-26e0$852'(9$6&21&(/26

0,3/$17$'(1$5$1-$/,0$

(VWDQRYHODHVXQDGHODVP¡VLPSRUWDQWHVREUDVGHODQXHYDOLWHUDWXUDEUDVLOH±D6XDXWRUQDFLGRHQ
%DQJX5­RGH-DQHLURHQIDOOHFL³HQ+DYLYLGRXQDH[LVWHQFLDLQWHQVD\DJLWDGD
HQWUHQDGRUGHGLYHUVRVER[HDGRUHVWUDEDMDGRUHQXQDKDFLHQGDSHVFDGRUPDHVWURHQODHVFXHOD
SULPDULDGHXQDDOGHDSHVTXHUDDFWRUGHFLQH\WHOHYLVL³Q\YLDMHURLQIDWLJDEOH
0X\HORJLDGDSRUODFU­WLFD\FDOXURVDPHQWHUHFLELGDSRUHOSºEOLFR0LSODQWDGHQDUDQMDOLPDHQ
S¡JLQDVGHJUDQFRORULGRQDUUDWLYR\H[WUDRUGLQDULDIXHU]DUHODWDODKLVWRULDGHXQQL±RTXHXQG­D
GHSURQWRGHVFXEUHHOGRORU\VHKDFHDGXOWRSUHFR]PHQWH
/DVHQVR±DFLRQHVODSLFDUG­DHOVXIULPLHQWR\ODWHUQXUDGHOSURWDJRQLVWDKDFHQTXHHVWDKLVWRULDGH
YLGDDWUDLJDDOOHFWRUGHVGHVXVSULPHUDVS¡JLQDV

1/89
 ,QGLFH
3ULPHUDSDUWH
&DS­WXOR(OGHVFXEULGRUGHODVFRVDV
&DS­WXOR8QDFLHUWDSODQWDGHQDUDQMDOLPD
&DS­WXOR/RVIODFRVGHGRVGHODSREUH]D
&DS­WXOR(OSDMDULWRODHVFXHOD\ODIORU
&DS­WXOR(QXQDFHOGDKHGHYHUWHPRULU
6HJXQGDSDUWH
&DS­WXOR(OlPXUFL©ODJR{
&DS­WXOR/DFRQTXLVWD
&DS­WXOR&RQYHUVDFLRQHVGHDTX­\DOO¡
&DS­WXOR'RVSDOL]DVPHPRUDEOHV
&DS­WXOR6XDYH\H[WUD±RSHGLGR
&DS­WXOR'HSHGD]RV\SHGD]RVVHIRUPDODWHUQXUD
&DS­WXOR(O0DQJDUDWLED
&DS­WXOR6RQWDQWRVORVYLHMRV¡UEROHV
&DS­WXOR/DFRQIHVL³QILQDO
$XWRU

+LVWRULDGHXQQL±RTXHXQG­DGHVFXEUL³HOGRORU

2/89
3DUDORVYLYRV b'RG³QLODWULVWH]D
QLODQRVWDOJLDPDWDQߨ
&LFFLOR0DWDUD]]R
0HUFHGHV&UXD±HV5LQDOGL
(ULFK*HPHLQGHU)UDQFLVFR0DULQV
\
$UQDOGR0DJDOK¡HVGH*LDFRPR
\WDPEL©Q
+HOHQH5XGJH0LOOHU3LX3LX
VLQSRGHUWDPSRFR
ROYLGDUDPLlKLMR{
)HUQDQGR6HSOLQVN\

$ORVPXHUWRV

(OKRPHQDMHGHPLQRVWDOJLDD
PLKHUPDQR/XLVHO5H\/XLV\
PLKHUPDQD*ORULD
/XLVUHQXQFL³DYLYLUDORVYHLQWHD±RV
\*ORULDDORVYHLQWLFXDWUR
WDPEL©QSHQV³TXHUHDOPHQWH
YLYLUQRYDO­DODSHQD

,JXDOQRVWDOJLDSDUD0DQXHO9DOODGDUHV
TXHPRVWU³DPLVVHLVD±RV
HOVLJQLILFDGRGHODWHUQXUDߨ

b4XHWRGRVGHVFDQVHQHQSD]ߨ
\DKRUD
'RULYDO/RXUHQFRGD6LOYD

3/89
 35,0(5$3$57(

(Q1DYLGDGDYHFHVQDFHHO1LxR'LDEOR

&DStWXOR(OGHVFXEULGRUGHODVFRVDV

9HQ­DPRV WRPDGRV GH OD PDQR VLQ DSXUR QLQJXQR SRU OD FDOOH
7RWRFD YHQ­D HQVH±¡QGRPH OD YLGD < \R PH VHQW­D PX\ FRQWHQWR
SRUTXH PL KHUPDQR PD\RU PH OOHYDED GH OD PDQR HQVH±¡QGRPH
FRVDV3HURHQVH±¡QGRPHODVFRVDVIXHUDGHFDVD3RUTXHHQFDVD
\R DSUHQG­D GHVFXEULHQGR FRVDV VROR \ KDFLHQGR FRVDV VROR FODUR
TXH HTXLYRF¡QGRPH \ DFDEDED VLHPSUH OOHYDQGR XQDV SDOPDGDV
+DVWDKDF­DEDVWDQWHSRFRWLHPSRQDGLHPHSHJDED3HURGHVSX©V
GHVFXEULHURQ WRGR \ YLY­DQ GLFLHQGR TXH \R HUD XQ PDOYDGR XQ
GLDEORXQJDWRYDJDEXQGRGHPDOSHOR<RQRTXHU­DVDEHUQDGDGH
HVR 6L QR HVWXYLHUD HQ OD FDOOH FRPHQ]DU­D D FDQWDU &DQWDU V­ TXH
HUDOLQGR7RWRFDVDE­DKDFHUDOJRP¡VDSDUWHGHFDQWDUVLOEDU3HUR
SRUP¡VTXHORLPLWDVHQRPHVDO­DQDGD‰OPHGLR¡QLPRGLFLHQGR

4/89
TXH QR LPSRUWDED TXH WRGDY­D QR WHQ­D ERFD GH VRSODGRU 3HUR +DVWD DKRUD HVD PºVLFD PH GDED XQD WULVWH]D TXH QR VDE­D
FRPR \R QR SRG­D FDQWDU SRU IXHUD FRPHQF© D FDQWDU SRU GHQWUR FRPSUHQGHU
(UDUDURSHUROXHJRHUDOLQGR<HVWDEDUHFRUGDQGRXQDPºVLFDTXH 7RWRFDPHGLRXQHPSXM³Q'HVSHUW©
FDQWDEDPDP¡FXDQGR\RHUDPX\SHTXH±LWR(OODVHTXHGDEDHQOD
ߚ4X©WLHQHV=H]©"
SLOHWD FRQ XQ WUDSR VXMHWR D OD FDEH]D SDUD UHVJXDUGDUVH GHO VRO
/OHYDED XQ GHODQWDO TXH OH FXEU­D OD EDUULJD \ VH TXHGDED KRUDV \ ߚ1DGD(VWDEDFDQWDQGR
KRUDV PHWLHQGR OD PDQR HQ HO DJXD KDFLHQGR TXH HO MDE³Q VH ߚ&DQWDQGR"
FRQYLUWLHUDHQHVSXPD'HVSX©VWRUF­DODURSDHLEDKDVWDODFXHUGD ߚ6­
&ROJDEDWRGRHQHOOD\VXVSHQG­DODFD±D+DF­DORPLVPRFRQWRGDV ߚ(QWRQFHVGHERHVWDUTXHG¡QGRPHVRUGR
ODV URSDV 6H RFXSDED GH ODYDU OD URSD GH OD FDVD GHO GRFWRU $FDVR QR VDEU­D TXH VH SRG­D FDQWDU SDUD GHQWUR" 0H TXHG©
)DXOKDEHU SDUD D\XGDU HQ ORV JDVWRV GH OD FDVD 0DP¡ HUD DOWD FDOODGR6LQRVDE­D\RQRLEDDHQVH±DUOH
GHOJDGDSHURPX\OLQGD7HQ­DXQFRORUELHQTXHPDGR\ORVFDEHOORV
+DE­DPRVOOHJDGRDOERUGHGHODFDUUHWHUD5­R6DQ3DEOR
QHJURV \ OLVRV &XDQGR ORV GHMDED VXHOWRV OH OOHJDEDQ KDVWD OD
FLQWXUD3HUROROLQGRHUDFXDQGRFDQWDED\\RPHTXHGDEDDVXODGR $OO­SDVDEDGHWRGR&DPLRQHVDXWRP³YLOHVFDUURV\ELFLFOHWDV
DSUHQGLHQGR ߚ0LUD=H]©HVWRHVLPSRUWDQWH3ULPHURVHPLUDELHQ0LUDSDUD
XQR\RWURODGRb$KRUD
0DULQHURPDULQHUR &UX]DPRVFRUULHQGRODFDUUHWHUD
PDULQHURGHDPDUJXUD ߚ7XYLVWHPLHGR"
SRUWXFDXVDPDULQHUR %DVWDQWHTXHKDE­DWHQLGRSHURGLMHTXHQRFRQODFDEH]D
EDMDUpDODVHSXOWXUD« ߚ9DPRV D FUX]DU GH QXHYR MXQWRV 'HVSX©V TXLHUR YHU VL
DSUHQGLVWH
9ROYLPRV
/DVRODVJROSHDEDQ
ߚ$KRUD \D VDEHV FUX]DU VROR 1DGD GH PLHGR TXH \D HVW¡V
\HQODDUHQDVHGHVOL]DEDQ
VLHQGRXQKRPEUHFLWR
DOOiVHIXHHOPDULQHUR
0LFRUD]³QVHDFHOHU³
TXH\RWDQWRDPDED«
ߚ$KRUD9DPRV
3XVHHOSLHFDVLQRUHVSLUDED(VSHU©XQSRFR\©OGLRODVH±DOGH
(ODPRUGHPDULQHUR TXHYROYLHUD
HVDPRUGHPHGLDKRUD ߚ3DUDVHUODSULPHUDYH]HVWXYLVWHPX\ELHQ3HURWHROYLGDVWHGH
HOQDYtROHYDDQFODV DOJR7LHQHVTXHPLUDUSDUDORVGRVODGRVSDUDYHUVLYLHQHXQFRFKH
\pOVHYDHQHVDKRUD« 1RVLHPSUHYR\DHVWDUDTX­SDUDGDUWHODVH±DO$ODYXHOWDYDPRVD
SUDFWLFDUP¡V$KRUDVLJDPRVTXHYR\DPRVWUDUWHXQDFRVD
/DVRODVJROSHDEDQ« 0HWRP³GHODPDQR\VHJXLPRVGHQXHYROHQWDPHQWH<RHVWDED
LPSUHVLRQDGRFRQODFRQYHUVDFL³Q

5/89
 ߚ7RWRFD
ߚ4X©SDVD"
ߚ/DHGDGGHODUD]³QSHVD"
ߚ4X©WRQWHU­DHV©VD"
ߚ7­R(GPXQGRORGLMR'LMRTXH\RHUDlSUHFR]{\TXHHQVHJXLGD
LEDDHQWUDUHQODHGDGGHODUD]³Q<QRVLHQWRQLQJXQDGLIHUHQFLD
ߚ7­R(GPXQGRHVXQWRQWR9LYHPHWL©QGRWHFRVDVHQODFDEH]D
ߚ‰OQRHVWRQWR(VVDELR<FXDQGR\RFUH]FDTXLHURVHUVDELR\
SRHWD \ XVDU FRUEDWD GH PR±R 8Q G­D YR\ D IRWRJUDILDUPH FRQ
FRUEDWDGHPR±R
ߚ3RUTX©FRQFRUEDWDGHPR±R"
ߚ3RUTXH QDGLH HV SRHWD VLQ FRUEDWD GH PR±R &XDQGR W­R
(GPXQGR PH PXHVWUD UHWUDWRV GH SRHWDV HQ XQD UHYLVWD WRGRV
WLHQHQFRUEDWDGHPR±R
ߚ=H]© GHMD GH FUHHUOH WRGR OR TXH WH GLFH 7­R (GPXQGR HV
PHGLRlWRFDGR{0HGLRPHQWLURVR
ߚ(QWRQFHV©OHVXQKLMRGHSXWD"
ߚb0LUD TXH \D WH JDQDVWH EDVWDQWHV SDOL]DV SRU GHFLU PDODV
SDODEUDV7­R(GPXQGRQRHVHVR<RGLMHlWRFDGR{PHGLRORFR
ߚ3HURGLMLVWHTXH©OHUDPHQWLURVR
ߚ8QDFRVDQRWLHQHQDGDTXHYHUFRQODRWUD
ߚ6­TXHWLHQH(ORWURG­DSDS¡FRQYHUVDEDFRQGRQ6HYHULQR©VH
TXHMXHJDDODVFDUWDVFRQ©O\GLMRHVRGHGRQ/DERQQHl(OKLMRGH
SXWDGHOYLHMRPLHQWHFRPRHOGLDEOR{ߨ<QDGLHOHSHJ³
ߚ/DJHQWHJUDQGHV­SXHGHGHFLUORQRHVPDOR
+LFLPRVXQDSDXVD
ߚ7­R(GPXQGRQRHVߨ4X©TXLHUHGHFLUlWRFDGR{7RWRFD"
‰OKL]RJLUDUHOGHGRHQODFDEH]D
ߚ1R ©O QR HV HVR (V EXHQR PH HQVH±D GH WRGR \ KDVWD KR\
VRODPHQWHPHGLRXQDSDOPDGD\QRIXHFRQIXHU]D
7RWRFDGLRXQVDOWR
ߚ7HGLRXQDSDOPDGD"&X¡QGR"
ߚ8Q G­D TXH \R HVWDED PX\ WUDYLHVR \ *ORULD PH PDQG³ D FDVD
GH 'LQGLQKD ‰O TXHU­D OHHU HO GLDULR \ QR HQFRQWUDED ORV DQWHRMRV
/RVEXVF³IXULRVR/HSUHJXQW³D'LQGLQKD\QDGD/RVGRVGLHURQ
YXHOWDDOUHY©VDODFDVD(QWRQFHVOHGLMHTXHVDE­DG³QGHHVWDEDQ
\ TXH VL PH GDED XQD PRQHGD SDUD FRPSUDU EROLWDV VH OR GHF­D
%XVF³HQVXFKDOHFR\WRP³XQDPRQHGD
ߚ9HDEXVFDUORV\WHODGR\
ߚ)XLKDVWDHOFHVWRGHODURSDVXFLD\ORVHQFRQWU©(QWRQFHVPH
LQVXOW³ GLFL©QGRPH l)XLVWH Wº VLQYHUJ¼HQ]D{ 0H GLR XQD SDOPDGD
HQODFROD\PHTXLW³ODPRQHGD
7RWRFDVHUL³
ߚ7H YDV DOO¡ SDUD TXH QR WH SHJXHQ HQ FDVD \ WH SHJDQ DK­
9DPRVP¡VU¡SLGRVLQRQXQFDOOHJDUHPRV
<RFRQWLQXDEDSHQVDQGRHQW­R(GPXQGR
ߚ7RWRFDORVFKLFRVVRQMXELODGRV"
ߚ4X©FRVD"
ߚ7­R (GPXQGR QR KDFH QDGD \ JDQD GLQHUR 1R WUDEDMD \ OD
0XQLFLSDOLGDGOHSDJDWRGRVORVPHVHV
ߚ<TX©"
ߚ4XH ORV FKLFRV WDPSRFR KDFHQ QDGD \ FRPHQ GXHUPHQ \
JDQDQGLQHURGHORVSDGUHV
ߚ8Q MXELODGR HV GLIHUHQWH =H]© -XELODGR HV HO TXH WUDEDM³
PXFKR VH OH SXVR HO SHOR EODQFR \ FDPLQD GHVSDFLR FRPR W­R
(GPXQGR3HURGHMHPRVGHSHQVDUHQFRVDVGLI­FLOHV4XHWHJXVWH
DSUHQGHUFRQ©OYD\D\SDVH3HURFRQPLJRQR+D]FRPRORVRWURV
FKLFRV+DVWDGLPDODVSDODEUDVSHURGHMDGHOOHQDUWHODFDEH]DFRQ
FRVDVGLI­FLOHV6LQRQRVDOJRP¡VFRQWLJR
0H TXHG© PHGLR HQRMDGR \ QR TXLVH FRQYHUVDU P¡V 7DPSRFR
WHQ­DJDQDVGHFDQWDU(VHSDMDULWRTXHFDQWDEDGHVGHDGHQWURKDE­D
YRODGRELHQOHMRV
1RVGHWXYLPRV\7RWRFDVH±DO³ODFDVD
ߚ(V©VDDK­7HJXVWD"
(UDXQDFDVDFRPºQ%ODQFDGHYHQWDQDVD]XOHVWRGDFHUUDGD\
6/89
VLOHQFLRVD ߚ1DGLHDSUHQGHVRORHVDVFRVDV
ߚ0HJXVWD3HURSRUTX©WHQHPRVTXHPXGDUQRVDF¡" 3HUR VH TXHGDED FRQIXQGLGR SRUTXH UHDOPHQWH QR KDE­D YLVWR D
ߚ6LHPSUHHVEXHQRPXGDUVH QDGLHHQVH±¡QGRPHQDGD(UDXQPLVWHULR
3RU OD FHUFD QRV TXHGDPRV REVHUYDQGR XQD SODQWD GH lPDQJR{ )XL UHFRUGDQGR DOJR TXH KDE­D SDVDGR OD VHPDQD DQWHULRU /D
GHXQODGR\XQDGHWDPDULQGRGHRWUR IDPLOLD VH TXHG³ PX\ VRUSUHQGLGD 7RGR KDE­D FRPHQ]DGR FXDQGR
ߚ7ºTXHTXLHUHVVDEHUORWRGRQRWHGLVWHFXHQWDGHOGUDPDTXH PH VHQW© FHUFD GH W­R (GPXQGR HQ FDVD GH 'LQGLQKD PLHQWUDV ©O
KD\ HQ FDVD" 3DS¡ HVW¡ VLQ HPSOHR QR HV FLHUWR" +DFH P¡V GH OH­DHOGLDULR
VHLV PHVHV TXH VH SHOH³ FRQ PLVWHU 6FRWWILHOG \ OR GHMDURQ HQ OD ߚ7L­WR
FDOOH 1R YLVWH TXH /DO¡ FRPHQ]³ D WUDEDMDU HQ OD )¡EULFD" 1R ߚ4X©PLKLMR"
VDEHVTXHPDP¡YDDWUDEDMDUDOFHQWURHQHO0ROLQR,QJO©V"3XHV (PSXM³ORVDQWHRMRVKDFLDODSXQWDGHODQDUL]FRPRKDFHWRGDOD
ELHQ ERER WRGR HVR HV SDUD MXQWDU DOJºQ GLQHUR \ SDJDU HO DOTXLOHU JHQWHYLHMD
GHODQXHYDFDVD/DRWUDKDFH\DFRPRRFKRPHVHVTXHSDS¡QROD ߚ&X¡QGRDSUHQGLVWHDOHHU"
SDJD7ºHUHVPX\FKLFRSDUDVDEHUFRVDVWULVWHVFRPR©VWD3HUR
ߚ0¡VRPHQRVDORVVHLVRVLHWHD±RVGHHGDG
\R YR\ D WHQHU TXH DFDEDU D\XGDQGR HQ OD PLVD SDUD D\XGDU HQ
FDVD ߚ<DOJXLHQSXHGHOHHUDORVFLQFRD±RV"
6HTXHG³XQUDWRHQVLOHQFLR ߚ3RGHU SXHGH 3HUR D QDGLH OH JXVWD KDFHU HVR FXDQGR WRGDY­D
HVPX\SHTXH±R
ߚ7RWRFDYDQDWUDHUODSDQWHUDQHJUD\ODVGRVOHRQDV"
ߚ&³PRDSUHQGLVWHDOHHU"
ߚ&ODUR TXH V­ < HO HVFODYR HV TXLHQ WHQGU¡ TXH GHVPRQWDU HO
JDOOLQHUR ߚ&RPR WRGR HO PXQGR HQ OD FDUWLOOD 'LFLHQGR l%{ P¡V l${
l%${
0HPLU³FRQFLHUWRFDUL±R\SHQD
ߚ7RGRHOPXQGRWLHQHTXHKDFHUORDV­"
ߚ<R VR\ HO TXH YD D GHVPRQWDU HO MDUG­Q ]RRO³JLFR \ DUPDUOR GH
QXHYRDTX­ ߚ4XH\RVHSDV­
4XHG©DOLYLDGR3RUTXHVLQR\RWHQGU­DTXHLQYHQWDUDOJRQXHYR ߚ3HURWRGRWRGRHOPXQGRV­"
SDUDMXJDUFRQPLKHUPDQLWRP¡VFKLFR/XLV 0HPLU³LQWULJDGR
ߚ%LHQ YLVWH F³PR VR\ WX DPLJR =H]©" (QWRQFHV QR WH FXHVWD ߚ0LUD=H]©WRGRHOPXQGRQHFHVLWDKDFHUHVR<DKRUDG©MDPH
QDGDFRQWDUPHF³PRIXHTXHFRQVHJXLVWHlDTXHOOR{ߨ WHUPLQDUODOHFWXUD9HDYHUVLKD\JXD\DEDVHQHOIRQGRGHODTXLQWD
ߚ7HMXUR7RWRFDTXHQRV©'HYHUDVTXHQRV© &RORF³ ORV DQWHRMRV HQ VX OXJDU H LQWHQW³ FRQFHQWUDUVH HQ OD
ߚ(VW¡VPLQWLHQGR(VWXGLDVWHFRQDOJXLHQ OHFWXUD3HURQRVDO­GHPLULQF³Q
ߚ1RHVWXGL©QDGD1DGLHPHHQVH±³6RORTXHVHDHOGLDEORTXH ߚb4X©SHQDߨ
VHJºQ-DQGLUDHVPLSDGULQRHOTXHPHKD\DHQVH±DGRPLHQWUDV\R /D H[FODPDFL³Q VRQ³ WDQ VHQWLGD TXH GH QXHYR VH OOHY³ ORV
GRUP­D DQWHRMRVKDFLDODSXQWDGHODQDUL]
7RWRFD HVWDED VRUSUHQGLGR $O FRPLHQ]R KDVWD PH KDE­D GDGR ߚ1RSXHGHVHUFXDQGRWHHPSH±DVHQXQDFRVDߨ
FRVFRUURQHVSDUDTXHOHFRQWDUD3HUR\RQRSRG­DFRQWDUOHQDGD ߚ(V TXH \R YLQH GH FDVD \ FDPLQ© FRPR ORFR VRODPHQWH SDUD

7/89
FRQWDUWHDOJRߨ DOHHU
ߚ(QWRQFHVYDPRVFXHQWD ߚ3HUR Wº VDEHV OHHU =H]©" 4X© FXHQWR HV ©VH" 4XL©Q WH
ߚ1R $V­ QR 3ULPHUR TXLHUR VDEHU FX¡QGR YDV D FREUDU OD HQVH±³"
MXELODFL³Q ߚ1DGLH
ߚ3DVDGRPD±DQD ߚ1RPHPLHQWDV
6RQUL³VXDYHPHQWHHVWXGL¡QGRPH 0HDOHM©\OHFRPHQW©GHVGHODSXHUWD
ߚ<FX¡QGRHVSDVDGRPD±DQD" ߚb7U¡HPHPLFDEDOOLWRHOYLHUQHV\YDVDYHUVLOHRRQRߨ
ߚ(OYLHUQHV
ߚ<HOYLHUQHVQRYDVDTXHUHUWUDHUPHXQl5D\RGH/XQD{GHO  
FHQWUR"
ߚ9DPRVGHVSDFLR=H]©4X©HVXQl5D\RGH/XQD{" 'HVSX©V FXDQGR DQRFKHFL³ \ -DQGLUD HQFHQGL³ OD OX] GHO IDURO
ߚ(V HO FDEDOOLWR EODQFR TXH YL HQ HO FLQH 6X GXH±R HV )UHG SRUTXHODl/LJKW>@{KDE­DFRUWDGRODOX]SRUIDOWDGHSDJRPHSXVH
7KRPSVRQ(VXQFDEDOORDPDHVWUDGR HQ SXQWDV GH SLHV SDUD YHU OD lHVWUHOOD{ 7HQ­D HO GLEXMR GH XQD
ߚ4XLHUHVTXHWHWUDLJDXQFDEDOOLWRGHUXHGDV" HVWUHOODHQXQSDSHO\GHEDMRXQDRUDFL³QSDUDSURWHJHUODFDVD
ߚ1R4XLHUR©VHTXHWLHQHFDEH]DGHPDGHUDFRQULHQGDV4XHOD ߚ-DQGLUD¡O]DPHTXHYR\DOHHUHVR
JHQWHOHSRQHXQFDER\VDOHFRUULHQGR1HFHVLWRHQWUHQDUPHSRUTXH ߚ'©MDWHGHLQYHQWRV=H]©(VWR\PX\RFXSDGD
YR\DWUDEDMDUGHVSX©VHQHOFLQH ߚO]DPH\YDVDYHUVLV©OHHU
&RQWLQX³UL©QGRVH ߚ0LUD=H]©VLPHHVW¡VSUHSDUDQGRDOJXQDGHODVWX\DVYDVD
ߚ&RPSUHQGR<VLWHORWUDLJRTX©JDQR\R" YHU
ߚ7HGR\XQDFRVD 0HDO]³\PHOOHY³GHWU¡VGHODSXHUWD
ߚ8QEHVR" ߚ%XHQRDYHUOHH4XLHURYHU
ߚ1RPHJXVWDQPXFKRORVEHVRV (QWRQFHVPHSXVHDOHHU/H­ODRUDFL³QTXHSHG­DDORVFLHORVOD
ߚ8QDEUD]R" EHQGLFL³Q\SURWHFFL³QSDUDODFDVD\TXHDKX\HQWDUDQDORVPDORV
/RPLU©FRQPXFKDSHQD0LSDMDULWRGHDGHQWURPHGLMRXQDFRVD HVS­ULWXV
<IXLUHFRUGDQGRRWUDVTXHKDE­DHVFXFKDGRPXFKDVYHFHVߨ -DQGLUDPHSXVRHQHOVXHOR(VWDEDERTXLDELHUWD
7­R(GPXQGRHVWDEDVHSDUDGRGHODPXMHU\WHQ­DFLQFRKLMRVߨ ߚ=H]©WHDSUHQGLVWHHVRGHPHPRULD0HHVW¡VHQJD±DQGR
9LY­D WDQ VROR \ FDPLQDED WDQ GHVSDFLR WDQ GHVSDFLWRߨ 4XL©Q ߚ7HMXURTXHQR-DQGLUD6©OHHUWRGR
VDEHVLQRFDPLQDEDGHVSDFLRSRUTXHWHQ­DQRVWDOJLDGHVXVKLMRV" ߚ1DGLHSXHGHOHHUVLQKDEHUDSUHQGLGR)XHW­R(GPXQGRTXL©Q
(OORVQXQFDYHQ­DQDYLVLWDUOR WHHQVH±³"2'LQGLQKD"
5RGH©ODPHVD\DSUHW©FRQIXHU]DVXFXHOOR6HQW­VXSHOREODQFR ߚ1DGLH
UR]DUPLIUHQWHFRQPXFKDVXDYLGDG 7RP³ XQ SHGD]R GH GLDULR \ OH­ &RUUHFWDPHQWH 'LR XQ JULWR \
ߚ(VWRQRHVSRUHOFDEDOOLWR/RTXHYR\DKDFHUHVRWUDFRVD9R\ OODP³D*ORULD‰VWDVHSXVRQHUYLRV­VLPD\IXHDOODPDUD$OD­GH(Q

8/89
GLH]PLQXWRVXQPRQW³QGHJHQWHGHODYHFLQGDGKDE­DYHQLGRDYHU
HOIHQ³PHQR
(VRHUDORTXH7RWRFDTXHU­DVDEHU
ߚ7HHQVH±³SURPHWL©QGRWHHOFDEDOOLWRVLDSUHQG­DV
ߚ1RQR
ߚ/HSUHJXQWDU©D©O
ߚ9H\SUHJºQWDOH1RV©GHFLUF³PRIXH7RWRFD6LORVXSLHUDWHOR
FRQWDU­D
ߚ(QWRQFHVY¡PRQRV3HUR\DYDVDYHUFXDQGRQHFHVLWHVDOJRߨ
0HWRP³GHODPDQRHQRMDGR\PHOOHY³GHYXHOWDDFDVD<DOO­
SHQV³HQDOJRSDUDYHQJDUVH
ߚb%LHQ KHFKR $SUHQGLVWH GHPDVLDGR SURQWR WRQWR $KRUD YDV D
ߚ9DVDLUOHMRVWXQDQWH1RSRUQDGDWHOODPDV-RV©9DVDVHUHO
6RO\ODVHVWUHOODVEULOODU¡QDWXDOUHGHGRU
0H TXHG© PLUDQGR VLQ HQWHQGHU \ SHQVDQGR TXH ©O HVWDED
UHDOPHQWHlWRFDGR{
ߚ1R HQWLHQGHV HVWR (V OD KLVWRULD GH -RV© GH (JLSWR &XDQGR
VHDVP¡VJUDQGHWHFRQWDU©HVDKLVWRULD
0H HQORTXHF­DQ ODV KLVWRULDV &XDQWR P¡V GLI­FLOHV P¡V PH
JXVWDEDQ
$FDULFL©PLFDEDOOLWRODUJRWLHPSR\GHVSX©VOHYDQW©ODYLVWDKDFLD
W­R(GPXQGR\OHSUHJXQW©
ߚ7HSDUHFHTXHODVHPDQDTXHYLHQH\DVHU©P¡VJUDQGH"ߨ

WHQHUTXHHQWUDUHQODHVFXHODHQIHEUHUR >@&RPSDxtDGHHOHFWULFLGDG1GHOD7

$TXHOORKDE­DVLGRLGHDGH-DQGLUD$V­ODFDVDTXHGDU­DWRGD OD
PD±DQDHQSD]\\RDSUHQGHU­DDVHUP¡VHGXFDGR
ߚ9DPRV D HQWUHQDUQRV HQ OD 5­R6DQ 3DEOR 3RUTXH QR SLHQVHV
TXHHQ©SRFDGHFODVHVYR\DKDFHUGHHPSOHDGRWX\RFUX]¡QGRWH
WRGRHOWLHPSR7ºHUHVPX\VDELRDSUHQGHHQWRQFHVWDPEL©QHVWR

 

ߚ$TX­ HVW¡ HO FDEDOOLWR $KRUD TXLHUR YHU $EUL³ HO GLDULR \ PH
PRVWU³XQDIUDVHGHSURSDJDQGDGHXQUHPHGLR
ߚl(VWHSURGXFWRVHHQFXHQWUDHQWRGDVODVIDUPDFLDV\FDVDVGHO
UDPR{
7­R(GPXQGRIXHDOODPDUDOIRQGRD'LQGLQKD
ߚb0DP¡OHHELHQKDVWDIDUPDFLD
/RVGRVMXQWRVFRPHQ]DURQDGDUPHFRVDVSDUDOHHUTXH\ROH­D
SHUIHFWDPHQWH
0LDEXHODUH]RQJ³TXHHOPXQGRHVWDEDSHUGLGR
0HJDQ©HOFDEDOOLWR\GHQXHYRDEUDF©DW­R(GPXQGR
(QWRQFHVPHWRP³GHODEDUELOODGLFL©QGRPHPX\HPRFLRQDGR

9/89

&DStWXOR8QDFLHUWDSODQWDGHQDUDQMDOLPD
(QFDVDFDGDKHUPDQRPD\RUFULDEDDXQRPHQRU-DQGLUDKDE­D
KDE­D R­GR KDEODU GH HOORV &RQWDEDQ TXH HUDQ GRV LQGLHFLWRV
3LQDJ©V%LHQTXHPDGLWRV\GHSHORQHJUR\OLVR3RUHVRODQL±DVH
OODP³$UDF\\HOQL±LWR-XUDQG\U
'HVSX©V YHQ­D PL KHUPDQLWR /XLV 4XLHQ SULPHUR FXLG³ GH ©O IXH
*ORULD \ GHVSX©V \R 1DGLH QHFHVLWDED SUHRFXSDUVH GH ©O SRUTXH
QRKDE­DQL±RP¡VOLQGREXHQR\TXLHWHFLWR
3RUHVRFDPEL©GHLGHDFXDQGR\DLEDDVDOLUDODFDOOH\PHGLMR
FRQVXYRFHFLWD
ߚ=H]© PH YDV D OOHYDU DO -DUG­Q =RRO³JLFR" +R\ QR DPHQD]D
OOXYLDQRHVFLHUWR"
(UD JUDFLRVR R­U F³PR SURQXQFLDED WRGR VLQ HTXLYRFDUVH $TXHO
QL±LWRLEDDVHUDOJXLHQLU­DOHMRV
0LU© HO G­D OLQGR WRGR HO FLHOR D]XO 0H TXHG© VLQ FRUDMH SDUD
PHQWLUOH3RUTXHDYHFHVQRWHQ­DJDQDVGHLU\OHGHF­D
ߚ(VW¡VORFR/XLVb0LUDHOWHPSRUDOTXHVHDFHUFDߨ
(VD YH] OR WRP© GH OD PDQR \ VDOLPRV SDUD OD JUDQ DYHQWXUD GHO
IRQGR
/D TXLQWD VH GLYLG­D HQ WUHV MXHJRV (O -DUG­Q =RRO³JLFR (XURSD
TXHHVWDEDSU³[LPRDODFHUFDELHQKHFKDGHODFDVDGHGRQ-XOLWR
3RU TX© (XURSD" 1L PL SDMDULWR OR VDE­D $OO­ MXJ¡EDPRV FRQ HO
WUHQFLWR GHO 3DQ GH $]ºFDU 7RPDED OD FDMD GH ORV ERWRQHV \ ORV
HQKHEUDED HQ XQ KLOR 7­R (GPXQGR GHF­D lFRUGHO{ <R SHQVDED
TXH FRUGHO HUD FDEDOOR < ©O PH H[SOLF³ TXH HUD SDUHFLGR SHUR TXH
WRPDGRDVXFXLGDGRD*ORULD\DRWUDKHUPDQDTXHOHGLHURQDFULDU
HQHO1RUWH$QWRQLRHUDHOSURWHJLGRVX\R'HVSX©V/DO¡PHKDE­D
WRPDGR SRU VX FXHQWD KDVWD KDF­D EDVWDQWH SRFR WLHPSR 3DUHF­D
JXVWDUGHP­SHUROXHJRVHDEXUUL³RVHHQDPRU³GHXQSUHWHQGLHQWH
TXH HUD XQ SHWLPHWUH LJXDOLWR DO GH OD PºVLFD GH SDQWDO³Q ODUJR \
FKDTXHWDELHQFRUWD&XDQGR­EDPRVORVGRPLQJRVDKDFHUlIRRWLQJ{
FDEDOORHUDlFRUFHO{'HVSX©VDWDEDXQDSXQWDHQODFHUFD\ODRWUD
HQORVGHGRVGH/XLV6XE­DWRGRVORVERWRQHV\VROWDEDOHQWDPHQWH
XQRSRUXQR&DGDWUHQFLWRYHQ­DOOHQRGHJHQWHFRQRFLGD+DE­DXQ
ERW³QQHJURTXHHUDHOWUDQY­DGHOPRUHQR%LULTXLQKR$YHFHVVHR­D
XQDYR]GHODRWUDTXLQWD
ߚ1RHVW¡VDUUXLQDQGRPLFHUFD=H]©"
HO SUHWHQGLHQWH GH HOOD KDEODED DV­ HQ OD (VWDFL³Q PH FRPSUDED ߚ1RGR±D'LPHULQKD3XHGHPLUDU
FDUDPHORV HQ FDQWLGDG (UD SDUD TXH \R QR GLMHUD QDGD HQ FDVD <
ߚ$V­ PH JXVWD 4XH MXHJXHV TXLHWHFLWR FRQ WX KHUPDQR 1R HV
WDPSRFROHSRG­DSUHJXQWDUDW­R(GPXQGRTX©HUDHVRSXHVVLQR
PHMRUDV­"
VHGHVFXEU­DWRGRߨ
4XL]¡IXHVHP¡VERQLWRSHURHQHOPRPHQWRHQTXHPLlSDGULQR{
0LVRWURVGRVKHUPDQLWRVKDE­DQPXHUWRSHTXH±RV\\RVRODPHQWH
HO WUDYLHVR PH HPSXMDED QDGD SRG­D KDEHU P¡V OLQGR TXH KDFHU

10/89
GLDEOXUDVߨ
ߚ8VWHGPHYDDGDUXQDOPDQDTXHSDUD1DYLGDGFRPRHOD±R
SDVDGR"
ߚ<TX©KLFLVWHFRQHOTXHWHGLHOD±RSDVDGR"
ߚ(VW¡ DGHQWUR SXHGH LU D YHU GR±D 'LPHULQGD (VW¡ VREUH OD
EROVDGHOSDQ
(OOD VH UL³ \ PH SURPHWL³ TXH V­ 6X PDULGR WUDEDMDED HQ HO
GHS³VLWRGH&KLFR)UDQFR
(O RWUR MXHJR HUD /XFLDQR /XLV DO FRPLHQ]R WHQ­D PXFKR PLHGR
GH ©O \ PH SHG­D SRU IDYRU WLU¡QGRPH GH ORV SDQWDORQHV TXH
YROYL©UDPRV 3HUR /XFLDQR HUD XQ DPLJR &XDQGR PH YH­D ODQ]DED
IXHUWHV FKLOOLGRV 7DPSRFR *ORULD OR TXHU­D \ GHF­D TXH ORV
PXUFL©ODJRV VRQ FRPR ORV YDPSLURV TXH FKXSDQ OD VDQJUH GH ORV
QL±RV
ߚ1R*RG³LD/XFLDQRQRHVDV­(VXQDPLJR‰OPHFRQRFH
ߚ&RQ HVD PDQ­D TXH WLHQHV SRU ORV ELFKRV \ SRU KDEODU FRQ ODV
FRVDVߨ
&RVW³ PXFKR FRQYHQFHUOD GH TXH /XFLDQR QR HUD XQ ELFKR
/XFLDQRHUDXQDYL³QTXHYRODEDSRUHOl&DPSRGRV$OIRQVRV{
ߚ0LUD/XLV
< /XFLDQR GDED YXHOWDV DOUHGHGRU GH QRVRWURV IHOL] FRPR VL
FRPSUHQGLHUDGHTX©VHKDEODED<UHDOPHQWHFRPSUHQG­D
ߚ(VXQDHURSODQR(VW¡KDFLHQGRߨ
$K­ PH WUDEDED 1HFHVLWDED SHGLUOH QXHYDPHQWH D W­R (GPXQGR
TXHPHUHSLWLHVHHVDSDODEUD
1RVDE­DVLHUDDFUREDFLDDFRUEDFLDRDUFREDFLD3HURHUDXQDGH
HOODV < \R QR TXHU­D HQVH±DUOH D PL KHUPDQR QDGD HTXLYRFDGR <
DKRUD©OTXHU­DHO-DUG­Q=RRO³JLFR
/OHJDPRVMXQWRDOJDOOLQHURYLHMR$GHQWURODVGRVJDOOLQLWDVFODUDV
HVWDEDQSLFRWHDQGRODYLHMDJDOOLQDQHJUDHUDWDQPDQVDTXHKDVWD
VHOHSRG­DQKDFHUFRVTXLOODVHQODFDEH]D
ߚ3ULPHURYDPRVDFRPSUDUODVHQWUDGDV'DPHODPDQRTXHORV
QL±RVSXHGHQSHUGHUVHHQHVWDPXOWLWXG9HVF³PRHVW¡GHOOHQRORV
GRPLQJRV"
0LUDED\FRPHQ]DEDDYHUJHQWHSRUWRGDVSDUWHV\DSUHWDEDP¡V
PLPDQR
(Q OD WDTXLOOD HPSLQ© KDFLD DGHODQWH OD EDUULJD \ HVFXS­ SDUD
GDUPHPD\RULPSRUWDQFLD0HW­ODPDQRHQHOEROVLOOR\SUHJXQW©DOD
YHQGHGRUD
ߚ+DVWDTX©HGDGQRSDJDQORVQL±RV"
ߚ+DVWDORVFLQFRD±RV
ߚ(QWRQFHVXQDGHDGXOWRSRUIDYRU
7RP©GRVKRMLWDVGHQDUDQMRFRPRELOOHWHV\IXLPRVHQWUDQGR
ߚ3ULPHUR KLMR P­R YDV D YHU OD EHOOH]D GH ODV DYHV 0LUD
SDSDJD\RV ORURV \ lDUDU¡V{ GH WRGRV ORV FRORUHV $TX©OODV GH
SOXPDVGHGLIHUHQWHVFRORUHVVRQODVlDUDU¡V{DUFRLULV
<©ODJUDQGDEDORVRMRVH[WDVLDGR
&DPLQ¡EDPRVGHVSDFLRYL©QGRORWRGR7DQWDVFRVDVTXHKDVWDYL
TXH GHWU¡V GH WRGR *ORULD \ /DO¡ HVWDEDQ VHQWDGDV HQ XQ EDQFR
SHODQGRQDUDQMDV/RVRMRVGH/DO¡PHPLUDEDQGHXQDPDQHUDߨ
<D OR KDEU­DQ GHVFXELHUWR" (Q HVH FDVR HVWH -DUG­Q =RRO³JLFR
LU­DDWHUPLQDUHQJUDQGHVFKLQHOD]RVHQHOWUDVHURGHDOJXLHQ<HVH
DOJXLHQºQLFDPHQWHSRG­DVHU\R
ߚ<DKRUD=H]©TX©YDPRVDYLVLWDU"
1XHYRHVFXSLWDMR\SRVH
ߚ9DPRV D SDVDU SRU ODV MDXODV GH ORV PRQRV 7­R (GPXQGR
VLHPSUHORVOODPDVLPLRV
&RPSUDPRV DOJXQDV EDQDQDV \ ODV DUURMDPRV D ORV DQLPDOHV
6DE­DPRV TXH HVR HVWDED SURKLELGR SHUR FRPR KDE­D WDQWD JHQWH
ORVJXDUGLDQHVQLVHGDEDQFXHQWD
ߚ1R WH DFHUTXHV PXFKR SRUTXH WH YDQ D WLUDU ODV F¡VFDUDV GH
EDQDQDPXFKDFKLWR
ߚ/RTXH\RTXHU­DHUDYHUHQVHJXLGDDORVOHRQHV
ߚ<DYDPRVSDUDDOO¡
0LU©GHUHRMRKDFLDGRQGHODVGRVlVLPLDV{FRP­DQQDUDQMDV
11/89
 'HVGHODMDXODGHORVOHRQHVSRGU­DHVFXFKDUODFRQYHUVDFL³Q
ߚ<DOOHJDPRV
6H±DO© ODV GRV OHRQDV DPDULOODV ELHQ DIULFDQDV &XDQGR ©O TXLVR
DFDULFLDUODFDEH]DGHODSDQWHUDQHJUDߨ
ߚb4X© LGHD PXFKDFKLWR (VD SDQWHUD QHJUD HV HO WHUURU GHO
=RRO³JLFR 9LQR D SDUDU DTX­ SRUTXH OH DUUDQF³ ORV EUD]RV D
GLHFLRFKRGRPDGRUHV\VHORVFRPL³
/XLVSXVRFDUDGHPLHGR\VDF³HOEUD]RDWHUUDGR
ߚ9LQRGHOFLUFR"
ߚ6­
ߚ'HTX©FLUFR=H]©"1XQFDPHFRQWDVWHHVRDQWHV
3HQV© \ SHQV© $ TXL©Q FRQRF­D \R TXH WXYLHUD QRPEUH SDUD
FLUFR"b$K\DHVWDED+DE­DYHQLGRGHOFLUFR5RVHPEHUJ
ߚ3HUR©VDQRHVODSDQDGHU­D"
&DGD YH] HUD P¡V GLI­FLO HQJD±DUOR &RPHQ]DED D HVWDU PX\
HQWHUDGR
ߚ1R ©VD HV RWUD < PHMRU VHQW©PRQRV XQ SRFR D FRPHU OD
PHULHQGD&DPLQDPRVPXFKR
1RVVHQWDPRV\ILQJLPRVTXHFRP­DPRV3HURPLR­GRHVWDEDDOO¡
HVFXFKDQGRODVFRQYHUVDFLRQHV
ߚ8QRGHELHUDDSUHQGHUGH©O/DO¡0LUDVLQRODSDFLHQFLDTXH
WLHQHFRQHOKHUPDQLWR
ߚ6­ SHUR HO RWUR QR KDFH OR TXH ©O KDFH (VR \D HV PDOGDG QR
WUDYHVXUD
ߚ(V FLHUWR TXH WLHQH HO GLDEOR HQ HO FXHUSR SHUR DV­ \ WRGR HV
GLYHUWLGR 1DGLH OH WLHQH UDELD HQ OD FDOOH SRU P¡V GLDEOXUDV TXH
KDJDߨ
ߚ$TX­ QR SDVD VLQ OOHYDUVH DOJXQRV FKLQHOD]RV +DVWD TXH
DSUHQGD
$UURM©XQDIOHFKDGHSLHGDGDORVRMRVGH*ORULD(OODVLHPSUHPH
KDE­D VDOYDGR \ VLHPSUH OH SURPHW­D TXH QXQFD P¡V OR LED D
KDFHUߨ
ߚ0¡VWDUGH$KRUDQR(VW¡QMXJDQGRWDQTXLHWHFLWRV
(OOD \D OR VDE­D WRGR 6DE­D TXH \R KDE­D VDOWDGR OD FHUFD \
HQWUDGR HQ ORV IRQGRV GH OD TXLQWD GH GR±D &HOLQD 0H TXHG©
IDVFLQDGRFRQODFXHUGDGHODURSDEDODQFHDQGRDOYLHQWRXQPRQW³Q
GH SLHUQDV \ EUD]RV (O GLDEOR PH GLMR HQWRQFHV TXH SRG­D VDOWDU DO
PLVPRWLHPSRHQWRGRVORVEUD]RV\SLHUQDV(VWXYHGHDFXHUGRFRQ
©O HQ TXH VHU­D PX\ GLYHUWLGR %XVTX© XQ SHGD]R GH YLGULR ELHQ
DILODGRVXE­DOQDUDQMR\FRUW©ODFXHUGDFRQSDFLHQFLD
&DVL PH FD­D FXDQGR WRGR HVR VH YLQR DEDMR 8Q JULWR \ WRGR HO
PXQGRFRUUL³
ߚ9HQJDQSRUIDYRUTXHVHFD\³ODFXHUGD
3HURXQDYR]QRV©GHG³QGHJULW³P¡VDOWR
ߚ)XHHVHGHPRQLRGHOFKLFRGHGRQ3DXOR/RYLWUHSDQGRHQHO
QDUDQMRFRQXQSHGD]RGHYLGULRߨ
ߚ=H]©"
ߚ4X©SDVD/XLV"
ߚ&X©QWDPHF³PRVDEHVWDQWDVFRVDVGHO-DUG­Q=RRO³JLFR
ߚb8I\DYLVLW©PXFKRVHQPLYLGD
0HQW­D WRGR OR TXH VDE­D HUD OR TXH PH FRQWDUD W­R (GPXQGR
SURPHWLHQGR OOHYDUPH DOO¡ DOJºQ G­D 3HUR ©O DQGDED WDQ GHVSDFLWR
TXH FXDQGR OOHJ¡UDPRV VHJXUR TXH \D QR H[LVWLU­D QDGD 7RWRFD
KDE­DLGRXQDYH]FRQSDS¡
ߚ(OTXHP¡VPHJXVWDHVHOGHODFDOOH%DU³QGH'UXPPRQGHQ
9LOOD,VDEHO6DEHVTXL©QIXHHO%DU³QGH'UXPPRQG"3RUVXSXHVWR
TXHQR(UHVPX\FKLFRSDUDVDEHUHVWDVFRVDV(OWDO%DU³QGHEL³
KDEHU VLGR DPLJR GH 'LRV 3RUTXH IXH D ©O D TXLHQ D\XG³ 'LRV D
FUHDU HO lMRJR GR ELFKR>@{ \ HO -DUG­Q =RRO³JLFR &XDQGR VHDV
PD\RUߨ
/DVGRVFRQWLQXDEDQDOO¡
ߚ&XDQGR\RVHDPD\RUTX©"
ߚb$\TX©FKLFRSUHJXQW³Q&XDQGRSDVHHVRWHYR\DHQVH±DUORV
DQLPDOHV \ HO QºPHUR GH FDGD XQR +DVWD HO QºPHUR YHLQWH 'HVGH
©VH KDVWD HO QºPHUR YHLQWLFLQFR \R V© TXH KD\ YDFD WRUR RVR
YHQDGR \ WLJUH 1R V© PX\ ELHQ HO OXJDU GH HOORV SHUR YR\ D
12/89
DSUHQGHUORSDUDQRHQVH±DUWHPDO PHMRUDFDEDUFRQDTXHOOR)XLDGRQGHHOODVVHKDOODEDQ
(VWDEDFDQV¡QGRVHGHOMXHJR ߚ(VW¡ELHQ/DO¡0HSXHGHVSHJDU
ߚ=H]©F¡QWDPHl&DVLWDSHTXH±LWD{ 0H SXVH GH HVSDOGDV \ RIUHF­ HO PDWHULDO $SUHW© ORV GLHQWHV
ߚ$TX­HQHO-DUG­Q=RRO³JLFR"+D\PXFKDJHQWH SRUTXHODPDQRGH/DO¡WHQ­DXQDIXHU]DGHPLOGLDEORVHQODFKLQHOD
ߚ1R/DJHQWH\DVHHVW¡\HQGRߨ
ߚ(VPX\ODUJDODOHWUD9R\DFDQWDUV³ORODSDUWHTXHWHJXVWD



(VDGRQGHVHKDEODGHODVFLJDUUDV
6DTX©SHFKR )XHPDP¡TXLHQWXYRODLGHD
ߚ+R\WRGRHOPXQGRYDDYHUODQXHYDFDVD
7~VDEHVGHGyQGHYHQJR 7RWRFDPHOODP³DSDUWH\PHDYLV³HQXQVXVXUUR
TXHGDDOOiMXQWRDXQKXHUWR« ߚ6LOOHJDVDFRQWDUTXH\DFRQRFHPRVODFDVDWHKDJRSROYR
'HXQDFDVLWDTXHWHQJR 3HUR\RQLVLTXLHUDKDE­DSHQVDGRHQHVR(UDXQPXQGRGHJHQWH
(VXQDFDVDFKLTXLWD SRU OD FDOOH *ORULD PH OOHYDED GH OD PDQR \ WHQ­D ³UGHQHV GH QR
VROWDUPHQLXQPLQXWR<\ROOHYDEDGHODPDQRD/XLV
HQORDOWRGHXQDFROLQD
ߚ&X¡QGRWHQHPRVTXHPXGDUQRVPDP¡"
\VHYHHOPDUDOROHMRV«
0DP¡OHUHVSRQGL³D*ORULDFRQXQDFLHUWDWULVWH]D
ߚ'RV G­DV GHVSX©V GH 1DYLGDG KHPRV GH FRPHQ]DU D DUUHJODU
3DVpSRUDOWRXQPRQWyQGHYHUVRV
ORVWUDVWRV
+DEODEDFRQXQDYR]FDQVDGDFDQVDGD<\RVHQW­DPXFKDSHQD
(QWUHODVSDOPHUDVDOWDV SRU HOOD 0DP¡ KDE­D QDFLGR WUDEDMDQGR 'HVGH ORV VHLV D±RV GH
FDQWDQWRGDVODVFLJDUUDV HGDG FXDQGR FRQVWUX\HURQ OD )¡EULFD OD KDE­DQ SXHVWR D WUDEDMDU
DOYROYHUVHGHRURHOVRO DOO­ /D VHQWDEDQ HQFLPD GH XQD PHVD \ WHQ­D TXH TXHGDUVH DOO­
&HUFDVHYHHOKRUL]RQWH OLPSLDQGR \ HQMXDJDQGR ODV KHUUDPLHQWDV (UD WDQ FKLTXLWLWD TXH VH
(QHOMDUGtQFDQWDXQDIXHQWH PRMDED HQFLPD GH OD PHVD SRUTXH QR SRG­D EDMDU VRODߨ 3RU HVR
QXQFD IXH D OD HVFXHOD QL DSUHQGL³ D OHHU &XDQGR OH HVFXFK© HVD
\HQODIXHQWHXQUXLVHxRU«
KLVWRULD PH TXHG© WDQ WULVWH TXH SURPHW­ TXH FXDQGR IXHVH SRHWD \
VDELROHLEDDOHHUWRGDVPLVSRHV­DV
$K­SDU©(OODVFRQWLQXDEDQILUPHVHVSHU¡QGRPH7XYHXQDLGHD <OD1DYLGDG\DVHDQXQFLDEDHQWLHQGDV\PHUFHU­DV(QWRGRVORV
PHTXHGDU­DDOO­FDQWDQGRKDVWDTXHOOHJDUDODQRFKH$FDEDU­DQSRU YLGULRV GH ODV SXHUWDV \D KDE­DQ GLEXMDGR D 3DS¡ 1RHO $OJXQDV
FDQVDUVH SHUVRQDVFRPSUDEDQSRVWDOHVSDUDTXHFXDQGROOHJDVHODKRUDQRVH
b3HUR TX© &DQW© WRGD OD FDQFL³Q OD UHSHW­ FDQW© l(V WX DIHFWR OOHQDVHQ GHPDVLDGR ODV FDVDV GH FRPHUFLR <R WHQ­D XQD OHMDQD
SDVDMHUR{\KDVWDl5DPRQD{/DVGRVOHWUDVGLIHUHQWHVTXHVDE­DGH HVSHUDQ]D GH TXH HVWD YH] HO 1L±R 'LRV QDFLHUD 3HUR TXH QDFLHUD
l5DPRQD{ߨ \ QDGD (QWRQFHV PH HQWU³ OD GHVHVSHUDFL³Q (UD SDUD P­ $ OR PHMRU FXDQGR OOHJDUD D OD HGDG GH OD UD]³Q WDO YH]

13/89
PHMRUDVHXQSRFR
ߚ$TX­HV
7RGRV TXHGDURQ HQFDQWDGRV /D FDVD HUD XQ SRFR P¡V FKLFD
0DP¡ D\XGDGD SRU 7RWRFD GHVDW³ HO DODPEUH TXH VRVWHQ­D HO
SRUW³Q \ WRGR HO PXQGR VH ODQ]³ KDFLD DGHODQWH *ORULD PH VROW³ \
ROYLG³ TXH \D HVWDED KDFL©QGRVH XQD VH±RULWD 6H SUHFLSLW³ HQ XQD
FDUUHUD\DEUD]³ODlPDQJXHLUD>@{
ߚ‰VWDHVP­D<RODDJDUU©SULPHUR
$QWRQLR KL]R OR PLVPR FRQ OD SODQWD GH WDPDULQGR 1R KDE­D
TXHGDGRQDGDSDUDP­&DVLOORUDQGRPLU©D*ORULD
ߚ<\R*ORULD"
ߚ&RUUHDOIRQGR'HEHGHKDEHUP¡V¡UEROHVWRQWR
&RUU­SHURV³ORHQFRQWU©HO\X\RFUHFLGR8QPRQW³QGHQDUDQMRV
YLHMRV\SLQFKXGRV$OODGRGHOD]DQMDKDE­DXQDSHTXH±DSODQWDGH
QDUDQMDOLPD
(VWDEDGHVFRQFHUWDGR7RGRVHVWDEDQPLUDQGRODVKDELWDFLRQHV\
GHWHUPLQDQGRSDUDTXL©QVHU­DFDGDXQD
7LU©GHODIDOGDD*ORULD
ߚ1RKD\QDGDP¡V
ߚ1R VDEHV EXVFDU ELHQ (VSHUD DTX­ TXH YR\ D HQFRQWUDUWH XQ
¡UERO
$OUDWRYLQRFRQPLJR([DPLQ³ORVQDUDQMRV
ߚ1RWHJXVWDDTX©O"(VXQOLQGRQDUDQMR
1RPHJXVWDEDQLQJXQR1LVLTXLHUD©VH1LDTXHORWURQLQLQJXQR
7RGRVWHQ­DQPXFKDVHVSLQDV
ߚ3DUDTXHGDUPHFRQHVRVPDPDUUDFKRVDQWHVSUHILHURODSODQWD
GHQDUDQMDOLPD
ߚ&X¡O"
)XLPRVKDFLDGRQGHHVWDED
ߚb3HUR TX© OLQGD SODQWLWD GH QDUDQMDOLPD 0LUD QR WLHQH QL
VLTXLHUD XQD HVSLQD < WLHQH WDQWD SHUVRQDOLGDG TXH \D GHVGH OHMRV
VH VDEH TXH HV QDUDQMDOLPD b6L \R WXYLHUD WX HVWDWXUD QR TXHUU­D
RWUDFRVD
ߚ3HUR\RTXHU­DXQ¡UEROJUDQGRWH
ߚ3LHQVDELHQ=H]©(VPX\SHTXH±RWRGDY­D&RQHOWLHPSRVHU¡
XQQDUDQMRJUDQGRWH$V­FUHFHU¡QMXQWRV/RVGRVVHYDQDHQWHQGHU
FRPRVLIXHVHQGRVKHUPDQRV9LVWHODUDPDTXHWLHQH"(VYHUGDG
TXHHVODºQLFDbSHURSDUHFHXQFDEDOOLWRKHFKRSDUDTXHPRQWHVHQ
©O
0H VHQW­D HO VHU P¡V GHVJUDFLDGR GHO PXQGR 5HFRUGDED OR
RFXUULGR FRQ OD ERWHOOD GH EHELGD TXH WHQ­D OD ILJXUD GH ORV ¡QJHOHV
HVFRFHVHV /DO¡ GLMR l(VH VR\ \R{ *ORULD VH±DO³ RWUR SDUD HOOD
7RWRFD HOLJL³ RWUR SDUD ©O < \R" )LQDOPHQWH PH WRF³ VHU HVD
FDEHFLWDTXHKDE­DDWU¡VFDVLVLQDODV(OFXDUWR¡QJHOHVFRF©VTXH
QL VLTXLHUD HUD XQ ¡QJHO HQWHURߨ 6LHPSUH WHQ­D TXH VHU HO ºOWLPR
&XDQGRFUHFLHUDLEDQDYHU&RPSUDU­DXQDVHOYDDPD]³QLFD\WRGRV
ORV¡UEROHVTXHWRFDUDQHOFLHORVHU­DQP­RV&RPSUDU­DXQGHS³VLWR
GHERWHOODVOOHQDVGH¡QJHOHV\QDGLHWHQGU­DQLVLTXLHUDXQWUR]RGH
DOD
0H HQRM© 6HQWDGR HQ HO VXHOR DSR\© PL HQRMR HQ PL SODQWD GH
QDUDQMDOLPD*ORULDVHDOHM³VRQULHQGR
ߚ(VHHQRMRQRGXUD=H]©$FDEDU¡VGHVFXEULHQGRTXH\RWHQ­D
UD]³Q
$JXMHUH© HO VXHOR FRQ XQ SDOLWR \ FRPHQF© D GHMDU GH OORULTXHDU
+DEO³XQDYR]YHQLGDTXL©QVDEHGHG³QGHFHUFDGHPLFRUD]³Q
ߚ&UHRTXHWXKHUPDQDWLHQHWRGDODUD]³Q
ߚ7RGR HO PXQGR WLHQH VLHPSUH WRGD OD UD]³Q HO ºQLFR TXH QR OD
WLHQHQXQFDVR\\R
ߚ1RHVFLHUWR6LPHPLUDVHVELHQDFDEDU­DVSRUGDUWHFXHQWD
0HOHYDQW©DVXVWDGR\PLU©HODUEROLWR(UDUDURSRUTXHVLHPSUH
FRQYHUVDED FRQ WRGR SHUR SHQVDED TXH HUD PL SDMDULWR GH DGHQWUR
TXHVHHQFDUJDEDGHDUUHJODUODVFRQYHUVDFLRQHV
ߚ3HURWºKDEODVGHYHUGDG"
ߚ1RPHHVW¡VHVFXFKDQGR"
<VHUL³EDMLWR&DVLVDO­JULWDQGRSRUODTXLQWD3HURPHVXMHWDEDOD
14/89
FXULRVLGDG
ߚ3RUG³QGHKDEODV"
ߚ/RV ¡UEROHV KDEODQ SRU WRGDV SDUWHV 3RU ODV KRMDV SRU ODV
UDPDVSRUODVUD­FHV4XLHUHVYHU"$SR\DWXR­GRDTX­HQPLWURQFR
\YDVDHVFXFKDUSDOSLWDUPLFRUD]³Q
0HTXHG©PHGLRLQGHFLVRSHURYLHQGRVXWDPD±RSHUG­HOPLHGR
$SR\©ODRUHMD\XQDFRVDOHMDQDKDFLDWLFߨWDFߨWLFߨWDFߨ
ߚ9LVWH"
ߚ3HURGLPHWRGRHOPXQGRVDEHTXHKDEODV"
ߚ1R6RODPHQWHWº
ߚ'HYHUGDG"
ߚ3XHGRMXUDUOR8QKDGDPHGLMRTXHFXDQGRXQQL±RLJXDODWLVH
KLFLHUDDPLJRP­R\RSRGU­DKDEODU\VHUPX\IHOL]
ߚ<YDVDHVSHUDU"
ߚ4X©FRVD"
ߚ+DVWD TXH PH PXGH )DOWD P¡V GH XQD VHPDQD +DVWD HVH
PRPHQWRQRWHLU¡VDROYLGDUGHKDEODU"
ߚ-DP¡V (V GHFLU SDUD WL VRODPHQWH 4XLHUHV YHU F³PR VR\ GH
ߚb&KLVW$OO¡YLHQHHOOD
*ORULDOOHJ³HQHOPRPHQWRHQTXHORDEUD]DED
ߚ$GL³VDPLJRb(UHVODFRVDP¡VOLQGDGHOPXQGR
ߚ1RWHORKDE­DGLFKR"
ߚ6­ORGLMLVWH$KRUDDXQTXHXVWHGHVPHGLHVHQODlPDQJXHLUD{
\ODSODQWDGHWDPDULQGRDFDPELRGHPL¡UEROQRTXHUU­D
0HSDV³ODPDQRSRUHOSHORWLHUQDPHQWH
ߚb&DEHFLWDFDEHFLWDߨ
6DOLPRVWRPDGRVGHODVPDQRV
ߚ*RG³LDQRWHSDUHFHTXHWXlPDQJXHLUD{HVXQSRFRVRVD"
ߚ7RGDY­DQRVHSXHGHVDEHUSHURSDUHFHXQSRFRV­
ߚ<HOWDPDULQGRGH7RWRFD"
ߚ(VXQSRFRVLQJUDFLDSRUTX©"
ߚ1R V© VL OR SXHGR FRQWDU 3HUR XQ G­D WH FRQWDU© XQ PLODJUR
*RG³LD
>@(VSHFLHGHORWHUtDOODPDGDDVtSRUTXHDFDGDJUXSRGHXQLGDGHVOH
FRUUHVSRQGHXQGHWHUPLQDGRDQLPDO1GHOD7
EODQGR"
>@ÈUEROIUXWDOTXHGDODPDQJDRWDPELpQFRQRFLGRFRPRPDQJR1GH
ߚ&³PRHUHVGHTX©"ߨ OD7
ߚ6ºEHWHDPLUDPD2EHGHF­
ߚ$KRUDEDODQF©DWHXQSRFR\FLHUUDORVRMRV
+LFHORTXHPHPDQGDED
ߚ4X©WDO"$OJXQDYH]WXYLVWHHQODYLGDXQFDEDOOLWRPHMRU"
ߚ1XQFD (V PDUDYLOORVR 9R\ D GDUOH D PL KHUPDQLWR PHQRU PL
FDEDOOLWR l5D\R GH /XQD{ 7H YD D JXVWDU PXFKR PL KHUPDQR
VDEHV"
%DM©DGRUDQGR\DPLSODQWDGHQDUDQMDOLPD
ߚ0LUD KDU© XQD FRVD 6LHPSUH TXH SXHGD DQWHV GH PXGDUQRV
YHQGU© D FKDUODU XQ UDWLWR FRQWLJRߨ $KRUD QHFHVLWR LUPH \D HVW¡Q
VDOLHQGRWRGRV
ߚ3HURORVDPLJRVQRVHGHVSLGHQDV­

15/89

&DStWXOR/RVIODFRVGHGRVGHODSREUH]D
&XDQGROHFRQW©PLSUREOHPDDW­R(GPXQGRORHQFDU³FRQWRGD
VHULHGDG
ߚ(QWRQFHVHVRHVORTXHWHSUHRFXSD"
ߚ6­ HVR 7HQJR PLHGR GH TXH DO PXGDU GH FDVD /XFLDQR QR
YHQJDFRQQRVRWURV
ߚ&UHHVTXHHOPXUFL©ODJRWHTXLHUHPXFKRߨ
ߚ6­PHTXLHUHߨ
ߚ'HVGHHOIRQGRGHOFRUD]³Q"
ߚ6LQGXGD
ߚ(QWRQFHV SXHGHV HVWDU VHJXUR GH TXH LU¡ 3XHGH VHU TXH
GHPRUH HQ DSDUHFHU SRU DOO¡ bSHUR XQ G­D GHVFXEUH HO OXJDU \
DSDUHFH
ߚ<DOHGLMHODFDOOH\HOQºPHURGHODFDVDHQGRQGHYDPRVDYLYLU
ߚ3XHV HQWRQFHV HV P¡V I¡FLO 6L QR SXHGH LU SRU WHQHU RWURV
FRPSURPLVRV PDQGDU¡ D XQ KHUPDQR D XQ SULPR D FXDOTXLHU
SDULHQWH\QLVLTXLHUDYDVDQRWDUOR
6LQHPEDUJR\RWRGDY­DHVWDEDLQGHFLVR4X©JDQDEDFRQGDUOH
HOQºPHUR\ODFDOOHD/XFLDQRVLQRVDE­DOHHU"3RG­DVHUTXHIXHVH
SUHJXQWDQGRDORVSDMDULWRVDORVlWDWD'LRV{DODVPDULSRVDV
ߚ1R WH DVXVWHV =H]© ORV PXUFL©ODJRV WLHQHQ VHQWLGR GH
RULHQWDFL³Q
ߚ7LHQHQTX©W­R"
0HH[SOLF³ORTXHHUDHOVHQWLGRGHRULHQWDFL³Q\TXHG©FDGDYH]
P¡VDGPLUDGRSRUVXVDELGXU­D
5HVXHOWRPLSUREOHPDIXLDODFDOOHSDUDFRQWDUDWRGRHOPXQGROR
TXHQRVHVSHUDEDODPXGDQ]D/DPD\RU­DGHODVSHUVRQDVJUDQGHV
PHGHF­DQFRQJHVWRDOHJUH
ߚ$V­ TXH VH YDQ D PXGDU =H]©" b4X© EXHQRߨ b4X©
PDUDYLOODߨb4X©DOLYLRߨ
(OTXHQRVHH[WUD±³PXFKRIXH%LULTXLQKR
ߚ0HQRV PDO TXH HV HQ OD RWUD FDOOH 4XHGD FHUFD GH DTX­ <
DTXHOORGHTXHWHKDEO©ߨ
ߚ&X¡QGRHV"
ߚ0D±DQD D ODV RFKR HQ OD SXHUWD GHO &DVLQR %DQJº /D JHQWH
GLFH TXH HO GXH±R GH OD )¡EULFD PDQG³ FRPSUDU XQ FDPL³Q GH
MXJXHWHV9DV"
ߚ6­ TXH YR\ < OOHYDU© D /XLV 6HU¡ SRVLEOH TXH \R WDPEL©Q
UHFLEDDOJR"
ߚ&ODUR TXH V­ 8QD SRUTXHUL­WD GH HVWH WDPD±R 2 HVW¡V
SHQVDQGRTXH\DHUHVXQKRPEUH"
6H SXVR FHUFD GH P­ \ VHQW­ TXH WRGDY­D HUD PX\ FKLFR 0HQRU
DºQGHORTXHSHQVDED
ߚ%XHQRDOJRYR\DJDQDUߨ3HURDKRUDWHQJRTXHKDFHU0D±DQD
QRVHQFRQWUDPRVDK­
16/89
 9ROY­DFDVD\DQGXYHGDQGRYXHOWDVDOUHGHGRUGH*ORULD
ߚ4X©SDVDPXFKDFKR"
ߚ%LHQTXHSRG­DVOOHYDUPH+D\XQFDPL³QTXHYLQRGHODFLXGDG
OOHQLWRGHMXJXHWHV
ߚ(VFXFKD=H]©7HQJRXQPRQW³QGHFRVDVTXHKDFHU3ODQFKDU
D\XGDU D -DQGLUD D DUUHJODU OD PXGDQ]D 9LJLODU ODV FDFHURODV HQ HO
IXHJRߨ
ߚ7DPEL©QYLHQHQXQPRQW³QGHFDGHWHVGH5HDOHQJR
$GHP¡VGHFROHFFLRQDUUHWUDWRVGH5RGROIR9DOHQWLQRDTXLHQHOOD
OODPDEDl5XG\{\TXHSHJDEDHQXQFXDGHUQRWHQ­DORFXUDSRUORV
FDGHWHV
ߚ'³QGH YLVWH FDGHWHV D ODV RFKR GH OD PD±DQD" 4XLHUHV
KDFHUPHSDVDUSRUWRQWDFKLTXLO­Q"9HDMXJDU=H]©
3HURQRPHIXL
ߚ6DEHV XQD FRVD *RG³LD" 1R HV SRU P­ QR 3DVD TXH OH
SURPHW­ D /XLV OOHYDUOR DOO¡ (V WDQ FKLTXLWLWR 8Q FKLFR GH HVD HGDG
VRODPHQWHSLHQVDHQOD1DYLGDG
ߚ=H]©\DGLMHTXHQRYR\<©VDVVRQPHQWLUDVORTXHSDVDHV
TXHWºTXLHUHVLU7LHQHVPXFKRWLHPSRSDUDUHFLELU1DYLGDGHVHQWX
YLGDߨ
ߚ<VLPHPXHUR"0RULUVLQKDEHUUHFLELGRDOJRHVWD1DYLGDGߨ
ߚ1R YDV D PRULUWH WDQ SURQWR PL DPLJR 9DV D YLYLU GRV YHFHV
P¡VTXHW­R(GPXQGRRGRQ%HQHGLFWR<DKRUDEDVWD9HDMXJDU
3HURQRIXL0HGLPD±DSDUDTXHHOODDFDGDPRPHQWRWURSH]DUD
FRQPLJR ,ED D OD F³PRGD D EXVFDU DOJR \ VH HQFRQWUDED FRQPLJR
VHQWDGRHQODPHFHGRUDSLGLHQGRFRQODPLUDGD3RUTXHSHGLUFRQOD
PLUDGDWHQ­DPXFKRHIHFWRVREUHHOOD,EDDEXVFDUDJXDHQODSLOHWD
\ \R HVWDED VHQWDGR HQ HO XPEUDO GH OD SXHUWD PLUDQGR ,ED DO
GRUPLWRULRDEXVFDUSLH]DVGHURSDSDUDODYDU$OO­HVWDEDVHQWDGR
HQODFDPDFRQODVPDQRVHQHOPHQW³QPLUDQGRߨ
+DVWDTXHQRDJXDQW³P¡V
ߚ%XHQREDVWD=H]©<DGLMHTXHQR\QR3RUDPRUGH'LRVQR
WHUPLQHVFRQPLSDFLHQFLD9HDMXJDU
3HUR QR PH IXL (V GHFLU SHQV© TXH QR PH LED 3RUTXH HOOD PH
DJDUU³PHOOHY³DIXHUD\PHGHSRVLW³HQHOIRQGR'HVSX©VHQWU³HQ
ODFDVD\FHUU³ODSXHUWDGHODFRFLQD\GHODVDOD1RPHUHQG­0H
IXL VHQWDQGR GHODQWH GH FDGD YHQWDQD SRU OD TXH HOOD LED D SDVDU
3RUTXH DKRUD FRPHQ]DED D OLPSLDU OD FDVD \ D DUUHJODU ODV FDPDV
6H HQFRQWUDED FRQPLJR HVSL¡QGROD \ FHUUDED OD YHQWDQD $FDE³
FHUUDQGRWRGDODFDVDSDUDQRYHUPH
ߚb0XMHUGHORVPLOGLDEORVb3DUGDGHPDOSHORb2MDO¡TXHQXQFD
WHFDVHVFRQXQFDGHWHb2MDO¡TXHWHFDVHVFRQXQVROGDGRUDVRGH
©VRVTXHQRWLHQHQQLXQFHQWDYRSDUDOXVWUDUVHODVSRODLQDV
&XDQGRYLTXHUHDOPHQWHHVWDEDSHUGLHQGRHOWLHPSRVDO­IXULRVR\
JDQ©GHQXHYRHOPXQGRGHODFDOOH
(QODFDOOHGHVFXEU­D1DUGLQKRTXHMXJDEDFRQXQDFRVD(VWDED
HQ FXFOLOODV WRWDOPHQWH GLVWUD­GR 0H DFHUTX© +DE­D KHFKR XQ
FDUULWR FRQ XQD FDMD GH I³VIRURV \ OH KDE­D DWDGR XQ DEHMRUUR WDQ
JUDQGHFRPRQXQFDORKDE­DYLVWR
ߚb&DUDPED
ߚ(VJUDQGHQR"
ߚb7HORFDPELR
ߚ3RUTX©"
ߚ6LTXLHUHVIRWRVߨ
ߚ&X¡QWDV"
ߚ'RV
ߚb4X©JUDFLD8QELFKRGH©VWRV\PHGDVVRODPHQWHGRVIRWRVߨ
ߚ&RPR©VRVKD\PRQWRQHVHQODFDVDGHW­R(GPXQGR
ߚ3RUWUHVWRGDY­DWHORFDPELR
ߚ7HGR\WUHVSHURQRSXHGHVHOHJLUߨ
ߚ$V­QR3RUORPHQRVTXLHURHOHJLUGRV
ߚ%XHQR
/HGLXQDGH/DXUD/D3ODQWHTXHWHQ­DUHSHWLGDPXFKDVYHFHV<
©OHOLJL³XQDGH+RRW*LEVRQ\RWUDGH3DWV\5XWK0LOOHU*XDUG©HQ
PLEROVLOORHODEHMRUUR\PHIXL
17/89



&XDQGREDM³ODFDEH]DWHQ­DORVRMRVOOHQRVGHO¡JULPDV
ߚ5¡SLGR /XLV *ORULD IXH D FRPSUDU SDQ \ -DQGLUD HVW¡ OH\HQGR
HQODPHFHGRUD
6DOLPRVHVFXUUL©QGRQRVSRUHOFRUUHGRU<ORD\XG©DlGHVDJXDU{
ߚ+D]EDVWDQWHTXHHQODFDOOHQRVHSXHGHGHG­D
/XHJRHQODSLOHWDOHODY©ODFDUD<GHVSX©VGHODYDUWDPEL©QOD
P­DYROYLPRVDOGRUPLWRULR
/R YHVW­ VLQ KDFHU UXLGR /H FDOF© ORV ]DSDWLWRV b3RUTXHU­D GH
FDOFHWLQHV QR VHUY­DQ P¡V TXH SDUD FRPSOLFDUOR WRGR $ERWRQ© VX
VDTXLWRD]XO\EXVTX©HOSHLQH3HURVXSHORQRVHDVHQWDEDKDE­D
TXHKDFHUDOJR1RFRQWDEDFRQQDGDHQQLQJºQULQF³Q1LEULOODQWLQD
QLDFHLWH)XLDODFRFLQD\YROY­FRQXQSRFRGHJUDVDHQODSXQWDGH
ORV GHGRV 5HVWUHJX© OD JUDVD HQ OD SDOPD GH OD PDQR \ OD RO­
SULPHUR
ߚ1RWLHQHRORU
$FRPRG©ORVFDEHOORVGH/XLV\FRPHQF©DSHLQDUORV(QWRQFHVVX
FDEH]D TXHG³ OLQGD OOHQD GH UXORV SDUHF­D XQ 6DQ -XDQ FRQ XQ
FDUQHULWRVREUHODVHVSDOGDV
ߚ$KRUDWHTXHGDVDK­SDUDGRSDUDQRDUUXJDUWH0HYR\DYHVWLU
0LHQWUDVPHSRQ­DORVSDQWDORQHV\ODFDPLVDEODQFDPLUDEDDPL
KHUPDQR
b4X©OLQGRHUD1RKDE­DRWURP¡VOLQGRHQ%DQJº
0H FDOF© ODV ]DSDWLOODV GH WHQLV TXH WHQ­DQ TXH GXUDU KDVWD TXH
IXHVHDOFROHJLRHOD±RVLJXLHQWH&RQWLQX©PLUDQGRD/XLV
/LQGR\DUUHJODGLWRFRPRHVWDEDKDVWDSRGU­DVHUFRQIXQGLGRFRQ
HO1L±R-HVºVP¡VFUHFLGLWR$SXHVWRDTXHYDDJDQDUPRQWRQHVGH
UHJDORV&XDQGRORPLUDUDQߨ
0HHVWUHPHF­*ORULDDFDEDEDGHYROYHU\FRORFDEDHOSDQVREUHOD
PHVD/RVG­DVTXHKDE­DSDQHOSDSHOKDF­DHVHUXLGR
6DOLPRVWRPDGRVGHODVPDQRV\QRVSXVLPRVGHODQWHGHHOOD
ߚ1RHVW¡OLQGR*RG³LD"<RORDUUHJO©
(Q YH] GH HQRMDUVH VH UHFRVW³ HQ OD SXHUWD \ PLU³ KDFLD DUULED
ߚ7DPEL©QWºHVW¡VOLQGRb2Kb=H]©ߨ
6HDUURGLOO³\DSR\³PLFDEH]DVREUHVXSHFKR
ߚb'LRV P­R 3RU TX© OD YLGD WHQGU¡ TXH VHU WDQ GXUD SDUD
DOJXQRV"ߨ
6HFRQWXYR\FRPHQ]³DDUUHJODUQRVSUROLMDPHQWH
ߚ7H GLMH TXH QR SRGU­D OOHYDUORV =H]© 5HDOPHQWH QR SXHGR
7HQJRWDQWRTXHKDFHU3ULPHURYDPRVDWRPDUFDI©PLHQWUDVSLHQVR
DOJXQD FRVD $XQTXH TXLVLHVH \D QR KDEU­D WLHPSR SDUD TXH PH
YLVWLHUDߨ
3XVRQXHVWURWD]³QGHFDI©\FRUW³HOSDQ&RQWLQXDEDPLU¡QGRQRV
DIOLJLGD
ߚ7DQWR WUDEDMR SDUD JDQDUVH XQDV SRUTXHU­DV GH MXJXHWHV
RUGLQDULRV &ODUR TXH WDPSRFR SXHGHQ GDU FRVDV PX\ EXHQDV SDUD
WDQWRVSREUHVFRPRKD\
+L]RXQDSDXVD\FRQWLQX³
ߚ7DOYH]VHDODºQLFDRSRUWXQLGDG1RSXHGRLPSHGLUTXHXVWHGHV
YD\DQߨ3HUR'LRVP­RVRQPX\FKLTXLWRVߨ
ߚ<R OR OOHYR D ©O FRQ FXLGDGR /R OOHYDU© GH OD PDQR WRGR HO
WLHPSR*RG³LD1LVLTXLHUDHVQHFHVDULRFUX]DUODFDUUHWHUD5­R6DQ
3DEOR
ߚ$XQDV­HVSHOLJURVR
ߚ1RORHV\\RWHQJRVHQWLGRGHRULHQWDFL³Q
6HUL³GHQWURGHVXWULVWH]D
ߚ4XL©QWHHQVH±³HVRDKRUD"
ߚ7­R (GPXQGR 'LMR TXH /XFLDQR OR WHQ­D \ VL /XFLDQR TXH HV
PHQRUTXH\RORWLHQH\RORWHQJRP¡Vߨ
ߚ9R\DKDEODUFRQ-DQGLUD
ߚ(V SHUGHU HO WLHPSR (OOD QRV GHMD -DQGLUD VRODPHQWH YLYH
OH\HQGRQRYHODV\SHQVDQGRHQVXVDGPLUDGRUHV1ROHLPSRUWD
ߚ9DPRV D KDFHU OR VLJXLHQWH WHUPLQHQ FRQ HO FDI© \ QRV YDPRV
OXHJRDOSRUW³Q6LSDVDJHQWHFRQRFLGDTXHYDSDUDHVHODGROHSLGR
TXHORVDFRPSD±H
18/89
 1RTXLVHFRPHUHOSDQSDUDQRGHPRUDU)XLPRVKDFLDHOSRUW³Q
1RSDVDEDQDGLHVRODPHQWHHOWLHPSR3HURDFDE³SDVDQGR3RU
DOO¡YHQ­DGRQ3DVL³QHOFDUWHUR6DOXG³D*ORULDVHTXLW³ODJRUUD\
VHRIUHFL³DDFRPSD±DUQRV
*ORULD EHV³ D /XLV \ GHVSX©V D P­ &RQPRYLGD SUHJXQW³
VRQULHQGR 0HLQFOLQ©
ߚ<DTXHODVXQWRGHOVROGDGRUDVR\ODVSRODLQDVߨ"
ߚ6RQPHQWLUDV1RIXHGHFRUD]³Q7HYDVDFDVDUFRQXQPD\RU
GHDYLDFL³QOOHQRGHHVWUHOOLWDVHQHOKRPEUR
ߚ3RUTX©QRIXHURQFRQ7RWRFD"
ߚ7RWRFD GLMR TXH QR LED SDUD DOO¡ < TXH QR HVWDED GLVSXHVWR D
OOHYDUlHTXLSDMH{
6DOLPRV'RQ3DVL³QQRVPDQGDEDLUDGHODQWHHLEDDHQWUHJDUODV
FDUWDV HQ ODV FDVDV 'HVSX©V DSXUDED HO SDVR \ QRV DOFDQ]DED
9ROY­D D UHSHWLU OD DFFL³Q HQ VHJXLGD &XDQGR OOHJDPRV D OD
FDUUHWHUD5­R6DQ3DEORQRVGLMRVRQULHQWH 0LFRUD]³QFRPHQ]³DLQTXLHWDUVH
ߚ+LMRV P­RV HVWR\ PX\ DSXUDGR 8VWHGHV HVW¡Q UHWUDVDQGR PL
WUDEDMR$KRUDYD\DQSRUDK­TXHQRKD\QLQJºQSHOLJUR
6DOL³ GH SULVD FRQ HO SDTXHWH GH FDUWDV \ SDSHOHV GHEDMR GHO
EUD]R3HQV©UDELRVR ߚ'RQ&RTXLWR\DVHDFDE³WRGR"
ߚb&REDUGH $EDQGRQDU D GRV FULDWXUDV HQ OD FDUUHWHUD GHVSX©V
GHKDEHUOHSURPHWLGRD*ORULDTXHQRVOOHYDED
7RP©FRQP¡VIXHU]DODPDQRGH/XLV\FRQWLQXDPRVODPDUFKD
(O FDQVDQFLR \D FRPHQ]DED D PDQLIHVWDUVH HQ ©O &DGD YH]
GLVPLQX­DP¡VVXVSDVRV
ߚ9DPRV/XLV<DHVWDPRVFHUTXLWD\KD\PXFKRVMXJXHWHV
&DPLQDEDXQSRFRP¡VU¡SLGDPHQWH\YROY­DDUHWUDVDUVH
ߚ=H]©HVWR\FDQVDGR
ߚ7HYR\DDO]DUXQSRFRTXLHUHV"
$EUL³ORVEUD]RV\ORFDUJX©XQWLHPSRb3HURYD\Db3HVDEDFRPR
VL IXHVH SORPR &XDQGR OOHJDPRV D OD &DOOH GHO 3URJUHVR TXLHQ
HVWDEDEXIDQGRHUD\R
ߚ$KRUDFDPLQDVRWURSRTXLWR
(OUHORMGHODLJOHVLDGLRODVRFKR
ߚ< DKRUD" +DE­D TXH HVWDU DOO­ D ODV VLHWH \ PHGLD 3HUR QR
LPSRUWDKD\PXFKDJHQWH\YDQDVREUDUMXJXHWHV7UDHQXQFDPL³Q
OOHQR
ߚb=H]©PHHVW¡GROLHQGRXQSLH

ߚ9R\DDIORMDUWHXQSRFRHOFRUG³Q\PHMRUDU¡
EDPRV FDGD YH] P¡V GHVSDFLR 3DUHF­D TXH HO 0HUFDGR QR
OOHJDED QXQFD < GHVSX©V WRGDY­D WHQ­DPRV TXH SDVDU OD (VFXHOD
3ºEOLFD\GREODUDODGHUHFKDHQODFDOOHGHO&DVLQR%DQJº/RSHRU
GHWRGRHUDHOWLHPSRTXHSDUHF­DYRODUDSURS³VLWR
/OHJDPRV DOO¡ PXHUWRV GH FDQVDQFLR 1R KDE­D QDGLH 1L SDUHF­D
TXHKXELHUDKDELGRGLVWULEXFL³QGHMXJXHWHV3HURODKXERV­SRUTXH
OD FDOOH HVWDED OOHQD GH SDSHO GH VHGD DUUXJDGR /RV WURFLWRV GH
SDSHOFRORUHDEDQODDUHQD
&XDQGROOHJDPRVGRQ&RTXLWRHVWDED\DFHUUDQGRODVSXHUWDVGHO
&DVLQR
([WHQXDGROHGLMHDOSRUWHUR
ߚ7RGR=H]©8VWHGHVOOHJDURQPX\WDUGH(VWRIXHFRPRXQDOXG
&HUU³PHGLDSXHUWD\VRQUL³ERQGDGRVDPHQWH
ߚb(OD±RTXHYLHQHWLHQHQTXHYHQLUP¡VWHPSUDQRGRUPLORQHVߨ
ߚ1RLPSRUWD
3HUR V­ TXH LPSRUWDED (VWDED WDQ WULVWH \ GHVLOXVLRQDGR TXH
KXELHVHSUHIHULGRPRULUDQWHVGHTXHVXFHGLHVHDTXHOOR
ߚ9DPRVDVHQWDUQRVDOO­1HFHVLWDPRVGHVFDQVDUXQSRFR
ߚ7HQJRVHG=H]©
ߚ&XDQGRSDVHPRVSRUORGHGRQ5RVHPEHUJSHGLPRVXQYDVRGH
DJXD$OFDQ]DSDUDORVGRV
6RODPHQWHHQHVHPRPHQWRGHVFXEUL³WRGDODWUDJHGLD1LKDEO³
0HPLU³KDFLHQGRSXFKHURV\FRQORVRMRVSHUGLGRV
19/89
 ߚ1RLPSRUWD/XLV6DEHV"9R\DSHGLUOHD7RWRFDTXHOHFDPELH
OD FROD D PL FDEDOOLWR l5D\R GH /XQD{ SDUD G¡UWHOR FRPR UHJDOR GH
3DS¡1RHO
3HURFRQWLQX³OORULTXHDQGR
ߚ1RQRKDJDVHVR7ºHUHVXQUH\3DS¡GLMRTXHWHEDXWL]³/XLV
SRUTXHHUDQRPEUHGHUH\<XQUH\QRSXHGHOORUDUHQODFDOOHIUHQWH
DORVGHP¡VVDEHV"
$SR\© VX FDEH]D HQ PL SHFKR \ PH TXHG© DOLV¡QGROH HO FDEHOOR
HQUXODGR
ߚ&XDQGRVHDJUDQGHYR\DFRPSUDUXQFRFKHERQLWRFRPRHOGH
GRQ 0DQXHO 9DODGDUHV ‰VH GHO 3RUWXJX©V WH DFXHUGDV" ‰VH TXH
SDV³XQDYH]GHODQWHGHQRVRWURVHQOD(VWDFL³QFXDQGRHVW¡EDPRV
VDOXGDQGRDO0DQJDUDWLEDߨ%XHQRYR\DFRPSUDUXQFRFKD]ROLQGR
OOHQRGHUHJDORV\VRORSDUDWLߨ3HURQROORUHVTXHXQUH\QROORUD
0LSHFKRH[SORW³FRQHQRUPHDPDUJXUD
ߚ-XURTXHORYR\DFRPSUDU$XQTXHWHQJDTXHPDWDU\UREDUߨ
1RHUDPLSDMDULWRHOTXHPHFRPHQWDEDHVRDOO¡DGHQWUR'HE­D
VHUHOFRUD]³Q
6RODPHQWHHVRSRG­DVHU3RUTX©HO1L±R-HVºVQRPHTXHU­D"
‰ODPDEDKDVWDDOEXH\\DOEXUULWRGHOSHVHEUH3HURDP­QR<©O
VH YHQJDED SRUTXH \R HUD DKLMDGR GHO GLDEOR 6H YHQJDED GH P­
GHMDQGR D PL KHUPDQR VLQ VX UHJDOR 3HUR /XLV QR PHUHF­D HVR
SRUTXH HUD XQ ¡QJHO 1LQJºQ DQJHOLWR GHO FLHOR SRG­D VHU PHMRU TXH
©O
<ODVO¡JULPDVEURWDURQFREDUGHPHQWHGHPLVRMRV
ߚ=H]©HVW¡VOORUDQGRߨ
ߚ(Q VHJXLGD SDVD $GHP¡V QR VR\ XQ UH\ FRPR Wº 6RODPHQWH
VR\ XQD FRVD TXH QR VLUYH SDUD QDGD 8Q FKLFR PDOR ELHQ PDORߨ
$SHQDVHVR


UHJDOR 8QD FRVD YLHMD XVDGD SHUR PX\ OLQGD \ TXH \R TXHU­D
ߚ7RWRFDIXLVWHDODFDVDQXHYD"
ߚ1R<Wº"
ߚ6LHPSUHTXHSXHGRKDJRXQDFRUULGLWDKDVWDDOO¡
ߚ<HVRSDUDTX©"
ߚ4XLHURVDEHUVL0LQJXLWRHVW¡ELHQ
ߚ<TXL©QGLDEORVHV0LQJXLWR"
ߚ0LSODQWDGHQDUDQMDOLPD
ߚ/HHQFRQWUDVWHXQQRPEUHEDVWDQWHSDUHFLGRDHOOD(UHVºQLFR
SDUDHQFRQWUDUOHVQRPEUHVDODVFRVDV
6HUL³\FRQWLQX³DILQDQGRORTXHVHU­DHOQXHYRFXHUSRGHl5D\R
GH/XQD{
ߚ<HVWDEDDOO¡"
ߚ1RFUHFL³QDGD
ߚ1L FUHFHU¡ VL DQGDV HVSL¡QGROD WRGR HO WLHPSR 6H HVW¡
SRQLHQGROLQGD"(VDV­FRPRTXHU­DVHOFDER"
ߚ6­ 7RWRFD SRU TX© VDEHV KDFHU GH WRGR HK" +DFHV MDXOD
JDOOLQHURYLYHURFHUFDFDQFHODߨ
ߚ(VR HV SRUTXH QR WRGR HO PXQGR QDFL³ SDUD VHU SRHWD GH
FRUEDWDGHPR±R3HURVLUHDOPHQWHTXLVLHUDVDSUHQGHU­DV
ߚ0HSDUHFHTXHQR3DUDHVRHVQHFHVDULRWHQHUlLQFOLQDFL³Q{
6H GHWXYR XQ LQVWDQWH \ PH PLU³ HQWUH ULHQGR \ UHSUREDQGR
DTXHOODSRVLEOHQRYHGDGGHW­R(GPXQGR
(Q OD FRFLQD HVWDED 'LQGLQKD TXH KDE­D YHQLGR SDUD KDFHU
lUDEDQDGD>@{PRMDGDHQYLQR(UDODFHQDGH1RFKHEXHQD
/HFRPHQW©D7RWRFD
ߚ<PLUDKD\JHQWHTXHQLVLTXLHUDWLHQHHVR(OW­R(GPXQGRGLR
HOGLQHURSDUDHOYLQR\SDUDFRPSUDUODVIUXWDVSDUDODHQVDODGDGHO
DOPXHU]RGHPD±DQD
7RWRFDHVWDEDKDFLHQGRHOWUDEDMRJUDWLVSRUTXHVHKDE­DHQWHUDGR
GH OD KLVWRULD GHO &DVLQR %DQJº 3RU OR PHQRV /XLV WHQGU­D XQ
PXFKR
ߚ7RWRFD
20/89
 ߚ+DEOD ߚ<PDP¡"
ߚ<QRYR\DUHFLELUQDGDQDGDGH3DS¡1RHO" ߚ0DP¡ HV PX\ EXHQD FXDQGR PH SHJD OR KDFH FRQ SHQD \
ߚ3LHQVRTXHQR GHVSDFLWR
ߚ+DEODQGRVHULDPHQWHFUHHVTXHVR\WDQPDORFRPRGLFHWRGR ߚ<SDS¡"
HOPXQGR" ߚb$K ©O QR V© 1XQFD WLHQH VXHUWH &UHR TXH GHEH KDEHU VLGR
ߚ0DOR PDOR QR /R TXH SDVD HV TXH WLHQHV HO GLDEOR HQ OD FRPR\RHOPDORGHODIDPLOLD
VDQJUH ߚb(QWRQFHV7RGRVVRQEXHQRVHQODIDPLOLD<SRUTX©HO1L±R
ߚb&X¡QGR OOHJD OD 1RFKHEXHQD TXHUU­D WDQWR QR WHQHUOR 0H -HVºV QR HV EXHQR FRQ QRVRWURV" 9HWH D OD FDVD GHO GRFWRU
JXVWDU­D WDQWR TXH DQWHV GH PRULU SRU OR PHQRV XQD YH] QDFLHVH )DXOKDEHU\PLUDHOWDPD±RGHODPHVDOOHQDGHFRVDV/RPLVPRHQ
SDUDP­HO1L±R-HVºVHQYH]GHO1L±R'LDEOR OD FDVD GH ORV 9LOODV%RDV < HQ OD GHO GRFWRU $GDXFWR /X] QL
ߚ4XL©Q VDEH VL D OR PHMRU HO D±R TXH YLHQHߨ 3RU TX© QR KDEODUߨ
DSUHQGHV\KDFHVFRPR\R" 3RUSULPHUDYH]YLTXH7RWRFDHVWDEDFDVLOORUDQGR
ߚ<TX©KDFHV" ߚ3RU HVR FUHR TXH HO 1L±R -HVºV TXLVR QDFHU SREUH V³OR SDUD
ߚ1R HVSHUR QDGD $V­ QR PH GHFHSFLRQR 1L VLTXLHUD HO 1L±R H[KLELUVH'HVSX©V©OYLRTXHVRODPHQWHORVULFRVVHUY­DQߨ3HURQR
-HVºVHVHVRWDQEXHQRTXHWRGRHOPXQGRGLFH(VRTXHHO3DGUH KDEOHPRV P¡V GH HVR +DVWD SXHGH VHU TXH OR TXH GLJD VHD XQ
FXHQWD\TXHHO&DWHFLVPRGLFHߨ SHFDGRPX\JUDQGH
+L]R XQD SDXVD \ TXHG³ LQGHFLVR HQWUH FRQWDU HO UHVWR GH OR TXH 6H TXHG³ WDQ DEDWLGR TXH QR TXLVR FRQYHUVDU P¡V 1L VLTXLHUD
SHQVDEDRQR TXHU­DOHYDQWDUORVRMRVGHOFXHUSRGHOFDEDOORTXHSXO­D
ߚ&³PRHVHQWRQFHV"



ߚ%XHQRYDPRVDGHFLUTXHIXLVWHPX\WUDYLHVRTXHQRPHUHF­DV )XH XQD FRPLGD WDQ WULVWH TXH QL GDED JDQDV GH SHQVDU 7RGR HO
XQUHJDOR PXQGR FRPL³ HQ VLOHQFLR \ SDS¡ DSHQDV SURE³ XQ SRFR GH
lUDEDQDGD{1LVLTXLHUDKDE­DTXHULGRDIHLWDUVH7DPSRFRKDE­DQLGR
ߚ3HUR/XLV"
DOD0LVDGHO*DOOR/RSHRUHUDTXHQDGLHKDEODEDQDGDFRQQDGLH
ߚ(VXQ¡QJHO 0¡VSDUHF­DHOYHORULRGHO1L±R-HVºVTXHVXQDFLPLHQWR
ߚ<*ORULD" 3DS¡DJDUU³HOVRPEUHUR\VHIXH6DOL³LQFOXVRHQ]DSDWLOODVVLQ
ߚ7DPEL©Q GHFLUKDVWDOXHJRQLGHVHDUIHOLFLGDGHV'LQGLQKDVDF³VXSD±XHOR\
ߚ<\R" VH OLPSL³ ORV RMRV SLGLHQGR SHUPLVR SDUD LUVH HQ VHJXLGD FRQ W­R
ߚ%XHQRDYHFHVߨWRPDVPLVFRVDVSHURHUHVPX\EXHQR (GPXQGR<©VWHSXVRDOJºQGLQHURHQPLPDQR\HQODGH7RWRFD$
ߚ</DO¡" ORPHMRUKXELHVHTXHULGRGDUP¡V\QRWHQ­D$ORPHMRUHQYH]GH
GDUQRVGLQHURDQRVRWURVGHVHDU­DHVWDUG¡QGRVHORDVXVKLMRVDOO¡
ߚ3HJD PX\ IXHUWH SHUR HV EXHQD 8Q G­D PH YD D FRVHU PL
HQODFLXGDG3RUHVRORDEUDF©7DOYH]HOºQLFRDEUD]RGHODQRFKH
FRUEDWDGHPR±R
GH ILHVWD 1DGLH VH DEUD]³ QL TXLVR GHFLU DOJR EXHQR 0DP¡ IXH DO
ߚ<-DQGLUD" GRUPLWRULR (VWR\ VHJXUR GH TXH HOOD HVWDED OORUDQGR HVFRQGLGD <
ߚ-DQGLUDWLHQHHVHPRGRߨSHURQRHVPDOD WRGRV WHQ­DQ JDQDV GH KDFHU OR PLVPR /DO¡ IXH D GHMDU D W­R

21/89
(GPXQGR \ D 'LQGLQKD HQ HO SRUW³Q \ FXDQGR HOORV VH DOHMDURQ
FDPLQDQGRGHVSDFLWRGHVSDFLWRFRPHQW³ ߚ/DVYR\DSRQHUV­$ORPHMRUVXFHGHXQPLODJUR6DEHVXQD
ߚ3DUHFHTXHHVW¡QGHPDVLDGRYLHMLWRVSDUDODYLGD\FDQVDGRVGH
WRGRߨ
/R P¡V WULVWH IXH FXDQGR OD FDPSDQD GH OD LJOHVLD OOHQ³ OD QRFKH
GH YRFHV IHOLFHV < DOJXQRV IXHJRV DUWLILFLDOHV VH HOHYDURQ D ORV
FLHORVSDUDTXH'LRVSXGLHUDYHUODDOHJU­DGHORVRWURV


&XDQGR HQWUDPRV QXHYDPHQWH *ORULD \ -DQGLUD HVWDEDQ ODYDQGR
ODYDMLOODXVDGD\*ORULDWHQ­DORVRMRVURMRVFRPRVLKXELHVHOORUDGR
PXFKR
'LVLPXO³GLFL©QGRQRVD7RWRFD\DP­
ߚ<DHVODKRUDGHTXHORVFKLFRVYD\DQDODFDPD
'HF­DHVR\QRVPLUDED6DE­DTXHHQHVHPRPHQWRDOO­QRKDE­D
\D QLQJºQ QL±R 7RGRV HUDQ JUDQGHV JUDQGHV \ WULVWHV FHQDQGR D
SHGD]RVODPLVPDWULVWH]D
4XL]¡ OD FXOSD GH WRGR OD KXELHUD WHQLGR OD OX] GHO IDURO PHGLR
PRUWHFLQD TXH KDE­D VXVWLWXLGR D OD OX] TXH OD l/LJKW{ PDQGDUD
FRUWDU7DOYH]
(OUH\HFLWRTXHGRUP­DFRQHOGHGRHQODERFDV­HUDIHOL]3XVHHO
FDEDOOLWR SDUDGR ELHQ FHUFD GH ©O 1R SXGH HYLWDU SDVDUOH
VXDYHPHQWH ODV PDQRV SRU VX SHOR 0L YR] HUD XQ LQPHQVR U­R GH
WHUQXUD
ߚ0LFKLTXLWLWR
&XDQGRWRGDODFDVDHVWXYRDRVFXUDVSUHJXQW©ELHQEDMLWR +DE­D HQ VXV RMRV XQD WULVWH]D GRORULGD WDQ IXHUWH TXH DXQ
ߚ(VWDEDEXHQDODlUDEDQDGD{QRHVFLHUWR7RWRFD"
ߚ1RV©1LODSURE©
ߚ3RUTX©"
ߚ6H PH SXVR XQD FRVD UDUD HQ OD JDUJDQWD TXH QR PH GHMDED
SDVDUQDGDߨ9DPRVDGRUPLU(OVXH±RKDFHTXHXQRVHROYLGHGH
WRGR
<RPHKDE­DOHYDQWDGR\KDF­DEDUXOORHQODFDPD
ߚ$G³QGHYDV=H]©"
ߚ9R\DSRQHUPLV]DSDWLOODVGHORWURODGRGHODSXHUWD
ߚ1RODVSRQJDV(VPHMRU
FRVD 7RWRFD" 4XLVLHUD XQ UHJDOR 8QR VROR 3HUR TXH IXHVH DOJR
QXHYR6RORSDUDP­ߨ
0LU³SDUDHORWURODGR\HQWHUU³ODFDEH]DGHEDMRGHODDOPRKDGD
(QFXDQWRPHGHVSHUW©OODP©D7RWRFD
ߚ9DPRVDYHU"<RGLJRTXHKD\DOJR
ߚ<RQRLU­DDYHU
ߚb3XHVV­YR\
$EU­ODSXHUWDGHOGRUPLWRULR\SDUDGHFHSFL³QP­DODV]DSDWLOODV
HVWDEDQYDF­DV7RWRFDVHDFHUF³OLPSL¡QGRVHORVRMRV
ߚ1RWHORKDE­DGLFKR"
'LYHUVDV VHQVDFLRQHV HQWUHPH]FODGDV VH DFXPXODURQ HQ PL
DOPD(UDRGLRUHEHOL³Q\WULVWH]D6LQSRGHUFRQWHQHUPHH[FODP©
ߚb4X©GHVJUDFLDHVWHQHUXQSDGUHSREUHߨ
'HVYL© PLV RMRV GH ODV ]DSDWLOODV KDFLD RWUDV TXH HVWDEDQ
GHWHQLGDV IUHQWH D P­ 3DS¡ VH KDOODED GH SLH PLU¡QGRQRV /D
WULVWH]DKDE­DKHFKRHQRUPHVVXVRMRV3DUHF­DTXHKDE­DQFUHFLGR
WDQWR SHUR WDQWR TXH FXEULU­DQ WRGD OD SDQWDOOD GHO FLQH %DQJº
TXHULHQGROORUDUQRORKXELHUDORJUDGR6HTXHG³XQPLQXWRTXHQR
DFDEDED QXQFD PLU¡QGRQRV GHVSX©V SDV³ D QXHVWUR ODGR HQ
VLOHQFLR (VW¡EDPRV SDUDOL]DGRV VLQ SRGHU GHFLU QDGD 7RP³ HO
VRPEUHUR TXH HVWDED VREUH OD F³PRGD \ VH IXH GH QXHYR SDUD OD
FDOOH6³ORHQWRQFHV7RWRFDPHWRF³HOEUD]R
ߚ(UHV PDOYDGR =H]© 0DOYDGR FRPR XQD VHUSLHQWH 3RU HVR HV
TXHߨ
&DOO³HPRFLRQDGR
ߚ1RYLTXHHVWDEDDOO­
ߚ0DOYDGR 6LQ FRUD]³Q 6DEHV TXH SDS¡ GHVGH KDFH PXFKR
22/89
WLHPSRHVW¡VLQHPSOHR3RUHVRD\HU\RQRSRG­DWUDJDUPLUDQGRVX
URVWUR $OJºQ G­D YDV D VHU SDGUH \ HQWRQFHV YDV D VDEHU OR TXH
GXHOHXQDKRUDGH©VDV
3DUDFROPR\ROORUDED
ߚ3HURVLQRORYL7RWRFD1RORYL
ߚ6DOGHPLODGR1RVLUYHVSDUDQDGDb9HWH
7XYHJDQDVGHVDOLUFRUULHQGRSRUODFDOOH\DJDUUDUPHOORUDQGRD
ODV SLHUQDV GH SDS¡ 'HFLUOH TXH KDE­D VLGR PX\ PDOR UHDOPHQWH
PDOR 3HUR FRQWLQXDED TXLHWR VLQ VDEHU TX© KDFHU 1HFHVLW©
VHQWDUPHHQODFDPDGHVGHDOO­PLUDEDPLV]DSDWLOODVVLHPSUHHQHO
PLVPR ULQF³Q YDF­DV 9DF­DV FRPR PL FRUD]³Q TXH IOXFWXDED VLQ
JRELHUQR
ߚ3RU TX© KLFH HVR 'LRV P­R" < SUHFLVDPHQWH KR\ 3RU TX©
WHQ­D TXH VHU DºQ P¡V PDOR FXDQGR \D WRGR HVWDED GHPDVLDGR
WULVWH" &RQ TX© FDUD OR PLUDU© D OD KRUD GHO DOPXHU]R" 1L OD
HQVDODGDGHIUXWDVYR\DFRQVHJXLUTXHSDVH
<VXVJUDQGHVRMRVFRPRSDQWDOODGHFLQHHVWDEDQSHJDGRVDP­
PLU¡QGRPH&HUUDEDORVRMRV\YH­DHVRVRMRVJUDQGHVJUDQGHVߨ
0LWDO³QGLRHQPLFDMDGHOXVWUDU]DSDWRV\WXYHXQDLGHD7DOYH]
DV­SDS¡PHSHUGRQDVHWDQWDPDOGDG
$EU­ HO FDM³Q GH 7RWRFD \ WRP© HQ SU©VWDPR XQD ODWD P¡V GH
SRPDGD QHJUD SRUTXH OD P­D VH HVWDED DFDEDQGR 1R KDEO© FRQ
QDGLH 6DO­ FDPLQDQGR WULVWH SRU OD FDOOH VLQ VHQWLU HO SHVR GHO
FDMRQFLWR 0H SDUHF­D HVWDU FDPLQDQGR VREUH ORV RMRV GH ©O
'ROL©QGRPHGHQWURVXVRMRV
(UDPX\WHPSUDQR\ODJHQWHGHE­DHVWDUGXUPLHQGRDFDXVDGHOD
0LVD \ GH OD FHQD /D FDOOH HVWDED OOHQD GH FKLFRV TXH H[KLE­DQ \
FRPSDUDEDQ VXV MXJXHWHV (VR PH DEDWL³ P¡V WRGDY­D 7RGRV HUDQ
QL±RVEXHQRV1LQJXQRGHHOORVKDU­DQXQFDORTXH\RKDE­DKHFKR
3DU© FHUFD GHO l0LVHULD \ +DPEUH{ HVSHUDQGR HQFRQWUDU DOJºQ
FOLHQWH (O FDIHW­Q HVWDED DELHUWR KDVWD HVH G­D 1R SRU QDGD OH
KDE­DQSXHVWRDTXHOVREUHQRPEUH$©OOOHJDEDJHQWHHQSLMDPDGH
FKLQHODVGH]XHFRVSHURQXQFDFRQ]DSDWRV
1RKDE­DWRPDGRQLFDI©\VLQHPEDUJRQRVHQW­DKDPEUH0LGRORU
HUD PXFKR PD\RU TXH FXDOTXLHU DSHWLWR &DPLQ© KDVWD OD &DOOH GHO
3URJUHVR 'L YXHOWD DO 0HUFDGR 0H VHQW© HQ OD FDO]DGD GH OD
SDQDGHU­DGHGRQ5RVHPEHUJ\QDGD
(O FDORU DXPHQW³ \ OD FRUUHD GHO FDMRQFLWR PH KDF­D GROHU HO
KRPEURIXHQHFHVDULRFDPELDUORGHSRVLFL³Q6HQW­VHG\IXLDEHEHU
HQHOJULIRGHO0HUFDGR
0HVHQW©HQHOXPEUDOGHOD(VFXHOD3ºEOLFDTXHHQEUHYHKDEU­D
GHUHFLELUPH'HM©HOFDMRQFLWRHQHOVXHOR\PHGHVDQLP©5HFRVW©
OD FDEH]D HQ ODV URGLOODV FRPR XQ PX±HFR \ DV­ PH TXHG© VLQ
JDQDV GH QDGD 'HVSX©V HVFRQG­ OD FDUD HQWUH ODV URGLOODV
FXEUL©QGRODV FRQ PLV EUD]RV (UD PHMRU PRULU DQWHV TXH YROYHU D
FDVDVLQORTXHSUHWHQG­D
8QSLHJROSH³PLFDM³Q\XQDYR]FRQRFLGD\DPLJDPHOODP³
ߚb(KOXVWUDGRUHOTXHGXHUPHQRJDQDGLQHUR
/HYDQW©ODFDUDVLQFUHHUOR(UDGRQ&RTXLWRHOSRUWHURGHO&DVLQR
3XVRXQSLH\SULPHUROHSDV©ODIUDQHOD'HVSX©VPRM©HO]DSDWR\
ORVHTX©<OXHJRFRPHQF©DSDVDUODSRPDGDFRQWRGRFXLGDGR
ߚ3RUIDYRUSXHGHOHYDQWDUXQSRFRHOSDQWDO³Q"
2EHGHFL³PLSHGLGR
ߚ/XVWUDQGRKR\=H]©"
ߚ1XQFDQHFHVLW©WDQWRFRPRKR\
ߚ<TX©WDOIXHOD1RFKHEXHQD"
ߚ5HJXODU
*ROSH© FRQ HO FHSLOOR HQ HO FDM³Q \ FDPEL³ GH SLH 5HSHW­ OD
PDQLREUD\HQWRQFHVFRPHQF©DOXVWUDU&XDQGRWHUPLQ©JROSH©HQ
HOFDM³Q\UHWLU³HOSLH
ߚ&X¡QWRHV=H]©"
ߚ'RVFUX]HLURV
ߚ3RUTX©VRODPHQWHGRV"7RGRVFREUDQFXDWUR
ߚ6RODPHQWH FXDQGR VHD XQ EXHQ OXVWUDGRU SRGU© FREUDU WDQWR
3RUDKRUDQR
6DF³FLQFRFUX]HLURV\PHORVGLR
ߚ1RTXLHUHSDJDUPHGHVSX©V"1RWUDEDM©QDGDKDVWDDKRUD
23/89
 ߚ4X©GDWHFRQHOYXHOWRSRUVHU1DYLGDG+DVWDOXHJR
ߚ)HOLFHVILHVWDVGRQ&RTXLWR
4XL]¡ KDE­D YHQLGR D KDFHUVH OXVWUDU ORV ]DSDWRV SRU OR TXH
VXFHGLHUDWUHVG­DVDQWHVߨ
6HQWLU HO GLQHUR HQ HO EROVLOOR PH GLR FLHUWR ¡QLPR TXH QR GXU³
PXFKR\DHUDQP¡VGHODVGRVGHODWDUGHODJHQWHFKDUODEDSRUODV
FDOOHV b\ QDGD 1DGLH QL SDUD VDFDUOHV HO SROYR \ VROWDU XQDV
PRQHGDV
0H SXVH FHUFD GH XQ SRVWH GH OD 5­R6DQ 3DEOR \ GH YH] HQ
FXDQGRVROWDEDPLYR]ILQLWD PHGLDQHJUD\URMDGHPXMHU0HLQFOLQ©\ODUHFRJ­$UUROO©PLPDQR
ߚb6H OXVWUD SDWU³Q b/ºVWUHVH SDUD D\XGDU D OD 1DYLGDG GH ORV
SREUHV
8Q FRFKH GH ULFR VH GHWXYR FHUFD $SURYHFK© SDUD JULWDU VLQ
QLQJXQDHVSHUDQ]D
ߚ'HPH XQD PDQLWD GRFWRU $XQTXH VROR VHD SDUD D\XGDU D OD
1DYLGDGGHORVSREUHV
/D VH±RUD ELHQ YHVWLGD \ ORV QL±RV VHQWDGRV DWU¡V VH TXHGDURQ
PLU¡QGRPHPLUDQGR/DVH±RUDVHFRQPRYL³
ߚ3REUHFLWRWDQFKLFR\WDQSREUHFLWR'DOHDOJR$UWXUR
(OKRPEUHPHH[DPLQ³FRQGHVFRQILDQ]D
ߚ‰VHHVXQS­FDUR\GHORVELHQYLYRV(VW¡DSURYHFK¡QGRVHGH
VXHGDG\GHOG­D
ߚ$XQTXHDV­VHD\ROHYR\DGDU9HQDF¡FKLTXLWR
$EUL³ODFDUWHUD\HVWLU³ODPDQRSRUODYHQWDQLOOD
ߚ1R VH±RUD JUDFLDV 1R HVWR\ PLQWLHQGR 6RODPHQWH TXLHQ OR
QHFHVLWDPXFKRWUDEDMDHQ1DYLGDG
7RP© PL FDMRQFLWR OR FROJX© HQ PL KRPEUR \ PH IXL FDPLQDQGR
GHVSDFLWR(VHG­DQRVHQW­DIXHU]DVQLSDUDWHQHUUDELD
3HURODSXHUWDGHOFRFKHVHDEUL³\XQQL±RHFK³DFRUUHUGHWU¡VGH
P­
ߚ7RPD 7H PDQGD GHFLU PL PDP¡ TXH QR FUHH TXH VHDV XQ
PHQWLURVR
0H SXVR RWURV FLQFR FUX]HLURV HQ HO EROVLOOR \ QL HVSHU³ TXH OH
DJUDGHFLHUDߨ 6RODPHQWH HVFXFK© HO UXJLGR GHO PRWRU TXH VH
DOHMDED
<D KDE­DQ SDVDGR FXDWUR KRUDV \ \R FRQWLQXDED FRQ ORV RMRV GH
SDS¡PDUWLUL]¡QGRPH
%XVTX© HO FDPLQR GH YXHOWD 'LH] FUX]HLURV QR DOFDQ]DEDQ SHUR
HQ WRGR FDVR SRGU­D VHU TXH HO l0LVHULD \ +DPEUH{ PH KLFLHVH XQ
SUHFLRP¡VEDUDWRRPHSHUPLWLHUDSDJDUHOUHVWRRWURG­D
(QHOULQF³QGHXQDFHUFDPHOODP³ODDWHQFL³QXQDFRVD(UDXQD
HQHOOD\TXHG³ILQLWD*XDUG©ODPHGLDHQHOFDM³QSHQVDQGRl+DU¡
XQDOLQGDFREUD{
3HUR PH HQRM© FRQPLJR PLVPR l2WUR G­D +R\ GH QLQJXQD
PDQHUDߨ{
/OHJX©FHUFDGHODFDVDGHORV9LOODV%RDV/DFDVDWHQ­DXQJUDQ
MDUG­Q \ HO SLVR WRGR GH FHPHQWR 6HUJLWR DQGDED SRU HQWUH ODV
SODQWDV HQ XQD KHUPRVD ELFLFOHWD $SR\© OD FDUD HQ OD UHMD SDUD
HVSLDU
(UD WRGD URMD \ FRQ UD\DV DPDULOODV \ D]XOHV (O PHWDO
GHVOXPEUDED GH WDQ EULOODQWH 6HUJLWR PH YLR \ VH SXVR D KDFHU
GHPRVWUDFLRQHV&RUU­DKDF­DFXUYDVGDEDIUHQDGDVTXHOOHJDEDQD
FKLUULDU(QWRQFHVVHPHDFHUF³
ߚ7HJXVWD"
ߚ(VODELFLFOHWDP¡VOLQGDGHOPXQGR
ߚ$F©UFDWHP¡VDOSRUW³QTXHODYDVDYHUPHMRU
6HUJLWRHUDGHODPLVPDHGDG\JUDGRTXH7RWRFD6HQW­YHUJ¼HQ]D
GH PLV SLHV GHVFDO]RV SRUTXH ©O XVDED ]DSDWRV GH FKDURO PHGLDV
EODQFDV \ OLJDV GH HO¡VWLFR URMR (Q HO EULOOR GH ORV ]DSDWRV VH
UHIOHMDEDWRGR+DVWDORVRMRVGHSDS¡FRPHQ]DURQDPLUDUPHGHVGH
HVHEULOOR7UDJX©HQVHFR
ߚ4X©WHSDVD=H]©"(VW¡VUDUR
ߚ1DGD'HFHUFDWRGDY­DHVP¡VERQLWD7HODUHJDODURQSRUOD
1DYLGDG"
24/89
 ߚ6­
%DM³GHODELFLFOHWDSDUDFRQYHUVDUPHMRU\DEUL³HOSRUW³Q
ߚ7XYH PXFK­VLPRV UHJDORV 8QD YLFWUROD WUHV WUDMHV XQ PRQW³Q
GHOLEURVGHFXHQWRVXQDFDMDGHO¡SLFHVGHFRORUHVGHODVJUDQGHV
8QDFDMDFRQMXHJRVXQDYL³QTXHPXHYHODK©OLFH'RVEDUFRVFRQ
YHODEODQFDߨ
%DM© OD FDEH]D \ PH DFRUG© GHO 1L±R -HVºV DO TXH VRODPHQWH OH
JXVWDEDODJHQWHULFDFRPRGHF­D7RWRFD
ߚ4X©SDVD=H]©"
ߚ1DGD
ߚ<DWLߨWHUHJDODURQPXFKDVFRVDV"
1HJX©FRQODFDEH]DVLQSRGHUUHVSRQGHU
ߚ3HURQDGD"'HYHUGDGQDGD"
ߚ(VWH D±R QR WXYLPRV 1DYLGDG HQ FDVD 3DS¡ WRGDY­D HVW¡ VLQ
HPSOHR
ߚb1R HV SRVLEOH $V­ TXH XVWHGHV QR WXYLHURQ FDVWD±DV QL
DYHOODQDVQLYLQR"ߨ
ߚ$SHQDVlUDEDQDGD{TXHKL]R'LQGLQKD\FDI©
6HUJLWRVHTXHG³SHQVDWLYR
ߚ=H]©VL\RWHFRQYLGRDFHSWDV"
(VWDEDDGLYLQDQGRGHTX©VHWUDWDED3HURDXQVLQKDEHUFRPLGR
QRWHQ­DGHVHRV
ߚ9DPRV DGHQWUR 0DP¡ WH KDFH XQ SODWR +D\ WDQWDV FRVDV
WDQWRVGXOFHVߨ


1RPHDUULHVJDED+DE­DVLGRPX\PDOWUDWDGRHQHVRVG­DV0¡V
GH XQD YH] KDE­D HVFXFKDGR l1R WH GLMH TXH QR PH WUDLJDV
PRFRVRVGHODFDOOHDFDVD"{
ߚ1RPXFKDVJUDFLDV
ߚ(VW¡ ELHQ < VL OH SLGR D PDP¡ TXH KDJD XQ SDTXHWH GH
FDVWD±DV \ RWUDV FRVDV SDUD TXH VH OR OOHYHV D WX KHUPDQLWR OR
OOHYDV"
ߚ1RSXHGR7HQJRTXHWHUPLQDUGHWUDEDMDU
5HFL©QHQHVHPRPHQWR6HUJLWRGHVFXEUL³PLFDMRQFLWRGHOXVWUDU
VREUHHOTXHPHKDE­DVHQWDGR
ߚ3HURQDGLHVHOXVWUDHQ1DYLGDGߨ
ߚ0HSDV©WRGRHOG­D\VRORFRQVHJX­JDQDUGLH]FUX]HLURV\HVR
TXH FLQFR PH ORV GLHURQ GH OLPRVQD 7RGDY­D WHQJR TXH JDQDU GRV
P¡V
ߚ3DUDTX©=H]©"
ߚ1RWHORSXHGRFRQWDU3HURORVQHFHVLWRPXFKR
6HVRQUL³\WXYRXQDLGHDJHQHURVD
ߚ4XLHUHVOXVWUDUPLV]DSDWRV"7HGR\GLH]FUX]HLURV
ߚ7DPSRFRSXHGR1ROHVFREURDORVDPLJRV
ߚ<VLWHORVGR\HVGHFLUVLWHSUHVWRORVGLH]FUX]HLURV"
ߚ<SXHGRGHPRUDUHQSDJDUWH"
ߚ&RPRTXLHUDV+DVWDSXHGHVSDJDUPHGHVSX©VHQEROLWDV
ߚ$V­V­
0HWL³ODPDQRHQHOEROVLOOR\PHGLRXQDPRQHGD
ߚ1RWHDIOLMDVTXHUHFLE­PXFKRGLQHUR7HQJRODDOFDQF­DOOHQD
3DV©ODPDQRSRUODUXHGDGHODELFLFOHWD
ߚ(VUHDOPHQWHOLQGD
ߚ&XDQGR FUH]FDV \ VHSDV DQGDU WH GHMDU© GDU XQD YXHOWD HVW¡
ELHQ"
ߚ%XHQR

0HODQF©HQXQDFDUUHUDHQORTXHFLGDKDVWDHOFDIHW­QGHl0LVHULD
\+DPEUH{]DQJRORWHDQGRHOFDM³QGHOXVWUDU
(QWU©FRPRXQKXUDF¡QFRQPLHGRGHTXHIXHVHQDFHUUDU\D
ߚ6H±RUWLHQHWRGDY­DGHDTXHOORVFLJDUULOORVFDURV"
7RP³GRVSDTXHWHVFXDQGRYLRHOGLQHURHQODSDOPDGHPLPDQR
ߚ(VWRQRHVSDUDWLYHUGDG=H]©"
25/89
 8QDYR]GLMRDWU¡V /HPRVWU©PLFDMRQFLWRGHOXVWUDU]DSDWRV
ߚb4X©LGHDb8QFKLFRGHHVDHGDG /R GHM© HQ HO VXHOR \ PHW­ OD PDQR HQ HO EROVLOOR SDUD VDFDU PL
6LQGDUVHYXHOWDOHFRQWHVW³ SDTXHWLWR
ߚ3RUTXHXVWHGQRFRQRFHDHVWHFOLHQWHGHFXDOTXLHUFRVD ߚ0LUDSDS¡FRPSU©XQDFRVDOLQGDSDUDWL
ߚ(VSDUDSDS¡ 6RQUL³FRPSUHQGLHQGRWRGRORTXHHVRKDE­DFRVWDGR
6HQW­D XQD HQRUPH IHOLFLGDG KDFLHQGR URGDU ODV PRQHGDV HQ OD ߚ7HJXVWD"(UDHOPHMRU
SDOPDGHODPDQR $EUL³HOSDTXHWH\DVSLU³HOWDEDFRVRQULHQGRSHURVLQFRQVHJXLU
ߚ‰VHR©VWH" GHFLUQDGD
ߚ7ºVDEU¡V ߚ)XPDXQRSDS¡
ߚ3DV©WRGRHOG­DWUDEDMDQGRSDUDFRPSUDUOHDSDS¡HVWHUHJDOR )XL KDVWD HO IRJ³Q SDUD EXVFDU XQ I³VIRUR /R HQFHQG­
GH1DYLGDG DSUR[LP¡QGRORDOFLJDUULOORTXHWHQ­DHQODERFD
ߚ'HYHUDV=H]©"<©OTX©WHUHJDO³" 0HDOHM©SDUDYHUODSULPHUDERFDQDGD<DOJRPHSDV³$UURM©DO
ߚ1DGDSREUH7RGDY­DHVW¡VLQHPSOHRXVWHG\DVDEH VXHOR HO I³VIRUR DSDJDGR < VHQW­ TXH HVWDED H[SORWDQGR
'HVWUR]¡QGRPH WRGR SRU GHQWUR 5HYHQWDQGR HVH GRORU WDQ JUDQGH
6HHPRFLRQ³\QDGLHKDEO³HQHOEDU
TXHPHKDE­DDPHQD]DGRWRGRHOG­D
ߚ&X¡OOHJXVWDU­DP¡VVLIXHVHSDUDXVWHG"
0LU©DSDS¡VXURVWUREDUEXGRVXVRMRV
ߚ/RV GRV VRQ OLQGRV < D FXDOTXLHU SDGUH OH JXVWDU­D UHFLELU XQ
6RORSXGHGHFLUOH
UHJDORDV­
ߚ3DS¡ߨ3DS¡ߨ
ߚ(QYX©OYDPH©VWHSRUIDYRU
<ODYR]IXHFRQVXPL©QGRVHHQWUHO¡JULPDV\VROOR]RV
+L]R HO SDTXHWH SHUR HVWDED PHGLR UDUR FXDQGR PH OR HQWUHJ³
&RPRVLTXLVLHUDGHFLUPHDOJR\QRSXGLHUD/HHQWUHJX©HOGLQHUR\ ‰ODEUL³ORVEUD]RV\PHHVWUHFK³WLHUQDPHQWH
VRQUH­ ߚ1R OORUHV KLMLWR 9DV D WHQHU TXH OORUDU PXFKR HQ OD YLGD VL
ߚ*UDFLDV=H]© FRQWLQºDVVLHQGRXQFKLFRWDQHPRWLYRߨ
ߚb4XHWHQJDIHOLFHVILHVWDVߨ ߚ<RQRTXHU­DSDS¡ߨ<RQRTXHU­DGHFLUߨHVR
&RUU­GHQXHYRKDVWDOOHJDUDFDVD ߚ<D OR V© <D OR V© $GHP¡V QR PH HQRM© SRUTXH HQ HO IRQGR
WHQ­DVUD]³Q
7DPEL©Q KDE­D OOHJDGR OD QRFKH 6RODPHQWH HQ OD FRFLQD HVWDED
HQFHQGLGD OD OX] GHO IDURO +DE­DQ VDOLGR WRGRV SHUR SDS¡ HVWDED 0HDFXQ³XQSRFRP¡V
VHQWDGRDODPHVDPLUDQGRODSDUHGYDF­D7HQ­DHOURVWURDSR\DGR 'HVSX©V OHYDQW³ PL URVWUR \ OR VHF³ FRQ OD VHUYLOOHWD TXH HVWDED
HQODSDOPDGHODPDQR\HOFRGRHQODPHVD DOO­FHUFD
ߚ3DS¡ ߚ$V­HVW¡PHMRU
ߚ4X©KLMR" /HYDQW© PLV PDQRV \ DFDULFL© VX FDUD 3DV© VXDYHPHQWH ORV
1RKDE­DUHQFRUDOJXQRHQVXYR] GHGRVVREUHVXVRMRVLQWHQWDQGRFRORFDUORVHQVXOXJDUVLQDTXHOOD
SDQWDOODJUDQGH7HQ­DPLHGRGHTXHVLQRORKDF­DHVRVRMRVIXHUDQ
ߚ'³QGHHVWXYLVWHWRGRHOG­D"

26/89
DVHJXLUPHGXUDQWHWRGDODYLGD
ߚ9DPRVDDFDEDUPLFLJDUULOOR
7RGDY­DFRQODYR]WHPEORURVDGHHPRFL³QSXGHWDUWDPXGHDU
ߚ6DEHV SDS¡ FXDQGR PH TXLHUDV SHJDU QXQFD P¡V YR\ D
SURWHVWDUߨ3XHGHVSHJDUPHQRP¡Vߨ
ߚ(VW¡ELHQ(VW¡ELHQ=H]©
0HGHSRVLW³HQHOVXHORMXQWRFRQHOUHVWRGHPLVVROOR]RV7RP³
XQSODWRGHODUPDULR
ߚ*ORULDWHJXDUG³XQSRFRGHHQVDODGDGHIUXWDV
<R QR FRQVHJX­D WUDJDU 6H VHQW³ \ IXH OOHYDQGR KDVWD PL ERFD
SHTXH±DVFXFKDUDGDV
ߚ$KRUDSDV³QRHVFLHUWRTXHV­KLMR"
+LFHTXHV­FRQODFDEH]DSHURODVSULPHUDVFXFKDUDGDVHQWUDEDQ
HQ PL ERFD FRQ JXVWR VDODGR (O UHVWR GH PL OODQWR GHPRUDED HQ
SDVDU

>@5RGDMDGHSDQPRMDGDHQOHFKHTXHOXHJRGHIULWDVHHVSROYRUHDFRQ
FDQHOD1GHOD7

&DStWXOR(OSDMDULWRODHVFXHOD\ODIORU

&DVD QXHYD 9LGD QXHYD \ HVSHUDQ]DV VLPSOHV VLPSOHV

HVSHUDQ]DV$OO¡LED\RHQWUHGRQ$U­VWLGHV\HOD\XGDQWHHQORDOWR
GHOFDUURDOHJUHFRPRHOG­DFDOLHQWH
&XDQGRHOFDUURVDOL³GHODFDOOHHPSHGUDGD\HQWU³HQOD5­R6DQ
3DEOR IXH XQD PDUDYLOOD DKRUD VH GHVOL]DED VXDYH \
DJUDGDEOHPHQWH
3DV³XQFRFKHGHOXMRDQXHVWURODGR
ߚ$OO¡YDHODXWRP³YLOGHOSRUWXJX©V0DQXHO9DODGDUHV
&XDQGR ­EDPRV DWUDYHVDQGR OD HVTXLQD GH OD &DOOH GH ODV
5HSUHVDVXQSLWRGHVGHOHMRVOOHQ³ODPD±DQD
ߚ0LUHGRQ$U­VWLGHV$OO¡YDHO0DQJDUDWLED

27/89
 ߚ/RVDEHVWRGRQR"
ߚ&RQR]FRHOVRQLGR
6RORVHHVFXFKDEDHOlWRFWRF{GHODVSDWDVGHORVFDEDOORVHQHO
FDPLQR2EVHUY©TXHHOFDUURQRHUDPX\QXHYR$OFRQWUDULR3HUR
HUD ILUPH HFRQ³PLFR &RQ RWURV GRV YLDMHV WUDHU­DPRV WRGRV
QXHVWURV FDFKLYDFKHV (O EXUUR QR SDUHF­D PX\ ILUPH 3HUR UHVROY­
VHUDJUDGDEOH
ߚ6XFDUURHVPX\OLQGRGRQ$U­VWLGHV
ߚ6LUYHSDUDORTXHHV
ߚ<WDPEL©QHOEXUURHVOLQGR&³PRVHOODPD"
ߚl*LWDQR{
3DUHF­DQRTXHUHUFRQYHUVDU
ߚ+R\ HV XQ G­D PX\ IHOL] SDUD P­ /D SULPHUD YH] TXH DQGR HQ
FDUUR (QFRQWU© HO DXWRP³YLO GHO 3RUWXJX©V \ HVFXFK© DO
0DQJDUDWLED
6LOHQFLR1DGD


ߚ'RQ $U­VWLGHV HO 0DQJDUDWLED HV HO WUHQ P¡V LPSRUWDQWH GHO
%UDVLO"
ߚ1R3HURHVHOP¡VLPSRUWDQWHGHHVWDO­QHD
5HDOPHQWHQRYDO­DODSHQDb4X©GLI­FLOHUDDYHFHVHQWHQGHUDOD
JHQWHJUDQGH
&XDQGROOHJDPRVIUHQWHDODFDVDOHHQWUHJX©ODOODYHHLQWHQW©VHU
FRUGLDOߨ
ߚ4XLHUHTXHOHD\XGHHQDOJXQDFRVD"
ߚ$\XGDU¡VVLQRDQGDVHQFLPDGHODJHQWHPROHVWDQGR$QGDD
MXJDUTXHFXDQGRVHDODKRUDGHYROYHUWHOODPDU©
'LXQVDOWR\PHIXL
ߚ0LQJXLWRDKRUDYDPRVDYLYLUVLHPSUHXQRFHUFDGHORWUR9R\D
SRQHUWHWDQOLQGRTXHQLQJºQ¡UEROSRGU¡OOHJDUWHDORVSLHV6DEHV
0LQJXLWR DFDER GH YLDMDU HQ XQ FDUUR WDQ JUDQGH \ VXDYH TXH
SDUHF­D XQD GLOLJHQFLD GH DTX©OODV GH ODV SHO­FXODV GH FLQH 0LUD
WRGDV ODV FRVDV GH ODV TXH PH HQWHUH WH ODV YHQGU© D FRQWDU GH
DFXHUGR"
0HDFHUTX©DOSDVWRGHODYDOOD\PLU©HODJXDVXFLDTXHFRUU­D
ߚ&³PR IXH TXH GLMLPRV HO RWUR G­D TXH ­EDPRV D OODPDU D HVWH
U­R"
ߚ$PD]RQDV
ߚ(VRPLVPR$PD]RQDV$OO¡DEDMRGHEHHVWDUOOHQRGHFDQRDV
GHLQGLRVVDOYDMHVQRHVFLHUWR0LQJXLWR"
ߚ1L PH OR GLJDV 6RODPHQWH SXHGH HVWDU DV­ OOHQR GH FDQRDV H
LQGLRV
1R ELHQ FRPHQ]DED OD FRQYHUVDFL³Q \ \D HVWDED GRQ $U­VWLGHV
FHUUDQGRODFDVD\OODP¡QGRPH
ߚ7HTXHGDVRYLHQHVFRQQRVRWURV"
ߚ9R\DTXHGDUPH0DP¡\PLVKHUPDQDV\DGHEHQYHQLUSRUOD
FDOOH
<PHTXHG©PLUDQGRFDGDFRVDGHFDGDULQF³Q
$O FRPLHQ]R SRU HWLTXHWD R SRUTXH TXHU­D LPSUHVLRQDU D ORV
YHFLQRV PH SRUWDED ELHQ 3HUR XQD WDUGH UHOOHQ© XQD PHGLD QHJUD
GH PXMHU /D HQYROY­ HQ XQ KLOR \ FRUW© OD SXQWD GHO SLH 'HVSX©V
GRQGH KDE­D HVWDGR HO SLH SXVH XQ KLOR ELHQ ODUJR GH EDUULOHWH \ OR
DW© 'H OHMRV HPSXMDQGR GHVSDFLWR SDUHF­D XQD FREUD \ HQ OD
RVFXULGDGLEDDWHQHUJUDQ©[LWR
'H QRFKH FDGD XQR FXLGDED GH VX YLGD 3DUHF­D TXH OD FDVD
QXHYD KXELHUD FDPELDGR HO HVS­ULWX GH WRGRV (Q OD IDPLOLD UHLQDED
XQDDOHJU­DFRPRGHVGHKDF­DPXFKRWLHPSRQRODKDE­D
0H TXHG© TXLHWHFLWR HQ HO SRUWDO HVSHUDQGR /D FDOOH YLY­D GH OD
SRFD LOXPLQDFL³Q GH ORV SRVWHV \ ODV FHUFDV GH DOWRV l&U³WRQV>@{
VRPEUHDEDQORVULQFRQHV
6HJXUDPHQWH TXH DOJXQRV HVWDU­DQ KDFLHQGR JXDUGLD HQ OD
)¡EULFD \ HVR TXH QR HUDQ P¡V GH ODV RFKR 'LI­FLOPHQWH HUDQ ODV
QXHYH3HQV©XQPRPHQWRHQOD)¡EULFD1RPHJXVWDED6XVLUHQD
WULVWHHQODVPD±DQDVVHKDF­DP¡VGHVDJUDGDEOHDODVFLQFRGH OD
28/89
WDUGH /D )¡EULFD HUD XQ GUDJ³Q TXH GHYRUDED JHQWH WRGR HO G­D \
YRPLWDED D VX SHUVRQDO GH QRFKH PX\ FDQVDGR < PHQRV PH
JXVWDED SRUTXH PLVWHU 6FRWWILHOG VH KDE­D SRUWDGR PDO FRQ SDS¡ߨ
b/LVWR3RUDOO¡YHQ­DXQDPXMHU7UD­DXQDVRPEULOODGHEDMRGHOEUD]R
\ XQD FDUWHUD FROJDQGR GH OD PDQR 6H DOFDQ]DED D HVFXFKDU HO
UXLGRGHORV]XHFRVJROSHDQGRODFDOOHFRQVXVWDFRQHV
&RUU­ D HVFRQGHUPH HQ HO SRUWDO \ SURE© HO KLOR TXH DUUDVWUDED OD
FREUD (OOD REHGHFL³ (VWDED SHUIHFWD (QWRQFHV PH HVFRQG­ ELHQ
HVFRQGLGLWRGHWU¡VGHODVRPEUDGHODFHUFD\PHTXHG©FRQHOKLOR
HQWUH ORV GHGRV /RV ]XHFRV YHQ­DQ DFHUF¡QGRVH P¡V FHUFD P¡V
FHUFD WRGDY­D \ b]DV &RPHQF© D WLUDU GH OD FREUD TXH VH GHVOL]³
GHVSDFLRHQPHGLRGHODFDOOH
b6RORTXH\RQRHVSHUDEDDTXHOOR/DPXMHUGLRXQJULWRWDQJUDQGH
TXHGHVSHUW³DWRGDODFDOOH/DUJ³ODEROVD\ODVRPEULOODSDUDDUULED
\VHDSUHW³ODEDUULJDVLQGHMDUGHJULWDU ߚb3HVWHFLWD 7º QR VDEHV TX© GXUR HV FDUJDU XQ KLMR GH VHLV
ߚb6RFRUURb6RFRUURߨ8QDFREUDDPLJRVb$\ºGHQPH
/DVSXHUWDVVHDEULHURQ\VROW©WRGRFRUU­KDFLDODFDVDHQWU©HQ
ODFRFLQD'HVWDS©U¡SLGDPHQWHHOFHVWRGHODURSDVXFLD\PHPHW­
GHQWUR FXEULHQGR GH QXHYR HO FHVWR FRQ OD WDSD 0L FRUD]³Q ODW­D
DVXVWDGR\FRQWLQXDEDHVFXFKDQGRORVJULWRVGHODPXMHU
ߚb$\b'LRVP­RYR\DSHUGHUDPLKLMRGHVHLVPHVHV
(Q HVH PRPHQWR QR VRODPHQWH HVWDED DVXVWDGR VLQR TXH
FRPHQF©DWHPEODU
/RV YHFLQRV OD OOHYDURQ SDUD DGHQWUR \ ORV VROOR]RV \ ODV TXHMDV
FRQWLQXDEDQ


ߚb1RSXHGRP¡VQRSXHGRP¡Vb<XQDFREUDFRQHOPLHGRTXH
OHVWHQJR
ߚ7RPH XQ SRFR GH DJXD GH IORU GH QDUDQMR &¡OPHVH 4X©GHVH
WUDQTXLOD TXH ORV KRPEUHV IXHURQ GHWU¡V GH OD FREUD DUPDGRV FRQ
SDORVPDFKHWHV\XQIDUROSDUDDOXPEUDUVH
b4X© O­R GH ORV PLO GLDEORV SRU FDXVD GH XQD FREULWD VLQ
LPSRUWDQFLD3HURORSHRUGHWRGRHVTXHODJHQWHGHFDVDWDPEL©Q
KDE­DLGRDPLUDU-DQGLUDPDP¡\/DO¡
ߚb3HURVLQRHVXQDFREUDDPLJRV$SHQDVHVXQDPHGLDYLHMDGH
PXMHU
(QPLPLHGRKDE­DROYLGDGRWLUDUGHODlFREUD{(VWDEDIULWR
$WU¡VGHODFREUDYHQ­DHOKLOR\HOKLORHQWUDEDHQQXHVWUDFDVD
7UHVYRFHVFRQRFLGDVKDEODURQDOPLVPRWLHPSR
ߚb)XH©O
<DQRVHWUDWDEDGHODFD]DGHXQDFREUD0LUDURQGHEDMRGHODV
FDPDV1DGD3DVDURQFHUFDGHP­\\RQLUHVSLU©)XHURQGHOODGR
GHDIXHUDSDUDPLUDUODFDVD-DQGLUDWXYRXQDLGHD
ߚb0HSDUHFHTXH\DV©G³QGHHVW¡
/HYDQW³ OD WDSD GHO FHVWR \ IXL OHYDQWDGR SRU ODV RUHMDV \ OOHYDGR
KDVWDHOFRPHGRU
0DP¡ PH SHJ³ GXUR HVD YH] (O ]DSDWR FDQW³ \ WXYH TXH JULWDU
SDUDGLVPLQXLUHOGRORU\TXHHOODGHMDUDGHFDVWLJDUPH
PHVHVHQODEDUULJD
/DO¡FRPHQW³LU³QLFD
ߚb<DHVWDEDGHPRUDQGRPXFKRHQHVWUHQDUODFDOOH
ߚ<DKRUDDODFDPDVLQYHUJ¼HQ]D
6DO­ IURW¡QGRPH HO WUDVWH \ PH DFRVW© GH EUXFHV )XH XQD VXHUWH
TXHSDS¡KXELHVHLGRDMXJDUDODVFDUWDV0HTXHG©HQODRVFXULGDG
WUDJ¡QGRPHHOUHVWRGHOOODQWR\SHQVDQGRTXHODFDPDHUDODPHMRU
FRVDGHOPXQGRSDUDFXUDUVHGHXQD]XUUD
$O G­D VLJXLHQWH PH OHYDQW© WHPSUDQR 7HQ­D GRV FRVDV PX\
LPSRUWDQWHV TXH KDFHU SULPHUR HVSLDU XQ SRFR FRPR TXLHQ QR
TXLHUH 6L OD FREUD WRGDY­D HVWDED SRU DOO¡ OD DJDUUDU­D SDUD
HVFRQGHUODGHQWURGHODFDPLVD7RGDY­DSRGU­DXVDUODHQRWUDSDUWH
3HURQRHVWDED,EDDVHUGLI­FLOHQFRQWUDURWUDPHGLDTXHGLHVHXQD
FREUDWDQEXHQDFRPRDTX©OOD
0H YROY­ GH HVSDOGDV \ PH IXL FDPLQDQGR D FDVD GH 'LQGLQKD
1HFHVLWDEDKDEODUFRQW­R(GPXQGR
29/89
 (QWU© DOO¡ VDELHQGR TXH WRGDY­D HUD WHPSUDQR SDUD VX YLGD GH
MXELODGR3RUORWDQWRQRKDEU­DVDOLGRSDUDMXJDUDODTXLQLHODKDFHU
VXILHVWLWDFRPR©OGHF­D\FRPSUDUORVGLDULRV
<DV­IXHHVWDEDHQODVDODKDFLHQGRXQQXHYRlVROLWDULR{
ߚb/DEHQGLFL³QWL­WR
1RUHVSRQGL³(VWDEDKDFL©QGRVHHOVRUGR(QFDVDWRGRVGHF­DQ
TXH D ©O OH JXVWDED KDFHU DV­ FXDQGR QR OH LQWHUHVDED OD
FRQYHUVDFL³Q
&RQPLJR QR OR KDF­D $GHP¡V bF³PR PH JXVWDED OD SDODEUD
ߚ(VWR\KDFLHQGRXQDEURPDW­RQRHVQDGDGHHVR
ߚ(QWRQFHVGHTX©VHWUDWD"
6HQW­DTXH©OVHHQFDQWDEDFRQPLVlSUHFRFLGDGHV{\GHVSX©VGH
TXH\ROHOH\HUDVLQDSUHQGHUODVFRVDVKDE­DQPHMRUDGRPXFKR
ߚ4XLHURVDEHUXQDFRVDPX\LPSRUWDQWH(UHVFDSD]GHFDQWDU
VLQHVWDUFDQWDQGR"
ߚ1RHQWLHQGRELHQ
ߚ$V­ߚ\FDQW©XQDHVWURIDGHl&DVLWD3HTXH±LWD{
ߚ3HURHVW¡VFDQWDQGRQRHVYHUGDG"
DGHP¡VFRQPLJRQXQFDHUDGHPDVLDGRVRUGR/HWLURQH©ODPDQJD
GH OD FDPLVD \ FRPR VLHPSUH PH SDUHFLHURQ OLQGRV ORV WLUDQWHV GH
DMHGUH]EODQFR\QHJUR
ߚb$K(UHVWºߨ
(VWDEDKDFLHQGRFRPRVLQRPHKXELHUDYLVWR
ߚ&³PRHVHOQRPEUHGHHVHlVROLWDULR{W­R"
ߚ(VHOGHOUHORM
ߚ(VOLQGR
<R\DFRQRF­DWRGDVODVFDUWDVGHODEDUDMD/DºQLFDTXHQRPH
JXVWDEDPXFKRHUDODVRWD1RV©SRUTX©WHQ­DDVSHFWRGHVLUYLHQWH
GHOUH\
ߚ6DEHVW­RYLQHDFRQYHUVDUXQDFRVDFRQWLJR
ߚ(VWR\WHUPLQDQGRHQFXDQWRDFDEHFRQYHUVDUHPRV
3HURHQVHJXLGLWDPH]FO³WRGDVODVFDUWDV
ߚ1RVDOL³"
ߚ1R
+L]RXQPRQWRQFLWRFRQODVFDUWDV\ODVGHM³DXQODGR
ߚ%LHQ=H]©VLWXDVXQWRHVXQlDVXQWR{GHGLQHURߚUHVWUHJ³ORV
GHGRVߚQRWHQJRXQF©QWLPR
ߚ1LXQDPRQHGLWDSDUDEROLWDV"
6HVRQUL³
ߚ8QDPRQHGLWDSXHGHVHUTXL©QVDEH"
,EDDPHWHUODPDQRHQHOEROVLOORSHURORLQWHUUXPS­
ߚ$K­HVW¡ODFRVD<RSXHGRKDFHUWRGRHVRSRUGHQWURVLQFDQWDU
SRUIXHUD
5L³GHPLVLPSOLFLGDGSHURQRVDE­DDGRQGHTXHU­DOOHJDU
ߚ0LUDW­RFXDQGR\RHUDSHTXH±LWRSHQVDEDTXHWHQ­DXQSDMDULWR
DTX­DGHQWUR\TXHFDQWDED(UD©OTXLHQFDQWDED
ߚb$M¡(VXQDPDUDYLOODTXHWHQJDVXQSDMDULWRDV­
ߚ1RHQWHQGLVWH3DVDTXHDKRUDDQGRPHGLRGHVFRQILDGRGHHVH
SDMDULWR<FXDQGRKDEOR\YHRSRUGHQWUR"
(QWHQGL³\VHUL³GHPLFRQIXVL³Q
ߚ9R\DH[SOLFDUWH=H]©6DEHVORTXHHVHVR"(VRVLJQLILFDTXH
HVW¡VFUHFLHQGR<FUHFLHQGRHVDFRVDTXHGLFHVTXHKDEOD\YHVH
OODPDSHQVDPLHQWR(OSHQVDPLHQWRHVORTXHKDFHDTXHOORTXHXQD
YH]\RGLMHTXHWHQGU­DVPX\SURQWRߨ
ߚ/DHGDGGHODUD]³Q"
ߚ(VPX\EXHQRTXHWHDFXHUGHV(QWRQFHVVXFHGHXQDPDUDYLOOD
(O SHQVDPLHQWR FUHFH FUHFH \ WRPD SRU VX FXHQWD WRGD QXHVWUD
FDEH]D \ QXHVWUR FRUD]³Q 9LYH HQ QXHVWURV RMRV \ HQ WRGRV ORV
PRPHQWRVGHQXHVWUDYLGD
ߚ<DV©<HOSDMDULWR"
ߚ(O SDMDULWR IXH KHFKR SRU 'LRV SDUD D\XGDU D ODV FULDWXUDV D
GHVFXEULUODVFRVDV'HVSX©VFXDQGRHOQL±R\DQRORQHFHVLWDP¡V
GHYXHOYHHOSDMDULWRD'LRV<'LRVORFRORFDHQRWURQL±RLQWHOLJHQWH
FRPRWº1RHVOLQGRHVR"
5H­IHOL]SRUTXHHVWDEDWHQLHQGRXQlSHQVDPLHQWR{
30/89
 ߚ6­<DKRUDPHYR\ GHGR GH 'LRV 'LRV WH YD D OOHYDU KDVWD RWUR QL±R \ YDV D FDQWDUOH
ߚ<ODPRQHGLWD" OLQGRFRPRVLHPSUHFDQWDVWHSDUDP­b$GL³VPLSDMDULWROLQGR
ߚ+R\QR9R\DHVWDUPX\RFXSDGR 6HQW­XQLQWHUPLQDEOHYDF­RLQWHULRU
6DO­ SRU OD FDOOH SHQVDQGR HQ WRGR 3HUR HVWDED UHFRUGDQGR XQD ߚ0LUD=H]©
FRVDTXHPHSRQ­DPX\WULVWH7RWRFDWHQ­DXQS¡MDURPX\OLQGRWDQ 6HSRV³HQHOGHGRGHODQXEH
PDQVR TXH VXE­D D VX GHGR FXDQGR OH FDPELDED HO DOSLVWH 3RG­D ߚ<DORYLߨ
KDVWDGHMDUODSXHUWDDELHUWDTXHQRVHHVFDSDED8QG­D7RWRFDVH 5HFRVW©PLFDEH]DHQHOFRUD]³QGH0LQJXLWR\PHTXHG©PLUDQGR
ROYLG³GH©O\ORGHM³DOVRO<HOVROFDOLHQWHORPDW³0HDFRUGDEDGH ODQXEHTXHVHJX­DVXFDPLQR
7RWRFDFRQ©OHQODPDQR\OORUDQGROORUDQGRFRQHOSDMDULWRPXHUWR ߚ1XQFDIXLPDORFRQ©Oߨ
DSR\DGRHQHOURVWUR<GHF­D
'LYXHOWDPLFDUDFRQWUDVXUDPD
ߚ1XQFDP¡VQXQFDP¡VYR\DWHQHUSUHVRDXQSDMDULWR
ߚ;XUXUXFD
<RHVWDEDFRQ©O\OHGLMH
ߚ4X©SDVD"
ߚ7RWRFD\RWDPSRFRYR\DWHQHUDQLQJXQRSUHVR
ߚ(VIHRVLPHSRQJRDOORUDU"
/OHJX©DFDVD\IXLGHUHFKRDYHUD0LQJXLWR
ߚ1XQFDHVIHROORUDUERER3RUTX©"
ߚ;XUXUXFDYLQHDKDFHUXQDFRVD
ߚ1RV©WRGDY­DQRPHDFRVWXPEU©3DUHFHFRPRVLDTX­DGHQWUR
ߚ4X©HV" PLMDXODKXELHVHTXHGDGRYDF­Dߨ
ߚ9DPRVDHVSHUDUXQSRFR"
ߚ9DPRV



0HVHQW©\UHFRVW©PLFDEH]DHQVXWURQTXLWR
ߚ4X©HVORTXHYDPRVDHVSHUDU=H]©" *ORULDPHKDE­DOODPDGRPX\WHPSUDQR
ߚ4XHSDVHXQDQXEHELHQOLQGDSRUHOFLHOR ߚ'©MDPHYHUODVX±DV
ߚ3DUDTX©" /HPRVWU©ODVPDQRV\HOODDSURE³
ߚ9R\ D VROWDU D PL SDMDULWR 6­ YR\ D VROWDUOR \D QR OR SUHFLVR ߚ$KRUDODVRUHMDV
P¡Vߨ
ߚb8\X\X\=H]©
1RVTXHGDPRVPLUDQGRHOFLHOR
0HOOHY³KDVWDODSLOHWDPRM³XQWUDSRFRQMDE³Q\IXHUHVWUHJDQGR
ߚ(V©VD0LQJXLWR" PLVXFLHGDG
/D QXEH YHQ­D FDPLQDQGR PX\ GHVSDFLR ELHQ JUDQGH FRPR VL ߚb1XQFDYLDXQDSHUVRQDGHFLUTXHHVXQJXHUUHUR3LQDJ©\YLYLU
IXHVHXQDKRMDEODQFDWRGDUHFRUWDGD VLHPSUH VXFLR $QGD FDO]¡QGRWH PLHQWUDV EXVFR XQD URSLWD GHFHQWH
ߚ(VDTX©OOD0LQJXLWR SDUDWL
0H OHYDQW© HPRFLRQDGR \ DEU­ PL FDPLVD 6HQW­ TXH ©O LED )XH D PL FDM³Q \ UHYROYL³ 5HYROYL³ P¡V < FXDQWR P¡V UHYROY­D
VDOLHQGRGHPLSHFKRIODFR PHQRV HQFRQWUDED 7RGRV PLV SDQWDORQFLWRV HVWDEDQ URWRV
ߚ9XHODYXHODSDMDULWRP­R%LHQDOWR6ºEHWHKDVWDSDUDUWHHQHO DJXMHUHDGRVUHPHQGDGRVR]XUFLGRV

31/89
 ߚ1R VH QHFHVLWDED QL FRQWDUOR D QDGLH 6RODPHQWH YLHQGR HVWH
FDM³QODJHQWHGHVFXEULU­DHQVHJXLGDHOQL±RWHUULEOHTXHHUHV3RQWH
©VWHTXHHVHOPHQRVPDOR
<QRVGLULJLPRVKDFLDHOGHVFXEULPLHQWRlPDUDYLOORVR{TXH\RLED
DKDFHU
/OHJDPRV FHUFD GH OD (VFXHOD DGRQGH XQ PRQW³Q GH SHUVRQDV
KDE­DQOOHYDGRDVXVQL±RVSDUDLQVFULELUORV
ߚ1RYD\DVDKDFHUXQSDSHOWULVWHQLDROYLGDUWHGHQDGD=H]©
1RV VHQWDPRV HQ XQD VDOD OOHQD GH FKLFRV \ WRGRV VH PLUDEDQ
XQRV D RWURV +DVWD TXH OOHJ³ QXHVWUR WXUQR \ HQWUDPRV HQ HO
HVFULWRULRGHODGLUHFWRUD
ߚ(VVXKHUPDQLWR"
ߚ6­VH±RUD0DP¡QRSXGRYHQLUSRUTXHWUDEDMDHQODFLXGDG
(OOD PH PLU³ EDVWDQWH \ VXV RMRV SDUHF­DQ JUDQGHV \ QHJURV
SRUTXH ORV DQWHRMRV HUDQ PX\ JUXHVRV /R JUDFLRVR HV TXH WHQ­D
ELJRWHVGHKRPEUH3RUHVRVHJXUDPHQWHHUDODGLUHFWRUD
ߚ1RHVPX\SHTXH±RHOQL±R"
ߚ(VPX\GHOJDGLWRSDUDODHGDG3HUR\DVDEHOHHU
ߚ4X©HGDGWLHQHVQL±R"
ߚ(OG­DGHIHEUHURFXPSO­VHLVD±RVV­VH±RUD
ߚ0X\ELHQ9DPRVDKDFHUODILFKD3ULPHURORVGDWRVIDPLOLDUHV
*ORULDGLRHOQRPEUHGHSDS¡&XDQGRWXYRTXHGDUHOGHPDP¡
HOODGLMRVRODPHQWH(VWHIDQ­DGH9DVFRQFHORV<RQRDJXDQW©\VROW©
PLFRUUHFFL³Q
ߚ(VWHIDQ­D3LQDJ©GH9DVFRQFHORV
ߚ&³PR"
*ORULDVHSXVRXQSRFRFRORUDGD
ߚ(V3LQDJ©0DP¡HVKLMDGHLQGLRV
0H SXVH WRGR RUJXOORVR SRUTXH \R GHE­D VHU HO ºQLFR TXH WHQ­D
QRPEUHGHLQGLRHQHVDHVFXHOD
'HVSX©V*ORULDILUP³XQSDSHO\TXHG³GHSLHLQGHFLVD
ߚ$OJXQDRWUDFRVDPXFKDFKDߨ
ߚ4XLVLHUD VDEHU VREUH ORV XQLIRUPHVߨ 8VWHG VDEHߨ 3DS¡ HVW¡
VLQHPSOHR\VRPRVEDVWDQWHSREUHV
<HVRTXHG³FRPSUREDGRFXDQGRPHPDQG³TXHGLHVHXQDYXHOWD
SDUDYHUPLWDPD±R\QºPHUR\DFDE³YLHQGRPLVUHPLHQGRV
(VFULEL³XQQºPHURHQXQSDSHO\QRVPDQG³DGHQWURDEXVFDUD
GR±D(XODOLD
7DPEL©QGR±D(XODOLDVHDGPLU³SRUPLWDPD±R\DXQHOXQLIRUPH
P¡VSHTXH±RTXHWHQ­DPHKDF­DDSDUHFHUXQSROOLWRHPSOXPDGR
ߚ(OºQLFRHV©VWHSHURHVJUDQGHb4X©QL±RPHQXGLWRߨ
ߚ/ROOHYR\ORDFRUWR
6DO­WRGRFRQWHQWRFRQPLVGRVXQLIRUPHVGHUHJDORb,PDJ­QHQVH
ODFDUDGH0LQJXLWRFXDQGRPHYLHVHFRQURSDQXHYD\GHDOXPQR
&RQHOSDVDUGHORVG­DV\ROHFRQWDEDWRGR&³PRHUDF³PRQR
HUDߨ
ߚ7RFDQXQDFDPSDQDJUDQGH3HURQRWDQWRFRPRODGHODLJOHVLD
6DEHVQR"7RGRHOPXQGRHQWUDHQHOSDWLRJUDQGH\EXVFDHOOXJDU
TXHWLHQHVXPDHVWUD(QWRQFHVHOODYLHQH\KDFHTXHIRUPHPRVXQD
ILODGHFXDWUR\YDPRVWRGRVFRPRVLIX©VHPRVFDUQHULWRVDGHQWUR
GHODFODVH8QRVHVLHQWDHQXQEDQFRTXHWLHQHXQDWDSDTXHDEUH
\FLHUUD\DOO­ORJXDUGDWRGR9R\DWHQHUTXHDSUHQGHUXQPRQW³Q
GHKLPQRVSRUTXHODSURIHVRUDGLMRTXHSDUDVHUXQEXHQEUDVLOH±R\
lSDWULRWD{XQRWLHQHTXHVDEHUHOKLPQRGHQXHVWUDWLHUUD&XDQGROR
DSUHQGDWHORFDQWRVDEHV0LQJXLWR"ߨ
<YLQLHURQODVQRYHGDGHV<ODVSHOHDV/RVGHVFXEULPLHQWRVGHXQ
PXQGRGRQGHWRGRHUDQXHYR
ߚ1HQLWDDG³QGHOOHYDVHVDIORU"
(OODHUDOLPSLWD\WUD­DHQODPDQRHOOLEUR\HOFXDGHUQRIRUUDGRV
8VDEDGRVWUHQFLWDV
ߚ6HODOOHYRDPLPDHVWUD
ߚ3RUTX©"
ߚ3RUTXH D HOOD OH JXVWDQ ODV IORUHV < WRGD DOXPQD DSOLFDGD OH
OOHYDXQDIORUDVXPDHVWUD
ߚ/RVQL±RVWDPEL©QSXHGHQOOHYDUOH"
32/89
 ߚ6LDVXSURIHVRUDOHJXVWDV­
ߚ'HYHUDV"
ߚ6­
1DGLH OH KDE­D OOHYDGR QL VLTXLHUD XQD IORU D PL PDHVWUD &HFLOLD
3DLP 'HE­D VHU SRUTXH HOOD HUD IHD 6L QR KXELHVH WHQLGR HVD
PDQFKDHQHORMRQRKDEU­DVLGRWDQIHD3HURHUDODºQLFDTXHPH
GDED XQD PRQHGD SDUD FRPSUDU XQD JDOOHWD UHOOHQD DO GXOFHUR GH
YH]HQFXDQGRFXDQGROOHJDEDHOUHFUHR
&RPHQF©DUHSDUDUHQODVRWUDVFODVHVWRGRVORVIORUHURVVREUHOD
PHVDWHQ­DQIORUHV6RORHOIORUHURGHODP­DFRQWLQXDEDYDF­R


DUULHVJRߨ
0LDYHQWXUDPD\RUIXHDTX©OOD


ߚ6DEHVXQDFRVD0LQJXLWR"+R\DJDUU©XQlPXUFL©ODJR{
ߚ(VH IDPRVR /XFLDQR TXH GHF­DV TXH LED D YHQLU D YLYLU DTX­
HQORVIRQGRV"
ߚ1R ERER 8Q lPXUFL©ODJR>@{ GH FDPLQDU 8QR DJDUUD ORV
FRFKHV TXH SDVDQ GHVSDFLR FHUFD GH OD HVFXHOD \ VH SHJD HQ OD
UXHGD WUDVHUD < DV­ YLDMD TXH HV XQD EHOOH]D &XDQGR OOHJD D OD
HVTXLQD HQ OD TXH YD D HQWUDU \ VH GHWLHQH SDUD YHU VL YLHQH RWUR
FRFKHXQRVDOWD3HURVDOWDFRQFXLGDGR3RUTXHVLVDOWDDYHORFLGDG
VHDFKDWDHOWUDVHURHQHOVXHOR\VHUR]DORVEUD]RV
< DV­ FRQYHUVDED VREUH WRGR OR TXH VXFHG­D HQ OD FODVH \ HQ HO
UHFUHR +DE­D TXH YHU F³PR VH KLQFK³ GH RUJXOOR FXDQGR OH FRQW©
TXHHQODFODVHGHOHFWXUD&HFLOLD3DLPGLMRTXH\RHUDHOTXHPHMRU
OH­D(OPHMRUlOHFWXUHUR{0HTXHG©FRQFLHUWDVGXGDV\UHVROY­TXH
HQODSULPHUDRSRUWXQLGDGOHSUHJXQWDU­DDW­R(GPXQGRVLUHDOPHQWH
HUDlOHFWXUHUR{
ߚ3HURKDEODQGRGHQXHYRGHOlPXUFL©ODJR{0LQJXLWR3DUDTXH
WHQJDV XQD LGHD GH F³PR HV UHVXOWD FDVL WDQ OLQGR FRPR DQGDU D
FDEDOORVREUHWXVUDPDV
ߚ3HURFRQPLJRQRFRUUHVSHOLJUR
ߚ1RFRUURHK"<FXDQGRJDORSDVFRPRORFRSRUODVFDPSL±DV
GHO2HVWHFXDQGRYR\DFD]DUELVRQWHV\EºIDORV"<DWHROYLGDVWH"
7XYR TXH PDQLIHVWDUVH GH DFXHUGR SRUTXH QXQFD SRG­D GLVFXWLU
FRQPLJR\JDQDU
ߚ3HURKD\XQR0LQJXLWRKD\XQRHQHOTXHQDGLHWLHQHFRUDMHGH
VXELU 6DEHV FX¡O HV" $TXHO FRFKD]R GHO 3RUWXJX©V GH 0DQXHO
9DODGDUHV 9LVWH DOJXQD YH] QRPEUH P¡V IHR TXH ©VH" 0DQXHO
9DODGDUHVߨ
ߚ(VIHRV­3HURHVWR\SHQVDQGRHQRWUDFRVD
ߚ7H FUHHV TXH QR V© HQ OR TXH HVW¡V SHQVDQGR" 6­ TXH OR V©
3HUR SRU HO PRPHQWR QR '©MDPH HQWUHQDUPH P¡V 'HVSX©V PH
< ORV G­DV IXHURQ SDVDQGR HQ WRGD HVD DOHJU­D 8QD PD±DQD
DSDUHF­FRQXQDIORUSDUDPLPDHVWUD(OODVHSXVRPX\HPRFLRQDGD
\GLMRTXH\RHUDXQFDEDOOHUR
ߚ6DEHVORTXHHVHVR0LQJXLWR"
ߚ&DEDOOHUR HV XQD SHUVRQD PX\ ELHQ HGXFDGD TXH VH SDUHFH D
XQSU­QFLSH
< WRGRV ORV G­DV IXL WRPDQGR JXVWR SRU ODV FODVHV \ DSOLF¡QGRPH
FDGD YH] P¡V 1XQFD YLQR XQD TXHMD FRQWUD P­ *ORULD GHF­D TXH
GHMDEDPLGLDEOLWRJXDUGDGRHQHOFDM³Q\PHYROY­DRWURFKLFR
ߚ&UHHVHVR0LQJXLWR"
ߚ0HSDUHFHTXHV­
ߚ(QWRQFHV \R TXH WH LED D FRQWDU XQ VHFUHWR bDKRUD QR WH OR
FXHQWR
0H IXL HQRMDGR FRQ ©O 3HUR QR OH GLR GHPDVLDGD LPSRUWDQFLD D
HVRSRUTXHVDE­DTXHPLVHQRMRVQRGXUDEDQPXFKR
(O VHFUHWR WHQGU­D OXJDU D OD QRFKH \ PL FRUD]³Q FDVL HVFDSDED
GHOSHFKRGHWDQWDDQVLHGDG'HPRUDEDOD)¡EULFDHQKDFHUVRQDU
VXVLUHQD\ODJHQWHHQSDVDU/RVG­DVGHYHUDQRWDUGDEDHQOOHJDU
33/89
OD QRFKH +DVWD OD KRUD GH OD FRPLGD QR OOHJDED 0H TXHG© HQ HO
SRUWDO YL©QGROR WRGR VLQ DFRUGDUPH GH OD FREUD QL SHQVDU HQ QDGD
(VWDEDVHQWDGRHVSHUDQGRDPDP¡+DVWD-DQGLUDVHH[WUD±³\PH
SUHJXQW³ VL HVWDED FRQ GRORU GH EDUULJD SRU KDEHU FRPLGR IUXWD
YHUGH
(Q OD HVTXLQD DSDUHFL³ HO EXOWR GH PDP¡ (UD HOOD 1DGLH HQ HO
PXQGRVHOHSDUHF­D0HOHYDQW©GHXQVDOWR\FRUU­DVXHQFXHQWUR
ߚ/D EHQGLFL³Q PDP¡ ߚ\ EHV© VX PDQR +DVWD HQ OD FDOOH PDO
LOXPLQDGDYH­DVXURVWURPX\FDQVDGR
ߚ7UDEDMDVWHPXFKRKR\PDP¡"
ߚ0XFKR KLMLWR +DF­D WDQWR FDORU GHQWUR GHO WHODU TXH QDGLH
DJXDQWDED
ߚ'DPHODEROVDHVW¡VPX\FDQVDGD
&RPHQF©DOOHYDUODEROVDFRQODPDUPLWDYDF­DDGHQWUR
ߚ0XFKDVSLFDUG­DVKR\"
ߚ3RTXLWRPDP¡
ߚ3RUTX©YLQLVWHDHVSHUDUPH"


(OODKDE­DFRPHQ]DGRDDGLYLQDU
ߚ0DP¡PHTXLHUHVSRUORPHQRVXQSRTXLWR"
ߚ7HTXLHURFRPRDORVRWURV3RUTX©"
ߚ0DP¡ FRQRFHV D 1DUGLWR" (O TXH HV VREULQR GH l3DWD
&KXHFD{
6HUL³
ߚ<DORUHFXHUGR
ߚ6DEHV XQD FRVD PDP¡" /D PDP¡ GH ©O OH KL]R XQ WUDMH PX\
OLQGR (V YHUGH FRQ XQDV OLVWLWDV EODQFDV 7LHQH XQ FKDOHFR TXH VH
DERWRQD HQ HO FXHOOR 3HUR OH TXHG³ FKLFR < ©O QR WLHQH QLQJºQ
KHUPDQR SHTXH±R SDUD TXH OR DSURYHFKH < GLFH TXH OR TXHU­D
YHQGHUߨ0HORFRPSUDV"
ߚb$\KLMRb/DVFRVDVHVW¡QGLI­FLOHV
ߚ3HURORYHQGHDSDJDUHQGRVYHFHV<QRHVFDUR1RVHSDJD
QLODKHFKXUD
(VWDED UHSLWLHQGR ODV IUDVHV GH -DFRE HO SUHVWDPLVWD (OOD
JXDUGDEDVLOHQFLRKDFLHQGRFXHQWDV
ߚ0DP¡VR\HODOXPQRP¡VHVWXGLRVRGHPLFODVH/DSURIHVRUD
GLFHTXHYR\DJDQDUXQSUHPLRߨb&³PSUDPHORPDP¡'HVGHKDFH
PXFKRWLHPSRQRWHQJRQLQJXQDURSDQXHYDߨ
3HURHOVLOHQFLRGHHOODOOHJDEDDDQJXVWLDU
ߚ0LUDPDP¡VLQRHV©VHQXQFDYR\DWHQHUPLWUDMHGHSRHWD
/DO¡PHKDU­DXQDFRUEDWDDV­GHPR±RJUDQGHFRQXQSHGD]RGH
VHGDTXHHOODWLHQHߨ
ߚ(VW¡ ELHQ KLMR 9R\ D KDFHU XQD VHPDQD GH KRUDV H[WUD \ WH
FRPSUDU©WXWUDMHFLWR
/H EHV© OD PDQR \ IXL FDPLQDQGR FRQ HO URVWUR DSR\DGR HQ VX
PDQRKDVWDHQWUDUHQFDVD
$V­ IXH FRPR WXYH PL WUDMH GH SRHWD < TXHG© WDQ OLQGR TXH W­R
(GPXQGRPHOOHY³DVDFDUPHXQUHWUDWR
/DHVFXHOD/DIORU/DIORU/DHVFXHODߨ
7RGR LED PX\ ELHQ KDVWD TXH *RGRIUHGR HQWU³ HQ PL FODVH 3LGL³
SHUPLVR\IXHDKDEODUFRQ&HFLOLD3DLP6³ORV©TXHVH±DO³OD IORU
HQHOIORUHUR'HVSX©VVDOL³(OODPHPLU³FRQWULVWH]D
&XDQGRWHUPLQ³ODFODVHPHOODP³
ߚ4XLHURKDEODUDOJRFRQWLJR=H]©(VSHUDXQSRFR
6H SXVR D DFRPRGDU VX FDUWHUD \ SDUHF­D TXH QR LED D WHUPLQDU
QXQFD 9H­D TXH QR WHQ­D QLQJºQ GHVHR GH KDEODUPH \ EXVFDED
FRUDMHHQVXVFRVDV$OILQDOVHGHFLGL³
ߚ*RGRIUHGRPHFRQW³DOJRPX\IHRGHWL=H]©(VYHUGDG"
0RY­ODFDEH]DDILUPDWLYDPHQWH
ߚ'HODIORU"6­HVFLHUWRVH±RULWD
ߚ&³PRORKDFHV"
ߚ0H OHYDQWR P¡V WHPSUDQR \ SDVR SRU HO MDUG­Q GH OD FDVD GH
34/89
6HUJLR&XDQGRHOSRUW³QHVW¡DSHQDVHQWRUQDGRHQWURU¡SLGR\URER
XQDIORU+D\WDQWDVDOO¡TXHQRKDFHQIDOWDߨ
ߚ6­ SHUR HVR QR HVW¡ ELHQ 1R GHEHV YROYHU D KDFHU HVR QXQFD
P¡V1RHVXQURERSHURHVXQKXUWR
ߚ1RORHVVH±RULWD$FDVRHOPXQGRQRHVGH'LRV"<WRGROR
TXH KD\ HQ HO PXQGR QR HV GH 'LRV DFDVR" (QWRQFHV WDPEL©Q ODV
IORUHVVRQGH‰Oߨ
4XHG³HVSDQWDGDFRQPLO³JLFD
ߚšQLFDPHQWHDV­SRGU­DWUDHUOHXQDIORUVH±RULWD(QFDVDQRKD\
MDUG­Q 8QD IORU FXHVWD GLQHURߨ < \R QR TXHU­D TXH VX HVFULWRULR
HVWXYLHVHVLHPSUHFRQHOIORUHURYDF­R
(OODWUDJ³HQVHFR
ߚ$FDVRGHYH]HQFXDQGRXVWHGQRPHUHJDODXQGLQHULWRSDUD
FRPSUDUPHXQDJDOOHWDUHOOHQD"ߨ
ߚ7HORGDU­DWRGRVORVG­DV3HURGHVDSDUHFHVߨ
ߚ1RSRGU­DDFHSWDUHVHGLQHURWRGRVORVG­DV
ߚ3RUTX©"
ߚ3RUTXHKD\RWURVQL±RVSREUHVTXHWDPSRFRWUDHQPHULHQGD
6DF³ HO SD±XHOR GH OD FDUWHUD \ VH OR SDV³ GLVLPXODGDPHQWH SRU
ORVRMRV
ߚ6H±RULWDXVWHGQRYHDl/HFKX]LWD{"
ߚ4XL©QHV"
ߚ(VD QHJULWD GH PL WDPD±R ©VD D OD TXH OD PDGUH OH VXMHWD HO
FDEHOORHQUXOLWRV\VHORVDWDFRQSLRO­Q
ߚ<DV©'RURW­OLD
WRGDY­D 'LQGLQKD PL DEXHOD WRGRV ORV V¡EDGRV OH GD XQ SRFR GH
lIHLMDR>@{\GHDUUR]SDUDD\XGDUORV<\RGLYLGRPLPDVLWDFRQHOOD
SRUTXHPDP¡PHHQVH±³TXHXQRGHEHGLYLGLUODSREUH]DSURSLDFRQ
TXLHQWRGDY­DHVP¡VSREUH
6XVO¡JULPDVHVWDEDQEDMDQGR
ߚ<R QR TXHU­D TXH XVWHG OORUDUD VH±RULWD /H SURPHWR QR UREDU
P¡VIORUHV\YR\DVHUFDGDG­DP¡VDSOLFDGR
ߚ1RVHWUDWDGHHVR=H]©9HQDTX­
7RP³PLVPDQRVHQWUHODVVX\DV
ߚ9DV D SURPHWHUPH XQD FRVD SRUTXH WLHQHV XQ FRUD]³Q
PDUDYLOORVR=H]©
ߚ6HORSURPHWRSHURQRTXLHURHQJD±DUODVH±RULWD1RWHQJRXQ
FRUD]³Q PDUDYLOORVR 8VWHG GLFH HVR SRUTXH QR VDEH F³PR VR\ HQ
FDVD
ߚ1RWLHQHLPSRUWDQFLD3DUDP­WLHQHVXQFRUD]³QPDUDYLOORVR'H
DKRUDHQDGHODQWHQRTXLHURTXHPHWUDLJDVP¡VIORUHV6RODPHQWHVL
WHUHJDODQDOJXQD0HORSURPHWHV"
ߚ/R SURPHWR V­ VH±RULWD 3HUR \ HO IORUHUR" 9D D TXHGDU
VLHPSUHYDF­R"
ߚ1XQFD P¡V HVWDU¡ YDF­R &DGD YH] TXH OR PLUH YHU© HQ ©O
VLHPSUH OD IORU P¡V OLQGD GHO PXQGR < YR\ D SHQVDU HO TXH PH
UHJDO³HVDIORUIXHPLPHMRUDOXPQR(VW¡ELHQ"
$KRUDVHUH­D6ROW³PLVPDQRV\KDEO³FRQGXO]XUD
ߚ$KRUDWHSXHGHVLUFRUD]³QGHRURߨ

>@3ODQWDGHDGRUQR1GHO7
ߚ(OODPLVPDVH±RULWD'RURW­OLDHVP¡VSREUHTXH\R<ODVRWUDV
>@©0XUFLpODJRªVHGLFHGHORVFKLFRVTXHVXEHQDFXDOTXLHUYHKtFXORD
FKLFDVQRTXLHUHQMXJDUFRQHOODSRUTXHHVQHJULWD\PX\SREUH3RU HVFRQGLGDVSDUDQRSDJDUEROHWR1GHOD7
HVRHOODVHTXHGDVLHPSUHHQXQULQF³Q<RGLYLGRFRQHOODPLPDVLWD >@3RURWRQHJURPX\SHTXHxRIRUPDSDUWHGHODPD\RUtDGHODVFRPLGDV
©VDTXHXVWHGPHUHJDOD EUDVLOHxDVHVSHFLDOPHQWHHQWUHODJHQWHPX\KXPLOGH1GHOD7
(QWRQFHV VH TXHG³ FRQ HO SD±XHOR HQ OD QDUL] GXUDQWH PXFKR
WLHPSR
ߚ'HYH]HQFXDQGRXVWHGSRGU­DGDUOHHVHGLQHURDHOODHQYH]GH
G¡UPHORDP­/DPDP¡ODYDURSD\WLHQHRQFHKLMRV7RGRVFKLTXLWRV

35/89
 TXLHWR'LXQDYXHOWDSRUODVDFULVW­DGRQGHGRQ=DFDU­DVVHKDOODED
VDFDQGR ODV YHODV YLHMDV GH ORV FDQGHODEURV \ FRORFDQGR RWUDV
QXHYDV (VWDED KDFLHQGR XQ PRQWRQFLWR GH FDERV HQFLPD GH OD
PHVD
6HGHWXYRFRORF³VHORVDQWHRMRVHQODSXQWDGHODQDUL]UHVRSO³
VHGLRYXHOWD\UHVSRQGL³
ߚ%XHQG­DPXFKDFKR
ߚ1RTXLHUHTXHORD\XGH"
0LVRMRVGHYRUDEDQORVFDELWRVGHYHOD
ߚ6RODPHQWHVLTXLHUHVPROHVWDU1RIXLVWHDFODVHKR\"
ߚ6­IXL3HURODSURIHVRUDQRYLQR(VWDEDFRQGRORUGHGLHQWHV
ߚb$K
1XHYDPHQWHVHGLRYXHOWD\VHFRORF³RWUDYH]ORVDQWHRMRVVREUH
ODSXQWDGHODQDUL]
ߚ4X©HGDGWLHQHVPXFKDFKR"
ߚ&LQFRQRVHLVD±RV6HLVQRHQUHDOLGDGFLQFR
ߚ(QTX©TXHGDPRVFLQFRRVHLV"
&DStWXOR(QXQDFHOGDKHGHYHUWHPRULU 3HQV©HQODHVFXHOD\PHQW­
ߚ6HLV
ߚ3XHVFRQVHLVD±RV\DHVW¡VHQEXHQDHGDGSDUDFRPHQ]DUHO
/RSULPHUR\P¡VºWLOTXHXQRDSUHQGHHQODHVFXHODVRQORVG­DV &DWHFLVPR
GH OD VHPDQD < \D GXH±R GH ORV G­DV GH OD VHPDQD \R VDE­D TXH ߚ<RSXHGR"
l©O{YHQ­DHOPDUWHV'HVSX©VGHVFXEU­WDPEL©QTXHXQPDUWHVLED ߚ3RUTX©QR"6RODPHQWHWLHQHVTXHYHQLUWRGRVORVMXHYHVDODV
KDFLDODVFDOOHVGHORWURODGRGHOD(VWDFL³Q\RWURKDFLDQXHVWURODGR WUHVGHODWDUGH4XLHUHVYHQLU"
3RUHOORHVHPDUWHVPHKLFHODlUDERQD{1RTXHU­DTXHQLVLTXLHUD ߚ'HSHQGH6LXVWHGPHGDORVFDELWRVGHYHODYHQJR
7RWRFDORVXSLHUDVLQRWHQGU­DTXHSDJDUOHDOJXQDVEROLWDVSDUDTXH ߚ<SDUDTX©ORVTXLHUHV"
QR FRQWDVH QDGD HQ FDVD &RPR HUD WHPSUDQR \ ©O GHE­D DSDUHFHU (OGLDEORPHKDE­DPXVLWDGRXQDFRVD1XHYDPHQWHPHQW­
FXDQGR HO UHORM GH OD LJOHVLD GLHUD ODV QXHYH IXL D GDU XQDV YXHOWDV
ߚ(V SDUD HQFHUDU HO KLOR GH PL EDUULOHWH SDUD TXH TXHGH P¡V
SRUODVFDOOHV/DVTXHQRHUDQSHOLJURVDVFODUR3ULPHURPHGHWXYH
IXHUWH
HQODLJOHVLD\HFK©XQDPLUDGDDORVVDQWRV0HGDEDFLHUWRPLHGR
YHU ODV LP¡JHQHV TXLHWDV OOHQDV GH YHODV /DV YHODV SHVWD±HDQGR ߚ(QWRQFHVOO©YDORV
KDF­DQ TXH WDPEL©Q HO VDQWR SHVWD±HDUD 7RGDY­D QR HVWDED PX\ 5HXQ­ORVSHGDFLWRV\ORVPHW­HQPHGLRGHODEROVDMXQWRFRQORV
VHJXURGHTXHIXHVHEXHQRVHUVDQWR\HVWDUWRGRHOWLHPSRTXLHWR FXDGHUQRV\ODVEROLWDV'HOLUDEDGHDOHJU­D

36/89
 ߚ0XFKDVJUDFLDVGRQ=DFDU­DV
ߚ(VFXFKDELHQHK"(OMXHYHV
6DO­ YRODQGR &RPR HUD WHPSUDQR PH GDED WLHPSR SDUD KDFHU
DTXHOOR &RUU­ KDFLD HQIUHQWH GHO &DVLQR \ FXDQGR QR YHQ­D QDGLH
FUXF© OD FDOOH \ SDV© OR P¡V U¡SLGDPHQWH SRVLEOH ORV SHGDFLWRV GH
FHUDSRUODFDO]DGD'HVSX©VYROY­FRUULHQGR\PHTXHG©HVSHUDQGR
VHQWDGR HQ HO XPEUDO GH XQD GH ODV FXDWUR SXHUWDV FHUUDGDV GHO
&DVLQR4XHU­DYHUGHOHMRVTXL©QLEDDUHVEDODUSULPHUR
<DHVWDEDFDVLGHVDQLPDGRGHWDQWRHVSHUDU'HSURQWRbSODII0L
FRUD]³QGLRXQVDOWRGR±D&RULQDODPDGUHGH1DQ]HD]HQDDVRP³
FRQ XQ SD±XHOR \ XQ OLEUR HQ HO SRUWDO \ FRPHQ]³ D HQFDPLQDUVH
KDFLDODLJOHVLD
ߚb9LUJHQ0DU­D
(OOD HUD DPLJD GH PL PDGUH \ 1DQ]HD]HQD DPLJD ­QWLPD GH
*ORULD1RTXHU­DYHUQDGD0HODQF©DODFDUUHUDKDVWDODHVTXLQD\
DOO­ PH SDU© D PLUDU /D PXMHU HVWDED GHVSDUUDPDGD HQ HO VXHOR
GLFLHQGRPDODVSDODEUDV
6HMXQW³JHQWHSDUDYHUVLVHKDE­DJROSHDGRSHURSRUODPDQHUD
HQ TXH HOOD LQVXOWDED VRODPHQWH GHE­D KDEHUVH KHFKR DOJXQRV
UDVJX±RV
ߚb6RQHVRVPRFRVRVVLQYHUJ¼HQ]DVTXHDQGDQSRUDK­
5HVSLU©DOLYLDGR3HURQRWDQWRFRPRSDUDGHMDUGHGDUPHFXHQWD
GHTXHSRUGHWU¡VXQDPDQRPHKDE­DVXMHWDGRODEROVD
ߚ(VRIXHREUDWX\DQR=H]©"
'RQ 2UODQGR 3HORGH)XHJR 1DGD PHQRV TXH ©O TXH GXUDQWH
WDQWRWLHPSRKDE­DVLGRQXHVWURYHFLQR
3HUG­HOKDEOD
ߚ)XHDV­RQR"
ߚ8VWHGQRYDDFRQWDUQDGDDOO¡HQFDVDYHUGDG"
ߚ1RYR\DFRQWDUQR3HURYHQDF¡=H]©(VWDYH]SDVDSRUTXH
HVD YLHMD HV PX\ OHQJXDODUJD 3HUR QR YXHOYDV D KDFHU HVWR TXH
DOJXLHQSXHGHTXHEUDUVHXQDSLHUQD
3XVHODFDUDP¡VREHGLHQWHGHOPXQGR\PHVROW³
9ROY­ D URQGDU SRU HO PHUFDGR HVSHUDQGR TXH ©O OOHJDUD $QWHV
SDV©SRUODFRQILWHU­DGHGRQ5RVHPEHUJVRQUH­\KDEO©FRQ©O
ߚ%XHQG­DGRQ5RVHPEHUJ
0H GLR XQ lEXHQ G­D{ VHFR \ QL XQD JDOOHWD b+LMR GH SXWD 0H
GDEDDOJXQDVRODPHQWHFXDQGRHVWDEDFRQ/DO¡
(Q HVH PRPHQWR HO UHORM GLR ODV FDPSDQDGDV GH ODV QXHYH ‰O
QXQFDIDOODED)XLVLJXLHQGRVXVSDVRVDGLVWDQFLD(QWU³HQODFDOOH
GHO 3URJUHVR \ VH SDU³ FDVL HQ OD HVTXLQD 'HSRVLW³ OD EROVD HQ HO
VXHOR \ VH HFK³ HO VDFR VREUH HO KRPEUR L]TXLHUGR b$K TX© OLQGD
FDPLVD D FXDGURV &XDQGR VHD KRPEUH VRODPHQWH YR\ D XVDU
FDPLVDV DV­ < DGHP¡V WHQ­D XQ SD±XHOR URMR HQ HO FXHOOR \ HO
VRPEUHURFD­GRKDFLDDWU¡V+L]RVRQDUXQDERFLQDIXHUWHTXHOOHQ³
ODFDOOHGHDOHJU­D
ߚb$F©UTXHQVH b$TX­ HVW¡Q ODV QRYHGDGHV GHO G­D 7DPEL©Q VX
YR]GHEDKLDQRHUDOLQGD
ߚ/RV VXFHVRV GH OD VHPDQD b&ODXGLRQRUߨ 3HUG³Qߨ /D ºOWLPD
PºVLFD GH &KLFR 9LROD (O ºOWLPR ©[LWR GH 9LFHQWH &HOHVWLQR
b$SUHQGDQDPLJRVTXHHVODºOWLPDPRGD
(VD PDQHUD WDQ OLQGD GH SURQXQFLDU ODV SDODEUDV FDVL FDQWDQGR
PHGHMDEDIDVFLQDGR
/R TXH TXHU­D TXH FDQWDVH HUD l)DQQ\{ 6LHPSUH OR KDF­D \ \R
TXHU­DDSUHQGHUOD&XDQGROOHJDEDDHVDSDUWHODTXHGHF­Dl(QXQD
FHOGDKHGHYHUWHPRULU{\RWHPEODEDDQWHWDQWDEHOOH]Dߨ/DQ]³VX
YR]DUU³Q\FDQW³l&ODXGLRQRU{
)XLDXQEDLOHHQHO©PRUUR>@ªGDPDQJXHLUD
XQDPXODWDPHOODPyGHWDOPDQHUD«
1RYXHOYRPiVDOOiWHQJRPLHGRGH©FREUDUª
6XPDULGRHVPX\IXHUWH<FDSD]GHPDWDU«
1RYR\DKDFHUFRPRKL]R&ODXGLRQRU
SDUDPDQWHQHUODIDPLOLDIXHDKDFHUVHHOHVWLEDGRU
6HGHWHQ­D\DQXQFLDED
37/89
 ߚ)ROOHWRV GH WRGRV ORV SUHFLRV GHVGH FHQWDYRV KDVWD
FXDWURFLHQWRV lU©LV>@{ b6HVHQWD FDQFLRQHV QXHYDV /RV ºOWLPRV
WDQJRV
$K­OOHJ³PLIHOLFLGDGl)DQQ\{
$SURYHFKDVWHTXHHOODHVWDEDVROLWD
\VLQWLHPSRGHOODPDUDXQDYHFLQD«
/DDSXxDODVWHVLQGRORUQLFRPSDVLyQ
6X YR] YROY­DVH VXDYH GXOFH WLHUQD FRPR SDUD GHVWUR]DU HO
FRUD]³QP¡VGXUR
$ODSREUHSREUH)DQQ\TXHWHQtDEXHQFRUD]yQ
3RU'LRVWHMXURTXHWDPELpQKDVGHVXIULU«
(QXQD&(/'$+('(9(57(025,5
ODDSXxDODVWHVLQGRORUQLFRPSDVLyQ
DODSREUHSREUH)DQQ\TXHWHQtDEXHQFRUD]yQ
/D JHQWH VDO­D GH ODV FDVDV \ FRPSUDED XQ IROOHWR QR VLQ DQWHV
PLUDU FX¡O HUD HO TXH P¡V OH DJUDGDED < DV­ HV FRPR \R HVWDED
SHJDGRD©OSRUFDXVDGHl)DQQ\{
6HYROYL³KDFLDP­FRQXQDVRQULVDHQRUPH
ߚ4XLHUHVXQRPXFKDFKR"
ߚ1RVH±RUQRWHQJRGLQHUR
ߚ<DPHSDUHF­D
$JDUU³VXEROVD\FRQWLQX³JULWDQGRSRUODFDOOH
ߚ(OYDOVl3HUG³Q{l)XPDQGRHVSHUR{\l$GL³V0XFKDFKRV{ORV
WDQJRV DXQ P¡V FDQWDGRV TXH l1RFKH GH 5H\HV{ (Q HO FHQWUR VH
FDQWDQVRODPHQWHHVWRVWDQJRVߨl/X]FHOHVWLDO{XQDEHOOH]Db9HDQ
TX©OHWUD
<SDUHF­DDEULUHOSHFKR ߚ$YHU
7LHQHVHQWXPLUDGDXQDOX]FHOHVWLDOTXHPHKDFHFUHHU«
9HUXQDLUUDGLDFLyQGHHVWUHOODVEULOODQGRHQHOHVSDFLRVLGHUDO
-XUR KDVWD SRU 'LRV TXH QL VLTXLHUD DOOi HQ ORV FLHORV SXHGH
KDEHU
RMRVTXHVHGX]FDQWDQWRFRPRORVWX\RV«
£2K'HMDTXHWXVRMRVPLUHQELHQORVPtRVSDUDUHFRUGDU
ODKLVWRULDWULVWHGHXQDPRUQDFLGRHQRODOXQDU«
2MRV TXH ELHQ GLFHQ \ VLQ SRGHU KDEODU TXp GHVGLFKDGR HV
DPDU«
$QXQFL³ YDULDV RWUDV FRVDV YHQGL³ DOJXQRV IROOHWRV \ WURSH]³
FRQPLJR6HGHWXYR\PHOODP³KDFLHQGRFKDVTXHDUORVGHGRV
ߚ9HQDF¡SDMDULWR
2EHGHF­ULHQGR
ߚ9DVRQRYDVDGHMDUGHVHJXLUPH"
ߚ1RVH±RUb1DGLHHQHOPXQGRFDQWDWDQOLQGRFRPRXVWHG
6H VLQWL³ PHGLR OLVRQMHDGR \ XQ WDQWR GHVDUPDGR 9L TXH
FRPHQ]DEDDJDQDUODSDUWLGD
ߚ<DPHHVW¡VSDUHFLHQGRSLRMRGHFREUD
ߚ(VTXHTXHU­DYHUVLXVWHGFDQWDEDPHMRUTXH9LFHQWH&HOHVWLQR
\&KLFR9LRODb<V­TXHFDQWDPHMRU
8QDDPSOLDVRQULVDVHGLEXM³HQVXFDUD
ߚ<Wº\DORVHVFXFKDVWHSDMDULWR"
ߚ6­VH±RU(QHOJUDP³IRQRTXHKD\HQODFDVDGHOKLMRGHOGRFWRU
$GDXFWR/X]
ߚ(QWRQFHV HV SRUTXH HO JUDP³IRQR HUD YLHMR R OD DJXMD HVWDED
DUUXLQDGD
ߚ1R VH±RU (UD QXHYHFLWD DFDEDED GH OOHJDU b'H YHUGDG TXH
XVWHGFDQWDPXFKRPHMRUHVRHVORTXHSDVD(VWXYHSHQVDQGRXQD
FRVD
ߚ<R OR VLJR WRGR HO UDWR %LHQ 8VWHG PH HQVH±D FX¡QWR FXHVWD
38/89
FDGD IROOHWR HQWRQFHV XVWHG FDQWD \ \R YHQGR HO IROOHWR $ WRGR HO ߚ&X¡QWRVD±RVWLHQHV"
PXQGROHJXVWDFRPSUDUOHDXQFKLFR ߚ&LQFR6HLVߨ&LQFR
ߚ1R HV PDOD LGHD SDMDULWR 3HUR GLPH XQD FRVD YDV SRUTXH ߚ&LQFRRVHLV"
TXLHUHV<RQRSXHGRSDJDUWHQDGD ߚ7RGDY­DQRFXPSO­VHLV
ߚb3HURVL\RQRTXLHURQDGD ߚ3XHVHUHVXQFKLFRPX\LQWHOLJHQWH\EXHQR
ߚ(QWRQFHVSRUTX©" ߚ(VR TXLHUH GHFLU TXH HO PDUWHV TXH YLHQH QRV YROYHUHPRV D
ߚ3RUTXHPHJXVWDFDQWDU0HJXVWDDSUHQGHU<PHSDUHFHTXH HQFRQWUDU"
l)DQQ\{HVORP¡VOLQGRGHOPXQGR<VLDOILQDOXVWHGYHQGHPXFKR 6HUL³
PXFKRHQWRQFHVPHGDXQIROOHWRYLHMRTXHQDGLHTXLHUDFRPSUDU\
ߚ6LWºTXLHUHV
VHOROOHYRDPLKHUPDQD
ߚ6­TXHTXLHUR3HURYR\DWHQHUTXHFRPELQDUFRQPLKHUPDQD
6HTXLW³HOVRPEUHUR\VHUDVF³ODFDEH]DHQODFXDOORVFDEHOORV
(OODYDDFRPSUHQGHU+DVWDHVFRQYHQLHQWHSRUTXHQXQFDIXLKDVWD
OHUDOHDEDQ
HORWURODGRGHODHVWDFL³Q
ߚ7HQJRXQDKHUPDQDPX\MRYHQOODPDGD*ORULD\VHOROOHYDU­DD
ߚ&³PRVDEHVTXHYR\SDUDDOO¡"
HOOD6RODPHQWHSDUDHVR
ߚ3RUTXHWRGRVORVPDUWHVORHVSHUR8QDYH]XVWHGYLHQH\ODRWUD
ߚ(QWRQFHVYDPRV
QR(QWRQFHVSHQV©TXHXVWHGLU­DDORWUR
< QRV IXLPRV FDQWDQGR \ YHQGLHQGR ‰O FDQWDED \ \R LED
ߚb0LUDTXHHUHVYLYR&³PRWHOODPDV"
DSUHQGLHQGR
ߚ=H]©
&XDQGROOHJ³HOPHGLRG­DPHPLU³PHGLRGHVFRQILDGR
ߚ< \R $ULRYDOGR b&KRTXH ߚ7RP³ PL PDQR HQWUH ODV VX\DV
ߚ<QRYDVDWXFDVDSDUDDOPRU]DU"
FDOORVDVSDUDVHOODUlODDPLVWDGKDVWDODPXHUWH{
ߚ6RODPHQWHFXDQGRWHUPLQHPRVQXHVWURWUDEDMR
6HUDVF³GHQXHYRODFDEH]D




ߚ9HQFRQPLJR
1RVVHQWDPRVHQXQEDQFRGHODFDOOH&HUHV\©OVDF³GHOIRQGR
1RIXHPX\GLI­FLOFRQYHQFHUD*ORULD
GH VX JUDQ EROVD XQ HQRUPH VDQGZLFK 'H OD FLQWXUD H[WUDMR XQ
FXFKLOOR HUD XQ FXFKLOOR FRPR SDUD PHWHU PLHGR &RUW³ XQ SHGD]R ߚ3HUR=H]©XQDYH]SRUVHPDQD"<ODVFODVHV"
GHOVDQGZLFK\PHORGLR'HVSX©VEHEL³XQWUDJRGHlFDFKD§D>@{\ /H PRVWU© PL FXDGHUQR \ WRGRV PLV GHEHUHV TXH HVWDEDQ ELHQ
SLGL³GRVUHIUHVFRVGHOLP³QSDUDDFRPSD±DUODPHULHQGD‰OGHF­D KHFKRV\OLPSLRV/DVQRWDVHUDQHVSO©QGLGDV(KLFHORPLVPRFRQ
lPHULHQGD{0LHQWUDVVHOOHYDEDODFRPLGDDODERFDPHH[DPLQDED HOFXDGHUQRGHDULWP©WLFD
DWHQWDPHQWH\VXVRMRVHVWDEDQPX\FRQWHQWRV ߚ<HQODOHFWXUD\RVR\HOPHMRU*RG³LD
ߚb6DEHV SDMDULWR PH HVW¡V GDQGR VXHUWH 7HQJR XQD ILOD GH 3HURHOODQRVHGHFLG­D
FKLFRVSDQ]XGRV\QXQFDVHPHRFXUUL³ODLGHDGHDSURYHFKDUDXQR ߚ/R TXH HVWDPRV HVWXGLDQGR WRGDY­D YD D UHSHWLUVH GXUDQWH
GHHOORVSDUDTXHPHD\XGDUD YDULRVPHVHV+DVWDTXHHVDFDWHUYDGHEXUURVDSUHQGDFRUUHU¡ HO
7RP³XQJUDQWUDJRGHOLPRQDGD WLHPSR

39/89
 6HUL³ ߚ‰VWDHVQXHYDl6LQYHUJ¼HQFLWD{
ߚb4X©H[SUHVL³Q=H]© &DQW³RWUDYH]
ߚ3HURVLHVDV­*ORULDDSUHQGRPXFKRP¡VFDQWDQGR4XLHUHV ߚ&¡QWHODGHQXHYR
YHUFX¡QWDVFRVDVQXHYDVDSUHQG­"7­R(GPXQGRPHHQVH±³0LUD 5HSLWL³ODHVWURIDILQDO
HVWLEDGRUFHOHVWLDOVLGHUDO\GHVGLFKDGR<HQFLPDGHHVRWHWUDLJR ߚ‰VDGRQ$ULRYDOGRDGHP¡VGHl)DQQ\{\ORVWDQJRVb9DPRVD
XQIROOHWRSRUVHPDQD\WHHQVH±RODVFRVDVP¡VOLQGDVGHOPXQGR YHQGHUORWRGR
ߚ%XHQR3HURHVRV­TX©OHGLUHPRVDSDS¡FXDQGRQRWHTXH < QRV IXLPRV SRU ODV FDOOHV OOHQDV GH VRO \ GH SROYR 1RVRWURV
WRGRVORVPDUWHVIDOWDVDDOPRU]DU" ©UDPRVORVSDMDULWRVDOHJUHVTXHFRQILUPDEDQHOYHUDQR
ߚ1R VH GDU¡ FXHQWD &XDQGR ©O SUHJXQWH OH PLHQWHV GLFL©QGROH 6XOLQGRYR]DUU³QDEU­DODYHQWDQDGHODPD±DQD
TXH IXL D DOPRU]DU FRQ 'LQGLQKD 4XH IXL D OOHYDUOH XQ UHFDGR D
ߚ(O©[LWRGHODVHPDQDGHOPHV\GHOD±Rl6LQYHUJ¼HQFLWD{TXH
1DQ]HD]HQD\TXHPHTXHG©DOO¡SDUDDOPRU]DU
JUDE³&KLFR9LROD
b9LUJHQ 0DU­D b0HQRV PDO TXH DTXHOOD YLHMD QR VDE­D OR TXH \R
KDE­DKHFKRߨ
/D/XQDVXUJHFRORUGHSODWD
$FDE³HVWDQGRGHDFXHUGRFRQYHQFLGDGHTXHHUDXQDPDQHUDGH
TXHQRLQYHQWDUDWUDYHVXUDV\SRUORPLVPRQRPHOOHYDVHPXFKDV HQORDOWRGHODPRQWDxDYHUGHDQWH
]XUUDV $GHP¡V VHU­D OLQGR TXHGDUQRV GHEDMR GH ORV QDUDQMRV ORV <ODOLUDGHOFDQWRUHQVHUHQDWD
PL©UFROHVHQVH±¡QGROHDFDQWDU GHVSLHUWDHQODYHQWDQDDVXDPDQWH
1RYH­DODKRUDGHTXHOOHJDUDHOPDUWHV<DLEDDHVSHUDUDGRQ
$ULRYDOGR D OD (VWDFL³Q 6L QR SHUG­D HO WUHQ OOHJDU­D D ODV RFKR \ $OVRQLGRGHODPHORGtDDSDVLRQDGD
PHGLD HQODVFXHUGDVGHODVRQRUDJXLWDUUD
+XVPHDED SRU WRGRV ORV ULQFRQHV YL©QGROR WRGR 0H JXVWDED FRQILHVDHOFDQWRUDVXDPDGD
SDVDUSRUODFRQILWHU­DDPLUDUDODJHQWHTXHEDMDEDODVHVFDOHUDVGH
ORTXHWLHQHDGHQWURGHOFRUD]yQ«
OD(VWDFL³Qb‰VHV­TXHHUDXQEXHQOXJDUSDUDOLPSLDU]DSDWRV3HUR
*ORULD QR PH GHMDED \D TXH OD SROLF­D FRUU­D GHWU¡V GH XQR \ OH
TXLWDEDHOFDM³Q<DGHP¡VHVWDEDQORVWUHQHV6RODPHQWHSRG­DLU $K­KDF­DXQDSHTXH±DSDXVDDVHQW­DGRVYHFHVFRQODFDEH]D\
FRQGRQ$ULRYDOGRVLPHGDEDODPDQRDXQSDUDFUX]DUODO­QHDSRU \RHQWUDEDFRQPLYRFHFLWDDILQDGD
HQFLPDGHOSXHQWH
$K­ OOHJDED ©O VRIRFDGR 'HVSX©V GH l)DQQ\{ VH KDE­D 2KOLQGDLPDJHQGHPXMHUTXHPHVHGXFH
FRQYHQFLGRGHTXH\RVDE­DTX©HUDORTXHOHJXVWDEDFRPSUDUDOD VL\RSXGLHUDHVWDUtDVHQXQDOWDU
JHQWH (UHVODLPDJHQGHPLVVXHxRVHUHVODOX]
1RVVHQW¡EDPRVHQODSDUHGGHOD(VWDFL³QIUHQWHDOMDUG­QGHOD HUHVVLQYHUJHQFLWDQRQHFHVLWDVWUDEDMDU«
)¡EULFD \ ©O DEU­D HO IROOHWR SULQFLSDO PRVWU¡QGRPH OD PºVLFD \
FDQWDQGRHOFRPLHQ]R&XDQGRDP­QRPHSDUHF­DEXHQREXVFDED
RWUD b4X© FRVD /DV PXFKDFKDV YHQ­DQ FRUULHQGR D FRPSUDU

40/89
&DEDOOHURVJHQWHGHWRGDHVWDWXUD\GHWRGRWLSR
/RTXHPHJXVWDEDHUDYHQGHUORVIROOHWRVGHFXDWURFLHQWRVU©LV\
GHTXLQLHQWRV&XDQGRHUDXQDPXFKDFKD\R\DVDE­D
ߚ6XYXHOWRVH±RUD
ߚ*X¡UGDORSDUDFRPSUDUWHFDUDPHORV
<DHVWDEDSHJ¡QGRVHPHODPDQHUDGHKDEODUGHGRQ$ULRYDOGR
$OPHGLRG­D\DVHVDEH(QWU¡EDPRVHQHOSULPHUEDU\lWULTXHWH
WU¡TXHWH{ GHYRU¡EDPRV HO VDQGZLFK FRQ UHIUHVFR GH QDUDQMD R GH
JURVHOOD
(QWRQFHV \R PHW­D OD PDQR HQ HO EROVLOOR \ GHVSDUUDPDED ORV
YXHOWRVHQODPHVD
ߚ$TX­ HVW¡ GRQ $ULRYDOGR ߚ\ HPSXMDED ORV Q­TXHOHV SDUD VX
ODGR
6HVRQUH­D\FRPHQWDED
ߚ(UHVXQPXFKDFKLWRlGHFHQWH{=H]©
ߚ'RQ $ULRYDOGR TX© TXLHUH GHFLU lSDMDULWR{ FRPR XVWHG PH
GHF­DDQWHV"
ߚ(QPLWLHUUDODVDQWD%DK­DOHVGHFLPRVDV­DORVPXFKDFKLWRV
EDUULJXGRVSHTXH±RVPHQXGLWRV
6HUDVF³ODFDEH]D\VHOOHY³ODPDQRDODERFDDILQGHHUXFWDU
3LGL³GLVFXOSDV\DJDUU³XQPRQGDGLHQWHV(OGLQHURFRQWLQXDEDHQ
HOPLVPRULQF³Q
ߚ(VWXYH SHQVDQGR =H]© 'H KR\ HQ DGHODQWH SXHGHV TXHGDUWH
FRQHVRVYXHOWRV$OILQDOGHFXHQWDVQRVRWURVDKRUDVRPRVXQGºR
ߚ4X©HVXQGºR"
ߚ&XDQGRGRVSHUVRQDVFDQWDQMXQWDV
ߚ(QWRQFHVSXHGRFRPSUDUXQDlPDULDPROH>@{"
ߚ(OGLQHURHVWX\R+D]FRQ©OORTXHTXLHUDV
ߚ*UDFLDVlFRPSD±HUR{
6HUL³GHODLPLWDFL³Q$KRUDHUD\RTXLHQFRP­D\ORPLUDED
ߚ'HYHUDVIRUPDPRVXQGºR"
ߚ$KRUDV­
ߚ3XHV G©MHPH FDQWDU OD SDUWH GHO FRUD]³Q GH l)DQQ\{ 8VWHG
FDQWDIXHUWH\\RHQWURFRQODYR]P¡VGXOFHGHOPXQGR
ߚ1RHVPDODLGHD=H]©
ߚ(QWRQFHV FXDQGR YROYDPRV GHVSX©V GHO DOPXHU]R YDPRV D
HPSH]DUFRQl)DQQ\{TXHGDXQDVXHUWHORFD
<GHEDMRGHOVROFDOLHQWHUHFRPHQ]DPRVHOWUDEDMR
+DE­DPRV FRPHQ]DGR D FDQWDU l)DQQ\{ FXDQGR VXFHGL³ HO
GHVDVWUH'R±D0DU­DGHOD3H±DVHDFHUF³PX\EHDWDGHEDMRGHOD
VRPEULOOD FRQ OD FDUD EODQFD GH SROYR GH DUUR] 6H TXHG³ SDUDGD
HVFXFKDQGR QXHVWUD l)DQQ\{ 'RQ $ULRYDOGR DGLYLQ³ OD WUDJHGLD \
PH VXVXUU³ TXH FRQWLQXDVH FDQWDQGR DO PLVPR WLHPSR TXH
FDPLQ¡EDPRV
b4X©YD(VWDEDWDQIDVFLQDGRFRQHOFRUD]³QGHl)DQQ\{TXHQL
QRW©TX©SDVDED
'R±D 0DU­D GH OD 3H±D FHUU³ OD VRPEULOOD \ VH TXHG³ FRQ OD
SXQWHUDJROSHDQGRHQODGHVX]DSDWR&XDQGRDFDE©IUXQFL³ODFDUD
PXHUWDGHUDELD\H[FODP³
ߚb0X\ERQLWR0X\ERQLWRTXHXQDFULDWXUDFDQWHXQDLQPRUDOLGDG
DV­
ߚ6H±RUD PL WUDEDMR QR WLHQH QDGD GH LQPRUDO &XDOTXLHU WUDEDMR
KRQHVWRHVXQEXHQWUDEDMR\QRPHDYHUJ¼HQ]RVDEH"
1XQFD YL D GRQ $ULRYDOGR WDQ HQFUHVSDGR b(OOD TXHU­D SHOHD
HQWRQFHVYHU­D
ߚ(VDFULDWXUDHVVXKLMR"
ߚ1RVH±RUDLQIHOL]PHQWH
ߚ6XVREULQRSDULHQWHVX\R"
ߚ1RHVQDGDP­R
ߚ4X©HGDGWLHQH"
ߚ6HLVD±RV
'XG³PLUDQGRPLWDPD±R3HURFRQWLQX³
ߚ1RWLHQHYHUJ¼HQ]DH[SORWDUDV­DXQDFULDWXUD"
ߚ1RHVWR\H[SORWDQGRDQDGLHVH±RUD‰OFDQWDFRQPLJRSRUTXH
TXLHUH\OHJXVWDR\³"$GHP¡VOHSDJRQRHVFLHUWR"
41/89
 'LMH TXH V­ FRQ OD FDEH]D /D SHOHD PH HVWDED SDUHFLHQGR GH OR ߚ4X©SDVD"
P¡VOLQGD3HURPLVGHVHRVHUDQGDUOHXQFDEH]D]RHQODEDUULJDD ߚ4X©TXLHUHGHFLUlEUXMDGH&UR[R[³{"
HOOD\YHUODGHVSDUUDPDUVHSRUHOVXHORb%XP ߚ4X©V©\RKLMR"/RLQYHQW©HQXQPRPHQWRGHUDELD
ߚ3XHVVHSDTXHYR\DWRPDUPHGLGDV9R\DKDEODUFRQHOSDGUH /DUJ³XQDDOHJUHFDUFDMDGD
9R\ D KDEODU HQ HO -X]JDGR GH 0HQRUHV b9R\ D OOHJDU KDVWD OD ߚ<XVWHGODLEDDDFXFKLOODU"
SROLF­D
ߚ1R)XHVRORSDUDDVXVWDUOD
(Q HVH SXQWR HQPXGHFL³ \ VXV RMRV DVXVWDGRV VH GHVRUELWDURQ
ߚ6L OD KXELHVH DFXFKLOODGR TX© VDOGU­D WULSD R HVWRSD GH
'RQ $ULRYDOGR KDE­D VDFDGR VX HQRUPH FXFKLOOR \ VH OR DFHUFDED
PX±HFD"
3DUHF­DTXHHOODIXHUDDWHQHUXQV­QFRSH
6HUL³\PHUDVF³ODFDEH]DFRQDIHFWR
ߚ(QWRQFHVYD\DGR±D3HURYD\DHQVHJXLGD<RVR\PX\EXHQR
SHURWHQJRODPDQ­DGHFRUWDUODOHQJXDDODVEUXMDVFKDUODWDQDVTXH ߚ6DEHV XQD FRVD =H]©" 0H SDUHFH TXH OR TXH HQ UHDOLGDG
VHPHWHQHQODYLGDDMHQDߨ VDOGU­DHVPLHUGD
6H DSDUW³ GXUD FRPR XQD HVFRED \ \D OHMRV VH GLR YXHOWD SDUD /RVGRVQRVUH­PRV
DSXQWDUOHFRQODVRPEULOODߨ ߚ3HURQRWHQJDVPLHGR1RVR\WLSRGHPDWDUDQDGLH1LVLTXLHUD
ߚb<DYDDYHUߨ DXQDJDOOLQD/HWHQJRWDQWRPLHGRDPLPXMHUTXHKDVWDPHSHJD
FRQHOSDORGHODHVFRED
ߚb4X­WHVHGHPLYLVWDlEUXMDGH&UR[R[³{ߨ
1RVOHYDQWDPRV\VHIXHKDFLDODHVWDFL³Q$SUHW³PLPDQR\GLMR
$EUL³ODVRPEULOOD\IXHGHVDSDUHFLHQGRHQODFDOOHPX\WLHVD
ߚ3DUDPD\RUVHJXULGDGYDPRVDSDVDUXQSDUGHYHFHVVLQYROYHU
3RUODWDUGHGRQ$ULRYDOGRFRQWDEDODVJDQDQFLDV
SRUDTXHOODFDOOH
ߚ<DHVW¡WRGR=H]©7HQ­DVUD]³QPHGDVVXHUWH
$SUHW³PLPDQRFRQP¡VIXHU]D
0HDFRUG©GHGR±D0DU­DGHOD3H±D
ߚ+DVWDHOPDUWHVTXHYLHQHlFXPSD±HUR{
ߚ,U¡DKDFHUDOJR"
0RY­ OD FDEH]D DILUPDWLYDPHQWH PLHQWUDV ©O VXE­D XQR D XQR ORV
ߚ1R YD D KDFHU QDGD =H]© $ OR VXPR LU¡ D FRQYHUVDU FRQ HO SHOGD±RVGHODHVFDOHUD'HVGHDUULEDPHJULW³
FXUD TXH OH DFRQVHMDU¡ l(V PHMRU GHMDU WRGR FRPR HVW¡ GR±D
ߚ(UHVXQ¡QJHO=H]©ߨ
0DU­D(VDJHQWHGHO1RUWHQRHVSDUDKDFHUEURPDV{
/HGLMHDGL³VFRQODPDQR\FRPHQF©DUH­UPH
0HWL³HOGLQHURHQHOEROVLOOR\DSUHW³ODEROVD
ߚbQJHO
'HVSX©VFRPRKDF­DVLHPSUHLQWURGXMRODPDQRHQHOEROVLOORGHO
SDQWDO³Q\DJDUU³XQIROOHWRGREODGR (VSRUTXH©OQRVDEHߨ
ߚ‰VWHHVHOGHWXKHUPDQLWD*ORULD 
6HGHVSHUH]³ >@0RQWHGHSRFDHOHYDFLyQ1GHOD7
>@$QWLJXDPRQHGD1GHOD7
ߚb)XHXQG­DH[WUDRUGLQDULR >@(VSHFLHGHDJXDUGLHQWHPX\IXHUWH1GHOD7
1RVTXHGDPRVGHVFDQVDQGRXQRVPLQXWRV >@5HFLEHQHVHQRPEUHXQWLSRGHiUEROHV\WDPELpQXQSH](QDOJXQDV
ߚ'RQ$ULRYDOGR UHJLRQHVQRUWHxDVXQDFODVHGHPDVD1GHOD7
(O0DULDPROHOLWHUDOPHQWHµ0DUtDWLHUQD¶HVXQSRVWUHSDUHFLGRDO

42/89
0DUVKPDOORZR0DOYDYLVFRSRSXODUHQ%UDVLO1GHOD0DTXHWDFLyQ


6(*81'$3$57(

)XHFXDQGRDSDUHFLyHO1LxR'LRVHQWRGDVX
WULVWH]D

43/89

&DStWXOR(O©PXUFLpODJRª
ߚb&RUUH=H]©TXHYDVDSHUGHUHOFROHJLR
(VWDEDVHQWDGRDODPHVDWRPDQGRPLWD]³QGHFDI©\SDQVHFR
\ PDVWLFDQGR WRGR VLQ QLQJºQ DSXUR &RPR VLHPSUH DSR\DED ORV
FRGRV HQ OD PHVD \ PH TXHGDED PLUDQGR OD KRMLWD SHJDGD HQ OD
SDUHG
*ORULD VH SRQ­D QHUYLRVD \ VRIRFDGD 1R YH­D OD KRUD HQ TXH PH
IXHUD SDUD KDFHUVH FDUJR GH WRGD OD PD±DQD HQ SD] SDUD FXPSOLU
FDGDXQRGHORVWUDEDMRVGHODFDVD
ߚ$QGD GLDEOLWR 1L WH SHLQDVWH GHE­DV KDFHU FRPR 7RWRFD TXH
VLHPSUHHVW¡OLVWRDODKRUDQHFHVDULD
9HQ­DGHODVDODFRQXQSHLQH\SHLQDEDPLVSHORVUXELRV
ߚb7DPEL©QHVWHJDWRSHODGRQRWLHQHQLTX©SHLQDUOH
0HOHYDQWDEDGHODVLOOD\PHH[DPLQDEDWRGR6LODEOXVDHVWDED
OLPSLDORPLVPRTXHORVSDQWDORQHV
ߚ$KRUDY¡PRQRV=H]©
7RWRFD\\RQRVSRQ­DPRVDODHVSDOGDQXHVWUDVPRFKLODVFRQORV
OLEURVORVFXDGHUQRV\HOO¡SL]1DGDGHFRPLGDHVRTXHGDEDSDUD
ORVRWURVFKLFRV
*ORULD DSUHW³ HO IRQGR GH PL FDUWHUD VLQWL³ HO YROXPHQ GH ODV
EROVLWDVFRQEROLWDV\VRQUL³HQODPDQROOHY¡EDPRVODV]DSDWLOODVGH
WHQLV SDUD FDO]DUODV FXDQGR OOHJ¡VHPRV DO 0HUFDGR FHUFD GH OD
(VFXHOD
$SHQDV DOFDQ]¡EDPRV OD FDOOH 7RWRFD FRPHQ]DED D FRUUHU
GHM¡QGRPH FDPLQDU VROLWR OHQWDPHQWH < HQWRQFHV HPSH]DED D
GHVSHUWDUVH PL GLDEOR DUWHUR 0H JXVWDED TXH PL KHUPDQR VH
DGHODQWDUDSDUDSRGHUUHLQDUDJXVWR0HIDVFLQDEDODFDUUHWHUD5­R
6DQ3DEORl0XUFL©ODJR{6LQGXGDHOlPXUFL©ODJR{7UHSDUPHDOD
SDUWHWUDVHUDGHORVDXWRP³YLOHV\VHQWLUHOFDPLQRGHVDSDUHFLHQGRD
WDO YHORFLGDG TXH HO YLHQWR PH FDVWLJDED FRUULHQGR \ VLOEDQGR
$TXHOORHUDORPHMRUGHOPXQGR7RGRVQRVRWURVORKDF­DPRV7RWRFD
PH KDE­D HQVH±DGR FRQ PLO UHFRPHQGDFLRQHV TXH PH DVHJXUDUD
ELHQSRUTXHORVRWURVFRFKHVTXHYHQ­DQDWU¡VHUDQXQSHOLJUR3RFR
D SRFR DSUHQG­D D SHUGHU HO PLHGR \ HO VHQWLGR GH OD DYHQWXUD PH
LQVWLJDED D EXVFDU ORV lPXUFL©ODJRV{ P¡V GLI­FLOHV <R HUD WDQ
H[SHUWRTXHKDVWDKDE­DDSURYHFKDGR\DHOFRFKHGHGRQ/DGLVODX
VRODPHQWH PH IDOWDED HO KHUPRVR DXWRP³YLO GHO 3RUWXJX©V b&RFKH
OLQGR ELHQ FXLGDGR HUD DTX©O /RV QHXP¡WLFRV VLHPSUH QXHYRV <
WRGR GH PHWDO WDQ UHOXFLHQWH TXH XQR VH SRG­D UHIOHMDU HQ ©O /D
ERFLQD GDED JXVWR HUD XQ PXJLGR URQFR FRPR VL IXHVH HO GH XQD
YDFDHQHOFDPSR<©OSDVDEDHVWLUDGRGXH±RGHWRGDHVDEHOOH]D
FRQODFDUDP¡VVHYHUDGHOPXQGR1DGLHVHDWUHY­DDWUHSDUVREUH
VXUXHGDWUDVHUD'HF­DQTXHSHJDEDPDWDED\DPHQD]DEDFDSDUDO
LQWUXVRDQWHVGHPDWDUOR1LQJºQFKLFRGHODHVFXHODVHDWUHY­DRVH
KDE­DDWUHYLGRKDVWDDKRUD&XDQGRHVWDEDFRQYHUVDQGRVREUHHVR
FRQ0LQJXLWRPHSUHJXQW³
ߚ1DGLHGHYHUDV=H]©"
ߚ6HJXURQDGLH1LQJXQRWLHQHFRUDMH
44/89
 6HQW­ TXH 0LQJXLWR VH HVWDED ULHQGR FDVL DGLYLQDQGR OR TXH \R
SHQVDEDHQHVHPRPHQWR
ߚ<WºHVW¡VORFRSRUKDFHUORQR"
ߚ(VWDUߨHVWR\3HURPHSDUHFHTXHߨ
ߚ4X©HVORTXHSLHQVDV"
$K­HOTXHVHKDE­DUH­GRHUD\R
ߚ$YHUGL
ߚb(UHVFXULRVRFRPRHOGLDEOR
ߚ6LHPSUHDFDEDVFRQW¡QGRPHWRGRQRDJXDQWDV
ߚ6DEHVXQDFRVD0LQJXLWR"<RVDOJRGHFDVDDODVVLHWHQR"
&XDQGROOHJRDODHVTXLQDVRQODVVLHWH\FLQFR%XHQRDODVVLHWH\
GLH] HO 3RUWXJX©V GHWLHQH HO FRFKH HQ OD HVTXLQD GHO FDIHW­Q GHO
l0LVHULD\+DPEUH{\VHFRPSUDXQSDTXHWHGHFLJDUULOORVߨ8QG­D
GHHVWRVFREURFRUDMHHVSHURKDVWDTXH©OVXEDDOFRFKH\b]DVߨ
ߚ1RWLHQHVFRUDMHSDUDHVR
ߚ4XHQRWHQJR"<DYDVDYHU0LQJXLWR


DPHQD]³FRQODPDQROLEUH
$KRUD PL FRUD]³Q HVWDED GDQGR VDOWRV (O FRFKH GHWHQLGR ©O
EDMDED(OGHVDI­RGH0LQJXLWRVHPH]FODEDDPLPLHGR\PLFRUDMH SHUVRQDVTXHHVWDEDQSUHVHQFLDQGRODHVFHQD\UH­DQFRQPDOGDG
QR TXHU­D LU SHUR XQD SHTXH±D YDQLGDG HPSXMDED PLV SDVRV 'L
YXHOWDV DO EDU \ PH TXHG© PHGLR HVFRQGLGR FRQWUD OD SDUHG
$SURYHFK©SDUDPHWHUODV]DSDWLOODVGHQWURGHODFDUWHUD(OFRUD]³Q
VDOWDEDWDQIXHUWHTXHWHQ­DPLHGRGHTXHVXVJROSHVVHHVFXFKDVHQ
GHQWUR GHO EDU VDOL³ VLQ KDEHUPH QRWDGR VLTXLHUD 2­ TXH OD SXHUWD
VHDEU­Dߨ
ߚb$KRUDRQXQFD0LQJXLWR
'HXQVDOWRHVWDEDSHJDGRDODUXHGDFRQWRGDVODVIXHU]DVTXH
PHKDE­DGDGRHOPLHGR6DE­DTXHKDVWDODHVFXHODODGLVWDQFLDHUD
HQRUPH <D FRPHQ]DED D SUHJXVWDU PL YLFWRULD DQWH ORV RMRV GH PL
FRPSD±HURߨ
ߚb$\
'L XQ JULWR WDQ JUDQGH \ DJXGR TXH OD JHQWH VDOL³ D OD SXHUWD GHO
FDI©SDUDYHUTXL©QKDE­DVLGRDWURSHOODGR
<R HVWDED FROJDGR D PHGLR PHWUR GHO VXHOR EDODQFH¡QGRPH
EDODQFH¡QGRPH0LVRUHMDVDUG­DQFRPREUDVDV$OJRKDE­DIDOODGR
HQ PLV SODQHV 0H KDE­D ROYLGDGR GH HVFXFKDU HQ PL FRQIXVL³Q HO
UXLGRGHOPRWRUHQIXQFLRQDPLHQWR
/D FDUD VHYHUD GHO 3RUWXJX©V SDUHF­D HVWDUOR P¡V DºQ 6XV RMRV
GHVSHG­DQOODPDUDGDV
ߚ(QWRQFHVPRFRVRDWUHYLGRHUDVWº"b8QPRFRVRGH©VRVFRQ
VHPHMDQWHDWUHYLPLHQWRߨ
'HM³ TXH PLV SLHV VH DSR\DUDQ HQ HO VXHOR 6ROW³ XQD GH PLV
RUHMDV\FRQXQEUD]RJRUGRPHDPHQD]DEDHOURVWUR
ߚ7HSLHQVDVPRFRVRTXHQRWHKHHVWDGRREVHUYDQGRWRGRVORV
G­DVHVSLDUPLFRFKH"9R\DGDUWHXQFRUUHFWLYR\QRWHQGU¡VQXQFD
P¡VJDQDVGHUHSHWLUORTXHKLFLVWH
/DKXPLOODFL³QPHGRO­DP¡VTXHHOSURSLRGRORU6RORWHQ­DJDQDV
GHYRPLWDUXQDVHULHGHPDODVSDODEUDVVREUHHOEUXWR
3HUR QR PH VROWDED \ SDUHFLHQGR DGLYLQDU PLV SHQVDPLHQWRV PH
ߚb+DEODb,QVXOWD3RUTX©QRKDEODV"
0LVRMRVVHOOHQDURQGHO¡JULPDVGHGRORUGHKXPLOODFL³QDQWHODV
(O3RUWXJX©VFRQWLQXDEDGHVDIL¡QGRPH
ߚ(QWRQFHVSRUTX©QRLQVXOWDVPRFRVR"
8QD FUXHO UHEHOL³Q FRPHQ]³ D VXUJLU GHQWUR GH PL SHFKR \
FRQVHJX­UHVSRQGHUFRQUDELD
ߚ1R KDEOR DKRUD SHUR HVWR\ SHQVDQGR < FXDQGR FUH]FD YR\ D
PDWDUOR
‰OODQ]³XQDFDUFDMDGDTXHIXHDFRPSD±DGDSRUORVHVSHFWDGRUHV
ߚ3XHVFUHFHPRFRVR$F¡WHHVSHUR3HURDQWHVYR\DGDUWHXQD
OHFFL³Q
6ROW³ U¡SLGDPHQWH PL RUHMD \ PH SXVR VREUH VXV URGLOODV 0H
DSOLF³XQD\VRORXQDSDOPDGDSHURFRQWDOIXHU]DTXHSHQV©TXHPL
45/89
WUDVHURVHKDE­DSHJDGRDOHVW³PDJR(QWRQFHVPHVROW³
6DO­ DWRQWDGR EDMR ODV EXUODV &XDQGR DOFDQF© HO RWUR ODGR GH OD
5­R6DQ3DEORTXHFUXF©VLQPLUDUFRQVHJX­SDVDUPHODPDQRSRU
HOWUDVHURSDUDVXDYL]DUHOHIHFWRGHOJROSHUHFLELGRb+LMRGHSXWD<D
LED D YHU -XUDED YHQJDUPH -XUDED TXHߨ SHUR HO GRORU IXH
GLVPLQX\HQGR HQ OD SURSRUFL³Q HQ TXH PH DOHMDED GH DTXHOOD
GHVJUDFLDGDJHQWH/RSHRUVHU­DFXDQGRHQODHVFXHODVHHQWHUDUDQ
<TX©OHGLU­DD0LQJXLWR"'XUDQWHXQDVHPDQDFXDQGRSDVDUDSRU
HO l0LVHULD \ +DPEUH{ HVWDU­DQ UL©QGRVH GH P­ FRQ HVD FREDUG­D
TXH WLHQHQ WRGRV ORV JUDQGHV (UD QHFHVDULR VDOLU P¡V WHPSUDQR \
FUX]DUODFDUUHWHUDSRUHORWURODGRߨ
(QHVHHVWDGRGH¡QLPRPHDFHUTX©DO0HUFDGR0HIXLDODYDUHO


SLH HQ OD SLOHWD \ D FDO]DUPH PLV ]DSDWLOODV 7RWRFD HVWDED
HVSHU¡QGRPHDQVLRVR1ROHFRQWDU­DQDGDGHPLIUDFDVR
ߚ=H]©QHFHVLWRTXHPHD\XGHV
ߚ4X©KLFLVWH"
ߚ7HDFXHUGDVGH%L©"
ߚ$TXHOEXH\GHODFDOOH%DU³QGH&DSDQHPD"
ߚ(VH PLVPR 0H YD D DJDUUDU D OD VDOLGD 1R TXLHUHV SHOHDUWH
FRQ©OHQPLOXJDU"ߨ
ߚb3HURPHYDDPDWDU
ߚb4XHYDDPDWDUWH$GHP¡VHUHVSHOHDGRU\YDOLHQWH
ߚ(VW¡ELHQ$ODVDOLGD"
ߚ6­DODVDOLGD
7RWRFDHUDDV­VLHPSUHVHEXVFDEDSHOHDV\GHVSX©VHUDDP­D
TXLHQPHW­DHQHOO­R3HURQRHVWDEDPDO'HVFDUJDU­DWRGDPLUDELD
SRUHO3RUWXJX©VFRQWUD%L©
9HUGDG HV TXH HVH G­D UHFLE­ WDQWRV JROSHV TXH VDO­ FRQ XQ RMR
PRUDGR \ ORV EUD]RV ODVWLPDGRV 7RWRFD HVWDED VHQWDGR FRQ ORV
GHP¡VKDFLHQGRIXHU]DSRUP­\FRQORVOLEURVVREUHODVURGLOODVORV
P­RV\ORVGH©O6HGHGLFDEDQDRULHQWDUPH
ߚ3©JDOH XQ FDEH]D]R HQ OD EDUULJD =H]© 0X©UGHOR FO¡YDOH ODV
X±DVTXH©OVRODPHQWHWLHQHJRUGXUD3DWHDHQORVKXHYRV
3HURDXQFRQHVH¡QLPRTXHPHGDEDQ\VXRULHQWDFL³QDQRVHU
SRU GRQ 5RVHPEHUJ HO GH OD FRQILWHU­D \R KDEU­D TXHGDGR
WUDVIRUPDGRHQSLFDGLOOR6DOL³GHDWU¡VGHOPRVWUDGRU\VXMHW³D%L©
SRUHOFXHOORGHODFDPLVDG¡QGROHXQRV]DPDUUHRV
ߚ1R WLHQHV YHUJ¼HQ]D" b6HPHMDQWH JUDQGRWH SHJDUOH D XQ
FKLTXLWRDV­
'RQ5RVHPEHUJVHQW­DXQDSDVL³QRFXOWDFRPRGHF­DQHQFDVD
SRUPLKHUPDQD/DO¡0HFRQRF­D\FDGDYH]TXHHVWDEDFRQDOJXQR
GH QRVRWURV QRV GDED JDOOHWDV \ FDUDPHORV FRQ OD PD\RU GH ODV
VRQULVDVHQODVTXHEULOODEDQYDULRVGLHQWHVGHRUR
1R UHVLVW­ \ DFDE© FRQW¡QGROH PL IUDFDVR D 0LQJXLWR 7DPSRFR
KXELHUD SRGLGR HVFRQGHUOR FRQ DTXHO RMR YLROHWD H KLQFKDGR
$GHP¡V GH TXH FXDQGR SDS¡ PH YLR DV­ WRGDY­D PH GLR XQRV
FRVFRUURQHV\VHUPRQH³D7RWRFD$©OSDS¡QXQFDOHSHJDED$P­
V­SRUTXH\RHUDORP¡VPDORTXHKDE­D
6HJXUDPHQWHTXH0LQJXLWRORKDE­DHVFXFKDGRWRGR
(QWRQFHV F³PR SRGU­D GHMDU GH FRQWDUOH" (VFXFK³ IXULRVR \
VRODPHQWHFRPHQW³FXDQGRDFDE©FRQYR]HQRMDGD
ߚb4X©FREDUGH
ߚ/DSHOHDQRIXHQDGDVLYLHUDV
3DVR D SDVR OH FRQW© WRGR OR TXH KDE­D RFXUULGR FRQ HO
lPXUFL©ODJR{ 0LQJXLWR HVWDED DVXVWDGR SRU PL FRUDMH \ KDVWD PH
DOHQW³
ߚ$OJºQG­D\DWHYHQJDU¡V
ߚb6­TXHPHYR\DYHQJDU9R\DSHGLUOHHOUHY³OYHUD7RP0L[\
HO l5D\R GH /XQD{ D )UHG 7KRPSVRQ \ YR\ D DUPDUOH XQD FHODGD
FRQORVLQGLRVFRPDQFKHVXQG­DWUDHU©VXPHOHQDRQGHDQGRHQOD
SXQWDGHXQDFD±D
3HURHQVHJXLGDSDV³ODUDELD\QRVSXVLPRVDFRQYHUVDUGHRWUDV
FRVDV
46/89
 ߚ;XUXUXFDQLWHLPDJLQDV7HDFXHUGDVTXHODVHPDQDSDVDGD
JDQ©XQSUHPLRSRUVHUEXHQDOXPQRDTXHOOLEURGHFXHQWRV/DURVD
P¡JLFD"
0LQJXLWRVHSRQ­DPX\IHOL]FXDQGROROODPDEDl;XUXUXFD{HQHVH
PRPHQWRVDE­DTXHORTXHU­DP¡VDºQ
ߚ0HDFXHUGRV­
ߚ3HUR WRGDY­D QR WH FRQW© TXH OH­ HO OLEUR (V OD KLVWRULD GH XQ
SU­QFLSHDOTXHXQKDGDOHUHJDO³XQDURVDURMD\EODQFD9LDMDEDHQ
XQFDEDOORPX\OLQGRWRGRHQMDH]DGRGHRURDV­GLFHHOOLEUR<HQ
HVH FDEDOOR HQMDH]DGR GH RUR VDO­D EXVFDQGR DYHQWXUDV $QWH
FXDOTXLHUSHOLJURDFXG­DDODURVDP¡JLFD\HQWRQFHVDSDUHF­DXQD
KXPDUHGD HQRUPH TXH SHUPLW­D DO SU­QFLSH HVFDSDU (Q YHUGDG
0LQJXLWRPHSDUHFL³TXHODKLVWRULDHUDEDVWDQWHWRQWDVDEHV"1R
HVFRPRHVDVDYHQWXUDVTXHTXLHURWHQHUHQPLYLGD$YHQWXUDVVRQ
ODV GH 7RP 0L[ \ %XFN -RQHV < )UHG 7KRPSVRQ \ 5LFKDUG
7DOPDGJH 3RUTXH OXFKDQ FRPR ORFRV GLVSDUDQ WLURV GDQ
WURPSDGDV 3HUR VL FXDOTXLHUD GH HOORV DQGXYLHVH FRQ XQD URVD
P¡JLFD \ DQWH FDGD SHOLJUR DFXGLHVH D HOOD QR WHQGU­D QLQJXQD
JUDFLDQRWHSDUHFH"
ߚ7DPEL©QFUHRTXHWLHQHSRFDJUDFLD
ߚ3HURQRHVHVRORTXHTXLHURVDEHU0HJXVWDU­DVDEHUVLFUHHV
TXHXQDURVDSXHGHVHUDV­P¡JLFD
ߚ<ߨHVEDVWDQWHUDUR
ߚ(VD JHQWH DQGD SRU DK­ FRQWDQGR FRVDV \ SLHQVD TXH ORV
FKLFRVFUHHPRVFXDOTXLHUFRVD
ߚ(VRPLVPR
(VFXFKDPRV XQ JUDQ EDUXOOR \ UHVXOW³ VHU /XLV TXH VH YHQ­D
DFHUFDQGR&DGDYH]PLKHUPDQRHVWDEDP¡VOLQGR<DQRHUDOORU³Q
QL SHOHDGRU $XQ FXDQGR PH YH­D REOLJDGR D WRPDUOR D PL FXLGDGR
VLHPSUHORKDF­DFRQEXHQDYROXQWDG
/HFRPHQW©D0LQJXLWR 'HWRGDVODVFDOOHVGH%DQJº'HVSX©VHUDQORVUHVWRVDUUROODGRVHQ
ߚ&DPELHPRVGHWHPDSRUTXHOHYR\DFRQWDUHVDKLVWRULDD©OOD
YDDHQFRQWUDUOLQGD<XQRQRGHEHTXLWDUOHODVLOXVLRQHVDXQQL±R
ߚ=H]©YDPRVDMXJDU"
ߚ<R\DHVWR\MXJDQGR$TX©TXLHUHVMXJDU"
ߚ4XHU­DSDVHDUSRUHO-DUG­Q=RRO³JLFR
0LU© GHVDQLPDGR HO JDOOLQHUR FRQ OD JDOOLQD QHJUD \ ODV GRV
JDOOLQLWDVEODQFDV
ߚ(VPX\WDUGH/RVOHRQHV\DVHIXHURQDGRUPLU\ORVWLJUHVGH
%HQJDOD WDPEL©Q $ HVWD KRUD FLHUUDQ WRGR \D QR YHQGHQ P¡V
HQWUDGDV
ߚ(QWRQFHVYDPRVDYLDMDUSRU(XURSD
(OPX\S­FDURORDSUHQG­DWRGR\KDEODEDFRUUHFWDPHQWHFXDOTXLHU
FRVD TXH HVFXFKDUD 3HUR OD YHUGDG HV TXH QR HVWDED GLVSXHVWR D
YLDMDUD(XURSD/RTXHGHVHDEDHUDSHUPDQHFHUFHUFDGH0LQJXLWR
‰OQRVHEXUODEDGHP­QLVHGHVSUHRFXSDEDSRUPLRMRHPSDYRQDGR
0HVHQW©FHUFDGHPLKHUPDQLWR\OHKDEO©FRQFDOPD
ߚ(VSHUDDK­TXHYR\DSHQVDUHQDOJºQMXHJR
3HUR HQ VHJXLGD HO KDGD GH OD LQRFHQFLD SDV³ YRODQGR HQ XQD
QXEHEODQFDTXHDJLW³ODVKRMDVGHORV¡UEROHVODVPDWDVGHODFHUFD
\ODVKRMDVGHPL;XUXUXFD8QDVRQULVDLOXPLQ³PLURVWURPDOWUDWDGR
ߚ)XLVWHWºHOTXHKL]RHVR0LQJXLWR"
ߚ<RQR
ߚb$KTX©EHOOH]D'HEHVHUHOWLHPSRHQTXHOOHJDHOYLHQWR
(Q QXHVWUD FDOOH KDE­D XQ WLHPSR SDUD FDGD FRVD 7LHPSR GH
EROLWDV7LHPSRGHWURPSRV7LHPSRGHFROHFFLRQDUIRWRVGHDUWLVWDV
GHO FLQH 7LHPSR GH FRPHWDV TXH HUD HO P¡V OLQGR GH WRGRV /RV
FLHORVVHYH­DQFXELHUWRVHQFXDOTXLHUSDUWHSRUFRPHWDVGHWRGRVORV
FRORUHV &RPHWDV OLQGDV GH WRGDV ODV IRUPDV (UD OD JXHUUD HQ HO
DLUH/RVFDEH]D]RVODVSHOHDVORVHQUHGRV\ORVFRUWHV
/DV QDYDMLWDV FRUWDEDQ ORV KLORV \ DOO¡ YHQ­D XQD FRPHWD JLUDQGR
HQ HO HVSDFLR HQUHGDQGR HO KLOR GH GLUHFFL³Q FRQ OD FROD VLQ
HTXLOLEULR(OPXQGRVHWRUQDEDVRODPHQWHGHORVFKLFRVGHODFDOOH
ORVKLORVODVFRUULGDVGHOFDPL³QGHODl/LJKW{/RVKRPEUHVYHQ­DQ
IXULRVRVDDUUDQFDUODVFRPHWDVPXHUWDVFRQIXQGLHQGRORVKLORV(O
YLHQWRߨHOYLHQWRߨ
47/89
 &RQHOYLHQWRYLQLHURQODVLGHDV
ߚ9DPRVDMXJDUDODFDFHU­D/XLV"
ߚ<RQRSXHGRPRQWDUDFDEDOOR
ߚ(QVHJXLGDYDVDFUHFHU\SRGU¡V4X©GDWHVHQWDGLWRDK­\YH
DSUHQGLHQGRF³PRHV
'H UHSHQWH 0LQJXLWR VH FRQYLUWL³ HQ HO P¡V OLQGR FDEDOOR GHO
PXQGR HO YLHQWR DXPHQW³ \ HO SDVWR PHGLR UDOR VH WUDVIRUP³ HQ
XQD SODQLFLH LQPHQVD YHUGH 0L URSD GH FRZER\ HVWDED HQMDH]DGD
GHRUR5HODPSDJXHDEDHQPLSHFKRODHVWUHOODGHVKHULII
ߚ9DPRVFDEDOOLWRYDPRV&RUUHFRUUHߨ
b=DV]DV]DV<DHVWDEDUHXQLGRFRQ7RP0L[\)UHG7KRPSVRQ
%XFN -RQHV QR KDE­D TXHULGR YHQLU HVWD YH] \ 5LFKDUG 7DOPDGJH
WUDEDMDEDHQRWUDSHO­FXOD
ߚ9DPRV YDPRV FDEDOOLWR &RUUH FRUUH $OO¡ YLHQHQ ORV DPLJRV
DSDFKHVOOHQDQGRGHSROYRHOFDPLQR
b=DV ]DV ]DV /D FDEDOODGD GH ORV LQGLRV HVWDED PHWLHQGR XQ
UXLGRE¡UEDUR
ߚ&RUUH FRUUH FDEDOOLWR OD SODQLFLH HVW¡ OOHQD GH ELVRQWHV \
EºIDORV 9DPRV D WLUDU PL JHQWH b]DV ]DV ]DV ]DVߨ b3XP SXP &DStWXOR/DFRQTXLVWD
SXPߨb)LXILXILX
/DVIOHFKDVVLOEDEDQߨ
(OYLHQWRODJDORSDGDODFDUUHUDORFDODVQXEHVGHSROYR\ODYR] /RVSULPHURVG­DV\RVDO­DXQSRFRP¡VWHPSUDQRSDUDQRFRUUHU
GH/XLVFDVLJULWDQGR HO SHOLJUR GH HQFRQWUDU DO 3RUWXJX©V SDUDGR FRQ VX FRFKH
ߚb=H]©b=H]©ߨ FRPSUDQGRFLJDUULOORV$GHP¡VWHQ­DEXHQFXLGDGRGHFDPLQDUSRUOD
)XL GHWHQLHQGR HO FDEDOOR OHQWDPHQWH \ VDOW© VRIRFDGR SRU OD RULOODGHODFDOOHGHOODGRFRQWUDULRFDVLFXELHUWRSRUODVRPEUDGHODV
SURH]D FHUFDV GH SODQWDV TXH XQ­DQ HO IUHQWH GH FDGD FDVD < DSHQDV
OOHJDED D OD 5­R6DQ 3DEOR FRUWDED FDPLQR \ VHJX­D FRQ ODV
ߚ4X©SDVD"$OJºQEºIDORIXHSRUWXODGR"
]DSDWLOODV GH WHQLV HQ OD PDQR FDVL SHJ¡QGRPH DO JUDQ PXUR GH OD
ߚ1R 9DPRV D MXJDU D RWUD FRVD +D\ PXFKRV LQGLRV \ PH GDQ )¡EULFD 7RGR HVH FXLGDGR FRQ HO SDVDU GH ORV G­DV IXH WRUQ¡QGRVH
PLHGR LQºWLO/DPHPRULDGHODFDOOHHVFRUWD\DSRFRQDGLHVHDFRUGDEDGH
ߚ3HURHVRVLQGLRVVRQORVDSDFKHV7RGRVVRQDPLJRV XQD P¡V GH ODV WUDYHVXUDV GHO FKLFR GH GRQ 3DEOR 3RUTXH DV­ HUD
ߚ3HURVLHQWRPLHGR+D\GHPDVLDGRVLQGLRV FRPRPHFRQRF­DQHQORVPRPHQWRVGHDFXVDFL³Ql)XHHOFKLFRGH
GRQ3DEOR{ߨl)XHHVHFRQGHQDGRFKLFRGHGRQ3DEOR{ߨl)XHHVH
FKLFRGHGRQ3DEOR{ߨ8QDYH]KDVWDLQYHQWDURQXQDFRVDKRUULEOH

48/89
FXDQGR HO l%DQJX{ UHFLEL³ XQD SDOL]D GHO l$QGDUD­{ FRPHQWDURQ
EXUO¡QGRVHl(O%DQJX>@FREU³P¡VTXHHVHFKLFRGHGRQ3DEOR{ߨ
$YHFHVYH­DHOPDOGLWRFRFKHGHWHQLGRHQODHVTXLQD\UHWUDVDEDHO
SDVRSDUDQRWHQHUTXHYHUSDVDUDO3RUWXJX©VߚDOFXDOLEDDPDWDU
WDQSURQWRFUHFLHUDߚFRQVXJUDQHPSDTXHGHGXH±RGHOFRFKHP¡V
OLQGRGHOPXQGR\GH%DQJX
3RU HQWRQFHV GHVDSDUHFL³ GXUDQWH DOJXQRV G­DV b4X© DOLYLR
6HJXUDPHQWH KDEU­D YLDMDGR OHMRV R HVWDU­D GH YDFDFLRQHV 9ROY­ D
FDPLQDU KDFLD OD HVFXHOD FRQ HO FRUD]³Q VRVHJDGR \ \D PHGLR
LQVHJXURVREUHVLYDO­DODSHQDPDWDUDHVHKRPEUHP¡VWDUGH8QD
FRVD HUD VHJXUD FDGD YH] TXH LED D WUHSDU D XQ FRFKH GH PHQRU
LPSRUWDQFLD \D QR VHQW­D HO HQWXVLDVPR GH DQWHV \ PLV RUHMDV
FRPHQ]DEDQDDUGHUSHQRVDPHQWH
0LHQWUDV WDQWR OD YLGD GH OD JHQWH \ GH OD FDOOH VH GHVDUUROODED
QRUPDOPHQWH +DE­D OOHJDGR HO WLHPSR GH OD FRPHWD \ lbFDOOH SDUD
TX©WHTXLHUR{(OFLHORD]XODGRVHHVWUHOODEDGHG­DFRQODVHVWUHOODV
P¡V ERQLWDV \ FRORULGDV (Q HO WLHPSR GHO YLHQWR GHMDED GH ODGR XQ
SRFR D 0LQJXLWR R VRODPHQWH OR EXVFDED FXDQGR PH SRQ­DQ HQ
SHQLWHQFLD GHVSX©V GH XQD EXHQD VRED (QWRQFHV QR LQWHQWDED
HVFDSDU SRUTXH XQD SDOL]D FHUFD GH RWUD GRO­D PXFKR (Q HVRV
PRPHQWRV PH LED FRQ HO UH\ /XLV D DGRUQDU D HQMDH]DU ߚW©UPLQR
TXH PH JXVWDED PXFKRߚ PL SODQWD GH QDUDQMDOLPD 3DUD FROPR
0LQJXLWR KDE­D GDGR XQ JUDQ HVWLU³Q \ SURQWR PX\ SURQWR HVWDU­D
GDQGRIORUHV\IUXWRVSDUDP­/RVRWURVQDUDQMRVGHPRUDEDQPXFKR
0LSODQWDGHQDUDQMDOLPDHUDlSUHFR]{FRPRW­R(GPXQGRGHF­DGH
P­ 'HVSX©V ©O PH H[SOLF³ OR TXH HVR VLJQLILFDED HUD FXDQGR ODV
FRVDV VXFHG­DQ PXFKR DQWHV GH TXH RWUDV RFXUULHUDQ )LQDOPHQWH
PH SDUHFH TXH QR VXSR H[SOLFDUOR PX\ ELHQ /R TXH TXHU­D GHFLU
VLPSOHPHQWHHUDTXHDOJRVHDGHODQWDߨ
(QWRQFHV \R WRPDED WUR]RV GH FRUG³Q VREUDV GH KLORV \
DJXMHUHDED XQ PRQW³Q GH WDSLWDV GH ERWHOODV SDUD LU D HQMDH]DU D
0LQJXLWR b+DE­D TXH YHU OR OLQGR TXH TXHGDED (O YLHQWR
JROSH¡QGRODV KDF­D FKRFDU XQD WDSLWD FRQWUD RWUD \ SDUHF­D TXH
HVWDED XVDQGR ODV HVSXHODV GH SODWD GH )UHG 7KRPSVRQ FXDQGR
PRQWDEDVXFDEDOORl5D\RGH/XQD{
(O PXQGR GH OD HVFXHOD WDPEL©Q HUD PX\ EXHQR <R VDE­D WRGRV
ORVKLPQRVQDFLRQDOHVGHPHPRULD(OP¡VJUDQGHGHWRGRVTXHHUD
HOYHUGDGHURORVRWURVKLPQRVQDFLRQDOHVGHOD%DQGHUD\HOKLPQR
QDFLRQDO GH OD l/LEHUWDG OLEHUWDG DEUH ODV DODV VREUH QRVRWURV{ $
P­ \ FUHR TXH WDPEL©Q D 7RP 0L[ HUD HO TXH P¡V PH JXVWDED
&XDQGRLEDDFDEDOORVLQHVWDUHQJXHUUDQLHQFDFHU­DVPHSHG­D
UHVSHWXRVDPHQWH
ߚ9DPRVJXHUUHUR3LQDJ©FDQWHHOKLPQRGHOD/LEHUWDG
0L YR] EDVWDQWH ILQD OOHQDED ODV HQRUPHV SODQLFLHV FRQ PXFKD
P¡VEHOOH]DTXHFXDQGRFDQWDEDFRQGRQ$ULRYDOGRWUDEDMDQGRORV
PDUWHVGHD\XGDQWHGHFDQWRU
/RV PDUWHV KDF­D OD UDERQD HQ HO FROHJLR FRPR GH FRVWXPEUH
SDUDHVSHUDUHOWUHQTXHWUD­DDPLDPLJR$ULRYDOGR‰O\DEDMDEDODV
HVFDOHUDV PRVWUDQGR HQ ODV PDQRV ORV IROOHWRV SDUD YHQGHU HQ ODV
FDOOHV 7RGDY­D WUD­D GRV EROVDV OOHQDV TXH HUDQ OD UHVHUYD &DVL
VLHPSUHYHQG­DWRGR\HVRQRVGDEDXQDJUDQDOHJU­DDORVGRVߨ
(Q ORV UHFUHRV FXDQGR DOFDQ]DED HO WLHPSR KDVWD MXJ¡EDPRV D
ODV EROLWDV <R HUD OR TXH VH OODPD XQ H[SHUWR 7HQ­D XQD SXQWHU­D
VHJXUD \ FDVL QXQFD GHMDED GH YROYHU D FDVD FRQ OD EROVLWD GRQGH
]DQJRORWHDEDQODVEROLWDVPXFKDVYHFHVKDVWDWULSOLFDGDV
/R P¡V FRQPRYHGRU HUD PL PDHVWUD GR±D &HFLOLD 3DLP <D OH
SRG­DQ FRQWDU TXH HUD HO FKLFR P¡V GLDEOR GHO PXQGR TXH QR OR
FUH­D &RPR WDPSRFR FUHHU­D TXH QDGLH FRQVLJXLHUD GHFLU P¡V
SDODEURWDVTXH\R4XHQLQJºQFKLFRPHLJXDODEDHQWUDYHVXUDVHVR
QRORKXELHUDDFHSWDGRQXQFD(QODHVFXHOD\RHUDXQ¡QJHO-DP¡V
PHKDE­DQUHSUHQGLGR\PHWUDVIRUP©HQHOPLPDGRGHODVPDHVWUDV
SRU VHU XQR GH ORV QL±RV P¡V SHTXH±RV TXH KDVWD HQWRQFHV
DSDUHFLHUD SRU DOO­ 'R±D &HFLOLD 3DLP FRQRF­D GH OHMRV QXHVWUD
SREUH]D\DODKRUDGHODPHULHQGDFXDQGRYH­DTXHWRGRHOPXQGR
HVWDEDFRPLHQGRVHHPRFLRQDED\VLHPSUHPHOODPDEDDSDUWHSDUD
PDQGDUPH FRPSUDU XQD JDOOHWD UHOOHQD HQ OR GHO GXOFHUR 6HQW­D
WDQWRFDUL±RSRUP­TXHPHSDUHFHTXH\RPHSRUWDEDELHQVRORSDUD
TXHQRVHGHFHSFLRQDUDߨ
'H UHSHQWH OD FRVD VXFHGL³ <R YHQ­D GHVSDFLR FRPR VLHPSUH
SRU OD FDUUHWHUD 5­R6DQ 3DEOR FXDQGR HO FRFKH HQRUPH GHO
49/89
3RUWXJX©VSDV³ELHQFHUTXLWDGHP­/DERFLQDVRQ³WUHVYHFHV\YL
TXHHOPRQVWUXRPHPLUDEDVRQUL©QGRVH$TXHOORPHKL]RUHQDFHUOD
UDELD\HOGHVHRGHPDWDUORFXDQGRIXHVHJUDQGH3XVHFDUDVHULD\
HQPLRUJXOORILQJ­LJQRUDUOR


FLHJR \ VRUGR 1R YH QDGD 7H GD WLHPSR D HVFDSDU VL WH
ߚ(VFRPRWHGLJR0LQJXLWR7RGRHOVDQWRG­D3DUHFHTXHHVSHUD
TXH\RSDVHSDUDYHQLUWRFDQGRODERFLQD7UHVYHFHVODWRFD$\HU
KDVWDPHGLMRDGL³VFRQODPDQR
ߚ<Wº"
ߚ1R OH KDJR FDVR )LQMR QR YHUOR <D HVW¡ FRPHQ]DQGR D WHQHU
PLHGRPLUDSURQWRFXPSOLU©VHLVD±RV\HQVHJXLGDHVWDU©KHFKRXQ
KRPEUH
ߚ&UHHVTXH©OTXLHUHKDFHUVHDPLJRSRUPLHGR"
ߚb6HJXUR(VSHUDDK­TXHYR\DEXVFDUHOFDMRQFLWR
0LQJXLWR KDE­D FUHFLGR PXFKR 3DUD VXELU D VX VLOOD VH KDF­D
QHFHVDULRFRORFDUGHEDMRHOFDMRQFLWRGHOXVWUDU
ߚ/LVWRDKRUDYDPRVDFRQYHUVDU
'HVGHORDOWRPHVHQW­DHOUH\GHOPXQGR3DVHDEDODYLVWDSRUHO
SDLVDMHSRUHOSDVWL]DOSRUORVS¡MDURVTXHYHQ­DQDEXVFDUFRPLGD
DOO­ 'H QRFKH QL ELHQ OD RVFXULGDG LED OOHJDQGR RWUR /XFLDQR
FRPHQ]DEDDGDUYXHOWDVSRUHQFLPDGHPLFDEH]DWDQDOHJUHFRPR
VLIXHVHXQDHURSODQRGHO&DPSRGRV$OIRQVRV$OFRPLHQ]RKDVWD
0LQJXLWR VH DGPLU³ GH TXH \R QR WXYLHVH PLHGR GHO PXUFL©ODJR
SRUTXHHQJHQHUDOWRGRVORVFKLFRVWHQ­DQWHUURU3HURKDF­DG­DVTXH
/XFLDQRQRDSDUHF­D6HJXUDPHQWHKDE­DHQFRQWUDGRRWURVlFDPSRV
GRV$OIRQVRV{HQRWURVOXJDUHV
ߚ9LVWH0LQJXLWRODVJXD\DEHUDVGHODFDVDGHOD1HJUD(XJHQLD
\D FRPLHQ]DQ D DPDULOOHDU /DV JXD\DEDV \D HVW¡Q HQ WLHPSR /R
PDOR HV TXH HOOD PH DJDUUD 0LQJXLWR +R\ \D UHFLE­ WUHV
FRVFRUURQHV(VWR\DTX­SRUTXHPHSXVLHURQHQSHQLWHQFLDߨ
3HURHOGLDEORPHGLRODPDQRSDUDGHVFHQGHU\PHHPSXM³KDVWD
OD FHUFD GH ODV SODQWDV (O YLHQWHFLWR GH OD WDUGH FRPHQ]³ D WUDHU R
LQYHQWDUHORORUGHODVJXD\DEDVKDVWDPLQDUL]0LUDDTX­DSDUWDXQ
JDMLWRDK­HVFXFKDTXHQRKD\DUXLGRߨ\HOGLDEORKDEODQGRl$QGD
WRQWRQRYHVTXHQRKD\QDGLH"$HVWDKRUDHOODGHEHKDEHULGRD
OD GHVSHQVD GH OD MDSRQHVD 'RQ %HQHGLFWR" b1DGD ‰O HVW¡ FDVL
GHVFXEUHߨ{
6HJX­ OD FHUFD KDVWD HO ]DQM³Q \ PH GHFLG­ $QWHV OH LQGLTX© SRU
VH±DVD0LQJXLWRTXHQRKLFLHUDEDUXOOR(QHVHPRPHQWRPLFRUD]³Q
VHKDE­DDFHOHUDGR/D1HJUD(XJHQLDQRHUDSDUDMXJDU7HQ­DXQD
OHQJXDTXHVROR'LRVVDE­D9HQ­DSDVRDSDVRVLQUHVSLUDUFXDQGR
VXYR]DUU³QSDUWL³GHVGHODYHQWDQDGHODFRFLQD
ߚ4X©HVHVRFKLFR"
1L VLTXLHUD WXYH OD LGHD GH PHQWLU GLFL©QGROH TXH KDE­D LGR D
EXVFDU XQD SHORWD 0H ODQF© D OD FDUUHUD \ bOLVWR VDOW© GHQWUR GHO
]DQM³Q 0¡V DOO¡ DGHQWUR PH HVSHUDED RWUD FRVD 8Q GRORU WDQ
JUDQGH TXH FDVL PH KL]R JULWDU SHUR VL OR KDF­D UHFLELU­D GREOH
FDVWLJRSULPHURSRUKDEHUKXLGRGHODSHQLWHQFLDVHJXQGRSRUTXH
HVWDED UREDQGR JXD\DEDV HQ FDVD GHO YHFLQR $FDEDED GH
FODY¡UVHPHXQWUR]RGHYLGULRHQHOSLHL]TXLHUGR
7RGDY­D DWRQWDGR SRU HO GRORU PH DUUDQTX© HO WUR]R GH YLGULR
*HP­D EDMLWR \ YH­D PH]FODUVH OD VDQJUH FRQ HO DJXD VXFLD GHO
]DQM³Q<DKRUD"&RQORVRMRVOOHQRVGHO¡JULPDVFRQVHJX­VDFDUPH
HOYLGULRLQFUXVWDGRSHURQRVDE­DF³PRGHWHQHUODVDQJUH$SUHWDED
FRQIXHU]DHOWRELOORSDUDGLVPLQXLUHOGRORU7HQ­DTXHDJXDQWDUILUPH
(VWDED DFHUF¡QGRVH OD QRFKH \ FRQ HOOD YHQGU­DQ SDS¡ PDP¡ \
/DO¡ &XDOTXLHUD TXH PH HQFRQWUDVH DV­ PH SHJDU­D \ KDVWD SRG­D
VHUTXHFDGDXQRGHHOORVPHSHJDUDVXFHVLYDPHQWHXQD]XUUD6XE­
GHVRULHQWDGR\PHIXLDVHQWDUVDOWDQGRHQXQVRORSLHGHEDMRGHPL
QDUDQMROLPD 0H GRO­D WRGDY­D P¡V SHUR \D PH KDE­DQ SDVDGR ODV
JDQDVGHYRPLWDU
ߚ0LUD0LQJXLWR
0LQJXLWRVHKRUURUL]³(UDFRPR\RQROHJXVWDEDYHUVDQJUH
ߚ4X©KDFHU'LRVP­R"
50/89
 7RWRFD V­ TXH PH D\XGDU­D SHUR G³QGH HVWDU­D D HVDV KRUDV"
4XHGDED*ORULDGHEHU­DHVWDUHQODFRFLQD(UDODºQLFDDTXLHQQR
OH JXVWDED TXH PH SHJDUDQ WDQWR SRG­D VHU TXH PH WLUDUD GH ODV
RUHMDV R PH SXVLHUD HQ SHQLWHQFLD GH QXHYR 3HUR KDE­D TXH
LQWHQWDUOR
0HDUUDVWU©KDVWDODSXHUWDGHODFRFLQDHVWXGLDQGRODPDQHUDGH
GHVDUPDUD*ORULD(VWDEDERUGDQGRXQDWRDOOD0HTXHG©VLQVDEHU
TX©KDFHU\HVDYH]'LRVPHD\XG³0HPLU³\YLRTXHHVWDEDFRQOD
FDEH]D EDMD 5HVROYL³ QR GHFLU QDGD SRUTXH PH HQFRQWUDED HQ
SHQLWHQFLD 0LV RMRV VH KDOODEDQ OOHQRV GH O¡JULPDV \ JLPRWH©
7URSHF©FRQORVRMRVGH*ORULDTXHPHPLUDEDQ6XPDQRVKDE­DQ
GHMDGRGHERUGDU
ߚ4X©SDVD=H]©"
ߚ1DGD*RG³LDߨ3RUTX©QDGLHPHTXLHUH"
ߚ(UHVPX\WUDYLHVR
ߚ+R\\DPHSHJDURQWUHVYHFHV*RG³LD
ߚ<QRORPHUHF­DV"
ߚ1R HV HVR (V FRPR VL QDGLH PH TXLVLHUD \ DSURYHFKDQ SDUD
SHJDUPHSRUFXDOTXLHUFRVD
*ORULDFRPHQ]³DVHQWLUFRQPRYHUVHVXFRUD]³QGHTXLQFHD±RV
<RPHGDEDFXHQWD
ߚ&UHRTXHORPHMRUHVTXHPD±DQDPHDWURSHOOHQHQOD5­R6DQ
3DEOR\TXHGHWRGRJROSHDGR
(QWRQFHVODVO¡JULPDVEDMDURQHQWRUUHQWHVGHPLVRMRV


ߚ1RGLJDVWRQWHU­DV=H]©<RWHTXLHURPXFKR
ߚb1R PH TXLHUHV QR 6L PH TXLVLHUDV QR GHMDU­DV TXH PH OOHYH
RWUDSDOL]DKR\
ߚ<D HVW¡ RVFXUHFLHQGR \ QR YD KDEHU WLHPSR GH TXH KDJDV
DOJXQDRWUDWUDYHVXUDFRPRSDUDTXHWHFDVWLJXHQ
ߚ<DODKLFHߨ
6ROW³ HO ERUGDGR \ VH DFHUF³ D P­ &DVL GLR XQ JULWR DO YHU HO
FKDUFRGHVDQJUHHQTXHHVWDEDPLSLH
ߚb'LRVP­R*XPTX©KDVLGR"
(VWDED JDQDGD OD SDUWLGD &XDQGR HOOD PH OODPDED l*XP{ HUD
SRUTXHHVWDEDVDOYDGR
0HDO]³\PHVHQW³HQODVLOOD5¡SLGDPHQWHWRP³XQDSDODQJDQD
GHDJXDFRQVDO\VHDUURGLOO³DPLVSLHV
ߚ9DDGROHUPXFKR=H]©
ߚ<DHVW¡GROLHQGRPXFKR
ߚ0L 'LRV WLHQHV XQ FRUWH FDVL FRPR GH WUHV GHGRV &³PR WH
KLFLVWHHVR=H]©"
ߚ3HUR QR VH OR FXHQWHV D QDGLH 3RU IDYRU *RG³LD WH SURPHWR
SRUWDUPHELHQ1RGHMHVTXHQDGLHPHSHJXHWDQWRߨ
ߚ(VW¡ELHQQRORFRQWDU©&³PRYDPRVDKDFHU"7RGRHOPXQGR
YD D YHU WX SLH YHQGDGR < PD±DQD QR SRGU¡V LU D OD HVFXHOD /R
GHVFXEULU¡QWRGR
ߚ6­TXHYR\DODHVFXHOD0HFDO]RORV]DSDWRVKDVWDODHVTXLQD
'HVSX©VHVPXFKRP¡VI¡FLO
ߚ1HFHVLWDV DFRVWDUWH \ TXHGDUWH FRQ HO SLH ELHQ HVWLUDGR VL QR
VHU¡LPSRVLEOHTXHSXHGDVFDPLQDUPD±DQD
0HD\XG³DLUDVDOWRVKDVWDODFDPD
ߚ9R\DWUDHUWHDOJXQDFRVDSDUDTXHFRPDVDQWHVGHTXHOOHJXHQ
ORVRWURV
&XDQGRYROYL³FRQODFRPLGDQRDJXDQW©P¡V\OHGLXQEHVR(VR
HUDDOJRPX\UDURHQP­
&XDQGRWRGRVOOHJDURQDFRPHUPDP¡VHGLRFXHQWDGHTXH\RQR
HVWDED
ߚ'³QGHHVW¡=H]©"
ߚ6HDFRVW³'HVGHWHPSUDQRTXHVHTXHMDGHGRORUGHFDEH]D
(VFXFKDED H[WDVLDGR ROYLGDQGR KDVWD HO DUGRU GH OD KHULGD 0H
JXVWDED VHU HO FHQWUR GH OD FRQYHUVDFL³Q (QWRQFHV *ORULD UHVROYL³
DVXPLUPLGHIHQVD/RKL]RFRQXQDYR]TXHMRVD\DOPLVPRWLHPSR
DFXVDGRUD
51/89
 ߚ7RGR HO PXQGR OH SHJD +R\ HVWDED WRGR PROLGR 7UHV SDOL]DV
VRQGHPDVLDGR
ߚb3HURHVXQEDQGLGR6HTXHGDTXLHWRVRODPHQWHFXDQGRVHOR
FDVWLJD
ߚ9DVDGHFLUTXHQROHSHJDVWDPEL©Q"
ߚ'LI­FLOPHQWH&XDQGRPXFKROHWLURGHODVRUHMDV
6HKL]RHOVLOHQFLR\*ORULDFRQWLQX³GHIHQGL©QGRPH
ߚ$O ILQDO GH FXHQWDV DºQ QR FXPSOL³ ORV VHLV D±RV (V WUDYLHVR
SHURQRHVP¡VTXHXQDFULDWXUD
$TXHOODFRQYHUVDFL³QIXHXQDIHOLFLGDGSDUDP­


5HVRSO©XQSRFRDQWHVGHUHVSRQGHUOH
*ORULDDQJXVWLDGDHVWDEDDUUHJO¡QGRPHG¡QGRPHDFDO]DUPHODV
]DSDWLOODV
ߚ3RGU¡VLU"
ߚ$JXDQWRV­
ߚ1RYDVDKDFHUQLQJºQGLVSDUDWHHQOD5­R6DQ3DEOR"
ߚ1RQRYR\DKDFHUQDGD
ߚ(VRTXHPHGLMLVWHHUDFLHUWR"
ߚ1R3HURPHVHQW­DPX\WULVWHSHQVDQGRTXHQDGLHPHTXHU­D
3DV³VXVPDQRVSRUPLVUL]RVUXELRV\PHGHM³LU
<R SHQVDED HQ OR GXUR TXH VHU­D OOHJDU KDVWD OD FDUUHWHUD 4XH
FXDQGR PH GHVFDO]DUD ORV ]DSDWRV HO GRORU PHMRUDU­D 3HUR FXDQGR
HOSLHWRF³GLUHFWDPHQWHHOVXHORWXYHTXHLUDSR\¡QGRPHGHVSDFLWR
HQHOPXURGHOD)¡EULFD'HHVDPDQHUDQROOHJDU­DQXQFD
b$OO­VXFHGL³ODFRVD/DERFLQDVRQ³WUHVYHFHVb'HVJUDFLDGR1R
EDVWDEDTXHXQRHVWXYLHUDPXUL©QGRVHGHGRORUTXHWRGDY­DYHQ­DD
EXUODUVHߨ
(OFRFKHSDU³ELHQMXQWRDP­6DF³HOFXHUSRDIXHUD\SUHJXQW³
ߚ(KPXFKDFKLWRWHODVWLPDVWHHOSLH"
7XYH JDQDV GH GHFLUOH TXH HVR QR OH LPSRUWDED D QDGLH 3HUR
FRPR ©O QR PH KDE­D OODPDGR lPRFRVR{ QR UHVSRQG­ \ FRQWLQX©
FDPLQDQGRXQRVFLQFRPHWURV
3XVRHOFRFKHHQIXQFLRQDPLHQWRSDV³GHODQWHGHP­\SDU³FDVL
SHJ¡QGRVH DO PXUR XQ SRFR IXHUD GH OD FDUUHWHUD FRUW¡QGRPH HO
SDVR (QWRQFHV DEUL³ OD SXHUWD \ EDM³ 6X HQRUPH ILJXUD PH
DSDEXOODED
ߚ7HHVW¡GROLHQGRPXFKRPXFKDFKLWR"
1R HUD SRVLEOH TXH OD SHUVRQD TXH PH SHJDUD XVDUD DKRUD XQD
YR]WDQGXOFH\FDVLDPLJD6HDFHUF³P¡VDP­\VLQTXHQDGLHOR
HVSHUDVHDUURGLOO³VXFXHUSRJRUGR\PHPLU³FDUDDFDUD7HQ­DXQD
VRQULVDWDQVXDYHTXHSDUHF­DGHVSDUUDPDUFDUL±R
ߚ3RUORYLVWRWHJROSHDVWHPXFKRQR"&³PRIXH"
ߚ8QSHGD]RGHYLGULR
ߚ)XHSURIXQGR"
/HGLHOWDPD±RGHOWDMRFRQORVGHGRV
ߚb$KHVRHVJUDYH<SRUTX©QRWHTXHGDVWHHQFDVD"3RUOR
TXHYHRYDVDODHVFXHODQR"
ߚ1DGLH VDEH HQ FDVD TXH PH ODVWLP© 6L OR GHVFXEUHQ HQFLPD
PHSHJDQSDUDTXHDSUHQGDDQRODVWLPDUPHߨ
ߚ9HQTXHYR\DOOHYDUWH
ߚ1RVH±RUJUDFLDV
ߚ3HURSRUTX©"
ߚ(QODHVFXHODWRGRHOPXQGRVDEHORTXHSDV³ߨ
ߚ3HURWºQRSXHGHVFDPLQDUDV­
%DM© OD FDEH]D UHFRQRFLHQGR OD YHUGDG \ VLQWLHQGR TXH FRQ XQ
SRFR P¡V PL RUJXOOR VH HVIXPDU­D ‰O PH OHYDQW³ OD FDEH]D
WRP¡QGRPHHOPHQW³Q
ߚ9DPRVDROYLGDUFLHUWDVFRVDV<DDQGXYLVWHHQFRFKH"
ߚ1XQFDQRVH±RU
ߚ(QWRQFHVWHOOHYR
ߚ1RSXHGR1RVRWURVVRPRVHQHPLJRV
52/89
 ߚ$XQTXHVHDDV­1RPHLPSRUWD6LWLHQHVYHUJ¼HQ]DWHGHMRXQ
SRFRDQWHVGHOOHJDUDODHVFXHOD(VWDPRV"
(VWDED WDQ HPRFLRQDGR TXH QL UHVSRQG­ 6ROR GLMH TXH V­ FRQ OD
FDEH]D 0H DO]³ DEUL³ OD SXHUWD \ PH SXVR HQ HO DVLHQWR FRQ
FXLGDGR'LRYXHOWD\WRP³VXOXJDU$QWHVGHHQFHQGHUHOPRWRUPH
VRQUL³GHQXHYR
ߚ$V­HVW¡PHMRUVHYH
/DVHQVDFL³QPDUDYLOORVDGHOVXDYHFRFKHHQPDUFKDGDQGROHYHV
VDOWRVPHKL]RFHUUDUORVRMRV\FRPHQ]DUDVR±DU$TXHOORHUDP¡V
VXDYH \ OLQGR TXH HO FDEDOOR l5D\R GH /XQD{ GH )UHG 7KRPSVRQ
3HUR QR GHPRU© PXFKR SRUTXH DO DEULU ORV RMRV HVW¡EDPRV FDVL
OOHJDQGRDODHVFXHOD9H­DODPXOWLWXGGHDOXPQRVSHQHWUDQGRSRUOD
SXHUWDSULQFLSDO$VXVWDGRPHUHVEDO©GHODVLHQWR\PHHVFRQG­/H
GLMHQHUYLRVR 3RUWXJX©VPHDJDUUDEDFRQIXHU]DFRPRVLTXLVLHUDTXHXQSRFRGHO
ߚ8VWHGSURPHWL³TXHVHGHWHQGU­DDQWHVGHOOHJDUDODHVFXHOD
ߚ&DPEL© GH LGHD (VH SLH QR SXHGH TXHGDU DV­ 3XHGHV
HQIHUPDUWHGHW©WDQRV
1R SXGH QL SUHJXQWDU TX© SDODEUD WDQ OLQGD \ GLI­FLO HUD ©VD
7DPEL©Q VDE­D TXH VHU­D LQºWLO GHFLU TXH QR TXHU­D LU (O DXWRP³YLO
WRP³SRUODFDOOHGHODV&DVLWDV\YROY­DODSRVLFL³QDQWHULRU
ߚ7ºPHSDUHFHVXQKRPEUHFLWRYDOLHQWH$KRUDYDPRVDYHUVLOR
SUXHEDV
3DU³IUHQWHDODIDUPDFLD\HQVHJXLGDPHOOHY³DO]DGR&XDQGRHO
GRFWRU $GDXFWR /X] QRV DWHQGL³ PH KRUURULF© (UD HO P©GLFR GHO
SHUVRQDOGHOD)¡EULFD\FRQRF­DPX\ELHQDSDS¡0LVXVWRDXPHQW³
FXDQGRPHPLU³\SUHJXQW³ IDUPDFLDߨ
ߚ7ºHUHVKLMRGH3DXOR9DVFRQFHORVQRHVFLHUWR"<DHQFRQWU³
DOJºQWUDEDMR"
7XYH TXH FRQWHVWDU DXQTXH PH GLHVH PXFKD YHUJ¼HQ]D SRU HO
3RUWXJX©VTXHSDS¡HVWDEDVLQHPSOHR
ߚ(VW¡HVSHUDQGROHSURPHWLHURQPXFKDVFRVDVߨ
ߚ%XHQRYDPRVDYHUGHTX©VHWUDWD
'HVDW³ ORV WUDSRV SHJDGRV D OD KHULGD H KL]R XQ lbKXP{ TXH
LPSUHVLRQDED &RPHQF© D KDFHU XQ JHVWLWR GH OODQWR 3HUR HO
3RUWXJX©VYLQRSRUGHWU¡VDVRFRUUHUPH
0H VHQWDURQ HQFLPD GH XQD PHVD OOHQD GH V¡EDQDV EODQFDV 8Q
PRQW³QGHLQVWUXPHQWRVDSDUHFLHURQ<\RFRPHQF©DWHPEODU<QR
WHPEODED P¡V SRUTXH HO 3RUWXJX©V DSR\³ PL HVSDOGD VREUH VX
SHFKR\PHVXMHWDEDORVKRPEURVFRQIXHU]D\DOPLVPRWLHPSRFRQ
FDUL±R
ߚ1RYDDGROHUPXFKR&XDQGRDFDEHWRGRWHOOHYDU©DWRPDUXQ
UHIUHVFR \ D FRPHU JDOOHWDV 6L QR OORUDV WH FRPSUR FDUDPHORV FRQ
ILJXULWDVGHDUWLVWDV
(QWRQFHV PH LQYHQW© HO PD\RU FRUDMH GHO PXQGR /DV O¡JULPDV
EDMDEDQ\\RGHM©KDFHUWRGR0HGLHURQDOJXQRVSXQWRV\KDVWDXQD
LQ\HFFL³Q DQWLWHW¡QLFD $JXDQW© KDVWD ODV JDQDV GH YRPLWDU (O
GRORUOHSDVDUDD©O&RQVXSD±XHORPHHQMXJDEDORVFDEHOORV\HO
URVWURPRMDGRVSRUHOVXGRU3DUHF­DTXHDTXHOORQRLEDDWHUPLQDU
QXQFD3HURDFDE³DOILQ
&XDQGRPHOOHY³DOFRFKHYHQ­DFRQWHQWR0HFRPSU³WRGRORTXH
PH KDE­D SURPHWLGR 6ROR TXH \R QR WHQ­D JDQDV GH QDGD 3DUHF­D
TXHPHKDE­DQDUUDQFDGRHODOPDSRUORVSLHV
ߚ$KRUDQRSXHGHVLUDODHVFXHODPXFKDFKLWR
(VW¡EDPRVHQHOFRFKH\\RPHVHQWDEDELHQFHUFDGH©OUR]DQGR
VXEUD]RFDVLFRPSOLFDQGRVXVPDQLREUDV
ߚ7HYR\DOOHYDUFHUFDGHWXFDVD,QYHQWDFXDOTXLHUFRVD3XHGHV
GHFLUTXHWHJROSHDVWHHQHOUHFUHR\TXHODPDHVWUDWHPDQG³DOD
/RPLU©FRQJUDWLWXG
ߚ(UHVXQKRPEUHFLWRYDOLHQWHPXFKDFKLWR
/H VRQUH­ OOHQR GH GRORU SHUR GHQWUR GH HVH GRORU DFDEDED GH
GHVFXEULU DOJR PX\ LPSRUWDQWH (O 3RUWXJX©V VH KDE­D WUDVIRUPDGR
DKRUDHQODSHUVRQDTXH\RP¡VTXHU­DHQHOPXQGR

>@©%DQJXª\©$QGDUDtªUHIHUHQFLDDGRVFOXEHVGHI~WEROGHOD]RQD
1GHOD7

53/89
 ߚb$K(UDVWº"(QWUDPXFKDFKLWR
/RVHJX­
ߚ(VSHUDTXH\DDFDER
<FRQWLQX³DIHLW¡QGRVHFRQODQDYDMDWUDVWUDVWUDV<SHQV©TXH
FXDQGRVHDJUDQGHTXLHURWHQHUXQDEDUEDDV­GHJUXHVDTXHKDJD
DV­GHOLQGRWUDVWUDVWUDVߨ
0H VHQW© HQ PL FDMRQFLWR \ TXHG© HVSHUDQGR 0H PLU³ SRU HO
HVSHMR
ߚ<WXFODVH"
ߚ+R\ HV ILHVWD QDFLRQDO 3RU HVR VDO­ D OXVWUDU SDUD JDQDU XQDV
PRQHGDV
ߚb$K
< FRQWLQX³ 'HVSX©V VH LQFOLQ³ HQ OD SLOHWD \ VH ODY³ OD FDUD 6H
VHF³FRQODWRDOOD(OURVWUROHTXHG³FRORUDGR\EULOODQWH'HVSX©VVH
UL³GHQXHYR
ߚ4XLHUHVWRPDUFDI©FRQPLJR"
'LMHTXHQRSHURTXHULHQGR
ߚ(QWUD
&DStWXOR&RQYHUVDFLRQHVGHDTXt\DOOi 0HJXVWDU­DTXHYLHUDVF³PRHVWDEDWRGRGHOLPSLR\DUUHJODGLWR
/D PHVD KDVWD WHQ­D PDQWHO D FXDGURV URMRV < DOO­ HVWDED OD WD]D
1DGDGHWD]DGHODWDFRPRHQFDVD0HFRQW³TXHXQDQHJUDYLHMD
ߚ6DEHV0LQJXLWR"<DGHVFXEU­WRGR7RGLWR‰OYLYHDOILQDOGHOD LEDWRGRVORVG­DVlDSRQHURUGHQ{FXDQGR©OVDO­DSDUDWUDEDMDU
FDOOH%DU³QGH&DSDQHPD%LHQDOILQDO\JXDUGDHOFRFKHDOODGRGH ߚ6LTXLHUHVKD]FRPR\RPRMDHOSDQHQHOFDI©3HURQRKDJDV
OD FDVD 7LHQH GRV MDXODV XQD FRQ XQ FDQDULR \ RWUD FRQ XQ UXLGRDOWUDJDU(VIHR
lD]XODR>@{ )XL DOO¡ ELHQ WHPSUDQLWR FRPR TXLHQ QR TXLHUH QDGD (QHVRPLU©D0LQJXLWRHVWDEDPXGRFRPRXQDEUXMDGHWUDSR
OOHYDQGR PL FDMRQFLWR GH OXVWUDU 7HQ­D WDQWDV JDQDV GH LU 0LQJXLWR ߚ4X©SDVD"
TXHHVDYH]QLVHQW­DHOSHVRGHPLFDM³Q&XDQGROOHJX©PLU©ELHQ
ߚ1DGD(VWR\HVFXFKDQGR
ODFDVD\PHSDUHFL³GHPDVLDGRJUDQGHSDUDXQDSHUVRQDTXHYLYH
VROD‰OHVWDEDDORWURODGRHQHOSDWLRMXQWRDODSLOHWDDIHLW¡QGRVH ߚ0LUD 0LQJXLWR QR PH JXVWDQ ODV GLVFXVLRQHV SHUR VL HVW¡V
HQRMDGRHVPHMRUTXHPHORGLJDV\D
*ROSH©FRQODVPDQRV
ߚ(V TXH Wº DKRUD VRODPHQWH MXHJDV FRQ HO 3RUWXJX©V \ \R QR
ߚ4XLHUHOXVWUDUVH"
SXHGRߨ
9LQR GHVGH DOO­ FRQ OD FDUD OOHQD GH MDE³Q 8QD SDUWH \D HVWDED
0HTXHG©SHQVDWLYR(UDHVR1RPHKDE­DSDVDGRSRUODFDEH]D
DIHLWDGD6RQUL³\PHGLMR

54/89
TXH©OQRSRGU­DGLYHUWLUVHFRQORPLVPR
ߚ'HQWUR GH GRV G­DV QRV HQFRQWUDUHPRV FRQ %XFN -RQHV <D OH
PDQG©XQPHQVDMHSRUHOFDFLTXHl7RURVHQWDGR{%XFN-RQHVHVW¡
OHMRV FD]DQGR HQ 6DYDQDKߨ 0LQJXLWR HV 6DY¡DK R 6DYDQDK
FRPRVHGLFH"(QXQDSHO­FXODWHQ­DXQDlK{GHWU¡V1RV©&XDQGR
YD\DDODFDVDGH'LQGLQKDOHYR\DSUHJXQWDUDW­R(GPXQGR
1XHYRVLOHQFLR
ߚ'³QGHHVW¡EDPRV"
ߚ(QPRMDUHOFDI©HQHOSDQ
/DUJX©XQDFDUFDMDGD
ߚ0RMDU HO FDI© HQ HO SDQ QR WRQWR (Q HVH PRPHQWR QRV
TXHGDPRVHQVLOHQFLR\©OPHPLUDEDHVWXGL¡QGRPH
ߚ7DQWRKLFLVWHKDVWDTXHSRUILQGHVFXEULVWHG³QGHYLY­D
0HTXHG©VLQVDEHUTX©GHFLU5HVROY­FRQWDUODYHUGDG
ߚ8VWHGQRVHHQRMDU¡VLOHGLJRXQDFRVD"
ߚ1R(QWUHDPLJRVQRGHEHKDEHUVHFUHWRVߨ
ߚ(VPHQWLUDTXHDQGXYHOXVWUDQGRSRUDK­
ߚ<DORVDE­D
ߚ3HUR\RTXHU­DWDQWRߨ$TX­GHHVWHODGRQRKD\QDGLHTXHVH
OXVWUH SRU FDXVD GHO SROYR 6RODPHQWH TXLHQ YLYH FHUFD GH OD 5­R
6DQ3DEOR
ߚ3HURSRGU­DVKDEHUYHQLGRVLQFDUJDUWRGRHVHSHVRQR"
ߚ6L \R QR OR FDUJDED QR PH KXELHUDQ GHMDGR VDOLU 6³OR SXHGR
DQGDUFHUFDGHFDVD'HYH]HQFXDQGRWHQJRTXHDSDUHFHUSRUDOO­
FRPSUHQGH"(QFDPELRVLYR\P¡VOHMRVWHQJRTXHILQJLUTXHYR\
DWUDEDMDU
6HUL³GHPLO³JLFD
ߚ<HQGRDWUDEDMDUODJHQWHGHFDVDVDEHTXHQRHVWR\KDFLHQGR
WUDYHVXUDV<HVPHMRUDV­SRUTXHQRUHFLERWDQWDVSDOL]DV
ߚ1RFUHRTXHVHDVWDQWUDYLHVRFRPRGLFHV
4XHG©PX\VHULR
ߚ<RQRVLUYRSDUDQDGD6R\PX\PDOR3RUHVRHQ1DYLGDGHVHO
GLDEORHOTXHQDFHSDUDP­\QRUHFLERUHJDORV6R\XQDSHVWH8QD
SHVWHFLWDFKLFD8QSHUUR8QDFRVDRUGLQDULD8QDGHPLVKHUPDQDV
PHGLMRTXHDOJXLHQWDQPDORFRPR\RQRGHELHUDKDEHUQDFLGR
6HUDVF³ODFDEH]DDGPLUDGR
ߚ6RODPHQWH HQ HVWD VHPDQD UHFLE­ XQ PRQW³Q GH SDOL]DV
$OJXQDVEDVWDQWHGRORURVDV3HURWDPEL©QPHSHJDQSRUORTXHQR
KDJR0HHFKDQODFXOSDGHWRGR<DVHDFRVWXPEUDURQDSHJDUPH
ߚ3HURTX©HVORTXHKDFHVGHPDOR"
ߚ'HEHVHUFXOSDGHOGLDEOR0HYLHQHQJDQDVGHKDFHUߨ\KDJR
(VWDVHPDQDSHJX©IXHJRDODFHUFDGHOD1HJUD(XJHQLD/DOODP©
l'R±D &RUGHOLD{ l3DWD &KXHFD{ \ HOOD VH SXVR KHFKD XQD ILHUD
3DWH© XQD SHORWD GH WUDSR \ OD PX\ EXUUD HQWU³ SRU OD YHQWDQD \
TXHEU³ XQ HVSHMR JUDQGH GH GR±D 1DUFLVD &RQ OD lEDODGHLUD>@{
URPS­WUHVO¡PSDUDV/HWLU©XQDSHGUDGDDODFDEH]DDOKLMRGHGRQ
$EHO
ߚ%DVWDEDVWD
6HSRQ­DODPDQRHQODERFDSDUDHVFRQGHUODVRQULVD
ߚ3HUR WRGDY­D KD\ P¡V $UUDQTX© WRGDV ODV SODQWDV TXH GR±D
7HQWHQD DFDEDED GH SODQWDU /H KLFH WUDJDU XQD EROLWD DO JDWR GH
GR±D5RVHQD
ߚb$KHVRQR1RPHJXVWDTXHPDOWUDWHQDORVDQLPDOHV
ߚ3HURQRHUDGHODVJUDQGHV(UDXQDELHQFKLTXLWD/HGLHURQXQ
SXUJDQWHDOELFKR\VDOL³<HQYH]GHGHYROYHUPHODEROLWDORTXHPH
GLHURQ IXH XQD EUXWDO SDOL]D 3HUR SHRU IXH FXDQGR \R HVWDED
GXUPLHQGR\SDS¡DJDUU³HO]XHFR\PHSHJ³XQRV]XHFD]RV<RQL
VLTXLHUDVDE­DSRUTX©PHSHJDEDQ
ߚ<SRUTX©IXH"
ߚ)XLPRV PXFKRV FKLFRV D YHU XQD SHO­FXOD (QWUDPRV HQ OD
VHJXQGD VHFFL³Q SRUTXH HV P¡V EDUDWR (QWRQFHV WXYH JDQDV
VDEH"ߨ \ PH TXHG© ELHQ HQ HO ULQF³Q GH OD SDUHG RULQDQGR
$TXHOOD DJXD FRUU­D (V XQD WRQWHU­D TXH XQR WHQJD TXH VDOLU \
SHUGHUVHXQSHGD]RGHODSHO­FXOD3HURXVWHG\DVDEHF³PRVRPRV
ORV FKLFRV %DVWD TXH XQR OR KDJD SDUD TXH WRGRV ORV RWURV WHQJDQ
JDQDV < DV­ WRGR HO PXQGR VH IXH D HVH ULQFRQFLWR \ SURQWR VH
55/89
IRUP³XQU­R$OILQORGHVFXEULHURQ\\DVHVDEHIXHHOKLMRGHGRQ
3DEOR0HSURKLELHURQLUDOFLQHl%DQJº{GXUDQWHXQD±RKDVWDTXH
WHQJDMXLFLR$ODQRFKHHOGXH±RVHORFRQW³DSDS¡\D©OQROHKL]R
QLQJXQDJUDFLDߨ\RSXHGRGHFLUOR
$XQDV­0LQJXLWRFRQWLQXDEDHQIDGDGR
ߚ0LUD 0LQJXLWR QR QHFHVLWDV TXHGDUWH FRQ HVD FDUD ‰O HV PL
PHMRU DPLJR 3HUR Wº HUHV HO UH\ DEVROXWR GH ORV ¡UEROHV DV­ FRPR
/XLV HV HO UH\ DEVROXWR GH PLV KHUPDQRV (V QHFHVDULR TXH VHSDV
TXHHOFRUD]³QGHODJHQWHWLHQHTXHVHUPX\JUDQGH\GHEHFDEHU
HQ©OWRGRORTXHDXQROHJXVWD
6LOHQFLR
ߚ6DEHVXQDFRVD0LQJXLWR"9R\DMXJDUDODVEROLWDV+R\HVW¡V
PX\DEXUULGR


ߚ+DVWDPD±DQDPXFKDFKLWR
$OFRPLHQ]RHOVHFUHWRH[LVWL³VRORSRUTXH\RWHQ­DYHUJ¼HQ]DGH
VHU YLVWR HQ HO FRFKH GHO KRPEUH TXH PH GLHUD XQDV SDOPDGDV
'HVSX©V SHUVLVWL³ SRUTXH VLHPSUH HV OLQGR WHQHU XQ VHFUHWR < HO
3RUWXJX©VPHGDEDWRGRVORVJXVWRVHQHVHVHQWLGR1RVKDE­DPRV
MXUDGRDPXHUWHTXHQDGLHGHEHU­DVDEHUQDGDGHQXHVWUDDPLVWDG
3ULPHUR SRUTXH QR TXHU­D TXH OOHYDUD D ORV RWURV FKLFRV FXDQGR
YHQ­DJHQWHFRQRFLGDKDVWDHOPLVPR7RWRFD\REDMDEDGHOFRFKH
6HJXQGR SRUTXH QDGLH GHE­D PROHVWDU WDQWRV WHPDV TXH WHQ­DPRV
SDUDFRQYHUVDU
ߚ8VWHGQXQFDYLRDPLPDGUH"(VLQGLD+LMDGHLQGLR7RGRVDOO¡
HQFDVDVRQPHGLRLQGLRV
ߚ< F³PR VDOLVWH WDQ EODQTXLWR" < DGHP¡V FRQ FDEHOORV UXELRV
FDVLEODQFRV
ߚ(V OD SDUWH GHO SRUWXJX©V 0DP¡ HV LQGLD ELHQ PRUHQD \ GH
FDEHOORVOLVRVVRODPHQWH*ORULD\\RVDOLPRVDV­FRPRJDWREDUFLQR
GHPDOSHOR(OODWUDEDMDHQORVWHODUHVGHO0ROLQR,QJO©VSDUDD\XGDU
DSDJDUODFDVD(ORWURG­DIXHDOHYDQWDUXQDFDMD\VLQWL³XQGRORU
KRUULEOH 7XYR TXH LU DO P©GLFR OH GLR XQD IDMD SRUTXH WHQ­D XQD
KHUQLD TXH VH HVWUDQJXO³ 0DP¡ HV EXHQD FRQPLJR &XDQGR PH
SHJDDJDUUDYDULOODVGHlJXDQ[XPD>@{GHOIRQGR\PHSHJDHQODV
SLHUQDV VRODPHQWH 9LYH WDQ FDQVDGD TXH FXDQGR OOHJD D FDVD GH
QRFKHQRWLHQHJDQDVQLGHFRQYHUVDU
(ODXWRP³YLOPDUFKDED\\RFRQYHUVDED
ߚ/D TXH HV EUDYD HV PL KHUPDQD PD\RU (QDPRUDGL]D KDVWD QR
SRGHUP¡V&XDQGRPDP¡ODPDQGDEDTXHPHFXLGDUD\SDVHDUDOH
UHFRPHQGDEDTXHQRIXHUDP¡VDOO¡GHQXHVWUDFDOOHSRUTXHVDE­D
TXHHQODHVTXLQDWHQ­DXQIHVWHMDQWHHVSHUDQGR3HURHOODLEDSDUD
HVH ODGR TXH OH GHF­DQ \ DOO¡ WHQ­D RWUR IHVWHMDQWH TXH WDPEL©Q OD
HVSHUDED/¡SLFHVQLKDE­DSRUTXHYLY­DHVFULELHQGRFDUWDVSDUDVX
IHVWHMDQWHߨ
ߚ/OHJDPRVߨ
(VW¡EDPRVFHUFDGHO0HUFDGR\SDUDEDHQHOOXJDUHVWDEOHFLGR
‰OVDE­DTXH\RLEDDEXVFDUODPDQHUDGHGDUXQDYXHOWLWDSRUHO
VLWLR GHO HVWDFLRQDPLHQWR WRPDU XQ UHIUHVFR \ UHFLELU VXV ILJXULWDV
&RQRF­DKDVWDORVKRUDULRVHQORVTXH©OQRWHQ­DQDGDTXHKDFHU
<HVHMXHJR\DGXUDEDP¡VGHXQPHV0XFKRP¡V1XQFDSHQV©
TXH©OSXGLHUDSRQHUHVDFDUDWDQWULVWHFXDQGROHFRQW©ODVKLVWRULDV
GH 1DYLGDG 6H TXHG³ FRQ ORV RMRV OOHQRV GH O¡JULPDV \ SDV³ VXV
PDQRV SRU PLV FDEHOORV SURPHWLHQGR TXH QXQFD P¡V GHMDU­D GH
WHQHUXQUHJDORHVHG­D
< ORV G­DV SDVDEDQ VLQ DSXUR \ PX\ IHOLFHV +DVWD TXH DOO¡ HQ
FDVD FRPHQ]DURQ D QRWDU PL WUDVIRUPDFL³Q 1R FRPHW­D WDQWDV
WUDYHVXUDV \ YLY­D HQ PL SHTXH±R PXQGR GHO IRQGR GH OD FDVD (V
YHUGDG TXH DOJXQDV YHFHV HO GLDEOR YHQF­D PLV SURS³VLWRV 3HUR \D
QR GHF­D WDQWDV SDODEURWDV FRPR DQWHV \ GHMDED HQ SD] D ORV
YHFLQRV
6LHPSUH TXH SRG­D ©O LQYHQWDED XQ SDVHR \ IXH HQ XQR GH HOORV
FXDQGRGHWXYRHOFRFKH\PHVRQUL³
ߚ7HJXVWDSDVHDUHQlQXHVWUR{FRFKH"
ߚ7DPEL©QHVP­R"
56/89
 ߚ7RGRORTXHHVP­RHVWX\R&RPRGRVJUDQGHVDPLJRV
4XHG©HQORTXHFLGRb$\VL\RSXGLHUDFRQWDUDWRGRHOPXQGRTXH
HUDPHGLRGXH±RGHOFRFKHP¡VKHUPRVRGHOPXQGR
ߚ4XLHUHGHFLUTXHDKRUDVRPRVFRPSOHWDPHQWHDPLJRV"
ߚ6­ORVRPRV7HSXHGRSUHJXQWDUXQDFRVD"
ߚ&ODURTXHV­VH±RU
ߚ3LHQVRTXHDKRUD\DQRTXHUU¡VFUHFHUSDUDPDWDUPHYHUGDG"
ߚ1RQXQFDKDU­DHVR
ߚ3HURORGLMLVWHQR"
ߚ/R GLMH FXDQGR VHQW­D UDELD <R QXQFD YR\ D PDWDU D QDGLH
SRUTXHFXDQGRHQFDVDPDWDQXQDJDOOLQDQRPHJXVWDYHU'HVSX©V
GHVFXEU­ TXH XVWHG QR HUD QDGD GH OR TXH VH GHF­D 1R HUD
DQWURS³IDJRQLQDGD
&DVLGLRXQVDOWR
ߚ4X©GLMLVWH"
ߚ4XHQRHUDDQWURS³IDJR
ߚ<VDEHVTX©HVHVR"
ߚ6­ TXH V© 0H OR HQVH±³ W­R (GPXQGR (V XQ VDELR +D\ XQ
KRPEUH HQ OD FLXGDG TXH OR LQYLW³ D KDFHU XQ GLFFLRQDULR /R ºQLFR
TXHKDVWDKR\©OQRVXSRFRQWHVWDUPHHVTX©HVFDUERUXQGXP
ߚ(VW¡V HVFDSDQGR GHO DVXQWR 4XLHUR TXH PH H[SOLTXHV
H[DFWDPHQWHTX©HVXQDQWURS³IDJR
ߚ/RVDQWURS³IDJRVHUDQLQGLRVTXHFRP­DQFDUQHKXPDQD(QOD
KLVWRULD GHO %UDVLO KD\ XQD ILJXULWD GH HOORV GHVFDVFDUDQGR
SRUWXJXHVHV SDUD FRP©UVHORV 7DPEL©Q VH FRP­DQ D JXHUUHURV GH
ODV WULEXV HQHPLJDV (V OR PLVPR TXH FDQ­EDO 6RODPHQWH TXH ORV
FDQ­EDOHV HVW¡Q HQ IULFD \ OHV JXVWD PXFKR FRPHU PLVLRQHURV FRQ
EDUED
6ROW³XQDDOHJUHFDUFDMDGDFRPRQLQJºQEUDVLOH±RVDEU­DKDFHUOR
ߚ7LHQHV XQD FDEHFLWD GH RUR PXFKDFKLWR $ YHFHV KDVWD PH
DVXVWR
'HVSX©VPHPLU³FRQVHULHGDG
ߚ9DPRVDYHUFX¡QWRVD±RVWLHQHV"
ߚ'HPHQWLUDRGHYHUGDG"
ߚ'HYHUGDGQDWXUDOPHQWH1RTXLHURWHQHUXQDPLJRPHQWLURVR
ߚ%XHQR DV­ HV GH YHUGDG DKRUD WHQJR FLQFR D±RV WRGDY­D 'H
PHQWLUDVHLV3RUTXHVLQRQRSRG­DHQWUDUHQODHVFXHOD
ߚ<SRUTX©WHSXVLHURQWDQWHPSUDQRHQODHVFXHOD"
ߚb,PDJ­QHVH 7RGR HO PXQGR TXHU­D YHUVH OLEUH GH P­ GXUDQWH
DOJXQDVKRUDV8VWHGVDEHORTXHHVHOFDUERUXQGXP"
ߚ'HG³QGHVDFDVWHHVR"
0HW­ODPDQRHQHOEROVLOOR\EXVTX©HQWUHODVSLHGUDVGHODKRQGD
ODVILJXULWDVHOKLORGHOWURPSR\EROLWDV
6DTX©HQODPDQRXQDPHGDOODFRQODFDEH]DGHXQLQGLR8QLQGLR
GHOD$P©ULFDGHO1RUWHFRQODFDEH]DURGHDGDGHSOXPDV'HOODGR
GHDWU¡VHVWDEDHVFULWDHVDSDODEUD
0LU³\UHPLU³ODPHGDOOD
ߚ)­MDWH TXH WDPSRFR \R V© OR TXH TXLHUH GHFLU '³QGH
HQFRQWUDVWHHVWR"
ߚ)RUPDED SDUWH GHO UHORM GH SDS¡ 9HQ­D VXMHWD FRQ XQD FRUUHD
SDUDTXHFROJDUDGHOEROVLOORGHOSDQWDO³Q3DS¡GHF­DTXHHOUHORMLED
DVHUPLKHUHQFLD3HURQHFHVLW³GLQHUR\YHQGL³HOUHORMb8QUHORMWDQ
OLQGR(QWRQFHVPHGLRHOUHVWRGHPLKHUHQFLDTXHHUDHVWR&RUW©OD
FRUUHDSRUTXHWHQ­DXQRORUDJULRLQVXIULEOH
9ROYL³DDFDULFLDUPLSHOR
ߚ(UHVXQQL±RPX\FRPSOLFDGRSHURFRQILHVRTXHHVW¡VOOHQDQGR
GH DOHJU­D HO YLHMR FRUD]³Q GH XQ SRUWXJX©V %XHQR GHMHPRV HVR
9¡PRQRVDKRUD"
ߚ(VW¡ WDQ OLQGR DTX­ 8Q UDWLWR P¡V VRODPHQWH 3UHFLVR GHFLUOH
DOJRPX\VHULR
ߚ(QWRQFHVKDEOD
ߚ1RVRWURVVRPRVDPLJRVKDVWDP¡VQRSRGHUQRHVFLHUWR"
ߚ6LQGXGD
ߚ+DVWDHODXWRP³YLO\DHVPHGLRP­RQR"
57/89
 ߚ<XQG­DVHU¡WRGRWX\R ߚ9DPRV \D TXH PH HVWR\ PDUHDQGR FRQ WRGR HVH PXQGR TXH
ߚ(VTXHߨ VRORH[LVWHHQWXFDEHFLWD<ODRWUDFRVD"
0HHVWDEDFRVWDQGRGHFLUOR ߚ/DRWUDFRVDWRGDY­DHVP¡VGLI­FLO3HUR\DTXHKDEO©GHlWº{\
ߚ9DPRVWHHQIDGDVWH"1RHUHVGH©VRVߨ QRWHHQRMDVWHߨ1RPHJXVWDPXFKRWXQRPEUH(VGHFLUQRHVTXH
QRPHJXVWDSHURHQWUHDPLJRVTXHGDPX\ߨ
ߚ1RVHHQRMDU¡"
ߚ9LUJHQVDQW­VLPDTX©YHQGU¡DKRUD"
ߚ7HORSURPHWR
ߚ7HSDUHFHTXH\RSXHGROODPDUWHl9DODGDUHV{"
ߚ+D\GRVFRVDVHQQXHVWUDDPLVWDGTXHQRPHJXVWDQ
3HQV³XQSRFR\VHVRQUL³
3HURODFRVDQRVDO­DWDQI¡FLOFRPRKDE­DSODQHDGR
ߚ6­HQUHDOLGDGQRVXHQDELHQ
ߚ&X¡OHVVRQ"
ߚ7DPSRFR PH JXVWD GHFLUWH 0DQXHO 1R LPDJLQDV F³PR PH
ߚ3ULPHURVLQRVRWURVVRPRVWDQJUDQGHVDPLJRVSRUTX©WHQJR
SRQJRGHIXULRVRFXDQGRSDS¡FXHQWDFKLVWHVGHSRUWXJXHVHV\GLFH
TXHOODPDUORlXVWHG{DTX­lXVWHG{DOO¡ߨ"
l(K0DQXHOߨ6HYHTXHHOKLMRGHVXPDGUHQXQFDWXYRXQDPLJR
‰OVHUL³ SRUWXJX©Vߨ{
ߚ3XHVWU¡WDPHFRPRTXLHUDV ߚ4X©GLMLVWH"
ߚ'H lWº{ QR HV PX\ GLI­FLO 3XHGR UHSHWLUOH D 0LQJXLWR WRGDV ߚ4XHPLSDGUHLPLWDDORVSRUWXJXHVHV"
QXHVWUDVFRQYHUVDFLRQHV1RHVW¡HQRMDGR"
ߚ1R$QWHV8QDFRVDIHD
ߚ3RU TX©" (V XQ SHGLGR PX\ MXVWR < TXL©Q HV HVH 0LQJXLWR
ߚ+LMRGHVXPDGUHHVWDQPDORFRPRHORWURKLMR"ߨ
GHOTXHQXQFDR­KDEODU"
ߚ&DVLORPLVPR
ߚ0LQJXLWRHV;XUXUXFD
ߚ3XHVYR\DYHUVLQRORGLJRP¡V(QWRQFHV"
ߚ%LHQ;XUXUXFDHV0LQJXLWR\0LQJXLWRHV;XUXUXFD3HURTXHG©
HQODVPLVPDV ߚ(V OR TXH \R WH SUHJXQWR 4X© FRQFOXVL³Q VDFDVWH" 1R PH
TXLHUHVOODPDU9DODGDUHVQLWDPSRFR0DQXHO
ߚ0LQJXLWRHVPLSODQWDGHQDUDQMDOLPD&XDQGRP¡VORTXLHUROR
OODPR;XUXUXFD ߚ+D\XQQRPEUHTXHDP­PHSDUHFHOLQGR
ߚ(V GHFLU TXH SRVHHV XQD SODQWD GH QDUDQMDOLPD TXH VH OODPD ߚ&X¡O"
0LQJXLWR 3XVHODFDUDP¡VVLQYHUJ¼HQ]DGHOPXQGR
ߚb(VP¡VYLYR+DEODFRQPLJRVHYXHOYHFDEDOORVDOHFRQPLJR ߚ&RPRGRQ/DGLVODR\ORVRWURVWHOODPDQHQODFRQILWHU­Dߨ
&RQ %XFN -RQHV FRQ 7RP 0L[ߨ &RQ )UHG 7KRPSVRQߨ 7ºߨ ORV ‰OFHUU³HOSX±RILQJLHQGRHQRMRHQEURPD
SULPHURVlWº{HUDQGXURVGHGHFLUSHUR\R\DHVWDEDGHFLGLGRߨߨ
$WLWHJXVWD.HQ0D\QDUG"
+L]R XQ JHVWR FRPR GH TXLHQ QR HQWLHQGH QDGD GH FRZER\V GH
FLQH
ߚ(ORWURG­D)UHG7KRPSVRQPHORSUHVHQW³0HJXVW³PXFKRHO
VRPEUHURGHFXHURTXHXVD3HURSDUHFHTXHQRVDEHUH­UVHߨ
ߚ6DEHV TXH HUHV HO PD\RU DWUHYLGR GHO PXQGR TXH FRQR]FR"
4XLHUHVOODPDUPHl3RUWXJD{QRHVDV­"
ߚ(VP¡VGHDPLJR
ߚ(VWRGRORTXHGHVHDV"6HD7HORSHUPLWR$KRUDYDPRVHK"
3XVRHQPDUFKDHOPRWRU\DQGXYRXQWUHFKRSHQVDWLYR&RORF³OD
FDEH]DIXHUDGHODYHQWDQD\PLU³HOFDPLQR1RYHQ­DQDGLH
58/89
 $EUL³ODSXHUWDGHOFRFKH\RUGHQ³ D]XOHQDOJXQRVFDVRVHOFRORUQRVHUHSLWHHQODVKHPEUDVTXHORWLHQHQ
GLIHUHQWH1GHOD7
ߚ%DMD
>@-XJXHWHTXHVHDUURMDOHMRV1GHOD7
2EHGHF­\ORVHJX­KDVWDODSDUWHWUDVHUDGHOFRFKH 7DPELpQFRQRFLGRFRPRKRQGDUHVRUWHUDWLUDSLHGUDV1GHOD
6H±DO³ODUXHGDVREUHVDOLHQWH 0DTXHWDFLyQ
>@3ODQWDGHILEUDV\SURSLHGDGHVPHGLFLQDOHV1GHOD7
ߚ$KRUDDJ¡UUDWHELHQ3HURFXLGDGR
>@3ODQWDV\iUEROHVHVSLQRVRVGHGLYHUVDVHVSHFLHVFRPXQHVHQWRGRHO
0HHQFRJ­WRGRGHlPXUFL©ODJR{IHOL]GHODYLGD %UDVLO1GHOD7
‰O VXEL³ DO FRFKH \ VDOL³ DQGDQGR GHVSDFLWR 'HVSX©V GH FLQFR
PLQXWRVSDU³\PHYLQRDYHU
ߚ7HJXVW³"
ߚb&³PRHQXQVXH±R
ߚ$KRUD EDVWD 9DPRV TXH FRPLHQ]D D RVFXUHFHU /D QRFKH
YHQ­D OOHJDQGR PDQVLWD \ D OR OHMRV ODV FLJDUUDV FDQWDEDQ HQ ORV
lHVSLQKHLURV>@{DQXQFLDQGRP¡VFDORU
(OFRFKHVHGHVOL]DEDVXDYHPHQWH
ߚ%XHQR'HDKRUDHQDGHODQWHQRVHKDEODP¡VGHDTXHODVXQWR
'HDFXHUGR"
ߚ1XQFDP¡V
ߚ/RºQLFRTXHPHJXVWDU­DHVYHUWHOOHJDUDWXFDVDGLFLHQGRHQ
G³QGHHVWXYLVWHWRGRHVWHWLHPSR
ߚ<DSHQV©HQHVR9R\DGHFLUTXHIXLDODFODVHGH&DWHFLVPR
+R\HVMXHYHV"
ߚ1DGLHSXHGHFRQWLJR/HHQFXHQWUDVVDOLGDDWRGR
0HDSUR[LP©ELHQD©O\UHFRVW©PLFDEH]DMXQWRDVXEUD]R
ߚb3RUWXJD
ߚ+XPߨ
ߚ1XQFDP¡VTXLHURHVWDUOHMRVGHWLVDEHV"
ߚ3RUTX©"
ߚ3RUTXH HUHV OD PHMRU SHUVRQD GHO PXQGR 1DGLH PH PDOWUDWD
FXDQGR HVWR\ FHUFD GH WL \ VLHQWR lXQ VRO GH IHOLFLGDG GHQWUR GH PL
FRUD]³Q{

>@1RPEUHFRP~QDYDULDVHVSHFLHVGHSiMDURVEUDVLOHxRVGHSOXPDMH

59/89

&DStWXOR'RVSDOL]DVPHPRUDEOHV
ߚ'REOD DTX­ $KRUD FRUWDV FRQ HO FXFKLOOR HO SDSHO ELHQ SRU HO
GREOH]
(OUXLGRVXDYHGHOILORGHOFXFKLOORGLYLG­DHOSDSHO
ߚ$KRUDSHJDELHQILQLWRGHMDQGRHVWHPDUJHQ$V­
<R HVWDED DO ODGR GH 7RWRFD DSUHQGLHQGR D KDFHU XQ JORER
'HVSX©V TXH WRGR HVWXYR SHJDGR 7RWRFD SUHQGL³ HO JORER SRU OD
SXQWDGHDUULEDFRQXQVXMHWDGRUGHURSDHQXQDYDULOOD
ߚ6RORFXDQGRHVW¡ELHQVHFRVHOHKDFHODDEHUWXUD$SUHQGLVWH
EXUULWR"
ߚ6­DSUHQG­
1RV TXHGDPRV VHQWDGRV HQ HO XPEUDO GH OD SXHUWD GH OD FRFLQD
PLUDQGR F³PR HO JORER GH FRORUHV GHPRUDED HQ VHFDUVH 7RWRFD
FRPSHQHWUDGRGHVXFDOLGDGGHPDHVWURLEDH[SOLFDQGR
ߚ*ORERPDQGDULQD XQR GHEH KDFHUOR VRODPHQWH GHVSX©V GH
PXFKDSU¡FWLFDDOSULQFLSLRGHEHVKDFHUORDSHQDVGHGRVJDMRVTXH
HVP¡VI¡FLO
ߚ7RWRFDVL\RKDJRVROLWRXQJORERWºOHKDFHVODDEHUWXUD"
ߚ'HSHQGH
<DHVWDED©OTXHULHQGRVDFDUSURYHFKR0HWHUPDQRHQPLVEROLWDV
R HQ PL FROHFFL³Q GH IRWRV GH DUWLVWDV GH FLQH TXH lQDGLH
FRPSUHQG­DF³PRFUHF­DWDQWR{
ߚ&DUDPED7RWRFDFXDQGRPHSLGHVDOJR\RKDVWDSHOHRSRUWL
ߚ%XHQR /D SULPHUD YH] WH OD KDJR JUDWLV \ VL QR DSUHQGHV ODV
RWUDVYHFHVORKDU©VLPHGDVDOJRDFDPELR
ߚ'HDFXHUGR
(QDTXHOPRPHQWR\RKXELHUDMXUDGRTXHLEDDDSUHQGHUWDQELHQ
TXHQXQFDP¡VSRQGU­DODVPDQRVHQPLVJORERV
'HVGHHQWRQFHVODLGHDGHPLJORERQRPHVDOL³\DGHODFDEH]D
7HQ­DTXHVHUlPL{JORER,PDJLQDEDODVRUSUHVDGHO3RUWXJDFXDQGR
OH FRQWDUD PL SURH]D OD DGPLUDFL³Q GH ;XUXUXFD FXDQGR YLHVH HO
JOREREDODQFH¡QGRVHHQPLVPDQRV
'RPLQDGR SRU OD LGHD PH OOHQ© ORV EROVLOORV GH EROLWDV \ DOJXQDV
ILJXULWDV UHSHWLGDV \ JDQ© HO PXQGR GH OD FDOOH ,ED D YHQGHUODV OR
P¡VEDUDWRSRVLEOHSDUDSRGHUFRPSUDUSRUORPHQRVGRVKRMDVGH
SDSHOGHVHGD
ߚb$YHUJHQWH&LQFREROLWDVSRUGLH]FHQWDYRVb1XHYDVFRPRVL
IXHVHQGHOQHJRFLR
<QDGD
ߚ'LH]ILJXULWDVSRUGLH]FHQWDYRVXVWHGHVQRSRGU¡QFRPSUDUODV
QLHQODWLHQGDGHGR±D/RWD
1DGD7RGDODPRFRVDGDHVWDEDFRPSOHWDPHQWHVLQGLQHUR)XLD
OD FDOOH GHO 3URJUHVR GH DUULED SDUD DEDMR RIUHFLHQGR PL
PHUFDGHU­D9LVLW©ODFDOOH%DU³QGH&DSDQHPDFDVLWURWDQGRbSHUR
QDGD < VL IXHVH D FDVD GH 'LQGLQKD" )XL DOO¡ SHUR HOOD QR VH
60/89
LQWHUHV³
ߚ1RTXLHURFRPSUDUILJXULWDVQLEROLWDV(VPHMRUTXHODVJXDUGHV
3RUTXHPD±DQDYDVDYHQLUDSHGLUPHSDUDFRPSUDURWUDV
6HJXUDPHQWHTXH'LQGLQKDDQGDEDVLQGLQHUR
9ROY­DODFDOOH\PLU©PLVSLHUQDV(VWDEDQVXFLDVGHWDQWRMXQWDU
WLHUUDGHODFDOOH0LU©HOVROTXH\DFRPHQ]DEDDEDMDU)XHFXDQGR
VXFHGL³HOPLODJUR
ߚb=H]©b=H]©
(UD%LULTXLQKRTXHYHQ­DFRUULHQGRFRPRXQORFRHQPLGLUHFFL³Q
ߚ$QGXYHEXVF¡QGRWHSRUWRGDVSDUWHV(VW¡VYHQGLHQGR"
6DFXG­ORVEROVLOORVKDFLHQGREDODQFHDUODVEROLWDV
ߚ9DPRVDVHQWDUQRV
1RV VHQWDPRV DO PLVPR WLHPSR \ GHVSDUUDP© HQ HO VXHOR OD
PHUFDGHU­D
ߚ&X¡QWR"
ߚ&LQFR EROLWDV SRU GLH] FHQWDYRV \ GLH] ILJXULWDV SRU HO PLVPR
SUHFLR
ߚ(VFDUR
<D LED D HQRMDUPH b/DGU³Q GH SRUTXHU­D b&DUR FXDQGR WRGR HO
PXQGR YHQG­D FLQFR ILJXULWDV \ WUHV EROLWDV SRU OR TXH \R HVWDED
SLGLHQGR,EDDJXDUGDUWRGRHQHOEROVLOOR
ߚ(VSHUD3XHGRHOHJLU"
ߚ&X¡QWRWLHQHV"
ߚ7UHVFLHQWRVU©LV3XHGRJDVWDUKDVWDGRVFLHQWRV
ߚ%XHQRWHGR\VHLVEROLWDV\GRFHIRWRV


(QWU©YRODQGRHQHOQHJRFLRGHl0LVHULD\+DPEUH{
1DGLH UHFRUGDED \D lDTXHOOD HVFHQD{ 6ROR HVWDED GRQ 2UODQGR
FRQYHUVDQGRMXQWRDOPRVWUDGRU&XDQGRSLWDVHOD)¡EULFDHQWRQFHV
V­TXHODJHQWHYHQGU­DDWRPDUXQWUDJR\QDGLHP¡VSRGU­DHQWUDU
ߚ7LHQHSDSHOGHVHGD"
ߚ< Wº WLHQHV GLQHUR" (Q OD FXHQWD GH WX SDGUH QR OOHYDV QDGD
P¡V
1R PH RIHQG­ šQLFDPHQWH OH PRVWU© ODV GRV PRQHGDV GH XQ
WRVWDR>@
ߚ6RODPHQWHKD\URVDGR\FRORUDPDULOOR
ߚ6ROR"
ߚ(QOD©SRFDGHODVFRPHWDVXVWHGHVPLVPRVVHOROOHYDURQWRGR
3HURTX©GLIHUHQFLDKD\"$FDVRODVFRPHWDVGHFXDOTXLHUFRORUQR
VXEHQLJXDO"
ߚ1RHVSDUDFRPHWD9R\DKDFHUPLSULPHUJORER<TXHU­DTXH
PLSULPHUJORERIXHVHHOP¡VERQLWRGHOPXQGR
1R KDE­D WLHPSR TXH SHUGHU 6L FRUU­D KDVWD HO QHJRFLR GH &KLFR
)UDQFRSHUGHU­DPXFKRWLHPSR
ߚ%XHQROOHYR©VH
$KRUDODFRVDHUDGLIHUHQWH3XVHXQDVLOODMXQWRDODPHVD\WUHS©
HQHOODD/XLVSDUDTXHSXGLHVHPLUDUELHQ
ߚ7H TXHGDV TXLHWHFLWR SURPHWHV" =H]© YD D KDFHU XQD FRVD
GLILFLO­VLPD&XDQGRFUH]FDVYR\DHQVH±¡UWHODVLQFREUDUWHQDGD
&RPHQ]³DRVFXUHFHUU¡SLGDPHQWH\\RWUDEDMDED/D)¡EULFDKL]R
VRQDU HO VLOEDWR +DE­D TXH DSXUDUVH -DQGLUD \D HVWDED FRORFDQGR
ORV SODWRV HQ OD PHVD 7HQ­D OD PDQ­D GH GDUQRV GH FRPHU P¡V
WHPSUDQRSDUDTXHOXHJRQRPROHVW¡VHPRVDORVPD\RUHV
ߚb=H]©ߨb/XLVߨ
(OJULWRIXHWDQIXHUWHFRPRVLXQRHVWXYLHUDDOO¡SRUORVODGRVGHO
0XUXQGX%DM©D/XLV\OHGLMH
ߚ$QGDSULPHURTXH\DYR\\R
ߚb=H]©ߨb9HQHQVHJXLGDRYDVDYHU
ߚb<DYR\
/D GLDEOD HVWDED GH PDO KXPRU 'HE­D GH KDEHUVH SHOHDGR FRQ
DOJXQR GH VXV IHVWHMDQWHV (O GH OD SXQWD R HO GHO FRPLHQ]R GH OD
FDOOH
61/89
 $KRUD FRPR VL IXHVH D SURS³VLWR OD FROD HVWDED VHF¡QGRVH \ OD
KDULQDVHSHJDEDHQORVGHGRVGLILFXOWDQGRHOWUDEDMR
(OJULWROOHJ³P¡VIXHUWH<FDVLQRKDE­DOX]SDUDPLWUDEDMR
ߚb=H]©ߨ
/LVWR(VWDEDSHUGLGR(OODYHQ­DGHDOO¡IXULRVD
ߚ3LHQVDVTXHVR\WXVLUYLHQWD"9HQDFRPHUHQVHJXLGD
(QWU³YLROHQWDPHQWHHQODVDOD\PHDJDUU³GHODVRUHMDV0HIXH
DUUDVWUDQGRKDVWDHOFRPHGRU\PHWLU³FRQWUDODPHVD(QWRQFHVPH
HQRM©
ߚ1R FRPR 1R FRPR b1R FRPR 4XLHUR DFDEDU GH KDFHU PL
JORER
0HHVFDS©\YROY­FRUULHQGRKDFLDHOOXJDUGHDQWHV
(OODVHYROYL³KHFKDXQDILHUD(QYH]GHDYDQ]DUKDFLDP­FDPLQ³
HQ GLUHFFL³Q D OD PHVD < HUD XQD YH] XQ EHOOR VXH±R 0L JORER
LQDFDEDGR VH WUDVIRUP³ HQ WLUDV URWDV 1R VDWLVIHFKD FRQ HVR WDQ
ߚb0DWDDVHVLQDb/DF¡UFHOHVW¡DK­SDUDYHQJDUPH
< HOOD SHJDED SHJDED KDVWD HO SXQWR GH TXH \R KDE­D FD­GR GH
URGLOODVDSR\¡QGRPHHQODF³PRGD
ߚb3XWDb+LMDGHSXWD
7RWRFDPHOHYDQW³\PHSXVRGHIUHQWH
ߚ&¡OODWHODERFD=H]©QRSXHGHVLQVXOWDUDV­DWXKHUPDQD
ߚ(OODHVXQDSXWD$VHVLQDb+LMDGHSXWD
(QWRQFHV ©O FRPHQ]³ D SHJDUPH HQ OD FDUD HQ ORV RMRV HQ OD
QDUL]HQODERFD6REUHWRGRHQODERFD
0L VDOYDFL³Q IXH TXH *ORULD HVFXFKDUD (VWDED HQ OR GHO YHFLQR
FRQYHUVDQGR FRQ GR±D 5RVHQD \ YLQR YRODQGR DWUD­GD SRU OD
JULWHU­D(QWU³HQODVDODFRPRXQKXUDF¡Q*ORULDQRHUDSDUDMXJDU
\FXDQGRYLRTXHODVDQJUHPRMDEDPLFDUDDSDUW³D7RWRFDKDFLDXQ
ODGR \ QL OH LPSRUW³ TXH -DQGLUD IXHUD OD PD\RU DOHM¡QGROD GH XQ
HPSXM³Q <R \DF­D HQ HO VXHOR FDVL VLQ SRGHU DEULU ORV RMRV \
JUDQGH IXH PL VRUSUHVD TXH QR KLFH QDGD PH DJDUU³ SRU ODV
SLHUQDV\SRUORVEUD]RV\PHWLU³HQPHGLRGHOFRPHGRU
ߚ&XDQGR\RKDEORHVSDUDTXHVHPHREHGH]FD
(O GLDEOR VH VROW³ DGHQWUR GH P­ /D UHEHOL³Q HVWDOO³ FRPR XQ
YHQWDUU³Q$OFRPLHQ]RIXHXQDVLPSOHDQGDQDGD
ߚ6DEHVORTXHHUHV"b8QDSXWD
3HJ³VXFDUDDODP­D6XVRMRVGHVSHG­DQUD\RV
ߚ5HSLWHHVRVLWLHQHVFRUDMH
3URQXQFL©ELHQODVV­ODEDV
ߚb3XWDb3URVWLWXWD
$JDUU³ OD PDQR GH FXHUR GH HQFLPD GH OD F³PRGD \ FRPHQ]³ D
SHJDUPHVLQSLHGDG0HYROY­GHHVSDOGDV\HVFRQG­ODFDEH]DHQWUH
ODVPDQRV(OGRORUHUDPHQRUTXHPLUDELD
ߚb3XWDb3XWDb+LMDGHXQDSXWDߨ
(OOD QR SDUDED \ PL FXHUSR HUD XQ VROR GRORU GH IXHJR (Q HVR
HQWU³ $QWRQLR < FRUUL³ HQ D\XGD GH PL KHUPDQD TXH \D HVWDED
FRPHQ]DQGRDFDQVDUVHGHWDQWRSHJDUPH
UHVSLUDQGR FRQ GLILFXOWDG 0H OOHY³ DO GRUPLWRULR <R QL OORUDED SHUR
HQ FDPELR HO UH\ /XLV TXH VH KDE­D HVFRQGLGR HQ HO GRUPLWRULR GH
PDP¡KDF­DXQEDUXOORWHUULEOH
*ORULDSURWHVWDED
ߚb8QG­DGH©VWRVXVWHGHVPDWDQDHVWDFULDWXUD\TXLHURYHUTX©
SDVDU¡6RQXQRVPRQVWUXRVVLQFRUD]³Q
0HKDE­DDFRVWDGRHQODFDPDHLEDDEXVFDUODVDQWDSDODQJDQD
GH VDOPXHUD 7RWRFD HQWU³ EDVWDQWH FRQIXQGLGR HQ HO GRUPLWRULR
*ORULDORHPSXM³
ߚb6DOGHDTX­FREDUGH
ߚ1RHVFXFKDVWHORTXHHVWDEDLQVXOWDQGR"
ߚ‰OQRHVWDEDKDFLHQGRQDGD8VWHGHVORSURYRFDURQ&XDQGR\R
VDO­ HVWDED TXLHWHFLWR KDFLHQGR VX JORER 8VWHGHV QR WLHQHQ
FRUD]³Q&³PRVHOHSXHGHSHJDUDV­DXQKHUPDQR"
< PLHQWUDV PH OLPSLDED OD VDQJUH HVFXS­ HQ OD SDODQJDQD XQ
SHGD]RGHGLHQWHb$TXHOORHFK³IXHJRDOYROF¡Q
ߚb0LUDORTXHKLFLVWHVLQYHUJ¼HQ]D&XDQGRTXLHUHVSHOHDUWLHQHV
PLHGR \ OR OODPDV D ©O b&REDUG³Q &RQ QXHYH D±RV \ WRGDY­D
62/89
PHDQGRODFDPD9R\DPRVWUDUOHDWRGRHOPXQGRWXFROFK³Q\WXV
SDQWDORQHV PRMDGRV TXH DQGDV HVFRQGLHQGR HQ HO FDM³Q WRGDV ODV
PD±DQDV
'HVSX©VHFK³DWRGRHOPXQGRDIXHUDGHOGRUPLWRULR\DWUDQF³OD
SXHUWD(QFHQGL³ODOX]SRUTXH\DODQRFKHHUDFRPSOHWD0HVDF³OD
FDPLVD\IXHODYDQGRODVPDQFKDV\ODVKHULGDVGHPLFXHUSR


ߚ7HGXHOH*XP"
ߚ(VWDYH]HVW¡GROLHQGRPXFKR
ߚ9R\DKDFHUORGHVSDFLWRPLGLDEOLWRTXHULGR3HURQHFHVLWRTXH
WHTXHGHVGHHVSDOGDVXQUDWRSDUDVHFDUWHVLQRODURSDVHWHYDD
SHJDU\YDDGROHUWH
3HURORTXHP¡VPHGRO­DHUDODFDUD'RO­DGHGRORU\UDELDDQWH
WDQWDPDOGDGVLQPRWLYR
'HVSX©V TXH ODV FRVDV PHMRUDURQ HOOD VH DFRVW³ D PL ODGR \ VH
TXHG³DFDULFL¡QGRPHHOSHOR
ߚ9LVWH*RG³LD<RQRHVWDEDKDFLHQGRQDGD&XDQGRORPHUH]FR
QRPHLPSRUWDTXHPHSHJXHQ3HUR\RQRHVWDEDKDFLHQGRQDGD
(OODWUDJ³HQVHFR
ߚ/R P¡V WULVWH IXH OR GH PL JORER b(VWDED TXHGDQGR WDQ OLQGR
3UHJºQWDOHD/XLV
ߚ7H FUHR 6HJXUR TXH LED D VHU PX\ OLQGR 3HUR QR LPSRUWD
0D±DQD YDPRV D FDVD GH 'LQGLQKD \ FRPSUDPRV SDSHO 9R\ D
D\XGDUWH D KDFHU HO JORER P¡V OLQGR GHO PXQGR 7DQ ERQLWR TXH
KDVWDODVHVWUHOODVYDQDHVWDUHQYLGLRVDV
ߚ1RVLUYHGHQDGD*RG³LD8QRKDFHVRODPHQWHXQSULPHUJORER
OLQGR &XDQGR ©VH QR VLUYH QXQFD P¡V DFLHUWD R WLHQH JDQDV GH
KDFHUOR
ߚ8QG­DߨXQG­DߨYR\DOOHYDUWHOHMRVGHHVWDFDVD1RVYDPRV
DLUDYLYLUߨ
6H GHWXYR 6HJXUDPHQWH SHQVDED HQ OD FDVD GH 'LQGLQKD SHUR
DOO¡VHU­DHOPLVPRLQILHUQR)XHHQWRQFHVFXDQGRUHVROYL³SDUWLFLSDU
GLUHFWDPHQWHGHPLSODQWDGHQDUDQMDOLPD\GHPLVVXH±RV
ߚ7HOOHYRDYLYLUDOUDQFKRGH7RP0L[RGH%XFN-RQHV
ߚ3HURDP­PHJXVWDP¡V)UHG7KRPSVRQ
ߚ(QWRQFHVQRVYDPRVSDUDDOO¡
< FRPSOHWDPHQWH GHVDPSDUDGRV FRPHQ]DPRV D OORUDU MXQWRV \
EDMLWRߨ
'XUDQWH GRV G­DV D SHVDU GH PL QRVWDOJLD QR IXL D YHU DO
3RUWXJX©V 1R GHMDEDQ TXH IXHVH D OD HVFXHOD 1DGLH TXHU­D GDU
PXHVWUDVGHWDPD±DEUXWDOLGDG&XDQGRPLURVWURVHGHVKLQFKDUD\
PLV ODELRV FLFDWUL]DUDQ UHDQXGDU­D HO ULWPR GH PL YLGD 3DVDED ORV
G­DV VHQWDGR FRQ PL KHUPDQLWR MXQWR D 0LQJXLWR VLQ JDQDV GH
FRQYHUVDU&RQPLHGRGHWRGR3DS¡KDE­DMXUDGRTXHPHPROHU­DD
SDORVVLOOHJDEDDUHSHWLURWUDYH]ORTXHGLMHUDD-DQGLUD'HPRGR
TXHUHVSLUDEDKDVWDFRQPLHGRGHUHVSLUDU0HMRUHUDUHIXJLDUPHHQ
ODSHTXH±DVRPEUDGHPLSODQWDGHQDUDQMDOLPD4XHGDUPHPLUDQGR
ODVPRQWD±DVGHILJXULWDVTXHHO3RUWXJDPHUHJDODED\HQVH±DUFRQ
SDFLHQFLD DO UH\ /XLV D MXJDU D ODV EROLWDV ‰O QR WHQ­D GHPDVLDGD
KDELOLGDGSHURDOJºQG­DDFDEDU­DSRUDSUHQGHU
3HUR PL QRVWDOJLD HUD PX\ JUDQGH (O 3RUWXJD GHE­D GH
H[WUD±DUPH \ VL ©O KXELHUD VDELGR UHDOPHQWH G³QGH YLY­D KDVWD
KDEU­D VLGR FDSD] GH YHQLU D EXVFDUPH +DF­D IDOWD D PL R­GR D OD
WHUQXUDGHPLR­GRDTXHOODPDQHUDGHKDEODUPHGLRJUDYH\OOHQDGH
lWº{ 'R±D &HFLOLD 3DLP PH KDE­D GLFKR TXH SDUD TXH XQR SXGLHUD
WUDWDUDRWURVGHlWº{WHQ­DTXHVDEHUPXFKDJUDP¡WLFD7DPEL©QOH
HVWDED KDFLHQGR IDOWD D OD QRVWDOJLD GH PLV RMRV VX URVWUR PRUHQR
VXVURSDVRVFXUDVVLHPSUHLPSHFDEOHVHOFXHOORGHODFDPLVDGXUR
FRPRVLDFDEDUDGHVDOLUGHOFDM³QVXFKDOHFRDFXDGURVKDVWDVXV
JHPHORVGRUDGRVHQIRUPDGHDQFOD
3HUR SURQWR SURQWR HVWDU­D ELHQ /DV KHULGDV GH ORV FKLFRV
FLFDWUL]DQHQVHJXLGD\PXFKRDQWHVGHORTXHGHF­DHVDIUDVHTXH
DFRVWXPEUDEDQFLWDUl&XDQGRVHFDVHVDQDU¡{
(VD QRFKH SDS¡ QR KDE­D VDOLGR 1R KDE­D QDGLH HQ FDVD VDOYR
/XLV TXH \D GRUP­D 0DP¡ GHEHU­D GH HVWDU OOHJDQGR GHO FHQWUR
63/89
$OJXQDV YHFHV KDF­D JXDUGLD HQ HO 0ROLQR ,QJO©V \ OD YH­DPRV ORV
GRPLQJRV ߚ4XL©QWHHQVH±³HVDFDQFL³Q"
<R KDE­D UHVXHOWR TXHGDUPH FHUFD GH SDS¡ SRUTXH DV­ QR KDU­D 6XV RMRV KDE­DQ DGTXLULGR XQ EULOOR SHVDGR FRPR VL IXHUD D
QLQJXQDWUDYHVXUD‰OHVWDEDVHQWDGRHQVXVLOO³QKDPDFD\PLUDED YROYHUVHORFR
YDJDPHQWH OD SDUHG 6X FDUD VLHPSUH FRQ EDUED 6X FDPLVD QR ߚ)XHGRQ$ULRYDOGR
VLHPSUH PX\ OLPSLD 6HJXUR TXH QR KDE­D VDOLGR D MXJDU FRQ ORV
ߚ<DGLMHTXHQRTXHU­DTXHDQGXYLHUDVHQVXFRPSD±­D
DPLJRV SRUTXH QR WHQ­D GLQHUR 3REUH SDS¡ GHE­D VHU WULVWH VDEHU
TXH HUD PDP¡ OD TXH WUDEDMDED SDUD D\XGDU D PDQWHQHU OD FDVD ‰O QR PH KDE­D GLFKR QDGD &UHR TXH QL VLTXLHUD VDE­D TXH
/DO¡\DKDE­DHQWUDGRDOD)¡EULFD'HE­DGHVHUGXURLUDEXVFDUXQ WUDEDMDEDGHD\XGDQWHGHFDQWRU
PRQW³Q GH HPSOHRV \ YROYHU GHVDQLPDGR VLHPSUH SRU OD PLVPD ߚ5HSLWHGHQXHYRODFDQFL³Q
UHVSXHVWDl3UHFLVDPRVXQDSHUVRQDP¡VMRYHQ{ߨ ߚ(VXQWDQJRGHPRGD
6HQWDGR HQ HO XPEUDO GH OD SXHUWD \R FRQWDED ODV ODJDUWLMDV
EODQFX]FDVGHODSDUHG\GHVYLDEDODYLVWDSDUDPLUDUDSDS¡ <RTXLHURXQDPXMHUGHVQXGD«
6RODPHQWHHQDTXHOODPD±DQDGH1DYLGDGORKDE­DYLVWRWDQWULVWH
1HFHVLWDED KDFHU DOJXQD FRVD SRU ©O < VL FDQWDUD" 3RGU­D FDQWDU (VWDOO³XQDERIHWDGDHQPLFDUD
ELHQ EDMLWR \ HVR VHJXUDPHQWH TXH OR LED D PHMRUDU 5HSDV© HQ OD
ߚ&DQWDGHQXHYR
FDEH]D PL UHSHUWRULR \ PH DFRUG© GH OD ºOWLPD FDQFL³Q TXH
DSUHQGLHUD FRQ GRQ $ULRYDOGR (O WDQJR HO WDQJR HUD XQD GH ODV
FRVDVP¡VERQLWDVTXH\RHVFXFKDUD&RPHQF©EDMLWR <RTXLHURXQDPXMHUGHVQXGD«

<RTXLHURXQDPXMHUGHVQXGD 2WUDERIHWDGDRWUD\RWUDP¡V/DVO¡JULPDVVLQTXHUHUVDOWDEDQ
ELHQGHVQXGDODTXLHURWHQHU« GHPLVRMRV
'HQRFKHDOFODURGH/XQD ߚ9DPRVFRQWLQºDFDQWDQGR
TXLHURHOFXHUSRGHHVDPXMHU«
<RTXLHURXQDPXMHUGHVQXGD«
ߚb=H]©
ߚ6­SDS¡ 0LURVWURFDVLQRVHSRG­DPRYHUHUDDUURMDGRDXQR\RWURODGR
0LV RMRV VH DEU­DQ \ YROY­DQ D FHUUDUVH EDMR HO LPSDFWR GH ODV
0H OHYDQW© U¡SLGDPHQWH $ SDS¡ OH GHE­D GH HVWDU JXVWDQGR
ERIHWDGDV1RVDE­DVLWHQ­DTXHSDUDURTXHREHGHFHUߨ3HURHQPL
PXFKR\TXHUU­DTXHIXHUDDFDQWDUODP¡VFHUFD
GRORUKDE­DUHVXHOWRXQDFRVD6HU­DODºOWLPDSDOL]DTXHVRSRUWDU­D
ߚ4X©HVW¡VFDQWDQGR" ODºOWLPDDXQTXHSDUDHVRWXYLHUDTXHPRULU
5HSHW­ &XDQGRSDU³XQSRFR\PDQG³TXHFDQWDUDQRFDQW©/RPLU©FRQ
XQGHVSUHFLRHQRUPH\OHGLMH
<RTXLHURXQDPXMHUGHVQXGD« ߚb$VHVLQRߨ 0¡WDPH GH XQD YH] /D F¡UFHO HVW¡ DK­ SDUD

64/89
YHQJDUPH ߚ0DP¡\RQRGHE­DGHKDEHUQDFLGR'HE­DKDEHUVLGRFRPRPL
/RFR GH IXULD HQWRQFHV VH OHYDQW³ GHO VLOO³Q KDPDFD 6H JORERߨ
GHVDERWRQ³ HO FLQWR $TXHO FLQWR TXH WHQ­D GRV KHELOODV GH PHWDO \ 0HDFDULFL³WULVWHPHQWHODFDEH]D
FRPHQ]³ D LQVXOWDUPH DSRSO©WLFR OODP¡QGRPH SHUUR SRUTXHU­D ߚ7RGRHOPXQGRGHEHKDEHUQDFLGRDV­FRPRQDFL³7ºWDPEL©Q
LQºWLOYDJDEXQGRVL©VDHUDODIRUPDGHKDEODUOHDOSDGUHߨ 6RORTXHDYHFHV=H]©HUHVGHPDVLDGRDWUHYLGRߨ
(OFLQWRVLOEDEDFRQXQDIXHU]DWHUULEOHVREUHP­3DUHF­DTXHWHQ­D

PLOGHGRVTXHPHDFHUWDEDQHQFXDOTXLHUSDUWHGHOFXHUSR<PHIXL >@$QWLJXDPRQHGDGHQtTXHOGHUHLVGHYDORU1GHOD7
FD\HQGRHQFRJL©QGRPHHQXQULQFRQFLWRGHODSDUHG(VWDEDVHJXUR
GH TXH PH LED D PDWDU $ºQ SXGH HVFXFKDU OD YR] GH *ORULD TXH
HQWUDED SDUD VDOYDUPH *ORULD OD ºQLFD GH SHOR UXELR FRPR \R
*ORULD D OD TXH QDGLH WRFDED 6XMHW³ OD PDQR GH SDS¡ \ SDU³ HO
JROSH
ߚb3DS¡ b3DS¡ b3RU DPRU GH 'LRV S©JDPH D P­ SHUR QR OH
SHJXHVP¡VDHVWDFULDWXUD
$UURM³ HO FLQWR VREUH OD PHVD \ VH SDV³ ODV PDQRV SRU HO URVWUR
/ORUDEDSRU©O\SRUP­
ߚ3HUG­ODFDEH]D3HQV©TXHVHHVWDEDEXUODQGRGHP­TXHPH
IDOWDEDDOUHVSHWR
$O OHYDQWDUPH *ORULD GHO VXHOR PH GHVPD\© &XDQGR YROY­ D
GDUPHFXHQWDGHODVFRVDVDUG­DHQILHEUH0DP¡\*ORULDHVWDEDQD
PLFDEHFHUD\PHGHF­DQFRVDVFDUL±RVDV(QHOFRPHGRUVHQRWDED
HO LU \ YHQLU GH PXFKD JHQWH KDVWD 'LQGLQKD KDE­D VLGR OODPDGD $
FDGDPRYLPLHQWRPHGRO­DWRGR'HVSX©VVXSHTXHTXHU­DQOODPDUDO
P©GLFRSHURQRVHDWUHY­DQ
*ORULDPHWUDMRXQFDOGRTXHKDE­DKHFKR\WUDW³GHGDUPHDOJXQDV
FXFKDUDGDV 0DO SRG­D UHVSLUDU \ PHQRV WUDJDU 4XHGDED HQ XQD
VRPQROHQFLD HQGLDEODGD \ FXDQGR PH GHVSHUWDED HO GRORU LED
GLVPLQX\HQGR 3HUR PDP¡ \ *ORULD FRQWLQXDEDQ YHO¡QGRPH 0DP¡
SDV³ODQRFKHFRQPLJR\VRODPHQWHELHQGHPDGUXJDGDVHOHYDQW³
SDUD SUHSDUDUVH 7HQ­D TXH LU D WUDEDMDU &XDQGR YLQR D GHVSHGLUVH
GHP­PHWRP©GHVXFXHOOR
ߚ1RYDDVHUQDGDKLMLWR0D±DQD\DHVWDU¡VELHQߨ
ߚ0DP¡ߨ
/HKDEO©EDMLWRKDFLHQGRODSHRUDFXVDFL³QGHPLYLGD

65/89

&DStWXOR6XDYH\H[WUDxRSHGLGR
6H QHFHVLW³ XQD VHPDQD SDUD TXH PH UHFXSHUDVH GHO WRGR 0L
GHV¡QLPR QR SURYHQ­D GH ORV GRORUHV QL GH ORV JROSHV $XQTXH HV
YHUGDGTXHHQFDVDFRPHQ]DURQDWUDWDUPHWDQELHQTXHHUDFRPR
SDUD GHVFRQILDU 3HUR DOJR IDOWDED $OJR LPSRUWDQWH TXH PH KLFLHVH
YROYHUDVHUHOPLVPRWDOYH]DFUHHUHQODVSHUVRQDVHQODERQGDG
GH HOODV 0H TXHGDED TXLHWHFLWR VLQ JDQDV GH QDGD VHQWDGR FDVL
VLHPSUHFHUFDGH0LQJXLWRPLUDQGRODYLGDSHUGLGRHQXQGHVLQWHU©V
SRUWRGR1DGDGHFRQYHUVDUFRQ©OQLGHHVFXFKDUVXVKLVWRULDV/R
P¡V TXH VXFHG­D HUD GHMDU D PL KHUPDQLWR TXH VH TXHGDUD FHUFD
+DFHUWUHQFLWRVGHO3DQGH$]ºFDUFRQORVERWRQHVTXH©ODGRUDED
\ GHMDUOR VXELU \ EDMDU ORV FLHQ WUHQFLWRV WRGR HO G­D /R PLUDED FRQ
XQD WHUQXUD LQPHQVD SRUTXH FXDQGR HUD FULDWXUD FRPR ©O WDPEL©Q
PHJXVWDEDHVRߨ
*ORULD HVWDED PX\ SUHRFXSDGD FRQ PL VLOHQFLR (OOD PLVPD PH
WUD­D PL PRQWD±D GH ILJXULWDV PL EROVD FRQ EROLWDV \ D YHFHV \R QL
MXJDED1RWHQ­DJDQDVGHLUDOFLQHQLGHVDOLUDOXVWUDU]DSDWRV/D
YHUGDGHVTXHQRFRQVHJX­DGHMDUGHHVWLUDUPLGRORUGHDGHQWUR'H
ELFKLWRJROSHDGRPDOYDGDPHQWHVLQVDEHUSRUTX©ߨ
*ORULDSUHJXQWDEDSRUPLPXQGRGHIDQWDV­DV
ߚ1RHVW¡QVHIXHURQOHMRVߨ
3RU VXSXHVWR TXH PH UHIHU­D D )UHG 7KRPSVRQ \ D ORV RWURV
DPLJRV
3HURHOODQDGDVDE­DGHODUHYROXFL³QTXHVHUHDOL]DEDGHQWURGH
P­ /R TXH KDE­D UHVXHOWR ,ED D FDPELDU GH SHO­FXODV b1R P¡V
SHO­FXODVGHFRZER\VQLGHLQGLRVQLGHQDGD'HDKRUDHQDGHODQWH
VROR LU­D D YHU SHO­FXODV GH DPRU FRPR ODV OODPDEDQ ORV JUDQGHV
&RQ PXFKRV EHVRV PXFKRV DEUD]RV \ GRQGH WRGR HO PXQGR VH
TXLVLHUD<DTXHVRODPHQWHVHUY­DSDUDUHFLELUJROSHVSRUORPHQRV
SRGU­DYHUDRWURVTXHUHUVH
/OHJ³ HO G­D HQ TXH \D SRG­D LU D OD HVFXHOD 3HUR QR IXL D HOOD
6DE­D TXH HO 3RUWXJD KDE­D SDVDGR XQD VHPDQD HVSHUDQGR FRQ
lQXHVWUR{FRFKH\QDWXUDOPHQWHVRORYROYHU­DDHVSHUDUPHFXDQGR
OHDYLVDUD'HE­DGHHVWDUPX\SUHRFXSDGRFRQPLDXVHQFLD$XQTXH
PH VXSLHUD HQIHUPR QR YHQGU­D D YHUPH 1RV KDE­DPRV GDGR
SDODEUD KDE­DPRV KHFKR XQ SDFWR GH PXHUWH FRQ QXHVWUR VHFUHWR
1DGLHVROR'LRVGHEHU­DFRQRFHUQXHVWUDDPLVWDG
-XQWR D OD FRQILWHU­D IUHQWH D OD (VWDFL³Q HVWDED HO FRFKH WDQ
OLQGRGHWHQLGR1DFL³HOSULPHUUD\RGHVROGHDOHJU­D0LFRUD]³QVH
DGHODQW³DP­FDEDOJDQGRVREUHPLQRVWDOJLDb,EDDYHUDPLDPLJR
3HURHQHVHPRPHQWRXQDIXHUWHSLWDGDPHGHM³WRGRWHPEORURVR
DOVRQDUHQODHQWUDGDGHOD(VWDFL³Q(UDHO0DQJDUDWLED9LROHQWR
RUJXOORVR GXH±R GH WRGRV ORV ULHOHV 3DV³ YRODQGR KDFLHQGR
]DQJRORWHDU ORV YDJRQHV /DV SHUVRQDV PLUDEDQ GHVGH ODV
YHQWDQLWDV 7RGRV ORV TXH YLDMDEDQ HUDQ IHOLFHV &XDQGR HUD P¡V
FKLFR PH JXVWDED TXHGDUPH YLHQGR SDVDU DO 0DQJDUDWLED \ GHFLU
DGL³V D ORV SDVDMHURV KDVWD QR WHUPLQDU QXQFD +DVWD TXH HO WUHQ
GHVDSDUHF­D HQ HO KRUL]RQWH +R\ TXLHQ SDVDED SRU DOJR VHPHMDQWH
66/89
HUD/XLV
/R EXVTX© HQWUH ODV PHVDV GH OD FRQILWHU­D \ DOO­ HVWDED (Q OD
ºOWLPDPHVDSDUDSRGHUYHUDORVFOLHQWHVTXHOOHJDEDQ6HKDOODED
GH HVSDOGDV VLQ VDFR \ FRQ HO OLQGR FKDOHFR GH FXDGURV GHMDQGR
HVFDSDUODVPDQJDVEODQFDVGHODFDPLVDOLPSLD
0HIXHGRPLQDQGRXQDGHELOLGDGWDQJUDQGHTXHDSHQDVFRQVHJX­
OOHJDUFHUFDGHVXVHVSDOGDV4XLHQGLRODDODUPDIXHGRQ/DGLVODR WDQWDVHQVLELOLGDG
ߚb3RUWXJDPLUDTXL©QHVW¡DK­
6H GLR YXHOWD GHVSDFLR \ VX URVWUR VH DEUL³ HQ XQD VRQULVD GH
IHOLFLGDG$EUL³ORVEUD]RV\PHDSUHW³ODUJDPHQWH
ߚ0LFRUD]³QHVWDEDGLFL©QGRPHTXHYHQGU­DVKR\
'HVSX©VPHPLU³XQFLHUWRWLHPSR
ߚ(QWRQFHVIXJLWLYRG³QGHHVWXYLVWHWRGRHVWHWLHPSR"
ߚ(VWXYHPX\HQIHUPR
(PSXM³XQDVLOOD
ߚ6L©QWDWH
&KDVTXH³FRQORVGHGRVOODPDQGRDOPR]RTXH\DVDE­DORTXH
PHJXVWDED3HURFXDQGRWUDMRHOUHIUHVFR\ODVJDOOHWDVQLORVWRTX©
$SR\©ODFDEH]DVREUHORVEUD]RV\DV­PHTXHG©VLQWL©QGRPHG©ELO
\WULVWH
ߚ1RTXLHUHV"
&RPRQRUHVSRQGLHUDHO3RUWXJDOHYDQW³PLFDUD0HPRUG­DORV
ODELRVFRQIXHU]D\PLVRMRVHVWDEDQLQXQGDGRV
ߚ3HURTX©HVHVRPXFKDFKR"&X©QWDOHDWXDPLJRߨ
ߚ1RSXHGR$TX­QRSXHGRߨ
'RQ/DGLVODRHVWDEDEDODQFHDQGRODFDEH]DQHJDWLYDPHQWHFRPR
VLQRFRPSUHQGLHUDQDGD5HVROY­GHFLUDOJR GHOGLDEOR
ߚ3RUWXJDHVYHUGDGTXHHOFRFKHWRGDY­DHVlQXHVWUR{FRFKH"
ߚ6­WRGDY­DWLHQHVGXGDV"
ߚ6HU­DVFDSD]GHOOHYDUPHDGDUXQSDVHR"
6HDVXVW³FRQHOSHGLGR
ߚ6LTXLHUHVYDPRV\D
&RPRYLHVHTXHPLVRMRVHVWDEDQWRGDY­DP¡VPRMDGRVPHWRP³
SRUHOEUD]RPHOOHY³KDVWDHODXWR\PHVHQW³VLQQHFHVLWDUDEULUOD
SXHUWD
9ROYL³ SDUD SDJDU HO JDVWR \ HVFXFK© TXH FRQYHUVDED FRQ GRQ
/DGLVODR\RWURV
ߚ1DGLHHQWLHQGHDHVWDFULDWXUDHQVXFDVD1XQFDYLXQQL±RFRQ
ߚ&XHQWDODYHUGDG3RUWXJD$WLWHJXVWDPXFKRHVWHGLDEOLOOR
ߚ0XFKRP¡VGHORTXHWHLPDJLQDV(VXQFKLTXLO­QPDUDYLOORVRH
LQWHOLJHQWH
)XHKDVWDHOFRFKH\VHVHQW³
ߚ$G³QGHTXLHUHVLU"
ߚ6RODPHQWH VDOLU GH DTX­ 3RGU­DPRV LU KDVWD HO FDPLQR GH
0XUXQGX(VFHUFD\QRVHJDVWDPXFKDJDVROLQD
6HUL³
ߚ1RHUHVGHPDVLDGRQL±RSDUDHQWHQGHUHVRVSUREOHPDVGHORV
JUDQGHV"
$OO¡ HQ FDVD OD SREUH]D HUD WDQWD TXH GHVGH PX\ WHPSUDQR XQR
DSUHQG­D HVR GH QR JDVWDU HQ FXDOTXLHU FRVD 7RGR FRVWDED GLQHUR
7RGRHUDFDUR
'XUDQWH HO SHTXH±R YLDMH QR GLMR QDGD 'HMDED TXH UHFXSHUDUD
3HURFXDQGRWRGRVHIXHSHUGLHQGR\HOFDPLQRLEDWUDVIRUP¡QGRVH
HQXQDPDUDYLOODGHYHUGHVSDVWRVSDU³HOFRFKHPHPLU³\VRQUL³
FRQ HVD ERQGDG TXH FROPDED OR TXH IDOWDED GH ERQGDG HQ HO UHVWR
GHOPXQGR
ߚ3RUWXJDP­UDPHODFDUD&DUDQRKRFLFR(QFDVDGLFHQTXH\R
WHQJRKRFLFRSRUTXHQRVR\JHQWHVLQRELFKRVR\LQGLR3LQDJ©HKLMR
ߚ3UHILHURPLUDUWXFDUD
ߚ3HURP­UDPHELHQ0LUDF³PRWRGDY­DHVWR\KLQFKDGRGHWDQWDV
SDOL]DV
/RV RMRV GHO SRUWXJX©V DGTXLULHURQ XQD H[SUHVL³Q GH LQTXLHWXG \
GHSHQD
67/89
 ߚ3HURSRUTX©WHKLFLHURQHVR"
/H IXL FRQWDQGR WRGR WRGR VLQ H[DJHUDU XQD SDODEUD &XDQGR
WHUPLQ©VXVRMRVHVWDEDQKºPHGRV\QRVDE­DTX©KDFHU
ߚ3HUR QR SXHGHQ SHJDUOH WDQWR D XQD FULDWXUD FRPR Wº $ºQ QR
FXPSOLVWHORVVHLVD±RVb9LUJHQP­DGH)¡WLPD
ߚ<R V© SRU TX© 1R VLUYR SDUD QDGD 6R\ WDQ PDOR TXH FXDQGR
OOHJDOD1DYLGDGVXFHGHTXHHQYH]GHQDFHUHO1L±R-HVºVbQDFHHO
1L±R'LDEORߨ
ߚ‰VDV VRQ WRQWHU­DV 7RGDY­D HUHV XQ DQJHOLWR 3XHGHV VHU XQ
SRFRWUDYLHVRߨ
$TXHOODLGHDILMDYROYL³DDWRUPHQWDUPLPHQWH
ߚ6R\WDQPDORTXHQLGHEHU­DKDEHUQDFLGR/HGLMHHVRDPDP¡
HORWURG­D
3RUSULPHUDYH]©OWDUWDPXGH³
ߚ1RGHE­DVKDEHUGLFKRHVR
ߚ7H GLMH TXH TXHU­D KDEODU FRQWLJR SRUTXH OR QHFHVLWDED PXFKR
<R V© TXH HV XQD GHVJUDFLD TXH SDS¡ D VX HGDG QR SXHGD
FRQVHJXLU WUDEDMR V© TXH HVR GHEH GROHU PXFKR 0DP¡ WLHQH TXH
VDOLU GH PDGUXJDGD D WUDEDMDU SDUD D\XGDU D PDQWHQHU OD FDVD ߚ1RTXLHURPHQWLUWH<RQRORVDE­DELHQSHURORDSUHQG­SRUTXH
WUDEDMDHQORVWHODUHVGHO0ROLQR,QJO©V(OODXVDXQDIDMDSRUTXHIXH
D OHYDQWDU XQD FDMD SHVDGD \ VH OH KL]R XQD KHUQLD /DO¡ HV XQD
PXFKDFKDTXHKDVWDHVWXGL³PXFKRSHURWXYRTXHHPSOHDUVHFRPR
REUHUDHQOD)¡EULFDߨ7RGRHVRHVPDOR3HURQRSRUHOORSDS¡WHQ­D
TXHSHJDUPHDV­(Q1DYLGDGOHGLMHTXHSRG­DSHJDUPHWDQWRFRPR
TXLVLHUDSHURHVWDYH]IXHGHPDVLDGR
0HPLUDEDDODFDUDDW³QLWR
ߚb9LUJHQP­DGH)¡WLPD&³PRXQDFULDWXUDDV­SXHGHHQWHQGHU
\VXIULUORVSUREOHPDVGHODJHQWHJUDQGH"b1XQFDYLXQDFRVDLJXDO
7UDJ³XQSRFRGHVDOLYDSRUODHPRFL³Q
ߚ6RPRVDPLJRVQRHVFLHUWR"9DPRVDFRQYHUVDUGHKRPEUH
D KRPEUH" $XQTXH D YHFHV PH GD HVFDORIU­RV KDEODU GH FLHUWDV
FRVDVFRQWLJR3XHVELHQFUHRTXHQRGHELHUDVKDEHUOHGLFKRHVDV
SDODEURWDV D WX KHUPDQD 3RU RWUD SDUWH QXQFD GHEHU­DV GHFLU
SDODEURWDVQR"
ߚ3HURVR\PX\FKLFRHVPLPDQHUDGHYHQJDUPH
ߚ6DEHVORTXHVLJQLILFDQ"
+LFHTXHV­FRQODFDEH]D
ߚ(QWRQFHVQRSXHGHVQLGHEHV
+LFLPRVXQDSDXVD
ߚb3RUWXJDO
ߚ(K"
ߚ1RTXLHUHVTXH\RGLJDSDODEURWDV"
ߚ1R
ߚ%XHQRVLQRPHPXHURQRYROYHU©DLQVXOWDUP¡V
ߚ0X\ELHQ3HURTX©DVXQWRHV©VHGHPRULU"
ߚ&XDQGROOHJXHPRVGHQWURGHXQUDWRWHYR\DFRQWDU
9ROYLPRVDFDOODUQRV\HO3RUWXJX©VHVWDEDHQVLPLVPDGR
ߚ1HFHVLWRVDEHUXQDFRVD\DTXHFRQI­DVHQP­
ߚ(VD KLVWRULD GH OD PºVLFD HVR GHO WDQJR Wº VDE­DV OR TXH
HVWDEDVFDQWDQGR"
DSUHQGRWRGR3RUTXHODPºVLFDHVPX\OLQGD1RSHQVDEDHQORTXH
TXHU­DGHFLUߨb3HURPHSHJ³WDQWR3RUWXJDO1RLPSRUWDߨ
6ROORF©ODUJDPHQWH
ߚ1RLPSRUWDSRUTXHORYR\DPDWDU
ߚ4X©HVHVRPXFKDFKRPDWDUDWXSDGUH"
ߚ6­ YR\ D PDWDUOR <D FRPHQF© 0DWDU QR TXLHUH GHFLU TXH XQR
WRPH HO UHY³OYHU GH %XFN -RQHV \ KDJD bEXP 1R HV HVR 8QR OR
PDWDHQHOFRUD]³Q9DGHMDQGRGHTXHUHU<XQEXHQG­DODSHUVRQD
PXHUH
ߚ4X©FDEHFLWDLPDJLQDWLYDTXHWLHQHV
'HF­D HVR SHUR QR FRQVHJX­D HVFRQGHU OD HPRFL³Q TXH OR
DVDOWDED
ߚ3HURQRPHGLMLVWHWDPEL©QDP­TXHPHPDWDEDV"
ߚ/RGLMHDOFRPLHQ]R'HVSX©VWHPDW©DOFRQWUDULR7HKLFHPRULU

68/89
QDFLHQGR HQ PL FRUD]³Q (UHV OD ºQLFD SHUVRQD D OD TXH TXLHUR
3RUWXJD (O ºQLFR DPLJR TXH WHQJR 1R SRUTXH PH UHJDOHV IRWRV
UHIUHVFRVJDOOHWDVREROLWDVߨ7HMXURTXHHVWR\GLFLHQGRODYHUGDG
ߚ3HURFDUDPEDVLWRGRHOPXQGRWHTXLHUHߨWXPDP¡\KDVWDWX
SDGUH7XKHUPDQD*ORULDHOUH\ߨ$FDVRWHROYLGDVWHGHWXSODQWD
GHQDUDQMDOLPD"(VHWDO0LQJXLWR\ߨ
ߚ;XUXUXFD
ߚ(QWRQFHVߨ
ߚ$KRUD HV GLIHUHQWH 3RUWXJD ;XUXUXFD HV XQ VLPSOH QDUDQMLWR
TXHQLVLTXLHUDVDEHGDUXQDIORUߨ
ߚ‰VDHVODYHUGDGߨ3HURWºQR7ºHUHVPLDPLJR\SRUHVRWH
SHG­TXHGL©VHPRVXQSDVHRHQQXHVWURFRFKHTXHGHQWURGHSRFR
YDDVHUVRODPHQWHWX\R9LQHDGHVSHGLUPHGHWL
ߚ'HVSHGLUWH"
ߚ(Q VHULR <D YHV QR VLUYR SDUD QDGD HVWR\ FDQVDGR GH VXIULU
JROSHV\WLURQHVGHRUHMD9R\DGHMDUGHVHUXQDERFDP¡Vߨ
&RPHQF© D VHQWLU XQ QXGR GRORURVR HQ OD JDUJDQWD 1HFHVLWDED
PXFKRFRUDMHSDUDFRQWDUHOUHVWR
ߚ(QWRQFHVYDVDHVFDSDUWH"
ߚ1R3DV©WRGDODVHPDQDSHQVDQGRHQHVR+R\GHQRFKHPH
YR\DWLUDUGHEDMRGHODVUXHGDVGHO0DQJDUDWLED
1L VLTXLHUD KDEO³ 0H DSUHW³ IXHUWHPHQWH HQWUH VXV EUD]RV \ PH
FRQVRO³GHODPDQHUDTXHVDE­DKDFHUOR
ߚ1R QR GLJDV HVR SRU DPRU GH 'LRV 7LHQHV XQD OLQGD YLGD SRU
GHODQWH &RQ HVD FDEH]D \ HVD LQWHOLJHQFLD 1R GLJDV HVR TXH HV
SHFDGR1RTXLHURTXHQLSLHQVHVQLUHSLWDVHVR<\R"7ºQRPH
TXLHUHV" 6L PH TXLHUHV \ QR HVW¡V PLQWLHQGR QR GHEHV KDEODU P¡V
DV­
6HDOHM³GHP­\PHPLU³DORVRMRV3DV³ODSDOPDGHVXVPDQRV
VREUHPLVO¡JULPDV
ߚ<RWHTXLHURPXFKRPXFKDFKR0XFKRP¡VGHORTXHSLHQVDV
9DPRVVRQU­H
6RQUH­PHGLRDOLYLDGRFRQODFRQIHVL³Q
ߚ7RGRHVRYDDSDVDU3URQWRVHU¡VGXH±RGHODVFDOOHVFRQWXV
FRPHWDV UH\ GH ODV EROLWDV XQ YDTXHUR WDQ IXHUWH FRPR %XFN
-RQHVߨ 3RU RWUD SDUWH HVWXYH SHQVDQGR XQD FRVD 4XLHUHV
VDEHUOD"
ߚb4XLHUR
ߚ(OV¡EDGRQRLU©DYLVLWDUDPLKLMD(OODIXHDSDVDUXQRVG­DVD
3DTXHW¡FRQHOPDULGR+DE­DSHQVDGRFRPRHOWLHPSRHVEXHQRLU
D SHVFDU HQ HO *XDQGX &RPR HVWR\ VLQ XQ JUDQ DPLJR SDUD
DFRPSD±DUPHSHQV©HQWL
0LVRMRVVHLOXPLQDURQ
ߚ0HOOHYDU­DV"
ߚ%LHQVLTXLHUHVV­1RWLHQHVQLQJXQDREOLJDFL³Q
/DUHVSXHVWDIXHUHFRVWDUPLFDUDHQVXFDUDDIHLWDGD\ORDSUHW©
HQPLVEUD]RVURGHDQGRFRQHOORVVXFXHOOR
(VW¡EDPRVULHQGR\WRGDODWUDJHGLDVHKDE­DDOHMDGR
ߚ+D\ XQ OXJDU PX\ OLQGR /OHYDUHPRV DOJXQD FRVD SDUD FRPHU
4X©HVORTXHP¡VWHJXVWD"
ߚ7º3RUWXJD
ߚ+DEORGHVDODPHKXHYRVEDQDQDVߨ
ߚ0HJXVWDWRGR(QFDVDVHDSUHQGHDTXHOHJXVWHWRGRORTXH
WLHQH\FXDQGRWLHQH
ߚ(QWRQFHVYDPRV"
ߚ1LYR\DGRUPLUSHQVDQGRHQHVR
3HURKDE­DXQJUDYHSUREOHPDFLUFXQGDQGRODIHOLFLGDG
ߚ<TX©YDVDGHFLUSDUDSRGHUDOHMDUWHGHWXFDVDWRGRXQG­D"
ߚ,QYHQWRFXDOTXLHUFRVD
ߚ<VLGHVSX©VWHGHVFXEUHQ"
ߚ+DVWD ILQ GH PHV QR SXHGHQ SHJDUPH 6H OR SURPHWLHURQ D
*ORULD\*ORULDHVXQDILHUD(VODºQLFDJDWDEDUFLQDTXHVHSDUHFH
DP­
ߚ9HUGDG"
ߚ6­6RODPHQWHPHSRGU¡QJROSHDUGHVSX©VGHXQPHVFXDQGR
69/89
PHlUHFXSHUH{
(QFHQGL³HOPRWRU\UHFRPHQ]³ODPDUFKDGHUHJUHVR
ߚ4XLHUHGHFLUTXHGHDTXHOORQRVHKDEODP¡V"
ߚ$TXHOORTX©FRVD"
ߚ/RGHO0DQJDUDWLED
ߚ9R\DGHPRUDUXQWLHPSRP¡VSDUDKDFHUHVR
ߚ0HSDUHFHELHQ
'HVSX©V VXSH SRU GRQ /DGLVODR TXH D SHVDU GH PL SURPHVD HO
3RUWXJD UHJUHV³ D VX FDVD OXHJR TXH HO 0DQJDUDWLED SDV³ GH
UHJUHVR%LHQHQWUDGDODQRFKH


'L YXHOWD D OD FDVD 0LU© ODV JXD\DEHUDV \ QDGD (Q HVR YL D W­R
+DE­DPRV YLDMDGR SRU OLQGRV FDPLQRV /D FDUUHWHUD QR HUD DQFKD
QLDVIDOWDGDQLHPSHGUDGDSHURHQFRPSHQVDFL³QORV¡UEROHV\ORV
SDVWRV HUDQ XQD EHOOH]D < HVR SDUD QR KDEODU GHO VRO \ GHO FLHOR
DOHJUHWDQD]XO8QDYH]'LQGLQKDKDE­DGLFKRTXHODDOHJU­DHVlXQ
VROEULOODQWHGHQWURGHOFRUD]³Q{3RUTXHHOVROORLOXPLQDEDWRGRGH
IHOLFLGDG6LHVRHUDYHUGDGGHQWURGHPLSHFKRXQVROORHPEHOOHF­D
WRGRߨ
9ROYLPRV D FRQYHUVDU VREUH FLHUWDV FRVDV PLHQWUDV HO FRFKH VH
GHVOL]DED VLQ QLQJºQ DSXUR +DVWD SDUHF­D TXH ©O WDPEL©Q TXHU­D
HVFXFKDUODFRQYHUVDFL³Q
ߚ(VFLHUWRFXDQGRHVW¡VFRQPLJRHUHVXQDVHGD\PX\EXHQLWR
'LFHVTXHWXPDHVWUDߨF³PRVHOODPD"ߨ
ߚ'R±D&HFLOLD3DLP6DEHVTXHHOODWLHQHXQDPDQFKLWDEODQFD
HQXQRGHORVRMRV"
6HUL³
ߚ3XHV GR±D &HFLOLD 3DLP VHJºQ PH GLMLVWH QR FUHHU­D HQ QDGD
GHORTXHKDFHVIXHUDGHODVFODVHV&RQWXKHUPDQLWR\FRQ*ORULD
HUHVEXHQR(QWRQFHVSRUTX©FDPELDVDV­"
ߚ(VR HV OR TXH QR V© 6RODPHQWH V© TXH WRGR OR TXH KDJR
WHUPLQDHQWUDYHVXUD7RGDODFDOOHFRQRFHPLPDOGDG3DUHFHTXHHO
GLDEORDQGDVRSO¡QGRPHFRVDVDOR­GR6LQRIXHUDDV­QRLQYHQWDU­D
WDQWDWUDYHVXUDFRPRGLFHW­R(GPXQGR6DEHVORTXHKLFHXQDYH]
FRQW­R(GPXQGR"1XQFDWHORFRQW©"
ߚ1RPHORFRQWDVWH
ߚ0LUD KDFH \D FRPR VHLV PHVHV 5HFLEL³ XQD KDPDFDUHG GHO
1RUWHHKL]RDODUGHV1RGHMDEDTXHQDGLHVHKDPDFDUDHQODUHGHO
PX\KLMRGHSXWDߨ
ߚ4X©GLMLVWH"
ߚ%XHQRHOPLVHUDEOHFXDQGRWHUPLQDEDGHGRUPLUODGHVDUPDED
\ OD OOHYDED GHEDMR GHO EUD]R &RPR VL XQR OH IXHUD D VDFDU XQ
SHGD]R8QG­DIXLDFDVDGH'LQGLQKD\HOODQRPHYLRHQWUDU'HE­D
GHHVWDUFRQORVDQWHRMRVHQODSXQWDGHODQDUL]OH\HQGRORVDYLVRV
(GPXQGRURQFDQGRHQODUHGDUPDGDHQWUHODFHUFD\XQWURQFRGH
QDUDQMR URQFDED FRPR XQ FHUGR FRQ OD ERFD PHGLR EODQGD \
DELHUWD(OGLDULRKDE­DFD­GRDOVXHOR(QWRQFHVHOGLDEORPHGLMRXQD
FRVD\YLTXHWHQ­DXQDFDMDFRQI³VIRURVGHQWURGHOEROVLOOR5RPS­
XQDWLUDGHSDSHOVLQKDFHUUXLGR-XQW©ODVRWUDVKRMDVGHOGLDULR\OHV
SUHQG­IXHJR&XDQGRDSDUHFLHURQODVOODPDVELHQGHEDMRGHOߨ
+LFHXQDSDXVD\SUHJXQW©VHULDPHQWH
ߚ3RUWXJDSXHGRGHFLUWUDVWH"
ߚ%XHQR3HURHVPHGLRSDODEURWD\QRVHGHEHKDEODUDV­
ߚ<F³PRSXHGHGHFLUXQRFXDQGRTXLHUHKDEODUGHOWUDVWH"
ߚ1DOJDV
ߚ&³PR"'HERDSUHQGHUHVDSDODEUDGLI­FLO
ߚ1DOJDV1DOJDV
ߚ%XHQR FXDQGR FRPHQ]³ D TXHPDUVH GHEDMR GH ODV QDOJDV GH
VX WUDVWH FRUU­ DO SRUW³Q PH HVFDS© \ PH TXHG© PLUDQGR OR TXH
SDVDEDSRUXQDJXMHULWRGHODFHUFD)XHXQDODULGRLQIHUQDO(OYLHMR
GLR XQ VDOWR \ OHYDQW³ OD KDPDFD 'LQGLQKD FRUUL³ \ HQFLPD OH SHJ³
XQUHWRl(VWR\FDQVDGDGHGHFLUWHTXHQRGHEHVDFRVWDUWHHQODUHG
PLHQWUDV HVW¡V IXPDQGR{ < YLHQGR HO GLDULR TXHPDGR WRGDY­D
SURWHVW³SRUTXHQRORKDE­DOH­GR
70/89
 (O3RUWXJX©VVHUH­DFRQJDQDV\\RHVWDEDFRQWHQWRDOYHUORWDQ
DOHJUH
ߚ1RWHDJDUUDURQ"
ߚ1L PH GHVFXEULHURQ (VR VH OR FRQW© VRODPHQWH D ;XUXUXFD 6L
PHDJDUUDEDQVHJXURTXHPHFRUWDEDQORVKXHYRV
ߚ&RUWDEDQHOTX©"
ߚ%XHQRPHFDSDEDQ
9ROYL³ D UH­U \ QRV TXHGDPRV PLUDQGR OD FDUUHWHUD 6RSODED XQD
SROYDUHGD DPDULOOD SRU WRGRV ORV ULQFRQHV SRU ORV TXH HO FRFKH
SDVDED3HURHVWDEDSHQVDQGRXQDFRVD
ߚ3RUWXJDQRPHPHQWLVWHQR"
ߚ6REUHTX©EDQGLGR"
ߚ0LUD TXH QXQFD HVFXFK© GHFLU D QDGLH l/H GLHURQ XQD SDWDGD
HQODVQDOJDV{7ºV­ORHVFXFKDVWH"
1XHYDPHQWHVHHFK³DUH­U
ߚ(UHV WUHPHQGR 7DPSRFR \R OR R­ QXQFD 3HUR GHMHPRV HVR
2OYLGHPRVODVQDOJDV\XVDHQFDPELRODSDODEUDWUDVHUR'HMHPRV
HVWDFRQYHUVDFL³QRVLQRDFDEDU©VLQVDEHUTX©UHVSRQGHUWH0LUD
HOSDLVDMHTXHFDGDYH]HVWDU¡P¡VSREODGRGH¡UEROHVJUDQGHV(O
U­RHVW¡FDGDYH]P¡VFHUFD
'LR YXHOWD D OD GHUHFKD \ WRP³ XQ DWDMR (O FRFKH DQGDQGR
DQGDQGRIXHDSDUDUHQXQGHVFDPSDGR6RODPHQWHKDE­DXQ¡UERO
JUDQGHOOHQRGHHQRUPHVUD­FHV$SODXG­SRUWDQWDIHOLFLGDG
ߚb4X© OLQGR b4X© OXJDU P¡V OLQGR &XDQGR PH HQFXHQWUH FRQ
%XFN-RQHVOHYR\DGHFLUTXHODVFDPSL±DV\SODQLFLHVVX\DVQROH
OOHJDQDORVSLHVDODVQXHVWUDV
0HDFDULFL³ODFDEH]D
ߚ$V­WHTXLHURYHUVLHPSUH9LYLHQGRORVEXHQRVVXH±RV\QRFRQ
HPEXVWHVHQODFDEH]D
%DMDPRV GHO FRFKH \ OH D\XG© D GHVFDUJDU ODV FRVDV KDVWD OD
VRPEUDGHORV¡UEROHV
ߚ9LHQHVVLHPSUHVRORDTX­3RUWXJD"
ߚ&DVLVLHPSUH9HV"7DPEL©QWHQJRXQ¡UERO
ߚ&³PRVHOODPD3RUWXJD"4XLHQWLHQHXQ¡UERODV­GHJUDQGH
KDGHEDXWL]DUOR
‰OSHQV³VRQUL³\SHQV³
ߚ(V XQ VHFUHWR P­R SHUR WH OR YR\ D GHFLU 6H OODPD 5HLQD
&DUORWD
ߚ<HOODKDEODFRQWLJR"
ߚ+DEODU QR KDEOD 3RUTXH XQD UHLQD QXQFD KDEOD GLUHFWDPHQWH
FRQVXVVºEGLWRV3HUR\RVLHPSUHODWUDWRGHl0DMHVWDG{
ߚ4X©TXLHUHGHFLUVºEGLWRV"
ߚ)RUPDQHOSXHEORTXHREHGHFHDORTXHPDQGDODUHLQD
ߚ<\RYR\DVHUVºEGLWRWX\R"
6ROW³XQDFDUFDMDGDWDQIXHUWHTXHOHYDQW³YLHQWRHQODKLHUED
ߚ1RSRUTXHQRVR\UH\\QRPDQGRQDGD<RVLHPSUHWHSHGLU©
ODVFRVDV
ߚ3HUR Wº SRGU­DV VHU UH\ 7LHQHV WRGR SDUD VHUOR 7RGR UH\ HV
JRUGRFRPRWº(OUH\GHFRSDVHOGHHVSDGDVHOGHEDVWRV\HOGH
RURV7RGRVORVUH\HVGHODEDUDMDVRQOLQGRVFRPRWº3RUWXJD
ߚ9DPRV 9DPRV FRQ HO WUDEDMR VL QR FRQ HVWD FRQYHUVDFL³Q WDQ
ODUJDQRSHVFDUHPRVQDGD
7RP³XQDFD±DGHSHVFDUXQDODWDHQODTXHWHQ­DXQPRQW³QGH
JXVDQRVVHTXLW³ORV]DSDWRV\HOFKDOHFR6LQHOFKDOHFRUHVXOWDED
WRGDY­DP¡VJRUGR6H±DO³HOU­R
ߚ+DVWD DOO­ SXHGHV MXJDU SRUTXH HO U­R HV SRFR KRQGR 3DUD HO
RWURODGRQRSRUTXHHVPX\SURIXQGR$KRUDYR\DTXHGDUPHDTX­
SHVFDQGR 6L TXLHUHV TXHGDUWH FRQPLJR QR SXHGHV KDEODU SRUTXH
GHORFRQWUDULRORVSHFHVKX\HQ
/R GHM© VHQWDGR DOO¡ \ PH IXL D H[SORUDU 'HVFXEU­ FRVDV b4X©
OLQGR HUD DTXHO SHGD]R GH U­R 0H PRM© ORV SLHV \ YL FDQWLGDG GH
VDSLWRV GH DTX­ SDUD DOO¡ HQ HO DJXD 4XHG© PLUDQGR OD DUHQD ODV
SLHGUDV\ODVKRMDVTXHHUDQHPSXMDGDVSRUODFRUULHQWH0HDFRUG©
GH*ORULD
'pMDPHIXHQWHGHFtD
71/89
 ODIORUDOOORUDU ߚ1RV©QDGDU
<RKHQDFLGRHQHOPRQWH ߚ1RHVQHFHVDULR7HYLJLORGHVGHDTX­FHUFD
QRPHOOHYHVKDFLDHOPDU &RQWLQXDEDTXLHWR1RTXHU­DTXH©OYLHVHߨ
ߚ1RPHYDVDGHFLUTXHWLHQHVYHUJ¼HQ]DGHGHVYHVWLUWHFHUFDGH
$\EDODQFHRGHPLVUDPDV P­
EDODQFHRGHODVUDPDVPtDV ߚ1R1RHVHVRߨ
D\JRWDVGHURFtRFODUDV 1R WHQ­D RWUD DOWHUQDWLYD PH YROY­ GH HVSDOGDV \ FRPHQF© D
TXLWDUPHODURSD3ULPHURODFDPLVDGHVSX©VORVSDQWDORQHVFRQORV
FDtGDVGHOFLHORD]XO«
WLUDQWHVGHJ©QHUR
7LU©WRGRHQHOVXHOR\PHYROY­KDFLD©OVXSOLFDQWH(QYHUGDGQR
<ODIXHQWHVRQRUD\IUtD GLMRQDGDSHURWHQ­DHOKRUURU\ODUHEHOL³QHVWDPSDGRVHQORVRMRV
FRQXQVXVXUUREXUOyQ 1R TXHU­D TXH YLHUD ODV KHULGDV \ ODV FLFDWULFHV GH ODV SDOL]DV TXH
SRUVREUHODDUHQDFRUUtD KDE­DUHFLELGR
FRUUtDOOHYDQGRDODIORU« 6RODPHQWHPXUPXU³HPRFLRQDGR
ߚ6LWHGXHOHQRHQWUHVHQHODJXD
*ORULD WHQ­D UD]³Q $TXHOOR HUD OD FRVD P¡V OLQGD GHO PXQGR ߚ<DQRPHGXHOHP¡V
/¡VWLPDTXHQRSXGLHUDFRQWDUOHTXHKDE­DYLVWRYLYLUDODSRHV­D6L
ELHQ QR FRQ XQD IORU SRU OR PHQRV FRQ XQ EXHQ QºPHUR GH KRMLWDV



TXHFD­DQGHORV¡UEROHVHLEDQDSDUDUDOPDU6HU­DYHUGDGTXHHO
U­R HVH U­R WDPEL©Q LED KDFLD HO PDU" 3RGU­D SUHJXQW¡UVHOR DO
3RUWXJD 3HUR QR HVR HVWRUEDU­D VX WDUHD GH SHVFDGRU 3HUR GH OD &RPLPRV KXHYRV VDODPH EDQDQD SDQ FRPR D P­ PH JXVWDED
SHVFD VRODPHQWH VH ORJU³ VDFDU GRV lODPEDRV{ TXH KDVWD GDED )XLPRVDEHEHUDJXDHQHOU­R\YROYLPRVGHEDMRGHOD5HLQD&DUORWD
SHQDKDEHUORVSHVFDGR <DVHLEDDVHQWDUFXDQGROHKLFHXQDVH±DSDUDTXHVHGHWXYLHUD
(O VRO HVWDED ELHQ DOWR 0L FDUD VH KDOODED HQFHQGLGD GH WDQWR &RORTX©ODPDQRHQHOSHFKRHKLFHXQDUHYHUHQFLDDO¡UERO
FRPR MXJDED \ FRQYHUVDED FRQ OD YLGD )XH HQWRQFHV FXDQGR HO ߚ0DMHVWDG VX VºEGLWR HO FDEDOOHUR 0DQXHO 9DODGDUHV HV HO
3RUWXJDYLQRKDFLDGRQGHPHHQFRQWUDED\PHOODP³)XLFRUULHQGR PD\RUJXHUUHURGHODQDFL³Q3LQDJ©ߨ\QRVYDPRVDVHQWDUGHEDMR
FRPRXQFDEULWR GHODVH±RUD
ߚ&³PRHVW¡VGHVXFLRPXFKDFKR 1RVUH­PRV\OXHJRQRVVHQWDPRV
ߚ-XJX©DWRGR0HDFRVW©HQHOVXHOR-XJX©FRQHODJXDߨ (O 3RUWXJD VH H[WHQGL³ HQ HO VXHOR IRUU³ FRQ HO FKDOHFR XQD UD­]
ߚ9DPRV D FRPHU 3HUR QR SXHGHV FRPHU DV­ WDQ VXFLR FRPR VL GH¡UERO\GLMR
IXHVHV XQ FKDQFKLWR 9DPRV GHVY­VWHWH \ WH ED±DV HQ DTXHO OXJDU ߚ$KRUDOOHJ³HOPRPHQWRGHHFKDUVHXQVXH±HFLWR
SRFRKRQGR ߚ1RWHQJRJDQDVGHGRUPLU
3HURPHTXHG©LQGHFLVRVLQTXHUHUREHGHFHU ߚ1RLPSRUWD1RYR\DGHMDUWHVXHOWRSRUDK­WUDYLHVRFRPRHUHV

72/89
 0HSDV³ODPDQRSRUHQFLPDGHOSHFKR\PHKL]RSULVLRQHUR1RV UHJDOHDWL"
TXHGDPRVXQODUJRWLHPSRPLUDQGRF³PRODVQXEHVHVFDSDEDQSRU 4XHG³ WDQ HPRFLRQDGR TXH VH VHQW³ \ PH WRP³ OD FDUD FRQ ODV
HQWUHODVUDPDVGHORV¡UEROHV+DE­DOOHJDGRHOPRPHQWR6L\RQR GRVPDQRV
KDEODEDDKRUDQXQFDP¡VORKDU­D ߚ7HJXVWDU­DVHUPLKLMLWR"
ߚb3RUWXJD ߚ8QR QR SXHGH HOHJLU DO SDGUH DQWHV GH QDFHU 3HUR VL KXELHVH
ߚ+XPPߨ SRGLGRKDFHUORWHKXELHUDHOHJLGRDWL
ߚ(VW¡VGXUPLHQGR" ߚ'HYHUDVPXFKDFKR"
ߚ7RGDY­DQR ߚ7H OR SXHGR MXUDU $GHP¡V VHU­D XQD SHUVRQD PHQRV SDUD
ߚ(VYHUGDGHVRTXHOHGLMLVWHDGRQ/DGLVODRHQODFRQILWHU­D" FRPHU7HSURPHWRTXHQRKDEORQLGLJRP¡VSDODEURWDVQLVLTXLHUD
ߚ&DUDPEDVRQWDQWDVODVFRVDVTXHOHKHGLFKRDGRQ/DGLVODR lWUDVWH{7HOXVWURORV]DSDWRVFXLGRGHWXVSDMDULWRVHQODMDXOD0H
HQODFRQILWHU­Dߨ YXHOYRWRWDOPHQWHEXHQR1RYDDKDEHUPHMRUDOXPQRHQODHVFXHOD
ߚ6REUHP­<RHVFXFK©'HVGHHOFRFKHORR­WRGR +DJRWRGRWRGRELHQ
ߚ<TX©HVFXFKDVWH" 1RVDE­DTX©FRQWHVWDU
ߚ4XHPHTXLHUHVPXFKR ߚ(Q FDVD WRGR HO PXQGR VH PXHUH GH DOHJU­D VL SXHGHQ GDUPH
9DDVHUXQDOLYLR7HQJRXQDKHUPDQDHQWUH*ORULD\$QWRQLR TXH
ߚ&ODURTXHWHTXLHUR(QWRQFHV"
IXH GDGD HQ HO 1RUWH )XH D YLYLU FRQ XQD SULPD TXH HV ULFD SDUD
0H GL YXHOWD VLQ OLEHUWDUPH GH VXV EUD]RV 0LU© VXV RMRV SRGHUHVWXGLDU\DSUHQGHUDVHUJHQWHߨ
VHPLFHUUDGRV6XURVWURDV­TXHGDEDP¡VJRUGR\P¡VSDUHFLGRDO
(OVLOHQFLRFRQWLQXDED\VXVRMRVHVWDEDQOOHQRVGHO¡JULPDV
GHXQUH\
ߚ< VL QR PH TXLHUHQ GDU Wº PH FRPSUDV 3DS¡ HVW¡ VLQ QLQJºQ
ߚ1RTXLHURVDEHUDIRQGRVLPHTXLHUHV
GLQHUR6HJXURTXHPHYHQGH6LSLGHPX\FDURSXHGHVFRPSUDUPH
ߚ&ODURTXHV­ERELWR DFU©GLWRDV­FRPRKDFHGRQ-DFRERFXDQGRYHQGHߨ
<PHDSUHW³P¡VSDUDSUREDUORTXHKDE­DGLFKR &RPRQRUHVSRQGLHUDYROY­DPLDQWLJXDSRVLFL³Q\©OWDPEL©Q
ߚ(VWXYHSHQVDQGRVHULDPHQWH7ºWLHQHVVRORDHVDKLMDTXHYLYH ߚ6DEHV3RUWXJDVLQRPHTXLHUHVQRLPSRUWD1RTXHU­DKDFHUWH
HQl(O(QFDQWDGR{QR" OORUDUߨ
ߚ$V­HV $FDULFL³PX\OHQWDPHQWHPLSHOR
ߚ9LYHV VROR HQ DTXHOOD FDVD FRQ GRV MDXODV GH SDMDULWRV ߚ1R VH WUDWD GH HVR KLMR P­R 1R HV HVR /D JHQWH QR UHVXHOYH
YHUGDG" DV­ODYLGDFRQXQDVRODPDQLREUD3HURWHYR\DSURSRQHUXQDFRVD
ߚ$V­HV 1R SRGU© VDFDUWH GHO ODGR GH WXV SDGUHV QL GH WX FDVD DXQTXH PH
ߚ'LMLVWHTXHQRWHQ­DVQLHWRVQR" JXVWDU­D PXFKR SRGHU KDFHUOR (VR QR HVW¡ ELHQ 3HUR GH DKRUD HQ
ߚ$V­HV DGHODQWH \R TXH WH TXHU­D FRPR D XQ KLMR YR\ D WUDWDUWH FRPR VL
ߚ<GLFHVTXHPHTXLHUHV" UHDOPHQWHORIXHUDV
ߚ$V­HV 0HHUJX­H[XOWDQWH
ߚ(QWRQFHV SRU TX© QR YDV D FDVD \ OH SLGHV D SDS¡ TXH PH ߚ9HUGDG3RUWXJD"

73/89
 ߚ+DVWDSXHGRMXUDUFRPRWºGLFHVVLHPSUH
+LFHXQDFRVDTXHUDUDPHQWHKDF­DRPHJXVWDEDKDFHUFRQPLV
IDPLOLDUHV%HV©VXURVWURJRUGR\ERQGDGRVRߨ

&DStWXOR'HSHGD]RV\SHGD]RVVHIRUPDOD
WHUQXUD

ߚ1RKDEODEDVFRQQLQJXQRGHHOORVQLSRG­DVPRQWDUDFDEDOOR
3RUWXJD"
ߚ&RQQLQJXQR
ߚ3HURQRHUDVXQQL±RHQWRQFHV"
ߚ6­3HURQRWRGRVORVFKLFRVWLHQHQODIHOLFLGDGTXHWºWLHQHVGH
HQWHQGHUWHFRQORV¡UEROHV$GHP¡VQRDWRGRVORV¡UEROHVOHVJXVWD
KDEODU
6HUL³DIHFWXRVDPHQWH\SURVLJXL³
ߚ7DPSRFRVHWUDWDEDGH¡UEROHVVLQRGHSDUUDV\DQWHVGHTXH
PHSUHJXQWHVTX©VRQWHYR\DH[SOLFDU3DUUDVVRQORV¡UEROHVGH

74/89
ODV XYDV 'H GRQGH QDFHQ ODV XYDV 6RQ JUXHVDV WUHSDGRUDV b4X© ߚ(QWRGRVPLVVXH±RV3RUWXJDWHSRQJR&XDQGRVDOJRSRUODV
ERQLWR HV FXDQGR OOHJDQ ODV YHQGLPLDV ©O H[SOLF³ F³PR HUDQ \ HO YHUGHV FDPSL±DV FRQ 7RP 0L[ \ )UHG 7KRPSVRQ DOTXLO© XQD
YLQRTXHVHKDFHHQHOODJDUQXHYDH[SOLFDFL³Qߨ
3RU OD PDQHUD HQ TXH LEDQ RFXUULHQGR ODV FRVDV VDE­D H[SOLFDU
FRQJUDQVDELGXU­D7DQELHQFRPRW­R(GPXQGR
ߚ&XHQWDP¡V
ߚ7HJXVWD"
ߚ0XFKRb6L\RSXGLHUDFRQYHUVDUFRQWLJRRFKRFLHQWRVFLQFXHQWD
\GRVPLONLO³PHWURVVLQSDUDU
ߚ<ODJDVROLQDSDUDWDPD±RUHFRUULGR"
ߚ6HU­DODGHJDVWRVGLDULRV
(QWRQFHVFRQW³FRVDVGHOlFDSLQ>@{TXHVHWUDVIRUPDHQKHQRHQ
HO LQYLHUQR \ GH OD IDEULFDFL³Q GH ORV TXHVRV (V GHFLU TXHVRV QR
lTXHLVRV{ SRUTXH ©O FDPELDED PXFKR OD PºVLFD GH ODV SDODEUDV
DXQTXH\RSHQVDEDTXHOHVGDEDPD\RUPXVLFDOLGDG
'HM³GHFRQWDU\ODQ]³XQJUDQVXVSLURߨ
ߚ0H JXVWDU­D YROYHU DOO¡ PX\ SURQWR 7DO YH] SDUD HVSHUDU
FDOPRVDPHQWH PL YHMH] HQ XQ OXJDU GH SD] \ HQFDQWDPLHQWR
)ROKDGHODFHUTXLWDGH0RQUHDOHQPLP¡VEHOOROXJDUWUDPRQWDQR
6RODPHQWHHQWRQFHVPHGLFXHQWDGHTXH3RUWXJDHUDPD\RUTXH
SDS¡ DXQTXH VX FDUD JRUGD HVWXYLHVH PHQRV DUUXJDGD EULOODQGR
VLHPSUH8QDFRVDUDUDSDV³GHQWURGHP­
ߚ(VW¡VKDEODQGRHQVHULR"
(QWRQFHVVHGLRFXHQWDGHPLWXUEDFL³Q
ߚ7RQWLWR HVR YD D WDUGDU PXFKR 7DO YH] QXQFD VXFHGD HQ PL
YLGD
ߚ<\R"&RQORTXHPHFRVW³TXHIXHVHVFRPRTXHU­D
0LVRMRVHVWDEDQFREDUGHPHQWHOOHQRVGHO¡JULPDV
ߚ3HUR Wº GHEHV DGPLWLU TXH D YHFHV OD JHQWH WDPEL©Q WLHQH HO
GHUHFKRGHVR±DU
ߚ(VTXHQRPHSXVLVWHHQWXVXH±R
6RQUL³HQFDQWDGR
GLOLJHQFLDSDUDTXHYLDMHVHQHOOD\QRWHFDQVHVPXFKR9DVDWRGRV
ORVULQFRQHVDORVTXHYR\\R'HYH]HQFXDQGRHQODFODVHPLUR
KDFLDODSXHUWD\SLHQVRTXHOOHJDV\PHVDOXGDVFRQODPDQRߨ
ߚb6DQWR'LRV1XQFDYLXQDDOPLWDWDQVHGLHQWDGHWHUQXUDFRPR
Wº3HURQRGHE­DVDSHJDUWHWDQWRDP­VDEHV"
<HVRHUDORTXHOHHVWDEDFRQWDQGRD0LQJXLWR0LQJXLWRHUDSHRU
TXH\RSDUDFKDUODU
ߚ3HURODYHUGDG;XUXUXFDHVTXHGHVSX©VTXH©ODSDUHFL³HQPL
YLGDPLSDGUHTXHG³FRQYHUWLGRHQXQDOHFKX]D7RGRORTXHKDJR©O
HQFXHQWUD TXH HVW¡ ELHQ 3HUR OR HQFXHQWUD DV­ GH XQ PRGR
GLIHUHQWH 1R HV FRPR RWURV TXH GLFHQ l(VH FKLFR YD D LU OHMRV{
b$\PX\OHMRVSHURQXQFDVDOJRGH%DQJº
0LU© D 0LQJXLWR FRQ WHUQXUD $KRUD TXH KDE­D GHVFXELHUWR OR TXH
HUDWHUQXUDODSRQ­DHQWRGRORTXHPHJXVWDED
ߚ0LUD 0LQJXLWR TXLHUR WHQHU GRFH KLMRV \ RWURV GRFH
(QWLHQGHV"/RVSULPHURVVHU¡QWRGRVFKLFRV\QXQFDYDQDUHFLELU
SDOL]DV /RV RWURV GRFH YDQ D KDFHUVH KRPEUHV < OHV YR\ D
SUHJXQWDUl4X©TXLHUHVVHUKLMR"/H±DGRU"(QWRQFHVOLVWRDTX­
HVW¡Q HO KDFKD \ OD FDPLVD D FXDGURV 4XLHUHV VHU GRPDGRU GH
FLUFR"/LVWRDTX­HVW¡QHOO¡WLJR\HOXQLIRUPHߨ{
ߚ<HQ1DYLGDGF³PRYDVDKDFHUFRQWDQWDVFULDWXUDV"
b7DPEL©Q 0LQJXLWR WHQ­D FDGD FRVD ,QWHUUXPSLU HQ XQ PRPHQWR
DV­ߨ
ߚ(Q1DYLGDGYR\DWHQHUPXFKRGLQHUR&RPSUDU©XQFDPL³QGH
FDVWD±DV\DYHOODQDV1XHFHVKLJRV\SDVDV<WDQWRVMXJXHWHVTXH
KDVWD HOORV YDQ D WHQHU TXH SUHVW¡UVHORV D ORV YHFLQRV SREUHVߨ <
YR\ D WHQHU PXFKR GLQHUR SRUTXH GH DKRUD HQ DGHODQWH TXLHUR VHU
ULFRPX\ULFR\DGHP¡VYR\DJDQDUHQODORWHU­D
0LU©GHVDILDQWHD0LQJXLWR\UHSURE©VXLQWHUUXSFL³Q
ߚ< G©MDPH WHUPLQDU GH FRQWDU OR TXH IDOWD TXH WRGDY­D KD\
PXFKRVKLMRVl%LHQKLMRTXLHUHVVHUYDTXHUR"$TX­HVW¡QODVLOOD\
HO OD]R 4XLHUHV VHU PDTXLQLVWD GHO 0DQJDUDWLED" $TX­ HVW¡Q OD
75/89
JRUUD\HOSLWRߨ{
ߚ3DUDTX©HOSLWR=H]©"9DVDWHUPLQDUORTXLWRGHWDQWRKDEODU
VROR
7RWRFD KDE­D OOHJDGR \ VH VHQW³ FHUFD GH P­ ([DPLQ³ FRQ XQD
VRQULVD DPLVWRVD PL SODQWLWD GH QDUDQMDOLPD OOHQD GH OD]RV \ GH
WDSLWDVGHFHUYH]D$OJRHVWDEDTXHULHQGR
ߚ=H]©TXLHUHVSUHVWDUPHFXDWURFLHQWRVU©LV"
ߚ1R
ߚ3HURORVWLHQHVQRHVFLHUWR"
ߚ6­TXHORVWHQJR
ߚ<PHGLFHVTXHQRPHORVSUHVWDVVLQVLTXLHUDVDEHUSDUDTX©
ORVTXLHUR"
ߚ1HFHVLWRKDFHUPHPX\ULFRSDUDSRGHUYLDMDUDOO¡GHWU¡VGHORV
PRQWHV
ߚ4X©ORFXUDHV©VD"
ߚ1RWHODYR\DFRQWDU
ߚ3XHVWU¡JDWHOD
ߚ0HODWUDJR\QRWHSUHVWRORVFXDWURFLHQWRVU©LV
ߚ(UHV PX\ K¡ELO WLHQHV SXQWHU­D 0D±DQD MXHJDV \ JDQDV P¡V
EROLWDV SDUD YHQGHU (Q XQ PRPHQWR UHFXSHUDV ORV FXDWURFLHQWRV
U©LV
ߚ$XQ DV­ QR WH SUHVWR QDGD \ QR YHQJDV D SHOHDU TXH HVWR\
SRUW¡QGRPHELHQVLQPHWHUPHFRQQDGLH
ߚ1R TXLHUR SHOHDU 3HUR HUHV HO KHUPDQR TXH P¡V TXLHUR < GH
SURQWRWHWUDVIRUPDVWHHQXQPRQVWUXRVLQFRUD]³Qߨ
ߚ1RVR\XQPRQVWUXR$KRUDVR\XQWURJORGLWDVLQFRUD]³Q
ߚ4X©FRVDHUHV"
ߚ7URJORGLWD 7­R (GPXQGR PH PRVWU³ XQ UHWUDWR HQ OD UHYLVWD
7HQ­D XQ PDPHOXFR SHOXGR FRQ XQD SRUUD HQ OD PDQR 3XHV ELHQ
WURJORGLWD HUD OD JHQWH TXH YLY­D DO FRPLHQ]R GHO PXQGR HQ XQDV
FDYHUQDV GH 1Hߨ 1Hߨ 1H QR V© TX© 1R FRQVHJX­ UHWHQHU HO
QRPEUHSRUTXHHUDH[WUDQMHUR\PX\GLI­FLOߨ
ߚ7­R(GPXQGRQRGHELHUDPHWHUWHWDQWRVJXVDQRVHQODFDEH]D
%XHQRPHORVSUHVWDV"
ߚ1RV©VLWHQJRߨ
ߚb&DUDPED =H]© FX¡QWDV YHFHV VDOLPRV D OXVWUDU \ SRUTXH QR
KLFLVWHQDGD\RGLYLGRPLVJDQDQFLDVb&X¡QWDVYHFHVHVW¡VFDQVDGR
\WHWUDLJRWXFDMDGHOXVWUDGRUߨ
(UDYHUGDG7RWRFDSRFDVYHFHVHUDPDORFRQPLJR<RVDE­DTXH
DOILQDOOHKDU­DHOSU©VWDPR
ߚ6LPHORVSUHVWDVWHFXHQWRGRVFRVDVPDUDYLOORVDV
4XHG©HQVLOHQFLR
ߚ7HGLJRTXHWXSODQWDGHQDUDQMDOLPDHVPXFKRP¡VOLQGDTXH
PLWDPDULQGR
ߚ'HYHUDVGLFHVHVR"
0HW­ODPDQRHQHOEROVLOOR\VDFXG­ODVPRQHGDV
ߚ<ODVRWUDVGRVFRVDV"
ߚ4XHQXHVWUDPLVHULDVHYDDDFDEDUSDS¡HQFRQWU³XQHPSOHR
GH JHUHQWH HQ OD I¡EULFD GH 6DQWR $OHL[R 9DPRV D VHU ULFRV GH
QXHYRb&DUDPED1RWHSRQHVFRQWHQWR"
ߚ6­SRUSDS¡3HURQRTXLHURVDOLUGH%DQJº9R\DTXHGDUPHD
YLYLU FRQ 'LQGLQKD 'H DTX­ VDOGU© VRODPHQWH SDUD LU GHWU¡V GH ORV
PRQWHV
ߚ3UHILHUHV TXHGDUWH FRQ 'LQGLQKD \ WRPDU SXUJDQWH WRGRV ORV
PHVHVDQWHVTXHYHQLUFRQQRVRWURV"
ߚ6­ORSUHILHUR1XQFDYDVDVDEHUSRUTX©ߨ<ODRWUDFRVD"
ߚ1RSXHGRKDEODUDTX­+D\lDOJXLHQ{TXHQRGHEHHVFXFKDU
6DOLPRV \ QRV IXLPRV KDFLD HO ED±R < WDPEL©Q DOO­ KDEO³ HQ YR]
EDMD
ߚ7HQJRTXHDYLVDUWH=H]©3DUDTXHWHYD\DVDFRVWXPEUDQGR/D
PXQLFLSDOLGDG YD D HQVDQFKDU ODV FDOOHV 9D D UHOOHQDU WRGRV ORV
]DQMRQHV\DYDQ]DUKDFLDHOLQWHULRUGHWRGDVODVTXLQWDV
ߚ<TX©KD\FRQHVR"
ߚ&³PR Wº TXH HUHV WDQ LQWHOLJHQWH QR HQWHQGLVWH" $O DJUDQGDU
ODVFDOOHVYDDGHUULEDUWRGRORTXHHVW¡DOO­
76/89
 (LQGLF³HOOXJDUGRQGHVHKDOODEDPLSODQWDGHQDUDQMDOLPD+LFH \DFDU©\ORVJRULODV6DEHVTXL©QWUDEDMD")UDQN0HUULOO
XQJHVWRGHOODQWR 3HURWRGDY­DHVWDEDLQGHFLVR
ߚ(VW¡VPLQWL©QGRPHYHUGDG7RWRFD" ߚ(UHVXQGLDEOLOOR7LHQHVXQDUGLGSDUDWRGR
ߚ1RHVODSXUDYHUGDG3HURHUHVRQRHUHVXQKRPEUH" ߚ6RQGRVKRUDVDSHQDV7º\DHUHVPX\ULFR3RUWXJD
ߚ6­ORVR\ ߚ(QWRQFHV YDPRV 3HUR YDPRV D SLH 9R\ D GHMDU HO FRFKH
3HURODVO¡JULPDVEDMDEDQFREDUGHPHQWHSRUPLFDUD0HDEUDF©D HVWDFLRQDGRHQODSDUDGD
VXEDUULJDLPSORUDQGR < QRV IXLPRV 3HUR HQ OD EROHWHU­D OD HPSOHDGD GLMR TXH WHQ­D
ߚ7ºYDVDHVWDUGHPLODGRYHUGDG7RWRFD"9R\DMXQWDUPXFKD ³UGHQHVWHUPLQDQWHVGHQRGHMDUPHHQWUDUGXUDQWHXQD±R
JHQWHSDUDKDFHUXQDJXHUUD1DGLHYDDFRUWDUPLSODQWDGHQDUDQMD ߚ<R PH UHVSRQVDELOL]R SRU ©O (VR HUD DQWHV DKRUD HV PX\
OLPDߨ MXLFLRVR
ߚ(VW¡ ELHQ 1RVRWURV QR ORV GHMDUHPRV < DKRUD PH SUHVWDV HO /D HPSOHDGD PH PLU³ \ OH VRQUH­ 7RP© OD HQWUDGD PH EHV© OD
GLQHUR" SXQWDGHORVGHGRV\VRSO©KDFLDHOOD
ߚ3DUDTX©"

ߚ&RPR QR SXHGHV HQWUDU HQ HO FLQH %DQJº TXLHUR YHU XQD >@3ODQWDJUDPtQHDIRUUDMHUD1GHOD7
SHO­FXODGH7DU]¡QTXHHVW¡QGDQGR'HVSX©VWHODFXHQWR /DVJUDPtQHDVIRUUDMHUDVFRQVWLWX\HQODSULQFLSDOIXHQWHGH
DOLPHQWDFLyQGHORVKHUEtYRURVWDQWRGRPpVWLFRVFRPRVDOYDMHV1GHOD
7RP© XQD PRQHGD GH TXLQLHQWRV U©LV \ VH OD HQWUHJX© PLHQWUDV
0DTXHWDFLyQ
PHOLPSLDEDORVRMRVFRQORVIDOGRQHVGHODFDPLVD
ߚ4X©GDWHFRQHOYXHOWR$OFDQ]DSDUDFRPSUDUFDUDPHORVߨ
9ROY­ D PL SODQWD GH QDUDQMDOLPD VLQ JDQDV GH KDEODU
DFRUG¡QGRPHVRODPHQWHGHODSHO­FXODGH7DU]¡Q<RODKDE­DYLVWR
DQXQFLDGDHOG­DDQWHULRU)XLDOO¡\OHFRQW©D3RUWXJD
ߚ4XLHUHVLU"
ߚ4XHUHUKDEU­DTXHULGRߨSHURQRSXHGRHQWUDUHQHOFLQH%DQJº
/HUHFRUG©SRUTX©QRSRG­D6HUL³
ߚ(VDFDEHFLWDQRHVW¡LQYHQWDQGRFRVDV"
ߚ7HORMXUR3RUWXJD3HURSLHQVRTXHVLXQDSHUVRQDPD\RUIXHUD
FRQPLJRQDGLHGLU­DQDGD
ߚ<VLHVDSHUVRQDJUDQGHIXHUD\Rߨ(VHVRORTXHTXLHUHV"
0LURVWURVHLOXPLQ³GHIHOLFLGDG
ߚ3HURWHQJRTXHWUDEDMDUKLMR
ߚ$ HVD KRUD QXQFD KD\ WUDEDMR (Q YH] GH HVWDU FRQYHUVDQGR R
GRUPLWDQGRHQHOFRFKHYHU­DVD7DU]¡QOXFKDQGRFRQHOOHRSDUGRHO

77/89

&DStWXOR(O0DQJDUDWLED
&XDQGRGR±D&HFLOLD3DLPSUHJXQW³VLDOJXLHQTXHU­DLUDOSL]DUU³Q
D HVFULELU XQD IUDVH SHUR XQD IUDVH LQYHQWDGD SRU HO DOXPQR QDGLH
VHDQLP³3HQV©XQDFRVD\OHYDQW©HOGHGR
ߚ4XLHUHVYHQLU=H]©"
6DO­ GHO EDQFR \ PH GLULJ­ DO SL]DUU³Q PLHQWUDV HVFXFKDED FRQ
RUJXOORVXFRPHQWDULR
ߚ9LHURQ"1DGDPHQRVTXHHOP¡VSHTXH±RGHOJUXSR
<RQRDOFDQ]DEDELHQQLDODPLWDGGHOSL]DUU³Q7RP©ODWL]D\PH
HVPHU©HQODOHWUD
l)DOWDQSRFRVG­DVSDUDTXHOOHJXHQODVYDFDFLRQHV{
/D PLU© SDUD YHU VL KDE­D DOJºQ HUURU (OOD VRQUH­D VDWLVIHFKD \
VREUHODPHVDFRQWLQXDEDYDF­RHOIORUHUR
9DF­RSHURFRQODURVDGHODLPDJLQDFL³QFRPRHOODKDE­DGLFKR
4XL]¡ SRUTXH GR±D &HFLOLD 3DLP QR HUD ERQLWD PX\ UDUDPHQWH
DOJXLHQOHOOHYDEDXQDIORU
9ROY­DPLEDQFRFRQWHQWRFRQPLIUDVH&RQWHQWRSRUTXHFXDQGR
OOHJDUDQODVYDFDFLRQHVLU­DDSDVHDUHQEXUURFRQ3RUWXJD
'HVSX©VDSDUHFLHURQRWURVGHFLGLGRVDHVFULELUXQDIUDVH3HURHO
K©URHKDE­DVLGR\R
$OJXLHQ SLGL³ SHUPLVR SDUD HQWUDU HQ OD FODVH 8QR TXH OOHJDED
WDUGH (UD -HU³QLPR /OHJ³ LQTXLHWR \ WRP³ DVLHQWR GHWU¡V GH P­
&RORF³ORVOLEURVFRQPXFKRUXLGR\FRPHQW³DOJRFRQVXYHFLQR1R
SUHVW©PXFKDDWHQFL³Q/RTXHTXHU­DHUDHVWXGLDUPXFKRSDUDOOHJDU
DVDELR3HURXQDSDODEUDGHODFRQYHUVDFL³QVXVXUUDGDPHOODP³OD
DWHQFL³Q+DEODEDQGHO0DQJDUDWLED
ߚ$JDUU³DDOJºQFRFKH"
ߚ$OFRFKD]RDTXHOWDQOLQGRGHGRQ0DQXHO9DODGDUHV
0HGLYXHOWDDWRQWDGR
ߚ4X©IXHORTXHGLMLVWH"
ߚ'LMHHVRTXHHO0DQJDUDWLEDDJDUU³DOFRFKHGHO3RUWXJX©VHQ
HOSDVRGHODFDOOHGD&KLWD3RUHVROOHJX©WDUGH(OWUHQGHVSHGD]³
DODXWRP³YLO+DE­DXQPRQW³QGHJHQWH/ODPDURQKDVWDDO&XHUSR
GHERPEHURVGH5HDOHQJR
&RPHQF©DVXGDUIU­R\PLVRMRVDPHQD]DEDQRVFXUHFHUVH
-HU³QLPRFRQWLQXDEDUHVSRQGLHQGRDODVSUHJXQWDVGHOYHFLQR
ߚ1RV©VLPXUL³1RGHMDEDQTXHQLQJºQFKLFRVHDSUR[LPDUD
0H IXL OHYDQWDQGR VLQ VHQWLUOR $TXHO GHVHR GH YRPLWDU PH DWDF³
PLHQWUDV PL FXHUSR HVWDED PRMDGR GH VXGRU IU­R 6DO­ GHO EDQFR \
FDPLQ©KDFLDODSXHUWDGHVDOLGD1LVLTXLHUDUHSDU©ELHQHQHOURVWUR
GH GR±D &HFLOLD 3DLP TXH KDE­D YHQLGR D PL HQFXHQWUR WDO YH]
DVXVWDGDSRUPLSDOLGH]
ߚ4X©SDVD=H]©"
3HUR QR SRG­D UHVSRQGHUOH 0LV RMRV FRPHQ]DEDQ D OOHQDUVH GH
O¡JULPDV 0H HQWU³ XQD ORFXUD HQRUPH \ FRPHQF© D FRUUHU VLQ
78/89
SHQVDUHQODVDODGHODGLUHFWRUDFRQWLQX©FRUULHQGR$OFDQF©ODFDOOH
\ PH ROYLG© GH OD FDUUHWHUD 5­R6DQ 3DEOR GH WRGR /R ºQLFR TXH
TXHU­DHUDFRUUHUFRUUHU\OOHJDUDOO¡0LFRUD]³QPHGRO­DP¡VTXHHO
HVW³PDJR\FRUU­SRUWRGDODFDOOHGHODV&DVLWDVVLQSDUDU/OHJX©D
ODFRQILWHU­D\SDV©ODYLVWDSRUORVDXWRP³YLOHVSDUDYHUVL-HU³QLPR
KDE­D PHQWLGR 3HUR QXHVWUR FRFKH QR VH HQFRQWUDED DOO­ 6ROW© XQ
JHPLGR \ YROY­ D FRUUHU )XL VXMHWDGR SRU ORV IXHUWHV EUD]RV GH GRQ
/DGLVODR
ߚ$G³QGHYDV=H]©"
/DVO¡JULPDVPRMDEDQPLURVWUR
ߚ9R\DOO¡
ߚ1RGHEHVLU
0H UHWRUF­ FRPR XQ ORFR SHUR VLQ FRQVHJXLU OLEUDUPH GH VXV
EUD]RV
ߚ4X©GDWHWUDQTXLORKLMR1RWHGHMDU©LUDOO¡
ߚ(QWRQFHVHO0DQJDUDWLEDORPDW³ߨ
ߚ1R/DDVLVWHQFLD\DOOHJ³6RORVHDUUXLQ³PXFKRHOFRFKH
ߚ8VWHGPHHVW¡PLQWLHQGRGRQ/DGLVODR
ߚ3RU TX© LED D PHQWLUWH" 1R WH FRQW© TXH HO WUHQ DJDUU³ DO
DXWRP³YLO"3XHVELHQFXDQGRSXHGDUHFLELUYLVLWDVHQHOKRVSLWDOWH
OOHYDU©ORSURPHWR$KRUDYDPRVDWRPDUXQUHIUHVFR
7RP³XQSD±XHOR\PHHQMXJ³HOVXGRU
ߚ3UHFLVRYRPLWDUXQSRFR
0HUHFRVW©HQODSDUHG\©OPHD\XG³WHQL©QGRPHODFDEH]D
ߚ(VW¡VPHMRU=H]©"
+LFHTXHV­FRQODFDEH]D
ߚ9R\DOOHYDUWHDWXFDVDTXLHUHV"
'LMH TXH QR FRQ OD FDEH]D \ PH IXL FDPLQDQGR OHQWDPHQWH
GHVRULHQWDGRSRUFRPSOHWR6DE­DWRGDODYHUGDG(O0DQJDUDWLEDQR
SHUGRQDEDQDGD(UDHOWUHQP¡VIXHUWHTXHKDE­D9RPLW©GRVYHFHV
P¡V\SXGHYHUTXHQDGLHVHPROHVWDED4XH\DQRKDE­DQDGLHHQ
PL YLGD 1R YROY­ D OD HVFXHOD IXL VLJXLHQGR OR TXH HO FRUD]³Q PH
PDQGDED 'H YH] HQ FXDQGR VROOR]DED \ HQMXJDED PL URVWUR HQ OD
EOXVD GHO XQLIRUPH 1XQFD P¡V YROYHU­D D YHU D PL 3RUWXJD 1XQFD
P¡V ©O VH KDE­D LGR )XL FDPLQDQGR FDPLQDQGR 3DU© HQ OD
FDUUHWHUDHQODTXHPHSHUPLWL³OODPDUOR3RUWXJD\PHFRORF³VREUH
VX FRFKH SDUD KDFHU HO lPXUFL©ODJR{ 0H VHQW© HQ XQ WURQFR GH
¡UERO\PHHQFRJ­WRGRDSR\DQGRPLFDUDHQODVURGLOODV0HGRPLQ³
XQGHVDVRVLHJRWDQJUDQGHTXHQL\RPLVPRORHVSHUDED
ߚ(UHVPX\PDOR1L±R-HVºVb<RTXHSHQVDEDTXHHVWDYH]LEDD
QDFHU'LRV\KDFHVHVWRFRQPLJR3RUTX©QRPHTXLHUHVFRPRD
ORV RWURV FKLFRV" 0H SRUWDED ELHQ 1R SHOHDED P¡V HVWXGL© PLV
OHFFLRQHVGHM©GHGHFLUSDODEURWDV1LVLTXLHUDlWUDVWH{GHF­D3RU
TX© KLFLVWH HVR FRQPLJR 1L±R -HVºV" 9DQ D FRUWDU PL SODQWD GH
QDUDQMDOLPD \ QL VLTXLHUD SRU HVR PH HQRM© 6RODPHQWH OORU© XQ
SRTXLWLWRߨ<DKRUDߨ<DKRUDߨ
1XHYRWRUUHQWHGHO¡JULPDV
ߚ<RTXLHURGHQXHYRDPL3RUWXJD1L±R-HVºV0HORWLHQHVTXH
WUDHUGHYXHOWDߨ
8QDYR]PX\VXDYHPX\GXOFHOHKDEO³DPLFRUD]³Q'HE­DVHU
ODYR]DPLJDGHO¡UEROHQHOTXHPHVHQWDUD
ߚ1ROORUHVQL±LWR‰OVHIXHSDUDHOFLHOR
&XDQGR \D HVWDED DQRFKHFLHQGR VLQ IXHU]DV VLQ VLTXLHUD SRGHU
YRPLWDUP¡VROORUDUIXLHQFRQWUDGRSRU7RWRFDVHQWDGRHQHOXPEUDO
GHHQWUDGDGHODFDVDGHGR±D(OHQD9LOODV%RDV
+DEO³FRQPLJR\VRODPHQWHSXGHJHPLU
ߚ4X©WLHQHV=H]©"'LPHTX©WHSDVD
3HUR FRQWLQXDED JLPLHQGR EDMLWR 7RWRFD SXVR OD PDQR VREUH PL
IUHQWH
ߚ(VW¡V DUGLHQGR GH ILHEUH 4X© SDV³ =H]©" 9HQ FRQPLJR
YDPRVDFDVD7HD\XGRDLUOHQWDPHQWH
&RQVHJX­GHFLUHQWUHJHPLGRV
ߚ'©MDPH7RWRFD1RYR\P¡VDHVDFDVD
ߚ9DVDLUV­(VQXHVWUDFDVD
ߚ1RWHQJRQDGDP¡VDOO¡7RGRVHDFDE³
,QWHQW³ D\XGDUPH D TXH PH OHYDQWDUD SHUR YLR TXH QR WHQ­D
79/89
IXHU]DV
$QXG³PLVEUD]RVDVXFXHOOR\PHOOHY³HQEUD]RV(QWU³HQFDVD
\PHGHM³HQODFDPD
ߚb-DQGLUDb*ORULD'³QGHHVW¡QWRGRV"
(QFRQWU³D-DQGLUDFRQYHUVDQGRHQODFDVDGH$OD­GH
ߚ-DQGLUD=H]©HVW¡PX\HQIHUPR
(OODYLQRUH]RQJDQGR
ߚ'HEHHVWDUKDFLHQGRRWUDFRPHGLD8QRVEXHQRVFKLQHOD]RVߨ
3HUR7RWRFDHQWU³QHUYLRVRHQODKDELWDFL³Q
ߚ1R-DQGLUD(VWDYH]HVW¡PX\HQIHUPR\YDDPRULUVHߨ


*ORULDOOHY³DOP©GLFRDIXHUD\OHFRQW³
'XUDQWHWUHVG­DV\WUHVQRFKHVHVWXYHVLQFRQRFLPLHQWR/DILHEUH
PHGHYRUDED\ORVY³PLWRVYROY­DQDDWDFDUPHHQFXDQWRLQWHQWDEDQ
GDUPH DOJR GH FRPHU R GH EHEHU 0H LED FRQVXPLHQGR
FRQVXPLHQGR 4XHGDED FRQ ORV RMRV HQ OD SDUHG VLQ PRYHUPH
GXUDQWHKRUDV\KRUDV
2­D OR TXH KDEODEDQ D PL DOUHGHGRU /R HQWHQG­D WRGR SHUR QR
TXHU­D UHVSRQGHU 1R TXHU­D KDEODU 6RODPHQWH SHQVDED HQ LU DO
FLHOR
*ORULDVHFDPEL³GHKDELWDFL³Q\SDVDEDODVQRFKHVDPLODGR1R
GHMDED QL DSDJDU OD OX] 7RGRV XVDEDQ PXFKD GXO]XUD +DVWD
'LQGLQKDYLQRDSDVDUXQRVG­DVFRQQRVRWURV
7RWRFD VH TXHGDED KRUDV \ KRUDV FRQ ORV RMRV GHVRUELWDGRV
KDEO¡QGRPHGHYH]HQFXDQGR
ߚ)XHPHQWLUD=H]©3XHGHVFUHHUPH)XHSXUDPDOGDG1RYDQD
HQVDQFKDUODFDOOHQLQDGDߨ
/D FDVD VH IXH YLVWLHQGR GH VLOHQFLR FRPR VL OD PXHUWH WXYLHVH
SDVRV GH VHGD 1R KDF­DQ UXLGR 7RGR HO PXQGR KDEODED HQ YR]
EDMD0DP¡VHTXHGDEDFDVLWRGDODQRFKHFHUFDGHP­3HUR\RQR
PH ROYLGDED GH ©O 'H VXV FDUFDMDGDV 'H VX GLIHUHQWH
SURQXQFLDFL³Q +DVWD ORV JULWRV GH ORV JULOORV DOO¡ IXHUD LPLWDEDQ HO
WUDF WUDF GH VX EDUED 1R SRG­D GHMDU GH SHQVDU HQ ©O $KRUD \D
VDE­D OR TXH HUD HO GRORU 'RORU QR GH UHFLELU JROSHV KDVWD
GHVPD\DUVH1RGHFRUWDUVHHOSLHFRQXQSHGD]RGHYLGULR\UHFLELU
SXQWRV HQ OD IDUPDFLD 'RORU HUD HVR TXH OOHQDED WRGR HO FRUD]³Q
FRQORTXHODJHQWHWHQ­DTXHPRULUVHVLQSRGHUFRQWDUOHDQDGLHHO
VHFUHWR'RORUHUDORTXHPHGDEDHVDGHELOLGDGHQORVEUD]RVHQOD
FDEH]DKDVWDHQHOGHVHRGHGDUYXHOWDODFDEH]DHQODDOPRKDGD<
OD FRVD HPSHRUDED 0LV KXHVRV HVWDEDQ VDOWDQGR GH OD SLHO
/ODPDURQ DO P©GLFR (O GRFWRU )DXOKDEHU YLQR \ PH H[DPLQ³ 1R
WDUG³PXFKRHQGHVFXEULUORWRGR
ߚ)XH XQ VKRFN 8Q WUDXPD PX\ IXHUWH 9LYLU¡ VRODPHQWH VL
FRQVLJXHYHQFHUHVHVKRFN
ߚ)XH UHDOPHQWH XQ VKRFN GRFWRU 'HVGH TXH VXSR TXH LEDQ D
FRUWDUVXSODQWDGHQDUDQMDOLPDTXHG³DV­
ߚ(QWRQFHVKD\TXHFRQYHQFHUORGHTXHQRHVYHUGDG
ߚ<D OR LQWHQWDPRV GH WRGDV IRUPDV SHUR QR OR FUHH 3DUD ©O VX
SODQWLWD GH QDUDQMDOLPD HV XQD SHUVRQD (V XQ QL±R PX\ H[WUD±R
0X\VHQVLEOH\SUHFR]
(VFXFKDEDWRGR\FRQWLQXDEDVLQLQWHU©VGHYLYLU4XHU­DLUDOFLHOR
\QLQJºQYLYRLEDDOO¡
&RPSUDURQUHPHGLRVSHURFRQWLQXDEDYRPLWDQGR
(QWRQFHVVXFHGL³DOJRKHUPRVR/DFDOOHVHSXVRHQPRYLPLHQWR
SDUDYLVLWDUPH2OYLGDURQTXH\RHUDHOGLDEORFRQILJXUDGHSHUVRQD
9LQR GRQ l0LVHULD \ +DPEUH{ \ PH OOHY³ WRUWD GH PDQDPROH /D
QHJUD (XJHQLD PH WUDMR KXHYRV \ OH UH]³ D PL EDUULJD SDUD TXH
GHMDUDGHYRPLWDU
ߚ(OKLMRGHGRQ3DEORVHHVW¡PXULHQGRߨ
0HGHF­DQFRVDVDJUDGDEOHV
ߚ7LHQHVTXHFXUDUWH=H]©6LQWL\WXVGLDEOXUDVODFDOOHHVW¡PX\
WULVWH
9LQRDYHUPHGR±D&HFLOLD3DLPWUD\HQGRPLFDUWHUDGHFROHJLR\
XQDIORU<HVRVRORVLUYL³SDUDKDFHUPHOORUDUGHQXHYR
80/89
 (OOD FRQW³ F³PR KDE­D VDOLGR GH OD FODVH SHUR VRODPHQWH VDE­D
HVR
+XERJUDQWULVWH]DFXDQGROOHJ³GRQ$ULRYDOGR5HFRQRF­VXYR]\
ILQJ­TXHGRUP­D
ߚ(VSHUHXVWHGKDVWDTXHVHGHVSLHUWH
6HVHQW³\VHSXVRDFRQYHUVDUFRQ*ORULD
ߚ(VFXFKHGR±DYLQHSRUWRGRVORVULQFRQHVSUHJXQWDQGRSRUOD
FDVDKDVWDTXHODGHVFXEU­
6ROOR]³FRQIXHU]D
ߚ0LVDQWLWRQRSXHGHPRULUVH1RGHMHTXHVHPXHUDGR±D(UD
SDUDXVWHGTXH©OWUD­DPLVIROOHWRVQR"
*ORULDFDVLQRSRG­DFRQWHVWDU
ߚ1RGHMHTXHVHPXHUDHVWHELFKLWRGR±D6LOHVXFHGHFXDOTXLHU
FRVDQXQFDP¡VYHQGU©DHVWHVXEXUELRGHVJUDFLDGR
&XDQGRHQWU³HQODKDELWDFL³QVHVHQW³FHUFDGHODFDPD\DSR\³
PLPDQRHQVXFDUD
ߚ0LUD=H]©7LHQHVTXHPHMRUDUWHSDUDLUDFDQWDUFRQPLJR&DVL
QR KH YHQGLGR QDGD 7RGR HO PXQGR SUHJXQWD l(K $ULRYDOGR
G³QGH HVW¡ WX FDQDULWR"{ 9DV D SURPHWHUPH TXH WH VDQDU¡V
SURPHWLGR"
0LV RMRV DºQ WXYLHURQ IXHU]DV SDUD OOHQDUVH GH O¡JULPDV \
VDELHQGRTXHQRGHE­DHPRFLRQDUPHP¡V*ORULDOOHY³DIXHUDDGRQ
$ULRYDOGR


DOHMDED GH PL ODGR +DE­D WUD­GR HO VLOO³QKDPDFD D OD KDELWDFL³Q \
&RPHQF© D PHMRUDU <D FRQVHJX­D WUDJDU DOJR \ DOLPHQWDU PL
HVW³PDJR 6RODPHQWH FXDQGR UHFRUGDED DXPHQWDED OD ILHEUH \
YROY­DQ ORV Y³PLWRV FRQ VXV WHPEORUHV \ HO VXGRU IU­R $ YHFHV QR
SRG­DGHMDUGHYHUDO0DQJDUDWLEDYRODQGR\GHVWUR]¡QGROR3HG­DDO
1L±R'LRVVLHVTXHDOJXQDYH]\ROHLPSRUWDEDTXH©OQRKXELHVH
VHQWLGRQDGD
(QWRQFHVYHQ­D*ORULD\SDVDEDVXVPDQRVSRUPLFDEH]D
ߚ1ROORUHV*XP7RGRHVWRYDDSDVDU6LTXLHUHVWHGR\WRGDPL
lPDQJXHLUD{SDUDWL1DGLHYDDMXJDUFRQHOOD
3HURGHTX©PHVHUY­DXQDlPDQJXHLUD{YLHMDVLQGLHQWHVTXH
\DQRVDE­DGDUPDQJRV"+DVWDPLSODQWDGHQDUDQMDOLPDSHUGHU­D
SURQWR VX HQFDQWR SDUD WUDVIRUPDUVH HQ XQ ¡UERO FRPR FXDOTXLHU
RWURߨ<HVRVLOHGDEDQWLHPSRDOSREUHFLWR
b4X© I¡FLO HUD PRULUVH SDUD DOJXQRV %DVWDED FRQ TXH YLQLHUD XQ
WUHQ PDOYDGR \ OLVWR b< TX© GLI­FLO HUD LU DO FLHOR SDUD P­ 7RGR HO
PXQGRPHVXMHWDEDODVSLHUQDV\QRPHGHMDEDQLU
/D ERQGDG \ OD GHGLFDFL³Q GH *ORULD FRQVHJX­DQ TXH \R
FRQYHUVDUD XQ SRFR +DVWD SDS¡ GHM³ GH VDOLU GH QRFKH 7RWRFD
DGHOJD]³ WDQWR GH UHPRUGLPLHQWRV TXH -DQGLUD OOHJ³ D GDUOH XQ
FRVFRUU³Q
ߚ<DQREDVWDFRQXQR$QWRQLR"
ߚ7º QR HVW¡V HQ PL OXJDU SDUD VHQWLUWH DV­ <R IXL HO TXH VH OR
FRQW³7RGDY­DVLHQWRHQODEDUULJDKDVWDFXDQGRHVWR\GXUPLHQGR
VXFDUDOORUDQGROORUDQGRߨ
ߚ$KRUD QR YDV D YHQLU Wº D OORUDU WDPEL©Q <D HVW¡V KHFKR XQ
KRPEU³Q\©OYDDYLYLU'©MDWHGHHVDVFRVDV\YHDFRPSUDUPHXQD
ODWDGHOHFKHFRQGHQVDGDHQORGHl0LVHULD\+DPEUH{
ߚ(QWRQFHVGDPHODSODWDSRUTXHQROHI­DP¡VDSDS¡ߨ
/D GHELOLGDG PH GDED XQD FRQWLQXD VRPQROHQFLD <D QR VDE­D
FX¡QGRHUDGHG­D\FX¡QGRGHQRFKH/DILHEUHLEDFHGLHQGR\PLV
DJLWDFLRQHV\WHPEORUHVFRPHQ]DEDQDGLVWDQFLDUVH
$EU­ ORV RMRV \ HQ OD VHPLRVFXULGDG HVWDED *ORULD TXH QR VH
PXFKDVYHFHVVHDGRUPHF­DGHFDQVDQFLR
ߚ*RG³LD\DHVODWDUGH"
ߚ&DVLODWDUGHFRUD]³Q
ߚ4XLHUHVDEULUODYHQWDQD"
ߚ1RWHYDDGROHUODFDEH]D"
ߚ&UHRTXHQRߨ
/DOX]HQWU³\VHYLRXQSHGD]RGHOLQGRFLHOR/RPLU©\GHQXHYR
81/89
FRPHQF©DOORUDU
ߚ4X© HV HVR =H]©" 8Q FLHOR WDQ OLQGR WDQ D]XO TXH HO 1L±R
'LRVKL]RSDUDWLߨ‰OPHORGLMRKR\
1RHQWHQG­DORTXHHOFLHORVLJQLILFDEDSDUDP­
6HUHFRVWDEDFHUFDGHP­WRPDEDPLVPDQRV\KDEODEDWUDWDQGR
GHDQLPDUPH
6XURVWURHVWDEDDEDWLGR\IODFR
ߚ0LUD =H]© GHQWUR GH SRFR HVWDU¡V VDQR 6ROWDQGR FRPHWDV
JDQDQGR U­RV GH EROLWDV VXELHQGR D ORV ¡UEROHV PRQWDQGR D
0LQJXLWR4XLHURYHUWHFRPRDQWHVFDQWDQGRFDQFLRQHVWUD\©QGRPH
IROOHWRVGHPºVLFDb+DFLHQGRWDQWDVFRVDVOLQGDV9LVWHF³PRHVW¡
GH WULVWH OD FDOOH" 7RGR HO PXQGR VLHQWH WX IDOWD \ WX DOHJU­Dߨ 3HUR
WLHQHVTXHD\XGDU9LYLUYLYLU\YLYLU
ߚ6DEHV *RG³LD HV TXH QR TXLHUR YLYLU P¡V 6L PH VDQR YR\ D
YROYHUDVHUPDOR1RPHHQWLHQGHV3HUR\DQRWHQJRSDUDTXL©QVHU
EXHQR
ߚ%LHQSHURQRQHFHVLWDVVHUVLHPSUHWDQEXHQR&RQWLQºDVLHQGR
XQQL±RXQDFULDWXUDFRPRVLHPSUHIXLVWH
ߚ3DUD TX© *RG³LD" 3DUD TXH WRGR HO PXQGR PH SHJXH"
3DUDTXHWRGRHOPXQGRPHPDUWLULFH"ߨ
7RP³PLFDUDHQWUHVXVPDQRV\GLMRUHVXHOWD
ߚ0LUD*XP7HMXURXQDFRVD&XDQGRWHVDQHVQDGLHQDGLHQL
VLTXLHUD 'LRV YD D SRQHU ODV PDQRV VREUH WL 6RODPHQWH VL DQWHV
SDVDQSRUVREUHPLFDG¡YHU0HFUHHV"
+LFHXQVLJQRDILUPDWLYR
ߚ4X©HVXQFDG¡YHU"
3RU SULPHUD YH] HO URVWUR GH *ORULD VH LOXPLQ³ FRQ XQD JUDQ
DOHJU­D/DQ]³XQDFDUFDMDGDSRUTXHVDE­DTXHVL\RPHLQWHUHVDED
SRUODVSDODEUDVGLI­FLOHVHVWDEDQXHYDPHQWHLQWHUHVDGRHQYLYLU
ߚ&DG¡YHUTXLHUHGHFLUORPLVPRTXHPXHUWRTXHGLIXQWR3HURQR
KDEOHPRVDKRUDGHHVRTXHQRHVFRQYHQLHQWH
0HSDUHFL³ORPLVPRSHURQRSRG­DGHMDUGHSHQVDUTXH©O\DHUD
FDG¡YHU GHVGH KDF­D PXFKRV G­DV *ORULD FRQWLQXDED KDEODQGR
SURPHWL©QGRPHFRVDVSHUR\RDKRUDSHQVDEDHQORVGRVSDMDULWRV
HOlD]XODR{\HOFDQDULR4X©KDU­DQFRQHOORV"$ORPHMRUPRU­DQ
GHWULVWH]DFRPRHQHOFDVRGHOlDYLQKDGR>@{GH2UODQGR3HORGH
)XHJR $ OR PHMRU OHV DEU­DQ ODV SXHUWDV GH OD MDXOD GHM¡QGRORV HQ
OLEHUWDG3HURHVRVHU­DORPLVPRTXHODPXHUWH<DQRVDE­DQYRODU
6H TXHGDEDQ FRPR WRQWRV SDUDGRV HQ ORV QDUDQMRV KDVWD TXH OD
FKLTXLOLQDGD OHV DFHUWDED FRQ OD KRQGD &XDQGR =LFR TXHG³ VLQ
GLQHUR SDUD FRQVHUYDU HO YLYHUR GH 7L©6DQJXH DEUL³ ODV SXHUWDV \
VXFHGL³HVDPDOGDG1LXQRVRORHVFDS³GHODSXQWHU­DGHORVFKLFRV
/DVFRVDVFRPHQ]DEDQDWRPDUVXULWPRQRUPDOHQODFDVD<DVH
HVFXFKDEDQ UXLGRV SRU WRGDV SDUWHV 0DP¡ KDE­D YXHOWR D WUDEDMDU
(OVLOO³QKDPDFDUHWRUQ³DODKDELWDFL³QHQGRQGHVLHPSUHHVWXYLHUD
6RODPHQWH*ORULDSHUPDQHF­DHQVXSXHVWR+DVWDTXHQRPHYLHVH
HQSLHQRVHDOHMDU­D
ߚ7RPDHVWHFDOGR*XP-DQGLUDPDW³ODJDOOLQDQHJUDVRODPHQWH
SDUDKDFHUWHHVWHFDOGLWRb0LUDTX©OLQGRRORUWLHQH
<VRSODEDODFXFKDUDSDUDHQIULDUOR
l6LTXLHUHVKD]FRPR\RPRMDHOSDQHQHOFDI©3HURQRKDJDV
UXLGRDOWUDJDU(VIHR{
ߚ3HURTX©HVHVR*XP"1RYDVDOORUDUDKRUDSRUTXHPDWDURQ
ODJDOOLQDQHJUD(VWDEDYLHMD7DQYLHMDTXH\DQRSRQ­DKXHYRVߨ
l7DQWRKLFLVWHTXHDFDEDVWHSRUGHVFXEULUG³QGHYLYRߨ{
ߚ<R V© TXH HOOD HUD OD SDQWHUD QHJUD GHO -DUG­Q =RRO³JLFR SHUR
FRPSUDUHPRVRWUDSDQWHUDQHJUDPXFKRP¡VVDOYDMHTXH©VD
l(QWRQFHVIXJLWLYRG³QGHHVWXYLVWHWRGRHVWHWLHPSR"{
ߚ*RG³LDDKRUDQR6LWRPRYR\DFRPHQ]DUDYRPLWDU
ߚ6LWHORGR\P¡VWDUGHORWRPDU¡V"
<ODIUDVHYLQRDERUERWRQHVVLQTXHSXGLHUDFRQWURODUPH
l3URPHWRTXHVHU©EXHQRTXHQRSHOHDU©P¡VTXHQRGLU©P¡V
SDODEURWDV QL VLTXLHUD WUDVWH YR\ D GHFLUߨ 3HUR TXLHUR TXHGDUPH
VLHPSUHFRQWLJRߨ{
0H PLUDURQ DSHQDGRV SRUTXH FUH­DQ TXH HVWDED KDEODQGR GH
QXHYRFRQ0LQJXLWR
82/89



ߚ1XQFD YL QDGD P¡V OLQGR 0LQJXLWR &³PR FRQVHJXLVWH MXQWDU
$O FRPLHQ]R HUD DSHQDV XQ UR]DU VXDYH HQ OD YHQWDQD SHUR
GHVSX©V VH FRQYLUWL³ HQ JROSHV 8QD YR] YHQ­D GHO ODGR GH DIXHUD
ELHQEDMD ߚb4X©O¡VWLPDTXHQRSXHGDVTXHGDUWHYHVWLGRDV­SDUDVLHPSUH
ߚb=H]©ߨ
0HOHYDQW©\DSR\©ODFDEH]DHQODPDGHUDGHYHQWDQD
ߚ4XL©QHV"
ߚ<R$EUH
(PSXM©ODPDQLMDVLQKDFHUUXLGRSDUDQRGHVSHUWDUD*ORULD(QOD
RVFXULGDG FRPR VL IXHVH XQ PLODJUR EULOODED WRGR lHQMDH]DGR{
0LQJXLWR
ߚ3XHGRHQWUDU"
ߚ&RPRSRGHUSXHGHV3HURQRKDJDVUXLGRSDUDTXHHOODQRVH
GHVSLHUWH
ߚ7HDVHJXURTXHQRVHGHVSHUWDU¡
6DOW³DGHQWURGHODKDELWDFL³Q\YROY­DODFDPD
ߚ0LUDORTXHWHWUDMH6HHPSH±³HQYHQLUWDPEL©QDYLVLWDUWH
$GHODQW³XQEUD]R\YLXQDHVSHFLHGHS¡MDURSODWHDGR
ߚ1RSXHGRYHUELHQ0LQJXLWR
ߚ0LUDELHQSRUTXHYDVDWHQHUXQDVRUSUHVD/RDGRUQ©WRGRFRQ
SOXPDVGHSODWD1RHVW¡OLQGR"
ߚb/XFLDQR b4X© OLQGR HVW¡V 6LHPSUH GHEHU­DV HVWDU DV­ 3HQV©
TXHHUDVXQKDOF³Q©VHGHODKLVWRULDGHOFDOLID6WRUN
$FDULFL©VXFDEH]DHPRFLRQDGR\SRUSULPHUDYH]VHQW­TXHHUD
VXDYH\TXHKDVWDDORVPXUFL©ODJRVOHVJXVWDEDODWHUQXUD
ߚ3HURQRWHGLVWHFXHQWDGHXQDFRVD0LUDELHQ
'LRXQDYXHOWDSDUDH[KLELUVH
ߚ(VWR\ FRQ ODV HVSXHODV GH 7RP 0L[ HO VRPEUHUR GH .HQ
0D\QDUGODVGRVSLVWRODVGH)UHG7KRPSVRQHOFLQWR\ODVERWDVGH
5LFKDUG7DOPDGJH<DGHP¡VGHWRGRHVRGRQ$ULRYDOGRPHSUHVW³
ODFDPLVDDFXDGURVTXHWDQWRWHJXVWD
WRGRHVWR"
ߚ%DVW³ FRQ TXH VXSLHUDQ TXH HVWDEDV HQIHUPR SDUD TXH PH
SUHVWDUDQWRGR
0H TXHG© PLUDQGR D 0LQJXLWR SUHRFXSDGR SRU VL ©O VDEU­D HO
GHVWLQRTXHOHHVSHUDED3HURQRGLMHQDGD
(QWRQFHVVHVHQW³DODRULOODGHODFDPDVXVRMRVVRORH[SDQG­DQ
GXO]XUD\SUHRFXSDFL³Q$SUR[LP³VXFDUDDPLVRMRV
ߚ4X©SDVD;XUXUXFD"
ߚ0¡V;XUXUXFDHUHVWº0LQJXLWR
ߚ%XHQRHQWRQFHVHUHVHO;XUXUXTXLQKD1RSXHGRTXHUHUWHFRQ
P¡VFDUL±RDYHFHVFRPRWºKDFHVFRQPLJR"
ߚ1RKDEOHVDV­(OP©GLFRPHSURKLEL³OORUDU\HPRFLRQDUPH
ߚ1L TXLHUR HVR 9LQH SRUTXH VHQW­D QRVWDOJLDV \ TXLHUR YHUWH GH
QXHYR EXHQR \ DOHJUH (Q OD YLGD WRGR SDVD 7DQWR TXH YLQH SDUD
OOHYDUWHDSDVHDU9DPRV"
ߚ(VWR\PX\G©ELO
ߚ8QSRFRGHDLUHOLEUHWHYDDFXUDU7HD\XGRSDUDTXHVDOWHVSRU
ODYHQWDQD<VDOLPRV
ߚ$G³QGHYDPRV"
ߚ9DPRVDSDVHDUSRUODSDUWHFDQDOL]DGD
ߚ3HURQRTXLHURLUSRUODFDOOH%DU³QGH&DSDQHPD1XQFDP¡V
YR\DSDVDUSRUDOO­
ߚ9DPRVSRUODFDOOHGHODVUHSUHVDVKDVWDHOILQDO
$KRUD0LQJXLWRVHKDE­DWUDVIRUPDGRHQXQFDEDOORTXHYRODED(Q
PLKRPEUR/XFLDQRVHHTXLOLEUDEDIHOL]
(Q HO VHFWRU FDQDOL]DGR 0LQJXLWR PH GLR OD PDQR SDUD TXH
PDQWXYLHUD HO HTXLOLEULR HQ ORV JUXHVRV FD±RV (UD OLQGR FXDQGR
KDE­D XQ DJXMHUR \ HO DJXD VDOSLFDED FRPR XQD IXHQWHFLWD
PRM¡QGRPH\KDFLHQGRFRVTXLOODVHQODSODQWDGHORVSLHV0HVHQW­D
XQ SRFR PDUHDGR SHUR OD DOHJU­D TXH 0LQJXLWR PH HVWDED
83/89
SURSRUFLRQDQGRHUDHOLQGLFLRGHTXH\DHVWDEDVDQR3RUORPHQRV
PLFRUD]³QODW­DVXDYHPHQWH
'HUHSHQWHDOROHMRVSLW³XQWUHQ
ߚ2­VWH0LQJXLWR"
ߚ(VHOSLWRGHXQWUHQDOROHMRV
3HUR XQ H[WUD±R UXLGR YLQR DFHUF¡QGRVH \ QXHYDV SLWDGDV
FRUWDEDQODVROHGDG
(OKRUURUPHGRPLQ³SRUFRPSOHWR
ߚ(V©O0LQJXLWR(O0DQJDUDWLED(ODVHVLQR
<HOUXLGRGHODVUXHGDVVREUHODVY­DVFUHF­DWHUULEOHPHQWH
ߚ6ºEHWH DTX­ 0LQJXLWR b5¡SLGR 0LQJXLWR 3HUR 0LQJXLWR QR
FRQVHJX­D JXDUGDU HO HTXLOLEUR VREUH HO FD±R D FDXVD GH ODV
EULOODQWHVHVSXHODV
ߚ6ºEHWH 0LQJXLWR GDPH OD PDQR 4XLHUH PDWDUWH 4XLHUH
GHVWUR]DUWH4XLHUHFRUWDUWHHQSHGD]RV
$SHQDV0LQJXLWRVHWUHS³HQHOFD±RHOWUHQPDOYDGRSDV³VREUH
QRVRWURVSLWDQGR\ODQ]DQGRKXPR
ߚb$VHVLQRߨb$VHVLQRߨ
0LHQWUDV WDQWR HO WUHQ FRQWLQXDED VX PDUFKD VREUH ODV Y­DV 6X
YR]OOHJDEDHQWUHFRUWDGDGHFDUFDMDGDV
ߚ1RVR\FXOSDEOHߨ1RVR\FXOSDEOHߨ1RVR\FXOSDEOHߨ
7RGDV ODV OXFHV GH OD FDVD VH HQFHQGLHURQ \ PL KDELWDFL³Q IXH
LQYDGLGDSRUFDUDVVHPLDGRUPHFLGDV
ߚ)XHXQDSHVDGLOOD
0DP¡PHWRP³HQORVEUD]RVLQWHQWDQGRDSODVWDUFRQWUDVXSHFKR
PLVVROOR]RV
ߚ)XHXQVXH±RKLMRߨ8QDSHVDGLOOD
9ROY­DYRPLWDUPLHQWUDV*ORULDOHFRQWDEDD/DO¡
ߚ0H GHVSHUW© FXDQGR ©O JULWDED lDVHVLQR{ߨ +DEODED GH PDWDU
GHVWUR]DUFRUWDUߨ0L'LRVFX¡QGRDFDEDU¡WRGRHVWR"


3HURXQRVSRFRVG­DVGHVSX©VDFDE³(VWDEDFRQGHQDGRDYLYLU
YLYLU8QDPD±DQD*ORULDHQWU³UDGLDQWH(VWDEDVHQWDGRHQODFDPD
\PLUDEDODYLGDFRQXQDWULVWH]DTXHGRO­D
ߚ0LUD=H]©
(QVXVPDQRVKDE­DXQDIORUFLWDEODQFD
ߚ/D SULPHUD IORU GH 0LQJXLWR 3URQWR VHU¡ XQ QDUDQMR DGXOWR \
FRPHQ]DU¡DGDUQDUDQMDV
0HTXHG©DFDULFLDQGRHQWUHPLVGHGRVODIORUEODQTXLWD1ROORUDU­D
P¡V SRU FXDOTXLHU FRVD $XQTXH 0LQJXLWR HVWXYLHUD LQWHQWDQGR
GHFLUPH DGL³V FRQ DTXHOOD IORU SDUW­D GHO PXQGR GH PLV VXH±RV
KDFLDHOPXQGRGHPLUHDOLGDG\PLGRORU
ߚ$KRUD YDPRV D WRPDU XQ lPLQJDX]LQKR>@{ \ GDU XQDV YXHOWDV
SRUODFDVDFRPRKLFLVWHD\HUb9DPRV
(QWRQFHVHOUH\/XLVVHVXEL³DPLFDPD$KRUDVLHPSUHGHMDEDQ
TXH HVWXYLHVH FHUFD GH P­ $O FRPLHQ]R QR TXHU­DQ TXH VH
LPSUHVLRQDUD
ߚb=H]©ߨ
ߚ4X©PLUH\HFLWR"
<HQYHUGDG©OHUDHOºQLFRUH\/RVRWURVORVGHRURGHFRSDV
EDVWRV R HVSDGDV HUDQ DSHQDV ILJXUDV VXFLDV SRU ORV GHGRV GH
TXLHQHV MXJDEDQ < HO RWUR ©O QL VLTXLHUD KDE­D OOHJDGR D VHU
UHDOPHQWHXQUH\
ߚ=H]©WHTXLHURPXFKR
ߚ<RWDPEL©QTXLHURDPLKHUPDQLWR
ߚ4XLHUHVKR\MXJDUFRQPLJR"
ߚ+R\MXHJRFRQWLJRV­4X©TXLHUHVKDFHU"
ߚ4XLHUR LU DO -DUG­Q =RRO³JLFR GHVSX©V D (XURSD 'HVSX©V
TXLHURLUDODVVHOYDVGHO$PD]RQDV\MXJDUFRQ0LQJXLWR
ߚ6LQRHVWR\PX\FDQVDGRKDUHPRVWRGRHVR
'HVSX©V GHO FDI© EDMR OD PLUDGD IHOL] GH *ORULD IXLPRV KDFLD HO
IRQGR WRPDGRV GH OD PDQR *ORULD VH UHFRVW³ VREUH OD SXHUWD
DOLYLDGD$QWHVGHOOHJDUDOJDOOLQHURPHGLYXHOWD\OHGLMHDGL³VFRQOD
84/89
PDQR (Q VXV RMRV EULOODED OD IHOLFLGDG HQ PL H[WUD±D SUHFRFLGDG
DGLYLQDED OR TXH SDVDED HQ VX FRUD]³Q lb+D YXHOWR D VXV VXH±RV
JUDFLDVD'LRV{
ߚ=H]©ߨ
ߚ+XPߨ
ߚ'³QGHHVW¡ODSDQWHUDQHJUD"
(UD GLI­FLO UHFRPHQ]DU WRGR VLQ FUHHU HQ QDGD 7HQ­D GHVHRV GH
FRQWDUOH OR TXH HQ UHDOLGDG VXFHG­D l7RQWLWR QXQFD H[LVWL³ HVD
SDQWHUDQHJUD$SHQDVHUDXQDJDOOLQDQHJUD\YLHMDTXHPHFRP­HQ
XQFDOGR{
ߚ6RORTXHGDURQODVGRVOHRQDV/XLV/DSDQWHUDQHJUDVHIXHGH
YDFDFLRQHVDODVHOYDGHO$PD]RQDV
(UDPHMRUFRQVHUYDUVXLOXVL³QORP¡VSRVLEOH&XDQGR\RHUDXQD
FULDWXULWDWDPEL©QFUH­DHQHVDVFRVDV
(OUH\HFLWRDJUDQG³ORVRMRV
ߚ$OO­HQHVDVHOYD"
ߚ1R WHQJDV PLHGR 6H IXH WDQ OHMRV TXH QXQFD P¡V DFHUWDU¡ HO
FDPLQRGHYXHOWD
6RQUH­ FRQ DPDUJXUD /D VHOYD GHO $PD]RQDV HUD DSHQDV XQD &DStWXOR6RQWDQWRVORVYLHMRViUEROHV
PHGLDGRFHQDGHQDUDQMRVHVSLQRVRV\KRVWLOHV
ߚ6DEHV /XLV =H]© HVW¡ PX\ G©ELO QHFHVLWD UHJUHVDU 0D±DQD
MXJDUHPRV P¡V $O WUHQFLWR GHO 3DQ GH $]ºFDU \ D WRGR OR TXH $ºQ QR KDE­D DQRFKHFLGR \ OD QRWLFLD KDE­D VLGR FRQILUPDGD
TXLHUDV 3DUHF­D TXH XQD QXEH GH SD] YROYHU­D D UHLQDU VREUH OD FDVD \ OD
$FFHGL³ H LQLFLDPRV OHQWDPHQWH HO UHJUHVR 7RGDY­D HUD PX\ IDPLOLD
SHTXH±R SDUD DGLYLQDU OD YHUGDG <R QR TXHU­D OOHJDU FHUFD GHO 3DS¡ PH WRP³ GH OD PDQR \ GHODQWH GH WRGRV PH VHQW³ HQ VXV
]DQM³Q R GHO U­R $PD]RQDV 1R TXHU­D HQFRQWUDUPH FRQ HO URGLOODV 6H EDODQFH³ OHQWDPHQWH HQ HO VLOO³Q SDUD TXH QR PH
GHVHQFDQWR GH 0LQJXLWR /XLV QR VDE­D TXH DTXHOOD IORU EODQTXLWD PDUHDUD
KDE­DVLGRQXHVWURDGL³V
ߚ<D SDV³ WRGR KLMR 7RGR 8Q G­D WDPEL©Q YDV D VHU SDGUH \
 GHVFXEULU¡V TX© GLI­FLOHV VRQ FLHUWRV PRPHQWRV HQ OD YLGD GH XQ
>@3iMDURQDWLYRGHO%UDVLO1GHOD7 KRPEUH 3DUHFH TXH QDGD VDOH ELHQ SURYRFDQGR XQD LQWHUPLQDEOH
>@'H©PLQJDQªXQDHVSHFLHGHSXUpTXHVHKDFHFRQKDULQDGHWULJR GHVHVSHUDFL³Q 3HUR DKRUD QR 3DS¡ IXH QRPEUDGR JHUHQWH GH OD
ELHQPH]FODGDFRQOHFKHRDJXDEDVWDQWHOtTXLGR1GHOD7
)¡EULFDGH6DQWR$OHL[R<DQXQFDIDOWDU¡QDGDHQWXV]DSDWLWRVHQOD
QRFKHGH1DYLGDG

85/89
 +L]RXQDSDXVDߨ7DPSRFR©OVHROYLGDU­DGHDTXHOORSRUHOUHVWR ߚ<DODFRUWDURQSDS¡KDFHP¡VGHXQDVHPDQDTXHFRUWDURQPL
GHVXYLGD SODQWDGHQDUDQMDOLPD
ߚ9DPRVDYLDMDUPXFKRPDP¡QRWHQGU¡TXHWUDEDMDUP¡VQLWXV
KHUPDQRV7RGDY­DWLHQHVODPHGDOODGHOLQGLR"
5HYROY­HQPLVEROVLOORV\ODHQFRQWU©
ߚ%XHQRFRPSUDU©QXHYDPHQWHXQUHORMSDUDFRORFDUODPHGDOOD
8QG­DVHU¡WX\Rߨ
l3RUWXJD VDEHV OR TXH HV FDUERUXQGXP"{ < SDS¡ KDEODED \
KDEODED VLHPSUH 0H KDF­D GD±R VX URVWUR FRQ EDUED DO UR]DU PL
FDUD (O RORU TXH VH HVFDSDED GH VX FDPLVD PX\ XVDGD PH GDED
HVFDORIU­RV 0H IXL UHVEDODQGR GH VXV URGLOODV \ FDPLQ© KDFLD OD
SXHUWDGHODFRFLQD0HVHQW©HQORVHVFDORQHV\FRQWHPSO©HOIRQGR
FXDQGR PRU­DQ WRGDV ODV OXFHV 0L FRUD]³Q VH UHEHODED VLQ UDELD
l4X©TXLHUHHVHKRPEUHTXHPHVLHQWDHQVXVURGLOODV"{‰OQRHUD
PLSDGUH0LSDGUHKDE­DPXHUWR(O0DQJDUDWLEDORPDW³
3DS¡ PH KDE­D VHJXLGR \ YLR TXH PLV RMRV VH HQFRQWUDEDQ
QXHYDPHQWHKºPHGRV
&DVLVHDUURGLOO³SDUDKDEODUFRQPLJR
ߚ1ROORUHVKLMR9DPRVDWHQHUXQDFDVDPX\JUDQGH8QU­RGH
YHUGDG SDVD SRU GHWU¡V +D\ JUDQGHV ¡UEROHV \ WDQWRV TXH VHU¡Q
WRGRVWX\RV3RGU¡VKDFHUORTXHTXLHUDVDUPDUUHGHVKDPDFDV
1RHQWHQG­Db1RHQWHQG­D1LQJºQ¡UEROSRGU­DVHUWDQOLQGRHQOD
YLGDFRPROD5HLQD&DUORWD
ߚ6HU¡VHOSULPHURTXHHOLMD¡UEROHV
0LU©VXVSLHVFRQORVGHGRVTXHVDO­DQGHVXV]XHFRV
(UDXQYLHMR¡UEROGHUD­FHVRVFXUDV(UDXQSDGUH¡UERO3HURXQ
¡UEROTXH\RFDVLQRFRQRF­D
ߚ<KD\P¡V7DQSURQWRQRYDQDFRUWDUWXSODQWDGHQDUDQMDOLPD
&XDQGRODFRUWHQHVWDU¡VOHMRV\QRVHQWLU¡VQDGD
6ROOR]DQGRPHDEUDF©DVXVURGLOODV
ߚ<DQRPHLQWHUHVDSDS¡1RPHLQWHUHVDߨ<PLUDQGRVXURVWUR
TXH WDPEL©Q VH HQFRQWUDED OOHQR GH O¡JULPDV PXUPXU© FRPR XQ
PXHUWR

86/89
 $XWRU

&DStWXOR/DFRQIHVLyQILQDO

/RV D±RV SDVDURQ PL TXHULGR 0DQXHO 9DODGDUHV +R\ WHQJR

FXDUHQWD\RFKRD±RV\DYHFHVHQPLQRVWDOJLDVLHQWRODLPSUHVL³Q
GHTXHFRQWLQºRVLHQGRXQDFULDWXUD4XHHQFXDOTXLHUPRPHQWRYDV
D DSDUHFHU WUD\©QGRPH IRWRV GH DUWLVWDV GH FLQH R P¡V EROLWDV 7º
IXLVWH TXLHQ PH HQVH±³ OD WHUQXUD GH OD YLGD PL 3RUWXJD TXHULGR
+R\ VR\ \R HO TXH WLHQH TXH GLVWULEXLU ODV EROLWDV \ ODV ILJXULWDV
SRUTXHODYLGDVLQWHUQXUDQRYDOHJUDQFRVD$YHFHVVR\IHOL]HQPL
WHUQXUDDYHFHVPHHQJD±RORTXHHVP¡VFRPºQ
(QDTXHOWLHPSRߨ(QHOWLHPSRGHQXHVWURWLHPSRQRVDE­DTXH
PXFKRV D±RV DQWHV XQ 3U­QFLSH ,GLRWD DUURGLOODGR IUHQWH D XQ DOWDU
SUHJXQWDEDDORVLFRQRVFRQORVRMRVOOHQRVGHO¡JULPDV -RV© 0DXUR GH 9DVFRQFHORV   PHVWL]R GH LQGLD \
SRUWXJX©V QDFL³ HQ %DQJX 5­R GH -DQHLUR &RPR DXWRGLGDFWD
32548‰/(6&8(17$1&26$6$/$6&5,$785,7$6" HMHUFL³ GLIHUHQWHV RILFLRV IXH HQWUHQDGRU GH ER[HDGRUHV WUDEDMDGRU
HQ KDFLHQGDV SHVFDGRU \ PDHVWUR HQ XQD HVFXHOD GH SHVFDGRUHV
< OD YHUGDG HV PL TXHULGR 3RUWXJD TXH D P­ PH FRQWDURQ ODV KDVWD TXH OR DQLP³ HO GHVHR GH YLDMDU GH FRQRFHU VX SD­V H
FRVDVGHPDVLDGRSURQWR LQWHUSUHWDUOR &RQYLYL³ FRQ ORV LQGLRV GH TXLHQHV HVFXFK³ KLVWRULDV
DSUHQGL³ ULWRV \ DFXPXO³ H[SHULHQFLDV 7HQ­D XQD H[FHOHQWH
b$GL³V
PHPRULDXQDULFDIDQWDV­DKDELOLGDGSDUDVDFDUORP¡VLQWHUHVDQWH
GHFDGDWHPD\XQLQWHQVRGHVHRGHWUDQVPLWLUGHFRQWDUTXHHVHO
8EDWXED HOHPHQWRSULPRUGLDOGHORVHVFULWRUHV
(Q SULQFLSLR IXH XQ FXHQWLVWD RUDO FRQ P­PLFD \ YDULDGDV
HQWRQDFLRQHV LQYHQWDED \ DQLPDED VXV FXHQWRV /XHJR HPSH]³ D
GDUOHV IRUPD HVFULWD \ VX SURIXQGR HVS­ULWX GH REVHUYDFL³Q PDUF³

87/89
FDGD XQR GH VXV UHODWRV DGHP¡V GH XQD VXWLO FXDOLGDG SDUD
HVWDEOHFHUXQIHFXQGRGL¡ORJRFRQHOOHFWRU
(Q  HQFDEH]³ OD OLVWD GH EHVW VHOOHUV FRQ 0L SODQWD GH
QDUDQMDOLPD GRQGH UHODWD OD KLVWRULD GH XQ QL±R TXH GHVFXEUH HO
GRORU\VHKDFHDGXOWRSUHFR]PHQWH
9DVFRQFHORVKDVDELGRHQFRQWUDUHOFDPLQRTXHFRQGXFHDOOHFWRU
SXHVFRQWRGDVXFDUJDHPRWLYDOOHJDGLUHFWDPHQWHDOFRUD]³QDQWHV
TXHDOLQWHOHFWRVXVOLEURVVRQPHQVDMHVGHXQHVS­ULWXDRWUR
6XVSHUVRQDMHVYLYHQVHPXHYHQ\GHVHQYXHOYHQFRQQDWXUDOLGDG
HQXQSDLVDMHH[³WLFR\FRQVWDQWHPHQWHFDPELDQWHSOHQRGHFRORUHV
UXLGRV \ RORUHV \ WRGRV HOORV VH LGHQWLILFDQ H LQWHJUDQ HQ XQ PLVPR
YDORUHOKRPEUH
-RV©0DXURGH9DVFRQFHORVߚPHVWL]RGHLQGLD\SRUWXJX©VQDWLYRGH%DQJº5­RGH-DQHLUR
D±RVߚKDVLGRDSDUWLUGHOFROHJLRVHFXQGDULRXQDXW©QWLFRDXWRGLGDFWRTXHVHIRUP³HQHOWUDEDMR\
ODYLGD(QWUHQDGRUGHER[HDGRUHVGHSHVRSOXPDWUDEDMDGRUHQXQDlID]HQGD{SHVFDGRUPDHVWURHQ
XQDHVFXHODGHSHVFDGRUHVKHDK­DOJXQDVGHVXVDFWLYLGDGHVKDVWDTXHORDQLP³HOGHVHRGHYLDMDUGH
FRQRFHUVXSD­V\GHLQWHUSUHWDUOR
)XHURQlD±RVGHYDLY©QHQWUHHO1RUWH\HO6XUEUDVLOH±RV{\HQHOORVRFXSDXQOXJDUGHVWDFDGRVX
SHU­RGRGHFRQYLYHQFLDFRQORVLQGLRVHQHVHFDVLP­WLFR6HUW¡R$OO­HQWUHHOORVDSUHQGL³KLVWRULDV
FXULRVDVUHWXYRFDUDFWHU­VWLFDV\WUDGLFLRQHVKL]RVXHVWXGLRGHODYLGD\DFXPXO³H[SHULHQFLDVTXH
QXQFDLPDJLQ³TXHIXHUDQDFRQYHUWLUORHQQRYHOLVWD3HURHVWDEDHQVXGHVWLQRVHUOR\HQVXLQWHU©V
YROFDUODVDRWURVVHUHV
7HQ­DDVXIDYRUYDULDVFLUFXQVWDQFLDVXQDH[FHOHQWHPHPRULDVXULFDIDQWDV­DODPXOWLSOLFDGD
KDELOLGDGSDUDVDFDUGHFDGDWHPDORP¡VLQWHUHVDQWH\VXGHVHRGHFRQWDUTXHHVHQGHILQLWLYDHO
HOHPHQWRSULPRUGLDOGHORVHVFULWRUHV3ULPHURߚ\DVHPHMDQ]DGHORVUHSHQWLVWDVTXHUHFRUU­DQHO
SD­VFRQWDQGRKLVWRULDKHFKDFDQFLRQHVOH\HQGDVRUHODWRVߚIXHXQFXHQWLVWDRUDOGHF­DLQYHQWDED\
H[SOLFDEDFRVDVD\XG¡QGRVHFRQP­PLFDFRQFDPELDQWHVHQWRQDFLRQHVGHYR]DQLPDQGRHQVXPD
VXVFXHQWRV
<XQG­DFRPHQ]³DGDUOHVIRUPDHVFULWDFXHQWRVQRYHODVUHJLVWUDURQVXSURIXQGRHVS­ULWXGH
REVHUYDFL³Q\HVDFXDOLGDGVXWLOTXHHVWDEOHFHGHVGHHOFRPLHQ]RXQGL¡ORJRIHFXQGRFRQHOOHFWRU
'HVGHORVD±RVKDSURGXFLGRGRFHOLEURV%DQDQDEUDYD%DUUREUDQFR/RQJHGDW©UUD9D]DQWH
$UDUDYHUPHOKD$UUDLDGHIRJR5RVLQKDPLQKDFDQRD'RLG£R2JDUDQK£RGDVSUDLDV&RUDFDRGH
YLGUR$VFRQILVVµHVGH)UH­$E³ERUD\0LSODQWDGHQDUDQMDOLPDTXHKDQHGLWDGR\UHHGLWDGRKDVWD
RQFHYHFHVVXVHGLWRUHV&DVLWRGRVHOORVUHFRJHQVXVH[SHULHQFLDVUHSLWRGHODPLVPDPDQHUDTXHVXV
KLVWRULDVORWLHQHQGHSHUVRQDMHSRUTXHPXFKDVGHHOODVQRVHQWUHJDQVXVDYHQWXUDVYLYLGDVHQHO
LQWHULRUGHO%UDVLODXQTXHQRVHDVXQRPEUHHOTXHDSDUHFHHQWUHORVSURWDJRQLVWDV
3HURHVWRQRHVHQWHUDPHQWHRULJLQDO\DTXHFXDOTXLHUHVFULWRUDFDEDSRUVHUDXWRELRJU¡ILFRHQDOJXQD
PHGLGD(QFDPELRVXRULJLQDOLGDGHVW¡HQVXP©WRGRGHWUDEDMRSULPHURODFDUJDGHLGHDVOD
DFXPXODFL³QGHORVGHWDOOHVI­VLFRV\SVLFRO³JLFRVTXHGDU¡QIRUPDDVXVFULDWXUDVODHOHFFL³QGHORV
SDLVDMHVTXHOHVHUYLU¡QGHHVFHQDULRVHOERVTXHMRGHODQRYHOD\ILQDOPHQWHFXDQGRHOORHVSRVLEOH
VXWUDVODGRDOHVFHQDULRHOHJLGRSDUDFRQVXVWDQFLDUVHFRQ©O5HDOL]DGDHVWDSULPHUDSDUWHVREUHYLHQH
ODHWDSDGHODUHGDFFL³QSURSLDPHQWHGLFKDHQODTXHVXHOWDWRGDVXIDQWDV­DHQKHEUDORVUHVRUWHV
OLQJ¼­VWLFRVߚPHLQWHUHVDUHFDOFDUVXILGHOLGDGDOKDEOD\ORVPRGLVPRVSURSLRVGHOD]RQDHQTXH
LQVWDODVXVKLVWRULDVߚ\MXHJDFRQHOGL¡ORJRTXHHVHQVXSURIXVL³Q\DFLHUWRXQDGHVXV
FDUDFWHU­VWLFDV3DUDGHFLUWRGRHVWRFRQSDODEUDVGH-RV©0DXURGH9DVFRQFHORV&XDQGRODKLVWRULD
HVW¡HQWHUDPHQWHUHDOL]DGDHQPLLPDJLQDFL³QFRPLHQ]RDHVFULELU6RODPHQWHWUDEDMRFXDQGRWHQJROD
LPSUHVL³QGHTXHWRGDODQRYHODHVW¡VDOL©QGRPHSRUORVSRURVGHOFXHUSR<HQWRQFHVWRGRPDUFKD
FRPRHQXQDYL³QDFKRUUR
(VWRHQORTXHKDFHD9DVFRQFHORVFRPRHVFULWRUSRUTXHWDPEL©QHVW¡HO9DVFRQFHORVDFWRU(OFLQH\
ODWHOHYLVL³QORKDQYLVWRDQLPDUKLVWRULDVSURSLDV\DMHQDV\REWHQHUSRUVXVDFWXDFLRQHVLPSRUWDQWHV
SUHPLRV8QDUHIHUHQFLDWDPEL©QDO9DVFRQFHORVSURWHFWRUGHLQGLRVDORVTXHVLUYHGHHQIHUPHURGH
JX­D\GHFRQVHMHUR
3HURQDWXUDOPHQWHDQRVRWURVQRVLQWHUHVDFRPRKRPEUHGHOHWUDV(QHQFDEH]³ODOLVWDGHEHVW
VHOOHUVFRQ0LSODQWDGHQDUDQMDOLPD2PHXSHGHODUDQMDOLPDVXKLVWRULDGHXQQL±RTXHXQDYH]
XQG­DGHVFXEUL³HOGRORU\VHKL]RDGXOWRSUHFR]PHQWH(Q©VWHFRPRHQFDVLWRGRVVXVRWURVOLEURV
9DVFRQFHORVKDVLGRXQDXWRUDIRUWXQDGRFRQODFU­WLFD\FRQHOSºEOLFR3XHGHTXHVHDSRUHORORUD
QDWXUDOH]DTXHVHDJLWDHQVXVS¡JLQDVFRPRXQDGHHVDVFXOHEUDVFRQODVTXHPXFKDVYHFHVGHEL³
OXFKDUGXUDQWHVXVDYHQWXUDVHQODVHOYD
2SXHGHTXHVHDSRUHVHOLULVPRTXHHQDOJXQDVRFDVLRQHVYLVWHVXVWHPDVSRUODVLPSOLFLGDGGHODV

88/89
IRUPDVOLWHUDULDVDGRSWDGDVODSUHVHQFLDGHOSDLVDMHOXMXULDQWHTXHGHSURQWRHVWDOODFRQWRGDODJDPD
GHVXVFRORUHV\GHVXVRORUHVRGHVXVUXLGRVRSRUVXLQWHQFL³QGHOOHJDUI¡FLOPHQWH\FRQWRGDVX
FDUJDHPRWLYDDOFRUD]³QGHOOHFWRU3RUTXHIXQGDPHQWDOPHQWHHVHOFRUD]³QGHVXSºEOLFRORTXH©O 9DVFRQFHORV-RVp0DXURGH
EXVFDPXFKRP¡VTXHVXLQWHOHFWRVXVOLEURVVRQPHQVDMHVGHXQHVS­ULWXDRWUR\QXQFDXQDYDF­D 0LSODQWDGHQDUDQMDOLPDDHGÄDUHLPS%XHQRVDLUHV(ODWHQHR
GHPRVWUDFL³QGHDFDGHPLFLVPR(QHVHHPSH±RLQWHUYLHQHQORVUHFXHUGRVGHVXYLGDHQODPLVPD S[FP
PHGLGDHQTXHORKDFHQVXVUHFXUVRVGHQRYHOLVWD&RPRORGHPXHVWUDQODVPºOWLSOHVHGLFLRQHVGH 7UDGXFFLyQ+D\GHp0&RIUH%DUURVR
FDGDXQRGHVXVW­WXORV9DVFRQFHORVKDVDELGRHQFRQWUDUHOFDPLQRTXHFRQGXFHDOOHFWRU ,6%1
6XVSHUVRQDMHVYLYHQVHPXHYHQ\VHGHVHQYXHOYHQFRQODPLVPDQDWXUDOLGDGFRQTXHORKDFHVXDXWRU  1DUUDWLYD%UDVLOHUD1RYHOD-RIUp%DUURVR+DYGHp0WUDG,,7LWXOR
HQODYLGDUHDO\HQHOORVHSHUFLEHQGRVFRVDVVXLQWHQFL³QGHQRFRQYHUWLUVXVQDUUDFLRQHVHQPHURV &''%
MXHJRVOLWHUDULRV\VXHQWUHJDDSDVLRQDGDDFDGDWHPD\DODVSRVLELOLGDGHVTXHEULQGD$YHFHVKD\HQ
ORTXHHVFULEHHVER]RVGHFU­WLFDSHURQXQFDVHVLWºDHQHOSDSHOGHVRFL³ORJRILHODVXGHVHRGHVHU
QDGDP¡V\QDGDPHQRVTXHXQHVFULWRUFRQWRGRORTXHHOORVLJQLILFDGHWHVWLJR\GHSDUWLFLSDQWHGH
ODUHDOLGDG 7tWXORRULJLQDO20HX3pGH1DUDQMD/LPD
9DVFRQFHORVTXL]¡VLQVDEHUORHVWDPEL©QXQSRFRSRHWD\DV­ORDGYHUWLPRVHQDOJXQDVGHVXV 7UDGXFWRUD+D\GHp0&RIUH%DUURVR
S¡JLQDVP¡VHQFRPLDGDV\HQPXFKDVGHODVGHHVWHOLEURSHURQRXQSRHWDGUDP¡WLFRVLQRO­ULFRTXH
VHVLUYHGHODDQ©FGRWDGHODDFFL³Q\GHORVFDUDFWHUHVGHVXVFULDWXUDVSDUDHYLGHQFLDUOR/D ‹&RS\ULJKW(GLWRUD0HOKRUDPHQWRV/WGD%UDVLO
DQ©FGRWDKHDK­RWUDGHVXVLQFRUSRUDFLRQHVDODDFWXDOOLWHUDWXUDGHO%UDVLO0XFKRVGHORVFXOWRUHVGH
©VWDODUHPSOD]DURQDPHQXGRSRUODLGHD(QODREUDGHHVWHDXWRUODDQ©FGRWDHVW¡GHVDUUROODGDWDQWR 'HUHFKRVH[FOXVLYRVGHHGLFLyQHQFDVWHOODQRSDUD$PpULFD/DWLQD‹*UXSR
SRUODDFFL³QFRPRSRUHOGL¡ORJRGLUHFWRVLPSOHFRQFUHWR ,/+6$6$SDUDVXVHOORHGLWRULDO(O$WHQHR3DWDJRQHV&$&$%XHQRV
&RQVRUSUHQGHQWHVHJXULGDG-RV©0DXURGH9DVFRQFHORVSURVLJXHVXWULXQIDOFDPLQRGHHVFULWRU $LUHV$UJHQWLQD7HO)D[(PDLO
UHFUHDQGRSDLVDMHV\GDQGRYLGDDLQILQLGDGGHSHUVRQDMHV7RGRVHOORVSRUDOJºQVLQJXODUPHFDQLVPR HGLWRULDO#HODWHQHRFRP
H[WUDOLWHUDULRߚGLI­FLOPHQWHH[SOLFDEOHSXHVVXSHUDFXDOTXLHUGHILQLFL³QTXHSXGLHUDG¡UVHOHߚVH
LGHQWLILFDQHLQWHJUDQHQXQPLVPRYDORUHOKRPEUHWDOFRPRORFRQFLEH\ORVLHQWHHVWHQRYHOLVWDTXH
DHGLFLyQGLFLHPEUHGH
HQUDWLILF³ODLPSRUWDQFLDTXHOHFRQFHGLHUDQORVFU­WLFRVGHQWURGHODQDUUDWLYDFRQWHPSRU¡QHD
GHO%UDVLO DHGLFLyQPD\RGH
DHGLFLyQPD\RGH
+$<'((0-2)5(%$55262 DUHLPSUHVLyQDJRVWRGH
DUHLPSUHVLyQHQHURGH

127$6'(75$'8&&,“1 ,6%1

(Q OD SUHVHQWH WUDGXFFL³Q VH KD WUDWDGR GH FRQVHUYDU HO VDERU SRSXODU HQ HO YRFDEXODULR ODV IRUPDV 'LVHxRGHFXELHUWDHLQWHULRUHV'HSDUWDPHQWRGH$UWHGH(GLWRULDO(O$WHQHR
LGLRP¡WLFDV UHJLRQDOHV \ ODV GHULYDGDV GH VLWXDFLRQHV VRFLDOHV FXOWXUD HGXFDFL³Q HWF©WHUD 'H HVWD
PDQHUDFDGDSHUVRQDMHHQVXIRUPDGHH[SUHVDUVHUHSUHVHQWDDVXDPELHQWH
&DVL HQ WRGRV ORV FDVRV VH RSW³ SRU VXVWLWXLU ODV IRUPDV PX\ SRSXODUHV H LQFOXVLYH ODV GHO OXQIDUGR ,PSUHVRHQ9HUODS6$
J­ULDHQSRUWXJX©VSRUVXHTXLYDOHQWHHQFDVWHOODQRFXDQGRQRH[LVW­DQHVDVHTXLYDOHQFLDVVHODV &RPDQGDQWH6SXUU$YHOODQHGD
WUDGXF­DGLUHFWDPHQWH 3URYLQFLDGH%XHQRV$LUHVHQHOPHVGHQRYLHPEUHGH
)LJXUDQDOSLHGHS¡JLQDODVQRWDVDFODUDFLRQHVRFRPHQWDULRVGHODWUDGXFWRUDHQORVFDVRVHQTXHVH
KLFLHURQQHFHVDULRV 4XHGDKHFKRGHSyVLWRTXHHVWDEOHFHODOH\/LEURGHHGLFLyQDUJHQWLQD

+0-%

89/89