presentation of the spanish government to foreign banks. december 2010. 01052011

8/7/2019 Presentation of the Spanish Government to Foreign Banks. December 2010. 01052011

1/53

H`tdne na o }tq k ml q nla tq y }dq } y n e y min enl d`l g `l Tvn `l

Amdmkimy% 96>6


2/53

Qcm bl+gb`lg ym+inenld`lg bh qcm mdblbkp Nddmemynq`bl bh h`tdne nao}tqkmlq H`lne`t`lg jmp tqy}dq}yne ymhbykt H}la`lg nla Amiq Knlngmkmlq

>


3/53

C`gce`gcqt Ymdmlq amxmebvkmlqt cnxm ay`xml nqqmlq`bl qb qcm dcneemlgmt

hndma ip qcm Tvnl`tc Mdblbkp

@l qcm dblqmsq bh qcm M}yb Nymn ymtvbltm bh 0 Knp% qcm

Gbxmylkmlq cnt ymndqma ip nddmemynq`lg qcm `kvemkmlqnq`bl bh

`qt venllma vbe`dp tqynqmgp?

Qcm h`tdne nao}tqkmlq `t iyb}gcq hbywnya% wc`dc w`ee qnjm qcm amh`d`qabwl qb 0,4- `l 96>6 nla 8- bh GAV `l 96>> #kbym qcnl = v,v,

d}q `l qwb pmnyt)

Qcm bl+gb`lg yminenld`lg bh qcm mdblbkp `t tv}yyma w`qc qcm enib}yknyjmq ymhbyk nla qcm h`lne v}tc qb h`lnld`ne ymtqy}dq}y`lg nla ymhbyk

Biomdq`xm GYBWQC w `qc`l n tqymlgqcmlma MK]9


4/53

Ymne mdblbkp nao}tqkmlq? ynvà vybgymtt i}q lmma qb

i}èa h}yqcmy k}tdem Qcm mdblbkp `t ynvàep dbyymdq`lg qcymm knoby `kinenldmt

dn}tma ip msdmtt `lxmtqkmlq `l cb}t`lg % enp`lg qcm gyb}lahby cmneqc`my gybwqc?

>,Msdmtt`xm wm`gcq bh Ymtàmlq`ne Ymne Mtqnqm #YYM) `l GAV

9,Ynvà msvnlt`bl bh dyma`q nla emxmyngm `l qcm vy`xnqmtmdqby

4,D}yymlq Nddb}lq Amh`d`q #dbkvmq`q`xmlmtt nla vyba}dq`x`qp)

Tcbyq qmyk dbtq `t c`gcmy amh`d`q nla }lmkvebpkmlq

Vbe`dp `t qndje`lg qcm amh`d`q nla naaymtt`lg tqy}dq}yne

ibqqemlmdjt nt n kmnlt qb j`dj+tqnyq gybwqc nla obi dymnq`bl

4


5/53

Qndje`lg @kinenldm >, YYM Abwlt`z`lg Tqbdj bh cb}tmcbea kbyqgngmt? amknla hby cb}t`lg tmyx`dmt nlatqbym bh xne}m tb}la `lxmtqkmlq #ame`l~}mld`mt imebw 4-) @kinenldm? vybtvmdq`xm cb}t`lg t}vvep #866+766 qcb}tnla tqnyqt `l9668+9667) < qymla cb}t`lg amknla #4=6%666)

Nao}tqkmlq? Ynvà abw lt`z`lg bh qcm ymtàmlq`ne dbltqy}dq`bl tmdqby

wc`dc w èe lbykne`zm kndybmdblbk`d imcnx`b}y gb`lg hbywnyaYmenq`xm t`zm bh qcm dbltqy}dq`bl tmdqby

#mkvebpkmlq bxmy qbqne mkvebpkmlq nla ymtàmlq`ne `lxmtqkmlq bxmy GAV)

>=- >4,3-

>>,9->6,1-

0,9->6-

8,>- =,3-

=-

6-

9666

9667

9660

Ymtàmlq`ne @lxmtqkmlq Mkvebpkmlq #HQM)

Tb}ydm? Lnq`blne Tqnq`tq`dt @ltq`q}qm% Tvn`l, 1


6/53

Qndje`lg @kinenldm >? aplnk`dt bh qcm nao}tqkmlq Tqbdj bh }ltbea cb}tmt #mtq`knqma nq 766%666) w èe tqnyq qb tcy`lj `l96>6

Hbymdntq? dcnlgm `l ymtàmlq`ne `lxmtqkmlq wèe ymkn`l lmgnq`xm `l96>6 #+96,>-) nla 96>> #+=-) qnj`lg >,9 nla 6,9 v,v, bhh GAVgybwqc

Cb}t`lg? }l`qt tqnyqma nla h`l `tcma

366

766

866

=66

166

466

966

>66

6

#Qcb}tnla }l`qt)

966=

9668

9667

9663

9660

96>6

96>>

96>9

96>4

Tqnyqt H`l tcma Cb}t`lg tqbdj

Tb}ydm? K`l`tqmy`b am Mdblbkn p Cnd`mlan,

Ymne cb}tm vy`dm `lams#@lams >008;>66)

996

9>=

9>6

96=966

>0=

>06

>3=

>36

+>=,4-

966=

9668

9667

9663

9660

96>6

Tb}ydm? K`l`tqmy`b am Mdblbkn p Cnd`mlan,=


7/53

Qndje`lg `kinenldm 9? Emxmyngm `l Dbyvbynqm Tmdqby C`gc emxmyngm wnt dbldmlqynqma `l ymne mtqnqm nla dbltqy}dq`bl

Dbyvbynqmt cnxm netb `lxmtqma cmnx`ep niybna% tm`z`lg bvvbyq}l`q`mtbh gebine knyjmqt

Dbyvbynqm emxmyngm? dbltqy}dq`bl ( bqcmyndq`x`q`mt

#- bh GXN)9=6

966

>=6

>66

=6

6

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

Qbqne w`qcb}q dbltqy}dq`bl nla ymne mtqnqm Dbltqy}dq`bl ( ymne mtqnqm tmyx`dmt


Amemxmyng`lg vybdmtt bh lbl+h`lnld`nedbyvbynq`blt

#- bh GAV)

8

9- >9-

6- >6-

+9-3-

+1-8-

+8-

1-+3-

9-+>6-

+>9- 6-

+6,7-

>6,3-

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Lmq Ibyybw`lg #+)"Emla`lg#*) #Emhq ns`t)Gybtt Tnx`lgt ynqm #Y`gcq Ns t)

Tb}ydm? Lnq`blne Tqnq`tq`dt @ltq`q}qm% Tvn`l,


8/53

Qndje`lg `kinenldm 9? Emxmyngm `l Cb}tmcbea Tmdqby Amiq h`lnldma `lxmtqkmlq% ibbtq`lg ymne wmneqc nla yma}d`lgcb}t`lg msvmltmt

@ h ymtàmlq`ne ymlq vnpkmlqt nym `lde}ama% qcm `lqmymtq amiq i}yaml`t kbamynqm

Amemxmyngm `t dbkvnqìem w`qc kbamynqm dblt}kvq`bl gybwqc #lmq

emla`lg dnvnd`qp `l 9660 76,6 ièe`bl)Amemxmyng`lg vybdmtt bh cb}tmcbeat

3-

1-

9-

6-

+9-

+1-

>9-8-

=,0-

>>,>-#- bh GAV)

>6-

3-8-

1-

9-

6-

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Lmq Ibyybw`lg #+)"Emla`lg#*) #Emhq ns`t)

Gybtt Tnx`lgt ynqm #Y`gcq Ns`t)

>1- >9

Tb}ydm? M}ybtqnq nla K`l`tqmy`b am Mdblbkn p Cnd`mlan,

@lqmymtq nla ymtàmlq`ne ymlq vnpkmlqt#- bh a`tvbtniem `ldbkm)

>6

381

9

6

]J

Gmyk

nlp

M}yb

nymn

Hynldm

T

vn`l

@qnep

@lqmymtq @lqmymtq ( ymlq vnpkmlqt

Tb}ydm? M}ybtqnq, 7


9/53

Qndje`lg `kinenldm 9? Dyma`q qnjmt n vn}tm Tcnyv amdmemynq`bl% ema ip dyma`q qb ymne mtqnqm ndq`x`q`mt

Kbyqgngm dyma`q qb cb}tmcbeat tqnyq`lg qb vmnj }v

Dyma`q w èe gyna}neep nvvybndc lbk`lne GAV gybwqc

Ebnlt qb lbl+h`lnld`ne dbyvbynq`blt nla cb}tmcbeat#Gybwqc ynqmt% `l vmydmlq)

4=469=

96>=>6=

6+=

+>6

9667 9663 9660 96>6

Lbl h`lnld`ne dbyvbynq`bltCb}tmcbeat + hby cb}tm v}ydcntmCb}tmcbeat + Dblt}kvq`bl nla bqcmyt

Tb}ydm? Inlj bh Tvn`l,

Emla`lg qb vyba}dq`xm ndq`x`q`mt#Gybwqc ynqmt% `l vmydmlq)

=6

16

46

96

>6

6

+>6

+96

9667 9663 9660 96>6Ymne mtqnqm ndq`x`q`mtI}èa`lgQbqne w`qcb}q ymne mtqnqm nla i}èa`lg

Tb}ydm? Inlj bh Tvn`l, 3


10/53

Qndje`lg @kinenldm 4? Tw `hq nla tqy}dq}yne D}yymlq nddb}lq nao}tqkmlq Msqmylne h`lnld`lg lmma cnt gblm hybk 0- `l 9667 qb te`gcqep nibxm 1- `l9660 kbtq t`gl`h`dnlq vybgymtt nkblg c`gc DN amh`d`q db}lqy`mt

Ymhemdqt qcm tcmaa`lg bh msdmtt `lxmtqkmlq `l cb}t`lg nla ymenq`xm tqniè`qpbh qcm Tnx`lgt Ynqm

Dbltqy}dq`bl cnt ymenq`xmep c`gc `kvbyq `lqmlt`qp nla lè msvbyq `lqmlt`qp%nla netb `t `lqmlt`xm `l dyma`q

Yminenld`lg qbwnyat `la}tqyp nla knyjmq tmyx`dmt wèe `kvybxm qcm gbbatnla qcm `ldbkm inenldm

D}yymlq Nddb}lq Inenldm Nao}tqkmlq

9660? >007?

+1,7 *>,9=

1

4

9 >004? 9la Amxne}nq`bl bhqcm Vmtmqn

> 9667?+0,8 >009? >tq Amxne}nq`bl bh qcm Vmtmqn

6>006?6 > 9 4 1 = 8 7+4,=

Nao}tqkmlq#-b

hGAV)

8

Pmnyt t`ldm kns`k}l `l h}la`lg lmmat x`t n x`t YbW


>6 D}yymlq Nddb}lq Inenldmt `l MK]

=

6

+=

+>6

+>=

9661 966= 9668 9667 9663 9660 96>6 96>>Gymmdm Tvn`l Hynldm Vbyq}gne

@qnep Gmyknlp H`lenla

Tb}ydm? K`l`tqmy`b am Mdblbkn p Cnd`mlan% M}ybvmnl0

Dbkk`tt`bl hbymdntqt,


11/53

Qndje`lg @kinenldm 4? Vy`dm nla ~}nlq`qp dbkvmq`q`xmlmtt `kvybx`lg Msvbyqt qb qcm m}ybzblm cnxm ymt}kma gybw qc

I}`ea`lg bl n ymknyjniem cbea }v bh qcm knyjmq tcnym a}y`lg qcm}vtw`lg% msvbyqt nym lbwabkmtq`d vy`dmt% knyj }vt nla

ymndq`lgdbtqt

qb abwlwnya vymtt}ym bl

]EDt @lamsmt ymenq`xm qb qcm M}ybzblm

#@lams 9666;>66)>>=

>>6

>6=

>66

0=06

3=

>000

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Tvn`l @qnep Gmyknlp

Hynldm Imeg`}k


Tcnym `l w byea kmydcnla`tm msvbyqt

#@lams 9666;>66)>96

>>6

>66

06

3676

86

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Tvn`l Gmyknlp Hynldm ]l qma Tqnqmt

Tb}ydm? @lqmylnq`blne Kblmqnyp H}la,

>6


12/53

Tcbyq qmyk vy`dm bh yminenld`lg? }lmkvebpkmlq ^}nlq`qp intma nao}tqkmlq% hbd}tma `l dbltqy}dq`bl nla qmkvbynyp

obit Wngmt cnxm imml tq`djp% i}q nym lbw ymndq`lg qb abwlwnyavymtt}ym

Vyba}dq`x`qp cnt o}kvma nt qcm dbltqy}dq`bl tmdqby tcy`ljt

Mkvebpkmlq#Gybwqc ynqmt% H}ee Q`km M~}`xnemlq Obit)

>

+46-

+>=-

6-

>=-

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Dbltqy}dq`bl Qbqne


Enib}y Vyba}dq`x`qp#@lams 9666;>66)

00

>6>

>64

>6=

>67

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Tvn`l M}yb Nymn

Tb}ydm? M}ybtqnq, >


13/53

Tcbyq qmyk vy`dm bh yminenld`lg? amh`d`q Dpde`dne dbkvblmlq e`ljma qb abkmtq`d amknla aybv nla}lmkvebpkmlq imlmh`qt

A`tdymq`blnyp h`tdne vbe`dp #9,= v,v, bh GAV nym blm+bhh)

Tqy}dq}yne dbkvblmlq? vnyqep e`ljma qb ebtq ymxml}mt hybk YYM#Inlj bh Tvn`l mtq`knqmt vb`lq qb 9- bh GAV)

Tmdqbyne inenldmt#- bh GAV)

>,0

+1,9

+>>,>+>>,=

+=,6

8,6

+>1,6

+>9,6

+>6,6

+3,6

+8,6

+1,6

+9,6

6,6

9,6

1,6

8,6

3,6

9667 9663 9660


V}ie`d Tmdqby Inenldm

Vy xnqm Tmdqby Inenldm

Gmlmyne Gbxmylkmlq ymxml}mt nla msvmla`q}ymt#- bh GAV)

44

43

14

13

=4

9666 966> 9669 9664 9661 966= 9668 9667 9663 9660Ymxml}m% M}yb Nymn Ymxml}m% Tvn`l

Msvmla`q}ym% M}yb Nymn Msvmla`q}ym% Tvn`l

Tb}ydm? M}ybtqnq, >9


14/53

Ymdmlq qymlat `l qbqne b}qv}q Tmdbla ~}nyqmy bh vbt`q`xm gybwqc qcnljt qb vy`xnqm dblt}kvq`bl

nla msqmylne amknla Ymdmlq anqn vb`lq qbwnyat h}yqcmy `kvybxmkmlq% nq kbamynqm vndm

3

Lnq`blne nla Msqmylne Amknla

#dblqy`i}q`bl qb GAV gybwqc)

1

6

+1

+3

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Lnq`blne Amknla Msqmylne Amknla


Cb}tmcbea dblt}kvq`bl nla @la}tqy`ne

Vyba}dq`bl#gybwqc ynqmt `l vmydmlq)>6

=

6

+=

+>6+>=

+96

+9=

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6

Cb}tmcbea dblt}kvq`bl @la}tqy`ne Vyba}dq`bl

Tb}ydm? Lnq`blne Tqnq`tq`dt @ltq`q}qm% Tvn`l,>4


15/53

C`gce`gcqt

Qcm bl+gb`lg ym+inenld`lg bh qcm mdblbkp Nddmemynq`bl bh h`tdne nao}tqkmlq H`lne`t`lg jmp tqy}dq}yne ymhbykt H}la`lg nla Amiq Knlngmkmlq

>1


16/53

]vanqma Kndybmdblbk`d tdmlny`b 96>6+96>>? lnq`blne amknla `kvndqma ip qcm nao}tqkmlq `l qcmenib}y knyjmq% qcm gbxmylkmlqt n}tqmy`qp vndjngmt nla ebwmycb}tmcbea dblt}kvq`bl msvmla`q}ym

Gybw qc w èe im intma bl msqmylne amknla nla dblt}kvq`bl

Kndybmdblbk`d tdmlny`b 9660+96>># Gy bw qc y n qm `l vm y dml q )

9660 96>6 96>

GAV +4,7 +6,4 >,4

H`lne Cb}tmcbea Dblt}kvq`bl Msvmla`q}ym +1,4 6,= >,3

H`lne V}ie`d Dblt}kvq`bl Msvmla`q}ym 4,9 6,8 +>,8

Gybtt H`sma Dnv`qne Hbyknq`bl +>8,6 +3,= +>,=

Lnq`blne Amknla #dblqyì}q`bl qb GAV gybwqc) +8,1 +>,8 6,1

Msvbyqt bh Gbbat nla Tmyx`dmt +>>,8 0,4 8,1@kvbyqt bh Gbbat nla Tmyx`dmt +>7,3 4,4 9,0

Msqmylne amknla #dblqyì}q`bl qb GAV gybwqc) 9,7 >,1 6,0

Kn`l ntt}kvq`blt

Qbqne Mkvebpkmlq #gybwqc ynqm) +8,8 +9,9 6,4]lmkvebpkmlq ynqm #`l vmydmlq) >3,6 >0,3 >0,4

Lmq Emla`lg#*)"Ibyybw`lg#+) x`t x`t YbW #vmydmlq bh GAV) +=,> +1,6 +4,1

>

Tb}ydmt? Lnq`blne Nddb}lqt nla K`l`tqmy`b am Mdblbkn p Cnd`mlan >=


17/53

>8

Tvmma`lg }v v}ie`d amh`d`q yma}dq`bl

Kmnt}ymt bh Knp 96>6 iy`lg hbywnya venllma msvmla`q}ym d}qt nlatqymlgqcml qcm h`tdne hynkmwbyj?

Kbym qcnl 86- bh qbqne h`tdne nao}tqkmlq ame`xmyma `l h`ytq 9 pmnyt

Amh`d`q qnygmqt ybi}tq qb?

@kvemkmlqnq`bl y`tjt% qcyb}gc tqyblgmy dblqybe kmdcnl`tkt

Lmgnq`xm gybwqc t}yvy`tmt% nt qcm Gbxmylkmlq wb}ea qcmlqnjm naa`q`blne kmnt}ymt

H`tdne Nao}tqkmlq Vnqc 9660+96>>9660 96>6 96>>

Gybtt Abkmtq`d Vyba}dq #gybwqc ynqm `l vmydmlq) +4,7 +6,4 >,4

Gmlmyne Gbxmylkmlq I}agmq Inenldm #- bh GAV) +>>,> +0,4 +8,6

Amiq"GAV #Gmlmyne Gbxmylkmlq) =4,9 89,3 83,7Tb}ydm? Lnq`blne Nddb}lqt nla K`l`tqmy`b am Mdblbkn p Cnd`mlan,


18/53

Nee emxmet bh gbxmylkmlq `lxbexma

Gmlmyne Gbxmylkmlq I}agmq Inenldm #- bh GAV) +>>,> +0,4 +8,6 +1,1 +4,6+ Dmlqyne Gbxmylkmlq +0,4 +=,0 +9,4 +4,9 +9,>

+ N}qblbkb}t Ymg`blt +9,6 +4,6 +4,4 +>,4 +>,>

+ Ebdne N}qcby`q`mt +6,8 +6,8 +6,3 +6,4 +6,9

+ Tbd`ne Tmd}y`qp 6,3 6,9 6,1 6,1 6,1

96>> 96>9 96>49660 96>6Iymnjabwl ip Gbxmylkmlq ]l`q

Lmq bh qcm mhhmdq bh qcm e`~}ànq`bl tptqmk tmqqemkmlqt

+ Dmlqyne Gbxmylkmlq +0,4 +8,7 +1,3 +4,9 +9,>+ N}qblbkb}t Ymg`blt +9,6 +9,1 +>,4 +>,4 +>,>

+ Ebdne N}qcby`q`mt +6,8 +6,1 +6,4 +6,4 +6,9

+ Tbd`ne Tmd}y`qp 6,3 6,9 6,1 6,1 6,1

Gmlmyne Gbxmylkmlq I}agmq Inenldm #- bh GAV) +>>,> +0,4 +8,6 +1,1 +4,6

Iymnjabwl ip Gbxmylkmlq ]l`q 9660 96>6 96>> 96>9 96>4

Tb}ydm? Lnq`blne Nddb}lqt nla K`l`tqmy`b am Mdblbkn p Cnd`mlan, >7

Nddbya`lg qb qcm M}ybvmnl Dbkk`tt`bl nhqmy kmnt}ymt qnjml `l Knp qcmymwnt qcm lmma qb h}yqcmy tvmd`hp qcm dbltbeànq`bl mhhbyq qb ymndc +8- `l 96>>

Qcm Gnv wnt bh >%7=- bh GAV ]v qb a`hhmymldm `l gybwqc hbymdntq% qc`t gnv `t debtma w `qc?

Nvvybxne bh qcm msvmla`q}ym dmè`lg hby qcm dmlqyne gbxmylkmlq

Nvvybxne bh qcm i}agmq amh`d`q hby 96>> hby n}qblbkb}t ymg`blt


19/53

H`tdne ymtqyn`lq kmnt}ymt nabvqma Dmlqyne Gbxmylkmlq msvmla`q}ym dmè`lg hby 96>>? Nvvybxma bl 9>" 67

Dmè`lg bh >=6,> ièe`bl #>99,4 ièe`bl msde}a`lg n}qblbkb}t ymg`blt h`lnld`lg tptqmk) 7,7- yma}dq`bl w `qc ymtvmdq qb I}agmq 96>6

N}qblbkb}t Ymg`blt dbltbeànq`bl vnqc Nvvybxma bl 93" 67

Naa`q`blne dblqybe kmdcnl`tkt nvvybxma `l O}lm? Nvvybxma bl >=" 68

N}qcby`tnq`bl hby lmw `tt}nldm bh amiq ip Ymg`blt dbla`q`blma bltmk`+nll}ne ymx`mw bh ndc`mxmkmlq bh amh`d`q qnygmqt

E`k`qnq`bl bh eblg+qmyk ibyybw `lg hby ebdne gbxmylkmlqt `l 96>>

Dmlqyne Gbxmylkmlq I}agmq aynhq Ièe Nvvybxma ipDni`lmq" vnye`nkmlqnyp aminqm

Kmnt}ymt n`kma nq eìmyne`z`lg a`hhmymlq ntvmdqt bh qcm mdblbkp%`lde}a`lg qcm eniby knyjmq% nla nao}tq`lg memkmlqt bh qcm qnsymg`km Nvvybxma bl 64" >9

>3


20/53

Dmlqyne Gbxmylkmlq I}agmq aynhq I`ee Nvvybxma ip qcm Dni`lmq bl Tmvqmkimy 91 qc tvmd`h`mt h}eep `l qmykt bhvbe`d`mt nla amvnyqkmlqt qcm yma}dq`bl `l qcm msvmla`q}ym dm`e`lg

Kn`l hmnq}ymt?

Lbl+h`lnld`ne msvmla`q}ymt bh qcm Dmlqyne Gbxmylkmlq abwl 7,0-%`lde}a`lg nl nxmyngm dyma`q yma}dq`bl hby k`l`tqy`mt bh >8-

Kns`k}k knyg`lne ynqm bh vmytblne `ldbkm qns `ldymntma ip >- hby`ldbkmt imqwmml >96%666 nla >7=%666 nla ip 9- hby `ldbkmtbxmy >7=%666

Cb}t`lg `lxmtqkmlq ama}dq`bl `l qcm vmytblne `ldbkm qns me`k`lnqma

hby `ldbkmt bxmy 91%>76,9% me`k`lnq`lg qcm a`tqbyq`bl dymnqma `l qcmcb}t`lg knyjmq

Tknee nla kma`}k t`zm mlqmyvy`tmt dnl nvvep qcm tvmd`ne ymg`km `lqcm dbyvbynqm qns qcymm pmnyt nhqmy ebt`lg qcnq dbla`q`bl

T}iomdq qb vnye`nkmlqnyp aminqm

>0


21/53

Lmw Kmnt}ymt t`ldm Amdmkimy 4ya Nt vnyq bh qcm iybnamy mdblbk`d tqynqmgp bh qcm Gbxmylkmlq qcm`l`q`nq`xmt nvvybxma wèe hndè`qnqm `lxmtqkmlq nla obi dymnq`bl%mtvmd`neep nkblg TKMt% nla wèe dblqyì}qm qb ym`lhbyd`lg qcm

Gbxmylkmlqt gbne bh h`tdne dbltbeànq`bl

Kmnt}ymt nabvqma?

H}ee Dbyvbynqm Qns wy`qm+bhht hby `lxmtqkmlqt qb nee qpvmt bh dbyvbynq`blt }lqè 96>=

Ymkbxne bh dbkv}etbyp hmm vnpkmlqt qb Dcnkimyt bh Dbkkmydm T`kve`h`ma nla tqymnke`lma vybdma}ymt hby i}t`lmtt dymnq`bl

Yma}dq`bl bh qcm dbyvbynqm qns ynqm hby TKMt

Ymg}enq`bl bh vy`xnqm vendmkmlq bhh`dmt: vybx`t`bl bh vendmkmlq tmyx`dmt qb qcm}lmkvebpma ip vy`xnqm h`ykt

@ldymntm `l qcm l}kimy bh obi+vendmkmlq db}ltmeebyt

Lmw Dmlqyne Gbxmylkmlqt D`xè tmyxnlqt dbxmyma ip ymg}eny Tbd`ne Tmd}y`qp Tptqmk

Vnyq`ne vy`xnq`tnq`bl bh qcm Lnq`blne Ebqqmyp nla Gnk`lg Mlq`qp #BLENM)

Ymtqy}dq}y`lg% mlcnldma ymg}enq`bl nla vnyq`ne vy`xnq`tnq`bl bh qcm ngmldpdblqybee`lg qcm Tvnl`tc N`yvbyqt% NMLN

@ldymntm `l msd`tm qnsmt bl qbinddb96


22/53

I}agmqnyp msmd}q`bl bh qcm Dmlqyne Gbxmylkmlq `l

e`lm w `qc dbltbeànq`bl venl Ymxml}mt qb mla+Bdqbimy? >>3,0 ièe`bl #*9=,6- pbp)

A`ymdq nla `la`ymdq qns ymxml}mt ymg`tqmy n vbt`q`xm d}k}enq`xm gybwqcynqmt? XNQ 11,3-% Msd`tm qnsmt 9,3-% @ldbkm qns =,1-% Dbyvbynqm qns+>0,=-

Msvmla`q}ymt ymndc >18,7 ièe`bl #+6,4- pbp)

Blm+bhh kmnt}ymt% v}ie`d `lxmtqkmlq nao}tqkmlq% nla Knp msqynbya`lnypkmnt}ymt msven`l qcm tebwabwl dbkvnyma qb qcm Onl+Knp vmy`ba

Vy`knyp msvmla`q}ym abwl `l Tmvqmkimy #d}qt `l D`xè Tmyx`dm vnp nlav}ie`d `lxmtqkmlq,

H`g}ymt nym a`tqbyqma ip qcm a`hhmymlq qynlthmy dnemlany qc`t pmny `kvep`lgn ammvmy nao}tqkmlq qb knqmy`ne`zm a}y`lg qcm ymtq bh qcm pmny

Qcm d}k}enqma amh`d`q `t 41,0 ièe`bl #+40,=- pbp)

D}k}enqma vy`knyp amh`d`q nq mla+Tmvqmkimy bh +>=,1 ièe`bl # +19,>ièe`bl `l mla+Bdqbimy 9660)

9>


23/53

C`gce`gcqt

Qcm bl+gb`lg ym+inenld`lg bh qcm mdblbkp Nddmemynq`bl bh h`tdne nao}tqkmlq

H`lne`t`lg jmp tqy}dq}yne ymhbykt

H}la`lg nla Amiq Knlngmkmlq

99


24/53

Inlj`lg tptqmk? Ymtè`mlq bxmynee% i}q bl+gb`lgymtqy}dq}y`lg lmmat qb im dbkvemqma Tvn`lt inlj`lg tptqmk cnt w `qctqbba qcm dy`t`t wmee tb hny% qcnljtqb?

N ymqnè by`mlqma i}t`lmtt kbame w `qc n c`gcep dbkvmq`q`xm knyjmq tqy}dq}ym

Tqyblg tptqmk`d `ltq`q}q`blt w `qc `lqmylnq`blneep a`xmyt`h`ma ndq`x`q`mt

Y`gbyb}t ymg}enq`bl nla t}vmyx`t`bl% kvemkmlqma ip Inlj bh Tvn`l

Ymtqy`dq`xm nvvybndc qbwnyat bhh+inenldm tcmmq `qmkt nla tmd}y`q`tnq`bl Tqy`dq nvve`dnq`bl bh vy}amlq`ne ymg}enq`bl

Db}lqmydpde`dne vybx`t`blt

Qcm nao}tqkmlq qb n kbym dcneemlg`lg mlx`yblkmlq cnt ymxmnematqy}dq}yne x}elmyniè`q`mt `l vnyq bh qcm Tnx`lgt Inlj tmdqby

Ymenq`xmep c`gc msvbt}ym qb ymne mtqnqm amxmebvmy dyma`q `l tbkm mlq`q`mt

Kbym a`hh`d}eq nddmtt qb dnv`qne knyjmqt

Msdmtt dnvnd`qp ( gbxmylnldm tqy}dq}ym@q wnt lmdmttnyp qb }lamyqnjm ymhbykt? HYBI ( ymhbyk bhTnx`lgt Inljt ymg}enq`bl 94


25/53

Inlj`lg tptqmk? k`emtqblmt bh qcm ymhbykvybdmtt nla qynltvnymldp `l`q`nq`xmt Ymtqy}dq}y`lg vybdmtt qcyb}gc HYBI H`lne`zma

46"68

Tqymtt qmtqt nym nl `kvbyqnlq tqmv vybx`a`lg qynltvnymldp bl qcmnam~}ndp bh qcm ymtqy}dq}y`lg vybdmtt Ymemntma

94"67

Ymg}enqbyp ymhbyk bh tnx`lg inljt wnt lmmama qb neebw nanvqnq`blqb lmw venp`lg h`mea Nvvybxma

60"67

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Ymtqy}dq}y`lg bh Dnont Tmdqby

Mlq`qp

Qbqne

NttmqtKèe`bl

- bh qbqne

tnx`lgt

inljt'nttmqt

H`lnld`ne

t}vvbyqKèe`bl

T}vvbyq`lg

H}la

]LL@K 93%184 9,9- 436 HYBI

A@NAN 70%490 8,>- >%9=6 HYBI

MTV@GN 18%4=> 4,7- =9= HYBI

INLDN D@X@DN 1=%791 4,8- 6 Lbq ym~}`y`lg

]L@DNON+ONML 4=%>== 9,3- 6 Lbq ym~}`y`lg

DNONTBE+G]NANENONYN 4>%1=6 9,1- 6 Lbq ym~}`y`lg

IYMBGNL 77%136 8,6- >%>89 HYBI

DDK+DNONTQ]Y/ >97%987 0,0- =%983 HYBI*AGT

DNONT]Y+IIJ 13%798 4,3- 409 HYBI

EN DN@SN+G@YBLN 986%=8> 96,4- 6 Lbq ym~}`y`lgDNON K]YD@N+GYNLNAN 79%>6= =,8- 0>8 HYBI

DNONKNAY@A+INLDNON 447%9=7 98,4- 1%18= HYBI

DN@+I]YGBT+INANOB_ 96%367 >,8- 6 Lbq ym~}`y`lg

Qbqne >%9>6%87= 01,4- >1%4=3Tb}ydm? Inlj bh Tvn`l nla HYBI

/ @lde}amt >%104 K hybk HYBI nla 4%77= K hybk AGT

>4 ymtqy}dq}y`lg vybdmttmt

`lxbex`lg 16 b}q bh 1= tnx`lg

inljt

= w `qcb}q nlp t}vvbyq 8 w `qc t}vvbyq }v qb

9- YWN

9 e`~}ànq`blt HYBI dbla`q`blne`qp? 9=-

bh iynldc debt}ym nla >= qb

>3- bh mkvebpkmlq

yma}dq`bl bl nxmyngm

Msqmlama amnae`lm Amd 4>tq

#ymdnv`qne`znq`bl hybk tqymtt

qmtq)

9=


27/53

Tqmvt qnjml `l ymtqy}dq}y`lg bh Dnont Tmdqby #@ )Knoby tqmvt `l qcm ymtqy}dq}y`lg vybdmttmt ?

>,) Emgne nla nak`l`tqynq`xm dcnlgmt% `lde}a`lg qcm dymnq`bl bh qcmdbkkmyd`ne inljt qcnq w èe ndq nt qcm dmlqyne `ltq`q}q`bl `l qcm T@V

Qc`t tqngm wèe im h`lne`tma ip Amdmkimy 4>tq 96>6 nq qcm enqmtq9,) Dbyvbynqm gbxmylnldm nla knlngmkmlq

Wèe im dbkvemqma ip 4> Amdmkimy 96>6 nq qcm enqmtq4,) Bvmynq`blne `lqmgynq`bl

@l knlp nymnt% venlt nym xmyp naxnldma #`,m,% @Q venqhbykt: dmlqyneknlngmkmlq nla dblqybe bh qcm mdblbk`d nla h`lnld`ne i}agmq: dmlqyneknlngmkmlq bh e`~}à`qp% y`tj knlngmkmlq nla dbkkmyd`ne ndq`x`qp)

Inldb am Mtvnnt t}vmyx`tbyp qmnkt nym debtmep kbl`qby`lg qcmtmvenlt

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Tqmvt qnjml `l ymtqy}dq}y`lg bh Dnont Tmdqby #@ @ )?

Vybdmttmt w `qc HYBI t}vvbyq

@LQMGYNQ@BL VYBDMTTMT W@QC HYBI T]VVBYQYMTQY]DQ]Y@LG

VYBDMTTMT

VYBOMDQDNQNE]LPN

DN@SN]LL@K MTV@GN IYMBGNL INTM KNYM LBTQY]K O]V@QMY IIJ * Dnon t}y

LMGBQ@NQ@BLT Lbq n v v e`d n i em@LQMGYNQ@BL VENL

NVVYBXNE @L GMLMYNE NTTMKIEP HYBI T]VVBYQ YM ]MTQ NVVYBXNE INLJ BH TVN@L

NVVYBXNE IP HYBI DB]LD@E NVVYBXNE IP K@L@TQYP BH MDBLBKP

NLA H@LNLDM

NVVYBXNE M]YBVMNL DBKK@TT@BL NVVYBXNE IP DLD

NVVYBXNE @L GMLMYNE NTTMKIEP

NVVYBXNE IP N]QBLBKB]TDBKK]L@QP GBXMYLKMLQT

Gbx, Dnlqn iy`nvmla`lg

Gbx Dnqn e}n nla

Nlan e}d n vmla `lg Lbq n v v e`d n i em

HYBI B]QENP Mtq Amd 96>6 Mtq Amd 96>6 Mtq Amd 96>6 Mtq Amd 96>6 Mtq Amd 96>6@L@Q@NQ@BL BH NDQ@X@QP Mtq Amd 96>6 Mtq Amd 96>6 Mtq Amd 96>6 Mtq Amd 96>6 Mtq Amd 96>6

Tb}ydm? K`l`tqyp bh Mdblbkp nla H`lnldm,

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Tqmvt qnjml `l ymtqy}dq}y`lg bh Dnont Tmdqby #@ @ @)?

Vybdmttmt w `qcb}q HYBI t}vvbyq@LQMGYNQ@BL VYBDMTTMT W@QCB]Q HYBI T]VVBYQ

VYBOMDQ INLDN DX@DN DNON 4En Dn`sn *

Dn `sn G`ybln]l`dn on * Dn on

OnlDnontbe * DnonG}nanenonyn

LMGBQ@NQ@BLT @LQMGYNQ@BL VENL

NVVYBXNE @L GMLMYNE NTTMKIEP

HYBI T]VVBYQ YM ]MTQ Lb Lb Lb Lb Lb

NVVYBXNE INLJ BH TVN@L NVVYBXNE IP HYBI DB]LD@E Lbq nvv e`d ni em Lbq nvv e`d ni em Lbq nvv e`d niem Lbq nvv e`d niem Lbq nvv e`d ni em

NVVYBXNE IP K@L@TQYP BH MDBLBKPNLA H@LNLDM

Lbq nvv e`d ni em Lbq nvv e`d ni em Lbq nvv e`d niem Lbq nvv e`d niem Lbq nvv e`d ni em

NVVYBXNE M]YBVMNL DBKK@TT@BL Lbq nvv e`d ni em Lbq nvv e`d ni em Lbq nvv e`d niem Lbq nvv e`d niem Lbq nvv e`d ni emNVVYBXNE IP DLD

NVVYBXNE @L GMLMYNE NTTMKIEP NVVYBXNE IP N]QBLBKB]TDBKK]L@QP GBXMYLKMLQT

Gb x, Dn tq`een pEmbl v mla `lg

HYBI B]QENP Lbq nvv e`d ni em Lbq nvv e`d ni em Lbq nvv e`d niem Lbq nvv e`d niem Lbq nvv e`d ni em

@L@Q@NQ@BL BH NDQ@X@QP Mtq Amd 96>6 Tb}ydm? K`l`tqyp bh Mdblbkp nla H`lnldm,

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Qcm mlcnldma tqymtt qmtq ntt}kvq`blt `l Tvn`l Kmqcbabebgp amqmyk`lma ip DMIT w`qc qcm vbtt`iem tdmlny`bt

Naa`q`blne dbxmyngm nla tmxmy`qp `lqyba}dma ip IbT 0=- bh qcm inlj`lg tmdqby Tvmd`ne nqqmlq`bl qb `kvn`ykmlq hybk ymne mtqnqm vbyqhbe`b Dbltmyxnq`xm ntt}kvq`blt bl dbxmyngm hybk Lmq Bvmynq`lg

@ldbkm #LB@)

Kn`l H`g}ymt? Kndyb xny`niemt? +9,8- GAV gybwqc H`l`tcma cb}tm vy`dmt? +93- hybk vmnj, Enla nla lbl h`l`tcmacb}tmt? +8>- nla +=6- LB@ mxbe}q`bl? +4=- qb +16- `l Tnx`lg Inljt

90


31/53

Naa`q`blne tmxmy`qp

Cpvbqcmq`dne `kvn`ykmlq ebttmt nym 0,=- hby tnx`lgt inljt% t`k`enyqb ]T TDNV #0,>- )

Ngn`ltq y`tj+wm`gcqma nttmqt TDNV ebttmt wmym 7,7-% >9,8- hby

Tvnl`tc tnx`lgt inljt

Qc`t h`g}ym dbkvnymt wmee qb bqcmy c`tqby`dne mv`tbamt? H`lenla

#>006+04: 1,4- ): Twmaml nla Lbywnp #>006+04:9,7- ): Jbymn#>007+00: >>,8- )

46


32/53

Tvn`lt ymt`e`mldp- nttmqt"qbqne tptqmk Dnv`qne

L Gyb}v `la`x nd}k lmmama

> 6610+GY]VB TNLQNLAMY 49%9 49%99 6>39+GY]VB IIXN >=%1 17%8

4 =966 OV@QMY 0%0 =7%=1 =96> DN@SN 7%0 8=%1= =>08 INTM 4%0 80%48 667=+INLDB VBV]ENY MTVNBE% T,N, 4%3 74%>7 663>+INLDB AM TNINAMEE% T,N, 9%1 7=%=3 =>6> A@NAN 9%4 77%3 >,6490 =638 IYMBGL 9%4 36%>

>6 =>74 KNYM LBTQY]K 9%> 39%9>> 6>93+INLJ@LQMY% T,N, >%8 34%3>9 =6=> MTV@GN >%1 3=%9 >97>4 =>40 INLDN DX@DN >%1 38%8 168>1 963=+DNON AM NCBYYBT P K,V, AM _NYNGB_N% NYNGBL P Y@BON >%4 37%0>= =>=6 ]L@DNON >%6 33%0>8 6679+INLDB VNTQBY% T,N, 6%0 30%3

>7 =>=> DNONTBE 6%0 06%7>3 960=+I@EINB I@_JN@N J]QSN%N]YYM_J@ J]QSN MQN INC@QMQSMN #IIJ) 6%0 0>%8>0 =6=9 ]LL@K 6%3 09%1 97696 9>6>+DNON AM NCBYYBT P K,V, AM G@V]_JBN P TNL TMINTQ@NL #J]QSN) 6%8 04%69> =969 DNON4 6%8 04%899 9691+DNON AM NCBYYBT P K,V, AM DBYABIN #DNONT]Y) 6%= 01%>94 668>+INLDN KNYDC% T,N, 6%1 01%=

91 6619+INLDB G]@V]_DBNLB% T,N, 6%4 01%39= 9607+DNON AM NCBYYBT AM X@QBY@N P NENXN #X@QNE) 6%4 0=%>98 961=+DNON AM NCBYYBT P K,V, AM BLQ@LPMLQ 6%6 0=%>97 96=8+DBEBLPN + DN@SN A'MTQNEX@T AM VBEEMLTN 6%6 0=%9

M}ybvmnl

k`l`k}k tdbvm

Tvnl`tc

w`amy tdbvm

4>Tb}ydm? Inlj bh Tvn`l


33/53

Tnx`lg Inljt? Hmnq}ymt bh qcm ymg}enqbyp ymhbyk

z Amkptq`hp`lg Tnx`lg Inljt?zzz

Knoby hbydm `l msqmla`lg tmyx`dmt nla `l dymnq`lg n c`gcep dbkvmq`q`xm mlx`yblkmlq nlat`gl`h`dnlq ay`x`lg hbydm hby gybwqc% tnx`lgt% neebdnq`bl bh ymtb}ydmt nla h`lnld`ne `lde}t`bl

T}vvbyq hby tbd`ne% d}eq}yne nla ma}dnq`blne vybomdqt

T}iomdq qb qcm tnkm t}vmyx`tbyp nla vy}amlq`ne ymg`km nvve`ma qb nee dyma`q `ltq`q}q`blt

z I}q lmw dblqmsq ym~}`yma n ymhbyk bh qcm enwz C`gcmy h}q}ym dnv`qne ym~}`ymkmlqt ibqc `l ~}nlq`qp nla `l ~}ne`qp

Lmma hby gymnqmy hemsìè`qp `l nddmtt qb dnv`qne ymtb}ydmt

z Gybw`lg dbkvems`qp bh h`lnld`ne ndq`x`qp cnt netb ymndcma tnx`lg inljt%qyna`q`blneep hbd}tma bl n ymqnè+by`mlqma i}t`lmtt kbame

Lmma qb knjm dbyvbynqm gbxmylnldm kbym vybhmtt`blne nla

qynltvnymlq `l e`lm w `qc dbyvbynqm gbxmylnldm bh inljt

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34/53

Tnx`lg Inljt #>)? Imqqmy Dbyvbynqm GbxmylnldmKbym vybhmtt`blne knlngmkmlq

Lmw ym~}`ymkmlqt bl jlbwemagm nla msvmyq`tm nym `lde}ama ymgnya`lgdblqybe h}ldq`blt% a`ymdqbyt nla knlngmyt

Mtqnie`tckmlq bh n lmw Nvvb`lqkmlq nla Ymk}lmynq`bl Dbkk`qqmmImqqmy ymvymtmlqnq`bl bh nee tqnjmcbeamyt

Vybc`i`q`bl bh memdqma vbt`q`blt nla c`gc emxme bhh`d`net qb im kmkimytbh gbxmyl`lg iba`mt A`tvbt`q`blt bl dblhe`dqt bh `lqmymtq cnxm imml `lde}ama Dm`e`lgt bl qcm xbq`lg tcnymt hby v}ie`d mlq`q`mt yma}dma hybk =6

vmydmlq qb 16 vmydmlq

Mtqnie`tckmlq bh n lmw Tbd`ne A}q`mt Dbkk`qqmmMlcnldma qynltvnymldp

Mtqnie`tckmlq bh qcm bie`gnq`bl qb v}ie`tc nl nll}ne ymvbyq bl dbyvbynqm gbxmylnldm

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35/53

Tnx`lg Inljt #9)? Tqymlgqcml`lg qcm niè`qp qb yn`tmdnv`qne

Hb}y neqmylnq`xmt qb `kvybxm qcm`y niè`qp qb yn`tm dnv`qne?

>, Kn`lqn`l qcm`y ms`tq`lg tnx`lg inlj tqy}dq}ym% w`qc wàmlmavbttìè`q`mt qb `tt}m vymhmyyma tqbdj w `qc vbe`q`dne y`gcqt

9, @lqmgynqm vnyq bh qcm`y tqy}dq}ym `l n dbltbeànqma gyb}v#wc`dc `t n Inlj)4, Qynlthmy `qt h`lnld`ne ndq`x`qp qb n inlj `l wc`dc qcmp cbea n

knoby`qp tqnjm

1, Qynlthmy qcm`y h`lnld`ne ndq`x`qp qb n dbkkmyd`ne inlj `lwc`dc qcmp wèe cnxm n lbl knoby`qp tqnjm nla qynlthbyk `lqbn hb}lanq`bl

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36/53

Enib}y knyjmq ymhbyk? Hb}y knoby biomdq`xmt #>) Biomdq`xm >? Ndc`mx`lg n debtmy ymenq`bltc`v imqwmml wbyj`lg

dbla`q`blt nla qcm tvmd`h`d t`q}nq`bl bh qcm h`yk>, Mhhmdq`xm bvq b}q hybk dbeemdq`xm inygn`l`lg `h qcmym `t ngymmkmlq nkblg

mkvebpmy nla wbyjmyt #nyi`qyngm vbttìem `l dntm bh a`tngymmkmlq)

9, Ymntblt hby biomdq`xm a`tk`ttnet nym deny`h`ma nla vybdma}ymt t`kve`h`ma

Biomdq`xm 9? Yma}d`lg tmgkmlqnq`bl

4, Qcm dblqynqb am hbkmlqb `t gmlmyne`zma nla n dnv`qne`znq`bl h}la hby

a`tk`ttnet% hbyknq`bl% kbiè`qp by ymq`ymkmlq wèe im amxmebvma1, Qmkvbynyp dblqyndqt qmyk`lnq`bl vnpkmlqt wèe im `ldymntma tkbbqcep

hybk 3 anpt vmy pmny qb >9 `l 96>= tqnyq`lg `l 96>9

4=


37/53

Enib}y knyjmq ymhbyk? Hb}y knoby biomdq`xmt #9)

Biomdq`xm 4? @kvybxm knqdc`lg `l qcm enib}y knyjmq=, Qmkvbynyp Ngmldp Wbyj A`ymdq`xm wèe im qynltvbtma% me`k`lnq`lg

d}yymlq ymtqy`dq`blt

8, Vy`xnqm hby+vybh`q mkvebpkmlq Ngmld`mt wèe im n}qcby`zma qb bvmynqm

Biomdq`xm 1? Mlcnld`lg c}knl dnv`qne

7, Me`gìè`qp hby qyn`l`lg dblqyndqt `t msqmlama

3, Tbd`ne Tmd}y`qp yminqmt wèe im nvve`ma vymhmymlq`neep qb }lmkvebpma}ltjèema wbyjmyt }v qb qcm ngm bh 46 nla bxmy 1=

0, Tcbyq q`km wbyj`lg nyynlgmkmlq qcnq hnxb}yt qcm yma}dq`bl bh cb}yt nt

bvvbtma qb a`tk`ttnet nt knyg`l bh nao}tqkmlq

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Enib}y knyjmq ymhbyk? D}yymlq tqnq}t

Nvvybxma bl >8"68% h}eep `l vendm Nvvybxma ip dblgymtt neymnap nla v}tcmt h}yqcmy tbkm bh qcm biomdq`xmt?

Mlt}y`lg qcm mhhmdq`xmlmtt bh bvq b}q den}tmt ibqc hby wngmt nlawbyj`lg dbla`q`blt

Biomdq`xm a`tk`ttnet dnl im o}tq`h`ma w`qc hbywnya ebbj`lg ymntblt nlae`~}`a`qp vybiemkt% lbq blep ymne`tma ebttmt

@kvybx`lg emgne dmyqn`lqp hby dbkvnl`mt H`lm q}l`lg lmw emg`tenq`bl hby tknee h`ykt H}yqcmy gmlmyne`znq`bl bh qcm dblqynqb am hbkmlqb Ndq`xm enib}y knyjmq vbe`d`mt mlcnldma,

47


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Bqcmy }vdbk`lg nla vnttma ymhbykt? tmyx`dmt T}itqnlq`ne yma}dq`bl bh nak`l`tqynq`xm i}yamlt bl vybhmtt`blnet

Yma qnvm nttbd`nqma qb ms+nlqm t}vmyx`t`bl ip vybhmtt`blnebygnl`znq`blt #dbemg`bt) `t gymnqep yma}dma

Nvvybxma46"67 Hymmabk bh memdq`bl bh t}vmyx`tby

Qcm ymhbyk w`ee tnxm 3>=K n pmny hby vybhmtt`blnet Lmw ymg}enq`bl bl vybhmtt`blne tmyx`dmt

Qcm gbxmylkmlq `t venll`lg n dbkvymcmlt`xm ymx`t`bl bh ymtqy`dq`bltcnkvmy`lg vybx`t`bl bh vybhmtt`blne tmyx`dmt

Qcm ymhbyk db}ea v}tc eblg qmyk gybwqc bh vbqmlq`ne GAV ip 6%7- Ymtqy`dq`blt bl mlqyp w`ee im gymnqep yma}dma

Kbym hymmabk qb bvmynqm nla dbkvmq`q`bl nkblg vybhmtt`blnet

Mhhmdq`xm vybqmdq`bl bh dblt}kmyt w`qc emtt i}yamlt bl mlqymvymlm}yt

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]vdbk`lg ymhbykt? Vmlt`bl ymhbyk Qcm d}yymlq h`lnld`ne t`q}nq`bl bh qcm Tbd`ne Tmd}y`qp Tptqmk `t tb}la?

Qcm ymdbyama t}yve}t }lqè O}lm 96>6 wnt 6,0- bh GAV Qcm Tbd`ne Tmd}y`qp Ymtmyxm H}la d}k}enqma nttmqt ip 8- bh GAV

}lqè O}lm qc`t pmny

I}q ngm`lg knjmt lmdmttnyp n ymhbyk, Qcm Gbxmylkmlq knam n

vybvbtne `l Onl 96>6, Kn`l kmnt}ymt `lde}ama wmym?

Nl `ldymntm `l qcm tqnq}qbyp ymq`ymkmlq ngm hybk 8= qb 87 Ym`lhbyd`lg qcm ymenq`bl imqwmml dblqyì}q`blt nla imlmh`qt N kbym hemsìem ymenq`bltc`v imqwmml dbkvemkmlqnyp tbd`ne tmd}y`qp

nla qcm v}ie`d tptqmk

Vbttìem nao}tqkmlq bh bqcmy vnynkmqmyt bh qcm d}yymlq tptqmkD}yymlq aminqm `l Vnye`nkmlq

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C`gce`gcqt

Qcm bl+gb`lg ym+inenld`lg bh qcm mdblbkp Nddmemynq`bl bh h`tdne nao}tqkmlq

H`lne`t`lg jmp tqy}dq}yne ymhbykt

H}la`lg nla Amiq Knlngmkmlq

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Amiq knlngmkmlq cnt vybxma qb im ymtè`mlq qb

dcneemlg`lg knyjmq dbla`q`blt Ebw amiq qb GAV b}qtqnla`lg vybxàmt n tqyblg tqnyq`lg

vb`lq Qynltvnymldp nla vyma`dqniè`qp nym c`gcep xne}ma ip`lxmtqbyt

Emlgqcml`lg bh nxmyngm e`hm bh amiq b}qtqnla`lg ymkn`lt nlbiomdq`xm

N tbeà nla a`xmyt`h`ma `lxmtqby intm amtv`qm qcm cnytcamxmebvkmlqt `l knyjmqt `l qcm tmdbla nla hb}yqc ~}nyqmyt

@lqmlt`h`ma h`tdne nao}tqkmlq dbkk`qkmlqt

1>


43/53

Ebw Amiq nt n tqnyq`lg vb`lq W`qc =4%9- nq mla 9660% Tvn`lt amiq qb GAV `t nkblg qcm ebwmtqbh knoby Wmtqmyl Mdblbk`mt

N ebwmy amiq i}yaml vybx`amt ymt`e`mldp `l qmykt bh `lqmymtqvnpkmlqt nla ymh`lnld`lg lmmat

Amiq qb GAV ynq`bt

>16-

>96-

>66-36-

89,3-=4,9-86-

40,3-16-96-

6-

9663 9660 96>6

@qnep @ymenla Vbyq}gne Hynldm

]J Gmyknlp Tvn`l

Tb}ydm? M}ybtqnq,

@lqmymtq Msvmla`q}ymt

#- bh GAV% MAV)8-

=-1-4-

9,9->,3-

9- >,8-

>-6-

9663 9660 96>6

@qnep @ymenla Vbyq}gne ]J

Hynldm Gmyknlp Tvn`l

Tb}ydm? M}ybtqnq,19


44/53

Ybi}tq Qymnt}yp Knlngmkmlq Tptqmk @tt}nldm tdcma}em intma bl xmyp dbltmyxnq`xm ntt}kvq`blt

nib}q i}agmq msmd}q`bl Vnpkmlq anqmt #ymamkvq`bl nla db}vblt) nym tmq qb db`ldàmw `qc i`ggmtq `lhebwt bh qns ymxml}mt

E`~}à`qp e`lmt w `qc inljt Msdmtt e`~}à`qp `t emlq `l qcm kblmp knyjmq mndc anpqcyb}gc n kblqcep n}dq`bl

Qynltvnymldp? ymg}eny nla v}ie`dep nxnèniem `lhbyknq`blnib}q i}agmq msmd}q`bl% dcnlgm `l dntc inenldm

14


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H}la`lg vybgynkkm msmd}qma

nq qcm vndm `l`q`neep venllma Lb ymamkvq`bl bh iblat `l qcm ymkn`l`lg bh 96>6

N}dq`blt ymtè`mlq mxml }lamy tqymttma knyjmq dbla`q`blt?}ldcnlgma nxmyngm ynq`b bh amknla qb t}vvep xbe}kmt

9=6963,1

>0=,1966

>=6>>1,1 >68,1

01 30>66

=6

6

Gybtt `tt}nldm Q+ièet Kma`}k nlaeblg+qmyk

Biomdq`xm @tt}nldm

H}la`lg vybgynkkm dbkvemq`bl

Tb}ydm? A`ymdd`l Gmlmyne ame Qmtbyb p Vbeq`dn H`lnld`myn,

Ià qb dbxmy ynq`bt `l n}dq`bltIBLBTP

BIE@GND@BLMT

YNQ@B AMDBIMYQ]YN

KMA@BNB EMQYNT

>000 9,1> 9,4= 9,439667 9,>8 9,90 9,999663 >,88 >,76 >,839660 9,>= >,30 9,6996>6 9,4> >,0= 9,>4

/ ]v qb Lbxmkimy 91qc 96>6Tb}ydm? A`ymdd`l Gmlmyne ame Qmtbyb p Vbeq`dn H`lnld`myn,

11


46/53

H}la`lg vybgynkkm b}qe`lmtTcbyq qmyk?

4+ nla 8+kblqc Emqynt n}dq`bl 1qc Q}mtanp bh mxmyp kblqc >3+kblqc nla >9+ kblqc Q+ièet n}dq`bl 4ya Q}mtanp bh mxmyp kblqcKma`}k nla eblg qmyk?

N}dq`bl vybdma}ymt? ^}nyqmyep dnemlany * vbqmlq`ne bhh+qcm+y}l e`lmtnllb}ldma Hyànp vy`by qb qcm n}dq`bl

E`k`q t`zm vmy e`lm? ldymntma qb >8,= il hby eblgmy e`lmtBqcmy h}la`lg tb}ydmt?

Qmtbyb Vie`db `t bvml qb naa`q`blne hbym`gl d}yymldp `tt}nldm Hebnq`lg ynqm lbqmt cnxm vybxàma `l 9660 nla 96>6 nl naa`q`blne h}la`lgtb}ydm Vy`xnqm vendmkmlqtVybomdqt?

M}ybvmnl `lhenq`bl+e`ljma `tt}mt #C@DV+ms qbinddb) Tdc}eatdcm`l ebnlt

1=


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N cnytcep qmtqma tqniem `lxmtqby intm Lbl+ymtàmlqt cnxm imml dn}q`b}t `l C> 96>6% w`qc abkmtq`d ymne kblmp `lxmtqbyt`ldymnt`lg qcm`y amknla

Tqyblg ymtvbltm hybk Ymne Kblmp lbl+ymtàmlqt `l O} ep >6 pmny tpla`dnq`bl tcbwtdblhàmldm `l Tvn`l't dyma`q

Qcm e`k`qma nla qmkvbynyp vbyqhbe`b yminenld`lg imqwmml abkmtq`d `lxmtqbyt nlalbl+ymtàmlqt `l C> amkbltqynqmt qcm ymtè`mldp bh qcm Tvnl`tc knyjmq

Gbxmylkmlq Iblat ip Cbeamy#Qmyk `lxmtqkmlq% - bh qbqne vbyqhbe`b)

6-

>6-

96-

46-

16-

=6-

86-

76-

36-

06-

>66-Tvnl`tc bhh`d`ne

`ltq`q}q`blt

Lbl ymtàmlqt

Cb}tmcbeat (

Lbl h`lnld,

Vmlt`bl ( K}q}ne

H}lat

@lt}ynldm

Dbkvnl`mt

Dyma`q @ltq`q}q`blt

17,6-

44,47-

>000 9666 966> 9669 9664 9661 966= 9668 9667 9663 9660 96>6/ /Nt bh Bdqbimy 4>tq

Tb}ydm? A`ymdd`l Gmlmyne ame Qmtbyb p Vbeq`dn H`lnld`myn, 18


48/53

Qcm `lxmtqby intm cnt ymkn`lma tqniem Qcm gmbgynvc`dne a`tqyì}q`bl bh cbea`lgt bh gbxmylkmlq iblat cnt ymkn`lmaymenq`xmep tqniem a}y`lg qcm entq qwb pmnyt

Nl msdmvq`bl `t qcm dnqmgbyp amv`dq`lg Nt`n% Nhy`dn nla qcm ymtq bh qcm wbyea

Gmbgynvc`dne a`tqyì}q`bl bh lbl+ymtàmlq cbeamyt bhgbxmylkmlq iblat

6-

=-

>6-

>=-

96-

9=-

46-

9667 9663 9660 BDQ 96>6/

#Qmyk `lxmtqkmlq% - bh lbl+ymtàmlq vbyqhbe`b% 4>tq Bdqbimy)

Hynldm

Onvnl

Gmyknlp

@qnep

IMLME]S

Ymt

qbhM]

Nt`n%

Nhy`dnnla

bqcmyt

Nkmy`dn

YmtqbhM}ybvm

Tb}ydm? A`ymdd`l Gmlmyne ame Qmtbyb p Vbeq`dn H`lnld`myn,17


49/53

Amiq Knlngmkmlq gb`lg hbywnya Tqymlgqcml b}y niè`qp qb tnè `l qyb}iema wnqmyt?

Dblq`l}m emlgqcml`lg nxmyngm e`hm bh amiq b}qtqnla`lg% w`qc ynqmt tqèe nq

ymenq`xmep ebw emxmet T}vvbyq qcm lbykne`znq`bl bh knyjmq h}ldq`bl`lg qcyb}gc qynltvnymldp nlavyma`dqniè`qp

Bl+gb`lg mlgngmkmlq w`qc b}y `lxmtqby intm qb }vanqm bl qcm

`kvemkmlqnq`bl bh vbe`dp tqynqmgp nla mdblbk`d nla i}agmqnyp amxmebvkmlqt>6 pmny p`mea nla tvymna xt I}la

8,69=6

96699=

=,6>7=

>=6>9= 1,6

>66

7=4,6

=6

9=

6 9,6Onl+>6 Kny+>6 Knp+>6 O}e+>6 Tmv+>6 Lbx+>6Tvymna xt Nemknl`n #@z~an)Bie`gnd`l >6 Nbt #Adcn,)

Tb}ydm? Iebbkimyg,

Dbtq bh amiq b}qtqnla`lg nla dbtq nq `tt}nldm#`l vmydmlq% }v qb Bdqbimy 4>tq 96>6)8,6

=,==,61,=

1,64,=

4,6

9,=9,6

4,=4 4,86

9,>=9,11

>,=

>,6

Dbtq bh Amiq b}qtqnla lg Dbtq nq `tt}nldm

9666

966>

9669

9664

9661

966=

9668

9667

9663

9660

96>6/

Tb}ydm? A`ymdd`l Gmlmyne ame Qmtbyb p Vbeq`dn H`lnld`myn,13


50/53

Biomdq`xm? Emlgqcml`lg nxmyngm e`hm @q cnt `ldymntma qcnljt qb yma}dma `tt}nldm bh ièet nla hbd}t blkma`}k nla eblg qmyk t}vvep

Mxml `h `q mlqnèt c`gcmy dbtq% y`tj knlngmkmlq kmnlt e blg my ` t t q ` e e i m q q m y

H}yqcmy mhhbyq qb ndc`mxm naa`q`blne emlgqcml`lg bh nxmyngm e`hm

A}ynq`bl ( Nxmyngm E`hm qb Knq}y`qp bh qcmVbyqhbe`b#Emqynt% Iblbt nla Bie`gnd`blmt)

#`l pmnyt)

3

7

1,88

1,=1

8,71

8,=9=,=98

=

1 1,>8

96

66

96

6>

96

69

96

64

96

61

96

6=

96

68

96

67

96

63

96

60

96>6/

A}ynq`bl Nxmyngm e`hm

4

/Nt bh Bdqbimy 4>tq 96>6

Nxmyngm e`hm qb Knq}y`qp#Q+Ièet nla kma`}k nla eblg+qmyk m}yb+amlbk`lnqma amiq)#`l pmnyt)

7,363,6

7,=8,04

7,6 8,71 8,71

8,938,= 8,>3=,33 =,318,6

=,=

=,6

N}t

qy`n

Hynldm

Tv

n`l

@qnep

Vbyq}

gne

Gmyk

nlp

Lmqcmyen

lat

Imeg

`}k

Tb}ydmt? A`ymdd`l Gmlmyne ame Qmtbyb p Vbeq`dn H`lnld`myn Iebbkimyg,10


51/53

=6

96>>+961> Ymamkvq`blt nla `lqmymtq vnpkmlqt

Knq}y`qp Tqy}dq}ym bh Kma`}k nla Eblg+Qmyk Amiq

>6

96

46

16

=6

86

76

36

96>>

96>9

96>4

96>1

96>=

96>8

96>7

96>3

96>0

9696

969>

9699

9694

9691

969=

9698

9697

9693

9690

9646

964>

9649

9644

9641

964=

9648

9647

9643

9640

9616

961>

il

Vy`ld`vne @lqmymtq


52/53

Y`tj kmnt}ymt Ymh`lnld`lg y`tj ymkn`lt t}ia}ma a}m qb emlgqcml`lg bh nxmyngm e`hm

Ymamkvq`blt bh M}yb+amlbk`lnqma amiq ymkn`l wmee `l e`lm w`qcqcbtm bh vmmyt

Knq}y`qp vybh`emamiq, 96>>+9696

#- bh M}yb+amlbk`lnqma amiq b}qtqnla`lg)9=-

96-

>=-

>6-

=-

6-

96>>

96>9

96>4

96>1

96>=

96>8

96>7

96>3

96>0

9696

Tvn`l Hynldm Gmyknlp Vbyq}gne @qnep Imeg`}k

Tb}ydm? Iebbkimyg

Ymamkvq`blt `l 96>>#- bh 96>6 GAV mtq`knqm)

96-

>8-

>9-

3-

1-

>7,8->=,3- >=,8-

>9,8->>,6-

0,6-

6-@qnep

Im

eg`}k

Vbyq}gne

Hynldm

Tvn`l

Tb}ydmt? Iebbkimyg, M}ybtqnq,

Gmy

knlp

=>


53/53

Qcnlj pb} hby pb}y nqqmlq`bl Tbemana Lmz Gmlmyne A`ymdqby bh qcm Qymnt}yp nla H`lnld`ne Vbe`dpA`ymdqbyQmtbybFqmtbyb,kmc,mt

@glnd`b Hmyllamz Vnebkmyb Amv}qp A`ymdqby hby H}la`lg nla Amiq Knlngmkmlq`hmylnlamzFqmtbyb,kmc,mt

Obt Ynkl Knyqlmzoyknyq`lmzFqmtbyb,kmc,mt

Ybtn KbyneykkbyneFqmtbyb,kmc,mt

Emnlayb LnxnyybelnxnyybFqmtbyb,kmc,mt

Vnieb am Ynkl+EndnvynkblendnFqmtbyb,kmc,mt

@glnd`b X`dmlqm`x`dmlqmFqmtbyb,kmc,mt

Ybdb Dc`db

kydc`dbFqmtbyb,kmc,mt

Hby kbym `lhbyknq`bl vemntm dblqndq?Vcblm? 41 0> 960 0= 90"46"4>"49 + Hns?41 0> 960 07 >6

Ym}qmyt? QMTBYB

Iebbkimyg? QMTB@lqmylmq? www,qmtbyb,mt

=9
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.tesoro.es/http://www.tesoro.es/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

presentation of the spanish government to foreign banks. december 2010. 01052011

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