Lady S



0D[5HQR±/DG\ 

 (KLGHWHFWLYH*XDUGDFKHEHOSH]]RGLUDJD]]D (UDSURSULRYHUR/DGRQQDFKHJLDFHYDVXOOHWWRVRWWRLPLHL RFFKL HUD XQD VSOHQGLGD UDJD]]D LQWRUQR DL WUHQW¶DQQL R IRUVH PHQR FDSHOOL QHUL OXQJKL RFFKL YHUGL DQFRUD DSHUWL FKHILVVDYDQRLOYXRWRSHOOHGLDIDQDIRUPHSHUIHWWH 8QSURIRQGRWDJOLRGDLFRQWRUQLVODEEUDWLGHWXUSDYDLOFROOR  6JR]]DWD &RQ XQD ODPD VHJKHWWDWD &DURWLGH UHFLVD± GLVVHSLWDUGLLOPHGLFROHJDOH  6H OD SDVVDYD EHQH TXHVWD WURLHWWD 1RQ WL SDUH GHWHFWLYH" *XDUGDFKHOHWWR6HPEUDTXHOORGHOOD3RPSDGRXU (UD XQ OHWWR HQRUPH FRQ EDOGDFFKLQR VFXOWXUH EDURFFKH H WDQWL WDQWL YHOL PRVVL GDO YHQWR FKH SHQHWUDYD GD XQD ILQHVWUDVHPLDSHUWD &¶HUDTXDOFRVDG¶LQVROLWRLQTXHOODYLOODWXWWDLOOXPLQDWDQHO FXRUH GHOOD QRWWH HG LQYDVD GD XQD PXVLFD GD GLVFRWHFD DG DOWRYROXPH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ )UD OH YDULH VWDQ]H FKH YLVLWDL XQD DWWLUz LQ SDUWLFRODUH OD PLDDWWHQ]LRQH *UDQGL VSHFFKL DOOH SDUHWL H DO VRIILWWR H XQD YHUD H SURSULD FROOH]LRQH GL IUXVWH GL RJQL VSHFLH H GLPHQVLRQLGDO JDWWR D QRYH FRGH DOOH YHUJKH VRWWLOLVVLPH GL FDWHQH VSLOORQL PDVFKHUHGLIHUURHGLFXRLR$OFXQLOHWWLQLGHOWLSRGLTXHOOL XVDWLSHUPDVVDJJLQHLFHQWULGLHVWHWLFDIHPPLQLOHSURYYLVWL SHUz GL UREXVWH FLQJKLH GL FXRLR H XQ JUDQGH WDSSHWR SHUVLDQRFRPSOHWDYDQRO¶DUUHGDPHQWRGHOODVWDQ]D 2UDPLDSSDULYDFKLDUDXQDFRVD/DGRQQDSUDWLFDYDJLRFKL VDGRPDVRFKLVWLFL ( TXHOOD HUD OD VWDQ]D GHOOH WRUWXUH D SDJDPHQWR 5LWRUQDL DG HVDPLQDUH LO FDGDYHUH 0L FROSu LO VXR DEELJOLDPHQWR (UD LO FODVVLFR DEELJOLDPHQWR GHOOD ³GRPLQD´UHJJLVHQRHSDQWDORQFLQLLQSHOOHQHUDDOWLVWLYDOL SXUH QHUL WDFFKL D VSLOOR 1HOOD PDQR GHVWUD VWULQJHYD DQFRUDXQIUXVWLQRGDFDYDOOHUL]]RFRQWUDFFHGLVDQJXH &KHVLDODYHQGHWWDGLXQWRUWXUDWRGHWHFWLYH" 6FRVVL OD WHVWD LQFHUWR 1RQ HUD GD HVFOXGHUH XQD VLPLOH LSRWHVL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  'L VROLWR L FOLHQWL GL TXHVWH GRQQH VRQR SHUVRQDJJL LPSRUWDQWL)RUVHGDTXDOFKHSDUWHF¶qXQWDFFXLQRFRQLORUR LQGLUL]]L 6DUjPHJOLRGDUHXQ¶RFFKLDWDLQWRUQR±GLVVL 'HPPR XQ¶RFFKLDWD LQ JLUR DSULPPR TXDOFKH FDVVHWWR H FRVuVDOWzIXRULXQ¶DJHQGDLQSHOOHURVVD /D VIRJOLDL 0L SDUYH LO VXR GLDULR /D VFULWWXUD HUD PLQXWD TXDVL LQIDQWLOH /HVVL TXDOFKH IUDVH D FDVR 6HPEUDYD SURSULR LO VXR GLDULR )RUVH GD TXHOOH ULJKH SRWHYD XVFLUH IXRULTXDOFKHLQGL]LRSUH]LRVRSHUO¶LQFKLHVWD )HFLFRPSLHUHWXWWHOHIRUPDOLWjULFKLHVWHGDOODOHJJHLQFDVR GLRPLFLGLRSULPDGLIDUULPXRYHUHLOFDGDYHUH )HFLSLDQWRQDUHODYLOODGHWWLOHXOWLPHLVWUX]LRQLSRLPHQH WRUQDLDFDVDFRQLOGLDULR ††† ³ 5DFFRQWDUPL (FFR OR VFRSR GL TXHVWR GLDULR 9RJOLR PHWWHUHDQXGRODPLDYLWDDQDOL]]DUODVHSRVVLELOHQHLVXRL PRPHQWLSLLPSRUWDQWLHGHFLVLYLHGLPRVWUDUHDPHVWHVVD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ FKH QRQ DYUHL SRWXWR YLYHUH GLYHUVDPHQWH GD FRPH KR YLVVXWRILQRUD &HUWRSHUODPRUDOHFRUUHQWHLOPLRPRGRGLYLYHUHqVWDWR HG q WXWWRUD VUHJRODWR SHUYHUWLWR /R ULFRQRVFR VHQ]D LSRFULVLH(¶YHUR(FRQFLz" 6H IRVVL QDWD LQ XQD IDPLJOLD QRUPDOH FRQ XQ SDGUH XQD PDGUH IUDWHOOL H VRUHOOH OD PLD YLWD VDUHEEH VWDWD GLYHUVD" )RUVH Vu 0D VH VL QDVFH FRVu FRPH VRQR QDWD LR VHQ]D FRQRVFHUHLSURSULJHQLWRULYLYHQGRODSURSULDIDQFLXOOH]]DLQ XQEUHIRWURILRDOORUDVLSXzVSLHJDUHVHQRQJLXVWLILFDUHOD GLUH]LRQHSUHVDGDOODPLDYLWD 1RQKRPDLFRQRVFLXWRPLDPDGUHHWDQWRPHQRPLRSDGUH 0LVRQRFRQVRODWDDOSHQVLHURFKHPLDPDGUHSRWHVVHHVVHUH VWDWDXQDJUDQVLJQRUDFKHLRVLDVWDWDLOIUXWWRGLXQDPRUH LOOHFLWR 0D PROWR SUREDELOPHQWH PLD PDGUH q VWDWD XQD SURVWLWXWDRXQDSRYHUDUDJD]]DFKHQRQYROHYDDIIURQWDUHOD YLWDFRQXQSHVRFRPHPH&RPXQTXHVLDQRDQGDWHOHFRVH QRQ KR PDL DYXWR XQD IDPLJOLD H L PLHL XQLFL ULFRUGL GHOOD IDQFLXOOH]]DVRQRFROOHJDWLDOEUHIRWURILR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /¶LVWLWXWR HUD HQRUPH PRGHUQR  HG RVSLWDYD XQ FHUWR QXPHURGLHVVHULDEEDQGRQDWLG¶DPERLVHVVL 5LFRUGR LQ SDUWLFRODUH XQ¶DVVLVWHQWH VRFLDOH FKH PL FROPDYD GL JHQWLOH]]H /D FKLDPDYR 7DWD (UD XQD GRQQD VXL TXDUDQW¶DQQLUREXVWDFRQXQYLVRVLPSDWLFR 0L FRFFRODYD PL UHJDODYD GROFL FDUDPHOOH H SLFFROL JLRFDWWROL 0LDFFDUH]]DYDHPLEDFLDYDFRQWLQXDPHQWH0LULFRUGRFKH JXDUGDQGRPL DOOR VSHFFKLR PL YHGHYR FRPH XQD EDPELQD PROWREHOODGDLOLQHDPHQWLSHUIHWWLFRQOXQJKLFDSHOOLQHULH RFFKLYHUGL 8Q JLRUQR ± DYUz DYXWR FLQTXH R VHL DQQL ± OD GRQQD FKH FKLDPDYR 7DWD PL SUHVH SHU PDQR H PL FRQGXVVH LQ JLDUGLQR (UDYDPR VROH VHGXWH VX XQD SDQFKLQD ,QWRUQR UHJQDYDLOVLOHQ]LR(UDXQSRPHULJJLRDVVRODWRGLSULPDYHUD LQROWUDWD +HOHQH±TXHVWRHUDLOQRPHFKHPLHUDVWDWRGDWR±ORVDL FKHVHLXQDEHOODEDPELQD" 0LSDUOzFRVuDOO¶LPSURYYLVR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1RQKRPDLYLVWRXQDELPEDEHOODFRPHWH /DVXDYRFHPLSDUYHHFFLWDWDGLYHUVDGDOVROLWR &RPLQFLz DG DFFDUH]]DUPL LO YLVR D VFRPSLJOLDUPL L FDSHOOL 7RFFDYD OH PLH JDPEH FRQ OD VXD UREXVWD PDQR 3RL PL EDFLz FRQ WUDVSRUWR ULFRUGR 1RQ PL DYHYD PDL EDFLDWR SULPDQHOORVWHVVRPRGR3HUPHHUDXQDVHQVD]LRQHVWUDQD LQVROLWD $G XQ WUDWWR OD VXD OLQJXD SHQHWUz FRQ IRU]D QHOOD PLD SLFFROD ERFFD &RPLQFLDL D GLPHQDUPL &RQ OH PDQLQH FHUFDYR GLVSHUDWDPHQWH GL DOORQWDQDUH GD PH TXHO JURVVR FRUSR FKH PL VWDYD XVDQGR YLROHQ]D 5LWUDVVL OD PLD ERFFD GDOODVXDFRQWXWWDODIRU]DFKHDYHYRHVRORDOORUDULXVFLLD OLEHUDUPLGLOHL 0LYHQQHYRJOLDGLSLDQJHUH±QRQSLDQJHYRTXDVLPDL0D TXHOOD YROWD OH ODFULPH FRPLQFLDURQR D VFHQGHUH GDOOH PLH JXDQFH OHQWDPHQWH /D GRQQD DUURVVu YLROHQWHPHQWH 3UREDELOPHQWHVLYHUJRJQDYDGLTXHOORFKHDYHYDIDWWR  1RQ SLDQJHUH PLD SLFFROD +HOHQH ± PL GLVVH LQ WRQR LPSORUDQWH±1RQORIDUzSL7HORSURPHWWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1RQULVSRVL$YHYRLQWXLWRQRQRVWDQWHODPLDHWjFKHTXHOOD GRQQD DYHYD YROXWR XVDUPL YLROHQ]D PRVVD GD LPSXOVL LQFRQWUROODELOL0LDOORQWDQDLGDOHLSLDQJHQGR 'D TXHO JLRUQR OD GRQQD QRQ VL DYYLFLQz SL D PH IRUVH WHPHQGRFKHULYHODVVLTXHOORFKHHUDDFFDGXWR ( TXHOO¶HSLVRGLR q ULPDVWR FRPH LQFKLRGDWR QHL PLHL ULFRUGL SRLFKpIXLOSULPRDSSURFFLRDQFKHVHDQRPDORFRQODVIHUD VHVVXDOH )XXQFDVRGLSHGRILOLDDPLHVSHVH $OO¶HWjGLVHWWHDQQLIXLGDWDLQDIILGDPHQWRDGXQDIDPLJOLD GHOODFLWWj (UDQRFRQLXJLVHQ]DILJOL/HLXQDGRQQDFKHDYHYDVXSHUDWR L WUHQWDFLQTXH DQQL ELRQGD PROWR ILQH DWWUDHQWH XQD GRQQDLQFDUULHUDFRPHDSSUHVLLQVHJXLWR/XLXQDYYRFDWR GL SRFR SL DQ]LDQR DOWR H SUHVWDQWH 8QD FRSSLD ULFFD H IHOLFHFRVuPLVHPEUDYDQRQDOOLHWDWDGDOODQDVFLWDGLILJOL )XL VFHOWD WUD WDQWH EDPELQH SHUFKp HUR OD SL EHOOD FRPH PL IX GHWWR SRL )XL VFHOWD FRPH VL VFHJOLH XQ FXFFLROR GL FDQHRGLJDWWRSHULOVXRDVSHWWRHVWHULRUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &RPHVHLFDULQD±PLGLVVHODVLJQRUDFKHPLVFHOVH±6HL XQ DPRUH GL EDPELQD *XDUGD FKH VSOHQGLGL RFFKL YHUGL ± GLVVH

HQWXVLDVWD ULYROWD DO PDULWR /¶XRPR DQQXu

VRGGLVIDWWR /D FDVD GRYH IXL FRQGRWWD HUD DPSLD H VLJQRULOH 8QD FDVD GDULFFKL 'DXQDSDUWHHURFRQWHQWDGLODVFLDUHLOEUHIRWURILRHGLDYHUH DQFK¶LR XQD VSHFLH GL IDPLJOLD 'DOO¶DOWUD SURYDYR TXHOOD FRPSUHQVLELOHSDXUDFKHRJQLVLWXD]LRQHQXRYDSRUWDFRQVp 1HL JLRUQL FKH VHJXLURQR IXL ULPHVVD D QXRYR YHVWLWL QXRYL VFDUSHQXRYHWXWWRQXRYR (FRPLQFLDLDGHVVHUHIHOLFHGLYLYHUHFRQ.HVXRPDULWR3 )UHTXHQWDYR XQ EXRQ FROOHJLR QHO TXDOH PL WURYDL VXELWR D PLR DJLR 7XWWR VHPEUDYD DQGDUH SHU LO PHJOLR . H VXR PDULWR HUDQR PROWR LPSHJQDWL FRQ LO ORUR ODYRUR HG HUDQR PROWR FDULQL FRQ PH GL VHUD TXDQGR FL ULWURYDYDPR LQVLHPH ( FRVu WUDVFRUVHUR L SULPL DQQL GHOOD PLD QXRYD YLWD WUD L JLRFKLORVWXGLRHTXDOFKHYLDJJLR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,QWDQWR FUHVFHYR UDSLGDPHQWH H TXDQGR PL JXDUGDYR DOOR VSHFFKLR PL DFFRUJHYR GL GLYHQWDUH XQD UDJD]]D PROWR EHOODFRQXQFHUWRIDVFLQRHSUHFRFHPHQWHPDWXUD )X 3 LO SULPR DG DFFRUJHUVL GL TXHVWR PLR FDPELDPHQWR ILVLFR &HUFDYD FRQ LQVLVWHQ]D GLVWDUPLYLFLQRVLPRVWUDYDJHQWLOH HG DIIHWWXRVR FHUFDYD LQVRPPD LQ WXWWL L PRGL OD PLD YLFLQDQ]DILVLFD $ GLUH OD YHULWj 3 QRQ PL GLVSLDFHYD FRPH XRPR %HQFKq QRQIRVVHSLJLRYDQHVLPDQWHQHYDLQSHUIHWWDIRUPDILVLFD , VXRL PRGL VLJQRULOL OR UHQGHYDQR JUDGHYROH H SHUFKp QR DIIDVFLQDQWHDLPLHLRFFKL 6XD PRJOLH VHPEUDYD QRQ DFFRUJHUVL GHOO¶LQWHUHVVH FKH 3 QXWULYD QHL PLHL FRQIURQWL DQ]L VL PRVWUDYD DQFRUD SL JHQWLOH H DIIHWWXRVD GHO PDULWR YHUVR GL PH 3DUHYD DQ]L FKH IRVVH LQL]LDWD WUD GL ORUR XQD VRUWD GL FRPSHWL]LRQH FKH DYHYD FRPH SUHPLR ILQDOH OD PLD SHUVRQD R PHJOLR LO PLR FRUSR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &RQWUDULDPHQWH DOOH PLH SUHYLVLRQL IX . D SUHQGHUH O¶LQL]LDWLYD (VVHQGR GRQQH IUD GL QRL F¶HUD TXHOOD QDWXUDOH LQWLPLWjFKH HVLVWHWUDSHUVRQHGHOORVWHVVRVHVVR 4XDQGR HUDYDPR VROH LQ FDVD . VL IDFHYD YHGHUH VSHVVR QXGDGRSRODGRFFLDRGRSRDYHUSURYDWRTXDOFKHYHVWLWR $YHYD XQ FRUSR DQFRUD DWWUDHQWH FRQ SLFFROL VHQL JDPEH OXQJKHHEHQIDWWH +HOHQHSHUFKpQRQYLHQLDIDUHODGRFFLDFRQPH"&RVuPL ODYL OD VFKLHQD« PL GLFHYD VRUULGHQGR LQYLWDQGRPL DG HQWUDUHFRQOHLQHOER[GHOODGRFFLD 2EEHGLYR SHUFKp DOOD PLD HWj QRQ YHGHYR QXOOD GL VFRQYHQLHQWH H DOORUD VRWWR O¶DFTXD WLHSLGD GHOOD GRFFLD L QRVWULFRUSLQXGLVLWRFFDYDQRVILRUDQGRVLGROFHPHQWH ,O FRUSR GL . YLEUDYD WXWWR OR VHQWLYR DO WDWWR PHQWUH LR SURYDYR XQ VHQVR GL EHQHVVHUH ILVLFR GL IHOLFLWj DQLPDOH LQ TXHLFRQWDWWLSLRPHQRIRUWXLWL 3RLGRSRODGRFFLD.PLDVFLXJDYDLOFRUSRFRQGHOLFDWH]]D HPLVRUULGHYD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  6WDL GLYHQWDQGR XQD VSOHQGLGD UDJD]]D ± PL GLFHYD DFFDUH]]DQGRPLLFDSHOOLRVILRUDQGRPLLVHQLFRQODPDQR± 6WDL YHQHQGR VX PROWR EHQH 6RQR SURSULR IHOLFH GL DYHUWL VFHOWDGLDYHUWLYROXWDFRQPH« $ YROWH LO PDULWR VL DVVHQWDYD SHU PRWLYL GL ODYRUR SHU TXDOFKHJLRUQRHDYROWHSHUXQ¶LQWHUDVHWWLPDQD 5LFRUGR FKH TXHO JLRUQR DYHYR RUPDL WUHGLFL DQQL 3 VL WURYDYDLQXQ¶DOWUDFLWWjSHUXQDFDXVDLPSRUWDQWHHFLDYHYD GHWWRFKHVLVDUHEEHDVVHQWDWRSHUXQDVHWWLPDQD &KHEHOORUHVWDUHQRLGXHVROH±PLGLVVH.VRUULGHQGROD PDWWLQDGHOODSDUWHQ]DGHOPDULWR 3RL DJJLXQVH  +R GHFLVR GL SUHQGHUPL TXDOFKH JLRUQR GL YDFDQ]D FRVu SRWUHPR DQGDUH LQ JLUR D IDUH VSHVH 7L YD +HOHQH" $QQXLL/DSURVSHWWLYDGLDQGDUHLQJLURFRQ.DIDUHVSHVH DFRPSUDUHVFDUSHHYHVWLWLPLHQWXVLDVPDYD$PDYRYHVWLUH EHQHH.VRGGLVIDYDLPLHLGHVLGHUL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 4XHO JLRUQR ULFRUGR OR WUDVFRUUHPPR FRPH GXH DPLFKH VSHQVLHUDWH H IHOLFL 3UDQ]DPPR IXRUL YLVLWDPPR PROWL QHJR]LHFRPSUDPPRYHVWLWLVFDUSHHGLVFKL 4XDQGRULHQWUDPPRDFDVDHUDYDPRHQWUDPEHLQXQRVWDWR G¶DQLPR SDUWLFRODUPHQWH IHOLFH . PL EDFLDYD VXOOH JXDQFH LR OD LPLWDYR HUDYDPR LQ SHUIHWWD VLQWRQLD 5LGHYDPR HG HUDYDPRIHOLFLGLYLYHUHLQVLHPH  +HOHQH SRVVR FKLHGHUWL XQ SLFFROR IDYRUH" ± PL FKLHVH YHUVRVHUDFRQXQ¶DULDXQSR¶LPSDFFLDWD 7DFTXHSHUTXDOFKHLVWDQWHSRLDJJLXQVH  3RVVR FKLHGHUWL GL YHQLUH D OHWWR FRQ PH" 6DL«  V¶LQWHUUXSSH DUURVVHQGR OLHYHPHQWH  (FFR PL IDUHEEH SLDFHUHDYHUWLYLFLQRDQFKHTXHVWDQRWWH 0LVHPEUzXQDSURSRVWDDFFHWWDELOH  3HUFKp GXH GRQQH QRQ SRVVRQR DQGDUH D OHWWRLQVLHPH"± SHQVDYR 'RSRWXWWR.HUDFRVuJHQWLOHHGDIIHWWXRVD«

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,QGRVVDPPR GXH FDPLFLH GD QRWWH FKH DYHYDPR FRPSUDWR TXHOOR VWHVVR JLRUQR EHOOH YDSRURVH HOHJDQWL H FL SURIXPDPPR .IXODSULPDDVWHQGHUVLVXOOHWWRPDWULPRQLDOHPLIHFHXQ FHQQRFRQODPDQRVRUULGHQGR /DUDJJLXQVLVXELWRVWHQGHQGRPLDFFDQWRDOHL  (¶ EHOOR VWDUH LQVLHPH ± PL GLVVH DFFDUH]]DQGRPL LO VHQR FRQ OD PDQR ± 1RQ q YHUR +HOHQH" 9HGL WX VHL DQFRUD SLFFROD FHUWH FRVH IRUVH QRQ OH FDSLVFL SHUFKp QRQ OH KDL PDLSURYDWH0D« 6¶LQWHUUXSSH FRPH VH IRVVH LQFHUWD VH FRQWLQXDUH R PHQR LO GLVFRUVR  0D q SRVVLELOH DPDUH JOL XRPLQL H OH GRQQH QHOOR VWHVVR WHPSR« /¶DPRUHQRQJXDUGDDOVHVVR« 6¶LQWHUUXSSHHPLEDFLzVXOOHODEEUDGHOLFDWDPHQWH 0L ILVVDYD LQWHQVDPHQWH H L VXRL RFFKL GL XQ D]]XUUR LQWHQVREULOODYDQRGLGHVLGHULR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1RQ FDSLYR GRYH YROHVVH DUULYDUH ,QWXLYR SHUz FKH SURYDYD SHU PH TXDOFRVD GL PROWR SDUWLFRODUH H GL JUDQGH LQWHQVLWj 0LDPDIRUVH"±SHQVDYR 4XDVL D ULVSRQGHUH DOOD PLD GRPDQGD PL VXVVXUUz GROFHPHQWH +HOHQHFUHGRGLDYHUSUHVRXQDFRWWDSHUWH 9XRLGLUHFKHPL«DPLFRPHXQDGRQQDDPDXQXRPR" )RUVH1RQORVR±PLULVSRVHWXWWDFRQIXVD±3HUGRQDPL +HOHQH 0L IDFHYD WDQWD WHQHUH]]D TXHOOD GRQQD SL JUDQGH GL PH FRVu ULFFD FRVu LPSRUWDQWH FKH RUD LPSORUDYD OD PLD FRPSUHQVLRQH $YUHL GRYXWR DO]DUPL GDO OHWWR H DQGDUPHQH GLVJXVWDWD PD TXDOFRVD PL FRVWULQJHYD D UHVWDUH DFFDQWR D OHL )RUVH DQFK¶LRLQFRQVFLDPHQWHO¶DPDYR )X XQD IRU]D LQWHULRUH LPSURYYLVD H WXPXOWXRVD FKH PL VSLQVH YHUVR GL OHL /D EDFLDL VXOOD ERFFD FRQ SDVVLRQH /H QRVWUH ODEEUD OH QRVWUH OLQJXH V¶LQFRQWUDURQR TXDVL FRQ

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ YLROHQ]D FL WRFFDPPR SHU WXWWR LO FRUSR FRQ XQD IRJD FRQ XQLPSXOVRFKHPDLDYUHLLPPDJLQDWRGLSRVVHGHUH 0¶DFFRUVL FKH HUR LR OD SDUWH PDVFKLOH GL TXHOO¶LQFRQWUR SDVVLRQDOH . FHGHYD GHEROPHQWH DOOD YLROHQ]D GHL PLHL PRYLPHQWL /H PLH PDQL VWULQVHUR L VXRL VHQL L GHQWL DWWDQDJOLDURQR L URVHL FDSH]]ROL /HL YLEUDYD YLROHQWHPHQWH LQ WXWWR LO FRUSR OD ERFFD HPHWWHYD PXJROLL GL SLDFHUH H TXDQGR WRFFDL ILQDOPHQWHODVXDYDJLQDODPDQRVLEDJQzGHOVXROLTXLGR &RQ XQD VRGGLVID]LRQH FKH QRQ FUHGHYR GL SURYDUH HEEL OD FRQVDSHYROH]]D GL HVVHUH OD SDUWH GRPLQDQWH GHO QRVWUR UDSSRUWR $YHYRLOWHPSHUDPHQWRGHOOD³GRPLQD´HLQTXHOO¶RFFDVLRQH QDFTXHVLSXzGLUHODIXWXUD/DG\6 . PL DSSDULYD FRPH OD IHPPLQD GD YLROHQWDUH OD IHPPLQD FKHJRGHGLHVVHUHYLROHQWDWD 3HUFLz FRPLQFLDL D SLFFKLDUOD FRQ XQD FLQWXUD GL SHOOH FKH JLDFHYDVXXQDVHGLD/DFROSLYRVXOGRUVRVXOOHFRVFHVXOOH EUDFFLDODVFLDQGROHGHLVHJQLYLRODFHLVXOODSHOOHHOHLOXQJL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ GDO ULEHOODUVL P¶LQFLWDYD FRQ L VXRL PXJROLL FRQ L VXRL FRQWRUFLPHQWL H FRQ OH YLEUD]LRQL YLROHQWH GL WXWWR LO VXR HVVHUHDFRQWLQXDUH 'RSR TXDOFKH PLQXWR LO IXURUH FKH FRVu LPSURYYLVDPHQWH VL HUDLPSDGURQLWRGLPHDOWUHWWDQWRFHOHUPHQWHFHVVz &L EDFLDPPR FRQ SDVVLRQH /H OHFFDL GHOLFDWDPHQWH L VHJQL YLRODFHL GHOOD IXVWLJD]LRQH ( SRL UHVWDPPR LPPRELOL PDQR QHOODPDQRDILVVDUFLLQWHQVDPHQWH *OL RFFKL D]]XUUL GL . PL GLFHYDQR DSHUWDPHQWH FKH DYHYR VRGGLVIDWWR SLHQDPHQWH OD VXD QDWXUD SL SURIRQGD HG RUD TXHJOL VWHVVL RFFKL PL ULQJUD]LDYDQR SHU DYHUH LQWXLWR L VXRL LQFRQIHVVDELOLGHVLGHUL *UD]LH+HOHQH±PLVXVVXUUz±1RQKRPDLJRGXWRLQYLWD PLDFRPHKRJRGXWRRJJL2UDWLDPRDQFRUDGLSLHYRJOLR HVVHUHODWXDVFKLDYD6uODWXDVFKLDYD 6LOHYzDEDFLDUHLPLHLSLHGLQLLQVHJQRGLVRWWRPLVVLRQH   

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  ,QWHUUXSSL OD OHWWXUD GHO GLDULR (UR LQFHUWR VH FRQWLQXDUH OD OHWWXUD R DQGDUPHQH D OHWWR 0L VHQWLYR VWDQFR SHUFKp OD JLRUQDWDDSSHQDWUDVFRUVDHUDVWDWDSLXWWRVWRSHVDQWH 0DTXDOFRVDPLVSLQJHYDDFRQWLQXDUHODOHWWXUD 3ULPDGLWXWWRO¶HVLJHQ]DGLVFRSULUHLQTXHOGLDULRHYHQWXDOL LQGL]LXWLOLSHUODIXWXUDLQFKLHVWDHSRLTXDOFRV¶DOWUR« 1RQVDSHYRFRPHVSLHJDUPHOR)RUVHHUD+HOHQHFRQODVXD FRPSOHVVD H FRQWRUWD SHUVRQDOLWj«4XHOOD SLFFROD FDURJQD FRPLQFLDYD DG DIIDVFLQDUPL 3URSULR FRVu $WWUDYHUVR TXHOOD VFULWWXUD PLQXWD TXDVL LQIDQWLOH ILWWD ILWWD +HOHQH PL UDFFRQWDYD OD VXD YLWD OH VXH HVSHULHQ]H SUHPDWXUH HG DQRUPDOL ,QWXLYR FKH +HOHQH HUD VWDWD XQD GRQQD GL SRFKL VFUXSROL FRVWLWX]LRQDOPHQWH DPRUDOH PD QRQRVWDQWH FLz YLYD FRPH QRQ PDL DJJUDSSDWD DOOD YLWD TXDVL FRQ GLVSHUD]LRQH DVVROXWDPHQWH OLEHUD OLEHUD GD YLQFROL IDPLOLDUL GD VFUXSROL PRUDOLGDIHGLUHOLJLRVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 8QHVVHUHOLEHURDOORVWDWRSXURFKHDYHYDIRUJLDWRLOGHVWLQR FRQ OH VXH VWHVVH PDQL FKH FUHGHYD LQVpVWHVVDQHOOHVXH SRVVLELOLWjFRQLQVROLWDVLFXUH]]D ,O VLOHQ]LR FKH PL FLUFRQGDYD PL FRQVHQWLYD XQD JUDQGH FRQFHQWUD]LRQH&RVuWHQWDLGLSHQHWUDUHTXDQWRSLSRVVLELOH QHOODFRPSOHVVDSHUVRQDOLWjGL+HOHQH $FFHVLXQ¶DOWUDGHOOHWDQWHVLJDUHWWHFKHDYHYRIXPDWRILQRD TXHOPRPHQWRHULSUHVLDOHJJHUH  †††  'D TXHO JLRUQR +HOHQH FRPLQFLz D GRPLQDUH DQFKH SVLFRORJLFDPHQWH. )LQR DOO¶DUULYR GHOO¶DYYRFDWR OH GXH GRQQH VL FRPSRUWDURQR FRPHGXHDPDQWLGHVLGHURVHO¶XQDGHOO¶DOWUD +HOHQHVYROJHYDLOUXRORGRPLQDQWHQHOUDSSRUWRGLFRSSLDH .DFFHWWDYDYROHQWLHULODVXDVRWWRPLVVLRQH /¶DUULYRGL3QRQFDPELzGLPROWRODVLWXD]LRQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /H GXH GRQQH FHUFDYDQR GL QDVFRQGHUH DJOL RFFKLGHOO¶XRPR ODORURUHOD]LRQHHGLOFRPSLWRQRQIXGLIILFLOHHQRQFRPSRUWz PROWL VDFULILFL &HUWR L ORUR LQFRQWUL LQWLPLGLYHQWDURQRPHQR IUHTXHQWL PD DO GL Oj GHOO¶DVSHWWR VHVVXDOH FLz FKH SL LPSRUWDYDDOOHGXHGRQQHHUDODJHUDUFKLDFKHVLHUDVWDELOLWD WUDGLORUR+HOHQHOD³GRPLQD´H.ODVXDVFKLDYD (UD OD VXGGLWDQ]D SVLFRORJLFD GL . FKH VRGGLVIDFHYD QHOOR VWHVVR WHPSR LO IRUWH WHPSHUDPHQWR GL +HOHQH H LO PDVRFKLVPRGL. +HOHQH DSSURILWWDQGR GHO VXR QXRYR UXROR QRQ HVLWDYD DG HVHUFLWDUH LO VXR SRWHUH QHL FRQIURQWL GHOOD GRQQD LQ IRUPH YHODWHSHUQRQLQVRVSHWWLUHLOPDULWR .HUDFRVWUHWWDDVRGGLVIDUHWXWWLLFDSULFFLGL+HOHQHVHQ]D GLVFXWHUOL 2UD OD UDJD]]LQD OH FKLHGHYD DQFKH GHO GHQDUR FKH FRPH SUHYHGHYD VHSSXUH FRQIXVDPHQWH VDUHEEH VHUYLWR SHU XQ IXWXUR SL R PHQR SURVVLPR ( TXDQGR D YROWH.WHQWDYDGLULEHOODUVL+HOHQHOHGLFHYDFRQXQVRUULVR FDWWLYR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 9XRLFKHWXRPDULWRVDSSLDFKHVHLODPLDDPDQWHRPHJOLR OD PLD VFKLDYD" 9XRL FKH WXWWL VDSSLDQR FKH XQD GRQQD LQ FDUULHUD FRPH WH FRVu DIIDVFLQDQWH HG LPSRUWDQWH VL ID IUXVWDUH GD XQD UDJD]]LQD GHOOD TXDOH q GLYHQWDWD DQFKH O¶DPDQWH" ( SRL QRQ q IRUVH UHDWR SRUWDUVL D OHWWR XQD IDQFLXOOD PLQRUHQQH" ,O QRVWUR QRQ q IRUVH XQ UDSSRUWR RPRVHVVXDOH" &UHGR FKH WXR PDULWR QRQ VDUHEEH IHOLFH GL VDSHUHWXWWRTXHVWR3HUFLzWLFRQYLHQHIDUHFLzFKHWLGLFR( SRLKDLWDQWRGLTXHOGHQDURFKHGDUQHXQSR¶DPHGLYHQWD SHUWHXQ¶RSHUDEHQHILFD &RQFOXGHYDOHVXHSDUROHEDFLDQGROHOHODEEUDFRQGROFH]]D .FHGHYDQRQYROHQGRSHUGHUHODVXD³GRPLQD´ 7UDVFRUVHURFRVuGHLPHVL 8Q JLRUQR DOOD SUHVHQ]D GL +HOHQH O¶DYYRFDWR FRPLQFLz D SDUODUHGHOIXWXURGHOODUDJD]]LQD 0LVHPEUDFKHWX+HOHQHGHEEDFDPELDUHFROOHJHJLjGDO SURVVLPR DQQR ± HVRUGu  JXDUGDQGR VXD PRJOLH SHU DYHUH XQFHQQRGLDVVHQVRDOODVXDSURSRVWD 3HUFKp"±FKLHVHURTXDVLDOO¶XQLVRQROHGXHGRQQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  ,O PRWLYR q VHPSOLFH +HOHQH GHYH LQWUDSUHQGHUH JOL VWXGL VXSHULRUL  H O¶DWWXDOH FROOHJH q LQDGHJXDWR 3URSRUUHL GL LVFULYHUOD DO FROOHJH GL« (¶ XQ RWWLPR LVWLWXWR GRYH +HOHQH SRWUHEEH FRPSOHWDUH JOL VWXGL VXSHULRUL (¶ YHUR FKH +HOHQH QRQYLYUjSLFRQQRLHFLzPLGLVSLDFHVLQFHUDPHQWHFRPH VHQ]¶DOWURGLVSLDFHUjDWH. 6XOYLVRGHOODPRJOLHOHVVHGLVDSSXQWRHDQFKHWULVWH]]D  0D q QHFHVVDULR VH VL YXROH DVVLFXUDUH DOOD QRVWUD +HOHQH XQIXWXURGLJUDQGLVRGGLVID]LRQL&KHQHSHQVL+HOHQH" /D UDJD]]LQD QRQ ULVSRVH *XDUGDYD RUD . RUD 3 H QRQ VDSHYD FRVD ULVSRQGHUH ,Q YHULWj QRQ OH GLVSLDFHYD UHVWDUH LQ IDPLJOLD DYHUH LQ . XQD FRPSOLFH IHGHOH H VRWWRPHVVD GHOOHVXHD]LRQLHXQ¶DPDQWHGROFHHWHQHUD 0D G¶DOWUD SDUWH LQWXLYD VHSSXUH FRQIXVDPHQWH FKH TXHOOD FLWWjGLSURYLQFLDGRYHYLYHYDOHHUDGLYHQWDWDQRLRVDFKHOH VDUHEEH SLDFLXWR DELWDUH LQ XQD JUDQGH FLWWj FRP¶HUD TXHOOD FKHRVSLWDYDLOQXRYRFROOHJH 6HGHFLGHWHGLPDQGDUPLDOFROOHJHGL«QRQPLRSSRUUz ULVSRVH LQILQH +HOHQH LQ WRQR DFFRQGLVFHQGHQWH ± 6R FKH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ YROHWHVRORLOPLREHQH3HUFLzSHQVRFKHODYRVWUDVFHOWDVLD ODSLJLXVWDSHUPH .IHFHXQWLPLGRWHQWDWLYRGLRSSRVL]LRQH &UHGRFKH+HOHQHQRQVLDDQFRUDLQJUDGRGLYLYHUHGDVROD ORQWDQR GD QRL ± GLVVH ULYROJHQGRVL DO PDULWR H JXDUGDQGR +HOHQHILVVDQHJOLRFFKL±(SXUVHPSUHXQDUDJD]]LQD«  9RJOLR DQGDUH QHO QXRYR FROOHJH ± O¶LQWHUUXSSH  FRQ WRQR LPSHULRVR +HOHQH ± 0L VHQWR DEEDVWDQ]D VLFXUD GL PH VWHVVD 3RL TXDVL D IDUVL SHUGRQDUH GD . SHU OD GHFLVLRQH SUHVD DQGzGDOODGRQQDHODEDFLzVXOOHJXDQFHFRQWHQHUH]]D 'RSR TXDOFKH WHPSR LO GLVFRUVR VXO IXWXUR GL +HOHQHYHQQH ULSUHVRGDOO¶DYYRFDWR +HOHQH DYHYD QRWDWR LQ TXHO SHULRGR FKH O¶XRPR FHUFDYD GLVSHUDWDPHQWH GL DYYLFLQDUVL D OHL 3 VL PRVWUDYD VHPSUH SL JHQWLOH HG DUUHQGHYROH QHL VXRL FRQIURQWL H LQ SL GL XQ¶RFFDVLRQH DYHYD IDWWR DOOXVLRQL DG XQ VXR SURJHWWR GL UHVWDUHVRORFRQ+HOHQHDOPHQRSHUTXDOFKHJLRUQR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ . VHPSUH LQQDPRUDWD GL +HOHQH VHPEUDYD QRQ HVVHUVL DFFRUWDGHOOHPDQRYUHGHOPDULWRRTXDQWRPHQRILQJHYDGL QRQ DFFRUJHUVHQH 3UREDELOPHQWH FRQWDYD PROWR VXOOD IHGHOWjGL+HOHQH  )UD XQ SDLR GL JLRUQL GRYUz UHFDUPL D«  GRYH VL WURYD LO QXRYRFROOHJHGL+HOHQHHYRUUHLFRJOLHUHO¶RFFDVLRQHSHUIDUH YLVLWDUH D +HOHQH OD VXD QXRYD UHVLGHQ]D QRQFKp OD FLWWj GRYHGRYUjYLYHUH &RVuDOO¶LPSURYYLVRO¶DYYRFDWRHVSRVHDOOHGXHGRQQHODVXD GHFLVLRQHPDWXUDWDIRUVHGDWHPSR 9RUUHLDFFRPSDJQDUYLPDLPLHLLPSHJQLGLODYRURQRQPH OR FRQVHQWRQR ± GLVVH . FKH SDUHYD FRQWUDULDWD SHU QRQ DYHUH OD SRVVLELOLWj GL HVVHUH DFFDQWR DG +HOHQH LQ TXHO YLDJJLR 3RL IHFH XQ WHQWDWLYR SHU FRQYLQFHUH LO PDULWR D ULQYLDUH OD SDUWHQ]D 0LGLVSLDFHFDUDPDQRQqSURSULRSRVVLELOH(SRLKRJLj ILVVDWRGHJOLDSSXQWDPHQWLFRQODGLUH]LRQHGHOFROOHJHHFRQ DOFXQLSURIHVVRULFKHFRQRVFR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3RLSUHVHODPDQRGHOODPRJOLHSHUWUDQTXLOOL]]DUOD  1RQ WL SUHRFFXSDUH FDUD &L DVVHQWHUHPR VROR XQ SDLR GL JLRUQL9HGUDLFKHWXWWRDQGUjEHQH $ +HOHQH SDUYH GL QRWDUH XQ VRUULVR LURQLFR VXOOH ODEEUD GHOO¶DYYRFDWRQHOSURQXQFLDUHTXHOOHXOWLPHSDUROH  †††  )DFHPPRLOYLDJJLRLQDXWRVXOODOXVVXRVDDXWRPRELOHGL3 /DFLWWjGL«GLVWDYDTXDOFKHFHQWLQDLDGLPLJOLDGDOODQRVWUD FDVDHLOYLDJJLRQRQIXQpWURSSROXQJRQpWURSSRQRLRVR 3PLJXDUGDYDVSHVVRPLVRUULGHYDPDQRQSDUODYD )RUVH LO VXR FHUYHOOR VWDYD ODYRUDQGR DODFUHPHQWH SHU TXDOFKH SURJHWWR FKH PL ULJXDUGDYD PROWR GD YLFLQR 'DO FDQWRPLRJXDUGDYRLOSDHVDJJLRGLVWUDWWDPHQWHHDVFROWDYR ODPXVLFDGHOORVWHUHR *LXQWLLQFLWWjFLUHFDPPRVXELWRDOFROOHJH (UD XQ FRPSOHVVR  PROWR YDVWR GL HGLILFL FLUFRQGDWR GD XQ LPPHQVR SDUFR 0ROWR YHUGH GDSSHUWXWWR QXPHURVL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ VWXGHQWL UDJD]]L H UDJD]]H XQ SR¶ SL JUDQGL GL PH 8Q¶DWPRVIHUDGLEHQHVVHUHHGHIILFLHQ]DUHJQDYDRYXQTXH 3 PL SUHVHQWz DG DOFXQL SURIHVVRUL VXRL DPLFL GL GLYHUVD HWjHDOO¶DSSDUHQ]DSLRPHQRVLPSDWLFL 3 V¶LQIRUPz QDWXUDOPHQWH GHOOH IRUPDOLWj SHU O¶LVFUL]LRQH DO FROOHJH YLVLWDPPR JUDQ SDUWH GHO JUDQGH FRPSOHVVR OH DXOHJOLDOORJJLGHJOLVWXGHQWLHFRVuYLD 2UDDQGLDPRDFROD]LRQH±PLGLVVH3DOWHUPLQHGLTXHOOD YLVLWD $SSDULYDDOOHJURHGLVLQYROWR &RQRVFRXQSRVWLFLQRFKHqXQLQFDQWR 0L FRQGXVVH IXRUL FLWWj LQ XQ ULVWRUDQWH OXVVXRVR SDQRUDPLFR ,QGRVVDYRXQDELWLQRDILRULSLXWWRVWRDWWLOODWRFKHPHWWHYDLQ ULVDOWR OH PLH IRUPH JLj GD GRQQD (UR SL VYLOXSSDWD GHOOD PLD HWj H GLPRVWUDYR TXDOFKH DQQR LQ SL $YHYR L FDSHOOL OXQJKLHRQGXODWLFKHPLFDGHYDQRVXOOHVSDOOHHVXOYLVRXQ YHORGLWUXFFRFKHUDYYLYDYDLOFDQGRUHGHOODPLDSHOOHOLVFLD HYHOOXWDWDSULYDGLEUXIROL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0L HUR DSSHQD JXDUGDWD DOOR VSHFFKLR H PL YHGHYR EHOOD H DIIDVFLQDQWH 3ORDYHYDJLjQRWDWRHSHUFLzRUDDOWDYRORGHOULVWRUDQWH PLILVVDYDFRQXQRVJXDUGRLPSORUDQWHFRPHVHDVSHWWDVVH GDPHXQVHJQDOHSHUURPSHUHLOJKLDFFLR 0LDFFDUH]]zODPDQRVRUULGHQGRPL 6HLVSOHQGLGD+HOHQH±IXLOVXRHQWXVLDVWLFRFRPPHQWR 3LGL."±JOLFKLHVLFRQXQDSXQWDG¶LURQLD 6LHWHWLSLGLYHUVL±PLULVSRVH±(SRLWXVHLFRVuJLRYDQH« &HUWROHSHUVRQHQRQSLJLRYDQLFRPHWH±VFXVDPLQRQ YRJOLRRIIHQGHUWL±DPDQRPROWRODJLRYHQW« 9LGLQHLVXRLRFFKLO¶HIIHWWRGHOOHPLHSDUROH (DOORUD«"±PLFKLHVH 6¶LQWHUUXSSH$SSDULYDQHUYRVRHXQSR¶FRQIXVR  ( DOORUD FRVD" 6SLHJDWL± JOL GLVVL JRGHQGR GHO VXR VWDWR G¶DQLPR (DOORUDQRQWLSLDFFLR"±FRQFOXVHDQVLRVR /R JXDUGDL ILVVR QHJOL RFFKL1RWDLLQOXLO¶DWWHVDHO¶XUJHQ]D GLXQDULVSRVWDDIIHUPDWLYD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6uPLSLDFL *OLWRFFDLODPDQRUREXVWDFKHVXVVXOWzDOFRQWDWWR 0LVRUULVHVROOHYDWR 3HUz±DJJLXQVL±QRQKREHQFDSLWRFKHFRVDYXRLGDPH *OLVRUULVL  $Q]L KR FDSLWR SHUIHWWDPHQWH FKH YXRL SRUWDUPL D OHWWR FKHQRQYHGLO¶RUDGLVFRSDUPL1RQqIRUVHYHUR" 3DUURVVuYLROHQWHPHQWH3UREDELOPHQWHQRQVLDVSHWWDYDOD IUDQFKH]]D H O¶DUGLWH]]D GHOOH PLH SDUROH &HUWDPHQWH QRQ DYUHEEH PDL LPPDJLQDWR WDQWD VSDYDOGD VLQFHULWj LQ XQD UDJD]]LQDFRPHPH  6HL SURSULR VLFXUR GL YROHUPL VFRSDUH"± OR LQFDO]DL± 1RQ VDL FKH VRQR XQD PLQRUHQQH" ( FRVD GLUHEEH WXD PRJOLH VH ORYHQLVVHDVDSHUH" 1RQORVDSUjPDLWHORJLXUR (VHIRVVLLRDGLUJOLHOR"1RQKDLSDXUDGLPH" 0L DFFRUVL FKH OR FRQIRQGHYR FRQ TXHOOH SDUROH FKH QRQ JOL GDYDQR WUHJXD (UD ULPDVWR VFRQFHUWDWR GDOOD PLD VIURQWDWH]]D 1HHURVLFXUD6FRSULYDSHUODSULPDYROWDOD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ PLD YHUD QDWXUD H QH HUD ULPDVWR VFRQYROWR 6L DVSHWWDYD XQ¶DUUHQGHYROH UDJD]]LQD IHOLFH GL IDUVL VFRSDUH GD XQ WLSR FRPHOXLFRVuSUHVWDQWHHFRQLOIDVFLQRGHOO¶HWjPDWXUD  0D q SURSULR +HOHQH  OD UDJD]]LQD FKH VLHGH GL IURQWH D PH"±VLFKLHGHYDDQVLRVDPHQWH±2q« /RVROOHYDLGDWXWWHTXHOOHFRQVLGHUD]LRQLTXDQGRJOLGLVVL  1RQ YRJOLR SL HVVHUHYHUJLQH/¶KRGHFLVR0HJOLRWHFKH FRQRVFR EHQH DQ]LFKp XQ DOWUR TXDOVLDVL ( SRL WH OR FRQIHVVRVHLXQXRPRDIIDVFLQDQWH,QWXWWLTXHVWLDQQLQRQ WL KR PDL YLVWR FRPH XQ SDGUH PD FRPH XQ DPLFR H IRUVH FRPHXQSUREDELOHDPDQWH7XH.QRQVLHWHLPLHLJHQLWRUL H TXLQGL QRQ KR DOFXQ FRQGL]LRQDPHQWR QHL YRVWUL ULJXDUGL 6HYXRLSURYDUHLOSLDFHUHGLXQLQFHVWRWLFKLDPHUzSDSj 5LVLDTXHVWDPLDXOWLPDEDWWXWD 3 HUD XQ XRPR IHOLFH OR YHGHYR FKLDUDPHQWH &RQ OH PLH SDUROHORVROOHYDYRGDRJQLVFUXSRORHGDTXDOFKHULPRUVR 6HLXQDFDUDUDJD]]D )XURQR OH XQLFKH SDUROH FKH SURQXQFLz GXUDQWH WXWWD OD FROD]LRQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 5LWRUQDPPRLQFLWWjTXDVLVHQ]DSDUODUH/¶LPPLQHQ]DGLXQ HYHQWR WDQWR GHVLGHUDWR VRSUDWWXWWR GD 3 FL LPSHGLYD TXDOVLDVL FRQWDWWR YHUEDOH (UDYDPR FRQFHQWUDWL VXOO¶HYHQWR FKHVWDYDSHUDFFDGHUH 3 VFHOVH XQ DOEHUJR GL OXVVR VHFRQGR L VXRL JXVWL UDIILQDWL &KLHVH GXH FDPHUH VHSDUDWH FRPH HUD RYYLR FKH IDFHVVH GDWDODPLDHWj 0LVSRJOLDLQHOODPLDFDPHUDHLQGRVVDLODVWHVVDFDPLFLDGD QRWWH EHOOD YDSRURVD HG HOHJDQWH FKH DYHYR LQGRVVDWR QHO PLR SULPR DSSURFFLR VHVVXDOH FRQ . 0LVL VRSUD XQD YHVWDJOLD HGRSRHVVHUPLVLQFHUDWDFKHQHOFRUULGRLRQRQFL IRVVHQHVVXQREXVVDLDOODFDPHUDGL3FKHHUDDWWLJXDDOOD PLD 3HUDDQFRUDYHVWLWRHVHPEUDYDFKHQRQVDSHVVHFRVDIDUH 0LDYYLFLQDLDOXLHVROOHYDQGRPLVXOODSXQWDGHLSLHGLGDWD ODVXDDOWDVWDWXUDDFFRVWDLOHPLHODEEUDDOOHVXH &RVDIDLDQFRUDYHVWLWRSDSDULQRFDUR±JOLGLVVLULGHQGR 3HUIDYRUH+HOHQH1RQFKLDPDUPLFRVu1RQqLOPRPHQWR DGDWWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1RQYXRLVFRSDUPLSDSDULQRFDUR" 5LQXQFLz D ULVSRQGHUPL /R DLXWDL D VYHVWLUVL 5LPDVH QXGR GDYDQWL D PH ,O VXR FRUSR HUD UREXVWR H PXVFRORVR VHQ]D WUDFFLD GL SDQFLD ,O VXR PHPEUR HUD JURVVR H DSSDULYD LQ IDVH GL HFFLWD]LRQH *OLHOR WRFFDL GROFHPHQWH SRL DG XQ WUDWWRJOLHORVWULQVLFRQIRU]D 3VLODVFLzVIXJJLUHXQDSDURODFFLDPDLOPHPEURV¶LQJURVVz UDSLGDPHQWHGLYHQWDQGRPROWRGXUR )D¶DWWHQ]LRQHDFFLGHQWL±PLGLVVHLUULWDWR 3HUIDUPLSHUGRQDUHP¶LQJLQRFFKLDLGDYDQWLDOXLJOLSUHVLLO PHPEUR LQ ERFFD H FRPLQFLDL D OHFFDUOR FRQ VWXGLDWD OHQWH]]D /D PLD OLQJXD DYYHUWLYD LO FDORUH GHO VDQJXH FKH DIIOXLYD YLROHQWHPHQWHQHOOHYHQH 7LSLDFH"±JOLFKLHVL $QQXu6LHUDVHGXWRVXOOHWWRFRQOHJDPEHEHQDSHUWHSHU DJHYRODUPL LO FRPSLWR H FRQ XQ¶HVSUHVVLRQH EHDWD LQ YLVR &RQWLQXDL D OHFFDUH SRL DOO¶LPSURYYLVR JOLHOR VWULQVL WUD L GHQWLFRQIRU]D

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6XO VXR YLVR DSSDUYHUR VPRUILH GL GRORUH PD QRQ GLVVH QXOOD9HQQHVXELWRFRVuDOO¶LPSURYYLVR )HFL DSSHQD LQ WHPSR D ULWUDUPL FKH XQ JURVVR JHWWR GL VSHUPD VFKL]]zIXRULVFLYRODQGRVXOPLRSHWWRHVFHQGHQGR SRL OHQWDPHQWH VXOOD PLD SDQFLD H VXOOH PLH FRVFH &RQWHPSRUDQHDPHQWH3HPLVHXQOXQJRJHPLWRVWULQJHQGR LOPHPEURWUDOHPDQL  0L GLVSLDFH 6RQR YHQXWR WURSSR SUHVWR ± PL GLVVH 3 XQ SR¶FRQWUDULDWR±0DHUDWDQWRLOGHVLGHULR« /RFRQVRODL 1RQWLSUHRFFXSDUH/DQRWWHqOXQJDHDYUDLODSRVVLELOLWj GLSHQHWUDUPL *LDFHPPRVXOOHWWRQXGL /DQRVWUDIXXQDOXQJDHSLDFHYROHQRWWH&RQVXPDLODOLQJXD QHO OHFFDUOR LQ WXWWHOH SDUWL GHOFRUSRPHQWUH3GDOFDQWR VXR PL HVWHQXz EDFLDQGRPL OD ERFFD L FDSH]]ROL H LO FOLWRULGH 'RSRXQEUHYHULSRVRIXLODSULPDDULFRPLQFLDUH 9ROHYRFKH3PLVYHUJLQDVVHILQDOPHQWH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 5LSUHVL D OHFFDUJOL LO PHPEUR H EHQ SUHVWR JOLHOR IHFL GLYHQWDUHGXURSURQWRDOO¶XVR *OL DSULL OH FRVFH 3 HUD VX GL PH FRQ LO PHPEUR VFXUR ULJLGR H GLULWWR FRPH XQD ODQFLD 0H OR ILFFz GHQWUR GHOLFDWDPHQWH 3RL VSLQVH $YYHUWLL XQ GRORUH QRQ PROWR IRUWH (EEL OD VHQVD]LRQH FKH TXDOFRVD VL VWDYD ODFHUDQGR VWUDSSDQGR

,Q

TXHO

PRPHQWR

PL

UDSSUHVHQWDL

PHQWDOPHQWH FKLVVj SHUFKp XQ YHOR ELDQFR ODFHUDWR GD XQ SXJQDOH 3 FRPLQFLz D PXRYHUH LO PHPEUR GHQWUR GL PH RUD OHQWDPHQWH RUD DFFHOHUDQGR LO ULWPR ILQR D TXDQGR DYYHUWLL XQD VHQVD]LRQH GL FDOGR H GL OLTXLGR FKH VL GLIIRQGHYD QHO PLRLQWLPR 1RQ HEEL DOFXQ RUJDVPR OR FRQIHVVR 'HO UHVWR QRQ FL FRQWDYR 3HU PH HUD LPSRUWDQWH GLYHQWDUH GRQQD ( OD ULQXQFLDDOODPLDYHUJLQLWjQHHUDLOSUH]]R 3DJDLTXHVWRSUH]]RPROWRYROHQWLHULHFRQSRFRVDQJXH 2UD3QRQPLLQWHUHVVDYDSL(UDVWDWRXQRVWUXPHQWRGHO PLRGHVWLQR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 4XHOO¶XRPR PDWXUR WXWWR QXGR GDYDQWL D PH PL DSSDULYD XQSHUIHWWRHVWUDQHR  †††  $OO¶HWjGLTXLQGLFLDQQL+HOHQHHQWUzQHOQXRYRFROOHJH (UD GLYHQWDWD XQD VSOHQGLGD UDJD]]D FKH WXWWL XRPLQL H GRQQH JXDUGDYDQR FRQ DPPLUD]LRQH H SL R PHQR LQFRVFLHQWHPHQWHODGHVLGHUDYDQR +HOHQHHUDFRQVDSHYROHGHOIDVFLQRFKHHVHUFLWDYDVXWXWWLH FLz OH GDYD OD FHUWH]]D GL SRWHU RWWHQHUH WXWWR GL SRWHU FHQWUDUHTXDOVLDVLWUDJXDUGR $VWXWD SHU QDWXUD FHUFDYD GL DSSDULUH PRGHVWD SHU QRQ GDUHYDQWDJJLDLVXRLSLRPHQRLSRWHWLFLDYYHUVDUL 1RQVLYDQWDYDDSHUWDPHQWHGHOODVXDEHOOH]]DODVFLDYDFKH JOL HYHQWL DFFDGHVVHUR SHU FRVu GLUH QDWXUDOPHQWH PD VHPSUH SURQWD DG LQWHUYHQLUH SHU LQGLUL]]DUOL FRQ PDQR GHFLVDYHUVRJOLVFRSLFKHYROHYDUHDOL]]DUH ,QWDQWRLVXRLUDSSRUWLFRQ.H3VXELURQRPXWDPHQWL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±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zQRQ IUHTXHQWDYDVSHVVROHOH]LRQL *OL VWXGHQWL PDVFKL FKH FHUFDYDQR GL IUHTXHQWDUOD ULFHYHYDQRLQYDULDELOPHQWHXQQHWWRVHSSXUHJHQWLOHULILXWR 4XHL UDJD]]L FRVu JLRYDQL QRQ SRWHYDQR PLQLPDPHQWH LQWHUHVVDUH DG +HOHQH FKH D YROWH ULPSLDQJHYD 3 SHUFKp VHQRQDOWURHUDXQXRPRPDWXURHGHVSHUWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /DVXDPDJJLRUHSUHRFFXSD]LRQHHUDGLRWWHQHUHSLGHQDUR SRVVLELOHGD.SHUSRWHUIXJJLUHGDOFROOHJHHWHQWDUHQXRYH VWUDGHLQDOWUHFLWWj . OHSRUWDYDGHOGHQDURGXUDQWHOHVXHIUHTXHQWLYLVLWHFKH VLFRQFOXGHYDQRLQYDULDELOPHQWHFRQOHVROLWHWULVWLSDUROH 0LqGLIILFLOHYLYHUHORQWDQRGDWH±OHFRQIHVVDYDFRQWRQR PDOLQFRQLFR ± 0L q SHQRVR ULFRUGDUH L PRPHQWL IHOLFL WUDVFRUVLLQVLHPH« (FRVuYLD +HOHQH VL DQQRLDYD DG DVFROWDUH . PD QHOOR VWHVVR WHPSR DYYHUWLYDODQHFHVVLWjGLPRVWUDUVLLQQDPRUDWDSHURWWHQHUHL YDQWDJJLHFRQRPLFLGLFXLDYHYDELVRJQR ( TXDQGR OD VXD FRPSDJQD GL FDPHUD .DWH VL DOORQWDQDYD GLVFUHWDPHQWH SHU FRQVHQWLUH DOOH GXH GRQQH GL VWDUH LQVLHPH H GL SDUODUH GHOOH ORUR FRVH +HOHQH EDFLDYD . FRQ WUDVSRUWRHTXDOFKHYROWDULXVFLYDQRDQFKHDIDUHO¶DPRUH 6ROR LQ TXHL UDUL FDVL . VH QH WRUQDYD D FDVD VROOHYDWD H VRGGLVIDWWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ +HOHQHDYHYDLQFRQWUDWR.DWHQHOPRPHQWRLQFXLYDUFzSHU ODSULPDYROWDODVRJOLDGHOODFDPHUDDVVHJQDWROH /H VWXGHQWHVVH YLYHYDQR D FRSSLH H RJQXQD DYHYD D VXD GLVSRVL]LRQH OHWWR VFULYDQLD H LQ JHQHUH XQ SURSULR VSD]LR GRYHVLVWHPDUHOHSURSULHFRVHHVWXGLDUH .DWHILJOLDGLXQVHQDWRUHHUDXQDUDJD]]DGHOODVWHVVDHWj GL +HOHQH JUDVVRFFLD SHOOH PROWR FKLDUD FDSHOOL URVVL H XQ YLVRIDQFLXOOHVFRHGLQJHQXR /D VXD FRPSDJQLD HUD JUDGHYROH 1RQ HUD LQYDGHQWH DPPLUDYD OD EHOOH]]D GL +HOHQH H DYHYD XQD VRUWD GL YHQHUD]LRQH QHL VXRL ULJXDUGL 6L UHQGHYD FRQWR FKH QRQ SRWHYD FRPSHWHUH FRQ +HOHQH H SHUFLz VL DFFRQWHQWDYD GL HVVHUOHXQDFRPSDJQDPRGHVWDTXDVLXPLOHHVHUYL]LHYROH +HOHQH FRPSUHVH FKH SRWHYD FRQWDUH VX .DWH LQ RJQL FLUFRVWDQ]DHFHUFzVLQGDOO¶LQL]LRVHQ]DWDQWLSUHDPEROLGL GRPLQDUOD (UDQR WUDVFRUVH DOFXQH VHWWLPDQH GDO ORUR SULPR LQFRQWUR TXDQGR XQD VHUD +HOHQH FRQ OD VFXVD GL FKLHGHUH VSLHJD]LRQL UHODWLYH DG XQD FHUWD OH]LRQH GL PDWHPDWLFD VL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ VHGHWWH VXO OHWWR GL .DWH DFFDQWR DOOD UDJD]]D FKH VWDYD OHJJHQGR  (¶ OD OH]LRQH GL FKLPLFD SHU GRPDQL ± GLVVH .DWH  DQWLFLSDQGR OD GRPDQGD GL +HOHQH ± (¶ EHQ GLIILFLOH GD FDSLUH«  1RQ PL FKLHGHUH QLHQWH .DWH ± ULVSRVH +HOHQH ULGHQGR ± 6DL EHQH FKH VRQR FRVu SRFR SUHSDUDWD« $Q]L WL GLUz OD YHULWj 1RQ ULHVFR DG DSSOLFDUPL DOOR VWXGLR (¶ SL IRUWH GL PH 0DVHQRQVWXGLQRQSRWUDLVXSHUDUHLSURVVLPLHVDPL6DL FKHVRQRLPSRUWDQWL« &LSHQVHUz±ULVSRVH+HOHQHGLVWUDWWDPHQWH 3RLFDPELDURQRGLVFRUVR3UHQGHQGRORVSXQWRGDXQDULYLVWD GL PRGD FKH JLDFHYD VXO OHWWR .DWH SHU OD SULPD YROWD DFFHQQzDOODEHOOH]]DGHOODVXDFRPSDJQDGLFDPHUD  6X GL WH TXHVWR YHVWLWR ± H OH PRVWUz XQ PRGHOOR PROWR RULJLQDOH  IDUHEEH XQD JUDQ EHOOD ILJXUD +DL XQ ILVLFR SHUIHWWR GD LQGRVVDWULFH $OWUR FKH LO PLR ( SRL VHL FRVu EHOOD«

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /DJXDUGDYDFRQDPPLUD]LRQH,OVXRJUDVVRYLVRVLLOOXPLQz FRPHVHIRVVHIHOLFHGLDYHUHXQ¶DPLFDFRVuDWWUDHQWH  /D EHOOH]]D QRQ q SRL WXWWR ± OD FRQVROz +HOHQH ± ( WX .DWHPLSLDFLPROWRSHUFKpVHLFRVu«FRPHGLUH«QDWXUDOH« 1RQILQuODIUDVH/HDFFRVWzOHODEEUDVXOOHJXDQFHURVVHHOD EDFLz .DWH DUURVVu H LQYHFH GL DOORQWDQDUVL GD +HOHQH SHU OD YHUJRJQD OH VL DYYLFLQz PDJJLRUPHQWH SUHQGHQGROH OD PDQRHVWULQJHQGRODFRQIRU]D  9RJOLR HVVHUH OD WXD PLJOLRUH DPLFD ± FRQIHVVz FDQGLGDPHQWH .DWH ± 1RQ KR PROWH DPLFKH H QHVVXQD GL ORURqSLEHOODHSLEXRQDGLWH +HOHQH FRQ XQ JHVWR GHOOD PDQR OD VWHVH VXO OHWWR JXDUGDQGRODILVVDPHQWHQHJOLRFFKLFKLDUL  +R SURSULR ELVRJQR GL XQ¶DPLFD FRPH WH ± OH GLVVH VILRUDQGR GROFHPHQWH LO JURVVR VHQR GHOOD UDJD]]D ± 5LFRUGDWLFKHOHPLHDPLFKHPLREEHGLVFRQRVHQ]DGLVFXWHUH VRQRVHPSUHJHQWLOLHVHUYL]LHYROL 7DFTXH3RLODEDFLzVXOOHODEEUD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ .DWH DSSDULYD YLVLELOPHQWH VFRQYROWD (UD XQ¶HVSHULHQ]D LQVROLWD QXRYD SHU OHL HSSXUH SLDFHYROH QRQ QH VDSHYD LO PRWLYR 4XHO FRQWDWWR FRQ OD ERFFD GL +HOHQH FRQ OH VXH ODEEUD OH SURFXUDYDQR XQ SLDFHUH ILVLFR PDL SURYDWR 1HOOR VWHVVR WHPSR FDSLYD FKH WXWWR FLz HUD LPPRUDOH DQRUPDOH FRQWUDULRDTXHLSULQFLSLPRUDOLFKHOHDYHYDQRLQVHJQDWRLQ IDPLJOLD 8QDGRQQDQRQSXzDPDUHXQ¶DOWUDGRQQD±GLFHYDGHQWUR GLVp±(¶SHFFDWR ( LO VHQVR GHO SHFFDWR H SL SUREDELOPHQWH O¶LPEDUD]]R FUHDWROHGDTXHOODVLWXD]LRQHFRVuQXRYDSHUOHLODVSLQVHURD ULWUDUVLGD+HOHQH 7LqGLVSLDFLXWR"±OHFKLHVH+HOHQHFRQXQDSXQWDG¶LURQLD FKH VIXJJu DOOD UDJD]]D ± &UHGLPL .DWH QRQ YROHYR IDUH QXOODGLPDOH(¶VWDWRXQLPSXOVRQXRYRSHUPH1RQORIDUz SL .DWH OD ILVVDYD FRPH LQFDQWDWD GD TXHJOL VSOHQGLGL RFFKL YHUGL $YUHEEH YROXWR GLUH TXDOFRVD GLUOH IRUVH FKH HUD VFRQYHQLHQWH SHU XQD GRQQD WRFFDUH H EDFLDUH XQ¶DOWUD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ GRQQD FKH OD PRUDOH FRQGDQQD FHUWL DWWHJJLDPHQWL FHUWH LQFOLQD]LRQL PD YROHYD DQFKH GLUOH FKH HUD IHOLFH GL HVVHUH WRFFDWD H EDFLDWD GD +HOHQH FKH DYHYD SURYDWR VHQVD]LRQL XQLFKH XQ JRGLPHQWR GHL VHQVL LQHVSULPLELOH &RQIXVD GD WXWWRFLzVLOLPLWzDGLUH  1RQ GHYL VFXVDUWL +HOHQH 6RQR FRVH FKH SRVVRQR FDSLWDUH 1HOOHVHWWLPDQHVXFFHVVLYHLOORURUDSSRUWRODQJXu .DWHHUDIHOLFHRJQLYROWDFKH+HOHQHOHULYROJHYDODSDURODR OD ORGDYD SHU LO VXR SURILWWR QHOOR VWXGLR SHUz HYLWDYD RJQL FRQWDWWR ILVLFR FRQ OD VXD FRPSDJQD GL FDPHUD FRPH VH DYHVVH SDXUD GL YDUFDUH LO FRQILQH GL XQPRQGRVFRQRVFLXWR HSHULFRORVR +HOHQH GDO FDQWR VXR FDSLYD FKH SRWHYD PDQLSRODUH .DWH VRORJUDGDWDPHQWHXVDQGRGROFH]]DHWHQHUH]]D (ILQDOPHQWHYHQQHLOJLRUQRLQFXLULXVFuQHOVXRLQWHQWR &¶HUD VWDWD QHO FROOHJH XQD IHVWD VWXGHQWHVFD SHU IHVWHJJLDUH LO WHUPLQH GL XQ FRUVR GL VWXGL +HOHQH H .DWH RUPDLLQVHSDUDELOLDPLFKHDYHYDQREDOODWRHEHYXWRPROWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 4XDQGR ULHQWUDURQR LQ FDPHUD .DWH HUDURVVDLQYLVRSHULO EDOORSHULOGLYHUWLPHQWRHSHUTXDOFKHELFFKLHUHGLWURSSR  1RQ PL VRQR PDL GLYHUWLWD WDQWR LQ YLWD PLD ± HVRUGu WRJOLHQGRVLLOYHVWLWRHUHVWDQGRLQPXWDQGLQHHUHJJLVHQR 5LVH VRGGLVIDWWD ,O VXR JUDVVR FRUSR GL XQ FDQGRUH ODWWHR VSUX]]DWRGLQHLVXVVXOWDYDSHUOHULVDWH +HOHQH VL VSRJOLz D VXD YROWD H UHVWz QXGD GDYDQWL D .DWH FKH FRQWLQXDYD D ULGHUH UDFFRQWDQGR FHUWL SDUWLFRODUL GHOOD IHVWD $QGLDPRDOHWWR"±FKLHVHDGXQWUDWWR+HOHQHLQGLFDQGR LOVXROHWWR  9XRL GLUH WXWWL H GXH QHO WXR OHWWR" ± FKLHVH .DWH DUURVVHQGRDQFRUDGLSL 6uQHOPLROHWWR9LHQL.DWH9RJOLRDYHUWLYLFLQD1RQVHL IRUVHODPLDDPLFDGHOFXRUH" 5LVHGLYHUWLWD .DWHVLWROVHDXWRPDWLFDPHQWHLOUHJJLVHQRHOHPXWDQGLQHH ULPDVHIHUPDQRQVDSHQGRFRVDIDUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ +HOHQHLQWXLYDFKHQHOO¶DQLPRGHOODUDJD]]DVLVYROJHYDXQD GXUD ORWWD WUD GHVLGHUL LQFRQIHVVDELOL H L FRQGL]LRQDPHQWL GHOODPRUDOH +HOHQH SRVH ILQH DOO¶LQGHFLVLRQH GL .DWH /¶DIIHUUz SHU XQ EUDFFLRHODFRVWULQVHDJLDFHUHFRQOHLQHOOHWWR .DWH HUD LPSDFFLDWD QRQ VDSHYD FRVD IDUH H VL OLPLWDYD D JXDUGDUH LPSORUDQWH OD VXD FRPSDJQD 3DUHYD FKH OH FKLHGHVVH (GRUDFKHGHEERIDUH"'LPPHORWHQHSUHJR 0D IX SURSULR .DWH FKH VSLQWD GD XQ LPSXOVR LUUHIUHQDELOH EDFLz+HOHQHVXOOHODEEUD3RLFRPLQFLzDWRFFDUHDEDFLDUH LO VHQR LO FRUSR LO VHVVR GL +HOHQH FRQ XQD IUHQHVLD LQVRVSHWWDELOH 7LYRJOLR+HOHQH±ULSHWHYDURVVDLQYLVRSHUO¶HPR]LRQHH LOJRGLPHQWR ( LQWDQWR LO VXR JUDVVR H FDQGLGR FRUSR YLEUDYD H JHPHYD PDLVD]LRGLTXHOOHQXRYHVHQVD]LRQL 9RJOLRHVVHUHODWXD« 1RQHEEHLOFRUDJJLRGLFRQWLQXDUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  9XRL HVVHUH OD PLD DPDQWH (¶ TXHVWR FKH YXRL GLUH" ± FKLHVH+HOHQHEDFLDQGROHLFDSH]]ROL .DWH DQQXu 3RL +HOHQH VL DFFRYDFFLz VXOOD SDQFLD GHOOD UDJD]]DHVWULQJHQGROHLFDSH]]ROLWUDOHGLWDOHGLVVHLQWRQR DXWRULWDULR  6DSSL SHUz FKH LR VRQR OD WXD SDGURQD H WX GRYUDL REEHGLUPL .DWHVLODVFLzVIXJJLUHXQJULGRGLGRORUHSRLIHFHXQFHQQR FRQODWHVWDFRPHSHUGLUHFKHDYHYDFDSLWRHFKHDFFHWWDYD LOVXRUXRORVXERUGLQDWR  †††  'DTXHOJLRUQR.DWHGLYHQQHODPLDVFKLDYD &RQ XQ VHPSOLFH FHQQR ULXVFLYR D GRPLQDUOD D IDUOH FRPSLHUH WXWWR FLz FKH YROHYR 6WXGLDYD DQFKH SHU PH PL IDFHYDLFRPSLWLHWDQWLSLFFROLVHUYL]L ,QFDPELR.DWHFKLHGHYDTXDOFKHEDFLRHO¶DVVLFXUD]LRQHFKH QRQO¶DYUHLPDLDEEDQGRQDWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ $YHPPRDQFRUDTXDOFKHUDSSRUWRLQWLPRPDVLQFHUDPHQWH TXHOFRUSRJUDVVRHELDQFRQRQPLDWWLUDYDDIIDWWR 3URYDYR VRGGLVID]LRQH QHO FRQVWDWDUH FKH FRVu FRPH HUR ULXVFLWD D GRPLQDUH . DOWUHWWDQWR EHQH DYHYR IDWWR FRQ .DWH 6LDQHOO¶XQRFKHQHOO¶DOWURFDVRHURVWDWDVSLQWDDGDJLUHQRQ JLj SHUFKp VHQWLVVL GL DYHUH LQFOLQD]LRQL VHVVXDOL DQRUPDOL PD DJLYR FRVu SHU OD PLD QDWXUD GRPLQDWULFH SHU XQ¶HVLJHQ]D LQWHULRUH GL SUHYDOHUH VXJOL DOWUL ULFRUUHQGR DOOH DUPLFKHSRVVHGHYREHOOH]]DVIURQWDWH]]DHVHVVR . H .DWH HUDQR L PLHL SULPL HVSHULPHQWL HUDQR OH YLWWLPH GHOOD PLD YRORQWj GL SUHYDOHUH VX WXWWL /H XVDYR SHU L PLHL VFRSL LPPHGLDWL SHU SURFXUDUPL GHQDUR QHO FDVR GL . SHU VHQWLUPLIRUWHGRPLQDWULFHQHOFDVRGL.DWH 'HQWURGLPHVLDJLWDYDQRVHQWLPHQWLGLYHUVL$JLYRG¶LVWLQWR VHQ]D SUHRFFXSDUPL WURSSR GHOOH FRQVHJXHQ]H ,O IDWWR FKH .H.DWHIRVVHURLQQDPRUDWHGLPHPLHUDLQGLIIHUHQWHFRVu FRPHLOIDWWRFKHHVVHVRIIULVVHURSHUPH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ $ YROWH SURYDYR XQ VHQVR GL SLHWj QHL ORUR FRQIURQWL XQ VHQVR GL FROSD IRUVH PD VXELWR GRSR ULXVFLYR D VXSHUDUH RJQLGHEROH]]D .DWH HUD GLYHQWDWD GXQTXH OD PLD VFKLDYD XQD VFKLDYD JHORVD VRSUDWWXWWR GL . FKH FRQWLQXDYD D YLVLWDUPL IUHTXHQWHPHQWH 2UPDLODPLDSULPDDPDQWHPLHUDGLYHQWDWDLQVRSSRUWDELOH FRQOHVXHODPHQWHOHHOHVXHWULVWH]]H 'HFLVL SHUFLz GL OLEHUDUPL GL OHL XQD YROWD SHU WXWWH GDO PRPHQWR FKH JUD]LH D OHL DYHYR DFFXPXODWR DEEDVWDQ]D GHQDURSHULPLHLSURJHWWLIXWXUL  †††   4XHO JLRUQR . HUD UDJJLDQWH (OHJDQWH FRPH VHPSUH DWWUDHQWH SHU TXHOOD VXD EHOOH]]D PDWXUD QRQ DQFRUD GHFOLQDQWH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 'HWWH XQ EDFLR VXOOD JXDQFLD GL +HOHQH (UDQR VROH QHOOD FDPHUD 2K+HOHQHDPRUPLR±FLQJXHWWzVRUULGHQGR±&RPHVRQR IHOLFHGLULYHGHUWLGRSRTXHVWHOXQJKHVHWWLPDQHGLDVVHQ]D +HOHQH OD IHFH VHGHUH VXO VXR OHWWR H VHQ]D ULVSRQGHUOH FRPLQFLzDEDFLDUODVXOFROOR .UDEEULYLGuGLSLDFHUH  2K FRPH VRQR IHOLFH ± ULSHWHWWH ULFDPELDQGR L EDFL GL +HOHQH 3RLSUHQGHQGROHOHPDQLOHGLVVH  $VFROWDPL +HOHQH $ ILQH PHVH DYUHPR OD SRVVLELOLWj GL VWDUHLQVLHPHDOPHQRSHUXQDVHWWLPDQD)DUHPRXQYLDJJLR QRL GXH VROH 7X KDL OHWXH YDFDQ]H HG LR PL UHQGHUz OLEHUD SHUTXHOSHULRGR1HKRSDUODWRFRQ3HOXLPHORFRQVHQWH 6RORQRLGXH&RPHODSULPDYROWD5LFRUGL" +HOHQHILQVHGLHVVHUHIHOLFHSHUODSURSRVWDGHOODGRQQDPD LQ FXRU VXR VDSHYD FKH TXHO YLDJJLR QRQ FL VDUHEEH PDL VWDWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1HLVXRLSLDQLDILQHPHVHVDUHEEHDQGDWDYLDGDOFROOHJH FRQWDQWLVDOXWLD.HD.DWH $G XQ WUDWWR FDSu FKH TXHOOD HUD O¶RFFDVLRQH EXRQD SHU URPSHUH GHILQLWLYDPHQWH FRQ . $Q]L YROHYD HVVHUH FDWWLYD FRQ TXHOOD GRQQD YROHYD FKH LO ORUR DGGLR IRVVH LO SHJJLRUH SRVVLELOH /HYHQQHXQ¶LGHD.DWHODJHORVD6RUULVHQHOO¶LPPDJLQDUHOD VFHQD FXL DYUHEEH DVVLVWLWR &HUWH LGHH PDOYDJLH IDFHYDQR SDUWHGHOODVXDQDWXUD,QWDQWR.SDUODYDGHOORURSURVVLPR YLDJJLR 9HGUDL+HOHQH&LGLYHUWLUHPRPROWR(SRL« 7DFTXH,OVXRVJXDUGRHUDGROFHHWHQHUR (SRL±FRQWLQXz±QRQYHGRO¶RUDGLDQGDUHDOHWWRFRQWH FRPHOHSULPHYROWH2K+HOHQHPLIDLLPSD]]LUH&RPHPL IDLLPSD]]LUH (OHVWULQJHYDOHPDQLFRQIRU]D 6FXVDPL.±GLVVH+HOHQHDO]DQGRVLGDOOHWWR 2UD GRYHYD FKLDPDUH .DWH LQ FDPHUD GRYHYD PHWWHUH D FRQIURQWROHGXHGRQQHHJRGHUHGHOOHORURUHD]LRQL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 'HYRFKLDPDUH.DWHVDLODPLDFRPSDJQDGLFDPHUD+R GLPHQWLFDWRGLGLUOHFKHGRPDQL« 1RQ YROOH ILQLUH OD IUDVH SHUFKp QRQ OH YHQQH LQ PHQWH DOFXQDVFXVD 6RORTXDOFKHPLQXWR6FXVDPL /HGHWWHXQEDFLRHXVFuGDOODFDPHUD ,QFRQWUz.DWHTXDVLVXELWR/DUDJD]]DDSSDULYDQHUYRVDHVL DJJLUDYD QHO FRUULGRLR ILVVDQGR VSHVVR OD SRUWD GHOOD FDPHUD $YHYD YLVWR . DOWUH YROWH PD RUD TXHOOD GRQQD FRVu HOHJDQWH HG DIIDVFLQDQWH H VRSUDWWXWWR FRVu DIIHWWXRVD QHL FRQIURQWLGL+HOHQHOHGDYDVXLQHUYL1RQYROHYDFRQIHVVDUH DVpVWHVVDGLHVVHUHJHORVDGL.  &RVD IDL TXL QHO FRUULGRLR" ± OH FKLHVH +HOHQH ± VHPEUL XQ¶DQLPDLQSHQD 1LHQWH±OHULVSRVH.DWHVFUROODQGROHVSDOOHHDUURVVHQGR LQYLVR±7XVHLLPSHJQDWDFRQTXHOODVLJQRUD« 'LPPLODYHULWj.DWH±GLVVH+HOHQHILVVDQGRODQHJOLRFFKL FKLDUL H VRUULGHQGR LURQLFDPHQWH±/DPLDVLJQRUDFRPHWX

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ OD FKLDPL WL LQIDVWLGLVFH 8QD FRVu EHOOD GRQQD WL UHQGH JHORVD9HUR" .DWHVLVWURSLFFLDYDOHPDQLQHUYRVDPHQWH(UDYLVLELOPHQWH DJLWDWD+HOHQHODSUHVHSHUPDQR 9LHQL7HODYRJOLRIDUFRQRVFHUH(¶XQDYHUDVLJQRUD(PL DPD 6RWWROLQHzOHXOWLPHSDUROHFRQXQVRUULVRFDWWLYR .DWHDUURVVuDQFRUDGLSLHVLODVFLzJXLGDUHGD+HOHQH  4XHVWD q OD PLD DPLFD .DWH OD PLD FRPSDJQD GL FDPHUD FKH FHUWDPHQWH DYUDL QRWDWR DOWUH YROWH ± GLVVH +HOHQH SUHVHQWDQGRODUDJD]]D . VL DO]z GDO OHWWR GRYH HUD ULPDVWD VHGXWD VL UDVVHWWz LO YHVWLWRFRQTXDOFKHUDSLGRWRFFRGLPDQRHVRUULVHD.DWH +HOHQHPLKDSDUODWRGLWH±OHGLVVH.VWULQJHQGRODPDQR FKH OD UDJD]]D OH SRUJHYD ± 6HL OD VXD PLJOLRUH DPLFD PL SDUH .DWH DSSDULYD LPEDUD]]DWD 1RQ VDSHYD FRVD GLUH $QQXu VRUULGHQGRVWHQWDWDPHQWH +HOHQHVLDFFRVWzD.DWHHODEDFLzVXOODJXDQFLD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ .DWHqODPLDPLJOLRUHDPLFD1RQqYHUR.DWHFKHVRQR OD WXD DPLFD GHO FXRUH" ± ULSHWHWWH +HOHQH FRQ LO VXR VROLWR VRUULVRLURQLFR .DWHIHFHXQFHQQRDIIHUPDWLYRFRQLOFDSR 3RL +HOHQH SUHQGHQGR SHU PDQR OH GXH GRQQH H ILVVDQGROH QHJOL RFFKL DJJLXQVH FRPH VH VL ULYROJHVVH DG XQ SXEEOLFR LPPDJLQDULR (FFROHPLHGXHDPDQWL/DSLJLRYDQH±GHWWHXQEDFLRD .DWH±HODSL«GLFLDPR«PDWXUD±IHFHDOWUHWWDQWRFRQ. /H GXH GRQQH VL ODQFLDURQR VJXDUGL LQWHUURJDWLYL /D SL VRUSUHVDDSSDULYD.  4XHVWD UDJD]]LQD FRVu VJUD]LDWD ± FKLHVH . FRQ WRQR GL UDEELD H GL GLVSUH]]R DFFHQQDQGR D .DWH ± VDUHEEH OD WXD DPDQWH"1RQqSRVVLELOH« 6HPEUDYDFKHYROHVVHSLDQJHUH.DWHFRQLOYLVRLQILDPPH WDFHYDHJXDUGDYDDOWHUQDWLYDPHQWHOHGXHGRQQH +HOHQHVHLXQDSXWWDQD8QDSLFFRODWURLD±HVSORVHDGXQ WUDWWR./DVXDYRFHHUDURWWDGDLVLQJKLR]]L

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ +HOHQHO¶DIIHUUzSHUXQEUDFFLRHFRQXQDIRU]DLQVRVSHWWDWD ODFRVWULQVHDVHGHUVLVXOOHWWR 6HLXQDVLJQRUD.(FRPSRUWDWLFRPHWDOH±GLVVH+HOHQH FRQ LOVROLWRVRUULVRFDWWLYR±6RQROLEHUDGLIDUHFLzFKHSL PL SLDFH 6RQR VWDWD VHPSUH OLEHUD H VHPSUH OR VDUz +R YROXWR FKH WX GLYHQWDVVL OD PLD DPDQWH SHUFKp PL FRQYHQLYD +R SUHVR .DWH  SHUFKp YROHYR IDUOR ( QRQ VDUDL WX.DLPSHGLUPLGLIDUHFLzFKHYRJOLR(SRL« 6¶LQWHUUXSSH,OWRQRGHOODYRFHVLDGGROFu 0LDFDUD.KDLELVRJQRGLPHGHOOHPLHFDUH]]HGHLPLHL EDFLGHOOHPLHIUXVWDWH(¶YHUR." ( FRVu GLFHQGR OD EDFLDYD VXO FROOR OH VERWWRQDYD GHOLFDWDPHQWH OD JLDFFD OH VROOHYDYD OD FDPLFHWWD H OH VWULQJHYDLFDSH]]ROLWUDOHGLWD . VL ODVFLDYD IDUH ,O VXR FRUSR YLEUDYD GL SLDFHUH 6L VWHVH VXOOHWWRPROOHPHQWH .DWHJXDUGDYDODVFHQDLPPRELOHFRPHLPSLHWULWD +HOHQH DJLYD FRQ OD PDVVLPD FDOPD &RVWULQVH OD GRQQD D PHWWHUVL ERFFRQL VXO OHWWR JXDUGz SHU XQ DWWLPR OH VSDOOH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ VFRSHUWH ELDQFKH H SULYH GL QHL SRL DIIHUUz XQD FLQWXUD GL SHOOHHODFROSuFRQIRU]D .VLDJJUDSSDYDDOOHWWRHVXVVXOWDYDGRSRRJQLFROSR1RQ SURYDYD GRORUH PD VROR SLDFHUH 'RSR DOFXQL FROSL FKH ODVFLDURQR OXQJKH VWULVFH YLRODFHH VXOOD SHOOH +HOHQH JHWWz YLDODFLQWXUDVLFKLQzVXOODGRQQDHOHOHFFzLVHJQLYLRODFHL GHOODIXVWLJD]LRQH3RLDFFRVWzDVpODERFFDGL.HODEDFLz FRQYROXWWj 2K+HOHQHPLIDLLPSD]]LUH±PXJROz. +HOHQHOHRUGLQzGLULYHVWLUVLSRLULYROWDD.DWHOHGLVVH .qVWDWDODPLDDPDQWH2UDQRQORqSL . XGHQGR TXHOOH SDUROH VFRSSLz LQ XQ SLDQWR GLURWWR 1RQ ULXVFLYDDSDUODUH6DSHYDLQFXRUVXRFKHWXWWRHUDILQLWRH FKHTXHOSLDFHUHFRVuLQWHQVRXQLFRFKHDYHYDSURYDWRFRQ +HOHQHQRQORDYUHEEHSLSURYDWRLQYLWDVXD 1RQVDOXWz+HOHQH$Q]LQRQODJXDUGzQHSSXUH $IIHUUz FRQ UDEELD OD ERUVHWWD H VHPSUH SLDQJHQGR XVFu GDOODFDPHUD 

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  $OODILQHGLTXHOPHVHDWWXDLLOPLRSLDQRGLIXJD $YHYRRUPDLGHQDURVXIILFLHQWHSHUPDQWHQHUPLSHUTXDOFKH WHPSR3RLDYUHLWURYDWRXQODYRUR .DWH GRSR TXHOOD VFHQD VL DOORQWDQz GD PH DQFKH VH D PDOLQFXRUH(UDVHPSUHWULVWHHQRQSDUODYDTXDVLPDL 0D D PH FLz QRQ LPSRUWDYD DIIDWWR SHUFKp HUR WXWWD SUHVD GDL PLHL SURJHWWL IXWXUL $YHYR GHFLVR GL DQGDUH D« XQD JUDQGH FLWWj DEEDVWDQ]D ORQWDQD GDO FROOHJH H Ou PL VDUHL VLVWHPDWD 3ULPDGLDQGDUPHQHYLDVFULVVLXQDOHWWHUDLQGLUL]]DWDD.H D3FRQODTXDOHOLULQJUD]LDYRSHUTXHOORFKHDYHYDQRIDWWR SHUPHHOLSUHJDYRGLQRQFHUFDUPLRGLIDUPLFHUFDUHGDOOD SROL]LD 2UPDL OD QRVWUD FRPXQH HVSHULHQ]D GL YLWD HUD ILQLWD SHU VHPSUHHQRQVDUHEEHVWDWRSLSRVVLELOHFRQWLQXDUOD 0DQGDL XQ EDFLR SDUWLFRODUH D . ³SHU LO QRVWUR VSHFLDOH UDSSRUWR´FRPHVFULVVLQHOODOHWWHUD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 8Q SRPHULJJLR GHFLVL GL SDUWLUH $YHYR RWWHQXWR O¶XOWLPR IDYRUH GD .DWH FKH PL DYHYD SURPHVVR GL QRQ GHQXQFLDUH VXELWRODPLDVFRPSDUVDHGLQRQGLUHQLHQWHDOULJXDUGR'HO UHVWRPLHUREHQJXDUGDWDGDOGLUOHGRYHVDUHLDQGDWD 3UHVL FRQ PH XQD ERUVD VSRUWLYD FL PLVL GHQWUR DOFXQL LQGXPHQWL GHOOH VFDUSH H OH FRVH SL QHFHVVDULH H EHQ SURYYLVWDGLGHQDURPLDOORQWDQDLGDOFROOHJHVHQ]DGHVWDUH DOFXQ VRVSHWWR 'HWWL XQ XOWLPR VJXDUGR D TXHO OXRJR 1RQ DYHYRULFRUGLRULPSLDQWLGDSRUWDUHFRQPH 0LIHFLDFFRPSDJQDUHGDXQWD[LDOODIHUPDWDGHJOLDXWREXV GL OLQHD P¶LPEDUFDL VX XQR GL HVVL GLUHWWR D« H GRSR SDUHFFKLHRUHOXQJKHHQRLRVHDUULYDLLQFLWWj 3UHVL DOORJJLR LQ XQ DOEHUJR SRFR FRVWRVR YLFLQR DO FHQWUR GHOODFLWWjHGRSRDYHUPDQJLDWRTXDOFRVDLQXQEDUPHQH DQGDLDGRUPLUH ,OPDWWLQRVXFFHVVLYRIHOLFHSHUODPLDOLEHUWjPHQHDQGDL LQJLURLQFHUFDGLXQODYRUR 1RQDYHYRDOFXQDLGHDSDUWLFRODUHLQSURSRVLWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ *LUDYR GD XQ SDLR G¶RUH SHU LO FHQWUR GHOOD FLWWj DPPLUDQGR JOL HQRUPL HGLILFL OH VWUDGH DIIROODWH GL JHQWH H GL WUDIILFR L QHJR]L GL OXVVR H FRVu YLD TXDQGR DG XQ WUDWWR FDSLWDL GDYDQWLDGXQORFDOHFRQXQDJUDQGHLQVHJQD6HPEUDYDXQD VSHFLH GL GLVFRWHFD )RUVH HUD XQ EDU R TXDOFRVD GL VLPLOH PROWRJUDQGH (QWUDL$TXHOO¶RUDLOORFDOHHUDTXDVLYXRWR1RWDLGHLSLFFROL SDOFRVFHQLFL D IRUPD GL FXER FLUFRQGDWL GD TXHJOL DOWL VHJJLROLQLFKHVLYHGRQRLQPROWLEDU &HUFKLTXDOFXQR"±PLFKLHVHXQRPRQHFRQJUDQGLEDIILH XQYLVRVLPSDWLFR /RJXDUGDL0LVHPEUDYDXQEDUPDQ &HUFRODYRURVLJQRUH±ULVSRVLWLPLGDPHQWH 2UDFKHHURVRODQHOODJUDQGHFLWWjDYHYRSHUVRXQSR¶GHOOD PLDVSDYDOGHULD0LVHQWLYRVRODHYXOQHUDELOH /¶XRPRPLVTXDGUzGDFDSRDSLHGLDPPLUzODPLDEHOOH]]D SRLPLFKLHVH 6DLEDOODUH"

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1RQ VDSHYR FRVD ULVSRQGHUH $YHYR TXDOFKH HVSHULHQ]D GL EDOOLPRGHUQLGDGLVFRWHFDPDQRQHURFHUWRXQDEDOOHULQD &KHJHQHUHGLEDOOL"±FKLHVL  %HK QRQ FHUFKLDPR XQD EDOOHULQD FODVVLFD ± PL ULVSRVH ULGHQGR 3RLDFFHQQDQGRDLFXELDJJLXQVH  6L WUDWWD GL PXRYHUVL XQ SR¶ DO ULWPR GHOOD PXVLFD VXL FXEL 3HU GLVWUDUUH L FOLHQWL /RUR EHYRQR H YRL UDJD]]H YL GLPHQDWH« (ULGHQGRPRVVHOHDQFKH(UDEXIIR 3URSULRFRVu±DJJLXQVH &HUWRPHJOLRGLFRVu±VLFRUUHVVH 3RLPLGLVVH  $EELDPR ELVRJQR VXELWR GL XQD EDOOHULQD 1H DYHYDPR TXDWWURPDXQDqDQGDWDYLDGLFRUVD 0LVWUL]]zO¶RFFKLR /DSROL]LDODFHUFDYDSHUXQDIIDUHGLGURJD 'LVVHTXDOFRVDDGXQDOWUREDUPDQSRLDJJLXQVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  1RQ VRQR LO SURSULHWDULR GHO ORFDOH PD LQ SUDWLFD OR JHVWLVFRLR 0LVTXDGUzDQFRUDSRLPLGLVVH 3HUPHSRWUHVWLEDOODUHVXLFXEL6HLXQDJUDQEHOODUDJD]]D H L FOLHQWL EDGDQR SL DO FRUSR GHOOH EDOOHULQH FKH DO ORUR WDOHQWR3DVVDSLWDUGLTXDQGRFLVDUDQQROHDOWUHUDJD]]H /RUR WL LQVHJQHUDQQR FRPH PXRYHUWL H VH WXWWR YD EHQH SXRL LQL]LDUH DQFKH RJJL 4XDQWR DOOD SDJD QRQ F¶q GD DUULFFKLUVL FHUWR PD L FOLHQWL YL GDQQR XQ VDFFR GL PDQFH VRSUDWWXWWR DOOH SL FDULQH FRVu SRWHWH DUURWRQGDUH L YRVWUL JXDGDJQL$SURSRVLWRFRPHWLFKLDPL" *OLGLVVLLOPLRQRPH &KLDPDPL%RVV (VHQHDQGz 5LWRUQDLTXDOFKHRUDSLWDUGL%RVVPLYLGHHPLIHFHFHQQR GLVHJXLUOR0LFRQGXVVHQHOUHWURGHOORFDOHGRYHF¶HUDXQD VSHFLHGLFDPHULQRFRQVSHFFKLHOXFLDOQHRQ 1RWDL WUH UDJD]]H VHGXWH GL IURQWH DJOL VSHFFKL 6L VWDYDQR WUXFFDQGR SHU OR VSHWWDFROR 'XH HUDQR EUXQH FRPH PH OD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ WHU]D ELRQGD (UDQR SLXWWRVWR JLRYDQL PD QRQ EHOOH D PLR SDUHUH %RVV PH OH SUHVHQWz 8QD GHOOH EUXQH OD SL DOWD VL FKLDPDYD -DQH H PL VHPEUz OD SL VLPSDWLFD $YHYD XQ EHO VRUULVR /¶DOWUD EUXQD HUD JUDVVRFFLD FRQ XQ JUDQ VHQR H OD FKLDPDYDQR /XO /D ELRQGD HUD DOWD H PDJUD FRQ PROWH OHQWLJJLQL VXO YLVR H VXO FRUSR 6L FKLDPDYD /XF\ ,QGRVVDYDQR UHJJLVHQL H VOLS PROWR ULGRWWL ULFRSHUWL GL OXVWULQLHVFDUSHFRQLOWDFFRDOWR 6RQRODSLDQ]LDQDWUDGLYRL±PLGLVVH-DQHVRUULGHQGR ±3HUFLzVDUzODWXDPDHVWUD%RVVPLKDGHWWRFKHQRQKDL PDLEDOODWRLQORFDOLGLTXHVWRWLSR%HKQRQWLSUHRFFXSDUH 4XL QRQ VLDPR D WHDWUR H QRQ FL VRQR FULWLFL 3HU ORUR« H LQGLFz LO ORFDOH GDO TXDOH SURYHQLYD XQ EUXVuR FRQWLQXR H FUHVFHQWH ± QRL VLDPR WXWWH EUDYH EDOOHULQH ( SRL WX« PL VTXDGUzDWWHQWDPHQWH±QRQDYUDLSUREOHPL7HORDVVLFXUR &RPH -DQH PL PRVWUz OD GDQ]D FRQVLVWHYD LQ XQD VHULH GL PRYLPHQWL VXJJHULWL SL FKH DOWUR GDO ULWPR GHOOD PXVLFD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0XVLFD GD GLVFRWHFD 2FFRUUHYD DYHUH VROR VHQVR GHO ULWPR SHUFKpQRQF¶HUDDOFXQDFRUHRJUDILD )HFL DOFXQH SURYH FRQ -DQH /D UDJD]]D PL VXJJHULYD FHUWL PRYLPHQWL FKH D VXR GLUH HUDQR PROWR DSSUH]]DWL GDJOL VSHWWDWRUL $YHYR RUHFFKLR SHU OD PXVLFD H PL PXRYHYR LQ VLQFURQLD FRQ HVVD 0L PHUDYLJOLDL GL DYHUH DSSUHVR FRVu UDSLGDPHQWH TXHO WLSR GL GDQ]D IDWWD VRSUDWWXWWR GL DOOXVLRQLHGLLQYLWLSLRPHQRHURWLFL  %HQH ± PL GLVVH -DQH GRSR XQ¶RUD GL SURYH ± 3XRL FRPLQFLDUH VXELWR VH YXRL 5LFRUGDWL XQD FRVD , WXRL PRYLPHQWL GHEERQR FUHDUH QHOOR VSHWWDWRUH VHQVD]LRQL IRUWL TXDVL XQ LQYLWR DOOD VFRSDWD 1RQ VR VH PL VSLHJR 4XL GDQ]DHVHVVRVLIRQGRQRVRQRXQ¶XQLFDFRVD&LzQRQYXRO GLUHFKHGREELDPRSRUWDUFLDOHWWRLOFOLHQWH,QILQGHLFRQWL VLDPREDOOHULQHHQRQSURVWLWXWH1DWXUDOPHQWHVHXQFOLHQWH WL SLDFH QHVVXQR W¶LPSHGLUj GL SRUWDUWHOR D OHWWR 0D FLz GLSHQGHUj VROR GDOOD WXD YRORQWj 1HVVXQR WL FRVWULQJHUj D IDUOR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,QWDQWR OD PXVLFD DUULYDYD ILQR QHO FDPHULQR /H DOWUH GXH UDJD]]HGDTXDOFKHPLQXWRVWDYDQREDOODQGRVXLORURFXEL 3L WDUGL LR H -DQH GHPPR ORUR LO FDPELR $QFK¶LR DYHYR LQGRVVDWR UHJJLVHQR H VOLS ULGRWWL ULFRSHUWL GL OXVWULQL H VFDUSHFRQLOWDFFRDOWR $QGDL VXO PLR FXER H FRPLQFLDL D PXRYHUPL VHJXHQGR LO ULWPR GHOOD PXVLFD ,QWRUQR D PH F¶HUDQR XQD GHFLQD GL SHUVRQH TXDVL WXWWL XRPLQL FKH SDUODYDQR WUD GL ORUR EHYHYDQRHVSHVVRPLJXDUGDYDQR /¶HPR]LRQHPLLPSHGLYDGLRVVHUYDUHDWWHQWDPHQWHTXHLYLVL FKH SL R PHQR GLVWUDWWDPHQWH PL JXDUGDYDQR (EEL O¶LPSUHVVLRQH FKH IRVVHUR SHU OR SL XRPLQL PDWXUL FKH FHUFDYDQR

IRUVH

QHL

FRUSL

GL

QRL

UDJD]]H

OD

PDWHULDOL]]D]LRQHGHLORURVRJQLHURWLFL &¶HUDQR DOFXQL FKH DOOXQJDYDQR OH PDQL SHU VILRUDUPL OH JDPEHSHUWRFFDUHTXDOFKHSDUWHGHOPLRFRUSR(TXDQGR VHPSUHEDOODQGRPLDEEDVVDYRDOODSRUWDWDGHOOHORURPDQL PL ILFFDYDQR QHOOR VOLS ELJOLHWWL GL EDQFD R VH QRQ YL ULXVFLYDQROLJHWWDYDQRDLPLHLSLHGL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 'D SDUWH PLD QRQ YROHYR GDUH ORUR O¶LPSUHVVLRQH GL HVVHUH XQD UDJD]]D DYLGD GL GHQDUR 3HUFLz UDFFRJOLHYR LO GHQDUR FRQDULDGLVXIILFLHQ]DDOWHUPLQHGHOODGDQ]D 4XHOODVHUDEDOODLSHUDOFXQHRUHFRQTXDOFKHLQWHUUX]LRQH 9LQWDO¶HPR]LRQHLQL]LDOHTXHOODYRURFRPLQFLDYDDSLDFHUPL $YHYR DL PLHL SLHGL XQ PXFFKLR GL JHQWH FKH FHUWDPHQWH VRJQDYD GL WRFFDUPL H PDJDUL GL VFRSDUPL (G LR OD ³GRPLQD´ QRQ VROR OL WHQHYR D GLVWDQ]D PD DQFKH TXDQGR SRWHYRQRQHVLWDYRDFROSLUH /HORURPDQLVXGDWLFFHFRQODSXQWDGHOOHPLHVFDUSH (ORURQRQWDUGDURQRDGDGRUDUPLHDFRSULUPLGLPDQFH (URSHUORUROD³SULQFLSHVVDGDJOLRFFKLYHUGL´FRPHIXLVXELWR VRSUDQQRPLQDWD /DGRQQDGDWXWWLVRJQDWDHGHVLGHUDWD     

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  7UDVFRUVL DOFXQL DQQL LQ TXHO ORFDOH EDOODQGR TXDVL RJQL JLRUQRSHURUH 4XHO FRQWLQXR HVHUFL]LRDYHYDVODQFLDWRDQFRUDGLSLLOPLR FRUSRORDYHYDUHVRSLUREXVWRHGDUPRQLRVR $G HFFH]LRQH GL -DQH OH DOWUH EDOOHULQH FDPELDYDQR FRQWLQXDPHQWH SHU FXL QRQ HEEL OD SRVVLELOLWj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

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ TXDQGR YROHYR LR H PL ULQJUD]LDYDQR JHWWDQGRPL PROWR GHQDUR (UR OD EDOOHULQD FKH JXDGDJQDYD GL SL 7XWWL YROHYDQR DPPLUDUH ³ OD SULQFLSHVVD GDJOL RFFKL YHUGL ³ SHU FXLLOPLR SLFFRORSDOFRVFHQLFRHUDLOSLDJRJQDWRHLOSLDVVHGLDWR 3HUVRQDJJL LPSRUWDQWL YROHYDQR FRQRVFHUPL LQYLWDUPL D FHQD HG LR LQ EDVH DOOD VLPSDWLD FKH PL LVSLUDYDQR DFFHWWDYRRPHQRLORURLQYLWL 'L VROLWR PL OLPLWDYR DG DQGDUH D FHQD FRQ ORUR H VROR UDUDPHQWHPHOLSRUWDYRDOHWWR 0L

PHUDYLJOLDYR

QHO

FRQVWDWDUH

FKH

LO

PLR

IRUWH

WHPSHUDPHQWR H OD PLD EHOOH]]D LPSHGLYDQR VSHVVR DL PLHL SDUWQHUVRFFDVLRQDOLGLDYHUHXQYHURUDSSRUWRVHVVXDOH ,

ORUR

PHPEUL

DQ]LFKp

LQGXULUVL

VL

DIIORVFLDYDQR

PDOLQFRQLFDPHQWH WUD OH PLH PDQL ( FLz PL LUULWDYD H PL UHQGHYD FDWWLYD 6SHVVR SXQLYR TXHVWL XRPLQL LPSRUWDQWL IUXVWDQGROLFRQOHFLQWXUHGHLORURSDQWDORQL0LDFFRUVLFRVu FKH PROWL XRPLQL VRQR PDVRFKLVWL   H JRGRQR DG HVVHUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ XPLOLDWLHSXQLWL$OFXQLGLORURPLLQYLWDYDQRVSHVVRVRORSHU HVVHUHXPLOLDWLHIUXVWDWLGDPH )X FRVu FKH PL YHQQH O¶LGHD SL WDUGL VIUXWWDWD D OLYHOOR SURIHVVLRQLVWLFR GL DSULUH XQ ORFDOH SHU SUDWLFKH VDGR PDVRFKLVWLFKH)XDOORUDFKHSUHVHIRUPDODILJXUDGL/DG\6 FRPHIXLFKLDPDWDSLWDUGLGRYH³6³HUDO¶LQL]LDOHGL6DGH LOGLYLQRPDUFKHVH 5LFRUGRFKHF¶HUDXQLPSRUWDQWHXRPRG¶DIIDULXQWLSRPROWR UREXVWRXQYHURFRORVVRFKHPLLPSORUDYDGLDQGDUHDFDVD VXD GRYH DYHYD DWWUH]]DWR XQD VRUWD GL VDOD GHOOD WRUWXUD FRQ WDQWH IUXVWH H FDWHQH ,O PLR FRPSLWR HUD TXHOOR GL LQFDWHQDUOR VXO OHWWR H GL EDWWHUOR FRQ XQ IUXVWLQR GD FDYDOOHUL]]RVXOODVFKLHQDHVRSUDWWXWWRVXOJURVVRGHUHWDQR 4XHOOH IUXVWDWH PL UHQGHYDQR PROWR GDO ODWR HFRQRPLFR ,Q SRFKL PLQXWL GL IXVWLJD]LRQH PL SRUWDYR YLD TXDQWR JXDGDJQDYRLQXQPHVHGDQ]DQGRVXOFXER ,Q TXHO SHULRGR HEEL XQD EUHYH UHOD]LRQH FRQ XQ UDJD]]R GHOODPLDHWj$YHYDXQDVSHWWRHIHELFRSRFRYLULOH(SSXUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ PLDWWUDHYDIRUVHSHUODOHJJHGHOODFRPSHQVD]LRQHLRFRVu IRUWHOXLFRVuWHQHURTXDVLIHPPLQHR /D SULPD YROWD FKH OR YLGL DL ERUGL GHO FXER QRQ JOL SUHVWDL DWWHQ]LRQH 9HGHYR WDQWL H WDQWL XRPLQL FKH DYHYR SHUVR RJQL YHUR LQWHUHVVH QHL ORUR ULJXDUGL VRSUDWWXWWR GRSR OH HVSHULHQ]HQHJDWLYHJLjULFRUGDWH 3RL FRPLQFLDL D QRWDUOR SHUFKp YHQLYD RJQL VHUD H PL JXDUGDYD FRQ TXHO VXR VJXDUGR WHQHUR H LQQRFHQWH $ GLIIHUHQ]DGHJOLDOWULXRPLQLLOVXRVJXDUGRQRQDYHYDQXOOD GL RVFHQR 1RQ YROHYD VSRJOLDUPL 9ROHYD VROR DPPLUDUPL DGRUDUPLFRPHXQDGHD )XLLRDSUHQGHUHO¶LQL]LDWLYD 8QDVHUDGRSRLOEDOORPLDYYLFLQDLDOXLHORLQYLWDLDEHUH TXDOFRVDFRQPH1RQJOLVHPEUDYDYHURFKHO¶RJJHWWRGHOOD VXDDGRUD]LRQHVLIRVVHGHJQDWRGLFRQRVFHUOR /R FRQGXVVL D FDVD PLD H VHQ]D WDQWL SUHDPEROL JOL GLVVL FKH GHVLGHUDYR DQGDUH D OHWWR FRQ OXL 7HPHYR FKH TXHVWD PLDULFKLHVWDFRVuVIURQWDWDLOWRQRVWHVVRGHOODPLDYRFHOR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ EORFFDVVHUR FRPH PL HUD FDSLWDWR GL YHGHUH LQ DOWUH VLPLOL FLUFRVWDQ]H ,QYHFH LO UDJD]]R QRQ VL IHFH SUHJDUH H GRSR DYHUPL VSRJOLDWD PL WUDWWz FRQ WDOH GHOLFDWH]]D FRQ WDOHWHQHUH]]D FKHHEELXQRUJDVPRTXDVLLPPHGLDWR 4XDQGRPLVWULQJHYDWUDOHVXHEUDFFLDQRQYHGHYRLQOXLLO PDVFKLRFKHYXROHSHQHWUDUWLDWXWWLLFRVWLHORIDTXDVLFRQ UDEELD PD XQD VSHFLH GL DQJHOR FKH PL DYYROJHYD GROFHPHQWH WUD OH VXH DOL H PL LQIRQGHYD XQ FDORUH FKH VYHJOLDYDWXWWLLPLHLVHQVLFKHSHQHWUDYDQHOPLRLQWLPRSL SURIRQGRFRVWULQJHQGRPLTXDVLDGDYHUHO¶RUJDVPR $YHPPR VROR SRFKL LQFRQWUL H SHUFLz QRQ ULFRUGR SL LO VXR QRPH 2 IRUVH OXL HUD WDOPHQWH DQJHOLFR FKH OD PLD QDWXUD FRVu SRFRDQJHOLFDKDSUHIHULWRGLPHQWLFDUHLOVXRQRPH  †††  +HOHQHF¶qXQDSHUVRQDFKHYXROHFRQRVFHUWL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /D YRFH GL %RVV UDJJLXQVH OD UDJD]]D FKH DYHYD DSSHQD WHUPLQDWRGLEDOODUH 6L VHQWLYD SLXWWRVWR VWDQFD H QRQ DYHYD YRJOLD G¶LQFRQWUDUH QHVVXQR 3UREDELOPHQWH VL WUDWWDYD GHO VROLWR FOLHQWH FKH YROHYDFRQRVFHUODHLQYLWDUODDFHQD  8Q¶DOWUD YROWD %RVV 6RQR VWDQFD ± ULVSRVH +HOHQH DYYLDQGRVLYHUVRLOFDPHULQR /D PXVLFD LO EUXVuR LQFHVVDQWH FKH UHJQDYD QHO ORFDOH OD LQIDVWLGLYDQR1RQYHGHYDO¶RUDGLIDUHXQDGRFFLD /DVLJQRUDLQVLVWH+HOHQH±ULSHWHWWH%RVV (UD OD SULPD YROWD FKH XQD GRQQD FKLHGHYD GL FRQRVFHUOD H FLzODLQFXULRVu 'HYLz LO VXR FDPPLQR H VL GLUHVVH DO EDQFRQH GHO EDU GD GRYHSURYHQLYDODYRFHGL%RVV )XFRVuFKHFRQREEH-DGD (UD XQD VSOHQGLGD UDJD]]D GL FRORUH VXL YHQWLFLQTXH DQQL GDOOD SHOOH VFXUD PD QRQ QHUD DOWD YLVR H FRUSR SHUIHWWL SRUWDPHQWR UHJDOH 9HVWLYD HOHJDQWHPHQWH 6HPEUDYD XQD FUHRODGHL&DUDLEL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ $G +HOHQH SLDFTXH D SULPD YLVWD 5DUDPHQWH DYHYD YLVWR XQDGRQQDFRVuSLDFHYROHGLXQDHOHJDQ]DFRVuVSRQWDQHDH QDWXUDOH  0L FKLDPR -DGD ± VL SUHVHQWz OD UDJD]]D SRUJHQGROH OD PDQR +HOHQHDPPLUzXQJURVVREULOODQWHXQVROLWDULRFKHRUQDYD O¶DQHOORFKHSRUWDYDDOO¶DQXODUHGHOODPDQRVLQLVWUD +HOHQH OH VRUULVH VWULQJHQGROH OD PDQR /D VXD VWUHWWD HUD YLJRURVDTXDVLPDVFKLOH  7L GLVSLDFH VH SDUOLDPR XQ SR¶ +HOHQH" 7L FKLDPL FRVu YHUR"9RUUHLIDUWLXQDSURSRVWD %RVV OH IHFH DFFRPRGDUH DG XQ WDYROLQR ORQWDQR GDL FXEL H GDOODPXVLFD 7LKRQRWDWDODVHWWLPDQDVFRUVD+HOHQH6RQRULWRUQDWDD YHGHUWL XQ SDLR GL JLRUQL ID PD VROR RJJL KR DYXWR«GLFLDPR«LOFRUDJJLRGLSUHVHQWDUPL +HOHQHILVVDYDDWWHQWDPHQWHODGRQQD*OLRFFKLGLOHLHUDQR QHULEULOODQWLDSSDVVLRQDWL-DGDFRPLQFLDYDDSLDFHUOHQRQ

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ QH FRQRVFHYD LO PRWLYR /¶DPPLUDYD H GHVLGHUDYD WDQWR GLYHQWDUOHDPLFD  0L VSLDFH QRQ DYHUWL LQFRUDJJLDWD SULPD± OH GLVVH +HOHQH VRUULGHQGR ± PD FRPH SXRL EHQ FDSLUH QRQ PL VRIIHUPR D JXDUGDUH OH SHUVRQH FKH IUHTXHQWDQR LO ORFDOH 6H WL DYHVVL QRWDWD«  V¶LQWHUUXSSH DUURVVHQGR OLHYHPHQWH ± DYUHL YROXWRDQFK¶LRFRQRVFHUWL«  %HQH ± FRQWLQXz -DGD ± 6RQR XQ¶LQGRVVDWULFH H DQFKH PROWR QRWD /H PLH IRWR FRPSDLRQR VXOOH SL LPSRUWDQWL ULYLVWHGLPRGD« /RDYHYRVRVSHWWDWR±ODLQWHUUXSSH+HOHQH±+DLLOILVLFRH LOSRUWDPHQWRGHOO¶LQGRVVDWULFH (GqSURSULRTXHVWRLOPRWLYRSHUFXLKRYROXWRFRQRVFHUWL 0LVSLHJRPHJOLR$SSHQDWLKRQRWDWDKRFDSLWRVXELWRFKH SRWUHVWLIDUHO¶LQGRVVDWULFH$QFKHWXKDL«FRPHVLGLFH«³OH SK\VLTXHGXUROH´6HLVSUHFDWDLQTXHVWRORFDOHFUHGLPL  ,R IDUH O¶LQGRVVDWULFH" ± +HOHQH VL VFKHUQu ULGHQGR ± /R FUHGLGDYYHURSRVVLELOH" 1HVRQRFHUWD±OHULVSRVH-DGD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /HSUHVHODPDQRJOLHODVWULQVHFRQIRU]DSRLDJJLXQVH 'DFLUFDXQDQQRKRFUHDWRLQTXHVWDFLWWjXQDVFXRODSHU LQGRVVDWULFL8QDFRVDVHULD$OFXQHGHOOHPLHDOOLHYHVWDQQR JLj VILODQGR SHU QRWL VWLOLVWL 7L YHGR JLj VILODUH VXOOH SDVVHUHOOHGLWXWWRLOPRQGR±FRQFOXVHULGHQGR 0LSLDFHUHEEHWHQWDUH±GLVVH+HOHQH /¶LGHD GL FDPELDUH ODYRUR OH HUD YHQXWR LQ PHQWH JLj GD WHPSR 6L HUD DQQRLDWD D EDOODUH VXO FXER D YHGHUH TXHL YROWL PDVFKLOL HFFLWDWL WUDVXGDQWL YRJOLH HURWLFKH )RUVH TXHOODRIIHUWDGL-DGDHUDO¶RFFDVLRQHEXRQDSHUFDPELDUH  'RYUHL SHUz DEEDQGRQDUH TXHVWR ODYRUR ± GLVVH +HOHQH ± 4XLJXDGDJQREHQH 1RQWLSUHRFFXSDUHSHULOGHQDUR7LSRWUHLRVSLWDUHLQFDVD PLD  +R XQ DSSDUWDPHQWR PROWR JUDQGH H FL YLYR GD VROD 0L IDUHVWL FRPSDJQLD $Q]L«  OD ILVVz VRUULGHQGR ± FL IDUHPR FRPSDJQLD8QDSLDFHYROHFRPSDJQLDFUHGR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,O GHQDUR HUD O¶XOWLPD SUHRFFXSD]LRQH SHU +HOHQH 2UPDL QH SRVVHGHYD DEEDVWDQ]D SHU YLYHUH SHU XQ FHUWR SHULRGR VHQ]DODYRUDUH 1RQFUHGRFKHULPSLDQJHUDLTXHVWRODYRUR±DJJLXQVH-DGD ± 1RQ VR FRPH KDL SRWXWR UHVLVWHUH SHU WDQWR WHPSR 0L KDQQR GHWWR FKH EDOOL TXL GD TXDOFKH DQQR (¶ XQ SRVWR GLVJXVWRVR (IHFHXQDVPRUILDGLGLVJXVWR  9HGUDL FRPH q GLYHUVR LO PRQGR GHOOD PRGD ± FRQWLQXz -DGD ± 9HVWLWL HOHJDQWL DPELHQWL UDIILQDWL H FRVPRSROLWL DWPRVIHUH VXJJHVWLYH YLDJJL LQ WXWWR LO PRQGR IRWR VXL JLRUQDOL DSSDUL]LRQL LQ WHOHYLVLRQH 3HU DUULYDUFL SHUz RFFRUURQRODYRURHVDFULILFL1DWXUDOPHQWHQRQWXWWHDUULYDQR GRYH VRQR DUULYDWD LR q YHUR PD VRQR VLFXUD FKH WX +HOHQH KDL OH FDUWH LQ UHJROD SHU DUULYDUFL VHQ]D WURSSH GLIILFROWj -DGDO¶DYHYDFRQYLQWD,OVXRHQWXVLDVPRO¶DYHYDFRQWDJLDWD 6L FKLHGHYD SHUFKp OD GRQQD OH RIIULYD TXHOOD EULOODQWH RSSRUWXQLWj 1RQ WDUGz D GDUVL XQD ULVSRVWD $QFRUD XQD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ YROWDODVXDEHOOH]]DO¶DYHYDDLXWDWDIDFHQGRODQRWDUHD-DGD HDSUHQGRIRUVHXQDEUHFFLDQHOFXRUHGHOODEHOODFUHROD  †††  *OL DGGLL IXURQR EUHYL $EEDQGRQDL LO ORFDOH VHQ]D WURSSL ULPSLDQWL /DVFLDYR GLHWUR GL PH TXHOO¶DWPRVIHUD IDWWD GL FRQIXVLRQH GL PXVLFD DVVRUGDQWH GL VJXDUGL SL R PHQR RVFHQLGLLQFRQWULSLRPHQRGHOXGHQWL 3HUzHURFRQYLQWDFKHTXHOO¶HVSHULHQ]DGLYLWDPLDYHYDUHVR SLIRUWHHSLWHPSUDWDFKHPDL 2UD LQL]LDYD XQD QXRYD IDVH GHOOD PLD YLWD HG HUD XQD VSOHQGLGD GRQQD GL FRORUH FKH PH OD RIIULYD VX XQ SLDWWR G¶DUJHQWR ,OVXRDSSDUWDPHQWRVLWURYDYDQHOFXRUHHOHJDQWHGHOODFLWWj LQ XQ JUDQGH SDOD]]R G¶HSRFD (UD DPSLR H DUUHGDWR FRQ PROWRJXVWR&¶HUDQRGRYXQTXHULYLVWHGLPRGDFRQOHIRWRGL -DGD(UDSURSULRXQDWRSPRGHO 0LFHGHWWHXQDFDPHUDDFFDQWRDOODVXD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,O JLRUQR VXFFHVVLYR DO QRVWUR LQFRQWUR PL WUDVIHULL QHO VXR DSSDUWDPHQWRSRUWDQGRFRQPHWXWWRTXHOORFKHSRVVHGHYR  +R WDQWL YHVWLWL PROWL GHL TXDOL PDL LQGRVVDWL± PL DYHYD GHWWR-DGDDOORUTXDQGRPLDFFLQVLDIDUHOHYDOLJLH±$EELDPR ODVWHVVDWDJOLDHSHUFLzSRWUDLLQGRVVDUOLVHQ]DSUREOHPL ,OVXRJXDUGDUREDHUDLQFUHGLELOHGHFLQHGLYHVWLWLHGLSDLD GLVFDUSHWXWWLULJRURVDPHQWHILUPDWL 0L ODVFLDL VIXJJLUH JULGROLQL GL JLRLD QHOO¶DPPLUDUH TXHOOD VWUDRUGLQDULDTXDQWLWjGLYHVWLWLHGLVFDUSH 6DUzHOHJDQWHFRPHWH±OHGLVVLIHOLFH (SHUPDQLIHVWDUHODPLDJLRLDODEDFLDLVXOODJXDQFLD -DGDVXVVXOWzXQSR¶SRLPLDEEUDFFLzFRQWUDVSRUWR 6RQRIHOLFHGLRVSLWDUWLQHOODPLDFDVD6HQWRFKHVWDUHPR EHQH LQVLHPH 7L FRQIHVVR FKH SULPD GL WH QRQ KR PDL RVSLWDWRQHVVXQRSHUFKpPLSLDFHVWDUHGDVROD0DTXDQGR WLKRYLVWRSHUODSULPDYROWDKRVHQWLWRVFDWWDUHXQDPROOD GHQWUR GL PH 1RQ VR VSLHJDUWL FRVD KR SURYDWR HVDWWDPHQWH 0D SRVVR DVVLFXUDUWL FKH q VWDWD XQD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ VHQVD]LRQH PROWR SLDFHYROH XQD VHQVD]LRQH GL IHOLFLWj ( FRVu±PLSUHVHSHUOHPDQL±HFFRFLTXL,QVLHPH 0L VRUULVH 0L SLDFHYD LO VXR VRUULVR (UD VSRQWDQHR LUUDJJLDYD VLPSDWLD H JLRLD GL YLYHUH H PHWWHYD LQ PRVWUD XQD GHQWDWXUD SHUIHWWD /H VXH ODEEUD HUDQR DSSHQD SL JURVVHGHOQRUPDOHQRQWXPLGHFRPHTXHOOHGHOOHQHJUH 0LYHQQHYRJOLDGLPRUGLFFKLDUOHHGLEDFLDUOH  †††  ,OJLRUQRGRSRLQL]LDLLOPLRFRUVRGLLQGRVVDWULFH /DVFXRODGL-DGDGLUHWWDGDXQDH[LQGRVVDWULFHVXDDPLFD QRQ GLVWDYD PROWR GDOO¶DSSDUWDPHQWR (UD EHQ DWWUH]]DWD H IUHTXHQWDWD GD XQD TXLQGLFLQD GL UDJD]]H SL R PHQR GHOOD PLDHWj 'XUDQWHDOFXQLPHVLVHJXLLOH]LRQLGLSRUWDPHQWRGLWUXFFRH FRVu YLD H PL DFFRUVL FKH LPSDUDYR DOOD VYHOWD JUD]LH DQFKH DOODPLDSUHFHGHQWHHVSHULHQ]DGLEDOOHULQD -DGDPLVHJXLYDFRQSDUWLFRODUHLQWHUHVVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 4XDQGRQRQHUDLQYLDJJLRSHUODYRURPLIDFHYDGDPDHVWUD HQRQWDUGDLDGDSSUHQGHUHPROWLVHJUHWLGHOPHVWLHUH 6HPEUDYD FKH -DGD IDFHVVH WXWWR TXHVWR SHU PH GLVLQWHUHVVDWDPHQWH VHQ]D FKLHGHUPL QXOOD LQ FDPELR PD VROR SHU DYHUPL DFFDQWR D Vp SHU JRGHUH IRUVH GHOOD PLD EHOOH]]D 1RWDYRDQFKHXQDFHUWDVXDWLPLGH]]DQHLPLHLFRQIURQWL0L SDUHYD LQ DOWUH SDUROH FKH GHVLGHUDVVH TXDOFRVD FKH QRQ DYHYD LO FRUDJJLR GL FKLHGHUH &KH IRVVH WLPLGD H XQ SR¶ LQWURYHUVD OR DYHYR QRWDWR JLj QHL SULPL JLRUQL GHOOD QRVWUD FRQYLYHQ]D (UD JHQWLOH GLVSRQLELOH HVDXGLYD RJQL PLR SL SLFFROR GHVLGHULR PD QHOOR VWHVVR WHPSR PL DSSDULYD GLVWDQWH TXDVLGLVWDFFDWDFRPHVHDYHVVHWLPRUHGLHVVHUHIUDLQWHVD (SSXUH OHJJHYR QHO VXR VJXDUGR LQ WXWWL L VXRL FRPSRUWDPHQWLYHUVRGLPHLOGHVLGHULRDVWHQWRFRQWUROODWR GLPDQLIHVWDUVLGLFRPXQLFDUPLXQDTXDOFKHULFKLHVWDSHUOHL LQFRQIHVVDELOH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 'DOFDQWRPLRQXWULYRDIIHWWRHVLPSDWLDSHUODGRQQDFKHPL RVSLWDYD H PL DFFRUJHYR FKH TXHVWL VHQWLPHQWL VL VWDYDQR WUDVIRUPDQGRLQTXDOFRVDGLSLSURIRQGR 0L VRIIHUPDYR DG DPPLUDUH LO VXR FRUSR FRVu SHUIHWWR HG HOHJDQWHLOYLVRGROFHHGHVSUHVVLYRJOLRFFKLQHULHEULOODQWL FKHPLILVVDYDQRHVWDVLDWLLOXQJKLFDSHOOLQHUL (UD WDOPHQWH EHOOD H GHVLGHUDELOH FKH QH IXL VSDYHQWDWD QHO PLRLQWLPR 1RQ WDUGDL DG LQQDPRUDUPL GL -DGD (UD OD SULPD YROWD FKH PL LQQDPRUDYR YHUDPHQWH HG HUD XQD GRQQD O¶RJJHWWR GHO PLRDPRUH 1RQ PL SRQHYR LO SUREOHPD VH IRVVH LPPRUDOH R PHQR LQQDPRUDUVLGLXQHVVHUHGHOORVWHVVRVHVVR 'DWH OH PLH HVSHULHQ]H SUHFHGHQWL FRQ GRQQH FRPH . H .DWH H FRQ XRPLQL QRQ PL SRQHYR DOFXQ SUREOHPD (YLGHQWHPHQWH OD PLD YHUD QDWXUD HUD ELVHVVXDOH H QRQ SRWHYRFHUWRFDPELDUOD &Lz FKH PLSUHPHYDYHUDPHQWHHUDGLHVVHUHULFDPELDWDGD -DGD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,QWXLYR FKH DQFKH OD UDJD]]D QXWULYD TXDOFKH SURIRQGR VHQWLPHQWR QHL PLHL ULJXDUGL H FKH VROR OD WLPLGH]]D H OD LQQDWDULVHUYDWH]]DOHLPSHGLYDQRGLPDQLIHVWDUOR (FRPHDOVROLWRIXLLRDSUHQGHUHO¶LQL]LDWLYD  †††  (UDQRWUDVFRUVLWUHPHVLGDOO¶LQL]LRGHOFRUVRHG+HOHQHDYHYD FRPSOHWDWR OD VXD IRUPD]LRQH GD LQGRVVDWULFH FRQ JUDQGH VRGGLVID]LRQHGL-DGD 6RQRIHOLFHSHUWH+HOHQH+DLLPSDUDWRSUHVWRHEHQH'HO UHVWRQRQDYHYRGXEELLQSURSRVLWR+DLXQ¶HOHJDQ]DLQQDWD 6HLQDWDLQGRVVDWULFH -DGD VRUULVH VRGGLVIDWWD +HOHQH HUD SXU VHPSUH XQD VXD FUHDWXUD FKH DYHYD SODVPDWR FRQ WDQWD FXUD H FKH RUD DVVXPHYDILQDOPHQWHODIRUPDGHVLGHUDWD 4XDQGRSRWUzVILODUH"±OHFKLHVH+HOHQH 7UDTXDOFKHVHWWLPDQDFLVDUDQQROHVILODWHGHOORVWLOLVWD/ ±OHULVSRVH-DGD±HFHUFKHUzGLODQFLDUWLLQTXHOO¶RFFDVLRQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1DWXUDOPHQWH OD WXD VDUj XQ¶DSSDUL]LRQH GL FRQWRUQR SHU FRVuGLUH'RSRWXWWRVHLXQ¶HVRUGLHQWH 3HUPHYDEHQHORVWHVVR,PSRUWDQWHqLQL]LDUH2K-DGD 1RQSXRLLPPDJLQDUHTXDQWRLRVLDVRGGLVIDWWDGLPHVWHVVD +HOHQHSUHVHVRWWREUDFFLRODFUHROD $QGLDPRDIHVWHJJLDUH  &HUWR +HOHQH DQGLDPR QHO PLJOLRUH ULVWRUDQWH GHOOD FLWWj GRYHYDQQRWXWWHOHFHOHEULWj(QRLVLDPRGRQQHFHOHEUL«  7X OR VHL JLj -DGD ,R QRQ DQFRUD 0D OR VDUz 7H OR SURPHWWR (UDQRGXHUDJD]]HDOOHJUHIHOLFLGLVWDUHLQVLHPHHGLYLYHUH LQXQPRQGRWXWWRORURXQXQLYHUVRGLOXVWULQLHGLVRJQL )X XQD FHQD DOOHJUD ULVHUR EHYYHUR FKDPSDJQH H ULWRUQDURQRDFDVDLQWD[L  'HOL]LRVH TXHOOH RVWULFKH ( FKH FKDPSDJQH 1RQ QH KR PDL EHYXWR XQR VLPLOH 6RQR XQ SR¶ FRQIXVD )RUVH KR EHYXWRXQSR¶WURSSR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ -DGDDSSRJJLzLOFDSRVXOODVSDOODGHOO¶DPLFD+HOHQHOHFLQVH LO FRUSR FRQ LO VXR IRUWH EUDFFLR -DGD WUDVDOu SRL VL VWULQVH DQFRUDGLSLDG+HOHQH 4XDQGR JLXQVHUR D FDVD +HOHQH OD SUHVH VRWWREUDFFLR H O¶DLXWzDUDJJLXQJHUHO¶DSSDUWDPHQWR 6RQRXQSR¶DQGDWD±OHGLFHYD-DGDFRQYRFHOLHYHPHQWH LPSDVWDWD±6FXVDPL+HOHQH +HOHQHDSUuODSRUWDHDFFRPSDJQzO¶DPLFDQHOODVXDFDPHUD GDOHWWR/DGLVWHVHVXOOHWWR &RPHWLVHQWL"±OHFKLHVHSUHPXURVD -DGDODJXDUGzODSUHVHSHUODPDQRHO¶DWWLUzYHUVRGLVp 6WRPHJOLRJUD]LH6WRULWRUQDQGRLQPH 9XRLFKHWLVSRJOL"±OHFKLHVH+HOHQH 6uVSRJOLDPL±OHULVSRVH-DGDVRUULGHQGR +HOHQHOHWROVHLOYHVWLWRLOUHJJLVHQRHOHPXWDQGLQH 2UD -DGD HUD QXGD ,O VXR FRUSR DSSDULYD LQ WXWWD OD VXD EHOOH]]D +HOHQH FRPLQFLz DG DFFDUH]]DUOD GROFHPHQWH OH VILRUz LO VHQR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 7LIDSLDFHUHVHWLDFFDUH]]RXQSR¶"±FKLHVH+HOHQH -DGDDQQXuVRFFKLXVHJOLRFFKLHVRUULVH &RQWLQXD+HOHQH0LSLDFHPROWLVVLPR  6HL XQD VSOHQGLGD FUHROD ± OH FRQIHVVz +HOHQH ± 1RQ KR PDL YLVWR XQD GRQQD SL EHOOD GL WH 6HL O¶LQFURFLR WUD GXH UD]]HGLYHUVH«  (¶ YHUR+HOHQH0LDPDGUHHUDXQDELDQFDPLRSDGUHXQ PHWLFFLR QRQ XQ YHUR QHJUR 6RQR QDWD QHL &DUDLEL LQ XQ¶LVROD WXWWD YHUGH &RQ XQ PDUH LQFUHGLELOPHQWH D]]XUUR 8QYHURSDUDGLVRWHUUHVWUH +HOHQHODEDFLzVXOOHODEEUD3RLJOLHOHPRUGLFFKLzFRQLVXRL GHQWL 0LSLDFFLRQROHWXHODEEUDFRVuFDUQRVH7LKRIDWWRPDOH" -DGDVFRVVHLOFDSRLQVHJQRQHJDWLYR 6SRJOLDWL+HOHQH(YLHQLTXLDFFDQWRDPH6HVDSHVVL« 6¶LQWHUUXSSHSHUXQDWWLPR3RLDJJLXQVH  +R DWWHVR TXHVWR PRPHQWR GDO SULPR JLRUQR FKH WL KR LQFRQWUDWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ , WXRL RFFKL YHUGL OD WXD SHOOH FRVu ELDQFD H YHOOXWDWD PL KDQQR VWUHJDWD 2K +HOHQH ± VRVSLUz ± 1RQ SXRL LPPDJLQDUHTXDQWRWLDPR1RQKRPDLDYXWRLOFRUDJJLRGL FRQIHVVDUWHOR TXHVWR PLR DPRUH FRVu QXRYR H FRVu IRUWH 6RQR WLPLGD SHU QDWXUD OR DYUDL FDSLWR (¶ VWDWR OR FKDPSDJQH TXHO EHQHGHWWR FKDPSDJQH FKH PL KD GDWR OD IRU]DGLYLQFHUHODPLDWLPLGH]]D(GRUD+HOHQHVDLWXWWR +HOHQH JLDFHYD QXGD DFFDQWR DOO¶DPLFD &KL OH DYHVVH RVVHUYDWH LQ TXHO PRPHQWR DYUHEEH DSSUH]]DWR LO FRQWUDVWR SURGRWWR GDO GLYHUVR FRORUH GHOOD SHOOH ,O ELDQFR H LO QHUR GXHPRQGLGLYHUVLFKHV¶LQFRQWUDYDQRVXTXHOOHWWR $QFK¶LRWLDPR-DGD(¶XQDPRUHFRVuGROFHFRVuWHQHUR«  GLVVH +HOHQH GDQGR SLFFROL EDFL VXO VHQR GHOOD FUHROD± ( SURSULRTXHVWDVHUDDYHYRLQWHQ]LRQHGLFRQIHVVDUWHOR0LKDL SUHFHGXWDGLXQVRIILR 6L EDFLDURQR VXOOD ERFFD PHQWUH OD PDQR GL +HOHQH VL VSLQJHYDYHUVRLOVHVVRGHOODFUHROD-DGDYLEUzWXWWDTXDQGR +HOHQH OH WRFFz LO FOLWRULGH 3RL FRPH SUHVH GD XQ LPSXOVR LUUHIUHQDELOH VL DEEUDFFLDURQR FRQ IRU]D VFDPELDQGRVL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ UDSLGL EDFL VXO YLVR VXO FROOR VXOOH VSDOOH 3RL +HOHQH VL ULWUDVVH GROFHPHQWH %DFLz VXOOD ERFFD OD FUHROD H OD ILVVz LQWHQVDPHQWHFRQLVXRLVSOHQGLGLRFFKLYHUGL  $PRU PLR JLXUDPL FKH QRQ PL ODVFHUDL PDL (¶ OD SULPD YROWD FKH DPR YHUDPHQWH LQ YLWD PLD )RUVH WL VHPEUHUj ULGLFROR FLz FKH WL FKLHGR 0D QRQ PL VHQWR ULGLFROD *LXUDPHOR-DGD /DGRQQDOHVRUULVHUDJJLDQWH  +HOHQH PL UHQGL O¶HVVHUH SL IHOLFH GHO PRQGR 1RQ SXRL LPPDJLQDUHODJLRLDFKHSURYRQHOO¶XGLUHOHWXHSDUROH&HUWR FKH QRQ WL ODVFHUz PDL 7HORJLXUR6HLWURSSRSUH]LRVDSHU PH 6L EDFLDURQR DSSDVVLRQDWDPHQWH D VXJJHOOR GL TXHO JLXUDPHQWR 3RL VL PDVWXUEDURQR UHFLSURFDPHQWH SURYDQGR XQ SLDFHUH FKHQHVVXQDGHOOHGXHDYHYDSURYDWRSULPDGLDOORUD 8QVRQQRGROFHHOLHYHOHFROVHDEEUDFFLDWH  

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  -DGD PL SUHVHQWz OR VWLOLVWD / (UD XQ XRPR JUDVVR VXL FLQTXDQW¶DQQL FRQ OXQJKL FDSHOOL JULJL ULXQLWL D FRGD GL FDYDOORFRQXQIHUPDJOLRGLVWUDVV9HVWLYDHFFHQWULFDPHQWH )DFHYD FHUWH PRVVHWWH FRQ LO FRUSR DJLWDYD FRQWLQXDPHQWH OH VXH PDQL JUDVVRFFH DYHYD DOOH GLWD PROWL DQHOOL H XQ JURVVRFROOLHUG¶RURDOFROOR /D VXD RPRVHVVXDOLWj HUD WDOPHQWH SDOHVH GD VHPEUDUH ULGLFROD 0L DSSDULYD FRPH XQD JUDVVD H PDWXUD VLJQRUD FKH VL VIRU]DYDGLDSSDULUHLPSRUWDQWHHGLQGLVSHQVDELOH %DFLz-DGDVXOODJXDQFLDSRLPLVTXDGUzFRQXQDFHUWDDULD GLFRQGLVFHQGHQ]D 1RQPDOH±ODVXDYRFHHUDDFXWDDIIHWWDWD 0LVWULQVHGHEROPHQWHODPDQR  &RPH WL FKLDPL" $K +HOHQH 3URYHUz D IDUWL VILODUH 3HUz SULPDGHYLFRQYLQFHUPL 6RUULVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 4XHOORVWHVVRJLRUQRSURYDLGDYDQWLDOORVJXDUGRHVLJHQWHGL / (UR HPR]LRQDWD SHUFKp HUD OD SULPD YROWD FKH GRYHYR GLPRVWUDUHOHPLHGRWLGLLQGRVVDWULFH &¶HUDQR DOWUH LQGRVVDWULFL FKH SURYDYDQR SHU OH SURVVLPH VILODWH(URODVRODSULQFLSLDQWHFRVuPLSDUHYD /D PXVLFD OD VWHVVD DWPRVIHUD IRUVH OD YRORQWj GL GLPRVWUDUH D TXHOO¶HVVHUH DPELJXR GL HVVHUH OD SL IRUWH WXWWRFLzFRQWULEXuDOPLRVXFFHVVR'HWWLWXWWDPHVWHVVDHLO ULVXOWDWR DQGz DO GL Oj GHOOH PLH DVSHWWDWLYH ,O SRUWDPHQWR OD QDWXUDOH HOHJDQ]D OD EHOOH]]D OD YRORQWj GL VIRQGDUH IXURQRLOFRFNWDLOGHOPLRVXFFHVVR %UDYD+HOHQH±PLGLVVH/DJLWDQGRVLVXOODSROWURQDGDOOD TXDOH PL DYHYD RVVHUYDWR FRQ PROWD DWWHQ]LRQH ± &RPH HVRUGLHQWH

PL

KDL

PHUDYLJOLDWR

6ILOL

TXDVL

FRPH

XQ¶LQGRVVDWULFH HVSHUWD 0L KDL FRQYLQWR +HOHQH 9HGR FKH -DGDKDIDWWRXQEXRQODYRURFRQWH 0LEDFLzVXOODJXDQFLDFRPHHUDVXDDELWXGLQH(UDXQWLSR GLFRQILGHQ]DTXHVWDFKHXVDYDVRORFRQOHSHUVRQHFKHJOL DQGDYDQRDJHQLRFRPHDSSUHVLLQVHJXLWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /DPLDSULPDVILODWDDQGzEHQH)HFLqYHURVRORXQDEUHYH FRPSDUVD 0D HEEL XQ QRWHYROH VXFFHVVR SHUVRQDOH *OL DGGHWWL DL ODYRUL FKLHVHUR LQIRUPD]LRQL VX GL PH L IRWRJUDIL PL VFDWWDURQR PROWH IRWR OR VWLOLVWD / P¶LQYLz XQ JUDQ PD]]RGLURVHURVVH (-DGD"6ILOzDQFKHOHLFRQPROWRVXFFHVVRFRPHVHPSUH 9HQQH D FRQJUDWXODUVL FRQ PH FL EDFLDPPR D OXQJR QHO FDPHULQR $JOL RFFKL GHOOH DOWUH LQGRVVDWULFL DSSDULYDPR FRPH XQD FRSSLD EHOOD H LQQDPRUDWD 1HVVXQR VL PHUDYLJOLDYD GHO QRVWUR DPRUH LQWXLYDQR FKH LO QRVWUR HUD XQ DPRUH SXOLWR FKH QRQ DYHYD QXOOD GL RVFHQR R GL SHUYHUVR 'RSR OD PLD SULPD HVSHULHQ]D GD LQGRVVDWULFH VHJXLURQR QHL PHVL VXFFHVVLYL QXRYH VILODWH VHPSUH SL LPSRUWDQWL 6SHVVR VILODYR DVVLHPH D -DGD FRVu LO QRVWUR UDSSRUWR DQ]LFKpLQGHEROLUVLSHUODORQWDQDQ]DGLYHQWDYDVHPSUHSL VDOGRHPDWXUR ,O PLR VXFFHVVR SHUVRQDOH HUD QRWHYROH PD FLz QRQ FUHDYD LQ-DGDDOFXQDLQYLGLDVLDSHUFKpHURODVXDFRPSDJQDGLYLWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ VLD SHUFKp OD VXD QRWRULHWj HUD RUPDL FRQVROLGDWD D OLYHOOR LQWHUQD]LRQDOH $Q]L -DGD PL GLFHYD GL HVVHUH IHOLFH SHU LO PLR VXFFHVVR H VDSHYRFKHHUDVLQFHUD 2UPDL OH PLH IRWR DSSDULYDQR VHPSUH SL VSHVVR VXOOH SL QRWH ULYLVWH GL PRGD H QRQ PL VWDQFDYR GL JXDUGDUOH FRQ OHJLWWLPRRUJRJOLR ,QTXHOSHULRGRGHOODPLDYLWDPLVHQWLYRUHDOL]]DWDIHOLFHGL DPDUH -DGD H QHO PLR DQLPR DOEHUJDYDQR VROR EXRQL VHQWLPHQWL *OL DVSHWWL QHJDWLYL GHOOD PLD SHUVRQDOLWj TXHOOD FHUWD PDOYDJLWj H DPRUDOLWj FKH VL HUDQR PDQLIHVWDWH QHJOL DQQL SUHFHGHQWLVHPEUDYDQRHVVHUVLDVVRSLWL 1HL FRQIURQWL GL -DGD QRQ PL VHQWLYR OD GRPLQDWULFH GHO UDSSRUWR GL FRSSLD SHUFKp OD VXD QDWXUDOH GROFH]]D H OD SXUH]]D GHO QRVWUR DPRUH PL IDFHYDQR VHQWLUH VXOOR VWHVVR SLDQRGHOODPLDFRPSDJQD 1RQF¶HUDQHVVXQDSRVL]LRQHGRPLQDQWHQHOQRVWURUDSSRUWR PDVRORXQDSLHQDHDVVROXWDSDULWj

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0LVHQWLYRSHUFLzXQDSHUVRQDQRUPDOHEHQLQWHJUDWDQHOOD VRFLHWjLQFXLYLYHYRIHOLFHGLYLYHUHXQDYLWDFRVuEULOODQWHH VSHQVLHUDWD ,QWXLYR QHOOR VWHVVR WHPSR FRQIXVDPHQWH FKH TXHOOD DWPRVIHUD FRVu SDUDGLVLDFD TXHO JHQHUH GL YLWD FRVu JUDGHYROH QRQ VDUHEEHUR GXUDWL D OXQJR 3XUWURSSR OH FRVH EHOOHGXUDQRSRFRWURSSRSRFR(WHPHYRFKHDQFKHODPLD DWWXDOH IHOLFLWj VDUHEEH YRODWD YLD FRPH XQ EHO VRJQR DO ULVYHJOLR ,QWDQWR HUR GLYHQWDWD OD EHQLDPLQD GHOOR VWLOLVWD / VH QRQ VXOSLDQRSURIHVVLRQDOHVHQ]¶DOWURVXTXHOORXPDQR / HUD PROWR QRWR D OLYHOOR LQWHUQD]LRQDOH OH VXH FUHD]LRQL HUDQR ULFHUFDWH GDO EHO PRQGR OH GRQQH SL IDPRVH VL VHQWLYDQRRUJRJOLRVHGLLQGRVVDUHLVXRLPRGHOOL 3HUz OD VXD YLWD SULYDWD HUD WULVWH H VFRQFOXVLRQDWD 8Q QXJROR GL JLJROz UDJD]]L VHQ]D VFUXSROL VIUXWWDYDQR OD VXD RPRVHVVXDOLWj ,O VXR FDUDWWHUH FRVu VHQVLELOH H IHPPLQHR OR VSLQJHYD DG LQQDPRUDUVL IUHTXHQWHPHQWH GL TXHVWR R GL TXHO UDJD]]R LO

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ TXDOH QRQWDUGDYDDVSDULUHGRSRDYHUHRWWHQXWRLYDQWDJJL H LO GHQDUR FKH / SRWHYD RIIULUH ( RJQL YROWD FKH YHQLYD DEEDQGRQDWR GDO VXR  XOWLPR DPRUH YHQLYD D SLDQJHUH VXO PLRVHQR  2K FRPH VRQR WULVWH +HOHQH ± VL ODPHQWDYD PHQWUH OH ODFULPH VFHQGHYDQR VXOOH VXH JUDVVH JXDQFH ± : PL KD ODVFLDWR LHUL FRQ  XQ VHPSOLFH ELJOLHWWR G¶DGGLR 7L ULFRUGL GL TXHOEHOUDJD]]REUXQRDOWRPXVFRORVRFKHHUDDFDVDPLD OD VHWWLPDQD VFRUVD DO PLR SDUW\"(UDXQYHURPDVFKLR7H ORJDUDQWLVFR2KFRPHJRGHYRFRQOXL(GRUD« &HUFDYR GL FRQVRODUOR *OL SUHQGHYR LO JUDVVR YLVR WUD OH PDQL OR JXDUGDYR FRQ XQD FHUWD DULD FRPSDVVLRQHYROH SRL JOLGLFHYR  (¶ GLIILFLOH WURYDUH LO YHUR DPRUH ( SRL VDL EHQH FKH TXHL UDJD]]L GL FXL WL FLUFRQGL VRQR GHL PHUFHQDUL IDQQR OH PDUFKHWWHWLFKLHGRQRGHQDURHSRLVHQHYDQQRDVIUXWWDUH XQ DOWUR FRPH WH 9XRL XQ FRQVLJOLR" /DVFLD SHUGHUH TXHL EDVWDUGL ( DVSHWWD 9HGUDL FKH SULPD R SRL WURYHUDL LO YHUR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ DPRUH(SRLQRQPHWWHUWLFRQLJLRYDQL&HUFDWLXQDPDQWH SLPDWXUR +DLUDJLRQH+HOHQH±PLGLFHYD±3XUWURSSRKRXQGHEROH SHU L JLRYDQL 6WR GLYHQWDQGR YHFFKLR RUPDL H VROR LQ ORUR WURYR TXHOOD HQHUJLD TXHOOD YLWDOLWj FKH VWLPRODQR OD FUHD]LRQHHPLIDQQRSURJUHGLUHQHOODYRUR3HUzKDLUDJLRQH ± FRQFOXGHYD LQYDULDELOPHQWH ± 6HL OD PLD PLJOLRUH DPLFD 6ROR FRQ WH ULHVFR D FRQILGDUPL 1RQRVWDQWH OD WXD HWj VHL PROWRVDJJLD &RVuSHUPHULWRGL/VFRSULLGLHVVHUHDQFKHVDJJLD  †††  $ HUD XQ EHOO¶XRPR VXL TXDUDQW¶DQQL FDSHOOL FDVWDQL DOWR DWOHWLFR DEEURQ]DWR HOHJDQWH FRQ XQ YLVR GDOO¶HVSUHVVLRQH VSDYDOGDEDIILVRWWLOLFRPHLJUDQGLVHGXWWRULGHOORVFKHUPR $YYRFDWR GL VXFFHVVR DYHYD FRPH FOLHQWL SHUVRQDJJL LPSRUWDQWL PD FKLDFFKLHUDWL PROWL GHL TXDOL YLYHYDQR HG

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ DJLYDQR LQ TXHOOD JULJLD ]RQD GL FRQILQH WUD LO OHFLWR H O¶LOOHFLWRODOHJDOLWjHO¶LOOHJDOLWj (UDFRQVLGHUDWRXQXRPRVLFXURGLVpFLQLFRHVSUHJLXGLFDWR (DQFKHXQJUDQGHVHGXWWRUH +HOHQH OR LQFRQWUz SHU OD SULPD YROWD DG XQ SDUW\ LQ XQ SHULRGRFULWLFRGHOODVXDYLWD 2UD

FRPH

LQGRVVDWULFH

GL

VXFFHVVR

YLDJJLDYD

FRQWLQXDPHQWH SDUWHFLSDYD D VILODWH LQ PH]]R PRQGR 0D TXHO ULWPR IUHQHWLFR GL YLWD FKH O¶DYHYD VHGRWWD QHL SULPL WHPSLFRPLQFLDYDDVWDQFDUODDGDQQRLDUOD /D VWHVVD UHOD]LRQH FRQ -DGD VWDYD DWWUDYHUVDQGR XQD IDVH FULWLFD ,O ORUR VHPEUDYD XQ DPRUH YHUR GHVWLQDWR D GXUDUH QHOWHPSR ,QYHFH JLRUQR GRSR JLRUQR PHVH GRSR PHVH +HOHQH VL UHQGHYD FRQWR FKH O¶DWWUD]LRQH SHU OD FUHROD VL VWDYD DWWHQXDQGR /D VXD QDWXUD IRUWH H GRPLQDWULFH QRQ SRWHYD SL DFFRQWHQWDUVL GL XQ DPRUH ODQJXLGR H SULYR GL VODQFL TXDOH HUDGLYHQWDWRLOORUR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &RO WHPSR -DGD VL HUD GLPRVWUDWD XQD GRQQD LQFDSDFH GL UDYYLYDUH OD ORUR SDVVLRQHLQL]LDOH H DYHYD GLURWWDWR O¶DPRUH VXLELQDULGLXQDQRLRVDQRUPDOLWj 4XHVWDHUDDOPHQRODFRQFOXVLRQHGL+HOHQH 3XUYLYHQGRLQVLHPHDYHYDQRSHUzYLWHGLYHUVH,OODYRUROH VHSDUDYDVSHVVR ,QROWUH +HOHQH SL HVWURYHUVD GHOOD FUHROD IUHTXHQWDYDFRQ DVVLGXLWj OHIHVWHDOOHTXDOLHUDLQYLWDWD6SHVVRVLDQQRLDYD PDFDSLYDFKHSHUPRWLYLG¶LPPDJLQHGRYHYDSDUWHFLSDUYL ,O VXR VXFFHVVR SURIHVVLRQDOH HUD WURSSR UHFHQWH HG DYHYD ELVRJQR GL HVVHUH FRQWLQXDPHQWH ULYLWDOL]]DWR FRQ TXHOOD PDVVLFFLDGRVHGLSUHVHQ]H /¶DYYRFDWR $ QRQ WDUGz D QRWDUOD &¶HUD PROWD JHQWH D TXHOOD IHVWD 1RQ VROR SHUVRQDJJL GHOOD PRGD PD DQFKH UDSSUHVHQWDQWLDXWRUHYROLGHOO¶LQGXVWULDGHOODSROLWLFDHGHJOL DIIDUL $QFKH $ IUHTXHQWDYD OH IHVWH LPSRUWDQWL SHU OH VWHVVH UDJLRQLGL+HOHQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ )DUVL QRWDUH FRPSDULUH QHL UHVRFRQWL GHL JLRUQDOL HUD LPSRUWDQWH SHU $ FRPH SHU +HOHQH ,QROWUH O¶DYYRFDWR GRYHYD

IDUVL

SHUGRQDUH

OD

VXD

IDPD

GL

FDWWLYH

IUHTXHQWD]LRQL +HOHQH YLGH O¶DYYRFDWR H VHQWu OD QHFHVVLWj GL FRQRVFHUOR /¶DWWUDHYD FRPH XRPR 4XHO YLVR FRVu PDVFKLR O¶DULD VSDYDOGD OD ILJXUD DWOHWLFD O¶DEEURQ]DWXUD GHOOD SHOOH TXHL EDIIL VRWWLOL GD VHGXWWRUH DQQL 7UHQWD WXWWR LQ OXL O¶DIIDVFLQDYD 2UD OD VXD QDWXUD IHPPLQLOH HVLJHYD OH DWWHQ]LRQL GL XQ PDVFKLR 1HO VXR LQWLPR DYYHUWLYD OD QHFHVVLWj GHO FRQWDWWR FRQ TXHO FRUSRFRVuYLULOH /¶DYYRFDWR SUHVH O¶LQL]LDWLYD LQWHUURPSHQGR OH IDQWDVLH GL +HOHQH 4XHOODVHUDODUDJD]]DHUDGDYYHURVSOHQGLGD,QGRVVDYDXQ DELWR QHUR DWWLOODWR PROWR FRUWR H PROWR VFROODWR FKH PHWWHYDQHOODJLXVWDHYLGHQ]DOHVXHIRUPHFRVuSHUIHWWHHG DUPRQLFKH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 5DUDPHQWH

O¶DYYRFDWR

DYHYD

YLVWR

XQ

FRUSR

FRVu

GHVLGHUDELOH (SRLTXHLJUDQGLRFFKLYHUGLORLQYLWDYDQRDSHUWDPHQWH 8QDGRQQDEHOODHVSUHJLXGLFDWD±SHQVz$ /¶XRPROHRIIUuGDEHUH %HOODIHVWD±HVRUGuSRUJHQGROHXQELFFKLHUHGLYLQRELDQFR ±0ROWDJHQWHLPSRUWDQWH« (QRLRVD±VRWWROLQHz+HOHQHVRUULGHQGR 3RLDJJLXQVH  &UHGR GL FRQRVFHUWL± D TXHOOH IHVWH WXWWL VL GDYDQR GHO WX SHU PRWLYL FKH +HOHQH QRQ DYHYD DQFRUD VFRSHUWR ± 6HL O¶DYYRFDWR$+RLQGRYLQDWR" /¶XRPRDQQXu  1RQ KR XQD EXRQD IDPD PL SDUH 6RSUDWWXWWR FRQ OH VLJQRUH 0D QRQ FUHGHUH D FLz FKH GLFRQR 6RQR LQYLGLRVL GL PH)RUVHSHUFKpPLVRQRFRVWUXLWRXQDSRVL]LRQHXQDVDOGD SRVL]LRQHFRQOHPLHVROHIRU]H0DODVFLDPRSHUGHUHTXHVWR GLVFRUVR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6¶LQWHUUXSSH SHU EHUH TXDOFKH VRUVR GL YLQR 3RL GHSRVH LO ELFFKLHUH  9HGR FKH WL DQQRL ( SRL TXHVWD PXVLFD q WURSSR DVVRUGDQWH 9LHQL DQGLDPR LQ ELEOLRWHFD &RVu SRWUHPR FRQRVFHUFLPHJOLR $G +HOHQH SLDFHYD O¶LGHD GL LVRODUVL FRQ OXL PD QRQ YROHYD DSSDULUHXQDUDJD]]DIDFLOPHQWHDEERUGDELOH /¶DYYRFDWRODSUHVHSHUPDQRHVLDYYLzYHUVRORVFDORQHFKH SRUWDYDDOSLDQRVXSHULRUH  1RQ WL SUHRFFXSDUH &RQRVFR TXHVWD FDVD FRPH OD PLD ,O SURSULHWDULR q XQ PLR YHFFKLR DPLFR 1RQFLVRQRSUREOHPL 1RQF¶qDOFXQDYLROD]LRQHGLGRPLFLOLR 5LVHUR LQVLHPH +HOHQH OR VHJXu GRFLOPHQWH VX SHU OR VFDORQH /¶DYYRFDWR DSUu XQD SRUWD H LQWURGXVVH OD UDJD]]D QHOOD ELEOLRWHFD (UD XQD VWDQ]D PROWR YDVWD FRQ XQD OLEUHULD FKH RFFXSDYD JUDQSDUWHGHOOHSDUHWL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &¶HUD QHO PH]]R XQ JUDQGH WDYROR LQ QRFH PDVVLFFLR H DQWLFRFRQDOFXQHSROWURQHULYHVWLWHGLSHOOH 3DUHYD FKH $ FRQRVFHVVH EHQH TXHOO¶DPELHQWH 6L FRPSRUWDYDFRPHVHIRVVHLOSDGURQHGLFDVD &KLXVHODSRUWDDFFHVHXQDODPSDGDDVWHORFKHLOOXPLQDYD LOJUDQGHWDYROR$WWUDYHUVRODSRUWDFKLXVDODPXVLFDILOWUDYD GHEROPHQWH  6DL SHUFKp WL KR FRQGRWWD TXDVV" ± OH FKLHVH O¶DYYRFDWR FRQXQVRUULVROHJJHUPHQWHLURQLFR 3HUSDUODUHGHOODPLDHGHOODWXDYLWD±ULVSRVH+HOHQHFRQ XQWRQRDOWUHWWDQWRLURQLFR /¶DYYRFDWR OH VL DYYLFLQz H OD EDFLz /H VXH EUDFFLD HUDQR IRUWLHODVWULQJHYDQRWDQWRGDIDUOHPDOH4XDOFRVDFRPLQFLz DVFLRJOLHUVLGHQWURGLOHL$YYHUWLYDXQGLIIXVRFDORUHLQWHUQR HXQDJUDQYRJOLDGLVHVVR +HOHQHDOORQWDQzGDVpO¶XRPRGROFHPHQWH  9XRL VFRSDUPL" ± JOL FKLHVH LQ WRQR DJJUHVVLYR ± (FFRPL 6RQRWXWWDWXD3UHQGLPL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3HU XQ DWWLPR $ ULPDVH LQWHUGHWWR )RUVH QRQ VL DVSHWWDYD XQ LQYLWR FRVu SRFR GLSORPDWLFR FRVu VIURQWDWR (SSXUH JOL SLDFHYDFRVuDJJUHVVLYDHVIURQWDWD +HOHQH JOL WROVH OD JLDFFD JOL VERWWRQz L SDQWDORQL H LQJLQRFFKLDWDVL JOL SUHVH LO PHPEUR LQ ERFFD,O VHPSOLFH FRQWDWWRFRQODVXDOLQJXDORUHVHGXURSURQWRSHUO¶XVR(UD XQPHPEUROXQJRHVFXUR 3RL VL FKLQz VXO WDYROR TXDVL YL VL DJJUDSSz H GLYDULFz OH JDPEH /¶DYYRFDWR OH VROOHYz LO YHVWLWR OH WROVH OH PXWDQGLQH H OD SHQHWUz +HOHQHVHQWLYDLOJURVVRPHPEURFKHODYRUDYDDODFUHPHQWH DOWHUQDQGR FROSL YHORFL D EUHYL LQWHUUX]LRQL 6HQWLYD FKH DYUHEEH DYXWR O¶RUJDVPR GRSR WDQWR WHPSR ,O VXR FRUSR YHQLYD VFKLDFFLDWR FRQWUR LO WDYROR GDL PRYLPHQWL GHOO¶XRPR FKHGLYHQWDYDQRVHPSUHSLQXPHURVLHSRWHQWL /H SLDFHYD HQRUPHPHQWH VHQWLUVL ULHPSLWD Oj QHOOD YDJLQD GD TXHO PHPEUR GXUR H SXOVDQWH GL YLWD ,PPDJLQDYD TXHL PLOLDUGL GL VSHUPDWR]RL FKH VL DSSUHVWDYDQR DG HVVHUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ HVSXOVL FRQ YLROHQ]D GHQWUR GL OHL 3HU XQ DWWLPR GHVLGHUz FKHXQRGLHVVLODIHFRQGDVVH 8Q FDORUH LQWHQVR H SLDFHYROH FLUFRODYD SHU WXWWR LO VXR FRUSR 1RQ VL HUD PDL VHQWLWD FRVu SLHQDPHQWH UHDOL]]DWD FRPHIHPPLQD$OWURFKH-DGD 2UD YROHYD LO PDVFKLR YROHYD LO VHVVR QRUPDOH 9ROHYD HVVHUH XQD IHPPLQD XQD YHUD IHPPLQD H GHVLGHUDYD VROR XQPDVFKLRLOVXRPDVFKLR +HOHQH

HEEH

O¶RUJDVPR

TXDVL

FRQWHPSRUDQHDPHQWH

DOO¶XRPR 8QD VHQVD]LRQH LQGLFLELOH GL WHQHUH]]D OD SHUYDVH LQWXWWR LO VXRHVVHUH , FRUSL YLEUDURQR TXDVL DOO¶XQLVRQR SHU LVWDQWL OXQJKL FRPH RUHSRLVLDFTXLHWDURQRO¶XQRFRQWURO¶DOWUR /¶DYYRFDWR VL VWDFFz GD OHL OHQWDPHQWH OD EDFLz VXOOD QXFD VWULQJHQGRWUDOHGLWDFLRFFKHGHLVXRLOXQJKLFDSHOOL 3RL OH DOOXQJz XQ ID]]ROHWWLQR GL FDUWD SHU DVVRUELUH OR VSHUPDFKHFRODYDOXQJROHFRVFH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ +HOHQH VL SXOu DOOD PHJOLR VL IHFH LQGLFDUH LO EDJQR HG XVFu VHQ]DJXDUGDUHO¶XRPR  †††  3HUTXDOFKHWHPSRQRQFHUFDLG¶LQFRQWUDUH$ 4XHO SULPR LQFRQWUR FRVu LQFRQVXHWR PL DYHYD ULHPSLWR GL JLRLD (UD XQ VHQWLPHQWR QXRYR TXHOOR FKH SURYDYR RUD ( IRUVH SHU QRQ VFLXSDUOR SUHIHULYR QRQ ULYHGHUH O¶DYYRFDWR H FRQVHUYDUH GHQWUR GL PH LO ULFRUGR GL TXHL IDQWDVWLFL PRPHQWL 1RQJOLIXGLIILFLOHULQWUDFFLDUPL6DSHYDWXWWRGLPHGHOPLR ODYRUR 6¶LQIRUPDYD GL WXWWR H GL WXWWL FRPH DSSUHVL LQ VHJXLWRGDOXLVWHVVR 0¶LQYLWzDFHQD$FFHWWDLGLEXRQJUDGR ,O VXR VJXDUGR VSDYDOGR PL VTXDGUz WXWWD GD FDSR D SLHGL TXDQGRFLULWURYDPPRVHGXWLDOWDYRORGHOULVWRUDQWH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6HPSUH DEEURQ]DWR HOHJDQWH H VHGXFHQWH PL DSSDULYD FRPHLOWLSRLGHDOHGHOVHGXWWRUHTXHOORSHULQWHQGHUFLFKH VSLQJHODGRQQDSLYLUWXRVDDGDEEDQGRQDUHSHUOXLPDULWR HILJOLVHQ]DSHQVDUFLVXGXHYROWH 3HUzVHQWLYRGHQWURGLPHFKHQRQO¶DYUHLPDLSRWXWRDPDUH YHUDPHQWH)UDGLQRLVDUHEEHSRWXWRVFRSSLDUHXQDYLROHQWD SDVVLRQH FRPH VWDYD FDSLWDQGR RUD D PH TXHO WLSR GL SDVVLRQHSHULQWHQGHUFLFKHLQILDPPDWXWWLLVHQVLFKHWLID YHQLUH O¶RUJDVPR SHU XQD VFLRFFKH]]D FKH WL SURFXUD RUJDVPL D ULSHWL]LRQH H FRVu YLD 0D IRUVH DYHYR ELVRJQR SURSULR GL TXHVWR FLRq GL XQD IRUWH SDVVLRQH SHU XQ YHUR PDVFKLR /¶DPRUH GL -DGD WURSSR WHQHUR H ODQJXLGR FRPLQFLDYD DG DSSDULUPLLQVXIILFLHQWHHVWHULOHSHUODPLDIRUWHSHUVRQDOLWj /¶DYYRFDWRPLGHWWHTXHOODVFRVVDYLROHQWDGLFXLDYHYRWDQWR ELVRJQR $YHYR LQWXLWR FKH DG $ LQWHUHVVDYD OD SDVVLRQH H QRQ O¶DPRUH FKH HUD DJJUHVVLYR H IRUVH YLROHQWR FRQ OH GRQQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ FKH YROHYD H GRYHYD UHFLWDUH OD SDUWH GHO GRPLQDWRUH QHO UDSSRUWRGLFRSSLD (UD SURSULR O¶XRPR DGDWWR D PH FRQ LO TXDOH DYUHL SRWXWR PLVXUDUHODPLDDJJUHVVLYLWjHODPLDQDWXUDGLGRPLQDWULFH 0LSLDFLPROWLVVLPR+HOHQH±PLGLVVHRIIUHQGRPLGDEHUH ±/RVRFKHqEDQDOHPDqODSXUDYHULWj6DLKRFRQRVFLXWR PROWHGRQQHPDFRPHWH«  /D FRQRVFR TXHVWD VWRULD ± O¶LQWHUUXSSL ULGHQGR±6RQROD SL EHOOD OD SL DIIDVFLQDQWH OD SL IHPPLQLOH 6RQR PROWR GHFRUDWLYD6FRSREHQH(EOjEOjEOj«  1RQ VFKHU]DUH +HOHQH /R GLFR VLQFHUDPHQWH ( PROWR VHULDPHQWH 6HLODGRQQDLGHDOHSHUPH  /DVFLDPR SHUGHUH TXHVWH VFLRFFKH]]H ± OR LQWHUUXSSL ± 6LDPR GXH WLSL PROWR VLPLOL 6LDPR DJJUHVVLYL &L SLDFH GRPLQDUHJOLDOWUL4XDQGRF¶LQFRQWULDPRVLDSXUHVXOSLDQR VHVVXDOHIDFFLDPRVFLQWLOOH0LSDUHFKHTXHVWDVLDODYHULWj ( SRL VLDPR WUDVJUHVVLYL ,R OR VRQR VWDWD H OR VRQR DQFRUD SHUFKp KR DPDWR XQD GRQQD H YLYR FRQ OHL 7X OR VHL VXO

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ SLDQRVRFLDOH7HODIDLFRQJHQWHSRFRUDFFRPDQGDELOHFKH SHUzWLFRSUHGLGHQDUR6HLFRQVLGHUDWRXQSR¶GDWXWWLXQ HVVHUH FLQLFR H VSUHJLXGLFDWR (¶ WXWWR DOPHQRSHURUD$OOD QRVWUDVDOXWH$ /¶DYYRFDWR

PL

JXDUGDYD

DOTXDQWR

VFRQFHUWDWR

3UREDELOPHQWHDYHYRFROWRQHOVHJQR$FFHWWzLOPLRLQYLWRDO EULQGLVL &HQDPPRHSRLDQGDPPRDFDVDVXD $ELWDYDLQXQDYLOODQHOTXDUWLHUHUHVLGHQ]LDOHGHOODFLWWj 7XWWRLQTXHOODFDVDHUDFRVWRVRHOXVVXRVR(ULVSHFFKLDYD ODSHUVRQDOLWjGHOVXRSURSULHWDULR 9LYHYDGDVRORHORVLQRWDYDGDXQFHUWRGLVRUGLQHSHUDOWUR PROWROLPLWDWR $QGDPPRVHQ]DWDQWLSUHDPEROLLQFDPHUDGDOHWWR 3ULPDGLHQWUDUHLQFDVDPLDYHYDGHWWRULGHQGR 6FRSLDPR" *OLDYHYRULVSRVWR &HUWR6RQRYHQXWDSHUTXHVWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,O OHWWR HUD VSD]LRVR &L SRWHYDQR VWDUH FRPRGDPHQWH WUH SHUVRQH /¶DYYRFDWRDYHYDEHYXWRPROWRDFHQD2UDYHGHYRDIILRUDUH LQOXLTXHOO¶DJJUHVVLYLWjFKHDYHYRQRWDWRSULPD 0L DIIHUUz SHU XQ EUDFFLR FRQ XQD FHUWD YLROHQ]D H PL FRVWULQVHDEDFLDUOR,OVXRDOLWRSX]]DYDGLDOFRO 1RQPLSLDFHHVVHUHWUDWWDWDFRVuFRPHXQDSXWWDQD±JOL GLVVLLUULWDWD &HUFDLGLGLYLQFRODUPLPD$FKHHUDPROWRIRUWHPLEORFFz  +DL GHWWR FKH VRQR XQ HVVHUH DJJUHVVLYR H YLROHQWR XQD VSHFLH GL EUXWR ± PL GLVVH ULGHQGR ± (G RUD YRJOLR GLPRVWUDUWHOR 6¶LQWHUUXSSHSHUTXDOFKHLVWDQWHSRLDJJLXQVHLURQLFR 3RVVRHVVHUHYLROHQWRFRQWH"0HORFRQFHGL" 1RQRQWHORFRQVHQWR±JOLULVSRVLXQSR¶LUULWDWD±9RJOLR HVVHUH WUDWWDWD FRPH XQD VLJQRUD &RQ GROFH]]D &RQ WHQHUH]]D  &RPH ID OD WXD DPLFD GHO FXRUH"± PL GLVVH FRQ OD VROLWD LURQLD±'LPPLFRPHIDWHO¶DPRUHWUDGLYRL"

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ *OLGHWWLXQRVFKLDIIR6LSRUWzODPDQRVXOODJXDQFLDFROSLWD SRLFDPELzWRQR 6FXVDPL+HOHQH1RQYROHYRRIIHQGHUWL 3RLLQWRQRFRQFLOLDQWH 'DLYLHQLTXLFKHWLVSRJOLR 0LIHFLVSRJOLDUH5LPDVLQXGDGDYDQWLDOXL 0LEDFLzLFDSH]]ROLSRLPLVWULQVHIRUWHWUDOHVXHEUDFFLD /RVSRJOLDL 3RL FL JHWWDPPR VXO OHWWR H FRPLQFLDPPR D ORWWDUH WUD GL QRL(UDXQDORWWDVFKHU]RVDIDWWDGLFROSLOHJJHULGLSLFFROL PRUVLGLEDFLHFRVuYLD 4XHOORVIUHJDPHQWRFRQWLQXRGHLQRVWULFRUSLFLHFFLWDYDHXQ LQWHQVRFDORUHFRPLQFLzDGLIIRQGHUVLGHQWURGLQRL ,O VXR PHPEUR HUD ULWWR H GXUR DO WDWWR PHQWUH OD PLD YDJLQDFRPLQFLDYDDOXEULILFDUVL $GXQWUDWWRPLDIIHUUzVDOGDPHQWHSHULSROVLSUHPHQGRPL OHVSDOOHFRQWURLOOHWWR,VWLQWLYDPHQWHDSULLOHFRVFHHLOVXR PHPEURPLSHQHWUzFRQIRU]D

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 9HGHYR VRSUD GL PH LO VXR YROWR DVVXPHUH XQ¶HVSUHVVLRQH FDWWLYD OHJJHYR QHO VXR VJXDUGR OD YRJOLD GL GRPLQDUPL GL IDUPLVHQWLUHXQDGHEROHGRQQDGLIURQWHDOXL 5HDJLLFRQWUDVWDQGRODVXDIRU]D 0¶LQDUFDL IDFHQGR OHYD VXOOH PLH VSDOOH WHQWDQGR GL DOOHQWDUHODSUHVVLRQHHVHUFLWDWDGDOOHVXHPDQL 4XHLPLHLWHQWDWLYLILQLURQRFRQO¶HFFLWDUORDQFRUDGLSL /RVWHVVRHIIHWWRIHFHVXGLPH/HQRVWUHQDWXUHDJJUHVVLYH VLIURQWHJJLDYDQRHVLPLVXUDYDQR ( GD TXHOORVFRQWURVFDWXULYDXQRVWUDRUGLQDULRHFFLWDPHQWR VHVVXDOHSHUHQWUDPEL $YHPPRXQRUJDVPRTXDVLVLPXOWDQHR 7UDXQPXJROuRHO¶DOWUR$PLPRUVHODVSDOODODVFLDQGRPLXQ YLVWRVRVHJQRYLRODFHR/RODVFLDLIDUHSHUFKpORYROHYR (VVHUH YLROHQWDWD GD XQ PDVFKLR FRPH TXHOOR HUD VWDWR VLQ GDOO¶LQL]LR XQ PLR LQFRQVFLR GHVLGHULR &Lz FKH SULPD HUD VWDWR XQD VHPSOLFH IDQWDVLD RUD GLYHQWDYD XQD UHDOWj 8QD JUDGHYROLVVLPDUHDOWj (UDYDPRHVWHQXDWL&LEDFLDPPRDOXQJR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  7L KR IDWWR PDOH +HOHQH " ± PL FKLHVH SUHPXURVR DFFHQQDQGR DO VHJQR YLRODFHR VXOOD VSDOOD ± 6DL LQ TXHL PRPHQWLQRQVLUDJLRQDSL *OL DIIHUUDL LO PHPEUR H JXDUGDQGROR ILVVR QHJOL RFFKL JOL GLVVLULGHQGR /DSURVVLPDYROWDVDUzLRDYLROHQWDUWL7LOHJKHUzDOOHWWR WLIUXVWHUzHWLFRVWULQJHUzDGDFFHWWDUHLOPLRGRPLQLR ,OVXRPHPEURV¶LQWXUJLGuTXDQGRSURQXQFLDLTXHOOHSDUROH *OLHORVWULQVLWDQWRGDIDUJOLPDOH $QFKHDWHSLDFHVXELUHODYLROHQ]D/RVHQWR«HDFFHQQDL DOVXRPHPEURFKHVWULQJHYRVDOGDPHQWHQHOODPDQR 1RQ PL ULVSRVH 0D VDSHYR FKH JOL SLDFHYD 6ROR FKH QRQ YROHYDFRQIHVVDUPHOR &L ULSRVDPPR SHU TXDOFKH RUD SRL FL VYHJOLDPPR TXDVL FRQWHPSRUDQHDPHQWH 3UHVL O¶LQL]LDWLYD H SULPD FKH $ SRWHVVH PXRYHUVL JOL EORFFDLXQDPDQRHJOLHODOHJDLDOODVSDOOLHUDGHOOHWWRFRQXQ IRXODUG 1RQUHDJuSHUFXLPLIXIDFLOHOHJDUJOLDQFKHO¶DOWUDPDQR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /XLODVFLDYDIDUHJXDUGDQGRPLGLYHUWLWR (GRUD"±FKLHVHLQFXULRVLWR 7LIUXVWHUzFRQODFLQWXUDGHLWXRLSDQWDORQL±JOLULVSRVL 6ILODL OD FLQWXUD H FRPLQFLDL D FROSLUOR VXO SHWWR H VXOOH JDPEH$UHDJLYDDLFROSLDJLWDQGRVLHFHUFDQGRGLOLEHUDUH OHPDQL 0D LR LPSODFDELOH OR FROSLYR VHSSXUH LQ PDQLHUD PROWR EODQGD %DVWD+HOHQH0LDUUHQGR±P¶LPSORUzULGHQGR *HWWDLYLDODFLQWXUD0LFKLQDLVXGLOXLHOREDFLDL *OL LQILODL OD OLQJXD LQ ERFFD ± JOL DUULYz TXDVL LQ JROD ± H JOLHOD WHQQL Ou SHU TXDOFKH LVWDQWH 3RL JOL OHFFDL LO PHPEUR FKH HUD JLj ULJLGR H GXUR TXLQGL OR LQILODL QHOOD PLD YDJLQD JLjEHQOXEULILFDWD , PLHL PRYLPHQWL YHUVR LO EDVVR H YHUVR O¶DOWR HUDQR RUD OHQWL RUD YHORFL 6HQWLYR GHQWUR GL PH TXHO PHPEUR GXUR FKHSXOVDYDULHPSLHQGRPLWXWWD 6XO YLVR GL $ QRWDYR L VHJQL GL XQ JUDQGH JRGLPHQWR VHVVXDOH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6RFFKLXGHYD JOL RFFKL TXDVL DG DVVDSRUDUH O¶RUJDVPR LPPLQHQWH 0D LR UDOOHQWDQGR L PLHL PRYLPHQWL ULWDUGDYR TXHO PRPHQWR &RQ OR VJXDUGR O¶XRPR PL LPSORUDYD GL DFFHOHUDUH GL IDUJOL YHQLUHO¶RUJDVPRLOSLUDSLGDPHQWHSRVVLELOH 2UD SHUz HUR LR D FRQGXUUH OD GDQ]D H YROHYR FKH TXHOOD VSDVPRGLFDDWWHVDORWRUWXUDVVH ,QILQH GHFLVL GL DFFRQWHQWDUOR $FFHOHUDL L PRYLPHQWL H TXDOFKHLVWDQWHGRSRVHQWLLGHQWURGLPHLOFDOGRJHWWRGHOOR VSHUPD /R UDJJLXQVL TXDOFKH DWWLPR GRSR PHQWUH JOL VWULQJHYR L FDSH]]ROLWUDOHGLWD 8UODPPRLQVLHPHSLHQDPHQWHVRGGLVIDWWL 3HUXQDWWLPRFUHGHWWLGLVWDUHLQSDUDGLVR    

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  ,QRVWULLQFRQWULFKHDYYHQLYDQRFRQODIUHTXHQ]DFRQVHQWLWD GDL QRVWUL LPSHJQL GL ODYRUR HUDQR DGLUSRFRFDORURVLDQ]L HVSORVLYL 8QD EUXFLDQWH SDVVLRQH IDWWD GL VHVVR GL DJJUHVVLYLWj H GL XQDFHUWDYLROHQ]DUHFLSURFDFLWHQHYDXQLWL 4XDQGR SRWHYR FRUUHYR GD $ VHQ]D SUHRFFXSDUPL GHOOH UHD]LRQLGL-DGD /DPLDDPLFDGHOFXRUHVLHUDEHQSUHVWRUHVDFRQWRGHOPLR LQWHUHVVHSHUO¶DYYRFDWRFKHFRQRVFHYDGDWHPSR 3HU DOFXQL PHVL QRQ PL SDUOz GHO UDSSRUWRFKHVLHUDFUHDWR WUDPHH$3HUzVRIIULYDQHOVXRLQWLPR 1RQWDUGDLDGDFFRUJHUPLGLTXHOVXRVWDWRG¶DQLPR (UDWULVWHPDOLQFRQLFDSDUODYDSRFR $ OHWWR FHUFDYD LO PLR FRUSR PL EDFLDYD PL VL DJJUDSSDYD SHUWUDWWHQHUPLDFFDQWRDVpFRPHVHWHPHVVHGLSHUGHUPL 8QDVHUDHUDYDPRDOHWWRLQVLHPHFRPHLQSDVVDWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0LVLDFFRVWzSHUDFFDUH]]DUPLLOVHQRPLEDFLzDOXQJRVXOOD ERFFD,OVXRVJXDUGRHUDWULVWH(URLPEDUD]]DWD 'D TXDQGR IUHTXHQWDYR $ LO FRQWDWWR ILVLFR FRQ -DGD FRPLQFLDYD D GLYHQWDUPL LQWROOHUDELOH $YYHUWLYR O¶DQRPDOuD GHO QRVWUR FRPSRUWDPHQWR 2UD PL VHQWLYR XQD GRQQD QRUPDOHFKHGHVLGHUDYDVRORLOFRQWDWWRFRQXQXRPRFRQLO VXRXRPR -DGD DYHYD LQWXLWR TXHVWR PLR QXRYR VWDWR G¶DQLPR H FHUFDYDGLVSHUDWDPHQWHGLIDUPLULWRUQDUHDOSDVVDWRTXDQGR LO QRVWUR WUDVSRUWR HUD UHFLSURFR H FRPSOHWR &HUFDYD FRVu GLHVVHUHDQFRUDSLGROFHHWHQHUDFRQPH 7LSLDFH$"±PLFKLHVHFRQLOVROLWRWRQRWULVWHGHOODYRFH ±6RFKHYLLQFRQWUDWHVSHVVR(FKHIDWHO¶DPRUH« 6u-DGD±O¶QWHUUXSSLXQSR¶ULVHQWLWD 1RQ PL DQGDYD FKH -DGD PL ULPSURYHUDVVH SHU OD PLD UHOD]LRQHFRQO¶DYYRFDWR 6u-DGD±ULSHWHWWL±&¶LQFRQWULDPRVSHVVRHVFRSLDPR ,QTXHOPRPHQWRYROHYRHVVHUHFDWWLYDFRQOHL (¶XQYHURPDVFKLR±DJJLXQVL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6LDOORQWDQzXQSR¶GDPHULWUDHQGRODPDQRFKHILQRDTXHO PRPHQWRDYHYDDFFDUH]]DWRLOPLRFRUSR $OORUDQRQPLDPLSL"±PLFKLHVHDQVLRVD /D ILVVDL QHJOL RFFKL H OD EDFLDL D OXQJR ,Q ILQ GHL FRQWL PL GLVSLDFHYD UHFDUOH GRORUH (UD FRVu GROFH FRQ PH &RVu LQGLIHVD1RQSRWHYRIHULUOD1RQORYROHYR  $VFROWDPL -DGD 8QD FRVD q O¶DPRUH H XQ¶DOWUD FRVD q OD SDVVLRQH GHL VHQVL 4XHVWR OR VDL ,R DPR WH ,OQRVWURqXQ VHQWLPHQWR SXUR SXOLWR 7UD PH H $ F¶q VROR SDVVLRQH &¶q VROR VHVVR 1RQ VR TXDQGR GXUHUj 0D ILQR D TXDQGR GXUD QRQ YRJOLR ODVFLDUOR +D ULVYHJOLDWR OD PLD IHPPLQLOLWj SL SURIRQGD&RQOXLPLVHQWRUHDOL]]DWDVHVVXDOPHQWH 0¶LQWHUUXSSLSHURVVHUYDUHO¶HIIHWWRGHOOHPLHSDUROHVXGLOHL 1RWDLQHOVXRVJXDUGRXQFHUWRVROOLHYR &UHGLPL-DGD1RQPLEDVWDSLIDUPLPDVWXUEDUHGDWH(¶ EHOOR GROFH WHQHUR q YHUR 0D JOL RUJDVPL FKH KR TXDQGR IDFFLR O¶DPRUH FRQ OXL VRQR XQ¶DOWUD FRVD 6RQR SURSULR XQ¶DOWUDFRVD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6WHPPRLQVLOHQ]LRSHUTXDOFKHPLQXWRILVVDQGRFLFRPHSHU VFRSULUHLQRVWULSLUHFRQGLWLSHQVLHUL +RFDSLWR+HOHQH±PLGLVVH-DGD (UDULWRUQDWDWULVWH  1RQ WL EDVWR SL +DL ELVRJQR GL XQ XRPR 3HUz«  PL VWULQVHODPDQRFRQIRU]D±QRQPLODVFLDUH 0¶LPSORUDYDGLQRQDEEDQGRQDUOD 6RSSRUWHUzODSUHVHQ]DGL$WUDGLQRL&HUFKHUzGLIUHQDUH ODPLDJHORVLD)DUzGLWXWWRSHUQRQHVVHUWLGLSHVR(FFR« &RPLQFLzDSLDQJHUH 1RQYRJOLRSHUGHUWL+HOHQH6HLWXWWDODPLDYLWD 2UDSLDQJHYDDGLURWWRQDVFRQGHQGRVLLOYLVRWUDOHPDQL /H DFFDUH]]DL L FDSHOOL ( FRQ OD YRFH SL GROFH  H WHQHUD SRVVLELOHOHGLVVL  1RQ WL ODVFHUz -DGD 1RQ DYHU SDXUD 0D RUD EDVWD 1RQ SLDQJHUHSL1RQPHULWROHWXHODFULPH (UDYHUR0LVHQWLYRLQFROSDYHUVRGLOHL/HVWDYRPHQWHQGR SHUFKpLQUHDOWjQRQYROHYRSLYLYHUHFRQOHL2UPDLLOPLR DPRUH SHU -DGD VL VWDYD GLOHJXDQGR UDSLGDPHQWH &RQ

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ WURSSD UDSLGLWj 1RQ YROHYR SL DPDUH XQD GRQQD 2UD HUR ILHUDGHOODPLDQRUPDOLWj 7UDVFRUVHURDOFXQLPHVLGDTXHOODVHUD ,O QRVWUR UDSSRUWR VL VWDYD URPSHQGR XQ SR¶ DOOD YROWD PDOLQFRQLFDPHQWH -DGD FRQWLQXDYD LO VXR ODYRUR GL LQGRVVDWULFHFKHODSRUWDYD VHPSUH SL VSHVVR ORQWDQD GD PH ± H FLz HUD SRVLWLYR DOPHQR SHU PH ± PHQWUH LR TXDVL FRPH UHD]LRQH D TXHVWD QXRYD VLWXD]LRQH FRPLQFLDL D GLUDGDUH OH PLH SUHVHQ]H LQ SDVVHUHOOD 6HQWLYR FKH GRYHYR DOORQWDQDUPL GDOOD PLD DPLFD H DQFKH GDO VXR PRQGR FKH HUD VWDWR DQFKH LO PLR LQ TXHJOL XOWLPL DQQL -DGDWHQWDYDLQRJQLPRGRGLULFXFLUHLOQRVWURUDSSRUWRPD DYYHUWLYDODPLDFUHVFHQWHIUHGGH]]DQHLVXRLULJXDUGL (TXDQGROHFRPXQLFDLODPLDLQWHQ]LRQHGLDQGDUHDYLYHUH SHUPLRFRQWR« $OORUDYXRLSURSULRODVFLDUPL±VWULOOzIXUHQWH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ (UDYDPR QHO VXR DSSDUWDPHQWR 6WDYR SUHSDUDQGR OH YDOLJLH  6HL XQ¶LQJUDWD 6H VHL GLYHQWDWD XQ¶LQGRVVDWULFH GL VXFFHVVR OR GHYL D PH ( SRL« 7L KR GDWR LO PLR DPRUH«WXWWDPHVWHVVD« &RPLQFLzDSLDQJHUHGLVSHUDWDPHQWH&HUFDLGLFRQVRODUOD 1RQIDUQHXQDWUDJHGLD±OHGLVVLGROFHPHQWH±0HQHYDGR VRORSHUTXDOFKHWHPSR9RJOLRYHGHUFLFKLDURLQPHVWHVVD 9RJOLR VFRSULUH VH WL DPR DQFRUD ( TXHVWD ORQWDQDQ]D WHPSRUDQHD PL SXz HVVHUH XWLOH SHU FDSLUH PHJOLR« 6X ID¶ ODEUDYD'DPPLXQEDFLR(ODVFLDPLDQGDUHFRQXQVRUULVR -DGDFHUFzGLVRUULGHUPLWUDOHODFULPHPDQRQYLULXVFu  †††  +HOHQHSDUOzDOO¶DYYRFDWRGLTXHVWDVXDGHFLVLRQHGXUDQWHXQ ORURLQFRQWUR $YHYDQR IDWWR O¶DPRUH SL YROWH FRPH VSHVVR FDSLWDYD (UDQRHVDXVWL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  )LQDOPHQWH WL VHL GHFLVD DG DQGDUWHQH YLD GDOOD FDVD GL -DGD(UDRUD±OHGLVVH$ 6HPEUDYDVRGGLVIDWWRSHUODVXDGHFLVLRQH -DGDqXQDEUDYDHEHOODUDJD]]D±FRQWLQXz±/DFRQRVFR GDWHPSR1RQODGLVFXWR3HUzWX+HOHQHKDLELVRJQRGLXQ XRPR'LXQXRPRFRPHPH /HVRUULVH/HGHWWHXQEDFLR 2UDKDLELVRJQRGLXQDOORJJLR9HGLDPR« 6WHWWHDSHQVDUFLVXSHUTXDOFKHLVWDQWHSRLDJJLXQVH  +R TXDOFRVD FKH ID DO WXR FDVR 6X YHVWLWL $QGLDPR D YHGHUHODWXDQXRYDGLPRUD (UD XQD JUDQGH YLOOD FRQ SDUFR DOOD SHULIHULD GHOOD FLWWj LQ XQD]RQDHOHJDQWHHGDSSDUWDWD /¶DYYRFDWR DSUu LO FDQFHOOR H OD SLORWz YHUVR O¶LQJUHVVR GHOOD YLOOD (QWUDURQR +HOHQH YLVLWz DOFXQH VWDQ]H DUUHGDWH FRQ XQ JXVWR XQ SR¶ IXRULPRGD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1HOOD FDPHUD GD OHWWR F¶HUD XQ LQVROLWR OHWWR JUDQGH FRQ VFXOWXUHEDURFFKHHXQEDOGDFFKLQRFRQWDQWLYHOL  (¶ XQ SRVWR VWUDQR ± IX LO FRPPHQWR GL +HOHQH± ,QVROLWR GLUHL 4XHVWDYLOODqPLD/¶KRFRPSUDWDWHPSRIDGDXQDVLJQRUD IUDQFHVH VRSUDQQRPLQDWD ³ O¶LVWLWXWULFH ³ /D FRQRVFHYDQR LQ PROWLLQTXHVWDFLWWj 5LVHDOOXVLYDPHQWH +HOHQHQRQFDSLYD*OLHORGLVVH 2UDFDSLUDL±OHULVSRVH /D VWDQ]D FKH OH PRVWUz HUD DPSLD FRQ JUDQGL VSHFFKL DOOH SDUHWL HG DO VRIILWWR 1HO PH]]R YL HUDQR DOFXQL OHWWLQL SHU PDVVDJJL IRUQLWL GL FLQJKLH GL FXRLR XQ JUDQGH WDSSHWR SHUVLDQR H SRL IUXVWH GL RJQL WLSR PDVFKHUH GL IHUUR H GL FXRLRFDWHQHHFRVuYLD  (FFR OD VDOD GHOOD WRUWXUD ± GLVVH O¶DYYRFDWR ± /D FKLDPDYDQRFRVuTXHLSHUVRQDJJLFKHVLIDFHYDQRLQFDWHQDUH H IUXVWDUH GDOOD ³LVWLWXWULFH´ H JRGHYDQR QHO YHGHUVL QHJOL VSHFFKLPHQWUHYHQLYDQRIUXVWDWL4XHVWLRQHGLJXVWL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3UDWLFKHVDGRPDVRFKLVWLFKHSUHFLVz+HOHQH 3UHVHXQDIUXVWDXQJDWWRDQRYHFRGHHODIHFHVFKLRFFDUH SLYROWH 9HGRFKHWLSLDFHIUXVWDUH±GLVVHO¶DYYRFDWR  $QFK¶LR KR GDWR TXDOFKH IUXVWDWD LQ SDVVDWR ± JOL ULVSRVH +HOHQH 5DFFRQWzDOO¶DYYRFDWROHVXHHVSHULHQ]HFRQ. 7HUPLQDURQRGLYLVLWDUHODYLOOD &KHQHGLFL"7LSLDFH"±OHFKLHVHO¶DYYRFDWR +HOHQH QRQ QH HUD VLFXUD SHUz TXHO SRVWR FKLVVj SHUFKp O¶DWWLUDYD 1RQ OH VDUHEEH GLVSLDFLXWR IDUQH OD SURSULD GLPRUD 5LVSRVHGLVu  $OORUD SXRL YHQLUFL DG DELWDUH DQFKH VXELWR VH YXRL (¶ WXWWR LQ RUGLQH FRPH YHGL 1RQ q DELWDWD GD DOFXQL DQQL SHUzO¶KRVHPSUHWHQXWDLQRUGLQH (UDYHUR7XWWRDSSDULYDSXOLWR1RQYLHUDWUDFFLDGLVSRUFR RGLSROYHUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  9ROHYR IDUQH XQ PXVHR ± GLVVH $ ULGHQGR ± 8Q PXVHR GHJOLRUURUL  ( FKH ILQH KD IDWWR OD YHFFKLD SURSULHWDULD" ± JOL FKLHVH +HOHQH  $K ³O¶LVWLWXWULFH´" $YHYD PROWL FOLHQWL SHUVRQH LPSRUWDQWL (UDXQDVSHFLHGLLVWLWX]LRQHQHJOLDQQLVFRUVL1RQHEEHPDL JXDL FRQ OD JLXVWL]LD H JXDGDJQz XQD YHUD IRUWXQD 3RL SHU PRWLYL FKH QRQ FRQRVFR SUHIHUu FDPELDUH DULD 3RLFKp HUR VWDWR LO VXR DYYRFDWR PL YHQGHWWH OD YLOOD DG XQ SUH]]R FRQYHQLHQWH  (UD XQD EHOOD GRQQD ³O¶LVWLWXWULFH´" ± JOL FKLHVH +HOHQH ± 7HODVHLVFRSDWD" (UDXQDGRQQDVWUDQD1RQSLJLRYDQHPDPROWREHOOD± ULVSRVH $ ± 1RQ PL ULVXOWD FKH VFRSDVVH FRQ TXDOFXQR 3UREDELOPHQWH JRGHYD QHO FRPSLHUH OH VXH SUDWLFKH VDGR PDVRFKLVWLFKH)RUVHTXHVWHHUDQRLVXRLRUJDVPL 6WHWWHURLQVLOHQ]LRSHUTXDOFKHPLQXWR 3RLO¶DYYRFDWRGLVVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  6RQR FRQWHQWR FKH WL SLDFFLD TXHVWD YLOOD 3XRL YLYHUFL SHU WXWWR LO WHPSR FKH YRUUDL ( JUDWXLWDPHQWH 1RQ YRJOLR GHQDURGDWH0LSDJKHUDLLQQDWXUD 5LVHUR  †††  0LWUDVIHULLLQTXHOODYLOODTXDOFKHJLRUQRGRSR (FLzFDPELzLOFRUVRGHOODPLDYLWD 1RQ VDSHYR DOORUD FKH LQ VHJXLWR DYUHL SUHVR LO SRVWR GHOOD ³LVWLWXWULFH´ VDUHL GLYHQWDWD SHU WXWWL L PLHL FOLHQWL /DG\ 6 H DYUHLJXDGDJQDWRXQPXFFKLRGLGHQDUR ,QTXHLJLRUQLVDSHYRVRORFKHGRYHYRDEEDQGRQDUHDOPHQR WHPSRUDQHDPHQWH LO PLR ODYRUR GL LQGRVVDWULFH H FKH GRYHYRGDUHXQDVYROWDGHFLVLYDDOODPLDYLWD /D SULPD FRVD FKH PL FDSLWz QHL SULPL WHPSL SRWHYD DYHUH FRQVHJXHQ]HGUDPPDWLFKH 6LWUDWWDYDGL-DGD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &RPH WHPHYR OD PLD DPLFD QRQ DFFHWWz LO PLR GLVWDFFR GD OHLFKHLQWXLYDGHILQLWLYR 7HQWzLOVXLFLGLR3UHVHXQDGRVHHFFHVVLYDGLWUDQTXLOODQWL /DWURYDURQRVYHQXWDVXOVXROHWWR 6H OD FDYz FRQ XQ SR¶ GL VSDYHQWR OD QRWL]LD ULPDVH FLUFRVFULWWDSHUFXLODVXDLPPDJLQHSXEEOLFDQRQQHULVHQWu DIIDWWR 0LIHFLYLYDVRORSHUWHOHIRQROHGLVVLFKHPLGLVSLDFHYDFKH QRQ DYUHEEH GRYXWR IDUOR LQVRPPD OH VROLWH FRVH FKH VL GLFRQRLQVLPLOLFLUFRVWDQ]H 3RL O¶DVVLFXUDL FKH SUHVWR VDUHL WRUQDWD GD OHL H TXHVWR OD WUDQTXLOOL]]z&RVuDOPHQRPLSDUYH )XTXHOORLOQRVWURXOWLPRFRQWDWWR 3HU VXD IRUWXQD -DGD VL UDVVHJQz PROWR UDSLGDPHQWH DOOD PLDVFRPSDUVDGDOODVXDYLWD 4XDOFKH WHPSR GRSR DSSUHVL GDL JLRUQDOL FKH OD PLD H[ DPLFD DYHYD LQFRQWUDWR XQ ULFFR HJL]LDQR H OR DYHYD VSRVDWRDQGDQGRDYLYHUHQHOVXRSDHVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &RVu -DGD VSDUu GHILQLWLYDPHQWH GDOOD PLD YLWD FRQ TXDOFKH ULPSLDQWRORDPPHWWR  †††  9RJOLRSURSRUWLXQDFROODERUD]LRQHPROWRLQWHUHVVDQWH±PL GLVVH$XQJLRUQRFKHHURDFROD]LRQHGDOXL 6HPEUDYDVRGGLVIDWWRGHOODVXDSURSRVWD 'LFKHVLWUDWWD"±JOLFKLHVLLQFXULRVLWD 7DFTXHSHUTXDOFKHDWWLPRTXDVLDUDFFRJOLHUHOHVXHLGHH 'HYLVDSHUHVHJLjQRQORVDL±HVRUGuJXDUGDQGRPLQHJOL RFFKL ± FKH KR PROWL FOLHQWL LPSRUWDQWL JHQWH FKH WUDWWD JURVVL DIIDUL 2UD DOFXQL GL ORUR GL FXL QRQ IDFFLR LO QRPH H FKH GHO UHVWR QRQ FRQRVFL VRQR LQWHUHVVDWL DG XQD JLJDQWHVFD VSHFXOD]LRQH HGLOL]LD 6L WUDWWD GL FRVWUXLUH XQ HQRUPHFRPSOHVVRUHVLGHQ]LDOHVXXQDFHUWDDUHD,OJXDLRq FKHHVLVWHXQGLYLHWRDFRVWUXLUHLQTXHOOD]RQD&¶qSHUzXQ LPSRUWDQWH XRPR SROLWLFR FKH SRWUHEEH FRQ LO VXR LQWHUHVVDPHQWRHOLPLQDUHO¶RVWDFROR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6¶LQWHUUXSSH /R DVFROWDYR VHQ]D FDSLUH GRYH YROHVVH DUULYDUH &LVRQRSHUVRQHVSHVVRPROWRLPSRUWDQWL±FRQWLQXz±FKH KDQQR GHVLGHUL LQFRQIHVVDELOL 6RQR SHUVRQDJJL EHQ LQVHULWL QHOOD VRFLHWj LQ FXL YLYRQR ULYHVWRQR FDULFKH GL SUHVWLJLR FRPSDLRQRDOODWHOHYLVLRQHHVXLJLRUQDOLJRGRQRGHOODVWLPD H GHOOD ILGXFLD GL WXWWL 3HUz LQ ORUR F¶q XQ WDUOR FKH OL FRUURGH FKH OL UHQGH LQVRGGLVIDWWL DQFKH VH OD ORUR LQVRGGLVID]LRQH QRQ DSSDUH LQ VXSHUILFLH 6RQR SHU OR SL PDVRFKLVWLJRGRQRQHOORURLQWLPRDGHVVHUHXPLOLDWL(¶XQD VSHFLH GL OHJJH GL FRPSHQVD]LRQH )XRUL DSSDLRQR SRWHQWL GHQWUR VRQR GHEROL ( OD ³LVWLWXWULFH´ VDSHYD FRPH VRGGLVIDUOL&RQOHIUXVWHOHFDWHQHHJOLVSLOORQL 6¶LQWHUUXSSH&RQWLQXDYRDQRQFDSLUH  4XHVWR LPSRUWDQWH XRPR SROLWLFR FKH DJOL RFFKL GL WXWWL DSSDUHRQHVWRHLQFRUUXWWLELOHXQHVHPSLRSHUODFROOHWWLYLWj q SHU VXD VIRUWXQD XQ PDVRFKLVWD JLj FOLHQWH GHOOD ³LVWLWXWULFH´2UDYRJOLRDSSURILWWDUHGLTXHVWDVXDGHEROH]]D SHU DYHUOR LQ SXJQR H FRVWULQJHUOR D YHQLUH LQFRQWUR DOOH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ULFKLHVWH GHL PLHL DPLFL VSHFXODWRUL 1RQ PL JXDUGDUH PDOH +HOHQH PD JOL DIIDUL VRQR DIIDUL ( OD PLD SDUWH LQ TXHVWR DIIDUHqULOHYDQWH3RVVRJXDGDJQDUHPROWLVVLPR(DQFKHWX SRWUHVWLULFHYHUHODWXDSDUWH (FRPH"JOLFKLHVL 6HYXRLSXRLHVVHUHODFKLDYHGLWXWWR/DFKLDYHFKHDSUH OR VFULJQR GHO WHVRUR +R QRWDWR FKH WH OD FDYL EHQH FRQ OD IUXVWD 6L WUDWWD GL IDUOR YHQLUH GD WH QHOOD YLOOD H GL DFFRQWHQWDUOR XQ SR¶ /XL QRQ YXROH VFRSDUH 9XRO IDUH LO« FDQH (ULVHGLYHUWLWR ,OFDQH" /RJXDUGDLLQFUHGXOD  6u KDL VHQWLWR EHQH 9XRO IDUH LO FDQH *OL PHWWL XQ JXLQ]DJOLRDOFROORORIDLDEEDLDUHXQSR¶JOLGDLXQEHOSR¶GL IUXVWDWH H OXL VDUj VRGGLVIDWWR 7L SDJKHUz PROWR SHU OD WXD SUHVWD]LRQH(¶FRPHXQJLRFR0ROWRUHGGLWL]LR±DJJLXQVH $YHYR FDSLWR $ PL VSLQJHYD VXOOD VWUDGD FKH DYUHL EHQ SUHVWRSHUFRUVRTXHOODVWUDGDFKHSRUWDYDD/DG\6

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &L SHQVDL VX SHU TXDOFKH LVWDQWH (UD YHUR HUD SURSULR XQ JLRFR 8Q XRPR DYUHEEH IDWWR OD SDUWH GHO FDQH LR OD VXD SDGURQD /R DYUHL SLFFKLDWR VH DYHVVH DEEDLDWR R VH DYHVVH VSRUFDWR VH VL IRVVH LQVRPPD FRPSRUWDWR PDOH 7XWWR TXL 3RL VDUHL SDVVDWD DG LQFDVVDUH LO GHQDUR ,Q YHULWj QRQ PL VDUHEEHGLVSLDFLXWRIUXVWDUHLSHUYHUWLWL  9D EHQH $ 6H PL DVVLFXUL FKH q WXWWR TXL FL VWR 0D YRJOLRHVVHUHSDJDWDEHQH2UDQRQIDFFLRSLO¶LQGRVVDWULFH HKRELVRJQRGLJXDGDJQDUH /¶DYYRFDWRPLVWULQVHODPDQRFRQIRU]D $IIDUHIDWWR±PLGLVVH (UDVRGGLVIDWWRFKHDYHVVLDFFHWWDWRODVXDSURSRVWD  ,O EHOOR q FKH WXWWD OD VFHQD YHUUj ULSUHVD±FRQWLQXz$± +RIDWWRLVWDOODUHXQFLUFXLWRWHOHYLVLYRLQWHUQRFKHFRQVHQWH GLULSUHQGHUHTXDOVLDVLFRVDLQTXDOVLDVLORFDOHGHOODYLOODHLQ TXDOVLDVL SDUWH GHO SDUFR /H WHOHFDPHUH VRQR FRVu EHQ RFFXOWDWH FKH VROR GHJOL HVSHUWL SRWUHEEHUR VFRSULUOH 3RL OD FDVVHWWD FRQWHQHQWH OD ULSUHVD WHOHYLVLYD PL VHUYLUj SHU DPPRUELGLUH LO QRVWUR XRPR &HUWR q XQ ULFDWWR 1RQ OR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ QDVFRQGR 0D FRPH GLFH LO GHWWR" $¶ OD JXHUUH FRPPH j OD JXHUUH 7¶LQVHJQHUz FRPH D]LRQDUH LO PHFFDQLVPR DO PRPHQWR FKH ULWLHQL RSSRUWXQR 6DUDL OD UHJLVWD GL TXHVWR VSHWWDFRORFDQLQR 5LGHPPR ,O WXWWR PL DSSDULYD XQ JLRFR 8Q JLRFR GLYHUWHQWH 3RLDJJLXQVH 6SHURFKH&FRVuVLFKLDPDLOQRVWURXRPRQRQVLDO¶XQLFR SHUVRQDJJLR GD WUDWWDUH ( VH YXRL SXRL GLYHQWDUHODQXRYD ³LVWLWXWULFH´$Q]L/DG\6DGHDEEUHYLDWRLQ/DG\61RQqXQ ODYRUR +HOHQH (¶ XQ JLRFR PROWR UHGGLWL]LR 7H OR DVVLFXUR 'LSHQGHVRORGDWH  9HGUHPR ± PL OLPLWDL D ULVSRQGHUH ± 3HU LO PRPHQWR RFFXSLDPRFLGLTXHVWRLPSRUWDQWHXRPRSROLWLFR 0L VSLHJz FKH GRSR OD SDUWHQ]D GHOOD ³LVWLWXWULFH´ & QRQ DYHYD SRWXWR VRGGLVIDUH OD VXD SHUYHUVLRQH WHPHQGR GL HVVHUHVFRSHUWRHULFDWWDWR6LILGDYDVRORGHOOD³LVWLWXWULFH´ ,O SLDQR GHOO¶DYYRFDWR HUD GL IDU VDSHUH D & FKH F¶HUD XQD QXRYD ³LVWLWXWULFH´ /DG\ 6  JLRYDQH EHOOD H VRSUDWWXWWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ILGDWD H FKH TXLQGL SRWHYD WUDQTXLOODPHQWH ULWRUQDUH D IUHTXHQWDUH TXHOO¶DPELHQWH FKH EHQ FRQRVFHYD  H GRYH LQ SDVVDWRDYHYDVRGGLVIDWWRLVXRLLQFRQIHVVDELOLGHVLGHUL  5LFRUGDWL GL WUDWWDUOR PDOH +HOHQH 4XHVWL VRJJHWWL YRJOLRQRHVVHUHXPLOLDWLILVLFDPHQWHHSVLFRORJLFDPHQWH3L OLWUDWWLPDOHHSLJRGRQR7UDWWDORFRPHXQFDQHUDQGDJLR 1DWXUDOPHQWH QRQ IDUJOL PROWR PDOH (¶ WURSSR SUH]LRVR SHU QRL  †††  &O¶LPSRUWDQWHXRPRSROLWLFRWHOHIRQzDG+HOHQH /¶DYYRFDWRFKHFRQRVFHYDWXWWRGLWXWWLFKHJUD]LHDOOHVXH QXPHURVH DPLFL]LH H DGHUHQ]H ULXVFLYD ODGGRYH L SL QRQ ULXVFLYDQRDYHYDODYRUDWREHQH 4XHVWR IX LO SHQVLHUR GHOOD GRQQD TXDQGR DVFROWz SHU OD SULPDYROWDODYRFHGHOVXRSULPRFOLHQWH ,Q WRQR HGXFDWR PD XPLOH OH FKLHGHYD GL ILVVDUJOL XQ DSSXQWDPHQWR SHU LO WUDWWDPHQWR FKH EHQ FRQRVFHYD /D

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ FKLDPz /DG\ 6  (UD OD SULPD YROWD FKH XGLYD TXHO VXR VRSUDQQRPH FKH VDUHEEH SRL GLYHQWDWRPROWRSRSRODUHWUDL SHUYHUWLWLHFFHOOHQWLGHOODFLWWjHGLQWRUQL +HOHQHJOLILVVzO¶DSSXQWDPHQWRSHULOJLRUQRVXFFHVVLYR /¶XRPR FKH DSSDUYH DJOL RFFKL GHOOD UDJD]]D HUD VXL FLQTXDQW¶DQQL EDVVR GL VWDWXUD JUDVVRFFLR FDOYR EHQ YHVWLWR FRQ XQ¶HVSUHVVLRQH GHO YLVR FKH VL VIRU]DYD GL DSSDULUHFRUGLDOH +HOHQH FDSu FKH O¶XRPR HUD LPEDUD]]DWR /D GRQQD LQGRVVDYD XQ FRPSOHWR LQ SHOOH QHUD UHJJLVHQR H SDQWDORQFLQLFRUWLHDOWLVWLYDOLFRQLOWDFFRDVSLOOR (UD SL R PHQR O¶DEELJOLDPHQWR GHOOD ³GRPLQD´ QHOOH UDSSUHVHQWD]LRQLHQHOO¶LPPDJLQDULRFROOHWWLYR /DVXDEHOOH]]DHODVXDJLRYDQHHWjDYHYDQRFROSLWRO¶XRPR FKHDYHYDDVVXQWRXQ¶DULDXPLOHGDFDQHEDVWRQDWR 4XDOHWUDWWDPHQWRSUHIHULVFL"±JOLFKLHVHGDQGRJOLGHOWX FRPHOHDYHYDVXJJHULWRO¶DYYRFDWR 'RYHYDWUDWWDUORGD³GRPLQD´'RYHYDFRQVLGHUDUORXQDYHUD QXOOLWj

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &QRQULVSRVH(UDVHPSUHLPEDUD]]DWR 3RLDOODILQHGLVVHLQWRQRGLPHVVR 0LSLDFHIDUHLOFDQH /HYHQQHGDULGHUH 9XRLIDUHLOFDQH"(FKHWLSRGLFDQH"±JOLFKLHVH 8QRTXDOVLDVL±OHULVSRVHO¶XRPR  &HUWR QRQ SRWUHVWL HVVHUH XQ DODQR $O PDVVLPR XQ EXOOGRJ *OLULVHLQIDFFLD $OORUDVSRJOLDWLHIDPPLYHGHUHFRPHVDLIDUHLOFDQH 6L VSRJOLz LQ VLOHQ]LR PHQWUH OD UDJD]]D FRQ XQD VFXVD VL DOORQWDQzSHUDWWLYDUHODWHOHFDPHUDQDVFRVWD 2UD & HUD GDYDQWL D OHL WXWWR QXGR LQJLQRFFKLDWR VXO SDYLPHQWRFRQLSDOPLGHOOHPDQLDWHUUD 4XHOFRUSRWR]]RJUDVVRHELDQFRTXDVLSULYRGLSHOXULDOD GLVJXVWz *OL PLVH DO FROOR XQD FDWHQHOOD PHWDOOLFD D JXLVD GL JXLQ]DJOLR JOL DSSOLFz VXO YLVR XQD PDVFKHUD GL FXRLR FKH IXQJHYDGDPXVHUXROD&RQXQDPDQRLPSXJQzXQIUXVWLQR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ FRQ O¶DOWUD VWULQVHODFDWHQHOOD3RLJOLGHWWHXQFDOFLRFRQOD SXQWDGHOORVWLYDOH 6XGDEUDYRFDPPLQDFDJQROLQREHOOR/DWXDSDGURQDWL YXROWDQWREHQHJOLGLVVHLQWRQRLURQLFR /¶XRPR VL PXRYHYD VXO SDYLPHQWR D TXDWWUR ]DPSH FRPH XQ YHUR FDQH 0XJRODYD SHUFKp QRQ SRWHYD DEEDLDUH D FDXVDGHOODPDVFKHUDVLIHUPDYDVLVHGHYDVXOOHJLQRFFKLD LPLWDQGR XQ FDQH LQ DWWHJJLDPHQWR GL ULSRVR /D ILVVDYD DWWUDYHUVR OD PDVFKHUD 3RL ULFRPLQFLDYD D PXRYHUVL RUD OHQWDPHQWHRUDSLYHORFHPHQWH +HOHQH WLUDYD VSHVVR OD FDWHQHOOD FRVWULQJHQGROR D UDOOHQWDUHRDIHUPDUVL  1RQ FRUUHUH FRVu EUXWWR FDJQDFFLR± JOL JULGDYD ILQJHQGR LUULWD]LRQH ± /D WXD SDGURQD q VWDQFD GL FRUUHUH VXL WDFFKL DOWL (DFFRPSDJQDYDOHVXHSDUROHFRQFDOFLHIUXVWDWH & JXDLYD FRPH XQ FDQH EDVWRQDWR +HOHQH JOL WROVH OD PDVFKHUD /¶XRPR DEEDLz FRPH XQ FDQH YHUR H OH OHFFz JOL VWLYDOL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  6PHWWLOD GL DEEDLDUH PLR EHO FDJQROLQR /D WXD SDGURQD QRQ VRSSRUWD LO WXR DEEDLR /H GDL IDVWLGLR 6PHWWLOD WL KR GHWWR & FRQWLQXz DG DEEDLDUH IRUVH SHU VWLPRODUH XQD UHD]LRQH YLROHQWDGDSDUWHGL+HOHQH %UXWWRFDJQDFFLR0DOHGHWWREDVWDUGR±JOLXUOz *OL WLUDYD OD FDWHQHOOD FRQ IRU]D H FRQWHPSRUDQHDPHQWH OR IUXVWDYDVXWXWWRLOFRUSR &JXDLYDSURSULRFRPHXQFDQH5LXVFLYDDGLPPHGHVLPDUVL QHOO¶DQLPDOHLQPDQLHUDVFRQFHUWDQWH /R JXLGz DQFRUD SHU OD VWDQ]D LQVXOWDQGROR IUXVWDQGROR H SUHQGHQGRORDFDOFLFRQODSXQWDGHJOLVWLYDOL $G XQ WUDWWR & VL DUUHVWz +HOHQH VL DFFRUVH FKHLOPHPEUR GHOO¶XRPRGDTXDOFKHPLQXWRHUDGLYHQWDWRWXUJLGR & PXJROz GL SLDFHUH TXDQGR GD TXHO PHPEUR OXQJR H VFXURIXRULXVFuXQJHWWRSUROXQJDWRGLVSHUPDFKHVLVSDUVH VXOSDYLPHQWR  &RVD KDL IDWWR FDQH PHUGRVR 0L KDL VSRUFDWR LO SDYLPHQWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ +HOHQH ILQJHYD GL HVVHUH DUUDEELDWD ,Q UHDOWj HUD VROR GLVJXVWDWDGDTXHOORVSHWWDFRORSHQRVRVTXDOOLGR /R SLFFKLz FRQ LO IUXVWLQR FRQ L FDOFL OR VWUDWWRQz WDQWR GD IDUJOLPDOH3RLJOLDIIHUUzODWHVWDWUDOHPDQLHODVSLQVHLQ JLILQRDWRFFDUHOHPDFFKLHGLVSHUPD  $GHVVR OHFFDOR WXWWR 9RJOLR YHGHUH LO SDYLPHQWR SXOLWR FRPHSULPD0LFDSLVFLFDQHVFKLIRVR" &FRPLQFLzDOHFFDUHLOSDYLPHQWRDVVRUEHQGRLOVXRVWHVVR VSHUPD +HOHQHYROWzLOYLVRSHUQRQYHGHUH4XHOODVFHQDHUDWURSSR GLVJXVWRVD 3RL & VL ULYHVWu FRPH VH QLHQWH IRVVH DFFDGXWR SDJz OD GRQQDDEER]]zXQVRUULVRHOHGLVVHVHPSOLFHPHQWH *UD]LH  †††  'RSRO¶XRPRSROLWLFRIXODYROWDGLXQJLXGLFH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  (¶ XQ WLSR GLIILFLOH ± PL VSLHJz $ GXUDQWH XQR GHL QRVWUL VROLWL LQFRQWUL FKH VL FRQFOXGHYDQR LQHYLWDELOPHQWH FRQ DOPHQRXQSDLRGLRUJDVPLGDSDUWHPLD (UDQR WUDVFRUVH DOFXQH VHWWLPDQH GDOOD PLD SULPD HVSHULHQ]DFRPH/DG\6$YHYRJLjFRQVHJQDWRDOO¶DYYRFDWR ODFDVVHWWDFRQODULSUHVDWHOHYLVLYD/DULYHGHPPRLQVLHPH 4XHOOH VFHQH GLVJXVWRVH H ULGLFROH VFRUUHYDQR GDYDQWL DL QRVWULRFFKLJHQHUDQGRIUDJRURVHULVDWHQHOO¶DYYRFDWR 8QEXRQODYRUR±IXLOVXRFRPPHQWRILQDOH  4XHVWR JLXGLFH FKH FKLDPHUz 7 FRQWD PROWR QHO VXR FDPSR 'D SDUWH PLD KR ELVRJQR GL SLORWDUH XQ FHUWR SURFHVVR LQ XQD GHWHUPLQDWD GLUH]LRQH ( VROR 7 SXz IDUOR 3XUWURSSRqLQFRUUXWWLELOH±DJJLXQVH±/RVRSHUHVSHULHQ]D GLUHWWD 7DFTXHSRLFRQWLQXz  $QFKH OXL KD XQ SXQWR GHEROH (¶ XQ PDVRFKLVWD SL R PHQR FRPH & H FRPH OXL q VWDWR XQ DVVLGXR IUHTXHQWDWRUH GHOOD³LVWLWXWULFH´6RFKH&WLKDIDWWRXQDEXRQDSXEEOLFLWj HQRQPLVDUjGLIILFLOHVSLQJHUHLOJLXGLFHVRWWRODWXDIUXVWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 5LVH  ,QFDVWUHUz DQFKH OXL YHGUDL (¶ XQ SURFHVVR WURSSR LPSRUWDQWH SHU PH FRQ ULVYROWL HFRQRPLFL GHO PDVVLPR LQWHUHVVH(QRQSRVVRSHUGHUOR $QFKHOXLYXROHIDUHLOFDQH"±JOLFKLHVL )HFHXQFHQQRQHJDWLYRFRQLOFDSR  7 DPD VRVWHQHUH OD SDUWH GHO FULPLQDOH FKH YLHQH FRQGDQQDWR DOOD WRUWXUD ,QYHQWDJOL XQ UHDWR XQ UHDWR LQIDPDQWH LQFDWHQDOR IUXVWDOR ILFFDJOL SXUH TXDOFKH VSLOORQH« 5LGHYDQHOVXJJHULUPLOHWRUWXUHGDLQIOLJJHUHDOJLXGLFH 

(¶

OD

VROLWD

OHJJH

GHOOD

FRPSHQVD]LRQH

)XRUL

O¶LQWUDQVLJHQ]D H O¶LQFRUUXWWLELOLWj GHQWUR LO GHVLGHULR LQFRQIHVVDWRGLHVVHUHGDOO¶DOWURODWRGHOODEDUULFDWD $QFKH LO JLXGLFH 7 PL FKLHVH FRQ PROWD FLUFRVSH]LRQH XQ DSSXQWDPHQWR ( DQFRUD XQD YROWD PL VHQWLL FKLDPDUH /DG\ 6 &RPLQFLDL DG HVVHUH VRGGLVIDWWD GHO PLR QXRYR ODYRUR H GHO PLRVRSUDQQRPH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,OJLXGLFH7HUDXQWLSRGLPH]]¶HWjPDJURDVSHWWRELOLRVR YLVR VHYHUR 6HPEUDYD XQ WLSR DXWRULWDULR 1RQ FHUFDYD GL DSSDULUHFRUGLDOH 4XDQGRPLYLGHWHQWzLQXWLOPHQWHGLVRUULGHUH *OLFKLHVLTXDOHJHQHUHGLWUDWWDPHQWRGHVLGHUDVVH 9RJOLRHVVHUHJLXGLFDWRGDOHL±VLOLPLWzDGLUPL *OL GLVVL GL VSRJOLDUVL GDYDQWL D PH $YHYR LO PLR VROLWR DEELJOLDPHQWRLQSHOOHQHUDVWLYDOLQHULFRQLOWDFFRDVSLOORH LQSLVWULQJHYRLQSXJQRXQJDWWRDQRYHFRGH &RPLQFLzDVSRJOLDUVLOHQWDPHQWHFRQXQFHUWRLPEDUD]]R $YHYR JLj DWWLYDWR OD ULSUHVD WHOHYLVLYD H SHUFLz QRQ PL DOORQWDQDLGDOXL /R WRFFDL VXOOD JXDQFLD FRQ OD IUXVWD H JOL GLVVL FRQ WRQR LUULWDWR 6SRJOLDWLLQIUHWWD1RQKRWHPSRGDSHUGHUH 4XDQGR IX QXGR GDYDQWL D PH OR VSLQVL FRQ ODIUXVWDYHUVR ODVWDQ]DGHOODWRUWXUD*OLLQFDWHQDLPDQLHSLHGLJOLDSSOLFDL VXO YLVR XQD PDVFKHUD GL IHUUR H OR FRVWULQVL D VWDUH GLULWWR GDYDQWLDPH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3RLJOLGLVVLFRQYRFHVROHQQH  6HL DFFXVDWR GL SHGRILOLD QHL FRQIURQWL GLEDPELQLGLVHVVR PDVFKLOH )HFLILQWDGLFRQVXOWDUHXQLQFDUWDPHQWR  $K YHGR FKH WL SLDFH FLXFFLDUH L SLVHOOLQL GHL PDVFKLHWWL YHFFKLRVFKLIRVR /RFROSLLSLYROWHFRQLOJDWWRDQRYHFRGH 5LFRQRVFLGLDYHUFRPPHVVRSLYROWHLOUHDWRGLSHGRILOLD QHL FRQIURQWL GHL EDPELQL" ± JOL FKLHVL VHPSUH LQ WRQR VROHQQH±5LVSRQGLHVVHUHLJQRELOH 5HVSLQJRTXHVWDDFFXVDLQIDPDQWH±PLULVSRVH /DVXDYRFHILOWUDYDDVWHQWRDWWUDYHUVRODPDVFKHUDGLIHUUR  7L IDUz FRQIHVVDUH L WXRL GHOLWWL FRQ OD WRUWXUD ± JOL JULGDL VSLQJHQGRORYHUVRXQOHWWLQR /R FRVWULQVL D GLVWHQGHUVL ERFFRQL VX GL HVVR H FRPLQFLDL D IUXVWDUORFRQLOJDWWRDQRYHFRGH 1RQ SLFFKLDYR FRQ IRU]D SHU HYLWDUH YHUH H SURSULH ODFHUD]LRQL GHOOD SHOOH 5HVWDYDQR VROR OXQJKH VWULVFH YLRODFHH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &HVVDL GL IUXVWDUOR 0L DYYLFLQDL DOOD VXD PDVFKHUD H JOL FKLHVL  9XRL FRQIHVVDUH L WXRL RUULELOL GHOLWWL" 6H OR IDUDL VDUz FOHPHQWHFRQWH 7IHFHXQFHQQRQHJDWLYRFRQLOFDSR $OORUD SUHVL GXH VSLOORQL OXQJKL SDUHFFKL FHQWLPHWUL PROWR VRWWLOLHJOLHOLILFFDLLQFLDVFXQRGHLJOXWHL ,OVXRFRUSRVLFRQWUDVVHXGLLDOFXQLJHPLWLGLGRORUH &RQIHVVHUz&RQIHVVHUz±PLXUOzDWWUDYHUVRODPDVFKHUD *OLHOD WROVL ,O VXR YROWR DSSDULYD DOWHUDWR PH QRWDYR XQ FHUWRJRGLPHQWRQHOVXRVJXDUGR  5HQGLPL OD WXD FRQIHVVLRQH ± JOL GLVVL HVWUDHQGRJOL JOL VSLOORQL $OFXQHJRFFHGLVDQJXHDSSDUYHURVXOODSHOOHJLDOODVWUD  6RQR XQ SHGRILOR 8QR VFKLIRVR SHGRILOR ± FRQIHVVz ± 0L SLDFHFLXFFLDUHLSLVHOOLQLGHLPDVFKLHWWL6RQRXQLQIDPH 3RL SLDQVH 0L VWXSLL GL TXHOOD UHD]LRQH 3DUHYD FKH 7 VL LPPHGHVLPDVVHQHOUXRORGHOFROSHYROH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ *OL WROVL OH FDWHQH 0L DFFRUVL FKH QRQ DYHYD DYXWR DOFXQ RUJDVPR )RUVH LO VXR YHUR JRGLPHQWR HUD LQ XQD VSHFLH GL FDWDUVL LQWHULRUH QHO ULFRQRVFHUVL FROSHYROH GL GHOLWWL LPPDJLQDULHGLSHQWLUVHQH 6LULYHVWuLQVLOHQ]LRPLSDJzHQRQPLVDOXWz  †††  /¶DYYRFDWR DSSDULYD VRGGLVIDWWR QHO YLVLRQDUH OD ULSUHVD WHOHYLVLYDGHOODWRUWXUDGHOJLXGLFHHGHOOHVXHFRQIHVVLRQL 6WULQVHODFDVVHWWDLQSXJQRHULVH $QFKHLOJLXGLFH7qQHOOHPLHPDQL $FFDUH]]zODPDQRGL+HOHQHHOHGLVVH 6HLLQJDPED/DG\6 5LVHDQFRUD 3UHVWRGLYHQWHUDLULFFDPROWRULFFD±FRQWLQXz±9HGUDLFKH VDUDQQR LQ PROWL D FHUFDUWL D JXVWDUH OH WXH IUXVWDWH ( WL FRSULUDQQRG¶RUR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 'RSR LO JLXGLFH 7 +HOHQH SHU DOPHQR XQ PHVH QRQ HEEH DOWUL FOLHQWL VH QRQ XQ SDLR GL WL]L FKH YROHYDQR XQ WUDWWDPHQWRHQHUJLFRHFKHQRQOHFUHDURQRDOFXQSUREOHPD 1RQHUDQRFRPSOLFDWLFRPHLVXRLSULPLFOLHQWL &RPLQFLDYD DG DQQRLDUVL SHU OD VXD LQDWWLYLWj TXDQGR O¶DYYRFDWR OH WHOHIRQz SUHDQQXQFLDQGROH OD YLVLWD GL XQ SHUVRQDJJLRLPSRUWDQWH (¶XQLQGXVWULDOHPROWRULFFR)RUVHDYUDLJLjVHQWLWRLOVXR QRPH 6L FKLDPD = ± OH GLVVH O¶DYYRFDWR TXDQGR V¶LQFRQWUDURQR ,Q UHDOWj TXHO QRPH QRQ OH HUD GHO WXWWR QXRYR OR DYHYD IRUVHOHWWRVXTXDOFKHJLRUQDOHRVHQWLWRDOODWHOHYLVLRQH 6LWUDWWDGLXQDIIDUHPROWRJURVVR/DVFDODWDD]LRQDULDDG XQD

VRFLHWj

LQWHUQD]LRQDOH

RSHUDQWH

QHO

FDPSR

GHOO¶LQIRUPDWLFD 0LHL FOLHQWL VRQR LQWHUHVVDWL D TXHVWD VFDODWD DQ]L QH VRQR L SURPRWRUL HG q QHFHVVDULR FKH = YHQGDORUROHD]LRQLGDOXLSRVVHGXWHLQTXHOODVRFLHWj,QWDO FDVRHVVLDYUHEEHURODPDJJLRUDQ]DRSHUDWLYD3XUWURSSR= QRQYXROHYHQGHUOH1RQJOLFRQYLHQHYHQGHUOHLQSUHYLVLRQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ GHOODSURVVLPDIXVLRQHGLTXHVWDVRFLHWjFRQXQ¶DOWUDDQFRUD SL LPSRUWDQWH IXVLRQH FKH IDUj FUHVFHUH HQRUPHPHQWH LO YDORUHGHOOHD]LRQHSRVVHGXWHGD=  'HYL ODYRUDUWHOR EHQH ± DJJLXQVH ± (¶ DVVROXWDPHQWH QHFHVVDULRLQFDVWUDUOR 7DFTXHSHUTXDOFKHLVWDQWHSRLDJJLXQVHULGHQGR 7LGLYHUWLUDLFRQOXL*OLSLDFHIDUHLOEDPELQRLOEDPELQRLQ IDVFH 1HOOD UHDOWj = q ILJOLR XQLFR VFDSROR OHJDWR PRUERVDPHQWHDOODPDGUH8QFDVRSDWRORJLFRGLUHL/DVFLR LOEDPELQRLQEXRQHPDQL 5LVHSHUODVXDEDWWXWD /¶DYYRFDWR DYHYD UDJLRQH = HUD SURSULR XQ EDPELQR FUHVFLXWR LQ IUHWWD (UD VRWWR L TXDUDQW¶DQQLVWDWXUDSLFFROD ELRQGR RFFKL D]]XUUL OLQHDPHQWL GHOLFDWL IDQFLXOOHVFKL /D SHOOH HUD ELDQFD YHOOXWDWD  FRQ UDUL SHOL /D VXD YRFH HUD DFXWDWLPLGD7XWWRLOVXRDVSHWWRVHPEUDYDVPHQWLUHTXHOOD IHUPH]]DGLFXLDYHYDSDUODWRO¶DYYRFDWR /¶DYHYD TXDVL LPSORUDWD SHU WHOHIRQR SHU DYHUH XQ DSSXQWDPHQWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1HO YHGHUH +HOHQH DEELJOLDWD GD ³GRPLQD´ OH VRUULVH GHEROPHQWH &RVDYXRLGDPH"±JOLFKLHVH+HOHQHDJLWDQGRXQIUXVWLQR ±'ROFH]]D"7HQHUH]]D")UXVWDWH" /DVXDYRFHVXRQDYDLURQLFD  9RUUHL HVVHUH LO VXR« EDPELQR ± JOL WUHPz OD YRFH QHO PDQLIHVWDUHLOVXRGHVLGHULR  'HYR IDUWL GD PDPPD VH KR EHQ FDSLWR 0D ULFRUGDWL± H ORPLQDFFLzFRQLOIUXVWLQR±6DUzXQDPDPPDPROWRVHYHUD FRQLOVXREDPELQR  9RJOLR HVVHUH SXQLWR VH OR PHULWR ± OH SUHFLVz LQ WRQR XPLOH /R IHFH VSRJOLDUH 1RQ VL DFFRUVH GHOO¶DVVHQ]D GL +HOHQH TXDQGRODGRQQDVLDOORQWDQzSHUDFFHQGHUHODWHOHFDPHUD ,O VXR FRUSR HUD FDQGLGRHIDFHYDWHQHUH]]D+HOHQHORIHFH VWHQGHUH VXO VXR OHWWR FRPSOHWDPHQWH QXGR OR IDVFLz FRQ XQ SDQQRORQH GL TXHOOL FKH XVDQR OH SHUVRQH LQFRQWLQHQWL± VHQ¶HUDSURFXUDWRXQSDFFRSHUTXHOO¶HVLJHQ]DSDUWLFRODUH±

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ SRL VL VWHVH DFFDQWR D OXL OR DFFDUH]]z VL VFRSUu XQ VHQR H JOLSRUVHLOFDSH]]ROR 6XFFKLDLOODWWHGHOODWXDPDPPLQDFKHWLYXROHWDQWREHQH ±LPLWDYDDOODSHUIH]LRQHLOUXRORGHOODPDPPDFKHDOODWWDLO VXRSLFFROR±6XFFKLDVXFFKLDWHVRUXFFLRPLR $QFKH = HUD XQ EDPELQR SHUIHWWR *HVWLFRODYD SDUORWWDYD VLPXRYHYDFRPHXQEDPELQRGLXQDQQRRJLGLOu6LHUD FDODWR LQ TXHO UXROR LQ PDQLHUD VFRQFHUWDQWH 6H QRQ IRVVH VWDWR SHU OH VXH GLPHQVLRQL +HOHQH O¶DYUHEEH SUHVR SHU XQ EDPELQRYHUR = VXFFKLDYD JRORVR LO FDSH]]ROR SURFXUDQGROH XQD VHQVD]LRQHGLSLDFHUH $GXQWUDWWRJOLGHWWHXQRVFKLDIIRHORDOORQWDQzGDVp1RQ YROHYD SURYDUH DOFXQ SLDFHUH GXUDQWH TXHOOH GLVJXVWRVH VHGXWH )DLPDOHDOODWXDPDPPLQDFRQLWXRLGHQWLQL±JOLGLVVH IUXVWDQGROR = SLDQVH FRPH SXz SLDQJHUH XQ EDPELQR 1RQ ILQLYD GL PHUDYLJOLDUOD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ +HOHQHVHORVWULQVHWUDOHEUDFFLDFRFFRODQGROR =VPLVHGLSLDQJHUH  7L SLDFHUHEEH GL SL VH DO PLR SRVWR FL IRVVH OD WXD YHUD PDPPD"±JOLFKLHVH $QQXu 6HLSURSULRFDWWLYRFRQPH±JOLJULGzILQJHQGRVLDGLUDWD± 0HULWLXQDSXQL]LRQH /R IUXVWz VXO GRUVR H VXOOH JDPEH SL YROWH PHQWUH = SLDQJHYDGLVSHUDWDPHQWH 3RL+HOHQHORSUHVHSHUXQRUHFFKLRHORVSLQVHLQXQDVSHFLH GL VWDQ]LQR FKH VHUYLYD GD ULSRVWLJOLR /R FKLXVH GHQWUR D FKLDYH &RVuLPSDUHUDLDGLUHFRVHFDWWLYHDOODWXDPDPPLQD±JOL GLVVHDWWUDYHUVRODSRUWD =ULFRPLQFLzDSLDQJHUH /RWHQQHFKLXVRQHOORVWDQ]LQRSHUXQDGHFLQDGLPLQXWL3RL DSUuODSRUWD/RSUHVHSHUPDQRHORGLVWHVHVXOOHWWR  9HGLDPR VH LO PLR EDPELQR VL q VSRUFDWR ± JOL GLVVH DSUHQGRLOSDQQRORQH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 8QDFUHRGRUHGLVSHUPDDUULYzDOOHQDULFLGHOODGRQQD =DYHYDDYXWRXQRUJDVPRQHOORVWDQ]LQR 7LVHLPDVWXUEDWRVSRUFDFFLRQH±JOLJULGz /RSUHVHDVFKLDIIL  /R VDL FKH TXHVWH FRVH QRQ VL IDQQR VRSUDWWXWWR DOOD WXD HWj" *OL VSLQVH LO YLVR VXOOD PDFFKLD GL VSHUPD FKH DSSDULYD DOO¶LQWHUQRGHOSDQQRORQH  (G RUD OHFFD LO WXR VSHUPD 7XWWR 1RQ YRJOLR YHGHUQH OD SLSLFFRODWUDFFLD = FHUFz GL UHVLVWHUH DOOD SUHVVLRQH HVHUFLWDWD GDOOH PDQL GL +HOHQH /D GRQQD FDSLYD FKH = SURYDYD GLVJXVWR QHO IDUH FLzFKHJOLLPSRQHYD3HUzXEELGu 4XDQGRWHUPLQzGLOHFFDUHFRUVHQHOEDJQRDYRPLWDUH (FLzJOLFRVWzGDSDUWHGL+HOHQHXQDGRVHVXSSOHPHQWDUHGL IUXVWDWH   

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  /D YRFH FKH XQD ³GRPLQD´ PROWR EHOOD H JLRYDQH DYHYD SUHVRLOSRVWRGHOOD³LVWLWXWULFH´VLGLIIXVHLQFLWWjHQRQVROR LQFLWWjFRQXQDFHUWDUDSLGLWj 5LFHYHYR RUPDL QXPHURVH ULFKLHVWH GL DSSXQWDPHQWL DQFKH GDFLWWjORQWDQH &RPLQFLDLDVHOH]LRQDUHODPLDFOLHQWHOD 0LLQWHUHVVDYDQRVRORSHUVRQHLPSRUWDQWLSHUVRQDJJLQRWLLQ PROWLFDPSL9ROHYRDYHUHXQDFOLHQWHODG¶qOLWH,OPLRPRWWR HUD SRFKL PD EXRQL 1RQ DYHYR DOFXQD LQWHQ]LRQH GL PHWWHUPL VXOOR VWHVVR SLDQR GL FKL PHWWH VXL JLRUQDOL LQVHU]LRQL GHO WLSR ³ 6LJQRUD GDO FDUDWWHUH IRUWH HGXFD H JXLGD FRQ PDQR DXWRULWDULD SHUVRQH G¶DPER L VHVVL GHVLGHURVHGLVRWWRPHWWHUVLDGXQDVHYHUDHGXFD]LRQH³ (UR/DG\6HDYHYRXQQRPHGDIDUHULVSHWWDUH 1RQPLIXGLIILFLOHUDJJLXQJHUHTXHVWRRELHWWLYR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /D PDJJLRU SDUWH GHL PLHL FOLHQWL DYHYD FRQRVFLXWR OD ³LVWLWXWULFH´ (VVL QRQ WDUGDURQR D IDUH SDUDJRQL WUD TXHOOD GRQQDHPH(QHXVFLLYLQFLWULFH 6HSSL FKH L PLHL FOLHQWL DSSUH]]DYDQR ROWUH FKH OD PLD EHOOH]]DLOPLRPRGRGLWUDWWDUOL/LXPLOLDYRHOLIUXVWDYRq YHUR PD PDL FRQ FDWWLYHULD 2GLDYR YHGHUHLO VDQJXH VX GL ORUR H SHUFLz FHUFDYR GL ULFRUUHUH VROR DOOH FDWHQH H DOOH IUXVWH FKH SHUDOWUR XVDYR FRQODGRYXWDFDXWHOD5LFRUUHYR DJOLVSLOORQLUDUDPHQWHHVRORVXULFKLHVWD (URFRQVLGHUDWDXQD³GRPLQD´DXWRULWDULDHVHYHUDPDQHOOR VWHVVR WHPSR JHQWLOH 8QD ILJXUD GL ³GRPLQD´ VXL JHQHULV QHOO¶LPPDJLQDULRPDVRFKLVWD , PLHL FOLHQWL ULSHWR HUDQR SHUVRQDJJL QRWL H WHQHYDQR PROWR DOOD ULVHUYDWH]]D 6L ILGDYDQR GL PH H VROR D YROWH WUDGLYR OD ORUR ILGXFLD ULSUHQGHQGROL FRQ OH WHOHFDPHUH QDVFRVWH /R IDFHYR VROR TXDQGR PH OR FKLHGHYD O¶DYYRFDWR RTXDQGRORULWHQHYRXWLOHSHUPH $ GDO FDQWR VXR PL SURFXUz DOFXQL GHL PLHL FOLHQWL SL SUHVWLJLRVL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 5LFRUUHQGR DO ULFDWWR SL R PHQR HVSOLFLWR O¶DYYRFDWR HUD ULXVFLWRVLDQHOFDVRGL&O¶XRPRSROLWLFRVLDQHOFDVRGL= O¶LQGXVWULDOH DG RWWHQHUH FLz FKH YROHYD &L ULXVFu VXFFHVVLYDPHQWH VHSSXUH FRQ PROWH GLIILFROWj DQFKH FRQ 7LOJLXGLFH &RVu LQ SRFR WHPSR PL WURYDL WUD OH PDQL XQD JURVVD VRPPD GL GHQDUR IUXWWR GHOOD PLD FROODERUD]LRQH H FRQ TXHOODDFTXLVWDLGD$ODYLOOD /¶DYYRFDWRIXPROWRJHQHURVRFRQPH0HODYHQGHWWHDGXQ SUH]]R GL JUDQ OXQJD LQIHULRUH DO VXR YDORUH HIIHWWLYR 0D IRUVH OD VXD QRQ HUD VROR JHQHURVLWj 0ROWR SUREDELOPHQWH FRQ TXHO JHVWR YROHYD DVVLFXUDUVL OD PLD SUH]LRVD FROODERUD]LRQHDQFKHSHULOIXWXUR &RVuGLYHQQLSURSULHWDULDGHOODYLOODHPLVHQWLLSLHQDPHQWH DXWRQRPDOLEHUDGLJHVWLUHLOPLRODYRURHODPLDYLWD 1HO IUDWWHPSR OD PLD UHOD]LRQH FRQ $ FRQWLQXDYD WUD DOWL H EDVVL (UD GLYHQWDWD RUPDL XQD UHOD]LRQH GL URXWLQH  PD QRQRVWDQWHFLzFLUHJDODYDDQFRUDHPR]LRQLSLRPHQRIRUWL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ HXQEHOSR¶GLRUJDVPL1RQFLDPDYDPRHTXHVWRFLDVFXQR GLQRLORVDSHYD *OL HUR ULPDVWD IHGHOH VROR SHUFKp QRQ DYHYR DQFRUD LQFRQWUDWRXQXRPRFKHSRWHVVHVRVWLWXLUOR ,QYHFH $ HUD LQIHGHOH SHU QDWXUD 6DSHYR FKH IUHTXHQWDYD DQFRUD DOWUH GRQQH  YHFFKLH R QXRYH FRQTXLVWH 1RQ HUR JHORVD VH QRQ TXHO WDQWR ± PROWR SRFR LQ YHULWj ± FKH Gj VDSRUHHJULQWDDGXQDUHOD]LRQHVHVVXDOH &RVuODPLDYLWDVFRUUHYDDEEDVWDQ]DWUDQTXLOOD /D PLD DWWLYLWj QRQ HUD DIIDWWR IDWLFRVD R VWUHVVDQWH 5LFHYHYRSRFKHYROWHDOODVHWWLPDQDHSHUWDQWRDYHYRPROWR WHPSR D GLVSRVL]LRQH FKH LPSLHJDYR WUD O¶DOWUR DG HVFRJLWDUH FRQ OD PLD IDQWDVLD QXRYL JLRFKL VDGR PDVRFKLVWLFLVHPSUHQHLOLPLWLGHOO¶LQFROXPLWjILVLFDGHLPLHL FOLHQWL $ YROWH VHSSXUH UDUDPHQWH DFFHWWDYR TXDOFKH LQYLWR D VILODUHLQSDVVHUHOODPDVHPSUHIXRULFLWWj *XDGDJQDYREHQHHYLYHYRQHOOXVVR 

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ †††  ,PLHLFOLHQWLHUDQRSHUODPDJJLRUSDUWHXRPLQL 0DQRQPDQFDYDQROHGRQQH /DSULPDFKHPLFKLHVHLOWUDWWDPHQWRIXXQDQRWDJLRUQDOLVWD WHOHYLVLYD 0LWHOHIRQzXQDPDWWLQD6HPEUDYDLPEDUD]]DWD  &DUD ± PL GLVVH FRQ YRFH DIIHWWDWD H VJUDGHYROH ± SXRL ULFHYHUPL"&UHGRGLFRQRVFHUWL1RQVILODYLWHPSRIDSHUOR VWLOLVWD/" 0LGLVVHLOVXRQRPH6LFKLDPDYD*/HULVSRVLFKHQRQPL ULFRUGDYR GL OHL FKH IRUVH O¶DYHYR FRQRVFLXWD GL YLVWD DO WHPSRGHOOHPLHVILODWH/HGHWWLO¶DSSXQWDPHQWR *HUDXQDGRQQDDQFRUDJLRYDQHJUDVVRFFLDFDSHOOLURVVLH YHVWLYDFRQXQDFHUWDHOHJDQ]D 0LVRUULVHPRVWUDQGRPLGHQWLILQWLWXWWLXJXDOL 6HLSURSULRWX+HOHQH±HVFODPzVRUULGHQGR /D VTXDGUDL 1RQ ULFRUGDYR GL DYHUOD PDL YLVWD GL SHUVRQD IRUVH DOOD WHOHYLVLRQH $FFHQQz DG DOFXQL SDUWLHV DL TXDOL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ DYHYRSDUWHFLSDWRLQSDVVDWR)RUVHPLHUDVWDWDSUHVHQWDWD LQXQDGLTXHOOHRFFDVLRQL  &RVD SRVVR IDUH SHU WH" ± OH FKLHVL LQ WRQR XQ SR¶ VEULJDWLYR 1RQPLHUDVLPSDWLFD /D JLRUQDOLVWD QRQ PL ULVSRVH VXELWR 6HPEUDYD SLXWWRVWR LPEDUD]]DWD3RLPLGLVVH  +R VHPSUH GHVLGHUDWR QHO PLR LQFRQVFLR GL HVVHUH YLROHQWDWDHIUXVWDWDGDXQDGRQQDFRPHWH 0LOLPLWDLDGLUOH 6SRJOLDWL $]LRQDLODWHOHFDPHUD*HUDXQVRJJHWWRGDULSUHQGHUH )UD L YDUL DUQHVL GHOOD PLD SURIHVVLRQH F¶HUD XQ PHPEUR PDVFKLOHILQWRWDOPHQWHSHUIHWWRSHUGLPHQVLRQLHFRORUHGD VHPEUDUHYHUR,QROWUHSRWHYRULHPSLUHLWHVWLFROLGLOLTXLGR± GLVROLWRXQOLTXLGRFUHPRVRGDVLPXODUHORVSHUPD±HFRQ XQD VHPSOLFH SUHVVLRQH GHOOH FRVFH IDUOR VFKL]]DUH IXRUL FRPH XQ YHUR JHWWR GL VSHUPD /¶DYHYR FRPSHUDWR QRQ

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ PROWRWHPSRSULPDSHUFKpDOFXQLFOLHQWLPLDYHYDQRFKLHVWR GLHVVHUHVRGRPL]]DWLDOODILQHGHOWUDWWDPHQWR 0L DSSOLFDL LO PHPEUR ILQWR PL JXDUGDL DOOR VSHFFKLR H QRQ SRWHWWLWUDWWHQHUHXQVRUULVR *JXDUGDYDLOPHPEUR'HVLGHULRHLPEDUD]]RWUDVSDULYDQR GDOVXRVJXDUGR0HQHDFFRUVL 'LPPLSXWWDQD±ULFRUUHYRDOPLRVROLWROLQJXDJJLRYROJDUH ±4XHVWDqODSULPDYROWDSHUWH"  6u FDUD ± PL ULVSRVH DUURVVHQGR ± 1RQ KR PDL DYXWR LO FRUDJJLRGLIDUORSULPD(SRLYROHYRFKHIRVVLWXDIDUOR«  1RQ PL FKLDPDUH FDUD &KLDPDPL SDGURQD± OD UHGDUJXLL VHYHUD+DLFDSLWREDJDVFLD" $QQXu /D GLVWHVL ERFFRQL VXO OHWWLQR YH OD LQFDWHQDL H FRQ XQDYHUJDPROWRVRWWLOHFRPLQFLDLDSLFFKLDUOD 3DGURQD±P¶LPSORUz*±)UXVWDPLVRORVXOOHQDWLFKH1RQ YRJOLRFKHVLYHGDQRLVHJQLGHOOHIUXVWDWH /¶DFFRQWHQWDL /D YHUJD ODVFLDYD VXOOH QDWLFKH VWULVFH VRWWLOL YLRODFHH*VWULOODYD &KLXGLLOEHFFREDWWRQD±OHJULGDL±0LGDLIDVWLGLR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  %DVWD SDGURQD ± P¶LPSORUz DQFRUD GRSR DOFXQL PLQXWL GL IXVWLJD]LRQH /HWROVLOHFDWHQHHODIHFLLQJLQRFFKLDUHVXOWDSSHWR ,OVXRFRUSRJUDVVRFFLRVXVVXOWDYD,QTXHOODSRVL]LRQHSURQD PLILVVDYDVRGGLVIDWWD/HRUGLQDLGLOHFFDUPLJOLVWLYDOLHOHL ORIHFHXEELGLHQWH 3RL DOO¶LPSURYYLVR OH ILFFDL LO PHPEUR QHOOD YDJLQD H FRPLQFLDL LO PRYLPHQWR D VWDQWXIIR GDSSULPD OHQWR SRL VHPSUHSLYHORFH ,O PLR PHPEUR ODYRUDYD FRQ YLROHQ]D FRQ UDEELD QHOOD YDJLQDGHOODJLRUQDOLVWD 9ROHYR IDUOH PDOH SHUFKp OD GHWHVWDYR /HL PXRYHYD OH DQFKH TXDVL LQ VLQFURQLD FRQ L PLHL PRYLPHQWL HG HPHWWHYD FHUWLVWUDQLVRVSLUL $QFRUD«$QFRUD«3LIRUWH«6u«6u«P¶LPSORUDYD  6HL SURSULR XQD JUDQ SXWWDQD ± OH GLFHYR PHQWUH DFFHOHUDYRLPRYLPHQWL±&KLVVjTXDQWLFD]]LKDLFLXFFLDWRLQ YLWD WXD &KLVVj TXDQWH ILFKH KDL OHFFDWR WURLRQD 7L

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ SLDFFLRQR VLD JOL XRPLQL FKH OH GRQQH &RQIHVVDOR VFKLIRVD SXWWDQD /DGRQQDDQQXLYDFRQLOFDSR $GXQWUDWWRPLDFFRUVLFKHVWDYDSHUDYHUHO¶RUJDVPRHFRQ XQDLQFUHGLELOHVLQFURQLDSUHPHQGROHFRVFHD]LRQDLLOJHWWR GHOILQWRVSHUPD * ODQFLz XQ XUOR EHVWLDOH SUROXQJDWR (UD O¶RUJDVPR SL YLROHQWR HG RVFHQR FKH DYHVVL PDL YLVWR ,O FRUSR GHOOD JLRUQDOLVWDVLFRQWRUVHVRWWRGLPHWXWWRVXGDWR $QFRUD«$QFRUD«$QFRUD«ULSHWHYDPHFFDQLFDPHQWH ,O ILQWR OLTXLGR VHPLQDOH OH VFRUUHYD OXQJR OH FRVFH GHSRVLWDQGRVLVXOWDSSHWR  (G RUD OHFFD OR VSHUPD ± OH RUGLQDL FROSHQGR LO FRUSR VXGDWRFRQODYHUJD /HFFzDFFXUDWDPHQWHLOWDSSHWRODGGRYHHUDPDFFKLDWR 3RLPLFKLHVHGLHVVHUHVRGRPL]]DWD /¶DFFRQWHQWDL/DSHQHWUD]LRQHIXYLROHQWDHGRORURVD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 6LDJLWzVWULOOz(TXDQGRVHQWuSHQHWUDUHQHOO¶DQRLOUHVLGXR OLTXLGR HEEH XQ DOWUR RUJDVPR PHQR YLROHQWR GHO SUHFHGHQWH 6LULYHVWuLQIUHWWD$YHYDLOYLVRURVVRQRQVDSHYRVHSHUOH VHQVD]LRQL SURYDWH R SHU OD YHUJRJQD SHU DYHUH PHVVR D QXGRGDYDQWLDPHODVXDQDWXUDSHUYHUWLWD 0LSDJzEHQH 3RLSULPDGLXVFLUHPLFKLHVHXQQXRYRDSSXQWDPHQWR  †††  )XODJLRUQDOLVWDFKHLQXQFHURVHQVRPLIHFHFRQRVFHUHLO PLRQXRYRDPRUH-XDQ 8Q JLRUQR * PL FKLHVH WHOHIRQLFDPHQWH VH SRWHYR ULFHYHUH XQDVXDDPLFDODVLJQRUD1GDSRFRGLYRU]LDWDGDXQQRWR DWWRUH GHO FLQHPD $JJLXQVH FKH OD VLJQRUD QRQ VDUHEEH YHQXWDGDVRODPDDFFRPSDJQDWDGDOVXRDPLFRGHOFXRUH (UDODSULPDYROWDFKHPLVLFKLHGHYDGLULFHYHUHXQDFRSSLD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ (UR LQFXULRVLWD H SHUFLz OH GHWWL OD PLD GLVSRQLELOLWj D ULFHYHUOL /D VLJQRUD 1 HUD VXL TXDUDQW¶DQQL ELRQGD RFFKL D]]XUUL PROWRDWWUDHQWHHOHJDQWH 0D IX O¶XRPR FKH O¶DFFRPSDJQDYD DG DWWLUDUH OD PLD DWWHQ]LRQH $YHYDSLRPHQRODPLDHWjDOWRPROWRPXVFRORVRFDSHOOL ELRQGDVWUL RFFKL FRORUH GHOO¶DFFLDLR OLQHDPHQWL PDUFDWL VJXDUGRVIURQWDWR (UDYHUDPHQWHDWWUDHQWHHPDQDYDXQLQGLVFXWLELOHIDVFLQR )HFL PHQWDOPHQWH XQ UDSLGR FRQIURQWR WUD $ H LO QXRYR DUULYDWR 0LDFFRUVLFKHLOUDJD]]RORVXSHUDYDDPSLDPHQWHLQIDWWRGL SUHVWDQ]DILVLFDHGLIDVFLQR &RQIHVVR FKH PL SLDFTXH D SULPD YLVWD )RUVH HUD OD SULPD YROWDFKHVHQWLYRXQDWDOHDWWUD]LRQHSHUXQXRPR )XLOUDJD]]RDSDUODUHSHUSULPR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  /D PLD DPLFD OD VLJQRUD 1  PL VSLHJz ± GHVLGHUD VRWWRSRUVL DG XQ WUDWWDPHQWR GLFLDPR HQHUJLFR SULPD GL DYHUHXQUDSSRUWRFRQPH  6ROR OHL KD ELVRJQR GHO WUDWWDPHQWR ± VL DIIUHWWz D SUHFLVDUH /D GRQQD DQQXu 3DUHYD LPEDUD]]DWD H QHUYRVD H LO VXR VJXDUGR VL VSRVWDYD UDSLGDPHQWH GD PH DO VXR DPLFR H YLFHYHUVD /H FKLHVL VH HUD OD SULPD YROWD FKH VL VRWWRSRQHYD DO WUDWWDPHQWRHOHLIHFHFHQQRGLVu 9RJOLRFKHLOPLRDPLFRYLDVVLVWD±HDFFHQQzDOUDJD]]R /D IHFL VSRJOLDUH $YHYD XQ EHO FRUSR (UD WXWWD DJLWDWD 6HPEUDYDXQWLSRDQVLRVR/DLQFDWHQDLHODVWHVLVXOOHWWLQR ,QWDQWRLOUDJD]]RVLHUDVSRJOLDWRHVWULQJHYDODPDQRFKHOD GRQQDJOLSRUJHYD /¶XRPR DYHYD XQ FRUSR VWDWXDULR ,O WRUDFH HUD DPSLR H SRWHQWH$YHYDJURVVLELFLSLWLHODYLWDHUDPROWRVWUHWWD8Q YHUR$SROOR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ ,OVXRPHPEURHUDOXQJRHJURVVRHTXDQGRGLYHQQHWXUJLGR PLVEDORUGuSHUOHVXHGLPHQVLRQL )UXVWDLODGRQQDFRQXQDYHUJDVRWWLOHVXOOHQDWLFKHFKHEHQ SUHVWR GLYHQQHUR YLRODFHH /D VLJQRUD 1 VL DJLWDYD VFXRWHYD OH FDWHQH H VWULQJHYD IRUWHPHQWH OD PDQR GHO VXR FRPSDJQR 6LODVFLzVIXJJLUHTXDOFKHJULGROLQRQRQVDSHYRVHGLGRORUH RGLJRGLPHQWR 3RLDGXQWUDWWRJULGz %DVWD /HWROVLOHFDWHQH/HLVLLQJLQRFFKLzVXOWDSSHWRDSUHQGROH FRVFH'DYDQWLDPHLOUDJD]]ROHLQILOzLOVXRJURVVRPHPEUR HFRPLQFLzLOVXRODYRUR 3HQVDYR FKH TXHOOR IRVVH LO WHUPLQH HVDWWR SHUFKp PL SDUHYD

FKH

LO

UDJD]]R

IDFHVVH

TXHL

PRYLPHQWL

DXWRPDWLFDPHQWHTXDVLXQODYRURGLURXWLQHHFKHIRVVHLQ JUDGRGLLQGXULUHLOPHPEURDFRPDQGR 1HO IUDWWHPSR OD GRQQD PL OHFFDYD JOL VWLYDOL H GL WDQWR LQ WDQWRHPHWWHYDVWUDQLPXJROLL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3RLLGXHHEEHURO¶RUJDVPRTXDVLFRQWHPSRUDQHDPHQWH 5LPDVHUR SHU XQ PLQXWR LQ TXHOOD SRVL]LRQH /¶XRPR OH OHFFDYD LO GRUVR OH VWULQJHYD LO VHQR WUD OH GLWD OH PRUGLFFKLDYDOHVSDOOHPHQWUHOHLHPHWWHYDLVROLWLPXJROLLGL SLDFHUH )XLOUDJD]]RDULYHVWLUVLSHUSULPR/DGRQQDORLPLWzVXELWR GRSR /DVLJQRUD1PLSDJzJHQHURVDPHQWH 3ULPD GL XVFLUH LO UDJD]]R PL ODQFLz XQR VJXDUGR VLJQLILFDWLYR  †††  8QDVHWWLPDQDSLWDUGLLOUDJD]]RPLWHOHIRQz  3RVVR LQYLWDUWL D FHQD " ± HVRUGu /D VXD YRFH HUD JUDGHYROH  &RPH VWD OD WXD VLJQRUD " ± JOL FKLHVL LQ WRQR XQ SR¶ LURQLFR /XLULVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  6WD EHQH JUD]LH ,O WXR WUDWWDPHQWR O¶KD ULYLWDOL]]DWD 3RYHULQD 'RSR LO GLYRU]LR VL VHQWLYD GHSUHVVD 6HQ]D VWLPROL1RQRVWDQWHODPLDFRPSDJQLD &L GHPPR DSSXQWDPHQWR LQ XQ QRWR ULVWRUDQWH SHU XQD FHQD 4XDQGRORYLGLPLVHQWLLULPHVFRODUHGHQWUR(UDYHUDPHQWH EHOORFRQTXHOVXRYLVRFRVuYLULOHFRQTXHOVXRSRUWDPHQWR ILHUR FRQ TXHOOD VXD DULD VIURQWDWD (UD PROWR HOHJDQWH 6L YHGHYDFKHDPDYDYLYHUHQHOOXVVR 'XUDQWHODFHQDPLSDUOzXQSR¶GLVpVWHVVR  ,O PLR QRPH q -XDQ PD VRQR FRQRVFLXWR DQFKH FRQ XQ VRSUDQQRPH« 6¶LQWHUUXSSHULGHQGR 0LFKLDPDQR-XDQLWRLOEHOOR 6RUULVL0LSDUHYDXQVRSUDQQRPHD]]HFFDWR  0L FKLDPDQR FRVu ± PL VSLHJz LQ WRQR VFKHU]RVR ± IRUVH SHUFKpOHPLHDPLFKHPLWURYDQREHOOR« 6¶LQWHUUXSSHSHUEHUH3RLDJJLXQVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &RPHDYUDLFDSLWRKRPROWHFRQRVFHQ]HIHPPLQLOLVLJQRUH LPSRUWDQWLGHOODEXRQDVRFLHWjH«  5LFFKH ± DJJLXQVL FRQ OD PLD VROLWD LURQLD ± +R FDSLWR EHQLVVLPR6HLXQJLJROzHYLYLDOOHORURVSDOOH 0LJXDUGzXQSR¶LPEDUD]]DWR)RUVHQRQJOLDQGDYDDJHQLR OD PLD IUDQFKH]]D OD PLD DELWXGLQH GL GLUH SRFR GLSORPDWLFDPHQWHODYHULWj 3LRPHQR±ULVSRVH 7DFTXHSRLDJJLXQVH 1RQVHLPROWRGLSORPDWLFD/DG\6$SURSRVLWRFRPHGHYR FKLDPDUWL" +HOHQH ± TXHVWR q LO WXR QRPH OR VR ± RSSXUH /DG\6"  &KLDPDPL FRPH YXRL &HUWR +HOHQH q SL LQWLPR ± JOL ULVSRVL  1RQ FUHGHUH FKH PL YDGD D JHQLR IDUH LO JLJROz ± PL FRQIHVVz ± (¶ YHUR FKH PL VFRSR XQ VDFFR GL EHOOH GRQQH 3HUz PL VHQWR GL HVVHUH XQR VWUXPHQWR SURSULR FRVu XQR VWUXPHQWRQHOOHORURPDQL8QDVSHFLHGLVWDOORQHGDPRQWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 2 VH SUHIHULVFL XQD VRUWD GL PHPEUR ILQWR FKH TXDQGR YXRLWHORILFFKLLQTXHOSRVWRSHUJRGHUH 5LVHSHUTXHLSDUDJRQL/RLPLWDL0LSLDFHYDTXHOODVSHFLHGL FRQIHVVLRQH +RDOFXQLJURVVLDIIDULWUDOHPDQL±DJJLXQVHSRL±6HYD LQ SRUWR DQFKH XQR VROR GL TXHVWL DIIDUL GLYHQWHUz ULFFR H« OLEHUR 5LVH DQFRUD 3DUHYD VRGGLVIDWWR GL Vp VWHVVR GHOOD PLD FRPSDJQLDGHLVXRLIXWXULDIIDUL 0L ILVVDYD FRQ TXHO VXR VJXDUGR G¶DFFLDLR ± JOL RFFKL GL XQ IDOFRSHQVDL±HVHQWLYRFKHJOLSLDFHYRFKHYROHYDDYHUPL DWXWWLLFRVWL )LQLPPRGLFHQDUH3RLJOLGLVVLVHQ]DSUHDPEROL 9RJOLRIDUHO¶DPRUHFRQWH-XDQ 9RJOLRVFRSDUWL±VRWWROLQHDLFRQWRQRGHFLVR /RSUHVLSHUPDQRHJOLGLVVL 9LHQL$QGLDPRDFDVDPLD -XDQIHFHXQFHQQRDIIHUPDWLYR&DSLYRGDOVXRVJXDUGRFKH DFFHWWDYDLOPLRLQYLWRFRQHQWXVLDVPR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0LVHJXuFRQLOVXROXVVXRVRFRXSq &L ULWURYDPPR QHO PLR OHWWR FRQ LO EDOGDFFKLQR QXGL H FRQ XQELFFKLHUHGLFKDPSDJQHLQPDQR (¶EHOORVFRSDUHVXXQOHWWRFRPHTXHVWRFRVuVRQWXRVR± PLGLVVHVRUULGHQGR (WUDWXWWLTXHVWLYHOL±DJJLXQVHIDFHQGROLRQGHJJLDUHFRQ LOPRYLPHQWRGHOVXRFRUSR 3RL P¶LQYLWz DG DSULUH OH FRVFH 9HUVz XQ SR¶ GL FKDPSDJQH QHOOD PLD YDJLQD ,O IUHGGR OLTXLGR PL SURFXUz XQD VWUDQD VHQVD]LRQH GL SLDFHUH 3RL -XDQ YL DIIRQGz OD OLQJXD SHU VRUELUHLOOLTXLGR *OL WRFFDL LO PHPEUR 'LYHQQH VXELWR ULJLGR 1H LPPHUVL OD SXQWD QHO PLR ELFFKLHUH H JOLHOD OHFFDL OHQWDPHQWH ,O PHPEUR GLYHQQH PROWR GXUR (UD WDOPHQWH JURVVR FKH ULXVFLYR D VWHQWRDWHQHUORLQPDQR  0L IDUj PDOH TXHVWR FRVR" ± JOL FKLHVL ULGHQGR VWULQJHQGRJOLLOPHPEUR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0LVHPEUDJLXVWRFKH/DG\6OD³GRPLQD´ODVLJQRUDGHOOH IUXVWHHGHOOHFDWHQHVXELVFDDVXDYROWDXQDYLROHQ]D8QD SLDFHYROHYLROHQ]DVXSSRQJR (UR WDOPHQWH HFFLWDWD DOO¶LGHD GL VHQWLUH GHQWUR GL PH LO VXR PHPEUR FKH EHQ SUHVWR OD PLD YDJLQD IX LQ XQ EDJQR GL OLTXLGROXEULILFDQWH  3UHIHULVFR VWDUH VRSUD GL WH 0RQWDUWL &RVu SRVVR JXLGDUH ODSHQHWUD]LRQH±JOLGLVVL )D¶FRPHYXRL±VLOLPLWzDULVSRQGHUH 0RQWDL VXO VXR FRUSR PXVFRORVR 0L FKLQDL D EDFLDUOR VXOOH ODEEUD )X XQ OXQJR EDFLR FRQ OH OLQJXH FKH VL FHUFDYDQR DQVLRVDPHQWH V¶LQFURFLDYDQR VL WRFFDYDQR VL VIUHJDYDQR ORWWDYDQRWUDORUR 3RL JOL OHFFDL L FDSH]]ROL LO YHQWUH TXLQGL LQWURGXVVL LO VXR PHPEURGHQWURGLPH $OO¶LQL]LR VHQWLL FKH LO PHPEUR VWHQWDYD DG HQWUDUH GDWD OD VXD JURVVH]]D 0D LR VSLQJHYR VSLQJHYRSHUFKpYROHYRFKH SHQHWUDVVH WXWWR GHQWUR GL PH 9ROHYR VHQWLUPL WXWWD SLHQD GLTXHOODFDUQHSXOVDQWHGLYLWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &LULXVFLLFRQXQFHUWRVIRU]R -XDQPLILVVDYDHPLVRUULGHYDPXRYHQGRLOEDVVRYHQWUHLQ VLQFURQLD FRQ L PLHL PRYLPHQWL ,O UDJD]]R ULXVFLYD D ULWDUGDUHO¶RUJDVPRDVXRSLDFLPHQWRHPLGDYDODSRVVLELOLWj GLYHQLUHDVVLHPHDOXL -XDQDUULYzXQDWWLPRSULPDGLPH 0L VHQWLL LPPHUVD LQ XQ IOXVVR FDOGR FKH VL GLIIRQGHYD OHQWDPHQWH GROFHPHQWH GHQWURGLPHVFLYRODQGRSRLOXQJR OHFRVFH /DVHQVD]LRQHGLDYHUHGHQWURGLPHORVSHUPDGHOO¶XRPRIX OD VFLQWLOOD FKH SURYRFz LO PLR RUJDVPR 8Q RUJDVPR YLROHQWR ODQFLQDQWH LQFUHGLELOPHQWH SLDFHYROH )RUVH O¶RUJDVPRSLLQWHQVRHYROXWWXRVRGHOODPLDYLWD 9HGHYR -XDQ VRWWR GL PH FRQ JOL RFFKL VRFFKLXVL H XQD HVSUHVVLRQHGLLQWHQVRJRGLPHQWRVXOVXRYLVRFRVuPDVFKLR /HVXHPDQLPLDFFDUH]]DYDQRGROFHPHQWHVLVRIIHUPDYDQR VXOVHQRVWULQJHQGRPLGHOLFDWDPHQWHLFDSH]]ROLWUDOHGLWD (UD VWDWR XQDPDQWHSDVVLYRSHUFKpFRVuDYHYRYROXWRPD QHOOR VWHVVR WHPSR LO VXR JURVVR PHPEUR FKH HUD DQFRUD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ GHQWUR GL PH PL ULFRUGDYD FKH OXL HUD LO PDVFKLR LO PLR GRPLQDWRUH ( SHU OD SULPD YROWD LQ YLWD PLD DFFHWWDYR GL HVVHUH GRPLQDWDDOPHQRVHVVXDOPHQWHGDOPLRQXRYRXRPR  †††  6HJXLURQRDOWULLQFRQWUL6HPSUHQHOODPLDYLOODSHUFKp-XDQ FRPHPLFRQIHVVzQRQDYHYDXQDFDVDSURSULD 9LYHYDRVSLWHSHUPDQHQWHGHOOHVXHDPDQWL8QSR¶GDOO¶XQD HXQSR¶GDOO¶DOWUD ,Q TXHO SHULRGR YLYHYD FRQ OD VLJQRUD 1 OD GLYRU]LDWD FKH EHQ FRQRVFHYR (UD JHORVD GL PH PL ULYHOz -XDQ &¶HUDQR VWDWHGHOOHVFHQDWHWUDGLORURDFDXVDPLDPDOXL-XDQOH DYHYDLPSRVWRODPLDSUHVHQ]D2DFFHWWDYDODVLWXD]LRQHR OXLO¶DYUHEEHODVFLDWDVHQ]DWDQWLFRPSOLPHQWL /D GRQQD SXU GL QRQ SHUGHUOR DYHYD GRYXWR VHSSXUH D PDOLQFXRUHDFFHWWDUPLFRPHULYDOHLQDPRUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ -XDQ PL VWXSLYD SHU OD VXD WHQHUH]]D (UD FRVu FDULQR QHL PLHLULJXDUGL6SHVVRPLLQYLDYDPD]]LGLILRULPLLQYLWDYDD FHQD 6DSHYD HVVHUH URPDQWLFR 0L FKLHGHYR VH VL FRPSRUWDYD FRVu SHUFKp PL DPDYD R SHUFKp HUD VXD DELWXGLQHWUDWWDUHLQTXHOPRGROHVXHGRQQH(URXQDGHOOH WDQWH"2HURODGRQQDGHOVXRFXRUH" 0L FKLHGHYR VSHVVR VH LO PLR VHQWLPHQWR QHL VXRL ULJXDUGL IRVVH DPRUH RSSXUH XQD IRUWLVVLPD DWWUD]LRQH ILVLFD FRQ L FRQQRWDWLGHOO¶DPRUHFRPHHUDJLjDFFDGXWRFRQO¶DYYRFDWR 3DVVzGHOWHPSRSULPDGLHVVHUHFRQVDSHYROHGLDPDUOR 1RQRVWDQWH LO VXR QDWXUDOH DWWHJJLDPHQWR VSDYDOGR H VIURQWDWR -XDQ PL PHUDYLJOLDYD SHU OD GROFH]]D FKH PDQLIHVWDYDYHUVRGLPH ,QWXLYRSHUzFKHLOUDJD]]RQRQPLDPDYDDQFRUDFKHHUR Vu XQD GRQQD VSHFLDOH SHU OXL GLYHUVD GDOOH DOWUH PD QRQ WDQWRVSHFLDOHGDVXVFLWDUJOLLOVHQWLPHQWRGHOO¶DPRUH )RUVH -XDQ FRPH O¶DYYRFDWR HUD LQFDSDFH GL SURYDUH TXHO VHQWLPHQWR ,O YLYHUH FRVu LQWHQVDPHQWH WUD WDQWH EHOOH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ GRQQH DYHYD DWWXWLWR R IRUVH VSHQWR LQ OXL TXHOOD VHQVLELOLWj G¶DQLPRFKHSRUWDDOO¶DPRUH &RVuDOPHQRODSHQVDYRHQRQFUHGRFKHODPLDDQDOLVLIRVVH VEDJOLDWD 1RQRVWDQWHFLzLOPLRDPRUHRDOPHQRTXHOORFKHPLSDUHYD DPRUHDQGDYDFUHVFHQGRPDQPDQRFKHORIUHTXHQWDYR 'DO SXQWR GL YLVWD VHVVXDOH HUR WDOPHQWH GLSHQGHQWH GD -XDQ GD HVVHUQH LQWLPRULWD 'D WHPSR DYHYR LPSRVWR D PH VWHVVDGLFRQVHUYDUHODPLDOLEHUWjQHLFRQIURQWLGLTXDOVLDVL SHUVRQD XRPR R GRQQD FKH IRVVH ( SL R PHQR ILQR D TXHOPRPHQWRYLHURULXVFLWD 0D RUD WHPHYR GL SHUGHUH OD PLD OLEHUWj H GL GLYHQWDUH XQD GHEROH FUHDWXUD QHOOH PDQL GL -XDQ FRPH OR HUD OD VLJQRUD FRQODTXDOHYLYHYDFRPHORHUDQRVWDWHWDQWHDOWUHGRQQH  †††  )DFHYRO¶DPRUHFRQ-XDQHVFRSDYRDQFKHFRQO¶DYYRFDWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 0LGLYLGHYRWUDLGXHXRPLQLDQFKHVHLPLHLVHQWLPHQWLQHL ORURULJXDUGLHUDQRGLYHUVL 'DXQDSDUWHDPDYR-XDQRPLSDUHYDGLDPDUORGDOO¶DOWUD QXWULYR SHU $ JUDWLWXGLQH SHU DYHUPL DLXWDWD DG LQWUDSUHQGHUH OD PLD DWWLYLWj H SHU DYHUPL SURFXUDWR WDQWR GHQDUR $OOD JUDWLWXGLQH VL XQLYD OD FRPXQDQ]D GL LQWHUHVVL PDWHULDOLSHUFKpLOQRVWURUDSSRUWRFRPHGLUHGLDIIDULHUD LPSRUWDQWHSHUHQWUDPEL /H FDVVHWWH FKH JOL DYHYR SURFXUDWR LQ SDVVDWR HTXHOOHFKH FRQWLQXDYR D SURFXUDUJOL JOL FRQVHQWLYDQR GL ULFDWWDUH± q LO WHUPLQHHVDWWR±FRORURFKHLQWUDOFLDYDQRLVXRLDIIDULSLR PHQRSXOLWL '¶DOWUR FDQWR TXHOOH FDVVHWWH HUDQR SHU PH IRQWH GL JURVVL JXDGDJQL ,Q DOWUH SDUROH QRL GXH HUDYDPR WHQXWL LQVLHPH VRSUDWWXWWR GDOO¶LQWHUHVVHUHFLSURFRGDLQRVWULDIIDUL)RUVHWXWWRFLzQRQ VDUHEEH VWDWR VXIILFLHQWH SHU JLXVWLILFDUH DL QRVWUL RFFKL JOL LQFRQWUL FKH FRQWLQXDYDPR DG DYHUH ,Q UHDOWj SURYDYR DQFRUD XQD IRUWH DWWUD]LRQH ILVLFD SHU $ H JOL RUJDVPL FKH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ DYHYRQHHUDQRODSURYD6HVVRHDIIDULPLOHJDYDQRDQFRUD DOO¶DYYRFDWR &RVuFRQWLQXDLDIUHTXHQWDUHLGXHXRPLQLHFHUFDLGLWUDUUHLO PDVVLPRJRGLPHQWRGDHQWUDPEL  †††  /¶DYYRFDWRQRQWDUGzDSDUODUPLGL-XDQ (UD DO FRUUHQWH GHOOD PLD UHOD]LRQH FRQ LO UDJD]]R 'DWH OH VXH QXPHURVH IRQWL GL LQIRUPD]LRQH HUR FHUWD FKH QH VDUHEEH YHQXWR D FRQRVFHQ]D 0D ODVFLDL FKH IRVVH OXL DG DIIURQWDUHSHUSULPRO¶DUJRPHQWR $YHYDPR DSSHQD DYXWR XQ RUJDVPR SLDFHYROLVVLPR H FH QH VWDYDPRQXGLVXOOHWWRVRGGLVIDWWL 7LSLDFHTXHOUDJD]]R"±PLFKLHVHDOO¶LPSURYYLVR /DVXDYRFHQRQWUDGLYDDOFXQDHPR]LRQH1RQHUDDGLUDWR -XDQ"±ULVSRVLILQJHQGRLQGLIIHUHQ]D 6uSURSULROXL/RFRQRVFRGLIDPD(¶XQDVSHFLHGLJLJROz 8QSDUDVVLWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3URQXQFLzTXHOOHSDUROHFRQGLVSUH]]R 9LYHDOOHVSDOOHGHOOHGRQQH±DJJLXQVH±0DTXHVWRORVDL JLj 6uORVR0HQHKDSDUODWROXLVWHVVR /¶DYYRFDWRWDFTXH3RLPLFKLHVH /RDPL" /DVXDYRFHWUDGLYDRUDXQDFHUWDHPR]LRQH )RUVH±IXODPLDULVSRVWD 3RLDJJLXQVL  6u FUHGR GL DPDUOR $QFKH VH QRQ VRQR DQFRUD VLFXUD GHO PLRVHQWLPHQWR 6HYXRLXQFRQVLJOLRGDDPLFR±PLGLVVH±VWDLORQWDQDGD OXL 1RQ WH OR GLFR SHUFKp VRQR JHORVR 6DSSLDPR SHUIHWWDPHQWHFKHQRQFLDPLDPRHFKHVFRSLDPRSHUFKpFL SLDFH IDUH VHVVR LQVLHPH 7H OR GLFR SHU LO WXR EHQH 6RQR EHQH LQIRUPDWR VX -XDQ (¶ XQ SLFFROR H VTXDOOLGR DYYHQWXULHUR FKH VRJQD GL IDUH LO FROSDFFLR GHOOD VXD YLWD 7HQWHUjGLVIUXWWDUWLFRPHKDVIUXWWDWRDOWUHGRQQH 6LULYHVWu/RLPLWDL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3ULPDGLDQGDUVHQHPLSUHVHOHPDQLILVVDQGRPLQHJOLRFFKL  'DL UHWWD D PH +HOHQH &RQ -XDQ WL WURYHUDL SUHVWR LQ XQ PDUH GL JXDL ( VDUHEEH XQ SHFFDWR VH SHUGHVVL XQD FROODERUDWULFH FRPH WH FRVu« HIILFLHQWH LQ WXWWL L VHQVL 7L VRQRDIIH]LRQDWRPROWRORVDL 0LEDFLzDOXQJR3RLDJJLXQVH 6RQRXQSR¶SUHRFFXSDWRSHUWHORFRQIHVVR 3HUFKp"±JOLFKLHVLLQFXULRVLWD 6RFKHKDLGHOOHFDVVHWWHVXDOFXQLSHUVRQDJJLHFFHOOHQWLH XQWDFFXLQRFRQJOLLQGLUL]]LGHLWXRLFOLHQWLSLLPSRUWDQWL(¶ URED FKH VFRWWD )LQRUD WXWWR WL q DQGDWR OLVFLR FRPH O¶ROLR 0DQRQLOOXGHUWL3ULPDRSRLVDOWHUjIXRULTXDOFRVD3HQVDFL XQ SR¶ 6H XQR GL TXHVWL SHUVRQDJJL FKH WX KDL ULSUHVR GXUDQWHLYDULWUDWWDPHQWLYHQLVVHDVFRSULUHFKHHVLVWHXQD FHUWDFDVVHWWDFRVuFRPSURPHWWHQWHSHUOXLSRWUHEEHHVVHUH VSLQWR D FRPSLHUH R D IDU FRPSLHUH FKLVVj FRVD QHL WXRL FRQIURQWL ,Q DOWUH SDUROH SRWUHEEH IDUWL GHO PDOH )RUVH XFFLGHUWL(¶XQSHULFRORGDQRQVRWWRYDOXWDUH (EELXQEULYLGR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ )LQR D TXHO PRPHQWR QRQ PL HUD PDL YHQXWR LO GXEELR GL SRWHUFRUUHUHGHLULVFKLHVHUFLWDQGRODPLDDWWLYLWj7XWWRPL HUD DSSDUVR ILQR DOORUD FRVu IDFLOH FRVu VHPSOLFH TXDVL XQ JLRFR  7L FRQVLJOLR SHU LO WXR EHQH ± DJJLXQVH O¶DYYRFDWR ± GL PHWWHUH DO VLFXUR VLD OH FDVVHWWH VLD LO WDFFXLQR FRQ JOL LQGLUL]]L 3RWUHEEHUR HVVHUH OD WXD SROL]]D VXOOD YLWD 5LFRUGDWHOR 0LGHWWHXQUDSLGREDFLRSRLGLVVHXVFHQGR ,QRJQLFDVRSXRLVHPSUHFRQWDUHVXGLPH 0LIHFHXQJHVWRGLLQFRUDJJLDPHQWR ,O JLRUQR GRSR QROHJJLDL XQD FDVVHWWD GL VLFXUH]]D H YL GHSRVLWDLODPLDSROL]]DVXOODYLWD  †††  6HFRQGR O¶RSLQLRQH GHOO¶DYYRFDWR -XDQ PL DYUHEEH SRWXWR SURFXUDUHGHLJXDL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 1RQ YROOL FUHGHUJOL SHUFKp DPDYR LO UDJD]]R 'DO FDQWR VXR HJOL HUD WHQHUR H GROFH FRQ PH H PL VRGGLVIDFHYD VHVVXDOPHQWHDOPDVVLPRJUDGR $ YROWH PL FKLHGHYD GHO GHQDUR FKH SXQWXDOPHQWH PL UHVWLWXLYD 1RQ FHUFDYD GL VIUXWWDUPL FRPH DYHYD SUHYLVWR O¶DYYRFDWR DQ]L PL PDQGDYDTXDOFKHFOLHQWHLPSRUWDQWHVRSUDWWXWWRGL VHVVRIHPPLQLOH 7XWWR DQGDYD SHU LO PHJOLR WUD QRL GXH ( VSHUDYR FKH FLz FRQWLQXDVVHQHOWHPSRIRUVHSHUVHPSUH 3HUz XQ JLRUQR OH FRVH FDPELDURQR H SUHVHUR XQD EUXWWD SLHJD  †††  $O WHOHIRQR -XDQ VHPEUDYD DOTXDQWR HPR]LRQDWR 0H QH DFFRUVLVXELWR $PRUPLR±PLFKLDPDYDVSHVVRFRVu±KRELVRJQRGHOWXR DLXWR7HORVSLHJKHUzDYRFH9HQJRVXELWRGDWH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 4XDQGRJOLDSULLODSRUWDQRWDLLQFXULRVLWDODSUHVHQ]DGLXQ DOWURXRPRDFFDQWRD-XDQ (UD EDVVR GL VWDWXUD SHOOH VFXUD FDSHOOL QHULVVLPL VJXDUGR VIXJJHQWH0LVHPEUDYDXQLQGLR6WULQJHYDQHOODGHVWUDXQD ERUVDVSRUWLYD /LIHFLHQWUDUH -XDQ PL SUHVHQWz O¶LQGLR $YHYD XQR VWUDQR QRPH FKH QRQ ULFRUGR /¶XRPRIHFHXQFHQQRGLVDOXWRFRQLOFDSR1RQSDUOz -XDQPLGHWWHXQUDSLGREDFLRSRLPLGLVVH  9HGL TXHOOD ERUVD" ± DFFHQQz DOOD ERUVD GHOO¶LQGLR ± &RQWLHQHXQFDPSLRQHGLFRFDLQDSXULVVLPD /RJXDUGDLVFRQFHUWDWD &RFDLQD"±ULSHWHWWLPHFFDQLFDPHQWH 6uFRFDLQDGHOODPLJOLRUHTXDOLWj,RHTXHVWRVLJQRUH± DFFHQQzDOO¶LQGLR±GREELDPRDYHUHGHLFRQWDWWLSHUYHQGHUH O¶LQWHUD SDUWLWD (¶ XQ JURVVR DIIDUH FKH SRWUHEEH UHQGHUPL XQ¶HQRUPHVRPPDGLGHQDUR8QDYHUDIRUWXQD 6¶LQWHUUXSSHSHUXQDWWLPRSRLDJJLXQVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 7LFKLHGRGLWHQHUHTXLODERUVD3HUXQJLRUQRRIRUVHGXH 1RQ GL SL &DSLVFL QRQ SRVVLDPR DQGDUH LQ JLUR FRQ OD GURJDVHSULPDQRQVWDELOLDPRLOJLXVWRFRQWDWWR 6LDFFRUVHFKHHURVSDYHQWDWD0LVWULQVHODPDQRSHUIDUPL FRUDJJLR  8QR R GXH JLRUQL VRODPHQWH ± PL ULSHWHWWH ± (¶ XQ DIIDUH WURSSRLPSRUWDQWHSHUPH9XRLDLXWDUPL" 9ROHYRDLXWDUORSHUFKp-XDQHUDWXWWRSHUPH $QQXLL /¶LQGLR GDO FDQWR VXR QRQ YROHYD ODVFLDUH OD ERUVD /RFDSLYRGDOVXRFRPSRUWDPHQWR -XDQ VH OR SUHVH VRWWREUDFFLR VL DSSDUWz FRQ OXL H JOL SDUOz SHUTXDOFKHPLQXWR 6RORDOORUDO¶LQGLRVLGHFLVHDFRQVHJQDUJOLODERUVD -XDQPHODSRUVH 1DVFRQGLODEHQH±PLUDFFRPDQGzSULPDGLXVFLUH 4XDQGR IXURQR XVFLWL SUHVL OD ERUVD H O¶DSULL (UR FXULRVD GL YHGHUHLOVXRFRQWHQXWR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ &¶HUDQR VROR GXH FRVH LO FDPSLRQH GL FRFDLQD LQ XQD FRQIH]LRQH GL SODVWLFD WUDVSDUHQWH H XQD JURVVD SLVWROD DXWRPDWLFD 6HQ]DYROHUORFRPLQFLDLDGDYHUHSDXUD ,QTXHOODERUVDF¶HUDWXWWRO¶RFFRUUHQWHSHUDYHUHXQHQRUPH PXFFKLRGLJXDL 1DVFRVLODERUVDQHOULSRVWLJOLRLQXQDJURVVDYDOLJLDYXRWD 7UDVFRUVL OD SULPD JLRUQDWD LPPHUVD LQ XQ FUHVFHQWH QHUYRVLVPR (URSUHRFFXSDWDSHU-XDQPDDQFKHSHUPHVWHVVD 1RQULXVFLLDGRUPLUHTXHOODQRWWH(URPROWRWHVD3UHVLGHL WUDQTXLOODQWL $UULYz LO VHFRQGR JLRUQR (UR VHPSUH SL DQJRVFLDWD H VSDYHQWDWD 1RQYHGHYRO¶RUDGLOLEHUDUPLGHOODERUVD ( SRL WHPHYR VHULDPHQWH SHU -XDQ /D VXD YRJOLD GL IDUH LO FROSDFFLR OD SURVSHWWLYD GL UHDOL]]DUH HQRUPL JXDGDJQL OR DYHYDQRVSLQWRQHOPRQGRGHOODGURJD &RQTXDOLULVXOWDWL"±PLFKLHGHYR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ )X QHO SRPHULJJLR GHO VHFRQGR JLRUQR FKH DUULYz OD WHOHIRQDWDFKHDVSHWWDYRFRQWDQWDDQVLD (UD -XDQ /D VXD YRFH QRQ WUDGLYD DOFXQD HPR]LRQH 0L DSSDULYDSLFKHQRUPDOH 0LGLVVHFKHVDUHEEHSDVVDWRGDPHQHOJLURGLXQ¶RUD )XSXQWXDOH(UDVROR/¶LQGLRQRQHUDFRQOXL1RQVHPEUDYD SUHRFFXSDWR0LEDFLzDOXQJR &RPHDGDQWLFLSDUHXQDPLDGRPDQGDPLGLVVH 4XHOWL]LRFKHHUDFRQPHO¶DOWURJLRUQRqVSDULWR«  6SDULWR"± ULSHWHWWL LQFXULRVLWD±6HPEUDYDFRVuDWWDFFDWR DOODVXDERUVD  &HUWR q VWUDQR FKH VLD VSDULWR± PL GLVVH ± ,HUL DEELDPR DYXWR XQ FRQWDWWR PROWR LPSRUWDQWH /XL VHPEUDYD PROWR VRGGLVIDWWR 3RL TXHVWD PDWWLQD VRQR SDVVDWR GDO VXR DOEHUJR PD QRQ F¶HUD +R IDWWR TXDOFKH ULFHUFD PD VHQ]D DOFXQULVXOWDWR1HVVXQRO¶KDYLVWR 7DFTXHSRLDJJLXQVH  1RQ SRVVR DVSHWWDUH FKH VL IDFFLD YLYR 'RPDQL GHYR SRUWDUHLOFDPSLRQHHVSHURGLFRQFOXGHUHO¶DIIDUH8QDIIDUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ HQRUPH 6R GRYH VL WURYD O¶LQWHUD SDUWLWD GL FRFDLQD 3RVVR WUDWWDUHO¶DIIDUHGDVROR (VHVLIDFHVVHYLYR"±JOLFKLHVL 4XHOODVFRPSDUVDPLSDUHYDVWUDQDVFRQFHUWDQWH +RSDXUD-XDQ±DJJLXQVLDQJRVFLDWD  1RQ GHYL SUHRFFXSDUWL +HOHQH ± PL GLVVH IDFHQGRPL XQ JHVWR G¶LQFRUDJJLDPHQWR ± 1RQ FL VRQR SUREOHPL ( SRL VH TXHOPLRDPLFRFKLDPLDPRORFRVuVLIDUjYLYRDYUjFLzFKH JOLVSHWWD 5LVHQHUYRVDPHQWH 3DUHYDVRGGLVIDWWRGLHVVHUHVXOSXQWRGLFRQFOXGHUHO¶DIIDUH GHOOD VXD YLWD (UD LO FROSDFFLR FKH DVSHWWDYD GD WHPSR GD WURSSRWHPSR(UDLOSUH]]RGHOODVXDOLEHUWj 4XDQGRDYUzWXWWRTXHOGHQDUR±PLGLVVHHFFLWDWR±SRWUz DQGDUPHQH GD TXHVWD FLWWj &DPELHUz YLWD 1RQ GLSHQGHUz SLGDOOHPLHDPDQWL /R JXDUGDYR FRQ DULD WULVWH &DSLYR FKH IRUVH QHO QXRYR PRQGRGL-XDQQRQF¶HUDSRVWRSHUPH 6HQHDFFRUVH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ $PRUPLRYHUUDLFRQPH6HLODPLDVWHOODIRUWXQDWD (ODPLDDWWLYLWj"±JOLFKLHVL 0L PHUDYLJOLDL GL SHQVDUH DOOD PLD DWWLYLWj LQ TXHL PRPHQWL GUDPPDWLFL  1RQ DYUDL SL ELVRJQR GL GHQDUR 7L IDUz YLYHUH GD JUDQ VLJQRUD±PLULVSRVH 3RLDJJLXQVH  6H SRL YRUUDL HVVHUH DQFRUD /DG\ 6  OR VDUDL GRYH DQGUHPR D YLYHUH 7L DLXWHUz D FUHDUWL XQD QXRYD FOLHQWHOD 1RQVDUjGLIILFLOHFRQWXWWRTXHOGHQDUR $OO¶LPSURYYLVRVLUHVHFRQWRFKHOHVXHHUDQRVRORIDQWDVLH 6¶LQWHUUXSSH 0L JXDUGDYD DQJRVFLDWR )RUVH VROR RUD VL UHQGHYDFRQWRGHLSHULFROLLQVLWLLQTXHOO¶DIIDUHGLGURJD &LULXVFLUzYHGUDL±PLGLVVH &HUFDYD GL WURYDUH LQ Vp VWHVVR LO FRUDJJLR QHFHVVDULR SHU DIIURQWDUHTXHOODQXRYDHGLIILFLOHVLWXD]LRQH 0LEDFLzSRLPLSRUVHXQELJOLHWWR&¶HUDVFULWWRXQQXPHUR WHOHIRQLFR

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  6H IUD WUH R TXDWWUR JLRUQL QRQ WL DYUz GDWR PLH QRWL]LH WHOHIRQD D TXHVWR QXPHUR ± PL VSLHJz DFFHQQDQGR DO ELJOLHWWR±7HOHGDUDQQRORUR &KLIRVVHURTXHL³ORUR´QRQPHORGLVVH $XJXUDPLEXRQDIRUWXQD±IXURQROHVXHXOWLPHSDUROH *OLHODDXJXUDLGLWXWWRFXRUH  †††  $YHYR DQQXOODWR RJQL DSSXQWDPHQWR SHUFKp QRQ HUR LQ JUDGRGLVYROJHUHLOPLRODYRUR 8Q¶DQJRVFLD FUHVFHQWH OD VHQVD]LRQH FKH TXDOFRVD GL WHUULELOHHGLLQHOXWWDELOHVWHVVHSHUDFFDGHUHODSDXUDSHUOD PLDVWHVVDLQFROXPLWjILVLFDPLDWWDQDJOLDYDQRLQXQDPRUVD WUHPHQGD 3UHVLGRVLFUHVFHQWLGLVHGDWLYLVHQ]DULVXOWDWLDSSUH]]DELOL &HUFDYR GLVSHUDWDPHQWH GL GLVWUDUPL DVFROWDQGR PXVLFD R OHJJHQGR 0DHUDQRYDQLWHQWDWLYL

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 3HQVDYRGLULYROJHUPLDOO¶DYYRFDWRGLSDUODUJOLGLWXWWDTXHOOD VWRULD HG HUR VLFXUD FKH PL DYUHEEH GDWR GHL FRQVLJOL SHU XVFLUQHIXRULQHOPLJOLRUHGHLPRGL 6HQWLYR GL DYHUH ELVRJQR GHO VXR DLXWR 0L ULSURPHWWHYR GL FRQWDWWDUORGRSRDYHUHDYXWRQRWL]LHGL-XDQ )RUVH

OD

PLD

LPPDJLQD]LRQH

ODYRUDYD

WURSSR

LQ

TXHOO¶DWPRVIHUDGLVROLWXGLQHLQFXLYLYHYR 4XHOODJUDQGHYLOODFRPLQFLDYDDIDUPLSDXUD &HUFDL GL GDUPL FRUDJJLR EHYHQGR OLTXRUL /R VWRUGLPHQWR SURGRWWRGDOO¶DOFRODWWXWLYDODPLDDQJRVFLD 7UDVFRUVHUR WUH JLRUQL GDO PLR XOWLPR LQFRQWUR FRQ -XDQ VHQ]DDYHUHVXHQRWL]LH &RPLQFLDL D WHOHIRQDUH DO QXPHUR FKH PL DYHYD GDWR PD QHVVXQRPLULVSRQGHYDGDOO¶DOWURFDSRGHOILOR &LzPLSDUHYDVWUDQR 1HOOD PLD LPPDJLQD]LRQH GLHWUR D TXHO QXPHUR WHOHIRQLFR F¶HUDQR JOL DPLFL GL -XDQ JHQWH FKH SRWHYD DLXWDUOR LQ FDVR GLQHFHVVLWj

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ 7HOHIRQDL SDUHFFKLH YROWH DG RUH GLYHUVH DQFKH QHO FXRUH GHOODQRWWHPDVHQ]DULVXOWDWR 'LHWUR D TXHO QXPHUR WHOHIRQLFR QRQ F¶HUDQR DPLFL &¶HUD VRORLOQXOOD &DSLLFKHHUDLQXWLOHFRQWLQXDUH 6SHUDYR VROR FKH LQ TXDOVLDVL PRPHQWR -XDQ PL WHOHIRQDVVHREXVVDVVHDOODPLDSRUWDSHUGLUPLFKHWXWWRHUD DQGDWR EHQH FKH DYHYD IDWWR ILQDOPHQWH LO FROSDFFLR GHOOD VXDYLWD $GXQWUDWWRSURYDLXQEULYLGRGLSDXUD )RUVHHUDSDQLFR   †††  ,OGHWHFWLYHLQWHUUXSSHODOHWWXUD $YHYD OHWWR SHU RUH LQWHUH OD QRWWH VHQ¶HUDDQGDWDHO¶DOED FRPLQFLDYDDPRVWUDUVLWLPLGDPHQWHDWWUDYHUVRODSLRJJLD (UDXQ¶DOEDJULJLD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ /LYLGDqLOWHUPLQHHVDWWR±SHQVzPHFFDQLFDPHQWH (UD JLXQWR DO WHUPLQH GHO GLDULR PDQFDYDQR VROR SRFKH ULJKH 1RWz FKH SHU OD SULPD YROWD FRPSDULYD XQD GDWD LQ TXHO GLDULR (UDODGDWDGHOJLRUQRGHOODPRUWHGL/DG\6  †††  4XDOFKH RUD ID KR ULFHYXWR XQD WHOHIRQDWD 0L VRQR SUHFLSLWDWD DO WHOHIRQR FRQ JUDQGH WUHSLGD]LRQH 6SHUDYR WDQWR GL XGLUH OD YRFH GL -XDQ ,QYHFH HUD XQ WL]LR FKH PL FKLHGHYDXQDSSXQWDPHQWR  3DUOR FRQ /DG\ 6 LQ SHUVRQD" ± PL KD FKLHVWR LQ WRQR HGXFDWR ± ,O VXR QXPHUR WHOHIRQLFR PL q VWDWR GDWR WHPSR ID GD XQ VLJQRUH FRQ XQR VWUDQR H EXIIR VRSUDQQRPH -XDQLWRLOEHOOR 1HOO¶XGLUHLOVXRQRPHPLVRQRVHQWLWDWXWWDVFRPEXVVRODWD

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\ $YUHL YROXWR FKLHGHUJOL VH DYHYD QRWL]LH UHFHQWL GL -XDQPD PLVRQRWUDWWHQXWD (¶XQDIDFFHQGDPROWRGHOLFDWD±PLVRQRGHWWD 3HUz PL VRQR ULSURPHVVDGLIDUJOLTXHOODULFKLHVWDGXUDQWHLO QRVWURLQFRQWUR *OLKRULVSRVWRFKHSRWUHLULFHYHUORTXHVWDVHUD 0L KD ULQJUD]LDWR SHU OD VROOHFLWXGLQH GLPRVWUDWD QHL VXRL ULJXDUGL 1RQYHGRO¶RUDG¶LQFRQWUDUORSHUFKLHGHUJOLQRWL]LHGL-XDQVH QHKD 0DKRSDXUDWDQWDSDXUDSHUOXL(DQFKHSHUPH  †††  (UDQROHXOWLPHSDUROHVFULWWHGD+HOHQHDOLDV/DG\6 ,OGHWHFWLYHFKLXVHO¶DJHQGDULYHVWLWDGLSHOOHURVVDVLDO]zVL ODYzLOYLVRVLIHFHODEDUEDHEHYYHGHOFDIIqPROWRIRUWH )XRUL OD SLRJJLD FRQWLQXDYD D FDGHUH FRQ XQD FHUWD LQVLVWHQ]D /DFLWWjULFRPLQFLDYDDYLYHUH KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\  8Q¶DOWUD QRLRVD JLRUQDWD GL ODYRUR H GL WUDIILFR ± SHQVz O¶XRPR 0HQWUHVLULYHVWLYDSHUDQGDUHDOOD&HQWUDOHGLSROL]LDLOVXR SHQVLHURDQGzDOODUDJD]]DHDOVXRGLDULR 7URSSL LQGL]L R IRUVH QHVVXQR LPSRUWDQWH IX OD VXD FRQFOXVLRQH ,QRJQLFDVRGRYHYDWURYDUHO¶DVVDVVLQRQRQVRORSHUFKpHUD LO VXR PHVWLHUH PD DQFKH SHUFKp OD GRQQD XFFLVD JOL HUD GLYHQWDWDVLPSDWLFD3LQHOUXRORGL+HOHQHFKHLQTXHOORGL /DG\6SUHFLVzDVpVWHVVR (QWUzQHOVXRXIILFLR ,VXRLFROODERUDWRULHUDQRJLjDOODYRUR /LVDOXWzPRVWUDQGRORURLOGLDULR (¶GHOODGRQQDVJR]]DWD"±JOLFKLHVHXQR ,OGHWHFWLYHDQQXu 6L VHGHWWH DOOD VFULYDQLD H ULYROWR DL VXRL XRPLQL GLVVH VHPSOLFHPHQWH ,OFDVRqDSHUWR )XRULODSLRJJLDDYHYDFHVVDWRGLFDGHUH

KWWSZZZHYROXWLRQERRNFRP

 

0D[5HQR±/DG\     

KWWSZZZHYROXWLRQERRNFRP