Memoire crise 2008 et consequences en 2012 modifié

7/23/2019 Memoire crise 2008 et consequences en 2012 modifié

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C\K

Oi lrcsa da 266=sge aelmiåeajaet at saslgesãquaelas ae 2692

Jãjgcra

Mibcb-Iedrã Ngetieao

2</69/2692

Irtcluoitcge da oi lrcsa da 266=, sas lgesãquaelas ae 2692 at oa dguboa « dcp ° iltuao



9

Qe kried Jarlc æ Jgescaur Arcl Niyird, jge Vrgnassaur at tutaur , quc j–i icdã æ

lgjpraedra oas dcnnãraets ispalts da oi Nceiela jics quc j–i surtgut dgeeã aevca da jcaux

sicscr oa jgeda quc j–aetgura, at la, quaooa qua sgct oi nila pir oiquaooa ge o–ittiqua.

Jarlc æ Jidija Nrieëgcsa Brgssarge, pgur sge axtrèja loirtã at annclilctã. Ha sics

jicetaeiet ocra tgus oas ãtits lgjptiboas at nceielcars.

Jarlc æ Jidija Jirca-Mãoíea Daoika pgur si pitcaela d–gr, h–ic aence lgjprcs oas rudcjaets

da oi ncslioctã at ha sics iuhgurd–muc qua ha ea vaux pous ae nicra !

Jarlc æ Daopmcea pgur tiet da lmgsas …ti lgenciela at tas aelgurikajaets…

Jarlc æ Idíoa, d–ivgcr kaetcjaet lgjprcs qua sge pipi rapraeict das ãtudas. Tu j–is husta

dãriekã ince da ja « radgeear das ngrlas °…H–ae ivics basgce.

Qe kried Jarlc æ Ikeís, Lijcooa at \ãbistcae da vgtra kaetcooassa jics iussc pgur j–ivgcr

dãkikã du tajps ae praeiet sgce da jge « patct bgut °.

Jarlc æ Aocsibatm (quc sa ralgeeiåtri) pgur tgutas las lmgsas qua tu is nictas pgur jgc.



2

Cetrgdultcge

O–ãlgegjca jgedcioa trivarsa dapucs 266; uea sãrca da lrcsas dget oas

jãlie csjas lgjjael aet æ ètra b cae lg eeu s 8 tgut d–ibgrd oi pmisa das subprcjas

dãloaelmãa pir o–ãloitajaet da o i buo oa m ypgtmãlic ra ijãrclicea, oiquao oa, kãeãrie t

ue a lr cs a nce iel círa sys tãjcqua n ct s gj br ar da egjbr aux piys dãvao gp pãs dies ue a

rãlasscge s–ivãriet ètra oi pous kriva dapucs oi Krieda Dãprasscge.

Ae 2696, baiulgu p l rgc aet ae u e ipics ajae t at uea sgr tca da lr csa, pir eãlassctãda

s–grcaetar vars uea eguvaooa lrgcssiela iocjaetãa pir das pgoctcquas da raoiela qu–co

niut aekikar sies pou s tirdar.

Jiomaurausajaet, las pgoctcquas, ege sies paesar qu–aooas sgcaet suparnouas, e–get

sðrajae t pis ãtãjaeãas ival oa p ou s k ried d cs lareajae t iu rakird das l ipil ctãs

nc eie lcíras das At its qu c oas p rãvg yic aet . Da lat ta p rãlcpc tit cg e, dãlguo i uea e gu vao oa

lrcs a 8 laooa da oi d atta sgu varicea d gee iet, icesc, ricsge iux j irlmãs nce ielcars .

Dies ue grd ra oãkctcj ajaet lm rge gog kcqu a, prãvgy ge s d a ravaecr sur oas l iusas iyiet

prgvgquã o–anngedrajaet d u sy stíja b ielicra das At its-Qecs ae 266=, ices c qua sur

sas lgesãquaelas pou rcaooas .

Dies ue salge d tajps, guvr ges e gtra ieioysa sur oi lgehge ltura iltuao oa iu rakird

du «dgub oa dcp ° qua eg us subcs sges 0 at ko cssg es aes ucta vars oas parsp alt cvass– gnnr iet iux Atits ae ae cdaetcn c iet oas eg uvaiux «pg cds og urd s ° da o–ãlgegjca

jgedcioa d–iuhgurd–muc.



<

Cetrgdultcge ............................................................................................................................................ 2

C. Lgjjaet ae ast-ge irrcvã oæ 7 ................................................................................................... ;

i.

Grckceas du jio ........................................................................................................................ ;

c. 93=9, Rgeiod Raikie egjja Dgeiod Rakie oa VDK da Jarrcoo Oyelm, \alrãticraiu Trãsgr& sliedioa du @aitcek 1 ............................................................................................. ;

cc. Locetge, K.[ Busm 8 o–aetrajèoajaet pgoctclg-nceielcar at oas ogbbcas ......................... 3

ccc. Lctckrgup ja nce æ oi ogc Koiss-\taikioo 8 TGG BCK TG NICO ....................................... 3

cv. Oi buooa cetareat at oi prgjgtcge da vioaurs ncltcvas pir oas biequasd–cevastcssajaet ......................................................................................................................... 96

v. Boielmcjaet, iocjaetitcge da rãsaiux da dcltituras at Cjjuectã pãeioa 8 HVJGRKIE - RCKK\ BIE@ -LRADCT \QC\\A ........................................................................ 99

b. Dãrãkuoitcge at eguvaiux prgducts nceielcars ................................................................... 92

c. Oas prgducts dãrcvãs .......................................................................................................... 92

l. Dãlajbra 2666 8 vgta da oi ogc da jgdarecsitcge das jirlmãs æ tarja ...................... 94

c. Oas Ogbbycstas at o–cetardcltcge da oi rãkoajaetitcge das dãrcvãs .............................. 94

cc. Oaidars du saltaur 8 1 biequas d–innicras, 2 lgekogjãrits nceielcars, < sglcãtãs

d–issuriela ................................................................................................................................. 94

d. Tctrcsitcge at lmiåea da ocicsge ............................................................................................. 91

c. La quc lmieka pir rippgrt æ « iviet ° .......................................................................... 91

cc. Oas LDG ............................................................................................................................. 91

ccc. Oa ritcek « III °. Ast-co hustcncã 7 ................................................................................... 9>

a.

Jgetãa ae noílma das lrãdcts æ rcsqua ................................................................................ 9;

c. Juotcpoclitcge das lrãdcts, ikrãkitcge ae LDG at ritcek « III ° .............................. 9;

CC. Oi buooa 8 2669-266; ................................................................................................................... 9=

i. Aevgoãa das prcx at aevgoãa das vaetas ............................................................................ 9=

c. Aerclmcssajaet das biequas pir das prgncts crrãaos .................................................... 93

cc. Rippao da oi egtcge da oavcar at axajpoas lgelrats pir rippgrt æ las biequas ..... 26



4

ccc. Maery (Mie`) Viuosge, VDK da Kgodjie \ilms nict oi prasscge sur oi \AL atissgupocssajaet oi ocjctitcge du oavcar .................................................................................... 26

b.

ICK, oa prajcar issuraur iu jgeda .................................................................................... 29

c.

âeta ae jissa d–iutras dãrcvãs 8 oas lguvarturas da dãnicooiela (LD\) ............... 29

Oas jieŜuvras at oas celgmãraelas lgetrcbuiet æ oi lrcsa ..................................................... 24

c. Celgmãraela da Maery Viuosge, egjjã salrãticra iu Trãsgr ae 266> ................... 24

cc. Jiequa da prgvcscge das partas ãvaetuaooas at varsajaet da bgeus lgogssiux ... 21

ccc. Kgodjie \ilms vi aelgra pous ogce … .......................................................................... 2>

cv. Oa rôoa das ikaelas da egtitcge ..................................................................................... 2;

Iutras jcsas ae kirda 8 ae 266> 8 Egurcao Rgubcec, oas irtcloas d–Iooie \ogie at oa NJC . 2=

CCC. Oi lrcsa .................................................................................................................................... <6

i. Jcsas ae kirda ege aetaeduas ........................................................................................... <6

c. 2664, oa NBC jat ae kirda lgetra uea ãpcdãjca da nriuda iu prèt cjjgbcocar ....... <6

c. O–ãlgegjcsta ae lman du NJC, Rikmurij Rihie, jat ae kirda lgetra oas prcjas . <6

b. Oi lmiåea da tctrcsitcge cjpogsa ........................................................................................... <9

c.

Juotcpoclitcge das sicscas cjjgbcocíras, ãlrguoajaet da oi lmiåea da LDG atnicooctas das prètaurs ................................................................................................................... <9

l. Oa « sgrt ° das biequas ....................................................................................................... <2

c. Bair \taires ...................................................................................................................... <2

Ae jirs 266=, oi biequa Bair \taires, æ lgurt da ocqucdctãs, ast rilmatãa pgur dauxdgooirs o–iltcge pir HV Jgrkie Lmisa. ..................................................................................... <2

cc. Nieeca Jia at Nraddca Jil ............................................................................................. <2

ccc. Oamjie Brgtmars ............................................................................................................... <<

cv. Yuaos ritceks æ 9 jgcs iviet oas pgsctcges da nicooctas 7 .............................................. <<

d. Rãparlusscge sur oa systíja ............................................................................................... <1

c. Kiekríea ............................................................................................................................ <1

cc. Lmuta du jirlmã das annats da lgjjarla ................................................................... <1

ccc.

ICK, oi piecqua .................................................................................................................. <>



1

c. Raenoguajaet d–ICK at das biequas ............................................................................. <>

cc.

Yu–ae ast-co das LD\ ãjct pir ICK at das biequas 7 ................................................. <;

a. Lgesãquaelas at axtaescge jgedcioa da oi rãlasscge ................................................... <=

c.

Oas bgursas lgetceuaet æ lmutar ..................................................................................... <=

cc. Oa lmôjika iux Ãtits-Qecs at ae Aurgpa ..................................................................... <=

ccc. Oa egjbra da sicscas cjjgbcocíras ittacet > jcoocges iux Atits-Qecs ae 2696 ........ <3

c. O–axtaescge jgedcioa da oi rãlasscge ............................................................................ 46

C^. Oas raspgesibcoctãs ................................................................................................................ 49

Oamjie......................................................................................................................................... 49

Lgutrywcda ................................................................................................................................... 49

Jarrcoo Oyelm ................................................................................................................................ 42

Jarrcoo Oyelm ................................................................................................................................ 42

ICK, oas partas lgescdãriboas ................................................................................................... 42

i. Oas biequas iux Atits-Qecs ................................................................................................ 4<

c.

Oas ogbbycstas da « Rguedtiboa ° 8 ue lgjbit lgetra oas rãngrjas ......................... 44

b. Lgenocts d–cetãrèts at dies o–aesackeajaet ......................................................................... 44

c. Iviet oi lrcsa 8 pau d–axparts get dgeeã o–ioarta ........................................................... 44

^. Oas rãsuotits iuhgurd–muc ....................................................................................................... 4;

i. Das ceãkioctãs quc sa lrausaet at ue dãloce quc s–illaetua dapucs 93=6 ...................... 4;

c. Dãogliocsitcges das saltaurs hukãs æ pau da « vioaur ihgutãa ° ............................... 4;

cc.

Oi pgpuoitcge quc e–ast pis quiocncãa 8 quao trivico pgur aux 7 .................................... 4=

ccc. O”uecvarsctã prcvãa da pous ae pous dcnnclcoa d–illís...................................................... 4=

^C. Varspaltcvas at raoitcge ival oi lrcsa iltuaooa .................................................................. 19

i.

\ctuitcge kãeãrioa 8 oas lmcnnras da o–GLDA (Egvajbra 2699) ....................................... 12

b. O–Aurgpa .................................................................................................................................. 1<

c.

Oas Atits sget sur survacooiela das jirlmãs ............................................................... 1<

cc.

Oas ikaelas da egtitcge .................................................................................................. 14



>

ccc. Lgjjaet oi datta i-t-aooa jgdcncã oi BLA 7 .................................................................. 1>

l.

Oas Atits-Qecs iu rioaetc ...................................................................................................... 1=

c. Yuitra vuoeãribcoctãs da oi Lmcea .................................................................................... 13

cc.

O–cjjgbcocar at oa lmôjika .............................................................................................. >6

ccc. Oi datta ............................................................................................................................... >9

d. Oi Lmcea .................................................................................................................................. >2

c. Oi Lmcea nict sge jirlmã ................................................................................................. ><

cc. O–gpcecge pubocqua ae jguvajaet .................................................................................. >4

a. Oas eguvaiux lgequãriets 8 Brãsco at Irkaetcea .............................................................. >1

c. Oa Brãsco .............................................................................................................................. >>

cc. O–Irkaetcea ......................................................................................................................... >;

^CC. Oas eguvaiux iltaurs da oi lrgcssiela ............................................................................. >3

i.

Lgetrcbutcge das kriedas zgeas dies oa VCB jgedcio (glda) ....................................... ;6

^CCC. Rãnãraelas ............................................................................................................................. ;9

C]. Lgelouscge .............................................................................................................................. ;2

i. Qea lgelouscge kãeãrioa ...................................................................................................... ;2

b. Qea lgelouscge pous parsgeeaooa ........................................................................................ ;<



;

C. Lgjjaet ae ast-ge irrcvã oæ 7

i. Grckceas du jio

c. 93=9, Rgeiod Raikie egjja Dgeiod Rakie oa VDK da JarrcooOyelm, \alrãticra iu Trãsgr& sliedioa du @aitcek 1

Co egus niut rippaoar qu–iviet o–irrcvãa iu pguvgcr da Rgeiod Raikie, o–ãlgegjca ijãrclicea

ast ae poacea dãlidaela ival ue tiux da lmôjika ae poace assgr , uea cenoitcge iussc tríslrgcssieta , laooa-lc ãtiet illgjpikeãa d–uea trikcqua stiknoitcge pirioysiet tgtioajaet oi

lrgcssiela du piys.

Raikie sa davict da rãtibocr oi prgspãrctã das Q.\ dís sge ãoaltcge.

Rgeiod Raikie lgjjaela pir egjjar \alrãticra iu Trãsgr oa VDK da oi biequa d–innicras

Jarrcoo Oyelm, Dgeiod Rakie8

« [ioo \traat at oa Vrãscdaet get oi jèja gptcqua dcsict o–ielcae LAG da Jarrcoo Oyelm P…Z

Oas dãlcdaurs da [ioo \traat sgutcaeeaet oa Vrãscdaet æ 966% ° dcri Rakie.

Ival o–icda d–ãlgegjcstas at da Ogbbycstas, o–Idjcecstritcge guvra uea pãrcgda da

dãrãkuoitcge da <6 ies.

Ae 93=2, oi dãrãkoajaetitcge parjat iux sglcãtãs d–ãpirkea at da lrãdct oaur iutgrcsa tgutas

sgrtas da poilajaets bisãs sur das iltcns rcsquãs.

Iu dãbut das ieeãas 9336, das laeticeas da las sglcãtãs iurget nict nicooctas, o–irkaet dasãpirkeiets ãtiet dãncectcvajaet pardu.

Jèja sc das jcoocars da lidras vget ae prcsge, latta lrcsa ceslrcta dies oa « Raikiegjcls °(pgoctcqua da Rgeiod Raikie) lgðtari pous da 926 Jcoocirds iu lgetrcbuiboa ijãrclice, jicspir-dassus, aooa lgðtari æ baiulgup, o–ãpirkea da tguta oaur vca pguviet issurar oaur

ratricta.

Da pous, aooa ea jat pis nce æ oi dãrãkuoitcge dget oas vieeas s–guvraet dãncectcvajaet.

« Oa pous kried Mgod-up da o–mcstgcra ° lctarget oas hgureiux.

O–axajpoa oa pous nrippiet das ieeãas 93=6 nut oa sliedioa « @aitcek Ncva °, oaquaocjpocquict 1 sãeitaurs (dget Hgme Jil Lice, prcelcpio gppgsiet æ o–ãoaltcge prãscdaetcaooa

d–Gbiji) dget oas lijpikeas sãeitgrcioas ãticaet nceielãas pir Ocelgoe \ivcek&Ogie

issglcitcge, at dget oa VDK ãtict oa nceielcar Lmiroas @aitcek. Ae lgetrapirtca dunceielajaet da oaur lijpikea, @aitcek dajiedict uea icda pgur rãscstar æ oi rãkuoitcge(iltcge purajaet ogbbycsta).

Oa prglassus lgescstict ae ue cevastcssajaet da miut rcsqua (« Mckm-Scaod bged °) dget oipãraeectã nut ãvcdajjaet lmcjãrcqua pucsqua o–aetraprcsa nct nicoocta, at ival aooa, oas

ãlgegjcas da jcoocars d–cevastcssaurs iyiet nceielã las lijpikeas.



=

Vrãlcsges qua Ioie Kraaespie, lgesuotiet ãlgegjcsta pgur oi lgjpikeca da @aitcek æo–ãpgqua ãtict iu lŜur da oi jieŜuvra æ rcsqua iyiet lgðtã da dgooirs iu (\gurla8 Eaw Sgr`

Tcjas , 26 Egvajbra 93=3 « Kraaespie–s Ocelgoe sivceks rakrats °)

La jèja Ioie Kraaespie, narvaet lgjbittiet da oi dãrãkuoitcge, sa vgct lgencã, dís 93=;,oi Biequa laetrioa Ijãrclicea 8 oi Rãsarva Nãdãrioa at sari lgencrjã pir Bcoo Locetge at K.[Busm, tiedcs qua Lmiroas @aitcek ast ajprcsgeeã pgur 1 ies.

Ioie Kraaespie, Vrãscdaet da oi NAD da 93=; æ 266>.



3

cc. Locetge, K.[ Busm 8 o–aetrajèoajaet pgoctclg-nceielcar at oasogbbcas

Dís 93=2, das rãngrjas parjattaet iux sglcãtãs d–ãpirkea at da lrãdct da nicra das

poilajaets æ rcsqua.

Latta jieŜuvra, quc sari pgursucvca pir Locetge, lgescsta æ raoielar o–ãlgegjca.

Ioie Kraaespie, dãsgrjics prãscdaet da oi NAD illaetua oi dãrãkuoitcge krâla æ o–ippuc

das \alrãticras iu Trãsgr 8 Rgbart Rubce (ax-VDK da oi biequa Kgodjie \ilms) at Oirry(Oiwraela) \ujjar Vrgnassaur d–Algegjca æ Mirvird, tgut daux egjjãs pir Bcoo Locetge.

Co ippirict ãvcdaet qua oi pgoctcqua, oa saltaur nceielcar at o–ãdulitcge sget ae jasura daraedra pous pucssieta oas ncrjas nceielcíras oaur pgurvgyiet ue pguvgcr ngrt kriedcssiet. Lasncrjas kãietas ãtiet trís ocãas aetra aooas jics at cetarikcssiet iussc ival o–Atit, sget

raeduas æ oi ngcs pous sgocdas jics iussc d–ivietika ae jasura d–axarlar oaur ogbby iu sacedu pguvgcr nãdãrio.

ccc. Lctckrgup ja nce æ oi ogc Koiss-\taikioo 8 TGG BCK TG NICO

Lctckrgup Ae 933=, oas biequas Lctclgrp at Trivaooars nuscgeeaet ae Lctckrgup at davcaet oipous krieda cestctutcge nceielcíra iu jgeda.

Laooa-lc rãussct, sur illgrd du Lgekrís, æ nicra jgdcncar oi ogc Koiss-\taikioo æ sge prgnct

dgeeiet eicssiela iux illgrds da Krijj “Oailm “Bocoay.

Oi ogc Koiss-\taikioo ast eãa da oi Krieda Dãprasscge ince d–ajpèlmar oas poilajaets æ

rcsqua iu sace das biequas da dãpôt0 lgetgurear latta ogc rijíearic 91 jcoocirds da dgooirsiux cevastcssaurs, iukjaetiet piriooíoajaet lgescdãriboajaet oa rcsqua.

^gcr oa rapgrtika da Rgbart Keiczdi, ielcae Dcraltaur da Kraaeocek Cestctuta. \gurla8 scta ygutuba8mttp8//www.ygutuba.lgj/witlm7v:=mgCMxQn-aS8 « [abceir gn pubocl prasaetitcge cetrg & Rakuoitgrs‟

Oi ogc Koiss-\taikioo, da pirt sge cjpoãjaetitcge, ajpèlmict egrjioajaet oa rilmit daTrivaooars pir Lctclgrp.

Ioie Kraaespie at oi NAD dgeeíraet oaur illgrd da darecar rassgrt æ uea dãrgkitcge da 9ie 0 oaquao dãbgulmi sur uea ibrgkitcge da oidcta ogc ae 9333 0 oi dãrãkuoitcge sa jgetraietiu kried hgur.

^gclc ue axtrict da oi eguvaooa ogc, oi ogc Krijj-Oailm-Bocoay jattiet dãncectcvajaet nce æ oi ogcKoiss-\taikioo 8

« gpaecek tma dggr tg nceielcio sarvclas lgekogjaritas gnnarcek i jcx gn lgjjarlcio bie`cek,

cevastjaet bie`cek, cesuriela uedarwrctcek ied brgàrika °

Oi jèja ieeãa, Rgbart Rubce quc ãtict \alrãticra du Trãsgr davcet ^cla-prãscdaet da

Lctckrgup ival uea prcja d–aetrãa da 924 jcoocges da Dgooirs, prgvgquiet uea lgetrgvarsadies o–gpcecge pubocqua ae ricsge du dguboa rôoa da Rubce pguviet icsãjaet ibusar d–cetãrèt

http://www.youtube.com/watch?v=8hoIHxUf-eY

http://www.youtube.com/watch?v=8hoIHxUf-eY



96

aetrajèoiet at o–Atit at o–Cedustrca nceielcíra at pguviet dgeear ocau æ uea prcsa da rcsquaaxilarbãa iu dãtrcjaet da o–cevastcssaur gu pgtaetcao raenoguaur (oa lgetrcbuiboa 7) d–uea

lrcsa systãjcqua.

« Oas biequas krgsscssaet lir aooas dãscraet oa jgegpgoa at ae s–icdiet da oi ngrla das

ogbbc as P…Z at aooas ietclcpaet qu–ae lis d–ãlmal, o–Atit e–iuri pis d–iutra lmgcx qua da oasraenoguar ° 8 TGG BCK TG NICO ° egus dãjgetra pir sas prgpgs, [cooaj Buctar (Lmanãlgegjcsta da Lctckrgup).

(\gurla8 taoakripm, mttp8//www.taoakripm.lg.u`/nceiela/eawsbysaltgr/bie siednceiela/>>349<1/Bck-bie`-lrctcl-[cooaj-Buctar-tiàs-hgb-it-Lctckrgup.mtjo)

(Irtcloa da oi ogc Krijj-Oailm-Bocoay . \gurla8 kguvareajaet ijãrclice mttp8//www.kpg.kgv/ndsys/p`k/VOI[-96>pubo962/pdn/VOI[-96>pubo962.pdn)

Kagrka \grgs, jcoocirdicra « god-slmggo ° da oi nceiela egus dcri, ouc-jèja, pir oijãtipmgra du pãtrgocar lgjpirtcjaetã qua rãkuoar oi nceiela ast lgjja lgjpirtcjaetar ueeivcra daviet sa prãjuecr d–ue raetrãa d–aiu dies uea da sas lmijbras 8

« is Jiràt ira cemaraetoy uestiboa, \cela Krait Daprasscge, rakuoitcges iltuiooy witartckmt

lgjpirtjaets ce gco tieàrs pravaetcek tma sogsmcek irgued ied lipsczcek tma bgit. Ied

darakuoitcge mis oad tg tma aed gn lgjpirtjaetioczitcge °

(\gurla8 mttp8//algegjcstsvcaw.typapid.lgj/algegjcstsvcaw/2699/63/tieàrs-ied-bieàrs.mtjo)

cv. Oi buooa cetareat at oi prgjgtcge da vioaurs ncltcvas pir oasbiequas d–cevastcssajaet

Dies oi lgetceuctã das poilajaets æ rcsqua, survcaet ue cevastcssajaet jisscn at uekgenoajaet axikãrã dies oas stgl`s Cetareat da oi pirt das biequas, uea buooa spãluoitcvaeict da las vioaurs vars oi nce das ieeãas 9336 0 aekaedriet uea lrcsa ae 2669 at uea partaæ miutaur da 1.666 jcoocirds da dgooirs.

Oi \AL (\alurcty ied Axlmieka Lgjjcsscge, ãqucvioaet da o–IJN) ea sgct pis cetarvaeu

pgur lgetrircar latta buooa at ãvctar icesc oas partas lgescdãriboas issglcãas, pucsqua lattajèja cestctutcge ivict hustajaet ãtã lrããa duriet oi Krieda Dãprasscge pgur ãvctar oispãluoitcge.

\gurla 8 Rapgrtika da [irrae Bunnat « C tgod ygu sg ° 8 mttp8//eaws.bbl.lg.u`/2/mc/busceass/929;;9>.stj

Aocgt \pctzar, ielcae kguvareaur da ES at Ivglit Kãeãrio da o–Atit da ES, ittiqua vcvajaet

oas biequas d–innicras celrcjceiet qua las darecíras e–get hijics rãvãoã qua oaurs

cevastcssajaets dies oas Dgt.lgj ãticaet jiuvics at prãnãricaet uea vcscge lgurt-tarjcstaqu–aooas sivicaet aooas-jèjas trís rcsquãas poutôt qu–uea rãioctã quc oas ajpèlmicaet da

rãiocsar das prgncts sc aooas ãlguticaet sikajaet oas ralgjjieditcges das ieioystas dgetaooas ãtgunnicaet oas ioartas.

Aocgtt \pctzar, ae tiet qu–ivglit, cenocka das ijaedas d'ue jgetiet tgtio da 9,4 jcoocird da

dgooirs æ 96 das pous cjpgrtietas ncrjas da [ioo \traat, illusãas d'ivgcr prglurã das

lgesacos bgurscars taedielcaux.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6694135/Big-bank-critic-Willem-Buiter-takes-job-at-Citigroup.html


http://economistsview.typepad.com/economistsview/2011/09/tankers-and-bankers.html

http://news.bbc.co.uk/2/hi/business/1217716.stm



http://economistsview.typepad.com/economistsview/2011/09/tankers-and-bankers.html





99

^gclc oa jgetiet das ijaedas rãpirtcas 8

BAIR \TAIRE\ $=6 jcoocges LRADCT \QC\\A $266 jcoocges DAQT\LMA BIE@ $=6 jcoocges

H.V. JGRKIE $=6 jcoocges JARRCOO OSELM $266 jcoocges JGRKIE \TIEOAS $921 jcoocges QB\ $=6 jcoocges

KGODJIE \ILM\ $996 jcoocges LCTCKRGQV $996 jcoocges

\gurla8 mttp8//www.dajglrilyegw.grk/2663/92/4/aocgtWspctzarWkactmearWbareieàWlgjpoclctWce

O–axajpoa typcqua da « hue` bgeds ° dies oas vioaurs CT ast laouc da Cengspila. Lattaaetraprcsa pgssãdict uea axlaooaeta egta pubocquajaet ieegelãa pir oas ieioystas cetareas

iux kriedas ncrjas d–cevastcssajaet. O–ivcs da las ieioystas ãticaet tgus dcnnãraet at oasegjjicaet jèja las iltcns da « pcala gn hue` ° gu aelgra da « sulm i pcala gn lrip °.

\gurla8 dglujaeticra Cescda hgb

^gclc oi dãnaesa das biequas lgedijeãas nuraet (d–iprís Aocgt \pctzar, Ivglit Kãeãrio ) 8

« tgut oa jgeda i jcsã sur las iltcns « pgurrcs °, sc la e–ãticaet pis egus , d–iutras o–iuricaet

nict P…Z co ea niut pis sa ncar æ o–ivcs das ieioystas °.

v. Boielmcjaet, iocjaetitcge da rãsaiux da dcltituras at Cjjuectãpãeioa 8 HV JGRKIE - RCKK\ BIE@ -LRADCT \QC\\A

^gclc quaoquas axajpoas jgetriet d–iutras dãrcvas das biequas s–assiyiet(at rãusscssiet)

æ d–ivietika d–iutgegjca at da lgetrôoa 8

Lrãdct \ucssa nceieëi oa prgkrijja euloãicra at o–Cedustrca iãrgspitcio da o–Crie

nibrcquiet das jcsscoas biocstcquas ae dãpct da o–cetardcltcge da o–GEQ. Iussc tguta

cengrjitcge lgelareiet o–Crie, sa davict d–ètra iutgjitcquajaet supprcjãa das bisas

da dgeeãas da Lradct \ucssa quc nut lgedijeãa æ 1<> jcoocges da dgooirs.

Lctcbie`, dget oa VDK ãtict Iobart Jcsieicdi lgetrcbui iu boielmcjaet da o–irkaet da

oi drgkua jaxclicea æ miutaur da 966 jcoocges da dgooirs. Da jiecíra iealdgtcqua,lctges oi quastcge pgsãa pir oa prgluraur at oi rãpgesa du ^cla VDK da Lctcbie` æo–iudcaela du 3 Egvajbra 9333 (ogrs da sge celuopitcge laouc-lc rãpgedct qua o–grdra

qu–co ivict dgeeã d–annilar tguta trila da dglujaets e–ãtict qu–uea boikua æ

lgescdãrar iu 2íja dakrã ) 8

Jr. JC\IE 8‟C sicd tmit ce i `cddcek jieear. Ct wis it tma airoy stikas gn tmcs. C dcd egt jaie

ct sarcgusoy.‚

\gurla 8 mttp8//www.eytcjas.lgj/933>/6</<6/busceass/lctcbie`-s-ralgrds-axijcead-is-pirt-gn-jaxclie-cequcry.mtjo

http://www.democracynow.org/2009/12/4/eliot_spitzer_geithner_bernanke_complicit_in

http://www.nytimes.com/1996/03/30/business/citibank-s-records-examined-as-part-of-mexican-inquiry.html

http://www.nytimes.com/1996/03/30/business/citibank-s-records-examined-as-part-of-mexican-inquiry.html

http://www.democracynow.org/2009/12/4/eliot_spitzer_geithner_bernanke_complicit_in



92

HV Jgrkie at oi lgrruptcge da Miuts-ngeltcgeeicras dies o–Atit d–Ioibiji 8 OirryOiekngrd, raprãsaetiet du lgjtã da Hannarsge ae Ioibiji , ivgui ivgcr illaptã daspgt-da-vce pgur ivgcr dãvcã oi lgelurraela ogrs da o–ippao d–gnnra pgur ue basgce da

nceielajaet quc nivgrcsi HV Jgrkie at quc jaei oa lgjtã æ uea trcsta biequarguta(lgedijeitcge æ 21 jcoocges da dgooirs at 91 ies da prcsge pgur Oirry Oiekngrd).

\gurla mttp8//www.eytcjas.lgj/2663/99/61/busceass/61darcvitcvas.mtjo

Oi biequa Rckks i icdã oa kãeãrio Vceglmat æ jisquar sas lgjptas bielicras atdgel æ boielmcr da o–irkaet pgur triesnart husqua dies oas ieeãas 9336. Da 9331 æ

2664, oi Rckks i kãrã pis jgces da >6 lgjptas bielicras at das lartcnclits dadãpôts d–uea vioaur da prís da ;66 jcoocges da dgooirs pgur oa kguvareajaetkuceãae, oasquaos lgjptas ãticaet tgus lgetrôoãs pir das jajbras da oi nijcooa atdas lgesacooars du prãscdaet Tagdgrg Gbciek Ekuaji Jbisgkg. Oas ngedsprgvaeicaet assaetcaooajaet das ravaeus du pãtrgoa, at pirtcluocírajaet da rcstgureasgbtaeuas das ncrjas ijãrcliceas lgjja Axxge Jgbco. Tagdgrg Gbciek Ekuaji

Jbisgkg i prcs oi tèta das ngrlas irjãas da oi Kuceãa ãquitgrcioa ae 93;1 ivietd–ètra egjjã vcla-jcecstra das Ngrlas irjãas pgpuoicras ae 93;3, oi jèja ieeãagó co raevarsi sge geloa at prct oa pguvgcr æ tctra da prãscdaet du Lgesaco jcocticrasuprèja. (lgedijeitcge æ 9> jcoocges da dgooirs).

\gurla 8 mttp8//www.boggjbark.lgj/ipps/eaws7pcd:eawsirlmcva&scd:iD]>Omh<.h<C

Nraddca Jil at Nieeca Jia get iussc trincquã oaurs lgjptas 8 oa but da las 2cestctutcges sajc-ãtitcquas ãtict d–ilmatar das mypgtmíquas sur oa jirlmã das prèts

mypgtmãlicras da prajcíra jice at da oas issajboar at oas ravaedra æ dascevastcssaurs sur oa jirlmã jgedcio. Ae 266=, Nieeca Jia at Nraddca Jil pgssídaet

gu kirietcssaet aevcrge 1 266 jcoocirds Q\D du jirlmã ijãrclice das mypgtmíquas,ãviouã æ aevcrge 92 666 jcoocirds Q\D krâla æ das lgjptas quc s–ivírarget niux. Ae

lgesãquaela, las daux sglcãtãs sget durajaet nrippãas pir oi lrcsa dassubprcjas survaeua æ oi n ce da 266; at ae 266=. O–idika « tgg bck tg nico ° astlgencrjã oa 2> hucooat 266= ogrsqua oa kguvareajaet nãdãrio ast cetarvaeu pgurprãvaecr da oi nicoocta da Nraddca Jil. Ae 266=, lgesãquaela da oi lrcsa dassubprcjas iux Ãtits-Qecs, Nraddca Jil subct das partas da pouscaurs jcoocirds 8 oakguvareajaet nãdãrio ijãrclice i dãlcdã d'ae praedra oa lgetrôoa. Oa 2< hievcar2663, Nraddca Jil gbtcaet uea icda suppoãjaeticra da <1 jcoocirds Q\D dgetpouscaurs lidras bãeãnclcarget krâla æ oaur bgeus pguviet ittacedra husqu'æ

966 666 Q\D.mttp8//niluoty.lmclikgbggtm.adu/arc`.murst/tailmcek/nieecaWtggWbckWtgWnico.pdn

b. Dãrãkuoitcge at eguvaiux prgducts nceielcars

c. Oas prgducts dãrcvãs

I pirtcr das ieeãas 36, oi dãrãkuoitcge at oa prgkrís talmegogkcqua nibrcquaet das prgducts

nceielcars da pous ae pous lgjpoaxas 8 oas prgducts dãrcvãs.

http://www.nytimes.com/2009/11/05/business/05derivatives.html

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDX6Lhj3.j3I

http://fr.wikipedia.org/wiki/Hypoth%C3%A8que

http://fr.wikipedia.org/wiki/Federal_National_Mortgage_Association

http://fr.wikipedia.org/wiki/Dollar_am%C3%A9ricain

http://fr.wikipedia.org/wiki/Crise_des_subprimes


http://fr.wikipedia.org/wiki/Too_big_to_fail




http://faculty.chicagobooth.edu/erik.hurst/teaching/fannie_too_big_to_fail.pdf







http://fr.wikipedia.org/wiki/Too_big_to_fail




http://fr.wikipedia.org/wiki/Federal_National_Mortgage_Association

http://fr.wikipedia.org/wiki/Hypoth%C3%A8que

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDX6Lhj3.j3I

http://www.nytimes.com/2009/11/05/business/05derivatives.html



9<

Oas biequcars, jics iussc, oas ãlgegjcstas inncrjaet qua lgjpoaxctã da las prgducts sart æsãlurcsar oas jirlmãs. Lapaediet, oi vgoitcoctã iukjaetiet ha ea vgcs pis lgjjaet oa rcsquaast suslaptcboa da dcjceuar.

Oaurs annats sget ijpocncãs pir oas lgjpgrtajaets jcjãtcquas kãeãriet da o–cestibcoctã at

parjattiet da praedra das pgsctcges æ ngrt annat da oavcar sur oas jirlmãs. Oas dãrcvãsdãjuotcpocaet oas rcsquas da oi spãluoitcge, iu pgcet da dãstibcocsar oas jirlmãs

Oas prgducts dãrcvãs sget davaeus da pous ae pous lgjpoaxas gpilcnciet o–ãviouitcge das

rcsquas qu–cos ãticaet laesãs rãducra iogrs qua oi dcssãjceitcge das rcsquas ajpèlma oaurtriëibcoctã nicsiet illrgåtra oa rcsqua systãjcqua.

\gurla 8 Oaxcetar 8 mttp8//oaxcetar.eat/HN/prgductsWdarcvasWatWrcsquas.mtj

O–cestibcoctã

Qe cedclitaur da o–cestibcoctã ast oi vgoitcoctã 0 aooa ast o–ãlirt-typa das vircitcges da prcx dasiltcns ae gjattiet oi jasura das rcsquas axtrèjas dus æ oi ege oceãirctã das jirlmãs. Oaliriltíra iegrjio das jirlmã (Tmãgrca da Jiedaobrgt) , oas celartctudas (pir gppgsctcge iurcsqua) gu aelgra oa rcsqua systãjcqua lgetrcbuaet æ o–cestibcoctã das jirlmãs.

D–iprís Iedraw \maek, Lmcan dvcsgr gn Bie`cek Lmcei Rakuoitgry Lgjjcsscge, oasjitmãjitclcaes at pmysclcaes da oi Kuarra Nrgcda get cestctuã uea eguvaooa jiecíra da nicraoi kuarra 8 laooa-lc ãtiet davaeua uea kuarra nceielcíra dget oa ocau da biticooa sa sctua suroas jirlmãs. [irrae Bunnat piroa ouc-jèja « d–irjas da dastrultcge jisscva °.

Iedraw Og, Vrgnassaur da Oibgritgcra iu JCT inncrja qua pgoctclcaes, rãkuoitaurs e–get pis

jasurã oa rcsqua ocã æ o–ceegvitcge nceielcíra sur oa systíja nceielcar.

Co ast pgsscboa, ival oas prgducts dãrcvãs, da pircar sur oa lgurs du pãtrgoa gu oi jãtãg, guaelgra, at l–ast oæ oa pous diekaraux 8 sur oi nicoocta d–uea aetraprcsa 0 at dgel ae saes

lgetricra da oi prgspãrctã. I oi nce das ieeãas 9336, oas dãrcvãs (ae jirlmã ege ríkoajaetãs- GTL-) lgestctuaet uejirlmã da pous da 16.666 jcoocirds da dgooirs.

http://lexinter.net/JF/produits_derives_et_risques.htm

http://lexinter.net/JF/produits_derives_et_risques.htm



94

l. Dãlajbra 2666 8 vgta da oi ogc da jgdarecsitcge das jirlmãsæ tarja

c. Oas Ogbbycstas at o–cetardcltcge da oi rãkoajaetitcge das dãrcvãs

Ae 933=, Brgg`soay Bgre , sgrtca da o–Atit Jihgr da Drgct da \tiedngrd, spãlciocsta dasdãrcvãas lmaz Iregod at Vgrtar ast poilãa pir oa Vrãscdaet Locetge, æ oi tèta da oi LNTL(Lgjjgdctcas Nuturas Tridcek Lgjjcsscge) ince da suparvcsar oas jirlmãs æ tarja at oasprgducts dãrcvãs.

Brgg`soay Bgre.

Vrgpgsiet uea ríkoajaetitcge ae Jic 933=, oa dãpirtajaet du Trãsgr rãikct prgjptajaet

sucta æ ue ippao celcscn da Oirry \ujjars, iogrs \gus-salrãticra iu Trãsgr, at aetgurã da 9<biequcars iu ecvaiu das nicts, oi sgjjiet d–irrètar sge prghat.

Kraaespie, Rubce at oa Vrãscdaet da oi \AL, Irtmur Oavctt lgedijeaet Jja Bgre atra(lgjjiedaet) ngrtajaet da ea pis ríkoajaetar oas dãrcvãs.

Yuaoquas tajps pous tird, oa sãeitaur Vmco Krijj (dget o–ãpgusa ãtict iu lgesaco

d–idjcecstritcge d–Aerge) nct vgtar uea ogc sgustriyiet oas dãrcvãs æ oi ríkoajaetitcge. VmcoKrijj davcet aesucta Vrãscdaet da o–QB\.

Oirry \ujjars ippuyi latta dãjirlma ae tiet qua \alrãticra du Trãsgr da 9333-2669 ince

prgpgsiet uea ogc pgur oas dãrcvãs sur jirlmã GTL.

Ae Dãlajbra 2666, Oa Lgekrís ijãrclice vgta oi ogc da Jgdarecsitcge das jirlmãs æ tarja(rãdckãa æ o–icda das Ogbbycstas) cetardcsiet oi ríkoajaetitcge das dãrcvãs. Dís ogrs, oas

triesiltcges at o–utcocsitcge da dãrcvãs axpogsi.

sgurla 8 Cescda Hgb dglujaeticra , tãjgckeika da Nriel` Virtegy, Vrgnassaur da Drgct da oi Nceiela, Qecvarsctã da Liocngreca ,\ie Dcakg at tãjgckeika da Bireay Nrie` , Vrãscdaet da « Mgusa Nceielcio \arvclas Lgjctaa

cc. Oaidars du saltaur 8 1 biequas d–innicras, 2 lgekogjãrits

nceielcars, < sglcãtãs d–issuriela



91

Ogrsqua Kagrkas [.Busm aetra ae ngeltcge ae 2669, oi nceiela ijãrclicea ast æ oi ngcslgelaetrãa, pucssieta at trís raetiboa.

Oas oaidars nceielcars sget 8

1 biequas8 Kgodjie \ilms , Jgrkie \tieoay, Oamjie Brgtmars at Bair \taires

2 lgekogjãrits æ sivgcr Lctckrgup, HV Jgrkie

< sglcãtãs d–issuriela 8 IJBIL, JBCI at ICK

< ikaelas da egtitcge (aelgra prãsaetas iuhgurd–muc) æ sivgcr, Jgddy–s , \tiedird &

Vggrs at Nctlm.

Tgutas las sglcãtãs sget ocãas pir uea lmiåea da tctrcsitcge pguviet prgpgsar dasjcoocirds, pirtcluocírajaet ae lrãdcts cjjgbcocars, æ das cevastcssaurs du jgeda aetcar.

d. Tctrcsitcge at lmiåea da ocicsge

c. La quc lmieka pir rippgrt æ « iviet °

Iupiriviet ue prètaur s–ittaedict æ ètra rajbgursã. Ae annat, oa rajbgursajaet d–ue prèt

ravaeict iu prètaur oglio, at pucsqua las rajbgursajaets s–ãtioicaet sur da egjbrausas

ieeãas, la darecar ãtict prudaet. Ival oi lmiåea da tctrcsitcge, oa prètaur e–issuja pous ouc -jèja oi dãnicooiela (oa dãniut) lir co lída oas lrãdcts æ das biequas d–innicra.

cc. Oas LDG

Oas biequas, lgooaltiet at ikrãkaiet das jcoocars da lrãdcts cjjgbcocars, jics iussc daslrãdcts ãtudciets, iutg gu aelgra lrãdcts da lirta bielicra (prèt æ i lgesgjjitcge), oas gettriesngrjãs ae dãrcvãs lgjpoaxas 8 oas LDG (Lgooitarioczad Dabt Gbockitcge), gu dattasidgssãas æ das iltcns.Oas biequas d–innicras ravaedaet aesucta las LDG æ das cevastcssaurs. La quc sckecnca qua o–ge rajbgursa sge lrãdct cjjgbcocar æ das cevastcssaurs du jgeda aetcar

(sies sivgcr quc prãlcsãjaet).

Vgur sãlurcsar las LDG, oas ikaelas da egtitcges ãviouaet las LDG at, ittrcbuiet æ lascevastcssajaets, oi poupirt du tajps oi jacooaura egta « III °.Las LDG cetãrassaet baiulgup oas ngeds da paescge, æ oi ralmarlma da trís bge raedajaetquc ea pauvaet qu–ilmatar das vioaurs sðras). La systíja eãbuoaux davcaet uea « bgjba æ ratirdajaet ° pucsqu–co e–ast pous utcoa qua oas

prètaurs vacooaet æ oi sgovibcoctã das ajpruetaurs.Cos illaptaet da prètar æ das ngyars da jgces ae jgces sgoviboas. Oas biequas d–innicras,

prcsas pir oi taetitcge da ravaedra æ oaur tgur las LDG at d–aekriekar das prgncts, e–y vacooaet

pis d–ivietika.



9>

Oi vaeta da lrãdcts, iviet 8

Oi vaeta da lrãdcts, iprís, ival oas LDG 8

ccc. Oa ritcek « III °. Ast-co hustcncã 7

Oas ikaelas da egtitcge, piyãas pir oas biequas, e–get iuluea raspgesibcoctã oãkioa ogrs daegtitcge arrgeãa pucsqu–co e–y i iuluea ríkoajaetitcge.

« Oas iltaurs da oi lmiåea da dcstrcbutcge sa jgquicaet da oi quioctã das

prèts pucsqu–cos vguoicaet tgulmar uea lgjjcsscge °(Egurcao Rgubcec, ãlgegjcsta).

Iooie \ogie, saecgr ãdctaur iu jikizcea Ngrtuea i vu, ae ãtiet cevctã ae siooada jirlmã, oas lgjptas ikrãkãs da lartices da las subprcjas. \ur larticesda laux-lc ãticaet ippgsãs « III °, iussc lartices qua das bges du Trãsgr.



9;

a. Jgetãa ae noílma das lrãdcts æ rcsqua

c. Juotcpoclitcge das lrãdcts, ikrãkitcge ae LDG at ritcek « III °

Aetra 2666 at 266=, oa egjbra da prètscjjgbcocars i pritcquajaet quidrupoãlmiqua ieeãa.

Las lrãdcts æ rcsqua, ippaoã subprcjas, triesngrjãs ae LDG, gbtcaeeaet tguhgurs oi egta« III °.

D–iprís Kcoocie Tatt, Raspgesiboa d–ãdctcge iu Nceielcio Tcjas, las

prgducts dãrcvãs « subrcjas ° pguvicaet lgjpgrtar uea ocjcta da rcsquaae y ihgutiet uea nrielmcsa, jics oi ríkoajaetitcge e–axcsticaet pis at

laoi irriekaicaet oas biequcars pgur iukjaetar oaur lgjjcsscge.

\aoge Rgbart Keiczdi, ielcae Dcraltaur da Kraaeocecek Cestctuta (uegrkiecsja da outta lgetra o–cehustcla) at iyiet ãtã issaz prglma d–Ioie

Kraaespie, « oas biequas, ajpglmicaet das lgjjcsscges d–iutiet pous

cjpgrtietas qua oa prgduct ãtict raetiboa at lgestctuict dgel ue prèt

ibuscn. Aooas get icesc slcajjaet prcvcoãkcã las lrãdcts æ rcsqua silmiet

qu–cos ãticaet trís miutajaet eglcns du nict da oaur tiux ãoavãs. Oa rcsquaãtiet prgpgrtcgeeao æ oi rãjueãritcge aetriåeiet uea iukjaetitcge da

prèts ibuscns, las lrãdcts ãticaet prgpgsãs æ das kaes ea pguviet oas

rajbgursar °.

D–iprís Arcl Mioparce, Dcraltaur da Laetar ngr Raspgescboa Oaedcek

[ismcektge 8

« sc ue biequcar vguoict uea pous krgssa lgjjcsscge, co lgooict ue

subprcja °.



9=

CC. Oi buooa 8 2669-266;

i. Aevgoãa das prcx at aevgoãa das vaetas

Tgus oas ies oi lmiåea da tctrcsitcge iukjaetict da laeticeas da jcoocirds. Oas vaetas at oasprcx das iltcns cjjgbcocars s–aevgoaet. Icesc ast eãa oi pous krgssa buooa cjjgbcocíra dao–mcstgcra.

D–iprís Lmiroas Jgrrcs, iutaur da « Tma 2 trcoocge dgooirsJaotdgwe °, « oa jirlmã cjjgbcocar i axpogsã sies ricsge at

o–ippãtct pgur oa lrãdct iooict dãlcdar da la qua narict oa rasta du

jgeda °.

O–ãlgegjcsta Egurcao Rgubcec, egus ippraed qua ogrs da oi darecíra lrcsa cjjgbcocíra ditietdas ieeãas =6, oas prcx ivicaet iukjaetã da jiecíra raoitcvajaet nicboa iyiet dãhæprgvgquã uea rãlasscge kriva, jics aetra 933> at 266>, cos ivicaet tgut scjpoajaet dguboã(934% ae 266;).

Lc-dassgus, o–ãvgoutcge das prcx da o–cjjgbcocar ae kocssajaet ieeuao(sgurla 8 NJC,

mttp8//www.cjn.grk/axtareio/ep/spaalmas/266=/63636=.mtj)

Vrãlcsges qu–ue prèt ast dct « hujbg jgrtkika ° dís ogrs qua sge tiux dãpissa oa tiux ocjctadct « lgengrjcek ° pgsctcgeeã pir o–GNMAG (Gnncla gn Nadario Aetarprcsa Gvarsckmt), at sa

trguva dgel ege ãockcboa æ o–ilmit, æ oi kirietca (mypgtmãlicra) at oi sãlurcsitcge pir oas daux

grkiecsjas Nieeca Jia at Nraddca Jil.Latta rajirqua ast cjpgrtieta lir oa spraid aetralas 2 tiux ast da 966 pgcets da bisa (9%), iooiet da picr ival uea lrgcssiela das prcx da26% (kripmcqua da kiulma).



93

c. Aerclmcssajaet das biequas pir das prgncts crrãaos

Tguhgurs d–iprís Rgbart Keiczdi, « tgutas oas pous kriedas biequas lctãas pous miut ãticaet

da oi pirtca ° nicsiet icesc krcjpar oas subprcjas da <6 jcoocirds pir ie æ >66 jcoocirds pir ie

ae 96 ies.Lguetrywcda Nceielcio, oa prajcar ngurecssaur da subprcjas, i, æ ouc sauo , gltrgyã 3;jcoocirds da prèt ouc prgluriet das kices da 99 jcoocirds ae > ies (2666- 266>).

Ge gbsarva qu–æ [ioo \traat, oas bgeus s–illãoíraet pgur oas tridars at oas VDK duriet oi

buooa (2662-266;).

Icesc, oi biequa Oamjie Brgtmars, dget oa VDK ast Rclmird Nuod, sa trguva ètra ue kriedsguslrcptaur da subrcjas nicsiet, iu pissika, ajpglmar das kices iu sauo VDK, da 4=1jcoocges da dgooirs.

D–iprís Egurcao Rgubcec, prgnassaur d–ãlgegjca iu ESQ Busceass \lmggo, oi buooa du lrãdctcjjgbcocar kãeãri das laeticeas da jcoocirds da prgnct at, pgur triducra oa pgcds dascestctutcges nceielcíras, ae 266>, 46% das bãeãnclas du \&V 166 prgvaeicaet da lascestctutcges.^gclc oa kripmcqua cssu da \tiedird & Vggr–s . Aooas ãtibocssaet d–ivietika uea lgetrcbutcgeæ miutaur da <6%, at pgur 266; 0 la quc ast, qugc qu–co ae sgct, trís cjpgrtiet. Jics egus oasivcges, oi jieuniltura at oas iutras cedustrcas sget da pous ae pous dãoicssãas dies oaspiys dãvaogppãs 0 oas Atits-Qecs ae ãtiet ue syjbgoa.

Jirtce [gon, Lman Algegjcsta lgjjaetitaur iu Nceielcio Tcjas, dãlrct las prgncts lgjjacrrãao at raoaviet d–uea ãegrja pyrijcda da Vgzzc, pucsqua o–irkaet e–ãtict qua kãeãrã pir oa

systíja, lapaediet, co ãtict lgjptibcocsã lgjja ue ravaeu, oaquao s–co nicsict dãniut ea

pguvict ètra qua tgut scjpoajaet « bioiyã °.



26

Lapaediet, oi ogc da prgtaltcge da oi prgprcãtã rãscdaetcaooa parjcs da rãkuoar oa saltaur dasprèts cjjgbcocars, jics Ioie Kraaespie, Vrãscdaet da oi Nad, ranusi uea taooa prgtaltcge.

Rgbart Keiczdi, prãscdaet da Kraaecocek, trís krgssa issglcitcge da lgesgjjitaurs, atvgyiet rãkuocírajaet Kraaespie, ouc sukkãri da rakirdar ittaetcvajaet oas 916 prèts

lgjpoaxas utcocsãs pir oas pous krgssas cestctutcges nceielcíras. Ince da dãjgetrar oi lgjpoaxctã das prgducts dãrcvãs lgjpoaxas, Ioie Kraaespie i dãloirãouc-jèja, qua,« jèja ival ue dgltgrit ae Jitmãjitcquas, ge ea paut oaslgjpraedra sunncsijjaet ince das dcstcekuar oas bges prèts das jiuvics °. Lapaediet, Ioie Kraaespie ea prct iuluea jasura pgur lgetrircar las prèts eglcns.

Lmrcstgpmar Lgx, Dcraltaur da oi \AL, dãloiri, æ prgpgs da las prèts qua oi ocbralcrluoitcge das lipctiux lgetrcbuarict æ oi pous krieda prgspãrctã hijics lgeeua. Oi\AL ea jaei iuluea aequèta ince da vãrcncar oa rcsqua celgjbiet iux subprcjas, ecjèja, aequètã quiet iux biequas d–innicra (oa sarvcla da kastcge das rcsquas da latta

darecíra ea lgjptict pous qu–uea sauoa parsgeea).

Oa rãsuotit nut qua duriet oi buooa, oas biequas d–innicra sa jcraet æ s–aedattar ae lgetceu ince

d–ilmatar d–ivietika da prèts at icesc lrãar d–ivietika da LDG.

cc. Rippao da oi egtcge da oavcar at axajpoas lgelrats pir rippgrt ælas biequas

Oa ritcg aetra o–irkaet ajpruetã at oas ngeds prgpras da oi biequa s–ippaooa oa oavcar (oavarika). Icesc, pous uea biequa ajprueta, pous sge oavcar ast cjpgrtiet. Laouc-lc s–ãoíva

iu pous miut æ 91 89 iviet oi buooa 0 raprãsaetiet ue ecvaiu dãhæ trís cjpgrtiet (o–guvrika

dgeea 9 8< lgjja vioaur « ricsgeeiboa du oavcar, sgct 9/< da dattas at 2/< da lipctiuxprgpras).

ccc. Maery (Mie`) Viuosge, VDK da Kgodjie \ilms nict oi prasscge suroi \AL at issgupocssajaet oi ocjctitcge du oavcar

Maery Viuosge, LAG da oi Kgodjie \ilms, pgussa oi \AL (\alurctcas ied Axlmieka

Lgjjcsscge) æ iukjaetar oi ocjctitcge du oavcar.@aeatm Rgkgnn, Vrgnassaur d–Algegjca æ Mirvird inncrja qua oi \AL nut gbockã d–illaptar

das cjpgrtietas biequas qu–aooas pucssaet s–aedattar æ ue oavcar pous ãoavã. Icesc, oa 2= Ivrco

2664, oi \AL sa rãuect dies oa but da supprcjar oi ocjctitcge du oavcar. Icesc, oa sauo huka aeoi pirtca nuraet oas ncrjas bielicras aooas-jèjas, hustcnciet qua la ritcg, iussc ãoavã sgct-co,ãtict sies rcsqua.



29

Lc-dassgus, gbsarvges, iu rakird das pous cjpgrtietas biequas, lgjjaet get ãvgouãs las« oavarika ritcgs °.

Las lmcnnras piroaet d–aux-jèjas pucsqua oas prèts sget baiulgup pous nrgrtajaetoãvarikãs, at quc pous ast, oi quietctã da las prèts æ ngrt annat da oavcar ast iussc pouscjpgrtieta.

D–iprís Diecao Iopart, Dcraltaur da [astwggd Lipctio, inncrjaet qua oas ritcgs iooicaet

husqu–æ << 89 0 dgel trís ae illgrd ival laux qua egus axpgsges.

Oa pous cjpgrtiet æ rataecr ast qu–uea dcjceutcge da <% da oaur iltcn, jattrict las

cestctutcges icesc miutajaet oavarikãas, iutgjitcquajaet ae nicoocta.

b. ICK, oa prajcar issuraur iu jgeda

c. âeta ae jissa d–iutras dãrcvãs 8 oas lguvarturas da dãnicooiela(LD\)

Qea iutra « bgjba æ ratirdajaet° ae oi jitcíra da rcsqua nut o–axpgsctcge kriedcssieta da

o–issuraur ICK æ oi kirietca das LDG. Lat issuraur vaed ue iutra typa da dãrcvã, ae jissa 8oas LD\ (Lradct Daniuot \wip) gu lguvartura da dãnicooiela.



22

Il lís iu x LD\ pir oas s pãlu oitau rs at oas p ircs lg et ra das LDG

Vgur oas cevastcssaurs ae LDG, oas LD\ sget das lguvarturas, ippaoãs das pgoclasd–issuriela. Ae ilmatiet piracooa lguvartura, co niut varsar æ ICK uea prcja trcjastrcaooa.

At sc oa LDG nict dãniut, ICK s–aekika æ lguvrcr oas partas.

^gclc oa lmajceajaet da oi jcsa ae poila das LD\ sur dãniut d–ue LDG, at surtgut oi

nicooa da ngeltcgeeajaet pir iooglitcge da bgeus (sa rihgutiet iux rcsqua dus æ oi nicooa daLDG trgp egjbraux at trgp rcsquãs at da LD\ iussc ãjcs ae trgp krgssa quietctã sur ICK).

9. Vrcja (pgocla d–issuriela) varsãa rãkuocírajaet pir oa sguslrcptaur (biequa) æ

ICK 8

2. Daniut sur ue LDG gbockaiet ICK æ praedra ae lmirka oi dattas cjpiyãas sgus- hilaetas iux LDG 8

<. Oas spãluoitaurs sa jattaet æ ilmatar ae jissa das LD\ 8



2<

Irrètges-egus ue jgjaet pgur cedcquar qu–æ o–cevarsa das issurielas loisscquas, tgus

oas spãluoitaurs get illís iux LD\, quc sget, aux iussc das prgducts dãrcvãs. Icesc, oasspãluoitaurs, ae pirciet sur oas LD\, pircaet ae jèja tajps lgetra oas LDG.

\ityihct Dis, lgesuotiet ae prgducts dãrcvãs, axpocqua qua, lgetricrajaet æ ue bcae

loisscqua pgur oaquao ge ilmíta uea pgocla d–issuriela, ue LD\ ast uea pgoclad–issuriela (lguvartura) qua o–ge paut vaedra pouscaurs ngcs æ pouscaurs parsgeeas (spãluoitaurs). L–ast la qua nct ICK. Latta lguvartura, icesc juotcpocãa ue bge egjbra da

ngcs, ãtict ue bge jgyae pgur ICK quc ea paesict pis qua oas LDG pucssaet nicra dãniut.Co ouc sunncsict da vaedra æ uea krieda quietctã da LD\ pgur s–aerclmcr P nicsiet lapaedieticesc iukjaetar ae prgpgrtcge oa rcsqua æ lguvrcr pgur ICK Z.

Egus davges prãlcsar qua oas LD\ ãlmippaet aux-iussc æ oi rãkoajaetitcge e–gbockaiet

pis ICK æ prgvcscgeear d–ãvaetuaooas partas. \ur oi bisa d–uea rãjueãritcge qu–aooa

paesict larticea ae paesiet qua oas LDG ea naricaet pis dãniut, ICK ea prgvcscgeei pisat dcstrcbui das bgeus trís cjpgrtiets æ sas sioircãs dís qu–uea vaeta da LD\ ãtict

lgetriltãa.

4. Egjbraux dãniuts at gbockitcge pgur ICK da rajbgursar, sur oi bisa das LD\, atoas spãluoitaurs at oas cevastcssaurs 8

ICK ãjat pgur 166 jcoocirds da dgooirs da LD\ duriet oi buooa 0 oi poupirt du tajps, co s–ikct

da LDG idgssã æ das subprcjas.

Oas 466 ajpogyãs da ICKNV (ncocioa nceielcíra d–ICK) kikeaet 1 jcoocirds da dgooirs aetra

2666 at 266;. I si tèta, Hgsapm Lissieg tgulma <96 jcoocges.



24

Oas jieŜuvras at oas celgmãraelas lgetrcbuiet æ oi lrcsa

c. Celgmãraela da Maery Viuosge, egjjã salrãticra iu Trãsgr ae266>

Oa scíka da Kgodjie \ilms.

Kgodjie \ilms vaed iu jgces <.9 jcoocirds da dgooirs

da LDG tgxcquas.

Maery Viuosge ast oa LAG da Kgodjie \ilms. Co ast iussc o–mgjja

oa jcaux piyã da [ioo \traat.

Co ast egjjã salrãticra du Trãsgr pir K.[ Busm oa <6 Jic 266>.Vissiet da o–mgjja d–in nicra egtgcra æ uea pgsctcge da miut-ngeltcgeeicra pubocl, Maery Viuosge e–ae ast pis jgces bcae ogtc 8 aeannat, krâla æ uea ogc rãlajjaet vgtãa, co ast axgeãrã d–cjpôts

lgelareiet oas 4=> jcoocges da dgooirs qu–co dgct vaedra at ãlgegjcsa

icesc 16 jcoocges da dgooirs.



21

cc. Jiequa da prgvcscge das partas ãvaetuaooas at varsajaet dabgeus lgogssiux

Oas bgeus dcstrcbuãs iux dcrckaiets iukjaetaet lgescdãriboajaet at

baiulgup s–idgeeaet æ o–ilmit da hats prcvãs. I oi quastcge pgsãa iu lmanOgbbycsta \lgtt Tiobgt s–co ast egrjio qu–co y ast da sc miuta rãjueãritcge,

laouc-lc rãpged qua tgut ast raoitcn. ^gclc oa pitrcjgcea da Rclmird Nuod,LAG da Oamjie Brgtmars (Cescda Hgb, ncoj, d–iprís oa tãjgckeika da

Oiwraela JlDgeiod, ielcae vcla-prãscdaet da oi ncrja).

94 jcoocges da dgooirs ae Nogrcda, uea jicsge da viliela æ \ueîooay, uea lgooaltcge datiboaiux vioiet das jcoocges. Nuod ãvctict oas siooas da jirlmã at ãvctict da sa jgetrar aepgssãdiet ue islaesaur dãdcã prgkrijjã pgur ea pis s–irrètar iux ãtikas cetarjãdcicras 0JilDgeiod inncrja qua oas jirlmieds d–irt dãncoicaet dies sge buraiu, at « nicsict tgut pgur

rastar ae damgrs °. \ge vckcoa bogquict oas aetrãas at ippaoict tguhgurs ae irrcviet. Co ea sapissict qua 2 gu < salgedas gu co pguvict ètra cetarlaptã pgur cetarikcr ival oa LAG.

Mirvay Jcooar, ivglit da oi biequarguta da oi ncrja Kgodjie \ilmslgestita ijírajaet qua oa LAG ivict > hats ;>; Bgacek icesc qu–ue

mãoclgptíra (sur oa pitrcjgcea da oi ncrja).

« La sget das cetariltcns, cos sivaet tgut sur tgut ° dcri Hannray Oiea, ^cla-prãscdaet da oincrja da 266< æ 266;. Tgus oas suparoitcns ãticaet aevcsikaiboas s–ikcssiet das triesiltcges

rcsquãas gu aelgra s–ikcssiet oas pgssasscges jitãrcaooas das dcrckaiets at tridars. Qea

vrica lgjpãtctcge da quc kikeari oa pous at oa jgetrari.

Hgeitmie Iopart, « Vsylmcitra das axãlutcvas da [ioo \traat ° inncrja qual–ast oaur parsgeeioctã at qu–aooa ast rãpiedua icesc æ wioostraat, sa

jiecnastiet ae damgrs du trivico pir oas strcp loubs, oi drgkua. Ae annat coaxcsta pirjc las axãlutcns , jics iussc oas tridars at iutras tioaets da oinceiela da [ioo-\traat, uea trís krgssa lgesgjjitcge da lgliçea.

Oa pitrge du ^CV loub æ Lmaosai astcja æ =6% da si locaetíoa lgjja ãtiet das biequcars. Iedraw Og, Vrgnassaur at Dcraltaur du Oibgritgcra d–cekãecarca nceielcíra iu

JCT, inncrja qua oas eaurgogkuas get dãjgetrã pir stcjuoitcge at ieioysaãoaltrg-aelãpmiogkrijja qua oi jèja rãkcge du larvaiu ast iecjãa piroas haux ocãs at oi lgliçea. Co pirict lgjprãmaescboa qua baiulgup dasnceielcars da [ioo \traat sgcaet tiet ittcrãs pir oi drgkua at oi lgesgjjitcgeda prgstctuãas.



2>

Baiulgup d–gpãritcgeeaos da oi nceiela sa saetaet gbockãs da sucvra latta vgca

P lgesgjjitcge da drgkuas at da prgstctuãasZ ince da lgrraspgedra æ ue jgdíoa at ètra

prgjus at ralgeeus (Hgeitmie Iopart). Ge paut y vgcr uea lgrraspgediela ival oas ecvaiux< at 4 da oi pyrijcda da Jisogw.

Yuaoquas nicts … \aoge Boggjbark, oas sgrtcas das nceielcars da [ioo \traat raprãsaetaet 1% das ravaeus daslgurtcars ae dãrcvãs da Eaw-Sgr`.

Qe lgurtcar da Eaw-Sgr` i pgrtã poiceta lgetra sge raspgesiboa pgur o–ivgcr gbockã æ aekikar

das prgstctuãas pgur oas tridars.

@rcstce Divcs, dcrckaieta d–ue rãsaiu da prgstctuãas da ouxa sur [ioo-\traat(9666 $ da o–maura pgur oa prcx da bisa) inncrja qua sur sas 96666 locaets,46 æ 16% vaeicaet da oi biequa (tgutas sglcãtãs lgengeduas) at, pgur oi

poupirt d–aetra aux, ãticaet das axãlutcns. Aooas davicaet iussc sitcsnicra oasdajiedas lgelareiet oas Oijbgrkmcec at utcocsicaet o–irkaet da oi sglcãtã

(lirtas egcras). Aooa dcstrcbuict das pipcars sies ae-tèta æ rajpocr æ oi kucsadu locaet gu iogrs aooa davict cevaetar ue jgtcn jgrioajaet lgevaeiboa. Oaslocaets «ãticaet trís sguvaet cssus du tgp jieikajaet.

Ha vgudrics prãlcsar qua las daslrcptcges ngurecas dies jge jãjgcra e–get d–iutras

gbhaltcns qua da jgetrar qua oas pous kriedas ncrjas get prãnãrã dãpaesar æ gutriela qua daprgvcscgeear das iltcns hue` qu–aooas sivicaet trís rcsquãs.

ccc. Kgodjie \ilms vi aelgra pous ogce …

Tgut ae vietiet oi quioctã da sas prgducts (oas LDG) qu–aooa i prãioiboajaet vaedus æ sas

locaets, Kgodjie \ilms ilmíta pgur 22 jcoocirds da LD\ (lguvartura da dãnicooiela) æ ICK 0pirciet dgel icesc lgetra sas prgpras LDG qu–aooa i vaedu sies ae cengrjar sas locaets.

22 jcoocirds sget icesc cevastcs ae LD\. Co ippirict clc loicrajaet qu–aooa sa dgutict qua oasLDG qu–aooa lrãict at ravaedict ãticaet tgxcquas. Dãsgrjics, aooa sgumicta jicetaeiet

s–aerclmcr ival oas LD\ qu–aooa ilmíta, pucsqua laux-lc praedrget d–iutiet pous da vioaur qua

oas LDG ae pardrget. Vous sas locaets pardaet da o–irkaet, pous aooa ae kikeari.

O–gpãritcge Tcjbarwgon æ trivars oiquaooa Kgodjie \ilms vaedct das LDG (tgxcquas) qu–cos

ouc rasticaet (ax 8 Madka nued Iopmi nued) iprís ivgcr ilmatã das LD\ sur oas jèjas iltcnsdãjgetra qua oas cetãrèts da oi biequa sget lgetricras æ laux da sas locaets, e–Ŝuvriet

ibsgoujaet pis pgur aux , jics lgetra aux. La quc lgestctua ue dãoct.

Oa ngeds spãluoitcn Hgme Viuosge grlmastra das lrãitcges at vaetas da LDG tgxcquas 8 tgut

ae rastiet egtãs « III ° co pissa æ o–ilmit da LD\ sur las jèjas sgus-hilaets. Iooiet



2;

jèja husqu–æ ralrãar das LDG ogrsqu–co e–y ae is pous issaz pgur dgeear da oi vioaur

iu LD\ qu–aooa ilmíta.

Jgrkie \tieoay ast iussc ittiquãa sur oi jèja jieŜuvra pir oa ngeds da paescge pubocl

das åoas vcarkas.

Co s–ivíra qu–ue ie iprís las iltcges quc lgestctuaet ae sgct das dãocts, las biequas sa sget

aerclmcas da pouscaurs laeticeas da jcoocges da dgooirs tiedcs qua oas cevastcssaurs sa sgetratrguvãs ruceãs.

D–iutras ngeds lgjja Trclidci, Jikeatir get pircã lgetra las LDG sgus oi lgupa da Jarryo

Oyelm, H.V Jgrkie at Oamjie Brgs.

cv. Oa rôoa das ikaelas da egtitcge

Co ast æ egta qua oas ikaelas da egtitcge Nctlm, Jggdy–s at \tiedird &Vggrs get kikeã dasjcoocirds da dgooirs ae surãviouiet oas LDG.

Oas ikaelas kikeaet d–iutiet pous d–irkaet qu–aooas egtaet da LDG « III °.

^gclc, lc-dassgus oas prgncts rãiocsãs pir las ikaelas.



2=

^gclc lc-dassgus o–ãvgoutcge das egtitcges « III ° .

Nrie` Virtegy Vrgnassaur da Nceiela at da Drgct æ o–Qecvarsctã da Liocngreca i tãjgckeã i 2raprcsa daviet oas lmijbras du lgekrís iu suhat das ikaelas, jics oi rãpgesa gbtaeuanut 8 « ogrsqua egus egtges ue tctra « III °, co ea niut pis s–y ncar, co s–ikct da egtra gpcecge °

Oas pitrges da \&V ritceks (Davae \mirji), Nctlm (\tapmae Hgyet) at da Jggdy–s

(Riyjged JilDiecao) ogrs da oaur dãnaesa iu trcbueio dcraet da jèja 8 « co ea s–ikct qua da

egtra gpcecge °

Iutras jcsas ae kirda 8 ae 266> 8 Egurcao Rgubcec, oas irtcloas d–Iooie \ogie at oa NJC

Iooie \ogie puboca ue irtcloa ae 266; lgelareiet oas partas aekaedrãas pir oas subprcjaslgelareiet Kgodjie \ilms 8 266 jcoocirds at 9/< ãticaet dãhæ cjpiyãs æ o–ãpgqua gu Viuosge

ast LAG.



23

Lc-dassgus, vgclc oa rãihustajaet da ritcek (da sge ecvaiu niltcla at sge vric ecvaiu) (mttp8//jgeay.lee.lgj/266;/96/91/jiràts/hue`Wjgrtkikas.ngrtuea/cedax.mtj)

Oas ilmataurs da las tctras sget, pgur baiulgup, das ngeds da paescge (oi ogc oas gbocka æilmatar das tctras « III °). Virjc las ngeds nckura oa ngeds da ratricta pubocl du Jcsscsscpcdaviet rãjueãrar =6 666 ratrictãs.

Vgur cengrjitcge, oi ratricta d–ue ratrictã du Jcsscsscpc ast da 9= ;16 dgooirs pir ie at oirãjueãritcge lmaz Kgodjie \ilms ast da >66 666 dgooirs pir ie.

Oi rãjueãritcge da Maery Viuosge, oa LAG, ast da <9 666 666 dgooirs ae 2661.

http://money.cnn.com/2007/10/15/markets/junk_mortgages.fortune/index.htm

http://money.cnn.com/2007/10/15/markets/junk_mortgages.fortune/index.htm



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CCC. Oi lrcsa

i. Jcsas ae kirda ege aetaeduas

c. 2664, oa NBC jat ae kirda lgetra uea ãpcdãjca da nriuda iu prètcjjgbcocar

Qe das lgjjcssicras iux lgjptas d–ICK, Hgsapm \t Daecs dgeea o–ioarta ae 266; æ

Lissieg quc oa pgussa æ dãjcsscgeear. Bae Bareieà i ralgeeu sauoajaet iu <aja ippaoda Rgbart Keiczdi oa 99 jirs 2663, aetaediet qua oi NAD davrict paut-ètra ãtudcar oasprgboíjas das subprcjas.

Ae 2664, oa NBC ivict pgurtiet ãjcs uea jcsa ae kirda lgetra uea nriuda kãeãriocsãa iu prètcjjgbcocar.

Egurcao Rgubcec ae 266>, Rikmurij Rihie ae 2661,Iooie \ogie da Ngrtuea, oa [ismcektgeVgst ae 266;, icesc qua oa NJC jattaet ae kirda sur la quc sa prãpira jics rcae ea pautlgetra latta kckietasqua nriuda.

c. O–ãlgegjcsta ae lman du NJC, Rikmurij Rihie, jat ae kirdalgetra oas prcjas

Ae 266;, Rikmurij Rihie, lman ãlgegjcsta iu NJC (æ kiulma) , nct ue dcslgurs ogrs da oi

pous prastckcausa lgenãraela bielicra iu syjpgscuj Hil`sge Mgoa, rissajboiet tgus oaspous iltaurs das biequas laetrioas du jgeda aetcar lgjja Kraaespie, Bae Bareieà,Oirry \ujjars (æ drgcta), Tcj Kactmear rajat ue rippgrt dget oa tctra ast « oa dãvaogppajaetnceielcar ast-co ue rcsqua pgur oa jgeda 7 ° .

Oa tctra du rippgrt ast « Mis nceielcio davaogpjaet jida tma wgrod rcs`car 7 °



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Oi lgelouscge da la dcslgurs at du rippgrt nuraet bcae sðr 8 guc, ëi o–ast 8 oa dãvaogppajaetnceielcar iltuao ippiriåt eucscboa æ o–mgjja.

La dcslgurs tricta da prcjas ãegrjas kãeãriet das bgeus tgut iussc ãegrjas at bisãs surdas vcscges æ lgurt tarja, at, sies pãeioctãs ae lis d–ãlmal, pgussiet oi prcsa da rcsqua æ

o–axtrèja ival rcsqua da dastrultcge, at da oi ncrja, at du systíja nceielcar dies sgeaesajboa.

Rihie, Rikmurij K. (9334). ‟[my Bie` Lradct Vgoclcas Noultuita8 I Tmagry ied \gja Avcdaela,‚ Yuirtaroy Hgureio gnAlgegjcls, go. 963, pp. <33-449.

Rihie, Rikmurij K. (2661). ‟Mis Nceielcio Davaogpjaet Jida tma [grod Rcs`car7‚ Ce Tma Kraaespie Ari8 Oassges ngr tmaNutura, pp. <9<-<>3. Nadario Rasarva Bie` gn @iesis Lcty

Co cencrja oi tmãgrca saoge oiquaooa « ge ea paut kikear pous ae praeiet jgces da rcsqua °. Latta sgoutcge ea paut ètra vciboa dies uea vcscge æ ogek tarja.

Oirry \ujjars, lgetra tguta ríkoajaetitcge rãikct vcgoajjaet ae inncrjiet æ o–ãlgegjcsta

Rihie Rikmurij qu–co ajpèlmict oas ãvgoutcges dies o–uecvars da oi nceiela.

b. Oi lmiåea da tctrcsitcge cjpogsa

c. Juotcpoclitcge das sicscas cjjgbcocíras, ãlrguoajaet da oi lmiåeada LDG at nicooctas das prètaurs

^gclc lc-dassgus oi pirt da subprcjas ae rippgrt æ oi quietctã da tgus oas prètsillgrdãs.



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^gclc jicetaeiet o–ãvgoutcge du egjbra da sicscas cjjgbcocíras 8

Oas prètaurs ea pauvaet pous vaedra iux kriedas biequas oaurs prèts cjjgbcocars qu–aooas

get illgrdãs, lguriet icesc aux-jèjas æ oi nicoocta.

Kagrkas \grgs, lãoíbra cevastcssaur, dct das biequcars iyiet iocjaetã oa systíja nriuduoauxqu–cos ippocquíraet oaurs jãtmgdas husqu–æ la qu–cos ea pucssaet pous. Co lcta Lmul` Vrcla,

jieikar lmaz Lctcbie` « Diesar husqu–æ la qua oi juscqua s–irrèta °.

Oa jirlmã das LDG s–ãlrguoa at oas biequas sa ratrguvaet ival das prèts qu–aooas ea

pauvaet pous ocqucdar.

Lmrcstcea Oikirda, Jcecstra das Nceiela, dajiedi æ Mie` Viuosge ogrs du sgjjat du K;ae Nãvrcar 266= la qu–co paesict da oi tgureura das lmgsas irrcviet « lgjja ue tsueijc °,jics laouc-lc ouc inncrji qu–co jictrcsar oi sctuitcge 8 « ct–s uedar lgetrgo °.Laouc-lc inncrji ogrsdu sgjjat « sc ge i oi lrgcssiela, ge e–ast pis ae rãlasscge °.

Oa prgboíja ast qua oi rãlasscge lgjjaeëi 4 jgcs iviet latta inncrjitcge.

l. Oa « sgrt ° das biequas

c. Bair \taires

Ae jirs 266=, oi biequa Bair \taires, æ lgurt da ocqucdctãs, ast rilmatãa pgur daux dgooirso–iltcge pir HV Jgrkie Lmisa.

Oi Nad i ikc d–urkaela prgluriet <6 jcoocirds da dgooirs pgur la rilmit.

cc. Nieeca Jia at Nraddca JilViuosge, æ oi tèta du Trãsgr, lgetceua da ecar oas lgjpoclitcges d–grdra systãjcqua atieegela, oa ; saptajbra 266=, oi eitcgeiocsitcge da 2 biequas d–illís iu prèt mypgtmãlicra

Nieeca Jia at Nraddca Jil 0 jics co lgetceua da ecar oi nrikcoctã das cestctutcges cjjgbcocíras.



<<

ccc. Oamjie Brgtmars

Oamjie sa vgct subcr uea parta ogurda da <,2 jcoocirds da dgooirs at ue lgurs quc s–anngedra.

^gclc o–ãvgoutcge da sge lgurs husqu–æ si lmuta 8

cv. Yuaos ritceks æ 9 jgcs iviet oas pgsctcges da nicooctas 7

Hãrôja Nges, ielcae Dcraltaur Jieikar da o–ikaela da egtitcge Jggdy–s ivgua iuhgurd–muc

qua oi egtitcge I2 ittrcbuãas æ Bair \tares ãtict axikãrãa iu rakird da oi sctuitcge. Dajèja, pgur Oamjie Brgtmars, at la, jèja æ quaoquas hgurs da oi nicoocta da oi ncrja. Iussc, ICK, o–issuraur quc ãjattict das LD\ ãtict egtã II husta iviet d–ètra raenoguãa pir o–Atit.

Vgur tarjcear sur la rakcstra, Nraddca Jil at Nieeca Jia ãticaet jèja egtãas « III ° ogrsda oaur siuvatika. Lctckrgup at Jarcoo ãticaet iussc bcae egtãas.

I oi quastcge du huka du trcbueio iu tãjgce Hãrôja Nges, ielcae Dcraltaur sarvclas daJggdy–s 8 « iu egj da qugc °, rãpged ae rciet « Tmit ”s i kggd quastcge °…

Co s–ivíra qu–ae cetarrgkaiet oa \gus-salrãticra iu Trãsgr at Nrad Jasm`ce, Kguvareaur da oiRãsarva Nãdãrioa at Vrgnassaur æ oi Lgoujbci inncrjaet qu–cos e–ãticaet pis au lguriet dasprgboíjas d–ceidãquitcge das egtitcges iu rakird da o–ãtit da las ncrjas. La darecar

prãnãriet ãlrcra ue jieuao slgoicra iu jgjaet das nicts at cedcqui qua l–ast pgur lattaricsge qu–co ea pguvict bcae s–cengrjar das lmgsas, jèja cjpgrtietas.

Oa 92 \aptajbra 266=, Oamjie Brgtmars sa ratrguva sies ocqucdctã at ge isscsta iueiunrika da baiulgup da biequas d–innicras ijãrcliceas.

Oi stibcoctã da oi Nceiela jgedcioa ast trís ngrtajaet ãbrieoãa æ pirtcr da latta dita.

Maery Viuosge at Tcjgtmy Kactmear (prãscdaet da oi Nad da Eaw-Sgr`) rãuecssaet iussctôtoas Vrãscdaets das kriedas biequas ince da vaecr ae icda æ Oamjie Brgtmars 8 [c`rijViedct (LAG da Lctckrgup), Hgme H. Jil`(LAG da Jgrkie \tieoay), Hijca Dcjge (LAG da

HV Jgrkie), Oogyd Boienace (LAG da Kgodjie \ilms).



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Oas dcnncluotãs sa ratrguvaet ege sauoajaet lmaz Oamjie, jics iussc lmaz d–iutras biequas.

Qe axajpoa ae ast oa rilmit da Jarrcoo Oyelm pir Bie` gn Ijarcli oa dcjielma sucviet.

Bucodcek da oi Jarrcoo Oyelm.

Oi sauoa biequa suslaptcboa da rilmatar Oamjie ast oi Birloiys, jics oa rilmit ea pu ivgcrocau lir oas iutgrctãs da rãkuoitcge iekoicsas get axckã oi kirietca da o–Atit Ijãrclice, quc nut

ranusã pir Maery Viuosge, \alrãticra du Trãsgr.

Oi nicoocta da Oamjie, ege ietclcpãa, nut ceãvctiboa at nut prgegelãa oa 94 \aptajbra266=.

Latta nicoocta nut axckãa pir oi NAD aevca da liojar oas jirlmãs.

Bucodcek da Oamjie Brgtmars.



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d. Rãparlusscge sur oa systíja

c. Kiekríea

Oi narjatura da Oamjie prgvgqui o–annat lgetricra da « liojar oas jirlmãs ° 8Oi ncocioa Oamjie-Ogedras, sucviet oi ogc iekoicsa, ast gbockãa da narjar. Icesc, ge iparëgct dao–cjpgrtiela systãjcqua da oi biequarguta da Oamjie.

Oas triesiltcges (pir jcoocars) lgelareiet tgus oas iltcns quc triescticaet pir Oamjie sa sgetirrètãas d–ue lgup eat.

Tgus oas ngeds spãluoitcns (Madka nueds) dãlguvraet qu–cos ea pauvaet rãlupãrar oaurs

ocqucdctãs. Rudgon [gonn Nued, oa pous cjpgrtiet d–aetra aux, astcja sas partas æ ;16 jcoocges.

Oæ aelgra, las Madka nueds e–get pis prgvcscgeeã oas partas pgtaetcaooas sgct pirla qu–aooas

sa ncicaet æ oi egtitcge, sgct pirla qu–aooas e–cjikceicaet pis uea nicoocta da oi biequa. Qeprglãdã da prcsa ae lgjpta du rcsqua e–i pis ãtã cjikceã pir das jcsas ae poila da

« lrãielas dgutausas ° dies oas lgjptas.

Oa rãsaiu bielicra sa vgct sgudiceajaet nckã.

cc. Lmuta du jirlmã das annats da lgjjarla

^gclc ue kripmcqua jgetriet o–ãvgoutcge das tctras d–annats da lgjjarla da Oamjie. Las tctras raprãsaetaet oi lgetrapirtca da oi datta qua pgssída oi biequa Oamjie Brgtmarsaevars sas lrãielcars (quc pauvaet ètra e–cjpgrta quc, ae o–gllurraela trís sguvaet oas

patctas aetraprcsas, vgcra oa lgesgjjitaur).

Oi parta da vioaur triducta pir oa kripmcqua lc-dassgus egus cengrja qua las tctras ea vioaetpous kried lmgsa. Co niut prãlcsar qua las tctras sget egrjioajaet utcocsãs lgjja jgeeicad–ãlmieka pir oas aetraprcsas pgur piyar oaurs lmirkas.

Oi lgenciela sa pardiet, oas aetraprcsas sget ijaeãas æ oclaelcar ae ricsge da oi rãlasscge,das tctr as d–annats da lgjjarla trgp ogurd æ suppgrtar.



<>

Qea lrcsa da ocqucdctã at oa lradct-lruelm sloãrgsaet oi noucdctã da o–ãlgegjca iocjaetiet, ae

larloa vclcaux, uea lrcsa da lgenciela kãeãriocsãa, tgulmiet ãkioajaet oi lgesgjjitcgee–ikcssiet pous lgjja uea pgjpa da o–ãlgegjca eitcgeioa.

ccc. ICK, oi piecqua

Ae ricsge da das prcjas varsãas pgur gbtaecr uea kirietca da dãniut, ICK dgct rajbgursar9< jcoocirds iux dãtaetaurs da LD\.

ICK ast cesgoviboa.

Iedraw \maek, Lman lgesacooar da oi Lgjjcsscge da Rãkuoitcge bielicra

ajpogca o–cjika da o–iãrgpgrt qu–ast ICK pgur oas iutras biequas 8 « sc ICK ast ae pieea la sget tgutas oas biequas quc oa sget °.

Oa 9; \aptajbra, ICK ast jcs sgus tutaooa da o–Atit.

c. Raenoguajaet d–ICK at das biequas

Maery Viuosge at Bae Bareieà dajiedaet ;66 Jcoocirds pgur raenoguar oas biequas, niutada qugc, ge isscstari æ uea litistrgpma nceielcíra.

Oi lrcsa du lrãdct ippirict dies tgus oas dgjiceas, qua la sgct oa pirtcluocar, o–Aetraprcsa, gu

oas biequas aetra aooas. Oi Nceiela issgjbrct at kíoa o–ãlgegjca.

Egurcao Rgubcec piroa « d–irrèt lirdciqua ° da oi Nceiela jgedcioa.

Maery Viuosge sa dãnaed ae inncrjiet qu–co dgct nicra ival la dget co i mãrctã, pgurtiet ival co

s–ãtict nirgulmajaet gppgsã æ oi rãkuoitcge das LD\ at æ oi ocjctitcge du oavcar.

Oa prãscdaet Busm sckea uea icda d–urkaela da ;66 jcoocirds oa 4 Gltgbra 266= pgur

raenoguar oas biequas.



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cc. Yu–ae ast-co das LD\ ãjct pir ICK at das biequas 7

Qea ngcs qu–ICK nut raenoguãa, oas dãtaetaurs da LD\ tgulmíraet >9 jcoocirds da oi pirt dalaooa-lc. Rippaoges-egus qua Kgodjie \ilms ae ast oa prajcar bãeãnclcicra pucsqu–co ast

iussc oa prajcar dãtaetaur ãtiet dgeeã qua oi ncrja ilmatict das LD\ sur das iltcns tgxcquasqu–aooa ravaedict dies oa jèja tajps æ sas locaets sies oas ae ivartcr.

O–Cetaoockaelci Nceielcíra raprãsaetãas pir Maery Mie` Viuosge, Bae Bareieà at Tcj

Kactmear get dãlcdã qua poutôt qua da eãkglcar ue ribics da oi datta ival Kgodjie \ilms(la quc pgurrict piriåtra egrjio iu rakird da oi prgocnãritcge æ o–ilmit da las LD\ iuprís

d–ICK silmiet oas LDG tgxcquas) , o–Atit istracet ICK æ piyar 966 laets pir dgooirs (dgel oi

tgtioctã) ival o–irkaet da o–Atit, at dgel du lgetrcbuiboa.

Iu nceio, la raenoguajaet d–ICK at dgel oa rajbgursajaet da Kgodjie \ilms lgðtari 916jcoocirds iu lgetrcbuiboa.

Da jèja, Viuosge, Kactmear at Bareieà cescstaet iuprís da ICK da pgursucvra pgur nriudaKgodjie \ilms at oas iutras biequas.

Rippaoges-egus qua Maery Mie` Viuosge ast o–ielcae LAG da Kgodjie \ilms…



<=

a. Lgesãquaelas cjjãdcitas t axtaescge jgedcioa da oirãlasscge

c. Oas bgursas lgetceuaet æ lmutar

Jiokrã oa poie da raenoguajaet da ;66 jcoocirds, oas bgursas lgetceuaet da dãvcssar. Oiricsge ae ast qu–co axcsta uea paur da oi rãlasscge æ ue ecvaiu jgedcioa. Oas aeeucs iu

ecvaiu du lctgyae sa nget saetcr…

cc. Oa lmôjika iux Ãtits-Qecs at ae Aurgpa

Oa lmôjika aux Atits-Qecs at ae Aurgpa ittacet 96%. Oi rãlasscge iukjaeta (rãlasscge :rioaetcssajaet du rytmja ãlgegjcqua) at davcaet jgedcioa. Ae dãlajbra 266=, KaearioJgtgrs at Lmrysoar sget iu bgrd da oi nicoocta. O–Atit dgct aelgra cetarvaecr.

^gclc ue syjbgoa da oi prgspãrctã 8 KJ i sgjbri dies oi nicoocta at nut eitcgeiocsã

^gclc o–ãvgoutcge das dcnnãraets tiux da lmôjika



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ccc. Oa egjbra da sicscas cjjgbcocíras ittacet > jcoocges iux Atits-Qecs ae 2696

Oas pmgtgs piroaet d–aooas-jèjas.

Clc, das lgestrultcges ibiedgeeãas

Ijãrclices vcviet dies das lijps 8



46

c. O–axtaescge jgedcioa da oi rãlasscge

Oi lgesgjjitcge ijãrclicea lmiekaiet octtãrioajaet da rytmja, l–ast o–ãlgegjca lmcegcsa

quc s–ãlrguoa (oi dajieda cetarea ea sunnct pis). Vous da 96 jcoocges da jckriets lmcegcs

pardaet oaur ajpogc. Oi lrcsa ast systãjcqua. Oas pous piuvras sget laux quc pâtcssaet oa

pous.

Oas oclaelcajaets ae Lmcea sget lgescdãriboas.

O–axajpoa da \cekipgur 8 oi lrgcssiela æ \cekipgur ãtict da 26% iviet oi rãlasscge, aooa astpissãa æ “3% oa trcjastra sucviet oi nicoocta da Oamjie subcssiet uea lmuta das axpgrtitcgesd–aevcrge <6%.

O–ãlgegjca kogbiocsãa jgetra oæ sas pcras ravars dies oi jasura gó tgutas oas ãlgegjcas

eitcgeioas sget ocãas.



49

C^. Oas raspgesibcoctãs

Oa prgboíja das sglcãtãs pir iltcges iux Atits-Qecs ast qua oa VDK ãoct oas jajbra daLgesaco d–Idjcecstritcge, sauos mibcoctãs æ oa rãvgquar 0 co ast dgel ngrt prgbiboa quao–grkiecsitcge das kriedas biequas iyiet pirtclcpãas æ oi lrcsa pgssãdicaet das nicooas da

kguvareiela oas ajpèlmiet d–ètra lgevaeiboajaet lgetrôoãas at da jaear oaur jcsscges

d–uea jiecíra ãtmcqua.

Da tguta niëge, qugc qu–co ae sgct, oas cetariltcges at lgenocts d–cetãrèts cetareas at axtareas æ

oi ncrja e–get pis ajpèlmã oa lgetgureajaet da oi ogc \irbieas-Gxoay.

OamjieOas 1 dcrckaiets prcelcpiux da Oamjie Brgtmars kikeaet pous d–9 jcoocird da dgooirs aetra2666 at 266;.

Iprís oi nicoocta, cos get oa drgct da tgut kirdar.

Lgutrywcda Iekaog Jgzcog, VDK da Lguetrywcda kikei 4;6 jcoocges da dgooirs aetra266< at 266= dget 946 jcoocges ae ravaeta d–iltcges 9 ie iviet oi nicoocta

da si sglcãtã.



42

Jarrcoo Oyelm \tie G–Eaio , oa VDK da Jarrcoo Oyelm s–ast vu gltrgyar ue sioicra da 36

jcoocges da dgooirs pgur oas 2 ieeãas 266>-266;.Iprís ivgcr lrãã oinicoocta da sge aetraprcsa, oa Lgesaco d–Idjcecstritcge o–iutgrcsa æ

dãjcsscgeear (dgel ege raevgyã) sies raedra da lgjpta at ae tgulmietue pirilmuta da 9>9 jcoocges da dgooirs.

Jarrcoo Oyelm \ge sullassaur, Hgme Tmice tgulma =; jcoocges da dgooirs ae 266;, at husta iprís oi nicoocta da Jarrcoo Oyelm, oa lgesaco d–idjcecstritcge at ouc-jèja dcstrcbuaet das jcoocirds da bgeus iogrs qu–aooa sa nict rilmatar pir

BgI quaoquas tajps pous tird, dgel iu dãpaeds du lgetrcbuiboa.

ICK, oas partas lgescdãriboasLc-dassgus vgclc ue ãtit das partas subcas pir oi ncocioa ICK nceiela (dgel oi biequa dukrgupa ICK).

Jiokrã latta parngrjiela dãsistrausa quc s–axpocqua pir uea kguvareiela dãsistrausa,

Hgsapm Lissieg, sge prãscdaet, ast lgesarvã lgjja lgesuotiet nceielcar æ ue sioicra da 9jcoocge da dgooirs pir ie.



4<

i. Oas biequas iux Atits-Qecs

Oas biequas iux Atits-Qecs sget trís lgelaetrãas. Laoi sckecnca qua oa jirlmã ast iusscpous ocqucda, qua oi lgelurraela ast vcva at qua las darecíras get ãtã ijaeãas æ lrãar tgutas

sgrtas da prgducts (oas dãrcvãs) lgjja oas LDG, pucs lgjja « piesajaets ° æ lasdarecars, oas LD\ dget oa ngeltcgeeajaet bisã sur oi pourioctã da oi kirietca (issuriela) surue jèja iltcn ast aelgra pous pareclcaux qua oa LD\, at ngurect s–ivíra d–iutiet pous axpogscn

ogrsqua sge axcstaela sa hustcnca pir oi prgocnãritcge das LDG. Bran, co ast eãlassicra dalgjpraedra qua oi nceiela s–ast lgescdãriboajaet ãogckeãa da o–ãlgegjca rãaooa 0 gu poutôtdavrics- ha dcra, tgut scjpoajaet, ãogckeãa da o–Cedustrca.

Oas biequas sget icesc pucssietas at ngrjaet da vãrctiboas ajpcras pucsqu–aooas pauvaet ètraippuyãas pir da pucssiets ogbbcas at ue siviet jãoieka aetra o–Atit at oa saltaur prcvã.Mie` Viuosge (LAG Kgodjie \ilms) pirvaeiet d–ibgrd iu pgsta da \gus-salrãticra pucsda \alrãticra iu Trãsgr ae ast ue axajpoa.

Qea das ricsges pgur oiquaooa h–inncrja qua las biequas sget das ajpcras ast qu–aooas

ispcraet æ davaecr da pous ae pous krgssas at sa raediet icesc sc pucssietas qu–aooas pgurrget

dcltar oas ríkoas pgoctcquas. Oi dãríkoajaetitcge ae ast ue axajpoa.

Oas biequas da ticooa jgyaeea e–axcstaet pous pucsqu–aooas sget ibsgrbãas. Yuaoquasaxajpoas 8 HV Jgrkie ibsgrba Bair \taires pucs [IJQ, Bie` gn Ijarcli ibsgrba

Lguetrywcda at Jarrcoo Oyelm. [aoo Nirkg ibsgrbi [ilmgvci.



44

c. Oas ogbbycstas da « Rguedtiboa ° 8 ue lgjbit lgetra oas rãngrjas

Oi tiboa rgeda das sarvclas nceielcars, Rguedtiboa s–gppgsa narjajaet iux rãngrjas.

Oa prãscdaet du « Rguedtiboa ° \lgtt Tiobgt eca lgetceuaooajaet oas arraursda jieŜuvras das LAG das prcelcpioas biequas.

Co ast rãpartgrcã aevcrge <666 ogbbycstas dies oa saltaur nceielcar.

Da 2661 æ 266=, 1 jcoocirds ravcaeeaet iux ogbbycstas da oi pirt das biequas dies oalidra da oaurs iltcges pgur ijãocgrar « oa sgrt ° das biequas.

b. Lgenocts d–cetãrèts at dies o–aesackeajaet

c. Iviet oi lrcsa 8 pau d–axparts get dgeeã o–ioarta

Qecvarsctã d–Mirvird (æ kiulma) at da Lgoujbci

Oi dãrãkuoitcge ast sgutaeua pir oas ogbbycstas, at pir oas nceielcars aux-jèjas. La qua oasijãrclices ckegraet trís sguvaet l–ast qua oas cetaooaltuaos hguaet ue rôoa cjpgrtiet. Co ast

nilcoa d–cjikcear qu–co ast pous scjpoa da lrgcra ue ãlgegjcsta qu–ue nceielcar quiet iux

bcaenicts da oi dãrãkuoitcge.

Dapucs oas ieeãas =6, oas uecvarscticras ãlgegjcstas, æ oi ngcs prglmas da o–Idjcecstritcge at

du jgeda nceielcar, get pirngcs vietã oas bcaenicts da oi dãrãkuoitcge. Lalc i pu ivgcr ocaupirla qua lartices d–aetra aux sget lgesuotiets ae aetraprcsa, ea pguviet vcvra

lgengrtiboajaet da oaur sioicra.

O–axajpoa da Jirtce Naodstace, Vrgnassaur d–Algegjca æ Mirvird ast nrippiet 8 co ast ue daspcocars da o–ãlgegjca at si raegjjãa ast cjpgrtieta.



41

Co nut oa prajcar lgesacooar da Rgeiod Raikie at nut o–ue das píras da oi dãrãkuoitcge. Co ast

iussc, dapucs 26 ies , æ pirtcr da 93==, ue das ãjceaets idjcecstritaurs d–ICK at ICK

Nceiela, bãeãnclciet da pouscaurs jcoocges da lilmats.

Qe iutra axajpoa, Koaee Mubbird, æ oi ngcs Lgesacooar ãlgegjcqua da o–Idjcecstritcge Busm

at Vrgnassaur d–ãlgegjca æ oi prastckcausa Qecvarsctã da Lgoujbci dget co ast oa dgyae. Co dcrckai, pir oi jèja glliscge, oas triviux ãlgegjcquas da o–Idjcecstritcge Busm.

Ge oa vgct, æ drgcta, sur latta pmgtg ival K.[ Busm.

Co ast egtiboa qua oa bge egjbra d–uecvarscticras niëgeea o–gpcecge pgoctcqua icesc qua oaurs

dãlcscges.

Vir icooaurs, co axcsta das libceats da lgesuotcek spãlciocsãs dies oi prastitcge da lgesuotietsuecvarscticras 0 pirjc aux 8 Ieioyscs Krgup gu aelgra Oiw & Algegjcls Lgesuotcek Krgup.

Jittmaw Tieece at Riopm Lcgnc, tgus 2 kãriets da ngeds spãluoitcns lmaz Bair \tares atpgursucvcs pgur nriuda get nict ippao æ las libceats. Cos get ãtã ilqucttãs egtijjaet krâla iutãjgckeika da Koaee Mubird quc nut piyã 966 66 dgooirs pgur tãjgckear ae oaur nivaur.

Koaee Mubbird ast rãjueãrã 216 666 dgooirs pir ie ae tiet qu–idjcecstritaur da Jct Ocna

(jãtcar8 issuriela ajpruetaur at prãvgyiela) at Lipjir` (oaidar du lradct mypgtmãlicraduriet oi buooa at quc nct nicoocta) icesc qua @@R (oa pous ielcaes at oa pous cjpgrtiets ngedsd–cevastcssajaet du jgeda).

Oirry \ujjars, trís iltcn lgetrcbutaur iu Trãsgr ast iussc ue das pous krieds lgjbittiets

da oi rãkuoitcge sur oas prgducts dãrcvãs. Co davcaet Vrãscdaet da o–Qecvarsctã d–Mirvird ae2669 tgut ae s–aerclmcssiet da jcoocges da dgooirs ae lgesacooiet das ngeds spãluoitcns. \ge

pitrcjgcea s–ãoíva æ aevcrge 21 jcoocges da dgooirs 0 la quc ae annat e–ast pis nilcoajaet

illasscboa æ ue Vrgnassaur d–ãlgegjca 0 la quc jgtcva æ annaltuar das jcsscges dalgesuotcek da miut ecvaiu.

Nradarcl` Jasm`ce, trivicooiet æ oi Nad, i ãlrct ue ocvra sur o–Csoied oi dãlrcviet lgjja oa piys

pgssãdiet o–ue das jacooaurs systíjas nceielcars iu jgeda. Co tgulma 924 666 dgooirs pgurannaltuar latta ãtuda. Co s–ast ivãri qua o–Csoied ast ue das prajcars piys quc s–ãlrguoi duriet

oi lrcsa at oi lgrruptcge nceielcíra y ãtict uea das pous cjpgrtietas.

Vgur tarjcear sur las axajpoas egjbraux, Oiuri Tysge, Vrgnassaur dies uea iutraQecvarsctã prastckcausa 8 Baràoay, lgesacooíra da Bcoo Locetge at scãkaiet aesucta lmaz



4>

Jgrkie \tieoay, raëgct <16 666 dgooirs pir ie pgur oas lgesacos qu–aooa prgdckua dies lattabiequa.

Qea euiela ast æ ippgrtar æ las nicts pucsqu–co pirict, dies ue prajcar tajps, egrjio qua

das axparts, jèja uecvarscticras, at ha dcrics jèja surtgut uecvarscticras at bãeãnclciet icesc

d–ue sivgcr prgnged pucssa ivcsar da krieds krgupas sc laoi lgescsta ae uea ijãocgritcge dasi kguvareiela sur ue ogek tarja parjattiet icesc oa dãvaogppajaet lgescstiet dao–aetraprcsa at du pous kried egjbra. Lapaediet, o–ippât du kice (sguvaet trís ãoavã dies

oas biequas ijãrcliceas) sukkíra quaoquas i prcgrc da lgenocts d–cetãrèts.

Ae 2664, Koaee Mubbird ãlrct ue irtcloa, lg-iutaur ival ue ãlgegjcsta ae lman da Kgodjie\ilms. Dies latta ãtuda, Mubbird prôea oas bcaenicts da oi tctrcsitcge at oas dãrcvãs da lrãdctdaviet ijãocgrar oi rãpirtctcge du lipctio, at icesc raengrlar oi stibcoctã nceielcíra (la quc astvric jics raed laouc-lc pous gpiqua). Co iviela iussc qua oas dãrcvãs da lrãdct prãsarvaet oaspartas pgur oas biequas, sðrajaet ae ricsge du nict qu–cos sget ikkogjãrãs at dcstrcbuãs icesc

æ trivars pouscaurs biequas pir trielma. Jics aelgra uea ngcs, sc tgut laoi ast vric, at parjat

da rãpirtcr oa rcsqua, oi tctrcsitcge at oas dãrcvãs da lrãdcts raedaet gpiquas oas tctras da dattasat dgel diekaraux pgur laux quc oas dãtcaeeaet 0 quc pous ast, cos sget iussc trís dcnnclcoas æegtar pucsqu–cos sget dcstrcbuãs æ pouscaurs biequas ae pissiet pir das vãmcluoas.

Co ast cjpgrtiet da egtar oæ ue dguboa ispalt da o–ãlgegjca vcrtuaooa 8

I oi ngcs, o–ãlgegjca purajaet nceielcíra at rapgsiet sur oas

prgducts dãrcvãs s–ivíra dãlgeealtãa da o–ãlgegjca rãaooa

pucsqu–aooa ea pgssída pis da vcscge æ ogek tarja iu rakird du

kice nilcoajaet gpãriboa pir oas cetarvaeiets. I oi ngcs, o–ãlgegjca das uecvarsctãs sa dgct d–ètra ippocquãa sur

oa tarrice at lgenrgetar oas kriedas tmãgrcas ival quc pautngeltcgeear dies oi lgehgeltura du jgjaet.



4;

^. Oas rãsuotits iuhgurd–muc

i. Das ceãkioctãs quc sa lrausaet at ue dãloce quc s–illaetua

dapucs 93=6

c. Dãogliocsitcges das saltaurs hukãs æ pau da « vioaur ihgutãa °

Oi lrcsa i prgngedãjaet lmiekã o–Ijãrcqua quc ãtict dãhæ sur oa dãloce sglcio dapucs oas

ieeãas 93=6.

Oas hgyiux das Atits-Qecs lgjja Lmrysoar, KJ ea sget pous la qu–aooas ãticaet at sa vgcaet

gbockãas da oclaelcar ae jissa oaur parsgeeao ege sauoajaet ae ricsge da oi lgehgelturaãlgegjcqua, jics iussc ae ricsge da oi lgelurraela vcva at d–uea kastcge trgp sguvaet

eãkockãa (jèja sc KJ raegua dapucs nce 2699 ival da ngrts rãsuotits ae miussa, rapissietoa E¶9 jgedcio das vaetas).

Oi dãogliocsitcge at o–guvartura da oi Lmcea æ o–ãlgegjca sget oas 2 prcelcpioas liusas æo–anngedrajaet da o–ãlgegjca cedustrcaooa das Atits-Qecs.



4=

Vrís da ;66 jcoocges d–mibctiets das piys rclmas sa sget lrus prãsarvãs du rasta da oi jice

d–Ŝuvra du jgeda « rastiet °. Jiomaurausajaet pgur las piys, 2,1 jcoocirds d–cedcvcdus sa

sget krannãs sur oa jirlmã da o–ajpogc ogrsqua oas nrgetcíras ãlgegjcquas sa sget pau æ pau

raoâlmãas.

cc. Oi pgpuoitcge quc e–ast pis quiocncãa 8 quao trivico pgur aux 7

Co rasta iux Atits-Qecs, iu dãtrcjaet du saltaur jieunilturcar, o–assgr da o–Cedustrca das

talmegogkcas da o–Cengrjitcge. Lapaediet las jãtcars, bcaes rãjueãrãs raqucart uea jice

d–Ŝuvra quiocncãas, at la jirlmã sa rastrackeiet iussc pau æ pau (innouaela), o–ijãrclice

jgyae sa vgct da pous ae pous ae jirka da oi sglcãtã, dies oiquaooa oas dcspirctãs sglcioasdavcaeeaet da pous ae pous cjpgrtieta.

ccc. O”uecvarsctã prcvãa da pous ae pous dcnnclcoa d–illís

Iussc, o–Qecvarsctã davcaet da pous ae pous dcnnclcoa d–illís. Mirvird vgct si dgtitcge lrgåtra

lgescdãriboajaet dapucs 9333.



43

I la tctra, vgclc oas sioicras das idjcecstritaurs da latta Qecvarsctã 8

\gurla rautars 8 mttp8//bogks.rautars.lgj/naocx-siojge/tik/ilidaja/

\ur la bogk ngurec pir oa scta da quioctã Rautars, ge ippraed qua o–Qecvarsctã d–Mirvird i

pardu 9.= jcoocirds da dgooirs sur oas jirlmãs ae ricsge da jiuvics cevastcssajaets lgeductpir sge prãscdaet Oirry \ujjars, aevars at lgetra tgus das jieikars da o–Qecvarsctã.

Co niut sivgcr, ae annat qua oi poupirt das uecvarsctãs ijãrcliceas cevastcssaet sur oas jirlmãsat sget suslaptcboas da pardra baiulgup d–irkaet.

O–GNLA (Gbsarvitgcra Nrieëics das Lgehgelturas Algegjcquas) i nict sivgcr qu–Mirvird,Sioa at \tiengrd sget pirjc oas Qecvarsctãs oas jcaux dgtãas ae budkat

\gurla 8 GNLA, mttp8//www.gnla.slcaelas-pg.nr/loicr&eat/loicr&eat->4.mtj

http://blogs.reuters.com/felix-salmon/tag/academe/






16

Oa kripmcqua lc-dassgus ja sajboa trís cjpgrtiet lir gutra oa nict qu–co jgetra oi lrgcssiela

das nrics da slgoirctã, co dãjgetra qua o–uecvarsctã davcaet da pous ae pous lmíra iu rakirddas iutras bcaes. Oas nrics da slgoirctã pgssídaet uea lrgcssiela bcae pous ãoavãa qua laooadas prcx æ oi lgesgjjitcge gu das ogkajaets, hustcnciet oi ege illasscbcoctã iux pousdãnivgrcsãs at surtgut qua o–Qecvarsctã davcaet d a pous ae pous ue ouxa.

\gurla 8 busceass Cescdar ,mttp8//irtcloas.busceasscescdar.lgj/2696-6;-93/wiooWstraat/233>91>=W9Wlgooaka-adulitcge-mguscek-

bubboa-prclas

Dies oas uecvarsctãs lgjja laooa da Lirgocea (\ud at Egrd), oas nrics pissaet da >16 dgooirsae 933; æ 96666 dgooirs o–ieeãa ae 2696. Co ast da pous ae pou dcnnclcoa d–illídar æ o–ãlmaooa

sglcioa ogrsqua o–ge ast piuvra.

Oi lipilctã æ iooar æ o–Qecvarsctã pgur ue hauea ijãrclice dãpaed kriedajaet du nceieljaet

gbtaeu at das lgedctcges da laouc-lc.

http://articles.businessinsider.com/2010-07-19/wall_street/29961568_1_college-education-housing-bubble-prices






19

^C. Varspaltcvas at raoitcge ival oi lrcsa iltuaooa

I o–iuba da 2692, egus egus iparlavges qua pau da piys, dcts « rclmas ° jiåtrcsaet oaur

dastce. Oas dcrckaiets e–get pous oi lipilctã da rissurar ec da pguvgcr trguvar uea cssuapãraeea.

Oi sguvariceatã ae ast rajcsa iu jirlmã quc cequcíta iutiet qu–co sajboa sauo prgtikgecsta

dguã d–uea iltcge pgur sgrtcr du dãloce. O–celartctuda ast da jcsa.

Ae jèja tajps, oa passcjcsja vi da lmiluea das lrcsas da o–mcstgcra.

O–ieeãa 2699 nut dgtãa d–ue trís kried egjbra d–ãvíeajaets iyiet isscs oas celartctudas

sur o–ivaecr 8 Nuùsmcji, oa prcetajps iriba, oi nicoocta da oi Kríla at oi quisc-nicoocta d–iutras

Atits d–Aurgpa, ãbrieoiet tguta oi zgea aurg subcssiet oi dura rãioctã da sge jiåtra tgut

pucssiet 8 oas jirlmãs.

Ae sgct, oi lrcsa e–i rcae da lgjjue ival oi prãlãdaeta sc la e–ast o–iooglitcge trgp

cjpgrtieta da pguvgcr lãdã iu jirlmã iu dãtrcjaet d–uea sgutaeibcoctã da o–ãlgegjca rãaooa.

Dies oas 2 lis, oi dãtrassa ocãa æ oi piuvratã, oa lmôjika, oi rastrcltcge du lrãdct ast aooa,bcae rãaooa.



12

i. \ctuitcge kãeãrioa 8 oas lmcnnras da o–GLDA (Egvajbra 2699)

Lc-dassgus, oas prãvcscges da o–GLDA lgelareiet o–ãtit iltuao at oas prãvcscges da lrgcssiela

das VCB, lgjjarla jgedcio jics iussc oa tiux da lmôjika cequcãtiet.

La tiboaiu jgetra da jiecíra syetmãtcqua oa jirisja suslaptcboa da s–ibittra sur oas

zgeas oas pous pucssietas dies oa jgeda. Tiet oi lrgcssiela du VCB iux aevcrges da 9.> ae

2692, oa tiux da lmôjika kriedcssiet (iux ioaetgurs da ;.3% da oi pgpuoitcge iltcva, ivalue sgjjat pgur o–Aurgpa 5 96%) gu oa lgjjarla jgedcio dget oi lrgcssiela ast cenãrcaura æ

15% ea oicssaet aevcsikar qu–uea rãlasscge s–ãtioiet dies oa tajps.



1<

I tctra da lgjpiricsge, rapraeges o–ãvgoutcge das lmcnnras da lrgcssiela da VCB at da

lrgcssiela das axpgrtitcges ngurecs pir o–GJL.

Co ae rassgrt qua o–Aurgpa sajboa oi pous tgulmãa jèja sc si bioiela davrict ètra pgsctcva

iux aevcrges da 9% ae pgurlaetika du VCB, tcrãa sðrajaet pir o–Iooajikea. Oas luras d–iustãrctã sa davrget d–ètra prgogekãas oirkajaet iprís 269< ince da ratrguvar

das ãlmiekas stiboas ae lrgcssiela at pguviet aspãrar ratirdar oi dcstiela kãeãrãa pir oasBRCL\. Cos pgurricaet ralguvrcr oas ecvaiux « jgeda ° (aevcrge 1.2%) vars 269< sucviet oasprãvcscges da o–GLDA, jics oa VCB, quiet æ ouc, ea oicssa kuíra aevcsikar ue ralguvrajaet

du ecvaiu « jgeda ° qu–iprís 269<. O–ajpogc ae barea iux Atits-Qecs at ae Aurgpa ea lassa da lrãar oa dguta æ uea raprcsapucsqua oas lmcnnras da tiux da lmôjika da daslaedaet ea subcssaet iuluea dãlrua, a la,dapucs pouscaurs ieeãas.

b. O–Aurgpa

c. Oas Atits sget sur survacooiela das jirlmãs

Ge gbsarva æ trivars oas ãvíeajaets da o–ieeãa 2699 qua la oas jirlmãs « dãlcdaet ° dapous ae pous da la qua dgct ètra oi pgoctcqua da kastcge, budkãticra at oas grcaetitcges daskguvareajaets æ vaecr. Oas axajpoas ae sget oa dãpirt da Vipiedragu, Jcecstra Kral , gu

aelgra da Barouslgec 0 jics iussc, oi Baokcqua quc rãsgut, tguhgurs æ liusa ( krâla 7) dasjirlmãs ue prgboíja da lgioctcge da sge kguvareajaet quc durict dapucs prasqua 2 ies.



14

Kríla, Croieda at Vgrtukio sa ratrguvaet iu bgrd du dãniut at oi paur da lgetikcge astkriedcssieta æ tguta oi zgea aurg.

Oi lrcsa rãlaeta e–ast pis sauoajaet oa hguat das jirlmãs jics aooa ae ast oa rãsuotitquaoqua pau oãkctcja 8 co ast egrjio qua oas cevastcssaurs s–cequcítaet at sa dãtgureaet das

dattas sguvariceas pucsqu–cos irrètaet da oas nceielar, laux-lc ea oaur prgjattiet iulueratgur sur o–cevastcssajaet.

Co ast pir lgetra dgjjika qua oas jirlmãs e–icaet pis dgeeã uea ioarta pous tôt da oi dãrcva

das piys trís aedattãs.

Oa rãsuotit da o–aedattajaet, dgeeges-oa sgus ngrja da kripmcqua (ngurec pir oa NJC) 8

Egus vgyges loicrajaet qua oas Atits, ege sauoajaet sget aedattãs, jics pir-dassus tgutea jiåtrcsaet pis oi kastcge da oaur datta piyiet icesc oa prcx ngrt da oaur dãrcva 8 oi Krílaajprueta æ das tiux supãrcaurs æ <6% pgur o–ãjcsscge da sas gbockitcges. Aooa e–i d–iutra

lmgcx qua da s–ãlirtar das jirlmãs at d–ètra salgurua.

cc. Oas ikaelas da egtitcge

\c dies oas pirtcas prãlãdaets, egus dãloijcges oi pirtclcpitcge das ikaelas æ oi lrcsa(LDG « III °), cos sget iussc oi sauoa rãnãraela pgur o–cevastcssajaet.

Oas Atits-Qecs at jicetaeiet oa Nriela sget sgus oi prasscge da oaur egta dãkridãa jèja sco–ãlgegjca rãaooa i dãhæ prãvu uea dãkriditcge dies oa lgurs das iltcges at das gbockitcges

das Atits.



11

Dapucs pau, ue drgct d–cespaltcge da las ikaelas parjat uea survacooiela (pir o–A\JI)

parjattiet paut-ètra uea iltcge oãkctcja da laooas-lc tgut ae ãtiet lgetrôoãas ae vua dabcaevacooiela at d–uea cjpoclitcge annaltcva iu rakird da oi datta. Latta jiecíra da« lgetrôoar oas lgetrôoaurs ° oas gbockari, ha o–aspíra æ la qu–cos ãvctaet d–inncrjar lgjja trgp

sguvaet 8 « la e–ast qua egtra ivcs °, sa dãlmirkaiet icesc da o–cjpilt (æ tgrt gu æ ricsge)

qu–aooas suslctaet sur oas jirlmãs.



1>

ccc. Lgjjaet oi datta i-t-aooa jgdcncã oi BLA 7

Oa rôoa da oi BLA ast da jicetaecr oas prcx pir o–iltcge du tiux dcraltaur, jics, ge oa vgct,

o–iutra gbhaltcn ast oi stibcoctã nceielcíra ae Aurgpa.

Ixao [abar at Hukae \tirl` get tgus daux dãjcsscgeeãs lir oi BLA vgoa iu salgurs d–Atits

e–iyiet dgeeã iulue sckea d–iustãrctã pgur sguoikar oaur datta iu rcsqua d–ue ioãi jgrio.

Jèja sc oa Vrãscdaet da oi BLA, Jircg Drikmc hustcnca o–ilmit d–gbockitcges pgur « rastiuraroas jãliecsjas da oi triesjcsscge jgeãticra ea hustcnciet pis uea ngrja da sgutcaejgeãticra °, co e–ae ast pis jgces qua l–ast tguta o–Aurgpa quc ast lgetriceta d–uea ãlgegjca

ae barea pgur oas Atits aedattãs 8

Ae annat, jèja sc lgetricrajaet æ oi Nad, oi BLA ea prglída pis æ oi lrãitcge jgeãticra,aooa ratcra da oi jissa da jgeeica ae lcrluoitcge pgur o–iooguar iux piys aedattãs. Laoi vi,

pãeiocsiet oi bgeea jirlma da oi lcrluoitcge da o–irkaet iu sace da o–Qecge at rioaetcssiet

icesc o–ãlgegjca. Oi lgetrapirtca du prèt gbockiticra ast o–idgssajaet æ egjbra d–iltcns pousoirka ãjieiet das Atits.

Yu–ae ast-co da las iltcns dcts « sãlurcsãs ° 7

\get-cos das iltcns pgssãdiet uea vioaur nciboa 7

Ea sgjjas-egus pis ae trice da kikar oas lrãielas da o–Aurgpa sur das iltcns ea vioiet pis

pous lmar qua oas LDG tgxcquas rapgsiet sur das subprcjas, vgcra das hue`s d–Atits 7

Oi BLA ea pgssída lartas pis oi pgsscbcoctã da prètaur ae darecar rassgrt pgur oas Atits, atd–aekikar icesc dcraltajaet oas nceielas d–iutras Atits, lapaediet o–cjpilt iux piys

vartuaux da o–Qecge ast tgut da jèja rãao.

Ea pguviet prètar, oa 29 Dãlajbra 2699, oi BLA illgrda 4=3 jcoocirds æ 12<ãtibocssajaets bielicras ince d–ãvctar qua ea sa ncka oa jirlmã cetarbielicra 0 at la, egepous iu jcaux-dcsiet (oa pous ivietikaux nceielcírajaet piroiet ae tarja d–ippao d–gnnra

gbockiticra), jics bcae æ tguta cestctutcge oa dãscriet.

Da pous, oa NA\N, rapgsiet sur oa jãliecsja aurgpãae da sgutcae da o–ãlgegjca dgtã d–uea

aevaogppa da 446 jcoocirds dget 9=6 sget dãhæ iooguãs iu Vgrtukio, Croieda at oi Kríla e–ast

pis ae jasura da sgutaecr da krgs piys quc saricaet ittacets pir oi lgetikcge.

La ea sget pous oas biequas quc sget o–ipieika da oi datta, jics dãsgrjics oas Atits, quc

s–cos ea sa raoívaet pis ae davaeiet pous sgoviboas lgetceuarget da scecstrar pir ue « kao °kriedcssiet, o–ãlgegjca rãaooa da tguta o–Aurgpa. Oas cevastcssaurs axckaet d–ivietika da

kirietcas0 at æ o–cestir das biequas, oa jãliecsja aurgpãae JA\ jcs ae poila pir o–Aurgpa

i pgur but da sãlurcsar oas Atits pir das ngeds prgpras pous cjpgrtiets , jics oi quietctã dadattas æ ralguvrcr, gu du jgces æ dcjceuar, sajboa trgp kckietasqua pgur rissurar oasjirlmãs.



1;

\ucta æ oi lrcsa da 266=-2663, o–Aurgpa rãpged æ oi lrcsa pir jasuras da raoiela trgp cetaesa

at jio kãrãas, lrausiet icesc oi datta das piys dãhæ ngrt dãnclcticra. ^gclc, lc-dassgus oaslmcnnras da oi datta das piys da o–Qecge Aurgpãaeea (Oas Almgs, eujãrg spãlcioa « lgjpraedra oi lrcsa °,

Hievcar 2692) 8

Viys-BisDatta 2699 ae %VCB

Datta bruta 2699 ae Jd₯

(NJC)Avgoutcge sur 96ies

Dãnclct 2696 ae%VCB

Egta(\&V)

Croieda 963 9;2 <96 <9 BBB+

Rgyiuja-Qec =6 94;4 263 96 III

Nriela => 9;2> =3 ; II

Baokcqua 34 <14 2; 4 II

Vgrtukio 96> 9=9 946 96 BBB-

Aspikea >; ;<< 39 3 II-

Iooajikea =2 2922 >< 4 III

Ctioca 929 9324 46 4 I

Kríla 9>1 <>1 9<6 99 LL

Nceoieda 16 3> >9 < III

\uída <> 949 6 6 III

Iutrclma ;2 29; 43 1 III

Buokirca 9= ; -2> < BBB

Lmypra >4 92 >< 1 BBB

Dieajir` 44 996 2 < III

Astgeca > 9 99< 6 II-

Mgekrca ;> ;9 921 4 BBB-

Oattgeca <3 = 13> = BB+

Octuieca 4< 9< 2=3 ; BBB

Ouxajbgurk 26 3 4;; 9 III

Jiota >> 4 ;6 4 I

Viys-Bis >1 <3= >3 1 III

Vgogkea 1> 9=4 941 = I

Rãp. Tlmíqua 49 >9 924 1 II

Rgujieca <4 4< 21; ; BB+

\ogviquca 41 <9 3< = I+

\ogvãeca 4< 9; 943 > II-



1=

\ies vguogcr egus ãtaedra sur las lmcnnras, dget oi prajcíra lgogeea (Datta ae % du VCB) astdãhæ trís rãvãoitrcla, egus ae dãducsges qua l–ast o–aesajboa da oi datta ae % du VCB, at

da o–ãvgoutcge laooa-lc sur 96 ies quc cengrjaet quiet æ oi egtitcge.

La quc pirict oãkctcja quiet iu nict qu–ue Atit ea dgct pis s–ipprgprcar oi datta lgjja ue

ngeds prgpra.

\–co s–ikct, iu jèja tctra qu–uea aetraprcsa, d–uea datta æ ogek tarja , co ast egrjio qua laooa-lc, sc aooa axcsta ea sgct pis ae lgestieta ãvgoutcge, iukjaetiet icesc oa dãnclct. Oi sgoutcgee–ast pis vciboa at ast raprãsaetãa dcraltajaet pir oa jirlmã.

Ae sgct, lgjja pgur oi lrcsa da 266=-2663, oi vctassa æ rãikcr das ikaelas da egtitcge asttrís dãlioãa quiet æ o–ãvgoutcge da oi datta das Atits.

Egus ivges lgeslcaela qu–co s–ikct ege sauoajaet d–uea lrcsa ãlgegjcqua, jics iussc d–uea

lrcsa nceielcíra das Atits d–Aurgpa pucsqua laux-lc s–iocjaetaet sur oas jirlmãs.

Ae lgelouscge da latta pirtca, co niut bcae gbsarvar qua sc oa dãnclct cjpgrtiet axcstict bao atbcae iviet oi lrcsa, co nut trís oirkajaet iukjaetã pir oi lriceta das piys æ sgjbrar dies oa« 9ar dcp ° at oi piecqua e–i nict qu–ijpocncar oas dãkâts da latta prajcíra lrcsa ae annaltuiet

das raoielas iyiet lgutãas lmar.

l. Oas Atits-Qecs iu rioaetc

Oa piys subc uea lrcsa sur o–ajpogc, ival ue tiux da lmôjika quc ivgcscea oas 3% at quc ea

sa rãsgut pis æ daslaedra ae dassgus du tiux da 2663 0 Lgelareiet si datta, laooa-lc salrausa (91 =46 jcoocirds da dgooirs) at ea paut sa rãsgudra sies ue illgrd ãjieiet sur dasparspaltcvas inncrjãas at uecncãas pir oa Lgekrís. I laoi s–ihguta uea sloãrgsa du jirlmã da

o–cjjgbcocar quc sipa oa jgrio das jãeikas ea oaur dgeeiet iuluea parspaltcva quc vicooa. At

aence, oas dãbgrdajaets da oi lrcsa da oi datta ae zgea aurg sa nget saetcr gutra-Itoietcqua.

Oi bicssa da oi egta du piys pissiet da III æ II+ ast vãlu lgjja ue triujitcsja. Oasupar-lgjctaa raprãsaetã pir oas Dãjglritas at oas Rãpuboclices e–i pis su trguvar

d–illgrd ae rastiet dcvcsã quiet æ oi lgupa da 9166 jcoocirds da dgooirs dies oa budkat suroas 96 ieeãas æ vaecr. Oi datta du piys s–ãoíva æ 91 666 jcoocirds da dgooirs ae nce d–ieeãa

2699.

\aoge oas ieioystas, uea lrgcssiela jgooa ea dãpissiet pis 2.1% ast æ lricedra sur oasieeãas æ vaecr (lgjbcae d–ieeãas7) ince d–ãvcelar oas annats da oi lrcsa prãlãdaeta, da si

buooa cjjgbcocíra.

Oi lrgcssiela ast trís ogce das 4.4% da 2664 pucsqu–aooa ast prãvua aetra 9.<% at 2% ae

2692.

Niut-co raoielar oi lrgcssiela pir das jasuras da Yuietctitcva Aiscek, iooglitcge da budkatspgur o–cevastcssajaet gu iu lgetricra gu annaltuar das ticooas dies oas budkats pir das



13

jasuras d–iustãrctãs quc pauvaet ètra æ dguboa trielmiet 8 lmôjika iukjaetiet at dãnoitcgepgsscboa 7

Qea rãpgesa ast dãhæ dgeeãa pir oas ;=; jcoocirds da dgooirs iooguãs pgur oi raoiela ae2663, quc nut ue ãlmal 8 pis issaz d–cjpôt ec d–cevastcssajaets dies das cenristrulturas

pguviet nicra ãjarkar uea vrica raprcsa get jaeã uea dãbrcda du budkat sur oaquao eas–illgrda oa Lgekrís.

c. Yuitra vuoeãribcoctãs da oi Lmcea

Ittaedaet oi Lmcea 4 vuoeãribcoctãs qu–aooa davri lgetgurear dís 2692 8

Qea gp il ctãda sg e ãtit nc eielcar

Oas lgooaltcvctãs get du sa nceielar aooas-jèjas iu sgrtcr da oi lrcsa 0 oi ricsge ae ast quao–Atit laetrio ea s–ast lmirkã qua d–¿ das 4666 jcoocirds da yuies prãvus pgur oi raprcsa 8oas lgooaltcvctãs get dð sa dãbrgucooar sauoas pgur ãtibocr oaur budkat. Oa prgboíja ast qu–aooas

e–get pis oa drgct d–ajpruetar 0 at get dgel dð, pgur la nicra, rusar ae utcocsiet das sglcãtãs« ãlrie ° pgur illãdar iux biequas at iux jirlmãs. Co ast ãtiboc ue egjbra 96;66 jcoocirdsda yuies d–aedattajaet da oi Lmcea (ival baiulgup da rãsarva).

Qe prgboíja sgus- hilaet æ latta datta ast oi juotcpoclitcge da prghats ege raetiboas qu–aooas

nceielaet pgur ¿ das prèts.

Ae lgelouscge 8 ae lis d–ue assgunnoajaet da oi dajieda, o–Atit Laetrio sa varri dies

o–gbockitcge da raenoguar oas lgooaltcvctãs iu jèja tctra qua oi datta pubocqua das piys

dãvaogppãs. At dies la lis, oi quietctã æ raenoguar gpírari ae ue rittripika dckea d–ue

ecvaiu nceio d–aedattajaet scjcoicra æ las piys.

Oa jirlmã da o–cjjgbcocar

Oa dãvaogppajaet da oi Lmcea s–ast gpãrã pir prãnãraela da nceielajaet iux aetraprcsas

poutôt qu–iux jãeikas (co i cetardct oi rãjueãritcge das lgjptas da dãpô t, celctiet oasbiequas æ prètar iux aetraprcsas. Oi lrcsa icdiet at oas jirlmãs s–ãlrguoiet, oas pirtcluocars

ea sget pis ruãs vars oi bgursa, jics vars oi pcarra. Rãsuotit 8 das miussas da 96%ieeuaooas e–get pu ètra suppgrtãs pir baiulgup da jieikas, lr ãiet icesc ue annat da buooaspãluoitcva. Vã`ce i rajãdcã ae pirtca æ latta spãluoitcge jics, s–co ast vric qua baiulgup da

lmcegcs puraet sa ogkar, pard pau æ pau oi lgenciela das jãeikas iyiet pu cevastcr dies oipcarra, suppgrtiet pgur oi dauxcíja ngcs, ue anngedrajaet da oi vioaur da oaurs ãlgegjcas.Da pous, oa systíja nceielcar iuri du jio æ sa jicetaecr, sc o–annat da bicssa da o–cjjgbcocar

lgetceua icesc, lir laouc-lc dricea o–ãlgegjca lmcegcsa at ast ue ãoãjaet da la sur qugc

o–ãlgegjca du piys rapgsa.

Das dãsãquco cb ras dies oi lrg cs siela

Oi lrcsa da 266= nut uea « dgulma nrgcda ° pgur Lmcea 0 laooa-lc e–iyiet pis jasurã o–ijpoaur

das dãkâts iu sace das piys dãvaogppãs ae gllcdaet, sas axpgrtitcges ncraet uea lmutaaetriåeiet uea iukjaetitcge da sies-ajpogcs. I o–iutgjea 2699 l–ast da eguvaiu oi lmuta

du saltaur axpgrtitaur at du lmôjika ae Lmcea.



>6

Iussc, æ lgup d–issgupocssajaets jgeãticras, da egjbraux cevastcssajaets sget ãtibocs

sies lgmãraela at dãjasurãjaet dies das prghats lgutaux at quc ea varrget paut-ètra hijics oa hgur gu d–uea ncibcoctã oicssiet æ dãscrar. Qe axajpoa ae ast oa rãsaiu TK^

(lgestruct ae jgces da < ies pgur 2666 `j da ockeas) quc i lgutã 2666 jcoocirds da yuies “ sgct 226 jcoocirds d–aurgs- iu jcecstíra das triespgrts.

Ae lgelouscge, co sajboa cjpgrtiet da radyeijcsar oi lgesgjjitcge das jãeikas atd–mirjgecsar oi lrgcssiela, æ oi ngcs iu sace das loissas cetarjãdcicras (ogkajaet). Ae annat,

oi lgesgjjitcge ea písa qua <>% du VCB at ea lassa da dcjceuar dapucs oas 2 darecírasdãlaeecas. I laoi, co niut sglcioajaet rissurar oas lmcegcs. Latta darecíra jasura, ae krivaliraela iuhgurd–muc, parjattri æ oi Lmcea da tajpãrar oi lriceta das jãeikas at da oas

grcaetar patct æ patct vars uea lgesgjjitcge, oas dãtgureiet d–uea ãpirkea « sloãrgsieta °.

O–aevgoãa das lgðts

Ge i ogektajps paesã qua « o–irjãa da rãsarva ° qua lgestctuict o–cjjaesa jissa da oi

pgpuoitcge sur sge jirlmã narict bicssar oas sioicras das Lmcegcs, oi dajieda d–ajpogc

rastiet trís cenãrcaura æ o–gnnra. Oas iutgrctãs paesiet krâla æ laoi æ o–cjjaesa lgjpãtctcvctãda oi Lmcea at du « Jida ce Lmcei ° sa sget trgjpãs 8 ae annat, oas sioicras iukjaetaet aejgyaeea da 96 æ 91% pir ie at ue « bge ° lida Lmcegcs lgðta iussc lmar qu–ue « bge °lidra gllcdaetio 0 da pous ue rittripika s–gpíra dies oas ajpogcs guvrcars d–ue pgcet da vua

sioicra ival o–gllcdaet. Latta iukjaetitcge ea lgestctuaric pis ue prgboíja sc o–cenoitcge

e–ãtict pis ae ngrta lrgcssiela gu aelgra sc oa yuie ea s–ipprãlcict pis da >% pir rippgrt iu

dgooir aetra huce at egvajbra 2699, at aelgra jgces ival ue prcx das jitcíras prajcíras aetrís eatta miussa.

Ae lgelouscge 8 o–cdãa d–uea Lmcea bge jirlmã krâla co ast pgsscboa d–y rãducra sas lgðts

ogrsqua o–ge ast uea aetraprcsa gllcdaetioa ast trís ogce. Oi Lmcea e–ast pous cjbittiboa suroas prcx.

cc. O–cjjgbcocar at oa lmôjika

Oa lmôjika, lartas ae bicssa ae nce d–ieeãa 2699 sajboa d–ivietika ocã æ uea rastrcltcge da

oi pgpuoitcge iltcva qu–æ uea vrica raprcsa. Oi lgenciela das jãeikas ast ae barea ae ricsge

das prcx da o–cjjgbcocar lmutiet da pous ae pous ajpèlmiet iux jãeikas da s–grcaetar vars

oi lidaela bcae lgeeua da la kried piys æ ètra « jgbcoa ° 8 ae annat, oas cequcãtudas dasjãeikas gbsarviet oaur oa prcx da oaur bcae lmutar e–get pis aevca da sa sãpira r da oaur

trivico pgur vgkuar vars ue iutra æ pous krieda vioaur ihgutãa, ec æ sa oielar vars d–iutrasmgrczges dies ue Atit vgcsce. La lmiekajaet du lgjpgrtajaet da o–ijãrclice ast trís

gbsarviboa dapucs < ies 8 dita da oi darecíra lrcsa.

Oa prcx das jicsges ipprglma oaur pous bis mcstgrcqua 0 iussc oa egjbra da jicsgesaxcstietas pirvcaet æ pacea æ 1 jcoocges ae rytmja ieeuiocsã ae Gltgbra 2699. Da jèja, oasvaetas da jicsges eauvas ea dãpissaet pis <66 666 sur o–ieeãa tgut ae egtiet qua oas tiux

sget trís bis 8 oa jgrio ast dgel ae barea.



>9

ccc. Oi datta

Oi datta ijãrclicea ast iussc trís cjpgrtieta ege sauoajaet iu ecvaiu da o–Atit Nãdãrio,

jics das Atits aux-jèjas at das vcooas.

Oa lgjtã da Hannarsge dies o–Ioibiji ae ast oa jacooaur axajpoa 8 latta lgooaltcvctã oglioa igbtaeu oa ralgrd da oi pous cjpgrtieta nicoocta hijics aerakcstrãa, oiquaooa ast da 4.2 jcoocirdsda dgooirs ae ricsge d–ue systíja d–ãkguts lgutaux dget oa nceielajaet s–gpãrict æ das tiux

virciboas kirietcs pir das ramiussaurs da lrãdcts dget oi egta nðt dãkridãa. Oas Atits atlgooaltcvctãs sgunnraet da oi rãlasscge iogrs qua oas dãpaesas rastaet ãoavãas. I lalc s–ihguta

oa nceielajaet das ratrictas cjpgrtietas at oas subvaetcges dcspiricssiet da o–Ijarclie

ralgvary ied racevastjaet. Oas prcelcpioas lgetricetas pasiet sur las lgooaltcvctãs sget oanceielajaet das ratrictas, oas cedajectãs da lmôjika at oa systíja da sietã dãsãqucocbrietoa budkat.

Larticeas lgooaltcvctãs sget gbockãas da sa jattra sgus oi prgtaltcge da oi ogc das nicooctas.

^gclc oi raprãsaetitcge da oi datta sur oa kripmcqua (grckcea 8 Trãsgr Ijãrclice).



>2

d. Oi Lmcea

Jèja sc oi Lmcea nict rèvar quiet æ si lrgcssiela æ 2 lmcnnras, laooa-lc sa trguva dies uealgehgeltura lgetristãa ae 2699. Oi surlmiunna rãsuota d–uea cenoitcge da >% quc i nict

lricedra uea dãlãoãritcge das axpgrtitcges at dgel da o–ãlgegjca tgut ae pgssãdiet 3% dalrgcssiela sur o–ieeãa.

\as prgboíjas sget, pgur 2692, da pouscaurs grdras 8 sge systíja nceielcar pgssãdiet pauda lrãielas dgutausas iogrs qua o–ge sict das lgooaltcvctãs oglioas qu–aooas sget trís

aedattãas 0 aesucta, uea lrcsa du ogkajaet quc parjat dcnnclcoajaet iux ravaeuscetarjãdcicras da sa ogkar at uea lgetastitcge sglcioa kriedcssieta.

Ince da sgrtcr da oi lrcsa da 266=, oi Lmcea i su kirdar oi lidaela krâla æ ue poie da raoielada 4666 jcoocirds da yuies parjattiet ue tiux da lrgcssiela da 3.2% ae 2663 at 96.<% ae2696 sckecnciet æ pau prís 9<% da sge VCB. Oi lrcsa da 266= e–i pis ãpirkeã uea

cjpgrtieta vikua da oclaelcajaet, lapaediet oa poie da raoiela i parjcs da ngurecr dutrivico dies oas cenristrulturas sies pgur iutiet axikãrar oi dãpaesa pubocqua ae sgujattietoas cevastcssajaets prãvus iux lgooaltcvctãs oglioas. Oas pgpuoitcges sa sget idiptãas aedavaeiet d–ivietika jgbcoa ae s–grcaetiet vars oas tarrctgcras aeloivãs.

Oas lgooaltcvctãs sa sget ngrtajaet aedattãas nicsiet axpogsar oa lrãdct pir idhgeltcge dajissa jgeãticra at aetriceiet jiomaurausajaet ue dãripika da o–cenoitcge8 oas daerãas

iocjaeticras get lru da pous 16% at oas ogyars cjjgbcocars sget davaeus ceillasscboas pguroas loissas jgyaeeas iocjaetiet oa jãlgetaetajaet at oa dãsgrdra sglcio at dgelãlgegjcqua.

Oas tiux sget iussctôt rajgetãs pir Vã`ce nicsiet lmutar at oas prcx at o–cjjgbcocar 0 la darecarnrikcocsiet oas biequas dget oas prcelcpioas rassgurlas sget hustajaet o–cjjgbcocar kãeãriet,

æ sge tgur, uea jaeila pgur oas lgooaltcvctãs sa nceieëiet krâla æ o–cjjgbcocar.

^gclc, æ tctra da lgjpiricsge oas dcnnãraets Tiux da lrgcssiela du VCB da oi Lmcea, Nriela, Iooajikea, Aspikea at Atits-Qecs.



><

Loicrajaet, oi Lmcea sa dãjirqua ouc issuriet, æ la rytmja uea poila da prajcíra ãlgegjcajgedcioa dies quaoquas ieeãas.

c. Oi Lmcea nict sge jirlmã

Oi Lmcea e–ast qua pau cetãrassãa pir oas dattas d–Atit (egus lgjpraeges icsãjaetpgurqugc) 0 jics pir lgetra, oas cevastcssajaets lmcegcs æ o–ãtriekar sget ae quietctã

kriedcssieta las 1 darecíras ieeãas.

Lc-dassgus, oi lgurba cssua da o–GALD vcsiet æ ãtibocr o–cetãrèt qua pgssída oi Lmcea pgur

oas iltcns axtãrcaurs æ sge jirlmã.

Ea s–cetãrassiet pous sauoajaet iux rassgurlas eituraooas at dgel trís saescboajaet æo–Inrcqua, oi Lmcea s–grcaetaet vars d–iutras iltcns dãtaeus pir oas piys dãvaogppãs 8aetraprcsas, pgrts, pgets. Oa vcaux lgetcaet ãtiet trís oirkajaet lgelareã. Vgur la nicra, oiLmcea, ae ricsge d–uea bioiela lgjjarlcioa axlãdaeticra dapucs pouscaurs ieeãas iu

lgetricra das piys dãvaogppãs, i ijissã <266 jcoocirds da dgooirs da lism. Qe ralgrd.

Iu rakird da oi dãprãlcitcge du dgooir, oi Lmcea s–cetãrassa iux iltcns nceieëiboas ae aurgs.

\aoge Daiogkcl, o–Aurgpa iurict illuacooc =1< jcoocges da dgooirs aetra 266< at 2661 lgetra

4<.6 jcoocirds da dgooirs aetra 266= at 2696. 99= sglcãtãs aurgpãaeeas saricaet pissãas aepgssasscge lmcegcsa. Ae 2699, >4 nuscges gu rilmits sa sget gpãris ival o–Aurgpa pgur uea

vioaur (pgur oas sauos < 9ars trcjastras) da 92 jcoocirds da dgooirs. O–axajpoa oa pous

jãdcitcqua ãtiet oa pgrt da Vcrãa dget oi lgelasscge durari <1 ies (<.4 jcoocirds d–aurgs).



>4

Vgrt da Vcrãa, ae Kríla.

Iussc, oa lgestrultaur iutgjgbcoa ^govg, rilmatã pir Kaaoy pgur 2.9 jcoocirds da dgooirs at oa

rilmit du jãtioourkcsta egrvãkcae Aoàj. Oa pirtcluocar lmcegcs rclma s–cetãrassa, ouc iussc, æo–Aurgpa 8 sas vckegboas, sge cjjgbcocar. Lgelareiet la darecar, oa libceat Bice & Lgjpieyastcja oi ngrtuea prcvãa das lmcegcs æ 3>66 jcoocirds da dgooirs, l–ast-æ-dcra, < ngcs oasrãsarvas kckietasquas da oi biequa laetrioa lmcegcsa.

cc. O–gpcecge pubocqua ae jguvajaet

Oa paupoa lmcegcs sgumicta praedra o–islaediet sur oi brcda quiet æ oi ocbartã d–gpcecge a da

paesãa. Cetareat ãtiet trís oirkajaet varrgucooã, co y ãjarkaela du « jclrgbogkkcek °. Oitaeaur sglcioa da las « patcts twcttar ° parjat uea nurtcvctã quiet iu jgyae da s–axprcjar.

Qea sgrta da lgjjueiutã uedarkrgued sa dãvaogppiet icesc, ge paut y vgcr das suhats iusscvistas qua oi pgoãjcqua sur oi litistrgpma narrgvcicra, gu oi jgrt d–uea ncooatta oicssãa

kcsieta sur oi lmiussãa sies cetarvaetcge ripcda das iutgrctãs illgjpikeiet ue saetcjaetda parta da vioaur da oi eitcge 0 iutra suhat iyiet ijaeã uea jgbcocsitcge das mibctiets daoi prgvcela da Diocie rãloijiet oi narjatura d–uea uscea lmcjcqua diekarausa pgur oi

pgpuoitcge. Bran, oa paupoa dãscra s–ãjielcpar at illãdar æ pous d–guvartura sglcioa at ue

basgce da dgeear sge ivcs sur oi pgoctcqua cetarea da oi Lmcea.

Jiecnastiet da Diocie, ae Lmcea



>1

a. Oas eguvaiux lgequãriets 8 Brãsco at Irkaetcea

Oas prãscdaetas raspaltcvas du Brãsco at da o–Irkaetcea 8 Dcoji Rgussann at Lrcstcei @crlmear

^gclc ue tiboaiu rãlipctuoitcn (cssu NJC, «rippgrt at parspaltcvas 2692 °) æ tctra dalgjpiricsge du Brãsco at da o–Irkaetcea ival oas iutras piys gllcdaetiux, lgelareiet das

vioaurs pissãas at oas parspaltcvas da VCB, lmôjika, prcx æ oi lgesgjjitcge at da oibioiela lgjjarlcioa.



>>

c. Oa Brãsco

Qea ietcl cpit cge d a oi lrcsa

Oa Brãsco, davaeu >aja ãlgegjca jgedcioa daviet oa Rgyiuja-Qec, jgetra ue oãkarrioaetcssajaet pgur 2699, jics lgetricrajaet iux pgoctcquas ijãrcliceas at aurgpãaeeasaekikãas dies oi rãlasscge, sa vgct dgtã d–uea lrgcssiela da >%.

Oa jirlmã cetãrcaur ast dyeijcqua at i parjcs da nicra lmutar oa lmôjika æ sge tiux oa pousbis da o–mcstgcra 8 >%.

Oi Brãsco i rãussc æ sa prgtãkar da oi lrcsa krâla æ uea ietclcpitcge da o–ijpoaur da oi lrcsa

da oi datta aurgpãaeea at du vaet nrgcd qu–co sgunnoa gutra-Itoietcqua 8 ae annat, dís oa jgcsd–Igðt, oi biequa laetrioa brãscocaeea sa jat æ issgupocr s pgoctcqua jgeãticra lrickeiet ue

rioaetcssajaet kãeãrio innaltiet sge ãlgegjca, hukaiet uea outta lgetra o–cenoitcge (lcboãa æ

4.1%) ãtict jgces prcgrcticra qu–uea lrcsa kãeãriocsãa pguviet nicra trãbulmar si lrgcssiela. Iussc, uea daslaeta das tiux parjat iu Brãsco uea jgces krieda spãluoitcge sur sas iltcnsrããqucocbriet icesc sge ãlgegjca tgut ae parjattiet oi lrgcssiela ege pous da ;.1% lgjjaae 2696 jics da <% (jgyaeea da prãvcscge da BEV at Jgrkie \tieoay). Iussc, oas tixas suroa lrãdct get ãtã supprcjãas parjattiet 0 las 2 jasuras 8 issgupocssajaet jgeãticra atsupprasscge das tixas parjattiet uea dãprãlcitcge du raio.

Qea dãpaedie la æ oi Lm ce a

Oa Brãsco axpgrta prcelcpioajaet das jceãriux at das prgducts ikrclgoas vars oi Lmcea, ae

ãlmieka da prgducts jieunilturãs.Co ast dgel egtiboa qu–ae lis da rioaetcssajaet lmcegcs, oa Brãsco sari lgedijeã æ uea

lrgcssiela jgooa.



>;

cc. O–Irkaetcea

O–Irkaetcea ast ae poace « bggj ° iu pgcet qua o–ge piroa da jcriloa irkaetce.

\i lrgcssiela ast da =.1% at e–ast davielãa qua pir oi Lmcea. La quc prgncta æ o–Irkaetcea

ast uea axpogscge du prcx das jitcíras prajcíras, egtijjaet da oi vcieda da bŜun at du

sghi. Oas tixas sur oas axpgrtitcges get raenoguãs oas licssas da o–Atit.

Avgoutcge das prcx das jitcíras prajcíras (sgurla CJN)

Jèja sc egus sgjjas ogce das <266 jcoocirds da lism qua pgssída oi Lmcea, æ 42 jcoocirdsda dgooirs (pir « rilàt ° ae 2669 da oi biequa laetrioa pir dãlcscge da oi VrãscdaetaLrcstcei @crlmear), oas rãsarvas da o–Irkaetcea sget pous qua lgevaeiboas at e–i icesc pis æ

lricedra uea bicssa du Vasg.

Co niut rippaoar qua o–Irkaetcea sa trguvict dies ãtit bcae pcra qua oi Kríla iltuaooa ae 2669,at iu prcx d–uea ãlgegjca d–iustãrctã pous qua sãvíra at ue nogttajaet du Vasg ouc iyiet

cjpgsã uea sgrtca das jirlmãs nceielcars ae ricsge d–uea nicoocta da o–Atit , i parjcs æ la

piys da ratrguvar uea lgjpãtctcvctã sur oas jirlmãs sies prãlãdaet jics ival ueippiuvrcssajaet kckietasqua.

Egus vgyges iu pissika qua oi tmãgrca du « tgg bck tg nico ° ãtict trís lgetrircãa, dãhæ ae2669, pgur o–Irkaetcea.

Co niut prãlcsar qua sc oa piys bãeãnclca da =% da lrgcssiela ieeuaooa (dapucs 266<), oiricsge ae ast iussc dua iu ecvaiu trís bis iuquao la piys ãtict tgjbã.

Latta assgr da o–Irkaetcea i parjcs, pir oi jèja glliscge da ribicssar oa lmôjika da 21%

æ ;% iuhgurd”muc, at la, sauoajaet dapucs 2669.



>=

Ae dãpct d–uea lrgcssiela hiogusãa pir oas piys da o–Qecge Aurgpãaeea gu oas Atits-Qecs,o–Irkaetcea ast æ oi ocjcta da oi surlmiunna 8 21% d–cenoitcge, la quc lgestctua oa prcelcpio ixa

da trivico da oi Vrãscdaeta @crlmear pgur 2692.

Qe sckea davieëiet ue pgtaetcao rcsqua da surlmiunna ast oi nucta da lipctiux ae 2699 (22

jcoocirds da dgooirs pgur 2699).



>3

^CC. Oas eguvaiux iltaurs da oi lrgcssiela

Vgur baiulgup d–Atits lgjja oi Lmcea, oi lrgcssiela pgssída sge ravars 8 oa rcsqua dasurlmiunna. Oi surlmiunna sa lgrrckaiet egtijjaet pir iukjaetitcge du tiux d–cetãrèt,

prãlcsges qu–uea surlmiunna kãeíra da o–cenoitcge da jgces ae jgces lgetrôoiboa husqu–æ

lrãar uea buooa spãluoitcva prgvgquiet ue dãsãqucocbra ãlgegjcqua ibsgoujaet pous du tgutkãriboa.

Qea taooa surlmiunna, lartas s–illgjpikea d–uea lrgcssiela paediet ue tajps, jics aooa

ncect pir dãstibcocsar æ ue pgcet o–ãlgegjca qua oa ecvaiu nceio da VCB s–ae trguva bcae sguvaet

ijgcedrc pir rippgrt æ si pgsctcge da dãpirt.

Lc-dassgus, oi ocsta das piys æ rcsqua da surlmiunna.

Da tguta ãvcdaela, co ippirict qua oas « BRCL\ ° axlaptã oi Russca at o–Inrcqua du \ud,

sgcaet ãpirkeãs d–ue tao pmãegjíea.



;6

i. Lgetrcbutcge das kriedas zgeas dies oa VCB jgedcio (glda)

Das lmcnnras quc piroaet …



;9

^CCC. Rãnãraelas

P9Z Rapgrtika da [irrae Bunnat « C tgod ygu sg ° 8 mttp8//eaws.bbl.lg.u`/2/mc/busceass/929;;9>.stj

P2Z Axtricts da dciogkuas iu trcbueio ival oa VDK da Lctcbie`, mttp8//www.eytcjas.lgj/933>/6</<6/busceass/lctcbie`-s-ralgrds-axijcead-is-pirt-gn-jaxclie-cequcry.mtjo

P<Z \liedioa da oi lgrruptcge da HV. Jgrkie at o–Atit d–Ioibijimttp8//www.eytcjas.lgj/2663/99/61/busceass/61darcvitcvas.mtjo

P4Z Oi biequa Rckks icda Vceglmat æ boielmcr da o–irkaet,mttp8//www.boggjbark.lgj/ipps/eaws7pcd:eawsirlmcva&scd:iD]>Omh<.h<C

P1Z \liedioa das bgeus lmaz Nraddca Jil mttp8//niluoty.lmclikgbggtm.adu/arc`.murst/tailmcek/nieecaWtggWbckWtgWnico.pdn

P>Z Virtclcpitcge d–Ioie Kraaespie dies o–innicra @aitcek Ncva, « Kraaespie–s Ocelgoe sivceks rakrats °, Eaw Sgr` Tcjas,

26 Egvajbra 93=3P;Z Rgbart Keiczdi, ielcae Dcraltaur da Kraaeocek « [abceir gn pubocl prasaetitcge cetrg & Rakuoitgrs°, ygutuba

(mttp//www.ygutuba.lgj/witlm7v:=mgCMxQn-aS)

P=Z Tãjgckeika, [cooaj Buctar Taoakripm, Irtcloa da oi ogc Krijj-Oailm-Bocoay .

P3Z Irtcloa da oi ogc Krijj-Oailm-Bocoay , Kguvareajaet ijãrclice (mttp//www.kpg.kgv/ndsys/p`k/VOI[-96>pubo962/pdn/VOI[-96>pubo962.pdn)

P96Z Tãjgckeika da Kagrkas \grgs Tma Algegjcst (mttp//algegjcstsvcaw.typapid.lgj/algegjcstsvcaw/2699/63/tieàrs-ied-bieàrs.mtjo)

P99Z Tajgckeika da o–ivglit Aocgt \pctzar, Dajglrilyegw

mttp//www.dajglrilyegw.grk/2663/92/4/aocgtWspctzarWkactmearWbareieàWlgjpoclctWce

P92Z Dglujaeticra Cescda hgb (D^D)

P9<Z Oas prgducts dãrcvãs , dãncectcge, Oaxcetar mttp//oaxcetar.eat/HN/prgductsWdarcvasWatWrcsquas.mtj

P94Z Tãjgckeika da Nriel` Virtegy, Vrgnassaur da Drgct da oi Nceiela, Cescda Hgb dglujaeticra P ,

P91Z Tãjgckeika da Bireay Nrie` , Vrãscdaet da « Mgusa Nceielcio \arvclas Lgjctaa ° Cescda Hgb dglujaeticra

P9>Z Lgetrcbutcges das vioaurs nceielcíras du \V166 ae 266;-2663 , \tiedird & Vggr–s

P9;Z \ioicras das idjcecstritaurs da latta Qecvarsctã , rautars mttp//bogks.rautars.lgj/naocx-siojge/tik/ilidaja/

P9=Z Budkat das Qecvarsctãs da \tiengrd & Mirvird , GNLA, mttp//www.gnla.slcaelas-pg.nr/loicr&eat/loicr&eat->4.mtj

P93Z Avgoutcge das nrics da slgoirctã das Qecvarsctãs ijãrcliceas, Busceass Cescdar, mttp//irtcloas.busceasscescdar.lgj/2696-6;-93/wiooWstraat/233>91>=W9Wlgooaka-adulitcge-mguscek-bubboa-prclas

P26Z Avgoutcge das prcx das jitcíras prajcíras ae Irkaetcea, CJN



;2

C]. Lgelouscge

i. Qea lgelouscge kãeãrioa

Oi lrcsa ãlgegjcqua qua oa jgeda vcaet da trivarsar, nðt, lgjja egus o–ivges dãhæ prãlcsã

ogrs da egtra cetrgdultcge, oi pous kriva dapucs oi Krieda Dãprasscge das ieeãas 93<6.

Oas piys ãjarkaiets get su nilcoajaet nicra nila, lapaediet, iu sace das piys dãvaogppãs,oi raprcsa sa vgct ratirdãa ae ricsge da nceielas pubocquas trís dãkridãas raediet tgutajieŜuvra das Atits trís dcnnclcoa pgur sgrtcr da jiecíra larticea da oi lrcsa dies oasprglmices jgcs. Oas raspgesiboas pgoctcquas, s–cos sget oas sauos vrics iltaurs at kirietsd–uea sgrtca da oi lrcsa, sget trís liraelãs ae jgyaes d–iltcge pucsqua, s–gppgsaet æ oaur

slaeircg, da egjbraux dcoajjas lgelguriets at da ngrlas lgetricras.

I o–iuba da o–ieeãa 2692, o–aedattajaet das piys ivielãs get ittacet da taos ecvaiux qua oas

jirlmãs e–get au d–iutras rãiltcges (oãkctcjas) qua da ranoãtar oa jiequa da parspaltcva

nciboa, n ceielcírajaet piroiet, oicssiet s–ãlmippar uea lgenciela ncoiet æ oi jèja vctassa quaoi datta ast cjpgrtieta.

Las jèjas Atits e–get pis rãikc da oi jèja jiecíra 8 Oas Atits-Qecs get gptã pgur ueastcjuoitcge da o–ãlgegjca pir dcvarsas jasuras (Yuietctitcva Aiscek egtijjaet) tiedcs qua

o–Qecge Aurgpãaeea s–ast cestietieãjaet ceslrcta dies das jasuras d–iustãrctãs iu rcsqua

da kaoar tguta iltcvctã. Co ast prgbiboa qua sc oas Atits usaet da trgp da tajps ince da jattraae Ŝuvra las pgoctcquas, lgjja la nðt oa lis iux Atits-Qecs, oi egta da las jèjas Atits

sgct da eguvaiu ibicssãa kãeãriet ue surlgðt da oaur nceielajaet sur oas jirlmãs.

Oa saltaur bielicra ast laouc quc i oa pous sgunnart, axckaiet uea cetarvaetcge ãtitcqua siesãqucvgqua. Oas biequas get au æ subcr oaurs arraurs pissãas, pardiet >6% da oaur vioaur(Oogyds Bie`cek)0 oas pous tgulmãas ãtiet egtijjaet oas cestctutcges nrieëicsas ae ricsge daoaur axpgsctcge pous oirka æ oi datta da oi Kríla.

Co ae rassgrt qua, jèja sc las biequas picaet aooas-jèjas ue ogurd trcbut da oaur jiuvicsakastcge, aooas s–ivíraet pgurvuas d–uea cjpgrtieta raspgesibcoctã quiet æ oi prgngedaur at

o–aerilceajaet da oi lrcsa. L–ast pgurqugc co ippirict cedcspaesiboa da ncibcocsar oa saltaur

bielicra ince qu–co e–ãbrieoa trgp ogurdajaet oas Atits at d–axckar da las cestctutcges das

ngeds prgpras lgesãquaets iu rcsqua sgus-hilaets 0 egtijjaet ae ippocquiet oasprãrgkitcvas da bâoa CCC.

Oi kguvareiela da oi zgea aurg sa dgct ètra rapaesãa. Ae annat, ue rcsqua d–ãloitajaet sadgct d–ètra lgetgureã pir oi jcsa ae poila d–ue jcecstíra aurgpãae dãoãkuã iux nceielas, laquc ãtict dãhæ prgpgsã pir Haie-Loiuda Trclmat icesc qu–ue iutra jcecstíra, dãoãkuã iubudkat. Co ast iussc pgsscboa da scjpocncar o–Qecge ae rakrgupiet, pir axajpoa, oas ngeltcgesda Lgjjcssicra aurgpãae ae lmirka das innicras ãlgegjcquas at laooa da Vrãscdaet dao–Aurgpkrgupa. Iussc, das lgetgureajaets sa dgcvaet d–ètra trguvãs ae vua da dãbogquar oas

sctuitcges da ege-ritcnclitcge pir ue gu pouscaurs Atits. Ae sgjja, co niut qua o–Aurgpa

s–ceslrcva aooa-jèja lgjja uea aetctã sgocda, piroiet d–uea sauoa vgcx at iux prglassus egevclcãs.



b. Qea lgelouscge pous parsgeeaooa

Ae j–assiyiet æ praedra d–ivietika da miutaur quiet iu davaecr da o–Mgjja, at iurakird das parturbitcges qua egus subcssges, ha vgudrics dcra qu– co ast cedcspaesiboa daralgescdãrar o–mujice lgjja oa laetra da o–ãlgegjca jgedcioa. Co ast cjpgrtiet d–ceslrcralaouc-lc dies uea iltcge pous kogbioa, at la, DQRIBOAJAET. Icesc, o–ãlgegjca prgspírari

eituraooajaet, aooa iussc.

Ae annat, jèja s–co ast icsã da lgjpraedra qu–ae dãpct du nict qua pgur sitcsnicra ue ajpogc,

co niut uea rassgurla, co ast cjpgrtiet da rãiocsar qua l–ast bcae o–Mgjja quc ast iu lŜur dao–ãlgegjca at ege o–cevarsa. Iussc, uea vcscge, æ oi ngcs trgp grcaetãa sur oa lgurt-tarja,dãlaetriet o–mujice ae ea prcvcoãkciet qua o–ãlgegjca at oi nceiela ea pgurri qua lgetrircar

uea eituraooa lgmãscge d–ue aesajboa Mgjja-Eitura sa daviet da rãpgedra æ uea

lrgcssiela jgedcioa mirjgecsãa.

Jics ea nðt-la pis oa rôoa du KITT, ielètra da o–GJL 7 Oaquao ae 934; e–ivict pgur but

A\\AETCAO qua d–mirjgecsar oas raoitcges aetra oas Mgjjas ae vua d–ãvctar oi kuarra, oi

nicj gu aelgra dies ue saes pous oirka 8 oi jcsíra.

Co ast prgbiboa qu–æ trivars uea jacooaura lgjprãmaescge at uea jacooaura lgrraspgediela

das basgces das mgjjas at das rassgurlas quc ouc sget prgpgsãas (sa triducsietãlgegjcquajaet pir uea jacooaura lgrraspgediela da o–gnnra at da oi dajieda), laouc -lcpgurri nivgriboajaet sa dãvaogppar at lgetrcbuar iu duriboa illrgcssajaet da sge BgemaurCetãrcaur Brut (BCB).

Icesc, o–Mgjja ast æ oi ngcs rassgurla at ajpogc.

Ae gutra, sies vguogcr ratcrar sas oattras da egboassa æ oi Nceiela, co ast cjpgrtiet da oiraevgyar æ sge uecqua rôoa qu–aooa pgssída, d–gutco da o–ãlgegjca.

Co ast cedcspaesiboa da pgursucvra uea quèta husta. Qea quèta pourcaooa. Laooa daraspgesibcocsar oas Atits, ãlgogkcquajaet, sglcioajaet at mujiceajaet piroiet.

\c oas pgoctcquas get ue rôoa, co ravcaet æ lmilue at æ ue ecvaiu quc ouc ast prgpra, das–cjpocquar iu lŜur das dãbits jgedciux sur oi \GQTAEIBCOCTA, icesc qua d–assiyar

d–ieecmcoar « oas buks ° da egtra sglcãtã lgjja oa scjpoa nict qua 321 jcoocges d–cedcvcdussgunnraet da oi nicj ogrsqua 9,1 jcoocirds d–iutras sget ae surpgcds, hustcnciet icesc qua oi nicjast ãvcdajjaet rãsgrbiboa, gu aelgra, da taetar d–ãtacedra das pmãegjíeasda« bcdgevcoocsitcge ° kriedcssiets iu sace das piys ãjarkaiets …

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Memoire crise 2008 et consequences en 2012 modifié