0RJXHU6RFLDOLVWD RFWXEUHGH

362($1'$/8&Ë$$*583$&,Ï1/2&$/'(02*8(5&O5iELGD&37HO'HSyVLWR/HJDO+ZZZSVRHPRJXHUFRPSVRHPRJXHU#SVRHPRJXHUFRP

(/362(&803/(&2102*8(5
6yORHQORV~OWLPRVPHVHVORVJRELHUQRVVRFLDOLVWDVKDQHQYLDGRD0RJXHUPLOORQHVGHHXURV
0XFKDV VRQ ODV YHFHV -XQWR FRQ (PYLVXU VL
TXH HVWDPRV R\HQGR WXDFLyQ HFRQyPLFD H[
GHFLU DO DOFDOGH TXH OD WUHPD GH OD TXH DGYLHUWH
-XQWDGH$QGDOXFtDQRLQ ODSURSLDLQWHUYHQWRUDGHO
YLHUWH GLQHUR HQ 0RJXHU $\XQWDPLHQWR GH 0R
/D ~OWLPD YH] HQ OD VH JXHU
VLyQ SOHQDULD GHO GtD  &RQ PHQRV UHFXUVRV ORV
GH VHSWLHPEUH (Q GLFKR JRELHUQRV VRFLDOLVWDV
SOHQR HO 362( GH 0R JHVWLRQDURQ OD FRQVWUXF
JXHU SUHVHQWy XQD PR FLyQGHO7HDWURGHO3DEH
FLyQ HQ OD TXH SHGtD DO OOyQ&XELHUWRGHO$UFKLYR
SDUWLGR SRSXODU EDMDU ORV +LVWyULFR OD UHVWDXUDFLyQ
LPSXHVWRV &RPR VLHP GH6WD&ODUD\6DQ)UDQ
SUH9RODQWHYRWy12DOD FLVFRHO&HQWUR6DQLWDULR
SURSXHVWDDOHJDQGRTXH HWF$GHPiVVHPHMRUyOD
HOD\XQWDPLHQWRQRWLHQH 1XHYD $YHQLGD FRQ ]R
'HVGH HO 362( GH 0R VHUYLFLRGHODJXDD$TXD
GLQHURSRUTXHOD-XQWDGH QDV YHUGHV FRPR HO SDU
JXHU QRV SUHJXQWDPRV OLD \ GH OD EUXWDO VXELGD
$QGDOXFtD OR GLVFULPLQD TXH +HUPDQRV 1LxR \ OD
¢'yQGH VH KD LQYHUWLGR GHLPSXHVWRV"7HQHPRV
'HVGHHVWDVSiJLQDVKH REUDGHOD3OD]DGHOD&R
WRGRHVHGLQHURGHO3ODQ HO$\XQWDPLHQWRPiVHQ
PRVGHPRVWUDGRHQPiV URQDFLyQ HWF (Q VXPD
(GHO3ODQ3URWHMD\VR GHXGDGR GH OD KLVWRULD
GH XQD RFDVLyQ TXH 9R 0RJXHU YLYLy XQD pSRFD
EUHWRGRGHODYHQWDGHO FRQPiVGH¼
ODQWHFRQHVWHWHPDWDP GH HVSOHQGRU FRPHUFLDO
ELpQ PLHQWH (Q HO FXD 'HVWLQR $GPLQLVWUDFLyQ 6XEYHQFLyQ WXUtVWLFR\FXOWXUDO
GURDQH[RPRVWUDPRVHO ,QVWDODFLyQGHERPELOODV &RQVHMHUtDGH*REHUQDFLyQ 6LQ HPEDUJR ¢D TXp KD
GLQHUR GHVWLQDGR GHVGH GHEDMRFRQVXPR -XQWDGH$QGDOXFtD ¼ GHGLFDGR XVWHG HVWDV
ORV JRELHUQRV VRFLDOLVWDV 3ODQ3URWHMD &RQVHMHUtDGH*REHUQDFLyQ GRV OHJLVODWXUDV 6U 9R
 -XQWDGH$QGDOXFtD ¼
D 0RJXHU HQ ORV ~OWLPRV ODQWH"1RWHQHPRVQDGD
&RQVWUXFFLyQ &RQVHMHUtDGH(GXFDFLyQ
FLQFRPHVHV 1XHYD*XDUGHUtD -XQWDGH$QGDOXFtD ¼ TXH GHFLU SRUTXH QR KD\
$WRGRHVWHGLQHURKDEUtD 1LYHODFLyQGH6HUYLFLRV &RQVHMHUtDGH3UHVLGHQFLD QDGD &RQ 9RODQWH 0R
TXH VXPDU ORV  PL 0XQLFLSDOHV -XQWDGH$QGDOXFtD ¼ JXHU \ 0D]DJyQ KDQ
OORQHVGHSHVHWDVTXHHQ &HQWRGH,QIRUPDFLyQ &RQVHMHUtDSDUDOD,JXDOGDG WRFDGR IRQGR \ FRQ HO
DOD0XMHU -XQWDGH$QGDOXFtD ¼
HO DxR \ PHGLR DQWHULRU SDQRUDPD TXH QRV YD D
$UUHJORVGHVSHUIHFWRV &RQVHMHUtDGH*REHUQDFLyQ
\D KDEtDQ LQYHUWLGR HQ FDXVDGRVSRUODVOOXYLDV -XQWDGH$QGDOXFtD ¼ GHMDUVyORQRVTXHGDSRU
0RJXHUORVJRELHUQRVVR 3ODQ3URYLQFLDO 'LSXWDFLyQ3URYLFLDO
GHFLU TXH HO FLFOR GH 9R
FLDOLVWDV GHVJORVDGR HQ  GH+XHOYD ¼ ODQWHHVWiDFDEDGR
HO 0RJXHU 6RFLDOLVWD GHO 727$/ SWDV ½
PHVGHDEULOGHHVWHDxR 0HUHFHPRVRWUR0RJXHU

/$',&7$'85$'(/33(1/260(',26

'Ë$66,192=(15$',202*8(5
 0RJXHU6RFLDOLVWD

0(5(&(026 2752 02*8(5

&RQORVRMRVSXHVWRVHQODVSUy[LPDV(OHFFLRQHV0XQLFLSDOHVGHPD\RGHGHVGHHO362(
GH 0RJXHU SRQHPRV HQ PDUFKD XQD QXHYD LQLFLDWLYD ³0HUHFHPRV 2WUR 0RJXHU´
6RPRV XQ SDUWLGR WUDQV TXHUHPRV SUHVHQWDU XQ PDGD ³0HUHFHPRV 2WUR GH HOORV HVWi FRRUGLQDGR
SDUHQWH DELHUWR D ORV SUR\HFWR FRQVWUXLGR GHV 0RJXHU´HQORVTXHWHLQ SRUGLVWLQWRVPRJXHUHxRV
FDPELRV D OD HYROXFLyQ GHODUHDOLGDGFRWLGLDQDGH YLWDPRVDSDUWLFLSDU(VWRV DV PLHPEURV GHO 362(
\ D OD LQQRYDFLyQ &UHH
PRV \ SUDFWLFDPRV RWUD
IRUPD GH KDFHU SROtWLFD
ODTXHVHHQWLHQGHODTXH
HVSDUWLFLSDWLYDODTXHHV
SUy[LPD D ORV FLXGDGDQRV
\ ODV FLXGDGDQDV VHQVL
EOHDVXVSUREOHPDV\GH
VHRV 6RPRV XQ 3DUWLGR
GH IXWXUR DO VHUYLFLR GH
ODFLXGDGDQtDDELHUWRDOD
SDUWLFLSDFLyQ GH KRPEUHV
\ PXMHUHV TXH H[SUHVDQ
VXV LGHDV VXV SUHRFXSD
FLRQHV\TXHEXVFDQVROX
FLRQHV
'HVGHHO362(GH0RJXHU
3DUDWXVDSRUWDFLRQHVPHUHFHPRVRWURPRJXHU#JPDLOFRP
1XHVWURV
%DUULRV
'HQXHYRGHVGHHO362(
GH 0RJXHU QRV YHPRV
REOLJDGRV D GHQXQFLDU HO
GHVPHVXUDGR DEDQGRQR
\GHWHULRURHVWpWLFR\IXQ
FLRQDO TXH VXIUH QXHVWUR
SXHEOR
(Q HVWH Q~PHUR GH 0R
JXHU 6RFLDOLVWD QRV TXH
UHPRVUHIHULUDORVEDUULRV
GHOD1XHYD$YHQLGD\ODV
,VODV&DQDULDV
$ GtD GH KR\ HO GHWHULRUR
HVWpWLFR GH HVWRV EDUULRV
HVPiVTXHHYLGHQWH7DQ
VyORFRQGDUXQSDVHRSRU
DOJXQR GH HOORV HV IiFLO
HQFRQWUDUVHFRQSDYLPHQ
WRV LQDFDEDGRV \ DFHUDV
LQFRPSOHWDV EDFKHV GH
WRGDV FODVHV GLVWLQWRV WL
SRV GH IDURODV \ QLQJXQD
IXQFLRQDFDRVFLUFXODWRULR
OD FLXGDGDQtD GH 0RJXHU
\ TXH UHFRMD VXV DSRUWD
FLRQHV&RQHVWHREMHWLYR
KHPRV FRQVWLWXLGR HQ ODV
~OWLPDV VHPDQDV XQD UHG
GH*UXSRVGH7UDEDMROOD
\ IDOWD GH DSDUFDPLHQWRV
FRQFRFKHVHQWHUFHUD¿OD
\ SRVWHV HQ PHGLR GH OD
FDOOHREVWDFXOL]DQGRWRGR
/RSHRUHVODIDOWDGHHVWt
PXORFRPHUFLDO\WXUtVWLFR
DGHPiV GH TXH QR VH KD
DFRPHWLGRQLQJ~QVHUYLFLR
S~EOLFRQXHYRQLLQYHUVLyQ
JUXSRV  VH RUJDQL]DQ  HQ
iUHDV\WHPDVGHGHEDWH
&XOWXUD 'HSRUWHV $JUL
FXOWXUD\0HGLR$PELHQWH
%LHQHVWDU 6RFLDO 7XULVPR
\&RPHUFLRHWF&DGDXQR
HQ PHMRUDV HQ VLHWH DxRV
FRQ9RODQWHFRPRDOFDOGH
$ORODUJRGHHVWDOHJLVOD
WXUD HO *UXSR 0XQLFLSDO
6RFLDOLVWD KD SUHVHQWDGR
GLVWLQWDV SURSXHVWDV GH
PHMRUDHQEDUULRV\VLHP
SUHKHPRVUHFLELGRHO12
GH9RODQWHSRUUHVSXHVWD
0RJXHU\VHYDQFLWDQGR
SDUDGHEDWLUDFHUFDGHGL
YHUVRV WHPDV GH LQWHUpV
GH SUREOHPDV \ VROXFLR
QHVHQODVGLVWLQWDViUHDV
GHJRELHUQR
4XHUHPRV FRQWDU FRQ WX
SDUWLFLSDFLyQ \ DSRUWDFLR
QHV 0RJXHU QRV QHFHVL
WD DKRUD PiV TXH QXQFD
6yOR FRQ HO HVIXHU]R GH
WRGRV \ WRGDV GHYROYHUH
PRV D 0RJXHU HO LPSXOVR
HFRQyPLFR OD LPDJHQ HO
QLYHO \ OD FRQVLGHUDFLyQ
TXH VLHPSUH WXYR FRQ ORV
JRELHUQRVVRFLDOLVWDV
TXHFRQODPD\RUtDDEVR
OXWDEORTXHDWRGRSUR\HF
WRGHPHMRUDSDUD0RJXHU
\ VXV EDUULRV eVWH HV XQ
WHPD TXH QR OH LQWHUHVD
DXQVDELHQGRTXHODVSUR
SXHVWDVVRFLDOLVWDVVHUtDQ
ODVROXFLyQ
0HUHFHPRVRWUR0RJXHU

3RFRV GtDV TXHGDQ \D SDUD
QRYLHPEUH \ HQ 0RJXHU
VHJXLPRV HVSHUDQGR TXH
9RODQWHQRVGLJDDWRGRVORV
PRJXHUHxRV \ PRJXHUHxDV
FXiQGR \ FyPR SLHQVD GH
YROYHUQRV XQD SDUWH GH ORV
VDOYDMHV LPSXHVWRV TXH QRV
FREUy HQWUH DJRVWR \ VHS
WLHPEUHDPRGRGHFRQWULEX
FLyQ
0RJXHU6RFLDOLVWD
9RODQWH FRQYLHUWH HQ VDEHPRV D FDPELR GH TXp
6yORQRVIDOWDTXHHQODUDGLR
PXQLFLSDO R HQ OD WHOHYLVLyQ
³FXOHEUyQ´ODOLPRVQD QRV SRQJDQ OD VLQWRQtD \ HO
ORJRWLSRGHO12'2
GHORVLPSXHVWRV 'HVGH HO 362( GH 0RJXHU
FRQVLGHUDPRV TXH HO &XOH
EUyQ GH OD /LPRVQD HV RWUD
PRIDGH0RJXHUDOSUHWHQGHU PLHPEURV HVWiQ OLEHUDGRV R WRPDGXUDGHSHORGHODOFDOGH
GDUQRVSHVHWDVDGXURV VHPLOLEHUDGRV HV GHFLU TXH \ YDQ PXFKDV GHPDVLDGDV
+D\ TXH UHFRUGDUOH DO 3DU OHSDJDPRVVXHOGRVVXHO 'HVGHHO362(KHPRVSHGL
/DWDQDQXQFLDGD\FDFDUHD
GD OLPRVQD YHVWLGD GH ³VXE
YHQFLyQ´ TXH QRV YD D GDU
9RODQWH FRQ QXHVWUR SURSLR
GLQHURVLJXHVLQVDOLUDODOX]
QLVHFRQRFHQGDWRVQLVHOHV
HVSHUDSRUORPHQRVDFRUWR
SOD]R+DEUtDTXHGHFLUDGH
PiV TXH OD GHYROXFLyQ VHUi
VyOR XQD TXLQWD SDUWH GH OD
VXELGD TXH QRV KLFLHURQ SD
JDUHODxRSDVDGR(O33VH
¢&8É172 126 &8(67$
02*8(5 38172 &(52"
(OJUXSRSRSXODUHQFDEH]DGR
SRU -XDQMR 9RODQWH DSUXHED
GHVWLQDU SDUD SXEOLFLGDG DO
UHGHGRUGHHXURVPHV
WLGR 3RSXODU TXH ORV FLXGD
GDQRV GH 0RJXHU +(026
3$*$'2<$ODFRQWULEXFLyQ
+DFH VHPDQDV LQFOXVR PH
VHV TXH QRV KDQ TXLWDGR
GH OD FXHQWD FRUULHQWH R QRV
KHPRV DFHUFDGR DO EDQFR$
3$*$5ORVLPSXHVWRV\HOORV
£VLQPRYHUXQSDSHO
< QRV SUHJXQWDPRV ¢FyPR
HV SRVLEOH TXH HO HTXLSR GH
JRELHUQR GRQGH WRGRV ORV
0XQGR 6LQ HPEDUJR SDUH
FHPX\UDUR\VRVSHFKRVRHO
KHFKR GH TXH SDUD HO SHULy
GLFR GH WLUDGD ORFDO 0RJXHU
GD]RV QR VH KD\DQ SXHVWR
D 75$%$-$5 GH PDQHUD
SULRULWDULDHQHVWHWHPDSDUD
GHYROYHUQRVHOGLQHUR"PHMRU
GLFKRODOLPRVQD
/DV GHFLVLRQHV TXH WRPDQ
VRQ FDGD YH] PiV UDQFLDV \
DQWLJXDV 9RODQWH VH TXLHUH
FRQYHUWLU HQ HO 0U 0DUVKDOO
GHO VLJOR ;;, R D~Q SHRU HQ
HOTXHUHSDUWHODVFDUWLOODVGH
UDFLRQDPLHQWR SHUR WRGRV
GLQHURSDUDODSURPRFLyQGHO
SXHEORHQHOH[WHULRUGHPD
QHUDTXHODSXEOLFLGDGUHSHU
FXWLHUD HQ OD DWUDFFLyQ WXUtV
GR48(%$-(5($/0(17(
ORVLPSXHVWRVTXH%$-(ORV
UHFLERV GH FRQWULEXFLyQ TXH
PRGL¿TXH ODV 25'(1$1
=$6 ),6&$/(6 SDUD TXH
ORV UHFLERV TXH QRV OOHJXHQ
HO DxR TXH YLHQH VHDQ PiV
EDMRV \ VLHPSUH VLHPSUH
VLHPSUHKHPRVWHQLGRHO12
GHO DOFDOGH eO OR SUH¿HUH D
³VX´ PDQHUD < WRGRV VDEH
PRVSRUTXp
QD QL VORJDQ QL SURPRFLyQ
GH 0RJXHU SRU QLQJ~Q VLWLR
/R ~QLFR TXH KDFH HV PLUDU
SRUpOPLVPR\SRUORVVX\RV
SURPRFLRQDQGR D VX SDUWLGR
\QRD0RJXHU
5HVXOWD HYLGHQWH TXH  ³0R
JXHU3XQWR&HUR´HVODUHYLV
WLOODGHO33\ODXWLOL]DQFRPR
WRGR HO PXQGR SXHGH YHU
SDUD YHQGHUVH FRPR SDUWL
GR \ SDUD DWDFDU DO 362(
¢3HURVDEtDWDPELpQHOSXH
EOR TXH HVD SXEOLFDFLyQ VH
SDJDFRQHOGLQHURGHWRGRV\
WRGDVODVPRJXHUHxDV"
(O362(GH0RJXHUWDPELpQ
WLHQH VX UHYLVWD FODUR pVWD
TXHWLHQHQDKRUDHQVXVPD
QRV PRGHVWD SHUR SDJDGD
SRUORV\ODVPLOLWDQWHVVRFLD
OLVWDV QR SRU OD FDMD KHFKD
FRQ ORV LPSXHVWRV TXH QRV
KDQFREUDGR
'HVGH HVWDV SiJLQDV TXHUH
PRV KDFHU S~EOLFD QXHVWUD
GHQXQFLD D WDO GHVYHUJHQ
]D SDJDU XQD UHYLVWD GHO
33FRQGLQHURGHWRGRVTXH
(VWHGDWRQRVHUtDGHLQWHUpV 3XQWR &HUR HO SUHVXSXHVWR WLFD \ HQ PiV LQJUHVRV SDUD DGHPiV GHVWDFD SRU HO PDO
VL QR QRV ¿MDPRV HQ OD OHWUD DVFLHQGH D PiV GH  HOSXHEOR(QFXDOTXLHUFDVR JXVWR HO OHQJXDMH VRH] H
SHTXHxD /RV D\XQWDPLHQ HXURVDOPHV\SDUDODWLUDGD ¢'yQGH HVWi HO DQXQFLR SX LUUHVSHWXRVR\ODIDOVHGDGHQ
WRV GHVWLQDQ XQD FDQWLGDG
GHGLQHURHQSXEOLFLGDGSDUD
SURPRFLRQDU D VXV SXHEORV
9RODQWH OR KDFH D WUDYpV
GH 0RJXHU 3XQWR &HUR \ (O
SURYLQFLDO(O0XQGRVHJDV
WHDOUHGHGRUGHWDQVyOR
(XURV
8QDOFDOGHFRQEXHQDYLVWDOR
KDUtD DO UHYpV JDVWDUtD PiV
EOLFLWDULR GH 0RJXHU 3XQWR
&HURSRUHOGLFHQTXHSDJDQ
PiV GH GRV PLO WUHVFLHQWRV
HXURV DO PHV" 1R H[LVWH WDO
DQXQFLR QL SXEOLFLGDG DOJX
WRGDV \ FDGD XQD GH VXV Ot
QHDV
/RV PRJXHUHxRV \ PR
JXHUHxDV PHUHFHPRV RWUR
0RJXHU
 0RJXHU6RFLDOLVWD

92/$17($f26'(32/Ì7,&$'(,17(5(6(6
3URQWRYDQDFXPSOLUVHDxRVGHOHJLVODWXUDGH-XDQMR H[SOLFDU XQ SUREOHPD \ DSOLFDU XQD VROXFLyQ VLQR SDUD
9RODQWH FRPR FDEH]D YLVLEOH GHO$\XQWDPLHQWR GH 0R GHVYLDUQRVODDWHQFLyQGHORTXHUHDOPHQWHLPSRUWDHO
JXHU\ÈOYDUR%XUJRVHODOXPQRDYHQWDMDGRFRPRFD
EH]DSHQVDQWH+DQVLGRXQRVDxRVFRPRWRGRHOSXH
EOR VDEH GH XQD YHUGDGHUD SROtWLFD GH LQWHUHVHV  VLQ
SODQL¿FDFLyQ DOJXQD \ EDVDGD HQ HO DPLJXLVPR ORV ID
YRUHVODSURSDJDQGDODPDQLSXODFLyQ\ODPHQWLUD(Q
HVWHWLHPSRKDQKHFKRGHO$\XQWDPLHQWRVXSURSLRFRU
WLMRFRPRDQWLJXDPHQWHGRQGH³ORVVHxRULWRV\VXFRUWH
GH FRQFHMDOHV´ GH ORV FXiOHV QR KHPRV HVFXFKDGR OD
0RJXHUUHDO
3RUHVRPLHQWUDVWDQWRHQHO0RJXHUUHDOORVPRJXHUH
xRVQRVIDVWLGLDPRV\QRVFDOODPRVODERFDSRUPLHGR
³QRYD\DDVHUTXHKD\DXQHVStDFHUFDSLHQVHQPDO\
PH HFKHQ OD FUX]«´ FRPR VL QR YLYLpUDPRV HQ GHPR
FUDFLD1RVIDVWLGLDPRVSRUHOFDRVGHOWUi¿FR\ODIDOWD
GHDSDUFDPLHQWRVSRUWHQHUODVFDOOHVGHVWUR]DGDVSRU
QR SRGHU SDVHDU FRQ QXHVWURV PD\RUHV \ QLxRV SRU OD
YR] HQ HVWRV DxRV DXQTXH PHMRU QR HVFXFKDUORV VH
SDYRQHDQDVXVDQFKDVFRQWRGRHOJODPRXUGHOPXQGR
PXQGLDO3DUDHOORKDQFRQWUDWDGRXQDJUDQFDQWLGDGGH
VLUYLHQWHVODFD\RVYRFHURV\HVStDVHQWRGRVODGRVHQ
(PYLVXU HQ$TXDOLD HQ HO 3ROLGHSRUWLYR HQ HO D\XQWD
VXFLHGDGGHOPRELOLDULR\HOGHVFXLGRGHODVFDOOHVSRU
ORVFRUWHVLQMXVWL¿FDGRVGHODJXDWDPELpQSRUODIDOWDGH
SURJUDPDFLyQHQHOWHDWURSRUODIDOWDGHXQSROLGHSRU
WLYR FRPSHWHQWH HWF  3DUD FROPR WHQHPRV HO$\XQWD
PLHQWRPiVHQGHXGDGRGHODKLVWRULDFRQ¼
PLHQWRGRQGHKDJDIDOWDSRU³PLVDPLJRVGH0RJXHU´
&RPRDQWLJXDPHQWHWDPELpQ\HVXQDSHQDOHVKDFHQ
HOWUDEDMRVXFLRDFDPELRGHODVPLJDMDVGHOSDQ\HOORV
OHVUtHQODVJUDFLDVDORVVHxRULWRVDFDPELRGHOOHYDUOHV
HOYRWR³ELHQSUHSDUDGLWR´HOGtDGHODVHOHFFLRQHV&XiQ
WRVPiVPHMRUPiVYRWRV±GHEHUiQSHQVDU
/RVSOHQRVTXHGHEHUtDQVHUYLUSDUDGHEDWLUSURSXHVWDV
³3520(7(512&8(67$1$'$&803/,56,´¢YHU
GDG6U9RODQWH"/DLPDJHQ\ODSUR\HFFLyQGH0RJXHU
VHKDQYLVWRSURIXQGDPHQWHGHWHULRUDGDV\HQUHVXPHQ
QR SRGHPRV GLVIUXWDU SOHQDPHQWH GH QXHVWUR PDJQt¿
FRSXHEOR*UDFLDVDHVWDOHJLyQGHLQFDSDFHVOLGHUDGRV
SRU 9RODQWH 0RJXHU KD WRFDGR IRQGR eVWH KD VLGR XQ
JRELHUQR JUDYHPHQWH LPSURGXFWLYR LQFOXVR FRQWUDSUR
GHPHMRUDVHKDQFRQYHUWLGRHQXQDHVSHFLHGH³6iOYD
PH´GRQGHJDQDODLPDJHQQXQFDODYHUGDG&UHHQTXH
WLHQHPiVUD]yQHOTXHPiVJULWDHOTXHQRGHMDKDEODU
HOTXHRFXOWDODYHUGDGFRQPHQWLUDVHLQVXOWRV6DEpLV
TXHPLHQWUDVWDQWRQRVHH[SRQHQLGHDVSDUDPHMRUDU
0RJXHUQLVHEXVFDQVROXFLRQHVDSUREOHPDVFLXGDGD
GXFHQWH GHO TXH QRV DUUHSHQWLUHPRV DOJ~Q GtD WRGRV
ORVPRJXHUHxRVDV¢VDEpLVSRUTXp"SRUTXHWRGRVHV
WRVGHVPDQHVQRVWRFDUiSDJDUORVDWRGRVPiVWDUGHR
PiVWHPSUDQR
¢eVWHHVHO0RJXHUTXHTXHUHPRV"
QRVFRPRGHEHUtDVHU6HKDEODDODFiPDUDQRSDUD £0HUHFHPRVRWUR0RJXHU

'(181&,$6 '( &,8'$'$126 < &,8'$'$1$6 '( 02*8(5

&DUWDDQyQLPDGHXQFLXGDGDQRUHFLELGDDWUDYpVGH
HPDLOGHQXHVWUDUHGDFFLyQ
+RODDPLJRV6R\MXJDGRU
GH SDGHO FDGD YH] TXH
SXHGR GH ODV SLVWDV GHO
30' 'HVGH HVWDV OtQHDV
GHFLURV TXH XQ DERQDGR
GHO SDWURQDWR SDUD SRGHU
FRJHUSLVWDGXUDQWHODVH
PDQD VH WLHQH TXH LU HO
YLHUQHV DQWHV GH ODV 
GH OD PDxDQD /D ~OWLPD
VHPDQD OOHJXp D ODV 
\ HUD HO VHJXQGR SHUR
FXDQGR WXYH TXH HOHJLU
GtD HOHJt XQR TXH \D HV
WDED UHVHUYDGR SDUD XQ
FRQFHMDO (VH FRQFHMDO
HUD'DQLHO&DGHQDV\VXV
DPLJRVGH$TXDOLD3DUDpO
QROHKDFHIDOWDJXDUGDUFROD
QLSHUGHUWLHPSRGHVX´WUD
EDMR´VLQHPEDUJRSDUDORV
GHPiV FLXGDGDQRV Vt RWUD
LQMXVWLFLD PiV GH QXHVWUR
HTXLSRGHJRELHUQRTXHVH
SDVDQ ODV QRUPDV SRU GRQ
GH PHMRU OHV LQWHUHVD 3RU
FLHUWROOHYDQODVGRVSLVWDV
QXHYDV FHUUDGDV PiV GH
DxR\PHGLR\VLQVROXFLyQ
(VSHURTXHRVKDJiLVEXH
QD QRWD GH HVWD LQMXVWLFLD \
VLIXHUDSRVLEOHTXHOOHJDUD
D FXDQWRV PiV FLXGDGDQRV
PHMRU8QIXHUWHDEUD]R

(QKRUDEXHQDDOD$VRFLDFLyQ+tSLFD³&RWRGH0RQWHPD\RU´
SRUVXVWULXQIRVHQHO9,&DPSHRQDWRGH(VSDxDGH'RPD9DTXHUDGH0HQRUHV