.
LWDEòQ ½¨½QF½ E·O½P½


6FKDYDUFK0LVVDNLDQ
Gòàò ¨HĠLWOLOLàH GLNNDW ¨HNPHVL KHP GH
PDàGXUWRSOXOXàXHGLOJHQOHĠWLUPHNWHQ
·]HOOLNOH ND¨òQPDVò 0DàGXUODUòQ HOH
DOòQòĠò WHN ER\XWOX YH HSH\ SUREOHP
OL RODELOL\RU VR\NòUòP ¨DOòĠPDODUòQGD
0LVDN\DQŠòQ WDQòNOòàò ½]HULQGHQ QHOHU
V·\OHQHELOLUEXNRQXKDNNòQGD"
. $VOòQGD EXUDGD FLGGL ELU ŢWD
ULKVHO ELU NDUĠòODĠPDţ YDU %LU IDLO LOH
RQXQ NXUEDQòQòQ NDUĠòODĠPDVò EX
0XVWDID 5HĠDWŠòQ (UPHQLOHULQ NHQGL
V·]OHUL\OH şLKDQHWLQHŠ IDDOL\HWOHULQH
\·QHOLN E½W½Q LGGLDODUòQD YH RUWD\D
NR\GXàX WDULKVHO DQODWò\D ELU FHYDS
QLWHOLàLQGH 0LVDN\DQŠòQ KDWòUDWò 'R
OD\òVò\OD EXUDGD EX NLWDEòQ ·QHPOL
ND\QDNODUòQGDQ ELUL RODQ 0XVWDID
5HĠDWŠòQ $%

"
 EDĠOòNOò KDWòUDWò\OD 0LVDN\DQŠòQ
DQòODUòQòQ GD NDUĠòODĠPDVòQD \½]OHĠ
PHVLQHWDQòNROX\RUX]*HUHN0XVWD
ID 5HĠDWŠòQ JHUHNVH $OL 5ò]D —àHŠQLQ
DQòODUòQò NDOHPH DOGòNODUòQò EXQODUò
WHIULNDODU KDOLQGH  0DUWŠòQGD


ŠGD
\D\òPODQGòNODUòQò ·àUHQHQ YH P½WD
UHNHGHQ VRQUD 3DULVŠH \HUOHĠPLĠ RODQ
ğDYDUĠ0LVDN\DQEXKDWòUDODUGDNHQ
723/806$/7$5Š+ 1Š6$1
GLVL\OH LOJLOL E·O½POHUGH \D]òODQODUD
YH LNL WDUDIòQ LGGLDODUòQD D\Qò \òO JD
]HWHVL "ŠWDNHQGLDQòODUòQò\D\òP
OD\DUDNFHYDSYHUL\RU0LVDN\DQ\D
NDODQPDVòQGDQ VRUJX\D ¨HNLOPHVLQH
RUDGDQDVNHULPDKNHPH\H¨òNDUòOPD
VòQD YH P½WDUHNH G·QHPLQGH VHUEHVW
EòUDNòOPDVòQD NDGDU RODQ V½UHFH GDLU
0XVWDID 5HĠDW YH $OL 5ò]DŠQòQ DQ

ODWWòNODUòQòQ DVòOVò] YH PHVQHWVL] LW
KDPODU ROGXàXQX HQ EDĠòQGDQ LIDGH
HGL\RU$NDELQGHEXLGGLDODUDWHNWHN
FHYDS YHUL\RU 0LVDN\DQŠòQ KDWòUDWò
 1LVDQ  RSHUDV\RQXQGD 0XV
WDID 5HĠDWŠòQ QH GHUHFH HWNLQ YH NLOLW
ELU URO R\QDGòàòQò J·VWHUPHVL YH HQ
EDĠòQGD¨HU¨HYHVLQL¨L]PH\H¨DOòĠWòàò
Pò]0XVWDID5HĠDW·]HOLQGHŢVR\NòUòP
WHNQRNUDWòE½URNUDWòţ NDYUDPòQòQ
VRPXWODĠPDVò YH L¨LQLQ GROGXUXOPDVò
EDNòPòQGDQ·QHPDU]HGL\RU
7½UO½LĠNHQFHOHUGHQJH¨WLNWHQVRQ
UD\DNODĠòN½¨D\NRPLVHUOLàLQKDSLVKD
QHVLQGHNDODQğDYDUĠ0LVDN\DQVRUJX
ODUòQ ELULQGH 0XVWDID 5HĠDWŠD Ţ0DGHP
(UPHQL NRPLWHFLOHU VX¨OX\GX E½W½Q
KDONò\DNDFDàòQò]D¨·OOHUHNDGDUV½UH
FHàLQL]HELUWHNRQODUòQSHĠLQHG½ĠVH\
GLQL]ţGHGLàLQGH0XVWDID5HĠDW%H\ŠLQ
NHQGLVLQH YHUGLàL FHYDS WDULKH QRW
G½Ġ½OHFHN QLWHOLNWH Ţ<DUD NDQJUHQ RO
PXĠWXŨ+òQ¨DN7DĠQDNEXQODUòQKL¨EL
ULQLQ EHQGHQ JL]OLVL VDNOòVò RODPD] 1H
\DSWò\VDNROPDGòEHĠ\DĠòQGDNL¨RFXN
E½\½U D\Qò \ROGD GHYDP HGHU ğLPGL
6XUL\HŠGHUDKDWHGHUVLQL]$UDSODUGDKD
L\LGLUJLGLQRQODUODDQODĠòQţ
ñNLOLDUDVòQGDJH¨HQEXGL\DORJELU
SROLVP½G½U½YHE½URNUDWPHPXUROD
UDN 0XVWDID 5HĠDWŠòQ Ţ(UPHQL VRUXQXţ
LOH QH GHUHFH KDĠòU QHĠLU ROGXàXQXQ
J·VWHUJHVL DVOòQGD ñODYHWHQ 0XVWDID
5HĠDW %H\ŠLQ PHVHOH\L WDQòPODUNHQ YH
VRUXQXNHQGLGDàDUFòàò\ODWHĠKLVHGHU
NHQVH¨WLàLYHNXOODQGòàòNHOLPHOHUND
UDUYHULFLVL\DVLDNW·UOHULQHPULDOWòQGD
¨DOòĠDQELUE½URNUDWòQWHNQRNUDWòQ]LK
QL\HWLQLDQODPDPò]D¨òVòQGDQ¨DUSòFò
0LPDURàOXŠQXQ NDUL\HULQH YH (UPHQL
6R\NòUòPòŠQDLOLĠNLQWDULKVHODUNDSODQòQ
DQODĠòOPDVò D¨òVòQGDQ E½\½N ·QHP WD
Ġò\RU7HNQRNUDWIDLOOHULQ]LKQL\HWG½Q
\DVòQòĠHNLOOHQGLUHQWDULKVHONRĠXOODUòQ
NDUPDĠòNOòàòQò J·]OHU ·Q½QH VHUHQ EX
E·O½PROPDVDNLWDSJHU¨HNWHQGHHNVLN
NDOòUGò *HUHN (UPHQL 6R\NòUòPò OLWH
UDW½U½QGH JHUHNVH VR\NòUòP ¨DOòĠPD
ODUòQGD ¨HĠLWOL WDUWòĠPDODUD NRQX RODQ
SHN¨RNPHVHOH½]HULQHG½Ġ½Q½UNHQGH
RNXUDNòODYX]OXNHGHFHNELUE·O½PEX
2UDGD X]XQ X]DGò\D LUGHOHGLàLQ NRQX
ODUòQKHSVLQLEXUDGDJ½QGHPHJHWLUPH
PL]HOEHWWHP½PN½QGHàLODPDED]òOD
UòQDGHàLQHELOLUL]EHONL—UQHàLQŢNDVòWţ
PHVHOHVL EXQODUGDQ ELUL 5HVPL DQODWò
(UPHQLOHULRUWDGDQNDOGòUPD\D\·QHOLN
·QFHGHQWDVDUODQPòĠELUSODQYH\DND
VòWROPDGòàòQòKHSYXUJXODPòĠWòU%XQD
\DQòW RODUDN VHQ 5DSKDHO /HPNLQŠLQ
VR\NòUòP NDYUD\òĠòQò L]OH\HUHN (UPH
QLOHUL RUWDGDQ NDOGòUPD NDVWòQòQ LPKD
V½UHFLQH UHWURVSHNWLI RODUDN EDNDUDN
DQODĠòODELOHFHàLQL EHOLUWL\RUVXQ %LU
EDĠND WDUWòĠPD NRQXVX RODQ PHVHOH\
VH  LOH +DPLGL\H $OD\ODUòŠQòQ NDWOL
DPODUò YH  SRJURPODUò DUDVòQGD
]RUXQOX ELU EDà ROXS ROPDGòàòGòU 6HQ
EDVWòUPD YH FH]DODQGòUPDGDQ LPKD
VL\DVHWLQH JH¨LOGLàLQL GROD\òVò\OD LNL
G·QHP DUDVòQGD QLWHOLNVHO ELU IDUN RO
GXàXQX EHOLUWL\RUVXQ %X LNL NRQX\X
NòVDFDD¨DELOLUPLVLQ"
 
7½UNL\HŠGHNL JHQHO NDQDD
WH J·UH ñWWLKDW¨òODUòQ (UPHQLOHULQ
WRS\HN¼QLPKDVòQD\·QHOLNVLVWHPDWLN
ELU SROLWLNDVò YH NDVWò \RNWXU $QFDN
E·\OH ELU QL\HWLQNDVWòQ YDUOòàòQò YH\D
D\DN L]OHULQL WHKFLU V½UHFLQLQ EL]DWLKL
NHQGLVLQGH DUDPDN JHUHNLU %X DQODP
GD (UPHQL WHKFLULQLQ EDĠOò EDĠòQD ELU
WDULKVHO V½UH¨ RODUDN \DNòQ PHUFHNWHQ
RNXQPDVòHO]HPGLU=LUDñ7&0HUNH]L
8PXPLVLŠQLQ PLOOL\HW¨L UDGLNDO NDQD
GòQòQ (UPHQLOHULQ L]DOHVLQH G·Q½N
VWUDWHMLOHULQLQ YH SROLWLNDODUòQòQ X\JX
ODPDDODQòWHKFLULQYXNXEXOGXàX\HU
]DPDQ YH WHKFLULQ NRĠXOODUòGòU 7HKFLU
EX NDGURQXQ VR\NòUòP QL\HWLQL D¨òàD
¨òNDUPDN D¨òVòQGDQ ·QHPOL ELU WXUQX
VRON£àòGòLĠOHYLJ·U½U
(UPHQLOHULQ WRS\HN¼Q LPKDVò V½
UHFLQGHNL NDVòW XQVXUXQX VRPXWODĠ
WòUDQ ELU GLàHU PHVHOH WHKFLU HGLOHQ
(UPHQLOHULQ WDĠòQòU YH WDĠòQPD] PDO
YDUOòNODUòQòQ DNòEHWLQH LOLĠNLQGLU 
\òOòQGD V½UJ½Q HGLOHQ (UPHQLOHULQ JH
ULGH EòUDNWòNODUò PDOODUòQ LGDUHVL L¨LQ