acosada - brian freeman

302
-RQDWKDQ 6WULGH QXQFD KD GHVHDGR WDQWR RFXSDUVH GH XQD LQYHVWLJDFLyQ FRPR HQ HO FDVR GHO DVHVLQDWR GHO PDULGR GH 0DJJLH VX PiV DSUHFLDGD \ HVWUHFKD FRODERUDGRUD HQ HO FXHUSR GH SROLFtD 6WULGH QR DOEHUJD GXGD DOJXQD VREUH OD LQRFHQFLD GH 0DJJLH SHUR SUHFLVDPHQWH SRU HO YtQFXOR TXH OHV XQH QR WLHQH PiV UHPHGLR TXH LQKLELUVH \ DVLJQDU OD LQYHVWLJDFLyQ D XQ FRPSDxHUR FXUWLGR HQ PLO EDWDOODV TXH DO FRQWUDULR TXH pO FDVL KD FRQGHQDGR D VX FRPSDxHUD GH DQWHPDQR 6LPXOWiQHDPHQWH VX QRYLD 6HUHQD DFHSWD HO HQFDUJR GH XQR GH ORV SHFHV JRUGRV GH OD FLXGDG SDUD DFWXDU FRPR LQWHUPHGLDULD HQ XQ WXUELR DVXQWR GH FKDQWDMH TXH VL VH KLFLHUD S~EOLFR SRGUtD KXQGLU OD FDUUHUD GH VX FOLHQWH 1DGDQGR HQWUH GRV DJXDV \ SUHVD GH XQD LQTXLHWXG FUHFLHQWH DO QR SRGHU D\XGDU D ODV GRV PXMHUHV PiV LPSRUWDQWHV HQ VX YLGD 6WULGH FRPLHQ]D D DWDU FDERV KDVWD GDUVH FXHQWD TXH XQ H[WUDxR YtQFXOR SDUHFH XQLU DPERV FDVRVォ &RPR ODV SUXHEDV VH HQFDUJDUiQ GH PRVWUDU QR VyOR VH HQIUHQWD D XQ KRPLFLGLR \ XQD H[WRUVLyQ VLQR D XQ IUtR \ FDOFXODGRU DVHVLQR TXH QR GXGDUi HQ PDWDU GHO PRGR PiV SDYRURVR FRQ WDO GH VDWLVIDFHU VXV GHSUDYDGRV LQVWLQWRV %ULDQ )UHHPDQ $FRVDGD -RQDWKDQ 6WULGH H3XE U EUXVLQD

Upload: juan-david-casallas

Post on 24-Nov-2015

108 views

Category:

Documents


1 download

TRANSCRIPT

  • -RQDWKDQ 6WULGH QXQFD KD GHVHDGR WDQWR RFXSDUVH GHXQD LQYHVWLJDFLyQ FRPR HQ HO FDVR GHO DVHVLQDWR GHOPDULGR GH 0DJJLH VX PiV DSUHFLDGD \ HVWUHFKDFRODERUDGRUDHQHOFXHUSRGHSROLFtD6WULGHQRDOEHUJDGXGD DOJXQD VREUH OD LQRFHQFLD GH 0DJJLH SHURSUHFLVDPHQWHSRUHO YtQFXORTXH OHVXQHQR WLHQHPiVUHPHGLR TXH LQKLELUVH \ DVLJQDU OD LQYHVWLJDFLyQ D XQFRPSDxHURFXUWLGRHQPLOEDWDOODVTXHDOFRQWUDULRTXHpO FDVL KD FRQGHQDGR D VX FRPSDxHUD GH DQWHPDQR6LPXOWiQHDPHQWH VX QRYLD 6HUHQD DFHSWD HO HQFDUJRGH XQR GH ORV SHFHV JRUGRV GH OD FLXGDG SDUD DFWXDUFRPR LQWHUPHGLDULD HQ XQ WXUELR DVXQWR GH FKDQWDMHTXHVLVHKLFLHUDS~EOLFRSRGUtDKXQGLUODFDUUHUDGHVXFOLHQWH1DGDQGR HQWUH GRV DJXDV \ SUHVD GH XQD LQTXLHWXGFUHFLHQWH DO QR SRGHU D\XGDU D ODV GRV PXMHUHV PiVLPSRUWDQWHV HQ VX YLGD 6WULGH FRPLHQ]D D DWDU FDERVKDVWDGDUVH FXHQWDTXHXQH[WUDxRYtQFXORSDUHFHXQLUDPERV FDVRV &RPR ODV SUXHEDV VH HQFDUJDUiQ GHPRVWUDU QR VyOR VH HQIUHQWD D XQ KRPLFLGLR \ XQDH[WRUVLyQ VLQR D XQ IUtR \ FDOFXODGRU DVHVLQR TXH QRGXGDUi HQ PDWDU GHO PRGR PiV SDYRURVR FRQ WDO GHVDWLVIDFHUVXVGHSUDYDGRVLQVWLQWRV

    %ULDQ)UHHPDQ

    $FRVDGD-RQDWKDQ6WULGH

    H3XEUEUXVLQD

  • 3UyORJR(OSULVLRQHURHQWRUQyORVRMRVDQWHHOpEDQRDPHQD]DGRUGHOFLHOR D WUDYpVGH ODPDOODGH DFHURTXHKDFtD ODV YHFHVGHMDXOD HQ OD SDUWH GH DWUiV GHO FRFKH SDWUXOOD 6DEtD TXHGHEHUtD DVXVWDUVH SHUR HVWDEDPXHUWRSRU GHQWUR7HQtD HOFRUD]yQHQQHJUHFLGR7DQVyORSRGtDOLPLWDUVHDREVHUYDUHOYHQGDYDOTXHVHDFHUFDED\HVSHUDUTXHORDWUDMHUDKDFLDVXFHQWURTXHJLUDED\VHDJLWDEDVLQSDUDU

    &LQFR VHJXQGRV GHVSXpV OD WRUPHQWD HPSH]y D DXOODUHQFLPDGHHOORV

    2KPDGUHGH'LRVFKLOOyODDJHQWHTXHFRQGXFtD(UDXQDQRYDWDFRUSXOHQWDFRQXQRVGHGRVUHFKRQFKRV

    TXHVHDJDUUDEDQDOYRODQWH*RWDVGHVXGRUOHURGDEDQSRUODV PHMLOODV GHVGH GHEDMR GHO SHOR RVFXUR \ FRUWDGR D ORFKLFR /D IXULD GHO YLHQWR GHVSHJDED GHO VXHOR ODV UXHGDVGHODQWHUDVGHOYHKtFXOR\XQDOOXYLDWRUUHQFLDOIRUPDEDXQDFDSD VREUH HO SDUDEULVDV/D FRQGXFWRUD KL]R OR ~QLFR TXHSRGtD KDFHU GHWHQHUVH DQWH OD IDOWD GH YLVLyQ (O FRFKH VHWDPEDOHy\ORVQHXPiWLFRVGHUUDSDURQ

    6LJXHDGHODQWHOHGLMRVXFRPSDxHUR(VWiV ORFR MRGHU" /D WRUPHQWD KD YLUDGR HVW~SLGR

    KLMRGHSXWD\YLHQHGLUHFWDKDFLDQRVRWURV(OFRFKHHVWDEDGHWHQLGRGHWUDYpVHQXQWUDPRUXUDOGH

    OD FDUUHWHUD$ VX DOUHGHGRU QR KDEtDPiV TXH WHUUHQRV GHFXOWLYRDEDQGRQDGRV7RGRVORVUHVLGHQWHVGHDTXHOOD]RQD

    KDEtDQSXHVWR WLHUUDGHSRUPHGLR UXPERDOQRUWH GHMDQGRVXVFDVDVDPHUFHGGHODJXD\HOYLHQWR

    (VWDPRVDFXDUHQWD\FLQFRNLOyPHWURVGH+ROPDQGLMR HO RWUR SROLFtD 7HQtD XQD YR] iVSHUD FRPR SROYR GHFDQWHUD 7HQHPRV TXH YROYHU D SRQHU D HVH SHGD]R GHPLHUGDHQWUHUHMDV6LJXHDGHODQWH

    /RV HVFRPEURV JROSHDEDQ ODV YHQWDQLOODV GHO FRFKHSLHGUDV UDPDVGH iUEROGHO WDPDxRGH VXPXVOR WUR]RVGHWHMDSiMDURVPXHUWRV

    1L KDEODU WtR QL KDEODU 7HQHPRV TXH SRQHUQRV DFXELHUWRDKRUDPLVPR

    'HQWUR VHUi LJXDO UHSOLFy HO RWUR SROL DO TXH ORVSUHVRVOODPDEDQ'HHW>@

    $VXSDVRGHMDEDXQUDVWURGXO]yQGHRORUDUHSHOHQWHGHLQVHFWRV FRPR SDUD DOHMDU D WRGRV ORV PRVTXLWRV GH$ODEDPD 3HUR HVR HUD OR ~QLFR GXOFH TXH KDEtD HQ pO'HHVWDWXUD EDMD \ FRQVWLWXFLyQ GHOJDGD 'HHW HUD XQD EHVWLD&DO]DED ERWDV FRQ SXQWDV GH DFHUR \ OH JXVWDED URPSHUHVSLQLOODVGHXQUiSLGRSXQWDSLp

    +H YLVWR XQD JUDQMD GLMR OD FRQGXFWRUD 'DUpPDUFKDDWUiV

    6HYROYLyHQVXDVLHQWRPLHQWUDVUHWURFHGtD(OSULVLRQHURODPLUyDORVRMRVGHVDIRUDGRVSRUXQSiQLFRDQLPDO4XHGyWDQSHWULILFDGDTXHFDVLVHORKL]RHQFLPD(ORORUGHOPLHGRTXH FDSWy HQ HOOD GHVSHUWy DOJR IDPLOLDU \ H[FLWDQWH HQ HOLQWHULRUGHOSUHVR

  • (O FHPHQWR GLR SDVR D OD JUDYD \ OD DJHQWH GHWXYR HOFRFKH

  • /D OOXYLD D]RWDED DO SULVLRQHUR FRPR DJXMDV GH KLHORSLQFKiQGROHHOURVWUR6HHVIRU]DEDSRUFDPLQDUGDQGRSDVRVFRUWRV\ WRUSHVSRUXQFDPLQRTXHVHKDEtDFRQYHUWLGRHQXQ WRUUHQWH GH DJXD &XDQGR WURSH]DED FRQ ORV SLHVLPSHGLGRVSRUORVJULOOHWHVQRWDEDHOFDxyQGHODSLVWRODGH'HHWHQHOFXHOORHPSXMiQGROHDVHJXLUODPDUFKD/OHJDURQDOSRUFKHGHODQWHURGHODJUDQMDGHGRVSLVRVSHURODSXHUWDGHHQWUDGDHVWDEDREVWUXLGDFRQXQFRQWUDFKDSDGRFODYDGRHQHOPDUFR/DPXMHUSROLFtDGHMyODUDGLRHQHOVXHOR\WLUyGH ORV ERUGHV SDUD DUUDQFDUORV KDVWD TXH OH VDQJUDURQ ORVGHGRV

    eO VH SUHJXQWy OR OHMRV TXH SRGtD OOHJDU VL LQWHQWDEDGHVDSDUHFHUEDMRODWRUPHQWD'HHWOHOH\yODPHQWHREVHUYyDOSULVLRQHUR\DPDUWLOOyVXSLVWROD

    4XLHUHVHVFDSDU"$GHODQWH7HDKRUUDUp'HHWQRDFDEyODIUDVH&XDQGRHOSULVLRQHURHQWRUQyORV

    RMRVEDMR OD OOXYLD WRUUHQFLDOYLRTXHHODJHQWH\DQR WHQtDFDEH]DMXVWRHQFLPDGHOFXHUSRGH'HHWXQDVHxDOGHWUiILFRDPDULOODFRQHOERUGHFKRUUHDQWHGHFRORUURMRVDQJUHRVFLOyHQ XQ ODGR GH OD FDVD DGRQGH OOHJy YRODQGR FRPR XQDJXLOORWLQD\VHTXHGyDWUDYHVDGD$OJRSDUHFLGRDXQEDOyQGHI~WEROURGySRUHOSRUFKHKDVWDTXHXQDUiIDJDGHDLUHORDOHMyKDFLDRWURODGR/DFDEH]DGH'HHW

    2\y HO JULWR GH OD FRPSDxHUD XQ VRQLGR HVSDQWRVRSULPDULRDWHUURUL]DGR(OFXHUSRGH'HHWVHGHVSORPyKHFKRXQDEROD\ ODVDQJUHDJXDGDTXHPDQDEDDERUERWRQHVVH

    GHUUDPDED VREUH ORV HVFDORQHV GH PDGHUD FRPR VL IXHVHSLQWXUD(OSULVLRQHURVHODQ]ySRUODSLVWRODSHURODDJHQWHWDPELpQ \ HUD VRUSUHQGHQWHPHQWH UiSLGD SDUD VXFRUSXOHQFLD(OODORHFKyGHOSRUFKHGHXQDSDWDGD\VDFyVXSURSLD DUPD$JDUUy OD SLVWROD GH'HHW \ VH ODPHWLy HQ HOFLQWXUyQ \ VLQ DSDUWDU OD YLVWD GHO SULVLRQHUR TXH \DFtDSRVWUDGRHQODVDQJUH\HOEDUURVHDJDFKy\YRPLWyDQWHHOFDGiYHUGH'HHW

    $UULEDJULWyOLPSLiQGRVHODERFD/RJUy DEULU OD SXHUWD GH HQWUDGD \ OH KL]R XQ JHVWR

    VDFXGLHQGRODSLVWRODSDUDTXHpOODSUHFHGLHUD(OSULVLRQHURVLPXOyFRMHDU/DHVWUXFWXUDGHODFDVDHPLWtDXQUXLGRFRPRGH ODWDV GH DOXPLQLR \ ODV YLJDV GHPDGHUD EDMR VXV SLHVWHPEODEDQFRPRVL ORVFODYRVHVWXYLHUDQDSXQWRGHVDOWDU'HQWURUHLQDEDODRVFXULGDG\ODSROLFtDHQFHQGLyODUDGLR\VX OX] GH HPHUJHQFLD 8QD IXULRVD LQWHUIHUHQFLD FUHSLWDEDHQWUH ODV SDUHGHV \ FDGD GRV VHJXQGRV OD KDELWDFLyQ VHLOXPLQDEDFRQXQGHVWHOORURMR

    %DMD ODVHVFDOHUDVOHRUGHQy VHxDODQGRXQDSXHUWDDELHUWD

    4XtWDPHODVFDGHQDV

  • 0H URPSHUp HO PDOGLWR FXHOOR ]RUUD HVW~SLGD 1RSXHGRYHUHQHVWDRVFXULGDG

    0XpYHWH'LVSiUDPHVLTXLHUHVQRLUpDQLQJXQDSDUWHDVt(OODEODVIHPy\OHDUURMyXQMXHJRGHOODYHVDORVSLHVeO

    PDQWXYR XQD PiVFDUD GH H[SUHVLyQ GH IDWLJD PLHQWUDV VHOLEHUDED \ HVWLUDED ORV PLHPEURV HQWXPHFLGRV &DOLEUy HOHVWDGR GH OD DJHQWH TXH VRVWHQtD HO DUPD FRQ PDQRVLQVHJXUDV7HQtDHOXQLIRUPHPRMDGR\SHJDGRDODSLHO\HOSHOROHFKRUUHDED6HDJLWyFRQLPSDFLHQFLD

    $EDMRUHSLWLyFRQYR]HQWUHFRUWDGD/RVSHOGDxRVVLQUHYHVWLUFKLUULDEDQFDGDYH]TXHSRQtD

    HOSLHHQXQRGHHOORV(OODHVWDEDMXVWRGHWUiVSHURHUDMRYHQ\VHPDQWHQtDGHPDVLDGRFHUFDFRQHODUPDDSXQWiQGROHHOILQDO GH OD HVSDOGD eO WURSH]y \ HOOD VH TXHGy LQPyYLO /DPDQRGHOKRPEUHUHSWyKDFLDDWUiV\HQXQLQVWDQWHWLUyGHOD PXxHFD GH HOOD DWUD\pQGROD KDFLD GHODQWH \ ODQ]iQGRODHVFDOHUDV DEDMR (OOD JULWy GLR YDULDV YROWHUHWDV \ DWHUUL]yVREUHHO VXHORGHFHPHQWRKHFKDXQDPDVLMRGHFDUQHFRQODV SLHUQDV \ OD FODYtFXOD URWDV /D UDGLR TXHGy KHFKDSHGD]RVeOVHSODQWyGHLQPHGLDWRMXQWRDHOOD OHTXLWyODVGRVDUPDV\ODDUUDVWUySRUHOFXHOORGHODFKDTXHWDKDVWDHOFHQWURGHOVyWDQR

    (OODJLPLyGHGRORU\HVFXSLyVDQJUH&DEUyQ6X PLHGR OR DOLPHQWy 9HUOD D VXV SLHV GHVHVSHUDGD H

    LQGHIHQVD OH KDFtD VHQWLUVH FRPR XQ UHSWLO TXHPXGDUD VXYLHMDHLQGHVHDEOHSLHO7UDVGLH]DxRVHQHOLQILHUQRYROYtDDQDFHUFRPRXQKRPEUHQXHYR

    &RQXQJUDQHVWUXHQGRODPHGLDYHQWDQDLQFUXVWDGDHQODSDUHGGHKRUPLJyQHVWDOOyKDFLDGHQWUR\HODJXDSHQHWUyHQROHDGDV(ORORUHUDIpWLGR\PRKRVR/DDJHQWHJULWyDOYHUTXH HO DJXD VXFLD HPSH]DED D IRUPDU XQ FKDUFR D VXDOUHGHGRU

    2K'LRVHOUtRVHKDGHVERUGDGR7HQHPRVTXHVDOLUGHDTXt

    eOVHULyHQVXFDUD7HQHPRV"(Q WRUQR D VXV SLHV DXPHQWDED HO YROXPHQ GHO DJXD \

    HPSH]DEDQD IRUPDUVHSHTXHxRV UHPROLQRV2EVHUYy FyPRODPXMHU LQWHQWDEDSRQHUVHHQSLH\ OXHJRYROYtDDFDHUGHHVSDOGDV DO FHGHU VXV KXHVRV KHFKRV DVWLOODV 'LR XQDSDOPDGDFRQWUDHODJXD\SLGLyD\XGDDJULWRVSHURVXYR]HUDXQVXVXUURDQWHHOLQPLQHQWHDVDOWRGHODWRUPHQWDFRQWUDODFDVD

    3RUIDYRUOHVXSOLFy3RUIDYRUeOVHVLQWLyItVLFDPHQWHH[FLWDGRDOREVHUYDUOD6HIURWyD

    WUDYpVGHORVSDQWDORQHV\HVFXFKyORVVRQLGRVGHVXGRORU(OOD TXHGy VXPHUJLGD SRU SULPHUD YH] FXDQGR HO DJXD OHVXELyKDVWD ORVPXVORV3HURYROYLy D HPHUJHU WRVLHQGR\DWUDJDQWiQGRVH $KRUD FDGD YH] TXH DVRPDED JULWDEDREVFHQLGDGHV PDOGLFLpQGROR SRUTXH pO FRQWURODED VX

  • GHVWLQR pO WHQtD HO SRGHU DEVROXWR pO HUD HO SpWUHRLQVWUXPHQWRGHODYLGD\ODPXHUWH1RKDEtDHVFDSDWRULD

    (QWRQFHV pO DGYLUWLy TXH VH HVWDED SURGXFLHQGR XQDPHWDPRUIRVLV HQ VX LQWHULRU \D QR YHtD HO URVWUR GH HVDSROLFtD VLQR HO GH OD ]RUUD TXH OR KDEtD HVWDGRKRVWLJDQGRFRPR XQ GHPRQLR GXUDQWH GLH] DxRV \ VXSR TXH DKRUDWDPSRFRHOODWHQGUtDHVFDSDWRULD

    (VORTXHWLHQHQODVLQXQGDFLRQHVOHGLMRDODSROLFtDOD~OWLPDYH]TXHVXURVWURLUUXPSLyHQWUHODVIUtDVDJXDVGHOUtR/DYDQWRGRVWXVSHFDGRV

    3ULPHUDSDUWH

    6e48,e1(6

  • &DStWXOR0DJJLH VH GHVSHUWy VREUHVDOWDGD VRxDQGR FRQ VH[R 6HSUHJXQWDEDVLHOGLVSDURWDPELpQIRUPDEDSDUWHGHOVXHxR

    3HUPDQHFLy HQUHGDGD HQWUH ODV ViEDQDV QHJUDV FRQ ODSLHO FXELHUWD SRU XQD SHOtFXOD GH VXGRU$O SDUSDGHDU VXFHUHEUR LQWHQWDED VDOLU D WURPSLFRQHV GHO XQLYHUVR GH ORVVXHxRVSHURODSHVDGLOODVHUHVLVWtDDVROWDUOD7HQtDORVRMRVDELHUWRV SHUR QR YHtD QDGD 6HQWtD VREUH HO FXHUSR XQDVPDQRVGHPDVLDGRIXHUWHVTXHODUHWHQtDQWXPEDGD8QKHGRUDSHVFDGRPXHUWROHLQXQGyODVIRVDVQDVDOHVWXYRJDQDVGHYRPLWDUSHURWHQtDODERFDFHUUDGDDFDO\FDQWR*ROSHyODFDUQHGHpOFRQORVSXxRVSHURVHVHQWtDFRPRXQDPRVFDTXH VH HVWXYLHUD GDQGR FRQWUD HO FULVWDO GH XQD YHQWDQDLQWHQWDQGR VDOLU VLQ LU D QLQJXQD SDUWH eO VH ULy FRQ XQPH]TXLQRPXUPXOORGHSODFHU(OODJULWy

    $EULyORVRMRVGHJROSH(VWDEDGHVSLHUWD6DOYRTXHHQUHDOLGDGQRORHVWDED

    6WULGH HVWDED VHQWDGR HQ VX FDPD 6H R\y D Vt PLVPDGHFLU+H\MHIHHQXQWRQRTXHVRQDUDVHGXFWRUDXQTXHQR OR HUD eO OH HVWDED VRQULHQGR FRQ XQRV RMRVLQFUHtEOHPHQWH RVFXURV H LUyQLFRV (OOD DEULy ORV EUD]RV GHSDU HQ SDU \ pO VH DFHUFy \ FXDQGR HVWDED D SXQWR GHVDERUHDUVXEHVRpOVHGHVPHQX]yFRPRVLIXHVHGHDUHQD

    (QWRQFHVORR\y6RUGR\OHMDQR%DQJ0DJJLHVHVHQWyHQODFDPD6XUHVSLUDFLyQUHWXPEDEDDO

    HQWUDU\VDOLUGHOSHFKR0LUyHOUHORMGHODPHVLWDGHQRFKH\YLR TXH HUDQ ODV WUHV GH ODPDGUXJDGD /OHYDED GRV KRUDVGXUPLHQGR DXQTXH PiV ELHQ KDEtD VLGR FRPR XQD HEULDLQFRQVFLHQFLDOOHQDGHVXHxRVH[WUDxRV1RKDEtDQVLGRPiVTXHHVRVXHxRV

    3HURHOGLVSDURODLQWULJDED$OJRODKDEtDGHVSHUWDGR7DOYH]IXHVH(ULFSDVHiQGRVHGHXQODGRDRWURSRUHOSLVRGHDEDMRRTXL]iVHOLPSHWXRVRYHQGDYDOGHOH[WHULRUTXHKDFtDFUXMLUODPDGHUD6HTXHGyVHQWDGDHQVLOHQFLRDJX]DQGRHORtGR+DEtDHPSH]DGRDQHYDUSRGtDYHUODOOXYLDEODQFDDWUDYpVGHODYHQWDQD\PLQ~VFXORVWUR]RVGHKLHORIURWDEDQFRPRVXVXUURVFRQWUDHOFULVWDO(VFXFKyD ODHVSHUDGHRtUSDVRVSHURQRR\yQDGD

    5HFRUGy OR TXH 6WULGH OH GHFtD VLHPSUH 1XQFD KDJDVFDVRGHODVLQTXLHWXGHVTXHOOHJDQHQPLWDGGHODQRFKH

    0DJJLHVHGLRFXHQWDGHTXHWHQtDIUtR(QHOGRUPLWRULRKDEtD FRUULHQWHGH DLUH\ WHQtD ODSLHO K~PHGD'RUPtD VyORFRQEUDJDVLQFOXVRHQHQHURSXHVQROHJXVWDEDHOHVWRUERGH OD URSD EDMR ODV PDQWDV DXQTXH HVR VLJQLILFDUDGHVSHUWDUVHKHODGDDPHQXGR6DOLyGH ODFDPD\ OOHJyFRQGLILFXOWDGDOWHUPRVWDWRTXHVXELyYDULRVJUDGRV$EDMRHQODV HQWUDxDV GH OD FDVD OD FDOGHUD YROYLy D OD YLGD FRQ XQHVWUXHQGRLQWURGXFLHQGRVXFiOLGRDOLHQWRHQODKDELWDFLyQ

    )XHDODUPDULRSDUDFRJHUXQDEDWD(QODSXHUWDKDEtDXQHVSHMR GH FXHUSR HQWHUR \0DJJLH VH GHWXYR SDUD YHU VXLPDJHQ HQWUH ODV VRPEUDV LOXPLQDGDV SRU OD OXQD /OHYDED

  • DxRVHQFRQWUDQGRGHIHFWRVDVXFXHUSR(UDGHPDVLDGREDMDDSHQDVVXSHUDEDHOPHWURFLQFXHQWD\GHPDVLDGRIODFDFRQVXVPLHPEURVKXHVXGRV\XQRVSHFKRVTXHHUDQFRPRXQSDU GH EDFKHV 3DUHFtD XQD PXxHFD GH WUHLQWD \ WDQWRV/OHYDED HO SHOR QHJUR FRUWDGR FRPR VLHPSUH FRQ XQIOHTXLOORUHFWRVREUHODIUHQWH(UDERQLWDWRGRHOPXQGRVHORGHFtDSHURHOODQR ORYHtDDVt6XQDUL]HUDSHTXHxD\UHVSLQJRQDSHUR WHQtD ODVPHMLOODVPX\UHGRQGDV6XVRMRVDVLiWLFRV FRQ IRUPD GH DOPHQGUD HUDQ FDVL QHJURV GH WDQRVFXURV DSHQDV SXQWHDGRV FRQ XQDV PRWDV DPDULOODV \GHVRUGHQDGDV6XVUDVJRVHUDQVLPpWULFRVHQH[WUHPR3RGtDKDFHU FRVDV DVRPEURVDV FRQ OD FDUD UHWRUFHUOD FRQH[SUHVLRQHVVDUFiVWLFDVRIRUPDUFRQODERFDXQD2GLPLQXWDDXUHRODGDSRUXQRVODELRVURMRFHUH]DFRPRXQSH]HQEXVFDGHDLUH3HURERQLWD"0DJJLHQRORFUHtD

    6HPLUy XQ DQWHEUD]R /D FDUQH FRORU PLHO VH OH KDEtDSXHVWRGHJDOOLQD6H OOHYyXQDPDQRDOYLHQWUHGHVQXGR\SODQR \ VH REVHUYy HQ HO HVSHMR PLHQWUDV VH IURWDED HODEGRPHQ FRQ VXDYHV FtUFXORV /D YLVLyQ VH WRUQy ERUURVDFXDQGRHPSH]yDOORUDU$EULyODSXHUWDSDUDGHMDUGHYHUVXILJXUD HQ HO HVSHMR \ GHVFROJyGH XQDSHUFKDXQD EDWD GHVHGD6HODSXVRVREUHORVKRPEURV\VHODDWyFRQXQIXHUWHQXGR

    'LR OD YXHOWD VROOR]y \ VH HQMXJy ORV RMRV 6H VHQWtDLQVLJQLILFDQWHHQHVHGRUPLWRULRHQRUPHFRQVXVPXHEOHVGHFDRED PDFL]D (Q OD SDUHG RSXHVWD KDEtD XQD FyPRGD GH

    FRORUEXUGHRVPiVDOWDTXHHOODWDQWRTXHWHQtDTXHSRQHUVHGH SXQWLOODV SDUD YHU HO LQWHULRU GHO FDMyQ GH DUULED&XDWURSRVWHVGHPDGHUDWDOODGDDPDQRVHDO]DEDQHQFDGDHVTXLQDGH HVH SHGD]R GH FDPD YDFtD WDPDxR H[WUDJUDQGH (UDGHPDVLDGD FDPD SDUD HOOD VROD TXH HV FRPRGRUPtD GHVGHKDFtDVHPDQDV2GLDEDLQFOXVRDFHUFDUVHDHOOD

    $YDQ]yXQSDVR\ODFDEH]DOHGLRYXHOWDV$~QQRWDEDORVHIHFWRVGHOYLQRTXHKDEtDEHELGRHQHOSDUTXH6HDSR\yFRQXQDPDQRHQODPHVLWDGHQRFKH$OEDMDUODPLUDGDYLRVX SODFD \ VLQWLy WRGDV ODV FRPSOHMDV HPRFLRQHV TXHLPSOLFDEDQORVGLH]DxRVGHVHUYLFLR1XQFDKDEtDSHQVDGRTXHD~QVHJXLUtDHQDFWLYRSHURKDEtDXQDSDUWHGHHOODTXHQRSRGtDGHMDUHOGHSDUWDPHQWRGHGHWHFWLYHVTXHTXHUtD\QHFHVLWDEDHVWDUFHUFDGH6WULGH2WDOYH]IXHUDTXHSRFRDSRFR GXUDQWH HO ~OWLPR DxR HO UHVWR GH VX YLGD VH KDEtDFRQYHUWLGRHQDOJRKRUULEOHHLUDOWUDEDMRHUDXQDPDQHUDGHROYLGDU

    9ROYLy D PLUDU OD PHVLWD GH QRFKH \ VLQWLy FUHFHU XQGHVDVRVLHJR HQ HO HVWyPDJR $OJR LED PDO 5HSDVyPHQWDOPHQWH FDGD XQR GH VXV SDVRV OR TXH KDEtD KHFKRDGyQGH KDEtD LGR FRQ OD HVSHUDQ]D GH TXH VLPSOHPHQWHKXELHUDFRPHWLGRXQGHVOL]SRUFXOSDGHODOFRKRO3HURQRHUDDVt 5HFRUGDED KDEHU VXELGR ODV HVFDOHUDV \ GHMDGR HQ ODPHVLWD DO ODGRGHO UHORM ODSODFD OD FDUWHUD ODSLVWROD\ ODVOODYHV

    $KRUDODSLVWROD\DQRHVWDED

  • +DEtDVLGRXQDIHDQRFKHGHPLpUFROHV(OIUtRHUDJODFLDOFRPRVLHPSUHHQHQHUR$ODVGLH](ULFD~QQRKDEtDYXHOWRDFDVD0DJJLHKDEtDUHXQLGRHOYDORUVXILFLHQWHSDUDKDEODUFRQpOSHURDOYHUTXHQRDSDUHFtDVLQWLyFUHFHUODIXULDHQVXLQWHULRU6HKDEtDPRVWUDGRKHUPpWLFR\UHVHUYDGRGHVGHODVYDFDFLRQHV 1R SRGtD FXOSDUOH SRU HVR OOHYDEDQ YDULDVVHPDQDV FRPR H[WUDxRV GLVFXWLHQGR FRQVWDQWHPHQWH (UDFXOSDVX\DHOODHUDTXLHQVHKDEtDFHUUDGRGHMiQGROHDpODOPDUJHQLQFDSD]GHVXSHUDUWRGRORTXHOHKDEtDSDVDGR

    6LQWLpQGRVHHQIHUPDGHWDQWRHVSHUDUOHVDOLyGHODFDVD&RJLy XQD ERWHOOD GH&KDUGRQQD\ \ XQ VDFDFRUFKRV 6HHQYROYLyHQVXDEULJRGHPDUWDUXVDXQUHJDORGHERGDVTXHDSHQDV VH SRQtD SHUR TXH HUD FiOLGR \ OH KDFtD VHQWLUVHDULVWRFUiWLFD$~Q QR KDEtD HPSH]DGR D QHYDU \ ODV FDOOHVHVWDEDQ GHVSHMDGDV &RQGXMR KDVWD OD FLXGDG D~QHQJDODQDGDFRQODOXPLQDULDQDYLGHxD\OXHJRVLJXLyKDFLDHOQRUWHSRUHOFDPLQRGHODFRVWDKDVWDOOHJDUDXQDVDOLGDMXQWRDOODJR(VWDEDGHVLHUWR$SDUFy\GHVFRUFKyODERWHOODGH YLQR &XDQGR VDOLy GH OD FDPLRQHWD HO YLHQWR LPSDFWyFRQWUDVXURVWURSHURHOODORLJQRUy\FDPLQySRUXQVHQGHURQHYDGR UXPER D OD RVFXUD \ PRYHGL]D PDVD GHO ODJR6XSHULRU/DVHVWUHOODV OHKDFtDQJXLxRVVLQGHMDUVHHFOLSVDUSRUHOEULOORGHODVOXFHVGHODFLXGDGKDFLDHOVXU/DVUDPDVGHORViUEROHVFHGtDQEDMRODQLHYH6XVERWDVVHKXQGtDQHQHO WHUUHQR (O DEULJR OH OOHJDED D PHGLR PXVOR \ HQWUH HOSHODMH\ODVERWDVHOIUtROHKHUtDODVSLHUQDV

    $OOt QR VH IRUPDED KLHOR GHVGH OD RULOOD HO DJXD IOXtDGHPDVLDGRGHSULVD6yORHQORVSHRUHVWUDPRVGHOLQYLHUQRHOIUtRHUDOREDVWDQWHLQWHQVRSDUDPDQGDUXQDYDFLODQWHFDSDGH KLHOR XQRV FLHQWRV GH PHWURV ODJR DGHQWUR$KRUD HQFDPELR VyOR KDEtD XQ HPEUDYHFLGR ROHDMH QRFWXUQR TXHURPStD FRQWUD ODV URFDV IRUPDQGR XQD FUHVWD GH HVSXPDJODFLDORQGXODQWHVFROLQDVGHDJXDTXHSDUHFtDQPRQVWUXRVPDULQRVTXHVHDFHUFDEDQVHUSHQWHDQGRKDFLDODRULOOD

    6HOOHYyODERWHOODGHYLQRDORVODELRV\EHELy1RKDEtDFHQDGR\HOYLQROHVXELyGLUHFWRDODFDEH]D6LQWLyOiVWLPDGHVtPLVPDSHURHVDVHQVDFLyQVHIXHDWHQXDQGRFRQFDGDWUDJRGHYLQRTXHGDED3HUPDQHFLyDOOtXQDKRUDKDVWDTXHVHEHELyWRGDODERWHOOD\VHOHHQWXPHFLHURQORVPLHPEURV$UURMyODERWHOODYDFtDTXHYROyKDFLHQGRFDEULRODVKDVWDODVDJXDVIXULRVDV3HQVyHQWXPEDUVHHQODQLHYH\QRYROYHUDOHYDQWDUVH

    (QTXLWDUVHODURSD(QPRULUFRQJHODGD3HURQR$XQTXHQDGDODLPSHOtDDUHJUHVDUDFDVDVDEtD

    TXHHUDKRUDGHLUVH9ROYLyWDPEDOHiQGRVHDODSDUFDPLHQWR\ VH VHQWy HQ OD FDPLRQHWD GRQGH HQVHJXLGD HPSH]y DHQWUDUHQFDORU7HQtDODERFDSDVWRVD(VWDEDSiOLGD\HOSHORVHOHKDEtDDSHOPD]DGRFRQODQLHYH(UDFRPRHO+RPEUHGH+RMDODWDR[LGDGR\IDOWRGHDFHLWH

    (PSUHQGLy HO WUD\HFWR GH UHJUHVR D FDVD FRQGXFLHQGRGHVSDFLR QRWDED ORV HIHFWRV GHO YLQR (UD OD XQD GH ODPDGUXJDGD \ VX FDOOH HVWDED RVFXUD \ VLOHQFLRVD 7RGR HO

  • PXQGRKDEtDDSDJDGRODV OXFHVGHVXVKRJDUHV\VHKDEtDPHWLGREDMRHOHGUHGyQGHSOXPDGHJDQVR$ODEULUHOJDUDMHYLRTXH(ULFWDPELpQHVWDEDHQFDVD(VWDUtDGXUPLHQGRHQVXGHVSDFKR 3HQVy HQ GHVSHUWDUOH \ KDFHU OR TXH KDEtDSODQHDGR SHUR UHVROYLy TXH SRGtD HVSHUDU KDVWD HO GtDVLJXLHQWH

    6HTXLWyHODEULJRGHSLHOHQHOSDVLOORVLQHQFHQGHUODOX]-XQWR D OD SXHUWD KDEtD XQ DUFyQ DQWLJXR GHEDMR GH XQHVSHMRGHODWyQ9LRDOJRHQFLPDGHODPDGHUDEDUQL]DGD(ULFVHORKDEUtDGHMDGRDOHQWUDU(UDXQDWD]DGHFDIpGHFHUiPLFDQHJUD \ GHEDMR XQD QRWLWD GREODGD FRQ HO QRPEUH GH HOODJDUDEDWHDGRGHOSXxRGH(ULF(QODWD]DD~QKDEtDUHVWRVGHOSRVRGHOFDIp

    'HVGREOy HO SDSHO $ SHVDU GH OD WHQXH OX] ORJUyGLVWLQJXLUODVSDODEUDV

    6e48,e1(6

    0DJJLH DQDOL]y OD QRWD FRQ JUDYHGDG (UD OD PLVPDFDQFLyQ GH VLHPSUH OD PLVPD DFXVDFLyQ FDQVDGD /DHQIXUHFtDTXHD~QQRFRQILDVHHQHOOD$UUXJyODQRWDKDVWDKDFHUFRQHOODXQDERODTXHVHPHWLyHQHOEROVLOOR\VXELyDGRUPLU

    'yQGHHVWDEDVXSLVWROD"

    6yOR VH OHRFXUUtDXQDH[SOLFDFLyQ(ULF ODKDEtD FRJLGR+DEtDHQWUDGRHQ VXGRUPLWRULR\ VH ODKDEtD OOHYDGRGH ODPHVLWDGHQRFKH(OGLVSDURQRORKDEtDVRxDGR$XQTXHHVRQR WHQtD QLQJ~Q VHQWLGR (ULF QR HUD XQ VXLFLGD HUD XQDIXHU]D YLWDO DOJXLHQ HQpUJLFR \ DSDVLRQDGR TXH VLHPSUHSRQtDDSUXHEDVXVSURSLRVOtPLWHV

  • FRFLQDGR SDUD XQD FHQD TXH QDGLH VH FRPLy 0DJJLH VHPDQWXYR SHJDGD D OD SDUHG PLHQWUDV EDMDED ODV HVFDOHUDV(FKyXQYLVWD]RDODVDOD\DOFRPHGRU\ORVHQFRQWUyYDFtRV$QGDEDGHVFDO]D\HOVXHORHVWDEDIUtR6HDMXVWyPiVODEDWD\DYDQ]yGHVSDFLRKDVWD ODSXHUWDDELHUWDGHOGHVSDFKRGH(ULF'HVHyKDEHUWHQLGRVXDUPD

    &HUFD GHO XPEUDO R\y XQ JRWHR /HQWR \ FRQVWDQWH*RWDVTXHFDtDQHQXQFKDUFR(OHVWyPDJROHGLRXQYXHOFR&UX]y HO XPEUDO \ HQFHQGLy OD OX] HQWRUQDQGR ORV RMRVFXDQGR HO UHVSODQGRU OD GHVOXPEUy (Q HO LQWHULRU HO UXLGRSURVHJXtD XQPRQyWRQR WLF WLF WLF7DPELpQSHUFLELyRWURRORUXQRDOTXHHVWDEDPX\KDELWXDGD

    (QWUyHQHOGHVSDFKR(ULFVHHQFRQWUDEDHQHOVRIiFRQORV PLHPEURV H[WHQGLGRV \ XQ UHJXHUR GH VDQJUH TXH OHEDMDED SRU HO URVWUR KDVWD IRUPDU FKDUFRV URMRV VREUH HOVXHOR EULOODQWH 8QD KHULGD GH EDOD OH SHUIRUDED OD IUHQWH0DJJLHQRFRUULyKDFLDVXPDULGR1RKDEtDSRUTXppO\DQR HVWDED HQWUH ORV YLYRV (UD XQ FXHUSR PiV HQWUH ORVFLHQWRV TXH KDEtD YLVWR D OD ODUJR GH ORV DxRV 6XPLUDGDHVFXGULxyODKDELWDFLyQSRULQVWLQWRHOGHXQDGHWHFWLYHHQEXVFDGHUHVSXHVWDV1RKDOOyQLQJXQDVyORODVROXFLyQDXQWHUULEOHPLVWHULRVXSLVWRODTXHHVWDEDHQODPHVLWDGHQRFKHFXDQGRVHKDEtDLGRDGRUPLUDKRUDVHHQFRQWUDEDHQPLWDGGHO VXHOR (O KXPR VH FRQIXQGtD FRQ HO RORUPLQHUDO GH ODVDQJUH

    0DJJLHGHVHySRGHUOORUDU0iVTXHQLQJXQDRWUDFRVD

    GHVHDED GHVSORPDUVH \ VROOR]DU SUHJXQWDUOH D 'LRV FyPRKDEtDSRGLGRRFXUULUHVR3HURDOPLUDUHOLQWHULRUGHVtPLVPD\D QR OH TXHGDED QDGD 6H PRUGLy HO ODELR \ PLHQWUDVFRQWHPSODED DO KRPEUH DO TXH KDEtD DPDGR XQD YH] VXSRTXHSRUPX\PDOTXHOHKXELHUDQLGRODVFRVDVHQHO~OWLPRDxRLEDQDSRQHUVHSHRU

  • &DStWXOR1LQJXQD KXHOOD HQ OD QLHYH SHQVy -RQDWKDQ 6WULGH (VRLEDDVHUXQSUREOHPD

    /DV KXHOODV QR SHUGXUDEDQ PXFKR FRQ HVH FOLPD 6LHFKDED XQ YLVWD]R KDFLD HO SDWLR GHODQWHUR SRGtD YHU HOYLHQWR LQFOHPHQWH ERUUDQGR \D HO UDVWUR TXH pO PLVPRDFDEDEDGHGHMDUKDFtDXQRVVHJXQGRV$XQDVtVHKXELHUDVHQWLGRPHMRUGHKDEHUSRGLGRXVDUHOPyYLOSDUDVDFDUXQDIRWR\GHPRVWUDUTXHODVSLVDGDVKDEtDQHVWDGRDOOt

    3LVDGDVGHXQLQWUXVR'HDOJXLHQTXHQRIXHUD0DJJLH2GLDED SHQVDU GH HVH PRGR SHUR VDEtD FyPR VH

    GHVDUUROODUtD OD LQYHVWLJDFLyQ 0DJJLH WDPELpQ OH KDEtDGHVFULWRODHVFHQDSRUWHOpIRQR(OODLEDDVHUODVRVSHFKRVDQ~PHUR XQR /OHYDEDQ PiV GH XQD GpFDGD UHVROYLHQGRDVHVLQDWRV MXQWRV \ HUD FDVL XQD OH\ LQPXWDEOH VLDVHVLQDEDQ D XQ PDULGR HQ VX FDVD OR KDEtD KHFKR ODHVSRVD

  • ,QYHVWLJDFLyQ"(VWRYDDVHUXQDFD]DGHEUXMDV1RLQWHQWHPRVGLVIUD]DUOR(VWR\PHWLGDHQXQEXHQOtR

    eOQRGLVFUHSyGHVXDSUHFLDFLyQ+DVUHJLVWUDGRODFDVD"OHSUHJXQWy1R%LHQYR\DHFKDUXQYLVWD]R7HORKHGLFKRHOWLSR\DQRHVWi(OWLSR"6XSRQJRTXHHUDXQKRPEUH$XQTXHFODUR HVWDPRV

    KDEODQGRGH(ULFDVtTXHQRGHEHUtDGDUQDGDSRUVHQWDGR6ROWyXQDDPDUJDULVD

    6WULGHIUXQFLyHOFHxR0DJJLH WH GDUp XQ FRQVHMR FRPR DPLJR QR FRPR

    SROLFtD HYLWD GHFLU FRVDV FRPR pVWD GH DFXHUGR" 7LHQHVTXHFHUUDUODERFD

    0DJJLHGLRXQDSDWDGDDXQD LPDJLQDULDPRWDGHSROYRGHOVXHOR

    6tSHURQRTXLHURFHUUDUODERFD4XLHURYROYHUPHORFDTXLHURJULWDUOHDDOJXLHQ

    (VRQRWHD\XGDUi1R"6HJXURTXHKDUiTXHPHVLHQWDPHMRU/RPLUy

    D ODFDUD\VHDSODFy/RVp ORVp WLHQHV UD]yQ2\HQRGHEHUtDVHVWDUDTXt6LTXLHUHVLUWHORHQWHQGHUp

    eO QR UHVSRQGLy SHUR WHQtD UD]yQ (VWDED MXJDQGR FRQIXHJR DO TXHGDUVH DOOt SRUTXH pVWH QR LED D VHU VX FDVR0DJJLH\pOKDEtDQVLGRFRPSDxHURV\DPLJRVGXUDQWHPiV

    GHGLH]DxRVDVtTXHORDSDUWDUtDQGHODLQYHVWLJDFLyQ(UDHOWHQLHQWH HQFDUJDGR GHO GHSDUWDPHQWR GH GHWHFWLYHV TXHLQYHVWLJDEDORVFUtPHQHVGHPD\RUWUDVFHQGHQFLDGH'XOXWKVLWDHQHOH[WUHPRVXURHVWHGHOODJR6XSHULRUGRQGHpVWHVHHVWUHFKDED FRPR OD SXQWD GH XQ FXFKLOOR FODYiQGRVH HQ HOFRUD]yQGHODFLXGDG'XOXWKHUDOREDVWDQWHSHTXHxDFRPRSDUD TXH 6WULGH DVXPLHUD SHUVRQDOPHQWH OD PD\RUtD GH ORVFDVRV UHOHYDQWHVSHURHVWHKRPLFLGLRHQFRQFUHWRDFDEDUtDHQPDQRVGHXQRGHVXVVDUJHQWRV

    6DEtDTXHpVHHUDHOPRWLYRSRUHOTXH0DJJLHTXHUtDTXHHVWXYLHVH DOOt DQWHV GH TXH OOHJDUDQ ORV GHPiV4XHUtD TXHYLHUD OD HVFHQD GHO FULPHQ TXH KDEODVH FRQ HOOD TXH VHIRUPDUDVXVSURSLDVRSLQLRQHV/RHVWDEDUHFOXWDQGRSDUDVXEDQGR

    3RUTXpQRSUHSDUDVXQSRFRGHFDIpSDUDORVGRV"SURSXVRpO([DPLQDUpODFDVD

    0DJJLHDUUXJyODQDUL]6DEHVTXHQREHERFDIp$KRUD Vt OH GLMR 6WULGH \ DxDGLy +H ROLGR HO

    DOFRKROHQWXDOLHQWRFXDQGRKDVDELHUWRODSXHUWD0DJJLHHPSDOLGHFLy\VHGLRODYXHOWD6WULGHHPSH]ySRUHOGHVSDFKRGH(ULFDXQTXHVHTXHGy

    HQ HO XPEUDO VLQ OOHJDU D HQWUDU9LR OD KHULGDGHEDOD HQ ODIUHQWH6XFXHUSRPXVFXORVRHVWDED WHQGLGRVREUHXQVRIiGH SLHO ERUJRxD FRQ XQD PDQWD EODQFD FXEULpQGROH ODVSLHUQDV \ HO HVWyPDJR6XSHFKR ODPSLxR HVWDEDGHVQXGR

  • 6XFDEH]DGHODUJDPHOHQDUXELD\DFtDVREUHXQDDOPRKDGDTXHDKRUDUHERVDEDVDQJUHFRPRXQDSRQFKHUD(ODUPDVHHQFRQWUDED HQ HO VXHOR D WUHV PHWURV GHO FXHUSR FRPRPtQLPRGHPDVLDGROHMRVSDUDVHUXQVXLFLGLR%XVFyHOUDVWURGH DJXD VXFLD TXH KXELHUDQ SRGLGR GHMDU XQDV ERWDVGHVSXpV GH SLVDU OD QLHYH SHUR TXLHQTXLHUD TXH IXHVH HODXWRUKDEtDLGRFRQFXLGDGR6HJXUDPHQWHVHKDEUtDTXLWDGRODVERWDV\ODVKDEUtDGHMDGRHQODHQWUDGDFRPRKDFtDWRGRHOPXQGRSDUDOXHJRGHVSOD]DUVHSRUODFDVDHQFDOFHWLQHV

    6XSRQLHQGRTXHUHDOPHQWHKXELHUDHQWUDGRDOJXLHQHQODFDVD

    1RVLQWLyQDGDDOYHUHOFXHUSRGH(ULF+DFtDDxRVTXHKDEtD ORJUDGRPLWLJDU HVD FODVH GH HPRFLRQHV$XQ DVt OHFRQRFtD ELHQ eO \ 0DJJLH OOHYDEDQ FDVDGRV PiV GH WUHVDxRV \ 6WULGH KDEtD HVWDGRPXFKDV YHFHV HQ VX FDVD (UDXQD VLWXDFLyQ LQFyPRGD SDUD WRGRV SXHV 6WULGH \0DJJLHFRPSDUWtDQXQDODUJDKLVWRULDGHVGHDQWHVGHTXH(ULFHQWUDUDHQ HVFHQD'XUDQWH DxRV0DJJLHKDEtD HVWDGR HQDPRUDGDGH 6WULGH HQ VLOHQFLR \ pO QR HVWDED VHJXUR GH TXH DTXHODPRUKXELHUDGHVDSDUHFLGRSRUFRPSOHWR(ULFORVDEtD

    6WULGH LQYLUWLyFDVLPHGLDKRUDHQUHFRUUHU ORV WUHVSLVRVKDELWDFLyQ SRU KDELWDFLyQ /D FDVD UHVXOWDED HQRUPH \IDQWDVPDJyULFD SDUD GRV SHUVRQDV OOHQD GH SHTXHxDVKDELWDFLRQHV GH H[WUDxRV WHFKRV LQFOLQDGRV \ ULQFRQHVVHFUHWRVSRUORVTXHVHUSHQWHDEDQODVFRUULHQWHVGHDLUHIUtR6H HQFRQWUDED HQ XQ EDUULR GH FDVDV DQWLJXDV DJUXSDGDV

    XQDVPDQ]DQDVDORHVWHGHODDXWRSLVWDQRUWHVXUFHUFDGHOD$YHQLGD (Q RWURV WLHPSRV KDEtD VLGR XQD ]RQD GHIDPLOLDV DGLQHUDGDV GRQGH DKRUD UHVLGtDQ SURIHVLRQDOHV \HPSUHVDULRV GH OD FLXGDG (ULF KDEtD VLGR SURSLHWDULR GH ODFDVDGXUDQWHPiVGHXQDGpFDGD(UDH[QDGDGRUROtPSLFR\KDEtD OHYDQWDGR XQ OXFUDWLYR QHJRFLR GH VXPLQLVWURVGHSRUWLYRV D QLYHO LQWHUQDFLRQDO GHGLFDGR VREUH WRGR DSURYHHUPDWHULDODORVDWOHWDVGHORV-XHJRVGH,QYLHUQR(UDXQD GH HVDV FDVDV WLSR FDVWLOOR HXURSHR TXH UH]XPDQDVSLUDFLRQHVVRFLDOHV&RQVXH[WHULRUGHVJDVWDGRGHODGULOORRVFXUR \ JDEOHWHV GHVGH OD FDOOH UHVXOWDED XQ PRQVWUXRLPSRQHQWH0DJJLHODRGLDED&XDQGR(ULFVHLEDHQYLDMHGHQHJRFLRVD1RUXHJDR$OHPDQLDDYHFHVHOODEDMDEDDODFDVDGHOODJRGH6WULGH\VHTXHGDEDFRQ6HUHQD\pO

    $OYROYHUDEDMDUODVHVFDOHUDVVHHQFRQWUyD0DJJLHHQODFRFLQD FRQ OD PLUDGD DXVHQWH ILMDGD HQ VX WD]D GH FDIp'HWUiVODHQFLPHUDGHPiUPROD]XOHVWDEDYDFtD\OLPSLD

    1RKHHQFRQWUDGRQDGDGLMRpO(OODDVLQWLyFRPRVLQRIXHUDQDGDQXHYR&XpQWDPHORRWUDYH]OHSLGLy&RPRKDVKHFKRSRU

    WHOpIRQR([SOtFDPHTXpKDSDVDGR0DJJLH UHFLWy ORV KHFKRV GH OD YHODGD GH IRUPD

    PRQyWRQD /H FRQWy TXH VH KDEtD GHVSHUWDGR DO RtU XQGLVSDUR TXH KDEtD YLVWR XQ FRFKH IXHUD \ TXH KDEtDHQFRQWUDGRD(ULFHQHOSLVRGHDEDMR1RPHQFLRQyTXHVHKXELHUD HPERUUDFKDGR \ 6WULGH VH SUHJXQWy TXp HVWDED

  • FDOODQGR&yPRKDHQWUDGRHODVHVLQR"SUHJXQWy6WULGH+H HVWDGR SHQVDQGR HQ HOOR FRQWHVWy 0DJJLH

    4XL]iVHVWXYLHUDHVSHUDQGRIXHUD\VHFRODUDHQHOJDUDMHDOOOHJDU\R1RFHUUDPRVFRQ OODYH ODSXHUWDTXHFRPXQLFDHOJDUDMHFRQODFDVD

  • (UD 6HUHQD TXLHQ OODPDED 6HUHQD \ 6WULGH FRPSDUWtDQFDVD\FDPDSHURSDVDEDQWDQWRWLHPSRFRQ0DJJLHTXHDYHFHVSDUHFtDQXQWUtR

    &yPRHVWi"SUHJXQWy6HUHQD2FXOWDDOJRGLMR6WULGH1RFUHHUiVTXHORKDKHFKRHOODYHUGDG"1R SHUR QR HVWi VLHQGR VLQFHUD (VWR OD YD D

    SHUMXGLFDU4XLpQOOHYDODLQYHVWLJDFLyQ"+H KDEODGR FRQ.GLMR 6WULGH XVDQGR HO DSRGR

    FRQHOTXH VHFRQRFtDHQHOGHSDUWDPHQWRDO LQVSHFWRU MHIH.\OH.LQQLFN6HORKDGDGRD7HLWVFKHU

    0LHUGD6t\RQROHKXELHUDHOHJLGR3XHGHVD\XGDUOD"1RPXFKR(VWR\HQWUHODHVSDGD\ODSDUHG@&XDQGRHOFDVRVHUHVROYLyGH

    XQD IRUPD WHUULEOH pO VH IXH FRQ6HUHQD D/DV9HJDV SHURXQRV SRFRV PHVHV IXHURQ VXILFLHQWHV SDUD HYLGHQFLDU TXH6WULGH VH VHQWtD FRPR XQ SH] IXHUD GHO DJXD$ OD SULPHUDRSRUWXQLGDG TXH VH OH SUHVHQWy GH YROYHU D WUDEDMDU HQ'XOXWK DFHSWy OD RIHUWD \ OH SLGLy D 6HUHQD TXH OHDFRPSDxDUD (OOD QR OH SURPHWLy QDGD QL OH GLR QLQJXQDJDUDQWtD OH SUHRFXSDED VHQWLUVH WDQ IXHUD GH OXJDU FRPR6WULGHHQ/DV9HJDV3HVHD WRGRKDFtD\DPiVGHXQDxRTXHHVWDEDDOOtFRQpO

    6WULGH PLUy ORV HVFDORQHV GH SLHGUD TXH OOHYDEDQ D ODSXHUWDGHFDVDGH0DJJLH\YLRDFHUFDUVHD$EHO7HLWVFKHU&XULRVDPHQWH HUD D pO D TXLHQ WHQtD TXH DJUDGHFHU ODRSRUWXQLGDGGHYROYHUD'XOXWK&XDQGR6WULGHVHIXHGHODFLXGDG7HLWVFKHUKDEtDVROLFLWDGR\FRQVHJXLGRHOSXHVWRGHWHQLHQWHVXSHUYLVRUGHOGHSDUWDPHQWRGHGHWHFWLYHV(UDXQLQYHVWLJDGRU VyOLGR REVWLQDGR \ FRQFLHQ]XGR FX\R SHORKDEtDHQFDQHFLGRGHELGRDOWUDEDMR7HQtDFLQFXHQWD\FLQFRDxRV FDVL GLH] PiV TXH 6WULGH SHUR HUD XQ WHVWDUXGRVROLWDULR VLQ QLQJXQD GRWH GH OLGHUD]JR /RV GHWHFWLYHV GHOFXHUSRHVWXYLHURQDSXQWRGHUHEHODUVHWUDVXQRVPHVHVFRQ7HLWVFKHU HQ HO FDUJR \. VH YLR REOLJDGR D UHYRFDU VXDVFHQVR /XHJR DSURYHFKy OD RSRUWXQLGDG SDUD KDFHU TXH6WULGHUHJUHVDUDGH/DV9HJDVDGLULJLUGHQXHYRODEULJDGD

    7HLWVFKHUD~QQRVHORKDEtDSHUGRQDGR(O YLHMR GHWHFWLYH VH GLULJLy DO DVLHQWR GHO FRSLORWR GHO

    %URQFRGH6WULGH\PHWLyGHQWURVXVODUJDVSLHUQDVVLQTXH

  • QDGLH VH OR SLGLHUD 6H PLUDURQ XQR DO RWUR FRQ FRUWHVtDIRU]DGD

    +ROD$EHOGLMR6WULGH7HLWVFKHUDVLQWLyFRQODFDEH]D7HQLHQWH7HLWVFKHUOOHYDEDVXHGDGGLEXMDGDHQODFDUD(UDDOWR\

    GHOJDGR FRQ OD SLHO EODQFD \ XQD WHODUDxD GH DUUXJDVHVFXOSLGD HQ VXV PHMLOODV 6X SHOR JULV FRUWDGR DO PRGRPLOLWDU VH DGHFXDEDSHUIHFWDPHQWH D VXELJRWH HVWLOR+LWOHU(UD XQ FRUUHGRU REVHVLYR VLQ XQ JUDPR GH JUDVD HQ HOFXHUSR SHUR KDEtD WHUPLQDGR SRU SDUHFHU HVTXHOpWLFR \HQIHUPR VH OHPDUFDEDQ ORV KXHVRV HQ ODVPHMLOODV \ WHQtDXQDPDQGtEXODSURPLQHQWH

    +DVSHUGLGRHOMXLFLRWHQLHQWH"4XpTXLHUHVGHFLU"+DVFRQWDPLQDGRODHVFHQDGHOFULPHQ6WULGHQHJyFRQODFDEH]D

  • 6LRFXOWDDOJRQRHVVREUHHODVHVLQDWR(VFXFKD OR TXH GLFHV WHQLHQWHGLMR 7HLWVFKHU FRQ

    GHVGpQ 6L KXELHUD VLGR FXDOTXLHU RWUD SHUVRQD D HVWDVDOWXUDVODWHQGUtDVHVSRVDGD

    6WULGHVDEtDTXHWHQtDUD]yQSHURWDPELpQVDEtDTXH$EHOQRHVWDEDVLHQGRLPSDUFLDO

    'HTXLpQHVWDPRVKDEODQGRGH0DJJLHRGH1LFROH"7HLWVFKHUHQURMHFLyGHLUD(VRRFXUULyKDFHDxRV([DFWR +DFH XQRV DxRV HUD WX FRPSDxHUD OD TXH

    HVWDED DOOt GHQWUR FRQ VX PDULGR WHQGLGR HQ HO VXHOR&RQILDVWHHQ1LFROH\WHHTXLYRFDVWH$VtTXHDKRUDWLHQHVSUHMXLFLRVFRQWUD0DJJLH

    'HEHUtDVKDEHUDSUHQGLGRODOHFFLyQFRPRKLFH\RGLMR7HLWVFKHUFRQEUXVTXHGDG(OGHWHFWLYHVDFyVXVODUJDVSLHUQDVGHO%URQFR\OXHJRDVRPyODFDEH]D\ORVKRPEURVSRU OD YHQWDQLOOD /OHYDED XQD JDEDUGLQD TXH QR HUDDGHFXDGDSDUDHOIUtR\UHYRORWHDEDDVXHVSDOGDFRPRXQDFDSD 1R SXHGHV FRQILDU HQ QDGLH 6WULGH (Q OXJDU GHFXEULU D0DJJLHTXL]iGHEHUtDVSUHJXQWDUWH VL UHDOPHQWH ODFRQRFHVWDQELHQ

    6WULGH LED SHQVDQGR HQ ODV SDODEUDV GH 7HLWVFKHUPLHQWUDVFRQGXFtD GH YXHOWD D FDVD +DVWD TXp SXQWR FRQRFtD D0DJJLH"/DUHVSXHVWDHUDTXHODFRQRFtDPiVTXHDQDGLHHQHOPXQGR

    1RVHSDUHFtDHQQDGDD OD MRYHQFKLQDFRQVHUYDGRUD\WUDQTXLOD TXH KDEtD FRQRFLGR KDFtD PiV GH XQD GpFDGD+DEtD FUHFLGR HQ 6KDQJKDL \ D ORV GLHFLRFKR DxRV KDEtDLQJUHVDGR HQ OD 8QLYHUVLGDG GH 0LQQHVRWD SDUD HVWXGLDUFULPLQRORJtD &XDQGR VH XQLy D ORV DFWLYLVWDV SROtWLFRV GHOFDPSXV WUDV HO DO]DPLHQWR GH OD SOD]D GH 7LDQDQPHQGHVFXEULyTXHSDUDHOJRELHUQRFKLQRHOODVHHQFRQWUDEDHQHO ODGR HTXLYRFDGR \ GHFLGLy TXHGDUVH HQ 0LQQHVRWDGHVSXpV GH OLFHQFLDUVH DQWHV TXH DUULHVJDUVH D VHUHQFDUFHODGDDOYROYHUDVXSDtV

    6WULGH OD FRQWUDWy SDUD VX HTXLSR SRU VX PHPRULDIRWRJUiILFD \ VX KDELOLGDG SDUD HYDOXDU XQD HVFHQD GHOFULPHQ(UDPiVOLVWDTXHODPD\RUtDGHSROLFtDVFRQDxRVGHH[SHULHQFLD HQ HO FXHUSR SHUR HUD GLUHFWD \ VHULD VHJXtDVLHQGRPiV FKLQD TXH QRUWHDPHULFDQD 1R OH SUHRFXSDEDQODVPRGDVQL HOPDTXLOODMH\QR VH UHtD FRQ ORV FKLVWHV6XH[SUHVLyQ SHUPDQHFtD VLHPSUH HVWiWLFD &XDQGR 6WULGH OHWRPDEDHOSHORHOODFUHtDTXHKDEtDKHFKRDOJRPDO

    3HURORVWLHPSRVFDPELDURQ\0DJJLHWDPELpQ8QD GpFDGD HQ (VWDGRV 8QLGRV OD KDEtD WUDQVIRUPDGR

    $KRUDWHQtDHVWLOR\HOHJDQFLD\VXDUPDULRHVWDEDOOHQRGHFXHUR \ WDFRQHV GH DJXMD &DVL VLHPSUH FRPSUDED HQ ODVHFFLyQ MXYHQLO \ VDOtD YHVWLGD FRPRXQD DGROHVFHQWH D OD~OWLPD$ VXV WUHLQWD \ WDQWRV FRQVHJXtD DSDUHQWDU XQRVYHLQWLFLQFR 6X SHOR FRUWDGR D OR FKLFR HUD H[WUDYDJDQWH \PRGHUQRFRPRVLIXHUDVX~QLFDFRQFHVLyQDVXVUDtFHV6LQ

  • HPEDUJR VH PDTXLOODED FRQ HVPHUR \ HO DxR DQWHULRU VHKDEtDLQVHUWDGRXQSHTXHxREULOODQWHHQODQDUL]'LMRTXHOHGROLyFRPRHOGHPRQLRSHUR OHJXVWDEDHOEULOORGH OD MR\DVREUHVXURVWUR

    6H KDEtD FRQYHUWLGR HQ XQD PXMHU DWUDFWLYD DXQTXH6WULGHVLHPSUHODKDEtDYLVWRFRPRDXQDKHUPDQDGHODTXHVH VHQWtD PX\ RUJXOORVR \ D OD TXH VHJXtD SURWHJLHQGRTXL]iSRUTXHODKDEtDFRQRFLGRFXDQGRHOODDSHQDVDFDEDEDGHVDOLUGHODDGROHVFHQFLDHQXQDpSRFDHQODTXHpOHVWDEDIHOL]PHQWH FDVDGR FRQ&LQG\ 6H FRQYLUWLy HQ VXPHQWRU \REVHUYy FyPR FUHFtD \ HOOD QR WDUGy HQ HQDPRUDUVH GH pO&LQG\ OH DGYLUWLyGH ORTXHHVWDED VXFHGLHQGRSHUR6WULGHILQJLyTXHHVDDWUDFFLyQQRH[LVWtD\ILQDOPHQWH0DJJLHKL]RORPLVPR6LQHPEDUJRDXQTXHQRKDEODUDQGHHOORVHJXtDDOOt FRPRXQD FRUWLQD LQYLVLEOH TXH ORV REOLJDED VLHPSUH DKDFHUFDEULRODVDVXDOUHGHGRU

    $KRUD \D HUD GLItFLO YHU HQ HOOD HO UDVWUR GH VX SDVDGR(VWDED OOHQD GH YLGD HUD VDUFiVWLFD GLYHUWLGD DJXGD \PDOKDEODGD +DEtD WDUGDGR DxRV HQ DUPRQL]DU VXV iVSHUDVDULVWDV (Q VX MXYHQWXG SDUHFtD PiV XQD PiTXLQD QXQFDPRVWUDEDVXVHPRFLRQHVSRUTXHFUHtDTXHORVSROLFtDVQRORKDFtDQ3HUR6WULGHVDEtDTXHODVHPRFLRQHVHUDQQHFHVDULDVSDUD WHQHU p[LWR HQ DTXHO WUDEDMR1RSRGtDV GLYRUFLDUWH GHWXV VHQWLPLHQWRV QL WDPSRFR GHMDU TXH WH GRPLQDUDQ 6HWUDWDEDGHPDQWHQHUXQGHOLFDGRHTXLOLEULR

    6WULGH WRGDYtD UHFRUGDED OD LQYHVWLJDFLyQ HQ OD TXH

    0DJJLHKDEtDGDGRVXSULPHUJUDQVDOWRFRQYLUWLpQGRVHHQXQDSHUVRQDQXHYDHtQWHJUD(UDHOWLSRGHFDVRTXHRGLDQORVSROLFtDVXQRGHDTXpOORVTXHOOHJDQDREVHVLRQDUOHV(VRHUD DOJR TXH 0DJJLH QR HQWHQGtD DFRVWXPEUDGD FRPRHVWDEDDUHVROYHUFDVRV

    6H FUHtD WDQ LQWHOLJHQWH TXH SHQVDED TXH VL SRQtD HQIXQFLRQDPLHQWR OD VXILFLHQWH PDWHULD JULV FRQVHJXLUtDHQFRQWUDUHOFDPLQRKDFLDODYHUGDG3RUORJHQHUDODVtHUD3HURQRVLHPSUH

    6WULGH \ HOOD OOHYDEDQPiV GH XQ DxR WUDEDMDQGR MXQWRVFXDQGRXQDPDxDQDGHILQDOHVGHDJRVWRVHKDOOyHOFXHUSRGH XQD FKLFD HQ HO K~PHGR FpVSHG GH XQ FDPSR GH JROIFHUFD GH (QJHU 3DUN (VWDED GHVQXGD \ OD SUXHED GHYLRODFLyQGLRSRVLWLYR7HQtDODFDEH]D\ODVPDQRVFRUWDGDV\QXQFDVHHQFRQWUDURQ(OIRUHQVHFRQFOX\yTXHWHQtDXQRVGLHFLVLHWH DxRV \ SRU ORV PRUHWRQHV GHO FXHOOR GLFWDPLQyTXH KDEtD VLGR HVWUDQJXODGD /DV ~QLFDV PDUFDVLGHQWLILFDWLYDVHQVXFXHUSRHUDQXQRVWDWXDMHVGHEDQGDVGHURFN \ GH YLGHRMXHJRV FRPR %RQ -RYL0RUWDO .RPEDW$HURVPLWK\9LUWXDO)LJKWHU

    /RLQWHQWDURQWRGRSDUDUHVROYHUHOFDVRSHURDOILQDOQRFRQVLJXLHURQ DYHULJXDU OD LGHQWLGDG GH DTXHOOD FKLFD5HYLVDURQPLOHVGH LQIRUPHVGHSHUVRQDVGHVDSDUHFLGDVHQWRGRHO0HGLR2HVWH$QDOL]DURQHO$'1GHOVHPHQKDOODGRHQ HO FXHUSR GH OD YtFWLPD SHUR IXH HQ YDQR&RODERUDURQFRQXQSVLTXLDWUDORFDODILQGHREWHQHUXQSHUILOTXHQROHV

  • VLUYLyGHJUDQFRVD&RQWDFWDURQFRQFLHQWRVGHWDWXDGRUHV&RPSUREDURQORVFOXEVGHIDQVGHYLGHRMXHJRV6HSXVLHURQHQ FRQWDFWR FRQ FDGD XQD GH ODV EDQGDV 3DVDURQ ODVVHPDQDV\HOFDVRVHHQIULy

    (UDVLPSOHPHQWHODFKLFDGH(QJHU3DUN\HVRLEDDVHJXLUVLHQGR

    6WULGH UHFRUGDED D0DJJLH \HQGRGH XQ ODGR D RWUR HQXQDVDODGHUHXQLRQHVGHODRILFLQDFHQWUDOXQPHVGHVSXpVGHTXHVHHQFRQWUDUDHOFXHUSR5HYLVDEDXQD\RWUDYH]ORVSXQWRVGHODLQYHVWLJDFLyQWUDWDQGRGHGDUFRQDOJRTXHVHOHVKXELHUDSDVDGRSRUDOWRRDOJXQDSLVWDQXHYDTXHSRGHUVHJXLU)LQDOPHQWHFRQH[SUHVLyQVHULD\FRQIXQGLGDPLUyD6WULGH\OHSUHJXQWyFyPRLEDQDUHVROYHUHOFDVR&RPRVLpOKXELHUDHVWDGRDSOD]DQGRGHOLEHUDGDPHQWHODUHVSXHVWD

    7XYR TXH GHFLUOH OD YHUGDG D PHQRV TXH DOJXLHQ OHVRIUHFLHUDQXHYD LQIRUPDFLyQVHUtDXQFDVRVLQUHVROYHU8QDVHVLQRLEDDTXHGDULPSXQH8QDMRYHQQRLEDDFRQVHJXLUTXHVHOHKLFLHUDMXVWLFLD$YHFHVHOPXQGRIXQFLRQDEDDVt

    )XHFRPRVLD0DJJLHQXQFDDQWHVVHOHKXELHUDRFXUULGRHVDLGHD

    6H GHMy FDHU HQ XQD VLOOD ILMy XQD PLUDGD YDFtD HQ pOKLQFKyODVPHMLOODVIUXVWUDGD\GLMRVLQQLQJXQDHQWRQDFLyQ

    3XHVYD\DPLHUGDMHIH(QHVHPRPHQWR6WULGHVXSRTXHVHKDEtDFRQYHUWLGRHQ

    QRUWHDPHULFDQD

  • OD RULOOD RSXHVWD OD OX] GHO IDUR H[WHQGtD VX DUFR GHVGH:LVFRQVLQ 3URQWR DPDQHFHUtD SHUR ODV QXEHV TXH VHFHUQtDQVREUHODFLXGDGHUDQWDQGHQVDVTXHVHLPSRQtDXQDFWRGHIHSDUDFUHHUTXHHOVROWRGDYtDFDOHQWDEDHQORDOWR

    1R KDEtD SRGLGR HYLWDU XQ VHQWLPLHQWR GH SpUGLGD \VROHGDGFXDQGROOHJyDTXt7RGDODJHQWHLPSRUWDQWHGHVXSDVDGRKDFtDWLHPSRTXH\DQRHVWDEDeOKDEtDFUHFLGRHQODRULOOD QRUWH \ HQ HO FXUVR GH VX YLGD KDEtD SHUGLGR D VXVSDGUHV\OXHJRDODTXHKDEtDVLGRVXPXMHUGXUDQWHYHLQWHDxRV 1XQFD VH KDEtD DUUHSHQWLGR GH QR WHQHU KLMRV FRQ&LQG\PLHQWUDVpVWDD~QYLYtDSHURHQRFDVLRQHVODPHQWDEDTXH OR ~QLFR TXH OH TXHGDUD GH HOOD IXHUDQ UHFXHUGRV TXHLEDQSHUGLHQGRVXLQWHQVLGDG0LHQWUDVREVHUYDEDODIXULDGHODVRODVSHQVyWDPELpQHQVXSDGUHTXHKDEtDIDOOHFLGRHQHOODJRFXDQGRpOHUDXQDGROHVFHQWH$PHQXGRLPDJLQDEDVXEDUFR FDUJXHUR DEULpQGRVH SDVR D WUDYpV GH ODV IUtDV \SURIXQGDV RQGXODFLRQHV LQYLVLEOH GHVGH WLHUUD8QR QXQFDVDEtD FXiQGR VH OHYDQWDUtD XQD ROD VROLWDULD \ VH OOHYDUtD DDOJXLHQFRQVLJR-DPiVUHFXSHUDURQVXFXHUSR

    6WULGH VH SUHJXQWDED VL HUD FLHUWR TXH XQR QR SXHGHUHJUHVDUDVXKRJDU3RUTXHHVRHUDORTXHHVWDEDWUDWDQGRGHKDFHU'XUDQWHDxRVKDEtDYLYLGRHQHO3RLQWFRQ&LQG\SHUR VH KDEtD PXGDGR WUDV VX VHJXQGR PDWULPRQLR \VLHPSUH VH DUUHSLQWLy GH HVD GHFLVLyQ $TXHO PDWULPRQLRGXUy WDQ VyOR WUHV DxRV \ KDEtD VLGR XQ HUURU GHVGH HOSULQFLSLR FRVD TXH GHVFXEULy DO FRQRFHU D 6HUHQD \

    HQDPRUDUVHGHHOOD&XDQGRHODxRSDVDGR6HUHQDYROYLyD'XOXWKFRQpOGHVGH/DV9HJDV FRPSUDURQXQDFDVDHQHO3RLQW \ DKRUD VH HQFRQWUDED GH YXHOWD HQ HO OXJDU GRQGHKDEtDSDVDGRODPD\RUSDUWHGHVXYLGD6HVHQWtDUHQRYDGRSHUR VX~QLFDSUHRFXSDFLyQ HUDSDVDUVHGHPDVLDGR WLHPSRYLYLHQGRHQHOSDVDGR

    2\y HO FUXMLGR GH OD QLHYH WUDV pO \ DO YROYHUVH YLR D6HUHQD DVFHQGLHQGR OD FXHVWD /OHYDED HO SHOR VXHOWR \GHVSHLQDGR 7HQtD XQD JUDFLD \ XQD EHOOH]D HVSHFLDOHVLQFOXVRFRQHOFXHUSRHPEXWLGRHQXQDEULJRSHVDGR\ ODVSLHUQDV HQWHUUDGDV HQ OD QLHYHKDVWD ODV URGLOODV 6H UHXQLyFRQpOVLQGHFLUQDGD\DPERVVHTXHGDURQPLUDQGRHOODJRVLQWLHQGRFyPRODVXDYHEULVDGHODPDxDQDVHDEUtDFDPLQREDMRVXSLHO6HUHQDWHQtDODFDUDURMDSRUHOIUtR1ROOHYDEDPDTXLOODMH

    6p TXH QR TXLHUHV RtU HVWR OH GLMR 6HUHQD FRQVXDYLGDGSHUR0DJJLHSRGUtDKDEHUORKHFKR

    /DFDUDGH6WULGHVHWUDQVIRUPyHQXQDPiVFDUD\SDWHyODDUHQDPRMDGDFRQODVERWDV

    'HQLQJ~QPRGR1RGLJRTXH OR KLFLHUD SHUR HVWH ~OWLPR DxRKD VLGR

    SDUDHOODXQDPRQWDxDUXVDGHHPRFLRQHV6DEHVTXHWRGRHOPXQGRWLHQHXQOtPLWH

    6tSHURHOODGLFHTXHHVLQRFHQWH4XpSLHQVD$EHO"7HLWVFKHU"

  • PH SUHRFXSD OR TXH SXHGD HQFRQWUDU FXDQGR HPSLHFH DHVFDUEDU

    &RPRTXp"&UHRTXH0DJJLH\(ULFWHQtDQVHULRVSUREOHPDV6HUHQDQRVHPRVWUyVRUSUHQGLGD+DWHQLGRWUHVDERUWRVHQGLHFLRFKRPHVHV-RQQ\1R

    FUHHVTXHHVRHVPRWLYRVXILFLHQWHSDUDFDXVDUHVWUDJRVHQWXHVWDGRHPRFLRQDO"

    6tORVpSHURVLKDEtDSUREOHPDVHQVXPDWULPRQLRHVROHGDXQPyYLO6REUHWRGRSRUHOGLQHURGH(ULFDxDGLy$EHO WDPELpQ SLHQVD TXH0DJJLH RFXOWD DOJR \ FUHR TXHWLHQHUD]yQ

    6DEHVGHTXpVHWUDWD"1R6HUHQDHQWUHOD]yVXEUD]RFRQHOGHpO+DFHXQSDUGHPHVHV0DJJLHPHSUHJXQWyDOJR1R

    VpVLWHQGUiLPSRUWDQFLD'LPH(OODGXGy'HYHUDVTXLHUHVVDEHUOR"1RSUHWHQGRTXHWHVLHQWDV

    HQ OD REOLJDFLyQ GH LUOH FRQ HVWR D 7HLWVFKHU (VWDPRVIRU]DQGRXQSRFRODFDMD

    6WULGHKL]RXQDPXHFD6DEtD LQVWLQWLYDPHQWHTXHKDEODUGHO FDVR GH 0DJJLH HQ PHGLR GH OD QRFKH VLJQLILFDEDDGHQWUDUVHHQXQWHUUHQRpWLFDPHQWHSRFRFODURDGHPiVVLQGLVSRQHUGHPDSD(VWDEDDSXQWRGHWHQVDUVXVSULQFLSLRV

    FRPR XQD JRPD HOiVWLFD \ VH SUHJXQWDED FXiQGR VHSDUWLUtDQ

    0HSUHJXQWy VL W~\\RKDEtDPRVKHFKRDOJXQDYH]DOJRH[WUDxR

    eODUTXHyXQDFHMD6H[XDOPHQWHDFODUy6HUHQD/HKDEODVWHGHODPDQJXHUDGHOMDUGtQ"6HUHQDOHGLRXQERIHWyQ+DEOR HQ VHULR 3DUHFtD FRPR VL (ULF OD HVWXYLHUD

    IRU]DQGRDKDFHUDOJRUDUR&RPRTXp"6HUHQDVHHQFRJLyGHKRPEURV1RPHORGLMR6WULGH OH GLR YXHOWDV DO DVXQWR SHUR QR FRQWHVWy /H

    GHVDJUDGDEDHOUXPERTXHHVWDEDWRPDQGRODFRQYHUVDFLyQ3HURRILFLDOPHQWHW~QRVDEHVQDGDGHHVWRYDOH"

    UHSLWLy6HUHQD0DJJLHQRTXHUtDTXHWHORFRQWDUDeODVLQWLy3RGUtDVD\XGDUOD6HUHQD9DDQHFHVLWDUDDOJXLHQTXH

    LQYHVWLJXHVXYHUVLyQGHORVKHFKRV\QRSXHGRVHU\R1RSXHGRGDUOHQLQJ~QWUDWRGHIDYRU

    +DUpORTXHSXHGD6HUHQDQRVHKDEtD LQFRUSRUDGRDOFXHUSRGHSROLFtDGH

    'XOXWK 6WULGH VXSHUYLVDED D WRGRV ORV GHWHFWLYHV GH ODFLXGDG \ HQWUH ORV DERJDGRV GH UHFXUVRV KXPDQRV HOQHSRWLVPRQR HVWDEDPX\ELHQYLVWR$ FDPELR HOOD KDEtD

  • REWHQLGRODOLFHQFLDHVWDWDOFRPRLQYHVWLJDGRUDSULYDGD\DVtHPSH]y D EXVFDU WUDEDMR +DVWD DKRUD OD PD\RUtD GH VXVSUR\HFWRVODREOLJDEDQDDEULUVHFDPLQRDWUDYpVGHDFWDVGHEDODQFHV\DVLVWLUDFRQYHQFLRQHVLQGXVWULDOHVFRQHOILQGHFRQVHJXLU LQIRUPDFLyQ GH OD FRPSHWHQFLD SDUD QXHYRVHPSUHVDULRVXELFDGRVHQ'XOXWK6WULGHVDEtDTXHVXWUDEDMROD DEXUUtD \ KDFtD TXH VH VLQWLHUD LQTXLHWD (Q VX FRUD]yQVHJXtDVLHQGRXQDSROLFtD\HFKDEDGHPHQRVODFDOOH

    +R\ WHQJR XQD UHXQLyQ FRQ XQ QXHYR FOLHQWHGLMR6HUHQD

    $KVt"'DQ(ULFNVRQTXLHUHFRQWUDWDUPH'DQ"UHSOLFy6WULGH4XpGHPRQLRVTXLHUHGHWL"6HUHQDHQDUFyODVFHMDVRIHQGLGD3HUGRQD"

  • SULYDGRpVWDHVWDEDHQODFDMD,QWHQWDUiOLJDUFRQWLJR,QWHQWDOLJDUFRQWRGDVeVHHV'DQ3RU TXp OR DJXDQWD /DXUHQ" (OOD HV OD TXH WLHQH HO

    GLQHUR/RGH'DQ\/DXUHQWLHQHTXHYHUFRQHOSRGHUQRFRQ

    HO VH[R6L D/DXUHQ OH LPSRUWDUDQ ODV DYHQWXUDVGH'DQ OHKDEUtDHFKDGRKDFHPXFKRWLHPSR

    +DEODV FRPR WRGR XQ KRPEUH GLMR 6HUHQD$VtSXHVTXpFUHHVW~TXHTXLHUH'DQ"

    3UREDEOHPHQWH TXH HFKHV EDVXUD VREUH DOJ~QDGYHUVDULRSROtWLFR

    6t \R WDPELpQ OR KH SHQVDGR /D OHJLVODWXUD HPSLH]DGHQWURGHSRFR

    6yORDVHJ~UDWHGHTXHQRWHGHMHFRQHOFXORDODLUHOHSUHYLQR6WULGH3DUD'DQWRGRHOPXQGRHVSUHVFLQGLEOH6pGHORTXHKDEOR

    3XHGRFXLGDUGHPtPLVPD6HUHQDFHUUyORVRMRV\DO]yODEDUELOODSDUDTXHHOYLHQWR

    KHODGR OH VRSODUD HQ OD FDUD &XDQGR KDFtD HVR HUD LQ~WLOGLVFXWLUFRQHOOD

    6WULGHVDEtDTXHKDEtDVREUHYLYLGRPXFKRWLHPSRVROD\HVWDEDWRWDOPHQWHGHFLGLGDDDSDxiUVHODVLQVXD\XGDeOQRVHPROHVWDEDHQDGYHUWLUOHTXH'XOXWKDVXPRGRSRGtDVHUWDQLQWHQVR\FUXHOFRPR/DV9HJDV6yORWHQtDTXHPLUDUOD

    JUDQH[WHQVLyQGHOODJRSDUDUHFRUGDUTXHXQLQGLYLGXRSRUVtVRORHUDXQVHULQVLJQLILFDQWHHQDTXHOODSDUWHGHOPXQGR1RLPSRUWDED OR IXHUWH TXH IXHUD KDEtD FRVDV DOOt TXH OR HUDQPiV

  • &DStWXOR6HUHQD VXELy ORV HVFDORQHV GH ORV MX]JDGRV GHO FRQGDGRSDUDVXUHXQLyQFRQ'DQ(ULFNVRQ\VHVLQWLyDWHQD]DGDGHQXHYR SRU XQD VHQVDFLyQ H[WUDxD \ UHFXUUHQWH GXUDQWH ODV~OWLPDV VHPDQDV (O GHVDVRVLHJR VH DSRGHUy GH HOOD \ VHGHWXYRHQVHFR/DVHQVDFLyQSDUSDGHDEDHQODPDxDQDJULVFRPRXQDOX]GHQHyQHQVXFDEH]DLOXPLQDQGRXQD\RWUDYH]ODPLVPDSDODEUD3HOLJUR

    6H TXHGy HQ OR DOWR GH OD HVFDOHUD GHO MDUGtQ GDQGR ODHVSDOGD D ORV MX]JDGRV \ HVFUXWy ODV LGDV \ YHQLGDV HQ ODSOD]DGHOD\XQWDPLHQWR$VXHVSDOGDVHDO]DEDODHVWDWXDGHXQ FHQWXULyQ FRQ XQDPLUDGD JODFLDO FXVWRGLDQGR ORV WUHVHGLILFLRVKLVWyULFRVTXHURGHDEDQODSOD]D(OD\XQWDPLHQWRGRQGH WUDEDMDED -RQQ\ TXHGDED D VX L]TXLHUGD(O HGLILFLRGHOJRELHUQRIHGHUDOVHKDOODEDMXVWRHQIUHQWHDVXGHUHFKD/RV WUHV LQPXHEOHVHUDQDXVWHURVPRQXPHQWRVGH ORVDxRVYHLQWHFRQVWUXLGRVFRQEORTXHVGHJUDQLWRFRORUDUHQD/RVFRFKHVHVWDEDQDSDUFDGRVHQODQLHYHHQIDQJDGDTXHKDEtDDOUHGHGRUGHODFDO]DGDFLUFXODU\ODJHQWHVHDSUHVXUDEDSRUODDFHUDSURWHJLpQGRVHGHOIUtRHQIXQGDGDHQVXVDEULJRVGHLQYLHUQR 1DGLH OD PLUDED ([DPLQy ODV YHQWDQDV GH ORVHGLILFLRV YHFLQRV XQD D XQD \ OXHJR LQVSHFFLRQy OD FDOOHPLUDQGRORVFRFKHVXQRWUDVRWUR

    8QDXQLGDGPyYLOGHWHOHYLVLyQFRQDQWHQDSDUDEyOLFDHQHOWHFKR8QDIXUJRQHWDS~USXUDGHXQDWLHQGDGHUHSDUDFLyQ

    GH RUGHQDGRUHV 8Q FDPLyQ GH HQYtRV GH 7ZLQ 3RUWV&DWHULQJ8QFRFKHGHSROLFtD

    1DGDIXHUDGHORQRUPDO6HUHQDVHVREUHSXVRDVXVHQVDFLyQ\OHHFKyODFXOSDDO

    GHVDSDFLEOH PHV GH HQHUR 1R HUD DO IUtR D OR TXH PiV OHFRVWDED DGDSWDUVH HQ'XOXWK VLQR D ODPRUWDO SDOLGH] TXHFXEUtDODFLXGDGHQDTXHOODHVWDFLyQGHODxR3DVDEDQGtDVDYHFHVLQFOXVRVHPDQDVFRQODPLVPDPDVDGHQXEHVJULVHVVREUH HOORV (O LQYLHUQR HUD FRPR XQ FUHS~VFXOR ODUJR \VRPEUtR OOHQRGHFDUDV O~JXEUHV\FLHORVDPHQD]DQWHV(UDHQWRQFHV FXDQGR VHQWtD XQD SXQ]DGD GH QRVWDOJLD SRU HOGHVLHUWRFRQVXVRO\VXHQHUJtD

    3HURVDOYRHVROHJXVWDEDHOOXJDU6X DQWLJXR KRJDU HUD LQVXOVR FRPSDUDGR FRQ DTXHO

    SDLVDMH VLHPSUH FDPELDQWH(O YHUDQR HQ'XOXWKKDEtD VLGRIUHVFR \ HVSOpQGLGR (O RWRxR FRQ VX SDOHWD GH URMRV \DPDULOORV H[WHQGLpQGRVH NLOyPHWURV D OD UHGRQGD VREUH ORViUEROHV KDEtD GHVSHUWDGR HQ HOOD XQD WULVWH]D H[WUDxD \UHFRQIRUWDQWH FXDQGR SDVHDED D WUDYpV GH XQD OOXYLD GHKRMDV,QFOXVRHOLQYLHUQRHUDKHUPRVRFRQXQKDORHVSLULWXDOIORWDQGRVREUHODVHYHULGDGGHOIUtR\ODVQXEHVTXHODKDFtDQHQFHUUDUVHHQVtPLVPD

    /HJXVWDEDGHVWDFDUHQODFLXGDG(UDDOWD\DWOpWLFDFRQXQDDEXQGDQWHFDEHOOHUDQHJUDFRPRHOpEDQR(Q/DV9HJDVODFRQIXQGtDQFRQWLQXDPHQWHFRQXQDEDLODULQDGHVWULSWHDVHSHUR HVD FLXGDG HVWDED OOHQD GH EHOOH]DV HVFXOWXUDOHV (Q

  • 'XOXWK QR RFXUUtD ORPLVPR /H JXVWDED VHU REMHWR GH ODVPLUDGDVYHUFyPRORVKRPEUHVVHGHUUHWtDQ(VRUHIRU]DEDVXVHQVDFLyQGHSRGHU\OHLQIXQGtDODFRQILDQ]DQHFHVDULDSDUDDIURQWDUHO UHWRGHFRQVWUXLUVHXQDQXHYDYLGDHQXQ OXJDUQXHYR

    7DPELpQ OH JXVWDED HO HIHFWR TXH 'XOXWK HMHUFtD VREUH-RQQ\$TXtHVWDEDHQFDVDHQXQOXJDUIUtRDODVRPEUDGHOODJR6HUHQDVHQWtDTXHVXDPRUSRUpOVHKDEtDDILDQ]DGR\PDGXUDGRHQHOFXUVRGHO~OWLPRDxRDPHGLGDTXHORKDEtDLGR FRQRFLHQGR PiV tQWLPDPHQWH 6X DWUDFFLyQ KDEtD VLGRItVLFD HOpFWULFD DO SULQFLSLR SHUR DO FRQYLYLU FRQ pO KDEtDDSUHQGLGRDUHVSHWDUVXGLJQLGDG\KXPDQLGDG7DPELpQ OHH[FLWDED TXH pO OD FRQVLGHUDVH XQD GH ODV GHWHFWLYHV PiVSHUVSLFDFHVTXHKDEtDFRQRFLGRQXQFD

    3HURQRORJUDEDOLEUDUVHGHODVHQVDFLyQGHLQTXLHWXGTXHOH DWHQD]DED ODV HQWUDxDV HQ DTXHOPRPHQWR/D VHQVDFLyQGH TXH XQRV RMRV OD HVWDEDQ PLUDQGR D WUDYpV GH XQPLFURVFRSLR

    3HOLJUR+DEtD DSUHQGLGR D KDFHU FDVR D VX LQWXLFLyQ &XDQGR

    YLYtD HQ /DV 9HJDV UHFRUGDED KDEHU WHQLGR OD PLVPDVHQVDFLyQ GXUDQWH XQDV VHPDQDV VHQWtD TXH DOJR LEDPDOTXHHVWDEDFRPSDUWLHQGRVXYLGDFRQXQDFRVDGRUVHFUHWR0iVWDUGHGHVFXEULyTXHXQFULPLQDOVH[XDOOODPDGR7RPP\/XFN OD KDEtD HVWDGR HVSLDQGR WRGR HVH WLHPSR \ VH OLEUySRUORVSHORV

    (VRIXHHQWRQFHVSHQVy$KRUDHVDKRUD7RPP\SHUWHQHFtDDOSDVDGR\HOODORKDEtDGHMDGRDWUiV

    4XL]iVHUDVLPSOHPHQWHTXHQRSRGtDKXLUWDQGHSULVDGHVXV GHPRQLRV 7RGDYtD OD DVHGLDEDQ ORV UHFXHUGRV GH VXDGROHVFHQFLD HQ 3KRHQL[ DQWHV GH LUVH D /DV 9HJDV 6XPDGUH VH KDEtD FRQYHUWLGR HQ XQD DGLFWD D OD FRFDtQD \HPSH]yDYLYLU FRQXQ ViGLFR WUDILFDQWH OODPDGR%OXH'RJTXHXVDEDD6HUHQDFRPRVXSXWDSDUWLFXODU+DEtDOXFKDGRPXFKRFRQWUDODLQGHIHQVLyQGHDTXHOORVWLHPSRV\WRGDYtDYHtDDXQSVLTXLDWUDXQDYH]DOPHVSDUDVXSHUDUHOWUDXPD6LELHQDTXHOORKDEtDWHUPLQDGRVyORKDFtDIDOWDXQDH[WUDxDHLQFRQH[D VHQVDFLyQ GH SHOLJUR SDUD GHVSHUWDU RWUD YH] D ODQLxDDVXVWDGD

  • \ VRQULy D OD UHFHSFLRQLVWD VLQ DSHQDVPRYHU XQP~VFXOR/OHYDEDHOSHORWHxLGRGHFRORUWULJR\SXOFUDPHQWHUHFRJLGRGHWUiV GH OD FDEH]D DXQTXH XQRV PHFKRQHV TXHGDEDQVXHOWRV \ OH UR]DEDQ VXDYHPHQWH OD IUHQWH (UD SHTXHxD \HOHJDQWHPHQWHGHOJDGD\H[KDODEDXQDLUHGHDXWRULGDGTXHQRWHQtDQDGDTXHHQYLGLDUDXQDPRQMDFDWyOLFD/OHYDEDXQEROVR&RDFKFROJDGRGHOKRPEURXQDIDOGDJULVPDUHQJRDOD DOWXUD GH OD URGLOOD \ XQD FKDTXHWD FRORU PDUILO 'H VXVRUHMDV FROJDEDQ XQDV FDGHQLWDV GH RUR FRQ XQD SHUOD TXHWLQWLQHDED\RWUDDMXHJREULOODEDGLVFUHWDPHQWHHQHOKXHFRGHVXFODYtFXOD$OSRVDUVXVRMRVD]XOHVFRPRXQODJRVREUH6HUHQDVXVFHMDVVHDUTXHDURQHQGRVFROLQDVSHUIHFWDPHQWHVLPpWULFDV$YDQ]yKDFLDHOOD\ODGHyODFDEH]D

    (VXVWHG6HUHQD'LDO"SUHJXQWy$VtHV/DPXMHUPLUyD6HUHQDGHDUULEDDEDMR%XHQR ELHQ SRU 6WULGH1RPH KDEtDQ GLFKR TXH HUD

    XVWHGXQDFULDWXUDWDQHVSOpQGLGD

  • eVWDHVXQDFLXGDGSHTXHxD/DJHQWHKDEOD
  • HOOD HQ HO VRIi 6HUHQD VH DSDUWy SRQLHQGR GLVWDQFLD HQWUHDPERV eO DGYLUWLy VX PDQLREUD \ VRQULy 6HUHQD QR FUHtDKDEHUYLVWRQXQFDXQRVGLHQWHVWDQEODQFRV\VXSXVRTXH'DQ (ULFNVRQ VH DSOLFDED XQ WUDWDPLHQWR FDGD QRFKH SDUDPDQWHQHUORVEULOODQWHV

    'DQHUDXQRGHHVRVKRPEUHVTXHUHVXOWDEDH[DFWDPHQWHWDQ DWUDFWLYR FRPR FUHtD VHU 6HUHQD SRGtD ROHU VX HJRUH]XPDQGRGHpOFRPRVLIXHUDFRORQLD7HQtDHOSHORUXELR\SURIXVDPHQWHHQJRPLQDGRSDUDTXHQRVH OHPRYLHUDQLXQVROR PHFKyQ DVt FRPR XQD WH] SHUIHFWD TXH OXFtD XQEURQFHDGR DUWLILFLDO (O SHOR OH FODUHDED VREUH OD IUHQWH \6HUHQD VH OR LPDJLQyXQWiQGRVH FUHFHSHORSDUD UHSDUDU ORVHVWUDJRV GH OD FDOYLFLH /OHYDED XQ LPSHFDEOH WUDMH D]XOPDULQRXQ5ROH[GHRUR\XQDJUXHVDDOLDQ]DGHFDVDGR1RHUDPX\DOWRQRPiVGHPHWURRFKHQWDSHUR6HUHQDQRWHQtDQLQJXQDGXGDGHTXH ODVPXMHUHV ORHQFRQWUDEDQDWUDFWLYR'XUDQWH DxRVKDEtDYLVWR DPXFKRV WLSRV FDOFDGRV D pO HQ/DV 9HJDV 8Q GHSUHGDGRU FRPR XQ KDOFyQ (JyODWUD 8QDGLFWRDOVH[R

    &yPR VH HQFXHQWUD 6WULGH" VH LQWHUHVy 'DQ'HEHGHHVWDUSUHRFXSDGRSRUORGH0DJJLH

    3RUVXSXHVWR&DVLWRGRHOPXQGRFUHHTXHORKL]RHOOD7HHVWiVSUHFLSLWDQGRXQSRFRQRFUHHV"'DQVHHQFRJLyGHKRPEURV+HKDEODGRFRQ7HLWVFKHU1RSLQWDQDGDELHQ

    6WULGHHVWiDEVROXWDPHQWHFRQYHQFLGRGHVXLQRFHQFLDOHLQIRUPy6HUHQD

    4Xp YD D GHFLU" 6WULGH QR SXHGH VHU REMHWLYR FRQ0DJJLH

  • LQFOXVRTXHDQWHV&UHHVTXHRGLRD6WULGH"1RHVDVt"6WULGH \ \R KHPRV WHQLGR QXHVWUDV GLIHUHQFLDV D OR

    ODUJR GH ORV DxRV SHUR HVR HV DJXD SDVDGD$KRUD WHQJRLQWHUHVHVPiVLPSRUWDQWHV

    9DOHDFHSWy6HUHQDDXQTXHQRSDUHFtDFRQYHQFLGD&XiOHVWXWDULIDSRUKRUD"SUHJXQWy'DQ(OODOHGLRXQDFLIUD7HSDJDUpHVRPiVHOYHLQWHSRUFLHQWR/DVDODUPDVVHHQFHQGLHURQHQODFDEH]DGH6HUHQD3RUTXpLEDVDKDFHUWDOFRVD"'DQVHUHFOLQyHQWUHORVSOLHJXHVGHFXHURGHOVRIi\DVLy

    ODWD]DGHFDIpFRQDPEDVPDQRV3RUTXHHOWUDEDMRSRGUtDLPSOLFDUDOJ~QULHVJR

  • 1RQRPHLPSRUWD1RTXLHURVDEHUOR6yORTXLHURTXHHVWR VH DFDEH \ QHFHVLWR TXH VHDV PL LQWHUPHGLDULD (VHKRPEUH\DPHKDGDGRXQSUHFLR\WHQJRHOGLQHURDTXtHQHIHFWLYR

    'DQ VDFy XQ JUXHVR VREUH GHO EROVLOOR GHO WUDMH \ ORGHSRVLWyVREUHODPHVLWDGHFDIpHQIUHQWHGHOVRIi

    0HOODPDUiHQFXDOTXLHUPRPHQWRGXUDQWHORVSUy[LPRVGRVGtDVSDUDFRPXQLFDUPHGyQGHVHHIHFWXDUiODHQWUHJDFRQWLQXy'DQ4XLHURTXHKDJDVHOSDJRSRUPt

  • PDVDMHiQGRVHSDUDDOLYLDUHOGRORU/OiPDPH FXDQGR VHSDV DOJR GHO OXJDU GH HQWUHJD

    GLMR6HUHQD$JDUUyHOVREUHFRQHOGLQHURVHORPHWLyHQHOEROVLOOR\

    VDOLyGHOGHVSDFKR8QDYH]DEDMRYROYLyDGHWHQHUVHHQHOSDUTXHFHUFDGH

    ODHVWDWXDGHOFHQWXULyQ$OJRHQHVRVYDFtRVRMRVGHJUDQLWROD WXUEDED \ VLQWLy OD RSUHVLyQ GH ODV QXEHV JULVHV TXHFXEUtDQHOFLHOR6HUHSLWLyTXHQRHUDQDGDSHURDOFDERGHXQPRPHQWRODVHQVDFLyQUHJUHVy

    /DPLVPDVHQVDFLyQTXHOOHYDEDVHPDQDVSHUVLJXLpQGROD$OJXLHQODHVWDEDREVHUYDQGR

    &DStWXOR6DEtD TXH HOOD SRGtD SHUFLELU FyPR OD YLJLODED GHO PLVPRPRGR TXH XQ DQWtORSH VLHQWH D XQ WLJUH DFHFKDQGRFDPXIODGRHQWUHORVDUEXVWRVLQYLVLEOH\PRUWDO

    &XDQGR DO]y ORV SULVPiWLFRV HO FXHUSR GH HOOD OOHQy ODLPDJHQ\IXHFRPRVLHVWXYLHUDDVXODGRUHVSLUDQGRHQVXQXFD0LHQWUDV ODPLUDEDHOOD VHHVWUHPHFLy*LUy ODFDEH]DHQ VX GLUHFFLyQ \ D WUDYpV GH ORV SULVPiWLFRV VLQWLy XQHVFDORIUtRGHSODFHUFXDQGRVXVPLUDGDVVHHQFRQWUDURQ6XSHQHHPSH]yDDJLWDUVHGHQWURGHORVSDQWDORQHVDEULpQGRVHFDPLQRKDFLDDEDMRFDGDYH]PiVKLQFKDGR\GXUR

    2K MRGHU PXUPXUy VDERUHDQGR HOHVWUHPHFLPLHQWR

    (UDXQDVHQVDFLyQHVSHFLDOPHQWHGXOFHGHVSXpVGHGLH]DxRVYLHQGRFyPRVXYLULOLGDGVHDWURILDED/RVFHODGRUHVVHKDEtDQUHtGRGHpOGLFLHQGRTXHODSULVLyQOHPDUFKLWDUtDFRPRDXQEDFDODRVHFR\WHQtDQUD]yQ&XDQWRVPiVDxRVSDVDEDHQWUHUHMDVPiVVHOHHQFRJtDODSROOD1RVHOHOHYDQWDEDFRQQDGD6HKDEtDPDVWXUEDGRHQODFHOGDSRUODVQRFKHVSHURDO FDER GH XQ WLHPSR DSHQDV SRGtD FRQVHJXLU TXH VH OHSXVLHUDGXUD(VFXStDHQFLPD\VHODIURWDEDFRQMDEyQSHURHOOD VH TXHGDED \DFLHQGR DOOt WDQ GLPLQXWD TXH VX HQRUPHPDQRDSHQDVSRGtDVHSDUDUODGHODLQJOH

    3HURKDEtDYXHOWRDSRQpUVHOHGXUDODQRFKHGHODJUDQMDDEDQGRQDGDHQ$ODEDPDGXUDQWHHOKXUDFiQ$OYHUFyPROD

  • DJHQWHVHDKRJDEDHQHOVyWDQROHKDEtDVDOLGRVDQJUHHQWUHODVSLHUQDV8QDHUHFFLyQHVSRQWiQHDOOHQDGHYLJRU

    +DEtDQ WUDQVFXUULGR FXDWUR PHVHV GHVGH TXH HOKHOLFySWHURGHOD*XDUGLD1DFLRQDOOHUHVFDWyGHOWHMDGRGHODJUDQMD 6H KDEtD SXHVWR OD URSD TXH HQFRQWUy HQ ODKDELWDFLyQ GHO SLVR GH DUULED FRUWy D WLUDV HO XQLIRUPH GHSUHVR \ GHMy TXH HO DJXD VH OR OOHYDUD MXQWR FRQ RWURVHVFRPEURV&XDQGRDPDLQyODWRUPHQWDODVWLHUUDVDOUHGHGRUGH OD JUDQMD VH KDEtDQ FRQYHUWLGR HQ XQ ODJR (O FRFKHSDWUXOODKDEtDGHVDSDUHFLGRDVtFRPRHOFXHUSRGH'HHW(UDXQ KRPEUH FXDOTXLHUD DWUDSDGR \ DO TXH QR KDEtDQHYDFXDGRDWLHPSR

    /H OOHYDURQ D XQ UHIXJLR HQ %LUPLJKDP MXQWR FRQFHQWHQDUHVGHHYDFXDGRVSHURHVDPLVPDQRFKHVHHVFDSyUREy XQ FRFKH \ VH GLULJLy KDFLD HO QRUWH 1R TXHUtDDUULHVJDUVHDTXHORHQFRQWUDUDQRDTXHODVDXWRULGDGHVGH+ROPDQ GHGXMHUDQ TXH QR HUD XQ UHIXJLDGR$O ILQDO VXVSUHFDXFLRQHV UHVXOWDURQ LQQHFHVDULDV &RQVLJXLy XQRUGHQDGRU SRUWiWLO \ QDYHJy SRU LQWHUQHW JUDFLDV DOZLILPLHQWUDV KXtD GHO VXU 8QRV GtDV GHVSXpV HQFRQWUy XQDUWtFXOR SXEOLFDGR HQ XQ SHULyGLFR GH 0RQWJRPHU\ TXHKDEODEDGHVXFDVR(OFRFKHSDWUXOODKDEtDVLGRHQFRQWUDGRGREODGR VREUH XQ iUERO D XQRV TXLQFH NLOyPHWURV GH ODJUDQMD \ HO FXHUSR VLQ FDEH]D GH 'HHW KDEtD DSDUHFLGR DXQRVRFKRNLOyPHWURVHQRWUDGLUHFFLyQ6HSUHVXPtDTXHODVWUHV SHUVRQDV TXH YLDMDEDQ HQ HO FRFKH KDEtDQ IDOOHFLGR

    YtFWLPDVGHODWRUPHQWD(UDXQGRQQDGLH6LQLGHQWLGDG\VLQSDVDGR3RGtDLUDFXDOTXLHUVLWLRSHURDQWHVWHQtDTXHKDFHUDOJR

    FRQ OD UDELD TXH OH RSULPtD HO SHFKR 1HFHVLWDED XQDFRPSHQVDFLyQSRUDTXHOORVGLH]DxRVSHUGLGRV

    0H VLHQWHV YHUGDG"VXVXUUy 6DEHV TXH HVWR\DTXt

    +DEtDHVWDGRHODERUDQGRVXVSODQHVSDUD6HUHQDGHVGHTXH OOHJy D 'XOXWK 2EVHUYiQGROD 6LJXLpQGROD 3RGUtDKDEHUOD DWUDSDGR HQ FXDOTXLHU PRPHQWR SHUR TXHUtDSURORQJDUODH[SHULHQFLD7RGRFD]DGRUVDEHTXHQRKD\TXHURPSHUOHHOFXHOORDODQLPDOFDSWXUDGRGHLQPHGLDWR8QDYH]ORWLHQHVHQWXVPDQRVMXHJDVXQUDWRFRQpO

    3RU HO PRPHQWR WHQtD RWUDV SUHVDV *HQWH FRPR 'DQ0LWFK7DQM\

  • $VtTXHDKRUDILQDOPHQWHHUDHOWXUQRGH6HUHQD/DKRUDGHDSUHWDUODVRJDDOUHGHGRUGHVXFXHOOR

    $WUDYpVGHORVSULVPiWLFRVODYLRHQFRJHUVHGHKRPEURV\EDMDU ORVHVFDORQHVGH ODSOD]DGHOD\XQWDPLHQWRKDFLDHOFRFKH 6DEtD OR TXH OH HVWDED SDVDQGR SRU OD FDEH]D VHHVWDED GLFLHQGR D VtPLVPD TXH HOPLHGR TXH H[WHQGtD VXVWHQWiFXORV SRU VX FROXPQD YHUWHEUDO QR HUD PiV TXH XQSURGXFWRGH VX LPDJLQDFLyQ(VWDED HTXLYRFDGD$QWHVGHWHUPLQDUFRQHOODKDUtDTXHOHVXSOLFDUDTXHODPDWDVH

    &DStWXOR(OD\XQWDPLHQWRHUDXQHGLILFLRYLHMRFRQWHFKRVDOWRVHQORVTXHVHDFXPXODEDHOFDORU\VXHORVGHJpOLGR\GXURPiUPRO(OIUtRSHQHWUDEDDWUDYpVGHODYHQWDQDGHODRILFLQDGH6WULGH\ GHMDED FULVWDOHV FRQJHODGRV HQ HO YLGULR 6H DVRPy D ODYHQWDQD\PLUy FRQH[SUHVLyQDXVHQWH HO WUiILFRGH OD FDOOH3ULPHUD &UX]y ORV EUD]RV /DV DUUXJDV GH VX IUHQWH HUDQSURIXQGDVFRPRFDxRQHV\ VHQWtD OD WHQVLyQHQ WRGRV ORVP~VFXORVGHVXFXHUSR

    6WULGH OOHYDED WUDMH \ FRUEDWD HVWDED SUHSDUDGR SDUD ODSUHYLVLEOHLQYDVLyQGHSHULRGLVWDV\SROtWLFRVWDQSURQWRVHHQWHUDUDQGHORGH0DJJLH1RUPDOPHQWHYHVWtDGHFDOOHVXKDELWDWQDWXUDO1RKXELHUDSRGLGRVRSRUWDUXQWUDEDMRTXHOHPDQWXYLHUD SHUPDQHQWHPHQWH DWDGR D XQ HVFULWRULR \OLTXLGDED VX SDSHOHR D KRUDV LQWHPSHVWLYDV FXDQGR ODRILFLQDHVWDEDDRVFXUDV3UHIHUtDHVWDUDOOtIXHUDHQODHVFHQDGHOFULPHQKDFLHQGRHOYHUGDGHURWUDEDMRTXHHQVXPD\RUSDUWHHUDGXUR\DPDUJR

    +DEtD VLGR XQ LGHDOLVWD HQ VX MXYHQWXG SHUR DTXHOODpSRFDTXHGDEDGHPDVLDGROHMRVFRPRSDUDSHQVDUHQHOOD(QHO IRQGR HUD FRPR 0DJJLH VX ~QLFR LQWHUpV HVWULEDED HQVROXFLRQDU WRGRV ORV FDVRV \ PHWHU HQWUH UHMDV D ORVFULPLQDOHV1R OHKDEtD OOHYDGRPXFKR WLHPSRGDUVHFXHQWDGHTXHVLHPSUHKDEUtDYtFWLPDVFRPRODFKLFDGH(QJHU3DUNVREUHODVTXHQDGLHOHVSRGUtDRIUHFHUXQDSLVWDILDEOHTXHOHV

  • GLHUD DOJXQD UHVSXHVWD /OHYDED DTXHOOD FDUJD VREUH ORVKRPEURV&DGDDVHVLQDWRFRPHWLGRHQHVDFLXGDGVHOOHYDEDXQSHGD]RGHVXDOPDHLQFOXVRFXDQGRUHVROYtDQHOFDVR\XQMXUDGRHPLWtDXQYHUHGLFWRGHFXOSDELOLGDGTXHGDEDHQpOXQDFLFDWUL]TXHQXQFDGHVDSDUHFtD

    eVDHUDXQDGH ODVUD]RQHVSRU ODVTXHYLYtDHQHO ODJR1ROHJXVWDEDFRPSDUWLUDTXHOODSDUWHGHVXDOPDFRQPXFKDJHQWHKDEtDQHFHVLWDGRPHVHVSDUDFRPSDUWLUODFRQ6HUHQD6WULGHHUDUHDOLVWDFRQODFDEH]DELHQDPXHEODGD\VLQWLHPSRSDUDDVXQWRVPtVWLFRVSHURHOODJRHUDGLIHUHQWH&XDQGRVHTXHGDEDDOOtGHSLHSRUODVQRFKHVPLUDQGRHODJXDDYHFHVVHVHQWtDFRPRVLODPXHUWHOHURGHDUDFRPRVLHOODJRIXHUDHOOXJDUDOTXHWRGRVVHGLULJLHUDQSDUDFRQYHUWLUVHHQQLHEOD\YDSRU$OOtSRGtDSHUFLELUDVXSDGUHTXHKDEtDPXHUWRHQHO ODJR \ VH VHQWtD HQ FRPXQLyQ FRQ WRGD ODPXHUWH GH ODFLXGDG

    $OJXLHQ OODPy D OD SXHUWD GH VX GHVSDFKR \ YLR XQDVLOXHWDWUDVHOYLGULRHVPHULODGR

    (QWUHGLMRVLQVHSDUDUVHGHODYHQWDQD/DSXHUWDGHUREOHVHDEULy\VHFHUUyFRQXQSRUWD]R6HVRUSUHQGLyDOYHUTXLpQHUD/DXUHQ

    +ROD-RQDWKDQ/DOOHJDGDGH/DXUHQWUDMRFRQVLJRXQDUiIDJDGHDLUHIUtR

    DOGHVSDFKR7LHQHVEXHQDVSHFWRPDQLIHVWy6WULGH/DXUHQSXVR ORVRMRVHQEODQFR/DURSD ODV MR\DV\HO

    SHORWHxLGRGHUXELRHUDQSURSLRVGHVXHVWDWXV\VXURVWURHUD WRGR OR VXDYH TXH HO PDTXLOODMH \ OD FLUXJtD KDEtDQSRGLGR FRQVHJXLU (UD DWUDFWLYD SHUR QR LQWHQWDED RFXOWDUTXHHOHQFDQWRGH6WULGHQROHDIHFWDED$PERVFRPSDUWtDQXQD KLVWRULD GHVDJUDGDEOH /DXUHQ HUD OD ~QLFD KLMD GH XQKRPEUH TXH VH KDEtD KHFKR PLOORQDULR FRQ HO QHJRFLRLQPRELOLDULRHQHOQRUWHGH0LQQHVRWD(QVXVSULPHURVDxRVFRPRGHWHFWLYH6WULGHKDEtDSXHVWRDOGHVFXELHUWRXQDWUDPDGHVRERUQRVHQHOD\XQWDPLHQWRHQUHODFLyQFRQXQFRQWUDWRSDUD XQ JLJDQWHVFR QXHYR FHQWUR FRPHUFLDO (O SDGUH GH/DXUHQIXHDSULVLyQ\PXULyDOOtVHLVPHVHVGHVSXpVGHXQGHUUDPHFHUHEUDO/DXUHQ ORKHUHGy WRGR LQFOXLGRHO UHQFRUKDFLD6WULGH

    eVWHODDFRPSDxyKDVWDXQDVLOOD(OODFUX]yODVSLHUQDV\WDPERULOHyFRQORVGHGRVVREUHHOERUGHGHVXIDOGD

    6LHQWRORGH0DJJLHOHGLMR3RUVXSXHVWR$FDERGHHQFRQWUDUPHD6HUHQDHQ ODRILFLQDGH'DQ

    DxDGLyHOODFRUWDQWH'yQGHGHEtDGHHVWDUPLHQWUDVW~\\RtEDPRVDODHVFXHOD"-XJDQGRFRQSLQWXUDV"

    6WULGHLJQRUyODSURYRFDFLyQ&UHtDTXHQRLEDVDKDEODUQXQFDPiVFRQPLJR/DXUHQ(OSDVDGRHVHOSDVDGRUHSOLFyHOOD1HFHVLWDPRV

    GDUXQSDVRDGHODQWH'HYHUDV"1RHUDSUHFLVDPHQWHpVDWXDFWLWXGKDFHXQ

    DxR

  • 6WULGH VDEtD TXH/DXUHQ KDEtD SURPRYLGR XQD FDPSDxDHQ HO D\XQWDPLHQWR SDUD HYLWDU TXH. OR FRQWUDWDUD GHQXHYR

    $KRUD WHQJR FRVDV PiV LPSRUWDQWHV GH ODV TXHSUHRFXSDUPH

    $KVt"(VREYLRTXHD~QQRKDVOHtGRODVQRWLFLDV4XpPHKHSHUGLGR"'DQ \ \R QRV PXGDPRV D :DVKLQJWRQ DQXQFLy

    /DXUHQ8QWUDVODGRSHUPDQHQWH"(OODDVLQWLy+DQ SURSXHVWR D 'DQ SDUD HO FDUJR GH FRQVHMHUR

    HVSHFLDOGHXQEXIHWHGHDERJDGRVHVSHFLDOL]DGRHQGHOLWRVGH JXDQWH EODQFR +H HVWDGR ORV GRV ~OWLPRV GtDV HQ:DVKLQJWRQEXVFDQGRFDVDHQ*HRUJHWRZQ

    $VtTXH'DQVHYDDFRQYHUWLUHQDERJDGRGHIHQVRUVHEXUOy6WULGH6XSRQJRTXHSDUD'DQVLHPSUHKDVLGRXQMXHJRDVtHVPiVIiFLOFDPELDUGHEDQGR

    6t \D Vp TXH D WL VyOR WH SUHRFXSD OD MXVWLFLD \ ODYHUGDG -RQDWKDQ 'pMDPH SUHJXQWDUWH FXiQGR ODV KDVHQFRQWUDGR

    eO VRQULy SRUTXH GH DOJ~Q PRGR /DXUHQ WHQtD UD]yQ$GHPiVOHJXVWDEDODLGHDGHTXH'DQDEDQGRQDUDVXFDUJRFRPRSURFXUDGRUMHIHGHOHVWDGR1ROHKDFtDJUDFLDWHQHUXQHQHPLJRHQHVDRILFLQD

    )HOLFLGDGHVHVXQEXHQJROSHGLMR+H HVWDGRPRYLHQGR DOJXQRV KLORVDGPLWLy/DXUHQ

    $ 'DQ QR OH JXVWD 'XOXWK 6yOR YLQLPRV DTXt SDUDIDFLOLWDU VX HQWUDGD HQ OD ILVFDOtD GHO HVWDGR SHUR W~HOLPLQDVWHHVDSRVLELOLGDGUHFXHUGDV"

    &UHRTXHORVYRWDQWHVWXYLHURQDOJRTXHYHUHQHVRUHVSRQGLy6WULGH&XiQGRVHUiHOJUDQWUDVODGR"

    (OPHVSUy[LPR3RUHVRKDVYHQLGR"3DUDGHFLUPHDGLyV"/DXUHQQHJyFRQODFDEH]D1R VyOR PH HVWDED UHJRGHDQGR (Q UHDOLGDG WHQJR

    TXHLQIRUPDUGHXQGHOLWRRGHORTXHSRGUtDVHUXQGHOLWRQRORVp

    6WULGHGHMyDXQODGRODULYDOLGDG4XpRFXUUH"

  • 6DEtDTXHWHHQFDQWDUtD6WULGHQRHVWDEDHQDEVROXWRHQFDQWDGR3RUTXpFUHHVTXHKDGHVDSDUHFLGR"7DQM\VHIXHGHODWLHQGDHOOXQHVDSULPHUDKRUDGHOD

    WDUGH3DUHFtDSUHRFXSDGD6HJ~QGLFH6RQLD OD HQFDUJDGD7DQM\ QR DSDUHFLy QL HO PDUWHV QL HO PLpUFROHV \ QR KDOODPDGR(QVXFDVDQRFRQWHVWDQDGLH

    3RU TXp HVWDED SUHRFXSDGD FXDQGR VH PDUFKy HOOXQHV"

    1RWHQJRQLLGHD/RKDEtDKHFKRDQWHVDOJXQDYH]"6RQQLHGLFHTXHQR4XpKD\GHVXIDPLOLD"/DXUHQQHJyFRQODFDEH]D6XVSDGUHVHVWiQPXHUWRV(OODYLYHHQHOVyWDQRGHXQ

    HGLILFLR 9LFWRULDQR HQ OD ]RQD GH (DVW +LOOVLGH 3HQVp TXHTXHUUtDV LUDFRPSUREDUORSRUVL VDOHXQRORUQDXVHDEXQGRGH OD FDVD (VR HV OR TXH WH KDFH FRUUHU OD VDQJUH SRU ODVYHQDVYHUGDG"

    &RUWD HO UROOR/DXUHQOH HVSHWy6WULGH \ DxDGLy/RSULPHURTXHVHPHRFXUUHHVTXH7DQM\HVWiMXJDQGRGHQXHYRFRQQRVRWURV

    3RUTXp"3RUTXH OD~OWLPDYH] WHKL]RTXHGDU FRPRXQWRQWR"

    6H LQYHQWy XQD DFXVDFLyQ GH YLRODFLyQ +L]R TXHFXQGLHUDHOSiQLFRSRUWRGDODFLXGDG

    /DXUHQVXVSLUy1RSUHWHQGRHQWHQGHU ORTXHSDVDSRUVXSHTXHxR\

    HQIHUPRFHUHEUR6yORVR\HOPHQVDMHUR(VSHURTXHQRQRVHVWpWRPDQGRHOSHORGHQXHYR

    LQVLVWLy6WULGH/D~QLFDUD]yQSRUODTXHQRSUHVHQWDPRVFDUJRVIXHSRUTXH'DQ\.QRTXHUtDQTXHSDUHFLHUDTXHQRVFHEiEDPRVHQXQDPXMHUFRQSUREOHPDVSVLFROyJLFRV

    )XHFXOSDPtDDGPLWLy/DXUHQ/HVSHGtTXHQRVHSURSDVDVHQFRQHOOD

    7~"/RTXHPHVRUSUHQGHHVTXHQRODGHVSLGLHUDV6yOR YR\ D SRU ODV SHUVRQDV TXH VH PHWHQ HQ PL

    FDPLQR-RQDWKDQ3UHFLVDPHQWHW~GHEHUtDVVDEHUOR/RTXHVLJQLILFDTXHQRTXHUtDVYHUWHLPSOLFDGDHQXQ

    MXLFLRGHVDJUDGDEOH/RTXHVLJQLILFDTXHPHVHQWLUtDPDOSRUHOOD6WULGHQR FUHtD TXH/DXUHQKXELHUD VHQWLGRQXQFDQDGD

    SRUQDGLHSHURHQFXDOTXLHUFDVRQRLPSRUWDED,UpDHFKDUXQYLVWD]RGLMR+D\DOJRPiVDxDGLy/DXUHQ4Xp"7DQM\OODPyDPLFDVDHOOXQHVSRUODQRFKH'HVSXpVGHLUVHGHODWLHQGD"3RUTXp"3UHJXQWySRU'DQSHURpOHVWDEDHQ6DLQW3DXO

  • FXDQGR OH GHYROYLy OD OODPDGD1LQJXQRGH ORV GRV KHPRVYXHOWR D SHQVDU HQ HOOR KDVWD KR\ +H FRJLGR XQ YXHOR DSULPHUD KRUD GH OD PDxDQD \ 6RQQLH PH KD FRQWDGR TXH7DQM\KDEtDGHVDSDUHFLGR

    7H GHMy 7DQM\ DOJ~Q PHQVDMH FXDQGR KDEODVWH FRQHOOD"

    6tPHGLRXQPHQVDMHSDUD'DQSHURpOQRORHQWHQGLy&XiOHUD"/DXUHQVHHQFRJLyGHKRPEURV6LPSOHPHQWHPHSLGLyTXHOHGLMHUD6pTXLpQHV

    &DStWXOR$EHO 7HLWVFKHU OOHJy D FDVD D SULPHUD KRUD GH OD WDUGH GHOMXHYHVGHVSXpVGHSDVDUGLH]KRUDVVXSHUYLVDQGRODHVFHQDGHO DVHVLQDWR GH (ULF 6RUHQVRQ 9HUWLy XQRV FRSRV GHFRPLGDHQODJUDQSHFHUDGHVXFRPHGRUKRJDUGHXQVXUWLGRPXOWLFRORU GH FKLULELFRV SHFHV JORER PDQGDULQHVSVLFRGpOLFRV WHWUD\JRELRV(Q ODV UDUDV WDUGHVHQ ODVTXHQRWUDEDMDEDVHVHUYtDXQDFRSDGHFRxDFDSDJDEDODVOXFHV\VHVHQWDEDHQVLOHQFLRDPLUDUDVXVSHFHVPLHQWUDVpVWRVQDGDEDQ SRU HO DFXDULR LOXPLQDGR $EHO VH VHQWtD PiVFyPRGRFRQORVSHFHVTXHFRQODVSHUVRQDV

    9LYtDVRORHQXQDPRGHVWDFDVDGHODFDOOH1XHYHHQHOFHQWURGH OD FLXGDG+DEtD HVWDGR FDVDGRYHLQWLVLHWH DxRVKDVWDTXHXQPDUWHVSRUODWDUGHOOHJyDFDVDGHLPSURYLVR\VHHQFRQWUyDVXPXMHUGHFLQFXHQWD\GRVKDFLpQGROHXQIDYRUDOKLMRGHORVYHFLQRVXQMRYHQHQSDURGHYHLQWLFXDWURDxRV 9HtD GHPDVLDGR0XMHUHV GHVHVSHUDGDV 6HLV PHVHVGHVSXpVVHGLYRUFLDURQ\DKRUDHOODYLYtDGHDOTXLOHUHQXQDSDUWDPHQWR GH 0LQQHDSROLV /R ~QLFR EXHQR GH VXPDWULPRQLR HUD VX KLMD $QQH SHUR VH HQFRQWUDED OHMRVKDFLHQGR XQ FXUVR GH SRVJUDGR HQ 6DQ 'LHJR (VWXGLDEDELRORJtDPDULQD \$EHO VH DWULEXtD IHOL]PHQWH HOPpULWR SRUORV DxRV TXH HOOD KDEtD SDVDGR GH QLxD VHQWDGD FRQ pOIUHQWHDODSHFHUD

    8QRV DxRV DWUiV SDVDUVH XQD QRFKH HQWHUD WUDEDMDQGR

  • FRPR WXYRTXHKDFHU FRQHO DVHVLQDWRGH6RUHQVRQKDEUtDKHFKRTXHVH UHVLQWLHUDGXUDQWHGtDVSHURDKRUDHVWDEDHQPHMRUIRUPDGHORTXHVHKDEtDVHQWLGRHQGpFDGDV'HVGHHOGLYRUFLR KDEtD HPSH]DGR D FRUUHU HQ OD HVWDFLyQ FiOLGDUHFRUUtD ORV VHQGHURVGH OD8QLYHUVLGDGGH0DU\ODQG\ HQLQYLHUQRXVDEDXQDFLQWDTXH WHQtD HQ ODKDELWDFLyQ+DEtDSHUGLGRTXLQFHNLORV\DKRUDVHHQWUHQDEDSDUDHOPDUDWyQ(Q OD RILFLQD FHQWUDO OH GHFtDQ TXH HVWDED GHPDFUDGR \HVTXHOpWLFR OR FXDO OH SRQtD IXULRVR SXHV QDGLH SDUHFtDDSUHFLDUVXHVIXHU]RSDUDPRGHODUHOFXHUSR

    $EHO VH WXPEy HQ HO VRIi MXQWR D OD SHFHUD \ GXUPLyPHGLD KRUD OR VXILFLHQWH SDUD GHVSHMDUVH 'HVSXpV FRUULyXQDKRUDHQ ODFLQWDHO UXQU~QGHOPRWRU\HO UXLGRGHVXVSDVRV OH D\XGDEDQ D DFODUDUVH ODV LGHDV 6WULGH OH KDEtDDFXVDGRGHQRYHUHOFDVRFRQSHUVSHFWLYDSHURHVRHUDXQDJLOLSROOH] $EHO GHGLFDED PXFKR WLHPSR D SHQVDU FXDQGRDIURQWDED XQD QXHYD LQYHVWLJDFLyQ /D GLIHUHQFLD HUD TXH6WULGH WUDWDED GH SDVDU SRU HQFLPD GH ORV KHFKRV SDUDPHWHUVHHQODFDEH]DGHODYtFWLPD\HQODGHODVHVLQR3DUD$EHOWHQHUSHUVSHFWLYDQRFRQVLVWtDVLQRHQXQLUODVSLH]DVGHO URPSHFDEH]DVDSDUWLUGH ORTXHHQFRQWUDED3UXHEDV\WHVWLJRV&RVDVTXHSXGLHUDWRFDUYHU\ROHU

    /D SHUVSHFWLYD JHQHUDO HQ HVWH FDVR OH OOHYDED HQ XQD~QLFD GLUHFFLyQ 0DJJLH 6DEtD TXH HO KHFKR GH TXH QRKXELHUD QLQJXQD SUXHED GH OD SUHVHQFLD GH XQD WHUFHUDSHUVRQD HQ OD FDVD QRTXHUtD GHFLU TXH QRKXELHVH HVWDGR

    DOOtSHURWDPELpQVDEtDTXHODUHVSXHVWDPiVOyJLFD\REYLDDXQFULPHQHUDQRUPDOPHQWHODFRUUHFWD+DEtDTXHGHMDUDXQODGR ODV WHRUtDV FRQVSLUDWLYDV HVR HUD SDUD ORV DERJDGRVGHIHQVRUHV 2VZDOG PDWy D .HQQHG\ 6ROR +DEtD TXHDFHSWDUOR

    $EHOHVWDEDSUHSDUDGRSDUDVXSHUDUFXDOTXLHUREVWiFXOR1RWHQtDQDGDFRQWUD0DJJLH\QRVHQWtDQLQJ~QGHVHRGHHQGRVDUOHHOFULPHQSHURHOVHQWLGRFRP~QOHGHFtDTXHHUDHOODTXLHQFDVLFRQWRGDVHJXULGDGKDEtDDSUHWDGRHOJDWLOOR3RUTXHDVtHUDHQHOGHORVFDVRV

    &RPR1LFROH&RQHOOD$EHOKDEtDDSUHQGLGRTXHWRGRHOPXQGRHVFDSD]GHFXDOTXLHUFRVDLQFOXVRXQEXHQSROLFtDeOVHKDEtDQHJDGRDFUHHUTXHVXFRPSDxHUDIXHUDFDSD]GHFRPHWHUXQDVHVLQDWRDVtTXHLJQRUyODVSUXHEDVDSHVDUGHTXH pVWDV LEDQ DFXPXOiQGRVH1LFROH HUDSVLFROyJLFDPHQWHIUiJLO DFDEDED GH UHJUHVDU GH XQD EDMD SRU PDWDU D XQKRPEUH PHQWDOPHQWH SHUWXUEDGR HQ HO SXHQWH %ODWQLN (OPDULGRGH1LFROHWHQtDXQDDYHQWXUD\HOODKDEtDDPHQD]DGRFRQXVDUODYLROHQFLDVLQROHSRQtDILQ6HHQFRQWUDURQGRVFDEHOORVGH1LFROHHQHODSDUWDPHQWRGRQGHDSDUHFLHURQVXPDULGR \ VX QRYLD GHVQXGRV \ DVHVLQDGRV D WLURV FRQ ODSLVWROD GHO PDULGR (UD SUXHED PiV TXH VXILFLHQWH SDUDFRQGHQDUOD

    &XDQGR HO MXUDGR OD GHFODUy FXOSDEOH $EHO DFHSWyILQDOPHQWH HO KHFKR GH TXH 1LFROH KDEtD KHFKR OR TXHFXDOTXLHU RWUR VRVSHFKRVR PHQWLUOH SDUD VDOYDU HO SHOOHMR

  • 6WULGHWHQGUtDTXHDSUHQGHUODPLVPDOHFFLyQ6HJXUDPHQWH pVWH SHQVDED TXH$EHO HVWDED UHVHQWLGR

    SRUTXH OR KDEtDQ HFKDGR (UD LQQHJDEOH TXH OH KDEtDPROHVWDGRGHMDUVXFDUJRGHWHQLHQWHSHURSDUDVHUVLQFHURQR OR HFKDED GH PHQRV. WHQtD UD]yQ $EHO RGLDEDVXSHUYLVDU D OD JHQWH \ DGMXGLFDU PLVLRQHV 1R HVWDEDSUHSDUDGRSDUDSHUGHUHOWLHPSRPRWLYDQGRDORVSROLFtDVXQFROHFWLYRSRURWURODGRPX\GLItFLOGHPRWLYDU2GLDEDQDODDGPLQLVWUDFLyQ SRU VLVWHPD HO SDSHOHR \ ORV WUiPLWHVFRDUWDEDQVXOLEHUWDGGHPRYLPLHQWRV\VHOHVFXHVWLRQDEDFDGDYH]TXHWHQtDQTXHHPLWLUXQMXLFLRUiSLGR$EHOVDEtDWRGR HVReO WDPELpQ HUD DVt SHUR WHQtDPDODV SXOJDV \ VXSURSLD IRUPD GH OOHYDU ORV DVXQWRV \ VL LED D VHU HO MHIHWHQGUtDQTXHKDFHUODVFRVDVDVXPDQHUD3HURQDGLHOHKDEtDKHFKRFDVR

    (VWDED PiV FRQWHQWR VLQ HVRV GRORUHV GH FDEH]D /R~QLFR TXH OH PROHVWDED HUD OD GHYRFLyQ TXH ORV GHPiVSROLFtDV VHQWtDQ SRU 6WULGH \ TXH D pO D GXUDV SHQDV OHWROHUDUDQ 6DEtD TXH HUD XQD SHUVRQD GLItFLO \ DGHPiV XQVROLWDULR(UDDULVFR\FHUUDGRSHURQDGLHVHHVIRU]DEDFRQpOFRPRORKDFtDQFRQ6WULGH

    6WULGH HUD KXPDQR FRPHWtD HUURUHV (Q HVWH FDVR HQFRQFUHWR ORV HVWDED FRPHWLHQGR VHQFLOODPHQWH SRUTXH QRSRGtD FRQFHELU OD WUDLFLyQ 1XQFD KDEtD VRUSUHQGLGR D VXPXMHUHQODSRVLFLyQGHODYDTXHUDLQYHUWLGDFRQXQKRPEUHDOTXHGREODEDODHGDG'HPRQLRV$EHOQLVLTXLHUDFRQRFtD

    HOQRPEUHGHODSRVWXUDKDVWDTXHVXDERJDGRVHORH[SOLFyHQORVWUiPLWHVGHOGLYRUFLR(VWDEDFODURTXHVXPXMHUQXQFDODKDEtDSUDFWLFDGRFRQpOPLHQWUDVHVWXYLHURQFDVDGRV

    &XDQGR VRUSUHQGLy D VX PXMHU HQ OD FDPD FRQ RWURKRPEUH$EHOHQWHQGLyFyPRXQDSHUVRQDQRUPDO\FRUULHQWHSRGtDDWUDYHVDUHOOtPLWH,JXDOTXH1LFROH,JXDOTXH0DJJLH+DEtDDSXQWDGRDDPERVFRQVXSLVWROD\HVWDEDGLVSXHVWRDGLVSDUDU OR ~QLFR TXH OHV VDOYy IXH TXH HQ HO VLOHQFLRH[SHFWDQWHHQHOTXHVXVPLUDGDVVHFUX]DURQ$EHOSXGRRtUHO JRUJRWHR GH OD SHFHUD GHO FRPHGRU +DEtD DOJR HQ HVHVRQLGRTXHORWUDQTXLOL]DED3HUGHUDVXVSHFHVKDEUtDVLGRSHRU TXH SHUGHU D VX PXMHU DVt TXH JXDUGy HO DUPD \ VHEXVFyXQDERJDGR

    0DJJLHGHEHUtDKDEHUWHQLGRSHFHV

    $EHO VH DIHLWy \ VH GXFKy GHVSXpV GH FRUUHU \ VH SXVRFRORQLDHQODFDUDeVDHUDRWUDGHODVFRVDVSRUODVTXHORVSROLV OH WRPDEDQ HO SHOR GHFtDQ TXH ROtD FRPR XQ JLJROyUHFLpQ DVHDGR &RPR VL HVR IXHUD XQ FULPHQ 6H SXVR XQYLHMR WUDMH PDUUyQ \ VH PHWLy HQ VX JDEDUGLQD 1R HUD ORVXILFLHQWHPHQWH FiOLGD SDUD IHEUHUR SHUR GHVGH TXH KDEtDHPSH]DGR D FRUUHU FRQ UHJXODULGDG FDGD YH] OH LPSRUWDEDPHQRVHOIUtR

    +RUDGHVDOWDUREVWiFXORV(PSH]y SRU OD RILFLQD GH (ULF (UD HO GXHxR GH

    0HGDO6SRUWVXQDILUPDFRQVHGHHQXQFRPSOHMRLQGXVWULDO

  • JULV\PRQyWRQRHQXQDFDOOHFHUFDQDDODHURSXHUWRDGHPiVGH SRVHHU RWUDV HPSUHVDV TXH SURGXFtDQ VXPLQLVWURVPpGLFRV FRPSRQHQWHV DHURQiXWLFRV HTXLSDPLHQWR QiXWLFR\ FRPLGD FRQJHODGD 3HTXHxRV DYLRQHV VREUHYRODEDQ SRUHQFLPDGHVXFDEH]DFXDQGR$EHOHQWUyHQHODSDUFDPLHQWR(OHGLILFLRGHXQDSODQWDSLQWDGRGHFRORUPDUUyQFKRFRODWHWHQtD YDULDV ]RQDV GH FDUJD GRQGH ORV FDPLRQHV GHGLVWULEXFLyQSHUPDQHFtDQDSRVWDGRVFRQWUDODVSODWDIRUPDV(ODSDUFDPLHQWRHVWDEDDUHERVDU

    (QFRQWUyXQDSXHUWDGHFULVWDOTXHOOHYDEDDODVRILFLQDVGHO HGLILFLR/D UHFHSFLRQLVWD HVWDEDKDEODQGRSRU WHOpIRQRHQ HVSDxRO 'HEtD GH WHQHU YHLQWLWDQWRV DxRV \ OOHYDED HOSHOR FRUWR FRQXQRVJUDFLRVRV UL]RV TXH OH FDtDQ VREUH ODIUHQWH 6X URVWUR RYDODGR HUDPX\ H[SUHVLYR \ VX VRQULVDHIHUYHVFHQWH DSDUHFtD \ GHVDSDUHFtD FRPR OD OX] GH XQDERPELOOD3HVHDTXHQRVDEtDHVSDxRO$EHOFUH\yDGLYLQDUTXH HVWDED KDEODQGR GH OD PXHUWH GH (ULF SXHV ODVHPRFLRQHVVHVXFHGtDQVREUHVXURVWURFRPRHOFLFORGHODVHVWDFLRQHV3ULPHURXQDEULOODQWHVRQULVD\OXHJRHOGHVWHOORGHXQDVOiJULPDVTXHVHHQMXJy(QODRILFLQDKDFtDIUtR\ODFKLFD OOHYDED SXHVWR XQ JUXHVR FKDOHFR URMR VREUH XQDFDPLVHWD QDUDQMD /H RIUHFLy XQD VRQULVD WULVWH WDSy HODXULFXODUFRQODPDQR\OHGLMRHQLQJOpVTXHORDWHQGHUtDHQXQ PRPHQWR $EHO VLQWLy OD FDOLGH] GH VXV VXDYHV RMRVFDVWDxRVFXDQGRHOODOHPLUyOHUHFRUGyVXVROHGDG\TXHVXKLMDVHHQFRQWUDEDOHMRV

    /D GLPLQXWD VDOD GH HVSHUD HUD IXQFLRQDO FRQ XQ VRIiEDUDWRGHURWDXQDFDIHWHUDEODQFDTXHGHVFDQVDEDVREUHXQDUFKLYDGRU MXQWR D XQ PRQWyQ GH WD]DV GH SOiVWLFR \ XQDPHVDGH FHQWUREDUQL]DGD FRQ DOJXQDV UHYLVWDV GHSRUWLYDV3RGtD RtU HO UXLGR GH OD IiEULFD D WUDYpV GH OD SXHUWD TXHFRPXQLFDEDFRQHOWDOOHU

    ([DPLQy ODV IRWRJUDItDV HQPDUFDGDVTXH FROJDEDQGH ODSDUHG \PRVWUDEDQ D (ULF HQ ORV -XHJRV 2OtPSLFRV TXLQFHDxRVDWUiVFRQVXEDxDGRU6SHHGR\XQDPHGDOODGHEURQFHDOUHGHGRUGHOFXHOOR(UDXQKRPEUH ItVLFDPHQWH LPSRQHQWHGHFDVLGRVPHWURVGHDOWXUDGHSHFKRPXVFXORVR\ODPSLxR\FRQHOFDEHOORWDQUXELRTXHFDVLSDUHFtDEODQFR/DVGHPiVIRWRJUDItDV HUDQPiV UHFLHQWHV \PRVWUDEDQ D(ULF FRQXQDVHULH GH PHGDOOLVWDV GH ORV -XHJRV GH ,QYLHUQR GHVGHSDWLQDGRUHV KDVWD HVTXLDGRUHV GH HVODORQ SDVDQGR SRUHTXLSRVGHEREVOHLJK7RGRVYHVWLGRVFRQHTXLSDPLHQWRGH0HGDO6SRUWV$EHOUHSDUyHQODEXHQDIRUPDHQTXHVHKDEtDPDQWHQLGR(ULFTXHVHKDEtDGHMDGRFUHFHUHOSHOR\OOHYDEDODPHOHQDSHLQDGDKDFLDDWUiV

    (UDPX\JXDSRGLMRODWHOHIRQLVWDPLHQWUDVFROJDEDHODXULFXODU /R YL HQ ORV -XHJRV 2OtPSLFRV GH %DUFHORQDFXDQGRHUDXQDQLxD0LVSDGUHVPH OOHYDURQYLYtDPRVHQ6HYLOOD

    $EHOVROWyXQJUXxLGR1RHVXVWHGSHULRGLVWDYHUGDG"OHSUHJXQWyHOOD+DEODEDLQJOpVFRQDFHQWRSHURVHODHQWHQGtDELHQ

  • $EHOQHJyFRQODFDEH]D\VHSUHVHQWy/DUHFHSFLRQLVWDOHGLMRTXHVHOODPDED1RHPt$OED

    1RHPtVHLQFOLQyVREUHHOPRVWUDGRU(V FLHUWR OR TXHKDQGLFKRSRU OD WHOHYLVLyQ TXH VX

    PXMHUOHGLVSDUy"(VPX\WULVWH$~Q HVWDPRV WUDWDQGR GH DYHULJXDU OR VXFHGLGR

    FRQWHVWy $EHO 1HFHVLWR TXH PH UHVSRQGD D DOJXQDVSUHJXQWDV

    &ODURSRUVXSXHVWR&XiQWRKDFHTXHWUDEDMDSDUDHOVHxRU6RUHQVRQ"&DVLFLQFRDxRV/RFRQRFtHQ%DUFHORQDFXDQGRYLQR

    DODILHVWDGHDQLYHUVDULRHQKRQRUGHORVDWOHWDVROtPSLFRV(O&2,PHGHVLJQyFRRUGLQDGRUDORFDOGHOHYHQWR/HFRQWpODVJDQDVTXHWHQtDGHWUDEDMDUHQ(VWDGRV8QLGRV\pOPHGLMRTXHQHFHVLWDEDDDOJXLHQHQODRILFLQD)XHHOGHVWLQRULy\OXHJR DxDGLy $XQTXH FODUR \R SURFHGR GH XQ FOLPDFiOLGRDVtTXHOOHJDUDTXtD'XOXWKIXHWRGRXQLPSDFWR

    $EHO UHSDUy HQ XQD IRWRJUDItD GH 1RHPt \ (ULF TXHFROJDEDGHODSDUHGGHWUiVGHHOODWRPDGDREYLDPHQWHIUHQWHDO(VWDGLR2OtPSLFR/DSUHVHQFLDGH(ULFHPSHTXHxHFtDDODMRYHQHVSDxRODFX\RVKRPEURVURGHDEDFRQXQEUD]R$EHOWDPELpQ YLR XQD IRWR PiV SHTXHxD HQFLPD GHO HVFULWRULRWRPDGD HQ OR TXH SDUHFtD XQ SHTXHxR MDUGtQ GH XQD FDVDHVSDxROD1RHPtDSDUHFtDPiVMRYHQFRQHOURVWURVRQULHQWH\UDGLDQWHPLHQWUDV OHGDEDXQFDFDKXHWHDXQHQRUPHORURYHUGHTXHGHVFDQVDEDVREUHVXKRPEUR

    0HQXGRSiMDURFRPHQWy$EHO1RHPt FRJLy OD IRWR HQPDUFDGD 6X VRQULVD WtPLGD \

    DOHJUHKL]RTXH$EHOSHQVDUDGHQXHYRHQVXKLMDeVH HV:\NL&UHFt FRQ pO HV FRPRPL KHUPDQR+H

    LQWHQWDGRFRQVHJXLUHOSHUPLVRSDUDWUDpUPHORSHURD~QHVWiHQ6HYLOOD FRQPLVSDGUHV/RV ORURVYLYHQPXFKR WLHPSRDVtTXHFXDQGRYXHOYDDFDVD:\NLHVWDUiHVSHUiQGRPH

    /RVORURVYLYHQPiVTXHPXFKDJHQWHSHQVy$EHO/HJXVWDHVWDUDTXt"1RHPtVHHQFRJLyGHKRPEURV6tSHURHFKRGHPHQRVDPLIDPLOLD\WDPELpQPLSDtV6HTXHGDUiDKRUDTXHHOVHxRU6RUHQVRQKDPXHUWR"1RFUHR(VFRPRXQDVHxDOKDOOHJDGRHOPRPHQWRGH

    YROYHUDFDVD&yPRHUDHOVHxRU6RUHQVRQ"OHSUHJXQWy$EHO2K HQFDQWDGRU HQFDQWDGRU 1RV WUDWDED FRPR VL

    IXpUDPRVGHODIDPLOLD$EHO VXVSLUy WRGR HOPXQGR VH FRQYHUWtD HQ XQ VDQWR

    GHVSXpVGHTXHORDVHVLQDUDQ(VRPHVXHQDGHPDVLDGRSHUIHFWR

  • $EHODVLQWLy(O VHFWRU LQGXVWULDO HV GXURPXFKD FRPSHWHQFLD@ GH ODV IHULDV -RVK HQUROOy HOFDUUHWH XQRV FHQWtPHWURVPiV FRQ UHSXJQDQFLD SHUR SUHVDGHODFXULRVLGDG&XDQGRHOODORYLRWDPELpQVROWyXQJULWR

    8QDPHOHQDQHJUDHQPDUDxDGDEDLODEDGHXQODGRDRWURD

    VXV SLHV (O RORU OLEHUDGR GHO DJXD HUD IpWLGR JDVHVLQYLVLEOHVOOHQDURQHODLUH6KHUU\VHFXEULyODFDUD0LUyHQWUHVXVGHGRV\YLRXQDFDEH]DKXPDQDEODQFDFRPRODQLHYH\KRUULEOHPHQWHKLQFKDGDTXHPLUDEDSRUHQFLPDGHOKLHOR/DPD\RUSDUWHGHOFXHUSRHVWDEDDWUDSDGDGHEDMR7HQtDEDUUR\KLHUEDVDGKHULGRVDODSLHO/RVRMRVHVWDEDQDELHUWRVSHURQXEODGRVFRPRHOPiUPRO7HQtDODERFDOLJHUDPHQWHDELHUWD\ HO VRQLGR GHO DJXD DO JROSHDU ORV ODELRV HUD FRPR VLKDEODUDFRPRVLHVWXYLHUDYLYDFXDQGRHUDREYLRTXHQRHUDDVt /D FDEH]D UHSHWtD XQD \ RWUD YH] 6iFDPH GH DTXtViFDPHGHDTXtViFDPHGHDTXt

  • 6HJXQGDSDUWH

    &+,&$6$/)$&DStWXOR

    +HOHQ'DQQLQJSRGtDYHUVXUHIOHMRHQODYHQWDQDGHODWLHQGDGH UHJDORVHQ LQWHUYDORVGHSRFRVVHJXQGRV VX URVWUR VHLOXPLQDED FRPR HO EULOOR GH XQD KRJXHUD DPHGLGD TXH ORVYHKtFXORV TXH DVFHQGtDQ SRU OD FDUUHWHUD SUR\HFWDEDQ VXVGRVIDURVHQHOFULVWDO3DUD+HOHQHVDVOXFHVHUDQFRPRORVKDFHVEODQFRVGHXQRVUHIOHFWRUHVTXHEDUULHUDQORVFDPSRVGHXQODGRDRWURDFRViQGROD&XDQGRXQFRFKHDPLQRUDEDODPDUFKD\VDOtDGHODFDUUHWHUDHOODVHHVWUHPHFtD/RVIDURVVH KLFLHURQ HQRUPHV HQ OD YHQWDQD PLHQWUDV XQ YHKtFXORDSDUFDEDIXHUDGHODWLHQGD+HOHQUHWLUyODVLOOD\VHOHYDQWyGHMDQGRHOWpFKDLDPHGLREHEHU\HOSRUWiWLOEODQFRDELHUWRVREUH OD PHVD GH KLHUUR IXQGLGR 5HWURFHGLy KDVWD ODVHVWDQWHUtDVGHUREOHOOHQDVGHYHODV\KRMDVSHUIXPDGDV

    /D SXHUWD GHO ORFDO VH DEULy \ +HOHQ VLQWLy FRPR VL ODQRFKHVHGHUUDPDUDGHQWUR8QDUiIDJDGHDLUHKHODGRODKL]RWLULWDU(FKyXQYLVWD]RDOSDVLOORTXH OOHYDEDDODOPDFpQGH(YHO\QFX\DSXHUWDGHDWUiVVHDEULyGHJROSHDORVFDPSRVKHODGRVGHPDt](QXQDFWRLUUHIOH[LYRTXLVRFRUUHUSHURYLRTXHODVSHUVRQDVTXHHQWUDEDQHUDQLQRIHQVLYDV8QKRPEUHFRQXQDVXGDGHUDGHODIHULDHVWDWDOGH0LQQHVRWDSLGLyGRVFDIpVD(YHO\QHQODEDUUDPLHQWUDVVXHVSRVDFXULRVHDEDORVDGRUQRV GH 1DYLGDG UHEDMDGRV +HOHQ DJDFKy OD FDEH]D \PDQWXYRHOURVWURRFXOWR

    (VSHUyDTXHHOFRFKHHVWXYLHUDRWUDYH]HQ ODFDUUHWHUD

  • DQWHVGHYROYHUDVHQWDUVHDODPHVD&XDQGREHELyXQVRUERGH VX Wp GXOFH OH WHPEODEDQ ORV GHGRV &HUUy ORV RMRVUHVSLUy KRQGR \ FRQWLQXy FRQ VX PHWyGLFR WUDEDMR HQ HOSRUWiWLO DEULHQGR FDGD XQD GH ODV HQWUDGDV GH VX EORJ \HOLPLQiQGRODV6XILQRGHGRWLWXEHyVREUHODWHFODGHERUUDUPLHQWUDV UHOHtD XQD HQWUDGD VREUH HO HVSHFWiFXOR0LVV6DLJRQ +DEtD YLVWR HVH VKRZ GRFHQDV GH YHFHV DO LJXDOTXH OD PD\RUtD GH ORV PXVLFDOHV TXH OOHJDEDQ DO 2UGZD\&HQWHU GH 6DLQW 3DXO &RPR DFRPRGDGRUD YHtD ODVDFWXDFLRQHV QRFKH WUDV QRFKH KDVWD FDSWDU ORVPDWLFHV GHFDGDDFWRUFDQFLyQWUDMH\GHFRUDGR9LYtDORVHVSHFWiFXORVFDVL FRPR VL IXHUDQPiV UHDOHV TXH VX SURSLD YLGD +DEtDTXLHQ VH REVHVLRQDED FRQ ORV FXOHEURQHV SHUR ODVREVHVLRQHVGH+HOHQHUDQ3KDQWRP/HV0LVHUDEOHV \5HQW\ WRGRV ORVGHPiVVKRZVLWLQHUDQWHVTXHVHUHSUHVHQWDEDQVREUHHOHVFHQDULRXQD\RWUDYH]6XEORJHUDODSODWDIRUPDGRQGHH[SUHVDEDVXVLGHDVVREUHORVSHUVRQDMHV

    /RKDEtDWLWXODGR/DGDPDTXHKD\HQPt+DFtDXQRVDxRVVHKDEtDWRSDGRFRQXQ&'GH6KDQLD7ZDLQOODPDGR/D PXMHU TXH KD\ HQ Pt TXH FRPSUy SRUTXH OH JXVWy HOWtWXOR /D IUDVH VH FRQYLUWLy HQ XQD HVSHFLH GH KLPQR SDUDHOODUHVXPtDORTXHKDEtDSHUGLGRHQODXQLYHUVLGDG\ORTXHKDEtD HVWDGR EXVFDQGR WRGD VX YLGD ,QFOXVR WHQtD ODVLQLFLDOHV /'+0 WDWXDGDV HQ HO WRELOOR FRPR XQ PHQVDMHVHFUHWRTXHOOHYDEDFRQVLJR

    (QHVHPRPHQWRQRVHKDEtDGDGRFXHQWDGHTXHHUDXQ

    HUURUSXHVFXDOTXLHUDTXHTXLVLHUDHQFRQWUDUODSRGtD VDEHUGyQGH HVWDED \ GyQGH WUDEDMDED VL OHtD FRQ DWHQFLyQ ODVHQWUDGDVGHVXEORJ3HURHOFDVRHVTXHQXQFDSHQVyTXHDOJXLHQIXHVHDEXVFDUOD

    +HOHQDO]yODPLUDGDFXDQGRODP~VLFDGHSLDQRTXHKDEtDGHIRQGRSDUy/DWLHQGDGHUHJDORVTXHGyHQVLOHQFLR

    +RUDGHODUJDUVHFLHORH[FODPy(YHO\Q(VWDED FHUUDQGR OD WLHQGD OLPSLDQGR OD FDIHWHUD \

    FRQWDQGRHOGLQHURGH ODFDMD(YHO\QVLHPSUHSDUHFtDHVWDUKDFLHQGRFLQFRFRVDVDODYH](QJHQHUDOPiVTXHPRYHUVHVHDIDQDED

    +HOHQFHUUyHOSRUWiWLO\DJXDUGy(YHO\QWHQtDUD]yQHUDKRUD GH ODUJDUVH \ HVR HUD SUHFLVDPHQWH OR TXH HVWDEDKDFLHQGR+HOHQ'HVDSDUHFHU

    (YHO\Q VH VHQWy IUHQWH D HOOD FRQ JHVWR LPSDFLHQWH 6HKDEtDVHUYLGRORVUHVWRVGHFDIpWRPyXQVRUER\VHDSDUWyGH OD FDUD ORV UL]RV UHEHOGHV GH FRORU DUGLOOD 'HEDMR GH ODPHVDVHTXLWyORV]DSDWRV\PRYLyORVGHGRVGHORVSLHV

  • /RHQWLHQGR7HSURPHWRTXHQRWHPROHVWDUpPXFKRWLHPSR(YHO\QVHHQFRJLyGHKRPEURV4XpGDWH HO WLHPSR TXH TXLHUDV 1R KDFHPRV HVWR OR

    EDVWDQWH DPHQXGR FLHOR &XiQWRKDSDVDGR" 8QSDU GHDxRV" (VWRV ~OWLPRV GtDV KDQ VLGR FRPR HQ OD IDFXOWDGSLGLHQGRSL]]DV\YHQWLOiQGRQRVYLQREDUDWR+DFHTXHPHROYLGHGHWRGDVHVWDVFDQDV

    $GHPiVGHOOHYDUODWLHQGDGHUHJDORV(YHO\QHUDSLQWRUDSRHWD \ MDUGLQHUD 9LYtD VROD HQ XQD YLHMD FDVD FRQ GRVKHFWiUHDV GH WHUUHQR FHUFD GHO0LVVLVVLSSL HQ /LWWOH )DOOV(OOD \+HOHQ HUDQ JUDQGHV DPLJDV GHVGH TXH FRPSDUWLHUDQKDELWDFLyQHQODXQLYHUVLGDG(YHO\QODKDEtDLQYLWDGRYDULDVYHFHV D YLVLWDUOD HQ VX SHTXHxD ORFDOLGDG GHO FHQWUR GH0LQQHVRWDSHURD+HOHQOHDVXVWDEDQORVHVSDFLRVDELHUWRV\OHSRQtDQHUYLRVDHOYDFtR(OODSUHIHUtDHODQRQLPDWRGHODFLXGDGGRQGHSRGtDSHUGHUVH HQWUH ODPXOWLWXG\YLYLU FRQVLJLORHQSOHQREXOOLFLR

    3LHQVDV TXH HVWR\ H[DJHUDQGR QR" SUHJXQWy+HOHQ

    (YHO\QFRJLyXQFXHQFRFRQDSHULWLYRV MDSRQHVHVGH ODEDUUD\ ORGHMyHQWUH ODVGRVVREUH ODPHVD7RPyXQIUXWRVHFRGHFRORUYHUGH\VHOROOHYyDODERFD

    6t VXSRQJRTXHVt3HUR\TXp"7~FRQRFLVWHDHVHWtR\RQR

    6HOODPDED(ULF

    9DOHSXHV(ULF0HORFDOL]y\DOFDERGHGRVGtDVORPDWDURQ3RGUtDVHUXQDFRLQFLGHQFLD+HOHQQHJyFRQODFDEH]DeOVDEtDORTXHPHSDVy

  • $VtHV(QWRQFHV WLHQHV TXH GHFtUVHOR D DOJXLHQ LQVLVWLy

    (YHO\Q

  • UHVXOWDEDIiFLOSHUGHUVHDOFDHUODQLHEODGHVYLiQGRVHGHORVSHGD]RV GHQVRV GH KLHOR D ODV IUiJLOHV FDSDV VXUFDGDV GHJULHWDV &DGD DxR KDEtD TXH ODPHQWDU YDULRV DFFLGHQWHVSHUVRQDVGHVDSDUHFLGDVEDMRHOKLHOR\DODPD\RUtDQRODVUHVFDWDEDQQXQFD

    6RSODED XQ YLHQWR IHUR] D WUDYpV GHO KLHOR 6LQ iUEROHVTXHORHQWRUSHFLHUDQFDEDOJDEDVREUHHOODJRFRPRXQSDWtQGHYHOD(OFDGiYHUGH7DQM\\DFtDWULVWHPHQWHVREUHXQWUR]RGHSOiVWLFRDODHQWUDGDGHODFDVHWDGHSHVFD6XSLHOKDEtDSHUGLGRHOSLJPHQWR2VXDVHVLQRRODFRUULHQWHGHOODJRODKDEtDQ GHVQXGDGR 6WULGH VLQWLy XQD SXQ]DGD GH SHVDU7DQM\ VH KDEtD SDVDGR OD YLGD REVHVLRQDGD FRQ ODVYLRODFLRQHV\DKRUDUHDOPHQWHKDEtDQSURIDQDGRVXFXHUSR

    6WULGHVHYROYLyKDFLD7HLWVFKHU'HEHUtDVKDEHUPHOODPDGRLQPHGLDWDPHQWH7HLWVFKHU IUXQFLy HO FHxR DXQTXH VX URVWUR H[WHQXDGR

    SHUPDQHFLyLPSHUWXUEDEOH$FRUGDPRVTXH\ROOHYDUtDODLQYHVWLJDFLyQ$VtHVSHURTXLHURHVWDUHQHODMR3DUD Pt HVR VLJQLILFD SDVDUWH PL SDSHOHR ]DQMy

    7HLWVFKHUQRTXHPHFXHVWLRQHVHQODHVFHQDGHOFULPHQ1RWHTXLHURDTXtWHQLHQWH$KRUDPLVPRQRVpGHTXpODGRHVWiV

    7~SRQPHDOFRUULHQWHOHGLMR6WULGH'DQ (ULFNVRQ TXLHUH HVWDU HQWHUDGR GH FXDOTXLHU

    PRYLPLHQWRWX\RHQHVWHFDVRH[SOLFy7HLWVFKHU

    (VXQDDPHQD]D"6yORXQDYLVR1RPHSUHRFXSD'DQUHVSRQGLy6WULGH7HLWVFKHUVHHQFRJLyGHKRPEURV+HPRVHQFRQWUDGRHOFRFKHGH7DQM\$OJXLHQOROOHYy

    DOLQWHULRUGHOERVTXHDOILQDOGHXQFDPLQRVLQVDOLGD&HUFDGHDTXt"$XQNLOyPHWURDSUR[LPDGDPHQWH+iEODPHGHODHVFHQDGHOFULPHQSLGLy6WULGH+D\VDQJUHHQHOPDOHWHUR(QXQDFDSDSURIXQGDGH

    QLHYHKHPRVFRQVHJXLGRKXHOODVGHERWDVTXHVHDOHMDQGHOFRFKHSDUDYROYHUDOFDPLQR$KtVHGHWLHQHQ

    $Vt TXH QR OD PDWDURQ GRQGH KDEpLV HQFRQWUDGR HOFRFKH

    1RDOSDUHFHUODPDWDURQHQDOJXQDRWUDSDUWH\OXHJROD DUURMDURQ DO PDOHWHUR SDUD OOHYDUOD KDVWD HO KLHOR(QFRQWUDURQXQDFDVHWDDELHUWDGHMDURQHOFXHUSRHQHOODJR\GHVSXpVDEDQGRQDURQVXFRFKHHQHOERVTXH

    (QSOXUDO"(VWR\ SHQVDQGR TXH D XQD SHUVRQD VROD OH KDEUtD

    FRVWDGR PXFKR ORJUDUOR 6L QR IXH DVHVLQDGD GRQGHDEDQGRQDURQ VX FRFKH TXLHQTXLHUD TXH OR GHMDUD DOOtQHFHVLWDEDRWURYHKtFXORSDUD ODUJDUVH

  • (ULF6RUHQVRQFDO]DEDXQ1RYD\DVWDQGHSULVD7HLWVFKHUVHHQFRJLyGHKRPEURV3RU ORTXHVDEHPRV IXHXQDGH ODV~OWLPDVSHUVRQDV

    TXHYLHURQD7DQM\FRQYLGD4XpKD\GHODKRUDGHODPXHUWH"SUHJXQWy6WULGH/OHYDYDULRVGtDVHQHODJXDQRFUHRTXHOOHJXHPRVD

    VDEHUFXiQWRVH[DFWDPHQWH(VRKDUiIHOL]D$UFKLH*DOH1RKD\QDGDTXHYLQFXOHD0DJJLHFRQHVWRYHUGDG"6yORTXH VXPDULGR HVWXYR OLDGR FRQ7DQM\ \ TXH pO

    WDPELpQHVWiPXHUWR3DUD Pt HVR VLJQLILFD TXH OD PXHUWH GH (ULF SXHGH

    LPSOLFDUPiV FRVDVGH ORTXHDSULPHUDYLVWDSDUHFHGLMR6WULGH

    6t"(UHV IDQWiVWLFR ODQ]DQGR WHRUtDV WHQLHQWH$ YHUTXpWHSDUHFHpVWD0DJJLH\7DQM\WXYLHURQXQDSHOHDGHODVJRUGDVSRUODDYHQWXUDGHHOODFRQ(ULF7DQM\DFDEyPXHUWD0DJJLH OODPy D (ULF SDUD TXH OD D\XGDUD D GHVKDFHUVH GHOFDGiYHU SHUR pO HQ XQ DFFHVR GH OXFLGH] TXLVR OODPDU D ODSROLFtD0DJJLHORPDWy

    1RWLHQHVQLODPHQRUSUXHEDTXHUHVSDOGHHVR1RD~QQRSHURVyORGLJRTXHQRKD\TXHHVIRU]DUVH

    GHPDVLDGRSDUDUHODFLRQDUDPERVFDVRV6WULGHVDEtDTXHDTXHOODGLVFXVLyQQROOHYDEDDQLQJXQD

    SDUWH

  • VX FKDTXHWD GH SLHO \ R\y OD FDQFLyQ GH$ODEDPD HQ VXFDEH]D7HQJRSULVD\QRVpSRUTXp

    &RQWHVWyPLHQWUDVVHGLULJtDDVXWRGRWHUUHQR6WULGH(UD0DJJLH7HQJRTXHYHUWHHVXUJHQWH4XpRFXUUH"1RTXLHURKDEODUSRUWHOpIRQRUHVSRQGLyHOOD9D\DV D GRQGHYD\DV WHQGUiV FRPSDxtD1RSXHGHQ

    YHUQRVMXQWRV(VRGpMDORGHPLFXHQWD(VWDUpVROD6WULGHQRLEDDQHJDUVH9HiPRQRVWDUGH$ODVRQFH'yQGH"(QHODSDUFDPLHQWRGHOLQVWLWXWR&ROLQDDUULED*UDFLDVMHIH0HWLHQHVHQDVFXDVFRQWRGRHVWROHGLMR6WULGH

    0HHVWiVRFXOWDQGRLQIRUPDFLyQ/R Vp

  • &DStWXOR'HMy OD FDPLRQHWD HQ XQ DSDUFDPLHQWR GHVLHUWR DO ILQDO GHO3RLQW\HPSUHQGLyODERVFRVDVXELGDUXPERDOODJR(ODJXDWXUELD\ODIUDQMDGHOJDGDGHKLHOR\DUHQDVHH[WHQGtDQDQWHpO KDFLD ODV OXFHV EUXPRVDV GH OD FLXGDG&XDQGR VDOLy GHHQWUHORViUEROHVXQYLHQWRIHUR]\WRUWXRVROHLQVHQVLELOL]yODFDUD6HEDMyHOJRUURGHDOJRGyQKDVWDFRQYHUWLUORHQXQDPiVFDUD\REVHUYyODSOD\DFRQXQRVRMRVFRPRKHQGLGXUDV'HQWUR GH ORV JXDQWHV \ GH ODV ERWDV OOHYDED SHTXHxDVEROVDVGHDJXDSDUDPDQWHQHUODVPDQRV\ORVSLHVFDOLHQWHV\ iJLOHV 0HWLy OD EDUELOOD GHQWUR GHO FXHOOR \ FRQWLQXyDQGDQGR SRU OD LUUHJXODU VXSHUILFLH GH KLHORPLHQWUDV VH OHHPSDSDEDHODEULJRGHJRWDVKHODGDVDPHGLGDTXHODVRODVURPStDQHQODRULOOD

    (VWDEDVROR(OFDPLQRGHFDVLXQNLOyPHWURKDVWDODFDVDGH6HUHQDHUDGXUR\IUtR6LQHOUHVSODQGRUGHODOXQDQRVHGLVWLQJXtDQ ODV FDVDV TXHTXHGDEDQRFXOWDV HQJUDQSDUWHSRUORVHVTXHOHWRVGHORViUEROHV6XSRGyQGHGHVYLDUVHGHODSOD\DKDFLDHORHVWHFXDQGRVHWRSyFRQORVGRVSHGD]RVGHPDGHUDTXHKDEtDGHMDGRKRUDVDQWHVFRPRVHxDO6LJXLyHOVHQGHURKROODGRD WUDYpVGHOFHQWHQRVLOYHVWUH\DQGXYRFRQPXFKRWLHQWRKDVWDHOOLQGHURGHORViUEROHVDVyORXQRVPHWURV GH OD SXHUWD WUDVHUD GH OD YLYLHQGD (VSHUy DOOtLQYLVLEOH /D FDVD HVWDED D RVFXUDV (O FDPLQR GH FHPHQWRKDVWDODFDOOHHVWDEDYDFtR

    6HFRQFHGLyXQPi[LPRGHFLQFRPLQXWRVSDUDHVWDUHQHOLQWHULRU GH OD YLYLHQGD \ VH JXDUGy XQ FURQyPHWUR FRQYLEUDGRUHQHOEROVLOORGHDWUiV(FKyXQYLVWD]RDODVYDOODVDFDGD ODGR GHO SHTXHxR WHUUHQR \ VH GLULJLy KDFLD OD SXHUWDPRVTXLWHUDTXHHVWDEDDELHUWD'HMyODVERWDVHQHOSRUFKHGRQGHVXVKXHOODVVHSHUGLHUDQHQODQLHYHDSHOPD]DGD&RQVXV FDOFHWLQHV GH ODQD VH HVFDEXOOy SRU HO SRUFKH KDVWD ODSXHUWD GH DWUiV LOXPLQy OD FHUUDGXUD FRQXQD OLQWHUQD \ HQFXHVWLyQGHVHJXQGRV\DHVWDEDGHQWUR

    7RGRROtDDHOOD(UDODSULPHUDYH]TXHHVWDEDOREDVWDQWHFHUFDSDUDLQKDODURWUDYH]VXDURPD3DUDpODTXHORORUHUDFDORUVHFRVXGRU\SLHOVXDYH6HSHUPLWLyVDERUHDUORSRUXQLQVWDQWH6HVLQWLyMRYHQUHQDFLGRSRGHURVR

    6X SULPHUD SDUDGD IXH HQ OD VDOD GH HVWDU (Q DSHQDVWUHLQWDVHJXQGRVHOLJLyHOOXJDUGRQGHHVFRQGHUHOPLFUyIRQR\FRPSUREDUODFDOLGDGGHODWUDQVPLVLyQ6LJXLHQWHSDUDGDHOGRUPLWRULRFRQ\XJDO+DEtDHVSHUDGRSRGHULQVWDODUXQDZHEFDPSHURWUDVH[DPLQDUODVEODQFDVSDUHGHVFRPSUHQGLyTXHQRKDEtDQLQJ~QVLWLRGRQGHRFXOWDUHODSDUDWR3UHSDUyXQVHJXQGRPLFUyIRQR\ OR LQVWDOy GHWUiV GH ODV EDUUDV GH VXFDEHFHUD

    $QWHVGHTXHVHGLVSDUDVHHOFURQyPHWUR\DHVWDEDIXHUDRWUDYH]5HFRQRFLyHO WHUUHQRGHDWUiVGH ODFDVD\FRORFyXQUHSHWLGRUGHWUiVGHXQRGHORVEDMDQWHVGHDOXPLQLRHVROH SURSRUFLRQDUtD DO PHQRV XQD UHFHSFLyQ GH XQRV WUHVNLOyPHWURV GH UDGLR DVt TXH SRGUtD HVFXFKDU FRQ QLWLGH]

  • GHVGHHOLQWHULRUGHODFDPLRQHWDDSDUFDGDDFDVLXQNLOyPHWURGHDOOt

    'HQXHYRHQHOERVTXH ODHVSHUyGDQGRSDWDGDVHQHOVXHORSDUDVDFXGLUVHHOIUtRGHHQFLPD1XQFDKDFtDWDQWRIUtRHQHOVXU1RHQWHQGtDFyPRSRGtDYLYLUDTXtODJHQWH&DVLOHKDFtDGHVHDUODH[WHQXDQWHKXPHGDGGH$ODEDPD/RVGHGRVGH ORV SLHV VH OH HQWXPHFLHURQ D PHGLGD TXH SDVDED HOWLHPSR\ILQDOPHQWHYLRXQRVIDURVTXHVXUFDEDQHOFDPLQRGHHQWUDGD6HUHQDHQWUyHQpO\DSDUFy6H OH WHQVDURQ ORVP~VFXORV/DREVHUYyEDMDUVH\HQWUDUHQODFDVDLJQRUDQWHGHVXSUHVHQFLD6HOOHYyXQDXULFXODUDORtGR\HVFXFKyVXVSDVRV\HOVXVXUURGHVXURSDDOTXLWDUVHHODEULJR&XDQGRVHDFHUFyDOPLFUyIRQRODR\yUHVSLUDU

    &DVLVHSUHJXQWyVLGHDOJ~QPRGRWDPELpQHOODQRWDUtDVXRORU HQ OD FDVD LJXDO TXH pO KDEtDROLGR HO VX\RGHQWURFRPR XQ UXPRU HQ DOJ~Q ULQFyQ GH VX PHQWH &RPR XQDYLVLyQRXQUHFXHUGR

    6LQDSDUWDUODPLUDGDGHODVYHQWDQDVGHODYLYLHQGDVDOLyGH HQWUH ORV iUEROHV \ VH GLULJLy DO FRFKH GH 6HUHQD$OOtGRQGH HVWDEDQ ODV OXFHV HQFHQGLGDV HOOD QR SRGtD YHU HOH[WHULRUSHURDXQDVtVHTXHGyKHODGRFXDQGRODYLRSDVDUIUHQWH DO FULVWDO \ PLUDU HQ GLUHFFLyQ D pO 6XV RMRV VHFUX]DURQFRPRWDQWDVRWUDVYHFHVFXDQGRODYLJLODED3DVyDRWUDKDELWDFLyQ

    eO VH DJDFKy GHEDMR GHO FRFKH \ FRORFy HO WUDQVPLVRU*36OXHJRVHOHYDQWy\UHWURFHGLyKDVWDODSOD\DVLQYROYHU

    OD YLVWD DWUiV $~Q OOHYDED HO DXULFXODU HQ HO RtGR \ ODHVFXFKy PLHQWUDV YROYtD VREUH VXV SDVRV UXPER D ODFDPLRQHWD (Q HO GRUPLWRULR OD R\y WDUDUHDU PLHQWUDV VHGHVQXGDED HO UXLGR GH ODV WUDELOODV FRQWUD VX FLQWXUyQGRUDGR&HUFDGHGRQGHHVWDEDHPSH]yDFRUUHUHODJXDGHODGXFKD6HLPDJLQyVXFXHUSRGHVQXGRYLRVXSLHOHQWUHVXVPDQRV

    6RQy HO WHOpIRQR PyYLO /D GLVWUDFFLyQ OR FRJLy SRUVRUSUHVD\ODQ]yXQDPLUDGDUiSLGDDODSOD\DSDUDFRQILUPDUTXHHVWDEDVROR6DFyHOWHOpIRQR\UHFRQRFLyHOQ~PHUR$UHJDxDGLHQWHVVHTXLWyHODXULFXODUGHODRUHMD

    4Xp"UHVRSOy+DQHQFRQWUDGRHOFXHUSRGH7DQM\

  • &RVDVPtDV(VDOJRSHUVRQDO(O DLUH GH OD QRFKH HVWDED FDUJDGR GH XQ VLOHQFLR

    PRUWtIHUR7LHQHVODPHQRULGHDGHORTXHPHHVWR\MXJDQGR"eVHHVWXSUREOHPDFRQWHVWy4XpRWURVSODQHVHVWiVWUDPDQGR"'LPH5HVSLUy FRQWUD HO WHOpIRQR \ YLR HO YDSRU YRODWLOL]DUVH

    FRPRXQIDQWDVPDGHODQWHGHVXFDUD0HMRUTXHQRORVHSDV4XpGLDEORVVLJQLILFDHVR"6LJQLILFD TXH 7DQM\ QR IXH OD ~QLFD 'HFLGt KDFHUOR

    WDPELpQFRQRWUDV$JXDUGy(UDFXULRVRFRPSUREDUFyPRHOPLHGRHVFDSD]

    GH GHVKLQFKDU KDVWD HO HJR PiV DUURJDQWH \ IUtR FRPR VLIXHUDXQDERODGHJUDVD

    (UHVXQPRQVWUXR6t"

  • &DStWXOR6WULGHHVWDEDSUHRFXSDGR(UDFDVLPHGLDQRFKH\0DJJLHVHUHWUDVDED

    (VWDED HQ HO DSDUFDPLHQWR GH DEDMR GHO LQVWLWXWR FRQYLVWDVDODVOXFHVGHOFHQWURGHODFLXGDG\DOQHJURYDFtRGHOODJR6HKDEtD IXPDGRGRVFLJDUULOORVPLHQWUDV OD HVSHUDED/DQLHYHFDtDHQXQDSHVDGDFRUWLQDVREUHYRODQGRODFROLQDUHYRORWHDQGR HQ WRUQR D 6WULGH FRPR XQ WRUQDGR&RVWDEDPLUDU OD QLHYH GLUHFWDPHQWH &RQ ORV RMRV HQWRUQDGRV \ ODFDUD FRQWUDtGD ODV PHMLOODV VH OH HVWDEDQ HQURMHFLHQGR HLUULWDQGRDFDXVDGHOYLHQWR(OKLHORVHOHDPRQWRQDEDHQODVFHMDV-XQWRVORVFRSRVGHQLHYHTXHVHDEDODQ]DEDQFRQWUDpODWDFDEDQFRPRXQHMpUFLWRGHVSLDGDGRDGHPiVODIXHU]DGHO YLHQWR LQWHQVLILFDED OD DFRPHWLGD GH DTXHO PLOOyQ GHFXFKLOORVFDSDFHVGHFHJDUORFRQJHODUOR\HQWHUUDUORHQXQDPLVPDWRUPHQWD

    8QRV IDURV HPSDxDGRV DSDUHFLHURQ HQ OD FDUUHWHUD TXHTXHGDED HQFLPD GH pO \ EDMDURQ RVFLODQGR KDVWD HODSDUFDPLHQWR 5HFRQRFLy OD &KHY\$YDODQFKH GH0DJJLHeVWD FRQGXFtD GHSULVD \ HO YHKtFXOR ]LJ]DJXHy VREUH HOFDPLQR UHVEDODGL]R\HPSLQDGR(UDXQDFDPLRQHWDHQRUPHSDUDXQDPXMHU WDQPHQXGD WDQWRTXHQHFHVLWDEDEORTXHVGH PDGHUD SDUD OOHJDU D ORV SHGDOHV 0DJJLH HUD XQDFRQGXFWRUDKRUULEOH6WULGHSHQVDEDTXHFRQGXFtDGHPRGRWHPHUDULR VyOR SDUD IDVWLGLDUOH SRUTXH D~Q OR KDFtD SHRU VL

    FDEHFXDQGRLEDFRQHOODHQHOFRFKH$SDUFy HQ XQD HVTXLQD FHUFD GH VX %URQFR \ VDOLy

    /OHYDEDXQDEULJRGHSLHOTXHODFXEUtDKDVWDORVWRELOORV\ERWDVDOWDVGHWDFyQFXDGUDGR&DPLQDEDFRQODVPDQRVHQORVEROVLOORV3DWHyODQLHYHK~PHGDPLHQWUDVVHDFHUFDED

    6WULGHQRODKDEtDYLVWRGHVGHODQRFKHGHODVHVLQDWRHQVXFDVD\VHGLRFXHQWDGHFXiQWRODHFKDEDGHPHQRVeOVHDFHUFy WDPELpQ GLVSXHVWR D DEUD]DUOD SHUR HOOD VDFy XQDPDQRGHOEROVLOOR\ODVRVWXYRHQDOWRSDUDGHWHQHUOR

    1ROHGLMRQDGDGHFRPSDVLyQ6REUHWRGRGHWL/RVSRFRVPHWURVTXHORVVHSDUDEDQSDUHFtDQXQDELVPR9DPRV0DJV VR\ \R 1R QHFHVLWDV GHPRVWUDUPH OR

    GXUDTXHHUHV'HVGHOXHJRTXHVt/RPLUyGHDUULEDDEDMR1R

    VHWHKDRFXUULGRHVSHUDUGHQWURGHOWRGRWHUUHQR"3DUHFHVXQMRGLGRPXxHFRGHQLHYH

    1RPHLPSRUWDHOIUtR4XHUUiV GHFLU TXH QR TXLHUHV TXH 6HUHQD KXHOD D

    WDEDFRDKtGHQWUR(VRHV%XHQRSXHV\RQRYR\DTXHGDUPHDTXt(QWUHPRVHQ

    OD&KHY\6H GLULJLHURQ D ODGRV RSXHVWRV GHO YHKtFXOR 6WULGH VH

    VDFXGLyWRGDODQLHYHTXHSXGRDQWHVGHVXELU(QODFDELQDVHHVWDEDFDOLHQWHDVtTXHVHVDFyORVJXDQWHV0DJJLHQRORPLUy VH OLPLWy D TXHGDUVH VHQWDGD HQ HO DVLHQWR GHO

  • FRQGXFWRUFRQORVRMRVSHUGLGRVHQODYLVWDSDQRUiPLFDeOVHGLRFXHQWDGHORH[WUDxRTXHOHUHVXOWDEDYHUHOSDVRGHORVDxRVHQHOURVWURGH0DJJLHODVGLPLQXWDVSDWDVGHJDOORMXQWRDORVRMRV\DOJXQDVKHEUDVJULVHVHQVXFDEHOORQHJURD]DEDFKH 3DUD pO VLHPSUH VHUtD XQD PXFKDFKD GHYHLQWLWDQWRV DSDVLRQDGD H LQWHOLJHQWH
  • 6p TXH TXLHUHV KDFHUWH HO KpURH MHIH SHUR HVWR PHRFXUULyDPtQRD WL6L WH ORHVWR\FRQWDQGRDKRUDHVVyORSRUTXHQRWHQJRHOHFFLyQ

    3RUTXpQRDFXGLVWHDPtHQWRQFHV"6H YROYLy \ OR PLUy ILMDPHQWH 6XV RMRV LUUDGLDEDQ XQ

    RUJXOORIHUR]3RUTXHHVWRQROHVXFHGLyDXQDDJHQWH/HVXFHGLyD

    XQDPXMHU 1R OR HQWLHQGHV" 1R TXHUtD TXH W~ QL QLQJ~QRWUR KRPEUH OR VXSLHUD 1L HQWRQFHV QL QXQFD

  • FRQGXMRKDVWDHOYLRODGRU
  • /RVRMRVGH0DJJLHFHQWHOODURQGHQXHYRFRPRORVGHXQDSROLFtD

    (ULFHVWXYRHQODV&LXGDGHV*HPHODVHOILQGHVHPDQDDQWHVGHTXHORDVHVLQDUDQ9ROYLyHOOXQHV\VHIXHDYHUD7DQM\$KtHPSH]yWRGR

    &UHHV TXH GHVFXEULy DOJR GXUDQWH HVH YLDMH FRQFOX\y6WULGH

    ([DFWR3RUHVRKHOOHJDGRWDUGH(VWDEDKDEODQGRSRUWHOpIRQR FRQ HO KRWHO 6DLQW 3DXO LQWHQWDQGR DYHULJXDU TXpKL]R(ULFGXUDQWHVXHVWDQFLDDOOt(OKRWHOPHKDSDVDGRVXVIDFWXUDV\KHFRPSUREDGRVXWDUMHWDGHFUpGLWR\ODOLVWDGHOODPDGDVGHVXWHOpIRQRPyYLO

  • &DStWXOR(O OXQHV SRU OD PDxDQD 6HUHQD EDMDED SRU HO 3RLQW HQGLUHFFLyQ D &DQDO 3DUN SRU HO VHQGHUR TXH ODV PiTXLQDVKDEtDQ GHVSHMDGR GH QLHYH \ KLHOR &RUUtD GDQGR ODUJDV \HOHJDQWHV]DQFDGDV/OHYDEDFDPLVHWDGH O\FUDPDOODV\XQFKDOHFRFRQXQDEXIDQGDTXHOHFXEUtDODVRUHMDV\HOODUJRFDEHOOR UHFRJLGR HQ XQD FROD GH FDEDOOR &RUULy FXDWURNLOyPHWURV\PHGLRHQPHGLDKRUD\OOHJyDOSXHQWHOHYDGL]RTXH GRPLQDED ODV DOWXUDV FRPR XQD JXLOORWLQD JULV 6HUHQDKL]RXQDOWR\VHLQFOLQyDSR\DQGRODVPDQRVHQODVURGLOODV5HVSLUyKRQGRYDULDVYHFHV\HQWRQFHVHFKyODFDEH]DDWUiV\ FRQWHPSOy HO FLHOR 'LR DOJXQRV SDVRV WRUSHV FRPR XQSDYRUHDOVDFXGLHQGRODVSLHUQDVSDUDPDQWHQHUODVIOH[LEOHV$EULyFRQHOSXOJDUODERWHOODGHDJXDTXHOOHYDEDVXMHWDFRQXQD FLQWD GH YHOHUR D OD FLQWXUD \ WRPy XQ EXHQ VRUER(VWDEDKHODGD

    )XHSDVHDQGRSRUODDFHUDKDVWDHOFHQWURGHOSXHQWH/DWHPSRUDGD GH QDYHJDFLyQ KDEtD WHUPLQDGR SRU OR TXH HOSXHQWHUDUDYH]VHVXEtDHQHVWDpSRFDGHODxR(ODJXDGHOSXHUWRDVXL]TXLHUGDHVWDEDFRQJHODGDHLQFOXVRHOHVWUHFKRFDQDOTXHSHQHWUDEDHQHOODJR6XSHULRUHVWDEDYLGULRVRSRUHOKLHOR6HDVRPySRUODEDUDQGLOODGHDFHURSDUDFRQWHPSODUHOODJR

    (VWDEDVRODSHURQRSRGtDOLEHUDUVHGHDTXHOODVHQVDFLyQGHVHQWLUVHREVHUYDGD,QFOXVRODSHUVLJXLyKDVWDVXFDVD\

    KDVWDHOSXQWRGHFUHHUTXHHVWDEDFRPSDUWLHQGRVXYLGDFRQXQ IDQWDVPD 6H DFRUGy GH DTXHOOD pSRFD HQ /DV 9HJDVFXDQGR 7RPP\ /XFN OH VHJXtD OD SLVWD 6HUHQD UHFRUGDEDHQFRQWUDUVHHQHODSDUWDPHQWRGHDTXHOKRPEUHGHVSXpVGHTXH OH DUUHVWDUDQ \ GHVFXEULU WRGD XQD SDUHG HPSDSHODGDFRQ IRWRJUDItDV VX\DV TXH OH KDEtD VDFDGR D KXUWDGLOODV&RPRXQVDQWXDULR$OJXQDVHQODFDOOHRWUDVHQVXFRFKHRWUDV FRQ WHOHREMHWLYR D WUDYpV GH OD YHQWDQD GH VXGRUPLWRULR

  • FUX]yHOXPEUDO(QOXJDUGHHVRKX\yD/DV9HJDVVLQPLUDUDWUiV

    6HUHQDVHSUHJXQWDEDHQTXpFDPELDUtDDKRUDVXYLGDVLODVFRVDVKXELHUDQVLGRGLIHUHQWHV

    6L KXELHUD HQWUDGR HQ HO GRUPLWRULR GH VXPDGUH FRQ HOFXFKLOORGHFRFLQD

    6L KXELHUD HQVDUWDGR XQD EDOD HQ OD FDEH]D GH 7RPP\/XFN

    6RQy VX WHOpIRQR PyYLO 6H OR VDFy GHO EROVLOOR GHOFKDOHFR\FRPSUREyHOQ~PHURTXHQRUHFRQRFLy

    6HUHQD'LDO0H OODPR 1LFROH &DVWUR DQXQFLy XQD PXMHU

    $UFKLH*DOHPHGLRVXQ~PHUR$KVt"0HGLMRTXHXVWHG\\RWHQHPRVDOJRHQFRP~Q(OWRQRHUDLUyQLFR\VHYHURFRPRHOGHXQFyPLFRFRQ

    GHPDVLDGRVHVSHFWiFXORVDFXHVWDV

  • 6HUHQD H[KDOy YDSRU \ PLUy D VX DOUHGHGRU SDUD YHU VLDOJXLHQ OD REVHUYDED /D EDUDQGLOOD GHO SXHQWH HVWDED IUtDEDMRVXVGHGRV

    &UHtDKDEHUHQWHQGLGRTXHHVXVWHGSROLFtD$VtHV$QWHVHVWDEDHQHOGHSDUWDPHQWRGHGHWHFWLYHV

    GH'XOXWK+DVWDTXHPHLQFULPLQDURQHQHODVHVLQDWRGHPLPDULGR,JXDOTXHD0DJJLH

    *UDVV\3RLQW3DUNHUDXQDSHTXHxDPDQFKDYHUGHHQIRUPDGHFXFKLOORTXHVHDGHQWUDEDHQHOHVWUHFKRFDQDOGHODEDKtDGH 6DQ /XLV 6H HQFRQWUDED HQ XQD FDOOH VLQ VDOLGD HQ HOFHQWUR GH OD ]RQD LQGXVWULDO GH OD FLXGDG FHUFD GHPXHOOHVPHWDOtIHURV\YtDVGHIHUURFDUULO6WULGHWHQtDHOSXHUWRKHODGRDVXL]TXLHUGD3RGUtDKDEHUFRQGXFLGRSRUHQFLPDGHOKLHOR\FRJHUXQDWDMRGHYXHOWDDFDVDURGHDQGRODSHQtQVXODGH:LVFRQVLQ$ VX GHUHFKD GRQGH WHUPLQDED HO SDUTXH YLRORVYDJRQHVGH6DQWD)HFDUJDGRVGHSLHGUDVKDVWDHOWRSHDORWURODGRGHXQDDODPEUDGD(OYLHQWRHUDLQWHQVR\IUtR\HOFLHORGHODPDxDQDSDUHFtDXQDPRUWDMDJULVVREUHVXFDEH]D

    eVH HUD HO OXJDU GRQGH 7DQM\ DVHJXUDED TXH OD KDEtDQOOHYDGR ODKDEtDQDWDGRDXQDYHUMDDOWD MXQWRD ODFRFKHUDGHOWUHQ\ODKDEtDQDVDOWDGR

    ,QWHQWyPHWHUVHHQODPHQWHGH7DQM\LPDJLQiQGRVHTXHHUDXQDQRFKHGHSULQFLSLRVGHQRYLHPEUH$OQRUWHEULOODEDQODV OXFHV GHO SXHQWH D6XSHULRU 6H HQFRQWUDED OR EDVWDQWHFHUFDGHODJXDSDUDRtUODVRODVURPSLHQGRHQODRULOOD7DQM\

    IRUFHMHy SHUR WHQtD XQ FXFKLOOR HQ OD JDUJDQWD \ QR KL]RQLQJ~QUXLGR(VWDEDDWDGD\GHVQXGD(OPHWDOGHODYHUMDVHOHFODYDEDHQODSLHOH[SXHVWD

    'HVSXpVVHHQFRQWUyVROD+XPLOODGD1RJULWySLGLHQGRD\XGD 6H OLEHUy VLQ D\XGD GH QDGLH FRQGXMR GH YXHOWD DFDVD\VHODYyODYHUJHQ]D\ODVSUXHEDV

    6WULGH QHJy FRQ OD FDEH]D $OJXQD SLH]D GHOURPSHFDEH]DVQRHQFDMDED

    &XDQGR7DQM\OHFRQWySRUSULPHUDYH]ORVXFHGLGRKXERXQ GHWDOOH TXH OH SDUHFLy H[WUDxR 'HVSXpV GH YLRODUOD HODVHVLQR GHMy DOOt HO FRFKH GH 7DQM\ SRUTXH KDEtD RWURYHKtFXORHVSHUiQGROHHQHOSDUTXH(QDTXHOPRPHQWR6WULGHVH SUHJXQWy FyPR KDEUtD SRGLGR HO YLRODGRU GHMDU DOOt XQFRFKH SDUD pO \ VDOLU GHO SDUTXH SDUD YROYHU D OD FLXGDG&XDQGR 7DQM\ FRQIHVy TXH KDEtD PHQWLGR UHVSHFWR D ODYLRODFLyQ pO VHROYLGyGH HVD DQRPDOtD$KRUD VH OHKDEtDYXHOWRDPHWHUHQODFDEH]D

    /DHVFHQDGHODVHVLQDWRORGHMyFRQHOPLVPRUHFHOR6LHODVHVLQR GH 7DQM\ OD WUDQVSRUWy DO /DJR GHO ,QILHUQR HQ HOPDOHWHURGHOFRFKHGHHOOD\OXHJRVHGHVKL]RGHOYHKtFXORHQHOERVTXHWUDVDUURMDUHOFDGiYHUDOKLHORGyQGHHVWDEDHOFRFKH GH pO" 1R SRGUtD KDEHU OOHJDGR PX\ OHMRV FRQWHPSHUDWXUDV EDMR FHUR 7DPSRFR OH KDEUtD VLGR IiFLOFRQGXFLUGRVFRFKHVDODYH]&yPRDEDQGRQyHQWRQFHVHOO~JXEUHERVTXHGRQGHGHMyHOFRFKHGH7DQM\"

    5HVSXHVWDKDEtDDOJXLHQPiV LQYROXFUDGR$OJXLHQTXH

  • FRQGXFtDRWURYHKtFXOR7DOYH]2WDOYH]$EHO\pOHVWDEDQSHQVDQGRORTXHHO

    DVHVLQRTXHUtDTXHSHQVDUDQ6WULGHDJDUUy ODYHUMDFRQDPEDVPDQRV&XDQWRPiVVH

    LPDJLQDEDODYLRODFLyQGH7DQM\PiVLQWHQVDHUDODSXQ]DGDGH UDELD \ GRORU TXH VHQWtD DO SHQVDU HQ 0DJJLH 'HEtDFRQWURODU HVD LUD \ UHSDUWLUOD FRPR GRVLV GH DGUHQDOLQDLQ\HFWDGDV HQ YHQD (Q /DV 9HJDV VLQWLy HVD PLVPD IXULDFXDQGR GL