLQWH SXUWvQGX
P vQFRDFH úLQFROR DSRL OVvQGXP DGvQF VFXIXQGDW vQ
GH]QGHMGH
1XHVWHSRVLELOVGHVFULXFKLQXOSHFDUHvOVXIHUHDP
FvQG R PXVF PL VH DúH]D SH IUXQWH úL QX SXWHDP IDFH QLFL
FHD PDL PLF PLúFDUH SHQWUX D R DOXQJD VDX FvQG

WUDQVSLUD LD PL VH URVWRJROHD DWvWGHVXSUWRU SHID úL P
DIODPvQQHSXWLQ DGHDPLULGLFDPvQDSHQWUXDRúWHUJH'H
DFHHD QX VFULX SXU úL VLPSOX LVWRULD YLH LL PHOH FL P
PUWXULVHVF GH]YOXLQG DVWIHO GLIHULWHOH FXWH DOH VXIOHWXOXL
PHXvQWRFPDLFXPYHQHDXYDOXULOHYLH LLúLPEWHDXFDV
ILHSUH]HQWDWHWRDWHUQLOHSHFDUHGXUHUHDOHDOXFUDWDVXSUD
OXLúLPDLPXOWGHFvWDWvWSHQWUXDIDFHHYLGHQW VFKLPEDUHD
DFHVWRU UQL vQ ELQHFXYvQWDUH SDFH úL EXFXULH SULQ OXFUDUHD
'XPQH]HLHVFXOXL+DU
ÌQ YUHPHD DFHHD GXS RSHUD LH DP FXQRVFXW XQ
PDUH RP GH úWLLQ XPDQLVW SH GRFWRUXO +RZDUG 5DVN
SURIHVRU OD 8QLYHUVLWDWHD GLQ 1HZ RUN OD FDWHGUD GH
0HGLFLQ)L]LF GH UHFXSHUDUH D LQYDOL]LORU FDUH Y]vQGX
PGHFHS LRQDWSHXQWRQUXJWRUPLD]LVÄ7HURJ6WDYURV
URDJWH OXL 'XPQH]HX 5RDJWH QHvQFHWDW )R WH URJ
SHQWUXPLQHFKLDUGDF WXQXFUH]LvQ(O´
$P SOHFDW WXOEXUDW JvQGLQGXP vQ VLQHD PHD ÄH
LURQLH (X DP YHQLW vQ $PHULFD SHQWUX D P YLQGHFD LDU
PHGLFXO DPHULFDQ P WULPLWH OD '801(=(8´ 6HDUD vQ
SDWXOPHXPJvQGHDPúL]LFHDPÄ'DUGHFHLQVLVW DWvWGH
PXOWDFHVWRPV PHUJV/JVHVFSH'XPQH]HXLQH/D
Y]XWSH'XPQH]HXXPYRLSXWHDLQWUDvQOHJWXU FX(O
2DUH H XúRU DFHVW OXFUX´ ùL vQFHS VPL FHUFHWH] úL VPL
H[DPLQH]JvQGLUHDÄLQHHVWH'XPQH]HX´ùLRUHvQúLUvPL
FKLQXLDPPLQWHDFXDVWIHOGHvQWUHEULDúWHSWvQGXQUVSXQV
FDUH ILUHúWH QD YHQLW HDVXUL vQWUHJL P FKLQXLDP FX
DFHVWH JvQGXUL úL vQGRLHOL vQFvW OD VIvUúLW DP VXIHULW R
]SFHDORLQHU LHvQJvQGLUH
ÌQGDW FH PLQWHD PHD vQFHSHD V FHUFHWH]H úL V
UHIOHFWH]HDVXSUDDFHVWHLWHPHGHRGDW VHRSUHDúLDúWHSWD
H DúWHSWD 1X SXWHDP V vQ HOHJ ùL vQ WLPSXO XQHLD GLQ
DFHVWH RSULUL R YRFH SXWHUQLF D L]EXFQLW GLQOXQWUXO PHX

Ä'RDPQH'XPQH]HXOPHXYUHDXV P DSURSLLGH7LQHGDU
QX úWLX FXP´ $P VSXVR DWvW GH WDUH vQFvW vQWUHDJD PHD
ILLQ D WUHVOWDW úL WRDW SXWHUHD PL VD FRQFHQWUDW vQ DFHVW
FXYvQWÄ95($8´$FHVWÄ95($8´HVWHXQFXYvQWPLFGDU
FXRVHPQLILFD LHIRDUWHPDUH)HOXOvQFDUHvOYRPSURQXQ D
DUHYDORDUHFOGX FDOGVDXILHUELQWH
7UHEXLHVQHvQFUHGLQ PvQWUHDJDQRDVWUYRLQ vQ
PvLQLOH $WRWSXWHUQLFXOXL 'XPQH]HX úL DWXQFL (O YD DF LRQD
FD 'XPQH]HX vQ FKLS GHVYvUúLW úL QH YD GUXL SDFHD 6D
FDUHQHYDFXSULQGHvQWUHDJDQRDVWU ILLQ $FHDVWDDYHDPV
RvQ HOHJPXOWPDLWvU]LX
vQG PDP vQWRUV GLQ $PHULFD PDP LQWHUQDW OD
$úH]PvQWXOGH5HFXSHUDUHD,QYDOL]LORUvQFDUWLHUXOÄ3DODLR
3VLKLFR´
3ULQWUH DOWHOH P FKLQXLD vQF vQWUHEDUHD ÄXP ÌO
YRL JVL SH 'XPQH]HX´ ÌQFHSXVHP GHMD V FUHG F DFHVW
Ä95($8´SHFDUH,ODPDGUHVDW=LGLWRUXOXLvPLYDDGXFH
UH]XOWDWXO PXOW UvYQLW úL SvQ OD XUP ÌO YRL vQWLOQL SH
'XPQH]HX ùL vQWUDGHYU DP Y]XW F 'RPQXO ± GUHSW
UVSXQV OD UXJFLXQHD PHD ± D IFXW PXO L SDúL VSUH PLQH
SFWRVXOúLQHYUHGQLFXO
7UHFXVHU VXILFLHQWH ]LOH GH FvQG YHQLVHP GLQ
$PHULFDFvQGvQWURGLPLQHD vQ]LXDGHPDLvúL
IFXDSDUL LDOD$úH]PvQWXQSUHRWEWUvQFXEDUEDDOEXQ
WULPLV DO OXL 'XPQH]HX úL vO DXG F vQWUHDE Ä'UDJLL PHL
FLQHDYHQLWvQDFHDVWSHULRDGGLQVWULQWDWH´'XS FHL
DXDUWDWSDWXOPHXVHDSURSLHGHPLQHúLP vQWUHEÄ)LXO
PHX WX DL YHQLW GLQ VWULQWDWH´ Ä'D SULQWH´ vL UVSXQG
,DUHOvPLvQWLQGHPvQDÄ'DUPvLQLOHPHOH´vLVSXQHXÄVvQW
SDUDOL]DWH 1X SRW V OH ULGLF´ ÄùL SLFLRDUHOH´ P vQWUHE
ÄùL SLFLRDUHOH VvQW OD IHO´ vL ]LF Ä3UHDPULW ILH QXPHOH OXL
'XPQH]HX´ ]LFH (X vO SULYHDP FX FXULR]LWDWH $ vQFHSXW

DWXQFLV P vQWUHEHFXPDPIRVWUQLWGHXQGHVvQWúLDOWHOH
UH]vQG F P vQWUHDE GLQ VLPSO FXULR]LWDWH úL vQWUXFvW
YRLDP V vQFHWH]H DFHVW LQWHURJDWRULX vL ]LF Ä3ULQWH SH
FLQH FXWD L 6SXQH LPL FD V Y SRW DMXWD´ Ä1X FDXW SH
QLPHQL DOWFLQHYD ILXOH 3HQWUX WLQH DP YHQLW´ Ä3HQWUX
PLQH'DUSULQWH´vL]LFÄGDF D LYHQLWSHQWUXPLQHOXD L
ORFSHVFDXQúLVSXQH LPLFHGRUL L´
ÌQWUDGHYUDOXDWORFúLPLD]LVÄ)LXOHV ILLIHULFLW
F WH DIOL vQ DFHVW ORF´ /DP SULYLW FX PLUDUH úL LDP
UVSXQV ÄXP V ILX IHULFLW SULQWH FvW YUHPH VvQW
LQYDOLG´'DILXOHvQV DFXPHúWLDSURDSHGH'XPQH]HX
$LIRVWGHSDUWHGH(OGDUILLvQFUHGLQ DWF (OWHLXEHúWHùL
LD DPLQWH V QX FvUWHúWL QLFLRGDW vPSRWULYD /XL SHQWUX F
QXúWLLFH LDUH]HUYDWSvQ ODVIvUúLWXOYLH LLWDOHÌQWRWGHDXQD
V L vQGUHS L QGHMGHD FWUH (O´ Ä(K FXYLQWH SULQWHúWL GH
PvQJvLHUH´ vPL ]LFHDP vQ VLQHD PHD 'DU DX IRVW FXYLQWH
SURIHWLFHFDUHVDXDGHYHULWGXSDQL
vQGVDULGLFDWVSOHFHODPvQWUHEDWÄ'DUSULQWH
QXPL VSXL FLQH HúWL´ Ä'D´ UVSXQVH ÄP QXPHVF )LORWHL
=HUYDNRV úL VvQW VWDUH XO 0QVWLULL /RJRYDUGDV GLQ 3DURV´
ÄùLFLQHWHDWULPLVODPLQH´vOvQWUHE$]vPELW FXPRGHVWLH
úLFX]vPEHWXOSHEX]HvPLVSXVHÄ'HRULFHYHLDYHDQHYRLH
ILXOPHXVFULHPLúLHXWHYRLDMXWD´0DELQHFXYvQWDWPD
VDOXWDWúLVDvQWRUVVSOHFHÄ2XOWLP vQWUHEDUHSULQWH´vL
VWULJ Ä(VWHJUHXV VHDSURSLHFLQHYDGH'XPQH]HX´Ä$K
ILXO PHX SH FvW L VH SDUH GH JUHX SH DWvW H GH XúRU (
VXILFLHQW VR GRUHúWL V FUH]L úL V WH URJL SHQWUX DVWD
0UWXULVLUHD úL 6IvQWD ÌPSUWúDQLH VvQW SULPD WUHDSW 6vQW
JUHOH DFHVWHD ILXO PHX´ Ä'DF VvQW QXPDL DFHVWHD HVWH
IRDUWHXúRU´vLUVSXQG,DPPXO XPLWúLDSOHFDW
/D FvWHYD OXQL GXS PUWXULVLUHD PHD VLQFHU ODP
UXJDW SH SULQWHOH )LORWHL V PHUJHP vPSUHXQ OD 6IvQWXO

1HFWDULHVQHUXJPDFHVWDvQWULQGXP vQVXIHULQ DPHD
1HDP GXV OD (JKLQD úL vQWUXFvW DP XUFDW OD ELVHULFD
6IvQWXOXLDURVWLW3DUDFOLVXOSHFDUHODPDVFXOWDWFXDGvQF
HPR LH úL SLRúHQLH UHGHDP F P DIOX vQ FHU úL F
'XPQH]HXVHDSURULHGHPLQHLDUDFHVWDPDIFXWV VLPWR
XúXUDUH FD FHYD FDUH D SOHFDW úL FDUH SvQ DWXQFL vPL
vQJUHXQDVHVXIOHWXO 'XS FHVDWUHPLQDW3DUDFOLVXODIOvQGX
P vQF vQ ELVHULF VD DSURSLDW GH PLQH R GRDPQ úL PD
vQWUHEDW ÄLQH HUD FHOODOW SUHRW GLQ ELVHULF FDUH D IFXW
SDUDFOLVXO´ÄLQHDOWXOSULQWHOH)LORWHLDIRVW´vLUVSXQG
Ä1X GHVSUH SULQWHOH )LORWHL Y vQWUHE FL GHVSUH FHOODOW´
vPLVSXVHLDUúLùLvQWUXFvWHXVXV LQHDPF DPY]XWGRDU
SHSULQWHOH)LORWHLLDUGRDPQDDFHHDLQVLVWDF DOXDWSDUWH
OD 3DUDFOLV úL DOW SUHRW ODP vQWUHEDW SH SULQWHOH )LORWHL
GDFvQWUDGHYUDPDLIRVWúLXQDOWSUHRW,DUHODGUHVvQGX
VH IHPHLL R vQWUHE Ä/DL Y]XW´ Ä6LJXU F ODP Y]XW
SULQWH´ ÄH IFHD´ FRQWLQX SULQWHOH Ä%LQHFXYvQWD´
UVSXQVH DFHDVWD Ä6IvQWXO 1HFWDULH D IRVW ILXO PHX´
$VFXOWvQGDFHVWHDFXXLPLUHvOvQWUHEúLHXODUvQGXOPHXSH
SULQWHOH )LORWHL Ä6ILQ LD YRDVWU OD L Y]XW SULQWH´
Ä6LJXUF ODPY]XW´vPLUVSXQVHÄùLPLDYRUELWGHVSUH
WLQH´2QRX WXOEXUDUHvQVXIOHWXOPHXRQRX ]JXGXLUH
6XIOHWXOPLVDXPSOXWGHRIHULFLUHGHRVHELWGHREXFXULH
WDLQLFSHFDUHQXSRWVRH[SOLFvQFXYLQWH
vQGPDPvQWRUVOD$úH]PvQWQXP PDLSUHRFXSD
LQYDOLGLWDWHDPHDFLPLQXQHD2PXOGHFHOHPDLPXOWHRUL
FHUHUHVWDELOLUHDVQW LLWUXSHúWLvQWLPSFH'XPQH]HXFD
$WRWúWLXWRUvLGUXLHúWHPvQWXLUHDVXIOHWXOXLFDUHHVWHLQILQLW
PDL SUH LRDV GHFvW VQWDWHD WUXSXOXL D V DMXQJHP OD
vQVQWRúLUHD WUXSHDVF HVWH QHFHVDU FD PDL vQWvL PLQXQHD
V VH vQWvPSOH vQOXQWUXO QRVWUX $GLF PDL vQWvL WUHEXLH V

QHOHSGPGHRPXOFHOYHFKLúLVQHvPEUFPvQRPXOFHO
QRX
'LQ ]LXD DFHHDDP vQFHSXWV P VLPWFDúLFHLODO L
RDPHQL FDUH VvQW VQWRúL WUXSHúWH 6LP HDP F vQOXQWUXO
PHXVHDIORPDUHSXWHUHÌQV FvQGDPUHYHQLWODVDQDWRULX
$úH]PvQW

úL DP Y]XW GLQ QRX SH DFHL LQYDOL]L GLVSHUD L
SHFKLSXOFURUDVHSXWHDFLWLVHQWLPHQWXOSUVLULLúLXLWULL
FXP vúL WvUDX QHIHULFLUHD XQXO OvQJ FHOODOW PD FXSULQV R
PvKQLUHLQLPDJLQDELO
$K vW Dú PDL YUHD FD úL DFHúWL VHPHQL DL PHL
vQGXUHUD L V vQFHUFH DFHD HPR LH úL WXOEXUDUH SH FDUH DP
VLP LWRHXDFRORvQ(JKLQDvQELVHULFD6IvQWXOXL1HFWDULH
'XS DFHHD YL]LWHOH PHOH OD 6IvQWXO 1HFWDULH OD
(JKLQDDXIRVWPDLGHVHvQGFXSULQWHOH)LORWHLFvQGFX
UXGHOH PHOH 'HYHQLVH GHMD R QHFHVLWDWH YLWDO V YL]LWH]
PQVWLUHD úL V P URJ 6IvQWXOXL 'H ILHFDUH GDW FvQG vO
YL]LWDPvLFHUHDPV PLMORFHDVF OD'RPQXOVPLGUXLDVF
QX VQWDWHD vQWUHDJ FL GRDU R PvQ FD V SRW DOXQJD
PXúWHOHúL vQ DULLGHSHIUXQWHFDUHP WRUWXUDXDWvWGHPXOW
úLWUHEXLDVLUDEG'XS DFHHDFvQGUHYHQHDPODVDQDWRULX
P VLP HDP IRDUWH vQWULW VXIOHWHúWH ÌQV vQ WLPS FH
VQWDWHD PHD VXIOHWHDVF R GXFHD WRW PDL ELQH FHD
WUXSHDVF PLVHWRWvQUXW HD
ÌQDPVXIHULWRWURPERIOHELW$PIFXWRPLF
RSHUD LH OD FOFvLXO SLFLRUXOXL GUHSW úL DP VWDW XQ WLPS vQ
JKLSV $WXQFL D YHQLW XQ WHOHIRQ GH OD SULQWHOH GXKRYQLF
vQWUHEvQGXPGDFYRLDPV PHUJHPvPSUHXQ OD(JKLQDV
QHUXJP6IvQWXOXLXWRDWHF P DIODPvQDFHDVW VLWXD LH
QDPSUHJHWDWRFOLS V PHUJvPSUHXQ FXHOFDV P URJ
UHGLQ D vQ SXWHUHD UXJFLXQLL SULQVHVH GHMD UGFLQL
vQOXQWUXO ILLQ HL PHOH úL QLPLF QX P SXWHD vPSLHGLFD V
H[SORDWH]ILHFDUHSULOHM

$P PHUVvPSUHXQ FXSULQWHOH)LORWHLFXSULQWHOH
/HRQWLHFXPDPDFXIUDWHOHPHXúLFXFHLGRLPLOLWDULFDUH
P DMXWDX(UDVUEWRDUHD6ILQ LORU3ULQ L
'XS FH QHDP vPSUWúLW FX WR LL vQ WLPSXO 6ILQWHL
/LWXUJKLL GHRGDW PLD YHQLW R GRULQ SXWHUQLF V P
vQFKLQODPRDúWHOH6IvQWXOXLúLDPUXJDWSHSULQWHOH)LORWHL
V FHDU VWDUH HL V VSULMLQH VILQWHOH PRDúWH SH SLFLRDUHOH
PHOH SDUDOL]DWH HUHDP DFHVW OXFUX SHQWUX F QLFLRGDW QX
PDP SXWXW ULGLFD GH MRV FD V P vQFKLQ OD PRDúWHOH
6IvQWXOXL GLQ FDX]D XQHL IUDFWXUL vQ WUXSXO PHX
LQIOH[LELOLWDWH

$WXQFL PDX DMXWDW ELH LL úL PLDP vQO DW PvLQLOH
GHDVXSUD PRDúWHORU 0DP ]JXGXLW 7UHPXUDP WRW $P
VLP LW F vPEU LúDP 6IvQWXO vQWUHJ LDU QX R EXF LF GH
PRDúWHùLGHRGDWDXLHúLWGLQOXQWUXOPHXDFHVWHFXYLQWH
VSRQWDQH Ä6ILQWH QDP YHQLW V L FHU QLPLF DVW]L FL DP
YHQLWV PRIHUSHPLQHvQVXPLvQWUHJOXL+ULVWRV7XúWLL
FH WUHEXLH VPL GDL 'DF QX WUHEXLH VPL GDL QLPLF
vQYUHGQLFHúWHP VGHYLQXQRVWDúDOOXL+ULVWRVvQFvWV ILX
XQ PRWLY FD QXPHOH /XL V ILH SUHDPULW vQ RULFH ORF PDú
DIOD GUHSW VDX LQYDOLG úL DUDWPL 6ILQWH F DVFXO L
UXJFLXQHD PHDFDV P vQWUHVFvQVXIHULQ DPHD´
$FHDVWDDIRVWWRDW UXJFLXQHD$PSOHFDWPXO XPLW
úLIRDUWHOLQLúWLW2SDFHLPHQV PLDXPSOXWVXIOHWXO(UDP
VLJXUGHMDF PLQXQHDYDYHQLSRWV VSXQF DPDúWHSWDWR
$P DúWHSWDW vQ ILHFDUH FOLS R PvQ QHY]XW FDUH V P
ULGLFH ùL GXS ]LOH GH OD XOWLPD PHD vQFKLQDUH OD
(JKLQDSHFvQGPSUHJWHDPFDvQILHFDUHGLPLQHD FDV
vPLIDFH[HUFL LLOHPHOHRELúQXLWHGHRGDW DPVLP LWF FHYD
VDGHVSULQVLQOXQWUXOPHXFDúLFXPHUDPOHJDWúLIXVHVHP
HOLEHUDWGHOHJWXULúLQXQXPDLDVWDGDUDPVLP LWQHYRLD
V P ULGLF HX VLQJXU $P VWULJDW DWXQFL SH ELH L SH

LQILUPLHUXO'LPLWULH6KRUWVDQLWLVúLúRIHUXO,RDQ+DW]DNLVúL
OHDPVSXVÄ%LH LDMXWD LP V vQFHUFV P ULGLFVLQJXU
IU SURWH]H´ ÌQ ILHFDUH GLPLQHD vPL SXQHDX SURWH]H
PHFDQLFHVSHFLDOHFDVPLvQWUHDVFSLFLRDUHOH

Ä'DUYHLFGHD´vPLVSXQELH LLÄ1X´OHUVSXQG
Ä0 YRL ULGLFD VLQJXU 9UHDX GRDU V P DMXWD L SX LQ´
(]LWDXGDUSHQWUXFYHGHDXF LQVLVWPDXULGLFDW
ùL20,181(9GF VWDXGUHSWúLJHQXQFKLL
PHLQXVHPDLvQGRDLHFDDOWGDW9UHDXGXS DFHHDVPL
GHVFKLG SLFLRDUHOH FD V XPEOX vQV FUHGH LP XLWDVHP
FXPSúHúWHRPXOHLGHID PSULYHDXXOXL LúLPLVSXQ
VPLGXFPDLvQWvLXQSLFLRUvQID DSRLSHFHOODOWÌQFHUF
úL YG F PHUJH X QLFL XQ FKLS QX SRW V Y WUDQVSXQ vQ
SRVWXUD PHD SVLKRORJLF GLQ DFHO PRPHQWúL V Y WUDQVPLW
]EXFLXPXO PHX VDX V Y H[SOLF GRULQ DúLSXWHUHD FDUH P
vPSLQJHDXVPLPLúFSLFLRDUHOHRGDW FXSULPLLSDúLIU V
P WHPFYRLFGHDúLPLOHYRLIUvQJH
'DUFLQHSRDWHVGHVFULHEXFXULDPHDDWXQFLFvQGDP
Y]XWF PDPULGLFDWúLDPúLSúLWIU DMXWRU$FHDVWDY
ODVSHGXPQHDYRDVWU VYLRLPDJLQD L
HOGLQWvLJvQGFDUHPLDYHQLWvQ PLQWHvQFOLSDDFHHD
D IRVW VPL vQGUHSW SULPLL PHL SDúL VSUH ELVHULFX D
$úH]PvQWXOXL úL VL GHGLF 0XOWPLORVWLYXOXL QRVWUX
'XPQH]HX vQ VHPQ GH UHFXQRúWLQ 1X DYHDP QLPLF
DOWFHYD FD V, RIHU ÌQ FRQWLQXDUH DP FKHPDW SH PHGLFLL
$úH]PvQWXOXL'LPLWULH0RXURXOLVúL,RDQ.RQVWDQGDNLVSH
VXURULOH LQILUPLHUH úL SH FHL GH OD VHF LD GH IL]LRWHUDSLH
KUtVWRV KULVWRSRXORV 'LPLWULH 7VLQJDQRV *KHRUJKH
$QDJQRVWDNLV 3DQDJLRWLV %DNRXURV HWF úL OHDP SXV
vQWUHEDUHDÄUHGH LF HVWHSRVRELOVXPEOXFvQGYD ùWLXF
DP SDUDOL]LH FRPSOHW DWURILHUHD PXúFKLORU úL PDL PXOWH

DIHF LXQL 'DU vQ SRILGD WXWXURU DFHVWRUD Dú YUHD VPL
VSXQH LGDFYRLSXWHDV P ULGLFYUHRGDW´
/X FXYvQWXO GRFWRUXO 0RXURXOLV RUWRSHGLVW úLPL
VSXVH Ä1RL úWLP F HúWL LQYDOLG WUXSHúWH QX úL LQWHOHFWXDO
3ULQXUPDUHvQWUXFvWvúLFXQRúWLVLWXD LDSHQWUXFHQHvQWUHEL
1X GRPQXOH .DONDQGLV QX YHL SXWHD PHUJH´ $WXQFL vL
vQWUHE úL SH FHLODO L Ä'XPQHDYRDVWU GRPQXOH
.RVWDQGDNLV´ Ä'LQ QHIHULFLUH QX´ Ä'YV GRPQLORU GH OD
IL]LRWHUDSLH GRDPQHORU úL GRPQLORU´ 7R L DX UVSXQV vQ
VHQVQHJDWLYÄÌQV HXGRPQLORUY VSXQVLQFHUFSRWV P
ULGLFV VWDXGUHSWúLVXPEOX´8QXOGLQWUHHLP vQWUHE
Ä3H FH WH EL]XL GH VSXL WRDWH DFHVWHD´ Ä3H 'XPQH]HX úL
QXPDL SH (O´ OH UVSXQG ÄP EL]XL SH GUDJRVWHD OXL
'XPQH]HX´ Ä7H YHLULGLFDDFXP´DPIRVWGLQQRXvQWUHEDW
Ä3HQWUXGXPQHDYRDVWU PYRLULGLFDPvLQH'RUHVFVGHGLF
SULPLLPHLSDúLOXL'XPQH]HX´XDFHVWHFXYLQWHDPSOHFDW
$PVSXVELH LORUVQXVSXQQLPQXLQLPLF
'XS SUvQ]DPFKHPDWSHWR LEROQDYLLvQELVHULF V
YDG PLQXQHDúLDFROROHDPFRPXQLFDWF DYHQLWWLPSXOV
XPEOX úL F WUHEXLH V DLE FUHGLQ ILHUELQWH úL vQFUHGHUH
WRWDO vQ 'XPQH]HX LDU vQWUR ]L DQXPH PDL GHYUHPH VDX
PDLWvU]LXYDYHQLúLUvQGXOORUGHRDUHFH'XPQH]HXQXHVWH
DVHPHQHD RDPHQLORU V IDF GLVFULPLQDUH Ä1X VvQW HX FHO
PDL EXQ GLQWUH GXPQHDYRDVWU´ DP FRQWLQXDW ÄGDU
MXGHF LOHOXL'XPQH]HXVvQWQHFHUFHWDWH´
3ULQWUH FHL GH ID VRVHúWH OD XQ PRPHQW GDW
SULQWHOH 7KLVHXV SDURKXO $úH]PvQWXOXL úL QH vQWUHDE
ÄH VH vQWvPSO ILLORU FH DúWHSWD L´ Ä3ULQWH´ vL VSXQ ÄD
VRVLW FHDVXO V XPEOX´ Ä6ODY 'RPQXOXL´ vPL VSXVH HO
Ä$VW]L HVWH DMXQXO SUD]QLFXOXL 6ILQ LORU GRFWRUL IU GH
DUJLQ L´ÄXDWvWPDLELQH´vLUVSXQG$SRLvPLG úLVUXW
LFRDQD 6ILQ LORU GRFWRUL IU GH DUJLQ L 0 DSXF GH EUD H

P ULGLF úL vQFHS V XPEOXGUHSW SULQELVHULFX FvQWvQG FX
ODFULPL vQ RFKL ÄLQH HVWH '801(=(8 PDUH FD
'XPQH]HXO QRVWUX´ H FOLS D IRVW DFHDVWD 7R L
LQYDOL]LLDXvQFHSXWVSOvQJ úLV VWULJHFXSXWHUHÄùLQRL
'RDPQH YUHP V XPEOP DVWIHO DMXWQH´ $ IRVW FHYD
FXWUHPXUWRU FDUH QX SRDWH IL GHVFULV X FvW SXWHUH
VXIOHWHDVFWR LvPSUHXQSOvQJvQGDPIFXWSDUDFOLVúLDP
SUHDPULWSH'RPQXOFHUXOXLúLDOSPvQWXOXL
'XS FXPYGD LVHDPDGXS DFHHDFHLFDUHPDX
Y]XWDXUPDVIUJODVùLDFXPFHLFDUHVWDXvQFGHSDUWH
GH 'XPQH]HX EL]XLQGXVH GRDU SH RSLQLLOH ORU úWLLQ LILFH
FvQG P YG FXP XPEOX FXP PLúF PvLQLOH FXP FRQGXF
PDúLQDúLFXPIDFFDQRWDMWR LDFHúWLDUPvQXOXL LULGLFvQG
GLQXPHUL
$ú YUHD V Y DGXF OD FXQRúWLQ IDFWRULL FDUH PDX
DMXWDW V P ULGLF FUHGLQ D PHD vQ 'XPQH]HX ± WRYDUúXO
SOLQ GH DIHF LXQH DORPXOXLGXUHUHD LXELUHDOXFUWRDUHSULQ
IDSWH úL UXJFLXQLOH GXKRYQLFXOXL PHX SULQWHOH )LORWHL úL
DOHPDPHLPHOH
0DUHHVWHVODYD7D'RDPQHFQHWULPL LGXUHUHDúL
VXIHULQ D SHQWUX D QH FOX]L SH GUXPXO FHO EXQ H PDUH
ELQHIDFHUHPLDDGXVGXUHUHDvQWR LDFHúWLDQLFvWDPDYXWR
WRYDUú'DFQXDYHDPDFHDVWGXUHUHQX PDúILvQWRUVOD
'XPQH]HX2PXOFHOYHFKLvPLFRSOHúLVHVXIOHWXOFXWRWFH
DYHDP vQ PLQH 'DU $WRWEXQXO 'XPQH]HX FX LXELUHD 6D
QHPUJLQLW DWULPLVDFHDVW PDUHVXIHULQ FDUHPDDMXWDW
VJVHVFDGHYUDWXOVHQVDOYLH LLVHQVSHFDUHvQXLWDVHPFX
GHVYvUúLUH,DW PDUHDVHPQLILFD LHDGXUHULL)HULFL LFHLFH
R VXSRUW FX UEGDUH FFL YRU DIOD /80,1$ FDUH HVWH
+5,6726
+ULVWRV VH DIO WRWGHDXQD DSURDSH GH QRL OvQJ QRL
JDWDVQHDMXWH(VWHVXILFLHQWV/FKHPP

1XPDL+ULVWRVHVWH/XPLQDOXPLL$GHYUXOúL9LD D
'RPQXO QH DYHUWL]HD] ÄÌQ OXPH QHFD]XUL YH L DYHD GDU
vQGU]QL L(XDPELUXLWOXPHD´
1HFD]XO GH WRW IHOXO ERDOD VUFLD PDUJLQDOL]DUHD
VHQVLELOL]HD] LQLPD vQGHPQvQGR VSUH UXJFLXQH 1H
FRQGXF VSUH SRFLQ úL VSUH PUWXULVLUHD SFDWHORU SXQ OD
vQFHUFDUH UEGDUHD úL GUDJRVWHD úLO DMXW SH RP V
SURJUHVH]HGLQSXQFWGHYHGHUHPRUDOúLGXKRYQLFHVF

0DL WvU]LX SH GDWD GH GHFHPEULH SULQWHOH
)LORWHL VFULD SULQWUH DOWHOH úL FHOH FH XUPHD] Ä0LQXQHD
YLQGHFULL DEVROXWH D GRPQXOXL 6WDYURV .DONDQGLV VH
GDWRUHD] GHVLJXU 6IvQWXOXL 1HFWDULH 7DXPDWXUJXO GDU úL
FUHGLQ HLEROQDYXOXL'DF DFHVWDQXFUHGHDúLQXVHvQI LúD
FX FUHGLQ OD 7DLQD 0UWXULVLULL QX VDU IL YLQGHFDW
VXIOHWHúWH ùL LDUúL GDF QX VH SUH]HQWD FX FUHGLQ OD
VILQWHOH PRDúWH DOH 6IvQWXOXL FHUvQG WPGXLUH QX VDU IL
YLQGHFDW FL DU IL UPDV úL SH PDL GHSDUWH SDUDOL]DW DU IL
PXULWQHYLQGHFDWúLQXVDUILPvQWXLWÄFFLIU FUHGLQ HVWH
QXQHSXWLQ V VHPvQWXLDVF FLQHYD´VSXQHPDUHOH$SRVWRO
3DYHO
$FHDVW PLQXQHDXOXLWSHWR LFHLFDUHLOúWLDXvQDLQWH
SDUDOL]DW LDU DFXP vO YHGHDX VQWRV $ XOXLW SH PXO L FDUH
DX]LVHUGHVSUHHDFKLDUúLSHPHGLFLFDUHFRQVLGHUDXERDOD
LQFXUDELO QHFXQRVFvQG úL QHFUH]vQG F ÄFHOH FH VvQW FX
QHSXWLQ OD RDPHQL VvQW FX SXWLQ OD 'XPQH]HX´ úL F
ÄXQGH YUHD 'XPQH]HX VH ELUXLHúWH UvQGXLDOD ILULL´ 0LQXQDW
HVWH'XPQH]HXvQWUX6ILQ LL6LúLvQWUX6ILQ LLGHSHSPvQW
VDSUHDPULW'RPQXO

0LQXQLOH XUPHD] FUHGLQ HL vQG 'RPQXO QRVWUX ,LVXV
+ULVWRVDWULPLVSHXFHQLFLLVLvQOXPHOHD]LVÄ0HUJH LvQ
WRDW OXPHDúLSURSRYGXL L(YDQJKHOLDODWRDW ISWXUDHO
FH YD FUHGH úL VH YD ERWH]D VH YD PvQWXL LDU FHO FH QX YD
FUHGH VH YD RVvQGL ,DU FHORU FH YRU FUHGH DFHVWH VHPQH OH
YRU XUPD vQ QXPHOH PHX GHPRQL YRU L]JRQL vQ OLPEL QRL
YRU JUL úHUSL YRU OXD vQ PvQ úL FKLDU FHYD GWWRU GH
PRDUWHGHYRUEHDQXLYDYWPDSHVWHFHLEROQDYLvúLYRU
SXQHPvLQLOHúLVHYRUIDFHVQWRúL´0DUFX

6 DVFXOWH FHL SX LQ FUHGLQFLRúL úL V SUVHDVF
SX LQD ORU FUHGLQ FHL QHFUHGLQFLRúL VúL SUVHDVF
QHFUHGLQ D LDU FHL QHHYODYLRúL OLSVD GH HYODYLH 6 DVFXOWH
PHGLFLL úL V DIOH F EROLOH GDF QX OH SRDWH YLQGHFD
PHGLFLQD úWLLQ D FXQRDúWHUHD vQ HOHSFLXQHD VDX WHKQLFD OH
YLQGHF FUHGLQ D ILHUELQWH úL GHVYvUúLW vQ 'XPQH]HX 6
DVFXOWHúLV FUHDG F ÄFHOHFHODRDPHQLVvQWFXQHSXWLQ
OD'XPQH]HXVvQWFXSXWLQ ´úLÄXQGHYRLHúWH'XPQH]HXVH
ELUXLHUvQGXLDODILULL´
DSULQWHGXKRYQLFFRQVLGHUF HVWHGHGDWRULDPHD
FD DúD FXP ODP vQGUXPDW SH FHO EROQDY GH SDUDOL]LH ± úL
FDUH PD DVFXOWDW FX VXSXQHUH VD SRFLW VD PUWXULVLW D
FUH]XW úL VD YLQGHFDW VXIOHWHúWH úL WUXSHúWH WRW DVWIHO úL SH
YRL FD ILL DL PHL GXKRYQLFHúWL Y URJ Y LPSORU úL Y
DYHUWL]H] V Y JUEL L D Y JVL XQ GXKRYQLF úL V Y
PUWXULVL LSFDWHOHFX]GURELUHGHLQLPFXVPHUHQLHúLFX
FXFHUQLFLH
3RFL LY úL FUHGH L vQ DGHYUDWXO 'XPQH]HX OXvQG
H[HPSOXOFHOXLEROQDYGHSDUDOL]LHùLY LQIRUPH]FQXPDL
SULQ FUHGLQ SRFLQ úL PUWXULVLUHD SFDWHORU Y YH L
PvQWXLúLYYH LvQYUHGQLFLGHÌPSU LDHUXULORU
v L VvQWH L FUHGLQFLRúL úL OLSVL L GH HYODYLH ILH F
VvQWH L LQWHOHFWXDOL DYRFD L GRFWRUL RIL HUL VDX SROLWLFLHQL

vQJULML LY V FUHGH LvQDLQWHGHDYHQLPRDUWHDFFLYDYHQL
FHDVXOFvQGQXYH LPDLDYHDvQFLQHQGMGXLúLIDFH LURDGH
YUHGQLFHGHSRFLQ FvWWLPSHVWH]LXvQDLQWHVY DMXQJ
VIvUúLWXO FFL GDF Y YD JVL PRDUWHD vQ QHFUHGLQ H
DGHYUDWFYH LFUHGHDWXQFLúLYYH LSRFLGDUYDILSUHD
WvU]LXvQWUXFvWvQLDGQXH[LVWSRFLQ
DVYXúXUH]FDOHDVSUHSRFLQ VSUHFUHGLQ úL
PvQWXLUH Y vQGHPQ SH WR L V Y SURFXUD L 128/
7(67$0(176QXYSDU UXVGD LFv LYDOHLGHRDUHFH
GDFYH LFXPSUDXQ1RX7HVWDPHQWúLvOYH LFLWLUXJvQGX
Y úLYH LFUHGHvQFHHD FHVFULH úL OHYH LSXQHvQDSOLFDUH
DGLF OH YH L VYvUúL DWXQFL FX VLJXUDQ YH L FvúWLJD
5$,8/ *vQGL LY F SXWH L FXPSUD 5DLXO FX Fv LYD OHL úL
Y YH L PvQWXL VXIOHWHOH FDUH YDORUHD] PDL PXOW GHFvW
vQWUHDJD OXPH 9H L FvúWLJD ÌPSU LD HUXULORU GH FDUH
QGMGXLPVQHvQYUHGQLFLPFXWR LLFXKDUXOFXvQGXUULOH
úL FX LXELUHD GH RDPHQL D 'RPQXOXL úL 'XPQH]HXOXL úL
0vQWXLWRUXOXL QRVWUX ,LVXV +ULVWRV SHQWUX UXJFLXQLOH
3UHDFXUDWHL0DLFLL6DOHGH'XPQH]HX1VFWRDUHúLSXUXUHD
)HFLRDUHL 0DULD DOH FLQVWLWXOXL ÌQDLQWHPHUJWRUXOXL úL
%RWH]WRUXOXL ,RDQ DOH VILQ LORU VOYL LORU úL vQWUX WRW
OXGD LORU$SRVWROLDOHVILQ LORUPUL LORUúLEXQLORUELUXLWRUL
PXFHQLFL PUWXULVLWRUL úL LHUDUKL DOH 6IvQWXOXL SULQWHOXL
QRVWUX1HFWDULHúLDOHWXWXURUVILQ LORU$0,1

3ULQWHOH)LORWHL=HUYDNRV


(SLORJ

ÌQVFULLQGXVHSHOLVWDFHORUPLOXL LGH'RPQXOGHVSUH
FDUH 6IvQWD 6FULSWXU úL 6IvQWD 7UDGL LH QH GDX VXILFLHQWH
PUWXULL GRPQXO 6WDYURV .DONDQGLV DFWXDOPHQWH WULWRU vQ
RUDúXO $WHQD *UHFLD

D GHYHQLW XQ ]HORV DSRVWRO DO ]LOHORU
QRDVWUH PUWXULVLQGFXWRDWSXWHUHD FXYvQWXOXL VXELQHOH
SHFDUHLODIFXW'XPQH]HXDLGRPDWXWXURUFHORUWPGXL L
GH 0vQWXLWRUXO QRVWUX ,LVXV +ULVWRV FDUH QHGvQG DVFXOWDUH
SRUXQFLL 6DOH GH ÄD QX VSXQH QLPLF´ 0DUFX

PDL
YvUWRV DX SRYHVWLW FHOH vQWvPSODWH 6FRV SULQ PLOD OXL
'XPQH]HXGLQEH]QDQHFUHGLQ HLDvQ HOHVFQX VHFXYLQHD
SXQH VXE REURF OXPLQD GREvQGLW FL GLPSRWULY FvW PDL
GHVOXúLW úL PDL FX WULH V PUWXULVHDVF WXWXURU KDUXO
FRERUvW DVXSUL FH OD YLQGHFDW GH ERDOD VD JUDY FDUH
GXS úWLLQ D RPHQHDVF HUD FRQVLGHUDW ÄLQFXUDELO´
0LQXQHD VYvUúLW FX GRPQXO 6WDYURV .DONDQGLV SULQ
PLMORFLUHD6IvQWXOXL1HFWDULHGLQ(JKLQDQHvQFUHGLQ HD]SH
WR LF 0XOWPLORVWLYXOQRVWUX 'XPQH]HXSXUXUHD FHUFHWHD]
úLPLOXLHúWHSHFHLFH/FDXW FXFUHGLQ
)LHFDFLWLUHDDFHVWHLLVWRULVLULPLQXQDWHV VSRUHDVF
FUHGLQ D QGHMGHD úL LXELUHD QRDVWU SHQWUX 'XPQH]HX úL
SHQWUXRDPHQL$PLQ

Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (17)

Destacado

Destacado (20)

Similar a Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos

Similar a Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos (17)

Más de sokoban

Más de sokoban (20)

Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos