$&$6$'26%8'$6',72626

-RmR8EDOGR5LEHLUR

9 7;73')!6DFL3HUHUr

3DUDTXH3HWHU3DQYLDJHPSRURXWUDVWHUUDV6(03$*$53('*,2
 (VFULWRQRIHPLQLQRRTXHRDXWRUMXVWLILFDFRPDFXULRVD
KLVWyULDGHWHUUHFHELGRXPSDFRWHFRPDWUDQVFULomR
GDFWLORJUDIDGDGHYiULDVILWDVJUDYDGDVSRUXPDPLVWHULRVD
PXOKHU$&DVDGRV%XGDV'LWRVRVpDQDUUDomRQDSULPHLUD
SHVVRDGHXPDOLEHUWLQDTXHQDUUDDKLVWyULDGDVXDYLGD
LQWHLUDPHQWHGHGLFDGDDRVH[RGLWDQGRDSDUDXPJUDYDGRU$R
ORQJRGRURPDQFHDQDUUDGRUDSUDWLFDWRGDVDVPRGDOLGDGHVGH
VH[RVHPPDQLIHVWDURPHQRUDUUHSHQGLPHQWRH[SHULPHQWDQGR
DOHJUHPHQWHLQFHVWRVH[RFRPPHQRUHVHPJUXSRWURFDGHFDVDLV
KRPRVVH[XDOLGDGHHDWpVH[RLQIRUPiWLFR&RQVLGHUDGRSHODUHYLVWD
9HMDFRPRRVWHQVLYDPHQWHSRUQRJUiILFR$&DVDGRV%XGDV'LWRVRV
pXPDQDUUDWLYDSRXFRFRPXPjVYH]HVFKRFDQWHjVYH]HVLUyQLFD
HVHPSUHSURYRFDGRUDHQYROYHQGRXPGRVSHFDGRVPDLVLQGRPiYHLV
HFDSLWDLVDOX[~ULD

-RmR8EDOGR5LEHLURQDVFLGRHPQD,OKDGH,WDSDULFDp
XPGRVPDLVLPSRUWDQWHVHVFULWRUHVEUDVLOHLURVFRQWHPSRUkQHRV
/LFHQFLDGRHP'LUHLWRIH]RPHVWUDGRHP&LrQFLDV3ROtWLFDVQD
8QLYHUVLGDGHGD&DOLIyUQLDHH[HUFHXDSURILVVmRGHMRUQDOLVWD
9LYHXGRLVDQRVHP/LVERDUHJUHVVDQGRjVXDLOKDQDWDOHP
RQGHUHVLGHpSUHVHQWHPHQWHPHPEURGD$FDGHPLD%UDVLOHLUDGH
/HWUDV'HHQWUHDVVXDVREUDVGHVWDFDPRV$6HPDQDGD3iWULD
6DUJHQWR*HUW~OLR9HQFHFDYDORHR2XWUR3RYR9LOD5HDO2
6RUULVRGR/DJDUWR9LYDR3RYR%UDVLOHLUR3UpPLR-DEXWLH
3UpPLR*ROILQKRGH2XURHPH2)HLWLoRGD,OKDGR3DYmR
HVWHV~OWLPRVSXEOLFDGRVQHVWDPHVPDFROHFomRDRVTXDLV
EUHYHPHQWHVHYLUiDFUHVFHQWDURXWUDREUDGR$XWRU/LYURGH
+LVWyULDV
3DUDDVPXOKHUHV

7XGRQRPXQGRpVHFUHWR

1R ILQDO GR DQR SDVVDGR GHSRLV TXH DOJXQV MRUQDLV QRWLFLDUDP TXH D HGLWRUD
UHVSRQViYHOSRUHVWDSXEOLFDomRPH KDYLD HQFRPHQGDGRXPWH[WRVREUHR SHFDGRGD
OX[~ULD RV RULJLQDLV GHVWH OLYUR H R UHFRUWH GD QRWD GH XP GRV MRUQDLV HP
TXHVWmR IRUDP HQWUHJXHV SRU XP GHVFRQKHFLGR DR SRUWHLUR GR HGLItFLR
RQGH WUDEDOKRDFRPSDQKDGRVGHXPELOKHWHDVVLQDGRSHODVLQLFLDLV&/%
,QIRUPDYDTXHVHWUDWD GHXPUHODWRYHUtGLFRQRTXDODSHQDVD PDLRUSDUWHGRV
QRPHVGDVSHVVRDVFLWDGDVIRLPXGDGD HTXHVXD DXWRUDpXPDPXOKHUGHDQRV
QDVFLGD QD EDKLD H UHVLGHQWH QR 5LR GH -DQHLUR $XWRUL]DYD TXH RV SXEOLFDVVH
FRPR REUD PLQKD HPERUD SUHIHULVVH TXH HX OKHV UHYHODVVH D YHUGDGHLUD RULJHP
1mR SRUYDLGDGHHVFUHYHXHODSRLVDWpDVLQLFLDLVDEDL[RSRGHP VHUIDOVDV
0DV SRUTXH p LUUHVLVWtYHO GHL[DU DV SHVVRDV VHP VDEHU QR TXH DFUHGLWDU $VVLP
IRL IHLWR H FRP MXVWD UD]mR FRPR R OHLWRU KDYHUi GH FRQVWDWDU DSyV R H[DPH
GHVWHGHSRLPHQWR HVSDQWRVR
(PERUD QmR WHQKD WLGR GLILFXOGDGHV H[WUHPDV SDUD D HGLomR GR WH[WR p PHX
GHYHU SUD]HURVR DJUDGHFHU D $QGUpLD 'UXPPRQG SHOD SDFLrQFLD H DILQFR QD
GHFLIUDomR GH PXLWDV HPHQGDV PDQXVFULWDV D 0DULD GH /RXUGHV 3URWiVLR %HQMDPLQ
SHODPHVPDUD]mRHD *HUDOGR&DUQHLURSRUVXDYDOLRVD DMXGDQRHVFODUHFLPHQWR
GH DOJXPDV SDVVDJHQV HP TXH D UHYLVmR GRV RULJLQDLV SDUHFH QmR WHU DWHQWDGR D
SUREOHPDVFHUWDPHQWHRFRUULGRVQD WUDQVSRVLomRGDV ILWDVJUDYDGDVSDUDRSDSHO
(VVD DMXGD WDPEpP IRL IXQGDPHQWDO SDUD D GLYLVmR GR WH[WR HP VHo}HV H
SDUiJUDIRV EHP FRPR SDUD D LQVHUomR GH UDURV WUHFKRV HP GLVFXUVR GLUHWR H
GLYHUVRV DFHUWRV GH SRQWXDomR FRP R TXH FUHLR TXH VRPHQWH ILFLOLWDPRV D
OHLWXUD VHP DOWHUDU R VHQWLGR GH IRUPD VLJQLILFDWLYD 0DQWLYHPRV
WDPEpP LQ~PHURV HUUR GH SRUWXJXrV FRP R ILWR GH SUHVHUYDU WDQWR TXDQWR
SRVVtYHODRUDOLGDGHGRVRULJLQDLV

3HODWUDQVFULomR

-RmR8EDOGR5LEHLUR

5LRGH-DQHLURPDLRGH

$FDVDGRVEXGDVGLWRVRV

(VVD QRLWH HX WLYH XP VRQKR *UDQGH EREDJHP QDGD GLVVR 1mR HUD DVVLP TXH HX
TXHULD FRPHoDU QmR p DVVLP (VVD QRLWH HX WLYH XP VRQKR  SDUHFH GLiULR GH
FROpJLRGHIUHLUDVQmRpQDGD GLVVR0DVGHIDWRHXWLYHXP VRQKR8PVRQKR
LQHVSHUDGR FRP DTXHOHV GRLV EXGD]LQKRV DOL $QWLJDPHQWH HX VRQKDYD PXLWR
FRP HOHV PDV SDUHL ID] GpFDGDV WXGR ID] GpFDGDV 6mR PXLWR SHTXHQLQLQKRV RV
GHWDOKHVVHSHUGHPFRPSUHLQXPFDPHO{GH %DQJXHFRTXHpXPREMHWRVHQWLPHQWDO
1mR OHPEUR RQGH OL D UHVSHLWR GH GRLV %XGLQKDV XP PDFKR H XPD IrPHD ID]HQGR
VH[R HVVDV FRLVDV PLOHQDUHV GH FKLQrV QXQFD HQWHQGR GLUHLWR PLVWXUR DV
GDWDVDSURQWRDPDLRUFRQIXVmR+DYLDXPDHVSpFLH GH WHPSOR D &DVD GRV %XGDV
'LWRVRV  QmR p ERQLWLQKR D FDVD GRV %XGDV GLWRVRV" HX DFKR  FRP LPDJHQV
LJXDLVDHVVDVVyTXHHQRUPHV
2VQRLYRVDQWHVGRFDVDPHQWRLDPOiSDUDYHQHUDUHVWiWXDVH SDVVDUDVPmRVQRV
yUJmRV JHQLWDLV GHODV (UD XPD HVSpFLH GH DSUHQGL]DGR RX IDPLOLDUL]DomR XPD
LQWURGXomRDXPFDVDPHQWRERP QDFDPD(XDFKRGHXPERPJRVWRGHOLFDGtVVLPR (P
5RPDDQWLJD KRXYHXPWHPSRHPTXHQRLYDVDFDULFLDYDPD JODQGHGH3UtDSRRX VH
VHQWDYDPQHOD 3HORTXHHXOLDJODQGHPDLVXVDGDDJODQGH S~EOLFDSRUDVVLP
GL]HUGHYLDVHUXPDYHUGDGHLUDSROWURQD
3UtDSR IRL VXEVWLWXtGR SRU 6mR *RQoDOR QR QRVVR SROLWHtVPR FDWyOLFR 2V
FDWyOLFRVVmRSROLWHtVWDV'HVFXOSHVHYRFrp FDWyOLFR$OLiVQDWXUDOPHQWHTXH
HX WDPEpP IXL FULDGD FRPR FDWyOLFD WLQKD DXODV GH FDWHFLVPR IL] SULPHLUD
FRPXQKmR YHVWLGD GH RUJDQGL EUDQFR Vy IDODYD R HVWULWDPHQWH QHFHVViULR
QD VH[WDIHLUD VDQWD Vy FRPtDPRV SHL[H WRGD TXLQWDIHLUD H DVVLP SRU GLDQWH
0DLV DLQGD IXL FULDGD SDUD FRQVLGHUDU RV SURWHVWDQWHV JHQWLQKD H ILFDYD FRP
UDLYD GH /XWHUR TXH PH SDUHFLD D IHLomR GR GHP{QLR QRV OLYURV GH +LVWyULD
*HUDO /HYHL XP FHUWR WHPSR SDUD PH OLYUDU GHVVD HVWXSLGH] YHMD YRFr
KRMH WHQKRDWpEDVWDQWHDILQLGDGHFRPRVSURWHVWDQWHVH[FHWRRV FDOYLQLVWDVH
yEYLRHVVHSHQWHFRVWDOLVPRKLVWpULFRHGHEDL[D H[WUDomRTXHRUDQRVDVVROD2
PDJLVWpULRGD,JUHMDPHHQHUYD
3UHILURHXPHVPDOHUD%tEOLDHSHQVDUGRTXHOHLRRTXHPH SDUHFHFHUWRSHQVDU
TXHURHXPHVPDPH LQWHLUDUGDVERDVQRYDV VHPQHQKXPSDGUHGHYR]GHWHQRULQR
JULSDGR PH HQVLQDQGR LQFRHUrQFLDV VXEHVWLPDQGR PLQKD LQWHOLJrQFLD H
UHSHWLQGR EDERVHLUDV LQYHQWDGDV VHPHOKDQWHV j GHVIDoDWH] GH DILUPDU TXH QR
3HQWDWHXFR Ki PDQGDPHQWRV FRPR JXDUGDU FDVWLGDGH TXH RV KRPHQV VDQWRV QmR
EDWL]DGRVIRUDPSDUDXPWDOGHOLPERH WDQWDV RXWUDV  FULDo}HV FRQFLOLDUHV Mi
OL D %tEOLD GH FDER D UDER H QXQFD YL QDGD GLVVR QHOD ( SRU TXH WDPEpP QmR
REVHUYDP R TXH WDPEpP HVWi Oi QR /HYtWLFR" )LQJHP TXH QmR HVWi ( R 3DSD
p YLJiULR GH &ULVWR" &HUWRV SDSDV WRGR PXQGR VDEH R TXH IRUDP FHUWRV SDSDV
WRGRV LQIDOtYHLV H WDQWRV VDIDGRV (QILP 1mR YRX IDODU PDLV QLVVR SHUGD GH
WHPSR
$OpPGHWXGRQmRKiQDGDGHPDLVHPVHUSROLWHtVWDGH FHUWD IRUPDpPXLWR
PHOKRU GR TXH ILFDU DFUHGLWDQGR VRPHQWH QXP 'HXV LPSRVVtYHO GH FRPSUHHQGHU (
DLQGDDOpPGHWXGRMiHVWRX FDQVDGDGHQmRGL]HURTXHPH YHPjFDEHoDHROKH
TXH QXQFD IXL PXLWR GH DJLU DVVLP PDV R SHTXHQR JUDX HP TXH IXL Mi p
GHPDLV SDUDPLP$LQGDPHUHVWDPDOJXQV SHQGXULFDOKRVGHVVHOHJDGR LPEHFLOyLGH
GH TXH WHQKR GH PH OLYUDU DQWHV GH PRUUHU $ GRHQoD HVWD GRHQoD TXH YDL PH
PDWDUWDPEpPFRQWULEXLSDUDPHXDWXDO HVWDGRGHHVStULWR1mRVHL TXHPIRLTXH
GLVVH TXH D SHUVSHFWLYD GH VHU HQIRUFDGR DPDQKm GH PDQKm RSHUD PDUDYLOKDV SDUD
D FRQFHQWUDomR ([FHOHQWH FRQVWDWDomR 1DGD GH SHVVRDO FRP QLQJXpP QmR IDOR
SDUD RIHQGHU QLQJXpP HP SDUWLFXODU p FRPR VH IRVVH XPD DWLWXGH ILORVyILFD
JHQpULFD 0HX DY{ PDWHUQR HUD DULVWRFUDWD HOHJDQWtVVLPR IDODYD IUDQFrV H
DOHPmRIOXHQWHPHQWHHVWHYH YiULDVYH]HV QD(XURSDHUDFXOWtVVLPRPDVGHSRLV
TXH SDVVRX GH XPD FHUWD LGDGH SHLGDYD HP S~EOLFR $VVLVWL D HOH SHLGDU
QD IUHQWH GR LQWHUYHQWRU QD pSRFD GR (VWDGR 1RYR 2 LQWHUYHQWRU WLQKD LGR
DOPRoDUFRPHOHHGHSRLVGRDOPRoRILFDUDP FRQYHUVDQGR QD VDOD GH HVWDU FRP
PHXDY{YROWDHPHLDOHYDQWDQGR RVTXDUWRVHVROWDQGRYHQWR DRVWURY}HV4XDQGR
PLQKDDYy UHFODPDYDHOHGL]LDTXHRTXHHVWi SUHVRTXHUVHUVROWRHWRGR PXQGR
SHLGDYDLQFOXVLYHRLQWHUYHQWRUHQWmR QmRHUDHOHTXH jTXHODDOWXUDGDYLGD
LDDUUROKDUXPSHLGR4XHPTXLVHVVHTXH DUUROKDVVHPDVHOHQmR 0DVVLP
PDVHQWmRHXHVWDYDGL]HQGR TXHRVFDWyOLFRVVmR SROLWHtVWDVERWDUDPRVVDQWRV
QROXJDUGRVGHXVHV HVSHFLDOL]DGRV2VJUHJRVHRVURPDQRVWLQKDP XPGHXVPHQRU
SDUD FDGD FRLVD UHJUDV DWUDVDGDV DUWLVWDV IDOLGRV WUDQVDo}HV LPSRVVtYHLV
GtYLGDV IDOLPHQWDUHV FDVDPHQWRV P~VLFRV ErEHGRV DJULFXOWRUHV FULDGRUHV GH
FDEUD WXGR WXGR WXGR 2V FDWyOLFRV VXEVWLWXtUDP RV GHXVHV SHORV VDQWRV 2V
P~VLFRV"6DQWD&HFtOLD
2VUXLQVGDYLVWD"6DQWD/X]LD$VVROWHLURQDV"6DQWR$QW{QLR
( SRU Dt YDL FRPR YRFr VDEH $Wp OXJDUHV 6mR -RVp GH 1mR 6HL 2QGH" 'LDQD GH
eIHVR D PHVPtVVLPD FRLVD 2V GHXVHV QmR IRUDP GHUURWDGRV RX HOLPLQDGRV
FRQWLQXDP LPRUWDLV FRP VHPSUH IRUDP H VRPHQWH PXGDUDP GH QRPH VH DGDSWDUDP jV
PXGDQoDV (X SURQXQFLR YHUGDGHLUDV FRQIHUrQFLDV VREUH LVVR VRX D UDLQKD GD
FRQIHUrQFLD jVYH]HVGHYRILFDUFKDWtVVLPD 0DVSRGHSHUPDQHFHUWUDQTLOR TXH
HXQmRYRXID]HUFRQIHUrQFLDSDUDYRFrDILQDO YRFr HVWi VHQGR SDJR WHPRV TXH
WUDEDOKDU YDPRV WUDEDOKDU 6RPHQWH XPD ~OWLPD UHIHUHQFLD]LQKD D 6mR *RQoDOR
SRUTXH DJRUD Mi FRPHFHL H VRX FRPSXOVLYD FRPHFHL WHP TXH DFDEDU 6mR *RQoDOR
QmRH[LVWH
2XPHOKRUH[LVWHPDVQXQFDH[LVWLX3DUDD ,JUHMD QmR Ki QHQKXP 6mR *RQoDOR
QXQFDKRXYH0DVVHGHFODURXQDPLQKDRSLQLmR SRU IDOWD GH 3UtDSR XPD JUDQGH
ODFXQD TXH FODPDYD SRU VHU SUHHQFKLGD 1mR H[LVWH 6mR *RQoDOR PDV Mi YL
SURFLVVmRGHOHFRP SDGUHHWXGRHDVPXOKHUHVFDQWDQGRREVFHQLGDGHVEDL[LQKR p
XP VDQWRGHIORUDGRUHFRQVRODGRUSDUDDVVROLWiULDV1RDUUDLDO MXQWRjID]HQGD
GD LOKD VHJXQGR DWp PHX DY{ FRQWDYD KDYLD XPD LPDJHP GH 6mR *RQoDOR FRP XP
IDOR GH PDGHLUD GHVFRPXQDO PDLRU TXH R SUySULR FRUSR GHOH 2 FRUSR HUD GH
EDUURPDVRIDORHUD GHPDGHLUDGHOHLHIL[DGR SHODEDVHQXPHL[RGHPDQHLUD
TXH TXDQGRVHSX[DYDXPDFRUGLQKDSRUWUiVHOHVXELDHILFDYDDOL HPULVWH(X
QXQFDYLPDVDVQHJUDVYHOKDVGDID]HQGDJDUDQWLDP TXHDQWLJDPHQWHWRGRDQR
ID]LDP XPD SURFLVVmR FRP HVVD LPDJHP GH 6mR *RQoDOR H DV PXOKHUHV GLVSXWDYDP
TXHP LD UHSLQWDU R IDOR HUD VXFHVVR JDUDQWLGR QR PXQGR GDV DUWHV SDUD QmR
IDODUTXHD IHOL]DUGDILFDULDPXLWREHPDVVLVWLGDQRVVHJXLQWHVGLDV
&ODUR e VLPSOHV p SRUTXH HX TXHULD ERWDU XP WtWXOR PDV p FODUR (X VRX
FRPR GL]HP TXH %XxXHO HUD PHX PpWRGR GH H[SRVLomR p D GLJUHVVmR (X VHL TXH
HVWRXPXLWRORQJHGHHVWDUVHQLO
(YLGHQWH TXH HX GHOLUHL XP SRXFR PDV HX VHPSUH GHOLUHL H 6mR *RQoDOR PH
IDVFLQDHXWLQKDUD]mR HPOHPEUDURVRQKR&ODURp SRUFDXVDGRWtWXOR7LUH
LVVR GD JUDYDomR $OLiV QmR GHSRLV YRFr WLUD WXGR GD JUDYDomR D JUDYDomR
LQLFLDO Vy FRPHoD TXDQGR HX GLVVHU 1mR WLUH QDGD DJRUD 'HL[D TXH HX WLUR
TXDQGR YRFr SDVVDU WXGR SDUD R SDSHO e PHOKRU YDPRV GHL[DU IOXLU GHSRLV HX
IDoRDWULDJHPERWRRUGHPHWF&DOPDFDOPD1mRVHLQHPSRU TXHHVWH&RPR p
R QRPH GLVWR GLVWR TXH QyV HVWDPRV SURGX]LQGR" 9DPRV GL]HU XP
GHSRLPHQWR VRFLRKLVWyULFROtWHURSRUQ{ KDKD 2X VRFLRKLVWRULFROLWHURSRUQ{
WXGR JUXGDGR GHYH ILFDU OLQGR HP DOHPmR 6LP QmR 6LP QmR VHL QHP SRU TXH
HVWHGHSRLPHQWRWHP TXHWHUWtWXORPDVSRUTXHQmR"(VVHV GRLV%XGDV'HSRLV
HX IDOR VREUH HVVHV GRLV %XGDV DJRUD QmR p R FDVR 0H OHPEUH p XPD KLVWyULD
PXLWR LQWHUHVVDQWH 0DV QR PRPHQWR HOHV PH LQWHUHVVDP SRU FDXVD GR WtWXOR (X
DFKRERQLWLQKRFRPXPVRPPHLR DOLWHUDQWHDFDVDGRV%XGDVGLWRVRV DFKR
VLPSiWLFR (VWH GHSRLPHQWR KHUHE\ VH FKDPD $ FDVD GRV %XGDV GLWRVRV e ERP
DWp SRUTXH QmR TXHU GL]HU QDGD FRPR WRGR ERP WtWXOR GH TXDOLGDGH OLWHUiULD 2
VXMHLWR YDL OHU H SHUJXQWD SRU TXH HVVHV %XGDV p FDSD] GDV H[SOLFDo}HV PDLV
GHVYDLUDGDV4XDQWDJHQWHYDLOHU HVWH GHSRLPHQWRFRPRVHUiTXHHOHYDLILFDU
VHUiTXHDOJXpPYDLOHU"
9DLVLPDUPHLXPHVTXHPDPDLVVRILVWLFDGRGRTXHRVGRVILOPHV GHHVSLRQDJHP
9RFr ID] SDUWH PDV QmR YRX OKH FRQWDU FRPR QmR WHP LPSRUWkQFLD 9RFr
WUDQVFUHYH DV ILWDV DTXL GHL[D DV ILWDV DTXL WXGR R TXH YDL UHVWDU p D VXD
SDODYUD 4XH SRGH YLU D VHU ~WLO QXQFD VH VDEH &RQWH D KLVWyULD PLQWD
EDVWDQWH VH TXLVHU GLJD TXH p WXGR YHUGDGH H p PHVPR 1R FRPHoR DFKHL TXH
LD HVFUHYHU Vy SDUD PLP H GHL[DU SDUD DOJXP PRUDGRU GH )XOkQLD 6LFUkQLD RX
%HOWUkQLD FRP JUDQGH HVFkQGDOR H HQJDVJRV SXGLFRV WHQWDU H[SOLFDU WXGR GH
DFRUGRFRPVHXVSDGU}HVHPSHGUDGRV { HVSpFLHHVFXOKDPEDGDTXHQyVVRPRVTXH
WHPSR QyV SHUGHPRV TXDQGR Ki WDQWD FRLVD D GHVFREULU )XOkQLD %HOWUkQLD H
6LFUkQLD HUDP RV SDtVHV IXQGDGRV SRU XPD JUDQGH DPLJD PLQKD 1RUPD /~FLD 
GHSRLV YRX IDODU PDLV QHOD p LPSUHVFLQGtYHO  WRGRV KDELWDGRV SRU YHOKDFRV
FRPR R YHOKR 3HGUmR SURIHVVRU GH 'LUHLWR 5RPDQR GHSRLV HX IDOR QHOH TXH
PRUDYDP HP RXWURV SDtVHV PRUDYDP HP RXWURV PXQGRV )XOkQLD %HOWUkQLD H
6LFUkQLD ERQV SDWLIHV HOHV PRUDP Oi H HX Fi 0DV QmR YRX GHL[DU LVVR D
FDUJR GHOHV QmR FRQILR QD SRVWHULGDGH 2 WtWXOR TXH HX LD ERWDU HUD 0HPyULDV
GHXPDOLEHUWLQDPDVQmRYRXPDLVERWDUpERPJRVWR GHPDLVSDUDHVVHSRYRTXH
QXQFDOHX&KRGHUORVGH/DFORVQmRYRX GHVSHUGLoDUMRJDUSpURODVDRVSRUFRV (P
)XOkQLD 6LFUkQLD H %HOWUkQLD QmR VH SRGH VHU UHDOPHQWH ILQR FRP XP WtWXOR
ILQR GHVVHVWHPTXHVHUSVHXGRILQR FRPRHOHVSURQWRDFDVDGRV %XGDVGLWRVRV
VDWLVID]VDWLVID]pPDLV WUDQTLORPHJDUDQWH FRQWUDLUULWDo}HVJHUDGDVSHOD
EXUULFHH SHODLJQRUkQFLD&ODUR TXHQRIXQGRRGHLRHVVHWtWXORGHERPJRVWRDR
TXDODFDERGH FHGHUPDVFHGRGHUHVWRYmRWRGRVSDVWDUHPYHUGDGHYRVGLJR
1mR FKHJXHL DR SRQWR yWLPR FRPR PHX DY{ QmR WHQKR FRUDJHP GH ID]HU R TXH HOH
ID]LDHPS~EOLFRDLQGDHVWRXDPDUUDGDDXPD SRUomRGHSHQGXULFDOKRVDEVXUGRVe
XPDSHQDSRUTXHPHPyULDVGH XPDOLEHUWLQDVHULDWmRPHOKRUGR TXHHVVDELFKLFH
GRV %XGDV GLWRVRV PDV QmR VH SRGH WHU WXGR QHVWH PXQGR WRPHOKH %XGDV
PLVWHULRVRV4XHPpEXUURSHGH D'HXV TXHRPDWHHDRGLDERTXHRFDUUHJXH1R
FRPHoR DFKHL TXH LD GHL[DU HVWDV GHOXV}HV  FRPR GL]LD PHX SURIHVVRU GH
0HGLFLQD /HJDOSDUDVHUHPSXEOLFDGDVGHSRLVGHPLQKDPRUWH0DV QXP LQVWDQWH
YLTXHHUDEXUULFHQDGDYDOHDSHQDGHSRLVGDPRUWH HXTXHURpSDVVDUQDUXD H
YHUDVFDUDVGDVSHVVRDVTXHOHUDP WRGRPXQGRILQJLQGRTXHQmRpQDGDFRP HOHV
1DGD GHVVH QHJyFLR SHTXHQREXUJXrV GH GHSRLV GD PRUWH $QWHV GD PRUWH WXGR
DQWHV GD PRUWH p RX QmR p" ( SRU RXWUR ODGR PH DUULVFDULD D HOHV GDUHP XP
MHLWRGHGHVWUXLURVRULJLQDLVQmRPHSHUJXQWHFRPR HOHVVmRGLDEyOLFRV
$ FDVD GRV %XGDV GLWRVRV 2QH WZR WKUHH WXGR EHP" $ FDVD GRV %XGDV
GLWRVRV3UHIiFLRLQWURGXomRQRWDSUHOLPLQDU TXDOTXHUFRLVDDVVLP'HFLGLGDU
HVWH GHSRLPHQWR RUDOPHQWH HP OXJDU GH HVFUHYrOR SRU YiULDV UD]}HV D
SULQFLSDOGDVTXDLVp DUWULWH&RUWDULVVRJUDFLQKDEREDHXQmRWHQKR DUWULWH
QHP IDoR SODQRV GH WHU 0XLWR EHP SUHIiFLR 'HFLGL ID]HU HVWH GHSRLPHQWR
LQLFLDOPHQWH GH IRUPD RUDO HP YH] GH HVFULWD SHOD UD]mR SULQFLSDO GH TXH p
LPSRVVtYHOHVFUHYHUVREUHVH[RSHOR PHQRVHPSRUWXJXrVVHPSDUHFHU UHFpPVDtGR
GH XPD VLQXFD QR EDL[R PHUHWUtFLR RX HQWmR HVFUHYHU YXOYD YDJLQD JUXWD
GR SUD]HU VH[R W~PLGR H SHQHWURXD EUXVFDPHQWH )DODQGR ILFD PDLV
QDWXUDO QmR VHL EHP SRU TXr 4XH PDLV" *RVWDULD GH WHU MHLWR SDUD IDODU
LQDQLGDGHV ODELUtQWLFDV FRPR FHUWRV SVLFDQDOLVWDV RX VRFLyORJRV RX XP GHVVHV
SHQVDGR HV IUDQFHVHV GHVVHV TXH FRVWXPDP DSDUHFHU QRV FDGHUQRV GH FXOWXUD GRV
MRUQDLV SDUD QD PDLRU SDUWH GRV FDVRV VXPLU LPHGLDWDPHQWH DSyV H TXH QmR
GL]HPQDGDPDVLQWLPLGDPDVSHVVRDVFRPVHXVUHODPEyULRV
0DV QmR VHL ID]HU LVVR p XPD GDV PLQKDV GHILFLrQFLDV (VTXHFHU 6LP PDV
TXHPDLV"6HPSUHDFKHLFKLTXHGHYHVHUVXESURGXWR GHDOJXPWUDXPDGH LQIkQFLD
 ERWDU QR IURQWLVStFLR TXDOTXHU VHPHOKDQoD HWF HWF PDV QR FDVR R
FRQWUiULR$WHQomR
4XDOTXHU VHPHOKDQoD HVWDUi EHP LQIHULGD 1mR QmR PXLWR SHUQyVWLFR TXDOTXHU
VHPHOKDQoDQmRpFRLQFLGrQFLDQHQKXPD VHPHOKDQoDpFRLQFLGrQFLD1RPHVWURFDGRV
SDUDSURWHJHUFXOSDGRV
4XHPSXVHUDFDUDSXoDSRGHWHUFHUWH]DGHTXHHVWiEHPSRVWD
1mR QmR HVWRX DFKDQGR LVWR XP SRXFR PHWLGR D HQJUDoDGR 9RX UHGLWDU WXGR
TXHUR XP SUHIiFLR GHFHQWH 9DPRV DQRWDU XQV WySLFRV GHSRLV HX GHVHQYROYR 8P
WySLFR XP 6HU PXOKHU VHU FRURD" 1mR 1mR QmR QmR 'HSRLV HX DUUHPDWR HVWH
SUHIiFLR RX QmR IDoR SUHIiFLR 0HX DY{  R RXWUR DY{ R DOHPmR XP
SUXVVLDQR LQVXSRUWiYHO QD]LVWD GH QDVFHQoD FRPR WRGR DOHPmR HPERUD
WHQKD PRUULGR VH SURFODPDQGR DQWLQD]LVWD FRPR WDPEpP WRGR DOHPmR  GL]LD TXH
WXGR R TXH SUHFLVDYD GH SUHIiFLR LQFOXVLYH HPSUHJR H PXOKHU QHVWD RUGHP GH
SUHFHGrQFLDQmRYDOLDQDGD
3ULQFLSDOPHQWHPXOKHUDFKRHXSRUTXHDOLYURHOHQmRGDYDPXLWD LPSRUWkQFLDD
QmRVHUSDUDHVFXOKDPEDUHTXHUHUTXHLPDUWRGRV
(OH Vy QmR JRVWDYD GH +LWOHU SRUTXH +LWOHU HUD EiYDUR H PDOQDVFLGR QmR SRU
FDXVD GR QD]LVPR 'DYD FKXUUDVFRV ILFDYD ErEHGR H TXHLPDYD OLYURV &RPSUDYD
PXLWR SDUD GHSRLV TXHLPiOR QRV EUDVHLURV GR FKXUUDVFR XP OLYUR GH (GXDUGR
3UDGR PXLWR IDPRVR QD pSRFD ( ID]LD GLVFXUVRV DILUPDQGR TXH RV
EUDVLOHLURV HUDPHVW~SLGRVRV~QLFRVLQWHOLJHQWHVHUDPRVDQWURSyIDJRV QmR VHL
EHP R TXH HOH TXHULD GL]HU FRP LVVR 0LQKD PmH FRQWDYD TXH (GXDUGR 3UDGR HUD
OLQGtVVLPRGHFDEHORVUHYROWRVH IDUIDOKDQWHV DRYHQWRGRYLDGXWRGR&Ki8PD
VHQKRUD R YLX XPD YH] FRQWDYD PLQKD PmH QmR VH FRQWHYH H H[FODPRX 0DV TXH
KRPHPERQLWR
( HOH UHVSRQGHX e GR DU GR SUDGR PLQKD VHQKRUD +DKD 0HX SDL WLQKD XP
WHUURU SDWROyJLFR GH VHU FRUQR H PLQKD PmH VDELD GLVVR H HQWmR PXLWR
VDFDQDPHQWH JHQLDOPHQWH VDFDQDPHQWH PLQKD PmH HUD XPD HQFLFORSpGLD
GR VDFDQLVPR ID]LD DUHV VXWLOPHQWH DPEtJXRV H HQWmR IDODYD HP (GXDUGR 3UDGR
IDODYDHP'RXJODV)DLUEDQNV5RGROIR9DOHQWLQR 5DPyQ1DYDUURLPLWDYD0DH:HVW
UHFLWDYD%\URQH&DVWUR$OYHV FRPFDUDVHYR]HVGHRUJDVPRFKDPDYD&DVWUR $OYHV
GH &HFpX FRPR VH KRXYHVVH LGR SDUD D FDPD FRP HOH QR GLD DQWHULRU HUD
XP PDUWtULR D TXH R YHOKR WLQKD GH VH VXEPHWHU FDODGR SRU XPD TXHVWmR GH
FRHUrQFLDHQWUHRTXHSURIHVVDYDHRTXHUHDOPHQWH VHQWLDHOHHUDPXLWROLEHUDO
GHERFDFRLWDGRGHPHXYHOKR PRUUHXPRoRPDLVPRoRGRTXHHX KRMHDQRV
3URQWR QmR IDoR SUHIiFLR 'HSRLV HX YHMR GHFLVLRQV GHFLVLRQV 'H
TXDOTXHU PDQHLUDILFDDtR UHJLVWUR'HSRLPHQWR RUDOWDWDWiWDWDWiMiIDOHL
LVVRSRUTXHpPDLVIiFLO GL]HU SDODYUmRGRTXHHVFUHYHUSDODYUmRKiH[LJrQFLD
GH SDVVDSRUWH SDUD DV SDODYUDV SDVVDUHP GR IDODGR DR HVFULWR DOJXPDV
QmR FRQVHJXHPQXQFDDKXPDQLGDGHpPXLWRHVWUDQKD4XHPDLV"
([SOLFDUTXHVRXXPJUDQGHKRPHPHQmRGLJRTXHVRXXPDJUDQGH PXOKHUSHODPHVPD
UD]mR SRU TXH QmR H[LVWH RQoR Vy RQoD QHP IRFR Vy IRFD WXGR LVVR p XP
EREDMROGHTXHPQmR WHPRTXHID]HU RXILFDSUHVRDLGLRVVLQFUDVLDVGDOtQJXD
FRPR DTXHODV FUHWLQDV IHPLQLVWDV DPHULFDQDV TXH TXHULDP PXGDU KLVWRU\ SDUD
KHUVWRU\ FRPRVH RKLVGRFRPHoRGDSDODYUDIRVVHDPHVPD FRLVDTXHXPSURQRPH
SRVVHVVLYR GR JrQHUR PDVFXOLQR D LPEHFLOLGDGH KXPDQD QmR WHP OLPLWHV 6RX XP
JUDQGH KRPHP IrPHD GD PHVPD IRUPD TXH RV JUDQGHV KRPHQV PDFKRV VmR JUDQGHV
KRPHQV PDFKRV ILFDVH FDWDQGR SLFXLQKD SRUTXH R QRPH GD HVSpFLH p SRU DFDVR
PDVFXOLQRHQmRQHXWURFRPRp SRVVtYHOTXHVHMDHPDOJXPDRXWUDOtQJXDFRPR VH
D JUDPiWLFD UHVROYHVVH DOJXPD FRLVD QHVVH FDVR ([SOLFDU LVVR QmR
H[LVWHP JUDQGHV KRPHQV H JUDQGHV PXOKHUHV H[LVWHP JUDQGHV KRPHQV PDFKRV H
JUDQGHV KRPHQV IrPHDV 1mR Ki QDGD PDLV ULGtFXOR GR TXH JDOHULD GH JUDQGHV
PXOKHUHV LVVR H DTXLOR ILFR PRUWD GH YHUJRQKD $ HVSpFLH p KXPDQD FRPR
3DQWKHUD XQFLXV 3DQWKHUD OHR XP RQoD QR IHPLQLQR SRU DFDVR RXWUR OHmR QR
PDVFXOLQR SRU DFDVR TXHVWmR GH OtQJXD H[FOXVLYDPHQWH ([SOLFDU LVVR FRPR
TXHP H[SOLFDDXPPDUFLDQR$XPWHUUiTXHR(VFXWDDTXLWHUUiTXHR GHL[DGHVHU
GpELOPHQWDO%HPDPELo}HVLQ~WHLVYDPRVDR WUDEDOKR4XHPDLV"1DGDHVWRXHP
JUDQGHG~YLGDTXDQWRDHVWH SUHIiFLR5HYHUQHFHVVLGDGHGHSUHIiFLR
2GHLRGL]HULVWRPDVDYHUGDGHpTXHHVWRXXPSRXFRQHUYRVD
0LQKDIDPtOLDVHPSUHGHVSUH]RX TXDOTXHUIRUPD IUHVFXUDIXLFULDGDDVVLP0LQKD
IDPtOLD QmR YDOH QDGD PDV p yWLPD SULQFLSDOPHQWH RV PDLV DQWLJRV 7HPRV
DQFHVWUDLV IDQWiVWLFRV 7XGR EDQGLGR H HOHV VH HVFRQGHP SRU WUiV
GDTXHODV EDL[HODV H GDTXHOHV SUDWRV GH DQWHV GD 3ULPHLUD *XHUUD H
GDTXHODV PDQHLUDV GH ORUGHV GDV tQGLDV 2FLGHQWDLV 0HX DY{ HUD FRPR HX Mi
GLVVH HUD SUXVVLDQR SUXVVLDQR GH %UDQGHPEXUJR DERPLQDYD WRGR PXQGR FRP
H[FHomRGH)UHGHULFR,,$LGpLDGHOHGHXP JUDQGHSURJUDPDQD(XURSDHUDSDVVDU
TXDWUR GLDV HP 3RWVGDP EDEDQGR GHQWUR GD 2UDQJHULH H VRQKDQGR HP HPSDODU
SRORQHVHV
*UDQGHIDPtOLD$PXOKHUGHOH HUDFDWyOLFDGD9HVWIiOLDVy WRPDYDEDQKRViEDGR
HQXQFDULDDQmR VHUJDUJDOKDGDVKLVWpULFDV TXHGXUDYDPKRUDVJHUDOPHQWHDRV
GRPLQJRV GHSRLV GD PLVVD H DQWHV GRV UHSROKRV KHGLRQGRV 7UHPHQGD IDPtOLD 6y
FRQKHoRPHXV ELVDVSHORVUHWUDWRV RYDLVHVSDOKDGRVSRUDt2VGRV PXVHX]LQKRV
QmR OHYR HP FRQWD Vy OHPEUR TXH PHX ELVD -RmR PH DVVRPEUDYD FRP XQV ROKRV
KRUULSLODQWHPHQWH ELOLRVRV QXP UHWUDWR FHUFDGR GH ORXURV QD VDOD JUDQGH GD
FDVDGDID]HQGDGH/HQoyLV
-RmRWHYHLPHQVRVHVFUDYRVHXPDQWLJRMRUQDOLVWD EDLDQR GHVVHV TXH D  JHQWH
ILQJHTXHOHPEUDH pQRPHGHUXDHP%URWDVSXEOLFRX VHLVQ~PHURVGDGHVWHPLGD
JD]HWDLQGHSHQGHQWHHUHSXEOLFDQD GHDJRVWRHVVHMRUQDOLVWDFRPRp PHVPR
RQRPHGHOHHVFUHYHX KRMH QLQJXpPDFUHGLWDDKXPDQLGDGHp EXUUtVVLPDPHVPR
 TXH PHX ELVD WLQKD GHVFREHUWR D FXUD GD JDJXHLUD 2 FDQDOKD IDOVLILFRX
GRFXPHQWRV H D SUySULD DOPD  YRFr DFUHGLWD TXH R SXOKD HUD PXODWR" SDUGR
FRPR VH GL]LD PDLV QHVVD pSRFD  H LQYHQWRX XPD SRUomR GH FRLVDV VREUH QmR
VHL TXDQWRV HVFUDYRV SHOR PHQRV GXDV G~]LDV HP FXMDV ERFDV PHX ELVD PDQGRX
HQILDU RYRV TXHQWHV HOH DGRUDYD HQILDU XP RYR TXHQWH QD ERFD GH DOJXpP VRE
TXDOTXHU SUHWH[WR RX PHVPR VHP SUHWH[WR GL]HP DWp TXH PHWHX XP QD ERFD GH
PLQKD ELVD 6LQKD]LQKD PXOKHU GHOH 2V RYRV UHDOPHQWH HOH PDQGDYD HQILDU PDV
HYLGHQWH TXH VHX HIHLWR IRL LQYHQWDGR SHOR MRUQDOLVWD 6HLV GHVVHV HVFUDYRV
GLVVH DTXHOH FUiSXOD HUDP JDJRV H ILFDUDP ERQV GD JDJXHLUD GHSRLV GRV RYRV
TXHQWHV &ODUR HOH QmR GHIHQGLD TXH VH SXVHVVHP RYRV TXHQWHV QD ERFD GH
QLQJXpP PDV TXH VH DSURYHLWDVVH D OLomR D FLrQFLD PpGLFD SRGLD HQFRQWUDU XP
PHLR SDUD FXUDU HVVH DIOLWLYR PDO GD IDOD DWUDYpV GH XPD WHUDSLD LQVSLUDGD
QLVVRLPDJLQRTXHWDOYH]XPRYRQmRPXLWR TXHQWHHPYiULDVDSOLFDo}HV2KRPHP
p PXLWR LQJUDWR SDUD FRP VHXV EHQIHLWRUHV FRPR GL]LD PLQKD WLDDYy ,QrV TXH
WLQKD KRUURU GH SUHWR H FKDPDYD GH FXGHOXWR TXDOTXHU EUDQFD TXH GRUPLVVH FRP
QHJURRXUDFHDGR
9HMRWXGRFRPRVHIRVVHKRMH$YHOKDFDVDJUDQGHGR 2XWHLUmR TXHMiSHJXHL
FRPDV SDUHGHVFREHUWDVGHOLPRGHYHUGHDUHWLQWR LQVHWRVSRUWXGRTXDQWRHUD
FDQWR MLDV TXH QR LQYHUQR PLDYDP FRPR JDWRV SODQWDV HVWDODQGR DV WHOKDV VH
HQWUHODoDQGR FRP FLSyV H XPD RX RXWUD FREUD FRU GH HVPHUDOGD R UHVWR GD
FKXYD DLQGD SLQJDQGR GDV iUYRUHV QDV SODQWDV GH IROKDV JUDQGHV HPEDL[R XQV
IHGRUHV H FKHLURV PRUQRV VDLQGR GDV UDFKDV QRV SLVRV GH ODMRWD SDVVDULQKRV
FDQWDQGR H SLDQGR XQV D]XOHMRV GHVPDLDGRV QDV SDUHGHV GR YDUDQGmR XPDV
TXDWUR JDOLQKDV EUDEDV FLVFDQGR GHEDL[R GDV WRXoDV GH EDQDQHLUD
SHGUDV VRWHUUDGDV SHOD ODPD FDODQJRV WUHSDQGR SHORV WURQFRV GDV PDQJXHLUDV
GXDVRXWUrVPXWXFDV]XPELQGRHDSHVDUGHWXGRXP VLOrQFLRTXHFKHJDYDDGRHU
,VVR )RL QHVVH GLD QHVVD JUDQGH FDVD YHOKD HPERORUDGD TXH WLQKD XPD HVWDQWH
GH VXFXSLUD FUXD TXH DV JRWHLUDV KDYLDP HPSHQDGR QDV MXQWDV -i FRQKHFLD PXLWR
DTXHOD HVWDQWHPDVPHVPRDVVLPRXWDOYH]SRUFDXVDGLVVRPHVPRIRL PH[HUQRV
OLYURVHQUXJDGRVSHODXPLGDGHFRPDVSiJLQDV WUHVDQGDQGRLQHVTXHFLYHOPHQWHHD
FDGDXPD TXHHXIROKHDYDHVVD H[DODomRPHWUD]LDXPDUUHSLRQRPHLRGDVFRVWDV
H PH GHL[DYD HQORXTXHFLGD +DYLD WRGRV RV WLSRV GH OLYUR /HPEUR EHP GR
2 *XDUDQ\ FRP tSVLORQ LOXVWUDGR SHOD ILJXUD GH 3HU\ WDPEpP FRP tSVLORQ TXH
HX DFKDYD TXH PRVWUDYD XP YROXPH IDVFLQDQWH GR ODGR HVTXHUGR GD WDQJD GH
HVSDQDGRU GH 6DODPE{ HVWDPSDQGR XPD PXODWD TXDVH QXD QD FDSD ' 4XL[RWH GH
FHURXODV HP PHLR D DOXFLQDo}HV XPD FROHomR HQFDGHUQDGD GH $QDWROH )UDQFH VH
GHVPDQFKDQGR WXGR WXGR &RPR VHULD D YR] GH PHX ELVD -RmR )HUGLQDQGR
%LELDQR 5DIDHOPDQGDQGRHQILDURYRVTXHQWHVQDERFDGRVRXWURV"&RPR VHULD"
6RX IL[DGD QD IDVH RUDO IDVH RUDO FDQLEDOLVWD FHUWDPHQWH DGRUR TXDOTXHU
IRUPD GH LQJHVWmR 1HVVD pSRFD HX Mi HVWDYD EHP IL[DGLQKD KRMH LVVR p
SHUIHLWDPHQWH FODUR 1mR VRX FKHJDGD j SVLFDQiOLVH /i HP FDVD GHVGH PXLWR
DQWHVGH)UHXGFRPFHUWH]D VHPSUHVHDFKRXREVFHQRILFDUFRQWDQGR LQWLPLGDGHV
H IUDTXH]DV D XP HVWUDQKR PDV GH YH] HP TXDQGR XVR XPD IUDVH TXH DSURYHLWD R
MDUJmRGRVSVLFDQDOLVWDVDFKRTXH pPHLRLQHYLWiYHOQDPLQKD JHUDomRQmRVHL
(QWmRQDIDOWDGHPHOKRUREVHUYDomRHXWHQKR FHUWH]D GH TXH PH HQFDL[R QHVVD
VLWXDomR GH IL[DGD QD IDVH RUDO SDVVHL DQRV VHP HQWHQGHU QDGD H HVVD QRomR
TXHEUDPHXJDOKR
3RUTXH VHPSUH DFKHL JRVWRVR LQJHULU D QmR VHU SRU YLD YHQRVD H YHQKR
FRQWLQXDQGR YLGD DIRUD DSHVDU GH KRMH HP GLD HVWDU XP SRXFR EODVpH (QWmR HX
ILFDYD FKHLUDQGR DTXHOHV OLYURV H WHQGR DUUHSLRV $LQGD FKHLUR PDV Vy OLYURV
YHOKRVHFRPRGLVVHHVWRX XPSRXFREODVpH'HYHVHUFRLVDGDLGDGH FHUWDPHQWH
p D LGDGH HPERUD p FODUR HX QmR PH FRQVLGHUH YHOKD 0DV Mi YLYL TXDVH VHWH
GpFDGDV DOJXPD FRLVD VXFHGH QHVVH WHPSR &RQIXVmR HVWRX IDEULFDQGR XPD
WUHPHQGDPL[yUGLD6HUiTXHHVWRXID]HQGR SVLFDQiOLVH"3DYRURXYLGRGHDOXJXHO
SDYRU%HPGHFHUWD IRUPDYRFrHHVVHJUDYDGRUVmRRXYLGRVGHDOXJXHO6HL Oi
e GHYHVHUFRLVDGDLGDGHHXDERPLQRDH[SUHVVmRWHUFHLUD LGDGH KLSRFULVLD
GHDPHULFDQRHQWUHDVPXLWDVTXHMiLPSRUWDPRV DPHULFDQRpRUHLGRHXIHPLVPR
KLSyFULWD 1mR VXSRUWR YHOKR YHOKR PHVPR PHWLGR D DOHJUH YHOKLFH p XPD
GHVJUDoD QmR WUD] QDGD TXH SUHVWH &RUWDU LVVR WXGR DFLPD HX PHVPD DFKR TXH
QmR HQWHQGL QDGD GR TXH DFDEHL GH IDODU $ JHQWH ILFD D PHVPD H QmR ILFD D
PHVPD ,K FKHJD SUHFLVR ERWDU DOJXPD RUGHP QLVWR H DWp RV GHOtULRV SUHFLVDP
VHUSHORPHQRVXPSRXFRRUJDQL]DGRVVRE DOJXPFULWpULR p SUHFLVR GDU PpWRGR j
ORXFXUDPDLV RXPHQRV FRPR3RO{QLRIDORXGDSLUDomRGH+DPOHW7K\VRQLVPDG
EXW WKHUHLVPHWKRGLQ KLVPDGQHVVQmRIRLLVVRTXHHOHGLVVHPDLV RX PHQRV"
(X JRVWR GH 6KDNHVSHDUH OHLR GHVGH PHQLQD PHVPR QR WHPSR HP TXH QmR
FRPSUHHQGLDSDWDYLQD$OLiVVHUiTXHFRPSUHHQGR KRMH"1LQJXpPFRPSUHHQGHQDGD
VHMDGDYLGDVHMDGH6KDNHVSHDUH TXHPRUUHXPDLVGHGH]DQRVPDLVPRoRGRTXH
HX VHP VDEHU TXH HUD 6KDNHVSHDUH 9ROWDLUH GHVDQFRX 6KDNHVSHDUH WRGR
PXQGR GHVDQFRX6KDNHVSHDUHDYLGD,KFKHJD
$YLQGD GHOHRQRVVRHQFRQWURLVVRHUDRTXHHXLDFRQWDU SDUDILQDOPHQWH
FRPHoDU R GHSRLPHQWR 6HP IUHVFXUD EDVWD GH IUHVFXUD $ YLQGD GHOH HX SRVVR
GL]HU VHP QHQKXP FRQVWUDQJLPHQWR IRL PHLR YLROHQWD RX EDVWDQWH YLROHQWD VH
YRFr TXLVHU (OH EULQFDYD FRPLJR H PHX LUPmR 2WiYLR D JHQWH JRVWDYD GHOH
PLQKD DYy GH YH] HP TXDQGR GHL[DYD TXH HOH DOPRoDVVH FRP D JHQWH PDV HOH HUD
VRPHQWH XP GRV QHJULQKRV GD ID]HQGD QDTXHOH EDQGR GH HVFUDYRV TXH PHX DY{
WLQKD 1mR HUDP HVFUDYRV RILFLDOPHQWH PDV GH IDWR HUDP HVFUDYRV H D PDLRU
SDUWHYLYLDVDWLVIHLWDID]HQGR ILOKRVHHQURODQGRPHXDY{)LJXUD LQWHUHVVDQWH
PHX DY{ SHLGmR SHQD TXH HX QmR WHQKD WLGR D RSRUWXQLGDGH ItVLFD H
SVLFROyJLFD GH FRQYLYHU PDLV FRP HOH QmR KDYLD FRPR HPERUD HOH JRVWDVVH
GH PLPHHXGHOH$FKRTXHHOHVDELDTXHHUDHQURODGRRWHPSRWRGR
$FKR TXH QmR HOH VDELD PDV FODUR TXH QmR OLJDYD HOH HUD XPD SRVWXUD
SUDJPiWLFRHJRFrQWULFD DPEXODQWH QmR SRGH PDLV H[LVWLU JHQWH FRPR HOH
QDWXUDOPHQWH
$t HX VHP TXr QHP SDUD TXr PXLWR GH UHSHQWH FKHJXHL SDUD HVVH
QHJULQKRQRSiWLRGDTXHEUDGHFRFRGHGHQGrHGLVVH +RMHGHWDUGHHVWHMDQD
FDVDJUDQGHYHOKDQDKRUDHPTXHPLQKD DYyHVWLYHUGRUPLQGR6R]LQKRHQmR GLJD
DQLQJXpP(OH HVWUDQKRXHGLVVHTXHQmRSRGLDSRUTXHLD WHU GHFDWDU RXULFXUL
FRP D PmH H ILFRX UHYLUDQGR RV ROKRV SDUD FLPD H OHYDQWDQGR RV SpV FRPR VH
PDUFKDQGR VHP VDLU GR OXJDU H HVIUHJDQGR DV RUHOKDV FRP XPD FDUHWD FRPR VH
TXLVHVVH UHPRYrODV GD FDEHoD 0HQWLUD GLVVH HX PHQWLUD VXD KRMH p
GRPLQJR
9RFr YDL RX HX FRQWR D PHX DY{ TXH YRFr WRPRX RXVDGLD FRPLJR H HOH PDQGD OKH
FDSDU FRPR PDQGRX FDSDU ILQDGR 5RTXH VHX WLR YRFr VDEH TXH PHX DY{ PDQGRX
FDSDU HOH SRUTXH HOH VH RXVRX FRP XPD UDSDULJD GHOH ( DLQGD GHL XP WDSD
IRUWH HVWDODGR PHVPR QD FDUD GHOH (OH HVWUHPHFHX H VH SUHWR SRGH ILFDU
OtYLGR ILFRX OtYLGR $OLiV SUHWR ILFD OtYLGR HQJUDoDGR YRFr QRWD RV OiELRV
SiOLGRV 0DV QmR GLVVH QDGD H HX DLQGD IL] PHQomR GH GDU RXWUR WDSD H Vy
QmR GHL SRUTXH QmR WLQKD SODQHMDGR QDGD GDTXLOR H HVWDYD PHLR VHP HQWHQGHU D
VLWXDomR H WDPEpP PH GHX XPD HVSpFLH GH JDQD GH FRQWLQXDU EDWHQGR H DR PHVPR
WHPSR XPD VHQVDomR GHVDJUDGiYHO FRPR VH WLYHVVH PHGR GH DOJXPD FRLVD QmR VHL
EHP GHVFUHYHU HVVH PRPHQWR (P WRGR FDVR GHSRLV GH PDUFKDU SDUDGR H HVIUHJDU
DV RUHOKDV QRYDPHQWH HOH UHVSRQGHX TXH LD H HX VHQWL XPD FyFHJD IXQGD PH
VXELQGR GDV FR[DV SDUD D EDUULJD 6HQWL PXLWDV RXWUDV YH]HV HVVD FyFHJD DWp
KRMHVLQWRPDVQXQFDFRPRQHVVHGLD
4XDQGRHOHFKHJRXSDURXEHPHPEDL[RGDDUFDGDGRVDOmRFRP DTXHOHFDOomRGH
VDFR GH DQLDJHP VHP QDGD SRU EDL[R YL ORJR TXH HUD XPD HUHomR LPSHWXRVD XPD
IRUoDLUUHVLVWtYHOIRUoDQGRRSDQR TXDVHQRPHLRGDFR[DHVTXHUGD HHOHFUX]RX
DV PmRV SRU FLPD QXPD SRVLomR TXH DJRUD HX WDOYH] SRVVD FRQVLGHUDU HQJUDoDGD
PDV QD KRUD QmR PH SDUHFHX 6HQWL D FyFHJD QD EDUULJD RXWUD YH] PDV DR PHVPR
WHPSRQmRJRVWHL1mRVHLGLUHLWR SRUTXHQmRJRVWHL PDVQDKRUDDFKHLTXHIRL
SRUTXH ILTXHL SHQVDQGR HP FRPR HUD TXH DTXHOH QHJULQKR DTXHOH SURMHWR GH
QHJUmR DOLiV VDELD TXH WLQKD VLGR FKDPDGR SDUD VDFDQDJHP ( VH HX TXLVHVVH
VRPHQWH SHJDU SDVVDULQKRV PRVWUDU D HOH RV OLYURV H OKH HQVLQDU DOJXPDV
OHWUDV GR DOIDEHWR" 6y PH OHPEUR GLVVR HPERUD WHQKD FHUWH]D GH TXH PXLWR PDLV
VHSDVVRXDWURSHODGDPHQWHSRUPLQKDFDEHoDHPHX I{OHJRILFRXDFHOHUDGR(QWmR
YHLRRHVWXSURXPLQHJiYHO HVWXSUR'RPLQJRHRQRPHGHOH HUD'RPLQJRV5RGHL
RV ROKRV SRU DTXHODV SDUHGHV DSDUHFHX QD PLQKD FDEHoD SDGUH 9LWRULQR QD
DXOD GH FDWHFLVPR GL]HQGR TXH GRPLQJR TXHULD GL]HU R GLD GR 6HQKRU GRPLQXV
YRELVFXP HW FXP VSLULWXP WXXP LQWURLER DG DOWDUH 'HL LWH PLVVD HVW DTXHOHV
ODWLQVGRRXWURPXQGR HSDUHFHXTXHXP UHGHPRLQKRPHSHJRXPHXVROKRVVyYLDP
HP IUHQWH PHXV RXYLGRV ]XPELDP H HX IDOHL OHYDQWDQGR D VDLD H EDL[DQGR D
FDOoROD &KXSHDTXL
1mRPH UHFRUGRGRTXHHOHUHVSRQGHXGHSURQWROHPEURTXH FXVSLXSDUDRODGR
H GLVVH TXH DTXLOR QmR QDGD GDTXLOR &XULRVR WXGR HVWi YLQGR GH YROWD FRPR
QXQFDDQWHV/HPEURTXHROKHLSDUD EDL[RHYLQROXJDU JHUDOPHQWHGHVLJQDGRSRU
QRPHV ULGtFXORV VRE RV TXDLV D UHDOLGDGH p GLVIDUoDGD YL R TXH HX WHQKR TXH
GL]HU FRPWRGDV DVOHWUDVSRUTXHGHRXWURPRGRYRXDJLUFRQIRUPHWXGR RTXHHX
VRX FRQWUD  GDTXL D SRXFR HX FRQVLJR p TXDVH XPD TXHVWmR GH KRQUD QmR YRX
ILFDUVDWLVIHLWDVHQmRGLVVHUMi UD]RDYHOPHQWHHPSOXPDGDHHQIXQDGDFRPR XP
FDYDOR GH FRPEDWH PH VHQWL SRGHURVD PDUFKHL SDUD HOH DSHUWHLR QR PHLR GDV
SHUQDV H PRUGHQGR D RUHOKD GHOH GLVVH RXWUD YH] TXH LD FRQWDU D PHX DY{ D
RXVDGLD GHOH &KXSH DTXL GLVVH HX TXH QmR VDELD UHDOPHQWH TXH DV SHVVRDV VH
FKXSDYDP IRL R TXH HX SRVVR GHVFUHYHU FRPR LQVWLQWLYR )DOHL FRP HQHUJLD H
SX[HLDFDEHoDGHOHSDUDEDL[R SHODFDUDSLQKDHHPSXUUHLDFDUDGHOHSDUD GHQWUR
GH PLQKDV SHUQDV D SRQWR GH HOH WHU WLGR GLILFXOGDGH HP UHVSLUDU 1mR
PH LQFRPRGHLGHL[HLTXHHOHWRPDVVHXPSRXFRGHDUHGHSRLVSX[HL DFDEHoDGHOH
GH QRYR H HQWUHL HP RUJDVPR QHVVD PHVPD KRUD H GHVOL]HL SDUD R FKmR $ HVVD
DOWXUDHOHMiHVWDYDJRVWDQGRHVH HPSHQKDQGRHPHHQFRVWHLQDSDUHGHGH SHUQDV
DEHUWDV H SX[HL PXLWR D FDEHoD GHOH HQTXDQWR PH HQFDL[DQGR QD ERFD GHOH
FRPR TXHPHQFDL[DXPDSHoDGHSUHFLVmRFRPRTXHPGiRSHLWRSDUD PDPDUFRPXP
SUD]HU HQRUPtVVLPR HP ID]HU WXGR LVVR PLQXFLRVDPHQWH HX JR]DYD RXWUD YH]
,PHGLDWDPHQWH Mi SRVVHVVD H QXPD kQVLD TXH PH ID]LD ILEULODU R FRUSR WRGR
UHVROYLTXH WLQKDTXHPRQWDUQDFDUDGHOHFDYDOJDUPHVPR FDYDOJDUFDYDOJDU H
DtJR]HLPDLVQmRVHLTXDQWDVYH]HVQDERFDQRQDUL]QRV ROKRVQDOtQJXDQD
FDEHoDJR]HLQHOHWRGRHHQWmRGHVFLH FKXSHLHOHHQJROLQGRWDQWRGDTXHOD YLJD
WHVD TXDQWR SRGLD HQJROLU GHSRLV VHQWLQGR R FKHLUR GDV YLULOKDV GHSRLV
ODPEHQGR RVDFRGHSRLVPHHQURVFDQGR QHOHHHVSHUDQGRHOHJR]DUQDPLQKD ERFD
HPERUD QLQJXpP DQWHV PH WLYHVVH GLWR FRPR UHDOPHQWH HUD LVVR Vy TXH HOH QmR
JR]RX QD PLQKD ERFD DFDERX HVJXLFKDQGR PHX URVWR H HX HVIUHJXHL WXGR HP QyV
GRLV e LPSUHVVLRQDQWH FRPR HX IL] WXGR LVVR ORJR GD SULPHLUD YH] SRUTXH IRL
PHVPR D PLQKD SULPHLUtVVLPD YH] H HX QXQFD WLQKD YLVWR QDGD QHP QLQJXpP
WLQKD GH IDWR PH HQVLQDGR QDGD D QmR VHU HP FRQYHUVDV GRLGDV FRP DV RXWUDV
PHQLQDVGRFROpJLRSULQFLSDOPHQWH DVLQWHUQDVTXHVHPSUH ILFDYDPPHLRORXFDV
FRPR p QDWXUDO *UDQGH SDUWH GHVVDV KLVWyULDV QmR WLQKD PXLWR D YHU FRP R TXH
HIHWLYDPHQWH p IHLWR FRP H[FHomR GDV KLVWyULDV VREUH DOJXPDV GDV IUHLUDV H
RXWUDV DOXQDVTXHHXGHSRLV YLTXHHUDPPDLVRXPHQRVYHUGDGHHKRMH VHLTXH
QDPDLRULDGRVFDVRVHUDPYHUGDGH6XSRQKRTXHGHYRWHU XPFHUWRRUJXOKR GLVVR
GHYR UHFRQKHFHU VHP PRGpVWLD TXH VRX XP WDOHQWR QDWR XPD SUHGHVWLQDGD XPD
HVFROKLGDGRVGHXVHVVySRGH VHUDOJRDVVLP1mRJRVWRGH IDODUGHVWDPDQHLUD
PDV QmR Ki FRPR HVFDSDU H[LVWH DOJXPD FRLVD GH LQH[SOLFiYHO QLVVR WHQKR GH
FUHU TXHQDVFLVDEHQGRGHFHUWDIRUPD'HFHUWDIRUPDQmRHXQDVFL VDEHQGR6y
SRGHVHUQmRPHSHUJXQWHFRPR(XQDVFLVDEHQGR
$UUHSLRV
'HSRLVGLVVRSUDWLFDPHQWHQXQFD PDLVQRVIDODPRVYRFr DFUHGLWD"1XQFDPDLV
QRV IDODPRV PDV FRQWLQXDPRV D ID]HU DV PHVPDV FRLVDV H RXWUDV GXUDQWH HVVDV
IpULDV WRGDV XPD UHODomR PHLR DQLPDOHVFD TXH DSURYHLWDYD DV RSRUWXQLGDGHV
VHP TXH IRVVH QHFHVViULR GL]HU QDGD (UD ERP HUD XP GRV PXLWRV SDGU}HV
TXH WHUPLQHL DSUHQGHQGR H TXH WHP VHX OXJDU WHP PXLWR VHX OXJDU HVWRX FRP
SUHJXLoD GH H[SOLFDU SRU TXH H DOpP GLVVR TXHP WHP VHQVLELOLGDGH DEHUWD H
DJXoDGD QHVVH WHUUHQR VDEH R TXH HX TXHUR GL]HU H H[SOLFDU D TXHP QmR WHP
DGLDQWD SRXFR RX TXDVH QDGD 6y ID]tDPRV LVVR H GHSRLV HOH LD HPERUD H VH
DFRQWHFLDSDVVDUPRV XPSHORRXWURHPOXJDUHVHPTXHKDYLDJHQWHHUDFRPRVH QmR
QRV YtVVHPRV 1mR QRV IDODPRV PDLV H TXDQGR HX YROWHL DQRV H DQRV GHSRLV H
TXDQGR HX YROWDYD HYHQWXDOPHQWH GHSRLV GH EDVWDQWH DGXOWD QyV VDtDPRV SDUD
SHVFDU QD FDQRD GHOH H WUHSiYDPRV QXV QR PHLR GR PDU ,VVR Vy WHUPLQRX PHVPR
GHSRLVTXHHXHQWUHLHP RXWUDyUELWDHQXQFDPDLVDSDUHFL6HPSUHSDUWtDPRV SDUD
QRV DJDUUDU DXWRPDWLFDPHQWH TXDVH WRGDV DV YH]HV HP TXH ILFiYDPRV VR]LQKRV D
QmR VHU QDV UDUDV RFDVL}HV HP TXH HX QmR HVWDYD D ILP H HOH SRU DOJXPD YLD
WHOHSiWLFD VDFDYD $OpP GLVVR D LQLFLDWLYD HUD VHPSUH PLQKD HOH ILFDYD
HVSHUDQGR$LQGDQHVVH WHPSRGHVHPLDGROHVFHQWHHDGROHVFHQWHHXLDFRP PLQKD
DYyDR 2XWHLUmRHHUDDPHVPDFRLVDDSHUIHLoRDGDDFDGDHQFRQWUR(OH VHYLFLRX
HP PH FKXSDU H HX HP FKXSDU HOH H PH GDYD PXLWR SUD]HU QyV GRLV DWUiV GDV
SRUWDVID]HQGRDVFRLVDV GHPDQHLUD LQVXEVWLWXLYHOPHQWHSHULJRVD&RPRWHPSR
DLQGDQHVVDVIpULDV HPTXH FRPHoDPRVHOHSDVVRXDERWDUQDVPLQKDVFR[DVHD
JHQWH DSUHQGHXDVLQFURQL]DURJR]RHHXID]LD TXHVWmR GH TXH HOH UHFXDVVH XP
SRXFR RV TXDGULV SDUD JR]DU QDV PLQKDV FR[DV )LTXHL XPD HVSHFLDOLVWD QHVVD
SUiWLFD DWp KRMH DFKR TXH p PXLWR ERP HP FHUWDV FLUFXQVWkQFLDV TXH QmR VHL
HQXPHUDUPDVVLQWRTXDQGRHODV VHDSUHVHQWDP2KRPHPQmRSRGH JR]DUIRUDQmR
SRGH FRPHWHU R SHFDGR GH 2QDQ TXH FRPR YRFr VDEH QmR IRL VH PDVWXUEDU
PDV HMDFXODUQRFKmRHPYH]GHHPSUHQKDUGHYLGDPHQWHVXDFXQKDGD YL~YDVHQmR
PHHQJDQRHUDDFXQKDGDYL~YDRXXPDRXWUDSDUHQWD HPVLWXDomRVHPHOKDQWH (VWi
QR 9HOKR 7HVWDPHQWR RQGH DOLiV FRPR HX Mi GLVVH HVWmR PXLWDV RXWUDV FRLVDV
KDELWXDOPHQWH GHQXQFLDGDV FRPR UHSURYiYHLV TXH RV SDGUHV H SDVWRUHV ILQJHP
TXH QmR YrHP 2V SDGUHV HP VXDV EtEOLDV GLVIDUoDP DV UHIHUrQFLDV GH 6DORPmR
FRP QRWDV GH Sp GH SiJLQD GLVWRUo}HV GH VHQWLGR H WURFDV GH SDODYUDV e
SRVVtYHOTXHHXWHQKDDOJXPDIL[DomR PyUELGDQLVVRDJRUDWDOYH]HVWHMD QRWDQGR
LQGtFLRVFXULRVR QXQFDWLQKDPHGDGRFRQWD2IDWRpTXHDPDQWHVFRQFXELQDV H
SRU DtYDLVmREDVWDQWHHQFRQWUDGLoDVQR9HOKR7HVWDPHQWRWRGRPXQGR VDEHGLVVR
HFRQWLQXDFRPDVSUHJDo}HVVDQWLPRQLDLVDTXHDWp KRMHKRMHQmRPHDFRVWXPHLe
FDSD]GHVVDKLVWyULDGHRQDQLVPR TXHUHQGRGL]HUPDVWXUEDomRKDYHUVLGR LQYHQWDGD
SRU HOHV SDUD QmR WHUHP TXH DGPLWLU DV UHODo}HV KRMH HVS~ULDV TXH D
WUDGLomR UHODWDGD PRVWUD 8PD YH] OL XP FRQWR GH ,VDDF %DVKHYLV 6LQJHU HP TXH
HOH VH UHIHULD DR SHFDGR GH 2QDQ GH PDQHLUD FRUUHWD H DILUPDYD TXH TXDQGR R
KRPHP HMDFXOD QR FKmR XP GLDELQKR p JHUDGR 3RGH VHU SRGH VHU R IDWR p TXH
QmRHVWiFHUWR1DKRUD GHJR]DUWHPTXHUHFXDURV TXDGULVHQmRSULYDUDPRoD
GHVVD LUULJDomR WmR ULFD HP VLJQLILFDGRV H VtPERORV WmR PLVWHULRVD DILQDO
$FRQVHOKHLYiULDVRXWUDVPHQLQDVVREUHLVVRHVHPSUH GLVVH D HODV R KRPHP TXH
QmRJR]DQHODVQmRPHUHFHFRQILDQoD
2X HQWmR p XP LQHSWR TXH SUHFLVD VHU WUHLQDGR (X QXQFD GHL[HL GH JRVWDU
VHPSUHDGRUHLDWpSRUTXHpJHUDOPHQWHHPSpOLJHLUR HHVFRQGLGRpPXLWRERP
SRU WUiV RX SHOD IUHQWH HYRFD ERQV WHPSRV p PHLR SHUDOWD H PXLWDV RXWUDV
FRLVDV GHSHQGHQGR GH FDGD XPD H GR PRPHQWR (QILP p XPD RSomR HQWUH PXLWDV
TXHQmRGHYH VHUGHVSUH]DGD
 (UD R TXH VH ID]LD QR PHX WHPSR FKHJD D VHU GLItFLO UHFRQVWLWXLU FRPR HUD
FRPSOLFDGRQRPHXWHPSR$OJXpP GHYLDID]HUDVRFLRORJLDGLVVR(XVRXGR WHPSR
GR DXWRPyYHO GD JDUoRQQLqUH H GD GHPLYLHUJH QLQJXpP KRMH VDEH PDLV R TXH
p LVVR H HX WHQKR DWp XPD FHUWD VDXGDGH DFKR PRWHO VHP JUDoD VHP QHQKXP
FRQGLPHQWR PHVPR RV PHWLGRV D FULDU DPELHQWHV URPkQWLFRV RX HUyWLFRV 1HVVH
SRQWRVRXREULJDGDDUHFRQKHFHUPHX UHDFLRQDULVPRHPERUDQmRUDGLFDOp FODUR
( D KLSRFULVLD GD pSRFD HUD PDLV DJUHVVLYD GDYD PXLWR JRVWR D TXHP GHVDILDYD
VHXV PDQGDPHQWRVDFDEDYDUHVXOWDQGRQXPJUDQGHSUD]HU DWUDQVJUHVVmR HUDPDLV
VDWLVIDWyULD PHOKRU SDUD R HJR 9iULRV QDPRUDGRV PHXV LQFOXVLYH PHXV GRLV
QRLYRV HX Mi PXOKHU FRPSOHWD GHVGH SULVFDV HUDV DFKDYDP TXH HX HUD YLUJHP H
GL]LDP DEHUWDPHQWH TXH QmR WLQKDP SUHFRQFHLWR PDV Vy FDVDULDP FRP YLUJHQV 1R
VHJXQGRQRLYDGRTXHFKHJRXSHUWRGRFDVDPHQWR HJUDoDV D'HXV VyFKHJRXSHUWR
FRPDTXHODELFKDHQUXVWLGDH PHLRLPSRWHQWHHXMi HVWDYD DWp SURQWD YHMD TXH
FRLVD ULGtFXOD RXWUDJHRXV EXW WUXH Mi HVWDYD SURQWD SDUD ID]HU XPD
UHFXSHUDomR GH PLQKD FRQGLomR YLUJLQDO UHVWDXUDU R KtPHQ 0XLWD
JHQWH UHVWDXURX VHL GH YiULRV FDVRV )LFR SDVPD TXDQGR SHQVR QLVVR PDV p
YHUGDGH HX Mi WLQKD R QRPH GH GRLV PpGLFRV DTXL QR 5LR Mi WLQKD SODQHMDGR
WXGR2SDVVDGRPH FRQGHQDPHGiYHUJRQKD TXDQGRIDORQLVVR0DVHUDRWHPSR
WHPTXH VHGDUXPGHVFRQWR GHORQJHDVFRLVDVSDUHFHPIiFHLVQDYHUGDGHHUDP
XPDEDUUD
,QWHUYDOR 9DPRV WRPDU PDLV XP XtVTXH" (X QmR GHYLD EHEHU PDV jV IDYDV FRP
LVVR YRX PRUUHU GH TXDOTXHU MHLWR ,QWHUYDOR SDUD XLVTXLQKR VH QmR IRU SRU
QDGDSHORPHQRVSRUTXHLQYLQR YHULWDV
0DVHQILPGHPRGRJHUDOHUDXPEDUDWREULQFDUFRP D KLSRFULVLDHGULEOiOD
FULDWLYDPHQWH (VVD DPLJD GH TXHP HX Mi IDOHL 1RUPD /~FLD TXH QXQFD PDLV YL
SRUTXHFDVRX FRPXP PLOLRQiULRVXODIULFDQRHIRLPRUDUOiPDVXPDYH]QDYLGD
DLQGD PH HVFUHYH  GHSRLV HX TXHUR IDODU DLQGD PDLV VREUH HOD  HOD p PDLV
WDUDGDGRTXHHXPXLWRPDLV pXPDVVRPEURMiGHYHHVWDU XPWDQWRSDVVDGDGRV
VHWHQWDH QDDWLYDDLQGDPDLVDJRUDTXH RPDULGR ILFRXSDUDOtWLFRHPHLRJDJD
HVVDDPLJDPHGHX JUDQGHVOLo}HVGHDQWLKLSRFULVLDDSOLFDGDXVDQGRD IRUoD
GHOD FRQWUDHODFRPRGL]HPTXHID]HPRVOXWDGRUHVGHMLXMtWVX
$ PDQREUD GH SHJDU QR SDX 3HJDU QR SDX GH IRUPD TXH HOH SHQVH TXH p D
SULPHLUD YH] HP TXH D LQGLJLWDGD SHJD QXP SDX QXQFD WRPDU D LQLFLDWLYD H
DSHQDVQDWHUFHLUDRXTXDUWDWHQWDWLYDGHL[DU WRGDUHOXWDQWHH SXGLFDTXH HOH
SX[HVXDPmR(DtSHJDU GH OHYHFRPRVHHVWLYHVVHWRFDQGRQXPELEHO{GHFDVFD
GH SRUFHODQD GHGRV KHVLWDQWHV PmR TXDVH IOiFLGD DWp HOH GDU XP
ULVLQKR VXSHULRU H JUXQKLU SRGH DSHUWDU ( HQWmR HOH H[SOLFD H YRFr HVFXWD
DWHQWD H UHFHRVDPHQWH TXH p QDWXUDO SDUD D PXOKHU LQH[SHULHQWH SHJDU GDTXHOD
IRUPD PDV DJRUD YRFr VDEH GHYHVH DSHUWDU ( Dt D SULQFtSLR VHP PXLWD
FRQYLFomRPDVORJRID]HQGR SURJUHVVRVYRFrSDVVDDDSHUWDU j YRQWDGH H DWp D
DEULUD EUDJXLOKDGHOHTXHQDTXHOHWHPSR HUDGH ERWmR H QXQFD GH IHFKR HFOHU
Mi TXH IHFKR HFOHU SDUD RV PDFKRV PDLV FLRVRV GH VXD PDFKLGmR HUD FRLVD GH
YHDGR DEULU FRP GRLV GHGRV KDELOLGRVRV QD KRUD LQWHUPLQiYHO HP TXH HOH
FRPHoDYD D PHWHU D OtQJXD HP VXD RUHOKD H EDEDU WXGR $Wp KRMH p XP PLVWpULR
SDUD PLP D UD]mR SRU TXH RV KRPHQV FRQVLGHUDYDP GH ULJXHXU PHWHU D OtQJXD QDV
RUHOKDV GDV PXOKHUHV QR FRPHoR GRV GDUHVHWRPDUHV YDL YHU TXH HOHV WURFDYDP
LQIRUPDo}HVVREUHLVVRHDFDEDUDPIRUPXODQGRXPULWXDO
1mR TXH HX VHMD DEVROXWDPHQWH FRQWUD PDV D REULJDWRULHGDGH GR ODPEX]DPHQWR jV
YH]HVGDYDXPDFHUWDH[DVSHUDomRRXLPSDFLrQFLD
'HSRLVJUDoDVD'HXVSDUDYDPJHUDOPHQWHHUDVyQDVSULPHLUDV YH]HV
1~PHURGRLVPDQREUDSDUD FKXSDU,VVRHUDVHPSUH VHPSUpUULPRDSULPHLUD
YH] (UD WDO D REVHVVmR GRV KRPHQV SHOD SULPHLUD YH] TXH LDP SDUD D FDPD FRP
XPDPXOKHUGHTXDUHQWDH HODFRQVHJXLDFRQYHQFrORGHTXHHUDDSULPHLUDYH] HP
TXH FKXSDYDDOJXpP4XHPDUDYLOKDHX QXQFDIL]LVVRVDELD"6yFRP YRFrQXQFD
IL] FRP QLQJXpP Vy VDELD GLVVR SRU RXYLU IDODU QHP DFUHGLWDYD DFKHL TXH LD
WHU QRMR PDV FRP YRFr HX QmR WHQKR HVVDV FRLVDV $LQGD KRMH DFUHGLWR TXH D
PDLRULD GRV KRPHQV p DVVLP MXYHQWXGH GHVFRQWUDtGD H WXGR 2XWUD FRLVD QXQFD
GHL[DU TXH HOH DFDEH ORJR QD ERFD H VH SRU DFDVR DFRQWHFHU FXVSLU ODYDU D
ERFD HVIUHJDU OHQoR H DVVLP SRU GLDQWH 2 SHOD SULPHLUD YH] QHVVH FDVR HUD
DLQGD PDLV LPSRUWDQWH GR TXH R GR FKXSDU VLPSOHVPHQWH 0XOKHUHV FDVDGDV GL]LDP
DRVDPDQWHVHPXLWDV DLQGDGL]HPVXVSHLWRHXTXHMDPDLVIL]HUDPRX IDULDP
LVVR FRP R PDULGR H RV FUHWLQRV DFUHGLWDP QmR H[LVWH FRLVD GH TXH KRPHP VH
JDEHPDLVGRTXHDDPDQWHID]HUFRPHOHRTXHQmRID]FRP R PDULGRWXGRFKXWH
DUPDomR6H[RDQDODPHVPDFRLVDHWFHWF
2KpDSULPHLUDYH]GHYDJDUWi"*UDQGHVDWUL]HVVHSHUGHP WRGRVRVGLDV
1RUPD /~FLD HUD XPD JrQLD (OD H HX VXEtDPRV MXQWDV D UXD &KLOH FRP
VHPEODQWHVGHPRoDVPDLVRXPHQRVUHFDWDGDVH DEVROXWDPHQWHIDPtOLDROKDQGRDV
YLWULQHV H WHQGR DOWRV SDSRV GH VDFDQDJHP $OWRV SDSRV PHVPR SRUTXH HX VHPSUH
WLYH PLQKDV WLQWXUDV H HOD HUD PHLR LQWHOHFWXDO HVFUHYLD HP
VXSOHPHQWRV OLWHUiULRVHVHHVIUHJDYD FRPSLQWRUHVSRUFDXVDGHTXDGURV FKHJRX
DWpDFRQVHJXLUTXHXPQDPRUDGRFRPHVVHXPSLQWRUYHDGR HPWURFDGHTXDGURV HOD
HUDGDQDGD(VVHQHJyFLRGHSULPHLUDYH] PHVPRHODEDWL]RXHPODWLP 3ULQFLSLXP
SULPDH QmR VHL R TXr TXDOTXHU FRLVD DVVLP VRPHQWH SDUD SRGHU HQFHWDU SDSRV
GH VDFDQDJHPFRP$OPHLGD-~QLRUXPSURIHVVRUGHILORVRILDGD IDFXOGDGHHWLUDU
XQV VDUURV FRP HOH VDUURV SHVDGRV PDV Vy VDUURV SRUTXH HOH WLQKD PHGR GH
PHWHUQHODKDYLDPXLWR KRPHP DVVLPSHORPHQRVQD%DKLD$TXHODUXD&KLOHGH
DQWLJDPHQWH DTXHOHVKRPHQVQDVSRUWDVGDVORMDVWRGRVGHEUDQFR HDSDOSDQGR RX
SLQLFDQGRRVEDJRVDOJXQV SDVVDQGRDPmRSDUDFLPDHSDUD EDL[RDFKR TXHHUD
XP WLSR GH PRGD QmR VHL SRU TXH ID]LDP LVVR VHPSUH PH SDUHFHUDP XP EDQGR GH
KLSRSyWDPRVQRFLR$JHQWH DV KLSRSyWDPDVVRXREULJDGDDUHFRQKHFHUDJHQWH
UHERODYD EDVWDQWH TXDQGR SDVVDYD SRU HOHV H 1RUPD /~FLD JRVWDYD GH RXYLU
SLDGDV JURVVDV FRPR HX OKH GRX XP EDQKRGHJDWR SXWLQKD RX HQWmR ERQLWR
FXHRXWUDVTXH WDLVSDUHFHTXHHODDWUDtDLVVRDOJXP GHOHVGL]LDHVVHWLSR
GH FRLVD D HOD WRGD YH] TXH HOD SDVVDYD HOD ILQJLQGR TXH QmR RXYLD PDV
DGRUDQGR(XGLJRTXHWHQKR VDXGDGHHQmR GHL[DGHVHUYHUGDGHPDVpFRPRVH HX
SXGHVVH VHSDUDU DV FRLVDV ERDV GDV UXLQV LPSRVVtYHO (UD XP WHPSR GLItFLO
PHVPR WtQKDPRV TXH VHU DUWLVWDV HP GLYHUVRV FDPSRV 8P GLD DSDUHFHUDP XPDV
PXOKHUHVGHFDOoDFRPSULGDLVVRHXMiFRP XQVWULQWDDQRVRXPDLVQHVVD
GLWD UXD &KLOH H KRXYH XP WXPXOWR GD PHVPD IRUPD TXH WLYHUDP GH FKDPDU D
SROtFLDSDUD WLUDUGDSUDLDXPDVIUDQFHVDVTXHIRUDPWRPDUEDQKR GHPDUGH PDL{
GH GXDV SHoDV -i KDYLD XPD PXOWLGmR GH KRPHQV QD EDODXVWUDGD H SRU SRXFR DV
IUDQFHVDV QmR IRUDP SDVVDGDV SHOR ILR GD HVSDGD DOL PHVPR &RPR HX Mi GLVVH
EDUUD SHVDGD SHVDGD PHVPR e VDXGDGH p EHVWHLUD Ki VHPSUH PXLWD LGHDOL]DomR
QLVVR
(X QD UHDOLGDGH QmR WHQKR VDXGDGH GH QDGD D QmR VHU GR DXJH GD MXYHQWXGH
PDGXUDPDV HXTXHULDVHUMRYHPWUD]HQGRQDFDEHoDWXGR RTXH DSUHQGLDWpKRMH
DtQmRSRGLDHXLDVHU GLWDGRUDGR PXQGR(VWiFHUWRGXDVSOiVWLFDVQDFDUDH
XPDQRVSHLWRVPDV HDVSHUQDVRQGHHXQmRIL]QDGDVyXPDPDVVDJHPRXRXWUD"
,JXDLV jV GD 0DUOHQH 'LHWULFK SDUHFH DWp TXH HOD HUD PLQKD SULPD SHOR ODGR
DOHPmRGDIDPtOLDHHXSDUWLOKR FRPHODDErQomRGH ILFDUFRPHVWDVSHUQDVDWp
PRUUHU DWp SRUTXH PLQKD PRUWH 1mR PDLV WDUGH HX IDOR  QLVVR QmR TXHUR
EDL[DURDVWUDOOHPEUDQGR TXHPLQKDPRUWHYHPDtDTXDOTXHUKRUDHVWDGRHQoD
eLVVR PHVPRTXHPVDEH HXQmRHVWRXPHKDELWXDQGRjLGpLD"0DLVWDUGH HX IDOR
QLVVRIDORQLVVRDEHUWDPHQWHTXDQWRPDLVDTXL0DLV WDUGH3RLVpKRMHHXVRX
XPDGDVPHOKRUHVGHTXDVHVHWHQWDQR %UDVLOXPDGDVPHOKRUHVGRPXQGRHXVHL R
TXHHVWRXGL]HQGR
,PDJLQHFRPRHXHUDHQWUHRVWULQWDHRVTXDUHQWDHSRXFRV QD PLQKDRSLQLmRD
PHOKRULGDGHSDUDTXDOTXHUPXOKHUFRPDH[FHomR GD TXH VH FDVD SDUD HQJRUGDU
UHDOoDU D FHOXOLWH XVDU PHLDV FRQWUD YDUL]HV DVVLVWLU D QRYHODV HQWUDU HP
FRQFXUVRVGH WHOHYLVmROLPSDURFDWDUURGRVILOKRVHRSUySULR HHQFKHUR VDFR
GR DG~OWHUR GH PHLD WLJHOD TXH D VXVWHQWD (X HUD yWLPD PDV yWLPD PHVPR QmR
GHVVDV yWLPDV GH VHJXQGR WLPH HVIRUoDGR TXH YRFr Yr SRU Dt PDV yWLPD PHVPR
$IURGLWH+HOHQDGH7UyLD)ULQpLD
1mRGRXRXVDGLDDFRQWHPSRUkQHDVWDOYH]$YD*DUGQHU8PSRXFR GH$YD *DUGQHUH
6RSKLD /RUHQ QR DSRJHX ( PH VLQWR XP SRXFR GHVSHUGLoDGD HPERUD LQILQLWDPHQWH
PHQRVGRTXHDPDLRULD DYDVVDODGRUD4XHURHQmRTXHURYROWDUjTXHOHWHPSR
$PELYDOrQFLDV VHPSUH IXL PXLWR DPELYDOHQWH 1mR SDUHoR PDV VRX p XPD
FRQGLomR EDVWDQWH LQWHUQD PDV VRX QLQJXpP GL] PDV VRX 3RU H[HPSOR DOpP GH
WHUVDXGDGHVGRWHPSRGDVFR[DV
$LQGDYRXFRQWDUDOJXPDVDYHQWXUDV GRWHPSRGDVFR[DVWHQKR PDWHULDOSDUDGXDV
JXHUUDHSD]HV 3DVVDJHQV HVSHWDFXODUHV XPD YH] FRP SDGUH 0LVDHO HP SOHQR
FROpJLR GH IUHLUDV RXWUD YH] FRP PHX QRLYR 0DXUtFLR QD SRUWD GR DSDUWDPHQWR
RQGHHVWDYDPGDQGRXPD IHVWDHHXJR]DQGRFRPRYLQWHDPEXOkQFLDV GHVJRYHUQDGDV
RXWUD YH] FRP PHX WLR $IRQVR QR EDQKHLUR H PLQKD WLD 5HJLQD PXOKHU GHOH
TXHUHQGR HQWUDU DK H HVVDV VmR VRPHQWH DOJXPDV VmR DVVLP DV TXH PH YrP j
FDEHoD GH PRPHQWR (UDP WHPSRV yWLPRV HP YiULRV VHQWLGRV PDV QLKLO HVW DE
RPQLSDUWHEHDWXPDFHUWHLHVVDRXWUD TXH1RUPD/~FLDPHHQVLQRXPDVGHVVD YH]
QmR WLQKD UHODomR FRP FRPHU QHQKXP SURIHVVRU FDVDGR GH yFXORV VHP DUR H FDUD
GH VDQWDUUmRGHYRWDGRDRSDUWLGmRFRPR$OPHLGLQKD)RLVySDUD VDFDQHDURYHOKR
3HGUmRGHSRLVTXHHOHQmRDJHQWRXPDLVHOD FUX]DQGRHGHVFUX]DQGRDVSHUQDVH
PRVWUDQGRDWpDVDPtGDODVQDV DXODVGH'LUHLWR5RPDQRHDtXPEHORGLDHOH QmR
VHFRQWHYH PDLVHDFDERXFDQWDQGRHODXPDFDQWDGDGHSORUiYHOHPTXH HOH WHQWRX
XVDUDOLQJXDJHPHDVUHIHUrQFLDV TXHHVWDYDPHPPRGD HQWUHRVPDLVMRYHQVHVH
VDLXJURWHVFDPHQWH)RLQHVVHGLDTXH HODIDORXLVVR HP ODWLP FRPR UHVSRVWD p
XPDFLWDomRGHDOJXpP
( GLVVH PDLV TXH HOH SRGLD FRQWLQXDU ROKDQGR DV SHUQDV GHOD HOD WLQKD DWp
SUD]HUHPH[LELODVHHOH HUDPHUHFHGRUDWpSHODVXD VHQVLELOLGDGHHHVWDWXUD
LQWHOHFWXDO 0DV GDU MDPDLV GH OD YLH LQFRJLWiYHO HOH QmR SHUFHELD" $OpP GR
PDLV GLVVH HOD HX VRX YLUJHP R VHQKRU SHOR YLVWR DQGD DFUHGLWDQGR QDV
KLVWyULDV TXH RXYH GHVVHV ROLJRIUrQLFRV SRU Dt TXH QmR WrP R TXH ID]HU H
QmR SDVVDP GH XP EDQGR GH GRQ]HO}HV IUXVWUDGRV HX VRX XPD PRoD GH SULQFtSLRV
1RUPD /~FLD HUD GLDEyOLFD PH FRQWRX TXH R YHOKR TXDVH PRUUH QmR VHL TXDQWDV
YH]HVHXPGLDVHH[LELX SDUDHOD QDVDODGHOHDWpHPVXUSUHHQGHQWHERDIRUPD
SDUD D LGDGH (OD HQWmR  1RUPD /~FLD JUDQGH 1RUPD /~FLD LVVR p GH GHL[DU
R XQLYHUVR ERTXLDEHUWR SHOR PHQRV R XQLYHUVR GRV TXH YLYHUDP DTXHOH WHPSR 
GLVVH TXH VLP TXH OKH GDULD DOJXPD FRLVD 2 YHOKR EDERX H SHUJXQWRX R TXr
(QWmRHVWiWXGRD]XOWXGRD]XO"
&RLWDGRHUD DVVLPTXHHOHDFKDYDTXHDJHQWHIDODYDHPQRVVR PHLR(ODFRQWHYH
RULVRHGLVVHTXHGHSHQGLDGRTXHHOH FRQVLGHUDYDWXGRD]XOSRUTXH RTXHHOD
LD GDU HUD XPD DOLVDGLQKD UiSLGD PDV Vy XPD DOLVDGLQKD ( GHX D DOLVDGLQKD
PHVPRHIRL HPERUDFRPXPDOHYHUDEDQDGD MRYLDO MRJDQGR XP EHLMR SDUD HOH Mi
GD SRUWD  HQWUHDEHUWD ( QmR SDVVRX GHVVD DOLVDGLQKD H FRP WRGD D FHUWH]D R
YHOKRILFRXPDOXFRMiHVTXHFLRVSRUPHQRUHVGR FRPSRUWDPHQWRGHOHGHSRLVGHVVH
HSLVyGLR (X VHL PHVPR p TXH HOH ILFRX SHUWXUEDGtVVLPR H PRUUHX XQV PHVHV
GHSRLV FODUR TXH D KXPLOKDomR GHYH WHU DMXGDGR (PERUD HX QmR FKHJXH D WHU
SHQD SURSULDPHQWH SRU FDXVD GDTXHOD SRVH DXVWHUtVVLPD GHOH PRUDO DFLPD GH
TXDOTXHUG~YLGDEDOXDUWHGRVPDLVHOHYDGRVYDORUHV pWLFRVHFULVWmRVFHQVRUGH
UHYLVWDV H MRUQDLV TXH JRVWDYD GH LQVXOWDU RV DOXQRV FRP SDODYUDV TXH HOH
GHVFREULD HP VXD ELEOLRWHFD ERORUHQWD H TXH RV PHQLQRV WLQKDP GH LU DR
GLFLRQiULR SDUD GHVFREULU R TXH TXHULDP GL]HU FRPR SUHFLWR TXH QXQFD RXYL
QHPOLQLQJXpPPDLVXVDQGRHTXHQXQFD HVTXHFL 3UHFLWR SUHFLWR HUD HOH YRFr
FRQKHFH R WLSR *HUDOPHQWH SRU WUiV GHVVDV FDUUDQFDV LQWROHUDQWHV H FKHLDV GH
VL VH HVFRQGH XP SRoR VHP IXQGR GH FRQFXSLVFrQFLD H VRUGLGH] )DULVHX VDIDGR
EHPIHLWR PXLWREHPPHUHFLGR
e HX FKHJXHL D GL]HU TXH QmR WHQKR VDXGDGHV GH QDGD PDV WHQKR DOJXPDV
0XLWDV DWp e QDWXUDO QmR VHULD QRUPDO QmR WrODV 6DXGDGHV GDTXHOHV EDLOHV
DPHULFDQRVSRUH[HPSOR2V QDYLRVGDPDULQKDDPHULFDQDDSRUWDYDPHR PXOKHULR
LD DRV StQFDURV +DYLD EDLOHV QRV QDYLRV H EDLOHV HP FOXEHV 2V TXLU{PDQRV
EDLDQRV  TXHP QRV HQVLQRX HVWD SDODYUD IRL R YHOKR SURIHVVRU 0HQGRQoD HVVH
VLP XPD SpUROD GH SHVVRD PDOXFR EHOH]D FRPR VH GL] DJRUD JUDQGH KRPHP D
JHQWHPRUULDGHULU FRPHOHRVTXLU{PDQRVEDLDQRVRXVHMDRVYLFLDGRVHP
PmR TXH HUDP SUDWLFDPHQWH WRGRV ILFDYDP UHYROWDGtVVLPRV PDV D JHQWH QmR
HVWDYD QHP Dt QHP FKHJDQGR (OHV ILFDYDP DVVLP LQGLJQDGRV SRUTXH VDELDP TXH D
JHQWH GDYD SDUD RV DPHULFDQRV H QmR GDYD SDUD HOHV 4XHU GL]HU D PDLRU SDUWH
QmR GDYD SURSULDPHQWH SHOD UD]mR GH VHPSUH D QHFHVVLGDGH GH SHUPDQHFHU
WHFQLFDPHQWH YLUJHP PDV GDYD HP ~OWLPD DQiOLVH $Wp KRMH PH HVSDQWD HVVD
KLPHQRODWULD
(UDDKRQUDGD PXOKHUTXHKRUURU$LQGDH[LVWHVDELD"(H[LVWH DRVPRQWHVp
GHFDLURTXHL[RGHYH]HPTXDQGRWRPRXPVXVWR
3LWWLJULOOL XP HVFULWRU TXH KRMH QLQJXpP Or PDV DQGDYD HP YRJD H GH TXH DV
PRoRLODVQmRSRGLDPQHPFKHJDU SHUWRPDVFXMRV OLYURVGDYDPVRSDQDELEOLRWHFD
GH PHX SDL H QD GR GH 1RUPLQKD  PDLV XP SRQWR SDUD PLQKD IDPtOLD QRVVDV
IDPtOLDVDOLiV  GL]LDPDLVRXPHQRVTXHHPYH]GHVHSUHRFXSDUHPWDQWRFRP
D LQWHJULGDGH GHVVD KRQUD PHOKRU IDULDP DV PXOKHUHV LWDOLDQDV HP ODYiOD FRP
iJXDPHVPRHQmRFRP VDQJXHSHORPHQRVXPDYH]SRU GLD(GHIDWRpWULVWH
DFKR TXH FRPR HOH SUySULR DLQGD GLVVH YLYHU QXPD VRFLHGDGH HP TXH D KRQUD
IHPLQLQDp SRUWDGDHQWUHDV SHUQDVTXHFRLVDPDLVEHVWDPHX'HXVGRFpX0DV
QmR p QmR p" jV YH]HV PH Gi YRQWDGH GH ID]HU XP FRPtFLR 4XDQWDV YLGDV
VH SHUGHUDP TXDQWRV GHVWLQRV VH HVWUDJDUDP TXDQWDV WUDJpGLDV QmR KRXYH
TXDQWRV FRQYHQWRV QmR IRUDP DEDUURWDGRV GHVXPDQDPHQWH SRU FDXVD GD KRQUD GH
WDQWDVHWDQWDVLQIHOL]HV"
6LP FUHLR TXH D JUDQGH PDLRULD SUHVHUYDYD R KtPHQ FRP RV DPHULFDQRV
PDVGHUHVWRID]LDVH WXGR(DJHQWHTXDVHVHPSUH WLQKDTXHHQVLQDUPXLWRD
HOHV HPERUD FRP EDVWDQWD MHLWR SDUD QmR HVSDQWDU 1XQFD HQFRQWUHL XP  QHP
HX QHP 1RUPD /~FLD QHP QHQKXPD GDV RXWUDV PHQLQDV TXH ID]LDP LQWHUFkPELR GH
H[SHULrQFLDV FRPLJR  TXH QmR WLYHVVH XP PXQGR SDUD DSUHQGHU (OHV HUDP
XQV EHVWDOK}HV RV DPHULFDQRV PDV WLQKDP JUDQGH VHUYHQWLD SRUTXH R KRPHP
EDLDQRPHWLDDPmRSRUEDL[R GHVXDEOXVDHQRGLD VHJXLQWHWRGRPXQGRVDELD
DWpHP)HLUDGH6DQWDQD,VVRQXP WHPSRHPTXHQmRVHXVDYD WHOHIRQHFRPRKRMH
H SRU  H[HPSOR XPD OLJDomR DTXL SDUD R 5LR FRVWXPDYD OHYDU R GLD WRGR SDUD
VH FRPSOHWDU 4XDQGR VH FRPSOHWDYD 1R ILQDO D JHQWH WLQKD TXH IDODU DRV
EHUURVHQWUHWRGRWLSRGHFKLDGHLUD]XPELGRVH DSLWRVXPDFDFRIRQLDLQIHUQDO
$FKR TXH QmR Ki XP Vy EDLDQR GHVVD JHUDomR H GDV GXDV RX WUrV SRVWHULRUHV
WDPEpP RX PDLV TXH QXQFD WHQKD FKHJDGR D XP DPLJR RX j WXUPD GR EDLUUR RX
GR FROpJLRSDUDGL]HUQmRGLJDPDQLQJXpPPDVHXSHJXHLQRV SHLWRVGH*XLRPDU
SRU GHQWUR 3HJXHL QRV SHLWRV SRU GHQWUR IUDVH PiJLFD PXLWDV PRoDV PDLV
IUiJHLV TXDVH IRUDP GHVWUXtGDV SRU HVVD IUDVH H RV WDPEpP TXHUR VHQmR YRX
HVSDOKDU TXH VH VHJXLDP e LQDFUHGLWiYHO PDV KDYLD VXMHLWRV TXH FKHJDYDP
SDUD DVPHQLQDVHGL]LDPLVWRHDOJXPDVFHGLDPpLQDFUHGLWiYHO
(P VXPD RV DPHULFDQRV HUDP XQV PHUGDV VLPSiWLFRV Vy HUDP ERQLWLQKRV PDV
QmR VDELDP WUHSDU H D PDLRULD TXDQGR TXHULD GL]HU XP SDODYUmR GL]LD *RG H
-HVXV LPDJLQH XP SRYR TXH DFKDYD SDODYUmR GL]HU 'HXV H -HVXV WXGR OLJDGR DR
SXULWDQLVPR GHOHV XVDU 6HX VDQWR QRPH HP YmR HVVDV FRLVDV 7DQWR DVVLP TXH
PXLWRV HPSUHJDYDP HXIHPLVPRV FRPR *HH] +ROO\ JHH H RXWUDV EHVWHLUDV GR PHVPR
MDH]LPDJLQHQRYDPHQWHXPSRYRTXHSUHFLVDYDGH HXIHPLVPRVSDUDH[FODPDURQRPH
GH 'HXV RX GH -HVXV (OHV WUHSDYDP H GL]LDP RK *RG RK *RG Vy PH OHPEUD XP
SRUWXJXrV 1XQR XP SRUWXJXrV OLQGR TXH IRL PHX FDVR XQV WHPSRV -RVp
1XQR OLQGR $OLiV IRGHVH PXLWR EHP HP 3RUWXJDO DR FRQWUiULR GR TXH HX
VXSRQKR VHU D RSLQLmR JHQHUDOL]DGD 0DV HX TXDVH QXQFD JR]DYD FRP R =p 1XQR
SRUTXHQRPRPHQWRFXOPLQDQWHHOHXUUDYDQmR WDFDQKHVQmRWDFDQKHVHPHX
SRQWR * DFLRQDYD R GLVMXQWRU QR DWR HX HQWUDYD HP FULVHV GH ULVR H GHSRLV
URoDYD QD EXQGD GHOH HOH DGRUDYD HPERUD IRVVH PDFKtVVLPR FRPR WRGR
SRUWXJXrV LQFOXVLYH RV YHDGRV  SDQHOHLURV SDUD ILFDU FRP D XVDQoD
SRUWXJXHVD H HPSUHVWDU DOJXPD FRU ORFDO j QDUUDWLYD  RV SDQHOHLURV TXH VH
MXQWDPQRVDUUHGRUHVGR&DPSR 3HTXHQRRQGHVH ID]HPDVKFXUULGDVKGWRLURVKHP
/VKERD H YmR WUDEDOKDU FRPR IRUFDGRV TXH VmR XPD HVSpFLH GH YHDGRV SDUUXGRV
TXHYmR HQIUHQWDURVWRXURVQR SHLWR(PILODWUHQ]LQKRXPHQFRVWDQGR DEXQGD
QR GH WUiV QDWXUDOPHQWH ( GHSRLV YmR jV WDVFDV DRV FRSRV H j YHDGDJHP VmR
YHDGRVPDFKtVVLPRV9LPXLWDVEHODV EXQGDVHP3RUWXJDOTXHOiQmRVmRFKDPDGDV
GH EXQGDV PDV GH FX PHVPR TXH Oi QHP p SDODYUmR YHMD FRPR VmR DV FRLVDV
JUDQGH SDtVVXEHVWLPDGR%XQGDVGH KRPHQVHPXOKHUHV7RGDPXOKHU SRUWXJXHVDGi
DEXQGDRXSHORPHQRVGDYDSDUDPDQWHUDVDQWD YLUJLQGDGHYDJLQDOFRPRDTXL
+RMH FRP D HQWUDGD QD &RPXQLGDGH (XURSpLD H RXWUDV PXGDQoDV  HOHV KRMH
GHWHVWDPR%UDVLOVDELD"
SRUWXJXrV GHWHVWD R %UDVLO FRP D H[FHomR GR 0iULR 6RDUHV GR 6DUDPDJR GR
-RVp&DUORV9DVFRQFHORVHGRLVRXWUrVRXWURVJDWRV SLQJDGRVGHVSUH]DPPHVPRp
XPD SHQD  QmR VHL PDLV FRPR HVWmR DV FRLVDV 3URYDYHOPHQWH QXQFD PDLV VHUi
RXYLGD D SHUJXQWD LPRUWDO TXH XP DPLJR PHX HVFXWRX GHSRLV GH
HQIUHQWDU JDOKDUGDPHQWH D SULPHLUD FRP XPD SRUWXJXHVD EHOtVVLPD HOH TXH DQWHV
HVWDYD DWp FRP PHGR GH EUR[DU (OH PH FRQWRX TXH VDWLVIHLWR H DOLYLDGtVVLPR
HVWDYDIXPDQGRRWUDGLFLRQDO FLJDUULQKRSRVWFRLWXPTXDQGRHODROKRXSDUDHOH H
IDORX(DR FXQmRPHYDLV")DQWiVWLFRGLVVHHOHHPRFLRQDQWH (IXLOKH DR
FX GLVVH HOH TXH PDUDYLOKD ,PDJLQH DTXL QR %UDVLO XPD PXOKHU ID]HU XPD
SHUJXQWDGHVVDVQmRID](XPRUHLQREDLUUR GH $OYDODGH GDYD SDUD LU DQGDQGR
DR &DPSR 3HTXHQR FDQVHL GH LU jV FRUULGDV VRPHQWH SDUD YHU DV EXQGDV
DSHUWDGLQKDVGRVIRUFDGRV
6RX FRQWUD HVVD WHRULD VHJXQGR D TXDO RV EUDVLOHLURV WHP EHODV EXQGDV H
DOLPHQWDP XPD IL[DomR SDWROyJLFD SRU EXQGDV VRPHQWH SRU FDXVD GRV DIULFDQRV
,VWRpSUHFRQFHLWRDV EHODVEXQGDVGDQRVVD JHQWHYrPWDQWRGDiIULFDTXDQWR
GH3RUWXJDOWDQWRDVVLPTXH HXQmRWHQKRVDQJXHDIULFDQRQHQKXPSHORPHQRV TXH
HX VDLED H VHPSUH SRUWHL XPD EXQGD DFLPD GH TXDOTXHU FUtWLFD DWp KRMH
QmR HQYHUJRQKR'XYLGRTXHVHHXGLVVHUDDOJXPKRPHPTXHPHFRPD HDR FXQmR
PHYDLV"HOHQmRYiLPHGLDWDPHQWH
&ODUR TXH QXQFD IL] HVVD SHUJXQWD DRV DPHULFDQRV DWp SRUTXH HP LQJOrV QmR
WHP JUDoD H HOHV HUDP UHDOPHQWH XQV EHVWDOK}HV D JHQWH WLQKD TXH XVDU PLO
UHFXUVRVSDUDHOHVLUHPDFHUWDQGRDRV SRXFRV0DVQmRWLQKDPVyHVVDYDQWDJHP GH
TXH IDOHL GH QmR SRGHUHP PHVPR TXH TXLVHVVHP VDLU SHOD UXD &KLOH HVSDOKDQGR
DRV TXDWUR YHQWRV VXDV SURH]DV FRQRVFR (UDP SURH]DV QRVVDV SHQVDQGR EHP 0DV
HUD ERP QR ILQDO GDV FRQWDV $ JHQWH WLQKD GH HQVLQDU WXGR SRUTXH HOHV QmR
VDELDP QHP EHLMDU GLUHLWR DFKDYDP FKXSmR FRP OtQJXD XPD FRLVD SUDWLFDGD
H[FOXVLYDPHQWH HP ERUGpLV IUDQFHVHV  DWp KRMH FKDPDP LVVR GH )UHQFK NLVV VH
EHP PH OHPEUR  H PDLV XPD SRUomR GH FRLVDV LQIDQWLV $V EDLDQDV GH PLQKD
JHUDomR GHYHP VHU UHVSRQViYHLV SHOD IRUPDomR GH FHQWHQDV H FHQWHQDV GH
DPHULFDQRVIRPRVXPDIRUoDSURJUHVVLYDQDYLGD GHOHV7HYHXPFKDPDGR&KXFND
TXHP HQVLQHL WXGR H DWH KRMH HOH GHYH VHU XP GHVDMXVWDGR QD WHUUD GHOH HP
2NODKRPD0XVNRJHH 2NODKRPDQXQFDPDLVHVTXHFL$FKRTXHVRXD~QLFDSHVVRD GH
IRUD GHOiTXHRXYLX IDODUGHYHVHUXPKRUURU%RPDOXQRHOHXP WDOHQWRTXH
WHULD VLGR SHUGLGR VH D PXOKHU EDLDQD QmR WLYHVVH HQWUDGR HP FHQD H FRP PHX
EULOKDQWLVPRPRGpVWLDjSDUWH( DSHVDUGLVVRWXGRHUDERPFRPRHXIDOHL 1mR
Vy D JHQWH GDYD DOJXPD YD]mR jTXHOD HQHUJLD WRGD GH SRWUDQFDV PDO
DWHQGLGDV IHOLFtVVLPDVSRUUHFHEHUHPXPD FDUJDPDFLoDGHKRPHQVSDUDXVR OLYUH
WUrV D TXDWUR YH]HV SRU DQR FRPR WUHLQDYD R QRVVR LQJOrV WDQWR SDUD SDSRV
QRUPDLV FRPR SDUD SDODYUDV TXH QmR HUDP HQFRQWUDGDV QRV GLFLRQiULRV H D JHQWH
PRUULD GH FXULRVLGDGH HP VDEHU $SUHQGL PXLWD SDODYUD FKXOD HP LQJOrV FXQW
SXVV\SULFNEDOOVEORZMREILQJHUIXFNLQJ FKHUU\SHUGLDFRQWD
4XHLQWHUHVVDQWHQDGDFRPRXPGLDGHSRLVGRRXWURUHDOPHQWH
4XHPWH YLXTXHPWHYr4XDQGR&KXFNSDVVRXSRU6DOYDGRUHPHVPR PXLWRGHSRLV
DVPXOKHUHVJUiYLGDVQHP VHTXHUDSDUHFLDP EDUULJXGDVQRVILOPHVDPHULFDQRVQmR
SRGLDP WHU HQM{RV QDGD QDGD 3DVVDYDP QRYH PHVHV JUiYLGDV FRP D EDUULJD GR
PHVPR WDPDQKR 'RUPLDP GH VXWLm LPSHFDYHOPHQWH PDTXLODGDV H SHQWHDGDV H
DFRUGDYDP GR PHVPR MHLWR 1LQJXpP IDODYD SDODYUmR 1LQJXpP FRPHULD QDGD GH
HUUDGR D QmR VHU SDUD VRIUHU FDVWLJRV GHPRQtDFRV QR ILP ( SRU Dt VH LD HUD
FRPRVHDTXHOHVIDVFLVWDVGR WLSRGH XPWDOGH:LOOLDP+D\VGHTXHPHXYLXPD
IRWRTXHLPHGLDWDPHQWH PHWURX[HjFDEHoDRYHOKR3HGUmRH RXWURVVDQWDUU}HVGR
PHVPR TXLODWHGHVSHMDVVHPRDQWLVpSWLFR GHOHVQRFLQHPD3RLVRQWHP HXHVWDYD
EULQFDQGRQD,QWHUQHWH DtEDWLGHFDUDFRPXPDSiJLQD GHHGXFDomRVH[XDOTXH
TXDOTXHU FULDQoD SRGH DFKDU VH EHP TXH HOHV DJRUD HVWHMDP XVDQGR FyGLJRV
SURJUDPDV H VHQKDV HVSHFLDLV SDUD QmR GHL[DU TXH DV FULDQoDV WHQKDP DFHVVR D
FHUWR WLSR GH FRLVD $Wp Dt YDPRV GL]HU WXGR EHP SRUTXH D ,QWHUQHW
UHDOPHQWH PRVWUDXQVWURoRVTXHYRFrHQWHQGHSRUTXHRVSDLVQmRTXHUHP TXH VHXV
ILOKRV SHTXHQRV YHMDP VH EHP TXH VHMD LQ~WLO FRPR WRGR HVIRUoR QHVVD iUHD
VHPSUH IRL 0DV HVVD HUD XPD SiJLQD QRUPDO GH FRQVXOWD H SHVTXLVD DWp PHLR
IDPtOLDFRPDTXHOHDUGHDPHULFDQR YHVWLQGRSDOHWySDUDLUDRFXOWRQR GRPLQJR
RX WULQFKDQGR SHUX QR GLD GR 7KDQNVJLYLQJ ( Oi HVWDYD XPD WDO 'UD %HWW\
'ROVRQ JUDQGH 'UD 'ROVRQ IDODQGR SDUD XPD SODWpLD DEHUWD TXH DSHQDV GHYLD
WHUSDJRDHQWUDGDDUHVSHLWRGRFOLWyULV GHOD GH YLEUDGRUHV GH IHODomR GH
FXQLOtQJXD GH XP FDVDO GH PDLV GH VHWHQWD FXMD PXOKHU VH TXHL[DYD
DJUHVVLYDPHQWH GH TXH R SDX GR PDULGR QmR VXELD H[SHULrQFLDV VH[XDLV GH WRGRV
RVPRGHORVHPDLV XPDSRUomRGHFRLVDVGRDUFR GD YHOKD QXPD OLQJXDJHP WFKDQ
WFKDQ VHP GLVIDUFHV TXH ID]HP HVWH GHSRLPHQWR VRDU DWp FRPR DQWLJR HX DFKR
TXHWHUiXPDDSDUrQFLD GHDQWLJRHSXGLFR SDUDPXLWDJHQWHTXHROHU9HUGDGH
QmRHVWRX VHQGRLU{QLFD YHUGDGHpSRULVVRTXHHXTXHURVROWDUDVDPDUUDVTXH
DLQGDPH SHJDPHXTXHURILFDUOLYUH/LYUH(XTXHURVHUPRGHUQD9RFr QmRHVWi
DFKDQGRTXHHXHVWRXVHQGR EUDQGDGHPDLV"(XHVWRX DFKDQGR(VWRXSDUHFHQGRXPD
DPHULFDQDGRWHPSRGH&KXFN1mR QmRHVWRXH[DJHUR PHX 0DV SUHFLVR S{U WXGR
QXPD SHUVSHFWLYD FRUUHWD DWXDOL]DGD PRGHUQD HQILP 1mR SRVVR ILFDU QXPD
DWLWXGH WHPHURVDGRVFHQVRUHVGH-R\FHGH/DZUHQFHGH+HQU\0LOOHUHWF
6HHOHVSRGHPVHD'UD'ROVRQSRGHSRUTXHHXQmRSRVVR"
*UDQGH 'UD 'ROVRQ PH DMXGRX EDVWDQWH QHVWD IDVH GH HVFDQFDUDPHQWR H EDWDOKD
FRQWUDD EXUULFHHRDWUDVRYDPRVj OXWDSRQWRSDUDRVDPHULFDQRV3RQWRSDUD
PLPWDPEpP SRUTXH QmR"(VWRXDWHQWDHWLURSURYHLWRLQWHOLJHQWHGHWXGRRTXH
PH DSDUHFH FRPLJR QmR SRGH KDYHU KHVLWDo}HV 9DPRV j YLWyULD HVWRX FRP
SUHJXLoD GH PH HVWHQGHU PDLV H DFDEDU PH HQRYHODQGR QRYDPHQWH FRPR Mi
DFRQWHFHX8PDFRLVDGHFDGDYH]$RV DPHULFDQRV
1RUPD /~FLD UHXQLX XPD FROHomR GH DPHULFDQRV GD PDLV DOWD FDWHJRULD
TXDQWLWDWLYDHTXDOLWDWLYDPHQWH)XQFLRQDYDFRPRXPD ELEOLRWHFDS~EOLFDDJHQWH
LD Oi H WRPDYD XP HPSUHVWDGR VHP EXURFUDFLD 6REUHWXGR TXDQWLWDWLYDPHQWH 6y
TXDQWLWDWLYDPHQWH DOLiV4XDQWLWDWLYDPHQWHVyVHUYHSDUDR OLYURGHUpFRUGHV
8P DFHUYR LQWHUHVVDQWtVVLPR R GH 1RUPLQKD %DVWD FLWDU 0HOYLQ TXH JR]DYD H
ILFDYD FRP DV SHUQDV EDPEDV VH D JHQWH WRFDVVH QR SDX GHOH QRV PLQXWRV
VXEVHTHQWHV H SHGLD SHUGmR D 'HXV WRGD YH] TXH JR]DYD FRQWULEXtD  EDVWDQWH
SDUD QRVVD UHOLJLRVLGDGH 7LQKD HVVH 0HOYLQ WLQKD *RUGRQ WLQKD &OLII WLQKD
$QG\ WRGRV TXHUHQGR DSDUHQWDU H[SHULrQFLD PDV D JHQWH VDELD TXH SUHFLVDYD
WUDEDOKDU H[ WDEXOD UDVD FRP HOHV 0DV WDPEpP p FODUR WHYH R %RE WHYH R
.HQ2.HQHUDMXGHXHHXIL]XPHPSUpVWLPR GHOHjVYH]HV 1RUPLQKDHHXDWp
DUPiYDPRV XPDV VXUXELQKDV VHPLVXUXELQKDV QD YHUGDGH FRLVD ERED DPHULFDQR
DWp KRMH QmR WHP XPD ERD SDODYUD SDUD VXUXED FRQWLQXDP XP SRXFR
VXEGHVHQYROYLGRVQHVVDiUHD
*URXS6H[VRDFRPR VDtGRGRFDWiORJRGHFLrQFLDVVRFLDLVGH 6WDQIRUGHYDLYHU
TXH HVWi Oi )RL R .HQ TXH PH HQVLQRX R TXH TXHU GL]HU PRKHO SRUTXH HX IXL
WRPDGDSRUXPDFULVHGHULVR LQFRQWUROiYHOTXDQGRYL R SDX GHOH SHOD SULPHLUD
YH] (UD WRGR WURQFKLQKR H TXDQGR YRFr R ROKDYD GH FLPD SDUHFLD XPD
FDUHFD GDQGRULVDGD(OHQmRVHLQFRPRGRXGLVVHTXHMiHVWDYD DFRVWXPDGRTXHR
PRKHOTXHFRUWRXDSHODQTXLQKDGHOHVyYLYLD GHFDUDFKHLDHTXHROXJDUGH 1RYD
-HUVH\HP TXHHOHQDVFHXHVWi FKHLRGHMXGHXVGHSDXVWRUWLQKRVHULVRQKRVTXH
HVVH PRKHO FLUFXQFLGRX &XOWXUD LQ~WLO p FRPLJR QLQJXpP VDEH R TXH p PRKHO D
VDFDQDJHPpPHVPRXPJUDQGHYHtFXORGHLQWHUFkPELRFXOWXUDO
0RKHOpRFDUD TXHID]DSRGDGRVSUHS~FLRVpXPDDOWD HVSHFLDOLGDGHPRVDLFD
PDVHVVHGR.HQHUDPDLVFKHJDGRD1Rp TXHWRPRXXPSRUUH HFRPHXDVILOKDVH
GHSRLVILFDPIDODQGRLVVR HDTXLORSDUDGLVIDUoDUDWp'DQWHDFKR TXHERWRX1Rp
QROLPER HPYH]GHQRLQIHUQRTXHHUDROXJDUGHOH9DPRVVHUFRHUHQWHV
7UHSDUFRPWRGRPXQGRGiRXQmRGiLQIHUQR"&RPHUILOKRGi LQIHUQR"$OLiVYDPRV
GHL[DU GH ODGR HVVH QHJyFLR GH LQIHUQR DLQGD FRQVHUYR XP FHUWR JULOR GH
LQIHUQR
3RLVp1RUPD/~FLDWLQKDHVVDLQILQLWDFROHomRGHDPHULFDQRV DOJXQVULFRV
H WRGRV DGRUDYDP HOD (OD VH KRVSHGRX PXLWR QDTXHODV ID]HQGLQKDV GHVOXPEUDQWHV
GD1RYD,QJODWHUUDUDQFKRV WH[DQRVFULDF}HVGHFDYDORVHP.HQWXFN\ GHVEXQGHV
HP3DOP 6SULQJVWXGRRTXHYRFrSRVVDLPDJLQDU QDTXHOH WHPSR HP TXH R *DOHmR
HUD XP JDOSmR PDODFRFKDPEUDGR H DV PXOKHUHV YLDMDYDP GH FKDSpX H GHVILODYDP
SDUDOiHSDUD FiFRPRVSDVVDSRUWHV DEDQDQGRQDVPmRV4XDQGRHODJRVWDYDGH
DOJXPSREUHWLSR FDSLWmRGHVXEPDULQREDQFDYDDGHVSHVDWRGDHXDPR1RUPLQKD
(ODID]LDWRGRWLSR GHHVWULSXOLDFRPHXDPXOKHUGH.HQFRPHX XPDSRUUDGDGH
DPLJRVGHOHV FRPHXRILOKRPDLVYHOKRGH*RUGRQ FRPHXRJHQHUDOSDLGH%RE
(XDPR1RUPLQKDpXPDtGRODPLQKD HROKDTXHHXQmRVRX GDGDDWHUtGRORV$
YLGD p ORXFD (OD VH FDVRX FRP &DUO R ID]HQGHLUR VXODIULFDQR SRU FDXVD GR
%RE $ JHQWH WUDQVRX FRP R %RE HP GXDV YLDJHQV TXH HOH IH] j %DKLD XPD FRPR
RILFLDOGD0DULQKDHRXWUDQXPGHVVHVYHOHLURVHPTXHDV SHVVRDVYRPLWDPGRUPHP
GHQWURGHEXUDFRVQXQFDWRPDPEDQKR YLYHPGHEXQGDDVVDGDHFXUWHPVH SHQGXUDU
QDVERUGDVGRVEDUFRV ID]HUEHLUDHOHVGL]HPSDUDPLP ID]HUEHLUDVXJHUH
RXWUD FRLVD GHL[HPRV SDUD Oi  ID]HP EHLUD HQWUH YHQWRV DVVDVVLQRV H iJXD
VDOJDGDQDFDUDHDVPmRV VDQJUDQGRHWXGRQRFRUSRVHQGR PRtGRWHPJRVWRSDUD
WXGR QHVWH PXQGR $SHVDU GHVVH GHIHLWR %RE HUD IDQWiVWLFR R DY{ GHOH WLQKD
LQYHQWDGRXPDHVSpFLHGHJUDPSR GHSDSHOLQRYDGRUQmRVHLEHP XPWURoRGHVVHV
TXH WRGR PXQGR XVD H Vy RV DPHULFDQRV SDWHQWHLDP GH PDQHLUD TXH %RE WLQKD
PDLV GLQKHLURGR TXHWRGRRHVWDGRGD%DKLDHUDXPIHVWLPWUD]LD WRGRWLSRGH
SUHVHQWHDPHULFDQR GRWHPSRHPTXHVyVHDFKDYDP FHUWDVFRLVDVHP1RYD<RUNH
1RYD<RUNHUD1RYD<RUNHQmR H[LVWLDPMDSRQHVHV(OHDSUHQGHX PXLWRFRP1RUPD
/~FLD &RPLJR QmR SRUTXH HOD HUD FUDTXH H HX DVSLUDQWH VH EHP TXH
PXLWR WDOHQWRVD $SUHQGHX WDQWR TXH YLURX YLUWXRVH H TXDQGR ILFRX DPLJR GH
&DUO QXPD GHVVDV URGDV GH LDWLVPR TXH HOHV IUHTHQWDYDP FRQWRX WXGR D HOH
&RQWRXTXH1RUPD/~FLDHUD R IRGDoRGRVIRGDoRVYHUGDGHLUDRLWDYDPDUDYLOKDGR
XQLYHUVR DTXL SHUGLGD QHVWH ODGR GR $WOkQWLFR 6XO H QmR GHX RXWUD &ODUR
TXH QmRGHXRXWUDRLDWHGHOHTXHLDWHDSRUWRXQD%DKLD( FODURTXHHOH
OLJRX LPHGLDWDPHQWH SDUD 1RUPLQKD H HOD oD YD VDQV GLUH QmR HQYHUJRQKRX D
%DKLDRKRPHPILFRXFRPSOHWDPHQWH HQVDQGHFLGR&DVDUDPHPWUrVPHVHVH%RE IRL
R SDGULQKR H HX D PDGULQKD H HQTXDQWR HOHV SDUWLDP QR +XUULFDQH SDUD XP
FUX]HLUR QR &DULEH %RE H HX IRPRV QRV HQURVFDU QXPD FDVD GH YHUDQHLR TXH HOH
WLQKDDOXJDGRHP$PDUDOLQD{YLGD
(OHVVHPSUHIRUDPIHOLFtVVLPRV(ODDGRURXDiIULFDGR6XO DWpSRUTXHVHPSUH
JRVWRXPXLWRGHPDWDUELFKRVJUDQGHVH&DUO GDYDWRGRRGLQKHLURTXHHODTXHULD
SDUDHODFRPSUDUR GLUHLWR GHVDLUPDWDQGRRTXHOKHGHVVHQDYHQHWDQDTXHOHV
SDtVHV DIULFDQRV TXH D JHQWH Yr QRV GRFXPHQWiULRV RQGH Vy WHP ELFKRV SREUHV
IDQWDVLDGRVHJHQHUDLVFRPFRQWDVVHFUHWDVQD6XtoDVmR VyQmRVHLTXDQWRVPLO
GyODUHV SRU HOHIDQWH QmR VHL TXDQWRV SRU OHmR H DVVLP SRU GLDQWH SDUD QmR
IDODUTXHQmRKDYLD HFRORJLVWDV(ODGLVVHTXHPDWDU p R PDLRU DIURGLVtDFR TXH
H[LVWH HTXHVHQWHXPDUUHSLRDVVRPEURVRQDKRUDHPTXHRELFKR VXFXPEH4XDQGR
HOD HUD PHQLQD RUGHQDYD jV VHUYLoDLV GD ID]HQGD TXH D FKDPDVVHP TXDQGR IRVVH
KRUD GH PDWDU TXDOTXHU ELFKR LQFOXVLYH SRUFR TXH p XPD EDUUD SDUD PRUUHU GH
IDFD FRP DTXHOHV JXLQFKRV DJRQLDGRV DTXHODV FRQWRUo}HV H VDQJXH HVSLUUDQGR
SRU WXGR TXDQWR p ODGR ( HOD SUHIHULD IDFD D TXDOTXHU RXWUR LQVWUXPHQWR SDUD
HVVDGLYHUVmR 2FRQWDWRpPDLVSUy[LPRGL]LD HODHHXDFUHGLWRTXHHODWLQKD
XPEDUDWRID]HQGRHVVDVFRLVDV
1DWXUDOPHQWHTXHQmRGDYDSDUDPDWDU XPOHmRGHVVDIRUPDIHLWR 7DU]DQPDVHOD
VHPSUH DWLURX EHP H PDWRX XPD SRUomR $LQGD DTXL QD %DKLD HOD FKHJRX D FULDU
XPD MLEyLDFKDPDGD6HOPDHDFRLVDGHTXHHODPDLVJRVWDYDHUD DOLPHQWDU6HOPD
-LEyLD QmR FRPH FRPLGD PRUWD WHP TXH VHU XP DQLPDO YLYR 3HOR PHQRV IRL LVVR
TXH HOD PH FRQWRX &REUD FRPH SRXFR DFKR TXH XPD RX GXDV UHIHLo}HV SRU PrV
%HP QmR YHP DR FDVR R IDWR p TXH HOD GHVFRODYD XQV UDWRV EUDQFRV FRP XPD
DPLJD HPQmRVHLTXHODERUDWyULRRXHQWmRXPDSUHiQRFULDWyULRGH XP HPSUHJDGR
GRSDLHID]LDXPYHUGDGHLURULWXDOSDUDGDURELFKR D6HOPD $VVLVWLD DOJXPDV
GHVVDV FHOHEUDo}HV 1mR HQWUHL HP WUDQVH QHQKXP PDV DFUHGLWR TXH FRPSUHHQGL R
EDUDWR GHOD DFKR TXH LQWXR HVVH EDUDWR KDYLD DOJXPD FRLVD GH PRUELGDPHQWH
VHQVXDO QDTXHODFHQD(ODWUD]LDRUDWRQXPDJDLROLQKDGHDUDPHQmR WLQKDQHPD
FDULGDGHGHDUUDQMDUXPDFDL[DIHFKDGDPHOHPEUDYD DTXHODFHQDGH$QD%ROHQDHP
TXHYrP GL]HUDHOD$QD%ROHQDTXH +HQULFmRPDQGRXFRUWDURSHVFRoRGHODFRP
DTXHOHV WDPERUHV DJRXUHLURV UHGREUDQGR H 0DULD &DOODV JULWDQGR
VLUUUU 3HHHUUUUUUF\ DFKR OLQGR 1RUPD /~FLD ERWDYD 6HOPD QXP
TXDUWR GHVRFXSDGR H VHP PREtOLD GDTXHOH FDVDUmR HQRUPH GD FKiFDUD WUDQFDYD D
SRUWD DFHQGLD XQV LQFHQVRV IHGLGRV TXH HOD FRPSUDYD QDV 6HWH 3RUWDV VH
DFRFRUDYDQXPFDQWRHVROWDYDRUDWRSDUD 6HOPD FRPHU 'HVSHMDYD R UDWR TXHUR
GL]HUSRUTXH HOHQmRVDtD GDJDLRODJHODYDDVVLPTXHYLDDFREUD(ODHQWUDYD
HP r[WDVH Vy GH YHU R UDWR SDUDOLVDGR GH WHUURU H 6HOPD IL[DYD DTXHOH ROKDU
PDOHYROHQWH GH FREUD QHOH FRP D OtQJXD WHQWHDQGR R DU SDUD GHSRLV FRP XPD
FODVVHVLQXRVDTXHVyFREUDWHPHQURVFDUVH QHOHODPErORHVPDJiORHHQJROL
ORVHPSUHVVD1RUPD/~FLDQmR VHDJXHQWDYDGHH[FLWDomRGLDQWHGHVVH HVSHWiFXOR
H VH PDVWXUEDYD KRUDV VHJXLGDV 0XLWtVVLPR PDLV WDUDGD GR TXH
HX LQFRPSDUDYHOPHQWHFKHJDYDDDFDULFLDUORQJDPHQWHRV SDXVGRV FDYDORVGHOD
FRPRVROKRVIHFKDGRVHTXDVHHPWUDQVH(DGRUDYD YHUFDYDORVWUHSDQGRWDPEpP
1mRTXHFDYDORVWUHSDQGRQmRVHMDPXPDYLVmRPXLWR ERQLWDHX WDPEpPJRVWR
GHYHUDVVLPFRPRMHJXHVYLLQ~PHURVVROWRVSHODV UXDVHWHUUHQRVEDOGLRVHP
,WDSDULFD(FDFKRUURVWDPEpPp LQWHUHVVDQWHFRPRFDFKRUURVWUHSDQGRWDPEpP VmR
H[FLWDQWHV $ FRUWH GRV FDFKRUURV SDUHFH GHVJUDFLRVD j SULPHLUD YLVWD PDV
EHP ROKDGDQmRpSULQFLSDOPHQWHDGRVYLUDODWDVHPEDQGREULJDQGR SHODSRVVH
GDIrPHD DWpTXHXPVDLYLWRULRVRHDSHQHWUDomR FXOPLQDRWULXQIR0DVQXQFD
FKHJXHL D VHU FRPR 1RUPLQKD (OD HUD GLIHUHQWH HUD UHDOPHQWH FRPSOHWD VHPSUH
WLYHXPDFHUWDLQYHMD GHOD,QYHMDVDGLDHXQmRTXHULDWLUDURTXHHODWLQKD
TXHULD VRPHQWHWHUWDPEpPRTXHHODWLQKDRXPHOKRUVHUFRPRHODHUD
8PDLQYHMDDIDYRUGHDGPLUDomRQmRXPDLQYHMDGHVWUXWLYD7XGR RTXHHODIH]
IH] QXP WHPSR HP TXH WXGR HUD EHP PDLV GLItFLO SDUD DV PXOKHUHV 1mR TXH QmR
IRVVHGLItFLOSDUDRVKRPHQVWDPEpP HVRERXWURVDVSHFWRVQXQFDGHL[HLGHVHU
VROLGiULD FRP RV SREUHV GRV PDFKRV DFRUUHQWDGRV D XPD SRUomR GH
GHYHUHV HVGU~[XORV GHVGH QmR FKRUDU DWp HQIUHQWDU VLWXDo}HV KRUULSLODQWHV Vy
SRUTXH HUDP PDFKRV $ JHQWH SHQVD TXH OHPEUD FRPR HUDP DV FRLVDV PDV QmR
OHPEUDKiVHPSUHILOWURVILOWURV GDPHPyULDILOWURVGDVQHXURVHVILOWURV GR
YROXQWDULVPRWXGR TXDQWRpWLSRGH ILOWUR1mRHUDEULQFDGHLUDQmRPHVPRFRP
HOD H HX YLQGR GH IDPtOLDV PXLWR OLEHUDLV H PHLR SRUUDVORXFDV PHLR PHWLGDV D
HXURSpLDV FRVPRSROLWDQDV 0LQKD PmH GLULJLD FDUUR XVDYD FDOoDV FRPSULGDV H
IXPDYD GHVGH TXH HX PH HQWHQGL H LD DR PpGLFR VR]LQKD H DR FLQHPD VR]LQKD XP
HVFkQGDOR 0XOKHU QmR WLQKD TXH ILFDU YLUJHP DSHQDV SRUTXH R EDEDFD GR QRLYR
H[LJLD FRPRDWpKRMHH[LJHR%UDVLOQmRpVy,SDQHPDSRLVKDYLD WDPEpPR
PHGR GH HQJUDYLGDU 8VDYDVH FDPLVDGHYrQXV PDV RV SUySULRV KRPHQV WLQKDP
YHUJRQKD GH FRPSUDU FDPLVLQKD QDV IDUPiFLDV SDUD QmR IDODU TXH p XP UHFXUVR
LQVXSRUWiYHOHJUDQGHSDUWHGRVKRPHQVILFDWmR FRQFHQWUDGDDRWHQWDUHQILiODV
TXH DFDED EUR[DQGR $ HUHoiR QmR IRL SODQHMDGD SDUD DFRQWHFHU TXDQGR VH HVWi
FRQFHQWUDGR QXP SUREOHPD WpFQLFR e XPD RSHUDomR HVTXLVLWD H GHVDMHLWDGD (X
RXYL GL]HUTXH DTXLQR5LRMiKiPHQLQDVTXHS}HPDFDPLVLQKDQR QDPRUDGRFRP
DERFD(XLPDJLQRFRPRVHMDPDVPHVPRDVVLP JRVWDULDGHYHUQmRFUHLRTXHD
FDPLVLQKD PHOKRUH FRP HVVD PDQREUD QXQFD VXSRUWHL FDPLVLQKD 4XDQGR IRL TXH
FKHJRXD StOXOD"1mRPHOHPEUREHPPDVQyVQmRpUDPRVPDLVPRFLQKDVSRU DtVH
SRGHDGLYLQKDURTXHQyVYLYHPRVVHEHPTXHDUHSUHVVmR FRPRMiREVHUYHLWHYH
VXD XWLOLGDGH DWp PHVPR O~GLFD (X SDVVHL PXLWR WHPSR VHP VDEHU TXH HUD
HVWpULOVy YLPDVDEHUPXLWRVDQRV GHSRLVGHPDQHLUDTXHWLQKDWDQWRSDYRUGH
HQJUDYLGDU TXDQWR 1RUPD /~FLD H WRGDV DV RXWUDV D QmR VHU DV FKDQWDJLVWDV
RX LQFRQVHTHQWHV(ODSRUVLQDODSHVDUGDV FDXWHODVWDEHOLQKDV VLPSDWLDVH
UHPpGLRVVXVSHLWRVIH]WUrV DERUWRV+DYLDXQV PpGLFRVFRQKHFLGRVHFRPHQWDGRV
j ERFD QmR WmR SHTXHQD GL]HP TXH DWp ERQV PpGLFRV TXH ID]LDP DERUWRV $
FOLHQWHODGHYLDVHU IRUWtVVLPDVySRGLDVHU4XHPSRGLDYLQKDID]HURV DERUWRV
DTXL QR5LRSDUDGHVSLVWDU0DVFODURHXJUDoDV D 'HXV QmR WLYH TXH ID]HU
DERUWRHDJRUDROKDQGRSDUDWUiVYHMRTXH'HXVVDEH PHVPRRTXHID]SRUTXHHX
QmR LD GDU SDUD PmH LD VHU XPD PmH KRUUHQGD H WDOYH] DWp FRPHVVH PHX SUySULR
ILOKRFRQKHoR XPDPHLD G~]LDGHWUrVRXTXDWURGHVVDVMRFDVWDVSRUDtQDGDQR
PXQGR p LPSRVVtYHO LVVR p DWp UHODWLYDPHQWH FRPXP &RPR GL]LD R
YHOKR 0DWRVLQKR QD IDFXOGDGH D YHUGDGH GyL D YHUGDGH PDFKXFD D YHUGDGH
FRQWXQGH D YHUGDGH IHUH D YHUGDGH PDOWUDWD D YHUGDGH PDWD  R YHOKR
0DWRVLQKR HUD XP HVWLOLVWD EDLDQR QR SLRUtVVLPR VHQWLGR GD SDODYUD PDV WLQKD
yEYLDUD]mR&RPRWLQKDUD]mR 1HOVRQ5RGULJXHVVHWRGR PXQGRVRXEHVVHGDYLGD
VH[XDOGHWRGRPXQGRQLQJXpPVHGDYDFRP QLQJXpP$YHUGDGHpHVVDGHYH]HP
TXDQGRHX ILFRFRPtPSHWRV GHVDLUYHUJDVWDQGRRVIDULVHXVDFKRTXHpSRULVVR
TXHHXTXHUR SXEOLFDUHVWHGHSRLPHQWRMiPHTXHEUDXPJDOKR 1mRYRXGL]HU TXH
VHMDFRPXQtVVLPR PmHFRPHUILOKRRXLUPmFRPHULUPmRPDVTXH ODVKD\ODVKD\
( ORV KD\ WDPEpP WDOYH] DWp PDLV 1R LQWHULRU GR 1RUGHVWH  H SRU TXH QmR
GL]HU GR %UDVLO WRGR GR PXQGR WRGR"  GH YH] HP TXDQGR SUHQGHP XP FRPR
VHPSUH SREUH H VXVSHLWR TXH p D IDPRVD SRQWD GR LFHEHUJ QD YHUGDGH DV
RFRUUrQFLDV VmR PXLWR PDLV QXPHURVDV GR TXH VH LPDJLQD (P UHODomR D LUPmR
SRVVR GDU PHX WHVWHPXQKR SHVVRDO HX FRPL PXLWR 5RGROIR PHX LUPmR PDLV
YHOKR DWp HOH PRUUHU D JHQWH VH FRPLD VHPSUH DFKDPRV LVVR PXLWR QDWXUDO
(YLGHQWHTXHpQDWXUDO DPDLRUSDUWHGDVSHVVRDVSDVVD SHORPHQRVXPDIDVHGH
WHVmR QR LUPmR RX QD LUPm Vy TXH D UHSULPH HP UHFDOTXHV PHGRQKRV 1yV QmR
1RUPD/~FLDWDPEpPQmR
0XLWDJHQWHWDPEpPQmR
0DV QmR HUD LVWR TXH HX HVWDYD GL]HQGR HX LD GL]HU TXH VH KRXYHVVH PHVPR
IHPLQLVPRQHVWHSDtVIHPLQLVPRVDGLRQmRHVWD PHUGDGHTXHUHUVHUPHOKRUGR
TXH RV KRPHQV H DSHQDV DVVXPLU R SDSHO GH GRPLQDGRU FRPR VH SDUD GHVFRQWDU
EXUULFH EXUULFH XPD WLUDQLD QmR MXVWLILFD RXWUD EXUULFH  OHYDQWDULDP XPD
HVWiWXD SDUD 1RUPD /~FLD HVWDEHOHFHULDP XPD )XQGDomR 1RUPD /~FLD TXDOTXHU
FRLVDDVVLP7DOYH]HXPHVPDWRPHHVVDLQLFLDWLYD SHQVDQGREHP3RUTXHQmR"$
JHQWHVHDFRVWXPDD DFKDUTXHQmR SRGHID]HUDVFRLVDVHGHUHSHQWHGHVFREUH
TXH SRGH 4XDVH VHPSUH SRGH p SRU LVVR TXH PXLWRV PDOXFRV GmR FHUWR 9RX
PHGLWDU VREUH LVVR VHULDPHQWH )XQGDomR 1RUPD /~FLD SHOD /LEHUGDGH GD )rPHD GD
(VSpFLH D )812/8 1mR VHP EULQFDGHLUD SRGH VHU XPD ERD LGpLD SHQVDU QLVVR
FRPFDULQKR)XQGDomR$QWLSUHFRQFHLWR 1RUPD/~FLD)XQGDomRGD/LEHUGDGH +XPDQD
1RUPD /~FLD &RPLWr $QWLEXUULFH 1RUPD /~FLD &RPLVVmR 1RUPD /~FLD GH &RPEDWH
DR $WUDVR H j (VWXSLGH] DOJXPD FRLVD LPSRUWDQWH HP KRPHQDJHP D HOD LQVSLUDGD
QHOD H HP RXWUDV KHURtQDV LJQRUDGDV (OD GH IDWR PHUHFH (ODV PHUHFHP 1yV
PHUHFHPRV 6H EHP TXH FRPR HX WDPEpP LD GL]HQGR DV UHVWULo}HV WRGDV QRV
IRUoDUDP D FRQVHJXLU FDPLQKRV LQWHOLJHQWHV SDUD VXSHUiODV R TXH QRV WRUQRX
PHOKRUHV PXOKHUHV HP WRGRV RV VHQWLGRV LQLJXDODYHOPHQWH PHOKRUHV GR TXH
VHUtDPRV VHP HODV $SUHQGHPRV D GREUDU VLWXDo}HV DGYHUVDV GHVHQYROYHPRV iUHDV
LQWHOHFWXDLV HPRFLRQDLV H VRFLDLV TXH GR FRQWUiULR WHULDP ILFDGR HVWDJQDGD
DWURILDGDV(DSUHQGHPRVD WUDQVDUDFXUWLU WXGR$VPXOKHUHVSDUDGR[DOPHQWH
QHVWDHUDGHOLEHUGDGHHVWmR ILFDQGRLQFRPSOHWDV HPUHODomRDQyV1mRWRGDV
QXQFDVmR WRGDVPDVPXLWDVGH QyVDSUHQGHUDPDJR]DUSRUSUDWLFDPHQWH WRGRVRV
EXUDFRV GR FRUSR EDVWD GRPLQDU XQV WUXTXH]LQKRV H H[HUFLWiORV FRP XP FHUWR
DILQFRHOHVTXDQGRPHQRVYRFrHVSHUD VHWRUQDPDXWRPiWLFRVSDUHFHPLQDWRV $
QHFHVVLGDGH GHX PXLWD FULDWLYLGDGH j PLQKD JHUDomR PXLWD YHUVDWLOLGDGH
$SUHQGHU D DSHUWDU DV FR[DV SURGXWLYDPHQWH SRU H[HPSOR PXLWDV PXOKHUHV
QmR VDEHPPDLVDQHFHVVLGDGHQmRDVHVSLFDoRX$QWLJDPHQWHHUDPXLWR PDLVFRPXP
D PXOKHU JR]DU DSHQDV DSHUWDQGR DV FR]DV XPD FRQWUD D RXWUD RX TXDVH LVVR
KDYLDUHFXUVRSDUDWXGRKDYLDUHDOPHQWH XPFHUWRYLUWXRVLVPRKRMHSHUGLGR SHOD
IDOWD GH H[SORUDomR SOHQD GH QRVVDV SRWHQFLDOLGDGHV (QILP FRQVHJXLPRV
WUDQVIRUPDU R OLPmR HP GLYHUVDV OLPRQDGDV WUDQVIRUPDPRV R OLPmR HP ODUDQMD
GRFH PHOKRUGL]HQGR
,VVR SRGH UHVYDODU SDUD R VDXGRVLVPR RV ERQV WHPSRV H VHPHOKDQWHV DVQLFHV
QmRKiERQVWHPSRVVyKiWHPSRV1DGD GH VDXGRVLVPR VDXGRVLVPR p XPD HVSpFLH
GH PDVWXUEDomR VHP YHUGDGHLUR SUD]HU XPD LQXWLOLGDGH DWUDYDQFDGRUD TXH QR
Pi[LPR SRGH VHU HPSUHJDGD SDUD EULQFDGHLUDV PDV JHUDOPHQWH p SHUGD GH WHPSR
PHVPR1mRQDGDGLVVR$TXHOHVWHPSRVWLQKDPVHXFKDUPH PDVHUDPGXURVWDPEpP
FDGDWHPSRWHPVXDGXUH]DFRPPLOSHUG}HV SHODILORVRILDGHERWHTXLP7RPDU QDV
FR[DV GH TXH HX Mi IDOHL WDQWR H[LJH NQRZKRZ SDUD VHU GHVIUXWDGR
GHFHQWHPHQWH $ PXOKHU WHP TXH WUHLQDU D SRVWXUD SDUD HVWDU VHJXUD GH TXH YDL
DWLQJLU XPRUJDVPRDLQGDPDLVTXDQGR RKRPHPpVHPLDGROHVFHQWHHJR]D HPGRLV
GpFLPRV GH VHJXQGR (UD SUHFLVR WDPEpP WRPDU FXLGDGR FRP R SHVVRDO GR Vy D
FDEHFLQKDWRGRPXQGRPDQMDHVVHSHVVRDO HPERUDHOHH[LVWDPDLVQRIROFORUHGR
TXHQDYLGDUHDOHXPHVPD VyHQFRQWUHLXQVWUrV7LYHDWpYRQWDGH GHGDUSDUD
XP GHOHV FKHJXHL D FRPHoDU D DEULU DV SHUQDV HQFRVWDGD QR SiUDODPD GR FDUUR
GR SDL GHOH 0DV DOJR PH GLVVH TXH QmR $OJR TXDVH VHPSUH PHQWH PDV PHVPR
DVVLPPDQGDDERDSDUDQyLDVDGLDTXHVHGr DWHQomRDHOH3RLVp$OJRPHGLVVH
TXH QmR GHVVH QHP QHVVH GLD QHP QRV VXEVHTHQWHV HPERUD DGRUDVVH PH DJDUUDU
FRP HVVH UDSD] HOH GHYLD WHU XQV IHURP{QLRV H[WUDRUGLQiULRV )LFDYD UDODGR
GH WDQWRERWDUQDVPLQKDV FR[DVHHXID]LDWXGRFRPHOHH[FHWR GHL[DUTXHHOH
PHWHVVHIRVVHQDIUHQWHIRVVHDWUiV$WUiVEHP TXHHXWHQWHLDSULPHLUDYH]
HPSpHQFRVWDGDQRPXURGRIDURO GD%DUUDTXHDOLiVpPHLRLQFOLQDGLQKRH D
JHQWH ILFD PDLV RX PHQRV UHFOLQDGD GH EUXoRV JUDQGH IDURO GD %DUUD (OH
SDVVRX FXVSH HX PH SUHSDUHL WRGD DQVLRVD H TXDQGR HOH HQILRX QmR FRQVLJR
LPDJLQDU GRU SLRU GR TXH DTXHOD XPD GRU FRPR VH WLYHVVHP PH GDGR GH]HQDV GH
SXQKDODGDV XPD GRU IXQGD H ODFHUDQWH TXH QmR SDVVDYD QXQFD PH DUUHSLR DWp
KRMH ( DV WHQWDWLYDV SRVWHULRUHV IRUDP WRGDV GHVDVWURVtVVLPDV H[SHULrQFLDV
KXPLOKDQWHVH DFDEUXQKDQWHVSDVVHLDQRVWUDXPDWL]DGDHGHFLGLGDD WRUQDU DTXLOR
WHUULWyULR SHUSHWXDPHQWH SURLELGR H PHVPR H[HFUDGR $Wp TXH 1RUPD /~FLD PH
HQVLQRX XPD FRLVD 1mR 'XDV FRLVDV 1mR 7UrV FRLVDV 3ULPHLUD FRLVD QR
FRPHoRQDLQLFLDomRSRUDVVLPGL]HU WHPTXHVHUGHTXDWURUHTXLVLWR DEVROXWR
SDUDDJUDQGHPDLRULD
6HJXQGDFRLVD WHPTXHGL]HUDHOHTXHYHQKDGHYDJDU2XPHOKRU DLQGDGL]HUD
HOH TXH HVSHUH D JHQWH LU FKHJDQGR GH Up GHYDJDU VHPSUH GHYDJDU 7HUFHLUD H
PDLV LPSRUWDQWH GH WRGDV UHOD[DU UHOD[DU PDV  UHOD[DU GH YHUGDGH VROWDU RV
P~VFXORV HVSHUDU GH EUDoRV DEHUWRV GLJDPRV e XP PLODJUH )RL XP PLODJUH
QD SULPHLUD YH] HP TXH HX VHJXL HVVD RULHQWDomR VLPSOHV 'Dt SDUD JR]DU
DQDOPHQWH  QmR VHL QHP VH p JR]R SURSULDPHQWH DQDO Vy VHL TXH p XP JR]R
LQWHQVtVVLPR  IRL Vy PDLV XP SRXFR GH YLYrQFLD ZLWK D OLWWOH KHOS IURP P\
IULHQGV KDKD 4XHP QmR VDEH ID]HU LVVR QXQFD IH] XPD YHUGDGHLUD VXUXED QHP
SRGH ID]HU QXQFD YDL SRGHU FRPHU GLUHLWR XP FDVDO HQILP YDL VHU XPD
PXOKHU LQFRPSOHWDDFKRTXHTXDOTXHUXPFRQFRUGDFRPLVVR1mRVHLVH YRFrVDEH
PDVDVKHWDLUDVDVFRUWHVmVGD*UpFLDDQWLJDGDYDP DEXQGDSUHIHUHQFLDOPHQWH
$SHVDU GH Mi KDYHU PpWRGRV DQWLFRQFHSFLRQDLV R PDLV VHJXUR HUD PHVPR XPD
HQUDEDomR p XPD DUWH PLOHQDU TXH QmR SRGH VHU SHUGLGD H WRGD PXOKHU TXH
VRE GHVFXOSDV LQDFHLWiYHLV H GLWDGDV SHOD LJQRUkQFLD SUHFRQFHLWR
RX LQFDSDFLGDGHQmRFRQWDFRPLVVRHPVHXUHSHUWyULRSHUPDQHQWHp XPDOLPLWDGD
QmR LPSRUWD R TXH HOD DUJXPHQWH $FKR DWp TXH WRGDV DV UHIUDWiULDV QD YHUGDGH
VDEHP TXH VmR OLPLWDGDV H SURFXUDP QHJDU HVVD FRQGLomR DWUDYpV GH PHFDQLVPRV
SDUD PLP SRXFR FRQYLQFHQWHV 'HSRLV TXH DSUHQGL QDWXUDOPHQWH TXH WLYH
GH SURFXUDU HVVH QDPRUDGR PHX  HVTXHFL R QRPH GHOH DJRUD (XVpELR TXDOTXHU
FRLVDSRUDtHGDUDEXQGDDHOHQmRSRGLD PRUUHU VHPID]HULVVR'HLQXPD
IHVWD GH DQLYHUViULR GD HQWmR QDPRUDGD GHOH QXP VtWLR RQGH p KRMH /DXUR GH
)UHLWDVHXWDPEpPHUD OHYDGLQKD
(SRUTXHHXQmRGHL[HLTXHHOHPHFRPHVVHQDIUHQWHWDPEpP"
%HP SULPHLUR SRUTXH DFKHL TXH QmR HVWDYD SURQWD DLQGD HPERUD PH VHQWLVVH
SURIXQGDPHQWHOHVDGDHPPHXVGLUHLWRVHOHPHQWDUHV SRUQmRSRGHUGDUWXGRRTXH
HUD PHX H GH PDLV QLQJXpP 0DV SDUD FRQVRODU HX Mi WLQKD PH GHVHQYROYLGR
H[WUDRUGLQDULDPHQWH HP RXWUDV iUHDV Mi GHVIUXWDYD WRPDU QD EXQGD H QDV FR[DV
FRP JUDQGH FRPSHWrQFLD Mi JR]DYD  FKXSDQGR JR]DYD DWp TXDQGR FKXSDYDP PHXV
SHLWRV EHP FKXSDGRV JR]DYD QR GHGR JR]DYD DSHUWDQGR DV FR[DV QmR  VHQWLD
HQILPIDOWDGHPXLWDFRLVD H WLQKDUHDOPHQWHWHUURUGHILFDUJUiYLGD6HJXQGR
H PDLV UHOHYDQWH p TXH HX WLQKD XPD IDQWDVLD GH PHX GHVYLUJLQDPHQWR TXH HX
DFKRTXHWLUHLGD ELEOLRWHFDGHPHXDY{XPOLYURJURVVmR VREUHDYLGDVH[XDO
TXHWUD]LDDVIRWRJUDILDV GHXPKRPHPHXPD PXOKHUDPERVQXVGHIUHQWHDPERV
HP SRVLomR GH VHQWLGR WXGR DOWDPHQWH QHXWUR 0DV HX QmR  FRQVHJXLD GHL[DU GH
PLUDU RV SHLWRV H RV SHQWHOKRV GHOD H R ELJRGH H R SDX GHOH SDVVDYD
KRUDV HQWUHWLGD QLVVR H OHQGR D GHVFULomR GH XP GHVYLUJLQDPHQWR IHLWD SHOR
DXWRU 1mR  VHL GH FRU PDV p FRPR VH VRXEHVVH DWp KRMH VRX FDSD] GH UHSHWLU
HVVDVSDODYUDVGRMHLWRTXHILFDUDPHPPLQKD FDEHoD ( HQWmR FKHJD R PRPHQWR
WmR DQVLDGR 6HP SURQXQFLDU XPD SDODYUD HOH IHFKD D ERFD GD GRQ]HOD FRP XP
EHLMR GHFLGLGR HQWUH VHXV ELJRGHV PiVFXORV LQVLQXD VHXV TXDGULV GHOLFDGD
PDV ILUPHPHQWH HQWUH DV FR[DV GHOD H GLULJH D JODQGH LQWXUJHVFHQWH SDUD R
KtPHQ HQWmR WUrPXOR H OXEULILFDGR SHORV IOXLGRV QDWXUDLV GD YDJLQD 5HVROXWR
HOH VH DVVHJXUD jV YH]HV FRP D DMXGD GDV PmRV GH TXH HVWi QR SRQWR FHUWR H
HQWmR HQTXDQWR HOD Gi XP JHPLGR DEDIDGR HQWUH D GRU H R SUD]HU GD IrPHD TXH
ILQDOPHQWH FXPSUHRVHXGHVWLQRELROyJLFRSHQHWUDDFRPXPVy LPSXOVR YLJRURVR
DEUHOKH PDLV DV SHUQDV LQLFLD XP PRYLPHQWR GH YDLHYHP SURIXQGR H
ILQDOPHQWHGHUUDPDOKHQDVHQWUDQKDVR PRUQROtTXLGRYLWDOVHPRTXDOHOHQmR
pQDGDHODQmRpQDGD (VVDHUDPLQKDIDQWDVLDDWp KRMHpVHPSUHIRLXPGRV
PHXV WHPDV GH PDVWXUEDomR IDYRULWRV H QmR VHL VH GH DOJXPD IRUPD SRU
LVVR SDVVHLJUDQGHSDUWHGDYLGDSUHIHULQGRKRPHQVPDLVYHOKRVVy GHSRLVpTXH
FRPHFHL D JRVWDU GH KRPHQV PDLV QRYRV GHSRLV TXH GHVFREUL TXH RV PDLV YHOKRV
VmR SXWDV YHOKDV LJXDLV D PLP QmR YDOHP QDGD ( GHSRLV EXUUR YHOKR FDSLP
QRYRYHUGDGHLQHJiYHO
+RMH VLQWR SUD]HU HP VHGX]LU H WUHLQDU XP MRYHP ERQLWR p HVWLPXODQWH
UHYLWDOL]DGRUID]EHPDRHJR
&ODUR TXH HX PHVPR JRVWDQGR LUUDFLRQDOPHQWH GD FHQD RX VHMD GD PDQHLUD
PDLVIRUWHSRVVtYHOQmRWLQKDLGpLDGHTXHLD DFRQWHFHUFRPLJRH[DWDPHQWHGHVVD
PDQHLUDRXTXDVHH[DWDPHQWH
$LQGDQHPVRQKDYDHPFRQKHFHU-RVp/XtV-RVp/XtVIRL PHX SURIHVVRUGHSUiWLFD
GH3HQDOQLQJXpPOLJDYDSDUDHOHPDV3HQDO p yWLPR SRUTXH WHP DTXHOHV SDSRV
GH HVWXSUR SUHVXPLGR VHGXomR DWHQWDGR DR SXGRU UDSWR HWF WXGR H[FHOHQWH
SDUDSX[DU FRQYHUVDVGHVDFDQDJHPDSDUHQWHPHQWHLQRFHQWHV HWpFQLFDVPDV DVVLP
PHVPRDVPHQLQDVSRXFROLJDYDPSDUDHOHQmRWLQKDP LQWXLomRRXH[SHULrQFLDSDUD
DYDOLDU DGHTXDGDPHQWH R SRWHQFLDO GHOH $V SRXFDV TXH VH LQWHUHVVDYDP SRU HOH
QmR  DOLPHQWDYDP SODQRV SRUTXH HOH HUD FDVDGtVVLPR FD[LtVVLPR
RUGHLUtVVLPR UHSURYDGRUtVVLPR GHPDQHLUDTXHQLQJXpPDFKDYDTXHYDOLD DSHQD R
WUDEDOKR PHVPR GLDQWH GD WHQHEURVD HVFDVVH] GH KRPHQV DSURYHLWiYHLV DTXHOH
HOHQFR GHSULPHQWH GH FRoDGRUHV GH EDL[LRV H SULPLWLYRV QHDQGHUWDOHVFRV
3DUrQWHVH )DODQGR HP QHDQGHUWDOHVFR PH DSDUHFHX HVWH SDUrQWHVH WDOYH]
LQMXVWLoDQGR XP SRXFR R KRPHP GH 1HDQGHUWDO e GLItFLO DFUHGLWDU
QHVWH SDUrQWHVHPDVpDSXUDYHUGDGHQmRUHVLVWRDFRQWiOR
9HUGDGHYHUGDGHILTXHLSDVPDQDRFDVLmRHFRQWLQXRDELVPDGD
8PDFRQKHFLGDPLQKDHUDQRLYDGHDOLDQoDQRGHGRGH XPUDSD] PXLWRFRQKHFLGR
FRP TXHP WRGR PXQGR VLPSDWL]DYD XP UHFKRQFKXGLQKR FRUDGR JHQWLO HGXFDGR
DEHUWRVLPSiWLFRPHVPR
(OHVHUDPXPFDVDOGHSRPELQKRVWRGRPXQGRVHUHIHULDDHOHV FRPRSRPELQKRVXP
FKDPHJRHXPFDULQKRTXH FKDPDYDPDDWHQomR VyDSDUHFLDPMXQWRVDRVEHLMLQKRV
HDOLVDGLQKDV1DPRURSDGUmR QD%DKLD3RLVEHPSRLVXPEHORGLDDFDEDUDP )RL
XPVXVWR JHUDOGH]HQDVGHKLSyWHVHVHHVSHFXODo}HVHQLQJXpPFRQKHFLD D YHUVmR
FRUUHWD 0XLWDV H PXLWDV YROWDV GR PXQGR GHSRLV QyV GXDV HVWiYDPRV WHQGR XPD
HVSpFLH GH FDVR SDVVDJHLUR H HOD PH FRQWRX QD FDPD R TXH GH IDWR KDYLD
DFRQWHFLGR ,QLPDJLQiYHO PDV DFKR TXH DWp KRMH FRQWLQXD DFRQWHFHQGR (OD PH
FRQWRX TXH PDQWLQKD D YLUJLQGDGH FRP HOH PDV GH UHVWR ID]LDP XPD SRUomR GH
FRLVDV QDYHUGDGHDJRUDHODVDELD XPDSRUomRGHPHUDVSHUIXPDULDV( HOHIRL
RSULPHLURQDYLGDGHODD~QLFDH[SHULrQFLDTXHHOD WLQKD(DtHVWmRRVGRLV
QDPRUDQGRQXPDEDODXVWUDGDGHVHUWDQD %DUUDMiHVFXUHFHQGRHOHVHQWDGRHOD HP
Sp UHFRVWDGD HQWUH DV SHUQDV GHOH TXDQGR VHQWLX R SDX GHOH GXUR OKH URoDU
QD ERFKHFKD (OD HQWmR ILFRX HVIUHJDQGR D FDUD SDUD Oi H SDUD Fi SRU FLPD GR
SDQRGDFDOoD(HQWmRPHFRQWRXHODTXHQmRWLQKD UD]mRQHQKXPDSDUDPHQWLUH
SDUHFLD DWp HVWDU SUHFLVDQGR GDTXHOH GHVDEDIR HOD IRL VHJXLQGR XP FXUVR
QDWXUDOVHPQHPSHQVDUQR TXHHVWDYDID]HQGR$EULX D EUDJXLOKD GHOH H GHL[RX
TXHRSDX SXODVVHIRUD(UDDSULPHLUDYH]TXHRYLDDVVLPFDUDDFDUD HILFRX
TXDVHKLSQRWL]DGDVHVHQWLQGRFRPRQXQFDVHVHQWLUD DQWHVXPDIDOWDGH I{OHJR
XPDkQVLD XPDYRQWDGHGHDJDUUDU WXGRGHXPDYH]DVFRVWDVILEULODQGRGHDOWR
DEDL[R'DtSDUD S{URSDXGHOHQDERFDIRLXPLQVWDQWH HDtDFDERXRQDPRUR
(OH GH UHSHQWH HPSXUURX D FDEHoD SDUD WUiV H GHX XP PXUUR QHOD 1mR XP WDSD
GLVVHHODPDVXPPXUURTXHOKHGHL[RXRTXHL[RUR[R
4XHHUDTXHHODHVWDYDSHQVDQGR"(PTXHSXWHLURDSUHQGHUDDTXLOR"
$FKDYD TXH PXOKHU GHOH HUD SDUD ID]HU DTXHOD FRLVD QRMHQWD SUySULD GDV PDLV
EDL[DV SURVWLWXWDV" 6H HOH TXLVHVVH DTXLOR LD SURFXUDU XPD YDJDEXQGD QD UXD
QmRVXDSUySULDPXOKHU( TXH GHVHQYROWXUDHUDDTXHODRQGHHODKDYLDDSUHQGLGR
DTXLOR FRP TXHP Mi IL]HUD DTXLOR" 1XQFD PDLV D EHLMDULD QD ERFD QmR
TXHULD FKXSDUKRPHPQHQKXPSRUWDEHOD &DVDULDFRPHODVLPSRUTXHMi HVWDYDP
FRPSURPHWLGRV PDV QXQFD PDLV D EHLMDULD QD ERFD (OD TXH WLQKD FDUiWHU
GHFLGLXTXHDFDEDULDWXGRQDTXHODPHVPDKRUD
1D RFDVLmR QmR  FRQVHJXLX GDU D GHVFRPSRVWXUD QHOH TXH SUHWHQGLD PDV QXQFD
PDLVTXLV VDEHUGHOHPHVPRTXDQGRHOHWRPRX FRUQRGHXPDRXWUDQDPRUDGDHYHLR
DWUiVGHODQRSURYHUELDO UDVWHMDUPRUGLGRGHDUUHSHQGLPHQWR
(QWmR YRFr Yr 1mR Vy RV KRPHQV WLQKDP PHGR GH GHIORUDU DV PRoDV PHVPR
TXDQGRHODVLPSORUDYDPFRPRDLQGDH[LVWLDHVVHWLSR GHVHOYDJHULD(UD FUXFLDO
VHU XPD QDYHJDGRUD KiELO QHVVH PDU GH EDEDTXLFH FKHLR GH DUPDGLOKDV
LQHVSHUDGDV 0DV HX VHPSUH WLYH XP IDUR VXSHULRU XPD FDSDFLGDGH GH SHUFHSomR
PDLV DJXoDGD TXH R FRPXP WDOYH] 7DOHQWR SRU TXH QmR" 3RU H[HPSOR GHVFREUL
R SRWHQFLDOGH=p/XtVQXPHVWDORIRLUHSHQWLQR PHVPR (X HVWDYD QR VDJXmR GD
IDFXOGDGHTXDQGRPHYHLRXPFODUmRFODUmRpD ~QLFDSDODYUDDSURSULDGD0DV
0DV HVWDYD QD FDUD =p /XtV =p /XtV DOL GDQGR VRSD H QLQJXpP j DOWXUD GH
DSURYHLWDU(HQWmR HOHVXELXDHVFDGDVHPPHROKDUPDVHXVDELDTXHHOH HVWDYD
PH YHQGR H HQWmR HX IDOHL FRPLJR PHVPD TXH 'HXV p JUDQGH H WXGR HVWDYD
PDUDYLOKRVDPHQWHjVRUGHQVDYLGDpVLPSOHVHDJHQWHQmR UHSDUD&HJRpPHVPR
RTXHQmRTXHUYHUHDJRUDHXYRXFRQWDU/D JUDQGHVpGXFWLRQ
$JUDQGHVHGXomR
(OHQmRHUDERQLWRPDVWDPEpPQmRHUDIHLR
$OLiVDVFDWHJRULDVIHLRHERQLWRQmRVHDSOLFDYDPEHPD HOHFRPRDFRQWHFH
FRP PXLWRV KRPHQV &RP PXOKHU WDPEpP PDV DV PXOKHUHV WrP PDLV WUXTXHV
VXSHUILFLDLV Mi FRQVDJUDGRV SHOR XVR H SHOR WHPSR H RV KRPHQV QmR (OH HUD
ERQLWR PXLWR ERQLWR DWp VRE FHUWD SHUVSHFWLYD ( SRGLD VHU FKDPDGR GH IHLR
DWUDHQWH SRU RXWUDV SHVVRDV RX PHVPR IHLR SRQWR ILQDO %HP VHP TXHUHU VHU
6SLQR]D H ILFDU SHUJXQWDQGR RQGH p TXH HVWi D EHOH]D YRX PDLV RX PHQRV SHOR
PHVPRFDPLQKR3DUDPLPHOHHUDERQLWRSRUTXH SUHHQFKLD DV  FRQGLo}HV SDUD VHU
PHXGHIORUDGRUpXPDFRLVD FRPSOH[DPXLWRSHVVRDOpXPDFRQMXPLQDomRGHWXGR
RTXHYRFr DFKDTXHFRPS}HXPDSHVVRDHFRPS}HYRFr (OHSUHHQFKLDDV FRQGLo}HV
REMHWLYDVHHPRFLRQDLVSURQWRIDODYDjPLQKDQHXURVH
FXORVGHWDUWDUXJDTXHDLQGDQmRWLQKDPHQWUDGRQDPRGDFRPR GHSRLVPDJULQKR
QR SRQWR FHUWR EXQGLQKD IRUQLGLQKD YR] EHP PRGXODGD VDELD WXGR GH 3HQDO H
RXWURV GLUHLWRV HUD HGXFDGtVVLPR HUD GH HVTXHUGD  XP PXVW QHVVD pSRFD 
 VRUULVR OLQGR XPD JUDoD SHQVDQGR EHP 8P MHLWR HQWUH DFDQKDGR H VDUG{QLFR
IDFLOLGDGH GH IDODU EHP VHP DIHWDomR XP URVWR H[SUHVVLYR H IUDQFR H yEYLR
ELJRGH1mRGHVVHVELJRGLQKRV ULGtFXORVPDVELJRGHFKHLRPHVPRELJRGHGH KRPHP
PDFKR 1mR HUD XP JDOm FRPR RV DPHULFDQRV WHFQLFRORU PDV XP EHOR
JDOm LQFOXVLYH HP WHUPRV GH KRMH -i GHYH WHU PRUULGR H VH QmR IRVVH HX
FHUWDPHQWHPRUUHULDFRPSOHWDPHQWHGHVSHUGLoDGR$PXOKHUGHOH HQVLQDYD)tVLFDHP
RXWUD IDFXOGDGH H HUD XP KRUURU GHVVDV PXOKHUHV VHP TXHL[R TXH FRPSDUHFHP D
WRGD UHXQLmR UHLYLQGLFDWyULD H ID]HP FRORFDo}HV  VHPSUH KRXYH JHQWH ID]HQGR
FRORFDo}HV  H DLQGD SRU FLPD WLQKD PDQLD GH FDQWDU FDQWDYD HP WRGDV
DV IHVWDV WRFDYD XP YLROmR KRUUtYHO FRP XP UHSHUWyULR GH TXDWUR DFRUGHV H
LPLWDYD 6WHOOLQKD (JJ H ,QH]LWD %DUURVR H PDLV XPDV WDQWDV RXWUDV FDQWRUDV
IROFOyULFDV GR LQWHULRU GH 6mR  3DXOR ( HOH DGRUDYD HOD FDUUHJDYD R YLROmR
GHOD ID]LD SVLX QD KRUD HP TXH HOD FRPHoDYD D XLYDU H GDYD EHLMRV VDSHFDGRV
QHOD GHSRLV TXH HOD FDQWDYD WUHQ]LQKR FKXiFKXi RX TXDOTXHU PHUGD GHVVDV
TXH WRGR PXQGR RXYLD VH DFKDQGR DOWDPHQWH SRYR (OD DMXGDYD D TXH HX QmR
VHQWLVVH UHPRUVR QHQKXP DFKR DWp TXH OKH IL] XP IDYRU =p /XtV GHYH WHU
PHOKRUDGR EDVWDQWH HP FDVD GHSRLV GD VpULH GH VXUUDV GH FDPD TXH HX OKH
DSOLTXHL(PHVPRTXHGHVVHUHPRUVR DYHUGDGHpTXHQXQFDIXLGDGDDHVVHWLSR
GH UHPRUVR 2 ~QLFR SUREOHPD PHVPR HUD DUPDU XPD HVWUDWpJLD HILFD] H HX
HQIUHQWHLD VLWXDomRFRPXPDFDWHJRULD GLJQDGH1RUPD/~FLD2XPHOKRUSRU TXH
PHGLPLQXLU"&DWHJRULDPLQKDVyTXHPYLYHXQDTXHOH WHPSR p TXH SRGH VHQWLU RV
GHVDILRV HP VXD LQWHLUH]D ( D YHUGDGH p TXH GHVVD YH] QmR SHGL DVVHVVRULD D
1RUPD/~FLDUHVROYLTXHLD HQIUHQWDUWXGRVR]LQKDY{RVROR
2 SDVVR LQLFLDO IRL VHU D SULPHLUD D FRPSDUHFHU jV DXODV H VHQWDU FRP XPD
FDUD GH DWHQomR H DGPLUDomR TXH TXDOTXHU XP MXUDYD TXH HX WLQKD IUHTHQWDGR R
$FWRUV6WXGLRFROHJDGH WXUPD GH0DUORQ%UDQGR6yTXHPLDjVDXODVGHOHHUDP
RV FrGrHIHV H RV TXH HVWDYDP SHQGXUDGRV SRU IDOWDV PDV HX QmR HX Mi
HVWDYD QRFRUUHGRUQDKRUDHPTXHHOHYLQKDHTXDQGRHOHYLQKDHX UXERUL]DYD
VHPSUHVRXEHUXERUL]DUjYRQWDGHYLUDYDDV FRVWDVHVDEHQGRSHUIHLWDPHQWH
TXH HOH HVWDYD YHQGR UHWRFDYD R EDWRP H R UXJH DOLVDYD D VDLD DMHLWDYD R
FDEHORHLDVHQWDU QDSULPHLUDILOD4XDQWDVYH]HV HX VHQWHL DOL WRGD SXGLFD
DQWHV GHTXDOTXHURXWURDOXQRFKHJDU(OHILFDYDVHPJUDFtVVLPDXPD WHVmRHHX
QmR GDYD EDQGHLUD QHQKXPD Vy SHUJXQWDYD FRPR HOH LD H GL]LD TXH HVWDYD
HVSHUDQGRDTXHODDXODHXDGRUDYD3HQDOHDV DXODVGHOHPHDEULDPPXQGRV 0LQKD
SRVWXUD HUD WDPEpP PXLWR UHFDWDGD VH EHP TXH FRP XPDV FHUWDV H[FHo}HV
UHSHQWLQDVH IXJD]HVVySDUDGHL[iORGHRUHOKDHPSpHVHPVDEHURTXH SHQVDU
GLUHLWR ( QDTXHOH WHPSR VH DQGDYD GH DQiJXD H VXWLm H PLQLVVDLD HUD GRV DQRV
 GR WHPSR GDV IODSSHUV TXH D JHQWH YLD QR FLQHPD ( PHVPR TXH KRXYHVVH
PLQLVVDLD HX QmR  XVDULD Mi HVWDYD OLJDGD QD SUiWLFD GR SULPHLURIRLYRFr
QXQFDSHUGLWHPSR HPTXHUHUGDUPXUURHPSRQWDGHIDFD
)RUDPPHVHVDOJXpPDFUHGLWD")RUDPPHVHVSDUDHOHFRPSUHHQGHU TXHHXHVWDYD
TXHUHQGRGDUSDUDHOHHPDLVPHVHVSDUDHOHDFHLWDU PHGHVYLUJLQDU)RUDPPHVHV
UHQDVFHQWLVWDV IORUHQWLQRV PDV HX QmR  PH LPSRUWHL DWp JRVWHL &RQWLQXHL
OHYDQGR D PLQKD YLGD FRPR VHPSUH FRP QRLYR H WXGR 0H VHQWLD PDLV RX PHQRV
FRPR 6HOPD D MLEyLD GH 1RUPD /~FLD H HOH HUD R UDWLQKR HP TXH HX LD PH
HQURVFDUHHQJROLU(HXQmRPHOLPLWDYD jPDQREUDGHVHQWDUQDSULPHLUDILOD $
FDGD GLD HX IHFKDYD R FHUFR PDLV XP ERFDGLQKR XP DSHUWR VXWLO XP DYDQoR
TXDVH LPSHUFHSWtYHOPDVVHPSUHXPWLMRORQDPLQKDFRQVWUXomR'HLSDUD ILFDUQD
VDODGHSRLVGDDXODVHPSUHWLQKDXPDSHUJXQWDYiULDV SHUJXQWDVROKDQGRGLUHWR
QRV ROKRV GHOH TXH GHVYLDYD D YLVWD PDV HX ILUPH 3HGLD ELEOLRJUDILD ID]LD
TXH QmR HQWHQGLD FHUWDV FRLVDV FLWDYD WUHFKRV GH OLYURV YLUHL XPD YHUGDGHLUD
%HFFDULD Vy VH YHQGR 'HSRLV SHJDPRV PDLV SUR[LPLGDGH H HX PRVWUHL FDGHUQRV
DQRWDo}HV H HVFULWRV PHXV XQV SRHPDV 8PD YH]  QLQJXpP QHVWH PXQGR SUHVWD
PXLWR PHQRV HX  HOH HVWDYD OHQGR XQV SRHPDV H HX ILQJLQGR DOWR QHUYRVLVPR
WRPHL R FDGHUQR GHOH QD KRUD HP TXH HOH HVWDYD FRPHoDQGR XP SRHPD H GLVVH TXH
DTXHOH QmRDTXHOHHOHQmRSRGLD OHU(IL]IL]IL]QmRSRVVR QHJDUIL]
XP QHJyFLR TXH VHPSUH FRQVLGHUHL YXOJDU PDV IL]  DSOLTXHL DTXHOH JROSH GR
YHMD FRPR HX HVWRX QHUYRVD SX[DQGR D PmR GR IUHJXrV SDUD R PHX UHJDoR ( QR
VHWRUYLVXDODHVWD DOWXUDHXMiWLQKDFKHJDGRDRVDLmRFRPERW}HVQDIUHQWH
$QiJXD ILQD SRU EDL[R PDV VDLmR FRP ERW}HV 1mR  DSDUHFLD QDGD Vy PXLWR GH
UHODQFHHXPDYH]QDYLGDHRXWUDQDPRUWHPDVHOH ILFDYDSHUWXUEDGRMiDQGDYD
YLVLYHOPHQWH SHUWXUEDGR FRPLJR jV YH]HV FRLWDGR GDYD XQV ROKDUHV FDtGRV H
FRPSULGRV FRPR VH TXLVHVVH SHGLU PLVHULFyUGLD ( HX ILUPH 0LQKDV ILFDGDV
GHSRLV GDDXODYLUDUDPFRVWXPHFRPLJR FRQYHUVDQGRHXVDQGRWRGRVRV WUXTXHVTXH
Mi QDVFL VDEHQGR SHJDQGR QR EUDoR GHOH H WLUDQGR D PmR GHSUHVVD H
PDOLFLRVDPHQWH HORJLDQGR HOH FKHJDQGR SHUWR SDUD ROKDU OLYURV VREUH R RPEUR
GHOH ROKRV QRV ROKRV VHPSUH TXH SRGLD XPD FDPSDQKD QDSROH{QLFD 1RUPD /~FLD
GLVVH TXH HX HUD OHWDO )LQDOPHQWH FKHJRX R JUDQGH GLD (UD XPD TXDUWD
IHLUD H FKRYLD  QmR p DVVLP TXH VH FRPHoDP HVVHV UHODWRV" 1mR VHL VH
HUD TXDUWDIHLUD PDV FKRYLD VLP QR JUDQGH GLD p XP SRUPHQRU LPSRUWDQWH (
IRL LQHVSHUDGR SRUTXH HOH QmR GDYD DXOD QHVVH GLD PDV 0DVFDUHQKDV R
FDWHGUiWLFR WLQKD PHGR REVHVVLYR GH ILFDU WXEHUFXORVR RXWUD YH] H DPDOGLoRDYD
DWp YHQWLODGRUHV H PDQGRX TXH HOH DSOLFDVVH D SURYD 4XDVH WRGR PXQGR DFDERX
PDLV RX PHQRV FHGR PDV HX TXH WLQKD HVWXGDGR FRPR XPD DOXFLQDGD
HVFUHYL UHVPDV GH SDSHO H GHPRUHL DWH TXDVH R ILP GR KRUiULR 4XDQGR FKHJRX D
KRUDVy UHVWDYDPQDVDODHOHH-RUJLQKRTXHHUDPDOXFR HWLQKD GLILFXOGDGHHP
HVFUHYHU PDV Mi HVWDYD WHUPLQDQGR (X HVSHUHL XP ERFDGLQKR YL TXH -RUJLQKR
DLQGDLDGHPRUDUPDLV XP WHPSLQKRHWRPHLXPDGHFLVmRTXHMiHVWDYDGLVSRVWDD
WRPDU ID]LD PXLWR )LQJL TXH R YDGHPpFXP H RV FDGHUQRVHVWDYDP
DWUDSDOKDQGR ERWHL D FDQHWD QD ERFD H IXL DWp HOH (OH HVWDYD FXUYDGR FRP
DV PmRVDSRLDGDVQDPHVDH HQWmRDSDUHQWDQGRHVWDUWRGDVHPMHLWR GHL[HLXQV
FDGHUQRV FDLU QD PHVD SHJXHL D SDSHODGD GD SURYD SDUD HQWUHJDU H EHP QHVVD
KRUD FRPR TXHP HVWi GLVWUDtGD PDV GHL[DQGR WUDQVSDUHFHU XPD GHWHUPLQDomR
LQHJiYHO HPERUD LQWDQJtYHO HQFRVWHL QD PmR GHOH TXH VH IHFKDYD VREUH D ERUGD
GD PHVD (OH OHYRX XP VXVWR H WLURX D PmR PDV HX IL] SUHVVmR H PLQKD
VDLD FKHJRX D VXELU XP SRXFR DUUHSDQKDGD HP IUHQWH D PHX S~ELV SHOR PRYLPHQWR
GHOH0DVHXQmRDOLYLHLDSUHVVmRVyROKHLQRVROKRV GHOHRXWUDYH]GHSRLV
EDL[HL D YLVWD GHSRLV ILTXHL YHUPHOKD IL] PHQomR GH VDLU DWDEDOKRDGDPHQWH
YROWHLSDUDSHJDUXPFDGHUQR TXHWLQKDHVTXHFLGRGH SURSyVLWR H Dt SHUJXQWHL D
HOHVHHX DJRUDTXHD SURYDHVWDYDHQWUHJXHSRGLDSHUPDQHFHUDOLXP ERFDGLQKR
H WLUDU XPDV G~YLGDV FRP HOH" 6DEH HX WLQKD WLGR XQV GRLV SURIHVVRUHV TXH
PDUFDUDP PLQKD YLGD GRLV RX WUrV QR Pi[LPR ( HOH HUD XP GHOHV VDELD" (OH
WLQKD GHVSHUWDGR DOJR TXH GRUPLD HP PLP DOJR GH FXMD H[LVWrQFLD HX MDPDLV
VXVSHLWDUDH DJRUDSHODVPmRVGHOHGHVFREULUDDUUHEDWDGDTXDVHVHPI{OHJR
8PDSDL[mRGLVVHHX(IDOHLSDL[mRGHIRUPDWmRDPEtJXDTXH HXPHVPD VHQWLR
DPELHQWHHVTXHQWDUHILFDUFRPRVHXPYDSRU HVFDUODWHWLYHVVHUHSHQWLQDPHQWHVH
HYRODGR GR FKmR ( VHQWL SHQD GHOH FRLWDGR 6LP VHQWL SHQD GHOH HX HUD D
FREUD6HOPDHOHHUDRUDWLQKR
$ YHUGDGH p TXH VRE FHUWR VHQWLGR DV PXOKHUHV QmR WrP UD]mR GH TXHL[D (P
SULPHLUROXJDUHVVDFRQYHUVDGHTXHDPDLRUSDUWHGD +LVWyULDGDKXPDQLGDGHIRL
YLYLGD VRE R GRPtQLR PDVFXOLQR p EDVWDQWH TXHVWLRQiYHO +RMH QLQJXpP Or PDV R
YHOKR 5REHUW *UDYHV  JUDQGH 5REHUW *UDYHV TXH HX GHVFRQILR TXH WDPEpP HUD
XP IDQWiVWLFRPHQWLURVRXPFROKXGHLUR HVWDSDODYUDDGPLUiYHOTXH WHPQD%DKLD
SDUD GHVLJQDU PHQWLURVRV GH SULPHLUR WLPH XP VXEOLPH FROKXGHLUR  WLQKD XPDV
LGpLDVVREUHLVVRGHYH]HP TXDQGRHXOHLRHOH HUD LQWHOLJHQWtVVLPR GH ERP
JRVWtVVLPR HUXGLWtVVLPR+RMHDHUXGLomRDFDERXDPHPyULDpD GRVVLVWHPDV GH
DUPD]HQDPHQWR HOHWU{QLFR 1R IXWXUR D JHQWH SDJDUi D XP VXMHLWR SDUD DFKDU R
TXH D JHQWH TXHU QRV EDQFRV GH GDGRV SRLV QHP LU Oi GLUHWDPHQWH RX SUHFLVDU
GLVVR D JHQWH YDL D HUXGLomR DFDERX PHVPR 0DV JUDoDV D 'HXV QmR DFDERX D
LQWHOLJrQFLD
5REHUW*UDYHVYRXOHUGH QRYR7KH*UHHN0\WKVWHQKRXPDHGLomR SHTXHQLQLQKD
HPSDSHUEDFNMiWRGDVHEHQWDGHHXWDQWRPDQXVHDU
(QWmRR%RE*UDYHVHHX WHPRVVpULDVG~YLGDVVREUHHVVDTXHVWmR GHD PXOKHUWHU
VLGR VHPSUH GRPLQDGD 2 FRQWUiULR QD YHUGDGH p TXH SDUHFH TXH DFRQWHFHX 0DV
LVVR QmR YHP DR FDVR QmR VH SRGH TXHUHU YHU D DILUPDomR GD PXOKHU FRPR XPD
YLQJDQoDDJRUDYDPRV GHVFRQWDUH DVVLPSRUGLDQWHHVVDEDUEiULHLQVXSRUWiYHO
(QWmR SRUTXHVXSRVWDPHQWHRVKRPHQVQRVRSULPLUDPDRORQJRGD+LVWyULD DJRUDp
D QRVVD YH] GH RSULPLU RV KRPHQV  SDUD HOHV YHUHP R TXH p ERP 1mR FRQFHER
HVWXSLGH]PDLRUVXEVWLWXLUXPD PHUGDSRU RXWUDSUHVHUYDQGRDEDL[DULDKXPDQD
(PVHJXQGROXJDUYRFrSRGH DWpDOHJDUTXHLVVRIRUoRXDVPXOKHUHVD GHVHQYROYHU
DSWLG}HV SRXFR ORXYiYHLV FRPR GLVVXPXODomR FKDQWDJHP HPRFLRQDO H VHGXomR FRP
JROSHV EDL[RV PDV D YHUGDGH p TXH DV PXOKHUHV VHPSUH WLYHUDP XP SRGHU
GHVPHVXUDGRVREUHRVKRPHQVHPXLWRVGHERPJUDGR SUHIHULULDPRLQIHUQRHWRGRV
RV VHXV GLDE}HV D SDVVDU GH QRYR SHOR TXH OKHV IH] SDVVDU DOJXPD PXOKHU 2
SUySULR PDFKLVPR VH YROWRX FRQWUD RV PDFK}HV WRUQRX R KRPHP SULVLRQHLUR GHOH
PHVPR REULJDGRDQmRFKRUDUQmREUR[DUQmRDIURX[DUQmRSHGLU SHQLFR$TXLOR
TXH QXPD SULPHLUD YLVmR RSULPLD VRPHQWH DV PXOKHUHV RSULPLD PDLV RV KRPHQV
TXHDWpKRMHYLYHPFHUFDGRV SRU XPFRUWHMRGHPXOKHUHVIDQWDVPDJyULFDVUHDLVH
LPDJLQiULDV VHPSUHSURQWDVDHVTXDUWHMiORVVHR SHJDUHPIRUDGHVVHV SDGU}HV
(QmRDGLDQWDSVLFDQiOLVHQHPILFDUDUURWDQGR OLEHUDo}HV(OHVWrPPHGRHPHp
GryFDJDPVHGHPHGR0HGR WHXQRPH pPDFKRQmRGLVVHR%DUGRPDVGLJRHX
4XDQWD PXOKHU QmR FRPHX R KRPHP TXH TXLV DSHQDV SRUTXH HOH QmR SRGLD
UHFXVDU XPDPXOKHU"8PDPXOKHU VHWUDQFDFRPXPKRPHPQXPTXDUWRHGL] TXHHOH
YDL FRPHU HOD (OH WHP TXH FRPHU D QmR VHU TXH HOD VHMD R FRUFXQGD GH 1{WUH
'DPH $Wp PHVPR UHFXVDU XPD PXOKHU REHGHFH D QRUPDV SRUTXH p HVWDEHOHFLGR R
GLUHLWRGHHODVH RIHQGHUVH DUHFXVDIRUIHLWDIRUDGDVQRUPDV3RUH[HPSOR
YRFrpIHLD HHXQmRYRXOKHFRPHUQmRVHGL]XPDFRLVDGHVVDVD XPD PXOKHU
3DUDQmR ID]HUXPDLQLPLJDPRUWDORUHFXVDGRUWHPTXH VHUDUWLVWD-iDPXOKHU
SRGH UHFXVDU SHUIHLWDPHQWH H PHVPR QRV SLRUHV WHUPRV SRVVtYHLV  YRFr QXQFD
Wi"DVPXOKHUHV VDEHPGRTXHHVWRXIDODQGRVRXXPDIHPLQLVWD HVFODUHFLGD
SURJUHVVLVWD VRX XP JUDQGH KRPHP IrPHD 6LP HX ILTXHL FRP SHQD GHOH 3HQD
SURSULDPHQWHQmRSUHFLVRGH XPDSDODYUDPDLVDGHTXDGD)LTXHLQXPDSRVWXUD PHLR
ILORVyILFD PHLR PHODQFyOLFD 1mR p EHP PHODQFyOLFD p D GH XP
VRUULVR FKDSOLQLDQRWDOYH]7HPXPD SDODYUDLQJOHVDTXHHVWi]DQ]DQGR DTXLHP
WRUQR GH PLQKD FDEHoD FRPR XPD PDULSRVD HP WRUQR GH XPD OkPSDGD 'HWHVWR XVDU
SDODYUDV HVWUDQJHLUDV SRUTXH DV SRUWXJXHVDV PH IDOWDUDP PH VLQWR XPD GpELO
PHQWDOLVVRVyVHSHUGRDHP DOHPmRTXHWHP SDODYUDV SDUD GHVLJQDU FRLVDV TXH
Vy DOHPmR VHQWH %HP QmR  WHQKR LQVHWLFLGD DTXL ZLVWIXO )LTXHL DVVLP PHLR
ZLVWIXOROKDQGRSDUDHOHFRPRVHHXHVWLYHVVHjGLVWkQFLD GHVWDFDGDGDFHQD
(XWLQKDWRGDVDVDUPDVHOHVyWLQKD REULJDo}HVVySRGLDUHDJLUFRPRHVWDYD QR
FyGLJR H HX MRJXHL WXGR HP FLPD GHOH %RPEDUGHLR GH VDWXUDomR DUWLOKDULD
H LQIDQWDULD EOLQGDGD (X Mi GLVVH LVVR PDV SRVVR UHSHWLU SDUD HQIDWL]DU
PHVPRSRUTXHpYHUGDGH(XHUDOLQGDGHDUUHSLDUDWp KRMHVRXERQLWDPDVFODUR
TXHQmRWHQKRRYLoRGDMXYHQWXGHH VHLTXHQmR WHQKRRPHVPRROKDUGHSRLVGRV
TXDUHQWD QLQJXpP WHP R PHVPR ROKDU 0DV QHVVH GLD HX WLQKD WXGR 'HXV PH IH]
DVVLP OHPEURTXHILQJLDHVSRQWDQHLGDGHHFDVXDOLGDGH PDVSDVVDYDKRUDV GLDQWH
GRHVSHOKRjVYH]HVQXDPHDGPLUDQGRHHQVDLDQGRWXGR GRULVRDRDQGDU 7DQWR
HQVDLHLTXH PXLWDFRLVDWDOYH]WXGR SDVVRXDID]HUSDUWHGHPLPQmRVHLPDLV
R TXH p QDWXUDO RX R TXH PH FRQGLFLRQHL D ID]HU $FKR TXH PH OHPEUR GR ULVR
VLPR ULVRpFHUWR(XULDKLKLKLPH DFKDYD XPD JDUULQFKD ( WUHLQHL PXLWR
SDUD ULU KDKDKD WDQWR TXH KRMH Vy ULR KDKDKD H DLQGD ODQoR D FDEHoD SDUD
WUiVQDGDGLVVRp UHDOPHQWHHVSRQWkQHRHP PLP(HQWmRHXMRJXHLWXGRHPFLPD
GHOH FDGD GHWDOKH GR YHVWLGR GR GHFRWH DERWRDGR GHVFXLGDGDPHQWH GDV
VREUDQFHOKDV GD ERFD GRV RPEURV GR SHVFRoR GRV MRHOKRV GRV SpV
GRV TXDGULV GDV SHUQDV HX VDELD HX VDELD WXGR $LQGD QmR VDELD GR TXH
LQWHUHVVDYDDHOHPDLVSDUWLFXODUPHQWH PDVMiWLQKDXPDYDJD LGpLD3pV0mRV
PLQKDV PmRV GH GHGRV ORQJRV PDV VXDYHV H FKHLRV DV XQKDV FRPSULGDV HVPDOWDGDV
GH YHUPHOKR /iELRV ROKRV GHQWHV 0HXV GHQWHV DWp KRMH VmR HVWDV SpURODV
WRGRV QDWXUDLV QXQFD SHUGL QHQKXP 0HXV GHQWHV PRUGHQGR OHQWDPHQWH R DU
HQWUH PHXV OiELRV FDUQXGRV PLQKD OtQJXD SDVVDQGR TXDVH LPSHUFHSWLYHOPHQWH SRU
HQWUHHOHVHXHUDPRUWtIHUD0HXFKHLUR PLQKDVFXUYDVPLQKDVKDUPRQLDVPHXV
WUHMHLWRV HX VHPSUH HQORXTXHFL RV KRPHQV TXH TXLV HQORXTXHFHU GHFLIUR WRGRV
VHL GRV TXH JRVWDP GH HQWUHYLV}HV LQGHILQLGDV GRV TXH VXFXPEHP D XP SRUWH
HUJXLGRGHWRGRVRVDUTXpWLSRVTXHSRGHPVXUJLUQHOHV HXVHLWHQKRWDOHQWR H
HVWXGHL DSULPRUHL HVVH WDOHQWR e SRU LVVR WXGR TXH HX GLVVH TXH WLQKD SHQD
GHOHPDVQDYHUGDGHQmR WLQKDHQmRWLYHHQmRWHQKRILFRZLVWIXO
 &RLWDGR 4XDQGR QyV ILFDPRV D VyV QD VDOD HOH YLURX XPD SLOKD FKHJRX D
WUHPHU PDV DFKR TXH Mi HVWDYD OLJDGR QD WUDQVDomR FODUR TXH HVWDYD HPERUD
QDGD GH PDLV FRQFUHWR WLYHVVH DFRQWHFLGR QHVVH GLD )LFDPRV FRQYHUVDQGR TXDVH
PHLD KRUD H TXDQGR QRV GHVSHGLPRV DSHUWHL D PmR GHOH FRP IRUoD
H SURORQJDGDPHQWH H UXERUL]HL GH SURSyVLWR QRYDPHQWH H GLVVH DWp ORJR
SURIHVVRU FRPR TXHP QmR TXHULD LU HPERUD H QRV ROKDPRV HQTXDQWR HOH VHJXLD
FDPLQKR $ SDUWLU GDt SRGH VH GL]HU TXH Mi HVWiYDPRV QDPRUDQGR (UD XPD
FRLVLQKD DWUiV GD RXWUD WRGR GLD XP SURJUHVVLQKR PDV HX ILTXHL LPSDFLHQWH H
UHVROYL GDU XPD VROXomR WmR UiSLGD TXDQWR SRVVtYHO jTXHOH FKRYHQmRPROKD
H DIHWHLQRYDFULVHGHQHUYRVLVPRVHJXLGDGHUHQRYDGDDSHODomR YXOJDUGDQHVH
(ORJLHL D PXOKHU GHOH GL]HQGR TXH Vy SRGLD VHU XPD PXOKHU H[FHSFLRQDO SDUD
DWUDLU XP KRPHP FRPR HOH $t DFUHVFHQWHL TXH QmR SRGLD IDODU DTXHODV FRLVDV
ILFDYDPXLWR QHUYRVDHERWHLDPmRGHOHQRPHXFRUDomRRXWUDYH] TXHUGL]HU QR
PHXSHLWRpFODURHGHVWD YH]GRLVGRVGHGRVGHOHSDVVDUDP GDEOXVD HURoDUDP
QDERUGDGHPHXVXWLmYHMDFRPRPHXFRUDomR HVWiSDOSLWDQGRGLVVHHXHXYRX
PRUUHU ( Dt  WHQKD D VDQWD LPSDFLrQFLD QmR GDYD PDLV SDUD DJXHQWDU DTXHOD
OHQWLGmR  GHL XP EHLMR QHOH XP EHLMLQKR Vy PDV HOH QmR VH VHJXURX H
SDUD JUDQGH VXUSUHVD PLQKD PH GHYROYHX R EHLMR )HOL]PHQWH HUD SHUWR GR PHLR
GLD FRPR GD YH] DQWHULRU H QLQJXpP HVWDYD SRU SHUWR SDUD HVSLRQDU H GHSRLV
GHVVH GLD SDVVHL D WRPDU WRGR WLSR GH RXVDGLD SRVVtYHO VHPSUH TXH WLQKD
RFDVLmRSDVVHLRGHGRSHORVFRQWRUQRV GRURVWRGHOHHQFRVWHLRMRHOKRQR GHOH
ERWHL ORJR SDUD TXHEUDU WDQWR TXDQWR VH SRGLD QDTXHOD pSRFD DLQGD PDLV HX
TXHUHQGRDR PHVPRWHPSRPDQWHUDLPDJHPGHLQRFHQWH HQOHYDGD ( R TXH HX IDOHL
PDOGHPHXQRLYR IRLXPIHVWLYDOFRLWDGRHOHDSHVDUGH WXGRQmRPHUHFLDPDV
HX SUHFLVDYD IDODU TXH Mi HVWDYD IDUWD GH UDSD]LQKRV TXH QmR VXSRUWDYD PDLV
LPDWXULGDGH H IDOWD GH H[SHULrQFLD H WXGR PDLV TXH PH RFRUUHX SDUD FRPSDUiOR
PDOFRP RRXWURVLQWRXPDFHUWDYHUJRQKD]LQKDDWpKRMHPDVYDOHWXGR QDJXHUUD
HQRDPRU
2GHVYLUJLQDPHQWR
(VVHIRLUHDOPHQWHXPJUDQGH GLDD FXOPLQDomRGHPXLWDGHGLFDomR HWUDEDOKR
iUGXR 3ULPHLUR WLQKD R OXJDU GR HQFRQWUR (OH GDYD DXODV GH QRLWH QD
$VVRFLDomR GRV )XQFLRQiULRV 3~EOLFRV GH PDQHLUD TXH D JHQWH FRQVHJXLD
VH HQFRQWUDUSHORVHVFXURV4XDVHVHPSUH HOHSHJDYDRFDUURGRSDL HPSUHVWDGRH
PH SXQKD GHQWUR GHOH GHSRLV GH JUDQGHV FDXWHODV SDUD QmR VHUPRV SLOKDGRV
(QWUDU HP FDUUR HUD PXLWtVVLPR PDOYLVWR H RV FDIDMHVWHV WRGRV PHQWLURVRV H
PDOIRGLGRVH PDOIHOL]HVGL]LDPFRLVDVFRPRHQWURXQRPHXFDUURHX PHWRORJR D
PmRQDVFR[DVRX HQWmRHXVDLRVDFXGLQGRDVFKDYHVGRFDUUR HSLQJRJDVROLQD
QR OHQoR H R PXOKHULR FKRYH HP FLPD GH PLP  SDEXODJHP SDWpWLFD QmR ID]LDP
QDGDGLVVRFDQVHLGHHQWUDUHP FDUURHVHHVWDYDDILPGR PRWRULVWDWHUTXH
PH YLUDU SDUD HOH ID]HU DOJXPD FRLVD (QWmR R FDUUR QmR HUD VLPSOHV FRP
WRGRV DTXHOHV VXEWHUI~JLRV H VREUHVVDOWRV ( DOpP GLVVR HVWDYD DEVROXWDPHQWH
IRUD GH TXHVWmR SHUGHU D YLUJLQGDGH QXP FDUUR QmR WLQKD QDGD D YHU FRP PHX
VFULSW9LUJLQGDGHVyVH SHUGHXPDYH] HMiTXHHXFULDUDDRSRUWXQLGDGHSDUD
PH OLYUDU GHOD GR MHLWR TXH LGHDOL]DUD QmR LD GHVSHUGLoDU VDWLVIDomR WmR
SOHQD0HX VFULSWHUDWD[DWLYRUHTXHULDFDPDFRPWRGDVDVOHWUDV( WUDQVDUHP
FDUUR IUDQFDPHQWH Vy HP FHUWRV FDVRV QDV UDUDV RFDVL}HV HP TXH WHP R VHX
OXJDU HPERUD H[LVWD PXLWD JHQWH TXH WHP XPD FHUWD SHUYHUVmR DXWRPRELOtVWLFD
DGRUDWUHSDUHPFDUURV
( PHVPR TXH QmR  KRXYHVVH HVVHV SUREOHPDV HOH QmR  TXHULD WLUDU PLQKD
YLUJLQGDGH IRL XPD OXWD $Wp KRMH GRX ULVDGD TXDQGR SHQVR TXH HVWDYD FRP
YRQWDGH GH FKXSDU HOH KDYLD QmR VHL TXDQWR WHPSR H TXDQGR HOH ILQDOPHQWH PH
FKXSRXSHODSULPHLUDYH] HPXLWR PDOSRUVLQDOFKHLRGH GHQWHVHXVDQGRD
OtQJXDFRPRXPDUDGRKLSHUFLQpWLFRHX GLVVHDJRUD TXH YRFr IH] FRPLJR HX
YRXID]HUFRPYRFrPDFKXFD"
9RFr QmR YDL GHUUDPDU QD PLQKD ERFD HVVD FRLVD TXH HVSLUUD YDL" &DQDOKD
FDQDOKD0DVQmRHUDRTXHTXHULDP"'DQoDUFRQIRUPHD P~VLFDPXLWDVYH]HVQmRp
XPDPiLGpLD(WLYHGHYHQFHUD LPSDFLrQFLDSRUTXHHUDDSULPHLUD YH]TXHHX
FKXSDYD XP KRPHP FODUR DTXLOR Vy HOH Vy HOH H HQWmR WLQKD GH ILQJLU TXH
QmR VDELDFKXSDUFRPRYLJRUHDFDWHJRULDTXHVHPSUH WLYHWLQKDTXH SHUJXQWDU
GHQRYRVHPDFKXFDYDWLQKDTXHDIHWDUIDOWDGHMHLWR XPVDFRH HXGRLGDTXH
HOHJR]DVVHQDPLQKDERFDHHOH DFUHGLWDQGRQDTXHODIUHVFXUDSUHOLPLQDUGR HVVD
FRLVDTXH HVSLUUDHWLUDQGR RSDXIRUDGHPLQKDERFDSDUDJR]DUQDPLQKD PmR
DWp TXH HX QmR DJHQWHL H JUXQKL JR]H QD PLQKD ERFD H UHHQILHL R SDX GHOH
WDQWRTXDQWRSXGHQDERFDHVySDUHL TXDQGRVHQWLHOHJR]DQGRTXDVHHP PLQKD
JDUJDQWD DWp KRMH QmR GHYH WHU HQWHQGLGR QDGD H SRU PLP PRUUH VHP HQWHQGHU
FHUWDV EXUULFHV VmR LQGHVFXOSiYHLV H p ERP TXH KDMD PLVWpULRV LQVRQGiYHLV HP
QRVVDVELRJUDILDV
2SUREOHPDGRORFDOGRFULPHQmRIRLGHUHVROXomRVLPSOHV(X WLQKDXPDPLJR
PHOKRU GL]HQGR XPD YHUGDGHLUD DPLJD TXH Vy IDOWDYD VDLU SHOD UXD YHVWLGD GH
PXOKHU XPD ELFKD IUDQFHVD FKDPDGD &ODXGH TXH WLQKD XPD JDOHULD GH DUWH
HP 6DOYDGRU H TXH PRUDYD VR]LQKD H PH HPSUHVWDYD D FDVD QD KRUD HP TXH HX
TXHULD )RL XPD SURGXomR LQYHQWDU XP MHLWR GH GL]HU D =p /XtV VHP OHYDQWDU
VXVSHLWDV TXH QyV SRGtDPRV XVDU D FDVD )XL REULJDGD D GL]HU TXH DMXGDYD R
IUDQFrVQRVFDWiORJRVHQDV PRQWDJHQVGHH[SRVLo}HV  GH IDWR DMXGDYD PHVPR
PDV QmR PXLWR  H SRU LVVR WLQKD D FKDYH R IUDQFrV YLDMDYD R WHPSR WRGR
QmR VHL R TXr LPDJLQH D FRPSOLFDomR $UUDQMDU XP GLD HP TXH &ODXGH SXGHVVH
HPSUHVWDUDFKDYHHVDLUGH FDVDHKRUURUGRVKRUURUHV ID]HUFRPTXHHVVHGLD
FRLQFLGLVVH FRP RV GLDV GD WDEHOLQKD $ WDEHOLQKD D IDPRVD WDEHOLQKD $
WDEHOLQKD VDtD HP FHUWRV OLYURV RX HP IRUPD GH IROKHWRV VHPSUH GH DSDUrQFLD
FODQGHVWLQD TXH DV PXOKHUHV QmR WLQKDP FRUDJHP GH PRVWUDU H PXLWR PHQRV GH
FRPSUDU
(UD XPD YHUGDGHLUD PDoRQDULD PXOKHUHV FDVDGDV FRPSUDYDP SDUD GDU VHFUHWDPHQWH
jV DPLJDV VROWHLUDV WXGR VH SDVVDYD HQWUH FRFKLFKRV H WURFDV IXUWLYDV GH
HPEUXOKLQKRVUHIHUrQFLDVHPFyGLJRXPD VXEFXOWXUDFRPSOHWD KRMHSHUGLGDFRPR
DV UHYLVWLQKDV GH &DUORV =pILUR $OJXQV GHVVHV OLYULQKRV HUDP DWHUURUL]DQWHV
FRP GHWDOKHV LQWLPLGDGRUHV VREUH XPLGDGH YDJLQDO WHPSHUDWXUD H WDQWDV
RXWUDV FRLVDV TXH PXLWD PXOKHU GHYH WHU SUHIHULGR D FDVWLGDGH D
WDQWD DSRUULQKDomR SRU XPD FRLVD TXH Mi QmR IDODYD j DOPD WDQWR DVVLP $JRUD
H[LVWHP SURJUDPDV GH FRPSXWDGRUHV SDUD RV FDWyOLFRV QDWXUHEDV GRHQWHV H
RXWURV TXH QmR XVDP RX HVWmR SURLELGRV GH XVDU TXDOTXHU RXWUR PHLR GH HYLWDU
ILOKRV
6yYLXPGHUHODQFH PDVLPDJLQRTXHKiDOJXPHPTXHD PXOKHUGLJLWDRVGDGRV
GHOD H HOH UHVSRQGH <RX PD\ IXFN VDIHO\ WRPRUURZ 7KXUVGD\ U/H WK IURP
DPWRSP
5HPHPEHULI\RXGRQW NQRZ\RXUSDUWQHUZHOOLWVDOZD\VRQWKH ZLVHVLGHWR
PDNHVXUHKHZHDUVDFRQGRP2X+L3HJJ\KHUHDUH \RXU)XFNLQJ+RXUVIRUWKLV
ZHHN +DSS\ FDYRUWLQJ WHHKHH 1mR VHL VH JRVWR GLVVR PDV HP WRGR FDVR
DUJXPHQWHVH TXH p XP SURJUHVVR +RMH XPD PHQLQD TXH VH Gi PDO FRP StOXODV RX
HVWi GHVSUHYHQLGDSRGHFOLFDUHPWUrVOXJDUHVHUHFHEHURVLQDO GH )7))UHH7R
)RUQLFDWH p RXWUD FRLVD $MXGD WDPEpP D WHU FHUWH]D GD SDWHUQLGDGH TXDQGR VH
HVWiGDQGRSDUDPDLV GHXP VLPXOWDQHDPHQWH(XWHQKRXPDDPLJDTXH QmRVDEHRV
SDLVGHGRLV GHVHXVILOKRVGHWmRSDQRUDPLFDPHQWHTXHHODGDYD+RMH QHP TXHU
PDLVVDEHUPDVLVVRIRLXPJULORGXUDQWHFHUWRWHPSR
(QILP WXGR YDL ILFDQGR PDLV IiFLO HPERUD QmR QHFHVVDULDPHQWH PHOKRU $
WDEHOLQKD GHYLD VHU HVWXGDGD SRU DOJXP ERP KLVWRULDGRU HUD XPD LUPDQGDGH
VHFUHWDPDLVEHPPDQWLGDGRTXHR3&0DVOi HPFDVDQmR OiHPFDVDRUHJLPH
HUDGLIHUHQWHHSHGLXPDD PLQKDPiHTXHDSURYLGHQFLRXORJRHVyIH]FRPHQWDU
TXHMiHUD WHPSRGHHXWHUPLQKDWDEHOLQKDVHHODVRXEHVVHTXHHXQmR WLQKDMi
KDYHULDFRQVHJXLGRXPDPLQKDPmHHUDH[WUDRUGLQiULD
+RMH PH DUUHSHQGR GH QmR WHU VLGR PDLV FKHJDGD D HOD PDV IRL WXGR WUDXPD GH
LQIkQFLD HX DFKR 7HP JHQWH TXH GL] TXH WXGR p WUDXPD GH LQIkQFLD H GHYH VHU
YHUGDGH(XWHQKRSUDWLFDPHQWH FHUWH]DGHTXHPLQKDPmH FRUQHDYD PHX SDL FRP R
LUPmRGHOHH WDOYH]FRPRXWURVFHUWDPHQWHFRPRXWURV$JRUD YRFrYHMDRTXH p
TXHHXWHQKRFRPLVVRSRUTXHpTXHHXWDQWRWHPSRSXVLVVR HPMXOJDPHQWRORJR
HX" e ORJR HX VRX FRQVWUDQJLGD D UHFRQKHFHU QmR VHP XPD FHUWD YHUJRQKD XP
UHVVHQWLPHQWR FRPLJR PHVPD 0LQKDV HPRo}HV TXDQWR D LVVR VHPSUH IRUDP PXLWR
FRQIXVDV HX PHVPD QmR FRPSUHHQGR GLUHLWR (X VHL TXH DFKDYD PHX SDL D PDLRU
WHVmRHWLQKDFL~PHVGHOHHUDLYDGHODHWDOYH]WHQKDVLGR SRULVVRTXHHX WHQKD
IHLWRDTXLORFRPPHXWLR$IRQVRHGHFHUWD IRUPDWHQKDPHYLQJDGRGHWLR$IRQVR
RX GHOD FRP PHX WLR XPD FRQIXVmR GHSRLV HX YHMR VH GHVWULQFKR WXGR LVVR
GHSRLV HX IDOR HP WLR $IRQVR SULPHLUR HX TXHUR DFDEDU HVVD KLVWyULD
GD WDEHOLQKDHGRGLD'HPTXHILQDOPHQWH=p/XtVQHUYRVtVVLPR EDWHXQDSRUWD
GDFDVDRQGHHXMiHVWDYDHVSHUDQGRVXELQGRSHODV SDUHGHVGHWDQWDDQVLHGDGHH
MiWHQGRPHPDVWXUEDGRGXDVYH]HV YiULRVRUJDVPRVLQWHQVtVVLPRV
$ WDEHOLQKD IDOKDYD R WHPSR WRGR DUTXLYiYDPRV FDVRV H PDLV FDVRV QR
IROFORUH GH QRVVD WXUPD PDV HUD R PHQRV UXLP GHVFRQWDQGR p FODUR D
FDPLVLQKD (X MDPDLV DGPLWLULD VHU GHVYLUJLQDGD FRP FDPLVLQKD MDPDLV ,PDJLQH
RQGH ILFDULD R WUHFKR GH PHX VFULSW TXH GL]LD HQTXDQWR HOD Gi XP JHPLGR
DEDIDGR HQWUH D GRU H R SUD]HU GD IrPHD HOH D SHQHWUD FRP XP Vy
LPSXOVR YLJRURVR DEUHOKH PDLV DV SHUQDV LQLFLD XP PRYLPHQWR GH YDLHYHP
SURIXQGRHILQDOPHQWHHQWUHJHPLGRVGHJR]R GHUUDPDOKHQDVHQWUDQKDVR PRUQR
OtTXLGR YLWDO VHP R TXDO HOH QmR p QDGD HOD QmR p QDGD 1mR QDGD GH
FDPLVLQKDWLQKDTXH VHUDWDEHOD2VRXWURVPpWRGRVQmRH[LVWLDPPXOKHU VRIUHX
PXLWR FRPLVVRDWUDYpVGRVWHPSRVHUDPXLWRFHUFHDGRUGDOLEHUGDGH
$OJXpP SRGH DFUHGLWDU TXH DFRQVHOKDYDP DWp VDO Oi GHQWUR SLPHQWDGRUHLQR
D]HLWH GH ROLYD XPD YHUGDGHLUD VDODGD" +DYLD WDPEpP XPDV WDLV LQMHo}HV SDUD
DWUDVR GH UHJUDV PDV HX DFKR TXH QD UHDOLGDGH HUDP DERUWLYDV H FRPR PLQKDV
UHJUDVQXQFD DWUDVDUDPQXQFDSUHFLVHL1RUPD/~FLD SHVTXLVDYDHVVDVFRLVDV QDV
ELEOLRWHFDV H PXVHXV GH WXGR R TXH HUD FDQWR DRQGH LD H GHVFREULX UHFHLWDV
KHGLRQGDV FRPR SRU H[HPSOR XPD GR (JLWR DQWLJR TXH SUHVFUHYLD FRFR GH
FURFRGLORHRXWUDQmRVHLGH RQGHFXMDEDVHHUDFRFRGHHOHIDQWH$FKRTXH Mi
IDOHL TXH DV SXWDV JUHJD WRPDYDP QD EXQGD 1RUPD /~FLD YLX XP MDUUR QR
0XVHX %ULWkQLFR TXH HX WDPEpP YL GHSRLV 2 PXQGR WLQKD IHLWR PXLWR SRXFR
SURJUHVVR DQWHV GD StOXOD H GHVVHV RXWURV WURoRV FRPR R ',8 &RPR VH PDWRX H
PRUUHX SRU FDXVD GLVVR PHX 'HXV GR FpX ( HX WDPEpP Mi GLVVH QmR VDELD TXH
HUDHVWpULOHQWmRDWDEHOLQKD HUDVDJUDGD
1XP SURGtJLR GH FRRUGHQDomR XPD DXWrQWLFD RSHUDomR GH JXHUUD SDUHFHQGR
ILOPHLQJOrVGHHVSLRQDJHPILQDOPHQWHFKHJRXRGLD
4XDWUR KRUDV GD WDUGH HX GDTXHOH MHLWR TXH Mi FRQWHL XP PDUHPRWR GH WHVmR
ODWHMDQWHHOH DWUDVDGRXPD DIOLomR7LYHTXHPHFRQWHUSDUDQmRFDLUHPFLPD
GHOH DVVLP TXH SDVVHL D FKDYH H R IHUUROKR QD SRUWD PDV FRQVHJXL PH
VHJXUDU ILTXHLHP SpMXQWRGHOHHHOHGHSRLVGHXPDHWHUQLGDGHS{VD PmRQR
PHXRPEURHGLVVHFRPRYDLYRFr"
9RXEHPYRXEHP9RXQHUYRVD
1HUYRVD"
2TXHpTXHYRFrDFKD"0LQKDVSHUQDVHVWmRWUHPHQGR
(VWDYDPPHVPRHHOHDLQGDGHPRURXSDUDID]HUDOJXPDFRLVDDOpP GHERWDU DPmR QR
PHX RPEUR DWp TXH ILQDOPHQWH GHVHQFDQWRX H DJDUUDGRV PHVPR IRPRV SDUD R
TXDUWRTXHGDYDSRUWDSDUDR FRUUHGRUHRQGH&ODXGHWLQKDVXDFDPDGHFDVDO SDUD
UHFHEHU UDSD]HV XP TXDUWR SHQXPEURVR GHQWUR GH XPD IORUHVWD GH
TXDGURV HVFXOWXUDV H ELEHO{V FRP SDUWH GR WHWR H XPD SDUHGH FREHUWDV
SRU HVSHOKRV6HQWDPRVQDFDPDROKDQGRIL[RXPQRRXWURHXID]HQGR PLQKDPHOKRU
FDUDGHFRUoDQRFLRDOFDQoDGDSHORPDFKRVHPQHP SUHFLVDUPXLWRSRUTXHHVWDYD
PHVPR IRUD GH PLP GH WHVmR (OH PH GHVDERWRRX D EOXVD HX R DMXGHL D WLUiOD
FRP XP VRUULVR OHYH VHP PRVWUDU RV GHQWHV H EDL[DQGR RV ROKRV (OH PH EHLMRX
EHP Mi WLQKD DSUHQGLGR FRPLJR ( S{V D PmR QR IHFKR GH PHX VXWLm QRYLGDGH
WHFQROyJLFD QD pSRFD XP DPHULFDQR TXH 1RUPD /~FLD PH WURX[H GH SUHVHQWH GR
WLSR TXH VROWDYD FRP XPD SUHVVmR]LQKD GRV GHGRV 0HXV GRLV SHLWRV SXODUDP
OLYUHV WUrIHJRV H OLQGRV FRPR OXDV FKHLDV DV DUpRODV URVDGDV TXDVH DSRQWDQGR
SDUD R DOWR RV ELFRV WHQVDPHQWH HQULMHFLGRV DV FXUYDV GHOLFDGDV VH
GHVGREUDQGR HP PLO RXWUDV VHP FHVVDU H HOH HQILRX R URVWR QR PHLR GHOHV
1mR VHLFRPRORJRHVWiYDPRVQXVHGHLWDGRVMXQWRVHUHVROYL TXH ILFDULDRPDLV
TXLHWDSRVVtYHOQDFDPD HVyPHPH[HULDHPFDVR GHHPHUJrQFLDSDUDHYLWDUXPD
EDUEHLUDJHPPDLVJUDYHHQTXDQWR HOHGHVFLDDERFDGRVPHXVSHLWRVSDUDR XPELJR
H ILQDOPHQWH Oi HPEDL[R TXH IRL TXDQGR HX QmR  PH FRQWUROHL H  VHJXUHL D
FDEHoD GHOH HQWUH PLQKDV SHUQDV H JR]HL WmR SURIXQGDPHQWH TXH DFKHL TXH LD
PRUUHU4XDQGRSDUHLGHJR]DUSHQVHLTXHHOHLDTXHUHUTXH HXR FKXSDVVHWDPEpP
XPSRXFRHHXHVWDYDFRP YRQWDGHPDVPDO UHVYDOHLRVOiELRVQRSDXGHOHHOH
UHFXRX RV TXDGULV ILFRX GH MRHOKRV GLDQWH GH PLP H PH GLVVH
HQFDQWDGRULVVLPDPHQWH PDFKLVVLPDPHQWH QR PHOKRU VHQWLGR  $EUD DV SHUQDV
SDUDPLP
(XDEULHOHFXUYRXPHXVMRHOKRVSDUDFLPDDIDVWRXPLQKDV FR[DVDLQGDPDLV
DL TXHPRPHQWROLQGRHQFRVWRXDJODQGH EHPQROXJDUFHUWRDJDUURXPHXV
RPEURVFRP RVEUDoRVHPJDQFKR SHODVPLQKDVFRVWDVDEULXDERFDSDUDPHEHLMDU
FRPDOtQJXD HQURVFDGDQDPLQKDHQXPPRYLPHQWR~QLFR HSRGHURVR VHHQILRX HP
PLP6HQWLXPDGRU ILQDHTXDVHXPHVWDORFKHJXHLDTXHUHU GHVOL]DUGHFRVWDV
SHOR FROFKmR DFLPD PDV HOH VRPHQWH HQILRXVH HP PLP DWp R FDER H ILFRX Oi
GHQWUR SDUDGR PH VHJXUDQGR IRUWH SDUD Vy HQWmR WHUPLQDU R EHLMR HUJXHU R
WURQFRHFRPHoDUDPH IRGHUROKDQGRSDUDDPLQKDFDUD(HQWmRFRPD H[SUHVVmR
GH KRPHP PDLV ERQLWD TXH Mi YL QD PLQKD YLGD H H[DODQGR XP FKHLUR SDUD VHPSUH
LUUHSURGX]tYHOJR]RXPXLWRIXQGRGHQWUR GHPLPHHX VHQWLVHQWLPHVPRDTXHOH
MDWRPHLQXQGDUJORULRVDPHQWHDRV ERUERW}HVDTXHODSLFDJURVVDHPDFLD SXOVDQGR
HUHWD GHQWUR GH PLP DL (X QmR JR]HL PDV Vy WHFQLFDPHQWH SRUTXH GH RXWUD
IRUPD JR]HL PXLWR QDTXHOH PRPHQWR QmR SRVVR GHVFUHYHU PLQKD IHOLFLGDGH PLQKD
SURIXVmRGHVHQWLPHQWRVPHVHQWLU PXOKHUPH VHQWLUIRGLGDPHRUJXOKDUGHWHU
VLGR HVSRUUDGD HP PHLR D PHX VDQJXH VHP IULFRWHV FRPR XPD YHUGDGHLUD IrPHD
GHYH VHU LQDXJXUDGD SRU XP YHUGDGHLUR PDFKR -i OL PXLWRV OLYURV HUyWLFRV H
SRUQRJUiILFRV D PDLRU SDUWH GHWHVWiYHO Mi YL WXGR PDV QDGD SRGH HVSHOKDU
DTXHOHLQVWDQWHQDGDQDGD QDGDQDGDDWpKRMH PHPDVWXUERSHQVDQGRQDTXHOD
KRUDPLQKDIDQWDVLDSHUIHLWDPHQWH UHDOL]DGD
)LFDPRVDPDQWHVXQVWHPSRVDWpSRUTXHDFDEHLPHXQRLYDGR=p /XtVVHUHYHORX
XPDFDPDGHSULPHLUDFDWHJRULD HPHVPRGHSRLV TXHQRVDIDVWDPRVDLQGDGiYDPRV
XPDV LQFHUWDV XPD YH] QD SUySULD IDFXOGDGH Oi QR WHUUDoR 'HSRLV GHOH HX
FRPHFHL D DFKDU PHX QRLYR XP FKDWR FRP JRVWR GH MXMXED YHOKD $OpP GLVVR
FRPR HXSRGLDGL]HUDHOHTXHQmRHUDPDLVYLUJHPHQmRWLQKD VLGR HOHRDXWRU
GD IDoDQKD" 6DELD TXH FHUWDPHQWH YLULD D HQFRQWUDU HVVH PHVPR SUREOHPD QR
IXWXUR PDV QmR PH LQWHUHVVDYD SUHIHULD QmR SHQVDU QLVVR (X QmR FRQVHJXLD
VXSRUWDU HVWDU DJRUD KDELOLWDGD D WRGR WLSR GH VH[R H WHU GH ILQJLU TXH QmR
HVWDYD
&RPHoRX D PH GDU XP FHUWR QRMLQKR GHOH e KRUUtYHO TXDQGR LVVR DFRQWHFH WmR
KRUUtYHO TXH PXLWD JHQWH VH UHFXVD D UHFRQKHFHU TXH SDVVRX SRU LVVR PDV D
YHUGDGH p TXH DQWHV GH D JHQWH VH OLYUDU GH DOJXpP jV YH]HV Gi XP QRMLQKR
+RUUtYHODWpSRUTXHDSHVVRD SRGHQmRWHUFXOSD PDV GH UHSHQWH ILFD QRMHQWD
FKHLURV LQDFHLWiYHLV PDQFKDV GH SHOH LQVXSRUWiYHLV URXSDV VXMDV UHSHOHQWHV
KiOLWR DVFRVR FDEHOR IHGLGR WXGR LUUHPHGLDYHOPHQWH QRMHQWR &RPR HX SRGLD
FRQYLYHU FRP DTXHOD FRQWUDIDomR WRGD DLQGD PDLV QXPD LGDGH HP TXH WRGRV QyV
VRPRV UDGLFDLV H LQWROHUDQWHV" 1mR SRGLD 0DQGHLR j PHUGD GHL XP FKXWH QD
EXQGD GHOH QR ILP GH XPD QRLWH HP TXH HOH QmR VDELD PDV HX HVWDYD GDQGR D
VDLGHLUD GHOH $SDUHQWHPHQWH IRL XPD KRPHQDJHP GH GHVSHGLGD XPD FRQVLGHUDomR
ILQDO PDV TXDOTXHU SHVVRD GH VHQVLELOLGDGH QRWD TXH IRL GH XPD HVFURWLGmR
DEVROXWD (X QmR WLQKD SURSULDPHQWH PRWLYR SDUD VHU HVFURWD FRP HOH PDV
HX TXHULD p R LQVWLQWR SHOYHOVR FRPR H[SOLFDYD XPD QHJUD Oi GD LOKD TXH
ILFDYDDSUHFLDQGRVLULVPRUUHUHPHPIRJROHQWR [LQJDQGRRVEDL[LQKR2LQVWLQWR
SHOYHOVRVHDSRGHURXGHPLPH HQWmRHXIL]LVVR QmRKiRTXHH[SOLFDU6DtPRV
GHFDUUR H IRPRVSDUDXPPRUURGR5LR9HUPHOKRDPHXSHGLGR4XDQGRFKHJXHL Oi
DEULDFDSRWDILTXHLGHSp HWLUHLDURXSD(PVHJXLGD PDQGHLTXHHOHWLUDVVH
WDPEpPDURXSDHQTXDQWRHXPHUHTXHEUDYD HPSpQREDQFRGHWUiV(DtFRP XPD
OXDGHVFRPXQDOLOXPLQDQGR DEDUUDGDEDtDGH7RGRVRV6DQWRV HXHQFDUQHLWRGDV
DV GHXVDV GR DPRU WRGDV DV GLDEDV GHVDEULGDV TXH SRYRDP R XQLYHUVR D /X[~ULD
FRPVXDVWUDLoRHLUDVVRPEUDVFROHDQWHVHVHXVHVWDQGDUWHV LPRUDLVVHXFKDPDGRj
GHYDVVLGmR j GLVVLSDomR H j HQWUHJD D WRGRV RV JR]RV GH WRGRV RV PDWL]HV DWp
FKHJDUjPRUWHODVFLYD HXHUDD/X[~ULDLQWHJUDOEDL[DGDDOL SDUDUHLQDUFRPR
XP HVStULWR LPLVHULFRUGLRVR H LQYHQFtYHO QDTXHOH PRUUR DVVRPEUDGR H VXDV
UHGRQGH]DV SHWULILFDGDV (X IL] WXGR FRP HOH WXGR D SRQWR GH DFKDU TXH HOH
GHVIDOHFHULD(QHPSHUJXQWRX QDGDTXDQGR HXVHQWHLHPFLPDGRSDXGHOHHHOH
YLX TXH HX Mi HVWDYD ORQJH GH VHU YLUJHP 1mR SHUJXQWRX QHP HX GLVVH QDGD
'HSRLVGHWXGR RTXHIL]HPRV VDtGRFDUURYHVWLDURXSDDMHLWHLRFDEHORH D
PDTXLODJHPPHFRPSXVFRP FDOPDYROWHLSDUDRFDUURHDR VHQWDUSHGLFRPXP
VRUULVRUHFDWDGRTXDVHSXGLFRTXHHOHPH OHYDVVHHPFDVD)RPRVHPVLOrQFLRH
ROKDQGRSDUDDIUHQWH HX FXUWLQGRRYHQWRQRURVWRHDFKDQGRDSDLVDJHPPXLWR
PDLVERQLWD TXHGHKiELWR4XDQGRFKHJDPRVHOHTXLV PH EHLMDU PDV HX IL] TXH
QmR FRP D FDEHoD H R HPSXUUHL OHYHPHQWH FRP R DQWHEUDoR ( FRP D FDUD PDLV
LPSDVVtYHO GR PXQGR WLUHL D DOLDQoD ERWHL QD PmR GHOH GLVVH TXH PH
HVTXHFHVVHDFHQHLE\HE\HH HQWUHLHOH OiIRUDFRPDDOLDQoDQDSDOPDGDPmR
HVWHQGLGDRTXHL[R FHUWDPHQWHWRFDQGRDFLQWXUD
3DVVDGR R QRMR DWp FKHJXHL D SHQVDU TXH QXP IXWXUR UHPRWR DLQGD SRGHULD
GDU SDUD HOH PDV HOH ILFRX XP GHVVHV FRURDV XQWXRVRV GH GHQWDGXUD UHOX]HQWH
SHOHEURQ]HDGDHHDX[SRXU OKRPPHULGtFXODVGHVVHVTXHYRFrWHPGLILFXOGDGH HP
DFUHGLWDU TXH DOJXP GLD Mi IRL QHQpP RX PHVPR UDSD] MRYHP ( HX GLVVH LVVR D
HOH QR GLD HP TXH HOH YHLR PH SHUJXQWDU QD IHVWD GH DQLYHUViULR GH -XOLQKR
DTXLQR 5LRPHVPRDUHVSHLWRGDTXHOD QRLWHQR5LR9HUPHOKRHOHpREVHGDGRSRU
LVVR $FKR MXVWR 0DV FRPR YRX H[SOLFDU VH QHP PHVPR HX VHL H[SOLFDU" &ODUR
VHL TXHP PH GHVYLUJLQRX PDV QXQFD LULD FRQWDU D HOH FRPR HOH SHGLD (X QmR
SRGLD  UHVROYHU R SUREOHPD GHOH TXH KRMH SDUD SLRUDU HVWi JURWHVFDPHQWH
FDVDGRFRPXPDPXOKHUXQVTXDUHQWDDQRVPDLV QRYD ERP FDQGLGDWR D FKLIUHV VH
Mi QmR RV RVWHQWD 3RU TXH GLJR LVVR R TXH p TXH WHP LVVR" &HUWR FHUWR WHP
UD]mR 1mR VHL $FKR TXH WHQKR XP WUDoR ViGLFR QmR VDGLVPR ItVLFR D QmR VHU
PXLWR OLJKW FRPR TXDQGR ILFR TXHUHQGR VXIRFDU DOJXpP VHQWDQGR QD FDUD GHOH RX
SX[DQGRDFDUDSDUD GHQWURGHPLQKDVSHUQDVFRLVDDVVLPEHP OLJKW-iGHLXQV
WDSDVPDVDSHGLGRHPKRPHQVHPXOKHUHV QXQFDFXUWLPXLWR1XQFDSHUPLWLTXH
PHEDWHVVHPQDFDUDPDV TXLVH[SHULPHQWDUSDOPDGDVFKLQHODGDVHFLQWXUmR OHYH
QmR JRVWHLQmRUHSHWL6RXDLQGDPHQRVPDVRTXLVWDGRTXHViGLFD
&XUWRRVDGLVPRVXSHULRUGLJDPRV DVVLPPDVVHPLGHQWLILFDUPH FRPHOHeFRPR
WRXUDGD (X VHL TXH Ki WRGD XPD EHOH]D HQWUDQKDGD QDV WRXUDGDV WRGD XPD
FXOWXUD WRGD XPD PLWRORJLD WRGR XP FRQMXQWR GH YDORUHV QmR VRX KRVWLO DRV
DILFLRQDGRVPDVQmR JRVWRGHWRXUDGD &RPVDGLVPRHPDVRTXLVPRDPHVPDFRLVD
$ +LVWyULDGH2PHGHL[RXH[FLWDGtVVLPDPDVHXQmRTXHULDVHU2
1XQFD PDV FXUWR WHQKR VHQVLELOLGDGH SDUD VDEHU TXDO p D GHOD H VDEHU FRPR D
GHOD SRGH VHU XP EDUDWR GLJDPRV DVVLP e WLYH DOJXPDV SRXFDV H[SHULrQFLDV
QHVVD iUHD ItVLFD GHSRLV HX IDOR QHODV VH IRU R FDVR &RQVLGHUR PHX VDGLVPR
SVLFROyJLFR PXLWR PDLV LQWHUHVVDQWH LQFOXVLYH SRUTXH p VHOHWLYR p XP SUDWR
IHLWR SDUDDQDOLVWDV
([HPSOR GHVVH PHX QRLYR PXLWRV H[HPSORV H[HPSOR GH WLR $IRQVR R SLRU GH
WRGRV7HQKRFHUWH]DGHTXHFRQWULEXtVXEVWDQFLDOPHQWH SDUDRHQIDUWHGHOH(OH
QmR YDOLD QDGD GH TXDOTXHU MHLWR FRPLD D PXOKHU GR LUPmR PLQKD PmH (X GH
+DPOHWQHVVDKLVWyULDYHMD TXHPDOXTXLFHHXWRGDHOHFWUDWRGDKDPOHWLDQD HP
WRUQRGHXP VHQWLPHQWRFUHWLQRFRPRHVVH$PHXIDYRUGLJDVH TXHVLPHX IL]
RXTXLVID]HUFRLVDVLJXDLVRXHTXLYDOHQWHVPDVQXQFD SURIHVVHLRVYDORUHVTXH
HOHYLYLD DUURWDQGRFRPFDUDGHVDQWD SXWDDUUHSHQGLGDQXQFDIXLDHStWRPHGD
KLSRFULVLD 1mR GHVFXOSD HVIDUUDSDGD QmR FRQYHQFH (VWRX DEHUWD j FUtWLFD
HX PHVPD Mi SHQVHL PXLWR QLVVR GH FHUWD IRUPD YLYR SHQVDQGR 1mR DFKR QDGD
GHPDLVRVXMHLWRFRPHUDPXOKHUGRLUPmRPDVQmR FRQFRUGRHPTXHRLUPmRGHPHX
SDL WLYHVVH FRPLGR D PXOKHU GR LUPmR PHX SDL 1HXURVHV 3RU PDLV TXH PH
GHVJRVWH VRX REULJDGD D DGPLWLU 7UDXPDV GH LQIkQFLD %HP HX QmR HVWDYD
SHQVDQGR QLVVR TXDQGR WLR $IRQVR PH VHQWRX QR FROR H ILFRX GH SDX GXUR HX
DLQGD GHYLD WHU XQV GR]H RX WUH]H DQRV H R ILOKR GD SXWD ILFRX GH SDX GXUR
FRPLJR QR FROR PDV HX GHL[HL 1mR VHL R TXH GHX HP PLP PDV GHL[HL H PH PH[L
EDVWDQWHHPFLPDGRSDXGHOH HGHVVH GLDHPGLDQWHWRGDYH]TXHHOHDSDUHFLD
HXVHQWDYDQRFROR GHOHMiWtQKDPRVDWpXPDVFRPELQDo}HVWiFLWDV$WpTXH PDLV
RX PHQRV XP DQR GHSRLV QR VtWLR GHOH WRGR PXQGR IRL SDVVHDU D FDYDOR H HX
PHQWL TXH QmR LD SRUTXH HVWDYD PHQVWUXDGD H HOH PHQWLX TXH WLQKD GH
VXSHUYLVLRQDU D OLPSH]D GRV FRTXHLURV Mi WtQKDPRV DFHUWDGR WXGR DQWHV 'LD
TXHQWH GH OLEpOXODV ]XPELQGR HP Y{RV EDL[RV FDODQJRV GH FDEHoD HUJXLGD QRV
WURQFRV GDV PDQJXHLUDV IROKDV LPyYHLV R VRO UHWLQLQGR QR ODJXLQKR XPD IRJR
SDJRX GH DUUXORV HQHUYDQWHV XP VLOrQFLR GHVDJUDGiYHO TXH SDUHFLD LPSRVWR SRU
DTXHOH DU FULVWDOL]DGR (X GHPRUHL GH SURSyVLWR VDELD TXH HOH HVWDYD DQVLRVR
PDVTXDQGRFKHJXHLQmR IL]SLUUDoD$VVLPTXHIHFKHLDSRUWD QDVDODSHTXHQD
GRVHJXQGR DQGDUPDUFKHLSDUDHOHVHPGL]HUXPD SDODYUD H SHJXHL QR SDX GHOH
SDWROHLPHVPR(OHWRPRXXPVXVWRPDVVHUHFXSHURXORJR HPHWHX DPmRSRU EDL[R
GH PHX VXWLm 3DUHFLD GHVVHV ILOPHV HP ULWPR DFHOHUDGR DTXHODV FRPpGLDV GR
FLQHPD PXGR XP WDO GH SX[D URXSD WLUD URXSD DSHUWD SDX Gi FKXSmR FKXSD
SHLWRODPEH [R[RWDXPDFRLVDLPSUHVVLRQDQWH6yGHSRLVGHVVHIUHQHVL pTXH PH
GHLWHL GH EDUULJD SDUD  FLPD QR VRIi FRP R FRUSR PHLR SDUD IRUD DV SHUQDV
DEHUWDVHVWHQGLGDVRS~ELVHPSLQDGRHDWUHYLGR VHPSUHWLYHXPPRQWHGH9rQXV
OLQGRHSHQWHOKRVIDUWRVQD PHGLGDFHUWDHVSHUDQGRTXHHOHYLHVVHGH FDEHoD
FRPR GH IDWR YHLR H FKXSDYD PXLWR EHP KDELOLGDGH VXUSUHHQGHQWHPHQWH UDUD
HP KRPHQVPHVPRKRPHQVGH YDORU(PVHJXLGDIRLDPLQKDYH]PDV HX GLVVH TXH
VDELD TXH VDtD XPD FRLVD Oi GH GHQWUR WLQKD OLGR QXP OLYUR H QmR TXHULD TXH
HOHHVJXLFKDVVHDTXHODFRLVDQDPLQKD ERFDFRPRGH IDWR QmR TXHULD (OH GLVVH
FODURFODURWXGRFRPR YRFrTXLVHU FRPRVHHVVDFRQFHVVmRGHDOJXPDPDQHLUD
DWHQXDVVH DPRQVWUXRVLGDGHTXHHOHDFKDYDTXHHVWDYDID]HQGRHFRQWLQXRX FRPD
VDFDQDJHPPXLWRERDUHDOPHQWHDWpTXHJR]RXQDVPLQKDV FR[DVHHXWDPEpPJR]HL
QDPHVPDKRUD
&RPHoRXHQWmRDHVFUDYLGmRGHOH 1RGLDPHVPRGREDQKHLURMi PHQFLRQHLHVVH
GLDHOHQmRTXHULDPHERWDUQDVFR[DVHPSp DWUiVGDSRUWDGHXPEDQKHLULQKR
TXH QHP ELGr WLQKD SRUTXH HVWDYD FRP PHGR GH TXH D PXOKHU GHOH WLD 5HJLQD
QRVSHJDVVH
0DVHX TXHJRVWDYDGRSHULJRGHWLD5HJLQDQRVIODJUDUGLVVH TXHQHVVHFDVR
QXQFD PDLV IDULD QDGD FRP HOH RX HOH WRSDYD RX DGHXV (OH HQWmR WRSRX H HX
DLQGDOKHGHLXPDPRUGLGDQRSHVFRoR SDUDGHL[DUPDUFDHHOHWHUGHLQYHQWDU XPD
KLVWyULD TXDOTXHU HOH TXH VH OL[DVVH HX DFKDYD TXH QmR WLQKD QDGD D SHUGHU
7LD 5HJLQDQmRPHVXSRUWDYDPRUUHXPHRGLDQGRPHLRFDTXpWLFDPDV DLQGDO~FLGD
R VXILFLHQWH SDUD RGLDU &ODUR TXH HOD QXQFD WHYH FRQGLo}HV GH SURYDU TXDOTXHU
FRLVDHHXID]LDJXHUUDGH QHUYRV QmRWLQKDGy&KHJXHLDSHQVDUHPFRPHUHOD
WDPEpP PDV QmR GDYD Vy RV SHUIXPHV TXH HOD XVDYD Mi EUR[DYDP TXDOTXHU XP H
DOpPGH WXGRQmRDFUHGLWRTXHHODFDtVVHHUDGRWLSR PHXQHJyFLRpKRPHPXPD
GHVVDV DQWDV IDORFrQWULFDV IDOyILODV H IDOyODWUDV TXH QmR PRUUHP SRUTXH OKHV
IDOWDYHUJRQKD3DUDQmR IDODUTXH VHPHXWHUQDGDFRPHODPHXGRPtQLRVREUH
RVDFDQD HUDLQWHJUDOHUDVyGL]HU TXHLDFRQWDUWXGRDWLD5HJLQLQKD HHOH
VDELDTXHHXHUDLQFRQVHTHQWHPDOXFDHFRUDMRVDR EDVWDQWHSDUDFRQWDU TXH
HOH ILFDYD jV SRUWDV GD PRUWH TXDVH DSRSOpWLFR $SOLTXHL DWp D WRUWXUD GD
JUDYLGH]QHOHDQXQFLHLRDWUDVRGHXPDVGH] UHJUDVVySDUDVDFDQHDUHOH+RXYH
XPDIDVHHPTXHHXWHOHIRQDYD SDUDDFDVDGHOHH GL]LDVyTXHURTXHYRFrVDLED
SRUTXH HVWRX PH VHQWLQGR PXLWR VR]LQKD HX Vy TXHULD TXH YRFr VRXEHVVH TXH
PHX LQF{PRGR DWp KRMH QmR FKHJRX H HX SRVVR HVWDU FRP XP ILOKLQKR VHX DTXL
GHQWUR H HX ILFR SHQVDQGR VHUi TXH YDL VHU ERP FRPR VHUi D FDUD GHOH" (OH
PRUULDPRUULDDFDERXPRUUHQGRDOLiV( FODURTXHHOHQmRPHWLDHPPLPPDV PH
HVSRUUDYDWRGDHHXVHPSUH GDYDXPMHLWRGHTXHHOHVHOHPEUDVVH GHTXHDOJXPD
FRLVDVHPSUH SRGLDHVFRUUHUSDUDGHQWURGHPLPHXWDPEpPMiWLQKDOLGR LVVR QXP
OLYUR (OH DQGDYD FRP PLOKDUHV GH OHQoRV QRV EROVRV TXH WLQKD GH MRJDU IRUD
GHSRLVSDUDQLQJXpPHPFDVDVXVSHLWDU
/HPEUDQGRDVVLPDYLGDGHOHVHWRUQRXXPLQIHUQRHHX6DWDQiV
(OHYLURXXPDHVSpFLHGHIDUUDSRKXPDQRJRUGRWHHPTXHHX PDQGDYDHGHVPDQGDYD
6HPSUHTXLVFRPHUPLQKDEXQGDHHXQXQFD GHLPHVPRGHSRLVTXHDSUHQGL&RQWHL
D HOH HP SRUPHQRUHV TXH WLQKD DSUHQGLGR H DJRUD JRVWDYD PXLWR IDOHL
ORQJDPHQWHVREUHRV UDSD]HVTXHPHFRPLDPPHQWLXPSRXFRIORUHHLEDVWDQWH
 (QWmR DJRUD PH Gr PH Gr $JRUD YRFr QmR WHP UD]mR SDUD QmR PH GDU HVVD
EXQGLQKDOLQGD
(XQmR
 0DV SRU TXH QmR" 1mR YRFr YDL PH GDU YRFr YDL PH GDU YRFr HVWi
EULQFDQGRePDLVGLQKHLURTXH YRFrTXHU"&ODURWHQKR OKHGDGRSRXFRGLQKHLUR
HVWXSLGH]PLQKDGHTXDQWRYRFrHVWi SUHFLVDQGR"(XOKHGRXR GLQKHLURTXHYRFr
TXLVHUHYRFrYDLPH GDUHVVDEXQGLQKDTXHHXHVWRXDOLVDQGR WmRJRVWRVRQmR
YDL"
(XQmR
 0H Gr HVWi DTXL DJRUD QmR WHP SUREOHPD YRFr SRGH GDU HX IDoR WXGR R
TXHYRFrTXLVHU
1mRGRX3RGHSHJDU SRGHDOLVDUSRGHDSHUWDUSRGH EHLMDUSRGHODPEHU
SRGHGDUPRUGLGLQKDSRGHYHUWXGRRTXH TXLVHUPDVHXQmRGRX
1XQFD GHL 'HL[HL DOLVDU GHL[HL SHJDU GHL[HL DEULU ILTXHL GH TXDWUR
PXJLQGR H FKDPDQGR HOH GH PHX WRXUR GHL[HL EHLMDU GHL[HL PHWHU D OtQJXD XP
ERFDGLQKR H[LEL PXLWR D EXQGD PDV QXQFD GHL &DQVHL GH ILFDU QXD FRP HOH
FRUUHQGR DWUiV GH PLP QR TXDUWR H HX ID]HQGR SRVHV GH VtOILGH HVYRDoDQWH H
IDODQGR PDLV RX PHQRV SDUQDVLDQDPHQWH DUFDGLFDPHQWH URPDQWLFDPHQWH
$VVLP SURPHWL D HOH TXH XP FHUWR GLD QXP LQFHUWR SRUYLU HP LQFHUWR DUUHERO
QHVVH LQFHUWR GLD FRP FHUWH]D HX GDULD DR FHUWR HOH SRGLD WHU FRPR IDYDV
FRQWDGDVWULSXGLHLRTXH IRLSRVVtYHOPDV QXQFDGHLHHXVDELDTXHQXQFDLD
GDU HOH QmR VDELD 4XHU GL]HU VDELD PDV WLQKD HVSHUDQoDV YROXQWDULVWDV HUD
XPEDEDFD GRPDLVDOWRFRWXUQRQmRVHLSRUTXHPLQKD PmHGDYDDHOHVy VHPHX
SDLHUD UXLPGHFDPDFRLVDVREUHDTXDOQXQFDYRXSRGHU WHVWHPXQKDUHVWDYLGD
p LQJUDWD PHVPR 1HP WDPSRXFR GHL D HOH SHOD IUHQWH DFKR TXH IRL LVVR TXH
DFDERXPDWDQGRHOHSRUTXH TXDQGR HXILQDOPHQWHUHVROYLFRQWDUTXHQmRHUD PDLV
YLUJHP HOH HQGRLGRX H PH RIHUHFHX DEVROXWDPHQWH WXGR R TXH HX TXLVHVVH
SDJR DQWHFLSDGDPHQWHPDVHXQmR GHL8PDYH]HOHHVWDYDHPSpHHX FKXSDQGRR
SDXGHOHVHQWDGDVHPERWDUDVPmRVQRSDXFRPRHOH JRVWDYDGHYH]HP TXDQGR
HX ID]LD DV FRLVDV PtQLPDV GH TXH HOH JRVWDYD QmR Vy SRUTXH WDPEpP QmR VRX
QHQKXPD7RUTXHPDGDFRPR SRUTXHJRVWDYDGHPRVWUDUFRPRSRGLDID]HUGHOHJDWR H
VDSDWR HXHVWDYDFKXSDQGRHOHPXLWRDSOLFDGDPHQWHPDVSHQVDQGRHP DUWLVWDVGH
FLQHPDHDtUHVROYLLVVR TXHYRXFRQWDU6HPTXrQHP SDUDTXrGLVVHDHOHTXH
LDOKHGDUPLQKDEXQGLQKDPDVDQWHV LDFKXSDUPDLVXPERFDGLQKRHHQWmR FDQWHL
(LQHNOHLQH 1DFKWPXVLNDVVLP9RXYRXYRXHXYRXpOKHFKXSDU 9RX YRXYRX
HX YRX p OKH FKXSDU $OOHJUR YLYDFH 9RXYRX OKH GDU D EXQGD YRURURURU{
PDVYRFrYDLEUR[DU 0DLVRXPHQRVDVVLP DJRUDQmRHVWiVDLQGRPDVQDKRUD
HQFDL[RX WXGR FHUWLQKR QRWDGDPHQWH D LQWHQomR SRUTXH TXDQGR RIHUWHL PLQKD
EXQGDH GLVVHTXHMiWLQKD IHLWR PXLWREHPDPLQKDSDUWHHDJRUDHUDFRP HOHH
DFUHVFHQWHL XP YHQKD ORJR SHWXODQWH HOH REYLDPHQWH EUR[RX 9LVmR SDWpWLFD
HOHFKRUDPLQJDQGRPDLVXPDFKDQFHPDLV XPDFKDQFHHHXUHVSRQGHQGRPHQRV XPD
FKDQFH PHQRV XPD FKDQFH QmR VRX UHDOPHQWH WmR ERD TXDQWR JRVWR GH PH
DFKDU HPERUD PH WHQKD QD FRQWD GH HQYLDGD GH 'HXV VpULR PHVPR 0DV QmR ILFR
PHWLGD D EHVWD FRP LVVR DQWHV KXPLOGH 3RGH SDUHFHU PHQWLUD PDV HX DFUHGLWR
PXLWRHP'HXVIRL(OH4XHPIH]WXGR ORXYDGRVHMD'HXV([LVWHPDLRUViGLFR QR
PHOKRUGRVVHQWLGRV GRTXH'HXV"1mR SUHFLVDOHU6DUWUHTXHMiIRLDPRGDGDV
PRGDV EDVWDSDUWLFLSDUGHXPSDSRGHERWHTXLPILORVyILFR'HXV'HXV 'HXVHX
DFUHGLWRPXLWRHP'HXVDFUHGLWRQD3URYLGrQFLD'LYLQD DFUHGLWRPHVPR3UHJXLoD
GH H[SOLFDU D TXHP p SUHVR D SDUDGLJPDV KHEUDLFRV RX FRQFLOLDUHV
6LPSDWLFtVVLPRVRVPHXV%XGDVGLWRVRV LPSRVVtYHOGHL[DUGHJRVWDUGHOHV
0HX TXHULGR WLR $IRQVR 3HGUR GH VDXGRVR VDUUR IRL TXHP PH GHX D EROVD GH
HVWXGRV SDUD /RV $QJHOHV (OH SHUJXQWRX VH GHSRLV TXH HX YROWDVVH GDYD SDUD
HOHGHYHUGDGHHHXGLVVH GRXHVWD EXQGRQDOLQGDSRQKDDPmRGHEDL[RGHPLQKD
VDLD H SHJXH DTXL SDUD VHQWLU SHJXH GHEDL[R GD FDOoROD SDVVH D PmR  QD
PLQKD UHJDGLQKDHHOHSHJRXHSDVVRXDPmRIRUDGHVLHTXDQGRHX YROWHLHOH
FREURX H HX GLVVH TXH HVWDYD FRP D FDEHoD PXGDGD H QmR GDYD QDGD IRL Dt TXH
HOH GHYH WHU FRPHoDGR D HVWXSRUDU H WHYH XP HQIDUWH QD IUHQWH GD WHOHYLVmR
YHQGR XP ILOPH SROLFLDO DPHULFDQR HOH YHQHUDYD RV DPHULFDQRV JUDQGH EDEDFD
%RPILOKR GDSXWDQmRWHQKRDPHQRUJUDWLGmRSHODEROVDDFKRDWpTXH IRL PXLWR
SRXFR SDUD HOH WUDQVDU FRP XPD PHQLQD GH PLQKD FDWHJRULD PXLWRV TXLVHUDP PDV
QHPWDQWRVFRQVHJXLUDPVyRVTXHHXTXLV
1XPHURVRVQXPHURVRVJUDoDVD'HXVPDVVRPHQWHRVTXHHXTXLV
(X VHPSUH WLYH DV FR[DV SRGHURVDV GH IUHQWH UHGRQGDV H EHP WDOKDGDV
WHUPLQDQGR HP MRHOKRV SHUIHLWRV GH ODGR FRP DTXHOD FDYDGLQKD TXH DWp KRMH HX
WHQKR XPD HVFXOWXUD VXWLO TXH HQWRQWHFH TXDOTXHU FRQKHFHGRU GR DVVXQWR GH
WUiVpDWpFRYDUGLD IDODU%RPHXVHPSUHWLYHXPVHQKRUSDUGHSHUQDVH FR[DV
QmR KiFRPRLQRYDUQDGHVFULomR8PVHQKRUSDUGHSHUQDVHFR[DV SURQWRHPERUD
HX DLQGD DFKH TXH PHUHFLD DOJR PDLV HODERUDGR QmR p MXVWR ( SRGHURVD HVWi
VHQGR XPD SDODYUD PXLWR GHVJDVWDGD FRPR DFRQWHFHX FRP JrQLR H DQWHV FRP
IRUPLGiYHO 8PD SHQD SRUTXH QmR DFKR RXWUD FR[DV SRGHURVDV p LVVR PDV p
PXLWR PDLV XP SRGHU QmR Vy ItVLFR FRPR HPRFLRQDO H SVLFROyJLFR p SRGHURVDV
)RUPLGiYHLVQRVHQWLGRDQWLJRWDPEpPVHUYLDHPERUD QmRWDQWR1DUFLVDQmRp
YHUGDGH" 2K ZHOO %RP HX VHPSUH WLYH JUDQGHV FR[DV ( VHL XViODV FRPR yUJmR
VH[XDO GH SULPHLUR HVFDOmR SULQFLSDOPHQWH HP Sp Mi YL PXLWR KRPHP GHVSHQFDU
QD PLQKD IUHQWH jV YH]HV HUD PXLWR ERP 9ROWD H PHLD PH DVVDOWD D YRQWDGH GH
HVFUHYHUXPOLYURVREUHLVVRSRUTXHVHLTXHpXPD DUWHTXHHVWiVHSHUGHQGRHp
XPDSHQD7RPDUQDV FR[DVp LQVXEVWLWXtYHOHHXHVWRXVHJXUDGHTXHQRQRVVR
LPHQVR %UDVLO DJRUD PHVPR Ki FHQWHQDV GH   PLOKDUHV GH PXOKHUHV H
PXLWRV UDSD]HVWRPDQGRQDVFR[DVJHUDOPHQWHHPOXJDUHVGHDOWRULVFR
,VWR QDWXUDOPHQWH ID] SDUWH (VSHUR TXH R SURJUHVVR QmR YHQKD PDLV XPD YH]
PDWDU R GHVHQYROYLPHQWR H D HYROXomR GHVHMiYHO DVVDVVLQDQGR HVVD DUWH
YHQHUDQGD 1mR SHUFHEHPRV XPD SRUomR GH YDORUHV FXOWXUDLV LPSRUWDQWHV ILFDPRV
SHQVDQGR VHPSUH HP FDQWRULDV QRUGHVWLQDV $OHLMDGLQKR HVFRODV GH VDPED
H PDFDUURQDGDV SDXOLVWDV PDV H R ERP H YHOKR DQWH SRUWDV GH WDQWD WmR
LQWULFDGDHFRORULGDKLVWyULD"2QGHILFDHOH"2QGH ILFDPDVFR[DV"7HUiPHXWLR
PRUULGR WmR LQJORULDPHQWH TXH VHXV IHLWRV FRPLJR QmR IDUmR VHQWLGR SDUD DV
JHUDo}HVIXWXUDV"
3XHV TXH Vt VL HV DVt SRU VXSXHVWR 1mR WHQKR JUDWLGmR D HOH SRU QDGD
QHP SHOD EROVD QHP SRU QDGD QHP PHVPR SHORV ERQV RUJDVPRV MXYHQLV TXH HOH PH
SURSRUFLRQDYD H DMXGDYDP D GDU YD]mR D PLQKD HQHUJLD VH[XDO FRPSXOVLYD QHP
PHVPR SRUTXH WLYH H[SHULrQFLDV PDLV RX PHQRV UDUDV 1mR TXH HX SRVVD ERWDU R
GHGR HPFLPDGHDOJXPDYDQWDJHPTXHLVVRSRUYHQWXUDVLJQLILTXHPDV KiXP TXrGH
VLQJXODU H LQWHUHVVDQWH HP WHU QD PHPyULD R WHPSR HP TXH JR]HL FRP XP KRPHP
FKDPDQGRRGHWLWLRRXPHXWLR
6LPFHUWDPHQWHQmRKiYDQWDJHPQLVWRPDVHXMiFRPLXPWLR DOJXPDFRLVDKiGH
VLJQLILFDU (X JRVWDYD GH WUHSDU GL]HQGR WLWLR PDV HOH QmR VDELD GLVVR (
WDPEpP WLYH RUJDVPRV PXLWR PHOKRUHV LQFOXVLYH H QRWDGDPHQWH FRP SDUHQWHV
SUy[LPRV FRPR 5RGROIR (VVH WLR Vy WLQKD D JUDQGH YDQWDJHP GH HX
SRGHU H[HUFLWDU PHX VDGLVPR HVSHFLDOL]DGR QXPD ERD VRX XPD ViGLFD FRPSHWHQWH
$OJRPHGL]FRQWXGR$OJRPHQWHPHVPRSUDFDUDOKR
3DUrQWHVHDJRUDHXTXDVHJDJXHMHLHFKHJXHLDFRJLWDUGL]HUSUD FDUDPEDFRPR
WHQKR RXYLGR SRU DL 4XH KRUURU &RPR D PDLRULD GRV HXIHPLVPRV TXH FRLVD
SHTXHQREXUJXHVD DWUDVDGD 7RGR PXQGR VDEH TXH D SHVVRD HVWi TXHUHQGR GL]HU
SUD FDUDOKRHHPYH]GLVVRHPYH]GHSURFXUDUGHFHQWHPHQWH RXWUDILJXUDGH
OLQJXDJHPXVDHVVHEDUEDULVPRLQWROHUiYHO
7RGRPXQGRTXHGL]SUDFDUDPEDSDUDPLPpXPLPEHFLO
1RUPDOPHQWH QmR PH RFRUUHULD GL]HU HVVD FRLVD LQRPLQiYHO PDV GHYH WHU VLGR
SRUTXH R TXH HVWRX IDODQGR YDL VHU HVSHUR HX HVFULWR GLJLWDGR H LPSUHVVR
4XHU GL]HU HX DLQGD SDGHoR HPERUD PH JDEH GH QmR SDGHFHU GD UHODomR
ULWXDOtVWLFDTXHREDEDFDGR VHUKXPDQRPDQWpPFRPDSDODYUD HVFULWD7HUiVLGR
SRU LVVR TXH D HVFULWD HUD LQLFLDOPHQWH SULYLOpJLR GH VDFHUGRWHV H GHSRLV
GH PRQJHV"2XSRUFDXVDGLVVR H[LVWHHVVDUHYHUrQFLDFUHWLQD"1mR VHLMiIDOHL
QLVWRDQWHV PDVQmRPHFDQVRGHIDODU&KHJDDR SRQWRGHPXLWRVGpEHLVPHQWDLV
VH RUJXOKDUHP GH IDODU FRPR VH HVFUHYH FRPR VH D JUDILD QmR IRVVH XPD
WHQWDWLYD PXLWR GHIHLWXRVD GH HQJHVVDU DV SDODYUDV HP VtPERORV PHWLGRV
D IRQpWLFRV FRPR VH VH SXGHVVH SHGLU D XP FKLQrV SDUD IDODU FRPR VH HVFUHYH
FRPR VH D HVFULWD WLYHVVH SUHFHGLGR D IDOD 2XoR JHQWH SURQXQFLDQGR RV HPHV
ILQDLVFRPRVHHVWDPHUGDGHVWD OtQJXDIRVVHLQJOrV 8PD~P GL]HP HOHV H QmR
DSHQDV QDVDODQGR R VRP GR X HP XPDXP 6H IRVVH DVVLP XP DOKR HUD D
PHVPD FRLVDTXHXPPDOKRXP ROKRXPPROKRHDOtQJXDILFDULD LQYLiYHO
2XWUR DEOpSWLFR TXH HX FRQKHoR  Vy TXHP HVWXGRX 0HGLFLQD /HJDO p TXH VDEH
HVWDVSDODYUDVTXHPTXLVHUTXH YiDR GLFLRQiULRSURQXQFLDDSDODYUDPXLWR
FRPR VH HVFUHYH RX VHMD P~LWR VHP QDVDODomR GR X $L 5HDOPHQWH VRPRV
XPD HVSpFLHPXLWRDWUDVDGDHVyIDOWDPRVEDWHUDWHVWDQRFKmRSDUD FRLVDVDTXH
QmR GDUtDPRV D PtQLPD LPSRUWkQFLD VH IRVVHP VRPHQWH IDODGDV (VWmR HVFULWDV
DVVXPHP VDFUDOLGDGH WDQWR DVVLP TXH FRPR HX WDPEpP Mi GLVVH FHUWDV SDODYUDV
QXQFD DGTXLULUDP SDVVDSRUWH SDUD D HVFULWD H TXDQGR FRQVHJXHP SHQHWUDU SHOD
PmR GHDOJXPPiUWLUVmR ORJRGHSRUWDGDVGHYROWDFRQGHQDGDVj FODQGHVWLQLGDGH
RX FRQILQDGDV HP JXHWRV FRPR ID]HP FRP JHQWH 5LGtFXOR SDWpWLFR PDV
LQHOXWiYHO DV SDODYUDV VmR GH IDWR XP PLVWpULR XP GLD HX HVFUHYR XP OLYUR
ORXFR Vy TXHUR HVFUHYHU XP OLYUR ORXFR HP TXH DV SDODYUDV SRVVDP GHWRQDU
H[SORGLU HP WRGRV RV WLSRV GH VLJQLILFDGRV SURYRFDU WRGR WLSR GH UHDomR (X
TXHULD OLEHUWDUWRGDVDVSDODYUDVHXVHLTXHLVVRSDUHFHYHDGDJHP GH SRHWDVWUR
MXYHQLOPDVTXHpTXH HXSRVVRID]HUpRTXHHX VLQWRHXTXHULDOLEHUWDUDV
SDODYUDV,GLRWDYRFrWDPEpP$FDED GHOtULROLQJLVWLFRIHFKDSDUrQWHVH
$OJR PH GL] IDODYDOKHV HX +DKDKDKD +DKDKDKD $L PHX 'HXV
'HVFXOSH D FULVH GH ULVR PDV HX PH VHQWL QmR VHL SRU TXr PHLR /DFDQ
GHFODPDQGR WRGDV DTXHODV EDERVHLUDV GHVFRQH[DV H LQLQWHOLJtYHLV H RV FUHQWHV
WHQWDQGR GHFLIUiOR FRPR TXHP GHFLIUD 1RVWUDGDPXV RX D SLWRQLVD GH 'HOIRV
TXDQGR p FODUR TXH HOH PHVPR QmR VDELD TXH PHUGD HVWDYD IDODQGR VXVSHLWR TXH
WRPDYD TXDOTXHU FRLVD SDUD R MXt]R 'HVFLD DV YHQWDV QXPDV TXDWUR FDUUHLULQKDV
JRUGDV H LD j OXWD 2 TXH VH IDOD H HVFUHYH GH PHUGD HQJDODQDGD QD )UDQoD p
LQDFUHGLWiYHO HX PHVPD QXQFD HQJROL QDGD GHVVD HPSXOKDomR TXH FRQIXQGH
LQLQWHOLJLELOLGDGHH FKDWLFHFRPSURIXQGLGDGHQHP/DFDQQHP*RGDUG QHP 5REEH
*ULOOHW QDGD GHVVDV PHUGDV WXGR FKXWH H FKDWR H TXHP JRVWD p SRUTXH IRL
FKDQWDJHDGR D JRVWDU H QR IXQGR VH VHQWH EXUUR 6DUWUH DLQGD WLQKD XPDV
FRLVDVVHEHPTXH/HWUHHWOH QpDQWpDPmHGHOHPDVDLQGDWLQKDXPDV FRLVDV
jVYH]HVHUD DUUHEDWDGRU1mRQmRWHQKRQDGDTXHPHVHQWLUFRPR/DFDQHX
+DKDKD GHVFXOSH p GHVVDV FULVHV GH ULVR TXH D JHQWH QmR FRQVHJXH GHWHU
/DFDQ ,PDJLQH D FHQD XP PDOXFR IXULEXQGR FRP R PLROR FKHLR GH FRFDtQD RX
DQIHWDPLQDGHVSHMDQGRDTXHOD HQ[XUUDGD DPD]{QLFDGHQRQ VHTXLWXUVHVEXJDOKDGRV
HP FLPD GH XPD SODWpLD TXH QXQFD HQWHQGHX H DWp KRMH YLYH WHQWDQGR
FRPLFDPHQWH HQWHQGHU H WHUPLQDQGR SRU IDODU GR PHVPR MHLWR H
DFDEDQGR LQYDULDYHOPHQWH SRU LQIHOLFLWDU DOJXpP (OH QmR HVFUHYHX
SRUTXH SURYDYHOPHQWH QmR FRQVHJXLD VHQWDU SDUD HVFUHYHU 7HP JHQWH DVVLP (X
WDPEpPTXDQGRILFDYDOLJDGRQDHUDDVVLPQmRSDUDYD TXLHWDQHPQDFDPD'HYLD
KDYHUXP QRPHSDUDHVVDGRHQoDRX SHORPHQRVSDUDDOJXQVGHVHXVVLQWRPDV1mR
D GRHQoD GHOH TXH HUD XPD YDULDQWH QHXUROyJLFD PDOLJQD GH JORVVRODOLD QDGD
GH H[WUDRUGLQiULR (X PH UHILUR j GRHQoD GRV UHOLJLRVRV GHOH RV LQLFLDGRV RV
VDFHUGRWHVHQDWXUDOPHQWHRVTXHXVDPRWDO WHPSROyJLFRFRPRVHR0HVWUH
GRV 0HVWUHV MDPDLV KRXYHVVH SURIHULGR DOJXPD FRLVD GH OyJLFR  PDLV
HVSHUWDPHQWH Vy GHL[DQGR R VRIUHQWH IDODU GRLV PLQXWRV H PDQGDQGRR jV IDYDV
SDUD WHUWHPSRGHDWHQGHUDPDLVQRYLoRV/yJLFRSDUDREROVRpXPD
1mRHXQmRWHQKRQDGDDYHUFRP/DFDQVLPWKHUHLV PHWKRG LQ P\ PDGQHVV
$OJR PHQWH PXLWR Mi GLVVH H UHSHWL PDV FRPR GH KiELWR YRX HVTXHFHU LVVR H
PDLV XPD YH] GDUOKH FUpGLWR $OJR PH GL] TXH QmR VRX XPD ViGLFD GLJDPRV
JHUDO VRX XPD ViGLFD VHOHWLYD &RP 5RGROIR PHVPR FRP 5RGROIR FRPR HUD
GLIHUHQWH 2 SLRU GLD GH PLQKD YLGD IRL TXDQGR HX YROWHL SDUD FDVD
TXDVH DPDQKHFHQGRHOiHVWDYDRUHFDGRGHTXH5RGROIRWLQKDPRUULGR QXP GHVDVWUH
GHFDUUR(OHDLQGDFKHJRXYLYRDRKRVSLWDOHSHUJXQWRX SRUPLP(HXQDFDVDGH
&KLTXLQKR FKHLUDQGR Sy FRP )HUQDQGR 0DUFLWR 0LOWLQKR (OLDQD 5LWD H /DtV
DTXHODV FRLVDV GH Sy TXH QD pSRFD HX DFKDYD D YHUGDGHLUD UHGHQomR GD
FRQVFLrQFLD H GD FRQYLYrQFLD SHUIHLWD HQWUH D UD]mR H SUiWLFD H KRMH DFKR
XPD PHUGD DYLOWDQWH /HPEUR TXH (OLDQD TXH WDPEpP WLQKD XPD WHVmR GH MHJXH
QHOHKDYLDFRPELQDGRTXHDJHQWHLDID]HUXPDVXUXED
&KHJXHLOiWULQFDGDHPRUWDGHUDLYDGDSREUHGD(OLDQDTXHDWp KRMHIHOL]PHQWH
pPLQKDDPLJD2SDGUHHRVPpGLFRV QRV ROKDUDP DWUDYHVVDGR HOH WLQKD DFDEDGR
GH PRUUHU 1mR HVTXHoR DTXHOH LQVWDQWH SDYRURVR D  JHQWH FRPSOHWDPHQWH ORXFD
GHROKRV DUUHJDODGRVID]HQGRELFRH VXDQGRFRPRFKDOHLUDVHHXPDO VHJXUDQGRD
YRQWDGHGHHVFXOKDPEDURSDGUHHPHXLUPmRPRUWR
'HL XP EHLMR QD ERFD GHOH H IXL DR HQWHUUR GH yFXORV HVFXURV H FKHLUHL QR
FHPLWpULRSDVVHLRUHVWRGRGLD HQIXUQDGDQRTXDUWR HR UHVWRGRPrVRGLDQGRR
PXQGR H XQV ERQV DQRV GHVDWLQDGD H D YLGD GHVDPSDUDGD (X HUD ORXFD SRU PHX
LUPmR HQVDQGHFLGD IDQiWLFD TXHP IDODYD TXDOTXHU FRLVD GHOH YLUDYD PHX
LQLPLJR (OH HUD OLQGR SDUHFLD FRPLJR Vy TXH PDLV ERQLWR DLQGD HUD
JUDQGH FRPR HX WLQKD RV PHVPRV OiELRV RV PHVPRV ROKRV YHUGHV XP ELJRGH
LQGL]tYHO GHVVHV TXH GHVFHP SHODV FRPLVVXUDV TXDVH FRPR R GRV PRQJyLV GR
FLQHPDVyTXHPDLV FKHLRHPHQRVFRPSULGRHUD D SHVVRD PDLVFDULQKRVDTXHVH
SRVVDFRQFHEHUWLQKDXPFDQWRGH ROKRHQUXJDGLQKRFRPRHXQXQFD YLHPQLQJXpP
D YR] Vy XP WDQWLQKR URXFD PDV IRUWH RV SpV HQpUJLFRV VXDYHV
GRFHV YLROHQWRV WLQKD DV PmRV PDLV VH[\ TXH DOJXpP SRGH WHU WLQKD XPD EXQGD
HVSOHQGRURVDQmRKiSDODYUDSDUDGHVFUHYHUDTXHODPLVWXUD UHDOPHQWHLQHIiYHOGH
PDVFXOLQLGDGH H IHPLQLOLGDGH DTXHOH MHLWR GH GHLWDU GH EUXoRV FRP DV SHUQDV
GREUDGDV DTXHOH VRUULVR HQWUH PDURWR H WtPLGR H QR IXQGR UHVROXWR XQV GHQWHV
FRPR QXQFD KRXYH GHQWHV HVSRUUDYD PDLV ORQJH H IDUWDPHQWH GR TXH MDPDLV
DOJXP KRPHP HVSRUURX WLQKD XP SDX OLQGtVVLPR GHOLFDGR H DR PHVPR WHPSR
DILUPDWLYRHPDLVGXURGR TXHDFRQVFLrQFLDGD$OHPDQKD WLQKDXPDLQWHOLJrQFLD
DFDFKDSDQWH XPDV YLULOKDV GH FKHLUR LQHEULDQWH RV FDEHORV PDLV PDFLRV GR
SODQHWDXQVJUXQKLGR]LQKRV LPSRVVtYHLVGHLPLWDUXPDVFDUDVWmROLQGDVQD KRUD
GH WUHSDU  H ROKH TXH Mi YL DV PXGDQoDV GH FDUD QD KRUD GH WUHSDU
PDLV HVSHWDFXODUHV FRPR p EHOD D PXGDQoD GH FDUD QD KRUD GH WUHSDU p R
FRQKHFLPHQWR DEVROXWR  WLQKD RUJDVPRV SHORV SHLWRV LJXDO D PLP RUJDVPRV
FRPSOHWRVWLQKDXPRIHJDULQLPLWiYHOQDKRUD GH JR]DU WLQKD D PHOKRU WULOKD
VRQRUD GH TXH Mi SDUWLFLSHL WLQKD XP XPELJR LUUHSUHHQVtYHO HQWUH SrORV PDLV
PDFLRV TXH EDUULJD GH RYHOKD WLQKD R PHOKRU QDUL] TXH Mi HQWURX SHODV PLQKDV
SHUQDV DFLPD XP FDQJRWH LUUHVLVWtYHO WLQKD XP VDFR TXH GDYD LPHGLDWD YRQWDGH
GHEHLMDUHODPEHUHTXHPHID]LDJR]DU TXDQGRHVIUHJDYDDFDUD QHOHWLQKDXP
MHLWRGHEDWHUSXQKHWD SDUDJR]DUQD PLQKDERFDVyQD~OWLPDKRUDTXHDWpDJRUD
PH GHL[D HQGRLGHFLGD WLQKD XPD PDQHLUD GH PH SHQHWUDU SRU WUiV TXH HX QXQFD
HVTXHoRRIHUHFHQGROLQGRVHXSDXHUHWRSDUDTXHHX FKXSDVVHHPROKDVVHHGHSRLV
PHWHQGR WXGR GHQWUR GH PLP HX GH TXDWUR H HOH DPDVVDQGR PHXV SHLWRV H PH
[LQJDQGRHID]HQGR TXHVWmRGHSX[DURSDXSDUDPHWHUGH QRYRGHYDJDUDWpR IXQGR
H PRUGHQGR PHX SHVFRoR H PH SX[DQGR SHORV TXDGULV H HX DEULQGR D EXQGD FRP DV
PmRV SDUD HOH PH PHWHU DLQGD PDLV IXQGR HOH WLQKD WXGR WXGR WXGR HOH PH
FRPHXGHWRGDVDVIRUPDVTXHHOHTXLV HHXWDPEpPFRPLHOHHXDGRURPHX LUPmR
QXQFDPDLVDYLGDIRL DPHVPDFRLVDHOHHVWDYDVHPSUHHOHHUDVHPSUHHX QXQFD
SRGLD ILFDU Vy SRUTXH HOH H[LVWLD HOH HUD PLQKD UHIHUrQFLD H PHX SDUFHLUR
EiVLFRPHXPDFKRHPLQKDIrPHDHOHPHGHL[DYDPROKDGD WRGDVDVYH]HVHPTXHPH
WRFDYDHOH DQXQFLDYDTXHLDJR]DUHP PLPFRPRXPFpVDUHPWULXQIRPHHORJLDYD
DQWHV GXUDQWH H GHSRLV R SDX GHOH SXOVDYD HP PLQKD ERFD DQWHV GH HOH
JR]DU WRGDV DV PLQKDV HQWUDGDV SDOSLWDYDP DQWHV GH HOH PHWHU HX VXELD SDUD R
FpX TXDQGR HOH OHYDQWDYD PHX WUDVHLUR H PH WUDQVILJXUDYD QXPD SRWUDQFD VHQGR
HQUDEDGD SHOR SXURVDQJXH VHX LUPmR R ~QLFR TXH VRQKH VHU WXGR PDFKR SXWR
IrPHD GHVFDUDGR ViGLFR PDVRTXLVWD PHQWLURVR YHUGDGHLUR OLQGR IHLR
GLVSRVWR SUHJXLoRVROLQGROLQGROLQGROLQGRPHXLUPmR5RGROIR
(OHWHYHWUrVPXOKHUHV&OiXGLD9HUHQDH&LGDKRMHD YL~YD RILFLDO0HGRX
PXLWR EHP FRP HOD 0H GRX EHP FRP WRGDV DV WUrV DOLiV 7UrV PXOKHUHV
VXSHULRUHVFXOWDVHILQDV DVWUrVVDELDPTXHHXHUDWDUDGDSRU5RGROIRHDWp
WLQKDPXPD FHUWDDSUHFLDomRHVWpWLFDSRULVVRVHPSUHQRVGHPRVPXLWR EHP PHVPR
H 9HUHQD QyV FKHJDPRV D FRPHU MXQWRV DOJXPDV YH]HV (OD WRSDYD FRP PXLWR
HVStULWRHVSRUWLYRPDVDFKRTXHSUHIHULDOHU HMRJDU DVH[RHUDXPDFRLVD TXH
TXDQGRHODID]LDGLYHUWLDVH UD]RDYHOPHQWHPDVTXDQGRQmRID]LDSDUHFLDQmR
VHQWLUIDOWD
&DVR PDLV FRPXP GR TXH VH SHQVD p DOJXP DOHLMmR DLQGD QmR DGHTXDGDPHQWH
HVWXGDGR $ PRGHUDomR VHPSUH PH LQWULJRX QmR FRQVLJR FRPSUHHQGrOD GLUHLWR H
WHQKR XP FHUWR PHGR GHVVDV SHVVRDV GHOLEHUDGDV H SDXVDGDV TXH SHQVDP QR TXH
OHQWDPHQWH IDODP H ID]HP VHPSUH R TXH GHYHP ID]HU QRV OLPLWHV TXH
TXHUHP REVHUYDU 6y FRQVLJR VHU GHVDEULGD H Vy PH GRX HIHWLYDPHQWH EHP FRP RV
GHVDEULGRV VHMD FRPR SHVVRDV VHMD FRPR DUWLVWDV RX SHQVDGRUHV &LGD HUD
GLIHUHQWHPDVQXQFDFKHJDPRVDWHUQDGD
(ODFKHLUDYDHHXWDPEpPHWLYHPRVXPIUHWHFRPRVHGL]QD %DKLD1XQFDSLQWRX
QDGD GH FRQFUHWR Vy XQV EHLMRV QD ERFD H XQV DPDVVRV PDV HX FUHLR TXH VH
5RGROIR QmR WLYHVVH PRUULGR DFDEDYD DFRQWHFHQGR DOJXPD FRLVD &LGD EHLMDYD
PXLWR EHP H VHPSUH PH DOLVDYD PXLWR H D JHQWH VHPSUH VH DPDVVDYD QRV SHLWRV
QDV GHVSHGLGDV 8PD YH] D JHQWH FKHLUDQGR 5RGROIR SHGLX SDUD PDPDU HP PLP H
HOD ILFRX DVVLVWLQGR SHJDQGR HP PHX RXWUR SHLWR PH EHLMDQGR QD ERFD H VH
HVIUHJDQGR HP QyV 0DV R QHJyFLR GHOD HUD PDLV IDODU SHQVDQGR EHP ,VVR
DFRQWHFH PXLWR FRP Sy )HUQDQGR TXH R GLJD 'HXV R WHQKD PRUUHX GH HQIDUWH
WDPEpPHPHGHL[RX XPDVFRLVLQKDV
+LVWyULDGHPLQKDYLGDDLPLQKDKLVWyULDWmRULFDWmRFXUWD
9LWWRULR *DVVPDQ WLQKD UD]mR QXPD HQWUHYLVWD TXH HX YL QD WHYr D YLGD GHYLD
VHUGXDVXPDSDUDHQVDLDURXWUDSDUDYLYHU D VpULR 4XDQGR VH DSUHQGH DOJXPD
FRLVD HVWi QD KRUD GH LU 'HVGH TXH PHXV SHLWRV FUHVFHUDP QyV FRPHoDPRV D
EULQFDUGHPDPmHH QHQpPPHVPRHOHVHQGRPDLVYHOKRGRTXHHX (XPHVHQWDYD
HOH GHLWDYDD FDEHoDQRPHXFRORHXWLUDYDXPSHLWRSXQKDRVGRLV GHGRVSHUWR
GRVPDPLORVHOHPDPDYDGHROKRVIHFKDGRVH PDLV RX PHQRV JHPHQGR H ILFiYDPRV
DVVLP XP WHPSmR 'HSRLV HX PXGDYD GH SHLWR H HOH FRQWLQXDYD D PDPDU 'HSRLV D
JHQWH HYROXLX H  HX ILFDYD DIDJDQGR R SDX GHOH HQTXDQWR HOH PDPDYD 'HSRLV
HYROXtPRV DLQGD PDLV (X QXQFD ILFDYD QXD Vy WLUDYD RV SHLWRV PDV HOH ILFDYD
QX 'HSRLV IRL LQGR IRL LQGR D JHQWH SUDWLFDPHQWH FRPHoRX D WUDQVDU H HX
ILTXHLSDUDVHPSUHFDWLYDGDEXQGDGHOH
1mR KDYLD QDGD PHOKRU QR PXQGR GR TXH FRPHU D EXQGD GHOH (OH ERWDYD XP
WUDYHVVHLUR HPEDL[R GHOH H HX R FDYDOJDYD FRP XP SUD]HU TXH QXQFD VHQWL QHP
FRPKRPHPQHPFRPPXOKHUQHPFRP YHDGRDOLiVHXQmRJRVWRPXLWRGHWUDQVD FRP
YHDGR Vy SRU DPL]DGH DPLJRV YHDGRV HX WHQKR PXLWRV PH GRX EHP FRP HOHV
&RP 5RGROIR D EXQGD HUD XP JR]R PRQXPHQWDO QmR Vy SRUTXH HOH HUD HVSHFLDO
FRPR SRUTXH ID]LD D PXOKHU]LQKD VHP GHL[DU GH VHU PDFKR p LQGHVFULWtYHO Vy
SUHVHQFLDQGR Vy YLYHQFLDQGR (X R SRVVXtD WRGR HVWH WHP TXH VHU R WHUPR
HQURVFDGD QHOH PH HVIUHJDQGR QHOH FRP IRUoD DEULQGRR SDUD PH HVIUHJDU EHP
IXQGR HHOHVHGHL[DYDFRPHUOLQGRXPGHXVGRXUDGRGHEDL[RGHPLPH HXPRUGLD
DQXFDGHOHDPDVVDYDRVSHLWRVGHOHDSHUWDYDRSDX GHOHHHOHYROWDYDRURVWR
SDUDPHGDUDOtQJXDTXDQGRHXSHGLD
( GHSRLV HOH PH FRPLD *HUDOPHQWH HUD HOH PH FKXSDQGR H HX DOLVDQGR D EXQGD
GHOH PDV HX WDPEpP JRVWHL PXLWR TXDQGR HOH SDVVRX D PH FRPHU SRU WUiV HX
OHYDQWDYDDEXQGDQDKRUDHP TXH HOHLDPHWHUHDGRUDYDTXDQGRHOHPHSLQFHODYD
H ID]LD TXH LD HQWUDU PDV QmR HQWUDYD DWp TXH DTXHOH SDX JURVVmR VH
HQILDYD WRGRHPPLPQLQJXpPPHYHQKDFRPHVVDKLVWyULDPXLWRFLWDGD SRUDtH
DWp VDFUDPHQWDGD HP SHVTXLVDV SVHXGRFLHQWtILFDV GH TXH SDX SHTXHQR QmR ID]
GLIHUHQoD FODUR TXH ID] XP SDX EHP GLPHQVLRQDGR SUHHQFKH DSURSULDGDPHQWH D
PXOKHUHpXPYLVXDO HVWLPXODQWHHH[FLWDQWHQDGDGHVVHQHJyFLRGHSDX SHTXHQR
,VWR p XPD GDV PXLWDV EDOHODV TXH QRV IRUoDP SHOD JRHOD DEDL[R $V ~QLFDV
PXOKHUHVTXHDSUHFLDPSDXSHTXHQRVmRDVTXHGHXPDIRUPD RXGHRXWUDWrP PHGR
GHSDXVHMDSRUTXHVHQWHP GRUVHMD SRUTXHVmRUXLQVGDFDEHoD$PHVPDFRLVD
p SDX PROH &ODUR VmR RV KRPHQV TXH HVSDOKDP KLVWyULDV WHUUtYHLV VREUH R TXH
RXWURV QXQFDHOHVRXYLUDPGHPXOKHUHVFRPTXHPEUR[DUDP$VPXOKHUHV GHIDWR
QmR FRVWXPDP HVFXOKDPEDU RV KRPHQV TXH EUR[DP FRP HODV VmR LQYDULDYHOPHQWH
FRPSUHHQVLYDV H DWp VROLGiULDV WDQWR TXDQWR SRGHP VHU H DOJXPDV FKHJDP D VH
FXOSDU SHOR PDORJUR 0DV PXOKHU SOHQDPHQWH VDGLD JRVWD GH SDX GXUR H JRVWD GH
SHQHWUDomR2UHVWR pFRQYHUVDGHFRQVRODomRTXHDWpFRQYpPD DOJXPDVTXHFRP
LVVR RFXOWDP R TXH OKHV LQWHUHVVD RFXOWDU (VFUHYDVH D QHQKXPD PXOKHU JRVWD
GH SDX PROH E H[FHWXDGDV GLPHQV}HV DEHUUDQWHV H DV RXWUDV YDULiYHLV VHQGR
HTXLYDOHQWHVRSDXPDLRUH PDLV YLVWRVRpSUHIHULGR(YLGHQWHTXHRSULQFLSDO
SULQFLSDOtVVLPR p TXHP p R SURSULHWiULR GR SDX 0DV Dt VH p SHTXHQR D
PXOKHU DSHQDV GHL[D SDUD Oi HPERUD SUHIHULVVH TXH IRVVH PDLRU]LQKR p PDLV
VDWLVIDWyULRSRUDOJXPDRXYiULDVUD]}HV(VWDpTXHp DUHDOLGDGH RUHVWR
UHSLWRpRQGDHSHQVDPHQWRYROXQWDULVWD
1mRTXHQmRKDMDPXLWRVFDVRVHPTXHRKRPHPGHSDXSHTXHQR RIHUHFHFRPSHQVDo}HV
LQHVWLPiYHLVPDVPLOYH]HVXPSDXGLJQR GHVVHQRPH5RGROIR5RGROIR( QHQKXPD
PXOKHU VDGLD WHP QRMR GH HVSHUPD RXWUD FRLVD TXH SUHFLVD VHU EHP HVFODUHFLGD
(X OL QmR VHL RQGH TXH DOJXQV PXoXOPDQRV FRQVLGHUDP RIHQVD VXSUHPD D
PXOKHU FXVSLUIRUDRHVSHUPDGHUUDPDGRHPVXDERFDSRUVHXKRPHP(X FRQFRUGRp
XPD VHOYDJHULD XP VLQDO GH EDL[D H[WUDomR IDOWD GH IRUPDomR GH FODVVH GH
FXOWXUD GH VRILVWLFDomR &XVSLU R HVSHUPD Vy p DGPLVVtYHO RX TXDQGR VH TXHU
LQVXOWDUXPKRPHPRX TXDQGRVHTXHUS{ORHPVHXOXJDUYRFrSRGH VHUERPSDUD
HXPH GLVWUDLUFKXSDQGRVHXSDXPDVQmRpERPRVXILFLHQWHSDUDHX HQJROLUVXD
VHLYD PH UHFXVR D GHYRUiOR QmR GRX jV VXDV FpOXODV HVVD LQWLPLGDGH FRP DV
PLQKDV (X VRX PDOXFD 6LP H HQWmR 5RGROIR H HX HYROXtPRV RXWUD YH] FRPR p
ERP FRQWDU LVWR (X GDYD GH PDPDU D HOH QRV SHLWRV H HP VHJXLGD WLUDYD DV
FDOoDV VHSDUDYD PHX FOLWyULV GRV JUDQGHV OiELRV DSUHVHQWDYDR FRP WRGR R
FDULQKRHILFDYDYHQGRHOHPDPDUJHUDOPHQWHWRFDQGRGHSRLVXPD SXQKHWLQKDQHOH
)LFDPRV yWLPRV QLVVR IL]HPRV LVVR DWp HOH PRUUHU DSHVDU GH WDPEpP WUDQVDUPRV
GHWRGRVRVRXWURVMHLWRV
4DQGR HOH PDPDYD HQWUH PLQKDV SHUQDV TXDVH VHPSUH FRP D FDEHoD UHFRVWDGD QD
SDUWH LQWHUQD GH PLQKD FR[D HX PH VHQWLD D PDLV FRPSOHWD GDV PXOKHUHV PH
VHQWLD D *UDQGH 0mH PH VHQWLD QmR VHL FRPR Vy DOJXpP TXH Mi IH] LVVR p TXH
VDEHVyDVPXOKHUHV2V KRPHQVTXDQGRVHQVtYHLVVDEHPWDPEpPXPSRXFR SRUTXH
WrPXPD WHWDTXHpRSDXHHVSLUUDPXPOHLWHTXHpRHVSHUPDPDV VHJXUDPHQWHQD
PXOKHUHVVHVHQWLPHQWRpPXLWRPDLVDPSORH YLVFHUDOpLQWUDQVPLVVtYHORIHUHFHU
RFOLWyULV FRPRTXHPRIHUHFH XPELFRGHSHLWRHYHUDTXHOHKRPHPPDPDQGRDLQGD
PDLVTXDQGR pRLUPmR(OHHQFDL[DYDWmREHPDTXHOHTXHL[ROLQGRHP PHXV EDL[LRV
PDLV VHFUHWRV HX TXHULD TXH R FRUSR GHOH WRGR HQWUDVVH HP PLP TXHULD PH
PLVWXUDU VH[R VRPHQWH QmR HUD EDVWDQWH HX TXHULD PH IXQGLU FRP HOH 5RGROIR
5RGROIR0HXDPRU
(XQmRYRXID]HUFRQIHUrQFLD SURPHWRTXHQmRYRXID]HU FRQIHUrQFLDVHLTXH
pXPKiELWRLQWROHUiYHO PDVQmRSRVVR GHL[DUGHID]HUXPDGHQGRHPUHODomRDR
LQFHVWR 6RX FRPR %HUQDUG 6KDZ QmR EDVWD PRVWUDU WHP TXH H[SOLFDU VHQmR DV
SHVVRDVQmR HQWHQGHP&ODURTXHDVPXOKHUHVGH5RGROIRHVWDYDPFDQVDGDV GH VDEHU
TXH PXLWD FRLVD PDLV GR TXH EHLMLQKRV KDYLD HQWUH QyV HX QXQFD HVFRQGL TXH
WLQKDORXFXUDSRUHOHHPERUDVHPSUHFLVDUDWp TXHSRQWRH DVVLPSRUGLDQWH PDV
VHPSUH PH LQGLJQRX WHU TXH HVFRQGHU R TXH SDUD PLP p D FRLVD PDLV QDWXUDO GR
PXQGR 7HQKR DEVROXWD FHUWH]D GH TXH R Q~PHUR GH LUPmRV TXH WUDQVD FRP
LUPmV WLRVHWLDVFRPVREULQKRVHVREULQKDVSDLVFRPILOKDVHPmHV FRP ILOKRV
DGLQIQLWXPpPXLWtVVLPRPDLRUGRTXHDQRVVDKLSRFULVLD DGPLWHHQmRKiUD]mR
SRU TXH GHYD VHU GH RXWUD IRUPD ( SULPRV FULDGRV MXQWRV" e XQLYHUVDO 
FRXVLQDJHGDQJHUHX[YRLVLQDJH
$QWHVGHVHSRGHUHYLWDUILOKRVFRPVHJXUDQoDYiOi KDYLDXPD UD]mRJHQpWLFD
0DVQmRKRMHHPGLDPHVPR DQWHVGDStOXOD TXDQGRVHSRGLDID]HUXPDERUWRQDV
PHOKRUHV FOtQLFDV EDVWDQGR DR PpGLFR XVDU R QRPH DUWtVWLFR GH FXUHWDJHP
,QFHVWR HUD QRUPDO QR (JLWR DQWLJR -XQR HUD LUPm H PXOKHU GH -~SLWHU WRGR
PXQGR FRPLDWRGRPXQGRpQDWXUDODUWLILFLDOpD QRomR GH LQFHVWR FRPR XP PDO
HP VL QmR WHP QDGD GH LQWULQVHFDPHQWH PDX QR LQFHVWR DQWHV PXLWR SHOR
FRQWUiULRpXPDIRUoDGD1DWXUH]DpQDWXUDO
1mR p REULJDWyULR PDV p QDWXUDO $FKR EXUUR RX PHQWLURVR TXHP VH HVFDQGDOL]D
FRP HX WHU FRPLGR PHX LUPmR H PHX WLR SDUD QmR IDODU HP SULPRV FXQKDGRV H
TXHMDQGRV(XPHDUUHSHQGRGHQmRWHU FRPLGRPHX SDL KRMH PH DUUHSHQGR WHQKR
FHUWH]DGHTXHDUPDQGR XPERPHVTXHPDHXFRQVHJXLULDHOHWDPEpPHUDQRUPDO H
HX DGRUDYDHOHHEHPTXHHXSRGLDWHUFRQWUDFRUQHDGRPLQKDPmHLD ID]HUEHPD
WRGRV RV HQYROYLGRV DWp D WLR $IRQVR TXHP VDEH" ( QLVVR HX VLQWR Oi D FDUD
IHLD GR SUHFRQFHLWR ILFR SXWD FRP HVVDV FRQWUDGLo}HV PDV QHXURVH p QHXURVH
7HQKR GH DGPLWLU TXH VRX XPD QHYURSDWD WDOYH] QR IHOL] GL]HU GH (XFOLGHV GD
&XQKD 3RUTXH WDPEpP DFKR HVVH QHJyFLR GH FRUQLGmR R PDLRU DWUDVR GH
YLGD QLQJXpP p PRQyJDPR QHP KRPHP QHP PXOKHU Vy GHJHQHUDGR PHVPR PDVRFD
GHVOLELGDGRGRHQWHGDFDEHoDJUDYHPHQWH)LFDUFDVDGR FRPDPHVPDSHVVRDDYLGD
WRGD yWLPR DWp WHQKR DGPLUDomR VLQFHUD SRU HVVH WLSR GH VDQWLGDGH H SRGHVH
PHVPR DOHJDU TXH SDVVHL D PLQKD YLGD WRGD FDVDGD FRP 5RGROIR H SUHVHQWHPHQWH
VRX YL~YD GHOH $JRUD QXQFD WHU TXHULGR GDU  XPD HVFDSXOLGLQKD GH YH] HP
TXDQGRQXQFDWHUIDQWDVLDGRXPDWUHSDGDIRUDpPHQWLUD
0HQWLUDTXHPXLWRUDUDPHQWHSRGHVHUVLQFHUDPDVPHVPRQHVWHV FDVRVQmRGHL[D
GH VHU PHQWLUD 7RGR PXQGR p FRUQR PHVPR TXH QmR VHMD SRU XPD PHUD TXHVWmR
FRQMXQWXUDO WpFQLFD 6HL GH PXLWD JHQWH D TXHP HVVH UHFRQKHFLPHQWR LQFRPRGD
WUHPHQGDPHQWH WUD] PXGDQoDV GH DVVXQWR FULVHV GH PHODQFROLD LUULWDELOLGDGH
H VXUWRVGHVXRUHVIULRVHPELEOLRWHFDVOLYUDULDVHFLQHPDV
$OJXQV KRPHQV DWp OLEHUDLV QmR VXSRUWDP D LGpLD GH VXDV PXOKHUHV YHUHP IRWRV
SRUQRJUiILFDV QmR TXHUHP TXH LVVR H[LVWD SDUD HODV FRLWDGRV $FKDP TXH SRU
QmR GHL[DUHP TXH D PXOKHU YHMD FHUWRV DWRV H REVHUYH R SDX GH RXWURV KRPHQV
HODVQmRYmR ID]HULVVRSRUFRQWDSUySULD VH UHVROYHUHP RX SDVVDUmR D YLGD QD
FUHQoDGHTXHVyRPDULGRWHPSDXRPDLRU GRPXQGRHQLQJXpP ID]VDIDGDJHP(
PXOKHUHV TXH FULDP FDVR SRUTXH VHXV KRPHQV YrHP IRWRV GH PXOKHUHV SHODGDV
WDPEpP FRLWDGDV /XWD PDLV EHVWD QmR SRGH KDYHU PHOKRU VHULD TXH WRGR PXQGR
IRVVH IRGHU QXPD ERD H GHL[DVVH GH DSRUULQKDU R MXt]R DOKHLR 0DV SDUHFH TXH
D KXPDQLGDGH DFDEDUi H LVVR QmR DFRQWHFHUi 1mR H[LVWH QLQJXpP UD]RDYHOPHQWH
QRUPDO TXH QmR SHQVH RX WHQKD SHQVDGR HP SUHYDULFDU 1HVVH SRQWR FRPR HP
PXLWDFRLVDPDLVHXIXL SLRQHLUDQXPDJHUDomRREVFXUDPHQWHSLRQHLUD4XDQGR HX
IXLPRUDU FRP )HUQDQGRHPRXQXQFDVHLGLUHLWRMiYHOKDSDUD RV SDGU}HV
GDpSRFDHOHVDELDWXGRVREUHPLPHVDELDDWp TXHHX WLQKDSURPHWLGRDEXQGDD
WLR $IRQVR SDUD TXDQGR YROWDVVH GH /RV $QJHOHV Vy TXH YHUGDGH VHMD GLWD
)HUQDQGR WLQKD FHUWH]D GH TXH HX LD VDFDQHDU PHX WLR H QmR LD GDU QDGD 0DV R
UHVWRHOHVDELD
~QLFD FRPELQDomR IRGHX QD UXD FRQWDYD DR RXWUR &RUROiULR R IRGHGRU RX
IRGHGRUD GD UXD WLQKD TXH VDEHU TXH D JHQWH FRQWDYD WXGR XP DR RXWUR 0DV QmR
FRQWDYDUHDOPHQWHWXGRHVVHWLSRGH FRPELQDomRQXQFDIXQFLRQDFHPSRUFHQWR (
ROKH TXH D JHQWH FRPLD PXLWR DV PHVPDV SHVVRDV R TXH IDFLOLWDYD DV FRLVDV
1mR UHVROYHDWpFL~PHDSDUHFHp LQDFUHGLWiYHO0DVpPHOKRUGRTXH QDGDSHOR
PHQRV D JHQWH QmR PHQWH QHP ILQJH H GLVVLPXOD WDQWR PHOKRU TXH HP PXLWRV
FRQYHQWRV
,VVRSRGHSDUHFHUEREDJHPPDV QmRp(YLWDPXLWDDSRUULQKDomR SRVWHULRUHp
IUXWRGDPLQKDH[SHULrQFLD&RPR GL]LDXPSURIHVVRU PDOXFRGH3URFHVVR&LYLOD
UHVSHLWRGRFRUQRGyLDRQDVFHUPDV DMXGDDYLYHU7HYHJHQWHTXH VHQHJRXD
PHFRPHUTXDQGRHXGLVVH TXHLDFRQWDUD)HUQDQGRHPXLWDJHQWHTXHVHQHJRXD
FRPHUHOH TXDQGRHOHGLVVHTXHLDPHFRQWDU7HYHXPDPRFLQKDTXHHXFRPL DTXL
QR5LRHPHHVTXHFLGHID]HUDYLVRSUpYLRQmRSHQVHLTXH HODIRVVHVHLPSRUWDU
0DVTXDQGRHXHVWDYDFRPHODQDFDPD RXWUDYH]HGLVVHFDVXDOPHQWHTXHMi WLQKD
FRQWDGR WXGR D )HUQDQGR HOD ILFRX QHUYRVtVVLPD QmR DFHUWRX D FRQYHUVDU
PDLV VREUHQDGD HIRLHPERUDVHPJUDoDGHVDSDUHFHXHDWpKRMHILQJH TXHQmRPH
Yr QD UXD 0RUD DTXL QHVWD PHVPD UXD H Vy IDOWD FRUUHU TXDQGR WRSD FRPLJR
$FRQWHFHX PXLWR (P /RV $QJHOHV WHYH R FDVR GH 0DUN H .DWH TXH HUDP UHFpP
FDVDGRV IXPDYDP PDFRQKD ID]LDP R JrQHUR DYDQoDGH[ (OD QmR VDtD DVVLP j UXD
PHVPRSRUTXH FRUULDDWpRULVFRGHVHUSUHVDQDTXHOHWHPSRHPTXHD 3OD\ER\ QmR
PRVWUDYDSHQWHOKRHHUDEDQLGDGHPXLWDVFRPXQLGDGHVHYLVWD SHORVOLEHUDLVFRPR
VtPERORGDOLEHUGDGHHGDGHPRFUDFLDSDUD DJHQWH YHUFRPRViR DVFRLVDVD
3OD\ER\MiIRLEDOXDUWHGD GHPRFUDFLDHGDOLEHUGDGHLQFOXVLYHDTXLQR%UDVLO
HX PH OHPEUR GH WXGR  HOD QmR VDtD GHVVH MHLWR PDV DQGDYD GH YHVWLGR
GH PDOKD HP FLPD GD SHOH SHORV FRUUHGRUHV GH QRVVR SUpGLR PHVPR DQGDU
*RVWRVtVVLPD OiELRV FDUQXGRV FDEHORV IDUWRV FDLQGR SHORV RPEURV ROKRV D]XLV
HQRUPHVXPDEXQGDGH5RVDQQD6FKLDIILQRXP SDXGH PXOKHU HQILP FRPR VH GL]
QDLOKDXPEXUURGXPDPXOp PHVPR(RVGRLVMiHVWDYDPSUDWLFDPHQWHQRSDSR (X
PHHVIUHJXHL HP0DUNXPDSRUomRGHYH]HVHWRGDYH]TXHEDWLDFRP HOHVR]LQKR QR
HOHYDGRU GDYDOKH XP FKXSmR UiSLGR GLVVH D HOH TXH TXHULD LU SDUD D FDPD FRP
HOHVyQmRSLQWRXSRUTXHQmRWLQKDTXHSLQWDU HWDPEpP SDWDOHL.DWH HGHLXP
EHLMmRQDERFDGHODQDYDUDQGD H)HUQDQGRSHJRXQRSDX GH0DUNHQRVSHLWRVGH
.DWH WXGR FHUWR FHUWR FHUWR LQ WKH EDJ Vy IDOWDYD R DOLQKDYR ILQDO (
FKHJRX R GLD HP TXH QyV FRPSUDPRV XPD JDUUDID GH FKDPSDQKH IUDQFrV GHVVHV GH
FLQFR PLO FRQWRV D IOWH SHJDPRV R FKDPSDQKH IRPRV SDUD R DSDUWDPHQWR GHOHV
FRPR FRPELQDGR TXHLPDPRV GRLV EDVHDGRV VHUYLPRV R FKDPSDQKH H QDWXUDOPHQWH
DEULPRV R MRJR $K SDUD TXr" $ YHUJRQKD HP ~OWLPD DQiOLVH IRL GHOHV WHQKR
FHUWH]D GH TXH DFDEDUDP VH VHSDUDQGR H VH DUUHSHQGHQGR PDV QD KRUD D YHUJRQKD
IRLQRVVDIRLFKDWtVVLPR(OHVSULPHLURWRPDUDPXP VXVWRPDVORJRDVVXPLUDPXP
DUDIHWDGDPHQWHVLPSiWLFRH GHPDO GLVIDUoDGDFRQGHVFHQGrQFLD{KLSRFULVLD
{ SUDJD GD KXPDQLGDGH DWp TXDQGR"  H GLVVHUDP TXH QDWXUDOPHQWH FRQWLQXDULDP
QRVVRV DPLJRV GH VHPSUH PDV D FXOWXUD GHOHV HUD GLIHUHQWH FRPSUHHQGLDP QRVVR
HTXtYRFR PDV DTXHOD QmR HUD D GHOHV QmR TXHULDP TXH ILFiVVHPRV PDJRDGRV
FRPSUHHQGLDP QRVVRV SDGU}HV GH FRQGXWD H QDGD WLQKDP FRQWUD HOHV PDV QmR
SRGLDP DGRWiORV 7DQWR )HUQDQGR TXDQWR HX IRPRV HOHJDQWHV QHP PHQFLRQDPRV
FRPR SRGtDPRV WHU IHLWR R SRQWR D TXH VHSDUDGDPHQWH WtQKDPRV FKHJDGR FRP RV
GRLV DJRUD TXHP QmR TXHULD PDLV HUD D JHQWH HOHV SHUGHUDP R LQWHUHVVH 8P
KRUURU XPKRUURUXPKRUURU)RLWmRFKDWRTXH)HUQDQGRSURS{VORJRTXH DJHQWH
VHPXGDVVHSDUDQXQFDPDLVGDUGHFDUDFRPHOHVHHX WRSHL
(IRLyWLPRWHUPRVIHLWRHVVDPXGDQoDSRUTXHREDLUURQRYR FLGDGHDOLiV
/RV $QJHOHV VmR PLOKDUHV GH FLGDGHV D JHQWH DWUDYHVVD D UXD H SDJD LPSRVWRV
GLIHUHQWHV  HUD PHLR ULSRQJD ULSRQJD FKLTXH DSHVDU GH RV KLSSLHV HVWDUHP
Vy FRPHoDQGR QDTXHOD pSRFD H D JHQWH VH LQWHJURX FRPR VH WLYHVVH QDVFLGR Oi
&RQKHFHPRVORJRR0LNHH D$OLFHHIL]HPRVRQDUL] FRPHOHV3yDLQGDHUDPHLR
UDUR PDV HOHV WLQKDP yWLPRV IRUQHFHGRUHV $Wp HVVH WHPSR D JHQWH Vy FRQKHFLD
ELULWD PHVPR PDFRQKD H DVVLP PHVPR PDO ODQoDSHUIXPH SHUIXPH
3HUYLWLQ 'H[DPLOPDLVXQVRXWURVGRLVRXWUrVFRPSULPLGRVWXGRPHLR FRLVDGH
SREUH 9RFr YHMD Sy HVVD GHVJUDoD TXH Vy VHUYH SDUD VH H[SHULPHQWDU DOJXPDV
YH]HV SDUD QmR VH ILFDU LJQRUDQWH $FKR VLP TXH D SHVVRD GHYH H[SHULPHQWDU
ERD FRFDtQD $t FKHLUD XP SDU GH YH]HV ID] H GL] DV VDQGLFHV GHOLUDQWHV H
FRQIHVVLRQDLVFRPXQV DTXHPFKHLUDHFRPSUHHQGHTXHpXPDPHUGDHGHL[DGH ODGR
$VVLP VHULDyWLPRSRUTXHRVHUKXPDQRSUHFLVDFRPSUHHQGHUDILPGH VHOHFLRQi
ORVSDUDVHXXVRRVYDULDGRVLQVWUXPHQWRVSDUDVH HQWUDUQXPEDUDWRHDOWHUDUD
UHDOLGDGH SHUFHELGD 'LJR SHUFHELGD SDUD TXDOLILFDU D UHDOLGDGH SRUTXH D
UHDOLGDGHQDWXUDOPHQWH QmRH[LVWHHPVL/HQLQHHUDJURVVRHRELVSR %HUNHOH\
HUDILQR HDItVLFDTXkQWLFDPDLVILQDDLQGD3HUJXQWHDXPFLHQWLVWD QXFOHDUR
TXHpDUHDOLGDGHHHOHYDLJDJXHMDUVHIRUKRQHVWR
0DV H[LVWH XPD UHDOLGDGH SHUFHELGD H R VHU KXPDQR QmR SRGH WROHUiOD H Dt
DOWHUDD SHUFHSomR'HVGHTXHRKRPHPpKRPHPHOH SURFXUDLVVRSRUPLOKDUHVGH
YLDVDVPDLVFRQKHFLGDVVHQGRR iOFRROHDVGURJDVHPJHUDOQDWXUDLVRXQmR $
P~VLFD p LVVR D P~VLFD QmR p VHQmR LVVR R ~QLFR LQWHUPHGLiULR p R RXYLGR
HOD YDLGLUHWRHDIHWDTXHPD RXYHQXQFDGHL[DGHDIHWDUGHXPD PDQHLUDRXGH
RXWUD (QWmR HX DFKR TXH VH GHYH H[SHULPHQWDU p XPD ERUULFH QmR H[SHULPHQWDU
4XHP QmR XVD QDGD QHP VHFUHWDPHQWH p XP SHULJRVR ORXFR TXH SRVVLYHOPHQWH
PDWDULD DOJXpP 2 SUREOHPD p TXH PXLWD JHQWH WHP GLILFXOGDGH HP YHU TXH DTXHOD
GURJDFREUDXPWULEXWRTXHQmRVHSRGHSDJDUHQmRVDL GDTXHODHPTXH HXHQWUHL
H JUDoDV D 'HXV VDt VHP SUHFLVDU GH XP HVIRUoR H[WUDRUGLQiULR 0XLWD JHQWH
ILFD JUXGDGD QDTXHOD GURJD H HX DFKDYD TXH ILFDULD VRX REULJDGD D FRQIHVVDU
TXH WLYH GHVOXPEUDPHQWR FRFDLQDO 4XDQGR IXL DSUHVHQWDGD H GXUDQWH DQRV D
VHJXLU Sy PH SDUHFHX XPD FKDYH GR XQLYHUVR H GD IHOLFLGDGH D GURJD GD
VDEHGRULDGDYHUGDGHHGDLOXPLQDomRREULOKR
(VWXSLGH]pH[DWDPHQWHRFRQWUiULR
0LNHH$OLFHFKHLUDYDPWRGRGLDHVHFRQWLQXDUDPH DLQGD HVWmRYLYRVGHYHP
WHU VH WUDQVIRUPDGR QXQV FDFRV LUUHFRQKHFtYHLV H LPSUHVWiYHLV (OHV WDPEpP
WLQKDPJUDQDHOHWUDQVDYDSyFRPXQV PLOLRQiULRVDPLJRVGHOHVJDQKDYDXPD EDED
VyFRPLVVR(UDXPD FRPSOHWDLQVDQLGDGH+DYLDRFDVL}HVHPTXHSDVViYDPRVGLDV
D ILR FKHLUDQGR H EHEHQGR HP YROXPHV LQGXVWULDLV FRQYHUVDQGR VDFDQDJHP H
HQWUDQGRQXPDVEDUUDVSHVDGLQKDVFRPRQDPDGUXJDGDHPTXHRV TXDWURUHVROYHPRV
VDLU GH FDUUR SHOD +DUERU )UHHZD\ QXV GD FLQWXUD SDUD EDL[R p XP PLODJUH TXH
QXQFDWHQKDPRVHQWUDGRHP FDQD$JHQWHID]LDWXGR(VWDYDHQWUDQGRQDPRGD ZLIH
VZDSSLQJ HQyVHQWUDPRVHPYiULRVJUXSRVXQVVHPSyRXWURV FRPSy7LQKD TXH
KDYHUXQVVHPSySRUTXHSypEUR[DQWHRVXMHLWRILFD OLJDGmRHPVDFDQDJHPPDV
JHUDOPHQWHRSDXQmRVREHVy GiSDUD WLUDU XPVDUURPHVPRRXHQWmRFKXSDomRH
FRLVDV DVVLP PDV QRUPDOPHQWH Vy VDL SDSR DOXFLQDGR PHVPR (X WHQKR XP DPLJR
TXH FKHLUDYDPXLWRHTXDQGRLDVDLUFRPXPD PXOKHU SHUJXQWDYD FRP Sy RX FRP
SDX"(ODTXHHVFROKHVVHSRUTXHVHKDYLDSDXQmR SRGLDKDYHU SyH YLFHYHUVD
(OH PH FRQWRX TXH XPD YH] FRQVHJXLX XPD PHLDERPED H XVRX XPD FDOoDGHLUD
SHTXHQLQLQKD GHVVDV TXH jV YH]HV GLVWULEXHP HP DYLmR H DSHVDU GH WHU KDYLGR
DOJXPD SHQHWUDomR D H[SHULrQFLD QmR DJUDGRX ( WLQKD JUXSRV FKDWtVVLPRV HQWUH
RV VZDSSHUV UHOLJLRVRV  YHJHWDULDQRV HVSHUDQWLVWDV R TXH YRFr SRVVD
LPDJLQDU $PHULFDQR FRQVHJXH VHU FKDWR H FDJDU UHJUD DWp HP VXUXED VmR PXLWR
SLRUHV GR TXH RV DOHPmHV TXH TXDQGR ERWDP TXDOTXHU FRLVD QR MXt]R ILFDP
FRPSOHWDPHQWH GHVSLURFDGRVHQmRUHVSHLWDPUHJUD QHQKXPD1RV(VWDGRV8QLGRV Ki
XPPDQXDOHXPFXUVRSDUDWXGRHVHPG~YLGDOiPXLWR VHWUHSD GHDFRUGR FRPRV
PDQXDLV 0DV LVVR QmR p JHUDO H Gi SDUD VH GLVWUDLU FRP IDUWXUD 1yV
IUHTHQWDPRV DOJXP WHPSR HVVHV JUXSRV H WXGR VRPDGR IRL XPD H[SHULrQFLD
GLYHUWLGDHYDOLRVD
0LNH WDPEpP WLQKD XP HVW~GLR IRWRJUiILFR HP FDVD HTXLSDPHQWR GH SULPHLUD
DWpFRPIXQGRLQILQLWRHGLYHUVDVSDLVDJHQVRPDLRU KLJKWHFKHQyVWLUiYDPRV
IRWRVQXV QmRVyQyVTXDWURPDV PXLWDJHQWHPDLVpDVVRPEURVRFRPRWHPJHQWH
TXH VRQKD HP WLUDU IRWRV QXD HPERUD D PDLRULD UHSULPD p XPD SHQD H XP
GHVSHUGtFLR
%RWDPRV WRGR WLSR GH JHQWH SHODGRQD QDTXHOH HVW~GLR H HP RXWURV OXJDUHV TXH D
JHQWHGHVFRODYDHUDXPDIHVWD7LUDPRVDWpIRWRV GHXPDIUHLUDSULPDGH0LNH H
SRUWDGRUD GH XPD FDUD GH VDQWDUURQD H[HPSODU PDV TXH GHSRLV VH UHYHORX XPD
GHVVDV IUHLUDV PHGLHYDLV GH FROHo}HV IHVFHQLQDV IUDQFHVDV GH DQWLJDPHQWH
H DGRUDYD VXUXED RX HQWmR WUDQVDU FRPLJR WUDQViYDPRV SUDWLFDPHQWH WRGDV DV
YH]HV HP TXH QRV YtDPRV ( DUUXPRX GRLV SDGUHV SDUD D WXUPD XP YHDGR H RXWUR
KRPHPGHWRGDVDVDUPDVJUDQGH)DWKHU 3DW0XOOLJDQTXHWRSDYDTXDOTXHUFRLVD H
WURFDYD FRP )HUQDQGR QXPD ERD HX QmR VHL R TXH HUD PDLV OLQGR VH )HUQDQGR
HQUDEDQGR HOH RX HOH HQUDEDQGR )HUQDQGR jV YH]HV GH TXDWUR PXLWDV YH]HV GH
IUHQWH TXH HUD D PLQKD SRVLomR IDYRULWD SDUD HOHV R SDX HQWUD PDLV
GUDPDWLFDPHQWH HOHV VH HQFDUDP p PXLWR ERQLWR PHVPR XPD GDV FRLVDV PDLV
VHQVXDLV H H[FLWDQWHV TXH HX FRQKHoR 7DPEpP HUD PXLWR ERQLWR HOHV VH FKXSDQGR
GHROKRVIHFKDGRVSRQGRFRP YRO~SLDRSDXGRRXWURQDERFD(X ILFDYDIRUDGH
PLPHTXDVH QXQFDFRQVHJXLDSHUPDQHFHUVRPHQWHDSUHFLDQGRFRPR SODQHMDYD DQWHV
HSDUWLFLSDYDGHDOJXPDIRUPD
&ODUR TXH QHVVD VRGRPDHJRPRUUD GR ZLIH VZDSSLQJ RV SDGUHV  RV SDGUHV
QmR SRUTXH R %LOO QmR VH LQWHUHVVDYD SRU PXOKHU  3DW H D IUHLUD WLQKDP XP
FHUWR SUREOHPD SRUTXH QmR GLVSXQKDP GH F{QMXJHV SDUD DSUHVHQWDU PDV D JHQWH
DSUHVHQWDYDXPFRPR F{QMXJHGRRXWURH0LNHIDOVLILFDYDOLFHQoDVGH FDVDPHQWR
VH IRVVH QHFHVViULR  TXH ORXFXUD GXDV SHVVRDV FDVDGDV TXH YmR WUHSDU FRP
RXWUDV H[LJLQGR SDSHO SDVVDGR RX LVVR p ORXFXUD UHPDWDGD RX p GH XP UHTXLQWH
SRUPLPLQDWLQJtYHOHPERUDSRVVD LPDJLQDUXPFHUWRFHQiULRXPILOPHGH %XxXHO
SRU H[HPSOR 'HYH KDYHU ILOPHV UHODWRV H HQVDLRV VREUH ZLIH VZDSSLQJ PDV
QDGD SRGHGHVFUHYHUDTXLORQHQKXPILOPHQHQKXPDFROHomRGHILOPHV HOLYURV(X
DGRUDYD TXDQGR SRGLD LU FRPR PXOKHU GH SDGUH 3DW SRUTXH HOH HUD H[FHOHQWH
PDULGR H FRPSDQKHLUR H DGRUDYD SHUYHUWHU DTXHODV SHUXDV FKHLURVDV GH FDEHOR
DUPDGRH VDSDWRVEULOKRVRVGD PHVPDFRUTXHRYHVWLGRRFDFKHFRORVEULQFRVH
WXGR PDLV (OH HQVLQDYD DV FRLVDV PDLV HVFDEURVDV ID]HQGR DV FDUDV
PDLV LQDFUHGLWiYHLV H HX DOL EDWDOKDQGR SHOR 2VFDU GH FRDGMXYDQWH DSUHQGL
PXLWRFRPHOHWDPEpP(OHHUDSULYLOHJLDGR2V LUODQGHVHVTXHHXVDLEDQmRWrP
IDPDGHGHVPDUFDGRVPDVRGHOH HUDPXLWRJUDQGHHJURVVRHILFDYDGXURFRPR XPD
YLJD GH PDGHLUD DSRQWDQGR SDUD FLPD H JR]DQGR FRP XPD IRUoD H DEXQGkQFLD
TXH RQGH TXHU TXH HOH JR]DVVH HP DOJXpP HVVH DOJXpP VHQWLD D LQXQGDomR HX
DPDYD LVVR jV YH]HV ILFDYD VHQWDGD FRP D ERFD MXQWR DR SDX GHOH DVVLVWLQGR
WUDQVSRUWDGD D HOH EDWHU XPD SXQKHWD SDUD QD KRUD GH JR]DU GLULJLU R MDWR j
PLQKDERFD DEHUWD)L]HPRVPXLWRLVVRHPRFDVL}HV HP TXH D SUHVVD HUD DPLJD GD
SHUIHLomRHWLUDPRVYiULRVILQRVIRPRVTXDVHSLOKDGRV GLYHUVDVYH]HVPDVLVVR
GDYDJUDoD(OHVHUSDGUH WLQKDDOJXPD FRLVDDYHUFRPLVVRRXHQWmRR'LDER
OKH GDYD XPD FRODERUDomR H[WUDRUGLQiULD $QG\ PHVPR $QG\ HUD XPD PXOKHU TXH
QyV FRPtDPRV QXP GHVVHV FOXEHV GHVFREHUWD SRU HOH 4XHU GL]HU GHVFREULU
WRGR PXQGR WLQKD GHVFREHUWR SRUTXH HOD HUD H[LELGtVVLPD (OH GHVFREULX IRL R
WDOHQWR GHOD SRU WUiV GDTXHOD ERoDOLGDGH HPSHWHFDGD H DR ODGR GR PDULGR PHLR
EUR[DHEDUULJXGmRVHP FKDUPHQHQKXPFRLWDGRPDVDFKRTXHSUHIHULD IUHTHQWDU
DTXHOD WXUPDRQGHSHORPHQRV HVWDYDQRPLQDOPHQWHHPLJXDOGDGHGH FRQGLo}HVGR
TXHWRPDURFRUQRVROLWiULRTXHIDWDOPHQWHWRPDULD
1R FRPHoR HX DFKHL TXH SDGUH 3DW HVWDYD PDOXFR TXHUHQGR TXH D JHQWH FRPHVVH
DTXHOD -D\QH 0DQVILHOG GH RLWDYD FDWHJRULD  D YHUGDGHLUD -D\QH 0DQVILHOG HUD
IDQWiVWLFDHHXTXDVHFRPR YHUGDGHPHVPRPDVLVVR p RXWUD KLVWyULD IRL QXP
FRTXHWHO HP %HYHUO\ +LOOV PH OHPEUH GHSRLV PDV HOH WLQKD UD]mR $QG\ HUD XPD
JrQLDXPGLDPDQWHEUXWR (PGRLVPHVHVMiVDELDHJRVWDYD GH WXGR GHL[RXGH
DFKDU TXH FKXSDU SDX HUD ID]HU FDUDV H ERFDV H SDVVDU XPD OtQJXD IUHQpWLFD QD
JODQGHFRPRXPDFREUDFRP SUREOHPDVQHXUROyJLFRVDSUHQGHXDFXUWLUWXGR FRPHX
WRGRV RV KRPHQV PXOKHUHV H VRUWLGRV GLVSRQtYHLV ILFRX FUDTXH HP WRGDV DV
PRGDOLGDGHV YLURX DEVROXWDPHQWH RXWUD ( R FDVDPHQWR DFDERX FODUR 7UDF\ R
PDULGR GHOD UHDOPHQWH QmR WLQKD MHLWR 1RVVD IUHLUD 6LVWHU *UDFH DOLDV 0UV
6DXQGHUVDOLDV0DXUHHQDOLDV 'HHDOLDV WDQWDFRLVDDFKRTXHQHVVHFOXEHHOD
HUD 0UV 5LYHUD PXOKHU GH )HUQDQGR (OD IH] R LPSRVVtYHO SDUD WUD]HU 7UDF\
DR FRQYtYLR GD KXPDQLGDGH PDV QHP HOD VHULD FDSD] GHVVH IHLWR QHP HX 1HP
1RUPD/~FLD(FXPSULXVHRFDUPD GHFDGDXPQyV WUDQVDQGRFRP$QG\H7UDF\VH
GDQGRSRUPXLWRIHOL]HPVHU FKXSDGRFRPDILQFRHGHQWHVSRU5LWD0DHD PDJUHOD
GH ,RZD TXH QLQJXpP TXHULD FRPHU (X TXHULD VHU SLQWRUD SULPD GH XP
%UXHJKHO TXDOTXHUXP%RVFKTXDOTXHUSDUDSLQWDUDTXHODVQRLWHV(GLDV
6DXGDGHVSRUTXHQmRGL]HUVDXGDGHV
*UDQGH6LVWHU*UDFHJUDQGH )DWKHU%LOOJUDQGH)DWKHU3DW 0XOOLJDQ)HUQDQGR
VHPSUHGLVVHTXHDPDLRUIDQWDVLD GHOHVH FXPSULXQRGLDHPTXHIRLFKXSDGRSRU
6LVWHU*UDFH FRPHODWRGD QXDPHQRVSHORDUUDQMRGHFDEHoDGHIUHLUD(*UDFH
HUD OLQGD WLQKD DTXHODV VDUGDV GH LUODQGHVD PDV QR SRQWR FHUWR RV
SHLWRV FXUYDGRV VXDYHPHQWH RV ELFRV URVDGRV H DUUHGRQGDGRV XPD
[R[RWD PDJQtILFD FRP SHQWHOKRV DUUXLYDGRV H GHL[DGRV j YRQWDGH XPD EXQGD
FOiVVLFD D IURQWHLUD SDUD DV FR[DV WUDVHLUDV EHP WUDoDGtVVLPD OLQGD OLQGD
OLQGD H VDIDGD HUD FRPR HX H 3DW H UDURV RXWURV H RXWUDV TXH HQFRQWUDPRV QD
YLGD HVWDYD VHPSUH GLVSRVWD VHPSUH D  ILP HP TXDOTXHU OXJDU D TXDOTXHU
KRUD VLQWR IDOWD GH PDLV JHQWH DVVLP DFKR TXH WRGR PXQGR VHULD DVVLP VH
DMXGDGR )D]LD XP HVFkQGDOR TXDQGR JR]DYD WLQKD TXH WHU P~VLFD DOWD SDUD RV
YL]LQKRVQmRSHQVDUHPTXHDJHQWHHVWDYD PDWDQGRDOJXpPGHYRFDEXOiULRPDLV VXMR
GRTXH/RQJ-RKQ6LOYHU
)DWKHU%LOOHUDPDLVFDOPRPXLWRGHOLFDGRHGXFDGtVVLPRIDODYD QmRVHLTXDQWDV
OtQJXDV H HUD WDPEpP PXLWR ERQLWR Vy TXH DOWR PRUHQR FRP XPD FRYLQKD QR
TXHL[R H DEVROXWDPHQWH EDQGHLUD QHQKXPD GH TXH HUD ELFKD HX WRPHL XP VXVWR
TXDQGR VRXEH 1mR HUD XP YHDGmR UDGLFDO Vy VH UHFXVDYD D FRPHU RX FKXSDU
[R[RWD DOLiV QHP WRFDU DOLiV QHP YHU 7LQKD QRMR GL]LD TXH OHPEUDYD DV
RVWUDV GD FLGDGH]LQKD GH SHVFDGRUHV RQGH HOH QDVFHX HP 0DVVDFKXVHWWV RX QR
0DLQH VHL Oi (OH WLQKD SDYRU GHVVDV RVWUDV WLQKD DWp SHVDGHORV FRP HODV
0DV WLUDQGR DV RVWUDV R UHVWR HUD FRP HOH PHVPR SULQFLSDOPHQWH FKXSDU SDX H
SHLWR FRP D DYLGH] GH XP EDFRULQKR 0DV R TXH HOH SUHIHULD PHVPR HUD VHU
HQUDEDGR SRU )HUQDQGR QD IUHQWH GH TXHP HVWLYHVVH 4XDQWR PDLV JHQWH
SUHIHULYHOPHQWH PXOKHU PHOKRU SDUD HOH 3DUHFLD XP DWRU GH ILOPH SRUQ{ FODVVH
$ HUD  XPD YRFDomR LQDWD 'LULJLD R HVSHWiFXOR H ID]LD XPD HVSpFLH GH
HQVDLR FRP )HUQDQGR KRMH YRFr ID] DVVLP KRMH ID] DVVDGR ( )HUQDQGR WDPEpP
WLQKDVHQVRGHHVSHWiFXORHOHVGRLVHUDPXPVKRZVHP H[DJHURVXQGHUVWDWHGPDV
YLJRURVR XPD EHOH]D PHVPR LQVSLURX PXLWD JHQWH &RPL D EXQGD GHOH DOJXPDV
YH]HV PDV HOH PH HPSUHVWDYD XP QRPH PDVFXOLQR H TXDVH VHPSUH PH SHGLD SDUD
XVDU XQV GLOGRV HVSHFLDLV XPDV SLFDV GH ERUUDFKD GHVWH WDPDQKR TXH VH
HQFDL[DYDP GLUHLWLQKR QR S~ELV GD PXOKHU H HOD JR]DYD GH WDQWR VH HVIUHJDU
$WXDOPHQWHTXDOTXHUUHYLVWDGHVDFDQDJHPWUD] DQ~QFLRVGHFDOFLQKDVJHUDOPHQWH
SUHWDV H GH XP PDX JRVWR DWUR] WRGDV FRP SLFDV GH GLYHUVRV WDPDQKRV VHPSUH
DFKHLGHWHVWiYHO
8VHL XPDV GXDV YH]HV PDV IRL WHUUtYHO LQFOXVLYH SRU HX WHU GH WUHSDU
XVDQGR FDOFLQKDV QmR Ki D PHQRU JUDoD H PH Gi XP FHUWR QRMLQKR GR KRPHP TXH
FXUWH LVVR QmR VHL EHP SRU TXr 'H PXOKHU WDPEpP SHQVDQGR EHP D SDVVLYD H
SULQFLSDOPHQWH D DWLYD QmR DFUHGLWR TXH XPD VDSDWRQD GH UHVSHLWR XVH
KDELWXDOPHQWHXPQHJyFLRGHVVHVpXPD LQGLJQLGDGH
-i )DWKHU 3DW FRPR HX GLVVH HUD SHUIHLWtVVLPR FRPSOHWR QHQKXPD
UHFODPDomR SHOR FRQWUiULR ,UUHWRFiYHO DTXLOR p TXH VH SRGH YHUGDGHLUDPHQWH
FKDPDU GH DWLUDU FRP WRGDV DV DUPDV PHVPR JRVWDULD PXLWR GH HVWDU FRP HOH H
*UDFHQRYDPHQWHPDVHOHVHPSUH SURPHWHTXHYHPDR %UDVLO H QXQFD DSDUHFH )RL
HOH TXHP FRQILUPRX PXLWDV FRLVDV GH TXH D JHQWH KDYLD PXLWR VXVSHLWDYD H
SHUGLD WHPSRHkQLPRFRPHODV3RUH[HPSORVHVVHQWDHQRYHpXPD EHVWHLUDTXH
WLUD D FRQFHQWUDomR H Vy YDOH D SHQD HP FDVRV HVSHFLDOtVVLPRV ( D FKDPDGD
SHQHWUDomR GXSOD TXH KRMH HVWi PXLWR QD PRGD H HX YHMR QDV UHYLVWDV
SRUQRJUiILFDV" (X SDVVR QD EDQFD H SHUJXQWR VH WHP UHYLVWD GH VDFDQDJHP QRYD
SHUJXQWRHP WRPGHYR]QDWXUDOQmRLPSRUWDTXHPHVWHMDSUHVHQWH
,QWHUHVVDQWH p TXH D PDLRULD GDV SHVVRDV ILQJH TXH QmR RXYH p FXULRVR QR
FRPHoR HX HVSHUDYD R FRQWUiULR ( RV MRUQDOHLURV Mi VHSDUDP DV UHYLVWDV SDUD
PLPRVMRUQDOHLURVVmRXPDFDWHJRULD PXLWRHVFODUHFLGDHGHPHQWHPXLWR DEHUWD
DOJXpP GHYLD HVFUHYHU XPD WHVH VREUH HVVH LQWHUHVVDQWH SDSHO GD LPSUHQVD (P
TXDVH WRGDV DV UHYLVWDV Ki IRWRV GH SHQHWUDomR GXSOD GRLV VXMHLWRV H XPD
LQIHOL]WRGD PDTXLODGDHODPDLVRXPHQRVFRPRXPQDFRGH FDUQHQRHVSHWRHOHV
FRPRDVGXDVPHWDGHVGHXPSmRGH FDFKRUURTXHQWH LVVR QmR H[LVWH 2X PHOKRU
H[LVWH SRUTXH QyV PHVPRV H[SHULPHQWDPRV PDV QmR WHP YDORU DOJXP D QmR VHU
SDUD FXUUtFXOR ( RXWUDV FRQWRUo}HV TXH PH GHVWURQFDP D DOPD Vy GH OHPEUDU
SULQFLSDOPHQWH TXDQGR VH DUPD XPD PDFDUURQDGD KXPDQD 7UrV WUrV p R Q~PHUR
LGHDO SDUD XP JUXSR TXDLVTXHU TXH VHMDP RV VH[RV GRV SDUWLFLSDQWHV LQFOXVLYH
PLVWXUDGR (X JRVWR GDV WUrV IRUPDV SRVVtYHLV XPD PXOKHU H GXDV PXOKHUHV XPD
PXOKHU XPKRPHPHRXWUDPXOKHUXPDPXOKHUHGRLVKRPHQV1D PLQKD H[SHULrQFLD
PDV HQIDWL]R TXH Vy IDOR SRU PLP R PHQRV VDWLVIDWyULR p PXOKHU FRP GXDV
PXOKHUHVH RPDLVVDWLVIDWyULR VXUSULVHpGXDVPXOKHUHVFRPXPKRPHP2
LGHDO p TXH WRGR PXQGR QHVVH JUXSR VH WUDQVH PDV QmR p LQGLVSHQViYHO
2 LQGLVSHQViYHO p TXH DV GXDV PXOKHUHV VH GrHP PXLWR EHP HP PDWpULD GH
ULYDOLGDGH VHMDP HVSRUWLVWDV VLQFHUDV H JRVWHP H WHQKDP WHVmR QR KRPHP H XP
EHOR GLD GHFLGDP WUDQVIRUPiOR HP VXOWmR H HODV HP RGDOLVFDV ( PXLWR
SUHIHULYHOPHQWH TXH WRGRV VHMDP DPLJRV HVVD KLVWyULD GH TXH QmR VH SRGH
PLVWXUDU DPL]DGH FRP VH[R p XPD PDOXTXLFH p SUHFLVDPHQWH R FRQWUiULR PHX
'HXV GRFpXeSRUTXHDVSHVVRDVHQYROYHPRVH[RHPWDQWD PHUGD PHVTXLQKDULDV
FL~PHV GH SHLWRV LQVHJXUDQoDV GLVVHPHGLVVH VXVSHLWDV DILUPDo}HV GH HJR
WDQWD WDQWD PHUGD  TXH ID]HU VH[R FRP DPLJRV jV YH]HV DFDED SUHMXGLFDQGR D
DPL]DGH 1mR VH RIHUHFH PHUGD DRV DPLJRV DWHQWDU QLVVR RV DPLJRV VmR
PXLWR LPSRUWDQWHV (QWmR OLYUDUVH GD PHUGD SDUD SRGHU RIHUHFHU D DPEURVLD
TXHHVWiDtSDUDTXHPTXLVHUGHL[DUGHVHUEDEDFDH YHU6HVHSUHVWDUDWHQomR H
VHDVVXPLUDSRVWXUDFRUUHWDR FHUWRpFRPHURVDPLJRV pDEVROXWDPHQWHyEYLR
FKHJDDVHU ULGtFXORWHUTXHGL]HULVVRHDSUHVHQWDUFRPR WHVHDVHU GLVFXWLGD
QmRKiQDGDDVHUGLVFXWLGRpHOHPHQWDUOyJLFR FXULDO1mRWRGRVRVDPLJRV p
FODUR PLQKD LGpLD QmR GHYH VHU GHWXUSDGD HPERUD HX DFKH OHJtWLPR TXH DOJXpP
HPSUHHQGD FRPR PLVVmR GH YLGD FRPHU WRGRV RV DPLJRV H DPLJDV TXH SXGHU
(X PHVPD GH FHUWD IRUPD VRX DVVLP H FRQKHoR JHQWH DVVLP PDLV JHQWH GR TXH
VHULDGHHVSHUDUjSULPHLUDYLVWD &RPHUDOJXpPGHYH VHUXPJHVWRGHDPL]DGHH
TXHFRPSOHPHQWDHDSURIXQGDQmR HVWUDJDHVVDDPL]DGH2TXHHVWUDJDpROL[R QD
FDEHoD TXH QmR p LQHUHQWH DR VH[R VmR RV SHQGXULFDOKRV PRUWtIHURV TXH
DUUDQMDP SDUD HOH ([SHULPHQWH FRQYHUVDU VREUH LVVR FRP DPLJRV H FRPD HOHV VH
HOHVVHUHYHODUHPVHQVtYHLVDHVVDPDQHLUDGH YHU DV FRLVDV ,QGHFHQWH p FRPHU
SHVVRDVTXHQmRVHULDPQRVVDVDPLJDV
,VVR Vy VH DGPLWH HP UDUtVVLPRV FDVRV FRPR SRU H[HPSOR SDUD VDWLVID]HU XPD
SHUYHUVmR]LQKD(XJRVWRGH YH]HPTXDQGRHFRP DVSHVVRDVFHUWDVGHGDUXPD
GHRGDOLVFDWRGDPXOKHUVDEHGH TXHHVWRXIDODQGRpJRVWRVR)L]LVVRPXLWR p
ERP VHU XPD GDV GXDV PXOKHUHV TXH HVWmR FRPHQGR XP KRPHP GH FLPD D EDL[R H
GH WRGRV RV MHLWRV H VDEHQGR TXH HVWmR GDQGR D HOH XP GLD GH UHL EDVWDP HODV
SDUDTXHHOHVHVLQWDXPUHLPDLRUTXHXPUHL+i TXHPSHQVHTXHQmRWHPKRPHP
FRP UHVLVWrQFLD SDUD LVVR PDV WHP VHPSUH WRSDYD FRP XP D YDULDomR GH
SDUFHLURVID]PXLWREHPDR PDFKRHOHpSURJUDPDGRSDUDLVVR9RFrVDEHRTXH HX
FXUWL" (X H XPD DPLJD PLQKD SRU H[HPSOR FXUWLPRV LQWHQVtVVLPDPHQWH XPD QRLWH
TXHSDVVDPRVFRPPHXLUPmR5RGROIRHQDTXDOHQWUHRXWUDV FRLVDVILFDPRVDPEDV
GHUDERSDUDFLPDSDUD HOHQRVSHQHWUDU DOWHUQDGDPHQWH(5RGROIRHUD5RGROIR
IRGHX DV GXDV D QRLWH LQWHLUD HP WRGRV RV EXUDFRV H IH] TXHVWmR GH QmR VHU
JURVVHLUR HHVSRUURXWDPEpPQDVGXDV-iTXDWURSHVVRDVpPDLVFRPSOLFDGR
eSRVVtYHO PDVQmRpIiFLODQmRVHUVHIRUQDEDVHGDWURFD YH]SRURXWUDH
RXWUDVYDULDo}HV7RGRPXQGRHPERODGRQmRpERP
2X HQWmR p GLVIDUFH Mi YL LVVR DFRQWHFHU 3RU PLQKD FDXVD XQV GRLV RX WUrV
KRPHQVTXHHXHQFRUDMHLHHORJLHLQDKRUD SUDWLFDUDP YiULRV DWRV D TXH DQWHV
VH UHFXVDYDP 0XLWRV UHVLVWLDP D )HUQDQGR QR FRPHoR PDV DFDEDYDP FHGHQGR DWp
SRUTXH WDQWR HOH FRPR HX pUDPRV PXLWR KiEHLV QHVVH VHWRU 6H R VXMHLWR
SHUPLWLD TXH)HUQDQGRRFKXSDVVHHQmRHOHD)HUQDQGRWXGREHP GHVDSRQWDYDXP
SRXFRDVPXOKHUHVPDV)HUQDQGRTXHULDFKXSiOR GHTXDOTXHUMHLWR UHFLSURFLGDGH
RX QmR SRUTXH QmR WLQKD HVVDV IUHVFXUDV ( D JHQWH DSODXGLD H PRVWUDYD
DGPLUDomR H WHVmR UHGREUDGD SRU )HUQDQGR H HPERUD QmR IRUoDVVH D EDUUD
RX UHFULPLQDVVH R UHIUDWiULR GHL[DYD YLVtYHO TXH HOH HUD DVVLP XPD HVSpFLH GH
ERER $V PXOKHUHV VHPSUH VH UHYHODUDP yWLPDV QLVVR D PDLRU SDUWH PH DMXGDYD
PXLWR D FRQYHQFHU RV PDULGRV H QDPRUDGRV D WUDQVDU FRP RXWURV KRPHQV QD QRVVD
SUHVHQoDRXFRPDQRVVD SDUWLFLSDomR9RFrSRGHSHQVDUTXHQmR PDVDVPXOKHUHV
FXUWHP LVVRWDOYH]PXLWRPDLVGRTXHDPDLRULD VXVSHLWD QmR PH OHPEUR GH XPD
TXHWLYHVVHH[SHULPHQWDGRHQmRWLYHVVHJRVWDGR(QWmR QDVWUHSDGDVGHTXDWUR
Ki IUHTHQWHPHQWH GLVIDUFHV TXH TXDQGR HX GHVFREULD GHVPDVFDUDYD ORJR H
HQFRUDMDYD D TXH OLEHUDVVHP ORJR WXGR IRVVHP KRPHQV QD H[SUHVVmR GD SDODYUD
IRVVHPRV IRGDoRVTXHQyVVHPSUHTXLVHPRVTXHHOHVIRVVHP( XPIRGDoR FKHLRGH
OLPLWDo}HVQmR SRGHVHUXPIRGDoR4XHXPQmRFXUWD FHUWDVFRLVDVWXGREHPXP
FDPDUDGD SRGH JRVWDU PXLWR GH FRPHU RXWUR H QmR TXHUHU GDU SDUD HVVH RXWUR
DVVLPFRPRHVVHRXWUR SRGHPXLWREHPVyTXHUHU GDU RX GH]HQDV GH YLFHYHUVDV
$VVLP FRPR SRGH QmR VH VHQWLU WHVmR SRU GHWHUPLQDGD SHVVRD RX WLSR GH SHVVRD
SRGHVH DWp Vy WHU WHVmR SRU XP WLSR GH SHVVRD H[FOXVLYDPHQWH HPERUD LVVR Mi
VHMDGRLGLFH0DVTXHVHVHMD DEVROXWDPHQWHLQIHQVRDWRGDH TXDOTXHUFRLVDFRP
R PHVPR VH[R Dt QmR Dt p OLPLWDomR JUDYH QmR Ki XP KRPHP RX PXOKHU
FRPSOHWR QRFDVR7RGRKRPHPTXHGLVVHUTXHQXQFDQDYLGDWRGD VHQWLX QHQKXPD
WHVmRSRUDEVROXWDPHQWHQHQKXPRXWUR KRPHPDWpXPEHOR WUDQVH[XDORXXPHIHER
PDV QHQKXP PHVPR RX HVWi PHQWLQGR RX VH HQJDQDQGR 2 PHVPR SDUD DV PXOKHUHV
TXH UHFRQKHFHP HVVH IDWR FRP PXLWR PDLRU IDFLOLGDGH WDOYH] SRUTXH QmR WHQKDP
TXH VHU PDFKRV FRPR RV KRPHQV H QmR YLYDP WmR DVVXVWDGDV R WHPSR WRGR 3RU
LVVR H SRUTXH DV PXOKHUHV VmR GH HVSHFLDO DMXGD DRV KRPHQV KHVLWDQWHV H
LQVHJXURVMiTXH VyRV LQVHJXURVpTXHWrPHVVHSUREOHPD p TXHHXQXQFD
GHL[HLRVGLVIDUFHVHVFDSDUHPQRVH[RJUXSDO
2VGLVIDUFHVFRPHoDPMiQRVH[R DWUrV1mRLPSRUWDRTXHGLJDP VHGRLV KRPHQV
HVWmR WUDQVDQGR DR PHVPR WHPSR FRP D PHVPD PXOKHU H[LVWH XP FRQWH~GR GH
YHDGLVPRQLVVRHOHVILFDPROKDQGRDVURODV XPGR RXWUR FXUWLQGR FRLVDV TXH R
RXWURID]YROWDHPHLDVH HQFRVWDPVHSHJDPHVHPIDODUQDGDDFDEDP HQWUDQGR
QR VDPED XP FRP R RXWUR VHPSUH WHP XPD FRLVD GHVVDV 2 PHVPR RFRUUH FRP GXDV
PXOKHUHV H XP KRPHP H[FHWXDQGR FRPR p GH SUD[H QHVWDV TXHVW}HV H HX REVHUYR
VHPSUHFDVRVJUDYHVGHGRHQoDPHQWDO
([FHWXDQGR FDVRV JUDYHV GH GRHQoD PHQWDO WRGDV DV PXOKHUHV JRVWDP GH PXOKHU
WDPEpP HP JUDXV YDULDGRV RX DWp HVSHFLDOL]DGRV GR PHVPR MHLWR TXH WRGR KRPHP
JRVWDGHKRPHPID]SDUWHGD FRQVWLWXLomRGHQyVWRGRVQLQJXpPQDVFHXFRP SDSHO
VH[XDO UtJLGR WRGR PXQGR p WXGR HP PDLRU RX PHQRU JUDX R UHVWR p PHGR GH
IDQWDVPDV ULGtFXORV H DEVXUGRV TXH QXQFD VH VXVWHQWDUDP QDV VXDV SHUQRFDV GH
QpYRD-iDVVLVWLDHSLVyGLRVHMiRXYL FRQILGrQFLDVGHKRPHQV TXHRGLDULDPGDU
RUDERPDVFXUWLDP IDQWDVLDVHQGHPRQLQKDGDVGHHQUDEDUMRYHQVUDSD]HVH PXLWDV
YH]HV ID]LDP LVVR HVFRQGLGRV GHOHV PHVPRV 2V WUDYHVWLV FRPHP KDELWXDOPHQWH
KRPHQV VpULRV RV WUDYHVWLV WrP KLVWyULDV PXLWR ERDV HX VLPSDWL]R FRP RV
WUDYHVWLVHPJHUDO(OHVFRPHP EDVLFDPHQWHKRPHQVVpULRV2VKRPHQVRVSHJDPHP
VHXV FDUURV H ILFDP GH TXDWUR SDUD HOHV p HVVH R JUDQGH QHJyFLR GHOHV QmR
p GDU DRV KRPHQV VpULRV FRPR VH SHQVD ( WRGRV HVVHV KRPHQV VpULRV VmR
LQGLVWLQJXtYHLV GRV TXH QmR ID]HP R TXH HOHV ID]HP HOHV HVWmR HP WRGD SDUWH
VmR QRVVRV FRQKHFLGRV SDLV PDULGRV FKHIHV FRPDQGDQWHV HWF TXH VH DEUDVDP
RFXOWDPHQWHGHSRLVVH DSRVHQWDPHPRUUHPGHFkQFHU3UHFLVDYDGLVVR SUHFLVDYD"
1mR VHFHUWDVYHUGDGHVyEYLDVIRVVHPDGPLWLGDVGHXPDYH]SRUWRGDV
$WUDVRDWUDVRYLYHPRVVHJXQGRUHJUDVHSDGU}HVSDUDRVTXDLV QHQKXPVHUKXPDQR
IRLIHLWRHFODURILFDPRVPDOXFRVSRULVVR
1mR VHL VH Mi IDOHL TXH HQFDUR FRP SLHGDGH D PXOKHU TXH GL] VLQFHUD H
SURLELWLYDPHQWH PHX QHJyFLR p KRPHP PLQKD ILOKD H IUHTHQWHPHQWH p
LUUHFXSHUiYHOSDUDXPDYLVmRGR PXQGRHXPD YLGDVDGLDVDWpSRUTXHIRUWLILFDGD
SRU WUiV GH VXD PXUDOKD GH QHXURVHV H FUHQGLFHV )LFR FRP SHQD $ EHP GL]HU
ILFR FRP SHQD QmR Vy GHVVDV PXOKHUHV FRPR GRV KRPHQV HP FRQGLomR DQiORJD
ILFR FRP SHQD GH WRGRV HVVHV H[FOXVLYRV GH DUDTXH 3UHIHUrQFLDV
VLP H[FOXVLYLGDGHMDPDLV$VPXOKHUHVJRVWDPVLPGHPXOKHUHVHDV TXHPHQRV
JRVWDP SHOR PHQRV DGRUDP VHU YLVWDV HP DomR SHODV RXWUDV TXH DV DFRPSDQKDP
SUHIHULYHOPHQWH PRVWUDQGR TXH VmR PDLV JRVWRVDV -i SDUWLFLSHL GHVVH WLSR GH
FRLVD H PXLWRV KRPHQV FRPR R SUySULR )HUQDQGR PH FRQWDUDP TXH WUDQVDUDP FRP
PXOKHUHV TXH VR]LQKDV FRP HOH ILFDYDP Oi SDUDGRQDV FRPR XPD DOPRIDGD FRP
EXUDFRVPDVTXDQGRHXRX TXDOTXHURXWUDHVWDYDSRUSHUWR YLUDYDPGHP{QLRVGR
OHLWR JULWDYDP JHPLDP EHUUDYDP R QRPH GHOH HP DOWRV EUDGRV H DVVLP SRU
GLDQWHeRIDPRVRVHUKXPDQR0DV QmRID]PDODQLQJXpPp WDOYH]GRVJUDQGHV
DWUDWLYRV GH VH[R D WUrV p OHJtWLPR XPD FRQFRUUrQFLD FRQVWUXWLYD 0DV D
YHUGDGHp TXHDJUDQGHPDLRULD GDVIDQWDVLDVFRPRRVH[RJUXSDOTXDQGR YLYLGD
p XP VDFR FRP UDUDV H HSLVyGLFDV H[FHo}HV 4XDQGR LPDJLQDGD H DWp YLVWD HP
IRWRV D LPSUHVVmR p RXWUD 6HU SHQHWUDGD HQTXDQWR VH FKXSD DOJXpP GH YDORU
WRGRV DPLJRV H DPDQWHV WXGR EHP $OLiV R PHOKRU SDUD WXGR LVVR YROWR D
EDWHU QD WHFOD VmR RV DPLJRV H SDUHQWHV 2X HQWmR R RXWUR
H[WUHPR GHVFRQKHFLGRVTXHQmRYmRPDLVVHUYLVWRV4XDQGRVHpDPLJR DFDEDPVH
WRUQDQGR PDLV SURYiYHLV DV FRPELQDo}HV JHUDOPHQWH HVSRQWkQHDV TXH SRGHP GDU
FHUWR $Wp VLQFURQLVPR GH RUJDVPR D WUrV PXLWDV YH]HV Gi FHUWR PDV JHQWH GH
SULPHLUDTXDOLGDGHSDUDLVVRp GLItFLOGHVHU HQFRQWUDGDHDVLWXDomRSURStFLD
pWDPEpPGLItFLOGHDUPDU
$WUDVRDWUDVR(HXGHLVRUWHDLQGDGHLPXLWDVRUWH
0LQKDEROVDGHHVWXGRVWRGRHVVHWHPSRIRLGHORQJHDPHOKRU TXHHXSRGHULD
HVSHUDU 6Dt IRUPDGtVVLPD SyVJUDGXDGtVVLPD 1mR QDV PDWpULDV GR FXUUtFXOR
HYLGHQWHSRUTXHHXLDDRFDPSXV VRPHQWHTXDQGRKDYLDQHFHVVLGDGHHPERUD WHQKD
SHJDGR R PDLRU GLSORPD GH PHVWUDGR /i p LJXDO D DTXL EDVLFDPHQWH Vy
TXH EDVWDQWH PDLV HODERUDGR H FRP XPD KLSRFULVLD LQWULQFDGDPHQWH FRUHRJUDIDGD
TXHFKHJD DVHUERQLWDGHWmRKRUULSLODQWHHEHP HVWUXWXUDGD/iDJHQWHFRPSUD
RVSDSHUVRVWUDEDOKRVGHFDVD TXHWHPGHDSUHVHQWDUH[LVWHP ILUPDVTXHID]HP
LVVR p D PDLRU PROH]D p Vy WHU GLQKHLUR SDUD FRPSUDU FRPR TXDVH WXGR PDLV
'DU SDUD RV SURIHVVRUHV IXQFLRQDYD GD PHVPD IRUPD TXH DTXL GHL DWp SDUD XP
PyUPRQ TXH QmR IXPDYD QmR EHELD QHP FDIp QmR GL]LD SDODYUmR HUD XP VDQWR
KRPHPPDVTXDQGRHXSHJXHLQRSDXGHOH SRUFLPDGDVFDOoDVVHHVSRUURXWRGR H
VyPHGHXQRWD$RFXUVR LQWHLUR(DVVLPGLYHUVRV RXWURVHUDVyGDU HSDVVDU
SURFXUHP HP RXWUR OXJDU DV GLIHUHQoDV GH GHVHQYROYLPHQWR HQWUH R %UDVLO H RV
(VWDGRV 8QLGRV 1R IHOL] GL]HU GH 0DULO\Q 0RQURH VHJXQGR HX OL HP DOJXPD
UHYLVWD GH IRIRFD FKXSHL PXLWD SLFD PDV FRQVHJXL PXLWRV SDSpLV 1mR KDYLD
GLILFXOGDGH DLQGD PDLV FRP D DSDUrQFLD GHPROLGRUD TXH HX WLQKD HOHV WLQKDP
PHGR GH PLP H IDVFLQDomR DEVROXWD H PHOKRU DLQGD QmR KDYLD FRQFRUUrQFLD
GLJQD GHVVH QRPH HX HVWUDQJHLUD FDVDGD OLYUH SDUD TXDOTXHU KRUiULR VHP
TXHUHU GLQKHLUR GH QLQJXpP JRVWRVtVVLPD ID]HQGR FRLVDV TXH HOHV QXQFD
VRQKDUDP HUD DWp FRYDUGLD QHQKXP UHVLVWLX DEVROXWDPHQWH QHQKXP (X IDODYD
SRUWXJXrVGXUDQWHDVWUHSDGDV HOHVFDODPHPWUDQVH&RPGRLVHXWUHSHLD VpULR
PDV FRP RV RXWURV HX ILFDYD GL]HQGR )ODPHQJR DWp PRUUHU R VXIOr Mi
HVWi SURQWRWXpUXLPGHFDPDSUDFDUDOKR H RXWUDV PDOXTXLFHV TXH PH GDYDP
QD FDEHoD VHPSUH OLJHLULQKR SDUD QmR DUULVFDU TXH HOHV HQWHQGHVVHP HUD QD
&DOLIyUQLDHPXLWRVVDELDPXPDVSDODYULQKDV HPHVSDQKROFRPRTXDQGRHX FKDPHL
'U6FRWWGHHVW~SLGRSRUTXH HOHPHSHQHWURXSRUWUiVFRPR XPULQRFHURQWHGDQGR
XPDPDUUDGD FRLWDGRGHOHHUDFDVDGR FRPXPDPXOKHUWHUUtYHOTXHHXH )HUQDQGR
FRPHPRV H HUD FRUQR YLWDOtFLR VH EHP TXH ERP GH QRWD SDUD PLP VWUDLJKW $V
DJDLQ
7LYHDSHQDVWUrVSUREOHPDVGRLVSHTXHQRVHXPJUDQGHQD YROWDSDUDD%DKLD
2 SULPHLUR SUREOHPLQKD IRL WLWLR $IRQVR p FODUR TXH FKRURX PH FKDPRX GH
LQJUDWD SHUYHUVD LUUHVSRQViYHO H PDXFDUiWHU SRUTXH HX QmR TXLV GDU (OH
HVWDYD WRGR FUHQWH WRGR /HRFiGLD FRPR VH IDODYD QR PHX WHPSR GH FROpJLR GH
IUHLUDV HIRLORJRPHWHQGRDPmRHPPLPDVVLPTXHPHSHJRXVR]LQKD
$OLiV QyV PDUFDPRV (X PDUTXHL PHOKRU GL]HQGR TXHP PDUFRX IXL HX VHP GL]HU
QDGDGRTXHKDYLDGHFLGLGRHGHL[DQGRTXH HOH GHYDQHDVVH j YRQWDGH 0DUTXHL QD
PHVPD VDOD GR VLWLR RQGH IL]HPRV VDFDQDJHP SHOD SULPHLUD YH] 'HXV PH SHUGRH
IL]FRPR+LWOHUTXH REULJRXRVIUDQFHVHVDDVVLQDUHPDUHQGLomR QRPHVPRYDJmR
GH WUHP RQGH R 7UDWDGR GH 9HUVDOKHV IRL DVVLQDGR 1RV HQFRQWUDPRV Oi HOH YHLR
WRGRSUHVVXURVRWRGRPHWLGRDyWLPRPDVHXWLUHL DVPmRVGHOHGHFLPDGHPLP H
GLVVHTXHSDUDVVHTXHDVFRLVDV MiQmRHUDPDVPHVPDV(OHPH SHUJXQWRXVHHX
LD FXPSULU D SURPHVVD ILTXHL FDODGD OHYDQWHL D VDLD H DLQGD VHP GL]HU
XPD SDODYUD IL] FRP TXH HOH FRPSUHHQGHVVH TXH HUDP Vy DV FR[DV 6HL TXH p
GLItFLOFUHUPDVGHLVRPHQWHDVFR[DV(PSpSHGLQGR SUHVVDSRUTXHDFKDYDTXH
YLQKDJHQWHVHPEHLMRQD ERFDVHP QHQKXPH[WUDHDLQGDULQDFDUDGHOHQD
KRUDHPTXHDVSHUQDV GHOHEDPEHDUDPHHOHWHYHGHVHDJDUUDUHPPHXVRPE URVH
DLQGD GLVVHDHOHHXQmRYDOKRQDGDPHVPRPDVPHQRVYDOLD HOH TXHWLQKD
EDL[DGR D FDOFLQKD VRPHQWH SRUTXH QmR TXHULD TXH HOD ILFDVVH WRGD ODPEX]DGD
GDTXLORH[LJLROHQoRGHOHSDUDPH OLPSDUVHJXUDQGRR QDV SRQWDV GRV GHGRV H
ID]HQGR FDULQKDV GH QRMR ( SURQWR DTXHOD HUD D ~OWLPD YH] HOH TXH VH GHVVH
SRU PXLWtVVLPR VDWLVIHLWR SRU HX DLQGD WHU IHLWR DTXLOR FRPR GHVSHGLGD HOH PH
IL]HUDFDLUQXPDDUPDGLOKDSURPHWHURTXHQmR SRGHULDFXPSULUVHDSURYHLWDQGR
GD PLQKD ERDIp H LQH[SHULrQFLD R LQHVFUXSXORVR DPRUDO TXH WLQKD LQLFLDGR D
VREULQKD LQRFHQWH QD VDFDQDJHP R ~OWLPR H PDLV SpUILGR GRV KRPHQV ( DJRUD
SDUD WRGRV RV HIHLWRV HX HUD XPD VHQKRUD FDVDGD HOH TXHULD TXH HX FRQWDVVH
WXGRD)HUQDQGRRXDDOJXpPPDLVGDIDPtOLD"$WLD 5HJLQDWDOYH]"6HWLD 5HJLQD
FRQFRUGDVVH FRP R FXPSULPHQWR GD SURPHVVD SRGLD VHU TXH HX UHYLVVH PLQKD
SRVLomR'HYROYL ROHQoR DLQGDQDVSRQWDVGRVGHGRVHGHVYLDQGRRURVWRHQXQFD
PDLV GHL[HLTXHHOHFKHJDVVHQHPSHUWRGHPLP
2VHJXQGRSUREOHPD]LQKRIRLTXHHXWLQKDGHHQVLQDUQD XQLYHUVLGDGHSRUFRQWD
GD EROVD TXH WLQKD XQV UHTXLVLWRV GHVVH WLSR HPERUD WLYHVVH VLGR TXDVH WRGD
SDJDSHORWLR$IRQVR'HXV RWHQKDSHQVDQGREHPHXWDPEpPERWHLSUDTXHEUDU HP
FLPD GHOH DTXLOR QmR VH ID] $SDUHFHX SDUD GDU DXODV R 'DODL /DPD"
$VVLP DSDUHFL HX $LQGD WHQWDUDP PH FKDQWDJHDU SDUD HX DFHLWDU DTXHOH HPSUHJR
HVFUDYL]DQWH GH PHUGD PDV HX QmR TXLV QHP VDEHU DWp KRMH GHYH KDYHU DOJXP
LQTXpULWR RX SURFHVVR FRQWUD PLP PDV HX QXQFD GHL D PHQRU LPSRUWkQFLD 0DV
HQILPFRPR HXGLVVHIRLXPD JUDQGHEROVDDSHVDUGHHXGHWHVWDU/RV$QJHOHVH
D &DOLIyUQLD GH PRGR JHUDO FRP H[FHomR GH 6mR )UDQFLVFR ( YHLR R
WHUFHLUR SUREOHPD GHVWD YH] EHP PDLV JUDYH 1HP )HUQDQGR QHP HX FRQVHJXLDPRV
DJHQWDU D  %DELD GHSRLV GH  H WRGR PXQGR VH PDQGRX H QyV ILFDPRV
SUDWLFDPHQWH VHP DPLJR QHQKXP SULQFLSDOPHQWH RV TXH QyV TXHUtDPRV FRQYHUWHU j
QRVVD PDQHLUD GH YLYHU (X VHPSUH GHL SDUD FRPXQLVWDV H HVTXHUGLVWDV YDULDGRV
SRU XPDTXHVWmRTXHHXFRQVLGHUDYD FtYLFD&RPXQLVWDpUXLPGHFDPD TXHQLQJXpP
VDEH WDOYH] VHMD D PDLRU LQFLGrQFLD GH EUR[XUD GHILQKDGD TXH HX HQFRQWUHL
1XQFDWLYHWHVmRHP/rQLQVyWHQKR SRU)LGHO&DVWUR0DVRVHVTXHUGLQKDV WLQKDP
WRGRV GHVDSDUHFLGR HQWUH ERDWRV GH TXH HQILDUDP XPD JUDQDGD QD ERFD GH XP
RXWUR HUD JXHUULOKHLUR QR &DPERMD H RXWUD WLQKD GHGDGR WRGR PXQGR H DJRUD HUD
FRPERUoD GH XP PDMRU WRUWXUDGRU WRGR GLD DSDUHFLD XPD KLVWyULD ( WRGR PXQGR
TXHILFRXSDUHFLDVHPJUDoDFKDWRH DWUDVDGRHSDUDTXHPHVWiFKHLUDQGR Sy
WRGR PXQGR TXH QmR FKHLUD p FKDWR H DWUDVDGR  H )HUQDQGR WLQKD TXH YLDMDU
SDUD R5LR SDUDFRQVHJXLUSyHWXGRHUDUHDOPHQWHPXLWRPXLWRFKDWR HDtQyV
UHVROYHPRVYLUSDUDR5LRGH-DQHLUR&KHJDPRVDSDVVDU DLQGDXQVWUrVRXTXDWUR
DQRVQD%DKLDPDVSHJDPRVRMHUL]D PHVPRDWpSRUTXHQRVSDUHFLD TXHOiHVWDYDP
FRQFHQWUDGRV RV ILOKRV GDV SXWDV TXH VH DSURYHLWDUDP GD 5HGHQWRUD SDUD HQFKHU
R FX GH GLQKHLUR D FRPHoDU SRU DTXHOHV IXQGRV GH QmR VHL R TXr GD IDPtOLD
PLOLWDU QmR VHL R TXr TXH UHDOPHQWH HQFKHUDP R UDER GH GLQKHLUR H DJRUD
VXPLUDPFRPRGLQKHLURGHWRGRPXQGRTXHIRL QDGHOHVHQLQJXpPPDLVIDOD QHOHV
8P EDQGR GH HVFURWDoRV H QmR FRPHoR QHP SHORV PLOLFRV FRPHoR SHORV GpEHLV
PHQWDLV TXH GRDUDP DWp DV DOLDQoDV GH FDVDPHQWR H QmR GXYLGR TXH RV PDLV
EDEDFDV WHQKDP GDGR VHXV EORFRV GHQWDLV GH RXUR SDUD D FDPSDQKD RXUR SHOR
%UDVLORXURVLQLVWURTXHOHPEUDYDRTXHRVQD]LVWDV URXEDUDPGRVMXGHXVHTXH
QXQFDPDLVQLQJXpPYLXHDWpKRMHGHYH HVWDUID]HQGRDIHOLFLGDGHGRV SURPRWRUHV
GD FDPSDQKD ERQV ILOKRV GDV SXWDV SDUD QmR IDODU QR IHVWLYDO GH GHGXULVPR
GD pSRFD H HP PXLWDV RXWUDV FRLVDV VREUH DV TXDLV D JHQWH DJH FRPR VH
HP PXLWDV RXWUDV FRLVDV VREUH DV TXDLV D JHQWH DJH FRPR VH QXQFD WLYHVVHP
DFRQWHFLGR0DVHXQmRVHEHPTXHUHFRQKHoDTXHQR IXQGRpXPDDWLWXGH EHVWD
5HVROYHPRVQRVPXGDUSDUDR5LRHQWUHDOWDVH[SHFWDWLYDV
(XTXHQXQFDWLQKDHYLWDGRILOKRVFRPDVHULHGDGHDSURSULDGD PDVWLQKDPHGR GH
SHJDU XP VHP TXHUHU H SLRU DLQGD VHP WHU VDFR SDUD FULDQoDV DLQGD PDLV
SRGHQGR QmR WHU FHUWH]D VREUH TXHP HUD R SDL IXL D QmR VHL TXDQWRV
JLQHFRORJLVWDV H WRGRV LQYHQWDUDP XP SUREOHPD GLIHUHQWH HP PHX VLVWHPD
UHSURGXWLYR3UREOHPDHUD FODURTXHHXWLQKDSRUTXHREULJDUDP)HUQDQGRD ID]HU
H[DPHV H RV H[DPHV VHPSUH GHPRQVWUDUDP TXH HOH WLQKD IHUWLOLGDGH VXILFLHQWH
SDUD HPSUHQKDU WRGDV DV FKLQHVDV FRP PHLD G~]LD GH HVJXLFKDGLQKDV )RL DWp
LQWHUHVVDQWH TXH HOH IL]HVVH HVVHV H[DPHV SRUTXH HX GHFLGL LU FRP HOH H PH
WUDQFDYD FRP HOH QDTXHODV VDOLQKDV VyUGLGDV XPD FREHUWD GH IROKLQKDV GH SRVWR
GH JDVROLQD H WRGDV VyUGLGDV VyUGLGDV HX GL]LD FRP D PDLRU FDUDGHSDX TXH
LD DMXGDU QD FROHWD GH PDWHULDO (UD yWLPR VDLU GD VDOLQKD H YHU DV FDUDV GDV
SHVVRDV DOJXPDV ID]HQGR IRUoD SDUD GLVIDUoDU H RXWUDV DEHUWDPHQWH
HVFDQGDOL]DGDV 8PD YH] OHYDPRV XPD SXWLQKD FRQWUDWDGD HVSHFLDOPHQWH GL]HQGR
TXHHODHUD VHFUHWiULDGH)HUQDQGRHRPpGLFR'U&OyYLVQmRPH HVTXHoR GHOH
XP EDL[RWH PHLR VHEHQWLQKR TXH IXPDYD XP WRFR GH FKDUXWR PRUGLGR H EDEDGR
WHQWRXID]HUXPGLVFXUVRFRQWUDPDV)HUQDQGR H HX UHDJLPRV H HQWUDPRV RV WUrV
QDVDOLQKDGHSXQKHWDIRL IDQWiVWLFRDSRVWRTXHR 'U &OyYLV GHYH WHU ILFDGR
WUDXPDWL]DGR SHOR UHVWR GD YLGD 0HX SDOSLWH HUD TXH HX HUD HVWpULO PHVPR
QmR LPSRUWDQGR SRU TXH UD]mR PDV FRPR FRQILR HP PpGLFRV WDQWR TXDQWR HP
HFRQRPLVWDV UHVROYL OLJDU PLQKDV WURPSDV H PH OLYUDU GHVVD SUHRFXSDomR SDUD
VHPSUH
5LR GH -DQHLUR WURPSDV OLJDGDV SUREOHPDV QHQKXQV OLEHUGDGH OLEHUGDGH
0DVQRFRPHoRIRLXPDPHUGDHSHQVDPRVDWpHPPRUDU HPRXWUROXJDUFKHJDPRVD
YLDMDU SHQVDPRV HP 3DULV SHQVDPRV QD 3URYHQoD SHQVDPRV QXPD LOKD GR
0HGLWHUUkQHRPDVDFDEDPRV ILFDQGRQR5LRHWXGRIRLVHDFHUWDQGRDRVSRXFRV (X
QmR FRQFHER RXWUR OXJDU SDUD PRUDU TXH QmR R 5LR DSHVDU GH WXGR R TXH
ID]HP SDUD DFDEDU FRP HOH QRWDGDPHQWH RV FDULRFDV PHVPRV 0DV Vy p SRVVtYHO
PRUDUPRUDUPHVPRQR5LR9RFrYHMDHX DGRUR 6mR 3DXOR DFKDP DWp HVWUDQKR
PDVpYHUGDGHDGRUR$VSDXOLVWDVVmR IRJRVDVRVSDXOLVWDVVmR ERQVDPLJRVH
TXDQGR  IRGHP EHP IRGHP PXLWR EHP EDVWD YRFr GHVHQYROYHU R SDODGDU ( R
LQWHULRU GH 6mR 3DXOR WDPEpP WHP PXLWD FRLVD yWLPD p VXUSUHHQGHQWH 0DV HX
Vy TXHUR PRUDU QR 5LR QHP SHQVDU HP VDLU GDTXL ( ROKH TXH HX VRX EDLDQD H
FRPRWRGREDLDQRFULDGD FRPSUHFRQFHLWRFRQWUD FDULRFD%DLDQRWHPSUHFRQFHLWR
FRQWUD WRGR PXQGR DOLiV TXHP TXLVHU TXH SHQVH TXH HQWUD PHVPR HP FDVD GH
EDLDQR SRUTXH QmR HQWUD 7HP DTXHOH REDRED WRGR PHX LUPmR]LQKR PHX DPRU
PHX LGRODWUDGRPHXUHLWXGRRTXH pPHXpVHXPLQKDPXOKHUpVXD PHXPDULGR
pVHXPLQKDEXQGDpVXDPDVTXHPTXLVHUTXHSHQVH TXHHQWUDSRUTXHQmR HQWUD
Vy XP RX RXWUR VDOYDQGRVH XPD DOPD QR SXUJDWyULR %DLDQR DFKD QmREDLDQRV
VHUHVLQFRPSUHHQVtYHLV SHULJRVRVHFRQVSLUDWRULDLV2EVHUYHIRUDGR WHUULWyULR
GHOHV HOHV SRGHP VH GHWHVWDU PDV YLYHP VH HORJLDQGR 3HUJXQWH D TXDOTXHU
EDLDQRRTXHHOHDFKDGHRXWUREDLDQRTXHQDYHUGDGH HOHFRQVLGHUDDFDFDGDV
FDFDV H HOH GLUi TXH p R PDLRU GR PXQGR (OHV ILFDP PDORFDGRV PDV VH RXWUR
EDLDQRSUHFLVDUHOHV VDHPGDVWRFDV VmRXPDHVSpFLHPXLWRSHFXOLDUTXHPTXHU
TXH WHQKD PHGR GHOHV WHP UD]mR $Wp HX TXH WHQKR HVWD SRVWXUD FUtWLFD VRX
YtWLPD GLVVR )XL FULDGD SDUD RGLDU R %DKLD H RGHLR R %DKLD PDV TXDQGR HOH
HVWi MRJDQGR IRUD GH Oi HX WRUoR SRU HOH p ULGtFXOR 0DV p VpULR 3RU LVVR
TXH SDUD PXLWRV SDXOLVWDV D (QGO|VDQJ p DFDEDU FRP D EDLDQDGD WRGD (X DFKR
XPD VDFDQDJHPPDVFRPSUHHQGR(OHVSRGHPHVSHUQHDUPDVQmR FRQVHJXHPDFHLWDUD
H[LVWrQFLDGDEDLDQLGDGHHODWHPGHVHU H[WHUPLQDGD
$OJXQV EDLDQRV DSDUHFHUDP QR 5LR QHVVD RFDVLmR ( DOJXQV GHVWHV VRPHQWH
QHVVDRFDVLmRQXQFDPDLVYLPRV3DUHFLDPXQV PLVVLRQiULRVHKRMHFRPSUHHQGRTXH
HUD D EDLDQDGD HP DomR DFKR TXH p XPD FRLVD PHLR LQFRQVFLHQWH TXH Mi HVWi
SURJUDPDGD QHOHV GH QDVFHQoD (OHV IRUDP QRV DMHLWDQGR H GDt D SRXFR
HVWiYDPRV LQWHJUDGRVFRPSOHWDPHQWHFDULRFDV R5LRDGRWDWRGRPXQGRQmR ID]
SHUJXQWDVVHEHPTXHWDPSRXFRSDSDULTXHPDVLVWRMip RXWUD FRQYHUVD/RJRMi
WLQKDSyGHGDUGHSDXQR5LRMiWtQKDPRV DV FRQH[}HVFHUWDVQDGDGHVXELUQR
PRUUR H OLGDU FRP PDODQGURV TXH QmR SRGHP VHU UHFHELGRV HP FDVD 0LQWR 8QV
TXDWUR RX FLQFR FKHJDUDP D HQWUDU H PH OHPEUR GH XP TXH DSUHVHQWRX GH
JUDoD GLYHUVDVYH]HVDGRUDYD)HUQDQGR DFKDYDTXHVHWUDWDYDGHXP LQWHOHFWXDO
ILQtVVLPRHHXWDPEpPHUDXPDLQWHOHFWXDOILQtVVLPD HXPD JUDQGHGDPD(VVHHUD
XPIHQ{PHQRSDUHFLDXPDVSLUDGRUGH SySHVDGRGHVVHV TXH YRFr Yr OLPSDQGR DV
UXDV HP 3DULV %DWLD R Sy FRP DV FRVWDV GH XP SHQWLQKR GH SOiVWLFR H FKHLUDYD
ILOHLUDV GR WDPDQKR GH XP VDODPH (OH WLQKD REVHVVmR SRU XPD PXOKHU GR
VHX SDVVDGRFKDPDGD 0DGDOHQDHGHYH]HPTXDQGRHVFUHYLDRQRPHGHOD FRPSyHP
OHWUDVHQRUPHVQXPDFDSDGH HOHSrHFKHLUDYD 0DGDOHQDWRGDQXPDFDIXQJDGDVy
WLQKDTXHYHUSDUDDFUHGLWDU
2SUREOHPDHUDTXHTXDQGRHOHDSDUHFLDWDQWR)HUQDQGRFRPR HX GHSRLVGHXPDV
GXDVFKHLUDGDVHVWiYDPRVPRUWRVGHWHVmRHGH YRQWDGH GH IDODU VDFDQDJHP H GH
WHOHIRQDU SDUD FKDPDU PDLV JHQWH PDV LVVR HUD LPSRVVtYHO FRP HOH DOL VHX
ELJRGLQKRSLQWDGRVXDV SHUQDVHVTXHOpWLFDVHVXDEDUULJDPDLRUTXHXP ]HSHOLP
XP YHUGDGHLUR PD[L[H HVSHWDGR HP GRLV SDOLWRV (X PHVPD TXH TXDQGR FKHLUDYD
MiILTXHLH[FLWDGDYHQGRDIRWR GHXPDPXOKHUPXLWR ERQLWDFKXSDQGRRSDXGHXP
FDYDOR H Mi SHQVHL PXLWR HP GDU SDUD XP MHJXH  FKHJXHL PHVPR  QXQFD
FRQVHJXLQHPSHQVDUHP WUDQVDUFRPHOH4XHUGL]HU SHQVDU DWp SHQVHL PDV QmR
SRGLD LU DGLDQWH SRU PDLV TXH UHFRUUHVVH D PHXV DUJXPHQWRV SDQVH[XDLV
GH FRVWXPH$FKRTXHMiFRQWHLTXHTXDQGRPHQLQDYHUDQHDQGRQD LOKDYLPXLWRV
MHJXHVWUHSDQGRHVyXPDSHVVRDGHVDQJXH GH EDUDWD QmR ILFD H[FLWDGD TXDQGR
YrRMHJXHVXELUFRP DTXHOH YHUJDOKRLPHQVRHPULVWHPRQWDUQDMHJDPRUGHUD
QXFD GHOD HOH IHFKDQGR RV ROKRV H HOD PH[HQGR R TXHL[R GDQGR XQV
FRLFH]LQKRV QHOH H EDEDQGR p OLQGR &ODUR TXH QXQFD HVSHUHL DJHQWDU XP MHJXH
WRGRHPPLPPDVSHOR PHQRVXPSRXFRHIL]XPGHVHQKRGH PHPyULDGDFLOKDTXH
HXWLQKDYLVWRFRP)HUQDQGRHP6mR )UDQFLVFRQXPVKRZSRUQ{GHXPQLJKWFOXE GH
TXLQWDFDWHJRULD
2Q~PHURSULQFLSDOSHORPHQRVGRPHXSRQWR GH YLVWD HUD XPD PXOKHU HQFLOKDGD
SRUEDL[RGHXPFDYDORHRFDYDORPHWLDQHOD
1mR WXGR p yEYLR PDV XP SHGDoR LPSUHVVLRQDQWH )LTXHL H[FLWDGtVVLPD DWp FRP
YRQWDGH GH VXELU QR SDOFR H WRPDU R OXJDU GHOD ( 1RUPD /~FLD PH HQVLQRX D
FXUWLUWUDQVDVFRPFDYDORVHUD PXLWRERPSHJDUXPFDYDORPDQVRGDTXHOHVH ILFDU
GH PHQWH SHUGLGD QR GHVFDPSDGR DFDULFLDQGR RV FROK}HV GHOH H OKH DOLVDQGR R
SDX
(UD QmR p e PXLWR ERP H FDUUHJD ORJR R FRUSR GH WRGRV RV KRUP{QLRV PDLV
VDIDGRV 0DV YDPRV GHL[DU GH ODGR MHJXHV H FDYDORV QXQFD FRQVHJXL GH IDWR
SUDWLFDU PLQKDV SRXFDV IDQWDVLDV GH EHVWLDOLGDGH VRX IUDFD HP EHVWLDOLGDGH
QDVFL PDO GRWDGD H QmR GHVHQYROYL QDGD &DFKRUUR TXH p R PDLV FRPXP p TXH
QXQFD PH DWUDLX /LPLWDomR PLQKD FRP FHUWH]D 2XWUR GLD QXPD GHVVDV VDODV GH
EDWHSDSRGHVDFDQDJHPQD,QWHUQHWTXHHXIUHTHQWRXP UDSD]HVWDYDSURFXUDQGR
XP FDFKRUUR JUDQGH H PDQVR TXH SXGHVVH HQUDEiOR 3HUPLWLD TXH RV GRQRV
DVVLVWLVVHPHDWpIRWRJUDIDVVHP
(GL]LDTXHQDGDVXSHUDYDVHUHQUDEDGRSRUXPFDFKRUUR2SDXGR FDFKRUURSDUHFH
ILQR GLVVH R UDSD] PDV DXPHQWD PXLWR GH YROXPH TXDQGR SHQHWUD H WHP XP
PDJQtILFR Qy QR PHLR $OpP GLVVR R FDFKRUUR SURORQJD VXD SHQHWUDomR SRU DWp
PHLD KRUD HMDFXODQGR DEXQGDQWHPHQWH D LQWHUYDORV 2 UDSD] HVWi SHQVDQGR QXP
ILOD
4XDQGR YL R DQ~QFLR ILTXHL FRP YRQWDGH GH WHU XP FDFKRUUR H DVVLVWLU D LVVR
0DV QmR IL] QDGD H R DQ~QFLR SRGH DWp VHU PHQWLUD HPERUD HX FUHLD TXH p
YHUGDGH QyV R KRPHP ID]HPRV WXGR 0DV QXQFD FRQVHJXL QHP SHQVDU GLUHLWR HP
ID]HU TXDOTXHU FRLVD GH VH[XDO FRP HVVH VXMHLWR GR SHQWH QR Sy ODPHQWR
PHVPR GL]HU TXH QmR KDYLD D PDLV UHPRWD FRQGLomR $OpP GLVVR XP GRV SUREOHPDV
FRP Sy p TXH D JHQWH ILFD VH GDQGR H DIHWDQGR DPL]DGH SRU XPD SRUomR GH JHQWH
SDUDTXHPQHPROKDULDVHQmRIRVVHSHOR IDWRGHHOHVRIHUHFHUHPRXUHSDUWLUHPR
XVRGDGURJDGHOHV(GDt IRPRVQRVGHVOLJDQGRJUDGXDOPHQWHGHVVH WLSRGHJHQWH
H ILFDPRV Vy FRP RV QRVVRV IRUQHFHGRUHV GH FODVVH ILQD GLJDPRV DVVLP
H DFDEDPRV HQWUDQGR QXP UHJLPH GH ORXFXUD WRWDO GH TXH QmR WHQKR R PtQLPR GH
DUUHSHQGLPHQWR  Vy JRVWDULD GH ID]HU DOJXPDV UHYLV}HV  Vy WHQKR
DUUHSHQGLPHQWR GR TXH QmR IL] FRPR VH GL] PXLWR H p YHUGDGH D JHQWH Vy VH
DUUHSHQGHGRTXHQmRIH](Dt PHUJXOKDPRVGHFDEHoDQRSyHQDVDFDQDJHP
'H UHSHQWH QRV YLPRV PHWLGRV QXPD URGDYLYD DOXFLQDQWH TXH QHP VHL
UHFRQVWLWXLU GLUHLWR QHP TXHUR QHP YRX WHQWDU 2 TXH HX VHL p R VHJXLQWH
SHQVHPRV HP GHVYDULRV 0DV GHVYDULRV PHVPR KRXYH PXLWR SRXFD FRLVD TXH HX QmR
H[SHULPHQWDVVH QR WHUUHQR TXH DUELWUDULDPHQWH GHILQL FRPR QRUPDO SDUD PLP
'HVLVWL GH TXHUHU MXVWLILFDU PLQKDV HVFROKDV WUDEDOKHL RV SRQWRV QRV TXDLV
QRWHL XPD FHQWHOKD LQLFLDO DOpP GLVVR D YLGD p FXUWD 1HFURILOLD FRSURILOLD
PXLWDV RXWUDV ILOLDV QmR GHILQLWLYDPHQWH 7XGR EHP SDUD TXHP JRVWD QDGD GH
UHSUHVVmR D QmR VHU j PXWLODomR H j PRUWH 0DV HX QmR 7LUDQGR LVVR IRPRV
EDVWDQWH IXQGR 3y FRQWXGR WHP DTXHOH GHIHLWR HQWUH PXLWRV D TXH Mi PH
UHIHUL OLJD D FDEHoD PDV GHVOLJD RV yUJmRV JHQLWDLV )HUQDQGR PHVPR TXH HX
VDLEDQXQFDFRQVHJXLXWUDQVDUFRP Sy0XOKHUQmRWHPHVVH SUREOHPDGHSUHFLVDU
GHILFDUILVLFDPHQWHWHVDPDVDVVLPPHVPR SUHMXGLFDSHORPHQRVQRPHXFDVRH
QRGHGLYHUVDVDPLJDVPLQKDV
0DV LVVR QmR LPSHGLD TXH PHQRV GH XP PLQXWR GHSRLV TXH D JHQWH FKHLUDYD
D SULPHLUD FDUUHLULQKD D JHQWH VH REVHGDVVH WDQWR SRU VH[R TXH Vy IDOiYDPRV
SXWDULDDWpRGLDDPDQKHFHU
(SUDWLFiYDPRV&KHJDDVHUWHGLRVRUHFRUGDUFHUWDVFRLVDV
( WDPEpP QmR TXHUR ILFDU UHSLVDQGR DTXL R TXH WRGR PXQGR Mi FRQKHFH 0DV SRU
RXWURODGRSUHFLVRUHSLVDU+HQU\-DPHVHX Mi JRVWHL PXLWR GH +HQU\ -DPHV
KRMH QmR JRVWR PDLV WDQWR DVVLP PDV PH Gi XPD VDXGDGH LPSUHFLVD GH WDUGHV
ORQJDVHPHLRQXEODGDV HQWUHiUYRUHVWULVWRQKDVQmRVHL EHP SRU TXr RX SRU
RXWUDVHL PDVHVWRXFRPSUHJXLoDGHIDODUpSRUFDXVDGH:DVKLQJWRQ 6TXDUHHX
VHPSUHILFRWULVWHTXDQGRSDVVRSRUOiQR LQYHUQR  +HQU\ -DPHV HVFUHYHX QmR
VHL RQGH TXH OHU XP URPDQFH p ROKDU SHOR EXUDFR GD IHFKDGXUD (VWH GHSRLPHQWR
QmRpXPURPDQFHQHPHQUHGR WHPVHEHPTXH RVGRSUySULR+HQU\-DPHVWDPEpP
PDO WLYHVVHP SHQVDQGR EHP  PDV p ROKDU SHOR EXUDFR GD IHFKDGXUD
&ODUR PLQKD YLGD QmR IRL FRPXP PDV HX EDVLFDPHQWH VRX LJXDO D TXDOTXHU XPD
QHP SLRU QHP PHOKRU 6HPSUH WLYH GLQKHLUR H IXL LQWHOLJHQWH R TXH FHUWDPHQWH
IDFLOLWD DV FRLVDV 0DV VRX LJXDO D TXDOTXHU XPD ( DV SHVVRDV OrHP URPDQFHV
ELRJUDILDV FRQILVV}HV H PHPyULDV SRUTXH TXHUHP VDEHU VH DV RXWUDV SHVVRDV VmR
FRPRHODV1mRVRPHQWH SRULVVRPDVPXLWRSRULVVR4XHUHP VDEHUVHDTXLORGH
YHUJRQKRVR TXH VHQWHP p WDPEpP VHQWLGR SRU RXWURV TXHUHP ROKDU PHVPR SHOR
EXUDFR GD IHFKDGXUD H TXDQWR PDLV ROKDP PDLV SUHFLVDP ROKDU QXQFD HVWDUmR
VDFLDGDV)D]EHP pUHFRQIRUWDQWH3RUTXHHXWHQKRD FRQYLFomR GH TXH D PDLRU
SDUWH GDVPXOKHUHVHKRPHQVpFRPRHXHSHQVDTXHQmRFDGDXPSHQVD TXHp~QLFR
HPVXDVPDOXTXLFHV1mRpQmRVRPRVWRGRVLJXDLV
9DL WHU PXLWD JHQWH TXH YDL OHU LVVR H YDL GLVFRUGDU H GH QRYR HVWRX FRP
SUHJXLoD GH DUJXPHQWDU /DUJXH HVWH WH[WR HQWmR QmR SHUFD VHX WHPSR 1mR
ODUJRX"1mRODUJRXFODURFKHJRXDWpDTXL
1mRpSDUDODUJDU$LQWHQomRGREXUDFRGDIHFKDGXUDpD SULPHLUD$VHJXQGDp
SURYRFDUWHVmRTXHURTXHTXHPPHOHUILTXH FRPYRQWDGHGHID]HUVDFDQDJHPSHOR
PHQRVVHPDVWXUEDQGR6H DOJXpPOHVVHLVWRQRDYLmRHSRUFDXVDGLVVR HQWUDVVH
QXPD VHVVmR GH VDFDQDJHP FRP R FRPSDQKHLUR DR ODGR VHULD XPD UHDOL]DomR XP
DFFRPSOLVKPHQW3HQVRSULQFLSDOPHQWHQDVPXOKHUHV JRVWDULDTXHDVPXOKHUHVDR
WHPSR HP TXH VH WRUQDVVHP PDLV RXVDGDV VH WRUQDVVHP WDPEpP PDLV DEHUWDV PDLV
FRPSUHHQVLYDV GHL[DVVHP GH VHU WmR PXOKHUHV SRU DVVLP GL]HU ( JRVWDULD GH
XP PXQGR GH VDFDQDJHP VHP SUREOHPDV p GLILFtOLPR PDV QmR p LPSRVVtYHO HP
FHUWRV FDVRV 4XHUR TXH DV PXOKHUHV ILTXHP H[FLWDGDV VH LGHQWLILTXHP FRPLJR
TXHLUDP PH FRPHU H FRPHU WRGR PXQGR TXH QXQFD VH SHUPLWLUDP VDEHU TXH TXHULDP
FRPHU TXHUR FULDU XP FOLPD GH OX[~ULD H VRIUHJXLGmR 'H QRLWH VR]LQKD
LVVR DFRQWHFH jV YH]HV SRU FDXVD GH XP GULQTXH XP EDVHDGR XPD P~VLFD XPD
IRWR XPD FRLVD TXDOTXHU TXH DOWHUH RX SURYRTXH D FRQVFLrQFLD jV YH]HV
DSDUHQWHPHQWHSRUQDGD0DVWRGDVDV PXOKHUHVWRGRVRVKRPHQVPDVDJRUD TXHUR
IDODUGHPXOKHUHV MiVHQWLUDPHVHQWHPXPPRPHQWRHPTXHVmRSXUDPHQWHVH[R
H SXOVDPVH[RSRUWRGRVRVODGRVHILFDPFRPPHGRGHVLPHVPDVH VHGHVFRQWURODP
H FRPSUHHQGHP WXGR VREUH VH[R H TXHUHP WXGR p XPD VHQVDomR DYDVVDODGRUD GH
DEVROXWDVH[XDOLGDGHXPPRPHQWRHP TXHDVDFDQDJHPWRPDFRQWDGHWXGRHHOD VH
VHQWHIrPHD GHYDVVDSXWDHODIDULDWXGRWXGRHODTXHUIRGHUHOD TXHU ID]HU
WXGR7RGDPXOKHUTXHQmRGi DEXQGDVHQWHYRQWDGHGH WDPEpPGDUDEXQGDQHVVDV
KRUDVWRGDPXOKHUTXHQXQFDGHL[RX JR]DUHPHPVXDERFDVHQWH YRQWDGHGHFKXSDU
XP SDX DWp TXH HOH HVJXLFKH IRUWH HP VXD ERFD WRGD PXOKHU DVVLP OLPLWDGD VDL
GHVVHV OLPLWHVQHVVDVKRUDVILQJHTXHQmRWHPSUREOHPDV7RGDVLJXDLV
(X TXHUR H[FLWDU HVVDV TXHUR SURYRFDU PXLWDV WUHSDGDV TXHUR TXH PDULGRV
QDPRUDGRVHSDLVDVVXVWDGRVDVSURtEDPGHOHUTXHURTXH KDMDJHQWHFRPYHUJRQKD
GHOHUHPS~EOLFRRXPHVPRSHGLUQD OLYUDULDDKFRPRVHULDERPDFRPSDQKDU WXGR
LVVR ( QmR HVWRX ID]HQGR QDGD GHPDLV D QmR VHU FRQWDU D YHUGDGH e GH
IDWR LQDFUHGLWiYHOVHYRFrIRUYHUEHPTXHFRQWDUDYHUGDGH VHMD HVFDQGDORVR
TXDVH VXEYHUVLYR R DWUDVR R DWUDVR 6H WRGR PXQGR FRQWDVVH HVWH GHSRLPHQWR
VHULDDSHQDVPDLVXPHQWUHPLOK}HV
0DVFRPRQmRFRQWDHXFRQWRHDLQGDWHQKRPXLWRPDLVFRLVD SDUDFRQWDUQXQFD
YRX FRQVHJXLU FRQWDU WXGR ( ILQDOPHQWH D WHUFHLUD LQWHQomR p EHP PDLV XP
GHVHMReRGHVHMRGHHVWDUFRP PXOKHUHVTXHWHQKDPOLGRHVWHWH[WRSDUDYHU DV
FDUDV GHODV H RXYLU RV FRPHQWiULRV SDUD FRQVXPR H[WHUQR H SDUD R PDULGR TXH
VH MXOJDOLEHUDOtVVLPRPDVGHVSHQFDULDGR(YHUHVWVHVRXEHVVHGH] SRUFHQWRGR
TXHYDLQDFDEHoDGHOD3DUHFH TXHHXHVWRXYHQGR *RVWHLVLPPDVpFODURTXH
GLVFRUGRGHPXLWDFRLVDHODpPXLWR UDGLFDOSDUDPLPHXQmRFKHJRjTXHOH SRQWR
QHP QD WHRULD TXDQWR PDLV QD SUiWLFD &DQDOKDV &ODUR TXH FKHJDP VH Mi QmR
FKHJDUDP
0DVWrPTXHVHGHIHQGHUpQDWXUDOeDWDOFRLVDWHP XPD FRPXQLGDGHFKHLDGH
YHDGRVHQHQKXPKRPHPTXHFRPDRVYHDGRV
([LVWH"&ODURTXHQmRH[LVWHeDPHVPDFRLVDPRGXVLQUHEXV
(XVHUHLD~QLFD"3HORFRQWUiULR HXVRXPDLVpDUHJUDDQRUPD HPERUDSRXFDV
WHQKDP WLGR DV RSRUWXQLGDGHV TXH HX WLYH H SRU LVVR QmR IRUDP ORQJH ( FRP
TXHPpTXHHXIL]WXGRRTXHHXIL]"
&RP DOJXP PDUFLDQR SRU DFDVR" 4XHP HVWi ID]HQGR WXGR DJRUD" 6LP TXHUR PH[HU
FRPHVVDVPXOKHUHVWDPEpPTXHURPH[HUFRPWRGR PXQGR
ePXLWRGLItFLOID]HUXPUHVXPRGHVVDpSRFDGHRXURGRSyPDV IRLXPDJUDQGH
OLomRGHYLGD(QVLQRXPXLWDVFRLVDVGDVTXDLV DJRUDYRXGL]HUDSULPHLUDVHP
RUGHP GH LPSRUWkQFLD (QVLQRX TXH p PXLWR GLItFLO HQFRQWUDU DOJXpP TXH QmR
WHQKD DOJXPD JUDQGH REVHVVmR VH[XDO RX PDLV FRPXPHQWH YiULDV JHUDOPHQWH
UHSULPLGDV GDV IRUPDV PDLV LQHVSHUDGDV 4XH PDLV" e PXLWR GLItFLO
HQFRQWUDU DOJXpP TXH QmR VH SRVVD VHGX]LU 4XHUHQGRVH SDJDU R SUHoR TXH SRGH
VHU DWp XPD H[LVWrQFLD p SRVVtYHO VHGX]LU WRGD H TXDOTXHU SHVVRD 4XH PDLV"
7RGRKRPHPpYHDGRHPPDLRURXPHQRUJUDXH WRGDPXOKHUpOpVELFDHPPDLRURX
PHQRU JUDX 1LQJXpP p DOJXPD FRLVD GH IRUPD DEVROXWD QmR Ki KLSyWHVH &DVH
KLVWRULHV XPD DWUiV GD RXWUD GHYR WHU XPD GDV PDLRUHV FROHo}HV GR
PXQGR VRPHQWHFRQWDQGRFRPPHXWHPSRFRP)HUQDQGRHFRP$QWRQLD
3ULPHLURFDVRTXHPHYHP0DULQDDFRPLVViULDGHERUGR
3UHILURPXLWRGL]HUDHURPRoDPDV SDUHFHTXHDJRUDHODVVH RIHQGHPTXDQGRVmR
FKDPDGDVGHDHURPRoDVGHYHVHUSRUTXHDFDGD GLDILFDPPDLVDHURYHOKDV+RMHHP
GLD WXGR RIHQGH H FRPR QyV YLYHPRV PDFDTXHDQGR RV DPHULFDQRV WDPEpP ILFDPRV
SROLWLFDPHQWH FRUUHWRV H XP EDEDFD Dt DJRUD HVWi TXHUHQGR XPD OHL
SURLELQGR SLDGDVTXHSRVVDPRIHQGHUTXDOTXHUJUXSRGHTXDOTXHUWLSR
,PDJLQRRVXUJLPHQWRGHXP JUXSRDQWLSLDGDVD,JUHMD8QLYHUVDO GD$VVHPEOpLD
GRV +RPHQV 6pULRV  UHJLVWUDGR H SRUWDQWR D SURLELomR GH FRQWDU TXDOTXHU
SLDGDVRERULVFRGHRIHQGrOR
+DYHUi SLDGDV FODQGHVWLQDV FRQWUDEDQGLVWDV GH SLDGDV WUDQVHLURV GH SLDGDV
IRUQHFHGRUHV GH SLDGDV GH iUDEH H MXGHX H SUHVRV LQDILDQoiYHLV SHOR GHOLWR GH
FRQWDU SLDGDV 3XWD TXH R SDULX Vy IDODQGR DVVLP DWUDVR DWUDVR $ DHURPRoD
QRV FRQKHFHX QXPD ELURVFD GH SUDLD TXDQGR HVWDYD SDVVDQGR IpULDV QXPD SRXVDGD
HP 3RUWR6HJXURTXHQmRHUDPRGDFRPRDJRUD(ODWRPRXXPDV EDWLGLQKDVHDFDERX
FRQIHVVDQGRTXH MiHVWDYDILFDQGRPHLRGXUD HDt )HUQDQGRHHXMiSHQVDQGRHP
GDUXPERWHSRUTXHHODHUD XPGHVOXPEUDPHQWRROKRVYHUG}HVSHLWRV HFR[DVQD
PHGLGDFHUWD XPDYR]JUDYHHQORXTXHFHGRUDHQILPyWLPDyWLPD XPD YHUGDGHLUD
HVWiWXDJUHJDGHELTXtQLRIHUHFHPRVOXJDUSDUDHOD FDVDFRPLGDURXSDODYDGD
H DMXGD QR TXH HOD SUHFLVDVVH QR VLWLR]LQKR TXH WtQKDPRV DOXJDGR SDUD D
WHPSRUDGD 1R FRPHoR HOD ILQJLX QmR TXHUHU PDV GHSRLV TXLV ( WDPEpP ILQJLX
TXHQmR JRVWDYDGHSy PDVGHSRLVVHQWRXDYHQWDFRPRGL]LDRQRVVR DPLJRTXH
FKHLUDYD 0DGDOHQD 1D SULPHLUD QRLWH HP TXH FKHLUDPRV MXQWRV HOD HVWDYD GH
VKRUWLQKRPHLRIURX[RHEOXVDSRUFLPDGRV LQHQDUUiYHLVSHLWRVFRPRVELFRVTXH
SDUHFLDPGRLV WHOHVFRSLR]LQKRVHPSLQDGRV SDUDRFpXHHXILTXHLHQVDQGHFLGD GH
WHVmR SDVVHL R WHPSR WRGR DOLVDQGR HOD GXUDQWH DV FRQYHUVDV H TXDQGR
ILQDOPHQWHUHVROYHPRVLUGRUPLUHXHQWUHLQRTXDUWR GHODHGHLWHLMXQWRGHODH
HQFRVWHLQDEXQGDGHODHHODYHLRFRP DTXHODFRQYHUVDGHTXHRQHJyFLRGHOD HUD
KRPHP 0DV LVVR FRP XP VRUULVR VHPYHUJRQKD TXH QHP GH ORQJH PH FRQYHQFHX
$OLiV PXOKHU TXH YLYH UHSHWLQGR TXH R QHJyFLR GHOD p KRPHP R QHJyFLR GHOD p
KRPHPHVWiQXPFDVRDQiORJRDR TXHPLQKDDYyGHQXQFLDYD DPXOKHUTXHQmRVH
UHIHUH DR PDULGR SHOR QRPH PDV YLYH IDODQGR PHX PDULGR PHX PDULGR 1R
SULPHLUR FDVR GHGXomR PLQKD R QHJyFLR QmR p Vy KRPHP H QR VHJXQGR FDVR
GHGXomR GH PLQKD DYy R PDULGR p FRUQR $LQGD FRQYHUVHL XP SRXFR H DSHUWHL RV
SHLWRV GHOD TXH WLURX PLQKDV PmRV PDV GDTXHOH MHLWR VDIDGR GH TXHP QmR TXHU
TXHDJHQWHWLUHUHDOPHQWH 3HUJXQWHLVHQHVVH FDVRHODHVWDYDLQWHUHVVDGD HP
)HUQDQGR PDV HOD GLVVH TXH QmR GHVWD YH] FRP ILUPH]D TXH HOD SRGH QmR WHU
WHQFLRQDGR PRVWUDU PDV HX QRWHL ORJR (VWi FHUWR WXGR EHP Yi GRUPLU GXUPD
EHP
( SRU XPD TXHVWmR GH HVWUDWpJLD  FRLVDV VXWLV SDUD DV TXDLV D JHQWH WHP
WDOHQWRQDWXUDOHDSHUIHLoRD FRPDYLGDGHL[HL HODVR]LQKDQRTXDUWRHIXL
FRQWLQXDUDFRQYHUVDUVDFDQDJHPFRP )HUQDQGRDWpRGLDFRPHoDUDDPDQKHFHU 1mR
JRVWR GH YHU R  GLD DPDQKHFHU FRPSOHWDPHQWH GHYH VHU DOJXP OL[R FDWyOLFR TXH
HX FDUUHJR PH Gi GHVFRQIRUWR FXOSD -i GHVLVWL GH FRPEDWHU LVVR Ki PXLWR
WHPSR VHPSUH YRX SDUD D FDPD DQWHV TXH R GLD DPDQKHoD p PDLV F{PRGR GR TXH
GHGLFDUDYLGDD WHQWDUYHQFHUXPDQHXURVH GHPHUGD&RPRGHKiELWRQmRGRUPL
GXUDQWH PXLWR WHPSR DSHVDU GDV EROLQKDV H ILTXHL SHQVDQGR QHOD (X WLQKD
FHUWH]D GH TXH HOD TXHULD TXH HX LQVLVWLVVH PDV QmR LQVLVWL SRVVR VHU ERED
PDV QHPWDQWR1mRVRX EREDDOLiV(DVVLPVHSDVVRXHVVDQRLWHH DVHJXLQWH
DWp TXH QD WHUFHLUD QRLWH GHSRLV TXH HOD DOHJRX VRQR H FDQVDoR H IRL SDUD D
FDPD VR]LQKD QRYDPHQWH HX SDVVHL GH SURSyVLWR SHOD SRUWD GR TXDUWR GHOD TXH
HVWDYD TXDVH FRPSOHWDPHQWH DEHUWD H D OX] GR DEDMXU Oi GHQWUR DFHVD (OD
QmR HVWDYD PDLV GH VKRUWLQKR H EOXVD QmR HVWDYD YHVWLQGR QDGD HVWDYD
FRPSOHWDPHQWH QXD GH EUXoRV SHUQDV HP kQJXOR SRVH FOiVVLFD DTXHOD EXQGD
LQHIiYHO DTXHOD SHOH FREHUWD GH ODQXJHP GRXUDGD H HX p FODUR QmR KHVLWHL
1mR SRGLDKDYHUDPtQLPDG~YLGDGHTXHHODHVWDYDDOLPHHVSHUDQGR SDUDWUDQVDU
SRU PDLV TXH SXGHVVH GL]HU R FRQWUiULR (X QmR LD GHL[DU HVVD RSRUWXQLGDGH
SDVVDUOHYDGDSRUSUXGrQFLDEDEDFDMi EDVWDPDVGHTXHPHDUUHSHQGRSRUQmR WHU
FDtGR HP FLPD KRMH YHMR FRPR DV EDUUHLUDV HUDP EHVWDV RX DWp ILFWtFLDV 1HP
SDUHL SDUD SHQVDU )LTXHL WDPEpP QXD QD SRUWD GR TXDUWR GHL[DQGR DV URXSDV
FDtUHP QD HQWUDGD H PH LQVLQXHL SRU FLPD GHOD TXH DJLX FRPR VH HVWLYHVVH
DFRUGDQGRQDTXHOHPRPHQWRSpVVLPDDWUL]
'HLWDGDHPFLPDGDVFRVWDVGHODHQFDL[DGDHP XPD GDV ERFKHFKDV GD EXQGD GHOD
Mi FRPHoDQGR D PH HVIUHJDU SHGL TXH YLUDVVH R URVWR SDUD WUiV SDUD TXH HX D
EHLMDVVHQDERFDHHODYLURX
3URQWR XPD TXtPLFD MDPDLV GHFODUDGD EDL[RX HP 3RUWR 6HJXUR PHX 'HXV 7XGR
IXQFLRQRXFRPRVHWLYpVVHPRVQDVFLGRMiID]HQGRWXGR DTXLORXPDFRPDRXWUDDWp
RV JHPLGLQKRV GHOD FRPSDVVDYDP FRP PHXV  JHPLG}HV QDGD GHX HUUDGR QHQKXP
PRYLPHQWRVHIUXVWURX DLFRPRIRLERPHVWDYLGD p PXLWR LQMXVWD TXDQGR QRV
WUD] HVVDV OHPEUDQoDV 3HQVR QHOD FRPR HOD HUD HQWmR QmR SHQVR QHOD FRPR GHYH
HVWDUKRMHPHPDVWXUERHYRFDQGRDTXHOHVGLDVFRPHOD
6HP R PRPHQWR QmR H[LVWLULDP QHP D DQWHFLSDomR QHP D OHPEUDQoD PDV FRPR RV
GRLV VmR PHOKRUHV TXH R PRPHQWR 4XDQGR GHSRLV GH Mi WHUPRV JR]DGR TXDVH
LQVWDQWDQHDPHQWHHXQDEXQGDGHODHHOD FRPPHXVGHGRVYLRTXH PLQKDPmRMi
WLQKD DGLYLQKDGR HOD WLQKD XP WXIR GH SHQWHOKRV TXH Vy SRVVR FKDPDU GH
VXQWXRVR D YLVmR PDLV KRVSHGHLUD TXH Mi WLYH DGRUR PXOKHUHV
IDUWDPHQWH SHQWHOKXGDV QmR VRX FKHJDGD jV DSDUDGLQKDV H UDVSDGLQKDV TXH VmR
PXLWRFRPXQVQR1RUGHVWH(QRV(VWDGRV8QLGRVWDPEpPp HQJUDoDGR(WDPEpPQmR
DSUHFLRHVVHVSHQWHOKRVTXH ILFDPFRPR XPDFULVWDUDVSDGRVFHUWHLUDPHQWHMXQWR
jV YLULOKDV SDUHFHQGR D FDEHoD GH XP tQGLR VHPLQROH RX R WRSR GR FDSDFHWH GH
XP FHQWXULmR URPDQR GH FLQHPD (VWi FHUWR p SDUD XVDU R ELTXtQL PDV QmR p
QHFHVViULD DTXHOD SUHFLVmR SRGLD VHU XPD FRLVD PHQRV GHILQLGD PDLV GpJUDGpH
PHQRVEUXWDO2XHQWmRGHL[DURV SHQWHOKRVVDtUHPSHORVODGRVGRELTXLQLRX DWp
SRU FLPD p EHP PDLV VRILVWLFDGR HPERUD UHTXHLUD FODVVH (OD HUD SHUIHLWD
QHVVH VHQWLGR DTXHOH PRQWH GH 9rQXV DPSOR H JHQHURVR DTXHOHV SrORV Om]XGRV H
PDFLRV5HIRFLOHLDFDUDQHVVHWDSHWHTXHDWpDJRUD VLQWRHPPHXURVWRHYLYHPRV
KRUDVGHDEUDoRVHVIUHJDGDVHJR]R XPDWUiVGRRXWURFRPRVyDVERDV PXOKHUHV
VDEHPRV ID]HU $OLiV HQWUDPRV QXP GHOtULR WDO TXH )HUQDQGR VR]LQKR VR]LQKR
DEULQGR DR DFDVR UHYLVWDV SRUQRJUiILFDV SDUD WHQWDU DGLYLQKDU VH HOH DLQGD LD
FRPHU%HOWUDQDRX6LFUDQRHHQFKHQGRDFDUD DSDUHFHX QR TXDUWR H WDPEpP ILFRX
QX H DSHVDU GH EUR[DGR QmR HQYHUJRQKRX 1RV WUDQVIRUPDPRV QXP QRYHOR H QR
ILP )HUQDQGR HQWURX HP UHERUGRVD H ILFRX QXPD SDXGXULVLD LQDXGLWD FRPHX QyV
GXDV H JR]RX QD ERFD GHOD ,VVR VH UHSHWLX DWp DV IpULDV GHOD DFDEDUHP H QR
ILP HOD QRV GLVVH PLVWHULRVDPHQWH TXH HUD FDVDGD H SRU PDLV TXH WHQWiVVHPRV
QXQFDPDLVDYLPRVPDV HXQmRDHVTXHoRFRPRD PXOKHUTXHHXPDLVJRVWDULDGH
WHUWLGRVHPSUHDRSpSDUDD JHQWHVHFRPHU
&RPR HOD PH FKXSDYD 0XOKHU VHPSUH FKXSD [R[RWD PXLWR PHOKRU GR TXH KRPHP
TXHJHUDOPHQWHDFKDTXHVXDOtQJXDpXPDHVSpFLH GHSrQLVGHVDUYRUDGRHTXH SRGH
VXJDUXPFOLWyULVLJQRUDQGRRV SUySULRVGHQWHVFKHLRVGHDUHVWDVFRPRTXHP HVWi
WRPDQGR UHIULJHUDQWH GH FDQXGLQKR FRP UDLYD GR FRQWH~GR ( HOD PH FKXSDYD FRP
FODVVHHXPWRTXHQmRVHLEHPFRPRGL]HUXPWRTXH GHGHYRomR5HVSLUDYD IXQGR
VHDFRQFKHJDYDHQWUHPLQKDVFR[DV PHVHJXUDYDGHOLFDGDPHQWHQDEXQGD UHVSLUDYD
IXQGR RXWUD YH] PH FREULD GH EHLMRV QDV YLULOKDV IHFKDYD RV ROKRV H PH
OHYDYD DRFpXDRFpX1mRSRVVRQXQFDPHHVTXHFHUGRGLDHP TXHHOD FRPHoRXD
PH FKXSDU QR VRIi H HX UHVROYL TXH QDTXHOD KRUD SUHIHULD D FDPD H QmR VHL
FRPR HOD FRQVHJXLX PH VHJXLU DWp D FDPD VHP WLUDU D ERFD GH PLP FRP RV ROKRV
IHFKDGRV H HX JR]HL WRUUHQFLDOPHQWH ORJR HP VHJXLGD 1mR VHL VH SRVVR GL]HU
SRUTXH QmRYHMRUD]mRSDUDUHMHLWDURUyWXORGHOLEHUWLQDSHUYHUWLGD H GHYDVVD
VHMiWLYHSDL[RQLWHDVpULRSRUDOJXpPPDVVH Mi WLYHIRLSRUHOD8PDYH]
)HUQDQGR IRUD GH FDVD FRPHQGR XPD FDULRFD JUmILQD TXH KDYLD DSDUHFLGR FRP XP
PDULGR DOWDPHQWH EDEDFD H QyV GXDV HP FDVD HX GHLWDGD QXP WDSHWH H HOD
XVDQGR XPURXSmRIHOSXGRGH)HUQDQGRVHPQDGDSRU EDL[R IH] TXH LD SDVVDU SRU
FLPD GH PLQKD FDEHoD H SDURX EHP DFLPD GH PLQKD FDUD FRP DV SHUQDV OHYHPHQWH
DEHUWDV H DTXHOH ERFHWmR LUUHVLVWtYHO QD SHQXPEUD HP WRUQR GH PHXV ROKRV
7RTXHLQRVTXDGULVGHODH HODFRPRVHWLYpVVHPRV FRPELQDGR DQWHV  VHQWRX QD
PLQKDFDUD TXHVHQVDomRLQVXEVWLWXtYHOHLQFRPSDUiYHO&RPRHUD DYHOXGDGD FRPR
HUDDFROKHGRUDFRPRWLQKDRV FKHLURVFHUWRV&RPRHUD VXEPLVVDGDPDQHLUDPDLV
HQFDQWDGRUDSURQWDSDUDID]HUWXGRR TXHHXTXLVHVVHGRMHLWRTXHHX TXLVHVVH
QD KRUD HP TXH HX TXLVHVVH WXGR FRP XPD QDWXUDOLGDGH TXH SDUHFLD TXH D YLGD
VHPSUH WLQKD VLGR DVVLP GHVGH TXH R PXQGR HUD PXQGR 1mR VHL QmR VHL PHVPR
FRPR GHVFUHYHU R TXH KDYLD HQWUH PLP H HOD DWp R MHLWR FRPR HOD VH OLYURX GR
URXSmR QHVVD KRUD p LQLPLWiYHO (OD PH FKDPRX GH PHX DPRU PHX DPRU PLQKD
WHVmR PLQKD GRQD PLQKD tGROD PHX WXGR PLQKD YLGD H DL FRPR HX D FKXSHL
FRPR FKXSHL WXGR GHOD DWp TXH HOD IDODQGR DV FRLVDV PDLV VXEOLPHV TXH
SRGHP VHURXYLGDVJR]RXFRPRXPDOREDGLYLQDXLYDQGRJR]RXPDLV VXVSLURXFRP
DTXHOHV ROK}HV TXH GDYDP YRQWDGH GH PHUJXOKDU H SHGLX TXH URoiVVHPRV
HQWUHODoDGDV DWp PRUUHUPRV H QDWXUDOPHQWH TXH PRUUHPRV XP SRXFR ( GHSRLV
FRQWLQXDPRVDQRVURoDUHHXSHGL TXHHODPHGHVVH DOtQJXDWRGDSDUDHXHQILDU
QD PLQKD ERFD H HQTXDQWR LVVR TXH JLUDVVH D EXQGD SDUD HX DOLViOD H HOD
SDVVRX DPHFKXSDUQRYDPHQWH HXMiVHPI{OHJRHVHPYRQWDGHGHVHUPDLV FRLVD
QHQKXPDQHVWHPXQGRDQmRVHUQyVGXDVGLOXtGDVQRPHLR GRXQLYHUVRH WURFDQGR
QRVVRV FRUSRV 4XDQGR IDOR QLVVR ILFR XP SRXFR  XP SRXFR QmR PXLWR 
H[FLWDGDHPHDUUHSHQGRSRUQmR WrODSHUVHJXLGRRUHVWRGDYLGDeFODURTXHR
QHJyFLR GHOD QmR HUD KRPHP HUD HX PHVPD 3RGLD QmR VHU Vy HX PHVPD PDV HX
ID]LD SDUWHLPSRUWDQWHGRQHJyFLRGHOD2VRXWURVSDUWLFLSDQWHV FHUWDPHQWHKRXYH
RXKiPDVQmRSRGHPWHUVLGRPHOKRUHVFRPHOD QDFDPDGRTXHHX
)HUQDQGRQDWXUDOPHQWHDFDERXVHLQWHJUDQGR(ODHUDWDOHQWRVD HFODURTXH
JRVWDYD GH KRPHP WDPEpP FRPR DFRQWHFH FRP WRGDV DV SHVVRDV WDHQWRVDV H FKHLDV
GHYLGD 9LGDSDUDPLPVDEHRTXH p,QWHUHVVDQWHDFDERGHID]HUXPDHVSpFLH
GH UHGXomR HSLVWHPROyJLFD QmR YRX GL]HU QHQKXPD QRYLGDGH PDV SRVVR JDUDQWLU
TXHFKHJXHLDHVVDUHGXomRGHSRLVGHVHJXLUXPFDPLQKR TXHOHYDDRFRQYHQFLPHQWR
GHTXHVHWUDWDGHYHUGDGH WUDQVSDUHQWHXPFDPLQKR TXH QmR SRVVR GLYLGLU PDV
TXHTXDOTXHU XPVHTXLVHUSRGHWULOKDUWDPEpP$UHGXomR pDVHJXLQWHVDEH R
TXHpDYLGD"pIRGHU$YLGDpIRGHU1RWHEHPHVWDSDUWLQGR GH PLPp FRPR
HX Mi VXJHUL XPD DILUPDomR UHILQDGtVVLPD QmR WHP QDGD D YHU FRP HQXQFLDGRV
LGrQWLFRV PDV VLPSOHVPHQWH JURVVRV RX LQVWLQWLYRV 2 PHX HQXQFLDGR p IUXWR GH
PXLWD YLYrQFLD H SURFHVVDPHQWR GHVVD YLYrQFLD $ YLGD p IRGHU HP ~OWLPD
DQiOLVH
e XPD SHQD TXH D PDLRULD QXQFD FKHJXH QHP GH ORQJH j SOHQLWXGH TXH HVWD
FRQVWDWDomRRIHUHFHXPDJUDQGHSHQDPHVPR(ODWDPEpP WLQKDFRPSUHHQGLGRLVVRH
FRPLJR DEULX R UHVWR GR KRUL]RQWH TXH SUHFLVDYD WHU )HUQDQGR HQWURX H GHPRV
PXLWRFHUWRRVWUrV
*RVWiYDPRV GH VDLU SDUD SDVVHDU j QRLWH H ID]HU VDFDQDJHP QD UXD VDEHQGR TXH
HVWDYDP QRV HVSUHLWDQGR $ JHQWH EHELD QXPD SUDFLQKD DR DU OLYUH H GHSRLV QRV
OHYDQWiYDPRV H tDPRV RV WUrV SDUD R HVFXUR VH DJDUUDU 9ROWiYDPRV FRP D FDUD
PDLVLQRFHQWHGRPXQGR VDEHQGRTXHWRGRPXQGRVDELDHTXHDOJXQVWLQKDP HVSLDGR
H PHVPR WRFDGR XPD SXQKHWD YHQGR D JHQWH VH EHLMDU VH FKXSDU H ID]HU RXWUDV
FRLVDV ERDV SDUD R DU OLYUH ( PDLV DLQGD HOD LQYHQWRX XP URWHLUR GRPpVWLFR
TXH)HUQDQGRDGRURX(ODILFDYDFRPXPD FDULQKDGHSXWDLQRFHQWHLQDFUHGLWiYHOH
GL]LDTXHTXHULDGDU SDUDHOHJHPHQGRHQWUHRIHJRVTXDVHODFULPRVRVH H[SOLFDQGR
TXH HVWDYD SUHFLVDQGR TXH HOH D FREULVVH D SURWHJHVVH SHQHWUDVVH EHP IXQGR
QHOD H HVSRUUDVVH PXLWR QHOD SRU IDYRU SRU IDYRU 8PD GLDED 4XDQGR )HUQDQGR
DFDEDYD DJUDGHFLD D HOH Vy YHQGR R MHLWR GHOD ( IH] )HUQDQGR DLQGD PDLV
IHOL] SRUTXH FRPHX R FDVDO TXH WRPDYD FRQWD GR VtWLR H DEULX FDPLQKR SDUD
)HUQDQGR TXH HVWDYD GRLGR SHORV GRLV UHDOPHQWH XP FDVDO GH PXODWRV PXLWR
ERQLWR XP UDFHDPHQWR SHUIHLWR )HUQDQGR ILFRX GRLGR SHOR SDX GR UDSD] TXH GH
IDWR  H[FHSFLRQDO PDLV FRPSULGR GR TXH JURVVR H PXLWR WHVR OXVWURVR H
SDUHFHQGR HQYHUQL]DGR ( SHOD EXQGD WDPEpP TXH HX DFKDYD DLQGD PDLV ERQLWD H
FRPL DOJXPDV YH]HV )HUQDQGR ILFDYD LQGyFLO QmR VDELD VH FKXSDYD HOH VH R
FRPLD RX VH OKH GDYD D EXQGD FRPHoDYD XPD FRLVD HPHQGDYD SHOD RXWUD HUD
XP IUHQHVL (X GHYLD FRQWDU LVWR HP SRUPHQRUHV HVPLXoDGRV SHOR SUD]HU GH
H[FLWDUDVSHVVRDVHLQGX]LODVjVDFDQDJHPpXP H[HUFtFLRGHSRGHUDJUDGiYHOH
PHX SURSyVLWR GHVGH TXH HX FRPHFHL LVWR 6LP QmR SDVViYDPRV GLD VHP TXH
IL]pVVHPRV PXLWDV PXLWDV VDFDQDJHQV WRGR WLSR GH FRLVD FRP HVVH UDSD] H D
PXOKHUGHOH HOHFKXSDQGR)HUQDQGR WRGRSDUDGHSRLVHQUDEiORFRPDTXHOH FDFHWH
FRPSULGR TXH HQWUDYD WRGR H )HUQDQGR FKHJRX D VHQWDU HP FLPD GHOH WDQWD
FRLVD 0DV QmR YRX FRQWDU p SUHFLVR UHFRQKHFHU TXH WHQKR SUHVVD 7HQKR TXH
WHU SUHVVD VH TXLVHU HVWDU VHJXUD GH TXH SHOR PHQRV DV SDUWHV TXH FRQVLGHUR
PDLV LQWHUHVVDQWHV QHVWH GHSRLPHQWR QmR ILFDUmR GH IRUD (VWD GRHQoD (X YRX
IDODUVREUHDGRHQoD TXHHXWHQKRQmRpFkQFHU FRPRYRFrGHYHHVWDUSHQVDQGR
HX QmR VRX GR WLSR TXH WHP FkQFHU PLQKDV FpOXODV WrP SRXTXtVVLPRV PRWLYRV GH
UHYROWDQRWDGDPHQWH HPFRPSDUDomRFRPD PDLRULDGDVSHVVRDV&kQFHUpDGRHQoD
GR UHSULPLGR GD OLELGR HQFDUFHUDGD GD IDOVLGDGH H[WUHPD HP UHODomR j SUySULD
QDWXUH]D $V FpOXODV WUDtGDV H IUXVWUDGDV HQWmR VH UHEHODP PDQGDP HPLVViULRV
VXEYHUVLYRV SDUD WRGDV DV SDUWHV GR FRUSR H JHUDOPHQWH YHQFHP H GHVWURHP R
RUJDQLVPR (X QmR WHQKR LVVR H GH FHUWD IRUPD D PLQKD p XPD FRQGLomR EHP
PDLV LQWHUHVVDQWH GR TXH FkQFHU SHOR PHQRV QXP DVSHFWR ( PDLV FRQGL]HQWH
FRPLJRPDLVWFKDQ0DVGHSRLVHXIDORQLVVR H GHSRLV FRQWR PDLV KLVWyULDV FRP
GHWDOKHV D GRHQoD SRGH QmR PH GDU PXLWR WHPSR Ki FRLVDV TXH MXOJR EiVLFDV H
TXHDLQGDQmRFRQWHL -iGHL XPDLGpLDVXILFLHQWHGHFRPRQRVVRVGLDVHP3RUWR
6HJXURQmRWrP FRPSDUDomRRTXHVHLPDJLQDUpSRXFR
1mR 0LQWR 0LQWR $OLiV PHQWHVH VHPSUH PHVPR TXDQGR QmR VH WHP QHQKXPD
LQWHQomR 0HQWHVH PHQWHVH R WHPSR WRGR H TXH PH GHVFXOSHP D ILORVRILD
EDUDWD D YLGD p XPD PHQWLUD LPSHQLWHQWH UHQLWHQWH H UHVLVWHQWH H R
~QLFR SUREOHPD ILORVyILFR GH IDWR p R VXLFtGLR (VWRX SHUQyVWLFD KRMH PDV QmR
PLQWR VREUH LVVR DR FRQWUiULR GH SUDWLFDPHQWH WRGR PXQGR WKH ZRUOG LV EXW D
VWDJHQmRpDVVLPTXHHVWiQR+DPOHW"
7KH ZRUOG LV EXW D VWDJH H HX TXH QmR PH FRQVLGHUR PHOKRU GR TXH QLQJXpP 
PHQWLUDPHQWLUDPHFRQVLGHURFODURTXHPH FRQVLGHURYDPRVVHUGHPRFUDWDVPDV
QmR YDPRV DFKDU TXH WRGR PXQGR p LJXDOPHQWH GRWDGR SRUTXH QmR p  HVWRX
GHVHPSHQKDQGR PHX SDSHO FRP XP PtQLPR DEVROXWR GH YHDGDJHP SVLFDQDOtWLFD
DWp SRUTXH FRQVLGHUR )UHXG DOpP GH PDXFDUiWHU R JrQLR PDLV GHVSHUGLoDGR GD
+LVWyULD GHSRLV GH 3ODWmR DTXHOH ILOKR GD SXWD UHVSRQViYHO SHOR WDVFLVPR
WHFQRFUDWDGD5HS~EOLFDEDEDFDGHYLD VHUFDVWLJDGRFRPXPDHQFDUQDomR SHUSpWXD
FRPR 0LQLVWUR GD $GPLQLVWUDomR GR %UDVLO %DEDFD HX QmR SRVVR OHU $ 5HS~EOLFD
VHP ILFDU FRP YRQWDGH GH LU Oi H HVFXOKDPEDU 6yFUDWHV DTXHOH YHDGR VHEHQWR 
LVVRHUDRTXHHOHHUD XPYHDGRVHEHQWRHEXUURTXH QmRFRPHX$OFLEtDGHVRUD
KRPHP FUHLD QmR FRPHU $OFLEtDGHV TXHP HUD HOH SDUD QmR FRPHU $OFLEtDGHV
TXDQGRTXDOTXHU XPGHQyV FRPHULD"(TXHSHQWHOKRLQRPLQiYHORTXHHOHHQFKHR
VDFRGR FRLWDGRGDTXHOHHVFUDYRQREDQTXHWHGHL[DD SHVVRDQHUYRVDVyGHSHQVDU
HP FRQYLYHU FRP HOH %HUQDUG 6KDZ WLQKD UD]mR PDWDUDP HOH SRUTXH QLQJXpP
FRQVHJXLD VXSRUWDU VXD SUHVHQoD HQFDUGLGLQKD SHUJXQWDGHLUD SHWXODQWH H
LPSHUWLQHQWH GHYLD WHU PDX KiOLWR $OFLEtDGHV SUHFLVD VHU GHVDJUDYDGR H
YLYD ;DQWLSD JUDQGH PiUWLU ;DQWLSD ( TXDQWR D )UHXG GHL[RX HVVD KHUDQoD
GHVDUYRUDGD GH IDODQWHV QHEXORVRV H QHUYRVRV TXH SUDWLFDP VHLWDV REVFXUDV H
GHGLFDP DV YLGDV j LQIHOLFLGDGH SDODYURVD 1XQFD SURYDUDP HIHWLYDPHQWH QDGD H
QXQFDJHUDUDPQDGD GHDSURYHLWiYHODOpPGHXQVGRLV ILOPHV GH :RRG\ $OOHQ PDV
HVWmR Dt SDUD ILFDU VHPSUH HVWDUmR FRPR DV  FDUWRPDQWHV H YLGHQWHV H
FRQVHOKHLURV VHQWLPHQWDLV 2XYLGR GH DOXJXHO VHPSUH WHYH XP JUDQGH PHUFDGR D
,JUHMD WHP VDFDGDV JHQLDLV YDPRV UHFRQKHFHU D FRQILVVmR DXULFXODU IRL XPD
GHODV )UHXG QmR FKHJRX D VXEVWLWXLU LVVR QXQFD VHUi VXILFLHQWH H DOpP GR
PDLVQmRVH SRGHSHUGRDURSURJHQLWRUGRPDLRUDF~PXORGH DVQLFHV ODELUtQWLFDV
MDPDLVGHVSHMDGRVREUHD+XPDQLGDGHHGHELFKDV IUDQFHVDVTXHQmRHQWHQGHPR TXH
HODVSUySULDVHVFUHYHPHGH DOHPmHVTXHDFKDPTXH SHOR IDWR GH WHUHP SDODYUDV
SDUD GHVLJQDU FRQGLo}HV DWRV H VLWXDo}HV TXH RV RXWURV QmR WrP HQWHQGHP
PDLV GHVVDV FRLVDV XP SHUIHLWR QRQ VHTXLWXU QDGD D YHU R FX FRP DV FDOoDV
DOHPmR Vy HQWHQGH GH DOHPmR :HOWVFKPHU] p D SXWD TXH SDULX *RFWKH FRP TXHP
DOLiV HX VLPSDWL]R HUD XP IRGHOmR H PRUUHX XP YHOKR VDIDGR FRPR GHYHP VHU
WRGRVRVYHOKRVHP YH] GHHQJROLUHPFDODGRVRVSDSpLVTXHRVPDLVMRYHQVQmR
VH FRQWHQWDQGRHPVHUPDLVMRYHQVOKHVLPS}HP1DGDGHFRQIHUrQFLD TXHFRLVD
p LQFRQWUROiYHO 6H HX IRVVH SURIHVVRUD VHULD OLQFKDGD SHORV DOXQRV (YLGHQWH
TXHQmRUHWLURQDGDGRTXHDFDER GHGL]HUPDVRREMHWLYRTXHHVFROKLGHSRLV GH
PXLWR SHQVDU IRL GDU XP GHSRLPHQWR SRUQRJUiILFR H SURYRFDU H HVSLFDoDU H
HQFRUDMDU HUHDVVHJXUDUKRPHQVHPXOKHUHVHQIXUQDGRVHPVXDVFDVFDV GH FDUDFyLV
3RUWDQWR QmR WHQKR QDGD TXH ILFDU IDODQGR QLVVR TXHUR PRVWUDU H DUJXPHQWDU
PDV WXGR QXP FRQWH[WR SRUQRJUiILFR TXHUR GLWDU SRUQRJUDILD PH DJUDGD
PXLWRTXDQGRHXFRQVLJR
0LQWR GL]LD HX 0LQWR TXDQWR D 0DULQD PLQKD DHURPRoD TXH IDoR SDUHFHU D
PHOKRUWUDQVD GHPLQKDYLGDGHSRLVGH 5RGROIRPDVQmRpQDGDGLVVRQmRH[LVWH
HVVD WUDQVD 1mR H[LVWH D IRGD Vy H[LVWHP IRGDV 0LQWR PHQWHVH HX PLQWR
WX PHQWHVHOHPHQWHQyVPHQWLPRVYyVPHQWLVHOHVPHQWHP
6HPSUH WLYH SUREOHPDV FRP D PHQWLUD PDV WDPEpP VRX PHQWLURVD QmR Ki FRPR
HVFDSDUDOOWKHZRUOGHWF4XDQWDV PHQWLUDVHPERUDDPDLRUSDUWH IHOL]PHQWH
DSHQDV LQWHUSUHWDWLYDMiQmRFRQWHLDTXLHYRXFRQWLQXDUDFRQWDU"9mR jPHUGD
YRFrVWRGRVPHQWLURVRVPHQWLURVRVDHVPDJDGRUDPDLRULD KLSyFULWDHVDQWDUURQD
9LYDQyV RVPHQWLURVRVjIRUoDRV FRQVFLHQWHV2&ULVWRQmRVRXEHGL]HURTXH
HUDDYHUGDGHGLDQWH GR,PSpULR5RPDQRSRUTXH(OHSUySULRWHYH TXHPHQWLUGHVGH
TXH DSUHQGHXDIDODU1mR KiFRPR(OHQmRKDYHUPHQWLGRDQmRVHU TXHYLYHVVH
LVRODGR H VHP IDODU GHVGH R EHUoR 'R FRQWUiULR QHP WHULD FKHJDGR j LGDGH GD
UD]mR TXDQWR PDLV DRV  TXH GL]HP TXH (OH YLYHX TXHUHQGR QRV HQVLQDU XPD
PDQHLUD GH VHU LPSRVVtYHO GH DVVXPLU $ TXHP WHP VHUi GDGR GH TXHP QmR WHP
VHUiWLUDGR
([SXOVDL RV YHQGLOK}HV GR WHPSOR D FKLEDWDGDV RIHUHFHL D RXWUD IDFH SDUD D
ERIHWDGD&UHVFHLHPXOWLSOL FDLYRVGLVVH-DYpSRUpPQmRIRGDLV7RGR PXQGR
VDEH GH JHQWH TXH VH FDVWURX H PXLWRV RXWURV TXH SDVVDUDP DV YLGDV FRPR VH
VHXV yUJmRVVH[XDLVKRXYHVVHPVLGRFULDGRVDSHQDVSDUDOHYiORVj WHQWDomRHDR
LQIHUQR (QWmR p WXGR XPD SHUPDQHQWH FRQWUDGLomR H WRGRV VmR REULJDGRV D
PHQWLUWDQWR DVVLPTXHQRGLiORJR JHUDOWRGRPXQGRVDEHRTXHpPHQWLUDPDV
GHILQLUFRPSUHFLVmR pGLItFLOVHQmRLPSRVVtYHO
3RUWDQWRHUDPHQWLUDTXH RVWHPSRVGH3RUWR6HJXURQmRWHQKDP ULYDO(DYLGD
QmR p XP FDPSHRQDWR GH IXWHERO HP TXH D JHQWH ILFD SURFXUDQGR R PHOKRU FDGD
LQVWDQWH p XP FRPSDUDU p LPSRVVtYHO 1D YHUGDGH PLQKD YLGD WHP DSHQDV XP
GHQRPLQDGRU FRPXP TXH p R IDWR GH HX WrOD GHGLFDGR EDVLFDPHQWH j
VDWLVIDomR VDXGiYHOGHPLQKDOX[~ULD7HQKRRUJXOKR JUDQGHRUJXOKRGLVVR FRPR
MiGHYRWHUGHL[DGRWUDQVSDUHFHU7XGRHPHVFDODJUDQGLRVD DVVXPHJUDQGLRVLGDGH
&UHLRILUPHPHQWHTXHp RPHXFDVRQmR FRQVLJRYrORGHRXWUDIRUPDVHQmRFRP
RUJXOKR $JUDGHoR PXLWR D 'HXV SRU (OH PH WHU GDGR D IRUoD D GHWHUPLQDomR
D LQWHOLJrQFLDHDFRUDJHPSDUDOHYDUDGLDQWHRGRPTXHUHFHELGH QDVFHQoDGLJR
LVWR FRP GHYRomR RV EXUURV QmR DFUHGLWDP RV LQWHOLJHQWHV YrHP ORJR TXH p
YHUGDGH (X QDVFL FRP XP GRP TXH 'HXV PH GHX H KRQUHL HVVH GRP GLIHUHQWH GH
PXLWRVRXWURVWDOYH] TXDVHWRGRV(OHIH]DSDUWHG(OHHHXIL]DPLQKDFRPR
RUGHQD R/LYUR(QWmRHXWHQKR HVVHGHQRPLQDGRUFRPXPTXHpPXLWR IRUWHPXLWR
VLQJXODUDWpSRUTXHVHDPDLRULDGDVSHVVRDVp PHVPRFRPRHXDLPHQVDPDLRULD
GHVVDPDLRULDQXQFDFRQVHJXLX ID]HUQHPXPPLOpVLPRGRTXHHXIL]1mRQmRKi
FRPR FRPSDUDU QDGD WRGR WHPSR WHP VXD LQGLYLGXDOLGDGH &RPR HVWH TXH
HVWRX YLYHQGR 7DOYH] PXLWRV DQRV DWUiV VH HX SXGHVVH DQWHYrOR DFKDVVH TXH
YLULDDVHURPHOKRUGDPLQKDYLGD7DOYH]DJRUD PHVPRHXSRVVDGL]HULVVRGH
IDWRDFKHLXPDVROXomRLUUHWRFiYHO SDUDRVSUREOHPDVTXHXPDSHVVRDVR]LQKDQD
PLQKDLGDGHFRVWXPD HQFRQWUDU(HQWmRQDPHGLGDHPTXHVHSRGHGL]HULVWR HX
VRX IHOL]0DVQmRHVTXHoRTXHGLQKHLURDMXGDPXLWRpPHVPR LQGLVSHQViYHOFRPR
VXSRUWH H IHUUDPHQWD PDV R PDLV LPSRUWDQWH p D LPDJLQDomR &XUYHPRQRV DRV
WHPSRVHXVHPRVVXDVSDODYUDV
&ULDWLYLGDGHSDODYUDKRUUHQGD SRUTXHQmRSXGHPRVSUHVHUYDU LQYHQomRFRP
DV EHODV FRQRWDo}HV TXH HOD WLQKD HQJHQKR WDQWDV SDODYUDV ERDV PRIDQGR SRU
EXUULFH H FRORQL]DomR 0DV QmR DGLDQWD UHFODPDU (QWmR GLJDPRV FULDWLYLGDGH H
JUDQD FRQIRUWiYHO IDFLOLWDP PXLWR 1R PHX FDVR XPD QmR IXQFLRQDULD VHP D
RXWUD HHVWRXPXLWRVDWLVIHLWD
0LQKD VROXomR WDPEpP GHSHQGHX XP SRXFR GH VRUWH VH EHP TXH VH HOD QmR
WLYHVVHDSDUHFLGRHXDHQFRQWUDULDSRURXWURFDPLQKR
(TXDFLRQH LVWR (X EHP GH YLGD PRUDQGR EHP YHVWLQGR EHP WXGR PXLWR EHP
YHOKDERQLWRQDJRVWRVDHGHYDVVDQmRTXHUHQGRPDLV DPDQWHVIL[RVTXHPHHQFKDP
R  VDFR  H p PXLWR GLItFLO DFKDU XP TXH DFDEH QmR HQFKHQGR  H YLYHQGR QD
JUDQGHFLGDGHGR5LR GH-DQHLURTXH pTXHHXIDoRTXDQGRHVWRXFRPYRQWDGHGH
XPD WUDQVD]LQKD H[SHGLWD" 3HJR R MRUQDO DFKR XP DQ~QFLR TXDOTXHU WHOHIRQR
HQFRPHQGR XP UDSD] XPD PRoD XP UDSD] H XPD PRoD TXDOTXHU FRPELQDomR WXGR
HVSHFLILFDGR SDJR DWp FRP FDUWmR GH FUpGLWR 1HQKXP SUREOHPD FHUWR" (UUDGR
7RGRGLDDJHQWHOrQR PHVPRMRUQDODKLVWyULDGHXPYHDGRYHOKRHVy DVVDOWDGR
H DVVDVVLQDGRSRUXPJDURWRGH SURJUDPDRXHTXLYDOHQWH1XQFDR YHDGRYHOKRH
HX HVWDPRV QD PHVPD VLWXDomR EiVLFD 8PD ERD SDUDQyLD FRPR HX DFKR TXH Mi
OHPEUHLWHPRVHXOXJDU(XHVWDYD SURFXUDQGRXPDVROXomRHDtHODFDLXQR PHX
FROR $ PDom GH 1HZWRQ VHUHQGLSLW\ (X WLQKD VLGR FRQYLGDGD SDUD VDLU FRP
XP FDVDODPLJRPHXWDPEpPEDLDQRPDVPRUDQGRDTXL DFKR TXH DWp Ki PDLV WHPSR
GRTXHHXHQmRTXHULDLUHOHVVmRPHLRFKDWLQKRV
(VVDV SHVVRDV GH TXH D JHQWH JRVWD JHQXLQDPHQWH PDV FXMD FRQYLYrQFLD p
VRSRUtIHUDWRGRPXQGRVHGiFRPJHQWHDVVLPp FRPRRFKDWRDIDYRUWRGRPXQGR
WHPSHORPHQRVXPFKDWRDIDYRU TXH DJHQWHQmR SRGHPDQGDULUVHFDWDUSRUTXH
p ERQ]LQKR H p D IDYRU ID] WXGR SHOD JHQWH 0DV p FKDWR H jV YH]HV ILFD
GLItFLO GH VXSRUWDU $t HX QmR LD PHVPR PDV XP GLD GHSRLV GH KDYHU GHFLGLGR
LVVR PH VXUSUHHQGL PRUWD GH WHVmR H VR]LQKD HP FDVD UHSHQWLQDPHQWH
GHVSUHYHQLGD H SHQVDQGR VDFDQDJHP FRP WDQWD LQWHQVLGDGH TXH LD DFDEDU ID]HQGR
XPDEHVWHLUDSHJDUDOJXpPQR VXSHUPHUFDGRKRUDVTXDOTXHUFRLVDDVVLPHX PH
FRQKHoRMi IL]LVVRpSRUTXHHXGHIDWRGRX PXLWDVRUWHPHXDQMRGDJXDUGD p
yWLPR FRPR VH GL] ( Dt PHLR GH ~OWLPD KRUD WHOHIRQHL SDUD HOHV H IXL FRP
HOHV DR &DQHFmR H IRL Oi TXH HQFRQWUHL RXWUR FDVDO HVVH MRYHP 8P VREULQKR
GHOHV H D QDPRUDGD XPD JDURWD PXLWR VLPSiWLFD H ERQLWLQKD FRP XPDV SHUQDV H
XPDEXQGD SURYRFDQWHVHXQVSHLWLQKRVHQJUDoDGLQKRVTXHHODGHL[DYDYHU GHYH]
HPTXDQGRFRPPXLWRFKDUPH(XSDUHFLDTXH WLQKD FKHLUDGR XPD ILOHLUD GH WmR
OLJDGRQDHPVH[RTXHHVWDYDHDVHPYHUJRQKD HQFRVWRXRMRHOKRQRPHXSRUEDL[R
GD PHVD DVVLP TXH DV OX]HV VH DSDJDUDP H ILFDPRV QXPD EROLQDomR VRQVD R WHPSR
WRGR(XQmR DJXHQWDYDPDLVPLQKDYRQWDGHHUDDUUDQFiODGDOLQDKRUD H OHYiOD
SDUD FDVD H FRPrOD WRGD PLQXFLRVDPHQWH PDV WLYH GH PH FRQWHU H SRU YLD GDV
G~YLGDV VRQGHL R UDSD] DILQDO SRGLD YLU D VHU QHFHVViULR S{OR QD WUDQVD
WDPEpP4XDQGR WLYHGHSUHVWDU DWHQomRQHOHYLTXHQmRHUDIHLRWLQKDXPDERD
FDUD H WDOYH] ILFDVVH LQLELGR QD FRPSDQKLD GH XPD PXOKHU LQILQLWDPHQWH
PDLV HVFRODGD GR TXH HOH TXH GHYLD OKH S{U FKLIUHV HVFURWRV URWLQHLUDPHQWH
6LPQmRHUDIHLRHUDDWpERQLWRH$OJRPH GLVVHGHHVWDORTXHDOLWLQKDRXUR
7KDUV JROG LQ WKHP WKDU KLOOV &XULRVtVVLPR p FRPR R PRPHQWR HP TXH D JHQWH
DGRUPHFH QmRVHSRGHOHPEUiOR$JHQWHHVWiQDFDPDHFDLQR VRQRQmR VH Gi
FRQWDGDSDVVDJHPSHODIURQWHLUD IRLLVVRRTXHDFRQWHFHX FRPHOH%DWHXVHPH
FiR ERUEXOKDUGRJrQLRWURTXHLGHPDUFKD FRPRXPSLORWRGH)yUPXODHEDL[HL
D PmR QR SDX GHOH %DL[HL PHVPR QHP SHQVHL IRVVH R TXH 'HXV TXLVHVVH (
PHQLQR D UHDomR IRL LQVWDQWkQHD SDUHFLD TXH HX WLQKD DFRUGDGR XP XUVR
KLEHUQDGR
8PDPDVVLQKDDQWHVPXUFKDH LQIRUPHGHVDEUROKRXFRPRXPDSLSRFD HHXHQTXDQWR
R tGDOR QR SDOFR VLQFURQL]DYD UHTXHEURV YLV FRP DFRUGHV LJXDOPHQWH
GHVDJUDGiYHLVFHUUHLPHXVGHGRVQREHORSDX TXHMiDGLYLQKDYDHPPLQKDERFD
(QFXUWHPRV DUV ORQJD YLWD EUHYLV YLYD R JUDQGH 4XLQWXV +RUDWLXV )ODYLXV
YLYD 5RPD (X 1mR 1mR YRX IDODU VREUH +RUiFLR QmR YRX ID]HU RXWUD
FRQIHUrQFLDVLOrQFLR2KYyV VRPEUDVVRWXUQDVGDVHUDV6SHDNE\KHDYHQ ,
FKDUJH WKHH VSHDN 6LP RV IDQWDVPDV GHYHP IDODU HX p TXH QmR GHYR IDODU
DJRUD )DODL IDQWDVPDV )DOD R IDQWDVPD QD FDODGD GDTXHOD QRLWH GH MDQHLUR
HP TXH QD VDtGD WURYHMDYD H FKRYLD H UHOkPSDJRV DUURMDYDP ODPSHMRV LQIHUQDLV
VREUH DV DOPDV LQTXLHWDV TXH DGHMDP DFLPD GR FHPLWpULR GH 6mR -RmR %DWLVWD
)DOD IDQWDVPD HVWDPRV DWHQWRV QmR KHVLWH IDQWDVPD GH TXH SRGH WHU PHGR XP
IDQWDVPD"
)DODRIDQWDVPDFRPVXD YR]UHYHUEHUDQWH2RRRKVLPQDTXHOD QRLWHPHVPDFRPL
RV GRLV FRPL RV GRLV PXLWR WHPSR FRPL GLYHUVDV RXWUDV YH]HV JRVWHL GHOH H
WHUPLQHL FRQVWDWDQGR TXH HOD HUD XP HTXtYRFR HQIHLWDGR H PH DOLYLHL TXDQGR D
IDPtOLD VH PXGRX FRP HOD SDUD D +RODQGD WHUUD GR SDL GHOD H QXQFD PDLV D
YLPRV
4XDQWRDHOH3DXOR+HQULTXHSRGHPHFKDPDUGH3LJPDOLRQD)XL HXTXH RHVFXOSL
HIXLHXTXHPSHGLXD$IURGLWHSDUDTXHHOH IRVVHH[DWDPHQWHRTXHHXTXHULDH
$IURGLWH PH DWHQGHX PH GHX PHX *DODWHR (X FUHLR TXH SRVVR PH FRQVLGHUDU
VDFHUGRWLVD GH $IURGLWH WHQKR SUHVWtJLR FRP HOD XP GLD GHVVHV VH D GRHQoD
QmR H[SORGLU HP PLQKD FDEHoD FRPR GL]HP TXH YDL H[SORGLU HVFUHYR D ELRJUDILD
GHODVRXFRQKHFHGRUDtQWLPD
3DXOR +HQULTXH ,JQRUDQWtVVLPR PDV LQWHOLJHQWtVVLPR DWp SDUD SHUFHEHU
HQFDQWDGRUDPHQWH TXH p LJQRUDQWH H XVDU HVVD FRQGLomR FRPR DGRUQR 5LVR IiFLO
MRYLDOLGDGH YLYDFLGDGH DOHJULD H SULQFLSDOPHQWH WDOHQWR VHQVLELOLGDGH H
DSOLFDomR 4XDQGR R SHJXHL SHJXHL XPD IRUFLQKD GD 1DWXUH]D XP HVStULWR
VLOYHVWUH XP H[X]LQKR LQRFHQWH H V{IUHJR GHQWUR GH XP KRPHP DOWR PXVFXORVR
PDVPDFLRHWRGREHPIHLWRWRGRFRPRVHWLYHVVHVLGR SURMHWDGRSRUXPGHVLJQHU
PLODQrVFRPRREUDDEHUWDGHOHLWXUD GHSHQGHQWHGHTXHPDHQFRQWUDVVH(LJXDO D
XP SURJUDPD GH FRPSXWDGRU GHVVHV TXH YRFr FRQILJXUD SDUD VHPSUH
SRUTXH DUPD]HQD WXGR HP DUTXLYRV DUFDQRV TXH QXQFD QLQJXpP DEUH H VmR REUD
REVFXUDGHDOJXPSURJUDPDGRU TXHFKHJDGHEHUPXGDDVXDWRFD QD 0LFURVRIW HDt
SDVVD R  WHPSR WRGR IHOL] SRUTXH IRL R DXWRU GR VXESURJUDPD UHVSRQViYHO SHOR
GHVDEURFKDU GH XP LFRQH]LQKR QR FDQWR GD VWDWXV OLQH HVWD p D REUD GHOH HOH
QmR SRGH YHU DTXHOH LFRQH]LQKR VHP GL]HU 3DUOD (UD SHGUDVDEmR HUD D
PLQKD PDWpULDSULPDWmREHPPROGiYHO (HXFRQILJXUHLHOHXP SURJUDPD]LQKRGH
FDGD YH] ( GH V~ELWR DR DEULU RV PHXV DUTXLYRV H[HFXWiYHLV XP EHOR GLD Oi
HVWi 3DXOR +HQULTXH 'HXV VHMD ORXYDGR (OH WDPEpP OHYD D VpULR VHX GRP PH
DGRUDSRUTXH HXRDMXGHLDFRPSUHHQGHUFRPRHVVHWLSRGHFRLVDIXQFLRQD
$VVXPLX YLURX PHX H[HFXWLYR VH[XDO GH XPD IRUPD DQWHV LQVXVSHLWiYHO e
UHDOPHQWH IDQWiVWLFR R TXH DFRQWHFHX FKHJD D SDUHFHU LQYHQomR PDV QmR p p
YHUGDGH D YLGD p TXH SDUHFH LQYHQomR D LQYHQomR p TXH WHP TXH SDUHFHU
YHUGDGHLUD
&UHLRTXHHQWUHRXWURVEHQHItFLRVTXHDSXEOLFDomRGHVWH GHSRLPHQWRFRPFHUWH]D
WUDUi  H HX TXHUR TXH WUDJD H ILFR IHOL] FRP LVVR JRVWR GH DMXGDU R
VHPHOKDQWH  HVWi WDPEpP XP VHUYLoR S~EOLFR TXH DJRUD HVWRX SUHVWDQGR 9RX
FRQWDU R HVTXHPD TXH DUPHL H TXH FRQVLGHUR PXLWR EHP ERODGR e XP SRXFR
HOLWLVWD RX EDVWDQWH HOLWLVWD PDV SRGH DWp VHU DGDSWDGR D FLUFXQVWkQFLDV
EHP PDLV PRGHVWDV $ SULPHLUD FRLVD TXH HX IL] IRL FULDU XPD ILUPD XPD
VRFLHGDGH FLYLO 3HJXHL R PHVPR FDVDO FKDWR DWUDYpV GR TXDO FRQKHFL 3DXOR
+HQULTXH H ERWHL RV GRLV FRPR VyFLRV VRPHQWH SDUD FRQVWDU  HOHV QHP
SHUJXQWDUDP QDGD DVVLQDUDP ORJR VmR JUDQGHV FKDWRV D IDYRU H FULHL D ILUPD
(PVHJXLGDWLUHL3DXOR+HQULTXH GRHPSUHJRQDJHUrQFLDGHXP SRVWRGHJDVROLQD
GD %DUUD RQGH HOH JDQKDYD XPD PHUUHFD H D ILUPD DOXJRX XP TXDUWRHVDOD
ERQLWLQKR QR /HEORQ RQGH HX ERWHL HOH SRUTXH QmR VXSRUWR D %DUUD H D ~QLFD
KLSyWHVHGHHXLUOip VHPHOHYDUHPGHDPEXOkQFLDRX FDPEXUmRWHQKRKRUURUVy
GHSHQVDUSDUDPLPRV VHSDUDWLVWDVWrP UD]mRHOHVGHYHPPHVPREORTXHDUDTXHOD
PHUGD H FRQWLQXDU SDVWDQGR HP SD] QRV VHXV VKRSSLQJV TXH KRUURU &RQWUDWHL
HOH FRPR IXQFLRQiULR GD ILUPD H SDJR XP ERP VDOiULR 1mR H[WUDRUGLQiULR SDUD
QmR DFRVWXPDU PDO PDV R VXILFLHQWH SDUD TXH HOH SRVVD FRPSUDU DV URXSLQKDV
GHOHRV&'VHRXWUDVFRLVDVGH TXHHOHJRVWDDOpPGHSRVVLELOLWDUTXHHOH VDLD
FRP DV JDWLQKDV GHOH VHP PXLWD SUHRFXSDomR GH GLQKHLUR TXHUR TXH HOH WHQKD
XPD YLGD QRUPDO H 'HXV QRV OLYUH GH HQFKHUPRV RV VDFRV XP GR RXWUR LVVR p
LQDGPLVVtYHO ( ILQDOPHQWH D SDUWH EiVLFD HLV TXH Mi YLYL R VXILFLHQWH SDUD
VDEHUTXHVHJXURPRUUHXGHYHOKRHFRQILDU GHVFRQILDQGRpXPOHPDVDSLHQWtVVLPR
)L] XP EDLWD VHJXUR GH YLGD SDUD HOH HP GyODU H GHL D DSyOLFH D HOH (
HYLGHQWHPHQWH HOH Vy UHFHEH R VHJXUR VH HX PRUUHU GH FDXVDV QDWXUDLV 6H
KRXYHU TXDOTXHUG~YLGDIXQGDPHQWDGDTXDQWR jPLQKDFDXVDPRUWLVHOHQmR UHFHEH
XPWRVWmRSRGHVHUDWpDFLGHQWHGHFDUURRXDYLmRSDUD QmRIDODUQRyEYLR TXH
p DVVDVVLQDWR ([SOLTXHL D HOH WXGR GLUHLWLQKR HOH FRPSUHHQGHX H KRMH WHP XPD
SUHRFXSDomR HQRUPH FRP PLQKD VHJXUDQoD 6H HX TXHUR HQFRQWUDU DOJXpP TXH QmR
FRQKHoR PXLWR EHP PXLWDV YH]HV XVR R DSDUWDPHQWR GHOH ( HOH JHUDOPHQWH HVWi
DTXLHPFDVDTXDQGRUHFHERDOJXpPGLVFUHWRPDVYLVtYHO
*RVWR GH FUHU TXH HOH VHULD WmR DWHQFLRVR DVVLP PHVPR TXH HX QmR IL]HVVH R
VHJXUR PDV QmR YHP DR FDVR LQGDJDomR DFDGrPLFD 2 IDWR p TXH WXGR IXQFLRQD
PDUDYLOKRVDPHQWH EHP HOH ILFRX SHUIHLWR QD FDPD H QXQFD QHJD VHUYLoR GH
TXDOTXHUWLSRDUUXPDQDPRUDGDV SDUDDJHQWHWUDQVDUMXQWRVDUUXPDKRPHQVp XP
HVTXHPD SULPRURVR HVWRX PXLWtVVLPR EHP VHUYLGD WmR VHP SUREOHPDV TXH SDUHFH
VRQKR $JRUD HOH HVWi TXHUHQGR FDVDU 1mR VRX SURSULDPHQWH FRQWUD PDV WDPEpP
QmR VRX D IDYRU QmR YHMR SDUD TXH HOH SUHFLVD FDVDU ( VRX LQVXVSHLWD SDUD
IDODU SRUTXH D PHQLQD p yWLPD VHP SUREOHPDV FXFD IUHVFD FRPR VH GL] 6H D
JHQWH HVWi D ILP D JHQWH WUDQVD H HOD DSHVDU GH HVWDU  DSDL[RQDGD SRU HOH
GL] TXH WDPEpP p DSDL[RQDGD SRU PLP WXGR VHP JULOR 0DV p TXH HX QmR VHL
%RP QmR YRX SHQVDU QLVVR QmR DGLDQWD ( QmR TXHUR GDU D HQWHQGHU TXH WHQKR
FL~PH$FKDULVVRDHVWDDOWXUDGHXPDYLGD FRPRDPLQKDpXPDRIHQVDJUDYH
PDV DV SHVVRDV WLUDP FRQFOXV}HV JHUDOPHQWH EDVHDGDV HP VXD SUySULD PDQHLUD GH
VHU HLVVRPHLUULWDILFDULDFRPYRQWDGHGH GDU SRUUDGD HP TXHP GLVVHVVH TXH
HXHVWRXFRPFL~PH(YHMDYRFrWDPEpPVRX DSDL[RQDGDSRU3DXOR+HQULTXHPDV
PLQKD SDL[mR QmR p GRHQWH FRPR FRVWXPD DFRQWHFHU -i QDVFL DVVLP H PH
DSHUIHLoRHL FRQVFLHQWHPHQWH 1XQFD PH GHL[HL HQJDEHODU SRU HVVDV EDERVHLUDV TXH
QRVLPSLQJHPFRPRID]HQGRSDUWHGDQDWXUH]DKXPDQD1mRVH SRGHHVWDUDSDL[RQDGR
SRUGXDV SHVVRDVDRPHVPRWHPSRPHX'HXV TXDQWDJHQWHPRUUHXHPRUUHWRGRVRV
GLDV SRU FDXVD GHVVH GRJPD EDEDFD TXH p WmR DUUDLJDGR TXH D SHVVRD KRPHP
H SULQFLSDOPHQWH PXOKHU TXH HVWi RX p DSDL[RQDGD SRU GRLV RX WUrV HQWUD HP
FRQIOLWRV FDYHUQRVtVVLPRV VH UHPyL GH FXOSD VH DFKD XP GHJHQHUDGR QmR
FRQIHVVDRTXHVHQWHQHPjVSDUHGHVLPS}HVH IDOVtVVLPRVGLOHPDVVHWRUWXUDp
XPD VLWXDomR LQIHUQDO H FDQFHUtJHQD WRGR PXQGR OXWDQGR HVWXSLGDPHQWH SDUD VHU
TXL[RWHV H GXOFLQpDV e R DWUDVR R DWUDVR (P WHVH VRPRV FDSD]HV GH
QRV DSDL[RQDUSRUWDQWDVSHVVRDVTXDQWDVVHMDPRVFDSD]HVGH OHPEUDU ROLPLWHp
HVWH QmR XP RX GRLV RX WUrV RX TXDWUR RX FLQFR RX GH]HVVHWH WRGRV HVVHV
Q~PHURV VmR DUELWUiULRV WLUkQLFRV H RSUHVVRUHV 7i Oi R PHX ILFKiULR
DSDL[RQDWLYRFRPRSHUILOGR TXHHXDFKRDWUDHQWHTXHpEDVWDQWHYDVWR (QWURX
QRYR FRQWDWR SHUILO DSURYDGR HX SRVVR PH DSDL[RQDU SRU HOH +RMH HX
HVWRX DOWDPHQWH LQIRUPiWLFD $ VXSHUVWLomR SHUQLFLRVD JHQHUDOL]DGD p TXH p
SUHFLVR GHOHWDU R DQWHULRU SDUD DFHLWDU R QRYR 4XH SREUH]D TXH SREUH]D TXH
SREUH]DTXHDWUDVR6HDPHPyULD DFHLWDVHRSHUILOFRQIHUHVH DVHQKDIRL
GDGDURGDRVGRLV SURJUDPDVDRPHVPRWHPSRURGDRVWUrVURGDRVYLQWHSRUUD
0LQLPL]D XP URGD HPEDL[R R RXWUR H[SRUWD XP DUTXLYR SUD Oi RXWUR SUD Fi D
LQIRUPiWLFDpPXLWRHGXFDWLYDSDUDTXHRVGpEHLV PHQWDLV TXHWDQWRSRQWLILFDP H
QRV DEDODP FRP VXDV EHVWHLUDV FRPSUHHQGDP TXH RV SURFHVVRV PHQWDLV TXH
FRQVLGHUDP VXEOLPHV H SURYD GD H[LVWrQFLD GH 'HXV VmR PHUDV OLQKD]LQKDV GH
FRPDQGR GH URWLQD QR '26 GR FpUHEUR R EXUDFR p DELVVDOPHQWLVVLPDPHQWH
PDLV HPEDL[R &ODUR TXH D SDL[mR QRYD QR SULPHLUR PRPHQWR PRELOL]D PXLWR R
DSDL[RQDGRTXH WHQGHDILFDUFHJRSDUDRVRXWURV DUTXLYRVHDtQDPDLRUSDUWH
GDVYH]HVRHQWXOKREXUURFRPHoD DDSRUULQKDURFDPDUDGDIRLWUHLQDGRSDUD QmR
DFKDUDTXLOR FHUWRWHPTXHGHOHWDURDUTXLYRHPXVRQmRVHLRTXr$ DQDORJLD
LQIRUPiWLFD FRQWLQXD FHUWHLUD p FRPR XP SURJUDPD QRYR XP EULQTXHGR QRYR 0DV
GHSRLVDJHQWHDEUHRDUTXLYRPDLVDQWLJR p ERP UHDYLYD HVWLPXOD PHX 'HXV
SRU TXH HULJLPRV HPSHFLOKRV DEVXUGRV H GHVWUXWLYRV GD EHOH]D GD &ULDomR RV
DUTXLYRV SRGHP FRQYLYHU QD PDLRU SD] FOLFD HOH DEUH WXGR SURQWR SDUD
R GHOHLWH GH WRGRV H R FXPSULPHQWR FLRVR TXmR DOHJUH GD VLQD 2 OLPLWH p D
PHPyULD(TXDQWRVJXJyLVGHE\WHVQmRWHPRVQD PHPyULD"1XQFDYDPRVXVDUQHPXP
]LOLRQpVLPR SRU PDLV TXH YLYDPRV H DEHUWRV VHMDPRV 3RU FRQVHJXLQWH PLQKDV
SDL[}HVQmR VmRGRHQWHVFRQYLYHPSHUIHLWDPHQWH EHPHpSRULVVRTXHQmR PRUUHP
FRPR DV RXWUDV Vy PRUUHP TXDQGR HX GHL[R GH UHJDU SRUTXH UHVROYL GHL[DU GH
UHJDU 0DV DV SHVVRDV VH VHQWHP REULJDGDV D GHL[DU GH UHJDU p XPD PHUGD
HVFXOKDPEDWXGRFDQFHUtJHQRFDQFHUtJHQR6RX DSDL[RQDGDSRUPHXLUPmR5RGROIR
VHPSUH VHUHL DSDL[RQDGD SHOD PLQKD DHURPRoD DSDL[RQDGD SRU )HUQDQGR
DSDL[RQDGDSRU 3DXOR +HQULTXHH7kQLDDPRoDFRPTXHPHOHTXHUFDVDUSRUWRGR
PXQGR SRU TXHP PH LQWHUHVVD DSDL[RQDUPH SRLV  PHX PDQHMR GD SDL[mR PH Gi
JUDQGH OLEHUGDGH HX SRVVR ERWDU R WHPSHUR GD SDL[mR HP TXDOTXHU WUDQVD VHP
FXOSD VHP DSUHHQV}HV ULGtFXODV ( WRGR PXQGR TXH VRIUH H YDL WHU FkQFHU SRU
LVVR SRGH ID]HU FRPR HX TXH GHVSHUGtFLR PHX 'HXV TXH JHQRFtGLR 7DWDWi WD
WDWi 1mR VH SRGH DPDU GXDV SHVVRDV DR PHVPR WHPSR EDKEDKEDK GXKGXKGXK
GXK&RUROiULRVP~OWLSORVpVXPILOKRGDSXWDVH SHQVDVRFRQWUiULRPHVPRTXH
VDLEDV TXH R FRQWUiULR p D YHUGDGH TXH YLYH QR SHLWR H QD FDEHoD $ SDL[mR p
VLPSOHVPHQWH D WHVmR IRUPDWDGD VHUi TXH MDPDLV LVWR VHUi FRPSUHHQGLGR VHUi
TXH ILFDUHPRVVHPSUHDOJHPDGRVFRPDFKDYHQDPmR"0HX'HXV GDL IRUoDDYRVVRV
PiUWLUHVDRSHQRVtVVLPRWHVWHPXQKRGHQRVVDIp Hj SHUVHYHUDQoDQRH[HUFtFLR GH
QRVVDLQWHOLJrQFLD
$ IRUPDomR GHOH IRL LPSUHVVLRQDQWH 0DJQtILFR DOXQR SURIHVVRUD JHQLDO
&RPR Mi FRQWHL SHJXHL PDWpULD EUXWD (OH QmR VDELD WUHSDU QmR WLQKD
FRPSUHHQGLGRQHPDVSHFWRVUHODWLYDPHQWH HOHPHQWDUHV WDLVFRPR DGHVQHFHVVLGDGH
GH ILFDU DJLQGR FRPR VH R SDX IRVVH XP SLVWmR FRP DUULWPLD H FDSULFKDQGR HP
HVWRFDGDV TXDQGR WRGR ERP KRPHP VDEH TXH QR UDPHUUmR VDWLVIDWyULR EDVWD HOH
VH HQFDL[DU H ILFDU LQGR H YLQGR HP PRYLPHQWRV VXDYHV TXDVH LPSHUFHSWtYHLV
TXDVH FRPR R DPRUWHFHGRU GH XP 5ROOV5R\FH HVWRFDGD WHP VHX OXJDU PDV FRPR
HIHLWRHVSHFLDOFRPRFRPSRQHQWH GHXPGHWHUPLQDGRFHQiULRFRPRXPVRORGH MD]]
LPSURYLVDGR QDGD GH SUiWLFD KDELWXDO ( HOH WLQKD HMDFXODomR SUHPDWXUD
TXH DWDTXHL ORJR FRP 0DVWHUV H -RKQVRQ IXQFLRQD 1RYR VHUYLoR S~EOLFR
UHGLYXOJDomRGHXPDWpFQLFDLQH[SOLFDYHOPHQWHHVTXHFLGD
2FDQGLGDWRVHGHVPDQFKDHP HMDFXODo}HVDVVLPTXHSHQHWUD1R FRPHoRWXGREHP
PDVGHSRLVHQFKHR VDFR4XHID]HUVHR FDQGLGDWRYDOHRHVIRUoR" &RQVXOWHPR
0DVWHUVH-RKQVRQSDUD PDLRUHVGHWDOKHVPDVREiVLFRHXSRVVRWUDQVPLWLU &ULHP
XP FOLPDGHVDFDQDJHP&OLPDFULDGRILTXHPQXV)LFDGRVQXVWRTXH XPDSXQKHWD
QHOHHSHoDTXHOKHDYLVHQDKRUDHPTXH HVWLYHU SUHVWHVDJR]DURXVHMDGDt
D TXDWUR VHJXQGRV 4XDQGR HOH DYLVDU SDUH D SXQKHWD LPHGLDWDPHQWH H DSHUWH R
SDX GHOH SHOD EDVH )XQFLRQD p GLItFLO GH DFUHGLWDU PDV IXQFLRQD QHP
UHTXHU PXLWRNQRZKRZ3DXOR+HQULTXHUHDJLXEHODPHQWH DRWUDWDPHQWR KRMHJR]D
QDKRUDHPTXHTXHU(XGLJRJR]HHHOHJR]Dp SHUIHLWRHOHDJRUDVHVHQWH
PXLWRPDLVVHJXURFRPPXLWRPDLV SRGHUTXHPDUDYLOKDXPDEHODHVSRUUDGD QLVVR
HXWHQKRXP WDQWLQKRGHLQYHMDGRVKRPHQVTXHULTXH]D VLPEyOLFDLQVXSRUWiYHO Ki
QXPDHVSRUUDGD FRPRRKRPHPSRGHH[SORUDUEHPLVVRSDUDRVHX GHOHLWHFRPRDV
PXOKHUHV JRVWDP FRPR p ERP VDEHU TXH VH HVWi VHQGR PDJLFDPHQWH LUULJDGD TXH
FRLVDPDLVOLQGDPHQWHDWiYLFD pERPVHUELFKR3DUDPLPVHPHVSHUPD GHUUDPDGR
QmR H[LVWH VH[R FRP KRPHP D FDPLVLQKD p XPD FDVWUDomR IXQGtVVLPD p XPD
SULYDomR FUXHOSDUDDVPXOKHUHV
0DV HYLGHQWH TXH D PROGDJHP QmR ILFRX QLVVR IRL WRWDO (OH HUD XP KRPHP
FRPSOHWRHQmRVDELDFHUWDPHQWHQXQFDYLULDD VDEHUVHQmRPHFRQKHFHVVH(OH
KRMH FXUWH WXGR R TXH HX FXUWR DSUHQGHX FRP UDSLGH] H HQWXVLDVPR 6y WLQKD
WLGR SRU H[HPSOR XPDV H[SHULrQFLDV KRPRVVH[XDLV QD LQIkQFLD FXMD PHPyULD
DSUHQGHX D UHSULPLU H QD DGROHVFrQFLD WLQKD FRPLGR XPDV WUrV YH]HV XP PpGLFR
TXH OKH GHX GLQKHLUR IDWR TXH HOH  Vy PH FRQWRX GHSRLV GH PXLWD FRQYHUVD
SHUVXDVyULD 8VHL D PHVPD WpFQLFD FRQVDJUDGD TXH HX H PXLWDV RXWUDV PXOKHUHV
PXLWDV PXOKHUHV PHVPR  DK VH HX WLYHVVH HVWDWtVWLFDV TXH VXVWRV QmR
WRPDUtDPRV  XVDPRV H TXH Mi GHVFUHYL e Vy OLYUiOR FRP SDFLrQFLD H
FRPSUHHQVmR GD LQVHJXUDQoD HP SHUPLWLU TXH DFRUGHPRV QHOH VHQWLPHQWRV Mi
WmR UHSUHVDGLQKRV TXH SDUHFHP PRUWRV 'HFHSFLRQDUVH FRP HOH FRP PRGHUDomR
GLVFULomR PDOGLVIDUoDGD XPD WURPELQKD RX XPD SDODYULQKD HYHQWXDO RX RXWUD
SRUTXHHOH DFKDyWLPRTXHYRFr WUDQVHFRPRXWUDPXOKHUPDVQmRDGPLWHSDUDHOH
QHQKXPD IRUPD GH UHODFLRQDPHQWR FRP RXWUR KRPHP VHMD PRoR VHMD YHOKR
VHMD GDQGR VHMD FRPHQGR VHMD DSHQDV SHJDQGR 3RUWDQWR FRQVLGHUD YRFr
LQIHULRU PDV QD YHUGDGH YRFr GHL[D FODUR TXH R LQIHULRU p HOH (QILP YmR VH
GDQGRRVUHIRUoRVHVDQo}HVFHUWRVWLSR 6NLQQHUPHVPRDWpTXHXPGLDSLQWD 6H
QmR SLQWDU p SRUTXH HOH QmR YDOH D SHQD D QmR VHU TXH VH TXHLUD FRQWLQXDU D
VHU ILHO D XP EHVWDOKmR LPSHQLWHQWH PXLWR DTXpP GD JHQWH HP YHUVDWLOLGDGH H
VHQVLELOLGDGH(QILPXPVHQVDERUmROLPLWDGRGHVWLWXtGRGH YHUGDGHLURDWUDWLYR
0DV LVVR p FRPSDUDWLYDPHQWH UDUR VRXEH GH PXLWR SRXFRV IUDFDVVRV QHVVD iUHD
4XDQGR HOH VHQWH TXH D PXOKHU p VLQFHUD HOH HPEDUFD ( D DGHVmR GH XPD ERD
DPLJD TXH HOH TXHLUD FRPHU RX FXMD RSLQLmR HOH UHVSHLWH p IiFLO GH REWHU H
jV YH]HV p D HVSROHWD (X PHVPD Ki VpFXORV Mi GL]LD FRLVDV FRPR QyV GXDV
WtQKDPRVPXLWDYRQWDGHGHWUHSDUFRPYRFrPDV DJRUD TXH YRFr VH UHYHORX HVVH
KRPHQ]LQKR SHUGHPRV D YRQWDGH JDQKHL PXLWRV DVVLP RX PDLV RX PHQRV DVVLP
4XHU GL]HU TXH QR IXQGR YRFr VH FRQVLGHUD VXSHULRU D )HUQDQGR SRUTXH HOH
SHJRX QR VHX SDX VHP H[LJLU UHFLSURFLGDGH H YRFr TXHU TXH D JHQWH DFKH
YRFr JRVWRVR SRU LVVR TXDQGR p UHYROWDQWHPHQWH R FRQWUiULR" ( HX GL]LD LVVR
FRP VLQFHULGDGH PHVPR QmR PDQWHQKR D WHVmR HP KRPHP TXH QmR ID] SHOR PHQRV
WXGRRTXHHXIDoRFKHJDGHFDUHWLFHD YLGDpFXUWD6yWHPp TXHFXPSULU6H
YRFr GL] XPD FRLVD GHVVDV H HOH DGHUH H YRFr QmR OKH Gi ORJR UHFRPSHQVDV H
UHIRUoRV JHQHURVRV p XPD VDFDQDJHP WHP GH DWHQWDU QLVVR QR FRPHoR WHP TXH
DMXGDURVSREUHVQRVSULPHLURVSDVVRVGHSRLVHOHVSHJDP HPEDODJHP3DUDPXLWRV
pGLItFLO pSUHFLVRGDUPXLWRDSRLR0DV TXDQGRHOHDGTXLUHFHUWH]DGHTXHDV
PXOKHUHVHPWRUQRHVWmRp DILPGHVDFDQDJHPHQmRGHILFDUMXOJDQGRTXHHOHp
LVVRRX DTXLORSRUTXHWUDQVDFRPKRPHPDQWHVPXLWRSHORFRQWUiULR HOH HPEDUFD
HpPXLWRPDLVIHOL]HDVPXOKHUHVPXLWRPDLVIHOL]HV
$V PXOKHUHV WUDQVPLWHP VLQFHULGDGH QHVVDV RFDVL}HV SRUTXH HVWmR GH IDWR VHQGR
VLQFHUDVHjVYH]HVDWpILFDPDQVLRVDVGHVFREUHP TXH SUHFLVDP GH XPD FRLVD GD
TXDO DQWHV QmR WLQKDP SOHQD FRQVFLrQFLD GHVFREUHP TXH IRL PHWLGR QD FDEHoD
GHODV SRU LQWHUHVVDGRV TXH SRU DOJXPD UD]mR H[SOLFiYHO WUDQVD HQWUH
GXDV PXOKHUHV p PDLV ERQLWLQKR 3RGH VHU SDUD PXLWRV PDV SDUD RXWURV WDQWRV
QmR p 3DUD RV QRUPDLV p WDQWR TXDQWR HPERUD GLIHUHQWHV DPEDV HVWpWLFD H
VH[XDOPHQWH FXUWtYHLV 3RU TXH p ERQLWR XPD PXOKHU WUDQVDQGR FRP RXWUD H QXQFD
XPKRPHPWUDQVDQGR FRPRXWUR"$OOLQ WKHH\HRIWKHEHKROGHUWXGRHVWiQRROKR
GH TXHPYrp FODUtVVLPRHIL]HUDPRVROKRVGHODHDtXPEHORGLD GiVHTXHHOD
GHVFREUH TXH DGRUDULD YHU R KRPHP GHOD SHQHWUDQGR RXWUR KRPHP SUHIHULYHOPHQWH
XPKRPHPTXHHODWDPEpPSXGHVVHWHU RXQmRRXYLFHYHUVDRXYLFH GRYLFHGD
YHUVD GR YHUVR GD YLFH FDGD XPD p XPD FRLVD YLYD D GLYHUVLGDGH ELROyJLFD H
FXOWXUDO
6HMDP VLQFHUDV SHQVHP QLVVR VHP ILOWURV EDEDFDV ROKHP XPDV IRWRV GH KRPHQV
PDFKRV VH HQUDEDQGR H VH FKXSDQGR FODUR TXH p XP EDUDWR D TXH YRFrV WrP
GLUHLWR SULQFLSDOPHQWH DTXHODV IRWRV HP TXH HVWi FRP SLQWD GH YHDGR FOiVVLFR
PDVVLPSOHVPHQWHXPKRPHP HQUDEDRRXWUR GHIUHQWHXPGHSHUQDVSDUD FLPDHR
RXWUR DR PHWHU IXQGR REULJDGR D URoDU D EDUULJD QR SDX GR TXH HVWi VHQGR
HQUDEDGR DPERV VH ROKDQGR RX GH ROKRV IHFKDGRV p OLQGR PHQWLUD GH TXHP GL]
TXHQmRpOLQGRVHQVR HVWpWLFRGLVWRUFLGRHDWURILDGRDVVLPFRPR RVYHDGRVGR
WLSRGH )DWKHU%LOOTXHVHLPXQL]DUDPFRQWUDDEHOH]DGHXPD[R[RWD3RU TXHKi
WDQWRPHUFDGRSDUDHVVDVIRWRVPXLWRPDLVGRTXHR PHUFDGRJD\UHFRQKHFLGR"3RU
TXH TXH Ki WDQWRV SURVWLWXWRV FDGD YH] PDLV" 3RUTXH DV SHVVRDV HVWmR SRGHQGR
WHU FDGD YH] DFHVVR PDLV IiFLO H GDt D SRXFR VH KRXYHU SURJUHVVR YmR SDUDU
FRP LQWHUPHGLiULRV H DJLU GLUHWDPHQWH QDGD GH DUULVFDU VHU DVVDOWDGR QD UXD
OHYDUXPDPLJRSDUDFDVDHVHFRPHUHPRVGRLVDPXOKHU SDUWLFLSDQGRRXQmRPDV
SURYDYHOPHQWHVLPHLVTXHQLQJXpPpGH IHUURHGHYHVHUDVVLPSRUTXH GLILFXOWD
D DomR GRV HQWXOKRV QHROtWLFRV 6H YRFr IRU ROKDU D PDLRULD GRV YHDGRV
VXSHULRUHV FRQWLQXD YHDGD PDV IH] RX ID] ILOKRV QmR WHP PHGR GH [R[RWD Vy
SUHIHUH RXWUD FRLVD SRGHQGR HVFROKHU 3HUIHLWR ~QLFD DWLWXGH VDGLD HQWUH
YHDGRV H VDSDWRQDV VXSHULRUHV (QWUH KRPHQV H PXOKHUHV VXSHULRUHV p D QRUPD
0XLWRVYHDGRVHVDSDWRQDVTXHHX FRQKHoRQmRWLYHUDPILOKRVSRUUHOD[DPHQWR QmR
SRURMHUL]D
)RUDP DGLDQGR DGLDQGR H Dt ILFRX WDUGH H WDPEpP QmR HUD XPD FRLVD LPSHULRVD
FRPR QmR p HQWUH PXLWRV GRV FKDPDGRV KpWHURV SXURV  HVSpFLH HVTXLVLWtVVLPD
TXDQWRPDLVHXSHQVRPDLVHX DFKRTXHQmRH[LVWHPVmRXQLFyUQLRV$JRUD UHVXPR
PLQKDWHVH H[SOLFLWDPHQWH&ODURTXHQmRHVWRXGL]HQGRQRYLGDGHQHQKXPD QDGDGR
TXHVHGL]pQRYLGDGHHVSHFLDOPHQWHLVWRPXLWDJHQWH MiGLVVHLVWRVRX DSHQDV
XPDYXOJDUL]DGRUDYHHPHQWH
+HWHURVVH[XDOLVPR H[FOXVLYR OLPLWDomR +RPRVVH[XDOLVPR H[FOXVLYR OLPLWDomR
%LVVH[XDOLVPR QRUPDO WDQWR DVVLP TXH QD LQIkQFLD GHVSHUWD HP WRGRV H WRGDV
VHP H[FHomR 3DQVH[XDOLVPR R IXWXUR VH DWp QmR DFDEDUPRV FRPR HVSpFLH SRU
IRUoD GH YtFLRV GH RULJHP TXH Vy IL]HPRV SLRUDU H MRJDUPRV IRUD D FKDQFH
GH XQLYHUVDOL]DU D IRUoD DJUHJDGRUD GR DPRU 1mR GXYLGR QDGD TXH XP ItVLFR
TXkQWLFRGHVVHVTXHILFDPPDOXFRVSRUTXHQmRVDEHP H[SOLFDUFRPRVWHUPRVGHOHV
DTXLORTXHQmRGiSDUDH[SOLFDUFRP RVWHUPRVGHOHVRXVHTXHUH[SOLFDUYHQKD D
DGLFLRQDU VH QmR Mi DGLFLRQRX R FRQFHLWR GH DPRU URPkQWLFR j ItVLFD
GDV SDUWtFXODVQmRDGLFLRQDUDPVDERUFRUQmRVHLRTXr"$ H[FOXVLYLGDGHRV
H[FOXVLYRV LQWHOLJHQWHV H VHQVtYHLV VDEHP GLVVR H RV TXH QmR VDHP GHVVD
VLWXDomR GHSULPHQWH p SRUTXH QmR HQFRQWUDUDP DMXGD  p QR PtQLPR PHGtRFUH H
HVSROLDWLYD $ PHVPD WpFQLFD GH GHVSHUWDU D FRQVFLrQFLD GHYH VHU DSOLFDGD QRV
FDVRV EHPPHQRVIiFHLVGHDFKDUHPTXHDPXOKHUUHVLVWH VHULDPHQWHj LGpLDGH
LU SDUD D FDPD FRP RXWUD PXOKHU QHVVH SRQWR DV PXOKHUHV VH EHQHILFLDUDP GR
PDFKLVPR TXH PLWLILFRX DV WUDQVDV HQWUH PXOKHUHV H OKHV FRQIHULX XP VWDWXV
HVWpWLFRIDMXWRPXLWR VXSHULRUDR GRKRPRVVH[XDOLVPRPDVFXOLQR7DQWRLVVRQmR
p QDWXUDO TXH GXUDQWH PXLWR WHPSR DFRQWHFLD R FRQWUiULR DFRQWHFLD QD *UpFLD
DFRQWHFLD HP 5RPD DQWLQDWXUDO XPD FRQYHUVD HP HPSXOKDomR FRQFLOLDU EUR[XUD
FDOYLQLVWDYHDGDJHPDQJOLFDQD HQUXVWLGDWXGRLVVRHRUHVWRTXHFRQKHFHPRV $V
PXOKHUHV PHVPR DV PDLV TXDGUDGLQKDV Ki PXLWR WHPSR VH OLYUDUDP GDV FXOSDV
SRU KDYHUHP WUDQVDGR FRP DPLJXLQKDV QD LQIkQFLD QHP OHPEUDP D VRFLHGDGH
IDOLIRUPH QmR Gi D PHQRU LPSRUWkQFLD D HVVDV FRLVDV QmR VmR QHP WUDQVJUHVV}HV
LQWHUHVVDQWHV
1DGD GLVVR QD YHUGDGH IRL DSHQDV RXWUD FRQIHUrQFLD HODV PH SHJDP
GHVSUHYHQLGD (X DSHQDV TXHULD PRVWUDU FRPR DUUXPHL HVVH HVTXHPD LQYHMiYHO FRP
3DXOR +HQULTXH H FRPR IL] GHOH XP KRPHP FRPSOHWR -i WLQKD FRQWULEXtGR SDUD
PXLWRV FDVRV GHVVHV FRQWLQXR D FRQWULEXLU DWp FRP D DMXGD GHOH PDV HOH IRL
WRWDO IRL UHDOPHQWH XPD HVFXOWXUD 1mR WLYH XP ILOKR PDV WLYH DOJR GH PDLV
PHXGXYLGRTXHDOJXpPSXGHVVHWHUIHLWRGHXPILOKRRTXH IL]GHOHQXQFD-i
HUD REUD SDUD HQFHUUDU PLQKD YLGD 0DV IHOL]PHQWH PLQKD YLGD QmR VH
FLVFXQVFUHYHXD LVVRIRLGHGLFDGD PHVPRDXPDPLVVmRHHXOHYHLHVVDPLVVmRD
FRQVHTrQFLDV SRVVtYHLVHLPSRVVtYHLVFRPXPDGHGLFDomRTXHQXQFDHVPRUHFHX
(X IL] R EHP D PXLWD JHQWH PXLWD JHQWH H FKHJXHL DR SRQWR GH GL]HU LVWR VHP
RUJXOKRDSHQDVFRPFRQWHQWDPHQWR(X MiIDOHL PXLWRHP'HXVDTXLILFDGLItFLO
GL]HU TXH DOJXpP DFUHGLWD WDQWR HP 'HXV H IDOD WDQWR HP VDFDQDJHP 0LQKD
UHVSRVWD p FRPR VH HX GLVVHVVH 'HVFXOSH DVVLP QmR Gi SDUD FRQYHUVDU (X
VHUHLHQWmR DYR]GH6DWDQiVVHPG~YLGD0DVQmRODPHQWR GL]HUOKHV ODPHQWR
PHVPRSRUTXHVHLTXHLVWRYDLID]HUPXLWRVVRIUHUHPPDLV GRTXHQRLQIHUQR PDV
HXVRXDYR]GH'HXV1mRVySRUTXHDYR] GDOX] H GD LQWHOLJrQFLD p D YR] GH
'HXV PDV SRUTXH VRX PHVPR D YR] GH 'HXV 1mR VRX SURIHWD PXLWR PHQRV R
0HVVLDV PDV VRX D YR] G(OH FRPR QD WHRIDQLD GR OLYUR GH -y  RQGH
HVWiYHLV TXDQGR (OH FULRX DV IrPHDV H RV PDFKRV H OKHV GHX FDGD FHQWHOKD GH
GHVHMR FHJR XP SHOR RXWUR H OKHV GHX FRPR PLVWXUDUVH OLYUHPHQWH XQV FRP RV
RXWURV"2QGHHVWiYHLVTXDQGR(OHFULRX WRGRVRVPLVWpULRVTXHOHYDPDR'HVHMR H
j WHVmR H WRUQDP VXEOLPHV RV DEUDoRV" 2QGH HVWiYHLV TXDQGR (OH FULRX DV
kQVLDV LPRUWDLVTXHDJRUDIRUFHMDLVSRUVDFULOHJDPHQWHDEDIDUHPDWDU"
2QGH HVWDLV GHSRLV TXH (OH YRV GHX R SRGHU GR SUD]HU LQRFHQWH H DJRUD FXVSLV
QHVVHSRGHUHSUHWHQGHLVTXHYRVVDVSDODYUDV YDOKDPPDLVTXHDVGHOH"
(X QmR VRX D YR] GH 6DWDQiV 6DWDQiV RGHLD D /X[~ULD QmR p LQYHQomR GHOH
DVVLP FRPR D %RQGDGH 7DQWR XPD TXDQWR D RXWUD 6DWDQiV XVD VROHUWHPHQWH SDUD
VHXV ILQV PDOpYRORV (X VRX D YR] GH 'HXV VRX XPD GDV YR]HV GH 'HXV H QmR
HVWRXPDOXFD 2XSRU RXWUDSRVVRHVWDUFRPRTXDOTXHU XPSRGH HVWDURTXHID]
FRP TXH D SDODYUD SHUFD R VHQWLGR 6HULD R FDVR GH SHUJXQWDU TXH UHOLJLmR
HVWUDQKDpHVWDTXHHX SURIHVVR(X PHVPDQmRVHL3URIHVVDUSURIHVVDUPHVPR
DFKR TXH QmR SURIHVVR QHQKXPD GHWHVWR UHOLJLmR RUJDQL]DGD TXDOTXHU TXH VHMD
HOD
$JRUD HVWmR RUJDQL]DQGR DWp FDQGRPEOp p XPD SUDJD D UHOLJLmR PDLV OLQGDPHQWH
GHVRUJDQL]DGDGRPXQGRHDJRUDHOHVTXHUHP FREULODGHUHJUDV-iOLR/LYURGRV
HVStULWRV DFKHL TXH LD DFKDU XP EHVWLDOyJLFR PDV QmR DFKHL QDGD GLVVR SHOR
FRQWUiULR JRVWHLPXLWRPDVWDPEpPQmRVRXSURSULDPHQWHHVStULWDH DFUHGLWR TXH
GHL[DULD XP ERP HVStULWD FKRFDGR VH GLVVHVVH D HOH TXH D SULQFLSDO UD]mR SRU
TXHTXHURUHHQFDUQDUpTXHQDRXWUD HQFDUQDomRHXSODQHMRFRPHUTXHPSRU EREHLUD
GHL[HL GH FRPHU QHVWD 7DPEpP SHQVR QLVVR TXDQGR YHMR DOL PHXV %XGDV 1mR
GHL[D GH VHU YHUGDGH HPERUD WDOYH] QmR VHMD D SULQFLSDO UD]mR 1mR Ki D
SULQFLSDO UD]mR QD UHDOLGDGH HX QmR TXHUR UHHQFDUQDU DFKR HVVD REULJDomR XP
VDFR 1mR HX QmR TXHULD UHHQFDUQDomR DFKR TXH QmR SRVVR FRPSUHHQGHU FRPR
FRQWLQXRFDWyOLFDGRMHLWRTXH IXLFULDGD(YRFrYHMDVHPSUHKRQUHL6HX 6DQWR
1RPH HPERUD QXQFD WHQKD DFHLWR R PDJLVWpULR GD ,JUHMD ( QXQFD
EODVIHPHL MDPDLV VDLX GH PLQKD ERFD XPD EODVIrPLD XPD TXHL[D FRQWUD (OH Vy
ORXYRU0LQKDGRHQoDPHVPRPLQKDGRHQoDDQWHVTXHHODPH DFDEHHQLQJXpPVDLED
RTXHIXLe XPDQHXULVPDQRPHLRGR FpUHEURLQRSHUiYHO6HPSUHHVWHYHDLVy
VRXEHID]DOJXPWHPSR
1R FRPHoR PH DVVXVWHL PDV QmR OHYHL GRLV GLDV DVVXVWDGD DFKHL TXH VHUi XPD
ERD PRUWH SURYDYHOPHQWH UiSLGD -i GHL[HL LQVWUXo}HV SDUD GRDUHP R TXH SXGHU
VHUGRDGRHWRFDUHPIRJRQR UHVWRHVRFDUHPDVFLQ]DVRQGHTXLVHUHP
0DV QmR HUD XPD ERD UD]mR SDUD HX PH PDOGL]HU H EODVIHPDU" 6HU DYLVDGD GH
TXH D TXDOTXHU GLD D TXDOTXHU KRUD GRUPLQGR RX DFRUGDGD PLQKD FDEHoD SRGH
H[SORGLUHPVDQJXH" &ODURTXHQmR PRUUHVHGHDOJXPMHLWRHFRQVLGHURRPHX
ERP 1mR VHULD WmR ERP VH HX VHJXLVVH DV SUHVFULo}HV PDV HX QmR GRX D PHQRU
LPSRUWkQFLD DTXDVHQHQKXPDGHODVDMRFRPRVHPSUHDJLPLQKDYLGDWRGD
%ODVIHPRQDGDDWpDJUDGHoR )DoRWXGRTXHPHGiQDFDEHoDQmR TXHURVDEHUGH
OLPLWDo}HV(XQmRSHTXHLFRQWUDDOX[~ULD4XHP SHFDpDTXHOHTXHQmRID]RTXH
IRL FULDGR SDUD ID]HU ( HX IL] R TXH (OH PH FULRX SDUD ID]HU 1mR TXHUR
HQWHQGHU QDGD 4XHUR DFUHGLWDU PDV QmR SRVVR WHU FHUWH]D QmR VH SRGH WHU
FHUWH]DGH QDGDTXH'HXVPHWHUiHP6XD*OyULDHVHLTXH(OHDJRUDHVWi ULQGR