a voz da cabala.pdf
TRANSCRIPT
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$WXDOPHQWHFDGDYH]PDLVSHVVRDVVHQWHPTXHOKHVIDOWDXPHOHPHQWRFKDYHHPVXDVYLGDVHSHUJXQWDPVHSRUTXHQmRSRGHPVHUIHOL]HV$HODVD&DEDODRIHUHFHXPDUHVSRVWDJHQXtQDHYiOLGDTXHWHPHVSHUDGRVHUGHVFREHUWDGXUDQWHPLOrQLRVHKRMHHPGLDHVWijGLVSRVLomRGHWRGRVSDUDVHEHQHILFLDUHPGHOD
6XDXWLOL]DomRSRGHUHXQLUDVFXOWXUDVGLYLGLGDVFXUDUDUHMHLomRHDSURYHLWDURVGRWHVLQGLYLGXDLVSDUDREHPGHWRGDDKXPDQLGDGHeHVWHRHOHPHQWRIDOWDQWHRDGHVLYRTXHSRGHWRUQDUSRVVtYHOXPD~QLFDOLQJXDJHPXPVySHQVDPHQWRDSHVDUGRVVpFXORVGHDQLPRVLGDGHVSDUDTXHQXQFDPDLVYROWHPRVDQRVVHSDUDU
-
2VGHVHMRVQmRVXUJHPGRQDGD)RUPDPVHLQFRQVFLHQWHPHQWHHPQRVVRLQWHULRUHVXUJHPVRPHQWHTXDQGRFKHJDPDVHUDOJRGHILQLGRFRPR4XHURSL]]D$QWHVGLVWRRVGHVHMRVQmRVmRSHUFHELGRVRXDRPHQRVVHQWLGRVFRPRXPDLQTXLHWXGHJHUDO7RGRVWrPH[SHULPHQWDGRHVVHVHQWLGRGHTXHUHUDOJRSRUpPQmRVDEHQGRH[DWDPHQWHRTXHpXPGHVHMRTXHDLQGDQmRDPDGXUHFHX
3ODWmRGLVVHXPDYH] $QHFHVVLGDGHpDPmHGDLQYHQomRHHVWDYDFHUWR'HIRUPDVLPLODUD&DEDODHQVLQDQRVTXHD~QLFDIRUPDSHODTXDOSRGHPRVDSUHQGHUDOJRpSULPHLUDPHQWHTXHUHQGRID]rOReXPDIyUPXODPXLWRVLPSOHVTXDQGRTXHUHPRVDOJRID]HPRVRQHFHVViULRSDUDFRQVHJXLOR&ULDPRVWHPSRHDFXPXODPRVHQHUJLDHGHVHQYROYHPRVDVKDELOLGDGHVQHFHVViULDV,VWRVLJQLILFDTXHRPRWRUGDPXGDQoDpRGHVHMR
$IRUPDHPTXHVHGHVHQYROYHPQRVVRVGHVHMRVGHILQHHGHWHUPLQDWRGDDKLVWyULDGDKXPDQLGDGHPHGLGDTXHHVWHVVHGHVHQYROYHPPRWLYDPDVSHVVRDVDHVWXGDUHPVHXPHLRDPELHQWHGHIRUPDTXHSRVVDPUHDOL]DUVHXVGHVHMRV'LIHUHQWHGRVPLQHUDLVSODQWDVHDQLPDLVDVSHVVRDVVHGHVHQYROYHPFRQVWDQWHPHQWH(PFDGDJHUDomRHHPFDGDSHVVRDRVGHVHMRV
pWRWDOPHQWHLPSRVVtYHOUHDOL]DUXPPtQLPRPRYLPHQWRVHPDOJXPDPRWLYDomRRXVHMDVHPDSRVVLELOLGDGHGHEHQHILFLDUVHGHDOJXPDIRUPD5DEL
-
$92='$&$%$/$
VXUJHPPDLVHPDLVIRUWHV
TXDQGRXPDSHVVRDPRYHVXDPmRGDFDGHLUDSDUDDPHVDSDUHFHOKHTXHDRSRUDPmRVREUHDPHVDUHFHEHUiPDLRUSUD]HU6HQmRSHQVDUDVVLPDSHVVRDGHL[DULDVXDPmRQDFDGHLUDSHORUHVWRGHVXDYLGDVHPPRYHODVHTXHUXPFHQWtPHWURQmRKiTXHIDODUGHXPPDLRUHVIRUoR5DEL
-
,&RQFHLWRV%iVLFRV
OXJDUGHFRUULJLURDXPHQWRGRHJRtVPRSDUDSHUPDQHFHUHPXQLmRFRPDQDWXUH]DWHPRVFRQVWUXLGRXPHVFXGRPHFkQLFRHWHFQROyJLFRTXHDVVHJXUDQRVVDSURWHJLGDH[LVWrQFLDGRVHOHPHQWRVQDWXUDLV,VWRVLJQLILFDVHPG~YLGDTXHVHMDPRVFRQVFLHQWHVRXQmRHVWDPRVHPUHDOLGDGHWUDWDQGRGHFRQWURODUDQDWXUH]DHWRPDURDVVHQWRGRFRQGXWRU
+RMHHPGLDPXLWDJHQWHHVWiVHFDQVDQGRGRIUDFDVVRGDVSURPHVVDVWHFQROyJLFDVGHULTXH]DVD~GHHRPDLVLPSRUWDQWHGHXPDPDQKmVHJXUR0XLWRVSRXFRVREWLYHUDPWXGRLVVRKRMHHPGLDHLQFOXVLYHQmRSRGHPDILUPDUTXHWHUmRRPHVPRDPDQKm3RUpPREHQHILFLRGHVWHHVWDGRpTXHQRVHVWiIRUoDQGRDUHH[DPLQDUQRVVDGLUHomRHQRVLQGDJDUPRVeSRVVtYHOTXHHVWHMDPRVHUUDQGRRFDPLQKR"
3DUWLFXODUPHQWHKRMHQDPHGLGDHPTXHUHFRQKHFHPRVDFULVHHRSRQWRPRUWRTXHHQIUHQWDPRVSRGHPRVDGPLWLUDEHUWDPHQWHTXHRFDPLQKRTXHWHPRVHVFROKLGRpXPEHFRVHPVDtGD(POXJDUGHFRPSHQVDUQRVVRHJRtVWLFRGLVWDQFLDPHQWRGDQDWXUH]DHVFRQGHQGRQRVQDWHFQRORJLDGHYHUtDPRVID]HUDPXGDQoDGHVWHSRUDOWUXtVPRHFRQVHTHQWHPHQWHSHODXQLGDGHFRPDQDWXUH]D1D&DEDODRWHUPRXVDGRSDUDHVWDPXGDQoDp7LNNXQFRUUHomR
&RQVFLHQWL]DUPRQRVGHQRVVRDOLMDPHQWRGDQDWXUH]DVLJQLILFDUHFRQKHFHUDGLYLVmRTXHDFRQWHFHXHQWUHQyVVHUHVKXPDQRVKiFLQFRPLODQRV,VWRpFKDPDGRRUHFRQKHFLPHQWRGRPDO1mRpIiFLOPDVpRSULPHLURSDVVRSDUDXPDPDQKmPHOKRU
-
1LQJXpPJRVWDGHHQFRQWUDUVHHQJDUUDIDGRQRPHLRGRWUkQVLWRDQGDUHQWUHDPXOWLGmRGHFRQVXPLGRUHVQXP VKRSSLQJRXHVSHUDUSDUDVHPSUHQDILODGRFDL[DGHXPVXSHUPHUFDGR3RUTXHH[LVWHPHVWDVPXOWLG}HV"
6HPSUHHVWDPRVGLVSRVWRVDFRPSDUWLOKDURPXQGRFRPDPLJRVHSDUHQWHVFRPGH]HQDVRXFHQWHQDVGHSHVVRDVDQHFHVVLGDGHGHFRPSDUWLOKDUFRPRVRXWURVVHWHELOK}HVVHPG~YLGDHVWiPHQRVFODUD3RUTXHHQWmRKiWDQWDJHQWHQRPXQGR"
&$)e'2%5$6,/(5(/*,2668d262VHQWLGRFRPXPQRVGHPRQVWUDTXHWHUUHODo}HVUHFtSURFDVFRPDV
SHVVRDVQRVpFRQYHQLHQWH6HHVWLYpVVHPRVVR]LQKRVQRPXQGRFRPHULQFOXVLYHXPDIDWLDGHSmRUHTXHUHULDXPJUDQGHHVIRUoR2XVHMDVHPHDUR
&DGDXPGHQyVpXPDSHoDGRTXHEUDFDEHoDVTXHXPDYH]IRLj~QLFDDOPDH[LVWHQWHDDOPDGH$GDP+D5LVKRQ R3ULPHLUR+RPHPeFKHJDGRRPRPHQWRGHUHXQLUWRGDVHVWDVSHoDVRWHPSRGHFRUUHomRpDJRUD
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$92='$&$%$/$
WULJRHVSHUDUFUHVFHUFR]LQKiORPRrORDPDVViORHID]HURSmR,QFOXVLYHWHUtDPRVTXHFRQVWUXLURIRUQR
(POXJDUGLVWRSRGHPRVLUjSDGDULDPDLVSUy[LPDHFRPSUiORFRPSRXFRGLQKHLURHVHJXLUGHVIUXWDQGRGDYLGDVHPSHUGHUPDLVTXHXQVPLQXWRVQDFRPSUD2XVHMDWUDEDOKDPRVYiULDVKRUDVDRGLDHJR]DPRVGRVSURGXWRVGRUHVWRGRPXQGR*R]DPRVGRyWLPRFKRFRODWHEHOJDGRIDVWIRRGDPHULFDQRGRVUHOyJLRVVXtoRVHGRFDIpEUDVLOHLUR2VFKLQHVHVID]HPRVFDUURVGHEULQTXHGRSDUDQRVVDVFULDQoDVHRVMDSRQHVHVIDEULFDPRVFDUURVYHUGDGHLURVTXHQyVGLULJLPRV
0DVHVWDpXPDERDUD]mRSDUDTXHWDQWDJHQWHH[LVWD"6HKRXYHVVHXPELOKmRGHSHVVRDVDPHQRVQRPXQGRVHQWLUtDPRVVXDDXVrQFLD"
125(,12'2'(6(-22V&DEDOLVWDVGL]HPTXHWRGRVSURYrPGHXPD~QLFDDOPDFKDPDGD
DDOPDGH$GDP+D5LVKRQRSULPHLURKRPHPTXHIRLFULDGDSHOR&ULDGRUFRPRGHVHMRJHUDOGHUHFHEHUSUD]HUHGHOHLWHXPDQDWXUH]DFRPSOHWDPHQWHRSRVWDD'/(TXHpGHWRWDOHQWUHJDHDPRU$WDUHIDGDDOPDGH$GDP+D5LVKRQpDGHDVVHPHOKDUVHDQDWXUH]DGR&ULDGRUHVHUWmRDIHWLYDHGRDGRUDFRPR(OHDOFDQoDQGRDVVLPRiSLFHGHWRGRVRVSUD]HUHVRJR]RLQILQLWR
35$=(5$17(6'2&217$726HJXQGRD&DEDODTXDQGRDDOPDGH$GDP+D5LVKRQIRLFULDGDWLQKD
XPDUHODomRFRPR&ULDGRUTXHOKHFDXVDYDXPSUD]HUOLPLWDGRSRUTXHQmRKDYLDVHHVIRUoDGRGHIRUPDLQGHSHQGHQWHSDUDDOFDQoiOR
2&ULDGRUTXLVTXHDDOPDGH$GDP+D5LVKRQVHGHVHQYROYHVVHSRUVHXSUySULRPHLR([SRQGRDHQWmRHPXPDWRSUHPHGLWDGRDRVPDLRUHVSUD]HUHVHVWDUHFHEHXRVSUD]HUHVHHQFKHQGRVHGHUHJR]LMRSHUGHXWRGDDQRomRGR&ULDGRUTXHPOKHKDYLDSURSRUFLRQDGRRGHOHLWHHWRGRFRQWDWRFRP(OH
eFRPRXPDSHVVRDTXHUH]DSDUDJDQKDUQDORWHULDSURPHWHQGRGRDUDPHWDGHGRSUrPLRSDUDDFDULGDGH3RUpPXPDYH]TXHUHDOPHQWHJDQKHRSUD]HUDTXHVHH[S}HDVXSHUDHVXDVSULRULGDGHVPXGDP6H IXUWDGHVXDSURPHVVDHHQFRQWUDUHSHQWLQDPHQWHPHOKRUHVDOWHUQDWLYDVGHDSOLFDomR
-
,&RQFHLWRV%iVLFRV
GRTXHGRDURGLQKHLUR
)5$*0(1726'235$=(5&RPRUHVXOWDGRGRHVTXHFLPHQWRGDUHODomRFRPR&ULDGRUDFDXVD
GRJUDQGHSUD]HUDDOPDGH$GDP+D5LVKRQIRLDIDVWDGDGRPXQGRHVSLULWXDOGLYLGLQGRVHHPP~OWLSODVSDUWHVFKDPDGDVDOPDVSDUWLFXODUHVTXHORJRIRUDPGHVFHQGRDHVWHPXQGRYHVWLQGRVHHPFRUSRVKXPDQRVLQGLYLGXDLVSDUDSRGHUHPDSUHQGHUJUDGXDOPHQWHFRPRUHFHEHURSUD]HUSUHGHWHUPLQDGRHPSRUo}HVDGPLQLVWUiYHLVVHPSHUGHURFRQWDWRFRPRRXWRUJDQWHGRSUD]HUR&ULDGRU
'HLJXDOIRUPDVHGHVHMDPRVPRYHUXPSHVRGHXPDWRQHODGDQmRSRGHPRVSHGLUTXHXPDVySHVVRDRIDoD3RUpPVHGLYLGLUPRVDWRQHODGDHPPLOSHTXHQRVSHGDoRVGHXPTXLORHGDUPRVXPDVySHoDDFDGDXPDGHPLOSHVVRDVSRGHUHPRVIDFLOPHQWHPRYHUHVWHSHVR
(VWH SURFHVVR VH H[SUHVVD FRQFLVDPHQWH QXPD SDUiEROD GH %DDO+D6XODP KDYLDXPUHLTXHTXHULDHQYLDUXPDJUDQGHVRPDGHPRHGDVGHRXURDVHXILOKRTXHYLYLDPXLWRORQJH/DPHQWDYHOPHQWHWRGDVDVSHVVRDVHPVHXSDtVHUDPODGUDVHHQJDQDGRUDVHRUHLQmRWLQKDQHQKXPPHQVDJHLUROHDO4XHID]HU"'LYLGLXDVPRHGDVHPSHTXHQDVTXDQWLGDGHVHDVHQYLRXDWUDYpVGHPXLWRVPHQVDJHLURVDVVLPQmRYDOHULDDSHQDPDQFKDUHPVXDKRQUDSHORSUD]HUGHURXEDUUYRUHGDYLGD%DDO+D6XODP
'(,;$5'(5((1&$51$5+RMHQRVHQFRQWUDPRVQXPHVWDGRGHSyVUXSWXUDHPTXHFDGDXP
GHQyVpXPPHQVDJHLURGRUHLTXHOHYDFRQVLJRXPDSHTXHQDSDUWHGRJUDQGHWHVRXURGR&ULDGRU1RVVDPLVVmRpID]HURTXHSHGHRUHLHYROWDUDUHVWDEHOHFHUDFRQH[mRFRP(OHHQTXDQWRHVWDPRVYLYRV$WpTXHOHYHPRVDVPRHGDVDVHXOXJDUFRQWLQXDUHPRVYROWDQGRDHVWHPXQGR
2V&DEDOLVWDVTXHMiDWUDYHVVDUDPHVWHSURFHVVRVHUHIHUHPDHOHFRPR7LNNXQFRUUHomR(OHVQRVHQVLQDPFRPRFRUULJLUQRVVRSHTXHQRSUD]HULQGLYLGXDOSDUDFKHJDUDRDOWRGD(VFDGD(VSLULWXDOHQmRWHUTXHUHHQFDUQDUPDLVQHVWHPXQGR
-
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2&21-8172e08,720$,6'248($620$'$668$63$57(6
2SURSyVLWRGRHVWXGRGD&DEDODpDMXGDUDFDGDXPGHQyVSDUWHVLQGLYLGXDLVGDDOPDGH$GDP+D5LVKRQDUHVWDXUDUQRVVDXQLGDGHGDPDQHLUDPDLVUiSLGDH~WLOSRVVtYHO4XDQGRFDGDXPFRUULJLUVXDSDUWHHVWDUHPRVUHDOL]DQGRDPHWDSDUDDTXDOYLHPRVDHVWHPXQGRHILQDOPHQWHSRGHUHPRVGHVIUXWDUHPFRQMXQWRGRVHQRUPHVSUD]HUHVTXHR&ULDGRUGHVHMRXSDUDQyVQR3HQVDPHQWRGD&ULDomR
-
$/(,'$5($/,'$'(
,PDJLQHVHFRPRXPFXULRVRQHVWHPXQGR9RFrH(XQRVHQFRQWUDPRVDXPPHWURGHGLVWDQFLDQRVIDODPRVQRVYHPRVPDVQHQKXPGHQyVWHPDPHQRULGpLDVREUHRVSHQVDPHQWRVHGHVHMRVGRRXWUReSRVVtYHODWpTXHQHVWHSUHFLVRPRPHQWRHVWHMDSHQVDQGRHPRXWUDSHVVRDTXHYLYHRXYLYHXHPDOJXPRXWURFRQWLQHQWHRXpSRFD
eVDELGRTXHDVSHVVRDVHQDPRUDGDVOHYDPFRQVLJRDDPDGDDRQGHTXHUTXHYi)DODUOKHVpXPDH[SHULrQFLDUHDOPHQWHFXULRVDRQGHHVWLYHUHPVHXVSHQVDPHQWRVHVWmRQRPDUDYLOKRVRPXQGRVXEOLPHGRVHQDPRUDGRV
(PFRQWUDVWHDLVWRVHPHSHUJXQWDUHPDRODGRGHTXHPHVWLYHVHQWDGRKRMHQRPHWU{QRFDPLQKRGRWUDEDOKRRXDRODGRGHTXHPHVWLYHSDUDGRQDILODSDUDFRPSUDUDVHQWUDGDVGDVHPLILQDOGHIXWHEROVHJXUDPHQWH
FRPRDIDFDFRUWDHGLYLGHXPREMHWRItVLFRHPGRLVDVVLPDGLIHUHQoDGHIRUPDVHSDUDHGLYLGHRREMHWRHVSLULWXDOHPGRLV5DEL
-
$92='$&$%$/$
QmRSRGHULDGL]HUSRUTXHPHVPRHVSHUDQGRQDILODRXYLDMDQGRQRPHWU{HVWDYDSHQVDQGRHPRXWUDVFRLVDVRXSHVVRDV
QmRVHWUDWDGHHVWDUSHUWRRXORQJHILVLFDPHQWHPDVVLPGHHTXLYDOrQFLDGHIRUPD5DEL
-
,&RQFHLWRV%iVLFRV
DVSHVVRDVVmRLJXDLVHPIRUPD>TXDQGR@FDGDXPDDPDRTXHDRXWUDDPDHRGHLDRTXHDRXWUDRGHLD
5DEL
-
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)RUoDTXHGLULJHQRVVDVYLGDV3RUWDQWRVHQRVVRGHVHMRpFRQKHFHUHHQWHQGHUR*RYHUQRVREUHHVWH
PXQGRWHUHPRVTXHDGTXLULURDWULEXWRGHRXWRUJDPHQWR$RVHJXLUSHQVDQGRVyHPQyVPHVPRVHHPQRVVREHQHILFLRSHVVRDOQmRSRGHUHPRVVDEHUDVFDXVDVGRTXHRFRUUHDRQRVVRUHGRUHHPQRVVRLQWHULRUMiTXHFRQWLQXDUHPRVQXPHVWDGRRSRVWRDRGD)RUoD6XSHULRU
6RPHQWHVHHQFRQWUDUPRVDPDQHLUDGHHOHYDUPRQRVDFLPDGHQRVVRHJRtVPROLEHUWDQGRQRVGDDXWRSUHVHUYDomRDOFDQoDUHPRVDPHGLGDGHHTXLYDOrQFLDGHIRUPDFRPRQRVVRVViELRVGLVVHUDP $VVLPFRPR(OHpPLVHULFRUGLRVRWDPEpPWXVHUiVPLVHULFRUGLRVRDVVLPFRPR(OHpSLHGRVRWDPEpPWXVHUiVSLHGRVR
$VVLPSHQHWUDUHPRVQXPPXQGRQRYRGHDPRURXWRUJDPHQWRHJHQHURVLGDGH&RQVHTHQWHPHQWHLUHPRVH[SHULPHQWDUREHPHDIHOLFLGDGHD0HWDSULQFLSDOGD&ULDomR
-
$QDWXUH]DLQWHUQDGRVHUKXPDQRpRHJRtVPRRGHVHMRGHUHFHEHUSUD]HU(VWDQDWXUH]DQRVREULJDDDWXDUGHDFRUGRFRPXPDIyUPXODFRPSRUWDPHQWDOH[LVWHQWHHPQyVPtQLPRHVIRUoRPi[LPRUHQGLPHQWR2VHUKXPDQRHVWiGLVSRVWRDH[SHULPHQWDUJUDQGHVVRIULPHQWRVQRSUHVHQWHSRUXPGHOHLWHIXWXUR&RQVFLHQWHRXLQFRQVFLHQWHPHQWHFDGDDWRFDGDPRYLPHQWRTXHUHDOL]DSURYpPGHXPIULRFiOFXORGHFXVWREHQHItFLR
TXDQGRH[DPLQDPRVRVDWRVGHXPLQGLYtGXRRVGHVFREULPRVIRUoDGRV2VUHDOL]DFRQWUDVXDYRQWDGHHVHPQHQKXPDOLEHUGDGH3DUHFHXPJXLVDGRFR]LQKDQGRQmRWHPRXWUDRSomRPDLVTXHFR]LQKDU3RUTXHD3URYLGrQFLDDFRUUHQWRXDYLGDFRPGXDVFRUUHQWHVRSUD]HUHDGRU5DEL
-
$92='$&$%$/$
jVTXDLVHVWDPRVREULJDGRVDFXPSULU(VWDVOHLVQmRVyGHWHUPLQDPQRVVRFRPSRUWDPHQWRFRPRPROGDPWDPEpPQRVVDDWLWXGHIUHQWHDWRGRVRVFDPSRVGHQRVVDYLGD(PDLVRVHUKXPDQRHVWiVXMHLWRDQRUPDVGHHWLTXHWDGLWDGDVSHODVRFLHGDGHHPDLVFHGRRXPDLVWDUGHHVWDVVHFRQYHUWHPHPVHXVSDGU}HVGHFRQGXWD
&RPRWHPSRRLQGLYtGXRFRPHoDDHQWHQGHUTXHQmRpHOHTXHPHVFROKHVXDPDQHLUDGHYLGDVHXVFDPSRVGHLQWHUHVVHVSDVVDWHPSRVDFRPLGDDPRGDFRPDTXDOVHYHVWHHVHFRPSRUWDHPDLVDLQGDTXHWXGRLVWRpIHLWRVHJXLQGRDYRQWDGHHRJRVWRGHVHXDPELHQWH
$21'((172(67$1266$/,%(5'$'("%DDO +D6XODP 5DEL
-
,&RQFHLWRV%iVLFRV
VHQWRPHYLVWRPHIDORFRPRQmRSRUTXHTXHURVHQWDUPHYHVWLUPHIDODURXFRPHUDVVLPVHQmRSRUTXHRXWURVTXHUHPTXHPHVHQWHYLVWDIDOHHFRPDDVVLPFRQIRUPHRVGHVHMRVGDVRFLHGDGHQmRGRPHXSUySULROLYUHDUEtWULRLQFOXVLYHDGHWHUPLQDomRGRWLSRGHSUD]HURXEHQHItFLRHVWiFRPSOHWDPHQWHIRUDGDSUySULDYRQWDGHRXOLYUHHVFROKDVHJXHVHRGHVHMRGRVRXWURV5DEL
-
$92='$&$%$/$
FRPDVTXDLVPXGDPQRVVDHVVrQFLDWDPSRXFRSRGHPRVPRGLILFiODVGDPHVPDPDQHLUDTXHQmRSRGHPRVLQIOXHQFLDUDPDQHLUDHPTXHUHSHUFX
WHPDVOHLVGRDPELHQWHVREUHQyV3RUpPRDPELHQWHGHQWURGRTXDO H[LVWLPRV HGRTXDO GHSHQGHPRV WRWDOPHQWHSRGHPRVPXGDU HPGHILQLWLYR
2VHUKXPDQRSRGHRSWDUSRULPSODQWDUVHQXPDPELHQWHTXHDSyLHVHXGHVHQYROYLPHQWRHVSLULWXDORTXDO
VHEDVHLDHPWUrVHOHPHQWRVRXWUDVSHVVRDVTXHEXVTXHPDHVSLULWXDOLGDGHOLYURVDXWrQWLFRVHVFULWRVSRU&DEDOLVWDVHXPPHVWUHTXHDVJXLHHPVHXFDPLQKRDWpRGHVHQYROYLPHQWRHVSLULWXDO
3RUWDQWRDHVFROKDGRDPELHQWHVHJXQGRD&DEDODpD~QLFDTXHH[LVWHHPQRVVDYLGD
-
1D&DEDOD$GDP+RPHPHPKHEUDLFRHSHUVRQDJHPEtEOLFRWHPXPVREUHQRPH+D5LVKRQ23ULPHLURHPKHEUDLFR,VWRQmRVLJQLILFDTXHKDMDVLGRRSULPHLURKRPHPVREUHDWHUUDHVLPTXHIRLRSULPHLURQRTXDODSDUHFHXRGHVHMRGHHQFRQWUDURSURSyVLWRGHVXDH[LVWrQFLD$GDPGHVFREULXTXHHVWHpFKHJDUDVHUVLPLODUDR&ULDGRUD)RUoD$OWUXtVWDTXHFULRXDYLGDHDOFDQoRXVHXREMHWLYR'HIDWRVHXQRPHGiWHVWHPXQKRGHVHXr[LWRMiTXHVHFRPS}HGDVSDODYUDVKHEUDLFDV$GDP/D(O\RQ(XVHUHLFRPRR$OWtVVLPR,VDtDV(PRXWUDVSDODYUDV$GDPIRLRSULPHLURLQGLYtGXRQDKLVWyULDGDKXPDQLGDGHTXHSHUFHEHXR&ULDGRUFRQVFLHQWHPHQWHHGHDFRUGRFRPRV&DEDOLVWDVRDOFDQoRX
1HVWDpSRFDTXDVHVHLVPLODQRVGHSRLVGH$GDPRWHPDGRSURSyVLWRGHQRVVDH[LVWrQFLDMiHVWiGHVSHUWDQGRXPQ~PHURFUHVFHQWHGHSHVVRDV$LQFDSDFLGDGHSRUHQFRQWUDUXPDUHVSRVWDDSHUJXQWD4XDOpRVLJQLILFDGRGHPLQKDYLGD"WHPOHYDGRPXLWDJHQWHDRGHVHVSHURjGHVLOXVmRDR
pSURPHWLGRDFDGDSHVVRDDOFDQoDUDRILQDOWRGRV DTXHOHV EHQHItFLRV PDUDYLOKRVRV TXHGHVHMRXR&ULDGRUQR3HQVDPHQWRGD&ULDomREHQHILFLDUDWRGRVRVFULDGRV5DEL
-
$92='$&$%$/$
GLYyUFLRjYLROrQFLDUDFLDOGRPpVWLFDHLQWHUQDFLRQDOHDWpDRVXLFtGLR2&DEDOLVWD5DEL
-
,&RQFHLWRV%iVLFRV
SRGHPRVDVVHPHOKDUPRQRVD(OH
&2035((1'(56,*1,),&$6(17,54XDQGRHVWXGDPRVD&DEDODGHYHPRVQRVGHVSUHQGHUFRPSOHWDPHQWH
GHWXGRRTXHDWpDJRUDVDEtDPRV7HPRVTXHHVWDUDEHUWRVDWRGRXPFRQMXQWRGHQRYRVFRQFHLWRVMiTXHpD~QLFDIRUPDHPTXHSRGHUHPRVDQGDUSHORFDPLQKRTXHRV&DEDOLVWDVQRVSUHSDUDUDP3RUH[HPSORRV&DEDOLVWDVVHPSUHDJUHJDPXPVXIL[RDVXDVIUDVHVHTXHWHVHMDFODUR,VWRTXHUGL]HUTXHGHYHPRVFRPSUHHQGHORQmRFRPRLQWHOHFWRHVLPTXHGHYHPRVH[SHULPHQWDUHVHQWLUDUHDOLGDGHTXHHVWmRQRVGHVFUHYHQGRYLYrODGHIDWR
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