análisis del proceso de reestructuración y bancarización de las cajas de ahorros

7/23/2019 Anlisis del Proceso de Reestructuracin y Bancarizacin de las Cajas de Ahorros

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??)) ]]^@@CCJJSS@@ KKJJ ^JJJJSS[[^ZZCC[[ZZÔOCCHHIIBo ~jjs{~zc{z~ochi kj bos coeos kj oa`~~`s ao shk` jb jej cji{~ob kj bo ~jf`~do cì{hizo o boqzj jb shs{jdo fhioichj~` js}o`b sj js{ vhjik` s`dj{hk` kjskj jb hihch` kj zio kj bosdox`~js c~hshs kj b`s b{hd`s {hjd}`s)

Ji{~j >==8 x >=?> chic` ^jobjs Kjc~j{`s$bjxjs !8/>==8" ??/>=?=< >/>=??< >/>=?> x ?1/>=?>?$s{j b{hd`" cìvobhkok` jb }osok` 3= kj dox` }`~ jb Cìg~js` kj b`s Kh}z{ok`s cì b`sv`{`s kjb ]o~{hk` ]`}zbo~" Z]I x Còbhchi Coio~ho x cì bo ons{jichi kjb ]S@J x ChZ" sj~{~odh{ok` c`d` }~`xjc{` kj bjx$N@J id) ?3:" kj 6 kj ezih`(" aoi do{j~hobhuok` sz aos{ooa`~o i` jh{`so ~j`~kjiochi x sz {~oisf`~dochi ji ji{hkokjs c~jkh{hchos kj dnh{ìochìob ob {~oisfj~h~ sz ijg`ch` ob noic` fhbhob ` ob noic` conjcj~o kj zi SH])

Oshdhsd`" conj kjs{oco~ jb cìezi{` kj djkhkos hi{~`kzchkos }`~ jb ^K$b 6/>=?=" kj 8 kjon~hb" kj djkhkos kj hd}zbs` kj bo ~jcz}j~ochi jcìdhco x jb jd}bj` x jb ^K$b ?6/>=??" kj?: kj `c{zn~j" }`~ jb qzj sj c~jo jb Fìk` kj Go~oi{o kj Kj}sh{`s kj Ji{hkokjs kj

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Ji js{j kz~okj~` }~`cjs`" jb idj~` kj ji{hkokjs sj ao ~jkzchk` kj doij~o cìshkj~onbj)Os" kj zi {`{ob kj ;: Coeos kj Oa`~~`s !khchjdn~j kj >==8( jb sjc{`~ ao }osok` o js{o~f`~dok` }`~ ?> ji{hkokjs ` g~z}`s kj ji{hkokjs jif~ji{ik`sj o hd}`~{oi{js kjsof`s{oi{` kjskj jb }zi{` kj vhs{o ~jgzbo{`~h` c`d` ji b` ~jbo{hv` o sz d`kjb` kj ijg`ch`)

Jb ^job Kjc~j{`$bjx 8/>==8" kj >6 kj ezih`" s`n~j ~jjs{~zc{z~ochi noico~ho x ~jf`~uodhji{`kj b`s ~jcz~s`s }~`}h`s" }~j{jikh hd}boi{o~ zio js{~o{jgho kj ~jjs{~zc{z~ochi `~kjiokoqzj }j~dh{hj~o doi{jij~ bo cìfhoiuo ji izjs{~` shs{jdo fhioichj~` j hic~jdji{o~o sz

f`~{objuo x s`bvjicho o}`xoik` b`s }~`cjs`s kj hi{jg~ochi ji{~j ji{hkokjs kj c~kh{`kh~hghk`s o dje`~o~ sz jfhchjicho o djkh` }bou`)

Ji js{j cì{j{`" jb d`kjb` kj ~jjs{~zc{z~ochi }~`}zjs{` sj o~{hczb ji {`~i` o b`s {~jsFìk`s kj Go~oi{os kj Kj}sh{`s ji ji{hkokjs kj c~kh{` !noic`s" coeos x c``}j~o{hvos( x obo izjvo fhgz~o c~joko ob jfjc{`" jb Fìk` kj ^jjs{~zc{z~ochi @~kjioko Noico~ho !jiokjboi{j" F^@N( qzj oszdj kjskj ji{ìcjs k`s fzichìjs5 bo gjs{hi kj b`s }~`cjs`s kj~jjs{~zc{z~ochi kj ji{hkokjs kj c~kh{` x jb ~jf`~uodhji{` kj b`s ~jcz~s`s }~`}h`s jikj{j~dhiok`s }~`cjs`s kj hi{jg~ochi)

Bo hi{j~vjichi kjb F^@N sj }~jvjo c`d` bo b{hdo kj bos fosjs kj b`s }~`cjs`s kj~jjs{~zc{z~ochi) Bo }~hdj~o fosj" i` ~jgboko ih }~jkj{j~dhioko i`~do{hvodji{j" sz}ìo bonsqzjko kj zio s`bzchi }~hvoko }`~ }o~{j kj bo }~`}ho ji{hkok kj c~kh{` qzj bj ~j}`~{o~ozi ~jf`~uodhji{` kj sz s`bvjicho) Ji ozsjicho kj khcao s`bzchi" bo sjgziko fosj sz}ìo book`}chi kj djkhkos }o~o of~ì{o~ bos kjnhbhkokjs qzj }zkhj~oi ofjc{o~ o bo vhonhbhkok kj bosji{hkokjs kj c~kh{` cì bo oc{zochi kj b`s Fìk`s kj Go~oi{os kj Kj}sh{`s ji ji{hkokjskj c~kh{`) Sh bo sh{zochi kj kjnhbhkok }j~shs{hj~o x sj }~`kzej~oi zio sj~hj kj sz}zjs{`s{osok`s" hi{j~vjik~o kjb F^@N)

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Oshdhsd`" jb o}`x` kjb F^@N hno kh~hghk` o b`s }~`cjs`s kj hi{jg~ochi ji{~j ji{hkokjs qzji` }~jchso~oi kj }~`cjs`s kj ~jjs{~zc{z~ochi) [objs }~`cjs`s }`koi hicbzh~" ji{~j `{~`s" b`sShs{jdos His{h{zchìobjs kj ]~`{jcchi !ji okjboi{j SH]() Js{o }~hdj~o j{o}o kj js{j }~`cjs`kj ~jjs{~zc{z~ochi kj~hv ji zio szs{oichob ~jkzcchi kjb idj~` kj coeos kj oa`~~`s)

Jb ^job Kjc~j{`$bjx ??/>=?=" kj 8 kj ezbh`" kj ~goi`s kj g`nhj~i` x `{~`s os}jc{`s kjb

~ghdji ez~khc` kj bos coeos kj oa`~~`s" }~`d`vh sz co}h{obhuochi" fochbh{oik` jb occjs` ob`s ~jcz~s`s ji hgzobjs cìkhchìjs qzj `{~os ji{hkokjs kj c~kh{` ~jf`~uoik` szs}`shnhbhkokjs kj co}{ochi" x bo }~`fjshìobhuochi kj sz okdhihs{~ochi x kh~jcchi)Okhchìobdji{j" f`~{objch b`s SH] cì jb fhi kj qzj }zkhj~oi occjkj~ o bo fhioichochi cìdox`~ fochbhkok" `nej{hv` qzj ji bo oc{zobhkok i` sj ao cìsjgzhk`" x }j~dh{h qzj bos coeos}zkhj~oi kjso~~`bbo~ sz oc{hvhkok fhioichj~o o {~ovs kj zi noic` cì{~`bok` }`~ jbbo ` sz{~oisf`~dochi ji zio fzikochi kj co~c{j~ js}jchob cìsj~voik` bo `n~o s`chob x jb{~os}osoik` sz oc{hvhkok fhioichj~o o zi noic`)

Shi jdno~g`" bos {jishìjs o bos qzj sj jif~ji{ izjs{~` shs{jdo fhioichj~` x bos kzkos s`n~j

sz co}ochkok x bo kjb cìezi{` kj bo jcì`do js}o`bo" }~`d`vhj~ì bo o}~`nochi kjb ^jobKjc~j{`$bjx >/>=??" kj ?1 kj fjn~j~`" }o~o jb ~jf`~uodhji{` kjb shs{jdo fhioichj~` cì jbk`nbj `nej{hv` kj ~jf`~uo~ jb ihvjb kj s`bvjicho kj {`kos bos ji{hkokjs kj c~kh{` djkhoi{j jbjs{onbjchdhji{` kj zi ihvjb jbjvok` kj jhgjicho cì ~jbochi ob co}h{ob kj dhdo cobhkok!1* kj b`s oc{hv`s }ìkj~ok`s }`~ ~hjsg` cì co~c{j~ gjij~ob qzj sj jbjv ob ?=* }o~ooqzjbb`s g~z}`s j ji{hkokjs qzj i` aznhj~oi c`b`cok` ob dji`s zi >=* kj sz co}h{ob ji{~jhivj~s`~js {j~cj~`s x {jigoi zi }`~cji{oej kj fhioichochi dox`~hs{o sz}j~h`~ ob >=*( x kjocjbj~o~ bo fosj fhiob kj b`s }~`cjs`s kj ~jjs{~zc{z~ochi kj ji{hkokjs)

Shi bbjgo~ ob o` kj vhgjicho kj bo i`~do oi{j~h`~ x {~os czo{~` o`s kj kz~ochi kj js{o

n~z{ob c~hshs" os`dok`s ob n`~kj kj bo kj}~jshi" cì zio }~hdo kj ~hjsg` kjsn`coko" cì boc~jkhnhbhkok kj Js}oo ~jkzchko o bo dihdo j}~jshi" shi o{hsn`s kj ~jcz}j~ochijcìdhco x shi qzj jb c~kh{` shgo shi coiobhuo~sj aocho bo jcì`do ~job" jb oc{zob G`nhj~iò}~`n jb ^job Kjc~j{`$bjx >/>=?>" kj 3 kj fjn~j~`" kj soijodhji{` kjb sjc{`~ fhioichj~`)

Bo ch{oko i`~do ok`}{o }~jvhshìjs cìc~j{os {jikji{js o bo cìsjczchi kjb soijodhji{`kj b`s noboicjs kj bos ji{hkokjs kj c~kh{` js{onbjchjik` izjv`s ~jqzj~hdhji{`s kj}~`vhshìjs x co}h{ob okhchìobjs }o~o czn~h~ jb kj{j~h`~` ji b`s noboicjs `coshìok`s }`~ b`soc{hv`s }~`nbjd{hc`s vhiczbok`s o bo oc{hvhkok hid`nhbho~ho) ]o~o jbb`" sj }~jv jbczd}bhdhji{` kj zi }boi kj soijodhji{` o 3? kj khchjdn~j kj >=?> qzj hicbzo bo

}~jsji{ochi oi{js kjb 3? kj do~u` }osok` kj zio js{~o{jgho kj oezs{j }o~o ko~ kjnhk`czd}bhdhji{` ob jej~chch` kj soijodhji{`) Jb ?7 kj on~hb jb Noic` kj Js}oo cìcbzx jb}~`cjs` kj o}~`nochi f`~dob kj b`s }boijs }~jsji{ok`s x sjgi b`s ko{`s }~jsji{ok`s ji jbHif`~dj kj Ovoicjs kj >: kj dox` kj >=?> kj bo Cìfjkj~ochi Js}o`bo kj Coeos kjOa`~~`s>" ji cìezi{`" bos ji{hkokjs c`dzihco~ì zios ijcjshkokjs okhchìobjs kj}~`vhshìjs }`~ hd}`~{j kj >8)=77 dhbbìjs kj jz~`s x zios dox`~js jhgjichos kj co}h{ob

}~hich}ob kj ?:):73 dhbbìjs kj jz~`s" kjs}zs kj b`s soijodhji{`s j{~o`~khio~h`s }`~

8)?8> dhbbìjs xo jfjc{zok`s oi{hch}okodji{j ob chj~~j >=??)

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Js{j }bou` }`k~ od}bho~sj aos{o >=?3 }o~o oqzjbbos ji{hkokjs qzj" ~jzihjik`kj{j~dhiok`s ~jqzhsh{`s !v`bzdji dihd` shgihfhco{hv`" c`d}~`dhs`s x `nej{hv`s ~js}j{` obo dje`~o kjb g`nhj~i` c`~}`~o{hv`" jb hic~jdji{` kjb c~kh{` o bos fodhbhos x }jqzjos xdjkhoios jd}~jsos ` bo c`b`cochi ji jb dj~cok` kj b`s oc{hv`s hid`nhbho~h`s kj sz}~`}hjkok(" bbjvji o con` }~`cjs`s kj hi{jg~ochi kz~oi{j jb }~jsji{j jej~chch` qzjcìbbjvji d`khfhcochìjs ~goihuo{hvos kj co~c{j~ js{~zc{z~ob)

Oshdhsd`" ji{~j bos d`khfhcochìjs qzj hi{~`kzcj kjs{oco bo `}j~oko ji jb ^job Kjc~j{`$bjx8/>==8" ob ~js{~high~ jb cozcj kjb o}`x` fhioichj~` kjb F^@N o bo okqzhshchi kj occhìjs"sobv` }~`cjs`s c`d}j{h{hv`s kj kjshivj~shi" sj ~jkzcj jb }bou` kj kjshivj~shi kj chic` o{~js o`s x sj sz}~hdj bo }`shnhbhkok qzj {jio kj kjshivj~{h~ ji jb }bou` kj zi` ` k`s o`sb`s {{zb`s okqzh~hk`s o bos ji{hkokjs jdhs`~os kj b`s dhsd`s ` o {j~cj~`s hivj~s`~js}~`}zjs{`s }`~ bo ji{hkok njijfhcho~ho kj sz oc{zochi x od}bo b`s his{~zdji{`s qzj }zjkjokqzh~h~ jb F^@N }o~o hicbzh~ b`s cìvj~{hnbjs ji occhìjs x i` sb` }o~{hch}ochìjs}~jfj~ji{js)

[odnhi d`khfhco jb ^job Kjc~j{`$bjx ??/>=?= }~j{jikhjik` zio shd}bhfhcochiokdhihs{~o{hvo kj bos Coeos kj Oa`~~`s qzj jej~cji sz oc{hvhkok kj f`~do hikh~jc{o o boOsodnbjo Gjij~ob x ob Cìsje` kj Okdhihs{~ochi" shjik` }`{js{o{hvo bo C`dhshi kj Cì{~`bx zio bhdh{ochi o bo khs}`shchi kj szs jcjkji{js kj d`k` qzj i` }`k~i kjs{hio~ ds kjb?=* kj szs jcjkji{js kj bhn~j khs}`shchi o gos{`s khfj~ji{js kj b`s c`~~js}ìkhji{js o bo`n~o s`chob shi }j~ezhch` kj oz{`~huochi kj }`~cji{oejs sz}j~h`~js }o~o o{jikj~ o gos{`sjsjichobjs kj fzichìodhji{`)

Sh bos Coeos kj Oa`~~`s ~jkzcji sz }o~{hch}ochi kj d`k` qzj i` obcoicj jb >:* kj b`skj~jca`s kj v`{` }j~kj~i sz cìkhchi kj ji{hkokjs kj c~kh{` x sj {~oisf`~do~i ji zio

fzikochi js}jchob)

Ji cìsìoicho cì bo ~onh`so oc{zobhkok" sj vji hgzobdji{j ofjc{okos bos ~j{~hnzchìjs kjb`s okdhihs{~o{hv`s x kh~jc{hv`s kj ji{hkokjs kj c~kh{` qzj aoxoi }~jchsok` ` ijcjsh{ji jijb fz{z~` o}`x` kjb F^@N)

I` `ns{oi{j b` oi{j~h`~" jb ~jchji{j ^job Kjc~j{`$bjx ?1/>=?>" kj ?? kj dox`" s`n~jsoijodhji{` x vji{os kj b`s oc{hv`s hid`nhbho~h`s kjb sjc{`~ fhioichj~`" vzjbvj o js{onbjcj~~jqzhsh{`s kj c`nj~{z~o okhchìobjs jbjvoik` kj izjv` bos }~`vhshìjs s`n~j bosfhioichochìjs ~jbochìokos cì jb szjb` }o~o }~`d`chi hid`nhbho~ho x cì bos

cìs{~zcchìjs ` }~`d`chìjs hid`nhbho~hos" os c`d` sj}o~o~ b`s oc{hv`s hid`nhbho~h`s kj b`s}z~odji{j noico~h`s o {~ovs kj sz {~os}os` `nbhgo{`~h` o s`chjkokjs kj gjs{hi kj oc{hv`s"s{os sj~i s`chjkokjs oiihdos x sj ~jgh~i }`~ bo Bjx kj S`chjkokjs kj Co}h{ob) Sh sj {~o{okj ji{hkokjs qzj aoxoi ~jchnhk` o}`x` kjb F^@N" jb `nej{` s`chob jcbzshv` kjnj~ sj~ bookdhihs{~ochi x gjs{hi kj b`s oc{hv`s o}`~{ok`s }`~ bo dhsdo)

C`d` i`~do gjij~ob" js{`s soijodhji{`s kjnj~i sj~ czd}bhk`s oi{js kjb 3? kj khchjdn~jkj >=?>" sobv` oqzjbbos ji{hkokjs qzj kz~oi{j >=?> on`~kji izjv`s }~`cjs`s kjhi{jg~ochi qzj khs}ìk~i kj k`cj djsjs kjskj bo `n{jichi kj bo oz{`~huochi kj bo`}j~ochi) Oi{js kjb ?? kj ezih`" bos ji{hkokjs kjnj~i }~jsji{o~ sz }boi kj czd}bhdhji{`

ob Noic` kj Js}oo" kj{obboik` bos djkhkos qzj {hjiji }~jvhs{` ok`}{o~ hicbzxjik` jb}~`g~odo kj kjshivj~shi kj oc{hv`s hid`nhbho~h`s x jb cobjiko~h` kj jejczchi)


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Ji bo oc{zobhkok i`s jicì{~od`s oi{j bo fosj ds c~{hco kj js{o c~hshs noico~ho" shjik`jvhkji{j qzj bo hikzs{~ho fhioichj~o ji sz cìezi{` vo o ijcjsh{o~ ds oxzkos }nbhcos) Jb{`{ob kj js{os oxzkos" qzh{oik` b`s ?8)=== dhbbìjs kj jz~`s okhchìobjs kj Noilho" }o~oczd}bh~ b`s izjv`s ~jqzhsh{`s kj co}h{obhuochi js{i }`~ cì`cj~sj) O >8 kj dox` kj >=?>sj aoi kjs{hiok` ob soijodhji{` fhioichj~` ds ?:=)=== dhbbìjs kj jz~`s)

Bo cìs`bhkochi ao c`d}~jikhk`5

$ Chic` fzshìjs ji{~j Coeos kj Oa`~~`s)$ K`s fzshìjs ji{~j Noic`s kj bos Coeos kj Oa`~~`s)$ K`s fzshìjs }`~ ons`~chi ji{~j Coeos kj Oa`~~`s)$ Zio fzshi }`~ ons`~chi ji{~j Noic`s kj bos Coeos kj Oa`~~`s)$ Shj{j SH]s" cì bo c~jochi kj jej~chch` hikh~jc{`)$ K`s okezkhcochìjs kj Noic`s kj bos Coeos kj Oa`~~`s o Noic`s)$ K`s okezkhcochìjs ji{~j Coeos kj Oa`~~`s)

Ji jb cos` kj bo f`~dochi kj b`s SH]s" ji }o~objb` o sz o}~`nochi }`~ }o~{j kj b`s ~goi`skj g`nhj~i` kj coko zio kj bos coeos" sj }~`kze` bo sjg~jgochi kj sz oc{hvhkok fhioichj~o ozi noic` conjcj~o) Ji codnh`" ji b`s }~`cjs`s kj fzshi" bo c~jochi kjb noic` ao shk`}`s{j~h`~ ob }~`cjs` kj hi{jg~ochi)

O cì{hizochi" sj kj{obbo c~ì`bghcodji{j b`s ah{`s ds ~jbjvoi{js kj js{j }~`cjs` kj~jjs{~zc{z~ochi)

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15/60

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oc{hvhkok fhioichj~o o CJCONOIL)


17/60

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20/60

>=

Jv`bzchi kjb idj~` kj {~onoeok`~js

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21/60

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22/60

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!;( Cìv`coko Osodnbjo G~ob) J{~o`~khio~ho jb >:/=7/ >=?> }o~o oc`~ko~ jb Jej~chch` hikh~jc{` o {~ovs kj CJCONOIL " S)O)


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>;

Jqcbzshi fhioichj~o

Bo jcbzshi fhioichj~o js oqzjbbo cìkhchi qzj }~jsji{oi kj{j~dhiok`s hikhvhkz`s `c`bjc{hv`s kjsfov`~jchk`s }o~o b`s qzj sz sh{zochi jcìdhco ` s`chob" bjs gjij~o ziohico}ochkok ` khfhczb{ok }o~o }`kj~ occjkj~ o bo okqzhshchi x cì{~o{ochi kj b`s }~`kzc{`sx sj~vhch`s c`dj~chobhuok`s }`~ b`s khfj~ji{js hi{j~djkho~h`s fhioichj~`s)

Bo jcbzshi fhioichj~o i` sb` js jb ~jszb{ok` kj bo jcbzshi s`chob" {odnhi js zio cozso)Bo }~`nonhbhkok kj sj~ jcbzhk` ozdji{o }o~o b`s js{~o{`s kj ~ji{o ds noeo" {~onoeok`~js o{hjd}` }o~chob" kjsjd}bjok`s" dzej~js x" kji{~` kj jbb`s" b`s qzj }~jsji{oi zi kj{j~dhiokìhvjb kj khsco}ochkok" }jishìhs{os" js{zkhoi{js x fodhbhos dì`}o~ji{objs) Js{`s c`bjc{hv`si` ~js}ìkji o bos jhgjichos dihdos hd}zjs{os }`~ jb dj~cok` fhioichj~`" czxo oc{zochisj `~hji{o ob }j~fhb ~ji{onhbhkok$~hjsg` kj bo cbhji{jbo" khsc~hdhioik` }`sh{hvodji{j b`ssjgdji{`s co}ocjs kj gjij~o~ dox`~ vob`~ ookhk` x kjeoik` kj bok` o oqzjbb`s c`bjc{hv`sqzj i` ~js}ìkji o bos djichìokos jhgjichos)

Ahs{~hcodji{j ji Js}oo aoi shk` bos coeos kj oa`~~`s bos qzj aoi ~jsco{ok` kj bo jcbzshifhioichj~o o dzca`s }o~{hczbo~js kjd`s{~oik` bo v`cochi s`chob cì bo qzj fzj~ì c~jokos)

]`~ `{~` bok`" bos coeos kj oa`~~`s shjd}~j aoi doi{jihk` zio fhb`s`fo kj }~`hdhkok obcbhji{j j hd}zbs` ob kjso~~`bb` jcìdhc` ~jghìob" go~oi{huoik` bo occjshnhbhkok o b`ssj~vhch`s fhioichj~`s o {`kos bos ~jos gj`g~fhcos)

Shjd}~j aoi ezgok` zi }o}jb dzx hd}`~{oi{j }o~o oxzko~ o bo càjshi s`chob ji jb dnh{`gj`g~fhc` ji qzj js{onoi hd}boi{okos" }j~dh{hjik` jb occjs` o b`s sj~vhch`s fhioichj~`s o bo}`nbochi ~jshkji{j fzikodji{obdji{j ji b`s dzihch}h`s ~z~objs)

Ji jb do~c` kjb hd}`~{oi{j }~`cjs` kj ~jjs{~zc{z~ochi ji qzj sj jiczji{~o hidj~s` jbSjc{`~" js{ {jihjik` bzgo~ zio shgihfhco{hvo ~jkzcchi ji jb idj~` kj szcz~sobjs" hihchoko ofhiobjs kj >==1 j hi{jishfhcoko kz~oi{j jb b{hd` o`" qzj ao ~jkzchk` bo c`nj~{z~o}`nbochìob o 87 `fhchios }`~ coko chji dhb aonh{oi{js)

C`d` ~jszb{ok` kj bo ~jkzcchi kjb idj~` kj `fhchios" jb idj~` kj aonh{oi{js }`~ `fhchiosj hic~jdji{ ji >=?= bhgj~odji{j }`~ jichdo kj b`s >)===" jqzh}o~ik`sj ob ihvjbjhs{ji{j ji jb o` >==;)

O js{o ~jkzcchi kjb idj~` kj `fhchios" aon~o qzj ookh~ bo kjso}o~hchi kj obgziosji{hkokjs qzj }oso~i o js{o~ hi{jg~okos kji{~` kj `{~`s g~z}`s kj coeos ` kj noic`s" qzji` {hjij }`~ qz go~oi{huo~ sz }~jsjicho ji b`s dzihch}h`s ds }jqzj`s" }`~ zi }z~`c~h{j~h` kj ~ji{onhbhkok jcìdhco)

Jb }~`cjs` kj ~jjs{~zc{z~ochi kjsjdn`co~ ji zi `bhg`}`bh` noico~h`" kìkj zi g~z}` dzx~jkzchk` kj g~oikjs ji{hkokjs {jik~i c`d` ihc` `nej{hv` bo `n{jichi kjb njijfhch` x bo~ji{onhbhkok }o~o szs occhìhs{os" dhji{~os qzj sj hic~jdji{o~ jb }~jch` kj b`s sj~vhch`s}o~o b`s chzkokoi`s" hichkhjik` oi ds ji }~`cjs`s kj jcbzshi s`chob x" }`~ jikj"fhioichj~o)


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]`~ b` {oi{`" js{od`s oi{j zi }~`nbjdo kj jcbzshi fhioichj~o qzj ofjc{o~ o zi idj~`hd}`~{oi{j kj chzkokoi`s ji jb cìezi{` kjb }os)

B`s ko{`s kj >=?= ~jvjboi qzj jb >7* kj bos `fhchios kj coeos sj b`cobhuonoi ji dzihch}h`s kjdji`s kj khju dhb aonh{oi{js)

Oshdhsd`" kj zi {`{ob kj 1)??; dzihch}h`s" ;)?1= js{onoi cznhj~{`s cì `fhchios kj coeos kjoa`~~`s) ]`~ b` {oi{`" oa`~o dhsd` i`s jicì{~od`s cì 3)83; dzihch}h`s shi }~jsjicho kj`fhchios kj coeos kj oa`~~`s)

]j~` js ji oqzjbb`s dzihch}h`s kj dji`s kj :)=== aonh{oi{js" ji b`s qzj sb` aox}~jsjicho kj coeos kj oa`~~`s !>)6:6 dzihch}h`s qzj czn~ji zio }`nbochi kj ;)718)>3;}j~sìos( kìkj jb ~hjsg` kj jcbzshi fhioichj~o js dox`~" }`~qzj i` sj cìshkj~oi c`d`dzihch}h`s ~ji{onbjs }o~o b`s noic`s }~hvok`s)

Js{`s" o sz vju koi sj~vhch` o }`nbochìjs cj~coios qzj i` {hjiji ihigi {h}` kj `fhchio

noico~ho qzj sì 3)871 dzihch}h`s x qzj og~z}oi o zi {`{ob kj ?)?8:):18 }j~sìos)

Sjgi b`s b{hd`s ko{`s }znbhcok`s }`~ jb HIJ" jb {`{ob kj bo }`nbochi js}o`bo o ? kjjij~` kj >=?> oschjikj o ;7)>?>)88= aonh{oi{js" js{j ko{` cìfh~do qzj ds kj zi ?=*kj bo }`nbochi c`~~j ~hjsg` kj jcbzshi) Js{o }`nbochi sj b`cobhuo fzikodji{obdji{j jiicbj`s ~z~objs" ocji{zoik` bo n~jcao ji{~j jb dzik` ~z~ob x z~noi`)

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Zi shs{jdo fhioichj~` qzj fzichìo okjczokodji{j cì{~hnzxj ob c~jchdhji{` jcìdhc`"do{j~hobhuok` }`~ jejd}b` ji ihvjbjs ds ob{`s kj ]HN }j~ c}h{o x o bo càjshi s`chob) Obcì{~o~h`" bo fob{o kj occjs` o b`s sj~vhch`s fhioichj~`s !uìos ~z~objs ` z~noioskjsfov`~jchkos( }zjkj kjsocjbj~o~ jb c~jchdhji{`" doi{jihjik` bo jcbzshi s`chob kj js{`s

g~z}`s)


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Oc{zob }`b{hco kj jd}bj`

Jb hi{jis` x cì{hiz` }~`cjs` kj ~jjs{~zc{z~ochi kjb sjc{`~ fhioichj~` js}o`b khsjok`" ji}~hich}h`" }o~o ~js{oz~o~ bo cìfhoiuo ji b`s dj~cok`s s`n~j bo s`bhkju kj izjs{~o jcì`do xji jb shs{jdo noico~h` ji sz cìezi{` x }o~o go~oi{huo~ bo coiobhuochi kjb c~kh{` o bojcì`do ~job" cìkhchì kj zio doij~o szs{oichob b`s }~`cjs`s ijg`chok`~js kj b`s

Cìvjih`s C`bjc{hv`s kj Coeos kj Oa`~~`s" kj Noico" x C``}j~o{hvos kj C~kh{` czxosvhgjichos hihchobjs j}h~o~ì ji >=?=) O }jso~ kj {`k`s js{`s cìkhchìodhji{`s x kjb khfchbcì{j{` kj c~hshs" jb `nej{hv` cji{~ob ji jb cìezi{` kj bos ijg`chochìjs ao shk` jbdoi{jihdhji{` kjb jd}bj` ji zi jej~chch` kj {~jdjiko ~js}ìsonhbhkok }`~ }o~{j kjbcìezi{` kj b`s {~onoeok`~js kjnhk` ob cì{j{` oc{zob kj dhdo khfhczb{ok)

Ji càj~jicho cì b`s c`d}~`dhs`s kj~hvok`s kj bo fh~do kjb HH Oczj~k` }o~o jb Jd}bj` x boIjg`chochi C`bjc{hvo !OJIC >=?>$>=?;( x o }jso~ kj bo ~jg~jshvo ~jf`~do bon`~ob hd}zjs{o}`~ jb G`nhj~i` djkhoi{j jb ^job Kjc~j{`$Bjx 3/>=?>" kj ?= kj fjn~j~`:" jb Cìvjih`C`bjc{hv` kj bos Coeos x Ji{hkokjs Fhioichj~os kj Oa`~~`s }o~o jb }j~h`k` >=??$>=?;" !N@J

id) 76" kj >8 kj do~u` kj >=?>( ao sz}zjs{`" ji zi jsfzj~u` kj j{~jdo d`kj~ochisobo~hob ji cì{~os{j cì bos ~j{~hnzchìjs j hikjdihuochìjs dhbbìo~hos qzj coko kocì`cjd`s kj b`s kh~jc{hv`s kj kj{j~dhiokos ji{hkokjs" }`~ zi bok`" szs{h{zh~ kz~oi{j szvhgjicho bo ~jfj~jicho o b`s }~jch`s !H]C( ji b`s c~h{j~h`s kj kj{j~dhiochi kj b`s hic~jdji{`ssobo~hobjs }`~ bo ~jfj~jicho ob ]HN x }`~ `{~`" zio cìgjbochi sobo~hob }o~o b`s jej~chch`s >=??x >=?> doi{jihik`sj b`s sobo~h`s kj >=?=)

Cì jb fhi kj sobvogzo~ko~ jb jd}bj`" sj ao okqzh~hk` jb c`d}~`dhs` kj ijg`chochi kjdjkhkos ob{j~io{hvos o bo j{hichi kj b`s cì{~o{`s cì bo z{hbhuochi }~jfj~ji{j kj djkhkoskj fbjhnhbhkok hi{j~io !szs}jishìjs kj cì{~o{`s" ~jkzcchìjs kj e`~ioko" jcjkjichos"

d`vhbhkok fzichìob" gj`g~fhco x d`khfhcochi szs{oichob kj cìkhchìjs kj {~onoe`(ijg`chokos cì bo ~j}~jsji{ochi bjgob kj b`s {~onoeok`~js) Shi jdno~g`" kj{j~dhiok`socì{jchdhji{`s }zjkji nb`qzjo~ jb czd}bhdhji{` kj b`s c`d}~`dhs`s }oc{ok`s) ]`~jejd}b`" N~zsjbos ao cìkhchìok` bo oz{`~huochi }o~o {`do~ jb cì{~`b kjb Noic` COD }`~jb Noic` Sonokjbb ob chj~~j kj ;:= `fhchios x >)>== kjs}hk`s" js{oik` ozi }`~ vj~ boscìsjczjichos qzj s`n~j jb jd}bj` {jik~ jb }~`cjs` kj iochìobhuochi kj Noilho)

Js{`s dhsd`s soc~hfhch`s x c`d}~`dhs`s ji do{j~ho kj jd}bj` sj cì{hjiji ji jb Cìvjih`C`bjc{hv` kj Noico !N@J id) ?=1" kj ?8 kj on~hb( x ji jb ~jchi fh~dok`" cìc~j{odji{j kjb>3 kj dox`" Cìvjih` C`bjc{hv` kj C``}j~o{hvos kj C~kh{` !coeos ~z~objs()

Oshdhsd`" ji jb }~`cjs` kj ~jjs{~zc{z~ochi x {~oisf`~dochi kj bos coeos kj oa`~~`s" b`soczj~k`s bon`~objs szsc~h{`s }`~ bos ji{hkokjs }~`{ogìhs{os kj bos khs{hi{os fzshìjs jhi{jg~ochìjs x bo ~j}~jsji{ochi shikhcob {odnhi aoi shgihfhcok` zi ~j}o~{` ~js}ìsonbj kjjsfzj~u`s cì jb `nej{hv` kj }~jsj~vo~ jb jd}bj` x kj sji{o~ bos nosjs }o~o c~jo~ izjv`s}zjs{`s kj {~onoe`) Co~oc{j~s{hco c`di o {`k`s jbb`s js bo v`bzi{o~hjkok hihchob kj bosdjkhkos kj `~goihuochi kj }boi{hbbos }o~o go~oi{huo~ jb }boi kj vhonhbhkok kjb cìezi{` kjji{hkokjs)

: Bo Bjx 3/>=?>" kj 6 kj ezbh`" kj djkhkos z~gji{js }o~o bo ~jf`~do kjb dj~cok` kj {~onoe` ao shk` }znbhcokoji jb N@J id) ?6> kj 7 kj ezbh`


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Ji{~j bos djkhkos }~`}zjs{os kjs{ocoi bos }~jeznhbochìjs" bo d`vhbhkok gj`g~fhco x bosnoeos hikjdihuokos) Sj cì{jd}boi {odnhi bos szs}jishìjs kj cì{~o{` x bos ~jkzcchìjskj e`~ioko)

Js{`s oczj~k`s" ijg`chok`s noe` bo c`nj~{z~o kjb cìvjih` sjc{`~hob" kj{j~dhioi bocìsj~vochi kj {`kos bos cìkhchìjs bon`~objs" jcj}{` b`s c`d}bjdji{`s fzichìobjs" kj

b`s jd}bjok`s qzj }~`vjihji{js kj `{~os ji{hkokjs sj hic`~}`~ji o bo s`chjkok cji{~ob {ob xc`d` qzjk }oc{ok` ji jb Oczj~k` Bon`~ob ji jb do~c` kjb }~`cjs` kj hi{jg~ochi ji zi SH]szsc~h{` ji{~j bos ji{hkokjs Coeo Dok~hk" Noicoeo" Coho Bohj{oio" Coeo Hiszbo~ kj Coio~hos"Coeo ^hèo" Coeo Sjg`vho x Coeo vhbo kj ?; kj do~u` kj >=?=)

^JKZCCHI KJ ]BOI[HBBO JI B@S ]^HICH]OBJS ]^@CJS@S KJ ^JJS[^ZC[ZÔCHI!OCZJ^K@S BON@ÔBJS KJ FZSHI / SH](

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COD !?( NOIC@ COD

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COEOSZ^ , NNL !Cjshi kj Oc{hv`s( NNL NOIL COEOSZ^ ??/=?/>=?? 661

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!>( Js{`s ko{`s ~jc`gji jb {`{ob kj bo }boi{hbbo ofjc{oko qzj sj }oc{ ji b`s oczj~k`s x qzj sj hd}bjdji{o~ djkhoi{j khfj~ji{js shs{jdosoc`~kok`s5 }~jeznhbochìjs" noeos" j{c)

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>1

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ZIIHD NOIC , NNVO !Hi{jg~ochi( NNVO ?)3==HNJ^COEO , BHNJ^NOIL , COEO3


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;;)) HHDD]]OOCC[[@@ SS@@NN^JJ BBOO @@NNÔO SS@@CCHHOOBBBos coeos kj oa`~~`s j~oi ji{hkokjs njifhc`$s`chobjs" jji{os kj bzc~` dj~coi{hb" qzj i`{jioi zi co}h{ob s`chob x" }`~ cìshgzhji{j" occhìjs }~`}hos qzj `f~jcj~ o b`s cbhji{js)Js{onoi cìs{h{zhkos noe` bo f`~do ez~khco kj fzikochìjs kj io{z~objuo }nbhco ` }~hvoko"cì fhiobhkok s`chob x oc{zochi noe` c~h{j~h`s kj }z~` dj~cok`" oziqzj ~jvh~{hjik` zi

hd}`~{oi{j }`~cji{oej kj b`s njijfhch`s `n{jihk`s o bo s`chjkok o {~ovs kj sz @n~o S`chobqzj" okjds kj sj~ zi sjc{`~ jfhchji{j kj bo jcì`do js}o`bo" sj ao cìs{h{zhk` c`d` zihis{~zdji{` kj càjshi s`chob x kj ~jkhs{~hnzchi {j~~h{`~hob kj bo ~hqzjuo)

Bos coeos kj oa`~~`s" kjs}zs kj cìs{h{zh~ szs ~jsj~vos" kjs{hionoi zio }o~{j hd}`~{oi{j kjsz njijfhch` ob Fìk` kj @n~o S`chob) Ji >=?=6" bos coeos o}~`no~ì zio k`{ochi kj 17:"?3dhbbìjs kj jz~`s }o~o bo @n~o S`chob" qzj jqzhvobj ob >7"1* kjb njijfhch` ij{` kjb sjc{`~ !jb7>">* ~js{oi{j sj kjs{hi o ~jsj~vos() Js{o chf~o js zi >?* hifj~h`~ o bo k`{oko ji jbjej~chch` oi{j~h`~" c`d` cìsjczjicho kj bo khsdhizchi kj njijfhch`s) Js{o k`{ochi sj{~oisf`~do~ ji bo hivj~shi kjb o` >=??)

Kj b`s ?);6>"37 dhbbìjs kj jz~`s kj hivj~shi {`{ob kj bo @n~o S`chob ji >=?=" ?)3:1"87dhbbìjs c`~~js}ìkhj~ì o bo k`{ochi kj bo Coeo !ji sz dox`~ }o~{j }~`cjkji{j kj bokhs{~hnzchi kjb njijfhch` kj >==8(" dhji{~os qzj ?=3"38 dhbbìjs }~`cjkhj~ì kj bogjij~ochi kj hig~js`s kj bo }~`}ho @n~o S`chob) B`s ?);6> dhbbìjs kj jz~`s hivj~{hk`s }`~bo @n~o S`chob ji >=?= sz}ìji zio ~jkzcchi kjb ?7"7* ji ~jbochi ob o` oi{j~h`~)

Kji{~` kjb cìezi{` kj bo @n~o S`chob" jb ~jo kj Oshs{jicho S`chob x Soih{o~ho sj doi{hjij ji>=?= c`d` }~hdj~o ~jo kj hivj~shi" cì zi ;:"6* kjb {`{ob) Ji cìc~j{` sj hivh~{hj~ì jijs{j o}o~{ok` 667 dhbbìjs kj jz~`s" zi 1* dji`s qzj ji >==8) O }jso~ kj js{j kjscjis`"

Oshs{jicho S`chob x Soih{o~ho sj cìs`bhko c`d` jb co}{zb` ds ~jbjvoi{j kj bo @n~o S`chob) Jb~jo kj Czb{z~o x [hjd}` Bhn~j" ji sjgzik` bzgo~" ~jchnh jb 3="1* kj bos hivj~shìjs)

Sj o}~jcho zi }~`cjs` kj ~joshgiochi kj bos hivj~shìjs ji `n~o s`chob" qzj njijfhcho booshs{jicho s`chob ji kj{~hdji{` kjb ~js{` kj ~jos" cì jb fhi kj o{jikj~ bos izjvoskjdoikos kj b`s chzkokoi`s" x ji ~js}zjs{o ob }~`g~jshv` jivjejchdhji{` kj bo }`nbochijs}o`bo x ob hic~jdji{` kj bo {oso kj jd}bj` fjdjihio)

Ji b`s b{hd`s o`s jb idj~` kj njijfhcho~h`s sj ao hic~jdji{ok` kj f`~do shgihfhco{hvo5 ji?88:" z{hbhuo~ì b`s sj~vhch`s }~js{ok`s }`~ bo @n~o S`chob kj bos coeos cj~co kj >6 dhbbìjs kj

}j~sìos< ji >=?= js{j idj~` ozdji{ aos{o sz}j~o~ b`s 88 dhbbìjs kj chzkokoi`s" b`qzj sz}ìj dzb{h}bhco~ }`~ cosh czo{~` bo chf~o ji zi }j~h`k` kj qzhicj o`s) Kj js{o chf~o" jb:7"?* }~`vhjij kjb ~jo kj czb{z~o x {hjd}` bhn~j)

Jb dox`~ idj~` kj oc{hvhkokjs sj }~`kze` ji jb ~jo kj Czb{z~o x [hjd}` Bhn~j" cì jb;7";* kj bos dhsdos" sjgzhko kj Oshs{jicho S`chob x Soih{o~ho" cì jb ;?"1*) Ji {`{ob" jbidj~` kj oc{hvhkokjs oscjikh o ?::)=3?)

Ji czoi{` ob idj~` kj cji{~`s" qzj obcoiu bo chf~o kj ;)877 ji >=?=" jb :;"?* c`~~js}ìkjo Oshs{jicho S`chob x Soih{o~ho" sjgzhko }`~ Czb{z~o x [hjd}` Bhn~j qzj ono~co jb 33* kj b`scji{~`s)

6Djd`~ho kj ^js}ìsonhbhkok S`chob C`~}`~o{hvo kj bos Coeos kj Oa`~~`s >=?=) CJCO


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zi fbze` jcìdhc` kj >)3:1 dhbbìjs kj jz~`s) Js{j fbze` ` khiodhsd` jcìdhc` js zi~jfbje` kj bo foc{z~ochi {`{ob og~jgoko ~jobhuoko }`~ b`s khfj~ji{js sjc{`~js ~jbochìok`s cìbo oc{hvhkok kj bo @n~o S`chob) Os" }`~ {oi{`" bo hivj~shi ji @n~o S`chob ao }~`v`cok` zijfjc{` dzb{h}bhcok`~ kj ?"66 ji fbze` ` khiodhsd` jcìdhc`)

Ji czoi{` o jd}bj` gjij~ok`" bo hivj~shi kj bo @n~o S`chob ao }~`}hchok` bo c~jochi kjjd}bj` kj f`~do {oi{` kh~jc{o c`d` hikh~jc{o) Ji {~dhi`s gjij~objs" bo @n~o S`chob aoc~jok` kz~oi{j >=?= zi {`{ob kj >7)63> jd}bj`s" b` qzj sz}ìj zio ~jkzcchi kjb ?7"7*cì ~js}jc{` ob o` >==8 !33):8;() Bo chf~o kj jd}bj`s kh~jc{`s gjij~ok`s ji >=?= sj sh{oji 3):>>" f~ji{j o b`s 3)637 jd}bj`s kjb o` oi{j~h`~)

C`d` xo sj js}j~ono" ji >=?= ao cok` cìshkj~onbjdji{j bo k`{ochi }o~o bo @n~o S`chob~js}jc{` o >==8 !zi >?*( x" i` khgod`s xo" ~js}jc{` o >==7 !zi ::*() Ji }o~objb` o bo cokokj bos k`{ochìjs sj aoi hk` ~jkzchjik` ji bo dhsdo }~`}`~chi b`s gos{`s !fìk`s k`{ok`sji jej~chch`s }~jcjkji{js ds hig~js`s }~`cjkji{js kj bo dhsdo @n~o S`chob(5 zi ?8"7*~js}jc{` o >==8) Bo CJCO js{hdo qzj jb gos{` {`{ob kj bos Coeos ji @n~o S`chob kz~oi{j >=??~ìko b`s ?)=== dhbbìjs kj jz~`s" zi 3>* dji`s qzj ji >=?=)

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okqzh~hk`s) Bos ~js{~hcchìjs hd}zjs{os }`~ N~zsjbos {hjiji c`d` `nej{hv` jvh{o~ ziokjsco}h{obhuochi kj bos ji{hkokjs qzj aoi ~jchnhk` oxzkos }nbhcos x osjgz~o~ qzj s{os}~h`~huoi bo kjv`bzchi kjb khij~` }~js{ok` }`~ jb js{ok`" f~ji{j o b`s }og`s o {j~cj~`shivj~s`~js)

Bos khfj~jichos ji{~j ji{hkokjs sì i`{onbjs) Coeosz~" hi{j~vjihko }`~ jb Noic` kj Js}oo x}`s{j~h`~dji{j okqzh~hko ji sznos{o }`~ NNL" vh` djigzo~ sz hivj~shi ji @n~o S`chob zi6?"37*) Bo COD" bo b{hdo fh~do qzj ao {jihk` qzj sj~ ~jsco{oko }`~ jb sz}j~vhs`~" ~jc`~{sz gos{` ji @n~o S`chob zi 36"3* ji >=?=)

Bo fzshi kj Coeo Js}oo x Coeo Kzj~` ao sz}zjs{` bo ~jkzcchi kj b`s ~jcz~s`s kjs{hiok`s o@n~o S`chob ji cosh zi ;;*)

Ji{~j b`s g~oikjs g~z}`s" bos coeos qzj sj aoi obhok` }o~o f`~do~ Coeo [~js ~jkzej~ì szgos{` }o~o js{`s fhijs s`chobjs zi 36"=3*) Noilho" ji zi 3;"71* x Do~j I`s{~zd {odnhi aokhsdhizhk` szs ~jcz~s`s ji zi 3>">;*) I` `ns{oi{j" b`s }~`nbjdos fhioichj~`s qzj o~~os{~oNoilho {jik~i c`d` cìsjczjicho ds hidjkho{o bo fob{o kj fìk`s }o~o o}`~{o~ o bo `n~os`chob kj bos shj{j coeos kj oa`~~` qzj fziko~ì jb g~z}` Noic` Fhioichj~` x kj Oa`~~`s x jicìsjczjicho sz kjfhih{hvo kjso}o~hchi)

Bo Coho ao shk` bo ihco coeo qzj ao hic~jdji{ok` b`s fìk`s kjs{hiok`s o @n~o S`chob !jizi 6*()

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7Jb ^job Kjc~j{`$bjx >/>=?>" kj 3 kj fjn~j~`" kj soijodhji{` kjb sjc{`~ fhioichj~`" d`khfhco jb ^job Kjc~j{`$

bjx ??/>=?= }~j{jikhjik` zio shd}bhfhcochi okdhihs{~o{hvo kj bos Coeos kj Oa`~~`s qzj jej~cji sz oc{hvhkok kjf`~do hikh~jc{o o bo Osodnbjo Gjij~ob x ob Cìsje` kj Okdhihs{~ochi" shjik` }`{js{o{hvo bo C`dhshi kjCì{~`b \O~{) :)3)o( ^K ??/>=?=T)1

I` `ns{oi{j" sj kjnj {jij~ ji czji{o bo bjghsbochi oz{ìdhco kj o}bhcochi x b`s }~`}h`s js{o{z{`s kj cokocoeo kj oa`~~`s" ji b`s qzj sj }zjkji codnho~ os}jc{`s kj bo }~`}ho bjx gjij~ob" c`d` }`~ jejd}b` ji b`~jbo{hv` o bo jbjcchi kj b`s ~goi`s kj g`nhj~i`) Bo bjx js{onbjcj qzj }`~ }o~{j kjb }j~sìob sj jbhgji b`sdhjdn~`s kj bo Osodnbjo Gjij~ob }`~ b`s ~j}~jsji{oi{js bjgobjs kj b`s {~onoeok`~js x" shi jdno~g`" dzcaoscoeos {hjiji }~`cjkhdhji{`s kj jbjcchi cì bhs{os onhj~{os ji bos qzj v`{o {`ko bo }boi{hbbo)8

Bo Bjx 3?/?81:" kj > kj og`s{`" kj ~jgzbochi kj bos i`~dos nshcos s`n~j ~goi`s ^jc{`~js kj bos Coeos kj

Oa`~~`s fzj ~jf`~doko }`~ bo Bjx ;;/>==>" kj >> kj i`vhjdn~j kj Djkhkos kj ^jf`~do kjb Shs{jdo Fhioichj~`)Js{o b{hdo bhdh{ ob :=* jb }js` kjb sjc{`~ }nbhc` ji b`s ~goi`s kj g`nhj~i`" js{onbjch bo h~~jv`conhbhkok kjb`s doiko{`s kj b`s cìsjej~`s x sj od}bh sz kz~ochi kj ; o 6 o`s" ji{~j `{~os czjs{hìjs)


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$ Jb }j~sìob" qzj aocj }`shnbj cì sz {~onoe` jb i`~dob kjso~~`bb` kj bo oc{hvhkok"gjs{hi kj czx` ~jszb{ok` kj}jikj }~`fjshìobdji{j) Jb }`~cji{oej kj~j}~jsji{ochi kjb g~z}` kj jd}bjok`s `schbo ji{~j zi :* x zi ?:* kj b`s kj~jca`skj v`{` ji coko ~goi`)

$ X bo C`~}`~ochi Fzikok`~o" ji {oi{` ji{j fzikok`~" czoik` ~jobdji{j jhs{o x sjdoi{jigo oc{hvo)

]o~o jb cìezi{` kj bos coeos kj oa`~~`s" bo c`d}`shchi djkho kj bos Osodnbjos Gjij~objsji jb o` >=?= sj khs{~hnzxj ji{~j b`s g~z}`s kj }o~{hch}ochi x kj oczj~k` cì b`s}`~cji{oejs shgzhji{js5

C@D]@SHCHI DJKHO KJ BOS OSODNBJOS GJIJIJÔBJS >=?=

Fzji{j5 Djd`~ho ^js}ìsonhbhkok S`chob C`~}`~o{hvo kj bos Coeos kj Oa`~~`s >=?=) CJCO

B`s dhjdn~`s kj bos Osodnbjos Gjij~objs kj bos Coeos kj Oa`~~`s ~jchnji bo kji`dhiochikj Cìsjej~`s Gjij~objs x sz idj~` sj kj{j~dhio ji b`s Js{o{z{`s kj coko zio kj jbbos"

kji{~` kj b`s bdh{js dhd`s x dihd`s fheok`s ji bos ~js}jc{hvos bjxjs kj bos C`dzihkokjsOz{i`dos) Bos coeos kj oa`~~`s aoi js{onbjchk` ji szs Js{o{z{`s zi idj~` kj Cìsjej~`sGjij~objs qzj `schbo ji{~j >: x 3;3 dhjdn~`s" shjik` bo djkho kj ?:3)

Bo c`d}`shchi kj b`s Cìsje`s kj Okdhihs{~ochi ~j}~`kzcj bo kj bos Osodnbjos Gjij~objs"go~oi{huoik` os" ji }~hdj~ {~dhi`" qzj {`k`s b`s g~z}`s kj hi{j~s {hjiji osjgz~oko sz}o~{hch}ochi ji jb ~goi` kj gjs{hi kj bo ji{hkok x" ji sjgzik` bzgo~" qzj {ob }~jsjichogzo~ko bo dhsdo }~`}`~chi qzj ji bo Osodnbjo Gjij~ob) Jb idj~` djkh` kj dhjdn~`s kjbCìsje` kj Okdhihs{~ochi kj bos Coeos kj Oa`~~`s jdhs`~os kj vob`~js ijg`chonbjs js kj ?8"`schboik` ji{~j zi dihd` kj 7 x zi dhd` kj 3=)

HD]@SH[@^JS36":*

C@^]@ÔCH@IJSDZIHCH]OBJS

>:"1*

]J^S@IOS @

JI[HKOKJSFZIKOK@ÔS

?="=*

JD]BJOK@S8"7*

CC)OO)8"8*

JI[HKOKJS KJHI[J^S GJIJÔB

1"?*


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O khfj~jicho kj bos s`chjkokjs oiihdos" bos coeos kj oa`~~`s khs}ìji kj zi shs{jdokzobhs{o kj g`nhj~i`" his}h~ok` ji bo bjghsbochi objdoio) Jb d`kjb` cìs{o kj zi ~goi` kjgjs{hi x ~j}~jsji{ochi !jb Cìsje`" qzj sj c`~~js}ìkj cì jb objdi V`~s{oik( x zi~goi` ` cìsje` kj vhghboicho !bo C`dhshi kj Cì{~`b" jqzhvobji{j ob Ozfshca{s~o{ gj~doi`()

Bo C`dhshi kj Cì{~`b {hjij }`~ `nej{` czhko~ kj qzj bo gjs{hi kjb Cìsje` kj

Okdhihs{~ochi sj czd}bo cì bo dhdo jfhcocho x }~jchshi" kji{~` kj bos bijos gjij~objskj oc{zochi sjobokos }`~ bo Osodnbjo Gjij~ob x kj bos kh~jc{~hcjs jdoiokos kj boi`~do{hvo fhioichj~o) Sz c`d}`shchi ~j}~`kzcj bo kj bo Osodnbjo" cì }o~{hch}ochi kj b`sdhsd`s g~z}`s qzj ji s{o) Jb idj~` djkh` kj dhjdn~`s kj bo C`dhshi kj Cì{~`b js kj8" `schboik` ji{~j zi dhd` kj ?: x zi dihd` kj :)

[~os bo ~jf`~do i`~do{hvo bbjvoko o con` }`~ jb ^K$bjx ??/>=?=" kj 8 kj ezbh`" kj ~goi`skj g`nhj~i` x `{~`s os}jc{`s kj ~ghdji ez~khc` kj bos Coeos kj Oa`~~`s" bo ~j}~jsji{ochikj b`s hi{j~jsjs c`bjc{hv`s ji bo Osodnbjo Gjij~ob sj bbjvo~ o jfjc{` djkhoi{j bo}o~{hch}ochi kj b`s shgzhji{js g~z}`s5

o( Bos C`~}`~ochìjs Dzihch}objs ji czx` {~dhi` {jigo onhj~{o `fhchio bo ji{hkok) I`}`k~ sz}j~o~ jb ;=* kjb {`{ob kj kj~jca`s kj v`{` !oi{js :=*()

n( B`s hd}`sh{`~js kj bo coeo kj oa`~~`s) Jb }`~cji{oej kj ~j}~jsji{ochi `schbo~ ji{~j zidihd` kjb >:* x zi dhd` kjb :=* kjb {`{ob kj kj~jca`s kj v`{` !oi{js hgzob()

c( Bos }j~sìos ` ji{hkokjs fzikok`~os kj bo coeo) Bos }j~sìos ` ji{hkokjs fzikok`~os}`k~i oshgio~ zio }o~{j kj sz ~j}~jsji{ochi o C`~}`~ochìjs B`cobjs qzj" o sz vju" i`sjoi fzikok`~os kj `{~os coeos kj oa`~~`s ji sz dnh{` kj oc{zochi)

k( B`s jd}bjok`s kj bos coeos kj oa`~~`s) Jb }`~cji{oej kj ~j}~jsji{ochi `schbo~ ji{~j zidihd` kjb :* x zi dhd` kjb ?:* kjb {`{ob kj kj~jca`s kj v`{` !oi{js hgzob()

j( Ji{hkokjs ~j}~jsji{o{hvos kj hi{j~jsjs c`bjc{hv`s ji jb dnh{` kj oc{zochi kj zio coeo` kj ~jcì`chk` o~~ohg` ji jb dhsd`) Jb }`~cji{oej kj ~j}~jsji{ochi sj~ c`d` dhd`kjb ?=* kjb {`{ob kj kj~jca`s kj v`{`)

Bo }o~{hch}ochi kj bos C`dzihkokjs Oz{i`dos sj bbjvo~ o con` o {~ovs kj dhjdn~`skjshgiok`s }`~ bo Osodnbjo oz{ìdhco qzj }`sjoi ~jc`chk` }~js{hgh` x }~`fjshìobhkok)

Jb idj~` kj dhjdn~`s kj bo Osodnbjo Gjij~ob sj~ fheok` }`~ b`s js{o{z{`s kj coko coeo kjoa`~~`s ji fzichi kj sz khdjishi jcìdhc` ji{~j zi dihd` kj 6= x zi dhd` kj ?6=!oi{js ji{~j 3= x 3>=()

Sj js{onbjcj zi }bou` kj {~js o`s }o~o qzj {`k`s b`s co~g`s jbjc{`s x ob{`s co~g`s sobgoi kjb`s cìsje`s kj okdhihs{~ochi x bos osodnbjos o djkhko qzj sj voxoi ~ji`voik`) I``ns{oi{j" sj~i b`s }o~bodji{`s oz{ìdhc`s b`s qzj i`dn~ji szs szs{h{z{`s" }`~ b` qzj sjdoi{hjij bo hifbzjicho }`b{hco" oziqzj sj ~jkzcj kjb := ob ;=* kj b`s kj~jca`s kj v`{` jib`s cìsje`s)


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Bos coeos kj oa`~~`s aoi shk` jb ihc` d`kjb` kj jej~chch` kj bo oc{hvhkok fhioichj~o qzj ao}j~dh{hk` bo }o~{hch}ochi kj bo s`chjkok ji szs ~goi`s kj g`nhj~i` x kj gjs{hi)

I` `ns{oi{j" cì jb }~`cjs` kj ~jjs{~zc{z~ochi kj bos coeos kj oa`~~`s" bo dox`~ }o~{j kjbos coeos sj aoi {~oisf`~dok` ji noic`s" }`~ b` qzj" ji js{j izjv` cì{j{`" i` {hjijihigi sji{hk` qzj b`s ~goi`s kj g`nhj~i` kj bos coeos js{i cìs{h{zhkos }`~ ds kj :)===

}j~sìos ji{~j cìsjej~`s" kh}z{ok`s" cìcjeobjs" jd}~jso~h`s" ~j}~jsji{oi{js kj b`sjd}bjok`s) Doi{jij~ js{`s ~goi`s kj cì{~`b sz}ìj zi c`s{j hioszdhnbj czoik` xo iàox ioko qzj cì{~`bo~)

Kjskj ZG[" czjs{hìod`s bo }~jsjicho kj b`s ~j}~jsji{oi{js kj b`s jd}bjok`s ji b`scìsje`s kj js{os ji{hkokjs xo qzj ji js{j ~goi` i` czji{oi cì b`s djkh`s ijcjso~h`s}o~o jej~cj~ jso fzichi cì bo ~js}ìsonhbhkok qzj sj ~jqzhj~j x" okjds" szf~ji boscìsjczjichos kj bo dobo gjs{hi kj b`s qzj s {hjiji b`s djkh`s {cihc`s x ez~khc`s x qzjsì b`s qzj ~jobdji{j bbjvoi bo gjs{hi kj bo ji{hkok)

C@D]@SHCHI KJ BO OSODNBJO GJIJÔB KJ BOS COEOS KJ OA@^^@S

Ji{hkokjs Coeos kj Oa`~~`s

Hd}`sh{`~js

C`dzihkok

Oz{i`do

C`~}`~ochìjs

zihch}objs

Jd}bjok`s

Ji{hkokjskj

Hi{j~sGjij~ob/

Ji{hkokjs

]j~sìos`

Ji{hkokjs

Fzikok`~os

@{~os

~ohuoch

s

[`{obOsodnbjoGjij~ob

Noico Cvhco

Coeo kj Nz~g`s ;: ?1 31 ?3 6 = ?>=

Coeo Coio~hos 67 :1 ?3 >= = ?:1

Coeo S`b ;7 >1 31 >: >? ?: ?7;

Coeo Iovo~~o : 3 ? > 1 : >;

Coho Noil Bo Coho :1 3; >= ;1 ?6=

Bhnj~noil

Coeo Os{z~hos ?>= 1? 3= 68 3==

Coeo Coi{on~ho >: >: >: 8 ?6 = ?==

C) J{~jdokz~o 7= 6; 1 ?1 ?6=

G~z}` Bhnj~noil !?( CCD

Coeo 3COH 3: ?1 ?1 6 ; ?7 81

Coeo C~czb` >1 ?> ?6 1 1 ;1 ?>=

Coeo Nokoeù 7= 6; 1 ?1 ?6=

Hnj~coeo Hnj~coeo 6> 3= >1 ?? 7 ?; ?:>

Noilho

Coeo Dok~hk ??> :3 1= 36 6> = 3;3

Coeo Sjg`vho 37 ?1 36 : 6 = ?=>

Coeo kj Ovhbo 38 ?1 31 ?3 6 6 ?>=

Noicoeo 66 := := >; ?= >==

Coho Bohj{oio ;= >= ?= 3= = ?==

Hiszbo~ kj Coio~hos 7= ?> :? ?= 6 ?? ?6=Coeo ^hèo ;1 ?: 7 : >: ?==


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Hd}`sh{`~js

C`dzihkok

Oz{i`do

C`~}`~ochìjs

zihch}objs

Jd}bjok`s

Ji{hkokjskj

Hi{j~sGjij~ob/

Ji{hkokjs

]j~sìos`

Ji{hkokjs

Fzikok`~os

@{~os

~ohuoch

s

[`{obOsodnbjoGjij~ob

NDI

Coeo Dz~cho :6 3: ?; 3: ?;=Coeo G~oioko ;= >; 3: >; >? ?= ?:;

Soi`s{~o 38 6 3; : ?6 ?==

Coho ]jijks ;= ?8 ?= >1 87

Zihcoeo Zihcoeo := >6 ;= >7 >: ?3 ?1?

Coeo Js}oo Kzj~` Coeo Js}oo Kzj~` ??= ;1 ?=> 36 ?: 1 3?8

ZIIHD ZIIHD 63 3? ?6 ;1 = ?:1

COD !>( COD 6: ;3 ;? >; 3 ?76

Co{obzixo Coho Co{obzixo Coho 6= >; >= :6 ?6=

I`vocohogobhcho I`vocohogobhcho ?3> 76 3> :> >1 3>=

Lz{o Noil

NNL ;3 3= 7 >= ?==

Lz{o ;3 3= 7 >= ?==

Coeo Vh{ob ;3 3= 7 >= ?==

Coho @i{hixji{ Coho @i{hixji{ >6 ?1 ?1 ?= = 7>

Coho ]`bbjio Coho ]`bbjio >: ; ?8 ; :>

[@[OBJS OSODNBJO GJIJÔB :)=1=

Fzji{j5 Jbon`~ochi }~`}ho o }o~{h~ kj b`s Hif`~djs Oizobjs kj G`nhj~i` C`~}`~o{hv` >=?= x >=??)!?( I` jhs{j bo Coeo kj Oa`~~`s" cìs{h{zhk` Noic` x Fzikochi) !>( Ko{`s aos{o jb >>/=7/>=??" fjcao ji qzj sj}~`kzcj szs szs{h{zchi }`~ jb Fìk` kj ^jjs{~zc{z~ochi @~kjioko Noico~ho)

C@D]@SHCHI KJB C@ISJE@ KJ OKDHIHS[ÔCHI KJ BOS COEOS KJ OA@^^@S


Hd}`sh{`~js

C`dzihkok

{

o

C`~}`~ochìjs

Dzihch}objs

Jd}bjok`s

Ji{hkokjskj

Hi{j~sGjij~ob

Ji{hkokjs

Fzikok`~os

@{~os

@~goihuochìjs

I`cìsjej~`s

[`{obCìsjeÒkdi)

Noico Chvhco

Coeo kj Nz~g`s 6 3 : > ? = ?7

Coeo Coio~hos 1 6 ? > = ?7

Coeo S`b 6 ; ; 3 > > >?

Coeo Iovo~~o ? ? = ? 3 3 ? 3 ?3

Coho Noil Bo Coho 1 ; 3 6 >?

Bhnj~noil

Coeo Os{z~hos ?> 1 3 7 3=

Coeo Coi{on~ho ; ; ; > 3 = ?7

Coeo J{~jdokz~o 7 7 ? > ?7


Coeo 3

COH 6 3 3 ? ? 3 ?7

Coeo C~czb` ; > > ? ? 7 ?7Coeo Nokoeù 7 7 ? > ?7


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Hd}`sh{`~js

C`dzihkok

{

o

C`~}`~ochìjs

Dzihch}objs

Jd}bjok`s

Ji{hkokjskj

Hi{j~sGjij~ob

Ji{hkokjs

Fzikok`~os

@{~os

@~goihuochìjs

I`cìsjej~`s

[`{obCìsjeÒkdi)

Hnj~coeo Hnj~coeo 1 ; ; ? ? > >=

Noilho

Coeo Dok~hk 7 ; : > ; = >>

Coeo Sjg`vho : 3 3 ? ? = ?3

Coeo kj Ovhbo : 3 : > ? ? ?7

Noicoeo 7 : : > ? >=

Coho Bohj{oio : > ? ; = ?>

Hiszbo~ kj Coio~hos 1 ? : ? ? ? ?7

Coeo ^hèo 7 > ? ? 3 ?;

NDI

Coeo Dz~cho 1 : > : >=

Coeo G~oioko : 3 ; 3 3 > >=

Soi`s{~o : > ; ? 3 ?:

Coho ]jijks 6 3 > : = ?6

Zihcoeo Zihcoeo 7 ; 6 ; ; > >7

Coeo Js}oo Kzj~` Coeo Js}oo Kzj~` ?? 6 ?= ; > ? 3;

ZIIHD ZIIHD 8 : 3 7 = >;

COD !>( COD 7 : : > ? >=

Co{obzixo Coho Co{obzixo Coho 1 3 3 7 >?

I`vocohogobhcho I`vocohogobhcho 7 : > : 3 >>

Lz{o Noil

NNL 1 : ? 3 ?7

Lz{o 1 : ? 3 ?7Coeo Vh{ob 7 : ? 3 ?6

Coho @i{hixji{ Coho @i{hixji{ : ; 3 > = ?;

Coho ]`bbjio Coho ]`bbjio 6 > : ? ?;

[@[OBJS C@ISJE@ KJ OKDHIHS[ÔCHI 636

Fzji{j5 Jbon`~ochi }~`}ho o }o~{h~ kj b`s Hif`~djs Oizobjs kj G`nhj~i` C`~}`~o{hv` >=?= x >=??)!?( I` jhs{j bo Coeo kj Oa`~~`s" cìs{h{zhk` Noic` x Fzikochi) !>( Ko{`s aos{o jb >>/=7/>=??" fjcao ji qzj sj}~`kzcj sz szs{h{zchi }`~ jb Fìk` kj ^jjs{~zc{z~ochi @~kjioko Noico~ho)

C@D]@SHCHI KJ BO C@DHSHI KJ C@I[^@B KJ BOS COEOS KJ OA@^^@S


Hd}`sh{`~js

C`dzihkok

C`~}`~ochìjs

Jd}bjok`s

Ji{hkokjskj

H

b

Ji{hkokjs

@{~os

~goihuochìjs

I`cìsjej~`s

[`{obC`dhshiCì{~`b

Noico Cvhco

Coeo kj Nz~g`s > ? > ? ? = 7

Coeo Coio~hos ; > ? > = 8

Coeo S`b 3 > > > ? ? ??


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Hd}`sh{`~js

C`dzihkok

C`~}`~ochìjs

Jd}bjok`s

Ji{hkokjskj

H

b

Ji{hkokjs

@{~os

~goihuochìjs

I`cìsjej~`s

[`{obC`dhshiCì{~`b

Coeo Iovo~~o ? ? ? 3 > 1Coho Noil Bo Coho 3 > ? 3 8

Bhnj~noil

Coeo Os{z~hos 6 ; > 3 ?:

Coeo Coi{on~ho 3 > > ? ? = 8

Coeo J{~jdokz~o > > ? ? 6


Coeo 3

COH > ? ? ? ? ? 7

Coeo C~czb` ? ? ? ? ? > 7

Coeo Nokoeù 3 > ? ? 7

Hnj~coeo Hnj~coeo > ? ? ? ? ? 7

Noilho

Coeo Dok~hk : > 3 ? 3 = ?;

Coeo Sjg`vho > ? > = ? = 6

Coeo kj Ovhbo > ? ? ? ? ? 7

Noicoeo ; 3 3 > ? ?3

Coho Bohj{oio 3 ? ? > = 7

Hiszbo~ kj Coio~hos ; ? ? ? ? ? 8

Coeo ^hèo ? ? ? ? ? :

NDI

Coeo Dz~cho 3 > ? > 1

Coeo G~oioko > > > > ? ? ?=

Soi`s{~o > ? > ? > 1Coho ]jijks > ? ? > = 6

Zihcoeo Zihcoeo 3 > 3 > > ? ?3

Coeo Js}oo x Kzj~` Coeo Js}oo x Kzj~` ; > 3 > > ? ?;

ZIIHD ZIIHD > ? ? > = 6

COD !>( COD ; > > ? ? ?=

Co{obzixo Coho Co{obzixo Coho ; ? ? ; ?=

I`vocohogobhcho I`vocohogobhcho 3 > > > ? ?=

Lz{o Noil

NNL 3 > ? > 1

Lz{o 3 > ? > 1Coeo Vh{ob 3 > ? > 1

Coho @i{hixji{ Coho @i{hixji{ 3 > > ? = 1

Coho ]`bbjio Coho ]`bbjio 3 > > ? 1

[@[OBJS C@DHSHI KJ C@I[^@B >81

Fzji{j5 Jbon`~ochi }~`}ho o }o~{h~ kj b`s Hif`~djs Oizobjs kj G`nhj~i` C`~}`~o{hv` >=?= x >=??)!?( I` jhs{j bo Coeo kj Oa`~~`s" cìs{h{zhk` Noic` x Fzikochi) !>( Ko{`s aos{o jb >>/=7/>=??" fjcao ji qzj sj}~`kzcj sz szs{h{zchi }`~ jb Fìk

análisis del proceso de reestructuración y bancarización de las cajas de ahorros

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