Download as pdf or txt
Download as pdf or txt
You are on page 1of 55

1/55

,QGLFH
'LUHFFL³QOLWHUDULD6HUJLR7DQKQX]
'LUHFFL³QGHDUWH&DUPHQ*ORULD5REOHV
'LDJUDPDFL³Q*DEULHOD'HOD)XHQWH 
3URGXFFL³Q$QGUHD&DUUDVFR 0,635,0(5265(&8(5'26
3ULPHUDHGLFL³QDEULOGH 
4XLQWDHGLFL³QQRYLHPEUHGH /266,*8,(17(60(6(6
j6HUJLR*³PH]0
FR*XLOOHUPR6FKDYHO]RQ $VRF$JHQFLDOLWHUDULD

LQIR#VFKDYHO]RQFRP /$69,6,7$6'(0$0,-$8/$
j(GLFLRQHV60&KLOH6$ 
&R\DQFXUDRILFLQD 012$3$5(&,“$/'$6,*8,(17(
3URYLGHQFLD6DQWLDJRGH&KLOH 
$7(1&,“1$/&/,(17(
7HO©IRQR
&8$1'2$0$1(&,“
ZZZHGLFLRQHVVPFO 
FKLOH#HGLFLRQHVVPFO /266,*8,(17(6'$6
5HJLVWURGHSURSLHGDGLQWHOHFWXDO 
,6%1 (/+(&+206,1&5(%/('((6(7,(032
,PSUHVL³Q(GLWRUDH,PSUHQWD0DYDO/WGD
5LYDV6DQ-RDTX­Q6DQWLDJR

,PSUHVRHQ&KLOH3ULQWHGLQ&KLOH 9$*$1'232581$&$//(
*&+ 
$/%$-$5'(0,5%2/

(6(,19,(512)8('856,02

(13/(1$35,0$9(5$9,$/$6(‘25$'$0$

/$6(‘25$'$0$

(1(6(020(172'(/5(/$72

'(6'(48(683((/9(5'$'(52120%5(

(/&20,(1=2'(/48,1729(5$12

+$67$48(0,9,'$&$0%,“'(),1,7,9$0(17(


2/55
2&855,“$/6,*8,(17(9(5$12 
 
(/'(6&8%5,0,(172'(/26/,%526

$&(37‰0,5($/,'$'

'(%2'(&,548(+(7(1,'268(57(

(/18(92$‘275$-2(;75$‘$6129('$'(6 *UDFLDVD-RVp3HGUR\-XOLHWDGREOHDPRU

(1/26$‘266,*8,(17(6

&8$1'2(6789(35(3$5$'2

(6&,(57272'26(19(-(&,026

(67(%,72<68)$0,/,$

(67(%,72//(*“81'$'(638‰6

'(6'((/'$(148(6$/'(0,35,6,“1

3/55
3RU ODV QRFKHV D OD KRUD HQ TXH HO SDUTXH FHUUDED
REVHUYDED ODV OXFHV GH OD FLXGDG \ PH SUHJXQWDED SRU TXp
HVWDED DOOt SRU TXp HUD SULVLRQHUR TXp GHOLWR WDQ JUDYH
KDEtD FRPHWLGR 0H HVIRU]DED SRU FRPSUHQGHU SHUR HUD
 LQ~WLO QR OOHJDED D QLQJXQD UHVSXHVWD &UHtD HUUDGDPHQWH
0,635,0(5265(&8(5'26 TXHQRHUDGLIHUHQWHGHORVJXDUGLDVTXHPHYLJLODEDQRGH
ORV YLVLWDQWHV TXH DFXGtDQ GLDULDPHQWH DO SDUTXH 3RGtD
UHFRQRFHUDOJXQDVGLIHUHQFLDVItVLFDVGHPLSDUWHPLVODUJDV
PDQRVPLFXHUSRFXELHUWRGHSHORV\DOJXQRVRWURVGHWDOOHV
SHUR VHQWtD TXH HUDQ VROR GHWDOOHV VLQ YHUGDGHUD
0LVSULPHURVUHFXHUGRVQRVRQORVGHXQDIDPLOLDFDULxRVD LPSRUWDQFLD0HVHQWtDDXQTXHHVWRSXHGDVHUFRQVLGHUDGR
TXH PH KLFLHUD FRPSUHQGHU PL YHUGDGHUD QDWXUDOH]D XQD EURPD XQR PiV XQR FRPR FXDOTXLHUD R FRPR WRGRV
7DPSRFR UHFXHUGR PL H[LVWHQFLD HQ DOJXQD VHOYD K~PHGD R 3RU VXSXHVWR HVWDED HTXLYRFDGR SHUR HVR OR GHVFXEUt
HQFLPDGHDOWRViUEROHV7RGRVPLVUHFXHUGRVVRQORVGHXQ GHVSXpV 0L YLGD GH VLPLR MRYHQ GHQWUR GH HVD MDXOD PH
SULVLRQHURHQXQDMDXOD SDUHFtD LQMXVWD DERUUHFLEOH \ RFXSDED PLV UHIOH[LRQHV HQ
(Q ORV GtDV GH FDORU PH UHIXJLDED HQ HO LQWHULRU GH PL WUDWDUGHHQFRQWUDUUHVSXHVWDVDDTXHOHQFLHUUR
FHOGDDOOtQDGLHSRGtDYHUPH\WHQtDXQSRFRGHSULYDFLGDG 8QDPDxDQDHQTXHORVJXDUGLDVUHDOL]DEDQODOLPSLH]DGH
3HUR OD PD\RU SDUWH GHO GtD HVWDED IUHQWH D ORV EDUURWHV OD MDXOD VHQWt FRPR QXQFD HO GRORU TXH SURYRFDEDQ OD JUDQ
REVHUYDQGR D ORV YLVLWDQWHV TXH VH SDVHDEDQ 1XHVWUR YDUD\HODODPEUHTXHPHGREODEDQHOFXHOOR$SHQDVSRGtD
SDUTXH ]RROyJLFR VH OHYDQWDED HQ OD PLWDG GH XQ FHUUR TXH UHVSLUDU 'HVHDED TXH WHUPLQDUDQ SURQWR OD OLPSLH]D SDUD
VH HQIUHQWDED D OD FLXGDG 'HVGH PL FHOGD WHQtD XQD YLVWD YROYHU D PLV SHQVDPLHQWRV D PL PXQGR VROLWDULR 3HUR
SDUFLDO \ OHMDQD GHO SODQR GH HOOD (Q HVD pSRFD QR PH HQWRQFHV OD YDUD FHGLy \ HO FDEOH HQWHUR TXHGy VXHOWR VLQ
LPDJLQDED TXp VLJQLILFDGR WHQtDQ HVDV OtQHDV LQWHUPLQDEOHV TXHQLQJXQRGH ORV FHODGRUHVVH SHUFDWDUD0RYtOHYHPHQWH
HVH PXUPXOOR SHUVLVWHQWH R SRU ODV QRFKHV HO WLWLODU GH ODV OD FDEH]D \ TXHGp OLEHUDGR 3RU GHODQWH WHQtD DELHUWD OD
OXFHV QRFWXUQDV &RPR GLMH DQWHV PL YLGD VH OLPLWDED DO SXHUWD HQUHMDGD (Q HO IRQGR RtD D ORV KRPEUHV
HVSDFLR GH XQD MDXOD 'HSHQGtD GH PLV FXLGDGRUHV WRGRV GHVSUHRFXSDGRV OLPSLDU EDOGHDQGR HO OXJDU 6DOWp KDFLD
KRPEUHV JULVHV TXH PH WUDWDEDQ FRQ GHVJDQR \ PXFKDV GHODQWH IXHUD GH OD MDXOD 0H DUUDVWUp SRU HO VHQGHUR VLQ
YHFHVUHFHOR8QDYH]DOPHVVHDFHUFDEDQWRGRVHOORVFRQ VDEHU FXiO GLUHFFLyQ HUD OD PiV DGHFXDGD H[FLWDGR SRU
VRJDV\DODPEUHVPHLQPRYLOL]DEDQDSUHWiQGRPHHOFXHOOR\ DTXHOPRPHQWRLQHVSHUDGR
PHHQFHUUDEDQHQHOLQWHULRUGHOD $OPHQRVSDUWHGHPLUDFLRFLQLRHUDIUtRSRUTXHFUHtTXHOR
MDXOD (QWRQFHV ODYDEDQ HO HVWUHFKR OXJDU FRQ DJXD PiVFRQYHQLHQWHHUDVXELUKDFLDHOFHUURGRQGHSDUHFtDPiV
PLHQWUDV \R WRUWXUDGR GH HVD IRUPD PH TXHMDED GH GRORU GHQVR GH YHJHWDFLyQ \ DUEROHGD 3RU XQ PRPHQWR SHQVp \
3DUD ORV JXDUGLDV HVR QR VLJQLILFDED QDGD <R HUD XQ FUHR TXH QR HVWDED HTXLYRFDGR TXH HVD GLUHFFLyQ PH
SULVLRQHURVLQGHUHFKRV7RGRVORVPHVHVWHQtDTXHVXIULUHVD SHUPLWLUtDHVFRQGHUPHHQWUHORVDUEXVWRV(QHVDpSRFDHUD
KXPLOODFLyQ XQ VLPLR MRYHQ HQWHQGtD PX\ SRFR OR TXH RFXUUtD D PL

4/55
DOUHGHGRU VL KR\ SXHGR FRQWDUOR GH HVWD IRUPD HV TXH PLVKDELOLGDGHVHUDQQDGDPHQRVTXHORViUEROHV1RPHGL
PXFKRV GH PLV DFWRV DKRUD KDQ SDVDGR SRU OD PHVXUD \ OD FXHQWD GH TXH 3DOPLQHV HO *UDQGH PH HVSHUDED RFXOWR HQ
UHIOH[LyQTXHHQWUHJDXQDHGDGPDGXUD6XEtSRUODJUDYLOOD XQD HVTXLQD GH PL MDXOD /HYDQWy HQWRQFHV XQ JDUURWH TXH
GHOVHQGHUR\YLSRUSULPHUDYH]HQPXFKRVDxRVFyPROXFtD GHMy FDHU FREDUGHPHQWH HQ PL FDEH]D )XH OR ~OWLPR TXH
PL FHOGD GHVGH DUULED 2EVHUYp WDPELpQ OD MDXOD GH GRV UHFXHUGR (QVHJXLGD WRGR VH RVFXUHFLy \ FDt LQFRQVFLHQWH
MLUDIDVSDUVLPRQLRVDV\WDPELpQDXQRVRSDUGRPX\YLHMR (VFXFKp PX\ OHMDQRV ORV JULWRV GH ORV QLxRV ORV VLOELGRV GH
'HVGH PL MDXOD VLHPSUH RtD VXV TXHMLGRV SURGXFLGRV ORVJXDUGLDV\ODULVDGH3DOPLQHVHO*UDQGH
SUREDEOHPHQWH SRU XQD HQIHUPHGDG FUyQLFD TXH QDGLH VH 'HVSHUWp HQIHUPR 'XUDQWH ORV VLJXLHQWHV GtDV VHQWt PL
SUHRFXSDEDGHWUDWDU0HHQFRQWUpHQHOVHQGHURDXQJUXSR FDEH]D HQRUPH \ GHVSURSRUFLRQDGD 8Q YHWHULQDULR PH
GH QLxRV TXH YHQtD GH EDMDGD ODV HVFXHODV RUJDQL]DEDQ REVHUYy VLQ KDFHU QDGD 7RGRV HVRV GtDV SHUPDQHFt HQ HO
SHULyGLFDPHQWH YLVLWDV D QXHVWUR SDUTXH ]RROyJLFR  /RV IRQGR GH OD MDXOD HQ OD RVFXULGDG GHO IRQGR GRQGH PH
QLxRV UHtDQ \ QR SDUHFLHURQ WHPHUPH VLQR VRUSUHQGLGRV ODPHQWDEDSRUPLVXHUWH\PLYLGD5HFRQR]FRTXHOORUpQR
SHUR GH OD PLVPD IRUPD TXH OR HVWDED \R ,QFOXVR XQR GH VROR SRU HO GRORU GH OD KHULGD TXH PH GHMy XQD SHTXHxD
HOORVPHVRQULyFRPRVLKLFLHUDXQJUDQGHVFXEULPLHQWR7DO FLFDWUL]HQODFDEH]DTXHD~QFRQVHUYRVLQRSRUGHVSHUGLFLDU
YH] IXH HVH PRPHQWR HVH H[WUDxR PRPHQWR HQ TXH PH WDOYH]PL~QLFDSRVLELOLGDG GHHVFDSDUGHHVDSULVLyQ3HUR
VHQWt FRPR QXQFD XQR PiV GH HOORV XQR TXH UHFLEtD FRQ DOJR QXHYR WDPELpQ VXUJLy FRQ HVH LQWHQWR IUXVWUDGR 3RU
JUDWLWXG XQD VRQULVD 0H GHWXYH 0RYt JUDFLRVDPHQWH OD SULPHUD YH] VHQWt YHUGDGHUDPHQWH TXH QR SHUWHQHFtD D HVH
FDEH]D \ ORV EUD]RV HQ VHxDO GH DPLVWDG FRPR HVWDED OXJDU%XVFDUtDHQWRQFHVSRUWRGRVORVPHGLRVVDOLUGHDOOt
DFRVWXPEUDGR D KDFHUOR SDUD GHWHQHU D ORV YLVLWDQWHV DQWH VDEtD TXH PL OXJDU QR HVWDED HQ HVD MDXOD HVWUHFKD
PLMDXODSDUDSURORQJDUGHHVDIRUPDVXVYLVLWDV\REWHQHU FRQGHQDGRSRUXQGHOLWRTXHQRFRQRFtD1RPHLPDJLQDED
D FDPELR XQ SRFR GH FRPSDxtD 3HUR HQWRQFHV XQ KRPEUH FRPR PH HQWHUp PiV WDUGH TXH PL ~QLFD IXQFLyQ HQ HVH
JRUGR ²SUREDEOHPHQWH XQR GH ORV SURIHVRUHV GHO JUXSR GH OXJDU HUD VHUYLU GH PXHVWUDULR DEVXUGR GH PL HVSHFLH (VH
ORV QLxRV²  FRPHQ]y D JULWDU GHVHVSHUDGR SLGLHQGR DX[LOLR JROSHHQODFDEH]DSURGXMRHQPtXQFDPELRLPSRUWDQWHSRU
DO YHUPH 7RGRV FRUULPRV HQ GLVWLQWDV GLUHFFLRQHV (VH SULPHUDYH]GHVHHFRQWRGDVPLVIXHU]DVFRQYHUWLUPHHQXQ
LQVWDQWHGHSiQLFRPHGLVWUDMR\SHUGtODFRQFHQWUDFLyQTXH VLPLROLEUH
UHTXHUtD PL KXLGD 9L D GRV JXDUGLDV TXH VXEtDQ KDFLD HO
VHQGHUR5HWURFHGt/RVQLxRVVHDSDUWDURQDWHPRUL]DGRVSRU
ORVJULWRVGHVXSURIHVRU8QRGHORVJXDUGLDVTXHOLPSLDED
HO SLVR GH PL MDXOD XQR HVSHFLDOPHQWH DVLJQDGR D PL
FXLGDGR D TXLHQ WRGRV OODPDEDQ 3DOPLQHV HO *UDQGH VH
DFHUFy SRU GHWUiV VLQ TXH OR YLHUD <R HVWDED FRQIXQGLGR \
GHVHVSHUDGRVLQGHFLGLUTXpKDFHUDFRQWLQXDFLyQ&RPHQFp
D GXGDU GHO p[LWR GH PL KXLGD (UUDGDPHQWH EDMp SRU HO
VHQGHUR DQWHV TXH VHJXLU VXELHQGR SDUD HQFRQWUDU ORV
iUEROHV 7DPSRFR VDEtD HQ HVH PRPHQWR TXH PL PHGLR
QDWXUDO HQ HO FXDO HVWDUtD PiV FyPRGR \ SRGUtD GHVSOHJDU

5/55
QRYLR DPERV VH VHQWDURQ HQ HO EDQTXLOOR MXVWR DO IUHQWH GH
PL FHOGD (O QRYLR XQ WLSR EXUOyQ \ VLHPSUH ULVXHxR PH
ODQ]yFRQGHVGpQXQRVPDQtHVTXHPHFXLGpGHQRUHFRJHU

$OPHQRVWHQtDHOVXILFLHQWHRUJXOORSDUDUHFKD]DUORV/HVGL
 ODHVSDOGD\FHUUpORVRMRVSDUDWUDWDUGHGRUPLUXQDVLHVWD
/266,*8,(17(60(6(6 (QWRQFHVHVFXFKpKDEODUD0OHHVFXFKpIUDVHVTXHQXQFDD
QDGLHKDEtDHVFXFKDGRDQWHV5HFODPDEDFRQWUDVXQRYLRHO
PDOWUDWRGHFULDWXUDVFRPR\RHQFHUUDGDVHQHVHOXJDU3RU
SULPHUD YH] RtD DOJR DVt SRU SULPHUD YH] DOJXLHQ ORJUDED
H[SUHVDU FODUDPHQWH WRGR DTXHOOR TXH \R FRQVLGHUDED
/RV VLJXLHQWHV PHVHV IXHURQ GH WUDQVIRUPDFLRQHV LOHJtWLPRHLQMXVWR(QWRQFHVPHYROYtDPLUDUOD&UHRTXHHQ
3UHVHQWtD TXH DOJR RFXUULUtD \ TXH SURQWR VDOGUtD GH HVH HVDPLUDGDTXHDPERVLQWHUFDPELDPRVVXUJLyDOJRSHURQR
OXJDU /RV FDPELRV OOHJDURQ FRQ 0 DTXt QR PH DWUHYR D DOFDQ]DPRVDQDGDPiVSRUTXHHOQRYLREXUOyQVHOHYDQWy\
HVFULELU VX QRPEUH \ PH FRQIRUPR FRQ OD VROLWDULD LQLFLDO  OD DUUDVWUy D HOOD KDFLD RWUDV MDXODV WDO YH] D REVHUYDU OD
(OOD OOHJy XQ GRPLQJR DFRPSDxDGD GH TXLHQ GHELy VHU VX GHFDGHQFLD GH QXHVWUR HQIHUPR RVR SDUGR TXH QXQFD
QRYLRHQHVDpSRFD$PERVSDUHFtDQIHOLFHV(VRVGtDVSDUD FHVDEDGHTXHMDUVHGHGRORU0HTXHGpREVHUYDQGRFyPRVH
Pt HUDQ GH SURIXQGDV PHGLWDFLRQHV EXVFDQGR OD VROXFLyQ D DOHMDED KDEtD YLVWR HQ HVRV RMRV FRPSUHQVLyQ \ HVR PH
PLV SUREOHPDV SRU OR WDQWR QR GHVHDED DJUDGDU OOHQyGHIHOLFLGDG
QHFLDPHQWH D PLV YLVLWDQWHV 'HVSXpV GH PL LQWHQWR &UHt TXH QR OD YROYHUtD D YHU SHUR XQD VHPDQD GHVSXpV
IUXVWUDGR SRU HVFDSDU YLYtD VXPLGR HQ PLV SHQVDPLHQWRV \ DSDUHFLy DXQTXH VROR IXH XQD DSDULFLyQ IXJD] /D YL D OR
SRFR PH LQWHUHVDEDQ ORV YLVLWDQWHV GHO SDUTXH LQFOXVR ORV OHMRVVRODDORVSLHVGHOPLUDGRUGHOFRPLHQ]RGHOVHQGHUR
QLxRVFRQORVTXHVLHPSUHFUHtWHQHUXQDUHODFLyQHVSHFLDO GHVGHGRQGHVHGHEtDDSUHFLDUHOSODQRJHQHUDOGHODFLXGDG
$ 3DOPLQHV HO *UDQGH OH HVFXFKp GHFLU TXH \R QR HUD HO HOTXH\RQRDOFDQ]DEDDYHUGHVGHPLOXJDU&RQWRGDVPLV
PLVPR8QDQRFKHFXDQGRHOSDUTXHVHHQFRQWUDEDFHUUDGR DQVLDV TXLVH TXH HOOD VH DFHUFDUD QXHYDPHQWH D PL MDXOD \
3DOPLQHVHO*UDQGHVHDFHUFyDPLFHOGD%HEtDXQDERWHOOD\ PHKDEODUDGHOPLVPRPRGRTXHODSULPHUDYH]TXHHVWXYR
KDEODED LQFRKHUHQFLDV 0H FXOSy GH VX VXHUWH \ GH VX DOOt3HURHVWDYH]SDUHFtDWULVWHWHQtDODYLVWDSHUGLGDHQHO
RFXSDFLyQ TXH VHJ~Q pO OR GHVPHUHFtD 6LHPSUH TXLVR SDLVDMH GH OD FLXGDG \ SRU XQ PRPHQWR FRPSUREp TXH
PDQHMDU XQ WD[L R XQ DXWRE~V SHUR VXV HVFDVRV HVWXGLRV \ OORUDED GLVFUHWDPHQWH 0iV WDUGH PH HQWHUp GH TXH KDEtD
UHFXUVRV VROR OH SHUPLWLHURQ OD RFXSDFLyQ GH JXDUGLD GH DFDEDGRVXUHODFLyQFRQDTXHOQRYLREXUOyQORTXHDPtHQ
]RROyJLFR 'H WRGR DTXHOOR HUD FXOSDEOH \R VHJ~Q VXV WRGR FDVR PH SDUHFLy OR PiV DGHFXDGR SDUD HOOD 8Q
SDODEUDV (Q PHGLR GH VXV UHFODPRV PH ODQ]y D OD FDUD HO PRPHQWRGHVSXpVVHDOHMySRUHOVHQGHURGHJUDYLOOD3HQVp
DOFRKRO TXH EHEtD 1R SURWHVWp \ SUHIHUt HVFRQGHUPH HQ HO TXHQRUHJUHVDUtDQXQFDPiV\YROYtDVHQWLUPHDEDQGRQDGR
IRQGR GH OD MDXOD 'HVGH DOOt OR HVFXFKp LQVXOWDUPH \ \GHVHVSHUDQ]DGR
KXPLOODUPHGXUDQWHKRUDV 1R RFXUULy GH HVH PRGR (VWD YH] IXHURQ YDULDV VHPDQDV
(VH GRPLQJR HO SULPHUR TXH YL D 0 DFRPSDxDGD GH VX ODVTXHWXYHTXHHVSHUDU\HQODVTXHFDVLROYLGpVXURVWUR

6/55
+DVWD TXH 0 YROYLy DO SDUTXH ]RROyJLFR \ IXH GLUHFWR D PL
MDXOD 6H VHQWy HQ OD EDQTXLOOD MXVWR DO IUHQWH GH PLV
EDUURWHVREVHUYiQGRPHODUJDPHQWH7DPSRFR\RPHPRYt

1R SUHWHQGtD KDFHU MXHJRV GLYHUWLGRV SDUD HOOD UDVFDUPH HO
FXHUSR R GDU VDOWRV QR FUHt TXH HUD OR DGHFXDGR < QR PH 
HTXLYRTXp /D PLUDGD GH 0 HUD GH FRPSDVLyQ \ /$69,6,7$6'(0$0,-$8/$
FRPSUHQVLyQ GRV VHQWLPLHQWRV TXH SRU SULPHUD YH]
FRPHQ]DEDDHQWHQGHU'HSURQWRGHVXFDUWHUDH[WUDMRXQ
SHTXHxROLEURTXHFRPHQ]yDOHHUHQYR]DOWD3RUVXSXHVWR
TXH DO SULQFLSLR QR HQWHQGt GH TXp VH WUDWDED FUHt TXH HUD
XQD EURPD TXH HOOD DKRUD SUHWHQGtD GLYHUWLUPH FRQ DFWRV /DV YLVLWDV GH 0 D PL MDXOD VH UHSLWLHURQ D YHFHV
LQFRQJUXHQWHV/XHJRHQWHQGtTXHVXVSDODEUDVSURYHQtDQGH GLDULDPHQWH 6H VHQWDED HQ HO EDQTXLOOR \ FRPHQ]DED XQ
DTXHOREMHWRTXHVRVWHQtDHQWUHODVPDQRV(QWRQFHVSUHVWp GLVFXUVRVREUHHOGHUHFKRGHWRGRSULVLRQHUR\GHORLQMXVWR
DWHQFLyQDODOHFWXUDDODKLVWRULDTXHUHODWDED1XQFDDQWHV TXH UHVXOWDED HO HQFLHUUR HQ DTXHO ]RROyJLFR $Vt FRPSUREp
KDEtDVHQWLGRDOJRDVtFRPRFXDQGRFRPHQFpDFRPSUHQGHU TXHH[LVWtDQPiVSULVLRQHURVFRPR\RRFRPRHOYLHMRRVRR
FXDQGR HQ PL WULVWH FDEH]D GH VLPLR FRPHQ]y D GLEXMDUVH ODVGRVMLUDIDVTXHYLHQPLLQWHQWRIDOOLGRGHKXLGD/XHJR
DTXHOODKLVWRULDFRPHQ]DURQDFUHDUVHILJXUDVSHUVRQDMHV\ GH HVRV PRQyORJRV IHUYLHQWHV ²FRQ ORV FXDOHV \R HVWDED
SDLVDMHVTXHQXQFDDQWHVKDEtDYLVWRSHURTXHSDUHFtDQWDQ PX\GHDFXHUGR²DEUtDVXFDUWHUDH[WUDtDXQOLEURGLVWLQWR
YLYRVFXDQGRPHORVLPDJLQDED3RUSULPHUDYH]QRPHVHQWt HQ FDGD RFDVLyQ \ FRPHQ]DED D OHHU HQ YR] DOWD (O WLPEUH
SULVLRQHURQRPHVHQWtHQFHUUDGRHQWUHEDUURWHVVLQRSDUWH GHVXYR]TXHGDEDYLEUDQGRHQPLFHUHEUR3RUODVQRFKHVOR
GH WRGR DTXHOOR TXH UHODWDED HVD YR] &XDQGR WHUPLQy GH UHSDVDEDHQPLFDEH]DSDUDVHQWLUPH DFRPSDxDGR,QFOXVR
OHHU WXYH TXH EDMDU OD FDEH]D SDUD TXH 0 QR VH GLHUD DKRUD TXH KDQ SDVDGR ORV DxRV D YHFHV VHFUHWDPHQWH
FXHQWDGHTXHGHXQPRGRVLPLHVFRWDPELpQ\ROORUDED UHSLWR DTXHO VRQLGR HQ PL PHQWH DTXHOOD YR] TXH PH
UHFRQIRUWDED
/DVKLVWRULDVTXHPHOHtDPHIXHURQKDFLHQGRFRPSUHQGHU
SDUWHGHOPXQGRHTXLYRFDGRGRQGHFUHtDYLYLUSHURQRIXHOR
VXILFLHQWH SDUD HQWHQGHUOR GHO WRGR $TXHOORV GtDV GHER
GHFLUORIXHURQORVPiVIHOLFHVWDOYH]ORV~QLFRVIHOLFHVTXH
KDEtDH[SHULPHQWDGRKDVWDHVHPRPHQWR8QDQRFKHHQTXH
REVHUYDEDODVOXFHVGHODFLXGDGDOROHMRVPHGLFXHQWD
GH TXH HVWDED HQDPRUDGR GH 0 &RQ OD PLVPD
GHWHUPLQDFLyQHQWHQGtTXHHVDVLWXDFLyQVHFRQWUDGHFtDFRQ
XQDIXHU]DD~QPiVIXHUWHTXHHODPRU'HVHDEDDQWHVTXH
QDGD FRQYHUWLUPH HQ XQ VLPLR OLEUH FRQ XQD YLGD
YHUGDGHUD0LGHVHRGHHVFDSDUVLJQLILFDUtDDOHMDUPH GH0

7/55
WDO YH] QR YHUOD QXQFD PiV )XH XQD pSRFD GH PXFKDV OiJULPDV 6HxDOy TXH QR VROR HQWUHJDUtD OD QRWD VLQR TXH
HPRFLRQHV 3HUR D~Q QR HQFRQWUDED OD VROXFLyQ SDUD HO KDUtDDOJRPiV\VHUtDODVROXFLyQGHILQLWLYDDPLSUREOHPD
SUREOHPD SULQFLSDO HVFDSDU GH HVD SULVLyQ /D VROXFLyQ 0LHQWUDV UHFODPDED DQWH ORV GLUHFWLYRV GHO SDUTXH OD
FXULRVDPHQWH OD FRQVLJXLy OD SURSLD 0 6XV DOHJDWRV VREUH KLFLHURQHVSHUDUHQODVRILFLQDVGHODHQWUDGD&XDQGRQDGLH
HO PDOWUDWR TXH \R VXIUtD R TXH VXIUtDQ WRGRV ORV TXH FRPR OD YHtD ORJUy KDFHUVH FRQ XQ PDQRMR GH OODYHV &UHtD TXH
\RKDELWDEDQHVHOXJDUQRHUDQH[FOXVLYDPHQWHWHyULFRVQR XQDGHHVDVOODYHVDEULUtDPLFHOGD\DVt\RSRGUtDKXLU6ROR
HUDQ VROR FRQPLVHUDFLRQHV VLQR TXH HVSHUDED QHFHVLWDED SUREDUODV XQD D XQD 1R SXHGR GHVFULELU PL
WUDQVIRUPDUORVHQDFFLRQHVSUiFWLFDV HVWDGR GH H[FLWDFLyQ DO HVFXFKDU DOJR DVt 7HQtD RWUD
7DPELpQ HQ HVD pSRFD GHVFXEUt OD GLIHUHQFLD PiV RSRUWXQLGDG GH HVFDSDU SHUR D OD YH] FRPSUHQGt FRPR
DSODVWDQWH TXH QRV VHSDUDED D 0 \ D Pt OD ~QLFD TXH \R QXQFDDQWHVTXHHVFDSDUVLJQLILFDUtDQRVRORXQULHVJRVLQR
FUHtDHQWRQFHVLQVDOYDEOH$SHVDUGHWRGRVPLVLQWHQWRVQR TXHDGHPiVSHUGHUtDGHILQLWLYDPHQWHD0
ORJUDED H[SUHVDUPH QR ORJUDED YHUEDO L]DU ODV LGHDV TXH /RVVLJXLHQWHVGtDVSHQVpTXHWRGRHVWDEDSHUGLGRSRUTXH
FRUUtDQ YHUWLJLQRVDPHQWH SRU PL FDEH]D 6yOR HPLWtD 0 QR DSDUHFLy 3DOPLQHV HO *UDQGH \ HO UHVWR GH ORV
JUXxLGRV KRUULEOHV \ KDVWD DPHQD]DQWHV 0H HUD LPSRVLEOH JXDUGLDV TXLVLHURQ YHQJDUVH GH Pt SRU DTXHOOD FDUWD
DGTXLULU HVH WRQR GXOFH \ DJUDGDEOH TXH ORJUDED 0 HQ VXV LQWHUSXHVWD 1R UHFLEt DOLPHQWR \ GHEtD FRQIRUPDUPH FRQ
OHFWXUDVIUHQWHDPLMDXOD3RUODVQRFKHVFXDQGRQDGLHPH EHEHUHOURFtRTXHHQFRQWUDEDHQORVREMHWRVSRUODPDxDQD
YHtD HQVD\DED ODUJRV SDUODPHQWRV TXH WHUPLQDEDQ HQ 'XUDQWH FXDWUR GtDV QLQJXQR GH ORV JXDUGLDV VH DFHUFy FRQ
DEVXUGRVJUXxLGRVLQLQWHOLJLEOHV IUXWDV R YHUGXUDV KDVWD PL MDXOD 8Q GRORU LQWHQVR PH
/D VHPDQD GHFLVLYD OOHJy VRUSUHVLYDPHQWH 'H DOJXQD UHFRUUtDHOFXHUSR\FRPHQFpDGHELOLWDUPH
IRUPD VDEtD TXH DOJR RFXUULUtD \ VDEtD TXH DTXHOOR PH 3HURXQDWDUGHUHJUHVy0YHQtDQHUYLRVD\GLIHUHQWH0H
DOHMDUtD GH 0 8QD PDxDQD DSDUHFLy HOOD PX\ WHPSUDQR GLMR HQWUHFRUWDGDPHQWH TXH HUD HO GtD TXH XQD YH] OLEUH
FRLQFLGLy FRQ HO GtD GH OLPSLH]D GH PL MDXOD 3UHVHQFLy GHEtD KXLU KDFLD ORV FHUURV DOOt HQFRQWUDUtD VXILFLHQWHV
HQWRQFHVDODGLVWDQFLDODVWRUWXUDVDODVTXHHUDVRPHWLGR iUEROHV \ YHJHWDFLyQ 3RU VXSXHVWR HOOD LJQRUDED TXH \R
SRUORVJXDUGLDVTXHPHFUHtDQXQVHUSHOLJURVRDTXLHQVH MDPiV VREUHYLYLUtD HQ DTXHO OXJDU KDEtD YLYLGR GHVGH PL
GHEtD DPDUUDU FRQ DODPEUHV \ PDQWHQHU SRVWUDGR SDUD TXH QDFLPLHQWRHQHVDSULVLyQ\VHUtDLQFDSD]GHYDOpUPHODVSRU
HOORVKLFLHUDQVXWUDEDMR0VHHQIXUHFLyIUHQWHD3DOPLQHVHO Pt PLVPR HQ XQ DPELHQWH VLOYHVWUH 'H WRGDV PDQHUDV
*UDQGH OD HVFXFKp JULWDUOH TXH HO DQLPDO HUD pO 6XV SUHIHUtD KDFHU HO LQWHQWR GHVHDED FRQYHUWLUPH HQ XQ VLPLR
SDODEUDV PH OOHQDURQ GH IHOLFLGDG D SHVDU GH VHQWLUPH VLQ OLEUHDXQTXHHVWRVLJQLILFDUDPLPXHUWH
DLUHDSUHWDGRSRUORVDPDUUHV\ODYDUDVREUHPLFXHOOR3RU 0SUREyODVOODYHVHQODFHUUDGXUDGHOSRUWyQGHEDUURWHV
SULPHUD YH] 3DOPLQHV HO *UDQGH SDUHFLy HPSHTXHxHFLGR \ /DV SULPHUDV QR GLHURQ UHVXOWDGR (OOD HVWDED QHUYLRVD \
VH UHWLUy IXULRVR GHO OXJDU 0 OR VLJXLy DPHQD]iQGROR FRQ DWHQWD SDUD QR VHU GHVFXELHUWD PLUDQGR D FDGD PRPHQWR
XQDFDUWDGHUHFODPRDODGLUHFFLyQGHOSDUTXH]RROyJLFRSRU KDFLD HO VHQGHUR (QWRQFHV DSDUHFLy 3DOPLQHV HO *UDQGH
DTXHOORVSURFHGLPLHQWRV VRSODQGR HO VLOEDWR FRQ HO TXH VH DYLVDED TXH HO SDUTXH
$O GtD VLJXLHQWH 0 DSDUHFLy IUHQWH D PL MDXOD \ OH\y VX FHUUDUtDVXVSXHUWDVSDUDORVYLVLWDQWHV0HFKyWRGRHODLUH
QRWD GH UHFODPR TXH D Pt PH HPRFLRQy FDVL KDVWD ODV DIXHUD GH VXV SXOPRQHV \ DUURMy HO PDQRMR GH OODYHV DO

8/55
FHQWUR GHO SLVR GH OD MDXOD (QVHJXLGD PH PLUy D ORV RMRV
&XDQGR OR KL]R VHQWt TXH PH GHFtD TXH DTXHOOR KDEtD VLGR
VX LQWHQWR SRVWUHUR HO ~OWLPR SRU VDOYDUPH QR SRGtD KDFHU
QDGD PiV \ VHUtD OD ~OWLPD YH] TXH QRV YHUtDPRV /R
FRPSUHQGtWRGRPX\ELHQ+HWUDWDGRFRQPXFKDVSHUVRQDV 
GHVSXpV GH DTXHOOR SHUR HVD PLUDGD IXH HO DFWR GH 012$3$5(&,“$/'$6,*8,(17(
HQWHQGLPLHQWRPiVFODURTXHKHWHQLGRQXQFD(QPLPLUDGD
WDPELpQ WUDWp GH HQWUHJDUOH PLV YHUGDGHURV VHQWLPLHQWRV
TXHLQFOXtDQODJUDWLWXG\HODPRU/DYLDOHMDUVHEDMDQGRSRU
HOVHQGHUR3DVyDOODGRGH3DOPLQHVHO*UDQGHTXHODPLUy
FRQ GHVSUHFLR DQWH OR FXDO HOOD GLR YXHOWD OD FDUD FRQ 0 QR DSDUHFLy DO GtD VLJXLHQWH QL QLQJ~Q RWUR GtD /D
LQGLIHUHQFLD (O JXDUGLD VH DFHUFy D PL FHOGD 5iSLGDPHQWH HVSHUpFRQODHVSHUDQ]DGHTXHUHJUHVDUDSHURQRRFXUULy
PH VHQWp VREUH DTXHOODV OODYHV \ PH TXHGp PX\ TXLHWR 7DPSRFR OOHJy HO DOLPHQWR D PL FHOGD /RV JXDUGLDV VH
3DOPLQHVHO*UDQGHPHREVHUYyEXUORQDPHQWHPHSUHJXQWy QHJDEDQDGHMDUORHQPLMDXOD\PHPDQWHQtDQGHELOLWDGR\
VLWHQtDKDPEUHOXHJRGHVXEROVLOORHPHUJLyXQViQGZLFK HQIHUPR 3HUR WDPSRFR PH PRYt SURWHJLHQGR DTXHO VHFUHWR
TXHVHFRPLyOHQWDPHQWHIUHQWHDPLVRMRV TXH JXDUGDED EDMR PL FXHUSR 6H PH UHWRUFtD HO HVWyPDJR
GHGRORU\SURORQJDGRVFDODPEUHVPHUHFRUUtDQHQWHUR9HtD
D 3DOPLQHV HO *UDQGH SDVHDUVH SRU HO VHQGHUR VLOEDQGR \
EXUOiQGRVHGHPt
$TXHOOD ~OWLPD QRFKH VHQWt TXH QR SRGtD HVSHUDU R PLV
IXHU]DV QR PH SHUPLWLUtDQ QDGD PiV &XDQGR OD RVFXULGDG
OOHJy D ODV MDXODV FRPHQFp D SUREDU ODV OODYHV HQ OD
FHUUDGXUD GH OD SXHUWD HQUHMDGD 'XUDQWH ODUJRV PLQXWRV OR
KLFH SHUR VLQ p[LWR 0H FUHt SHUGLGR QLQJXQD GH DTXHOODV
OODYHVVHUtDODFRUUHFWD\PRULUtDGHKDPEUHHQHOVXHORGHOD
MDXOD(QWRQFHVHVFXFKpXQVRQLGRGLIHUHQWHHQODFHUUDGXUD
XQR TXH PH SDUHFLy LJXDO DO VRQLGR GXOFH \ FRQPRYHGRU GH
ODYR]GH0FXDQGRPHOHtDVXVOLEURV(QVHJXLGDODSXHUWD
FHGLy 3HUPDQHFt RWUR PLQXWR VLQ PRYHUPH FRPR VL
QRFUH\HUDORTXHRFXUUtD0HGHVOLFpDUUDVWUiQGRPHFRQPLV
PDQRV ROIDWHDQGR FRQ FXLGDGR HO VHQGHUR (Q QLQJ~Q
PRPHQWRSHQVpHQODVLQGLFDFLRQHVGH01RPHHVFRQGHUtD
HQ ORV FHUURV GH HVR HVWDED FRQYHQFLGR 0H FUHtD XQ VHU
KXPDQR FRQ ORV PLVPRV GHUHFKRV TXH WRGRV HQWRQFHV QR
PH UHFOXLUtD HQ OD RVFXULGDG 1DGD KDEtD KHFKR TXH

9/55
PHUHFLHUD PL FDVWLJR SRU OR WDQWR UHJUHVDUtD DO PXQGR GH SLHVSHURHUDQHFHVDULRSDUDPLGLVIUD]VLTXHUtDOOHJDUDOD
ORVKXPDQRVGHOTXHFUHtDTXHDOJXLHQPHKDEtDDUUDQFDGR FLXGDG/RVSULPHURVSDVRVTXHGLPHUHVXOWDURQGRORURVRV
LQMXVWDPHQWHGHVGHPX\SHTXHxR 1HFHVLWpYDULRVPHVHVSDUDDFRVWXPEUDUPHDDTXHOFDO]DGR
3RU VXSXHVWR HVRV SULPHURV SDVRV EDMDQGR HO VHQGHUR &XDQGR HVWXYH OLVWR \ FRQIRUPH HVFXFKp \ ROt DOJR GLVWLQWR
IXHURQ WHPHURVRV \ H[SHFWDQWHV 3RU ODV QRFKHV HO SDUTXH HQHOIRQGRGHODERGHJD7DOYH]IXHPLFXULRVLGDGRDTXHO
]RROyJLFR HUD FXVWRGLDGR SRU ORV PLVPRV FHODGRUHV 6L PH RORUPHSDUHFLyPX\FRQRFLGR0HDFHUTXp(QHOSLVRHQWUH
HQFRQWUDEDQ IXHUD GH PL MDXOD PH FDVWLJDUtDQ GH XQ PRGR FROFKRQHV URWRV \ WUDVWRV YLHMRV HQFRQWUp D 3DOPLQHV HO
WHUULEOH R WHQGUtDQ OD H[FXVD TXH QHFHVLWDEDQ SDUD *UDQGHFRPSOHWDPHQWHERUUDFKR$QWHVGHVRUSUHQGHUVHVH
HOLPLQDUPH GHILQLWLYDPHQWH 0H DFHUTXp DO PLUDGRU \ SRU ULy D FDUFDMDGDV DO YHUPH YHVWLGR FRQ ODV URSDV GH ORV
SULPHUD YH] FRQWHPSOp OD FLXGDG LOXPLQDGD FRPSOHWD \ QR MDUGLQHURV'LMRTXHPHYHtDULGtFXOR\TXHQXQFDSRGUtDVHU
IUDJPHQWDGDFRPRODYHtDGHVGHPLHQFLHUUR$TXHOSDLVDMH DOJRGLVWLQWRDORTXHHUDQXQFDGHMDUtDGHVHUXQIHRVLPLR
PH LPSUHVLRQy PH GLR IXHU]DV \ OD FRQFLHQFLD QHFHVDULD 6XVSDODEUDVHQHVHPRPHQWRPHSDUHFLHURQH[WUDxDV\QR
SDUD OR TXH GHEtD KDFHU D FRQWLQXDFLyQ 0L SODQ OR KDEtD ORJUp HQWHQGHUODV FRPSOHWDPHQWH PiV ELHQ PH SDUHFLHURQ
SHQVDGR GXUDQWH PXFKR WLHPSR WDO YH] DxRV 6L ORV XQD DPHQD]D LQMXULRVD 3DOPLQHV HO *UDQGH VH OHYDQWy
JXDUGLDV DSDUHFtDQ HQ HVH PRPHQWR \ PH UHJUHVDEDQ D PL WDPEDOHDQWH FDUJDQGR FRQ VX ERWHOOD 'LMR TXH PH
FHOGD PH KXELHUD FRQVRODGR FRQ HVRV SRFRV PLQXWRV GH GHQXQFLDUtDDVXVFRPSDxHURVHQODRILFLQDPHUHJUHVDUtDQ
YHUGDGHUD OLEHUWDG KXELHUDQ VLGR VXILFLHQWHV SDUD YLYLU HO DODMDXOD\PHD]RWDUtDQSRUPLLQVROHQFLDGHYHVWLUPHFRQ
UHVWRGHPLYLGD HVD URSD 3RU SULPHUD YH] VHQWt XQ RGLR LQFRQWURODEOH VHQWt
%DMpFXLGDGRVDPHQWH3RGtDROHUGyQGHVHHQFRQWUDEDQORV HOFDORUGHPLVDQJUH\HOGHVHRGHJUXxLU/HFHUUpHOSDVR
JXDUGLDV 3RU OR JHQHUDO QR DEDQGRQDEDQ OD FRPRGLGDG GH 0HYLRHUJXLUPHVREUHPLVSDWDV0LFXHUSRORVREUHSDVDED
ODRILFLQDGHODHQWUDGD$OROHMRVYLODFDEDxD\HVFXFKpVXV HQ DOWXUD \ GHELGR D VX ERUUDFKHUD R WDO YH] SRU OD
YRFHV 7DPELpQ VDEtD SRU VXV SURSLRV FRPHQWDULRV TXH LPSUHVLyQ FD\y KDFLD DWUiV DO VXHOR 7RPp XQD SDOD GH
H[LVWtD XQD ERGHJD ODWHUDO D OD RILFLQD 1R IXH GLItFLO HQWUDU HQWUH ODV KHUUDPLHQWDV GH MDUGLQHUtD \ OD OHYDQWp SDUD
DOOt 3ULPHUR GHEtD UHFXSHUDUPH SRU ORV GtDV VLQ DOLPHQWR GHVFDUJDUOD VREUH HO JXDUGLD 5HFRUGp DTXHO JROSH FRQ HO
(QFRQWUp VXILFLHQWH FRPLGD TXH GHYRUp VLHPSUH ROLHQGR TXHHOPLVPR3DOPLQHVHO*UDQGHPHKLULyJUDYHPHQWHKDFtD
KDFLD HO VHQGHUR TXH FRQGXFtD D ODV MDXODV VLQ GHMDU GH DOJXQRVPHVHV0HYHQJDUtD\YHQJDUtDWRGRVHVRVDxRVGH
PLUDU SRU OD YHQWDQD OD FDEDxD GH OD HQWUDGD GHVGH GRQGH LQMXVWLFLDV 3HUR QDGD GH HVR KLFH QR WXYH HO iQLPR QL OD
HVFXFKDED ULVDV 'HVSXpV GH VDFLDUPH VHQWt TXH PL FXHUSR FRQYLFFLyQ\DKRUDPHDOHJURGHQRKDEHUORKHFKR7DOYH]
UHYLYtD DGTXLUtD QXHYDV IXHU]DV \ iQLPR 6HJXt KDVWD XQ IXHDTXHOODODSULPHUDVHxDOGHXQDQXHYDYLGDODVHxDOTXH
DSDUWDGR GH OD ERGHJD GRQGH VH JXDUGDED HO PDWHULDO GH GHPRVWUDEDTXHHUDDOJRGLVWLQWRDXQDQLPDOSHURWDPELpQ
WUDEDMR GH ORV JXDUGLDV $OOt HQFRQWUp ODV URSDV GH ORV GLVWLQWRDXQVHUKXPDQR'HMpFDHUSRUHOFRVWDGRODSDOD
MDUGLQHURV 0H SUREp FXLGDGRVDPHQWH OD TXH PHMRU PH 0HGLYXHOWD\VDOtGHODERGHJD
DMXVWDUD (OHJt XQR GH ORV VRPEUHURV GH SDMD \ OR PiV &XDQGR OOHJXp KDVWD OD RILFLQD GH ORV JXDUGLDV HQFRQWUp
LPSRUWDQWH XQDV ]DSDWLOODV GH ORQD GH FRORU EODQFR 1XQFD XQD DUEROHGD 6XEt UiSLGDPHQWH D DTXHOORV iUEROHV \
DQWHV KDEtD XVDGR ]DSDWLOODV QL QLQJ~Q RWUR FDO]DGR HQ PLV FXLGDGRVDPHQWHPHGHVOLFpHQWUHVXVUDPDV(O~OWLPRiUERO

10/55
FRLQFLGtD FRQ OD FHUFD GH OD HQWUDGD GHO SDUTXH ]RROyJLFR
6DOWpGHVGHORDOWR(QODYHUHGDPHHQFRQWUpGHORWURODGR
GHOPXUR$EDMRYLXQDFDOOHLOXPLQDGD5HFRPSXVH\OLPSLp
PL URSD 7UDWp GH HUJXLUPH FRPR OR KDEtD YLVWR KDFHU
PXFKDV YHFHV D ORV YLVLWDQWHV GHO SDUTXH \ FDPLQp 
DOHMiQGRPHGHOOXJDUDOTXHHVSHUDEDQRUHJUHVDUMDPiV &8$1'2$0$1(&,“

&XDQGR DPDQHFLy PLV GHVFXEULPLHQWRV VLJXLHURQ


VRUSUHQGLpQGRPH5HFRUUtXQDH[WHQVDFDOOHFDVLVLQPLUDUD
DTXHOORV TXH VH FUX]DEDQ FRQPLJR SUREDEOHPHQWH VH
GLULJtDQ D VXV WUDEDMRV D HVD KRUD GH OD PDxDQD ,QWHQWDED
FDPLQDU OR PiV HUJXLGR SRVLEOH SHUR RFXOWDQGR OD PLUDGD
(VFXFKDED HO UXLGR HVWUXHQGRVR GH ORV DXWRPyYLOHV HQ OD
FDOOH6LQVDEHUORPHGLULJtDDOFHQWURGHODFLXGDG
)LQDOPHQWH PH GHWXYH HQ OR TXH SDUHFtD XQD SOD]D
FHQWUDO $O IUHQWH VH OHYDQWDEDQ HQRUPHV HGLILFLRV \ XQD
FDWHGUDOLQWLPLGDQWH/DSOD]DODURGHDEDQiUEROHVDOWRVTXH
FUHt PH VHUYLUtDQ VL QHFHVLWDED KXLU R HVFRQGHUPH 'HFLGt
TXH HUD HO OXJDU SHUIHFWR SDUD GHWHQHUPH \ UHSHQVDU TXp
KDFHU D FRQWLQXDFLyQ 7DPSRFR QDGLH SDUHFLy SUHRFXSDUVH
SRUPtWRGRORFRQWUDULRORVSHDWRQHVGHOVHFWRUFDPLQDEDQ
UiSLGDPHQWHRFXSDGRVHQVXVREOLJDFLRQHVVLQPLUDUORTXH
RFXUUtD D VX DOUHGHGRU 0L SULPHUD LPSUHVLyQ GH DTXHOOD
JHQWHIXHTXHOOHYDEDXQDYLGDDJLWDGD\DFHOHUDGD6LQTXH
QDGLHVHGLHUDFXHQWDRVLORKLFLHURQQROHVLPSRUWyWUHSpD
XQR GH HVRV iUEROHV \ SHUPDQHFt DOOt HO UHVWR GHO GtD
GHVFDQVDQGR GH WRGDV ODV IXHUWHV H[SHULHQFLDV YLYLGDV
'HVGHHVHOXJDUWUDWDEDGHREWHQHUWRGDODLQIRUPDFLyQTXH
SXGLHUDXWLOL]DUPiVWDUGHHQODQXHYDYLGDTXHFRPHQ]DED
SDUD Pt (UD FRPR HO SDUTXH ]RROyJLFR SHUR DKRUD HUD \R
TXLHQ REVHUYDED DWHQWDPHQWH D OD JHQWH TXH FDPLQDED SRU
OD SOD]D \ ODV FDOOHV GHO FHQWUR GH OD FLXGDG 7UDWDED GH

11/55
FDSWDU HVRV JHVWRV \ PRYLPLHQWRV H LQWHUSUHWDUORV LQVSLUDEDPHOOHQDEDGHXQDGLFKDH[WUDxDHLQH[SOLFDEOH
5HFRUGDED ODV KLVWRULDV TXH PH OHtD 0 LQWHQWDQGR KDFHUODV &XDQGR PH DOHMDED GH HVH FDOOHMyQ HVFXFKp XQD YR] TXH
FDO]DU FRQ OR TXH DKRUD YHtD 6LQ MDFWDQFLD WHQJR TXH GHFLU VH GLULJtD D Pt SRUTXH QDGLH PiV HVWDED HQ DTXHO OXJDU
TXH DSUHQGt UiSLGR R DO PHQRV ODV UHJODV EiVLFDV SDUD 5HWURFHGt\OHYDQWpODYLVWD8QKRPEUHHQODSXHUWDWUDVHUD
TXHGDUPH DOOt /D PiV LPSRUWDQWH HUD GHVSUHRFXSDUPH GH GHOUHVWDXUDQWHPHREVHUYDED)XPDEDXQFLJDUULOOR/OHYDED
ORVGHPiVDSHQDVPLUDUORVDORVRMRV\FDPLQDUGLVWUDtGR\ XQD FRWRQD EODQFD TXH OR LGHQWLILFDED FRPR PHVHUR GHO
YHOR]HVDHUDODFRQGLFLyQPiVLPSRUWDQWH'HVGHODDOWXUD OXJDU'LRXQDODUJDSLWDGDDVXFLJDUULOOR\GLMR
GH ORV iUEROHV GH OD SOD]D HVWXGLp FRQ SDFLHQFLD OR TXH ²6L IXHUD SRU Pt WH LQYLWDUtD D SDVDU DO UHVWDXUDQWH \ WH
RFXUUtDDEDMR VHUYLUtDHOSODWRGHODFDVDXQSODWRPX\FDURTXHQRVRWURV
%DMpGHOiUEROFXDQGROOHJyODQRFKHGHDTXHOSULPHUGtD ORVPHVHURVQRSRGHPRVFRPHU\VRORORVHUYLPRV
6HQWtDKDPEUH\DOJRGHFXULRVLGDG(QWHQGtHQVHJXLGDTXH 0H DFHUTXp D~Q PiV PL URVWUR \ PL FXHUSR HQWHUR
HUDPiVIiFLO\VHJXURFDPLQDUHQODRVFXULGDGDVtQDGLHVH TXHGDURQGHEDMRGHXQIDUROSUy[LPRDODSXHUWDWUDVHUD(O
SHUFDWDED GH Pt /R SULPHUR TXH GHEt KDFHU IXH FRQVHJXLU PHVHUR SDUHFLy REVHUYDUPH FRQ PD\RU GHWHQFLyQ VL QRWy
DOLPHQWR 6L QR OR GLMH DQWHV OR GLJR DKRUD HUD XQ VLPLR DOJR HVSHFLDO HQ PL URVWUR SHOXGR \ ILHUR SUHILULy QR GHFLU
JUDQGH IXHUWH \ MRYHQ SRU OR WDQWR QHFHVLWDED FRPLGD HQ QDGD\FRQWLQXyIXPDQGRVXFLJDUULOOR9ROYLyDFRQFHQWUDUVH
DEXQGDQFLD DGHPiV HQ ODV ~OWLPDV VHPDQDV KDEtD \ GLMR ²<R SRU HMHPSOR WUDEDMR KDVWD HVWD KRUD HQ HO
DGHOJD]DGR SHOLJURVDPHQWH GHELGR D OD GHVSUHRFXSDFLyQ UHVWDXUDQWH'HERYLDMDUXQDKRUDPiVSDUDOOHJDUKDVWDPL
YHQJDWLYDGHPLVFHODGRUHV FDVD0HHVSHUDQPLPXMHU\PLKLMDSHURQRODVDOFDQ]RD
3RU OD QRFKH OD FLXGDG VH YHtD GLVWLQWD DOUHGHGRU GH OD YHUGHVSLHUWDV$VtXQGtDVHUHSLWHDORWUR
SOD]D 2WUD JHQWH OOHJDED KDVWD HO VHFWRU 'HVSXpV GH GDU 6X YR] PH SDUHFLy WULVWH PX\ WULVWH &RPR QR YROYLy D
YXHOWDV VLQ UXPER KLFH PL SULPHU GHVFXEULPLHQWR KDEODU FUHt QHFHVDULR UHVSRQGHU DOJR SHUR VDEtD TXH PLV
LPSRUWDQWH D HVD KRUD WDUGH HQ OD PDGUXJDGD ORV SHQVDPLHQWRV QR SRGtD H[SUHVDUORV 0H FRQIRUPp FRQ
UHVWDXUDQWHV OOHQDEDQ VXV WDUURV GH EDVXUDV FRQ UHVWRV GH LQWHQWDU XQ JUXxLGR VXDYH GH DVHQWLPLHQWR TXH OR KLFLHUD
FRPLGD (VFDUEp \ VHOHFFLRQp OR TXH PH DOLPHQWDUtD (O HQWHQGHUTXHORFRPSUHQGtD0LJUXxLGRSDUHFLyDOHJUDUOR\
VDERUGHHVDFRPLGDHUDGLIHUHQWHDORTXHDQWHVFRQVXPtD UHDILUPDUORTXHpOSHQVDED
SHUR FRPR D WRGDV ODV FRVDV UiSLGDPHQWH PH DFRVWXPEUp
(OPHVHURDSLVRQyHOFLJDUULOORHQODYHUHGD\PHGLMRTXH
\KDVWDSRGUtDGHFLUTXHPHJXVWy
HVSHUDUDXQPRPHQWR(QWUy\FHUUyODSXHUWD0HTXHGpHQ
8QD QRFKH FXDQGR FUHt TXH HUD QHFHVDULR UHJUHVDU D OD HO PLVPR OXJDU VLQ VDEHU TXp KDFHU D FRQWLQXDFLyQ (O
SOD]D HVFDUEp SRU ~OWLPD YH] HQ XQR GH DTXHOORV WDUURV GH FDOOHMyQHVWDEDRVFXURWHQHEURVR\HVFXFKDEDDSDJDGRVORV
EDVXUDVLQHQFRQWUDUQDGD1RVpSRUTXpPRWLYRHQWRQFHV HVFDVRVUXLGRVGHORVPRWRUHVGHDXWRPyYLOHVHQODVFXDGUDV
PLUp KDFLD DUULED KDFLD HO FLHOR GHVSHMDGR \ YL DOJXQDV GH VLJXLHQWHV 8Q PRPHQWR GHVSXpV HO PHVHUR UHJUHVy FRQ
ODV PLVPDV HVWUHOODV TXH DSUHFLDED GHVGH PL MDXOD $OOt XQDEROVD0HODHQWUHJy$OSULQFLSLRQRHQWHQGtDTXHODFWR
HVWDED H[SORUDQGR PL QXHYD YLGD HQ OD FLXGDG \ SXHGR PHHUDFRPSOHWDPHQWHH[WUDxR\QHFHVLWpDOJXQRVVHJXQGRV
GHFLUORDKRUDTXHKDQSDVDGRORV DxRV QRPHDUUHSHQWtGH SDUDLQWHUSUHWDUORFRPRXQUHJDORDOJRTXHUHFLEtDDFDPELR
H[SHULPHQWDU WRGR DTXHOOR (UD XQ VLPLR OLEUH \ HVR PH GH QDGD R WDO YH] FRPR XQ PRGR GH DJUDGHFHUPH KDEHUOR

12/55
HVFXFKDGR SRU XQ PRPHQWR (QVHJXLGD HO PHVHUR VH
GHVSLGLy YROYLy D HQWUDU DO UHVWDXUDQWH FHUUy OD SXHUWD \
GHVFRQHFWy OD OX] /D EROVD FRQWHQtD DOLPHQWR FDOLHQWH 0H
VHQWpHQODYHUHGD\FRPtSRUSULPHUDYH]XQSODWRFDOLHQWH
7DO YH] SDUHFHUi H[WUDxR TXH XQ VLPLR VH DOLPHQWH GH OD 
PLVPD IRUPD TXH XQ KXPDQR SHUR GHER UHSHWLU DTXt XQD /266,*8,(17(6'$6
FRQVWDQWH TXH PH SHUPLWLy VREUHYLYLU \ VXSHUDU ODV
DGYHUVLGDGHV PH DFRVWXPEUDED FRQ IDFLOLGDG D WRGR OR
QXHYR TXH HQIUHQWDED 5HJUHVp FDPLQDQGR SRU OD FDOOH
$PDQHFtD HQ HO KRUL]RQWH \ OD FLXGDG FRPHQ]DED VX ULWPR
DSUHVXUDGRQXHYDPHQWH/OHJXpKDVWDORDOWRGHORViUEROHV /RVVLJXLHQWHVGtDVUHDOLFpXQDUXWLQDPiVRPHQRVVLPLODU
GH OD SOD]D \ PH HFKp D GHVFDQVDU PLHQWUDV DPDQHFtD DOSULPHUGtD3HUPDQHFtDHQFLPDGHORViUEROHVGHODSOD]D
$QWHVGHFDHUHQODLQFRQVFLHQFLDGHOVXHxRSHQVpHQDTXHO VLQTXHQDGLHVHSHUFDWDUD3RUODVQRFKHVUHFRUUtDODFLXGDG
DFWR GHVLQWHUHVDGR GHO PHVHUR +DEtD UHFLELGR XQ REVHTXLR YHVWLGRFRQPLURSDGHMDUGLQHURGH]RROyJLFRPLVRPEUHUR
VLQHVSHUDUOR1RHUDQORVPLVPRVUHJDORVTXHUHFLEtDHQPL GH SDMD \ PLV ]DSDWLOODV GH EDVTXHWEROLVWD PiV WDUGH PH
MDXOD FXDQGR PH DUURMDEDQ IUXWDV VHFDV D FDPELR HQWHUpGHTXpWLSRGH]DSDWLOODVVHWUDWDED /RV~QLFRVTXH
HVSHUDEDQ TXH PH H[KLELHUD TXH LPLWDUD JHVWRV KXPDQRV VHGLHURQFXHQWDGHPLSUHVHQFLDIXHURQRWUDYH]ORVQLxRV
EiVLFRV TXH KDFtDQ UHtU \ TXH \R DFRPHWtD FDVL TXH FUX]DEDQ OD SOD]D OOHYDGRV SRU VXV SDGUHV FRUULHQGR
LQYROXQWDULDPHQWHSDUDVHUUHFRPSHQVDGRRSDUDREWHQHUXQ WUDV ORV EXVHV R KXQGLpQGRVH HQ ODV HVFDOHUDV VXEWHUUiQHDV
SRFR GH FRPSDxtD 6ROR 0 KDEtD WHQLGR WDPELpQ DFWRV GHO PHWUR /RV QLxRV HUDQ ORV ~QLFRV TXH REVHUYDEDQ D VX
GHVLQWHUHVDGRVFRQPLJR DOUHGHGRUPLUDEDQKDFLDDUULEDRYHtDQORTXHORVDGXOWRVQR
'DUPH FXHQWD GH HVWR PH UHJRFLMy GH XQ PRGR HVSHFLDO VH SHUPLWtDQ YHU &XDQGR PH GHVFXEUtDQ HQ ODV UDPDV
(Q HVH WLHPSR QHFHVLWDED GHVHVSHUDGDPHQWH TXH PH LQGLFDEDQ KDFLD ORV iUEROHV FRQ H[SUHVLRQHV GH DVRPEUR \
LGHQWLILFDUDQ FRPR XQR PiV XQ KRPEUH PiV WDO YH] ULVD $ YHFHV GHSHQGLHQGR GH PL iQLPR OHV GHYROYtD HO
FRQWUDKHFKR\GHPDVLDGRSHOXGRSHURXQKRPEUH VDOXGR SHUR FDVL HQVHJXLGD GHVDSDUHFtDQ DUUDVWUDGRV SRU
VXVSDGUHV
$ ODV GRV VHPDQDV GH UHSHWLU HVD UXWLQD VHQWt PiV
FRQILDQ]D\FUHtFRQRFHUELHQORTXHPHURGHDED3ODQLILTXp
GLUHFFLRQHV GH IXJD SRU VL HUD QHFHVDULR R EXVTXp
DOWHUQDWLYDV SDUD HVFRQGHUPH (QWRQFHV GHVFXEUt DOJR
HVSHFLDOHQDTXHOODSOD]D1RORVYLDQWHVSRUTXHHVWDEDQHQ
HO RWUR H[WUHPR &RQ FXLGDGR PH WUDVODGp HQFLPD GH ORV
iUEROHV(QXQULQFyQIUHQWHDXQDHVWDWXDTXHPRVWUDEDD
XQ YLHMR DOFDOGH ²TXH WRGRV OODPDEDQ HO DOFDOGH 0DQVXU²
URGHDQGR DOJXQRV EDQFRV VH HQFRQWUDED XQ JUXSR GH

13/55
KRPEUHV 7RGRV HOORV VH SDUHFtDQ D Pt R DO PHQRV YHVWtDQ PDxDQD0HVHQWpHQXQDGHHVDVEDQFDVMXQWRDODILJXUD
FRPR \R FRQ URSDV VHQFLOODV FDPLVDV \ ]DSDWRV PX\ GH SLHGUD GHO DOFDOGH 0DQVXU 1LQJXQR GH ORV YDJDEXQGRV
JDVWDGRV \ D GLIHUHQFLD GH ORV GHPiV OOHYDEDQ XQD GLMRQDGD$OJXQRVGRUPtDQ\RWURVWRPDEDQFDIpFDOLHQWHHQ
H[LVWHQFLD OHQWD KDVWD HO DEXUULPLHQWR HFKDGRV OD PD\RU WDUURV 1R DOFDQFp D PRYHUPH FXDQGR XQR VH VHQWy D PL
SDUWH GHO WLHPSR HQ DTXHOORV EDQFRV GH OD SOD]D VLQ KDFHU ODGR6HWRFyFRQORVGHGRVHOVRPEUHURDPRGRGHVDOXGR
QDGD PiV TXH GRUPLU \ FDOHQWDUVH DO VRO 9DJDEDQ SRU VHEHELyVXFDIpFRQODYLVWDSHUGLGD\HQVLPLVPDGRHQVXV
DOUHGHGRU GH OD SOD]D VH DOHMDEDQ DOJXQDV FXDGUDV \ OXHJR SHQVDPLHQWRV$QWHVGHDFDEDUHVWLUyODPDQR\PHGHMyHO
UHJUHVDEDQ7DPSRFRSDUHFtDQWULVWHVSRUVXFRQGLFLyQPiV WDUUR FRQ FDIp (UD OD PLVPD H[SUHVLyQ GH VROLGDULGDG \
DOOiGHODWULVWH]DRGHODDOHJUtDSRGtDGHVFULELUVXVURVWURV UHFRQRFLPLHQWR TXH KDEtD YLVWR HQ 0 R HQ HO PHVHUR GHO
FRPR WUDQTXLORV \ UHSRVDGRV 1R WRGRV HUDQ LJXDOHV WHQJR FDOOHMyQ$JUDGHFtFRQXQJUXxLGRORPiVVXDYHSRVLEOH\PH
TXH GHFLUOR DOJXQRV HUDQ KRVFRV \ YLROHQWRV SHUR OD EHEt HO FDIp 'HVSXpV VLQ PROHVWDUPH HO PHQGLJR VH
PD\RUtD SDUHFtDQ LQRIHQVLYRV 3RU OD PDxDQD FXDQGR ORV DFRPRGy HQ HO UHVWR GHO EDQFR +LFH OR PLVPR WUDWDQGR GH
UD\RV GHO VRO OOHJDEDQ KDVWD OD HVWDWXD GHO DOFDOGH 0DQVXU HQFRJHUPH 6H HVWDED ELHQ HQ DTXHO OXJDU \ HUD DJUDGDEOH
DTXHOORV KRPEUHV GRUPtDQ HFKDGRV HQ HVRV EDQFRV UHFLELU ORV UD\RV GHO VRO 8Q PLQXWR GHVSXpV DPERV
GLVIUXWDQGR GHO FDORU VXDYH \ OLPSLR GH ODV SULPHUDV KRUDV URQFiEDPRVSODFHQWHUDPHQWH
GHO GtD VLQ LPSRUWDUOHV HO UXLGR GH ORV DXWREXVHV ORV /D FDVXDOLGDG \ HQIUHQWDUPH WDO YH] D XQ SULPHU KHFKR
ERFLQD]RV \ VLOELGRV /RV HVWXGLp GXUDQWH KRUDV WUDWp GH GHFLVLYR PH KLFLHURQ RWUD YH] FDPELDU \ DEULU PL
H[SOLFDUPHTXpORVPRWLYDEDSDUDQRPRYHUVHGHDOOtRFyPR SHQVDPLHQWR D RWUDV UHDOLGDGHV $TXHO PHQGLJR TXH PH
VREUHYLYtDQ \ OR PiV LPSRUWDQWH SRU TXp SDUHFtDQ WDQ RIUHFLy VX WDUUR GH FDIp VH WUDQVIRUPy HQ PL SULPHU DPLJR
GLVWLQWRVDORVGHPiVWUDQVH~QWHVDSUHVXUDGRV\YHORFHVTXH VLQ TXH QLQJXQR GH ORV GRV OR H[LJLHUD R OR VXSLHUD
SDVDEDQ SRU QXHVWUR ODGR $O ILQDO GHO GtD ORJUp DO PHQRV VLPSOHPHQWH RFXUULy FRPR GHEH VHU FXDQGR VH WUDWD GH
UHVSRQGHU XQD LQWHUURJDQWH VX RFXSDFLyQ HUD PHQGLJDU HV DPLJRV TXH QR QHFHVLWDQ GHFODUDU VX DPLVWDG 1XQFD SXGH
GHFLU SHGLU D ORV GHPiV 3RU OD QRFKH PH DWUHYt D VHJXLU D GHYROYHUOH VX DPDELOLGDG SHUR FUHR TXH HQ XQD DPLVWDG
XQ SDU GH HOORV \ FRPSUREp TXH XWLOL]DEDQ ODV HQWUDGDV GH HVDV FRQVLGHUDFLRQHV HVWiQ GH PiV (O 'XTXH DVt OR
ODVJDOHUtDVGHOFHQWURRDOJ~QSRUWDOSDUDGRUPLU6XV~QLFDV OODPDEDQ ORV GHPiV (O 'XTXH YROYtD GH VXV URQGDV SRU OD
SHUWHQHQFLDV HUDQ OD URSD TXH FDUJDEDQ R DOJ~Q SHTXHxR FDOOH VLHPSUH FDUJDGR GH DOLPHQWRV R PRQHGDV TXH
EROVRFDVLYDFtR FDPELDED SRU EXHQRV SODWRV \ TXH LQFOXVR UHSDUWtD HQWUH
0H DWUHYtD D EDMDU GH ORV iUEROHV GXUDQWH HO GtD FXDQGR QRVRWURV 1R TXLHUR GDU XQD LGHD HUUyQHD GH ORV PHQGLJRV
DFDEDED OD WDUGH DQWHV GH TXH VH HQFHQGLHUDQ ORV IDUROHV IUHQWH D OD HVWDWXD GHO DOFDOGH 0DQVXU 1R WRGRV HUDQ FRPR
$OJXQRV GH ORV YDJDEXQGRV GH OD SOD]D PH REVHUYDEDQ HO'XTXHPXFKRVGHHOORVVHYHtDQUHVHQWLGRV\SDVDEDQOD
GHVSUHRFXSDGDPHQWH VH UDVFDEDQ OD FDEH]D VH PD\RU SDUWH GHO WLHPSR WUDWDQGR GH REWHQHU XQD ERWHOOD GH
DFRPRGDEDQ VXV WUDMHV \ VHJXtDQ VXV DVXQWRV VLQ OLFRU TXH ORV WUDQVIRUPDVH (O 'XTXH HUD GLVWLQWR 8QD
LPSRUWDUOHV 6XSRQJR TXH OHV SDUHFt XQR PiV HQ DTXHO PDxDQD PH KDEOy PX\ HQWXVLDVPDGDPHQWH GH VX YLGD
JUXSR\VHUHVHUYDEDQVXVFRPHQWDULRV +DEtD WUDEDMDGR HQ OD PLQHUtD HQ HO QRUWH SHUR XQD
2WUR GtD EDMp GH PL iUERO HQ ODV SULPHUDV KRUDV GH OD HQIHUPHGDG HQ ORV SXOPRQHV OR GHMy VLQ HPSOHR +DEtD

14/55
FRQRFLGR D XQD HQIHUPHUD HQ HO KRVSLWDO GH OD TXH VH FDOOHߋ
HQDPRUy6HFDVDURQ\pOEXVFyXQDQXHYDRFXSDFLyQFRPR
SRUWHUR GH XQ HGLILFLR (QWRQFHV VHJ~Q VXV SDODEUDV HO
DOFRKRO OR DUUXLQy 6X WUDEDMR HQFHUUDGR HQ HVH OXJDU OR
KDEtD FRQGXFLGR D EHEHU 7DO YH] LQFLGLy TXH VX PXMHU QR
SXGR WHQHU KLMRV VHJ~Q WUDWy GH MXVWLILFDUVH /RV DxRV
VLJXLHQWHV VH WUDQVIRUPy HQ DOJXLHQ GLVWLQWR DO TXH HUD
*ROSHDED FRQVWDQWHPHQWH D VX PXMHU VLQ PRWLYR 6H
FRQYLUWLyHQDOJXLHQYLROHQWR\VXVDPLJRVGHILQLWLYDPHQWH
VHDOHMDURQGHpO8QGtDOOHJyFRPSOHWDPHQWHERUUDFKRDVX
FDVD SHUR QR HQFRQWUy D VX PXMHU 6REUH HO YHODGRU
GHVFXEULy XQD QRWD TXH GHFtD ³0H YR\ SRUTXH WH GHMp GH
DPDU´6DOLyGHODFDVD\HQWUyDXQEDU6LQQLQJ~QPRWLYR
EXVFy SHOHDUVH FRQ FXDOTXLHUD SHUR HOLJLy PX\ PDO SRUTXH
HO RWUR OOHYDED XQD SLVWROD (Q XQ FDOOHMyQ WHUPLQy FRQ VHLV
WLURVHQHOFXHUSR&XDQGRORUHFRJLHURQORVSDUDPpGLFRVOH
GLHURQ SRU PXHUWR LQFOXVR OR OOHYDURQ KDVWD XQD VDOD HQ OD
PRUJXH GRQGH SRU FDVXDOLGDG XQD HQIHUPHUD VH GLR
FXHQWDGHTXHWRGDYtDHVWDEDYLYR3HUPDQHFLyFLQFRPHVHV
HQ HO KRVSLWDO &XDQGR VH UHFXSHUy GHFLGLy TXH FDPELDUtD
TXH VX YLGD HQWHUD GHVGH HVH PRPHQWR VHUtD GLIHUHQWH
)XHUD GHO KRVSLWDO VH GLR FXHQWD GH TXH QR WHQtD QDGD QR
WHQtD D VX PXMHU KDEtD SHUGLGR VX FDVD \ VX HPSOHR 3HUR
DOJRD~QOHSHUWHQHFtDPHGLMRHQIiWLFDPHQWHHVWDEDYLYR\
HQWXVLDVPDGR SRU SUREDUVH D Vt PLVPR TXH SRGtD VHU
DOJXLHQ GLIHUHQWH R YROYHU D VHU HO TXH KDEtD VLGR $Vt OOHJy
KDVWDHOULQFyQGHODOFDOGH0DQVXUGRQGHFRQRFLyDOUHVWRGH
ORV PHQGLJRV 6H VLQWLy UHVSHWDGR SRU HOORV \ D FDPELR
WUDWDEDGHD\XGDUORV
$O ILQDO GH VX KLVWRULD UHVSRQGt FRQ XQ JUXxLGR VXDYH \
SURORQJDGR(O'XTXHPHPLUyDORVRMRV\GLMR
²*UDFLDVSRUHVFXFKDUPH
< ORV GRV YROYLPRV D URQFDU HQ HO EDQFR GH OD SOD]D
PLHQWUDVORVUD\RVGHOVROQRVFDOHQWDEDQVLQLPSRUWDUQRVHO
UXLGR GH ORV DXWRPyYLOHV R HO EXOOLFLR GH OD JHQWH HQ OD

15/55
HVWDQWHV \ TXH VL QHFHVLWDED D\XGD QR KLFLHUD PiV TXH
OODPDUOR +LFH OR TXH PH GLMR REVHUYp GXUDQWH ODUJR UDWR
DTXHOORVOLEURVORVUHWLUDEDGHORVHVWDQWHV\ORVKRMHDEDSRU
XQ PRPHQWR 3RU VXSXHVWR QR SRGtD OHHU OR TXH HVWDED
 HVFULWR HQ HOORV SHUR SUHVHQWtD HQ FDGD XQR XQ PXQGR
(/+(&+206,1&5(%/('((6(7,(032 PLVWHULRVRTXHPHOOHQDEDGHVDWLVIDFFLyQ(QHVHPRPHQWR
TXLVHYROYHUDYHUD0OHSUHJXQWDUtDSRUFDGDXQRGHHVRV
HMHPSODUHV HVFXFKDUtD FyPR HOOD ORV OHHUtD SDUD Pt FRQ VX
YR] GXOFH \ HVSHFLDO (QWRQFHV HO OLEUHUR DSDUHFLy D PL
HVSDOGD\PHGLMR
(OKHFKRPiVLQFUHtEOHGHHVHWLHPSRGHDGDSWDFLyQDPL ²1RWp FXDQGR HQWUy TXH XVWHG HV XQ EXHQ OHFWRU ¢6DEH
QXHYDYLGDRFXUULyVLQEXVFDUOR&RPHQFpDDFRVWXPEUDUPH FyPR"3RUTXHDFDULFLDORVOLEURVHVDHVXQDVHxDO
D YDJDU SRU HO FHQWUR GH OD FLXGDG VLQ DOHMDUPH GHPDVLDGR 8Q SRFR DVXVWDGR ORJUp HPLWLU XQ JUXxLGR PX\ EDMR
GH OD SOD]D TXH PH VHUYtD GH UHIHUHQFLD 6HQWtD FLHUWD (QWRQFHV HO OLEUHUR PH LGHQWLILFy FRPR XQ H[WUDQMHUR SHUR
VHJXULGDG DO YLYLU FHUFD GH ORV YDJDEXQGRV GH OD SOD]D \ WDPSRFR OH LPSRUWDED SRUTXH pO WDPELpQ OR HUD +DEtD
GRUPLU HQFLPD GH DTXHOORV iUEROHV &DPLQDED OOHJDGR KDFtD PXFKRV DxRV KX\HQGR GH XQD JXHUUD FLYLO HQ
GHVSUHRFXSDGDPHQWH GXUDQWH HO GtD UHFRQRFLHQGR OXJDUHV \ VX SDtV 0iV WDUGH FXDQGR HO FRQIOLFWR DFDEy QR TXLVR
HVWXGLDQGR HO FRPSRUWDPLHQWR GH ORV GHPiV TXH SDUD Pt UHJUHVDU\HOYLDMHTXHFUH\yVHSURORQJDUtDDOJXQRVPHVHV
HUD XQD IRUPD GH FRQRFLPLHQWR +DEtD SHUIHFFLRQDGR PL VLJQLILFy WRGD XQD YLGD $KRUD VH VHQWtD FRQ GRV
PRGR GH FDPLQDU FDGD YH] PiV HUJXLGR \ KDVWD PRYtD QDFLRQDOLGDGHV \ XQD WHUFHUD TXH HUD OD GH OLEUHUR GLMR
UtWPLFDPHQWHODVPDQRVFRPRYHtDTXHORKDFtDQORVGHPiV ULHQGRSRUODRFXUUHQFLD3RUVXSXHVWR\RPHOLPLWpDDVHQWLU
(QWRQFHV PH GHWXYH HQ XQD H[WUDxD WLHQGD H[WUDxD WUDWDQGR GH OOHYDU XQD FRQYHUVDFLyQ QRUPDO &XDQGR PH
SRUTXH OD YHtD SRU SULPHUD YH] \ SRUTXH PH UHFRUGy SUHJXQWySRUPLVJXVWRVOLWHUDULRVQRVXSHTXpUHVSRQGHU\
HQVHJXLGDD05HFRUGpHVDVWDUGHVGHGLFKDSOHQDPLHQWUDV SUHIHUt PHQWLUOH SDUD QR SDVDU SRU LJQRUDQWH 4XLVR VDEHU
HVFXFKDED VXV OHFWXUDV IUHQWH D PL MDXOD 3UHFLVDPHQWH GH TXp WHPDV SUHIHUtD HQXPHUiQGRPH DOJXQRV 'H SURQWR pO
HVR WUDWDED OD WLHQGD HO HVFDSDUDWH H[KLEtD OLEURV LQILQLGDG PLVPRDFRWyDOJR\\RPHGHPRVWUpLQWHUHVDGRDWUDYpVGH
GHHOORV(QVHJXLGDPHLQWHUHVDURQODVFRORULGDVWDSDV\ODV PLVKDELWXDOHVJUXxLGRV(OOLEUHURFRQYLQRTXHDpOHOWHPD
OHWUDV UHGRQGDV LPSUHVDV &DGD OLEUR SDUHFtD XQ SHTXHxR GH OD OLEHUWDG WDPELpQ OH HUD PX\ FHUFDQR \ HQXPHUy
VHFUHWR DSUHWDGR \ FRQWHQLGR (QWUp D SHVDU GH PLV DOJXQRV WtWXORV \ UHIOH[LRQHV TXH PH IXHURQ GLItFLOHV GH
WHPRUHV FRPSUHQGHUSHURTXHHQVXERFDVRQDEDQPX\FRKHUHQWHV
$GHQWUR ODV SDUHGHV \ HVWDQWHV HVWDEDQ FXELHUWRV GH 6LQ GDUQRV FXHQWD WUDQVFXUULHURQ DOJXQDV KRUDV HQ HVD
OLEURV GH GLVWLQWRV WDPDxRV \ FRORUHV 6HQWt XQ JXVWR HVSHFLDOFRQYHUVDFLyQGRQGH\RDVHQWtDRQHJDEDVHJ~QVH
HVSHFLDO\UHFRUGpFRQQRVWDOJLDD0$OIRQGRGHODOLEUHUtD H[SUHVDED HO OLEUHUR TXH PH FUHtD XQ H[WUDQMHUR QR
PHUHFLELyXQKRPEUHDQFLDQRHOSULPHURTXHYHtDGHWDQWD IDPLOLDUL]DGR FRQ OD OHQJXD ORFDO )LQDOPHQWH GLMR TXH VH
HGDG$PDEOHPHQWHPHGLMRTXHVLJXVWDEDSRGtDUHYLVDUORV KDFtDWDUGHSUHIHUtDFHUUDUODOLEUHUtD\UHJUHVDUDVXKRJDU

16/55
GRQGH OR HVSHUDED XQD QLHWD TXH HUD WRGR SDUD pO (Q
UHFRQRFLPLHQWR GH PL DWHQFLyQ H LQWHUpV EXVFy HQWUH ORV
DQDTXHOHVKDVWDTXHHQFRQWUyXQOLEURTXHHVSHUDEDTXH\R
UHFLELHUDFRPRXQ REVHTXLR SHURTXHDGHPiVPHD\XGDUtD
SDUDSUDFWLFDUHOLGLRPD0HORHQWUHJyDVHJXUDQGRTXHHUD 
XQD QRYHOD DGHFXDGD SDUD WRGR OR TXH KDEtDPRV 9$*$1'232581$&$//(
FRQYHUVDGR
6DOt GH OD OLEUHUtD FRPR VL IORWDUD HQ HO DLUH +DEtD WHQLGR
PL SULPHUD FRQYHUVDFLyQ LQWHOHFWXDO FRQ XQ KRPEUH VDELR
SHUR DGHPiV KDEtD UHFLELGR XQ LQFUHtEOH UHJDOR PL SULPHU
OLEUR(VWDEDWDQGLFKRVRTXHUHJUHVpDPLiUEROHQODSOD]D 8QD QRFKH YDJDED SRU XQD FDOOH PX\ FHUFD GHO WHDWUR
WUHSpKDVWDORDOWR\SHUPDQHFtGHVSLHUWRFDVLWRGDODQRFKH PXQLFLSDO GH OD FLXGDG 5HFLpQ KDEtD ORJUDGR XQD EXHQD
WUDWDQGR LQ~WLOPHQWH GH XQLU HVDV OHWUDV LPSUHVDV TXH VH FRPLGDHQXQWDUURGHEDVXUDODFXDOPHSDUHFLyGHOLFLRVD\
PRVWUDEDQ UHFWDV \ SHUIHFWDV DQWH PLV RMRV TXH PH DEXQGDQWH9ROYHUtDDPLiUERODGRUPLUWUDQTXLORHVDQRFKH
LQYLWDEDQ D GHVFXEULU XQ QXHYR PXQGR 3RU VXSXHVWR QR 'HER UHFRUGDU TXH HQ DTXHO WLHPSR PLV DVSLUDFLRQHV HUDQ
DFFHGHUDODOHFWXUDPHOOHQyGHIUXVWUDFLyQ\WULVWH]D OLPLWDGDVVLPLUXWLQD KXELHUDVHJXLGRFRQ HVH ULWPR OHQWR
SDUD Pt KXELHUD VLGR XQD YLGD SOHQD 0H VHQWtD XQ VLPLR
OLEUH \ HVWR OOHQDED GH VLJQLILFDGRV PL H[LVWHQFLD 7DPSRFR
VDEtD GH OD LQILQLGDG GH SRVLELOLGDGHV TXH H[LVWHQ \ D ODV
FXDOHV HV HVSHUDEOH DVSLUDU (Q HVRV PRPHQWRV PH
FRQIRUPDEDFRQPLiUEROHQODSOD]DORVDPLJRVPHQGLJRV\
ORVUHVWRVGHFRPLGDHQORVEDVXUHURV0LHQWUDVUHJUHVDEDD
OD SOD]D SRU XQD FDOOH FRQRFLGD PH HQFRQWUp FRQ XQ JUXSR
GHKRPEUHVMyYHQHV(QRWUDVFLUFXQVWDQFLDVKXELHUDWUDWDGR
GH HYLWDUORV SHUR DKRUD HUD GLIHUHQWH /RV MyYHQHV
HYLGHQWHPHQWH EHELGRV JROSHDEDQ D GRV KRPEUHV HQ HO
VXHOR /RV UHFRQRFt VH WUDWDED GH HO 'XTXH \ RWUR PiV GHO
JUXSRGHODVEDQFDVGHODOFDOGH0DQVXU$OSULQFLSLRFUHtTXH
HUD XQD EURPD SHUR ORV JROSHV VH KLFLHURQ FDGD YH]
PiVYLROHQWRV\GHVFRQWURODGRV8QRGHORVMyYHQHVDSDUHFLy
FRQ XQ EDWH GH PDGHUD \ OR GHVFDUJy HQ HO FXHUSR GHO
'XTXH1RVpVL\RWDPELpQVXIUtXQPRPHQWRGHGHVFRQWURO
R GH GHVHVSHUDFLyQ DQWH OR TXH RFXUUtD WDO YH] UHFRUGp
DTXHOODV WRUWXUDV TXH PH LQIOLJtD 3DOPLQHV HO *UDQGH DQWHV
GHOLPSLDUPLFHOGD0HDEDODQFpVREUHHOORV\GHVFDUJXpPL
LUD FRQWUD HVRV MyYHQHV 1XQFD DQWHV KDEtD JROSHDGR D

17/55
QDGLH QXQFD DQWHV KDEtD SUREDGR PL IXHU]D 'HER UDSLGH]
UHFRQRFHU TXH PL YLROHQFLD WDPELpQ IXH GHVSURSRUFLRQDGD 7DO YH] SRU GHVFXLGR QR KH FRQWDGR XQ KHFKR SUHYLR TXH
SHURQRVDEtDFyPRPHGLUOD(QSRFRVPLQXWRVGLFXHQWDGHO PH KL]R FRQRFHU OD PXHUWH $QWHV GH KXLU GHO SDUTXH
JUXSRGHVHLVRVLHWH\URPStHOEDWHFRQHOTXHFDVWLJDEDQD ]RROyJLFR VROR XQDV VHPDQDV DQWHV HVFXFKp XQ UXLGR
ORVYDJDEXQGRV/RVKRPEUHVMyYHQHVVHLPSUHVLRQDURQSRU GLVWLQWR SURYHQLHQWH GH OD MDXOD GHO YLHMR \ HQIHUPR RVR
PL DJLOLGDG \ FXDQGR VH YLHURQ VREUHSDVDGRV KX\HURQ 'H SDUGR (Q UHDOLGDG OOHYDED HQIHUPR DOJXQRV DxRV SHUR
ORVGRVPHQGLJRVHO'XTXH SDUHFtDPDOKHULGR(O RWUR TXH QLQJXQR GH ORV FXLGDGRUHV VH KDEtD GDGR FXHQWD \ QR OR
SRGtD OHYDQWDUVH VH RIUHFLy SDUD EXVFDU D\XGD <R DWHQGtDQ FRPR HUD GHELGR (O RVR VH TXHMDED
SHUPDQHFt FRQ HO 'XTXH D VX ODGR eO DSUHWy PL PDQR 3RU FRQVWDQWHPHQWH GH VX GROHQFLD SHUR ORV YLVLWDQWHV FUHtDQ
SULPHUD YH] YL PL PDQR JUDQGH GH GHGRV UHJRUGHWHV \ TXH VH WUDWDED GH ORV VRQLGRV KDELWXDOHV TXH ORV RVRV
SHOXGRV HVWUHFKDGD FRQ XQD PDQR KXPDQD SDUHFtDQ HPLWtDQ 'XUDQWH DxRV PH GRUPt FRQ HVRV JUXxLGRV
GLIHUHQWHV SHUR WDPELpQ DPEDV TXHUtDQ GHFLU OR PLVPR DGRORULGRV TXH VH WUDQVIRUPDEDQ HQ JULWRV GHVHVSHUDGRV
HUDQ DJUDGHFLGDV R LQWHQWDEDQ GDU IXHU]D \ SUHVHQFLD (O SRU OD QRFKH 3DUHFtD TXH VROR \R SRGtD UHFRQRFHUORV
'XTXH QR SRGtD KDEODU \ VXV RMRV WUDWDURQ GH H[SUHVDUPH 0XFKDV YHFHV HVFXFKDUORV PH SURYRFDED FRPSDVLyQ PH
DOJRTXHQRSXGHLQWHUSUHWDU/XHJROOHJyODDPEXODQFLD/RV HQFROHUL]DED \ VDOWDED HQ PL MDXOD DIHUUiQGRPH D ORV
HQIHUPHURV OR DUURSDURQ \ OR GHMDURQ HQ XQD FDPLOOD /D EDUURWHV SDUD TXH VH KLFLHUD DOJR SDUD TXH OR D\XGDUDQ
DPEXODQFLDSDUWLySRUODFDOOHIUHQWHDOWHDWURPXQLFLSDO'H &RPR HVWiEDPRV VHSDUDGRV YDULRV PHWURV VH PH RFXUULy
SURQWR TXHGp VROR OD FDOOH HVWDED YDFtD RWUD YH] FRPR VL XQDIyUPXODSDUDLQWHQWDUD\XGDUORRDOPHQRVGHPRVWUDUOH
QDGDGHORTXHRFXUULyKXELHUDSDVDGRFRPRVLKXELHUDVLGR TXH OR DSR\DED HQ VX VXIULPLHQWR &XDQGR VXV JULWRV VH
XQVXHxRYLROHQWRXQDSHVDGLOOD KDFtDQ PiV DJXGRV \R GHVGH PL FHOGD OR LPLWDED \ GHER
$O GtD VLJXLHQWH QR DSDUHFLy HO 'XTXH WDPSRFR OR KL]R OD GHFLU TXH GHVSXpV GH XQ WLHPSR PL LPLWDFLyQ HUD ILHO D ORV
VLJXLHQWHVHPDQD8QDPDxDQDHQTXHPHFDOHQWDEDHQPL YHUGDGHURV JULWRV 7LHQGR D FUHHU TXH HVR DOLYLDED XQ SRFR
EDQFR DO VRO FRQ YDULRV PHQGLJRV GH OD SOD]D HVFXFKp XQD DORVRSDUGRROHKDFtDFUHHUDEVXUGDPHQWHTXHRWURFRPR
FRQYHUVDFLyQHQWUHHOORV(O'XTXHQRUHJUHVDUtDQXQFDPiV pOVXIUtDORPLVPRSRUORWDQWRHOGRORUVHFRPSDUWtD
/DV KHULGDV TXH UHFLELy HVD QRFKH IXHURQ JUDYHV \ 8QD QRFKH GH GRORUHV \ TXHMDV PH GHVSHUWp \ OH GHYROYt
DJXGL]DURQ VX GHELOLGDG ItVLFD &RPSUHQGt OR TXH KDEtD HO DXOOLGR (QWRQFHV HVFXFKp TXH HO RVR SHUPDQHFtD HQ
RFXUULGR 1R IXHURQ QHFHVDULDV PiV H[SOLFDFLRQHV 7HQtD XQ VLOHQFLR XQ PRPHQWR /XHJR GXUDQWH XQRV SRFRV PLQXWRV
FRQRFLPLHQWR DOJR GLIXVR GH OD PXHUWH GHO ILQ GH FXDOTXLHU HPLWLyXQRVJUXxLGRVGLIHUHQWHVHUDQJUXxLGRVDUPRQLRVRV\
VHU YLYR 3HUR VHQWt TXH HO 'XTXH HVWDED PXHUWR SRU PL DJUDGDEOHV TXH PH H[WUDxDURQ /XHJR QR HVFXFKp QDGD
FXOSD QR KDEtD OOHJDGR D WLHPSR D UHVFDWDUOR GHEt KDEHU PiV XQ JUDQ VLOHQFLR VLJXLy HO UHVWR GH OD QRFKH 1R SXGH
DFWXDGR FRQ PD\RU UDSLGH] 7RGRV HVRV SHQVDPLHQWRV PH GRUPLU \ PH LPDJLQp OR TXH KDEtD RFXUULGR 3RU OD PDxDQD
DWRUPHQWDURQGXUDQWHVHPDQDV1RWHQtDJDQDVGHFRPHUQL ORV JXDUGLDV OR HQFRQWUDURQ PXHUWR 1HFHVLWDURQ XQD
iQLPRGHEDMDUGHPLiUERO0HVHQWtDHQIHUPR\GHSULPLGR FDPLRQHWD HVSHFLDO SDUD VDFDUOR GH DOOt 6H OR OOHYDURQ
DSHVDUGHTXHODUXWLQDHQODSOD]DFRQWLQXyVLQHO'XTXH\ FXELHUWR FRQ XQRV VDFRV &XDQGR YL DOHMDUVH HO FXHUSR GHO
DSDUHQWHPHQWH VXV FRPSDxHURV SDUHFLHURQ ROYLGDUOR FRQ RVR SHQVp TXH WDO YH] HQWRQFHV HVWDUtD PHMRU DOLYLDGR GH

18/55
VXVGRORUHV7DOYH]\HVRPHORLPDJLQpDXQTXHFUHRTXH
DVt RFXUULy DQWHV GH PRULU WXYR XQ SHTXHxR GHVFDQVR XQ
PRPHQWR XQRV PLQXWRV HQ TXH QR VLQWLy ORV WHUULEOHV
GRORUHV\TXHLQWHQWyDJUDGHFHUPHRGHPRVWUDUPHFRQHVRV
JUXxLGRVVXDYHVTXHPRULUVHHUDWDPELpQXQGHVFDQVR 
&RPR GLMH DQWHV PL YLGD FRPR VLPLR HQ HO FHQWUR GH OD $/%$-$5'(0,5%2/
FLXGDG HQ ORV iUEROHV GH XQD SOD]D S~EOLFD SXGR KDEHU
VHJXLGR VX UXWLQD TXH QR PH PROHVWDED VL QR KXELHUD
DSDUHFLGR OD VHxRUD 'DPD HOOD FDPELy GHILQLWLYDPHQWH PL
YLGD
'XUDQWH OD VHPDQD EDMp GH PL iUERO HQ SRFDV RFDVLRQHV
VXPLGRHQHOGHViQLPRSRUODGHVDSDULFLyQGHHO'XTXHWDO
YH]PLSULPHUDPLJRYHUGDGHUR3RUODVPDxDQDVDOJXQRVGH
ORVPHQGLJRVPHH[LJtDQTXHEDMDUDPHRIUHFtDQVXVWDUURV
GHFDIpRDOJ~QSDQGXUR3HUR\RVHJXtDDUULEDDEVRUWRHQ
PLV SHQVDPLHQWRV \ PL WULVWH]D /RV PHQGLJRV WDPSRFR
LQVLVWtDQ GHPDVLDGR HVWDEDQ DFRVWXPEUDGRV D UHVSHWDU VXV
YLGDV SULYDGDV DGHPiV FDGD XQR FDUJDED FRQ VXV SURSLRV
VHFUHWRV\VXIULPLHQWRV
8QDPDxDQDDSDUHFLyHQODSOD]DXQDPXMHUDFRPSDxDGD
GHXQKRPEUHPX\VHULR\GHOJDGR6HSDVHDURQRIUHFLHQGR
WUDEDMR HQWUH ORV YDJDEXQGRV TXH D HVD KRUD HVWDEDQ
GHGLFDGRV D GLVIUXWDU OD WLELH]D GH ORV UD\RV GHO VRO 7DO YH]
IXH FXULRVLGDG R VLPSOH FDVXDOLGDG OR TXH PH KL]R
GHVOL]DUPH KDVWD HO VXHOR SDUD HVFXFKDU PHMRU /D VHxRUD
'DPD DVt OD OODPDED HO KRPEUH TXH OD DFRPSDxDED \ TXH
KDEODEDSRUHOOD PiVWDUGHPHHQWHUpGHTXHDTXHOKRPEUH
HUD VX PD\RUGRPR VX FKRIHU \ VX VHFUHWDULR SHUVRQDO  /D
'DPD HUD XQD HOHJDQWH VHxRUD HQ XQD HGDG PDGXUD HUD
SHTXHxLWD SHUR HQpUJLFD DFRVWXPEUDGD D GLULJLU \ D GDU
yUGHQHV 1HFHVLWDED FRQWUDWDU GH HQWUH WRGRV ORV
YDJDEXQGRV GH OD SOD]D D DOJXLHQ TXH VH GHGLFDUD D OD
MDUGLQHUtD HQ VX FDVD 2IUHFtD XQ VXHOGR WHFKR \ FRPLGD
(VWDRIHUWDTXHHQRWUDVFLUFXQVWDQFLDVGHELyVHUDSHWHFLGD
SRU XQ GHVHPSOHDGR SDUD DTXHOORV YDJDEXQGRV VLJQLILFDED

19/55
FDVL XQD RIHQVD 7RGRV HOORV VROR GHVHDEDQ OOHYDU YLGDV VLQ OHYDQWDEDQ XQ EXHQ Q~PHUR GH iUEROHV 3RU GHODQWH XQD
DPDUUHVGHQLQJ~Q WLSRGHGLFDGRVDHFKDUVHHQ ODV EDQFDV IXHQWH FRQ YHJHWDFLyQ DGRUQDED OD HQWUDGD 1XQFD PH
GHODSOD]DDWRPDUHOVROFRQVLJXLHQGRDOLPHQWRSRUPHGLR LPDJLQp TXH DOJXLHQ SXGLHUD YLYLU HQ XQ OXJDU DVt 6H
GH OD FDULGDG SRFRV HVWDEDQ GLVSXHVWRV D UHQXQFLDU D DEULHURQORVSRUWRQHVGHKLHUUR\HODXWRPyYLOLQJUHVy'HER
DTXHOOD UXWLQD \ PHQRV D WUDEDMDU SRU PX\ EXHQDV TXH GHFLUTXHHQHVRVPRPHQWRVPHVHQWtDFRQIXQGLGRSHUR OD
IXHUDQ ODV FRQGLFLRQHV GHO HPSOHR $O GDUVH FXHQWD GH TXH YR]GHODVHxRUD'DPDPHGLRFRQILDQ]D(QWUyDODFDVD\
HUDUHFKD]DGDODVHxRUD'DPDVHDFHUFyDPtGLUHFWDPHQWH \R PH TXHGp FRQ HO PD\RUGRPR 'HVSXpV GH XQ PRPHQWR
\PHGLMR HQ TXH DPERV QRV PLUDPRV pO SUHILULy PRVWUDUVH
²8VWHG OOHYD URSD GH MDUGLQHUR D XVWHG OR TXLHUR LQGLIHUHQWH PH KL]R XQD VHxDO SDUD TXH OR VLJXLHUD
WUDEDMDQGRHQPLFDVD 5RGHDPRV OD JUDQ FDVD KDVWD HO SDWLR GRQGH H[LVWtDQ
1RHVWDEDDFRVWXPEUDGRDQHJDUPHPHQRVFXDQGRVHQWtD GLIHUHQWHV GHSHQGHQFLDV /OHJDPRV KDVWD XQD SHTXHxD
DPDELOLGDG \ UHVSHWR GH SDUWH GH ORV GHPiV $FHSWp VLQ FDEDxD HQ OD TXH VH JXDUGDEDQ ODV KHUUDPLHQWDV GH
VDEHU D TXp VH UHIHUtD FDVL SRU QR FRQWUDULDU D DTXHOOD MDUGLQHUtD (Q HO LQWHULRU H[LVWtD XQD FDPD FRQ XQ FROFKyQ
HOHJDQWHVHxRUD 0HVHxDOyTXHHQHVHOXJDUGRUPLUtD/XHJRVLQGHVSHGLUVH
FRPRVLHVWXYLHUDPROHVWRPHGHMyVRORDOOt0HVHQWpHQOD
/RV GHPiV PHQGLJRV PH GHVSLGLHURQ HQ VLOHQFLR FDVL
FDPD TXH PH SDUHFLy GHPDVLDGR EODQGD \ PXOOLGD 'HVHp
FRPR VL \R KXELHUD GHFLGLGR VXLFLGDUPH R DOJR SHRU $QWHV
UHJUHVDUFRQORVYDJDEXQGRVGHODSOD]DUHJUHVDUDPLYLGD
GHDOHMDUPHGHDOOtVXEtSRU~OWLPDYH]DOiUERO\UHVFDWpGH
RFLRVD \ GHVSUHRFXSDGD HQ HO FHQWUR GH OD FLXGDG 3HUR QR
XQ KXHFR GHO WURQFR HQYXHOWD HQ XQD EROVD GH SOiVWLFR PL
WXYH WLHPSR WRFDURQ D OD SXHUWD GH OD FDEDxD (QWUy XQD
~QLFD SHUWHQHQFLD PL OLEUR 0H DOHMp GH DTXHOOD SOD]D PL
VLUYLHQWD MRYHQ FRQ XQD EDQGHMD PH PLUy FRQ OD FDUD
SULPHUKRJDUFRPRVLPLROLEUH&UHtTXHSRGUtDUHJUHVDUHV
KRUURUL]DGD DUUXJDQGR OD QDUL] 'HMy OD EDQGHMD VREUH OD
PiV HVWDED VHJXUR GH TXH OR KDUtD PX\ SURQWR (O
PHVD\VHUHWLUyHVSDQWDGDSRUPLDVSHFWR/DEDQGHMDWHQtD
PD\RUGRPRPHLQGLFyXQDXWRPyYLOTXHQRVHVSHUDEDHQOD
GRV SODWRV FRQ FRPLGD FDOLHQWH \ XQDV IUXWDV 1XQFD DQWHV
HVTXLQD GH OD SOD]D 6XEt \ PH GHMp OOHYDU 1XQFD KDEtD
KDEtD FRPLGR WDQ ELHQ 6HQWt PL HVWyPDJR GLFKRVR \
HVWDGR GHQWUR GH XQ DXWRPyYLO \ GHER GHFLU TXH OD
DJUDGHFLGR WDQWR TXH DO ILQDO PH VHQWp HQ HO VXHOR GH
H[SHULHQFLD QR IXH OD PHMRU 'HVGH HQWRQFHV KH WUDWDGR GH
PDGHUDDGRUPLU\DGHVFDQVDUSRUHOHVIXHU]RGHFRPHU
QHJDUPHDVXELUDXQDGHHVDVPiTXLQDVSUHILHURXVDUPLV
SDWDV$ODVSRFDVFXDGUDVWHQtDXQDVHQVDFLyQGHHQFLHUUR\ 0H GHVSHUWy HO PD\RUGRPR VLHPSUH GLVWDQWH \ FRQ FDUD
GHVSXpVGHDOJXQDVYXHOWDVGHVHDEDYRPLWDU3RUODYHQWDQD PDOKXPRUDGD LQFOXVR DKRUD SDUHFtD PiV GLVJXVWDGR TXH
WRGRSDVDEDFRQXQDUDSLGH]LQFUHtEOH DQWHV 0H HQWUHJy XQ UDVWULOOR \ PH LQGLFy ODV KRMDV VHFDV
TXHVHDFXPXODEDQHQHOSDWLR
3RUVXHUWHGHVSXpVGHXQPRPHQWROOHJDPRVDXQEDUULR
FRPSOHWDPHQWH GLVWLQWR GH FDVDV PX\ ERQLWDV \ JUDQGHV 3RU VXSXHVWR HQWHQGt HQVHJXLGD TXp VH HVSHUDED GH Pt
&XDQGR YL SRU SULPHUD YH] OD FDVD GH OD VHxRUD 'DPD FUHt 'XUDQWHDxRVYLWUDEDMDUDORVMDUGLQHURVFHUFDGHPLMDXOD
TXH DOOt YLYtD XQ JLJDQWH 3RU VXSXHVWR HVWDED HTXLYRFDGR HQ ORV MDUGLQHV GHO SDUTXH ]RROyJLFR DVt TXH OR VDEtD
QR VDEtD OR TXH HUDQ ODV FDVDV GH YDULRV SLVRV (VWDED 7DPELpQHQWHQGtHQTXpFRQVLVWtDHOFRQWUDWRTXHKDEtDPRV
URGHDGD GH XQ MDUGtQ PX\ H[WHQVR \ HQ HO IRQGR VH DFRUGDGRODVHxRUD'DPD\\R$FDPELRGHFRPLGD\WHFKR

20/55
GHEHUtD FXLGDU VX SDWLR 0H SDUHFtD XQD LGHD VLPSOH \
FRPSOHMD D OD YH] &RPSOHMD SRUTXH VLJQLILFDED FDPELDU PL
YLGD\DGDSWDUPHQXHYDPHQWHDDOJRGLIHUHQWH3HURFRPR
KH GLFKR DQWHV PH DFRVWXPEUDED FRQ UDSLGH] D WRGR OR
QXHYRTXHVHPHSUHVHQWDED 
6DEtD TXH WHQtD YHQWDMDV VREUH ORV GHPiV KXPDQRV (6(,19,(512)8('856,02
DXQTXHD~QPHFRQVLGHUDEDHVSHFLDO\QRXQVHUGLIHUHQWH
0LV YHQWDMDV HUDQ PL IXHU]D OD KDEtD SUREDGR YHQFLHQGR D
HVRV MyYHQHV GHOLQFXHQWHV TXH JROSHDURQ IDWDOPHQWH D (O
'XTXH7UDEDMpFRQUDSLGH]UHFRJLHQGRODVKRMDVVHFDVGLUtD
LQFOXVR HQWXVLDVPDGDPHQWH 'HVGH XQD YHQWDQD YL D OD (VH LQYLHUQR IXH GXUtVLPR SHUR FRPR QXQFD DQWHV PH
VHxRUD'DPD\DVXPD\RUGRPRREVHUYiQGRPHFUHtYHUHQ VHQWtSURWHJLGRHQPLFDEDxDGHOIRQGRGHOSDWLR$YHFHVOR
HOURVWURGHHOODVHxDOHVGHVDWLVIDFFLyQSRUPLWUDEDMR\GH UHFRQR]FRGHVHDEDWUHSDUPHDDTXHOORViUEROHV\VHJXLUPL
HQYLGLDGHSDUWHGHOPD\RUGRPR YLGD GHVGH DOOi DUULED SHUR FRPSUHQGt UiSLGDPHQWH TXH
0L SULPHU GtD GH WUDEDMR FRLQFLGLy FRQ HO SULPHU GtD GHO DGDSWDUPHDPLVQXHYDVFRQGLFLRQHVGHH[LVWHQFLDUHTXHUtD
LQYLHUQR 1XQFD DQWHV PH KDEtD SUHRFXSDGR GH ODV GH PL SDUWH HVWXGLDU FXLGDGRVDPHQWH OR TXH ORV GHPiV
HVWDFLRQHVGHODxRSRUTXHWRGDVPHSDUHFtDQLJXDOHVHQPL DFHSWDEDQ R DFRVWXPEUDEDQ 'HVGH HQWRQFHV PH GL FXHQWD
FHOGD GHO ]RROyJLFR 3HUR DKRUD HUD GLVWLQWR &XDQGR OOHJXp GH TXH XQD IRUPD GH VREUHYLYLU VDWLVIDFWRULDPHQWH HUD
HVD QRFKH D GRUPLU HVWDED DJRWDGR 1XQFD DQWHV KDEtD DJUDGDU D ORV GHPiV &UHR TXH DTXHOOD IXH OD SULPHUD JUDQ
WUDEDMDGR1RPHGLVJXVWDEDKDFHUORDOFRQWUDULRVHQWtDPL OHFFLyQ TXH DSUHQGt SHUR TXH PiV WDUGH UHFKD]DUtD SRU
FXHUSR D~Q MRYHQ PRYHUVH FRQ HQHUJtD ,QWHQWp GRUPLUPH RWUDVUD]RQHVTXHUHODWDUpPiVDGHODQWH
HQFLPD GH HVH FROFKyQ EODQGR SHUR IXH LPSRVLEOH QXQFD (Q LQYLHUQR HUD PX\ GLItFLO SODQLILFDU VLHPEUDV R SRGDV
PHDFRVWXPEUDUtD%DMpKDVWDHOSLVRGHPDGHUDPHHVWLUp FRPRSDUWHGHPLVODERUHVGHMDUGLQHUR0LYLGDFRPHQ]yXQ
XQ PRPHQWR \ DO PLQXWR VLJXLHQWH HVWDED GXUPLHQGR SHUtRGR GH WUDQTXLOLGDG &XDQGR QR HVWDED OLPSLDQGR HO
FyPRGDPHQWH3RUVXSXHVWRTXHVRxpFRQKRMDVHVSDUFLGDV SDWLR PH SUHRFXSDED GH OD IXHQWH GH DJXD OLPSLDQGR ODV
VRxp TXH ODV UHFRJtD SHUR TXH XQ JUDQ YLHQWR ODV YROYtD D FDQDOHMDV R ORV ULQFRQHV GH ODV PXUDOODV GHO SDWLR LQFOXLGD
SURSDJDU XQD \ RWUD YH] 7DPELpQ VRxp FRQ 0 (VH IXH XQ XQDJORULHWDGHVFDVFDUDGD\GHVFXLGDGDTXHHVSHUDEDSLQWDU
VXHxR DJUDGDEOH SRUTXH DPERV SRGtDPRV KDEODU HV GHFLU HQ OD SULPDYHUD (V GHFLU PLV WUDEDMRV IXHURQ PHQRUHV HQ
\RKDEODEDHVFXFKDEDPLYR]VXDYHSURQXQFLDEDGHIRUPD HVRV SULPHURV PHVHV 3DVDED JUDQ SDUWH GHO GtD HQ PL
FXLGDGD0PHPLUDED\HVFXFKDEDDWHQWDPHQWH(QWRQFHV FDEDxDHFKDGRHQHOVXHORDJUDGHFLGRGHOOHYDUODYLGDTXH
PHGDEDFXHQWDGHTXHQRVROROHKDEODEDVLQRTXHOHOHtD OOHYDED\KDEHUGHMDGRPLSULVLyQ6LQHPEDUJRDSHVDUGH
XQ OLEUR )XH XQ VXHxR HVSHFLDO SRUTXH QXQFD PiV YROYt D PL OLEHUWDG DOJR PH LQTXLHWDED 1XQFD SHQVp OR TXH
VRxDUFRQHOODHVDIXHODSULPHUD\OD~OWLPDRFDVLyQ RFXUULUtD OXHJR GH VDOLU GH DTXHO ]RROyJLFR \ XQ VHQWLPLHQWR
GH LQTXLHWXG D YHFHV PH LQYDGtD &RQ HVWR QR TXLHUR GHFLU
TXHPHTXHMDUDSRUPLQXHYDFRQGLFLyQ

21/55
$O PHGLRGtD HQWUDED D OD FDEDxD OD VLUYLHQWD VX QRPEUH YH] DJUDGHFLGR GH XQ H[WUDxR TXH PH D\XGDED 1XQFD KH
HUD /HRQRU PH GHMDED OD EDQGHMD FRQ FRPLGD \ VH UHWLUDED FRPSUHQGLGRKDVWDHOGtDGHKR\HQTXHHVWR\PiVYLHMR\
FRQFDUDGHHVSDQWRGHVSXpVGHPLUDUPH<RURQGDEDSRUHO KH YLYLGR PXFKDV FRVDV TXp OOHYD D ORV KXPDQRV D
SDWLR VLQ DWUHYHUPH D HQWUDU D HVD JUDQ FDVD 6DEtD TXH FRPSDUWLUWDQGLVWLQWRVVHQWLPLHQWRVODVROLGDULGDG\HORGLR
DGHPiV GHO PD\RUGRPR RWUD PXMHU DWHQGtD OD FRFLQD \ \ FyPR DPEDV DFWLWXGHV VREUHYLYHQ HQ OD PLVPD HVSHFLH \
SUHSDUDED HVRV H[TXLVLWRV SODWRV /HRQRU OD OODPDED OD FRQ OD PLVPD LQVLVWHQFLD 3HUR FUHR TXH HVD HV XQD
VHxRUDFRFLQHUD$ODGXHxDGHODFDVDWRGRVODOODPDEDQOD LQWHUURJDQWH ILORVyILFD D OD FXDO VR\ LQFDSD] GH GDU
VHxRUDGDPDDVtTXHPHDFRVWXPEUpDHVHQRPEUHTXHD UHVSXHVWD
SHVDU GH SDUHFHU IUtR H LPSHUVRQDO D Pt DO FRQWUDULR PH (O UHVWR GH OD SULPDYHUD HQWRQFHV OR SDVp DWDUHDGR
SURGXFtDFRQILDQ]D FXLGDQGRGHODPHMRUIRUPDPLMDUGtQHOTXH\DFRQVLGHUDED
'XUDQWH HO LQYLHUQR QR RFXUULy QDGD LPSRUWDQWH /RV SURSLR (VWXGLDED FXLGDGRVDPHQWH HO WUDWDPLHQWR TXH KDFtD
SULPHURVGtDVGHODSULPDYHUDWRGRUHQDFLyPiJLFDPHQWHHQ HQHOVXHOR\HQODVIORUHVTXHFRPHQ]DEDQDFUHFHU6HQWtD
HOSDWLR\PLWUDEDMRVHKL]RPiVDUGXR7UDWDEDGHUHFRUGDU XQDQHFHVLGDGPX\JUDQGHGHDJUDGDUGHVHUDFHSWDGRSRU
OR TXH KDEtD DSUHQGLGR LQYROXQWDULDPHQWH REVHUYDQGR D ORV HVRVGtDV
MDUGLQHURVGHOSDUTXH]RROyJLFRGHVGHPLMDXODSHURQRHUD 8QDWDUGHHQTXHREVHUYDEDPLOLEURPL~QLFDSURSLHGDG
VXILFLHQWH (Q XQD ERGHJD HVSHFLDO JXDUGDEDQ TXtPLFRV HQFLPD GH XQD JDYHWD TXH LQVWDOp IUHQWH D OD PHVD HQ OD
DERQRV H LQVHFWLFLGDV SHUR QR PH DWUHYtD D XWLOL]DUORV SRU FDEDxD HQWUy GH SURQWR VLQ DYLVDU HO PD\RUGRPR 6X
PLHGR D HTXLYRFDUPH 8QD WDUGH PH HQFRQWUDED HQ OD DFWLWXGHUDODGHVLHPSUHOHMDQD\GHVGHxRVD0HGLMRTXHOD
ERGHJD WUDWDQGR GH DQDOL]DU ORV FDUWHOHV GH DTXHOORV VHxRUD 'DPD HVWDED FRQIRUPH FRQ PL WUDEDMR SHUR KDEtD
SURGXFWRV 1R SRGtD OHHUORV \ HVR PH PRUWLILFDED 'HVHDED QRWDGR TXH \R QR RFXSDED PL GtD OLEUH (VR QR OH SDUHFtD
KDFHU ELHQ PL WUDEDMR SHUR HVWDED OOHQR GH OLPLWDQWHV 6LQ DGHFXDGRHUDXQDGDPDOLEHUDO\UHVSHWDEDORVGHUHFKRVGH
HVSHUDUORHVDWDUGHVHDSRGHUDURQGHPtODLPSRWHQFLD\HO VXV HPSOHDGRV 7RGR DTXHOOR PH SDUHFLy LQFRPSUHQVLEOH
GHVFRQWURO \ VLQ SRGHU UHVLVWLUOR ODQFp XQ UXJLGR VLPLHVFR SHUR ILQJt TXH OR HQWHQGtD (O PD\RUGRPR VH DFHUFy D OD
TXHPHDVXVWyLQFOXVR DPt *ROSHpXQRGHHVRV VDFRVFRQ JDYHWD\OH\yHOWtWXORGHODQRYHODTXHKDEtDUHFLELGRFRPR
IHUWLOL]DQWH \ URPSt XQD VLOOD FRMD TXH VH JXDUGDED HQ HO PL SULPHU UHJDOR (O FRQGH GH 0RQWHFULVWR UHSLWLy GRV
OXJDU GHVSXpV FDt VHQWDGR HQ XQ ULQFyQ 1R PH GL FXHQWD YHFHV <R EDMp OD YLVWD DYHUJRQ]DGR VLQ VDEHU SRU TXp (O
FXDQGR/HRQRUHQWUyDODERGHJD(VFXFKpVXYR]QHUYLRVD PD\RUGRPR YROYLy D OD SXHUWD GH OD FDEDxD SHUR DQWHV VH
WHPHURVD 4XLVH GLVFXOSDUPH TXLVH TXH QR PH WHPLHUD \ GHWXYRUHJUHVyKDVWDTXHGDUPX\FHUFDGHPt\PHGLMR
TXHFRPSUHQGLHUDTXHQRYROYHUtDDRFXUULUDOJRDVt(OODVH ²4XLVLHUD DJUHJDU TXH OD VHxRUD 'DPD GHVHD TXH VX GtD
DFHUFyDORVSURGXFWRV\FRPHQ]yDOHHUORVSDUDPtXQRSRU GH GHVFDQVR HV GHFLU ORV GRPLQJRV XVWHG FRPR WRGRV
XQR HOLJLHQGR \ VHxDOiQGRPH VX XVR \ SHUWLQHQFLD $JUHJy QRVRWURVORVHPSOHDGRVODDFRPSDxHDODLJOHVLD
TXH VX SDGUH HQ HO VXU WUDEDMDED FRPR MDUGLQHUR SRU HVR
$VHQWt FDVL FRPR OR KDUtD XQ UHVRUWH WHQVR VLQ VLTXLHUD
HOOD VDEtD DOJR GH WRGR DTXHOOR 'LYLGLy FDGD XQD GH ODV
HQWHQGHU OR TXH PH GHFtD *UXxt PL DILUPDFLyQ TXH DO
EROVDV\ODVRUJDQL]ySDUDPt'HVSXpVGHWHUPLQDUVDOLyGH
PD\RUGRPROHSDUHFLyXQDUHVSXHVWD
DOOt<RTXHGpPXGRDYHUJRQ]DGRSRUORRFXUULGRSHURRWUD
7HQtDYDJDVLGHDVGHDTXpVHUHIHUtDFRQODLJOHVLDGHORV

22/55
GRPLQJRV \ QLQJXQD VREUH JXDUGDU XQ GtD GH GHVFDQVR HQ 0H FRQFHQWUp \ HVFXFKp OD SUpGLFD GHO VDFHUGRWH 1XQFD
OD VHPDQD (O GRPLQJR VLJXLHQWH HQWRQFHV PH OHYDQWp PX\ KDEtD RtGR KDEODU GH HVH PRGR 7DO YH] HO 'XTXH OR KLFLHUD
WHPSUDQR(VSHUpHQXQOXJDUGHOSDWLRFHUFDQRGHODFDVD GHXQDIRUPDSDUHFLGD7DPSRFRSRGtDHQWHQGHUWRGRORTXH
/D VHxRUD 'DPD VXELy D VX DXWRPyYLO FRQGXFLGR SRU HO HVFXFKDED DXQTXH PH HVIRU]DUD 0L FRQFOXVLyQ FXDQGR
PD\RUGRPR 6HQWt DOLYLR FXDQGR YL VDOLU D OD FRFLQHUD \ D WHUPLQy HO VHUPyQ PH FRQIXQGLy DQWHV GH VHQWLU DOLYLR
/HRQRU 9ROYHU D VXELU D XQ DXWRPyYLO PH SURGXFtD GHVSXpV GH HVDV SDODEUDV VHQWt WHPRU 1R Vp VL HVR HUD OR
WHPEODGHUD HQ HO FXHUSR /DV VHJXt D XQRV SDVRV /DV GRV TXH VH VXSRQtD TXH GHEtDPRV VHQWLU GHQWUR GH XQD LJOHVLD
LEDQ PX\ ELHQ YHVWLGDV VLQ HO XQLIRUPH TXH DFRVWXPEUDED SHUR SDUD Pt HVD SULPHUD H[SHULHQFLD IXH H[WUDxD 1R
YHUOHV/HRQRUHUDMRYHQ/DFRFLQHUDHUDXQDPXMHUJRUGD\ HVSHUDED SHUGHUPH HO VLJXLHQWH GRPLQJR GHVHDED
GH PHMLOODV PX\ URVDGDV $PEDV PLUDEDQ FDGD FLHUWR FRPSUHQGHU DTXHOOR TXH HQ ERFD GHO VDFHUGRWH SDUHFtD
WUHFKRKDFLDDWUiVSDUDFHUFLRUDUVHGHTXHODVDFRPSDxDED PLVWHULRVRSHURWDPELpQDSDEXOODQWH
FXDQGRORKDFtDQVHUHtDQKDFLHQGRFRPHQWDULRVTXH\RQR (VH GtD GRPLQJR VXSRQtD WDPELpQ TXH HUD PL GtD GH
DOFDQ]DED D HVFXFKDU (O EDUULR SRU GRQGH SDVHiEDPRV HUD GHVFDQVR GHEtD RFXSDUOR FRPR TXLVLHUD SHUR IXHUD GH OD
HOHJDQWHVXVFDVDVHUDQJUDQGHVSDUHFLGDVDODFDVDGHOD SURSLHGDGGHODVHxRUD'DPDVHJ~QHQWHQGt/DYHUGDGHV
VHxRUD 'DPD FRQ DPSOLRV MDUGLQHV \ DUEROHGDV 7UHV TXHQRPHDWUHYtDDOHMDUPHGHPDVLDGRGHODFDVD\HQHVR
FXDGUDV PiV DGHODQWH HVWiEDPRV HQ OD SXHUWD GH XQD WDPELpQLQIOX\yORTXHKDEtDHVFXFKDGRSRUODPDxDQDHQOD
LJOHVLD (QWUp PX\ WtPLGDPHQWH \ WUDWp GH EXVFDU D ODV GRV LJOHVLD/DVFXDGUDVDOUHGHGRUHUDQSDUHFLGDVWRGDVHOODVGH
HPSOHDGDV/DVHQFRQWUpHQODVEDQFDVDOILQDOGHODLJOHVLD PXURV DOWRV \ UHSHWLGRV KDVWD HO FDQVDQFLR (QFRQWUp XQD
$GHODQWHHVWDEDODVHxRUD'DPDMXQWRFRQVXPD\RUGRPR\ SOD]ROHWDPX\SHTXHxDFRQiUEROHVGHPDVLDGREDMRVFRPR
DVXODGRRWURVKRPEUHV\PXMHUHVPX\ELHQYHVWLGRV$WUiV SDUD LQWHQWDU WUHSDUPH $OOt SDVp SDUWH GHO GtD (Q XQ
SHUPDQHFtDQ ORV HPSOHDGRV GH DTXHOODV SHUVRQDV $O PRPHQWR GH OD WDUGH UHFRQRFt D /HRQRU HQ XQD FDOOH
SDUHFHU WRGRV VH FRQRFtDQ \ VH VDOXGDEDQ DPLVWRVDPHQWH FHUFDQD FDPLQDQGR SRU XQD YHUHGD MXQWR D XQ KRPEUH
DGHPiVYHVWtDQPX\FXLGDGDPHQWH<RHUDODH[FHSFLyQFRQ MRYHQ DPERV VH UHtDQ \ DODUJDEDQ ORV SDVRV PLUiQGRVH
PL URSD GH MDUGLQHUR PLV ]DSDWLOODV GH EDVTXHWEROLVWD \ PL HPEREDGRV
JRUUR GH SLWD TXH QXQFD PH TXLWDED /HRQRU PH KL]R XQD (O GtD VLJXLHQWH OXQHV HQ OD PDxDQD HO PD\RUGRPR RWUD
VHxDO SDUD TXH PH OR TXLWDUD GHQWUR GH OD LJOHVLD /R KLFH YH] VH DFHUFy D PL FDEDxD HVWD YH] FDUJDED XQD EROVD GH
SRUTXH PH GL FXHQWD HQVHJXLGD GH TXH DTXHO OXJDU SDSHO 'LMR TXH PH OD HQYLDED OD VHxRUD 'DPD \ FRQ
LPSOLFDEDFLHUWDVROHPQLGDG&XDQGRPHORTXLWpDOJXQRVGH GHVSUHFLRHQODFDUDODGHMyVREUHODPHVDGRQGH\RFRPtD
ORV VLUYLHQWHV VH ULHURQ R FRPHQWDURQ D VXV FRPSDxHURV $O DEULU HO SDTXHWH HQFRQWUp XQ WUDMH HOHJDQWH FRQ XQRV
VREUH HO H[WUDxR MDUGLQHUR TXH WHQtD OD VHxRUD 'DPD 6HQWt ]DSDWRV EULOODQWHV XQ WUDMH GH ORV PLVPRV TXH KDEtD YLVWR
VXV EXUODV \ VXV PLUDGDV FRPR KDFtD WLHPSR QR ODV VHQWtD OOHYDUDORVGHPiVHPSOHDGRVHQODLJOHVLD
FXDQGR HUD HO EODQFR GH ODV PLUDGDV GH PXFKRV 7DPSRFR
(O GRPLQJR VLJXLHQWH DSDUHFt HQ OD LJOHVLD YHVWLGR FRQ PL
PH LPSRUWy GHPDVLDGDV FRVDV KDEtDQ RFXUULGR GHVGH PL
QXHYR WUDMH /RV GHPiV PH REVHUYDURQ (VWD YH] QR VH
KXLGD GHO ]RROyJLFR \ QR HVSHUDED VHQWLUPH DIHFWDGR SRU
ULHURQ DO PHQRV KDVWD HO ILQDO GH OD FHUHPRQLD SRUTXH
DTXHOOR
FXDQGR VDOtDPRV GH OD LJOHVLD FRPSUREDURQ TXH OOHYDED ODV

23/55
PLVPDV]DSDWLOODVEODQFDVGHEiVTXHWEROTXHVLHPSUHXVDED
0LVSLHVQXQFDVHDFRVWXPEUDUtDQDRWURFDO]DGR
$ YHFHV FXDQGR WRGRV GRUPtDQ GH PDGUXJDGD FXDQGR
QDGLHPHYHtDPHTXLWDEDODURSDPHTXLWDEDLQFOXVRHVDV
]DSDWLOODV \ VLJLORVDPHQWH FDPLQDED KDVWD ORV iUEROHV GHO 
SDWLR 7UHSDED \ MXJDED HQ VXV UDPDV FRQ OD DOHJUtD (13/(1$35,0$9(5$9,$/$6(‘25$'$0$
OOHQiQGRPH HO DOPD (Q HVH HQWRQFHV QR VDEtD SRU TXp OR
KDFtD SHUR Vt TXH VHQWtD XQD HQRUPH VDWLVIDFFLyQ
GHVFROJiQGRPH\JULWDQGRGHMiQGRPHFDHU\DWUDSDQGRHQ
HO ~OWLPR PRPHQWR ODV UDPDV SDUD VRVWHQHUPH (Q XQD
RFDVLyQ DFDEDED GH OORYHU SHUR VH KDEtD GHVSHMDGR VXEt (Q SOHQD SULPDYHUD YL D OD VHxRUD 'DPD SDVHDUVH SRU HO
KDVWDORViUEROHV\DSURYHFKpODOX]GHODOXQDOOHQD$OJRHQ MDUGtQ TXH \R KDEtD DFRQGLFLRQDGR 1R PH DWUHYt D VDOLU GH
PL LQWHULRU PH XQtD D HVRV iUEROHV \ D OD LQPHQVLGDG GHO PL FDEDxD PLHQWUDV HOOD FDPLQDED LQVSHFFLRQDQGR PL
FLHORHPSDOLGHFLGRFRQODOX]GHODOXQD&XDQGRILQDOLFpPLV WUDEDMR VROR OD REVHUYp GHVGH OD YHQWDQD 5HYLVy WRGR
HMHUFLFLRV EDMp KDVWD HO FpVSHG HQWRQFHV PH GL FXHQWD GH GHWDOODGDPHQWH OXHJR HQWUy D OD FDVD \ XQRV PLQXWRV
TXHDOJXLHQPHYLJLODEDDODGLVWDQFLD1RSRGtDYHUORHQOD GHVSXpV VDOLy FRQ XQ JUDQ VRPEUHUR \ XQ SHTXHxR OLEUR HQ
RVFXULGDG GH ODV VRPEUDV GH OD FDVD SHUR FXDQGR VH ODVPDQRV&RPHQ]yRWUDYH]DSDVHDUVHSRUHOMDUGtQSHUR
HQFHQGLyODOXPEUHGHXQFLJDUULOORPHGLFXHQWDGHTXHHUD DKRUD OHQWDPHQWH GLVIUXWDQGR GHO OXJDU 3DVy FHUFD GH PL
HO PD\RUGRPR (VD QRFKH GRUPt PX\ PDO &UHt TXH VH OR FDEDxD \R VHJXtD FRQ OD PLWDG GH OD FDEH]D VREUH OD OtQHD
GLUtDDODVHxRUD'DPDQRDFHSWDUtDQXQFRPSRUWDPLHQWR GHODYHQWDQDGRQGHDSHQDVVHYHtDQPLVRMRV&XDQGRPH
WDQ H[WUDYDJDQWH FRPR HO PtR \ PH GHVSHGLUtDQ GH PL GLYLVyQRPHGLRWLHPSRSDUDRFXOWDUPH(QWRQFHVVRQULyH
HPSOHR $O RWUR GtD QR RFXUULy QDGD GH HVR &DGD YH] TXH LQFOLQy OD FDEH]D ,QWHUSUHWp WRGR DTXHO VDOXGR FRPR XQ
PH HQFRQWUDED FRQ HO PD\RUGRPR PH REVHUYDED FRQ XQD DVHQWLPLHQWR KDEtD DSUREDGR HO MDUGtQ (VWR PH OOHQy GH
PLUDGDH[WUDxDTXHPHGHMDEDWHPEODQGR RUJXOOR \ HQWXVLDVPR \ YROYt DO WUDEDMR FRQ IXHU]DV
UHQRYDGDV
(Q SULPDYHUD WDPELpQ RFXUULy XQ KHFKR HVSHFLDO 8QD
PDxDQD FXDQGR PH GLVSRQtD D UHFRUWDU DOJXQRV DUEXVWRV
PHHQFRQWUpFRQPLVIORUHVSLVRWHDGDVGHVWUR]DGDVFDVLSRU
FRPSOHWR7RGRPLWUDEDMRHVWDEDDUUXLQDGR(UDQSLVDGDVGH
]DSDWRV ODV TXH VH YHtDQ HQ HO VXHOR GH WLHUUD /D FRFLQHUD
/HRQRU \ HO PD\RUGRPR OOHJDURQ KDVWD HO MDUGtQ GRQGH PH
HQFRQWUDED GHVRODGR ODPHQWiQGRPH HQ VLOHQFLR $OJXLHQ
KDEtD KHFKR HVH GHVWUR]R D SURSyVLWR /D FRFLQHUD VH
FRPSDGHFLy \ WDPELpQ /HRQRU HQ FDPELR HO PD\RUGRPR
VROR OHV RUGHQy QHUYLRVR TXH VLJXLHUDQ FRQ VXV GHEHUHV

24/55
0LUpFRQRGLRDOPD\RUGRPR6DEtDTXHpOVHQWtDHQYLGLDSRU < DVt VXFHGLy XQD QRFKH 'RUPLWDED HQFLPD GHO FHUH]R
PLWUDEDMRSHURQXQFDFUHtTXHSXGLHUDOOHJDUDKDFHUDOJR 'HERGHFLUTXHPLVUHIOH[LRQHVH[LVWHQFLDOHVKDEtDQFHVDGR
DVt (UD OD PLVPD FUXHOGDG TXH KDEtD YLVWR HQ JHQWH FRPR ODFRPRGLGDGGHOOXJDUGRQGHPHHQFRQWUDEDPLODERU\PL
3DOPLQHV HO *UDQGH R DTXHOORV MyYHQHV TXH DWDFDURQ DO OXJDUHQHVDFDVDERUUDURQRDOLJHUDURQHVRVSHQVDPLHQWRV
'XTXH 5HVSLUp SURIXQGR \ PH FRQWUROp (VWH VROR DFWR GH $~QSHQVDEDHQODYHQJDQ]DSRUPLVDxRVGHHQFLHUURSHUR
FRQWHQFLyQ PH UHFRQIRUWy $ SHVDU GH OR RFXUULGR SRGtD GH XQ PRGR GLVWLQWR D FRPR VHQWtD DQWHULRUPHQWH $OJXQD
FRQWURODUPLLUD YH]LQFOXVRPHVRUSUHQGtFUH\HQGRTXHGHILQLWLYDPHQWHHUD
$QWHV GH HQWUDU D OD FDVD HO PD\RUGRPR VH DFHUFy \ PH XQ MDUGLQHUR TXH GHVGH VLHPSUH OR KDEtD VLGR 7RGRV PLV
GLMRFRQXQDYR]TXH\RFUHtOOHQDGHVDUFDVPR FXHVWLRQDPLHQWRVVHGHWXYLHURQHQHVHWLHPSR
²9DDWHQHUTXHHPSH]DUWRGRGHQXHYRVHxRUMDUGLQHUR (VD QRFKH PH GHVSHUWy XQ SHTXHxR GRORU HQ HO GHGR GHO
1R GLMH QL KLFH QDGD SHUPDQHFt VRVWHQLHQGR ODV IORUHV SLH(QVHJXLGDHOKLORDPDUUDGRTXHGyIORMRDOJXLHQORKDEtD
PXHUWDVHQWUHPLVPDQRVGHEtTXHGDUPHDVtFDVLXQDKRUD FRUWDGR DO FUX]DU HO SHUtPHWUR FHUFDGR 0H OHYDQWp
VLQPRYHUPHPDVWLFDQGRPLGLVJXVWRSHURDSURYHFKiQGROR VREUHVDOWDGR \ HQVHJXLGD QRWp TXH OD VDQJUH VH FDOHQWDED
WDPELpQFRPRXQDIXHU]DTXHUHQRYDUDPLiQLPR HQ PL LQWHULRU 9L HQ PL SODQWDFLyQ XQD VRPEUD TXH VH
GHVOL]DED 1R OR GXGp 0H ODQFp GHVGH OD DOWXUD *ROSHp HO
/RVVLJXLHQWHVGtDVHOHJtQXHYDVSODQWDFLRQHVHVWDYH]PH
FXHUSR TXH FD\y SHVDGDPHQWH VREUH XQD PHVD GHO MDUGtQ
SUHRFXSp GH XWLOL]DU ORV DERQRV FRUUHFWRV GH LGHDU QXHYRV
OR TXH SURYRFy XQ UXLGR LQHVSHUDGR /D OX] GHO SDWLR VH
GLVHxRV \ GH FHUFDU HQ IRUPD PiV UHVLVWHQWH HO OXJDU
HQFHQGLy \ DSDUHFLy /HRQRU HQ EDWD GH GRUPLU /OHYDED ODV
&XDQGR RWUD YH] FRPHQ]y D IORUHFHU HO MDUGtQ XQD LGHD PH
PDQRVHQODERFD\XQJHVWRGHVRUSUHVD$OOHYDQWDUPHOR
OOHQy GH LQTXLHWXG &UHtD TXH HO PD\RUGRPR GHVWUXLUtD RWUD
KL]R WDPELpQ HO FXHUSR DGRORULGR GHEDMR GH Pt $ OD OX]
YH] PL WUDEDMR FDVL HVWDED VHJXUR GH TXH DSURYHFKDUtD OD
FRPSUREp TXH VH WUDWDED GHO QRYLR GH /HRQRU DO TXH KDEtD
QRFKH SDUD DUUXLQDUOR QXHYDPHQWH \ WHQHU DVt XQD H[FXVD
YLVWRFDPLQDUMXQWRDHOODXQDWDUGHGHGRPLQJRIUHQWHDOD
FRQODTXHGHQXQFLDUPHDODVHxRUD'DPDSDUDHFKDUPHGHO
SOD]ROHWD /HRQRU FRPHQ]y D OORUDU PH GLMR TXH OR
OXJDU (Q PL PHQWH GH VLPLR EXVFDED LGHDV TXH PH
ODPHQWDEDTXHVXQRYLRKDEtDKHFKRHOGHVWUR]RODRFDVLyQ
D\XGDUDQ &XDQGR WRGRV GRUPtDQ \ FRPR HO FDORU HUD
DQWHULRU FXDQGR OD YLVLWy XQD QRFKH TXH QR VH KDEtD GDGR
DJUDGDEOH VLQ TXH QDGLH OR QRWDUD VXEtD KDVWD XQ SHTXHxR
FXHQWD \ TXH OR SHUGRQDUD SHUR TXH SULQFLSDOPHQWH OD
FHUH]R PX\ FHUFD GHO MDUGtQ 1R HUD XQ iUERO FyPRGR SDUD
SHUGRQDUDDHOODSRUTXHVLODVHxRUD'DPDRHOPD\RUGRPR
GRUPLU SHUR PH FRQIRUPDED \ PH SHUPLWtD YLJLODU &RQ XQ
VH HQWHUDEDQ GH TXH UHFLEtD D VX QRYLR HQ OD FDVD OD
ILQR KLOR FHUUDED HO iUHD UHFLpQ VHPEUDGD \ ILQDOPHQWH OR
HFKDUtDQGHDOOt\GHEHUtDYROYHUDVXSXHEORHQODSURYLQFLD
DPDUUDED D XQR GH ORV GHGRV GH PL SLH $Vt PRQWDED
0RYt OD FDEH]D ILQJLHQGR GLVJXVWR &RQ XQ GHGR PX\
JXDUGLD GXUDQWH WRGD OD QRFKH (VWDED VHJXUR GH TXH HO
HQpUJLFDPHQWH LQGLTXp DO QRYLR \ OXHJR HO WHUUHQR UHFLpQ
PD\RUGRPR YROYHUtD D SLVRQHDUPH PL QXHYR MDUGtQ R
VHPEUDGRVLQVDEHUVLPHKDEtDHQWHQGLGR
GHWHULRUDUORFRQDOJ~QTXtPLFR1RVDEtDORTXHKDUtDFXDQGR
OR GHVFXEULHUD LQWHQWDED FDOPDUPH \ WUDWDU GH UHVROYHU /R FRQILUPp DO GtD VLJXLHQWH FXDQGR -RDR HO QRYLR GH
PHQWDOPHQWH HO SUREOHPD 6LQ OD SRVLELOLGDG GH KDEODU /HRQRUVHSUHVHQWyPX\WHPSUDQRHQHOSDWLR(QWUySRUOD
WDPSRFRSRGUtDUD]RQDUFRQpO SXHUWDGHVHUYLFLR\VLQGHFLUQDGDVHLQVWDOyXQVRPEUHUR

25/55
GH SDMD HQ OD FDEH]D DOFDQ]y XQDV WLMHUDV SDUD FRUWDU HO
SDVWR\PHVLJXLyKDFLDHOIRQGRGHOSDWLR
$O PHGLRGtD FXDQGR GHWXYLPRV QXHVWUR WUDEDMR SDUD
FRPHUDOJRHOPD\RUGRPRSDVyDQXHVWURODGR
²9HR TXH FRQVLJXLy D\XGDQWH ²GLMR < VH UHWLUy FRQ XQD 
VRQULVDDPDUJD/RKDEtDFUHtGRFXOSDEOHGHOGHVWUR]RGHPL /$6(‘25$'$0$
MDUGtQpOORVDEtD\HVRPHDYHUJRQ]y

1RPHKHUHIHULGRHQHVWDODUJDFUyQLFDGHPLH[LVWHQFLD
D OD VHxRUD 'DPD TXH PH RIUHFLy WUDEDMR \ XQ OXJDU SDUD
YLYLU 6X DSHOOLGR HUD PX\ UHVSHWDGR \ D VX FDVD DFXGtD
JHQWH LPSRUWDQWH 'HVGH PL FDEDxD YHtD ORV FRPHGRUHV
LOXPLQDGRV \ HVFXFKDED HO PXUPXOOR GH ODV FRQYHUVDFLRQHV
/D IDPLOLD KDEtD DSRUWDGR GHVGH KDFtD YDULRV VLJORV
QRWDEOHV PLHPEURV TXH VLUYLHURQ HQ SXHVWRV DFDGpPLFRV \
JXEHUQDPHQWDOHV HVWR OOHQDED GH RUJXOOR \ GH XQ OHYH
GHVGpQDODVHxRUD'DPD$FDEDEDGHHQYLXGDUUHFLpQKDFtD
FLQFR DxRV HO GRORU GH SHUGHU D VX PDULGR OD KDEtD KHFKR
PiV UHVHUYDGD \ UHWUDtGD \ FRQVHUYy VRODPHQWH OD
FRVWXPEUH GH UHFLELU LQYLWDGRV 6HJ~Q OD FRFLQHUD HQ
DTXHOOD FDVD VH GHFLGtDQ DVXQWRV PX\ LPSRUWDQWHV SDUD HO
SDtV
&XDQGR GHILQLWLYDPHQWH OOHJy HO YHUDQR SRU ODV WDUGHV OD
VHxRUD'DPDVHUHFRVWDEDHQXQDWXPERQDEDMRHOSDUUyQ
DGHPiV GH OHHU VXV OLEURV HVFULEtD HQ VXV FXDGHUQRV FRQ
ODSLFHUDV HOHJDQWHV TXH D Pt PH OOHQDEDQ GH FXULRVLGDG
0LHQWUDVHOODGHVFDQVDED\RPHGHGLFDEDDUHFRUWDUKRMDVR
DFRPRGDU IORUHV 8QD WDUGH FRPHQ]DPRV XQD
DOHJUHFRQYHUVDFLyQ%XHQRFRQYHUVDFLyQQRORHUDGHOWRGR
'LJDPRVTXHHUDXQPRQyORJRDFWLYDPHQWHHVFXFKDGRGHPL
SDUWH 3UHIHUtD DGPLUDU VX YR] XQD YR] TXH QR VH SRGtD
FRPSDUDUDODGH0SHURWHQtDDOJRHVSHFLDOWDOYH]PD\RU
SURIXQGLGDG\VHUHQLGDGODTXHOHGDEDQVXVDxRVPDGXURV

26/55
\XQFDQVDQFLRTXHHQHOODUHIOHMDEDVDELGXUtD6LDOJXQDYH] KDEtDQ PDWDGR \ DEDQGRQDGR HQ OD HVWHSD PDJDOOiQLFD (O
ORJUDED KDEODU SHQVDED PH KXELHUD JXVWDGR WHQHU DTXHOOD SULPRGHVSXpVGHHVFXFKDUHVWRUHJUHVyWULVWHDODFDSLWDO
YR] (VD WDUGH GLULJLy OD FRQYHUVDFLyQ PX\ OHQWDPHQWH \HQWHUyDODIDPLOLD\DODVHxRUD'DPDGHODVXHUWHILQDOGH
KDVWD TXH GHVHPERFy HQ HO WHPD GH VX PDULGR 6H KDEtDQ $UPDQGR(QHVDpSRFDHOODWHQtDYDULRVSUHWHQGLHQWHVTXH
FRQRFLGR HOOD PX\ MRYHQ XQ YHUDQR FRPR HVH SHUR HQ OD OH H[LJtDQ XQD GHFLVLyQ VL QR OR KDFtD HUD SRUTXH HO
SOD\D $PERV SURYHQtDQ GH IDPLOLD FRQ IRUWXQD \ SUHVWLJLR UHFXHUGRGH$UPDQGROHUHVXOWDEDIXHUWH&XDQGRUHFLELyOD
SHUR pO HUD XQ KRPEUH UHEHOGH TXH QR GHVHDED OOHYDU OD QRWLFLD TXHGy GHVRODGD SHUR WDPELpQ LPSUHVLRQDGD GH VXV
PLVPD YLGD GH VX IDPLOLD 'HFLGLHURQ HQWRQFHV VHSDUDUVH VHQWLPLHQWRV$OJRHQVXLQWHULRUOHGHFtDTXHpOHVWDEDYLYR
SRUTXH HOOD SUHIHUtD XQD H[LVWHQFLD PiV WUDQTXLOD \ (OVHQWLPLHQWRUHVXOWyWDQIXHUWHTXHVLQGHFLUOHDQDGLHVH
FRQVHUYDGRUD (O HQWRQFHV QRYLR ²VX QRPEUH HUD $UPDQGR HPEDUFyHQXQYLHMREDUFRGHSDVDMHURVTXHQDYHJDEDKDVWD
² OR GHMy WRGR \ VH PDUFKy 9LDMy GXUDQWH XQRV PHVHV %XHQRV$LUHVDWUDYHVDQGRHO&DERGH+RUQRV
KDVWD OOHJDU D XQD KDFLHQGD HQ ODV WLHUUDV DXVWUDOHV DOOt (Q ODV WLHUUDV DXVWUDOHV UHDOL]y HO PLVPR UHFRUULGR GHO
FRQRFLy D XQ HVFRFpV TXH OR FRQWUDWy FRPR RYHMHUR SULPR SUHJXQWDQGR \ DYHULJXDQGR VREUH $UPDQGR (Q
$UPDQGR FUH\y TXH HO UHVWR GH VX H[LVWHQFLD VHUtD DUUHDU 3XHUWR (GpQ HQFRQWUy D OD YHQWD HQ XQD SXOSHUtD GH
RYHMDV /D LGHD OH HQWXVLDVPDED \ VH VLQWLy IHOL] HVRV DEDUURWHV XQ FXDGHUQR GH FXHUR TXH HQVHJXLGD UHFRQRFLy
SULPHURV DxRV &RQYLYtD FRQ ORV RYHMHURV FRPtD \ GRUPtD HUDHOPLVPRTXHHOODOHKDEtDUHJDODGRDVXQRYLRDQWHVGH
FRQ HOORV \ SRU SHUtRGRV ODUJRV YDJDED SRU OD HVWHSD SDUWLU(OWHQGHUROHFRQIHVyTXHVHORKDEtDFRPSUDGRDXQ
3HQVDEDHQODVHxRUD'DPD\OHHVFULEtDH[WHQVDVFDUWDVGH RYHMHUR FRQRFLGR FRPR <XJR 'XUDQWH XQD VHPDQD EXVFy D
DPRU SHUR WDPELpQ GH GHVSHGLGD SRUTXH QR HVWDED HQWUH DTXHO KRPEUH /D VHxRUD 'DPD GHELy FDPELDU VX DVSHFWR
VXV SODQHV UHJUHVDU 7DPSRFR OD VHxRUD 'DPD HVWDED YHVWtD SDQWDORQHV GH PRQWDU \ URSD GH RYHMHUR SDUD YLDMDU
GLVSXHVWDDEXVFDUOR(OODVHHGXFyGHXQDIRUPDGLIHUHQWH SRUODUHJLyQ$<XJRORHQFRQWUyILQDOPHQWHHQXQEDUGHXQ
OHJXVWDEDODFLXGDG\YLDMDUDFDSLWDOHVHXURSHDV$UPDQGR SXHEOR GH RYHMHURV (VSHUy SDFLHQWHPHQWH \ DO DWDUGHFHU
KDEtD UHQXQFLDGR D VXV ELHQHV D VX IDPLOLD \ D VX FyPRGD FXDQGR <XJR DEDQGRQy HO EDU OR VLJXLy /D VHxRUD 'DPD
YLGD HVWR OR KDFtD XQ KRPEUH IHOL] 'H WRGDV PDQHUDV HVD KDEtD DSUHQGLGR D PRQWDU FXDQGR HUD MRYHQ \ HVWDED
GHFLVLyQ OH UHVXOWy YDOLHQWH \ OOHQy GH RUJXOOR D OD VHxRUD SUHSDUDGD SDUD VHJXLUOR $ OR TXH QR HVWDED DFRVWXPEUDGD
'DPD(QWRQFHVODVFDUWDVGH$UPDQGRGHMDURQGHOOHJDU/D HUDDFDUJDUXQDUPD/OHYDEDXQDYLHMDSLVWRODTXHSHQVDED
VHxRUD 'DPD SUHJXQWy D ORV FRQRFLGRV \ IDPLOLDUHV SHUR XVDUVRORSDUDLQWLPLGDURGHIHQGHUVHQRHVWDEDGLVSXHVWDD
QDGLHVDEtDGHpO\ORFUH\HURQSHUGLGRHQOD3DWDJRQLD6X QDGD PiV &XDQGR <XJR DEDQGRQy HO EDU \ HO SXHEOR HOOD
IDPLOLD GHFLGLy HQWRQFHV HQYLDU D XQ SULPR KDVWD 3XHUWR PRQWy VX FDEDOOR \ OR VLJXLy $PERV VH KXQGLHURQ HQ OD
(GpQ\DYHULJXDUVXSDUDGHUR(OSULPRHQFRQWUyUHIHUHQFLDV EUXPDGHODHVWHSD&DEDOJDURQPiVGHXQDKRUDKDVWDTXH
GH $UPDQGR SHUR QDGLH VXSR GHFLU FRQ FHUWH]D TXp KDEtD RVFXUHFLy<XJRVHDFHUFyDXQDKDFLHQGD/DVHxRUD'DPD
RFXUULGR FRQ pO 5HFRUULy OD UHJLyQ KDVWD TXH HQFRQWUy ORYLJLODEDDODGLVWDQFLD/DKDFLHQGDHVWDEDDEDQGRQDGD\
DUULHURVTXHSXGLHURQGDUOHSLVWDVPiVFRQFUHWDV(QXQDGH HQUXLQDVFRQORVHVWDEORVTXHPDGRV8QDGHODVFDVDVTXH
ODV YHUDQHDGDV GH ORV RYHMHURV HQ HO OtPLWH FRQ $UJHQWLQD FRQVHUYDED LQWDFWR VX WHFKR HVWDED LOXPLQDGD $ <XJR OR
KDEtDQ VLGR DVDOWDGRV SRU XQD EDQGD TXH ORV VHFXHVWUy \ HVSHUDEDQ DOOt RWURV WUHV KRPEUHV 6H DFHUFy D HOORV \
PX\ SUREDEOHPHQWH GHVSXpV GH UREDUOHV VXV RYHMDV ORV

27/55
FRPHQ]DURQDFRPHU/DVHxRUD'DPDQRVDEtDTXpKDFHUD WHQtD XQD OXQD OOHQD DXVWUDO TXH PRVWUDED LOXPLQDGD ORV
FRQWLQXDFLyQ 6L HUDQ ORV DVDOWDQWHV GH VX QRYLR VROR HOORV WXUEDOHV GHO SDLVDMH 6H GHWXYLHURQ \ HO KRPEUH OD REOLJy D
VDEUtDQ HO SDUDGHUR ILQDO GH $UPDQGR 3HUR WDPSRFR WXYR DUURGLOODUVH/DVHxRUD'DPDQRTXLVRPLUDUORTXHRFXUULUtD
WLHPSR SRUTXH HQWUH ORV SHGUXVFRV \ FRLURQHV DSDUHFLy XQ FRPHQ]yDUH]DU\DSHQVDUHQ$UPDQGR(QWRQFHVHVFXFKy
KRPEUH DUPDGR TXH OH DSXQWy FRQ XQ DUPD (OOD FDVL VH HOUHWXPEDUGHXQGLVSDUR/XHJRVLOHQFLR&UH\yTXHHVWDED
GHVPD\y GH OD LPSUHVLyQ \ SHQVy TXH WRGR HUD XQ VXHxR PXHUWDTXHHOVLOHQFLRQRHUDRWUDFRVDPiVTXHHOVLOHQFLR
HUD XQD UHVSHWDGD GDPD GH OD FDSLWDO TXH VH SDVHDED SRU GHOOXJDUGRQGHYDQDKDELWDUORVPXHUWRV3HURHQVHJXLGDHO
ORV VDORQHV HOHJDQWHV \ FRQYHUVDED FRQ SUHVLGHQWHV \ FXHUSRSHVDGRGHOEDQGLGRFD\yDVXODGRFRQXQDEDODHQHO
JHQHUDOHVQROHFRUUHVSRQGtDHVWDUHQHVHOXJDUHVDQRFKH SHFKR$OIUHQWHHVWDEDHOMRYHQODGUyQD~QFRQHOUHYyOYHU
(O KRPEUH OH RUGHQy VHJXLUOR /D FRQGXMR D OD FDVD GRQGH HQ OD PDQR /H LQGLFy TXH OR VLJXLHUD /D VHxRUD 'DPD
ORVGHPiVODUHFLELHURQFRQVRUSUHVD\OXHJRFRQEXUODV/D QXQFD KDEtD YLVWR XQ PXHUWR \ TXHGy LPSUHVLRQDGD 6LQ
VHxRUD 'DPD VDEtD TXH HVWDED HQ SHOLJUR /RV KRPEUHV GHFLUXQDSDODEUDVLJXLyDOMRYHQKDVWDORVGRVFDEDOORVTXH
SDUHFtDQHQORTXHFLGRVSRUHODOFRKRODOUHGHGRUGHXQDIRJDWD ORV HVSHUDEDQ HQVLOODGRV &DEDOJDURQ HO UHVWR GH OD QRFKH
HQ ORV UHVWRV GH OD KDFLHQGD 6ROR XQR GH ORV FXDWUHURV QR KDVWD TXH DPDQHFLy (O IUtR HUD LQWHQVR \ HO SDLVDMH
SDUWLFLSDED GH ODV EXUODV \ IHVWHMRV HUD XQ KRPEUH PX\ GHVRODGR &XDQGR DWUDYHVDURQ XQ UtR HO MRYHQ VH GHWXYR
MRYHQ\GHOJDGRTXHVHPDQWHQtDDSDUWH(OODOHVH[LJLyTXH 0LUy KDFLD DWUiV FRPR VL UHFRQRFLHUD WRGR OR TXH KDEtDQ
OHFRQIHVDUDQTXpKDEtDVLGRGH$UPDQGRVXQRYLROHVKL]R UHFRUULGRKDVWDHQWRQFHV\GLMR
YHU HO FXDGHUQR FRQ WDSDV GH FXHUR TXH OOHYDED FRPR ²+HPRVDWUDYHVDGRKDVWDOD$UJHQWLQDDTXtHVWDUHPRVD
SUXHEDGHTXLpQKDEODED/RVKRPEUHVGHMDURQGHUHtU8QR VDOYR
GH HOORV UHFRUGy D $UPDQGR FRPR HO MRYHQ TXH OHtD /D VHxRUD 'DPD FDEDOJy DJRWDGD SRU HO YLDMH \ ODV
$UPDQGR HUD XQ JUDQ OHFWRU GH QRYHODV \ D SHVDU GH VX HPRFLRQHV/HSUHJXQWyHOQRPEUHDVXVDOYDGRUSRUTXpOD
QXHYD YLGD HQ OD 3DWDJRQLD KDEtD OOHYDGR XQ JUDQ KDEtD D\XGDGR \ DGRQGH VH GLULJtDQ (O MRYHQ UHVSRQGLy ²
FDUJDPHQWR GH OLEURV (O KRPEUH TXH SDUHFtD HO MHIH OH 0LQRPEUHHV0DJDOODQHV/RKLFHSRUTXHHVWDEDFDQVDGRGH
UHVSRQGLy TXH GHEtD ROYLGDUOR SRUTXH OR KDEtDQ DUURMDGR D HVDYLGD\ODOOHYRGRQGHHOKRPEUHTXHXVWHGEXVFD
XQUtR/DVHxRUD'DPDHQWRQFHVVHGHUUXPEyFRPSUHQGLy
TXH VX YLDMH \ VX E~VTXHGD HVWDEDQ SHUGLGRV (QWUH ORV
EDQGROHURVFRPHQ]DURQDGLVFXWLUTXpKDFtDQFRQHOODSDUD
XQRV VDEtD GHPDVLDGR SDUD GHMDUOD LU (O MHIH GHO JUXSR
TXLHQWRPDEDODVGHFLVLRQHVDPDUWLOOyVXUHYyOYHU\GLMRTXH
pO VROXFLRQDUtD HO DVXQWR /D GLVFXVLyQ VH GHWXYR \ QDGLH
UHFODPy (O MHIH DUUDVWUy D OD VHxRUD 'DPD IXHUD GH OD
KDFLHQGD DEDQGRQDGD 6XELHURQ XQD SHTXHxD ORPD GH OD
WXQGUD \ VH SHUGLHURQ HQ XQD KRQGRQDGD DOHMiQGRVH GHO
FDPSDPHQWR/DVHxRUD'DPDOHSLGLyTXHODGHMDUDLUTXH
OH SDJDUtD VL QR OD DVHVLQDED SHUR HO EDQGLGR VHJXtD
DGHQWUiQGRVH HQ OD RVFXULGDG VLQ DEULU OD ERFD /D QRFKH

28/55
0DJDOODQHVREHGHFLy\ODVDUURMyHQHOFDPLQR(QODFLXGDG
FRQWUDWDURQ D XQ KRPEUH TXH ORV FRQGXMR HQ XQ FDPLyQ
KDVWD HO KRVSLWDO GRQGH 0DJDOODQHV LQGLFy TXH GHEtDQ
GLULJLUVH%XVFDURQHQPHGLRGHODVVDODVGHOKRVSLWDOKDVWD
 TXH HQFRQWUDURQ D $UPDQGR HQ XQD GH HVDV FDPDV +DEtD
(1(6(020(172'(/5(/$72 LQJUHVDGR VLQ QRPEUH DO OXJDU GHVSXpV GH HQFRQWUDUOR FDVL
DKRJDGR HQ XQ UtR 6H UHFXSHUDED OHQWDPHQWH QHFHVLWDED
GH FXLGDGRV HVSHFLDOHV \ PXFKR UHSRVR 3DUD $UPDQGR OD
VRUSUHVDIXHJUDQGH/XHJRGHXQDVHPDQDHQTXHFRQYHUVy
\ VH UHHQFRQWUy FRQ OD VHxRUD GDPD GHFLGLHURQ UHJUHVDU
(QHVHPRPHQWRGHOUHODWRQRVLQWHUUXPSLyHOPD\RUGRPR MXQWRV 3DUD $UPDQGR DFDEDED XQD SDUWH LPSRUWDQWH GH VX
FRQ XQD EDQGHMD HQ OD TXH FDUJDED HO Wp GH PHGLD WDUGH YLGD KDEtD LQWHQWDGR VHU DOJXLHQ GLVWLQWR SHUR VDEtD TXH
(OODHVSHUyDTXHHOPD\RUGRPRVHUHWLUDUDDQWHVGHVHJXLU DKRUD GHEtD UHJUHVDU (Q XQ SHTXHxR DYLyQ VH WUDVODGDURQ
(O PD\RUGRPR PH FODYy XQD PLUDGD DVHVLQD \ OXHJR VH MXQWRD0DJDOODQHVKDVWDODFLXGDGPiVDXVWUDOGHOPXQGR
PDUFKy D Pt QR PH LPSRUWy 0H VHQWtD QHUYLRVR SHUR 3XQWD $UHQDV $OOt SDJDURQ XQ EDUFR GH SDVDMHURV TXH ORV
KDODJDGRSRUTXHHOODVHDWUHYLHUDDFRQWDUPHVXKLVWRULD\OD OOHYDUtDDOQRUWHKDVWD9DOSDUDtVR'XUDQWHWRGRHVHWLHPSR
GH VX PDULGR 3RU HO WRQR GH VX YR] \ OD HPRFLyQ TXH 0DJDOODQHV ORV DFRPSDxy SDUD SURWHJHUORV 4XLVLHURQ
GHPRVWUDED DO UHODWDUOD HUD WDO YH] OD KLVWRULD PiV GHQXQFLDUDORVEDQGLGRVGHODHVWHSDSHURVDEtDQTXHHVR
LPSRUWDQWH GH VX YLGD /D WDUGH VHJXtD FDOXURVD SHUR EDMR SHUMXGLFDUtD DO SURSLR 0DJDOODQHV 3RFRV GtDV DQWHV GHO
HO SDUUyQ WRGR HUD DJUDGDEOH \ VRSRUWDEOH <R SHUPDQHFtD UHJUHVR 0DJDOODQHV VH IXH D GHVSHGLU DO KRWHO GRQGH
FRQ PL VRPEUHUR GH SDMD HQWUH ODV PDQRV VHQWDGR HQ HO HVSHUDEDQ HO EDUFR 5HJUHVDUtD D VX WLHUUD HQ OD 3DWDJRQLD
ERUGH GH OD EDQFD GRQGH PH KDEtD RUGHQDGR TXH (QVHJXLGDODVHxRUD'DPDVHGLRFXHQWDGHTXHQRORSRGtD
SHUPDQHFLHUD (Q HO IRQGR GHO SDWLR WUDEDMDED -RDR SHUPLWLUVL0DJDOODQHVUHJUHVDEDQRVRORFRUUHUtDSHOLJURVX
DOHJUHPHQWH FDQWDQGR VXV FDQFLRQHV PLHQWUDV UHFRUWDED HO YLGD VLQR TXH YROYHUtD D FDHU HQ HVH PXQGR YLROHQWR /H
SDVWR \ ODV UDPLOODV (OOD SUREy SRU XQRV VHJXQGRV VX WD]D SURSXVRYLDMDUFRQHOORVDODFDSLWDOGRQGHOHFRQVHJXLUtDXQ
GHWp\HVWXYROLVWDSDUDVHJXLU WUDEDMR 0DJDOODQHV HUD XQ KRPEUH PX\ MRYHQ FRQ HVFDVD
/XHJR GH FUX]DU OD IURQWHUD FRQ 0DJDOODQHV DPERV HGXFDFLyQDFRVWXPEUDGRDPRQWDUDFDEDOOR\DYLYLUHQOD
PRQWDGRV HQ FDEDOORV PX\ FDQVDGRV GHFLGLHURQ GHWHQHUVH HVWHSD DELHUWD GH 7LHUUD GHO )XHJR KDEODED SRFR \ SDVDED
HQ XQ SXHEOR IURQWHUL]R &RPLHURQ \ SDJDURQ SDUD FDPELDU ODUJDV KRUDV SHUGLGR HQ VXV SURSLRV SHQVDPLHQWRV 3HUR
ORV FDEDOORV 0DJDOODQHV KDEODED SRFR QR WHQtD PiV GH ILQDOPHQWH DFHSWy /D VHxRUD 'DPD UHFRUULy ODV WLHQGDV GH
GLHFLVpLV DxRV GH HGDG \ SDUHFtD UHWUDtGR )LQDOPHQWH 3XQWD$UHQDV\OHHOLJLyXQWUDMHGHFLXGDG/RVWUHVVXELHURQ
HOLJLHURQ XQD KRVSHGHUtD \ SDVDURQ DOOt OD QRFKH $O GtD DO EDUFR \ QDYHJDURQ SRU HO HVWUHFKR GHO PLVPR QRPEUH
VLJXLHQWH FRQWLQXDURQ OD PDUFKD KDVWD TXH ILQDOPHQWH 0DJDOODQHV
OOHJDURQ D OD FLXGDG GH 5tR *DOOHJR /D VHxRUD GDPD &XDQGR OOHJDURQ D 6DQWLDJR GHELHURQ HVSHUDU DOJXQRV
HQWRQFHV OH SLGLy TXH DUURMDUD VXV DUPDV DQWHV GH VHJXLU PHVHV SDUD FDVDUVH 'HVSXpV GH LQVWDODUVH EXVFDURQ DO

29/55
MRYHQ SDWDJyQ \ OH RIUHFLHURQ WUDEDMR HQ OD FDVD TXH 'DPD /D FDVD FRQVHUYy VXV WUDGLFLRQHV GH HVR VH
DFDEDEDQ GH FRPSUDU OD JUDQ FDVD FRQ MDUGtQ H[WHQVR SUHRFXSDED 0DJDOODQHV HO DQWLJXR FXDWUHUR \ EDQGLGR
iUEROHV \ XQD IXHQWH HQ OD HQWUDGD 0DJDOODQHV DFHSWy FRQYHUWLGR HQ XQ ILHO \ HILFLHQWH PD\RUGRPR 6LJXLy VLHQGR
$UPDQGR HQWRQFHV FRQWUDWy XQ SURIHVRU SDUWLFXODU TXH XQ KRPEUH UHVHUYDGR \ WUDEDMDGRU $QWH ORV GHPiV
OOHJDED WRGDV ODV WDUGHV D KDFHUOH FODVHV DO QXHYR HPSOHDGRV GH OD FDVD VLHPSUH UHFDOFDED TXH WRGR VH OR
PD\RUGRPR GH OD FDVD $Vt 0DJDOODQHV DSUHQGLy D OHHU \ D GHEtD D OD VHxRUD 'DPD TXH VX YLGD KDEtD FDPELDGR
HVFULELU GHVSXpVGHFRQRFHUODDHOOD\DOVHxRU
$$UPDQGRHOUHJUHVRORGLYLGLyLQWHULRUPHQWHSRUXQODGR 0iV WDUGH FXDQGR SDVDURQ ORV DxRV HO KLMR GHO
DPDEDDVXPXMHUSHURDERUUHFtDODYLGDVRFLDO\HOWUDEDMR PDWULPRQLR DEDQGRQy OD FDVD ,QJUHVy D HVWXGLDU HQ XQD
GH DGPLQLVWUDGRU TXH VX SDGUH OH KHUHGy (QWRQFHV SUHVWLJLRVD XQLYHUVLGDG \ OXHJR UHDOL]y HVWXGLRV HQ HO
VXFHGLHURQGRVKHFKRVLPSRUWDQWHVHQVXYLGD\HQODYLGD H[WUDQMHUR&XDQGRUHJUHVyORKL]RFRQXQDQRYLDFRQODTXH
GH OD VHxRUD 'DPD TXH FRUULJLHURQ HVDV GXGDV \ WHPRUHV D ORV SRFRV PHVHV VH FDVy /D ILHVWD GH PDWULPRQLR IXH HQ
(O SULPHUR GH HOORV IXH HO QDFLPLHQWR GHO SULPHU KLMR TXH DTXHOODFDVD
OODPDURQ FRPR VX SDGUH $UPDQGR (O VHJXQGR IXH PiV /RV VLJXLHQWHV DxRV VLJXLHURQ XQ ULWPR SDXVDGR SDUD HO
LQH[SOLFDEOH $UPDQGR GHVFXEULy HO JUDQ VyWDQR GH OD FDVD PDWULPRQLR \ VX VHUYLGXPEUH $O ILQDO GH XQ LQYLHUQR
FXELHUWR GH WUDVWRV \ SROYR +L]R LU D FDUSLQWHURV \ OR $UPDQGRYLVLWyDVXPpGLFRSRUXQDGROHQFLDSHUVLVWHQWHHQ
UHIDFFLRQyOHYDQWyILUPHVDQDTXHOHVDGRVDGRVDODSDUHGOR ORV RtGRV 'HVFXEULHURQ HQWRQFHV TXH SDGHFtD XQD
UHFXEULy FRQ DOIRPEUDV H LQVWDOy FDOHIDFFLyQ \ PXFKD OX] FRPSOLFDGD HQIHUPHGDG TXH GHEtD VHU WUDWDGD HQ HO
$GHPiV KL]R OOHYDU VLOORQHV PX\ FyPRGRV \ XQ HVFULWRULR H[WUDQMHUR 3HUR $UPDQGR QR GHVHDED DEDQGRQDU OD FDVD
/OHQy HO OXJDU GH OLEURV \ VH GHFLGLy D HVFULELU D OOHQDU SUHIHUtD VX OXJDU DOOt VX WHUULWRULR SURSLR HQ HO VyWDQR
PDQXVFULWRV SRU HO SODFHU GH HVFULELUORV $OOt SDVDED JUDQ 7DPSRFR HO p[LWR GH OD RSHUDFLyQ HQ HO H[WUDQMHUR HVWDED
SDUWH GH VX WLHPSR $ OD VHxRUD 'DPD QR OH LPSRUWy DO DVHJXUDGRDVtTXHSUHILULyTXHGDUVH/DVHxRUD'DPDQROR
FRQWUDULR HOOD PLVPD OR LQFHQWLYy FRQ UHJDORV GH HGLFLRQHV GHMy VROR QL XQ PRPHQWR &HVDURQ ODV UHXQLRQHV VRFLDOHV \
DQWLJXDV PDSDV \ OLEURV GH IRWRJUDItDV 'XUDQWH ORV WRGR JLUy HQ WRUQR DO HQIHUPR 3HUR HQ SRFRV PHVHV OD
VLJXLHQWHV WUHLQWD DxRV OD YLGD SDUD DPERV IXH DJUDGDEOH \ VLWXDFLyQ HPSHRUy $UPDQGR PXULy XQD PDxDQD MXQWR D OD
OOHYDGHUD/DVHxRUD'DPDVHJXtDFRQVXLQWHQVDYLGDVRFLDO VHxRUD 'DPD $PERV VDEtDQ TXH VXV YLGDV KDEtDQ VLGR
$ $UPDQGR OH HUD SHUPLWLGR DXVHQWDUVH GH HVDV FHQDV SOHQDV\VHDJUDGHFLHURQ
LPSRUWDQWHV R ILHVWDV FRQ PLQLVWURV R SROtWLFRV 7UDEDMDED PXWXDPHQWHKDEHUODVFRPSDUWLGR
SDFLHQWHPHQWH WRGD OD PDxDQD HQ HO QHJRFLR GH VX SDGUH
&LQFR DxRV GHVSXpV HO MDUGLQHUR GH OD FDVD UHQXQFLy D VX
OXHJRVHSUHRFXSDEDGHVXKLMR\ILQDOPHQWHVHHQFHUUDED
WUDEDMR SRU FRQVLGHUDU XQ H[FHVR RFXSDUVH GH ORV H[WHQVRV
HQ HO VyWDQR HQ VX SURSLR PXQGR XQR TXH D SHVDU GHO
SDWLRV$VtOOHJXp\RDODFDVD
HQFLHUUR \ OD HVWUHFKH] OH UHFRUGDED D OD 3DWDJRQLD XQ
PXQGRTXHORKDFtDYLDMDU\UHFRUUHUH[WHQVRVWHUULWRULRVVLQ $Vt WDPELpQ WHUPLQy VX UHODWR OD VHxRUD 'DPD 6X Wp VH
PRYHUVH KDEtDHQIULDGR<RDSHQDVPHPRYtGHOVLWLRGRQGHPHKDEtD
GHMDGR1LQJXQRGHORVGRVGLMRQDGDRPHMRUGLFKRTXLVH
6ROR WXYLHURQ XQ KLMR SHUR IXH VXILFLHQWH SDUD OD VHxRUD
GHFLU DOJR TXLVH H[SUHVDUOH PLV VHQWLPLHQWRV SHUR QL

30/55
VLTXLHUD DOFDQFp D HQWUHJDUOH HVH JUXxLGR VXDYH FDVL
DWHUFLRSHODGR DO TXH HVWDED DFRVWXPEUDGR HQ PRPHQWRV
FRPR HVRV SRUTXH HOOD PH GHWXYR OHYDQWDQGR VXDYHPHQWH
ORVGHGRV\GLMR
²/RVpORVpQRWHSUHRFXSHV 
$PERVQRVHQWHQGLPRVVLQSDODEUDVQRODVQHFHVLWDPRV '(6'(48(683((/9(5'$'(52120%5(
FRPSUHQGLPRVDTXHOVHQWLPLHQWRSDUHFLGRDODIHFWRTXHVH
H[SHULPHQWDFXDQGRVHDSR\DDOTXHVHWLHQHHQIUHQWH

'HVGH TXH VXSH HO YHUGDGHUR QRPEUH GHO PD\RUGRPR


GHVGHTXHPHHQWHUpGHFyPROOHJyDHVDFDVDORFRPHQFp
D FRQVLGHUDU GH RWUR PRGR (QWRQFHV QR PH SDUHFLHURQ
KRVFDV VXV PLUDGDV R PDOLQWHQFLRQDGDV VXV yUGHQHV 3RU
VXSXHVWR QDGLH HQ OD FDVD VH DWUHYtD D OODPDUOR SRU VX
QRPEUH0DJDOODQHVH[FHSWRODVHxRUD'DPD
(O PD\RUGRPR VLJXLy VLHQGR XQ KRPEUH IUtR LQFDSD] GH
VRQUHtU/HRQRU\ODFRFLQHUDVHUHtDQGHpODVXHVSDOGD\D
YHFHVPHGHVFXEUtDWDPELpQGDQGRVDOWRVGHDOHJUtDFXDQGR
HVFXFKDED XQD EURPD D FRVWD GHO PD\RUGRPR SHUR GHVGH
TXH PH HQWHUp GH VX KLVWRULD DO PHQRV LQWHQWp
FRPSUHQGHUOR
&XDQGR FXPSOt WUHV DxRV HQ OD FDVD GH OD VHxRUD GDPD
UHFRUGp FRPR FDVL LQLPDJLQDEOHV DTXHOORV GtDV GH HQFLHUUR
HQ XQ SDUTXH ]RROyJLFR $ YHFHV VROR D YHFHV YROYtD D
SUHJXQWDUPHTXLpQHUDSRUTXpQRSRGtDFRPXQLFDUPHFRQ
ORVGHPiV$OJXQDYH]ODVHxRUD'DPDPHDPHQD]yFRQXQ
PpGLFR TXH PH WUDWDUD SHUR \R VRVSHFKDED TXH PLV
GLIHUHQFLDV WDO YH] HUDQ PiV LPSRUWDQWHV \ QR TXHUtD
FRPSUREDUODV VLPSOHPHQWH PH FRQIRUPDED FRQ PL VLWLR
HQ HVD FDVD FRQ PL WUDEDMR \ PL H[LVWHQFLD 1R HVSHUDED
QDGD PiV PLV DVSLUDFLRQHV HUDQ PHQRUHV PX\ GLVWLQWDV D
PLV DQVLDV \ DPELFLRQHV GH FXDQGR HUD XQ VLPLR MRYHQ \
SULVLRQHUR 0L YLGD FyPRGD PH KDEtD DFRVWXPEUDGR \
UHVLJQDGR

31/55
/RVGtDVGRPLQJRVHJXtDDFXGLHQGRDODLJOHVLDGHOEDUULR HQ XQD RVFXULGDG FRPSOHWD TXH PH SXVR QHUYLRVR WRGR PL
SHURQRPHVHQWtDELHQHQDTXHOOXJDU9HVWtDPL~QLFRWUDMH FXHUSR VH SDUDOL]y GH PLHGR -RDR PH FDOPy $O IUHQWH VH
HOHJDQWH TXH PH VRIRFDED \ FDO]DED PLV ]DSDWLOODV TXH HQFHQGLy XQD SDQWDOOD \ FRPHQ]y XQD SHOtFXOD 1R SXHGR
GXUDQWHHVRVDxRVVHKDEtDQGHWHULRUDGRYLVLEOHPHQWH&DGD GHVFULELU OD VRUSUHVD TXH VHQWt DO HQFRQWUDUPH HQ HVH
YH]TXHVDOtDGHODLJOHVLDPLFHUHEURVHFXHVWLRQDEDSRUOR H[WUDxR OXJDU $O SULQFLSLR VHQWt OD WHQWDFLyQ GH UHtUPH D
TXHHVFXFKDEDDOOt6HQWtDTXHODVSDODEUDVGHOVDFHUGRWHPH FDUFDMDGDV SRU OR ULGtFXODV TXH PH SDUHFtDQ HVDV LPiJHQHV
SURYRFDEDQPLHGR\WHPRU'XUDQWHDxRVGHEtOXFKDUFRQWUD HQ PRYLPLHQWR SHUR OXHJR OD WUDPD GH OD SHOtFXOD PH
HVRVPLVPRVPLHGRVHQPLMDXODSRUORWDQWRPHUHVXOWDED FRQYHQFLy HQWUp HQ HOOD FRPR VL OR KLFLHUD HQ XQ VXHxR
LQFRPSUHQVLEOHTXHPHREOLJDUDQDYROYHUDVHQWLUORPLVPR SUR\HFWDGR SDUD Pt OXPLQRVR \ FRORULGR &UHR TXH QR
WRGRVORVGRPLQJRVHQODPDxDQD GHVSHJXp PLV RMRV GH HVD SDQWDOOD \ FXDQGR DFDEy \
8QRGHHVRVGRPLQJRVGHVSXpVGHODLJOHVLDPHIXLDPLV HQFHQGLHURQRWUDYH]ODVOXFHVGHVHpTXHGDUPHSDUDYROYHU
UHFRUULGRV KDELWXDOHV TXH QR VREUHSDVDEDQ ODV FLQFR D YHUOR WRGR RWUD YH] 6HQWt PL FHUHEUR FDUJDGR FRQ
FXDGUDV DOUHGHGRU GH OD FDVD /D PD\RUtD GH ODV YHFHV LPiJHQHV TXH YROYtDQ \ VH UHSHWtDQ YHOR]PHQWH 0iV WDUGH
WHUPLQDEDHQODSOD]ROHWDFHUFDQDGRQGHGRUPtDXQDVLHVWD HVDQRFKHLPDJLQptQWHJUDPHQWHWRGDODSHOtFXODRWUDYH]\
(VHGRPLQJR-RDRHOQRYLRGH/HRQRUPHGHWXYRHQODFDOOH QRSXGHGRUPLUPH
FXDQGR PH YLR FDEHFHDQGR GH VXHxR 0H GLMR TXH VDEtD GH &XDQGR VDOLPRV GHO FLQH -RDR QR GHMDED GH KDEODU
PLVSDVHRVDEXUULGRV\TXHGHVHDEDDJUDGHFHUPHHOWUDEDMR FRPHQWDQGR GHWDOOHV DXQTXH ORV TXH LQGLFDED D Pt PH
TXH OH KDEtD FRQVHJXLGR HQ OD FDVD DVt TXH PH LQYLWDED D SDUHFLHURQ ORV PHQRV LQWHUHVDQWHV $VHQWtD FRQ PLV
DFRPSDxDUOR 2WUD YH] FRPR VLHPSUH PH RFXUUtD QR SXGH FRQRFLGRV JUXxLGRV GH DSUREDFLyQ R UHFKD]R /OHJDPRV
UHFKD]DUQDGDGHORTXHPHSURSRQtDQ FDPLQDQGR KDVWD XQD HVTXLQD WUDQVLWDGD 'HVGH HVH SXQWR
-RDR HUD XQ MRYHQ DOHJUH \ HQWXVLDVWD (VH GRPLQJR REVHUYpODVLJXLHQWHFXDGUD\ORFRPSUHQGtWRGRHVWiEDPRV
/HRQRU SHUPDQHFHUtD HQ OD FDVD FXLGDQGR XQ SHUVLVWHQWH HQ HO FHQWUR GH OD FLXGDG &RQRFtD PX\ ELHQ HVH VHFWRU
UHVIUtRGHODVHxRUD'DPD(QWRQFHVWDOFRPRPHWHPtQRV SRUTXHKDEtD YLYLGRPHVHVDOOt ORVSULPHURV GHVSXpVGHPL
VXELPRV D XQ DXWRE~V 1R SXGH H[SOLFDUOH TXH DTXHOODV OLEHUWDG )XH XQ LPSDFWR UHFRUGDU DTXHOORV FDOOHMRQHV \ VLQ
PiTXLQDV FXDOTXLHU DXWRPyYLO PH HQIHUPDEDQ pO DO SRGHU FRQWURODUPH FRUUt GDQGR VDOWRV VLPLHVFRV TXH
FRQWUDULR SDUHFLy HQWUHWHQLGR GH YHUPH DWHUUDGR HQ PL GHELHURQDYHUJRQ]DUD-RDR(VWDEDRWUDYH]HQHVHOXJDU$
DVLHQWR(ODXWRE~VDFHOHUDED\GREODEDLPSUHGHFLEOHPHQWH SHVDUGHORVDxRVWRGRSDUHFtDPiVRPHQRVLJXDOWDOYH]
&XDQGRSRUILQOOHJDPRV\RHVWDEDPDUHDGR\HQIHUPR PiVGHWHULRUDGR\VXFLRSHURUHFRQRFLEOH6LQSUHRFXSDUPH
(Q OD EDMDGD GHO DXWRE~V HO SDLVDMH GH ODV FDOOHV PH GH-RDRFRUUtVRVWHQLpQGRPHFRQPLVGRVEUD]RVHQHOVXHOR
SDUHFLy FRQRFLGR HQ HVH VHFWRU GH OD FLXGDG SHUR VLQ FRPR QR OR KDFtD GHVGH KDFtD WLHPSR -RDR PH VLJXLy VLQ
SUHFLVDUOR HQVHJXLGD -RDR PH FRQGXMR KDFLD HO LQWHULRU GH HQWHQGHU TXp RFXUUtD FRQPLJR FUH\pQGRPH WUDVWRUQDGR GH
XQ HGLILFLR $ HVDV DOWXUDV SUHIHUtD DFHSWDU OR TXH RFXUULHUD SURQWR /D VLJXLHQWH FXDGUD GHVHPERFDED HQ OD SOD]D $OOt
VLQ SURWHVWDU DGHPiV VHJXtD HQIHUPR \ PDUHDGR HVWDEDQ OD FDWHGUDO ORV HGLILFLRV DQWLJXRV \ PLV iUEROHV PL
,QJUHVDPRV D XQD JUDQ VDOD \ QRV VHQWDPRV HQ FyPRGRV SULPHU KRJDU FRPR VLPLR OLEUH 3RU VXSXHVWR UHFRUUt OD
VLOORQHV8QPRPHQWRGHVSXpVDSDJDURQODOX]\TXHGDPRV HVTXLQD DO ODGR GH OD HVWDWXD GHO DOFDOGH 0DQVXU SHUR QR

32/55
HQFRQWUp D QLQJXQR GH ORV YDJDEXQGRV PLV DQWLJXRV HVWiEDPRV -RDR VRQULHQGR \ \R GLVWUDtGR 'XUDQWH GtDV
FRPSDxHURV /DV EDQFDV HQ ODV TXH WRPiEDPRV HO VRO QR HQWHURVHVWXGLpHVDIRWRJUDItDLQWHQWDQGRGHVFLIUDUOD(UDPL
HVWDEDQHQHOOXJDU$OFRQWUDULRKDEtDQOLPSLDGR\FXELHUWR URVWURORFRQRFtDORKDEtDYLVWRHQHVSHMRVRHQORVEDOGHV
FRQ EDOGRVDV HVD HVTXLQD 3HUR VHJXtD VLHQGR OD SOD]D TXH GH DJXD TXH DFHUFDEDQ D PL MDXOD (VWDED DFRVWXPEUDGR D
FRQRFt HO SULPHU OXJDU TXH SXGH UHFRQRFHU FRPR PtR 6LQ YHUORSHURDKRUDHUDGLIHUHQWHHLQTXLHWDQWH$OFRPSDUDUOR
SRGHU HYLWDUOR PH TXLWp ODV ]DSDWLOODV \ WUHSp XQR GH HVRV FRQ -RDR VXUJtDQ DELHUWDPHQWH ODV GLIHUHQFLDV HO PtR
iUEROHV PH GHVFROJXp SRU HO VLJXLHQWH \ OXHJR SRU HO SHOXGR \ DSUHWDGR HQ PLV KRPEURV PL FDEH]D SHTXHxD \
VLJXLHQWH $OJXQRV SHDWRQHV GH GRPLQJR VH GHWXYLHURQ D ILHUD 2WUD YH] PH URQGy OD LGHD GH HVDV GLIHUHQFLDV ODV
PLUDUPH FRQ H[SUHVLRQHV GH DEXUULPLHQWR PiV TXH GH PLVPDVTXHPHHQURVWUyFDVLFRPRXQDPDOGLFLyQ3DOPLQHV
VRUSUHVD-RDRQRSRGtDFUHHUORTXHYHtDLPSUHVLRQDGRSRU HO*UDQGHOD~OWLPDYH]TXHORYLFXDQGRULHQGRPHGLMRTXH
PL FRPSRUWDPLHQWR 5HFRQR]FR TXH VH WUDWy GH XQ DFWR MDPiV VHUtD FRPR HOORV TXH WRGRV PLV HVIXHU]RV VHUtDQ
LPSXOVLYR \ DOJR DEVXUGR SHUR FRPR GLMH DQWHV QR SXGH LQ~WLOHV
HYLWDUOR $O ILQDO EDMp GHVSXpV GH UHFRUUHU YDULRV iUEROHV
-RDR FRUULy KDVWD GRQGH PH HQFRQWUDED FDUJDQGR FRQ PLV
]DSDWLOODV GH EDVTXHWEROLVWD PH DWUDSy GH XQ EUD]R \ PH
REOLJyDVHJXLUOREDMDQGRODFDOOH'RVSROLFtDVQRVVHJXtDQ
SHUR UHQXQFLDURQ D OD SHUVHFXFLyQ FXDQGR QRV SHUGLPRV HQ
OD VLJXLHQWH FXDGUD 1RV GHWXYLPRV PiV DOOi DPERV
FDQVDGRVUHVRSODQGR
&XDQGRQRVGLVSRQtDPRVDUHJUHVDUDQXHVWUREDUULRHQOR
DOWRGHODFLXGDG-RDRVHGHWXYRHQXQOXJDU\PHREOLJyD
HQWUDU (Q DTXHO VLWLR WRPDEDQ IRWRJUDItDV (VSHUDPRV XQ
PRPHQWR KDVWD TXH QRV KLFLHURQ HQWUDU 1RV VHQWDPRV HQ
XQDEDQFDGHWUiVVHOHYDQWDEDXQWHOyQEODQFR8QKRPEUH
TXH OXHJR PH HQWHUDUtD HUD XQ IRWyJUDIR SUHSDUy VX
FiPDUD-RDRVHUHtDLQFLWiQGRPHWDPELpQDUHtUFRQpOSHUR
\R WRGDYtD QR HQWHQGtD TXp SURSyVLWR WHQtD HVWDU VHQWDGRV
IUHQWH D XQD FiPDUD )LQDOPHQWH VHQWt HO UHODPSDJXHR GHO
IODVK$WXUGLGR KXt GHO OXJDU FUH\HQGR KDEHU VLGR JROSHDGR
\HQFHJXHFLGR(OIRWyJUDIRVHTXHMySRUGHWHULRUDUOHODVDOD
-RDR VH UHtD D FDUFDMDGDV SLGLHQGR SHUGyQ SRU PL
FRPSRUWDPLHQWR DVHJXUDQGR TXH \R HUD XQ H[WUDQMHUR TXH
GHVFRQRFtD ODV FRVWXPEUHV ORFDOHV (VSHUDPRV KDVWD TXH OD
IRWRJUDItD HVWXYR UHYHODGD -RDR JXDUGy XQD FRSLD \ \R PH
TXHGp FRQ RWUD &XDQGR OD YL PH OOHQy GH FXULRVLGDG $OOt

33/55
DOJXQRV KiELWRV GH PL DQWLJXD YLGD GH SULVLRQHUR FRPR HO
GRUPLUHQHOVXHORGHPDGHUDSRUORWDQWRODFDPDVLHPSUH
HVWDED HVWLUDGD (Q HO LQYLHUQR PH DUURSDED FRQ XQD
IUD]DGD SHUR VHJXtD SUHILULHQGR GRUPLU HQ HO SLVR 1RV
 VHQWDPRV HQ GRV VLOODV <R PH UDVTXp OD FDEH]D SRUTXH QR
(/&20,(1=2'(/48,1729(5$12 HVWDED DFRVWXPEUDGR D UHFLELU YLVLWDV QL D KDEODU GH HVD
IRUPDFRQQDGLH-RDRPHH[SOLFyTXHGHVHDEDFDVDUVHFRQ
/HRQRUHOODHVWDEDGHDFXHUGR\TXHUtDGHFtUPHORDPtDQWHV
TXH D QDGLH HQ OD FDVD 6R\ XQ VLPLR SRFR H[SUHVLYR OR
DWULEX\RDPLVDxRVGHHQFLHUURRDODGHVFRQILDQ]DQDWXUDO
'HELy RFXUULU HQ HO FRPLHQ]R GHO TXLQWR YHUDQR GHVGH PL TXHVLHQWRPHDWUHYtHQWRQFHVDGHMDUPLODUJREUD]RHQHO
OOHJDGDDODFDVDGHODVHxRUD'DPD8QGtDQRWpLQTXLHWXG KRPEURGH-RDR\DODQ]DUDOJXQRVJULWLWRVGHDOHJUtDTXHpO
HQHOLQWHULRUGHODFDVD$PHGLDPDxDQDHVFXFKpUXLGRVGH LQWHUSUHWy GH VDWLVIDFFLyQ \ HQWXVLDVPR (QWRQFHV
MXHJRV JULWRV ULVDV JROSHV GH WDPERUHV WRGR PH SDUHFLy HVFXFKDPRV RWUD ULVD D WUDYpV GH OD SXHUWD DELHUWD GH OD
PX\H[WUDxRHLQXVXDO'HSURQWRVHDEULyODSXHUWD\VDOLy FDEDxD $OOt HVWDED (VWHELWR FRQ VXV SDQWDORQHV FRUWRV \ OD
DO SDWLR XQ QLxR GH QR PiV GH VLHWH DxRV &RUULy FDUD HPSROYDGD ULHQGR GH YHUPH GDU HVRV JULWRV GH VLPLR
GHVHVSHUDGR SRU HO MDUGtQ JULWDQGR GH DOHJUtD FRPR VL VH TXH OH FDXVDEDQ JUDFLD $PERV QRV REVHUYDPRV FUHR TXH
HQFRQWUDUD HQ XQ WHUULWRULR LQH[SORUDGR 'XUDQWH XQD KRUD HQ HVH PRPHQWR GHMp WRGRV ORV UHVTXHPRUHV \ WDPELpQ OH
HQWHUDSDUHFLyQRGHWHQHUVHLQWHQWDQGRVXELUDORViUEROHV VRQUHt
GHVWUX\pQGRPHXQDVGHOLFDGDVIORUHVRDUUDVWUiQGRVHSRUOD &XDQGR YROYLPRV D WUDEDMDU FRQ -RDR HQ HO MDUGtQ QRV
WLHUUD3RUVXSXHVWR\RHVWDEDPROHVWR'XUDQWHWRGRHODxR GLPRV FXHQWD GH TXH (VWHELWR QRV KDEtD YROFDGR ORV VDFRV
PDQWXYH GH OD PHMRU IRUPD HVH MDUGtQ HVSHUDQGR ORV FRQODEDVXUDGHKRMDVVHFDVSHURQRQRVLPSRUWy
SOiFLGRV SDVHRV GH OD VHxRUD 'DPD GH SURQWR OOHJDED HVH /XHJRHQODPLWDGGHODWDUGHHOQLHWRGHODVHxRUD'DPD
SHTXHxR D GLVSRQHU GHO OXJDU HQ IRUPD LUUHVSRQVDEOH 1R SDUHFLy FDQVDUVH R DO PHQRV DTXLHWDUVH XQ PRPHQWR
WDUGpHQHQWHUDUPHGHTXHVHWUDWDEDGHOQLHWRGHODGXHxD REVHUYDQGR LQVHFWRV HQ HO MDUGtQ R UHDOL]DQGR MXHJRV
GH OD FDVD TXH OD YLVLWDED SRU DOJXQDV VHPDQDV GXUDQWH HO LPDJLQDULRV FRQ REMHWRV TXH HQFRQWUDED \ TXH VROR pO
YHUDQR'XUDQWHHODxR(VWHELWRYLYtDFRQVXSDGUHHO~QLFR FRPSUHQGtD$SURYHFKpODRFDVLyQ0HFHUFLRUpDQWHVGHTXH
KLMRGHODVHxRUD'DPDHQXQDFLXGDGFHUFDQDSHURDKRUD ORVHPSOHDGRVGXUPLHUDQODVLHVWD'HVDPDUUpPLV]DSDWLOODV
WHQtD OD HGDG VXILFLHQWH SDUD YLDMDU KDVWD GRQGH VX DEXHOD \OHGHMpYHUPLVJUDQGHVGHGRVSHOXGRVeOYROYLyDUHtUFRQ
HQ OD YLHMD FDVD GH OD FLXGDG (O SULPHU GtD SHUPDQHFt LQFUHGXOLGDG 'HMp PL VRPEUHUR GH SDMD HQ HO VXHOR \ PX\
HQIXUUXxDGR GHWUiV GH PL KRUTXLOOD DOHMDGR OR PiV SRVLEOH UiSLGR PH WUHSp DO iUERO PiV FHUFDQR &UXFp UDPDV GL
GH HVH WRUQDGR TXH SDUHFtD VHU (VWHELWR 3RU OD WDUGH -RDR YROWHUHWDV \ UHDOLFp RWUR WLSR GH DFUREDFLDV $XQTXH PL
PHD\XGyDOOHQDUORVVDFRVFRQODVKRMDVVHFDVDFXPXODGDV MXYHQWXG FRPHQ]DED D DOHMDUVH WRGDYtD VHQWtD IXHU]D \
GXUDQWHGRVPHVHV$SURYHFKyHQWRQFHVSDUDSHGLUPHXQRV SRGtDVHUiJLOVREUHODVUDPDVGHORViUEROHV(VWHELWRTXHGy
PLQXWRV GHVHDED KDEODU FRQPLJR (QWUDPRV HQ PL FDEDxD PDUDYLOODGR\FXDQGROOHJXpRWUDYH]DOVXHORDSODXGLyFRQ
VLHPSUH RUGHQDGD \ VLPSOH QDGLH VDEtD TXH \R PDQWHQtD

34/55
GHOLULR PL DFWXDFLyQ /XHJR YROYt D LQVWDODUPH HO VRPEUHUR VHxRUD 'DPD D OD TXH WRGRV ORV LQYLWDGRV HVFXFKDURQ FRQ
PLV]DSDWLOODV\VHJXtWUDEDMDQGR UHVSHWR +DEOy SDXVDGDPHQWH FRQ YR] ILUPH \ SDODEUDV
$OGtDVLJXLHQWH(VWHELWRVHDFHUFyDPLFDEDxD'LMRTXH H[DFWDV $O ILQDO UHFLELy XQ DSODXVR JHQHUDO (QWRQFHV ORV
TXHUtDMXJDUTXHODDEXHODOHKDEtDSHUPLWLGRPROHVWDUPH$ QRYLRV SDUWLHURQ OD WRUWD \ FDVL HQVHJXLGD FRPHQ]DURQ OD
SHVDU GHO WUDEDMR TXH WHQtD SRU GHODQWH HVH GtD FRQVLGHUp P~VLFD \ HO EDLOH /D VHxRUD 'DPD \ HO PD\RUGRPR
TXHXQRVPLQXWRVQRFDPELDUtDQPLUXWLQD DSURYHFKDURQSDUDUHWLUDUVHHQHVHPRPHQWR<RSHUPDQHFt
'HMDPRV GH MXJDU FXDQGR OODPDURQ DO DOPXHU]R /D HQXQULQFyQ7DPSRFRQDGLHVHLQWHUHVyHQPt(OUHVWRGH
YHUGDGGHERUHFRQRFHUORHVTXHPHJXVWDEDGLVWUDHUPHGH ORV LQYLWDGRV HUDQ DPLJRV GH -RDR \ XQRV SRFRV GH /HRQRU
HVH PRGR FRQ ORV QLxRV D SHVDU GH PL FRQVWDQWH TXHKDEtDQYLDMDGRGHVGHHOVXUKDVWDODILHVWD$FDGDUDWR
PHODQFROtDORVMXHJRVPHOOHQDEDQGHiQLPR&RQORVQLxRV -RDRVHDFHUFDEDDPt\OHYDQWDEDODFRSDSDUDTXHEULQGDUD
ORJUDED FRPXQLFDUPH GH XQD IRUPD H[SHGLWD VLQ FRQ pO <R OOHYDED PL WUDMH GRPLQJXHUR \ PLV ]DSDWLOODV \
GLILFXOWDGHVGHQLQJ~QWLSRVRORFRQHOORVVHQWtDTXHQRHUD REVHUYDED FRPSODFLGR FyPR SURVHJXtD OD ILHVWD FyPR ORV
QHFHVDULD OD IDFXOWDG GH KDEODU %DVWDEDQ PtQLPRV JHVWRV \ KRPEUHV PiV MyYHQHV EDLODEDQ VLQ FDQVDUVH \ FyPR PLV
VLQUD]yQQRVVRUSUHQGtDPRVULHQGRVLQVDEHUSRUTXp SHQVDPLHQWRV LQWHQWDEDQ FRPSUHQGHU DTXHOODV FRVWXPEUHV
3HQVp TXH VH QHFHVLWDED PX\ SRFR SDUD VHU IHOL] SDUD
)XH XQ EXHQ YHUDQR HO PiV DJLWDGR GHVGH PL OOHJDGD D
FRPSDUWLU DJUDGDU \ VHU DJUDGDGR 3HUR GH SURQWR WRGR VH
HVH OXJDU 3HUR WDPELpQ IXH LPSRUWDQWH SRUTXH /HRQRU \
ERUUy GH PL YLVWD OD P~VLFD OD ULVD WRGR VH FRQYLUWLy HQ
-RDR VH FDVDURQ 2FXUULy FRPR HVWDED SUHYLVWR \ WUDMR
XQDLPDJHQOHMDQD\ERUURVD
DOJXQDVFRQVHFXHQFLDVSDUDPt
&XDQGR GHVSHUWp SRU OD PDxDQD ORV QRYLRV VH KDEtDQ
8Q ViEDGR DFRPSDxDPRV D ORV QRYLRV KDVWD OD FDVD GH
PDUFKDGR DOJXQRV LQYLWDGRV VHJXtDQ UHVLVWLHQGR \ RWURV
-RDR $FXGLPRV WRGRV LQFOX\HQGR (VWHELWR TXH D~Q QR
GHILQLWLYDPHQWH GRUPtDQ OD ERUUDFKHUD WDO FRPR \R 8QR GH
FRQFOXtD VX YLVLWD GHO YHUDQR -RDR PH H[SOLFy TXH YLYtD D
HOORVGRUPtDVREUHPLKRPEUR\RWURFRQXQRGHPLVSLHVGH
SRFDVFXDGUDVHQORVOtPLWHVGHOEDUULR$SURYHFKpHQWRQFHV
FDEHFHUD
SDUDFDPLQDUKDVWDODFDVDGH-RDRMXQWRFRQODFRFLQHUD/D
FRFLQHUD HUD XQD PXMHU JRUGD \ ULVXHxD GLMR TXH SUHIHUtD (UD WHPSUDQR HO VRO HQ YHUDQR FRPHQ]DED D FDOHQWDU D
FDPLQDU DQWHV TXH TXHGDU DWUDSDGD SRU VX JRUGXUD HQ ORV HVD KRUD &XDQGR VDOt D OD FDOOH FRPSUREp PL LPSUHVLyQ DO
DVLHQWRVGHXQDXWRPyYLO OOHJDU D HVH EDUULR HVWiEDPRV D SRFDV FXDGUDV GH OD FDVD
GHODVHxRUD'DPDSHURSDUHFtDXQOXJDUGLVWLQWR$OROHMRV
/D FDVD GH -RDR HUD SHTXHxD SHUR WHQtD XQ JUDQ SDWLR
YHtDODVFDVDVJUDQGHVGHFHPHQWRURGHDGDVGHiUEROHVHQ
GRQGH VX SDGUH KDEtD LQVWDODGR XQ DFRSLR GH ILHUURV TXH
VXV MDUGLQHV FHUFDGDV GH DOWRV PXURV (O OXJDU GRQGH PH
YHQGtD(QHOIRQGRGHOSDWLRVHOHYDQWDEDXQFHUURGHPHWDO
HQFRQWUDED HUD GLVWLQWR /DV FDVDV HUDQ EDMDV IUiJLOHV
R[LGDGR TXH SDUHFtD XQ JUDQ PRQXPHQWR GHVRUGHQDGR \
DOJXQDVWDSDGDVVRORFRQFDUWRQHV1RH[LVWtDQMDUGLQHVFRQ
GHIRUPH (Q HO PLVPR SDWLR LQVWDODURQ ODV PHVDV \
IORUHV VLQR SDWLRV GH WLHUUD UHVHFD \ WUDVWRV YLHMRV 8QDV DO
DGRUQDURQ FRQ JXLUQDOGDV \ JORERV /D FHUHPRQLD IXH
ODGRGHRWUDVVHDFRPRGDEDQ\VRVWHQtDQ&DPLQpSRUDTXHO
VHQFLOOD SHUR GH WRGDV PDQHUDV QRV HPRFLRQy LQFOXVR DO
OXJDU FRPR VL GHVFXEULHUD DOJR XQ QXHYR PXQGR WDQ
PD\RUGRPR 0DJDOODQHV /XHJR YLQLHURQ ORV GLVFXUVRV HO
FHUFDQRDODVFDVDVHOHJDQWHVXQDVFXDGUDVPiVDOOiGRQGH
SDGUHGH-RDRGHFODPyHOVX\R\WHUPLQyOORUDQGROXHJROD

35/55
YLYtDPRV SHUR PX\ GLIHUHQWH (UD GLItFLO GH HQWHQGHU \
DKRUDTXHWHQJRPiVFRQRFLPLHQWRV\H[SHULHQFLDVWDPSRFR
ORHQWLHQGR
&DPLQp KDVWD OD FDVD FRQ XQD VHQVDFLyQ GHVDJUDGDEOH
TXHVRORROYLGpFXDQGRLQWHQWDQGRGRUPLU\GHVFDQVDUGHOD 
DJLWDGD QRFKH DQWHULRU HVFXFKp XQ UXLGR HQ PL SXHUWD \ OD +$67$48(0,9,'$&$0%,“'(),1,7,9$0(17(
YR] GH (VWHELWR FRQ WRGD VX HQHUJtD GLVSXHVWR D FRPHQ]DU
XQQXHYRGtDߋ

¢&XiQWRV YHUDQRV SDVDURQ KDVWD TXH PL YLGD FDPELy


GHILQLWLYDPHQWH" 7DO YH] XQR R GRV GHVGH TXH OOHJy SRU
SULPHUD YH] (VWHELWR D OD FDVD 'XUDQWH HO DxR OOHYiEDPRV
XQD YLGD DSDFLEOH SHUR VX WUDQTXLOLGDG WDPELpQ PH
LQTXLHWDED 'HVSXpV GH FRQRFHU ODV SREODFLRQHV SREUHV
FHUFDQDV DO EDUULR HQWHQGt TXH WRGDYtD H[LVWtDQ PXFKRV
OXJDUHVTXHGHVFRQRFtD6HQWtDFXULRVLGDGHLQTXLHWXG\VLQ
TXH PH GLHUD FXHQWD RWUD YH] YROYLHURQ DTXHOODV
DQJXVWLDQWHVSUHJXQWDVDPLPHQWH¢TXLpQHUDUHDOPHQWH"
¢3RU TXp FXDQGR FRQRFtD D DOJXLHQ YHtD H[SUHVLRQHV GH
VRUSUHVD\KDVWDGHGLVJXVWRHQVXVFDUDV"
'XUDQWH HO DxR /HRQRU \ -RDR DEDQGRQDURQ OD FDVD FRPR
VH HVSHUDED (QFRQWUDURQ SRU LQWHUPHGLR GH OD VHxRUD
'DPDXQWUDEDMRFXLGDQGRXQKRWHOLWRHQHOVXUGHOSDtV/D
YLGDDOOtDOSDUHFHUHUDPiVWUDQTXLODVREUHWRGRSDUDFULDU
DORVKLMRVTXHHVSHUDEDQWHQHU7RGRVORVPHVHVUHFLEtDXQD
SRVWDO FRQ XQD EHOOD IRWRJUDItD GH SDLVDMHV QDWXUDOHV \
DOJXQDV OHWUDV GH SDUWH GH -RDR QR HUD QHFHVDULR TXH
LQWHQWDUDGHVFLIUDUDTXHOORVPHQVDMHVHOVRORHQYtRPHKDFtD
VXSRQHUTXHVXVYLGDVHUDQSOHQDVORTXHPHDOHJUDEDSRU
HOORVGRV
3DUD UHHPSOD]DU D /HRQRU FRQWUDWDURQ D RWUD VLUYLHQWD (O
PD\RUGRPR GHGLFy XQ GtD HQWHUR D HQWUHYLVWDU FDQGLGDWDV
SDUDRFXSDUHOFDUJR)LQDOPHQWHVHTXHGyFRQ%ULJLHWXQD
PXMHUGHHGDGLQGHWHUPLQDGD\TXHSDUHFtDH[DFWDPHQWHOR

36/55
RSXHVWR D /HRQRU TXLHQ HUD ULVXHxD \ GLYHUWLGD 'HVGH HO HOOD
SULPHU GtD %ULJLHW KL]R YHU ODV GLIHUHQFLDV TXH WHQGUtD 0LHQWUDV OD VHxRUD 'DPD VH HQFRQWUDED GH YLDMH ODV
FRQPLJR HO MDUGLQHUR GH OD FDVD 0H OOHYy PL SODWR GH QRFKHVHUDQGLIHUHQWHVSDUDPt\QRSRGtDGRUPLU'HEtDGH
FRPLGDORGHMyFRQGHVJDQR\KDVWDPROHVWLDVREUHODPHVD VHU LQYLHUQR XQD QRFKH PH YHVWt \ VDOt KDVWD HO SDWLR
HQPLFDEDxD'HVGHHOSULQFLSLRQXHVWURWUDWRIXHIRUPDO\ &XDQGR PH HQFRQWUDED VROR OR KH GLFKR DQWHV GHMDED GH
GHVLQWHUHVDGR &RQFOXt TXH \R WDPSRFR KDUtD QDGD SDUD LPLWDUDORVKRPEUHVPHWUDQVIRUPDEDVLQVDEHUORRWUDYH]
DJUDGDUOD6HQWtDTXHPLSURSyVLWRGHDJUDGDUFRPHQ]DEDD HQXQVLPLRTXHFDPLQDEDVRVWHQLpQGRVHSRUPDQRV\SLHV
TXHGDU DWUiV 0H WUDQVIRUPp HQ XQ VLPLR VROLWDULR $ WRGR PRYtDGHRWUDIRUPDPLFXHUSRPHUDVFDEDODFDEH]D\PH
HOOR D\XGy XQ ODUJR YLDMH TXH HPSUHQGLy OD VHxRUD 'DPD JROSHDED HO SHFKR 'HER GHFLU TXH HVRV PRPHQWRV PH
GHVHDED UHFRUUHU ORV PLVPRV OXJDUHV TXH DOJXQD YH] HQ FDOPDEDQPiJLFDPHQWH$TXHOODQRFKHFRPRHUD WDUGHGH
DOJXQDVOHMDQDVYDFDFLRQHVYLVLWyFRQ$UPDQGRVXPDULGR PDGUXJDGD PH H[WUDxy YHU OX] HQ OD VDOD TXH RFXSDED
SRU(XURSD(VRVGtDVVLQHOODHQODFDVDIXHURQGHWULVWH]D H[FOXVLYDPHQWH OD VHxRUD 'DPD SRU XQ PRPHQWR SHQVp
\ DOJR GH GHVRUJDQL]DFLyQ (O KXPRU GHO PD\RUGRPR R GH TXHHOODKDEtDUHJUHVDGRGHVXVODUJDVYDFDFLRQHVRTXHQRV
%ULJLHW HUD IUtR \ QDGD DPLVWRVR 6RODPHQWH PH UHtD FRQ OD DVDOWDEDQ ODGURQHV 0H DFHUTXp D OD YHQWDQD $ WUDYpV GH
FRFLQHUD 0H UHODWDED VX YLGD HQ XQ SXHEOR SHTXHxR HQ HO HOODYLD0DJDOODQHVHOPD\RUGRPRVHQWDGRHQHOVLOOyQGH
VXU GHO SDtV GRQGH WRGRV VXV KDELWDQWHV HUDQ JRUGRV /D ODVHxRUD'DPDEHEtDGHXQDERWHOOD\VXPLUDGDHUDOHMDQD
FXOSD QR HUD GH HOORV VLQR GH XQ JUDQ WHPSRUDO +DFtD \H[WUDYLDGD1XQFDORKDEtDYLVWRGHHVDIRUPDSHURDQWHV
PXFKRVDxRVHOSXHEORGRQGHQDFLy\YLYLyPX\FHUFDGHOD GH UHSUREDUOH VX DFWLWXG VHQWt WULVWH]D SRU pO 'H DOJXQD
FRUGLOOHUD TXHGy DLVODGR SRU XQ LQFHVDQWH WHPSRUDO TXH VH IRUPD pO WDPELpQ HUD XQ VLPLR DUUDQFDGR GH VX PHGLR FRQ
SURORQJy GXUDQWH PHVHV /DV DXWRULGDGHV SUHRFXSDGDV XQD YLGD GH VLOHQFLR PX\ SDUHFLGD D OD PtD 'HWUiV GH HVD
GHFLGLHURQ HQYLDU D\XGD +LFLHURQ DWHUUL]DU XQ YLHMR DYLyQ R SDUTXHGDG FHUHPRQLRVD H[LVWtD XQD SHUVRQD FRPR \R HVR
XQ KHOLFySWHUR TXH OHV OOHYy XQD H[DJHUDGD SURYLVLyQ GH SHQVpDOYHUOR
VDFRVGHWULJR3RVWHULRUPHQWHHOWHPSRUDOFRUWyORVFDPLQRV (QSULPDYHUDUHJUHVySRUILQODVHxRUD'DPD0HSDUHFLy
\ GHVKL]R OD SLVWD GH DWHUUL]DMH \ HO DLVODPLHQWR GHO SXHEOR PiVDQFLDQDSHURWDPELpQPiVUHSXHVWDGHVXVDFKDTXHV
HPSHRUy 'XUDQWH VHLV PHVHV OD SREODFLyQ VH DOLPHQWy FRQPiViQLPR1RVFLWyDWRGRVVXVHPSOHDGRVHQODVDOD\
H[FOXVLYDPHQWH GH DTXHOORV VDFRV GH WULJR 3RU VXSXHVWR QRV KL]R HQWUHJD GH ORV UHJDORV TXH KDEtD UHFRJLGR HQ VX
PROLHURQ HO WULJR \ HODERUDURQ JUDQGHV SDQHV HQ KRUQRV GH YLDMH (O PD\RUGRPR UHFLELy XQ KHUPRVR OODYHUR \ XQRV
EDUUR 'XUDQWH VHLV PHVHV WRGR HO SXHEOR FRPLy VROR SDQ OHQWHV TXH GHVGH HVH GtD QXQFD VH TXLWy /D FRFLQHUD XQ
IXH HO ~QLFR H LQVXVWLWXLEOH DOLPHQWR (QWRQFHV VHJ~Q OD YHVWLGRDQFKRTXHODKL]ROORUDUGHHPRFLyQ%ULJLHWXQSHLQH
FRFLQHUD TXH VLHPSUH VH UHtD HQ HVD SDUWH GH VX UHODWR HO \ SLQWXUDV SDUD OD FDUD TXH QXQFD XVy 0L UHJDOR OR DEUt
SXHEOR HQWHUR HQJRUGy /XHJR ORV KLMRV GH DTXHOORV SDGUHV HPRFLRQDGR'HQWURGHXQDFDMDGHFDUWyQHQFRQWUpXQSDU
JRUGRVHQWUHORVFXDOHVVHHQFRQWUDEDHOODPLVPDWDPELpQ GH QXHYDV ]DSDWLOODV EODQFDV HVWLOR EDVTXHWEROLVWD SHUR
QDFLHURQ REHVRV \ FRQ XQ FRORU URVDGR HQ ODV PHMLOODV (OOD FRPSOHWDPHQWH QXHYDV 1R SRGtD FUHHUOR \ WUDWp GH
LQWHQWy DGHOJD]DU FXDQGR OOHJy D OD FLXGDG SHUR OXHJR GH FRQWHQHUPH SDUD QR DXOODU GH DOHJUtD VLPLHVFD IUHQWH D
FRQYHUWLUVH HQ FRFLQHUD HO RORU GH ORV PLVPRV ULFRV SODWRV WRGRV 'XUDQWH VHPDQDV ODV ]DSDWLOODV SHUPDQHFLHURQ
TXH SUHSDUDED HUD VXILFLHQWH SDUD VXELUOD GH SHVR VHJ~Q

37/55
HQFLPDGHOHVWDQWHMXQWRDODQRYHODTXHKDEtDUHFLELGRGH
UHJDORKDFtDYDULRVDxRV&XDQGRSRUILQFRPHQFpDXVDUODV
PH SDUHFLHURQ H[WUDxDPHQWH FyPRGDV /DV DQWLJXDV
HVWDEDQ GHVDVWUDGDV \ URWDV SHUR GH WRGDV PDQHUDV ODV
JXDUGp HQ OD PLVPD FDMD GH FDUWyQ HQ TXH UHFLEt ODV 
QXHYDV 2&855,“$/6,*8,(17(9(5$12

2FXUULy DO VLJXLHQWH YHUDQR 2WUD YH] OD FDVD HQWHUD VH


DOERURWyFRQODOOHJDGDGH(VWHELWR'HVSXpVGHVDOXGDUDVX
DEXHODOOHJyKDVWDHOSDWLRGRQGHPHDEUD]y3RUVXSXHVWR
\R FRQWHQtD PLV HPRFLRQHV PH DOHJUDED YHUOR SHUR
WDPELpQ PH SRQtD QHUYLRVR GHPRVWUDU PLV VHQWLPLHQWRV
(VWHELWRSDUHFtDFUHFLGR\FRPHQ]DEDDWUDQVIRUPDUVHHQXQ
MRYHQ$QWHVGHTXHSXGLpUDPRVVXELUQRVDQXHVWURViUEROHV
IDYRULWRVODDEXHODQRVFRQYRFyDORVGRVGHEDMRGHOSDUUyQ
/H KDEOy PX\ VHULDPHQWH D VX QLHWR KDEtD UHFLELGR ORV
LQIRUPHV GH VX FROHJLR GRQGH OH QRWLILFDEDQ HO UHWUDVR TXH
WHQtD SDUD OHHU FRPSDUDGR DO UHVWR GH VXV FRPSDxHURV
GHEtD HQWRQFHV SRQHUVH DO GtD SDUD HVR DSURYHFKDUtD HVDV
YDFDFLRQHV /D DEXHOD SHUPLWLUtD ORV MXHJRV \ HO GHVFDQVR
YHUDQLHJR SHUR WDPELpQ OH SHGLUtD TXH RFXSDVH HVH WLHPSR
SDUDHVWXGLDU(VWR~OWLPRORGLMRPLUiQGRPHPHHQFDUJDUtD
\R GH KDFHUOR FXPSOLU %DMp OD FDEH]D DYHUJRQ]DGR VLQ
PRWLYR
/D VHxRUD 'DPD UHFRUGy D DTXHO SURIHVRU TXH KDEtD
HQVHxDGR D OHHU D VX PD\RUGRPR KDFtD PXFKRV DxRV $
WUDYpV GH FRQWDFWRV ORJUDURQ ORFDOL]DUOR $Vt OOHJy XQD
WDUGH GHVSXpV GHO DOPXHU]R HO SURIHVRU 6DQWLV 7RGRV ORV
GtDV GH OD VHPDQD HO SURIHVRU OH GDUtD OHFFLRQHV D (VWHELWR
GXUDQWHODWDUGH(OPHMRUOXJDUSDUDHOORHUDEDMRHOSDUUyQ
DOOtLQVWDODURQXQSL]DUUyQ\XQDVVLOODV<RHVWDEDHQFDUJDGR
GH TXH (VWHELWR QR IDOWDUD D HVDV OHFFLRQHV 3RU OD QRFKH

38/55
DQWHVGHDFRVWDUVHUHSDVDUtDFRQVXDEXHODODVOHFFLRQHVGHO GHVSHGLGD \R OH DJUDGHFt OR TXH KDEtD RFXUULGR HQ HVDV
GtD &XDQGR HVFXFKp WRGR DTXHOOR PL FRUD]yQ ODWLy YDFDFLRQHV6HJXtSUDFWLFDQGRKDVWDORJUDUUHSDVDUDTXHOORV
DFHOHUDGDPHQWH $ILUPp FRQ OD FDEH]D \ FDPLQp GLDULRV \ UHYLVWDV \ FRQVHJXLU FRPSUHQGHUORV GHO WRGR 7DO
WUDVWDELOODQGR SRU OD HPRFLyQ (UD PL RSRUWXQLGDG QR OD YH]HVH IXHHOGtD PiVIHOL]GHPLYLGD 1R OR VpGHELy VHU
SRGtDGHMDUSDVDU XQRGHORVPiVIHOLFHVSHURDODYH]IXHHOPiVWULVWH
&XDQGR HO SULPHU GtD DSDUHFLy HO SURIHVRU 6DQWLV OR &XDQGROOHJXpSRUODQRFKHDPLFDEDxDEDMpGHOHVWDQWH
PLUDPRV FRQ FXULRVLGDG HUD XQ KRPEUH PX\ YLHMR OH PL ~QLFR ELHQ $EUt OD SULPHUD SiJLQD GHO OLEUR \ OHt ³(O 
JXVWDED XVDU FDPLVHWDV SOD\HUDV PX\ FRORULGDV \ XQ GHIHEUHURGHHOYLJtDGH1XHVWUD6HxRUDGHOD*XDUGD
VRPEUHUR EODQFR 6H VHQWy FRQ (VWHELWR IUHQWH D OD PHVD GLR OD VHxDO GH TXH VH KDOODED D OD YLVWD HO EHUJDQWtQ (O
GHEDMR GHO SDUUyQ \ FRPHQ]DURQ OD OHFFLyQ 3RU PL SDUWH )DUDyQ < QR PH GHWXYH /Ht WRGD OD QRFKH $O GtD
SUHSDUp XQD JUDQ KLOHUD UHEHOGH GH KRUWHQVLDV TXH VLJXLHQWHPHRFXSpGHPLVODERUHVKDELWXDOHVSHURFXDQGR
QHFHVLWDEDQ DFRPRGDUVH HQ OD SDUHG FHUFDQD DO SDUUyQ ORJUDED XQ SRFR GH WLHPSR OLEUH YROYtD D OD QRYHOD $Vt OD
7UDEDMpOHQWDPHQWHHQHOORPLHQWUDVQRPHSHUGtDQLQJXQD DFDEp UiSLGDPHQWH 7DPELpQ \R KDEtD VLGR XQ SULVLRQHUR
GH ODV SDODEUDV GHO SURIHVRU 6DQWLV (VWHELWR VH FDtD GH FRPR HO FRQGH GH OD QRYHOD DKRUD QR OR HUD \ FRPR pO
VXHxRHVFXFKDQGRODOHFFLyQHQFDPELR\RLQWHQWDEDFDSWDU EXVFDEDPLYHQJDQ]Dߋ
WRGR OR TXH VH GLMHUD ,QPHGLDWDPHQWH TXH HO SURIHVRU VH
PDUFKyFRUUtKDVWDPLFDEDxD\UHSDVpHQWHUDODOHFFLyQHQ
PLFDEH]D2FXUULyGHOPLVPRPRGRWRGDODVHPDQD3RUODV
QRFKHV YROYtD D UHSDVDUOD DWUHYLpQGRPH D SUDFWLFDU FRQ
OHFWXUDV GH SHTXHxRV IUDJPHQWRV GH GLDULRV \ UHYLVWDV
EXVFDED HMHPSORV GH OHWUDV \ SDODEUDV H LQWHQWDED TXH PL
FHUHEUR UHSLWLHUD ORV VRQLGRV 3RFR D SRFR FRPR VL VH
GHVWDSDUD XQ JUDQ SR]R RVFXUR FRPHQFp D XQLU HVDV
SDODEUDV D UHFRQRFHUODV \ D HQWHQGHUODV 3RU ODV WDUGHV
DFXGtDVLQTXHQDGLHORQRWDUDKDVWDPLVKRUWHQVLDVGRQGH
ILQJtD WUDEDMDU SHUR HQ UHDOLGDG HVFXFKDED DWHQWDPHQWH OD
OHFFLyQGHOHFWXUD
7RGR HO YHUDQR WUDVFXUULy GHO PLVPR PRGR 0L H[FLWDFLyQ
HUD DODUPDQWH $ YHFHV PH SDVDED WRGD OD QRFKH
SUDFWLFDQGR OR TXH DSUHQGtD GXUDQWH HO GtD /DV ~OWLPDV
VHPDQDV VLQ LQKLELFLRQHV PH VHQWDED MXQWR FRQ (VWHELWR D
HVFXFKDU GLUHFWDPHQWH DO SURIHVRU GHMDQGR GH ODGR PL
WUDEDMR
&RLQFLGLy HO ILQDO GHO FXUVR FRQ OD SDUWLGD GH (VWHELWR \ HO
ILQ GHO YHUDQR &XDQGR DPERV QRV DEUD]DPRV HQ OD

39/55
\ ILQDOPHQWH FDt HQIHUPR HQ OD FDPD TXH QXQFD XVDED
'XUDQWH YDULRV GtDV QR SXGH OOHYDUPH D OD ERFD DOLPHQWR
DOJXQR%ULJLHWHQWUDEDHQSXQWLOODVPHGHMDEDODEDQGHMD\
VDOtDVLQGHFLUQDGD$OSULQFLSLRVHPRVWUyLQGLIHUHQWHSHUR
 PiV WDUGH FXDQGR YLR PL JUDYHGDG SUHILULy OODPDU DO
(/'(6&8%5,0,(172'(/26/,%526 PD\RUGRPRSDUDTXHPHDWHQGLHUD(PSHRUpFRQDODUPDQWH
UDSLGH]0LiQLPRWDPSRFRPHMRUy(QPLLQWHULRUFRPEDWtD
FRQPLVSURSLDVIUXVWUDFLRQHV3HQVDEDVLQRHUDHOTXHFUHt
VHUHQWRQFHVQRYDOtDODSHQDYLYLU/DVHxRUD'DPDWDPELpQ
VH DFHUFy YDULDV YHFHV SUHRFXSDGD $O YHU PL HVWDGR
(O GHVFXEULPLHQWR GH ORV OLEURV WUDMR FRQVLJR RWUR FRQYRFy FRQ XUJHQFLD D VX PpGLFR /DV VLJXLHQWHV QRFKHV
GHVFXEULPLHQWR WHUULEOH 6XSRQJR TXH OR VRVSHFKDED SHUR IXHURQ GH VXIULPLHQWR %ULJLHW SHUPDQHFtD D PL ODGR VLQ
QXQFD FUHt TXH VHUtD WDQ GHYDVWDGRU SDUD PL VLPLHVFD GHFLUQDGDREVHUYiQGRPHFRQVXURVWURLPSHQHWUDEOHSHUR
SHUVRQD 'HVGH PL OOHJDGD D OD OHFWXUD FUHt TXH SRGUtD SUHRFXSDGD 3RU PL FDEH]D FRPHQ]DURQ D GHVILODU ORV
FRQRFHU PXFKRV VHFUHWRV \ DVt RFXUULy &RPHQFp SRU ORV FDVWLJRVHQPLMDXODODYR]EXUORQDGH3DOPLQHVHO*UDQGH
GLDULRVTXHOHtDQODVHxRUD'DPD\HOPD\RUGRPR\TXHSRU ORVJULWRVGHORVYLVLWDQWHV7RGRHVHWLHPSRORUHFRUGpFRPR
ODV QRFKHV GHSRVLWDEDQ PX\ RUGHQDGDPHQWH HQ HO WDUUR GH XQFDVWLJRPHUHFLGRHVWDEDHQODMDXODSRUTXHHUDHOOXJDU
OD EDVXUD &RPR \R HUD HO HQFDUJDGR GH OOHYDU QXHVWUD GRQGH GHEtD HVWDU SHQVDED GRQGH GHEtD SHUPDQHFHU XQ
EDVXUDKDVWDHOFHVWRHQODFDOOHDSURYHFKDEDSDUDUHJUHVDU DQLPDO FRPR \R /DV ULVDV GH QLxRV \ DGXOWRV IUHQWH D PL
PX\ FRQWHQWR D PL KDELWDFLyQ FRQ HVRV GLDULRV \ UHYLVWDV MDXOD PH KLFLHURQ GHOLUDU OD ILHEUH PH VXELy KDVWD TXHPDU
(QWRQFHVORVOHtDOHQWDPHQWHDOSULQFLSLRSHURGHVSXpVFRQ PLFXHUSR3RUODPDxDQDHVFXFKpOORUDUDODFRFLQHUDHQOD
ULWPR \ YHORFLGDG $ ORV SRFRV GtDV HQFRQWUp HQ ORV GLDULRV SXHUWD GH OD FDEDxD /RV PpGLFRV OOHJDURQ PiV WDUGH SHUR
XQDUWtFXORVREUHODGHVDSDULFLyQGHORVJUDQGHVSULPDWHVGH PRYtDQODFDEH]DGHVDQLPDGRV\VDOtDQGHDOOt/D~QLFDTXH
ÈIULFD HO UHSRUWDMH OOHYDED IRWRJUDItDV DOJXQDV PX\ SHUPDQHFLyWRGRHOWLHPSRFRQPLJRIXH%ULJLHW3HURQXHVWUD
WHUULEOHV FRQ FDSWXUDV GH VLPLRV HQ ODV VDEDQDV DIULFDQDV FRPXQLFDFLyQHUDPtQLPDHOVLOHQFLRDEVROXWRHQWUHORVGRV
&RPHQFp D FRPSUHQGHU HQWRQFHV PL YHUGDGHUD LGHQWLGDG HUDQXHVWUDIRUPDGHUHODFLRQDUQRV\RWHQGLGRHQODFDPD
HVD TXH FUHt GLIHUHQWH 8QD VXFHVLyQ GH FUyQLFDV TXH HOOD VHQWDGD HQ XQD VLOOD &XDQGR FUH\HURQ TXH
HQFRQWUp HQ XQD UHYLVWD GH YLDMHV PH FRQILUPy WRGRV PLV GHILQLWLYDPHQWHPHPRULUtDOODPDURQDODVHxRUD'DPD
HUURUHV 0L YHUGDGHUD LGHQWLGDG HUD HVD OD GH XQ VLPLR (OODKL]RVDOLUD%ULJLHW\RFXSyVXOXJDUHQODVLOODDOODGR
PDFKR GH OD HVSHFLH GH ORV JUDQGHV SULPDWHV (VD GH OD FDPD /D PLUp D ORV RMRV \ UHFRUGp HVD PLUDGD OD
FRPSUREDFLyQIXHXQJROSHWUHPHQGR PLVPD TXH DOJXQD YH] HQFRQWUp HQ 0 OD ~OWLPD YH] TXH OD
'XUDQWH DxRV DQVLDED DFFHGHU D ORV OLEURV DKRUD TXH OR YL /D VHxRUD 'DPD PH KDEOy TXHGDPHQWH FRPR HVWDED
KDFtD HVWRV PH GHYROYtDQ D OD UHDOLGDG GH OD IRUPD PiV DFRVWXPEUDGD D KDFHUOR PDUFDQGR VXV SDODEUDV (VH WRQR
FUXHO )XHURQ GtDV GH HVWUHPHFLPLHQWRV IUtRV TXH PH PH UHODMy 0H KDEOy GH VX QLHWR GH (VWHELWR HVWDED
UHFRUUtDQPLSHOXGDSLHOGHDQLPDO$SHQDVPHSRGtDPRYHU GHPRVWUDQGR SURJUHVRV DVRPEURVRV HQ HO FROHJLR WRGR

40/55
JUDFLDV D ODV OHFFLRQHV GHO SURIHVRU 6DQWLV 3HQVp TXH PL
HVWDGR GH PRULEXQGR HUD LQGLUHFWDPHQWH SURYRFDGR SRU
HVDVOHFFLRQHV/D VHxRUD'DPDOHYDQWyHQWRQFHVODYLVWD\
HQFRQWUy HQ OD JDYHWD HO HMHPSODU GH (O FRQGH GH
0RQWHFULVWR VRQULy OHYH \ HOHJDQWHPHQWH \ GLMR SDVDQGR OD 
PDQRSRUODFXELHUWDGHOOLEUR $&(37‰0,5($/,'$'
²/DQRYHODSUHIHULGDGH$UPDQGR
(QVHJXLGD GHVOL]y VX PDQR KDFLD OD PtD \ OD VRVWXYR FRQ
XQD SHTXHxD SUHVLyQ 6X PDQR HUD SHTXHxD IUiJLO \
KXHVXGD OD PtD HUD RVFXUD SHOXGD GH GHGRV UHJRUGHWHV
6HQWtYHUJHQ]DGHPLVPDQRVJLJDQWHVDOODGRGHODVVX\DV $FHSWp PL UHDOLGDG &RQ ORV DxRV PH KH GDGR FXHQWD GH
(QWRQFHV KL]R XQD ODUJD SDXVD DQWHV GH YROYHU D KDEODU TXH WRGRV DQLPDOHV \ KRPEUHV OR KDFHQ GH OD PLVPD
)LQDOPHQWHVXVSLUy\GLMRDSUHWiQGRPHD~QPiVODPDQR IRUPD FRQ UHVLJQDFLyQ R GHVHVSHUDFLyQ SHUR WHUPLQDQ
ILQDOPHQWH DFHSWDQGR OD UHDOLGDG FXDOTXLHUD TXH VH OHV
²+DVVLGRXQEXHQKRPEUH
SUHVHQWH
/XHJRVHOHYDQWyFRQWUDULDGDFRQORVRMRVOORURVRV\GHMy
/RV VLJXLHQWHV DxRV IXHURQ GLVWLQWRV 6HJXt WUDEDMDQGR GH
ODKDELWDFLyQ3HURVXVSDODEUDVTXHGDURQUHWXPEDQGRHQPL
MDUGLQHUR HQ OD FDVD GH OD VHxRUD 'DPD 0H DOHJUDED OD
FHUHEUR FRPR QXQFD DQWHV (UD OR TXH KDEtD GHVHDGR
OOHJDGD GHO YHUDQR HQ OD FDVD (O SDWLR DGTXLUtD XQD YLGD
HVFXFKDU GXUDQWH WDQWRV DxRV (UD OR TXH HVSHUDED
GLIHUHQWH OOHQD GHO EXOOLFLR GH ORV LQVHFWRV \ OD EUXPD GHO
FRQYHUWLUPH QDGD PiV TXH HQ XQ ³EXHQ KRPEUH´ DXQTXH
FDORUHQWUHORViUEROHV7HQJRTXHGHFLUTXHGHVGHHOGtDHQ
IXHUDXQVLPLRFDSWXUDGRSDUDVHUH[KLELGRHQXQ]RROyJLFR
TXH PH HQWHUp GH PL FRQGLFLyQ VLPLHVFD PH GHFLGt D
1XQFDGHMDUtDGHVHUXQRSHURWRGDYtDSRGUtDFRQYHUWLUPHR
DFHSWDUOD 3RU OR WDQWR FXDQGR WUDEDMDED YDJDED GHVFDO]R
\DORHUDVHJ~QODVHxRUD'DPDHQXQEXHQKRPEUH
RFXSDGR HQ PLV ODERUHV \ FDGD YH] PiV UHWUDtGR 7DPSRFR
(VDVRODIUDVHVLUYLyGHDOLYLR\FXUDFLyQ(QODVVLJXLHQWHV YROYt D PL OLEUR R DOJ~Q RWUR WLSR GH OHFWXUD 'H DOJXQD
KRUDVODILHEUHFHGLy%ULJLHWVHDOHJUy\FRUULySRUFRPLGD\ PDQHUD DEVXUGD FXOSDED D PL UHFLHQWH KDELOLGDG GH OHHU GH
DJXD %HEt \ FRPt OHQWDPHQWH \ PL VDOXG FRPHQ]y D WRGDVPLVGHVJUDFLDV
UHFREUDUVH 1HFHVLWp SRFRV GtDV SDUD UHFXSHUDU HQWHUDV PLV
(OVLJXLHQWHYHUDQR(VWHELWROOHJyGLIHUHQWH(UDXQMRYHQ
IXHU]DV \ PL HQWXVLDVPR GH VLHPSUH /D VHxRUD 'DPD OR
GHOJDGR \ PX\ DOWR 1R VH LQWHUHVy FRPR \R HVSHUDED HQ
KDEtD ORJUDGR VLQ LPDJLQiUVHOR SDUD HOOD HUD XQ EXHQ
WUHSDU iUEROHV R DFRPSDxDUPH HQ ORV MXHJRV TXH GHER
KRPEUHHQXQFXHUSRGHVLPLR
DGPLWLUOR GLVIUXWDED PiV TXH pO /D PD\RU LPSUHVLyQ TXH
PHFDXVyIXHYHUORSUHPXQLGRGHDOJXQRVOLEURVHFKDGRHQ
HO SDVWR SDVDU ODV KRUDV GH OD WDUGH OH\HQGR <R HVSHUDED
MXJDU FRPR VLHPSUH SHUR PH GL FXHQWD GH TXH HUD LQ~WLO
REOLJDUOR 3RU ODV QRFKHV pO SDUWLFLSDED FRQ VX DEXHOD HQ
UHXQLRQHV VRFLDOHV FRQ GLVWLQJXLGDV SHUVRQDOLGDGHV TXH OH

41/55
LQWHUHVDED FRQRFHU 8QD YH] OH HVFXFKp H[FODPDU DO GRUPLWRULR$EULPRVHVDSXHUWD(OOXJDUHVWDEDHQWLQLHEODV
PD\RUGRPR ³4Xp FDPELDGR HVWi HO VHxRU (VWHELWR´ 0iV \ D SHVDU GHO FDORU GHO YHUDQR DOOt SDUHFtD PiV IUHVFR IUtR
WDUGH OD VHxRUD 'DPD QRV DGYLUWLy GH TXH (VWHEDQ ²VH LQFOXVR (QFHQGLPRV OD OX] \ QRV HQFRQWUDPRV HQ PHGLR GH
SUHRFXSyGHSXQWXDOL]DUVXQRPEUHGHVGHHVHPRPHQWRHQ OD ELEOLRWHFD GH $UPDQGR HO DEXHOR GH (VWHELWR /RV
DGHODQWH²VHSUHSDUDEDSDUDLQJUHVDUDXQDXQLYHUVLGDGHQ DQDTXHOHV HVWDEDQ OOHQRV GH OLEURV (Q RWUR OXJDU
HOH[WUDQMHUR HQFRQWUDPRVXQHVFULWRULRFXELHUWRGHPDSDV\XQDDQWLJXD
(VWHELWRR(VWHEDQQRROYLGyGHOWRGRORVEXHQRVWLHPSRV FiPDUD IRWRJUiILFD (VWHELWR HVWDED PDUDYLOODGR FRQ ORV
&XDQGR VX DEXHOD VH DXVHQWDED FDPELDED ORV OLEURV SRU OLEURV GH VX DEXHOR 6DEtD TXH OD GHFLVLyQ GH DEULU OD
MXJDUFRQPLJR1RVJROSHiEDPRVEURPHDQGRROXFKiEDPRV ELEOLRWHFDGHELyVHUGLItFLOSDUDVXDEXHOD&RPHQ]yHQWRQFHV
HQ HO VXHOR ²HYLGHQWHPHQWH OR GHMDED JDQDU SRUTXH PL D UHYLVDU ORV WtWXORV /H DSDVLRQDEDQ ODV QRYHODV GH
IXHU]D OR VXSHUDED² \ D YHFHV YROYtDPRV D WUHSDUQRV D ORV DYHQWXUDV eO HVSHUDED WUDQVIRUPDUVH HQ XQ HVFULWRU SHUR
iUEROHV $Vt RFXUULy HO DFFLGHQWH 1R IXH XQR JUDYH SHUR Vt DQWHV VHUtD XQ DYHQWXUHUR SDUD WHQHU PDWHULDO TXH HVFULELU
GHWHUPLQDQWH(VWHELWRHUDH[FHOHQWHVXELHQGRDORViUEROHV 0LHQWUDVUHSDVDEDORVOLEURVTXHOHHUtDSULPHURREVHUYpORV
0H FRQIHVy TXH VX SDVLyQ HUD HVFDODU PRQWDxDV TXH OR PDSDV VREUH HO HVFULWRULR $OOt HVWDED HQWUH RWURV XQ JUDQ
KDUtDPiVDGHODQWHDXQTXHVLQHOSHUPLVRGHVXSDGUHRGH PDSDGHÈIULFD(QWRQFHVSHQVpFRQWULVWH]DTXHWDOYH]\R
VXDEXHOD8QDWDUGHTXHQRVGHVFROJiEDPRVSRUXQRGHORV KDEtD QDFLGR HQ DOJ~Q OXJDU GH HVH HQRUPH FRQWLQHQWH
iUEROHV GHO SDWLR XQD UDPD FHGLy \ (VWHELWR FD\y GHVGH 3UREDEOHPHQWH WDPELpQ DOOt QDFLHURQ PLV SDGUHV WDO YH]
JUDQDOWXUD6HJROSHyHQXQDGHODVSLHUQDV/RFDUJXp\OR KDEtDQVLGRFD]DGRV\\RHUDPX\SHTXHxRSDUDUHFRUGDUOR
FRQGXMHKDVWDODFDVD(QODFOtQLFDOHDVHJXUDURQTXHWHQtD 8Q YHQWDUUyQ GH QRVWDOJLD PH KL]R VXVSLUDU FRQ IXHU]D \
XQDOX[DFLyQHQXQWRELOORQDGDPiVSHURTXHSRUHOUHVWR VHQWt FRPR QXQFD DQWHV OD KXPHGDG GH OD VHOYD GH ORV
GH ODV YDFDFLRQHV WHQGUtD TXH XVDU XQD ERWD GH \HVR ERVTXHV OOXYLRVRV GH PLV DQFHVWURV HO FDORU VHFR \
&XDQGR OD VHxRUD 'DPD UHJUHVy D OD FDVD QRV FLWy GHEDMR SROYRULHQWR D SHVDU GH QR KDEHU YLYLGR QXQFD DOOt $QWHV
GHOSDUUyQHOOXJDUGRQGHVHGHFtDQFRVDVLPSRUWDQWHV1RV KDEtD VHQWLGR DOJR SDUHFLGR VREUH WRGR SRU ODV QRFKHV
UHSUHQGLyPX\ILUPHPHQWH$PERVEDMDPRVODFDEH]DFRPR PLUDQGR D OD OXQD R FXDQGR OORYtD H[DJHUDGDPHQWH SHUR
FXOSDEOHV DUUHSHQWLGRV (QWRQFHV QRV GLR OD SHQLWHQFLD QXQFD KDEtD FRPSUHQGLGR GH TXp VH WUDWDED $KRUD HUD
(VWHELWRGHEtDSHUPDQHFHULQPRYLOL]DGRHQXQDWXPERQDHQ GLVWLQWRHUDXQVLPLRHGXFDGRHQWUHORVKRPEUHV\SRUHOOR
HOSDWLR\\RGHEtDKDFHUOHFRPSDxtDSHURVHDJUHJDEDDOJR WDPELpQSULVLRQHURRWUDYH]SULVLRQHURSHQVp
PiV (Q HVH PRPHQWR OHYDQWy GRV OODYHV OR KL]R GH XQ (VWHELWR UHFRJLy ODV QRYHODV TXH FUH\y GLVIUXWDUtD \ QRV
PRGR WHPEORURVR \ VXV RMRV VH OOHQDURQ GH OiJULPDV &UHR SUHSDUDPRV SDUD VXELU $QWHV GH KDFHUOR VH GHWXYR \ PH
TXHQXQFDYROYtDYHUODGHHVHPRGRIUiJLO\QRVWiOJLFD/DV SUHJXQWy VL LED D HOHJLU DKRUD R GHVSXpV OR TXH OHHUtD SDUD
OODYHV HUDQ GH OD ELEOLRWHFD FODXVXUDGD HQ HO VyWDQR GH OD DFRPSDxDUOR 1R HVSHUDED DOJR DVt 5HFRUUt HO DQDTXHO \
FDVD (VWHELWR H[SORWy HQ JULWRV GH DOHJUtD TXH \R HOHJtVLQSHQVDUORTXHPHSDUHFLyDGHFXDGROXHJRVXEtFRQ
DFRPSDxp DXQTXH QR WHQtD LGHD GH SRU TXp OR KDFtD &RQ (VWHELWRKDVWDHOSDWLRGRQGHFRPHQ]DPRVQXHVWUDSULPHUD
(VWHELWR DO KRPEUR EDMDPRV DO VyWDQR /D VHxRUD 'DPD QR VHVLyQ GH OHFWXUD DSURYHFKDQGR HO FDORU DJUDGDEOH GHO
TXLVRVDEHUPiVGHWDOOHVGHODVXQWR\VHUHWLUyFDQVDGDDVX YHUDQRILOWUDGRSRUHVHMDUGtQIUHVFRHQHOIRQGRGHODFDVD

42/55
TXH XQD QXHYD YLGD FRPHQ]DED SDUD pO HQ HO H[WUDQMHUR
$PERVORVDEtDPRVSRUHVRHQXQDFWREDVWDQWHLQXVXDOGH
PLSDUWHORDEUDFpKDVWDFDVLGHMDUORVLQDLUH\GHVSHLQDGR
/H GHVHDED VXHUWH \ HVSHUDED TXH QXQFD PH ROYLGDUD
 SRUTXH\RQRORKDUtD
'(%2'(&,548(+(7(1,'268(57( $O GtD VLJXLHQWH GH OD SDUWLGD GH (VWHELWR HO PD\RUGRPR
PX\ WHPSUDQR JROSHy D PL SXHUWD $O DEULUOD PH HVSHUDED
FRQ XQ UDVWULOOR HQ OD PDQR ODV WLMHUDV GH SRGDU \ RWUDV
KHUUDPLHQWDV 0H GLMR TXH WHQtD PXFKR WUDEDMR \ TXH HUD
PHMRU TXH FRPHQ]DUD GH XQD YH] 7HQtD UD]yQ GHVSXpV GH
'HERGHFLUTXHKHWHQLGRVXHUWHHQPXFKRVGHPLVDFWRV KDEHUVXIULGRHOFDVWLJRGHODVHxRUD'DPDGHOHHUWRGRHVH
VXHUWH PH]FODGD FRQ JUDQGHV FRLQFLGHQFLDV /D SULPHUD GH YHUDQRGHEtDYROYHUDOWUDEDMR&RPSUHQGtTXHODOHFWXUDPH
HVDVQRYHODVTXHOHtMXQWRD(VWHELWRHQHOSDWLRRGHELyGH KDEtDFRQYHUWLGRHQDOJXLHQGLIHUHQWHRGHERGHFLUTXHHUD
VHUODVHJXQGDRODWHUFHUDWUDWDEDGHXQQLxRSHTXHxRGH HO PLVPR SHUR FRQ JDQDV GH VHU GLIHUHQWH \ HVH
VROR PHVHV KLMR GH XQ KRPEUH ULFR (Q XQ YLDMH HQ DYLyQ VHQWLPLHQWR KDVWD HO GtD GH KR\ HV HO TXH VLHPSUH PH
VXIUH XQ DFFLGHQWH /D IDPLOLD HQWHUD SHUHFH SHUR HO QLxR LQVSLUDQORVOLEURVFXDQGRWHUPLQRGHOHHUORV
VREUHYLYH DO WHUULEOH DFFLGHQWH 6XV GtDV X KRUDV HVWiQ
FRQWDGRV QR VREUHYLYLUi SRUTXH KD FDtGR HQ PHGLR GH XQD
VHOYD OOHQD GH DQLPDOHV IHURFHV \ RWUDV GLILFXOWDGHV SHUR HO
QLxRHVUHVFDWDGRSRUXQDIDPLOLDGHVLPLRVTXHORSURWHJH
ORDOLPHQWD\ORVDOYDGHODPXHUWH(OQLxRVHWUDQVIRUPDHQ
XQKRPEUHGHODVHOYDHGXFDGRSRUORVVLPLRVYLYHFRQHOORV
HQFLPD GH ORV iUEROHV VH FRPSRUWD FRPR HOORV SXHGH
WUHSDU \ WUDVODGDUVH SRU WRGD OD VHOYD D WUDYpV GH ORV
iUEROHV /D KLVWRULD VH FRPSUHQGHUi PH IDVFLQy HUD PL
KLVWRULDSHURFRQWDGDDOUHYpV
/Ht PXFKR DTXHO YHUDQR /D VHxRUD 'DPD QRV REVHUYDED
GHVGHXQDYHQWDQDGHOVHJXQGRSLVR\VRQUHtD7DPELpQQRV
REVHUYDED 0DJDOODQHV HO PD\RUGRPR GHVGH OD FRFLQD
PRYtDODFDEH]DSRUHOWLHPSRTXHSHUGtDPRVVLQKDFHUQDGD
~WLO VHJ~Q VXV SDODEUDV 3DUD Pt IXHURQ PLV SULPHUDV
YDFDFLRQHVYHUGDGHUDV\ODVGLVIUXWp
/OHJy OD KRUD GH GHVSHGLUQRV GH (VWHELWR R (VWHEDQ
VHJ~Q VX DEXHOD 6DEtDPRV DPERV TXH QDGD VHUtD FRPR
DQWHV TXH QR UHJUHVDUtD SXQWXDOPHQWH HO VLJXLHQWH YHUDQR

43/55
SRU HVR %ULJLHW OR KDFtD HQ HO SDWLR GH OX] DO ODGR GH OD
FRFLQD 'LMR TXH HO PD\RUGRPR HVWDED HQIHUPR 4XH D OD
KRUD GHO DOPXHU]R KDEtD FDtGR GHVPD\DGR HQ HO FRPHGRU
PLHQWUDV VHUYtD OD VRSD (O PpGLFR GH OD VHxRUD OR
 H[DPLQDEDHQHVHPRPHQWR%ULJLHWPHDVHJXUyTXHFRQVX
(/18(92$‘275$-2(;75$‘$6129('$'(6 H[SHULHQFLD QR SDUHFtD QDGD EXHQR OR TXH OH RFXUUtD DO
PD\RUGRPR 4XLVH SUHJXQWDU TXp VLJQLILFDED ©VX
H[SHULHQFLDª SRU TXp KDEODED GH HVH PRGR SHUR QR
WXYLPRV WLHPSR SRUTXH DSDUHFLy OD FRFLQHUD 'HEtD
SUHSDUDUOHXQDVRSDDOPD\RUGRPR1RVLQIRUPyDGHPiVGH
(O QXHYR DxR WUDMR H[WUDxDV QRYHGDGHV /D FDVD KDEtD TXH DO GtD VLJXLHQWH GHEtDQ FRQWURODU DO HQIHUPR HQ XQD
YXHOWRDOULWPRHVSHUDGR/DVHxRUD'DPDVHJXtDRIUHFLHQGR FOtQLFD QHFHVLWDEDQ OD RSLQLyQ GH HVSHFLDOLVWDV (VD QRFKH
UHXQLRQHV VRFLDOHV GRQGH VH GLVFXWtDQ DVXQWRV PX\ WRGRV GRUPLPRV SUHRFXSDGRV (O PD\RUGRPR QR HUD XQ
LPSRUWDQWHV VHJ~Q OH HVFXFKp GHFLU D %ULJLHW 3DUD Pt ORV KRPEUH HQWUDxDEOH HQ OD FDVD SHUR VX SUHVHQFLD
GRPLQJRV FDPELDURQ GHO WRGR 3RU SULPHUD YH] GHVGH TXH UHSUHVHQWDEDPXFKRSDUDWRGRVQRVRWURV
HVWDED DOOt FUHt FRQYHQLHQWH QR DFHSWDU YROYHU D OD LJOHVLD &XDQGR DO GtD VLJXLHQWH XQD DPEXODQFLD OR YLQR D EXVFDU
/D VHxRUD 'DPD HUD XQD PXMHU WROHUDQWH \ DQWH PL ORYLPRVVXELUFRQGLILFXOWDG6XURVWURHUDPiVVRPEUtRGH
LQVXUUHFFLyQ FUH\y YHU PiV ELHQ WHPSHUDPHQWR \ QR PH ORKDELWXDO$QWHVGHVXELUPLUyKDFLDHOSDWLRGRQGHHVWDED
REOLJy D FDPELDU GH SDUHFHU (Q FDPELR ORV GRPLQJRV \R FRQ PL UDVWULOOR HQ OD PDQR 1R Vp SRU TXp OR KLFH SHUR
FRPHQFp D UHDOL]DU H[WHQVRV SDVHRV ²SRU VXSXHVWR PH OHYDQWp XQD PDQR \ OD PRYt OHQWDPHQWH pO OR HQWHQGLy
QHJDED D XVDU FXDOTXLHU PHGLR GH WUDQVSRUWH² URGHDQGR HQVHJXLGD\PHUHVSRQGLyOHYDQWDQGRVXPDQRGHODPLVPD
QXHVWUR VHFWRU \ ORV EDUULRV SHULIpULFRV (Q HVRV SDVHRV IRUPD 1XQFD PH LPDJLQp TXH VHUtD OD ~OWLPD YH] TXH OR
FRPSUHQGt TXH ODV GLIHUHQFLDV H[LVWtDQ QR VROR HQWUH YHUtD
KRPEUHV \ DQLPDOHV HQWUH KRPEUHV \ VLPLRV VLQR HQWUH HO /RV VLJXLHQWHV PHVHV OD FDVD SDUHFLy GHVRODGD )DOWDED
PRGR GH YLYLU GH ORV KRPEUHV VXV FDVDV VXV EDUULRV /R XQR GH QRVRWURV (VWiEDPRV WDQ DFRVWXPEUDGRV XQRV D ORV
FRPSUHQGt VLQ TXH PL HQWHQGLPLHQWR OR MXVWLILFDUD 7HQtD OD RWURV DFRVWXPEUDGRV D OD UXWLQD GH WRGRV ORV GtDV TXH VL
FRQYLFFLyQGHTXHHVRVSDVHRVDOJXQDYH]PHVHUtDQ~WLOHV DOJXLHQIDOWDEDQRVDIHFWDEDHOiQLPR
8QGRPLQJRTXHOOHJXpGHUHJUHVRGHPLGtDGHGHVFDQVR 6ROR QRV DOHJUDEDQ ODV FDUWDV GH (VWHELWR GHVGH HO
YLXQDXWRPyYLOHQHOHVWDFLRQDPLHQWR\PHSUHRFXSp H[WUDQMHUR /D VHxRUD 'DPD QRV FRQYRFDED GHEDMR GHO
,QWHQWp DFHUFDUPH D OD YHQWDQD TXH HVWDED LOXPLQDGD OD SDUUyQRVLOORYtDHQODFRFLQD\QRVOHtDHVDVODUJDVFDUWDV
RFXSDGD SRU HO GRUPLWRULR GH 0DJDOODQHV 3HUR ODV FRUWLQDV 'HVFULEtDVXYLGDHQXQFXDUWLWRPX\HVWUHFKRVXVHVWXGLRV
QR GHMDEDQ YHU QDGD 0H DFHUTXp D OD FRFLQD &XDQGR GHWDOODED FDGD XQR GH VXV DPLJRV OXHJR VH GLULJtD D FDGD
WUDWDED GH DEULU OHQWDPHQWH OD SXHUWD GH YLGULR PH XQR GH QRVRWURV $ Pt PH UHFRUGDED SRU VXSXHVWR
VRUSUHQGLy%ULJLHWTXLHQIXPDEDXQFLJDUULOOR<RVDEtDTXH WUHSDQGRDORViUEROHVRHQQXHVWUDVOXFKDVHQHOSDVWRGHOD
D OD VHxRUD 'DPD OH PROHVWDED HO KXPR GH ORV FLJDUULOORV FDVD 'HFtD TXH FRQWLQXDED HQWUHQiQGRVH SDUD YHQFHUPH

44/55
FXDQGRUHJUHVDUD7DPELpQQRVFRQWDEDSDUDVXIULPLHQWRGH SDLVDMHGH7LHUUDGHO)XHJRTXHPRVWUDEDODLQPHQVLGDGGH
VXDEXHODGHVXVH[SHGLFLRQHVHQODVPRQWDxDVVXVYLDMHV OD SDPSD PDJDOOiQLFD HO FLHOR HQRUPH \ HO SDLVDMH SDUHMR
GRQGH VXEtD DOWDV FXPEUHV \ HVWDED HQ FRQWDFWR FRQ OD GRQGH DSDUHQWHPHQWH QR H[LVWtD QDGD 0H LPDJLQp TXH
QDWXUDOH]D WRGDVODVQRFKHVRWRGDVODVPDxDQDVHOPD\RUGRPRPLUDED
3RU ODV QRFKHV FXDQGR QR SRGtD GRUPLU UHSDVDED ODV HVD IRWRJUDItD \ UHFRUGDED VX YLGD SDVDGD HO OXJDU DO TXH
SDODEUDV GH (VWHELWR OR TXH pO OODPDED VX FRQWDFWR FRQ OD QXQFDUHJUHVySHURWDPSRFRROYLGy
QDWXUDOH]D (QWRQFHV DO DPDQHFHU FXDQGR QDGLH PH YHtD %ULJLHW PH HQVHxy D VHUYLU OD PHVD D UHFLELU D ORV
YROYtDDPLHVWDGRQDWXUDO0HTXLWDEDWRGDODURSDVXEtDD LQYLWDGRV \ D YHVWLUPH FRQ URSD TXH PH SURYRFDED ULVD
XQ iUERO \ WUDWDED GH OOHJDU D OD UDPD PiV DOWD (O SDLVDMH XWLOL]DU $SUHQGt FRQ UDSLGH] 0L SULPHUD FHQD FRQ LQYLWDGRV
QRFWXUQR DOOt HUD ~QLFR \ PH LPDJLQDED TXH HUD OR PLVPR LPSRUWDQWHV OD SUHSDUp GXUDQWH XQD VHPDQD /D QRFKH
TXH VHQWtD (VWHELWR FXDQGR DOFDQ]DED OD FLPD GH XQD DQWHULRUQRSXGHGRUPLUSRUORVQHUYLRV&XDQGROOHJDURQORV
PRQWDxDXQVHQWLPLHQWRGHIHOLFLGDGVLQH[SOLFDFLyQ LQYLWDGRVORVUHFLEtHQODSXHUWD0HREVHUYDURQH[WUDxDGRV
3HUR OD VLWXDFLyQ FDPELy /D SpUGLGD GH 0DJDOODQHV HO SHURQRVHDWUHYLHURQDFRPHQWDUQDGD5HFRJtVXVDEULJRV\
PD\RUGRPR GH OD VHxRUD 'DPD QRV GHMy GHILQLWLYDPHQWH VRPEUHURV \ OHV LQGLTXp PX\ VHULDPHQWH KDFLD GyQGH
GHVDQLPDGRV /D VHxRUD 'DPD QRV FLWy D WRGRV HQ HO VDOyQ GLULJLUVH/XHJRVHUYtODFHQDFXLGDGRVDPHQWH0HHTXLYRTXp
SULQFLSDOGHODFDVD1RUHFXHUGRKDEHUHVWDGRHQHVHOXJDU HQ GHWDOOHV PHQRUHV SHUR HQ ORV TXH QDGLH UHSDUy $O ILQDO
VLQRGHSDVDGDFDPLQDQGRFRQFXLGDGRSDUDQRHQVXFLDUVX GH OD FRPLGD DJRWDGR SRU OD HPRFLyQ \ SRU ODV KRUDV VLQ
DOIRPEUD LPSUHVLRQDGR SRU XQ JUDQ UHORM \ OD FULVWDOHUtD GH VXHxR FDt VREUH OD PHVD GH OD FRFLQD GRQGH GRUPt KDVWD
VXV OiPSDUDV 1RV REOLJy D VHQWDUQRV HQ HVRV FRQIRUWDEOHV TXH OD SURSLD FRFLQHUD PH GHVSHUWy \ PH HFKy IXULRVD
VLOORQHV 1RV KDEOy PX\ FODUDPHQWH RUJDQL]DUtDPRV RWUD SRUTXHOHKDEtDOOHQDGRVXPHVDGHSHORV
YH] OD FDVD SHUR HO SULQFLSDO FDPELR HUD OD FRQWUDWDFLyQ GH $O GtD VLJXLHQWH OD VHxRUD 'DPD VH DFHUFy \ PH IHOLFLWy
XQ QXHYR MDUGLQHUR GLMR 3RU VXSXHVWR DO HVFXFKDUOD PH /D FDVD VHJ~Q VXV SDODEUDV YROYtD D UHYLYLU FRQ VX QXHYR
KRUURULFp XQ QXHYR MDUGLQHUR VLJQLILFDED TXH \R HVWDED PD\RUGRPR 3DUD SUREDU VX DJUDGHFLPLHQWR PH GLR XQ
GHVSHGLGR < OR HVWDED SRUTXH DKRUD VHUtD HO QXHYR QXHYR WUDEDMR XQR HVSHFLDO 0H HQWUHJy WDO FRPR OR KDEtD
PD\RUGRPR GH OD FDVD /D FRFLQHUD \ %ULJLHW TXH SDUHFtD KHFKRHOYHUDQRDQWHULRUODVGRVOODYHVGHOVyWDQR'LMRTXH
VLHPSUH PX\ PHODQFyOLFD VH DOHJUDURQ SRU Pt \ PH HVRV OLEURV GHEtDQ HVWDU OOHQRV GH SROYR FRQ WRGRV ORV DxRV
IHOLFLWDURQ 6RUSUHQGLGR SRU OD GHVLJQDFLyQ KLFH DOJXQDV TXHOOHYDEDQDOOtDVtTXHPHHQFDUJDUtDSRFRDSRFR\WDQ
SD\DVDGDV TXH QR SXGH UHSULPLU GDQGR JULWLWRV VLPLHVFRV OHQWDPHQWH FRPR SXGLHUD GH OLPSLDUORV \ WDO YH] YROYHU D
SHURDORVTXHWRGDVHOODVHVWDEDQDFRVWXPEUDGDV FODVLILFDUORV 6DEtD OR TXH PH TXHUtD GHFLU \ OR TXH TXHUtD
'HEt HQWRQFHV FDPELDU PL IRUPD GH YLGD 3RU VXSXHVWR TXH \R KLFLHUD HQ UHDOLGDG 0H VHQWt XQ VLPLR IHOL] 0L YLGD
TXHQRDFHSWpGRUPLUHQODKDELWDFLyQGH0DJDOODQHV(QWUp FRPHQ]DED D OOHQDU WRGRV HVRV YDFtRV TXH FUHtD WHQHU \ QR
DHVHOXJDUSDUDUHFRJHUODVSRFDVSHUWHQHQFLDVTXHWHQtD\ Vp VL HVR PH KDFtD PHMRU KRPEUH R PHMRU VLPLR R DPEDV
JXDUGDUODV GHILQLWLYDPHQWH 6REUH HO YHODGRU HQFRQWUp VX FRVDVDODYH]
UHORM TXH IXH OR ~QLFR TXH FRQVHUYp GH pO 1R QR IXH OR
~QLFR7DPELpQHQHOYHODGRUHQFRQWUpXQDIRWRJUDItDHUDXQ

45/55
GHUROORVIRWRJUiILFRV\XQGtDHVWXYHSUHSDUDGR
'HERLQVLVWLUHQTXHPDQWHQtDPLFXDUWRHQODFDEDxDGHO
 IRQGR GHO SDWLR GRQGH PH VHQWtD GH YHUGDG FyPRGR 0H
DFRPSDxDEDQ PL HMHPSODU GH (O FRQGH GH 0RQWHFULVWR \ OD
 IRWRJUDItD GH ODV WLHUUDV DXVWUDOHV GHO DQWHULRU PD\RUGRPR
(1/26$‘266,*8,(17(6 %ULJLHW VHJXtD FDUJDQGR OD EDQGHMD FRQ FRPLGD KDVWD PL
FDEDxD &XDQGR OR KDFtD DKRUD PH VRQUHtD \ OH JXVWDED
KDEODUPH XQRV PLQXWRV 3RU VXSXHVWR \R QR VROR DFHSWDED
VX FRQYHUVDFLyQ VLQR TXH OD DOHQWDED ,QWHQWDED SDUHFHU
LQWHUHVDGR \ SUHRFXSDGR DVt SRFR D SRFR VH VLQWLy HQ
(Q ORV DxRV VLJXLHQWHV OR GLJR FRQ PRGHVWLD OHt FDVL FRQILDQ]D FRQPLJR KDVWD TXH XQD WDUGH GH SRFR WUDEDMR ²
tQWHJUDPHQWHODELEOLRWHFDGHOVyWDQR0HSDVDEDHQHOOXJDU QRUHFXHUGRODHVWDFLyQGHODxR²PHFRQWyVXKLVWRULD
KRUDVHQWHUDVSRUVXSXHVWRFXDQGRQRPHRFXSDEDGHPLV %ULJLHWPX\MRYHQVHKDEtDHQDPRUDGRGHXQKRPEUHHQ
DFWLYLGDGHVFRPRPD\RUGRPR HO QRUWH GHO SDtV (O HUD H[WUDQMHUR \ WUDEDMDED FRPR
&XLGp PL URSD \ PLV PRGDOHV VH UHILQDURQ DO SXQWR TXH LQJHQLHUR HQ XQD PLQD GH FREUH (OOD KDEtD YLYLGR SREUH
FXDQGRPHYHtDHQHOHVSHMRDSHQDVVHQRWDEDQPLVUDVJRV D\XGDQGR HQ OD FRFLQHUtD GH OD ]RQD TXH OOHYDED VX PDGUH
VLPLHVFRV$VtSDVDURQORVDxRV\WRGRVHQODFDVDLQFOXLGD (O LQJHQLHUR OD HQFRQWUy VLUYLHQGR SODWRV \ WDPELpQ VH
ODFDVDPLVPDIXLPRVHQYHMHFLHQGR5HFLEtDPRVQRWLFLDVGHO HQDPRUyGHHOOD/HHQYLyUHJDORVFRPRYHVWLGRVUHYLVWDV\
H[WHULRU(VWHELWRQRVLQIRUPDEDGHVXVp[LWRVFRPRDERJDGR SHUIXPHV (OOD FRPR HUD MRYHQ TXHGy PDUDYLOODGD eO HUD
\GHVXPDWULPRQLR1RVHROYLGDEDGHXQDVOtQHDVSDUDFDGD XQKRPEUHPD\RU\FRQGLQHUR8QGtDODLQYLWyDXQFLQHGH
XQRGHQRVRWURV6XDEXHODVHHPRFLRQDEDFRQHVDVFDUWDV ODFLXGDG\FXDQGRODIXHDGHMDUHQVXDXWRPyYLOKDEOyFRQ
/D YHtD DOHMDUVH KDVWD XQD YHQWDQD GRQGH SHUPDQHFtD VXPDGUHOHGLMRTXHTXHUtDFDVDUVHTXHQRVHSUHRFXSDUD
ODUJRVPLQXWRVFRQODYLVWDSHUGLGDVRVWHQLHQGRODFDUWDGH SRU OD GLIHUHQFLD GH HGDG \ TXH OD KDUtD IHOL] 1DGLH WXYR
VXQLHWRHQVXVPDQRV WLHPSRGHSHQVDUPHMRUORTXHRFXUUtD \DPERVVHFDVDURQ
8QD GH HVDV FDUWDV OD DFRPSDxy FRQ UHJDORV SDUD WRGRV XQDVHPDQDGHVSXpV%ULJLHWVHIXHDYLYLUFRQHOLQJHQLHUR
QRVRWURV (O PtR PH LPSUHVLRQy 6HJ~Q (VWHELWR ²RWUD YH] DXQDFDVDGHGRVSLVRV 3RUSULPHUDYH]HOODWXYR GLQHUR
ODVHxRUD'DPDOHKDEtDGHYXHOWRVXQRPEUHGHQLxR\QROR FDPELyVXURSDVXVKiELWRV\VXVDPLVWDGHV\D\XGyDVX
OODPDED (VWHEDQ² DOJXQD YH] PH YLR LQWHUHVDGR HQ OD PDGUH TXH VHJXtD FRQ HO WUDEDMR GH OD FRFLQHUtD 3DVDED
IRWRJUDItD D SURSyVLWR GH XQD YLHMD FiPDUD GH VX DEXHOR PXFKRWLHPSRVRODHQODFDVDGHELGRDODVODUJDVDXVHQFLDV
TXH HQFRQWUDPRV HQ HO VyWDQR GH OD FDVD (Q HO HQYtR GH WUDEDMRGHVX PDULGR HQ HO GHVLHUWR8QDxR GHVSXpVGH
HQWRQFHV LQFOXtD XQD SHTXHxD FiPDUD IRWRJUiILFD SDUD Pt FDVDUVH HO LQJHQLHUR IXH WUDVODGDGR GHILQLWLYDPHQWH D OD
0H SDUHFLy XQ UHJDOR HVWXSHQGR \ OD VHxRUD 'DPD OH FLXGDG (QWRQFHV VXV YLGDV FDPELDURQ $ pO QR OH JXVWDED
WUDVPLWLy PL JUDWLWXG HQ XQD VLJXLHQWH FDUWD 'XUDQWH TXHHOODVDOLHUDGHODFDVDTXHVHMXQWDUDFRQDPLJDVRTXH
VHPDQDV HVWXGLp ORV VHFUHWRV GH HVD FiPDUD HQ OLEURV TXH VH YLVWLHUD GH OD IRUPD TXH OR KDFtD 3DUHFtD TXH WRGR
HQFRQWUp %ULJLHW VH RIUHFLy SDUD FRPSUDUPH XQD SURYLVLyQ GLVJXVWDED DO LQJHQLHUR 5HVWULQJtD VXV DFWLYLGDGHV \ FRQ

46/55
TXLpQ KDEODED FXHVWLRQDED KDVWD ODV YLVLWDV TXH OH KDFtD D KDEODU $QWHVGHOOHJDUDOSRVWUHHOD\XGDQWHFD\y GRUPLGR
VX PDGUH %ULJLHW SDVDED HO GtD HQFHUUDGD HQ OD FDVD VLQ VREUH OD PHVD (O VRPQtIHUR TXH VX PDGUH OH HQYLy HUD
HQWHQGHU OR TXH OH RFXUUtD D VX PDULGR $ YHFHV pO OOHJDED SRGHURVR \ HVSHUDEDQ TXH HO KRPEUH GXUPLHUD DO PHQRV
DOWHUDGR\DXQTXHQXQFDODJROSHyODDJUHGtDFRQLQVXOWRV FLQFR KRUDV VHJXLGDV %ULJLHW SUHSDUy VX PDOHWD 3UHILULy QR
VH UHtD GH HOOD GH VX LJQRUDQFLD \ SREUH]D \ FHORVR OD TXHGDUVHFRQQDGDVRORFRQDOJXQRVYHVWLGRV(QODFDOOHOD
DFXVDED GH XQD LQILGHOLGDG TXH QR H[LVWtD %ULJLHW QR SRGtD DJXDUGDEDQ XQD FDPLRQHWD GH XQ DPLJR \ VX PDGUH
KDFHUORVLDSHQDVVDOtDGHODFDVD(OLQJHQLHUROHREOLJDEDD 9LDMDURQ WRGD OD QRFKH KDVWD OD HQWUDGD GH OD VLJXLHQWH
HVFULELUOHFDUWDVDODPDGUHHQODVTXHOHHQWUHJDEDGLQHUR\ FLXGDGPiVFHUFDQD$ODPDQHFHUHVSHUDURQDOOtHODXWRE~V
QRWDVHQODVTXHOHGHFtDTXHVHHQFRQWUDEDGHYLDMHRTXH 6H GHVSLGLHURQ OORUDQGR (O DXWRE~V VH IXH SRU OD FDUUHWHUD
QR SRGtDQ YHUVH %ULJLHW VH GLR FXHQWD HQWRQFHV GH TXH HUD HQPHGLRGHOGHVLHUWRGHOQRUWHUXPERDODFDSLWDOGHOSDtV
SULVLRQHUD HQ VX SURSLD FDVD 3DUD QR YROYHUVH ORFD KDEOy 'RV GtDV GHVSXpV HVWDED LQVWDODGD HQ XQD SHQVLyQ HQ
FRQ HO LQJHQLHUR XQ GtD HQ TXH OR FUH\y GH EXHQ iQLPR /H 6DQWLDJR'XUDQWHDOJXQDVVHPDQDVEXVFyWUDEDMRSHURODV
GLMR TXH TXHUtD VHSDUDUVH GH pO TXH VX DPRU SRU pO KDEtD DJHQFLDV GH HPSOHR OH H[LJtDQ UHIHUHQFLDV \ DQWHFHGHQWHV
DFDEDGR3HURIXHSHRU(OLQJHQLHURQRVRORQRDFHSWyDOJR ODERUDOHV %ULJLHW QR WHQtD QDGD GH HVR 6H KDEtD FDVDGR
DVt VLQR TXH OD HQFHUUy HQ VX GRUPLWRULR ,QVWDOy FDQGDGRV PX\MRYHQ\QLVLTXLHUDKDEtDWHUPLQDGRGHHVWXGLDU8QGtD
HQ OD YHQWDQD \ HQ OD SXHUWD \ VH IXH GXUDQWH WUHV GtDV D HQXQDDJHQFLDGHHPSOHRVHHQFRQWUyFRQXQDPXMHUTXH
LQVSHFFLRQDUXQDVREUDVPLQHUDV'XUDQWH WRGR HVHWLHPSR OH LQGLFy FyPR GHEtD SUHSDUDU HVRV DQWHFHGHQWHV /H GHMy
%ULJLHWQRFRPLyQDGD\VROREHEtDDJXDGHODVFDxHUtDVGHO OHHU ORV VX\RV TXH %ULJLHW PHPRUL]y 6H GHVSLGLy GH OD
EDxR(QWHQGLyTXHVXPDULGRHUDXQKRPEUHHQIHUPRTXH PXMHU \ OOHJy D XQD QXHYD DJHQFLD 5HSLWLy ORV PLVPRV
GHEtDHVFDSDUGHDOOtDQWHVGHTXHOHVXFHGLHUDDOJRSHRU DQWHFHGHQWHV TXH KDEtD OHtGR GH OD PXMHU \ ORV KL]R SDVDU
6X PDULGR OH SHUPLWtD SHTXHxDV VDOLGDV D FRPSUDU FRPR VX\RV &RQ WRGR HVR VH SUHVHQWy HQ OD FDVD GH OD
DOLPHQWRV TXH FRFLQDU SHUR WRGR HUD YLJLODGR SRU XQ VHxRUD
D\XGDQWH GHO LQJHQLHUR /RJUy PLODJURVDPHQWH 'DPD GRQGH HO PD\RUGRPR 0DJDOODQHV OD HYDOXy \ OD
KDFHU FRQWDFWR FRQ VX PDGUH 'HFLGLHURQ FRPXQLFDUVH FRQWUDWyFRPRHPSOHDGDGHODFDVD
HQWRQFHV FRQ SHTXHxDV QRWDV TXH %ULJLHW OH GHMDED HQ XQ 3RU VXSXHVWR FXDQGR WHUPLQy GH FRQWDU WRGR DTXHOOR
DOPDFpQDWUDYpVGHODGXHxDTXHODDSR\DED %ULJLHW HVSHUDED TXH \R QR GLMHUD QDGD D OD VHxRUD 'DPD
/D VLJXLHQWH VDOLGD D WHUUHQR GHO LQJHQLHUR OR PDQWHQGUtD 1RORKDEUtDKHFKRVLKXELHUDSRGLGR%ULJLHWHUDXQDEXHQD
XQD VHPDQD HQ HO DOWLSODQR GHMy HQWRQFHV HQ OD FDVD D VX HPSOHDGD DOJR PHODQFyOLFD SHUR KDFtD ELHQ VX WUDEDMR
D\XGDQWHSDUDTXHFXLGDUDGHVXPXMHU(OD\XGDQWHHUDXQ (QWHQGt OR TXH OH KDEtD RFXUULGR WDPELpQ \R KDEtD VLGR XQ
KRPEUH LQFRQPRYLEOH DOJXQD YH] KDEtD VLGR PLOLWDU SHUR SULVLRQHUR &XDQGR ILQDOL]y FRPSOHWDPHQWH VX UHODWR QRV
KDEtD GHMDGR HO VHUYLFLR SRU VX EUXWDOLGDG FRQ VXV TXHGDPRV PLUDQGR XQ LQVWDQWH FRPR OR KDFHQ WRGRV
VXEDOWHUQRV 8QD QRFKH %ULJLHW VH RIUHFLy D SUHSDUDU OD DTXHOORV TXH VLHQWHQ TXH KDQ DELHUWR XQD SXHUWD GH
FHQD 6X PDGUH OH HQYLy RFXOWR HQ XQ UHSROOR OR TXH FRQILDQ]DPRVWUiQGRVHFRPRORTXHUHDOPHQWHVRQߋ
QHFHVLWDED \ ODV LQVWUXFFLRQHV SDUD HVD QRFKH %ULJLHW
HODERUy XQD FHQD TXH FRPLy FRQ HO D\XGDQWH SHUR FDVL VLQ

47/55
SDLVDMH TXH PH URGHDED &RLQFLGLy TXH HUD GtD GRPLQJR $
HVD KRUD WRGRV HVWDEDQ HQ OD LJOHVLD 0H HFKp OD FiPDUD DO
KRPEUR \ FRPHQFp D UHFRUUHU HO EDUULR FXDGUD SRU FXDGUD

IRWRJUDILDED FDVDV FDOOHV HVTXLQDV SDWLRV 0X\ SURQWR WDO
 YH]DOGRPLQJRVLJXLHQWHTXHGpVLQUROORVIRWRJUiILFRVSDUD
&8$1'2(6789(35(3$5$'2 PL FiPDUD /DV SULPHUDV IRWRJUDItDV TXH UHYHOp HUDQ
WpFQLFDPHQWH LPSHUIHFWDV SHUR ODV VLJXLHQWHV HVWDEDQ
PHMRU7RGDVUHODWDEDQHQLPiJHQHVQXHVWUREDUULRMXQWRD
DTXHO RWUR D VROR XQDV FXDGUDV SREUH HQ OD SHULIHULD GHO
QXHVWUR$OUHYLVDUODVIRWRJUDItDVPHGLFXHQWDGHTXHWRGR
&XDQGRHVWXYHSUHSDUDGRFRQPLFiPDUDIRWRJUiILFDWXYH FDPELDED TXH QXHVWUR EDUULR HQ ORV ~OWLPRV DxRV KDEtD
PL SULPHUD GXGD FUHDWLYD QR VDEtD TXp KDFHU D FDPELDGRDFHOHUDGDPHQWH1HFHVLWpGHHVDVIRWRJUDItDVSDUD
FRQWLQXDFLyQ TXp HV OR TXH GHEtD IRWRJUDILDU /R LQWHQWp FRPSUREDUOR &DGD YH] HUDQ PHQRV ODV JUDQGHV FDVDV GH
WtPLGDPHQWH FRQ ODV IORUHV TXH FXOWLYDED HQ HO MDUGtQ XQ FHPHQWRURGHDGDVFRQVXVH[WHQVRVMDUGLQHV\SDWLRVFRPR
MDUGLQHUR FRQWUDWDGR HQ IRUPD RFDVLRQDO 'HVSXpV LQWHQWp OD QXHVWUD 5HFRUGDED HQ PLV SULPHURV SDVHRV GH GRPLQJR
FD]DU LPiJHQHV GH ORV SiMDURV TXH DFXGtDQ D QXHVWURV DTXHOODV FDVDV TXH DKRUD QR HVWDEDQ ODV KDEtDQ HFKDGR
iUEROHVSHURWRGRVHOORVHUDQPX\HVFXUULGL]RV3RUODQRFKH DEDMR VXV GXHxRV ODV YHQGLHURQ SDUD OHYDQWDU HGLILFLRV GH
PH SUHJXQWDED FXiOHV GHEtDQ VHU PLV WHPDV IRWRJUiILFRV GLVWLQWRVWDPDxRVTXHQRVURGHDEDQ
(VD QRFKH WXYH RWUD YH] XQ VXHxR TXH UHSHWtD 3HUR VLQ GXGD ODV IRWRJUDItDV PiV LQWHUHVDQWHV HUDQ ODV
IUHFXHQWHPHQWHPHYHtDHQPHGLRGHXQSDLVDMHHQÈIULFD GH OD SREODFLyQ DOHGDxD $OOt DSDUHFtDQ URVWURV OD PD\RUtD
MXQWRFRQORV PtRVHQDOJXQDFRORQLDGHVLPLRVHQFLPD GH HUDQ QLxRV 6LQ LPDJLQiUPHOR LQWXLWLYDPHQWH PLV
iUEROHV PX\ DOWRV QR HUD XQ VXHxR FRKHUHQWH \ FUHR TXH IRWRJUDItDV KDEODEDQ SRU Pt PRVWUDEDQ ODV GLIHUHQFLDV ODV
VRxDEDVRORORTXHKDEtDOHtGR+DEtDWHUPLQDGRGHDFHSWDU PLVPDV TXH \R HQ PL MXYHQWXG TXLVH SDVDU SRU DOWR \
TXHPLVSDGUHVWDOYH]PHFRQFLELHURQHQFDXWLYHULR\QXQFD TXLVH TXH QDGLH QRWDUD HQWUH ORV KRPEUHV \ XQ VLPLR FRPR
YLYt HQ RWUR FRQWLQHQWH +DEtD DYHULJXDGR GHWDOOHV VREUH PL \R *XDUGDED PLV IRWRJUDItDV HQ ORV HVWDQWHV GH PL FDEDxD
HVSHFLH SHUR ORV OHtD FRQ LQFUHGXOLGDG \ KDVWD LQGLIHUHQFLD VLQiQLPRGHPRVWUiUVHODVDQDGLH\ODVUHSDVDEDFXDQGRQR
VDEtDTXHHQHOIRQGRGHPLFRUD]yQPHKDEtDFRQYHUWLGRHQ WHQtD QDGD TXH KDFHU /RV GRPLQJRV GH GHVFDQVR SDUD Pt
DOJXLHQ GLVWLQWR D XQ VLPLR HVR PH FRQIRUPDED HUD XQ VLJQLILFDEDQ SDVHDUPH GHGLFDGR D IRWRJUDILDU HO SDLVDMH HO
KRPEUH EXHQR FRQ FXHUSR \ FHUHEUR GH VLPLR SHUR XQ TXHFUHtTXHPHSHUWHQHFtDSRUTXHPHURGHDEDDVtFRPRHO
KRPEUH EXHQR VHJ~Q OD VHxRUD 'DPD \ HVR PH GDED XQ PD\RUGRPR 0DJDOODQHV UHYLYtD HO VX\R FRQ XQD IRWRJUDItD
DLUHGHVXSHULRULGDGHQHOTXHLOXVDPHQWHFUHtD GHOOXJDUTXHFUHtDOHSHUWHQHFtDHQ7LHUUDGHO)XHJR
$O GHVSHUWDU GHFLGt FXiOHV VHUtDQ PLV WHPDV IRWRJUiILFRV /DV FHQDV FRQ LQYLWDGRV HQ OD FDVD VLJXLHURQ VX ULWPR
$O DEULU ORV RMRV ²WRGDYtD GRUPtD HQ HO GXUR VXHOR GH KDELWXDODXQTXHODVHxRUD'DPDQRHUDODPLVPD(VGHFLU
PDGHUD² OR SULPHUR TXH YL IXH HVD IRWRJUDItD GH OD VHJXtD VLHQGR XQD PXMHU IXHUWH HQpUJLFD \ TXH GHIHQGtD
3DWDJRQLD TXH PH DFRPSDxDED (VR KDUtD IRWRJUDILDUtD HO FODUDPHQWH VX SRVLFLyQ ²OD HVFXFKDED DUJXPHQWDU IUHQWH D

48/55
SROtWLFRVPLHQWUDV\RVHUYtDODFHQD²SHURODFRQRFtDPX\ TXHPHGLWDUDVREUHODLPSRUWDQWHLQLFLDWLYDTXHGHEtDWRPDU
ELHQ\DOJRHQVXVRMRVRHQODIUDJLOLGDGGHVXFXHUSRFDGD FRQUHVSHFWRDDTXHOODSREODFLyQ
YH]PiVGHOJDGRGHPRVWUDEDTXHHQYHMHFtD 3HQVpTXHPLVIRWRJUDItDVSRGUtDQOODPDUODDWHQFLyQVREUH
(QWUHORVLQYLWDGRVWDOYH]HOPiVVLPSiWLFRHUDHODOFDOGH ODH[LVWHQFLDHQHVHOXJDU<DVtORKLFLHURQSHURDOFRQWUDULR
GHODFRPXQDTXHOOHJDEDDODFDVDVLHPSUHVRQULHQGRPH GHORTXHHVSHUDED7UHVGRPLQJRVGHVSXpVPHGLULJtKDVWD
KDFtDXQSDUGHEURPDVSRUPLVDEXQGDQWHVSHORV\IXPDED HOOXJDU\ORHQFRQWUpYDFtR8QKRPEUHTXHYHQGtDHOGLDULR
XQ ODUJR FLJDUUR &XDQGR VH LED WDUGH HQ OD QRFKH OR HQ XQD HVTXLQD PH UHFRQRFLy GLMR TXH PH YHtD VLHPSUH
GHVSHGtD FRQ VX DEULJR HQ OD SXHUWD (O DOFDOGH PH OOHYDED IRWRJUDILDQGR DTXHOOD SREODFLyQ SHUR TXH DKRUD QR SRGUtD
GHO EUD]R KDVWD VX DXWRPyYLO \ PH FRQWDED VXV SUREOHPDV KDFHUOR SRUTXH HO DOFDOGH ORV KDEtD PRYLGR GH DOOt SDUD
HQ OD DOFDOGtD <R OR HVFXFKDED \ OH GDED VROXFLRQHV R YHQGHU HVRV WHUUHQRV D XQD LQPRELOLDULD HQ HO OXJDU
VXJHUHQFLDV VLHPSUH H[SUHVDGDV FRQ PLV JUXxLGRV FRQVWUXLUtDQ XQ FRQMXQWR GH HGLILFLRV GH GHSDUWDPHQWRV $
KDELWXDOHV SHUR TXH pO UHFRQRFtD PX\ ELHQ 7HQtDPRV HVH ORV SREODGRUHV ORV KDEtDQ DFRPRGDGR HQ GLVWLQWRV EDUULRV
JUDGR GH FRQILDQ]D 8QD PDxDQD DSDUHFLy SRU OD FDVD 1R SHULIpULFRV GH OD FDSLWDO 5HJUHVp GHVRODGR D OD FDVD \ D
SLGLy KDEODU FRQ OD VHxRUD VLQR GLUHFWDPHQWH FRQPLJR 0H SHVDU GH TXH HUD WHPSUDQR PH HFKp HQ HO SLVR GH PL
FRPHQWyXQRVSUREOHPDVHGLOLFLRV\RQRDOFDQFpDDILUPDUR KDELWDFLyQGHVFRQVRODGR
QHJDU FXDQGR pO HQFRQWUy OD VROXFLyQ GHVSXpV GH HVR VH 8QD VHPDQD GHVSXpV XQ D\XGDQWH GHO DOFDOGH WUDMR GH
GHVSLGLyLQH[SOLFDEOHPHQWHIHOL]\DJUDGHFLGR YXHOWD PLV IRWRJUDItDV \ XQD QRWD GH DJUDGHFLPLHQWR 3RU
(QXQDGHODVVLJXLHQWHVFHQDVFRQPXFKRVLQYLWDGRVHQOD VXSXHVWRQRHVSHUDEDTXHORVH[SXOVDUDQGHHVHOXJDUSHUR
FDVDDODKRUDGHVHUYLUHOFDIpHVFXFKpTXHFRQYHUVDEDHO HO DOFDOGH HQWHQGLy TXH DVt GHEtD VHU DO YHU ODV IRWRJUDItDV
DOFDOGHVREUHORVSUR\HFWRVLQPRELOLDULRVSDUDHOEDUULR8QRV TXH ORV UHWUDWDEDQ FRQ WRGD VX PLVHULD 6LHPSUH FUHt TXH
SURWHVWDEDQ FRQWUD HO DEXVR GH OD FRQVWUXFFLyQ GH QXHYRV SRGUtDGDUPH D HQWHQGHU D SHVDU GH PLV OLPLWDFLRQHV SHUR
HGLILFLRV TXH LPSRQtDQ XQ QXHYR SDLVDMH \ GHVWUXtDQ ODV DKRUDPHGDEDFXHQWDGHTXHVHJXtDVLHQGRXQVHUGLIHUHQWH
DQWLJXDV FDVDV GH IDPLOLDV 2WURV DVHJXUDEDQ TXH HO \FRPRWRGRVWDPELpQPHHTXLYRFDED
SURJUHVR QR VH SRGtD GHWHQHU GH QLQJ~Q PRGR HVDV 'HVGHHVHGtDGHFLGtJXDUGDUPLFiPDUD\PLVIRWRJUDItDV
FRQVWUXFFLRQHV GDEDQ WUDEDMR \ PHMRUDEDQ HO EDUULR 2WURV HQHOHVWDQWHGHODFDEDxDߋ
PHQFLRQDURQ HQWRQFHV DTXHOOD SREODFLyQ SREUH HQ ORV
PiUJHQHV GHO EDUULR DOJXQRV OD GHIHQGLHURQ RWURV OD
DWDFDURQGHXQDIRUPDFUXHO<RFRQRFtDHOOXJDU\HUDPX\
GLVWLQWR DO TXH VH VHxDOy HQ HVD FRQYHUVDFLyQ (O DOFDOGH
SHUPDQHFLy HQ VLOHQFLR FRPR QXQFD DQWHV OR KDEtD YLVWR
'HVSXpVGHVHUYLUHOFDIpDSUHVXUDGDPHQWHOOHJXpKDVWDPL
FDEDxD \ SUHSDUp XQ VREUH FRQ IRWRJUDItDV TXH \R PLVPR
KDEtD WRPDGR GH HVH OXJDU SREUH HQ HO PDUJHQ GH OD
FRPXQD &XDQGR GHVSHGt HQ OD FDOOH DO DOFDOGH OH HQWUHJXp
HVDVIRWRJUDItDVLQWHQWDQGRFRQPLVJHVWRV\PLVJUXxLGRV

49/55
$YHFHVGXUDQWHHOYHUDQRPHTXLWDEDPLWUDMHIRUPDOGH
PD\RUGRPR ²QXQFD GHMp PLV ]DSDWLOODV GH EDVTXHWEROLVWD
TXHFDPELpHQYDULDVRSRUWXQLGDGHVSRUXQSDUQXHYR²PH
YHVWtD HQWRQFHV FRQ PL DQWLJXR WUDMH GH MDUGLQHUR \ HO
 VRPEUHUR GH SDMD HQ OD FDEH]D \ PH GHGLFDED D OLPSLDU HO
(6&,(57272'26(19(-(&,026 SDWLR FRUWDU OD PDOH]D SRGDU ORV iUEROHV 3HUR QR HUD OR
PLVPRPLVIXHU]DVQRHUDQODVPLVPDV\ODPDOH]DSDUHFtD
JDQDUPH SRUTXH D ORV SRFRV PHVHV WRGR VH FXEUtD
QXHYDPHQWH
/D SULPHUD TXH QRV GHMy IXH OD VHxRUD FRFLQHUD 8Q GtD
(V FLHUWR WRGRV HQYHMHFLPRV LQFOXLGD OD PLVPD FDVD GHFLGLyKDFHUVXVPDOHWDV\YROYHUDVXSXHEORGRQGHWRGRV
1XQFD FRQVHJXLPRV XQ EXHQ MDUGLQHUR IXLPRV SHUGLHQGR HUDQ JRUGRV +DEtD WUDEDMDGR GXUDQWH PXFKRV DxRV TXHUtD
iUEROHV\FDVLQRSODQWDPRVQXHYDVIORUHV'XUDQWHPHVHVOD GHVFDQVDU\YHUVHQXHYDPHQWHFRQORVVX\RV1DGLHOHQHJy
IXHQWHGHDJXDSHUPDQHFtDGHXQFRORUYHUGHRVFXUR\QDGLH HVH GHUHFKR \ OD GHVSHGLPRV FRPR FRUUHVSRQGtD FRQ XQD
VH RFXSDED GH OLPSLDUOD $O PHQRV PH SUHRFXSDED GH JUDQ FHQD HQ OD TXH HVWiEDPRV WRGRV ORV HPSOHDGRV \
PDQWHQHU OLPSLR HO LQWHULRU GH OD FDVD VREUH WRGR GHVSXpV DOJXQD DPLJD GHO PHUFDGR TXH QRV VXUWtD GH IUXWDV \
GH TXH OD VHxRUD 'DPD FRPHQ]DUD D FDQFHODU ODV YHUGXUDV OD VHxRUD 'DPD QRV DFRPSDxy HQ HVD FHQD
UHFHSFLRQHV \ D UHVWULQJLU ODV YLVLWDV 3DVDED JUDQ SDUWH GHO DXQTXH IXH VROR XQRV PLQXWRV OXHJR VH H[FXVy \ YROYLy D
GtDHQVXKDELWDFLyQ\FRPtDVROD0LLQWHQFLyQHUDPDQWHQHU UHFOXLUVH HQ VX KDELWDFLyQ &HOHEUDPRV KDVWD PX\ WDUGH
PX\ SUHVHQWDEOH OD FDVD SDUD FXDQGR HOOD EDMDED D GDU UHtPRV \ UHFRUGDPRV DO KXUDxR 0DJDOODQHV TXH WRGRV
FXHUGDDOUHORMGHODVDODSULQFLSDORYDJDEDOHQWDPHQWHSRU DSUHQGLPRV D UHVSHWDU WDPELpQ UHFRUGDPRV D /HRQRU D
ODV KDELWDFLRQHV FRPR VL EXVFDUD D DOJXLHQ /DV ILHVWDV -RDR \ D (VWHELWR LQFOXVR UHFRUGDPRV DO DOFDOGH DO TXH
ILQDOPHQWH WHUPLQDURQ \ GHMDURQ GH OOHJDU DPLJRV D WRGRVFRQVLGHUiEDPRVXQWLSREURPLVWD\PDODOFDOGH KDEtD
YLVLWDUOD R GH RUJDQL]DUVH HVDV JUDQGHV FHQDV FRQ JHQWH PXHUWR KDFtD XQRV PHVHV DO DWRUDUVH FRQ XQD HVSLQD GH
LPSRUWDQWH SHVFDGR  $O ILQDO GH OD QRFKH QRV GHVSHGLPRV GH OD
8Q GtD OOHJy D OD FDVD XQ MRYHQ TXH VH SUHVHQWy FRPR HO FRFLQHUD (OOD PH DSDUWy D XQ ODGR \ DO DEUD]DUPH PH GLMR
KLMR GH /HRQRU \ -RDR \ HQ YHUGDG VH SDUHFtD D DPERV TXHQRROYLGDUDTXHODYLGDQRVHSURORQJDUtDSDUDVLHPSUH\
FRPR VL VXV GRV URVWURV VH PH]FODUDQ HQ XQR &RPHQ]DED TXHGHEtDGDUPHFXHQWDGHXQDYH]GHORTXH%ULJLHWVHQWtD
VXVHVWXGLRVHQODFDSLWDO\WUDtDORVVDOXGRVGHVXVSDGUHV SRU Pt 'HVSXpV GH GHFLUPH HVWR PH DEUD]y 4XHGp
TXH VH PDQWHQtDQ PX\ FRQIRUPHV HQ HO VXU GHO SDtV /D VRUSUHQGLGRSRUVXVSDODEUDV\GXUDQWHYDULRVGtDVSHQVpHQ
YLVLWD QRV DOHJUy D WRGRV (O MRYHQ HUD FRPR VXV SDGUHV WRGRDTXHOOR
DOHJUH \ ULVXHxR &XDQGR QRV GHVSHGLPRV GH pO OD VHxRUD 0LVSHQVDPLHQWRVTXHGDURQLQWHUUXPSLGRVSRUXQDQRWLFLD
'DPD OD FRFLQHUD \ \R PLVPR WXYLPRV HO PLVPR JUDQGLRVD5HJUHVDED(VWHELWRDYLVLWDUDVXDEXHOD'XUDQWH
SHQVDPLHQWRHOWLHPSRKDEtDSDVDGRGHPDVLDGRYHOR]FRPR HO PHV TXH OR HVSHUDPRV SUHSDUDPRV OD FDVD GH OD PHMRU
SDUDSRGHUGHWHQHUORORUHSUHVHQWDEDPX\ELHQDTXHOMRYHQ IRUPD /D VHxRUD 'DPD SDUHFLy UHYLYLU FRQ OD QRWLFLD 6DOLy

50/55
GH VX KDELWDFLyQ YLVLWy ODV SHOXTXHUtDV GHO FHQWUR VH GHMy FODVLILFDGDV 0H GLMR TXH HVWDEDQ PX\ ELHQ pO WDPELpQ HUD
H[DPLQDU SRU VX PpGLFR 3RU PL SDUWH \ HQ IRUPD XQ DILFLRQDGR \ GHEtD SUHVWDUOH HVDV IRWRJUDItDV SRU XQ
DSUHVXUDGD SUHSDUp HO SDWLR GH OD FDVD ,QLFLiEDPRV HO PRPHQWR 1R OH GL LPSRUWDQFLD \ VHJXt PLV MXHJRV HQ HO
YHUDQR \ \R FUHt LQJHQXDPHQWH TXH (VWHELWR TXHUUtD MXJDU IRQGRGHOSDWLR
FRQPLJR WUHSDUtDPRV ORV iUEROHV R QRV HQIUHQWDUtDPRV HQ (O GtD OXQHV OOHJy (VWHELWR FRQ XQ KRPEUH TXH PH VDOXGy
OXFKDVLQWHUPLQDEOHVVREUHHOFpVSHG GH OD PLVPD IRUPD TXH OR KDFtDQ WRGRV FRQ JHVWRV GH
3RUILQOOHJyHOGtD(VWHELWRHUDXQKRPEUHIRUPDGR\XQ UHSXOVLyQ \ FXULRVLGDG 'LMR TXH GLULJtD XQD VDOD GH
EXHQDERJDGR6XPXMHUHUDH[WUDQMHUD\FULDEDQGRVKLMRV H[SRVLFLRQHV\TXHTXHUtDFRQWUDWDUPLVIRWRJUDItDVSDUDXQD
XQR TXH D~Q QR FDPLQDED \ RWUR PX\ SDUHFLGR D pO /D H[SRVLFLyQ DO ILQDO GHO YHUDQR TXH FRPHQ]DUtD XQ FLFOR GH
VHxRUD 'DPD SDUHFLy UHMXYHQHFHU FRQ HVD YLVLWD <R UHFLEt IRWyJUDIRVDILFLRQDGRV1RDOFDQFpDQHJDUPH(OKRPEUHVH
UHJDORV \ SRU VXSXHVWR OD GHFHSFLyQ GH HQFRQWUDUPH D OOHYyWRGDVODVIRWRJUDItDVTXHWHQtDHQPLSRGHU
(VWHELWRWUDQVIRUPDGRHQXQDGXOWRTXHQRMXJDUtDFRQPLJR /D H[SRVLFLyQ VH LQDXJXUy DO ILQDO GHO YHUDQR \ OOHYy SRU
(O PLVPR GtD HQ TXH OOHJDURQ GHFLGLHURQ YLVLWDU D RWURV WtWXOR/RVRWURVDPtPHSDUHFLyXQEXHQWtWXORDXQTXHQR
DPLJRVGXUDQWHODWDUGH(VWHELWRVHDFHUFyDPt\PHSLGLy IXL \R TXLHQ OR VXJLULy &DVL WRGDV ODV IRWRJUDItDV HUDQ GH
TXH HQ VX DXVHQFLD GH DOJXQDV KRUDV FXLGDUD GH VX KLMR DTXHOODSREODFLyQHUUDGLFDGDKDFtDDOJXQRV DxRVFDVLWRGDV
PD\RU 8QD YH] TXH VH PDUFKDURQ QRV IXLPRV DO SDWLR $O PRVWUDEDQ URVWURV GH QLxRV IHOLFHV SREUHV UHVLJQDGRV
SULQFLSLR HO QLxR FX\R QRPEUH HUD $UPDQGR FRPR VX FXULRVRV \ HVSHUDQ]DGRV /D QRFKH GH OD LQDXJXUDFLyQ
DEXHOR SDUHFLy SRFR LQWHUHVDGR \ DOJR GLVWUDtGR (QWRQFHV %ULJLHW OOHJy D OD FDEDxD FRQ XQ UHJDOR GH OD VHxRUD 'DPD
PH TXLWp PLV ]DSDWLOODV VXEt D ORV SRFRV iUEROHV TXH QRV XQ QXHYR WUDMH HO VHJXQGR TXH WXYH HQ WRGD PL YLGD HUD
TXHGDEDQ \ OH SUHSDUp XQ SDU GH DFUREDFLDV PiV WDUGH HOHJDQWH \ PiV PRGHUQR TXH HO DQWHULRU 6ROR PH DEVWXYH
HVWXYH DGRORULGR SRU HVRV HMHUFLFLRV D ORV TXH QR HVWDED GHRFXSDUORV]DSDWRVGHFXHURTXHLQFOXtDHOWUDMH\TXHQL
DFRVWXPEUDGR  $UPDQGLWR VH WUDQVIRUPy DO YHUPH HQ ORV VLTXLHUDTXLVHSUREDUPH
iUEROHV $SODXGLy HQWXVLDVPDGR \ TXLVR DSUHQGHU D VXELU D /D H[SRVLFLyQ IXH XQ p[LWR 9HQGt FDVL WRGDV HVDV
GHVFROJDUVH FRPR \R OR KDFtD $SHQDV QRWDPRV FyPR IRWRJUDItDV 8QDV VHPDQDV GHVSXpV VH DSDUHFLy RWUD YH] HO
SDVDURQODVKRUDV\FXiQGRUHJUHVyVXSDGUH(VDQRFKHQRV GXHxRGHODJDOHUtDSLGLpQGRPHPiVIRWRJUDItDV<RQRWHQtD
GRUPLPRVWRGRVFRQXQDVHQVDFLyQJUDWDXQDVHQVDFLyQGH QDGD\WDPSRFRWHQtDQDGDPiVTXHIRWRJUDILDUSHUROHKLFH
SRGHUUHWHQHUHOWLHPSRDQXHVWUDYROXQWDG YHU TXH FXDQGR ODV WXYLHUD VH ODV OOHYDUtD $O RWUR GtD GH OD
'XUDQWH ODV VLJXLHQWHV WDUGHV GH HVH YHUDQR MXJXp FRQ HO LQDXJXUDFLyQODVHxRUD'DPDPHIHOLFLWySRUPL³DUWH´HVD
KLMRGH(VWHELWR GH OD PLVPD IRUPDTXHORKDEtDKHFKRFRQ IXH OD SDODEUD TXH XWLOL]y < WDPELpQ PH IHOLFLWy \ SUHJXQWy
pOPXFKRVYHUDQRVDWUiV SRU DTXHO HOHJDQWH WUDMH TXH OOHYDED SXHVWR &RPSUHQGt
8QDWDUGHHQTXHGLVIUXWiEDPRVGHODVRPEUDGHOSDUUyQ HQWRQFHVTXHQRHUDHOODODTXHPHORKDEtDUHJDODGRHOGtD
(VWHELWRHQWUyDPLFDEDxDDEXVFDUXQDVRPEULOOD'HVSXpV DQWHULRU
GH XQ UDWR UHJUHVy FRQ PLV IRWRJUDItDV TXH KDEtD WRPDGR
KDFtDDOJXQRVDxRVFXDQGRHUDDILFLRQDGRDKDFHUORHQPLV
SDVHRVGHGRPLQJR/DVKDEtDHQFRQWUDGRPX\RUGHQDGDV\

51/55
HUD XQD PHQWLUD TXH VROtD UHSHWLUPH D Pt PLVPR (OOD OR
FRPSUHQGLyEDMyODFDEH]D\DPERVPLUDPRVODWD]DGHWp
FRPR VL PLUiUDPRV XQ HVSHMR TXH QRV KDEODED \ QRV GHFtD
TXHQRQRVHTXLYRFiEDPRV
 (VHDxRIXHOHQWR\PHODQFyOLFR(OLQYLHUQRORUHVLVWLPRV
(67(%,72<68)$0,/,$ SHUR QRV JROSHy PX\ IXHUWH HQ OD FDVD (Q OD SULPDYHUD DO
FRQWUDULR GH OR TXH VH SXHGH FUHHU OD VHxRUD 'DPD VH
HQIHUPyGHILQLWLYDPHQWH1RVHOHYDQWyPiVGHODFDPD\VX
~QLFRFRQWDFWRFRQHOPXQGRHUDODOHFWXUDGHOGLDULRTXHOH
VXEtD WRGDV ODV PDxDQDV (O PpGLFR TXH OD DWHQGtD QRV
(VWHELWR \ VX IDPLOLD GHMDURQ OD FDVD DO ILQDO GH HVDV FRQYRFy D ORV HPSOHDGRV GH OD FDVD \ QRV LQIRUPy TXH
YDFDFLRQHV 5HJUHVDURQ DO H[WUDQMHUR GRQGH WHQtDQ VX HVWDED PX\ HQIHUPD \ OR PHMRU HUD DYLVDU D ORV IDPLOLDUHV
KRJDU $UPDQGLWR VX KLMR \ \R SURPHWLPRV UHHQFRQWUDUQRV %ULJLHW VH RFXSy GH HOOR (VWHELWR KDEOy FRQ VX DEXHOD SRU
HO YHUDQR VLJXLHQWH \ SURVHJXLU QXHVWURV MXHJRV $PERV QR WHOpIRQR \ SURPHWLy OOHJDU OR DQWHV SRVLEOH GH UHJUHVR DO
VDEtDPRVTXHHVRQRYROYHUtDDRFXUULU SDtV
'HVSXpVGHTXHVXQLHWRSDUWLHUDODVHxRUD'DPDYROYLyD 3RUPLSDUWHGHFLGtFXLGDUODSRUODVQRFKHV0HDOOHJDEDD
HQFHUUDUVH HQ VX KDELWDFLyQ SHUR HVWD YH] SDUHFtD PiV VX FDPD FRQ XQD VLOOD WDO FRPR OR KL]R HOOD FXDQGR XQD
WULVWH\VROLWDULD/DFDVDTXHHUDXQDH[WHQVLyQGHQRVRWURV HQIHUPHGDG FDVL PH DQLTXLOy 3HUPDQHFtD D VX ODGR (OOD
PLVPRVWDPELpQYROYLy DRVFXUHFHUVHODPDOH]DORLQYDGLy GHVSHUWDED HQ PHGLR GH OD QRFKH \ PH VRQUHtD \ OXHJR
WRGRRWUDYH]DSHVDUGHPLVHVIXHU]RVSRUHYLWDUOR YROYtD D GRUPLUVH /D ~OWLPD QRFKH PH SLGLy TXH EDMDUD OD
0H SUHRFXSy OR TXH (VWHELWR KDEOy FRQPLJR DQWHV GH OX] \ PH FRQWy OHQWDPHQWH RWUD YH] VX KLVWRULD WDO YH] VX
PDUFKDUVH /R KL]R VHULDPHQWH FRPR QXQFD DQWHV OR KDEtD ~QLFD DYHQWXUD FXDQGR GHELy UHVFDWDU D $UPDQGR HQ OD
KHFKRPHGLMRTXHYHtDFRQSUHRFXSDFLyQDVXDEXHOD\TXH 3DWDJRQLD 'HMp TXH OD UHODWDUD GH QXHYR FRPR VL OD
\R GHEtD SHQVDU HQ FyPR SURVHJXLU PL YLGD VL HOOD QRV HVFXFKDUDSRUSULPHUDYH]/XHJRVHGXUPLy\GHVSHUWyXQD
GHMDED 7DPELpQ DSXQWy TXH KDEtD UHFLELGR HO RIUHFLPLHQWR KRUDGHVSXpV$EULyORVRMRV$WUHYLGDPHQWHSHURVLQSRGHU
GH XQD LQPRELOLDULD TXH SDJDUtD PX\ ELHQ HVH WHUUHQR WDQ HYLWDUOR WRPp VX PDQR GHOJDGD FDVL HQ ORV KXHVRV < OD
DPSOLR TXH RFXSDED OD JUDQ FDVD 6DEtD OR TXH HVWR ~OWLPR GHMpDOOt0HVRQULy\GLMR©$UPDQGRª\PXULyOHQWDPHQWH
VLJQLILFDED\TXHGpSUHRFXSDGR VXMHWDDPLPDQRGHVLPLR
&XDQGR HQFRQWUp OD RFDVLyQ PH DFHUTXp D %ULJLHW %HEtD
XQDWD]DGHWpHQODPHVDGHODFRFLQD4XLVHDJUDGHFHUOHHO
WUDMH TXH PH KDEtD UHJDODGR 0LV DJUDGHFLPLHQWRV IXHURQ
WRUSHV \ DOJR LQLQWHOLJLEOHV 3HUR DGHPiV OH KLFH YHU TXH
pUDPRV GLIHUHQWHV \ TXH QXQFD SRGUtD H[LVWLU QDGD HQWUH
DPERV 7RGD PL YLGD KDEtD VHJXLGR HO PLVPR GLVFXUVR
DVHJXUDQGR TXH HUD LJXDO D ORV GHPiV SHUR VDEtD TXH HVR

52/55
/DFDVDYDFtDDKRUDSDUHFtDHQRUPH7UDWpGHLPDJLQDUPH
VXV DQWLJXRV UXLGRV ODV SDODEUDV H[DFWDV \ ELHQ
SURQXQFLDGDVGHODVHxRUD'DPDGDQGRyUGHQHVODVILHVWDV
FRQ JHQWH LPSRUWDQWH TXH UHtD \ EULQGDED ORV JULWRV GH
 DOHJUtD GH (VWHELWR FXDQGR HUD QLxR WRGR DTXHOOR UHVRQy
(67(%,72//(*“81'$'(638‰6 FRPRXQHFROHMDQR\GHILQLWLYDPHQWHSHUGLGR
/OHJy HQWRQFHV HO GtD HQ TXH GHEt PDUFKDUPH (VWHELWR
TXLVR TXHGDUVH HQ XQ KRWHO PLHQWUDV DUUHJODED ORV DVXQWRV
GHODYHQWDGHODFDVDSHURHVDWDUGHOOHJySDUDGHVSHGLUVH
0L PDOHWD HUD SHTXHxD FDVL LQVLJQLILFDQWH HQ HOOD OOHYDED
(VWHELWROOHJyXQGtDGHVSXpVDWLHPSRSDUDHOHQWLHUUR(O PLV GRV WUDMHV \ WDPELpQ HO GH MDUGLQHUR PL FiPDUD
FRUWHMRHUDH[WHQVR\HQHOFHPHQWHULRGHVWDFDGDVSHUVRQDV IRWRJUiILFD(OFRQGHGH0RQWHFULVWR\XQDIRWRJUDItDFRQHVH
KDEODURQ GH OD YLGD GH OD VHxRUD 'DPD (Q HO PRPHQWR HQ SDLVDMH DXVWUDO TXH SHUWHQHFLy DO DQWLJXR PD\RUGRPR
TXH EDMDEDQ HO DWD~G \R UHFRUGp XQD IUDVH ³+DV VLGR XQ (VWHELWR DUUHJOy OD YHQWD GH ORV PXHEOHV \ OD LPSRUWDQWH
EXHQ KRPEUH´ XQD IUDVH TXH PH GLULJLy D Pt SHUR TXH GRQDFLyQGHODELEOLRWHFDHQWHUDGHVXDEXHORDXQDHVFXHOD
DKRUDOHGHFtD\RDHOODPHQWDOPHQWHSDUDGHVSHGLUOD HVFDVDGHOLEURVHQHOSXHEORGRQGHYLYtDQ/HRQRU\-RDR
/RV VLJXLHQWHV GtDV IXHURQ GH DJLWDFLyQ HQ OD FDVD /D $QWHV GH VDOLU GH DOOt UHFRUULPRV HO MDUGtQ \ HO SDWLR SRU
IDPLOLD VH UHXQLy \ GLVFXWLHURQ TXp KDFHU D FRQWLQXDFLyQ ~OWLPD YH] OD PDOH]D OR FXEUtD WRGR \ ORV iUEROHV SDUHFtDQ
6DEtDTXHODGHFLVLyQHVWDEDWRPDGDTXHWRGDXQDYLGDHQ HQIHUPRV(VDWDUGHHOFDORUHUDLQXVXDOSDUDHVDWHPSRUDGD
DTXHOOXJDUOOHJDEDDVXILQ%ULJLHWORVXSRWDQELHQFRPR\R GHO DxR (VWHELWR PH HQWUHJy SDUWH GHO GLQHUR GH OD YHQWD
\VHGHFLGLyDSDUWLUDOQRUWHUHJUHVDUtDFRQVXPDGUH&RQ GLMR TXH VX DEXHOD OR KXELHUD DSUREDGR \ TXH PH VHUYLUtD
HO GLQHUR DKRUUDGR GXUDQWH HVRV DxRV DOFDQ]DUtD SDUD SDUDLQVWDODUPHHQRWURVLWLR
OHYDQWDU XQ UHVWDXUDQWH TXH SHQVDEDQ DGPLQLVWUDU MXQWDV
6XH[PDULGRKDEtDPXHUWR\QRWHQtDQDGDTXHWHPHUDVX
UHJUHVR
&XDQGR (VWHELWR PH QRWLILFy TXH YHQGHUtD \ TXH GHEtD
EXVFDU RWUR OXJDU SDUD TXHGDUPH QR PH VRUSUHQGLy (VH
PLVPR GtD GL XQ JUDQ SDVHR SRU HO EDUULR 7RGR KDEtD
FDPELDGR GXUDQWH HVRV DxRV /RV HGLILFLRV GH
GHSDUWDPHQWRVDKRUDHVWDEDQSRUWRGDVSDUWHVODFDVDGHOD
VHxRUD 'DPD SDUHFtD XQD UDUH]D URGHDGD GH HGLILFLRV \
DXWRPyYLOHV&XDQGRUHJUHVpDODFDVDQRHQFRQWUpDQDGLH
3RU OD PDxDQD KDEtDPRV GHVSHGLGR D %ULJLHW D TXLHQ YL
OORUDU SRU SULPHUD YH] &XDQGR OD DEUDFp SHQVp VLQ SRGHU
HYLWDUORHQ0PLOLEHUDGRUDOD~QLFDPXMHUTXHDPp

53/55
YXHOYR D WUHSDU SRU HVRV JUDQGHV iUEROHV \ D GLVIUXWDU GH
HVD YLGD TXH WDO YH] PH FRUUHVSRQGtD SHUR TXH QXQFD IXH
+HYLYLGRODUJDPHQWHKHHQYHMHFLGR \FDGD YH]PHUHVXOWD
PiVGLItFLOVXELUPHDORViUEROHVGHODSOD]DSHURFXDQGROR
 KDJRYXHOYRDVHUIHOL]$KRUDVR\RWURXQEXHQKRPEUHR
'(6'((/'$(148(6$/'(0,35,6,“1 XQ EXHQ VLPLR GD OR PLVPR 0LV SUR\HFWRV IXWXURV VRQ
VHQFLOORV WUDEDMDU SDUD FRQVHJXLU GLQHUR VXILFLHQWH \ YLDMDU
1RKHSHQVDGRYLDMDUDÈIULFDFRPRSRGUtDVXSRQHUVHVLQR
D XQ OXJDU HVSHFLDO GHO FXDO DOJXLHQ DUUDVWUy KDFH DxRV XQD
IRWRJUDItD /OHJDUp KDVWD 7LHUUD GHO )XHJR QHFHVLWR
'HVGH HO GtD HQ TXH VDOt GH PL SULVLyQ HQ HO ]RROyJLFR FRQWHPSODUHVHHQRUPHSDLVDMHHVHJUDQGLRVRFLHORSHURQR
HQWHQGt TXH GHEtD DFRVWXPEUDUPH D WRGR OR QXHYR TXH PHSUHJXQWHQSRUTXpTXLHURKDFHUOR
YLQLHUD 'HEt DSUHQGHU UiSLGDPHQWH GHEt VREUHYLYLU GH HVR
VHWUDWDED
9ROYtDODSOD]DHQHOFHQWURGHODFLXGDG
$ SRFDV FXDGUDV GH DOOt SDJR XQD SLH]D PX\ FyPRGD 6X
~QLFD YHQWDQD PXHVWUD ODV SDUHGHV GH ORV HGLILFLRV GH
HQIUHQWH SHUR D Pt QR PH LPSRUWD (O OXJDU HV OLPSLR \
VLPSOH 6LJR GXUPLHQGR HQ HO SLVR SHUR QDGLH VH HQWHUD
'XUDQWHHOGtDSRUODPDxDQDPHDFHUFRDODSOD]DFRQPLV
LPSOHPHQWRV HQWUH ORV TXH LQFOX\R XQD FRWRQD EODQFD TXH
FRPSUp/DSOD]DKDFDPELDGRSHURWDPELpQKD\FRVDVTXH
SHUPDQHFHQ $ ORV YDJDEXQGRV ORV SHUVLJXH OD SROLFtD
FXDQGRHVWRQRRFXUUHVHDOOHJDQDORVEDQFRVDGRUPLU\D
DSURYHFKDU ORV UD\RV GHO VRO PDxDQHUR &HUFD GH HVRV
EDQFRV LQVWDOp PL WUtSRGH FRQ PL FiPDUD IRWRJUiILFD /RV
ILQHVGHVHPDQDPHJXVWDIRWRJUDILDUDORVQLxRVTXHOOHJDQ
FRQVXVSDGUHVSHURWDPELpQORKDJRFRQQRYLRVDPLJRVGH
WRGD OD YLGD H[WUDQMHURV TXH TXLHUHQ XQ UHFXHUGR GHO
OXJDU R TXLHQ TXLHUD UHWUDWDUVH (O QHJRFLR GD XQ SRFR GH
GLQHUR ²WDPSRFR H[LMR PXFKR² \ SDJD PLV JDVWRV SDUD
YLYLUWUDQTXLODPHQWH
$YHFHVSHURVRORHQRFDVLRQHVPX\HVSHFLDOHVWDOYH]HQ
QRFKHVGHOXQDOOHQDPHYLVWR\VDOJRGHPLSLH]D&DPLQR
KDVWD OD SOD]D SURFXUDQGR TXH QDGLH PH YHD (QWRQFHV

54/55
 TXH WRGR OOHYDPRV GHQWUR SHUR TXH WDQWR QRV FXHVWD
PRVWUDU
6HUJLR *yPH] QDFLy HQ 7HPXFR HQ  7UDV HVWXGLDU
/LWHUDWXUD \ 'HUHFKR VH KD GHGLFDGR WLHPSR FRPSOHWR D OD
QDUUDWLYD\DVHDGHVGHVXODERUGHHVFULWRUFRPRGHHGLWRU
,PSXOVRUGHOD³=RQDGH&RQWDFWR´VXSOHPHQWRGHOGLDULR(O
0HUFXULR TXH UHQRYy OD FXOWXUD MRYHQ FKLOHQD HV DXWRU GH
PiVGHXQDGHFHQDGHOLEURV\DFUHHGRUGHUHFRQRFLPLHQWRV
WDQLPSRUWDQWHVFRPRHO3UHPLR/HQJXDGH7UDSRHQ(VSDxD
\ (O %DUFR GH 9DSRU HQ &KLOH DGHPiV UHVXOWy ILQDOLVWD GHO
3UHPLR 5yPXOR *DOOHJRV (QWUH VXV REUDV PiV LPSRUWDQWHV
GHVWDFDQ4XLTXH+DFKHGHWHFWLYH/DREUDOLWHUDULDGH0DULR
%DOGLQL 9LGDV HMHPSODUHV \ OD HGLFLyQ MXQWR D $OEHUWR
)XJXHWGHODVDQWRORJtDV&XHQWRVFRQ:DONPDQ\0F2QGR

+DFH XQ EXHQ WLHPSR 6HUJLR *yPH] OH\y HO UHODWR


³,QIRUPH SDUD XQD DFDGHPLD´ GHO JUDQ DXWRU GH RULJHQ
FKHFR )UDQ] .DIND HO PLVPR HVFULWRU TXH UHYROXFLRQy OD
OLWHUDWXUD\ORVOtPLWHVGHORUHDOFRQ OLEURVWDQLQTXLHWDQWHV
FRPR/DPHWDPRUIRVLV(OSURFHVR\(OFDVWLOOR
%XHQR FXDQGR 6HUJLR OH\y ³,QIRUPH SDUD XQD DFDGHPLD´
HQFRQWUy TXH HQ DTXHO WH[WR KDEtD XQ JUDQ PRQR TXH OH
H[SOLFDED D ORV PiV LOXVWUHV FDWHGUiWLFRV ORV GHWDOOHV GH VX
H[LVWHQFLD\FyPRHVTXHKDEtDORJUDGRGHMDUGHVHUPRQR
(Q HVH PRPHQWR 6HUJLR SHQVy TXH HUD QHFHVDULR
FRQVWUXLU XQ SHUVRQDMH DOJR SDUHFLGR SHUR FRQ FLHUWRV
PDWLFHVTXHORKLFLHUDQHVSHFLDOVLQWLyTXHGHEtDHVFULELUOD
YLGD GH XQ PRQR TXH TXLHUH VHU XQ KRPEUH FUHH VHUOR \
OXFKD SRU OOHYDU XQD YLGD QRUPDO VLQ GLVFULPLQDFLRQHV \
DXQTXH QR OR ORJUD GHO WRGR DO PHQRV HV DFHSWDGR SRU OD
GLItFLOVRFLHGDGGHORVVHUHVKXPDQRV
$Vt QDFLy <R VLPLR XQ UHODWR HQ HO TXH OR TXH PiV
LQWHUHVD HV OD KLVWRULD GH XQ VHU TXH TXLHUH VHU FRPR ORV
GHPiV \ TXH VyOR FRQVLJXH OD YDOLGDFLyQ GH KRPEUHV \
PXMHUHV JUDFLDV D VX LQRFHQFLD \ DXWHQWLFLGDG HVRV YDORUHV

55/55

You might also like