تحميل الملف المرفق

?vGy9g| ,vp ?v*O9+TyG IhQvDyG uv*O9"Y QhO
?v+}y9gyG ?v*O9ZAs:Gh ?v+y9}yG ?v|R}G
K +zp(< { +=!
)* (
,
v
v
Q++TAy (zf ?* 9ZAs: (zgy ?+zv Of9T| 9AS
Q RGy rzWy ?g|9F
G e
. FG
h
G vvvv
O
G e
G
,
P
C
G
?|Ot|
o
,v p ,v }v y9v gv yG jO9v Zv Av s:G e9v dv "v yG 9v %v y VQv gv Av * ?v |RC Qv av LC ?v +v y9v Jv yG ?v +v y9v }v yG ?v |R}G Qv =v Av gv @
IQvV9v=v}vyG 9v%v@9v+vfGOv@h ,9v$Q9vWvAv!G ?vfQvSh 9v$Q(v%vc f9vwv| ,vp 9v%v@Q(vavL )vzvGvAv@ Ev+vI ,?v}vy(vgvyG IQv$9vc
o
IQv vAv vp Pv v"v v| ?v vyhPv v=v v}v vyG O(v v%v vGv vyG rv vzv vAv vMv v| {v vWv vqv v< QPv v"v v@h ,,v v}v vy9v vgv vyG O9v vZv vAv vs:G )v vzv vf IQv vV9v v=v v}v vyG Qv v+v vih
. ~ y 9 g yG d h O # + < j O 9 Z A s : G {| 9 wA yG R * R g @ { F C # | # * Q W g y G f Q t yG # | J 9 + " + T } M y G
{v c
#v*9v=v@ ?v+vy9v}vyG ?v|R~vy jOq vZvAvyG ,vp ~vy9vgvyG fGOvzv< J9v}v$9vTv| #v*9v=vAv@ ,ahQvdvyG gPv$ {vc ,vph
q
b9v+vTvyG ,vph .9v%v< gQvCzv@ i(vAvTv| )vyE ?vp9v\N9v< ,?v|R}G ,vp &v=v=vTv@ iOv|h Ovzv< {vwvy jO9vZvAvs:G fR(vyG
k
k
o
?v vGv vy9v vgv v| ,v vp GRv v+v v}v vAv v| GQhO jO|v v@ fC 9v v+v vtv v*Qv vpC ,v vy9v v}v vVh bv vSh}G bQv vWv vyG dhO ^v vgv v=v vy #v vwv v}v v* ,&v vTv vqv v!
?vGv+vAv! ?v+vy9vf {v*(v}v@ IQOvs )vzvf Qvp(vAv@ ?v*O9v+vS IhQvC uv*O9v"vZvy 9v%vv;vAv|G >v=vTv< ?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R}G
. , y 9 Jy G O t g y G ? *G O < P " | ? *( s 9 ay G h ? + y h } G O G ( } y G Q 9 g S} ? + S9 + t y G J 9 f 9 q @ Q : G # | 9 % @O 9 q A S G
#v| Oq vJvyG ,vp ?v*O9v+vTvyG IhQvDvyG uv*O9v"vY &v< Bv|9vs jPvyG QhOvyG RGQv<E )vyE 9v"vDvJv< aOv%v*
q
J9v=vzvtv@ #v| OvJvyG ,vp ~v$9vTv@ QGQvtvAvSGh bv=v\ IGOC 9v$Q9v=vAvfG ?v+v!9vwv|E )vyE ?vp9v\N9v< ,?v+vy9v}vyG ?v|R}G
. ? +}y 9 gy G ? +y 9}y G bG ( S} G
+
J9v vfGOv@
J9
k
+f GOAyGh H9=S}G :?+} y9gyG ?+y9} yG ?|R}G ::hC
o
&vFG(v@ ?v|RC QvavLCh dhC ,?v*Q9vtvgvyG f(v$QvyG ?v|RC )v}q vTv* 9v| hC ,?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R}G Ovgv@
q
O(v%vGvyG rvzvAvMv| fC 9v%v@Q(vavL ,vp Ov*Rv* 9v}v|h .#v*QvWvgvyGh jO9vJvyG fQvtvyG hvzvav| hv| ,v}vy9vgvyG O9vZvAvs:G
o
Kvzvqv@ ~vy f6G )vyEh 2007 rv+vY ?v+vwv*Qv|}G IOvJvAv}vyG J9v*:(vyG ,vp 9v%v@zvWv! Pv"v| 9v%vAv%vFG(v}vy ?vyhPv=v}vyG
:
[email protected].
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
92
,! h Q Aw y NG O * Q =y G )* (
O
G K(J<
?+<Qf ?* 9ZAs
_vTP6u( qT?;
q
OOv v @ ?v v tv v tv I ?v |RC
% ++
)v yE ?v +q v y9v }v yG bG(v S}9v < ?v Y9v L ?v +v y9v | ?v |RC #v | 9v %v y9v tv Av !Gh 9v %v gv Sq (v @ #v | Oq v Jv yG ,v p
q
. O ( v Q y 9 < , } y 9 g yG O 9 Z A s : G
)1 (
+
+
? }y9g yG ? y 9}y G ? | R
} G H9= SC vvvv 1
z ! ,vAvyG ?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R}G QOvZv| Ow vgv@ ?v+vwv*Qv|}G IOvJvAv}vyG J9v*:(vyG fC e(vzvgv}vyG #v|
?v *9v %v ! hv | ?v +v }v y9v f ?v *O9v Zv Av sGh ?v +v y9v | ?v |RC )v yE d(v Jv Av Av y ,2007 rv +v Y ?v *Q9v tv f f(v $Q ?v |RC {v wv V ,v p
O9v vZv vAv vs:9v v< ~v vy9v vgv vyG dhO J9v v*O9v vZv vAv vsG ~v vdv vgv v| W9v v=v v@QG )v vyE Qv vdv v"v vy9v v< ,2009 e9v vf ?v v*GOv v<h 2008 e9v vf
o
q
o
~vzvgvyG hv| ,,vwv*Qv|}G O9vZvAvs:G )vyE >vTv"v@ ?v+vy9v}vyG ?v|R}G J9v=v=vTv| ~vdvgv| f{vp ,,vy9vAvy9v<h .,vwv*Qv|}G
)vyE 9v%v]vgv< O(vgv*h ,?v|R}G KhOvI JRvqvI ,vAvyG H9v=vS}G #v| IOvtvgv|h ?vwv<9vWvAv| ?vf(v}vGv| c9v"v$ fC
: ,$h , f9 |Ry G Ot f #| Q Dv C
J vWv
)2 (
#v|RvyG #v| ?vzv*(v_ IQvAvqvy ?v+vwv*Qv|}G IOvJvAv}vyG J9v*:(vyG ,vp IOvF9vqvyG Q9vgvSC V9vqvMv!G vvvv C
^v +v qv Mv Av < ,v yGQOv qv yG ,v _9v +v Av I:G xv "v =v yG e9v s Ev +v I ;jO9vZvAvs:G O(vvQvyG #v| a(vMvAvyG ?vGv+vAv! )2006
vvvv 2001 (
#v v| Qv vDvvvC
c(v v"v v=v vyG #v v+v v< VGQv vsNG IOv vF9v vp Q9v vgv vSC Qv vV|v v|
/dh}G f(v !9v v ,v p ?v 8v }v y9v < 1,75 )v yE 2001 Qv *9v "v */,v !9v Dv yG f(v !9v v ,v p ?v 8v }v y9v < 6 #v | xv yPh ,gOv Ih
q
. V h Q t y G Y G ( ! C r z A M | ) z f > z a y G J 9 * ( A T | I O 9 * R )y E i OC 9 | ( $ h , & T q ! e 9 g yG # | Q = } T *O
2001 e9v vf d;v vL JGQv v| Qv vWv vf
(Feed Rate)
,v!9vwvSNGh jQ9vtvgvyG Y9vavtvyG Kvy9vZvy b9vqv!NGh Q9v}vDvAvS:G ,vp d(vJq v@ d(vZvI vvvv H
hvFGQv@ ?vGv+vAv!h ,9v+vF(vy(v"vwvAvyG Y9vavs Q9vgvSC ?vf9vtvp Q9vGvqv!Gh ,IQv+v=vv J9v*(vAvTv}v< IOvF9vqvyG Q9vgvSC V9vqvMv!G
,vp Kv\Gh d(vJv@ {vZvI ,J9v|(vzvgv}vyG 9v+vF(vy(v"vwv@ Y9vavtvy ?vzv*Ov=vyG J9vf9vavtvyG ,vp Q9v}vDvAvS:G )vzvf OvF9vgvyG
q
J;v F9v gv yG >v zv _ Y9v qv @QG )v yE iOC 9v | (v $h ,Q9v tv gv yGh f9v wv SNG Y9v av s Kv y9v Zv y ?v +v Zv Mv Wv yG JGQ9v }v Dv Av S:G
IQv Av qv yG d;v L ?v 8v }v y9v < 100 JRh9v Gv @ >v Tv "v < dR9v "v }v yG Q9v gv SC Y9v qv @QG )v yEh ,JGQ9v tv gv yG )v zv f ?v +v wv *Qv |}G
o
^v +v qv Mv @ )v zv f iQv L}G ?v \Qv tv }v yG J9v %v Gv yGh ?v *Q9v tv gv yG J9v vQv Wv yG hv Gv V jPv yG Qv |}G ,2003 v v 2001
VGQv sNG Qv +v *9v gv |
jhP f9v wv Tv yG J9v 8v p )v yE VGQv sNG #v | Ov *Rv | ~v *Ov tv @h ,
>v =vTv =v p
;
)3 (
(Mortgage Criteria Lax)
+
+
. a h Q g } y G Q i h C r g ] yG
,!9}AF:G {GTyGh IOhOJ}yG d(LOyGh ?gq@Q}o yG Q_9M}yG
+ ! ,Bvs(vyG QhQv| hv| IQv+vjvAv}o vyG IOvF9vqvyG Q9vgvSC JGP ?v*Q9vtvgvyG VhQvtvyG ?vqvzvwv@ Y9vqv@QG vvvv L
?vGv vAv
,v|9vf d;vL ?v+vwv*Qv|}G IOvJvAv}vyG J9v*:(vyG ,vp ~vMv]vAvyG Y9vqv@QG >v=vTv=vp ;~vMv]vAvyG J:Ovgv| Y9vqv@QG
VhQv vtv vyG ?v vzv vwv vWv v|
Bv vqv vf9v v]v vAv vp
,IOv vF9v vqv vyG Q9v vgv vSC
Bv vgv vqv v@QG
,)?v v8v v}v vy9v v< 3,2 h 3,4 ( 2006h 2005
*(v}vAvyG y,?v+vwv*Qv|}G IR9vAv}v}vyG fhO J9v!(v$QvyG ihOvf :VQv}vyG ,vWvqv@z ,Rvzv*9v| d(v<h OhO dGOv!GQ :Qvdv!G ,Ov*Rv}vzvy )1(
.18 v v 14 U ,)2008 (+!(*/fGQ*RI( 2 OOgyG ,45 ?"TyG ,),yhOyG Ot"yG bhO"Y( ?+}"AyGh
{v
}
" ,vyOvf )2(
+
+
}G #*QW@( 335 OOgyG ,)JhQ+<( ?+<QgyG
q
:)v vyE Bv v|Ov vs ?v vsQh y,IO9v vqv vAv vTv v}v vyG ShQOv vyGh H9v v=v vS}G :IQv vY9v vgv v}v vyG ?v v+v vy9v v}v vyG ?v v|R}Gz ,~v vS9v vtv vzv v< jQv v*GR :Qv vdv v!G )3(
,Qv FGRvGvyG v v rv zvWvyG ?vgv|9vF ,J9v*OvJvAvyGh b9vp6G :J9vTvS|v}vyG ,vp Qv_9vMv}v yG IQGOE d(v I Evy9vDvyG ,vyhOvyG )vtvAvzv}vyG
.9 v v 7 U ,2005 Q=}p(!/,!9DyG #*QW@ 26 v v 25 N*Q9A<
a Q9vZv}vyG O9vJv@ G
o
?vzvGv| y,IRv qv Jv }v yG
(
{v |G v gv yGh
}
H9v =v S G RQv <Ch QhPv Gv yG :?v v }v y9v gv yG ?v v y9v }v yG ?v |R Gz ,MOv v s
(
.45 v v 41 U ,)2008 Q< AvC/dh
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
93
O
G K(J<
?+<Qf ?* 9ZAs
ZTQ9XK9G Z=OXG@7
?v
E
Gh
ZT9XQ9G Z:R
D
G
ZB9XK:
! Z= XTE9
O
G
Ih
dA9G o=OXR
G
QhO
+v !Ov Av }v yG d(v LOv yG jhP #v | #v +v \Qv Av tv }v yG ~v dv gv | 9v %v zv }q v Jv @ )v zv f i(v tv * : A9v =v fC Bv Jv =v YCh ?v *Q9v tv gv yG
OGOv Tv yG #v f rv zv Mv Av yG J:9v I ,v zv F {v wv Wv < Qv %v dv @ JCOv <h .?v +v y9v gv yG Qv _9v Mv }v yG jhPh
.
f ( $ Q y G ) z f R GJ y G J: 9 I h
(Delinquencies)
(Foreclosures)
JCOv v< ;?vv
*Q9vvtvvgvvyG f(vv$QvvyG )vvzvvf RvvGvvJvvyG J:9vvIh OGOvvTvvyG #vvf rvvzvvMvvAvvyG J:9vvI Y9vvqvv@QG vvvv O
*Q9vtvgvyG VhQvtvyG YG(v!C rvzvAvMv| Bvzv}vVh ,2001 e9vf Pv"v| Y9vqv@Q:9v< OGOvTvyG #vf QvLzvAvyG J:9vI
VhQvtvyG A9v"vDvAvS9v< ,VhQvtvyG YG(v!C ?vp9vwvy ?v8v}vy9v< 20 v v 16 &vAv=vTv! 9v| )vyE BvzvYh Ev+vI ;Rv+v+v}v@ fhO
(v$h ,2006 v v 2001 IQvAvqvyG d;vL ?v8v}vy9v< 12 #v| {vsC ?v=vTv! BvzvGvS PE ,?vAv<9vDvyG IOvF9vqvyG Q9vgvSC JGP
,vp f(v$QvyG )vzvf RvGvJvyG J:9vI Y9vqv@QG &v"v| HvAv!h ,9v%vyG(v|} ?v*Q9vtvgvyG J9vvQvWvyG IQ9vTvL )vyE iOC 9v|
.2008 v v 2007 ,|9f
?v
#vvf rvvzvvMvvAvvyG J:9vvI O9vv*ORG hvv| ;Q9vvtvvgvvyG Q9vvgvvSC ?vvf9vvtvvp ,vvp Q9vvGvvqvv!G KhOvvI vvvv vvv v$
.hv *Qv Tv yG V9v qv Mv !:9v < dR9v "v }v yG Q9v gv SC JCOv <h ,9v %v Av *9v %v ! )v yE dR9v "v }v yG Q9v gv SC T9v gv Av !G ?v y9v I Bv zv Yh
k
q
,IOv*OvGvyG dR9v"v}vyG A9v"v< J9v+vzv}vf T9vgvAv!G hv| #v|GRv@ Q9vtvgvyG Q9vgvSC V9vqvMv!G fC GA(vS Qv|}G OGR 9v}v|h
hvpQ fC dR9v"v}vyG Q9vgvSC V9vqvMv!G fzvV #v| f9vvh .2007 e9vf )vAvI Qv}vAvSG VQvgvyG ,vp ^vF9vp {vZvJvp
dR9v"v}vyG Q9vgvSC ?v+vavjv@ eOvf ?vGv+vAv! ?v\Qvtv}vyG J9vvQvWvyG QvF9vTvL #v| OGRh ,OGOvTvyG #vf rvzvMvAvyG ?v=vTv!
. OG OT y G # f ? qzM A}y G J ; F 9g y G ) y E ? | Ot }y Gh V h Qtzy IR( G J} y G
,OGOv vTv vyG
+
bG vvS
?v vy9v}vyG
J9vTvS v}vyG
;
)4 (
?vv vvy9vv}vvyG
+
(Securitization)
*
?vv Q9vvtvvgvvyG
( *OvvyG )yuvv*Q(vv@z( Ovv+vv"vvTvv@ vvvv h
f vv
#v| VGQvAvs:G )vyE ?v+vwv*Qv|}G IOvJvAv}vyG J9v*:(vyG ,vp ?v*Q9vtvgvyG J9vvQvWvyG JOv}vf
VhQv vtv vyG hvv+vv=vv< Bvv|9v vs Ev v+v vI ,?vv+vvy9vv}vvyG ?v vSOvv"vv%vvyG JGhOC uvv*Qv v_ #v vf xv vyPh ,?v v*Q9v vtv vf VhQv vs Kvv"vv}vvy
c(v"v=vy Q9vtvgvy9v< ?v!(v$Qv| JGOv"vS {vwvV )vzvf IQvDvgvAv}vyG VhQvtvyG #v| 9v$Qv+vih Q9vtvgvy9v< ?v!(v$Qv}vyG ?v*Q9vtvgvyG
?v =v Tv ! Bv jv zv < ,2006 v v 2001 IQv Av qv yG d;v Mv p ;?v +v =v "v FCh ?v +v zv Jv | ,iQv LC ?v +v y9v | J9v Tv S|v |h Q9v }v Dv Av SG
9v| ?v+vy9v}vyG bG(vS}G ,vp #v*Qv}vDvAvTv}vy ?vf9v=v}vyGh ,JGOv"vS )vyE ?vy(vJv}vyGh ,Qv_9vMv}vyG ?v+vy9vgvyG VhQvtvyG
.?8}y9< 80 v v 60 #+<
k
k
|
( }G ,vvp 9vv%vvgvv+vv<h
k
)vyE GQvdv! ,9vgvqv@Qv| 9vqv+v"vZv@ ?v*Q9vtvgvyG JGOv"vTvyG rv+v"vZvAv< ,v!9v}vAvF:G rv+v"vZvAvyG J9vTvS|v| e9v+vs vvvv R
IQv +v =v v c(v "v < 9v %v @Qv Av VG Ov s Qv _9v Mv }v yG ?v gv qv @Qv }v yG ?v *Q9v tv gv yG f(v *Ov yG fC 9v }v < ;?v*(vs c(v"v< #vf IQO9vY 9v%v!C
+
,!
( {vDv| ,?v*(vsh
#vv| ?vv|RvvI ~vv]vv@ ,vvAvvyG JGOvv"vvTvvyG Kvv"vv}vv<
,vv!9vv}vvAvvF:G rvv+vv"vvZvvAvvyG J:9vvvh
k
k
rv+v"vZvAvyG J9vTvS|v| Bvzv}vJv@ xvyPv<h ,
9v"v|B 9vgvqv@Qv| 9vqv+v"vZv@ 9v%v+vp c(vwvWv}vyGh IQvavMvyG f(v*OvyG
k
{v$9vGvAv@ c(v"v=vyG {vgvF uv+vsOvyG Qv+vi rv+v"vZvAvyG xvyP f} ,?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R}G #v| GARvF ,v!9v}vAvF:G
J9v%vGvyG )vyhC VhQvtvzvy ?v|Ovtv}vyG ?v*Q9vtvgvyG J9vvQvWvyG Bv!9vv ,vy9vAvy9v<h ,9v%vy ?v\Qvgv}vyG Qv_9vMv}vyG ~vGvI
Bv |9v s
,(Lehman Brothers) yRQPGQv < f9v }v v yzh
(Morgan Stanley)
y v zv 9vAv S f9v iQ v |z
(Credit Rating Agencies)
(AAA)
)vtvAvzv}vyG :)vyE Bv|Oq vs ?vsQh y,9v%vAvGvy9vgv| {v=vSh 9v$Qv$9vdv| :?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R}Gz ,iOv$ (v=vfh ,vzvf #v< RhRvgvzv< )4(
o
Qv +v |}G ?v gv |9v F ,v p Ov tv f jPv yG ?v +v |;v SNG c(v "v =v yG {v *Ov <h ,v yhOv yG ,v pQv Zv }v yGh ,v y9v }v yG e9v dv "v yG ?v |RC d(v I ,v yhOv yG
.7 U ,2009 (*9|/Q9*C 5 v v 4 N*Q9A< ,QFGRGyG v v ?"+a"Ts ,?+|;SNG e(zgzy QO9tyG O=f
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
94
O
G K(J<
?+<Qf ?* 9ZAs
_vTP6u( qT?;
(" #v| Ov*OvgvyG )vyE xvyP Ovgv< ?v|OvZvyG {vtvAv"vAvy ,OGOvTvyG #vf RvGvgvyG J:9vI Q(v%vc Ov"vf IQQv]vAv}vyG
o
?v vGv v+v vAv v! JGQ:hOv vyG JGQ9v v+v vzv v}v v< JQOv vs Qv vF9v vTv vL Bv vzv vGv vS ,v vAv vyG ,~v vy9v vgv vyG d(v vI ?v v+v vy9v v}v vyG J9v vTv vS|v v}v vyGh
y
z ?v vvQv vV 9v v$RQv v<Ch ,#v v+v v|zv vAv vyG J9v vvQv vV fC 9v v}v vv .Qv v_9v vMv v}v vyG ?v v+v vy9v vgv vyG bGQh}G xv vzv vAv vy 9v v%v vv;v vAv v|G
k
q
Ov sh .?v gv qv @Qv | Qv F9v Tv L Bv %v FGh ,?v *Q9v tv gv yG f(v *Ov yG #v | ?v }v Mv \ GOGOv fC #v ||v @ Bv !9v v ,v Av yG ?v +v wv *Qv |}G
,vvp ?vvtvvDvvyG #vv+vvzvv|9vvgvvAvv}vvyG fGOvvtvvp ?vvGvv+vvAvv! ?vv+vvy9vv}vvyG bG(vvS}G ,vvp ?vvy(vv+vvTvvyG ,vvp [vvtvv! )vvyE &vvzvvv xvvyP iOC
Qv|}G ,IQv DvgvAv}vyG ?v+vy9v}v yG J9vvQvWvyGh c(v"v =vyG ~v%vS} ?vgv*QvSh IQv+v=v v hv+v< J9v+vzv}vf JQv Gv p ,bG(vS}G
. ? + } y 9 g yG ? + y 9 } y G b G ( S } G ~ d g | {} WA y ? + y 9 } yG ? | R } G Q 9 W A ! G ) y E ? * 9 % " y G , p ) ] p C j P y G
c v v=vyG
AIG
+
+
? } y 9 gy G ? y 9 } y G ?| R
#+ $
,+
!
}G J9+fGO@ vvvv 2
, # * +
+
} ,
% *
)
+
# % !
. , t + t Jy G O 9 Z A s : G h ? + y 9 } y G b ( T yG # + < u + C ( y G W 9 = @ Q : G
,~v y9v gv yG dhO rv zv Av Mv | v v < 9v Q9v Wv Av G ?v fQv S v p v }v wv ?v v y9v Jv yG ?v v y9v }v yG ?v |R G v p Qv av Mv yG fE
k
v yE GQv dv ,O v vQv y9v < v tv v tv Jv yG O9v Zv Av s:G OOv v @ ?v O9v Zv Av sG ?v |RC v yE ?v Av Jv < ?v v y9v | ?v |RC v | 9v v y9v tv Av Gh
)
! (
k
,?v|OvtvAv}vyG dhOvy9v< GAOv< , v}vy9vgvyG O9vZvAvs:G
,
,vp ?v|R}G gPv$ Q9vCB Ov*OvJv@ ,vzv* 9v| ,vp dh9vJv"vS
k
. Q F G R G y G ) yE ? Y 9 L I Q 9 VE h | ,? + <Q g y G f G O z = y9 < G Q h Q | h
%
)vzvfh ,?v|OvtvAv}vyG dhOvyG Qv=vAvgv@ :?v|OvtvAv}vyG dhOvyG J9v*O9vZvAvsG )vzvf ?v|R}G J9v+vfGOv@ vvvv C
k
.?v |R~v y ?v +v Tv +v FQv yG ?v =v =v Tv }v yG 9v %v !(v wv y xv yPh ,GQQv ]v @ dhOv yG Qv Dv vC ,?v +v wv *Qv |}G IOv Jv Av }v yG J9v *:(v yG
: , z* 9 }v 9 %+p ? |R}G Q+C z @ { I GQ| Qv P #w }* h
9v vSCQ
)5 (
($Ov@ &vgv=vAv+vy ,?v+vwv*Qv|}G ?vYQ(v=vyG AGOC ,vp Ov*OvV V9vqvMv!G 2007 UvavTviC/HB ,vp {vGvSo v v
q
q
c(v v"v v=v vyG {v vLOv v@h ?v v|R}G ?v vgv vsQ hv vS(v v@ #v v| J9v vp(v vMv vAv vyG >v v=v vTv v< ?v v+v v}v vy9v vgv vyG J9v vYQ(v v=v vyG rv vzv vAv vMv v| AGOC
.b ( Ty G ? y ( +S ~f Oy ? * Rv Q} y G
Q v
iQv =v v aQ9v Zv | IOv f
"
Bv v zv fC
*
} (!
(
} #v *Qv Wv @ #v +v < v v
k
k
. 9% }%S C Q9 gS C , p GQ +=v 9 \ 9qM ! G
,2007 Qv =v }v Tv O/dh G f v 9v vh Qv < v Av vC/dh G
+v!9vav*Qv<h ?v+v wv*Qv |C aQ9vZv| IOv f Bv"vzvfC ,2008 (v +vy(v*/R(v}v@h Qv*9v"v*/,v!9vDvyG f(v !9vv #v +v< v v
f9v iQ(v | ,v < ,v Fz xv "v < gGQv Av VG jPv yG ,Rv !Qv Av +v SQv +v < xv "v < ?v +v wv *Qv |}G aQ9v Zv }v yG RQv <C f9v vh .9v %v S;v pE
?v+v!9vav*Qv=vyG aQ9vZv}vyG RQv<Ch .,vyGQOvqvyG ,v_9v+vAvI:G #v| ?v+vy9v| IOvf9vTv}v<h fOvAv| QvgvTv< ,vwv*Qv|}G yRv+vWv@
yQv vAv vTv v*E Ov v!C Uv v!9v v+v vyCz xv v"v v<h ,&v v}v v+v v|zv vAv v< ?v v+v v!9v vav v*Qv v=v vyG ?v v|(v vwv vJv vyG Bv v|9v vs jPv vyG ,ychQ fQPQ(v v!z xv v"v v<
.btp &+"F Q9+z| 1,33 ?}+t< &FGQW< ,!9=SNG yQO!9A!9Sz x"< e9s jPyG ,!9a*Q=yG
?v
#v| AGOvAv<G KQG(vwvyG hvtvAvy Qv_9vMv}vyG )v}vI JOvAvVG ,2008 UvavTviC/HBh (v+vy(v*/R(v}v@ #v+v< v v
+
{vv9vWv|
+
+ * } +"
k
)vzvf GQv%vV 15z ,O(v}vI fR9v| )5(
,)2008 Qv<(vAvvC/dh}G #v*QvWv@( 335 OOvgvyG ,?v+v<QvgvyG aQ9vZv}vyG O9vJv@G ?vzvGv| y,9v%vI9vGv! iOv|h d(vzvJvyG UQvp
J9v vfGOv@
:(Subprimes) Qv_9vMv}vyG ?v vy9vf ?v vwv Qv| G ?v v vwvTvyG VhQvtvyG ?v|RC
.52 v v 49 U
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
95
O
G K(J<
?+<Qf ?* 9ZAs
ZTQ9XK9G Z=OXG@7
E
ZT9XQ9G Z:R
Gh
D
G
ZB9XK:
! Z= XTE9
O
G
Ih
dA9G o=OXR
G
QhO
*
#v+vp z ,vAvTvS|v| ?v+vwv*Qv|}G ?v!GRvMvyG IQGRh Bvgv\h Ev+vI ,2008 Qv=v}vAv=vS/d(vzv*C
9v%v+vyE f9vF9vAvJv@ ,vAvyG IQvAvqvyG dG(v_ ?vyhOvyG ?v*9vYh BvJv@ ?v*Q9vtvgvyG J9vqv+vzvTvAvyG {v*(v}vAv< #v+vAvZvAvMv}vyG yc9v|
ahC xv"v<z e9vs 9v}vv .,vwv*Qv|C Q:hO Q9v+vzv| 200 OhOvI )vAvI 9v}v%v!(v*O ?vy9vqvv hv| ,9v}v%vAvzvwv+v$ IO9vfN
d9v }v f}G xv "v < f;v fE xv yP #v | Qv av L}Gh .yXv "v +v y {v *Qv +v |z ,v wv *Qv |}G d9v }v f}G xv "v < AGQv Wv < y9v wv *Qv |C
,v v_9v v+v vAv vI:G hv v| fh9v vgv vAv vy9v v< ,?v v+v vwv v*Qv v|}G ?v v|(v vwv vJv vyG Bv v|9v vsh .&v vS;v vpE yRQPGQv v< f9v v}v v+v vyz ,v vwv v*Qv v|}G
IOOv v%v v}v vyG ?v v+v vwv v*Qv v|}G y
z ?v vvQv vV ,v v$h ,~v vy9v vgv vyG ,v vp #v v+v v|zv v@ ?v vf(v v}v vGv v| Qv v=v vvC ~v v+v v|zv vAv v< ,,v vyGQOv vqv vyG
q
~v vGv vI Ev v+v vI #v v| ,v vwv v*Qv v|C xv v"v v< SO9v vS ,ydG(v vWv v@(v v+v v| #v vav v"v vVGhz xv v"v v< #v v| {v vv Uv vzv vpCh .S;v vpN9v v<
?vgv<GQvyG ?v+v!9vav*Qv=vyG ?vTvS|v}vyG (v$h ,,v!9vav*Qv=vyG y,vzvwv"v+v< Ov!C OQ(vpOGQv<z xv"v< ~v+v|zv@ iQvFh ,d(vY}G
V9vqvMv!G hv| {vv 9v%vzvv KGOvI}G xvzv@ Bv"v|GRv@ Ovsh .rv+vzvTvAvyG ?v|RC ?v*GOv< Pv"v| 9v%vAv+vy;vtvAvSG Ovtvqv@ ,vAvyG
. ? + } y9 g y G J 9 Y Q ( = y G r z A M | A G O C , p > + $ Q
jOv Rv |zh yj9v |
AIG
,v$h ,?v+v wv *Qv |}G P9vtv !NG ?v av L )v zv f ?v sO9v Zv }vyG Bv }v@ 2008 Qv<(vAv vC/dh}G #v*Qv Wv @ ?v *GOv < ,vp v v
~v $C ~v +v |zv @ d;v L #v | ,v wv *Qv |}G ,v y9v}v yG e9v dv "v yG )v zv f X9v qv Jv yG )v yE aOv %v@ Q:hO Q9v +v zv | 700 ?v }v +v tv < ?vav L
#v | ?v f(v }v Gv | Bv "v =v @ ,xv yP IGRG(v | ,v ph .S;v pNG Qv av Mv y ?v \Qv gv }v yG ?v +v pQv Zv }v yGh ?v +v y9v }v yG J9v Tv S|v }v yG
k
~vy JGAGQvFNG xvzv@ #vwvy .,vy9v}vyG 9v%v|9vdv! ,vp ?v|R}G JGQv+vCzv@ #v| OvJvzvy ?v%v<9vWv| 9vavavL ?v+v<hQh}G dhOvyG
,v p jO9v Zv Av s:G (v }v "v yG ,v p |v _9v =v @ {v Gv So Ev +v I ,?v *O9v Zv Av sG ?v |RC )v yE d(v Jv Av yG #v | ?v +v y9v }v yG ?v |R}G hv "v }v @
o
L9vAv!E Y9vavs {vDv| ,?v+vF9vAv!NG J9vf9vavtvyG ~vdvgv| {v}vV jO9vZvAvs:G O(vvQvyG fC 9v}vv .?v|OvtvAv}vyG dhOvyG ~vdvgv|
q
rv zv Av Mv | {v *(v }v @ #v f c(v "v =v yG Y9v "v Av |G )v yE ?v p9v \N9v < ,,v zv wv yG c;v %v Av S:G V9v qv Mv !G ?v Gv +v Av ! ,JGQ9v +v Tv yG
o
J:Ov gv | Y9v qv @QG )v yE ?v *9v %v "v yG ,v p iOC 9v | (v $h ,?v +v y9v }v yG ?v |R}9v < 9v $Qv Czv @ >v =v Tv < ?v +v F9v Av !NG J9v f9v av tv yG
.2009 Q*9"*/,!9DyG f(!9vh 2008 Q=}T*O/dh}G f(!9v d;L ?+S9+s >T"< dhOyG gP$ ,p ?y9a=yG
+
?v v y9v }v yG ?v |R
}G Qv+vCzv@ ~v+vTvtv@ #vwv}v* :?v+v<QvgvyG fGOvzv=vyG J9v*O9vZvAvsG )vzvf ?v|R}G J9v+vfGOv@ vvvv H
:) y E ? + < Q g y G f G O z = y G , p ? + } y 9 g yG ? + p Q Z} y G h
+
k
(
( $ ,vTv+vFQ >v=vTvy GOhOvJv| dGRv* 9v| (v$h ,QvV9v=v| Qv+vCzv@ )1(
q
9v%v@GOvF9vf QOvZv| R9vjvyGh bvqv"vyG #v| 9v%v@GQO9vY {vwvWv@ ,?v+vavqv"vyG ?v+v<QvgvyG Q9vavs}G )vyE ?v=vTv"vy9v=vp ;#v+v@Rv+v}v<
k
.?v+vzvLGO f(vwv@ 9v| 9v=vy9vi ,vAvyG ?v+vpQvZv}vyG 9v%v@GQ9v}vDvAvSG ?v+vf(v! )vyE ?vp9v\E ,9v%vpQ9vZv| ?vy(v+vS RRvgv@ ,vAvyG
q
fC 9v}vv .?v+vzvJv| 9v%v@GQ9v}vDvAvSG {v*(v}v@ QO9vZv| ~vdvgv| f{vp ,?v+vavqv"vyG Qv+vi ?v+v<QvgvyG Q9vavs}G )vyE ?v=vTv"vy9v< 9v|C
k
q
~v iQh .aQ9v Zv }v zv y ?v +v FQ9v Mv yG JGQ9v }v Dv Av S:G #v | Ov Jv @ GO(v +v s hv ]v @ ?v +v <Qv gv yG ?v *Ov tv "v yG J9v av zv Tv yG >v zv iC
o
n
H9vJvTv!G {vGvS Ev+vI ,?v+vy9v}vyG ?v|R}9v< JQvCzv@ ?v+v<QvgvyG d9v}vyG SCQ bG(vSC ~vdvgv| fC evI;v* ,xvyP
q
?v S9v Tv Ih ?v +v S9v SC J9v f9v av s ?v |R}G Z(v zv < #v | ~v %v p(v L >v =v Tv < b(v Tv yG ,v p #v +v zv |9v gv Av }v yG #v | Qv +v =v v OOv f
. J G Q 9t g y G Y9 a s h ? s 9a y G Y9 at v , ?t a" } y G dh O J 9 * O9 Z A s G ~ d g | 9 % + z f ) " = @
~v Tv Av @ ?v v <Qv gv yG
fGOv zv =v yG bG v SC fC v
q
v}v* Ovs (v$h ,QvV9v=v| Qv+vi Qv+vCzv@ )2 (
,vp >v*QvtvyG iOv}vyG )vzvf ?v+v<QvgvyG fGOvzv=vyG U
o
EvzvDvyG ,vp {vGv S jPvyG jO9vZvAvs:G O(vvQvyG >v=vTv=vp ;2009 e9vf d;vL ?v*O9vZvAvs:Gh ?v+vy9v}vyG ?v|R}G
k
o
,bvqv"vyG Q9vgvSC ,vp ,vS9v+vs V9vqvMv!G {vGvS ,?v|OvtvAv}vyG dhOvyG ~vdvgv| ;v|9vV ,2008 e9vf #v| Qv+vL}G
k
k
d;v vL {v v+v v|Qv v=v vzv vy GQ:hO 45 Rh9v vGv vAv v* ~v vy 9v v| )v vyE 2008 (v v+v vy(v v*/R(v v}v v@ ,v vp {v v+v v|Qv v=v vzv vy GQ:hO 140 #v v|
QGQv}vAvSG d9vI
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
96
O
G K(J<
?+<Qf ?* 9ZAs
_vTP6u( qT?;
+
,vp ,vS9v+vs V9vqvMv!G {v+vGvTv@ )vyE ?vy9vJv| : jO|v+vS V9vqvMv!G (v$h ,2009 Qv*GQv=vp/W9v=vV
{v+vGvTv@ ,v"vgv* 9v| ,bvqv"vyG Q9vgvSC Q(v$Ov@ QGQv}vAvSG d9vI ,vp 2009 e9vf d;vL ?v+vavqv"vyG ?v+v<QvgvyG fGOvzv=vyG
fGOv zv =v yG f(v wv @ #v yh .?v y9v av =v yG J:Ov gv | Y9v qv @QG ,v y9v Av y9v <h ,jO9v Zv Av s:G (v }v "v yG J:Ov gv | ,v p V9v qv Mv !G
#v| 9v%v@GQO9vY ~vGvI ,v!Ov@ )vyE jO|v+vS ,v}vy9vgvyG O(vvQvyG f} xvyP #vf izv"v}v< ?v+vavqv"vyG Qv+vi ?v+v<QvgvyG
{v vLGOv|
.J 9| O My G h hzT y G rzA M|
,vp ?v +v y9v }v yG ?v |R}G Qv +v Czv@ fE . QvFGRvGvyG )vzvf ?v|R}G J9v+vfGOv@ vvvv L
LQ9vMvy9v< jQvFGRvGvyG ,vpQvZv}vyG R9v%vGvyG W9v=v@QG eOvf >v=vTv<h ,?v*QvFGRvGvyG ?v+vy9v}vyG b(vTvyG Q(vav@ eOvf
k
k
k
?v=vgvZvyG J;v}vgv yG #v| 9v+v=vTv ! GQv+v =vv 9v+v_9v+vAvIG QvFGRvGvyG c;vAv|G fC 9v}vv .{vLGOvyG )vzvf &v_9vWv! Q9vZvAvsGh
5 #v| {vsC( ?v+vFQ9vMvyG 9v%v!(v*O ~vGvI V9vqvMv!Gh ,)2007 e9vf ?v*9v%v! hv| Q:hO Q9v+vzv| 133 #v| QvDvvC(
q
,Qv +v Zv tv yG iOv }v yG )v zv f ?v |R}G JGQv +v Czv @ Rh9v Gv @ #v | 9v %v !9v "v wv }v * )2007 e9v f ?v *9v %v ! ,v p Q:hO JGQ9v +v zv |
e9v f ?v *9v %v ! )v Av I ?v Gv |Qv =v }v yG ?v +v |(v wv Jv yG Q9v }v Dv Av S:G Hv |GQv < rv zv Av Mv | {v *(v }v @ ,v p QGQv }v Av S:G ,v y9v Av y9v <h
k
o
e9v vgv vy9v v< ?v v!Q9v vtv v| ,9v v\9v vqv vMv v!G {v vGv vTv v+v vS e9v vgv vyG GPv v$ d;v vL jO9v vZv vAv vs:G (v v}v v"v vyG dOv vgv v| fC :E .2009
,v p Ov FGQv yG Y9v av tv yG Ov gv * jPv yG J9v shQv Jv }v yG Y9v av s AGOC ,v p hv s(v Av }v yG V9v qv Mv !:G >v =v Tv < ,,v \9v }v yG
q
Ov gv < 9v | ,v p bv qv "v yG Q9v gv SC V9v qv Mv !G QGQv }v Av SG d9v I ,v ph ,Ov +v gv =v yG iOv }v yG )v zv f 9v |C .,v "v _(v yG O9v Zv Av s:G
q
?v !RG(v }v yG Rv Gv f ~v s9v qv @h ?v *Ov tv "v yG J9v +v _9v +v Av I:G ~v Gv I ,v p hv FGQv @ )v yE jO|v +v S xv yP f{v p ,2009 e9v f
,vp ,,v"vgv* GPv$h ,?v+v|(v}vgvyG JGQ9v}vDvAvS:G ~vGvI [v+vzvtv@ )vzvf J9vavzvTvyG Qv=vGv+vS jPvyG Qv|}G ,?v|9vgvyG
.? y 9a =y G J 9* (AT | Y 9 q@ QGh jO 9Z As: G (} "y G J :Og | hF G Q@ , ? * 9% "y G
>v =v Tv <
)6 (
OhOv Jv | Qv FGRv Gv yG
+
+
? }y 9 g y G ? y 9}y G ?| R
+
Q9v vgv}vyG
dhOvyG
>vTvI
+
*
% ! + +
+
k
}G AG(AIG J9S9+S : 9+!9C
} (
+
+
# *
+ ) ,!
,?v v}vy9vgvyG ?v O9vZvAvs:Gh ?v vy9v}vyG ?v|R G AG vAvIGh ?vGvy9vgv| J9vS9v vS ~v vTvtv@ vwv}v
q
v}vGv| 9v v@Pvqv ?v v}v vzvsE J9vS9v vSh ,?vyhO {vwv< ?vY9vL ?v Qvavs J9vS9v vS vyE , v 9vwv}vyG
#v| ?vf(
+
*
. ?| O t A } y G
#vv| Oq vvJvvzvvy ?vv|OvvtvvAvv}vvyG dhOvvyG >vv!9vvF #vv| ?vvgvv=vvAq vv}vvyG JGAGQvvFNG fE :?vv*QvvavvtvvyG J9vvS9vv+vvTvvyG vvvv 1
q
?v *Ov tv "v yG J9v av zv Tv yG Bv zv LOv @ ,)vyh}G ?v zv IQv }v yG ,v qv p ;#v +v Av zv IQv | )v zv f Bv }v @ ?v +v y9v Jv yG ?v |R}G J9v +v fGOv @
q
,vp IQv+v=vv ?v*Ovtv! ?vy(v+vS Nv\ uv*Qv_ #vf xvyPh ,?v|R}G ?v*GOv< Pv"v| ?v+vy9v}vyG b(vTvyG ,vp ?v+v|(vwvJvyGh
o
?v av L Bv zv gv p 9v }v v ,IQv Dv gv Av }v yG ?v +v y9v }v yG J9v Tv S|v }v yG d(v YC ~v +v |zv @h AGQv V J9v +v zv }v f d;v L #v | b(v Tv yG
.2008 Q<(AvC/dh}G #*QW@ #| AGOA<G )Q:hO Q9+z| 700 9%A}+s Bjz< ,AyG( ?+w*Q|}G P9t!NG
k
" + b(vTvyG QGQvtvAvSG )vzvf X9vqvJvyG )vyE 9vS9vSC BvpOv$ JGAGQvFNG gPv$ fC hv|h
,uv tv Jv Av * ~v y aOv %v yG GPv $ f{v p ,jO9v Zv Av s:G O(v vQv yG )v yE jO|v @ ?v *O9v Zv Av sG ?v |RC )v yE ?v +v y9v }v yG ?v |R}G
(
d vJv@
+
("
hv v|h ?v vy9v}vyG
?v v v vy9v v}v vyG ?v v|R
c v v =v yG
*
}G J9vv*OvvJvv@ ?vv%vvFG(vv}vvy H(vvzvvSzvvv ,vv|;vvSNG {vv*(vv}vvAvvyGz ,Ovv+vv}vvI ,vvTvv@QvvJvvyG &vvzvvyG Ovv=vvfh Kvv+vvzvvp(vv< {vv+vv=vv! )6(
,v yhOv yG ,v pQv Zv }v yGh ,v y9v }v yG e9v dv "v yG ?v |RC d(v I ,v yhOv yG )v tv Av zv }v yG :)v yE Bv |Oq v s ?v sQh y,?v +v }v y9v gv yG
o
.13 U ,?+|;SNG e(zgzy QO9tyG O=f Q+|}G ?g|9F ,p Otf jPyG ?+|;SNG
{v Ov <h
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
97
O
G K(J<
?+<Qf ?* 9ZAs
ZTQ9XK9G Z=OXG@7
?v
E
Gh
ZT9XQ9G Z:R
D
G
ZB9XK:
! Z= XTE9
O
G
Ih
dA9G o=OXR
G
QhO
*GOv<h 2008 e9vf ?v*9v%v! hv| ?v=vy9vS (v}v! J:Ovgv| ?v|OvtvAv}vyG dhOvyG J9v*O9vZvAvsG ~vdvgv| BvzvGvS Ev+vI
.dhOyG gP$ ,p ?y9a=yG J9*(AT| Y9q@QG &"| HA! jO9ZAsG O(vQ Y(sh ,"g* 9| ($h ,2009 e9f
++
)vyE ?v+vy9v}vyG ?v|R}G d(vJv@ Ovgv<h ,?v+v!9vDvyG ?vzvIQv}vyG ,vph
q
J:Ov gv | hv pQ VQv jv < ?v *Rv "v +v v ?v *O9v Zv Av sG J9v S9v +v S Pv +v qv "v @h ,v "v =v @ ,v p 2009 e9v f ?v *GOv < hv | ?v |Ov tv Av }v yG
,vph .jQ9v}vDvAvS:G ,v|(vwvJvyG b9vqv!NG hvpQ uv*Qv_ #vf ?vy9vav=vyG J9v*(vAvTv| ^v+vqvMv@h jO9vZvAvs:G (v}v"vyG
?v +v |(v wvI Q9v }vDvAvSG ?vav L Pv+vqv"v Av < ,v y9v JvyG Bv s(v yG ,vp ?v+vwv *Qv |}G IOvJv Av }vyG J9v *:(v yG e(vtv@ d9v Gv}vyG GPv $
)vvzvvf aQvvZvvAvvS Q:hO Q9vv+vvzvv| 787 9vv%vvAvv}vv+vvs kvvzvv=vv@h ,yQ9vv}vvDvvAvvS:G IO9vvfEh T9vvgvv!NG bvvavvMvv|z )vvfOvv@
k
275 ( 9v %v "v | GARvF fC )v yE ?vp9v \N9v < ,?vs9v avyGh ?v Jv Zv yGh ~v+vzv gv Av yG J9v f9v avsh ,?v +vAvJv Av yG )v"v=v yG hv*Q9v Wv|
.? + =* Q\ J 9] + qM@ #f IQ 9=f ( $ )Q :h O Q9 +z|
dhOvyG
~v dv gv| Bv fQv V
,?v vtv vtvI ?v|RC
N ,vp U(vZvMvyG &vFh )vzvf BvzvDq v}v@ :?v+v}v+vzvsNG J9vS9v+vTvyG vvvv 2
?v }v tv yG aGOv $C fC ~v zv gv yG hv | ,2009 {v *Qv <C/f9v Tv +v ! ,v p fOv "v y ,v p IOv tv gv "v }v yG ,
#v *Qv Wv gv yG
q
: ,p Bz D}@
?v}vs >vtvf
IPvMvAv}vyG JGAGQvF G
)7 (
(G 20)
)8 (
+
. { j WA yG h
( } " y G J : O g | h p Q ) z f { } g yG d ; L # | , } y9 g y G O 9 Z A s : G , p ? t D y G I O 9 f E v v
.
+
?v v v vy9v vJv vyG ?v v|R
}G Q9vvTvv| Uvvwvvf aOvv%vv< ?vv+vv}vvy9vvgvvyG ?vv+vvy9vv}vvyG J9vvTvvS|vv}vvyG M;vvYEh A9vv"vv< IO9vvfE v v
. ? + z = t A T } y G J 9| R } G # | ?* 9 s ( y Gh
+
.? F 9} Jy G J GA GQ F
I9v fGQv |
, y 9 }y G e9d "y G ? }v (I R* Rg @ h M ; Y E v v
NG #| O Jy G ) zf { }g y G h | Q9 }DA S:G h ? +y h O y G I Q9 GAy G ? +s Q@ v v
+ " +
hv | ?v |GOv Av Tv | ?v v }v v @ uv v tv Jv @
:9
)v zv f {v }v gv yG d;v L #v | ,v }v y9v gv yG Q(v av Av yGh ,v sQv yG ~v fO v v
., 8 +=y G >! 9G y G
%} $C J GA GQF N G # | ? f (}G | P 9M @ G >za @ a GO$ }G gP $ u+tJ @ f E
, *
+
+ ,vyhOvyG Ovtv"vyG bhOv"vZvy ,vy9v| ~vfO ~v*Ovtv@ v v
IQOv vtv vyG Rv v*Rv vgv vAv vy ,v vwvv*Qv v|C Q:hO Q9v v+v vzvv| 250 ?v v}v v+vvtv v< ?v vY9v vMv vyG >v vJvvTv vyG b(v vtvvI JGOv vIh #vv| IOv v*Ov vF
. b h O " Z z y ?+ !9 } A F: G
?vZvI
QGOvYEh , vwv Qv|C Q:hO Q9v vzv| 750 ?v}v vtv<
.
(
,w*Q|C Q:hO Q9+z| 100 ?}+t< ?+}"Azy ,yhOyG x"=yG )yE ~fO ~*Ot@ v v
+
*(
"
#
$ , +
+
+ +
+(
" +
OQG v }v yG d9v }v gv Av SGh ,?v v yhOv yG IQ9v Gv Av yG {v v }v @ ~v fO {v FC v | Q:hO Q9v v zv | 250 kv zv =v | Qv v p v @ v v
k
GQvtvp QvDvv G dhOvyG {v v}v@ vp vyhOvyG Ovtv vyG bhOv vY >v P v_9v vAvIG hv v< ?v vzv}vf v| ?vGv@9v vyG ?v vp9v\ G
}
*( , ,
.~y 9g y G
"
k
#
N
. ~ y9 g y G , p
k
,p 9|Ot@ QDv}G 20 vyG dhOyG ~]@ 9*QhO 9$Otf ~A* ?}s #f IQ9=f y#*QWgyG ?}sz )7(
«Les Principaux points du communique final du sommet du G20 a Londres,» Agence de Presse
)8 (
Chinoise, <http://www.frenchxinhuanet.com/french/2000-04/03/content_851087.htm>.
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
98
O
G K(J<
?+<Qf ?* 9ZAs
_vTP6u( qT?;
}
,vp ?v+vp9v\E J9vavavMv|h Hv|GQv< Pv+vqv"v@ uv*Qv_ #vf ?v+vgvS(v@ ?v+vy9v| ?vS9v+vS uv+v=vav@ v v
.{+jWAyGh jO9ZAs:G (}"yG J:Og| hpQ aO%< ,,w*Q|C Q:hO Q9+z| 1100 ?+y9}FNG 9%A}+s
,A9v]vf G dhOvyG
+
+
? }y 9 g y G ? y 9} y G ?| R
k
} G ?Gy9 g| , p 9$ QhO h ?*O 9+ T yG I hQDyG u*O9" Y :9D y9C
% "v*o IGOC hC ?v+vyB &v!zv< jO9v+vTvyG IhQvDvyG bhOv"vY aQq vgv* :?v*O9v+vTvyG IhQvDvyG bhOv"vY rv*Qvgv@ v v 1
?v |9v gv yG JGOGQv *NG Y9v qv @QG >v =v Tv < hC ,jQ9v Gv Av yG fGRv +v }v yG ^v F9v p ?v Gv +v Av ! uv tv Jv | ,v y9v | ^v F9v p &v *Ov y Ov zv <
k
k
hC ?v +v }v y9v gv yG ?v +v y9v }v yG bG(v S}G ,v p 9v +v FQ9v L hC 9v +v zv LGO ^v F9v qv yG GPv $ Q9v }v Dv Av SG hC Q9v LOG aOv %v < ?v yhOv zv y
52 ?v*O9v+vTvyG IhQvDvyG uv*O9v"vY OOvf kvzv< ,2008 e9vf hvzvav| hv|h .?v+vyhOvyG ?v+vy9v}vyG J9vTvS|v}vyGh c(v"v=vyG
k
,w*Q|C Q:hO Q9+z| 3652,7 9%y(YC ?}+s 9shO"Y
.
9v v8vWv
)9 (
)1 (
* +
? O9 TyG
b hO
" Zy G O Q G ( |
" Zy G d ( Y C
) ,w * Q|C Q :hO Q 9 +z| (
213
^F9q yG
110
!
875
bq
!
b q!
a QZ y G ,_ 9 + A I G
bq
* "
d h OG yG
u O9 Y ^g <
b hO
!
bq
j Q9G AyG
Ih Q DyG
~ sQ y G
bhO
d
( I ? | 9f J 9 |( z g |
" Z zy ?+} SQy G ? +}T A y G
Oz=y G
e9 f
+ z
U S Ay G
Q9 } D A S ;y
B
*(w yG ?8+ $
Q9 } D A S ;y
*(w yG
IQ (p9j "S
J G Q9 | NG
IO JA } y G ?+ < Q gy G
H *hQ "yG
9 *R+y9 |
# +ZyG
1953
B
Temasek Holdings
,= c (< C ?8 + $
322
Governement pensions fund
18
Khazanah nasional « BHD »
311
State Administration of Foreign
1974
1976
1990
1993
1997
Exchange Investment Company
J 9sh QJ |
!
b q!
bq
35
50
157
(} y G b= \ bh O" Y
Q9 }D A S; y Qas ? 8 + $
OQ G
Stabilisation Fund « SFRF »
QF GRG yG
2000
Qas
2000
+
2003
9 Sh Q
«Les Fonds souverains: Une Menace aÁ relativiser, un partenariat aÁ construire,» Bienvenue au
:QOvvvvvvZvvvvvv}vvvvvvyG
SeÂnat, <http://www.senat.fr/rap/r07-336/r07-3360.html>.
k
+v*9vgv}vy 9vtvph ,?v*O9v+vTvyG IhQvDvyG uv*O9v"vY rv+v"vZv@ #vwv}v* :?v*O9v+vTvyG IhQvDvyG uv*O9v"vY YG(v!C vvvv 2
q
:Y G( ! C I Of ) y E ,? "+ g|
Qv
b hO
k
" Z yG { } f d 9 G} y 9 t p h v v v v C
,vp OQG(v}vyG bv=v\ bhOv"vY QGQvi )vzvf ,Ovzv=vyG {vLGO 9v%v_9vWv! RvvQvAv* ?v+vzvJv| ?v*O9v+vS uv*O9v"vY )1(
. 9 + S h Q , p Q GQ t A S : G b h O" Yh ,Q F GR G y G
«Largest Funds by Assets Under Management,» Sovereign Wealth Fund Institute, <http://www.
)9 (
swfinstitute.org/funds.php>.
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
99
O
G K(J<
?+<Qf ?* 9ZAs
ZTQ9XK9G Z=OXG@7
,Q9v v}v vDv vAv vS;v vy
E
Gh
ZT9XQ9G Z:R
D
G
ZB9XK:
"
O
G
Ih
dA9G o=OXR
G
QhO
,vv=vvc (vv<C ?vv8vv+vv$ {vvDvv| ,Ovvzvv=vvyG LQ9vvL 9vv%vv_9vvWvv! OvvAvv}vv* ?vv+vvyhO ?vv*O9vv+vvS uvv*O9vv"vvY )2(
. , G* h Q " yG b q " y G b h O " Y h
bhO
bv=v\
! Z= XTE9
bhOv vY
+ "
{vDv|
,?v vavqv vyG JGQO9vZvyG
+
^v vF9v vp
k
" Zy G O Q G( } y 9 t p h v v v v H
k
#v| 9vS9vSC 9v$OQG(v| )v@zvAv@ ?v+vavqv! ?v*O9v+vS uv*O9v"vY)1(
., G * h Q"y G b q"y G bh O "Y h , jQF G RGy G O QG( } y G
k
,v vp 9v vS9v vSC 9v v$OQG(v v| {v vDv v}v vAv v@ ?vvv+vvvavvvqvvv! Qvvv+vvvi ?vvv*O9vvv+vvvS uvvv*O9vvv"vvvY )2(
)vzvf ,?v+vavqv"vyG Qv+vi dhOvyG ,vp O(vF(v| uv*O9v"vZvyG #v| Y(v"vyG GPv$ fC ~vzvgvyG hv| ,aQvZvyG J9v+v_9v+vAvIGh
. #+Z y Gh IQ(p9 j" S QGQi
jQ9v vGv vAv vyG fGRv v v v}v vyG
bhO
.QF G RGy G
+
~v v s {v wv V
k
" Zy G ? q + c( y 9 t p h v v v v L
,p OQG(}yG b=\ bhO"Y QGQi )zf ,Q9LOG u*O9"Y )1(
,vp ?v+v }v y9v gv yG ?v +vy9v}vyG bG(vS}G ,vp 9v%vy(vYC rv+v c(vAv < e(v tv@ ?v*Q9v}vDvAvSG uv*O9v"vY)2(
.Q 9} DAS ; y , =c (< C ? 8+$ { D| , ? y (t"|
k
+
? y ;t AS: G ? F QOy 9tph
+
vvvv O
(
* " ,v$h ,?v+v|(vwvI ?v*O9v+vS uv*O9v"vY )1(
. j Q F G R G yG O Q G ( } y G b = \ b h O " Y Q G Q i ) z f , ? y A 9 T} yG h ? z t A T} y G ?< 9 s Q z y h ]M @ : 9 % ! C 9 } v
.QGQv tv yG ?v v y;v tv Av S9v < hv Av }v Av @ :h ?v | v wv Jv zv y ?v gv <9v @ uv O9v v Y
k
#vf ?v +v =vTv "v yG ?v +v y;vtvAvS:9v < hvAv }vAv @ ?v*O9v+vS uv*O9v "vY ,v$h ,9v+v=vTv! ?vzvtvAvTv| ?v*O9v+vS uv*O9v"vY )2(
?v yA9vTv |h ?v <9v sQv y hv]v Mv@ 9v %v !C 9v }vv ,jRvvQv}vyG xv "v =v yG )vyE ?v p9v\N9v< ?v|(v wvJv yG 9v $Qv*Ov@ PE ,?v|(vwvJv yG
. , G * h Q " y G b q " y G b h O " Y Q G Q i ) z f , e 9 g y G j C Q yG h ? + g * Q W A y G ?a z T y G
%v+vp RvvQvAv@ ,vAvyG uv_9v"v}vyG Ov*OvJv@ #vwv}v* :?v*O9v+vTvyG IhQvDvyG uv*O9v"vZvy ,vpGQvjvGvyG hv*R(vAvyG vvvv 3
:)2( ~sQyG dhOGyG d;L #| ?*O9+TyG IhQDyG u*O9"Y
9v
)2 (
* +
? O9 TyG
+
Ih Q DyG
~ sQ y G
* "
dhOGyG
u O9 Zy
,p GQ jG y G h * R( Ay G
"
?
? pGQ jG yG ?ta }yG
bS h
} G bQW y G
9 + SB
* ( 8 }y G ? = T" y G
44
35
9< hQh C
17
*
2
9w Q| C
" ,s9 <
~ y9gyG u _9 |
2
«SFF institute, SWFs by region,» Sovereign Wealth Fund Institute (April 2009), <http://www.
:QOvvZvv}vvyG
swfinstitute.org/funds.php>.
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
100
O
G K(J<
?+<Qf ?* 9ZAs
_vTP6u( qT?;
:
,$ u_9"| K;C ,p RvQA@ ?*O9+TyG IhQDyG u*O9"Y fC )2( ~sQyG dhOGyG #+=*
}
"
* " #
!) $ (
"
"
$
"
% + , +
(
#v| rv+vqvMvAvyG ,vp ?vtvav"v}vyG dhO &v*O|v@ fC #vwv}v* jPvyG QhOvyG ?v+v}v$C #v+v=v* 9v| (v$h ,~vy9vgvyG ,vp bvqv"vzvy
. ? + } y 9g y G ?+ y 9} y G ? | R } G I O I
* +
v zv f 9v PG v Jv Av S9v < ,bvSh G bQvWvyG ?vtvav v| vvvv
,?v O9v v Tv yG IhQv Dv yG uv O9v v Y v | ?v 8v }v y9v < 44 ?v =v Tv
q
o
IQOv Zv |h ?v Gv Av v | ?v tv av v | Qv =v vC 9v Q9v =v Av f9v < ?v tv av v }v yG dhO 9v v < Rv v }v Av @ v Av yG ?v v y9v }v yG IQv p v yG >v =v Tv < xv yPh
#v +v Zv yG Qv =v Av gv @ Ev +v I ,?v *O9v +v Tv yG uv *O9v "v Zv yG #v | ?v 8v }v y9v < 17 )v zv f P(v Jv Av Tv @ ,v Av yG 9v+vSB ?vtvav"v| vvvv
OQG(v | fC ~v zv gv yG hv | ,jO9v +v S bhOv "v Y 9v %v *Ov y ,v Av yG ?v *(v +v S6G dhOv yG RQv <C #v | 9v *Rv +v y9v |h IQ(v p9v jv "v Sh
k
J9v +v _9v +v Av IG )v yE ?v p9v \N9v < ,?v tv tv Jv }v yG ?v *Q9v Gv Av yG ^v FG(v qv yG ,v p 9v S9v SC {v Dv }v Av @ dhOv yG gPv $ uv *O9v "v Y
.? ta "}y G d hO 9% +zf Q p(A@ , Ay G a QZ y G
*hQv"vyG fC ~vzvgvyG hv| ,?v8v}vy9v< 17 ?v*O9v+vTvyG uv*O9v"vZvyG #v| 9v%v=v+vZv! jh9vTv* ,vAvyG 9v<hQhC ?vtvav"v| vvvv
,vvp bvvqvv"vvzvvy IQOq vvZvv|h ?vvGvvAvv"vv| ?vvyhO Qvv=vvvC 9vv$Q9vv=vvAvvf9vv< jO9vv+vvS bhOvv"vvY 9vv%vv*Ovvy ?vv+vv<hQhC ?vvyhO RQvv<C Ovvgvv@
Hv
. 9 <h Q h C
(
#v| :?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R}G IOvI #v| rv+vqvMvAvyG ,vp ?v*O9v+vTvyG IhQvDvyG uv*O9v"vY QhO vvvv 4
w n
?v |RC {v wv V ,v p Jzv Wv ! ,v Av yG ?v +v }v y9v gv yG ?v +v y9v }v yG ?v |R}G QOv Zv | Ov gv @ ?v +v wv *Qv |}G IOv Jv Av }v yG J9v *:(v yG fC
2008 e9vvf ?vv*9vv%vv! hvv| ?vv+vv}vvy9vvf ?vv*O9vvZvvAvvsGh ?vv+vvy9vv| ?vv|RC )vvyE d(vvJvvAvvAvvy ,2007 rvv+vvY ?vv*Q9vvtvvf f(vv$Q
,vy9vAvy9v<h ,,vwv*Qv|}G O9vZvAvs:9v< ~vy9vgvyG dhO J9v*O9vZvAvsG ~vdvgv| W9v=v@QG )vyE Qvdv"vy9v< 2009 e9vf ?v*GOv<h
J9v v*:(v vy9v v< ?v vY9v vL ?v v*Q9v vtv vf f(v v$Q ?v v|RC #v v| d(v vJv vAv vzv vy ?v v|R}G 9v v%v vAv vsQv vjv vAv vSG ,v vAv vyG ?v v+v v"v v|Rv vyG IOv v}v vyG f{v vp
k
q
{vGvTv}vyG ,v=vTv"vyG |v_9v=vAvyG GPv$h ,e9vf rvZv!h 9v|9vf dO9vgv@ ?v+v}vy9vf ?v+vy9v| ?v|RC )vyE ?v+vwv*Qv|}G IOvJvAv}vyG
q
q
Ov Jv yG ,v p ?v *O9v +v Tv yG IhQv Dv yG uv *O9v "v Zv y ?v y9v gv qv yG ?v }v $9v Tv }v yG )v yE hv FQv * ?v |R}G d9v tv Av !Gh d(v Jv @ ?v fQv S ,v p
: , z* 9} v x y P h , 9%g S( @ #|
e vzvgv}vyG
+ * }G IOvJvAv}vyG J9v*:(vyG ,vp ?v*Q9vtvgvyG f(v$QvyG ?v|RC JQv%vc ,2007 e9vf rvZvAv"v| ,vp v v
9v| (v$h ,?v+v<hQh}G ?v+vy9v}vyG bG(vS}G ~vdvgv|h ?v+vwv*Qv|}G ?v+vy9v}vyG b(vTvyG )vyE ?vfQvTv< 9v$GhOvf {vtvAv"vAvy
q
?v FQO ,v p X(v Jv zv | V9v qv Mv !G {v +v Gv Tv @ ,v y9v Av y9v <h ,bG(v S}G gPv %v < #v *Qv }v Dv Av Tv }v yG ?v tv C fGOv tv p )v yE iOC
OOv $ jPv yG Qv |}G ,?v av Wv"vyG ?v +vy9v }v yG J9v Tv S|v }v yGh J9v vQv WvyG ~v %v SC ?v }v+vs ,v p >v+v $Q fOv@h ,9v %vAvy(v+v S
bG(v vS}G ,v vp ?v v*O9v v+v vTv vyG IhQv vDv vyG uv v*O9v v"v vY ~v v$Ch RQv v<C {v vLOv v@ fC :E ,S;v vpN9v v< c(v v"v v=v vyGh J9v vvQv vWv vyG
d;vL uv*O9v"vZvyG gPv$ Bv|9vs Ev+vI ,QvavMvyG IOvI #v| {v+vzvtvAvyG ,vp ~v$9vS ?v+v<hQh}Gh ?v+vwv*Qv|}G ?v+vy9v}vyG
Q:hO Q9v v+v vzv v| 65 AGQv vWv v< 2008 Qv v*9v v"v v*/,v v!9v vDv vyG f(v v!9v vv )v vyE 2007 (v v*9v v|/Q9v v*C #v v| IOv vAv v}v v}v vyG IQv vAv vqv vyG
#vv+vvs(vvTvvyG ,vvp ?vvavvV9vv"vvyG ?vv+vvy9vv}vvyG J9v vTvvS|vv}vvyGh c(vv"v v=vvyGh J9vvvQvvWvvyG rvvzvvAvvMvv| ~vv%vvSC #vv| ,vvwvv*Qvv|C
:x y P # + = * , y 9 A y G dh O Gy G h . ? + < h Q h } Gh ?+ w* Q | } G
?v v wv Qv |
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
101
O
G K(J<
?+<Qf ?* 9ZAs
ZTQ9XK9G Z=OXG@7
)3 (
+
? < hQ h
E
~ sQ y G
Gh
ZT9XQ9G Z:R
D
G
ZB9XK:
! Z= XTE9
O
G
Ih
dA9G o=OXR
G
QhO
dhOGyG
} G h ? +w* Q | } G ? + y 9 } y G b G ( S } G , p ? * O9 + T y G I h QD y G u * O 9 " Y ^g < J ; LO @
,p ?} $9 T }y G ?= T!
) ?8} y9<( d9 }yG S CQ
IOO J|
+
| }yG
+ qAT }yG
J9 T S
IO
b hO
"Z yG J GQ9 }DAS G
+z| (
«HSBC» bank
1,2
9, 9
Blackstone
3
3, 1
Barclays
1,4
4, 3
Carlyle
1,35
4, 9
Citigroup
7 ,5
Q i
{ LO A }y G
b hO
"ZyG
*
{L OA y G N Q9 @
)Q :hO Q 9
, <O ?8 +$
#+ Zy G
IQ (p9j "S
y?yO 9=|z , =c (< C
, =c (<C ? 8+$
Q 9}DAS ; y
2007/5/2
2007/6
«CIC»
«Temasek»
2007 /7 /23
2007 /9 /20
2007 /11/6
Q9 } D A S ;y
#+ Zy G
# +ZyG
B *( wyG ?8 +$
9,9
Morgan Stanley
5
«CIC»
1, 6
Total
2 ,7
«SAFE »
4, 8
Merrill Lynch
6 ,6
2007/12 /19
2008/4/4
2008/1 /15
Q9 } D A S ;y
:QOZ}yG
«Les Fonds souverains: Une Menace aÁ relativiser, un partenariat aÁ construire».
(
#v| OvJvyG ,vp Qv+v=vv {vwvWv< Bv}v$9vS ?v*O9v+vTvyG IhQvDvyG uv*O9v"vY fC uv=vS 9v}v| 9v"vy #v+q v=vAv*
,v p ,v =v Tv "v yG 9v %v I9v Gv "v < xv yPh ,?v +v }v y9v f ?v *O9v Zv Av sGh ?v +v y9v | ?v |RC )v yE ?v *Q9v tv gv yG f(v $Qv yG ?v |RC d9v tv Av !Gh
(v *9v |/Q9v *C #v | IOv Av }v }v yG IQv Av qv yG d;v L ?v +v <hQh}Gh ?v +v wv *Qv |}G ?v +v y9v }v yG b(v Tv yG ?v y(v +v S )v zv f X9v qv Jv yG
k
hv v| ?v v|R}G IOv vV Bv v}v vs9v vqv v@ PE ;;v v*(v v_ eOv v* ~v vy M9v vGv v"v vyG GPv v$ fC :E .2008 e9v vf ?v v*GOv v< )v vyE 2007
2008 ?v *9v %v ! hv | ?v |R}G d(v Jv Av Av yh ?v +v }v y9v gv yG ?v +v y9v }v yG bG(v S}G ~v dv gv | {v }v Wv Av y 2008 e9v f rv Zv Av "v |
?vwvy9v}vyG dhOvyG 9v%v+vp 9v}v< ,~vy9vgvyG dhO ~vdvgv| Bvzv}vV ?v+vtv+vtvI ?v*O9vZvAvsG ?v|RC )vyE 2009 e9vf ?v*GOv<h
,v p ?v }v $9v Tv }v yG uv *O9v "v Zv yG )v yE ?v =v Tv "v y9v < IQv =v Av gv | Qv F9v Tv L Bv zv Gv S Ev +v I ,?v *O9v +v Tv yG IhQv Dv yG uv *O9v "v Zv y
?vp9v\N9v< ,)JGOv"vTvyGh ~v%vS}G( ?v+vy9v}vyG 9v%vy(vYC ?v}v+vs V9vqvMv!G >v=vTv< ?v|OvtvAv}vyG ?v+vy9v}vyG bG(vS}G
k
?v v|R}9v v< bv vqv v"v vyG Q9v vgv vSC Qv vCzv v@ ?v vGv v+v vAv v! ?v v+v vav vqv v"v vyG JGQO9v vZv vyG #v v| 9v vS9v vSC ?v v+v v@zv vAv v}v vyG 9v v$OQG(v v| hv vFGQv v@ )v vyE
9v %v FGQh #v |h ?v *O9v +v Tv yG IhQv Dv yG uv *O9v "v Y {v +v }v Jv @ #v wv }v * : &v !{v p ,xv yP ~v iQh .?v +v }v y9v gv yG ?v *O9v Zv Av s:G
#v| ?vf(v}vGv| )vyE Qvdv"vy9v< ,?v+v}vy9vgvyG ?v+vy9v}vyG ?v|R~vy jOvZvAq vyG ,vp 9v%vzvWvp ?v+vyh|vTv| 9v%vy ?vwvy9v}vyG dhOvyG
: , z * 9 } + p 9 $ Q v P # w } * , A y G ?+ f( \ ( } yG { | G ( g y G
d vJv@ ?vfQvS
,vp ?v+vTv+vFQvyG ?v=v=vTvAv}vyG ,?v+vwv*Qv|}G IOvJvAv}vyG J9v*:(vyG 9v%vSCQ )vzvfh ,?v|OvtvAv}vyG dhOvyG Qv=vAvgv@ v v
k
q
:hC 9v}vAv* fC >vGv* 9v%vAvGvy9vgv|h ?v|R~vy jOvZvAvyG f{vp ,,vy9vAvy9v<h .?v+v}vy9vgvyG ?v*O9vZvAvs:Gh ?v+vy9v}vyG ?v|R}G
.9%y ?==T}yG dhOyG {=sp #|
% z ! Pv "v | ?v +v y9v }v yG ?v |R}G ?v Gv y9v gv }v y ?v |Ov tv Av }v yG dhOv yG {v =v s #v | ?v tv =q v av }v yG J9v S9v +v Tv yG fE v v
#v+v< uv+vTv"v@ O(vFh eOvfh #v*9v=vAvyGh ?v*OGQvqv!:9v< JRv+v}v@ 2008 e9vf ?v*9v%v! ?v*9vi )vyEh 2007 rvZvAv"v|
9v v @ v Wv
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
102
O
G K(J<
?+<Qf ?* 9ZAs
_vTP6u( qT?;
+
+
. ? } y 9 g y G ? y9 } y G ? | R
~y jOZAyG ,p 9%zWp )yE iOqC 9| ($h ,?|OtA}yG dhOyG
q
*O9vv"vvY {vvLOvv@ fE :?vv*O9vv+vvTvvyG IhQvvDvvyG uvv*O9vv"vvY ,vvp ?vv+vv}vvy9vvgvvyG ?vv+vvy9vv}vvyG ?vv|R}G QvvCC vvvv 5
~vy ?v|R}G ?v*GOv< hv| ?v+v<hQh}Gh ?v+vwv*Qv|}G ?v+vy9v}vyG bG(vS}G ?vy(v+vSh QGQvtvAvSG )vzvf X9vqvJvzvy ?v*O9v+vTvyG
n o
?vGvy9vgv}vy ?vy9vgvp J9vS9v+vS Pv+vqv"v@ uv*Qv_ #vf ,?v|OvtvAv}vyG dhOvyG #v| #v+v|R;vyG IOv!9vTv}vyGh ~vfOvy9v< uvpQv*
q
QGQvtvAvSG )vzvf X9vqvJvyG )vzvf uv*O9v"vZvyG gPv$ IQOvs eOvf )vyE ?v*9v%v"vyG ,vp iOC 9v| (v$h ,?v|R}G J9v=v=vTv|
?v Tv S|v | JQOv s Ev +v I ,IQv =v Av gv | ?v +v y9v | Qv F9v Tv Mv y 9v %v zv +v Gv Tv @ ,v y9v Av y9v <h ,?v zv *(v _ IOv }v y ?v +v y9v }v yG bG(v S}G
y,v zv !9v Av S f9v iQ(v |z
750 h 500 #v +v < MhGQv Av @ Qv F9v Tv Mv y Bv \Qv gv @ ?v *O9v +v Tv yG IhQv Dv yG uv *O9v "v Y fC ,
Q9v +v zv | 3000 #v | 9v $Qv *Ov @ ,v Av yG ?v +v y9v Jv yG JGO(v F(v }v yG ,v y9v }v FE [v zv tv @ Ev +v Jv < ,,v wv *Qv |C Q:hO Q9v +v zv |
k
?vTvS|v}vyG Bvgvs(v@ 9v}vv .GQv%vV QvWvf ,v"vCG f(v]vi ,vp Q:hO Q9v+vzv| 2500 h 2300 #v+v< 9v| )vyE Q:hO
k
12000 #v | :Ov < 2015 e9v f Q:hO Q9v +v zv | 9700 )v yE uv *O9v "v Zv yG JGO(v F(v | ?v }v +v s {v Zv @ fC 9v %v Tv qv !
.
2007 r+Y {FGhC 9%Tq! ?TS|}yG {=s #| ?gs(A}yG Q:hO Q9+z|
IhQv vDv vyG
uv v
)10 (
)11 (
,vy9vJvyG Bvs(vyG ,vp ?v*O9v+vTvyG IhQvDvyG uv*O9v"vZvy #vwv}v* &v!{vp ,xvyP ~viQh
/f9v Tv +v ! ,v p IOv tv gv "v }v yG #v *Qv Wv gv yG ?v }v s ,v p A9v ]v f}G dhOv yG >v !9v F #v | ?v f(v \(v }v yG ?v av Mv yG M9v Gv ! ,v p
?v av Mv zv y ?v +v y9v }v yG J9v =v zv av Av }v yG #v | e9v $ ARv F ?v +v av jv @ d;v L #v | xv yPh ,?v |R~v y jOv Zv Av zv y 2009 {v *Qv <C
Q9v+vzv| 850 ?v}v+vtv< ,v}vy9vgvyG xv"v=vyGh ,vyhOvyG Ovtv"vyG bhOv"vZvy ,vy9v| ~vfO Qv+vp(v@ IQhQv\ )vzvf [v"v@ ,vAvyG
k
t
9v }v $OGOv gv Av SG #v f GQv L|v |
9v +v ShQh #v +v Zv yG #v | {v v Bv <Qv fC ,&v "v +v f b9v +v Tv yG ,v ph .,v wv *Qv |C Q:hO
.
,w*Q|C Q:hO Q9+z| 60 ?}+t< ,yhOyG Ot"yG bhO"Y #f IQO9Y JGO"S AGQWy
d9vgvp
$
{vwvWv< ~v 9vTv@
fC
)12 (
)13 (
(%
k
*O9vZvAvs:Gh ?v+vy9v}vyG ?v|R}G ?vGvy9vgv| fE d(vtvyG #vwv}v* ,9v|(v}vf
Q9v=vAvf9v< ,?v*O9v+vTvyG IhQvDvyG uv*O9v"vZvy ?vwvy9v}vyG dhOvyGh ?v|OvtvAv}vyG dhOvyG 9v%v+vp 9v}v< ,~vy9vgvyG dhO rvzvAvMv|
~v Av * ?v *O9v +v Tv yG IhQv Dv yG uv *O9v "v Y ,v p ?v |R}G Qv +v Czv @ fC ~v zv gv yG hv | ,9v %v "v | IQQv ]v Av | aGQv _}G hv +v }v F fC
?v+vy9v}vyG 9v%vy(vYC Q9vgvSC V9vqvMv!G ?vGv+vAv! uv*O9v"vZvyG 9v%vzv}vJvAv@ ,vAvyG QvF9vTvMvyG uv*Qv_ #vf IQvV9v=v| IQ(vZv<
9v v$OQG(v v| V9v vqv vMv v!G uv v*Qv v_ #v vf ,IQv vV9v v=v v| Qv v+v vi IQ(v vZv v<h ,?v v+v vy9v v}v vyG bG(v vS}G ,v vp )JGOv v"v vSh ~v v%v vSC(
bG(v S}G ,v p J9v shQv Jv }v yG Q9v gv SC 9v %v +v p 9v }v < ,OG(v }v yGh J9v Gv Av "v }v yG rv zv Av Mv | Q9v gv SC V9v qv Mv !G ?v Gv +v Av !
.
?+yhO yG
O v vF Qvp9v]v@
+
>vzvavAv@ ?v v}vy9vgvyG ?v
)14 (
,v p Q9v}vDv AvS:9v < ?v ZvAv Mv}vyG ?v+vwv*Qv|}G ?v+vpQvZv }v yG J9vTvS|v}vyG Qv=vvC #v+v < #v | y,vzv !9v AvS f9viQ(v |z ?v Tv S|v| )10(
.? + }y 9 g y G ? + y 9 } y G b G ( S } G
,vvp J9vvpGQvvWvvAvvSG y,HGQvvavv\:G #vv|R ,vvp IhQvvDvvyG IQGOE :?vv+vvGvv+vvzvvMvvyG ?vv*O9vv+vvTvvyG IhQvvDvvyG uvv*O9vv"vvYz ,Bvv"vv*Qvv+vv< #vv+vvqvvS )11(
.2 U ,)2009 Q*GQ=p/W9=V( ),yhOyG e;Tzy ,j+!Q9v ?TS||( ?S9+TyG
#v | Q:hO JGQ9v +v zv | 10 AGQv V ,v p 9v +v ShQ >v iQv @ 9v }v "v +v < ,JGOv "v Tv yG #v | Q:hO Q9v +v zv | 50 AGQv V #v +v Zv yG eRv Av gv @ Ev +v I )12(
. ,y h O y G O t" yG b h O " Z < ? Y 9 M yG J G O " T y G
rv zv Av Mv |
«La Chine Veut 50 MDS de dollars d'obligations du FMI,»
61 v vy
El Watan Economie (8 juin 2009), p. 13.
)13(
,vTv+vFQvyG OQ(v}vyG f;vDv}v* R9vjvyGh bvqv"vyG fC )vyE 2008 e9vgvy ?v*O9v+vTvyG IhQvDvyG uv*O9v"vY Ov%vgv| J9v+vF9vZvIE Qv+vWv@ )14(
. ~ y9 g y G , p I O ( F ( } yG ? * O 9 + T y G I h Q D y G u * O 9 " Y # | ? 8 } y 9 <
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
103
O
G K(J<
?+<Qf ?* 9ZAs
ZTQ9XK9G Z=OXG@7
E
Gh
ZT9XQ9G Z:R
D
G
ZB9XK:
! Z= XTE9
O
G
Ih
dA9G o=OXR
G
QhO
?Y; L
(
$
o
,vp ~vy9vgvyG &vFG(v* OvJv@ Qv=vvC ?v+vy9vJvyG ?v*O9vZvAvs:Gh ?v+vy9v}vyG ?v|R}G Qv=vAvgv@
dhOv yG ?v +v yh|v Tv | eOv f #v | ~v iQv y9v <h .,v }v y9v gv yG O9v Zv Av s:G )v zv f IQv +v av Mv yG 9v %v @9v +v fGOv @ )v yE Qv dv "v y9v < xv yPh
,#v v+v v+vvyhO fh9v vgvv@h uv v+vvTvv"vv@ O(v vFh f9vv=vvzvvavvAv v* 9vv%v vAv vGv vy9v vgvv|h 9v v$Q9vvCB #vv| OvvJvvyG f{v vp ,?vv|R}G #vvf ?v v+vv|9vv"vvyG
. 9 % y j O Z A y G , p ,? + | 9 " y G d h O y G 9% + p 9 } < , ~ y 9g y G dh O h + } F ? } $ 9 T| ) y E ?p 9 \ N 9<
,?v}vy vgvyG IQv 9vc
{vc
" +
~v y jOv Zv Av yG ,v p ?v y9v gv p IQ(v Zv < bv Sh}G bQv Wv yG ?v tv av "v | dhO Bv }v $9v S Ov tv y
?v+vy9v}vyG bG(vS}G ,vp ?v*O9v+vTvyG IhQvDvyG uv*O9v"vY J;vLOv@ uv*Qv_ #vf xvyPh ,2007 rv+vY ,vp 9v%vAv*GOv<
k
;v *(v _ Qv }v Av Tv * ~v y M9v Gv "v yG GPv $ fC :E .9v %v Av y(v +v Sh 9v $QGQv tv Av SG )v zv f X9v qv Jv zv y ?v +v <hQh}Gh ?v +v wv *Qv |}G
q
dhOv vyG {v v=v vs #v v| IQv vAv vqv vyG xv vzv v@ ,v vp ?v vtv v=v vav v}v vyG ?v v|R}G ?v vGv vy9v vgv v}v vy ?v v*OGQv vqv v!:G J9v vS9v v+v vTv vyG {v vWv vp >v v=v vTv v<
2008 e9vf ?v*9v%v! hv| ?v+v}vy9vf ?v*O9vZvAvsG ?v|RC )vyE 9v%vy(vJv@h ?v|R}G hvS(v@ )vyE iOC 9v| (v$h ,?v|OvtvAv}vyG
Pv v | ?v v }v y9v gv yG ?v |R
.2009 e9f hza|h
}G ?vGvy9vgv| ,vp Rv+v}vAv| QhOv< e(vtv@ fC 9v+vtv*QvpC d9v}vVh bvSh}G bQvWvyG ?vtvav"v| dhOvy #vwv}v*
,v p ?v *O9v +v Tv yG IhQv Dv yG uv *O9v "v Y ,v y9v }v FE #v | ?v 8v }v y9v < 44 9v %v v;v Av |G )v yE Qv dv "v y9v < ,?v +v }v y9v gv yG ?v *O9v Zv Av s:G
uvqvAv}vyG ?v|R}G #v| LhQvMvzvy ?v+v}vy9vgvyG ?vavMvyG {v*(v}v@h Pv+vqv"v@ ,vp 9v%vAv}v$9vTv| uv*Qv_ #vf xvyPh ,~vy9vgvyG
%2009 {*Q<C/f9T+! ,p 9%+zf
?v|R
2010 A9AV v v 2009 r*QL /49 v v 48 fGOOgyG
104
O
G K(J<
?+<Qf ?* 9ZAs