Nicu Lungu - Portrete



&RS\ULJKWŒ/21*60$57352-(&7 7RDWHGUHSWXULOHDVXSUDDFHVWHLHGL?LLDSDU?LQ (GLWXULL/21*60$57352-(&7 7HKQRUHGDFWRU1LFX/XQJX 3ULQWHGLQ5RPDQLD



&XGUDJRVWH@LVWLPCFROHJLORUPHL GHOD&1(352'&HUQDYRGCFDUH PDX>QFXUDMDWVC>QWUHSULQGDFHVW H[SHULPHQWOLWHUDU $XWRUXO &HUQDYRGC$SULOLH

*$/$_,



&XY>QW>QDLQWH &HHDFHDYH?L>QID?CHVWHXQXOGLQWUHUH]XOWDWHOH SR]LWLYHDOHWUDQVIRUPCULORUVRFLDOSROLWLFHGHGXSC  ,QWUDW>QY>OWRDUHDWUDQ]L?LHLFDQRLWR?LDXWRUXO DFHVWRUSDJLQLDIRVWUXSWSULQMRFXOGHVWLQXOXLGH IDPLOLDVD@L§H[LODW¨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



IDPLOLHFXPLDSUH]LVRLOXVWUCSHUVRQDOLWDWHORFDOCOD VRVLUHD>Q&HUQDYRGC 0X@FDWGHWHDPDUXSHULLLUHYHUVLELOHGH GHVFHQGHQ?LLOXLSULQOLSVDFRPXQLFCULLSHUPDQHQWH LQVWLQFWXOOD>QGHP>QDWVCOLVHDGUHVH]H>QWUXQPRG FDUHVCGHYLQCSHUPDQHQW@LFRQWLQXX@LDVWIHOSUHFXP 1HDJRH%DVDUDEDOCVDW§^QYC?CWXULOH¨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§ICFCWXUL¨GLQSDUWHDDXWRUXOXL&LWLQG DFHVWHPLFL§IHOLLGHYLD?C¨DLVHQ]D?LDFCH@WLGHID?CFX DXWRUXOORU@LDFHVWD>?LSRYHVWH@WH&>QG@LF>QG>@LGCFX SCUHUHDDVXSUDFHORUSRYHVWLWHH[DFWFD>QWUR FRQYHUVD?LHODREHUHVDXODRFDIHD 1XSULYL?LFXQH>QFUHGHUHDFHDVWCFCUWLFLFCSHQWUX FCGDFC1LFX/XQJXHXQRPREL@QXLWFKLDUSUHD 

REL@QXLWSRYHVWLULOHOXLVXQWVSOHQGLGH@LSURPLWOXFUCUL PXOWPDLLPSRUWDQWH 3RDWH>Q§'DQV>QGFX1HXWULQR¨FXFDUHQHWRW DPHQLQ?C^QRULFHFD]HXFUHG>Q1LFX/XQJXGLQDFHVWH SDJLQL &XUHVSHFWID?CGHHO @LFLWLWRULLOXL 0LKDL7XGRU &RQVWDQ?D$XJXVW



`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`LFXP WUHEXLDVC>@LEDJHFRDGD@LGUDFX>QIHULFLUHDORUGH DPDQ?LIHURFHOHYLQHRLGHHHDVCLIDFCRYL]LWCODHO DFDVCGDUFXPVCRSUH]LQWH"$XJCVLWVROX?LDHDVCVH GHDGUHSWGRDPQDLQVSHFWRDUHGHODDXWRED]C2PXO>L VSXQHVR?LHLVCSUHJCWHDVFCRPDVCSHFLQVWHIULSWXUL SOCFLQWH?XLFCYLQ@LELQH>Q?HOHVFHYDODSDFKHW@LOD ELGRQSHQWUXGRDPQDLQVSHFWRDUH ^QWURVHDUCFXPXOWWXSHXVHGXFODHODFDVCOD ?DUC7RWXOGHFXUJHFRQIRUPSODQXOXL 7UHFF>WHYD]LOH@LQHYDVWCVDDIOCGHODR ELQHYRLWRDUHFLQHHVWHGHIDSWGRDPQDLQVSHFWRUHR



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

^QWUR]LVSUHVHDUCVWCWHDODWLUC>QID?CODJDUC/D XQPRPHQWGDWVLPWHFCWUHEXLHVCPHDUJCVCVHX@XUH]H 3OHDFC@Lž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

)HEUXDULH



_CUDQLL %CUEDWDGHYCUDWHUDGRWDWFXWRWFH>LWUHEXLHXQXL RPJRVSRGDU(UDWUDFWRULVWPXQFHDPXOWGLQJUHXGDU @WLDVC@LSHWUHDFCSHFLQVWH^@LLXEHDQHYDVWDFXSDWLPC 7RDWHEXQH@LIUXPRDVHS>QC>QWUR]LF>QGIHPHLDLD DGXVODFXQR@WLQ?CFCHVWHLDUC@LJUDYLGC 9LD?DHUDGXUC&HD@FCGHFUHWDVHODLQVLVWHQ?HOH /HDQCLFDILHFDUHIDPLOLHVCDLECSDWUXFRSLL1HEXQXO>@L SXVHVH>QJ>QGVCILHCOPDLPDUHSHVWHGRXC]HFL@LFLQFL GHPLOLRDQHGHURP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`LDOXDWFDGHRELFHLP>QFDUHDSUHJCWLWCGH QHYDVWCVDFDUHQXSUHDREL@QXLDVCOXUPH]HODSUC@LWD >QMXJDWFHOHGRXCYDFLDSXVERWDSHQWUXDSCGHECXW@LR EDOHUFC>QFDUHREL@QXLDVCLDDSCSHQWUXYDFLVCOHGHD @LORUVCEHDODSU>Q]F>QGVRDUHOHGRJRUHDFXSXWHUH &>QGDDMXQV>QYDOHOD&COPC?XLFDPODGRL NLORPHWULGHODPDUJLQHDVDWXOXLVDRSULWFDGHRELFHLOD 

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

0DUWLH



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`WHIDQ *KHRUJKLXODOXDW>QFROLPDWRULX^QHSRFDGHWULVWC DPLQWLUHFD@LDFXPGHIDSWQXWUHEXLDVCWHGDLJUDQGH VCILLPDLERLHUGHF>W@HIXO



/DD@WHSWDWODFRWLWXUC@LF>QGODSULQVFXP>?DQ VDFLDVSXVFODURULSOHDFCGHODFRRSHUDWLYCRUL>QIXQGC SX@FCULD 6DVSHULDWFDPWDUH3XV>QID?DSUREHORUHYLGHQWH @LDGDWGHPLVLD@LDSOHFDW'XSCF>WHYDOXQLGHFCXWDUH @LDJCVLWVHUYLFLODRUD@JHVWLRQDUODRPDJD]LHGLQ FRPELQDW6DDFRPRGDWUHSHGHFXQRXOORFGHPXQFC $FXPHUD@LWCWLFVR?LDLDQCVFXWRIHWL?C 3HYUHPHDOXL&HD@FCPDLWR?LURPQLLDYHDX PHQWDOLWDWHDFCGHODVWDWSR?LIXUDICUCJULMC+R?LL DGHYCUD?LHUDXFRQVLGHUD?LGRDUFHLFDUHIXUDXGLQDYHUHD SULYDWC 0HGLXOFRPELQDWXOXLLDSLFDWFDRPCQX@CDFXP SXWHDIDFHDIDFHULEDEDQH1HYDVWCVD>ODSURED@LHUD PXO?XPLWCDYHUHDFUH@WHD 'DUDYHQLW@LFHIHLXO>QWUR]LLDXICFXWLQYHQWDUXO SHQHYH@LIHULFLUHDORUDDSXV$VWDW>QSX@FCULHDSURDSH FLQFLDQL&>QGDYHQLWDFDVCD>QFHSXWDGHYCUDWDOXL GUDPC$IODVHF>WHFHYDGHODRDPHQLLFDUHYHQHDXOD YRUELWRUODSX@FCULH &HVD>QW>PSODWF>WDIRVWHOSOHFDW" 1HYDVWCVDHUDRIHPHLHGUCJX?CGXSCFXPYDP VSXV5CPDVCVLQJXUCFXIDWD@LFXVHUYLFLXOODFHDSHXD IRVW>QFRO?LWCGH@HIL3>QCODXUPCDFHGDWDUCPDV >QVCUFLQDWC@LDQCVFXWJHPHQH `LFXPRQHQRURFLUHQXYLQHVLQJXUCDWUHEXLWVCVH >PSDFHFXJ>QGXOFCXQDGLQIHWHDYHDXQGHIHFWODXQ



SLFLRU`LDFCOFDWSHVXIOHWXOGHPDPC@LOHDGXVODXQ RUIHOLQDW $IRVWPDUHWCPECOCXFXVRDFUCVDFDUHGHVXSCUDUHD ICFXWLQIDUFW@LDPXULW1XOPDLSXWHDSULYL>QRFKLQLFL SHVRFUXVX`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



$VRFLD?LDHLDYHD>QFHW>QFHWVCVHGHVWUDPHGDUHLDX DFXPFDPWRWFHOHWUHEXLHSCP>QWFDVCXQ$UR@LR 'DFLDQRXC $PXLWDWVCYCVSXQFCGXSC>PSCFDUHDXPDLICFXWR IDWC&HDPLFCPLVDSCUXWFCHVWHFHDPDLIUXPRDVC 6XQWHLDFXPQL@WHURPQLIHULFL?L"

0DUWLH



0DULQDUXO ^OFXQRVFGHF>QGHUDPLF$FXPDP>QID?DPHDXQ ECUEDW>QIORDUHDY>UVWHL>QDOWEORQGFXRFKLDOED@WUL@L PXVWD?CDUHR>QIC?L@DUHLPSXQCWRDUH>Q?LQXWDGHJDOCD RIL?HULORUVXSHULRULGLQPDULQDURPQC(VWHFCVCWRULW DUHRIDPLOLHXQLWCRVR?LHLXELWRDUHGRLFRSLLPLQXQD?L @LRVLWXD?LHPDWHULDOCSHVWHPHGLH 'DUFXPDIRVWGUXPXOSHFDUHDDMXQVDLFL" 7RWXODSRUQLWFXDQL>QXUPC6LQJXUODSCULQ?LDDYXW RFRSLOCULHOLQL@WLWC@LOLSVLWCGHJULML 9CPDLDPLQWL?LVHULDOXOGHWHOHYL]LXQH§/LQLD PDULWLPC2QHGLQ¨"$FHVWILOPODIDVFLQDW`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QHDVFCSURLHFWDWCGHXQSLRQLHU>Q GRPHQLX¥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

VWCS>QLUHGHVLQHGHPQCGHXQPLOLWDU/DOXDWODECJDW >QPD@LQC@LDSOHFDWFXHOODVSLWDOQXDYHDQLPLFJUDY &>QGVD>QWRUVDFDVCHDSOHFDVH$XGLYRU?DWQRURFFC QXDYHDXFRSLL $VXIHULWPXOW3OCWHDDFXPSHQWUXFHHDFHQX>QYC?DVH QLFLODOLFHXQLFLODLQVWLWXW@FRDODYLH?LL (DVDVWDELOLWOD%XFXUH@WLDPYC]XWRXOWLPDGDWCOD 35279OD§&LQH@WLHF>@WLJC¨XQGHQXDUHX@LWVCLDR VXPCLPSRUWDQWCXQLLVSXQFCDUILSOHFDW>QVWDWHGXSC FHDWHUPLQDWIDFXOWDWHD &DPGXSCXQDQGHFCXWCULSURYLGHQ?DLDVFRVR>Q FDOHSHDFWXDODVR?LHRIHPHLHGHRVHELWCFDUHQXPDL IXVHVHFDVCWRULWC@LFDUHHPDLW>QCUCGHF>WHOFXF>?LYD DQL ^PSUHXQCDXGRLFRSLLPLQXQD?LIUXPR@L@LWDOHQWD?L XQECLDW@LRIDWC $FXPF>QGPCJ>QGHVFODHLUHDOL]H]FCGHIDSWILHFDUH PDULQDUICUCRVR?LHFUHGLQFLRDVCLXELWRDUH@LDPEL?LRDVC HVWHFDXQYDV>QGHULYCFDUHVFUXWHD]CGLVSHUDWRUL]RQWXO >QFCXWDUHDIDUXOXLVDOYDWRU 0DUWLH



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`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

GHFHLGRLJHPHQLFDUHWRDWC]LXDHUDXSHODHOSULQ ODERUDWRU&ROHJLLGLQFDQFHODULHDX>QFHUFDWVCILHDOCWXUL GHHOODXFRPSCWLPLW@LODXDMXWDWVCVHHFKLOLEUH]H SVLKLF 7LPSXODWUHFXW>Q]ERUHVWHSHQVLRQDU@LFDVCL WUHDFCWLPSXOVHRFXSCGHDIDFHULOHXQXLDGLQWUHECLH?L FDUHDFXPHVWHPDUH>QSROLWLFCHVXESUHIHFW &>QGPC>QW>OQHVFFXHOSULQRUD@VWCPPXOWGHYRUEC D@DFDGHODHOHFWURQLVWODHOHFWURQLVW^LUCP>Q>QGDWRUDW DW>WFDIRVWHOHYF>W@LSHQWUXDMXWRUXOSHFDUHPLODGDW YLVDYLVGHSDVLXQHDPHDSHQWUXHOHFWURQLFC 0DUWLH



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QLDOD 

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ž 6DDOHVFXRFKHOICQHDOCGHR?LQHPLQWH@LDFXPOD FHLDSURDSH@DSWH]HFLGHDQLDLOXL $>QYC?DWOLPEDUXVCGLQIDPLOLHPDPDILLQGGHSHVWH 3UXW'DFC>ODQDOL]H]LELQHSR?LFRQVWDWDFCDUHR IL]LRQRPLHX@RUDVLDWLFCFXRFKLLSX?LQREOLFL 7LPSXODWUHFXWUC]ERLXODUCPDV>QXUPCHODFUHVFXW @LD>QFHSXWVCLIXJCRFKLLGXSCIHWH 3CULQ?LLLDXVSXVFODUPCLECLHWHPDL>QW>LWUHEXLHVC >QYH?LRPHVHULHVC?LIDFLXQURVW@LDSRLQDLGHF>WVC XPEOLGXSCIHPHLVCWH>QVRUL



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QLDGLQ FDOHDELQHOXLVRYLHWLFODXWULPLVDFDVC@LODXH[FOXVGLQ DUPDWC 1XHFLQVWLWFDXUPD@LLVCWUDJCSHQWUXFHOHICFXWHGH SCULQ?LGDUD@DHUD>QYUHPXULOHDFHOHDWXOEXUL &>WDVWDWOD/HQLQJUDGDIRVWFDXQEXUHWHD>QFHUFDW VCDGXQHFXQR@WLQ?HF>WPDLPXOWHRUD@XO9HQH?LD QRUGXOXL¥DPEL?LDOXL3HWUXFHO0DUHODIDVFLQDWFX (UPLWDMXOELVHULFD.D]DQEXOHYDUGXO1HYVNLIRUWCUHD?D 3HWUX@L3DYHOSRGXULOHGHSHVWH1HYDGDUPDLDOHVFX SDODWHOH?DULQHL(FDWHULQD@LSDODWXOGHYDUCDO?DUXOXL &XQRVF>QGELQHUXVDLDYHQLWX@RUVCFLWHDVFC>QRULJLQDO OLWHUDWXUCUXVCFODVLFC



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QFC>Q,WDOLD@L>@LYRU



FXPSCUDFDVCOXFUH]CFDERELQDWRUD@DFXPICFHD@L EXQLFDOXL>Q5RPQLD 6WDXXQHRUL@LPC>QWUHERDUHWRDWHDFHVWHJUR]CYLL FDUHLVDX>QW>PSODWVCILHEOHVWHPXODFHORU?CUDQLWUHFX?L FXE>WDODFROHFWLYVDXXQXOFDUHYLQHPXOWPDLGHSDUWH GLQIDPLOLDORU" 'RDPQHQXGDRPXOXLF>WSRDWHGXFH $SULOLH



,QJLQHUXO $YHQLWSHOXPH>QOXQDPDL>Q]RGLDJHPHQLORU >QWURIDPLOLHGH?CUDQLGLQ0ROGRYDGLQFRPXQD 5CFCFLXQL%DFCX /XQDPDLHVWHOXQDIORULORUF>QGQDWXUDH>QILHEHUH@L YDUDEDWHODX@C6HSDUHFCDFHVWDQRWLPS@LDSXV DPSUHQWDIRDUWHSXWHUQLFSHWHPSHUDPHQWXOOXL 'HPLFDIRVWXQFRSLOPXQFLWRUDPEL?LRV@LQXGH SX?LQHRUL>OEXPECFHDSHIUDWHOHPDLPLFF>QGDFHVWDQX HUDGHDFRUGFXHO/D@FRDOCDIRVWEXQDYHDRPHPRULH IRDUWHEXQC@LHUDPHUHXSUHPLDQW$ICFXWOLFHXOWHRUHWLF ODRUD@@LGXSCFHVDFRQVXOWDWFXFHLFXQRVFX?LDDOHVVC PHDUJCOD*DOD?LODIDFXOWDWHDGHFKLPLHDOLPHQWDUC 'LQWRWGHDXQDDDYXWRFKLGRDUSHQWUXIHWH$IRVWIRDUWH DFWLY>QRUJDQL]D?LDVWXGHQ?HDVFCHORUJDQL]DWRWIHOXOGH HYHQLPHQWHFXOWXUDOHFDUHVHOCVDXFXGDQVFKHIXUL@L RUJLL>QFCPLQ ^QIDFXOWDWHDFXQRVFXWRSHVR?LDOXLRDUGHOHDQFC GRPRDOCFXXQWHPSHUDPHQWWRWDORSXVOXL@LFXGRLDQL PDL>QY>UVWC6DXFCVCWRULWDXOXDWUHSDUWL?LHOD%DFCX@L HODSDUWLFLSDWFRQVWUXLUHDIDEULFLLGHEHUH7HUPLQDVH VHF?LDIHUPHQWDWLYH@LGHODHODYHDPVCDIOXFXPHFX ECXWXULOHDOFRROLFHFHOPDLVCQCWRVHYLQXOUR@XSHQWUX FCFHODOEFRQ?LQHGLYHUVHFKLPLFDOHSHQWUXOLPSH]LUH@L FRQVHUYDUHLDUWCULDFHDPDLEXQCVHIDFHGLQDOFRRO 

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



$FXPHOHVWHODSHQVLHDUHRYLOCVSOHQGLGC@LD OCVDWRPDLPRDOHFXIHPHLOH$UHGRLQHSR?HLGHODIHWH GHFDUHVHRFXSCFXPXOWGUDJ 3HGUDJRVWHDOXLGHODIDEULFDGHS>LQHDP>QW>OQLWR>Q ]LOHOHGLQXUPCFXVR?XOHL>QWUXQPDJD]LQFXPSCUDX JUHVLH@LIDLDQ?CVHPQFCYRUVC@LSXQC>QVI>U@LWFDVDOD SXQFW $FXPODILQDOXQVIDWIHPHLIHUL?LYCGHDYDQVXULOH JHPHQLORUVDUSXWHDVCYCYCGFXRFKLL>QODFULPL@L]CX PLDUSCUHDUCX 1RWDEHQH6C@WL?LFCPDLVXQWECUED?LVLPSDWLFL QCVFX?L@L>QDOWH]RGLL $SULOLH



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Q@L 

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



1HDP>PSULHWHQLWQHYL]LWDP@LDPSHWUHFXWPDLPXOWH FRQFHGLL>PSUHXQC 3HQWUXQRLDIRVWRVXUSUL]CF>QGDPDIODWFCHDDUHXQ DPDQWFCVHLXEH@WHFXHOSHXQGHDSXFCFCVR?XOHLD >QFHSXWVC@L>QHFHDPDUXO>QECXWXUC@LVC@LFDXWH@LHO IHPHL1RLQHDPICFXWFCQXYHGHP@LDP>QFHUFDWVC SCVWUCPUHOD?LD@LFXHO@LFXHD ^QWUHWLPSHOILLQGOLGHUVLQGLFDODSOHFDWOD %XFXUH@WLODIHGHUD?LH&XVLQGLFDWXODF>@WLJDWELQH@LD YC]XWWRDWCOXPHD 1LFLHDQXVDOCVDWPDLSUHMRV$FXQRVFXWXQ ECWU>QHOFDUHORFXLD>Q6XHGLDFDUHYHQLVH>Q5RPQLD VC@LJCVHDVFCRIHPHLHWLQHULFCFXFDUHVCLIDFC>QFLXGC IRVWHLOXLQHYHVWHRURP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



(DDYHQLW>Q5RP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QLD$PGXVRSULQORFXUL F>QGYDGUDJLLDPVXUSULQVODFULPLGHHPR?LH 0C>QWUHEFDUHFXY>QWHFHOPDLSRWULYLWVR FDUDFWHUL]H]HDYHQWXUCFXUDMLQFR@WLHQ?C" $FROR>Q6XHGLDPLDVSXVFCDUHWRWFHLWUHEXLH GDUXQHRULVHVLPWHFDRIORDUHSHXQSCP>QWVWUCLQ>Q



FDUHUCGCFLQLOHSCWUXQGJUHX'RUXOGH5RPQLDXQHRUL>L VWUHFRDUCF>WHRODFULPC>QFRO?XORFKLORU 1RURFFX,QWHUQHWXOFDUHDICFXWFDFHOHF>WHYDPLL GHNLORPHWULFDUHQHGHVSDUWVCILHRGLVWDQ?CGHXQFOLFN GRDU $SULOLH



&XSULQV &XY>QW>QDLQWHžžžžžžžžžžSDJ `RIHUXOžžžžžžžžžžžžžSDJ _CUDQLLžžžžžžžžžžžžžSDJ 0HUFHRORJXOžžžžžžžžžžžSDJ 0DULQDUXOžžžžžžžžžžžžSDJ 3URIHVRUXOžžžžžžžžžžžSDJ 3UROHWDUXOžžžžžžžžžžžžSDJ ,QJLQHUXOžžžžžžžžžžžžSDJ 6XHGH]DžžžžžžžžžžžžSDJ





'(%87352=$

&>QGWHDSURSLLGHRMXPCWDWHGHVHFROGH H[LVWHQ?CFRQVWD?LFCEDJDMXOGHDPLQWLULGHYLQH FRQVLGHUDELO@LWHJ>QGH@WLWRWPDLGHVODFHOD@L>Q XUPDWDFDVHPQDOWUHFHULLSHDLFL 3UDFWLF>QGRPXQFCSDVLRQDQWC>QWUXQXQLYHUVFX SUHSRQGHUHQ?CWHKQLFDP>QFHUFDWRHYDGDUH>QOXPHD FXYLQWHORUOLPELLURPQH 5HDF?LD>QXUPDOHFWXULLSHFDUHYDPRIHULWR YDILSHQWUXPLQHGHRLPSRUWDQ?CFDSLWDOCSHQWUX FRQWLQXDUHDSHULSOXOXLPHXOLWHUDU2D@WHSWFX LQWHUHV@LYCPXO?XPHVF $XWRUXO *DOD?L$SULOLH