LEOPOLDO MARECHAL

Megafón, o la guerra

PLANETA
Biblioteca Marechal
 














%,%/,27(&$0$5(&+$/

'LVHxRGHFXELHUWD0DULR%ODQFR
'LVHxRGHLQWHULRU$OHMDQGUR8OORD

7HUFHUDHGLFLyQDEULOGH
‹/HRSROGR0DUHFKDO
‹0DUtDGHORVÉQJHOHV0DUHFKDO
\0DUtD0DJGDOHQD0DUHFKDO

'HUHFKRVH[FOXVLYRVGHHGLFLyQHQFDVWHOODQR
UHVHUYDGRVSDUD$PpULFDODWLQD
‹(GLWRULDO3ODQHWD$UJHQWLQD6$,&
,QGHSHQGHQFLD%XHQRV$LUHV
*UXSR(GLWRULDO3ODQHWD

,6%1;

+HFKRHOGHSyVLWRTXHSUHYpODOH\
,PSUHVRHQOD$UJHQWLQD

1LQJXQDSDUWHGHHVWDSXEOLFDFLyQLQFOXLGRHOGLVHxRGHODFXELHUWDSXHGHVHUUHSURGXFLGD
DOPDFHQDGDRWUDQVPLWLGDHQPDQHUDDOJXQDQLSRUQLQJ~QPHGLR\DVHDHOpFWULFRTXtPLFR
PHFiQLFRySWLFRGHJUDEDFLyQRGHIRWRFRSLDVLQSHUPLVRSUHYLRGHOHGLWRU

2
 ,1752,72$0(*$)21

/DKLVWRULDGH0HJDIyQ\HOSODQWHRGHVXV'RV%DWDOODVGRUPtDQHQHODUFKLYRSRWHQFLDO
GH PLV EXHQDV LQWHQFLRQHV 0iV TXH GRUPLU HVWDEDQ FRPR HQ VXVSHQVR \D TXH ´OR
SUHIHULEOHµVLELHQDFRVD\XUJHDOQDUUDGRUFRQVXVLQVWDQFLDVKDGHPRUGHUHOIUHQRGHOD
2SRUWXQLGDG FX\DV UD]RQHV HVFXFKD HO QDUUDGRU VL HV GH ORV TXH YLVWHQ VLQ GHVGRUR HO
PDPHOXFR GH OD SUXGHQFLD 0L GXGD LQLFLDO HUD OD VLJXLHQWH ¢UHVXOWDUtD FXHUGR ODQ]DU D
0HJDIyQ DTXt \ DKRUD" 3RU IRUWXQD OD UHVRQDQFLD TXH REWXYR HQ  (O %DQTXHWH GH
6HYHUR$UFiQJHORPHGLRDHQWHQGHUTXHORVDUJHQWLQRV\DQRSUHGLFiEDPRVHQHOGHVLHUWR
\ PiV DXQ TXH QXHVWUR HULDO HVWDED FXEULpQGRVH GH URVDV \ HVWR OR GLJR HQ ORRU GH PLV
JUDFLRVRVFRQFLXGDGDQRV1RREVWDQWHPHTXHGDEDRWUDGXGDHUDYHUGDGTXHOD´JXHUUD
ItVLFDµGH0HJDIyQVHOLEUDEDHQHOSDtVGHVGHKDFtDPXFKRVDxRVSHURVXVFDXVDVLQWHUQDV
\ H[WHUQDV ODV TXH KDEtD GHYHODGR 0HJDIyQ D~Q VH GLVLPXODEDQ HQ OD LQFRQVFLHQFLD GH
YHLQWHPLOORQHVGHJXHUUHURVORFXDOKDFtDTXHODEDWDOODIXHVHLQFUXHQWD\QRSUHVHQWDVH
QLQJ~Q ULJRU EpOLFR TXH VH KLFLHVH YLVLEOH $KRUD ELHQ ¢HO SDVR GH OR LQFRQVFLHQWH D OR
FRQVFLHQWH QR PRVWUDUtD HO URVWUR YHUGDGHUR GH OD JXHUUD FRQ VX WHPLEOH LQFLWDFLyQ D OD
FUXHOGDG"(QVHPHMDQWHGXGDYDFLOpQRSRFRKDVWDTXHORVKHFKRVGHHQVHxDURQODV
FDUWDVHQVXMXHJRGHVQXGR0HGHFLGRDKRUD\DUURMRHVWHFDVFRWHDOHVSHMRGHODVDJXDV
¢FyPR GHWHQHU ODV RQGDV FRQFpQWULFDV HQ VX FHQWULIXJDFLyQ \ VX SHOLJURVLGDG" 9XHOYR D
VHQWLUHVD´IXULDGHOYHUERµTXHPHDVDOWyHQDOJXQDVIURQWHUDVGHPLDOPDODERUDQWH\TXH
VHWUDGXFHSRUDOJRDVtFRPRXQD´EURQFDGHPL~UJLFDµ<HO´PDPHOXFRµ\OD´SLHGUDµTXH
DFDERGHVROWDUDOSDUHFHUVLQUD]yQDOJXQD\DHVWiQMXVWLILFDQGRPLVWHPRUHV<RVLHPSUH
IXL XQ FOiVLFR GHO LQWHOHFWR \ XQ URPiQWLFR GH OD OHQJXD QR HV PXFKR TXH GH WDQ GLItFLO
PDULGDMHQD]FDGHSURQWRXQKLMRHQGHPRQLDGR
$QWHVGHDYDQ]DUHQHVWHQHFHVDULR,QWURLWRGHERDGYHUWLUTXHODJHVWDGH0HJDIyQQRHV
XQWUDEDMRGHIDQWDVtDHQSURVD1RKDFHPXFKRUHVSRQGLHQGRDODHQFXHVWDGHXQMRYHQ
HVFULWRU VREUH ORV OtPLWHV GH OR UHDO FRQ OR IDQWiVWLFR PH YL HQ OD REOLJDFLyQ GH DFODUDUOH
TXHORIDQWiVWLFRQRH[LVWH\DTXHODUHDOLGDGHVXQD\~QLFD´/RTXHVXFHGH³FRQFOXt\R³
HV TXH OD UHDOLGDG VH PDQLILHVWD HQ SODQRV \ JUDGDFLRQHV GLIHUHQWHV TXH YDQ GHVGH OD

UHDOLGDG UHODWLYD
 GHO XQLYHUVR PDQLIHVWDGR KDVWD OD
UHDOLGDG DEVROXWD
 GH VX DGPLUDEOH
0DQLIHVWDGRUGHWDOVXHUWHODPDULSRVDTXHFLHUWDQRFKHVRxy&KXDQJ7VpILOyVRIRHVWDQ
UHDO FRPR &KXDQJ 7Vp PLVPRµ ,JQRUR VL DTXHO MRYHQ OR HQWHQGLy \ VL SXGR DGYHUWLU TXH
VREUHQXHVWURGLiORJRVHSUR\HFWDEDODYLHMDVRPEUDGH6HJLVPXQGR
<KDUpDXQRWUDUHVHUYD0HJDIyQQRKDGHUHVSRQGHUDHVDPLWRORJtDGH%XHQRV$LUHVHQ
ODTXHQXHVWUDOLWHUDWXUDORFDOLQVLVWHFDVLHQWpUPLQRVGHYRWRV\TXHVHUHVXHOYHDOILQHQ
XQ SDUQDVR GH WDLWDV PLORQJDV \ FDQWRUHV GH FX\D H[LVWHQFLD \R PLVPR KH GDGR IH SHUR
TXHQRHV~WLOVHJXLUHYRFDQGRHQHOWUDQFHGHXQDQRVWDOJLDLUUHGLPLEOH6LHVYHUGDGTXH
ODVDFHOHUDFLRQHVGHOVLJORSDUHFHQFRQWUDHUDKRUDHOWLHPSRKLVWyULFRGHOKRPEUHQRKD\
UD]yQ DOJXQD SDUD LQVWDODU D %XHQRV $LUHV HQ ORV PXVHRV SROYRULHQWRV GH OD DUTXHRORJtD
6HJ~QRSLQDED0HJDIyQ´QXHVWUDFLXGDGKDGHVHUXQDQRYLDGHOIXWXURVLJXDUGDILGHOLGDG
D VX PLVLyQ MXVWLILFDQWH GH XQLYHUVDOL]DU ODV HVHQFLDV ItVLFDV \ PHWDItVLFDV GH QXHVWUR
KHUPRVR\WUDMLQDGRSDtVµ(VWDIUDVHGHO2VFXURIXHKDOODGDHQODFLQWDPDJQHWRIyQLFDTXH
UHJLVWUyHOGHEDWHVRVWHQLGRSRUpOHQHOFOXE´3URYLQFLDV8QLGDVµLQVWDODGRHQ)ORUHVGHO
FXDOVDOLHURQDOJXQRVFRQODVDOPDVFRQWXVDV\ORVRMRVDODYLQDJUHWD

&RQRFtD0HJDIyQHQ\HQOD%LEOLRWHFD3RSXODU$OEHUGLTXH\RGLULJtKDVWD\
TXH IXQFLRQDED HQ OD FDOOH &DPDUJR GH 9LOOD &UHVSR 0HJDIyQ QXQFD VXSH VX QRPEUH
YHUGDGHUR HUD XQ DGROHVFHQWH GH FDWRUFH DxRV HVSLQRVR \ JUHxXGR TXH VHJ~Q DYHULJp
WUDEDMDED FRPR DSUHQGL] HQ XQ DVHUUDGHUR GH OD FDOOH &DQQLQJ 3RU ODV QRFKHV \ FRQ XQD

3
UHJXODULGDG TXH KDEUtD HQFDUHFLGR 6DUPLHQWR HO DSUHQGL] GH DVHUUDGRU VH LQVWDODED HQ OD
ELEOLRWHFDKXQGtDHQHOFDWiORJRPXJULHQWRVXURVWURFRUWDQWH\YRUD]GHDYHQRFWXUQDPH
VHxDODED OXHJR FRQ OD HQOXWDGD XxD GH VX tQGLFH XQ WtWXOR ERUURVR \R KDFtD GHVFHQGHU
KDVWDVXVPDQRVHOYROXPHQHOHJLGR\VHOROOHYDEDpODVXPHVDGHULQFyQGHVFRQILDGR\
DQJXUULHQWR FRPR XQ DQLPDO TXH VH UHWLUD FRQ VX SUHVD 5HFXHUGR TXHDOJXQDV QRFKHV DO
REVHUYDU GH UHRMR OD PDVWLFDFLyQ LQWHOHFWXDO GH DTXHO DGROHVFHQWH PH SDUHFtD RtU HQ VX
PHVDXQFUXMLUGHKXHVRVOLWHUDULRV\XQFKXSDUGHFDUDF~HVILORVyILFRV3RUTXHDTXHOQLxR
OHFWRUDUUHDEDFRQWRGRFLHQFLDVDUWHV\OHWUDVHQXQGHVRUGHQTXHIDYRUHFtDQRSRFRHO
PLVPR WHQRU GH OD %LEOLRWHFD 3RSXODU $OEHUGL FX\R DFHUER ELEOLRJUiILFR HQULTXHFLGR SRU
IUHFXHQWHV \ DUELWUDULDV GRQDFLRQHV WRGR OR SURSRQtD FDPEDODFKH UHYXHOWR GHVGH OD
3RpWLFD GH $ULVWyWHOHV KDVWD XQ WUDWDGR DQyQLPR GH ORJtVWLFD PLOLWDU &LHUWD YH] OOHYDGR
SRU PLV LQTXLHWXGHV SHGDJyJLFDV WUDWp GH FDQDOL]DU ODV OHFWXUDV GH 0HJDIyQ TXH VH
GHVOL]DEDQFRPRXQUtRVLQPiUJHQHV3HURPLVLQWHQWRVUHVXOWDURQLQ~WLOHV0HJDIyQXVDED
XQ PpWRGR EiUEDUR TXH FRQVLVWtD HQ EXVFDU VyOR DTXHOODV QRFLRQHV TXH VLUYLHVHQ D VX
SUREOHPiWLFDLQWHUQD<DTXHOPpWRGRDSOLFDGRPiVWDUGHDODVLQVWDQFLDVGHXQDYLGDHQ
ODEHULQWR\SHOHDORFRQYLUWLyDOILQHQHO$XWRGLGDFWRGH9LOOD&UHVSRXQRGHORVQRPEUHV
FRQTXHVHORUHFXHUGD\TXHOHLPSXVH\RPLVPRHQVXKRUD

6HLV DxRV GHVSXpV YROYt D HQFRQWUDUPH FRQ 0HJDIyQ HQ HO %R[LQJ &OXE GH 9LOOD &UHVSR
GRQGH DTXHOOD QRFKH VH HQIUHQWDUtD QXHVWUR ´JDOORµ ORFDO +HUPLQLR 'LWDUDQWR FRQ VX
FKDOOHQJHU HO WXUFR $EGDOOD WDPELpQ OODPDGR ´HO WRULWR GH OD 3DWHUQDOµ DFHUFD GH FX\R
IDPRVR SXQFK VRVWHQtDQ VXV ERFKLQFKHURV DGPLUDGRUHV TXH ´QR OR SDUDED QDGLHµ KDVWD
1XHYD<RUNR&KLFDJR0LDVRPEURIXHJUDQGHFXDQGRUHFRQRFtDODSUHQGL]GHDVHUUDGRUHQ
HODUELWURGHODSHOHDHOFXDOGHVGHHOFHQWURGHOULQJDQXQFLDED\DFRQXQPHJiIRQRGH
LQVyOLWD HQYHUJDGXUD HO SHVR GH ORV ER[HDGRUHV \ ODV RFKR YXHOWDV GHO FRPEDWH
-XVWDPHQWHGHDTXHOPHJiIRQRGHVFRPXQDOSURYHQtDHOQRPEUHGH0HJDIyQTXHODVEDUUDV
ORFDOHV KDEtDQ FRQIHULGR DO DUELWUR GHO %R[LQJ &OXE 8QD GpFDGD PiV WDUGH FXDQGR OH
SUHJXQWp D 0HJDIyQ TXp UD]RQHV OR KDEtDQ OOHYDGR D FRQVHUYDU HVH DSHODWLYR PH UHYHOy
TXHORKDEtDKHFKRHQDWHQFLyQDVXVRVPDJQDVRQDWXUXPXQDGHODVWUHVFRQGLFLRQHVTXH
HOSRHWD+RUDFLRH[LJHDODUWHHQVX(StVWRODIDPRVD7DOYH]DOJ~QGRFWRUHQSRUWHxLVPR
GH ORV TXH VH XVDQ DKRUD PH FHQVXUH HVWD FRPELQDFLyQ GH PDOHYDMH \ OLWHUDWXUD 6L WDO
VXFHGLHUDOHUHVSRQGHUpTXHQRVDEHQLVDEUiORTXHVHGHVWLODEDHQWRQFHVHQORVEDUULRV
KHUPpWLFRV\DFWLYRVFRPRDODPELTXHV
9ROYLHQGRDOFRPEDWHGHDTXHOODQRFKHVyORGLUpTXHQXHVWUR´JDOORµOHSURSLQyDOWXUFR
XQDPDVLMRTXHGHVEDUDWySDUD VLHPSUHODVDPELFLRQHVHFXPpQLFDVGHVXVKLQFKDV/XHJR
GHODSHOHDEXVTXpD0HJDIyQHQHOEDUGHOFOXE\ORKDOOpMXQWRDXQ'LWDUDQWRYLFWRULRVR
TXH FRQ XQD KHULGD HQ HO DUFR VXSHUFLOLDU GHUHFKR PRVWUDED HO DLUH FDVXDO GH ORV TXH
JDORSDQVXGHVWLQRVLQKDFHUHVFRPEUR$EUDFpDOS~JLOHQXQDPH]FODGHRUJXOORSDUURTXLDO
\GHWHUQXUDHUDHOPLVPR'LWDUDQWRTXHGXUDQWHORVFDUQDYDOHVGH9LOOD&UHVSR\HQWUDMH
GH ]tQJDUR FRQGXFtD XQ RVR DUWLILFLDO PtPLFR GH IUHVFDV REVFHQLGDGHV HUD HO 'LWDUDQWR
TXH OXHJR YHVWLGR GH FRFROLFKH \ MLQHWH GH XQ PDWXQJR FRUUDORQHUR UHFLWDED IUHQWH DO
SDOFRRILFLDOGHOFRUVR\HQMHUJDLWDORFULROODORVUHIUDQHVGHO9LHMR9L]FDFKDGLULJLGRVDORV
IHRV \ DWyQLWRV FRPHUFLDQWHV GHO EDUULR TXH LQWHJUDEDQ OD &RPLVLyQ 'LUHFWLYD &XDQGR HO
S~JLOPHGHMyDVRODVFRQ0HJDIyQOHSUHJXQWpDpVWHVLKDEtDUHQXQFLDGRDVXVOHFWXUDVGH
OD %LEOLRWHFD 3RSXODU $TXHO 0HJDIyQ GH YHLQWH DxRV QDGD PH UHVSRQGLy HVFRQGLGR HQ HO
UHFHORGHVXVRMRVJULVHVTXHVHHQWUHFHUUDEDQFRPRORVGHXQJDWRHQDFHFKR<FRQWRGR
YROYt D HQFRQWUDU HQ pO DTXHOOD WHQVLyQ GHO LQWHOHFWR UDPSDQWH FXDQGR SODQHD VREUH XQD
FDUQDGDYLYD0HDQXQFLyDOILQTXHQHFHVLWDEDGHMDUHODVHUUDGHUR\VDOLUGHYLDMH£9LDMDU
¢&yPR \ DGRQGH" 0HJDIyQ QR PH OR GLMR SHUR HQ HO EDU GHO FOXE \ HQWUH UXLGRVDV

4
PXFKDFKDGDV DGYHUWt TXH WRGR pO \D HUD XQD JUDQ DXVHQFLD \ XQD WHPLEOH OHMDQtD 0iV
WDUGH DO UHFRUGDU HO %R[LQJ &OXE GH 9LOOD &UHVSR HQ XQD VtQWHVLV LQWHJUDO GH OD SUHVHQWH
KLVWRULDGHGXMHTXH0HJDIyQKDEtDFRQRFLGRDOOtD-RVp/XQDHOZHOWHUIDPRVR\SRUVX
ERFD OD OH\HQGD GH /XFtD )HEUHUR HQ WRUQR GH OD FXDO HO $XWRGLGDFWR SODQHy VX %DWDOOD
&HOHVWH

0L WHUFHU HQFXHQWUR FRQ 0HJDIyQ WXYR VX HVFHQDULR HQ OD HVFXHOD GH 7UHOOHV \ )UDQNOLQ
GRQGH \R WUDEDMDED \ HQ OD TXH PH KL]R XQD YLVLWD VRUSUHQGHQWH $FDEDGR PL WXUQR OR
OOHYpDODSOD]D,UODQGDFX\RViODPRV\WHUHELQWRVPHSDUHFLHURQIDYRUDEOHVDODHQWUHYLVWD
0HJDIyQDORVWUHFHDxRVGHVXDXVHQFLD\ORVWUHLQWD\WUHVGHVXHGDGPRVWUDEDXQItVLFR
UHFLRTXHQROHFRQRFtDQWHV\TXHVHWUDGXFtDHQFLHUWDPXVFXODWXUDGHUHOLHYHVDFHUDGRV\
HQ XQD WH] EURQFHDGD FRPR SRU VROHV GLUHFWRV 0H UHILULy VXV YLDMHV \ VXV RILFLRV KDEtD
WUDEDMDGR HQ ODV ]DIUDV GH 7XFXPiQ HQ ORV DOJRGRQDOHV GHO &KDFR HQ ODV YHQGLPLDV GH
&X\RHQORV\DFLPLHQWRVSHWUROtIHURVGH&RPRGRUR5LYDGDYLDHQODVFRVHFKDVGH6DQWD)H
\ HQ ODV JDQDGHUtDV GH %XHQRV $LUHV /H SUHJXQWp TXp EXVFDED pO HQ HVD ODERULRVD
SHUHJULQDFLyQ\DGXMRTXHKDEtDVLQWHWL]DGRHQVtPLVPRXQDFRQFLHQFLDYLYDGHOSDtV\VXV
KRPEUHV
³¢4XpKDFRQVHJXLGRXVWHG"³YROYtDSUHJXQWDUOH
³6yORXQDOHJUyQGHODHVSHUDQ]D³PHGLMRpOHVFXHWDPHQWH
<  HQ HIHFWR XQD VHJXULGDG DOHJUH SUHVLGtD \D ORV JHVWRV GH 0HJDIyQ 6LQ HPEDUJR
DGYHUWt TXH QR HUD HO EXHQ KXPRU GH OD pJORJD R GH OD SDVWRUDO VLQR OD SUXGHQWH DOHJUtD
TXH EURWD GHO KRPEUH DQWH OD LQPLQHQFLD GH XQ FRPEDWH LQHOXGLEOH /R TXH QR PH GLMR
HQWRQFHV HUD TXH WDPELpQ KDEtD IUHFXHQWDGR XQD ´VDODPDQFDµ GH 6DQWLDJR GHO (VWHUR D
XQD OHJXD GH $WDPLVTXL 0iV WDUGH FXDQGR OR LQWHUURJXp DFHUFD GH VX LQWHUYHQFLyQ HQ
DTXHOORV ULWRV GLDEyOLFRV HO $XWRGLGDFWR VLQ PDOHVWDU DOJXQR PH DFODUy TXH OD GH
$WDPLVTXLKDEtDVLGRXQDH[SHULHQFLDQHFHVDULD<PHUHFRUGyHVWRVYHUVRVGHPLFRVHFKD
´6R\GHORVTXHVHDJDUUDQDVX,QILHUQRPiVSRUHFRQRPtDTXHSRUREVWLQDFLyQ7RGR
LQILHUQR HV XQD KD] GH OR SRVLEOH \ HO TXH QR PXHUGH DKRUD ODV YDLQDV GHO IXURU  ODV
PRUGHUiRWURGtDFRQORVGLHQWHVPiVIORMRVµ$TXHOODWDUGHDODVRPEUDGHORVWHUHELQWRV
0HJDIyQVHGHVSLGLyGHPtQRVLQDQXQFLDUPHTXHORHVSHUDEDXQFDUJXHURGHQXHVWUDIORWD
GH XOWUDPDU \ VRUSUHQGt HQ VXV RMRV DOJR DVt FRPR XQD HXIRULD GH DQFODV OHYDQWDGDV $O
SUHJXQWDUOH \R HO PRWLYR GH DTXHO RWUR YLDMH PH UHVSRQGLy TXH QHFHVLWDED XQLYHUVDOL]DU
DKRUDORTXH\DVDEtDGHVXWLHUUD\VXSXHEOR6RQUHtHQPLDOPDHODSUHQGL]GHDVHUUDGRU
VHJXtD SUDFWLFDQGR HO PpWRGR VDOYDMH TXH JXLy VXV OHFWXUDV HQ OD %LEOLRWHFD 3RSXODU
$OEHUGL6tSHUR¢FRQTXpPyYLO"0HYLREOLJDGRDUHFRQRFHUTXHVXSURSyVLWRHUDWRGDYtD
LQHVFUXWDEOH

<  DVt OOHJDPRV DO PHV GH MXOLR GH  HQ TXH 0HJDIyQ GHO FXDO KDEtD SHUGLGR WRGR
UDVWURPHLQYLWyDVXFDVDGH)ORUHVHQXQDWDUMHWDFX\RHVWLORDIHFWXRVR\DODYH]XUJHQWH
PHOOHQyGHSHUSOHMLGDG´/RYLVLWDUpVLQGXGDµ3HUR¢HQTXpVLWXDFLyQHQFRQWUDUtD\RDO
$XWRGLGDFWRGH9LOOD&UHVSRWUDVODGpFDGD\PHGLDTXHORDOHMDUDGH PLyUELWD"¢<DTXp
UHVSRQGHUtDHOWRQRXUJHQWHTXHFDPSHDEDHQVXLQYLWDFLyQ"
1XHVWUR SULPHU FRQWDFWR HQ XQ PHPRUDEOH DQRFKHFHU GH )ORUHV WXYR HPSHUR XQD
VROWXUD GH FRWLGLDQLGDG TXH PH DOHJUy QR SRFR HV TXH 0HJDIyQ HUD GH DTXHOORV KRPEUHV
FX\D´SUHVHQFLDHQDFWRµQRERUUDQQLHOWLHPSRQLODGLVWDQFLDFRPRVLGHDOJXQDPDQHUD
GHUURWDVHQHOORVODFRQGLFLyQVHSDUDWLYDGHVXFRUSRUHLGDG
/RSULPHURTXHKL]RWUDVDEUD]DUPHODUJDPHQWHIXHFRQGXFLUPHKDVWD3DWULFLD%HOOHQ
FX\DJUDFLDHVWDEOHOHtTXH0HJDIyQVHKDEtDFDVDGR\FRQWDQWDYLVLyQFRPRIRUWXQDSHVH
DXQDGLIHUHQFLDHQODVHGDGHVTXHFDOFXOp\RHQYHLQWHDxRVDIDYRUGH3DWULFLD/XHJRHO

5
$XWRGLGDFWRPHSUHVHQWyVXFDVDHUDXQYLHMRFKDOHWFX\DSRVHVLyQKDEtDREWHQLGRSRUXQD
ELFRFD \D TXH GXUDQWH PXFKR WLHPSR VX KDELWDELOLGDG VH KDEtD GDGR FRPR LPSRVLEOH
PHUFHGDORVHPEUXMRVRPDOHILFLRVTXHVHJ~QHOYHFLQGDULRKDFtDQFUXMLUVXVWHFKRVOORUDU
VXV SDUHGHV \ KHULU HO VLOHQFLR GH VX PHGLDQRFKHV FRQ XQ DUUDVWUH GH FDGHQDV 0HJDIyQ \
3DWULFLD OR OLEUDURQ GH VXV SROYRV WHODUDxDV \ HPEUXMDPLHQWRV < FRPR \R OHV SUHJXQWDVH
GHTXpPDQHUDORKDEtDQFRQVHJXLGRHO$XWRGLGDFWRPHFRQWHVWyHQLJPiWLFDPHQWHTXHQR
HV LQ~WLO IUHFXHQWDU XQD ´VDODPDQFDµ GH 6DQWLDJR GHO (VWHUR D XQD OHJXD GH $WDPLVTXL
'HVSXpV PH UHILULy VXV YLDMHV \ DYHQWXUDV DO RtUODV DGYHUWt TXH WHQtD GHODQWH D RWUR
0HJDIyQ OLEUH \D GH DPDUUDV \ VXHOWR GH ODVWUHV D XQ 0HJDIyQ FX\R KXPRULVPR
WUHPHQGLVWD FUHSLWDED GH V~ELWR FRPR XQ SXxDGR GH VDO JUXHVD TXH DUURMDED pO
LQRSLQDGDPHQWH D VXV IRJRQHV LQWHUQRV 0LHQWUDV FRQYHUViEDPRV 3DWULFLD %HOO JLUDED HQ
WRUQR GH VX PDULGR OHQWD \ DUPyQLFD ´8Q SODQHWD GH RUR TXH EHEH \ FRPH OD OX]
UHFLELGDµPHGLMH´¢2DOJRPiV"µLQTXLUtHQPLDOPD6tWRGDHOODVHUHVROYtDHQXQDJUDQ
WHUQXUDPLOLWDQWH

/DQRFKHKDEtDGHVFHQGLGRDODFDVDGH0HJDIyQDOEDUULRDODFLXGDG\DOPXQGR6REUH
OD JUDQ PHVD GHO FRPHGRU 3DWULFLD %HOO LQVWDODED FRSDV \ IXHQWHV FRQ DFHLWXQDV PDQtHV
FKROJDV TXHVRV QXHFHV DOPHMDV \ VDODPLQHV FRUWDGRV HQ URGDMDV /XHJR VH IXH \ YROYLy
FRQ FLHUWR ERWHOOyQ GH YLQR TXH VX FRQVRUWH UHFLELy HQ HO WUDQFH GH XQD EHDWLWXG D PL
HQWHQGHUH[FHVLYD
³(OYLQRHVGH6DOWD³PHUHYHOypOOOHQDQGRODVFRSDV
<WHQLHQGRVXPDQRVREUHODVIXHQWHVFRPRSDUDEHQGHFLUODVHQXPHUyDVt
³$FHLWXQDVGH&X\RQXHFHVGH/D5LRMDVDODPLQHVGH7DQGLOTXHVRVGH&KXEXWPDQtHV
GH&RUULHQWHVDOPHMDVGH0DUGHO3ODWDFKROJDVGH7LHUUDGHO)XHJR
³¢8Q PDSD JDVWURQyPLFR GH OD 5HS~EOLFD" ³OH GLMH \R HQWUH KXPRUtVWLFR \
GHVFRQFHUWDGR
³(VRHV³UHSXVR0HJDIyQ³&RQR]FRHVWDVIUXWDV\FRQR]FRHODGHPiQ\ODFDUDGHORV
KRPEUHV TXH ODV FRVHFKDURQ 1HFHVLWR DJDUUDUPH D HVWDV IUXWDV \ DTXHOORV KRPEUHV SDUD
VDEHUTXHWRGDYtDHVWDPRVHQXQSDtVUHDO
(OWRQRFRQTXH GHMyFDHUHVDVSDODEUDVQRUHYHVWtDGUDPDWLVPRDOJXQR<VLQHPEDUJR
PHSDUHFLyDGYHUWLUHQHOODVXQQRVpTXpGHSHUHQWRULRTXHDUPRQL]DEDFRQVXWDUMHWDGH
LQYLWDFLyQ¢4XpVHWUDtDHQWUHPDQRVHO2VFXURGH)ORUHV"'XUDQWHXQPLQXWR´SLFDPRVµHQ
VLOHQFLRODVIUXWDVGHWLHUUD\PDU\DSXUDPRVHOYLQRGHOERWHOOyQHQHOFXDOUHFRQRFtQR
VLQ GHOLFLD ODV FHSDV LOXVWUHV GH &DID\DWH /XHJR HQWUH XQD FKROJD ILQDO \ XQD URGDMD GH
VDODPtQWDQGLOHURSXGHREVHUYDUD3DWULFLDTXHQRVDOHQWDEDFRQVXVRMRV3HUR¢TXHPiV
KDEtD HQ VXV RMRV GH FRORU YHUGHODJRSURIXQGR" +DEtD FLHUWD OX] GH DQVLHGDG FRPR VL HOOD
HVSHUDVH GH QXHVWUR FRORTXLR DOJR TXH \R LJQRUDED WRGDYtD )LQDOPHQWH \ WUDV DJRWDU VX
FRSD HO $XWRGLGDFWR PH URJy TXH OH KLFLHVH XQ UHVXPHQ GH PL YLGD HQ ORV GRFH PHVHV
~OWLPRV£$KQR8QPRYLPLHQWRGHSURWHVWDVHGHVDWyHQPLiQLPR¢HUDOyJLFRKDFHUPH
OOHJDU XQD LQYLWDFLyQ LQTXLHWDQWH \ SURPRYHU DQWH PLV RMRV WRGD XQD RQWRORJtD GH IUXWDV
SDUD FRQFOXLU OXHJR FRQ XQ LQVXOVR UHFODPR GH OD XUEDQLGDG" 0LUp D 3DWULFLD %HOO HVWDED
WHQVDFRPRODYHVWDOGHXQULWRTXHDJXDUGDVHXQDLOXPLQDFLyQ

³'HVGH ILQHV GH  ³OHV GLMH³ FRQ XQ SXHEOR HQ GHUURWD \ VX OtGHU DXVHQWH VR\ XQ
GHVWHUUDGRFRUSRUDOHLQWHOHFWXDO
<DxDGt
³(QQXHVWUDIDXQDVXPHUJLGDH[LVWHQKR\HO*REHUQDQWH'HSXHVWRHO0LOLWDU'HSXHVWR
HO &XUD 'HSXHVWR HO -XH] 'HSXHVWR HO 3URIHVRU 'HSXHVWR \ HO &LUXMDQR 'HSXHVWR 1R
TXHGyDTXtQLQJ~QKLMRGHPDGUHVLQGHSRQHU

6
 ³¢< XVWHG TXp OXJDU RFXSD HQ HVD IDXQD" ³PH SUHJXQWy 0HJDIyQ FKLVSRUURWHDQWH GH
PDOLFLD
³6R\HO3RHWD'HSXHVWR³OHFRQIHVpPRGHVWDPHQWH
³¢+DSDVDGRXVWHGDPHMRUYLGD"³ULypO
³9HD³OHUHVSRQGt³ODV´GHSRVLFLRQHVµGHXQDFRQWUDUUHYROXFLyQLGLRWDQRVXHOHQLUPiV
DOOi GHO VLJQLILFDGR PpGLFRILVLROyJLFR TXH WDPELpQ OOHYD OD SDODEUD < VXV PXHUWRV FLYLOHV
JR]DPRVGHXQDVDOXGH[FHOHQWH
³&RQDOJXQDVH[FHSFLRQHV³PHFRUULJLyHO$XWRGLGDFWRV~ELWDPHQWHGRORULGR
³¢/RVDPHWUDOODGRVGH-RVp/HyQ6XiUH]"
³<HOIXVLODPLHQWRGHO*HQHUDO
(QWHQGt TXH OD VRPEUD GH -XDQ -RVp 9DOOH DFDEDED GH QXEODU OD IUHQWH GH 0HJDIyQ \
KXPHGHFHUORVRMRVYHUGHODJRGH3DWULFLD
³6t DKt HVWXYR HO *HQHUDO WUHLQWD \ VHLV KRUDV DQWHV GH VX IXVLODPLHQWR ³PH GLMR
0HJDIyQ³ $Kt VHQWDGR HQ OD VLOOD TXH XVWHG RFXSD (UD XQD PHGLDQRFKH GH MXQLR \ HO
*HQHUDOVHGHPRUDEDIUHQWHDVXSRFLOORGHFDIpQHJURFRPRUHVLVWLpQGRVHDODRVFXULGDG\
DOIUtRTXHORHVSHUDEDQDIXHUD
³2 DO SUHVHQWLPLHQWR GH VX PXHUWH ³DxDGLy 3DWULFLD %HOO HQ XQ FRQDWR GH VROOR]R³
'HVGH KDFtD XQ PHV XVDED URSDV DMHQDV \ WHFKRV SUHVWDGRV )UHQWH DO SHORWyQ GH
IXVLODPLHQWRGHYROYLyHODQLOORGHVXERGDWHUUHVWUH
/DSDUHMDHQWUyDTXtHQXQVLOHQFLRTXHUHVSHWp\HQHOFXDOVHUHFRQVWUXtDQVLQGXGDORV
~OWLPRVJHVWRVGHOKpURHIXVLODGR
³8VWHGDOXGLyUHFLpQDODVYtFWLPDVGH-RVp/HyQ6XiUH]³PHGLMROXHJR0HJDIyQ³+DFH
WUHVGtDVUHFRUUtHVHEDVXUDODPRQWRQDGRHQODOODQXUDGH%XHQRV$LUHV\OHDVHJXURTXHOD
SDPSDOORUDED
³¢/ORUDED"³LQTXLUt\RHQWRQRFLUFXQVSHFWR
³/ORUDED ³LQVLVWLy pO³ \ QR OD LQPXQGLFLD GHO EDVXUDO VLQR HO GHVKRQRU TXH OH KDEtDQ
LQIHULGR ORV DPHWUDOODGRV LQRFHQWHV \ VXV DPHWUDOODGRUHV DQyQLPRV (Q FXDQWR D OD
HMHFXFLyQGHPL*HQHUDOQRPHVXEOHYDWDQWRHQVtPLVPDHVXQJDMHSRVLEOHGHODDFFLyQ
\HOTXHDGPLWHXQDDFFLyQGHEHDGPLWLUVXVFRQVHFXHQFLDV/RTXHPHUHSXJQDHVTXHVH
KD\DKHFKRHQOD3HQLWHQFLDUtD1DFLRQDO\EDMRHOWHFKRGHOFULPHQ6LKD\TXHIXVLODUDXQ
VROGDGR£TXHVHDHQXQDFDVDGHVROGDGRV£/RH[LJHQHOHVWLOR\HOKRQRU
1R DYHQWXUp QLQJ~Q FRPHQWDULR VREUH DTXHO IUDJPHQWR GH KLVWRULD UHFLHQWH SXHV QR
YLVOXPEUDED\RDGRQGHLED0HJDIyQFRQDTXHOSUHOXGLRGHPDVDFUHV2EVHUYpQXHYDPHQWH
D3DWULFLDODVDOHWDVGHVXQDUL]SDOSLWDEDQDKRUDFRPRVLYHQWHDVHQHORORUDEVWUDFWRGHOD
PXHUWH£8QD9HVWDO6tSHUR¢GHTXpOLWXUJLD"
³(OKRQRU\HOHVWLORTXHGDEDQIXVLODGRVHQPLJHQHUDO³UH]RQJyHO2VFXURGH)ORUHV³
¢<TXpWXYLPRVHQDGHODQWH"3DWULFLD¢TXpWHQHPRVDKRUD"
³/D9tERUD\VXVGRVSHODGXUDV³FRQWHVWy3DWULFLD%HOOVRUSUHVLYDPHQWHLQYRFDGD
³¢4XpYtERUD"³LQTXLUt\R³¢<TXpGRVSHODGXUDV"
/RV RMRV ODFXVWUHV GH 3DWULFLD VH YROYLHURQ D 0HJDIyQ FRPR SDUD VROLFLWDUOH R OLFHQFLDR
DPSDUR
³/D PXHUWH GHO HVWLOR ³PH DFODUy pO³ IXH SDUD Pt XQD 3ULPHUD ,QFLWDFLyQ D OD *XHUUD
¢2\yKDEODUGHOHFWRSODVPDHQTXHYXHOYHQDPDWHULDOL]DUVHDOJXQDVIRUPDV\DSHULPLGDV"
/D FRQWUDUUHYROXFLyQ GH  WXYR VX HFWRSODVPD \ HQ pO VH PDWHULDOL]DURQ SRU PRGR
IDQWDVPDO KRPEUHV \ FRVDV TXH KDEtDQ PXHUWR HQ HO SDtV ILJXURQHV GH FDUWyQ R GH ODWD
SROtWLFRV\DGHVLQWHJUDGRVHQVXVWXPEDVDVDOWDQWHV\DKLVWyULFRVGHOSRGHU\HOGLQHUR
³$ PL WtR )HUPtQ ³HMHPSOLILFy 3DWULFLD³ OR H[KXPDURQ HQ OD 5HFROHWD OH SDVDURQ XQ
SOXPHUR OR VHQWDURQ IUHQWH D XQ HVFULWRULR PLQLVWHULDO OR JDVWDURQ HQ WUHV PHVHV \ OR
GHYROYLHURQDVXWXPEDQRVLQDJUDGHFHUOHORVSDWULyWLFRVVHUYLFLRVSUHVWDGRV

7
 0HJDIyQODHVFXFKDEDHQWUHGLYHUWLGR\WLHUQR
³£3D]HQODWXPEDGHOWtR)HUPtQ³RUyVLQHQWXVLDVPR
<HQFDUiQGRVHRWUDYH]FRQPLJR
³¢4XLHUHTXHUHJUHVHPRVDOD9tERUD"³PHVXJLULy
³9HDPRVHVHUHSWLO³GLMH\RFiQGLGDPHQWH
³(VRVIDQWDVPDVUHHQFDUQDGRV³H[SXVRpO³FRQVWLWX\HQDKRUDODH[WHULRULGDGYLVLEOHGHO
SDtV-XUDQKR\HQOD&DVD5RVDGDOXHJRGLEXMDQVXSLUXHWDHQHODLUHEDMRORVUHIOHFWRUHV
FDHQ DO ILQ UHYHQWDGRV FRPR WtWHUHV HQ HO VXHOR SDUD FHGHU VX OXJDU D RWURV IDQWDVPDV
LJXDOPHQWHLOXVRULRVTXHMXHJDQHOGHVWLQRGHOSDtVHQXQDMHGUH]WDQHVSHFWUDOFRPRHOORV
2LJDHVHFDVFDUyQIyVLOHVOD´SHODGXUDH[WHUQDµGHOD9tERUD
³¢<TXLpQHVOD9tERUD"³LQTXLUtHQPLIDOVRGHVFRQVXHOR
³/D3DWULD³GLMR0HJDIyQ
³¢3RUTXpXQDYtERUD"
³/DYtERUDHVXQDLPDJHQGHO´VXFHGHUµHQURVFDVXVDQLOORVHQXQiUERORVHGHVOL]DSRU
HO VXHOR FODYD VX FROPLOOR HQ XQD YtFWLPD VH OD HQJXOOH \ GXHUPH OXHJR VX WUDEDMRVD
GLJHVWLyQ<OD3DWULDRHVXQ´VXFHGHUµRHVXQERGULR
(O $XWRGLGDFWR PH GLULJLy DTXt XQD PLUDGD FUtWLFD VLQ GXGD SDUD LQGDJDU HO FRHILFLHQWH
GH LQWHOHFFLyQ TXH VX LPDJHQ KDEtD ORJUDGR HQ Pt /R GHELy HQFRQWUDU PX\ EDMR SXHVWR
TXHYROYLyDOOHQDUKDVWDORVERUGHVPLFRSDODUJDPHQWHGHVDWHQGLGD/DYDFLpGHXQWUDJR
\DIDYRUGHOPRVWRVDOWHxRDGYHUWtTXHPLVLGHDVHQWUDEDQHQXQFRQRGHOX]PX\IXHUWH
³¢<FXiOHVODRWUDSHODGXUDGHOD9tERUD"³OHSUHJXQWp
³8VWHGKDEOyUHFLpQGHXQ´SXHEORVXPHUJLGRµ\\RGLUtDTXHODYHUGDGHVPiVDOHJUH
&LHUWRHVTXHVXYLHMDSHODGXUDORFLxH\DKRJDH[WHULRUPHQWHSHUROD9tERUD\DFRQVWUX\y
GHEDMRVXRWUDSLHO'H PRGRWDOTXHDKRUDPLHQWUDVORVILJXURQHVH[WHUQRVFRQVXPDQOD
PXHUWHGHXQDGLJQLGDG\ODSXWUHIDFFLyQGHXQHVWLORODSLHOLQWHUQDGHOD9tERUDTXLHUH
VDOLUDODVXSHUILFLH\PRVWUDUDOVROVXVHVFDPDVEULOODQWHV¢(QWLHQGH"
<DORHQWHQGtD<PHSDUHFLyDGHPiVTXHODWHVLVGH0HJDIyQFRQFRUGDEDPX\ELHQFRQ
HODGROHVFHQWH\JUHxXGROHFWRUGH9LOOD&UHVSR
³(OFRQWUDVWHGHODVGRVSHODGXUDV³LQVLVWLypO³IXHSDUDPtXQD6HJXQGD,QFLWDFLyQDOD
*XHUUD
³¢8VWHGPHGLWDXQDJXHUUD"³OHSUHJXQWpVLQRFXOWDUOHPLDVRPEUR
³(VWR\SODQLILFDQGRXQDJXHUUD
³¢&RQTXpILQ"
³(VQHFHVDULRTXHOD9tERUDVXHOWH\DVXLQ~WLOSHOHFKRGHIDQWDVPDV
(VWXGLpD3DWULFLDODYLGHSLHWRUPHQWRVDGHRMRVSULHWDGHPD[LODUHV\OHYDQWLVFDGH
SHFKRVEDMRODWHODGHVXYHVWLGR£8QDVDFHUGRWLVDSHURGH%HORQDODFRQVRUWHGH0DUWH
¢<SRUTXpQR%HORQDPLVPD"
³£6tODJXHUUD³H[FODPy
(KL]RPXWLVSRUHOIRURHQWUHXQPRUWHURLQGLR\XQDWLQDMDGH6DQWLDJR

'DGDODXUJHQFLDGHVXPXWLVHVSHUpTXH%HORQDUHJUHVDUtDLQPHGLDWDPHQWHFRQODQ]D
SHWR\FDVFRGHEURQFH1RVXFHGLyDVt\DTXHODGHLGDGDOYROYHUDOHVFHQDULRWUDtDVyOR
XQWD]yQDOJXQRVUHFLSLHQWHVPHQRUHV\RWURVXWHQVLOLRVGRPpVWLFRV%DMRODPLUDGDWLHUQD
GH0HJDIyQ\GHODPtDHQGHVHQFDQWR3DWULFLDPH]FOyHQVXWD]yQDOJXQRVLQJUHGLHQWHV\
ORVUHYROYLyFRQXQDFXFKDUD´6t³PHGLMH\RHQXQUHSXQWHGHPLIDQWDVtD³%HORQDHVWi
SUHSDUiQGRQRVXQEUHEDMHGHJXHUUHURVµ/RTXHPH]FODEDHOODHQUHDOLGDGHUDQXQWHUFLR
GHSROYRGHFDIp\GRVWHUFLRVGHD]~FDUPROLGDVHJ~QTXHGyPDQLIHVWDGRQRELHQHODJXD
KLUYLHQWHFD\yHQORVSRFLOORVGRQGH%HORQDGLVWULEX\HUDHOFRPSXHVWRGHVXWD]yQ
³¢< SRU TXp XQD JXHUUD" ³OH GLMH D 0HJDIyQ TXH UHVSLUDED FRQ GHOLFLD HO DURPD GH VX

8
FDIp
³/D JXHUUD HV KHUPRVD ³PH UHVSRQGLy pO³ 8VWHG PLVPR OR GLFH ´9DURQHV KLMRV GH
YDUyQVHJXLPRVWXEDQGHUD\WXLGLRPDWXEDQGHUDGHVDO\WXLGLRPDVLQDJXD<HQ
WXLGLRPDODJXHUUDYHVWLGDGHPHWDOHV\SXUDFRPRHOYLHQWRFXDQGRURPSHODURVDQRV
ODYDGHSDYRU\QRVSHLQDGHIXHJR
0H LQTXLHWp DO RtU HQ ERFD GH 0HJDIyQ DTXHO IUDJPHQWR GH PL UHSHUWRULR < GLULJt D
3DWULFLD%HOOXQDPLUDGDLQTXLVLGRUD(OODUHFLWyDVXYH]
³µ<DWXSDVRFUHFtDQODVDUPDVFRPRKLHUEDV\GHWUiVGHWXSDVRFDEDOJiEDPRVWRGRV
YDURQHVKLMRVGHYDUyQD\HU\KR\\PDxDQD\VLHPSUHEDMRHOSHUILOVDEURVRGHOD
PXHUWHµ
9ROYtDLQTXLHWDUPH¢ODSDUHMDQRKDEtDUHFLWDGRPLVYHUVRVFRQGHPDVLDGDIHURFLGDG"
³/DJXHUUDHVKHUPRVDFXDQGRHVQHFHVDULD³OHVDGYHUWt
³¢<OHSDUHFHTXHQRVHQRVHVWiGDQGRVX´QHFHVLGDGµ"³UHSXVR0HJDIyQ
³£/D9tERUD\VXVGRVSHODGXUDV³PHUHFRUGy3DWULFLDFRQXUJHQFLD
³¢4XLpQHVOD9tERUD"³OHVYROYtDSUHJXQWDUGHVDWLQDGDPHQWH
³£/D3DWULD³GLMRDKRUD3DWULFLD%HOO
'HVXVRMRVYHUGHODJRSURIXQGRPDQDEDXQDVXHUWHGHQHEOLQDK~PHGD6t\RHUDHODXWRU
GH DTXHOODV WLUDGDV EpOLFDV \ OR TXH PH VRUSUHQGtD HUD HO FXLGDGR \ OD ILGHOLGDG FRQ TXH
0HJDIyQ\VXFRQVRUWHODVKDEtDQDSUHQGLGR£*UDQ'LRVDIDYRUGHPLHVWUR¢QRHVWDUtDQ
PHWLpQGRVHKDVWDODYHULMDHQDOJXQDHPSUHVDGHVFDEHOODGD"
³9HDPRVHVDJXHUUD³OHVGLMHVLQHVFRQGHUOHVPLUHFHOR
³¢1RKDWUDtGRXVWHGVXSLSD"³LQTXLULyGHPtHO$XWRGLGDFWR
³6tTXHODWUDMH
³¢<SRUTXpQRODIXPD"
³6X9tERUDPHWLHQHDODUPDGR³UHt\R³¢3XHGRIXPDU"
6DTXpDODOX]PLYLHMDFDFKLPEDREVHUYDGRORFXDO0HJDIyQVHGLULJLyDFLHUWRPXHEOH\
UHJUHVy FRQ XQD FDODED]D R SRURQJR PLVLRQHUR TXH FRQWHQtD XQ WDEDFR GH ELHQ FRUWDGDV
KHEUDV &DUJXp PL SLSD OD HQFHQGt \ DO DVSLUDU HO KXPR OH KDOOp XQ VDERU SLFDQWH \
DJUHVWH´'DGDVODVH[SHULHQFLDVIRONOyULFDVGH0HJDIyQ³VRQUHtHQPLiQLPR³¢QRKDEUi
HQULTXHFLGRpOHVWHFRPEXVWLEOHFRQDOJ~QRUtQGHQXWULDRVDOLYDGHJXDQDFR"µ
³3UHYLVWD OD ´QHFHVLGDGµ GH OD JXHUUD ³GLMR HO 2VFXUR³ \R QHFHVLWDED GHVFXEULU VL
QXHVWURSXHEOR´PHUHFHµXQDJXHUUD
³¢&yPRVLODPHUHFH"
³/DJXHUUD³PHDGYLUWLypO³QRHVXQGHSRUWHPiVRPHQRVYLROHQWRQLXQVXGRUiFLGR
HQODVD[LODV(QWUDUHQXQDJXHUUDHVHQWUDUHQOD+LVWRULD
³¢<QRVRWURVODPHUHFHPRV"
³$QWHVGHLQLFLDUODVDFFLRQHV3DWULFLD\\RKLFLPRVHOVLJXLHQWHFiOFXOR1XHVWURSXHEOR
OLEHUWy D RWURV \ QR HVFODYL]y QL UREy D QLQJXQR *DQy WRGDV ODV EDWDOODV PLOLWDUHV TXH
QXQFD IXHURQ GH FRQTXLVWD \ SHUGLy WHUULWRULRV HQ OD PHVD GH ORV OHJXOH\RV 1R FRPHWLy
QLQJ~Q JHQRFLGLR QL RSULPLy D KRPEUHV GH RWUR FRORU HQ OD SLHO R HQ HO DOPD 6XV
UHYROXFLRQHVIXHURQLQFUXHQWDV\VLQJUDQLPSRUWDQFLDVXVGHVHTXLOLEULRVKLVWyULFRV¢(VDVtR
QR"
³([DFWDPHQWH³OHDGPLWt
³3RUORWDQWR³FRQFOX\y0HJDIyQ³QXHVWURSXHEORPHUHFHXQDJXHUUD

(O WDEDFR GH 0HJDIyQ WHQtD VLQ GXGD YLUWXGHV PiJLFDV \D TXH DTXHO GLiORJR EpOLFR
VRVWHQLGRHQXQFKDOHWGH)ORUHV\DODKRUDHQTXHWRGRXQYHFLQGDULRSDFtILFRGHVFDQVDED
HQODSOXPDGHVXVFROFKRQHVPHSDUHFtDGHXQDOyJLFDLUUHIXWDEOH
³8VWHG ³OH GLMH D 0HJDIyQ³ HVWi SODQLILFDQGR VX EDWDOOD FRPR VL IXHVH XQ WHRUHPD

9
JHRPpWULFR
3DWULFLD %HOO TXH UHFRJtD ORV UHFLSLHQWHV YDFtRV GHMy FDHU HQWRQFHV HO VLJXLHQWH
SRVWXODGR
³µ1DGLHTXHQRVHDXQJHyPHWUDSHOHDUiHQODV'RV%DWDOODVGH0HJDIyQµ
$GYHUWt OD UHPLQLVFHQFLD SODWyQLFD GH DTXHO ´ERFDGLOORµ \ REVHUYp DO $XWRGLGDFWR TXH
SRVDED HQ VX PXMHU GRV RMRV DGRUDQWHV (Q UHDOLGDG 3DWULFLD \D QR HUD XQD LPDJHQ GH
%HORQD VLQR GH 3DODV $WHQHD QDFLGD UHFLpQ GHO FUiQHR GH =HXV ´2 HO GH 0HJDIyQµ PH
FRUUHJtHQWUHGLYHUWLGR\HQWXVLDVWD
³3DWULFLD GLMR ELHQ ³DVLVWLy HO 2VFXUR³ ¢< TXp SHQVp \R HQ DGHODQWH" 3HQVp TXH VL PL
JXHUUDHUDQHFHVDULD\PHUHFLGDIDOWDEDGHPRVWUDUTXHWDPELpQHUD´SRVLEOHµ
³¢<VXJXHUUDHVSRVLEOH"
0HJDIyQDVSLUyHODURPDGHODFDODED]DRSRURQJRTXHD~QUHWHQtDHQVXPDQR
³9HD³PHUHVSRQGLy³\RYHQJRGHWDQ´EDMRµ\VDOtDODVXSHUILFLHDWUDYpVGHWDQWDV
FDSDVGXUDVFRPRHOFHPHQWRTXHKR\VyORDOUHFRUGDUORPHGXHOHQWRGRVORVKXHVRVGHO
DOPD
³¢4XpPHTXLHUHGHFLU"
³4XH DWUDYHVp WRGRV ORV LQILHUQRV GH OD 3DWULD \ URFp DGHPiV WRGRV VXV SDUDtVRV < HQ
WRGRV HOORV FRQ HOORV R FRQWUD HOORV Rt UHVRQDU ORV WDPERUHV GH OD JXHUUD SRVLEOH &ODUR
HVWiTXHQRHUDVXILFLHQWH
³¢4XpIDOWDED"³OHSUHJXQWp
³/R TXH QRV IDOWDED HQ UHDOLGDG ³H[SOLFy HO $XWRGLGDFWR³ HUD VDEHU VL ORV YHLQWH
PLOORQHVGHFRPEDWLHQWHVSRVLEOHVWHQtDQ\DHQVXVKtJDGRVHOIXURUQHFHVDULRGH0DUWH
³¢/RWLHQHQ"

0HJDIyQVHSXVRGHSLH
³+LFLPRV GRV FRPSUREDFLRQHV ³PH GLMR³ OD SULPHUD HQ HO HVWDGLR GH 1~xH] GRQGH VH
LEDQ D HQIUHQWDU HQ RWUR FOiVLFR ORV RQFH GH 5LYHU 3ODWH FRQ ORV RQFH GH %RFD -XQLRUV
3DWULFLD\\RHVWiEDPRVHQODWULEXQD\PLVXHJUDGRxD(PLOLDUHSDVDEDMXQWRDQRVRWURV
ODVFXHQWDVGHVXURVDULR
³¢&RQTXpILQ"
³1DWXUDOPHQWHSDUDTXHJDQDVH%RFD
0HGLWp XQ LQVWDQWH VREUH DTXHOOD LQVyOLWD UHODFLyQ GHO I~WERO FRQ OD WHRORJtD 3HUR HO
$XWRGLGDFWRULFRGHPtPLFD\GHLQIOH[LRQHVFRPRXQUHODWRUGHSRUWLYRQDUUyDVt
³+DEtDHQODVWULEXQDVXQDWHQVLyQLQGHILQLEOHFRPRODGHODDWPyVIHUDXQPLQXWRDQWHV
GHO KXUDFiQ 6H WUDWDED GH DTXHO ´RORU D EURQFDµ PLVWHULRVR \ WHPLEOH TXH OD QDUL] GH
QLQJ~Q SRUWHxR GHMD GH ROIDWHDU HQ HO DLUH \ TXH QRV HPERUUDFKD FRPR XQD SyOYRUD
&XDQGRORVGRVWHDPVVDOLHURQDODOX]SRUHOW~QHOHOFDRVGHODIXULDVHLQGLYLGXDOL]yHQ
VLOELGRV \ DSODXVRV ODV MHWDV KLULHQWHV GH ORV TXH VLOEDEDQ VH YROYLHURQ D ODV MHWDV
ERUUDVFRVDV GH ORV TXH DSODXGtDQ < VH LQLFLy XQ HQFXHQWUR PDOLJQR \ HQUHGDGR FRPR VL
GHPRQLRVLQYLVLEOHV\GHFDPLVHWDVFRQWUDULDVLQVSLUDVHQODVDFFLRQHV'HSURQWRHOUpIHUL
XQJQRPRFDOYR\GHSLHUQDVULGtFXODVRWRUJyXQWLURSHQDODIDYRUGH5LYHU
³8Q SHQDO WUDPSRVR ³PH DGYLUWLy 3DWULFLD OOHQD GH LQWHOHFFLyQ³ (O UpIHUL HUD XQ JUDQ
KLMLWRGHSXWD
³6XFHGLy OR IDWDO³SURVLJXLy HO 2VFXUR³ XQ GHODQWHUR SDWHy DO DUFR \ £JRRRO £*RO GH
5LYHU$XOOyVXUDELDXQDWULEXQD\ODRWUDEDLORWHyGHWULXQIR(QWRQFHVRFXUULyORKHURLFR
GRxD(PLOLDTXHDODVD]yQHPSXxDEDXQDERWHOODGHDJXDWyQLFDODWLUyYLROHQWDPHQWHDO
ILHOG<RVHJXtFRQPLVRMRVODWUD\HFWRULDGHODERWHOODWUD]yXQDSDUiERODHQHODLUH\IXH
D GDU HQ HO FUiQHR LQMXVWR GHO UHIHUt FRQ XQD H[DFWLWXG DVRPEURVD 0iV WDUGH FXDQGR OH
SUHJXQWDED\RHORULJHQGHWDQH[FHOHQWHSXQWHUtDPLVXHJUDORDWULEX\yDXQPLODJURGH

10
6DQ$QWRQLRHOFXDOVHJ~QORYLRHOOD\PHORGLMROXFtDHQDTXHOWUDQFHODFDPLVHWDRUR\
D]XO GH %RFD -XQLRUV (QWUH WDQWR XQ JRULOD HQHPLJR TXH VH DJLWDED HQ OD SUR[LPLGDG VH
GLULJLyDGRxD(PLOLD\OHJULWy´£9LHMDIUDLORQDµ2tGRORFXDO3DWULFLDOHFUX]yODMHWDGH
XQFDUWHUD]R\HOJRULODVHGHUUXPEyDQXHVWURVSLHVYRPLWDQGRWDOODULQHVDOMXJRFRPRXQ
SXHUFR<DHQODYHUGHORVMXJDGRUHVGHXQR\RWURWHDPVHDPDVLMDEDQFRQDUGRUHQWRUQR
GHO UpIHUL FDtGR \ HQ ODV WULEXQDV GRV IDFFLRQHV EpOLFDV WDPELpQ VH LEDQ D ODV PDQRV
(QWRQFHV SHVH D OD UHVLVWHQFLD GH GRxD (PLOLD TXH LQYRFDED HO DX[LOLR GH 6DQ -RUJH
GLVSXVHTXHPLFODQIDPLOLDUVHUHWLUDVHGHODOL]D
0HJDIyQ WRPy DOLHQWR \ DGYHUWt TXH 3DWULFLD %HOO HQ VX UHWURVSHFWLYR IXURU VH
HVWUHPHFtDWRGDFRPRXQDSRWUDQFDGHJXHUUD
³/R YHUGDGHUDPHQWH VXJHVWLYR ³SURVLJXLy GLFLHQGR HO $XWRGLGDFWR³ VXFHGLy OXHJR
FXDQGR WUDV GHMDU D ODV PXMHUHV HQ VHJXULGDG PH IXL D ORV YHVWXDULRV GRQGH \D VH
FRQJUHJDEDQ ODV FRPLVLRQHV GLUHFWLYDV GH ORV GRV FOXEHV $OOt HO 3UHVLGHQWH GH %RFD
HQIUHQWiQGRVHFRQHO3UHVLGHQWHGH5LYHUORGHVDILyDYHQWLODUPDQRDPDQRXQSOHLWRTXH
DPHQD]DED \D FRQ HWHUQL]DUVH HQ OD KLVWRULD GHO I~WERO QDFLRQDO < GHVSRMiQGRVH GH VX
FKDTXHWD VH DUUHPDQJy OD FDPLVD \ VH GLVSXVR DO FRPEDWH $EXQGDQGR HQ ODV PLVPDV
UD]RQHV\QRPHQRVEHOLFRVRHO3UHVLGHQWHGH5LYHUDFHSWyHOGHVDItR\VHSXVRHQLJXDOHV
FRQGLFLRQHV GH OXFKD 9LVWR OR FXDO QR WDUGDURQ XQ XELFDUVH 7HVRUHUR IUHQWH D 7HVRUHUR
6HFUHWDULRIUHQWHD6HFUHWDULR\9RFDOHVIUHQWHD9RFDOHV<ODOOXYLDGHSLxDVTXHVHGLHURQ
LQVWLWXFLyQ FRQWUD LQVWLWXFLyQ KL]R OORUDU GH FRUDMH D ORV YHLQWLGyV MXJDGRUHV UHFLpQ
GXFKDGRVTXHDVLVWtDQDODEDWDOODFRPRHVSHFWDGRUHV
³£(VRQRILJXUyHQODVFUyQLFDVGHSRUWLYDV³REMHWp\RFRPRDOXFLQDGR
³/RVFRPEDWHVTXHPiVLPSRUWDQ³PHGLMR0HJDIyQ³QXQFDVDOHQD ODOX]GHOPXQGR
\DTXHSHUPDQHFHQHQHOVXEVXHORGHOD+LVWRULD
0HGLWDWLYR FRPR HQ XQD SROpPLFD tQWLPD HO $XWRGLGDFWR GH 9LOOD &UHVSR UHFRUULy HO
FRPHGRUGHVXFKDOHW
³/R TXH \R HQWHQGt HQ OD FDQFKD \ HQ ORV YHVWXDULRV GHO FOXE ³DxDGLy³ IXH OD
´JUDWXLGDGµ GH DTXHOOD OXFKD 7RGR DTXHO IXURU EpOLFR PH SDUHFLy XQD KHUUDPLHQWD VLQ
WUDEDMR\XQDUVHQDOYDFDQWHGHREMHWLYRV£3DWULFLD¢TXpPHGLMH\RHQWRQFHV"
³4XHKDEtDTXHEXVFDUOHXQGHVWLQRDODUVHQDO³UHVSRQGLyHOOD
³3HUR PH TXHGDED XQD GXGD ³UHSXVR 0HJDIyQ³ ¢$TXHOOD EHOLFRVLGDG DO SHGR QR VHUtD
XQFiOFXORUHQDOGH%XHQRV$LUHV"¢([LVWLUtDWDPELpQFRPRXQKHFKRQDFLRQDO\FROHFWLYR"<
DTXt3DWULFLD\\REXVFDPRVXQDVHJXQGDFRPSUREDFLyQ
³/DWXYLPRVHQXQULQJGH0DUGHO3ODWD³PHDGHODQWyHOOD³FXDQGR1LFROLQR9LJQDWLVH
PLGLyFRQ*R\R0RQWLHO
³1LFROLQR³H[SXVR0HJDIyQ³HVXQ´SHVDGRµLQWHOLJHQWH\FRQXQDL]TXLHUGDIRUPLGDEOH
<R OR KDEtD FRQRFLGR HQ HO %R[LQJ &OXE \ OH KDEtD GDGR PiV GH XQ FRQVHMR DFHUFD GHO
HTXLOLEULRTXHVHGHEHXVDUHQWUHODSHJDGD\HOFDFXPHQ'HVJUDFLDGDPHQWHD1LFROLQRVH
OH VXEtD OD PRVWD]D FRQ XQD IDFLOLGDG TXH KDFtD SDOLGHFHU D VXV HQWUHQDGRUHV \ TXH VH
PDQLIHVWDED H[WHULRUPHQWH FRQ XQ OHQJXDMH OOHQR GH SLQWRUHVTXLVPR MDFWDQFLRVR (Q HO
PDWFK DQWHULRU WHQWDGR SRU FURQLVWDV SHUYHUVRV DVHJXUy TXH DO SULPHUR GHO UDQNLQJ
PXQGLDO OH KDUtD EHVDU PtVWLFDPHQWH OD ORQD HQ HO VHJXQGR URXQG \ SHOHiQGROH FRQ XQD
PDQRDWDGD\ODRWUDVXHOWDH[SUHVLyQDUURJDQWHTXHDXPHQWyHOQ~PHURGHVXVHQHPLJRV
(QFDPELR*R\R0RQWLHOHVXQDGXOFHEHVWLDVLQOX]XQTXLQWDOGHP~VFXORV\KXHVRVHQHO
TXHDSHQDVWLWLODXQDOPDGHYHLQWHFHQWDYRV$TXHOODQRFKHORVTXHFKRFDURQHQ0DUGHO
3ODWDIXHURQODKXPLOGDGVLOHQFLRVDGH*R\R\ODYHUERUUHDLPSUXGHQWHGH1LFROLQRDQWHXQ
S~EOLFR\DHQYHQHQDGRSRUODUDGLRIRQtD\TXHLQWHJUDEDQSDWRWDVGHODFLXGDGSHVFDGRUHV
HQILHVWD\SDLVDQDMHVUHFLpQOOHJDGRVGHODVHVWDQFLDVYHFLQDV&XDQGR*R\R0RQWLHOVXELy
DOULQJORVDOXGyXQKXUDFiQGHDSODXVRV\JULWHUtDVGHVROLGDULGDGFXDQGRVXELy1LFROLQR

11
UHFLELyXQDUHFKLIODGHWUHLQWDVHJXQGRV\3DWULFLD\\RGHVGHHOULQJVLGHORDOHQWDPRV
FRQ OD PLUDGD 6H LQLFLy HO HQFXHQWUR 1LFROLQR H[KLEtD XQ DUWH OOHQR GH VREULHGDG \
FRQWXQGHQFLD IUHQWH D XQ *R\R 0RQWLHO GHVOXFLGR TXH OR DEUD]DED HQ FOLQFKHV
LQWHUPLQDEOHV 'H UHSHQWH *R\R VH GHUUXPEy VREUH OD ORQD WRFDGR HQ HO PHQWyQ SRU OD
L]TXLHUGD LQIDOLEOH GH 1LFROLQR /D WULEXQD GH SLH OR DFXVy GH JROSH EDMR WHUPLQDGD OD
FXHQWD HO MXH] OHYDQWy HO EUD]R GH 1LFROLQR \ OD JULWHUtD VH KL]R HQVRUGHFHGRUD (Q HVH
SXQWR1LFROLQRFRQMXVWDGLJQLGDGVHSXVRXQDPDQRHQODEUDJXHWD\ODRIUHFLyJHQHURVD
PHQWH D VXV HQHPLJRV (VWDOODURQ LQVXOWRV \ DPHQD]DV XQ KXHYR GH DYHVWUX] PX\
HPSROODGRYROyGHVGHODWULEXQD\VHHVWUHOOyFRQWUDHOSHFKRGH1LFROLQR<RPHVXEtDPL
DVLHQWR\OHVJULWpDORVDXOODGRUHV´£2LJDQVXEDQDOULQJVLHVTXHWLHQHQDJDOODVµ'HVGH
VXLQQREOHDQRQLPDWRXQIUDQFRWLUDGRUPHXELFyHQHORMRXQWRPDWHSRUIRUWXQDPDGXUR
\3DWULFLDPHVDFyDIXHUDFRPRDXQFLHJRHQWUHORVHVSHFWDGRUHVTXH\DVHWUHQ]DEDQD
FDVWDxD]RVGLYLGLGRVDKRUDHQGRVIUHQWHVLQH[SOLFDEOHV

$FDEDGDVXQDUUDFLyQHO$XWRGLGDFWRYROYLyDVHQWDUVH<3DWULFLDJLUDQGRHQWRUQRGH
pO VH OH IXH DFHUFDQGR DKRUD FRPR XQ VDWpOLWH TXH EXVFDUD XQ SHULJHR FRQ VX DVWUR
$WUD\pQGRODHQWRQFHVDVt0HJDIyQODVHQWyHQVXPXVORL]TXLHUGR\HQPLYLHMDPDQtDGH
ODV FRPSDUDFLRQHV HO 2VFXUR VH PH DQWRMy XQD GLYLQLGDG KLQG~ FRQ VX SULQFLSLR IHPHQLQR
VHQWDGRHQODVURGLOODV
³¢4XpGHGXMHURQXVWHGHVHQ0DUGHO3ODWD"³LQTXLUtDOYHUORVDSDFLJXDGRV
³(QWHQGLPRV³UHVSRQGLy0HJDIyQ³TXHODEHOLFRVLGDGHVWDEDHQORVGRVULxRQHVGHOSDtV
\TXHODSRVLELOLGDGORJtVWLFDGHXQDJXHUUDQRVWHQWDEDVLQUHPHGLR¢/RHQWLHQGH"
³6t ³OH GLMH³ < UHFRQR]FR HQ XVWHG DO DSUHQGL] GH DVHUUDGRU TXH GHYRUDED HQ OD
%LEOLRWHFD3RSXODU$OEHUGLORVDSROLOODGRV(MHUFLFLRVGH&RPSDxtDGH7LUDGRUHV\DOPLVPR
WLHPSROHKLQFDEDHOGLHQWHDOD3RpWLFDGH$ULVWyWHOHV
³<R VLHPSUH WXYH XQD IXHUWH YRFDFLyQ PLOLWDU ³FRQIHVy pO³ XQD YRFDFLyQ GH OD
&DEDOOHUtD¢HQWLHQGH"DXQTXHPLSDGUHKD\DVLGRXQPHFiQLFRLQJHQLRVR\PLPDGUHXQD
GXOFH SHODGRUD GH EDWDWDV £3DWULFLD ³LQTXLULy YROYLpQGRVH D VX PXMHU³ ¢TXp QDFLy
HQWRQFHVHQPLiQLPRGHFRPEDWLHQWHYRFDFLRQDO"
³(OSUR\HFWRGHODV'RV%DWDOODV³GLMR3DWULFLDHQHOPXVORGHO$XWRGLGDFWR
³¢<SRUTXpGRVEDWDOODV"³REMHWp\R
³(VTXHOD9tERUD³H[SOLFyHO2VFXUR³WLHQHGRVPHWDVTXHDOFDQ]DUXQDWHUUHVWUH\XQD
FHOHVWH < KD\ TXH GDU OD EDWDOOD HQ ORV GRV FDPSRV $KRUD ELHQ GHVGH TXH Rt DTXHOOD
LQYLWDFLyQDODJXHUUD\GXUDQWHDOJ~QWLHPSRPHYLFDPLQDQGRHQODFXHUGDIORMD
³¢&XiO"
³(VDTXHYDWHQGLGDHQWUHOR´VXEOLPHµ\OR´ULGtFXORµ8VWHGKDEOyUHFLpQGHOD3RpWLFD
HOYLHMRGLFHDOOtVLPDOQRUHFXHUGRTXHOD3RHVtDHVPiVYHUGDGHUD\PiVHOHYDGDTXHOD
+LVWRULD\DTXHVXREMHWRHVORSRVLEOHVHJ~QODYHURVLPLOLWXG\ODSRVLELOLGDG<\RKDEtD
HQWHQGLGRPLJXHUUDFRPRQHFHVDULD\SRVLEOH
³¢<HQHOOD³LQVLVWt³FyPRVHGDUtDORVXEOLPH\ORULGtFXOR"
³7RGDHPSUHVDKXPDQDIOXFW~DHQWUHORULGtFXOR\ORVXEOLPH³UHSXVR0HJDIyQ³<HVR
HV DQGDU HQ OD FXHUGD IORMD 6L XQR FDH \ QR VH OHYDQWD PXHUH R HQ OD ULGLFXOH] R HQ OD
VXEOLPLGDG£3DWULFLD¢FXiQWDVYHFHVPHFDt\RGHODFXHUGD"
³7UHVYHFHV³GLMR3DWULFLD%HOO³GRVHQORULGtFXOR\XQDHQORVXEOLPH

$ HVWDV DOWXUDV GHO GLiORJR VH KL]R HQWUH QRVRWURV XQ VLOHQFLR FX\D WLUDQWH] SDUHFLy
DQXQFLDU TXH OOHJiEDPRV DO SXQWR FUtWLFR GH PL YLVLWD HV GHFLU DO GH PL SRVLEOH
LQWHUYHQFLyQ HQ ODV 'RV %DWDOODV TXH KDEtD VXJHULGR UHFLpQ HO 2VFXUR GH )ORUHV DQWH PLV
RMRV GHVFRQILDGRV 1R GXGDED \R GH TXH DOJR UHFODPDUtDQ HOORV GH Pt WUDV DTXHOOD

12
H[SRVLFLyQ LQVyOLWD UHDOL]DGD HQWUH JDOORV \ PHGLDQRFKH < PL FHUWLGXPEUH VH UHIRU]y
FXDQGR 3DWULFLD GHVHUWDQGR HO PXVOR GH VX SULQFLSLR PDVFXOLQR VH GLULJLy DO PXHEOH
WULQFKDQWH UHJUHVy FRQ OD WDEDTXHUD IRONOyULFD \ PH OD EULQGy FRQ XQD JUDFLD TXH KDEUtD
KHFKR ODJULPHDU DO SURSLR 0DUWH 9ROYt D FDUJDU PL SLSD \ HO $XWRGLGDFWR PH OD HQFHQGLy
FRQVXPHFKHUR
³%LHQ³OHGLMH³¢TXpWHQJR\RTXHYHUFRQVXSUR\HFWRGHJXHUUD"
³7RGRHQORJHQHUDO\DOJRHQORSDUWLFXODU³PHFRQWHVWypO³<DWHQJRORVHTXLQRV\
OD HVWUDWHJLD GH PLV 'RV %DWDOODV 0H IDOWDUtDQ DOJXQRV KRPEUHV FODYHV SRU HMHPSOR HO
DVWUyORJR6FKXOW]HTXHORDFRPSDxyDXVWHGHQVXGHVFHQVRLQIHUQDO
/RPLUpFRQWULVWH]D
³(ODVWUyORJR6FKXOW]H³OHGLMH³\DQRILJXUDHQHVWHSODQRGHOXQLYHUVR$PLHQWHQGHU
YLYH DKRUD HQ HO SDUDtVR GH *pPLQLV UHVLGHQFLD GH ORV KHUPDQRV \ GH ORV DPDQWHV <R
PLVPRWUDQVFULEtHQVXWXPEDHOHSLWDILRTXHVHFRPSXVRpOHQLGLRPDQHRFULROOR\TXHUH]D
HVFXHWDPHQWH

/RQJDYtD
PDQHOItQ
\DQRFUyQ

³¢<6DPXHO7HVOHU"³LQVLVWLyHO2VFXUR
³9LYHD~Q³OHUHVSRQGt³8VWHGUHFRUGDUiTXHORGHMp\RHQHO,QILHUQRGHOD6REHUELD
1RELHQHTXLOLEUyDOOiVXEDODQ]DHOQREOHILOyVRIRYROYLyDODSHULIHULD
³¢'yQGHUHVLGHDKRUD"
³(QHOKRVSLFLRGHODFDOOH9LH\WHV
³¢3RUTXpUD]yQ"
³$ VX UHJUHVR ³H[SOLTXp³ VH GLR D OD WDUHD GH SUHGLFDU ORV GRV 7HVWDPHQWRV HQ OD YtD
S~EOLFD<ORHQFHUUDURQSRUORFXUDPtVWLFD
³1R LPSRUWD ³GLMR HO 2VFXUR³ OR SRQGUHPRV HQ OLEHUWDG FRQ XQD RSHUDFLyQ GH
FRPDQGRV
1R SHVWDxHy DO GHFLUOR QL DEDQGRQy 3DWULFLD %HOO VX DLUH GH YHVWDO QRFWXUQD QL PH
DVRPEUp\RGHFLGLGRDQRKDFHUORGHVGHKDFtDWUHVKRUDV
³¢$OJRPiV"³LQTXLUtSRQLpQGRPHGHSLH\VXJLULHQGRPLUHWLUDGD
³'HVGH KDFH WLHPSR ³PH UHFRUGy 0HJDIyQ³ XVWHG HVWi PHWLGR KDVWD OD YHULMD HQ HVWH
SUHFLRVR EHUHQMHQDO 1DWXUDOPHQWH QR OR H[SRQGUHPRV D OD ´DFFLyQ GLUHFWDµ XVWHG VHUi
XQDJHQWHLQPyYLOHLQYLVLEOH
³£1RVR\XQSREUHDQFLDQR³UH]RQJXp\RPLHQWUDVUHFRJtDPLDEULJR\PLVRPEUHUR
0HJDIyQ\3DWULFLDPHDFRPSDxDURQKDVWDODYHUMDGHOFKDOHW7UDVGHVSHGLUPHVDOtDOD
FDOOH\PHODQFpDODWLQLHEOD\DOVLOHQFLRTXHSDUHFtDQJUDYLWDUVREUHODEDUULDGDFRPRGRV
ORVDVGHDVIDOWR$WUDYpVGHORViUEROHVTXHWLULWDEDQHQVXGHVQXGH]LQYHUQDOEXVTXpODV
HVWUHOODVGHDUULEDHOFLHORQXEODGRWDPELpQHUDXQDQHJUXUDVLQFRQWUDGLFFLRQHV5HtHQPL
DOPD´(QHOSULQFLSLRHVHOFDRVµ

)XHDVtFRPRDSDUWLUGHDTXHOODQRFKHPHYLHQYXHOWRHQODKLVWRULDGH0HJDIyQ\HQ
VXV'RV%DWDOODVSDUDOHODV$QWHVGHFRQFOXLUHVWH\DODUJR,QWURLWRGHERIRUPXODUDOJXQDV
DGYHUWHQFLDVTXHPHDKRUUHQOXHJRHOWUDEDMRGHVXPLQLVWUDU´FODYHVµDSRVWHULRUL
8QDGHPLVDGYHUWHQFLDVDxDGHDODFRQFHSFLyQGHOPXQGRTXHXWLOL]yHO$XWRGLGDFWRGH
9LOOD&UHVSRHQWHQGtDpOTXHORVFRQIOLFWRVGHOKRPEUHQRVRQPXFKRVHQORHVHQFLDO\TXH
VH UHSLWHQ D WUDYpV GH ODV HGDGHV FRQ HO PLVPR FRP~Q GHQRPLQDGRU SHUR FRQ GLIHUHQWHV
QXPHUDGRUHV HQFDUQDGRV HQ ORV PLVPRV SDODGLQHV iQJHOHV R GHPRQLRV DXQTXH EDMR

13
IRUPDV GLVWLQWDV \ PXFKDV YHFHV GHVSLVWDQWHV HQ VX PRGHUQLGDG ´1R KD\ PRQVWUXRV
DQDFUyQLFRVµDVHJXUDED0HJDIyQ<ILHODHVDGRFWULQDVHOHFFLRQyDORVFRPEDWLHQWHVFRPR
Q~PHURV TXH VH DSUHWDEDQ HQ VX YDORU VLJQLILFDWLYR PRUGLHQWH R OORURVRV ULVLEOHV R
GUDPiWLFRV IHURFHV R WLHUQRV 'H LJXDO PRGR HO GHVFXDUWL]DPLHQWR ILQDO GHO $XWRGLGDFWR
HQHO&KiWHDXGHV)OHXUVROD(VSLUDOGH7LIRQHDGHVWDPELpQVHDPSDUDHQLOXVWUHVDQWHFH
GHQWHV FRPR HO GHO SRHWD 2UIHR GHVWUR]DGR SRU ODV EDFDQWHV GH 7UDFLD R HO GH 7~SDF
$PDUX URWR HQWUH VX WLUDQWHV FDEDOORV 7DPSRFR QRV HV DMHQD OD RFXOWDFLyQ GH FDGiYHUHV
SHOLJURVRV\VLQRTXHORGLJD(YDODJORULRVD\GROLHQWHPXFKDFKD
(Q FXDQWR DO PpWRGR GH PL UHODWR VHUi QHFHVDULDPHQWH OLQHDO \ UDSVyGLFR VHJXLUp OD
OHFFLyQGHOJUDQ/XGRYLFRHQVX2UODQGR)XULRVR\VLKHPRVGHTXHGDUQRVHQFDVDODTXH
QRVGLR+LODULR$VFDVXELHQVX6DQWRV9HJD'HVGHKDFHWLHPSRKHGDGRPLVHVSDOGDVDODV
HVWpWLFDVIODPDQWHV8Q]RU]DOGHOODQXUDPHGLMRHQVXKRUD´6LpQWDWHHQHOXPEUDOGHWX
FDVD \ YHUiV SDVDU HO FDGiYHU GH OD ~OWLPD (VWpWLFDµ < DKRUD YD\DPRV DO FRPEDWH &DGD
XQRDUURMHDHVWHPDUVXEDTXtDGHSHVFDGRU

4XHWRGRVKDQGHSHVFDU
VHJ~QDQ]XHOR\FDUQDGD

14
 5$362',$,

3DWULFLD%HOOHQWUyHQHOGRUPLWRULRFRQXQPDWHGHSODWD\DFHEDGRHQVXL]TXLHUGD\HO
FRUD]yQ YLJLODQWH \ SUXGHQWH ´£2MR DO UHJUHVR GH 0HJDIyQµ VH GLMR < DYDQ]y HQ OD
EUXPRVDWRSRJUDItDGHOGRUPLWRULRFRQVXVSLHVLQWXLWLYRVGHEDTXHDQRUXPERDODYHQWDQD
FX\DVKRMDVQRWDUGyHOODHQHQWUHDEULU£QRPXFKROREDVWDQWHFRPRSDUDTXHXQUD\RGH
VROPDxDQHURHQWUDUDVLQSUHSRWHQFLDHQHOUHIXJLRGHXQFRPEDWLHQWHGRUPLGR´&DQDOL]DU
OD YXHOWD GH 0HJDIyQ DO GtDµ YROYLy D GHFLUVH LQ PHQWH < VH DFHUFy D OD FDPD GRQGH
QiXIUDJRHQWUHVXVFRELMDVUHSRVDEDHO$XWRGLGDFWRGH9LOOD&UHVSR0HJDIyQ\DFtDODUJRD
ODUJRFRQVXRFFLSXFLRHQODDOPRKDGD\VXVGRVPDQRVMXQWDVHQHOSHFKRYHOOXGR<ORV
RMRVHVFUXWDGRUHVGH3DWULFLDUHFRUULHURQHOiUHDGHVXYDUyQ\DFHQWH
³,QPRYLOLGDG DEVROXWD ³VH GLMR³ 6X UHVSLUDFLyQ HV XQD KHEUD GH DUWH WDQ VXWLO TXH QR
PXHYHQLXQP~VFXORGHVXWyUD[
2EVHUYyOXHJRHOURVWURGH0HJDIyQFX\RVSODQRVWHQtDQODOLVXUDPLQHUDOGHXQDSLHGUD
EDMRHODJXDFRUUHGRUD
³1L XQD H[SUHVLyQ HQ VX VHPEODQWH ³DQRWy HOOD FRPR DSOLFDQGR XQD OHFFLyQ
DPRURVDPHQWH DSUHQGLGD³ 0HJDIyQ GHVFDQVD HQ HO ´VXHxR SURIXQGRµ \ HQ VX HVWDGR GH
´QRPDQLIHVWDFLyQµ£2MRDODSULPHUDHWDSDGHOUHJUHVR
(QWRQFHV3DWULFLD%HOOVHLQFOLQyVREUHVXPDULGR\OHWRFyXQDVLHQFRQOD\HPDGHORV
GHGRV(O$XWRGLGDFWRUHVSRQGLyDHVDOODPDGDFRQXQDLQVSLUDFLyQSURIXQGDTXHGLODWyVX
SHFKR \ UHFREUy HQ VHJXLGD OD TXLHWXG 6LQ HPEDUJR 3DWULFLD %HOO FRPSUREy TXH ORV
P~VFXORVIDFLDOHVGHVXKRPEUHGXUPLHQWHVHDQLPDEDQDKRUDHQODH[SUHVLyQFRUWLFDOGH
XQVXFHGHULQWHUQR
³0HJDIyQ HVWi VRxDQGR ³FDOFXOy HOOD³ 'HVGH HO ´VXHxR SURIXQGRµ DFDED GH SDVDU DO
HVWDGRVXWLOGHVXVLPiJHQHVLQWHULRUHV$KRUDVRQUtHDVXVIDQWDVPDVROHVIUXQFHODVFHMDV
PD\DYLUXSD
6t3DWULFLD%HOOVHGHMyJDQDUXQLQVWDQWHSRUODWHUQXUDREVHUYDQGRHOURVWURFDPELDQWH
GH 0HJDIyQ H LQWHQWDQGR DGLYLQDU GHVGH DIXHUD HO FXUVR tQWLPR GH VXV HQVXHxRV (OOD VH
HQWHUQHFLy£PDWHUDPDWHUPDGUH\PDWHULD3HURQRWDUGyHQYROYHUDORVULJRUHVGHXQ
LWLQHUDULRDSUHQGLGRDPRURVDPHQWH
³$KRUDODVHJXQGDHWDSD³VHGLMR³0HJDIyQGHEHUHJUHVDUDVX´HVWDGRGHYLJLOLDµ
/RVDFXGLyHQWRQFHVFRQHVWXGLRVDSUXGHQFLD£RKPDWHU<SURQXQFLyVXQRPEUH
³£0HJDIyQ
(O2VFXURHQWUHDEULyVXVSiUSDGRVFRPRVLDOUHFLELUDTXHOQRPEUHUHFREUDVHFRQpOXQD
HQWLGDGSHUGLGDHQHOFDRVGHOVXHxR
³£0HJDIyQ³YROYLyDQRPEUDUORHOOD
< HO 2VFXUR LQFRUSRUiQGRVH D PHGLDV UHFLELy HO PDWH TXH OH DOFDQ]DED 3DWULFLD
,QFRQVFLHQWH D~Q \ DWyQLWR FRPR XQ EDJUH TXH DFDED GH VHU SHVFDGR HQ XQ UtR 0HJDIyQ
GLULJLyDVXERFDODERPELOODGHSODWD\ODFKXSyFRQXQULFWXVPDPDULRGHUHFLpQQDFLGR
KDVWDTXHR\yHOUH]RQJRILQDOGHOFDQXWRHQHOUHFLSLHQWH/XHJRWUDVGHYROYHUHOPDWH
YROYLyDODKRUL]RQWDOGHORVGRUPLGRV\ORVPXHUWRVFRPRVLD~QVHUHVLVWLHVHDODYR]TXH
OROODPDEDRWUDYH]DODHVHQFLD\DODH[LVWHQFLD
)LHODODUHFRQVWUXFFLyQPHWyGLFDGHVXPDULGR3DWULFLDFXPSOLyHQWRQFHVORVDFWRVTXH
VLJXHQ$EDQGRQyHO PDWHYDFtRHQODPHVDGH OX]\WRPyXQSHGD]RGHyQL[GH6DQ/XLV
TXH XELFy HQ OD GLHVWUD LQHUWH GHO $XWRGLGDFWR TXLHQ SDOSy HO GXUR PLQHUDO \ UHFREUy VX
FRQFLHQFLDGHO´PXQGRHOHPHQWDWLYRµTXHWDPELpQpOLQWHJUDED3DWULFLDOHDOFDQ]yOXHJR
ODEHJRQLD2IHOLDHQVXPDFHWDGHEDUURFRFLGR\0HJDIyQKXQGLHQGRVXFDUDHQWUHKRMDV
\IORUHVUHFREUyDOOtVXFRQFLHQFLDGHO´PXQGRYHJHWDWLYRµDOTXHWDPSRFRHUDpODMHQR$

15
FRQWLQXDFLyQ\WUDVOOHYDUVHODEHJRQLD3DWULFLDHQWUHDEULyODSXHUWDGHOGRUPLWRULR\GHMy
HQWUDU DO JDWR 0DQGLQJD TXH VDOWy D OD FDPD \ EXVFy OD GXOFH WHPSHUDWXUD GH VXV
FREHUWRUHV HO $XWRGLGDFWR DFDULFLy OD SLHO HOpFWULFD GH 0DQGLQJD R\y VX URQURQHR GH
EHDWLWXG VLQWLy HQ HO GRUVR GH VX PDQR OD OHQJXD UtVSLGD GHO DQLPDO \ IXH WRPDQGR
FRQFLHQFLD GHO ´PXQGR VHQVLWLYRµ D TXH WDPELpQ SHUWHQHFtD 5HLQWHJUDGR D HVRV WUHV
PXQGRV TXH VLQWHWL]DED 0HJDIyQ UHFREUy DO ILQ OD FRQFLHQFLD GH VX LQGLYLGXDOLGDG
VHSDUDWLYD´6R\0HJDIyQ³VHGLMR³0HJDIyQHVXQKRPEUHOXHJRVR\HOKRPEUH\HVWR\
DKRUDHQHOPXQGRGHO KRPEUHµ<UDVFyODQXFDGH0DQGLQJDHQXQJHVWRGHVROLGDULGDG
RQWROyJLFD
9LpQGROR HQ HVH GLFKRVR ILQDO GHO LWLQHUDULR 3DWULFLD %HOO DEULy ODV GRV KRMDV GH OD
YHQWDQD\XQDOX]WRUUHQFLDOSHURVLQDJUHVLRQHVLQYDGLyHOGRUPLWRULR(O$XWRGLGDFWRYLR
FyPRVXPXMHUVHOHDFHUFDEDOHQWDPHQWH\UHFRQRFLyHQHOODODVXEVWDQFLDGHVXUHJUHVR
£PDWHUDPDWHUPDWHULD6tpOPLVPROHKDEtDHQVHxDGRDTXHOPpWRGRJUDGXDOGHYROYHU
DO PXQGR H[WHULRU \D TXH GHVGH QLxR VXV GHVSHUWDUHV FRQ YLROHQFLD OR ODQ]DEDQ D
UHDFFLRQHVGHYLROHQFLD\DGHVDMXVWHVDPDUJRVFRPRXQDKLHO£0DWHULDPDWHUPDGUH8Q
IOXMRGHWHUQXUDLQYDGLyHODOPDGH0HJDIyQWRGDYtDHQVXQLHEOD
³3DWULFLD³OHSUHJXQWy³¢FXiQGR\GyQGHIXLVWHVHSDUDGDGHPLFRVWLOODU"
³(QHOFDStWXORVHJXQGRYHUVRV\GHO*pQHVLV³ULyHOOD
³¢<GHVGHTXpIHFKDYHQLPRVXQLHQGRODVGRVSDUWHVFRUWDGDVSRUHO*UDQ&LUXMDQR"
0HJDIyQ \ 3DWULFLD %HOO DVHJXUDEDQ D TXLHQHV SRGtDQ HQWHQGHUOR TXH VH KDOODEDQ HQ OD
HPSUHVDFRP~QGHUHFRQVWUXLUDODQGUyJLQRSULPLWLYRGHO*pQHVLVRSHUDFLyQGLItFLODODTXH
PXFKRV HVFpSWLFRV GH %XHQRV $LUHV FDOLILFDEDQ GH ´DQDFUyQLFDµ HQ HVWD FLYLOL]DFLyQ GH
LVyWRSRVUDGLDFWLYRV\QDYHVHVSDFLDOHV
³£0XWLODGRV GHO LQWHOHFWR ³UH]RQJy HO 2VFXUR DO UHFRUGDU VX SROpPLFD GH OD QRFKH
DQWHULRUFRQORVItVLFRVDWyPLFRV
³¢4XLpQHV"³LQWHUURJy3DWULFLDFDXWDPHQWH
³£/HVYR\DWDWXDUHO(YDQJHOLRHQODVFRVWLOODV³YROYLyDUH]RQJDUHO$XWRGLGDFWR
< DGYLUWLHQGR TXH OD UHFRUGDFLyQ GH ORV ItVLFRV OH GHYROYtD OD FRQFLHQFLD GH VXV 'RV
%DWDOODVDEDQGRQyHOOHFKRPDWULPRQLDOFRPRXUJLGRSRUXQFODUtQGHJXHUUD
³3DWULFLDPLGXFKD³OHUHFRUGy
(OOD OR YLR GH SLH \ HQYXHOWR HQ VX SL\DPD WULVWHPHQWH YLROHWD XQ ´FRORU SHQLWHQFLDOµ
GHFtD0HJDIyQSDUDMXVWLILFDUOR\MXVWLILFDUVH
³7RGDYtDQR³OHGLMR
³¢4XpPHIDOWD"³LQTXLULypO
³7XEU~MXOD\WXFRPSiV
/HQWD\DUPRQLRVD3DWULFLD%HOOWRPyORVGRVXWHQVLOLRVDVXDOFDQFH\ORVGHSRVLWyHQODV
PDQRVGHOJXHUUHURODEU~MXODHQVXL]TXLHUGD\HOFRPSiVHQVXGHUHFKD
³¢3DUDTXpODEU~MXOD"³SUHJXQWypOULWXDOPHQWH
³3DUDOD´RULHQWDFLyQµ³UHSXVRHOOD
³¢<HVWHFRPSiV"
³(VSDUD´ODPHGLGDµ
2ULHQWDFLyQ\PHGLGDORVGRVUHTXLVLWRVGHOFRPEDWH0HJDIyQGHYROYLyDODPHVDGHOX]
HO FRPSiV \ OD EU~MXOD WRPy D 3DWULFLD HQWUH VXV EUD]RV \ OD PLUy HQ VXV RMRV
YHUGHODJRSURIXQGR TXH WDPELpQ OH VRQUHtDQ £DK WDQWR FRPR VX ERFD JUDQDGD /XHJR
DWUDMRDVXHVWHUQyQODFDEH]DUHQGLGD\DVSLUyHODURPDGHVXSHOREURQFtQHR´£4XpVDEHQ
HOORV GHO DPRU PLOLWDQWHµ UHIXQIXxy HQ VX DOPD UHFRUGDQGR D ORV ItVLFRV DWyPLFRV GH OD
YtVSHUD/DVHSDUyDOILQWLHUQDPHQWHGHVXSHFKRVHFDO]yDWLHQWDVODV]DSDWLOODVGHEDxR
\DEDQGRQyHOGRUPLWRULROXJDUGHVXVPXHUWHV\UHVXUUHFFLRQHVFRWLGLDQDV
(O JUDQ HVSHMR TXH 0HJDIyQ KDEtD LQVWDODGR IUHQWH D OD GXFKD QR VH GHVWLQDED QL DO

16
QDUFLVLVPR QL D OD REVFHQLGDG HVSHFLH FDOXPQLRVD TXH GLYXOJDURQ HQ OD EDUULDGD FLHUWRV
YLVLWDQWHV GH RFDVLyQ \ HVWUDWpJLFDPHQWH PHRQHV FRPR WRGRV ORV HVStDV (Q ULJRU GH YHU
GDGHO$XWRGLGDFWRXVDEDHOHVSHMRVyORFRQILQHVGHPHGLWDFLyQRQWROyJLFD<DVtORKDFtD
HQHVHLQVWDQWHFXDQGRWUDVGHVYHVWLUVHGHOSL\DPDWULVWHPHQWHYLROHWDVHYLRGHVQXGRHQ
OD OXQD EULOODQWH \ IUtD FRPR HO RMR GH XQ FUtWLFR 'HO FpQLW DO QDGLU HVWXGLy VX IUHQWH
FRPEDUHJLyQGHOLQWHOHFWRVXWRUVREOLQGDGRSDUDODUHVLVWHQFLDVXVEUD]RVQXGRVRVSDUD
HOFRPEDWHVXVSLHUQDVOLVWDVDODWUDQVODFLyQWHUUHVWUHVXVH[RH[WHQVLEOHRUHWUiFWLOSDUD
ODJHQHUDFLyQ<3DWULFLD%HOOFRQVXVDQWHQDVYLEUDQWHVJXDUGDEDVLOHQFLRMXQWRDOKRPEUH
FRPRSDUDVLQWRQL]DUHOUXPERGHVXVLGHDV'HSURQWR0HJDIyQHQVXDXWRDQiOLVLVWXYROD
VHQVDFLyQGHYHUVHDVtPLVPRGHVGHRWUDRQWRORJtDSRVLEOH´6tHOPRQVWUXRKXPDQRµVH
GLMR<YROYLpQGRVHDVXPXMHU
³3DWULFLD ³OH FRPXQLFy³ D YHFHV PH SUHJXQWR TXp GLUtD XQ PDUFLDQR VL VH HQIUHQWDVH
DKRUDFRQHVWHFXHUSRWDQULFRHQDSpQGLFHV
³1RHQWLHQGR³YDFLOyHOOD
³6L XQ KRPEUH PDUFLDQR \ XQ KRPEUH WHUUHVWUH VH HQFRQWUDUDQ ¢TXLpQ VH DVXVWDUtD GH
TXLpQ"
³'HSHQGHUtDGHODIRUPDTXHWUDMHUDHOPDUFLDQR³DUJXPHQWy3DWULFLDHQVLPLVPDGD
(O$XWRGLGDFWRVDERUHyDTXHOODUHVSXHVWDGLFWDGDSRUXQPHROORDVWXWRVHLQVWDOyGHEDMR
GH OD GXFKD \ DEULy HO JULIR GH WDO PRGR TXH XQ WRUUHQWH GH DJXD FD\HUD VREUH OD
´PRGDOLGDG FRUSRUDOµ GH VX FRPSXHVWR KXPDQR (QWRQFHV R\y D 3DWULFLD TXH VLQ
DEDQGRQDUVXDEVWUDFFLyQH[FODPDED
³£([DFWDPHQWHXQFDQJXUR
0LHQWUDVHQMDERQDEDVXVKRPEURV0HJDIyQGHGXMRTXHDTXHOODH[FODPDFLyQGH3DWULFLD
HUDFRPRGHFRVWXPEUHXQDFRODVRQRUDH[WHULRUL]DGDSRUVXPRQyORJRtQWLPR´$WHQFLyQ
DOPpWRGRKD\XQDFDGHQDOyJLFDTXHWHUPLQyUHFLpQHQHOFDQJXURGH3DWULFLD\TXHVLQ
GXGDVHLQLFLyHQHOPDUFLDQRGHPLWHVLVµ
³¢+DEODEDVGHXQFDQJXUR"³OHSUHJXQWy
³$QRFKH³GLMRHOOD³HQXQJLQJOHUGHWHOHYLVLyQODFiPDUDVyORHQIRFyODVSLHUQDVGH
XQ KRPEUH TXH VDOWDED SRU XQ WHUUHQR FDO]DQGR DOSDUJDWDV ´2PE~µ ODV PiV IXHUWHV GHO
PXQGR
³¢<WHSDUHFLyPRQVWUXRVR"
³(UDH[DFWDPHQWHXQFDQJXURDXVWUDOLDQR
6t0HJDIyQLGHQWLILFDEDHQHOGH3DWULFLDXQR GHORVDVRPEURV LPSUHYLVWRVTXH DYHFHV
QRV SURGXFHQ ODV PRUIRORJtDV GH OD WLHUUD HQ OR YLVXDO \ HQ OR DXULFXODU (O PLVPR HQ VXV
LQVRPQLRVHVFXFKDEDHOODGULGRGHORVSHUURVFRPRVLOHOOHJDVHGHVHUHVDEVXUGRVHQIRUPD
GH FDxRV HVWDOODQWHV R OD ULVD JDOOLQiFHD GH ODV PXMHUHV HQ ORV SDWLRV DELHUWRV GH OD
YHFLQGDG´(O6HUHVXQR\~QLFRDXQTXHDVXPDIRUPDVGLVWLQWDV\VRUSUHQGHQWHVµ$TXtHO
$XWRGLGDFWRVHGLRXQJROSHILQDOGHGXFKDWRPyXQDWRDOOD\VHIURWyYLJRURVDPHQWHFRQ
HOOD6HHQIXQGyOXHJRHQXQEX]RGHPHFiQLFR\FDO]yVXVJDVWDGDVRMRWDVGH$WDPLVTXL
³3DWULFLD³OHGLMR³VXEDPRVDODWRUUH
(Q VX FKDOHW OLPSLDGR GH PDOHILFLRV HO 2VFXUR WHQtD XQD WRUUH SDUD ORV PHQVDMHURV GH
$UULED \ XQ VyWDQR SDUD ORV LQWUXVRV GH $EDMR KDEtD TXH VXELU D OD WRUUH FRQ XQ FRUD]yQ
DPDQWH\EDMDUDOVyWDQRFRQXQKtJDGRFRPEDWLHQWH$WHQWRVDHVHGLFWDGRGHODFRUGXUD
0HJDIyQ \ 3DWULFLD FRQ HO JDWR D OD ]DJD VDOLHURQ D ORV IRQGRV GHO FKDOHW \ SRU XQD
HVFDOHUDGHFDUDFROWUHSDURQDODWRUUHGHVGHFX\DVDOPHQDVHQIDOVRPHGLHYRVHGRPLQDED
WRGDODYHFLQGDG$VRPDGRDOYDFtRHO2VFXURYLRFyPRODSULPDYHUDWULXQIDEDHQHOSDWLR
GH ODV SODQFKDGRUDV JHUDQLRV \ PDOYRQHV HQ OD KXHUWD GH ORV MXGtRV GXUD]QHURV \
JOLFLQDV HQ ORV SODQWHURV GH ODV PDHVWUDV MXELODGDV KHOHFKRV \ QDUFLVRV \ HQ ODV YHUGHV
SDUUDV GH ORV DOEDxLOHV LWDOLDQRV 2\y D OD YH] HO SLDU GH ORV JRUULRQHV \ HO EXOOLU GH ODV

17
JRORQGULQDV UHFLpQ OOHJDGDV TXH KDFtDQ VXV QLGRV HQ ORV WHFKRV \ DVSLUy XQ DURPD GH
PHQWDV\FHGURQHVWRGDYtDHQVXURFtR(QWRQFHVDGYLUWLyTXHXQDRODGHLQVSLUDFLyQQDFtD
HQHOFHQWURGHVXPLFURFRVPRUHFRQVWUXLGR\D\FRQWRGDVODVDQWHQDVRULHQWDGDV
³3DWULFLDRUHPRV³GLMRYROYLpQGRVHDHOODTXHWDPELpQRWHDEDORVDOUHGHGRUHV
&RQ VX PXMHU D OD GHUHFKD \ VX JDWR D OD L]TXLHUGD 0HJDIyQ RUy DO PRGR SHQWHFRVWDO
YDOHGHFLUFRQODVSDODEUDVTXHLEDGLFWiQGROHVXH[DOWDFLyQPDxDQHUD
³3DGUH6XEOLPH³GLMRHQYR]DOWD³GHVGHQXHVWURVHUHQUHODWLYLGDGD7X6HU$EVROXWR
3DWULFLD \ \R WH DODEDPRV WH EHQGHFLPRV \ WH JORULILFDPRV 3RUTXH VRQ DGPLUDEOHV WXV
REUDV HQ OD &UHDFLyQ D TXH SHUWHQHFHPRV \ DGPLUDEOHV WXV REUDV HQ OD 5HGHQFLyQ SRU
-HVXFULVWR\SRUTXHWRGRHPSLH]D\DFDEDHQWX9HUERTXHWHJORULILFDGRVYHFHVDOFUHDU\
DOUHGLPLUORFUHDGR
³£$OHOX\D³FODPy3DWULFLD%HOO³£$OHOX\D
³(QHVWHGtDTXHDYDQ]D³SURVLJXLyHO$XWRGLGDFWR³£WLHQGHVREUHQRVRWURVWXPDQRGH
EHQGLFLyQSDUDTXHWHQJDPRVGXO]XUDHQODSD]\YLFWRULDHQODJXHUUD
³£3DGUHEHQGtFHQRV³YROYLyDFODPDU3DWULFLD
<HQHVWHSXQWRVHR\yDEDMRODJXLWDUUDGHOEHDWOHIXHSULPHURXQ]XPELGRHOHFWUyQLFR
\HQVHJXLGDXQDUDVFDGDHVWULGHQWHDODFXDOQRWDUGyHQXQLUVHODYR]GHXQKRPEUHTXH
UHSHWtD\XOXODED´<H\H\H\H\H\Hµ3iOLGRHQVXIXULDFRPRVLDFDEDVHQGHEDMDUOR
GHXQDSHGUDGD0HJDIyQVHYROYLyD3DWULFLD
³£/DPDGUHTXHORSDULyDOEHDWOH³OHGLMR
³µ4XLHQDVXKHUPDQRGLMHUHUDFD³OHDGYLUWLyHOODHYDQJpOLFDPHQWH³TXHGDUiVRPHWLGR
DODJHKHQDGHOIXHJRµ
³3DWULFLD³OHDFODUypO³FRQVWHTXHGLMH´ODPDGUHTXHORSDULyµ\QR´ODSXWDTXHOR
SDULyµ6yORKHUHFRUGDGRODPDWUL]RULJLQDOGHOEHDWOH¢2HQWHQGHUHPRVTXHKDQDFLGRSRU
JHQHUDFLyQHVSRQWiQHD"
&RPR QR UHFLELHUD FRQWHVWDFLyQ DOJXQD HO $XWRGLGDFWR UHFRUULy XQ VHPLFtUFXOR GH OD
WRUUH VH DVRPy HQWUH GRV DOPHQDV \ ORFDOL]y DO EHDWOH TXH VHQWDGR MXQWR D XQ JDOOLQHUR
YHFLQDOVHDJLWDEDGHFULQHV\GHKRPEURVHQORTXHSDUHFtDXQIUHQHVtGHVXDUWH<YRO
YLpQGRVHD3DWULFLD
³+HUPDQD³OHSLGLy³DOFiQ]DPHODKRQGD
(OODHQFRQWUyHODUPD\VXVSUR\HFWLOHVHQXQKXHFRGHODWRUUHGHVWLQDGRDHVHILQ\ORV
HQWUHJyD0HJDIyQTXHVHDVRPDED\HVFRQGtDHQHODOPHQDUFRPR XQDFHFKDQWHFD]DGRU
IXUWLYR 0LHQWUDV FDUJDED pO OD KRQGD FRQ XQD WXHUFD GH UHJXODU FDOLEUH OH VXVXUUy D
3DWULFLD
³1RKHULUDOP~VLFRHOP~VLFRSXHGHUHGLPLUVH+D\TXHVLOHQFLDUHOLQVWUXPHQWR
([WHQGLyODJRPHUDHQWRGDVXHODVWLFLGDGDSXQWyFXLGDGRVDPHQWH\VROWyHOSUR\HFWLO
VHR\yHOLPSDFWRGHODWXHUFDHQODJXLWDUUDXQDPDOGLFLyQGHOEHDWOH\XQDHVFDQGDOHUD
GH JDOOLQDV 'HVSXpV D IDYRU GHO VLOHQFLR UHFRQVWLWXLGR YROYLy D HVFXFKDUVH OD P~VLFD GH
ORV SiMDURV 1R REVWDQWH DTXHO SULPHU DFWR GH JXHUUD FRQ TXH LQLFLDED VX GtD VXVWUDMR D
0HJDIyQGHVXDUUREDPLHQWR\OHUHFRUGyVXGHVWLQRGHFRPEDWLHQWH*XDUGyODKRQGDHQHO
KXHFRGHODWRUUH\GLULJLpQGRVHD3DWULFLD
³%DMHPRVDOVyWDQR³OHGLMR
8QR\RWURFRQHOJDWR0DQGLQJDHQORVWDORQHVGHVFHQGLHURQDODFDVD\HQWUDURQHQHO
FRPHGRUHQFX\RSDUTXHWVHDEUtDODHQWUDGDGHOVyWDQRPHGLDQWHXQDDUJROODGHPHWDO(O
2VFXUR OHYDQWy OD WDSD GHO VXEVXHOR WRPy VX OLQWHUQD HOpFWULFD \ SRU XQD HVFDOHULWD
GHVFHQGLyDODSURIXQGLGDGVHJXLGRSRUVXPXMHU\SRUVXJDWRTXHQRLJQRUDEDQDTXHOOD
UXWD/DOLQWHUQDLOXPLQyHOJUDQEDUULOGRQGHDOJXQDYH]HO2VFXURKDEtDLQWHQWDGRIDEULFDU
VX SURSLR YLQR OXHJR XQ PDQLTXt HQ GHVXVR GH 3DWULFLD XQ FDOHIyQ MXELODGR \ XQ
DSLODPLHQWR GH ERWHOODV YDFtDV &RQ HO KtJDGR PLOLWDQWH \ ORV RMRV DOHUWDGRV OD SDUHMD

18
HVFXGULxy ORV FDFKLYDFKHV GHO VyWDQR SHUR QLQJXQD IRUPD KRVWLO VH UHYHOy D VXV PLUDGDV
(VFXFKy ODUJDPHQWH \ D VXV RtGRV QR OOHJy QLQJ~Q URFH GH EDWUDFLR UHSWLO R LQVHFWR
2OIDWHy HO DLUH \ QLQJXQD SHVWLOHQFLD GH D]XIUH R GH PL[WR KLULy VXV QDULFHV 0HJDIyQ
HVWXGLyDOJDWR0DQGLQJD\ORYLRHQFDOPDVLQHVSHOX]QRVQLEXILGRVORFXDOHUDHQVtXQD
VHxDOGHERQDQ]D(QWRQFHVSRUPHUDIyUPXODH[FODPyGLULJLpQGRVHDODQHJUXUD
³£6LHVWiVDTXt\RWHUHSUHQGR\WHPDQGRTXHDEDQGRQHVPLVyWDQR
1DGD \ QDGLH UHVSRQGLy DO H[RUFLVPR $QWH OR FXDO 0HJDIyQ \ 3DWULFLD GHVHUWDURQ HO
VyWDQRSDUDVXELUDOFRPHGRU<DSHQDVKDEtDQFHUUDGRODHQWUDGDORVGRVR\HURQDIXHUDOD
VLULQJDGH&DSULVWRHODILODGRU

*HUyQLPR&DSULVWRGHWXYRVXURGDQWHPiTXLQDGHDILODUJXDUGyHQVXEROVLOORODVLULQJD
GH EURQFH \ HVSHUy OD VHxDO GHO $XWRGLGDFWR TXH DXWRUL]DUtD VX HQWUDGD HQ HO MDUGtQ
(UJXLGR HQ HO SRUFKH GH OD FDVD HO $XWRGLGDFWR OH GLEXMy OD VHxDO TXH D OD YH] HUD XQD
RUGHQ\XQDELHQYHQLGD<HODILODGRUKL]RURGDUVXPiTXLQDWUDVSXVRODYHUMDGHOFKDOHW
IXHDGHWHQHUVHMXQWRD0HJDIyQTXHOHDUURMDED\DHOFDEOHGHXQDVRQULVD\OHWHQGLyVX
PDQRU~VWLFDFLQFRGHGRVJRUGRV\VHSDUDGRVFRPRODVWHWDVGHXQDYDFD<DTXtHO2VFXUR
GHIORUHVGXGyHQVXDOPDIUHQWHDODGLV\XQWLYDGHHVWUHFKDUDTXHOODPDQRFHUHPRQLRVDR
GHRUGHxDUODVLPSOH\OODQDPHQWH6HGHFLGLySRUORSULPHURWUDVGHORFXDOLQYLWy
³&DSULVWRVLpQWHVH
*HUyQLPR HVWDELOL]y VX PiTXLQD HQ OD YHUWLFDO \ WRPy DVLHQWR MXQWR D 0HJDIyQ HQ XQ
EDQFRGHMDUGtQ\HQWUHXQDIORUHVWDGHUHWDPDVDPDULOODV
³'RQ 0HJD ³FRPHQ]y D GHFLUOH³ DQRFKH UHXQt WRGRV ORV HQODFHV GH OD 2SHUDFLyQ
)LOyVRIR
(O $XWRGLGDFWR OR VLOHQFLy FRQ XQ JHVWR GH ´QR WRGDYtDµ (Q UHDOLGDG HVWXGLDED
PRURVDPHQWH OD FDWDGXUD GHO DILODGRU HO FXDO VHPLHPERVFDGR HQ ODV UHWDPDV OH KDFtD
UHYLYLU DKRUD XQD LQTXLHWXG GH VX DGROHVFHQFLD )UHFXHQWDED HQWRQFHV OD ´%LEOLRWHFD
3RSXODU$OEHUGLµ\HQVXV'LRVHVHQHOGHVWLHUURHOSRHWD(QULTXH+HLQHOHKDEtDHQVHxDGR
TXH ODV GLYLQLGDGHV SDJDQDV DQWH OD H[DOWDFLyQ GHO &ULVWR GHELHURQ H[LOLDUVH D RWURV
FOLPDV$KRUDELHQHQ9LOOD&UHVSRDEXQGDEDQORVDILODGRUHVDPEXODQWHVODP~VLFDGHVXV
VLULQJDVHUDIDPLOLDUDORVRtGRVDWHQWRVGHOEDUULR<0HJDIyQHODGROHVFHQWHVHSUHJXQWy
XQD PDxDQD VL DTXHOORV DILODGRUHV QR VHUtDQ ORV IDXQRV GH OD OH\HQGD TXH DO EXVFDU XQ
UHIXJLR HQ %XHQRV $LUHV KDEtDQ WUDtGR VXV IODXWDV GH VLHWH FDQXWRV HQ VHxDO GH VX RULJHQ
DUFiGLFR
(VWDEDHQHVHSXQWRGHVXUHFRUGDFLRQHVFXDQGR3DWULFLD%HOOVDOLyDOMDUGtQSRUWDGRUDGH
XQ YDVR GH YLQR TXH WHQGLy DO DILODGRU HQ VX HVFHQDULR GH YHUGXUDV &DSULVWR OR WRPy
UHYHUHQWHPHQWH \ PLHQWUDV OR DSXUDED HQ ORV WpUPLQRV GH XQD YLVLEOH GHOLFLD 0HJDIyQ
REVHUYyVXVRMRVDODUJDGRVHQREOLFXLGDGVXWH]GHDFHLWXQD\VXDQFKDERFDGHPRUGHUORV
IUXWRVWHUUHVWUHV
³&DSULVWR³OHDGYLUWLy³XVWHGPHLQWULJD
³¢3RUTXp"³GLMRHODILODGRU
³8VWHGHVXQIDXQR
&DSULVWRPHGLWyHVDSDODEUD
³¢(VXQDHQIHUPHGDGRXQYLFLR"³LQTXLULyDSDFLEOHPHQWH
(O $XWRGLGDFWR UHFRJLy DTXHO GHVDItR GH OD LJQRUDQFLD KHFKR D OD FLHQFLD ´8Q VFKHU]R
PDWLQDODQWHVGHODEDWDOODµVHFRQFHGLyDOHJUHPHQWH
³8VWHG YHUi ³OH GLMR³ HO IDXQR WLHQH XQD PLWDG KXPDQD \ RWUD PLWDG FDEUXQD 6X
QRPEUH&DSULVWRYLHQHGHFDSUDRFDEUD¢'LJRELHQ3DWULFLD"
³0X\ELHQ³FRUURERUy3DWULFLDGHVGHVXVUHFXHUGRVILOROyJLFRV
³< DOJR PiV ³DxDGLy HO 2VFXUR³ ORV IDXQRV KDFtDQ VRQDU OD IODXWD GH 3DQ XQ

19
LQVWUXPHQWR GH VLHWH FDxDV MXQWDV < XVWHG &DSULVWR XVD XQ LQVWUXPHQWR VHPHMDQWH
3DWULFLD¢QRHVDVt"
³$VtHV³ORDSXQWDOyHOODGHVGHVXROYLGDGDPLWRORJtD
(Q VX PDUFR GH UHWDPDV HO DILODGRU VH FRPSODFtD GLVFUHWDPHQWH DQWH DTXHOOD LQVyOLWD
YHUVLyQGHVXHQWLGDG<HO$XWRGLGDFWRDODGYHUWLUORQRGLVLPXOyFLHUWRDLUHGHFRQJRMD
³(V DVt ³OH GLMR³ 3HUR \R HQ VX OXJDU QR PH DOHJUDUtD ÐLJDPH &DSULVWR HQWUH HO
IDXQRJULHJR\XVWHGKD\XQDGLIHUHQFLDPX\VRVSHFKRVD3RUHMHPSORODVLULQJDGHOIDXQR
HUDGHFDxDV\ODVX\DHVGHEURQFH+D\DTXtXQDWUDQVPXWDFLyQGHOVLPEROLVPRYHJHWDOHQ
VLPEROLVPRPHWDO~UJLFR
³¢<HVRHVPDOR"³VHLQTXLHWyYDJDPHQWH&DSULVWR
³¢0DOR"£(VSpVLPR¢1RVHUiXVWHGXQKLMRGH9XOFDQR"
³0LVSDGUHVHUDQGH6LFLOLD
³0iV D PL IDYRU ³OH GLMR HO 2VFXUR³ (Q 6LFLOLD HVWi HO (WQD \ HO (WQD HV OD IUDJXD GH
9XOFDQR
³¢4XLpQHV9XOFDQR"³UHSXVRHODILODGRU
³8QKHUUHURGHPDODFDWDGXUD\DGHPiVFRUQXGRKDVWDODPXHUWH$OOtHVWiODFHQWUDOGH
ORV PHWDO~UJLFRV LQIHUQDOHV ORV LQJHQLHURV GH PLQDV \ ORV IDXQRV TXH FRPR XVWHG VH
GHVHQWHQGLHURQGHOERVTXH\KR\DILODQWLMHUDV£&DSULVWRVXPiTXLQDORGLFHWRGR
³¢4XpWLHQHPLPiTXLQD"³VHWXUEypO
³(VPLWDGFDUUHWLOOD\PLWDGODQJRVWDGHO$SRFDOLSVLV
(QHOVHPEODQWHGH&DSULVWRVHWUDGXMRXQDVXHUWHGHSURWHVWD\ODPHQWRDODYH]
³1R VR\ XQ IDXQR ³GLMR³ QR OR IXH PL SDGUH QL PL DEXHOR JHQWH KRQUDGD TXH QXQFD
GHELyXQFHQWDYRQLPDWyDQDGLHFRPRQRIXHVHSRUYHQGHWWD
³¢3RGUtDPRVWUDUPHVXSLHL]TXLHUGR"³ORGHVDILyHO$XWRGLGDFWR
³¢3DUDTXp"
³/RVIDXQRVWLHQHQSLHVGHFDEUDHVGHFLUKHQGLGRVSRUODPLWDG
5iSLGR\GLJQRFRPRTXLHQUHVSRQGHDXQDFDOXPQLDHODILODGRU&DSULVWRVHGHVFDO]yGH
XQD ]DSDWLOOD \ XQD PHGLD \ PRVWUy XQ SLH GHVQXGR OOHQR GH FRVWUDV \ MXDQHWHV SHUR
tQWHJURHQVXYLVLEOHGHFRURKXPDQR
³6tHVXQSLHGHKRPEUH³OHGLMR0HJDIyQ
<SRQLpQGRVHGHSLH
³&DSULVWR³ORLQYLWy³HQWUHPRVHQODFDVD
³'RQ0HJD³YDFLOypOFDO]iQGRVHGHQXHYRPHGLD\]DSDWLOOD³¢HVHIDXQRWLHQHTXHYHU
FRQOD2SHUDFLyQ)LOyVRIR"
³7LHQH\QRWLHQHTXHYHU³OHUHVSRQGLyHO2VFXURGLULJLpQGRVHDOSRUFKH

&XDQGR 0HJDIyQ D SDUWLU GH ORV IXVLODPLHQWRV GH MXQLR FRQFLELy HO SODQ GH VXV 'RV
%DWDOODV\VHGLRDODWDUHDGHUHFOXWDUDORVJXHUUHURVSRVLEOHVODILJXUDGH6DPXHO7HVOHU
VH OH LPSXVR FRPR QHFHVDULD HQ DWHQFLyQ D ORV KHFKRV GHO ILOyVRIR YLOODFUHVSHQVH TXH \R
KDEtDQDUUDGRHQODVJHVWDVGH$GiQ%XHQRVD\UHV(OPyYLOGHWDQDVRPEURVDHOHFFLyQHUD
OD FLUFXQVWDQFLD SRU GHPiV IHOL] GH TXH 6DPXHO 7HVOHU KXELHUD ORJUDGR HQ Vt PLVPR OD
SOHQLWXGGHORV'RV7HVWDPHQWRVORFXDOKDFtDGHOILOyVRIRXQPLOLWDQWHQDWRGHOD%DWDOOD
&HOHVWH 3RU DxDGLGXUD 0HJDIyQ HVSHUDED TXH 6DPXHO KDELHQGR DOFDQ]DGR XQ HTXLOLEULR
WRWDOHQHO,QILHUQRGHODVREHUELDWUDHUtDGHVXVPRUWLILFDFLRQHVXQDFDUJDGHVXEOLPLGDG
TXHDUURMDUtDXQSHVRGHFLVLYRHQODEDODQ]DGHOFRPEDWH<RHVWDEDOHMRVGHFRPSDUWLUHVH
RSWLPLVPRGHO$XWRGLGDFWRORFXDOQRLPSLGLyTXHOHGLHUDODXELFDFLyQH[DFWDGHOILOyVRIR
\ RWUDV QRWLFLDV DFHUFD GH VX FRQGLFLyQ DFWXDO HQ HO DIDPDGR HVWDEOHFLPLHQWR GH OD FDOOH
9LH\WHV8UJLGRSRUODQHFHVLGDG0HJDIyQHVWXYRIOXFWXDQGRHQWUHXQUHVFDWHXQDHYDVLyQ
RXQVHFXHVWURGH6DPXHO7HVOHU\VHGHFLGLyDOILQSRUXQDFWRPL[WRTXHVHOODPDUtD2SH

20
UDFLyQ )LOyVRIR $KRUD ELHQ FRPR QHFHVLWDED XQ HQODFH FRQ OD FHQWUDO GH ODV DFFLRQHV
DFXGLy D *HUyQLPR &DSULVWR DILODGRU YHWHUDQR \ KRPEUH IDPLOLDU HQ OD FRFLQD GHO
PDQLFRPLRDFX\RDUWHVHFRQILDEDQODVWLMHUDV\FXFKLOORVGHVWLQDGRVDORVUHFOXVRV
&RQFKDVTXLWDQLQFLHUWR0HJDIyQKDEtDHQYLDGRDOILOyVRIRHOVLJXLHQWHPHQVDMH

´6HxRU GRQ 6DPXHO 7HVOHU 6PDQLFRPLR HQ OD FDOOH 9LH\WHV ,QROYLGDEOH PDHVWUR QR
KDEUtD\RLQWHQWDGRIRU]DUODSULVLyQLQMXVWDHQTXHXQDLJQRUDQFLD\DLUUHGLPLEOHORWLHQH
UHFOXLGRVLODHPSUHVDULHVJRVDHQTXHPHKDOORQRUHFODPDUDHODX[LOLRGHXQDSUXGHQFLD
TXHFRPRODVX\DHVWDQQRWRULDHQ%XHQRV$LUHVFRPRVXPLVPDJHQLDOLGDG(OSRUWDGRU
XQ DOPD EDMR FX\D HVWROLGH] DSDUHQWH VH HVFRQGH OD SURYHUELDO DVWXFLD GHO OLQFH OH
DGHODQWDUi HO SUR\HFWR GH XQD HYDVLyQ TXH VH KD GH SRQHU HQ REUD VL DFHSWD XVWHG OD
LQYLWDFLyQTXHOHIRUPXORHQHOQRPEUHGHXQDEDWDOODSRVLEOH/RDGPLUD\ORTXLHUH
0HJDIyQµ

(O $XWRGLGDFWR DO GRVLILFDU ORV LQJUHGLHQWHV GH VX PHQVDMH KDEtD HQWHQGLGR TXH RFKR
JUDPRV GH DGXODFLyQ \ XQR GH LQWULJD EDVWDEDQ D VX LQWHQWR GH DWUDHU DO ILOyVRIR <
FXDUHQWD\GRVKRUDVPiVWDUGH&DSULVWROHWUDtDODUHVSXHVWDTXHVLJXH

´$ 0HJDIyQ R FRPR VH OODPH 7ULVWtVLPR VHxRU OD PLVLYD LQFRQJUXHQWH TXH KD WHQLGR
XVWHG HO KRQRU GH PDQGDUPH FRUURERUD GH QXHYR PL YLHMD WHRUtD VREUH
HO PXODWLVPR
LQWHOHFWXDO
 TXH DIOLJH D HVWD SUyVSHUD \ GHVGLFKDGD 5HS~EOLFD 8Q PXODWR ItVLFR GH ODV
$QWLOODV SRU HMHPSOR FRQ LJXDO LQRFHQFLD PRUGHUi XQD EDQDQD JLJDQWH SRQGUi HQ yUELWD
XQVDWpOLWHREDLODUiXQJXDJXDQFyDIULFDQRKDFLHQGRUHGREODUVXVWDORQHVKXHVXGRVFRPR
ORKLFH\RDOJXQDYH]FXDQGRPHODVHQWHQGtDFRQ)HGHULFR1LHW]VFKH\VXDJUDGDEOHPRQD
GLRQLVtDFD¢2FUHHXVWHGTXHHOJHQLRHVXQDFRVDGHVRSODU\KDFHUERWHOODV"3HURVyORD
XQ PXODWR SVtTXLFR GH VX WDOOD FUX]D HYLGHQWH GH JDOR \ HVTXLPDO SRGUtD RFXUUtUVHOH OD
RIHQVD GH WLWXODU ´PDQLFRPLRµ D OD DOWD FDVD GH HVWXGLRV TXH DFWXDOPHQWH FRELMD PLV
DEVWUDFFLRQHVILORVyILFDV\PDQRVHDUHOQRPEUHLOXVWUHGH9LH\WHVFRPRVLQRVHWUDWDUDGH
XQSDWULFLRTXHVDOWyDOD+LVWRULD1DFLRQDOGHVGHXQDPRGHVWDMDERQHUtD6LQHPEDUJRWUHV
UD]RQHV PL LQFLWDQ D UHFRJHU VX LQYLWDFLyQ D OD VDQWD KXPLOGDG TXH PH YLVWH GH SLHV D
FDEH]D\PHKDREOLJDGRVLHPSUHDQRGHVRtUHOUHFODPRGHQLQJ~QLGLRWDDHOGHVDItRTXH
VH RFXOWD HQ VX PHQVDMH \ QR VR\ KRPEUH GH UHFKD]DU XQ GHVDItR D FXDOTXLHU HPSUHVD
KXPDQD R GLYLQD \ D OD FLUFXQVWDQFLD SRU GHPiV HQRMRVD GH TXH KR\ VH DORMHQ HQ HVWH
YHQHUDEOHLQVWLWXWRXQ1DSROHyQDQDFUyQLFR\XQ0DKDWPD*DQGKLRFFLGHQWDOL]DGRKDVWDORV
WXpWDQRV&RFLQHXVWHG VXERGULRDOFDORURILFLDOGHPLVWHVWtFXORVQLELOREVWDG)LUPDGR
6DPXHO-RQiV,,µ
´3RVGDWDVDEDMRHOH[WHULRUGHOWDO*HUyQLPR &DSULVWRPiVTXHODSURYHUELDODVWXFLD
GHXQOLQFHVHRFXOWDODVXWLOH]DSURYHUELDOGHXQJDQVRDFRQVHUYHXVWHGHVWHPDQXVFULWR
VXYDORUILGXFLDULRHVLQFDOFXODEOH\ORVFROHFFLRQLVWDVHQVXDQJXUULDROIDWHDQGHVGHOHMRV
HVWDV JDQJDV D HO WHQRU GH HVWDV OtQHDV OH GHPRVWUDUi TXH VLJR FXHUGR KDVWD OD ORFXUD
9DOHµ

&ODURHVWiTXH0HJDIyQQRVHKDEtDGHVDQLPDGRFRQODUHVSXHVWDGHOILOyVRIR$QWHVELHQ
HQ DTXHOOD SURVD HVWLPXODQWH KDEtD HQWHQGLGR TXH HO ,QILHUQR GH OD 6REHUELD OH KDEtD
GHMDGRLOHVRVXQKXPRUXQDSURIXQGLGDG\XQGHVHTXLOLEULRGHPHROORTXHDxDGLUtDQDVX
%DWDOOD&HOHVWHDOJRDVtFRPRXQDSLPLHQWDVHUiILFD/RTXHQRKDEtDFDSWDGRHUDHOYDORU
GHDTXHO-RQiV,,FRQTXH6DPXHO7HVOHULQWHJUDEDVXILUPD\*HUyQLPR&DSULVWRTXHWDQ
PDO SDUDGR TXHGDED HQ OD HStVWROD GHELy UHJUHVDU DO PDQLFRPLR HQ EXVFD GH LQIRU
PDFLRQHV 7UDV GRV R WUHV YLVLWDV D OD ´6DOD GH ORV *HQLRVµ HO DILODGRU KDEtD WUDtGR XQ

21
SDTXHWHGHQRYHGDGHVTXH0HJDIyQKDEtDFODVLILFDGRHQWUHVSXQWRVD6DPXHOHQYLUWXG
GH FLHUWR PLODJUR DQDOyJLFR VH GDED SRU FDXWLYR HQ HO YLHQWUH GH XQD EDOOHQD E OD
2SHUDFLyQ )LOyVRIR SRU OR WDQWR GHEHUtD ORJUDU TXH OD EDOOHQD YRPLWDVH D VX SUHVD \ F
DQWHORVRMRVGH6DPXHOHODILODGRU&DSULVWRVHKDEtDUHLYLQGLFDGRKDVWDFREUDUODVSOXPDV
GH XQ iQJHO PHQVDMHUR (Q VXV LQFXUVLRQHV DO $VLOR HO DILODGRU VH KDEtD JDQDGR SRU RWUD
SDUWHODYROXQWDG\HO FRQFXUVRGHXQDOPDVHOHFWDHOFRFLQHURPD\RUGRQ-RVp9HKLO\
3Oi XQ KLMR GH %DUFHORQD FLQFXHQWyQ HVWHUHRIyQLFR \ GH EDUULJD LPSRUWDQWH FX\R DPRU
LQQDWR D OD OLEHUWDG OR OOHYDED GHVGH VX PDGXUH] D VROWDU ORV SDMDULWRV DEULU WRGDV ODV
FDQLOODV\HQFHQGHUWRGRVORVIXHJRVSRWHQFLDOHVHQFHUUDGRVHQODVFDEH]DVGHORVIyVIRURV
/R ~QLFR TXH QR VROWDED VHJ~Q DYHULJXy &DSULVWR HUDQ ORV ELOOHWHV GH FLHQ SHVRV
HQFDUFHODGRV HQ VX FROFKyQ \ UHXQLGRV DOOt SDUD ILQDQFLDU OD WDQ GHPRUDGD LQGHSHQGHQFLD
GH &DWDOXxD 8Q VHU GH WDQ JHQHURVD FRQGLFLyQ PDO SRGtD QHJDUVH D OD OLEHUWDG GH XQ
ILOyVRIR\0HJDIyQKDEtDUHFLELGRFRQHQWXVLDVPRHODGYHQLPLHQWRGHDTXHODOILOWDQ~WLOD
VXHVWUDWHJLD(OVHJXQGRDOILOGHODSDUWLGDIXHGDGRSRUHOPLVPRFRFLQHURHQODILJXUDGH
3DVFXDO &HUUXWWL RILFLDO GH WHUFHUD R ´ORTXHURµ HQ LGLRPD QR DGPLQLVWUDWLYR TXLHQ SRU
DFWXDUHQOD´6DODGHORV*HQLRVµFDtDHQHORSHUDWLYRGH0HJDIyQFRPRSHGUDGDHQRMRGH
ERWLFDULR'HVJUDFLDGDPHQWH&HUUXWWLQRVHDGRUQDEDFRQODVPLVPDVYLUWXGHVGH9HKLO3Oi
PHWLGRKDVWDHOHQFXHQWURHQXQDSDUWLGDGHWUXFRTXHVHMXJDEDHQ/LQLHUV\TXHSDUHFtD
HWHUQD HO ORTXHUR VH DKRJDED HQ XQ GpILFLW LQVDQDEOH TXH OR FRQYHUWtD HQ XQ PHQGLJR
DEVWUDFWR \ HQ XQ ´SHFKDGRUµ OOHQR GH IUHVFXUD )XH LPSUHVFLQGLEOH XQWDUOH OD PDQR \
0HJDIyQ KDEtD FRQVHQWLGR SRU HQWHQGHU TXH DTXHOOD FRLPD HQWUDED GH MXUH HQ HO IRONORUH
QDFLRQDO
(UDFRQWDOHVDQWHFHGHQWHVTXHHO$XWRGLGDFWR\&DSULVWRHQWUDEDQHQHOFRPHGRUVREUH
OD PHVD XQ JUDQ SODQR GH %XHQRV $LUHV UHVHQWLGR SRU HO XVR H[KLEtD LWLQHUDULRV
FRQFHUQLHQWHV D ODV 'RV %DWDOODV XQRV HQ WLQWD QHJUD \ RWURV HQ WLQWD URMD 0HJDIyQ \
&DSULVWRVHXELFDURQHQODPHVDHOSULPHURTXHPiQGRVH\DHQVXILHEUHRSHUDWLYD\HORWUR
D~Q WDFLWXUQR EDMR OD VRVSHFKD GH VX RULJHQ IDXQHVFR (Q FXDQWR D 3DWULFLD %HOO VH
PDQLIHVWDED R QR HQ OD SXHUWD GH OD FRFLQD WDO FRPR XQ DFWRU HQWUH EDVWLGRUHV TXH
DJXDUGDODVHxDOGHOWUDVSXQWH
³*HUyQLPR³LQTXLULyDOILQHO2VFXUR³¢VHUiHVWDQRFKH"
³7RGRHVWiSUHSDUDGRDOOi³GLMRHODILODGRU
³¢(OFRFLQHUR"
³9LJLODUiGHVGHVXFRFLQD
³¢<HOORTXHUR&HUUXWWL"
³+R\OHWRFDVXJXDUGLD
³/RVGLRVHVQRVD\XGDQ³VHDOHJUyHO$XWRGLGDFWR
<YROYLpQGRVHDIRUR
³£3DWULFLD³OODPy³£3DWULFLD
(OODVHKL]RYLVLEOHSRUWDGRUDGHXQDVDUWpQEULOODQWH\VXVRMRVLQWHUURJDURQDOOtGHU
³6HUiHVWDQRFKH³OHDQXQFLypO³¢(VWDUiOLVWDODFDPLRQHWDGHOYDVFR"
³+D\TXHDYLVDUOHFRQGLH]KRUDVGHDQWLFLSDFLyQ³GLMRHOODVLQRFXOWDUVXHXIRULD
'HVDSDUHFLyFRQODVDUWpQOXHJRVHR\yXQFKLUULDUGHDFHLWH\QRWDUGyHQOOHJDUFLHUWR
SHUIXPHGHFHEROODVIULWDVTXHDFDULFLyODVYHQWHDQWHVQDULFHVGH&DSULVWR
³9D\DPRVDODVRSHUDFLRQHV³ORH[KRUWyHO2VFXUR
<H[WHQGLyVREUHODPHVDXQSDSHOFRQLQIDQWLOHVGLEXMRVGHDUTXLWHFWXUD
³$TXtWHQHPRVXQSODQRGHOPDQLFRPLR³GLMR³ORWUDFpSHUVRQDOPHQWHGHDFXHUGRFRQ
VXVLQGLFDFLRQHV¢'LVWLQJXHELHQORVGHWDOOHV"
³£&ODURFRPRHODJXD³VHDVRPEUy&DSULVWR
³$ PHGLDQRFKH QRV LQWURGXFLPRV SRU HO DFFHVR GH OD FDOOH 9LH\WHV ³H[SXVR 0HJDIyQ

22
VLJXLHQGR HO LWLQHUDULR FRQ XQ OiSL]³ (Q OD HQWUDGD QRV HVSHUDUi &HUUXWWL TXH KD GH
JXLDUQRVKDVWDHOSULPHUSDEHOOyQGRQGHORVJXDUGDSROYRVGHPpGLFR\DHVWDUiQOLVWRV$TXt
QRVHQIXQGDPRVORVJXDUGDSROYRV\DWUDYHVDPRVHOSULPHUSDEHOOyQKDVWDGHVHPERFDUHQOD
JDOHUtDFXELHUWDTXHKDGHOOHYDUQRVDOVHJXQGR8QYH]DOOi\SRUODHVFDOHUDHODVFHQVRU
QRIXQFLRQDVXELPRVDOD´6DODGHORV*HQLRVµ\QRVHQFRQWUDPRVFRQHOILOyVRIR¢(VWDUi
OLVWRHOKRPEUH"
³(OILOyVRIRQRVHVSHUDUiYHVWLGR³DVHJXUyHODILODGRU
³¢<VXHTXLSDMH"
³6yORWLHQHXQD%LEOLDGHWDSDVQHJUDV\XQTXLPRQRMDSRQpV
³/RV GLRVHV FRQWLQ~DQ D\XGiQGRQRV ³YROYLy D UHJRFLMDUVH 0HJDIyQ³ 'HVGH OD ´6DOD GH
ORV *HQLRVµ QRV HVFDEXOOLPRV FRQ HO ILOyVRIR KDVWD HO SDUTXH GHO LQVWLWXWR TXH OD GHVLGLD
RILFLDO KD FRQYHUWLGR HQ XQD MXQJOD < QRV ODUJDPRV SRU HO DFFHVR GH OD FDOOH %UDQGVHQ
3DWULFLDHQODFDPLRQHWDGHOOHFKHURQRVHVWDUiHVSHUDQGRFRQHOPRWRUHQPDUFKD
(O $XWRGLGDFWR GH 9LOOD &UHVSR GLULJLy D &DSULVWR XQD PLUDGD WULXQIDQWH 3HUR OR KDOOy
DEDWLGRVREUHHOSODQRGH%XHQRV$LUHV
³*HUyQLPR³OHSUHJXQWyFRQLQTXLHWXG³¢RFXUUHDOJR"
³'RQ0HJD³VHODPHQWyHODILODGRU³HO~OWLPRSDVRGHODIXJDQRKDGHVHUDVt
³¢3RUTXpQR"
³£(OFRFLQHURGLFHDKRUDTXHQRVKDUiHVFDEXOOLUSRUHOVXEWHUUiQHR
³¢4XpVXEWHUUiQHR"
³8QRTXHVDOHGHOPDQLFRPLR\GHVHPERFDHQHOKRVSLWDO0XxL]
8QULFWXVGHLUDVHGLVHxyHQODERFDGHO$XWRGLGDFWR
³£(VHFDWDOiQ³SURWHVWy³¢VHFUHHDKRUDHO&RQGHGH0RQWHFULVWR"
³'RQ 0HJD ³UHSXVR HO DILODGRU³ HO FRFLQHUR GLFH TXH IXJDUVH GH XQ ´QRVRFRPLRµ HV
PHQRVFRPSURPHWLGRTXHIXJDUVHGHXQ´PDQLFRPLRµ
³$OPHQRV¢HOVXEWHUUiQHRH[LVWH"
³£3RUODOX]TXHQRVDOXPEUD\RYLODHQWUDGD³MXUy&DSULVWRHQVXGHVFRQVXHOR
0HJDIyQHQHOVX\RGLULJLyVXVRMRVDODSXHUWDGHODFRFLQD
³£0XMHU³YROYLyDOODPDU³£(VWDPRVORFRV
3DWULFLD%HOOVHPRVWUyDORVSODQLILFDGRUHV
³¢4XpVXFHGH"³LQTXLULyVLQDEDQGRQDUHOPDUFRGHODSXHUWD
³£(OFDWDOiQQRVKDFDJDGRHQODVRODSD³VHODPHQWyHO2VFXUR³£4XLHUHYHQGHUQRVXQ
VXEWHUUiQHR
(QEUHYHVSDODEUDVFRPXQLFyDVXPXMHUODIDVWLGLRVDQRYHGDG(OODPHGLWyXQLQVWDQWH\
ORVSODQLILFDGRUHVJXDUGDURQVLOHQFLRFRPRDQWHXQDVLELOD
³6L HO ILOyVRIR HVWi HQ HO YLHQWUH GH XQD EDOOHQD ³VHQWHQFLy DO ILQ 3DWULFLD³ HO
VXEWHUUiQHRDSDUHFHFRPRHOLQWHVWLQRJUXHVRGHODQLPDO
(KL]RPXWLVHQODFRFLQDIUDJDQWHGHFHEROODV\GHFRUGXUD
0HJDIyQFD\yHQp[WDVLV/XHJRYROYLpQGRVHDODILODGRU
³*HUyQLPR³OHGLMR³¢HVXVWHGXQKRPEUHFDVDGR"
³£1XQFD³UHVSRQGLypOFRQUHFHOR
³£&iVHVH*HUyQLPR³ORH[KRUWyHO$XWRGLGDFWR³£&iVHVHDKRUDPLVPR

/DIXJDRUHVFDWHGH6DPXHO7HVOHUTXHVHRSHUyHVDQRFKHQRKDEUtDVLGRSRVLEOHWDO
YH] HQ RWUDV HVWDFLRQHV GHO WLHPSR KLVWyULFR DVLJQDGR D %XHQRV $LUHV ´/R TXH DVHJXUD HO
WULXQIR GH WDQ ULHVJRVRV RSHUDWLYRV ³GLFH 0HJDIyQ HQ XQR GH VXV DSXQWHV³ HV OD FRH
[LVWHQFLD GH XQ UHODMDPLHQWR LQWHULRU HQ OD PDTXLQDULD GH ODV LQVWLWXFLRQHV \ XQ YDFtR
H[WHULRUHQODFXVWRGLD\YLJLODQFLDGHODFLXGDGµ$KRUDELHQ\FRPRORH[SOLFDHOPLVPR
$XWRGLGDFWR HQ VX FXDGHUQR GH QRWDV OD FLUFXQVWDQFLD IDYRUDEOH VH GLR FXDQGR WUDV OD

23
UHYROXFLyQGHXQJRELHUQRPLOLWDUVHLQVWDOyHQOD&DVD5RVDGD\VHSXVRDPDQLIHVWDU
VXVJUDFLRVDVFDUDFWHUtVWLFDV(OJRELHUQRFDVWUHQVHDOXVRQRVWURVHFLUFXQVFULEHDYLJLODU\
FRPEDWLU VXV SURSLRV IDQWDVPDV GH VXHUWH TXH VX DWHQFLyQ D OD FRVD S~EOLFD VH KDFH GHO
WRGRLPSRVLEOHVHGDHQWRQFHVHO´UHODMDPLHQWRµGHOPHFDQLVPRLQVWLWXFLRQDODTXHDOXGtD
0HJDIyQ 3DUDOHODPHQWH VH PDQLILHVWD HO ´YDFtRµ GH FXVWRGLD H[WHULRU\D TXH ODV IXHU]DV
SROLFLDOHV HQWUHJDGDV D OD VROD WDUHD GH IXPLJDU HVWXGLDQWHV \ DSDOHDU REUHURV GHMDQ XQ
VDEURVR PDUJHQ RSHUDWLYR D ORV DVDOWDQWHV GH %DQFRV ODGURQHV GH YHKtFXORV
FRQWUDEDQGLVWDV GH DOFDORLGHV WUDWDQWHV GH EODQFDV \ GHPiV SURPRWRUHV GH LQGXVWULDV
DILQHV(OPLVPRFXDGHUQRHQTXH0HJDIyQUHXQtDVXVDSXQWDFLRQHVGHODV'RV%DWDOODVWUDH
XQPLQXFLRVRFDXGDOHVWDGtVWLFRVREUH´GHOLQFXHQFLD\UHYROXFLyQµTXHGHVGH\DRIUH]FRD
OD FRGLFLD GH ORV LQYHVWLJDGRUHV 1R REVWDQWH \ ILHO D VX QXQFD GHVPHQWLGD HFXDQLPLGDG
0HJDIyQWDPELpQHVWXGLDHQVXVQRWDVHOODGRSRVLWLYRGHORVJRELHUQRVPLOLWDUHV'LFHTXH
PLHQWUDVXQ(VWDGRFDVWUHQVHGLYDJDHQODLOXVLyQGHVXVIDQWDVPDJRUtDVRPHVLDQLVPRVHO
SDtVUHDO\ODFLXGDGUHDOHQWUHJDGRVDVXVSURSLDVYLUWXDOLGDGHVFRQVWUX\HQSRUVXFXHQWD
\DYDQ]DQSRUVtPLVPRVHQFLHUWD´YLYLHQWHDQDUTXtDµPHGLDQWHODFXDOVHKDFHQSRVLEOHV
WRGDV ODV DYHQWXUDV ´8QD UHYROXFLyQ ³GHFtD HO 2VFXUR³ QR YDOH WDQWR SRU VX GRFWULQD
FXDQWR SRU ODV DEHUWXUDV TXH RIUHFH D OR SRVLEOHµ (VWDV FRQVLGHUDFLRQHV KDQ GH YHUVH
DILUPDGDV FXDQGR HQ OD KLVWRULD GH 0HJDIyQ HQWUH FRQ WRGRV ORV KRQRUHV HO JHQHUDO
*RQ]iOH]&DEH]yQWDPELpQOODPDGR´HOKLMRGHOFKRULFHURµ
$OILORGHDTXHOODPHGLDQRFKH3DWULFLD%HOOGHWXYRODFDPLRQHWDGHOYDVFROHFKHURHQOD
HVTXLQD GH +LSyOLWR 9LH\WHV \ &RURQHO %UDQGVHQ 'HVFHQGLHURQ DOOt 0HJDIyQ \ &DSULVWR
HFKDURQXQDPLUDGDUHFHORVDSRUODVLQPHGLDFLRQHV\FRPSUREDURQTXHWRGRHUDVROHGDG\
QHJUXUD7UDVGHVSHGLUVHFRQHOJHVWRGH3DWULFLD%HOOTXHVHTXHGDEDHQHOYRODQWHORVGRV
KRPEUHVDYDQ]DURQKDVWDODJUDQSXHUWDGHOPDQLFRPLRGRQGHXQDILJXUDKXPDQDSDUHFtD
HQDFHFKRHUD3DVFXDO&HUUXWWL(OORTXHURPHWLGRHQVXJXDUGDSROYRGHIDMLQDHVWUHFKy
ODVPDQRVGHORVYLVLWDQWHV\OHVGLMROXHJR
³3RUDTXtGRFWRUHV
/RV KL]R HQWUDU \ ORV FRQGXMR KDFLD HO SULPHU SDEHOOyQ 0LHQWUDV FDPLQDEDQ HQ XQ
VLOHQFLR IDOVDPHQWH SURWRFRODU HO 2VFXUR LED WUD]DQGR HVWD VHPEODQ]D GH &HUUXWWL ´8Q
HVTXHOHWRGHDODPEUHSLHOVREUHKXHVRVTXHVLQGXGDH[DJHUDQVXQREOHFRQGLFLyQGHDQL
PDO YHUWHEUDGR XQ FRORU GH WDSHWH GH MXHJR YHUGRVR \ HPSXWHFLGR HQ PLO QRFKHV GH
EDUDMD\HVDVGRVRMHUDVTXHOHFRUWDQHOURVWURORQJLWXGLQDOFRPRGRVWDMRVSHURWDPELpQ
XQD JUDFLD LQRFHQWH GH SLFDUGtDV FRQJpQLWDV H[SULPLUOR FRPR XQ OLPyQ \ WLUDUOR D OD
EDVXUD pO KDUi OR PLVPR FRQ QRVRWURVµ +DEtDQ OOHJDGR DO SULPHU SDEHOOyQ \ ORV GRV
YLVLWDQWHVVHHQIXQGDURQHQORVJXDUGDSROYRVGHPpGLFRTXH&HUUXWWLOHVSUHSDUDUD
³6tJDQPHGRFWRUHV³OHVGLMRpOFRQYR]KXHFD
/RV WUHV FUX]DURQ HO SDEHOOyQ HQWUH FDPDV UHYXHOWDV GRQGH KXpVSHGHV KRUL]RQWDOHV R
JHPtDQ HQ WRUPHQWRV RQtULFRV R UHSRVDEDQ LQPyYLOHV \ VLQ DFWLYLGDG VRQRUD FRPR
GLIXQWRV$VtOOHJDURQD ODJDOHUtDTXHVHJ~QHOSODQHVWDEOHFLGRQRWDUGyHQOOHYDUORVDO
VHJXQGRSDEHOOyQDODHVFDOHUD\DOD´6DODGHORV*HQLRVµ(VWHQRPEUHVXEOLPHOHKDEtD
VLGRDVLJQDGRSRUHO'LUHFWRUGHOPDQLFRPLRHOFXDOKDEtDUHXQLGRDOOtDYHLQWHUHFOXVRVGH
tQGROH JHQLDO \ ORV EHQHILFLDED FRQ XQ UpJLPHQ GH RPLQRVDV OLEHUDOLGDGHV (O ORTXHUR
&HUUXWWLDOH[SOLFDUORQRGLVLPXOyVXVWHPRUHVGHTXHHOPLVPR'LUHFWRUKDELWDVHODVDOD
FRPR KXpVSHG HQ XQ IXWXUR QR UHPRWR 'HVGH OD SXHUWD 0HJDIyQ \ &DSULVWR DGYLUWLHURQ
TXHDOJRQRKDELWXDODHVDKRUDHVWDEDRFXUULHQGRHQHOLQWHULRUGHOUHFLQWRYRFHVHQFRUR
SiUUDIRVGHVROLVWDVDOWHUQDEDQDODPDQHUDGHXQRUDWRULREiUEDUR
³¢4XpVXFHGH"³SUHJXQWy0HJDIyQHQODRUHMDGH&HUUXWWL
³1DGD³OHUHVSRQGLyHOORTXHUR³(VWiQUHSUHVHQWDQGRHOVKRZGH-RQiV
³¢&RQTXpILQ"

24
 ³-RQiV,,VHGHVSLGHDWRGDRUTXHVWD
9LVLWDQWHV\JXtDHQWUDURQHQODVDOD<0HJDIyQVHGHWXYRHQHOXPEUDOFRPRDWXUGLGR
SRU XQ LPSDFWR GH LPiJHQHV TXH OR DJUHGtDQ GHVGH DGHQWUR YHLQWH FDPDV GHVLHUWDV \
YHLQWH KRPEUHV KDELWDGRV GH JULWRV HVR IXH OR TXH YLR HQ HO SULPHU LQVWDQWH D OD OX] GH
DOJXQDV YHODV HQFHQGLGDV DOOi WDO YH] FRQ SURSyVLWRV OLW~UJLFRV /XHJR VH OH RUGHQDURQ ODV
LPiJHQHV\HQWRQFHVGLVWLQJXLyD6DPXHO7HVOHUGHSLHVREUHXQDEDQTXHWDHQWHUDPHQWH
YHVWLGRFRQURSDVGHFDOOH\FLUFXQGDGRSRUVXVILHOHVHQYXHOWRVHQSL\DPDVHQFDPLVRQHV
GHGRUPLURHQYLHMRVWUDSRVGHRULJHQLQGHVFLIUDEOH6yORGRVUHEHOGHVSHUPDQHFtDQDMHQRV
DODFHUHPRQLDXQRGHELFRUQLRPLOLWDU\RWURFX\DGHVQXGH]HVTXHOpWLFDVHDWHQXDEDFRQ
XQWDSDUUDERHQVtQWHVLVTXHOHFXEUtDODVSDUWHVPiVYHUJRQ]RVDVGHVXQDWXUD(QVHJXLGD
HO$XWRGLGDFWRFRQFHQWUyVXDWHQFLyQHQHOILOyVRIRDXQTXHORFRQRFtDWDQVyORSRUDOJXQRV
UHWUDWRV DQWLJXRV YLR TXH OD HGDG QR KDEtD GHVGLEXMDGR VX ILJXUD FRQ H[FHSFLyQ GH XQD
FDOYLFLH TXH DO DYDQ]DU KDFLD HO RFFLSXFLR PDJQLILFDED VXV WHUULEOHV IURQWDOHV GH
SHQVDGRUHQORGHPiVFRQVHUYDEDVXVRMLWRVLUyQLFRV\DODYH]WLHUQRV\VXERFDGHODELRV
FDUQRVRV \ VHQVXDOHV TXH SDUHFtDQ WHQGHUVH D~Q D ORV OORUDGRV OLPRQHV GH ,VUDHO 3HUR HO
ILOyVRIRKDEODED
³+HUPDQRV³DGYLUWLyDVXVILHOHV³GHERLUPH\RVRORSDUDEXVFDUODOODYHTXHORVOLEUH
GHOSH]¢(QWLHQGHQKHUPDQRVGHJD\ROD"
³6HxRU-RQiV³UHSXVRHOVROLVWDHQFDPLVyQ³VDOJDPRVWRGRVRQLQJXQRGHODSDQ]DGH
ODEDOOHQD
<HOFRURYRFLIHUy
³£7RGRVGHODSDQ]DRQLQJXQR
³¢6DEHQXVWHGHVFXiOHVPLVHJXQGRQRPEUH"³LQVLVWLyHOILOyVRIR³0LVHJXQGRQRPEUH
HV(OHXWHULRTXHWUDGXFLGRDQXHVWURLGLRPDVLJQLILFD(O/LEHUWDGRU
+DEOyHQWRQFHVHOUHEHOGHTXHOXFtDXQELFRUQLRPLOLWDU
³£(VWiIDOVHDQGROD+LVWRULD³GLMR³(QHVWDUHS~EOLFDHO~QLFROLEHUWDGRUHVHOJHQHUDO
GRQ-RVpGH6DQ0DUWtQ
³%RQDSDUWH³ORDPRQHVWy6DPXHOFRQODGXO]XUDGHXQDSyVWRO³¢KDVWDFXiQGRWRPDUiV
HOUDEDQLWRSRUODVKRMDV"
³£2GLRORVUDEDQLWRV³JULWy%RQDSDUWH³£/RVLQJOHVHVLQWHQWDURQSRQHUDUVpQLFRHQPL
HQVDODGD
(QHVWHSXQWRFRPRLJQRUDQGRHOLQFLGHQWHXQVROLVWDHQSL\DPDVHSXVRDFDQWXUUHDU
³(VWiEDPRVHQODSDQ]DGHOFHWiFHR\QRVKDEtDVDOLGRXQOLEHUWDGRU£3HUR-RQiVTXLHUH
DEULUVHDKRUDGHQRVRWURV
³£(OOLEHUWDGRUQRVKDFHXQFRUWHGHPDQJD\VHYDSRUODWDQJHQWHGHOSH]³OORULTXHy
HORWURVROLVWD
<HOFRURWUDVHVRVGRVYHUVtFXORVOHYDQWyVXSURWHVWD
³£1RV DJDUUDURQ D SDWDGDV HQ HO FXOR \ QRV PHWLHURQ HQ OD EDUULJD GHO DQLPDO 1RV
HQMDERQDURQ OD FDEH]D £\ DGLyV RUJXOORVRV GHOLULRV 1RV KLFLHURQ DXOODU FRQ WUHLQWD
HOHFWURVKRFV£\YRPLWDPRVDQXHVWURKpURHVLQWHULRUHV&RQVXVGXFKDVKHODGDVFRQJHODURQ
DOGLRVTXHYLYtDHQQRVRWURV¢8QFKDOHFRGHIXHU]DSXHGHDMXVWDUVHDODVFRVWLOODVGHXQ
VDQWR"¢2KHPRVGHVHUORVHWHUQRVMRGLGRV"
$TXtORVLQWHJUDQWHVGHOFRURVHGHMDURQFDHUDOVXHORXQiQLPHV\UtJLGRVFRPRHQXQD
OLWXUJLD \ SHUPDQHFLHURQ DOOt GH EUXFHV HQ ODV EDOGRVDV $ IDYRU GH DTXHO LQWHUYDOR
0HJDIyQVHYROYLyD&HUUXWWL
³¢4XpIDUVDHVpVWD"³OHSUHJXQWyHQVXDVRPEUR
³(OPLVPR-RQiVHVFULELyODSDUWLWXUD³OHDVHJXUyHOORTXHUR³\KDFHWUHVQRFKHVTXHOD
HQVD\DQ(OSURIHWDVROLFLWyXQWRFDGLVFRV\(O0HVtDVGH+DHQGHOSHURVHORVQHJDURQ
6DPXHO7HVOHUHUJXLGRHQODWULEXQDPLUyDVXVDGHSWRV\DFHQWHVFRQODVRQULVDGHXQ

25
SDGUH
³£+LMLWRVGHSLH³OHVRUGHQy
<QRELHQORVGHO&RURVHKXELHURQLQFRUSRUDGROHVKDEOyDVt
³<DFRQRFHQXVWHGHVDOSULPHU-RQiVHOLQVHQVDWRGHVREHGHFLyD(ORKLP\ODEDOOHQDOR
DORMy HQ VX HVWyPDJR $ GHFLU YHUGDG HO PX\ FUHWLQR WXYR VXHUWH SRUTXH OD FLXGDG GH
1tQLYHDTXHSHUWHQHFtDQRFRQWDEDFRQQLQJ~QPDQLFRPLR<RVR\-RQiV,,HOREHGLHQWH\
VLHVWR\DTXtHVSRUTXH D%XHQRV$LUHVOHVREUDQPDQLFRPLRV\OHIDOWDYHUJHQ]D¢<TXp
KLFH\RGHPDOR"6DOtDODVFDOOHVUHXQtDPLVLQILHOHVFRPSDWULRWDV\HQXQH[FHVRGHPL
FDULGDGORVOODPpLQVLJQHVKLMRVGHSXWD£<QRUHFRJLHURQODOHFFLyQSRUTXHVHYHVWtDQGH
VXPDOGDGFRPRGHXQILQRFDVLPLU+HUPDQRVHVWDQRFKHPHLUpVRORGH/HYLDWiQSRUTXH
IXLKDOODGRVLQFXOSD£8VWHGHVSXULItTXHQVH7UDJXHQFRQUHVLJQDFLyQODVRSDLQQREOHGHO
FDWDOiQDJXDQWHQFRQPRGHVWLDODVGXFKDVIUtDV\ORVD]RWHVFDOLHQWHV$VXKRUD\RYHQGUp
DVDOYDUORVGHODEDOOHQDFRQHOFXFKLOORGHOSHVFDGRU£$OHOX\D
³£6tDOHOX\D³JULWyHO&RUR
&HUUXWWLGLMRHQWRQFHVDORVGRVYLVLWDQWHV
³(OVKRZGH-RQiVKDWHUPLQDGR6HxRUHVHQWUHPRV
&XDQGRHOILOyVRIRORVPLUyDYDQ]DUHQWUHVXVFDWHF~PHQRVTXHDSDJDEDQ\DODVYHODVD
VRSOLGRVDEDQGRQyODWULEXQD\VHDGHODQWyDVXYH]<HOSULPHURHQOOHJDUVHKDVWD6DPXHO
-RQiVIXH*HUyQLPR&DSULVWRDYDQ]DGD\HQODFHGHDTXHOODRSHUDFLyQ
³+HUPDQRV ³GLMR 6DPXHO D VX FRIUDGtD SUHVHQWiQGROH DO DILODGRU³ DTXt WLHQHQ DO
PHQVDMHUR$QDHO(VHOiQJHOTXHRFXSDHQORVQXHYHFRURVHOJUDGRPiVLQIHULRUYDOHGHFLU
HOTXHOLPLWDFRQHOKRPEUH$TXtVHKDFHOODPDU*HUyQLPR&DSULVWRVXQDUL]HVWi KHFKD
SDUD UHVSLUDU HO KXPR GH ODV IiEULFDV \ HO HVFDSH GH ORV DXWREXVHV QR OR DIHFWDQ ODV
UDGLDFLRQHV GHO FDUERQR  QL GHO HVWURQFLR  (V XQ VHU FDVL KXPDQR UHVLVWHQWH D OD
KXPHGDG D ORV HGLWRULDOHV GH OD SUHQVD \ D OD RUDWRULD GH ORV GHPDJRJRV DO SHGR £6DO~
GHQORFRQKXPLOGDG
8QR WUDV RWUR ORV FRIUDGHV EHVDURQ ULWXDOPHQWH DO DILODGRU HO FXDO QR VDOtD GH VX
SHUSOHMLGDGDOYHUVHPHWDPRUIRVHDGRHQVyORGRFHKRUDVGHFULDWXUDKXPDQDHQIDXQR\GH
IDXQRHQiQJHO3HUR0HJDIyQHVWUHFKDED\DODGLHVWUDGHOILOyVRIRHQWHUQHFLGR
³£1RPHGLJDVXQRPEUH³OHURJy6DPXHO
<YROYLpQGRVHDVXVFRULIHRV
³+HUPDQRVHQODEDOOHQD³OHVGLMRSRU0HJDIyQ³HVWHYLVLWDQWHQRFWXUQRHVDTXHOSH]
DQWLJXRTXHODV(VFULWXUDVGHVLJQDQFRQHOQRPEUHGH$PEURVLR
,QWHUYLQRDTXtRWUDYH]HOGHELFRUQLRPLOLWDU
³£0LHQWH \ UHPLHQWH ³SURWHVWy³ (O ~QLFR $PEURVLR TXH SDVy D OD KLVWRULD HV HO GH OD
LOXVWUHFDUDELQD<VLKD\DTXtDOJ~QH[SHUWRHQDUPDV£pVHVR\\R
³1R OR FRQWUDGLJD XVWHG ³DFRQVHMy HO ILOyVRIR DO $XWRGLGDFWR³ HV DTXHO 1DSROHyQ GH
TXHOHKDEODEDHQPLHVTXHOD6XDQDFURQLVPRHVWDOTXHSUR\HFWDGDUVXEDWDOODVyORFRQ
OD LQIDQWHUtD GH SDQWDOyQ D]XO \ FKDTXHWD URMD \ OOHYDQGR DO IUHQWH ORV HVWDQGDUWHV \ OD
EDQGDGHP~VLFD£6HUiXQEODQFRSHUIHFWR
³¢&XiOVHUtDODHVWUDWHJLD"³UH]RQJy%RQDSDUWH
³/DTXHGHUUXPEDODVPXUDOODVGH-HULFyDWURPSHWDOLPSLD³OHFRQWHVWy6DPXHO
³0DHVWUR³ORXUJLyHO$XWRGLGDFWR³\DHVKRUDGHDEDQGRQDUODVDOD
³1RTXHGDPXFKRWLHPSR³DVLQWLy&HUUXWWL
<HQDTXHOLQVWDQWHVHDGHODQWyHOUHEHOGHTXHXVDEDXQWDSDUUDERVLQWpWLFR
³6R\ HO 0DKDWPD ³VH DQXQFLy³ \ QR IXL SUHVHQWDGR (VWRV GH OD EDOOHQD MDPiV
DSUHQGHUiQODFRUWHVtDGHO2ULHQWH
³¢<HVFRUWHVtD³ORDPRQHVWy&HUUXWWL³SUHVHQWDUVHGHVQXGRFRQWUDODVGLVSRVLFLRQHVGHO
UHJODPHQWR"

26
 ³6X0DMHVWDGEULWiQLFDPHKDFRQILVFDGRPLWHODULQGLR³UHSOLFy0DKDWPD³<QRKHGH
YHVWLUPHKDVWDTXHSXHGDWHMHUPLW~QLFDHQPLSURSLRWHODU
³(QWRQFHV³RSLQy6DPXHO³HO0DKDWPDVHJXLUiHQERODVKDVWDHO'tDGHO-XLFLR
³£$OHOX\D³JULWyHO&RURHQXQDHUUDWDGHVLQFURQL]DFLyQ&RQVXELFRUQLRHQODVHVHUD
1DSROHyQLQWHUYLQRHQWUHVDUFiVWLFR\GROLHQWH
³(O ,PSHULR %ULWiQLFR ³VH ODPHQWy³ QR SLHUGH VX WLHPSR HQ FRQILVFDU WHODUHV LQGLRV
&ODYDVXVRMRVHQ6DQWD(OHQDGRQGHXQSULVLRQHURJHQLDOPHGLWDVXGHVWUXFFLyQ
³¢8VWHG"³OHSUHJXQWDHO0DKDWPD
³<RPLVPR³DVHJXUy%RQDSDUWH
³£*UDQ LGLRWD ³OR DSRVWURIy 7HVOHU³ £(O ,PSHULR %ULWiQLFR \D QR H[LVWH 'HVGH TXH
IDOOHFLy ORV LQJOHVHV KDQ UHFREUDGR HO KXPRULVPR \ KR\ WLUDQ OD ]DSDWLOOD FRQ XQD JUDFLD
TXHVyORWXYLHURQHQORVDxRVGH6KDNHVSHDUH
$O RtU DTXHO DEVXUGR %RQDSDUWH VH GLULJLy DO ILOyVRIR HQ WUHQ GH DJUHVLYLGDG 3HUR HO
0DKDWPDFRQVXGHVQXGDRVDPHQWDHVFXGyD7HVOHUTXH\DVHRIUHFtDDOFRPEDWH
³£$VtQR³OHGLMR³£$WHQFLyQDODUHVLVWHQFLDSDVLYD
< DO IRUFHMHDU HQWUH HO JXHUUHUR \ HO ILOyVRIR HO 0DKDWPD GHMy HVFDSDU XQD VRQRUD
IODWXOHQFLDTXHLQPRYLOL]yDORVDFWRUHV\HVSHFWDGRUHVGHOFRQIOLFWR
³£(O0DKDWPD*DQGKLKDEODVIHPDGR³VHDVRPEUyHO&RUR
³+LMLWRV³H[SOLFy6DPXHODVXVILHOHV³£VHDPRVGHPyFUDWDV/RTXHKDH[WHULRUL]DGRHO
0DKDWPDWDPELpQHVXQDRSLQLyQ
³(VWR QR PH SDVDUtD ³UH]RQJy HO 0DKDWPD³ VL HO ,PSHULR QR PH KXELHVH UREDGR PL
FDEUDOHFKHUD£6RQORVSRURWRVGHOFDWDOiQPDOGLWR
/D ´6DOD GH ORV *HQLRVµ KDEUtD FRQWLQXDGR HQ XQ VDLQHWH TXH WDO YH] HUD LQDFDEDEOH VL
0HJDIyQ XUJLGR SRU ODKRUD QR KXELHVH DSUHPLDGR DO ORTXHUR &HUUXWWL FX\D WROHUDQFLD OH
SDUHFtD \D WDQ VRVSHFKRVD FRPR HO OLEHUDOLVPR GH DTXHO PDQLFRPLR 6LQ HPEDUJR HO
ORTXHURQRWDUGyHQRIUHFHUOHXQDPXHVWUDGHVXHILFDFLDRSHUDWLYDVyORWUHVSDOPDGDVOH
EDVWDURQ SDUD TXH GLHFLQXHYH KRPEUHV FRQ ULJXURVD GLVFLSOLQD RFXSDVHQ RWURV WDQWRV
OHFKRV GH PDOD FDWDGXUD 8Q PLQXWR GHVSXpV GLHFLQXHYH FXHUSRV KRUL]RQWDOHV LQVLQXDEDQ
VXV DQDWRPtDV EDMR FROFKDV PXJULHQWDV 6yOR TXHGDURQ HQ SLH 6DPXHO 7HVOHU 0HJDIyQ
&DSULVWR \ HO ORTXHUR &HUUXWWL 9LVWR OR FXDO HO $XWRGLGDFWR GH 9LOOD &UHVSR VH GLULJLy DO
ILOyVRIR
³0DHVWUR³OHGLMR³¢\VXHTXLSDMH"
³6yOR WHQJR PL %LEOLD \ PL TXLPRQR ³OH UHVSRQGLy 6DPXHO³ 8VWHG VH SUHJXQWDUi FRQ
TXp ILQ PH OOHYR HVWH TXLPRQR GH OXMR (V SDUD HTXLOLEUDU XQ H[FHVR GH PL SREUH]D TXH
VHUtDWHQWDGRU
(O$XWRGLGDFWRPLUyODSUHQGDFRQRUJXOOR
³0DHVWUR³DGYLUWLy³HVWHTXLPRQR\DILJXUDHQODVOHWUDVQDFLRQDOHV
³/RVp³JUXxy7HVOHU³3HURQLQJ~QPXODWRKDFRQVHJXLGRGHVFLIUDUVXVLPERORJtD
³¢1RVYDPRVRQR"³UHIXQIXxy&HUUXWWLTXH\DVHLPSDFLHQWDED
³1RVYDPRV³OHGLMRHOILOyVRIR
<YROYLpQGRVHDVXVDFRVWDGRVFDPDUDGDV
³£$GLyVKHUPDQRVHQODEDOOHQD³VHGHVSLGLyWLHUQDPHQWH
1DGLHOHUHVSRQGLyORVGLHFLQXHYHFDWHF~PHQRVURQFDEDQFRPROHRQHV
³6ROHGDG³ILORVRIy7HVOHU³£GXOFHFRQFXELQDGHOSURIHWD
/DVHJXQGDSDUWHGHOLWLQHUDULRFRQVLVWtDHQGHVFHQGHUDODSODQWDEDMDGHOPDQLFRPLR\
VDOLU D ORV MDUGLQHV QRFWXUQRV GRQGH ORV DFHFKDUtD HO FRFLQHUR 9HKLO D FDUJR GH OD HYDVLyQ
ILQDO 0LHQWUDV HO JUXSR FDPLQDED 0HJDIyQ LED UHVXPLHQGR VXV REVHUYDFLRQHV DFHUFD GHO
ILOyVRIR¢(UDXQVLPXODGRUGHODORFXUD\XQJHQLRGHYHUGDG"¢2XQVLPXODGRUGHOJHQLR\
XQ ORFR LQHQDUUDEOH" ¢2 ODV GRV FRVDV D OD YH] UHXQLGDV \ SXOYHUL]DGDV HQ DOJ~Q PRUWHUR

27
VXEOLPH" ´£< TXp LPSRUWDµ VH GLMR ´/D RSHUDFLyQ HVWi PDUFKDQGR FRPR VREUH UXHGDVµ
<DHQODHVSHVXUDGHORVMDUGLQHVXQEXOWRKXPDQRORVDVDOWyOLWHUDOPHQWH
³£0LVHUDEOHV³OHVGLMRHOEXOWRFRQRPLQRVRDFHQWRFDWDOiQ³£3RUXVWHGHVKHSHUGLGR
PLWUDQVPLVLyQHQRQGDFRUWDGHOD8QLyQ6RYLpWLFD
/RVSUyIXJRVUHDQXGDURQVXPDUFKDHQODVLJXLHQWHILODLQGLDHOFRFLQHUR9HKLODOIUHQWH
FRQGXFWRU DEVROXWR GHWUiV GHO FDWDOiQ HO ORTXHUR &HUUXWWL DIHUUDGR D ODV FRVWLOODV GHO
ORTXHUR 6DPXHO 7HVOHU TXH VH DEURTXHODED HQ XQ PXWLVPR GH DOPHMD SUHQGLGR D VX
ILOyVRIR HO $XWRGLGDFWR GH 9LOOD &UHVSR \ DO ILQDO *HUyQLPR &DSULVWR VHJXUD \ SHUSOHMD
UHWDJXDUGLD /OHJDURQ DVt KDVWD XQD YLHMD FRQVWUXFFLyQ GH ODGULOORV TXH VH DO]DED QR OHMRV
GH ODV FRFLQDV \ SRU FX\R DLUH UXLQRVR GHGXMR 0HJDIyQ TXH SHUWHQHFtD WDO YH] D OD
SUHKLVWRULD GHO PDQLFRPLR (O FDWDOiQ DEULy XQD SXHUWD TXH FKLUULy FOiVLFDPHQWH \
HQWUDURQ WRGRV HQ XQD VHJXQGD RVFXULGDG PiV GHQVD TXH OD GH OD QRFKH 3HUR 9HKLO
HQFHQGLyXQDOLQWHUQDHOpFWULFD\SUR\HFWyVXIRFRHQHOVXHORPLHQWUDVHO$XWRGLGDFWR\
&DSULVWRVHGHVYHVWtDQGHVXVJXDUGDSROYRV
³¢(VWiVHJXURGHTXHKD\DTXtXQVXEWHUUiQHR"³SUHJXQWy0HJDIyQD9HKLO
³6HxRUPtR³OHUHVSRQGLyHOFRFLQHUR³ODH[LVWHQFLDGHVXEWHUUiQHRVHVQRUPDOHQODV
FLXGDGHVFDSLWDOLVWDVGRQGHORVKLSyFULWDVEXUJXHVHVKDFHQSRUDEDMRORTXHQXQFDRVDUiQ
KDFHU SRU DUULED /RV SDVDGL]RV YDQ GHVGH HO SDODFLR GH XQ YLUUH\ DO GRUPLWRULR GH XQD
FRUWHVDQDGHVGHXQFRQYHQWRGHIUDLOHVDXQEHDWHUtRGHPRQMDVGHVGHODJHUHQFLDGHXQ
EDQFRDXQVDOyQGHIHVWLQHVHVFDQGDORVRV(VWDFLXGDGFRUUXSWDHVWiPLQDGDGHSDVDGL]RV
FRPRHOTXHOHVYR\DIDFLOLWDU
³£$\ GH WL -HUXVDOpQ³GHFODPy 6DPXHO 7HVOHU³ £$\ GH WL TXH DFDULFLDV D WXV SXWDV \
HQFKDOHFDVDORVWHVWLJRVGHWXLQLTXLGDG
³2VHFDOODHVHORFR³DPHQD]yHOFDWDOiQ³RQRKD\VXEWHUUiQHR
$O DGYHUWLU TXH 6DPXHO UHFREUDED VX FRPSRVWXUD OHYDQWy DOJXQRV WDEORQHV GHO SLVR H
LOXPLQyFRQODOLQWHUQDXQDERFDGHVyWDQR
³3RUDTXtVHEDMD³LQGLFyDPSXORVDPHQWH³6yORWUHVHVFDORQHV£\DYRODU
³¢4XpDJXMHURHVpVWH"³LQTXLULy6DPXHO
³8QDVDOLGDVXEWHUUiQHD³OHDFODUyHO$XWRGLGDFWR³0DHVWURSRUDTXtORGHYROYHUpDOD
OX]S~EOLFD
/DFDUDGHOILOyVRIRH[WHULRUL]yXQUHOiPSDJRGHVXp[WDVLVLQWHUQR
³£%LHQ³H[FODPy³0LDQWHSDVDGR-RQiVHOGH1tQLYHVDOLySRUODERFDGHODEDOOHQD
\RVDOGUpSRUHOFXOR
<VHODQ]yDOVXEWHUUiQHR3HURDQWHVGHKDFHUPXWLVHQpOVHYROYLyDORVGHOJUXSR
³+HUPDQRVDWHUULFHPRV³OHVGLMR³)DYRUGHDMXVWDUVHORVFLQWXURQHV
/XHJRGLULJLpQGRVHDOFDWDOiQOHDQXQFLy
³&RFLQHUR-HKRYiPDOGLFHWXVJXLVRWHV
³£$VtSDJDHOGLDEOR³VHODPHQWy9HKLO
3HURHOILOyVRIRDWLHQWDVGHVFHQGtD\DORVHVFDORQHVTXHOOHYDEDQDOVXEWHUUiQHR\VX
ULVDQRWDUGyHQILOWUDUVHGHVGHODVKRQGXUDV$GYHUWLGRORFXDO0HJDIyQHVWUHFKyODPDQR
OLEHUWDGRUD GHO FRFLQHUR QR VLQ DJUDGHFHUOH VX GHVLQWHUHVDGD FRODERUDFLyQ HQ XQD JHVWD
TXHVHJ~QGLMRHQULTXHFHUtDODKLVWRULDGH%XHQRV$LUHVFRQDSRUWHVLQFUHtEOHV/XHJRUR]y
OD GLHVWUD YHQDO GH &HUUXWWL \ SRU ~OWLPR WUDV YLJLODU HO GHVFHQVR GHO DILODGRU &DSULVWR
UHFRJLyODOLQWHUQDTXHOHRIUHFtDHOFDWDOiQPDJQiQLPR\VHGHVOL]yDVXYH]HQHODJXMHUR
*XLDGRV SRU HO IRFR ORV WUHV UHFRUUtDQ HO W~QHO HQ FX\DV SDUHGHV OD OX] GHVWDFDED UDVWURV
EULOODQWHV GH FDUDFROHV \ WHODUDxDV SROYRULHQWDV (QWRQFHV FRQ VX UHJLVWUR GH EDMR
SURIXQGR6DPXHO7HVOHUHPSH]yDFDQWDU
³6XSHUIOiPLQD%DE[ORQLVLOOLFVHGLPXVHWIOHYLPXVFXPUHFRUGDUHPXU6LRQ
³0DHVWUR ³OH DGYLUWLy HO $XWRGLGDFWR³ ¢TXLHUH XVWHG TXH OD EyYHGD VH QRV FDLJD

28
HQFLPD"
³(VHOVDOPR³H[SOLFyHOILOyVRIR
<UHDQXGyVXFDQWR
³(WTXLDEGX[HUXQWQRV+\PQXPFiQWDWHQRELVGHFDQWLFLV6LRQ
&DOOyGHSURQWR\YROYLpQGRVHDO$XWRGLGDFWR
³£)RUPLGDEOH ³OH GLMR³ /RV KRPEUHV GH PL UD]D SUHVRV HQ %DELORQLD FROJDURQ VXV
DUSDVGHORVVDXFHV\HQPXGHFLHURQHQXQYHORULRGHODP~VLFD¢'HUURWDGRVRGHUURWLVWDV"
£9LHMDVEDUEDVGHD\HUHVFXFKDGPH<RKLFHDOJRPHMRUFRUWpODVFXHUGDVGHPLDUSDFRQ
XQDKRMLWDJLOHWWHPHKLFHFRQHOODVXQOiWLJR GH VLHWHFRODV\PHD]RWpGtD\QRFKHODV
HVSDOGDV ORV JO~WHRV \ HO EDMR YLHQWUH KDVWD ORJUDU HVWD EHOOH]D HQ HO PDUWLULR TXH
DFWXDOPHQWH PH DGRUQD \ TXH VH YH GH OHMRV£*UDQ SXWD ³UH]RQJy GH V~ELWR³ ¢$GRQGH
QRVOOHYDHVWHPDOGLWRVXEWHUUiQHR"
$IRUWXQDGDPHQWHSDUDORVWUHVHOW~QHOQRHUDODUJR\ORVKL]RGHVHPERFDUDOILQHQXQD
VDOLGDJHPHODGHODHQWUDGDTXHORVGHYROYLyDODLUHOLEUH\DODQRFKHSULPDYHUDO(QWRQFHV
YLHURQODVPDVDVDUTXLWHFWyQLFDVGHO+RVSLWDO0XxL]FX\DMXULVGLFFLyQLQYDGtDQ\0HJDIyQ
TXHQRGHMDEDGHPHPRUL]DUVXSODQRFRQGXMRDORVHYDGLGRVKDFLDODVSXHUWDVGHODFDOOH
9pOH]6DUVILHOG
³£$WHQFLyQ ³OHV GLMR³ 3XHGH KDEHU XQD JXDUGLD HQ OD VDOLGD (Q HVH FDVR GpMHQPH
KDEODUDPt
/OHJDURQ D ODV SXHUWDV QR HUD IiFLO TXH GDGD OD KRUD VH FRQILUPDVHQ ORV WHPRUHV GHO
$XWRGLGDFWR<WUDQVSRQtDQ\DODVYHUMDVFXDQGRXQDYR]DXWRULWDULDORVGHWXYR
³£$OWR ³OHV JULWy XQ VHUHQR HQ XQLIRUPH TXH SDUHFtD EURWDU GH OD QDGD³ ¢4Xp KDFHQ
XVWHGHVDTXt"
³£(O&RURQHOKDPXHUWR³OHGLMR0HJDIyQHQWRQRGUDPiWLFR
³¢'yQGH"³LQTXLULyHOVHUHQR
³(QOD6DOD9,,,
6DPXHOGHMyHVFDSDUXQDULVDLQFRQWHQLEOH\HOVHUHQRYROYLyDVXGHVFRQILDQ]D
³¢<pVWHTXLpQHV"³SUHJXQWyLQGLFDQGRDOILOyVRIR
³(OKLMRGHOILQDGR&RURQHO
³¢3RUTXpVHUtH"
³1RVHUtH³OHGLMR0HJDIyQ³(VXQWLFGHVXSHQD
(OVHUHQRUHFREUyXQDEHQLJQLGDGTXHVLQGXGDORDFRPSDxDEDQRUPDOPHQWH
³6t³DGPLWLy³XQDJUDQSpUGLGD
³¢&XiO"³GLMR0HJDIyQ
³/DGHO&RURQHO
$TXtHO$XWRGLGDFWROHSXVRHQHOKRPEURXQDPDQRFRUGLDO
³1ROORUHPRV³ORFRQVROy³/DPXHUWHGHXQ&RURQHOHVJUDWDVLHPSUHDOFRUD]yQGHXQ
SDWULRWD
³£4XpJUDQYHUGDGKDGLFKR
7UDVGHVSHGLUVHGHOVHUHQRORVKRPEUHVDYDQ]DURQHQOLEHUWDGKDVWDODHVTXLQDGH9pOH]
6DUVILHOG\$PDQFLR$OFRUWDGRQGH3DWULFLD%HOOORVDJXDUGDEDHQODFDPLRQHWDGHOYDVFR
³£$OILQ³H[FODPyHOODHQXQUHODMDPLHQWRGHVXLQTXLHWXG
(O$XWRGLGDFWRXELFyD6DPXHO7HVOHUHQODSDUWHGHODQWHUDGHOYHKtFXORMXQWRD3DWULFLD
TXHQRVROWDEDHOYRODQWH<DSHQDVpOPLVPR\HODILODGRUVHLQVWDODURQHQODFDMDWUDVHUD
HO YHKtFXOR SDUWLy UXPER DO RHVWH FRQ XQ HQWUHFKRFDUVH GH WDUURV GH OHFKHUR 6H YLYtD HO
DOHJUyQGHXQDYLFWRULDHO$XWRGLGDFWRGLULJLpQGRVHDVXPXMHUOHFRQWDEDORVLQFLGHQWHV
GH OD IXJD \ *HUyQLPR &DSULVWR DVHQWtD FRQ XQ VLOHQFLR QXPHURVR GH UHVRQDQFLDV
LQWHULRUHV (Q FXDQWR D 6DPXHO 7HVOHU JXDUGDED HO PXWLVPR GH XQ KDELWDQWH GH 0DUWH
UHFLpQOOHJDGRDOD7LHUUD'HSURQWRVHYROYLyDO2VFXUR\OHSUHJXQWyLQGLFDQGRD3DWULFLD

29
 ³¢(VWDVHxRUDHVOD9HQXV&HOHVWH"
³1RPDHVWUR³OHGLMR0HJDIyQ
³¢6HUiOD9HQXVWHUUHVWUHSRSXODURGHPyQLFD"³LQVLVWLyHOILOyVRIR
³(OODHV3DWULFLDPLPXMHU
³£7LHQHODVSLHUQDVGHXQDKXUtPDKRPHWDQD
³¢&XiQGRVHODVKDYLVWR"
³&XDQGRDFFLRQDEDHOSHGDOGHODFHOHUDGRU³GLMR6DPXHOHQWRQRHORJLRVR
$OHQWUDUHQ9LOOD&UHVSRPHWDGHDTXHOYLDMHQRFWXUQRHO$XWRGLGDFWRVHFRQPRYLyHQ
VXDOPDKHULGRDODYH]SRUORVUHFXHUGRVGHODPLWRORJtD
³£9LHMREDUULR³FDQWXUUHyHQXQDUHPLQLVFHQFLDWDQJXtVWLFD
3HUR OD FDPLRQHWD VH KDEtD GHWHQLGR IUHQWH D XQD FDVD GH URVWUR LPSHUVRQDO \ HQ XQD
FDOOH TXH SDUHFtD HO ILQ GHO PXQGR (QWRQFHV 0HJDIyQ \ 6DPXHO 7HVOHU GHVFHQGLHURQ GHO
YHKtFXOR \ HQWUDURQ HQHO ]DJXiQ GH ODFDVD QR PHQRV WHQHEURVR TXH XQD JUXWD <D HQ OD
SXHUWDFDQFHOHO2VFXURODKL]RWDPERULOHDUFRQORVQXGLOORVGHVXVGHGRV\ODSXHUWDVH
DEULyJREHUQDGDSRUXQKRPEUHTXHWUDtDJRUURGHDVWUDFiQ\XQFDQGHOHURGHVLHWHEUD]RV
³¢4XLpQHVHOKRPEUH"³SUHJXQWy6DPXHO
³(V'DYLGHOFLUFXQFLGDGRU³OHGLMRHO2VFXUR
³<RHVWR\FLUFXQFLGDGRHQFXHUSR\DOPD³UH]RQJyHOILOyVRIR
<HQFDUiQGRVHFRQ'DYLGHVWXGLyVXFDQGHODEUR
³/D YHOD GHO FHQWUR HV OR TXH LPSRUWD ³OH DQXQFLy³ (V OD FXDUWD \ VLQ HPEDUJR HV OD
SULPHUD\OD~OWLPD<WLHQHGRVPRPHQWRVGHOX]HOGHOD&UHDFLyQ\HOGHOD5HGHQFLyQ
$SDUWDQGR DO KRPEUH GHO FDQGHOHUR 6DPXHO 7HVOHU VH PHWLy HQ HO YHVWtEXOR (O
$XWRGLGDFWR VDOXGy HQWRQFHV D 'DYLG DEDQGRQy HO ]DJXiQ \ UHJUHVy D OD FDPLRQHWD OD
2SHUDFLyQ )LOyVRIR KDEtD WHUPLQDGR <D HQ HO YHKtFXOR VH LQVWDOy MXQWR D 3DWULFLD %HOO \
HVFXGULxDQGRODFDMDWUDVHUDYLRTXH*HUyQLPR&DSULVWRGRUPtD\DHOVXHxRGHORVKRPEUHV
RHOGHORVIDXQRVRHOGHORViQJHOHV¢4XpVDEtDXQR"
³5HJUHVHPRVDOEDUULR³OHGLMRD3DWULFLD
<  QR ELHQ OD FDPLRQHWD UHDQXGy VX PDUFKD HO $XWRGLGDFWR FD\y HQ XQ SR]R GH
PHODQFROtD
³¢6XFHGHDOJR"³LQTXLULyHOOD
³7HQJRORVRMRVUHYHQWDGRVGHLPiJHQHV³UHSXVR0HJDIyQ
<3DWULFLD%HOODFXQyHOVLOHQFLRGHVXKRPEUHPDWHU\PDWHULD

30
 5$362',$,,

&XDQGR0HJDIyQWUDVUHGRQGHDUHOHVTXHPDWHyULFRGHVXV'RV%DWDOODVKXERGHFHxLUVH
DO PRGXV RSHUDQGL TXH GHEtD WUDQVIHULUOR D ODV DFFLRQHV SHQVy QDWXUDOPHQWH TXH QR KD\
OXFKD UHDO VLQ SHOHDGRUHV DFWLYRV \ TXH QHFHVLWDED FRQ XUJHQFLD XQ UHFOXWDPLHQWR GH
PLOLFLDV (O 2VFXUR GH )ORUHV FRPR OR GLMH \D HQ HO ,QWURLWR PH KDEtD GHPRVWUDGR OD
HTXLGDG DEVROXWD GH ODV 'RV %DWDOODV SXHVWR TXH XQD \ RWUD VH GDUtDQ FRQ HO VROR ILQ GH
UHVWDEOHFHUXQHTXLOLEULRURWRHQHORUGHQWHUUHVWUH\HQHOFHOHVWH\HOSUREOHPDHVLJXDO
HQ XQ KRPEUH R HQ XQD WULEX R HQ XQ SXHEOR WRWDO R HQ XQ PXQGR $KRUD ELHQ FRPR ODV
DFFLRQHV EpOLFDV UHFDHUtDQ VyOR HQ ORV ´UHVSRQVDEOHVµ GH DPERV GHVHTXLOLEULRV HUD IiFLO
GHGXFLU TXH OD JXHUUD QR VHUtD IURQWDO QL PXOWLWXGLQDULD VLQR TXH KDEUtD GH OLPLWDUVH D
EUHYHV \ DVWXWDV ´RSHUDFLRQHV GH FRPDQGRVµ OR FXDO QR H[LJLUtD PXFKD WURSD QL FRVWRV
H[FHVLYRV'HERDFODUDUTXHOD2SHUDFLyQ)LOyVRIRWDQELHQORJUDGD\DSRUHO$XWRGLGDFWR
VyOR KDEtD VLGR XQD H[SHULHQFLD LQLFLDO R XQ WDQWHR GH SRVLELOLGDGHV WiFWLFDV 3RUTXH
0HJDIyQHQWHQGtDPX\ELHQTXHVROR\OLEUDGRDVXVYDJDVLQWXLFLRQHVFDVWUHQVHVPDOSRGtD
OOHYDUDGHODQWHXQDHPSUHVDFRPRODTXHPHGLWDEDGHVGHTXHVLQWHWL]yODLPDJHQGHXQD
3DWULD HQ IRUPD GH YtERUD 3RU OR FXDO GHFLGLy UHFDEDU HO DVHVRUDPLHQWR GHO H[ PD\RU
$QtEDO7URLDQLVXDPLJRGHODLQIDQFLDH[SXOVDGRGHO(MpUFLWRHQ\SRUDTXHOORVGtDV
IUDFFLRQDGRUGHYLQRVFX\DQRV
+DEtDQ DVLVWLGR MXQWRV D OD PLVPD HVFXHOD SULPDULD GH 9LOOD &UHVSR GRQGH 7URLDQL VH
GLVWLQJXtD SRU GLEXMDU HQ HO SL]DUUyQ \ FRQ WL]DV PXOWLFRORUHV OD %DWDOOD GH 7XFXPiQ HO
&RPEDWHGH6DQ/RUHQ]R\ODVHILJLHVGH6DQ0DUWtQRGH%HOJUDQRVHJ~QORUHFODPDVHQODV
HIHPpULGHV $O PLVPR WLHPSR HQ ODV JXHUULOODV GH EDUULR 7URLDQL HUD HO FDFLTXH QDWXUDO
TXHLQYHQWDEDODVHVWUDWHJLDVFRQVWUXtDORVDUPDPHQWRV\HQDPRUDEDVLHPSUHDODYLFWRULD
FRPR H[DOWDGR SRU HO FRQGRWWLHUR TXH VLQ GXGD WUDtD HQ OD VDQJUH SHVH D VX PRGHVWLD
KXUDxD\DVXVSDQWDORQHVURWRVHQORVIRQGLOORV'XUDQWHVXVDGROHVFHQFLDVSDUDOHODVKDEtDQ
OHtGR MXQWRV ORV IDPRVRV 7HPDV GH &RPSDxtD GH 7LUDGRUHV £RK ´%LEOLRWHFD 3RSXODU
$OEHUGLµDORVTXH7URLDQLIRUPXODEDFUtWLFDVWDQDEVWUXVDVTXHFLHUWDVQRFKHVKXQGLHURQ
D 0HJDIyQ HQ LQVRPQLRV IHEULOHV FRPR DOJXQRV WHRUHPDV GH OD JHRPHWUtD /XHJR DTXHO
SDUDOHOLVPR GH OXFKDV SUREOHPiWLFDV \ DPRUHV KDEtD WHUPLQDGR LQRSLQDGDPHQWH FXDQGR
7URLDQL VHJ~Q HUD SUHYLVLEOH LQJUHVy DO &ROHJLR 0LOLWDU 'HVGH DTXHO HQWRQFHV 0HJDIyQ
ODQ]DGR D RWURV FDUULOHV QR YROYLy D HQFRQWUDUVH FRQ VX DPLJR GH MXHJRV \ SHOHDV KDVWD
MXQLR GH  HQ TXH ORV DFRQWHFLPLHQWRV GLYXOJDURQ VX QRPEUH 2ILFLDOHV DGLFWRV D OD
FDXVD SRSXODU KDEtDQ FRSDGR HO 5HJLPLHQWR 9,, GH LQIDQWHUtD FRQ DVLHQWR HQ /D 3ODWD HO
FXDUWHO IXH UHWRPDGR \ HO FDEHFLOOD GH DTXHO JROSH KXER GH FDHU EDMR XQ SHORWyQ GH
IXVLODPLHQWR 1R REVWDQWH ODV SHVTXLVDV XOWHULRUHV WUDWDURQ GH LQGLYLGXDOL]DU DO FHUHEUR
TXH KDEtD FRQFHELGR XQD RSHUDFLyQ WDQ LQJHQLRVD \ OD VRVSHFKD UHFD\y HQ FLHUWR PD\RU
7URLDQLELHQFRQRFLGRSRUVXVDXGDFLDVHVWUDWpJLFDV(O$XWRGLGDFWRORYLVLWyHQODFiUFHOGH
0DJGDOHQDSRUWDGRUGHFLJDUULOORV\QDUDQMDVDOOtUHDQXGDURQVXDPLVWDGHQXQDFRPXQLyQ
GHDIDQHVTXHORVOOHYDUtDOHMRV<RFRQRFtDOH[PD\RU7URLDQLFRPRDWRGRVORVDJRQLVWDV
GHODV'RV%DWDOODVHUDXQFXDUHQWyQGHUHJXODUHVWDWXUDPHPEUXGR\VHULRFX\DVSXSLODV
GH XQ JULV DFHUDGR HO FRORU GH 0DUWH \ VX DUVHQDO SDUHFtDQ WUDGXFLU REVWLQDGDPHQWH ORV
GHVYHORVGHXQDJXHUUDQHFHVDULD
/D SULPHUD FRQVXOWD VH UHDOL]y HQ HO FKDOHW GH )ORUHV \ DO DWDUGHFHU EDMR XQ WHFKR GH
JOLFLQDV FX\RV UDFLPRV \D VH GHVLQWHJUDEDQ VREUH ODV FDEH]DV GHO FRQVXOWDQWH \ HO
FRQVXOWDGR 3DWULFLD %HOO OHV DOFDQ]DED PDWHV OOHQRV \ OHV UHWLUDED PDWHV YDFtRV £HOOD OD
TXH SUHSDUy HO YLQR GH ORV KpURHV \ HO XQJHQWR GH ORV FRQWXVRV < HO JDWR 0DQGLQJD
WHQGLGR HQ XQ VLOOyQ GH PHWDO DFHFKDED ODV GRV SDORPDV TXH VH DGRUPHFtDQ MXQWDV HQ HO

31
WHFKLWRGHOJDOOLQHUR7UDVKDEHUHVFXFKDGRDWHQWDPHQWHODVUD]RQHVGH0HJDIyQ
³7XSHOHD³OHGLMR7URLDQL³VHDMXVWDPiVDODSRHVtDTXHDODUWHPLOLWDU
³¢(VXQLQFRQYHQLHQWH"³OHSUHJXQWyHO$XWRGLGDFWR
³1RHVXQLQFRQYHQLHQWH³UHSXVR7URLDQLFX\RVRMRVGHDFHURUHODPSDJXHDURQ³£HVXQD
WHQWDFLyQ /RV JUDQGHV KHFKRV GH DUPDV TXH QR DEXQGDQ HQ OD KLVWRULD VH GHVDUUROODURQ
FRPRWHRUHPDVSRpWLFRV8Q$QtEDOXQ1DSROHyQRXQ6DQ0DUWtQVRQSRHWDVHQDFFLyQGH
FRPEDWH R JXHUUHURV HQ DFFLyQ GH SRHVtD /R TXH WH KDFH IDOWD HV XQ HTXLSR EpOLFR
HQWUHQDGRHQODFRVWXPEUHSRpWLFDGHOFRUDMH
6HUDVFyODQXFDHQXQJHVWRGXELWDWLYR
³6t³UHSLWLy³HOFRUDMH3HUR¢GHTXpFRUDMHPHKDEODVDKRUD"
³£<RQRGLMHQDGD³SURWHVWyHO2VFXUR
³0XFKDFKR ³OH DFODUy 7URLDQL³ TXLVH GHFLUWH TXH QHFHVLWDUtDV SHOHDGRUHV GH ´FRUDMH
PLOLWDUµRSHOHDGRUHVGH´FRUDMHFLYLOµ
³¢&XiOHVODGLIHUHQFLD"
³/DGLIHUHQFLDHVWiHQHOVLJQLILFDGRPLVPRGHODSDODEUDFRUDMH´IXHU]DRHVIXHU]RGHO
FRUD]yQµ(OFRUDMHPLOLWDUVHEDVDHQORVDUPDPHQWRVHQORVXQLIRUPHVMHUDUTXL]DGRVHQ
ORV FyGLJRV GH VXERUGLQDFLyQ \ GLVFLSOLQD HQ XQ RUGHQDPLHQWR GH KRPEUHV WpFQLFDV \
~WLOHVTXHOHGDXQDVHQVDFLyQGHVHJXULGDGLQWHUQDIUHQWHDODLQVHJXULGDGH[WHUQDSURSLD
GHOPXQGRQRFDVWUHQVH6LORDUUDQFDPRVGHVXPHGLRQDWXUDORVLORDEDQGRQDpOPLVPR
SDUD ODQ]DUVH D OD HVIHUD FLYLO HO PLOLWDU VH DKRJD FRPR XQ SHMHUUH\ IXHUD GHO DJXD VH
DJLWDHQUHVRSOLGRV\FROHWD]RVLQ~WLOHV3RUHVRORVPLOLWDUHVIUDFDVDQHQHOJRELHUQRFLYLO
£0XFKDFKRQRHQWLHQGHQDODFLYLOLGDG£3DWULFLDQRGDQSLHFRQEROD
³¢<FyPRHVHOFRUDMHFLYLO"³OHSUHJXQWyHO$XWRGLGDFWR
³(VXQFRUDMHVLQSROYRULQHV³GLMR7URLDQL³(QODRIHQVLYD\HQODGHIHQVLYDVyORXVDROD
LQWHOLJHQFLDRODLPDJLQDFLyQRODVHQVLELOLGDGSRUTXHKDGHDGDSWDUVHDORFRQWLQJHQWHGH
VX EDWDOOD FRQ HO SHFKR GHVQXGR ¢4XHUpV TXH WH GLJD OR TXH GHVFXEUt HQ OD SULVLyQ GH
0DJGDOHQDYLYLHQGRFRQORVFLYLOHVHQFDUFHODGRV"6yORHOFRUDMHFLYLOUHVSRQGHDFWXDOPHQWH
D OD GHILQLFLyQ GH OD SDODEUD (O FRUDMH PLOLWDU VH KD UHGXFLGR D XQD PHUD FRVWXPEUH
DGPLQLVWUDWLYD¢<VDEHVSRUTXp"3RUTXH\DQRKD\´VROGDGRVµQLHQHOSDtVQLHQHOPXQGR
$KRUDVyORWHQHPRV´IXHU]DVDUPDGDVµ
$WUDYpVGHORFDVLRQDOIUDFFLRQDGRUGHYLQRVODQDWXUDFDVWUHQVHGH7URLDQLVHDEUtDSDVR
FRQ XQD IXHU]D HQ OD TXH VH MXQWDEDQ DPDUJXUDV UHFLHQWHV \ SUHWpULWDV UHEHOLRQHV <
0HJDIyQDOHVWXGLDUODVPDQGtEXODVDSUHWDGDVGHVXFRPSDxHURUHFRQVWUX\yHQVXPHQWHOD
ILJXUDGHOFDXGLOORLQIDQWLOTXHVHODQ]DEDHQ9LOOD&UHVSRDODFRQTXLVWDGHXQDEDUULFDGD
KHFKDSRUHOHQHPLJRFRQYLHMRVFDMRQHVGHNHURVHQH\SRGDGXUDVGHKLJXHUDV
³¢4XpFRVDHVXQVROGDGR"³OHSUHJXQWyPDQVDPHQWHFRPRSDUDQRKHULUOR
³(OVROGDGR³UHVSRQGLy7URLDQL³HVXQDHVWUXFWXUDKXPDQDHQODTXHIXQFLRQDQDODYH]
HOFRUDMHPLOLWDU\HOFRUDMHFLYLO$KtHVWiODPDGHUDGHOSUtQFLSH\GHOFDEDOOHURDQGDQWH
£VyORHQHVDPDGHUDVHSRGUtDWDOODUXQ´KpURHµ3RUHVR\DQRH[LVWHQKpURHVQLFDEDOOHURV
QLVROGDGRV
³¢<ODJXHUUD"³YROYLyDSUHJXQWDUHO2VFXUR
³/DJXHUUD\DQRHVXQDUWH
³¢4XpFRVDHV"
³£8QDGHPROLFLyQ$KRUDVyORQRVTXHGDQWHFQyFUDWDVGHODPDVDFUH\HOJHQRFLGLR
(OSXxRDLUDGRGH7URLDQLFD\yVREUHODPHVDGHMDUGtQHKL]RWUDVWDELOODUODXWLOHUtDGHO
PDWH9RODURQDVXVWDGDVODVGRVSDORPDVHOJDWR0DQGLQJDVHODQ]yWUDVHOODVHQXQFRQDWR
LQ~WLOGHFDFHUtD<HOVLOHQFLRUHLQyHQWUHXQ0HJDIyQDEVRUWRXQD3DWULFLDLQWULJDGD\XQ
H[PD\RU7URLDQLTXHSDUHFtDUHFREUDUOHQWDPHQWHVXFRQGLFLyQGHYLQDWHURFRQWUDQDWXUD
³6LWRGRKDPXHUWR³OHGLMRDOILQHO$XWRGLGDFWR³¢TXpKDUp\RFRQPLV'RV%DWDOODV"

32
 7URLDQLORPLUyFRPRGHVGHERUURVRVKRUL]RQWHV
³+DEUtDTXHUHVXFLWDUDOKpURH³UHIXQIXxy
³6tSHUR¢FyPR"
³<R HQ WX OXJDU EXVFDUtD HQ HO SXHEOR OD YLHMD VXEVWDQFLD GHO KpURH 0XFKDFKR HO
SXHEORUHFRJHWRGDVODVERWHOODVTXHVHWLUDQDODJXDFRQPHQVDMHVGHQDXIUDJLR(OSXHEOR
HVXQDJUDQPHPRULDFROHFWLYDTXHUHFXHUGDWRGRORTXHSDUHFHPXHUWRHQHOROYLGR+D\
TXHEXVFDUHVDVERWHOODV\UHIUHVFDUHVDPHPRULD
6HSXVRGHSLH\FRPRGLYHUWLGRVDFXGLyHOWDOORGHODJOLFLQDXQ DJXDFHURGHIORUHV
D]XOHVFD\yGHVGHORDOWRVREUHODVWUHVFDEH]DVKXPDQDV<HOJDWR0DQGLQJDTXHQRHUD
KRPEUHVLQRGLDEORHVWXGLyD7URLDQLFRQXQDIULDOGDGLQMXULRVD

£*UDQ'LRVPHUHSURFKRDKRUD¢4XpQHFHVLGDGWHQtDHVWHSHUUR\RPLVPRTXH\DQR
DJXDQWDQLXQDSXOJDPiVHQVXVORPRVGHVDOLUOHD0HJDIyQFRQXQGRPLQJRVLHWHFXDQGR
HO 2VFXUR PH WUDQVILULy ORV FRQVHMRV GHO H[ PD\RU 7URLDQL" 6L D ORV ILQHV GH UHXQLU XQD
PLOLFLD HVSHFLDOL]DGD HUD QHFHVDULR VRQGHDU HO DQWLJXR FRUDMH SRUWHxR ¢TXLpQ PH REOLJy
HQWRQFHV D WUDVFHQGHU PL RILFLR GH VLPSOH FURQLVWD R QDUUDGRU GH ODV 'RV %DWDOODV \ D
HQWUHJDUPH D OD WDUHD GH H[SORUDU PHPRULDV FROHFWLYDV \ GHVFRUFKDU ERWHOODV SRVWDOHV
DUURMDGDVDORFpDQR"¢4XLpQPHREOLJyDPtTXHWUDVGHKDEHUFXPSOLGRYHLQWHDVFHQVRV\
RWURV WDQWRV GHVFHQVRV DQGR WRGDYtD SRU %XHQRV $LUHV FRQ UHPLHQGRV PX\ YLVLEOHV HQ HO
FXORGHODOPD"<KDEODQGRGHFXORVDGYLHUWR\RTXHSRUVHJXQGDYH]HVDSDODEUDVLOYHVWUH
VH KD GHVOL]DGR HQ PL SURVD ¢&RQ TXp ILQ" PH GLUiQ &LHUWR LGHDOLVWD FRUGREpV PH
LQWHUURJyHQXQDWHQHRGHEDUULR´¢3RUTXpVHUiTXHKDVWDTXHQRVHKDEODGHOFXORQDGLH
VH KXPDQL]D"µ /H UHVSRQGt TXH VLHQGR HVD SDUWH OD PHQRV LOXVWUH GH QXHVWUD PRGDOLGDG
FRUSyUHD HUD OD TXH QRV KDFH UHIOH[LRQDU FRQPiV KRQGXUD VREUH OD PRGHVWLD GH QXHVWUR
FRORUKXPDQR\ODTXHQRVUHGXFHPHMRUDORVGLItFLOHVWpUPLQRVGHODKXPLOGDG<QRVHUi
pVWH PL ~QLFR PRQyORJR GH LQGLJQDFLyQ DQWH OD ORFXUD GH ORV KHFKRV TXH VH DYHFLQDQ
3RUTXHPHGLJRDKRUDTXHWDPELpQHOQDUUDGRUDEDQGRQDQGRVXWLUiQLFDREMHWLYLGDGWLHQH
XQ GHUHFKR GH SURWHVWD TXH QDGLH OH KD GLVFXWLGR QXQFD GHVGH +RPHUR KDVWD -RVp
+HUQiQGH]
<RVR\£PHDFXOSDTXLHQKDHPEDUFDGRHVWDQRFKHDO2VFXURGH)ORUHVHQXQDVHJXQGD
H[FXUVLyQD6DDYHGUDODPLVWHULRVDWUHLQWD\FLQFRDxRVGHVSXpVGHODSULPHUDHQTXHXQD
JHQHUDFLyQ GH IRONORULVWDV DOERURWy D ORV iQJHOHV \ D ORV GHPRQLRV GH OD FLXGDG
1DWXUDOPHQWH0HJDIyQRFXSDGRVyORHQXQSRVLEOHUHFOXWDPLHQWRGHEDWDOODGRUHVLJQRUD
FRQ TXp VREUHVDOWRV GH FRUD]yQ HVSHUDQ]DV \ GXGDV PH GLULMR \R DO FDPSR GH PLV JHVWDV
DQWLJXDV5HJUHVDUDXQDFDVDPXHUWDRDXQEDUULRSHUGLGRHVDYHFHVFRPRDVLVWLUDXQD
H[KXPDFLyQ MXGLFLDO \ URPSHU OD YLHMD WDSD GH DOJ~Q DWD~G HQ EXVFD GH XQ URVWUR
HQWUDxDEOH SDUD HQFRQWUDU VHJXUDPHQWH XQ IRQGR GH KXHVRV WHUURQHV K~PHGRV \
JXVDQHUDV FDOFLILFDGDV 3RU ODV GXGDV OOHYR PLV QRWDV H LWLQHUDULRV GH D\HU D ILQ GH
ORFDOL]DU OD WRSRJUDItD GH PL SULPHU YLDMH D 6DDYHGUD £6L QRV DFRPSDxDVH DO PHQRV HO
DVWUyORJR6FKXOW]HJXtDLGHDOHQHVWDVXHUWHGHLQTXLVLFLRQHV3HUR6FKXOW]HKDPXHUWR\
VREUH OD WXPED GHO DVWUyORJR VDOWDQ KR\ HQ LQRFHQWH GHVPHPRULD ORV GtDV \ ODV QRFKHV
SULPDYHUDOHV FRPR EDLODULQHV GH SLHV EODQFRV \ GH SLHV QHJURV $ 6FKXOW]H OH KDEUtD
JXVWDGRHVDPHWiIRUD¢<6DPXHO7HVOHU"6tHVWiYLYRHQODFDVDGH'DYLGHOFLUFXQFLGDGRU
SHURHO$XWRGLGDFWRORUHVHUYDTXLpQVDEHSDUDTXpVRUGDVHVFDUDPX]DV
7UDVDOJXQDVFRQWUDPDUFKDV\URGHRVHQXQEDUULRTXHKDFHGLGRDODXUEHVXVIUDJPHQWRV
GH SDPSD EXVFR OD XELFDFLyQ GHO RPE~ D FX\R SLH DEUtD VX MHWD HO ,QILHUQR GH %XHQRV
$LUHV7RGDHOiUHDHVWiFXELHUWDGHSHTXHxRVFKDOHWV\VXVMDUGLQHVHQPLQLDWXUDVtKD\
OXFHVHQODVYHQWDQDV\ VHR\HQDGHQWURP~VLFDVGHMD]]HQUDGLRV\WRFDGLVFRVSXHVWRVD
WRGRYROXPHQ(QWUHDTXHOORVHQDQRVGHODDUTXLWHFWXUDVHDO]DXQPRQREORFGHRFKRSLVRV

33
FX\RIHREDOFRQDMHWLUDSHGD]RVGHFODULGDGDODQRFKH0LFRUD]yQVHDUUXJD\HQQHJUHFH
FRPRXQSDSHOHQHOIXHJR
³< VLQ HPEDUJR ³OH VXVXUUR D 0HJDIyQ³ SRU DTXt HVWDED HO RPE~ £/RV iQJHOHV
LQFXEDGRUHV GHO JUDQ 6FKXOW]H KDQ FXPSOLGR \ QR HV FRPR SDUD IHOLFLWDUORV (VWD SROODGD
HGLOLFLDHVEDVWDQWHKRUULEOH
(Q OD SXHUWD GH XQ FKDOHW YHFLQR GHVFXEUR D XQ KRPEUH VHQWDGR HQ HO XPEUDO \ D XQ
SHUUR TXH \DFH D VX YHUD FRQ HO KRFLFR HQWUH ODV SDWDV 0HJDIyQ \ \R QRV DFHUFDPRV HO
SHUURVHOHYDQWD\QRVPXHVWUDVXVGLHQWHVRPLQRVRV
³£4XLHWR$xD³OHRUGHQDHOKRPEUHXQVHSWXDJHQDULRGHYR]WUDQTXLOD
³6HxRU³ORLQWHUURJR³¢KDFHPXFKRTXHYLYHXVWHGHQHVWDEDUULDGD"
³0XFKR³UHVSRQGH
³¢1R UHFXHUGD VL SRU DTXt H[LVWtD XQ RPE~ GH UDtFHV JUDQGHV FRPR HVSRORQHV GH JDOOR
YLHMR"
³6HxRUHUDXQRPE~GHOWLHPSRGH5RVDV3HURORFRUWDURQ
³¢'yQGHVHDO]DED"³LQVLVWR\R
³(Q HO WHUUHQR GRQGH DKRUD VH OHYDQWD HVD FDVD GH RFKR SLVRV &RUWDURQ HO RPE~ ODV
PXMHUHVOORUDEDQ\ORVKRPEUHVPDOGHFtDQDO,QWHQGHQWH
³¢(VWDEDQORFRV"³PHLQGLJQR\R
³¢4XLpQHV"
³£/RVTXHOHYDQWDURQHVHPRQREORFVREUHODHQWUDGDGHXQ,QILHUQR
³¢4XpLQILHUQR"
³£(OGH%XHQRV$LUHV
(OKRPEUHVHLQFRUSRUD\PHREVHUYDFRQLQTXLHWXG
³9DPRV$xD³OHGLFHDOSHUUR
<HQWUDHQHOFKDOHWFRQHOSHUURHQORVWDORQHV
³¢4Xp KDFHPRV DKRUD" ³PH SUHJXQWD XQ 0HJDIyQ TXH YLHQH REVHUYiQGRPH FRQ
LQGXOJHQWHFXULRVLGDG
³9D\DPRVKDVWDHOHGLILFLR
(QODSXHUWDGHOPRQREORFXQSUREDEOHLQTXLOLQRVHGLVSRQHDVDOLU
³¢(VXVWHGXQKDELWDQWHGHODFDVD"³OHSUHJXQWR
³6tVHxRU³PHFRQWHVWD³SLVRGHSDUWDPHQWR.¢6RQGHODSROLFtD"
³1R 6yOR TXHUHPRV DYHULJXDU VL QR KD RtGR XVWHG HQ HO LQPXHEOH DOJR IXHUD GH OR
FRP~Q
³¢&yPRTXp"
³$UUDVWUH GH FDGHQDV JULWRV GHVWHPSODGRV ULVDV HVFDQGDORVDV \ VREUH WRGR D
PHGLDQRFKH
³1R³VHDVXVWDHOLQTXLOLQR³VRPRVJHQWHVGHRUGHQHPSOHDGRV\REUHURV
³¢(VWiVHJXURGHTXHQDGDRFXUUH"³LQVLVWR\R
³$KRUDTXHORGLFH³UHFXHUGDHOLQTXLOLQR³DOJRYLHQHVXFHGLHQGRHQODFDVD
³'tJDOR
³1RKD\SRUWHURTXHQRVGXUHWUHVPHVHV5HQXQFLDQ\VHYDQ
³¢3RUTXp"
³1RGDQH[SOLFDFLRQHV
(OLQTXLOLQRVDOXGD\WRPDODFDOOH$OSXQWRHQHOFRUUHGRUDSDUHFHXQKRPEURWHTXHVH
YLVWHGHXQPRQRD]XO\GHXQDGHVFRQILDQ]DSURIHVLRQDO
³¢(VXVWHGHOSRUWHURGHODILQFD"³ORLQWHUURJR
³¢4XpVHOHVRIUHFH"³QRVUHSUHJXQWDpO
(Q VX DFHQWR \ HPSDTXH LGHQWLILFR D XQ HMHPSODU GH 3RQWHYHGUD UHVLVWHQWH \ OOHQR GH
HVSLQDV H[WHULRUHV FRPR XQ DEURMR 6H UHVLVWLUi QR OR GXGR WHQGUp TXH SDUWLU VX GXUD

34
FiVFDUD\IRU]DUORDTXHYRPLWHVXLQGLJHVWLyQPHWDItVLFD
³/RTXHRFXUUH³OHGLJR³HVHQHOVXEVXHORGHODFDVDHQHOVXEVXHOR\QDGDPiV
³¢4XpSDVDHQHOVXEVXHOR"³UH]RQJDpO
³/DJUDQGLDEOHUtD
(OKRPEURWHGDXQSDVRDWUiVEDOEXFHDVHGHVRUELWDGHRMRV
³£1RHVYHUGDG³FODPD³£1RVRQJULWRVORVGHDEDMRHVHOGHVDJHGHODVWXEHUtDV£1R
VRQ FDUFDMDGDV HV HO SHWUyOHR FUXGR DO DUGHU HQ ORV IRJRQHV GHO DJXD FDOLHQWH £1DGLH
FKLVWD HV HO TXHPDGRU GH EDVXUDV £1DGLH DPHQD]D HV HO PRWRU GH OD ERPED £6RQ ORV
PXHEOHVLQVHUYLEOHVTXHFUXMHQRORVUDWRQHVTXHDQGDQHQHOGHSyVLWRGHOVXEVXHOR£4Xp
FDUDMR£9i\DQVH
'HVSDYRULGR HO KRPEUH GH D]XO QRV GD FRQ OD SXHUWD GHO PRQREORF HQ ODV QDULFHV 0H
YXHOYRD0HJDIyQ\OHDQXQFLR
³(OJDOOHJRQRGXUDUiRWURPHV(QHVWHOXJDUODERFDGHO,QILHUQRVLJXHDELHUWD\KDGH
VHJXLUORKDVWDHOPLOHQLRIXWXURHQTXH%XHQRV$LUHVWHQJDVXMXLFLRILQDO
,QGLIHUHQWH D PLV H[FLWDFLRQHV GH WXULVWD HYRFDWLYR 0HJDIyQ OR KD HVFXFKDGR WRGR VLQ
FRPSURPHWHUVH\QRKD\RIHQVDHQVXDFWLWXGVLQRODPLVPDFXULRVLGDG]XPERQDTXH\DOH
GHVFXEUtDQWHV\TXHQRDIHFWDPLGLJQLGDG$OILQ\DOFDER\RVR\XQFRPEDWLHQWHGHD\HU
TXH UHFRUUH DKRUD VX DQWLJXR FDPSR GH EDWDOOD UHVXFLWD PXHUWRV \ EXVFD HQ OD QRFKH
UDVWURVSHUGLGRV
³¢<DKRUD"³PHSUHJXQWDpO
³7HQHPRVTXHKDOODUODFDVDGH-XDQ5REOHV
/RFDOL]DGRHOVLWLRGHORPE~QRPHVHUiGLItFLOHQFRQWUDUODTXHXQGtDVHOODPy&DVDGHO
0XHUWR
£4XLHUD 'LRV TXH QR KD\DQ HGLILFDGR VREUH VXV UXLQDV XQ FOXE GH WHQLV R XQ PDUNHW GH
DXWRVHUYLFLR/DFLXGDGVHGHVWUX\H\VHUHFRQVWUX\HFRPRXQWHMLGRFHOXODU£DOPDEXHQD
OORUD VREUH OD WXPED GHO IRONORUH 3HUR £QR 7RGDYtD H[LVWHQ OD FDOOH \ VXV GRV KLOHUDV GH
FDVRQDVTXHDODOX]GHIDUROHVWtVLFRVSDUHFHQKRQJRVH[XGDQWHVGHKXPHGDG\WULVWH]D/D
GH -XDQ 5REOHV SHVH D PLV UHFHORV HVWi YLYD \ FROHDQGR VH R\H DGHQWUR XQ HVWHQWyUHR
MLQJOH GH WHOHYLVLyQ \ FLHUWD OX] HVSHFWUDO GH PHUFXULR OD LOXPLQD HQWHUDPHQWH FRPR XQD
OXMRVD FRPSDGUDGD 0HJDIyQ \ \R QRV LQWURGXFLPRV SRU OD SXHUWD GH KLHUUR TXH ORV
PRUDGRUHV QR KDQ FHUUDGR WRGDYtD UHFRQR]FR HO SDWLR GRQGH DKRUD XQ JUXSR GH JLWDQDV
YHVWLGDVFRQVXVDWXHQGRVDELJDUUDGRVFKDFKDUHDQHQXQLGLRPDWDUWDMHDQWHRVHSDVDQSRU
ODVFULQHVUHQHJULGDVSHLQHVILQRVHQEXVFDGHOLHQGUHV0HDVRPRDODVDODGRQGHDTXHOOD
QRFKH-XDQ5REOHVIXHYHODGRDODVRPEUDGHODV(XPpQLGHVDKRUDHVWiOOHQDGHWDSLFHV
DOPRKDGRQHV\FDPDVWXUFDVDODPDQHUDRULHQWDO&LHUWRJLWDQRWHQGLGRDORSULQFLSHVFR
HQXQDRWRPDQDIXPDVXFDFKLPEDFRQORVRMRVILMRVHQODSDQWDOODGHXQWHOHYLVRUGRQGH
DOMLQJOHVXFHGHDKRUDXQDHVFHQDGUDPiWLFDGHWHDWURGHODLUH
&RPRQDGLHSDUHFHDGYHUWLUQXHVWUDLUUXSFLyQHQDTXHOODJLWDQHUtDGR\WUHVSDOPDGDVD
FX\RHFRQRVHQIUHQWDXQDYLHMDGHFRORUWDEDFRSLQWDUUDMHDGD\WLQWLQHDQWHGHSXOVHUDV
/DVLJXHXQDQLxDJLWDQDEDMRFX\RFRUSLxRPDGXUDQ\DWHPSUDQRVOLPRQHV
³¢4XpVHOHVIUXQFH"³QRVGLFHODYLHMDHQWUHFDXWHORVD\GLYHUWLGD
³0DGUH³OHFRQWHVWR³QRVHQRVIUXQFHQDGD6yORTXHUHPRVDYHULJXDUVLKDQFRQRFLGR
XVWHGHVDODIDPLOLDGHXQWDO-XDQ5REOHVTXHYLYLyHQHVWDFDVD\IXHSLVDGRUGHEDUURHQ
ORVKRUQRVGHODGULOORV
³(VWHSDODFLR³GLFHODYLHMDFRQKXPRU³IXHDQWHVGHXQFHEROOHURTXHDGHPiVYHQGtD
SDSDV\FDUEyQGHOHxD\TXHQRVGHMyODFDVDKHFKDXQDLQPXQGLFLD
0RVWUDQGRVXVGLHQWHVRSHUODVRJUDQRVGHFKRFORODQLxDVHSRQHDFDQWDU



35
 6R\XQSREUHFHEROOHUR
TXHYLYHGHVXWUDEDMR
JULWDQGR£FHEROOD\DMR

³£6LOHQFLRPXMHU³OHUHSUHQGHODYLHMD
³<DQWHVGHOFHEROOHUR³LQVLVWR\R³¢TXLpQYLYtDHQODFDVD"
³£9LYtD OD PDGUH TXH ORV SDULy ³HVWDOOD OD YLHMD³ ¢4Xp EXVFDQ DTXt" £+RPEUHV
FRUUXSWRV\DQRWLUDPRVODVFDUWDVQLYHQGHPRVILOWURVSDUDORVDPRUHV
(VWR\UDELRVRDQWHORVGHVSODQWHVGHDTXHOODEUXMD
³£4Xp YDQ D WLUDU ODV FDUWDV ³OH UHWUXFR³ 6L DTXt HVWXYLHUD 6FKXOW]H OHV UHFRUGDUtD
FyPRXVWHGHVKX\HURQGHO7tEHWOOHYiQGRVHDOJXQDVPLJDMDVGHODUWHDGLYLQDWRULD\FRPR
HQVXVPLJUDFLRQHVSHUGLHURQHOWHVRUR\ODYHUJHQ]D
³£0DQROR³JULWDODEUXMDGLULJLHQGRVXYR]DODVDODGHORVWDSLFHV
³¢<TXpKDFHQXVWHGHVDKRUD"³SURVLJR\R³¢5REDUJDOOLQDVHQHOYHFLQGDULR"£1R$KRUD
VH KDQ KHFKR FDSLWDOLVWDV UHYHQGHQ DXWRPyYLOHV \ UHIULJHUDGRUDV GH RULJHQ PX\ GXGRVR
£$TXtKD\RORUDFRQWUDEDQGR
³£0DQROR³YXHOYHDJULWDUODYLHMD³£7HEXVFDQHVWRVFUXGRV
$O RtUOD HO KRPEUH GH OD VDOD TXH VLQ GXGD HV HO LQYRFDGR 0DQROR DEDQGRQD VX
DSROLOODGHUR \ VH LQVWDOD IUHQWH D QRVRWURV FRQ XQD GHVLGLD JLWDQHVFD GH QR IiFLO
LQWHUSUHWDFLyQ VX PHOHQD WRUUHQFLDO VXV SDWLOODV HQVRUWLMDGDV \ VX WUDMH DQiUTXLFR OH
GDUtDQ HO DLUH LQRIHQVLYR GH XQ EHDWOH VL QR OOHYDUD HQ OD FLQWXUD XQ IDFyQ WROHGDQR TXH
KDEOD SRU Vt PLVPR /RV RMRV GHO KRPEUH VH DFKLFDQ \ HQGXUHFHQ 0HJDIyQ \ \R
UHWURFHGHPRVKDVWDODSXHUWDGHFDOOH
³£9HQJDQPDXODV³QRVGHVDItDODEUXMD³£1RVHFDJXHQHQORVSDQWDORQHV
<GHVFDO]iQGRVHQRVWLUDXQ]DSDWRUHOXFLHQWHGHOHQWHMXHODV<DHVWDPRVHQODFDOOH\
RWUDYH]HQODQRFKH/DQLxDJLWDQDTXHQRVKDVHJXLGRKDVWDHOXPEUDOQRVLQVXOWDFRQOD
OHWUDLUyQLFDGHXQYLHMRWDQJRPRQWHYLGHQVH

9RVWHFUHHVTXHSRUTXHKDEODVGH´WLµ
IXPDVWDEDFRLQJOpV
SDVHDVSRU6DUDQGt

³£/D JLWDQLOOD GH &HUYDQWHV ³UH]RQJR \R HQ XQD UHPLQLVFHQFLD OLWHUDULD³ £*UDQ SXWD
TXpGHFDGHQFLD0HSUHJXQWRTXpKDUtDGRQ0LJXHOFRQHVWDPRFRVDGHDUUDEDO
(O $XWRGLGDFWR UtH DKRUD IUHQWH D OD FDVD GH -XDQ 5REOHV \ QR OR DFRPSDxR HQ VX
GHVDSUHQVLYDKLODULGDG0LHQWUDVDEDQGRQDPRVHOWHUUHQR\RVLJRHQOD(OHJtDGHSHVWDxDV
OOXYLRVDVXQFRQWHQLGRKXPDQRGXUDPHQRVTXHVXUHFLSLHQWH£\ODFDVDGHOKRPEUHVyOR
HV XQD ERWHOOD LPSHUVRQDO TXH VH KD OOHQDGR VH YDFtD \ VH OOHQD RWUD YH] GH SLVDGRUHV
JLWDQRV R FHEROOHURV ¢4XLpQ PH KD PHWLGR D Pt HQ HVWD JXDUDFKD VHQWLPHQWDO FRQ WRGRV
ORVDxRVTXHOOHYRVREUHODVFRVWLOODV"£3DVHDQWHDQDFUyQLFRQRDUURMDUiVWXDQ]XHORDODJXD
WXUELDGHQLQJ~QD\HU6LORKDFHVFRUUHUiVHOULHVJRGHSHVFDUXQDYLHMDFKDQFOHWDGHOD
)LORVRItD
3HUR 0HJDIyQ HVWi EXVFDQGR D VXV FRPEDWLHQWHV HQ OD QRFKH GH %XHQRV $LUHV \ HVWH
VXEXUELR TXH UHFRUUHPRV DKRUD IXH VHJ~Q PLV FiOFXORV HO PLVPR ULxyQ GH OD EUDYXUD
SRUWHxDGRQGHVHGHVWLODEDQORVRGLRVDQWLJXRV\FULVWDOL]DURQHQKpURHVPiVLUUHGXFWLEOHV
TXHODVDOGHODXUHD6LWRGRQRIXHXQVXHxR¢SRGUtDQHJDUVHTXHORVERWLQHVJORULRVRVGHO
WDLWD )ORUHV GHMDURQ VXV KXHOODV HQ HVWH EDUUR HOHPHQWDO" ¢< D HVD &UX] GHO 6XU QR VH
OHYDQWyDOJXQDQRFKHODPLUDGDREOLFXD\PLHUGRVDGHOPDOHYR'L3DVTXR"/DVRODHYRFDFLyQ
GHVXVILJXUDVPHFRVTXLOOHDHQODQDUL]FRPRXQDSyOYRUD\WHQWDGRHVWR\GHDJDUUDUPHD

36
SLxDV FRQ HO SURSLR 0HJDIyQ DOOt PLVPR \ VyOR HQ KRPHQDMH D WDQWDV EURQFDV SUHWpULWDV
£+D\ TXH LQYHVWLJDU GyQGH KDQ HVFRQGLGR VXV MHWDV YHQHUDEOHV \ VL KDQ GHMDGR DOJXQD
VXFHVLyQ3HURODVFDVDVKDQFHUUDGRVXVSXHUWDVDODQRFKHLQYDVRUDHQWUHVXVGRVILODVGH
SDUDtVRV OD FDOOH GHVLHUWD SDUHFHUtD XQ W~QHO GH VLOHQFLR FRUULHQWH ¢4XLpQ QRV GDUi XQD
SLVWDXQVRORKLORFRQGXFWRU"6LQHPEDUJRKD\SRUDOOtXQDP~VLFDHQVRUGLQDTXHQRVOOHJD
GHOIUHQWH\QRVDGHODQWDPRVKDFLDHVDKHEUDGHOVRQLGR(QODHVTXLQDEDMRHOFRQRGH
OX] TXH SUR\HFWD XQD OiPSDUD GH PHUFXULR FLQFR DGROHVFHQWHV EDLODQ R VH FRQWRQHDQ DO
ULWPR GH XQ VZLQJ TXH EURWD GH XQD UDGLR SRUWiWLO 1RV PDQWHQHPRV IXHUD GHO FRQR SDUD
REVHUYDU
³(VXQDSDWRWDMXYHQLOGHOEDUULR³OHGLJRD0HJDIyQ
³(QWLHQGR ³PH UHIXWD pO³ TXH VH WUDWD GH XQD SUHSDWRWD FRPR KDEUtD GLFKR VX
FDPDUDGD 6FKXOW]H (V XQD SDWRWD HQ HVWDGR ODUYDO R GH FULViOLGD ODV KH YLVWR LJXDOHV HQ
)ORUHV\HQ9LOOD&UHVSR
/RV FLQFR DGROHVFHQWHV YLVWHQ SDQWDORQHV YDTXHURV EOXVDV FRORUHDGDV \ ]DSDWRV GH
EiVTXHWHQFLHUWDXQLIRUPLGDGTXHKDGLYXOJDGRODLQGXVWULDSDUDHVRVHQMDPEUHVGHQLxRV
KRPEUHV
³2EVpUYHORV ³PH GLFH 0HJDIyQ³ JLUDQ R VH FRQWRQHDQ VLQ KDEODU HQ XQD HVSHFLH GH
EDLOH OLW~UJLFR ¢/LWXUJLD GH TXp" 'H VXV SRWHQFLDOLGDGHV QR DFWXDOL]DGDV GH VX
LQGHIHUHQFLDFLyQ HOHPHQWDO GH VXV GHVWLQRV SRVLEOHV £*OiQGXODV GH VHFUHFLyQ LQWHUQD HQ
OXFKDVHTXLOLEUDQWHV'HDTXtVDOGUiQORVIXWXURVKpURHV\ORV´QDGLHµIXWXURV
³¢1RHVWDUiPDGXUDQGRHQWUHORVFLQFRDOJ~QFRPEDWLHQWHGHVXVEDWDOODV"
³'HPDVLDGRMyYHQHV³FDOFXOD0HJDIyQ
(O \ \R HQWUDPRV HQ HO FRQR GH OX] DO YHUQRV ORV FLQFR DGROHVFHQWHV TXHGDQ FRPR
SHWULILFDGRV
³1RVHDVXVWHQ³OHVGLJR
³1RQRVDVXVWDPRV³UHSOLFDXQROtGHUSRWHQFLDOGHXQD´EDUUDµHQSRWHQFLD
³¢9LYHSRUDTXtXQDIDPLOLD5REOHV"
³1RODFRQRFHPRV
³¢+DQ RtGR KDEODU ³LQVLVWR \R³ GH XQ SHVDGR 5LYHUD XQ WDLWD )ORUHV R XQ PDOHYR 'L
3DVTXR"
³3DUHFHQFRVDVGHWDQJR³HVSHFXODHOOtGHUHQVXGHVPHPRULDGDWHPSUDQLGDG
<VXWRQRLQGLIHUHQWHPHLQVWDODFRPRDXQHVSHFWURHQODSUHKLVWRULDGH%XHQRV$LUHV
3HUR 0HJDIyQ FRQ PiV WDFWR \ PHQRUHV QRVWDOJLDV LQWHQWD XQ VRQGHR GH ORV EDLODULQHV
QRFWXUQRV
³7LHQH TXH KDEHU HQ HO EDUULR ³OHV GLFH³ DOJ~Q DOPDFpQ FDIHWtQ R ERGHJyQ GRQGH VH
UH~QHODJHQWHDQWLJXD¢/RFRQRFHQ"
³6LKD\XQOXJDUDVt³DYHQWXUDHOOtGHU³WLHQHTXHVHU´/D(VTXLQDµ
³¢'yQGHTXHGD´/D(VTXLQDµ"
³7UHVFXDGUDVDGHODQWH\GRVDODL]TXLHUGD
([WUDxRVDQRVRWURVHQHOWLHPSRORVFLQFRDGROHVFHQWHVKDQSURVHJXLGRVXGDQ]DULWXDO
EDMRHOIRFRGHPHUFXULRTXHDKRUDEDLORWHDWDPELpQDOFDSULFKRGHXQDUiIDJDQRFWXUQD
0HJDIyQ \ \R UHPRQWDPRV OD FDOOH WUD]DGD \ EDXWL]DGD QR KDFH PXFKR HQ OD OODQXUD
TXHUDQGt ORV FKDOHWV YDQ FHGLHQGR OXJDU D ODV FDVLWDV GH ODGULOORV OXHJR D ORV UDQFKRV GH
WHUUyQ \ SRU ILQ D ODV PDGULJXHUDV GH ODWDV \ FDMRQHV 'REODPRV D OD L]TXLHUGD VHJ~Q OD
RULHQWDFLyQ GH ORV EDLODULQHV \ QRV DGHQWUDPRV HQ ORV JUDQGHV EDOGtRV TXH WRGDYtD VH
DIHUUDQ D VX EUDYXUD GH SDPSD 2LJR HQ OD QRFKH XQ FURDU GH EDWUDFLRV XQiQLPH ¢WH
DFXHUGDV DOPD GH ORV VDSRV FLVQHV" $VSLUR XQ RORU DPDUJR GH UDtFHV \ KRMDV XQ WHUR
GRPHVWLFDGRQRVKDRtGR\JULWDVXDOHUWDHQODQHJUXUD/HYDQWRPLVRMRVDOFLHORDXVWUDO\
VXHVFDORIUtRGHJDOD[LDVHQIXJDPHUHFRUUHODVYpUWHEUDV3HURDOIUHQWHQRVOODPDXQDOX]

37
\XQDP~VLFDWLHQHTXHVHU´/D(VTXLQDµRQRHQWLHQGRXQSLWRGHUHGXFWRVIRONOyULFRV<
QRV DSUHVXUDPRV KDFLD OD P~VLFD FRUUHPRV D OD OX] £µ/D (VTXLQDµ £6H OODPDEDQ DVt ORV
DOPDFHQHVGHUDPRVJHQHUDOHV\ODVSXOSHUtDVTXHUHFRUUtHQHOVXUDODYHUDJDXFKDGHPL
WtR)UDQFLVFR/DTXHDKRUDREVHUYRVHDO]DMXQWRDXQDFDUUHWHUDGHDVIDOWRVXVPXURVGH
DGREH\VXWHFKRGHSDMDVLJXHQILUPHVDVtFRPRVXVSDOHQTXHV£D\GHVLHUWRVGHFDEDOORV
PXVLFDOHV £'RV FDPLRQHV DKRUD FDUJDGRV GH YHUGXUDV \ FRQ ORV IRFRV H[WLQWRV ¢< HVDV
YHQWDQDV"(VWiQURWDVSHURFRQOX]DGHQWURFRPRORVRMRVGHXQDYDFDQRPXHUWDGHOWRGR
TXH VLJXH FRPLpQGRVH D SLFRWD]RV HO JDYLOiQ GHO WLHPSR £6t RWUD PHWiIRUD ERFKLQFKHUD
3HUR ¢QR VH KDEUiQ GHWHQLGR DTXt DOJXQD YH] ORV FKLUULDQWHV FDUUHWRQHV TXH YHQtDQ GHO
7XFXPiQ FRQ VX FDUJD GH D]~FDU SRHWDV \ UHYROXFLRQDULRV" /H VXVXUUR D 0HJDIyQ HVD
LQTXLHWDQWHSUHJXQWD\HO$XWRGLGDFWRQRDEDQGRQDVXPXWLVPR\RVR\XQKpURHGHD\HU
HQUHGDGRHQWHODUDxDVGHPXVHR\pOEXVFDSHOHDGRUHVGHGRVEDWDOODVTXHVHGDUiQHQOR
IXWXUR
$O HQWUDU HQ ´/D (VTXLQDµ QRV DVDOWD SULPHUR XQ RORU GH WDEDFRV DFWXDOHV YLQRV
SUHWpULWRV\JUDVDVIyVLOHVGHFKXUUDVFRVKLVWyULFRVÔQLFDOX]ODGHWUHVOiPSDUDVHOpFWULFDV
TXH VH DKRUFDQ GHO WHFKR SRU VXV FDEOHV UXLQRVRV GRQGH KDQ FDJDGR SURIXVDPHQWH FLHQ
JHQHUDFLRQHVGHPRVFDV¢<ODP~VLFD"YLHQHGHXQWRFDGLVFRVFKLOOyQFX\DS~DYLDMDHQXQ
ORQJSOD\GHWDQJRVPiVOORURQHVTXHODPHODQFROtD
³¢< TXp VH \R ³OH VXVXUUR D 0HJDIyQ³ VL HVWDV FXDWUR SDUHGHV QR IXHURQ HO DODPELTXH
GRQGH VH GHVWLOy HO SULPHU WDQJR FRQ XQ D]~FDU GH KDEDQHUDV \ XQ DJXDUGLHQWH GH
FDQGRPEHV"
(QVXIRURGHKXPRGHWUiVGHOPRVWUDGRUHOSURSLHWDULRGH´/D(VTXLQDµXQHVSHFWUR
PDFL]RJRELHUQDFRQVXVPLUDGDVDFLHUWRPR]RFDVLIRVIRUHVFHQWHTXHUHFRUUHORVJUXSRV
GH SDUURTXLDQRV FRQ OD REVWLQDFLyQ GH XQ DOPD HQ SHQD (VWXGLR DQVLRVDPHQWH ODV FXDWUR
PHVDV RFXSDGDV HQ XQD ORV FDPLRQHURV UtHQ R JULWDQ DYHQWXUDV GH FDUUHWHUD IUHQWH D VXV
YDVRV GH WLQWLOOR HQ RWUD GRV YLHMRV FRQ SLQWDGH MXELODGRV PXQLFLSDOHV \ DXQ FRQVHUYDQ
DOJXQDVSLOFKDVGHVXVXQLIRUPHVMXHJDQXQWUXFRVLQDODUGHVFRQEDUDMDVPXJURVDVDIRUR
\ GHUHFKD WUHV LQGLYLGXRV PDO HQWUD]DGRV QRV FODYDQ VXV RMRV HQ UHFHOR \ VRQ ORV ~QLFRV
DVLVWHQWHV TXH KDQ DGYHUWLGR QXHVWUD OOHJDGD 3HUR ¢TXLpQHV VRQ HVRV GRV IDQWDVPDV TXH
VHQWDGRV D IRUR \ D OD L]TXLHUGD SDUHFHQ TXHUHU IXQGLUVH FRQ OD QRFKH HQ VX ULQFyQ" 8Q
SDOSLWRGHDUTXHyORJRPHGLULJHKDFLDHVDVGRVILJXUDVHQWHUUDGDVTXHQRVRQRWUDFRVDHQ
VXQHJUDLQPRYLOLGDG\0HJDIyQPHVLJXHFRQVXSDVRHVWXGLRVRGHUHFOXWDQWHGHPLOLFLDV
'RVFKDPEHUJRVDQDFUyQLFRV\GRVOHQJXHVEODQFRVHQWRUQRGHVXVFRJRWHVGHVSLHUWDQHQ
PtXQIXHJRUHPLQLVFHQWH'HMRFDHUHVWDSUHJXQWDFRQPRYLGD
³¢(OWDLWD)ORUHV"
8QR GH ORV HVSHFWURV HO PiV IODFR YXHOYH KDFLD Pt XQD MHWD FRUWDQWH GH KDFKD \ VXV
RMRVPXHUWRVSDUHFHQUHVXFLWDU
³¢6RQGHODSROLFtD"³PHLQWHUURJDFDXWHORVR\HVSHUDQ]DGRDODYH]
³1RVHxRU³PHDSUHVXURDWUDQTXLOL]DUOR
(O RWUR IDQWDVPD TXH YLVWH VXV KXHVRV FRQ FLHUWD JRUGXUD IRID LQWHUYLHQH DTXt
PDTXLQDOPHQWH
³)ORUHV HQFiMDOH XQ FDVWDxD]R ³OH VXJLHUH D VX YHFLQR FRPR VL OH KDEODUD GHVGH XQD
ERUURVDOHMDQtD
³£(O SHVDGR 5LYHUD ³OR LGHQWLILFR \R GLULJLpQGRPH D XQ 0HJDIyQ H[SHFWDQWH³ £< HO
WDLWD)ORUHV£1RHOSDVDGRQRKDPXHUWR
,QVHQVLEOHDPLHQWXVLDVPRUHWURVSHFWLYRHOWDLWD)ORUHVSDUHFHPDVWLFDUXQDGHVLOXVLyQ
DPDUJD
³6LQRVRQGHODSROLFtD³JUXxH³Yi\DQVHRVLpQWHQVH£TXpMRGHU
³)ORUHVDFRPyGDOHVXQDSLxD³LQVLVWH5LYHUDVLQDJUHVLYLGDG\FRPRVLUHVSRQGLHVHDXQ

38
RILFLRGHVSUHVWLJLDGR
0HJDIyQ \ \R WRPDPRV DVLHQWR IUHQWH D ODV GRV UHOLTXLDV YHQHUDEOHV (O PR]R FDVL
IRVIRUHVFHQWHDFXGHVLQLQYRFDFLyQDOJXQD\HO$XWRGLGDFWRFRQDGPLUDEOHQDWXUDOLGDGOH
SLGHXQDERWHOODGHJLQHEUDSDODEUDFX\RHIHFWRPiJLFRVHDGYLHUWHGHSURQWRHQQXHVWURV
GRVDQILWULRQHVTXHSDUHFHQWHQVRVDKRUDFRPRVLDFDEDVHQGHRtUXQFODULQD]RGHEDWDOOD
5HJUHVD HO PR]R IDQWDVPDO SRUWDGRU GH OD ERWHOOD \ GH DOJXQRV YDVRV FXORQHV (O OtTXLGR
LOXVWUH OOHQD ORV UHFLSLHQWHV FRPR GRV tQFXERV HQ ODUJD VHTXtD )ORUHV \ HO SHVDGR VH
PDQGDQDERGHJDHOFRQWHQLGRGHVXVYDVRV\HOURVWURGHORVGRVHVSHFWURV\DVHFRORUHD
VHJ~QORVWLQWHVGHODYLGD(VODRFDVLyQGHWLUDUDQ]XHORV\SHVFDUORTXHVDOJDGHDTXHOODV
GRVODJXQDV
³+DFH FXDUHQWD \ XQ DxRV ³OHV GLJR³ DTXt FHUFD \ HQ XQD QRFKH GH RWRxR IXHURQ
YHODGRVORVUHVWRVPRUWDOHVGH-XDQ5REOHVHOSLVDGRU¢/RUHFXHUGDQ"
³¢<TXp"³PHGHVDItDHOSHVDGR
³$TXHOODQRFKH\RHVWDEDHQODFRFLQDGHOGLIXQWRFRQXQDEDUUDGHJHQLRVLQWHUHVDGRV
HQHOPDOHYDMH
³¢8VWHG"³UH]RQJDHOWDLWD\VHPHTXLHUHUHWREDUFRPRHQXQDEURQFDUHWURVSHFWLYD
³£(UDQXQRVWLULILORV³HYRFDHOSHVDGR
³5LYHUD³OHSUHJXQWDHOWDLWD³¢DTXHOODQRFKHOHVHQWUpRQRFRQOD]XUGD"
³£3DUDTXpVLHVWDEDQPDPDGRVFRPRWHUQHURV
+D\HQORVGRVDOJRDVtFRPRHOGHVSXQWHGHXQFRUDMHR[LGDGRVyORXQRUtQDPRQLDFDO
GHIXULDVH[WLQWDV3LDGRVDPHQWHYXHOYRDOOHQDUOHVORVYDVRV
³)ORUHV³OHGLJRDOWDLWD³SLHQVHTXHQRIXHD\HU£+DFHFXDUHQWD\XQDxRV
³%XHQR³VHKXPDQL]DHOWDLWD³HOYLHMR5REOHVFODYyODVJXDPSDV\VDOXWH
³1RVRPRVQDGD³ILORVRIDHOSHVDGR
³1RVRPRV´FDVLµQDGD³ORFRUULJH)ORUHV
³¢4XpVHKL]RGHODIDPLOLD"³YXHOYRDLQTXLULU
³6HGHVSDUUDPDURQWRGRVHQ%XHQRV$LUHVPHQRV-XDQ-RVpTXHVHIXHDOVXU
³¢-XDQ-RVp5REOHV"
³(OPLVPR³FDUUDVSHDHOWDLWD³-XDQ-RVpPXULyHQ5DXFKXQGXHORDFXFKLOOR¢VDEH"
³'LFHQTXHVXPRUWDMDIXHODQRFKHGHOVXU³OORULTXHDHOSHVDGR
³&XDQGR OR GLHURQ YXHOWD ³GHFODPD )ORUHV³ WRGDYtD VXV RMRV PXHUWRV FKLVSHDEDQ GH
IXULDEDMRHOSXxDOGH2ULRQ
(O$XWRGLGDFWRTXHDVLVWHLPSHUVRQDOPHQWHDOLQWHUURJDWRULRSLHUGHDTXtORVHVWULERV
³£(VWRV GRV IDQWDVPDV KDQ PXHUWR GH OLWHUDWXUD ³SURWHVWD³ ¢1R VH KDEUi PHWLGR SRU
DTXtHOLQFUHtEOH*HRUJHFRQVXPXVDURERWGHORVFDEOHVSHODGRV"
³¢4XLpQWLHQHORVFDEOHVSHODGRV"³JULWD)ORUHVGiQGRVHSRUDOXGLGR
³£)ORUHVHPSDYyQDOHXQRMR³ORHVWLPXODHOSHVDGR
³£<R QR PH YHQGR SRU XQD JLQHEUD ³UH]RQJD HO WDLWD \ DSXUD VX YDVR FRPR TXLHQ VH
SHJDXQWLUR
³4XHGDPRV³ORVDSDFLJXR\R³HQTXH-XDQ-RVp5REOHVPXULyFRQORVERWLQHVSXHVWRV
$KRUDYD\DPRVDOWDLWD'L3DVTXR
³'L3DVTXRQRHUDXQWDLWDVyORHUDXQPDOHYR³FRUULJH)ORUHVHQWUHQGHFODVLILFDFLyQ
ULJXURVD
³¢'L3DVTXR"³JUXxHULYHUD³6HFDVyHQ/LQLHUVFRQXQDJULQJDGHSHORFRORUDGRTXHOR
OOHQyGHKLMRV
³&XDWUR YDURQHV \ VHLV PXMHUHV ³HVSHFLILFD HO WDLWD³ ORV YDURQHV WRGRV PDODQGULQHV
ODVPXMHUHVWRGDVPLORQJXHUDV
$TXt0HJDIyQYXHOYHDLQWHUYHQLU
³6LODPHPRULDQRPHIDOOD³SURWHVWD³£HVRHVGH&DUORVGHOD3~D

39
 ³9HDPR]R³OHDGYLHUWH)ORUHV³£XVWHGPHFDUJD
³£<VLQRVFDUJD³OHDQXQFLD5LYHUD³TXHDQDGLHVHFXOSHGHQXHVWUDVPXHUWHV
(Q VRQ GH SD] DFXGR QXHYDPHQWH D OD ERWHOOD OHJHQGDULD \ OOHQR ORV UHFLSLHQWHV TXH
DPERVHVSHFWURVYDFtDQFRQXQDUHJXODULGDGFURQRPpWULFD
³(VWHDPLJR³OHVUHYHORSRU0HJDIyQ³HVWiEXVFDQGRJHQWHGHDYHUtDSDUDGRVEDWDOODV
³¢'RVSHOHDVHQHOEDMR"³LQTXLHUHVLQLQWHUpVHOHVSHFWUR5LYHUD
³1RVHxRU6RQGRVFRPEDWHVHQODyUELWDQDFLRQDO
³¢3ROtWLFD" ³JUXxH D VX YH] HO HVSHFWUR )ORUHV³ <R PH DEUR ORV SROtWLFRV DUUXLQDQ ODV
EXHQDVFRVWXPEUHV
³1R VH WUDWD GH XVWHGHV ³YXHOYR D WUDQTXLOL]DUORV³ 8VWHGHV \D GLHURQ OR VX\R \ OD
QDFLyQOHVDJUDGHFHORVSDWULyWLFRVVHUYLFLRVSUHVWDGRV
³¢$QRVRWURV"³GXGDHOWDLWD
³8VWHGHVDGRUQDURQHVWDFLXGDGFRQODQREOHSUiFWLFDGHXQFRUDMHTXtPLFDPHQWHSXUR
HOGHODFXFKLOODGDRODSLxDVLQREMHWRYLVLEOH(UDHODUWHSRUHODUWH¢VHGDQFXHQWD"3HUR
DKRUDHQORVDxRVGHOXWLOLWDULVPRVH WUDWDGH DYHULJXDUVLDTXHOJORULRVRPDOHYDMHWLHQH
KR\VXFHVRUHV\HQTXpEDUULRVHORVSRGUtDHQFRQWUDU¢/RVDEHQXVWHGHV"
³£(QHO%DUULR1RUWH³PDOGLFHHOWDLWD
³6tDKRUDHVWiQHQVXV´DJXDQWDGHURVµGHO%DUULR1RUWH³VROOR]D5LYHUD
³¢&yPRHQHO%DUULR1RUWH"
/RV GRV IDQWDVPDV DQWH PL SUHJXQWD LQWHQWDQ KXQGLUVH RWUD YH] HQ OD QRFKH GH VX
ULQFyQWDOFRPRVLWUDWDVHQGHRFXOWDUODYHUJHQ]DGHXQODXUHOGHVKRQUDGR3HURHOWDLWD
)ORUHVXUJLGRTXL]iVSRUXQYyPLWRGHPHODQFROtDYXHOYHDPRVWUDUODMHWDHQSOHQDOX]\
GHVFDUJDVXHQWULSDGRWRWDOHQXQPRQyORJRLQFRKHUHQWHGRQGHDODHOHJtDGHVXFRVHFKDVH
XQHQIUDJPHQWRVSHULRGtVWLFRV\OXJDUHVFRPXQHVGHQRWDSROLFLDO
³/RV JXDSRV HVWiQ DKRUD HQ VXV SLVRV EDFDQHV ³PRQRORJD HO WDLWD³ 3ODQHDQ DWUDFRV D
LQVWLWXFLRQHV EDQFDULDV R IDEULOHV YHVWLGRV FRQ OXMRVDV UREHV GH FKDPEUH8VDQ PDSDV GH
FROHJLRPHWUDOOHWDV3DP\ODTXtPLFDGHORVH[SORVLYRV´£6HxRUHVQDGLHVHPXHYDHVWRHV
XQDVDOWRµ\VHYDQFRQWUHLQWDPLOORQHVHQVXVSRUWDIROLRVGHFXHURGH5XVLD/RVHVSHUD
XQ5ROO5R\FHFRQVXFKRIHUOOHQRGHJDORQHVGRUDGRV<HOUDMHD0DUGHO3ODWDRD&yUGRED
R D 5tR GH -DQHLUR FRQ PLQDV UXELDV TXH KDEODQ LQJOpV \ FKXSDQ ZKLVN\ GH FRQWUDEDQGR
FRPRHVSRQMDV
%DMRDTXHOGLOXYLRGHKLHOHVHVWDFLRQDGDV0HJDIyQ\\RQRVSRQHPRVGHSLH\DHVKRUD
GH DEDQGRQDU ´/D (VTXLQDµ \ VX SUHWpULWR SOXVFXDPSHUIHFWR (O WHVWX] GH 5LYHUD TXH
RVFLODEDHQHOXPEUDOGHOVXHxRVHGHVSORPD\DHQWUHORVYDVRVLQ~WLOHV3HURHOWDLWD)OR
UHVFLHJR\VRUGRSURVLJXHVXWLUDGDHQXQFUHVFHQGRODPHQWDEOH
³0DOHYRV GH SLVWROD FXDUHQWD \ FLQFR HQ HO VREDFR \ WUHV FDUJDGRUHV HQ HO EROVLOOR GHO
IUDF $SHVWDQ D FRORQLD \ OHHQ ILORVRItD FRPR ORV JiQJVWHUV GH &KLFDJR TXH VH YHQ HQ HO
FLQHPDWyJUDIR6HGRSDQFRQKHURtQDRPDULKXDQDHVFODURSDUDTXHQRVHOHVIUXQ]DHO
XSLWHDQWHODPXHUWH¢3RUTXpQRSHOHDQFRQWUHVPDWHVDPDUJRV\XQDFDxDGHO3DUDJXD\"
£-XDQ-RVp³JULWDGHSURQWR³£-XDQ-RVp5REOHV
(O WDLWD VH KD OHYDQWDGR FRQ VX JULWR ILQDO \ VXV RMRV GXURV EXVFDQ OD RULHQWDFLyQ GH
5DXFK R HO SRQLHQWH GHXQ PXHUWR YHQHUDEOH 3HUR VH GHUUXPED WDPELpQ MXQWR DO SHVDGR
TXHURQFD\ODERWHOODSUyFHUDQWHVGHFDHUKDWHPEODGRHQODPHVDFRPRXQDOiJULPD
JLJDQWH

)XHDTXHOODPLVPDQRFKH\DOILORGHODPDGUXJDGDFXDQGR0HJDIyQWXYRODH[SHULHQFLDR
HO HQVXHxR TXH PH UHILULy GHVSXpV \ TXH WLWXOR DKRUD /D &DOHVLWD GHO 7DQJR $QWHV GH
LQFOXLU HQ PL QDUUDFLyQ HVWD VDJD GHO 2VFXUR YDFLOp ODUJDPHQWH DO SRQHU HQ GXGD OD
UHDOLGDGPLVPDGHORVDFRQWHFLPLHQWRVTXHVHMXJDURQHQHOOD3HURPHGRPLQyHQWRQFHVHO

40
UHFXHUGR GH 0DFHGRQLR )HUQiQGH] FXDQGR HO PHWDItVLFR SRUWHxR HQ DOJXQD GHVLHUWD
TXLQWD GH $GURJXp GRFXPHQWDED OD FRQWLQXLGDG DUPRQLRVD GHO KRPEUH D WUDYpV GH VXV
GLIHUHQWHVHVWDGRV\WUDVSRQtDWHQGLGRHQVXFDPDODVIURQWHUDVGHVXYLJLOLDFRQVXVXHxR
\ GH VX VXHxR FRQ VX YLJLOLD 7DOHV FRQVLGHUDFLRQHV PH LQVWDURQ D UHFRJHU OD YLVLyQ GHO
2VFXUR\DWUDQVFULELUODHQHVWDVHJXQGDUDSVRGLD
7XYR OXJDU \ WLHPSR VL HV TXH ODV YLVLRQHV ORV WLHQHQ FXDQGR 0HJDIyQ WUDV
DEDQGRQDUPHDPLOXMXULDHYRFDGRUDUHJUHVDEDGH6DDYHGUD\VHGLULJtDOHQWDPHQWHD VX
FKDOHWGH)ORUHVSRUODVGHVLHUWDVFDOOHVGHOEDUULR\DODKRUDHQTXHODQRFKHVHKDFHPiV
SURIXQGDFRPRSDUDVHUODPDWUL]GHXQQXHYRGtD6HJ~QHO$XWRGLGDFWRGH9LOOD&UHVSR
IXH DO OOHJDU D OD LQWHUVHFFLyQ GH 6DQ 3HGULWR \ 7DQGLO FXDQGR OOHJy D VXV RtGRV DTXHOOD
P~VLFD IDQWDVPDO TXH DO SDUHFHU EURWDED GH OD PLVPD HVTXLQD \ HQ OD TXH QR WDUGy HQ
UHFRQRFHUORVFRPSDVHVGHOWDQJR1XHYHGH-XOLRSHURWUDQVIHULGRDODPHQWDEOHVHVFDODV
GRGHFDIyQLFDV YLHMR \ PRFRVR GH XQD VHQWLPHQWDOLGDG IyVLO \ FRPR WDUWDMHDGR SRU
EDQGRQHRQHVURWRV TXH SHUGLHUDQHODLUHSRU VXVHQFtDVGHYDVWDGDV$KRUDELHQWHQLHQGR
HQ FXHQWD TXH VyOR H[LVWtD XQ EDOGtR HQ DTXHO iQJXOR 0HJDIyQ VH GLULJLy D HVD LPSRVLEOH
IXHQWHGHODP~VLFD<DOHQWUDUHQHOEDOGtRFRPSUREyGRVKHFKRVHOOXJDUSDUHFtDOOHQR
GHFLHUWDOX]IRVIyULFDPX\WHQXH\HOWDQJRUHVRQDEDHQpOFRQPD\RUIXHU]D'HSURQWROD
OX]JDQyLQWHQVLGDG\HO$XWRGLGDFWRYLRHQVXPLVPRFHQWURXQDFDOHVLWDGHVXEXUELRTXH
JLUDED OHQWDPHQWH DO FRPSiV GHO WDQJR \ PHUFHG D OD WUDFFLyQ GH XQ ELFKRFR DOD]iQ TXH
YROWHDEDHODUPDWRVWHFRQVXVRMRVYHQGDGRV\VXORPRWULVWHGHPDWDGXUDV-LQHWHVGHORV
FDEDOOLWRV\FLVQHVGHPDGHUDJLUDEDQWDPELpQFLHUWRVKRPEUHVQRLGHQWLILFDEOHVD~QEDMR
ODPLUDGDHVWXGLRVDGHGRVSHUVRQDMHVTXHVHPDQWHQtDQGHSLHMXQWRDOSDORGHODVRUWLMD\
TXH VHJ~Q OR VXSR OXHJR 0HJDIyQ HUDQ XQ GHPRQLR OODPDGR %HQ \ XQ GHPRQLR OODPDGR
1HOVRQ (O PDWXQJR DOD]iQ FRPHQ]y D GHWHQHU VX PDUFKD SHQRVD \ FRQ HOOD IXHURQ
GHWHQLpQGRVHODFDOHVLWD\ODP~VLFD1RELHQUHLQyHOVLOHQFLR\IXHORJUDGDODLQPRYLOLGDG
HO GHPRQLR OODPDGR %HQ VH GLULJLy D ORV MLQHWHV HQ FX\RV PXVORV DKRUD VH GLVWLQJXtD XQ
EDQGRQHyQDFRVWDGR
³6HxRUHV³OHVGLMRHQVRQGHWULXQIR³HVLQ~WLOGDUOHPiVYXHOWDVDODFDOHVLWD£(OWDQJR
KD PXHUWR 1R HV QHFHVDULR KDFHUOH XQ HQFHIDORJUDPD QL H[WHQGHUOH XQ FHUWLILFDGR GH
GHIXQFLyQSDUDHOXVRGHVXYLXGDHOFDGiYHUIRONOyULFDPHQWHDPRUWDMDGRHQSHUFDOGXHU
PHRVHSXGUHDKRUDHQHO&HPHQWHULRGHO2HVWHMXQWRDODWXPEDGHOLQPRUWDO&DUULWRV\
QRORYDQDUHVXFLWDUDGRVWLURQHV£2LJDQWULVWHVPDOHYRV(OULWPRGH%XHQRV$LUHV\DQR
HVWiHQHOGRVSRUFXDWUR
$ORtUORHOGHPRQLROODPDGR1HOVRQSDOLGHFLyHQVXPLVPDIRVIRUHVFHQFLD
³£0LHQWH³JULWy³£(OTXHDFDEDGHKDEODUHVXQWUiQVIXJDGHODP~VLFD(OWDQJRQRKD
PXHUWRSRUTXHFRPRGHFtDHOJUDQ&RQWXUVLWRGRVHSLHUGH\QDGDVHWUDQVIRUPD
(Q HVWH SXQWR ORV EDQGRQHRQLVWDV D FDEDOOR KLFLHURQ RtU VXV YRFHV \ HOPDWXQJR DOD]iQ
GLULJLyVXVRUHMDVKDFLDHOORV
³$PLHQWHQGHU\VLHVWDPRVHQPHVDUHGRQGD³H[SXVRHO%DQGRQHRQLVWD(QFOHQTXH³
QRKDPXHUWRHOWDQJRVyORHVWiHQXQFRPDGHODJUDQSXWD0DHVWURVQRHVFXHVWLyQGH
OORULTXHDU£EXVTXHPRVDORVUHVSRQVDEOHV<RDFXVR
³¢$TXLpQIODFR"³OHSUHJXQWyHOGHPRQLR%HQ
³£$ OD FLYLOL]DFLyQ PHFiQLFD ³WURQy HO %DQGRQHRQLVWD (QFOHQTXH³ +DEDQHUD
FDQGRPEHRPLORQJDHOWDQJRVLHPSUHWXYRXQULWPRGHVDQJUHSRSXODUHQODUDt]¢<TXLpQ
ORKDOLTXLGDGR"£/DPDTXLQDULD\VXERFKLQFKHGHSLVWRQHV
(OPDWXQJRDOD]iQLQWHUYLQRDTXtIHUYRURVDPHQWH
³/D WUDFFLyQ PHFiQLFD ³GLMR³ HV XQD JUDQ FRQTXLVWD GH OD FLYLOL]DFLyQ $XQTXH QR KD
OOHJDGRDPtVR\XQKLQFKDGHODWHFQRFUDFLD\XQFLSD\RGHOLPSHULDOLVPR
³¢7HFDOODUiVPDWXQJR"³OHUHSOLFyHOGHPRQLR%HQ³¢2TXHUpVGDUFRQWXHVTXHOHWRHQ

41
XQDIiEULFDGHPRUWDGHODV"
<DTXtHOGHPRQLR1HOVRQGHMyHVFDSDUXQERUERWyQGHOODQWRDOSDUHFHULQFRQWHQLEOH
³¢4XpVXFHGH"³OHSUHJXQWyHOGHPRQLR%HQFRQDOJXQDVRUSUHVD
³(VWR\ OORUDQGR HQ HO VHSXOFUR GH &DUOLWRV *DUGHO ³JLPRWHy HO GHPRQLR 1HOVRQ³ £/D
FLYLOL]DFLyQPHFiQLFD£6LHQOXJDUGHVXELUVHDXQFXDWULPRWRUKXELHVHYLDMDGRDSLHRHQ
FRFKHQXHVWUR]RU]DOHVWDUtDYLYR
3HUR HO %DQGRQHRQLVWD *RUGR MLQHWH GH XQ FLVQH URVD HVWXGLy FRQ UHQFRU DO
%DQGRQHRQLVWD6DQJXtQHRTXHVHJDOODUGHDEDHQVXFLVQHGHFRORUYLROHWD
³/R TXH KD MRGLGR DO WDQJR ³UHIXQIXxy³ VRQ ODV FODVHV GH DUPRQtD \ FRQWUDSXQWR (O
WDQJRPXULyWpFQLFDPHQWHHQHODXOD%GHO&RQVHUYDWRULR1DFLRQDOGH0~VLFD
³£%LHQ³DSODXGLyHOGHPRQLR1HOVRQ³$PLMXLFLRHOIXHOOHSUHRSLQDQWHKDGDGRHQOD
WHFODMXVWD
³¢/RGLFHQSRUPt"³ORVGHVDILyHO%DQGRQHRQLVWD6DQJXtQHR
³£(OWDQJRQRHV1LFROiV3DJDQLQL³DVLQWLyHO%DQGRQHRQLVWD*RUGR
³£7DPSRFRHV5LJROHWWR
$OGHFODUDUORXQDFKLVSDGHJHQLDOLGDGEULOOyHQODPLUDGDEHOLJHUDQWHGHO%DQGRQHRQLVWD
6DQJXtQHR
³6LHVWDPRVHQHO-XLFLR)LQDO³DPHQD]y³£PHYDQDRtUKDVWDORVPXHUWRV¢4XpSRGtD
\R KDFHU FRQ PL IXHOOH" ¢6HJXLU GUHQDQGR HO PRFR VHQWLPHQWDO GH XQ DQDFURQLVPR FRQ
VLQXVLWLV"
³7LHQHUD]yQHOGHOFLVQHYLROHWD³ORDOHQWyHOGHPRQLR%HQ³/DVOiJULPDVH[WUDtGDVSRU
ORVEDQGRQHRQHVDPHQD]DQ\DFRQGHVKLGUDWDUDQXHVWURVYDOLHQWHVFRQFLXGDGDQRV
³£(VWiRIHQGLpQGRVHODPHPRULDGH&DUOLWRV³SURWHVWyHOGHPRQLR1HOVRQ³(OGRVSRU
FXDWURQRPRULUiQXQFDPHORH[SOLFyXQDYH]HOSURSLR&DUOLWRVHQODHVTXLQDGH%RHGR\
5LYDGDYLD
³¢<TXLpQORQLHJD"³UH]RQJyHO%DQGRQHRQLVWD6DQJXtQHR³6LXQ%XHQRV$LUHVDEVWUDFWR
KD VXFHGLGR DO %XHQRV $LUHV GH FDUDF~ VHQWLPHQWDO £\R OH SRQGUp P~VLFD GH WDQJR DO
WHRUHPDGH3LWiJRUDVDODHFXDFLyQGH(LQVWHLQDOSUHiPEXORGHOD&RQVWLWXFLyQ1DFLRQDO\
DOELJRWHVLQKXPDQLVPRGHORVJHQHUDOHV
/D H[DOWDFLyQ KHURLFD GHO %DQGRQHRQLVWD 6DQJXtQHR FRQPRYLy D ORV DVLVWHQWHV < HO
PDWXQJRDOD]iQIXHTXLHQUHDFFLRQySULPHUR
³£%LHQGLFKR³H[FODPy³£'XURDORVJHQHUDOHV£(OJRELHUQR PLOLWDUH[SRUWDFDUQHGH
FDEDOORDORVMDSRQHVHV
³£0DWXQJRVLOHQFLR³OHRUGHQyHOGHPRQLR%HQ
³¢1RHVWDPRVHQXQDGHPRFUDFLD"³SURWHVWyHOFDEDOOR
³(VHDQLPDOGHOLUD³ULyHOGHPRQLR³\ROHSUHJXQWDUtDFXiQGRYRWySRU~OWLPDYH]'H
FXDOTXLHU PRGR QL OD GHPRFUDFLD QL OD FDUQH GH \HJXDUL]R WLHQHQ YHOD HQ HVWH OXMRVR
HQWLHUUR GHO WDQJR £6HxRUHV \R KDVWD SRQJR HQ GXGD OD PLVPD VXSHUYLYHQFLD GHO
EDQGRQHyQ
$TXtHOGHPRQLR1HOVRQSDUHFLyWUDVWDELOODUGHFXHUSR\GHDOPD
³£(VWiEODVIHPDQGR³FKLOOy³£(QHOSULQFLSLRHQHOPHGLR\HQHOILQGH%XHQRV$LUHV
HUDHV\VHUiHOEDQGRQHyQGH$UyODV
³¢< FRQ TXp VH SRGUtD VXEVWLWXLU HO \D FOiVLFR ´VROOR]R GHO EDQGRQHyQµ" ³DGXMR FLHUWR
EDQGRQHRQLVWDVHQWDGRHQXQFLVQHDPDULOOR
³£&RQ OD ULVD GH OD WURPSHWD ³OH JULWy HO GHPRQLR %HQ³ £7URPSHWD WURPSHWLVWD \
WURPSHWHUR£&KDFKD
<HPSH]yDEDLORWHDUMXQWRDOSDORGHODVRUWLMD
³£4XH VH YD\DQ ORV \DQTXLV ³WURQy HO %DQGRQHRQLVWD *RUGR³ £/H UREDURQ DO QHJUR OD
WURPSHWDQRVLQDQWHVPROHUOHODVFRVWLOODVDJDUURWD]RV

42
 ³£4XH ORV DPRV GHO QRUWH VH GHMHQ GH WURPSHWDV LQ~WLOHV ³UHSUREy \ DGXOy HO FDEDOOR
YHQGHSDWULD³£<TXHVLJDQSURGXFLHQGRVXVDGPLUDEOHV++33
6H GLR HQWRQFHV XQ FRQDWR GH SDQGHPRQLR (O HQWH LQIHUQDO OODPDGR %HQ DFHOHUDED VXV
WRUVLRQHVGHWURQFR\VXMXHJRGHSLHUQDVEDLODGRUDV
³£7URPEyQWURPERQLVWD³XOXODED³£(OWURPEyQKRMD\HOWURPERQLVWDIUXWD£<H\H
³£0XHUDHOLPSHULDOLVPRGHOMD]]³YRFLIHUyHO%DQGRQHRQLVWD(QFOHQTXHDJRWDQGRHQHO
HVIXHU]RWRGDVXFDSDFLGDGQHXPiWLFD
0LHQWUDV HO HQWH LQIHUQDO OODPDGR 1HOVRQ WHQGtD XQD GLHVWUD GH FRQGHQDFLyQ DO HQWH
LQIHUQDOOODPDGR%HQHO%DQGRQHRQLVWD*RUGRHQWUHGRVMLQHWHVTXHORVXMHWDURQLQWHQWy
DSHDUVHGHVXFLVQH\ODQ]DUVHIXHUDGHODFDOHVLWDHQWUHQGHPDWDQ]D3HURHO%DQGRQHR
QLVWD6DQJXtQHRSURGXMRDTXtHQVXLQVWUXPHQWRXQKXUDFiQGHQRWDVHVWULGHQWHVTXHGHMyD
WRGRVSDUDOL]DGRV\FRQIXVRV
³(VWD P~VLFD ³GLMR³ SHUWHQHFH D PL ~OWLPR WDQJR \ HV XQ PHD FXOSD GH ORV YLHMRV
HUURUHV
³¢$FXVDXVWHGDORV PDHVWURV"³OHSUHJXQWyHOGHPRQLR%HQ³£<RDFXVRDORVOHWULVWDV
GHWDQJR
³¢<GHTXpORVDFXVD"³LQTXLULyHOGHPRQLR1HOVRQ
³'H KDEHU ODQ]DGR D OD FLUFXODFLyQ XQD IDXQD GH PDOHYRV OORULTXHDQWHV GH JXDSRV
FRUQXGRV \ GH PLORQJXLWDV TXH \D YLVWLHUDQ SHUFDOHV R ]RUURV JULVHV DUUDVWUDURQ HQ HVWD
FLXGDGXQNDUPDWUHPHQGDPHQWHMRGLGR
³£(VWiGHVWUX\HQGRORVPLWRVGH%XHQRV$LUHV³JULWyHOGHPRQLR1HOVRQHQVXLUD³£(O
DFXVDGRUHVXQILVFDOWUDPSRVR\QHFHVLWDPRVXQGHIHQVRUOLPSLRGHSROYR\SDMD£4XHVH
FLWHDTXtDOJUDQ*HRUJH
³(OJUDQ*HRUJHQRSRGUiYHQLU³DQXQFLyHOGHPRQLR%HQ³HVWiUHPHQGDQGRQHEOLQDV
HQOD*UDQ%UHWDxD3HURVLKD\GXGDVHQHO-XUDGRHVWHPLQLVWHULRDFXVDGRUSUHVHQWDUiVXV
WHVWLJRV
&RPR HQYXHOWR HQ XQD WRJD LQYLVLEOH HO GHPRQLR %HQ WHQGLy VX PDQR KDFLD HO IRUR GHO
EDOGtR DOOi GRQGH OD OX] IRVIRUHVFHQWH SDUHFtD WDQ VyOLGD FRPR XQD FKDSD GH ]LQF <
UHFRUWiQGRVHGHODPLVPDXQDILJXUDYDURQLOVDOWyGHSURQWR\DYDQ]yKDVWDHOSDORGHOD
VRUWLMDHVJULPLHQGRXQDWULVWHGDJDFRQYHQFLDO(OHVSHFWUROXFtDXQIXQJKLJULVXQVDFRD
PHGLRFXOR\SDQWDORQHVGHERPELOODQRPHQRVFRQYHQFLRQDOHVTXHODGDJD<DOGLYLVDUOR
DOJXQDVYRFHVHORJLRVDVUHVRQDURQHQWUHORVTXHPRQWDEDQFLVQHVRFDEDOOLWRVGHPDGHUD
³£(VHO&DILROR9LGDOLWD
³£(O&LUXMD
³£3XHQWH$OVLQD
&RQOiJULPDVHQORVRMRVHOHQWHOODPDGR1HOVRQLQWHUSHOyDOIDQWDVPD\OHGLMR
³£6RPEUD YHQHUDEOH SRU HO DUPRQLXP GH )LOLEHUWR \R WH FRQMXUR D TXH QRV GLJDV WX
QRPEUH
³1R VR\ QLQJXQR GH ORV LQIUDVFULWRV ³H[SOLFy HO IDQWDVPD³ 9HQJR HQ FDUiFWHU GH XQ
GHOHJDGRVLQGLFDO<PHJXVWDUtDVDEHUTXLpQKDVLGRHOSRHWDILDPEUHTXHQRVPHWLyHQHO
JUHPLR
³¢7LHQHDOJRTXHGHFODUDUHOWHVWLJR"³OHSUHJXQWyHOGHPRQLR%HQ
³6HxRU ILVFDO ³DOHJy HO IDQWDVPD³ ¢TXp GHUHFKR WHQtDQ GH DORMDUOR D XQR HQ EXOLQHV
OOHQRVGHPRxLWRV\FRQLQFyPRGDVJXLWDUUDVTXHPDOSRGtDQFROJDUGHXQURSHUR"
³£(VR QR ³OH UHIXWy HO GHPRQLR 1HOVRQ³ 8QD JXLWDUUD FULROOD VHJ~Q OD ItVLFD SXHGH
FROJDUGHXQURSHURVLQWUDQVJUHGLUODVOH\HVGHODJUDYHGDG
³¢<TXpGHUHFKRVWHQtDQ³LQVLVWLyHOIDQWDVPD³GHDFRPRGDUOHDXQRWRGRVORVFKLFKHV
GHODEUDYXUDSDUDGHMDUORDOILQDQWHODJHQWHFRPRXQSHUIHFWRFRUQXGR"
³1RIDOWDEDQPRWLYRV³GLMRHOGHPRQLR%HQ

43
 ³¢&XiOHV" 8QD PLQD SHUFDQWD R PRVDLFR TXH VH OH IXH D XQR HQ XQD YRLWXUHWWH OXMRVD
UXPERDO$UPHQRQYLOOH
³£/DV´OXFHVGHOFHQWURµ³GHSORUyDTXtHOGHPRQLR1HOVRQHQHOHJtD
³£7LHQHUD]yQHOHVSHFWUR³GLMRHOPDWXQJRDOD]iQWLHUQDPHQWHVROLGDULR
³/DWHQGUi³UHSXVRHOGHPRQLR%HQ³FXDQGRHOWHVWLJRQRVH[SOLTXHVLORTXHVHOHLED
HQODYRLWXUHWWHHUDXQPRVDLFRXQDSHUFDQWDRXQDPLQDVLQFDUDFWHUHVHVSHFtILFRV
³¢<\RTXHVp"³JUXxyHOIDQWDVPD³£4XpORGLJDOD5HDO$FDGHPLDGHO/XQIDUGR
3HURHQDTXHOLQVWDQWHXQDYLHMDFULVSDGDVDOWyGHOIRQGR]LQFHVJULPLHQGRXQDHVFRED
GRPpVWLFD WUDtD XQ GHODQWDO GH KXOH XQD FRILD GHVKLODFKDGD \ XQD SDxROHWD HQ
GHVWUXFFLyQ
³£)XHUD FRPSDGUHV ³FKLOOy EDUULHQGR DO HVSHFWUR GH XQ HVFRED]R³ £)XHUD
PDODQGULQHV
(OGHPRQLR%HQODHVWXGLyDWHQWDPHQWH
³$EXHODFiOPHVH³OHRUGHQyHQWUHMRYLDO\SHUYHUVR³\GtJDOHDOWULEXQDOVXQRPEUH
GRPLFLOLR\SURIHVLyQ
³0HOODPDQ/D3REUH9LHMHFLWD³UH]RQJyODPXMHUFKLVSHDQWHGHRMRVFRPRXQDEUXMD³
R /D 0DGUHFLWD %XHQD 9LYt HQ HVWURIDV GH WDQJR FRQ SpVLPD YHQWLODFLyQ ¢&XiO HUD PL
RILFLR"(OGHPDQWHQHUDXQDUXQIODGHYDJRVTXHDSROLOODEDQHQVXVFDWUHUDVRDSUHQGtDQD
WRFDUEDQGRQHRQHVWDQPiUWLUHVFRPR\R£(VRVtJULWDEDQSLGLHQGRPDWHDFXDOTXLHUKRUD
GHODQRFKHRHOGtD<\RWURWDQGR£SREUHYLHMDGHOIRJyQDOFDWUH\GHOFDWUHDOIRJyQ
³'tJDQRV YLHMD³OD FRQPLQy HO GHPRQLR %HQ³ VL HV YHUGDG TXH WRGRV HVRV FRPSDGUHV
RVFLODEDQFRPRSpQGXORVHQWUHHO3DUQDVR\OD&RPLVDUtD
³£(VYHUGDG³OORULTXHyHOOD³6HFUHtDQJHQLRVSRUTXHULPDEDQ´WDQJRµFRQ´IDQJRµ\
FRQ´WDPDQJRµ
3URIXQGDHUDODHPRFLyQFRQTXHORVMLQHWHVKDEtDQHVFXFKDGRHOPRQyORJRHOHJtDGHOD
YLHMD(QWHQGLGRORFXDOHOHQWHOODPDGR1HOVRQGHMyHVFDSDUXQDYR]LQGLJQDGD
³£3URWHVWR³GLMR³$FDEDGHSURIDQDUVHDTXtORPiVDXJXVWRTXHWHQHPRVORVKXPDQRV
£HOQRPEUHGHXQDPDGUH
$O RtUOR /D 3REUH 9LHMHFLWD VH SODQWy IUHQWH D pO OR SXWHy GH OR DOWR D OR EDMR \ VH
GLVROYLyHQHODLUHKDFLHQGRPROLQHWHVFRQVXHVFRED
3HUR ¢TXLpQ HUD HVD PXFKDFKD IDQWDVPDO TXH DKRUD HPHUJtD GHO IRQGR ]LQF \ VH
DGHODQWDEDUHVSODQGHFLHQWHFRPRXQD0XVD"-LQHWHV\GHPRQLRVYLHURQVXFDEHOOHUDGRUDGD
\VXVRMRVGHXQD]XOIORUGHFDUGRDPHGLRGtD\QRWDUGDURQHQDGYHUWLUTXHODILJXUDVH
WUDQVPXWDED HQ HO DLUH VHJ~Q OD QDWXUDOH]D GH VXV GHVWLQRV SRVLEOHV 2 YHVWtD ORV GXOFHV
SHUFDOHV GHO VXEXUELR OR TXH WUDMR D OD PHPRULD GH WRGRV OD OH\HQGD LQPRUWDO GH
(VWKHUFLWDRVHDGRUQDEDFRQORVUDVRV\MR\DVGHXQDFRFRWWHORTXHUHFRUGyDORVMLQHWHV
OD KLVWRULD ODPHQWDEOH GH =RUUR *ULV < D WUDYpV GH VXV PXWDFLRQHV OD ILJXUD VyOR
FRQVHUYDED VX SHOR GH WULJR \ VX PLUDU GH QRPHROYLGHV MXYHQWXG SUHWpULWD TXH UHtD VXV
JORULDVROORUDEDVXVGHVFDODEURV
³1yPEUHVHODWHVWLJR³OHRUGHQyHOILVFDOLQVHQVLEOHDORVHQFDQWRVGHOIDQWDVPD
³6R\/D5XELD0LUH\D³GLMRODLQWHUSHODGD³HQHOELHQ\HQHOPDOHQODSULPDYHUDRHQ
HORWRxRGHORVDPRUHV
£/D 5XELD 0LUH\D 6t DO HVFXFKDU VX YR] GH PLHO FDOLHQWH ORV EDQGRQHRQLVWDV DUUREDGRV
FD\HURQGHVXVPRQWXUDV
³¢'RPLFLOLROHJDO"³LQVLVWLyHOGHPRQLR%HQ
³0H DORMp R PH DORMDURQ ³OH UHVSRQGLy 0LUH\D³ HQ ORV ]DJXDQHV GH &KLFODQD GLVFUHWRV
FRPR JUXWDV 2 HQ ORV DQWLJXRV SDWLRV GH 6DQ 7HOPR HQWUH XQD TXHPD]yQ GH PDOYRQHV \
KRUWHQVLDV (Q OD JDUJRQQLpUH GH ORV MDLODLIHV R HQ HO SDODFLR GH ORV PDJQDWHV GRQGH PH
DOLPHQWDEDQ VyOR FRQ H[WUDFWRV GH &RW\ 2 HQWUH ORV FXFKLOOHURV GHO 3DUTXH 3DWULFLRV TXH

44
PH IRUWLILFDURQ FRQ VXV SDUULOODGDV PL[WDV 2 HQ ORV FRQYHQWLOORV PXVLFDOHV GRQGH VH
SHOHDURQ\HQWHQGLHURQODVUD]DV2HQORVOXMRVRVUHVHUYDGRVGHO$UPHQRQYLOOHRHQODVDOD
IUtD\EODQFDGHXQEODQFR\IUtRKRVSLWDO
0LHQWUDV ORV H[WDVLDGRV MLQHWHV YROYtDQ D PRQWDU VXV FDEDOJDGXUDV HO GHPRQLR 1HOVRQ
WUDQVSLUDQGRYDOLRVDVKXPHGDGHVGHODOPDVHGLULJLyD/D5XELD0LUH\D\OHEHVyXQDPDQR
HVSHFWUDO
³£0XFKDFKD³OHGLMR³¢TXpYLHQWRORFRWHLEDGHVKRMDQGR"
³)XHDTXHOYLHQWRVLQOH\HVILMDVTXHOODPDEDQ$PRU³DGXMR0LUH\D
³¢<GHVSXpV"
³/D0XHUWH2XQEDQGRQHyQOHJtWLPRGHUURWDGRSRUXQDEDWHUtDGHMD]]
$TXtHOGHPRQLR%HQJUXxyVXGHVFRQWHQWR
³£/D WHVWLJR DEXVD GHO IRONORUH ³SURWHVWy³ GLJD VL HV YHUGDG TXH SRU XQ H[FHVR GH
OLWHUDWXUDIXHSUHVHQWDGDFRPRXQD2IHOLDHQWUDQFHDOR*XLOOHUPR6KDNHVSHDUHRFRPR
XQD0DUJDULWD*DXWKLHUDOR$OHMDQGUR'XPDVM~QLRUWXYLHUDRQRODWHVWLJRHQVXVPHMLOODV
ODVURVDVSURYHUELDOHVGHODWLVLV
³¢<SRUTXpQR"³DUJX\yHOGHPRQLR1HOVRQ³£(OWDQJRDOFDQ]DEDHQWRQFHVHOiSLFHGH
VXVGLFKRVDXQLYHUVDOLGDG
3HUR /D 5XELD 0LUH\D QR ORV HVFXFKDED 6XVXUUDQGR XQ LGLRPD SRpWLFR LQGHVFLIUDEOH VH
GLULJLyOHQWDPHQWHDOIRURGH]LQF
³¢$GyQGHYDVPXFKDFKD"³OHSUHJXQWyHOGHPRQLR1HOVRQ
<HOODFDQWXUUHyDQWHVGHKDFHUPXWLV

<RVDOtGHO0DOGRQDGR
\DO0DOGRQDGRPHYR\

&LHUWDPHQWHODGLVLSDFLyQGH0LUH\DHQHODLUHGHMyDODFDOHVLWD\DVXVMLQHWHVHQDOJR
DVtFRPRXQDGHVHVSHUDQ]DGHODP~VLFDRXQYDFtRGHOURPDQFHTXHQRWDUGyHQUHGLPLU
XQFXDUWRHVSHFWURDOEURWDUGHOIRUR\DGHODQWDUVHFRQSDWpWLFDGHFLVLyQ(UDODILJXUDGH
XQ SDLVDQR TXH OXFtD ERPEDFKDV QHJUDV SRQFKR VXUHxR \ ERWDV HQ DFRUGHyQ VL ELHQ FRQ
XQDPDQRHPSXxDEDHOUHEHQTXHWUDtDHQODRWUDXQDPDOHWDGHVFRQFHUWDQWHDORVRMRVGH
FXDOTXLHU HQWHQGLGR (O UHFLpQ OOHJDGR VH SODQWy IUHQWH DO GHPRQLR %HQ \ OH GLULJLy HVWDV
SDODEUDVFODYHV
³µ6HxRUFRPLVDULR¢PHGDVXSHUPLVR"µ
(QVHJXLGDWHQGLyDOGHPRQLR1HOVRQVXVGRVPXxHFDVMXQWDV
³µ£$UUpVWHPHVDUJHQWR³OHJULWy³\SyQJDPHFDGHQDVµ
/RV EDQGRQHRQLVWDV MLQHWHV TXH GH XQ DVRPEUR LQLFLDO KDEtDQ SDVDGR D XQ V~ELWR
UHFRQRFLPLHQWRSURQXQFLDURQDTXtHOQRPEUHGRORURVR
³£$OEHUWR$UHQD
6tHUDHOPLVPRKpURHGHOGUDPDYHQtDGHODQRFKHODGUDGRSRUWRGRVORVSHUURVGHOD
IDWDOLGDGFRUQXGRDOQRUWHSHURUHGLPLGRDOVXUWUD\HQGRVXFULPHQDOHVWH\JHVWLRQDQGR
VXFDVWLJRDORHVWH£/RVFXDWURSXQWRVFDUGLQDOHVGHODWUDJHGLD
³%LHQ PLUDGD ³VH HQWXVLDVPy HO %DQGRQHRQLVWD *RUGR³ OD KLVWRULD GH GRQ $OEHUWR HV
XQDLQWHUYHQFLyQIHOL]GHODOODQXUDHQODWHPiWLFDGHOWDQJR
³$XQTXHQRODSULPHUD³GLMRHO%DQGRQHRQLVWD(QFOHQTXH³/D0RURFKDWDPELpQHVUXUDO
\EDVWDQWHDQWHULRU
³&RQXQDGLIHUHQFLD³DSUREy\GHVDSUREyHO%DQGRQHRQLVWD6DQJXtQHR³VL/D0RURFKD
QRVWUDHFLHUWDVIUHVFXUDVGHOLGLOLRSDPSHDQRGRQ$OEHUWRDTXtSUHVHQWHQRVUHIULHJDHQ
ODFDUDVXGREOHKRPLFLGLRHQSULPHUJUDGRFRQDWHQXDQWHV
³$ HVR LED ³LQWHUYLQR HO GHPRQLR %HQ³ (O SOXPtIHUR TXH WUD]y OD KLVWRULD GH GRQ

45
$OEHUWR KD YLRODGR VHJ~Q GHPRVWUDUp QR VyOR ODV DJUDGDEOHV OH\HV GH OD OyJLFD VLQR
WDPELpQORVPiVFDURVGHUHFKRVGHODFLYLOLGDG
<GLULJLpQGRVHDOIDQWDVPDORLQWHUURJyDVt
³¢3RGUtDGHFODUDUHOWHVWLJRFXiOIXHODWHVLVGHVXFULPHQ"
³µ£(OODPHWUDLFLRQDED\ORVPDWpDORVGRVµ ³UHSXVR$OEHUWR$UHQD FRQXQIXURUWDQ
UHWURVSHFWLYRFRPROLWHUDULR
³0X\ MXVWR ³DGPLWLy HO GHPRQLR %HQ³ HQ HVR OD EDODQ]D IXQFLRQD FRQ EDVWDQWH
UHJXODULGDG\QRVPXHVWUDXQDILJXUDMXUtGLFDUD\DQDHQHOFODVLFLVPR3HUR¢TXpWUDHXVWHG
HQVXPDOHWD"
³µ£/DVSUXHEDVGHODLQIDPLDµ³WURQyHOSDLVDQR
<DEULHQGRVXHTXLSDMHVDFyDODOX]GRVWUHQ]DVGHPXMHU\XQFRUD]yQHQVDQJUHQWDGR
TXHPDOHQYXHOWRHQXQDKRMDGHSHULyGLFRJULWDEDVXWULVWHFRQGLFLyQGHYtVFHUDQRKHFKD
SDUDHVHGHVFDURGHODYLVLELOLGDG
³£$Kt WLHQHQ XVWHGHV ³SURWHVWy HO GHPRQLR %HQ³ /R QDWXUDO KDEUtD VLGR TXH GRQ
$OEHUWRGHVSXpVGHVXFDUQLFHUtDHQWHUUDUDORVGRVFDGiYHUHVLQWDFWRVDOSLHGHXQRPE~
VLWLR LGHDO SRU VHU HO RPE~ XQ iUERO JLJDQWH \ DGHPiV WpFQLFDPHQWH PHODQFyOLFR 3HUR
¢TXpKL]RpO"'DQGRPXHVWUDVGHXQH[KLELFLRQLVPRTXHQRFRQYHQtDGHQLQJ~QPRGRDVX
KRQUDFRUWyODVWUHQ]DVGHVXPXMHU\DUUDQFyGHVXOXJDUTXLU~UJLFDPHQWHKDEODQGROD
PiVQREOHSLH]DDQDWyPLFDGHTXHSXHGDVHQWLUVHRUJXOORVRXQDPDQWHVRUSUHQGLGR¢(VRV
HOHPHQWRV FRQVWLWXtDQ SUXHEDV UHDOHV GH ´OD LQIDPLDµ" £1R VHxRU 0iV FRQGXFHQWH OH
KDEUtD UHVXOWDGR WRPDU LQ VLWX XQD LQVWDQWiQHD GHO DGXOWHULR \ VL HUD SRVLEOH FRQ GRV
WHVWLJRVRFXODUHV
< DOJR PiV HO FRUWH SXQLWLYR GH XQD WUHQ]D IHPHQLQD VLHPSUH VH OOHYy D FDER HQWUH
QRVRWURV FRQ ILQHV GRFHQWHV YDOH GHFLU HQ XQD PXMHU YLYD \ MDPiV XQ FULROOR GH OH\ KD
´FHUGHDGRµSRVWPRUWHPODVWUHQ]DVGHVXFyQ\XJHSRUODGLQDTXHIXHVHGDGDODLQXWLOLGDG
LQVDQDEOHGHODRSHUDFLyQ£$KVHxRUHVWRGRDTXHOORIXHODSULPHUDSDWDGDTXHUHFLELyOD
OyJLFDHQVXWUDVHURPDWHPiWLFR
/RV EDQGRQHRQLVWDV MLQHWHV SDOLGHFLHURQ DQWH DTXHO DOHJDWR GHO GHPRQLR %HQ VH
GHVFRQFHUWDED HQ VXV SULQFLSLRV HO GHPRQLR 1HOVRQ \ HO PDWXQJR DOD]iQ TXH KDEtD
HVFXFKDGRDWHQWDPHQWHFRQVXVRUHMDVELHQRULHQWDGDVSDUHFLyFRQWXUEDUVHDKRUD
³£6LHPSUHGHVFRQILpGHOFRPSOHMRKXPDQR³VHQWHQFLy³/HIDOWDVHULHGDG\PHVXUD£<
QRTXLHURSHQVDUHQHOSLQJRFULROORPLGHVGLFKDGRKHUPDQRTXHGHELyFUX]DUHVDQRFKH
ODSDPSDWUD\HQGRHQODVFDURQDVXQDPDOHWDVLQKRQRU
³'LFHELHQHOFDEDOOR³SURVLJXLyHOGHPRQLR%HQTXHWULXQIDED³FRQPXFKRMXLFLRQRV
WUDHDFRODFLyQODPDOHWDGHGRQ$OEHUWR6HxRUHVGHOWULEXQDO¢TXpQRVVXJLHUHDWRGRVOD
HQWLGDGSDFtILFDGHXQDPDOHWD"/RVJRFHVGHOWXULVPRVXVURSDV\FRVPpWLFRVIHVWLYDOHV\
HQ ~OWLPD LQVWDQFLD ORV SODFHUHV IXUWLYRV GHO FRQWUDEDQGR £(VR HV OR TXH QRV GLFH XQD
PDOHWDHQVXKRQUDGH]IXQFLRQDO¢<TXpKL]RGRQ$OEHUWR"£3URIDQDUODVX\DLQWURGXFLHQGR
HQHOODUHFRUWHVPDFDEURVTXHSHGtDQDJULWRVODGLVFUHFLyQGHXQDPRUJXH¢6HLQGLJQDHO
WULEXQDO" 7LHQH UD]yQ < VLQ HPEDUJR GRQ $OEHUWR QR VH GHWXYR DKt DWURSHOODQGR LOXVWUHV
QRUPDV GH FRQYLYHQFLD KXPDQD OOHJy FRQ VX SDTXHWH URMR KDVWD ODV SXHUWDV GH XQD
FRPLVDUtDUXUDO6HxRUHV³SUHJXQWR\R³¢TXpGHUHFKRWHQtDpOGHDEUXPDUFRQVXVFXHUQRV
\ VX PDOHWD I~QHEUH D XQ GLJQR FRPLVDULR GH FDPSDxD VXGRURVR WDO YH] GH SHUVHJXLU
FXDWUHURV \ ODGURQHV GH JDOOLQDV FDUJDGR IDWDOPHQWH GH KLMRV \ FRQ XQD PXMHU SLFDQWH
FRPR XQ DMt SXWDSDULy" ¢< FRQ TXp DXWRULGDG H[LJtD FDGHQDV \ JULOOHWHV D XQ VDUJHQWR
SXQGRQRURVRFX\DUDt]IRONOyULFDOOHJDEDQDGDPHQRVTXHDOKXPXVGHOD(GDG0HGLD"
£*UDQ 'LRV (O GHPRQLR OODPDGR %HQ UHODPSDJXHDED \ WURQDED FRPR XQ -~SLWHU GH
XWLOHUtD < $OEHUWR $UHQD WUDV UHFRJHU VX EDJDMH VH GHVSLQWDED \ GLOXtD HQ HO IRQGR ]LQF
GHO EDOGtR 3HUR QXHYDV FULDWXUDV IDQWDVPDOHV EURWDEDQ DOOt JULWRQDV GH SHULSHFLDV \ ORV

46
EDQGRQHRQLVWDVFUH\HURQUHFRQRFHUD*DUXID\DOD0XFKDFKDGHO&LUFR\DGRQ(VWHEDQ\
DODFKRUUD\DOILOyVRIRGH8QR\DODPR]DGHO3DxXHOLWR
³£%DVWD\D³ODVH[RUFL]yHOGHPRQLR%HQ³£5HJUHVHQDVXVSDUDtVRVRDVXVLQILHUQRV
<HQFDUiQGRVHFRQORVMLQHWHV
³¢(QWHQGLHURQDOILQ"³OHVJULWy
$KRUD ELHQ FXDQGR SDUHFtD KXQGLUVH WRGR HQ OD ]R]REUD GH DTXHO MXLFLR ILQDO LUUXPSLy
XQHQWHGHFDUDKXHVXGD\RMRVIHEULOHVTXHGLULJLpQGRVHDORVEDQGRQHRQLVWDVOHVGLMR
³£2LJDQDOPDVGHP~VLFD6LHOWDQJRKDPXHUWROROORUDQFRQUD]yQ<VLQRKDPXHUWR
¢SRU TXp OR OORUDQ" £,QHIDEOHV PDOHYRV DUULED ORV FRUD]RQHV (O WDQJR HV XQD SRVLELOLGDG
LQILQLWD
³£'LVFHSROtQ³OORUDURQDXQDORVMLQHWHV
3HUR HO EDUGR \D UHPRQWDED OD QRFKH GHO VXU HQWUH XQD GREOH IXJD GH EDQGRQHRQHV
DQJpOLFRV<ORVMLQHWHVFRPRUHGLPLGRVDFLFDWHDURQDOPDWXQJRDOD]iQGHODFDOHVLWD
³2WUD YH] OD QRULD³ILORVRIy HO PDWXQJR³ £&KDX 3LQHOD 6L OD YHQ D (OELDPRU GtJDQOH
TXHOHDJUDGH]FRVXVRUDFLRQHVSRUORVFDEDOORVQRFWXUQRV
,QLFLyHODOD]iQXQSDVRGHWRUWXJDTXHVHFRQYLUWLyPX\OXHJRHQXQWURWHLQFUHtEOHRWUD
YH] OD FDOHVLWD JLUDED VREUH VX SROR < VH YLR XQ FtUFXOR GH MLQHWHV FDEDOORV GH PDGHUD \
FLVQHV SHVFXH]XGRV TXH GHVILODEDQ FDGD YH] PiV UiSLGRV DO VRQ GH OD P~VLFD (O DOD]iQ
JDORSy HQWRQFHV FRPR VL OH LQ\HFWDUDQ ODV KRUPRQDV GH 3HJDVR < HQ OD H[DOWDFLyQ GH
DTXHO WRUEHOOLQR HO GHPRQLR 1HOVRQ WRPy OD SHUD GH TXHEUDFKR HQ TXH VH LQVHUWDED OD
VRUWLMDGHOSUHPLR\ODRIUHFLy\QHJyDORVMLQHWHVURWDWRULRVTXHWHQGtDQDHOODVXVPDQRV
DQVLRVDV
'H SURQWR OD YLVLyQ HQWHUD VH KL]R KXPR HQ HO DLUH XQ JDOOR YHFLQDO HQDUERODED VX
SULPHUWRTXHGHFRUQHWDHPSOXPDGR\XUJHQWHFDXGLOORGHODPDQHFHU

(O RUGHQ FURQROyJLFR GH ODV 'RV %DWDOODV TXH YR\ VLJXLHQGR HVWULFWDPHQWH PH KD
REOLJDGR D LQFOXLU HQ HVWD VHJXQGD UDSVRGLD ORV HYHQWRV TXH SUHVHQFLp \R PLVPR HQ OD
DVDPEOHD H[WUDRUGLQDULD GHO FOXE ´3URYLQFLDV 8QLGDVµ XELFDGR HQ )ORUHV 2FXUULy DO GtD
VLJXLHQWHGHQXHVWURYLDMHVHQWLPHQWDOSRU6DDYHGUDGHOTXH0HJDIyQKDEtDYXHOWRFRQODV
PDQRV YDFtDV \ \R URxRVR GH FDGiYHUHV SRpWLFRV (O PLVPR $XWRGLGDFWR GHWUiV GH VXV
ILQHVKDEtDSHGLGRODFRQYRFDFLyQGHDTXHOPLWLQRDVDPEOHDHQVXFDUiFWHUGHIXQGDGRU\
SUHVLGHQWH KRQRUDULR GHO FOXE < OH IXH FRQFHGLGD HQ DWHQFLyQ D WUHV FLUFXQVWDQFLDV
IDYRUDEOHVHOGtDUHTXHULGRHUDXQViEDGRHOFRQMXQWRIRONOyULFRPXVLFDOGHODLQVWLWXFLyQ
HVWDED VLQ FRPSURPLVRV \ OD YLHMD =RLOD JHQLR WHO~ULFR GH ODV HPSDQDGDV WHQGUtD VX
IUDQFRVHPDQDOHQHOODYDGHURPHFiQLFRGRQGHVHJDQDEDHOSXFKHUHWH
/D IXQGDFLyQ GHO FOXE HQ HO DxR  KDEtD WHQLGR FRPR ILQ HO DJUXSDPLHQWR GH ORV
KRPEUHV \ PXMHUHV SURYLQFLDQRV TXH VH WUDVODGDEDQ D %XHQRV $LUHV DWUDtGRV SRU VX
GHVDUUROORLQGXVWULDO&RPR´QRWDEOHµGHOEDUULR0HJDIyQKDEtDLQWHUYHQLGRHQHOGHOLQHD
PLHQWR GH ORV HVWDWXWRV TXH RWRUJDEDQ DO FOXE SULPD IDFLH OD QDWXUDOH]D GH XQD
PXWXDOLGDG GH VRFRUURV 3HUR DO $XWRGLGDFWR TXH \D WHQtD VXV EHPROHV HVSHUDED RWURV
IUXWRVGHODQXHYDLQVWLWXFLyQHUDHYLGHQWHTXHORV´FDEHFLWDVQHJUDVµHQVXVPLJUDFLRQHV
D OD FLXGDG HVWDEDQ GHVHUWDQGR ORV YHUGRUHV GH OD pJORJD SRU HO JULV DEVWUDFWR GH ODV
PiTXLQDVIDEULOHV\FRUUtDQHOULHVJRGHSHUGHUDOJXQRVYDORUHVTXH0HJDIyQFRQVLGHUDED
LQDOLHQDEOHV HQ HO VHU QDFLRQDO VHJ~Q XQD ´HFRQRPtD SDWULyWLFDµ GH VX LQWHOHFFLyQ TXH
DSOLFDUtD pO D VXV EDWDOODV HQ ORV WpUPLQRV PiV ULJXURVRV -XVWR HV GHFLU TXH HO FOXE
´3URYLQFLDV 8QLGDVµ ILHO D WDOHV LQTXLHWXGHV ORJUy DEXQGDQWHPHQWH OD SUHVHUYDFLyQ GH
DTXHOODV IUHVFXUDV DXWyFWRQDV KDVWD HO SXQWR GH TXH DOJXQDV QRFKHV HO ]DSDWHR GH ORV
PDODPERV \ HO YRFHUtR GH ODV FKDFDUHUDV GLR D ORV KDELWDQWHV GH )ORUHV OD VHQVDFLyQ PX\
YLYD GH TXH VH KDOODEDQ HQ XQ FDUQDYDO GH -XMX\ R HQ XQD ´WULQFKHUDµ GH 6DQWLDJR GHO

47
(VWHUR (O FOXE VH KDEtD LQVWDODGR HQ XQ DQWLJXR FDVHUyQ GH )ORUHV FRQ VXV GRV SDWLRV GH
EDOGRVDV \ VX KXHUWD HQ HO IRQGR /DV DFWLYLGDGHV S~EOLFDV WHQtDQ VX HVFHQD HQ HO SULPHU
SDWLR GRQGH XQ JUDQ WROGR YHUGH DVHJXUDED HO FXUVR UHJXODU GH ODV DVDPEOHDV R GH ORV
EDLOHVFRQWUDORVULJRUHVGHOWLHPSR0iVtQWLPRHOVHJXQGRSDWLRDOTXHGDEDQODFRFLQD\
HO´PXVHRµGHOFOXEVHDGRUQDEDFRQXQKRUQRU~VWLFR\XQDJUDQSDUULOODGHVWLQDGRVDODV
EXFyOLFDVUHJLRQDOHVHO´PXVHRµDWHVRUDEDOD]RV\EROHDGRUDVPDWHV\HVWULERVSRQFKRV\
DOIDUHUtDV GRQDGRV SRU HQWXVLDVWDV FRQWULEX\HQWHV (Q FXDQWR D OD KXHUWD GHO IRQGR VH
FRPSRQtDGHDOJXQRVGXUD]QHURVHKLJXHUDVDFX\RDPSDURHQFLHUWRVIHVWLYDOHVQRFWXUQRV
SDUHMDV HQFHQGLGDV FRQFUHWDURQ LGLOLRV FX\D UDt] IRONOyULFD VH QXWUtD HQ OD TXHEUDGD GH
+XPDKXDFD 6LQ HPEDUJR DTXHOODV HXIRULDV WXYLHURQ XQ PHQJXDQWH HQ  QR ELHQ OD
FRQWUDUUHYROXFLyQOODPDGD´OLEHUWDGRUDµHPEDUFyDORVFDEHFLWDVQHJUDVHQRWURVFXLGDGRV
<IXHSRUDTXHOHQWRQFHV\HQDTXHODPELHQWHVRFLDOFXDQGR0HJDIyQH[SXVRHQDVDPEOHD
VXGHVFXEULPLHQWRGHXQD3DWULDHQIRUPDGHYtERUD
(OSULPHUSDWLRDTXHOODWDUGHOXFtDHOWHQRUDPELJXRGHODVUHXQLRQHVHQWUHIDPLOLDUHV\
GH JDOD 5RVWURV GHO QRUWH GHO VXU GHO HVWH \ GHO RHVWH DEDQGRQDEDQ \D VXV DWRQtDV GH
FRORUDXVHQFLDEDMRHOLQIOXMRGHOYLQR\ODVHPSDQDGDVTXH0HJDIyQKDEtDKHFKRFLUFXODU
HQ XQD SULPHUD URQGD HVWLPXODQWH 6REUH XQD WDULPD GRV P~VLFRV WRVWDGRV HQVD\DEDQ
DUPRQL]DU XQD TXHQD \ XQ DUSD JXDUDQt VHJ~Q HO ULWPR GHO PDODPER TXH FLHUWR EDLODUtQ
HVFRELOODED FRQ VXV SLHV GH ODQ]DGHUD )UHQWH D ORV P~VLFRV \ DO EDLODUtQ WUHV IRUDVWHURV
MyYHQHV DO SDUHFHU HVWXGLDQWHV REVHUYDEDQ OD HVFHQD FRQ HO DLUH PLHUGRVR GHO LQWHOHFWR
TXHGLIXQGtDHQWRQFHVOD8QLYHUVLGDG$ODGYHUWLUTXH0HJDIyQSODWLFDEDHQVHFUHWRFRQORV
YRFDOHV GHO FOXE SDVp DO VHJXQGR SDWLR \ D OD FRFLQD GRQGH OD YLHMD =RLOD FRQ SiUSDGRV
ODJULPHDQWHVGHKXPRIUHtDHPSDQDGDVHQXQDROODGHEUXMDV
³$EXHOLWD³OHGLMH³KD\DTXtXQRORUGHVHERTXHYROWHD
³'HJUDVDKLMR\QRGHVHER³PHFRUULJLyODYLHMDFX\DVQDULFHVYHQWHDEDQFRQGHOLFLD
ODVIUXWDVGHVXROOD³3HRUHVHOWXIRDPXJUHGHOODYDGHUR
(VWXGLpODVDUTXLWHFWXUDVGHHPSDQDGDVTXH=RLODLEDOHYDQWDQGRHQIXHQWHVGHODWyQ<
FDQWpSDUDUHJDORGHVXVRtGRVHQXQDUHPLQLVFHQFLDSDPSHDQD

'HODVDYHVTXHYXHODQ
PHJXVWDHOFKDQFKR
GHODVIORUHVGHOFDPSR
ODVHPSDQDGDV

8QJROSHGHKLODULGDGVDFXGLyODVPRYLEOHVJRUGXUDVGHODYLHMDXQUHtUPDWLQDOTXH\R
KDEtDRtGRDQWHVHQHOVXUGXOFHRDPDUJR\TXHVyOREURWDGHOSREUHFRPRXQDVXEOLPDFLyQ
GHVXWULVWH]D/DGHMpDVtELHQHQUHGDGDHQHOPDWRUUDOGHVXULVD\VDOtDODKXHUWDGHO
IRQGRSDUDPLUDUORVGXUD]QHURVTXHRWUDYH]DUWLFXODEDQVXDQWLJXRLGLRPDGHSULPDYHUD
(QVHJXLGDYROYLHQGRDOVHJXQGRSDWLRGHVFXEUtDGRVSHUVRQDMHVGHDVRPEURVDFDWDGXUD
TXHPHWtDQVXVQDULFHVHQHOKRUQRULRMDQRVHGHVOL]DEDQHQHOPXVHRGHOFOXEROtDQOD]RV
\EROHDGRUDVRVRSHVDEDQHOPHWDOGHORVHVWULERVFRQHODLUHLQMXULRVRGHGRVSUHVWDPLVWDV
TXHUHDOL]DUDQXQLQYHQWDULRDQWHVGHQHJRFLDU$XQTXHXQRGHORVSHUVRQDMHVHUDFDOYR\
HO RWUR PHOHQXGR VH LQWHJUDEDQ PXWXDPHQWH SRU VXV HGDGHV LQGHILQLEOHV SRU VXV URSDV
LGpQWLFDV \ SRU XQ FLQLVPR QDWXUDO TXH QR FDUHFtD GH JUDFLD ´3DUHFHQ ³REVHUYp³ GRV
PHOOL]RV HQJHQGUDGRV HQ OD SURSLD PDWUL] GH OD GHVYHUJHQ]Dµ 1R ELHQ FRQFOX\HURQ VX
H[DPHQHOKRPEUHPHOHQXGRVHGLULJLyDOFDOYR\OHGLMR
³3DGUH¢QRVHUiHOIRONORUHXQEDWUDFLRDQDFUyQLFRGHFRORUDFHLWXQD"
³+LMR PtR ³OH UHVSRQGLy HO FDOYR³ GHVFRQItD GH ORV KRPEUHV TXH XVDQ JXLWDUUDV FRQ
ILQHVGHPDJyJLFRV/DJXLWDUUDSDWHDVLOHWRFDQODYHULMDVHQVLEOH

48
 ³1RKHGHROYLGDUORSDGUH³DVLQWLyHOPHOHQXGRHQWRQRUHYHUHQWH
6LQ GHFLU PiV XQR \ RWUR VH GLULJLHURQ DO SULPHU SDWLR < KXEH GH VHJXLUORV QR VLQ
SUHJXQWDUPH TXp KDUtDQ HQ HO FOXE \ HQ DTXHOOD WDUGH VHxDODGD HVRV GRV IHRV KLMRV GH OD
LQFRKHUHQFLD (Q HO SULPHU SDWLR VXELGR D OD WDULPD GH ORV P~VLFRV \D HVWDED 0HJDIyQ
DQWHXQDFXDUHQWHQDGHKRPEUHV\PXMHUHVWHUURVRVDOOtUHXQLGRVFRPRSRUXQDIDWDOLGDG
TXH QR GLVFHUQtDQ HOORV HQ VX IUHVFXUD OD HPSDQDGD \ HO YLQR GH XQD VHJXQGD YXHOWD
JHQHUDO KDEtDQ GHMDGR FKLVSDV HQ VXV RMRV \ JUDVLWXGHV HQ VXV GHGRV 0H XELTXp MXQWR D
0HJDIyQ\YLTXHDVXIUHQWH\GHUHFKDORVWUHVHVWXGLDQWHVDJXDUGDEDQ\DFRQHQWUHFHMRV
FUtWLFRV \ TXH D VX L]TXLHUGD \ IUHQWH KDFtDQ OR SURSLR ORV GRV IDQWRFKHV TXH \R KDEtD
VRUSUHQGLGRHQHOPXVHRGHOFOXE
³2LJD³OHVXVXUUpD0HJDIyQ³¢TXLpQHVSRGUtDQVHUHVRVGRVPDPDUUDFKRV"
³(OG~R%DUUDQWHV\%DUURVR³PHUHVSRQGLyHO2VFXUR
³¢4XpKDFHQHQODDVDPEOHD"
³6RQGRV´DJHQWHVGHSURYRFDFLyQµ
³¢4XLpQORVPDQGD"
³/RVWUDMH\RPLVPR
³£7HQJDFXLGDGR³OHDGYHUWt³1RKD\HQHOORVXQDVRODPROpFXODGHFRUGXUD
³¢<TXLpQOHVSHGLUiFRUGXUD"³UH]RQJyHO$XWRGLGDFWR
6HR\yDOIRQGRXQDYR]GHWRQDGDVDQWLDJXHxD
³6L DOJXLHQ WLHQH TXH KDEODU ³GLMR³ £TXH KDEOH < VL QR £TXH VH YHQJDQ ORV P~VLFRV
7HQHPRVIUtDVODVWDEDV
0XUPXOORV\ULVDVIHVWHMDURQHVDFRQPLQDFLyQDODRUDWRULDRDOEDLORQJR<0HJDIyQDO
DGYHUWLUORDO]yXQDGLHVWUDLPSHUDWLYDHQUHFODPRGHVLOHQFLR
³$PLJRV³HPSH]yDGHFLU³RPiVELHQFRPSDWULRWDV
³£(O-HIHQRVOODPDED´FRPSDxHURVµ³UH]RQJyDODGHUHFKDXQDWRQDGDFRUUHQWLQD
³6L ORV OODPp ´FRPSDWULRWDVµ ³DGXMR 0HJDIyQ³ HV SRUTXH OD LGHD GH 3DWULD VHUi HO
IXQGDPHQWRGHPLWHVLV/HVHQVHxDURQTXHODSDWULDHUDVyORXQDJHRJUDItDHQDEVWUDFFLyQ
RDOJRDVtFRPRXQHVFHQDULRGHODQDGD¢<TXpRWUDFRVDSRGUtDVHUXQHVFHQDULRWHDWUDOVL
QRWLHQHFRPHGLDQLDFWRUHVTXHODUHSUHVHQWHQ"/DYHUGDGSXUDHVTXHQRVPRYHPRVHQXQ
HVFHQDULRTXHXVWHGHV\\RVRPRVORVDFWRUHV\TXHODFRPHGLDUHSUHVHQWDGDHVHOGHVWLQR
GHQXHVWUDQDFLyQ£&RPSDWULRWDV\ROHVKDEODUpGHXQDQLPDOYLYLHQWHGHXQDSDWULDHQ
IRUPD GH YtERUD (O G~R %DUUDQWHV \ %DUURVR FDPELy XQD PLUDGD WXUELD HQWUH VX DVSHFWR
FDOYR\VXDVSHFWRPHOHQXGR
³3DGUH³OHGLMR%DUURVRDVXRWUDPLWDG³¢ODSDWULDGH6DQ0DUWtQQRPHUHFHUtDWHQHU
XQDEHVWLDPiVGHFRURVDTXHODUHSUHVHQWDUD"
³¢&XiOKLMRPtR"³LQTXLULy%DUUDQWHV
³8QEUXWRGHPD\RUDO]DGDSRUHMHPSORHOXQLFRUQLR
³$KtHVWiHOULHVJRGHDFXGLUDODVPHWiIRUDV]RROyJLFDV³ORDOHFFLRQy%DUUDQWHV³+LMR
GHEHUiVDEVWHQHUWHGHODIDXQDPXHUGHRQRVHJ~QHOYLHQWRTXHVRSODHQODOODQXUD
³6tSDSi³GLMR%DUURVRHQVXDFDWDPLHQWR
7UDV KDEHU HVFXFKDGR DO G~R FRQ OD EHQLJQLGDG TXH VyOR VH PDPD HQ ODV XEUHV GH OD
H[SHULHQFLDHO2VFXURGH)ORUHVH[SOLFy
³6LDFXGtDODYtERUDIXHSRUWUHVUD]RQHVFRQYLQFHQWHV3ULPHUDODYtERUDHVXQDQLPDO
GHO´VXFHGHUµFRPRORGHPXHVWUDODGHO3DUDtVR\ODSDWULDRHVXQDVHUSLHQWHGHOVXFHGHU
RHVXQDPXODVLHVWHUD
³£3RUDKtFDQWDED*DUD\³DSUREyODYR]DQyQLPDGHDOJXLHQTXHVLQGXGDHQWHQGtD
³0LVHJXQGDUD]yQ³SURVLJXLyHO$XWRGLGDFWR³VHEDVDHQHOKHFKRGHTXHODYtERUDWLHQH
XQ KDELWDW PX\ H[WHQGLGR HQ QXHVWUR WHUULWRULR GHVGH OD \DUDUi GH &RUULHQWHV KDVWD OD
FDVFDEHOGH6DQWLDJR\ODDQDFRQGDGH0LVLRQHV

49
 ³£)DOWDQODVGHFRUDO\GHODFUX]³OORULTXHyDOIRQGRXQDWRQDGDTXLFKXD
³6LQHPEDUJR³DxDGLyHO2VFXUR³PLWHUFHUDUD]yQHVODTXHLPSRUWD/DYtERUDFDPELD
GHSHODGXUD£VHORH[LJHODOH\ELROyJLFDGHVXFUHFLPLHQWR
(VWXGLyDORVDVDPEOHtVWDVSDUDYHUVLFROXPEUDEDQ\DHOKLORGHVXWHVLV3HURKDOOyODV
FDUDVYDFtDVFRPRSDSHOHVHQEODQFR
³7DWD ³VH ODPHQWy %DUURVR³ HO RUDGRU QRV KD GHPRVWUDGR VDELDPHQWH TXH VRPRV XQ
SDtVGHYtERUDV/RTXHQRHQWLHQGRELHQHVHOLQWUtQJXOLVGHODSHODGXUD
³&DFKRUUR ³OH GLMR %DUUDQWHV³ OD YtERUD \ OD SDSD VRQ GRV WXEpUFXORV PX\ GXURV GH
SHODU£-~QWDWHFRQORVEXHQRV
³$VtORKDUpSDGUH
³2LJDQ ³DFODUy 0HJDIyQ³ DO RIUHFHUVH OD LPDJHQ GH XQD 3DWULDYtERUD VRVWHQJR TXH
WLHQH DKRUD GRV SHODGXUDV XQ FDVFDUyQ YLHMR WUHPHQGDPHQWH IyVLO TXH VH UHVLVWH D
VROWDUVHGHODQLPDO\ODSHODGXUDQXHYD TXHVHIRUPyGHEDMR\ TXHEDWDOODSRUVDOLUDOD
OX]&RPSDxHURVORTXHQRVDIOLJHDWRGRVHVODWLUDQtDGHOFDVFDUyQ¢<VDEHQSRUTXpGXUD
ODYLHMDFRVWUD"3RUTXHKD\LQWHUHVDGRVHQTXHODYtERUDQRDEDQGRQHVXFDVFDUyQLQ~WLO\OR
DSXQWDODQFRQORFLRQHVYLYLILFDQWHV\FUHPDVGHWRUWXJD
&RPRDVLVWHQWHLPSDUFLDOHQWHQGt\RTXHDO2VFXURVHOHLEDODPDQRHQHOVLPEROLVPR<
HOG~RTXHDFWXDEDFRPRXQUDGDUPHORFRQILUPyGHLQPHGLDWR
³£3DGUH ³VROOR]y XQ %DUURVR FRQIXQGLGR³ VL OD ~OWLPD HPSDQDGD TXH FRPt QR KD
HQWXUELDGR PL UD]yQ HQWLHQGR TXH OD &RVPpWLFD HV XQ DUWH VLQ GLJQLGDG <D LQWHQWy
LQVFULELUD0DWXVDOpQHQXQMDUGtQGHLQIDQWHV
³£4XHORGLJDWXPXMHU³DVLQWLyHOFDOYRSDWHUQDOPHQWH
³£<ODWX\D³OHDJUDGHFLy%DUURVR
(QHVWHSXQWRXQFRQDWRGHPRWtQVHLQVLQXDEDHQODDVDPEOHD
³£1RHQWHQGHPRVXQSLWR
³£6LWLHQHDOJRTXHGHFLUTXHORGLJDVLQYXHOWDV
³£(OMHIHQRVKDEODEDGHUHFKR
< DTXt XQR GH ORV HVWXGLDQWHV HQ FX\R URVWUR VH SLQWDED HO DPDULOOR LQTXLHWR GH OD
VRFLRORJtDVHGLULJLyDO$XWRGLGDFWR\OHGLMR
³6HxRU QR HVWDPRV HQ HVWH PLWLQ SDUD HVFXFKDU XQ JDOLPDWtDV GH VHUSLHQWHV QL ORV
FKLVWHVGHXQEXIyQFDOYR\XQEXIyQPHOHQXGR£6HxRUODVSDSDVTXHPDQHQOD5HS~EOLFD
6H R\HURQ DSODXVRV < HO URVWUR GHO HVWXGLDQWH DO UHFLELU DTXHO LPSUHYLVWR FDORU GH ODV
PDVDV WURFy VX DPDULOOH] LQWHOHFWXDO SRU FLHUWR URMR GH FRPEDWH 3HUR 0HJDIyQ VRQUHtD
KpURHFXUWLGRHQFLHQPHVDVUHGRQGDV
³(Q SULPHU OXJDU ³DFODUy³ HO HVWXGLDQWH FRQIXQGH XQ VtPEROR FRQ XQ JDOLPDWtDV (Q
VHJXQGR OXJDU HO G~R %DUUDQWHV \ %DUURVR DTXt SUHVHQWH QR HVWi LQWHJUDGR SRU GRV
EXIRQHV VLQR SRU GRV DOPDV FX\D XQLYHUVDOLGDG KD GHYXHOWR DO FDRV IHOL] GH ODV LGHDV (Q
WHUFHUOXJDUODVSDSDVTXHPDQHQOD5HS~EOLFDVLELHQORPLUDQODVSDSDVQRH[LVWHQDTXt
GHQLQJ~QPRGR\DTXHORVLQIDPHVDFDSDUDGRUHVODVKDQVXVWUDtGRGHODFDQDVWDIDPLOLDU
(O GH 0HJDIyQ HUD VLQ GXGD XQ JROSH EDMR < OD FDQDVWD IDPLOLDU DXQTXH WUDtGD GH ORV
SHORVYROFyDVXIDYRUHOWDODQWHGHODDVDPEOHD
³£0X\ELHQGLFKR
³£$KtWHTXHUtDHVFRSHWD
³£,JXDOQRVKDEODEDHO-HIH
/D SDVLyQ VH WUDGXFtD HQ XQ WXPXOWR GH YRFHV HORJLRVDV \ XQ HUJXLUVH GH FDEH]DV
H[DOWDGDV HQ HO VHFWRU L]TXLHUGR VH LQVLQXy OD SULPHUD HVWURID GH ´/RV 0XFKDFKRV
3HURQLVWDVµ4XHGDEDQDOIUHQWHXQHVWXGLDQWHGHVYDOLGR\XQ0HJDIyQFRQVXYLFWRULD
³£3DGUH PtR ³VH TXHMy HQWRQFHV %DUURVR³ OD PDVD PH DVXVWD HQ VX LQFRQVWDQWH
EDLORWHR

50
 ³3LFKyQ³OHGLMR%DUUDQWHV³XQDFRVDHVOHYDQWDUODPDVDFRQOHYDGXUDV\RWUDFRUWDU
ORVWDOODULQHV£+X\HGHODSROtWLFDPXFKDFKR
³¢4XpOD\DGHLQVHFWRHVODSROtWLFD"
³/DSROtWLFDHVFRPRHOOLEURWHyULFRGHXQFRFLQHUROLWHUDULRVyORGDUHFHWDVHQSHUHMLO
PD\RU
³£3DGUH¢1RHVWDUiVUD\DQGRHQORVXEOLPH"³DGPLUy%DUURVRGHYRWDPHQWH
3HUR0HJDIyQTXHQRVHGRUPtDHQORVODXUHOHVLQVLVWLyFRQVXVIDPRVDVSHODGXUDV
³&RPSDxHURV³GLMR³VLHOFDVFDUyQ\DGHQXQFLDGRHVODFDXVDGHWRGRVQXHVWURVPDOHV
¢QRKDEUiOOHJDGRODKRUDGHD\XGDUDODYtERUD"
³¢<DTXp"³OHSUHJXQWyXQDPRURFKDGHOQRUWH
³$TXHODUJXHVXYLHMDSLHO
³'HQOHXQEXHQSDORHQHOORPR³DFRQVHMyODWRQDGDTXLFKXD³\HODQLPDOLWRGHMDUiHQ
WLHUUDVXSHOHFKRGHD\HU\VHLUiYLERUHDQGRFRQODVHVFDPDVQXHYDVTXHOHUHOXFHQ
$ORtUDTXHOODVSDODEUDVHO$XWRGLGDFWRVLQWLyTXHORLQYDGtDXQDIUHVFXUDHOHPHQWDO
³(O FDPDUDGD VDQWLDJXHxR KD GDGR HQ OD WHFOD ³GLMR³ < VL pO WHQtD VX SDOR HQ
$WDPLVTXL\RWHQGUpDTXtPLV'RV%DWDOODV
³¢&yPRGRVEDWDOODV"³LQTXLULyHOHVWXGLDQWHUHFLpQKXPLOODGR
³8QDWHUUHVWUH\RWUDFHOHVWH³OHDFODUy0HJDIyQ
<DTXt%DUURVRQRGLVLPXOyVXHVFiQGDOR
³¢'RVEDWDOODVSDUDXQIiFLOWUDWDPLHQWRGHODSLHO"³UH]RQJyHQWUHGLHQWHV
³+LMLWR ³VHQWHQFLy %DUUDQWHV³ OD ULTXH]D GH PHGLRV KD REQXELODGR VLHPSUH D OD
EXUJXHVtD£2\HSLFKyQ
³(VWR\R\HQGR
³5HVSHWDUiVDORVDQFLDQRV
(OHVWXGLDQWHYHQFLGRVHUHSRQtDGHVXGHUURWD
³¢'yQGHVHOLEUDUiQHVDVEDWDOODV"³SUHJXQWy
³(Q%XHQRV$LUHVQDWXUDOPHQWH³OHGLMRHO2VFXUR
³¢&yPR´QDWXUDOPHQWHµ"
³(Q %XHQRV $LUHV HVWiQ FRPR DJHQWHV DFWLYRV ORV GHIHQVRUHV GH OD YLHMD SHODGXUD <
DTXtOHVGDUHPRVEDWDOOD
3HURHOVHJXQGRHVWXGLDQWHTXHKDEtDSHUPDQHFLGRPXGRFRPRHOWHUFHUROHYDQWyDTXt
XQDYR]LQGLJQDGD
³£2WUD YH] OD FDEH]D GH *ROLDWK ³SURWHVWy \ VX DFHQWR FRUGREpV SXVR HQ HO DLUH XQD
P~VLFDQXHYD
³¢6H UHILHUH XVWHG D OD PHWiIRUD FDEH]RQD GH GRQ (]HTXLHO" ³OH SUHJXQWy HO
$XWRGLGDFWR
³£$ HOOD PH UHILHUR ³H[FODPy HO HVWXGLDQWH VHJXQGR³ (VWD FLXGDG HV XQD FDEH]D
PRQVWUXRVDTXHVHFRPHDWRGRHOSDtV£/DFDEH]DGH*ROLDWK¢<HOFXHUSRGH*ROLDWKTXp
SLWRHVWiWRFDQGR"
(UDHYLGHQWHTXHODUpSOLFDGHOFRUGREpVKDEtDKHFKRLPSDFWRHQHOFOXE
³£*UDQ'LRV³H[FODPy%DUURVRH[WDVLDGR³¢1RHVXQKLMRGH&yUGREDHOTXHKDEOD"
³7RGR EXHQ FRUGREpV ³HORJLy %DUUDQWHV³ HV KLMR QDWXUDO GH OD (ORFXHQFLD GHMDGD
HQFLQWDSRUHO'HUHFKR5RPDQR£&DFKRUURGHVF~EUHWHDQWHORVWULEXQRV
3HURYRFHVGHVFRQWHQWDVHVWDOODURQRWUDYH]
³£1RHQWHQGHPRVQLMRWD
³¢4XLpQHV*ROLDWKXQILJXUyQGHODROLJDUTXtD"
³£4XHVHYD\D*ROLDWK\TXHVHOOHYHVXFDEH]DGHFRUQXGR
³£+DQDVHVLQDGRDOIHGHUDOLVPR³WURQyHOFRUGREpV³£(VWDFLXGDGGHVWUX\H
6HUHQRDQWHODWHPSHVWDG0HJDIyQOHYDQWyVXPDQRFRPRVLHQHOODWXYLHVHXQDEDWXWD

51
<GLULJLpQGRVHDOGH&yUGREDOHGLMRHVWDVSDODEUDVHQODVTXHODVHQVDWH]\ODPHODQFROtD
VHGDEDQXQDEUD]R
³%XHQRV $LUHV GHVWUX\H SHUR VDEH UHFRQVWUXLU OR TXH KD GHVWUXLGR £+DEODQ GH ORV
SRUWHxRV¢'yQGHKDOODUXQSRUWHxRHQ%XHQRV$LUHV"7DOYH]HQDOJXQDERWLFDGHDUUDEDOR
HQ OD OHWUD GH XQ WDQJR PXHUWR \D FRPR ODV ERFDV DQWLJXDV TXH OR FDQWDEDQ 6HxRU KDJD
XVWHGXQFHQVRGH%XHQRV$LUHV\YHUiTXHORVSRUWHxRVHVWDPRVHQPLQRUtD
³£1RHVYHUGDG³JULWyHOGH&yUGRED
³(V\QRHVYHUGDG³LQWHUYLQRDTXtHOWHUFHUHVWXGLDQWH³/RTXHSDVDHVTXHDORUDGRU
VHOHIXHODPDQRHQODHVWDGtVWLFD
³¢< TXp LPSRUWDQ ORV KHFKRV QXPHUDOHV" ³GLMR 0HJDIyQ³ /R HVHQFLDO HV TXH ODV
SURYLQFLDVOOHJDURQOOHJDQ\OOHJDUiQD%XHQRV$LUHVFRPRDVXFHQWURQHFHVDULR
³¢1HFHVDULR"³UH]RQJyHOFRUGREpV
(O2VFXURORPLUyGHIUHQWH<OXHJRGLMRHQXQWRQRLQLFLiWLFRGHPDODHVSLQD
³'RQ (]HTXLHO LQWHQWy DEDWLU OD FDEH]D GH *ROLDWK < QR OR FRQVLJXLy ¢VDEHQ SRU TXp"
3RUTXH OH IDOWDED OD KRQGD EtEOLFD GHO PXFKDFKR 'DYLG <R YR\ D GHIHQGHU HO WHVWX] GHO
PRQVWUXRVRVWHQLHQGRHVWDYHUGDGTXHSXHGHRQRVHUDJUHVLYDPDOTXHQRVSHVH%XHQRV
$LUHV HV SRU DKRUD \ QR Vp KDVWD FXiQGR HO ~QLFR FHQWUR GH XQLYHUVDOL]DFLyQ TXH WLHQH OD
5HS~EOLFD
³¢8QLYHUVDOL]DFLyQGHTXp"³OHSUHJXQWyHOHVWXGLDQWHKXPLOODGR
³'HODVHVHQFLDVQDFLRQDOHV³DILUPyHO2VFXUR³(QHVWHFHQWUR\GHVGHDTXtODQDFLyQ
VHYLHQHPLUDQGRHQXQLGDGVHXQLYHUVDOL]D\WUDVFLHQGH
$QWH GRFWULQD WDQ DEVWUDFWD OD DVDPEOHD HQWUy HQ XQ VLOHQFLR GH QR IiFLO SURQyVWLFR
IUXQFtDQ HO FHxR ORV HVWXGLDQWHV ODV FDUDV PRUHQDV GH ORV DVDPEOHtVWDV QR UHYHODEDQ
HPRFLyQ DOJXQD FRPR VL ODV GHVGLEXMDVH XQD PLVPD LQFRPSUHQVLyQ R XQ PLVPR DEXUUL
PLHQWR+DVWDTXH%DUURVRWUDVGLJHULUODHQVHxDQ]DURPSLyHOHQFDQWRJHQHUDO
³3DGUH³FRQIHVy³HVHWULEXQRPHKDJDQDGRDVXFDXVD¢'yQGHSRGUpKDOODUXQZDWHU
FORVHW"
³+LMR³OHFRQWHVWy%DUUDQWHVD~QHQVLPLVPDGR³VHJ~QODJHRSROtWLFDXQZDWHUFORVHW
QRUPDOGHEHKDOODUVHHQHOIRQGR\DODGHUHFKD¢3DUDTXpQHFHVLWDVXQZDWHUFORVHW"
³9R\DXQLYHUVDOL]DUPLVHVHQFLDV³OHFRQIHVy%DUURVR\DGHSLH
³£$GLyV FDFKRUUR ³OR GHVSLGLy %DUUDQWHV QR VLQ WHQGHUOH XQD SLDGRVD PDQR GH
EHQGLFLyQ³£<FUX]DODVFDOOHVSRUODVHVTXLQDV
(O PXWLV GH %DUURVR SDUHFLy GHVDWDU HO QXGR KDUWR HQGHEOH TXH YHQtD UHWHQLHQGR D ORV
LQWHJUDQWHVGHODDVDPEOHD5RVWURVLQGHFLVRV\DVHPLUDEDQHQWUHVtRVHYROYtDQKDFLDHO
VHJXQGR SDWLR FRPR VL DJXDUGDVHQ XQD VHxDO \ DOJXQRV DVLVWHQWHV HQ VX DXGDFLD VH
SXVLHURQGHSLHFRPRHQXQGHVDItR
³£1RVHOHYDQWHQ³OHVJULWyHO$XWRGLGDFWRDVLVWLGRDKRUDSRUHOWHVRUHURGHOFOXE
³£3RUIDYRUVLpQWHQVH³URJyHOWHVRUHURDORVTXH\DGHVHUWDEDQODSODWHD
<TXL]iVKDEUtDQORJUDGRVXREMHWLYRVLHQDTXHOLQVWDQWHVREUHODWDULPDGHORVP~VLFRV
QR VH KXELHUD PDQLIHVWDGR HO HMHFXWDQWH GHO DUSD JXDUDQt HO FXDO DO KDFHU FRUUHU VXV
GHGRV HQ HO FRUGDMH SURGXMR XQ HVFDORIUtR GH QRWDV TXH UHFRUULy ODV YpUWHEUDV GH ORV
DVLVWHQWHV $O DUSD QR WDUGy HQ XQLUVH XQ YLROLQLVWD GHO QRUWH TXH UDVFy EULRVDPHQWH ODV
FXHUGDVHQXQFKiPDPHOLWRUDOHxR9DURQHV\KHPEUDVDHVHFRQMXURUHFRJLHURQODVVLOODV
SOHJDEOHV\ODVDPRQWRQDURQFRQWUDODVSDUHGHVDILQGHDOODQDUHOFDPSRDORVEDLODULQHV
TXH \D VH MXQWDEDQ HQ SDUHMDV 'HVGH HO VHJXQGR SDWLR PXMHUHV IUXWDOHV LUUXPSLHURQ GH
V~ELWRFRQIXHQWHVGHHPSDQDGDV\DUWLOOHUtDGHYLQRV<GHWUiVSUHVHQWHV\DXVHQWHVDOD
YH] GHVFXEUt HQWRQFHV D %DUUDQWHV \ D %DUURVR TXH PRUGtDQ VXV HPSDQDGDV FRPR GRV
KXpUIDQRV \ D OD YLHMD =RLOD TXH FRQ VXV SXxRV HQ ODV FDGHUDV REVHUYDED \ UHtD PDGUH
YHWXVWDGHORVIHVWLYDOHV

52
 5$362',$,,,

(UDVHXQEDUULRXQDFLXGDGXQSDtVRXQPXQGR<ORVFRQRFtDWRGRVHQFDGDXQDGHVXV
SLUXHWDVPHPRUDEOHVRQR/DE~VTXHGDRHQFXHVWDGH/XFtD)HEUHURFRQVWLWX\HODPpGXOD
HVSLQDOGHORTXHOODPyHO$XWRGLGDFWRVX´EDWDOODFHOHVWHµ&RQRFLGDWDPELpQSRUOD1RYLD
2OYLGDGD HVD PXMHU LQFUHtEOH SDUD ORV FLHJRV \ HYLGHQWH SDUD ORV KLMRV GH OD OX] IXH
DUUDVWUDQGR D 0HJDIyQ GH DYHQWXUD HQ DYHQWXUD KDVWD HO HSLVRGLR ILQDO GH VX PXHUWH \
GHVFXDUWL]DPLHQWR 3RU RWUD SDUWH ODV HOXFLGDFLRQHV TXH LQWHQWy pO DFHUFD GH /XFtD
)HEUHUR \ VX HQLJPiWLFD LGHQWLGDG FLPHQWDURQ HO WtWXOR GH 2VFXUR TXH 0HJDIyQ FRQVHUYD
WRGDYtDHQODVREVWLQDGDVPHPRULDVGH9LOOD&UHVSR\GH)ORUHV$OLQLFLDUHVWDUDSVRGLDPH
DFXVRGHKDEHUORHPEDUFDGR\RPLVPRHQODHVSLQRVDFXHVWLyQGHOD9HQXV&HOHVWHFX\R
SULPHUGLVHxRKDEtDVXJHULGR\RHQPL$GiQ%XHQRVD\UHVFXDQGRHOSURWDJRQLVWDGXUDQWH
VXUHJUHVRQRFWXUQRSRUODFDOOH*XUUXFKDJDGLRFRQHVDPXMHUHQDFHFKRVtPERORGHOD
´LQGHWHUPLQDFLyQ DEVROXWDµ TXH OODPp /D )ORU GHO %DUULR SRU LJQRUDU D~Q VX YHUGDGHUR
QRPEUH )XH PL VHJXQGR DWLVER GH OD 1RYLD 2OYLGDGD HO TXH LQFLGLy HQ OD JHVWD GHO
$XWRGLGDFWR3HURHVDUHYHODFLyQ\VXVXOWHULRULGDGHVHVWiQYLQFXODGDVHVWUHFKDPHQWHDOD
KLVWRULDGH-RVp/XQDHOYHQGHGRUGH%LEOLDV3RUTXHIXHXQEDUULRXQDFLXGDGRXQPXQGR
\ORVFRQRFtDWRGRV\ORVDPpFRQXQH[WUDxROLQDMHGHDPRU
-RVp/XQDGHO%R[LQJ&OXEGH9LOOD&UHVSRKDEtDVLGRXQSHVRJDOORIDPRVRTXHDOLPHQWy
HQ VX KRUD HO IXHJR PLOLWDU GHO VXEXUELR D WUDYpV GH RQFH SHOHDV JDQDGDV SRU OD YtD
FRQWXQGHQWH3HURODKLVWRULDGH-RVp/XQDRPHMRUGLFKRVXOH\HQGDFRPHQ]yXQDQRFKH
LQYHUQDOGHFXDQGRHOS~JLOWUDVGHMDUDFRVWDGRHQODORQDGHOULQJDVXGHVDILDQWH
Q~PHURGRFHUHJUHVDEDSRUODFDOOH6HUUDQRDOFRQYHQWLOORGHOWXHUWR0RUDOHVGRQGHWHQtD
VX UHVLGHQFLD 6HJ~Q HO U~VWLFR HYDQJHOLR TXH GLYXOJDURQ PiV WDUGH VXV WUHV GLVFtSXORV DO
OOHJDUIUHQWHDODFHUUDGDEDUEHUtDGHODQGDOX]-RVp/XQDYLRDXQKRPEUHYHVWLGRFRQXQ
URSyQ VDQJULHQWR HO FXDO VDOLpQGROH DO DWDMR OH FODYy GRV RMRV IUtRV \ FDOLHQWHV D OD YH]
FRPRGHXQIXHJRHQWUHFHQL]DV(OER[HDGRUTXHDFDEDEDGHUHFLELUVXEROVDGHFRPEDWH
VDFyDODOX]DOJXQRVSHVRV\ORVWHQGLyDOGHVFRQRFLGR
³-RVp ³OR DPRQHVWy HO KRPEUH UHFKD]DQGR OD GiGLYD³ QR VR\ XQ OLPRVQHUR VR\ XQ
DFUHHGRU
³¢6HWHGHEHDOJR"³LQTXLULy-RVp/XQD
³7RGD HVWD VDQJUH ³OH FRQWHVWy HO KRPEUH³ < QR PH DUUHJODUiV FRQ XQRV SHVRV TXH
JDQDVWHGHUUDPDQGRODWX\D\ODGHRWURVSDUDGLYHUWLUDORVJULWRQHVGHOULQJVLGH
$xDGHODPLVPDWUDGLFLyQRUDOTXHD-RVp/XQDVHOHHQFHQGLyDTXtODODPSDULWD\TXHOH
SUHJXQWyDOKRPEUH
³¢1RVRVHO&ULVWRGHODWtD0DUWLQDHOTXHVDQJUDEDHQWUHXQDYHOD\HOIDFyQGHODEXHOR
*UHJRULR"
³6REUHODFyPRGDHVRHV³DSUREyHOKRPEUH
³<RWHKDFtDPiVOHMRV\PiVDOWRIXHUDGHWRGRFOLQFKSRVLEOH
³-RVp ³OR GHVHQJDxy HO KRPEUH³ \R HVWR\ FRQ ORV TXH PH EXVFDQ \ ORV TXH QR PH
EXVFDQ+HPXHUWRXQMXHYHV\UHVXFLWDGRXQGRPLQJRSDUDHQWUDUFRQWRGRVHQHOFOLQFKGH
ORVFOLQFKHV
³¢<HVRFXiQGRVHUi"
³(QHO~OWLPRURXQGGHODSHOHD
(V IDPD TXH -RVp /XQD WUDtD HVD QRFKH GH VX FRPEDWH XQ DUFR VXSHUFLOLDU DELHUWR HO
GRORUGHXQSXQFKHQORVULxRQHV\ODJD]X]DGHVXGLHWDSURIHVLRQDO6LQHPEDUJRFRPROR
UHILULypOPLVPRDORtUDTXHOODVSDODEUDVDGYLUWLyTXHVHOHLEDQORVGRORUHV\HOKDPEUH
³6HxRU¢TXpGHERKDFHU"³OHSUHJXQWyDOGHODW~QLFDVDQJULHQWD

53
 ³(QSULPHUWpUPLQR³ORDOHFFLRQyHOKRPEUH³FROJDUiVWXVJXDQWHVGHWUiVGHODSXHUWD\
OHHUiV HVWH OLEULWR 'HVGH \D WH DGHODQWR TXH D OD SULPHUD OHFWXUD WH UHLUiV FRPR OR
KLFLHURQ PXFKRV GH XQD IiEXOD WDQ DEVXUGD HQ VX FUXHOGDG 0iV WDUGH VL HQWHQGpV TXH
GHWUiVGHODIiEXODYLYHXQGLRVFDVWLJDGRWHWUDJDUiVHOOLEULWR\ORVHQWLUiVHQODVWULSDV
FRPRXQDVLHQWRGHKLHO\GHYLQDJUH6HWHKDQGHDEULUHQWRQFHVGRVFDPLQRVRYRPLWDV
OD IiEXOD \ UHWRPDV ORV JXDQWHV R HVSHUDV TXH OD IiEXOD VH WH FRQYLHUWD HQ OHFKH SDQ \
PLHO6yORHQHOVHJXQGRFDVRORVKRPEUHVWHOODPDUiQ-RVp/XQDHO9HQGHGRUGH%LEOLDV
'LFH OD KLVWRULD HQ HVWH SXQWR TXH -RVp /XQD UHFRJLy XQ OLEULWR HQ OD PDQR DELHUWD GHO
KRPEUH\TXHDVtORVRUSUHQGLyHOFDER5DPtUH]GHODVHFFLRQDOYHLQWLVLHWH
³£+RODFDPSHyQ³OHGLMR5DPtUH]³¢(VWiVKDEODQGRVROR"
(OS~JLOVHYROYLyKDFLDHOFDERTXHORLQWHUURJDED/XHJRGLULJLyVXVRMRVDOKRPEUHGHOD
VDQJUHSHURQRORKDOOyQLDODGHUHFKDQLDODL]TXLHUGDQLDOIUHQWHQLGHWUiV
³5DPtUH]³LQTXLULy³¢QRKDVYLVWRUHFLpQDTXtDXQKRPEUHGHPHOHQD\EDUEDFREUL]DV"
³&DPSHyQ³ULypO³£KDVHPSLQDGRHOFRGR
(OFRQYHQWLOORGHO7XHUWR0RUDOHVGRQGHODYRFDFLyQGH-RVp/XQDWXYRHVFHQDULR\FRUR
HUJXtDVXPROHGHIDOVRFDVWLOORPHGLHYDOHQODFDOOH:DUQHV\VXRULJHQDUTXLWHFWyQLFRHUD
XQ PLVWHULR SDUD ODV JHQWHV GH DTXHO VXEXUELR /DV PiV DQWLJXDV OR GDEDQ FRPR HO YLHMR
FDVFRUHVLGHQFLDOGHODTXLQWDGHORV%DOFDUFHTXHDVDOWDGRSRUODVFRUULHQWHVLQPLJUDWRULDV
GH FRPLHQ]RV GH VLJOR QR WDUGy HQ DGTXLULU OD ILJXUD GH XQ LQTXLOLQDWR LQPHQVR JUDFLDV D
XQDVHULHGHDUUHQGDGRUHV\VXEDUUHQGDGRUHVHQIRUPDGHVDQJXLMXHODGHODFXDOHO7XHUWR
KDEtD VLGR HO ~OWLPR \ HO TXH OHJy VX QRPEUH D OD FRORUHDGD LQVWLWXFLyQ &RQ XQD IDPLOLD
HQWHUDHQFDGDUHGXFWRVDOyQ\ WRUUHDOPHQDGDHOFDVWLOORHUDWHDWUR GHXQDKXPDQLGDG
TXHGHFtDVXVFRQIOLFWRVDSOHQRVRORDSOHQDOOXYLD<ORVFRQRFtDDWRGRVHQFDGDXQRGH
VXVJHVWRV\ORVDPpSRUTXHORVFRQRFtD-RVp/XQDRFXSDEDFRQVXPXMHU)LORPHQDORTXH
KDEtDVLGRDQWHVOD´VDODGHP~VLFDµGHOFDVWLOOR\TXHD~QFRQVHUYDED\DERUURVRVHQVXV
SDUHGHV iQJHOHV PRIOHWXGRV TXH VRSODEDQ WURPSHWDV \ iQJHOHV HQWHFDGRV TXH WDxtDQ VXV
DUSDV REUD TXL]iV GH DOJ~Q GHFRUDGRU LWDOLDQR TXH KDEtD WUDQVIHULGR D %XHQRV $LUHV
DQDFUyQLFDVJUDQGH]DVGHO5HQDFLPLHQWR(QOD VDOD~QLFDGHOS~JLOVHMXQWDEDQVLQDUPR
QL]DUHOFRPHGRUHOGRUPLWRULR\XQDFRFLQDGHOHxDFX\RWLUDMHSpVLPRIXHXQPDQDQWLDO
GH KXPR TXH VLQ HPEDUJR QXQFD PROHVWy HQ DGHODQWH QL D -RVp /XQD QL D VXV WUHV
GLVFtSXORVHQODVGLVFXVLRQHVTXHPDQWXYLHURQVREUHODVPHWiIRUDVGHO$SRFDOLSVLV/RVWUHV
GLVFtSXORVHUDQ-XDQ6RXWROODPDGR´HOJDLWDµ9LFHQWH/HRQHR´HOWDxRµ\$QWHQRU)XQHV
FRQRFLGRSRU´HOVDOWHxRµ(QFXDQWRD)LORPHQDODPXMHUGHOER[HDGRUVHGLFHTXHIXH
XQDOPDHQEODQFRSHVHDVXJRUGXUDHVIHURLGDO\VXLQFOLQDFLyQDOFKLVPRUUHRSRUORFXDO
-RVp /XQD GHFLGLy PHWHUOD HQ HO 3DUDtVR DXQTXH IXHVH D SDWDGDV \ KDFHUOH DGTXLULU XQD
EXHQDFODVLILFDFLyQHQHOUDQNLQJGHOD-HUXVDOpQ&HOHVWH
$VtDQGDEDQODVFRVDVHQDTXHOEDUULRHQDTXHOODFLXGDGRHQDTXHOPXQGRFXDQGR/XFtD
)HEUHUR KL]R VX DSDULFLyQ HQ HO JUDQ HVFHQDULR GH OD FDOOH :DUQHV -RVp /XQD WUDV KDEHU
DJRWDGR OD FDSDFLGDG HYDQJpOLFD GH ORV FDIHWLQHV \ ERGHJRQHV GH 9LOOD &UHVSR KDEtD
H[WHQGLGRVXQHJRFLRGHYHQGHGRUGH%LEOLDVDOPHUFDGRGH$EDVWRGRQGHORVERUUDFKLQHV
LPSHQLWHQWHVFRQILJXUDEDQXQDODJXQDIDYRUDEOHDVXPLQLVWHULRGHSHVFDGRUGHKRPEUHV
$GHPiV\SDUDOHODPHQWHODKHUPHQpXWLFDGHO $SRFDOLSVLVGDEDIUXWRV UHGRQGRVHQHOH[
VDOyQGHP~VLFD\DODYHUDGHODFRFLQDKXPHDQWH¢4XpGRPLQLRDOWHUyHQWRQFHVDTXHOOD
SD]DOLQWURGXFLUD/D1RYLD2OYLGDGDHQHOFRQYHQWLOORGHO7XHUWR0RUDOHV"
/RV TXH FRQRFHQ HO VDLQHWH D OR GLYLQR TXH WLWXOp /D %DWDOOD GH -RVp /XQD \ GRQGH
WHDWUDOL]R OD SULPHUD KLVWRULD GH /XFtD )HEUHUR UHFRUGDUiQ TXH IXH :ODGLPLU 1HELURYVN\
XQ DQDUTXLVWD QLHW]VFKHDQR TXLHQ DORMy XQD QRFKH D HVD PXMHU HQ OD H[ ERGHJD GHO
FRQYHQWLOOR \ KDQ GH UHFRUGDU TXH LGHQWLILTXp DO UDSWRU FRQ HO GHPRQLR 1HELURV XQ
DFWRU]XHOR GH OD WURXSSH LQIHUQDO TXH LQWHUYLHQH VyOR HQ WULIXOFDV GH PDQFHEtD \ GH

54
LQTXLOLQDWR<QRKDQGHROYLGDUTXHDOiFUDWD1HELURYVN\RSXVH\RXQHQWHOODPDGR1DWDOH
&DQWDEHOOL SUHVXQWR H[ EDUtWRQR GH OD 6FDOD GH 0LOiQ TXH LGHQWLILTXp LJXDOPHQWH FRQ HO
iQJHO&DQWDEHOGHPX\HVFDVDMHUDUTXtDHQORVQXHYH&RURV1RUHSHWLUpDTXtODEDWDOODTXH
GLR-RVp/XQDXELFDGRHQWUHHOSRORGHODVRPEUD\HOSRORGHODOX]FRQPRWLYRGHXQD
KHPEUD HQ UHYHODFLyQ \ GLVSXWD VyOR GHER FRQVLJQDU ORV LQGLFLRV TXH /XFtD )HEUHUR GHMy
WUDVOXFLUHQDTXHOODSHOHDPHPRUDEOH/RVLQTXLOLQRVTXHODVDEtDQLQVWDODGDHQODERGHJD\
HQ SRGHU GH 1HELURYVN\ OD HQWUHYLHURQ VyOR GRV YHFHV FXDQGR D IDYRU GH OD VROHGDG
QRFWXUQD VDOtD HOOD HPER]DGD HQ VXV FKDOHV QHJURV 3RU LQWXLFLyQ R IDQWDVtD OD OODPDURQ
HQWRQFHV /D 0XMHU VLQ &DEH]D \ HO PLHGR VH DSRGHUy GH DOJXQRV SDUWLFXODUPHQWH GH ORV
PXFKDFKRV TXH VH UHXQtDQ HQ XQD PXUJD GH FDUQDYDO \ HQVD\DEDQ VXV Q~PHURV SRU ODV
QRFKHV FRQ ERPEDUGLQRV \ WURPSDV GH FDUWyQ GRUDGR 3HUR OD LGHD PiV QDWXUDO GH XQD
1RYLD 2OYLGDGD VH LPSXVR OXHJR HQ HO FRQYHQWLOOR DO GDUVH XQ HSLVRGLR TXH FRQPRYLy DO
DUUDEDO\FX\DSURWDJRQLVWDIXHXQDPXFKDFKDHQWUDMHGHERGDTXHDJXDUGyHQYDQRDVX
FRQWUD\HQWH MXQWR DO PLVPR DOWDU GH OD LJOHVLD GH 6DQ %HUQDUGR < OD LGHD VH WURFy HQ
FHUWLGXPEUHFXDQGRXQDQRFKHORVPXUJXLVWDVDOGHVFHQGHUDODERGHJDR\HURQDODPXMHU
TXHJULWDED
³£3DGUH£3DGUH
/RVPXFKDFKRVR\HURQHQVHJXLGDODYR]GHOiFUDWD1HELURYVN\
³£'XpUPDVHSDORPD³VXVXUUy³£7UDQTXLOLWDPXxHFD
³£3DGUH ³LQVLVWLy OD PXMHU HQ XQ FUHVFHQGR WHUULEOH³ \D YLHQHQ ORV WHVWLJRV £+D\
FDQGHOHURV GH SODWD HQ HO DOWDU PD\RU \ HO RUJDQLVWD \D HVWi VHQWDGR HQ VX EDQTXHWD (O
VHxRUFXUDVHYLVWLyGHRUR¢3DUDTXLpQ"GLUiQODVJHQWHV£3DUD/XFtD)HEUHURTXHVHFDVD
HVWD QRFKH /DV WtDV GH &yUGRED OOHJDURQ HQ HO WUHQ GH ODV QXHYH WUDMHURQ DOIDMRUHV \ XQ
FKLYLWR SDUD OD FHQD GH ERGD £3DGUH PL YHVWLGR GH UDVR HVWi VREUH OD FDPD HO WXO
GHVSOHJDGR HQ HO VLOOyQ GH OD DEXHOD \ ORV D]DKDUHV HQ OD PHVLWD GH OX] £3HUR -XDQ VH
GHPRUDHQHOVXU
$TXHO PRQyORJR GH /D 1RYLD 2OYLGDGD TXH ORV PXUJXLVWDV QR WDUGDURQ HQ GLYXOJDU VH
DFODUy GHVSXpV HQ HO GLiORJR TXH 1HELURYVN\ PDQWXYR FRQ VX UHFOXVD HQ HO JUDQ SDWLR GHO
FRQYHQWLOOR\DQWHXQDYHFLQGDGTXHDFWXyDPDQHUDGHFRURWUiJLFR
³0XMHU³OHKDEtDSUHJXQWDGRHOiFUDWD³¢TXpKD\HQWXED~ODWDGRFRQVRJDVDPDULOODV"
³6HxRU³OHKDEtDUHVSRQGLGRHOOD³XQWUDMHGHQRYLDVLQHVWUHQDU
³¢0X\DUUXJDGR"
³&RQGRVJROSHVGHSODQFKDTXHGDUtDFRPRQXHYR
³'RVJROSHVGHSODQFKDQRVRQJUDQFRVD³OHKDEtDGLFKR1HELURYVN\
³1RSDGUH³DGPLWLy/XFtD³£3HURTXHGDORGHPiV
³¢/RGHPiV"³LUUXPSLyHOFRURGHPXMHUHV
³¢4XpFRVDHV´ORGHPiVµ"³SUHJXQWDURQORVKRPEUHV
³£/R TXH QR WLHQH FRPSRVWXUD ³OORULTXHy /XFtD )HEUHUR³ £7RGRV HVRV FDQGHODEURV GH
SODWDTXHDUGLHURQSDUDQDGLH£<GRVPDQRVTXHKDEtDQVLGRKHFKDVSDUDEHQGHFLUHODPRU
\ TXH QR VH WHQGLHURQ DTXHOOD QRFKH £< ODV FDPSDQDV TXH JULWDURQ LQ~WLOPHQWH SRUTXH
QDGLHYLQR£<HORUJDQLVWDTXHQROOHQyGHDLUHORVWXERVQLUHFRUULyORWHFODGRV/DJHQWH
GLFH´/XFtD)HEUHURDQGDVLQMXLFLRSRUTXHDOJXLHQIDOWyDODFHUHPRQLD£HO~QLFRTXHQR
SRGtDIDOWDUµ<QRHVFLHUWR£/RTXHKDWUDVWRUQDGRD/XFtDHVDTXHOODOX]GHLJOHVLDTXH
QR FXPSOLy VX GHVWLQR \ DTXHOOD P~VLFD GH yUJDQR TXH QR SXGR QDFHU \ ODV GRV PDQRV
EHQGHFLGRUDVTXHQRKLFLHURQVXRILFLR\ODVFDPSDQDVTXHVHGHVJDxLWDURQHQEDOGH
(O DOFDKXHWH Pi[LPR HO UXILiQ HVWXSHQGR TXH VH OODPy 1HELURYVN\ QR WHQtD RWUD
LQWHQFLyQTXHODGHSURVWLWXLUD/D1RYLD2OYLGDGD\HQFHQGHUXQDJXHUUDHQHOFRQYHQWLOOR
GHO 7XHUWR 0RUDOHV < OR LQWHQWy XQ GRPLQJR GH FDUQDYDO SRU OD QRFKH FXDQGR H[KLELy
S~EOLFDPHQWH D OD PXMHU VLQ YHORV QL PDTXLOODMH \ OD RIUHFLy FDVL HQ VXEDVWD IUHQWH D XQ

55
FtUFXOR GH KRPEUHV HQPDVFDUDGRV 3HUR /XFtD GHVFDUWy XQR WUDV RWUR D ORV SUHWHQGLHQWHV
TXH VH DGHODQWDEDQ \ HQWUy DO ILQDO HQ XQD FULVLV GH OODQWR TXH SXVR DO FRQYHQWLOOR SDWDV
DUULED(QDTXHOSXQWRIXHGRQGH-RVp/XQDUHVROYLyDJDUUDUDOWRURSRUODVDVWDV\UHVROYHU
HOPLVWHULRGH/D0XMHUVLQ&DEH]D/RFRQVLJXLyHOPLpUFROHVGHFHQL]DEDMRODLQVSLUDFLyQ
GH1DWDOH&DQWDEHOOL\VXVLOXPLQDFLRQHVDFHUFDGH/D1RYLD2OYLGDGD\(O$PDQWH3HUGLGR
7RGR HOOR VH QDUUD FRQ SHORV \ VHxDOHV HQ PL VDLQHWH 3HUR XQD H[LJHQFLD GH WHDWUR PH
REOLJyDFHUUDU/D%DWDOODGH-RVp/XQDFRQODPXHUWHGH/XFtDTXHVHGDHQHOFXDUWRGHO
H[ S~JLO \ HQWUH ORV PXUJXLVWDV TXH ULQGHQ D OD IXQHUDOD VXV LQVWUXPHQWRV GH FDUWyQ
PLHQWUDV XQ &DQWDEHOOL WULXQIDQWH YXHOYH DO FLHOR GH TXH EDMy \ XQ 1HELURYVN\ GHUURWDGR
PHDVXVRULQHVGHDQJXVWLDWRFDVXSLWRGHVRFRUUR\UHSUHVHQWDXQ0HILVWyIHOHVGHySHUD
LWDOLDQD /D YHUGDG HV GLIHUHQWH \D TXH /XFtD )HEUHUR GHVDSDUHFLy GHO FRQYHQWLOOR IXH
YLVWD PiV WDUGH SRU RWURV \ YLYH WRGDYtD HQ DOJ~Q EDUULR HQ DOJXQD FLXGDG R HQ DOJ~Q
PXQGR/RVFRQRFtDWRGRVHOORVDEDMRFRQVXFyPLFDVRVXEOLPHVUHODWLYLGDGHV\SUHVHQWt
DO$EVROXWREHQGLFLpQGRORVDUULED\VREUHWRGRV

/RV KHFKRV GHO YHQGHGRU GH %LEOLDV TXH WUDQVPLWt DO $XWRGLGDFWR GH 9LOOD &UHVSR
HMHUFHUtDQXQLQIOXMRGHFLVLYRHQHOWUiPLWHGHVXVEDWDOODV3RUXQDSDUWHODKHUPRVXUDGH
/XFtD )HEUHURFX\R SRGHU VXEOLPDGRU D~Q UHFRUGDEDQ PXFKRV KL]R TXH 0HJDIyQ LQLFLDUD
XQD HQFXHVWD SRU VXV DJHQWHV GLVWULEXLGRV HQ %XHQRV $LUHV D ILQ GH UHJLVWUDU SRVLEOHV
UHDSDULFLRQHVGH/D1RYLD2OYLGDGD3RUODRWUDGHFLGLyEXVFDU\VHJXLUORVUDVWURVGH-RVp
/XQD\VXVWUHVGLVFtSXORVTXHVHSHUGtDQHQOD~OWLPDGpFDGDSRUTXH0HJDIyQFDOFXODED
\QRVLQPRWLYRVHOIUXWRTXHSRGtDORJUDUVHGHKRPEUHVWDQIRJXHDGRVFRPRDTXHOORV(VWD
VHJXQGDLQYHVWLJDFLyQVHSXVRHQPDQRVGHOFRQVWUXFWRU3DIXQGRXQPHGLDFXFKDUDGHOD
PDVRQHUtD \ GH 6HYHUR 7ULQLGDG *RQ]iOH] XQ GHWHFWLYH MXELODGR TXH D~Q FRQVHUYDED
HQWHUDVODVYLUWXGHVROIDWRULDVGHVXDQWLJXRPLQLVWHULR
(QULJRUGHYHUGDGODSULPHUDHVFDUDPX]DIRUPDOGHO$XWRGLGDFWRKDEUtDVLGRODTXHVH
OODPy GHVSXpV ´(O $VHGLR DO ,QWHQGHQWHµ VL OD FRPLVLyQ 3DIXQGR *RQ]iOH] QR VH KXELHUD
SUHVHQWDGR XQD PDxDQD HQ HO FKDOHW GH )ORUHV FRQ DODUPDQWHV QRWLFLDV 0HJDIyQ TXH
SODQLILFDED ´(O $VHGLRµ SXGR YDORUDU ORV LQIRUPHV TXH VLJXHQ D -RVp /XQD FRQ VX PXMHU
)LORPHQD GHVDSDUHFLGRV HQ  VH ORV XELFDED HQ OD 3DWDJRQLD \ HQWUH ORV LQGLRV
DUDXFDQRVGHODFRUGLOOHUDVXUGRQGHVHJ~QODVPHQWDVHOH[S~JLOKDFtDFXUDVPLODJURVDV
'HVXVWUHVGLVFtSXORV9LFHQWH/HRQH\-XDQ6RXWRVHKDEtDQLQVWDODGRHOXQRHQ(VFREDU\
HO RWUR HQ &XHQFD \ KDELHQGR FRQWUDtGR PDWULPRQLR VH GHGLFDEDQ D SREODU HO RHVWH GH
KLMRV FRVWLOOXGRV \ URVDV HYDQJpOLFDV (Q FXDQWR DO VDOWHxR $QWHQRU )XQHV PXGDGR DO
3DUTXH GH ORV 3DWULFLRV \ VLQ UHQXQFLDU D XQD VROWHUtD HVSLQRVD TXH FDOLILFDED pO GH
´PLVLRQDOµVHKDEtDKHFKRMHIHGHXQDVHFWDEHOLJHUDQWHFX\RVSURSyVLWRVLJQRUDED\WHPtD
HOEDUULR(OH[GHWHFWLYH*RQ]iOH]TXHLQWHUURJyGLVFUHWDPHQWHDORVFDSRVGHODVHFWDQR
KDEtD FRQVHJXLGR SHQHWUDU OD HVWROLGH] FD]XUUD TXH ORV HQYROYtD FRPR XQD PDOOD GH
SURWHFFLyQ\VHDWXYRHQWRQFHVDOWHQLHQWHFXUDGH1XHYD3RPSH\DHOFXDODVHJXUDEDTXH
)XQHV \ VXV DSyVWROHV WHQtDQ ´XQ TXLORPER WHRORJDO HQ OD SHQVDGRUDµ 1R REVWDQWH HO
FRQVWUXFWRU3DIXQGRKDEtDFRVHFKDGRPHMRUHVIUXWDVJUDFLDVDO(YDQJHOLRGH6DQ-XDQHO
~QLFRTXHDFHSWDEDFRPRLQLFLDGRPDVyQ\GHOFXDOKL]RDEXQGDQWHFLWDHQWUHORVFDSLWDQHV
GHO VDOWHxR 3XGR VDEHU HQWRQFHV TXH OR TXH DQGDEDQ WUDPDQGR HUD XQD PLVWHULRVD
´2SHUDFLyQ $JXMDµ VREUH OD EDVH GH XQ VHFXHVWUR TXH VH UHDOL]DUtD FRQ ILQHV
EpOLFRSLDGRVRVHQXQDIHFKD\XQOXJDUDGHWHUPLQDUVH
1DWXUDOPHQWH 0HJDIyQ QR SRGtD UHFLELU FRQ DJUDGR HVD QXHYD GH IUDQFRWLUDGRUHV TXH
LUUXPSLUtDQ HQ VX EDWDOOD FRPR HOHIDQWHV HQ XQ ED]DU FKLQR < GHFLGLy LQWHUYHQLU HQ OD
´2SHUDFLyQ$JXMDµ\DIXHVHSDUDORJUDUVXDERUWR\DSDUDGDUOHXQDRUWRGR[LDQHFHVDULD\
DUULPDU D VX SURSLD VDUGLQD HO IXHJR PLOLWDQWH GH $QWHQRU )XQHV \ VXV FRPEDWLHQWHV (UD

56
SUHFLVRFRQRFHUODIHFKDH[DFWD\HOHVFHQDULRGHODRSHUDFLyQDPpQGHDOJXQRVGHWDOOHV
DFODUDWRULRVSDUDORFXDOHO$XWRGLGDFWRH[FOX\HQGRD*RQ]iOH]FX\DKLODFKDSROLFLDOHUD
GHPDVLDGRYLVLEOHGHVWDFyD3DIXQGRXQKRPEUHTXHDUPRQL]DHQVXHVHQFLDODFDQGLGH]
GHODSDORPD\HODVWXWRGHVOL]DPLHQWRGHODVHUSLHQWH$OFDERGHWUHVGtDVHOFRQVWUXFWRU
VHSUHVHQWDEDHQHOFKDOHWGH)ORUHVFRQXQPDWHULDOLQIRUPDWLYRWDQ~WLOFRPRH[FLWDQWH
OD ´2SHUDFLyQ $JXMDµ VH UHDOL]DUtD HO ViEDGR YHQLGHUR SRU OD QRFKH WHQGUtD FRPR HVFHQD
XQ HVWDEOHFLPLHQWR TXH OD 0XQLFLSDOLGDG GH %XHQRV $LUHV KDELOLWDED HQ HO FUXFH GH ODV
DYHQLGDV1XHYHGH-XOLR\%HOJUDQRFRQILQHVGHDVLVWHQFLDVRFLDOSDUDVXVWUDEDMDGRUHV
0HJDIyQHVWDEDLQWULJDGR
³¢3RUTXpKDQHOHJLGRHVHOXJDU"³LQTXLULy
³3RUTXH KD\ HQ HO HVWDEOHFLPLHQWR XQD LQVWDODFLyQ FRPSOHWD GH EDxRV WXUFRV \
ILQODQGHVHV³OHGLMRHOFRQVWUXFWRU³3DUDHQWUDUHOORVKDQHVWDEOHFLGRXQVDQWR\VHxD
³¢/RDYHULJXyXVWHG"
³+D\TXHGHFLUOHDORUGHQDQ]D´¢3DVDUiRQRSDVDUi"µ
6LHOFRQRFLPLHQWRVHUHVXHOYHDOILQHQXQD&LHQFLDGHOR3RVLEOH³PHGLWDEDHO2VFXUR³
HV HYLGHQWH TXH OD ´2SHUDFLyQ $JXMDµ HQWUD HQ OD SRVLELOLGDG GH %XHQRV $LUHV < DTXHO
ViEDGRSRFRDQWHVGHODPHGLDQRFKHXQ0HJDIyQWHQVRDFRPSDxDGRVyORGHOFRQVWUXFWRU
3DIXQGR VH GHWHQtD IUHQWH D OD LQVWLWXFLyQ PXQLFLSDO GH OD FDOOH %HOJUDQR 9LVWR HQ VX
IDFKDGD HO HVWDEOHFLPLHQWR H[KLEtD HO DLUH RVFXUR KHODGR \ VLOHQFLRVR GH ODV RILFLQDV
PXHUWDVORFXDODJUDYyODVSHUSOHMLGDGHVTXH 0HJDIyQOOHYDEDVREUHDTXHOHVFHQDULR\OD
FRPHGLD TXH VH UHSUHVHQWDUtD HQ pO 0HQRV GXELWDWLYR HO FRQVWUXFWRU 3DIXQGR LQLFLy XQ
UHGREOH FRQ VXV GHGRV HQ OD SXHUWD FHUUDGD OD FXDO QR WDUGy HQ DEULUVH \ GHVWDFDU HO
YROXPHQGHXQKRPEUHXQLIRUPDGR\OOHQRGHFDXWHOD
³(VHORUGHQDQ]D7ULPDUFKL³GLMR3DIXQGRD0HJDIyQ³RHOKHUPDQR7ULPDUFKLXQDOPD
MXVWD
3HUR HO DOPD MXVWD QR GHSRQtD VX UHFHOR DGYHUWLGR OR FXDO 3DIXQGR DUWLFXOy HO VDQWR \
VHxDLQHOXGLEOH
³µ¢3DVDUiRQRSDVDUi"µ
³6L OD EHVWLD SDVD R QR ³UH]RQJy 7ULPDUFKL³ HO 6HxRU OR GLUi HQ VHJXLGD (QWUHQ \ QR
KDEOHQWRGRHOHTXLSRHVWiVXGDQGRDKRUD
³¢6XGDQ"
³&RPRORVLQTXLOLQRVGHO6HxRUHQHOLQILHUQRGHO6HxRU
'LFKDVHVDVSDODEUDV7ULPDUFKLFRQGXMRDORVGRVUHFLpQOOHJDGRVDWUDYpVGHXQ]DJXiQ
HQ WLQLHEODV \ GH XQ SDWLR DO TXH GDED VHJ~Q ORV RORUHV HO FRQVXOWRULR GH RGRQWRORJtD
/OHJDURQ D RWUD VHFFLyQ GHO HVWDEOHFLPLHQWR HQ FX\R IUHQWH VH OHtD +LGURWHUDSLD < WUDV
UHFRUUHU XQ ODEHULQWR GH PLQJLWRULRV \ YHVWXDULRV GLHURQ HQ XQ DPELHQWH TXH EDMR OD OX]
IUtDGHOJDVQHyQDORMDEDGRVRWUHVFDPLOODVGHVLHUWDVXQDEDODQ]DGHUHVRUWHV\XQDPHVD
GHPDVDMHVDFX\RODGRFLHUWRQLSyQDWOpWLFRVHPDQWHQtDGHSLH\FRQVXVRMRVILMRVHQXQD
SXHUWDKHUPpWLFDPHQWHFHUUDGD3HUR¢TXLpQHUDHVHLQGLYLGXRTXHDIRURSDUHFtDTXHUHU
VXVWUDHUVH D OD OX] GH QHyQ OOHYDGR WDO YH] SRU XQD PRGHVWLD LQFDOFXODEOH" 6X SHUILO
DVFpWLFR\VXURSDHQWUHFOHULFDO\ODLFDHQVHxDURQD0HJDIyQTXHVHYHtDIUHQWHDOPLVPR
$QWHQRU)XQHVHONDGRVKGHODVHFWDFX\DPDQRDIHUUDEDXQD%LEOLD GHWDSDVURMDVTXH
VHJ~QGHFtDQVXVHQWXVLDVPDGRVDGHSWRV´QRVROWDEDpOQLSDUDFDJDUµ6yORFRQYHUORHO
2VFXURHQWHQGLyTXHDTXHOKRPEUHVHUtDXQKXHVRGXURGHURHU3RUORFXDODMXVWiQGRVHDO
URVWURXQDPiVFDUDGHEHDWLWXGVHGLULJLyD)XQHV\ORVDOXGyDVt
³£3D]GHO6HxRUKHUPDQR
³+HUPDQR ³OH UHVSRQGLy pO³ VL WUDH OD SD] TXH 'LRV OR EHQGLJD < VL WUDH OD JXHUUD
£TXH'LRVORKDJDWRVWDUHQODVSDUULOODVGHDEDMR
(OFRQVWUXFWRU3DIXQGRLQWHUYLQRDTXtHQVRFRUURGHXQ0HJDIyQEHQGHFLGR\DPHQD]DGR

57
DODYH]
³+HUPDQR )XQHV ³OH GLMR DO KRPEUH GH OD %LEOLD³ HO KHUPDQR 0HJDIyQ QR YLHQH DTXt
SRUFXULRVLGDGVLQRSRUFLHQFLD
³¢<TXpORWUDH"³UHIXQIXxyHOKRPEUH
³/D´2SHUDFLyQ$JXMDµ
(QORVRMRVGH)XQHVUHODPSDJXHyXQDPH]FODGHIDQDWLVPR\RUJXOOR
³(O ´SDFLHQWHµ DKRUD HVWi HQ OD FiPDUD Q~PHUR WUHV GH YDSRU ³GLMR³ \ D XQD
WHPSHUDWXUDGHVHVHQWDJUDGRV
³¢4XLpQHVHO´SDFLHQWHµ"³VHDWUHYLyDSUHJXQWDUOH0HJDIyQ
³£(O´ULFRµGHO(YDQJHOLR³H[FODPy)XQHVHQWUHDVTXHDGR\IXULRVR
<DEULHQGRVX%LEOLDGHWDSDVURMDVOH\yULWXDOPHQWH
³6DQ0DWHRFDStWXOR;,;\´(QYHUGDGRVGLJRTXHGLItFLOPHQWHHQWUDUiXQULFR
HQHOUHLQRGHORVFLHORV2WUDYH]RVGLJRTXHHVPiVIiFLOSDVDUXQFDPHOORSRUHORMRGH
XQDDJXMDTXHHQWUDUXQULFRHQHOUHLQRGHO6HxRUµ¢(QWLHQGH"$VtKDEODEDHVHPDFKRGH
-HVXFULVWR
³¢<TXp"³UHSXVR0HJDIyQH[FLWDGR
³¢&yPR ´\ TXpµ" ³LUUXPSLy DTXt HO RUGHQDQ]D 7ULPDUFKL HQ VX DERWRQDGR XQLIRUPH³
£/RVYHUVtFXORVJULWDQKDVWDURPSHUODVRUHMDV
³+HUPDQR FiOOHVH ³OR DPRQHVWy )XQHV³ £+XPLOGDG HQ HO &ULVWR $ PL YHU R HO
KHUPDQR0HJDIyQHVXQDOPDYLUJHQRHVHOFKDQFKRIDPRVRGHO(YDQJHOLR
³¢4XpFKDQFKR"³OHSUHJXQWyHO2VFXURPiVHVWXGLRVRTXHRIHQGLGR
³(VH DO TXH QR KD\ TXH DUURMDUOH SHUODV YDOLRVDV ³UHFRUGy )XQHV³ <R PDVWLFDED ORV
YHUVtFXORVHQ3RPSH\DFXDQGRPHGLMH´$QWHQRUVLHOULFRQRSDVDSRUHORMRGHODDJXMD
HVSRUTXHKDHQJRUGDGRFRPRXQDQLPDOµ¢4XpKDEtDTXHKDFHUHQWRQFHVHQODREUDGHO
6HxRU"(QIODTXHFHUDOULFRDODVEXHQDVRDODVPDODV(VDHVOD´2SHUDFLyQ$JXMDµ
(Q OD PHQWH GHO $XWRGLGDFWR VH KL]R XQD OX] PHULGLDQD 6LQ GDU FUpGLWR D OR TXH \D
SUHVHQWtD PLUy DO V~EGLWR MDSRQpV \ QR OH\y QDGD HQ VX LQHVFUXWDEOH URVWUR GH \HVR
'HVSXpV HVWXGLy DO RUGHQDQ]D 7ULPDUFKL TXH SDUHFtD LQFHQGLDGR KDVWD OD UDt] HQ HO FHOR
GLYLQR)LQDOPHQWHVXVRMRVHQFRQWUDURQORVGHOFRQVWUXFWRU3DIXQGROOHQRVGHXQDSLFDQWH
DGLYLQDFLyQ(QWRQFHVYROYLpQGRVHDOJXtDHVSLULWXDOGHODVHFWD
³+HUPDQR)XQHV³OHGLMR³FRQSHUGyQGHVXLQYHVWLGXUDPHJXVWDUtDUHFRUGDUOHTXHOR
TXHGHEHSDVDUSRUHORMRGHODDJXMDHVHOFDPHOORXQDQLPDOTXHGREODODVURGLOODV
(O HVWXSRU \ OD FyOHUD GHVRUGHQDURQ ODV OtQHDV DVFpWLFDV GHO MHIH *ROSHy OD FDEH]D GHO
$XWRGLGDFWRFRQVX%LEOLDGHWDSDVURMDV\ORVHQWHQFLy
³£+DEODVIHPDGR
(QVHJXLGDSRQLHQGRVXPDQROLEUHVREUHHOKHUHMHORH[RUFL]yDVt
³£(VStULWXLQPXQGR\RWHRUGHQRTXHDEDQGRQHVLQPHGLDWDPHQWHDOKHUPDQR0HJDIyQ
HQHOTXHDFDEDGHLQWURGXFLUVHODGXGDFRPRODVHUSLHQWHHQHOSDUDtVRGHO6HxRU-HKRYi
³£4Xp GXGD QL TXp RFKR FXDUWRV ³SURWHVWy HO 2VFXUR³ £(V XQD VLPSOH FXHVWLyQ GH
KHUPHQpXWLFD
³£+HUPHQpXWLFD ³EUDPy HO KHUPDQR )XQHV³ £(O HVStULWX LQPXQGR VH UHVLVWH \ VXHOWD
SDODEURWDV£<RWHUHSUHQGR%DDO£<RWHFDVWLJR0RORFK
< FRQ HO DX[LOLR GHO RUGHQDQ]D 7ULPDUFKL VXMHWy D XQ 0HJDIyQ SRVHVR DQWH OD FDUD
PXHUWDGHOMDSRQpV'HSURQWR\GHWUiVGHODSXHUWDFHUUDGDVHR\yXQWXPXOWRGHYRFHV
HQ GLVFRUGLD TXH SDUHFtDQ DFHUFDUVH 7RGRV YROYLHURQ VXV PLUDGDV D OD SXHUWD TXH DO
DEULUVH GLR SDVR D XQ KRPEUH ULGtFXODPHQWH REHVR H[XGDQWH \ HQ JURWHVFD GHVQXGH] DO
TXH DUUDVWUDEDQ GRV JRULODV GHVQXGRV KDVWD OD FLQWXUD \ VXGDQGR LJXDOPHQWH FRPR
HVWLEDGRUHV
³£(VWRHVXQDVDOWR³YRFLIHUDEDHOJRUGR³£8QVHFXHVWURDEDVHGHIDOVDVSURPHVDV

58
 ³1RHVYHUGDG³OHUHSOLFyHOKHUPDQR)XQHV³/HSURPHWLPRVXQWUDWDPLHQWRGHEDxRV
WXUFRV£\HOPX\DYDURORUHFLELyJUDWXLWDPHQWH£/OpYHQORDODEDODQ]D
/RV GRV JRULODV DVt OR KLFLHURQ HO SDFLHQWH IXH REOLJDGR D VXELU D OD EDODQ]D < )XQHV
REVHUYyHOVDOWREUXWDOGHODIOHFKDVHxDODGRUDHQHOFXDGUDQWH
³£+XP³GLMR³(QODWHUFHUDFiPDUDGHYDSRUHO5LFRGHO(YDQJHOLRKDVROWDGRXQNLOR
PiV GH JUDVD &RQ ORV WUHV TXH VXGy HQ OD SULPHUD \ HQ OD VHJXQGD WHQHPRV FXDWUR NLORV
LQPRODGRVHQHODOWDUGHO6HxRU
³¢3DVDUtD\DSRUHORMRGHODDJXMD"³LQTXLULyHORUGHQDQ]D7ULPDUFKLHQVXDQVLHGDG
³/RGXGR³YDFLOyHOKHUPDQR)XQHV³$PHQRVTXHHO6HxRUOHKD\DUHVHUYDGRXQDGH
RMR JUDQGH FRPR OD GH ORV FROFKRQHURV £4XH 1DNDPXUD OH Gp XQ PDVDMH 'LRV HV
WRGRSRGHURVR
+DEtDOOHJDGRODKRUDGHOMDSRQpV1DNDPXUDHOFXDOYLHQGRDVXSDFLHQWH\DH[WHQGLGR
HQ OD PHVD GHVHUWy VX DVLiWLFD LQPRYLOLGDG SDUD HMHUFHU VREUH OD YtFWLPD WRGR HO
PHFDQLVPR GH VX DUWH 6H R\HURQ JROSHV GH PDQRV GXUDV HQ FDUQHV IRIDV XQ FUXMLU GH
DUWLFXODFLRQHV YLROHQWDGDV XQ DPDVLMR GH JRUGXUDV WXUJHQWHV XQ IUHJDU GH P~VFXORV
LQKDOODEOHV EDMR ODV HVWUDWLILFDFLRQHV GH JUDVD WRGR HQYXHOWR HQ XQD PDUHD GH WDOFR
OHYDQWHTXHDQXEOyODDWPyVIHUD\HQODFXDO1DNDPXUDQRKDEUtDSRGLGRYHUQLODFXPEUH
GHO)XML\DPD<HO´ULFRµPDOGHFtDHQORVJROSHVEUDPDEDHQODVWRUFHGXUDV\UHtDHQORV
FRVTXLOOHRV+DVWDTXHHODOPDSLDGRVDGH0HJDIyQLQWHUYLQRHQVRFRUURGHODYtFWLPD
³+HUPDQR)XQHV³GLMR³VXSRQJRTXHQXHVWURPDVDMHDGRSHUVRQDMHWHQGUiXQQRPEUH\
XQDXELFDFLyQHQOD&LXGDG7HUUHVWUH
³(V QDGD PHQRV TXH GRQ 8UEDQR 3pUH] 3LFR ³DVLQWLy HO MHIH GH OD VHFWD³ SURSLHWDULR
GHOODYDGHURGHODQDV´(O,GHDUµTXHDSHVWDHQ9LOOD6ROGDWL
³¢<GHTXpVHORDFXVD"
³'HFDSLWDOLVWDHQEUXWR\H[SORWDGRUGHKRPEUHV
³$GHFLUYHUGDG³DFODUyHORUGHQDQ]D7ULPDUFKLOOHQRGHPHODQFROtD³3pUH]3LFRHVXQR
GHORVTXHKDQFUXFLILFDGRDO6HxRU-HV~V
³£1R HV YHUGDG ³DXOOy 3pUH] 3LFR HQWUH ODV JDUUDV GHO MDSRQpV³ £(O GHO REUHUR -HV~V
'tD]QRIXHXQDFFLGHQWHGHWUDEDMR6LFD\yHQODSLOHWDGHOODYDGHURIXHSRUTXHWHQtDXQD
ERUUDFKHUD GH yUGDJR 3RU HVR QR OH SDJXp D -HV~V QL D VX YLXGD QL XQ FHQWDYR GH
LQGHPQL]DFLyQ£/DOH\PHDPSDUD
(O$XWRGLGDFWRGH9LOOD&UHVSRVRQULyFRQWULVWH]D
³+HUPDQRV ³DGXMR³ QR VLQ DGPLUDU OD ´FRQIXVLyQ GH ORV -HVXVHV HQ TXH DFDED GH
LQFXUULUHOVHxRU3pUH]3LFRµGHERDGYHUWLUOHVTXHORTXHVXIUHDKRUDHVWHKRPEUHQRVRQ
ODVFRQVHFXHQFLDVGHVXLQLTXLGDGVRFLRHFRQyPLFD
³¢<HQWRQFHVTXpVXIUH"³UH]RQJyHORUGHQDQ]D7ULPDUFKL
³/DV FRQVHFXHQFLDV GHO ´VHQWLGR OLWHUDOµ TXH XVWHGHV HVWi DSOLFiQGROH DO KRPEUH ³
UHSXVR 0HJDIyQ³ 'RQ 8UEDQR 3pUH] 3LFR HV DKRUD XQD YtFWLPD GH ´OD OHWUDµ < OR HVWiQ
PDWDQGRSRUTXH´ODOHWUDPDWDµ
³6yORHOHVStULWXYLYLILFD³GLMRHOFRQVWUXFWRU3DIXQGRHQVXFDUiFWHUGHOHDO\SUREDGR
PDVyQ
³(QOD(VFULWXUD³SURVLJXLyHO$XWRGLGDFWR³HOULFR\HOFDPHOORVRQGRVPHWiIRUDVHQ
DQDORJtD /R TXH GHEH VXGDU HO VHxRU 3pUH] 3LFR QR VRQ ODV JRUGXUDV GHO FXHUSR VLQR ODV
SDQFHWDVGHODOPD<QRORFRQVHJXLUiQXVWHGHVFRQEDxRVWXUFRV
$WHQWDPHQWH\HQVLOHQFLRHOKHUPDQR)XQHVHVFXFKDEDORVDUJXPHQWRVGH0HJDIyQ\D
ODYH]LEDMXQWDQGRXQDEURQFDHYDQJpOLFDTXHQRWDUGyHQVDOtUVHOHGHPDGUH
³2PLVQDULFHVDQGDQPDO³GLMRDOILQ³RHVWR\ROLHQGRDXQGHPRQLRGHODJHKHQD
<YROYLpQGRVHDORVJRULODVHQGHVFDQVROHVRUGHQyLQGLFiQGROHVD0HJDIyQ\D3DIXQGR
³£$JiUUHQPH D HVRV GRV KRPEUHV OOpYHQORV KDVWD OD SXHUWD GH FDOOH XEtTXHQORV GH

59
HVSDOGDV\DFRPyGHQOHVXQVKRWHQHOWUDVHURTXHORVSUR\HFWHKDVWDHO2EHOLVFR
$XWyPDWDVHQHO6HxRUORVGRVJRULODV\DVHODQ]DEDQDODYtDFRQWXQGHQWH3HUR0HJDIyQ
ORVGHWXYRFRQXQDVRODPLUDGD\GLULJLpQGRVHD)XQHVOHGLMR
³+HUPDQR $QWHQRU GHER KDFHUOH DOJXQDV DGYHUWHQFLDV ~WLOHV +D GH VDEHU TXH VR\
SURIHVRUGHMXGR\GHNDUDWH\QRPHGHMRSDWHDUODVQDOJDVQLSRUORVGHODQWHURVGH%RFD
-XQLRUV$GHPiVORDFXVRDXVWHGDQWHHO(WHUQRGHWRPDUHOUiEDQREtEOLFRSRUODVKRMDV
HQOXJDUGHDSURYHFKDUODRFDVLyQHGXFDWLYDTXHGRQ8UEDQR3pUH]3LFRQRVHVWiRIUHFLHQGR
DKRUDFRQVXSDWpWLFDGHVQXGH]
9LVLEOHPHQWHLQWLPLGDGRHOMHIHGHODVHFWDUHSXVR
³+HUPDQR0HJDIyQ¢TXpQRVSRGUtDHQVHxDUHVDEHVWLDGHO$SRFDOLSVLV"
3RU WRGD FRQWHVWDFLyQ HO $XWRGLGDFWR GH 9LOOD &UHVSR KL]R GHVFHQGHU DO SDFLHQWH GH VX
PHVD \ OR FRQGXMR GH OD PDQR KDVWD XQD YHUWLFDO GH OX] QHyQ TXH DO HQYROYHU D 3pUH]
3LFR GLEXMy KDVWD OD FUXHOGDG VXV PRQVWUXRVDV DQDWRPtDV 3DOLGHFLy HO RUGHQDQ]D
7ULPDUFKLORVGRVJRULODVFDPELDURQXQDPLUDGDLQTXLHWDVHUHFRQFHQWUyHOMDSRQpVFRPR
XQVDPXUDLRFKRVHJXQGRVDQWHVGHVXKDUDNLUL\HOPLVPRFRQVWUXFWRU3DIXQGRDGRSWyHO
DLUHVROHPQHGHVXORJLDHQDFWRFHUHPRQLDO
³+HUPDQRV ³GLMR HQWRQFHV 0HJDIyQ³ REVHUYHQ D QXHVWUR LQWHUHVDQWH VXMHWR HQ VX
IRUPDGHVQXGD(VHYLGHQWHTXHGRQ8UEDQR3pUH]3LFRDOHQJRUGDUFRPRXQVKRUWKRUQKD
TXHULGRDFHUFDUVHDODUHGRQGH]GHODHVIHUD&LHUWRHVTXH3ODWyQHORJLyODHVIHUDFRPRDO
VyOLGR SHUIHFWR QR REVWDQWH HO ILOyVRIR UHJDODED HVD SHUIHFFLyQ D OD *HRPHWUtD \ QR DO
FXHUSRGHOKRPEUHGLEXMDGRSRUHO&UHDGRUVHJ~QRWURVQ~PHURVHVWUXFWXUDOHV
³£(O*UDQ$UTXLWHFWRVXSRORTXHKDFtD³HORJLy3DIXQGRXQDOEDxLOGHUD]D
³£1DWXUDOPHQWH ³DVLQWLy HO $XWRGLGDFWR³ 3HUR GRQ 8UEDQR 3pUH] 3LFR WUDLFLRQy OD
IRUPDHVWDEOHFLGDSDUDHOKRPEUH£<YHDQXVWHGHVORVUHVXOWDGRV0LUHQHVDEDUULJDFX\RV
PRQGRQJRV HQ GREOH FDVFDGD SDUHFHQ HQFXEULU VXV WHVWtFXORV ODPHQWDEOHV \ VX YHUJD
FRQWUDtGDSRUHOWHUURU2EVHUYHQVXWyUD[\VXVHVSDOGDVPRQVWUXRVDPHQWHGHIRUPDGDVSRU
OD PDQWHFD VyOLGD TXH 3pUH] 3LFR VH REVWLQD HQ DFUHFHQWDU FRPR VXV FXHQWDV GH %DQFR
(VWXGLHQ VXV H[WUHPLGDGHV LQIHULRUHV \ VXSHULRUHV FKXHFDV \ DPD]DFRWDGDV (VRV RMLWRV
FX\RPLUDUVHDEUHXQSDVRGLItFLODWUDYpVGHORVKLGUDWRVGHFDUERQR(VDSDSDGDWULSOHGH
EXH\ $SLV HVH FXHOOR LQH[LVWHQWH D IXHU]D GH FRUWR \ TXH SDUHFH XQD LQYLWDFLyQ D ODV
WUDLGRUDVDSRSOHMtDV\HVHIURQWDOHVWUHFKRHQHOTXHVyORHQWUDUtDXQDLGHD\~QLFDPHQWH
GHSHUILO+HUPDQRVFRQVLGHUHQDOILQHVDVERVFRVDVSHODPEUHUDVTXHOHFXEUHQHOSHFKR\
HO EDMR YLHQWUH TXH FXHOJDQ GH VXV KRPEURV \ VXV JO~WHRV \ TXH £'LRV PH SHUGRQH
GDUtDQODUD]yQDOPRQRSULPRUGLDOGHOVHxRU'DUZLQ\QRDODV(VFULWXUDVTXHSUHVHQWDQDO
VHUKXPDQRFRPRXQDLPDJHQ\XQDVHPHMDQ]DGHVXGLYLQR+DFHGRU
&RQJUDQLQWHUpVKDEtDQREVHUYDGRORVDVLVWHQWHVHOGLEXMRTXH0HJDIyQWUD]DEDGH3pUH]
3LFRHQERODV<FRQRFLHURQQRVLQDGPLUDFLyQGHTXpPDQHUDHODUWHSRGtDHQULTXHFHUD
OD 1DWXUD 3HUR HO KHUPDQR )XQHV HVFDEXOOpQGRVH GH DTXHO DVRPEUR LQTXLULy HQ WUHQ GH
FRPEDWH
³¢<DTXpQRVOOHYDHVDSLQWXUD"
³1RV OOHYD ³GLMR 0HJDIyQ³ D XQD SUHJXQWD TXH GHVHR IRUPXODU D ORV KHUPDQRV DTXt
SUHVHQWHV2LJDELHQVLHO9HUERFUHDGRUEDMDUVHDKRUDPLVPRKDVWDQRVRWURV¢UHFRQRFHUtD
HQ GRQ 8UEDQR 3pUH] 3LFR DO QREOH $GiQ TXH PRGHOy HQ HO VH[WR GtD FRQ VXV GHGRV
DGPLUDEOHV"£(VRSUHJXQWRKHUPDQRV
<WRGRVFRQODVIUHQWHVQXEODGDVDGPLWLHURQTXHQRORUHFRQRFHUtD\TXHGRQ8UEDQR
3pUH] 3LFR VyOR HUD XQD WULVWH FDULFDWXUD GHO $GiQ SULPLJHQLR (QWRQFHV GRQ 8UEDQR
GHVQXGR\RIHQGLGRDQWHVLHWHPLUDGDVDFXVDGRUDVHPSH]yDGHVPD\DUHQVXVDFKXUDV
³¢&UHHQTXHQRORVp"³OORULTXHyVHQWLGDPHQWH³¢$FDVRQRPHPLURWRGRVORVGtDVHQHO
HVSHMR"¢1RKDJRVDOWDUODVDJXMDVGHWRGDVODVEDODQ]DV"

60
 (O OODQWR GH 3pUH] 3LFR HQWHUQHFLy D ORV DVLVWHQWHV EDMR OD OX] GHVKXPDQL]DGD VH
SUHVHQWtDTXHXQDRYHMDWR]XGDLQLFLDEDVXUHWRUQRDOFRUUDOGHO6HxRU
³£$OHOX\D³H[FODPyHORUGHQDQ]D7ULPDUFKL
³£$OHOX\D³FRUHDURQORVGRVJRULODVHQWRQRGHFRPSDUVD
£6t DOHOX\D (O FDPHOOR HQIODTXHFtD YLVLEOHPHQWH < DOHQWDGR SRU DTXHOOD ROD GH
IUDWHUQLGDG3pUH]3LFRVLJXLyGLFLHQGR
³<VLQR¢SRUTXpPHGHMpDUUDVWUDUDHVWRVEDxRVWXUFRV"3DUDVROWDUJUDVD\KDFHUSLQWD
FRQ RWUD VLOXHWD £*UDFLDV KHUPDQRV 8QR HV MRYHQ WRGDYtD \ DXQTXH QR OR FUHDQ HQ HO
VXEFRQVFLHQWHGHORVJRUGRVH[LVWHODLGHDILMDGHVHUXQEDFiQ
$O RtU HVDV SDODEUDV HO GHVDOLHQWR GH ORV KHUPDQRV IXH WDQ JUDQGH FRPR VXV UHFLHQWHV
LOXVLRQHV (O DOPD EHUURTXHxD GH 3pUH] 3LFR QR VH KDEtD UHJHQHUDGR \ ODV FDPSDQDV GHO
FLHORQRVHDOHJUDUtDQFRQVXIHOL]UHVFDWH
³£/HQJXD HQYHQHQDGD ³OH JULWy HO KHUPDQR )XQHV HQ VX FyOHUD³ 1R KD\ TXH VHU XQ
EDFiQVHJ~QHOPXQGR£KD\TXHVHUXQEDFiQHQ-HVXFULVWR
<GLULJLpQGRVHRWUDYH]DORVJRULODVOHVRUGHQy
³3yQJDQPHDHVHDWHRHQXQDFDPLOOD\DEUtJXHQORFRQXQDIUD]DGD
6XFHGLyTXH\DLQVWDODGRHQVXFDPLOOD\HQYXHOWRHQVXIUD]DGD3pUH]3LFRVLQWLyTXHOR
JDQDED XQD VHGDQWH EHDWLWXG 3HUR GHVKLGUDWDGR HQ ODV FiPDUDV GH YDSRU VLQWLy D OD YH]
XQDJUDQVHTXHGDGHQHOJDUJXHUR\XQIOXLGRYLVFRVRHQODOHQJXD
³7HQJRVHG³PXUPXUyHQVXFRELMD
(OKHUPDQR)XQHVORPLUyFRQVHYHULGDG\OHGLMR
³/DPLVPDIUDVHSURQXQFLyHO6HxRUHQVXFUX]¢<TXpOHGLVWH"8QDHVSRQMDHPEHELGD
HQKLHO\YLQDJUH
<DxDGLyYROYLpQGRVHDWRGRV
³3pUH]3LFRQRWHQGUiHVHKRQRU¢<VDEHQSRUTXp"3RUTXHQRTXLHURKDFHUXQPiUWLUGH
XQWRFLQRVLQEDXWL]DU£7UiLJDQOHXQDFHUYH]D
2EHGLHQWH\UDXGRHORUGHQDQ]D7ULPDUFKLVDOLyGHOUHFLQWR\QRWDUGyHQUHJUHVDUFRQ
XQDERWHOODGHFHUYH]DTXHGHMyHQODVPDQRVDQVLRVDVGH3pUH]3LFRHOFXDOHPSLQiQGROD
VHJ~QHODUWHVHODPDQGyDERGHJDHQWUHVXVSLURV\ODJULPHRVGHOHWLFLD<DOLQIOXMRGHO
HVSXPDQWHEHEHVWLEOHIXHUHFREUDQGRVXPDOWUHFKRGHFRUR7UDVXQHUXFWRDOLYLDGRUFX\D
VRQRULGDGDVRPEUyDORVDVLVWHQWHV3pUH]3LFRKDEOyDVt
³1RFUHDQPXFKDFKRVTXHROYLGRHVWHDWURSHOOR8QDLQWHUYHQFLyQSROLFLDOVHUtDORPiV
FRQGXFHQWH\ODSHGLUtDVLORULGtFXORGHHVWDVLWXDFLyQUHFD\HUDVyORHQPt3HURODVTXH
KDQ VLGR LQVXOWDGDV HQ PL SHUVRQD VRQ PiV LPSRUWDQWHV TXH \R \ D HOODV QR OHV JXVWD HO
HVFiQGDOR
³¢(OODV"¢4XLpQHV"³OHSUHJXQWyHORUGHQDQ]D7ULPDUFKL
³/DV´IXHU]DVYLYDVµGHOSDtV³FRQWHVWy3pUH]3LFRGHVRODGR
³£/DV´IXHU]DVYLYDVµ³ULyHOKHUPDQR)XQHV³¢<QRVRWURVTXpVRPRV"
(QVXHPEULDJXH]FUHFLHQWH3pUH]3LFRWUDQVLWDED\DGHVGHXQDUHEHOGtDVLQFRQYLFFLyQD
XQD VREHUELD UHFDOFLWUDQWH $SDUWy GH VX EXVWR OD IUD]DGD \ FRQ YLVLEOH FRPSODFHQFLD
HVWXGLyVXUHFKRQFKDKXPDQLGDG
³$OILQ\DOFDER³DUJXPHQWy³¢GHTXpVHPHDFXVD"¢'HPLJUDVD\PLUHGRQGH]"1XQFD
SUHWHQGtVHUXQJDOiQGHFLQHPDWyJUDIRDXQTXHPHWLUHDYHFHVPLVEXHQRVODQFHV£<QR
WHQJR SRU TXp UHQGLUOH D QDGLH FXHQWD GH PLV KLGUDWRV GH FDUERQR (VWRV PDWHULDOHV ³\
DFDULFLy OD FRPED GH VX EDUULJD³ PH SHUWHQHFHQ OHJDOPHQWH \ ORV KH DFXPXODGR VLQ
UREDUOHDQDGLHQLXQFREUHSDUWLGRSRUODPLWDG£([FHOHQWHFHUYH]D³UHFRUGyKDFLHQGR
FKDVTXHDU VXV ODELRV UHVHFRV D~Q³ ¢1R OHV TXHGDUtD SRU DKt RWUD ERWHOOD" (VWR\ SHQVDQGR
HQXQJLJRWGHFHUGRFRQDEXQGDQWHFKRXFURXWH´'HFDUQHVRPRVµGLMRODHPSDQDGD
$QWHDTXHOODEULRVDUHVXUUHFFLyQGHO´ULFRµHYDQJpOLFR$QWHQRU)XQHV \ORVLQWHJUDQWHV

61
GH VX FODQ SDUHFtDQ DQRQDGDGRV < 0HJDIyQ HQ VX DXWRGLGiFWLFD QR SXGR PHQRV TXH
DVRFLDU DO KpURH JRUGR FRQ HO 3ROLIHPR GH (XUtSLGHV FXDQGR HQWRQD XQ KLPQR D VX SDQ]D
MXQWR D OD FDYHUQD GH 6LFLOLD 'HVJUDFLDGDPHQWH 3pUH] 3LFR WUDV XQD GLVFXWLEOH
MXVWLILFDFLyQGHVXUHEDMDPLHQWRKDEtDHQWUDGRHQFLHUWDUHQFRURVDEHOLJHUDQFLD
³¢< TXLpQ PH GLFH D Pt ³VH SUHJXQWy GH V~ELWR³ TXH XVWHGHV QR HVWpQ GHVFDUJDQGR
DKRUD HQ PL DEXQGDQFLD VXV HQYLGLDV GH PXHUWRV GH KDPEUH" 6L HV DVt RLJDQ XQ FRQVHMR
£3RQJDQ HO KRPEUR \ WUDEDMHQ <R OHV DVHJXUR TXH QR FRPHUiQ KDVWD TXH DXPHQWH HO
SURGXFWREUXWRSHUFiSLWD
8Q ODWLJD]R QR KDEUtD KHULGR PiV D OD VHFWD TXH ORV WpUPLQRV ILQDOHV GHO ´ULFRµ HQ
VREHUELD(OKHUPDQR)XQHVTXHDGLYLQDEDHQHO´SURGXFWREUXWRµXQDGLDEyOLFDWUHWDGH
0DPPyQSDUDPDWDUGHD\XQRDORVSREUHVHQ-HVXFULVWROHWHQGLyXQDPDQRFDVWLJDGRUD
³£5pSURER³OHJULWy³¢4XLpQWHKDHQVHxDGRHVDEODVIHPLD"
<YROYLpQGRVHDORVJRULODVOHVRUGHQyHVFXHWDPHQWH
³$UUDQTXHQDHVHKRPEUHGHVXFDPLOODKiJDQORSDVDURWUDYH]SRUODVWUHVFiPDUDVGH
YDSRU£\TXHVXGHDIRQGRHOSURGXFWREUXWRSHUFDSLWD
5HVLVWLpQGRVHFRPRXQGHPRQLRHQDTXHOODOXFKDGHO(YDQJHOLRGRQ8UEDQR3pUH]3LFR
ODYDGRUGHODQDVIXHDUUDVWUDGRDORVEDxRVWXUFRVHQXQDUHLWHUDFLyQGHVXWRUWXUDTXHDO
$XWRGLGDFWRGH9LOOD&UHVSROHSDUHFLyLQILQLWD

(QDOWDVKRUDVGHDTXHOODPLVPDQRFKHWHQGLGRODUJRDODUJRHQVXFDPD\HQYXHOWRHQ
XQ SHGHVWUH FDPLVyQ GH GRUPLU FRQ VX PXMHU D OD GHUHFKD \ VX JDWR D OD L]TXLHUGD
0HJDIyQWUDWDGHVDFXGLUVHODVLPiJHQHVUHFLHQWHVTXHORSHUVLJXHQD~QDYLVSDVUDELRVDVR
JDQFKXGRVDEURMRV
³3DWULFLD RWUD YH] KH FDtGR HQ OR ULGtFXOR GHVGH OD FXHUGD IORMD /R TXH PiV PH
FRQPXHYH GH OD KXPDQLGDG HV VX HVSDQWRVD \ DGRUDEOH ULGLFXOH] ¢3RU TXp DGRUDEOH" PH
GLUiV 3RUTXH VH QRV RIUHFH FRPR XQD JURWHVFD PDQLIHVWDFLyQ GHO $EVROXWR (O PRQR HV
ULGtFXOR SRU VX LPLWDFLyQ \ VXEOLPH SRU OD QDWXUDOH]D GH OR TXH LPLWD (QWRQFHV ¢GyQGH
QDFHODVXEOLPLGDG"(QODFRQIURQWDFLyQGHORUHODWLYRFRQOR$EVROXWR/RYLPX\FODURHVWD
QRFKHDQWHORVJXHUULOOHURVGH1XHYD3RPSH\D
+RVWLJDGR SRU ODV LPiJHQHV TXH QR OR DEDQGRQDQ 0HJDIyQ VH UHYXHOYH JLUD VREUH Vt
PLVPRHQORVFREHUWRUHV\HOJDWR0DQGLQJDSURWHVWDFRQWUDHVHLQ~WLOFDPDPRWR3DWULFLD
%HOOUR]DORVSiUSDGRVGH0HJDIyQFRQOD\HPDGHVXVGHGRVFXUDWLYRV
³(VWiVFDQVDGR³OHGLFH³SULQFLSLRLQPHPRULDOGHODEDWDOOD\HOUHSRVR
³/RTXHPHFDQVDHVHVWDVXFHVLyQGHJHVWRVTXHXQRFXPSOH\KDFHFXPSOLUDORVGHPiV
LQH[RUDEOHPHQWH $FFLRQHV \ UHDFFLRQHV GLiORJRV \ PRQyORJRV ORV KLSRV GH OD WUDJHGLD \
ODVULVDVGHOVDLQHWHXQDYRFDFLyQGHOWHDWURTXHQRVHPSXMDWRGRVORVGtDVDODVWDEODV\
QRV RUGHQD XQ PXWLV WRGDV ODV QRFKHV < XQR VH UHVLVWH D HQWUDU HQ HVFHQD SHUR XQD YH]
DOOiFRODERUDHQHVHMXHJRGHIDQWDVPDVLOXPLQDGRV£\FyPR£3DWULFLDHVWDQRFKHPHYLD
Pt PLVPR GHPRVWUDQGR SRU iOJHEUD OD IHDOGDG WHROyJLFD GH XQ EXUJXpV GHVQXGR ¢7H GDV
FXHQWD"3HURHQWUHODVMXQWXUDVTXHXQHQGRVSLH]DVGHODIDUVDXQRGHVPRQWDGHODJUDQ
LOXVLyQ \ VLHQWH GHVHRV GH URPSHU D JROSHV GH SXxR ODV PDVFDULOODV GH ORV DFWRUHV SDUD
GHVFXEULU OR TXH KD\ GHEDMR \ GH URPSHU OD PiVFDUD SURSLD \ PLUDUVH D FDUD OLPSLD HQ
DOJ~QHVSHMRWHUULEOH3RUTXHDOJRKD\GHOLWXUJLDHQHVWDFRPHGLD
³¢<OXHJR"
³'HVSXpVHOPXWLVODIDWLJDH[LVWHQFLDO\XQOODPDGRXUJHQWHGHODQRFKH\HOVXHxR
3DWULFLD%HOOVHKDWHQGLGRMXQWRD0HJDIyQTXHODWRPDHQVXVEUD]RVHVFUXWDVXVRMRV
YHUGHODJRSURIXQGR \ DVSLUD HO RORU GH VX PHOHQD XQ DURPD GH WDOORV GXOFHV \ UDtFHV
DPDUJDV&RQXQDSODVWLFLGDGWDQDQWLJXDFRPRHOPXQGRHOODVHDMXVWDH[DFWDPHQWHDODV
IRUPDVGHOKRPEUHVHJ~QWRGDODJHRPHWUtDGHVXFDEH]DGHVXVSHFKRVGHVXYLHQWUH\

62
VXV PXVORV < HO $XWRGLGDFWR SRQGHUD RWUD YH] HQ 3DWULFLD HVD YLUWXG VXEVWDQFLDO GH
DFRPRGDFLyQ XQD FRQFDYLGDG HQ XQD FRQYH[LGDG \ XQD FRQYH[LGDG HQ XQD FRQFDYLGDG
3HQLDHQ3RURV\3RURVHQ3HQLD£7HQWDWLYDGHUHFRQVWUXLUHODQGUyJLQRSULPRUGLDOHOGHO
*pQHVLV\HOGH$ULVWyIDQHV<HOODLQLFLDVXEROHWtQLQIRUPDWLYRGHODQRFKHVtXQDKHEUD
GHP~VLFDHQVXERFDIUXWDO
³%DUUDQWHV \ %DUURVR OOHJDURQ DO DWDUGHFHU /HV GL XQD FRSD GH DJXDUGLHQWH
FDWDPDUTXHxRHVWDEDQH[FLWDGRV\FRQXQDWDTXHPX\IXHUWHGHVXSHUUHDOLVPR
´(O$VHGLRDO,QWHQGHQWHµUHFXHUGD0HJDIyQ\VXFDQVDQFLRQRFWXUQRSDUHFHDJXGL]DUVH
FRQODVRODSHUVSHFWLYDGHDTXHOODHVFDUDPX]DLQPLQHQWH
³+DEOy SRU WHOpIRQR 'DYLG HO FLUFXQFLGDGRU ³DxDGH 3DWULFLD³ 'LMR TXH 6DPXHO 7HVOHU
HVWi PHGLWDQGR DKRUD HQ OD FXDGUDWXUD GHO FtUFXOR 3HUR 'DYLG VH PXHVWUD LQTXLHWR HO
ILOyVRIRDSDJyODFXDUWDYHODGHOFDQGHOHURGHVLHWHEUD]RV¢3RUTXp"
´¢< TXLpQ SRGUtD FRQRFHU ODV UD]RQHV TXH XVD XQ ILOyVRIR DO VRSODU XQD YHOD" ³LURQL]D
0HJDIyQHQ VXDOPD³1RLPSRUWD6DPXHOWLHQHVXFDOHQGDULRHQ ODV 'RV%DWDOODV$KRUD
QHFHVLWRGRUPLU\ROYLGDUµ
$IRUWXQDGDPHQWH3DWULFLD%HOOHQWRQDFDQWXUUHDVXVXUUD\DVXPRQyORJRGHORVKHFKRV
WULYLDOHV
³/DV WtDV OOHJDURQ GH 6DQWD )H \ QRV WUDMHURQ SHUGLFHV TXH LUiQ DO HVFDEHFKH EXVFDUp
]DQDKRULDV IUHVFDV \ DFHLWH GH XYD TXH QR SURGXFH FROHVWHURO HQ OD VDQJUH 8Q HVFiQGDOR
HQWUHODVPDHVWUDVMXELODGDVHOFDUGHQDOVHOHVHVFDSy\OREXVFDURQHQODVD]RWHDV(VWi
HQ QXHVWUR MDUGtQ VL HV TXH 0DQGLQJD QR VH OR KD FRPLGR HVRV SiMDURV GH MDXOD QR VH
GHILHQGHQHQODOLEHUWDG/DVPDHVWUDVJDWHDURQHQORVWHFKRV\RWXYHXQDPDHVWUDTXHVH
OODPDED <VDEHO )RUWL \ TXH PXULy GH SHGDJRJtD £2WURFDEDOOR GH OHFKHUR HQ OD FDOOH \D
HVWDV KRUDV £$PDGR 'LRV \ 3DGUH &HOHVWLDO $GRQDKt -HKRYi (ORLP GDOH JUDFLD D HVH
SREUHFDEDOORTXHHVWiWUDEDMDQGRSDUDTXHQRDQGHFRQKDPEUHQLFRQVHGQLFDQVDGR
QLHQIHUPR£'DOHJUDFLDSDUDTXHTXLHQORPDQHMHQRORPDOWUDWH£$VtVHDKR\\WRGRVORV
GtDV TXH OH WRTXH YLYLU £$Vt VHD FRQ WRGRV ORV DQLPDOHV TXH D\XGDQ D ORV KRPEUHV 7H OR
SLGRHQHOQRPEUHGH&ULVWR-HV~V\WHGR\JUDFLDV
$EUD]DGRDVXPXMHURDVXWLHUUD0HJDIyQ\DHQORVXPEUDOHVGHOVXHxRVHGHMDIORWDU
HQDTXHOLGLRPDGHDFHTXLDVGHOOXYLDVGHKRMDVFDVWDxHWHDGDVSRUODVPDQRVGHODLUH<
HQ VX WUDQVODFLyQ GH XQD UHDOLGDG D RWUD VH YH GH SURQWR HQ XQD XVLQD FRPR GH
IDQWDFLHQFLD GRQGH D WUDYpV GH UHWRUWDV VHUSHQWLQHV \ FULEDV 3pUH] 3LFR HV PDFHUDGR \
UHGXFLGR D XQD KHEUD GH FRORUHV EULOODQWHV FX\R H[WUHPR \D REUD HQ SRGHU GHO KHUPDQR
)XQHV HO FXDO VH PDQWLHQH GH SLH MXQWR D XQD HQRUPH DJXMD GH DFHUR £< HO -HIH KDFH
SDVDUODKHEUDSRUHORMRGHODDJXMD(QWRQFHVHORUGHQDQ]D7ULPDUFKLSURILHUHXQDOHOX\D
LQPHQVR\VXURVWURDODJUDQGDUVH\FDHUVREUH0HJDIyQOHPXHVWUDGRVRMRVODJULPHDQWHV
GH SLHGDG \ XQD ERFD OOHQD GH KLPQRV \ GLHQWHV RULILFDGRV /XHJR WRGR VH GLVXHOYH \ VH
ERUUD HQ HO FDRV GHO VXHxR SURIXQGR HQ OD QR PDQLIHVWDFLyQ WRWDO \ HQ HO VLOHQFLR
DEVROXWRSULQFLSLR\ILQGHWRGDP~VLFD

(QODQRPHQFODWXUDGHVXVGRVEDWDOODVHO$XWRGLGDFWROODPy´$VHGLRDO,QWHQGHQWHµDOD
SULPHUDLQFXUVLyQPHWRGL]DGDTXHUHDOL]yFRQXQRGHVXVHTXLSRV<ODJXHUUDGHO2VFXUR
IRUPDOPHQWH LQLFLDGD FRQ HVD HVFDUDPX]D UHYHOy HO FDUiFWHU TXH WHQGUtDQ VXV IXWXURV
PRYLPLHQWRV HQGHUH]DGRV D ORJUDU XQD WRPD GH FRQFLHQFLD HQ ORV DFWRUHV R UHVSRQVDEOHV
GHO GUDPD QDFLRQDO PHUFHG D OD VRUSUHVD \ DO DEVXUGR TXH WDQWR VXHOHQ MXJDU HQ OD
UHPRFLyQ GH ODV DOPDV 7DPELpQ IXH DGHODQWDGR HQ HOOD HO WHQRU ´LQFUXHQWRµ GH ORV
RSHUDWLYRV D FRQVXPDU \D TXH 0HJDIyQ OR IXQGDPHQWDED HQ OD EHQLJQLGDG \ PHVXUD TXH
SDUHFHUtDQVHxDODU´XQDFRQVWDQWHµGHQXHVWURVKHFKRVUHYROXFLRQDULRV<QRUHFRUGDEDpO
TXHWRGDUHJODWLHQHVXVH[FHSFLRQHVFRPRORGHPRVWUyODFDUQLFHUtDILQDOTXHGLRUHPDWH

63
DVXDYHQWXUD\VXH[LVWHQFLD(OSODQGHO$VHGLRYLVWDVXH[WUHPDVLPSOLFLGDG\DXGDFLD
PHKDFHVRVSHFKDUXQDSULPHUDLQWHUYHQFLyQGH7URLDQLHQVXGHOLQHDPLHQWRDXQTXHHOH[
PD\RU QR WRPDUD XQD SDUWH GLUHFWD HQ OD HVFDUDPX]D ,QFOXtD ƒ XQD FODUD QRFLyQ GHO
´DVHGLDGRµƒXQDVHOHFFLyQSUROLMDGHORV´DVHGLDQWHVµ\ƒXQHVWXGLRPLQXFLRVRGHOD
WRSRJUDItDRHVFHQDULRGHO$VHGLR(QODQyPLQDGHORVDVHGLDQWHVHUDSUHFLVRGLVWLQJXLUD
XQ ´HQWUHJDGRUµ \ D GRV ´FDPSDQDVµ WpUPLQRV SHUWHQHFLHQWHV D OD PHWRGRORJtD GHO
´DVDOWRµTXHWDPELpQGHQXQFLDQHOJHQLRGH7URLDQL\DTXHHOH[PD\RUHVSHFXODEDHQVXV
HVWUDWHJLDVFRQODVDVLPLODFLRQHVWpFQLFDVPLOLWDUHV
3RU DTXHOORV GtDV HUD ,QWHQGHQWH FLUFXQVWDQFLDO GH %XHQRV $LUHV HO FRURQHO -XOLR &pVDU
3URVHUSLR5$FX\RUHWUDWRILJXUDHQORVDSXQWHVGH0HJDIyQ\HQODFDUSHWDURWXODGD
´(O $VHGLR DO ,QWHQGHQWHµ 'LFH DVt ´(O FRURQHO 3URVHUSLR H[DOWDGR FRQWUD VX GHVWLQR
QDWXUDO D OD ,QWHQGHQFLD GH OD FRPXQD HV XQ KLMR DOHDWRULR GHO FXDUWHOD]R TXH LQWHQWD
OOHQDUODVYDFDQWHVGHMDGDVSRUODFLYLOLGDGHQGHUURWD/OHYDGRDOPXQGRFDVWUHQVHWDOYH]
SRU OD HQJDxRVD IDWDOLGDG GH VX QRPEUH -XOLR &pVDU HO FRURQHO 3URVHUSLR QXQFD PRVWUy
DSWLWXGHVPLOLWDUHVSRUORFXDOKDVLGR\HVXQRILFLDOGH
LQWHQGHQFLD
SXOFUR\PHWLFXORVR
HQODVIXQFLRQHVDGPLQLVWUDWLYDV$FW~DKR\FRPRXQVRUSUHQGLGR\D]RUDGRORUGPD\RUGH
ODFLXGDG\DTXHIUHQWHDODSUREOHPiWLFDGHODFRPXQDVHDKRJDFRPRXQEDJUHIXHUD
GHODJXD/RVDVHVRUHVIRUWXLWRVGHTXHVHURGHDHQVXGHVHVSHUDFLyQORLQVWDQRDOOHQDUORV
EDFKHV DO SDUHFHU LUUHGLPLEOHV GH OD PHWUySROL R D LQVWDODU XQ TXHPDGHUR FLHQWtILFR GH
EDVXUDVRDHULJLUXQDFXDULXPGRQGHORVHVFRODUHVSXHGDQYHUFyPRODVSLUDxDVGHYRUDQHO
FRVWLOODU GH XQ URFtQ MXELODGR R HQ WUHQ GH PRUDO FDVWUHQVH D FXEULU FRQ XQ WDSDUUDERV
GLVFUHWRODVSDUWHVSXGHQGDVGHORVHOHIDQWHVGHO]RROyJLFR&ODURHVWiTXHQXHVWURFRURQHO
QRKDUiQDGD3HURHVXQKRPEUHEXHQRTXHDPDVDpOPLVPRORVWDOODULQHVGRPLQLFDOHVGH
VXIDPLOLDTXHVDOHGHSLFQLFOOHYDGRSRUXQDGXOFHLQFOLQDFLyQDODpJORJD\TXHFRQVX
SLVWROD GHO FXDUHQWD \ FLQFR ULJXURVDPHQWH YLUJHQ HV LQFDSD] GH DFULELOODU D WLURV HO
DUWtFXOR FDWRUFH GH OD &RQVWLWXFLyQ 1DFLRQDO (Q VXPD XQ VDUJHQWR OOHQR GH SRVLELOLGDGHV
UHYROXFLRQDULDVµ 7DO HUD VHJ~Q HO HVWLOR GH 0HJDIyQ OD LGLRVLQFUDVLD GHO ,QWHQGHQWH TXH
GHEHUtDVHUDVHGLDGR
(Q OR TXH VH UHILHUH D ORV DVHGLDQWHV LQWHJUDUtD VX QyPLQD HO PLVPR $XWRGLGDFWR \
3DWULFLD %HOO TXH DxDGLUtD QHFHVDULDPHQWH DO RSHUDWLYR FLHUWD GRQRVXUD GH 3DODFLR
0XQLFLSDO 6H QHFHVLWDED WDPELpQ DTXt OD LQWHUYHQFLyQ GH %DUUDQWHV \ %DUURVR LQWURGXFL
GRVQR\DFRPR´DJHQWHVGHSURYRFDFLyQµVLQRFRPRIHUPHQWRVGHGXGD\FRQWURYHUVLDHQ
ORVHVSLQRVRVDVXQWRVTXHVHYHQWLODUtDQFRQHOFRURQHO3URVHUSLR(QORWRFDQWHDOIDPRVR
G~R FX\D UHYHODFLyQ SULPHUD VH PH KDEtD GDGR \D HQ HO FOXE ´3URYLQFLDV 8QLGDVµ \ TXH
OXHJR UHDSDUHFLy HQ RWURV HMHUFLFLRV FODYHV GH ODV 'RV %DWDOODV HO SURSLR 0HJDIyQ OR
GHVFULEHDVt´%DUUDQWHV\%DUURVRGRVSHULRGLVWDVMXELODGRVFRQORVTXHPHWRFyWUDEDMDU
HQ DOJXQDV UHGDFFLRQHV FRQVWLWX\HURQ \ FRQVWLWX\HQ XQ ELQRPLR GH DOPDV UHJLGDV SRU HO
VLJQR GH *pPLQLV 1XQFD ORJUDURQ WUDHU XQD YHUVLyQ REMHWLYD GH ORV KHFKRV FRWLGLDQRV \D
TXHVXWHQGHQFLDQDWXUDODODPHWDItVLFDOHVKDFHGHVFXEULUHQORVPLVPRVRFDXVDVLQVyOLWDV
R HIHFWRV PLVWHULRVRV <R ORV KH YLVWR OOHJDU WRWDOPHQWH GHVQXGRV \ HQ SDWLQHV KDVWD OD
PHVD GH XQ -HIH GH 5HGDFFLyQ SDUD FRPXQLFDUOH TXH WDO R FXDO LQFHQGLR VH KDEtD
VXVSHQGLGRKDVWDQXHYDRUGHQSRUIDOWDGHFRPEXVWLEOHV(QUHDOLGDG%DUUDQWHV\%DUURVR
FRQ VX JHQLR VH DGHODQWDURQ D ORV FURQLVWDV GH KR\ TXH LQWHQWDQ FRQYHUWLU OD +LVWRULD
&RQWHPSRUiQHDHQXQWUDEDMRGHLPDJLQDFLyQHQSURVDORFXDOKDFHTXHVHDFDGDYH]PiV
LQLQWHOLJLEOHQXHVWURKHUPRVR\HQTXLORPEDGRPXQGRµ
(Q OD PLVPD FDUSHWD GH ORV DSXQWHV UHIHUHQWHV DO $VHGLR KDOOp XQ SODQR GHO 3DODFLR
0XQLFLSDOTXHVyORGHWDOODEDVXiQJXORFRPSUHQGLGRHQWUHOD'LDJRQDO1RUWH\ODFDOOH6DQ
0DUWtQ GRQGH VH DEUH OD SXHUWD GHO HGLILFLR UHVHUYDGD VyOR DO ,QWHQGHQWH \ D VX HVWDGR
PD\RU $O HQWUDU \ D OD GHUHFKD XQ DVFHQVRU WDPELpQ SULYLOHJLDGR VXEH GLUHFWDPHQWH DO

64
VHJXQGRSLVR\DOJUDQGHVSDFKRGHOMHIHGHODFRPXQD/DYtDHVFRUWDIiFLO\GLVFUHWD\
IXHODTXH0HJDIyQHOLJLySDUDORVDVHGLDQWHV&RQWRGR\KDELHQGRHQDTXHOODHQWUDGDXQD
FXVWRGLDSHUPDQHQWHVHUHTXLULyXQ´HQWUHJDGRUµIDPLOLDUL]DGRFRQODH[LVWHQFLDtQWLPDGH
OD FDVD <R PLVPR VH OR SURSXVH DO $XWRGLGDFWR HQ OD ILJXUD GHO RUGHQDQ]D 0XxHLUD XQ
SHyQGHOD%DQGD0XQLFLSDOTXHFRQRFtDxRVDQWHVHQORV&XUVRVGH&XOWXUD&DWyOLFDGRQGH
KDELWDED pO XQ VyWDQR JUDWXLWR FRPR JXDUGLiQ KRQRUDULR \ FDVHUR GH OD YHQHUDEOH
LQVWLWXFLyQ 2ULXQGR GH 6DQWLDJR GH &RPSRVWHOD \ H[ PRQDJXLOOR GH VX FDWHGUDO HO
RUGHQDQ]D0XxHLUDHQDQRIHR\GHXQDRUWRGR[LDFUXHOSDUHFtDXQYyPLWRIyVLOGHOD(GDG
0HGLDRXQDJiUJRODGHVXWHPSORDQLPDGDSRUDOJ~QGLDEORUHLGRU\WUDtGDOXHJRD%XHQRV
$LUHVFRQILQHVWHQHEURVRV-XVWRHVGHFLUTXHVL0XxHLUDHQWUyHQHO$VHGLRDO,QWHQGHQWH
IXH VyOR SRUTXH OH GLPRV D HQWHQGHU TXH VH WUDWDED GH XQD UHYROXFLyQ DO XVR QRVWUR OD
FXDO GH VDOLU WULXQIDQWH OR UHFRPSHQVDUtD FRQ OD -HIDWXUD GH 6XPLQLVWURV GHO SDODFLR
JDQJD \ KRQRU TXH YHQtD pO DFDULFLDQGR HQ VXV QRFWXUQRV HQVXHxRV GH VyWDQR &ODUR HVWi
TXH OD LQWHUYHQFLyQ RUDO GH 0XxHLUD HQ HO $VHGLR QR HVWDED SUHYLVWD \ VLQ HPEDUJR QR
SXGR HYLWDUVH GDGD VX FRQGLFLyQ GH JDOOHJR LQWHJUDO \ WHROyJLFR (O RUGHQDQ]D
´HQVRWDQDGRµOHYHQtDGHVyWDQR\VRWDQDJDQyDVtWDQWRVODXUHOHVHQHO$VHGLRTXHILJX
UyPiVWDUGHFRQGLJQLGDGHQRWURVRSHUDWLYRVGHODJUDQDYHQWXUD3HUR0XxHLUDH[LJtDGRV
´FDPSDQDVµ XQR HQ HO DVFHQVRU \ RWUR MXQWR D OD SXHUWD GHO ,QWHQGHQWH < ORV PHOOL]RV
5yPXOR \ 5HPR 'RPHQLFRQH IXHURQ PRYLOL]DGRV HQ UD]yQ GH VX FRUSXOHQFLD ItVLFD GH VX
SVLTXLVHOHPHQWDO\GHOSDUHFLGRDVRPEURVRTXHORVLGHQWLILFDEDHQXQDVRODSHUVRQD\TXH
~WLO DO GHVSLVWH GH FXDOTXLHU VDEXHVR GDUtD OD LPSUHVLyQ GH XQ ´FDPSDQDµ ~QLFR HQ
GHVFRQFHUWDQWHXELFXLGDG
(O$VHGLRVHOOHYyDFDERHQXQDPDxDQDGHRFWXEUHIXHUDGHOKRUDULRDGPLQLVWUDWLYROR
FXDO DVHJXUDED XQ WUiPLWH IHOL] GH OD HVFDUDPX]D HQ XQ SDODFLR YDFtR GH KRPEUHV \ D~Q
VLOHQFLRVRGHEXURFUDFLD0HJDIyQ\3DWULFLD%DUUDQWHV\%DUURVRORVPHOOL]RV'RPHQLFRQH
VH GHVOL]DURQ HQ HO HGLILFLR KDVWD HO DVFHQVRU GRQGH 0XxHLUD TXH KDEtD GLVWUDtGR D OD
FXVWRGLDORVHVSHUDEDHQVXJULV\EDTXHWHDGRXQLIRUPHPXQLFLSDO7UDVKDEHULQVWDODGRHQ
HODVFHQVRUDOPDWULPRQLR\DOG~RHORUGHQDQ]D0XxHLUDGHMyDXQRGHORVPHOOL]RVHQOD
SODQWDEDMD\VXELyFRQHORWURSRUODJUDQHVFDOHUDFHUHPRQLDO/RVGRVJUXSRVYROYLHURQD
XQLUVHIUHQWHDOGHVSDFKRGHOORUGPD\RU\GHVSXpVGHDOHFFLRQDUDOPHOOL]R'RPHQLFRQH
TXHDFWXDUtDGHVHJXQGR´FDPSDQDµVHLQWURGXMHURQHQHOVDOyQ FRQODIUHVFXUDTXHVyOR
GDXQDLQFRQVFLHQFLDVXEOLPH
3ULPDYHUDO\VDOXGDEOHDIXHUGHVROGDGRKHFKRHQHOHMHUFLFLRItVLFR\HQHOXVRGHODV
PDGUXJDGDV HO VHxRU ,QWHQGHQWH 0XQLFLSDO FRURQHO -XOLR &pVDU 3URVHUSLR 5 $ GH
HVSDOGDVDORVLQWUXVRVWHQtDVXVRMRVILMRVHQXQDJUDQLPDJHQDOyOHRGH1XHVWUD6HxRUD
GHO %XHQ $LUH SDWURQD GH ORV PDULQRV < VX FRQWHPSODFLyQ TXH LED GHVGH QXHVWUD GXOFH
0DGUH8QLYHUVDODO1LxRTXHDFXQDEDHQVXEUD]RGHUHFKR\DOEHUJDQWtQTXHVRVWHQtDHQVX
L]TXLHUGRHUDVHJXUDPHQWHPX\SURIXQGD\DTXHQRDGYLUWLyQLODHQWUDGDIXUWLYDGHORV
DVHGLDQWHVQLVXGLVWULEXFLyQHVWUDWpJLFDHQHOGHVSDFKR<HUD\DWDUGHFXDQGRORKL]R0DV
HO FRURQHO TXH GRPLQDED VXV UHIOHMRV QR GLR VHxDOHV QL GH LQTXLHWXG QL GH DVRPEUR WDO
YH] SRUTXH OR WUDQTXLOL]DURQ HO DWXHQGR PXQLFLSDO GHO RUGHQDQ]D 0XxHLUD ORV RMRV
YHUGHODJR GH 3DWULFLD OD GLJQLGDG YLVLEOH GH 0HJDIyQ \ HO RUJXOOR VXSHUUHDOLVWD TXH D
%DUUDQWHV\D%DUURVROHVUHYHQWDEDSRUWRGDVODVFRVWXUDVGHVXVWUDMHVLGpQWLFRV<HOG~R
IXH TXLHQ URPSLy HO KLHOR GH DTXHOOD VLWXDFLyQ ILORGUDPiWLFD SRUTXH %DUURVR WUDV
FRQWHPSODUDOD6HxRUDGHOEHUJDQWtQVHYROYLyKDFLD%DUUDQWHV\OHGLMRFRQYR]GRORULGD
³3DGUHVHPHKDRFXUULGRXQDLGHDQRVWiOJLFD
³£8QDLGHD³UH]RQJy%DUUDQWHVHQVXGXGD³¢<FXiO"
³6L GRQ 3HGUR GH 0HQGR]D \ VX PDWUDFD GH JDOHyQ KXELHVHQ QDYHJDGR WUHV GtDV PiV
%XHQRV$LUHVQRVHKXELHVHIXQGDGRMXQWRDHVWHUtRLQVDOXEUHVLQRHQ0DUGHO3ODWD

65
 ³3LFKyQ¢\FRQTXpEHQHILFLRV"
³9HUDQHR JUDWLV ³HQXPHUy %DUURVR³ PHUOX]D IUHVFD \ VLQ UHFDUJRV GH IOHWH VDOLWUH \
\RGRHQORVSXOPRQHV\XQFRQWRUQRYLYRGHSUHFLRVDVPXFKDFKDVHQELNLQL
³¢<DTXpDWULEX\HVKLMRHVDGHVLGLDHQODIXQGDFLyQ"
³$ OD WUDGLFLRQDO VLHVWD HVSDxROD ³VH GROLy %DUURVR³ £7UHV GtDV PiV \ KXELpUDPRV
WHQLGRODUXOHWDHQFDVD
(O,QWHQGHQWHDSHVDUGHVXVFRQVLJQDVLQWHULRUHVQRGLVLPXOy\DVXDVRPEUR
³¢< HVR HV WRGR OR TXH VH OHV RFXUUH DQWH OD 9LUJHQ GH PL GHVSDFKR" ³LQTXLULy
VHUHQDPHQWH
³0L FRURQHO SHUGRQH D HVWDV GRV FULDWXUDV ³OH GLMR 0HJDIyQ³ VRQ GRV SUXHEDV GH OD
WHVLVTXHYHQJRDGHPRVWUDUOH
3HURHORUGHQDQ]D0XxHLUDYROYLyKDFLDHOG~RVXURVWURPHGLHYDOHQGLVFRUGLD
³£/RTXHIXQGy(VSDxD³FDFDUHy³HVWiELHQIXQGDGR\QDGLHORPXHYHVHDHQHOUtRHQ
ODWLHUUDHQHODLUHRHQHOLQILHUQR6HxRU,QWHQGHQWH£DVtSDJDHOGLDEOR£5yPSDVHXVWHG
HO DOPD FUX]DQGR HO PDU HQ IUiJLOHV FDUDEHODV GHVFXEUD XQ QXHYR FRQWLQHQWH \ HGLILTXH
FLXGDGHVSDUDTXHWRGRVHVWRVLQGLRVTXHQRVDEtDQPDQHMDUXQWHQHGRUOHVDOJDQDKRUD
FRQSURWHVWDV\GHVFRQWHQWRV
³£3DGUH³VHGHOHLWy%DUURVRHQHVWHSXQWR³HOTXHDFDEDGHKDEODUHVXQDERULJHQGH
ODWRUPHQWRVD*DOLFLD
³0XFKDFKR¢HQTXpORKDVFRQRFLGR"³OHSUHJXQWy%DUUDQWHV
³(Q VX QDWLYD LQFOLQDFLyQ D OR VLQIyQLFR GHVDUUROODGD HQ HVWD XUEH SRU HO DFDUUHR GH
EDWHUtDVFRQWUDEDMRV\WURPERQHVGHOD%DQGD0XQLFLSDO
³£<RVyORPDQHMRORVDWULOHV³SURWHVWy0XxHLUDRIHQGLGRHQVXMHUDUTXtD
3HURHOFRURQHOHGLOKDEtDWUDQVLWDGR\DGHVGHVXDVRPEURDXQGHVSXQWHGHVXFyOHUD\
GLULJLpQGRVHDORVLQWUXVRV
³¢4XpGLDEORVRQXVWHGHV"³ORVDSRVWURIy³¢<TXpEXVFDQHQOD,QWHQGHQFLD"
³4XHUHPRVDO,QWHQGHQWH³OHUHVSRQGLy0HJDIyQ³9HQLPRVDSVLFRDQDOL]DUOR
$O RtU WDQWD LQVROHQFLD HO FRURQHO 3URVHUSLR WHQGLy XQD PDQR D ORV ERWRQHV GH OODPDGD
TXHWHQtDHQVXHVFULWRULR
³0L FRURQHO QR OR KDJD ³OR H[KRUWy 0HJDIyQ³ 1R FRQYLHQH TXH VHD GLYXOJDGD HVWD
RSHUDFLyQtQWLPD3RUTXHRQDGLHODFUHHUiRGHVHUFUHtGDHQWUDUiXVWHGHQHOPiVIUDQFR
GHORVULGtFXORV1RVHDVRPEUHPLFRURQHOOD+LVWRULD8QLYHUVDOVHWHMLyVLHPSUHQRHQHO
HVFHQDULRYLVLEOHGHOPXQGRVLQRHQVXVPLVWHULRVDVEDPEDOLQDV
'XGyHQWRQFHVHOFRURQHO\EXVFyXQDSR\RORJtVWLFRHQORVRMRVGH3DWULFLDHORFXHQWHV\
DELHUWRVDKRUDFRPRGRVLQVWDQFLDV'HELyKDOODUORSRUTXHGLULJLpQGRVHDVXVDVHGLDQWHV
³%LHQ VHxRUHV ³OHV GLMR³ 1R DGPLWLUp FRPR ,QWHQGHQWH PL UHVSRQVDELOLGDG HQ OD
IXQGDFLyQDUELWUDULDGH%XHQRV$LUHVQLWDPSRFRHOHVIXHU]RGHWUDVODGDUHVWDFLXGDGDOD
FRVWDGHO$WOiQWLFRVXU\DTXHHOSUHVXSXHVWRGHODFRPXQDQRWLHQHUXEURVGHPXGDQ]D
3HUR ORV HVFXFKDUp VHxRUDV \ VHxRUHV £SRUTXH OD 5HYROXFLyQ $UJHQWLQD HV XQ KHFKR
LUUHYHUVLEOH
*UDWR\HVWLPXODQWHSDUDORVLQWUXVRVIXHDTXHOGHVSXQWHGHRUDWRULDFDVWURPXQLFLSDO
³£3DGUH ³OORULTXHy %DUURVR HQ VX HQWXVLDVPR³ TXLHUR EHVDU ODV PHMLOODV GHO VHxRU
,QWHQGHQWH
³+LMR¢WXVUD]RQHV"³OHSUHJXQWy%DUUDQWHV
³/DVWLHQHUHFLpQDIHLWDGDV\HVWiQROLHQGRDODPiVILQDFRORQLD³OHUHVSRQGLy%DUURVR
QRVLQROIDWHDUHODPELHQWHFRQGHOLFLD
9LHQGR DO FRURQHO HQ WDQ EXHQDV GLVSRVLFLRQHV HO $XWRGLGDFWR OR OOHYy D ORV YHQWDQDOHV
TXH VH DEUtDQ VREUH OD 3OD]D GH 0D\R \ HO JUXSR GH DVHGLDQWHV QR WDUGy HQ VHJXLUORV
(QWRQFHVHOJUDQFXDGULOiWHURKLVWyULFRVHRIUHFLyDWRGDVODVPLUDGDVDODGHUHFKDHODxR

66
VR&DELOGRHQPXWLODFLyQ\UHPLQLVFHQWHGHSDUDJXDVDQFHVWUDOHVDODL]TXLHUGDHOIURQWLV
JULHJRGHOD&DWHGUDO\VXFRORUYHUGHDFHLWXQDURxRVRGHDJXDFHURVDOIUHQWHOD&DVDGH
*RELHUQR HQ VX WLQWH VDOPyQ \ VX DUTXLWHFWXUD GH SDVWHO UHQDFHQWLVWD \ HQ HO FHQWUR OD
3LUiPLGH GH 0D\R VRVWHQLHQGR OD HVWDWXD GH OD 5HS~EOLFD HQ JRUUR IULJLR \ FDJDGD
SURIXVDPHQWH GH SDORPDV UDVDQWHV (QWUH ORV GHO JUXSR DVRPDGR D HVD JUDQGLRVD
SHUVSHFWLYDXQRVRORPDQLIHVWDEDFLHUWDLQTXLHWXG\HUD%DUURVRXQHGLOYRFDFLRQDOSHUR
IUXVWUDGR
³£3DGUH ³VH DODUPy GH V~ELWR³ HO UtR ¢'yQGH FRUQRV HVWi HO UtR" ¢7DPELpQ VH OR KDQ
UREDGR"
<SDOSyORVEROVLOORVGHO,QWHQGHQWHFRPRHQEXVFDGHXQSUHQGDH[WUDYLDGD
³3LFKyQ ³OH GLMR %DUUDQWHV³ OD FLXGDG VH KD FKXSDGR VX UtR 3RU HVR \D QR WLHQH XQD
FRQFLHQFLDIOXYLDO
$TXtIXHGRQGH3DWULFLDGHVOL]yODSULPHUDGHVXVLQWHUYHQFLRQHV
³%XHQRV$LUHVWHQGUiQXHYDPHQWHXQDFRQFLHQFLDGHVXUtR³DQXQFLyHQWRQRSURIpWLFR³
QRELHQHOFOXE%RFD-XQLRUVFRQVWUX\DHQpOVREUHSLODUHVGHFHPHQWRODFLXGDG'HSRUWLYD
GRQGH VH PHGLWDUiQ ORV JROHV GHO IXWXUR ,QPHGLDWDPHQWH \ D VX DOUHGHGRU VH
PXOWLSOLFDUiQODVWRUUHVORVPRQREORFV\ORVMDUGLQHVHQWUHFDQDOHVTXHOHGDUiQDOQXHYR
EDUULRHODVSHFWRGHXQD9HQHFLDFULROOD(QWRQFHV\VyORHQWRQFHVHO5tRGHOD3ODWD\OD
FLXGDGKDEODUiQRWUDYH]XQPLVPRLGLRPDGHSHMHUUH\HV\IORUHV
$QWH DTXHOOD YLVLyQ GHO IXWXUR SRUWHxR ORV DVHGLDQWHV \ HO ,QWHQGHQWH DGPLUDURQ D
3DWULFLD %HOO HQ FX\RV RMRV DGLYLQDWRULRV FUH\HURQ YLVOXPEUDU XQ GHVILOH GH JyQGRODV
YHQHFLDQDV UHSOHWDV GH DPDQWHV (O FRURQHO 3URVHUSLR HPEDUFDGR \D HQ DTXHO ´VXHxR GH
XQDPDxDQDGHSULPDYHUDµVHGLMRTXHKDEtDPiVOyJLFDPXQLFLSDOHQVXVYLVLWDQWHVTXHHQ
ORV SUR\HFWRV GH VXV IDVWLGLRVRV DVHVRUHV \ SRU SULPHUD YH] HQWHQGLy VX DOPD FDVWUHQVH
£D\VyORSRUXQPLQXWRTXHODSRHVtDHVPiVUHDOTXHODSURVD&RQWRGRHQHOVDOyQGH
OD ,QWHQGHQFLD FDOODEDQ GRV DXVHQWHV GHO HQWXVLDVPR HO RUGHQDQ]D 0XxHLUD TXH ROtD HQ
DTXHOSDUORWHRXQDLQVXIULEOHKHWHURGR[LD\0HJDIyQTXHREVHUYDEDQRVLQWHPRUHVFyPR
HO$VHGLRDO,QWHQGHQWHVHOHLEDSRUHOODGRULHVJRVRGHORVWRPDWHV
³0L FRURQHO ³GLMR³ VLOR KLFH DVRPDU D HVWRVYHQWDQDOHV IXH FRQ HO VROR SURSyVLWR GH
TXHREVHUYDVHXVWHGODGLVWULEXFLyQLQMXULRVDGHORVHGLILFLRVHQHVWDSOD]DTXHGHELHUDVHU
HOFRUD]yQGHODFLXGDG
³¢,QMXULRVD"³OHSUHJXQWyHO,QWHQGHQWHDELHUWRDODPDUHDGHORSRVLEOH
³2 PHMRU GLFKR ´SURIDQDµ ³VH FRUULJLy HO $XWRGLGDFWR GH 9LOOD &UHVSR³ < VL QR YHD
XVWHGOD&DVD5RVDGDHVHODVLHQWRGHO´SRGHUWHPSRUDOµ¢<TXpWLHQHDVXGHUHFKD\DVX
L]TXLHUGD"(O%DQFRGHOD1DFLyQ\HO0LQLVWHULRGH+DFLHQGD£6HxRUHVLQFUHtEOH
³¢3RUTXp"
³£6H GLUtD TXH VyOR HO GLQHUR HVWi IODQTXHDQGR DO SRGHU HQ HVWD 5HS~EOLFD /R TXH
GHEHUtD ILJXUDU D OD GHUHFKD \ HQ HO PLVPR SODQR GH OD &DVD 5RVDGD HV OD &DWHGUDO GH
%XHQRV$LUHVFRPRVtPERORGHOD´DXWRULGDGHVSLULWXDOµ\DVXL]TXLHUGDXQ0LQLVWHULRGH
ODV$UPDVRUHVLGHQFLDGH0DUWHFRPRDVLHQWRGHO´VHJXQGRHVWDGRµ£*UDQ'LRV&RQHVWH
GHVRUGHQHQHOWDEOHURGHOVLPEROLVPRQDGLHSRGUtDRUJDQL]DUDTXtXQDEDWDOODQLWHUUHVWUH
QLFHOHVWH0LFRURQHO¢KD\WRGDYtDXQ3ODQ5HJXODGRUGH%XHQRV$LUHV"
³(O3ODQH[LVWH³DVHJXUyHO,QWHQGHQWH³VRQGLH]FDUSHWDVHQFXDGHUQDGDVHQILQRFXHUR
GHQRQDWR
³£<R OR YL ³HORJLy %DUUDQWHV³ £(V HO PHMRU SRHPD TXH KD HVFULWR OD EXURFUDFLD (Q
FXDQWRDHVWDFLXGDGFUHFLy\VHJXLUiFUHFLHQGRDODEDUWROD£HVXQKHUPRVRLQYHUWHEUDGR
6LQ GDU RtGRV DO HGLO LQWHUUXSWRU HO FRURQHO LQWHQGHQWH DOHQWy DO $XWRGLGDFWR TXH
PHGLWDED
³¢4XpKDUtDXVWHG³OHGLMR³VLWXYLHUDTXHUHPRGHODUOD3OD]DGH0D\R"

67
 ³7UHV GHPROLFLRQHV ³UHSXVR 0HJDIyQ³ ODV GH OD &DWHGUDO HO %DQFR GH OD 1DFLyQ \ HO
0LQLVWHULRGH+DFLHQGD
³£3DGUH ³JLPRWHy %DUURVR HQ VX DODUPD³ VL QR DWDMDPRV DO PDHVWUR LPSRQGUi OD
GHPROLFLyQOLEUHVHFUHWD\REOLJDWRULD
³(O PDHVWUR HV XQ DJUDGDEOH SURIHVLRQDO GHO HVFRPEUR ³DVLQWLy %DUUDQWHV³ 1R WHQJDV
PLHGRSLFKyQOD1DWXUDOH]DGHVWUX\HSDUDFRQVWUXLU
³£/D1DWXUDOH]DHVXQDPDODSHUVRQD³YROYLyDJLPRWHDU%DUURVR³GHVDWDHOYHQWDUUyQ
FRQWUDORVSDMDULWRV
<DTXtVHGLRODVHJXQGDLQWHUYHQFLyQGH3DWULFLD%HOO
³6HxRU ,QWHQGHQWH ³GLMR³ OD GHPROLFLyQ VHUi FRVWRVD SHUR QHFHVDULD 1R WHQHPRV OD
VXHUWH GH RWUDV FDSLWDOHV TXH VXHOHQ FRQVHJXLU SRU HO VLVPR XQD GHPROLFLyQ JUDWXLWD
%XHQRV$LUHVHVWiOHMRVGHODFRUGLOOHUD\HOWHUUHPRWRVHOHKDYHGDGRVXOHMDQtDFRQHO
PDUOHSURKtEHFXDOTXLHUPDUHPRWRXQ´ULRPRWRµHVLPSRVLEOHGDGRHOH[FHOHQWHKXPRU
GHO 3ODWD \ ORV WLIRQHV FKLQRV FRQVWLWX\HQ XQ OXMR TXH GHVFRQRFHPRV $ %XHQRV $LUHV OH
TXHGD VyOR XQD SRVLELOLGDG HQ HO RUGHQ FRQVWUXFWLYR GH OD GHPROLFLyQ OD ERPED
WHUPRQXFOHDU
/RGLMRFRQHOULJRUQHFHVDULRGH.DOLODPXMHUGH6LYDFXDQGREDLODVREUHODGHVWUXFFLyQ
GHXQPXQGR<KDVWDHOFRURQHOLQWHQGHQWHDGPLUyVXVRMRVYHUGHODJRTXHFKLVSRUURWHDEDQ
XQIXHJRGHFDWiVWURIH3HUR0HJDIyQQHFHVLWDEDUHFRQVWUXLUOD&DWHGUDOUHFLpQGHPROLGD
³6REUH ORV HVFRPEURV GHO %DQFR GH OD 1DFLyQ ³H[SXVR³ KD GH OHYDQWDUVH OD QXHYD
&DWHGUDOQRHQIDOVRHVWLORGyULFRUHQDFHQWLVWDRJyWLFRVLQRFRQXQDHVWUXFWXUDRULJLQDO
FDVWLJDGD\DODYH]PX\OXPLQRVDTXHWUDGX]FDODGHVQXGH]GH&ULVWR\ODWHUULEOHDOHJUtD
GHOD5HGHQFLyQ
³£$PpQ³JULWy3DWULFLD³£4XHORVDUTXLWHFWRVDSUHQGDQDEDLODU
³/D5HGHQFLyQHVXQDOHOX\D\QRXQDPDUFKDI~QHEUH³FRUURERUyHO$XWRGLGDFWR
³&DFKRUUR³SUHJXQWyDTXt%DUUDQWHVDVXKLMR³¢HOTXHKDEODQRHVXQWDO0HJDIyQTXH
VHJ~QGLFHQOHUHWRUFLyHOFRJRWHDOD0HODQFROtDHQXQ]DJXiQGH9LOOD&UHVSR"
³(OPLVPR³OHDVHJXUy%DUURVR³3DGUH\RKHEDLODGRFRQOD0HODQFROtDWLHQHRMRVGH
JDOORHQORVSLHV\HQODERFDXQDOLHQWRGHIULWDQJDVFRQFHEROOD
3HUR HO RUGHQDQ]D 0XxHLUD LUULWDGR HQ VX JOiQGXOD WHROyJLFD HPSH]y D VHJUHJDU XQ
KXPRUGHIHUPHQWDGRVUHSROORVPHGLHYDOHV
³£-HVXFULVWRQRHVDOHJUH³WURQyGHVGHVXFDYHUQD³£5HFLELySRUQRVRWURVGHPDVLDGDV
HVSLQDVFDVFRWHV\JDUJDMRV
³(O RUGHQDQ]D 0XxHLUD ³H[SOLFy %DUUDQWHV D VX KLMR %DUURVR³ SHUWHQHFH D XQD ViGLFD
HVWLUSH GH LPDJLQHURV \ WDOOLVWDV TXH DXPHQWDURQ FRQWUDQDWXUD HO Q~PHUR GH FRVWLOODV GH
&ULVWR
³3DGUH¢FRQTXpILQ"
³3DUDTXHOHFXSLHVHQPiVODWLJD]RV
,QIOiQGRVH FRQ VX SURSLR YLHQWR HO RUGHQDQ]D WHQGLy D 0HJDIyQ \ D 3DWULFLD XQ tQGLFH
DFXVDWRULR
³6HxRU ,QWHQGHQWH ³GLMR³ VyOR D HVWRV GRV H[FRPXOJDGRV SRGUtD RFXUUtUVHOHV OD
EODVIHPLDGHFRQYHUWLUD1XHVWUR6HxRUHQXQFDQWDQWHGHODQXHYDROD£6HORFRQWDUpDVX
HPLQHQFLDHOVHxRU&DUGHQDO3ULPDGR
$ORtUOR%DUURVRGLULJLyD%DUUDQWHVXQDPLUDGDSUHYLDFRPRSDUDLQGDJDUVLFRPSDUWtDVX
p[WDVLV
³3DGUH ³VHQWHQFLy DO ILQ³ D PL HQWHQGHU \ D RMRV GH EXHQ FXEHUR HO RUGHQDQ]D
PXQLFLSDOTXHDFDEDGHWUDQVPLWLUHQVHWHFLHQWRVGLH]NLORFLFORVSRUVHJXQGRHVXQRILFLRVR
DOFDKXHWHGHOD&XULD
³£5D]D GH QHFUyILORV ³UH]RQJy 3DWULFLD %HOO HQ VX FyOHUD³ ¢1HJDUi HO RUGHQDQ]D

68
0XxHLUD TXH VLJXH FUXFLILFDQGR DO 6HxRU -HV~V WRGRV ORV GtDV DO DQRFKHFHU HQ OD
LQWHUVHFFLyQGHODVFDOOHV3DUDJXD\\5LREDPED"¢1HJDUipOTXHFXDQGRKD\PXFKRVILHOHV
HQ OD EDVtOLFD OORULTXHD HVSHFWDFXODUPHQWH DEUD]iQGRVH D XQD JUDQ FUX] GH SDOR \ VLQ
UHFRUGDU DO TXH UHVLGLy WUHV GtDV HQ HOOD" £/DV LPiJHQHV ´1R DGRUDUiV OD REUD GH WXV
PDQRVµ
³£7HPEOHPRVKLMR³VHDODUPy%DUUDQWHV³£/DVHxRUD3DWULFLDHVWi]XUFLHQGRDKRUDOD
YLHMDVRWDQDGHOIUDLOH0DUWtQ
³£&UX] GLDEOR ³H[RUFL]y HO RUGHQDQ]D 0XxHLUD³ £FRQ UD]yQ OD PXMHU QR ILJXUD HQ HO
'HUHFKR&DQyQLFR
<DIXHUDHOVXHxRGHXQDPDxDQDSULPDYHUDORXQDPXUJDGHFRQWULEX\HQWHVIDQDWL]DGRV
HO FRURQHO -XOLR &pVDU 3URVHUSLR QR GDED SLH FRQ EROD HQ DTXHO VDLQHWH LQYDVRU < VLQ
RFXOWDUFLHUWDOHYDGXUDGHPRVWD]DFDVWUHQVHTXHVHOHLEDVXELHQGRDODVQDULFHVDERUGy
DO$XWRGLGDFWR\OHGLMR
³6HxRU XVWHG PH KD GHPROLGR HO %DQFR \ OD &DWHGUDO 4XLHUH SRQHU OD &DWHGUDO HQ HO
WHUUHQRGHO%DQFR\PHDPHQD]DFRQGHPROHUHO0LQLVWHULRGH+DFLHQGDSDUDHULJLUHQVX
OXJDUXQ0LQLVWHULRGH$UPDV¢'LJRELHQ"
³0X\H[DFWR³ORDOHQWy0HJDIyQ
³¢<SRUTXp"³LQVLVWLyHO,QWHQGHQWH
7UDV XQ RMHR ILQDO GH OD 3OD]D GH 0D\R GRQGHD VX HQWHQGHU VH KDEtDQ FRQIXQGLGR ODV
SLH]DV GH FLHUWR DMHGUH] YHQHUDEOH FRPR HQ XQD WUDPSD GH MXHJR HO $XWRGLGDFWR OH
UHVSRQGLyDVt
³0LFRURQHOVHDGYLHUWHXQDWUDLFLyQHQHOGHOLQHDPLHQWRItVLFRGHODFLXGDG
³¢4XLpQKDVLGRWUDLFLRQDGR"
³(O)XQGDGRUGH%XHQRV$LUHV0LFRURQHOHOGHVWLQRGHXQDFLXGDGVHILMDGHVGH\HQHO
DFWRGHVXQDFLPLHQWR6XSRQHODYROXQWDGGHXQ)XQGDGRURULHQWDGDSRUXQDLQWHOLJHQFLD
VHJXUD GH OR TXH VH TXLHUH KDFHU R ORV GHVLJQLRV GH XQ DUWtILFH TXH FRQVWUX\H OD FLXGDG
VHJ~Q VXV SODQHV GH LQYHQWRU OD IXQGDPHQWD VREUH SULQFLSLRV GHWHUPLQDGRV \ OD GLULJH
KDFLDXQILQFODUDPHQWHSUHHVWDEOHFLGR£6HxRUIXQGDUXQDFLXGDGQRHVDEULUXQDFDQFKD
GHERFKDV
³£(VRORYHKDVWDXQFLHJR³GHVSUHFLyHO,QWHQGHQWH
³¢/RDGPLWHXVWHG"³UHSXVR0HJDIyQ³+DGHDGPLWLUHQFRQVHFXHQFLDTXHROYLGDUHVH
SULQFLSLR\DTXHOILQHVWUDLFLRQDUDO)XQGDGRU
³¢4XpSULQFLSLR\TXpILQ"
³8QD FLXGDG VH IXQGD FRPR HV OyJLFR HQ HO 3ULPHU 3ULQFLSLR GH WRGR OR FUHDGR £0L
FRURQHO HV OD ~QLFD PDQHUD GH TXH OD FLXGDG VH DMXVWH DO RUGHQ HFXPpQLFR < D OD XUEH
QDFLHQWH VH OH DVLJQD WDPELpQ XQ ILQ DGHFXDGR D VX 3ULQFLSLR (WHUQR XQ ILQ TXH GHEHUi
FXPSOLU HQ HO WUDQVFXUVR GH VX H[LVWHQFLD \ TXH VHUi HO REMHWR SURSLR GH VX YLGD FRPR
FLXGDGGHOKRPEUH
$TXHOOD H[SRVLFLyQ GHMy DEVRUWRV DO ,QWHQGHQWH \ DO RUGHQDQ]D 0XxHLUD TXH SDUHFtD
VDERUHDUXQUHIULWRGH6DQWLDJR7HQVRVFRPRXQDERUGRQD\XQDSULPD%DUUDQWHV\%DUURVR
FDPELDURQRWUDPLUDGD
³0HSUHJXQWR³GLMRXQ%DUURVRHQSHUSOHMLGDG³VL0HJDIyQQRKDUREDGRHVRVILDPEUHV
RVFXUDQWLVWDV HQ HO PXVHR &OXQ\ GH 3DUtV < VL GH SDVDGD QR VH WUDMR XQ FLQWXUyQ GH
FDVWLGDGDMXVWDEOHDODHVEHOWH]GHODVHxRUD3DWULFLD
³+LMRQRH[DJHUHPRVODQRWD³ORUHSUHQGLy%DUUDQWHV³(QULJRUGHMXVWLFLD0HJDIyQHV
ODIUXWDVHFDGHXQDQDFURQLVPR
(O$XWRGLGDFWRHQYROYLyDOG~RHQXQDPLUDGDLUDFXQGD
³£%HVWLDV LUyQLFDV ³OHV JULWy³ 6L HO FHQWDXUR QR HVFRQGH VX SDQ]D GH EDUULO \ VL HO
MLOJXHURVDEHPRVWUDUVXYROFiQLFRXSLWHFRQSHUGyQGHVXFDUDPLFRURQHOVyORHVSDUD

69
H[KLELU\FRQIHVDUVXVUHODWLYLGDGHVIUHQWHDO$EVROXWR
³¢4XpQRVTXLHUHGHFLU"³OHSUHJXQWyHO,QWHQGHQWH
³4XHODSDQ]DGHOFHQWDXUR\HOXSLWHGHOMLOJXHURVRQGRVDFWRVGHIH
³¢<TXpWLHQHQTXHYHUFRQODIXQGDFLyQGH%XHQRV$LUHV"
³1RVHQVHxDQTXHODFLXGDGHQVXROYLGRLQFUHtEOHGHO$EVROXWRQRPXHVWUDKR\QLXQD
SDQ]DGLJQDQLXQFXORVXEOLPH¢<VDEHSRUTXp"3RUTXHKDWUDLFLRQDGRODVFRQVLJQDVGHVX
)XQGDGRU
³(VWDFLXGDGWXYRGRVIXQGDGRUHV³OHDGYLUWLyHOFRURQHO3URVHUSLR³¢$FXiOVHUHILHUH
XVWHG"
³/DSULPHUD%XHQRV$LUHV³DGXMR0HJDIyQ³IXHVyORHOPDJURFRPEXVWLEOHGHXQDIRJDWD
TXHUDQGt 0H UHILHUR DO VHJXQGR )XQGDGRU £D GRQ -XDQ GH *DUD\ WHQLHQWH JREHUQDGRU \
FDSLWiQJHQHUDOGHODVSURYLQFLDVGHO5tRGHOD3ODWD
/DYR]HQDOWHFLGDHOJHVWRJUDYH\HODGHPiQLQYRFDWRULRFRQTXH0HJDIyQDFDEDEDGH
QRPEUDUDOKpURHFRQPRYLHURQDODVHGLDGR\DORVDVHGLDQWHVGHOD,QWHQGHQFLD<DIDYRU
GH DTXHO FOLPD LGHDO QDGLH SDUHFLy PDUDYLOODUVH GH TXH VLQ DQXQFLR SUHYLR HO PLVPR
)XQGDGRU QRPEUDGR HVWDWXD GH EURQFH R IDQWDVPyQ GH KXPR VH DGHODQWDVH KDFLD HOORV
FRPRVLUHFLpQVHDSHDUDGHVXKLVWRULDRGHVXSHGHVWDOYHFLQR*DUD\WUDtDFDVFR\SHWR
GH FRPEDWH MXEyQ \ DOWDV ERWDV FRQ HVSXHODV \ VLQ HPEDUJR VH GHVSOD]DED HQ HO VDOyQ
GHO,QWHQGHQWHVLQWDFRQHRVSUyFHUHVQLERFKLQFKHGHPHWDOHV1DWXUDOPHQWHORVSULPHURV
HQUHDFFLRQDUDQWHODILJXUDLOXVWUHTXHVHOHVDSUR[LPDEDIXHURQ%DUUDQWHV\%DUURVRGRV
Q~PHQHVTXHVDEtDQILOWUDUVHSRUWRGDVODVMXQWXUDVGHOPLVWHULR
³£6HKDIXJDGRUHFLpQGHOPDQXDOGH*URVVR³H[FODPy%DUUDQWHVHQVXGHOLFLD
<FRPRLQYLWDUDFRQHODGHPiQDVXKLMRORVGRVLQWHJUDQWHVGHOG~RLQLFLDURQHQWRUQR
GHO)XQGDGRUXQEDLOHFHUHPRQLDOPLHQWUDVFDQWDEDQDJULWRSHODGR

(QWUHGRQ-XDQ\GRQ3HGUR
£PLSDORPLWD
IXQGDURQHVWDFLXGDG
£\FKDXYLGLWD

)UHQWHDLQVROHQFLDWDQYLVLEOHGRQ-XDQGH*DUD\GHVHQYDLQyVXWL]RQD\WUD]yFRQHOOD
XQPROLQHWHVREUHORVGDQ]DULQHVTXHKLFLHURQXQFXHUSRDWLHUUDGHODPHMRUIDFWXUD
³£(UUHFRQGR ³WURQy HO )XQGDGRU³ ¢+D PXHUWR DTXt OD UD]D GH ORV SDODGLQHV \ VyOR
TXHGDODUD]DGHORVEXIRQHV"$OJXLHQPHKDQRPEUDGRUHFLpQ¢TXLpQKDVLGR"
³0LFDSLWiQ\RIXL³OHGLMR0HJDIyQ
³¢<SRUTXp"
³0LFDSLWiQDVyPHVHYXHVDPHUFHGDHVWDVYHQWDQDV
&RQYLGDGR GH SLHGUD R DQyQLPD HUUDQWH DVt OR KL]R HO )XQGDGRU < VXV RMRV GH YDVFR
D]XOPDURYHUGHVHOYDUHFRUULHURQOD3OD]DGH0D\RHQEXVFDGHXQKRUL]RQWHSHUGLGR
³¢4XpFRUQRGHFLXGDGHVpVWD"³UH]RQJyDOILQ
³0LFDSLWiQ³OHGLMR0HJDIyQ³HV%XHQRV$LUHVODFLXGDGTXHYXHVDPHUFHGKDIXQGDGR
³/DTXH\RIXQGpDTXt³SURWHVWyHOYDVFR³VHOODPDED&LXGDGGHOD7ULQLGDG
³3DWHUHW)LOLRHW6SLULWX6DQFWR³JDQJXHyHORUGHQDQ]D0XxHLUDHQVXR[LGDGRODWtQGH
PRQDJXLOOR
³< SXHUWR GH 6DQWD 0DUtD GH ORV %XHQRV $LUHV ³DxDGLy HO $XWRGLGDFWR³ £1R KD\ TXH
ROYLGDUHOSXHUWR
³£9D\D SXHUWR ³GLMR HO )XQGDGRU FRPR HQ XQD UHPLQLVFHQFLD HQRMRVD³ £1R FDOD HO
QDYHJDQWHQLGRVSLHVGHODDOWXUDGHOFRGLOOR¢3RUTXpOHGLHURQDPLFLXGDGHOQRPEUHGH
PLSXHUWR"¢<SRUTXpPXWLODURQHOQRPEUHGHPLSXHUWRDOHVFDPRWHDUOHODJORULILFDFLyQGH

70
1XHVWUD 6HxRUD" £%XHQRV $LUHV ¢$ TXLpQ KRQUDQ ORV DERUtJHQHV FRQ HVH QRPEUH" ¢$ XQ
VLVWHPDGHDLUHDFRQGLFLRQDGR"
³0L FDSLWiQ ³DGXMR 0HJDIyQ³ OD LGHD HYDVLYD GHO SXHUWR JDQy DTXt XQD EDWDOOD < ORV
KDELWDQWHVGHODFLXGDGTXHGHELHURQOODPDUVH´WULQLWDULRVµDKRUDVHOODPDQ´SRUWHxRVµ
³£7DOHVSRUWHxRV³JULWyHOFDSLWiQ³VRQXQRVKLGHSXWDVUXLQHV
³&DFKRUUR³GLMRDTXt%DUUDQWHVDVXDOXPQR³DSHVDUGHVHUYDVFRHOIXQGDGRUDFDED
GH WUDGXFLU VX SHQVDPLHQWR HQ XQ FDVWL]R LQREMHWDEOH 0H SUHJXQWR VL QR KDEUi OHtGR D
*yQJRUDHQWUHDUSDVLQGLDVMXQWRDOKHUPRVR3DUDQi
&RQRMRVLUULWDGRVHO)XQGDGRUPLUyD%DUUDQWHV\DVXKLMR
³£/LWHUDWRV FREDUGHV ³ORV DSRVWURIy³ £<R QR HVFXFKp DUSDV LQGLDV MXQWR DO KHUPRVR
3DUDQiVLQRHOVLOELGRGHODVIOHFKDVTXHPHGLHURQPXHUWH£6DOWLPEDQTXLVPLUDGSRUPLV
RMRV
/RV DVHGLDGRUHV \ HO DVHGLDGR DVRPiQGRVH D ORV RMRV GHO IXQGDGRU YLHURQ XQ RUEH GH
IORUHVWDV HQPDUDxDGDV \ UtRV HQ EUXWR GH FLHORV JUDQGHV TXH VH DEUtDQ FRPR IORUHV
PRQVWUXRVDV R HVWDOODEDQ FRPR DUFDEXFHV HQ VXV WRUPHQWDV GH JXHUUHURV LQGLRV \
H[SORUDGRUHV GH FRUD]D \ PRUULyQ 9LHURQ RMRV GH SXPDV \ GH WLPE~HV DFHFKDQGR HQ OD
RVFXULGDGSLUDJXDVOOHQDVGHFRPEDWLHQWHVGHVQXGRV\VLJLORVRV\DFDUpVGHVOL]iQGRVHDODV
DJXDV<YLHURQORVSiUSDGRVOORURVRVGH/XFtD0LUDQGDHQVXFDXWLYHULR\ODVMHWDVFREUL]DV
GH 0DQJRUp \ 6LULSR EUDPDQGR GH SDVLyQ FRPR VHPHQWDOHV \ OD SDQ]D ULSLRVD GHO FOpULJR
'HO%DUFR&HQWHQHUD\HODJXGRSHUILOGHOVHxRU&RQFRORUFRUYR
³£2OHGDKRUDPLUHVXHOOR³GLMRHQVHJXLGDHO)XQGDGRU
< FRPR DUURMDUD VX DOLHQWR HQ HO VDOyQ GH OD ,QWHQGHQFLD HO DVHGLDGR \ ORV DVHGLDQWHV
ROLHURQIXHUWHVHPDQDFLRQHVGH&DSULFRUQLRDURPDVGHYDLQLOODV\PDGUHVHOYDVXQRORUGH
KRMDVGXOFHV\WDQLQRVDPDUJRVODFDFDIyVLOGHOFKDMi\HO DOPL]FODGR SLVGHO \DJXDUHWp
FDWLQJDVGHJXDUDQtHV\VREDTXLQDVGHDQGDOXFHVDOVRO
³£$USDV LQGLDV \ KHUPRVR 3DUDQi ³JUXxy HO )XQGDGRU YROYLHQGR D PLUDU FRQ GHVGpQD
ORVLQWHJUDQWHVGHOG~R
³0LFDSLWiQ³ORH[KRUWyHO$XWRGLGDFWR³VHDLQGXOJHQWHFRQHVWDVGRVSREUHVFULDWXUDV
(O+DFHGRUOHVKDGDGR XQDGHVYHUJHQ]DRIHQVLYRGHIHQVLYDFRPROH GLRJDUUDVDO WLJUH
FDSDUD]yQDODWRUWXJD\RUtQDO]RUULQR
³£3DGUH³OORUy%DUURVR³PHVLHQWRGHVKRQUDGRKDVWDODTXLQWDJHQHUDFLyQ
³/DGHVKRQUDHVHOSDQGHORVKXPLOGHV³ORFRQVROy%DUUDQWHV³+LMRVXIUHFRQGLJQLGDG
\UHGRQGHDWXEROLWDGHHVWLpUFROODFXFDUDFKDHVXQSH]LQWHOLJHQWH
3HURHO)XQGDGRUQRHQWHQGtDUD]RQHVELROyJLFDV(QUHDOLGDGHOYDVFRHVWDEDKHFKRXQD
IXULD
³£6HKDHPEUROODGRDTXtPLDFWDGHIXQGDFLyQ³PDOGLMR³£<PLFLXGDGHVWiER\DQGRD
ODGHULYD¢1RKD\HQWUHXVWHGHVDOJ~QUHVSRQVDEOHGHFDUJR"
³0LFDSLWiQ³OHGLMR0HJDIyQ³HQWUHQRVRWURVHVWiHOVHxRU,QWHQGHQWHGH%XHQRV$LUHV
³¢8Q&RUUHJLGRU"
³$OJRSRUHOHVWLOR$pOOHWRFDUtDUHQGLUFXHQWDVGHOYLHMRLQWUtQJXOLVIXQGDFLRQDO
%ODQFRGHWRGDVODVPLUDGDVHO,QWHQGHQWHVHDEDWLyHQVXiQLPR
³6HxRUHV ³SURWHVWy³ VR\ XQ FRURQHO UHWLUDGR HQ HMHUFLFLR FDVXDO GH OD ,QWHQGHQFLD <
DXQTXHSHUWHQH]FRDODFDEDOOHUtDQRHVWR\SDUDHVRVWURWHVILORVyILFRV(QWLHQGRTXHVLHO
VHxRU )XQGDGRU TXLHUH LQLFLDU XQD TXHUHOOD GHEHUi RFXUULU DO&RQWHQFLRVR $GPLQLVWUDWLYR
SRUH[SHGLHQWHLQLFLDGRHQ0HVDGH(QWUDGDVFRQHVWDPSLOODILVFDOGHFLHQSHVRV*LUDQGR
HOH[SHGLHQWHDO$UFKLYR*HQHUDOGHOD1DFLyQVHREWHQGUiXQLQIRUPHWpFQLFRPX\VHVXGR
<VLHODFWDIXHDGXOWHUDGDQRKDEUiRWURUHVSRQVDEOHTXHHO7LUDQR'HSXHVWR
$TXHO HMHUFLFLR GH SURVD EXURFUiWLFD GHMy DEVRUWRV D ORV R\HQWHV HO )XQGDGRU QR KDEtD
HQWHQGLGR QL MRWD VH DQRQDGDED 0HJDIyQ FRPR DQWH XQD YLHMD IDWDOLGDG %DUUDQWHV \

71
%DUURVRUHtDQLQSpFWRUHFRPRGRViQJHOHVPDORV\HORUGHQDQ]D0XxHLUDQRGLEXMyQLXQ
ULFWXVHQVXSHUILOURFRVRGHJiUJROD1RWDUGyHOFRURQHO3URVHUSLRHQDGYHUWLUTXHKDEtD
PHWLGRODVGHDQGDUHQDTXHOPHUHQJXHLQGHFLEOH\VXVRMRVEXVFDURQORVGH3DWULFLD%HOO
OD~QLFDHQWUHVXVDVHGLDQWHVTXHVHPRVWUDEDHQWHUD
³6LQ HPEDUJR ³GLMR 3DWULFLD³ QR WRGR VH KD HPEDUXOODGR DTXt GHVGH OD IXQGDFLyQ (O
HVFXGR PLVPR GH %XHQRV $LUHV UHWLHQH DO PHQRV XQD ILJXUD GH OD 7ULQLGDG OD SDORPD
UDGLDQWHGHO(VStULWX6DQWR
³£(VR HV YHUGDG ³VH DOHJUy HO FRURQHO LQWHQGHQWH DOHQWDGR SRU DTXHO UHIXHU]R GH
DUWLOOHUtD
<PRVWUyDO)XQGDGRUXQHVWDQGDUWHFRQODVDUPDVGHODFLXGDGTXHOXFtDHQVXGHVSDFKR
³6t ³DGPLWLy HO )XQGDGRU³ OD SDORPD ILJXUD PX\ D OR YLYR ODV QDYHV GHO HVFXGR
SDUHFHQHQEXHQHVWDGRGHFDUHQDSHURHODQFODPXHVWUDORVGLHQWHVPiVGHORUD]RQDEOH
FRPRVLWRFDUDIRQGRHQXQDEDMDQWHGHHVWHUtRTXHVHSDUHFHPiVDXQFKDUFR
³£<QRHVWRGR³H[XOWyHOFRURQHO3URVHUSLRDJDUUiQGRVHDODSDORPDFRPRDXQDWDEOD
GHQDXIUDJLR³6LHOVHxRU&DSLWiQPLUDRWUDYH]ODSOD]DYHUiTXHPLJRELHUQRUHVSHWXRVR
GHOVtPERORFRQVHUYD\GHILHQGHDOOtWRGRXQSDORPDU&LHUWRHVTXHODPDQXWHQFLyQGHORV
DQLPDOLWRVJUDFLDVDOS~EOLFRQROHFXHVWDQLXQFHQWDYRDODFRPXQD3HUR³DxDGLyFRQ
]R]REUDV GH HFyQRPR³ HVDV DYHV HQVXFLDQ ODV IDFKDGDV \ ORV PRQXPHQWRV \ HO HUDULR
PXQLFLSDOJDVWDXQDIRUWXQDHQVXOLPSLH]D
³£7DWD³VHLQTXLHWy%DUURVR³¢1RKD\FLHUWDLQFRPSDWLELOLGDGHQWUHXQVLPEROLVPR\HO
IXURUOD[DQWHGHODVSDORPDV"
³£1XQFD³ORDOHFFLRQy%DUUDQWHV³3DUDWRGRELFKRTXHDQGDHQVXVSLHVRYXHODHQVXV
SOXPDVKD\XQWLHPSRGHOVtPEROR\XQWLHPSRGHODFDJDGD/RVWUDVWHV\ORVFRQWUDVWHVQR
DOWHUDQ HO RUGHQ OHJDOPHQWH FRQVWLWXLGR £3LFKyQ DUUtPDWH DO EXHQ iUERO \ WH VROWDUi XQD
SHUD
'HVGH VX YHQWDQDO \ DMHQR D ODV HVSHFXODFLRQHV GHO G~R HO )XQGDGRU HVWXGLDED ORV
YDLYHQHVGHODPXOWLWXGTXHUHFRUUtDOD3OD]DGH0D\RHQWUHSDORPDVDWRUDGDVGHPDt]
³¢4XpKDFHQDEDMRWRGRVHVRVKRPEUHV"³LQTXLULy³¢4XpSLHQVDQ\TXpGLFHQ"¢&XiOHV
SRGUtDQVHUVXVRILFLRV\EHQHILFLRV"$XQTXHQROHVYHRODVFDUDVWLHQHQXQDLUHJHQHUDOGH
WUDSLVRQGLVWDV
³<ROHUHVSRQGHUpDO&DSLWiQ*HQHUDO³VHRIUHFLy%DUUDQWHV³&RQR]FRDHVRVKRPEUHV
GHDEDMRFRPRVLORVKXELHUDSDULGRXQRDXQRHQWUHGRVOXFHV
³¢4XLpQHVDTXtHOUHVSRQVDEOHGHO$VHGLR"³ORDPRQHVWyHO$XWRGLGDFWR³<RVR\TXLHQ
KDGHUHVSRQGHUDODHQFXHVWDGHOVHxRU&DSLWiQ
³¢< VL OH GLHUDQ XQD LQIRUPDFLyQ D GRV YRFHV SDUD WHQRU \ SDUD EDMR" ³SURSXVR
DVWXWDPHQWHEDUURVR
³¢8QFRQWUDSXQWR"³GLMR0HJDIyQ³£6HD
³1R GHVSUHFLDUp OD LQLFLDWLYD GH XQ KLMR WDOHQWRVR ³DFHSWy %DUUDQWHV FRQ OD PLUDGD
K~PHGD
(QWRQFHV ORV SHUVRQDMHV GHO $VHGLR VH RUGHQDURQ DVt IUHQWH D ODV YHQWDQDV DELHUWDV HO
)XQGDGRU XQD HQWHOHTXLD IXULRVD R XQ HVSHFWUR YLQGLFDWLYR $ VX GHUHFKD 0HJDIyQ R HO
$XWRGLGDFWRGH9LOOD&UHVSR\HO2VFXURGH)ORUHVDFX\DHVSDOGDVH PDQWHQtDILUPHXQD
3DWULFLD%HOOPLVWHULRVDGHWUDVWLHQGDVILORVRIDOHV$ODL]TXLHUGDGHO)XQGDGRUHOGLDOpFWLFR
%DUUDQWHV XQLGR SRU XQ LQYLVLEOH FRUGyQ XPELOLFDO D VX F~WHU HJR KHUPDQR VLDPpV R KLMR
SXWDWLYRHOGLDOpFWLFR%DUURVR0iVDWUiVHO,QWHQGHQWHFRURQHO-XOLR&pVDU3URVHUSLRD~Q
GHVRULHQWDGR\FRQIXQGLGRFRPRSHUURHQFDQFKDGHERFKDV\HORUGHQDQ]D0XxHLUDFX\R
VLOHQFLR YHQtD SURORQJiQGRVH GHPDVLDGR SDUD XQ JDOOHJR OLEUH \ DPHQD]DED GHVGH \D FRQ
XQDIXWXUD\REYLDJXHUUDFLYLO<%DUUDQWHVIXHTXLHQLQLFLyHOFRQWUDSXQWR
³6HxRU &DSLWiQ ³GLMR YROYLpQGRVH DO )XQGDGRU \ PRVWUiQGROH FRQ HO tQGLFH OD &DVD

72
5RVDGD³ HQ DTXHO H[WUDxR PRQXPHQWR TXH VH SDUHFH D XQD PD\RQHVD GH ODQJRVWLQRV
FRQFHGH D HVWD KRUD VXV DXGLHQFLDV HO JHQHUDO GRQ %UXQR *RQ]iOH] &DEH]yQ WDPELpQ OOD
PDGR ´HO KLMR GHO FKRULFHURµ DFWXDO 3UHVLGHQWH GH OD 1DFLyQ SRU DXWRFUDWLVPR LQJHQXR
XVXUSDFLyQ GH SRGHU \ RVFXULGDG DEVROXWD GH PROOHUD £6HxRU &DSLWiQ QRV HQFRQWUDPRV
DQWH XQD HVSHFLH IRONOyULFD GHO PHMRU FXxR $KRUD ELHQ ¢D TXp GHGLFD HVWD PDxDQD VXV
DIDQHVQXHVWURFDyWLFRJHQHUDO"¢µ3LHQVDHQ'LRVHQOD3DWULD\HQOD*ORULDµFRPRGHFtD
HO YLHMR GRQ 2OHJDULR" (O JHQHUDO GRQ %UXQR *RQ]iOH] &DEH]yQ WDPELpQ OODPDGR ´HO KLMR
GHOFKRULFHURµUHFLEHDKRUDSRUVXRUHMDGHUHFKDXQLQIRUPHVHFUHWRVREUHORVJHQHUDOHV
EHQGLWRVTXHORDSR\DQWRGDYtD\VREUHORVJHQHUDOHVPDOGLWRVTXHEXVFDQVXSODQWDUORHQHO
VLOOyQGH5LYDGDYLDWRGRVSUHVLGHQFLDEOHVHLJXDOPHQWHIRONOyULFRV3RUVXRUHMDL]TXLHUGD
HVWiR\HQGRORVLQIRUPHVGHODSROLFtDORVJHQGDUPHV\ORVRUJDQLVPRVGHVHJXULGDGDFHUFD
GHORVDSDOHDGRV\UHEHOGHVMXVWLFLDOLVWDVTXHDFDEDQGHUHFLELURWUDRUGHQPDJQHWRIyQLFD
GHVXOtGHUDFHUFDGHORVQDFLRQDOLVWDVUDELRVRVTXHVHDJDUUDQDOFKLULSiGH-XDQ0DQXHO\
DFHUFDGHORVIHURFHVPDU[LVWDVTXHRFXOWDQXQPLPHyJUDIRGHEDMRGHVXVFDWUHUDV¢$OJXQD
LQTXLHWXG HQ HO *HQHUDO 3UHVLGHQWH" £1R (O *HQHUDO 3UHVLGHQWH VRQUtH FRQ RSWLPLVPR VX
RMR GHUHFKR VH DILUPD HQ HO *UDQ 2OLJDUFD \ VX RMR L]TXLHUGR HQ HO 3HQWiJRQR GHO 1RUWH
£%LHQ£4XHSDVHDKRUDHOVHxRUHPEDMDGRUGHORV(VWDGRV8QLGRV
³(VR QR HV GHO WRGR H[DFWR ³GLMR DTXt 0HJDIyQ³ (Q UHDOLGDG OD OtQHD YD GHVGH HO
3HQWiJRQRGHO1RUWHDO*UDQ2OLJDUFD\GHVGHHO*UDQ2OLJDUFDVHFRQFHQWUDHQHO*HQHUDO
3UHVLGHQWH
< YROYLpQGRVH DO )XQGDGRU TXH QR GDED VHxDOHV GH GLJHULU DTXHOOD JHRPHWUtD HO
$XWRGLGDFWROHDGYLUWLy
³0L &DSLWiQ HO RUDGRU %DUUDQWHV FRQ LQVLGLRVR HVWLOR SDQIOHWDULR LQWHQWD GHQLJUDU HQ
EORTXHDQXHVWUDREQXELODGDRUJDQL]DFLyQFDVWUHQVH<ORKDFHFRPRVLHOODHQVXLQFUHtEOH
FHUUD]yQ PHQWDO IXHVHXQ FDVR LUUHPHGLDEOHPHQWH SHUGLGR ¢$VHJXUDUtD HO RUDGRU TXH QR
KD\HQWUHQRVRWURVDOJ~QVROGDGRTXHTXLHUHYROYHUDHPSXxDUHOVDEOHFRUYRGH6DQ0DUWtQ
HQ OXJDU GHO JDUURWH GHO YLJLODQWH" ¢$VHJXUD pO TXH QXHVWUD JORULRVD FDEDOOHUtD PRWRUL]DGD
FRQWLQXDUiPDQHMDQGRORVWDQTXHVKtGULFRVGHODUHSUHVLyQEXUJXHVD"
³/RTXH\RSXHGRDVHJXUDU³GLMR%DUUDQWHV³HVTXHHORUDGRU0HJDIyQXVDORVURVDGRV
DQWHRMRV GH OD LQRFHQFLD (Q 9LOOD &UHVSR OR OODPDQ ´HO FDtGR GHO FDWUHµ £< YD PXHUWR VL
FUHH TXH OD OtQHD PRWUL] GH OD QDFLyQ DFDED HQ HO *HQHUDO 3UHVLGHQWH 6HxRU &DSLWiQ ³
DxDGLy GLULJLpQGRVH DO YL]FDtQR IXQGDGRU \ VHxDODQGR SRU OD YHQWDQD HO 0LQLVWHULR GH
+DFLHQGD³ HQ DTXHO HGLILFLR DEVWUDFWR VH PXHYH D HVWD KRUD FRQ H[WUDxD VROWXUD HO
SHUVRQDMH GRQGH FRQIOX\H OD OtQHD PRWUL] TXH DUUDQFD GHO 3HQWiJRQR HV HO 0LQLVWUR GH
(FRQRPtD GRFWRU DUTXLWHFWR 5DPLUR 6DOVDPHQGL OODPDGR WDPELpQ ´HO SURPRWRU GH ORV
LQYLHUQRVµ\´HOYHUGXJRGHORVHVWtRVµ6XKRUyVFRSRHVWDQHQUHYHVDGRTXHFRQODPLVPD
LPSDYLGH] YHQGH DO H[WUDQMHUR VXV WRUWDV GH OLQD]D R XQD SURYLQFLD GH QXHVWUR HQYLGLDGR
WHUULWRULR8VDXQGLRVDOTXHFODPDVLQDPDUOROD(VWDELOLGDG0RQHWDULD\XQGHPRQLRDO
TXHWHPHVLQHOXGLUOROD,QIODFLyQ7UHVYHFHVKDPXHUWRSRUOD3DWULD\KDUHVXFLWDGRWUHV
YHFHVFRQDGPLUDEOHIUHVFXUD3RUTXHVXVySWLPDVFRQGLFLRQHVGHIORWDELOLGDGORFRQYLHUWHQ
HQXQFRUFKRDEVROXWR
³1R \ Vt ³GHVDSUREy \ DSUREy HO $XWRGLGDFWR DQWH %DUUDQWHV TXH VH KDEtD GHWHQLGR
FRPR XQ SLQWRU IUHQWH D XQ UHWUDWR HQ REUD³ 0L &DSLWiQ QR QHJDUp TXH 6DOVDPHQGL HO
PLQLVWUR VHD XQ GRFWRU IORWDQWH \ XQ DUTXLWHFWR GH OD QDGD 3HUR WLHQH VX ´FRORU ORFDOµ
DPDOJDPDGRFRQDOJ~QFRVPRSROLWLVPRGHODPHMRUFHSDROLJiUTXLFD(QHVWHLQVWDQWHSRU
HMHPSOR DFDED GH UHFLELU D ORV DJHQWHV GHO )RQGR 0RQHWDULR ,QWHUQDFLRQDO D ORV
FRQWDGRUHVGHO([LPEDQNGH:DVKLQJWRQDORVVRFLRVGHO&OXEGH3DUtV\DORVSUHVWDPLVWDV
GHO 0RQJREDQN GH =XULFK 6DOVDPHQGL DQRWy \D ODV LQVWUXFFLRQHV IRUiQHDV \ VDEH DO ILQ
FyPRUHVROYHUORVSUREOHPDVDUJHQWLQRV$OERUR]DGRUHFLEHDORVSHULRGLVWDVTXH]XPEDQ

73
HQVXVDQWHVDODV´£(XUHNDµOHVJULWD´£6HKDFRQVROLGDGRHO5pJLPHQ¢'yQGHKDQSXHVWR
ODV FiPDUDV GH WHOHYLVLyQ" 6HxRUHV SHULRGLVWDV OD VROXFLyQ HUD LQIDQWLO GHVYDORUL]DU OD
PRQHGDLQGtJHQDSDUDYHQGHUPiVEDUDWR\FRPSUDUPiVFDUR(VWDJDQJDQDWXUDOPHQWH
QRVFRVWDUiXQHVIXHU]RYHLQWHPLOORQHVGHDUJHQWLQRVGHEHUiQDSUHWDUVHORVFLQWXURQHV\
FRUUHU OD OLHEUH SDUD PRVWUDU XQD VLOXHWD TXH OH JXVWH DO )RQGR 0RQHWDULR ,QWHUQDFLRQDO
7HQJR D OD ILUPD XQ DFXHUGR VWDQG E\ TXH OH DUUDQTXp D OD 86$ FRQ HO VXGRU GH PL
WUDEDMR ¢(Q TXp FRQVLVWH VHxRU PLQLVWUR" (Q OR VLJXLHQWH \R GR\ XQ \DFLPLHQWR
SHWUROtIHUR \ PH GDQ HQ FDPELR OD EHQFLQD SDUD PL HQFHQGHGRUµ $QWH ORV SHULRGLVWDV
GHVOXPEUDGRV HO GRFWRU DUTXLWHFWR 5DPLUR 6DOVDPHQGL FRQFUHWD VX GRFWULQD ´8Q YHUDQR
DUJHQWLQRHVLJXDODODVXPDH[DFWDGHTXLQFHLQYLHUQRVULJXURVRVDSDJDUHQGyODUHVHQHO
1DWLRQDO%DQNGH1XHYD<RUNµ
³£0L &DSLWiQ ³GLMR %DUUDQWHV H[WDVLDGR³ HVD YLVLyQ FOLPDWpULFD GH OD HFRQRPtD HV XQ
OXMRTXHVyORVHGDHQHVWDVJUDFLRVDVODWLWXGHV
³&RQR]FR ODV JUDFLDV \ GHVJUDFLDV GH HVWDV ODWLWXGHV ³UHSXVR DTXt HO )XQGDGRU³ < HQ
HVWD HQVDODGD LQGLJHULEOH GH 6DOVDPHQGLV \ &DEH]RQHV HQWLHQGR VyOR TXH GHVFDVWDGRV \
KHUHMHVJRELHUQDQDKRUDHVWDWLHUUDTXH\RDPDQVpFRQHOVXGRUGHPLVD[LODV\ODVDQJUHGH
PLFRVWLOODU
(O)XQGDGRURVXiQLPDHUUDQWHGHSXVRDTXtODWHVLWXUDGHOMXH]SDUDHQWUDUHQODEURQFD
GHOJXHUUHUR'HVGHORVYHQWDQDOHVWHQGLyVXSXxRDODPXOWLWXGTXHDEDMRWUDQVLWDED
³¢<HVRVLGLRWDVQRVHGDQFXHQWD"³JULWy³£6LHVDVtHFKDGPHDYXHORODVFDPSDQDVGHO
&DELOGR £7RFDG D ERWDVLOODV £&RQFLXGDGDQRV D Pt £(QFHQGHG ODV PHFKDV GH ORV
DUFDEXVHV
³¢4XpVHLQWHQWDHQPLGHVSDFKRXQPRYLPLHQWRLQVXUUHFFLRQDO"³VHDODUPyHOFRURQHO
,QWHQGHQWHVLQDGYHUWLUORVDQDFURQLVPRVHQTXHLQFXUUtDHO)XQGDGRU
³0L&DSLWiQ³DGYLUWLyDOKpURH³HVHTXHYXHVDPHUFHGDUHQJDHVXQSXHEORFDVWLJDGR
VXPHUJLGR\QHJDGRKDVWDODGHVHVSHUDFLyQ
'HVGH VX YHQWDQD \ FRPR EXVFDQGR XQ DVLGHUR HO KpURH PLUy OD &DWHGUDO VH SHUVLJQy
GHYRWDPHQWH\GLMR
³6LHOSRGHUWHPSRUDOHVWiHQPDQRVGHWUDLGRUHV\PHUFDFKLIOHV¢SRUTXpQRLQWHUYLHQH
OD DXWRULGDG HVSLULWXDO" 4XLHUR YHU DO &DUGHQDO 3ULPDGR £TXH PH EHQGLJD \ PH DFODUH
DKRUDHVWHERGULR
³(O &DUGHQDO 3ULPDGR QR HVWi YLVLEOH ³OH DQXQFLy HO FRQWUDSXQWLVWD %DUUDQWHV³ $ ODV
RFKREHQGLMRODVSRODLQDVGHORVDOIpUHFHVDODVGLH]HVWXGLyORVSODQRVGHXQDLJOHVLDGH
ODGULOORVTXHSUREDEOHPHQWHQRKDELWDUiVX'LRV\HQHVWHPLQXWRFRPRDFDGpPLFRGHOD
KLVWRULDHOVHxRU&DUGHQDOHVFULEHXQDHStVWRODVXDYHFRQWUDODSODJDGHOUHYLVLRQLVPR
³1R FXOSR DO VHxRU &DUGHQDO ³GLMR HO FRQWUDSXQWLVWD 0HJDIyQ³ $O ILQ \ DO FDER IDOWD
PiV GH XQD GpFDGD SDUD TXH VH UH~QD HO &RQFLOLR 9DWLFDQR 6HJXQGR 3HUR £DWHQFLyQ PL
&DSLWiQ9HDXVWHGDHVHKRPEUHFLWRHQVRWDQDGRTXHDKRUDVDOHGHOD&XULDHVHORELVSR
´)UD]DGDµOODPDGRDVtSRUVXH[WUDYDJDQWHLQFOLQDFLyQDUHSDUWLUFRELMDVHQWUHORVSREUHV
(O VHxRU &DUGHQDO DFDED GH SURKLELUOH WRGR DFHUFDPLHQWR D ORV VLQGLFDWRV \ HO RELVSR
´)UD]DGDµFRQODVRUHMDVTXHOHDUGHQYXHOYHDVXGLyFHVLVGH$YHOODQHGD0L&DSLWiQHQ
HVHFXULWDGHPHGLDVPRUDGDVHVWiJHUPLQDQGR\DODHQFtFOLFD3RSXORUXPSURJUHVVLR
³£$OHOX\D³H[FODPy3DWULFLD³&KULVWXVYLYLW
6LQHPEDUJRHOKpURHQRVHPRVWUyVHQVLEOHDHVDVSDODEUDVGHDOLHQWR3RUORFRQWUDULR
IRUPXOy HQWRQFHV ORV ´WUHV LPSURSHULRVµ TXH JXDUGDURQ ORV DVHGLDQWHV HQ VXV PHPRULDV \
TXHWRGDYtDVHFRQVHUYDQHQ)ORUHVSRUWUDGLFLyQRUDO(OSULPHURIXHODQ]DGRHQODYHQWDQD
\IUHQWHDODPXOWLWXG
³£&LXGDGLQJUDWD³GHFtD³7HOHYDQWpVREUHORVWL]RQHVKXPHDQWHVTXHGHMyHODQGDOX]
SDUD TXH IXHUDV XQD FHQWUDO GH KRPEUHV \ GH YLUWXGHV 7H YHVWt GH KLHUUR \ WH FDOFp GH

74
EURQFH SDUD OD JXHUUD < VH WH YLR HQ DGHODQWH £RK YLUJHQ DULVFD UHSULPLU DO EiUEDUR
GHUURWDU DO LQJOpV LQYDVRU \ ODQ]DU H[SHGLFLRQHV OLEHUWDGRUDV D XQ PXQGR QXHYR ¢< TXp
KDFHV DKRUD £RK YLUJHQ GHJUDGDGD VLQR EDLODU HO WDQJR GH WX GHUURWD MXQWR DO UtR \
SHUPLWLUTXHHOH[WUDQMHURWHSDOPHHODVQDOJDV\PDQRVHHODVWHWDV"
&RQODLQWHQFLyQGHXQPXWLVHOKpURHVHDOHMyGHODYHQWDQD\VHGLULJLyDODSXHUWDGHO
GHVSDFKR$PHGLRDQGDUVHYROYLyDORVR\HQWHV\OHVFKDQWyHOVHJXQGRLPSURSHULR
³%XHQRV $LUHV ³GLMR HQWUH UDELRVR \ HOHJLDFR³ HQ WX PDQR L]TXLHUGD SXVH OD GHUHFKD
GHOiQJHO\HQWXGHUHFKDHOWLPyQGHXQJUDFLRVRGHVWLQRHQWXOHQJXDHOVDERUGHXQD
OLEHUWDGVLQGHFODPDFLRQHV\HQWXULxyQODSLPLHQWDGHXQRUJXOORVLQDOKDUDFDV¢<FyPRWH
YHRDKRUD"£(QODLQHUFLDGHWXFDtGD\HQHOFLQLVPRGHWXGHVHVSHUDFLyQHQWUHODGURQHVGH
DGHQWUR\DVDOWDQWHVGHDIXHUDTXHVHFRPHQWXSDUULOODGDVHEHEHQWXYLQR\JR]DQDWXV
PXMHUHV
5HDQXGy VX PDUFKD \ \D MXQWR D OD SXHUWD GH VDOLGD HQIUHQWy QXHYDPHQWH D ORV GHO
JUXSR
³£&LXGDGSUHYDULFDGRUD³UH]RQJyHQXQWHUFHULPSURSHULR³7HSHUGRQRODHVWDWXDGH
YHLQWHFHQWDYRVTXHKDVHULJLGRDPLPHPRULDHQODHVTXLQDGH5LYDGDYLD\/HDQGUR$OHP
£W~TXHGHGLFDVWHPRQXPHQWRVFRVWRVRVDORV]DQDKRULDVTXHWHYHQGtDQRWUDLFLRQDEDQ£/R
TXHQRWHSHUGRQRHVTXHKD\DVROYLGDGRPLVHVWDWXWRV\SHUGLGRPLEU~MXOD
'LFKRORFXDOHOYDVFRVHDUUDQFyHOJXDQWHGHODPDQRL]TXLHUGDORDUURMyDORVR\HQWHV
HKL]RXQPXWLVIDQWDVPDODWUDYpVGHODSXHUWDFHUUDGD0HJDIyQKDEtDUHFRJLGRHOJXDQWH
< DXQTXH ORV WUHV LPSURSHULRV GHO KpURH D MXLFLR GH WRGRV DGROHFtDQ GH FLHUWR UHWLQWtQ
OLWHUDULR \ GH XQD H[DJHUDFLyQ PX\ YLVLEOH HO DVHGLDGR \ ORV DVHGLDQWHV JXDUGDURQ XQ
VLOHQFLRULFRHQVXJHVWLRQHV7UDVHOPXWLVGHO)XQGDGRUSDUHFtDTXHODYXOJDULGDGHOWUDMtQ
FRWLGLDQR\ODSUREOHPiWLFDLQVROXEOHGH%XHQRV$LUHVUHJUHVDEDQDOVDOyQGHOD,QWHQGHQFLD
SRUWRGDVODVDEHUWXUDV<QDWXUDOPHQWHKDEOyHQWRQFHVRUHYHQWyHORUGHQDQ]D0XxHLUD
FDUJDGRFRPRXQDERPEDGHWLHPSRKHULGRHQVXVUDQFLDVRUWRGR[LDVIUXWRDQDFUyQLFRGH
\DR[LGDGRVFDWHFLVPRVYyPLWRQHJURGHXQ$\HUTXHWRGDYtDRVDEDGHFODUDUVXQRPEUH
³6HxRU ,QWHQGHQWH ³GLMR³ FRQ SDFLHQFLD FULVWLDQD HVFXFKp ODV EODVIHPLDV \ VDFULOHJLRV
TXHVHKDQODQ]DGRHQODVSURSLDVEDUEDVGH8VtD1RVR\XQ´FKXSDPHGLDVµFRPRGLFHQGH
Pt ORV FRPXQLVWDV GH OD %DQGD 0XQLFLSDO £6R\ FDWyOLFR DSRVWyOLFR URPDQR \ QR SXHGR
VXIULU TXH VH KDJD EURPD GH VX HPLQHQFLD UHYHUHQGtVLPD HO &DUGHQDO 3ULPDGR QL GHO
H[FHOHQWtVLPRVHxRU3UHVLGHQWHGHOD1DFLyQQLGHVXVH[FHOHQFLDVORVVHxRUHVPLQLVWURV/R
TXHRFXUUHVHxRU,QWHQGHQWH0XQLFLSDOHVTXHQRVHQFRQWUDPRVHQ6RGRPD\*RPRUUD\
QRHQODFLXGDGIXQGDGDSRUHOYDOLHQWHPDULQRHVSDxROTXHSRUVHUYDVFRQRHVWiOHMRVGH
*DOLFLD\HVWDQSDLVDQRPtRFRPR&ULVWyEDO&ROyQHOTXHSXVRHOKXHYRGHSXQWDTXHQROR
KDFH FXDOTXLHUD ¢6DEH8VtD SRU TXp OOHJy HVWDFLXGDG D VXV GHVYHUJHQ]DV \ SXGULFLRQHV"
&XDOTXLHUDTXHVHDVRPHDOD3OD]DGH0D\RORYHUiHVTXHORVDERUtJHQHVFRQD\XGDGH
ORVIUDQFHVHVKDQVXSULPLGRHQVXFHQWURHO´UROORµGHODVWRUWXUDVDOQRUWHODKRUFDGHO
YHUGXJR\DOVXUHO6DQWR7ULEXQDOGHOD,QTXLVLFLyQ6L8VtDGHYXHOYHDODSOD]DHVRVXWHQVL
OLRV£\DYHUiTXLpQHV&DOOHMD£<QRPHVDOJDQDKRUDFRQRWURVGLEXMRV\DUTXLWHFWXUDV
+RVWLOHVIXHURQODVUHDFFLRQHVTXHODRUDWRULDGHORUGHQDQ]DSURYRFyHQORVDVHGLDQWHV\
PXFKRPiVFXDQGR0XxHLUDVXEUD\yVXVSDODEUDVFRQXQULFWXVFUXHOWDOODGRHQVXMHWDGH
PRQVWUXRDQWLJXR
³£'LRV GH DPRU \ 3DGUH &HOHVWLDO ³RUy 3DWULFLD IHUYRURVDPHQWH³ £1R FDVWLJXHV DO
RUGHQDQ]DFRQHOUHEHQTXHGHWXIXURUFDVWtJDORFRQODULVDGHWXPLVHULFRUGLD
3HUR%DUUDQWHVHVWDEDKHULGRHQVXVFXHUGDVPiVtQWLPDV
³£/DKRUFDGHOYHUGXJR³GLMRDVXYH]³(VWDFLXGDGVHLQLFLyFRQXQDKRUFDGR\WRGR
HOPXQGRVDEHTXHODSREODFLyQKDPEULHQWDVHORFRPLyKDVWDODFLQWXUD/DJUDQMRGLHQGD
GHODVKRUFDVHVTXHVyORIDYRUHFHQDOFDQLEDOLVPR£&KDQJR³H[KRUWyDVXKLMR%DUURVR³

75
DSUHQGHUiVHVWDOHFFLyQJiVWULFDGHOD+LVWRULD
³/R KDUp WDWLWD ³FRQWHVWy %DUURVR³ 3HUR PH DVDOWD XQD GXGD ¢(O RUGHQDQ]D 0XxHLUD
QRHVDTXHOVDFULVWiQIXUWLYRTXHVHDFHUFyXQDQRFKHDODKRJXHUDGH-XDQDGH$UFR\DVy
HQHOUHVFROGRVXVQXHYHVDUGLQDVGH/D&RUXxD"
³1RIXHURQQXHYHVLQRGRFH³OHUHVSRQGLy%DUUDQWHV
³£(VXQIDOVRWHVWLPRQLR³JULWy0XxHLUD³£<RQRFRPRVDUGLQDV£1RVRQEXHQDVSDUDOD
FDVWLGDGWLHQHQGHPDVLDGRIyVIRUR
³3DGUH³LQVLVWLy %DUURVR³ ¢HO RUGHQDQ]D 0XxHLUD HV XQ FDVWR YRFDFLRQDO R XQ FRUQXGR
HQSRWHQFLD"
³(OHVFDVWR\FRUQXGRDODYH]³OHH[SOLFyXQ%DUUDQWHVHQHTXLOLEULR
9LHQGR DTXt HO $XWRGLGDFWR TXH 0XxHLUD VH GLVSRQtD ILHUDPHQWH D FRQWLQXDU XQ
HQWUHGLFKRVLQGXGDLQWHUPLQDEOHGHFLGLySRQHUILQDODVDFFLRQHV5HFRUGySRUXQODGR
TXHODSDFLHQFLDGHO,QWHQGHQWHQRHUDLQILQLWD\DGYLUWLySRUHORWURTXHHO3DODFLR0XQLFL
SDO\DVHOOHQDEDGHUXLGRVSDVRVGHJHQWHVTXHVHPRYtDQDIXHUDWLPEUHV\DUUDQTXHVGH
DVFHQVRUHV
³£%DVWD\D³RUGHQyDOG~R\D0XxHLUD
<HQIUHQWiQGRVHFRQHO,QWHQGHQWH
³0LFRURQHO³OHDQXQFLy³HO$VHGLRKDWHUPLQDGR%XHQRVGtDV\PXFKDVJUDFLDV
&RQ 0HJDIyQ \ 3DWULFLD %HOO DO IUHQWH ORV DVHGLDGRUHV FDPLQDURQ KDFLD OD SXHUWD GHO
VDOyQ < HO FRURQHO -XOLR &pVDU 3URVHUSLR ORV YLR DOHMDUVH DQyQLPRV H LPSUHYLVLEOHV FRPR
KDEtDQOOHJDGR
³£8QPRPHQWR³ORVGHWXYR³¢4XpEXVFDEDQDTXt"6yORPHKDQHQFDMDGRXQDVDUWDGH
OXJDUHVFRPXQHV
³¢/XJDUHVFRPXQHV"³UHSXVR0HJDIyQDEULHQGR\DODSXHUWDGHVDOLGD
³£7RGRVORVTXHYLHQHQPDQHMDQGRORVFLYLOHVFRQWUDHOJRELHUQRGHODUHYROXFLyQ
%DUUDQWHVQRGLVLPXOyVXDPDUJXUD
³(O VHxRU ,QWHQGHQWH KD LQVXOWDGR D ORV OXJDUHV FRPXQHV ³GLMR³ ¢,JQRUD pO TXH ORV
OXJDUHVFRPXQHVKDQIXQGDGRXQD~WLOGHPRFUDFLDGHODLQWHOLJHQFLD"
³/R TXH \R KDUtD HQ OXJDU GHO VHxRU ,QWHQGHQWH ³DVLQWLy %DUURVR³ HV H[SURSLDU ORV
OXJDUHVFRPXQHVHLQVWDODUHQHOORVEDQFRVGHMDUGtQXQPLQJLWRULRJUDWXLWR\HQHOFHQWUR
ODHVWDWXDGHOLQPRUWDO3HURJUXOORIXQGLGDHQEURQFH
%DUUDQWHVSDUHFLyDUUREDGR
³6HxRU,QWHQGHQWH³GLMRSUHVHQWiQGROHD%DUURVR³£DTXtWLHQHDXQXUEDQLVWD
³£*UDFLDVSDSi³VHHQWHUQHFLy%DUURVR
³£+LMRFLUFXODSRUWXGHUHFKD\QRFDPELHVGHPDQR
/RV LQWHJUDQWHV GHO G~R 3DWULFLD %HOO \ HO RUGHQDQ]D 0XxHLUD VDOLHURQ GHO GHVSDFKR <
0HJDIyQKDFtD\DVXPXWLVFXDQGRHO,QWHQGHQWHORUHWXYRD~Q
³2LJD³OHGLMR³XVWHGVHKDOOHYDGRHOJXDQWHGHO)XQGDGRU¢&RQTXpREMHWR"
³0LFRURQHO³UHSXVRHO$XWRGLGDFWR³UHVSRQGHUpDHVHJXDQWHFRQ'RV%DWDOODV
³¢(VXVWHGXQRILFLDOUHWLUDGR"
³1RPLFRURQHO<RVR\XQ´UHWLUDGRµFDVLRILFLDO<HQODPLVPDVLWXDFLyQGHUHWLURVH
KDOODQKR\YHLQWHPLOORQHVGHFRPSDWULRWDV$GLyV\JUDFLDVRWUDYH]
'HVDSDUHFLGRVORVDVHGLDGRUHV\FHUUDGDODSXHUWDHOFRURQHO,QWHQGHQWHVHYLRVRORHQ
HO JUDQ GHVSDFKR PXQLFLSDO 6HQWDGR DKRUD HQ VX GHFRUDWLYR VLOOyQ PHGLWDED OD ~OWLPD
VHQWHQFLD GHO TXH DSDUHQWHPHQWH KDEtD FRPDQGDGR D ORV LQWUXVRV ¢TXp KDEUtD TXHULGR
VXJHULUHOKRPEUH"1RWXYRWLHPSRGHDOFDQ]DUDOJXQDOX]SRUTXHDVXGHUHFKDVHDEULyHO
DFFHVR TXH FRPXQLFDED HO VDOyQ FRQ ODV RILFLQDV LQWHULRUHV \ SRU pO HQWUy XQD KLOHUD GH
DPDQXHQVHV FRQ ORV GHFUHWRV SDUD OD ILUPD (O FRURQHO -XOLR &pVDU 3URVHUSLR 5 $ WRPy
XQDHVWLORJUiILFD<HQWRUQRVX\RFRPHQ]yDJLUDUXQSODQHWDULRGHFDUDVPXHUWDV

76
 5$362',$,9

(VQHFHVDULRDYHFHVTXHODV0XVDVDUUDVWUHQVXVFKDQFOHWDVHQXQSDWLR\QRVHFKHQDOD
FDUDXQSXURDOLHQWRGHFHEROODV7RUUHGH0HJDIyQDPHGLRGtDHQWUHGRVIDOVDVDOPHQDV\
FRPR DO DFHFKR 3DWULFLD %HOO RWHD ORV DOUHGHGRUHV FRQ VXV DQWHRMRV GH WHDWUR (V OD KRUD
XQLYHUVDOGHODOPXHU]R´£'LRVPLVHULFRUGLRVRKD]TXHQROHIDOWHQORVDOLPHQWRVDQLQJXQD
GH WXV FULDWXUDVµ 3DWULFLD %HOO HVWi HQ DFHFKR \ HQ RUDFLyQ ¢FXULRVLGDG R WHUQXUD
RQWROyJLFD"<GHVGHDEDMRVXEHQIXHUWHVRORUHVGHFDUQHDODSDUULOODIULWXUDVHQDFHLWH\
JXLVRVGHSHVFDGRFRQDURPiWLFDVHVSHFLDV
³£+LPQR DO 0HGLRGtD ³UtH 0HJDIyQ DVSLUDQGR DTXHOODV HPDQDFLRQHV GH OD EXFyOLFD
KXPDQD³3DWULFLDORVDUTXHyORJRVEXVFDQHQODWLHUUDFDYDGDORVUDVWURVDQWLTXtVLPRVGHO
KRPEUH¢<TXpVXHOHQKDOODU"6tDOJ~QWHPSORHQUXLQDVRORVHVFRPEURVGHXQDIRUWDOH]D
R ORV SDSLURV GH XQD WUDGLFLyQ R ODV HVFXOWXUDV REVFHQDV GH XQD FLXGDG FDVWLJDGD 3HUR
VREUH WRGR HQFXHQWUDQ UHVLGXRV GH FRFLQD IRJRQHV DQWHGLOXYLDQRV KDFKDV GH FDFHUtD \
DQ]XHORV GH SHVFD £WRGR HO LQVWUXPHQWDO GH FRPHU 1DGD QRV KXPDQL]D WDQWR FRPR XQ
DOPXHU]R \D VHD IUHQWH D XQD FRVWLOOD GH PDPXW R DQWH XQ &KDWHDXEULDQG OXMRVDPHQWH
JXDUQHFLGR
$EDQGRQDQGR VXV DQWHRMRV 3DWULFLD %HOO UHFXHUGD TXH 0HJDIyQ D HVD KRUD VyOR WLHQH
DOJXQRV PDWHV GXOFHV HQWUH SHFKR \ HVSDOGD )LORVRID GH KDPEUH QDWXUDOPHQWH £*UDQ
'LRV ¢KDEUi UHXQLGR HOOD WRGRV ORV LQJUHGLHQWHV GH XQD SL]]D FRQ DQFKRDV" (O WRPDWH OD
PX]]DUHOODHORUpJDQRODVDFHLWXQDV\ODVDQFKRDVHQILOHWHV´(VWiWRGRµVHWUDQTXLOL]D
HQVXDOPD3HUR0HJDIyQOHRUGHQDFRQHODGHPiQTXHQRKDJDXQVRORPRYLPLHQWRXQD
JRORQGULQDVHDFDEDGHSRVDUHQODWRUUHFDVLMXQWRDVXVPDQRV5HFLpQOOHJDGDFRPRODV
RWUDV GHVGH XQ RWRxR D XQD SULPDYHUD WLHQH \D HQ HO SLFR XQD EUL]QD GH SDMD FRQ TXH
WHMHURWURQLGRHQRWUDFLXGDG\SDUDRWURDPRU(QDEVROXWDLQPRYLOLGDGHO$XWRGLGDFWR\
3DWULFLD HVWXGLDQ ORV RMLWRV GHO DYH UHOXFLHQWHV H LQTXLHWRV \ DGLYLQDQ HO UHGREOH GH VX
SHTXHxRFRUD]yQEDMRODSOXPDTXHDOLVDURQORVYHQGDYDOHVGHOQRUWH\PRMDURQORVGLOXYLRV
GHO WUySLFR (QWRQFHV HO $XWRGLGDFWR GHVERUGD VX DOPD HQ OR TXH VH OODPDUi GHVSXpV ´/D
%HQGLFLyQGHOD*RORQGULQDµ
³<RWHEHQGLJRFULDWXUDGHODLUH³OHGLFH³SRUTXHFRQWUDHOIUtR\HOFDORUHQHOSXxR
GHO KXUDFiQ R HQ OD PDQR DELHUWD GHO DJXD VRVWHQpV WRGDYtD \ VRVWHQGUiV FRQ WXV KXHVRV
HVDIRUPDTXHWHDVLJQyHO/RJRVDGPLUDEOH\TXHDOILQGHFXHQWDVHVFRPRODPtDXQD
SRVLELOLGDG RQWROyJLFD GHO 6HU \ XQD SDODEUD GHO 9HUER TXH GLMR (O HQ VX KRUD SRUTXH
QHFHVLWDEDGHFLUOD£%HQGLJRWXFRUDMXGDILGHOLGDGDO6HU\WHMXURTXHQLHOSURSLR*HQJLV
.KDQ WXYR GRV ULxRQHV \ XQ KtJDGR WDQ REVWLQDGRV FRPR ORV WX\RV HQ HO VRVWHQLPLHQWR GH
HVWDJUDQLOXVLyQVHSDUDWLYDTXHQRVHQYXHOYHDWRGRV
/DEHQGLFLyQGHO$XWRGLGDFWRKDFRQFOXLGRHQXQIODWXVYRFLVTXHDVXVWyDODJRORQGULQD\
GHMyHQHODLUHXQFDVWDxHWHRGHDODVKX\HQWHV1RHUDHOKDPEUH³VHGLFH3DWULFLD%HOO³
OD JRORQGULQD IXH XQ WUDPSROtQ PiV SDUD RWUR GH VXV VDOWRV PHWDItVLFRV £4XH 'LRV PH
FRQVHUYHD0HJDIyQ\TXHQRVKDJDPRULUMXQWRV\DVHDHQXQDFDWiVWURIHGHDYLyQRHQHO
-XLFLR)LQDOTXHDOSDUHFHUQRHVWiOHMRV¢<TXpWHQGUiTXHYHUHO*HQJLV.KDQXQPRJRO
VLQHQWUDxDVFRQODLQRFHQWHJRORQGULQD"
³/RDVRPEURVR³GHFODUDHOOD³HVTXHFRQVLJDWHQHUGRVSULPDYHUDVHQXQVRORDxR
¢4XLpQ" VH SUHJXQWD 0HJDIyQ ¢'H TXLpQ KDEOD HOOD" 5HPRQWHPRV HO PRQyORJR LQWHULRU
GH3DWULFLD£<DFDLJR(OODQRVDOLyD~QGHODJRORQGULQD
³6LFRQVLJXHGRVSULPDYHUDV\GRVQLGRVHQXQVRORDxR³OHDGYLHUWH0HJDIyQ³HVSRUTXH
VDEHGHUURWDUDOHVSDFLR\DOWLHPSRFRQVXPRYLOLGDG(OPRYLPLHQWRHVSDGUHOHJtWLPRGHO
VXFHGHU\KDEtDHQ*UHFLDXQWDO=HQyQTXHORQHJDED

77
 3HUR HO $XWRGLGDFWR GH 9LOOD &UHVSR TXH DO VDOWDU GHVGH OD JRORQGULQD UHDOL]y \D XQD
VtQWHVLV GHO YLDMH GH OD SULPDYHUD \ GHO PXQGR UHFRUUH OD H[SODQDGD FRQ H[DOWDFLyQ
FUHFLHQWH
³£3DWULFLD ³OH GLFH³ TXp ELHQ WHMLGR HVWi HO YHOR GH OD *UDQ ,OXVLyQ £0D\D QRV WLHQH
DJDUUDGRV HQ VX FKDO SUHFLRVR ¢< TXp GHEHPRV KDFHU" 4XHGDUQRV DOOt \ MXJDU OHDOPHQWH
QXHVWURSDSHOHQHVWDYLVWRVDFRPHGLD3DWULFLDQRVRWURVQRHVFULELPRVHOOLEUHWR
³(VXQDJUDQYHUGDG³DGPLWH3DWULFLD%HOO
³3HUR £DWHQFLyQ PXFKDFKD 1R WH VREUHDFW~HV HQ HO HVFHQDULR KDVWD ROYLGDU DO
&RPHGLyJUDIR 'LYLQR £6HUtD WUDJDUVH GHPDVLDGR ORV SLROLQHV GH 0D\D (O MXVWR PHGLR
HVWDUtDHQVRxDU\DFWXDUHQHOVXHxRFRQWRGDODIXHU]DGHODOPDSHURVLQROYLGDUTXHXQR
HVWiVRxDQGR
³£'LItFLO
³7UHPHQGDPHQWHIiFLO
³1RFUHRTXHORKDJDODJRORQGULQD³VHGHVFRUD]RQDHOOD
³¢7HKDVPHWLGRHQHOLQWHULRUGHXQDJRORQGULQD"³OHSUHJXQWDpO³£<RVt
³¢&XiQGR"
³+DFHPXFKRHQXQDSULPDYHUDGH$PVWHUGDP
(Q DTXHO LQVWDQWH OD SDUHMD R\H UHVRQDU HO WLPEUH GH DEDMR 'HVGH OD WRUUH 0HJDIyQ
GLVWLQJXHDXQYLVLWDQWHRVFXURHQODSXHUWDGHOFKDOHW
³(V'DYLGHOFLUFXQFLGDGRU³OHGLFHD3DWULFLD³£&XULRVR1RORHVSHUDEDKR\
<GLULJLpQGRVHDOYLVLWDQWHOHJULWDGHVGHVXVDOWXUDV³£(QWUH'DYLG£<DEDMDPRV
(Q HO FRPHGRU \ GH SLH YHVWLGR HQWHUDPHQWH GH QHJUR \ SUR\HFWDQGR XQD GXOFH
EHQLJQLGDGPLOHQDULD'DYLGORVHVSHUD\D<HOJDWR0DQGLQJDXQLQWXLWLYRIURWDVXORPR
HQFRUYDGR HQ ODV SLHUQDV GHO FLUFXQFLGDGRU 6HQWDGRV ORV WUHV D OD PHVD GRQGH 0HJDIyQ
YLHQH UHXQLHQGR HO PDWHULDO GH VX IXWXUD ´,QYDVLyQ DO *UDQ 2OLJDUFDµ HO YLVLWDQWH QR
GLVLPXODVXLQTXLHWXG
³'DYLG³ORLQWHUURJDHO2VFXUR³¢KDVXFHGLGRDOJR"
³6DPXHO7HVOHUGHVDSDUHFLyDQRFKH³OHFRQWHVWDpOFRPREDMRHOSHVRGHXQDFXOSD
< UHILHUH FRQ RUGHQ ORV DFRQWHFLPLHQWRV HO ILOyVRIR YLOODFUHVSLQR GHVGH VX HYDVLyQ \
FODXVXUDYLHQHPRVWUDQGRDQWHORVRMRVVLPSOLVWDVGHOFLUFXQFLGDGRUDOJXQDVIDFHWDVQDGD
RUWRGR[DV GH VX SHUVRQDOLGDG 8QD QRFKH DSDJy OD FXDUWD YHOD GHO FDQGHOHUD GH VLHWH
EUD]RV
³¢'LRDOJXQDH[SOLFDFLyQLQWHOLJLEOH"³OHSUHJXQWDHO2VFXUR
³1DGD³FRQWHVWD'DYLG³3HURPHGLRDHQWHQGHUTXH\RQRHUDGLJQRGHODFXDUWDYHOD
¢3RUTXp"
8Q LQWHUURJDQWH PLOHQDULR SDUHFHUtD WUDGXFLUVH DKRUD HQ HVH ´SRU TXpµ GHO
FLUFXQFLGDGRU<HO2VFXURGH)ORUHVHQWRUQDVXVSiUSDGRVHQWULVWHFLGRV
³2WUR GtD ³FXHQWD 'DYLG³ HO VHxRU 7HVOHU PH DQXQFLy TXH DFDEDED GH LQWHUSUHWDU
FDEDOtVWLFDPHQWHXQDIUDVHGHO3DGUH1XHVWUR
³¢&XiO"³LQWHUURJD3DWULFLD
³µ6DQWLILFDGRVHDWX1RPEUHµ
³¢$GHODQWyDOJRGHVXGHVFXEULPLHQWR"³LQTXLHUH0HJDIyQ
³£1L XQD VROD SDODEUD ³VH GHVDOLHQWD 'DYLG³ 6yOR PH GLMR TXH FXDQGR OR UHYHODVH
SRQGUtD GH FXOR WDQWR D OD 6LQDJRJD FRPR D OD ,JOHVLD 8QLYHUVDO 3HUR DO RWUR GtD HO VHxRU
7HVOHU GLR XQ YXHOFR H[WUDxR HPSH]y D H[LJLU DEXQGDQWHV FRVWLOODV GH FHUGR \ D HPER
UUDFKDUVHFRQXQYLQRTXHFRQVLJXLyDOILDGRHQXQERGHJyQGHODFDOOH0XxHFDV
³'DYLG¢\XVWHGTXpKL]R"
³/RDPHQDFpFRQODYHQJDQ]DGH-HKRYi³VHODPHQWDXQ'DYLGD]RUDGR
³¢<TXpGLMRpO"³LQVLVWLy0HJDIyQ

78
 ³$OJRTXHQRHQWHQGt0HDGYLUWLyTXHKDELHQGRFXPSOLGRVX´IDVHDSROtQHDµHQWUDED
pOQHFHVDULDPHQWHHQVX´IDVHGLRQLVtDFDµ
(O $XWRGLGDFWR VXHOWD XQD ULVRWDGD TXH D 0DQGLQJD QR OH JXVWD \ TXH KDFH FDYLODU DO
FLUFXQFLGDGRU
³¢8VWHGORHQWLHQGH"³LQWHUURJD'DYLGHVSHUDQ]DGR
³$PLMXLFLR³YXHOYHDUHtU0HJDIyQ³HOILOyVRIRKDYXHOWRDODPRQWDxDGH=DUDWXVWUD
³¢4XLpQHV=DUDWXVWUD"
³8QPHWDItVLFRGHODLQWHPSHULH
³6t³PHPRUL]D'DYLG³HOVHxRU7HVOHUQRPEUyDXQWDO=DUDWXVWUD'LMRTXHFRPRpO
HVWDEDOOHQRGHXQDFLHQFLDTXHGHEtDFRPXQLFDUXUJHQWHPHQWHDORVKRPEUHV
³¢$OJRPiV"
³'LMR TXH DO VDOLU HQ PLVLyQ QR VH OOHYDUtD ORV SLRMRV GH =DUDWXVWUD VLQR PiV ELHQ VX
iJXLODPRQWDxHVD
(Q HO FHUHEUR GHO $XWRGLGDFWR VH KDFH OD OX] HO ILOyVRIR YLOODFUHVSHQVHKD UHWRPDGR VX
YLHMDW~QLFDGHSUHGLFDGRUDPEXODQWH¢$GRQGHKDEUiLGRpOSDUDHMHUFLWDUVXPLQLVWHULR"(V
XUJHQWHKDOODUOR£QRKDJDHOGHPRQLRTXH6DPXHO7HVOHUYXHOYDFRQVXVKXHVRVDODSDQ]D
GH /HYLDWiQ \ DO ´6DOyQ GH ORV *HQLRVµ GRQGH OR OORUDQ WRGDYtD XQ 0DKDWPD *DQGKL HQ OD
SD]\XQ1DSROHyQHQODJXHUUD3HUR¢GyQGHEXVFDUOR"0HJDIyQ DFXGHDOH[SHGLHQWHGHO
ILOyVRIRHQHOFXDOVHRUGHQDQORVGDWRVGHVXELRJUDItDTXHOHGL\RPLVPR
³£$TXtHVWi³VHDOHJUDGHV~ELWR<OHH³´6DPXHO7HVOHUJXDUGDEDVXURSDHQHOWDOOHU
GHOIRWyJUDIRVXVPDQXVFULWRVHQHOFDIHWtQGHOWXUFR\VX%LEOLDHQHOUHPROFDGRUµ

6yORHUDXQDFRQMHWXUDHQDSUR[LPDFLyQGHODYHUGDGORTXHKDEtDIRUPXODGRHO2VFXUR
GH)ORUHVDQWHXQ'DYLGVLQFXOSD/RTXH0HJDIyQLJQRUDEDHUDTXH6DPXHO7HVOHUDIDYRU
GH OD OLEHUWDG KDEtD FRQFOXLGR DO ILQ VX 7HRUtD \ 3UiFWLFD GH OD &DWiVWURIH 6HQVLEOH D OD
PDOD FDWDGXUD GH ORV WLHPSRV HO ILOyVRIR VH SUHJXQWy VL QR KDEtD OOHJDGR OD KRUD GH
FRPXQLFDU VXV H[SHULHQFLDV D ORV PXODWRV ILQDOHV TXH D~Q VH REVWLQDEDQ HQ SREODU HVWH
PXQGRVHJ~QXQDORFXUDGHPRJUiILFDGHOPiVIHRSURQyVWLFR<OOHJyDODVFRQFOXVLRQHVTXH
VLJXHQ DWHQWR D OD HFRQRPtD GLYLQD VH GLMR TXH DQWHV GHO -XLFLR )LQDO HUD GH ULJRU HO
DGYHQLPLHQWRGHXQSURIHWDTXHDOHFFLRQDVHDORVPXODWRVILQDOLVWDV+DFLHQGRXQDQiOLVLV
GH VXV FRQWHPSRUiQHRV \ PLUiQGRVH ODUJDPHQWH DO HVSHMR HO ILOyVRIR DGYLUWLy TXH QDGLH
FRPRpODO]DEDXQDHVWDWXUDGHSURIHWD(QFXDQWRDOHVWLORGHVXRUDWRULDGHFLGLyTXHQR
VHUtDGUDPiWLFRGDGDODULGLFXOH]LQVDQDEOHGHODKXPDQLGDGSUHVHQWHQLFyPLFRGDGDVX
LQVDQDEOH GUDPDWLFLGDG < D~Q OH TXHGDED XQD GXGD VLQ UHVROXFLyQ ¢D TXLpQ SUHGLFDU VX
7HRUtD \ 3UiFWLFD GH OD &DWiVWURIH" 1R D ORV KRPEUHV GH FLHQFLD £OHV IDOWDED XQD
´GLPHQVLyQµ HQ VXV FRPSXWDGRUDV $QWHV GH VX FDXWLYHULR HQ XQD WHUWXOLD \ IUHQWH D
VHxRUDV GH XQD SUHFLRVLGDG LQFUHtEOH XQ DVWURItVLFR LUyQLFR OH KDEtD SUHJXQWDGR D 6DPXHO
FXiOHUDVXQRFLyQGHOSODQHWD7LHUUD\GHORVWHUUtFRODV(OILOyVRIRKDEtDUHVSRQGLGR´(VWH
PXQGR HV XQD EROD \ QRVRWURV XQRV EROXGRV JHRPpWULFDPHQWH KDEODQGRµ 7DO VXPD GH
FRQVLGHUDFLRQHV \ UHFXHUGRV IXH OD TXH OR LQGXMR D EXVFDU HQ ODV DOPDV KXPLOGHV HO
WHUULWRULRGHVXSUHGLFDFLyQFRPRORKDEtDKHFKRHQVXKRUDHO0HVtDVFRQORVSHVFDGRUHV
GH*DOLOHD<DTXHODQRFKHFHUDOGHVHUWDUODFDVDGH'DYLGWHQtDHQPHQWHDOSLORWR-RVp
&RUDJJLR\DORVWULSXODQWHVGHOUHPROFDGRU´7LWiQµGRQGHJXDUGDEDpOVX%LEOLDFXDQGRHO
PXQGRHUDMRYHQ
(OUHHQFXHQWURGH6DPXHO7HVOHUFRQHOSLORWR&RUDJJLRVHSURGXMR\DFHUUDGDODQRFKH\
HQODFXELHUWDGHOUHPROFDGRUTXHVHHVWUHPHFtDVHJ~QHOSXOVRGHVXVPRWRUHV$ODOX]GH
XQUHIOHFWRUHOILOyVRIR\HOPDULQRVHUHFRQRFLHURQVHDOHJUDURQGHUHFRQRFHUVH\MXUDURQ
DVRPEUDUVHGHYHUVHWDQMyYHQHVD~Q7UDVHVDVPXWXDVFRQVRODFLRQHVHOILOyVRIREXVFyHQ
WRUQRVX\R\SUHJXQWyVLHUDGDEOHVDOXGDUDOIRJXLVWD%DOPDFHGD7ULVWHGHRMRVHOPDULQR

79
OH UHYHOy TXH HO IRJXLVWD %DOPDFHGD QR VH FRQWDED \D HQ OD WULSXODFLyQ GH HVWH PXQGR
YtFWLPDGHXQDVLQXVLWLVTXHUHVLVWLyDORVPiVIXHUWHVDQWLELyWLFRV$ORtUWDQLQIDXVWDQXHYD
6DPXHO 7HVOHU HQWUy HQ XQD FRQJRMD TXH VyOR DPDLQy FXDQGR HO ILOyVRIR OH\y OD SDODEUD
´+pUFXOHVµ HQ XQR GH ORV VDOYDYLGDV ,QTXLULy DO SXQWR VL D~Q VH KDOODEDQ HQ HO YLHMR
´7LWiQµRVLHO´7LWiQµKDEtDFDPELDGRGHQRPEUHPHUFHGDODSDVLyQPLWROyJLFDGHDOJ~Q
'LUHFWRU *HQHUDO GH 3XHUWRV 2WUD YH] HQ ]R]REUD HO SLORWR &RUDJJLR OH UHILULy TXH HO
´7LWiQµHPEHVWLGRSRU XQFDUJXHURQHHUODQGpV\DFtDHQHOIRQGRGHO5tRGHOD3ODWD\D
RFKRSLHVGHKRQGXUD(QWRQFHVHOILOyVRIRHQXQDVtQWHVLVSLDGRVDRUyVREUHGRVWXPEDV
HQWUDxDEOHVODWHUUHVWUHGHOIRJXLVWD%DOPDFHGD\ODDFXiWLFDGHOUHPROFDGRU´7LWiQµ(Q
VHJXLGDHO´+pUFXOHVµDEDQGRQDQGRVXDSRVWDGHURQDYHJyKDFLDODERFDGHOFDQDOGRQGH
DJXDUGDUtDHODUULERGHOSDTXHERW´/XWHWLDµ
&RPRORVWULSXODQWHVGHOUHPROFDGRUVHRFXSDEDQHQODPDQLREUD6DPXHO7HVOHUTXHGy
VROR HQ OD FXELHUWD < HQWRQFHV OH SDUHFLy ERJDU HQWUH GRV FDRV HO GH DUULED OXFLHQWH \
SDYRURVRGHFRQVWHODFLRQHVDXVWUDOHV\HOGHDEDMRGRQGHODVDJXDVGHO3ODWDVHUHPHFtDQ
HQRQGDVQHJUDVFRPRGHSHWUyOHRFUXGR
³£9LDWRU ³OH GHFODPy D OD QRFKH³ £<R XQ SDVHDQWH GHO FRVPRV < VLQ HPEDUJR HO
3HUIHFWRHVLQPyYLO
6HGHMDEDOOHYDUSRUVXHPRFLyQGHYLDMHURFXDQGRDVXGHUHFKD\DFRGDGRHQODERUGD
FRPRpOYLVOXPEUyHOFRQWRUQRGHXQKRPEUHTXHSDUHFtDREVHUYDUOR
³¢4XLpQHVXVWHG"³OHSUHJXQWy
³)HUQiQGH]³OHFRQWHVWyODVRPEUD³OLQRWLSLVWDMXELODGR
³¢9LDMDGHSROL]yQHQHVWHGHVWUR\HU"³LQVLVWLyHOILOyVRIR
³1RVHxRU&RPRXVWHGVR\DPLJRGHOSLORWR&RUDJJLR
³¢<TXpKDFHXVWHGDTXt"
³0HGLWDU³VHDWUHYLyDGHFLUHOH[OLQRWLSLVWD
)UHQWHDXQDSUHVXQFLyQWDQGHVFDEHOODGD6DPXHOULyDGLQWUD\DGH[WUD
³1RORWRPHDFKDFRWD³OHGLMR)HUQiQGH]³0HSDVpWUHLQWD\RFKRDxRVFRPSRQLHQGR
ERGULRVHQODOLQRWLSR\HQYHQHQiQGRPHFRQSDODEUDVDMHQDV£$KRUDHVFULERODVPtDV
³¢8QDYHQJDQ]D"
³£8QDUHLYLQGLFDFLyQ
³&RPSDxHUR ³OH DGYLUWLy 6DPXHO 7HVOHU³ VL QRV GHMiUDPRV OOHYDU SRU HO RGLR
WHQGUtDPRVYHLQWHPLOORQHVGHSRHWDVHQOD$UJHQWLQD
$XQTXH VX LQWHQFLyQ HUD OD GH SUHGLFDU HVD QRFKH D ORV KXPLOGHV HO ILOyVRIR QR
GHVFRQRFLy OD YHQWDMD GH WHQHU HQWUH VXV R\HQWHV D XQ LQWHOHFWXDO EDTXHWHDGR FRPR VLQ
GXGDORHUDHOH[OLQRWLSLVWD)HUQiQGH]<VHDOHJUyHQVXDOPDVREUH WRGRDOFRPSUREDU
TXHHO´+pUFXOHVµOOHJDGRDODERFDGHOFDQDOKDEtDGHWHQLGRVXVPiTXLQDV´(QDGHODQWH
\HVSHUDQGRDO
/XWHWLD
³VHGLMR³HOUHPROFDGRUVHEDODQFHDUiHQODFXQDGHOUtREDMRODV
HVWUHOODVGH2ULRQ\HQXQVLOHQFLRTXHPHGHMDUiRtUHOLGLRPDGHODJXDHQODTXLOOD£9LHMR
1Rp XQ GHVFHQGLHQWH OHMDQR WH VDOXGD HVWD QRFKH ¢6ROWDUp OD SDORPD R HO FXHUYR"µ /D
WULSXODFLyQHQXQDOWRGHVXTXHKDFHU\DVHUHXQtDMXQWRDOIXHJRGHXQDKRUQDOODVREUHOD
FXDOHOD\XGDQWH%HUyQXQFRUUHQWLQRIOXYLDOKDEtDLQVWDODGRODSDYDGHOPDWH\XQDJUDQ
SDUULOOD QHJUD < QR ELHQ WRGRV HVWXYLHURQ DJUXSDGRV DO FDORU GH OD KRUQDOOD HO SLORWR
&RUDJJLRVHGLULJLyDOILOyVRIROHDOFDQ]yHOSULPHUPDWH\OHGLMR
³6DPXHO QRV KHPRV HQWHUDGR DTXt GH VXV SULVLRQHV ¢)XH OD GLFWDGXUD" 6L TXLHUH VX
%LEOLDODWHQJRHQPLFDPDURWH
³-RVp³OHDQXQFLyHOILOyVRIR³QRKHYHQLGRDSHGLUOHPL%LEOLDVLQRDWUDpUVHOD
³£,PSRVLEOH³VHDODUPy&RUDJJLR³/D%LEOLDHVWXYR\HVWiHQPLFDPDURWHGHSRSD
6DPXHO 7HVOHU YDFLy HO PDWH GH XQD VRQRUD FKXSDGD OR GHYROYLy D &RUDJJLR \
GLULJLpQGRVHDWRGRVORVWULSXODQWHV

80
 ³+HUPDQRV ³OHV GLMR³ HVWR\ DTXt SDUD WUDQVPLWLUOHV PL 7HRUtD \ 3UiFWLFD GH OD
&DWiVWURIH
³6DPXHO¢TXpFDWiVWURIH"³LQTXLULyHOSLORWR³¢+D\RWUDHQSXHUWD"
³£(OPXQGRHVXQDFDWiVWURIHSHUPDQHQWH³VHDPDUJyHOH[OLQRWLSLVWD³&RQVWUXFFLyQ
GHVWUXFFLyQ\UHFRQVWUXFFLyQ£DKtHVWiODOH\
$ODOX]GHODKRUQDOOD6DPXHOHVWXGLyODMHWDGH)HUQiQGH]\VXFRORUGHDQWLPRQLR
³1R KDEODUp GH ODV SHTXHxDV GHPROLFLRQHV WHUUHVWUHV ³DQXQFLy³ VLQR GHO *UDQ
&DWDFOLVPRTXHVHDYHFLQD/RTXHQRSXGHDYHULJXDUD~Q³FRQIHVyHQVXPRGHVWLD³HVVL
KDGHVHUXQFDWDFOLVPRGHPHGLDEDUEDRXQFDWDFOLVPRFRQWRGDODEDUED
³¢&XiOHVODGLIHUHQFLD"³OHSUHJXQWyHOOLQRWLSLVWDMXELODGRXQVHUOLEUHGHDVRPEURV
³8Q FDWDFOLVPR GH PHGLD EDUED ³OH H[SOLFy 6DPXHO³ HV HO TXH DO DEDWLUVH FRQWUD XQD
KXPDQLGDG QR OH KDFH SHUGHU VLQ HPEDUJR OD PHPRULD GH VX DQWHULRU H[LVWHQFLD 3RU
HMHPSOROD,QYDVLyQGH$WLOD<XQFDWDFOLVPRFRQWRGDODEDUEDHVHOTXHGHVWUX\HDXQD
KXPDQLGDGKDVWDHOSXQWRGHTXHORVVREUHYLYLHQWHVROYLGDQORSDVDGR\FRUWDQDVtHOKLOR
GHVXFRQWLQXLGDGKLVWyULFD3RUHMHPSORHO'LOXYLRGH1Rp
6DPXHO7HVOHUHVFXGULxyHOURVWURGHORVWULSXODQWHVDGYLUWLyTXHQRHQWHQGtDQXQFRUQR
\ EHQGLMR HQ VX FRUD]yQ WDQWD LQRFHQFLD PiV DXQ FXDQGR YLR DO D\XGDQWH FRUUHQWLQR
LQVWDODUHQODSDUULOODJHQHURVDVWLUDVGHDVDGR\VDUWDVGHFKRUL]RVFULROORV3HUR)HUQiQGH]
UXPLDED FRQ GLVJXVWR OD VLVPRORJtD GH EDUEHUR TXH DFDEDED GH VROWDUOHV HO ILOyVRIR
YLOODFUHVSHQVH
³'HPHGLDEDUEDRGHEDUEDHQWHUD³OHGLMR³¢FyPRVDEHXVWHGTXHQRVHQFRQWUDPRV
HQYtVSHUDVGHXQDFDWiVWURIH"
³1RVHWUDWDGH´VDEHUµODFDWiVWURIH³UHSXVR7HVOHU³£KD\TXH´SUHVHQWLUODµ
³¢<XVWHGODSUHVLHQWH"
$TXt HO ILOyVRIR SDUHFLy WUDVWDELOODU HQ VX DOPD FRPR UHFRUGDQGR YLHMRV WHUURUHV £(O
DPHQD]DQWH6DKLE´&RPRODGUyQQRFWXUQRYROYHUp\WHVRUSUHQGHUpµ2ODHVW~SLGDEDODGD
TXHYLHQH]XPEiQGROHSRUODVQRFKHV´(VWiEDPRVPHWLGRVHQXQURFNDQGPLOLQIHUQDOµ
³+HUPDQRV ³GLMR D ORV WULSXODQWHV³ YHDQ XVWHGHV HVWH PXQGR DTXt PLVPR \ DKRUD
£4XpVyOLGRSDUHFH¢QRHVYHUGDG"£&RPRVLORViWRPRVTXHORLQWHJUDQVHDSUHVWDVHQFDGD
YH] PiV HQ OD FRQVWUXFFLyQ \ VRVWHQLPLHQWR GH VXV IRUPDV < VLQ HPEDUJR GXUDQWH ODV
QRFKHV TXH QR GXHUPR £VRQ FDVL WRGDV PH DVDOWD OD VHQVDFLyQ WHUULEOH GH TXH DOJR VH
DIORMD HQ WDQWD GXUH]D R YLHQH DIORMiQGRVH LUUHPHGLDEOHPHQWH QR Vp GHVGH FXiQGR (V
FRPR VL ODV IRUPDV GHO PXQGR HQWUDUDQ HQ XQD WUHPHQGD IDWLJD H[LVWHQFLDO TXH ODV
HPSXMDVHDODGLVROXFLyQ\DOFDRVGHTXHQDFLHURQ¢(QWLHQGHQ"£(QWLHQGDQKRPEUHV
(O ILOyVRIR \ VX JULWR VHKDEtDQ OHYDQWDGR D OD YH] ´(VWiEDPRV PHWLGRV HQ XQ URFN DQG
UROOLQIHUQDOWURPSHWDVD[RIyQEDWHUtD\FRQWUDEDMRµ
³(VWR\HQPLFDPD³SURVLJXLy6DPXHO³\VLHQWRGHSURQWRTXHORVPHWDOHVORVODGULOORV
\ODVPDGHUDVHVWiQDEODQGiQGRVHDPLDOUHGHGRUHQFLPD\DEDMR£6HDJULHWDHOWHFKRVH
UHVTXHEUDMDQ ODV SDUHGHV \ RVFLOD HO SLVR WRGD OD FDVD HVWi SRU GHUUXPEDUVH $EDQGRQR
FRUULHQGRPLKDELWDFLyQVDOJRDODVFDOOHV\YHRTXHORVPRQREORFV\DVHWDPEDOHDQFRPR
ERUUDFKRV DQWHV GH FDHU 0LUR DO FLHOR \ EXVFR ODV PHWiIRUDV GHO $SRFDOLSVLV £QR ODV
HVWUHOODV QR VH GHVSUHQGHQ DUULED FRPR ORV KLJRV GH XQD KLJXHUD £6XHQD GHPDVLDGR
KHUPRVR/RTXHYHRHQORDOWRVRQH[SORVLRQHVGHODPDWHULDFyVPLFD\XQDSXOYHUL]DFLyQ
GHiWRPRVUDGLDFWLYRV£+HUPDQRVODSRHVtDWDPELpQKDPXHUWR
6DPXHO 7HVOHU FDOOy HQ XQD PXGD VtQWHVLV GH VX SiQLFR ´6D[RIyQ WURPSHWD EDWHUtD \
FRQWUDEDMRHQXQFXDUWHWRLQIHUQDO\HQXQURFNDQGUROOGHIDQWDVPDOHVGHPRQLRVHOQHJUR
GHO FRQWUDEDMR WLHQH ORV GHGRV FRPR VDOFKLFKDV SHOOL]FDQGR ODV FXHUGDV EURQFDV GHO
LQVWUXPHQWRµ/RVWULSXODQWHVGHOUHPROFDGRUHVWXGLDEDQFRQLQTXLHWXGHOFLHOR\HOUtR
³£3HURQRHVYHUGDG³REMHWyHOH[OLQRWLSLVWD)HUQiQGH]WUDQTXLOL]DGR

81
 ³1RHVYHUGDG´WRGDYtDµ³ORFRUULJLyHOILOyVRIR³6RQGRVHVWDGRVDQWHULRUHVDQWHVGHO
ILQ KD GH VHQWLUVH OD ´SHOLJURVLGDG GHO WLHPSRµ \ HQ VHJXLGD OD ´SUHPRQLFLyQ GHO
FDWDFOLVPRµ/RVTXHQRORKDJDQVHYHUiQVRUSUHQGLGRVSRUHO*UDQ3HVFDGRUTXHYROYHUi
GHORULHQWH<YHUiQHQWRQFHVFyPRHO*UDQ3HVFDGRUVHKDFRQYHUWLGRHQHO*UDQ6HJDGRU
£$PpQ
(UD YLVLEOH TXH QDGLH OR FUHtD 3HUR OD GXGD VH LQVLQXDED HQ ORV WULSXODQWHV FX\RV RtGRV
DWHQWRV SDUHFtDQ WHPHU DKRUD HQ ODV YLEUDFLRQHV GHO ´+pUFXOHVµ DOJXQD SRVLEOH \
FDWDVWUyILFDGLVROXFLyQGHODPDWHULD
³¢<SRUTXp"³GLMRDOILQHOSLORWR&RUDJJLR
³¢3RUTXp"³UH]RQJDURQORVWULSXODQWHV
8QD EDODGD HVW~SLGD ³UHIOH[LRQy 6DPXHO³ ´(VWiEDPRV PHWLGRV HQ XQ URFN DQG UROO
LQIHUQDOHQXQEDLOHGHJiUJRODVTXHVHUHWRUFtDQDOVRQGHXQFXDUWHWRIDQWDVPDJyULFRµ
7URPSHWDVD[RIyQFRQWUDEDMR\WDPERUHVGHGRVFRPRVDOFKLFKDVSHOOL]FDEDQODVFXHUGDV
EURQFDVGHOFRQWUDEDMR3RUORFXDOQRYLPRVDOSURIHWDQLHVFXFKDPRVODVWURPSHWHUtDVGHO
FLHOR (QWRQFHV OD FLXGDG \ HO PXQGR VH LQFHQGLDURQ FRPR XQ OLEUR OOHQR GH LPiJHQHV
3RUTXHGHOD&DWHGUDOVyORKDEtDPRVTXHGDGRODVJiUJRODV'HVSXpVHOVLOHQFLRFRPRVLVH
KXELHUDVXLFLGDGRODP~VLFD
³£'tJDQRVSRUTXp³VHLQGLJQyHOH[OLQRWLSLVWDFRPRXQiQJHOUHEHOGH
³%XHQD SUHJXQWD ³UHFRQRFLy HO ILOyVRIR³ PH OD KLFH \R PLVPR FXDQGR WUDWDED GH
DFODUDUPLVWHQHEURVDV´PRWLYDFLRQHVµ/XHJRGHVFXEUt£)LDWOX[TXHWDOHVPRWLYDFLRQHV
QR HUDQ PtDV HQ UHDOLGDG VLQR GHO 2WUR (QWRQFHV PDWp D PL SVLFRDQDOLVWD GH XQ VROR
HVFRED]R
³£(O2WUR
³¢4XLpQHVHO2WUR"
6DPXHO 7HVOHU YDFLOy DTXt HQ XQD PH]FOD GH DQJXVWLD \ UHSXJQDQFLD OD TXH VROtD
HPEDUJDUORDQWHVGHWRPDUSRUORVFXHUQRVDOWRURPHWDItVLFR
³¢+D\HQWUHXVWHGHV³SUHJXQWy³DOJXQRTXHWRGDYtDVHSDWUD]DUHOVLJQRGHODFUX]HQ
VXFDUQHEDXWL]DGD"
³<R ³GLMR HO D\XGDQWH %HUyQ GHVGH OD SDUULOOD \ HQWUH ORV YDSRUHV TXH DFDEDEDQ GH
OHYDQWDUVXVFKRUURVGHVDOPXHUDHQORVDVDGRV
³£7UiFHORD\XGDQWH³ORDOHQWy6DPXHO
<HOFRUUHQWLQROOHYiQGRVHDODIUHQWHVXGHUHFKDQXGRVDUHFLWy
³µ(QHOQRPEUHGHO3DGUH\GHO+LMR\GHO(VStULWX6DQWRµ
³$KtHVWiHO2WUR³GLMR6DPXHO³£<DWHQFLyQPDULQHURV&XDQGRHVHQREOHFRUUHQWLQR
ORGHVFXEUtHQVXWRQDGDQRPEUyDO3DGUHFRQODPDQRHQODIUHQWHORQRPEUyHQODSDUWH
PiVH[FHOVDGHOKRPEUHYDOHGHFLUHQVXUHJLyQLQWHOHFWXDO\HQOD]RQDGHELGD3RUTXH
QRPEUDQGR DO 3DGUH QRPEUy DO 6HU $EVROXWR D VX GLYLQR LQWHOHFWR \ D OD VXPD GH VXV
SRVLELOLGDGHVRQWROyJLFDVHQHVWDGRGH´QRPDQLIHVWDFLyQµ¢(QWLHQGHQ"
³£1RHQWHQGHPRVXQSLWR³FRUHDURQORVKRPEUHVGHFDERWDMH
³£4XH'LRVORVEHQGLJD³VHHQWHUQHFLyHOILOyVRIRYLOODFUHVSHQVH³$KRUDELHQSDUDTXH
ODVSRVLELOLGDGHVRQWROyJLFDVGHO3DGUHVHPDQLILHVWHQHVQHFHVDULRTXHVX9HUERLQWHULRU
HO +LMR ODV ´SURQXQFLHµ GLVWLQWDPHQWH \ ODV KDJD GHVFHQGHU D ORV SODQRV H[LVWHQFLDOHV
GRQGHVHKDQGHPDQLIHVWDU3RUHVRHOD\XGDQWH%HUyQDOQRPEUDUDO+LMRKDWUD]DGRXQD
YHUWLFDOHQGHVFHQVRGHVGHVXIUHQWHKDVWDVXRPEOLJRDWUDYHVDQGRWRGRVORVSOH[RVKRUL
]RQWDOHV GH VX KXPDQLGDG TXH FRUUHVSRQGHQ D ORV GLVWLQWRV PXQGRV R SODQRV GH OD
PDQLIHVWDFLyQGLYLQD/DREUDHVWDUiFRQVXPDGDQRELHQHO(VStULWX6DQWRHQPRYLPLHQWR
JHQHUDWLYRODGHVDUUROOHVHJ~QODKRUL]RQWDOGHOD´H[SDQVLyQµ<\DYLHURQFyPRHOKLMRGH
&RUULHQWHV DO QRPEUDU DO (VStULWX 6DQWR WUD]y XQD KRUL]RQWDO TXH IXH GHVGH VX KRPEUR
L]TXLHUGR KDVWD VX KRPEUR GHUHFKR £/D &UHDFLyQ \D HVWi FRQFOXLGD (O PXQGR H[LVWH \R

82
H[LVWRXVWHGHVH[LVWHQ£DOHOX\D¢(VWiFODURDKRUD"
³£&RPRODWLQWD³UH]RQJyHOSLORWR
³¢(OD\XGDQWH%HUyQKDFUHDGRHVWHPXQGR"³JUXxyHOH[OLQRWLSLVWD
³6t OR KD KHFKR ³DVHJXUy 7HVOHU³ 9HDPRV DKRUD FyPR OR GHVWUX\H 1R FUHHUiQ
KHUPDQRVTXHHO3DGUHGH$UULEDHGLILFyHVWHPXQGRSDUDTXHXVWHGHVJRFHQGHXQVDQR
HVSDUFLPLHQWR/RHGLILFySDUDPDQLIHVWDUVHD6tPLVPRXQDQHFHVLGDGHQWHUDPHQWHGLYL
QD<ORKDHGLILFDGRSDUDVXJORULILFDFLyQ
³£8QDUTXLWHFWRORFRGHYDQLGDG³VHODPHQWyHOH[OLQRWLSLVWD)HUQiQGH]³¢3RUTXpVH
KDGHJORULILFDUDVtPLVPR"
³3RUTXH IXHUD GH 7RGR QR KD\ QDGLH D TXLHQ JORULILFDU ³OH GLMR 7HVOHU³ < QR FUHD
KHUPDQRTXHODJORULILFDFLyQVHUHGXFHDXQDTXHPDGHSHUIXPHVEDUDWRVHQODQDUL]GHO
$UTXLWHFWR
³¢<HQTXpFRQVLVWH"
³/DJORULILFDFLyQVHGD FXDQGRHOPXQGRWLHQH FRQFLHQFLDGHVX ´UHODWLYLGDGµIUHQWHDO
$EVROXWRFRQRFHDVX$UTXLWHFWROREHQGLFH\DODED(O$UTXLWHFWRWLHQHFRQFLHQFLDGHVX
REUD\ODREUDWLHQHFRQFLHQFLDGHVX$UTXLWHFWRVyORDVtHOPXQGRHVXQDFULDWXUD´UHDOµ
HQ HTXLOLEULR \ GXUDFLyQ 6L SLHUGH OD FRQFLHQFLD GH VX $UTXLWHFWR \ ROYLGD VX IXQFLyQ
JORULILFDGRUD HO PXQGR QR WDUGD HQ UHGXFLUVH D XQD ´IDQWDVPDJRUtDµ GH iWRPRV TXH
WHQGHUiIDWDOPHQWHDVXGLVROXFLyQSRUIDOWDGHREMHWLYRVUHDOHV(QWRQFHVORVTXHQRKDQ
SHUGLGR QL ROYLGDGR OD QRFLyQ GHO $UTXLWHFWR VHQWLUiQ OD LQPLQHQFLD GH OD FDWiVWURIH \ VX
QHFHVLGDGWDQLQHOXGLEOHFRPRHODFWRPLVPRGHOD&UHDFLyQ
(QHOGXURVLOHQFLRGHVXDXGLWRUHVHOILOyVRIRDGLYLQyFRQGHOLFLDXQGHVSXQWHGHDTXHO
WHUURUWDQQHFHVDULRDXQDEXHQDFDWDUVLV<GLVWLQJXLyDODYH]XQDH[FHSFLyQDODUHJODGHO
SiQLFR HQ HO D\XGDQWH %HUyQ HO FXDO VHJXtD UHPRYLHQGR WUDQTXLODPHQWH VX SDUULOODGD VLQ
UHFRUGDUTXHVREUHVXPDWHULDIRONOyULFDVHDFDEDEDGHFRQVWUXLU\GHVWUXLUXQPXQGR)XH
GHVGH DTXHO LQVWDQWH TXH 6DPXHO HQ SUXHED GH DGPLUDFLyQ GLVSXVR TXH VX 7HRUtD \
3UiFWLFDGHOD&DWiVWURIHVHOODPDUDWDPELpQOD&RVPRJRQtDGHOFRUUHQWLQRWDOFRPRVHOD
FRQRFHDKRUDHQORVFHQWURVLQLFLiWLFRV\SVHXGRLQLFLiWLFRVGH%XHQRV$LUHV&RQWRGRHOH[
OLQRWLSLVWD)HUQiQGH]XQKRPEUHGHOHWUDVLQVLVWLyHQHODVXQWR
³¢&yPRVHKDUtDHVDFDWiVWURIH"³GLMR³¢3RUHODJXDHOIXHJRHODLUHRODFRQJHODFLyQ"
³+HUPDQR³OHUHVSRQGLy7HVOHU³ODFDWiVWURIHQRVHUiQLXQDySHUDZDJQHULDQDQLXQD
VHULDO WHOHYLVLYD (O PHFDQLVPR GH OD GHVWUXFFLyQ KD GH VHU WDQ VLPSOH FRPR HO GH OD
FUHDFLyQ
³£'tJDORXVWHG³ORGHVDILyHOH[OLQRWLSLVWD
³6DPXHOKDEOH³ORDOHQWyHOSLORWR&RUDJJLR
³9R\ D WRPDU HO FDVR H[WUHPR ³GHFLGLy HO ILOyVRIR³ OD GHVWUXFFLyQ WRWDO GH XQ PXQGR
TXH \D WLHQH REMHWR 6L HO PXQGR HV XQD FRQVWUXFFLyQ GH iWRPRV TXH UHDOL]DQ ODV LGHDV
RQWROyJLFDVGHO$UTXLWHFWR\VHPDQWLHQHQHQFRKHVLyQSRUXQDFWRGHODYROXQWDGFUHDGR
UD EDVWDUtD FRQ TXH HO $UTXLWHFWR VXVSHQGLHVH VX DFWR GH YROXQWDG SDUD TXH OD FRKHVLyQ
DIORMDUD VH GLVSHUVDVHQ ORV iWRPRV \ HO PXQGR YROYLHUD LQVWDQWiQHDPHQWH D VX ´QR
PDQLIHVWDFLyQµLQLFLDO
³£2VFXUR³SURWHVWy)HUQiQGH]
³0X\FODUR³OHUHSOLFy6DPXHO
<HQFDUiQGRVHUHVXHOWDPHQWHFRQHOOLQRWLSLVWDOHGLMR
³6XSRQJDPRV TXH IXHVH XVWHG HO *UDQ $UTXLWHFWR \ TXH HO PXQGR D FUHDUVH IXHUD ´OD
URVDµ¢1RJXDUGDXVWHGHQVXDUFKLYRLQWHULRUXQDLGHDFDEDOGH´ODURVDµ"
³+RPEUHVt³DGPLWLypO
³£6DTXHODLGHDGHODUFKLYR\FRQVWUX\DODURVDHQVXPHQWH
³/DHVWR\FRQVWUX\HQGR

83
 ³¢6XIRUPDVXWDPDxRVXFRORUVXSHUIXPH"
³7RGR³DVHJXUyHOH[OLQRWLSLVWDHQFRQFHQWUDFLyQPHQWDO
³£/D URVD R HO PXQGR HVWi FUHDGR ³VH UHJRFLMy 6DPXHO³ $KRUD SRU XQ DFWR GH VX
YROXQWDG£PDQWHQJDILUPHODURVDHQVXPHQWH
³£/DHVWR\PDQWHQLHQGR
(QHVWHSXQWRFUtWLFRHOILOyVRIRDGPLQLVWUyD)HUQiQGH]XQDVRQRUDERIHWDGD
³¢4XpKDKHFKRXVWHG"³VHLQGLJQyHOH[OLQRWLSLVWD\DHQWUDQFHGHSHOHD
³£8QPRPHQWR³ORFRQWXYR6DPXHO³¢'yQGHHVWiODURVD"
³£(VWiHQODPDGUHTXHORSDULy³GLMRHOH[OLQRWLSLVWDUDELRVR
³<DORYH³UHSXVR7HVOHU³1RELHQVXPHQWH\VXYROXQWDGVHGLVWUDMHURQGHODURVDOD
URVDRHOPXQGRYROYLyDODQDGD
³£1RWHQtDSRUTXpDERIHWHDUDO*UDQ$UTXLWHFWR³UH]RQJy)HUQiQGH]D~QPHWLGRHQVX
IXQFLyQGHPL~UJLFD
³+HUPDQRV ³UHFDSLWXOy 6DPXHO YROYLpQGRVH D ORV WULSXODQWHV DEVRUWRV³ HO *UDQ
$UTXLWHFWR DFWXDOL]D \ GHVDFWXDOL]D ORV PXQGRV FRPR MXJDQGR 3HUR QR FUHDQ TXH WDQWD
IDFLOLGDG ORV H[FOX\H GH XQ FDWDFOLVPR /D GHVLQWHJUDFLyQ DWyPLFD OLEHUD WHPSHUDWXUDV
LQFUHtEOHVKHUPDQRVDPLHQWHQGHUHVWHPXQGRVHUiGHVWUXLGRSRUHOIXHJR
³6DPXHO¢\FXiQGR"³ORLQWHUURJyHOSLORWR
³¢&XiQGR"³UHSLWLHURQORVWULSXODQWHVGHO´+pUFXOHVµ
³1RWRGDYtD³OHVDVHJXUy6DPXHO
³¢)DOWDPXFKR"
³µ8QWLHPSRGRVWLHPSRV\ODPLWDGGHXQWLHPSRµ³FRQWHVWyHOILOyVRIRDUURSDGRHQVX
HQLJPD
(QWRQFHVRFXUULyORKHUPRVR(OD\XGDQWH%HUyQDKXPDGR\IUDJDQWHGHDVDGXUDVGHMy
HVFXFKDUVXDOHJUHWRQDGDFRUUHQWLQD
³6HxRUHV³GLMR³FRQOLFHQFLDGHOSURIHVRU\VLWRGDYtDQRVTXHGD WLHPSR£DODFDUJD
/RVDVDGRVHVWiOLVWRV
£*UDQ'LRVHUDODKRUDGHODYHUGDG¢<TXpQRVYHQtDQDQRVRWURVFRQHOILQGHOPXQGR\
VX FRKHWHUtD GH UHYHQWDGXUDV DWyPLFDV" &XFKLOOR \ WHQHGRU HQ PDQR HO ILOyVRIR \ VXV
R\HQWHV HQ SOHQD FDWDUVLV DYDQ]DURQ KDVWD OD SDUULOOD \ OD GHVSRMDURQ GH VXV IUXWDV
FDUQRVDV £< SDUD TXp WH FXHQWR PXFKDFKD /DV GHQWDGXUDV HQWUDURQ HQ DFWLYLGDG
FRUWDEDQORVLQFLVLYRVGHVJDUUDEDQORVFDQLQRV\WULWXUDEDQORVPRODUHV£3REUHVLGLRWDVHO
PXQGR UHFLpQ HPSLH]D +XER XQ DOHJUyQ XQiQLPH FXDQGR HO SLORWR OOHQy ORV YDVRV FRQ HO
WLQWLOORGHODFRVWD\VXSLFDQWHVDERUDXYDFKLQFKH
£6DOXG KHUPDQRV &RQ OD ERFD JUDVLHQWD \ ORV RMRV TXH OH FKLVSHDEDQ 6DPXHO 7HVOHU
DGPLUyDHVRVKRPEUHVHQVROLGH]\WDQDMHQRVDORVIHQyPHQRVQXFOHDUHV´3DGUH³RUyHQ
VXDOPD³¢FyPRGHMDUtDVFDHUHQHOORVODPDQRGHWXULJRU\QRODGHWXPLVHULFRUGLD"µ<
ODJULPHyGHWHUQXUDVREUHPHGLRFKRUL]RHQVDUWDGRHQVXWHQHGRU

(O ,QIRUPH D GRV 9RFHV SDUD WHQRU \ EDMR TXH 0HJDIyQ \ %DUUDQWHV GLHURQ HQ HO
GHVSDFKR GHO ,QWHQGHQWH DO IXQGDGRU GH OD FLXGDG VXJHUtD WUHV RSHUDFLRQHV IDWDOHV HQ OD
JHVWDGHO$XWRGLGDFWR6LQRODPiVGLItFLOHQVXORJtVWLFDOD,QYDVLyQDO*UDQ2OLJDUFDHUDOD
PiVGXUDHQHOWHUUHQRVLHPSUHIDQJRVRGHODVHQWLPHQWDOLGDG\0HJDIyQDOFRQFOXLUORV
SODQHVGHODHVFDUDPX]DHQWUyHQXQDSLDGRVDPHODQFROtD¢4XpDOPDVHQVLEOHFUX]DUiXQ
SDQWDQRDORVDOYDMHVLQEHQGHFLUODIORUGHORWRQRH[LVWHQHQODSDPSDTXHEURWyGHOD
FLpQDJD QL UHVSHWDU ORV GRV KXHYRV TXH XQ FKDMi GHO VXU FRQILy D OD SHVWLOHQFLD GH ODV
DJXDV" 0HJDIyQ VH GHFtD ´6R\ XQ JXHUUHUR \ QR XQ EiUEDURµ +D\ XQD HFRQRPtD GH OD
JXHUUD\XQDEDODQ]DTXHQRGHEHVHUWUDPSRVDQLHQHOPiVQLHQHOPHQRV7DOHVFXLGDGRV
SUHVLGLHURQODHOHFFLyQGHORVLQYDVRUHV'HVGHOXHJRQRHQWUDUtDQHQHOHTXLSRQLHOG~R

84
%DUUDQWHV \ %DUURVR FRQ HO TXH VH KXELHVH FRUULGR HO ULHVJR GH SURIDQDU OD PDWHULD QL
6DPXHO7HVOHUHOILOyVRIRWDQGDGRDODQ]DUVHSRUODVUDPDVIOH[LEOHVGHODPHWDItVLFD3RU
RWUD SDUWH YLVWR HO GHVPRURQDPLHQWR ILQDO GHO *UDQ 2OLJDUFD TXH OR LQGXFtD HQ SiQLFRV
WHUULEOHVORTXHVHQHFHVLWDEDHUDXQHTXLSRLQYDVRUGHSRFDVXQLGDGHVFRPEDWLYDV\PX\
HMHUFLWDGDVHQHOXVRWiFWLFRGHODSUXGHQFLD7UDVQXPHURVDVWDFKDGXUDV\VXEVWLWXFLRQHV
HOHTXLSRIXHLQWHJUDGRDVt0HJDIyQFRPROtGHUDEVROXWR3DWULFLD%HOOFX\DLQWHUYHQFLyQ
VH MX]JDED ~WLO GDGR HO FDUiFWHU SRpWLFR GH OD LQYDVLyQ TXH WDPELpQ HUD XQ 9LDMH D OD
(OHJtD'DUGR&LIXHQWHVHO´UHYLVLRQLVWDµFDSD]GHKDOODUOHSXOJDVPDOYDGDVDOFDEDOORGH
EURQFH GH FXDOTXLHU JHQHUDO KLVWyULFR \ \R PLVPR DVHVRU \ FURQLVWD GH ODV 'RV %DWDOODV
SDUDOHODV &XDQGR HO 2VFXUR PH DQXQFLy TXH \R ILJXUDUtD HQWUH ORV LQYDVRUHV SURWHVWp
UHFRUGiQGROH TXH PL SDSHO HQ VX JHVWD VHUtD HO GH XQ ´PRWRU LQPyYLOµ H LQYLVLEOH 0H
UHVSRQGLy FRQ GRV YHUVRV GH PL ´(XWDQDVLDµ <R IXL VLHPSUH XQ YLJtD GH ODV
WUDQVPXWDFLRQHVGHORTXH\DQRHV$OIDQLHVWRGDYtD2PHJDORVFXDOHVDVXHQWHQGHU
PH GHFODUDEDQ XQ SHULWR HQ PXHUWHV \ UHQDFLPLHQWRV GHO WRGR QHFHVDULR D OD IRUPLGDEOH
DJRQtDHQTXHKDOODUtDPRVDO*UDQ2OLJDUFD
3HUR ¢TXLpQ HUD HO *UDQ 2OLJDUFD GH OD LQYDVLyQ" 1R ELHQ HO $XWRGLGDFWR PH GLMR VX
QRPEUH XQD FXHUGD VHQVLEOH GH PL D\HU FRPHQ]y D YLEUDU WLHUQDPHQWH £GRQ 0DUWtQ
,JDU]iEDO(QHOFKDOHWGH)ORUHVFRQHOJDWR0DQGLQJDVREUHPLVSLHVHYRTXpODILJXUDGH
GRQ 0DUWtQ HQ OD HVWDQFLD ´/RV fDQG~HVµ £&DEDOORV \ MLQHWHV PHPRUDEOHV <R WHQtD
GLHFLVpLVDxRV\HVWDEDGHVFXEULHQGRDOD3DWULDHQVXKHUPRVXUDRQWROyJLFDRHQVX´FRQR
GHOX]µ1RVDEtDHQWRQFHVTXHOD3DWULDWHQtDLJXDOPHQWHXQ´FRQRGHVRPEUDµQLTXHGRQ
0DUWtQ\DHQWUDEDFRQHOODHQRWURGHVXVFUHS~VFXORVLQHOXFWDEOHV
³¢3RUTXpKDHOHJLGRXVWHGD0DUWtQ,JDU]iEDO"³OHSUHJXQWpD0HJDIyQVLQRFXOWDUOHPLV
UHFXHUGRV
³/RV,JDU]iEDO³PHUHVSRQGLypO³RIUHFHQXQOLQDMHPiVGLUHFWR\VLJQLILFDWLYR
³'RQ 0DUWtQ ³FDOFXOp \R³ KD GH VHU D HVWDV KRUDV XQ RFWRJHQDULR ¢'yQGH OR
DERUGDUHPRV"
(QWUHORVSDSHOHVGHXQDFDUSHWDHO$XWRGLGDFWREXVFy\KDOOyXQFURTXLVHOHPHQWDOTXH
SXVRDQWHPLVRMRV
³(VWDHVODTXLQWDGHORV,JDU]iEDOHQ6DQ,VLGUR³H[SOLFy³$TXtHVWiODFDVRQDUpSOLFD
GH OD TXH OHYDQWy HO FRURQHO 7LEXUFLR ,JDU]iEDO HQ ORV FDPSRV GHO VXU DO WHUPLQDU OD
FRQTXLVWD GHO GHVLHUWR 6XV YHQWDQDOHV GDQ DO 5tR GH OD 3ODWD \ HQ HO JUDQ VDOyQ HQWUH
SLH]DV GH PXVHR \ UHWUDWRV IDPLOLDUHV GRQ 0DUWtQ ,JDU]iEDO HV RWUR PXHEOH TXH VXV
KHUHGHURV HQWUHJDQ KR\ D OD VROHGDG (VWD LQYDVLyQ VH KD GH KDFHU XQ GRPLQJR \ HQ ODV
~OWLPDVKRUDVGHODWDUGH/DOtQHDGHyPQLEXVQRVGHMDUiHQHVWDSDUDGDVXELUHPRVD
WUDYpVGHHVWHSDUTXHKDVWDHODFFHVRGHODFDVRQDGRQGH\DHVWDUiHOSDPSD&DVLDQR,,,
³¢4XLpQHVHOSDPSD&DVLDQR,,,"³LQTXLUt\R
³8QDPH]FODGHYDOHWFRFLQHUR\VHFUHWDULROD~QLFDSHUVRQDTXHDWLHQGHDGRQ0DUWtQ
HQ VX DEDQGRQR (O SDPSD HV KLMR GH &DVLDQR ,, \ QLHWR GH &DVLDQR , GH OD WULEX GH
1DPXQFXUi SUHQGD LQGLD TXH WDPELpQ OH JDQy DO GHVLHUWR HO FRURQHO 7LEXUFLR ,JDU]iEDO
7DQ YLHMR FRPR GRQ 0DUWtQ HO ~OWLPR SDPSD GHO OLQDMH DO TXH OH XQWp OD PDQR KD GH
LQWURGXFLUQRVHQODPDQVLyQFRPRWXULVWDVRKLVWRULDGRUHV
< XQ GRPLQJR GH QRYLHPEUH DYDQ]DGD OD WDUGH 0HJDIyQ 3DWULFLD %HOO &LIXHQWHV \ \R
HQWUiEDPRV HQ OD TXLQWD GH 6DQ ,VLGUR \ QRV DGHODQWiEDPRV HQWUH DUEROHGDV \ PDWRUUDOHV
TXH GHIHQGtDQ VX PDQVLyQ GH ORV RMRV LQGLVFUHWRV \ ORV SDVRV LQYDVRUHV 5HFLpQ
DEDQGRQiEDPRVXQyPQLEXVGHODOtQHDFRQVXFDUJDPHQWRGHEXUJXHVHVGRPLQLFDOHV\
\DHOFRORUDQWLJXRGHODVIURQGDV\HOFRURLQPHPRULDOGHORVJRUULRQHVSDUHFtDQXELFDUQRV
IXHUD GHO WLHPSR UHDO TXH QRV HPSXMDED GHVGH %XHQRV $LUHV (Q HO SRUWDO KLVWyULFR GH OD
UHVLGHQFLDHOSDPSD&DVLDQRUHFWRD~QFRPRXQODQ]yQGHVXWULEX\DQRVDJXDUGDEDFRQ

85
HODLUHLPSHUVRQDO\~WLOGHXQJXtDGHPXVHR
³3RU DTXt VHxRUHV ³QRV LQYLWy³ /D SXHUWD HV GH FHGUR \ OD IHUURQQHULH GHO PiV SXUR
HVWLORFRORQLDO
£'LDEOR FRQ HO SDPSD 6t KDEtD GLFKR HO YRFDEOR IUDQFpV FRQ OD SURVyGLFD MXVWH]D GH
PRQVLHXU%RLOHDX'HVGHHOIUtR]DJXiQHOYDOHWQRVFRQGXMRDXQSDWLRGHURVDV\GHVGH
DOOtDOJUDQVDOyQGHODFDVDKXQGLGR\DHQODSHQXPEUDGHODWDUGHFHU(UDXQDOX]FDyWLFD
HQODTXHQXHVWURVRMRVLQGLYLGXDOL]DURQODVOXQDVGHORVHVSHMRV\HOEULOORGHODVDUPDVHQ
VHJXLGD HO YROXPHQ GH ORV PXHEOHV DJRELDGRV FRPR DQLPDOHV GH FDRED \ DO ILQ ODV FDUDV
LQHUWHV GH ORV UHWUDWRV HO RUR GH VXV XQLIRUPHV \ OD EODQFXUD GH ORV HQFDMHV TXH DOJ~Q
SLQWRU DQyQLPR KDEtD GHWDOODGR HQ OD URSD GH ODV GDPDV (O KLVWRULDGRU &LIXHQWHV
LQVSHFFLRQyODVUHOLTXLDVGHODVDODFRQVXDJXGDQDUL]HQUHYLVLRQLVPR3DWULFLD%HOODGPLUy
ORV SHLQHWRQHV FRORQLDOHV GH XQD YLGULHUD HVWXGLy HO $XWRGLGDFWR XQ YLHMR VDEOH GH
FDEDOOHUtD \ PH GHWXYH \R DQWH OD ILUPD GHO JHQHUDO 6ROHU HVWDPSDGD HQ XQ UXJRVR
GRFXPHQWR $ GHFLU YHUGDG \ VHJ~Q QRV FRQIHVDPRV GHVSXpV OR TXH D WRGRV QRV
HPEDUJDED HUD OD WULVWH]D GH XQ ´YDFtR H[LVWHQFLDOµ TXH UHVLGtD HQ HO VDOyQ \ ERVWH]DEDQ
VXVREMHWRV´FRPRVLDOJRDOOt³PHGLMH³KXELHUDGHWHQLGRVXFRQWLQXLGDGKLVWyULFDHQXQD
VXHUWHGHURWXUDµ(QWRQFHVDOEXVFDUXQKiOLWRGHYLGDHQDTXHOUHFLQWRGHVFXEUtDOJXQDV
EUDVDV TXH DUGtDQ HQ VX FKLPHQHD XQ VLOOyQ LQVWDODGR IUHQWH D ODV EUDVDV \ HO GHVPR
URQDPLHQWRGHXQKRPEUHTXH\DFtDHQHOVLOOyQ
³¢(VGRQ0DUWtQ"³OHSUHJXQWpD&DVLDQR,,,
³'RQ 0DUWtQ ,JDU]iEDO ³UHFLWy HO LQGLR³ (O VLOOyQ HV GH -DFDUDQGD \ SHUWHQHFLy DO
FRURQHO0DQVLOOD
³¢'XHUPH"
³£4XLpQVDEH/RVWXULVWDVQRORLQFRPRGDQ6HxRUHVODFKLPHQHDHVGHO5HQDFLPLHQWR
LWDOLDQR\IXHFRPSUDGDHQXQUHPDWHGH)ORUHQFLD
0HDFHUTXpDOVLOOyQGH-DFDUDQGD\REVHUYpDORFWRJHQDULRTXHGRUPtDRQRFRQORVRMRV
DELHUWRV
³'RQ 0DUWtQ ³OH GLMH³ ¢PH UHFRQRFH" 6R\ DTXHO VREULQR SRUWHxR GHO LUODQGpV &RZOH\
TXHGLULJtDVXFDEDxDGHVKRUWKRUQVHQ´/RVfDQG~HVµ
³¢+DFHPXFKR"³URQURQHypO
³8QDFXDUHQWHQDGHDxRV
'RQ 0DUWtQ HVFXGULxy PL VHPEODQWH FRPR GHVGH EUXPRVDV OHMDQtDV \ PH WHQGLy OXHJR
XQD PDQR FRQYHQFLRQDO KXHVXGD \ D OD YH] IOiFFLGD FRPR XQ IUDJPHQWR GH DQDWRPtD HQ
GHVFRPSRVLFLyQ$TXHOODPDxDQDGH´/RVfDQG~HVµDOVHUWH\RSUHVHQWDGRPHDODUJDVWH
QR OD PDQR HQWHUD GH XQ KRPEUH TXH VH WLHQGH D RWUR KRPEUH VLQR WX tQGLFH UtJLGR \
VROLWDULRGHPDJQDWH<RHUDXQDGROHVFHQWHSRHWD\PHQHJXpDUHFLELUWXGHGRVLDTXHOOD
SDPSD GHO VXU HUD WX\D HQ OR ItVLFR \D HUD PtD HQ OR SRpWLFR \ HQ OR PHWDItVLFR \ HV XQ
DPRDEVROXWRHOTXHSRVHHODVFRVDVHQVXVHVHQFLDV0HDVLVWHQD~QUD]RQHVGHSHUSOHMLGDG
\QRGHUHVHQWLPLHQWR
³<DFDLJR³SDUHFLyPHPRUL]DUGRQ0DUWtQ³¢1RHUD\RHQWRQFHV'LUHFWRU*HQHUDOGHORV
IHUURFDUULOHVLQJOHVHV"
³1RORVp³OHUHVSRQGt³(QWRQFHV\RHVWXGLDEDODVIRUPDVGHOVXU\FRPSRQtDYHUVRVD
OR+XJR
$WUDYpVGHVXVQHEOLQDVLQWHULRUHVGRQ0DUWtQUHFRUGy\WUDGXMRXQGHVSXQWHGHDODUPD
UHWURVSHFWLYD
³6t³JUXxy³HOPR]RTXHMLQHWHDEDXQOREXQRGHOLUODQGpV&RZOH\\PHOH\yXQSRHPD
VXEYHUVLYR
³¢6XEYHUVLYR"
³£$KtHPSH]DEDHOPDO

86
 <PHORFHQVXUDVWHIUHQWHDOWtR&RZOH\TXHVHD]RUDEDSRUTXHVyORHQWHQGtDGHYDFXQRV
SHUIHFFLRQDGRV HQ OD OODQXUD ´/RV KLMRV GHO H[WUDQMHUR QR GHEHQ HVFULELU VH OHV LQIOD OD
FDEH]D GH KXPRV UHYROXFLRQDULRVµ £< DVt DQGD HO SDtV FRQ HVRV DQDUTXLVWDV +XPRV
UHYROXFLRQDULRVHQODQDUL]GHXQSRHWDQLxRTXH\DROLyXQDWULVWHLQLTXLGDGGHWXSDPSD
/DXUHDQR 5HLQDIp VH FRUWy XQ EUD]R HQ WX WULOODGRUD OR PDQGDV FXUDU FRQ XQ FKRUUR GH
DFDURtQD \ XQRV JLURQHV GH DUSLOOHUD VXFLD OXHJR OR ERUUDV GH WX OLEUR FRPR XQ Q~PHUR
LQ~WLO'RQ0DUWtQHQWXPXVHRQRILJXUDHOEUD]RSHUGLGRGH5HLQDIpSHUR\RYLHQWRQFHV
TXH FLHQ YLGDOLWDV IRONOyULFDV QR DOFDQ]DEDQ D ERUUDU OD WULVWH]D GH XQ PDQFR \ GH VX
PXxyQ ¢(VWR\ IXULRVR" 1R PH DVLVWHQ UD]RQHV GH IXULD VLQR GH SLHGDG < HO GRPDGRU
/LEHUDWR )DUtDV QR KD GH FXPSOLU WX RUGHQ pO QR VH FDVDUi FRQ XQD PXMHU DMHQD \
HPEDUD]DGD\DGHXQKLMRTXHQRHVVX\R/RKDVGHVWHUUDGR\ORHPSXMDVDOKRUL]RQWHGHO
VXU$/LEHUDWR)DUtDVEXHQGRPDGRUOROODPDURQSRUTXHQRXVDEDODHVSXHODVLQRFRQ
ORVUHVHUYDGRV
< YHR FyPR HO GRPDGRU VH YD FRQ HO FDEDOOR TXH PRQWD \ RWUR HQ OD SXQWD GH VX
FDEHVWUR6HDOHMD\DQRHVWiVHORKDFRPLGRXQKRUL]RQWH£/LEHUDWR)DUtDV\RHVFULEtWX
HSLWDILR HQ HO FHPHQWHULR GH 0DLS~ GRQGH DJXDUGDQ VX MXLFLR ILQDO WDQWDV PXHUWHV GH OD
OODQXUD
<PLVUD]RQHVQRHVWiQHQHOUHVHQWLPLHQWRVLQRHQODPHODQFROtD
0HJDIyQ3DWULFLD%HOO\&LIXHQWHV\DVHKDEtDQDFHUFDGRDQRVRWURV\QRVURGHDEDQ
³6HxRUHV³TXLVRUHWHQHUORVD~QHOSDPSD&DVLDQR³ODYDMLOODHVGH6pYUHV\HVWiVHOODGD
SRUHVDLOXVWUHPDQXIDFWXUD
³2LJDGRQ0DUWtQ³OHGLMHDOYLHMR³¢TXpPDOVHLQLFLDEDHQWRQFHV"
³/RVWUDMLPRVSDUDTXHWUDEDMDVHQODVWLHUUDV\OHYDQWDUDQODV LQGXVWULDV³UH]RQJypO³
'HVGH ORV EDOFRQHV GH OD &DVD GH *RELHUQR HO 0LQLVWUR \ \R ORV HVWXGLiEDPRV
GHVHPEDUFDEDQDERUERWRQHVGHDTXHOORVEXTXHVURxRVRV¢<TXpKLFLHURQDOILQ"
³/HYDQWDUODVLQGXVWULDV\FXOWLYDUODVWLHUUDV
(FRQODSLSDLQERFHDH]DSDWLOODLQPDQRHWULRQIDODOLQ\HUDTXHVHYDSHU6DQWD)H
/RV YL VXGDU DO VRO PRMDUVH EDMR ORV GLOXYLRV OORUDU VXV GHVJDMDPLHQWRV \ FDQWDU HQ VXV
SRVLEOHVUHVXUUHFFLRQHV´/OHJDQFRPRHORWRxRUHSOHWRVGHVHPLOODYHVWLGRVGHKRMD
PXHUWDµ/RVYLHQODURWXUDGHVXVLGLRPDV\HQHOSDWpWLFRVDLQHWHGHVXVDGDSWDFLRQHV
³£6XVKLMRVDO]DURQEDQGHUDVUHYROXFLRQDULDV³LQVLVWLyGRQ0DUWtQ
³¢6HUHILHUHDODVPtDV"³OHGLMH
³£8VWHGORVDEH
<RHUDXQQLxRSRHWD\IUHQWHDOWtR&RZOH\PHGHFODPDVWHODFRQVLJQD´£'LRV3DWULD\
+RJDUµ 'LRV \ QR FUHtDV HQ (O 3DWULD \ OD YHQGLVWH D ORV LQJOHVHV +RJDU \ KDV
WUDLFLRQDGRHOWX\RSRUORVDMHQRV(OWtR&RZOH\VHDODUPyHQVXFDEH]DURMDVyORFDEtD
XQWRUREHOORFRPRXQSHGD]RGHDUTXLWHFWXUD
,QWHUYLQRDTXtHOUHYLVLRQLVWD&LIXHQWHV
³8QPRPHQWRVHxRUHV³QRVURJy³¢1RSRGUtDPRVRUGHQDUHVWHDQiOLVLV"
³¢4XLpQHVXVWHG"³OHSUHJXQWyGRQ0DUWtQ
³8QKLVWRULDGRU
³£/D +LVWRULD HVWi FRQPLJR ³VH DOHJUy HO RFWRJHQDULR LQFRUSRUiQGRVH D PHGLDV HQ HO
VLOOyQ
³/D +LVWRULD HV XQD PXOD HFXiQLPH ³OH DGYLUWLy &LIXHQWHV³ R DWUDYLHVD ORV $QGHV FRQ
XQD YDQJXDUGLD R SDWHD VLQ DVFR D XQD UHWDJXDUGLD TXH VH GXUPLy D OD VRPEUD GH ORV
ODXUHOHV
³¢4XpODXUHOHV"³UHIXQIXxyHOYLHMR
³/RVTXH´VXSLPRVFRQVHJXLUµ
³6HxRUDV \ VHxRUHV ³UHFLWy HO SDPSD &DVLDQR ,,,³ ¢QR VHUtD PHMRU TXH DGPLUDVHQ

87
XVWHGHV HVWRV DEDQLFRV URPiQWLFRV" (Q XQR SRGUiQ OHHU XQD HVWURID PDQXVFULWD GHO JUDQ
/DPDUWLQH7RGRFRPSUDGR\DXWHQWLILFDGRHQHO´+RWHO'URXRWµGH3DUtV
6LQHVFXFKDUDOLQGLRHOKLVWRULDGRU&LIXHQWHVHQFDUiQGRVHFRQHOYLHMRORDERUGyFRPR
TXLHQHQWUDHQXQDFRQVXOWDGHIROLRVDSROLOODGRV
³'RQ0DUWtQ³OHGLMR³¢SRUTXpVHDIHUUDXVWHGDOD+LVWRULD"
³£/RV,JDU]iEDOKHPRVFRQVWUXLGRHVWHSDtV³FKLOOyHORFWRJHQDULR³£8QLPSHULRTXHVH
QRVUREy\TXHDKRUDVHQRVGLVFXWH<ROHGLMHDO0LQLVWURGHVGHORVEDOFRQHVGHOD&DVDGH
*RELHUQR´£(VDLQYDVLyQQRVGHVWUXLUiµ
(Q VX VLOOyQ \ IUHQWH D OD FKLPHQHD GRQ 0DUWtQ UHVXFLWDED FRPR DIORMDQGR VXV UHVHFRV
YHQGDMHV GH PRPLD (QWUH ODV UHVTXHEUDMDGXUDV GH VX FDVFDUyQ LEDQ PDQDQGR SUHWpULWDV
DOWLYHFHVRUJXOORVLUULWDEOHVLQFUHtEOHVDEODQGDPLHQWRVREOLFXDVGHWUDLFLyQHKLVWHULDVGH
SiQLFR < ORV HVSHFWDGRUHV GH VX UHVXUUHFFLyQ YLPRV FRQFUHWDUVH XQD ´ILJXUDµ HQ DTXHOOD
VtQWHVLVGHFRQWUDGLFWRULRVHOHPHQWRVODGHO*UDQ2OLJDUFD
³6tHVHO*UDQ2OLJDUFD³GLMR0HJDIyQFHUWLILFDQGRVXDXWHQWLFLGDG
³'RQ 0DUWtQ ³OR LQWHUURJy &LIXHQWHV³ ¢HQ TXp EDVDUtD XVWHG VX GHUHFKR" ¢(Q OD
3VHXGRKLVWRULDHQOD3DUDKLVWRULDRHQOD0HWDKLVWRULD"
³£(QORVUHWUDWRV³H[FODPyGRQ0DUWtQ³£(OORVKDEODQ\JULWDQ
<YROYLpQGRVHDOSDPSD&DVLDQR,,,
³£,QGLR³OHRUGHQy³HQFHQGpODVOXFHV
(Q OD SHQXPEUD GHO VDOyQ TXH KDEtD LQWHQVLILFDGR \D XQ DQRFKHFHU WULXQIDQWH FLHUWD
ODPSDULOOD RFXOWD LOXPLQy XQ JUDQ UHWUDWR DO yOHR HO SULPHUR GH XQD VHULH FX\RV URVWURV
IDQWDVPDOHVERUURQHDEDODRVFXULGDG
³(V1DUFLVR,JDU]iEDOJHQHUDOGHOD,QGHSHQGHQFLD³ORDQXQFLyGRQ0DUWtQ
³8Q yOHR GH 3ULOLGLDQR 3XH\UUHGyQ ³LQWHUYLQR HO SDPSD³ /D ILUPD HVWi HQ HO iQJXOR
LQIHULRUGHUHFKR
³£,QGLRFiOODWH³ORVLOHQFLyHO*UDQ2OLJDUFD
2EVHUYDPRV OD QREOH ILJXUD GHO JHQHUDO VX URVWUR SDWLOOXGR \ IHEULO GH FRQVLJQDV
KHURLFDV
³(OFUXFHGHORV$QGHV³PXUPXUy&LIXHQWHV³ODFXHVWDGH&KDFDEXFR
³0DLS~³DxDGLyHO*UDQ2OLJDUFD³HO&DOODR\/LPD9LFWRULDWUDVYLFWRULD
(QWRQFHV HO YDFtR H[LVWHQFLDO HQ TXH VH GHILQtD HO JUDQ VDOyQ PXVHR GH ORV ,JDU]iEDO
SDUHFLy OOHQDUVH FRQ OD PXHUWD VRQRULGDG TXH QRV UHVWLWXtD HO WLHPSR \ ORV VHPEODQWHV
DEROLGRV TXH QRV UHLQWHJUDED HO HVSDFLR ¢4XLpQ KDEOy DOOt" ¢(O KLVWRULDGRU &LIXHQWHV HO
YLHMRGRQ0DUWtQDFRVWDGRHQVXVPDGHUDVRHOJHQHUDO1DUFLVR,JDU]iEDODVRPiQGRVHGHVGH
VX HWHUQLGDG D HVH PXVHR GH FRVDV SHULPLGDV" ´7RGR HVWi HQ VLOHQFLR  \ HO VLOHQFLR
UHVSRQGH FRQ VX YR] GH DJXD PXHUWDµ 6L XQ HMpUFLWR FUX]D XQD PRQWDxD HO VROGDGR VH
KDFHGHSLHGUD\ODSLHGUDVHKXPDQL]D(O*UDQ&DSLWiQKDPLUDGRDO2HVWH\VHGHVYHOD
HQVXDOPRKDGDGHSOXPDV\VHFUHWRV3RUTXHODOLEHUWDGHVFRPRHOVROQDFHDO(VWH\VH
SRQHDO2HVWH¢&ODULQHVHQHO3OXPHULOOR"6tHVPX\UDURHVWHYLHQWRTXHOOHQDORVFODULQHV
\ QRV HPSXMD PiV DOOi HQ XQD GLVSHUVLyQ GHO FRUDMH \ OD VHPLOOD ¢4XLpQ HVWi IRUMDQGR D
PDUWLOORORVGRVULxRQHVGHOD3DWULD"¢4XLpQODYLVWLy\FDO]ySDUDODJXHUUD"(O*UDQ&DSLWiQ
KDPLUDGRDO2HVWH\1DUFLVR,JDU]iEDOHQODPDQRGHXQYLHQWRHVWXGLD\DORVSDVRVGHOD
FRUGLOOHUD £/RV FUX]DUi ORV FUX]DUHPRV £'HVFHQGHUi \ GHVFHQGHUHPRV OD SHQGLHQWH
FRQWUDXQKRUL]RQWHGHVDEOHV\KDFLDHOPDU6LOD3DWULDHVXQDFWRGHKR\HVWDPELpQXQD
FULDWXUDGHOIXWXUR\XQLWLQHUDULRTXHVHWUD]DSDUDHQDPRUDUDOWLHPSR(O*UDQ&DSLWiQOR
VDEHSRUHVRFDGDXQRGHVXVJHVWRVHVXQDFRQVLJQD\FDGDXQRGHVXVGRORUHVXQPDQGDWR
LUUHYRFDEOH 1DUFLVR ,JDU]iEDO HO JHQHUDO KD GHMDGR XQD QRYLD HQ /LPD \ XQD WXPED HQ
$\DFXFKR ´6HDQ HWHUQRV ORV ODXUHOHV TXH VXSLPRV FRQVHJXLUµ 0iV WDUGH YHQGUiQ ODV
FXPEUHV OLWHUDULDV \ ORV FyQGRUHV HQ YHUVR TXH VH GHVJDxLIDQ GH JORULD ¢< SRU TXp QR OD

88
VLHVWDGHOFRUDMH"¢<SRUTXpQRODVWUDLFLRQHVHQULJXURVRIUDF"¢<SRUTXpQRHOROYLGR\OD
PXHUWH"´2EVHUYDUiQORVWXULVWDVTXHODVDOIRPEUDVGH3pUVLDVRQGH3HUVLDµ
(OHQFDQWRVHKDEtDURWR
³6HxRU ³RUy HQWRQFHV 3DWULFLD %HOO³ FRQFpGHOHV HO GHVFDQVR HWHUQR DO JHQHUDO
,JDU]iEDODVXVRILFLDOHV\VROGDGRV£4XHEULOOHSDUDHOORVODHWHUQDOX]'HVFDQVHQHQSD]
DPpQ
³,QGLRODVODPSDULWDV³YROYLyDRUGHQDUHO*UDQ2OLJDUFD
/D OX] HQIRFy DKRUD XQ UHWUDWR YLULO FX\R VHPEODQWH SHULOOD \ PHOHQD \ FX\R DWXHQGR
XQLIRUPH\SRQFKRDUDXFDQRH[DOWDEDQORVWRTXHVGHOURPDQWLFLVPRFULROOR
³(OFRURQHO7LEXUFLR,JDU]iEDO³SUHVHQWyGRQ0DUWtQ³+L]RODVFDPSDxDVGHO'HVLHUWR
³)XHXQFLYLOL]DGRU\DODYH]XQVROGDGR³HORJLy&LIXHQWHVHQVXDUVHQDOUHYLVLRQLVWD
´(O VLOHQFLR UHVSRQGH FRQ VX YR] GH DJXD PXHUWD \ KD\ TXH WLUDU JXLMDUURV DO SR]R GHO
VLOHQFLRµ$QWHODSUHVHQWDFLyQ\HOHORJLRSDUHFLHURQUHDQLPDUVHODVFRVDVGHPXVHRTXHVH
GLVWULEXtDQHQHOVDOyQ\TXHKDEtDXVDGRHOFRURQHO7LEXUFLR,JDU]iEDOHQODFRQVWUXFFLyQ\
GHIHQVD GH XQ LPSHULR LQVWLWXLGR FRQWUD ODV IXULDV GHO VXU /DQ]DV UDQTXHOHV \ VDEOHV GH
FDEDOOHUtDODQ]DVTXHVHKXQGLHURQHQSHFKRVEODQFRVKDVWDODVSOXPDVGHIODPHQFRILORV
FRUYRVHQXQDVLHJDGHFDUQHURMDTXHKXHOHDVDOYDMLQDGHSRWUR%ROHDGRUDV\OD]RVHQODV
SDWDV\HOFRJRWHGHEDJXDOHVHQWRUEHOOLQRTXHSHOHDQVXOLEHUWDG0LFRURQHO¢FXiOHVHUDQ
ODV IXULDV GHO VXU" 8QD SDPSD JHROyJLFD ³GLFH PL FRURQHO³ \ XQD YLROHQFLD GH JXHUUHURV
GHVQXGRV TXH VH GHVDWD FRPR HO YLHQWR TXH VH DSDFLJXD FRPR HO YLHQWR TXH KX\H \
UHWRUQD FRPR HO YLHQWR < XQR JDQD SLHUGH \ UHFREUD KRUL]RQWHV FRPR DQLOORV ´3DGUH
FHOHVWLDOFRQFpGHOHVHOGHVFDQVRHWHUQRDOFRURQHO,JDU]iEDODVXVPLOLFRVJDXFKRVDORV
FDFLTXHV UDQTXHOHV \ VXV JXHUUHURV SDPSDVµ +D\ TXH DTXLHWDU HO WLHPSR ³GLMR PL
FRURQHO³\FRQVHJXLUXQKRUL]RQWHTXHQRDYDQFHQLUHWURFHGDVLXQRTXLHUHOHYDQWDUXQD
FDVDRXQDPRUHQODOODQXUD´£4XHEULOOHSDUDHOORVODHWHUQDOX]µ¢3RUTXpKDGLFKRXVWHG
TXHIXHFLYLOL]DGRU"3RUTXHVXSRWUDQVPXWDUXQDJHRJUDItDHQXQDKLVWRULD´£'HVFDQVHQHQ
SD]DPpQµ<HOUHWUDWRHVGHXQSLQWRUDQyQLPRTXHOOHJyD%XHQRV$LUHVDPHGLDGRVGHO
VLJOR;,;
/RVJHVWRV\ODVSDODEUDVYROYtDQGHVXFDRVHQHOVDOyQGRQGH\DVHQWDEDVXVUHDOHVXQD
QRFKH TXH YHQtD GH DIXHUD \ GH DGHQWUR \ TXH OXFKDED VyOR FRQ GRV ODPSDULOODV \ GRV
UHWUDWRV (Q OR VRQRUR KDEtDPRV LQWHUYHQLGR HO KLVWRULDGRU &LIXHQWHV FRQ VXV DSR\DWXUDV
HUXGLWDVHO*UDQ2OLJDUFDUtJLGR\KHODGRFRPRTXLHQDVLVWHDXQIXQHUDODMHQR3DWULFLD
%HOOH[DOWDGDHQVXVUpTXLHPDORVGLIXQWRVHOSDPSD&DVLDQR\VXVIUXVWUDFLRQHVGHJXtD
PXVHDO\\RTXHWDxtDPLERUGRQDHOHJLDFDGHPDVLDGRFHUFDWDOYH]GHORVKHFKRVFRPR
SDUDQROORUDU¢3RUTXpQRKDEODED0HJDIyQ"¢6HGHVHQWHQGtDGHOD\HU£RK3DUFDPXGD
FRPRVLOHLQWHUHVDVHQ~QLFDPHQWHORVKLORVGHOIXWXURHQHOVDOyQPXVHRGHORV,JDU]iEDO"
3HUR HO LQGLR OLPLWDGR D VX SDSHO GH LOXPLQDGRU KL]R JLUDU XQD OODYH RFXOWD \ DO
HQFHQGHUVHODWHUFHUDODPSDULWDGLROX]DOWHUFHUUHWUDWR
³*UHJRULD,JDU]iEDOKLMDGHOFRURQHO³DQXQFLyGRQ0DUWtQHQWUHGLHQWHV
(UD HO UHWUDWR GH XQD PXMHU HQpUJLFD VLJQDGD SRU XQD YROXQWDG QR DJUHVLYD SHUR
LQTXHEUDQWDEOH GH PDQGDWRV FRPR OR UHYHODEDQ VX GXUR PD[LODU LQIHULRU \ VX PLUDGD
LQVLVWHQWHFRPRXQDRUGHQ(OSLQWRUKDEtDORJUDGRELHQHVDILJXUDGHDPD]RQDHQVXWUDMH
GH PRQWDU HQWUH FULROOR \ HXURSHR HQ VX EXVWR GH SHFKRV DULVFRV \ HQ VX FDEHOOHUD
WUHQ]DGD\DWDGDIXHUWHPHQWHFRPRSDUDTXHQRODPDQRVHDVHQORVYLHQWRVGHOVXU
³£/HLQYHQWDURQOH\HQGDV³UH]RQJyGRQ0DUWtQ
³¢3RUTXp"³ORDOHQWy&LIXHQWHV
(O *UDQ 2OLJDUFD QR OH UHVSRQGLy HQ XQ VRVOD\R GH VX DOPD TXH SDUHFtD UHKXLU ORV RMRV
DFXFLDQWHVGH*UHJRULD9LHMR¢TXpSRGUtDVWHPHUGHXQRVRMRVTXHPDGRVHQODOODQXUD\
GH XQ PHQWyQ HQDOWHFLGR QR SRU HO RUJXOOR VLQR SRU XQD FRQVLJQD" ¢4Xp KD\ HQ *UHJRULD

89
,JDU]iEDOTXHWHUHK~VDVDPLUDUGHIUHQWH"
³6HJ~Q PLV FiOFXORV ³GLMR HO KLVWRULDGRU³ HVWD PXMHU HVWXYR HQ OD IURQWHUD H[DFWD GH
XQDSRVLELOLGDG
³¢4XpSRVLELOLGDG"³LQTXLUt\R
&LIXHQWHV QR PH UHVSRQGLy FRPR YDFLODQGR DQWH XQD GXGD LQWHUQD TXH D~Q VH OH
REVWLQDEDHQHOSODQWHRGHXQDWHRUtD
´&RQ VX YR] GH DJXD PXHUWD  UHVSRQGHUi HO VLOHQFLR  FXDQGR OR GHVDItHVµ *UHJRULD
,JDU]iEDO¢TXpPDQGDWRGHKLHO\GHPLHOWHFODYyHQODOODQXUDFRPRXQDODQ]DILQD"0L
SDGUHKDIXQGDGRXQLPSHULRHQHOVXU³GLFH*UHJRULD³ORIXQGyVREUHWXPEDVGHVROGDGRV
\ RVDPHQWDV GH LQILHOHV TXH QDGLH EHQGLMR 7UDV HO FRPEDWH ~OWLPR HO FRURQHOUHIOH[LRQD
HQVXDOPD¢SDUDTXpOHJDQR\RXQGHVLHUWRDODVIXULDVGHOVXUTXHJDORSDQHQFDEDOORV\
WRUPHQWDV"¢3DUDTXpVLHOGHVLHUWRQRKDGHKDEODUDOILQXQLGLRPDGHQRYLOORV\WULJDOHV"
(OFRURQHO7LEXUFLR,JDU]iEDOIXHXQFLYLOL]DGRU\DODYH]XQVROGDGR´£3D]HQVXWXPEDµ
UXHJD3DWULFLD%HOO&XDQGRPXULyPLSDGUH³FODPD*UHJRULD³QRVGHMyDWRGRVXQDFRQ
VLJQDQRVROWDUODOODQXUDGHIHQGHUHVWHLPSHULRFRQYHUWLUORHQXQDWLHUUDGHOKRPEUH\
HQ XQD FLXGDG GHO KRPEUH <R WXYH GRV KHUPDQRV GRV SXQWDOHV IORMRV TXH VH QHJDURQ D
VRVWHQHUDTXHOODGLItFLODUTXLWHFWXUD\RWXYHGRVKHUPDQDVREOLFXDVTXHGHVHUWDURQDTXHO
HVWLOR \ VH IXHURQ GHWUiV GH YRFHV TXH ODV WHQWDEDQ GHVGH DIXHUD < PH TXHGp VROD FRQ
HVWDVGRVWUHQ]DVDWDGDVFRQWUDHOYLHQWRGHOVXU\HVWDVGRVPDQRVURWDVHQXQDEDWDOODTXH
QRKDEtDFRQFOXLGRQLGHELyWHUPLQDU
³£/DLQVXOWDURQFRQOH\HQGDV³LQVLVWLyHO*UDQ2OLJDUFD
(Q FRFLQDV \ IRJRQHV \R KDEtD HVFXFKDGR VX OH\HQGD ERFDV GH KRPEUHV RVFXURV \ GH
VXVXUUDQWHVPXMHUHV
³'RQ0DUWtQ³OHGLMH\R³¢IXHSRUHVRTXHQRFROJDEDQVXUHWUDWRHQHOVDOyQGH´/RV
fDQG~HVµ"
³£/DJHQWHKDEODGHPDVLDGR³VHODPHQWypO
£<R\HGHPDVLDGR¢FyPRQRORKDUtDVL*UHJRULD,JDU]iEDOIXHXQJULWR"0HTXHGpVRODHQ
HOGHVLHUWRVRODPLDOPD\VXVFRQVLJQDV£PLVROHGDGHQWUHYDURQHV\KHPEUDVRVFXURVTXH
EXVFDEDQGHWUiVGHPtODVRPEUDGHXQJXHUUHURDXVHQWH3RUTXHGHWUiVGHPtVyORH[LVWtD
XQ FRURQHO PXHUWR \ DGHODQWH GH Pt XQD WUDLFLyQ TXH LJQRUDED VX QRPEUH WRGDYtD
*UHJRULD¢FyPRGHILQLUtDVHOGHVLHUWR"(OGHVLHUWRHVWDPELpQXQDLQRFHQWHPDOGDGVLHQGR
\RQLxDPHORHQVHxyXQFDUDQFKRGHOVXUTXHVHDFDEDEDGHSODQWDUVREUHXQFRUGHURYLYR
\ OH FRPtD ORV RMRV D SLFRWD]RV /D VROHGDG DQGD VLHPSUH EXVFDQGR SUHVDV YLYDV HQ HO
GHVLHUWRPiVWDUGHORVEHQGLWRVOHFROJDUiQDXQDPXMHUVROLWDULDOH\HQGDVFRPRGHWLQWD
<PHTXHGpVRODHQHOOODQRKDVWDPRULU
³¢'yQGHKDQSXHVWRVXWXPED"³LQTXLULyHQWUHOiJULPDV3DWULFLD%HOO
³(VWiHQXQSDQWHyQGH/D5HFROHWD³OHGLMR&LIXHQWHV³XQDWD~GGLVLPXODGRHQWUHORV
KXHVRVLOXVWUHV
³¢3RUTXp"
³*UHJRULD,JDU]iEDOHUDXQFODPRUILQDO\HOJXVWRDJULRGHXQDSURIHFtD'HVSXpVYLQRHO
VLOHQFLRFXOSDEOH
³¢4XpQRVTXLHUHGHFLU"³SURWHVWyHO*UDQ2OLJDUFD
³8QLPSHULRUHFLpQHUJXLGR\TXH\DVHGHUUXPED³OHUHFRUGy&LIXHQWHV
(O*UDQ2OLJDUFDHQWUHVXVPDGHUDVGH-DFDUDQGDVHDJLWyFRPRSXGRHQXQDVXHUWHGH
UHEHOGtD
³£,QGLRDSDJDORVUHWUDWRV³RUGHQy
$Vt OR KL]R HO SDPSD YROYLHURQ D VX FDRV ORV WUHV URVWURV EHOLJHUDQWHV < HQ HO VDOyQ
PXVHRTXHGyVyORXQDOX]ERUURVDODGHODFKLPHQHD\VXVWL]RQHVTXHQRVHQYROYtDFRPR
XQ XQJHQWR D &LIXHQWHV D 0HJDIyQ D 3DWULFLD %HOO \ D Pt WRGRV DVRPDGRV DO *UDQ

90
2OLJDUFD HQ UHVLVWHQFLD ¢3RU TXp 0HJDIyQ VH REVWLQDED HQ VX GXUR VLOHQFLR" 0iV WDUGH
FXDQGR KXEH GH UHFDSLWXODU ODV DFFLRQHV PH GLMH TXH GRV HQWUH QRVRWURV KDEtDPRV
WUDEDMDGRDOOiFRPRODV3DUFDVHOKLVWRULDGRUWRUFLHQGRODKHEUDGHOSDVDGR\\RODGHXQ
SUHVHQWHTXHYLYt(QVXPXWLVPRHO2VFXURGH)ORUHVHUDODWHUFHUD3DUFD\WRUFHUtDOXHJR
HOKLORGHOIXWXUR
³'RQ 0DUWtQ ³OH GLMH³ XVWHG KD RUGHQDGR DKRUD HVWH DSDJyQ GH UHWUDWRV ¢1R ORV
HQFHQGLyXVWHGPLVPRFRQILQHVGHSROpPLFD"
³/RVUHWUDWRVKDEODQ³DUJX\RGRQ0DUWtQ
³<QRVDFXVDQ³OHDGYLUWLy&LIXHQWHV
³'DPDV\FDEDOOHURV³LQVLQXyHOSDPSD&DVLDQR³¢QRGHVHDUtDQDGPLUDUXQMXHJRFKLQR
GHDMHGUH]FRQVXVSLH]DVGHPDUILOWDOODGDVSULPRURVDPHQWH"
³¢<GHTXpQRVDFXVDQ"³UHIXQIXxyHO*UDQ2OLJDUFD
³'HKDEHUHVWUDQJXODGR´ORSRVLEOHµ³GLMRHOKLVWRULDGRUFRPRSUHxDGRODUJDPHQWHGH
XQDWHRUtD³2LJDQELHQWHQHPRVXQJHQHUDOGHOD,QGHSHQGHQFLD\XQFRURQHOTXHDJDUUD
XQ GHVLHUWR OH LPSRQH IRUPDV YLWDOHV \ ODQ]D FRQVLJQDV DO IXWXUR £(O ´KD] GH OR SRVLEOHµ
TXLHUHVROWDUVH\DHQODOODQXUDSRUTXHOD+LVWRULDHVWDPELpQXQDUWHGHORSRVLEOH$QWH
QXHVWUD PLUDGD WHQHPRV HO HVFHQDULR XQD JHRJUDItD ORV DFWRUHV OLVWRV XQ SXHEOR \ OD
QRFLyQ GHO GUDPD R OD FRPHGLD TXH KD GH UHSUHVHQWDUVH DOOt HO VXFHGHU QDFLRQDO £'H
SURQWR XQD JUDQ IORMHUD XQ ROYLGR WRWDO GH ODV FRQVLJQDV XQ DEDQGRQR GHO HVFHQDULR ORV
DFWRUHV\HOGUDPD¢4XpVXFHGLyDTXt"¢8QDERUWRGHOVXFHGHU"
< *UHJRULD ,JDU]iEDO HV HO ~QLFR JULWR GH SURWHVWD TXH VH KD OHYDQWDGR DOOi FRQWUD XQD
LQGHFLEOH IUXVWUDFLyQ <R WXYH GRV KHUPDQRV GRV SXQWDOHV IORMRV \ WXYH GRV KHUPDQDV
REOLFXDVTXHGHVHUWDURQ
³/DHVFHQDTXHGyYDFtD³JUXxy&LIXHQWHV³\QRVHUHSUHVHQWyHQHOODHOGUDPDLQWXLGR
SRUXQJHQHUDO\VRxDGRSRUXQFRURQHOHQHOGHVLHUWR£(VDIXHODWUDLFLyQGHORV,JDU]iEDO
³¢4XpSRGtDQKDFHUHOORVHQDTXHOHVFHQDULR\FRQHVRVDFWRUHV"³OHREMHWyGRQ0DUWtQ
³/OHYDUDGHODQWHXQ3DWULFLDGRTXHVHIRUPyHQODVEDWDOODV
³¢4XpFRVDHVXQ3DWULFLDGR"
³8QD OtQHD GH SDWULFLRV TXH VDEH FRQGXFLU D XQ SXHEOR VHJ~Q HO RUGHQ WHUUHVWUH \ HO
FHOHVWH¢<VDEHXVWHGHQTXpGHJHQHUyDTXHOIODPDQWHSDWULFLDGRGHORV,JDU]iEDO"(QXQD
2OLJDUTXtD
³¢4XpFRVDHVXQD2OLJDUTXtD"³LQVLVWLyGRQ0DUWtQ
³(O JRELHUQR DUELWUDULR GH XQD FODVH TXH XVXIUXFW~D HO SRGHU HQ VX EHQHILFLR 8Q
3DWULFLDGR FRQVWUX\H XQD 2OLJDUTXtD GHVWUX\H \ VH GHVWUX\H 'RQ 0DUWtQ DTXt IDOWDQ
UHWUDWRV
³¢&XiOHV"
³/RVGHODIUXVWUDFLyQ\ODWUDLFLyQ
³(VWiQHQHOiOEXPIDPLOLDU³VHDSUHVXUyDGHFLUHOSDPSD&DVLDQR³6RQGDJXHUURWLSRV
DXWpQWLFRV
³<QRSDVDUiQDOEURQFHGHORVKpURHV³GLMRHOKLVWRULDGRU³/RTXHLPSRUWDHVGHILQLU
FyPR XQ 3DWULFLDGR QDFLHQWH GHJHQHUD HQ XQD 2OLJDUTXtD ILQDO 6H GLR HO SULPHU SDVR FRQ
XQD´GLVWUDFFLyQµ\HOVHJXQGRFRQXQD´GHVHUFLyQµ
³¢'LVWUDFFLyQGHTXp"³UHSXVRHO*UDQ2OLJDUFD
³'HODHVFHQDSURSLDGHORVDFWRUHVQDWXUDOHVGHOHVWLORGHYLGDHQTXHVHLQLFLDEDHO
3DWULFLDGR1DWXUDOPHQWHQRVHKDEUtDFDtGRHQHVDGLVWUDFFLyQVLORVRMRVGHO3DWULFLDGRQR
VH KXELHUDQ YXHOWR GHVGH XQD LQWHULRULGDG YLYLHQWH KDFLD XQD H[WHULRULGDG DMHQD TXH OR
WHQWDED<IUXWRGHDTXHOODGLVWUDFFLyQHO3DWULFLDGRHQWUyHQXQFRPSOHMRGHLQIHULRULGDG
DQWHORVHVWLORVDMHQRVTXHOROOHYyDGHVHUWDUHOVX\R\DHQWUHJDUVHDXQDSDURGLDULGtFXOD
GHWRGRORIRUiQHR

91
 ³¢(VR HQWUDUtD HQ OD 3DUDKLVWRULD R HQ OD 0HWDKLVWRULD" ³LQTXLULy HO *UDQ 2OLJDUFD
WUDGXFLHQGRXQUHPDQHQWHGHKXPRULVPRFULROOR
³£(QWUDHQOD3XWDKLVWRULD³VHLQGLJQyHOUHYLVLRQLVWD&LIXHQWHV³<QRORGLJRSRUGHFLU
KXER XQD VXHUWH GH SURVWLWXFLyQ HQ DTXHO YXHOFR GHO 3DWULFLDGR /R TXH LQWHQWy
SULPHUDPHQWH IXH PLPHWL]DU XQD $ULVWRFUDFLD VHJ~Q HO HVWLOR HXURSHR \ VX SDURGLD KL]R
UHtUDXQRV\OORUDUDRWURV'RQ0DUWtQVLXQD$ULVWRFUDFLDSXHGHEURWDUGHXQ3DWULFLDGR
QXQFDEURWDGHXQD2OLJDUTXtD
³¢3RUTXpQR"
³3RUTXH OD $ULVWRFUDFLD QR VH GHILQH SRU XQD YLVWRVLGDG H[WHUQD GHO SRGHU \ HO GLQHUR
VLQR SRU DOJXQDV YLUWXGHV LQWHULRUHV TXH XVWHGHV KDEtDQ H[WUDYLDGR HQ OD JUDQ GHVHUFLyQ
&ODUR HVWi TXH OD PLPHVLV OHV H[LJtD XQD WRWDO DSUR[LPDFLyQ DO PRGHOR HQWRQFHV OD
2OLJDUTXtD\DGLVWDQFLDGDHVSLULWXDOPHQWHGHODQDFLyQWDPELpQORKL]RItVLFDPHQWH\HQ
p[RGRVTXHQRVHKDQROYLGDGR¢/HUHFXHUGRDOJXQDVSDUWLFXODULGDGHV"
<RODVUHFRUGDEDKLODQGHURGHOSUHVHQWH\UHFRJtODKHEUDHQODPDQRGHOKLVWRULDGRU
³¢6HUHILHUHXVWHG³OHGLMH³DORVTXHYLDMDEDQFRPRQDEDEVLQGLRVHQWUDVDWOiQWLFRVGH
OXMRDFRPSDxiQGRVHGHPXFDPRVDERUtJHQHV\WHWRQDVYDFDVOHFKHUDV"
³(VRVIXHURQORV&DUUDQ]D³H[SOLFyGRQ0DUWtQ
³¢2 D ORV TXH DUUHQGDURQ VXV WLHUUDV YtUJHQHV D ORV FRORQRV LQPLJUDQWHV SDUD OOHYDU HQ
3DUtVRHQ/RQGUHVXQDYLGDPLPpWLFDGHORVIDXVWRVHXURSHRVTXHQRVGHMyHQULGtFXORDQWH
ODVJHQWHV"¢2DORVTXHFDVDURQDVXVKLMDVFRQQREOHVHQEDQFDUURWD\VHWUDMHURQDOSDtV
XQHVFXGRKHUUXPEUDGRDFDPELRGHVHJXUDVUHQWDV"
³¢$OXGHXVWHGDORV*RQ]iOH]9pOH]"³LQTXLULyHO*UDQ2OLJDUFDGLYHUWLGR
³¢2WDOYH]³FRQFOXt\R³DORVTXHUXLGRVDPHQWHSDURGLDURQDORVGXTXHVUXVRV\DORV
SUtQFLSHV GH RULHQWH \ IXHURQ VDOXGDEOHV JDUDxRQHV GH $PpULFD SXHVWRV HQ XQD EXUGD
LPLWDFLyQGHOLQDMHVGHFDGHQWHV"
0HJDIyQ \ 3DWULFLD PH REVHUYDEDQ HQ PL GHFODPDWRULR FUHVFHQGR HO $XWRGLGDFWR FRQ
]XPERQDFXULRVLGDG\3DWULFLDFRQHYLGHQWHLQTXLHWXG
³£1R VH IXHURQ WRGRV ³PH UHSURFKy HO *UDQ 2OLJDUFD³ ¢2OYLGD XVWHG D ORV TXH QRV
GHGLFDPRVHQWRQFHVDORVQHJRFLRVS~EOLFRV"<RGLULJtDORVIHUURFDUULOHVLQJOHVHV\XVWHGOR
VDEH
³¢&yPRORSRGUtDROYLGDU"³OHGLMH\RHQWRQRHOHJLDFR
³£/RVIHUURFDUULOHVDQGDEDQDODPDUDYLOOD
³¢4XLpQORGLVFXWH"
³$O PLVPR WLHPSR PL KHUPDQR /XFLR ,JDU]iEDO HUD VHQDGRU GH OD 5HS~EOLFD ¢2 QR OR
UHFXHUGD"
³¢&yPR QR OR UHFRUGDUtD ³HYRTXp³ VL DVLVWt \R PLVPR FDVL XQ DGROHVFHQWH D VX
FDPSDxDHOHFWRUDO"£8QPHFDQLVPRYLUJLOLDQRHQWRGDVXIUHVFXUD5HFRUGDUOHVDORVSHRQHV
TXH KD\ TXH YRWDU PDxDQD \ SRU TXLpQ ,QVLVWLU HQ ORV DVDGRV TXH VH SODQWDUiQ HQ OD
FKXSDQGLQDJUDWLVHQODVFDUUHUDVFXDGUHUDVHQORVSD\DGRUHVGHFRPLWp\HQODWDEDOLEUH
TXHDXWRUL]DUiHOVHxRUFRPLVDULR
³£<VHGLUi³JUXxyGRQ0DUWtQ³TXHQRHVWLPXOiEDPRVHOIRONORUH
³/DFRXOHUOyFDOH³PXVLWyHOSDPSD&DVLDQR
³3HURXVWHG\VXKHUPDQR/XFLR³DxDGt³VyORKLFLHURQDTXHOGtDXQDEUHYHDSDULFLyQGH
FHUHPRQLD HQWUH ODV FDEH]DV WRVWDGDV PDVWLFDURQ VLPEyOLFDPHQWH XQD KHEUD GH FDUQH
UHFLELHURQWUHV£YLYDV\XQDFRSOD<HVDQRFKHFHQDURQGHIUDFDVRODVFRQVXVPXMHUHVGH
WLURVODUJRVHQHOGHVLHUWRFRPHGRUGH´/RVfDQG~HVµ
³7HQtDPRVTXHJXDUGDUODWHQXH³H[SOLFyHO*UDQ2OLJDUFD
³£<DIXHUD³FRQFOXt\R³XQSXHEORYLYRTXHUHtD\]DSDWHDEDVXVPDODPERV/RYLFRQ
HVWRVRMRV

92
 ³/RVVHxRUHVJXDUGDEDQODWHQXH³VHGHOHLWy&DVLDQR,,,
³£,QGLR ³OH GLMH³ ¢4Xp GHPRQLR UHLGRU WH KL]R FUX]DU HO RFpDQR \ DVRPDUWH D 3DUtV
GHVGHWXYLHMDWROGHUtD"
³£3DUtV³ODJULPHy&DVLDQR³£/DEHOOHpSRTXH
(O KLVWRULDGRU &LIXHQWHV TXH FRPR EXHQUHYLVLRQLVWD OORUDED FRQ HO RMRL]TXLHUGR \ UHtD
FRQHOGHUHFKRWRPyQXHYDPHQWHODKHEUDGHO*UDQ2OLJDUFD
³'RQ 0DUWtQ ³OH GLMR³ PH SUHJXQWR DKRUD VL QR KDEUtD VLGR PHMRU HQWRQFHV TXH OD
2OLJDUTXtD HQ PDVD KXELHUD HYDFXDGR HO SDtV \ WLUDGR DO WHFKR OD PDQWHFD GH ORV WDPERV
QDWDOHV$OILQGHFXHQWDVORVTXHVHIXHURQSUDFWLFDURQXQLQWUDVFHQGHQWH´VXLFLGLRHQOD
3DWULDµ (Q FDPELR ORV TXH GHFLGLHURQ SHUPDQHFHU DTXt VXIULUtDQ OD PiV FRVWRVD GH ODV
RSHUDFLRQHVODWUDQVPXWDFLyQGHO*UDQ2OLJDUFDHQHO*UDQ&LSD\R
³£6HxRU KD\ UHS~EOLFRV HQ QXHVWUD IDPLOLD ³YROYLy D SURWHVWDU HO *UDQ 2OLJDUFD³
£,QGLRORVUHWUDWRVGHOiOEXP
³(O iOEXP IDPLOLDU ³HORJLy HO SDPSD³ HVWi HQFXDGHUQDGR HQ OD PiV OXMRVD
PDUURTXLQHUtD
³¢'p TXp VLUYLy TXH XQ JHQHUDO KHURLFR QRV OLEHUWDVH GH XQD PHWUySROL ³DGXMR HO
KLVWRULDGRU³VLHO*UDQ&LSD\RQRVHQWUHJyDRWUDV"
(O*UDQ2OLJDUFDQRGLRDTXtVHxDOHVGHUHDFFLyQDOJXQD\&LIXHQWHVSDUHFLyHQWUDUHQXQ
EDQFRGHPHODQFROtDVKLVWyULFDV9LVWRORFXDOUHWRPpODSDODEUD\OHGLMH
³6HJ~QHODQiOLVLVOD2OLJDUTXtDIUHQWHDXQSDtVUHDOFRQVXPyGRVp[RGRVXQRLQWHULRU
RPHWDItVLFR\RWURH[WHULRURItVLFR
³$VtHV³DSUREy&LIXHQWHV
³¢<TXpQRVTXHGDEDHQHOSDtVRWUDLPDJHQGHOGHVLHUWR"(VHQWRQFHVFXDQGRHOJDXFKR
)LHUURFDPELDXQDVROHGDGSRURWUDVROHGDG
³1R VHxRU HO GHVLHUWR \D HVWDED GHUURWDGR /R TXH VHJXtD ILUPH DTXt HUD XQD
´SRWHQFLDOLGDGYDFDQWHµ'RQ0DUWtQ³GLMRYROYLpQGRVHDORFWRJHQDULRTXHVHDGRUPLODED³
HVSHOLJURVRGHMDUYDFtRXQHVFHQDULRKLVWyULFR
³¢4Xp"¢4Xp"³VHGHVSHUWyHO*UDQ2OLJDUFD
³8QHVFHQDULRYDFtRHVXQD´SHWLFLyQGH+LVWRULDµ2WURVDFWRUHVFRSDUiQHOHVFHQDULR\
UHSUHVHQWDUiQRWURGUDPD
³¢4XpDFWRUHV"³ERVWH]yGRQ0DUWtQ
³6LELHQUHFXHUGDXVWHG³OHGLMR&LIXHQWHV³DOMXHJRGHWUDVDWOiQWLFRVOXPLQRVRVTXHVH
LEDQ FRUUHVSRQGLy XQ MXHJR GH WUDVDWOiQWLFRV RVFXURV TXH OOHJDEDQ 'RQ 0DUWtQ XVWHG YLR
VXVGHVHPEDUFRV
³+RPEUHV \ PXMHUHV HQ ORV EXTXHV URxRVRV < OH GLMH DO 0LQLVWUR ´£(VWD LQYDVLyQ QRV
GHVWUXLUiµ
³µ,QYDVLyQµ HV XQD YRFDEOR WpFQLFR GH OD JXHUUD \ OD +LVWRULD (Q ODV OODQXUDV HQ ORV
PRQWHV\HQODVFLXGDGHVDSDUHFLHURQFDUDVQXHYDV\UHVRQDURQRWURVLGLRPDV8VWHGORVYLR
\ORVR\y
³£/HVSUHVWDPRVWRGR\QRVUREDURQWRGR³VHLQGLJQyHO*UDQ2OLJDUFD
³1R VHxRU ³OR UHFRQYLQR &LIXHQWHV³ (UD XQD ´SRWHQFLDOLGDGµ TXH XVWHGHV KDEtDQ
GHMDGRYDFDQWH\TXHDVXPLHURQRWURVFRQDEVROXWDOHJLWLPLGDG
$TXt&LIXHQWHVYROYLyDLQWHUSHODUPH
³¢&XiQWDVHWDSDVGLVWLQJXLUtDXVWHGHQODLQYDVLyQ"
³$PLMXLFLRIXHURQWUHVHWDSDV\HQWUHVJHQHUDFLRQHVHVFDORQDGDV³OHFRQWHVWp³/RV
´SDGUHVµ HQ VX GHVJDMDPLHQWR QR OOHJDURQ D WRPDU FRQFLHQFLD GHO IXWXUR ORV ´KLMRVµ OD
WRPDURQ SHUR FDOODEDQ HQ XQD VXHUWH GH SHUSOHMLGDG FRQ ORV ´QLHWRVµ HPSLH]D OD YR]
FDQWDQWH
³£< XVWHG HVFULELy SRHPDV UHYROXFLRQDULRV ³FDUJy QXHYDPHQWH VREUH Pt HO *UDQ

93
2OLJDUFD
³¢4XLpQORQLHJD"³OHDGPLWt
³£8QXVXUSDGRU
³$QWHV\RKDEtDWRPDGRSRVHVLyQGHVXWLHUUDQRHQODVHVFULEDQtDVGRQ0DUWtQVLQRSRU
HOFRQRFLPLHQWRDPRURVRGHODWLHUUD\VXVKRPEUHV
3HURHO*UDQ2OLJDUFDQRPHRtD
³£/DLQYDVLyQHVWiGHVWUX\pQGRQRV³FKLOOyHQXQDPH]FODGHJUD]QLGR\FDUUDVSHUD
7UDV XQ HVIXHU]R LQFUHtEOH \ DQWH QXHVWUR DVRPEUR HO *UDQ 2OLJDUFD VH DUUDQFy GH VXV
PDGHUDV \ DFROFKDGRV WRPy XQD YHUWLFDO RVFLODQWH \ VH GLULJLy D WXPERV KDVWD XQD YLHMD
SLVWRODGHOPXVHRTXHDJDUUyFRQPDQRLQVHJXUD
³£)XHUD GH DTXt ³QRV RUGHQy DSXQWiQGRQRV FRQ HO DUPD³ £<R OH GLMH DO 0LQLVWUR
£)XHUDGHDTXtWRGRV
2SULPLyHOJDWLOORHQHOVLOHQFLRPXVHDOVHR\yHOUXLGRVHFRGHOSHUFXWRUDOPDUWLOODUOD
SLVWRODVLQFDUWXFKR(QWRQFHVGRQ0DUWtQGHMyFDHUHODUWHIDFWREpOLFRLQWHQWyDUUDQFDUXQ
VDEOH GH VX SDQRSOLD \ VH YLQR DO VXHOR FRQ WRGR &LIXHQWHV \ \R OR UHFRJLPRV FRPR XQD
UHOLTXLD \ OR LQVWDODPRV GH QXHYR HQ HO VLOOyQ GH -DFDUDQGD OR FXEULPRV FRQ XQ SRQFKR \
UHDYLYDPRVORVWL]RQHVGHODFKLPHQHD
³£'LRV³ODJULPHy3DWULFLD%HOO³¢+DPXHUWRHO*UDQ2OLJDUFD"
³1RVHxRUD³ODWUDQTXLOL]yHOSDPSD&DVLDQR³HVIXHUWHFRPRWDEDFRGHSLWR
0H DOHJUy HVFXFKDU HQ ERFD GHO LQGLR JDOLFDGR XQD H[SUHVLyQ WDQ IUHVFD \ WDQ DQWLJXD
3HUR&LIXHQWHVQRHUDXQILOyORJRVLQRXQKLVWRULDGRU\VDFDED\DVXVFRQVHFXHQFLDV
³/R TXH XVWHGHV DFDEDQ GH YHU HQ GRQ 0DUWtQ ³QRV GLMR³ HV XQ DUUHVWR ILQDO GH OD
2OLJDUTXtD
<PHLQWHUURJyGHQXHYR
³&RPRWHVWLJRGHSUHVHQWH¢TXpUHDFFLRQHVDGYLUWLyXVWHGHQHO*UDQ2OLJDUFD"
³3ULPHUR ³OH UHVSRQGt³IXH XQD FXxD GH WHPRU LQWURGXFLGD HQ VX RUJXOOR SRU HO QXHYR
HVWLORTXHEDOEXFHDEDHOSDtVPiVWDUGHVXVWHPRUHVFUHFLHURQKDVWDHOSiQLFRILQDOPHQWH
VXSiQLFRVHWUDGXMRHQXQDKLVWHULDTXHOROOHYyDGDUFROHWD]RVDJyQLFRVHQWUHSDWpWLFRV\
ULGtFXORV
³¢(QWLHQGH XVWHG TXH OD GUDPiWLFD KLVWRULD GH -XDQ 0DQXHO VH GHELy D XQ FROHWD]R
SUHFR]GHO*UDQ2OLJDUFD"
³3DUHFHUtDHYLGHQWH³OHGLMH³WRGRORSRSXODUOHDIHFWDED\OHDIHFWDHOPLRFDUGLR/R
TXHDVHJXURHVTXHDRWURFROHWD]RGHO*UDQ2OLJDUFDVHGHELyODKLVWRULDUHFLHQWHGH-XDQ
'RPLQJR < D~Q VH UHVLVWLUi £QR OR GXGH PLHQWUDV XQ DOLDGR LQWHULRU \ RWUR H[WHULRU OR
VRVWHQJDQSRUODVDJDOODV
$OGHFLUHVWDV~OWLPDVSDODEUDVHVWXGLyQXHYDPHQWHD0HJDIyQTXHQRKDEtDSURQXQFLDGR
XQD VROD HQ HO WUDQVFXUVR GHO DQiOLVLV 1LQJXQD RSHUDFLyQ GH VX JXHUUD OR KDEtD YLVWR
DFRUD]DGR HQ XQ VLOHQFLR WDQ LQVLVWHQWH OR FXDO PH DQXQFLy TXH XQD FRVD LPSRUWDQWH VH
GDUtD HQ OD ,QYDVLyQ GHO *UDQ 2OLJDUFD ´/D 9tERUD \ VXV GRV SHODGXUDV QR HVWiQ OHMRVµ
FDOFXOp\RHQPLiQLPR<DTXtHOSDPSDYLHQGRXQDFR\XQWXUDIDYRUDEOH
³6HxRUHV ³QRV WHQWy³ PH JXVWDUtD PRVWUDUOHV DKRUD XQ QDUJXLOH WXUFR GH IDFWXUD
H[TXLVLWDTXHDGTXLULyGRQ6DWXUQLQR,JDU]iEDOVLHQGRHPEDMDGRUDQWHOD6XEOLPH3XHUWD
1DGLH OR HVFXFKy SXHV HO $XWRGLGDFWR GH 9LOOD &UHVSR WUDV PHGLU \ DQDOL]DU ORV
URQTXLGRVTXH\DHPLWtDHO*UDQ2OLJDUFDQRVKDEOyDVtMXQWRDODFKLPHQHD
³9R\DH[SRQHUOHVPLWHRUtDVREUH/RV$UJHQWLQRV)LQDOHV
´£/D9tERUDHVWiGHVHQURVFDQGRVXVDQLOORVµFDOFXOpLQSHFWRUH
³<R GLUtD ³H[SXVR HO $XWRGLGDFWR³ TXH GRQ 0DUWtQ DTXt SUHVHQWH \ GXUPLHQWH
FRQILJXUDODHVHQFLDRODQRHVHQFLDGHXQ´DUJHQWLQRILQDOµ
³¢)LQDO"³SUHJXQWy&LIXHQWHV

94
 ³2 ´ILQDOLVWDµ GH XQFLFOR KLVWyULFR $ PL HQWHQGHU ORV DUJHQWLQRV ILQDOHV LQWHJUDQ XQD
3DOHRDUJHQWLQD TXH VH PXHUH GH PXHUWH QDWXUDO DQWH XQD 1HRDUJHQWLQD HQ GHVSXQWH \
FUHFLPLHQWR
³£$OHOX\D ³OH VXVXUUp D 3DWULFLD³ £0HJDIyQ HVWi XVDQGR HO LGLRPD QHRFULROOR GH
6FKXOW]H
³(VTXH6FKXOW]HHUDXQQHRJRJR³PHUHFRUGyHOOD
³¢4XLHUHGHFLUTXHWHQHPRVGRV$UJHQWLQDVHQIUHQWDGDV"³YROYLyDSUHJXQWDU&LIXHQWHV
³1R HV DVt ³UHSXVR 0HJDIyQ³ /D H[LVWHQFLD GH XQ SXHEOR QR VH GD HQ XQ FtUFXOR
FHUUDGRVHGHVDUUROODHQXQDHVSLUDODELHUWD\FUHFLHQWH/D3DOHRDUJHQWLQDHVXQDYXHOWD
GH HVSLUDO TXH KD WHUPLQDGR VX UHFRUULGR OD 1HRDUJHQWLQD HV XQD YXHOWD GH OD PLVPD
HVSLUDO TXH DUUDQFD HQ HO SXQWR H[DFWR GRQGH FRQFOX\H OD RWUD 'H WDO PRGR OD HVSLUDO
HQWHUDVHSDUHFHDXQDYtERUDHQURVFDGDHQXQiUERO
³¢4XLpQHVODYtERUD"³LQTXLULy&LIXHQWHV
³/D 3DWULD ³GLMR 0HJDIyQ³ +D\ SXHV GRV $UJHQWLQDV HQ VXFHVLyQ \ QR HQ UHDO
HQIUHQWDPLHQWR/RTXHVXFHGHD~QHVTXHORVDUJHQWLQRVILQDOHVHQVXDJRQtDVHUHVLVWHQ
DODRWUDYXHOWDGHODHVSLUDO\HVWRUEDQVXGHVDUUROORSRUTXHORTXHDFW~DHQORVDUJHQWL
QRV ILQDOHV HV XQD ´PHQWDOLGDGµ LJXDOPHQWH ILQDOLVWD \ FHUUDGD 8VWHGHV ORV GH OD
0HWDKLVWRULDODOODPDURQ´FRORQLDOLVWDµ
³¢<QRHVDVt"³JUXxyXQ&LIXHQWHVSROpPLFR
³¢4XLpQ OR QHJDUtD" (V XQD PHQWDOLGDG TXH QR ORJUy URPSHU ODV HVWUHFKDV \ FyPRGDV
HVWUXFWXUDV GHO FRORQLDMH XQ ´KRUL]RQWH PHQWDOµ HQ HO TXH QR FDEtD RWUD QRFLyQ GH OD
3DWULD QDFLHQWH \ VXV GHVWLQRV SRVLEOHV 8Q KRUL]RQWH DO ILQ GH FXHQWDV HV WDPELpQ XQ
FtUFXOR FHUUDGR \ OD 3DWULD HV XQD DQLPDO YLYLHQWH TXH VH GHVHQURVFD HQ H[SDQVLyQ \
H[DOWDFLyQ
0HGLWDWLYR\GROLHQWHDODYH]HO$XWRGLGDFWRGH9LOOD&UHVSRVHDFHUFyDGRQ0DUWtQTXH
GRUPtDR\yVXURQTXLGRJXWXUDOSHURQRDOFDQ]yDGLVWLQJXLUVXURVWURHQODQRFKHWRWDOGHO
VDOyQ
³&DVLDQRV
LOYRXVSODLW³OHURJyDOLQGLR³HQFLHQGDXVWHGDOJXQDOX]
2EHGLHQWH \ FRPR VLJXLHQGR XQD LQVSLUDFLyQ GUDPiWLFD HO LQGLR HQFHQGLy HQ OD
RVFXULGDGODVWUHVYHODVGHXQFDQGHODEUR\DYDQ]yOXHJRFRQpOKDVWDXELFDUVHMXQWRDOD
FDEHFHUDGHO*UDQ2OLJDUFD$ODI~QHEUHOX]GHOFDQGHOHUDHO$XWRGLGDFWRHVWXGLyODFDUD
GHGRQ0DUWtQILQD\EHOLJHUDQWHD~QHQHOQDXIUDJLRGHVXVXHxR
³&RQH[FHSFLyQGHWUHV³GLMRHQXQDVXHUWHGHPRQyORJR³ORV,JDU]iEDOQRVXSHUDURQHO
KRUL]RQWH \ IXHURQ VXLFLGDV HQ OD 3DWULD £'RQ 0DUWtQ ³UH]y HQWUH GLHQWHV³ QR VHUp \R
TXLHQWHMX]JXHSRUTXHQRVR\HOGXHxRGHODEDODQ]D/RVDUJHQWLQRVILQDOHVQRORVRQSRU
VXDQWLJHGDGHQHOWHUUXxRQLSRUVXRULJHQRQDFLPLHQWRVLQRSRUXQDPHQWDOLGDGVXLFLGD
&RQR]FRDKLMRVUHFLHQWHVGHOH[WUDQMHUR³UH]RQJy³TXHWDPELpQVRQDUJHQWLQRVILQDOHV\
GHORVSHRUHV
&RQ PDQR WLHUQD LQFOLQiQGRVH DKRUD VREUH GRQ 0DUWtQ HO 2VFXUR GH )ORUHV OR FXEULy
HQWHUDPHQWHFRQHOSRQFKRSDPSDWDOFRPRVLORDEULJDVHFRQODWLHUUDGHORVPXHUWRV(Q
VHJXLGDYROYLpQGRVHDQRVRWURV
³9DPRQRV\D³QRVGLMR³¢$TXpOORUDUVREUHXQDWXPEDGHORSRVLEOH"
$QWHVGHDEDQGRQDUHOVDOyQ3DWULFLD%HOOVHLQFOLQyLJXDOPHQWHVREUHHO*UDQ2OLJDUFD\
OREHVyHQODVLHQGHUHFKD7RGRVYROYLPRVDFUX]DUHOiUHDGHURVDVKDVWDHOSRUWDOLOXVWUH
GRQGH&DVLDQR,,,TXHQRVSUHFHGtD\DOXPEUDEDFRQHOFDQGHODEURUHFREUyGHSURQWRVX
ULJLGH]SURIHVLRQDO
³0HV GDPHV HW PHVVLHXUV ³QRV GHVSLGLy VROHPQH ULGtFXOR ODPHQWDEOH³ QRXV
DYRQVILQLHQRWUHYLVLWHDODPDLVRQ,JDU]iEDO


95
 &XDQGR0HJDIyQPHSURSXVRTXHIXHVH\RHOFURQLVWDGHVXV'RV%DWDOODVHQWHQGtTXHOD
JHVWD VH SRODUL]DUtD HQ XQ HQIUHQWDPLHQWR GH 5HWUDWRV FRQ $PRU \ 5HWUDWRV FRQ 2GLR /D
UHDOLGDGQRIXHWDQVLPSOLVWDFRPRORGHPRVWUyHODQiOLVLVGHO*UDQ2OLJDUFD´8QDJXHUUD
HVOHJDO³GHFtD0HJDIyQ³VLVHGHILQHFRPRXQWHRUHPDGHPRVWUDGRSRUOD-XVWLFLDHQVX
SL]DUUDYHQHUDEOHµ'HQWURGHORTXHOODPypOVX´EDWDOODWHUUHVWUHµOD,QYDVLyQGHO*UDQ
2OLJDUFDHUDHOSULPHURGHWUHVRSHUDWLYRVUHODFLRQDGRVFRQOD´OtQHDPRWUL]µGHODQDFLyQ
\D HVER]DGD HQ HO $VHGLR GHO ,QWHQGHQWH ORV RWURV GRV HO 3VLFRDQiOLVLV GHO *HQHUDO \ OD
%LRSVLD GHO (VW~SLGR &UHVR PDGXUDEDQ HQ HO FKDOHW GH )ORUHV FRPR HQ XQ HVWDGR PD\RU
6LQ HPEDUJR OD TXH OODPy HO 2VFXUR VX ´EDWDOOD FHOHVWHµ GHEtD MXJDUVH FRQ OD RWUD HQ
FLHUWR SDUDOHOLVPR LQWHULRU R HQ XQD VLPHWUtD QR IiFLO GH DOFDQ]DU \ ULJXURVDPHQWH
QHFHVDULD(QXQRGHVXVFXDGHUQRVKDOOpPiVWDUGHXQDQRWDGH0HJDIyQTXHDFODUDUtDHVH
SDUDOHOLVPRGHFRPEDWHV´1XHVWUDVDOPDV³GLFHODQRWD³VRQFRPREDORQHVGHI~WEROTXH
IXWEROLVWDV GH FDPLVHWD QHJUD \ IXWEROLVWDV GH FDPLVHWD EODQFD LQWHQWDQ SDWHDU KDFLD GRV
DUFRVRSXHVWRVORHVHQFLDOHVGLVWLQJXLUFXiOHVHODUFRGHODOX]\FXiOHOGHODVRPEUDµ
/XFtD)HEUHUROD1RYLD2OYLGDGDROD0XMHUVLQ&DEH]DWXYRTXHVHUHOSRORDOUHGHGRUGHO
FXDOJLUDUtDODEDWDOODFHOHVWHGHO$XWRGLGDFWR\DGLMHTXHORIXHGHVGHTXHVXOH\HQGDVH
PDWHULDOL]y HQ HO FRQYHQWLOOR GHO WXHUWR 0RUDOHV $KRUD ELHQ ORV DJHQWHV TXH 0HJDIyQ
KDEtD GHVWDFDGR HQ %XHQRV $LUHV \ HQ HO *UDQ %XHQRV $LUHV QR GHMDEDQ GH WUDQVPLWLU DO
FKDOHWLQIRUPHVGHOD1RYLD\GHVXUHDSDULFLyQHQFHQWURVPX\GLVtPLOHV(OSULPHULQIRUPH
OD XELFDED HQ XQ ,QVWLWXWR GH %HOOH]D TXH VH DEUtD HQ OD FDOOH 6DQWD )H D XQD pOLWH GH
EXUJXHVDV \ DFWULFHV HQ SURFXUD GH ORFLRQHV \ FUHPDV KXPHFWDQWHV OD 1RYLD VHJ~Q HO
HQWXVLDVWD LQIRUPDGRU VH KDEUtD HQFDUQDGR HQ XQD SHLQDGRUD GH RMRV YLROHWDV FX\D
VHGXFFLyQFRQWURODEDHOSURSLHWDULRGHO,QVWLWXWRXQPRQVLHXU3DXOFHORVR\DOFDKXHWHDOD
YH] 'DGD OD QDWXUDOH]D GHO WHUUHQR 3DWULFLD %HOO DVXPLy HO WUDEDMR GH LQYHVWLJDU D OD
SUHVXQWD 1RYLD IXH YLR \ YHQFLy SXHV GH UHJUHVR HQ HO FKDOHW OOHYy D FDER XQD SUROLMD
GHPROLFLyQGHODSHLQDGRUDHQFDGDXQDGHVXVSHVWDxDVDUWLILFLDOHV\HQHOFRORUYLROHWDGH
VXVRMRVTXHDWULEX\yDHQJDxDGRUHVOHQWHVGHFRQWDFWR
0iVWDUGHRWURLQIRUPHORFDOL]yDOD1RYLDHQXQFHQWURHVSLULWLVWDGH&ROHJLDOHV\EDMROD
IRUPD GH XQD PpGLXP SDWpWLFD HQ VX KHUPRVXUD (VWD YH] HO PLVPR $XWRGLGDFWR \ HO
FRQVWUXFWRU 3DIXQGR DVLVWLHURQ D XQD VHVLyQ GH OD HQWLGDG DQWH XQD UHYHUHQWH DVDPEOHD
HVWXGLDURQDODPpGLXPTXHGLULJLGDSRUXQWDO+HUPDQR$EHO\DVHDJLWDEDHQWUDQFH\
SRUFX\DERFDVHDQXQFLyPX\OXHJRXQHVStULWXTXHFRQIHVyOODPDUVH$GROIR+LWOHUHOFXDO
WUDV JULWDU KLVWpULFDPHQWH VX FXOSD H[KRUWy D ORV KHUPDQRV DOOt UHXQLGRV D SUDFWLFDU OD
EXHQDV REUDV $OJXLHQ GHO S~EOLFR GXGy HQWRQFHV TXH VH WUDWDUD GHO $GROIR DXWpQWLFR \D
TXHOHKDEtDSDUHFLGRUHFRQRFHUHQVXYR]HOWRQRSDWHUQDOLVWDGHGRQ+LSyOLWR<ULJR\HQ<
FRPRGHV~ELWRSRUERFDGHODPpGLXPXQHVStULWXDQJHOLFDOHQWRQDUD´0L%XHQRV$LUHV
TXHULGRµ WRGRV UHFRQRFLHURQ OD YR] GH QXHVWUR GLIXQWR \ OORUDGR ]RU]DO FULROOR
$EDQGRQiQGRORVHQVXVp[WDVLV0HJDIyQ\3DIXQGRYROYLHURQDOFKDOHWFRQHOJXVWRGHXQD
GHUURWDHQHODOPD7DOYH]DTXHOODPLVPDQRFKH\DVXUHJUHVRHO$XWRGLGDFWRHVFULELyHO
DSXQWHUDELRVRTXHGHVFXEUtPiVWDUGH\TXHGLFH´/D0HWDItVLFDQRHVXQIODWRSRpWLFRGH
OD LPDJLQDFLyQ QL XQ HUXFWR JUDYH GHO VHQWLPHQWDOLVPR HV OD FLHQFLD H[DFWD GH OD
3RVLELOLGDGDEVROXWDRGHOD,PSRVLELOLGDGGHORLPSRVLEOHµ
8QWHUFHULQIRUPHGHORVDJHQWHVDQXQFLyDOILQODUHDSDULFLyQGH/XFtD)HEUHURHQ/RPDV
GH =DPRUD \ HQ OD UHVLGHQFLD GH XQ V~EGLWR DOHPiQ OODPDGR 6LHEHO DQWLFXDULR \
HVSHFLDOLVWDHQPDUILOHV$VHJXUDEDHODJHQWHTXHODPXMHUHVSRVDRKLMDGHODOHPiQYLYtD
HQFODXVWUDGD HQ OD UHVLGHQFLD \ TXH SRFRV KDVWD HQWRQFHV KDEtDQ WHQLGR OD VXHUWH R OD
GHVJUDFLDGHDGPLUDUVXVHQFDQWRV8QWURPERQLVWDGHMD]]SRUHMHPSORTXHODHQWUHYLy
XQ DQRFKHFHU FD\y HQ WDO p[WDVLV TXH UHQXQFLy D Vt PLVPR \ HQIXQGy SDUD VLHPSUH VX
WURPEyQ&LHUWRVDOEDxLOHVTXHOHYDQWDEDQXQPRQREORFHQODYHFLQGDG\TXHVRUSUHQGLHURQ

96
DODPXMHUGHVGHVXVDOWXUDVHQWUDURQHQXQDQHXURVLVFROHFWLYD\IXHURQLQWHUQDGRVHQVX
SROLFOtQLFR VLQGLFDO $xDGtD HO LQIRUPH TXH OD VXSXHVWD 1RYLD VL QR IiFLOPHQWH YLVLEOH VH
GHMDED RtU DOJXQDV QRFKHV \ D WUDYpV GH ORV PXURV HQ XQD FDQFLyQ TXH VROtD HQWRQDU
DFRPSDxiQGRVH GH XQ LQVWUXPHQWR FRPR GH FXHUGDV < HVH GHWDOOH VRQRUR TXH OD
UHODFLRQDED FRQ OD /XFtD )HEUHUR GHO FRQYHQWLOOR HPEDUFy DO $XWRGLGDFWR HQ XQD KLVWRULD
GHFRQVHFXHQFLDVGHVDJUDGDEOHV3HURHVWDVDJDGH0HJDIyQHQWUDUiHQODUDSVRGLDTXLQWD
GHPLUHODWR

97
 5$362',$9

(QVXGHVFRQILDQ]DLQVWLQWLYDGHORVPLWRVGXGRVRV\DQWHVGHLQYHVWLJDUSHUVRQDOPHQWHD
OD PXMHU GH /RPDV GH =DPRUD GHFLGLy 0HJDIyQ UHFDEDU QXHYRV LQIRUPHV DFHUFD GHO
DQWLFXDULR 6LHEHO SUHVXQWR JXDUGLiQ GH OD 1RYLD 2OYLGDGD \ D ORV GDWRV \D FRQRFLGRV
DxDGLy DOJXQRV PiV WRGRV HQYXHOWRV HQ VRVSHFKRVDV QHEOLQDV GH OH\HQGD (O YHFLQGDULR
KDEtD WHMLGR HQ WRUQR GHO KRPEUH XQD IiEXOD GH FRORU DOTXLWUiQ GHVGH VXV REVHUYDWRULRV
ODVPXMHUHVORYHtDQFRPRDXQQXHYR/DQGU~H[SORWDGRU\DVHVLQRGHDPDQWHVLQFDXWDV\
SUHVHQWtDQODVWXPEDVFRQHSLWDILRVGHKXPRUQHJURTXHVHDOLQHDEDQ\DHQHOVyWDQRGHOD
UHVLGHQFLD /RV KRPEUHV HQ FDPELR OR WHQtDQ SRU XQ WUDWDQWH GH EODQFDV DVWXWDPHQWH
GLVLPXODGRHQVXQHJRFLRGHPDUILOHVSHURODFRORQLDMXGtDOOHQDGHFLFDWULFHVUHFLHQWHV\D
VRVSHFKDEDHQHODOHPiQDXQQD]LSUyIXJRTXHKDEtDUHXQLGRHQVXFDVDWHVRURVUREDGRVD
ORV PXVHRV GH OD (XURSD FHQWUDO 6LQ HPEDUJR D 0HJDIyQ OR SUHRFXSDEDQ RWURV GHWDOOHV
¢FRQTXpREMHWRHODQWLFXDULRDOPDFHQDEDHQVXFDUERQHUDWDQWDKXOOD\DQWUDFLWD"¢3RUTXp
XVDED XQ WRUUHyQ GH YHQWDQDOHV HQFHQGLGRV HQ ODV KRUDV QRFWXUQDV \ FKLPHQHDV TXH
YRPLWDEDQ XQ KXPR LQTXLHWDQWH" 6HJ~Q HO $XWRGLGDFWR GH 9LOOD &UHVSR HO KRPEUH TXH
FRQVWUX\H XQ WRUUHyQ SDUD OHYDQWDU VX HVWDWXUD SRU HQFLPD GH ODV RWUDV OR KDFH R FRQ HO
SURSyVLWRGHXQDJUDQPDOGDGRHQYtDVGHXQDGPLUDEOHDOWUXLVPR
/D H[FXUVLyQ D /RPDV GH =DPRUD TXHGy UHVXHOWD HQ HO FKDOHW VREUH OD EDVH GH ORV
LQIRUPHV UHFLELGRV \ DQDOL]DGRV PLQXFLRVDPHQWH 3DUWLFLSDUtDQ HQ HOOD 0HJDIyQ 6DPXHO
7HVOHU\ORVPHOOL]RV'RPHQLFRQHTXHKDEtDQGHEXWDGRFRPRJXDUGDHVSDOGDVHQHO$VHGLR
GHO ,QWHQGHQWH \ D ORV FXDOHV HO 2VFXUR SURIHVDED JUDQ DIHFWR GHELGR D VXV LQWHOLJHQFLDV
REWXVDV ELHQ TXH DVLVWLGDV \ VXEOLPDGDV SRU XQD IH LQTXHEUDQWDEOH <D HQ YtVSHUDV GH OD
H[FXUVLyQ \ GLVWUD\pQGRVH GH RWURV FXLGDGRV DWLQHQWHV D VX JXHUUD HO SHQVDPLHQWR GH
0HJDIyQ HVWXYR ILMR HQ OD 1RYLD 2OYLGDGD \ HQ OD FRQVLGHUDFLyQ GH VX HQLJPD 8QD 0XMHU
ILJXUDFRQH[WUDxDLQVLVWHQFLDHQWRGRVORSURFHVRVKXPDQRV\GLYLQRV¢TXpVLJQLILFDEDHQ
HOVX\R/XFtD)HEUHURODGHWDQWRVQRPEUHV"3HURHQODQRFKHDQWHULRURPHMRUGLFKRHQVX
IURQWHUDFRQHOGtDVHxDODGR0HJDIyQWXYRXQVXHxRFRQVWUXLGRVHJ~QORDFODUyGHVSXpV
FRQLPiJHQHVGHLQWHQFLyQUHYHODGRUD
6H YHtD pO HQ XQD QRFKH LQPHQVD \ FRQ VXV RMRV FODYDGRV HQ XQ SXQWR PiV QHJUR TXH
WRGDVODVQHJUXUDVXQDQRFKHGH´FDEH]DGHFXHUYRµORFRUULJLyPiVWDUGH6DPXHO7HVOHU
<HOFDVRHUDTXHQLHQORLQWHULRUQLHQORH[WHULRUGHDTXHOSXQWRVHPDQLIHVWDEDLPDJHQ
DOJXQD FRPR VL DTXHO SXQWR IXHUD HO FHQWUR GH XQ JUDQ YDFtR XQLYHUVDO (Q XQ PRPHQWR
GDGRHOSXQWRFHQWUDO\QHJDWLYRGHDTXHOODQRFKHVHHVFODUHFtDHQXQSXQWRDILUPDWLYRGH
OX] TXH DO YLEUDU LQLFLDED XQ VLVWHPD OXPLQRVR GH RQGDV FRQFpQWULFDV HQ H[SDQVLyQ < HQ
FDGD RQGD TXH LED WUD]iQGRVH HQ OD QHJUXUD PDQLIHVWDED XQ RUEH GH RQWRORJtDV
UHVSODQGHFLHQWHV GH IRUPDV TXH KDEODEDQ R FDQWDEDQ KDVWD URPSHU VXV FDVFDURQHV GH
URVWURVXQWDGRVFRQDFHLWHVGHEHDWLWXG\H[DOWDFLyQ3HURQXHYDVRQGDVLQWURGXFtDQHQHO
VLVWHPDILJXUDVKRUULEOHV\VHPEODQWHVRGLRVRVTXHEDWDOODEDQFRQORVGHPiVHQDFWLWXGHV
FUXHOHV\JHVWLFXODFLRQHVGHLUD<ODGLVFRUGLDHQORV~OWLPRVFtUFXORVHUDWDOTXH0HJDIyQ
DJLWDGRHQWUHViEDQDVGHVSHUWyXQLQVWDQWHFRQXQD3DWULFLDERUURVDTXHDVXGHUHFKDOR
FDPELDEDGHSRVLFLyQ\XQJDWR0DQGLQJDTXHDVXL]TXLHUGDOHUHSURFKDEDVXDJLWDFLyQ
FRQXQSDUGHRMRVIRVIRUHVFHQWHV(QVHJXLGDHO$XWRGLGDFWRUHFREUyHOVXHxR\ODYLVLyQ
DKRUD HO SXQWR FHQWUDO QR HUD GH QHJUXUD VLQR GH VLOHQFLR DEVROXWR \ FRQ LJXDO PHFiQLFD
HPSH]yDFRQVWUXLUXQVLVWHPDVRQRURGHRQGDVTXHVHWUD]DEDQHQHOYDFtRGHODP~VLFD\
VHWUDGXFtDQHQLGLRPDVFX\DYHUGDGWURQDEDVLQHQVRUGHFHUHQYRFHVTXHGHFtDQSDODEUDV
GHXQDIUHVFXUDRULJLQDOHQKLPQRV\GLWLUDPERVFRPRGHVDOWHULR\WURPSHWD7UDVGHODV
FXDOHV RWUDV RQGDV HQ H[SDQVLyQ DUUDQFDEDQ GHO FDRV OD HVWULGHQFLD EUXWDO FRPEDWLHURQ

98
HQWRQFHVHOUXLGRFRQWUDHOVRQLGRODVEODVIHPLDVFRQWUDODVDODEDQ]DVHOVROOR]RFRQWUDOD
ULVDODVQHJDFLRQHVFRQWUDODVDILUPDFLRQHVHQFLHUWDEDWDOODGHODTXHVDOtDWULXQIDQWHDO
SDUHFHUXQDPDOGDGFRQWUDHO9HUER<0HJDIyQVHDJLWDED\DHQODVDQJXVWLDVGHDTXHOOD
GHUURWD FXDQGR YLR D XQD 0XMHU HUJXLGD VREUH WRGR HO VLVWHPD TXH OR PLUDED \ VRQUHtD
FRPR GHVGH XQD HWHUQLGDG VLQ FRQWUDGLFFLRQHV HQ VX PLUDGD ORV HTXLOLEULRV \ ORV
GHVHTXLOLEULRV SDUHFtDQ XQ MXHJR GH PXFKDFKRV \ HQ VX VRQULVD OD SD] \ OD JXHUUD VH
FRQMXJDEDQHQWUHVtFRPRGRVWLHPSRVQHFHVDULRVGHXQDPLVPDERQGDG(QWRQFHV0HJDIyQ
VLQWLyHQVXJDUJDQWDXQGHVSXQWHGHOFDQWR\HQVXVSLHVXQFRVTXLOOHRGHEDLOHV3HUROD
0XMHUORDTXLHWy\OHGLMR´£0LUDµ<DOGHYROYHUVXVRMRVDOVLVWHPDYLR0HJDIyQFyPRODV
RQGDVH[SDQVLYDVGHOVRQLGRUHJUHVDEDQDUPRQLRVDPHQWHDVXFHQWURSULPRUGLDOOOHYiQGRVH
WRGD OD P~VLFD YLR FyPR VH LEDQ UHDEVRUELHQGR HQ HO SXQWR LQLFLDO \ VH UHLQWHJUDEDQ DO
VLOHQFLRDEVROXWR%XVFyDOD0XMHUFRQXQDSUHJXQWDHQODERFD\YLRFyPRHOODFUX]DED
VXVODELRVFRQHOGHGRtQGLFH\GHVDSDUHFtDHQODQRFKHWRWDO
'HVSHUWyDKRUDFRQXQDH[WUDxDVHQVDFLyQGHYDFtR\VHLQFRUSRUyDPHGLDVHQHOJUDQ
OHFKR PDWULPRQLDO D VX GHUHFKD 3DWULFLD %HOO HQFHQGtD XQ YHODGRU \ OR HVWXGLDED FRQ
LQTXLHWXGDVXL]TXLHUGDHOJDWR0DQGLQJDVHGHVOL]yDOVXHORFRQODSLHOHUL]DGD
³¢4XpWHVXFHGH"³LQTXLULy3DWULFLD
³+HYLVWRD/XFtD)HEUHUR³OHUHVSRQGLyHO$XWRGLGDFWR
³¢&yPRHUD"
³£8QDPXMHUWHUULEOH\DGPLUDEOH
3DWULFLDUHFHOyHQVXiQLPR\VXUHFHORFXDMyHQXQGHVSXQWHGHEHOLJHUDQFLD
³¢&yPRYHVWtDHOOD"³LQVLVWLy
³£(VWDEDGHVQXGDFRPRODYLGD\ODPXHUWH³UHSXVRXQ0HJDIyQH[DOWDGR
(Q VX GHVFRQWHQWR 3DWULFLD %HOO VH GLMR TXH OD UHVSXHVWD GH 0HJDIyQ DGROHFtD GH XQD
UHWyULFD LQVDQDEOH $SDJy OD OX] JLUy VREUH VX HMH VH DWULQFKHUy HQ ODV FRELMDV \ GLR VXV
HVSDOGDVDOKRPEUHFRPRDXQHQHPLJR
³£3DWULFLD³ODOODPypOFRQWDFWR
(OOD QR UHVSRQGLy < HO 2VFXUR UHSDVDQGR ODV LPiJHQHV GH VX VXHxR QR VRVSHFKy HO
FRQIOLFWR GH OD 0XMHU 7HUUHVWUH FRQ OD 0XMHU &HOHVWH TXH VH DFDEDED GH LQLFLDU HQ HO
GRUPLWRULR\TXHOROOHYDUtDGHVSXpVDODV´PRUWLILFDFLRQHVGHOJDOOLQHURµ
(VH PLVPR GtD SRU OD WDUGH 0HJDIyQ HO ILOyVRIR 7HVOHU \ ORV PHOOL]RV 'RPHQLFRQH VH
DSHDURQ HQ OD HVWDFLyQ GH /RPDV GH =DPRUD \ VH GLULJLHURQ D OD UHVLGHQFLD GHO DOHPiQ
6LHEHO8QDFRPSUDGHPDUILOHVHUDHOSUHWH[WRFRQTXHOOHJDUtDQKDVWDHODQWLFXDULR\DHQ
HO LQWHULRU GH OD FDVD REUDUtDQ VHJ~Q HO FXUVR QR SUHYLVLEOH GH ORV KHFKRV /ODPDURQ D OD
SXHUWD\DWUDYpVGHXQDPLULOODHOSURSLR6LHEHOHVFUXWyDORVYLVLWDQWHV\ORVLQWHUURJyHQ
FXDWUR SDODEUDV UHFHORVDV (O ILOyVRIR 7HVOHU OH H[SOLFy HQ DOHPiQ HO REMHWR GH DTXHOOD
YLVLWD\HODQWLFXDULRIUDQTXHiQGROHVXQDKRMDGHODSXHUWDORVFRQGXMRKDVWDXQDRILFLQD
GH WLSR FRPHUFLDO HQ OD TXH EDMR HO SROYR \ OD PXJUH \DFtDQ XQ HVFULWRULR YXOJDU XQ
ILFKHUR GH PLVHUDEOH FDWDGXUD \ WUHV EXWDFDV HQ GHUURWD &RQ VXV DQWHQDV YLEUDQWHV
0HJDIyQ HVWXGLy OD GHVLGLD TXH VHxRUHDED HQ DTXHO UHFLQWR ´6HD SRU DYDULFLD R
GHVFRQILDQ]D³HVSHFXOy³HODQWLFXDULRQRWLHQHVHUYLFLRGRPpVWLFRµ/DVFRVDVQRHUDQWDQ
VLPSOHV \ HO $XWRGLGDFWR OR HQWHQGLy DO GHVFXEULU XQ DOPDQDTXH SROYRULHQWR TXH VH
REVWLQDEDHQVHxDODUDOOtFRQOHWUDV\Q~PHURVURMRVXQGRPLQJRTXLQFHGHDEULOGH 
´£2MRDORVOXJDUHVFRPXQHVGHODQDUUDWLYDIDQWiVWLFDµVHH[KRUWypODVtPLVPR
6LHEHO HUD XQ FLQFXHQWyQ GH SHOR JULV FRUWDGR D OR PLOLWDU \ RMRV TXH PiV DOOi GH VXV
OHQWHVGLVLPXODEDQXQDOX]DJXDQRVDGHUHFHOR\IDQDWLVPRYHVWtDXQPDPHOXFRGHWRQRV
LQGHILQLEOHV QR PHQRV GHVDVWUDGR TXH ORV ~WLOHV GH VX EXIHWH 6LQ RIUHFHU DVLHQWR D ORV
YLVLWDQWHVDFWRTXHODPLVHULDGHVXVEXWDFDVKDFtDGXGRVR
³6HxRUHV ³OHV GLMR HQ FLHUWR HVSDxRO JHUPDQL]DGR³ QR HV FXHVWLyQ GH SHGLU PDUILOHV

99
'tJDQPHVLORVTXHEXVFDQVRQFKLQRV\GHTXpGLQDVWtDORVSUHILHUHQ
0HJDIyQGHVQXGyDTXtXQDLUHGHFUDVDHLQVROHQWHEUXWDOLGDG
³+HUU6LHEHO³OHUHVSRQGLy³ODVGLQDVWtDVGHORVFKLQRVPHLPSRUWDQXQFRUQR6R\XQ
IDEULFDQWH GH LQVHFWLFLGDV \ QHFHVLWR XQ PDUILO GH JUDQ WDPDxR SDUD GHFRUDU PL VDOyQ GH
UHFHSFLRQHV8VWHGVDEHTXLHURGHVOXPEUDUDORV´HMHFXWLYRVµ
<VXEUD\yVXDOHJDWRPRVWUiQGROHXQDFKHTXHUDTXHDVRPDEDSRUXQEROVLOORLQWHUQRGH
VXWUDMH8QHVER]RGHVRQULVDGHVSXQWy\VHERUUyOXHJRHQORVODELRVGHODOHPiQTXLHQ
VLQ GHFLU SDODEUD FRQGXMR D ORV YLVLWDQWHV KDVWD XQ ORFDO DG\DFHQWH TXH VLQ GXGD HUD VX
DOPDFpQ\VDODGHH[SRVLFLyQ$OOiEDMRXQDOX]GHYLWUDOHVURxRVRVORVPDUILOHVODVWDOODV
HQPDGHUDORVUHWDEORVDQWLJXRVORVYDVRVJULHJRV\RWUDVIUXWDVGHODUWHVHDPRQWRQDEDQ
\ FRQWUDGHFtDQ HQ XQ GHVRUGHQ DJUHVLYR ´FRPR VL XQD FDWiVWURIH KLVWyULFD ³VH GLMR
0HJDIyQ³ ORV KXELHVH DUURMDGR D HVD SOD\D VLQ GHFRURµ $EULpQGRVH FDPLQR HQ HVH
FDPEDODFKH GH OXMR HO DQWLFXDULR OHV HQVHxy GRV JUDQGHV PDUILOHV OD HVWDWXD GH XQ
PDQGDUtQ HQ VX WUDMH GH FHUHPRQLD \ OD GH XQD GDPD FRQ VX HVWLOL]DGR DEDQLFR 3HUR
0HJDIyQ QR ODV YHtD VXV RMRV HVWDEDQ FODYDGRV HQ XQD DUPDGXUD GH FX\R EUD]R UtJLGR
SHQGtDXQDEROVDRUHGFRQXQSDQGHIODXWDHQVXLQWHULRU\FXDWURVDODPLQHVWDQGLOHURV(O
DOHPiQORGHYROYLyDODVXQWR
³6HxRU³OHGLMR³¢HVWDVSLH]DVHQFDMDUtDQHQVXVDOyQSDUDLQGXVWULDOHV"
³+HUU6LHEHO³UHSXVR0HJDIyQ³DGHFLUYHUGDGQRKHPRVYHQLGRDFRPSUDUOHPDUILOHV
ÐLJDPH ELHQ GHWHVWR D ORV FRUWDGRUHV GH QXGRV JRUGLDQRV \D TXH XQD LQWHOLJHQFLD
HQWUHQDGDSUHILHUHGHVDWDUORVQXGRVDFRUWDUORV<HVWRVKRPEUHVTXHPHVLJXHQRSLQDQOR
PLVPR
³¢4XpPHTXLHUHGHFLU"³VHDVRPEUyHODQWLFXDULR
³4XHXVWHGVLFRODERUDQRSDGHFHUiYLROHQFLDQLQJXQD
³¢9LROHQFLD"
(QWHQGLyHODOHPiQTXHVHWUDWDEDGHXQDVDOWR\DYHQWXUyXQPRYLPLHQWRGHUHVLVWHQFLD
RGHIXJD3HURORVPHOOL]RV'RPHQLFRQHVHXELFDURQDVXGHUHFKD\DVXL]TXLHUGDPXGRV
FRPRODIHLQFLVLYRVFRPRODHVSHUDQ]DWLHUQRVFRPRODFDULGDG
³¢6R\XQSULVLRQHUR"³GHFODPyHODQWLFXDULR
³/DPHQWDEOH VHxRU ³OH GLMR 7HVOHU³ PH GLVJXVWDUtD TXH QRV UHSUHVHQWDVH DKRUD XQ
GUDPyQDOR 6FKLOOHU/RVKHFKRVQRGDQSDUDWDQWRVHWUDWDGHXQDOODQDPLHQWRYXOJDU\
VLOYHVWUH
³¢&RQTXpILQ"³VHFRQVWHUQyHODOHPiQ
³6HJ~Q GHQXQFLDV UHFLELGDV ³OH GLMR 0HJDIyQ³ XVWHG UHWLHQH DTXt D XQD PXMHU
SULVLRQHUD FRQWUD ORV GHUHFKRV \ JDUDQWtDV GH OD &RQVWLWXFLyQ 1DFLRQDO UHFLHQWHPHQWH
DQXODGDSRUXQIODWXVUHYROXFLRQDULR
³<FRQXQDJUDYDQWH³DxDGLy7HVOHU³VHWUDWDGHXQDPXMHUHQWUHSRpWLFD\PHWDItVLFD
ORFXDOYDPiVDOOiGHORVOtPLWHVFRQFHGLGRVDODLQVROHQFLD
(Q HO WHPRU GH 6LHEHO D OD VRVSHFKD GH XQ DVDOWR VXFHGLy OD FHUWLGXPEUH GH TXH VXV
YLVLWDQWHVHUDQFXDWURORFRVUHFLpQHYDGLGRV
³/D PXMHU TXH YLYH DTXt ³OHV UHSOLFy³ HV (OHFWUD PL HVSRVD \ QR VXIUH GH QLQJ~Q
PLVWHULR
´£(OHFWUDµVHGLMR0HJDIyQ£4XpELHQUHVSRQGtDHVHQRPEUHDOD1RYLD2OYLGDGD
³¢3RUTXpODHQFLHUUDXVWHGHQXQDWRUUH"³OHUHSURFKyDODQWLFXDULR
³¢4XpWRUUH"³SDOLGHFLypO
³/DTXHXVWHGKDOHYDQWDGRDTXtVLQDXWRUL]DFLyQGHOPXQLFLSLR
³¢(VXQFULPHQOHYDQWDUXQDWRUUH"
³1RVHxRU³OHGLMR7HVOHU³HVXQYyPLWRGHODVREHUELD£4XHUHPRVLQVSHFFLRQDUDHVD
PXMHU

100
 ³6LHVOD1RYLD2OYLGDGD³SURPHWLy0HJDIyQ³ODUHFRQRFHUpDSULPHUDYLVWD
³£)UDX6LHEHOQRHVWiYLVLEOH³VHLQGLJQyHODQWLFXDULRHQXQJHVWRGHUHVLVWHQFLDILQDO
3HUR ORV PHOOL]RV 'RPHQLFRQH OR DUUDVWUDURQ KDVWD XQD SXHUWD GHO IRQGR TXH DO DEULUVH
PRVWUyDORVYLVLWDQWHVXQSDWLRMDUGtQRKXHUWRGHULFD\RUGHQDGDYHJHWDFLyQ
³£+D\ XQD PDQR GH PXMHU HQ HVWDV IORUHV ³GLMR 0HJDIyQ³ £+HUU 6LHEHO ¢GyQGH KD
HQFHUUDGRXVWHGD(OHFWUD"
< VLJXLHQGR OD PLUDGD REOLFXD GHO DOHPiQ GHVFXEULy OD WRUUH TXH VH OHYDQWDED HQ HO
IODQFR GHUHFKR GHO MDUGtQ \ TXH DO GHVHQWRQDU FRQ OD UHVWDQWH DUTXLWHFWXUD WUDGXFtD VX
RULJHQ DGYHQHGL]R GH SHJRWH XELFDGR DOOt SRU DOJXQD XUJHQWH QHFHVLGDG 9LVWD GHVGH
DIXHUD OD WRUUH GH 6LHEHO SDUHFtD XQ LVORWH VLQ DFFHVR DO PXQGR H[WHULRU FRPR QR IXHVH
SRU XQD HVWUHFKD SXHUWHFLWD GH PHWDO HQ VX EDVH DOJXQRV RMRV GH EXH\ GLVWULEXLGRV
DUELWUDULDPHQWH \ XQD FKLPHQHD HQ OR DOWR UHTXHPDGD \ HQQHJUHFLGD FX\RV KXPRV
SHULyGLFRVKDEtDQVXJHULGRDOYHFLQGDULRODKLSyWHVLVGHXQ/DQGU~HQODERULRVDFUHPDFLyQ
GHFDGiYHUHVDPDWRULRV
³/DOODYH³RUGHQy0HJDIyQDODQWLFXDULR³1RVGDODOODYHRGHPROHPRVODWRUUH
3HUR6LHEHO\DQRVHUHVLVWtDODQRFLyQGHFXDWURORFRVLQYDVRUHVFRQTXHKDEtDGHILQLGR
DVXVYLVLWDQWHVORHPEDUFDED\DHQXQDSROtWLFDGHHPHUJHQFLDTXHDVXHQWHQGHUORKDUtD
QDYHJDUHQPHMRUHVDJXDV&RPRUHFREUDQGRXQDGLJQLGDGSHUGLGDVDFyXQOODYHUR GHVX
PDPHOXFRHOLJLyXQDOODYHGRUDGD\DEULyFRQHOODODSXHUWHFLWDGHPHWDO
³6HxRUHV³DGXOyDORVYLVLWDQWHV³HVWiQXVWHGHVHQVXFDVD
/RVLQWUXVRVQRWXYLHURQOXJDUQLWLHPSRGHDGYHUWLUODIODPDQWHFRUWHVtDGHODQWLFXDULR
$O HQWUDU HQ OD WRUUH \ FRQWUD OR TXH YHQtDQ WHPLHQGR VH KDOODURQ HQ XQ DPELHQWH
FDXWLYDGRUDUPRQLRVR\GHXQDSXOFULWXGH[DJHUDGDTXHVHFRQWUDGHFtDFRQHOPDPHOXFR
GH6LHEHO\FRQODURxDGHVXDOPDFpQH[SRVLFLyQ8QDFODUDER\DGHFULVWDOHVYHUGHVURMRV
\ EODQFRV ILOWUDED FLHUWD OX] GH JUXWD TXH VLQ HPEDUJR SHUPLWLy D ORV LQWUXVRV XQD YLVLyQ
PX\REMHWLYDGHODVFRVDVDVDEHUXQDPHVDGHWUDEDMRVREUHODFXDOVHRUGHQDEDQUROORV
GHSHUJDPLQR\YRO~PHQHVGHLQFDOFXODEOHDQWLJHGDGXQDHVWDQWHUtDGHOLEURVQRPHQRV
DUFDLFRV \ XQD HVIHUD FHOHVWH SDUD HO XVR DVWUROyJLFR 1R REVWDQWH OR TXH GHVFRQFHUWy D
6DPXHO 7HVOHU \ DO $XWRGLGDFWR IXH OD GHFRUDFLyQ PXUDO GHO UHFLQWR LQWHJUDGD SRU GRV
FRQMXQWRVGHILJXUDV(QXQDGHODVSDUHGHV\FRORUHDGDPX\DORYLYRDSDUHFtDODLPDJHQ
GHXQ$QGUyJLQRFX\DVGRVPLWDGHVHOYDUyQ\ODKHPEUDVHMXQWDEDQSRUHOPHGLRHQXQD
IXHUWHVROGDGXUDHOKRPEUHWHQtDXQVROGHRURHQVXPDQRGHUHFKD\ODPXMHUXQDOXQDGH
SODWDHQVXPDQRL]TXLHUGDMXQWRDODSDUWHGHOYDUyQXQWDOORYHJHWDOIUXFWLILFDEDVROHV\
MXQWR D OD PXMHU RWUR iUERO IUXFWLILFDED OXQDV HO DQGUyJLQR OXFtD XQD FRURQD UHDO HQ VX
GREOHFDEH]D\DVXVSLHVYRPLWDEDIXHJRXQGUDJyQDODGRJUDFLRVRHQVXIHURFLGDG
³£1RSXHGHVHU³GLMR0HJDIyQFRQVWHUQDGRDQWHODILJXUD
³(VWDPRVORFRV³UH]RQJy6DPXHO7HVOHUFRQXQHVFDORIUtRHQODVYpUWHEUDV³/HDPRVOD
VHJXQGDSDUHG
<YLHURQTXHODGHFRUDFLyQVHJXQGDVHLQWHJUDEDFRQVLHWHFXDGURVRHVFHQDVMHURJOtILFRV
XQ +HUPHV FDGXFHR HQ PDQR DQWH XQ 6DWXUQR FRQ VX JXDGDxD XQ PRQWH FRQ VLHWH
FDYHUQDVHLJXDOQ~PHURGHVHUSLHQWHVQHJUDV\DPDULOODVHOMDUGtQGHODV+HVSpULGHVFRQ
IORUHV\IUXWDVGHRURXQUH\TXHRUGHQDEDODPDVDFUHGHORVLQRFHQWHVXQFDGXFHRGHRUR
\ VXV GRV YtERUDV PRUGLpQGRVH HQWUH Vt XQD VHUSLHQWH PXHUWD HQ XQD FUX] XQ GHVLHUWR
FXDWURPDQDQWLDOHVHQpOFXDWURUtRVTXHEURWDEDQGHORVPDQDQWLDOHV\FXDWURVHUSLHQWHV
DUUDVWUiQGRVHSRUHOGHVLHUWR
³¢(VWDV ILJXUDV HQ OD &LXGDG GH OD *DOOLQD" ³YROYLy D UH]RQJDU 6DPXHO 7HVOHU³ £(V
DEVXUGR
³¢3RUTXp"³OHGLMR0HJDIyQ
³2HVXQDFDVXDOLGDGRKHPRVLQVXOWDGRSRUHUURUDOKRPEUHGHOPDPHOXFR

101
 (QWUH FRPSXQJLGR \ UHYHUHQFLDO HO ILOyVRIR DERUGy HQWRQFHV DO DQWLFXDULR TXH ORV
REVHUYDEDFRQXQWHUFLRGHVRQULVD
³+HUU 6LHEHO ³OH LQVLQXy³ HVWDV ILJXUDV HQ VX WRUUH QRV HVWiQ UHYHODQGR D XQ HVStULWX
QDGDYXOJDU
³/DVSLQWyDVXDQWRMRXQPXUDOLVWDGHDFDGHPLD³VHGLVFXOSyHODQWLFXDULR
6DPXHOLQWHQWyEXVFDUORVRMRVGH6LHEHODWUDYpVGHVXJUXHVRVFULVWDOHV
³¢0HGLUiXVWHG³LQVLVWLy³TXHQRHQWLHQGHODVILJXUDVGHVXVGHFRUDFLRQHV"¢0HQHJDUi
TXH VRQ ODV ILJXUDV DOTXtPLFDV GHO MXGtR $EUDKDP \ ODV TXH SLQWy PiV WDUGH )ODPHO HQ HO
YLHMRFHPHQWHULRGH3DUtV"¢0HKDUiFUHHUVHxRUTXHORVFRORUHVYHUGHURMR\EODQFRGHVX
FODUDER\DORVHOLJLyDOD]DUXQYLGULHURGHVLQGLFDWR"
$ORtUORHODOHPiQSDOLGHFLyYLVLEOHPHQWH\GLVLSyVXWHUFLRGHVRQULVD&RQWRGRJXDUGy
XQ VLOHQFLR WDQ VXJHVWLYR TXH 6DPXHO 7HVOHU YROYLy D OD FDUJD HVWD YH] HQ XQ WRQR GH
V~SOLFDTXHQDGLHOHKDEtDHVFXFKDGRKDVWDHQWRQFHV
³+HUU6LHEHO³URJy³\RVpPX\ELHQTXHODGLVFUHFLyQHVXQDFRQVLJQDGHO$UWH3HUROD
FDULGDGHVWDPELpQXQLQJUHGLHQWHGHOD*UDQ2EUD£'tJDPH¢+DOOHJDGRXVWHGDOSXQWRGH
EHDWLWXGHQTXHODPDQRGHOQLxRHVWUHFKDODSDWDGHOOHyQ"
+DVWD ORV PHOOL]RV 'RPHQLFRQH VH DVRPEUDURQ DO RtU OD PHWiIRUD ORFD GHO ILOyVRIR
YLOODFUHVSHQVH
³£0DHVWUR YHQHUDEOH ³FRQWLQXy pO LPSORUDQGR DQWH XQ 6LHEHO KHUPpWLFR³ GtJDPH VL
DOFDQ]y\DODH[FHOHQFLDGHOOHyQYHUGHRVLWRGDYtDHVWiPRUWLILFDQGRHOPHUFXULRYXOJDU
XQLGRDODVDOFRP~Q\DOYLWULROR
(OPLVPR$XWRGLGDFWRHVWDEDSHUSOHMRDQWHODLQFRKHUHQFLDGHDTXHOLGLRPDORFXDOQR
OHLPSHGtDOHHUHQ6LHEHOXQPDOHVWDULQGHILQLEOHTXHVHWUDGXMROXHJRHQWHPRU\DOILQHQ
XQD UDELD WDO TXH ORV PHOOL]RV 'RPHQLFRQH YROYLHURQ D IODQTXHDUOR FRQ VXV FXHUSRV
PDFL]RV
³£6HxRUHV ³JULWy HO DOHPiQ D ORV YLVLWDQWHV FRQ XQD LQGLJQDFLyQ TXH QR VRQDED FRPR
OHJtWLPD³VLDOJXQRGHXVWHGHVFRQVHUYDXQiWRPRGHMXLFLRTXHVHOOHYHDHVWHDOLHQDGR\
TXHOHSRQJDXQFKDOHFRGHIXHU]D
³£0DHVWUR³VHGROLyHOILOyVRIRDORtUOR
<GLULJLpQGRVHDODSDUHGFD\yGHURGLOODVIUHQWHDO$QGUyJLQRDOTXtPLFR\OHKDEOyDVt
³£+RPEUH LQWHJUDO H LQWHJUDGR WDWDUDEXHOR VXEOLPH TXLpQ SXGLHUD UHFREUDU HO
HTXLOLEULR GH WXV GRV SRORV KRPEUH \ PXMHU RUR \ SODWD VRO \ OXQD 'HVGH WRGRV \ FDGD
XQRGHPLVQDXIUDJLRVWHUUHVWUHVHYRTXpWXEHDWLWXGRULJLQDO\PHTXHGyHQODOHQJXDXQ
VDERUGHDQWLJXDV\UHFREUDEOHVGHVSHQGHV
<6DPXHO7HVOHUOORUyXQLQVWDQWHORTXH0HJDIyQOODPyOXHJRHQVXVDSXQWHV´HOOODQWR
MXQWR DO +HUPDIURGLWRµ 6HJ~Q SDUHFH DTXHO GtD \ HQ DTXHO PRPHQWR HO ILOyVRIR
YLOODFUHVSHQVHWXYRHOFKLVSD]RLQLFLDOTXHOROOHYyPiVWDUGHDWUDGXFLUODSDUiERODGHO+LMR
3UyGLJR HQ WpUPLQRV GH FRVPRORJtD 3HUR ORV PHOOL]RV 'RPHQLFRQH FX\D IH PLOLWDQWH VH
FDSLWDOL]DEDHQODDFFLyQ\QRHQODFRQWHPSODFLyQGLHURQDTXtVHxDOHVGHLPSDFLHQFLD
³¢'RQ6DPXHODFDEyGHUH]DU"³LQTXLULyXQRGHORVPHOOL]RV
³1RIXHXQUH]R³ORFRUULJLy7HVOHU³IXHXQDODPHQWDFLyQ
³£$O ILQ \ DO FDER ³UH]RQJy HO RWUR 'RPHQLFRQH³ QR KHPRV YHQLGR D PLUDU ILJXULWDV
+D\TXHEXVFDU\UHYLVDUDXQDPXMHU
´£/D1RYLDµUHFRUGyHO$XWRGLGDFWR<DJUDGHFLyODFRUGXUDGHORVPHOOL]RVWDQFLHUWR
OH SDUHFLy TXH OD FLHQFLD HV GH ORV KXPLOGHV (Q VX IDVFLQDFLyQ DQWH ODV SLQWXUDV KDEtD
ROYLGDGRTXHODWRUUHQRSUHVHQWDEDQLQJ~QYHVWLJLRGHODPXMHU
³6HxRU³OHSUHJXQWyDODQWLFXDULR³¢GyQGHKDHVFRQGLGRDIUDX(OHFWUD"
³£)UDX6LHEHOQRHVWiYLVLEOH³SURWHVWyGHQXHYRHODOHPiQ
(LQWHQWy]DIDUVHGHORVGRVJRULODVTXHORHVWUHFKDEDQ3HURXQRGHORV'RPHQLFRQHOR

102
WUDEyHQOODYHMDSRQHVDWUDVGHORFXDOPLUyKDFLDHOWHFKRFRQRMRVGHVHVXGRDOEDxLO
³(QODWRUUHKD\RWUDSODQWD³FDOFXOy³HVXQG~SOH[ELHQGLVLPXODGR
$WHQWR D OD VXJHUHQFLD GHO JXDUGDHVSDOGDV 0HJDIyQ H[SORUy HO IRUR HQ SHQXPEUD \
GHVFXEULyODHVFDOHULOODGHPHWDOTXHVLQGXGDFRPXQLFDEDHOSODQRLQIHULRUGHODWRUUHFRQ
RWURVXSHULRU\GHOLEHUDGDPHQWHRFXOWR
³£$TXtHVWiODWUDPR\D³H[FODPy³+HUU6LHEHOHVXQKRPEUHLQJHQLRVRKDHQFHUUDGRD
VXPXMHUHQHODOWLOOR
< FRPHQ]y D VXELU OD HVFDOHUD VHJXLGR SRU 6DPXHO 7HVOHU \ ORV GRV PHOOL]RV TXH
DUUDVWUDEDQ DO DOHPiQ HQ SiQLFR 6DOLHURQ PX\ OXHJR DO UHFLQWR VXSHULRU LOXPLQDGR
WDPELpQ SRU XQD FODUDER\D GH FRORUHV SHUR TXH GLIHUtD QRWRULDPHQWH GHO RWUR VL HO GH
DEDMR UHYHODED OD SXOFULWXG VHUHQD GH OD PHGLWDFLyQ HO GH DUULED JULWDED OD VXFLHGDG \
GHVRUGHQ GH OD DFFLyQ %DMR XQD JUDQ FDPSDQD GH FKLPHQHD VH YHtD XQ KRUQLOOR D WRGR
IXHJRVREUHHOFXDOVHDJLWDEDHQHEXOOLFLyQHOFRQWHQLGRGHXQDUHWRUWDRYDVRPRQVWUXRVR
HQ VX HVWUXFWXUD 8Q IXHOOH GRPpVWLFR FDMDV OOHQDV GH PHWDOHV HQ SROYR IUDVFRV H
LQVWUXPHQWRV GH TXtPLFD VH KDOODEDQ GHVSDUUDPDGRV MXQWR DO KRUQLOOR \ HQ GHOLUDQWH
FRQIXVLyQ$GRVSDVRV\DODGHUHFKDGHOKRUQRDELHUWRHQXQDWULOVHYHtDXQJUDQLQIROLR
GHSiJLQDVURxRVDV\WRUWXUDGDVFRPRSRUODPDQRDQJXUULHQWDGHXQLQWHOHFWR
$ VX IUHQWH \ D OD L]TXLHUGD VH GHVSOHJDED XQ ELRPER FKLQR HQ FHORVD RFXOWDFLyQ GH
DOJXQD LQWLPLGDG $QWH ORV RMRV REOLFXRV GHO DQWLFXDULR \ ODV MHWDV QHXWUDOHV GH ORV
'RPHQLFRQHTXHD~QORUHWHQtDQXQ0HJDIyQSHUSOHMRFRQVXOWyD7HVOHUFRQODPLUDGD8QD
VRQULVD GH WHPLEOH SURQyVWLFR VH DUTXHDED \D HQ ORV ODELRV GH 6DPXHO \ OOHJy D VX FXUYD
HQWHUDQRELHQHOILOyVRIROH\yHQODSDUHGXQDIUDVHODWLQDTXHDFRQVHMDED9LVLWD,QWHULRUD
7HUUDH5HFWLILFDQGR,QYHQLHV2FFXOWXP/DSLGHP(QWRQFHVUHYHQWyHQXQDOLPSLD\VRQRUD
FDUFDMDGDTXHKL]RWHPEODUODWRUUH
³¢'HTXpVHUtH³SURWHVWyHODOHPiQ³£(QHVDIyUPXODHVWiHOYLWULRORGHOD*UDQ2EUD
³6HxRU³OHGLMR7HVOHU³¢QRYHTXHOHFRUWyHOUDERDVXIyUPXOD"6LOHDxDGHHO9HUDP
0HGLFLQDPFRQVHJXLUiHODFUyVWLFRHQWHUR9LWULROXP
³¢4XpQRVTXLHUHGHFLU"³OHSUHJXQWyHO$XWRGLGDFWR
³$OLQVLVWLUHQOD´SLHGUDµ\DOLJQRUDUOD´PHGLFLQDµKHUU6LHEHOPHDFDEDGHUHYHODUVX
YLHMR\ODPHQWDEOHULGtFXOR
³¢3RUTXp"
³£+HUU6LHEHOHVXQWULVWHTXHPDGRUGHKXOOD³UH]RQJyHOILOyVRIR³£+HUU6LHEHOHVXQ
IDOVRDOTXLPLVWD¢<VDEHQSRUTXpQRYR\DFDJDUORDSDWDGDV"3RUTXHVXODERUDWRULRDOILQ
GHFXHQWDVQRVHVWiGLFLHQGRTXH%XHQRV$LUHVHVXQ´OXJDUGHORSRVLEOHµ
³£8QPRPHQWR³LQWHUYLQR5yPXOR'RPHQLFRQH³6LKD\TXHGDUSDWDGDVDTXtHVWDPRV
QRVRWURV
< HQ OD GH 6LHEHO PLUy OD FDUD VDEURVD GH XQ HQHPLJR 3HUR HQWRQFHV XQ LQFLGHQWH QR
HVSHUDGRDOHJUyDORVLQWUXVRVXQPRQREUDVLOHxRGHUHJXODUHVWDWXUDGHVOL]iQGRVHIXHUD
GHDOJ~QHVFRQGLWHVDOWyDOSHFKRGHOIDOVRDOTXLPLVWD\ORDEUD]yFRQLQTXLHWXG
³(VWiELHQ&RVPR³ORDSDFLJXy6LHEHO³£&RVPRWUDQTXLOR
³¢6HOODPD&RVPRHVHLQWHUHVDQWHFXDGUXPDQR"³OHSUHJXQWy6DPXHO7HVOHU
³&RVPRVHOODPD
³¢<SRUTXpORKDFHYLYLUXVWHGHQHVWHODERUDWRULRLQVDOXEUH"
(OIDOVRDOTXLPLVWDVRQULyDOILOyVRIRFRQXQDSXQWDGHKXPRUQHJUR
³6HxRU³OHGLMR³XVWHGSDUHFHQRLJQRUDUHVWDVFRVDV<DVDEHTXHODDOTXLPLDWUDEDMD
LPLWDQGRDOD1DWXUDOH]DHQVXVRSHUDFLRQHV<HOPRQRHVHOJUDQLPLWDGRU
³¢3RUHVRYLYHXVWHGFRQXQPRQRMXQWRDODKRUQDOOD"³YROYLyDUHtU6DPXHO
<GLULJLpQGRVHDO$XWRGLGDFWRTXHPHGLWDEDOHDGYLUWLy
³+HUU6LHEHOHVWiPHDQGRIXHUDGHOWDUUR6LQHFHVLWDUDXQDQLPDOVLPEyOLFRHOPLVPR

103
6LHEHOWHQGUtDTXHVHUHOPRQRDOTXtPLFR\QRHVWHSREUHPDFDFRDXVHQWHGHVXVEDQDQDV
UHJLRQDOHV
,QWX\HQGR TXL]i WDQWD EHQHYROHQFLD HO PRQR DEDQGRQy HQWRQFHV DO IDOVR DOTXLPLVWD \
VDOWyDORVEUD]RVGH6DPXHO7HVOHU
³*UDFLDV&RVPR³ORVDOXGypO³£8QEHVLWRDSDSi
(O VLPLR EHVXTXHy WLHUQDPHQWH DO ILOyVRIR \ PiV WDUGH VH UHFRQRFLy HQ DTXHO DFWR GH
´SLHGDG FyVPLFDµ RWUR JHVWR GH OD VXEOLPLGDG TXH KDEtD FDUDFWHUL]DGR D 6DPXHO HQ VXV
DQGDQ]DV &RQ HO PRQR DEUD]DGR 7HVOHU VH GLULJLy DO KRUQLOOR GRQGH OD UHWRUWD VHJXtD HQ
HEXOOLFLyQ0LHQWUDVHVWXGLDEDHOUHFLSLHQWHGHFtDSDUDVtPLVPR\SDUDHOFXDGUXPDQR
³&RVPRWXSDWUyQHVXQDEHVWLDREWXVD£7HMXURTXHFRSLyHVWHODERUDWRULRGHXQYLHMR
JUDEDGR DOHPiQ 6t KD PHWLGR XQ DOXGHO HVIpULFR HQ XQD DWDQRU F~ELFR HV XQD EHVWLD
OLWHUDO£&RVPRKLMRPtRWXSDWUyQKDFHXQDWRUWLOODFRQHOKXHYRVXEOLPHGHORVyUILFRV
<RTXHYRVPHKDFtDSHUGL]\PHODUJDEDRWUDYH]DOERVTXH
<GLULJLpQGRVHDODQWLFXDULR
³+HUU6LHEHO³OHSUHJXQWy³¢TXpFRFLQDXVWHGHQHVWDKRUQDOOD"
³(OPHUFXULRODVDOJHPD\HOD]XIUH³OHUHVSRQGLyHOIDOVRDOTXLPLVWD
³¢&UHH XVWHG TXH OD ´SLHGUD RFXOWDµ EURWDUi GH VX FDOGR JDOOHJR" +HUU 6LHEHO HQ HO
PHMRU GH ORV FDVRV HVWH DOXGHO VyOR SRGUtD RULQDUOH XQ FKRUOLWR GH iFLGR EHQ]RLFR £6L
TXLHUHOD´SLHGUDµXVWHGPLVPRKDGHVHUHOPHUFXULRODVDO\HOD]XIUH
³¢4XpPHTXLHUHVXJHULU"
³4XH GHEHUi PHWHUVH XVWHG PLVPR GHQWUR GHO YDVR DFKLFKDUUDUVH GLVROYHUVH \
FRDJXODUVHKDVWDREWHQHUODVXEOLPDFLyQ
(OILOyVRIR7HVOHUVHDODUPyDTXtGHV~ELWR
³£*UDQSXWD³H[FODPy³DOJRIDOWD£(OSULQFLSLRIHPHQLQRODPXMHUGHODQGUyJLQR+HUU
6LHEHO¢GyQGHKDJXDUGDGRDVXFRQVRUWH"
³)UDX6LHEHOQRHVWiHQFDVD³YROYLyDQHJDUHOIDOVRDOTXLPLVWD
³6DPXHO³LQWHUYLQR0HJDIyQ³¢SDUDTXpQHFHVLWDPRVDIUDX6LHEHOHQHOODERUDWRULR"
³3DUDPHWHUODHQHOYDVRFRQVXPDULGR\TXHKLHUYDQMXQWRVKDVWDODVtQWHVLVILQDO
/RVPHOOL]RV'RPHQLFRQHVHPLUDURQHQWUHVt
³¢(VWDPRVORFRV"³SUHJXQWy5HPR
³(VWDPRV ORFRV ³QR GXGy 5yPXOR³ 0H JXVWDUtD VDEHU D TXLpQ WHQHPRV TXH DPDVLMDU
DTXt
3HURDOQRWDUTXHOD1RYLD2OYLGDGDVHOHLEDRWUDYH]SRUODWDQJHQWH0HJDIyQDJDUUyDO
IDOVRDOTXLPLVWDSRUORVKRPEURV
³£%DVWDGHWUXFRV³ORDPHQD]y³£4XHUHPRVYHUD(OHFWUD
(QWRQFHVHOVLPLR&RVPRSUHVLQWLHQGRXQDYLROHQFLDLQPLQHQWHDEDQGRQyD6DPXHO\VH
RFXOWyGHWUiVGHOELRPERFKLQR£(OELRPERGHVSOHJDGRHQODVHJXQGDSODQWDGHODWRUUHXQ
LQRFHQWH ELRPER GH ODFD QHJUD FRQ GUDJRQHV DPDULOORV TXH WUDGXFtDQ XQD JUDFLRVD
HVWXSLGH]7RGRVORKDEtDQROYLGDGRDWHQWRVFRPRHVWDEDQDORVJDOLPDWtDVDOTXtPLFRVGHO
ILOyVRIR7HVOHU<RWUDYH]IXHURQORV'RPHQLFRQHTXLHQHVHQWUDURQHQDFFLyQGLULJLpQGRVH
DO ELRPER OR DUUDQFDURQ GH VX OXJDU \ GHVFXEULHURQ D OD PXMHU TXH VH RFXOWDED HQ OD
WRUUHSULVLRQHUDRQRGHOIDOVRDOTXLPLVWD
³£(OHFWUD³VHFRQPRYLyHO$XWRGLGDFWR
³£)UDX6LHEHOQRHVWiYLVLEOH³OORULTXHyHODOHPiQGHVSDYRULGR
$UURGLOODGDHQXQUHFOLQDWRULRODFDEH]DHUJXLGDFRPRXQDIORUHQVXSHG~QFXORMXQWDV
ODV PDQRV HQ XQ URVDULR HVSHFWDFXODU GH FXHQWDV GH D]DEDFKH IUDX 6LHEHO PRVWUDED XQD
TXLHWXGVyORGHVPHQWLGDSRUHOWHPEORUGHVXVODELRVTXHDOSDUHFHUDUWLFXODEDQXQLGLRPD
VLQVRQLGR$OYHUODVHOHDFHUFDURQXQ0HJDIyQUHYHUHQFLDO\XQ6DPXHO7HVOHUGXELWDWLYR
FRPRODILORVRItD3DVPDGRVDQWHDTXHOODYLVLyQORVPHOOL]RV'RPHQLFRQHVHPDQWXYLHURQD

104
GLVWDQFLD \ FRQIHVDURQ PiV WDUGH TXH D QR HVWDU GH VHUYLFLR VH KXELHUDQ SXHVWR GH
URGLOODVDQWHIUDX6LHEHO´FRPRDQWHXQD9LUJHQGHODLJOHVLDµ(QFXDQWRDOPLVPR6LHEHO
SDUHFtD GHVKHFKR FRPR VL OR KXELHUDQ GHVQXFDGR UHFLpQ D WLURQHV EDMR OD OX] GH VX
FODUDER\D3HURHO$XWRGLGDFWRHUDVLQGXGDTXLHQUHYHODEDPiVH[FLWDFLyQMXQWRDODPXMHU
TXHVHOHRIUHFtDHQHVSHFWiFXOR\DODFXDOHVWXGLDEDHQVXUHODFLyQFRQ/XFtD)HEUHUROD
1RYLD2OYLGDGDROD0XMHUVLQ&DEH]D9ROYLpQGRVHDOILOyVRIRYLOODFUHVSLQROHGLRFXHQWDGH
VXVREVHUYDFLRQHVHQXQDVXHUWHGHPRQyORJRH[WHULRUHLQWHULRUDODYH]
³%LHQ SRGUtD VHU (OOD ³OH GLMR³ VX SHOR GH FREUH \ VXV RMRV GH iPEDU £4Xp H[WUDxR
(OHFWUDHOHNWURQiPEDUIOXLGR¢&DVXDOLGDGRPDUFDGHLGHQWLILFDFLyQ"£0HJXVWDUtDVDEHU
OR TXH GLFHQ DKRUD VXV ODELRV LQVRQRURV ¢$OJXQD FODYH GH OD $PRURVD 0DGRQQD
,QWHOOLJHQW]D"
³$PLHQWHQGHU³RSLQyHOILOyVRIR³(OHFWUDHQXQD\HJLWDELHQHQWUHQDGDHQWRGRVORV
JDORSHV1RPHJXVWDUtDPRQWDUODVyORSDUDPHGLUOHHOWLHPSRTXHGDUtDHQHOKLSyGURPR
GH6DQ,VLGUR£0LUHXVWHGHVDVWHWDVFDSDFHVGHDPDPDQWDUDXQVHPLGLyVRDXQKpURH£<
HVDVDQFDVKHFKDVSDUDOD~WLOHTXLWDFLyQGHOKRPEUH
³£%iUEDUR³ORDFXVy0HJDIyQKHULGRHQXQDFXHUGDVHQVLEOH
<GLULJLpQGRVHDOIDOVRDOTXLPLVWD
³¢3XHGREHVDUD(OHFWUD"³OHURJyFRQOiJULPDVHQORVRMRV
³£1RVHxRU³SURWHVWypO
³6yORHQODIUHQWH\FRQUHVSHWR
³%pVHOD\OiUJXHVH³ORDXWRUL]yHOIDOVRDOTXLPLVWD³)UDX6LHEHOHVWiRFXSDGD
0HJDIyQVHLQFOLQyUHYHUHQWHPHQWHVREUHODPXMHUDUURGLOODGD´6LHV/XFtD)HEUHUR³VH
GLMR³ QR GHMDUp GH UHFRQRFHUOD HQ HVWH EHVR LQLFLiWLFRµ < UR]y DSHQDV FRQ VX ERFD HO
IURQWDOGHODYLUJHQ3HURVHLUJXLyGHV~ELWRHQWUHGHVFRQFHUWDGR\RIHQGLGR
³£(VWDPXMHUWLHQHXQLQVRSRUWDEOHDOLHQWRDFHEROOD³VHLQGLJQy
³6HJ~Q+LSyFUDWHV³DGXMRHOIDOVRDOTXLPLVWD³ODFHEROODHVXQYHJHWDOSRGHURVDPHQWH
YLWDPtQLFR
<IXHDTXtGRQGHD0HJDIyQVHOHKL]RODOX]DOUHFRUGDUFLHUWDEROVDGHPDOODTXHKDEtD
GHVFXELHUWRHQHODOPDFpQGHODQWLFXDULR9ROYLpQGRVHDVXVFRPSDxHURV
³$PLJRV³OHVH[SOLFy³¢VDEHQXVWHGHVFyPR(OHFWUDHVDOLPHQWDGDSRUHOWDFDxRGHVX
PDULGR" &RQ XQ SDQ GH IODXWD \ XQ VDODPtQ WDQGLOHUR £< OD FHEROOD HV HO FRPSOHPHQWR
YHJHWDOTXH6LHEHODxDGHDODQXWULFLyQGHVXSREUHYtFWLPD
³'DGR HO LQFXHVWLRQDEOH OLULVPR GH OD YtFWLPD ³VH ODPHQWy HO ILOyVRIR³ GHEHUtD 6LHEHO
DOLPHQWDUODVyORFRQPDUILOHVLQGRFKLQRV\yOHRVGHO5HQDFLPLHQWR
³£*UDQ'LRV³DxDGLyHO$XWRGLGDFWRHQVXIXULD³1RVyORWLHQHDXQDPXMHUSULVLRQHUD
HQVXWRUUH£ODPDWDGHKDPEUHSRUDxDGLGXUDFLHJR\VRUGRHQVXLQFUHtEOHDYDULFLD
/D GLJHVWLyQ LQWHOHFWXDO GH ORV PHOOL]RV 'RPHQLFRQH VL QXQFD IXH UiSLGD HUD VLHPSUH
VHJXUD 1R ELHQ HQWHQGLHURQ ODV DFXVDFLRQHV GH 0HJDIyQ HQWUDURQ HQ XQ DIiQ GH MXVWLFLD
TXHVHXQLyDO\DFRQVHJXLGRHQWHUQHFLPLHQWRGHVXVDOPDVIUHQWHDODPXMHUFDXWLYD<HO
SULPHUR HQ UHDFFLRQDU IXH 5yPXOR 'RPHQLFRQH TXLHQ WHQGLy D KHUU 6LHEHO XQ tQGLFH
RPLQRVR
³+HYLVWRDJUDQGHVFRUQXGRV³OHDVHJXUy³SHURQLQJXQRFRPRXVWHG
<WHQWyDVXKHUPDQRFRQODPLUDGD
³¢/HGDPRVHO´SHVWRµDKRUD"³LQTXLULyVHUHQDPHQWH
³1RWRGDYtD³OHGLMR5HPR³(VWR\EXVFDQGRHOiUHDGHVXFXORGRQGHOHDFRPRGDUpPL
VKRWSHQDO
+DVWD HQWRQFHV (OHFWUD R OD SUHVXQWD 1RYLD 2OYLGDGD VH KDEtD PDQWHQLGR IXHUD GH OD
UHDOLGDG < GH SURQWR DEDQGRQDQGR VX ULJLGH] H[WiWLFD GLR VHxDOHV GH XQ UHJUHVR DO
PXQGR\DODWRUUH´$KRUDQRVGDUiVXPHQVDMH³FDOFXOy0HJDIyQ³VLHV/XFtD)HEUHUR

105
UD\DUi HQ OR VXEOLPHµ < FRQWXYR VX DOLHQWR SDUD HVFXFKDU PHMRU /RV YLVLWDQWHV R\HURQ
HQWRQFHVDXQD(OHFWUDTXHOODPDEDVLQHQWRQDFLyQDOJXQD
³£6LJPXQG£6LJPXQG
/DVX\DHUDXQDYR]GHFRWRUUDXQJUD]QLGRPHFiQLFRGHDYHSDUODQWHELHQDPDHVWUDGD
RXQFDFDUHDUGHJDOOLQDMRYHQTXHVHGHVSLHUWDUHFLpQVREUHVXVKXHYRV
³£6LJPXQG³YROYLyDOODPDU
³7HRLJRSDORPD³OHGLMRDTXtHOIDOVRDOTXLPLVWD
³¢1RVTXHGDHQHOEROVyQDOJRGHVDODPH\DOJRGHSDQIUDQFpV"
³¢+DVFRQFOXLGRWXVGHEHUHV"
³4XLQFHURVDULRV³DILUPyHOODHQVXJUD]QDURUQLWROyJLFR
/RVYLVLWDQWHVKDEtDQTXHGDGRPXGRVDORtUODYR]GH(OHFWUD\VXGLiORJRSHGHVWUHFRQHO
DOHPiQVREUHWRGR0HJDIyQFX\DVLOXVLRQHVDFHUFDGHOD1RYLD2OYLGDGDVXIUtDQDKRUDXQ
UHYpVTXHQRHUDHOSULPHURQLVHUtDHO~OWLPR&RPRVLXQKHUPRVRtGRORDFDEDVHGHURGDU
D VXV SLHV 5yPXOR \ 5HPR 'RPHQLFRQH DWOHWDV HQ YRFDFLRQDO VROWHUtD HVWDEDQ
FRQILUPDQGR\DVXVYLHMRVHVFHSWLFLVPRVHQDFKDTXHVGHPXMHUHV(O~QLFRHVSHFWDGRUTXH
VHJXtD HQ VXV FDEDOHV HUD 6DPXHO 7HVOHU KRPEUH GXFKR HQ ODV LPSUHYLVLEOHV FDUDV GH
9HQXVGLULJLpQGRVHDODQWLFXDULROHSUHJXQWyFRQDVWXFLD
³+HUU6LHEHO¢SRUTXpKDFHUH]DUDVXPXMHUFRPRVLODFRQGHQDVHDWUDEDMRVIRU]DGRV"
8QDOX]IDQiWLFDEULOOyHQORVRMRVRHQORVDQWHRMRVGHOIDOVRDOTXLPLVWD
³'XUDQWH OD *UDQ 2EUD ³UHVSRQGLy³ OD PXMHU GHEH RUDU PLHQWUDV HO YDUyQ HVWXGLD \
IXQGHORVPLQHUDOHVHQHOYDVR
(QVHJXLGDFRUULyDOYROXPHQDELHUWRHQHODWULO\FRQVXOWyVXVUHQJORQHVERUURVRV7UDV
GHORVFXDOVHGLULJLyDOKRUQLOOROHDUURMyDOJXQRVSHGD]RVGHDQWUDFLWD\HVWXGLyFRQDQVLD
ODHEXOOLFLyQGHODOXGHO
³£(OPHUFXULRHVWi´PRUWLILFiQGRVHµ³JULWyHQVXSDVLyQDYDUD
³8QD EHVWLD OLWHUDO ³UHFDSLWXOy 6DPXHO 7HVOHU D VXV SDUFLDOHV³ $Kt WLHQHQ D XQ $GiQ
JURWHVFDPHQWHGHVSLVWDGR
6HDFHUFyDODPXMHUDUURGLOODGDWRGDYtD
³< DTXt WLHQHQ D XQD (YD TXH D URVDULR OLPSLR VH JDQD KRQUDGDPHQWH VX VDODPtQ
£(VWDPRVHQSOHQR.DOL<XJD
³0LPDULGRHVXQKRPEUHGHFLHQFLD³OHDQXQFLyODPXMHUFRQVXYR]GHFRWRUUD
³£/DSDWD-XDQLWD³OHURJyHOILOyVRIRWHQGLpQGROHXQtQGLFHDPLJDEOHPHQWH
³<ROHGR\ODSDWLWDVyORDPLPDULGR³FRWRUUHy(OHFWUD³QRVHUiXQJDOiQGHFLQHSHUR
WLHQHORVX\R0HDUUDQFyGHODPDODYLGDHQ5tR*DOOHJRV\PHSURPHWLyHORUR\HOPRUR
1RELHQHQFXHQWUHODIDPRVD´SLHGUDµPHKDUiMXJDUHQ0RQWHFDUORYHVWLGDFRQXQWUDMH
GHQRFKHTXH\DHQFDUJyD3DUtV
³£(OHFWUD³OORULTXHy0HJDIyQDORtUOD
³<DQRKDEUiVDODPLQHV³LQVLVWLyHOOD³FRPHUHPRVRVWUDVIDLVDQHV\FDYLDUVXHFRELHQ
PRMDGRVHQFKDPSDJQHVIUDQFHVHVGHPDUFD
(QWULVWHFLGRVKDVWDPRULUORVYLVLWDQWHVHVFXFKDURQD(OHFWUD
³£6LHEHOHVXQFDILVKRPLVHUDEOH³WURQy5yPXOR'RPHQLFRQH
³6L TXLHUH GROFH YLWD ³JUXxy 5HPR³ ¢SRUTXp QR YHQGH VXV PDUILOHV \ VH ODUJD FRQ OD
SREUHFULDWXUD"
³0LPDULGREXVFDOD´SLHGUDµ³VXEUD\yODPXMHUHQXQFRWRUUHRILQDO
<YROYLyDVXURVDULRPLHQWUDVHOIDOVRDOTXLPLVWDVRSODEDFRQHOIXHOOHORVFDUERQHVGHO
KRUQR
³6DOJDPRVGHDTXt³RUGHQyHQWRQFHVXQ0HJDIyQHQSHQD
<GHVFHQGLyDODSODQWDEDMDVHJXLGRSRUHOILOyVRIR\ORVKHUPDQRV'RPHQLFRQH6DPXHO
7HVOHUVHGHWXYRDOOtXQLQVWDQWHSDUDUHYHUHQFLDURWUDYH]DO$QGUyJLQRDOTXtPLFR/XHJR

106
FRQ ORV GHPiV DEDQGRQy OD WRUUH \ GHVDQGXYR HO FDPLQR KDVWD OD SXHUWD GH FDOOH TXH
0HJDIyQDEUtDFRQHODSUHVXUDPLHQWRGHXQIXJLWLYR(QWRQFHV\DHQHOXPEUDOHOILOyVRIR
VLQWLy TXH XQD PDQR SHOXGD VH DJDUUDED IXHUWHPHQWH D VX PDQR GHUHFKD \ SDUHFtD
WLURQHDUORKDFLDODFDOOH(UDHOPRQRGH6LHEHOTXHORVKDEtDVHJXLGRWDOYH]HQHOLQWHQWR
GHXQDHYDVLyQ
³&RVPR KLMR PtR ³OH DGYLUWLy 6DPXHO FRQ WHUQXUD³ HVWD FDVD HV WX LQILHUQR $TXt
VHJXLUiVGHPRQRKDVWDTXHPHMRUHVWXNDUPDWUHPHQGDPHQWHMRGLGR
<FHUUyODSXHUWDGHMDQGRHOPRQRDGHQWUR

$TXHOODPLVPDQRFKHVHQWDGRDODPHVD\IUHQWHDVXVWDOODULQHV0HJDIyQULQGLyFXHQWD
GHORVKHFKRVD XQD3DWULFLD%HOOTXHORHVFXFKDEDVLQHQWXVLDVPR6LHO2VFXURGH)ORUHV
KXELHUDVDELGRORTXHVHLQFXEDEDHQODWUDVWLHQGDLQHVFUXWDEOHGHVXPXMHUWHUUHVWUHQR
KDEUtD LQVLVWLGR WDQWR HQ OD 0XMHU &HOHVWH TXH EXVFDED QL HQ VXV HVFDORIULDQWHV
DSUR[LPDFLRQHV &LHUWR HV TXH 0HJDIyQ H[DJHUDED IUHQWH D 3DWULFLD HO GHVHQJDxR TXH OD
PXMHUGHOSVHXGRDOTXLPLVWDOHSURGXMHUDHQVXFRQIURQWDFLyQFRQOD1RYLD2OYLGDGD3HUR
WDPELpQORHVTXHGHVFULELHQGRD(OHFWUDVHOHLEDODPDQRDOSLQWDUHOEHOORiPEDUGHVXV
RMRV\ODVLQFDOFXODEOHVUHGRQGHFHVTXHQRGLVLPXODEDVXYHVWLGRORFXDOIXHFRPRGDUOHD
3DWULFLD XQ JROSH EDMR HQ VX KtJDGR OHDO 1R ELHQ HO $XWRGLGDFWR KXER FRQFOXLGR VX
QDUUDFLyQ3DWULFLD%HOOGLMRHQWRQRHFXiQLPH
³/DH[FXUVLyQGH/RPDVGH=DPRUDQRVGHMDXQVDOGRSRVLWLYR
³0X\SRVLWLYR³DVLQWLyHO2VFXUROHYDQWDQGRHQVXWHQHGRUXQDSDUYDGHWDOODULQHV
³$XQTXHWXYRVXULHVJR³DxDGLyHOOD
³¢4XpULHVJR"
³1RKD\FRPRXQDPXMHUOLWHUDULDSDUDHQFDQGLODUDFLHUWRVKRPEUHVPDGXURV
´(VHSDORHVSDUDPLJDOOLQHURµVHGLMR0HJDIyQ
³/D1RYLD2OYLGDGDQRHVXQDPXMHUGHODOLWHUDWXUD³FRUULJLypO\DHQDOHUWD³HVXQD
PXMHUGHODILORVRItD
³¢7DPELpQVRQILORVyILFDVODVH[XEHUDQFLDVFRUSRUDOHVGHIUDX6LHEHO"
´£&XLGDGRµVHDOHUWyGHQXHYRHO2VFXUR´£3DFLHQFLD\0pWRGRµ
³)UDX6LHEHOHVXQFKDVFRGHVFRPXQDO³ODGHILQLyHQVXDODUPD
3DWULFLD%HOOQRVHULQGLyDODREVHFXHQFLDGHVXPDULGR
³(V GLItFLO FRPSHWLU FRQ XQD PDGRQD GH OD OLWHUDWXUD ³UHIOH[LRQy³ WUDH GHPDVLDGRV
FRVPpWLFRV
<UH]RQJyHQXQGHVSXQWHGHVXIXULD
³£0HJXVWDUtDVDEHUTXpKXELHUDKHFKR,VROGDVLQHOFRUVpDMXVWDGRTXHOHSXVR:DJQHU
£3RU'LRVPHJXVWDUtDFRQRFHUHODUVHQDOGHFUHPDV(OL]DEHWK$UGHQTXHXWLOL]y&OHRSDWUD
HQ VX DYHQWXUD FRQ 0DUFR $QWRQLR £1R PH DVRPEUDUtD GH TXH OD SURSLD -XOLHWD ROLHVH D
PLQHVWUyQLWDOLDQRDOOHYDQWDUVHGHODFDPD
³(OHFWUD³OHFRQIHVyHO$XWRGLGDFWR³PHDUURMyDODFDUDXQWHUULEOHDOLHQWRGHFHEROOD
³¢/DWXWHDV\D"³JULWy3DWULFLD
³1RODKHWXWHDGR
$JLWDGDSRUVXIXULRVRYLHQWR3DWULFLD%HOOWUDVDUUDQFDUVHODVHUYLOOHWDVHSXVRGHSLH\
DEDQGRQyHOFRPHGRUHQWUHQGHIXJD
³£3DWULFLD³ODOODPypO
(OOD QR UHVSRQGLy \ HO $XWRGLGDFWR OD R\y VXELU DO GRUPLWRULR \ HQFHUUDUVH DOOi FRQ XQ
SRUWD]RTXHKL]RUHWHPEODUHOFKDOHW(QVXV\DODUJDVUHODFLRQHVFRQODPXMHUWHUUHVWUHD
IXHU]DGHYLFWRULDV\GHVFDODEURV0HJDIyQKDEtDUHXQLGRH[SHULHQFLDVTXHDVXHQWHQGHUOR
KDFtDQH[SHUWRHQERUUDVFDVPDWULPRQLDOHV8QRGHVXVUHFXUVRVPiV~WLOHVHQHVRVFDVRVOH
RUGHQDED UHSHWLU HQWUH GLHQWHV \ EDMR OD WHPSHVWDG HVWD VDELD FRQVLJQD 3DFLHQFLD \

107
0pWRGR´&XDQGRHQ0LOiQOOXHYH³VHGLMR³ORPHMRUHVGHMDUTXHVLJDOORYLHQGRKDVWDTXH
DFODUHµ < GHFLGLy DFDEDU VHUHQDPHQWH VXV WDOODULQHV \ EHEHU VX WLQWLOOR 3HUR VH DQJXVWLy
V~ELWDPHQWH FXDQGR ILHO D RWUDV H[SHULHQFLDV UHFRUGy TXH D PHQXGR ODV WHRUtDV GHO
IRONORUHQRVHDMXVWDQDODSUiFWLFDGHORFRQWLQJHQWHKXPDQR(QWRQFHVDEDQGRQyODPHVD
WUHSyORVHVFDORQHV\VXELyDOGRUPLWRULRFX\DSXHUWDVHPDQWHQtDFHUUDGD
³£3DWULFLD³OODPyFDXWHORVDPHQWH
1DGLH OH UHVSRQGLy DGHQWUR YLVWR OR FXDO DFFLRQy HO SLFDSRUWH LQ~WLO HO GRUPLWRULR
HVWDED FHUUDGR FRQ OODYH ´3DFLHQFLD \ 0pWRGRµ VH LPSXVR 0HJDIyQ < YROYLHQGR D OD
FDUJD
³£3DWULFLD³H[FODPy³£7HMXURTXHIUDX6LHEHOHVXQORURDOLPHQWDGRFRQVDODPLQHV
&RPRHOVLOHQFLROHUHVSRQGLHUDRWUDYH]
³£(VWR\VROR3DWULFLD³OHURJy³£$OPHQRVGHMDVDOLUDOJDWRSDUDTXHPHDFRPSDxHHQ
HOGHVWLHUUR
1DGD QL XQ UXPRU DGHQWUR QL XQD OX] SRU HO RMR DOFDKXHWH GH OD FHUUDGXUD (O
$XWRGLGDFWRVLQWLyTXHVX3DFLHQFLDVHOHUHVTXHEUDMDED\TXHVX0pWRGRVHOHKDFtDSROYR
¢(FKDUpDEDMRODSXHUWDFRPRHQORVERGULRV\DQTXLVGHODWHOHYLVLyQ"£5LGtFXOR1RVR\XQ
SLVWROHUR GH &KLFDJR QL XQ DJHQWH GHO )%, QL XQ PDULGR HQ WUDQFH GH FRUQDPHQWD
£9ROYDPRV D OD OOXYLD GH 0LOiQ (Q HVH DILDQ]DPLHQWR GH VX GHFRUR 0HJDIyQ DEDQGRQy HO
VLWLRGHVFHQGLyODHVFDOHUD\VDOLyDOMDUGtQ/RTXHPiVORLQGLJQDEDHUDODGHVHUFLyQGHO
JDWR 0DQGLQJD HO JDWR HV XQ WUDLGRU LQGHSHQGLHQWH TXH MDPiV UHVSRQGLy D QLQJ~Q
VLQGLFDOLVPR ¢,QGHSHQGLHQWH" 1R HOOD HV TXLHQ OH GD VX KtJDGR D OD SDUULOOD &RPR
QHFHVLWDEDXQOXJDUDOWRGRQGHYHUVHOLEUHGHWDQWDPLVHULDHO2VFXURVXELyDODWRUUHGHO
FKDOHW'HVGHVXH[SODQDGDHVWXGLyHOFLHORQRFWXUQR\RWHyHQVHJXLGDODYHFLQGDGDEDMR
WRGR HUD QHJUXUD VLOHQFLR \ TXLHWXG £6L DO PHQRV DKRUD ]XPEDVH OD JXLWDUUD GHO EHDWOH
6ROR\DPDUJRORFDOL]yGHVGHDUULEDODYHQWDQDGHOGRUPLWRULRDELHUWDQDWXUDOPHQWHDOD
IUHVFXUDGHODQRFKH3DWULFLDHVWiHQVXLQWHULRULQIOH[LEOHFRPRXQDPXODSHURDWHQWD\
GHVYHODGDHQHOFiOFXOR GHPLSRVLEOHPDUWLULR £7HFRQR]FR3DWULFLDFRPRVL WHKXELHUD
OOHYDGRXQDHWHUQLGDGHQPLVFRVWLOODUHV8QDLGHDYLQGLFDWLYD VHDEULySDVRHQVXPHQWH
MXQWy\DWyDOJXQRVODGULOORVTXHJXDUGDEDHQVXDUVHQDOGHSUR\HFWLOHV/XHJRDVRPiQGRVH
SRUODVDOPHQDV\GLULJLHQGRVXJULWRDODYHQWDQDGHOGRUPLWRULR
³£3DWULFLD³YRFLIHUy³WHDPRKDVWDPRULU£<PXHUR
$UURMyORVODGULOORVGHVGHODWRUUHDOMDUGtQVHR\yDEDMRXQJUDQHVWUXHQGR<0HJDIyQ
HQWHQGLyTXH3DWULFLDHQODFHUWLGXPEUHGHXQVXLFLGLRDEDQGRQDUtDODFDVDHQEXVFDGH
VXV UHVWRV PRUWDOHV JULWDQGR \ FRQ HO GHVOHDO 0DQGLQJD ROLpQGROH ORV WDORQHV 3HUR QDGD
VXFHGLyQLDEDMRQLDUULEDQLDODL]TXLHUGDQLDODGHUHFKDQLDOIUHQWHQLGHWUiV(QWRQFHV
0HJDIyQ DFRVWDGR HQ OD H[SODQDGD \ VREUH XQD FROFKRQHWD OHYDQWy VXV RMRV KDVWD 2ULRQ
TXHEULOODEDHQODVDOWXUDV
³(OOD ³VH GLMR DPDUJR \ VROR³ ¢3DWULFLD" 8QD PXMHU /D SULPD VXEVWDQWLD <R OD
FRQVWUXt HQWHUDPHQWH VREUH OD EDVH GH VX PDWHULD LQGHILQLGD \ WDO YH] LQGHILQLEOH ¢4Xp
FRQVWUXt" £8Q tGROR &RQ HVWH SXOJDU PRGHOp VXV WHWDV IUXWDOHV DOLVp VX YLHQWUH \ OD FXU
YDWXUDGHVXVPXVORVGHILQtHOKR\RGHVXRPEOLJR\HOWDMRGHVXVH[RWDOOpODVXxDVGHVXV
SLHV \ GH VXV PDQRV HULJt VX FDEH]D \ OH SXVH WRGRV ORV DJXMHURV GHO VHQWLGR &XDQGR
HVWXYR FRPSOHWD OH LQVXIOp PL SURSLR YLHQWR HQ VX QDUL] GH DUFLOOD PRMDGD \ OH GL XQ
QRPEUHTXHDOILQ\DOFDERHUDXQRGHPLVQRPEUHVQRSURIHULGRD~Q£<HOODVHLUJXLySRU
VtVROD\PHGLRODGHOLFLD\ODJXHUUD<FRPtHQVREUHVDOWRPLSDQ\GRUPtFRQDQJXVWLDPL
VXHxR<HOODROYLGyODVOODYHVHQODUHIULJHUDGRUD\SXVRHQFDRVPLELEOLRWHFDHLQVWDOyXQ
OLEURGHFRFLQDMXQWRDOLQPRUWDO3ODWyQ\PHKL]RDJDUUDUDSLxDVFRQHOIUXWHURDQGDOX]\
PHVLUYLyPHUOX]DVHQFRPSRWD\ODYyPLVWRPDWHVFRQGHWHUJHQWH¢1HJDUiHOODTXHPH
GHEH VX ULWPR UHVSLUDWRULR VX DUWH GHO HVWRUQXGR ODV PDQHUDV GH FRUWDU HO KLSR \ OD

108
UHVWDXUDFLyQ GH VX IORUD LQWHVWLQDO" 6t DKRUD HVWDUi HQ HO GRUPLWRULR FRQ HVH LQIDPH
0DQGLQJDHFKDGRDVXVSLHV<VHFUHHUiLQGHSHQGLHQWHGHVXDOIDUHUR£GHPtSRU&ULVWR
(QVXIXULDHO$XWRGLGDFWRDEDQGRQyODFROFKRQHWD\VHSXVRGHSLH
³¢1RVDEHTXHVLJXHDWDGDSRUXQFRUGyQXPELOLFDODVXKRPEUH\TXHVL\RORFRUWDUD
HOODYROYHUtDGHLQPHGLDWRDVXLQGHWHUPLQDFLyQSULPHUD"£/DOHYDQWpFRPRDXQtGRORSDUD
PL DGRUDFLyQ ¢,JQRUD TXH GH LJXDO PRGR SXHGR EDMDUOD GH VX SHGHVWDO GHVWUXLUOD \
EDLORWHDUVREUHODSXOYHUL]DFLyQGHVXVKXHVRV"
&RQ ORV GLHQWHV DSUHWDGRV 0HJDIyQ WDFRQHy HQ ODV DOWXUDV XQ ]DSDWHR LFRQRFODVWD <
YROYLy D OD FROFKRQHWD OOHYiQGRVH ORV HVFRPEURV GH XQD 3DWULFLD %HOO HQ DQLTXLODPLHQWR
/HYDQWyVXVRMRVDODHVWUHOOD$OIDGHO&HQWDXUR
³7DO YH] 3DWULFLD OD HVWi PLUDQGR DKRUD GHVGH VX UHGXFWR HV HO OXJDU GH OD FLWD TXH
FRQYHQLPRV SDUD QXHVWUDV PLUDGDV HQ FDVR GH VHSDUDFLyQ ¢(OOD PHUHFH MXQWDU VX PLUDGD
HQXQDVWURFRQODGHXQOtGHUVROR\DODLQWHPSHULH"
6LQ HPEDUJR OD LUD GH 0HJDIyQ HQWUDED \D HQ XQ UHIOXMR TXH VyOR LED GHMDQGR HQ ODV
DUHQDV DOJXQRV FDUDFROHV GH UHVHQWLPLHQWR < HQ HVH SXQWR XQ OODPDGR XUJHQWH GH OD
HFXDQLPLGDGOROOHYyDODRWUDFDUDGHODPRQHGD3DWULFLD%HOODVXUHYHUVRGHDPRUTXH
DFDEDEDpOGHROYLGDULQMXVWDPHQWH
³¢1R KD VLGR HOOD PL ÉQJHO GH ODV %DWDOODV" ¢1R VH KD XELFDGR D PL IUHQWH FRPR XQ
EURTXHOGHURVDVGHWUiVGHPtFRPRXQHVSDOGDUGHDFHURDPLGHUHFKDFRPRXQDODQ]D
GHUD]RQHVTXHKLHUHVLQRIHQGHU\DPLL]TXLHUGDFRPRXQOLEURGHMXVWDVFDEDOOHUtDV"¢1R
UHFLELyHOODORVJROSHVTXHPHDVHVWDURQFREDUGHVHQHPLJRV"
0HJDIyQVLQWLyDTXtHODOLHQWRGHXQDSLHGDGTXHOHLEDJDQDQGRHODOPD
³£3DWULFLD %HOO (Q PLV QRFKHV GH HQIHUPHGDG ¢QR HVWXYR VLHPSUH MXQWR D Pt FRQ VXV
PDQRV OOHQDV GH XQJHQWRV \ VX ERFD HVWDOODQWH GH RUDFLRQHV" &XDQGR PH DWDFDEDQ
GHPRQLRVLQYLVLEOHV¢QRODYLFRUWDUHODLUHFRQPLIDFyQGHSODWDHQFHQGHUYHODVGHFXOR\
UHSUHQGHU DO GLDEOR FRQ VXV H[RUFLVPRV" (Q ODV KRUDV GH ILHVWD ¢QR FRPSDUWLy PL YLQR
FDQWy PL ]DPED GHO QRUWH \ EDLOy SDUD Pt VROR GHVQXGD \ HVSOpQGLGD VREUH QXHVWURV
PDQWHOHV"
(Q HO iQLPR GH 0HJDIyQ OD SLHGDG KDEtD FRQGHVFHQGLGR D OD WHUQXUD \ DKRUD
GHVHPERFDEDHQHOUHPRUGLPLHQWR
³£<QRHVYHUGDGTXH\RODHQJHQGUDVHDHOODHQPLSDQ]DUHGRQGD3RUORFRQWUDULRHOOD
HV PL PDGUHFLWD PDWHU R PDWHULD TXH YXHOYH D GDUPH D OX] FDGD PDxDQD SRU XQD
PHWRGRORJtD GH OD UHVXUUHFFLyQ TXH OH HQVHxp \R PLVPR £(O FRPSiV \ OD EU~MXOD < OD
RIHQGt FRQ HO HORJLR GH XQ HVSHFWUR TXH FRPH VDODPLQHV £ D HOOD OD ´QR FDQWDGDµ \ OD
FDQWDEOH 0HJDIyQ ¢FXiQWDV YHFHV DEDQGRQDVWH D 3DWULFLD HQ HO FKDOHW \ D VRODV FRQ XQ
JDWR"¢TXpWHLPSRUWDQORVROLJDUFDVDUJHQWLQRVORVJHQHUDOHVGDFWLOyJUDIRVORVFXUDVIDUL
VHRV \ ORV LPSHULDOLVPRV DJUHVRUHV" £7XV EDWDOODV \ FRUUHUtDV ¢1R YHV LGLRWD TXH FRPR
8OLVHVSRGUtDVOOHJDUDVHUXQQiXIUDJRLQWHJUDO\XQFRUQXGRSHUIHFWR"
$QWHODLPDJHQGH3DWULFLD%HOO\DUHFRQVWUXLGD\VXEOLPDGDHO$XWRGLGDFWRVHDYHUJRQ]y
GHVXVLQFXULDV<ORDVDOWyGHSURQWROD QHFHVLGDGXUJHQWHGH PRUWLILFDUVHDVtPLVPRHQ
GHVDJUDYLR GH OD YtFWLPD TXH OORUDED WDO YH] HQ HO GRUPLWRULR \ D VRODV FRQ XQ JDWR FX\D
WUDLFLyQ \D QR OH SDUHFtD WDQ JUDYH 1DWXUDOPHQWH QR KDUtD pO VX SHQLWHQFLD HQ OD WRUUH
OXJDUH[FHOVRGHOTXHQRVHMX]JDEDPHUHFHGRUVLQRHQOD]RQDPiVKXPLOODQWHGHOFKDOHW
HO JDOOLQHUR GRQGH D HVD KRUD GRUPLUtDQ ODV DYHV HQ VXV SDORV PLHUGRVRV &RQ HVD
LQWHQFLyQ HO $XWRGLGDFWR GHVFHQGLy SRU OD HVFDOHULOOD GH OD WRUUH VDOLy DO MDUGtQ \ VH
RULHQWy HQ ODV WLQLHEODV KDVWD HQFRQWUDU HO JDOOLQHUR GHVFRQHFWy HO WLPEUH GH DODUPD TXH
KDEtDLQVWDODGRpOPLVPRFRQWUDORVQRFWXUQRVODGURQHVGHJDOOLQDV\WUDVDEULUODSXHUWDGH
DODPEUHWHMLGRVHGHVOL]yHQHOFRUUDO\JDWHyHQHOVXHORKDVWDVHQWLUTXHODVJRUGDVDYHV
ODWtDQVREUHVXFDEH]D(QWRQFHVDILQGHQRGHVSHUWDUODVFRQWXYRHODOLHQWR\JXDUGyXQD

109
LQPRYLOLGDGDEVROXWD
³£3DWULFLD³YROYLy D ODPHQWDU HQ VX iQLPR³ OD QR FDQWDGD \ OD FDQWDEOH OD GpELO \ OD
IRU]XGD 6yOR FXDUHQWD \ VHLV TXLORV GH KXHVRV ILEUDV PXVFXODUHV \ UDPLILFDFLRQHV
QHUYLRVDV £< VLQ HPEDUJR XQ EDVWLyQ GH FRPEDWH iQJXORV KLULHQWHV SDUD OD RIHQVLYD \
iQJXORV FXUYLOtQHRV SDUD OD UHVLVWHQFLD &LQFR VHQWLGRV DELHUWRV \ HQ DWHQFLyQ XQ RMR
FODYDGRHQHOIXHJR\HORWURHQHODJXDXQRtGRHQODWLHUUD\HORWURHQHODLUHWXQDUL]
SXHVWDHQODURVDRHQORVODELRVGHODKHULGDWXOHQJXDHQODPLHORHQODKLHOWXWDFWRHQ
HOFDORURHOIUtR£%HORQDHVRWURGHWXVQRPEUHVWHUULEOHV¢<GHTXpVHQXWUHDOILQ"8QD
WRURQMD XQ KXHYR GXUR \ XQD OHFKXJD OH GDQ XQD HQHUJtD HTXLYDOHQWH D XQ FXDUWR GH
FDEDOORGHIXHU]DTXHVHOHTXHPDUiHQEDWDOODV\MXHJRV£(OIyVIRURGHXQDFRUYLQDVHOH
WUDGXFLUiHQVLHWHKRUDVGHPHWiIRUDVSRpWLFDV\EXVFDSLpVPHWDItVLFRV
,QPyYLO \ WHQVR EDMR ODV JDOOLQDV GXUPLHQWHV 0HJDIyQ DGYLUWLy TXH DTXHOORV HORJLRV GH
3DWULFLD HUDQ WDODGURV KXQGLGRV HQ VX FRQFLHQFLD 3HUR FRPR D HVH GRORU VH OH XQtD XQD
FXDQWLRVDGXO]XUDSHQLWHQFLDO
³£(OOD ³LQVLVWLy HO $XWRGLGDFWR³ 6L GHVGH VX FRUD]yQ GHMiUDPRV FDHU XQD SORPDGD
HQFRQWUDUtDPRVTXHVXFHQWURGHJUDYHGDGHVHO$PRUPLOLWDQWH£3DWULFLDODIDOWDGHXQD
FRPSXWDGRUDHOHFWUyQLFDPHLPSLGLyFDOFXODUXQDQRFKHODVYHFHVTXHWXFLQWXUDHQWUDUtD
HQHOHFXDGRUWHUUHVWUH\FXiQWRVSDVRVWHQGUtDVTXHGDUHQHOFRVPRVSDUDOOHJDUD9HQXV
WXSODQHWD6LQHPEDUJRFRQR]FRODVWUHVFRRUGHQDGDVTXHVHMXQWDQHQWXPHQWH\DEUHQ
ORVRFKRiQJXORVUHFWRVGHODVXEOLPLGDG
5HIUHQyGHSURQWRVXFDEDOODGDPHWDIyULFD
³£(SD³VHDODUPy³(VWR\FRQIXQGLHQGRDODPXMHUWHUUHVWUHFRQODPXMHUFHOHVWH
< FRPR VH DJLWDUD pO HQ VX FRQIXVLyQ GH ODV GRV HQWLGDGHV XQD JDOOLQD GHVSHUWy HQ VX
SDOR\VHFDJyGHDQJXVWLD(O2VFXURGH)ORUHVUHFLELyHOPHGDOOyQHQSOHQDFDUD
³3RUIRUWXQDHOSREUHDQLPDOLWRQRHVWiFOXHFR³VHDOHJUyHQVXSHQLWHQFLD

6XFHGLyTXHDODRWUDPDxDQDFXDQGR%DUUDQWHV\%DUURVRIXHURQDGPLWLGRVHQHOFKDOHW
VHKDOODURQFRQXQ0HJDIyQDTXLHQODV´PRUWLILFDFLRQHVGHOJDOOLQHURµKDEtDQUHYHVWLGRGH
XQD WULVWH]D YLVLEOH SHUR WDPELpQ GH XQD YLVLEOH GLJQLGDG /RV LQWHJUDQWHV GHO G~R HUDQ
SRUWDGRUHVGHXQDQRWLFLDTXHODVUDGLRVDFDEDEDQGHODQ]DUDORVFXDWURYLHQWRVGHOpWHU
HO JHQHUDO *RQ]iOH] &DEH]yQ WDPELpQ OODPDGR ´HO KLMR GHO FKRULFHURµ VH KDEtD YLVWR
IRU]DGR D ´ODUJDUµ OD 3UHVLGHQFLD GH OD 5HS~EOLFD EDMR OD SUHVLyQ GH RWUR JHQHUDO
LJXDOPHQWHSUHVLGHQFLDEOH$GHFLUYHUGDGHOKHFKRQRDIHFWDEDHOKtJDGRDUPRQLRVRGHOD
QDFLyQ QL HO GH VXV SDFLHQWHV FLXGDGDQRV (UD XQD UHSHWLGD ILJXUD GH OR TXH VH OODPy
GHVSXpV HQ FODYH PHJDIyQLFD (O 0DODPER GH ORV *HQHUDOHV FDGD JHQHUDO VH DGHODQWDED
ILHUDPHQWHKDVWDHOSURVFHQLRKDFtDVXVPXGDQ]DVGH]DSDWHRIRONOyULFR\HUDVXEVWLWXLGR
SRU RWUR JHQHUDO LJXDOPHQWH FRUHRJUiILFR 3HUR *RQ]iOH] &DEH]yQ SHVH D VX IDFWXUD
VWDQGDUW\DWHQtDXQOXJDUILMRHQHOSODQEpOLFRGHO$XWRGLGDFWRSRUORFXDO%DUUDQWHV\
%DUURVR QR GHMDEDQ GH FDOFXODU ODV UHFWLILFDFLRQHV R HQPLHQGDV TXH VX HFOLSVH IRUWXLWR
LQWURGXFLUtD HQ HO ´3VLFRDQiOLVLV GHO *HQHUDOµ \D HVER]DGR HQ ORV SDSHOHV GHO 2VFXUR GH
)ORUHV &RQ EDVWDQWH VRUSUHVD \ QR HUDQ FULDWXUDV GH DVRPEUR DGYLUWLHURQ TXH 0HJDIyQ
HVFXFKDEDODQRWLFLDFRPRTXLHQR\HJDUXDUHQHOWHFKR
³£-HIH ³VH LQGLJQy %DUUDQWHV³ HO +LMR GH &KRULFHUR DFDED GH SDVDU D VLWXDFLyQ GH
UHWLUR
³£(OFDUURGHO(VWDGRQDYHJDVREUHXQYROFiQ³DxDGLy%DUURVRHQXQJULWRGHDVDPEOHD
,QGLIHUHQWHDHVRVUHFODPRVGHEDWDOOD0HJDIyQOHVQDUUyVXWUDJHGLDFRQ3DWULFLD%HOO
HOGHVWLHUURGH3DWULFLDHQHOGRUPLWRULR\VXSURSLDGHVRODFLyQTXHORGHMDEDIXHUDGHWRGR
FRPEDWHSRVLEOH2tGRORFXDO%DUUDQWHV\%DUURVRHQWUDURQHQXQDPHGLWDFLyQWULVWtVLPDOD
TXHOHVLQVSLUDEDHOQDXIUDJLRGHXQOtGHUHQORVHVFROORVHWHUQRVGHOHWHUQRIHPHQLQR

110
 ³3DGUH³LQTXLULy%DUURVR³¢HOJUDQ6DUPLHQWRQRLGHyXQDPHWiIRUDREVFHQDUHIHUHQWH
DODVXQWRTXHQRVRFXSD"
³0XFKDFKR ³OH UHVSRQGLy %DUUDQWHV³ HO JUDQ 6DUPLHQWR QR GHELy FRPSDUDU OD IXHU]D
PRWUL] GH XQ SHOR IHPHQLQR FRQ HO SRGHU GH XQD \XQWD GH EXH\HV (VDV LOXVWUDFLRQHV QR
KDFHQSURJUHVDUDODV&LHQFLDVGHOD(GXFDFLyQ
3HURORVLQWHJUDQWHVGHOG~RWUDVHVHDSR\RGLGDVFiOLFRUHVROYLHURQHQWUDUHQDFFLyQ\
VDFDU D VX MHIH GH OD HVWDFDGD HQ TXH OR YHtDQ $EDQGRQiQGROR HQ HO FRPHGRU VXELHURQ
KDVWDHOGRUPLWRULR\UHGREODURQFRQVXVQXGLOORVHQODSXHUWDFHUUDGD
³£6HxRUD3DWULFLD³OODPy%DUUDQWHVGHVGHDIXHUD³£9HQLPRVHQPLVLyQGHSD]
1DGDUHVSRQGLyDGHQWUR
³£6HxRUD3DWULFLD³LQVLVWLy%DUUDQWHV³0HJDIyQVHQRVPXHUH'LFHTXHVHGHVDQJUDSRU
HOFRVWDGRURWRGHO+HUPDIURGLWR
³&OtQLFDPHQWH³GLDJQRVWLFy%DUURVR³HVXQDKHPRUUDJLDPHWDItVLFD
'HVGHVXLQWHULRUHOGRUPLWRULRQRGLRVHxDOHVGHDFWLYLGDGQLQJXQD3RUORFXDO%DUUDQWHV
\%DUURVRGHVFHQGLHURQKDVWDHO$XWRGLGDFWR
³-HIH³OHDQXQFLyXQ%DUURVRSHULWR³ODEUHYDQRHVWiPDGXUD
³(QWUHWDQWRILORVRIHPRV³SURSXVR%DUUDQWHV³(QHVWDVMRGLGDVQDYHJDFLRQHVFRQR]FR
ELHQODFLHQFLDGHPDQWHQHUVHDOSDLUR
$WHQWR D HVDV YRFHV GH OD H[SHULHQFLD 0HJDIyQ HPSXxy XQD GDPDMXDQD GH YLQR \ WUHV
MDUURV&RQWDODUWLOOHUtDVDOLyDOMDUGtQ\VHGLULJLyDODJORULHWDHVFROWDGRSRU%DUUDQWHV\
%DUURVR HQ ORV FXDOHV YHtD pO D GRV SDGULQRV TXH OR DVHVRUDEDQ HQ VX GXHOR <D HQ OD
JORULHWD\XELFDGRVORVWUHVHQVXVDVLHQWRVGHPHWDOHO2VFXURGH)ORUHVOOHQyORVMDUURV
FRQHOYLQRGHODGDPDMXDQDVHJ~QXQDUWHTXHQRGHMyGHDGPLUDUHOG~R\TXHUHVSRQGtD
VHJXUDPHQWHDXQDODUJDSUiFWLFDHQDTXHOGLItFLOHMHUFLFLR
³3DGUH ³VH LQWLPLGy DTXt %DUURVR³ ¢WRPDUp YLQR D HVWDV KRUDV" (VWD PDxDQD KH
GHVD\XQDGRVyORFRQWUHVPDWHV\XQHGLWRULDOGH/D3UHQVD
³(VHFDVWLJRWHKRQUD³ORDOHQWy%DUUDQWHV³3HURWUDWiQGRVHGHYLQRV\RQRKDUtDXQD
FXHVWLyQGLHWpWLFD£6yORHQODGHVJUDFLDXQRFRQRFHDORVDPLJRV
<DSXUyVXMDUURKHURLFDPHQWHDFFLyQTXHLPLWDURQXQ%DUURVRHQREHGLHQFLDILOLDO\XQ
0HJDIyQKXQGLGRHQVXVSHVDUHVKDVWDODYHULMD(QWRQFHV\DFDOHQWDGRHOSLFRHVWH~OWLPR
GHVFULELyDVXVDSDGULQDGRUHVODVGXUDVSHQLWHQFLDVTXHKDEtDFXPSOLGRHQHOJDOOLQHURVLQ
H[FOXLU HO LQVXOWR GH OD JDOOLQD OD[DQWH DFWRV TXH ORV DSDGULQDGRUHV WXYLHURQ SRU
DQDFUyQLFRV \ DVLPLODEOHV D ORV WULVWHV PDVRTXLVPRV GH OD (GDG 0HGLD 3HUR 0HJDIyQ \D
HPEDODGR QR FHGLy HQ HVWH SXQWR GH WHRORJtD \ DSR\iQGRVH WRGR pO HQ XQD VHJXQGD
HIXVLyQGHODGDPDMXDQDTXHFRPSDUWLyFRQVXVR\HQWHV
³(OJDOOLQHURQRKDEDVWDGR³OHVGLMRHQVXIXURUSHQLWHQFLDO³\HOODVLJXHGHVWHUUDGDR
PXHUWDHQXQGRUPLWRULRTXHIXHOXJDUGHDPRUHV£ÐLJDQPHELHQ£3DWULFLD%XHQRV$LUHV\
HO PXQGR VDEUiQ TXLpQ HV 0HJDIyQ £3DWULFLD PH OOHYDUi QDUDQMDV DO PDQLFRPLR \ XVWHGHV
OORUDUiQVREUHPLFKDOHFRGHIXHU]D
1R VLQ LQTXLHWXG %DUUDQWHV \ %DUURVR HVFXFKDURQ HVH DQXQFLR HQ HO TXH GLVWLQJXtDQ XQ
UHWLQWtQGHSUHPRQLFLyQ\RWURGHDPHQD]D
³-HIH³WHPLy%DUUDQWHV³¢QRHVWDUiPHGLWDQGRXQFDWDFOLVPR"
1R 0HJDIyQ QR WHMtD HO SUR\HFWR GH XQD FDWiVWURIH DPRURVD \D TXH VX FODVLFLVPR ELHQ
IRUMDGRHQOD%LEOLRWHFD3RSXODU$OEHUGLORDOHMDEDGHFXDOTXLHUGHVPHVXUD9LVWRTXHVXV
PRUWLILFDFLRQHV´LQWHUQDVµHQHOJDOOLQHURQRKDEtDQORJUDGRDUUDQFDUD3DWULFLD%HOOGHVX
RVWUDFLVPRHO2VFXURSODQLILFDEDXQDPRUWLILFDFLyQ´H[WHUQDµTXHDOVHUUHFRJLGDSRUORV
WURPERQHV GHO HVFiQGDOR GHUULEDVH OD SXHUWD GHO GRUPLWRULR KHUPpWLFR GRQGH VH
DWULQFKHUDED VX PXMHU FRPR XQD URVD HQWUH VXV HVSLQDV ,PLWDQGR OD JHVWD PHGLHYDO GHO
FDEDOOHUR /DQ]DURWH SHQVDED ILQJLU XQD ORFXUD GH DPRU TXH OR KDUtD UHFRUUHU HQ SDxRV

111
PHQRUHV ODV FDOOHV GH %XHQRV $LUHV H[LJLU HQ OD &DVD 5RVDGD HOHFFLRQHV OLEUHV SDUD OD
FLXGDGDQtD R H[SRQHU D ORV KpURHV GHO ,QVWLWXWR 'L 7HOOD XQD FRQFHSFLyQ GH OD SLQWXUD
KHFKDHQFROODJHFRQORVVXVSLURVGLVHFDGRVGHODVSRHWLVDVQDFLRQDOHV
$WHQWDPHQWHMXVWLSUHFLyHOG~RWDQDPELFLRVRSUR\HFWR
³$ PL HQWHQGHU ³REMHWy %DUUDQWHV³ SDUD VDOLU HQ SDxRV PHQRUHV D ODV DYHQLGDV \
FRQVHUYDU HO GHFRUR 0HJDIyQ QHFHVLWDUtD OOHYDU ORV FDO]RQFLOORV ODUJRV GH /DQ]DURWH \ VX
FDPLVHWDGHIULVDFRQRMDOHVUHIRU]DGRV/DURSDLQWHULRUGHOKRPEUHDFWXDOQRHVWiKHFKD
SDUDHOURPDQFH
³£0X\ H[DFWR ³DVLQWLy %DUURVR³ $GHPiV \ VL ELHQ UHFXHUGR /DQ]DURWH OOHYDED HQ HO
RtGRXQFRQFLHUWRSDUDFRUQRLQJOpVHOUH\$UWXUR\YLRODGDJDPEDODUHLQD*LQHYUD<QR
FUHRTXH0HJDIyQDXQTXHVDOJDHQWHFQLFRORUDQGHFRQHVDEDQGDVRQRUD
'HVJUDFLDGDPHQWHSDUDORVGRVFUtWLFRVHO$XWRGLGDFWRQRORVRtDGLVWUDtGRFRPRHVWDED
HQVXVSODQHVGHYLROHQFLD\HQODREUDGHOOHQDUORVWUHVMDUURVFRQXQWHUFHUDSRUWHGHOD
GDPDMXDQD¢<TXpSRGtDQKDFHUHOORVEXHQDPHQWHVLQRWUDVHJDUDVXVEXFKHVDTXHOQXHYR
UHJDOR GH OD QDWXUDOH]D" /D OLEDFLyQ Q~PHUR WUHV ORV XQLy D WRGRV HQ OD FRQFLHQFLD GH XQ
GHVWLQR FRP~Q \ XQD PLVPD SHOLJURVLGDG DQWH OD 9HQXV WHUUHVWUH 1R KXER HQ DGHODQWH
GLVWLQFLyQDOJXQDHQWUHORVGRVSDGULQRV\HODSDGULQDGR\DTXHVHLGHQWLILFDEDQORVWUHVHQ
XQ FRQRFLPLHQWR \ SDVLyQ GH OD (YD TXH FRQFUHWDURQ HOORV HQ XQD *LQHVRItD GH DOWR YDORU
WHyULFR\XQD*LQHJRJtDGHJUDQYDORUSUiFWLFR/RTXHSULPHUDPHQWHVHFRQIHVDURQHQWUH
VtIXHVXWHUURUFDVLUHOLJLRVRIUHQWHDOPLVWHULRGHODPXMHURDQWHVXIDOWDGHPLVWHULR
³/D PXMHU ³GLMR 0HJDIyQ FRQ DFHQWR YLQRVR³ HV OD VXEVWDQFLD R OR TXH ´HVWi GHEDMRµ
VXE VWDUH 3RU HVR WRGD PXMHU VH XELFDUi IDWDOPHQWH GHEDMR GH XQ YDUyQ \ WRGR YDUyQ
HQFLPDGHXQDPXMHU£(VODFRRUGHQDGDSHUIHFWD
³£%ULQGHPRVSRUODFRRUGHQDGD³VHHQWXVLDVPy%DUURVRTXHWHQtDHOYLQRDOHJUH
³1RWRPDUpXQDJRWDPiV³SURWHVWy%DUUDQWHVTXHWHQtDHOYLQRWUiJLFR³KDVWDTXHVH
PH DFODUH VL HO SRGHU WHUURUtILFR GH OD PXMHU YLHQH GH DOJ~Q PLVWHULR \ VL WDO PLVWHULR VH
DORMD R QR HQWUH ORV OtPLWHV GH OD SXWDxHUtD 6R\ FDVDGR ORV ELHQHV \ ORV PDOHV YHQpUHRV
KDQDIOLJLGRPLMXYHQWXG
³6HJ~Q HQWLHQGR ³OH DFODUy 0HJDIyQ³ HO SRGHU WHUURUtILFR GH OD PXMHU HVWi HQ HO
PLVWHULR GH OD SULPD VXEVWDQWLD HQ VX LQGHWHUPLQDFLyQ WUHPHQGD HQ VX RVFXUD
SRWHQFLDOLGDG HQ VX YDFtR OOHQDEOH \ HQ VX SREUH]D HQULTXHFLEOH £<R EULQGDUtD SRU HVH
DQJXUULHQWRYDFtRTXHQRVOODPD
<YROYLyDOOHQDUORVWUHVMDUURVKDVWDVXVERUGHV
³£0H QLHJR ³VH HPSHUUy %DUUDQWHV³ (O KRPEUH QDFH GH XQD PXMHU \ IDOOHFH GH RWUD
£/DPXMHUFXQD\VHSXOFURGHOKRPEUH
³<HQWUHODFXQD\HOVHSXOFURGHOKRPEUH³OORULTXHy0HJDIyQ³£ODPXMHU\ODJXHUUD
³¢%HORQD"³OHSUHJXQWy%DUUDQWHVKHFKRXQPDUGHOiJULPDV
³£8QD LQFLWDFLyQ D OD JXHUUD 6X YR] FRPR XQ WDQTXH GH DFHUR TXH UHWXPED VREUH XQ
SXHQWHGHDFHURHQGLUHFFLyQDODEDWDOODGH7KLO¢4XpSXWDVHVWR\GLFLHQGR"
´9DURQHV KLMRV GH YDUyQ VHJXLPRV  WX EDQGHUD \ WX LGLRPD  WX EDQGHUD GH VDO \ WX
LGLRPDVLQDJXD<HQWXLGLRPDODJXHUUDYHVWLGDGHPHWDOHV QRVODYDGHSDYRU\QRV
SHLQDGHIXHJRµ
1R REVWDQWH %DUURVR TXH WHQtD HO YLQR LQGXOJHQWH FRQILUPy VX RSWLPLVPR HQ DTXHOOD
GLItFLODVLJQDWXUDWUDVXQFXDUWRHPSLQDPLHQWRGHVXFRGRUHLWHUDGRU
³6R\FDVDGRWDPELpQ³DUJXPHQWyHQVXGHOLFLD³7HQJRXQDPXMHUTXHGXHUPHFRQPLJR
WRGDV ODV QRFKHV \ VH GHVSLHUWD FRQPLJR WRGDV ODV PDxDQDV &XDQGR VH DFXHVWD HV XQD
GLRVD\FXDQGRVHOHYDQWDHVXQPDVFDUyQGHSURDGHUUHWLGRHQVXVFRVPpWLFRV£$GRURVXV
FRQWUDGLFFLRQHV
³¢4XpFRQWUDGLFFLRQHV"³OHSUHJXQWyXQ%DUUDQWHVGUDPiWLFR

112
 ³3RUHMHPSORHOODGHVWUX\HDVXKRPEUH\HQVHJXLGDVHDVRPEUDGHYHUORGHVWUXLGR$
YHFHV PH GD VHxDOHV GH VX GHIXQFLyQ LQPHGLDWD \ FXDQGR PH GLVSRQJR D OORUDU HQ VX
WXPED HOOD UHVXFLWD LQHVSHUDGDPHQWH VH FXEUH GH SLPSROORV EDLOD VX MD]] \ GHYRUD VX
HVWRIDGR FRPR XQD KXpUIDQD 2WUDV YHFHV FXDQGR OD PLUR HQ WRGR HO HVSOHQGRU GH VX
IRUPDHOODVHDUUXJDGHUHSHQWHVHGHVLQIODFDHDPLVSLHV\OHGHERLQVXIODUPLSURSLR
DLUHSDUDTXHQRUHJUHVHDODQDGD£<RQRVpTXpKDUtDVLQ,VDEHO
³¢6H OODPD ,VDEHO HVH WHVRUR" ³ LQTXLULy 0HJDIyQ GHVOXPEUDGR DQWH OD FLHQFLD GH
%DUURVR
³)DPLOLDUPHQWH³OHFRQILypOHQVXWHUQXUD³ODOODPR&RQMXQFLyQ$GYHUVDWLYD
³¢3RUTXp"
³1DFt SDUD VX DPRU ³GLMR %DUURVR³ \ GHVGH WRGD HWHUQLGDG YHQJR VDELHQGR TXH D
FXDOTXLHU REVHUYDFLyQ R MXLFLR TXH \R OH IRUPXOH RSRQGUi HOOD XQ ´VLQ HPEDUJRµ XQ
´SHURµXQ´DXQTXHµLQHOXGLEOHV£,VDEHO¢1RHVXQDSXUDGHOLFLD"
'H YHUGDG H[WDVLDGR VDFXGLy OD GDPDMXDQD HQ WUHQ GH PHGLU VX FRQWHQLGR UHPDQHQWH
TXHQRHUDSRFR<DxDGLyPLHQWUDVORKDFtD
³£(OOD WLHQH OD YLUWXG HO GRQ R OD JUDFLD GH RVFXUHFHU WRGR OR FODUR HQUHYHVDU WRGR OR
GHUHFKRFRPSOLFDUWRGRORVLPSOH\KDFHUGXGRVRWRGRORVHJXUR
´3HUR ¢TXLpQ HV (OOD OD TXH YLHQH DOERURWDQGR VXV SURSLDV DJXDV \ FODYiQGROH VXV
HVSXHODV DO FDEDOOR GHOVXFHGHU" ¢4XLpQ HV (OOD OD PiV GHVQXGD HQWUH OR YHVWLGR \ OD PiV
YHVWLGDHQWUHORGHVQXGR"£9DURQHVKLMRVGHYDUyQVHJXLPRVWXEDQGHUD\WXLGLRPD(V
DEVXUGRODEDWDOODGH7KLOQRVHOLEUyMDPiVµ
$HVWDVDOWXUDVGHOFRORTXLR%DUUDQWHVTXHQRFRPSDUWtDODHXIRULDGHVXKLMRFRQVXOWy
D0HJDIyQHQORVWpUPLQRVTXHVLJXHQ
³-HIHFXDQGRODPXMHUIXHVHSDUDGDTXLU~UJLFDPHQWHGHOYDUyQ¢HQTXpSDUWHVHTXHGy
HOPRQyORJRHQHOKRPEUHRHQODPXMHU"
³(QODPXMHU³OHDVHJXUyHO2VFXUR³/DPXMHUHVHOFRVWDGRSDUODQWHGHOKRPEUH
³£1RORGXGDED³JLPLy%DUUDQWHVHQXQDFRQJRMDTXHSDUHFtDHWHUQD
³¢7LHQHDOJXQDGLILFXOWDGHQVXHTXLSRVRQRUR"³OHSUHJXQWyHO$XWRGLGDFWR
³£1HOO\PLPXMHUHVHOYHUGXJRGHOVLOHQFLR³YROYLyDJHPLU%DUUDQWHV
<VHDJDUUyDVXYLQRFRPRDXQDWDEODGHQDXIUDJLR%DUURVRORDSXQWDOyHQWRQFHVFRQVX
ILOLDODVLVWHQFLD
³3DGUH ³OH GLMR³ QR VH FUHD GHVDUPDGR HQ HVD EDWDOOD HVWHUHRIyQLFD /D VROXFLyQ
SHUWHQHFHDODHVWUDWHJLD\DODPHWRGRORJtD
³+LMLWR³VHUHDQLPy%DUUDQWHV³¢KDVHQFRQWUDGRXQPpWRGR"
³8QPpWRGRLQIDOLEOH³OHDVHJXUy%DUURVR³)UHQWHDXQDPXMHUSDUODQWH\RODGHMRTXH
KDEOHDWRGDULHQGD0iVWRGDYtDOHSUHVWRPLFDUDHQDWHQFLyQODFDUDVRODPHQWHDILQ
GH TXH QR VH GHVDQLPH \ FRQWLQ~H KDEODQGR 6L HOOD VH GHWLHQH \ QR HV SUREDEOH
LQWHUYHQJR\RFRQXQ´ODWLJXLOORµGHFXDWURSDODEUDVTXHOHVLUYDGHDSR\DWXUDSDUDVHJXLU
VX PRQyORJR 5HORM HQ PDQR HQ XQD KRUD GH FRQYHUVDFLyQ HOOD RFXSD FLQFXHQWD \ VLHWH
PLQXWRV\\RVyORWUHVFRQPLV´ODWLJXLOORVµHVWLPXODQWHV
´£/R VRQRUR VRQDQWH \ VRQDGRU HQ VX ERFD GH IUXWDV DQDQi GXUD]QR \ OLPyQ H[FHSWR
DOJXQRV GtDV (OOD VH DWRPL]DUi \ GLVSHUVDUi HQ VRQLGRV \ UXLGRV QRV FDQWDUi WRGR OR
FDQWDEOH \ QRV GLUi WRGR OR GHFLEOH 9DURQHV KLMRV GH YDUyQ QRVRWURV DEULUHPRV HO
SDUDJXDVEDMRHVHFXDQWLRVRDJXDFHURGHODP~VLFDµ
³< H[FHSWXDQGR VX FDUD HQ SUpVWDPR ³OH GLMR 0HJDIyQ³ ¢TXp KDFH XVWHG FRQ HO
VREUDQWHGHVXSHUVRQD"
³0HDXVHQWR³OHUHVSRQGLy%DUURVR³\PHQWDOPHQWHDVLVWRDXQFRPEDWHGHO/XQD3DUN
R GLVFXWR FRQ OD EDUUD GHO FDIp XQ WHPD GH SLVWROHURV QDFLRQDOHV R OHYDQWR OD SXQWHUtD \
YLDMRFRQ8OLVHVHQWUHVLUHQDVGHXQOXMRLQFUHtEOH

113
 $QWHODPLUDGDYLQRVDGHORVJLQHVRILVWDV%DUURVRDFDEDEDGHOHYDQWDUODHVWDWXUDGHXQ
VDELR\XQKpURHDODYH]6HWXYRHQDGHODQWHODQRFLyQGHTXHOD(YDWHUUiTXHDSHVHDVX
LQIUDHVWUXFWXUDFRQWUDGLFWRULDHUDXQDHQWLGDGVXIULEOH\FDQDOL]DEOHDPpQGHVXVGHOLFLDV
FX\R UHFXHUGR YROYLy V~ELWDPHQWH D OD FRQFLHQFLD GH ORV WUHV GLDORJDQWHV /D GDPDMXDQD
HUDMRYHQWRGDYtDFRQVXVQXHYRVWULEXWRVDOLVyODVIUHQWHV\GHYROYLyDORVODELRVXQDULVD
TXHVHGDEDSRUGLIXQWD¢<TXpGLVWDQFLDPHGLDHQWUHODULVD\HOFDQWR"$ODVRPEUDGHODV
JOLFLQDV ORV WUHV EHEHGRUHV LQWHQWDURQ DUPRQL]DU HQ FRUR XQD YLHMD FDQFLyQ LWDOLDQD GH
ERUUDFKHUtD\VXVJULWRVDVXVWDURQDODVSDORPDVTXHVHDUUXOODEDQHQHOWHFKRGHOJDOOLQHUR
SHQLWHQFLDO ¢< FyPR VH LQWURGXFH DKRUD HQ OD ILHVWD HO EHDWOH GH OD FDVD YHFLQD" ¢/R KD
LQYLWDGR DOJXLHQ R DFXGH SRU Vt VROR FRQ VX JXLWDUUD HOpFWULFD SURWDJRQLVWD QDWXUDO GHO
UXLGR"0HJDIyQOHKDFHEHEHUDODIXHU]DXQMDUURHQWHURGHYLQRTXHDFDEDGHRUGHxDUOHD
ODGDPDMXDQD´¢&yPR"VHGLFH¢1RORFDJXpGHXQKRQGD]RHORWURGtD"µ£4XpLPSRUWD
%DUURVR\%DUUDQWHVFRPRVDOXWDFLyQDODP~VLFDOOHJDGDOHKDFHQHPSLQDUDOEHDWOHVXV
GRVJHQHURVRVUHFLSLHQWHV<HOEHDWOHTXHGDPDPDGRSDUDWRGDODYHQGLPLD¢'yQGHKDEUi
XQHQFKXIHSDUDODJXLWDUUDHOpFWULFD"<DORHQFRQWUyHOEHDWOHMXQWRDOHPSDUUDGR0~VLFD
VROLVWDV\FRUR

´'HOILDVFRYDLQERFD
£TXpEHOODERFD
%RFDERFyQERTXtQ
FXHOFKLULELULEtQ
£ERFDYDHOYLQµ

¢<3DWULFLD%HOO"$WULQFKHUDGDHQHOGRUPLWRULRDFHFKyDFHFKD\DFHFKDUiHWHUQDPHQWH
&HUUy OD SXHUWD FRQ GREOH OODYH \ GREOH SDVDGRU \ WDPELpQ OD FHORVtD GH OD YHQWDQD SRU
HQWUH FX\DV WDEOHWDV OH KDQ OOHJDGR \ OH OOHJDUiQ WRGDV ODV SDOSLWDFLRQHV GH OD FDVD \ HO
MDUGtQ 7iFWLFD HOHPHQWDO D 0HJDIyQ GHVGH DIXHUD QR FDSWDUi HQ HO GRUPLWRULR QLQJXQD
OX]QLXQVRORUXPRUQLQJ~QSXOVRGHYLGD\HQWUDUiSULPHURHQLQTXLHWXGDFRQWLQXDFLyQ
HQDQJXVWLD\ILQDOPHQWHHQSiQLFRE3DWULFLDGHVGHDGHQWURVLQWRQL]DUi\FRQWURODUiOD
VLWXDFLyQOLVWDSDUDLQWHUYHQLUHQHOPRPHQWRGHVXYLFWRULD¢3RUTXpWXYLHURQTXHOOHJDU
HVRV GRV SD\DVRV \ DOWHUDU HO FOLPD" +DVWD HQWRQFHV ODV FRVDV LEDQ FRPR VREUH UXHGDV HO
VXLFLGLR IDOVR GH 0HJDIyQ HQ OD WRUUH £8Q UHFXUVR LQIDQWLO ¢2 FUH\y pO TXH \R VDOGUtD
JULWDQGR \ DUUDQFiQGRPH OD FDEHOOHUD" 8Q QLxR HOORV QR VDOHQ MDPiV GH OD LQIDQFLD ¢3RU
TXpDOEDMDUGHODWRUUHSURYRFyWDQWRDOERURWRHQWUHODVJDOOLQDV"£0HJDIyQ¢1RKDEUiLGR
DEXVFDUGRVKXHYRVIUHVFRVSDUDUHIRU]DUVXWUDJHGLD"/RVKRPEUHVQRVRSRUWDQHO GUDPD
VLQXQSDUGHKXHYRVIULWRV1RpOQRHQWUyHQODFRFLQDORKXELHUDRtGRUHPRYHUVDUWHQHV
£$KRUD HVWiQ ORV WUHV YDFLDQGR HQ D\XQDV XQD GDPDMXDQD 7RGDV ODV VLHUUDV GH &yUGRED
MXQWDVQRSURGXFHQHOEROGRTXHQHFHVLWDUi0HJDIyQSDUDFXUDUVXKtJDGRWDOYH]DTXHOODV
StOGRUDV GH +HSDWDOJLQD TXH PH DFRQVHMy OD PDHVWUD MXELODGD < HO YLQR OHV KD GDGR SRU
FULWLFDU D OD PXMHU 'LRV PLVHULFRUGLRVR XQD PXMHU QR VH FRQRFH D Vt PLVPD HQ YHLQWH
VLJORV£\HOORVSUHWHQGHQFRQRFHUODHQXQDKRUD¢4XpGLFH0HJDIyQHO6DELR"/DPXMHUHV
XQDLQGHWHUPLQDFLyQ\XQDSDVLYLGDG£(OORV&XDQGRODPXMHUORVFDUJDHQFLPDSDUHFHTXH
YDQ D GHVWUXLU HO PXQGR FRQ VX IXULD R FDYDU XQ SR]R TXH OOHJXH KDVWD HO FHQWUR GH OD
WLHUUD<GHSURQWRDIORMDQFDHQUHQGLGRV\VHGXHUPHQ£%DK'HODPXMHUHVODUHVLVWHQFLD
HQ HO FRPEDWH VyOR HOOD VREUHYLYH DO HQFXHQWUR OLVWD SDUD OD VLJXLHQWH EDWDOOD £4XLHWR
0DQGLQJD(OSREUHDQLPDOLWRTXLHUHVDOLU¢+DPEUH"1R\DOHGLVXWD]DGHOHFKH¢2ULQDU"
7LHQH VX FXEHWD HQ HO GRUPLWRULR 0H SUHJXQWR VL ORV JDWRV QR VXIULUiQ GH FODXVWURIRELD
FODXVWURHQFLHUURIRELDWHUURUFRPRODWtD0DUWDTXHQRSXHGHYLDMDUHQORVDVFHQVRUHV
¢2WUREULQGLVDIXHUD"<DHVWiQERUUDFKRVKDVWDODUDt]\FDQWDQDKRUD¢GyQGHDSUHQGLHURQ

114
HVH KLPQR GH ERGHJyQ LWDOLDQR" 'H ILDVFR YD LQ ERFHD GH ERFD YD LQ SDQ]D OD IHD
WUD\HFWRULDGHOYLQR£(VWiQJULWDQGRFRPRHQHUJ~PHQRV¢0HYDQDFRQYHUWLUHOFKDOHWHQ
XQ TXLORPER" 'H SDQ]D YD LQ WHVWD ¢&yPR WDPELpQ DKRUD XQD JXLWDUUD" £/D JXLWDUUD GHO
EHDWOHODTXH0HJDIyQWLURWHDFRQVXKRQGD7LHQHODPDQtDGHDEULUVXVSXHUWDVDWRGRV
ORVSDMDULWRVGHOFLHOR
&DOLSVR HQVLPLVPDGD 3DWULFLD %HOO VROD HQ VX EDOXDUWH \ FRQ XQ JDWR TXH WUDPD \D VX
HYDVLyQH[LJLGDSRUODQDWXUDYHFyPRDIXHUDVHDJLJDQWDHOYROXPHQGHOVRQLGRVHDILUPD
HO KD] GH OD UHDOLGDG VH DFHOHUD HO SDVR GH XQ VXFHGHU TXH OD H[FOX\H GH VXV iPELWRV <
DGYLHUWH FyPR HQ VX LQWHULRU VH OH DIORMDQ ODV UHVLVWHQFLDV \ VH OH DO]DQ ORV SXHQWHV
OHYDGL]RV \ VH OH FDHQ ORV WRUUHRQHV \ EDUEDFDQDV £8Q IRUWtQ TXH \D VH DEUH D WRGDV ODV
DVWXFLDVGHO(QHPLJR(QRWUDVFLUFXQVWDQFLDVHVHOPRPHQWRMXVWRHQTXH0HJDIyQDFXGH
SDUDOHYDQWDUPH\VRVWHQHUPHYHQFHGRU\YHQFLGRDPtGHUURWDGD\WULXQIDQWH¢3RUTXp
WXYLHURQTXHOOHJDUHVRVGRVSD\DVRVHVDVGRVEDODVSHUGLGDV"<QXHVWUDUHFRQFLOLDFLyQHQ
HVWHPLVPRGRUPLWRULR0HJDIyQVDEHFyPRWUDWDUDXQDPXMHUSRUTXHFRQRFHVXPLVWHULR
\VXIDOWDGHPLVWHULRQXQFDHQWHQGtJUDQFRVDODGLIHUHQFLD£TXH'LRVPHORJXDUGHFRQ
VDOXG \ DOHJUtD £6L DKRUD OOHJDVH KDVWD Pt VXELHQGR OD HVFDOHUD VLQ UXLGR FRPR OR KDFH
GHVSXpV GH VXV EDWDOODV £4XH 'LRV PH OR JXDUGH OLEUH GH DFFLGHQWHV LQFHQGLRV DVDOWRV
LQXQGDFLRQHV \ GHUUXPEHV ¢2OYLGp DOJR" 6t ODV SLFDGXUDV GH LQVHFWRV \ ORV FRQWDJLRV
LQIHFFLRVRV<DOILQ \DOFDER¢WHQtD\RTXHIUXQFLUHOPRUUR\WUDWDUORFRPRDXQGHOLQ
FXHQWHVyORSRUXQDPXMHUOODPDGD(OHFWUDTXHWHQGUiXQEXVWRIRUPLGDEOHSHURTXHQRHV
OD1RYLD2OYLGDGDQLORVHUiMDPiV"&RPRVLQRVXSLHUD\RTXHSDUWHGHVXWUDEDMRFRQVLVWH
HQEXVFDUD/XFtD)HEUHURXQDPXMHUTXHQRWLHQHFDUQHPRUWDOSHURVtXQDOPDVXEOLPH\
TXH QRV GDUi VL OD HQFRQWUDPRV QR VH \R TXp WUHPHQGD VDELGXUtD 6HGHV VDSLHQWDH
DVLHQWRGHODVDELGXUtDOHGHFLPRVDOD9LUJHQPDGUHGH-HVXFULVWR¢QRVHUiWDPELpQHOOD
OD 1RYLD 2OYLGDGD" 6H OR SUHJXQWp D 0HJDIyQ \ PH GLMR TXH Vt £$OJ~Q GLDEOR WLHQH TXH
KDEHU PHWLGR OD FROD HQWUH QRVRWURV 'HVGH TXH ORV H[SXOVDPRV GHO FKDOHW ORV GHPRQLRV
DQGDQUHVHQWLGRV\DSURYHFKDQFXDOTXLHUILVXUDSDUDUHJUHVDUDODFDVD%DMDUpDOVyWDQR\
VL KD\ DOJXQR OR KDUp PHDU YLQDJUH /RV FDQWRUHV \D QR JULWDQ DIXHUD QDWXUDOPHQWH KDQ
YDFLDGRODGDPDMXDQD
3DWULFLD%HOOKHURLFDHQVXUHVROXFLyQURPSHVXFODXVXUD\GHVFLHQGHDODSODQWDEDMD
VHJXLGD SRU XQ JDWR 0DQGLQJD HQ HXIRULD (FKHPRV DQWHV XQ YLVWD]R D ORV KpURHV GH OD
JORULHWD %DMR ODV JOLFLQDV D WUDYpV GH FX\DV KRMDV FDHQ IOHFKDV GH VRO HO $XWRGLGDFWR
%DUUDQWHV \ %DUURVR GXHUPHQ \D VX YLQR FRQ ODV IUHQWHV GHUUXPEDGDV HQ OD PHVD \ ORV
MDUURVYDFtRVDVXVSLHVHOEHDWOHWDPELpQGXHUPHSHURDFRVWDGRHQODVEDOGRVDV\FRQVX
JXLWDUUDGHFDEHFHUD'RVOiJULPDVDVRPDQDORVRMRVGH3DWULFLDIUHQWHDORVGRUPLGRV\VX
SLH YHQJDGRU VKRWHD OD GDPDMXDQD TXH FDH \ YD URGHDQGR DFRVDGD SRU XQ 0DQGLQJD HQ
FLQHJpWLFDHODVWLFLGDG/XHJR3DWULFLD%HOOHQVXIXURUYLQGLFDWLYRVHGLULJHDOFRPHGRUGHO
FKDOHW \ OHYDQWD SRU VX DUJROOD OD WUDPSD GHO VyWDQR HO JDWR 0DQGLQJD HVWi MXQWR D HOOD
FRQODSLHOHUL]DGD\ORVELJRWHVHOpFWULFRV$QWHVGHEDMDU3DWULFLDWRPDXQDOLQWHUQD\HO
FXFKLOOR GH SODWD TXH 0HJDIyQ XVD FRQ ILQHV PiJLFRV (QWRQFHV GHVFLHQGH DO VyWDQR FRQ
0DQGLQJD HQ ORV WDORQHV \ HO KD] GH VX OLQWHUQD HVFXGULxD HO DQWUR FDyWLFR 6LQ DYDQ]DU
D~QHOODUHFLWD&UX[PLKLVDOXV&ULDHVWFXDPVHPSHUDGRUR&UX[PLKLUHIXJLXP
&UX['RPLQLPHFXQ7UDVGHORFXDO\HQIRFDQGRODWLQLHEOD
³¢(VWiVDKt"³SUHJXQWD³£6LHVWiVDKt\RWHUHSUHQGRHQHOQRPEUHWULXQIDQWHGH&ULVWR
-HV~V
1DGD OH UHVSRQGH DOOi QL XQ URFH QL PRYLPLHQWR DOJXQR < GH SURQWR 0DQGLQJD TXH
URQGDED XQ PDQLTXt DUFKLYDGR HQFRUYD VX ORPR \ EXID GH KRVWLOLGDG &XFKLOOR HQ PDQR
3DWULFLDVHGLULJHDOPDQLTXt
³£+DV YXHOWR ÉQWUD[ ³GLFH D OD WLQLHEOD \ DFXFKLOODQGR HO YDFtR³ £0RVWUi OD MHWD

115
FREDUGH
2\HXQGHVOL]DPLHQWRKDFLDHOEDUULOGRQGH0HJDIyQSUHSDUDEDVXYLQRXQDIXJDVLJLORVD
GHDQLPDOUHSWDQWH<HOODORSHUVLJXHGHWUiVGHOEDUULODSXxDODHODLUHJULWDGHEUDYXUD
³£)XHUDGHDTXtÉQWUD[£<RWHUHSUHQGR\H[SXOVRHQHOQRPEUHGHO&UXFLILFDGR
(OVHUDQLPDORGHPRQLRTXHKX\HKDEXVFDGRUHIXJLRHQWUHODVERWHOODVYDFtDVTXHVH
JXDUGDQHQHOiQJXORPiVRVFXURGHOVyWDQR3DWULFLDOHGDFD]DORDUULQFRQDORKDYHQFLGR
\DFRQVXDFHURGH$WDPLVTXLHQWUHXQIUDJRUGHERWHOODVTXHVHGHUUXPEDQ
³£ÉQWUD[ FDJDVWH IXHJR ³OH JULWD HQ VX YLFWRULD³ £1R YROYHUiV D WX LQILHUQR WH YR\ D
HQFHUUDUHQXQDERWHOOD
7DO IXH OD EDWDOOD GH 3DWULFLD %HOO FRQ XQ GHPRQLR 7RGDYtD VH FXHQWD HQ 6DQ -RVp GH
)ORUHVTXH3DWULFLDJXDUGDEDXQGLDEORPHWLGRHQXQDERWHOODGHZKLVN\HVFRFpV\TXHOD
H[KLEtDVyORDODVDOPDVHFXiQLPHVTXHQRGXGDQIUHQWHDODYHUGDGJULWRQDGHORVGLRVHV<
QRYDQTXHGDQGRPXFKDV

116
 5$362',$9,

´£6H KDQ GHVKRQUDGR ODV DUPDVµ OORUDUtDQ OXHJR ODV 3ODxLGHUDV )RONOyULFDV HQ HO JUDQ
OLYLQJ URRP HVWXGLR \ FXDUWHO GH LQYLHUQR GRQGH HO JHQHUDO *RQ]iOH] &DEH]yQ KDEtD
GHVHQVLOODGR´KDVWDTXHDFODUDVHµ\QRDFODUDEDQXQFD)XHXQDH[DJHUDFLyQGHODV3ODxL
GHUDV \D TXH VHJ~Q OR KDEtD HQWHQGLGR HO $XWRGLGDFWR HO JHQHUDO GRQ %UXQR *RQ]iOH]
&DEH]yQQRHUDXQDIUXWDVLOYHVWUHGHODUPDGHFDEDOOHUtDVLQRXQDLQVWLWXFLyQHQUHYHVDGD
\ FRPSOHMD HQ UD]yQ GH VX WHPLEOH LQDXWHQWLFLGDG $WHQWR D HVDV PRWLYDFLRQHV HO RSHUD
WLYR TXH 0HJDIyQ KDEtD PHGLWDGR FRQWUD HO JHQHUDO QR VH GHVDUUROODUtD VHJ~Q HO WRQR
LQJHQXR GHO ´EUXORWHµ VLQR PHGLDQWH OD WpFQLFD GH UHFRJHU \ GHVHQUHGDU XQ SLROtQ
HQGLDEODGR(OSODQFRQWUD*RQ]iOH]&DEH]yQHUDREUDGHOH[PD\RU$QtEDO7URLDQL\KDEtD
VLGRHODERUDGRVREUHODQRVHJXUDKLSyWHVLVGHTXHDODKRUDGHVXHMHFXFLyQHO+LMRGHO
&KRULFHURD~QHMHUFHUtDOD3UHVLGHQFLDGHOD5HS~EOLFDVHWUDWDEDGHXQDVDOWRQRFWXUQRD
OD UHVLGHQFLD JXEHUQDPHQWDO GRQGH ORV DVDOWDQWHV PDQWHQGUtDQ FRQ HO KpURH FRSDGR XQ
WHWH i WHWH GH FRQVHFXHQFLDV LPSUHYLVLEOHV ´+D\ TXH OOHJDU DO GLiORJR FRQ OD YR] R ODV
DUPDV ³GHFtD HO 2VFXUR³ KDVWD KR\ VRPRV YHLQWH PLOORQHV GH PRQyORJRV SDUDOHORV TXH
QXQFDVHHQFXHQWUDQSRUPiVTXHVHSURORQJXHQµ6LQHPEDUJRHOKHUPRVRSODQGH7URLDQL
GHELy VHU DUFKLYDGR FRQ VXV GLVHxRV GH OD UHVLGHQFLD FRQ OD XELFDFLyQ GH ORV DJHQWHV
FXVWRGLRV\ODVKRUDVGHVXVUHOHYRV(OJHQHUDO*RQ]iOH]&DEH]yQDFDEDEDGHVHUGHSXHVWR
\VXEVWLWXLGRSRURWURHQXQDPXWDFLyQFRUHRJUiILFDGHORTXHODKLVWRULDOODPyGHVSXpVHO
*UDQ0DODPERGHORV*HQHUDOHV
3DUD0HJDIyQ\VXVKXHVWHVIXHQHFHVDULRDGPLWLUODFRQWLQJHQFLD\DGDSWDUHORSHUDWLYR
DRWURHVFHQDULRTXHUHVXOWDUtDPiVIDYRUDEOHJUDFLDVDWUHVKHFKRVDHOJHQHUDO*RQ]iOH]
&DEH]yQDKRUDUHVLGtDHQHOSLVRYHLQWLXQRGHXQPRQREORFXELFDGRHQODFDOOH/DV+HUDV
VXPXMHU\VXVKLMDVYHUDQHDEDQHQHOVXU\HOJHQHUDOYLYtDUHFOXLGR\DVRODVFRQVXHJR
QR HUD GLItFLO DERUGDUOR \D TXH VyOR PHGLDEDQ HQWUH pO \ HO PXQGR H[WHULRU XQ SRUWHUR
YHQDO\XQDPXFDPDHQDPRUDGL]D(VDVGRVEDUUHUDVIXHURQREYLDGDVDVt7URLDQLVRERUQy
DO SRUWHUR FRQ VX PHMRU YLQR GH FX\R \ OD PXFDPD IXH VHGXFLGD SRU HO PHOOL]R 5yPXOR
'RPHQLFRQHLOXVWUHHQWRGRHOEDUULRSRUVXVWiFWLFDVGRQMXDQHVFDV/DSDWUXOODGHDVDOWR
VH LQWHJUDUtD FRQ HO H[ PD\RU KLMR YRFDFLRQDO GH 0DUWH TXLHQ YHVWLUtD VX KRQURVR \
DSROLOODGR XQLIRUPH FRQ 0HJDIyQ OtGHU WHyULFR \ SUiFWLFR GH ODV ´EDWDOODVµ \ FRQ
%DUUDQWHV\%DUURVRGHTXLHQHVOXHJRGLUtDOD+LVWRULDTXHIXHURQODVDO\ODSLPLHQWDGHO
FRPEDWH
1DWXUDOPHQWHDTXHOORQRIXHXQDVRUSUHVDQRFWXUQDFRPRODGH&DQFKD5D\DGDIXHXQD
LUUXSFLyQHQHOGRPLFLOLRGHOJHQHUDODODKRUDGHODVLHVWDHQHOULJRUFDOXURVRGHIHEUHUR\
HQ HO %DUULR 1RUWH FX\D pOLWH D OD VD]yQ HQ ODV SOD\DV IDYRUHFtD FRQ VX DXVHQFLD OD
RSHUDFLyQGHDTXHOORVDVDOWDQWHVItVLFRV\PHWDItVLFRV'HVOL]DUVHFRQILQHVGHDWUDFRDXQ
LQPXHEOH R D XQD FRQFLHQFLD H[LJHQ LJXDO PDHVWUtD \ HUD XQ DWUDFR DO DOPD GHO JHQHUDO
*RQ]iOH] &DEH]yQ OR TXH VH SURSRQtDQ DTXHOORV KRPEUHV DQWHV GH DFFLRQDU HO WLPEUH GHO
SLVR YHLQWLXQR )UHQWH D OD SXHUWD FHUUDGD HO H[ PD\RU 7URLDQL SDUHFtD HQYDUDGR HQ VX
DQWLJXRXQLIRUPHTXHOHUHYHQWDEDSRUWRGDVODVFRVWXUDV0HJDIyQHQVXWUDMHFHUHPRQLDO
GHJDEDUGLQDI~QHEUHRVWHQWDEDXQDOJRGHSDVWRUHYDQJpOLFR\XQPXFKRGH´DYHQHJUDµ
WULEXQDOLFLDHQFXDQWRD%DUUDQWHV\D%DUURVRWUDtDQDKRUDHOVRPEUHURODQHJOLJHQFLD\
HO DSORPR GH ORV GHWHFWLYHV TXH DSDUHFHQ HQ ORV ILOPV QRUWHDPHULFDQRV 'H ORV PHOOL]RV
'RPHQLFRQH 5HPR ORV DFRPSDxDED \ VH TXHGDUtD HQ HO SDOLHU VHJ~Q VXV DFUHGLWDGRV
DQWHFHGHQWHVGH´FDPSDQDµ5yPXORDHVDKRUD\DHVWDEDFRQODVLHUYDGHOJHQHUDOHQXQ
FLQHGHEDUULRGRQGHVHSUR\HFWDUtD/RTXHHOYLHQWRVHOOHYyODUJRPHWUDMHDGHFXDGRDOD
PDQLREUDGLVWUDFWLYDTXHOHWRFDEDUHDOL]DU

117
 &RQSUHYLVLRQHVWDOHVQRIXHPXFKRTXHDOVRQDUHOWLPEUHOHVDEULHUDHOPLVPRJHQHUDO
*RQ]iOH] &DEH]yQ TXLHQ VH OHV PDQLIHVWy HQ SL\DPD FKLQHODV \ XQD UREH GH FKDPEUH D
OLVWRQHV YHUGHV \ DPDULOORV $, YHU D 7URLDQL GH XQLIRUPH DVXPLy GH SURQWR XQD EHOLFRVD
GLJQLGDG
³0D\RU³OHGLMR³¢YDXVWHGDGHWHQHUPH"6LKDQRUGHQDGRPLDUUHVWRH[LMRTXHORKDJD
XQRILFLDOGHPLMHUDUTXtD
³6HxRU³ORDSDFLJXy7URLDQL³HQUHDOLGDGQRVHWUDWDGHXQDUUHVWR
(OJHQHUDOFRQVLGHUyHQWRQFHVODILJXUDFHUHPRQLRVDGH0HJDIyQ\ODVMHWDVI~QHEUHVGHO
G~R%DUUDQWHV%DUURVR
³(VR HV ³HQWHQGLy³ XQ ODQFH FDEDOOHUHVFR ¢6RQ XVWHGHV ORV SDGULQRV" +iJDQPH
VHxRUHV HO IDYRU GH SDVDU (VWR\ VROR FRPR VDEHQ XVWHGHV HO 7LUDQR 'HSXHVWR QRV GHMy
DUUXLQDGDODVHUYLGXPEUH
/RVFXDWURYLVLWDQWHVHQWUDURQHQHOSLVRYHLQWLXQRHUDXQVROR\JUDQDPELHQWHFX\DOX]
D WUDYpV GH ODV SHUVLDQDV EDMDV KDFtD EULOODU WDQ VyOR XQ H[FHVR GH JULWRQHV GRUDGRV \
HVIXPDED HQ OD SHQXPEUD WRGR OR GHPiV 1R REVWDQWH 0HJDIyQ TXH WHQtD RMRV GH
LQYHQWDULRORJUyLQGLYLGXDOL]DUXQFODYHFtQDQWLJXRFLHUWDYLWULQDFRQXQDUpSOLFDGHOVDEOH
FRUYR GH 6DQ 0DUWtQ \ HO UHYXHOWR HVFULWRULR GHO JHQHUDO GRQGH XQ FDxyQ HQ PLQLDWXUD
UHFRUGDED HO SDVR GH *RQ]iOH] &DEH]yQ SRU HO DUPD GH DUWLOOHUtD 1R ELHQ VHQWy D ORV
YLVLWDQWHVIUHQWHDVXHVFULWRULR\RFXSypOPLVPRXQVLOOyQGHJUDQGLORFXHQWHUHVSDOGR
³6HxRUHV³OHVUHTXLULyHOJHQHUDO³VXVFUHGHQFLDOHV
³0LJHQHUDO³UHSXVRHOH[PD\RU³WDPSRFRVHWUDWDGHXQODQFHFDEDOOHUHVFR
³¢<GHTXpVHWUDWD"
³'HOD+LVWRULD
³6RPRVOD&UtWLFD+LVWyULFD³LQWHUYLQRDTXtXQ0HJDIyQKLVWyULFDPHQWHVHYHUR
(O2VFXURGH)ORUHVKDEtDTXHULGRLPSUHVLRQDUDOJHQHUDOFRQHVHUHFODPRGHOD+LVWRULD
QRLJQRUDEDTXHGHVGHKDFtDWLHPSRVHGDEDHQHOSDtVXQFDUiFWHUKLVWyULFRDFXDOTXLHU
IODWRLQRFHQWHGHODFRQWHFHU3HUR*RQ]iOH]&DEH]yQGXGyHQVXDOPDGHTXHOD+LVWRULDVH
DSHUVRQDVHDTXHOGtDHQVXGRPLFLOLR\VREUHWRGRHQFDUQDGDHQKRPEUHVGHWDQVRVSHFKRVD
FDWDGXUD
³¢4XpTXLHUHGHPtOD+LVWRULD"³SUHJXQWyPX\GLJQRHQVXVSDxRVPHQRUHV
<DTXtHOG~R%DUUDQWHV%DUURVRLQLFLyVXFDPSDxD
³6HxRU *HQHUDO ³GLMR %DUUDQWHV³ FRQWUD OR TXH RSLQD +HURGRWR OD +LVWRULD QR HV XQD
FLHQFLD GH SHODUVH HO FXOR 6L XVWHG FD\HUD HQ WDO HUURU VH TXHGDUtD VLQ +LVWRULD \ FRQ HO
FXORSHODGR
³£(VRHVKDEODUSDGUH³ORDOHQWyXQ%DUURVROOHQRGHDXWRULGDGFLHQWtILFD
+RPEUHRH[KRPEUHGHJRELHUQRHOJHQHUDOGLVLPXOyVXDVRPEUR
³¢6RQGRVKLVWRULDGRUHV"³LQTXLULySRUHOG~R
³1RVHxRU³OHDFODUy7URLDQL³VRQGRVILOyVRIRVGHOD+LVWRULD
(QWRQFHVHOJHQHUDOWUDGXMRVXHVFHSWLFLVPR
³'XUDQWH PL JRELHUQR ³UH]RQJy³ FRPSUREp TXH QXHVWUD 5HS~EOLFD WLHQH PiV
KLVWRULDGRUHVTXH+LVWRULD
³/RTXHDEXQGDQRGDxD³ILORVRIy%DUUDQWHV
³¢&yPRGHILQLUtDXVWHGOD+LVWRULD"³ORFRQPLQyHOJHQHUDO
³¢6HJXLUHPRVXVDQGRPHWiIRUDVFXOLIRUPHV"³SUHJXQWyXQ%DUUDQWHVGXELWDWLYR³(QHVH
FDVR GLUp TXH OD +LVWRULD QR HV XQD FLHQFLD HV HO DUWH GH PRVWUDU XQD FDUD OLPSLD \
HVFRQGHUXQFXORVLQLHVWUR
³£8Q DUWH GLItFLO ³H[FODPy %DUURVR³ /D 3UHKLVWRULD HV PiV FRQIRUWDEOH VXV QHEOLQDV
SHUPLWHQTXHODFDUD\HOFXORGHOKRPEUHVHFRQIXQGDQSLDGRVDPHQWH0HSUHJXQWRVLHO
VHxRUJHQHUDOHQWUDHQOD+LVWRULDRHQOD3UHKLVWRULD

118
 *RQ]iOH]&DEH]yQWUDGXMRDTXtXQUHFODPRGHVXPRGHVWLD
³1RSUHWHQGRHVDJORULD³VHKXPLOOy³)XLXQVROGDGRPiVDOVHUYLFLRGHOD5HS~EOLFD
³¢8QVROGDGR"³VHFRQWXUEy7URLDQL³£3HUGyQPLJHQHUDO6yORFRQILQHVGHFLHQFLDPH
JXVWDUtDVDEHUDKRUDVLXVWHGKDVLGRXQPLOLWDURXQVROGDGR
³¢+D\DOJXQDGLIHUHQFLD"³OHSUHJXQWyHOJHQHUDOHQVXGHVFRQFLHUWR
(O H[ PD\RU 7URLDQL VRIRFDGR HQ VX YLHMD FDVDFD SDUHFLy HVFXFKDU XQWRTXH OHMDQR GH
FODUtQ<0HJDIyQDOYHUORUHFRUGyDOPXFKDFKRTXHDVDOWDEDUHGXFWRV\WULQFKHUDVHQODV
JXHUULOODV GH 9LOOD &UHVSR (Q XQ WRQR OLEUH GH IDQDWLVPR \ FRPR TXLHQ GHVDUUROOD XQ
WHRUHPDH[SXVRORTXHOXHJRVHOODPyOD´2QWRORJtDGHO6ROGDGRµ
³0LJHQHUDO³FRPHQ]yDGHFLU³HVXQVROGDGRDXWpQWLFRHOTXHSRUYRFDFLyQQDWXUDO
SRVHH\HMHUFHODVFXDWURYLUWXGHVFDUGLQDOHVQHFHVDULDVDOKRPEUHGHDFFLyQOD-XVWLFLDOD
)RUWDOH]DOD3UXGHQFLD\OD7HPSODQ]D6LQRHMHUFLWDHVDVYLUWXGHVHOPLOLWDUDXQTXHVH
YLVWD GH VROGDGR HV DSHQDV XQ ´WpFQLFR GH ODV DUPDVµ < REVHUYH PL JHQHUDO TXH OD
-XVWLFLDILJXUDHQSULPHUWpUPLQRHVTXHVLODDFFLyQGHOVROGDGRQRUHVSRQGHDOD-XVWLFLD
FDH IDWDOPHQWH R HQ OD YDFXLGDG R HQ HO GHVSRWLVPR /DV WUHV YLUWXGHV UHVWDQWHV GHEHQ
H[LVWLU HQ HO VROGDGR FRPR D\XGDGRUDVGHOD SULPHUDHQHOHMHUFLFLRGHODHTXLGDG¢6DEH
XVWHGTXHOD)RUWDOH]DHVXQDYLUWXGLQWHULRUGHODOPD\TXHQRGHEHVHUFRQIXQGLGDFRQOD
´IXHU]Dµ GH XQ HTXLSR EpOLFR" 8Q VROGDGR UHDO HV IXHUWH VLQ HO DSR\R GH VXV FDxRQHV XQ
´WpFQLFR GH ODV DUPDVµ HV GpELO VL OH FRSDQ VX DUWLOOHUtD (Q FXDQWR D OD 3UXGHQFLD \ D OD
7HPSODQ]D UHFXHUGH PL JHQHUDO TXH XQ VROGDGR IUHQpWLFR SLHUGH VX EDWDOOD \ TXH XQ
PLOLWDUERUUDFKRGHSRGHURGHYLQRSLHUGHVXKRQRU\KDVWDVXPXMHU
$OHVFXFKDUORHOJHQHUDO*RQ]iOH]&DEH]yQIUXQFtDHOHQWUHFHMR\FRQFHQWUDEDVXPHQWH
³0D\RU³OHGLMRDOILQ³¢HQTXp&ROHJLR0LOLWDUOHHQVHxDURQHVDVWHRORJtDV"
³(QQLQJXQR³OHUHVSRQGLy7URLDQL³/DVHQFRQWUp\RVyORUHYLVDQGRORVEROVLOORVGHXQD
PRPLD
³¢4XpPRPLD"
³/DGHODQREOH\HPEDOVDPDGD&DEDOOHUtD3RUTXHDOJXQDYH]H[LVWLHURQFDEDOOHURVHQOD
WLHUUD\HOVROGDGR0DUWtQSDWURQRGH%XHQRV $LUHVOHGLRDO SREUHODPLWDGMXVWDGH VX
FDSD PLOLWDU £+R\ VyOR TXHGDQ HQ HO PXQGR SURIHVRUHV GH JLPQDVLD \ WpFQLFRV GH OD
PDVDFUH
³£3URWHVWR ³VH LQGLJQy DTXt %DUURVR³ £(O H[ PD\RU 7URLDQL VLWXDFLyQ GH UHWLUR
DEVROXWRQRWLHQHSRUTXpDIOLJLUDXQVXSHULRUMHUiUTXLFRHQSL\DPDFRQHVDVILRULWXUDVGHO
EDUURFR
³0X\ ELHQ GLFKR ³DVLQWLy %DUUDQWHV³ (O JHQHUDO *RQ]iOH] &DEH]yQ DTXt SUHVHQWH QR
KD GH FDUJDU DKRUD FRQ XQ GLIXQWR DMHQR ¢4Xp FXOSD WLHQH PL JHQHUDO VL OD KHUUXPEURVD
&DEDOOHUtD HVWLUy OD SDWD HQ XQ QRVRFRPLR GH OD (GDG 0HGLD" ¢2 HV TXH SDUD QXHVWUD
GHVJUDFLD HO H[ PD\RU 7URLDQL VLWXDFLyQ GH UHWLUR DEVROXWR VH SURSRQH GLVWUDHU VXV
DEXUULPLHQWRV GHVHQUROODQGR HO YHQGDMH GH ODVPRPLDV DQWLJXDV" £+LMR VHDPRV YLGHQWHV \
VREUHWRGRKXPDQRVHQHVWH3VLFRDQiOLVLVGH*HQHUDO
³3RUPLSDUWH³GLMR%DUURVR³\FRQPiVHQYLGLDTXHUHVHQWLPLHQWRVyORKHGHDUURMDUD
VXEDODQ]DHOKHFKRODXGDEOHGHTXHQXHVWURSDODGtQILOWUyHQVXVULxRQHVORVZKLVN\VPiV
DxRVRVGH(VFRFLDWLHUUDGHJXHUUHURV
³£'XUDQWH ODV PDQLREUDV ³HORJLy %DUUDQWHV D VX YH]³ QXHVWUR SDODGtQ VyOR EHELy XQ
DJXD FODUtVLPD GH DOMLEH \ HO PDWH DPDUJR GH QXHVWUDV PiV SXUDV WUDGLFLRQHV ¢/R TXH VH
LQWHQWD HV XQ MXLFLR VXPDULR GH PL JHQHUDO" 3XHV ELHQ VHxRUHV HVWH FDFKRUUR \ \R GRV
FRQVFULSWRVKXPLOGHVDVXPLUHPRVODGHIHQVDGHQXHVWURJHQHUDO<ORGHIHQGHUHPRVHQVX
LQRFHQFLDLQFXHVWLRQDEOH
³¢4XpLQRFHQFLD"³GLMRHOH[PD\RU
³£/DTXHOHGDHOIRONORUH

119
 ³$Vt OR KDUHPRV SDGUH ³DVLQWLy HO FRQVFULSWR %DUURVR HQ VX QXQFD GHVPHQWLGD
HFXDQLPLGDG
3HUR DTXt 0HJDIyQ TXH YLJLODED HO ULWPR GH OD HVFDUDPX]D WHPLy TXH ORV FRQVFULSWRV
%DUUDQWHV\%DUURVRODGHVYLDUDQVHJ~QHOUXPERLQFLHUWRGHORVWRPDWHV
³3HUVRQDOPHQWH ³GLMR³ QR PH LQWHUHVDQ ODV FLUFXQVWDQFLDV IRONOyULFDV HQ TXH VH PRYtD
HOJHQHUDO*RQ]iOH]&DEH]yQORTXHPHLPSRUWDHVODWUDJLFRPHGLDTXHVHUHSUHVHQWyHQ
pO \ FRQ pO 6X SDUWH GH ´FRPHGLDµ QR PH DODUPD HO SDtV UHDO HQ UD]yQ GH VX LQFUHtEOH
VDOXG SXHGH DJXDQWDU ORV FDUQDYDOHV URPDQRV TXH OH RUJDQL]DQ GHVGH DGHQWUR \ GHVGH
DIXHUD /R TXH PH GXHOH VHxRUHV HV OD SDUWH GH ´WUDJHGLDµ TXH QRV WRFy \ QRV WRFD HQ
HVWD IXQFLyQ WHDWUDO VREUH WRGR FXDQGR VH GHUUDPD HQ HO HVFHQDULR OD VDQJUH GH ORV
FRPSDWULRWDV
³¢4XpVDQJUH"³VHLQTXLHWyHOJHQHUDO
³6HxRU³OHGLMRHO2VFXURGH)ORUHV³¢PHQHJDUiODVDQJUHTXHKD\HQVXVPDQRV"
³¢8QDVDQJUHGLUHFWDRLQGLUHFWD"³LQVLVWLyHOJHQHUDOHQWRQRSROpPLFR
³/DVDQJUHGHOKRPEUH³UHSXVR0HJDIyQ³HVXQD\~QLFD
8QD]R]REUDSiQLFDVHKL]RYLVLEOHDKRUDHQHOJHQHUDORFXOWyLQVWLQWLYDPHQWHVXVPDQRV
HQORVEROVLOORVGHODUREHGHFKDPEUH\FODYyHQVXVDQDOLVWDVGRVRMRVYDFtRVRDGHQWUDGRV
³/R TXH OD VDQJUH WLHQH GH PDOR ³DxDGLy 0HJDIyQ³ HV TXH IXH FRQFHELGD VyOR SDUD HO
XVRLQWHUQR&XDQGRVHODGHUUDPDHQXQSLVRODVDQJUHSURWHVWD\QRVHERUUDQLFRQORV
GHWHUJHQWHVPiViFLGRV
³£<RWDPELpQSURWHVWR³JULWyDTXt%DUUDQWHV³(ODFXVDGRULQWHQWDSUHVHQWDUDOJHQHUDO
FRPRODUpSOLFDGHXQORUG0DFEHWKTXHUHFLpQDEDQGRQDVXPDWDGHUR£(ODFXVDGRUDEXVD
GHOFODVLFLVPR
3HURDKRUDHOJHQHUDOVHUHVWUHJDEDODVPDQRVFRQXQSDxXHORGHEROVLOOR
³)XHODMXVWLFLDPLOLWDU³DGXMRHQWUHGLHQWHV³´FRQVSLUDFLyQSDUDODUHEHOLyQµ
³$GPLWDPRV TXH IXHUD XQD FXHVWLyQ GH MXVWLFLD HVSHFLDOL]DGD ³FRQFHGLy 0HJDIyQ
GLULJLpQGRVHD7URLDQL³0D\RU¢GHEHIXVLODUVHDXQVROGDGRHQXQDSHQLWHQFLDUtD\HQWUH
PDOKHFKRUHVFRPXQHV"
³1XQFD³OHUHVSRQGLy7URLDQL³6LXQPLOLWDUORDXWRUL]DHVTXHVHKDQGHVKRQUDGRODV
DUPDV
$ORtUOD~OWLPDVHQWHQFLDHOJHQHUDO*RQ]iOH]&DEH]yQVHSXVRGHSLHFRPRDOXFLQDGR
³¢4XpKDGLFKRXVWHG"³OHJULWyDOH[PD\RU
³4XHVHKDQGHVKRQUDGRODVDUPDV
(OJHQHUDODEDQGRQyVXHVFULWRULR\VHGLULJLyFDXWHORVDPHQWHDOiQJXORGHODVDODHQTXH
\DFtDHOFODYHFtQDQWLJXR
³6t³UHYHOyHQVXDQJXVWLDFUHFLHQWH³HVDTXtGRQGHJULWDHO&RUR
³¢8Q&RUR"³OHSUHJXQWyHO$XWRGLGDFWR
³£(OGHODV3ODxLGHUDV)RONOyULFDV
³¢4XpJULWDHO&RUR"
³£4XHVHKDQGHVKRQUDGRODVDUPDV
³¢$TXpKRUDJULWD"
³6yORSRUODVQRFKHV
³¢'HVGHFXiQGR"
³(VDV KRUULEOHV PXMHUHV ³H[SOLFy HO JHQHUDO³ JULWDQ HQ HVWH ULQFyQ GHVGH TXH PH
KDOODURQVRORHQODFDVD/DVRtXQDYH]HQ6DQWLDJRGHO(VWHUROORULTXHDEDQ\JHPtDQVREUH
ODVWXPEDVFRQVXVSiUSDGRVODJDxRVRV\VXVERFDVGHVGHQWDGDV¢<DKRUDTXpKDFHQDTXt"
£<RHVWR\YLYR£4XHVLJDQOORUDQGRDVXVPXHUWRV
%DUUDQWHV\%DUURVRSRQLpQGRVHGH SLHVHDFHUFDURQDOJHQHUDOTXHDFHFKDEDMXQWRDO
FODYHFtQWDOFRPRVLEXVFDUDXQUHPDQHQWHGHVXVDOXFLQDFLRQHV

120
 ³3DGUH\VHxRU³GLMR%DUURVRD%DUUDQWHV³ODV3ODxLGHUDVGH6DQWLDJRKDQVDELGRHOHJLU
VXWLHPSR\VXOXJDUH[DFWRV
³&DFKRUUR ³OH UHVSRQGLy %DUUDQWHV³ QR FRQItHV HQ OD OORUDGD PXHUWH GHO )RONORUH
0XFKDFKR HO )RONORUH \ HO )pQL[ VRQ GRV DQILELRV TXH WLHQHQ OD SpVLPD FRVWXPEUH GH
UHVXFLWDU
³6HxRU³LQVLVWLy%DUURVR³¢XQJHQHUDOHQVROHGDGRIUHFHPXFKREODQFRDODPHODQFROtD"
³0XFKR,PDJLQHPRVTXH*RQ]iOH]&DEH]yQVH KD\DLOXVLRQDGRPiV GH ODFXHQWDHQWUH
ORVKRPEUHVREOLFXRV
³¢3RGUtDVGHILQLUPHDO´KRPEUHREOLFXRµ"
³(V DTXHO ³GHILQLy %DUUDQWHV³ TXH VH KDOOD HQWUH OD YHUWLFDO \ OD KRUL]RQWDO SRU QR
FRPSURPHWHUVH QL FRQ OD KRUL]RQWDO QL FRQ OD YHUWLFDO JHRPpWULFDPHQWH KDEODQGR HV XQ
VHU LQHVWDEOH \ IDQWDVPDJyULFR (O JHQHUDO *RQ]iOH] &DEH]yQ KD YLYLGR HQ HVD IDQWDV
PDJRUtD\H[SXOVDGRDKRUDVHGHEHUiVRPHWHUDODYHUWLFDOGHORVMXHFHV\DODKRUL]RQWDO
GHORVPXHUWRV
³£3DGUH³VHLOXPLQyDTXt%DUURVR³¢(VWiVDGLYLQDQGRORTXH\RDGLYLQR"
³6HUtDGHPDVLDGRVXEOLPH³GXGy%DUUDQWHV
³£/R TXH R\y HO JHQHUDO *RQ]iOH] &DEH]yQ MXQWR DO FODYHFtQ QR KD VLGR HO FRUR GH ODV
3ODxLGHUDV)RONOyULFDV£+DVLGR\HVODJULWHUtDGHODV(XPpQLGHV
³¢4XpVRQODV(XPpQLGHV"³OHVSUHJXQWyHOJHQHUDOTXHWHQtDXQRtGRHQHOULQFyQGHOD
VDOD\HORWURHQORVLQWHJUDQWHVGHOG~R
³/DV)XULDV³ORDOHFFLRQy%DUURVR³KHPEUDVLQIHUQDOHVGHODMXVWLFLD\ODYHQJDQ]D0L
JHQHUDO¢FXiQWDVPXMHUHVYLRXVWHGMXQWRDOFODYHFtQ"
³£1RODVYHRODVRLJR
³&XDQGRODVYHDREVHUYDUiTXHVRQWUHV\TXHWLHQHQODVURSDVPDQFKDGDVGHVDQJUH
³£1RTXLHURYHUODV³JULWyHOJHQHUDO
³6HxRU³OHGLMR%DUUDQWHV³DPLMXLFLRWHQGUiTXHYHUDODVWUHV)XULDV
³¢3RUTXp"
³/DVYHUiIDWDOPHQWHVLKDGHUUDPDGRXVWHGDOJXQDVDQJUH
5HFHORVR\GHVFRQFHUWDGRHOJHQHUDOHQIUHQWyDOG~R
³8VWHGHVORFRQIXQGHQWRGR³UH]RQJy³HVDVPXMHUHVQRKDEODQGHODVDQJUH£/RVTXH
KDEODQGHODVDQJUHYLQLHURQGHVSXpV\PXHVWUDQILJXUDVGHKRPEUHV
+DEtDWHUPLQDGRHQXQODPHQWR<DORtUORVHDFHUFDURQDOJUXSRXQ0HJDIyQ\XQ7URLDQL
HQDOHUWD
³¢4XpKDGLFKRHOJHQHUDO"³SUHJXQWyHO$XWRGLGDFWR
³'LFHTXHVRQKRPEUHVORVTXHOHKDEODQGHODVDQJUH³OHUHVSRQGLy%DUURVR
(O$XWRGLGDFWRDERUGyDTXtDOJHQHUDO\OHGLMR
³6HxRU¢HVRVKRPEUHVWDPELpQVHKDFHQYLVLEOHVHQHVWHiQJXORGHODVDOD"
³(Q HO PLVPR iQJXOR ³OH FRQWHVWy HO JHQHUDO³ 3HUR QR KDEODQ DTXt VXEHQ D PL
GRUPLWRULRSRUHVDHVFDOHULOODGHOG~SOH[\HVDOOiGRQGHKDEODQ£,GLRWDV¢3RUTXpQRVH
TXHGDQHQVXVWXPEDV"
³¢6RQPLOLWDUHVRFLYLOHV"
³+D\FLYLOHV\KD\PLOLWDUHV³DGPLWLypOFRQXQDVFRGHQiXVHD
³<HQWUHWRGRV¢QRKD\XQRGHDOWDHVWDWXUD\FDEH]DLPSRQHQWH"
³1RUHFXHUGR³WHPEOyHOJHQHUDOHQXQHVFDORIUtR
³(VXQR³DFODUy0HJDIyQ³TXHWUDHXQLIRUPHGHJHQHUDO\PXHVWUDHOSHFKRDFULELOODGR
GHEDODV(QYLGDVHOODPy-XDQ-RVp9DOOH
$ORtUDTXHOQRPEUH*RQ]iOH]&DEH]yQSDUHFLyDEDWLUODVWULQFKHUDVGHVXDOPD
³£(O ³GLMR HQ XQD VXHUWH GH PRQyORJR DOXFLQDGR³ ¢3RU TXp WHQtD TXH PHWHUVH D
UHGHQWRU" ¢< SRU TXp DEDQGRQD VX WXPED GH 2OLYRV SDUD VXELU OD HVFDOHULOOD GHO G~SOH[ \

121
PRVWUDUPHVXSHFKRURWRDEDOD]RV"´&RQVSLUDFLyQSDUDODUHEHOLyQµ'LFHQTXHVXWXPED
HQ 2OLYRV DSDUHFH FXELHUWD GH IORUHV WRGDV ODV PDxDQDV £(UDPRV DPLJRV ¢< TXp" <D KH
TXHPDGRODVIRWRJUDItDVTXHQRVPXHVWUDQMXQWRVDSLHRDFDEDOOR
(O JHQHUDO VH GHMy FDHU HQ HO WDEXUHWH GHO FODYLFRUGLR \ DSR\y HQ HO DWULO VX FDEH]D
GHUURWDGD 9RFHV GH DGHQWUR \ GH DIXHUD UHVRQDURQ HQ HO SLVR YHLQWLXQR GHO PRQREORF
GLiORJRV\PRQyORJRVHQODVDODGHOJHQHUDOGRQGHVHKDEtDGHWHQLGRXQUHORMGHPXHUWH\
VH REVWLQDED OD PHPRULD GH XQ IXVLODPLHQWR £3ODxLGHUDV R )XULDV 3RUTXH VH KDQ
GHVKRQUDGRODVDUPDV\ODVDQJUHYHUWLGDQRTXLHUHQLVDEHQLSXHGHFDOODUVHURVDtQWLPD
GH ODV YHQDV TXH VyOR KD GH OXFLU DO VRO SRU OD MXVWLFLD \ QXQFD SRU HO FULPHQ £-XDQ -RVp
9DOOH ´'HVGH KDFtD XQ PHV XVDED URSDV DMHQDV \ WHFKRV SUHVWDGRV ³OORUD 3DWULFLD %HOO³
IUHQWHDOSHORWyQGHIXVLODPLHQWRGHYROYLyHODQLOORGHVXERGDWHUUHVWUHµ¢6HKDGHIXVLODU
DXQVROGDGRHQXQDSHQLWHQFLDUtD"LQTXLHUH0HJDIyQ6LKD\TXHIXVLODUDXQVROGDGR³OH
UHVSRQGH 7URLDQL³ TXH VHD HQ XQD FDVD GH VROGDGRV < VX WXPED HQ 2OLYRV DSDUHFH
FXELHUWD GH IORUHV WRGDV ODV PDxDQDV 3DWULFLD %HOO KD HVFULWR VX HSLWDILR ´/DXUHO HQ
FRQVWUXFFLyQIpQL[GHVKHFKRPXULyDODHGDGGHOKpURH\HVRHVWRGRµ£&ODURHVWiHV
EHOORHQHORUGHQHVFDQGDORVRGHORVJUDQGHV3HUR¢\ORVGHPiV"¢4XLpQHVSRGUtDQVHUORV
TXH D OD ]DJD GH XQ JHQHUDO IXVLODGR VXEHQ WDPELpQ OD HVFDOHULOOD GHO G~SOH[ KDVWD HO
GRUPLWRULR GH XQ JHQHUDO IXVLODGRU" £&DUDV DQyQLPDV \ GLHQWHV TXH PRUGLHURQ OD WLHUUD
QRFWXUQD GH XQ EDVXUDO ´+DFH WUHV GtDV ³UH]RQJD 0HJDIyQ³ UHFRUUt HVH EDVXUDO
DPRQWRQDGR HQ OD OODQXUD GH %XHQRV $LUHV \ OHV DVHJXUR TXH OD SDPSD OORUDEDµ ¢4Xp
OORUDED" 1R OD LQPXQGLFLD GHO EDVXUDO VLQR HO GHVKRQRU TXH OH KDEtDQ LQIHULGR YHLQWLWUpV
DPHWUDOODGRVLQRFHQWHV<HVTXHODVDUPDVGHVKRQUDQ\VHGHVKRQUDQFXDQGRQRWLHQHQSRU
DPDQWHDODMXVWLFLD'HWUiVGHXQJHQHUDOIXVLODGRUKDEUiVLHPSUHXQHVSHFWURIXVLODGRTXH
OH HPSXMDQ ODV (XPpQLGHV IXULRVDV ´0H IXQGLy HQ &X\R XQ IUDLOH JDXFKR ³VH ODPHQWD HO
FDxRQFLWRGHOHVFULWRULR³\HVFXStPHWUDOODHQ&KDFDEXFR\HQ0DLS~DKRUDVyORGLVSDURHQ
HOHQWLHUURGHORVFRURQHOHVJULVHVµ´<RHVWUHQpHO+LPQR3DWULRHQHOVDOyQGH0DULTXLWD³
VROOR]D HO FODYHFtQ³ £2tG PRUWDOHV HO JULWR VDJUDGRµ < HO JHQHUDO *RQ]iOH] &DEH]yQ KD
PDWDGR OD /LEHUWDG OD VHFXHVWUy OD YLROy \ OD HVWUDQJXOy HQ HO EDOGtR GH XQD KLVWRULHWD
SDWULD ´1R VR\ PiV TXH XQD UpSOLFD GHO FRUYR VDQPDUWLQLDQR ³SURWHVWD HO VDEOH GH OD
YLWULQD³ PL RULJLQDO HVWi VROR HQ HO 0XVHR ¢\ TXp FXOSD WHQGUtD pO R VX JORULD"µ £6HDQ
HWHUQRVORVODXUHOHVTXHVXSLPRVFRQVHJXLU¢4XLpQHVORVFRQVLJXLHURQJUDQ'LRV"
³+D\DOJRPiV³GLMRDTXt0HJDIyQ³¢(QWUHVXVLQYDVRUHVQRFWXUQRVDFDVRQRILJXUDXQ
HVSHFWURGHPXMHU"
³¢8QDPXMHU"³EDOEXFHyHOJHQHUDO
³$SDUHFHDTXtPLVPR\VHGLULJHFRQORVRWURVDODHVFDOHULOODGHOG~SOH[
³£(OODQRWLHQHVDQJUHQLHQHOSHFKRQLHQODVPDQRV
³1DWXUDOPHQWH³UHSXVR0HJDIyQ³(QHOiQJXORGHOFODYHFtQHOODVyORH[KLEHORVMLURQHV
GHEHOOH]DTXHVXHPEDOVDPDGRUKDEtDORJUDGRUHVFDWDUGHODPXHUWH
³¢(YD"
³(YD 6HxRU ¢1R VH GHVKRQUDQ ODV DUPDV DO SURIDQDU HO FDGiYHU GH XQD PXMHU" ¢2 OD
PXHUWH\DQRHVXQDIURQWHUDGRQGHVHLQPRYLOL]DQORVMXHFHV\ORVYHUGXJRV"
(OH[PD\RU7URLDQLVHULRFRPRODHOHJtDLQWHUYLQRDTXtSLDGRVDPHQWH
³0LJHQHUDO³OHURJy³GtJDQRVTXpKLFLHURQFRQ(YD\VXVGHVSRMRVPRUWDOHV
³1RORVp³PXVLWyHOJHQHUDO
³'tJDQRVFXiOGHORVHOHPHQWRVLQWHUYLQRHQVXGHVWUXFFLyQ
³¢3DUDTXp"
³3DUDSHGLUOHFXHQWDVDODJXDRDODWLHUUDRDODLUHRDOIXHJR
+XQGLGD VX FDEH]D HQ HO DWULO GHO FODYLFRUGLR HO JHQHUDO *RQ]iOH] &DEH]yQ SDUHFtD XQ
ILQDGRHQODEiVFXODGHOMXLFLR(QWRQFHVHOGHIHQVRU%DUUDQWHVDVXPLyODSDODEUD

122
 ³£9XHOYRDSURWHVWDU³GLMR³£(VWiFRFLQiQGRVHDTXtXQDIHDOLWHUDWXUDGHKXPRUQHJUR
£6HxRUHVGHO-XUDGROD+LVWRULDHVXQSDVDWLHPSRQRUHxLGRFRQODKLJLHQH
<GLULJLpQGRVHD%DUURVR
³3LFKyQ³ORH[KRUWy³QRKDJDVQXQFDWXOHxDGHXQiUEROFDtGR
³7DWD ³VH DYHQWXUy D GHFLU %DUURVR³ \R SURSRQGUtD TXH VH JXDUGDVH XQ PLQXWR GH
VLOHQFLRHQKRQRUGHOJHQHUDO
³£4XH'LRVEHQGLJDWXDOPD³ORVDQWLJXy%DUUDQWHV
(Q WRUQR GHO JHQHUDO *RQ]iOH] &DEH]yQ ORV MXULVFRQVXOWRV GH SLH JXDUGDURQ XQ VLOHQFLR
FX\DGXUDFLyQIXHPHGLGDUHORMHQPDQRSRUHOPLVPR%DUUDQWHV<HOFODYHFtQHMHFXWyOD
PDUFKD GH ,WX]DLQJy HQ WULQRV LQDUPyQLFRV SRUTXH VH KDEtDQ GHVKRQUDGR ODV DUPDV ´1R
KDUpXQDVDOYDSRUHOJHQHUDO³VHQHJyHOFDxRQFLWRGHOHVFULWRULR³VLQRFXDQGRVHPXHUD
\ PH OR H[LMD HO 5HJODPHQWRµ 7UDV GH OD FHUHPRQLD HO JHQHUDO IXH FRQGXFLGR D XQD
RWRPDQD GRQGH ORV MXULVFRQVXOWRV OR DFRVWDURQ VHJ~Q OD WpFQLFD GHO SVLFRDQiOLVLV &RPR
GHIHQVRU%DUUDQWHVQRGDEDVHxDVGHDFHSWDUODVFRQFOXVLRQHVGHOMXLFLR$VXYHUGDGRHO
FDUiFWHUDOXYLRQDO\SURYLVLRQDOGHODQDFLyQGHEtDQH[LVWLUDOJXQRVDWHQXDQWHVTXHMXVWLIL
FDUDQ ORV GHVHTXLOLEULRV GHO KpURH DFXVDGR < QR HUD MXVWR FROJDUOH XQ VDPEHQLWR \
DVFHQGHUORDODMHUDUTXtDGHXQFKLYRH[SLDWRULRVLQDYHULJXDUSULPHURVL*RQ]iOH]&DEH]yQ
DOOtSUHVHQWHQRWUDGXFtDHQVXKLVWRULDXQNDUPDQDFLRQDOOOHQRGHIDWDOLGDGHV
³$PLHQWHQGHU³RSLQy³ODKLVWRULDGHOJHQHUDOHVXQDREUDHQLJPiWLFDGHO'HVWLQR
³3DGUH³VHODPHQWy%DUURVR³HO'HVWLQRSDUHFHUtDXQFXDGUXPDQRVLQPXFKDOX]
³<ORHVKLMR³UHSXVR%DUUDQWHV³DXQTXHDYHFHVQRVH[LMDPX\FRVWRVDVEDQDQDV/R
FLHUWRIXHTXHHO'HVWLQROODPyDOJHQHUDOFRQVXIDPRVRWRTXHEHHWKRYHQLDQR
³1R SDGUH ³VH DWUHYLy D FRUUHJLU %DUURVR³ (O 'HVWLQR VL ELHQ UHFXHUGR QR OODPy DO
JHQHUDOFRQWRTXHQLQJXQRORDUUDQFyOODQDPHQWHGHXQDVLHVWDSDUDLQVWDODUORHQOD&DVD
5RVDGDVLQDYLVRSUHYLR
³£0iVDPLIDYRU³OHGLMR%DUUDQWHV³'HVGHKDFHXQDKRUDHVWR\GHPRVWUDQGRTXHPL
GHIHQGLGRHVXQDREUDPDHVWUDGHODFDVXDOLGDG
7HQGLGRODUJRDODUJRHQVXRWRPDQD*RQ]iOH]VHDWXUGtDEDMRHOFKDFKDUHRGHOG~RXQ
SDU GH PRVFDUGRQHV FX\D GLDOpFWLFD VH OH DQWRMDED XQD SURORQJDFLyQ GH VXV WRUPHQWRV
QRFWXUQRV FXDQGR HQ HO GRUPLWRULR ERFDV IDQWDVPDOHV OR DJUHGtDQ FRQ UHSURFKHV GH
PXHUWH'RVWiEDQRVRGRVURVWURVSLFDQWHVGHFORZQVDORVTXHVHXQLHURQDKRUDORVGHXQ
0HJDIyQ\XQ7URLDQLFHxXGRV0LQRV\5DGDPDQWRMXQWRDODEDODQ]D HQTXHVHPHGtDHO
SHVRGHXQJHQHUDO
³¢4XLHUHGHFLUXVWHGTXHVHWUDWDEDGHXQ3UHVLGHQWH)RUWXLWR"³LQTXLULy0HJDIyQDORtU
HODOHJDWRGHOMXULVFRQVXOWR%DUUDQWHV
³£8QDIUXWDSUHFLRVDGHOD]DU³LQVLVWLy%DUUDQWHVFRQGHOLFLD³£(VWDVJDQJDVQRVHGDQ
IXHUDGHQXHVWURKHUPRVRFRQWLQHQWH
³(VRHVYHUGDG³OHGLMR0HJDIyQ³<HQHOPLVWHULR\ODIXHU]DGHVXVYLUWXDOLGDGHVHO
SDtVDJXDQWy\SXHGHDJXDQWDUD~QHVDVPLORQJDV
³¢3XHGH DJXDQWDU" ³VHGHOHLWy %DUURVR³ (QWRQFHV £EDLOHPRV ORV FDSXFKLQRV DO VRQ GH
WLHUQDVJXLWDUUDV³(LQLFLyXQEDLOHGLRQLVtDFRHQWRUQRGHOJHQHUDO
³6t³ORHQIULyHO2VFXUR³3HUR¢KDVWDFXiQGR"
,QFRUSRUiQGRVHDPHGLDVHQODRWRPDQDHOJHQHUDOWUDGXMRXQDSHUSOHMLGDGUHFHORVD
³¢4XpKDGLFKRHOKRPEUHGHQHJUR"³LQTXLULyHVWXGLDQGRD0HJDIyQGHUHRMR
(OOHJLVWD%DUUDQWHVORGHYROYLyDODKRUL]RQWDO\OHGLMR
³1R VH LQTXLHWH PL JHQHUDO (VWH KRPEUH GH QHJUR HV 0HJDIyQ XQ OtGHU \ D OD YH] XQ
SURIHWD&RPROtGHUQROHGDQODKRUDQLHQVXFDVD\FRPRSURIHWDHOVLJOR;;,GLUiVLIXH
RQRXQWLWiQGHOPDFDQHROLEUH
³£<DPHSDUHFtD³UH]RQJyHOJHQHUDO

123
 <DPHQD]yDWRGRV
³(VFXFKHQELHQ6LODVSDSDVTXHPDQYR\DGHPRVWUDUTXHDSLH\DFDEDOORVREULR\HQ
FRSDVQXQFDGHMpGHPLUDUHOVHPEODQWHDXJXVWRGHOD3DWULD
£/D 3DWULD £6HxRU GH ORV (MpUFLWRV $O HVFXFKDU HO YRFDEOR ORV MXULVFRQVXOWRV QR
HVFRQGLHURQVXDVRPEUR¢(UDXQDQDFURQLVPRGHOJHQHUDORXQDHQWUDxDEOHUHPLQLVFHQFLD
GH FROHJLR" £/D 3DWULD 6H R\y HQ HO FODYHFtQ HO GRORURVR HVWDOOLGR GH XQD FXHUGD ´£<R
HVFXSt PHWUDOOD HQ $\DFXFKRµ OORUy HO FDxRQFLWR GHO HVFULWRULR < OD UpSOLFD GHO VDEOH
GHQWURGHODYLWULQDVHDJLWyHQVXFDPDGHIHOSDURMD
³0XFKDFKR³OHSUHJXQWy%DUUDQWHVDVXKLMR%DUURVR³¢FXiQWDVYHFHVWHMXJDVWHSRUOD
3DWULD"
³6HxRU WUHV YHFHV ³OH FRQWHVWy %DUURVR³ (Q OD SULPHUD QR PH GLHURQ SHORWD HQ OD
VHJXQGD PH KLFLHURQ WUDJDU XQD FDILDVSLULQD \ HQ OD WHUFHUD PH FDJDURQ OLWHUDOPHQWH D
SDWDGDV(QWRQFHVPHGLMH\R´(QDGHODQWHVyORPHMXJDUpSRUOD3DWULD&HOHVWHµ<DTXt
HVWR\DKRUDXQDWOHWDGHOFLHOR
%DUUDQWHV OR PLUy FRQ WHUQXUD /XHJRYROYLpQGRVH D VXV FROHJDV MXULVFRQVXOWRV OHV GLMR
DVt
³(V HYLGHQWH TXH D SHVDU GH VXV QHEOLQDV \ FRQWUDGLFFLRQHV PL GHIHQGLGR HO JHQHUDO
FRQWHPSOyHQWRGRVORVHYHQWRVHOVHPEODQWHDXJXVWRGHOD3DWULD7DOYH]ORKL]RDOJXQDV
YHFHVGHUHRMR\YtFWLPDRWUDVGHXQLQFXUDEOHDVWLJPDWLVPR3HURVXVLQWHQFLRQHVIXHURQ
EXHQDV\ODVLQWHQFLRQHVYDOHQPXFKRHQODSDYLPHQWDFLyQGHOLQILHUQR
$TXtHOH[PD\RU7URLDQLHQURMHFLyFRPRXQJDOORGHSHOHD
³1RSRQJRHQGXGDODVLQWHQFLRQHVGHOJHQHUDO³GLMR³QLVXEXHQDRPDODYLVWDIUHQWH
DOVHPEODQWHDXJXVWRGHOD3DWULD/RTXHYR\DGLVFXWLUHVODQRFLyQGH´SDWULDµTXHWXYR
HOJHQHUDO*RQ]iOH]&DEH]yQHQVXWULVWHDYHQWXUD(OQXQFDVXSRQLVHORHQVHxDURQTXH
SDWULDHV´QDFLyQµRHOFRQMXQWRGHKRPEUHVTXHODLQWHJUDQFRQpO\TXHVRQH[DFWDPHQWH
VXVKHUPDQRV
³µ3DWULD HV OD WLHUUD GRQGH VH KD QDFLGRµ ³FDQWXUUHy HO JHQHUDO HQ VX RWRPDQD \ FRQ
XQDLQRFHQFLDGHUHFXHUGRLQIDQWLO
³0L JHQHUDO DKt OR TXHUtD ³OH GLMR HO H[ PD\RU 7URLDQL³ (VR HV OR TXH QRV HQVHxDURQ
HQWRQFHV\ORTXHVXSRQXHVWURJHQHUDO´3DWULDHVODWLHUUDGRQGHVHKDQDFLGRµ£$OJXLHQ
KDEtD FDPELDGR \D OD GHILQLFLyQ KXPDQD GH OD 3DWULD SRU XQD GHILQLFLyQ JHRJUiILFD VLQ
WHPSHUDWXUDVGHKRPEUH£$OJXLHQKDEtDHVFDPRWHDGRHOYHUGDGHUR´VHUµGHOD3DWULD
³¢(VH´DOJXLHQµILJXUDHQHO4XLpQHV4XLpQ"³VHDODUPy%DUURVR
³+LMRPtR³ORDOHUWy%DUUDQWHV³HQODVSDODEUDVGHOH[PD\RUYLVOXPEURDKRUDHOSHUILO
VLQLHVWURGHOD%XUJXHVtD
6HULRFRPRXQWHRUHPDHOH[PD\RU7URLDQLGHVHVWLPyDOG~R
³µ3DWULD HV OD WLHUUD GRQGH VH KD QDFLGRµ ³LQVLVWLy HQ VX DPDUJXUD³ ¢4Xp VXFHGLy
HQWRQFHV"4XHQXHVWURJHQHUDODFHLWyVXSLVWRODHQGHIHQVDGHXQDJHRJUDItD£6HFRQYLUWLy
HQXQERPEHUR
³¢<RXQERPEHUR"³SURWHVWyHOJHQHUDO
³8Q FRQFLHQ]XGR ERPEHUR GH WHDWUR TXH VyOR FXVWRGLD HO HVFHQDULR GH OD 3DWULD VLQ
PLUDU D ORV DFWRUHV TXH OORUDQ R UtHQ HQ pO \ DMHQR DO GUDPD TXH VH UHSUHVHQWD HQ HO
HVFHQDULR
³¢(VWRGRORTXHOHUHSURFKDUtDXVWHGDOJHQHUDO"³LQWHUYLQRXQ0HJDIyQTXHSHVDEDODV
FRQFOXVLRQHVGHOWHRUHPD
³£1R HV WRGR ³UHIXQIXxy 7URLDQL³ 3RUTXH ORV DFWRUHV GHO GUDPD QR GLJHUtDQ \D HVH
SXFKHUR DEVWUDFWR \ HPSH]DEDQ D VXEOHYDUVH DKRUD HQ OD HVFHQD (QWRQFHV OD QRFLyQ GH
3DWULDTXHOHKDEtDQHQVHxDGRDOJHQHUDOVXIULyXQDPHWDPRUIRVLVLQFUHtEOHOD3DWULD\DQR
HUDXQDJHRJUDItDRHVFHQDULRVLQRXQFRQMXQWRGHHVWUXFWXUDVHFRQyPLFRVRFLDOHV<HQOR

124
VXFHVLYR QXHVWUR JHQHUDO SLVWROD HQ PDQR GHIHQGLy ODV 6DJUDGDV (VWUXFWXUDV FRQWUD ORV
DJLWDGRUHVGHODHVFHQD
(Q HO VDOyQ GHO JHQHUDO DEVRUWRV MXULVFRQVXOWRV QR GXGDEDQ TXH XQ iQJHO PDWHPiWLFR
GLULJtDODYHUEDGHOH[PD\RU
³¢4XpVXFHGLyHQDGHODQWH"³SURVLJXLypOUHWRPDQGRHOKLORGHVXWHRUHPD³(VFXFKHQ
ELHQ +DVWD HQWRQFHV QXHVWUR JHQHUDO KDEtD FDOFXODGR HO DUWH EpOLFR VyOR FRQWUD XQ
´HQHPLJRH[WHULRUµTXHDPHQD]DEDODVIURQWHUDV(QDGHODQWHVHOHGLRDHQWHQGHUTXHODV
IURQWHUDVHVWDEDQGHQWUR\TXHGHEtDOXFKDUFRQWUDHO´HQHPLJRLQWHULRUµGHODV6DJUDGDV
(VWUXFWXUDV ¢4Xp KL]R HO JHQHUDO" $UUHPHWLy FRQWUD VX SXHEOR \ FRVHFKy ORV ODXUHOHV TXH
VLJXHQDODWDFDUDXQHQHPLJRLQHUPHQRIXHPXFKRTXHVHGHVKRQUDVHQODVDUPDVFRPR
HOHQHPLJRHUDVXKHUPDQRHOJHQHUDOGHVFDUJyODHVSDGDWULVWHGHOIUDWULFLGLR\FRPRHO
JHQHUDOHVWDPELpQXQLQWHJUDQWHGHVXSXHEORDO]yFRQWUDVtPLVPRXQDHVSDGDVXLFLGD
4(/44'
³£< DO VRQ GH WULVWHV JXLWDUUDV EDLODPRV ORV FDSXFKLQRV ³VH ODPHQWy XQ %DUURVR
DOLWHUDQWH
(O JHQHUDO *RQ]iOH] &DEH]yQ \D HQWHQGtD TXH XQ FXDUWHWR GH ORFRV R GH IDQiWLFRV OR
DWRUPHQWDEDFRQVXGLDOpFWLFD
³£1R HV YHUGDG ³JULWy³ £/R TXH SDVD HV TXH OD ORJLD GH ORV FRURQHOHV PH KD
WUDLFLRQDGR
³6LQRHVYHUGDG³OHGLMR7URLDQL³¢SRUTXpUD]yQODVWUHV)XULDVDSDUHFHQHQHOiQJXOR
GHO FODYHFtQ" ¢< SRU TXp ORV DPHWUDOODGRV R VXV DOPDV HQ SHQD VXEHQ D PHGLDQRFKH OD
HVFDOHULOODGHOG~SOH[UXPERDOGRUPLWRULRHQTXHXQJHQHUDO\DQRVDEHGRUPLU"
(QWUHLQGLJQDGR\PLVHULFRUGLRVRHOMXULVWD%DUUDQWHVDVXPLyGHQXHYRODGHIHQVD
³£3URWHVWR³H[FODPy³(OJHQHUDOHVWiJURJJLHQVXRWRPDQDGHVDWtQ
<GLULJLpQGRVHD%DUURVROHVXSOLFy
³'DPHXQDPDQRKLMRSDUDHTXLOLEUDUHVWDPLHUGRVDEDODQ]D
³7HQJDFXLGDGRSDGUH³ORDOHUWy%DUURVR³£1RROYLGHTXHWHQHPRVXQD,QVSHFFLyQGH
3HVDV\0HGLGDV
³+LMRQRODKHROYLGDGRQLTXHUHFLEHFRLPDV³OHDJUDGHFLy%DUUDQWHV³3HURHO&DVR
GHO*HQHUDO\ODQDWXUDOH]DGHPLGHIHQGLGRH[LJHQQRORVJXDQWHVFUXHOHVGHODFLUXJtD
VLQRORVJXDQWHVSHUIXPDGRVGHODEHQHYROHQFLD'RVIDFWRUHVDPLHQWHQGHUORDEVXHOYHQ
GHFXOSD\FDUJRHVWDGHIHQVD\DUHYHOyHOSULPHURDOGHPRVWUDUTXH ODH[DOWDFLyQGHVX
GHIHQGLGRDO3RGHUIXHXQHVWRUQXGRLQVyOLWRGHODFDVXDOLGDG6HxRUHVGHO-XUDGR¢TXLpQ
HQ OD PLVPD FLUFXQVWDQFLD QR KXELHUD VHQWLGR HO LPSDFWR GH XQ HVWRUQXGR FDSD] GH
REQXELODU D FXDOTXLHU KRPEUH" (Q FXDQWR DO VHJXQGR IDFWRU H[SXHVWR UHFLpQ SRU HO ILVFDO
7URLDQL ¢TXp FXOSD WLHQH PL GHIHQGLGR VL OD 3DWULD HV XQD DQJXLOD UHVEDORVD R XQ SH]
LQFLHUWRTXHFDPELDGHGHILQLFLyQFRPRGHFDPLVD"
³£(VHTXHKDEOyHVPLSDGUH³VHGHVERUGyDTXtXQ%DUURVRIHUYLHQWH³£4XHHO)RURVH
SRQJDGHSLH
³£*UDFLDVKLMR³VHFRQPRYLy%DUUDQWHV
3HUR HO JHQHUDO *RQ]iOH] &DEH]yQ DSHiQGRVH YLROHQWDPHQWH GH OD RWRPDQD GLR
PXHVWUDVGHKDEHUOOHJDGRDVXSXQWRH[WUHPRGHVDWXUDFLyQHQHOMXLFLR
³£1RVRQXVWHGHVORVTXHLQYDGHQPLFDVD³OHVJULWyDORVMXULVFRQVXOWRV³£(VODORJLD
GHORVFRURQHOHVHPERVFDGRV
(O JHQHUDO FRUULy DO HVFULWRULR DEULy XQR GH VXV FDMRQHV \ SXVR D OD OX] XQ JUDQ OLEUR
HQFXDGHUQDGRHQWHODYHUGH
³/D+LVWRULDGDUiVXIDOOR\PHMX]JDUiSRUORVGRFXPHQWRV£/RVGRFXPHQWRVKDEODQ³
VHGHOHLWyDFDULFLDQGRHOORPRGHOYROXPHQFRPRVLIXHUDHOGHXQDQLPDOGRPpVWLFR
³0LJHQHUDO³LQTXLULy7URLDQL³¢TXpOLEURHVHVH"

125
 ³/OHYD XQ WtWXOR KLVWyULFR ³UHVSRQGLy pO³ ´'LUHFWLYDV RILFLDOHV GH 3ODQHDPLHQWRµ /R
HVFULEt\RPLVPRFRQDOJXQRVDVHVRUHVGHSULPHUDJXD
³¢<FRQTXpREMHWR"³LQTXLULy0HJDIyQ
³$OJXLHQGHILQLyDOKRPEUHFRPRXQDQLPDOSROtWLFR³DUJXPHQWyHOJHQHUDO³VLOHVDFDQ
OD GH ´SROtWLFRµ HO KRPEUH VH TXHGD HQ ´DQLPDOµ SXUR (VWH OLEUR HV PL ELEOLD \ PL
WHVWDPHQWRSROtWLFRVHUiOD~WLOKHUHQFLDTXHGHMDUpDPLVFRQFLXGDGDQRV
<DEULHQGRHOYROXPHQOH\yORVLJXLHQWH
³µ2EMHWR GH OD GLUHFWLYD SRQHU HQ PDUFKD HO 6LVWHPD 1DFLRQDO GH 3ODQHDPLHQWR
FXPSOLPHQWDQGRODVGLVSRVLFLRQHVGHODVOH\HVGHFUHDFLyQGHO6LVWHPD1DFLRQDOGH
3ODQHDPLHQWR \ $FFLyQ SDUD HO 'HVDUUROOR \ OD  GH FUHDFLyQ GHO 6LVWHPD GH
3ODQHDPLHQWR\$FFLyQSDUDOD6HJXULGDG\ODGLUHFWLYDSDUDHO3ODQHDPLHQWR\'HVDUUROOR
GHOD$FFLyQGH*RELHUQRµ
%DUUDQWHV\%DUURVRFDPELDURQXQDPLUDGDVLJQLILFDWLYD
³1R HV HO HVWLOR GH +RPHUR ³MX]Jy %DUUDQWHV³ QL VLTXLHUD HO GHO JUDQ (VWHEDQ
(FKHYHUUtD
³3DGUH³FRQMHWXUy%DUURVR³¢QRVHUiODWUDGXFFLyQGHDOJXQDSURIHFtDEDELOyQLFD"
³£(VFXFKHQHVWR³ORVFDOOyHOJHQHUDO³´'HFLVLyQODVVHFUHWDUtDVGHO&79&RPLVLyQ
GH7H[WRV9DORUDWLYRV\GHO2*72UJDQL]DFLyQ*HQHUDOGH7DEODVVRPHWHUiQHVTXHPDV
DOWHUQDWLYRVGHHVWUDWHJLDVQDFLRQDOHVHYDOXDGDVDVXVHIHFWRVSDUDVXFRQVLGHUDFLyQSRU
HO2*7\HO&79µ
³£$KRUDHVWiPiVFODUR³VHDOHJUy%DUURVR
³£1L HO VXSHUUHDOLVPR IUDQFpV ³DGPLUy %DUUDQWHV³ KD GDGR DO PXQGR XQ SRHPD WDQ
LQWHOLJHQWH
3HUR0HJDIyQOORUDEDHQVXiQLPRFRPEDWLHQWH
³£0L JHQHUDO ³VH ODPHQWy³ XVWHG VDEH TXH VX 3ODQHDPLHQWR QR VH FXPSOLy MDPiV HQ
QLQJXQDGHVXVSDUWHV
³¢<TXpLPSRUWDEDVLHUDEHOOR"³DUJXPHQWyHOJHQHUDOFLxpQGRVHODUREHGHFKDPEUH
FRPRXQDWRJD
/RVFXDWURMXULVWDVDGYLUWLHURQHQWRQFHVTXHHO$QiOLVLVWRFDEDDVXILQSRUDXVHQFLDGHO
DQDOL]DGRTXH\DVHOHVHYDGtDHQWUHORVIURQGRVRVERVTXHVGHO3ODQHDPLHQWR
³6HxRUJHQHUDOQRVYDPRV³OHGLMRHO2VFXURGH)ORUHV³0XFKDVJUDFLDV\SHUGRQHOD
PROHVWLD
³&LHUUHQDOVDOLU³DWLQyDSHGLUOHVHOJHQHUDODEVWUDtGRHQVXOHFWXUD³HOSLFDSRUWHFDH
GHVGHDIXHUD
6LQPiVGLODFLRQHVORVFXDWURVHGLULJLHURQDODSXHUWD\DEULHURQVXKRMD'HVGHDOOtHQ
XQDPLUDGD~OWLPDFRQWHPSODURQDOJHQHUDO*RQ]iOH]&DEH]yQTXHOHtDUHFLWDED\VHRtD
IHUYLHQWHPHQWHDVtPLVPR
³µ3DUDORJUDUORODVVHFUHWDUtDVGHO&79&RPLVLyQGH7H[WRV9DORUDWLYRV\HO2*7
2UJDQL]DFLyQ *HQHUDO GH 7DEODV HOHYDUiQ HVTXHPDV DOWHUQDWLYRV HYDOXDGRV
FXDQWLWDWLYDPHQWHRVyORFXDOLWDWLYDPHQWHVLQRIXHUDSRVLEOHDVLJQDUYDORUHVQXPpULFRVµ
³£0LJHQHUDOTXH'LRVOREHQGLJD³VHGHVSLGLy%DUURVR
³£6LHVTXHSXHGH³DxDGLyXQ%DUUDQWHVOOHQRGHWHRORJtD
6DOLHURQDOSDOLHU/DKRMDIXHFHUUDGD\VHR\yDGHQWURHOFDHUGHOSHVWLOOR
´£6HKDQGHVKRQUDGRODVDUPDVµFKLOODQD~QODV3ODxLGHUDVHQ HOiQJXORWHQHEURVRGHO
FODYHFtQ´£%DWDOOyQ&D]DGRUHVSR]RGH9DUJDVODGHVSHGLGDHVFRUWDODDXVHQFLDHV
ODUJDµ
³6HSHUGLHURQHOHVWLOR\HOKRQRU³OORUDQODV3ODxLGHUDVGHO1RUWH
³¢<KDVWDFXiQGRKHUPDQDVIXQHVWDV"
³+DVWDTXHUHJUHVHQORV6ROGDGRV

126
 3DVyXQiQJHO\GLMR´DPpQµ£4XHDVtVHDGXOFHVEUDYRV\VXIULGRVFRPSDWULRWDV

&RPRQDUUDGRU\2UIHRGHODVJXHUUDVPHJDIRQLDQDVUHFXODUtD\RDKRUDFRQJXVWRDQWHOD
HPSUHVD GH UHIHULU HO +DSSHQLQJ GH OD IXQGDFLyQ 6FRUSLR 'HVGH TXH EDMp D KRQGD]RV XQ
WHUFLR GH ORV FyQGRUHV DQGLQRV \ OHYDQWp FRQ UHGHV XQ WHUFLR GH ODV PHUOX]DV DWOiQWLFDV
YHQJR SDGHFLHQGR HO WHUURU GH OD ´KLSpUEROHµ ILJXUD GHO SHQVDPLHQWR TXH VLQ HPEDUJR
FXDGUDWDQELHQDODLPDJLQDFLyQGH%XHQRV$LUHV<FRQSODFHUODHOLPLQDUtDGHPLUHODWR
VLQRPHORLPSLGLHUDQODYHUGDGKLVWyULFD\XQDIUXFWtIHUDHPXODFLyQ(VTXHPHGLJR´6L
XQSRUWHxRHVFDSD]GHODQ]DUDOPHUFDGRXQDFHOHUDGRUGHWRUWXJDVRXQGHVRGRUDQWHSDUD
]RUULQRV¢FyPRYDFLODUtD\RHQHOXPEUDOGHOD)XQGDFLyQ6FRUSLR"µ1RTXLHURLQVXOWDUDO
YLHMR$ULVWyWHOHVDERIHWHiQGRORHQODVPHMLOODVGHVX/yJLFD5HFXHUGRTXH6DPXHO7HVOHU
GLMRHQODPLWDGH[DFWDGHOKDSSHQLQJ´/DOyJLFDHVXQYHQWLODGR\OLPSLROXJDUFRP~Q\
OD/RFXUDQRHVPiVTXHXQDVXEOLPHLQWR[LFDFLyQGHODOyJLFDµ(OPLVPR(VWDJLULWDVLQR
HV FDOXPQLD VH LQWR[LFDED IUHFXHQWHPHQWH FRQ ORV GXOFHV PRVFDWRV GH /HVERV < OD
LUUXSFLyQ GH FyQGRUHV \ PHUOX]DV FRQ TXH LQLFLp OD VDJD ¢TXH VHUtD HQ HO IRQGR VLQR XQ
HUXFWRGHODOyJLFDHQSHGR"
'RQ-XDQ6FRUSLRWUDVKDEHUDPDVDGRXQDLQPHQVDIRUWXQD\HQWHQGLHQGR
DJUDGHFHU OD KRVSLWDOLGDG FRQ TXH %XHQRV $LUHV IDYRUHFLHUD VXV HPSRULRV WH[WLOHV KDEtD
LQVWLWXLGR XQD IXQGDFLyQ FXOWXUDO  HQ OD SRSXORVD EDUULDGD GH &DEDOOLWR 6HJ~Q
SDUHFH ODV YDVWDV LQVWDODFLRQHV GH OD )XQGDFLyQ LQFOXLGRV XQ WHDWUR \ XQD VDOD GH
FRQIHUHQFLDVQRVHXWLOL]DURQPLHQWUDVYLYtDHOIXQGDGRUVLQRHQLQWUDVFHQGHQWHVEDOEXFHRV
FXOWXUDOHV HQVD\RV GH ySHUD GH FiPDUD UHXQLRQHV GH DWHQHRV YDJDPHQWH ILORVyILFRV
PHVDV UHGRQGDV \ EUDYXUDV GH FRQMXQWRV ILORGUDPiWLFRV TXH KLFLHURQ SROYR D ,EVHQ \ D
)ORUHQFLR 6iQFKH] 3HUR DO PRULU HO IXQGDGRU  VX KLMR 6HEDVWLiQ 6FRUSLR XQ
YDQJXDUGLVWD QDWR HPSXxy HO JREHUQDOOH GH OD )XQGDFLyQ \ OD FRQGXMR YDOLHQWHPHQWH D
WUDYpVGHODVRODV\QXHYDRODVTXHVHLEDQHQFUHVSDQGRHQODFLXGDG/D)XQGDFLyQ6FRUSLR
HQWUyHQWRGRVORVLQ\HOXGLyWRGRVORVRXWDSDUWLUGHOVXSHUUHDOLVPRFRPRGHXQDEDVH
FOiVLFD IXH VXFHVLYDPHQWH QR ILJXUDWLYD SRS PRS \ WRS KDVWD FRQYHUWLUVH HQ OD 0HFD
REOLJDWRULD GH WRGRV ORV KpURHV TXH DUUDVWUDEDQ D %XHQRV $LUHV XQD FRPSOHMD
HQGRFULQRORJtD \ TXH OOHJDURQ D OD )XQGDFLyQ HQYXHOWRV HQ XQ OXMR GH SDWLOODV PHOHQDV \
WUDMHV KLVWRULDGRV TXH OOHQy GH SHUSOHMLGDG D ORV IUXWDOHV EXUJXHVHV GH &DEDOOLWR )XH
6HEDVWLiQ 6FRUSLR 66 TXLHQ DVLVWLGR SRU OR *UDQGHV +LSSLHV GHO LQVWLWXWR FRQFLELy \
RUJDQL]yHOKDSSHQLQJPRQXPHQWDODTXHIXHURQLQYLWDGRV0HJDIyQ\VXVFRPEDWLHQWHV
¢4XpUHODFLyQH[LVWtDHQWUHGRVWULQFKHUDVDOSDUHFHUWDQGLVtPLOHV"¢<FyPROD)XQGDFLyQ
6FRUSLR KDEtD UHFLELGR HO HFR GH ODV HVFDUDPX]DV PHJDIRQLDQDV TXH HO $XWRGLGDFWR \ VX
JHQWHPDQWHQtDQHQVHFUHWR"$ORVTXHORSUHJXQWHQOHVGLUpORTXHPLGLFWyODH[SHULHQFLD
VL%XHQRV$LUHVXVDSDUDVXVFRPXQLFDFLRQHVItVLFDVFXDWURVXEWHUUiQHRVyPQLEXVDJUDQHO
\ XQD LQFLHUWD R PDOYDGD UHG WHOHIyQLFD XVD WDPELpQ SDUD VXV FRPXQLFDFLRQHV
PHWDItVLFDV XQ VLVWHPD RQGXODWRULR GH UDGDUHV TXH VH SDUHFH DO GH ORV EUXMRV \ ORV
DOFDKXHWHV 5HDOLFHQ ORV OHFWRUHV XQD tQWLPD RSHUDFLyQ GH PDJLD FHUHPRQLDO HQ VXV
GRPLFLOLRV\YHUiQDFXGLUDHOORVDOPDVJHPHODVTXHKDQVLQWRQL]DGRODRQGDRUJDQLFHQORV
OHFWRUHV XQD FRQVSLUDFLyQ SDUD OD UHEHOLyQ \ QR WDUGDUiQ HQ OODPDU D VXV SXHUWDV FRPED
WLHQWHVDQyQLPRVTXHSUHJXQWDQHQTXpOXJDUGHO$FRQTXLMDGHEHQXQLUVHDORVJXHUULOOHURV
$KRUD ELHQ VL HO 2VFXUR GH )ORUHV DFHSWy OD LQYLWDFLyQ DO KDSSHQLQJ OR KL]R HQ UD]yQ GH
SRVWXODGRV LQHOXGLEOHV D VDEHU VL XQ UpJLPHQ GH ´DQDUTXtD RUGHQDGDµ JRELHUQD
PLVWHULRVDPHQWH D XQ SDtV UHDO VXV KDELWDQWHV GHEHQ YLYLU HQ HVWDGR GH DVDPEOHD GtD \
QRFKH VLQ GHMDUVH DJDUUDU SRU ORV IDQWDVPDV GH WXUQR \ FXDOTXLHU KDSSHQLQJ HV XQD ~WLO
DVDPEOHDGHFLXGDGDQRV
(O PLVPR 6HEDVWLiQ 6FRUSLR 66 IXH TXLHQ LQYLWy DO $XWRGLGDFWR \ OH DGHODQWy XQ

127
HVTXHPD GHO KDSSHQLQJ VH LQLFLDUtD FRQ XQ PDQLILHVWR DXGLRYLVXDO GHO +LSSLH 0D\RU TXH
DFDEDEDGHOOHJDUDOSDtVGHVGHODV´FHQWUDOHVGHOUXLGRµ66QROHUHYHOyHQFDPELRHO
HOHPHQWR ´VRUSUHVDµ TXH VH GDUtD \ TXH GHILQH D WRGR KDSSHQLQJ YHUGDGHUR /R GHPiV
HVWDUtD FRQILDGR D OD LPSURYLVDFLyQ \ DO D]DU PDGUH \ SDGUH OHJtWLPRV GH FXDOTXLHU REUD
PDHVWUD1DWXUDOPHQWH0HJDIyQIXHDXWRUL]DGRDLQWURGXFLUHQHOKDSSHQLQJDORVKRPEUHV
GHVXJXHUULOODTXHPiVIXHU]D\YDULHGDGSXGLHVHQWUDHUDOHYHQWRGHOD)XQGDFLyQ6FRUSLR
7UDV XQ DQiOLVLV H[KDXVWLYR PLGLHQGR \ SHVDQGR QRPEUHV HO 2VFXUR GHFLGLy TXH
DVLVWLpUDPRVpOPLVPR\VXPXMHU3DWULFLDHOILOyVRIR7HVOHUFRPRUHSUHVHQWDQWHGHXQD
WUDGLFLyQTXHQRTXHUtDQLGHEtDPRULUHQODERFDGHOPXQGR5yPXOR\5HPR'RPHQLFRQH
FX\DVROLGH]HQHOUHDOLVPRSRUWHxRHTXLOLEUDUtDODVDFFLRQHVHODILODGRU&DSULVWRXQIDXQR
SUHVXQWRTXHDFWXDUtDHQHOQRPEUHRORURVRGHODpJORJD\\RHO2UIHRGHODV'RV%DWDOODV
TXH DVLVWLUtD FRPR WHVWLJR GHO KDSSHQLQJ FRQ OD PRVFD QHJUD HQ XQ RMR \ HQ HO RWUR OD
PRVFDYHUGH1RVLQDOJ~QVHQWLPLHQWR0HJDIyQKDEtDGHVFDUWDGR D%DUUDQWHV\D%DUURVR
GHODQyPLQDHOG~RHUDXQLQJUHGLHQWHTXHVLQGXGDQRQHFHVLWDEDXQKDSSHQLQJWDQULFR
\DHQHVSHFLDVDJUHVLYDVDGHPiV%DUUDQWHV\%DUURVRHVWDEDQDKRUDHQHOHQWUHQDPLHQWR
TXHOHVH[LJtDODLQPLQHQWH%LRSVLDGHOKRPRRHFRQRPLFXV
$TXHOOD QRFKH KDFLD ODV GLH] KRUDV HO $XWRGLGDFWR \ VX VpTXLWR QRV GHWXYLPRV DQWH OD
VHGHPRQXPHQWDOGHOD)XQGDFLyQFX\DIDFKDGDH[KLEtDRUJXOORVDPHQWHXQJUDQHVFRUSLyQ
GHRURHQFDPSRGHD]XU3DWULFLD%HOORVWHQWDEDXQPRGHORFRQILJXUDVJHRPpWULFDVTXHD
VXHQWHQGHUQRGHVHQWRQDUtDHQHOHVFHQDULRGHOKDSSHQLQJHOILOyVRIR7HVOHUPHWLGRHQHO
WUDMH QHJUR TXH OH IDFLOLWDUD 'DYLG HO FLUFXQFLGDGRU WHQtD FLHUWD ULJLGH] WHRORJDO GH
VLQDJRJDORVPHOOL]RV'RPHQLFRQHLQIODEDQVXVSLQWDVGHPDOHYRVHQGRPLQJDGRVHQWUHQGH
WLUDUVHXQODQFHFRQHOVRO\ODOXQDHQFXDQWRD*HUyQLPR&DSULVWRVXDWXHQGRQRSDUHFtD
GLIHULUJUDQFRVDGHOTXHPRVWUDEDHQODVFDOOHVDOHPSXMDUVXDUPDWRVWHGHDILODGRU6yOR
HO$XWRGLGDFWR\\RYHVWtDPRVODURSDQHXWUDOTXHQRVDVHJXUDUtDXQPLPHWLVPRSUXGHQWH
$QWHVGHDERUGDUOD)XQGDFLyQ6FRUSLRQRVGHWXYLPRVSDUDREVHUYDUDORVGLVIUD]DGRVTXH
HQWUDEDQ D RtU ODV HVWULGHQFLDV GH XQD P~VLFD HQ JUDEDFLyQ HVWHUHRIyQLFD TXH SDUHFtD
ILOWUDUVHGHVGHDGHQWUR
³3DVHORTXHSDVH³QRVDGYLUWLy0HJDIyQH[FLWDGR³KDQGHUHFRUGDUTXHHOPLVWHULRHVWi
HQHOKRPEUH\HVHOKRPEUH+RPRVXPHWFpWHUD
³¢4XpQRVTXLHUHGHFLU"³OHSUHJXQWy5yPXOR'RPHQLFRQH
³4XHDTXtKDQGHSRUWDUVHFRPREDFDQHV
³¢&RQHVDVPDVFDULWDV"³ULyHOPHOOL]R
(QIXQGDGR\HQYDUDGRHQHOWUDMHQHJURGHOFLUFXQFLGDGRU6DPXHO7HVOHUORDPRQHVWyDVt
³1R VH UtD PDOHYR 7RGR VHU TXH KD UHFLELGR JUDWXLWDPHQWH XQD MHWD GH VX WHUULEOH
&UHDGRU GHEH PRVWUDUOD OXFLUOD \ GHIHQGHUOD HQ WRGRV ORV FHUWiPHQHV (V OD QRUPD
XQLYHUVDO
< VH GLULJLy UHVXHOWDPHQWH D ODV SXHUWDV TXH VHUYtDQ GH DFFHVR D OD VDOD WHDWUR GH OD
)XQGDFLyQ6HJXLPRVDOILOyVRIRKDVWDHOKDOOGRQGHDOJXQDVYHVWDOHVHQPDOODVURMDVKDFtDQ
WUDJDU REOLJDWRULDPHQWH D ORV UHFLpQ OOHJDGRV HO FRQWHQLGR GH XQDV JXDPSDV R FKLIOHV GH
JUDQHQYHUJDGXUD(OPLVPR6HEDVWLiQ6FRUSLRTXHQRVKDEtDVDOLGRDOHQFXHQWURVDOXGyDO
$XWRGLGDFWR\D3DWULFLD\OHVEULQGyXQFXHUQRGHVERUGDQWHGHOtTXLGR3DWULFLDGHFOLQyHO
RIUHFLPLHQWR0HJDIyQWUDVPRMDUVXVODELRVHQHOFKLIOHPHORSDVyULWXDOPHQWH\REHEt
XQWUDJRUHFRQRFtORVPHQWLURVRVDOFRKROHVGH$YHOODQHGD\OHGLHOUHFLSLHQWHDOILOyVRIR
TXLHQWUDVSDODGHDUXQDVJRWDVODVHVFXSLyHQHOVXHORFRQYLVLEOHDXWRULGDG
³1RHVHO6RPDGHORVKLQG~HV³MX]Jy³QLHO+DRPDGHORVSHUVDVQLHOYLQRPLVWHULRVR
GHPLDQWHSDVDGR1RDKQLVLTXLHUDODVDJUDGDFKLFKDGHORVPDPDGRVFX]TXHxRV
0iV WROHUDQWHV ORV PHOOL]RV 'RPHQLFRQH DSXUDURQ HO FKLIOH FRQ OD GHOLFLD JUDWLV GH GRV
FRODGRVDXQDERGD\HODILODGRU&DSULVWREHELyDVXWXUQRVLQRFXOWDUVXVLQKLELFLRQHVGH

128
IDXQR SHULPLGR 7UDV DTXHOOD OLEDFLyQ GH FHUHPRQLD 6HEDVWLiQ 6FRUSLR QRV FRQGXMR D OD
VDOD WHDWUR SRU HQWUH ODV GHQVDV FRUWLQDV TXH OD VHSDUDEDQ GHO IR\HU 7XYH GH SURQWR OD
VHQVDFLyQGHODQ]DUPHDXQIUHQWHGHWRUPHQWDFX\RVHOHPHQWRVGHVDWDGRVFRPEDWtDQRVH
FRPEDWtDQHQXQFRQWUDSXQWRIHUR]GHODLPDJHQFRQHOUXLGR¢/DSODWHDVLQEXWDFDVQRHV
XQDJUXWDGRQGH6HEDVWLiQ6FRUSLRUHXQLyHVWDQRFKHDVXLQLFLDGRVHQXQDHVSHFLHGHVDEDW
RDTXHODUUH"+RPEUHV\PXMHUHVDTXtVHEXVFDQRVHUHSHOHQFRPRORVSURWR]RDULRVGHXQD
JRWD GH DJXD YLVWD HQ XQ PLFURVFRSLR (V XQD RVFXULGDG URWD GH KDFHV OXPLQRVRV TXH
UHIOHFWRUHVRFXOWRVOHLQILHUHQFRPRWDMRV\HVXQVLOHQFLRDWXUGLGRFRQP~VLFDVEDLODEOHV
ODQ]DGDVDWRGRYROXPHQ'HSURQWRVHQRVGDXQFDPELRHQHOWHMLGRDXGLRYLVXDODKRUDVH
SUR\HFWDQGLDSRVLWLYDVFUXGDVHQHOWHFKRGHODVDODRHQORVEODQFRVGHVXVSDUHGHV\OD
P~VLFD FHGLy OXJDU D GLiORJRV \ PRQyORJRV YRFLIHUDQWHV UHFRJLGRV HQ FLQWDV
IRQRPDJQpWLFDV 2LJR \ YHR YHR\ RLJR/D LPDJHQ H[WLUSDFLyQ TXLU~UJLFD GH XQ ILEURPD
HQ XQD PHVD GH RSHUDFLRQHV HO VRQLGR UHPDWH GH XQFDPSHyQ 6KRUWKRUQ HQ OD 6RFLHGDG
5XUDO$UJHQWLQD/DLPDJHQFRURQDFLyQGHPLVV&DOLIRUQLDHQELNLQLSRUXQYLHMRViWLURGH
VPRNLQJ HO VRQLGR DUHQJD GHO HFyQRPR $OVRJDUD\ LQYLWiQGRQRV D XQ VDOXGDEOH \ FUXGR
LQYLHUQR GH ODV ILQDQ]DV /D LPDJHQ HO KRQJR DWyPLFR GH +LURVKLPD HQ OD FLXGDG
SXOYHUL]DGD HO VRQLGR IUDJPHQWRV GH XQ GLVFXUVR GHO JHQHUDO 3HUyQ VREUH ODV WUHV
EDQGHUDV (Q XQ RMR OD PRVFD YHUGH \ HQ HO RWUR OD PRVFD QHJUD PH GLULMR DO HVFHQDULR
DEULpQGRPH XQ UXPER HQWUH SDUHMDV DEVWUDFWDV R SURWR]RDULRV JLJDQWHV ¢'yQGH HVWiQ
0HJDIyQ \ VX WULEX" £6H ORV KD FRPLGR HVWD SDURGLD KLUYLHQWH GHO FDRV 3HUR OD P~VLFD
UHJUHVD \ HO KD] JLUDWRULR GH ORV UHIOHFWRUHV (Q XQ HQWUHYHUR PH SDUHFH GLVWLQJXLU HO
YHVWLGR D ILJXUDV JHRPpWULFDV GH 3DWULFLD %HOO ¢< QR VRQ 5yPXOR \ 5HPR 'RPHQLFRQH ORV
TXHGLEXMDQDOOiFRUWHVGHWDQJRFRQGRVSHOLUURMDVUD\DGDVFRPRFHEUDV"(OPLVWHULRHVHO
KRPEUH³GLFH0HJDIyQ³\KD\TXHSRUWDUVHFRPREDFDQHV2OXFLUGLJQDPHQWHODMHWDTXH
QRVSUHVWyHO(WHUQR
(O HVFHQDULR D WHOyQ GHVFRUULGR PRVWUDED XQ QHJUR IRUR GH WLQLHEODV FRPR OD UHWRUWD
GHORUEHXQVHJXQGRDQWHVGHVXFUHDFLyQ0LUpDODSODWHDHQEXVFDGHURVWURVDPLJRV\VH
LQLFLy HQWRQFHV HO SDWHR GH ORV DVLVWHQWHV TXH UHFODPDEDQ OD LQLFLDFLyQ GHO KDSSHQLQJ
&XDQGRHOSDWHRDGTXLUtDYROXPHQXQV~ELWRDSDJyQGHIRFRV\VRQLGRVQRVGHMyDRVFXUDV
\HQXQVLOHQFLRTXHGXUyVHJ~QPHGLMHORTXHODFXHQWDGHXQNQRFNRXW/XHJRHOFRQR
GH OX] TXH SUR\HFWDED XQ UHIOHFWRU HQ HO FHQWUR GHO HVFHQDULR HQYROYLy OD ILJXUD GH
6HEDVWLiQ6FRUSLRDQWHFX\RDLUHGHPDHVWURGHFHUHPRQLDORVDVLVWHQWHVHQWUDPRVHQXQD
YLYDH[SHFWDFLyQ<ORTXHPiVQRVLQWULJDEDHUDHOKHFKRGHTXH66DSDUHFLHUDMXQWRDXQ
LQHVSHUDGRVLOOyQGHRGRQWRORJtDFRQVXWRUQRHOpFWULFR\VXFXEHWDSDUDHVFXSLU
³6HxRUHV³QRV DQXQFLyFRPR TXLHQ GLVSDUD XQWLUR³FRQ XVWHGHV HO +LSSLH 0D\RU \ VX
YLFDULRHO+LSSLH0HQRUTXHODQ]DUiQXQPDQLILHVWR
(O FRQR GH OX] OR GHMy HQ PXWLV DO WUDVODGDUVH EUXVFDPHQWH DO ODWHUDO L]TXLHUGR SDUD
UHFRJHUODILJXUDGHO+LSSLH0D\RUTXHPHWLGRHQXQEX]RGHFRORUHVKDFtDVXHQWUDGDHQ
HVFHQD\VHLQVWDODEDHQHOVLOOyQRGRQWROyJLFRKDVWDHOFXDOQRWDUGyHQVHJXLUORHO+LSSLH
0HQRU GH FKDTXHWD EODQFD \ DVpSWLFRV JXDQWHV GH FDXFKR ,QGLIHUHQWH D ODV DFODPDFLRQHV
GHODSODWHDHO+LSSLH0D\RUVHGLULJLyDVXYLFDULR\OHGLMR
³(OYHUERKLJLHQL]DQWHQHFHVLWDXQDERFDKLJLHQL]DGD
&RPRHQXQULWRHO+LSSLH0HQRUWUDVDWDUOHDOFXHOORXQDVHUYLOOHWDSXVRHOWRUQRHQ
PDUFKD \ SDVy HQpUJLFDPHQWH XQD EURFKD FLUFXODU SRU OD GHQWDGXUD GHO PDHVWUR (Q
VHJXLGD SXOYHUL]y HQ VX ERFD HO OtTXLGR GH ORV HQMXDJXHV FRQ HO FXDO HO PDHVWUR KL]R XQD
JiUJDUD TXH DUURMy D OD FXEHWD 'HVSXpV HQIUHQWiQGRVH FRQ OD PXOWLWXG \ VHQWDGR FRPR
HVWDEDHO+LSSLH0D\RUFRPHQ]yDGHFLU
³£+RPEUHVPXMHUHV\VH[RVGXGRVRV
$OJXLHQORLQWHUUXPSLyGHVGHODSODWHD

129
 ³¢3RUTXpGXGRVRV"³REMHWy³6HJ~QODQRPHQFODWXUDGHORVGHUYLFKHVWXUFRVKD\HQOD
KXPDQLGDGWUHLQWD\XQVH[RVGLVWLQWRV\ELHQGLIHUHQFLDGRV
5HFRQRFtODYR]GH6DPXHO7HVOHU\PHGLMHFRQDOJXQDLQTXLHWXGTXHQXHVWURILOyVRIRQR
VH UHVLJQDUtD FRPR GH FRVWXPEUH D MXJDU XQ URO VHFXQGDULR HQ HO KDSSHQLQJ
$IRUWXQDGDPHQWH\GHVSDWDUUDGRHQHOVLOOyQGHRGRQWRORJtDHO+LSSLHWUDGXMRDODYH]HQ
XQDOLYLR\XQDHVSHUDQ]D
³(OVHxRUHVXQWpFQLFR³GLMRSRUHOILOyVRIR³£+HUPDQRELHQYHQLGRDODFDYHUQD
<DEDQGRQDQGRHOVLOOyQGHXQEULQFRVHODQ]yDOSURVFHQLR\DGHODQWyKDFLDODPXOWLWXG
FRPRXQDULHWHVXFDEH]DKRVWLO\OOXYLRVDGHSHODPEUHV
³£(VWiQIULWRV³JULWy³VLHVSHUDQGHPtXQJHVWRDGXODWRULR'XGRTXHORVR\HQWHVDTXt
UHXQLGRV DOFDQFHQ D HQWHQGHU PL 'RFXPHQWR <R KDEUtD SUHIHULGR \ VH OR GLMH D HVWD
)XQGDFLyQRUJDQL]DUXQVDIIDULSDUDFD]DUEXUJXHVHVHQHVWDGRYLUJHQGHQDWXUDOH]D(QHO
*UHHQZLFK9LOODJHFRQRFtDXQDPXFKDFKDTXH WHQtDHO RPEOLJRH[DFWDPHQWHSHQWDJRQDO
¢(VWR\DILUPDQGRDOKRPEUH"1RVHxRU¢(VWR\QHJDQGRDOKRPEUH"-DPiV
³¢4XpQRVTXLHUHGHFLU"³SUHJXQWyDPLGHUHFKDODYR]GHO$XWRGLGDFWR
³4XHODKXPDQLGDGQRH[LVWH
³¢&yPRTXHQRH[LVWH"
³1RH[LVWH\H[LVWH³UHSXVRHORUDGRU³HVXQWUXFRDJUDGDEOHGHODGLDOpFWLFD
6H R\HURQ HQ OD VDOD PXUPXOORV FRQVWHUQDGRV EURWHV GH SROpPLFD \ DOJXQDV ULVDV HQ
HVWUDQJXODFLyQ $GYHUWLGR OR FXDO 6DPXHO 7HVOHU TXH VH KDEtD LQVWDODGR D PL L]TXLHUGD
OHYDQWyXQDYR]FDOLHQWHGHLQWHOHFWR
³5HFRQR]FR ³GLMR³ TXH QXHVWUR GLVHUWDQWH VH GHVOL]D HQ EXHQ VN\ DFXiWLFR VREUH OD
QXHYD ROD 3HUR KD FRPLGR KDVWD OD LQGLJHVWLyQ VX JDQVR FDUWHVLDQR GH OD GXGD \ VH KD
KHFKRXQOtRGHSLROLQHVH[LVWHQFLDOHVFRQHOKRPEUH\VXHQLJPD
³+HUPDQR ¢TXLpQ HV DTXt HO GLVHUWDQWH" ³OR DPRQHVWy HO +LSSLH³ £<R QR HVWR\ HQ XQ
OHFKRGHURVDV/HFHGHUpODFiWHGUDVLOHJXVWD
³/DFiWHGUDHVWiHQXQWUDVHURH[FHOHQWH³DGPLWLy6DPXHOFRQJHQHURVLGDG
³(QWRQFHV ³DQXQFLy HO +LSSLH³ OHV H[KLELUp PL 'RFXPHQWR 6ROLFLWR XQD JUDQ DWHQFLyQ
HQ OD VDOD HV XQ ILOP TXH GXUD H[DFWDPHQWH GRV PLQXWRV YHLQWH VHJXQGRV \ TXLQFH
PLOpVLPDVGHVHJXQGR
³¢&yPRVHWLWXOD"³LQTXLULyHOILOyVRIR
³µ1DFLPLHQWRSDVLyQ\PXHUWHGHOWUDQVLWLYR1DGLHµ
%DMyHQWRQFHVXQDSDQWDOODFLQHPDWRJUiILFDGHVGHHOWHODUGHOHVFHQDULR
³£3UR\HFFLyQ\VRQLGR³JULWyHOGLVHUWDQWHDRSHUDGRUHVRFXOWRV
&RQ0HJDIyQDPLGLHVWUD\6DPXHO7HVOHUDPLVLQLHVWUDYHRHQODSDQWDOODXQDVHULHGH
LPiJHQHV YHUWLJLQRVDV TXH KDQ UHJLVWUDGR HO QDFLPLHQWR OD SDVLyQ \ OD PXHUWH GHO
WUDQVLWLYR 1DGLH < DGYLHUWR TXH OR DXGLRYLVXDO GHO HVSHFWiFXOR VH YXHOYH
DXGLRYLVXDOROIDWLYR FRQ OD SXOYHUL]DFLyQ GH RORUHV TXH VH DMXVWDQ D FDGD PRPHQWR GHO
KpURH
£$OHOX\D(OWUDQVLWLYR1DGLHDFDEDGHVHUODQ]DGRDOPXQGRHQXQDSHUFXVLyQGHODYXOYD
PDWHUQDFRPRVRQLGRXQOODQWRSRVWQDWDOFRPRDURPDIXHUWHVRORUHVGHREVWHWULFLD
£-~ELOR (O WUDQVLWLYR 1DGLH DQGD \D VREUH GRV SLHV LQVHJXURV FRPR VRQLGR ULVDV
IDPLOLDUHVGHDOLHQWRFRPRDURPDXQRORUGHSDxDOHVUHFLpQPHDGRV
£,QTXLHWXG(OWUDQVLWLYR1DGLHJXDUGDSROYRLQIDQWLOHVFDVWLJDGRHQODHVFXHODVRQLGR
XQDILOtSLFDGLGiFWLFDRORUGHOiSLFHVPXHUWRV\FKRFRODWLQHVYLYRV
£+LPHQ (O WUDQVLWLYR 1DGLH ULJXURVR MDFTXHW VH GHVSRVD HQ HO DOWDU PD\RU GH XQD
EDVtOLFDVRQLGRODPDUFKDQXSFLDOGH/RKHQJULQRORUGHLQFLHQVR\D]XFHQDV
£*ORULD (O WUDQVLWLYR 1DGLH H[DOWDGR DO SRGHU MXUD VREUH OD &RQVWLWXFLyQ 1DFLRQDO
VRQLGRODPDUFKDGH6DQ/RUHQ]RDURPDGHSDSHOVHOODGR\JDOOHWLWDVRILFLDOHV

130
 £$ODUPD(OWUDQVLWLYR1DGLHVREUHODPHVDGHXQDFOtQLFDHVWiUHFLELHQGRHQVXWXPRU
ODVUDGLDFLRQHVGHXQDERPEDGHFREDOWRVRQLGRHOGHODHOHFWUyQLFDRORUHVGHWHUJHQWHV
GHVDQDWRULR
£'HIXQFLyQ (O WUDQVLWLYR 1DGLH GHQWUR GH VX OXMRVR DWD~G HV OOHYDGR DO FHPHQWHULR
VRQLGR OD PDUFKD I~QHEUH GHO &UHS~VFXOR GH ORV GLRVHV \ XQD VDOYD GH RFKR FDxRQD]RV
RORUHOGHRIUHQGDVIORUDOHV\DQWLFLSDGDVFDGDYHULQDV7KHHQG
&RQVXOWp PL UHORM HO QDFLPLHQWR SDVLyQ \ PXHUWH GHO WUDQVLWLYR 1DGLH VH KDEtDQ
GHVDUUROODGR VHJ~Q OD GXUDFLyQ SUHYLVWD 'HVGH VX OXJDU HQ HO SURFHQLR HO +LSSLH 0D\RU
DXVFXOWDED ODV UHDFFLRQHV TXH VX ILOP KXELHUD SRGLGR VXVFLWDU HQ HO YLVRDXGLWRULR 3HUR OD
VDODWUDGXFtDXQDERUURVDLQGLIHUHQFLDFRPRVLHOWUDQVLWLYR1DGLHOHLPSRUWDUDXQFRUQR
(QWRQFHV HO +LSSLH DFXGLy D 6DPXHO 7HVOHU XQ VHJXUR EDUULO GH QDXIUDJLR \ OR FRQVXOWy
DELHUWDPHQWHFRQODPLUDGD
³(QWLHQGR³OHGLMRHOILOyVRIR³TXHODH[LVWHQFLDGHOWUDQVLWLYR1DGLHIXHGHPDVLDGRDO
JDORSH 8Q DVFHWD HVSDxRO VH KDEUtD GHOHLWDGR FRQ HVH ILOP SHUR QXQFD OR KDUi XQ
PHWDItVLFR GH JDUUD 8VWHG ORJUy XQD FRQWUDFFLyQ GHO WLHPSR 7 SRU XQD PXWLODFLyQ GHO
DFRQWHFHU $ LPSXHVWD YLROHQWDPHQWH D OD PDVD 0 R DO WUDQVLWLYR 1DGLH £3D] HQ VX
WXPED
³¢(VODHFXDFLyQGH(LQVWHLQ"³LQTXLULyHO+LSSLHGHVOXPEUDGR
³£(VODHFXDFLyQGHOFRQR³JULWyHQODSODWHDXQDYR]DQyQLPD
6HSURGXMRHQODVDODXQFRQDWRGHUHEHOLyQWUDGXFLGRHQULVDV\DEXFKHRV
³£&iOOHQVHILHUDV³ORVWUDQTXLOL]yHO+LSSLH³£<DVHOHVDUURMDUiVXSHGD]RGHKtJDGR
EDLODEOH
<UHWRPDQGRVXFiWHGUDGLMRDVt
³/D GXUDFLyQ GHO KRPEUH R VX H[LVWHQFLD QR PH KDFHQ OORUDU QL UHtU $ PL MXLFLR HO
WLHPSRH[LVWHQFLDOGHORVKXPDQRVGHEHUtDVHUPiVFRUWR(Q6DLQW*HUPDLQGHV3UpVFRQRFt
DXQ\HPHQLWDTXHYLYLyQXHYHVLJORVHQGRFHKRUDV\VHPXULyGHDEXUULPLHQWR/DPDOGDG
HVWDUtDHQHOVLVWHPDHFRQyPLFRUDFLRQDOFRQTXHDGPLQLVWUyVXWLHPSRHOWUDQVLWLYR1DGLH
£<RDFXVRDODUD]yQKXPDQD
³¢'HTXp"³OHSUHJXQWy0HJDIyQ
³£'HVHUXQDHFRQRPLVWDSHGHVWUH
³¢6XPDQLILHVWRVHUiXQDFUtWLFDGHODUD]yQSXUD"
³£<RQRGHVFLHQGRDHVDVEDMH]DV³UH]RQJyHO+LSSLH³£6HODVGHMRDPL9LFDULR
(O+LSSLH0HQRUTXHVHKDEtDPDQWHQLGRHQEDVWLGRUHVDYDQ]yKDFLDODVFDQGLOHMDV
³¢$TXtHQWUR\R"³OHGLMRDVXPDHVWUR
³6yOR SDUD YHQWLODU XQD FXHVWLyQ ³UHSXVR HO GLVHUWDQWH³ 1R LQVLVWLUHPRV HQ HO OtR
HVFROiVWLFRGHDYHULJXDUVLHODOPDWLHQHRQRODIRUPDGHXQDEHUHQMHQD¢'LMH´DOPDµ"(V
XQWpUPLQRGHPDVLDGRWHROyJLFROODPpPRVOD3VLTXLVODFLXGDGWHQHEURVD/RTXHGHEHPRV
UHVROYHUDTXtHVXQDPHUDFXHVWLyQGHWRSRJUDItD¢TXpOXJDURFXSDOD5D]yQHQODFLXGDG
GH3VLTXLV"
³/D5D]yQ³GHILQLyHO9LFDULR³VyORHVXQDUUDEDOGH3VLTXLVHVHOPHODQFyOLFR\OLPSLR
%DUULRGHORV5HORMHURV
³¢1R WH SDUHFH LGLRWD TXH OD KXPDQLGDG KDVWD QXHVWUD UHYROXFLyQ KD\D YLYLGR HQ XQ
VROR EDUULR GH 3VLTXLV \ HQ HO PiV SHGHVWUH DXQTXH OLPSLR \ ELHQ FXVWRGLDGR SRU OD
SROLFtD"
³(Q HO %DUULR GH ORV 5HORMHURV ³OORULTXHy HO +LSSLH 0HQRU³ OD KXPDQLGDG LJQRUD VXV
PHMRUHVSRVLELOLGDGHV
³£$KtWHTXHUtD³OHJULWyHO+LSSLH0D\RU³£/DV3RVLELOLGDGHV,JQRUDGDV
(UD HYLGHQWH TXH OD SODWHD QR GLJHUtD HVH FRPLHQ]R HVWiWLFR GHO KDSSHQLQJ D YRFHV \
VLOELGRV ORV DVLVWHQWHV UHFODPDEDQ PiV DFFLyQ < HQWUH ORV GHVFRQWHQWRV LGHQWLILTXp D ORV

131
PHOOL]RV 'RPHQLFRQH \ D VXV GRV SHOLUURMDV HQ WUDMH GH FHEUD TXH SDUHFtDQ RUJDQL]DU XQ
PRWtQFRQWUDHOHVFHQDULR/RVDOWDYRFHVGLIXQGLHURQDTXtXQVRORGHEDWHUtDTXHDWXUGLyD
OD VDOD < HQ HO HVFHQDULR DSDUHFLy QXHYDPHQWH 6HEDVWLiQ 6FRUSLR HO FXDO VRQUHtD \ VH
UHVWUHJDEDODVPDQRVFRPRXQGHPLXUJRVDWLVIHFKR
³¢4XLHUHQDFFLyQ"³OHGLMRDODSODWHD³£6HxRUHVFRQXVWHGHV HOEDOOHWVWULS OpDVHGH
ODV3RVLELOLGDGHV,JQRUDGDV
<VHQHJyPRGHVWDPHQWHDUHFLELUXQWULEXWRGHDSODXVRV
³£$WHQFLyQ ³PH GLMR DTXt 6DPXHO 7HVOHU³ +D\ FLHUWD PHWRGRORJtD HQ HVWH DJUDGDEOH
TXLORPER
5HWLUDGRHOLQVWUXPHQWDOGHRGRQWRORJtDODHVFHQDTXHGyOLEUH\VLQGHFRUDFLyQDOJXQD
7UDV XQ PXWLV GLVFUHWR GH 66 SHUPDQHFtDQ HQ HOOD HO +LSSLH 0D\RU \ VX YLFDULR TXH
DJXDUGDEDQ VLQ GXGD ORV DFRQWHFLPLHQWRV (QWRQFHV ORV DOWDYRFHV GLYXOJDURQ XQD VXDYH
P~VLFD JHQpWLFD GH DOED HQ VX QRFKH R GH SROOR HQ VX FDVFDUyQ < EDMR XQD OX] GH IRFRV
D]XOHV DPDULOORV \ YHUGHV ODV 3RVLELOLGDGHV ,JQRUDGDV HQWUDURQ D HVFHQD SRU ORV GRV
ODWHUDOHVHQGRVJUDFLRVRVIULVRV\SDVRVGHEDOOHW(UDQPXMHUHVYHVWLGDVKDVWDORVSLHVFRQ
W~QLFDVRVDULVRTXLPRQRVGHLQFLHUWRVFRORUHV\HPER]DGDVHQFKDOHVRHQFRJXOODVTXH
KDFtDQ LPSRVLEOH VX LGHQWLILFDFLyQ /HQWDV \ DQyQLPDV ODV 3RVLELOLGDGHV ,JQRUDGDV EDLODURQ
IUHQWHDODPXOWLWXGTXHODVUHFLELyFRQXQDRYDFLyQJLJDQWH<HO+LSSLH0D\RUQRGLVLPXOy
VXJORULD
³£6HxRUHV ³GLMR D OD PXOWLWXG³ YHDQ XVWHGHV FyPR ODV JUDQGHV SXWDV HVFRQGHQ VXV
HQFDQWRV
³¢&UHH XVWHG TXH EXVFDQ SDVDU DO ´DFWRµ GHVGH VXV ´SRWHQFLDVµ" ³LQTXLULy XQ 0HJDIyQ
DEVRUWR
³£(VRHVORTXHDQGDQEXVFDQGRODVJUDQGHVSXWDV³OHFRQWHVWyHO+LSSLHVXEOLPDGR³
£(VW~GLHODV\REVHUYHFRPROORULTXHDQPHQGLJDQGRVXSURPRFLyQ
(QHIHFWRDTXtODV3RVLELOLGDGHV,JQRUDGDVFRPHQ]DURQDJLPRWHDUHQVXEDOOHW
³£2EVHUYH DKRUD ³LQVLVWLy HO +LSSLH³ FyPR LQVLQ~DQ VXV UHFXUVRV HQ HO DUWH GH OD
VHGXFFLyQ £6RQ FDSDFHV GH SURVWLWXLUVH D FXDOTXLHU JDWR GH DOEDxDO TXH OHV DVHJXUH XQ
SRUYHQLUYLVWRVR
<DTXtODV3RVLELOLGDGHV,JQRUDGDVWHQWDURQDODSODWHDFRQJXLxRVGHEXUGHO\DGHPDQHV
REVFHQRV(QWRQFHVHO+LSSLH0D\RUHQIUHQWiQGRVHFRQODVDODGLMRDVt
³¢1RKDEUiHQWUHXVWHGHVDOJ~QPDFKRTXHOHVKDJDXQIDYRUDHVWDVSXWDVPHODQFyOLFDV"
(QFDVRDILUPDWLYR£TXHVXEDFRQQRVRWURVDODHVFHQD
(VXQGHVDItR\DGYLHUWRHQODVDODXQDWHQVLyQGHKRPEUHV\XQDOERURWRGHPXMHUHV(Q
VHJXLGD XQD VDOYD GH DSODXVRV HQ HO FHQWUR GH OD SODWHD \ XQ FRUR GH ULVDV DGXODWRULDV
£DOJXLHQ DFDED GH UHFRJHU HO JXDQWH 1R HV XQ KpURH VLQR GRV ORV TXH VXEHQ DKRUD OD
HVFDOHULOOD GHO HVFHQDULR \ UHFRQR]FR D ORV PHOOL]RV 'RPHQLFRQH £%LHQ ³PH VXVXUUD
0HJDIyQ³HOORVQRVHKDQQHJDGRMDPiVDOGHVDItRGHORVKLSQRWL]DGRUHVQLDODLQYLWDFLyQ
GH ORV PDJRV S~EOLFRV TXH VROLFLWDQ D\XGDQWHV < HV 5yPXOR 'RPHQLFRQH XQ WDLWD VL ORV
KXER TXLHQ HQIUHQWD SULPHUR D ODV 3RVLELOLGDGHV ,JQRUDGDV TXH \D OR FLUFXQGDQ HQ VX
EDOOHW
³£(OLMDKRPEUH³ORHVWiLQFLWDQGRHO+LSSLH
5yPXOR KD HOHJLGR XQD 3RVLELOLGDG HQYXHOWD HQ XQ VDUL GH FRORU XUUDFD OD WRPD GH OD
PDQRODWUDHDOFHQWUR\EDLODFRQHOODXQDILJXUDHQODFXDOpOODSHUVLJXH\HOODORHVTXLYD
SXGRURVDPHQWH
³£+RPEUH DWURSpOOHOD ³OH JULWD HO +LSSLH 0D\RU³ £$UUiQTXHOH D WLURQHV HVRV WUDSRV
ORFRV
'HXQPDQRWyQFHUWHURHOEDLODUtQ'RPHQLFRQHOHDUUDQFDHOVDUL(QWRQFHVEDMRODFUXGD
OX] GH XQ IRFR VX 3RVLELOLGDG H[KLEH XQD GHVQXGH] UHVHFD \ DPDULOOD XQ HVTXHOHWR GH

132
PRPLDFRQVXSLHODUUXJDGD\VXWULVWtVLPRYHOOyQHQODSHOYLV5yPXORGDXQSDVRDWUiV\
TXHGDLQPyYLOHQVXDVRPEUR8QJULWRVHOHYDQWDGHODSODWHD\OXHJRXQDRYDFLyQDQWHOD
FXDOVDOXGDJUDFLRVDPHQWHOD3RVLELOLGDGHQFXHURV\KDFHSRUHOIRURXQPXWLVGHEDLODULQD
FOiVLFD ¢6H KD GHVKRQUDGR HQ XQD VROD HVFDUDPX]D OD OtQHD EUDYD GH ORV 'RPHQLFRQH"
)XULRVRDQWHODYHUJHQ]DGHVXPHOOL]R5HPR'RPHQLFRQHVHPHWHDKRUDHQHOFtUFXORGH
ODV3RVLELOLGDGHV,JQRUDGDV\DOHQWDGRDYRFHVGHVGHODSODWHDHOLJHXQDGHJUDQYROXPHQ
\FHxLGDHQXQDPSOLREDWyQRTXLPRQRDOXQDUHV$SDVRVGHRVRODHOHJLGDLQWHQWDEDLODU
XQDILJXUDFRQVXHOHFWRUHOFXDOVHQLHJD\TXLHUHtUVHOHDOKXPR
³¢'yQGH\FXiQGR"³ODXUJH5HPR³¢$ODVDOLGDHQODHVWDFLyQGH&DEDOOLWR1RUWH"
<FRPRHOODORHVTXLYDHQXQSHVDGRHVJXLQFH
³£1R WH PH KDJDV OD HVWUHFKD ³OH GLFH 5HPR³ £<HJLWDV PiV GXUDV TXH YRV KD
MLQHWHDGRHVWHSXQWR
$PDQRWD]RVOHDFDEDGHDUUDQFDUHOEDWyQRTXLPRQRGHEDMRGHOFXDOVHPDQLILHVWDXQD
JRUGDFRPRGHFLUFRORVEUD]RV\ODVSLHUQDVPRQVWUXRVDVODVUHJLRQHVSHFWRUDO\YHQWUDO
FHxLGDV \ WRUWXUDGDV HQ XQ FRUVp GH EDOOHQDV £5LVD RUTXHVWDO HQ HO S~EOLFR $IUHQWDGR
UDELRVR\DWLURQHV5HPRODOLEUDGHOFRUVp\GHODJRUGDFDHXQ,JXD]~GHWHWDVQDOJDV\
PRQGRQJRV$SODXVRV/DJRUGDVDOXGD\KDFHXQPXWLVOHQWRGHYDFDKRODQGHVDHQGHVILOH
5HDQXGDQVXEDOOHWODV3RVLELOLGDGHV,JQRUDGDV
³£$YHU³GHVDItDHO+LSSLH0D\RUDODSODWHD³£2WURTXHWLUH\SHJXH
¢4XLpQVHUiHORWUR"£1R6DPXHO7HVOHUHVTXLHQDKRUDVXEHDOHVFHQDULRJUDYH\GLJQR
FRPR-DFREHQODHVFDOHUDPtVWLFD¢1RLQVXOWDUiVXW~QLFDGHILOyVRIR HQHVHWULVWHMXHJR
GH PHUHWULFHV LQFyJQLWDV" /D PXOWLWXG VH FRQPXHYH DQWH DTXHO KRPEUH ULFR HQ HGDG \
DFDVRHQH[SHULHQFLD\HVWXGLDHOULJRUSHQLWHQFLDOGHVXWUDMHQHJURFRPRODQRFKH
³£(VXQFXUDGHFLYLO³RSLQDXQDYR]HQODVDOD
³£2XQHPSUHVDULRGHSRPSDVI~QHEUHV³DYHQWXUDRWUD
<DHO+LSSLH0D\RUKDVDOLGRDOHQFXHQWURGHOILOyVRIR\ORVDOXGDFRPRDXQIDPLOLDU
³+HUPDQR³OHGLFHSUHVHQWiQGROHDODVEDLODULQDV³DKtODVWLHQHDSXQWRGHFDUDPHOR
£(OLMDXVWHGODVX\D
³+HUPDQR ³OH FRQWHVWD 6DPXHO³ \R QXQFD HOLMR D ODV 3RVLELOLGDGHV \R GHMR TXH ODV
3RVLELOLGDGHVPHHOLMDQDPt(QWRQFHVGHFLGRHQPLDOPDVLOHVGDUpSHORWDRQR
< HO ILOyVRIR HQWUDQGR HQ HO FtUFXOR GHMD TXH ODV 3RVLELOLGDGHV ,JQRUDGDV EDLOHQ D VX
DOUHGHGRU8QDHQWUHWRGDVHQYXHOWDHQGHQVRVWXOHVGHFRORUPRUDGRVHOHDSUR[LPD\OR
VDOXGDFRQXQDUHYHUHQFLD
³£6HxRU³EDOEXFHy³PLTXHULGRVHxRU
³1yPEUHPHXVWHGVHxRUD³OHUHVSRQGH6DPXHO
<HOODOHDQXQFLDHQWUHFRQILGHQFLDO\SXGRURVD
³'DPH WUHV ERQQpWH VH WURXYDQW GDQV XQ HPEDUUDV FKHUFKH PRQVLHXU HQ ERQQH
VLWXDWLRQ
7RPiQGRODGHXQDPDQR6DPXHO7HVOHUEDLODFRQHOODXQYHWXVWRJLURGHODQFHURV
³0LVLWXDFLyQHVEXHQDSHVHDODVIOXFWXDFLRQHVGHOD%ROVD³OHDVHJXUDHQWRQRJDODQWH
³6LSDVVpULHX[V
DEVWHQLU³ORUHFKD]DHOODHQVXSXGRU
<ODUHWLHQH6DPXHO£FRQTXpGXO]XUDHQRWURJLURGHODQFHURV
³4XHULGRVHxRU³JRUMHDHOOD³¢PHDUUDQFDUiORVWXOHV"
³¢3DUDTXpPLUDUORTXHVHDGLYLQD"³JRUMHDpO
³6HxRU¢TXpDGLYLQDXVWHGEDMRPLVWXOHV"
³'RV PDQ]DQDV RWRxDOHV HQ HVWDGR H[FHOHQWH GH PDGXUH] 8Q WULJDO GH RUR HQ HO YDOOH
SHOYLDQR8QDFRUGLOOHUDYHUWHEUDOTXHFRUUHGHVGHODQXFDHQIORUKDVWDODVGRVFROLQDVGH
ORVJO~WHRVHQWUHVtGLVWDQFLDGRVSRUHOKRQGR\WHPLEOH]DQMyQGH$IURGLWD
³4XHYRXVpWHVJHQWLO³VXVSLUDHOOD³6HxRU¢GyQGHQRVYHUHPRV"

133
 ³(QHO´&KDWHDXGHV)OHXUVµ
³¢&XiQGRVHxRU"
³6HxRUDXQPLQXWRDQWHVGHO3UDOD\D
9LHQWRQFHVFyPRODSODWHDVHDOERURWy\PDOGLMRD7HVOHUSRUQRKDEHUGHVQXGDGRDVX
EDLODULQD6HJ~QHQWHQGtORVDVLVWHQWHVUHFODPDEDQDKRUDXQDSDUWLFLSDFLyQPiVGLUHFWDHQ
HO KDSSHQLQJ GH OD IXQGDFLyQ 6FRUSLR HO KDSSHQLQJ R HV XQD VDWXUQDO FROHFWLYD GH DOWR
YDORU GRFHQWH R HV XQ FOXE GH DOPDV EUXMDV TXH LJQRUDQ GyQGH \ FyPR WHQGUiQ VX
DTXHODUUH$VtORHQWHQGLyVLQGXGDHO+LSSLH0D\RUFXDQGRKDFLHQGRIUHQWHDOKXUDFiQGH
ODVDODRUGHQyDVXVEDLODULQDVTXHGHVFHQGLHVHQDODSODWHD\VHDEDQGRQDVHQDOFDORUGH
ODPXOWLWXG(OODVORKLFLHURQHQVXVGRVIULVRVLQLFLDOHVSRUODVHVFDOHULOODVTXHEDMDEDQGHO
HVFHQDULR\FRQWRQHiQGRVHDOGHVFHQGHUFRPRYHGHWWHVHQODVSDVDUHODV)XHURQWUDJDGDV
OLWHUDOPHQWHSRUODPXOWLWXGTXHODVH[LJtDVHDSDJDURQODVOXFHV\ORVIRFRVUHFRUULHURQ
RWUDYH]ODVDODHQFRQWUDQGR\SHUGLHQGRFRPRHQXQPDUGHWLEXURQHVHVFHQDVEUXWDOHV
URVWURV HQFHQGLGRV SHFKRV TXH MDGHDEDQ \ PDQRV EXVFDGRUDV TXH URPStDQ WHODV $TXHO
GHVHQIUHQR VyOR GXUy XQ PLQXWR DO FDER GHO FXDO HQFHQGLGDV ODV OXFHV YL FyPR ODV
3RVLELOLGDGHV WRWDOPHQWH GHVQXGDV YROYtDQ FRUULHQGR DO HVFHQDULR WUHSDEDQ VXV GRV
HVFDOHUDV \ KDFtDQ PXWLV XQDV FKLOODQGR FRPR IXULDV \ RWUDV ULHQGR FRPR EDFDQWHV
2EVHUYp WDPELpQ TXH PL FODQ VH KDEtD UHLQWHJUDGR MXQWR D Pt FRQ XQ 6DPXHO 7HVOHU
LPSDVLEOHXQ0HJDIyQHVWXGLRVR\XQD3DWULFLD%HOOTXHDUUXJDEDHOFHxRFRPRIUHQWHDOD
%DELORQLD GH ODV (VFULWXUDV (QWRQFHV IXH FXDQGR HO +LSSLH 0D\RU \ VX YLFDULR VH KLFLHURQ
SUHVHQWHVRWUDYH]HQODHVFHQD
³6HxRUHV ³FRPHQ]y D GHFLU HO +LSSLH³ \ ORV OODPR ´VHxRUHVµ KDFLHQGR XVR GH XQ
UHSXJQDQWH DQDFURQLVPR ¢'yQGH LED \R" 7HQJR OD LGHD SRU GHPiV ERFKRUQRVD GH TXH PH
KDEtDHPEDUFDGRHQXQ0DQLILHVWRVREUHODSRVLELOLGDGKXPDQD¢(VDVtRQR"6LDVtHV\R
GHEHUtDH[SULPLUDKRUDGHPLDOHJDWRDXGLRYLVXDOHVDHPXOVLyQKRUULEOHTXHVHOODPD´XQD
PRUDOHMDµ¢/RKDUp"£1XQFD/DPRUDOHMDHVHOFXORYHQHQRVRGHODIiEXOD\ODKXPDQLGDG
FRPHQ]y D GHVOXFLUVH FRQ OD SULPHUD PRUDOHMD TXH OH LQ\HFWy OD SROLFtD VDQLWDULD GH XQ
PXQGR \D HQWUHJDGR D OD SDVLyQ GH ODV MHULQJDV KLSRGpUPLFDV <R HVWR\ FRQ OD SDUiEROD
WRGRORGLFH\QRVHDFKLFD6LDOJXLHQODHQWLHQGH£PHMRUSDUDpO<VLQR£TXHVHMRGD
³(QWRQFHVQRVMRGHUHPRVWRGRV³UHSXVRPHODQFyOLFDPHQWHFLHUWDYR]GHODSODWHD
<VHDO]DURQRWUDVYRFHV
³£/D)XQGDFLyQ6FRUSLRHVXQUHGXFWRGHODEXUJXHVtDLQWHOHFWXDO
³¢1RVHUtDPHMRUTXHQRVSXVLHUDQP~VLFDEDLODEOH"
6RUGRDHVDVUHEHOLRQHVHO+LSSLHYROYLyDVX0DQLILHVWR
³¢'yQGHLED"³LQVLVWLyHQVXGHVPHPRULD³6tKD\TXHGHVWUXLUODVYLHMDVHVWUXFWXUDVGH
3VLTXLV/DOLEHUWDGQR HVXQHUXFWRGHOGLFFLRQDULRHQVXOHWUD/\HO JRUURIULJLRH[LVWH
DXQTXH OR QLHJXH OD UHDFFLyQ TXH QR XVD VRPEUHUR $ SURSyVLWR GH OD OLEHUWDG QR OHV
RFXOWDUpTXHVXQRPEUHVDJUDGRHMHUFHVREUHPtXQDYLUWXGGLXUpWLFDLUUHVLVWLEOH
< DTXt HO +LSSLH 0D\RU GLULJLpQGRVH D VX YLFDULR TXH OR DVLVWtD ³9HQJD HVH RULQDO ³OH
UHFODPyWDQXUJHQWHFRPROLEUH
7UDVXQEUHYHPXWLVHOYLFDULRUHJUHVyFRQXQRULQDOGHDUFDLFDIDFWXUDTXHSUHVHQWyDO
PDHVWURVLQRFXOWDUVXUHYHUHQFLD/XHJRGHDEULUHOFLHUUHGH VXEX]R\GHVDFDUDODOX]
S~EOLFD VX FRQWUDtGD YLULOLGDG HO +LSSLH WRPy HO UHFLSLHQWH \ RULQy HQ pO FRQ DGPLUDEOH
VROWXUDIUHQWHDXQDSODWHDUHJRFLMDGD\GHQRIiFLODVRPEUR0LHQWUDVORKDFtDVXYLFDULR
VHGLULJLyDORVHVSHFWDGRUHVHQWpUPLQRVHQWXVLDVWDV
³£2EVHUYHQXVWHGHVHODSDUDWRYLULOGHOPDHVWUR³OHVGLMR³£<DQRHQWUDQLHQWUDUiHQ
HUHFFLyQ JUDFLDV DO SRGHU VXEOLPDQWH GH OD )LORVRItD +LSSLH TXH REUD HQ VX FRPSOHMR
SVLFRVRPiWLFR
³(VRQRHVYHUGDG³REMHWyDTXt0HJDIyQ³$PLHQWHQGHUODVLQKLELFLRQHVGHO+LSSLHVH

134
GHEHQDXVRLQWHQVLYRGHODPDULJXDQDHOSH\RWHRODPHVFDOLQD
³¢<TXpVLDVtIXHUD"³UHSXVRHOYLFDULR
³1RPHRSRQJRDTXHVHIXPHFXDOTXLHUKRMDHVWLPXODQWH³OHGLMR0HJDIyQ³/RTXHPH
VXEOHYDHQHVWHPXQGRHVODWHUJLYHUVDFLyQGHODVFDXVDV\VXVHIHFWRV
<SDOPHDQGRHOFRJRWHGH6DPXHO7HVOHU
³9HDQ XVWHGHV D HVWH ILOyVRIR ³HMHPSOLILFy DGPLUDWLYDPHQWH³ 1R KD HQWUDGR HQ
HUHFFLyQ GHVGH OD 3ULPHUD &UX]DGD \ HVH SURGLJLR GH FDVWLGDG QR VH GHEH D QLQJ~Q
DOXFLQyJHQRVLQRDODVFRQVWDQWHVPRUWLILFDFLRQHVGHVXLQWHOHFWR
³'LFHELHQHQFXDQWRDPLQDWXUDOH]DFRUSRUDO³DGPLWLy6DPXHO7HVOHU³(QFXDQWRDPL
DOPDODWHQJRHQXQDHUHFFLyQFDVLSHUPDQHQWH
5HFRJLHQGR HO RULQDO TXH OH GHYROYtD VX PDHVWUR HO YLFDULR HVWXGLy D 0HJDIyQ VLQ
EHQHYROHQFLD\OHGLMR
³¢(VWiQHJDQGRXVWHGQXHVWUDILORVRItDH[SHULPHQWDO"
³6yOR HQ VXV DOFDQFHV ³OH UHVSRQGLy HO $XWRGLGDFWR³ 0H JXVWDUtD GLVFXWLUOR FRQ HO
SURSLRPDHVWUR
³1RGLVFXWRMDPiV³LQWHUYLQRDTXtHO+LSSLH0D\RU³'HMRHVDVJURVHUtDVDPLYLFDULRHO
SRHWDKLSSLH
³¢&yPR"³GXGy0HJDIyQ³¢(OYLFDULRHVSRHWD"
³<GHORVPiVDJUHVLYRVSHVHDVXIDOVDPHODQFROtD/RVSRHWDVIXHURQVRQ\VHUiQORV
~WLOHVKHUHMHVGHOD+LVWRULD
2ULQDOHQPDQR\DQWHRWURIHUPHQWRGHVXEOHYDFLyQHQODVDODHOSRHWDKLSSLHDYDQ]y
KDVWDODVFDQGLOHMDV\UHFLWy
³µ<RFDQWRDOD7LURLGHVQXHVWUDPDGUHXQLYHUVDO6WRS'HVXVRYDULRVtQWLPRVQDFHQORV
PXQGRV6WRS(QVXYLHQWUHPDGXUDQORVXQLYHUVRV\H[SORWDQDOILQFRPRJUDQDGDV6WRS
(QHOSULQFLSLRHVHO*UDQ+LSSLHGHVWLODGRSRUOD7LURLGHVHQVXJOiQGXODVHFUHWD6WRSµ
³1R PH SDUHFH ³YROYLy D GXGDU HO $XWRGLGDFWR³ TXH ODV 0XVDV DVLVWDQ DO FDQWRU GH OD
7LURLGHV
³¢3RUTXpQR"³OHGLMRXQ6DPXHOEHQHYROHQWH³/DPHFiQLFDGHODUWHQRYDUtDMDPiV
DXQTXH DGRSWH ORV LQJUHGLHQWHV GH FDGD WLHPSR (VWR\ VHJXUR GH TXH ODV 0XVDV YLVLWDQ DO
SRHWDKLSSLHORTXHVXFHGHDKRUDHVTXHODV0XVDVDQWHVGHDFRVWDUVHFRQpOWRPDQVXV
StOGRUDVDQWLFRQFHSWLYDV
8QDFDUFDMDGDHVWDOOyHQHOWHDWUR<HOSRHWDKLSSLHOOHQRGHIXULDQRVDUURMyHORULQDO
TXHORJUDPRVHOXGLU\TXHPRMyDORVDVLVWHQWHVGHSULPHUDILOD
³£6HxRUHV³JULWyDODSODWHD³GRVUHDFFLRQDULRVTXLHUHQVDERWHDUHOKDSSHQLQJ
³£(VRQRHVYHUGDG³SURWHVWyHOILOyVRIR7HVOHU³$GPLURDOSRHWDKLSSLHVX&DQWRDOD
7LURLGHVHQFLHUUDXQDFRVPRJRQtD]XUGDSHURPHMRUDEOH8QDOLPSLH]DGHOFDUEXUDGRU\VX
FRVPRJRQtDQRVGHMDUiRtUXQDJUDGDEOHULWPRGHSLVWRQHV
³¢'yQGHIDOODODFRVPRJRQtDGHPLYLFDULR"³LQWHUYLQRHO+LSSLH0D\RU
³(VXQDFRVPRJRQtDEODVIHPDWRULD³OHUHVSRQGLy7HVOHU³VXEVWLWX\HDODGLYLQD3UDNULWL
FRQXQDJOiQGXODGHVHFUHFLyQ$GHPiVH[FOX\HQGRDO0DFKR&HOHVWHGHVXFRVPRJRQtDHO
SRHWD KLSSLH QRV HVWi GHQXQFLDQGR HQ pO XQ FRPSOHMR IHPLQRLGH TXH KXELHUD KHFKR OD
GHOLFLDGH6LJPXQG)UHXG
9ROYLyDUHtUODVDODHOSRHWDKLSSLHPRVWUyD7HVOHUVXSXxRFHUUDGRLUJXLyHOILOyVRIR
XQDHVWDWXUDEHOLJHUDQWH<YRFHVH[FLWDGDVORVDQLPDURQGHVGHODSODWHD
³£'LVFXWDQFRQHOSXQFKHVDPLHUGRVDFRVPRJRQtD
³¢3RUTXpQRDUPDQXQULQJHQHOHVFHQDULR"
³£$SXHVWRGLH]IUDJDWDVSRUHOFXUD
1L HO ILOyVRIR VXEH DO HVFHQDULR QL HO SRHWD GHVFLHQGH D OD VDOD £(V 0HJDIyQ TXLHQ
DEDQGRQiQGRQRVDORVGHVXFODQVHGLULJHDODHVFDOHULOOD\VXEHDHVFHQDSRUTXHUHFRUGy

135
VXV'RV%DWDOODV\HVWiPLUDQGR\DODMHWDLQVLGLRVDGHOHQHPLJR£3DWULFLD%HOOORVLJXHOR
KDGHVHJXLUKDVWDHOLQILHUQRFRQVXYHVWLGRDILJXUDVJHRPpWULFDV\VXSHUILOFRUWDQWHGH
iJXLOD R GH %HORQD 6LOHQFLR \ H[SHFWDFLyQ HQ HO WHDWUR QR ELHQ HO 2VFXUR GH )ORUHV \ VX
PXMHUVHHQIUHQWDQFRQHO+LSSLHXQPDHVWUR\VXYLFDULRXQGLVFtSXORHQUXLQDV
³0DHVWUR³DQXQFLDHO$XWRGLGDFWRDO+LSSLH0D\RU³QRYHQJRHQWUHQGHSHOHDVLQRGH
~WLOHVFRQIURQWDFLRQHV 4XLHURPHGLUVXJDOOR HOSRHWDKLSSLHFRQHO PtRXQDUWLVWDTXH
QRVKDEODUiGHVGHODQRFKHGHORVWLHPSRV
¢4XpVHSURSRQH0HJDIyQ"¢4XLpQHVHODUWLVWD\GHGyQGHORVDFDUipODKRUDFRPRQRVHD
GH XQ ED~O PiJLFR" 3HUR HO 2VFXUR GH )ORUHV GLULJLpQGRVH D OD SODWHD LQYRFD R OODPD
UXHJDRH[LJH
³£&DSULVWRVXEDXVWHGDOHVFHQDULR
£(ODILODGRU$GYLHUWRDKRUDTXHVHQRVKDSHUGLGRHQODIORUHVWDGHOKDSSHQLQJ¢'yQGH
KDEUi HPERVFDGR pO VX FXHUSR GLXUQR \ VX DOPD VLOYHVWUH" £)XH XQ HUURU (PEDUFDU D
&DSULVWRHQXQKDSSHQLQJHVFRPRKDFHUFRUUHUDXQ&HQWDXURJULHJRHQHOKLSyGURPRGH
6DQ,VLGUR
³£-HUyQLPR³LQVLVWH0HJDIyQHQHOHVFHQDULR³£1RWHQJDPLHGR\VXED
³¢/REXVFDPRV-HIH"³OHJULWDGHVGHODSODWHDXQRGHORVPHOOL]RV'RPHQLFRQH
³%~VTXHQOR HQ ORV iQJXORV GH OD VDOD R GHEDMR GH DOJXQD HVFDOHUD ³OH UHVSRQGH
0HJDIyQ³<QRPHDVXVWHQDODFULDWXUD
'HSURQWRVHDJLWDXQWRUEHOOLQRKXPDQRHQHOIRQGRGHODSODWHD/RV'RPHQLFRQHKDQ
GHVFXELHUWR DO DILODGRU \ HQWUH YRFHV GH FXULRVRV OR DUUDVWUDQ D XQD GH ODV HVFDOHULOODV
TXHVXEHQDOHVFHQDULR(ODILODGRUVHUHVLVWHORVPHOOL]RVORKDFHQWUHSDUDODIXHU]D\OR
DEDQGRQDQDXQ0HJDIyQRSHUDWLYRTXHORUHFLEH\ORVLHQWDHQHOVLOOyQGHRGRQWRORJtD\D
GHYXHOWRDVXOXJDUSRUORVGRVKLSSLHV'HVPRURQDGRHQHOVLOOyQ-HUyQLPR&DSULVWRQRVH
DJLWD\DSHURVXVRMRVFKLVSHDQGHFRQVWHUQDFLyQRGHIXULDFRPRORVGHXQWLJUHFD]DGRHQ
XQD UHG < HV DTXt GRQGH 6HEDVWLiQ 6FRUSLR VH XQH D ORV LQYHVWLJDGRUHV GHO HVFHQDULR
DWUDtGRSRUODQRYHGDGLPSUHYLVWDTXH0HJDIyQDFDEDGHLQWURGXFLUHQHOKDSSHQLQJ
³6HxRUHV ³UXHJD 0HJDIyQ D OD VDOD³ SLGR WUDQTXLOLGDG \ VLOHQFLR (O DUWLVWD TXH YDQ D
HVFXFKDUQXQFDVHKDH[SUHVDGRELHQHQODLQTXLHWXG\HOUXLGRSURIDQRV
<YROYLpQGRVHDODILODGRUTXHEDMRODOX]GHXQIRFRYLROHQWRSDUSDGHDFRPRXQDOHFKX]D
OHGLFH
³&DSULVWRWHQJDFDOPD\GtJDQRVVXRULJHQ\VXPHQVDMH
3HURHODILODGRUVHREVWLQDHQXQPXWLVPRUDELRVR
³¢1R SRGUtDPRV KDFHUOH RtU ´/
DSUpV PLGL G
XQ IDXQH" ³VXJLHUH 0HJDIyQ D 6HEDVWLiQ
6FRUSLR
66GDXQDRUGHQDOVRQLGLVWD\PX\OXHJRODVIODXWDVGHEXVV\DQDVWUDGXFHQXQDVLHVWD
GHIDXQR$WHQWDPHQWHDJXDUGDQORVLQYHVWLJDGRUHVDOJXQDUHDFFLyQHQODQDWXUDOH]DYLUJHQ
GH&DSULVWR6LQHPEDUJRGXURHQHOVLOOyQGHRGRQWRORJtDHODILODGRUQRVXHOWDVXFiVFDUD
GHVLOHQFLR
³(QVD\HQFRQXQYDVRGHYLQR³DFRQVHMD3DWULFLD%HOOTXHFRQRFHDOKRPEUH
&LHUWR D\XGDQWH KDFH PXWLV \ UHJUHVD FRQ XQ YDVR GH YLQR H[SHULPHQWDO TXH RIUHFH DO
REVWLQDGR VXMHWR GH OD H[SHULHQFLD (O DILODGRU &DSULVWR OR WRPD \ OR KXHOH FRQ
GHVFRQILDQ]D SHUR DO ILQ OR DSXUD GH XQ VROR WUDJR £$WHQFLyQ /RV RMRV GH &DSULVWR VH
KXPHGHFHQGHSXUDGHOLFLDYHQWHDQVXVQDULFHVFRPRUHVSLUDQGRXQDLUHQDWDOGH$UFDGLDV
RERVTXHVHGpQLFRV\HQVXERFD\DVHGLVHxDODVRQULVDGH)DXQR&RQWLHQHQVXDOLHQWRORV
LQYHVWLJDGRUHV KD\ HQ OD SODWHD XQD WHQVLyQ TXH \R GLUtD SiQLFD £< &DSULVWR KDFH PiV
(FKiQGRVH XQD PDQR DO EROVLOOR VDFD LQVWLQWLYDPHQWH VX YLHMD VLULQJD GH DILODGRU \ VXV
ODELRVFDUQRVRVDOUHFRUUHUORVWXERVGHEURQFHOHVDUUDQFDQIUHVFDVQRWDVTXHSDUHFHQOD
UHVXUUHFFLyQGHXQKLPQRPDWLQDOHQODQRFKHGHOKDSSHQLQJ

136
 ³£&DSULVWR³ORXUJH0HJDIyQ³£'tJDQRV\DVXVFRQVLJQDV
*XDUGDQGR VX IODXWD &DSULVWR DUUXJD OD IUHQWH \ DSULHWD VXV PDQGtEXODV HQ HO HVIXHU]R
GHXQDPHPRUL]DFLyQWUDEDMRVD
³2EVHUYHQ VHxRUHV ³GLFH 0HJDIyQ D OD VDOD³ FyPR HO DUWLVWD VH DEUH XQ SDVR GLItFLO
KDFLDVX(GDGGH2UR
<VDFXGLHQGRDODILODGRU
³£+DEOH&DSULVWR³ORLQWLPD³£7UDG~]FDQRVHVHPHQVDMH
'HSURQWRHODILODGRUFDQWXUUHDGHVGHEUXPRVDVOHMDQtDV
³µ4Xp DUWH SURGXFHQ ODV UHLGRUDV PLHVHV EDMR TXp DVWURV FRQYLHQH ODEUDU OD WLHUUD \
HQOD]DU ODV YLGHV FRQ ORV ROPRV FXiQWD LQGXVWULD HV QHFHVDULD SDUD OD HGXFDFLyQ GH ODV
JXDUGRVDVDEHMDVHVRHV£RK0HFHQDVORTXHTXLHURFDQWDUµ
³1RORGXGR³ORDOLHQWD0HJDIyQ³3HURHVDVYHUGXUDVQRVRQGHXVWHGVRQGH9LUJLOLR
HQVXSULPHUD*HyUJLFD
³/DV KDEDV VH VLHPEUDQ HQ SULPDYHUD ³LQVLVWH XQ &DSULVWR PHGL~PQLFR³ ¢3UHILHUH ODV
DUYHMDVRHOKXPLOGHIULMRO"
³1R &DSULVWR £9D\D PiV DWUiV HQ OD SUHKLVWRULD £7RPH VX yPQLEXV KDVWD (OHXVLV \
GtJDQRVORTXHKDFHXVWHGDOOiHQWUHODVUDPDVSULPLWLYDV
³£(YRKp³PHPRUL]DGHV~ELWRXQ&DSULVWRH[DOWDGR<QRGLFHPiVSXHVDFXGHRWUDYH]
D VX IODXWD \ YDFtD HQ HOOD VXV SXOPRQHV GH IDXQR HQ XQ FKLVSRUURWHDQWH FUHVFHQGR GH OD
P~VLFD £%iUEDUR ¢1R HVFDSD \D GHO VLOOyQ RGRQWROyJLFR SDUD UHFRUUHU OD HVFHQD FRQ
DJUHVLYRV SDVRV GH FDEUyQ GDQ]DUtQ" 3HUR ORV LQYHVWLJDGRUHV OR FD]DQ DO YXHOR \ OR
UHVWLWX\HQDVXOXJDU&DSULVWRMDGHDHOS~EOLFRQRKDUHDFFLRQDGRD~Q<\RHO2UIHRGH
ODV'RV%DWDOODVUHJLVWURODVHVFHQDVGHO KDSSHQLQJFRQODPRVFDQHJUDHQXQRMR\HQHO
RWURODPRVFDYHUGH
³$PLJRV ³H[SOLFD 0HJDIyQ D ORV LQYHVWLJDGRUHV \ D OD VDOD³ \D YLHURQ FyPR )DXQR HO
P~VLFRSULPLWLYRSHVHDODPHWDOXUJLDHQTXHDKRUDYLYH\DODVUDGLDFLRQHVGHOHVWURQFLR
YLDMyUHFLpQDVXPLWR\UHJUHVDFRQXQPHQVDMHOOHQRGHIUHVFXUD¢1ROHVSDUHFHKDEHU
HQWUHYLVWR XQ HVFRU]R GH OD eJORJD QXWULGD FRQ DFHLWXQDV OHFKH FXDMDGD \ SLFDQWHV
UDEDQLWRV"¢1RKXHOHQHOSHUIXPHDJULRTXHODV%DFDQWHVDWHVRUDEDQHQVXVD[LODV"
£(VRHVORULHVJRVRGHO$XWRGLGDFWRTXHGHVHQYDLQHLQHVSHUDGDPHQWHVXFDyWLFRDUVHQDO
GH OHFWXUDV UHXQLGR HQ OD %LEOLRWHFD 3RSXODU $OEHUGL ¢1R HVWi SRU GHGLFDUOH DKRUD XQ
PLQXWRGHOODQWRDODSHUGLGDLQIDQFLDGHHVWHPXQGR"&LHUWRHVTXHODVLULQJDGHODILODGRU
KDGHVSHUWDGRHQODVDODXQHFRGXOFH\IDPLOLDUGHPDxDQLWDVDUUDEDOHUDV3HURWDPELpQOR
HV TXH QLQJXQR GH ORV DVLVWHQWHV KD YLVWR HO WDO ´HVFRU]Rµ QL ROLy HO WDO ´DURPDµ
GHQXQFLDGRV SRU 0HJDIyQ HVWDID LQDGPLVLEOH TXH OD SODWHD VDQFLRQD FRQ XQD VLOEDWLQD
JLJDQWH /RV LQYHVWLJDGRUHV \ HO LQYHVWLJDGR &DSULVWR GHVFLHQGHQ D OD VDOD HQ XQ FOLPD GH
WHPSHVWDG\FRQODLQWXLFLyQGHXQOLQFKDPLHQWR<HVHQWRQFHVFXDQGR6HEDVWLiQ6FRUSLR
EDWXWDLQGLVFXWLEOHGHOKDSSHQLQJFUX]DODHVFHQDOHYDQWDQGR\H[KLELHQGRXQJUDQFDUWHO
TXHDQXQFLD,17(59$/2
(OLQWHUYDORTXHVHGLRHQWUHODSULPHUD\ODVHJXQGDSDUWHGHOKDSSHQLQJWXYROXJDUHQ
OD PLVPD SODWHD FX\D PDUHMDGD FHGLy QR ELHQ DOJXQRV PXFDPRV GH OLEUHD \ URVWUR
HPSXWHFLGRHQHODUWHLUUXPSLHURQFRQEDQGHMDVUHERVDQWHVGHHPSDQDGDVFULROODV\YDVRV
GH YLQR 8QD PDQJD GH ODQJRVWDV TXH VH DEDWLHUD VREUH XQ WULJDO QR KDEUtD KHFKR PiV
HVWUDJR TXH DTXHOOD PXOWLWXG DO DVDOWDU ODV EDQGHMDV (O ILOyVRIR 7HVOHU TXH MXQWR D Pt
WUDJDEDFRPRXQSXSLORGHRUIHOLQDWRPHFULWLFyHQWUHXQDHPSDQDGD\RWUD
³&XDOTXLHUREVHUYDGRUHQHVWHKDSSHQLQJKXELHUDHVSHUDGRXQDFRFLQDPiVXQLYHUVDO
3RU HMHPSOR DUUR] HQ VDOVD GH WXOLSDQHV R QLGRV GH JRORQGULQD R URGDMDV GH VHUSLHQWH
IULWDV HQ PDQWHFD GH FHE~ ¢< TXp KDFH DKRUD HVWH EHQHPpULWR LQVWLWXWR" £/DQ]DU RWUD
HPLVLyQGHHPSDQDGDVFRUGREHVDV\WLQWLOORUHJLRQDOFRPRVLHVWXYLpUDPRVHQHOUDQFKRGH

137
OD&DPELFKD(VLQ~WLOODVXSHUYLYHQFLDGHOIRONORUHPDORJUDWRGDYtDHQHOSDtVORVPHMRUHV
LQWHQWRVGHXQLYHUVDOLGDG
< FRQ XQ YDVR GH YLQR HPSXMy D OD ERGHJD VX HPSDQDGD Q~PHUR VHLV 7UDV HO SULPHU
HQYLWHORVDVLVWHQWHVHQWUDURQHQXQFOLPDLGtOLFRSXGHYHUFyPRORVGRVKLSSLHVHO0D\RU
\HO0HQRUILUPDEDQDXWyJUDIRVHQORVEUD]RVPXVORV\RPySODWRVGHWLHUQDVDGPLUDGRUDV
9L D ORV PHOOL]RV 'RPHQLFRQH EHEHU HQ ORV YDVRV GH VXV SHOLUURMDV WDO YH] FRQ HO ILQ
DQDFUyQLFR GH DGLYLQDU VXV VHFUHWRV 9L D 0HJDIyQ \ D 3DWULFLD GH ULJXURVR EUDFHWH TXH
GDEDQ OD YXHOWD GHO VDOyQ FRPR XQD SDUHMD VLJOR ;,; DQWHV GH TXH VH LQLFLDUD HO YDOV <
GHVFXEUtDODILODGRU&DSULVWRURGHDGRDKRUDGHEDFDQWHVUXELDVTXHDFDULFLDEDQVXVRUHMDV
GHIDXQR\SUHWHQGtDQHVFDPRWHDUOHODIODXWD
3HURWDQWDEHQLJQLGDGVyORIXHXQUHPDQVRHQJDxDGRUGHOKDSSHQLQJ6HEDVWLiQ6FRUSLR
UHORM HQ PDQR HVWXGLDED HO PLQXWHUR TXH OH LED UHFODPDQGR \D OD VHJXQGD SDUWH GH VX
REUD&RQLQTXLHWXGORPLUpVXELUDOHVFHQDULR\GDUDOJXQDVyUGHQHVHQEDPEDOLQDVSRUTXH
QRV HQIUHQWDUtDPRV DKRUD FRQ HO HYHQWR LQFyJQLWR GHO KDSSHQLQJ ¢4Xp KDEUtD WUDPDGR
66 WHMHGRU H KLMR GH XQ WHMHGRU" (O UHGREODU GH XQRV WDPERUHV TXH ORV DOWRSDUODQWHV
GLIXQGLHURQ HQ OD VDOD QRV GHYROYLy DO HVSHFWiFXOR DKRUD VH REVHUYDED HQ OD PXOWLWXG HO
LQWHUpV\ODWHQVLyQGHXQQLxRDQWHXQDFDMDGHVRUSUHVDV0HJDIyQ3DWULFLD%HOO6DPXHO
7HVOHU \ \R YROYtDPRV D UHFRQVWUXLU QXHVWUR FODQ HQ HO GHVHR GH RSRQHU DO HVFHQDULR XQ
IUHQWHVLQURWXUDV'HSURQWRFDOODURQORVWDPERUHV\DQWHODH[SHFWDWLYDJHQHUDO6HEDVWLiQ
6FRUSLRDYDQ]yHQODHVFHQD
³6HxRUHV³GLMR³FRQXVWHGHVHO0DUFLDQR
<ORGLMRHQHOWRQRFDVXDOGHTXLHQDQXQFLDXQDUHIULJHUDGRUD0HJDIyQ\\RFDPELDPRV
XQDPLUDGDHUDYHUGDGTXHODKLVWRULDGHORV2EMHWRV9RODGRUHV1R,GHQWLILFDGRV\ODGHVXV
YLDMHURVFyVPLFRVLQLFLDEDHQWRQFHVXQFXUVRUHJXODUHQ%XHQRV$LUHVSHURGHDKtDFD]DU
XQPDUFLDQRDXWpQWLFR\KDFHUORILJXUDUHQXQKDSSHQLQJKDEtDXQDGLVWDQFLDOLWHUDOPHQWH
DVWURQyPLFD 7UDV DTXHO DQXQFLR 66 GHVDSDUHFLy HQ XQ PXWLV GLVFUHWR HO HVFHQDULR D
RVFXUDV \ WRWDOPHQWH YDFtR HPSH]y D OOHQDUVH GH XQD FODULGDG OHFKRVDFRPR OD JDOD[LD\
ORVDOWDYRFHVGHMDURQRtUVLOELGRVXOXODQWHVGHYiOYXODVHOHFWUyQLFDV(QWRQFHVHQHVHFDOGR
DXGLRYLVXDOHO0DUFLDQRKL]RVXDSDULFLyQDQWHPLORMRVTXHQRORFUHtDQ
(OHOHPHQWR´VRUSUHVDµHVWDEDVREUHWRGRHQODILJXUDGHVSLVWDQWHGHO0DUFLDQRHOFXDO
VLQ EX]R QL HVFDIDQGUD HVSHFWDFXODUHV YHVWtD XQ FRQMXQWR VSRUW D OD PRGD 3HUR DOJR
GHVHQWRQDEDHQDTXHO´VHUµ\HUDVXHVWUXFWXUDGHUHORMXOWUDFKDWRTXHVHKDFtDSRFRYLVL
EOH DO TXH OR PLUDUD GH IUHQWH \ TXH VyOR GH SHUILO DGTXLUtD VX Pi[LPD YLVLELOLGDG (Q OD
SODWHDVHKDEUtDRtGRYRODUXQDPRVFDWDQKRQGRHUDHOVLOHQFLRFRQTXHORVHVSHFWDGRUHV
REVHUYDEDQ DO 0DUFLDQR < IXH OD YR] GH 5yPXOR 'RPHQLFRQH OD TXH GHVKL]R HO
HQFDQWDPLHQWR
³£(VH KRPEUH QR HV XQ PDUFLDQR ³SURWHVWy³ £<R KH YLVWR HVD MHWD GH KDFKD HQ XQ
JDUDMHGH/LQLHUV
$TXt HO 0DUFLDQR URPSLy HO VLOHQFLR DVWUDO TXH OR HQYROYtD \ QRV PRVWUy VX SHUILO PX\
YLVLEOH
³1RVR\XQPDUFLDQR³DGPLWLy³FRPRORGLMRPX\ELHQHOPDOHYRSUHRSLQDQWH6R\XQ
DERULJHQGHODJDOD[LDTXHEULOODH[DFWDPHQWHDDxRVOX]GHOKXHYRWHUUiTXHR/R
TXH SDVD ³UH]RQJy³ HV TXH XVWHGHV YHQ D XQ PDUFLDQR HQ FDGD ELFKR ]XPEDGRU TXH OHV
FDH GH DUULED < QR VH DVRPEUHQ GH PL FKDWXUD HVWUXFWXUDO HV TXH YR\ SHUGLHQGR XQD
GLPHQVLyQDIXHU]DGHUHFRUUHUHOHVSDFLRDNLOyPHWURVSRUVHJXQGR
³6LHVDVt³GXGy0HJDIyQ³¢GyQGHKDHVFRQGLGRXVWHGVXFiSVXODHVSDFLDO"
³£<RQRYLDMRHQFiSVXODV³FKLOOyHO0DUFLDQR³<RXVRYHKtFXORVSXOOPDQFRQYHUWLEOHV
GHIiFLOHVWDFLRQDPLHQWR\HOPDOHYRSUHRSLQDQWHGLRHQHOFODYRDOPHQFLRQDUXQJDUDMH
GH/LQLHUV

138
 ³£<D PH SDUHFtD ³WULXQIy 5yPXOR 'RPHQLFRQH³ £$ Pt QR VH PH GHVSLQWD QXQFD XQ
PDVFDUyQGHSURD
³/R TXH PH MRGH PiV HQ HVWH SODQHWRLGH ³FRQWLQXy GLFLHQGR HO 0DUFLDQR³ HV OD
SHWXODQFLDGHVXVKDELWDQWHV5HFLpQHVWiQJDWHDQGRHQOD7pFQLFD£\\DVHFUHHQJHQLRV
SRUWUHVPRQRVLQIHOLFHVTXHKDQFRORFDGRHQyUELWD\DOJXQRVFRKHWHVGHPDOJXVWR\SHRU
RORUTXHWLUDQDODLUHFRQXQUXLGRLQIHUQDO¢<TXpGHFLUGHVXVDVWURQDXWDV"£3REUHVGLDEORV
TXHJLUDQHQyUELWDFDJiQGRVHHQFLPD\WUDJDQGRStOGRUDVGHURVELI
(UDHYLGHQWHTXHODVXILFLHQFLDGHO0DUFLDQRKDEtDFDtGRPDOHQODVDOD\VREUHWRGRHQ
HO$XWRGLGDFWRTXHSRURILFLRWHQtDHOULxyQFDOLHQWHGH0DUWH
³£9HQJDGHGRQGHYHQJD³OHUHSOLFy³\WUDLJDODPLVLyQTXHWUDLJDXVWHGQHFHVLWDXQD
OHFFLyQ GH XUEDQLGDG 6RPRV LQGXOJHQWHV FRQ ORV WXULVWDV SHUR QR PiV DOOi GH QXHVWURV
RUJXOORVQDFLRQDOHV
³£1R YHQJR D UHFLELU OHFFLRQHV ³WURQy HO 0DUFLDQR³ VLQR D LPSDUWLUODV £5D]D GH
FKDUODWDQHV £0HMRU KDUtDQ HQ LQVWDODU XQ FRVPRSXHUWR HQ OD ~WLO 3DWDJRQLD \ IDFLOLWDU HO
DUULERGHQXHVWURVFLJDUURVYRODGRUHV
(VWDOODED GH LUD \ QRV SUHVHQWy VX IURQWDO LQYLVLEOH FRPR OLVWR SDUD HO FRPEDWH 3HUR
6DPXHO7HVOHULQWHUYLQRDTXtOOHQRGHXQDJUDQGH]DTXHGHVOXPEUyDWRGRV
³£+D\D SD] ³QRV RUGHQy³ £4XH ORV WHUUHVWUHV GHSRQJDQ VXV DUPDV WHQHPRV \D
EDVWDQWHTXLORPERHQHVWHPXQGR£<TXHJXDUGHFRPSRVWXUDHO0DUFLDQRVLQRTXLHUHTXH
ODWHOHYLVLyQ\DQTXLORVLJDSUHVHQWDQGRFRPRXQDEHVWLDFRUQXGD
1R KLFLHURQ IDOWD PiV LQYRFDFLRQHV (O 0DUFLDQR WHQGLHQGR VX tQGLFH DO ILOyVRIR
SUHJXQWyDORVDVLVWHQWHVFRQYR]HPRFLRQDGD
³6HxRUHV ¢TXLpQ SRGUi VHU HVH QREOH WHUUtFROD HQ FX\R URVWUR HO QRPEUH GH OD FLHQFLD
HVWiGLEXMDGRFRPRHQXQYDOLRVRSHUJDPLQR"
0RGHVWR\DUURJDQWHDODYH]HOILOyVRIRYLOODFUHVSHQVHOHQDUUyODSDUiERODTXHVLJXH
³µ1RELHQHOUHQJRKXERDOFDQ]DGRODPHWDFRQVXSDWD~QLFDGLMRHQDFFLyQGHJUDFLDV
£5HQJR UHQJR SHUR YHQJR < ORV WHyORJRV RILFLDOHV MXUDURQ TXH QR KDEtDQ RtGR MDPiV XQ
7HGHXPPiVJUDWRDODVRUHMDVGHORVGLRVHVµ
)XHYLVLEOHTXHODPD\RUtDGHORVDVLVWHQWHVQR HQWHQGLyQLMRWDGHODSDUiEROD6yORHO
0DUFLDQRGLMREULOODQWHGHLQWHOHFFLyQ
³$TXHO UHQJR HUD XQ KpURH £6t KD\ XQ 0RWRU ,QPyYLO HQ OD ELHQ DFHLWDGD UHORMHUtD GH
QXHVWURVSODQHWDULRV
/D SD] HVWDED KHFKD < 6DPXHO 7HVOHU REUHUR GH OD SD] OH URJy DO 0DUFLDQR TXH QRV
GLMHUDVXQRPEUH
³$PLJRV³UHVSRQGLypO³HQHVWHPXQGR\HQHORWURPHOODPDQ,JQDFLR-DXUHJXLEHUUL
GRQ,JQDFLRSDUDORVIDPLOLDUHV
4XHGDPRV FRPR DWXUGLGRV \ PH GLMH TXH OD SD] QR VHUtD IiFLO GH VRVWHQHU FRQ XQ
PDUFLDQRWDQLQFRQJUXHQWH
³£-DXUHJXLEHUULHVXQDSHOOLGRYDVFR³VHLQGLJQy0HJDIyQ
³¢1RVTXLHUHQPHWHUHOSHUUR"³JULWyXQRGHORV'RPHQLFRQH
³£(O0DUFLDQRHVXQKHUHMH³DFXVy3DWULFLD%HOOHQFyOHUD
³£2 DOJR PiV ³H[FODPy HQ OD SODWHD XQD YR] GH WRQR SROLWLFRVRFLDO³ £(O 0DUFLDQR HV
XQDLQYHQFLyQGLVWUDFWLYDGHO,PSHULDOLVPR
/OHQRGHLQGXOJHQFLDHO0DUFLDQRWRPyODSDODEUD
³6HxRUHV³GLMR³XVWHGHVORVWHUUtFRODVYLYHQD~QHQODQLxH]GHO&RVPRV\RGLUtDTXH
PDPDQGRODVGXOFHVWHWDVGHOD9tD/iFWHD-DXUHJXLEHUULKHQDFLGR\-DXUHJXLEHUULPRULUp
<QDUUyHQXQFDQWXUUHRGHOH\HQGDLQPHPRULDO
³+DFH XQ PLOOyQ GH DxRV WHUUHVWUHV XQD H[SHGLFLyQ FRORQL]DGRUD VDOLy GH PL SODQHWD
UXPERDVXREMHWLYR/DJUDQQDYHLQWHUJDOi[LFDGHVFHQGLyHQHOSDtVFDQWiEULFRDODVD]yQ

139
GHVLHUWR FDVL HQ HO PLVPR OXJDU GRQGH VH OHYDQWDUtD OXHJR OD LOXVWUH 3DPSORQD 0LV
DQFHVWURV YDURQHV \ KHPEUDV HQWUHJDGRV DO DOHJUH \ ~WLO HMHUFLFLR GH OD SURFUHDFLyQ
GLHURQDOOiRULJHQDXQSXHEORTXHPiVWDUGHVHKDUtDFpOHEUHSRUODVROLGH]LQTXHEUDQWDEOH
GHVXVYLUWXGHV\VXVORPRV(VHSXHEORTXHVHFRQRFHDKRUDSRUHOJHQWLOLFLRGH´YDVFRµ
HQVHxy ODV LQGXVWULDV ODV DUWHV \ ODV OHWUDV D XQD (XURSD TXH VXPLGD HQ OD EDUEDULH
ODQ]DED UHFLpQ ORV SULPHURV YDJLGRV GH OD FXOWXUD 0iV WDUGH OOHYDGR SRU HO KREE\ GH OD
QDYHJDFLyQ HVH SXHEOR DGPLUDEOH FXEULy OD WLHUUD FRQ VXV YiVWDJRV H KL]R HVFXFKDU VX
PLVWHULRVRLGLRPDHQODVPiVHVFRQGLGDVODWLWXGHV3HURJXDUGyHQVXVPRQWDxDVQDWDOHVHO
VHFUHWR GH VX RULJHQ \ XQD WHQD] FRQVLJQD GH LQGHSHQGHQFLD FRQ HO VROR ILQ GH DVHJXUDU
FRQWLQXDV \ GLVFUHWDV UHODFLRQHV HQWUH OD FRORQLD \ VX PHWUySROL HVWHODU $PLJRV \R GHV
FLHQGRSRUYtDGLUHFWDGHDTXHOORVFRORQRVHVSDFLDOHV\VR\XQ-DXUHJXLEHUULOHJtWLPR
$XQTXHEDVWDQWHUHWyULFDODOH\HQGDTXHDFDEDEDGHUHIHULUQRVHOPDUFLDQRGHVSHUWyHQ
Pt XQD FDOLHQWH VLPSDWtD WDO YH] SRU HO KHFKR GH TXH VR\ YDVFXHQFH D PHGLDV R PHGLR
YDVFRVHJ~QODVDQJUH3HUR0HJDIyQQRGLJHUtDODJXD\DEDSRpWLFDGH-DXUHJXLEHUUL
³6HxRU³OHGLMR³¢TXpSUXHEDVQRVGDUtDXVWHGTXHFRQILUPDUDQHVHRULJHQ"
³'RV H LUUHIXWDEOHV ³DVHJXUy pO³ /D ERLQD TXH XVDQ ORV YDVFRV HV XQ UHFXHUGR
VLPEyOLFRGHOFDVFRHVSDFLDOTXHWUDMHURQGHVGHPLSODQHWD
³£&yPLFR³ULy0HJDIyQXQLpQGRVHDODMDUDQDGHODSODWHD
³3RU RWUD SDUWH ³DxDGLy HO 0DUFLDQR³ ¢GH GyQGH VDOGUtD OD YRFDFLyQ TXH WLHQHQ ORV
YDVFRVSRUODLQGXVWULDOHFKHUDVLQRGHVXVH[FXUVLRQHVDWUDYpVGHODVJDOD[LDV"
³1R H[DJHUHQ OD ULVD ³QRV DPRQHVWy DTXt 6DPXHO 7HVOHU³ 2 HO 0DUFLDQR HV XQ
GURJDGLFWRGHODIDQWDFLHQFLDRHO0DUFLDQRHVWiHQULJXURVRSHGR(VDVGRVUD]RQHVDPL
HQWHQGHUVRQLJXDOPHQWHUHVSHWDEOHV
< DTXt YROYLy D RtUVH ODYR] GH WRQR SROLWLFRVRFLDO TXH QRV KDEtD OOHJDGR UHFLHQWHPHQWH
GHODVDOD
³£(VFXFKHQ ³QRV DUHQJy³ £1R VyOR HO 0DUFLDQR HV XQ DJHQWH GHO ,PSHULDOLVPR
£7DPELpQ OR HV OD )XQGDFLyQ 6FRUSLR ~OWLPR EDOXDUWH GH OD EXUJXHVtD ¢< TXp ILQ VH
SHUVLJXH FRQ HVWRV KDSSHQLQJV" £$QHVWHVLDU D ODV PDVDV £(O KDSSHQLQJ HV HO RSLR GHO
SXHEOR¢(QWLHQGHQ"
$QWHXQDSODWHDJRORVDGHWULIXOFDVHO0DUFLDQRKDEtDVHJXLGRDWHQWDPHQWHODVSDODEUDV
GHODJLWDGRULQFyJQLWR
³¢6HUiXVWHGXQPDU[LVWD"³OHSUHJXQWyDOILQ
³£1RORQLHJR³YRFLIHUypO
³6HxRUHV ³QRV GLMR HO 0DUFLDQR YROYLpQGRVH D QRVRWURV³ HO DJLWDGRU TXH DFDED GH
DUHQJDUORV\GHFX\DEXHQDIHQRGXGRLJQRUDVHJXUDPHQWHODQRWLFLD
³¢4XpQRWLFLD"³JUXxyHODJLWDGRU
³(OPDU[LVPRDFDEDGHIDOOHFHUHQ9DUVRYLDGHDUWULWLVDJXGDVLHQGRODVKRUDORFDOR
ODV  VHJ~Q HO PHULGLDQR GH *UHHQZLFK 6XV ~OWLPDV SDODEUDV IXHURQ 7R EH RU QRW WR
EHGLFKDVHQHOPiVSXURHVWLORGH2[IRUG
³£(VXQFDEOHIDOVRGHOD8QLWHG3UHVV³JULWyHOGHODYR]SROLWLFRVRFLDO
<OOHQRGHIXULDLQWHQWyVXELUDHVFHQDFRQILQHVEHOLFRVRV3HURORVPHOOL]RV'RPHQLFRQH
YHWHUDQRVHQDTXHOODVEURQFDVORKLFLHURQGHVLVWLUGHVXEHOLJHUDQFLDHQWUHXQJULWHUtRGH
ODSODWHDTXHVHJXtDUHFODPDQGRDFFLyQDWRGRWUDQFH<IXH5yPXOR'RPHQLFRQHYDUyQGH
DOWDHVWDWXUDItVLFD\PRUDOTXLHQVHLPSXVRDOGHVRUGHQ\ORJUyXQVLOHQFLRIDYRUDEOH
³£&KH0DUFLDQR³ORH[KRUWy³¢SRUTXpQRWHGHMDVGHPLORQJDV\YROYpVDWXFDWUDPLQD
HVSDFLDO"£$TXtKD\XQRORUDFDVWDxDTXHYROWHD
<GLULJLpQGRVHDOILOyVRIR
³0DHVWUR ³OH DGYLUWLy³ OD FLHQFLD HVWi ELHQ 3HUR ORV PXFKDFKRV H[LJHQ EDLORQJR
FRUULGR

140
 $PHQD]ySRU~OWLPRDO$XWRGLGDFWRGH9LOOD&UHVSR
³£(VFXFKH-HIHVLHVWDPXIDVLJXH\RPHDEURGHOKDSSHQLQJ\PHYXHOYRDODSL]]HUtD
/RVYtWRUHVFRQTXHODSODWHDUHFLELyDTXHOORVWUHVUHFODPRVGHOPHOOL]RORFRQYLUWLHURQHQ
XQOtGHUDEVROXWR9LVWRORFXDO0HJDIyQTXHWDPELpQORHUDVHQWHQFLyDVt
³9R[SySXOLYR['HL6LHO0DUFLDQRWLHQHDOJXQDIXQFLyQTXHFXPSOLU£TXHORKDJDHQ
VHJXLGD<VLQRTXHUHJUHVHDVXJDOD[LDSDUWLFXODUHQHOFDVRGHTXHODWHQJD\ORGXGR
$ORtUWDQFXHUGDVSDODEUDVHO0DUFLDQRHQWUyHQXQDVXHUWHGHDFWLYLGDGIHEULO
³¢'yQGH KDQ SXHVWR PL PDOHWD GH YHQGHGRU YLDMDQWH" ³JULWy KDFLD XQ ODWHUDO GHO
HVFHQDULR
(O PLVPR 66 OH DOFDQ]y XQD YDOLMD GH OD TXH VH DSRGHUy HO 0DUFLDQR FRQ XUJHQFLD
SURIHVLRQDO
³£+DELWDQWHV GH OD 7LHUUD ³QRV GHFODPy HQ HVWLOR PDUNHWLQJ³ GHVGH PL JDOD[LD OHV
WUDLJR QRYHGDGHV LQFUHtEOHV \ D SUHFLRV GH FRVWR $OHDFLRQHV PHWiOLFDV GHVFRQRFLGDV H
LVyWRSRV UDGLDFWLYRV TXH QL VRxDURQ D~Q HQ HVWH EHOOR HVIHURLGH ¢4XLHUHQ OD IyUPXOD GHO
HOHPHQWR=TXHGHVWUX\HODJUDYLWDFLyQXQLYHUVDO"£6HODGDUpJUDWLVDOTXHGHPXHVWUHTXH
XQRPiVXQRVRQLJXDOHVDWUHV\DFHUR
4XL]iV XVWHGHV QR YDORULFHQ HVWDV KHUPRVXUDV KXQGLGRV FRPR HVWiQ HQ ORV SUREOHPDV
HFRQRPLFRVRFLDOHV D TXH DOXGLy UHFLpQ HO FDPDUDGD PDU[LVWD 3HUR OHV WUDLJR XQD RIHUWD
VHQVDFLRQDO FRPSXWDGRUDV \ FHUHEURV HOHFWUyQLFRV TXH OHV UHVROYHUiQ HVDV PLQXFLDV FRQ
VyORDSUHWDUXQERWyQ
$EULHQGRVXYDOLMDHO0DUFLDQRKL]RFDHUVREUHODSODWHDXQGLOXYLRGHIROOHWRVFDWiORJRV
\ GLDJUDPDV HQ FRORUHV < VH GLR DTXt OD SULPHUD UHDFFLyQ GHO KDSSHQLQJ FRQWUD HO
0DUFLDQRWUDGXFLGDHQXQDEXFKHRGHVFRPXQDO
³6HxRUHV³SURVLJXLypOVLQLQPXWDUVH³WDOYH]ORVDWUDLJDPiVXQWXULVPRVLVWHPDWL]DGR
DODVUHJLRQHVJDOi[LFDV£%LHQ£/DFXULRVLGDGHVPDGUHOHJtWLPDGHODFLHQFLD/HVRIUH]FR
YLDMHVFyPRGRV\XOWUDUUiSLGRVHQFODVH~QLFDGXUDQWHORVFXDOHVJXVWDUiQHOPHMRUFDYLDU
GHUXVLD\ORVPiVDxHMRVYLQRVIUDQFHVHVEULQGDGRVSRUQXHVWUDVIDPRVDVD]DIDWDVURERW£<
UHWURFHGDQ DQWH ORV HVSDQWRV FyVPLFRV 'HQWUR GH XQD GpFDGD XQ DVWURQDXWD \DQTXL HQ
yUELWDGLUi TXHODOXQD HVXQDIUDFFLyQUHSHOHQWHGHOPLHGR¢<TXHSUHWHQGHUiGHVFXEULU
HQODOXQDXQDUpSOLFDHQWHUQHFHGRUDGH'LVQH\ODQGLD"£6HxRUHVQRVHOODPHQDHQJDxR/R
TXHVHYHSRUHOFXORQRYHOGHXQDVWURQDXWDHVORPLVPRTXHVHYHSRUHOFXORIyVLOGHXQ
PHJDWHULRYDOHGHFLUODPLVPDEUXWDOLGDGJUDFLRVDGHODPLQHUDORJtD
1R SXGR VHJXLU DGHODQWH DO VRUGR DEXFKHR GH OD SODWHD VLJXLy XQD UHFKLIOD TXH QRV
URPSLyORVRtGRV(O0DUFLDQRHQVXIHUYRUSURVHOLWLVWDGLRVHxDVGHTXHUHUEDMDUDODVDOD
\GLVWULEXLULWLQHUDULRVGHYLDMH3HURORFRQWXYRXQDOOXYLDGHSUR\HFWLOHVTXHOHDUURMDEDQ
GHVGHODSODWHDGLDULRVHQFHQGLGRVWUR]RVGHHPSDQDGDVREUDQWHV\]DSDWRVGHPXMHUHV
³£$TXtQRKD\JDUDQWtDV³FKLOOyHQWRQFHV³£([LMRXQDUHXQLyQGHSUHQVD
(QWUH6HEDVWLiQ6FRUSLR\GRVD\XGDQWHVORKLFLHURQDEDQGRQDUHOHVFHQDULRHQXQPXWLV
JURWHVFR<DVtGLRILQODLQWHUYHQFLyQGHO0DUFLDQRHQHO KDSSHQLQJ/XHJRPHDVDOWDUtDQ
QRSRFDVGXGDVDFHUFDGHVXRULJHQ\HQWLGDGODVFXDOHVQRKHUHVXHOWRD~QQLUHVROYHUp\D
TXHQRLQWHUHVDQPXFKRDODFUyQLFDGHORVKHFKRVPHJDIRQLDQRV
$SDUWLUGHDTXHOPXWLV\DWHOyQ\DFRUULGRHOKDSSHQLQJGHOD)XQGDFLyQ6FRUSLRHQWUy
HQ XQD UHFWD ILQDO FX\R ULWPR YHUWLJLQRVR PH SDUHFLy GHOLEHUDGR &RQ HO UHJUHVR GH ODV
HVWULGHQFLDV DXGLRYLVXDOHV HO S~EOLFR LQLFLy XQ EDLORWHR HQ HO TXH OD FRUHRJUDItD WRFy VXV
~OWLPDV YDQJXDUGLDV 3DUDOHODPHQWH ORV PR]RV GH VHUYLFLR DKRUD WRWDOPHQWH ERUUDFKRV
LUUXPSLHURQ RWUD YH] HQ OD VDOD FRQ VXV EDQGHMDV HQRUPHV FDUJDGDV GH EHELGDV IXHUWHV
'HPRQLRVDJUHVLYRVDVDOWDURQDORVEDLODULQHV\ORVKLFLHURQEHEHUDODIXHU]DXQYDVRWUDV
HO RWUR HQ XQD VXHUWH GH IHUR] REOLJDWRULHGDG 1XQFD YL HQ HVWH PXQGR XQD ERUUDFKHUD
FROHFWLYDWDQIXOPLQDQWHODVSDUHMDVFRPHQ]DURQDWUDVWDELOODU\DFDHUVHPHMDQWHVDORV

141
DUEXVWRVTXHXQOHxDGRUIXULRVRYDGHUULEDQGRFRQVXKDFKD<QRELHQFD\yOD~OWLPDVyOR
TXHGDPRVHQSLH0HJDIyQ\3DWULFLDHOILOyVRIR7HVOHU\\RFRQVWHUQDGRVDQWHDTXHOV~ELWR
GHUUXPEHGHKRPEUHV\PXMHUHV
&HVy OD P~VLFD \ VH DSDJDURQ ORV UHIOHFWRUHV $ OD OX] LQFLHUWD TXH D~Q LOXPLQDED HO
WHDWUR\SRUHQFLPDGHORVEDLODULQHV\DFHQWHVUHFRUUtDPRVODSODWHD0HJDIyQ\6DPXHO
3DWULFLD \ \R VREULRV HQWUH ORV ERUUDFKRV \ GHVSLHUWRV HQWUH ORV GRUPLGRV < XQD SLHGDG
LQPHQVD QRV HPEDUJy DO GHVFXEULU D ORV KHUPDQRV 'RPHQLFRQH TXH \DFtDQ HQ HO VXHOR
DEUD]DGRVDVXVSHOLUURMDV/DSLHGDGVHQRVKXPHGHFLyHQOiJULPDVFXDQGRMXQWRDXQDGH
ODV HVFDOHULOODV WURSH]DPRV FRQ HO DILODGRU &DSULVWR HQ KRUL]RQWDO TXH OORUDED \ UHtD HQ
VXHxRV DJDUUDGR D VX IODXWD GH EHVWLD PLWROyJLFD (QWRQFHV 0HJDIyQ FRPHQ]y D ]R]REUDU
HQ VX DOPD \ D PDOGHFLU OD KRUD HQ TXH KDEtD PHWLGR D WDQ LQRFHQWHV JXHUUHURV HQ XQ
KDSSHQLQJVLQGLJQLGDG<PDOGLMRDOD)XQGDFLyQ6FRUSLR\DVXVDOFRKROHVGHVWLODGRVHQORV
IUDXGXOHQWRVDODPELTXHVGHO*UDQ%XHQRV$LUHV/XHJRSDVHDQGRXQDPLUDGDIXQHUDOVREUH
ORVFDtGRVQRVSUHJXQWyHQWRQRGUDPiWLFR
³6L HO +DFHGRU EDMDVH D HVWD SODWHD ¢UHFRQRFHUtD VX LPDJHQ \ VHPHMDQ]D HQ HVWRV
SREUHVPXHUWRV"
³1RHVWiQPXHUWRV³OHFRUULJLy7HVOHU³VLQREDVWDQWHPXWLODGRV
³£$HVRLED¢0XWLODGRVHQTXp"
³'tJDOR
³£(QODVXEOLPLGDG
<HO2VFXURGH)ORUHVFRQDFHQWRHOHJLDFRQRVGHFODUyORTXHPiVWDUGHILJXUDUtDHQVX
KLVWRULDFRQHOQRPEUHGH5HVSRQVRDOR6XEOLPH
³/D 6XEOLPLGDG KD PXHUWR (O KRPEUH VH PXWLOy D Vt PLVPR HQ VX IODQFR GH OD
6XEOLPLGDG \D QR SXHGH WHQGHU D OR VXEOLPH VXV YLHMRV SVHXGRSRGLRV GH DQLPDO
WUDVFHQGHQWH ¢< DKRUD TXp KDUi" ¢6XFXPELU HQ OD PXWLODFLyQ R UHVWDXUDU VX IODQFR GH OR
VXEOLPH FRQ XQ LQMHUWR GH FpOXODV YLYDV TXH OH KDJDQ IXQFLRQDU RWUD YH] ORV UDGDUHV GHO
DOPD"
7UDVPHGLWDUXQLQVWDQWHORVFRQFHSWRVGH0HJDIyQHOILOyVRIRYLOODFUHVSHQVHOHGLMR
³/D6XEOLPLGDG£XQDSHUDGHDJXD1R\QR6LKD\TXHUHVWDXUDUHQHOKRPEUHDOJXQD
SLH]D GH PXVHR \R HOHJLUtD VX IDFXOWDG LQWHOLJHQWH +DFH PXFKR HQ XQ PDQLFRPLR GH
&yUGREDPHGHFODUDURQHO1XHYR3URIHWDGHOR,QWHOLJLEOH
³6DPXHO¢TXLHUHSURIHWL]DUDKRUD"³OHGLMR0HJDIyQ
³/RKDUtD³UHVSRQGLy7HVOHU³VLWXYLHUDPiVS~EOLFRHQODWHUWXOLD\HQHOJDOOLQHUR
³£6DPXHOSURIHWLFH³OHURJyXQD3DWULFLDYLEUDQWHGHDQWHQDV
(OILOyVRIRLUJXLyVXHVWDWXUDVHDFDULFLyXQDLQH[LVWHQWHEDUEDGHSURIHWD\VDOPRGLyORV
YHUVtFXORVTXHVLJXHQ
&XDQGR HVWH VLJOR \ VXV KDSSHQLQJV KD\DQ DJRWDGR OD SRVLELOLGDG HQWHUD GH OR $EVXUGR
£D\YLGDOLWD
&XDQGRVHKD\DH[SULPLGRHO'HVRUGHQKDVWDOD~OWLPDJRWDGHVXOLPyQ£YLGDOLWD\
&XDQGROR$EVXUGR\DVHDXQOXJDUFRP~QDEXUULGR
<HO'HVRUGHQXQDULVLEOHFXUVLOHUtD
&XDQGRODKXPDQLGDGHVWUDQJXOHDO~OWLPRSVLFyORJRFRQODPHGLDGHQDLORQGHOD~OWLPD
HVWpWLFD
&XDQGRVHJULWH´1RYDPiVµ\SDUH]FDHQHIHFWRTXH´1RYDPiVµ\OORUDQGRVHGLJD
´1RYDPiVµ
(QWRQFHVOR,QWHOLJLEOHTXHKDEtDGRUPLGRODUJDPHQWHGHVSHUWDUiHQVXFDPDGHKLHUUR
\HQWUHVHGRVDVOHQFHUtDV£$OHOX\D
/RV GHVOXPEUDGRV KRPEUHV OORUDUiQ GH DOLYLR DO GHVFXEULU QXHYDPHQWH TXH GRV FRVDV
LJXDOHVDXQDWHUFHUDVRQLJXDOHVHQWUHVt

142
 /D*HRPHWUtDSDUHFHUiRWUDYH]XQDUHIUHVFDQWHQRYHODGHDYHQWXUDV
&RPRXQYLQRVLQWUXFRVOD/LEHUWDGKDUiGHQXHYRTXHVHHPERUUDFKHQVDQWDPHQWHODV
WUHVSRWHQFLDVGHODOPD
<ODKLVWRULDOLQHDOGH&DSHUXFLWD\HO/RERKDGHFXUDUDORVDJRQL]DQWHV\UHVXFLWDUD
ORVPXHUWRV

143
 5$362',$9,,

´0LHQWUDV WDQWR \ D ILQ GH SUHVHUYDU OD UD]D KXPDQD HO 6REHUDQR 0DHVWUR SURGXMR DO
%UDFPiQGHVXERFD\DO&KDWU\DGHVXEUD]R\DO9DLV\DGHVXPXVOR\DO6XGUDGHVXSLHµ
'HRJUDQDV
9HQHUDEOHVKHUPDQRVRVUXHJRTXHQRDGPLUpLVHQHVDGLYLQDJHQHUDFLyQGHKRPEUHVQL
D %UDFPiQ HO FXUD OXPLQRVR QL D &KDWU\D HO YDOLHQWH PLOLFR QL DO WUDQVSLUDGR 6XGUD HO
PRQR ~OWLPR GH OD FDGHQD VRFLDO \ HO TXH VH DKRJD IDWDOPHQWH $GPLUDG £RK Vt D HVH
KRPEUHFLWR SDQ]yQ OODPDGR 9DLV\D WDPELpQ FRQRFLGR HQ OD KLVWRULD SRU HO +RPR
2HFRQRPLFXVDOLDVHOULFRDOLDVHO&KDQFKR%XUJXpVDOLDVHO(VW~SLGR&UHVR9HUGDGHVTXH
ORV SODQHV GH VX &UHDGRU OR KDEtDQ GHVWLQDGR VDELDPHQWH D SURGXFLU OD ULTXH]D \ D
GLVWULEXLUODFRQHTXLGDG3HUR9DLV\DHOULFRXQHVWDIDGRUQDWRVHDEULyGHOD&RRSHUDWLYD
\ DGPLQLVWUy HO QHJRFLR SRU VX FXHQWD ¢([LVWH DOJ~Q DWHQXDQWH GH VX FXOSD" +HUPDQRV
UHFRUGDGTXHKDEtDQDFLGRpOGHXQPXVORFHUFDGHORULILFLRDQDO\H[SXHVWRDVXVLQJUDWDV
GHWRQDFLRQHV £TXH WDQWR SXHGH XQD WRSRJUDItD GHVIDYRUDEOH 1R HV PXFKR SXHV TXH
9DLV\DHO5LFRVHGLHUDFRPRXQIODWRFDVXDOHQODKLVWRULDGHOPXQGR
(Q OD JORULHWD GHO FKDOHW DQWH XQ %DUURVR HQWXVLDVPDGR XQ %DUUDQWHV QHXWUDO \ XQD
3DWULFLDOOHQDGHORVFXDWUR(YDQJHOLRV0HJDIyQSUHJXQWDVLHOHVTXHPDWHyULFRGHOULFRVH
DMXVWDUtD R QR D OD HQWLGDG IUDJRVD GH 5DPLUR 6DOVDPHQGL /HXPDQ DUTXLWHFWR \ GRFWRU
PLQLVWUR\HPSUHVDULRLQGXVWULDO\FRPHUFLDQWHKRPEUHGH´PXFKDVYXHOWDVµFRPR8OLVHV
TXHSRUDTXHOORVDxRVIXHODGHOLFLDGHORVWHOHYLGHQWHV\HOLQVRPQLRGHODVPDVDV
³£3DGUH³WHPLy%DUURVR³HOJDQVRGHODGXGDVHQRVKDPHWLGRHQHOJDOOLQHUR
³+LMR ³OH UHVSRQGLy %DUUDQWHV³ OD GXGD QR HV XQD JDOOLQiFHD TXH WH UHFRPHQGDUtD
MDPiVGLRXQEXHQFDOGRQLVLTXLHUDHQODROODGH5HQH'HVFDUWHV
³<R QR GXGR ³UH]RQJy 3DWULFLD %HOO³ £5DPLUR 6DOVDPHQGL HV HO 5LFR GHO (YDQJHOLR
FRQGHQDGRSRUHOVHxRU-HV~V
³¢< TXLpQ OR QLHJD" ³GLMR XQ 0HJDIyQ HFXiQLPH³ 6H WUDWD GH DYHULJXDU
´TXLU~UJLFDPHQWHµ VL XQ GLDJQyVWLFR HV R QR H[DFWR 6L GRQ 5DPLUR 6DOVDPHQGL /HXPDQ
DELHUWR HQ HO TXLUyIDQR UHVXOWDUD QR VHU HO 5LFR GHO (YDQJHOLR OR FHUUDPRV
LQPHGLDWDPHQWH\ORFRVHPRVFRQKLORGHFLUXJtDHVWpWLFD
(QUHDOLGDGOD%LRSVLDGHO(VW~SLGR&UHVRHVWDED\DGHFLGLGDHQORVSDSHOHVGH0HJDIyQ\
UHVXHOWD HQ VX PHQRUHV GHWDOOHV ORJtVWLFRV (VStDV DGLHVWUDGRV HQ HO FLQHPDWyJUDIR KDEtDQ
KHFKRXQSODQRGHOFDVHUyQYHWXVWRTXHGRQ5DPLUR6DOVDPHQGLRFXSDEDHQHOEDUULRVXU
&RQRFtDQVH WDPELpQ HO Q~PHUR HVFDVR GH VXV VLUYLHQWHV OD XELFDFLyQ GHO SROLFtD TXH
FXVWRGLDEDVXLQYHVWLGXUDGH0LQLVWUR\ODVKRUDVHQTXH6DOVDPHQGLHUDGHIiFLODERUGDMH
,QWHJUDUtDQHOHTXLSRTXLU~UJLFR0HJDIyQ\3DWULFLDHOG~R%DUUDQWHV\%DUURVRHOFRQWDGRU
6HJXUD \ HO 3REUH $EVROXWR PRYLOL]DGR HQ XQD IiEULFD GH DFHLWHV \ FX\D LGHQWLGDG QR
UHFRJLy OD KLVWRULD 6H QHFHVLWDED XQ SUHWH[WR FRQ TXH GLVIUD]DU HO DERUGDMH \ IXH
VXPLQLVWUDGR SRU OD PLVPD QDWXUDOH]D GHO SUyFHU GRQ 5DPLUR DGRUDED ORV IRFRV KDOD
JDGRUHVGHODSXEOLFLGDG/XHJROD%LRSVLDWHQGUtDXQDFDUDLQLFLDOGH5HSRUWDMH
(O GtD VHxDODGR \ D OD KRUD SUHYLVWD GHO DQRFKHFHU HO HTXLSR PRVWUDED HQ HO VDOyQ GH
&UHVRXQDLUHSURIHVLRQDOPX\FRQYLQFHQWH3DWULFLD%HOOQRVROWDEDGHVXPDQRXQJUDEDGRU
IRQRPDJQpWLFR%DUURVRWUDtDXQDFiPDUDIXPDGRUDGHUHOXPEUyQ\HO3REUH$EVROXWRXQD
OiPSDUDGHIODVKOXMRVLQVWUXPHQWDOHVTXHKDEtDQWUDQTXLOL]DGRDOPD\RUGRPRGHODFDVD
HQVXIXQFLyQGHKDELOLWDURQRORVDFFHVRVGHOKpURH/RVUHSRUWHURV0HJDIyQ%DUUDQWHV\
6HJXUD PLHQWUDV HVSHUDEDQ HO DUULER GH &UHVR KDFtDQ XQ LQYHQWDULR GHO VDOyQ GRQGH VH
RUGHQDEDQ R GHVRUGHQDEDQ PXHEOHV WDSLFHV \ REMHWRV DPRQWRQDGRV HQ XQD VXHUWH GH
´SDVLyQDFXPXODWLYDµ6LQGLVLPXODUVXDPDUJXUDHOUHSRUWHUR%DUUDQWHVKDEtDFRQVLGHUDGR

144
XQDJUDQOiPSDUDGHSLHFX\DSDQWDOODKHFKDFRQODKRMDGHXQDQWLIRQDULRPHGLHYDOUH]DED
WRGDYtD*ORULDLQH[FHOVLV'HR
³£(V XQD OiPSDUD EODVIHPDWRULD ³VH ODPHQWy³ (Q RWURV DxRV HVD KRMD GH SHUJDPLQR
VHUYtDSDUDGDUOX]DODVDOPDV£$KRUDLOXPLQDODVWULVWHVHVFXSLGHUDVGH&UHVR
(QWRQFHV YLR D VX KLMR HO UHSRUWHUR %DUURVR TXH VH SHUVLJQDED FRQ PXFKD GHYRFLyQ
IUHQWHDXQSLDQRGHFROD
³&KDQJR³OHGLMR³¢SRUTXpWHVDQWLJXDVDQWHODSLDQRODGH&UHVR"
³(VHODWD~GGHODP~VLFD³OHUHVSRQGLy%DUURVR³£4Xp'LRVODWHQJDHQVXJORULD
³6LQHPEDUJR³FRQMHWXUy%DUUDQWHV³MXUDUtDTXHODPXMHUGH&UHVRWRFyDOJXQDYH]HQ
HVWHSLDQRDWD~GOD3OHJDULDGHXQDYLUJHQR8QDWHPSHVWDGHQHOFDERGH+RUQRV
³£4XH'LRVODSHUGRQH³RUy%DUURVRSHUVLJQiQGRVHRWUDYH]DQWHODQHJUDFDMDPXVLFDO
<HQHVHLQVWDQWHFRPRDODYR]GHXQWUDVSXQWHGRQ%UXQR6DOVDPHQGL/HXPDQKL]RVX
HQWUDGDHQHOVDOyQUDXGRFRPRXQDJHQWHGH EROVDILUPHFRPRXQ DUTXLWHFWRLQVHJXUR
FRPR XQ PLQLVWUR GH FXDUWHOD]R $O HQWUDU VX RMR HQ JUDQ DEHUWXUD IRWRJUDILy D ORV
YLVLWDQWHV\VXRMRL]TXLHUGRHQWUHFHUUDGRDYDOXyODFiPDUDHOJUDEDGRU\ODOiPSDUDGH
IODVK
³6HxRUHV³GLMR³QRPHJXVWDGHPRUDUDODSUHQVD¢4XLHUHQVHQWDUVH"
/HTXLWyD3DWULFLDHOJUDEDGRU
³6HxRUD¢HVDSLODRDFRUULHQWH"<DORYHRHVDSLOD
7UDVXELFDUHODUWHIDFWRHQXQVLOOyQORKL]RDQGDU\VXVXUUyHQVXPLFUyIRQR´3UREDQGR
SUREDQGRµ(QVHJXLGDOHGLMRD%DUURVRTXHQRVROWDEDODIXPDGRUD
³6HxRUHQFRQWUDUiHOHQFKXIHDOSLHGHODOiPSDUD
<FRQVWUX\pQGRVHXQDSRVVHMXQWRDODJUDQFKLPHQHD³£&iPDUD\VRQLGR³H[FODPyHQ
p[WDVLV
(O3REUH$EVROXWRORDPHWUDOOyHQWRQFHVFRQDOJXQRVIODVKHVLQ~WLOHV/HDSXQWy%DUURVR
FRQODIXPDGRUD\VHGHWXYRFRPRDOXFLQDGR
³£3DGUH³OORULTXHy³GRQ5DPLURHVWiJXLxiQGRPHXQRMR
³1R HV XQ JXLxR ³OR WUDQTXLOL]y %DUUDQWHV³ HV XQ WLF SURIHVLRQDO TXH GRQ 5DPLUR
DGTXLULyDIXHU]DGHFRQWDUELOOHWHVFRQSRFDOX]
$ORtUHVHGLiORJRHOGRFWRUDUTXLWHFWRGHVWUX\yVXSRVVH\DUUXJyXQDIUHQWHLQVXOWDGD
3HUR FLHUWD LOXPLQDFLyQ OH KL]R UHFREUDU HO RFWDYR GH VRQULVD TXH XVDED pO DQWH ORV
FDPDUyJUDIRV
³1RPHGLVJXVWDQHVRVYDQJXDUGLVPRV³FRQFHGLy³(VHO´KXPRUQHJURµTXHDKRUDWUDHQ
ODVUHYLVWDVLOXVWUDGDV
<  UHFREUy VX SRVVH MXQWR D OD FKLPHQHD 3HUR ORV YLVLWDQWHV JXDUGDURQ XQ VLOHQFLR HQ
WHQVLyQKDVWDTXH%DUURVR\3DWULFLDFRQIHVDURQOODQDPHQWH
³/DIXPDGRUDQRWLHQHUROOR
³(OJUDEDGRUQRWLHQHFLQWD
'RQ5DPLUR6DOVDPHQGLORVPLUyFRPRD]RUDGR
³¢<TXpEXVFDQDTXt"³OHVSUHJXQWy
³4XHUHPRV DYHULJXDU ³OH GLMR 3DWULFLD %HOO³ VL HVWDPRV R QR IUHQWH DO 5LFR GHO
(YDQJHOLR
(QWUH 0HJDIyQ UHSRUWHUR MHIH \ HO FRQWDGRU 6HJXUD UHSRUWHUR HQ ILQDQ]DV OOHYDURQ D
GRQ 5DPLUR HO &UHVR SUHVXQWR KDVWD XQ VRIi YLROHWD FRORU SHQLWHQFLDO \ VH LQVWDODURQ
UHVSHFWLYDPHQWHDVXGHUHFKDOXJDUGHOD0LVHULFRUGLD\DVXL]TXLHUGDOXJDUVHYHURGHO
5LJRU(O2VFXURGH)ORUHVHVWDEDSHUSOHMRQRKDEtDHQFRQWUDGRD~QHQGRQ5DPLURQLOD
ILJXUDWUDGLFLRQDOGHO%XUJXpVRMRVSRUFLQRVRUHMDVYHOOXGDVSDQ]DUHGRQGDHQXQFKDOHFR
DWUDYHVDGRSRUXQDJUDQFDGHQDGHRURQLODILJXUDFOiVLFDGHO$YDURXxDVUDPSDQWHVRMRV
IHEULOHV \ FDUD GH D\XQR YRFDFLRQDO (UD XQ &UHVR GH VXDYHV IDFFLRQHV PDQWHFRVDV \ GH

145
FLHUWDPDMHVWDGTXHGHVWUXtDHQHOREVHUYDGRUWRGRVORVERFHWRVFRQFHELGRVDSULRUL
³'RQ 5DPLUR ³FRPHQ]y D H[SOLFDUOH 0HJDIyQ³ VHSD TXH QR OR KHPRV HQJDxDGR DO
VXJHULUOHXQUHSRUWDMH4XHUHPRVHQWUHYLVWDUORHVRHVSHURQRHQHO´FRQRGHOX]µTXHOH
FRQRFHODJHQWHVLQRHQHO´FRQRGHVRPEUDµGRQGHXVWHGRFXOWDORPiVHQWUDxDEOHGHVX
SHUVRQDOLGDG
³¢7HQJR\RXQFRQRGHVRPEUD"³OHSUHJXQWyGRQ5DPLURDODUPDGR
³6HxRUQROHWHQJDPLHGRDODSDODEUD´VRPEUDµORPHMRUGHODOPDRFXUUHGXUDQWHODV
QRFKHVFRPRORH[SOLFyPX\ELHQ6DQ-XDQGHOD&UX]
(O$XWRGLGDFWRDVXGHUHFKDOHKDEODEDVHJ~QOD0LVHULFRUGLD3HURHOFRQWDGRU6HJXUD
XELFDGRDVXL]TXLHUGDOHKDEOyGHVGHODPDQRGHO5LJRU
³6HxRUPLQLVWUR³DGXMR³HQHOFRQRGHOX]TXHOHDWULEX\HPLFRPSDxHURVHGLFHTXH
XVWHG PDQHMD OD HFRQRPtD GHO SDtV HQ XQ HVWLOR GXUDPHQWH FOLPDWROyJLFR 6H OR DFXVD GH
SURSRQHU HO ,QYLHUQR FRPR HVWDFLyQ ~QLFD GHO DxR FRQ HO VROR ILQ GH TXH ODV YDFDV
HQIODTXH]FDQHOJUDQL]RGHVWUX\DORVPDL]DOHV\HOSREUHVHMRGDHWHUQDPHQWH
³£3DGUH WHQJR KDPEUH ³VH ODPHQWy DTXt %DUURVR³ £(O VHxRU PLQLVWUR PH KD UREDGR OD
FDQDVWDIDPLOLDU
³1R OORUHV FDFKRUUR ³OR DOHQWy %DUUDQWHV³ HO VHxRU PLQLVWUR WH GDUi HQ FDPELR XQD
MXJRVDWHRUtDVREUHODHVWDELOLGDGPRQHWDULD
3DWULFLD%HOOMXQWRDOSLDQRGHFRODQRGHMDEDGHPLUDUHQ6DOVDPHQGL/HXPDQHOURVWUR
LQTXLHWDQWHGHO(QHPLJR
³6HJ~Q HO (YDQJHOLR ³UHFRUGy StDPHQWH³ GRQ 5DPLUR VHUi YRPLWDGR GH OD ERFD GHO
VHxRU-HV~V<DTXtHVWiHO3REUHGHO(YDQJHOLRTXHQRPHGHMDUiPHQWLU
7RPyHQWRQFHVGHODPDQRDO3REUH$EVROXWROROOHYyKDVWDHOVRIiYLROHWD\OHSUHJXQWy
³+HUPDQR¢FXiQGRKL]RXVWHGVXDOPXHU]R~OWLPR"
³+DFH WUHV GtDV ³FRQWHVWy HO 3REUH $EVROXWR³ <R HVWDED IUHQWH D OD SDQWDOOD GH
WHOHYLVLyQ GRQGH )X 7Vp FRFLQHUR FKLQR SUHSDUDED XQ GHOLFLRVR DUUR] FRQ DQFKRDV &RPt
WHyULFDPHQWH KDVWD UHYHQWDU /XHJR GRQ 5DPLUR VDOLy D OD SDQWDOOD \ QRV GLR XQD
FRQIHUHQFLDWDQH[TXLVLWDFRPRHODUUR]ORHVFXFKp\ORDGPLUpSHURWXYHODPDODVXHUWH
GHDUURMDUOHDODFDUDXQHUXFWRGHDQFKRDVPHWDItVLFDV£'RQ5DPLURSHUGyQ
< HO 3REUH $EVROXWR GHGLFy D 6DOVDPHQGL RWUR IODVK GHFRUDWLYR 6H GLR DTXt OD SULPHUD
UHDFFLyQIDQiWLFDGH&UHVR
³£%LHQ³H[FODPy³6LHVHKRPEUHIXHFDSD]GHDOLPHQWDUVHFRQXQDUUR]DEVWUDFWRPLV
LGHDVHFRQyPLFDVWULXQIDQHQWRGDODOtQHD£6HxRUHVXQHVIXHU]RPiV\QRVFRQYHUWLPRVHQ
VHUHVLQFRUSyUHRV
$JLWDQGRVXVEUD]RVDPDQHUDGHDORQHV%DUURVRLQWHQWyXQYXHORGHFiPDUD
³£7DWLWD³VHDOERUR]y³JUDFLDVDGRQ5DPLUR\DVR\ODHQWHOHTXLDSXUDGHTXHKDEODEDQ
ORVHVFROiVWLFRV
³£(QFLpQGDQPHYHODV³WULXQIyGRQ5DPLUR³£(QFLpQGDQPHYHODVHQ HO%DQFR&HQWUDO
£<KDJDQRWURHVIXHU]R
³$ PL MXLFLR ³WHPLy %DUUDQWHV³ \ VL OH H[LJHQ RWUR HVIXHU]R HO 3REUH $EVROXWR VH
FDJDUiHQORVSDQWDORQHVDXQTXHVyORHQWHRUtD
'HVGHVXiQJXORGHOD0LVHULFRUGLDHO$XWRGLGDFWRUHWRPyODSDODEUD
³6HxRUHVSDQHOLVWDV³GLMR³VLDUUDQFDPRVDGRQ5DPLUR6DOVDPHQGL/HXPDQGHVXFRQR
GH OX] \ OR SUR\HFWDPRV D VX FRQR GH VRPEUD YHUHPRV TXH SDVDUi IiFLOPHQWH GHO XQR DO
RWURSHURFRQVLJQRFRQWUDULRVLHQODOX]HVXQYHUGXJRGHVXSXHEORHQODVRPEUDHVXQ
PiUWLUGHODVILQDQ]DV£<DYHUHPRVFyPRHVWHSUyFHUFDOXPQLDGRVHQRVFRQYLHUWHDKRUDHQ
XQ0HWDItVLFRGHO,QYLHUQR\HQXQ7HyORJRGHOD(VWDELOLGDG
³¢/D (VWDELOLGDG QR HV XQ DWULEXWR GLYLQR" ³DUJXPHQWy %DUURVR³ (QWRQFHV GRQ 5DPLUR
HVFDVLXQGLRV£3DGUHPHJXVWDUtDEHVDUODPDQRGH&UHVR

146
 ³1RORKDJDVKLMLWR³OHDFRQVHMy%DUUDQWHV³SRGUtDVXVWUDHUWHODELOOHWHUD
6XFHGLyDTXtOD´SULPHUDWUDQVPXWDFLyQGH&UHVRµEDMRXQDJUDQDUDxDGHOVDOyQ\HQWUH
VXV OXMRV GHWRQDQWHV (QFHUUDGR KDVWD HQWRQFHV HQ VX KXHYR GH SHUVRQDMH FRQYHQFLRQDO
GRQ 5DPLUR ILMy HQ HO $XWRGLGDFWR VXV RMRV OOHQRV GH JUDWLWXG TXH QR WDUGDURQ HQ DUGHU
VHJ~QODOODPDGHXQIDQDWLVPRGRORURVR
³(VWH FURQLVWD ³GLMR SRU 0HJDIyQ³ KD GHVFXELHUWR HQ Pt OR TXH QLQJXQR YLR HQ ODV
SDQWDOODV WHOHYLVRUDV QL HQ PLV UHXQLRQHV GH SUHQVD QL HQ PLV HVFULWRV SURIpWLFRV £(VWH
KRPEUHVDEHTXHVR\XQLQFRPSUHQGLGR\TXHPHFUXFLILFDQVLQHQWHQGHUPH3RUHMHPSOR
³DxDGLyYROYLpQGRVHD3DWULFLD³HVWDVHxRUDPHDFXVDGHQRKDEHURtGRHO6HUPyQGHOD
0RQWDxD¢HVDVt"
³$VtHV³DILUPyHOOD³¢1RVHKDUREDGRXVWHGODURSDGHORVOLULRV\HODOLPHQWRGHODV
DYHFLWDV"
³/RKLFHSHURHQPLFRQRGHOX]³DGPLWLyGRQ5DPLUR³(QPLFRQRGHVRPEUDHODERUp
XQPpWRGRTXHKDGHSXULILFDUDPLVFRQFLXGDGDQRV
³¢(OGHDSUHWDUVHORVFLQWXURQHV"³OHGLMRHOFRQWDGRU6HJXUD
³£([DFWR ³VH DOHJUy pO³ < GR\ HO HMHPSOR \R PLVPR UHGXMH PL SDSDGD \ DEGRPHQ
FRPRKDEUiQREVHUYDGRORVDPDEOHVWHOHYLGHQWHV6HxRUHVSHULRGLVWDV¢DTXpQRVDEHQSRU
TXp UHVLGR HQ HO EDUULR VXU" £3RUTXH UHVXOWD PiV HFRQyPLFR ¢,PDJLQDQ XVWHGHV TXH PH
JXVWD HVWH VDOyQ" £/R GHWHVWR £< RGLR PL OiPSDUD GH SLH \ YRPLWR DOJXQDV YHFHV HQ PL
SLDQRGHFROD6LORVFRQVHUYRHVSRUTXHORH[LJHPLVWDWXV
(OG~R%DUUDQWHV\%DUURVRHVWDEDFRQPRYLGRDQWHODGHVQXGH]QRSUHYLVWDGH&UHVR
³%DMRORVFDVLPLUHVLQJOHVHVGHGRQ5DPLUR³HORJLy%DUURVR³HQWLHQGRTXHVHRFXOWDHO
PDPHOXFRSHQLWHQFLDOGHXQDVFHWD
³+LMR³VRVSHFKy%DUUDQWHV³¢QRHVWDUiHVWHMXVWRHQRORUGHVDQWLGDG"
$TXt%DUURVRDFHUFiQGRVHDGRQ5DPLUROHROIDWHyUHYHUHQWHPHQWHODFDEH]D
³£3DGUH³WHVWLILFy³KXHOHDJRPLQDEDUDWDORFXDOHVRWUDSUXHEDGHVXDXVWHULGDG
(PEDOVDPDGR \D HQ DTXHOORV DURPDV UHLYLQGLFDGRUHV GRQ 5DPLUR 6DOVDPHQGL /HXPDQ
DEDQGRQyHOVRIi\GLMRDORVUHSRUWHURVYLVLWDQWHVFRPRHQXQGHVDItR
³8VWHGHV\DFRQRFHQHO3DODFLRGH&UHVR¢QROHVJXVWDUtDEDMDUDOD&DYHUQDGH&UHVR"
³¢'yQGHKDLQVWDODGRVXFDYHUQD"³OHSUHJXQWy0HJDIyQ
³(Q HO VXEVXHOR GH OD FDVD 8VWHG OR VDEH KD\ TXH EDMDU DO VyWDQR SDUD HQWHQGHU DO
KRPEUH
8Q UHWLQWtQ H[WUDxR GH DOHJUtD \ ]R]REUD FDPSHDED HQ OD LQYLWDFLyQ GH &UHVR < ORV
YLVLWDQWHVTXHGDURQPXGRVWDOFRPRVLYDFLODUDQIUHQWHDXQDSXHUWDGHVFRQRFLGD
³1RPHJXVWDODPHJDORPDQtDGH&UHVR³UHIXQIXxy%DUUDQWHV³£4XLHUHKDFHUQRVFUHHU
TXHSRVHHXQDFXHYD
³£$Ot%DED³OHVXJLULy%DUURVR
³+LMR\RQRGHVFHQGHUtD
³¢(FKDFXORPLSDGUH"
³£1RHFKRFXOR³VHGROLy%DUUDQWHVODVWLPDGRHQVXGLJQLGDG³/RTXHPHGHVDJUDGDUtD
HVRIUHFHUXQEXGtQIDQWiVWLFRDORVOHFWRUHVGHQXHVWURLPSRUWDQWHURWDWLYR
³3DGUH³ORDOHQWyXQ%DUURVRILOLDO³VLDOJ~QOHFWRUEXVFD´UHDOLVPRµTXHVHPXGHDOD
QRYHODGHHQIUHQWH
'RQ5DPLURHVER]yDTXtXQDVRQULVDGHDVWXFLD
³1ROHVH[LJLUpTXHJXDUGHQHOVHFUHWRGHPLFDYHUQD³OHVGLMR³QDGLHORKDGHFUHHUVL
ORSXEOLFDQ<XVWHGHVFRUUHUiQXQVRORULHVJRHOGHVHUDORMDGRVHQXQPDQLFRPLRHVWDWDO
£6RQODVYHQWDMDVGHSRVHHUXQEXHQFRQRGHVRPEUD
³(QWRQFHVEDMHPRVDHVDJUXWD³VXJLULy3DWULFLD%HOO
7RGRV REVHUYDURQ D 0HJDIyQ TXH D~Q YDFLODED \ TXH GLMR DO ILQ VHxDODQGR DO 3REUH

147
$EVROXWR
³(VWHKRPEUHQRHVGHORILFLRHVXQ´H[WUDµSRUWDGRUGHOIODVK
³¢&yPRVHOODPD"³LQTXLQyGRQ5DPLUR
³(O3REUH$EVROXWR
³4XHEDMHWDPELpQ6LQHO3REUH$EVROXWRQRKDUtDPRVQDGDHQOD&DYHUQD
³£6yORHVHOSRUWDGRUGHOIODVK
³£<HVHOKpURHTXHVHGHVD\XQDFRQDQFKRDVDEVWUDFWDV³UHFRUGyDGPLUy\DODEyGRQ
5DPLUR6DOVDPHQGL/HXPDQ
(O 2VFXUR GH )ORUHV DQWHV GH EXFHDU D XQ &UHVR WHyULFR HQ OD ILJXUD PX\ FRQFUHWD GH
6DOVDPHQGL KDEtD GHFLGLGR DSOLFDUOH XQ PpWRGR TXH GHVLJQDED pO FRQ HO QRPEUH GH ´ORV
GRV FRQRVµ \ TXH OH KDEtD GDGR IUXWRV H[FHOHQWHV HQ RWUDV HVFDUDPX]DV ´'tJDQOH D XQ
KRPEUH TXH VX SHUVRQDOLGDG WLHQH GRV FRQRV XQR GH OX] \ RWUR GH VRPEUD \ OR YHUiQ
XVWHGHV DVLUVH D OD HQVHxDQ]D FRPR D XQ EDUULO GH QDXIUDJLR VDOWDU GH XQ FRQR DO RWUR \
SUDFWLFDUXQMXHJRGHDILUPDFLRQHVRQHJDFLRQHVTXHVHUHVXHOYHQHQRWURVWDQWRVGLVIUDFHV
GHVXFRQFLHQFLDµ'HVFXEUtOXHJRHVWHDIRULVPRHQORVSDSHOHVGH0HJDIyQ\VXSHDGHPiV
TXH6DPXHO7HVOHUDOQHJDUODRUWRGR[LDGHOPpWRGROROODPDEDGH´ORVGRVFRQRVµHQXQD
VtQWHVLVDGPLUDEOH/DYHUGDGHVTXHGRQ5DPLURVHKDEtDLQVWDODGRFRQJUDQVROWXUDHQHO
PpWRGR KDVWD PDWHULDOL]DU VX FRQR GH VRPEUD HQ OD JUXWD FDYHUQD R VyWDQR DO TXH ORV
YLVLWDQWHVHUDQ\DFRQGXFLGRVSRUXQ&UHVRIDQiWLFR8QDSXHUWHFLWDGLVLPXODGDHQHOVDOyQ
FRQXQELRPERPLPpWLFRXQDLQVLJQLILFDQWHSXHUWHFLWDHUDHOYpUWLFHGRQGHVHMXQWDEDQORV
GRV FRQRV HO GH OD OX] \ HO GH OD WLQLHEOD HO XQR DUULED \ HO RWUR DEDMR < GHWUiV GH OD
SXHUWHFLWD XQD HVFDOHUD GHVFHQGHQWH VyOR GLH] HVFDORQHV \ QDGD PiV (O $XWRGLGDFWR GH
9LOOD &UHVSR VRxDUtD GHVSXpV D PHQXGR FRQ DTXHOOD WUDPSD R HVFRQGLWH LQYLVLEOH ´1R
UDVSHV QHJOLJHQWHPHQWH OD SLQWXUD H[WHULRU GH XQ KRPEUH ³VH GLMR HQ VX KRUD³ SRGUtDV
HQFRQWUDUGHEDMRODFDUDGHXQiQJHORGHXQGHPRQLRµ
7UDVHOGHVFHQVR\DOSLHGHODHVFDOHUDWRGDYtDVHLVHVSHOHyORJRVLQPyYLOHVHQIUHQWDEDQ
OD &DYHUQD GH &UHVR WDQ KHUPpWLFD IUtD \ WHQHEURVD FRPR XQD FDMD GH FDXGDOHV 'RQ
5DPLUR TXH ORV KDEtD JXLDGR \ WDQWHDED HQ OD RVFXULGDG QR WDUGy HQ HQFHQGHU XQD YHOD
PHWLGDHQHOJROOHWHGHXQERWHOOyQ
³(O IOXLGR HOpFWULFR HVWi SRU ODV QXEHV ³H[SOLFy³ \R PLVPR WULSOLTXp ODV WDULIDV FRQ
SURSyVLWRVGHDXVWHULGDG6tJDQPHSRUIDYRU£2MRFRQORVPXHEOHV
<DO]yODYHODSDUDLOXPLQDUHOFDPLQRDVXVYLVLWDQWHV
³¢4XLpQMRGHFRQODOX]"³SURWHVWyFLHUWDYR]LQIUDKXPDQDHQXQiQJXORGHODFDYHUQD
³£6LOHQFLR 1LFN ³OD UHSUHQGLy 6DOVDPHQGL HQFHQGLHQGR WUHV YHODV PiV XELFDGDV HQ
GLVWLQWRVOXJDUHVGHODQWUR
³'LH]DO]DV\FLQFXHQWDEDMDV³UHSXVRODYR]³/RVGHPiVSDSHOHVQRUHJLVWUDQFDPELRV
/HMRV GH DYDQ]DU ORV HVSHOHyORJRV UHWURFHGLHURQ DQWH OD YR] TXH KDEODED GHVGH OD
QHJUXUD
³¢4XLpQHV1LFN"³SUHJXQWyXQ0HJDIyQGHVFRQILDGR
³1R VH DODUPH ³OR WUDQTXLOL]y GRQ 5DPLUR³ HV PL ORUR \ PL FRQILGHQWH 5HVSRQGH DO
QRPEUHGH1LFN'yODURPHMRUGLFKRQRUHVSRQGH\DTXHVHWUDWDGHXQDEHVWLDVLQMXLFLR
³£(OSDWUyQHVXQORFRLQYHUQDO³FKLOOy1LFN³£(VWiPDWDQGRGHKDPEUHDOD5HS~EOLFD
(O UHVSODQGRU RVFLODQWH GH ODV FXDWUR OXFHV PRVWUy D ORV HVSHOHyORJRV HO LQWHULRU GH OD
FDYHUQD\ORVPXHEOHVTXHVHLQVWDODEDQDOOiHQXQRUGHQFDVLPRQiVWLFR$ODL]TXLHUGD\
IRURVHYHtDODFDPDMDXODGHXQ&UHVRSHQLWHQFLDOYLHMDGHDODPEUHV\URWRVDGHFRELMDVD
IRUR\GHUHFKDXQDPiTXLQDGHVXPDUSXHVWDVREUHXQELHQRUGHQDGRDUFKLYHURHQHOiUHD
FHQWUDO XQD PHVD HVTXHPiWLFD GRV FDEDOOHWHV \ XQ WDEOyQ GH SLQR VREUH OD FXDO \DFtDQ
GRV SHTXHxDV ROODV GH FRQWHQLGR D~Q LQGLVFHUQLEOH (QWUH OD FDPDMDXOD \ HO DUFKLYHUR HO
ORUR1LFNLQVWDODGRHQVXSHUFKDWHQtDHOVLWLRLGHDOGHORVRUiFXORV\ORVDOFDKXHWHV\DpO

148
VHGLULJLHURQ%DUUDQWHV\%DUURVRQRELHQUHFREUDURQVXQDWXUDOHTXLOLEULR
³(VWHDQLPDOSDUODQWH³GLMR%DUURVRIUHQWHD1LFN³HVXQKDOOD]JRGHODQDWXUDOH]DXQD
IHOL]FRPELQDFLyQGHRUDWRULD\SRUQRJUDItD
³6XVPRNLQJYHUGH³DVLQWLy%DUUDQWHV³ORGHFODUDXQPDHVWURQDWRGHOSXWDQLVPR
$PDJiQGROHVFRQHOSLFR\UHOXFLHQWHVORVRMRVGHPDOLFLD1LFN'yODURSLQyDVXYH]
³£-DPiVYLXQD\XQWDGHUXILDQHVWDQPHORGLRVRV
,QWHQWDEDHOG~RXQHVWUDQJXODPLHQWRIXUWLYRGHODQLPDOFXDQGR6DOVDPHQGLOHVH[SOLFy
HQVXGHIHQVD
³1R OH KDJDQ FDVR DO DYH 1LFN HV FKDTXHxR GH RULJHQ \ FRVPRSROLWD GH YRFDFLyQ 8Q
PXFDPRJXDUDQtOHHQVHxyDFDQWDU´/RV0XFKDFKRV3HURQLVWDVµXQDYH]KX\yGHOVyWDQR
DWHUUL]y HQ OD SOD]D &RQVWLWXFLyQ VH SXVR D HQWRQDU OD PDUFKD VXEYHUVLYD \ IXH GHWHQLGR
FRPRDJLWDGRUSURIHVLRQDO'HYXHOWRDOVyWDQROHTXHPpHOSLFRHQODOODPDGHXQDYHOD\
GHVGHDTXHOHQWRQFHVYLYHFRPRXQVDQWR
1LFN'yODUQRSDUHFtDHVWDUGHDFXHUGR
³£$xDPHPE\³FKLOOy³(QHOSULQFLSLRHVHOORUR\HQHOILQHVHOORUR£0DOHYRVQR
HVFXFKHQDHVHEXUJXpV£+DYHQGLGRQXHVWURVKLGURFDUEXURVDODVSRWHQFLDVIRUiQHDV
&RQ XQD VRQULVD GH PiUWLU FDOXPQLDGR 6DOVDPHQGL /HXPDQ VH DOHMy GH 1LFN \
DFHUFiQGRVHD0HJDIyQOHGLMR
³9D\DPRVDODFHUHPRQLD
7UDVGHORFXDO\FRQSDVROLW~UJLFRVHGLULJLyDODPiTXLQDGHVXPDU
³¢'HTXpFHUHPRQLDVHWUDWD"³LQTXLULy3DWULFLD%HOO
³1RWHQJRODPHQRULGHD³OHUHVSRQGLyXQ0HJDIyQHQD\XQDV
-XQWRDODPiTXLQDGHVXPDU\DODOX]GHODVYHODVGRQ5DPLUR\DHVWDEDGHVSRMiQGRVH
ULWXDOPHQWH GH VXV YHVWLGXUDV FRUEDWD \ VDFR SDQWDOyQ \ FDPLVD IDMD YHQWUDO \ UHORM
SXOVHUD1RELHQHVWXYRHQFDO]RQFLOORVVHYROYLyDO$XWRGLGDFWRGH9LOOD&UHVSR\OHURJy
FRQKXPLOGDG
³¢0HD\XGDXVWHGDUHYHVWLUPH"
$ODPDQHUDGHXQDFyOLWR0HJDIyQOHKL]RXQDUHYHUHQFLDWRPyHOSHUFXGLGRDOERUQR]
GHEDxRTXH6DOVDPHQGLOHLQGLFDED\ORD\XGyDYHVWLUODSUHQGDFRQOHQWLWXGVDFHUGRWDO
5RGHy OXHJR VX WDOOH FRQ HO GHVKLODFKDGR FtQJXOR GHO DOERUQR] \ OH DEULJy OD WHVWD FRQ VX
FDSHUX]D8Q&UHVRKLHUiWLFRVHYROYLyDORVDVLVWHQWHV\QRORVEHQGLMR
³6HxRUHV³FDQWXUUHyDODPDQHUDGHXQRILFLDQWH³KDJDQXQHVIXHU]RPiV\OHVGDUpXQ
YHUDQRDODOFDQFHGHWRGRVORVEROVLOORV
³¢&XiQGR"³OHSUHJXQWyULWXDOPHQWH0HJDIyQ
³$OSURPHGLDUHOVLJOR;;,
³£'HRJUDQDV³H[FODPDURQDXQD%DUUDQWHV\%DUURVR
³£1ROHGHQEROLOOD³FRWRUUHy1LFN'yODUHQVXSHUFKD³(VXQOtGHUWUDPSRVR£PHKD
FRQILVFDGRODVJDOOHWLWDVPRMDGDVHQYLQR
3HUR6DOVDPHQGLHQIUHQWiQGRVHDKRUDFRQODPiTXLQDGHVXPDUODUR]yFRQXQEHVR\
FRPHQ]yDJROSHDUVXWHFODGRHQXQDVXHUWHGHIHUYRUPtVWLFR
³([FHOHQFLD¢TXpKDFHXVWHG"³LQWHUYLQRDTXtHOFRQWDGRU6HJXUD
³6XPR³OHUHVSRQGLypO³VXPDUHVXQDWDUHDGHVDQWRV(OVLJQRGHODVXPDHVXQDFUX]
\HOVLJQRGHODUHVWDHVXQJXLyQGLDEyOLFR
³£'RQ 5DPLUR HV XQ DOPD EHQGLWD ³SRQGHUy %DUUDQWHV³ £6XPD SDUD pO \ UHVWD SDUD
QRVRWURV
³£6DQ5DPLUR³H[FODPy%DUURVRHQWXVLDVPDGR³UHVWDSURQRELV
(OFRQWDGRU6HJXUDXQGHVFUHtGRQDWRYROYLyDODFDUJD
³([FHOHQFLD³SUHJXQWyDORILFLDQWH³¢TXpVXPDXVWHGOLEUDVGyODUHVRIUDQFRVVXL]RV"
³<R QR VXPR GLYLVDV ³FRQWHVWy pO³ PL UHOLJLyQ PH OR SURKtEH 6XPR FDQWLGDGHV

149
DEVWUDFWDV
³£(O~QLFRGyODUTXHKDYLVWRpOHQVXSXWDYLGDVR\\R³LQWHUYLQRHOORUR1LFN³<RVR\
YHUGHFRPRHOGyODUSHURWHQJRPiVGLJQLGDG
1DGLHOHKL]RFDVRSXHVHOFRQWDGRU6HJXUDYROYLyDLQVLVWLUFRQGRQ5DPLURTXHSDUHFtD
HQp[WDVLVIUHQWHDORVFyPSXWRVGHVXPiTXLQD
³¢8VWHGDGRUDHOQ~PHURSRUHOQ~PHURHQVt"³OHSUHJXQWy
³(OQ~PHURHVGLYLQR³DVLQWLy&UHVR
³¢<TXpEXVFDHQHOQ~PHUR"
³£(VHQFLD\RPQLSRWHQFLD´6XPROXHJRH[LVWR\SXHGRµ
6HYROYLyDWRGRV\ORVH[KRUWy
³£$PDGRVFRQWULEX\HQWHVKDFHRVFRPRQ~PHURV
<GRQ5DPLUR6DOVDPHQGL/HXPDQFRQWRUVLRQiQGRVHSHQRVDPHQWHIXHGDQGRDVXUROOL]D
KXPDQLGDGODIRUPDGHORVQ~PHURV\
³¢$TXHQRORJUDHO"³DSRVWy%DUURVR
³+LMR³GXGy%DUUDQWHVHQH[SHFWDWLYD³VLORFRQVLJXHVHUiXQPLODJURGHVXHVTXHOHWR
1RORFRQVLJXLyHORILFLDQWH9LVWRORFXDOHOFRQWDGRU6HJXUDYROYLpQGRVHDORVDQDOLVWDV
OHVGLMR
³$ PL HQWHQGHU HVWD ELRSVLD QRV HVWi PRVWUDQGR HQ &UHVR DOJR DVt FRPR XQD ´ORFXUD
QXPHUDOµ6HxRUHVORVQ~PHURVDEVWUDFWRVTXHDFDSDUD\VXPDHOLQIHOL]HQVXPDTXLQLWD
VRQHQORFRQFUHWRHOSDQODFDVD\HOYHVWLGRGHOKRPEUH6LHOKRPEUHD\XQDYLYHDOD
LQWHPSHULH\HVWiGHVQXGRVHGHEHDOD´ORFXUDQXPHUDOµGH&UHVR
3DWULFLD%HOOVHLQIODPDED\DHQXQDSXMDQWHLQGLJQDFLyQHYDQJpOLFD
³'RQ5DPLUR³DFXVy³HVODKLJXHUDHVWpULOTXHQRGLRXQVRORKLJRSDUDHOVHxRU-HV~V
&XDQGROOHJXHVXKRUDGRQ5DPLURVHUiODQ]DGRDOLQILHUQRFRQPiTXLQDGHVXPDU\WRGR
£\DOOiVHUiHOFUXMLUGHGLHQWHV
³&KDQJR ³GLMR DTXt %DUUDQWHV³ OD VHxRUD 3DWULFLD H[DJHUD HO LQILHUQR HV XQ KRWHO
GHPDVLDGRFRVWRVRSDUDGRQ5DPLUR\ORGHVFDUWDUiQRELHQOHSDVHQODVWDULIDV\HOODXGR
³1XQFDORDFHSWDUiQHQHOLQILHUQR³DVHJXUy%DUURVR³3DGUHVLORKLFLHUDQGRQ5DPLUR
QRWDUGDUtDHQFHUFHQDUOHVXSUHVXSXHVWRGHFRPEXVWLEOHV\ORVSREUHVGLDEORVVHFDJDUtDQ
GHIUtR
6LQ GHMDU GH VXPDU &UHVR KDEtD HVWXGLDGR ODV UD]RQHV GH VXV YLVLWDQWHV 3HUR DTXt
DEDQGRQyVXPiTXLQDVHDMXVWyHOFtQJXORGHODOERUQR]\UHSXVRHQHOWRQRDJULGXOFHGHORV
PiUWLUHV\ORVXVXUHURV
³7RGRORVp\DPHORKDQGLFKRORVFDFDUHDQWHVRSRVLWRUHVDPLJRELHUQRODSUHQVDOLEUH
£FXiQGRPLDOPD\VREUHWRGRHO(VSHFWUR0DU[LVWDTXHVHKDLQVWDODGRHQHOULQFyQPiV
OLPSLRGHPLVyWDQR
³¢+D\HQHVSHFWURPDU[LVWDHQODFDYHUQD"³GXGyHO$XWRGLGDFWR
³(V XQ IDQWDVPD GH EXHQD YROXQWDG ³DVLQWLy GRQ 5DPLUR³ XQ FRUD]yQ GH RUR
YHLQWLFXDWUR TXLODWHV SHUR WUHPHQGDPHQWH REWXVR $O SDUHFHU KD LQYHQWDGR XQD
GLDOpFWLFD£\DQGDTXHULHQGRHQFDMiUPHODDPtHO~OWLPRJUDQVRILVWDGHODKLVWRULD
(FKy DWUiV OD FDSHUX]D GH VX DOERUQR] GH EDxR FRPR SDUD HQWUHJDUVH WRGR D OD
LQWHOLJHQFLD GH ORV DQDOLVWDV < HQWRQFHV ORV DQDOLVWDV DO REVHUYDU HO VHPEODQWH GH &UHVR
DGLYLQDURQ TXH VX OLWXUJLD OHMRV GH WHUPLQDU FRPHQ]DUtD UHFLpQ \ HQ WRGR VX ULJRU
IDQiWLFR
³6HxRUHV ³DQXQFLy³ ORV LQYLWR D OD 8OWLPD &HQD GH &UHVR 3RU IDYRU RFXSHQ VXV
OXJDUHVODPHVDHVWiVHUYLGD
³£1RVHGHMHQHQJDWXVDULGLRWDV³JULWyHOORUR1LFN³£6HTXHGDUiQHQSXURKXHVR\QR
VDOYDUiQQLVXVSXxHWHUDVDOPDV
'HVJUDFLDGDPHQWHVXDOHUWDFD\yHQHOYDFtRSRUTXHORVDQDOLVWDV\DURGHDEDQODPHVD

150
 ³¢(QTXpRUGHQKHPRVGHXELFDUQRV"³SUHJXQWy0HJDIyQ
³<R HQ OD FDEHFHUD QDWXUDOPHQWH ³GLMR &UHVR³ $ PL GHUHFKD VH XELFDUi HO 3REUH
$EVROXWR\DPLL]TXLHUGDHOVDFHUGRWH0HJDIyQTXHDFW~DGHDFyOLWR/RVGHPiVLQVWiOHQVH
DGOtELWXPSHURGHMHQYDFtRHOFRVWDGRGHODPHVDTXHVHKDOODIUHQWHDPtGHPRGRTXH
SXHGDQWUDEDMDUHQpOXQFDPDUyJUDIRGHWHOHYLVLyQ\XQPXUDOLVWDGHO5HQDFLPLHQWR
$VtGLVWULEXLGRVORVFRPHQVDOHVLEDQDVHQWDUVHDODPHVDFXDQGR%DUURVRORVGHWXYRFRQ
XQDGHPiQ\OHVGLMR
³+D\DTXtRXQDJUDQLQMXVWLFLDRXQJUDQPLVWHULR$QWHVGHSDUWLFLSDUHQHVWDFHQDPH
JXVWDUtDVDEHUSRUTXpUD]yQDO3REUH$EVROXWRVHOHKDFRQIHULGRODKRQUDGHVHQWDUVHDOD
GHUHFKDGH&UHVR
³£+LMR PX\ ELHQ REVHUYDGR ³OR DSODXGLy %DUUDQWHV³ £2 QRV UHVXHOYHQ HVD
FRQWUDGLFFLyQRQRVODUJDPRVGHOVyWDQR
<H[SOLFyDORVIXWXURVFRPHQVDOHV
³&XDQGR HVWH KLMR \ \R PLOLWiEDPRV HQ OD VHPL FDVL WDO YH] L]TXLHUGD UHYROXFLRQDULD
HVFULELPRVXQVDLQHWHFX\RKLORDUJXPHQWDOHUDHOTXHVLJXH&UHVRHOSDWUyQHVWiVHQWDGR
D XQD PHVD HVSOpQGLGDPHQWH JXDUQHFLGD \ GHYRUD IDLVDQHV DO PDUVDOD FRQ UHSXJQDQWH
DYLGH] (O 3REUH $EVROXWR HQFDGHQDGR D XQD SDWD GH OD PHVD JUXxH PHQGLJD UHFLEH \
WULWXUD FRQ VXV GLHQWHV ORV KXHVRV \D SHODGRV TXH OH DUURMD &UHVR GHVGH VXV DOWXUDV $ OD
L]TXLHUGD \ HQFHUUDGRV HQ XQD MDXOD GH EDPE~ ORV GLH] KLMRV GHO 3REUH FODYDQ HQ OD
HVFHQD VXV RMRV GHVRUELWDGRV (QWUD V~ELWDPHQWH OD PXMHU GHO 3REUH $EVROXWR \ HQ VX
OXMXULDWUDGLFLRQDO&UHVRODSHUVLJXH\ODYLRODVREUHXQFDQDSpD]XOPDULQR7HOyQOHQWR
³£(VR HUD OLWHUDWXUD VRFLROyJLFD ³OR DSODXGLy %DUURVR³ \ QR OD IDUVD HPERWHOODGD TXH
QRVTXLHUHVHUYLUGRQ5DPLUR
³£9LYD3HUyQ³FKLOOyHOORUR1LFNHQWXUELDVUHPLQLVFHQFLDV³£0LFRURQHOFXiQWRYDOHV
3HUR GRQ 5DPLUR VRQUHtD WULVWHPHQWH FRPR OR KDFH XQ OtGHU DQWH XQD YLHMD \ ODVWLPRVD
UHWDJXDUGLD
³(O3REUH$EVROXWRKD GHVHQWDUVHDPL GHUHFKD³ORVDGRFWULQy³SRUTXHVLQHO3REUH
$EVROXWRQRKD\5LFR$EVROXWRQLGUDPDSRVLEOHQLVLTXLHUDHYDQJHOLR
³£+DEODVIHPDGR³OHJULWy3DWULFLD%HOO
³1RVHxRUDHO3REUH$EVROXWRHVODFRQWUDILJXUDQHFHVDULDGHO5LFR$EVROXWR£6HxRUHV
DKtWLHQHQHOVHFUHWRGHPLFDYHUQD
3URIHVRUGHFDWDFXPEDFHOHEUDQWHGHXQULWRDSyFULIR6DOVDPHQGL/HXPDQWRPyHQVXV
EUD]RVDO3REUH\OHGLRXQyVFXORGHSD]HQFDGDPHMLOODFRQODWHUQXUDGHTXLHQEHVDXQD
SDUHG
³+HUPDQR³OHGLMR³XVWHG\\RVRPRVORVGRVSRORVGHOPXQGRORPDWDUpGHKDPEUH
SHUROHGHGLFDUpXQDHVWDWXD
(Q VHJXLGD WUDV RFXSDU VX DVLHQWR HQ OD PHVD GHO IHVWtQ GRQ 5DPLUR VHQWy DO 3REUH
$EVROXWR D VX GHUHFKD \ D 0HJDIyQ D VX L]TXLHUGD /RV GHPiV LQYLWDGRV DO iJDSH VH
GLVWULEX\HURQFRPRVLJXH3DWULFLD%HOOMXQWRDO$XWRGLGDFWR\HOFRQWDGRU6HJXUDMXQWRDO
3REUH %DUUDQWHV HQ XQD FDEHFHUD ODWHUDO \ %DUURVR HQ OD RWUD ORV GRV HQIUHQWDGRV SHUR
VHQVLWLYRV\XQiQLPHVFRPRVLHPSUH
7RGR HVWDED RUGHQDGR \D SDUD OD 8OWLPD &HQD GH &UHVR HQWRQFHV GRQ 5DPLUR FRQ VX
GLHVWUDVDFHUGRWDOEHQGLMRDORVFRPHQVDOHV\DODVGRVROODVTXHRFXSDEDQHOFHQWURGHOD
PHVD /RV DQILWULRQHV YLHURQ SRU ILQ HO FRQWHQLGR GH ODV ROODV HQ XQD VH DWHVRUDEDQ ODV
PLJDV GH SDQ GXUR VREUDQWHV GH DOPXHU]RV DYDULFLRVRV HQ OD RWUD HVSLQDV GRUVDOHV GH
SHVFDGR UHVHFDV \ SXQ]DQWHV FRPR DJXMDV (IXVLYR \ ULWXDO D OD YH] &UHVR MXQWy ODV GRV
ROODV\ODVDWUDMRDVtSLFRWHyHQHOODVDOJXQDVPLJDV\WRPyXQHVTXHOHWRGHSHVFDGRTXH
FKXSyGHYRWDPHQWH7UDVGHORFXDOSDVyODVROODVDVXVYHFLQRVLQPHGLDWRV
³(VWRV PDQMDUHV ³ORV DOHFFLRQy³FRQVWLWX\HQ OD VXEVWDQFLD GH PL FXHUSR WHyULFR VL ORV

151
LQJLHUHQFRQPRGHVWLD\DQRPHUHFODPDUiQHOVDODULRYLWDO\PyYLO(QWUHSDUpQWHVLVORV
HVTXHOHWRV TXH OHV EULQGR VRQ GH ViEDOR \ EDJUH ORV GRV SHFHV PiV HFRQyPLFRV GHO
PHUFDGRDWpUPLQR£&RPDQKDVWDVDFLDUVH
³7DWD ³GLMR HO FRPHQVDO %DUURVR DO DEQHJDGR SDGUH TXH WHQtD HQIUHQWH³ \R YL ORV
PRQGRQJRV YHQWUDOHV GH &UHVR \ VXV ELHQ PDGXURV WRFLQRV FXDQGR VH GHVQXGDED UHFLpQ
SDUD YHVWLU HO VD\DO GHO PRQMH < QR Vp FyPR VXV H[XEHUDQFLDV FDUQDOHV SXHGDQ KDEHUVH
IRUMDGRHQHVWDVROODVGHFRUUHUODOLHEUH
³+LMR³ORUHSUHQGLyHOFRPHQVDO%DUUDQWHV³¢ROYLGDVTXHQRVHQFRQWUDPRVIUHQWHDXQ
&UHVRPtVWLFR"7RGRHVPtVWLFRHQpOFRQH[FHSFLyQGHVXVFXHQWDVEDQFDULDV
(QWUH WDQWR ODV GRV ROODV SDVDEDQ GH XQ FRPHQVDO D RWUR FDGD XQR GH ORV FXDOHV WUDJy
XQD PLJD \ FKXSy XQ HVTXHOHWR FHUHPRQLRVDPHQWH 1R ELHQ FHQDURQ WRGRV &UHVR WDQWHy
GHEDMR GH OD PHVD \ VDFy D OD OX] XQD ERWHOOD GH FRFDFROD HQ WDPDxR JLJDQWH FX\D WDSD
KL]R VDOWDU FRQ XQ DEULGRU 7UDV HPSLQDUOD \ EHEHU XQ WUDJR OD SDVy LJXDOPHQWH D ORV
FRPHQVDOHVDEVRUWRV
³£%HEDQ\JRFHQHVWHOLFRUSDUDGLVtDFR³ORVLQFLWy³1RORYROYHUiQDEHEHUKDVWDTXH
SDVDGR\DPLULJXURVRLQYLHUQROHVUHJDOHPLYHUDQRWDQODUJDPHQWHGLIHULGR´<VHUiSDUD
ODV FDOHQGDV JULHJDV ³YDWLFLQy³ DUUR\RV GH YLQR OHFKH \ PLHO EDMDUiQ GH ORV $QGHV H
LQXQGDUiQ ORV FDPSRV \ ODV XUEHV \ ORV SHUURV DWDGRV FRQ ORQJDQL]DV YDVFDV ODGUDUiQ D
XQDOXQDVLQLPSXHVWRVILVFDOHVµ
³£,GLRWDV QR OR HVFXFKHQ ³YROYLy D WURQDU HQ VX SHUFKD HO ORUR 1LFN³ £(V XQ
´SURPHWHRµPiVIDOVRTXH-XGDV\XQFOLPDWyORJRVLQDEXHOD
3HUR ORV FRPHQVDOHV HVWDEDQ IDVFLQDGRV FRQ H[FHSFLyQ GH 3DWULFLD %HOO FX\D QDUL]
WHROyJLFDROIDWHDEDHQDTXHOFHUHPRQLDOHORORUVXOIXURVRGHO(QHPLJR
³1RKHGHVHJXLUFRODERUDQGRHQHVWDOLWXUJLDVDFUtOHJD³UH]RQJyHOOD³£9R\DH[RUFL]DU
D&UHVR
<FODYDQGRVXVRMRVWHRORJDOHVHQ6DOVDPHQGL/HXPDQOHSUHJXQWy
³'RQ5DPLUR¢KDIUHFXHQWDGRDOJXQDYH]ODLJOHVLDGHO6HxRU"
$ORtUOD&UHVRDUUXJyODIUHQWH\SDUHFLyEXVFDUHQVXPHPRULD
³6t³UHFRUGyDOILQ³(QOD(GDG0HGLDWXYHXQDFDUDGHIHOLJUpVEDVWDQWHVyOLGD
¢(Q OD (GDG 0HGLD" /RV FRPHQVDOHV JXDUGDURQ XQ VLOHQFLR HVSHFXODWLYR ¢FXiO VHUtD OD
HGDGH[DFWDGH6DOVDPHQGL"<HQDTXHOSXQWRDODOX]GHFXDWURYHODVFX\DVRVFLODFLRQHV
DQLPDEDQHQHOFHQiFXORXQEDLORWHRGHVRPEUDVFRQWRUVLRQDQWHVGRQ5DPLURH[KLELyDORV
EDQTXHWHDGRUHVXQDWUDQVPXWDFLyQILQDOFRPRVLGHUURWDVHDOWLHPSR\DOHVSDFLRHQXQD
VXHUWHGHFOLVpLQPyYLOVHWUDQVIRUPyHQHO&UHVRDEVWUDFWRGHODIiEXODLQWHPSRUDOFRPR
VX PLWR \ VLQ ORFDOL]DFLyQ ILMD FRPR VX KLVWRULD (FKiQGRVH RWUD YH] DO URVWUR OD FDSHUX]D
GHODOERUQR]GHEDxRGLMRDVt
³¢4XLHUHQVDEHUFyPRQDFLyHO~OWLPRUH\GHODWLHUUD"
³¢4XLpQHVHO~OWLPRUH\"³LQTXLULy0HJDIyQ
³(O TXH OHV KDEOD £(VFXFKHQ KHUPDQRV <R HUD XQ FUpGXOR QHJRFLDQWH GH DFHLWHV
FRPHVWLEOHV \ OD ,JOHVLD PH WHQWy FRQ HO RIUHFLPLHQWR GH XQ ´QHJRFLRµ OXFUDWLYR OD
VDOYDFLyQGHPLDOPD/RDFHSWpFODURHVWi EXVLQHVV¢QRHVDVt"'XUDQWHVLJORVHVSHUpD
TXHOD(PSUHVDQRVFRQFUHWDUDXQEDODQFH\UHSDUWLHVHORVGLYLGHQGRV
³¢/RKL]RDOJXQDYH]"³OHSUHJXQWyHOFRQWDGRU6HJXUDFRPRGHVOXPEUDGR
³/RKL]R³UHVSRQGLy&UHVR³\HQWRQFHVGHVFXEUtXQDYHUGDGTXHPHOOHQyGHDPDUJXUD
(OQHJRFLRGHODOPDHUDXQFODYRDSHQDVUHQGtDHOSRUFLHQWR
³¢&yPRUHDFFLRQyXVWHG"³LQVLVWLy6HJXUD
³7UDVODGpDPL´SDVLYRµHVHFDSLWDOPXHUWR\VHJXtRSHUDQGRFRQPL´DFWLYRµUHVWDQWH
TXHQRHUDPRFRGHSDYRXVWHGHVXQFRQWDGRUS~EOLFR\QRLJQRUDHVWDVKHURLFLGDGHVTXH
VHGDQHQHOKRPRRHFRQyPLFXV3RURWUDSDUWHMDPiVKDEtDFUHtGR\RHQPLDOPDFRPRHQ

152
XQD HVSHFLH GH QXEH R KXPR UHQWDEOH WDO FRPR OD HQWHQGtD HO $U]RELVSR PL DOPD R QR
H[LVWtDRVyORHUDXQMXJRQDWXUDOGHPLVHFUHFLyQLQWHUQD
(OFRQWDGRU6HJXUDHQVXGHVOXPEUDPLHQWRVHYROYLyDORVFRPHQVDOHV\OHVGLMR
³¢<VL&UHVRIXHUDXQ´GHVDOPDGRµOLWHUDO"
³<RQRH[DJHUDUtDODGLDJQRVLV³UHSXVR³1DWXUDOPHQWH&UHVRQRKDHQWHQGLGRMDPiVOD
HVWUXFWXUD \ HO IXQFLRQDPLHQWR GH XQ iQJHO 3HUR JR]D GH FLHUWD UDFLRQDOLGDG TXH OH
SHUPLWHRULHQWDUVHPX\ELHQHQORVQHJRFLRVWHUUHVWUHVDPpQGHVXDJXGH]DROIDWLYD\VXV
KiELWRVGH~WLOPDGUXJDGRU
³£8VWHG VH XELFD HQ OD RQGD ³OH DJUDGHFLy &UHVR³ 1XQFD GLJHUt ORV XOWUDPXQGRV TXH
SURPHWtDHO$U]RELVSR\RWUDILFDEDFRQORYLVLEOH\ORWDQJLEOHRUGHQDGRHQPLVDOPDFHQHV
\ SHVDGR HQ PLV EDODQ]DV 'H WDO PDQHUD VH LQLFLy HQ Pt XQD JUDQ GLVHQVLyQ FRQ HO
$U]RELVSRTXHGHEtRFXOWDUHQGHIHQVDSURSLDHO$U]RELVSRWHQtDPDODVSXOJDV\HOKiELWR
GHSORUDEOH GH WRVWDU D ORV LQFUpGXORV 'HVGH DTXHO HQWRQFHV \ VyOR HQ PL ´FRQR GH OX]µ
PHGHMpDWXUGLUFRQODVFDPSDQDVGHO$U]RELVSR\VDKXPDUFRQORVLQFLHQVRVGHVXEDVtOLFD
3HURHQPL´FRQRGHVRPEUDµ\RPDGXUDEDODJUDQLGHDHQORVODERUDWRULRVGHPLVXEVXHOR
EDMR PL GLUHFFLyQ HO ItVLFR 7KHRGRUXV H[SHULPHQWDED \D FRQ VXV WXERV \ VHUSHQWLQHV $Vt
OOHJyODKRUDHOGtDHODxR\HOVLJORHQTXH7KHRGRUXVORJUyHQVXVUHWRUWDVXQDVtQWHVLV
JHQLDO<RHVWDEDGHVSRVDGRHQWRQFHVFRQXQDPXMHUOODPDGD*UHWFKHQXQDIODPHQFDGH
SHFKRV GHVERUGDQWHV \ JO~WHRV UROOL]RV XQ DPDQHFHU D IXHU]D GH DQiOLVLV 7KHRGRUXV OD
UHGXMRDXQFRPSXHVWRGHR[tJHQRKLGUyJHQRi]RHFDUERQR\FDOFLRXQLGRVHQDUPRQLRVDV
SURSRUFLRQHV&XDQGRYLDPL*UHWFKHQVLQWHWL]DGDHQXQDIyUPXODTXtPLFDHOJR]RGHOD
FLHQFLDGHVERUGyHQPLiQLPRHVHGtDWRPpODFRPXQLyQHQODPDQRVGHO$U]RELVSRGLDOD
,JOHVLDXQDLPSRUWDQWHOLPRVQD\VDFULILTXpQXHYHOHFKRQHVSDUDHOEDQTXHWHFHOHEUDWRULR
TXHRIUHFtDODFOLHQWHOD&LHUWRHVTXH7KHRGRUXVIXHDKRUFDGRPiVWDUGHSRUODWHRORJtD
HQXQDSOD]DGH%UXMDV3HUR\RKDEtDORJUDGRODEDVHUHDOGHPLGRJPD´(QHOSULQFLSLRHV
OD0DWHULDµ
(QHVWHSXQWRGHVXUHODWR&UHVRGLRPXHVWUDVGHXQDH[DOWDFLyQUHWURVSHFWLYD
³£6HxRUHVGHSLH³LQYLWyDVXVFRPHQVDOHV³£<RDFDEDEDGHLQYHQWDUHO0DWHULDOLVPR
+LVWyULFR
³£0LHQWH³SURWHVWyXQDYR]LQGLJQDGDHQHOiQJXORPiVRVFXURGHOVyWDQR
³¢4XLpQKDEODGHVGHODVRPEUD"³LQTXLULy0HJDIyQ
³1ROHGHQLPSRUWDQFLD³GLMR&UHVRDORVEDQTXHWHDGRUHV³(VHO(VSHFWUR0DU[LVWDTXH
VHDWULEX\HODSDWHUQLGDGGHPLFULDWXUD
³£7LHQH UD]yQ HO FDPDUDGD (VSHFWUR ³DGXOy HO ORUR 1LFN³ 'RQ 5DPLUR 6DOVDPHQGL
/HXPDQ VyOR LQYHQWy GRV XWHQVLOLRV LQJHQLRVRV OD EDODQ]D GH SDJRV \ HO ZDWHU FORVHW D
SHGDO
1L HO PHQWtV GHO (VSHFWUR QL OD LQMXULD GHO ORUR KDEtDQ ORJUDGR FRQYHQFHU D OD PHVD HO
&RQWDGRU 6HJXUD SRVDED VXV RMRV DGPLUDGRV HQ HO &UHVR GHPL~UJLFR 3DWULFLD %HOO HUD XQD
HVILQJH TXH QR VROWDED VX HQWULSDGR DEVWUDtGRV HQ XQ VLOHQFLR QR KDELWXDO %DUUDQWHV \
%DUURVRSDUHFtDQHVWDUSDSDQGRPRVFDVHQXQRVFXURPHGLRHYR
³(V LQGXGDEOH TXH QRV KDOODPRV IUHQWH D XQ &UHVR JHQLDO ³GLMR HO FRQWDGRU 6HJXUD³
¢4XLpQKDEUtDVRVSHFKDGRWDQWDFLHQFLDHQHOKRPRRHFRQyPLFXV
³6XJHQLDOLGDG³H[SOLFy0HJDIyQ³VHWUDGXMRHQXQDJDPEHWDIRUPLGDEOHWUDQVPXWyVX
SDVLyQ DYDUD \ VX JXVWR SRU OD PDWHULD HQ XQD ILORVRItD XQLYHUVDO $ PL HQWHQGHU HO
(VSHFWUR0DU[LVWDHVHOGHVSLVWDGRPiVJUDQGHTXHKDFRQRFLGRODKLVWRULD
6LQRFXOWDUVXPRGHVWLD&UHVRDODEyODSHUVSLFDFLDGHO$XWRGLGDFWR
³8VWHG HV XQ OLQFH ³OH GLMR³ ¢4XLHUH VDEHU FyPR XQD ILORVRItD VH WUDQVPXWD HQ XQD
UHOLJLyQ"
³£(VWiGHPHQWH³JDUJDUHy1LFN'yODU³£(O)0,OHKDWUDVWRUQDGRODVHVHUD

153
 ³'RQ5DPLURKDEOH³ORXUJLyHO2VFXURGH)ORUHV
$UUHEXMiQGRVH WRGR HQ VX DOERUQR] GH EDxR FRPR VL OR HVFXFKDUD XQ IUtR GH FHQWXULDV
&UHVRUHDQXGyVXKLVWRULD
³'HMDPRV DO ItVLFR 7KHRGRUXV HQ XQD KRUFD GH %UXMDV \ FRQ HO SLWR HUHFWR HQWUH
VRVOD\DGDV EHJXLQDV $ SDUWLU GH DTXHOOD KRUD ILORVRIp \R VROR < DGYHUWt TXH OD 0DWHULD
SHVHDODGLYHUVLGDGLQTXLHWDQWHGHVXVIRUPDVUHFRQRFtD\DFDWDEDXQSDWUyQ~QLFRHQORV
PHUFDGRVDWpUPLQRHO3DWUyQ2UR£6tHORURHUDOD8QLGDG\OD2PQLSRWHQFLDTXHWDQWR
HORJLDEDHO$U]RELVSRHQVXVKRPLOtDVGRPLQLFDOHV<VLHQGROD8QLGDG\OD2PQLSRWHQFLDHO
RUR VH LQYHVWtD FRQ DWULEXWRV GLYLQRV (QWRQFHV FRQYHUWt HO 3DWUyQ 2UR HQ HO 'LRV 2UR
VXFHGLyXQDPDxDQDGHSULPDYHUDFXDQGRYHQGtD\RPLVWXOLSDQHVDXQIORUtQGHRURFDGD
XQR
³£3DGUH TXLHUR OORUDU ³JLPLy %DUURVR³ £(O KRQRU GH ORV WXOLSDQHV YHQGLGR D XQ GLRV
DPDULOOHQWRGHFROLWLV
³+LMRVLKDVGHOORUDU³OHDFRQVHMy%DUUDQWHV³OORUDVREUHORVPHQGUXJRVGH&UHVRDOR
PHMRUVHDEODQGDQDOYHUWXVOLQGRVRMRVDUUDVDGRV
3HURGRQ5DPLURHQWUDED\DHQXQDVXHUWHGHIXULDKHUUXPEURVD
³£(O'LRV2UR³SURWHVWy³¢4XpYDOtDVXPDMHVWDGVLHOYXOJRODSURIDQDEDWRGRVORVGtDV
DQWHPLVRMRVHVFDQGDOL]DGRV"£8Q'LRVRIHQGLGRHQODVPRQHGDVFRQWDQWHV\VRQDQWHVTXH
VHMXJDEDQORVWDK~UHVHQODVPDQRVURxRVDVGHORVPHUFDFKLIOHVHQHOFROODUGHODVGDPDV
\ HQ HO DQLOOR GH ORV UXILDQHV £1R \ QR ´5DPLUR ³PH GLMH FLHUWD YH]³ WX 'LRV SDUD VHU
'LRVWHQGUiTXHVHULQYLVLEOHµ<HQDGHODQWHDFDSDUpDPL'LRVORHVFRQGtHQPLVyWDQR\
ORDGRUpVHFUHWDPHQWH5HFRQRFtPiVWDUGHTXHIXHXQSHOLJURVRH[FHVRGHPLVWLFLVPROD
IHOLJUHVtD H[WHULRU SRU IDOWD GH FLUFXODQWH VH KDEtD TXHGDGR HQ ERODV \ DPHQD]DED FRQ
XQDUHEHOLyQ(QWRQFHVPHGLMH´5DPLUR\DTXHDFDSDUDVWHDWX'LRVDOPHQRVGLVWULEX\H
VXVLPiJHQHVHQWUHORVEHDWRVµ(LQYHQWp\RVRORHOSDSHOPRQHGD
³)XH XQ LQYHQWR FUXHO ³RSLQy %DUURVR³ /RV ELOOHWHV GH EDQFR VRQ HO PHMRU WUDQVSRUWH
TXHXVDQORVEDFLORVGH.RFK
³+LMLWR ³OR H[KRUWy XQ %DUUDQWHV HQ DODUPD³ VL WH TXHGDQ DOJXQRV HQ OD ELOOHWHUD
HQWUpJDVHORVDWXDEQHJDGRSDGUHTXHYHODSRUWXVDOXGPiVTXHSRUODVX\D
6RUGRDHVDVLQWHUYHQFLRQHVFUtWLFDVGRQ5DPLURFRQWLQXyXUGLHQGRVXUHODWRHQHOWHODU
GHXQDOyJLFDLQH[RUDEOH
³&RUUHOLJLRQDULRV³GLMR³DGPLWLUiQTXHXQGLRVH[LJHVX7HPSORVLQHOFXDOVHUtDXQGLRV
D OD LQWHPSHULH /OHQR GH PL SURSLD WHRORJtD HQFDUJXp D PLV DUTXLWHFWRV OD HUHFFLyQ GH
XQD &DWHGUDO GRQGH VH DORMDUtD PL GLRV < DVt YLHURQ XVWHGHV ORV PRUWDOHV HUJXLUVH OD
HVWUXFWXUDGHO%DQFR&HQWUDOHQFX\RVXEVXHOR HQWHUUpDPLGLRVHQEDUUDVRDPRQHGDGR
£$K VHxRUHV ³H[FODPy HQ XQD HVSHFLH GH FHOR UHIULWR³ \D WHQtD VHJXUR D PL GLRV HQ VX
WHPSOR &RQ WRGR DOJR PH IDOWDED HO $U]RELVSR PH KDEtD HQVHxDGR TXH XQ GLRV KD GH
WHQHUVXOLWXUJLD\VXFOHUR0HGLWpODUJDPHQWH\DOILQFRQFHEtXQDOLWXUJLDEDQFDULDKHFKD
GH SDSHOHUtRV HQJRUURVRV HVWDFLRQHV ULWXDOHV HQ YHQWDQLOODV HQUHMDGDV LPSRVLFLRQHV GH
VHOORV \ UHJLVWURV GH ILUPDV WRGR FRQ XQD VXDYH P~VLFD GH FRPSXWDGRUDV HOpFWULFDV <
GLVSXVHTXHPLFHUHPRQLDOIXHVHFXPSOLGRSRUXQVDFHUGRFLRHQHVFDODIyQTXHYDGHVGHXQ
*HUHQWHURMRGHSURWHtQDVKDVWDXQ&DMHURDPDULOORGHDXVWHULGDGHV
³&DFKRUUR³GLMRDTXt%DUUDQWHV³¢QRWHJXVWDUH]DUHQODLJOHVLDGH&UHVR"+D\HQVXV
DOWDUHVXQDURPDGHEHDWLWXGTXHQRVLQVSLUDODVPiVQREOHVLGHDV
³0X\FLHUWRSDGUH³DVLQWLy%DUURVRFRQPRYLGR³8QRVLHQWHDOOiODWHQWDFLyQPtVWLFDGH
OLEUDUXQFKHTXHVLQIRQGRV
(PSHUR HO FRQWDGRU 6HJXUD \ 0HJDIyQ YDFLODEDQ D~Q IUHQWH D OD PROH WHROyJLFD GH
&UHVR
³¢<TXpOXJDURFXSDXVWHGHQODMHUDUTXtD"³OHGLMRHOFRQWDGRU

154
 ³£<R VR\ HO 3DSD ³H[XOWy 6DOVDPHQGL³ 5DPLUR , 3RQWLIH[ 0i[LPXV <R VR\ HO TXH
SRQWLILFDHQWUHPLGLRV\ODFDQDOOD£EHVHQPLDQLOORSHFDGRUHV
< WHQGLy D ORV FRPHQVDOHV XQ GHGR HQ HO FXDO D PDQHUD GH DQLOOR OXFtD pO XQD GRUDGD
IDMDGHFLJDUURKDEDQR
³6HxRUQREHVDUHPRVHVHDQLOOR³VHQHJyHO$XWRGLGDFWR³6XUHOLJLyQHVWiLQFRPSOHWD
³¢4XpOHIDOWD"
³8Q3DUDtVR\XQ,QILHUQR
(O3RQWtILFH0i[LPRUHODPSDJXHyDTXtGHRMRVIHEULOHV<DQRHUDHO&UHVRGHODIiEXOD
HUDRWUDYH]GRQ5DPLUR6DOVDPHQGL/HXPDQHOWDXPDWXUJRGHQHEXORVDVHFRQRPtDV
³£(VWiQHTXLYRFDGRV³SURWHVWy³0LXQLYHUVRIOXFW~DHQWUHXQD´HVWDFLyQSDUDGLVtDFDµ
\XQD´HVWDFLyQLQIHUQDOµ6XSDUDtVRHVOD(VWDELOLGDG0RQHWDULD\VHFRQFLEHDODPDQHUD
GHXQYHUDQRTXHVHDQXQFLD\QROOHJD6XLQILHUQRHVODWHQHEURVD,QIODFLyQTXHVXPHDORV
FUH\HQWHVHQXQDODUJDSHQXULDLQYHUQDO
&RPR LQFHQGLDGR HQ VX SURSLR IXHJR GRQ 5DPLUR VH SXVR GH SLH \ WHQGLy D ORV
FRPHQVDOHVXQDGLHVWUDIDQiWLFD
³£&RQWULEX\HQWHV ³ORV DUHQJy³ HVWDPRV HQ LQYLHUQR £$JiUUHQVH ELHQ \ UHVLVWDQ FRQ
D\XQRV\DEVWLQHQFLDV
³£)LUPHV ³JULWy D VX YH] HO ORUR 1LFN³ £+DJDQ XQ HVIXHU]R PiV SHUR VLQ TXH VH OHV
DEUDHOHVItQWHURKKHUPDQRV
³£$WUiV HVH EXUJXpV³FKLOOy HO (VSHFWUR 0DU[LVWD³ £&RQ QXHVWUD KR] OH YDPRV D FRUWDU
HVRVWHVWtFXORVHJRFpQWULFRV
(O $XWRGLGDFWR TXH QR GHVFXLGDED HO ULWPR GH OD ELRSVLD URJy D 6DOVDPHQGL TXH
GHSXVLHUDVXDUGRUSURVHOLWLVWD\UHFREUDUDVXDVLHQWRHQHOFHQiFXOR
³5DEt³OHGLMR³¢QRKDEUiOOHJDGRVXKRUDGHSURQXQFLDUHOFRQVXPDWXPHVW"
³1RWRGDYtD³OHUHVSRQGLy&UHVR³0LVGRJPDVKDQWULXQIDGRXUELHVWRUELQRKD\XQR
VRORHQWUHXVWHGHVTXHQRFRQILJXUHDXQPtVWLFREXUJXpVQLVLTXLHUDHO(VSHFWUR0DU[LVWD
£&UHVR SRQWtILFH \ &UHVR UH\ 6LQ HPEDUJR ³DxDGLy FRQ OiJULPDV HQ ORV RMRV³ QHFHVLWDUtD
RIUHFHUOHV XQD LQPRODFLyQ GH PL SHUVRQD TXH GHUURWH SDUD VLHPSUH D ORV GHPRQLRV
LQIODFLRQLVWDVDO'LULJLVPRDWHR\DORVYHUGXJRVGHOD/LEUH(PSUHVD
³¢8QVDFULILFLRULWXDO"³VHDVRPEUy0HJDIyQ
³3HURTXHQRGXHOD\TXHEULQGHDODVFiPDUDVXQJUDQHVSHFWiFXOR³OHURJy&UHVRHQVX
DJRQtD
³¢3RUHMHPSOR"
³8QDFUXFLIL[LyQGHWHDWUR
³¢/DQHFHVLWD\DPLVPR"
³£6HxRUOD+LVWRULDQRHVSHUD
(Q DQWHULRUHV \ GLItFLOHV HVFDUDPX]DV 0HJDIyQ KDEtD KHFKR JDOD GH XQD IULDOGDG
RSHUDWLYDTXHOHYDOLyQRHVFDVRVWULXQIRV3HURXQDFUXFLIL[LyQDVtIXHVHGHWHDWURQRHUD
QLQJXQDEURPDHQUD]yQGHOVLPEROLVPRTXHSRGtDMXJDUHQHOODRPLQRVDPHQWH<D3DWULFLD
%HOODVXL]TXLHUGDWURQDEDFRPRGHVGHXQPRQWH&DOYDULRLQWHULRU
³6HxRUHV³GLMR0HJDIyQDORVFRPHQVDOHV³YDPRVDGHEDWLUHVWHVDFULILFLR
³0LHQWUDV XVWHGHV OR KDFHQ ³DQXQFLy &UHVR³ PH YR\ D OD FDPDMDXOD LGHDUp DOOi PL
WHVWDPHQWR
*LUDQGR VREUH VXV WDORQHV DERUGy OD FDPD \ VH WHQGLy HQ HOOD ODUJR D ODUJR HQWUH XQ
ODPHQWRGHIOHMHVKXQGLGRV(QWRQFHVHOORUR1LFNFRQVFLHQWHGHODKRUDVHSXVRDFDQWDU
HQVXKRQRUHOKLPQRQDFLRQDOGHOD86$
³£6LOHQFLRPLVHUDEOH³VHDODUPyGRQ5DPLUR³£7HYDQDRtUKDVWDODVSLHGUDV
³£8QDFXHUGRVWDQGE\³UHSXVRHOORURHQVXGHOLFLD
<FDQWXUUHyDKRUD

155
 ³µ&RQVXJDOHUDHVWUHOODGDWtR6DPHVWiFRQWHQWRµ
3RU IRUWXQD \ GHVGH VX FDPD GRQ 5DPLUR VLOHQFLy DO DYH FRQ XQD SDQWXIOD TXH OH WLUy
FHUWHUDPHQWH $GYHUWLGR OR FXDO 0HJDIyQ SDVy UHYLVWD GH ORV FRPHQVDOHV TXH D~Q VH
RUGHQDEDQHQWRUQRGHODPHVD
³¢(VWDPRVWRGRV"³LQTXLULy
³£-HIH ³JULWy GH V~ELWR %DUUDQWHV³ HO 3REUH $EVROXWR QR HVWi HQ VX DVLHQWR £+D
GHVDSDUHFLGRPLVWHULRVDPHQWH
<HUDYHUGDGDQWHVLHWHSDUHVGHRMRVQDGLHVDEtDGHVGHFXiQGRHO3REUH$EVROXWRVH
KDEtDGHVYDQHFLGRHQHODLUHIDQWDVPDVLQYR]PDUJLQDGRFRPRVLHPSUHGHWRGDFHQD\GH
WRGDILORVRItD/RVEDQTXHWHDGRUHVQRGHMDURQGHODPHQWDUDTXHOODHYDSRUDFLyQDOHJyULFD
3HURVHWUDWDEDGHFUXFLILFDURQRDGRQ5DPLUR6DOVDPHQGL/HXPDQ\HO$XWRGLGDFWRSXVR
HQGHEDWHODFXHVWLyQ
³$ PL HQWHQGHU ³RSLQy %DUURVR³ GRQ 5DPLUR QR SRVHH ORV FDULVPDV GH XQ OtGHU
FUXFLILFDEOH6HJ~QKHREVHUYDGROHIDOWDJUDFLDHQORVJHVWRV\SRHVtDHQORVRMRV
³$GHPiV ³GLMR %DUUDQWHV³ SUHVHQWD XQ LQFRQYHQLHQWH GH RUGHQ WpFQLFR GRQ 5DPLUR
HVWi GHPDVLDGR JRUGR SDUD XQD FUX] GH XWLOHUtD \ VH FDJDUi GH XQ JROSH VL OD PDGHUD QR
UHVLVWH
³£0HDVXVWDODSURIDQDFLyQGHOVtPEROR³WHPLy3DWULFLD%HOO³'HVGHTXHHOVHxRU-HV~V
HVWXYRHQHOODODFUX]QRHVSDUDORVODGURQHV
7DPELpQHOFRQWDGRU6HJXUDVHGHFODUySRUODQHJDWLYD
³6L FUXFLILFDPRV D GRQ 5DPLUR ³DPHQD]y³ OR FRQYHUWLPRV HQ XQ KpURH VX HVWDWXD VH
DO]DUi HQ OD )DFXOWDG GH &LHQFLDV (FRQyPLFDV \ ORV DOXPQRV WHQGUiQ SHVDGLOODV D
PHGLDQRFKH
'HVHFKDGDODLGHDGHXQFUXFLIL[LyQHOFXHUSRGHOLEHUDWLYRDQDOL]yODVSRVLELOLGDGHVTXH
VLJXHQHODKRUFDPLHQWRTXHVHGHVFDUWySRUIDOWDGHVRJDODGHFDSLWDFLyQH[FOXLGDSRU
DXVHQFLDGHXQKDFKDHOYHQHQRGHORV%RUJLDFX\RDQDFURQLVPRVHDGYLUWLyDOUHFRUGDUOD
QDWXUDOH]DQRURPiQWLFDGHOKpURHODVLOODHOpFWULFD\ODFiPDUDGHJDVFLDQXURWDPELpQ
HOLPLQDGDVHQUD]yQGHVXVFRPSOLFDFLRQHVLQVWUXPHQWDOHV
³£3yQJDQOR FRQWUD HO SDUHGyQ \ FKDX ³VXJLULy HO (VSHFWUR 0DU[LVWD GHVGH VX iQJXOR
VRPEUtR
/D VXJHUHQFLD GHO (VSHFWUR DXQTXH WHQWDGRUD \ SRVLEOH GHVDJUDGy D %DUURVR TXLHQ
DPDQWHGHORQDFLRQDO\ORSRSXODU£'LRVOREHQGLJDUHFRUGyPX\DWLQDGDPHQWHDTXHOOR
GH´QRJDVWDUSyOYRUDHQFKLPDQJRVµ
³%LHQ GLFH PL FDFKRUUR ³GLMR %DUUDQWHV³ <R VXJLHUR XQ UHFXUVR EDUDWR VLPSOH \ D OD
YH] IRONOyULFR GH VDFULILFDU D GRQ 5DPLUR ¢3RU TXp QR OR HVWDTXHDPRV HQ HO VXHOR D OD
PDQHUDFULROOD"
/D LQLFLDWLYD GH %DUUDQWHV GHVOXPEUy DO FXHUSR GHOLEHUDWLYR \ IXH DSUREDGD SRU
DFODPDFLyQ(QWRQFHVHO$XWRGLGDFWRGH9LOOD&UHVSR\HOFRQWDGRU6HJXUDOHYDQWiQGRVHGH
ODPHVDIXHURQKDVWDODFDPDGHOSUyFHU\OHFRPXQLFDURQHOJpQHURGHWRUWXUDTXHKDEtDQ
HOHJLGRSDUDVXJORULILFDFLyQ6LQGHFLUSDODEUDREHGLHQWHFRPRXQWHUQHURVDFULILFLDOGRQ
5DPLUR DEDQGRQy VX FDPD \ VH GLULJLy DO FHQWUR GH OD JUXWD GRQGH FRPHQ]y D VROWDU HO
DOERUQR] GH EDxR FRPR XQD SLHO PROHVWD < HO UHVWR GH ORV FRPHQVDOHV OR URGHy VLQ
HVFRQGHUVXSLHGDG
³1HFHVLWDUtDPRVFXDWURHVWDFDV³GLMR%DUUDQWHVPLUDQGRDVXDOUHGHGRU
³(VWDFDVQRKD\³OHDGYLUWLyGRQ5DPLUR³3HURPLFDMyQGHKHUUDPLHQWDVHVWiGHEDMR
GH OD FDPD \ MXQWR D OD HVFXSLGHUD HQ pO KDOODUiQ FXDWUR FODYRV GH WUHV SXOJDGDV \ XQ
PDUWLOOR
<  VH DUURMy DO VXHOR HQ VXV SDxRV PHQRUHV DELHUWR \D GH SLHUQDV \ EUD]RV FRPR VL
IDFLOLWDUDVXWRUWXUD

156
 ³6HxRUHV ³DGYLUWLy D VXV YHUGXJRV³ FRQVWH TXH SRU YROXQWDG SURSLD \R VR\ DTXt OD
YtFWLPDHOYLFWLPDULR\ODYHGHWWH8VWHGHVDFWXDUiQFRPRYXOJDUHVFRPSDUVDV
(QWUHWDQWR%DUURVRWUDVH[SORUDUORVEDMtRVGHODFDPDYROYLyXUJHQWHPHQWHDOOXJDUGH
ODHMHFXFLyQFRQHOPDUWLOOR\ORVFODYRVLQGLVSHQVDEOHVDXQHVWDTXHRJURVVRPRGR&RQOD
PLVPD XUJHQFLD HO YHUGXJR %DUUDQWHV KXQGLy FXDWUR FODYRV HQ HO SLVR GH PRGR WDO TXH
FRUUHVSRQGLHVHQ D ODV DELHUWDV H[WUHPLGDGHV GH &UHVR < HO YHUGXJR %DUURVR FRQ GpELOHV
SLROLQHV DWy D HVRV FODYRV ODV PXxHFDV \ ORV WRELOORV GH OD YtFWLPD 1R ELHQ OD RSHUDFLyQ
KXER FRQFOXLGR ORV DVLVWHQWHV REVHUYDURQ D &UHVR TXH VRQUHtD FRQ OD EHQHYROHQFLD GH XQ
PiUWLUVDWLVIHFKRGHVtPLVPR
³£3HUIHFWR³ORDGPLUy%DUUDQWHV
<GLULJLpQGRVHDOSUyFHUHVWDTXHDGR
³£'RQ5DPLUR³ORDGXOy³GHVGHDUULEDRIUHFHXVWHGDORVREVHUYDGRUHVXQSULPHUSODQR
PDUDYLOORVR
³¢1R KDEUi SRU DTXt ³GLMR pO FRQ DQVLHGDG³ DOJXQD FiPDUD TXH OR UHJLVWUH SDUD OD
+LVWRULD"
³(VWDPRVORVWHVWLJRV³ORFRQVROy0HJDIyQ³<XQWHVWLJRILHOYDOHPiVTXHXQIRWyJUDIR
GHPDODOHFKH
³6LHVDVt³GLMR&UHVR³HVFXFKHQPLV~OWLPDVLQVWUXFFLRQHV
3yQJDQPHDOORUR1LFNDORVSLHV\VyORXQDOX]HQODFDEHFHUD\DSDJXHQODVWUHVYHODV
UHVWDQWHVSDUDTXHXQGHUURFKHILQDOQRSHUWXUEHPLDJRQtD(OFRQWDGRUS~EOLFRQDFLRQDO
DTXt SUHVHQWH UHFRJHUi SRU HVFULWR PLV WHRUtDV HFRQyPLFDV \ ODV GLYXOJDUi VyOR HQWUH ORV
KHUPHQpXWLFRV GH $FDGHPLD VL DOJXQR ODV HQWLHQGH \ OR GXGR UHFRPSpQVHOR FRQ XQD
PHGDOODTXHQRVHDGHRURVLQRGHEURQFHSDUDHVWLPXODUVXDVFHWLVPR(QHOFDVRGHTXH
\R PXHUD \ QR VR\ HWHUQR FRPR UH]RQJDQ PLV RSRVLWRUHV VHS~OWHQPH GH FRVWDGR SDUD
XVDUPHQRVWLHUUDGHWDOPRGRQRGLUiQPLVHQHPLJRVTXHQRLQWHQWpOD5HIRUPD$JUDULD
< QR PDOJDVWHQ SDUD Pt RUDWRULDV GH FHPHQWHULR D ILQ GH DKRUUDU OD VDOLYD GH ORV
FRQWULEX\HQWHV
³¢<HO(VSHFWUR0DU[LVWD"³OHUHFRUGyHO$XWRGLGDFWR
³<DVDOGUiHVWDQRFKHGHVXULQFyQ³GLMR&UHVR³£%LHQ6XIDPRVDGLDOpFWLFDVHUiSDUD
Pt XQ EDUELW~ULFR H[FHOHQWH £$GLyV DPLJRV < ROYtGHQPH VL QR TXLHUHQ GHVSLOIDUUDU VXV
~WLOHVPHPRULDV
<DHOG~R%DUUDQWHV%DUURVRKDEtDLQVWDODGRD1LFN'yODUHQHOOXJDUTXHOHVRUGHQDUDHO
KpURH \ 3DWULFLD %HOO H[WLQJXLGR ODV WUHV YHODV GH PDUUDV (QWRQFHV ORV GHO JUXSR VH
GLULJLHURQDODHVFDOHULOODGHOVyWDQRSHURDQWHVGHDERUGDUODFRQWHPSODURQXQDYH]PiVD
&UHVR\DFHQWH
³3DWUyQ ³OH GHFtD HO ORUR 1LFN³ ¢QR VHUtD FRQYHQLHQWH ODQ]DU XQD HPLVLyQ GH VHOORV
SRVWDOHVFRQPHPRUDWLYRV"
³1LFN³OHUHVSRQGLy&UHVR³QRHVWR\SDUDHVDVYDQLGDGHV¢&yPRKDFHUUDGROD%ROVD"
³'RVDO]DV\RFKHQWDEDMDV³FRWRUUHy1LFN³/RVGHPiVSDSHOHVHVWiQHQTXLHEUD
³0X\DOHQWDGRU³ERVWH]y&UHVR³£(OSDtVWULXQID
'LFKRORFXDOHQWRUQyVXVRMRV\H[SLUyKDVWDHOGtDVLJXLHQWH

6LODVEDWDOODVGH0HJDIyQVHKDEtDQOLEUDGRKDVWDHQWRQFHVHQODH[WHULRULGDGYLVWRVDGH
DPELHQWHVFRQRFLGRV\SHUVRQDMHVUHFRQRFLEOHVOD3D\DGDFRQHO(PEDMDGRUVHKDUtDHQHO
VHFUHWRGHXQOXJDUDEVWUDFWR\FRQXQSHUVRQDMHTXHORHUDVyORSRUGHOHJDFLyQGHFLHUWD
YROXQWDGOHMDQDR´PRWRULQPyYLOµFX\DGLFWDGXUDYHQtDHMHUFLpQGRVHSRUFRQWUROUHPRWR
(Q ODV HVFDUDPX]DV UHDOL]DGDV HO $XWRGLGDFWR VXFXPELy DOJXQD YH] D OD LOXVLyQ GH OD
WUDJLFRPHGLD TXH VH UHSUHVHQWDED \ DO HQFDQWR GH OD OLEHUWDG DSDUHQWH FRQ TXH VH
PRYLHURQ VXV DJRQLVWDV HO JHQHUDO *RQ]iOH] &DEH]yQ HO *UDQ 2OLJDUFD R HO HFyQRPR

157
6DOVDPHQGLSDUHFtDQPRWRUHVGHVtPLVPRVHQORVXEOLPHRORJURWHVFRGHVXVDGHPDQHV<
VLQ HPEDUJR GHVGH OD SODQLILFDFLyQ GH VX JXHUUD 0HJDIyQ VDEtD TXH XQ GUDPDWXUJR
IRUiQHR HVFULEtD ORV OLEUHWRV \ PDQHMDED GHVGH DIXHUD ORV KLORV RFXOWRV GH ORV WtWHUHV
$MHQRV \ VLQ FXOSD YHLQWH PLOORQHV GH DUJHQWLQRV DFWXDEDQ HQ OD WUDJLFRPHGLD FRPR
ILJXUDQWHVHQJDQFKDGRVDVXHOGRPyGLFR´£*UDQSXWD³GLFH0HJDIyQHQXQRGHVXVDSXQ
WHV³ ¢TXp YtERUD VROWDUi VX YLHMD SHODGXUD VL QR OH FRQYLHQH DO 'LUHFWRU GHO -DUGtQ
=RROyJLFR"µ
$OOiHQHOQRUWHFHUFDGHOSRORKHODGR\HQWUHGRVRFpDQRVEHOLJHUDQWHVKDEtDXQQLxR
TXH QDFLy HQ FLUFXQVWDQFLDV D]DURVDV FDEH]yQ \ PRUUXGR £TXH 'LRV OR JXDUGH SHUR QR
HWHUQDPHQWH < QR VDEH XQR VL OORUDU R UHtU SRUTXH KD HQORTXHFLGR HO 7LHPSR \ QR HV
IiFLOFRQRFHUDKRUDVLHVWiHFKDQGRIORUHVHQXQDSULPDYHUDRVROWDQGRIROODMHVPXHUWRVHQ
XQ RWRxR DPHQD]DGRU $TXHO QLxR ERUHDO FULDGR HQWUH ODV YLROHQFLDV GHO RUR MRYHQ \ ODV
HXIRULDV GH XQD PXVFXODWXUD VDOXGDEOH FUHFLy PXFKR GH FXHUSR JUDFLDV D XQD GLHWD
H[FHOHQWH GH MDPyQ \ KXHYRV IULWRV KDVWD ORJUDU XQD HVWDWXUD TXH DOJXQRV WRPDURQ SRU
JLJDQWLVPR\RWURVSRUHOHIDQWLDVLV3HURVXDOPDJDWHyPXFKRVDxRVHQODLQRFHQFLDOLVDGH
ORVMXHJRVLQIDQWLOHVFRPRHOGHDVDOWDUGLOLJHQFLDVH[WHUPLQDUFRPDQFKHV\GHVHQIXQGDU
ODSLVWRODHQXQPLOpVLPRGHVHJXQGRHQWRQFHV(O3RHWDPLGLHQGRVXRUIDQGDGOHUHJDOy
XQ FXHUYR PHWDItVLFR XQ HVFDUDEDMR GH RUR \ WUHV QRYLDV DEVWUDFWDV £$TXpOOD IXH OD JUDQ
WHQWDFLyQTXHVHOHKL]RSUHVHQWHDXQPXFKDFKRHQVXWLHPSR~WLOGHPLUDU\HOHJLU3RU
GHVJUDFLD \ VLPXOWiQHDPHQWH OH KDEOy WDPELpQ (O *DQVR (QHUJpWLFR ´0\ ER\ ³OH GLMR³
KD\TXHWHPSODUHODOPDµ<ORQRPEUyJHUHQWHGHVXVHPSUHVDVORODQ]yDODPtVWLFDGHO
p[LWRHQODDFFLyQ\DODVREHUELDHQHOp[LWR(QDGHODQWH\ VLQGHMDUGHVHUXQQLxRHO
PXFKDFKRXQLYHUVDOL]yVXVPDQXIDFWXUDVDQGXYRHQJXHUUDVHVTXLOPyDSXHEORVWLUDQL]y
DUD]DV\VHKL]RXQFRQGXFWRUGHOPXQGR£TXH'LRVORFRQVHUYHSHURQRGHPDVLDGR1R
VDEHXQRVLUHtUROORUDUSRUTXHDPHQXGRHO´YLHQWRGHOD+LVWRULDµQRHVXQYLHQWRUHDO
VLQRXQIODWRJLJDQWH
6HJ~QORFDOFXODGRHQHOFKDOHWDVLVWLUtDPRVDOWRUQHRHO2VFXURGH)ORUHVTXHSD\DUtD
FRQ HO (PEDMDGRU HO G~R %DUUDQWHV \ %DUURVR GRV H[ ODFD\RV GHO LPSHULDOLVPR \ \R
FURQLVWDRILFLDOGHODJXHUUD\XQRILFLRVRH[SHUWRHQHPEDMDGRUHV\DQTXLV(QPLVKRUDVGH
IXQFLRQDULRFXOWXUDOKDEtDFRQRFLGRDXQRPLVWHU%UDGHQHUDVXQRPEUHXQFDUQLFHURGH
&KLFDJRTXHDOLQDXJXUDUDTXtFLHUWDH[SRVLFLyQGHOLEURVQRVKDEOyGHOD/LWHUDWXUDFRPR
GHXQYDFXQRPLVWHULRVR\WDOYH]PLOHFWRUYLQFXOHDWDOKRPEUHFRQQXHVWUDKLVWRULDQR
OHMDQD 3HUR GHVGH  ORV HPEDMDGRUHV \DQTXLV KDEtDQ HYROXFLRQDGR KDFLD XQD
SUXGHQFLDPtPLFD\YHUEDOTXHQRVOOHQyGHWHUQXUDHOTXHGHELyLQWHUYHQLUHQOD3D\DGD
PLVWHU +XQWHU GH DSHOOLGR WUDV ODV UHSUHVLRQHV \ ORV IXVLODPLHQWRV ORFDOHV GLR PXHVWUDV
JHQHURVDV GH VX LQWHUpV SRU HO HVWDGR HFRQyPLFRVRFLDO GH QXHVWUD FLXGDGDQtD \ QR VDEH
XQRVLOORUDURUHtUFRPRORGLMH\DHQPLREHUWXUDVLQIyQLFD(VDGLVSRVLFLyQIHOL]PHKL]R
DFRQVHMDUDO$XWRGLGDFWRGH9LOOD&UHVSRXQDHQWUHYLVWDFRQHOHPEDMDGRU+XQWHUHQODFXDO
%DUUDQWHV \ %DUURVR HQWUDUtDQ FRPR GRV WUDEDMDGRUHV DSDOHDGRV 0HJDIyQ FRPR XQ
GLULJHQWH JUHPLDO FXUWLGR HQ JDVHV ODFULPyJHQRV \ \R FRPR XQ SROtWLFR GH HQODFH WDQ
GHSXHVWR FRPR OD 5HS~EOLFD HQWHUD (Q FXDQWR DO JpQHUR 3D\DGD VH DGRSWy PHUFHG DO
FRQVHMR GH %DUURVR HO FXDO MXUy \ SHUMXUy TXH VL OR GDED QR HUD SRU DOJ~Q IHUYRU
WUDGLFLRQDOLVWD VLQR SRUTXH D VX MXLFLR HO FRQWUDSXQWR FULROOR HUD OD YtD PiV ~WLO SDUD
YHQWLODUWRGDVODVFXHVWLRQHVKXPDQDV\GLYLQDVFRPRORGHPRVWUyHOJDXFKR0DUWtQHQVX
SD\DGDFRQHOPRUHQRILORVyILFR
(OWRUQHROtULFRVHOOHYyDFDERHQXQSHTXHxRVDOyQGHODHPEDMDGD\IUHQWHDXQUHWUDWR
GH $EUDKDP /LQFROQ FHxXGR D~Q GH DEVWUDFFLRQHV OLEHUWDGRUDV 5HFXHUGR OD XELFDFLyQ
H[DFWD GH ORV SHUVRQDMHV \D VHQWDGRV D OD L]TXLHUGD \ D OD GHUHFKD GHO HPEDMDGRU
HVWiEDPRV HO 2VFXUR GH )ORUHV \ \R PLVPR pO SD\DGRU DEVRUWR TXH JXDUGDED WRGDYtD HO

158
VHFUHWR GH VX P~VLFD \ \R WHPLpQGROD FRPR DQWH XQD JXLWDUUD LPSUHGHFLEOH IUHQWH D
QRVRWURV HQ VXV EX]RV D]XOHV GH PHFiQLFRV %DUUDQWHV \ %DUURVR GLVIUXWDEDQ GH XQ VLOOyQ
5HJHQFLDFRQLQFUHtEOHVROWXUD
³6HxRU (PEDMDGRU ³OH GLMH D PLVWHU +XQWHU LQLFLDQGR ODV SUHVHQWDFLRQHV³ DTXt WLHQH
XVWHGDXQOtGHUHOFRPSDxHUR0HJDIyQORTXHKXPHGHFHDKRUDVXVRMRVQRHVXQOODQWRGH
FRQIUDWHUQLGDG VLQR HO DJXD TXH OH DUUDQFDURQ ORV JDVHV ODFULPyJHQRV < DTXt WLHQH D ORV
FRPSDxHURV %DUURVR \ %DUUDQWHV FX\DV WHODV KXPLOGHV RFXOWDQ ORV KHPDWRPDV TXH OHV
LQIOLJLyODGLFWDGXUD
³3DGUH ³JLPLy DTXt %DUURVR FRQ DFHQWR UDQTXHO³ £HQVHxDQGR KHPDWRPDV D JULQJR
HPEDMDGRU
³%XHQJXHUUHUR³ORDPRQHVWy%DUUDQWHV³QRHQVHxDQGRKHPDWRPDVDHQHPLJR
< DTXt 0HJDIyQ FODYDQGR HQ PLVWHU +XQWHU XQD PLUDGD SDOHROtWLFD OH GLMR
HVFXHWDPHQWH
³<R VLHQGR FDFLTXH 0HJDFDOI~ ¢9RV TXLpQ VLHQGR" ¢FRQ SHUPLVR GH TXLpQ EROHDQGR
xDQGXFHV"
$YH]DGRHQHVDVFRQWLQJHQFLDVODWLQRDPHULFDQDVPLVWHU+XQWHUQRGLRVHxDOHVGHQLQJ~Q
DVRPEUR
³<RVHU&DEDOOR7ULVWH³OHUHVSRQGLy³OHQJXDUD]GH&R\RWH/RFRJUDQMHIHFRPDQFKH
³£*ULQJRHQJDxDQGR³UHFHOy0HJDFDOI~³¢'yQGHYLYLHQGR&R\RWH/RFR"
³9LYLUOHMRVHQ7ROGHUtD%ODQFD
³¢<TXpKDFLHQGRHQ7ROGHUtD%ODQFD"
³*UDQ-HIHSUHSDUDUYLDMHDOD/XQD
³£&DEDOOR 7ULVWH PLQWLHQGR ³YROYLy D UHFHODU 0HJDFDOI~³ £*UDQ -HIH FRPDQFKH
UREDQGRFDPLVD\\HJXDVDSREUHLQGLR
³*UDQ -HIH QR UREDU ³OH DVHJXUy &DEDOOR 7ULVWH³ *UDQ -HIH FDPELDU RLO FUXGR SRU
JXLWDUUDHOpFWULFD
<VDFDQGRXQDSLSDGHVXEROVLOORODWHQGLyDOFDFLTXHUDQTXHO³¢)XPDQGRFDOXPHWGH
SD]"³ORWHQWy³%XHQWDEDFRPDGHLQ86$
³£1RIXPDQGRFDOXPHWGHSD]³OHJULWy0HJDFDOI~³£7RPDQGRPDWHGHJXHUUD
(QWRQFHV IXH FXDQGR %DUURVR H[WUDMR GH VX PDPHOXFR XQD FDODEDFLWD R SRURQJR
PLVLRQHURFRQVXERPELOODGHODWD\ODRIUHFLyD&DEDOOR7ULVWH
³¢1RVHUGHRURODERPELOOD"³VHGHFHSFLRQyHOFRPDQFKH
³2URUDQTXHO QR HVWDQGR DTXt ³ODPHQWR 0HJDFDOI~³ £2UR UDQTXHO HVWDQGR HQ WROGHUtD
GH&R\RWH/RFR
0LVWHU +XQWHU SDUHFLy LQTXLHWDUVH YROYLy VX FDUD HQpUJLFD SULPHUR D ORV WUDVWRUQRV GHO
RHVWHOXHJRDODVYLHMDVDPHQD]DVGHORULHQWH\SRUILQDODVUHEHOGtDVIODPDQWHVGHOVXU
³6LQRIXPDUFDOXPHW\HQWUHJDU RLOFUXGR³DPHQD]y³JUDQMHIH&R\RWH/RFRPDQGDU
ERLQDVYHUGHV\PDULQHVFRQJLPQDVLD
³£3DGUH³VHLQGLJQyHOLQGLR%DUURVR³¢PHWLHQGRHOODQ]DKDVWDHOSOXPD"
³*XUt³ORDGRFWULQy%DUUDQWHV³LQGLRUREXVWRQRSHOHDQGRFRQWULVWHVEROLFKHURV
(OFDFLTXH0HJDFDOI~ORVKDEtDHVFXFKDGRFRQGHOHLWH
³1R DVXVWDQGR ERLQDV GH FRORUHV ³OH UHSOLFy D PLVWHU +XQWHU³ £PDJLD UDQTXHO VLHQGR
PiVIXHUWHTXHPDJLDGHJXDOLFKRDWyPLFR
,QWHUYLQHDTXtWHPLHQGRTXHDTXHOODIDUVDFRQWLQXDVHLQGHILQLGDPHQWH
³6HxRUHV ³OHV KDEOp³ GHMHPRV HVWH GLiORJR PDFDUUyQLFR 6L HV TXH YDQ D
FRQWUDSXQWHDUTXHORVGRVSD\DGRUHVORKDJDQHQFULVWLDQR
'HSRQLHQGRDUFRVIOHFKDV\ODQ]DVORVGRVEDQGRVLQGtJHQDVUHQGLGRVDPLH[KRUWDFLyQ
VHGLVSXVLHURQDXQFRPEDWHGHDOWXUD0LVWHU+XQWHUOHQJXDUD]GHOQRUWHVROLFLWyHOXVR
GH XQ JUDEDGRU TXH UHFRJLHVH ODV IUXWDV GHO WRUQHR FRQ ILQHV KLVWyULFRV \ 0HJDIyQ

159
OHQJXDUD]GHOVXUDFFHGLyDORVROLFLWDGRFRQODPRGHVWLDTXHIXHVXURSDGHWRGRVORVGtDV
&RPR FKDOOHQJHU GH OD SHOHD HO $XWRGLGDFWR VH SURSRQtD LQLFLDU ODV DFFLRQHV \ PLHQWUDV
WHPSODED VX YLKXHOD LQWHULRU QR VDEtD VL OORUDU R UHtU DQWH XQ QLxR DFURPHJiOLFR TXH VH
GHVDUUROOyHQHOQRUWHFHUFDGHOSRORIUtR\HQWUHGRVRFpDQRVEHOLJHUDQWHV\TXHQRVHVWi
MRGLHQGRDWRGRVFRQVXIHUR]GLQDPRPDQtD
³6HxRU (PEDMDGRU ³OH GLMR D PLVWHU +XQWHU³ ODV WUDGLFLRQHV SRpWLFDV GH PL QDFLyQ
H[LJHQTXH\RFRPLHQFHODSD\DGDFRQHOSODQWHRGHXQHQLJPD
³¢8QHQLJPD"³VHDVRPEUyPLVWHU+XQWHU
³6HWUDWDGHDYHULJXDUFyPRHOQLxROODPDGR6DPIXHXQ7tRDQWHVGHVHUXQVREULQR$
PLHQWHQGHURVHGHELyDXQDFFLGHQWHGHFXQDRDXQHUURUGHODVFLHQFLDVSHGDJyJLFDV
³<RHVWR\SRUHODFFLGHQWH³RSLQy%DUURVR³¢4XpIXWXURSRGtDWHQHUHOQLxR6DPHQWUH
SLVWROHURV TXH GRFXPHQWDURQ HQ OD FXODWD GH VXV SLVWRODV HO Q~PHUR DJUDGDEOH GH ORV
PXHUWRV"
³'LFHELHQPLFDFKRUUR³DVLQWLy%DUUDQWHV³$GHPiV£SyQJDQVHXQDPDQRHQHOFRUD]yQ
\GtJDQPHVLHOPDOZKLVN\GHORVEXVFDGRUHVGHRURIXHXQDEXHQDHPXOVLyQSDUDXQQLxR
TXHWRGDYtDPHDEDVXVSDxDOHVHQ&DOLIRUQLD
³6LQ HPEDUJR ³UHSXVR 0HJDIyQ³ SHUVRQDOPHQWH PH JXVWDUtD FUHHU DKRUD TXH HO QLxR
6DPIXHXQDYtFWLPDGHOD'LGiFWLFD
³¢4XpPHTXLHUHQGHFLU"³SUHJXQWyPLVWHU+XQWHUTXHWUDWDEDGHEXFHDUHQODOyJLFDGH
ORVDERUtJHQHV
³3LpQVHOR ELHQ ³OH GLMR HO 2VFXUR³ HO PXFKDFKR 6DP HVWDED HQ VX WLHPSR GH YHU \
HOHJLU£\(O3RHWDOHKDEtDUHJDODGR\DXQFXHUYRPHWDItVLFR¢(QWLHQGH"
³£1R³JUXxyPLVWHU+XQWHU
³9HDXVWHGHOQLxR6DPWXYRHQDTXHOLQVWDQWHXQFXHUYRILORVyILFRDVXGHUHFKDSHUR
WXYR D VX L]TXLHUGD XQ *DQVR (QHUJpWLFR TXH OH JUD]QDED GtD \ QRFKH ORV DIRULVPRV GH OD
DFFLyQ<HQDTXHOODFLQFKDGDSHGDJyJLFDWULXQIyHOJDQVR\HOFXHUYRUHJUHVyDODQRFKH
SRpWLFDGHTXHKDEtDYHQLGR¢(VWiFODURDKRUD"
0LVWHU +XQWHU QR HQWHQGtD HO RUQLWROyJLFR VLPEROLVPR GH VX FRQWULQFDQWH SHUR HVWDED
LQWULJDGR
³¢4XpOHUHSURFKDQXVWHGHVDOQLxR6DP"³LQTXLULyGLSORPiWLFDPHQWH
³&RQ HO *DQVR TXH OR LQVSLUDED ³OH GLMR 0HJDIyQ³ HO PXFKDFKR 6DP HQWUy D SLVDU
IXHUWH 6X PHQWRU HUD XQ JDQVR D PRWRURLO \ HO QLxR 6DP EDMR VX WXWHOD IDEULFy XQ
LPSHULRtQWLPRFRQODPDQRDUWHVDQDGHOD,QGXVWULD\ODPDQRODGURQDGHO&RPHUFLR'HWDO
PDQHUD³GLFHODKLVWRULD³ORJUyDGTXLULUXQDHVWDWXUDTXHDOJXQRVWRPDURQSRUJLJDQWLVPR
\ RWURV SRU HOHIDQWLDVLV &RQ WRGR VX DOPD QR IXH PiV DOOi GH FLHUWD PtVWLFD LQRFHQWH
EDVDGDHQODSDVLyQGHOp[LWRHQORVDIDQHVGHOUHFRUG\HQODVJORULDVGHOVFRUH<HOQLxR
6DPDFRUWRSOD]RVHFRQYLUWLyHQHO7tR6DPTXHKDFHDKRUDODVGHOLFLDVGHOPXQGR£TXH
'LRVORJXDUGHSHURQRHWHUQDPHQWH
³£3DGUH QR HQWLHQGR ³UH]RQJy DTXt %DUURVR³ 1R HQWLHQGR FyPR HO FKLFR 6DP SRU
REUD GH XQ JDQVR GLQDPyPDQR VH FRQYLUWLy HQ 7tR VLQ DQWHV FRQRFHU ODV GXO]XUDV GHO
VREULQD]JR
³&UHR TXH 0HJDIyQ H[DJHUD ³OR DOHQWy %DUUDQWHV³ &RQ OD PLVPD OyJLFD HO PXFKDFKR
6DPDFWXDOPHQWHVHUtDHODEXHORGHVtPLVPR\HOWDWDUDEXHORGHXQJDQVRLPSHULDOLVWD¢2
QR"
³(O´YLHQWRGHOD+LVWRULDµHVWHPLEOH³OHVDGYLUWLyHO$XWRGLGDFWR³3RUTXHDYHFHVQR
VDEHXQRVLHVXQYLHQWRUHDORXQIODWRVRQRURHQHOWUDVHURGHOPXQGR
)UtR \ DWHQWR FRPR XQ S~JLO TXH KD GHGLFDGR HO SULPHU URXQG DO WDQWHR GH VX
DQWDJRQLVWDPLVWHU+XQWHUVRQULyDOILQ
³¢(VWDPRVHQXQDPHWiIRUD"³SUHJXQWy³6LHVDVt¢TXpWLHQHQXVWHGHVTXHFHQVXUDUOH

160
DO7tR6DP\DVXJDQVRHQHUJpWLFR"
³1DGD OH FHQVXUDUtD ³UHVSRQGLy 0HJDIyQ³ VL HO MRYHQ KpURH VH KXELHUD OLPLWDGR D
FRQVWUXLU VXV IiEULFDV OHYDQWDU VXV UDVFDFLHORV \ SUDFWLFDU VX PtVWLFD HQ HO DPELHQWH
IDPLOLDU´+DFHUGHVXFXORXQSLWRµHVXQRGHORVJRFHVTXHDXWRUL]DPRVDOSUyMLPRHQHO
&RQR6XU'HVJUDFLDGDPHQWHDO7tR6DPOHGLRSRUXQLYHUVDOL]DUVXVHVHQFLDV\ODQ]DUVHDO
PXQGR FRQ WRGD VX TXLQFDOOHUtD &ODUR HVWi TXH OD +LVWRULD FRQ VX YLHQWR UHDO R VX IODWR
VRQRURORD\XGyHQODFRQTXLVWDGHDTXHOPHUFDGRJLJDQWH
8QDOX]RUJXOORVDUHODPSDJXHyHQORVRMRVGHPLVWHU+XQWHU
³£%iUEDURV³SURWHVWy³£/RTXHXQLYHUVDOL]yHO7tR6DPIXHXQ´HVWLORGHYLGDµ
³¢&XiO"³UHSXVRHO$XWRGLGDFWR
$TXt HO (PEDMDGRU VH SXVR GH SLH WHQGLy D ORV DERUtJHQHV XQD GLHVWUD PDMHVWXRVD \
UHFLWyFRQYR]LQVSLUDGD
³µ£<R FDQWR D OD ORFRPRWRUD \ D ODV FKLVSDV TXH VDOHQ GH XQD UXHGD £&DQWR D OD 9tD
3~EOLFD\DORV3LRQHUV£RK3LRQHUV\DOPRWRUDH[SORVLyQ\DODPRUJXHWDQEHOODFRPR
XQDFDWHGUDOJyWLFD\DORV(VWDGRV8QLGRV£0LFDSLWiQPLFDSLWiQOHYiQWDWHSDUDRtUHO
WHOpIRQRUHFLpQLQYHQWDGRµ
³¢1R HVWi UHVRQDQGR DKRUD HO IODWXV YRFLV GH XQ JUDQ SRHWD QRUWHxR" ³VH GHOHLWy
%DUURVR
³(O3RUWDOLUDHQ&DO]RQFLOORV³DVLQWLy%DUUDQWHV³£*UDQ'LRVODSDQFHWDFRQKXHYRVOH
GLRWDQWDVFDORUtDVTXHQRGHMyHQ/RQJ,VODQGQLXQVRORWRUQLOORVLQFDQWDU
³£$ERUtJHQHV ³ORV DUHQJy HO (PEDMDGRU³ RtG ODV OHFFLRQHV SUiFWLFDV ´ULTXH]DV
IHUURFDUULOHV FRQVWUXFFLRQHV SURGXFWRV DEXQGDQFLDµ £8Q HVWLOR GH YLGD TXH QR FRQRFHQ
XVWHGHV\TXHOHVHQVHxDUpJUDWLVDFDPELRGHXQDVREHUDQtDOOHQDGHUHPLHQGRVFRPRVXV
SDQWDORQHV¢<TXHKDQLQYHQWDGRXVWHGHVDGHPiVGHODVLHVWD\ODSDUULOODGDPL[WD"¢4Xp
DSRUWDQGHQXHYRDOPXQGRJHQHURVRGH7tR6DP"¢$OJRTXHDQWHVKD\DVLGRPHMRUGLFKRR
KHFKR" ¢(V DOJR LPSRUWDGR HQ DOJ~Q EXTXH GH XOWUDPDU" ¢1R VHUi XQ FXHQWR" ¢5LPDV R
ILRULWXUDVLQ~WLOHV"£3HFDGRUHVDUUHSHQWLRV£/DJUDQ,JOHVLD(SLVFRSDOGHORV+LGURFDUEXURV
RVWLHQGHORVEUD]RV
7UDV DTXHOOD LQYLWDFLyQ UHGHQWRUD PLVWHU +XQWHU VH GHMy FDHU HQ VX DVLHQWR < ORV
LQGtJHQDVQRGLVLPXODURQVXYHUJHQ]DFRPRVLHO(PEDMDGRUORVKXELHVHGHVQXGDGRDQWH
ORVRMRVFUtWLFRVGHODFLYLOL]DFLyQRFFLGHQWDO\FULVWLDQD
³£7DWLWD³VHDQLPyDGHFLU%DUURVR³TXLHURYHQGHUOHPLWDSDUUDERDO7tR6DP
³1RORKDJDVKLMR³OHDFRQVHMy%DUUDQWHVHQVXWHUQXUD³VLOHGDVWXYLHMRWDSDUUDER
HO7tR6DPORVIDEULFDUiHQVHULH\ORVFDPELDUiSRURLODORVGHVQXGRVGHODWLHUUD(O7tR
6DP HV XQ PRGLVWR TXH UD\D HQ HO JHQLR ODQ]y ODV GHPRFUDFLDV HQ ILEUD VLQWpWLFD \ ODV
OLEHUWDGHVFRQFLHUUHUHOiPSDJR
3HUR0HJDIyQKDEtDGLJHULGR\DHOUHFLWDOSRpWLFRGHPLVWHU+XQWHU\DGYLUWLyDVXWULEX
³6L R\HURQ FRQ DWHQFLyQ KDEUiQ REVHUYDGR TXH HO $HGD HQ &DO]RQFLOORV \ HO *DQVR
(QHUJpWLFRKDEODQXQPLVPRLGLRPD
³¢(O *DQVR KDEOy SRU OD ERFD GHO $HGD R HO $HGD SRU OD ERFD GHO *DQVR" ³LQTXLULy
%DUURVRHQVXLQJHQXLGDGSULPLWLYD
³&KDQJR ³OH UHVSRQGLy %DUUDQWHV³ HV XQ WHRUHPD LQVROXEOH FRPR HO GH OD SULRULGDG
RQWROyJLFDGHODJDOOLQDRGHOKXHYR6HDPRVSDUFRVDQWHVXH[FHOHQFLDHO(PEDMDGRURQRV
WRPDUiQSRUFKDUODWDQHVGHOWHUFHUPXQGR
³6HD SRU OD JDOOLQD R SRU HO KXHYR ³UHFDSLWXOy 0HJDIyQ³ HO 7tR 6DP IXH ODQ]DGR D OD
HPSUHVDURPiQWLFDGHFRQTXLVWDUHOPXQGR
³¢5RPiQWLFD"³OHGLMH\RHQPLGXGD
³5RPiQWLFD³LQVLVWLypO³¢&yPRGHILQLUtDXVWHGHOURPDQWLFLVPR"
³$PLHQWHQGHUHOURPDQWLFLVPRVHKDGDGRVLHPSUHFRPRXQDGHVPHVXUDH[DJHUDFLyQ

161
\DUWLILFLDOLGDGHQODVLGHDVHQORVKHFKRVRHQHOLGLRPD
³¢(MHPSOR"
³8QDEDOOHQDHVFOiVLFDSHURXQFLFORWUyQHVURPiQWLFR
³£([DFWDPHQWH³PHDJUDGHFLy0HJDIyQ³(OEXHQ7tRGHOQRUWHFRPRGLMH\DHUDXQD
GHVPHVXUD HQ VX FXHUSR HOHIDQWLiVLFR 0iV WDUGH IXH XQD H[DJHUDFLyQ HQ VXV H[SDQVLRQHV
HFXPpQLFDV\XQDHYLGHQWHDUWLILFLDOLGDGHQODPtVWLFDIiFLOTXHKDGLYXOJDGRTXHOROOHYD
KR\DFLHUWDORFXUDPHVLiQLFD\TXHORWLHQHDXQSDVRGHOPDQLFRPLR
(QWHQGt FRPR WDQWDV RWUDV YHFHV HQ HO FXUVR GH VX JXHUUD TXH 0HJDIyQ DUPDED HVH
UHWUDWR GHO 7tR FRQ ODV SLQ]DV GH XQD OyJLFD VLQ UHVHQWLPLHQWRV < PLVWHU +XQWHU SRU
VHJXQGDYH]KL]RJLUDUVXURVWURDOHVWH\DORHVWHDOQRUWH\DOVXUFRPRVLRULHQWDUDOD
IORUDELHUWDGHVXVUDGDUHV
³£(O7tR6DPIXHDGRQGHOROODPDURQ³GLMRFRQDOWLYH]³£$EDQGRQyVXFyPRGDVROHGDG
SDUDRIUHFHUOHDXQPXQGRYLHMRFLHUWDVIRUPDVGHYLGDHVWLPXODQWHV
³£'LFH ELHQ 6X ([FHOHQFLD ³OR DSODXGLy XQ %DUURVR HPRFLRQDGR³ (O 7tR 6DP DGRQGH
IXH OOHYy HQ VX PDOHWD GH YLDMDQWH XQ GHUHFKR GHO KRPEUH ELHQ HQFXDGHUQDGR \ XQD
UHIULJHUDGRUD XQ KLPQR D OD SD] \ XQ IXVLO DXWRPiWLFR HO ~OWLPR IR[WURW \ OD ~OWLPD
SHOtFXODGHOZHVW
³£&KDQJR³OHFRQIHVyXQ%DUUDQWHVHQOiJULPDV³¢PHKDVGHFUHHUVLWHGLJRTXH\DQR
SXHGRYLYLUVLQPLVGRVKDPEXUJXHVDV\PLUHIUHVFDQWHFRFDFROD"
3HURHO2VFXURGH)ORUHVGHVHVWLPyHVDVPLQXFLDVSURPRFLRQDOHVGHO7tR6DP
³1RXVDUp³DQXQFLy³HVRVOXJDUHVFRPXQHVSDUDGLVPLQXLUODHVWDWXUDGHXQSUyFHUPL
ELVWXUt FRUWD PiV KRQGR HQ HVWD GLVHFFLyQ GH XQ FtFORSH LQTXLHWDQWH 6HxRUHV HQ YtDV GH
WUDVFHQGHU D OR XQLYHUVDO HO 7tR LJQRUy TXH SDUD WUDVFHQGHU D ´RWURµ HV LQGLVSHQVDEOH
FRQRFHUDO´RWURµHQWDQWRTXH´RWURµ£<pOQLVHFRQRFtDELHQDVtPLVPR6DOLyDOPXQGR
SDUDHTXLOLEUDUDMHQDVEDODQ]DV£\QRVDEtDpOQRORVDEHD~QFyPRUHVROYHUVXVSURSLRV
GHVHTXLOLEULRVLQWHULRUHV
(O QHJUR 7RP %ODNH KLMR GH 7RP %ODNH \ QLHWR GH 7RP %ODNH DVRPDGR D OD FDOOH VLQ
WHUQXUD GHVGH VX FODUDER\D GH DUUDEDO UHVSLUD HQ RORU GH SHVFDGR IULWR FHUYH]DV DJULDV \
KXPHGDGFRQKRQJRVHQODVSDUHGHV£0HMRUHUDHOUtRGH9LUJLQLDTXHWDQWRVHSDUHFLyDPL
JUDQ UtR GH ÉIULFD HVWLUiQGRVH DO VRO FRPR XQ WLJUH OORUD pO HQ OD WURPSHWD tQWLPD GH VX
DOPD (UD PHMRU DXQTXH MXQWR D ORV DOJRGRQDOHV HO OiWLJR FD\HUD VREUH PL FRVWLOODU \ VL
XQRDO]DODYLVWDGHOVXHOR\EXVFDHO PRWRUGHOOiWLJRYH DUULEDXQDFUHQFKDUXELD\GRV
RMRVD]XOHVTXHFKLVSHDQGHFDOFXODGRIXURU0HDUUDQFDURQGHPLVHOYDPHYHQGLHURQ\
FRPSUDURQHQVXVUHPDWHV$ODIXHU]DPHKLFLHURQHQWUDUHQVXVGHVLJQLRVLQGXVWULDOL]DURQ
PLVDQJUHPLVXGRU\PLVOiJULPDVPHUREDURQODLQRFHQFLDODDOHJUtD\ODP~VLFD)XLVX
URERWGHFDUQHRVDPHQWD\QHUYLRVDQWHVGHTXHLQYHQWDUDQVXURERWGHPHWDO$OILQPH
VHSXOWDURQFRPRFKDWDUUDLQ~WLOHQVXFHPHQWHULRGHDXWRPyYLOHVURWRV\PHTXHGpVLQ
SDWULD QL FLHOR QL UtR (O SDVWRU -RKQ %ODNH KLMR GHO SDVWRU -RKQ %ODNH \ QLHWR GHO SDVWRU
-RKQ %ODNH D HVWD KRUD SUHGLFD HQ VX WROGR HYDQJpOLFR \ DO VRQ GH XQ MD]] HVSHUDQ]DGR
TXLHUHYHQGHUPHXQWLFNHWGHyPQLEXVTXHKDGHVDOLUDKRUDSRUODUXWDKDFLDHO3DUDtVR
GHO6HxRU£<RLUpDO3DUDtVRGHO6HxRU3HURDQWHVGHERFRORFDUDOJXQDVHVWUHOODVQHJUDVHQ
XQSDEHOOyQLQMXVWR
³¢4XpGHVHTXLOLEULRV"³UH]RQJyDTXtPLVWHU+XQWHU
³(OQHJUR7RP\VXYLHMDFDEDxD³UHSXVRHO$XWRGLGDFWR
0LVWHU+XQWHUSDUHFLyDKX\HQWDUGHVXURVWURFRQODPDQRDOJXQDYLVLyQLQRSRUWXQDRXQD
PRVFDLQVLVWHQWH
³)XHXQSyTXHUODPHQWDEOHGHOD+LVWRULD³VHMXVWLILFyHQXQDVXHUWHGHQiXVHD
³/D +LVWRULD QR HV XQ SyTXHU ³OH GLMR 0HJDIyQ³ HV XQ EXPHUiQ DXVWUDOLDQR TXH VH
YXHOYH DOJXQD YH] FRQWUD HO TXH OR WLUy ¢4XLHUH ROYLGDU DO QHJUR FRPR D XQD SHVDGLOOD R

162
FRQMXUDUORFRPRXQIDQWDVPD"7RP%ODNHQRVHLUiHVXQSHFDGR\XQUHPRUGLPLHQWR
³£9HRYHR³JULWyDTXt%DUURVRDOHJUHFRPRHQXQMXHJRLQIDQWLO
³¢1LxRTXpYHV"³OHSUHJXQWy%DUUDQWHV
³£9HRDPLVWHU+XQWHUFRQVXFDSXFKDGHONODQ\VXUHEHQTXHGHYDTXHURHQODPDQR
³¢4XpKDFHPLVWHU+XQWHU"
³$FDED GH D]RWDU D XQ QHJUR D XQ PRUPyQ D XQ MXGtR \ D XQ LUODQGpV < DUHQJD
EULRVDPHQWH D ORV HQFDSXFKDGRV MXQWR D XQD FUX] HQ OODPDV \ XQD SDUULOOD KXPHDQWH GH
FKRUL]RV
³¢4XpOHVGLFH"
³/RVHVWiLQFLWDQGRDFRQVWUXLUXQDQDFLyQTXtPLFDPHQWHSXUDFRQODVRQULVDPXHUWDGH
FLHQSUHVLGHQWHVDVHVLQDGRV
³&DFKRUUR ³MX]Jy %DUUDQWHV³ HO *DQVR (QHUJpWLFR GHOLUD < HO GHOLULR GH XQ *DQVR
QXQFDIXHVDOXGDEOHSDUDHOKRPEUHPRUWDO
5HYROYLpQGRVHFRPRXQOHyQHQWUHSHUURVGHFD]DPLVWHU+XQWHUQRVLQFUHSyDVt
³£8VWHGHV ORV DERUtJHQHV SDGHFHQ OD FHJXHUD GH ORV SXHEORV LQIUDGHVDUUROODGRV £< VH
DWUHYHQ D MX]JDU ODV QHFHVDULDV FRQWUDGLFFLRQHV GH XQ WLWiQ HQ GHVDUUROOR £6HxRUHV
WDPELpQ\RYHR\YHR
³¢4XpYHVX([FHOHQFLD"³OHSUHJXQWy0HJDIyQ
³£9HR DO 7tR 6DP GHVHPEDUFDQGR HQ OD /XQD \ WHQGLHQGR D VXV FUiWHUHV XQ FRQWDGRU
*HLJHU HQ EXVFD GH SOXWRQLR £9HR D OD GROLHQWH KXPDQLGDG DOLPHQWiQGRVH DO ILQ FRQ
QXHVWUDV DOJDV HQ VDOPXHUD £9HR D WRGRV ORV SXHEORV \ UD]DV GHO PXQGR SHUIHFWDPHQWH
YDFXQDGRV\DVLVWLHQGRDOSDUDtVRWHUUHVWUHTXHOHVLQYHQWyQXHVWUDFRPSXWDGRUD
³2VX([FHOHQFLDWLHQHXQDYLVWDGHiJXLOD³RSLQy%DUUDQWHV³RYHSRUHORMRHOHFWUyQLFR
GHXQDPDP~DJLJDQWH<DVHORGLMHDOJXQDYH]HOZKLVN\GHPDGHUDQRYDOHXQFRUQR
3HURHO2VFXURGH)ORUHVQRVROWDEDORVKLORVGHOWDSL]HQTXHLEDXUGLHQGRODILJXUD\ORV
WUDEDMRVGHVX+pUFXOHV
³+DJR FRQVWDU D ORV LQGtJHQDV DTXt SUHVHQWHV ³UHIXQIXxy³ TXH ODV FRQWUDGLFFLRQHV
LQWHUQDV GHO 7tR PH LPSRUWDQ XQ UiEDQR ¢4XLpQ OH PDQGy D pO DEDQGRQDU VX JUDQMD GH
$UL]RQD"/RTXHQROHGLVFXOSRQLOHGLVFXOSDUpMDPiVHVTXHKD\DSUHWHQGLGRWUDVFHQGHUDO
XQLYHUVRGHO´RWURµVLQHQWHQGHUDO´RWURµ
³¢(VXQDFKDUDGDRXQGHVWUDEDOHQJXDV"³OHSUHJXQWyPLVWHU+XQWHU
³£6HxRUHVHOJUDQTXLORPERTXHDUPyHO7tRHQHVWHJUDWRHVIHURLGH3RUTXHDOLJQRUDU
DORWURHQWDQWRTXH´RWURµPLUyDORWURHQWDQWRTXH´VtPLVPRµ\HQWHQGLyKDOODUHQHO
RWURXQDLPDJHQGHVXSURSLD\QRPX\O~FLGD PHQWDOLGDG(QWRQFHVPHWLyVXFXFKDUDHQ
ODV ROODV GHO PXQGR \ ODV UHYROYLy VLQ HQWHQGHU OR TXH VH FRFLQDED HQ HOODV JXHUUHy D OD
ORFDHQVXVDQWtSRGDV\YLROHQWyGHVWLQRVTXHQRHUDQVX\RV
³£<HOJUD]QLGRH[XOWDQWHGHO*DQVR(QHUJpWLFRUHVRQyGHVGHXQSRORKDVWDHORWUR³VH
GROLy%DUUDQWHVHQVXPHODQFROtDHFXPpQLFD
-XQWRDVXDUUR]DOHQHOSXHQWHFLWRDUTXHDGRVREUHXQDPDGHMDGHDJXDHOFKLQR<HQ
+XHL PHGLWD FRQ HO 7DR GH /DR HQ VX GHUHFKD \ HO OLEULWR GH 0DR HQ VX L]TXLHUGD
&LHUWDPHQWH³VHGLFH³QRKD\FRQWUDGLFFLyQDOJXQDHQWUHORVKRQRUDEOHV/DR\0DRSXHV
HO7DRORDEDUFD\ORH[SOLFDWRGRHQVXVKRQGXUDVPLVWHULRVDV/RTXHQRHVH[SOLFDEOHQL
HQWUDGHQLQJ~QPRGRHQHO\LQ\DQJHVTXHQRVKD\DQDFLGRHQHOQRUWHXQJLJDQWHTXHDOD
YH]HVXQHQDQRLQFRPSUHQVLEOHRXQQLxRDOTXHVHOHFRQWUDMRHOWLHPSR\HVDODYH]XQ
DQFLDQR FRQWUD QDWXUD 'HQWUR \ IXHUD GH OD *UDQ 0XUDOOD QR HV GLFKRVR TXH XQ HQDQR
JLJDQWHRQLxRGHFUpSLWRUREH\WHQJDODPDQLMDGHOSODQHWDULR6LKD\TXHKRQUDUDHVHGLRV
HQ ELFLFOHWD OR KDUHPRV FRQ WRURV GH IUHQWH EODQFD FKDQFKRV GH WURPSD HUJXLGD \
KRPEUHV TXH VXIUDQ GH KHPRUURLGHV < VL VH YXHOYH ORFR OH KDUHPRV HQ QXHVWUD
PDQXIDFWXUDXQFKDOHFRGHIXHU]DFRQHOKLORVHGRVRGHQXHVWURVKRQRUDEOHVJXVDQRV

163
 3RU VHJXQGD YH] PLVWHU +XQWHU VH KDEtD SXHVWR GH SLH \ QRV PLUDED HQWUH IXULRVR \
GHVFRQFHUWDGR
³£$ODFDOOH³QRVH[SXOVyDOILQFRQVXtQGLFH³£)XHUDGHDTXtWRGRV
³(VWDPRVHQHOWHUUXxRGHQXHVWURVPD\RUHV³OHUHFRUGy%DUUDQWHVFRQGLJQLGDG
³<HQQXHVWUDVSDQWXIODVGRPpVWLFDV³OORULTXHyXQ%DUURVRKHULGR
³&RPR GLSORPiWLFR ³DGXMR 0HJDIyQ³ 6X ([FHOHQFLD GHEH RtU WRGR HO PHQVDMH GH ORV
DERUtJHQHV R HO 3HQWiJRQR VH UHVHQWLUi HQ VX DSRWHPD LOXVWUH \ OR UHOHYDUi GH VXV
IXQFLRQHVHQHVWDFRORQLD
³¢7LHQHXVWHGPiVGHVYHUJHQ]DVTXHDxDGLU"³VHDVRPEUyPLVWHU+XQWHU
³)DOWDGHVSOXPDUODFRODGHO*DQVR\VXVDORQHVSRGHURVRV³OHDGYLUWLyHO$XWRGLGDFWR³
6HxRU(PEDMDGRUHVFXFKHELHQHVWHDIRULVPR´(OPLHGRQDFHGHODLJQRUDQFLD\VHWHPH
VyOR D OR TXH QR VH FRQRFHµ ,JQRUDQGR DO ´RWURµ \ SHUGRQH OD PROHVWLD HO 7tR 6DP
FRPHQ]yDWHPHUDO´RWURµ\DWRGDFULDWXUDRLQFLGHQWHTXHOHIXHUDQH[WHULRUHV\DMHQRV
ROLyHQFDGDXQRDXQHQHPLJRSRWHQFLDOGHJXHUUDRDXQFRQWULQFDQWHGHROLPStDGDRDXQ
FRPSHWLGRU DUWHUR HQ VXV WUDQVDFFLRQHV $KRUD ELHQ KD\ XQD SURJUHVLyQ FUHFLHQWH GHO
PLHGR DO WHUURU \ GHO WHUURU DO SiQLFR < HQ VX KRUD HO 7tR GLR PDUFKDV \ FRQWUDPDUFKDV
SRFRVHULDVDVXVWUDMLQDGRVPDULQHUVHQFXDOTXLHUODWLWXGRORQJLWXGHQTXHVRVSHFKDEDR
WHPtDpOODSUHVHQFLDGHXQHQHPLJR
³-HIH ³OR LQWHUUXPSLy DTXt %DUUDQWHV³ ¢ODV GHVFRQILDQ]DV DJUHVLYDV GHO 7tR VH GLHURQ
VyORFRQUHVSHFWRDHVWHPXQGR"
³1R FDPDUDGD ³OH UHVSRQGLy 0HJDIyQ³ FXDQGR HO 7tR VRVSHFKy TXH RWURV PXQGRV
HVWDUtDQ SREODGRV FDOXPQLy D VXV SRVLEOHV KDELWDQWHV DWULEX\pQGROHV IRUPDV ULGtFXODV H
LQWHQFLRQHVSHUYHUVDV
³£8QD LQMXVWLFLD ³SURWHVWy %DUURVR LQGLJQDGR³ 9HUGHV D]XOHV R PDUURQHV ORV
KRPEUHFLWRV GHO FRVPRV VRQ DOPDV EHQLJQDV £OR MXUR FULDWXUDV GH WDO EHOOH]D TXH PH
KLFLHURQOORUDUQRSRFDVYHFHV
³£&DFKRUUR¢GyQGHORVKDVYLVWR"³VHGHOHLWy%DUUDQWHV
³(Q OD WRUUH GH 0HJDIyQ DWHUUL]DQ D PHGLDQRFKH SDUD UHDEDVWHFHUVH GH XUDQLR
LQWHOHFWXDO
(O $XWRGLGDFWR VRQULy DTXt D HVRV GRV JXHUUHURV LQTXHEUDQWDEOHV \ QXHYDPHQWH FRPR
DQRQDGDGRPLVWHU+XQWHUVHGHVSORPyHQVXEXWDFD3HUR0HJDIyQUHWRPyHQVHJXLGDORV
KLORVGHVXWDSL]
³9ROYHUp DO 7tR ³DQXQFLy³ SDUD HFKDU DKRUD HQ VX EDODQ]D XQD SHVD IDYRUDEOH 0H
SUHJXQWR VL VXV FKDPERQDGDV \ GHVDMXVWHV QR VH GHELHURQ D OD IDOWD GH XQD H[SHULHQFLD
KLVWyULFDTXHQRSXGRDOFDQ]DUGHELGRDODVDFHOHUDFLRQHV\FRQWUDGLFFLRQHVGHVX7LHPSR
¢1RVHUiHO7tR6DPXQDSHUDYHUGHTXHPDORJUDURQODVKHODGDV"
(O DVWURItVLFR 9DVLOL 1LFRODLHY \ HO DVWURQDXWD ,OLD &RQVWDQWLQRII HQ VX EDVH GH
ODQ]DPLHQWRVREVHUYDQ FRQLQTXLHWXGHOQRURHVWHSRUHQFLPDGHOSROR´£$WHQFLyQFRQHO
PXFKDFKR FDSLWDOLVWDµ GLFH 9DVLOL 1LFRODLHY ´¢(VWi GHPHQWH R DVXVWDGR"µ SUHJXQWD ,OLD
&RQVWDQWLQRII<HODVWURItVLFROHDGYLHUWH´1RHVSUHYLVLEOHODFRQGXFWDGHXQKRPEUHTXH
LQHVSHUDGDPHQWHVDOWyGHVGHVX-DUGtQGH,QIDQWHVDOD3UHVLGHQFLDGHOD218µ´¢4XpOH
SXHGH VXFHGHU DO PXFKDFKR"µ LQWHQWD FDOFXODU HO DVWURQDXWD < HO DVWURItVLFR OH GLFH
´3RGUtDHVFDSiUVHOHXQFRKHWHGHQDUL]DWyPLFD\PHWHUQRVDWRGRVHQXQEHUHQMHQDO<VL
VXSDVLyQGHOVFRUHOROOHYDVHDTXHPDUODVHWDSDVHOKRPEUHSXHGHLUULWDUDORVPDUFLDQRV
FRQ XQD H[SRUWDFLyQ LQVXOWDQWH GH DXWRPRWRUHV \ FLQHDVWDV R URPSHUVH OD FULVPD HQ ORV
DQLOORVGH6DWXUQRµ
(Q HVWH SXQWR HO LQGtJHQD %DUURVR LQWHUYLQR GH QXHYR SDUD WUDGXFLU XQD FRQVWHUQDFLyQ
LQRFHQWH
³&RQ R VLQ H[SHULHQFLD KLVWyULFD ³SUHJXQWy³ IUHQWH D HQHPLJRV UHDOHV R VXSXHVWRV

164
4XLMRWHGHOD7LHUUD\VXVYHFLQDVJDOD[LDV¢QRKDLQYHQWDGRHO7tRHQGHIHQVDSURSLDOD
VHULHGHVXSHUPDQVTXHYLHQHGHOHLWDQGRDQXHVWUDQLxH]"
³+LMR ³VHQWHQFLy %DUUDQWHV³ ODV PXVDV OORUDQ FXDQGR D XQ JDQVR HQHUJpWLFR VH OH
RFXUUHWHQHULPDJLQDFLyQSRpWLFD
³£/RVXEOLPHOOHJyGHVSXpV³HORJLy%DUURVR³7ULXQIDQWH\DHQWRGDVODVGLUHFFLRQHVGHO
(VSDFLR HO 7tR 6DP GHFLGLy H[WHQGHU VXV FRQTXLVWDV DO 7LHPSR GHVGH XQ SUHVHQWH
KDODJDGRU D XQ SDVDGR QHEXORVR \ D XQ IXWXUR FRQVWUXLGR D VX LPDJHQ \ VHPHMDQ]D
£(QWRQFHVFRQVWUX\yHO7~QHOGHO7LHPSR
³£(VWiVGHOLUDQGR³ORDPRQHVWy%DUUDQWHV
3HUR%DUURVRH[XOWDEDHQVXPDPHOXFRD]XO
³&RPELQDFLyQIHOL]GHPDULQHUKRPEUHGHFLHQFLD\FRZER\GHFLQHPDWyJUDIR³DODEy³
HO7tR6DPHUDODQ]DGRSRUHO7~QHODODVHGDGHVPiVOHMDQDVGHOD+LVWRULD£<DOOiVHGDED
HO JXVWR GH YHQFHU D XQ LQJHQXR 3LWiJRUDV HQ DULWPpWLFD R GH HQVHxDUOH D 0DUFR 3ROR HO
XVREpOLFRGHODSyOYRUDTXHWUDtDHQVXVED~OHVRGHWLUDUVHXQODQFHDPRURVRFRQ+HOHQD
GH7UR\DHQODVPLVPDVQDULFHVGHXQ3DULVDIHPLQDGR
³£+LMRHVWiVPLQWLHQGR³ORDSRVWURIy%DUUDQWHV³£(O7tR\DQRHVWiSDUDHVRVWURWHV
³/RYLFRQHVWRVRMRVHQODSDQWDOODGHPLWHOHYLVRU
³£-~UDOR
³£6tMXUR
3RU GHVJUDFLD ORV DERUtJHQHV KDEtDQ H[DJHUDGR ORV FRORUHV GH VXV SDOHWDV < PLVWHU
+XQWHU HO HPEDMDGRU VREUH OD EDVH GH VX DWXUGLPLHQWR FRPHQ]y D UHFRQVWUXLUVH \
HPSLQDUVH KDVWD VX FXPEUH QDWXUDO 5HSDVDQGR ODV ILFKDV GH VX FRPSXWDGRUD LQWHULRU VH
GLMRTXHDTXHOORVKRPEUHVQRKDEODEDQVLQRFRQODYR]ODPHQWDEOHGHOVXEGHVDUUROOR\XQD
RFLRVDH[WUDYDJDQFLDGHLQGtJHQDVGDGRVPiVDOFRPSOHMRGHODVLHVWDTXHDORVDIDQHVGHOD
WHFQRORJtD ´8Q EDUUR HOHPHQWDO ³VH GLMR³ XQD PDWHULD LQGyFLO FRQ OD FXDO HO 7tR
HGLILFDUtDXQPXQGRPHMRUµ(QWRQFHVHOFDQWRGHO1XHYR0XQGRTXHWULXQIDEDHQHOQRUWH
GHVSXQWy HQ VXV FXHUGDV PiV tQWLPDV HQWUHWHMLGR FRQ OD P~VLFD GH $QWRQLQ 'YRUDN
3RQLpQGRVH RWUD YH] GH SLH \ VHUtD OD ~OWLPD PLVWHU +XQWHU FDQWy ODV JORULDV GHO WtR HQ
YHUVRVOLEUHVDOR:KLWPDQFDQWyD3LWWVEXUJKXPHDQWHGHKXOODVD&KLFDJRODPDWDULIH\D
VXV JDQJVWHUV UHSOHWRV GH OLULVPRFDQWy D OD EDVH GH &DER &DxDYHUDO \ D VXVFRKHWHV TXH
DSXQWDQ D 0DUWH FDQWy D OD (VWDWXD GH OD /LEHUWDG \ D VXV IDOVLILFDFLRQHV GLVWULEXLGDV HQ
OXJDUHVHVWUDWpJLFRVFDQWyD:DOO6WUHHWSUR\HFWDQGRVXVDOTXLPLDVGHORURHQODVEDQFDV
PXQGLDOHVFDQWyDODIORWDGHO3DFtILFRGLVSDUDQGRDGLVWDQFLDVXVFDxRQHVGHSURDVREUH
ORV GHVDOPDGRV YLHWQDPLWDV FDQWy OD HVWUDWHJLD GHO 7tR IUHQWH D OD EDUED PLVWHULRVD GH
)LGHOFDQWyODQRYHGDGLQGLVFXWLEOHGHO1XHYR0XQGRHQHOTXHWRGRHUDIODPDQWH\UHFLpQ
EDUQL]DGR IUHQWH D XQ 0XQGR 9LHMR TXH VH SXGUtD HQ OD VDOVD GH VXV LQHOXFWDEOHV GHFD
GHQFLDV &RPR HQ XQD SURORQJDFLyQ GH VX FDQWR PLVWHU +XQWHU VH GLULJLy D ODV YHQWDQDV
DELHUWDVGHOUHFLQWR\DVRPiQGRVHDODJUDQDYHQLGDGH%XHQRV$LUHVOHSDUHFLyHVFXFKDU
XUELHWRUELODVLQIRQtDGH$QWRQLQ
&RQ PXFKD EHQHYROHQFLD ORV DXWyFWRQRV KDEtDPRV MXVWLSUHFLDGR HO WULQR SRpWLFR GHO
(PEDMDGRU\DJXDUGiEDPRVXQDUpSOLFDGHO2VFXURGH)ORUHVTXHDPL HQWHQGHUVHKDFtD
LQHYLWDEOH3HUR0HJDIyQVHOLPLWyDHVWXGLDUODVHVSDOGDVDQJXORVDVGHPLVWHU+XQWHU
³-HIH³OHSUHJXQWy%DUUDQWHV³¢GHEHPRVOORUDUHQXVWHGDRWURSD\DGRUYHQFLGR"
³&RPSDxHURGpMHORTXHVXHxH³OHGLMRHO$XWRGLGDFWRSRUPLVWHU+XQWHUTXHVRxDED
³¢<TXpGHEHPRVKDFHUQRVRWURV"
³0DQWHQHUQRV XQ UDWR PiV HQ QXHVWUD SUHKLVWRULD FRQ ODV DUPDV \ ODV YLKXHODV HQ
DWHQFLyQ
³£3DGUHPHVLHQWRHQHOFXDWHUQDULRIHOL]³H[FODPy%DUURVR³¢3XHGRDILODUPLKDFKD
GHVLOH[\FD]DUXQJOLSWRGRQWH"

165
 3RUTXHVHKDHQORTXHFLGRHO7LHPSR\QRHVIiFLOFRQRFHUDKRUDVLHVWiHFKDQGRIORUHV
HQXQDGHVXVSULPDYHUDVRVROWDQGRIROODMHVPXHUWRVHQXQRGHVXVRWRxRV3RUODVGXGDV
£RUDG DOPDV EXHQDV $OOi HQ HO QRUWH FHUFD GHO SROR KHODGR \ HQWUH GRV RFpDQRV
EHOLJHUDQWHVYLYHQWDPELpQVDQWRVRFXOWRVSRHWDVHQHVFRQGLGDUHEHOLyQPiUWLUHVEODQFRV
\QHJURVTXHKDEODQ\KDEODUiQWRGDYtDHOLGLRPDGHODVDQJUH

166
 5$362',$9,,,

0HJDIyQ 3DWULFLD %HOO \ \R HVWDPRV MXQWR D OD FDEHFHUD GHO RELVSR )UD]DGD HQ XQ
LQTXLOLQDWR GH VXEXUELR \ FHUFD GHO 5LDFKXHOR TXH EDMR HO VRO KXHOH D IULJRUtILFR \ D
PDWHULDVSRGULGDV/DVHVFDUDPX]DVWHUUHVWUHVGH0HJDIyQKDQGHWHUPLQDUHQDTXHOWDEX
FR GH WUHV PHWURV SRU WUHV GRQGH \DFH DKRUD HO RELVSR )UD]DGD FRQ XQ JDUURWD]R HQ OD
IUHQWHTXHUHFLELyD\HUGHODSROLFtDFXDQGRHQFDEH]DEDODFROXPQDGHORVWUDEDMDGRUHVGHO
FXFKLOOR OHYDQWDGRV HQ KXHOJD (V XQD PDxDQD GH DEULO FDOXURVD \ K~PHGD VHJ~Q OD
FRVWXPEUHGHORWRxRHQ%XHQRV$LUHVPLHQWUDVDUUHJORXQDOPRKDGyQHQODFDEH]DURWDGHO
RELVSR\OHDKX\HQWD3DWULFLDODVLQVLVWHQWHVPRVFDVHO2VFXURGH)ORUHVHVWiFRQFHQWUDGR
HQVtPLVPRQHEXORVR\GLVWDQWHFRPRVL\DSUHVLQWLHUDHO&KiWHDXGHV)OHXUVRHO&DUDFRO
GH 9HQXV R VX PXHUWH 6HQWDGRV HQ HO ED~O GHO RELVSR %DUUDQWHV \ %DUURVR HVWXGLDQ OD
HVFHQDHVSHFWDGRUHVGHODKLVWRULD\FRULIHRVOLVWRVSDUDHOVROOR]RODLQGLJQDFLyQRODULVD
FRQVLGHUDQ HO UD\R GH VRO TXH VH ILOWUD SRU XQD FODUDER\D \ HQ HO FXDO VH DWRUEHOOLQD XQ
XQLYHUVRGHPROpFXODVEULOODQWHVHOFLHPSLpVHQVXWHFKR\HORULQDOGHORELVSRTXHDVRPD
GHEDMRGHODFDPD2OIDWHDQGRHODLUHFRQVXQDUL]IUXQFLGD%DUURVROHGLFHDXQ%DUUDQWHV
DEVWUDFWR
³6HxRUODWULVWH]DQRHVXQJDVLQRGRURFRPRVRVWLHQHQORVTXtPLFRV
³¢$TXpKXHOHSLFKyQ"³ORLQWHUURJD%DUUDQWHV
³/D WULVWH]D KXHOH D MDEyQ GH D]XIUH D UDQD HQ VX SR]R \ D KHOHFKR TXH EURWD HQ OD
MXQWXUDGHGRVODGULOORV3DGUHKR\PiVTXHD\HUORVKRPEUHVPHSDUHFHQFDQXWRVOOHQRV
GHYLHQWR
³¢9LHQWRSDUDODP~VLFD"
³1RORVpSDGUH
¢< TXp KDJR \R HO FURQLVWD VLQR HMHUFHU DOOi OD IXQFLyQ GH XQ WHVWLJR \ XQD PHPRULD
LQH[RUDEOH"
´6XFHGLyH[DFWDPHQWH³UHYHODUtDHORELVSR)UD]DGDHQVXV0HPRULDV³ODSULPHUDQRFKH
GH PL DORMDPLHQWR HQ HO SDODFLR HSLVFRSDO 1R DFRVWXPEUDGR D OXMRV GH DOFRED QL D
EODQGXUDVGHFROFKyQPHKDEtDGRUPLGRFDVLDODPDQHFHUFXDQGRPHGHVSHUWyXQDVXHUWH
GHIRUFHMHRTXHORFDOLFpDOSXQWRHQHOJUDQFUXFLILMRLQVWDODGRDPLFDEHFHUDHO+LMRGHO
+RPEUHVHJ~QYLWUDWDEDGHDUUDQFDUVXPDQRGHUHFKDGHODFUX]HQTXHODWHQLDFODYDGD
´³6HxRU¢TXpKDFHV"³OHGLMH\RHQPLDVRPEUR
´³3DVWRUGHRYHMDV³PHFRQWHVWy(O³¢SRUTXpWHREVWLQDVHQH[KLELUPHFUXFLILFDGR\
PXHUWR" 6yOR HVWXYH WUHV GtDV FODYDGR HQ OD PDGHUD \ HQ OD PXHUWH £DSHQDV WUHV GtDV
FRQWUDXQDHWHUQLGDGHQOD5HVXUUHFFLyQ
´$WHUUDGRYROYtDGHFLUOH
´³¢6HxRUTXpGHERKDFHU"
´<(ODPt
´³%~VFDPH\KiOODPH£SHURYLYR
´³¢'yQGH6HxRU"³LQVLVWt
´(QVXIRUFHMHRHO+LMRGHO+RPEUHDUUDQFyVXPDQRVDQJULHQWD\ODOHYDQWyDODVDOWXUDV
´³%~VFDPHDODGHUHFKDGHO3DGUH³PHRUGHQy³HVWR\VHQWDGRDOOiSHURQRLQPyYLOµ
³0RQVHxRU ³OH GLFH 3DWULFLD %HOO³ QR KDFH PXFKR GHVGH ODV YHQWDQDV GH OD
,QWHQGHQFLDORYLPRVKXLUGHOD&DWHGUDO
³&RPR YRPLWDGR SRU OD &DWHGUDO ³DxDGH 0HJDIyQ HQ VX QHEOLQD³ ¢4Xp OH GLMR HVD
PDxDQDHO&DUGHQDO3ULPDGR"
(QORVODELRVGHORELVSR\DFHQWHVHDEUHXQDVRQULVDLQIDQWLOFRPRGHWUDYHVXUD
³0HUHSURFKyTXHORVILHOHVGHODGLyFHVLVPHOODPDVHQ(O2ELVSR)UD]DGD<HQWHQGtOD

167
UDELHWDGHOVHxRU&DUGHQDOQRHVJUDFLRVRTXHXQRELVSRGHQWURGHVXVPHGLDVPRUDGDV
DQGHSRUORVLQTXLOLQDWRVGLVWULEX\HQGRFRELMDVDORVTXHWLHQHQIUtR
³0RQVHxRU ³FRQMHWXUDHO $XWRGLGDFWR³ OD LQGLJQDFLyQ GHO &DUGHQDO WLHQH TXH KDEHUVH
GHELGRDXQDFDXVDPiVJUDYH
³¢/DSURFHVLyQGHO&RUSXV&KULVWL"
³$OJRDVtWUDVFHQGLyHQWRQFHV
8QDOX]FRQVWHUQDGDEULOODHQORVRMRVGHORELVSR
³6t³DGPLWH³PHQHJXpDHQWUDUHQODSURFHVLyQ
³¢3RUTXp"
³£5HFRQRFtGHSURQWRODVFDUDVGHORVTXHLEDQLQWHJUDQGRODVFROXPQDV
³¢1RVXFHGLyHQHO&RUSXVGH"
(ORELVSRDVLHQWHFRQXQPRYLPLHQWRGHVXFDEH]DKHULGD
³3DGUH ³OORULTXHD %DUURVR³ \R HVWDED IUHQWH D OD &DWHGUDO 6H YHQtD WUDPDQGR OD
PXHUWH GH XQ OtGHU \ OD GHUURWD GH VX SXHEOR £< HVWXGLp ODV MHWDV REOLFXDV GH ORV TXH VH
LQILOWUDEDQHQODSURFHVLyQ
³+LMR³OHGLFH%DUUDQWHV³¢QRIXHDFDVRXQGHVILOHGHPiVFDUDVDVRPEURVDV"£/DVYLODV
YL 'HWUiV GH OD FUX] \ SRUWDQGR YHODV HQFHQGLGDV FDPLQDEDQ ORV DWHRV PiV LOXVWUHV GH
%XHQRV$LUHVORVSROtWLFRVHQODUJDEDQFDUURWDORVSDQ]XGRVEXUJXHVHVGHODLQGXVWULD\ORV
KRPEUHV GH QHJRFLRV TXH OH WUDPSHDQ DO (WHUQR HQ FDGD XQD GH VXV JHVWDV EDQFDULDV
£3LFKyQ ¢TXp KDFtDQ DOOi WRGRV DTXHOORV KpURHV UHXQLGRV MXQWR D OD FUX] \ GHVILODQGR
VROHPQHPHQWHGHQWURGHVXVHVSDFLRVRVFDVLPLUHV"
³£2UJDQL]DEDQ OD PXHUWH GH XQ /tGHU \ OD GHUURWD GH ORV SREUHV ³YXHOYH D OORULTXHDU
%DUURVR³£$KVROHPQHPHQWH/DVROHPQLGDGHVHOFXORPiVGHVSLVWDQWHGHOGLDEOR
&RPRDOXFLQDGRHORELVSRLQWHQWDOHYDQWDUVHDKRUDGHVXVDOPRKDGDV\WLHQGHVXtQGLFH
UtJLGRDXQDSURFHVLyQIDQWDVPDO
³£$OOiYDQWRGRV³JULWDHQXQDVXHUWHGHDODUPD³£(O&RUSXVGHO6HxRUDGHODQWHILMR
HQVXOLJQXPFUXFLV\GHWUiVHQRUGHQDGDVFROXPQDVHVRVKRPEUHVTXHVHKDQHVFRQGLGR
HQODURSDVDQJULHQWDGHO6HxRUSDUDWHMHUXQDPDOGDGFRQWUDVX(YDQJHOLR<RHVWR\HQHO
DWULRGHOD&DWHGUDOPLURHOGHVILOHGHODVFDUDV\XQDYLVLyQWHUULEOHPHLOXPLQD£VRQORV
PLVPRVURVWURVTXHKDFHGRVPLOHQLRVHPSXMDURQDO6HxRUKDVWDHOPRQWHGHODFDODYHUD¢<
TXp KDFH DKRUD HO VHxRU &DUGHQDO" £(VWi LQFHQVDQGR HO &RUSXV ¢1R VH GD FXHQWD GH TXH
RWUDYH]ORHPEDOVDPDSDUDODWXPED"
(ORELVSRVHKDGHMDGRFDHUVREUHODVDOPRKDGDV\XQERUUyQGHVDQJUHDSDUHFHDKRUDHQ
ODYHQGDTXHOHFLxHODIUHQWH
³0RQVHxRU ³OH SUHJXQWD HO $XWRGLGDFWR³ ¢HQ VX YLVLyQ VH DGHODQWDEDQ \D ORV
IXVLODPLHQWRVGHORWURMXQLR"
³&RPRHQXQWHRUHPD³UH]RQJDHORELVSR
³£-XDQ-RVp9DOOH³ODJULPHD3DWULFLD³£0XULyDODHGDGGHOKpURH\HVRHVWRGR
´%XVFDU \ GHVFXEULU DO &ULVWR YLYLHQWH SRU HQFLPD GHO &ULVWR PXHUWR ³GLUi HQ VXV
0HPRULDV HO RELVSR )UD]DGD³ QR HV WDUHD IiFLO SDUD HO TXH KD GRUPLGR ODUJDPHQWH VX
QHFURILOLDWHROyJLFD(QORTXHPHDWDxH\WUDVHODQXQFLRGHODPDQRDUUDQFDGDEXVTXp
SULPHUR DO &ULVWR HQ 6t HQWUH OD KRMDUDVFD GH RUQDPHQWDFLRQHV JHVWRV GUDPiWLFRV \
VROOR]RV RUTXHVWDOHV TXH GRV PLOHQLRV KDEtDQ DFXPXODGR VREUH VX WHUULEOH GHVQXGH]
$VLPLVPR TXHGDED
OD HVFDOHUD GH ORV LQWHUPHGLDULRV
 TXH YHLQWH FHQWXULDV KDEtDQ
LQWHUSXHVWR HQWUH ORV UHGLPLGRV \ VX 5HGHQWRU 8QD QRFKH £OD UHFRUGDUtD HQWUH PLO HO
FXUD *D\RVR HO VDFULVWiQ /DYHFKLD \ \R GHVFROJDPRV WRGDV ODV LPiJHQHV GH OD EDVtOLFD \
IXLPRV EDMiQGRODV DO VXEVXHOR PH SDUHFtD TXH GHVGH ORV ULQFRQHV QRV LQVXOWDEDQ ODV
YLHMDV GH ODV FRIUDGtDV R VXV HVSHFWURV \ TXH QRV DPHQD]DEDQ FRQ VXV SXxRV ORV EHDWRV
RILFLDOHV R VXV DJUHVLYRV IDQWDVPDV 3HUR DTXHOOD QRFKH £OR Vp QR VH DOHJUy XQ VROR

168
GHPRQLRHQQLQJ~QiQJXORGHODEDVtOLFD<FXDQGRYROYLPRVDODVXSHUILFLHTXHGDEDHQHO
WHPSOR VyOR XQD LPDJHQ JULWRQD OD GHO +LMR GHO +RPEUH SUR\HFWiQGRVH GHVGH VX FUX]
KDFLDORVFXDWURUXPERVGHOHVSDFLRµ
³0HDOHMpGHODSURFHVLyQGHVXVJXLRQHV\VXP~VLFD³UH]RQJDWRGDYtDHORELVSR
³¢/RDGYLUWLyHO&DUGHQDO"³SUHJXQWD0HJDIyQ
³0HKL]RFRPSDUHFHUDOGtDVLJXLHQWH
³¢4XpOHGLMRHO&DUGHQDO"
³6HUHILULyDPL´HVFiQGDORµ\PHLQVWyDQRHVFDQGDOL]DUDORVKXPLOGHV£*UDQ'LRV3RU
ORVKXPLOGHVHO&ULVWRIXH\HV\VHUiXQHVFiQGDORWUHPHQGR6HORGLMHDOVHxRU&DUGHQDO
\PHREVHUYyDWHQWDPHQWHSRUHQFLPDGHVXGHVD\XQR$KRUDSLHQVRTXHDSDUWLUGHDTXHO
GtDHPSH]yDWUDPDUFRQHO1XQFLRPLDOHMDPLHQWRGHODGLyFHVLV
³(O 1XQFLR HV XQ WRUR DOHJUH ³GHILQH 0HJDIyQ³ \ HO &DUGHQDO HV XQ EXH\ OOHQR GH
VLPSiWLFDVPHODQFROtDV
< OD WULVWH]D QDFH GHO FLHPSLpV HQ VX WHFKR GHO RULQDO TXH DVRPD GHO UD\R GH VRO
PROHFXODU TXH VH GHVSOD]D WULVWHPHQWH VHJ~Q HO PRYLPLHQWR GH OR WLHUUD FRPR OD KDQ
GHVFXELHUWR \D XQ WULVWH %DUUDQWHV \ XQ %DUURVR WULVWtVLPR VHQWDGRV XQR \ RWUR HQ HO ED~O
WULVWyQGHORELVSR)UD]DGD
³&KDQJR³GLFH%DUUDQWHV³\RQRFRPSDUDUtDQLHQVXHxRVDOVHxRU&DUGHQDOFRQXQEXH\
PHODQFyOLFR(OGtDGHODSURFHVLyQYLDO&DUGHQDOUHYHVWLGRHQWHUDPHQWHGHRUR\OOHYDQGR
OD FXVWRGLD HQWUH XQD PXOWLWXG TXH FD\y GH URGLOODV (QWRQFHV UHFRUGp XQD IiEXOD \ WXYH
XQDYLVLyQ
³¢4XpYLVLyQ\TXpIiEXOD"³OHSUHJXQWD%DUURVR
³(QHOVHxRU&DUGHQDOPHSDUHFLyUHFRQRFHUDOEXUURTXHFDUJDEDODVUHOLTXLDV
³3DGUH¢RIHQGHUHPRVDOEXUURHQVXFOiVLFDGLJQLGDG"
³1RFKDQJRHOEXUURVLHPSUHIXHXQD~WLOFDEDOJDGXUDSDUDHOPLVWHULR
³µ1RMX]JXpLV³SURWHVWDHORELVSR³QRMX]JXpLVSRUWHPRUGHVHUMX]JDGRVµ
3HURORVDFXGHXQJROSHGHULVD\HOVDQJULHQWRERUUyQVHOHDJUDQGDHQODIUHQWHRHQVX
YHQGDMH2EVHUYRD0HJDIyQTXHQRKDJUDWLILFDGRDOG~RQLFRQXQDVRQULVD\TXHQRVDOH
GH VXV EUXPDV FRPR VL SUHVLQWLHUD \D HO &KDWHDX GHV )OHXUV R HO &DUDFRO GH 9HQXV R VX
SURSLDPXHUWH<RGLUtDTXHHO2VFXURGH)ORUHVDVLVWHDXQDVDJDILQDOSHURTXHLQWX\HD
ODYH]HOGHVHQODFHQRSUHYLVWRGHVXJXHUUD3DWULFLD%HOOQRKDEODFRPRVLODHQYROYLHVHQ
ODV QHEOLQDV GH VX PDULGR ¢SRU TXp QR VH UHILHUH D OD LQWHUYHQFLyQ GH ORV DVQRV HQ HO
(YDQJHOLR" ¢< TXp KDJR \R HO FURQLVWD GH ODV 'RV %DWDOODV MXQWR D XQ RELVSR GHUURWDGR"
¢4XpKDUtD\RFRPRSRHWDVLQRDWHQGHUDPLIXQFLyQGHLQH[RUDEOHPHPRULDHQODFLXGDG
DOHJUHGHORVROYLGDGL]RV"
³0RQVHxRU ³LQVLVWH DTXt HO $XWRGLGDFWR³ ¢FyPR GHFLGLHURQ VX H[RQHUDFLyQ GH OD
GLyFHVLV"
³(OVHxRU&DUGHQDO\VXHPLQHQFLDHO1XQFLRPHFLWDURQHQOD&XULD³HYRFDVLQHPRFLyQ
HORELVSR)UD]DGD
³¢4XpOHGLMHURQ"
³(OVHxRU&DUGHQDOSDSHOHQPDQROH\yODQyPLQDGHPLV´LQWHUYHQFLRQHVSROtWLFDVµHQ
ORVJUHPLRV\GHPLV´DVLVWHQFLDVGHPDJyJLFDVµDORVLQTXLOLQDWRVGHOVXEXUELR7UDVGHOR
FXDO PH SUHJXQWy VL HVDV ´LQFRPRGLGDGHVµ HQWUDEDQ HQ ODV ´IXQFLRQHV HVSHFtILFDVµ GH XQ
RELVSR
³&DFKRUUR ³SURWHVWD %DUUDQWHV³ ¢HO HVWLOR EXURFUiWLFR GHO &DUGHQDO QR SURIDQD XQD
ERFDKHFKDSDUDHQWRQDUYHUVtFXORV"
³3DGUH³VHODPHQWD%DUURVR³HQODEXURFUDFLDIDOOHFHODSRHVtD\HQWUDQODVUHOLJLRQHV
HQVtQFRSHFDUGtDFR
³¢+DEODVSDUDOD+LVWRULD"

169
 ³1XQFD OR KDUp 8QD MRGLGD PRGHVWLD YLHQH IUXVWUDQGR ORV PHMRUHV UHWRxRV GH PL
WDOHQWR
6LQHVFXFKDUDOG~R0HJDIyQYROYLyDLQVLVWLUFRQHORELVSR
³¢4XpOHUHVSRQGLyXVWHGDO&DUGHQDO"
³(O&ULVWROHDGYHUWtHVXQD´LQFRPRGLGDGµDEVROXWD(QWRQFHVKDEOyHO1XQFLR´¢&yPR
YHDO&ULVWRVXHPLQHQFLD"µPHSUHJXQWy/HFRQWHVWp´0RQVHxRUHO&ULVWRHVDPDUJRHQ
ODUDt]GXURHQHOWDOORIUHVFRHQODKRMDRORURVRHQODIORU\ GHPLHOHQODIUXWDµ<HO
1XQFLRPHVRQULyEHQLJQDPHQWHFRPRVL\RIXHUDXQFXULRVRDQDFURQLVPR
³µ6yOR TXHGy XQD LPDJHQ ³UHLWHUDUi HO RELVSR )UD]DGD HQ VXV 0HPRULDV³ OD GHO +LMR
GHO+RPEUHSUR\HFWiQGRVHGHVGHVXVPDGHUDVDORVFXDWURUXPERVGHOHVSDFLRDOQRUWH\
DO VXU DO HVWH \ DO RHVWH /H IDOWDEDQ GRV UXPERV D~Q HO QDGLU \FpQLW £\ HUD WRGDYtD HO
&ULVWRPXHUWR/D
YLVLyQGHODPDQRDUUDQFDGD
PHSHUVHJXtDGHFLGtHQWRQFHVYLYLILFDUDO
&ULVWR DUUDQFDUOR GH VX LQPRYLOLGDG HQ OD PXHUWH \ GHYROYHU D VX ILJXUD ORV GRV UXPERV
HVSDFLDOHV TXH OH IDOWDEDQ HO GHVFHQVR DG tQIHURV \ OD H[DOWDFLyQ D ORV FLHORV
1DWXUDOPHQWH\RGHEtDUHDOL]DUDTXHOWUDEDMRHQPtPLVPR\ORKLFHDVtDUUDQTXpGHPLV
RMRV ODV DQWLJXDV LPiJHQHV FUXFLILFDGRUDV DUUDQTXp GH PL ROIDWR HO RORU GH OD VDQJUH
FRDJXODGD\GHOVXGRUDJyQLFRDUUDQTXpGHPLRtGRODWHODUDxDVRQRUDGHLPSUHFDFLRQHV
ODPHQWRV \ VROOR]RV TXH VH GHMDQ HVFXFKDU XQ -XHYHV \ TXH VH ROYLGDQ XQ 'RPLQJR
DUUDQTXpGHPLDOPDODWULVWH]DGHXQD3DVLyQREOLJDWRULDTXHVHWHDWUDOL]DXQDYH]DODxR
< QR ELHQ KXEH FXPSOLGR HVH ODERULRVR GHVFDUWH £VH PH GLR OD QRFKH GH ODV QRFKHV <R
HVWDED VROR FDVL DO DPDQHFHU IUHQWH DO DOWDU PD\RU GH OD EDVtOLFD \ DQWH XQD FUX] \D
VLQWHWL]DGDHQVXVGRVOtQHDVTXHVHFRUWDQHQiQJXORVUHFWRV£<GHSURQWRVHQWtDO6HxRU
YLYLHQWHDO&ULVWRXQLYHUVDOL]DGRHQVXFyVPLFDWRWDOLGDG1RORYLORVHQWt£DOHOX\D<OD
$OHJUtDGHOD5HGHQFLyQPHKL]RWUDVWDELOODUFRPRXQYLHQWRIXHUWH\PHHPERUUDFKyFRPR
XQYLQRDURPiWLFR\PHDWXUGLyFRPRXQDHVWDOODQWHVLQIRQtD\HQPLVRWDQDHVERFpXQRV
SDVRVGHEDLOHIUHQWHDODOWDUPD\RU0HDODUPpGHV~ELWR\REVHUYpDPLVDOUHGHGRUHV\R
HVWDEDVROR\QDGLHKDEtDVRUSUHQGLGRPLGDQ]D(QWRQFHVDEDQGRQpOD LJOHVLD\ VDOtDODV
FDOOHVDOVXEXUELRGRUPLGRD~QEDMRODVFKLPHQHDVTXH\DKXPHDEDQHQXQFLHORGHKXOOD
TXHUtDJULWDU\EDLODUSDUDWRGRVDTXHOPHQVDMHGHM~ELORFULVWLFR6yORPHYLR\PHR\yHO
DJHQWH GH SROLFtD 9LOODOED TXLHQ LQIRUPy OXHJR D OD VXSHULRULGDG TXH DO DPDQHFHU KDEtD
VRUSUHQGLGRDORELVSR)UD]DGDHQFRPSOHWRHVWDGRGHHPEULDJXH]µ
³£<RYLDO1XQFLRSRUHOFDQDOGHWHOHYLVLyQ³VHFRQILHVDXQ%DUURVRHQOiJULPDV
³£+LMR¢FXiQWDVYHFHV"³ORDPRQHVWDHOSDGUH%DUUDQWHV
³£0XFKDV<HQWRGDVHO1XQFLRPHSDUHFLyXQ%RWWLFHOOLIDOVLILFDGR
³µ£1R MX]JXpLVµ ³H[FODPD HO RELVSR³ (O 1XQFLR HV HO 1XQFLR HO &DUGHQDO HV HO
&DUGHQDO \ HO RELVSR )UD]DGD HV HO RELVSR )UD]DGD £1ROOL WDQJHUH ¢< VL WRGR IXHUD XQ
VDLQHWHDGRUDEOH"
/RKDGLFKRHQWUHXQFLHPSLpVHQVXDOWXUD\XQRULQDOHQVXEDMH]D
³0RQVHxRU ³OH DQXQFLD HO 2VFXUR³ WHQJR XQD FRSLD IRWRVWiWLFD GH VX H[SHGLHQWH
UDGLFDGRHQOD&XULD
³¢4XLpQOHIDFLOLWyHVDFRSLD"³VHDODUPDHORELVSR
³8QR GH PLV DJHQWHV /D SULPHUD SDUWH VH WLWXOD ´(O HVFiQGDOR )UD]DGDµ WUDH OD
SURFHVLyQ GHO &RUSXV HO UHSDUWR QRFWXUQR GH FRELMDV OD LQWHUYHQFLyQ GHPDJyJLFD HQ ORV
JUHPLRV\WDPELpQHO´XVRSURIDQRµGHXQDFDVXOODSDUDYHVWLUDXQQLxR
³£(UD XQD YLHMD FDVXOOD LQVHUYLEOH ³VH GLVFXOSD HO RELVSR³ (O PXFKDFKR HVWDED FDVL
GHVQXGR
³/D VHJXQGD SDUWH ³LQVLVWH 0HJDIyQ³ VH WLWXOD ´/D KHUHMtD )UD]DGDµ FRQVLJQD HO
´GHVWLHUURGHODVLPiJHQHVµHOHMHUFLFLRLOHJDOGHODPHGLFLQDSRULPSRVLFLyQGHPDQRVHQ
ODFDEH]DGHOSDFLHQWH\VREUHWRGRHO´XVRPiJLFRµGHO6HUPyQGHO0RQWH

170
 (ORELVSRVHFRQWXUED\HQURMHFHDKRUDHQHOIRQGREODQFRGHVXVDOPRKDGDV
³'HVFXEUtSRUFDVXDOLGDGHOSRGHUPiJLFRGHO6HUPyQ³YXHOYHDGLVFXOSDUVH
³¢&yPRIXHPRQVHxRU"³ORLQWHUURJD3DWULFLD
³<R KDEtD LGR D YLVLWDU DO VHxRU 7DJOLDIHUUR SDUD URJDUOH TXH FHGLHVH D ORV MXVWRV
UHFODPRVGHVXVWUDEDMDGRUHV(OVHxRU7DJOLDIHUURQRHVFXFKDEDRQRHQWHQGtDPHSDUHFLy
XQVHUPDFL]RFX\DLQWHOLJHQFLDVHDEUtDXQSDVRGLItFLOHQWUHGXUDVFRKHVLRQHVDWyPLFDV
³¢(UDHO5LFRGHO(YDQJHOLR"³VHLQWHUHVD3DWULFLD%HOO
³7pFQLFDPHQWHVt³GXGDHORELVSR³&RPRVHQHJDUDWHUFDPHQWHDPLVROLFLWXGDEUtPL
%LEOLD HQ 0DWHR  \ HPSHFp D OHHUOH HO 6HUPyQ GHO 0RQWH 1DGD VXFHGLy DO SULQFLSLR HO
VHxRU7DJOLDIHUURHQWRUQDEDVXVSiUSDGRVFRPR DGRUPLOiQGRVH3HURDO OHHUORVYHUVtFXORV
  \  DOJR LQFUHtEOH VH SURGXMR HQ HO HVFULWRULR GH OD IiEULFD GRQGH QRV
HQFRQWUiEDPRV GH SURQWR VH YLQLHURQ DEDMR ORV PXHEOHV DUFKLYHURV FD\y GH VX SDUHG HO
PDSDTXHH[KLEtDORVWUD]RVDVFHQGHQWHVGHODLQGXVWULD\HOEXVWRGHOIXQGDGRU1DWDOLR
7DJOLDIHUURVHGHVSORPyUXLGRVDPHQWHDQXHVWURVSLHV
0DUDYLOODGRVORVLQWHJUDQWHVGHOG~RKDQVHJXLGRDTXHOODQDUUDFLyQ
³£7DWD³GLFH%DUURVR³HO6HUPyQGHO0RQWHDRMRGHEXHQFXEHURYDOHSRUXQDFDUJD
GH JHOLQLWD ¢4Xp VXFHGHUi VL ORV WUDEDMDGRUHV GHO FXFKLOOR HPSLH]DQ D OHHU HO 6HUPyQ HQ
ORFDOHVHVWUDWpJLFRV"
³1RWHVXEOLPHVFKDQJR³ORH[KRUWD%DUUDQWHV³ODLPDJLQDFLyQVHSDUHFHDXQDWHWHUD
FKLQDH[FHVLYDPHQWHGHFRUDGD
³6HxRU OR GXGR ³OH UHSOLFD %DUURVR³ $ PL HQWHQGHU OD LPDJLQDFLyQ HV XQ JDWR
QRFWXUQRFRQGHPDVLDGDVD]RWHDV
³0RQVHxRU ¢IXH DFXVDGR XVWHG IRUPDOPHQWH GH KHUHMtD" ³LQWHUURJD 0HJDIyQ D TXLHQ
VHJ~QREVHUYR\DHVWiGROLpQGROHDTXHORILFLRGHSUHJXQWDU
³1R GHMDURQ FDHU OD SDODEUD ´KHUHMtDµ ³OH FRQWHVWD HO RELVSR³ VyOR KDEODURQ GH PL
H[WUDYLDGD´RUWRGR[LDµHKLFHPDOHQUHVSRQGHUOHV(QHVWRVFDVRVQREDVWDHO´FDQGRUGH
ODSDORPDµWDPELpQVHQHFHVLWDOD´SUXGHQFLDGHODVHUSLHQWHµ
³¢4XpOHVGLMRXVWHG"
³8QD RUWRGR[LD ³OHV UHVSRQGt³ HV HO DUWH GH PXWLODU DO $EVROXWR HQ VX SRVLELOLGDG
LQILQLWDFRQORFXDOHO$EVROXWRGHMDGHVHUHO$EVROXWR
$TXt%DUUDQWHVSDUHFHYtFWLPDGHXQDLOXPLQDFLyQDWHUUDGRUD
³£9HRDPRQVHxRUHQXQDSOD]DGHOWUHFHQWR³JULWD
³3DGUH¢FyPRORYH"³LQTXLHUHXQ%DUURVRGHVSDYRULGR
³£(QHOFHQWURGHXQDKRJXHUDFRQXQDW~QLFD\XQERQHWHDPDULOORVHQORVTXHVHKDQ
SLQWDGRQHJURVGHPRQLRV£0RQVHxRUKXPHDFRPRXQEXHQFKXUUDVFRWHRORJDO
³0LFDVWLJRQRIXHWDQSLQWRUHVFR³VRQUtHPRQVHxRU³GLVFUHWDPHQWHPHVHSDUDQGHPL
GLyFHVLV\DTXtHVWR\
8QDOX]GHSLHGDGDOHJUHOHKDFHEULOODUORVRMRV
³1RORVFXOSR³YXHOYHDVRQUHtU³DVXKRUD\FRQODPLVPDGXO]XUDHOORVFUXFLILFDUiQ
RWUD YH] D -HVXFULVWR HQ HO QRPEUH GH OD RUWRGR[LD £%LHQ /D ,JOHVLD FRPR VX )XQGDGRU
SXHGHPRULUXQMXHYHV\UHVXFLWDUXQGRPLQJR
7UDWDGHLQFRUSRUDUVHDJLWDGRHQWUHVXVFRELMDV
³¢< TXp LPSRUWD" ³VH GLFH D Vt PLVPR HQ XQD VXHUWH GH PRQyORJR³ £(O &ULVWR HV OD
YDQJXDUGLD HWHUQD (VWi HQ HO SULQFLSLR GHO PXQGR FRPR HO 9HUER TXH OR FUHD \ HQ OD
PLWDG FRPR HO 9HUER TXH OR UHGLPH &XDQGR HVWH PXQGR OOHJXH FRUULHQGR KDFLD VX ILQ
HQFRQWUDUiQXHYDPHQWHDO&ULVWRHVSHUiQGRORHQODUD\DGHVHQWHQFLD\HVWDYH]FRPRHO
9HUERTXHORMX]JD
6HGHMDFDHUHQODPDVDUHYXHOWDGHVXVDOPRKDGRQHV
³0HGXHOHQWRGRVORVKXHVRV³GLFH³4XHUUtDGRUPLUXQDKRUD

171
 (QWUH 3DWULFLD %HOO \ \R OH RUGHQDPRV OD FDEHFHUD \ OH H[WHQGHPRV KDVWD ORV SLHV OD
IUD]DGDTXHOHGLRXQVREUHQRPEUH/XHJRFRQ0HJDIyQDOIUHQWH\HOG~RDODUHWDJXDUGLD
QRVGHVOL]DPRVIXHUDGHOWDEXFR\QRVGLULJLPRVDOIRQGRDJUHVWHGHOLQTXLOLQDWRGRQGHWUHV
KLJXHUDV RWRxDOHV \ XQ FLQWXUyQ GH PDOYRQHV URMRV HQPDUFDQ OD HVFHQD TXH VLJXH 'RV
KRPEUHVHOFXUD*D\RVR\HOVDFULVWiQ/DYHFKLDHVWiQDFDUJRGHXQDJUDQROODUHQHJULGD
TXH KLHUYH VREUH XQ IXHJR GH PDGHUDV HO VDFULVWiQ FXFKLOOR HQ PDQR OH DUURMD WUR]RV
YHJHWDOHV \ DQLPDOHV \ HO FXUD OHQWDPHQWH KDFH JLUDU HQ OD PH]FOD XQ FXFKDUyQ GH
WDPDxRJLJDQWHVFR9DURQHVRVFXURVHQWRUQRGHOIXHJRFKXSDQORVPDWHVDPDUJRVTXHOHV
FHEDQVXVPXMHUHVFRQGRVSDYDVDUULPDGDVDORVWL]RQHV0iVDWUiVYHRXQFtUFXORLQIDQWLO
GH RFKR FDEHFLWDV QHJUDV FX\DV PLUDGDV SDUHFHQ DWDUVH DO PRYLPLHQWR JLUDWRULR GHO
FXFKDUyQHQODROOD<HVWiQFRQYHUVDQGRDOOiHQXQOHQJXDMHTXHVHSDUHFHDOGHODJXDRHO
YLHQWR \ TXH VH FRUWD EUXVFDPHQWH QR ELHQ QRV DFHUFDPRV 3DWULFLD %HOO \ 0HJDIyQ
HVWUHFKDQODVPDQRVIDPLOLDUHVGHOFXUD\HOVDFULVWiQTXH VLJXHQDO RELVSR)UD]DGDHQVX
GHVWLHUUR KD\ VDOXGRV \ SUHVHQWDFLRQHV (QWUH FXULRVRV \ DEVWUDFWRV %DUUDQWHV \ %DUURVR
FDOODQ\PLUDQSRUTXHODWULVWH]DQDFHDKRUDGHXQ]RU]DOSULVLRQHURHQVXMDXODGHWUHV
KLJXHUDV RWRxDOHV FX\D KRMD VH YLHQH DEDMR \ GH RFKR FDUDV LQIDQWLOHV TXH GHELHUDQ UHtU
MXQWRDODROOD\QRORKDFHQ
³3DGUH*D\RVR³OHGLFH0HJDIyQWDQWHDQGRODEROVDFDVLOOHQDTXHVHDEUHDORVSLHVGHO
FXUD³VHJ~QYHRHOSLVRGHOPHUFDGRIXHJHQHURVRHVWDPDGUXJDGD
³¢5HFRJLyHVWDKHUPRVXUDGHOVXHOR"³LQTXLHUHXQD3DWULFLDLQFUpGXOD
³1R WRGR HVWDED HQ HO VXHOR ³H[SOLFD HO FXUD *D\RVR³ (V TXH ORV FDPLRQHURV GHO
PHUFDGR DO GHVFDUJDU VXV FDPLRQHV \ YHUPH UHFRJHU ORV GHVHFKRV HQ HO SLVR GHMDQ FDHU
DGUHGHODPHMRUFHEROOD\ODEDWDWDPiVJUDQGH
7UDVUHYROYHUODROODOHYDQWDXQFXFKDUyQUHERVDQWH\QRVLQYLWDFRQRUJXOORDSUREDUOD
PH]FOD /R KDFHPRV XQR D XQR UHYHUHQWHV FRPR HQ XQD OLWXUJLD FRQ H[FHSFLyQ GH
%DUUDQWHV\%DUURVRTXHSDODGHDQHOPLQHVWUyQVLQRFXOWDUVXGHVFRQILDQ]DFUtWLFD
³£/HIDOWDVDO³JUXxHXQ%DUURVRH[SHUWRHQROODVSRSXODUHV
³£'HPDVLDGDFHEROOD³RSLQDXQ%DUUDQWHVQRPHQRVHUXGLWR
³£6HxRUHVODPHVDHVWiVHUYLGD³H[FODPDHOVDFULVWiQ³£9HQJDQORVSODWRVKRQGRV
1RV GHVSHGLPRV \ QRV DOHMDPRV GHO JUXSR TXH VHJ~Q RLJR GHWUiV UHDQXGD VX
FRQYHUVDFLyQGHDJXDRGHYLHQWR6DOLPRVDODFDOOH\DOVXEXUELR¢\DKRUDGHGyQGHQDFH
ODWULVWH]D"'HODVFDVDVHQVLOHQFLRGHORVMDUGLQFLWRVHQVXRWRxRGHODVIiEULFDVLQPyYLOHV
R GH XQ 0HJDIyQ EUXPRVR TXH WDO YH] DGLYLQD \D HO &KiWHDX GHV )OHXUV R HO &DUDFRO GH
9HQXVRVXPXHUWH

(QXQDGHVXVQRWDVUHIHUHQWHVDO2SHUDWLYR&DUDFRO\DORVJUDYHVDFRQWHFLPLHQWRVTXH
VREUHYHQGUtDQ HO 2VFXUR GH )ORUHV GLFH DVt ´'HVGH QLxR DGYHUWt TXH PL FRUD]yQ HQ XQD
HVSHFLHGHFLFORDQXDOJLUDEDVREUHHOPLVPRHMHGHOJORERWHUUiTXHR\WHQtDVXSULPDYHUD
\VXRWRxRVXSULPDYHUDHQXQYXHOFRKDFLDODH[WHULRULGDGJULWRQDGHOPXQGR\VXRWRxR
HQ XQ UHIOXMR KDFLD OD LQWHULRULGDG VHFUHWD GH PL DOPD 3RU HVR HOHJt XQD SULPDYHUD \ XQ
RWRxR SDUD GHVDUUROODU ODV HVFDUDPX]DV WHUUHVWUHV TXH KDQ LQWHJUDGR PL FRPEDWHµ <R
KDEtD REVHUYDGR DTXHOOD EDMDPDU GH VX DOPD MXQWR D OD FDEHFHUD GHO RELVSR \ OD VHJXt
DGYLUWLHQGRHQHOFKDOHWGH)ORUHVGXUDQWHORVGtDVRFLRVRVTXHWUDQVLWDURQ\HQORVFXDOHVOD
JXHUUDSDUHFLyWHUPLQDGD6LQHPEDUJRSRUFRQILGHQFLDVDODUPDQWHVGH3DWULFLD%HOOVXSH
TXHODREVHVLyQGH/XFtD)HEUHURHVWDEDUHJUHVDQGRD0HJDIyQRWUDYH]\FRQIXHU]DFRPR
VLOD1RYLD2OYLGDGDIXHVHXQDKLMDQRUPDOGHORWRxRTXHWDQWRJUDYLWDEDHQHO2VFXUR/RV
DJHQWHVTXH0HJDIyQWHQtDHQ%XHQRV$LUHV\HQHO*UDQ%XHQRV$LUHVQRKDEtDQGHMDGRGH
FRPXQLFDUDOJXQDVDSDULFLRQHVGHOD0XMHUVLQ&DEH]DWRGDVPX\YDJDV\VLQDVLGHURVTXH
MXVWLILFDVHQ XQD H[SHGLFLyQ HO FKDVFR ULVLEOH TXH VXIULHUDQ HQ HO UHGXFWR GHO )DOVR

172
$OTXLPLVWDKL]RTXH0HJDIyQ\VXVKRPEUHVUHFLELHVHQHQDGHODQWHDTXHOODVGHQXQFLDVFRQ
HVWXGLRVD UHVHUYD 3HUR HO  GH PD\R \ OD IHFKD FRQVWD HQ XQR GH ORV FXDGHUQRV HO
DJHQWHGH(O7LJUHFRPXQLFyODH[LVWHQFLDGHXQDPXMHUFDXWLYDHQFLHUWROXJDUOODPDGRHO
&KRWHDQGHV)OHXUVTXHVHORFDOL]DEDHQODFRQIOXHQFLDGHORVUtRV/XMDQ\6DUPLHQWR
$SDUHQWHPHQWH OD GHQXQFLD HQ VX YDJXHGDG QR GLIHUtD PXFKR GH RWUDV TXH VH KDEtDQ
GHVHVWLPDGRDQWHV¢4XpLQFHQWLYRHQFRQWUyHQHOODHO2VFXURGH)ORUHVTXpPRWRUFDSD]
GH ODQ]DUOR FRPR OR KL]R D OR TXH IXH XQD PRUWDO DYHQWXUD" 0HJDIyQ OR H[SOLFD HQ RWUR
DSXQWH GHO PLVPR FXDGHUQR ´(O &DVWLOOR GH ODV )ORUHV ³GLFH³ PH KL]R HYRFDU HO MDUGtQ
VHFUHWR GRQGH -XDQ GH 0HXQJ RFXOWy VX URVH \ HO LWDOLDQR 'XUDQWH VX ILRU HQLJPiWLFD ¢<
/XFtD)HEUHURQRHVWDPELpQXQDLPDJHQGHOD5RVDSHUGLGD"µ£*UDQ'LRV³PHGLJRDKRUD
\RHOFURQLVWDGHODV'RV%DWDOODV³HVRDUULHVJDXQDXWRGLGDFWRLQIDQWLOTXHPHWLGRHQOD
%LEOLRWHFD 3RSXODU $OEHUGL \ HQ XQ VXEXUELR GH %XHQRV $LUHV GHYRUD SHOLJURVDPHQWH XQ
URPDQFHDOTXtPLFR\DODYH]XQYROXPHQGHWiFWLFDPLOLWDU
1DWXUDOPHQWH OR SULPHUR TXH KL]R HO 2VFXUR IXH UHXQLUVH FRQ HO DJHQWH GHQXQFLDGRU \
H[SORUDUFRQpOODVLQPHGLDFLRQHVGHO&KiWHDXGHV)OHXUVFX\DH[LVWHQFLDUHVXOWyQRVHUXQD
IiEXODWDOFRPRORFRPSUREyLQVLWX\DODOX]GHXQUHVSODQGHFLHQWHPHGLRGtD9LVWRGHVGH
DIXHUD\GHOHMRVHO&KDWHDXXELFDGRHQHOiUHDFHQWUDOGHXQSDUTXHIURQGRVRTXHDOD
YH] OR PRVWUDED \ OR HVFRQGtD HUD XQ JUDQ HGLILFLR GH XQD VROD SODQWD FX\D IRUPD QR
UHVSRQGtDVHJ~QORDGYLUWLy0HJDIyQDQLQJ~QHVWLORUHFRQRFLEOHGHODDUTXLWHFWXUDHUDXQ
KRQJR FKDWR XQD WRUWD GH FDVDPLHQWR XQD WXPED HJLSFLD R XQ JDUDMH PRQVWUXRVR TXH D
HVDKRUDQRGDEDVHxDOHVGHDFWLYLGDGDOJXQD\VHUHYHVWtDGHXQVLOHQFLR´IOXLGRFRPROD
PLHOµ VHJ~Q OR GHILQLy HO $XWRGLGDFWR HQ RWUR DSXQWH UHIHUHQWH D HVWD VDJD ILQDO
&RQVXOWDGRV XQ SHVFDGRU \ XQ TXLQWHUR YHFLQRV 0HJDIyQ REWXYR ODV LQIRUPDFLRQHV TXH
VLJXHQD(O~QLFRDFFHVRDO&KiWHDXHUDHOJUDQSRUWDOGHKLHUURMXQWRDOTXHGLVFXUUtDQ
DKRUD\DTXHODPDQVLyQRORTXHIXHVHGDEDSRUVXVIRQGRVDOUtR/XMDQE(QODVKRUDV
GLXUQDV HO HVWDEOHFLPLHQWR VL OR HUD QR H[WHULRUL]DED LQGLFLR QLQJXQR GH YLGD SHUR DO
DQRFKHFHUFRPHQ]DEDQDOOHJDUDXWRPyYLOHVGHOXMRTXHWUDVSRQtDQODHQWUDGDFRQKRPEUHV
\PXMHUHVHQURSDGHJUDQVRLUpHF*XDUGLDQHVXQLIRUPDGRVFRQWURODEDQ\GLULJtDQHQOD
SXHUWD HO DFFHVR GH ORV YLVLWDQWHV G $XQTXH ORV DJULFXOWRUHV GH OD YHFLQGDG QR KDEtDQ
HVFXFKDGR QXQFD UXLGRV QRFWXUQRV TXH OOHJDVHQ GHO HVWDEOHFLPLHQWR DVHJXUDEDQ ORV
SHVFDGRUHV TXH GHVGH HO UtR HUD IiFLO RtU ODV YRFHV P~VLFDV \ ULVDV TXH ´D OD KRUD GHO
SHMHUUH\µOOHJDEDQDORVERWHVGHVGHHO&KiWHDXHVSOpQGLGDPHQWHLOXPLQDGR
7DOHVLQIRUPHVH[DOWDURQODLPDJLQDFLyQGHO2VFXUR\ORPRYLHURQDLQGDJDUVHULDPHQWH
ODQDWXUDOH]DGHOHGLILFLR\GHVXDFWLYLGDG(QODVRILFLQDVPXQLFLSDOHVGH(O7LJUHPHUFHG
D YDOLRVDV UHFRPHQGDFLRQHV WXYR DFFHVR DO H[SHGLHQWH TXH FRQVLJQDED ORV WUiPLWHV GHO
&KiWHDX GHV )OHXUV \ GH VX FRQVWUXFFLyQ DXWRUL]DGD OOHJy D VDEHU TXH VX SURSLHWDULR VH
OODPDED 'LyJHQHV 7LIRQHDGHV \ TXH VX DUWtILFH FUHDGRU HUD HO DUTXLWHFWR 'LRQLVLR /HSDUH
1RREVWDQWH\FRQWUDHOXVRORVSODQRVGHO&KiWHDXQRILJXUDEDQHQODFDUSHWD\0HJDIyQ
VXSXVR TXH DOJXQD PDQR ELHQ XQWDGD ORV KDEtD VXVWUDtGR D SRVLEOHV H LQGLVFUHWDV
DYHULJXDFLRQHV&RQWRGRHOQRPEUHGHODUTXLWHFWRDEUtDXQFDXFHDODLQYHVWLJDFLyQVLHV
TXH /HSDUH QR HVWDED PXHUWR DXVHQWH R HVFRQGLGR < XQ DX[LOLDU OR XELFy HQ HO HGLILFLR
&DYDQDJKGH%XHQRV$LUHVGRQGHWHQtDXQHVWXGLRDELHUWRDXQTXH/HSDUHVHJ~QWDPELpQ
VHFRPSUREyQRKDEtDUHDOL]DGRHQODFLXGDGQLQJXQDREUDGHLPSRUWDQFLD
(UD QHFHVDULR H[SORUDU DO DUTXLWHFWR HO 2VFXUR PH LQYLWy D TXH OR DFRPSDxDUD HQ HO
DVDOWRGHXQKRPEUHTXHQRFRQRFtDPRV\GHOFXDOVyORQRVLQWHUHVDEDVXLQWHUYHQFLyQHQ
XQD LQWULJDQWH DUTXLWHFWXUD &RPR QDUUDGRU LPSDUFLDO \R VHJXtD UHVLVWLpQGRPH D WRGD
SDUWLFLSDFLyQDFWLYDHQVXVHVFDUDPX]DVSHURPHUHQGtHVWDYH]DODOHJDWRGHXQ0HJDIyQ
TXHVROLFLWDEDPLD\XGDFRPRH[SHUWRTXH\RHUDHQ´PRQVWUXRVµGH%XHQRV$LUHV$OGtD
VLJXLHQWH \ KDFLD HO DWDUGHFHU XQ DVFHQVRU GHO &DYDQDJK QRV GHMy HQ HO SLVR GLHFLRFKR

173
FX\RV GHSDUWDPHQWRV UHFRUULPRV KDVWD GDU FRQ XQR HQ FX\D SXHUWD FHUUDGD VH OHtD
EUHYHPHQWH ´'LRQLVLR /HSDUH DUTXLWHFWRµ 0HJDIyQ RSULPLy HO WLPEUH \ DJXDUGDPRV
QLQJ~QVRQLGRUHVSRQGLyDGHQWURFRPRVLKXELpVHPRVOODPDGRDODSXHUWDGHXQDWXPED
6LQHPEDUJRWXYHODVHQVDFLyQGHTXHDOJXLHQQRVHVFUXWDEDSRUODPLULOODHQIRUPDGHRMR
TXHWHQtDODSXHUWD(QWRQFHVUHGREOpFRQPLVGHGRVHQVXKRMD\DOLQVWDQWHYLPRVTXHOD
SXHUWDVHDEUtDSHURVyORHQHOUHVTXLFLRTXHOHIDFLOLWDEDXQDFDGHQDGHVHJXULGDG
³¢4XLpQHV"³SUHJXQWyXQDYR]UHFHORVD
/HGLPRVQXHVWURVQRPEUHVTXHSRULQFyJQLWRVSDUHFLHURQWUDQTXLOL]DUOR
³¢4XpEXVFDQ"³LQVLVWLy
³8QLQIRUPHWpFQLFR³OHUHVSRQGLyHO2VFXUR
'HVFRUULHQGR OD FDGHQD /HSDUH QRV IUDQTXHy OD HQWUDGD \ QRV KL]R SDVDU D XQ HVWXGLR
UHYXHOWR GH PXHEOHV \ FDyWLFR GH OX] 0HJDIyQ \ \R QRV DGHODQWDPRV HQWUH XQD PHVD GH
GLEXMR \ XQD JUDQ PDTXHWD GH \HVR KDVWD XQ VRIi GH FRORU QHEOLQD TXH HO DUTXLWHFWR QRV
LQYLWy D RFXSDU \ TXH UHFLELy QXHVWUDV GRV KXPDQLGDGHV FRQ XQD SURWHVWD GH PXHOOHV
UHVHQWLGRV $SHQDV QRV YLR VHQWDGRV HQFHQGLy OD OiPSDUD GH OD PHVD \ GLULJLy VX IRFR D
QXHVWUDVFDUDVPLHQWUDVpOSHUPDQHFtDHQODVRPEUD\FRPRHQDFHFKRGHWUiVGHVXVJDIDV
QHJUDV 7XYH OD VHQVDFLyQ PHWDIyULFD GH TXH VXV RMRV HPERVFDGRV KDFtDQ FDHU VREUH
QRVRWURVXQDPLUDGDYHUWLFDOGHSORPDGDTXHGHVFLHQGH\HVFUXWD\HQDTXHODUWtILFHFDXWR
VHJXt DGYLUWLHQGR XQD FRQVWDQWH GH OD JHRPHWUtD FRPR VL WRGR HQ pO HVWXYLHUD WUD]DGR D
FRPSiVUHJOD\HVFXDGUD
³¢/RVHQYtDHOJULHJR7LIRQHDGHV"³QRVSUHJXQWyILQDOPHQWH
³1RDUTXLWHFWR³OHUHVSRQGt
³6L\RIXHUDPiVWHDWUDO³UH]RQJy³ORVKDEUtDFDFKHDGRHQEXVFDGHDUPDV
³¢$UPDV"³OHGLMR0HJDIyQ
³6tDUPDV¢&RQRFHQD7LIRQHDGHVHOJULHJR"
³/HtHVHQRPEUH³DGPLWLyHO$XWRGLGDFWR³HQXQH[SHGLHQWHPXQLFLSDOGH(O7LJUH
$TXtQRVSDUHFLyTXHVHUHVTXHEUDMDEDHOFDVFDUyQJHRPpWULFRGH/HSDUH
³¢1LHJDQXVWHGHV³QRVJULWy³TXHFRQRFHQDOJULHJRPDOGLWR"
³6HxRU³OHDGYHUWt³KDFHPLOHVGHDxRVRWURJULHJRHGLILFyXQODEHULQWRSDUDLQVWDODUD
XQPRQVWUXR
(ODUTXLWHFWRVHFRQPRYLy\UHSXVRHQXQDVXHUWHGHQiXVHD
³¢'pGDOR" £<R QR VR\ 'pGDOR < 7LIRQHDGHV QR HV HO UH\ GH &UHWD £HV XQ DOFDKXHWH GH
WDPDxRJLJDQWH
&RPRVL\DQRIXHUD~WLOKL]RDXQODGRODOX]TXHQRVHQIRFDED(QWRQFHVSXGLPRVYHU
DOJR PiV GHO DUTXLWHFWR \ GHO PLFURFRVPR HQ TXH YLYtD HQIXQGDGR HQ XQ JXDUGDSROYR
FHOHVWH\YLVWRGHSLHFRPRD~QHVWDED/HSDUHHUDXQFXDUHQWyQODUJR\HQMXWRFX\RSHUILO
UHFWLOtQHR \D VH FRPEDED HQ OD ]RQD YHQWUDO VHJ~Q FLHUWD JRUGXUD QDFLHQWH XQD SDOLGH]
LQWHQVDGHFDUGtDFRERUURQHDEDVXVIDFFLRQHVTXHGHELHURQVHUHQpUJLFDVSHURVXVRMRV\D
VLQODVJDIDVTXHVHKDEtDTXLWDGRHUDQEULOODQWHVDOWLYRV\GHFLHUWDFUXHOGDGLQRFHQWH\
PH UHFRUGDURQ ORV GH XQ FyQGRU DQGLQR TXH YL DOJXQD YH] HQ 8VSDOODWD \ TXH XQ
PHUFDFKLIOH WHQtD HQFDGHQDGR HQ VX JDOOLQHUR 0LHQWUDV \R UHDOL]DED HVWDV REVHUYDFLRQHV
0HJDIyQTXHKDEtDGHVHUWDGRHOVRIiFKLUULDQWHFXULRVHDEDSRUHOHVWXGLRHQWUHPDTXHWDV
UROORVGHSODQRVOLEURVHQGHVRUGHQ\YLHMDVDUPDVGHPXVHR
³)DOWDXQDPDTXHWD³GLMRDOFDERGHVXH[DPHQ
³¢&XiO"³UHSXVRHODUTXLWHFWR
³/DGHO&KiWHDXGHV)OHXUV
/HMRV GH VREUHVDOWDUVH /HSDUH WUDGXMR DKRUD HO DOLYLR GH XQ DOPD TXH KD UHODMDGR VX
WHQVLyQFRPRVLYLHVH\DHQQRVRWURVDGRVQDYHJDQWHVDPLJRVTXHUHFLpQDERUGDEDQVXLVOD
HQVROHGDG

174
 ³(VDPDTXHWD³QRVGLMR³IXHGHVWUXLGD
³¢4XLpQODGHVWUX\y"
³(OJULHJR7LIRQHDGHVHQXQDVDOWRDOHVWXGLRTXHUHDOL]ypOFRQVXVJRULODV
³(V FXULRVR ³OH GLMR 0HJDIyQ³ ¢VDEtD XVWHG TXH ORV SODQRV GHO &KiWHDX IXHURQ
VXVWUDtGRVDODFDUSHWDGH(O7LJUH"
³£1DWXUDOPHQWH³ULy/HSDUH\VXULVDQRVSDUHFLyODGHXQPXHUWRUHVXFLWDGR
³¢1RV FRQWDUtD OD KLVWRULD GHO &KiWHDX GHV )OHXUV" ³LQVLVWLy HO 2VFXUR³ 8VWHG \D
HQWLHQGHTXHQRVHWUDWDGHXQDPHUDFXULRVLGDG
³¢<GHTXpVHWUDWD"
³'HODJXHUUD
(ODUTXLWHFWRGHVHVWLPyDTXHOODSDODEUDEHOLJHUDQWH6HGLULJLyDXQDPHVLWDGHOLFRUHV\
QRVGLMR
³¢4XLHUHQXQWUDJR"<RQHFHVLWRXQRDTXtDKRUD\VLHPSUHWHQJRTXHPDWDUXQJXVDQR
³¢4XpJXVDQR"
³'LyJHQHV7LIRQHDGHVHOUXILiQHFXPpQLFR
7RPyXQYDVR\WUDVGHUUDPDUHQpOXQDPHGLGDWULSOHGHDOFRKRODPEDULQRVHVHQWyHQ
HO WDEXUHWH GH OD PHVD SDUD GLEXMDU (O $XWRGLGDFWR UHFREUy VX DVLHQWR MXQWR D Pt HQ HO
VRIiTXHODQ]yQXHYDPHQWHODSURWHVWDtQWLPDGHVXVUHVRUWHV
³$PLJRV³FRPHQ]yDGHFLU/HSDUHVDERUHDQGRHQDTXHOODSDODEUD\RGLUtDTXHXQJXVWR
SHUGLGR \ RWUD YH] HQFRQWUDGR³ DO HJUHVDU GH OD )DFXOWDG PLO SUR\HFWRV DUTXLWHFWyQLFRV
EXOOtDQ HQ PL DXGDFLD FUHDGRUD 5HDOLFp SULPHUR OD PDTXHWD GH XQD WRUUHYLYLHQGD
KHOLFRLGDO LQWHJUDGD FRQ WUHLQWD \ FLQFR SDVRV GH KpOLFH TXH VH KXQGLUtDQ HQ ODV DOWXUDV
FRPRORVGHXQJUDQWLUDEX]yQ/XHJRFRQFHEtXQDPHWUySROLDXVWUDODFRQVWUXLUVHMXQWRDO
HVWUHFKR GH 0DJDOODQHV TXH VH GHGLFDUtD VRODPHQWH D ORV SUREOHPDV ItVLFRV \ PHWDItVLFRV
GHO SROR VXU \ VX $QWiUWLGD 0iV WDUGH SODQLILTXp XQ EDUULR GH %XHQRV $LUHV TXH VH
OHYDQWDUtD HQ WHUUHQRV JDQDGRV DO UtR WHQGUtD OD IRUPD GH XQ DUFKLSLpODJR DUWLILFLDO R GH
XQD9HQHFLDFRQVXVJyQGRODVWDQJRVODFXVWUHV\PDOHYDMHVUHPHURV(VWDVKLMDVORFDVGH
OD LPDJLQDFLyQ PH GLHURQ FLHUWD QRWRULHGDG HQ ORV FRQFXUVRV GH DUTXLWHFWXUD \ HQ ODV
UHYLVWDV HVSHFLDOL]DGDV &RQ WRGR QXQFD IXHURQ PiV DOOi GH VXV PDTXHWDV \ VH
DPRQWRQDURQ DTXt HQ HVWH PLVPR HVWXGLR £SREUHV FULDWXUDV WHyULFDV $Vt FRPHQ]y OD
7ULVWH]D
³¢4XpWULVWH]D"
³/D TXH QRV GD HO DERUWR GH OR VXEOLPH ³UHVSRQGLy HO DUTXLWHFWR³ %XHQRV $LUHV OD
FRQRFH\SRUHVRHQOD5HFROHWDMXQWRDOSDQWHyQGHOD6XEOLPLGDGVHOHYDQWDHOSDQWHyQ
GHOD0HODQFROtD¢1RORKDQYLVWRXVWHGHV"
³1RDUTXLWHFWR³OHGLMRHO$XWRGLGDFWR³¢<HO&KiWHDXGHV)OHXUV"
³(O &KiWHDX GHV )OHXUV ³UH]RQJy /HSDUH³ YHQGUtD HQ OD HWDSD VLJXLHQWH R VHD HQ HO
WUiQVLWRGHOD6XEOLPLGDGDO4XLORPER£7DPELpQORFRQRFH%XHQRV$LUHV
³¢&XiQGRVHLQLFLyODHWDSD"
³6H LQLFLy FXDQGR SRU HVD PLVPD SXHUWD GHO HVWXGLR HQWUy XQ GtD HO DOFDKXHWH
GHFRUDWLYRTXHVHKDFHOODPDU'LyJHQHV7LIRQHDGHV
(ODUTXLWHFWRDSXUyVXYDVRGHXQVRUERFRPRSDUDWUDJDUVHODRGLRVDStOGRUDGHDTXHO
QRPEUH
³7LIRQHDGHV HO JULHJR ³QRV GHVFULELy³ H[KLEtD OD VROWXUD QDWXUDO GH ORV JUDQGHV
HPSUHVDULRV TXH DEDUFDQ VLPXOWiQHDPHQWH XQD IORWD QDYLHUD XQ \DFLPLHQWR SHWUROtIHUR
XQDRUJDQL]DFLyQGHWUDILFDQWHVGHDOFDORLGHVXQDFDGHQDGHKRWHOHVLQWHUQDFLRQDOHV\XQ
WUXVW PXQGLDO GH VXSHUPHUFDGRV £< QR FUHDQ TXH YR\ D WLUDUOH XQD ERPED GH DOTXLWUiQ
HQFLPD(UDXQVXMHWRHQWUDGRU\ULHQWHXQDPH]FODGHOtGHU\SOD\ER\TXHGLVLPXODEDVX
WUHPHQGR SRGHU FRQ ORV WUD]RV GH XQD QHJOLJHQFLD LQFUHtEOH XQ VHU HQWUH UHILQDGR \

175
SLRMRVRHQWUHPDJQDWH\FKDQJDGRU£4XpJUDQGH]D\TXpDVFRGHKRPEUH
³'HDFXHUGR³DSUREy0HJDIyQWURQFKDQGRODIXULDGHVFULSWLYDGH/HSDUH³¢4XpKL]RHO
JULHJR7LIRQHDGHVQRELHQHQWUyHQHOHVWXGLR"
³£$OJRVLPSOHPHQWHJHQLDO³ULypO³'HVHQUROOyHOSODQRGHXQDVWLHUUDVTXHVHJ~QYL
HVWDEDQ XELFDGDV HQ OD XQLyQ GHO UtR 6DUPLHQWR FRQ HO UtR /XMDQ < PH SLGLy TXH OH
FRQVWUX\HVHDOOtXQHGLILFLRTXHGHEtDWHQHUODIRUPDH[DFWDGHXQD´HVSLUDOFHQWUtSHWDµ
³¢6HDVRPEUyXVWHG"
³1R VHxRU HQ VX KRUD \R KDEtD SODQLILFDGR XQD KHOLFRLGDO JLJDQWH &RPR DUTXLWHFWR
IXQFLRQDOPHOLPLWpDSUHJXQWDUOHFXiOVHUtDHOGHVWLQRGHODREUD<7LIRQHDGHVPHJXLxy
XQ RMR IHVWLYR FRPR VL VH WUDWDUD GH DUPDU XQD EURPD LQWUDVFHQGHQWH 3HUR FRPR \R
LQVLVWLHUD PH GLR XQD LQIRUPDFLyQ WUDVO~FLGD FRPR OD WLQWD OD HVSLUDO GHO HGLILFLR D
FRQVWUXLUVH GHEtD FRQGXFLU D ORV YLVLWDQWHV TXH OD UHFRUULHUDQ KDFLD XQ GRUPLWRULR
ULJXURVDPHQWH´FHQWUDOµGRQGHRFXOWDUtDpOFLHUWDMR\DGHYDORULQFDOFXODEOH
³¢8QDMR\D"³PHDVRPEUp³¢4XpMR\DQHFHVLWDUtDXQGRUPLWRULRSDUDHVFRQGHUVH"
/HSDUHVROWyDTXtXQDULVDGHDOHJUHGHPRQLR
³£1DWXUDOPHQWH XQD PXMHU ³H[FODPy³ 7LIRQHDGHV PH KL]R HO HORJLR GH OD PXMHU D
RFXOWDUVH GHQWUR GH OD HVSLUDO \ HQ VX GRUPLWRULR FpQWULFR XVDQGR XQD HORFXHQFLD
WtSLFDPHQWH RULHQWDO PH DVHJXUy TXH XQD PXMHU FRPR DTXpOOD QR KDEtD VLGR PRVWUDGD
QXQFD HQ QLQJ~Q PHUFDGR DQWLJXR QL PRGHUQR \ HQ XQD KLSpUEROH ILQDO PH MXUy SRU HO
VDQWRGHVXQRPEUHQRH[LVWHTXHQLQJXQDPDWUL]IHFXQGDGDSRUXQYDUyQKDEtDGDGRDO
PXQGRXQDKHPEUDWDQYDOLRVD
0LHQWUDV /HSDUH KDEODED XQD WHQVD LQTXLHWXG LED JDQDQGR DO R\HQWH 0HJDIyQ TXH \D
WHPEODEDMXQWRDPtHQHOVRIiGHFRORUQHEOLQD
³£$UTXLWHFWR ³OH URJy³ ¢1R OH GLMR 7LIRQHDGHV HO QRPEUH GH OD PXMHU" ¢1R OH UHYHOy
TXHVHOODPDED/XFtD)HEUHUR"
³(OJUDQDOFDKXHWHQRGLRQRPEUHV³OHDVHJXUy/HSDUHDVRPEUDGR
³$OPHQRV³LQVLVWLyHO2VFXUR³¢QRGHMyWUDVOXFLUTXHVHUHIHUtDpODOD1RYLD2OYLGDGD"
³1R
³¢<DOD0XMHUVLQ&DEH]D"
³7DPSRFR³UH]RQJyHODUTXLWHFWR³¢(VXQDFKDUDGD"
³6HxRU³LQTXLUt³¢ODHVSLUDOGHOJULHJRVHUtDHO&KiWHDXGHV)OHXUV"
³<RORLJQRUDED³PHGLMR/HSDUH³6yORGHVSXpVFRQRFtHOQRPEUHTXHGDUtD7LIRQHDGHV
DVX´LQVWLWXWRµ6HGXFLGRDODYH]SRUODQDWXUDOH]DGHODREUD\ORVFXDQWLRVRVKRQRUDULRV
TXH PH DGHODQWDED HO JULHJR HPSHFp D WUD]DU GLEXMRV PHQWDOHV GHO HGLILFLR
1DWXUDOPHQWHODKLVWRULDGHPLFROHJDUHPRWRHOFUHWHQVH'pGDORPHSHUVHJXtDFRPRXQ
]XPEDQWHPRVFDUGyQ3HURDOILQDODGYHUWtXQDJUDQGLIHUHQFLDHQWUHVXKLVWRULD\ODPtD
'pGDOR FRQVWUX\y VX ODEHULQWR SDUD HQFHUUDU DXQD EHVWLD FRQGHQDEOH R WDO YH] D XQ PLWR
FRUQXGRPLHVSLUDOHQFDPELRDORMDUtDHQVXFHQWURDXQDPXMHURDXQDGLRVDODXGDEOH
VHJ~Q ORV GLWLUDPERV GHO JUDQ UXILiQ TXH WRGDYtD PH FDOHQWDEDQ ORV RtGRV (QWRQFHV
SRpWLFD \ PtVWLFDPHQWH UHFRUGp ODV ´PRUDGDVµ TXH 7HUHVD GH -HV~V IXH UHFRUULHQGR D
SDUWLUGHXQDH[WHULRULGDGHQVRPEUDVKDVWDXQDLQWHULRULGDGUHVSODQGHFLHQWH£<GLEXMpOD
(VSLUDOGH7LIRQHDGHVFRQVXHQWUDGD~QLFDVXViPELWRVFXUYRV\ODUHFiPDUDtQWLPDGHOD
PXMHUVHPHMDQWHDXQFDUR]RHQHOFHQWURGHVXIUXWD&XDQGRWUDVODGpPLVGLEXMRVDXQD
PDTXHWD GH \HVR \ FRQWHPSOp PL REUD HQWHQGt TXH VH UHVROYHUtD HQ XQ FDUDFRO JLJDQWH
DFRVWDGRMXQWRDOUtR6DUPLHQWR
/HSDUH KL]R DTXt XQ DOWR HQ VX GLVFXUVR SDUD VHUYLUVH RWUD FDUJD GH EHELGD < OR WHQWp
GLFLpQGROH
³¢4XpRSLQy7LIRQHDGHVDOYHUODPDTXHWD"
³6HPRVWUyFDXWDPHQWHVXEOLPDGR³PHUHVSRQGLyHODUTXLWHFWR³/DLGHDGHO´FDUDFROµ

176
SDUHFtDGLYHUWLUORFRPRXQFKLVWHGHVDOJUXHVD´£(O&DUDFROGH9HQXVµH[FODPy\ULyHQ
PLVQDULFHV
³¢(O&DUDFROGH9HQXV"³HVSHFXOyHO$XWRGLGDFWR
³6t XQ LQWHUURJDQWH VH DEUtD ³UHFRQRFLy /HSDUH³ < VH OR GLMH D 7LIRQHDGHV TXH
DFDULFLDED ODV IRUPDV GH OD PDTXHWD FRPR VL IXHUDQ ODV GH XQ DQLPDO GRPHVWLFDGR ´¢3RU
TXpVHUiHO&DUDFROGH9HQXV"µ
³¢<TXpOHUHVSRQGLy"
³£6HxRUHVQXQFDYLHOKLORGHXQUXILiQWDQELHQGLVLPXODGRHQWH[WXUDGHXQPDJQDWH
QXQFD YL HO PHWDO GH XQ DOFDKXHWH IXQGLGR FRQ WDQWD VXWLOH]D HQ OD PDVD GH XQ JHQLR
'HVGH DTXHOOD WDUGH PH GLJR TXH VLQ GXGD HO DOPD GH 7LIRQHDGHV UHVLGtD \ VH GHVOL]DED
WDPELpQHQXQFDUDFROOOHQRGHYXHOWDV\UHYXHOWDV¢4XLHUHQVDEHUORTXHPHGLMRDQWHOD
PDTXHWDGH\HVR"
³£/HSDUHKDEOH³ORXUJLy0HJDIyQHQVXDQVLHGDG
³µ,PDJtQHVHPHGLMRTXHWLHQHXVWHGDXQDKHPEUDSUHFLRVDHQHOFHQWURGHODHVSLUDO
\TXHJUDFLDVDXQDSURPRFLyQELHQGLULJLGD\VD]RQDGDFRQORVLQJUHGLHQWHVGHOPLVWHULR\
OD FODQGHVWLQLGDG PLOODUHV GH SRWHQWDGRV OOHJDQ DO &DUDFRO HQ EXVFD GH XQD PXMHU TXH
VHFUHWDPHQWH \D VH FRWL]D HQ ORV PHUFDGRV LQWHUQDFLRQDOHVµ ´,PDJtQHVH DKRUD VH
HQWXVLDVPy HO JULHJR TXH ORV FOLHQWHV PHWLGRV HQ HO &DUDFRO YDQ UHFRUULpQGROR KDFLD HO
GRUPLWRULRFHQWUDOSHURTXHQROOHJDQDpOVHGXFLGRV\HVTXLOPDGRVSRURWUDVGHOLFLDVTXH
ORVDVDOWDQHQHOFDPLQR¢(QWLHQGHXVWHGODFRVD"7UDEDMDQGRDVtODPXMHUTXHGDLQWDFWD\
HOQHJRFLRVHKDFHLQILQLWRµ
/HSDUHYROYLyDUHtU\DOJRGHVLQLHVWURFDPSHDEDHQVXKLODULGDG
³¢6H GDQ FXHQWD" ³QRV GLMR³ £(O &KiWHDX GHV )OHXUV R HO &DUDFRO GH 9HQXV WUDEDMDUtD
FRPRXQSURVWtEXORJLJDQWH
2EVHUYpGHUHRMRD0HJDIyQ\YLTXHDSUHWDEDVXVPDQGtEXODVFRPRVLXQDSURVWLWXFLyQ
VLTXLHUDYLUWXDOGHOD1RYLD2OYLGDGDVHOHKLFLHVHLQVXIULEOH
³¢9LJLOy XVWHG SHUVRQDOPHQWH OD FRQVWUXFFLyQ GHO HGLILFLR" ³ LQTXLUt \R DFLFDWHDQGR D
/HSDUH
³6yOR HQ VX PDVD H[WHULRU ³PH GLMR pO³ &RQWUD ORV XVRV HVWDEOHFLGRV 7LIRQHDGHV PH
RFXOWy FHORVDPHQWH OD GLVWULEXFLyQ LQWHUQD TXH REVHUYDUtDQ ORV HVSDFLRV HQ HO &DUDFRO \
PiV DXQ VXV SUR\HFWRV GHFRUDWLYRV 1R ELHQ OD FRQFKD H[WHUQD GH KRUPLJyQ HVWXYR
FRQFOXLGDHODVWXWRUXILiQPHSDJyPHGLRXQDVJUDFLDVFRQYHQFLRQDOHV\PHGHVSLGLyFRQ
XQDIULDOGDGTXHQRDGPLWtDUpSOLFD
³¢/RYROYLyDHQIUHQWDUVyORFXDQGRUHJUHVyDOHVWXGLRSDUDGHVWUXLUODPDTXHWD"
/HSDUHWUDGXMRDTXtXQDVXHUWHGHLQGLJQDFLyQRYHUJHQ]DUHWURVSHFWLYD
³¢3RUTXLpQPHWRPDQ"³GLMR³£6R\XQDUWLVWD\QRXQDPRQWRQDGRUGHFHPHQWR&RPR
SDGUHTXH\RHUDGHODFULDWXUDWHQtDXQGHUHFKR\KDVWDXQGHEHUHOGHYLJLODU\DVLVWLUDO
&DUDFROHQVXGHVWLQRIXWXUR3HURPLVUHODFLRQHVFRQ7LIRQHDGHVKDEtDQTXHGDGRURWDVpO
\ \R HQ DGHODQWH SDUHFLPRV GRV IDQWDVPDV TXH VH KDEtDQ KHFKR KXPR WUDV FRQVXPDU XQ
SDFWRYHUJRQ]RVR&LHUWRGtDLQWHQWpDFHUFDUPHDO&DUDFROSHURXQDFXDGULOODGHDOEDxLOHV
LQFyJQLWRVPHFHUUyHOSDVRHQPLFDUiFWHUGHLQGLYLGXR´DMHQRDODREUDµ'HVSXpVROYLGp
DO JULHJR \ D OD SXWD LQHIDEOH UHFOXLGD HQ HO FHQWUR GH OD HVSLUDO KDVWD TXH PH OOHJDURQ
UXPRUHVDWLQHQWHVDO&KiWHDXGHV)OHXUV\DVXOH\HQGD(QWRQFHVPHGHFLGtDIRU]DUXQD
YLVLWDQRFWXUQD
0HJDIyQ \ \R JXDUGDPRV DTXt XQ VLOHQFLR WLUDQWH SXHV HO DUTXLWHFWR PHWLGR HQ OD
HYRFDFLyQ GH VX DYHQWXUD R GHVYHQWXUD QR UHTXHUtD \D QLQJ~Q DFLFDWH GH QRVRWURV \
KDEODEDFRPRVLOHGLFWDVHXQLQIRUPHDXQJUDEDGRU
³9LVWLHQGR PL IUDF \ PL WXER ³GLMR PLQXFLRVDPHQWH³ OOHJXp XQD PHGLDQRFKH KDVWD HO
SRUWDO H[WHUQR GHO &KiWHDX \ DGYHUWt HO ULJXURVR FRQWUDORU GH ORV YLVLWDQWHV TXH SRUWHURV

177
XQLIRUPDGRV KDFtDQ HQ OD YHUMD (QWRQFHV HVSHUp D TXH OOHJDUD XQ JUXSR GH FOLHQWHV
DWDYLDGRV FRPR \R \ XQLGR D HOORV TXH SDUHFtDQ KDELW~HV GHO ´LQVWLWXWRµ FRQVHJXt
WUDVSRQHU OD HQWUDGD VLQ GLILFXOWDG &RQ HO JUXSR UHFRUUt XQ VHQGHUR GHO SDUTXH PX\ ELHQ
FXLGDGR TXH QRV OOHYy D OD PLVPD SXHUWD GHO &DUDFRO \ D VX YHVWtEXOR UHVSODQGHFLHQWH GH
DUDxDV
³¢4XpYLRDOOi"³ORXUJLyDKRUDHO$XWRGLGDFWRHQVXLPSDFLHQFLD
³(Q HO YHVWtEXOR HQWUH GDPDV \ VHxRUDV GH XQ OXMR JULWyQ PH GHVFXEULHURQ ORV GRV
JRULODV TXH DVDOWDURQ PL WDOOHU \ GHVWUX\HURQ OD PDTXHWD £GRV ER[HDGRUHV WLHVRV HQ VXV
VPRNLQJVGHVRODSDVEULOODQWHV&RQXQDXWRPDWLVPR\XQVLOHQFLRGHURERWVVHXELFDURQD
PL GHUHFKD \ D PL L]TXLHUGD \ PH FRQGXMHURQ D WUDYpV GHO YHVWtEXOR KDVWD XQ FRTXHWR
JDELQHWHGRQGHIXLSUHVHQWDGRDODVHxRUD3LHWUDPDOD(UDODUHJHQWHGHOHVWDEOHFLPLHQWR
XQDYLHMDPDWURQDGHJUDQVRLUpHFRQHODLUH\HOERDWRGHXQDSXWDLQVLJQHUHWLUDGD\DGHO
VHUYLFLR DFWLYR /D VHxRUD 3LHWUDPDOD IUHQWH D OD FXDO PH WHQtDQ VXMHWR ORV JRULODV PH
VRQULyFRQVXGHQWDGXUDWDQIDOVDFRPRVXGLJQLGDG\HQXQVXVXUURGHYLHMDFDOLHQWHPH
SUHJXQWyDTXpVHGHEtDHOKRQRUGHPLSUHVHQFLDHQVX,QVWLWXWR/HUHVSRQGtTXHVLHQGR
\R HO DUWtILFH GH DTXHOOD QREOH DUTXLWHFWXUD QHFHVLWDED UHFRUUHU HO &DUDFRO \ YHULILFDU VL
UHVSRQGtD IXQFLRQDOPHQWH D VX REMHWLYR 6LQ GHMDU GH VRQUHtUPH OD PDWURQD GLEXMy HQ HO
DLUH XQ VLJQR GHVWLQDGR D PLV FXVWRGLDV ORV FXDOHV PH DUUDVWUDURQ DIXHUD SRU XQD VDOLGD
RFXOWD<DHQHOSDUTXHQRFWXUQRLQWHQWpUHVLVWLUPH\XQ XSSHUFXWPHGLFLQDOGHOJRULOD
L]TXLHUGRPHVXPLyHQODWLQLHEOD'HVSHUWpDODOEDOHMRVGHO&KiWHDX\HQWUH\X\DOHVFRQ
PL IUDF DUUXLQDGR \ PL JDOHUD GH IHOSD HQ OD FXDO XViQGROD FRPR IORUHUR ORV JRULODV PH
KDEtDQGHMDGRKXPRUtVWLFDPHQWHGRVIORUHVGHFDUGRD]XO

(QORVGtDVTXHVLJXLHURQDODHQWUHYLVWDFRQ/HSDUH0HJDIyQHQFHUUDGRHQHOFKDOHWGH
)ORUHVFRQFHQWUyVXLQWHOHFWR\VXLPDJLQDFLyQHQHOSUREOHPDGHXQD/XFtD)HEUHURTXHOR
OODPDEDWDOYH]GHVGHVXSULVLyQMXQWRDOUtR3ULPDIDFLH\VHJ~QODGHVGRURVDH[SHULHQFLD
GHODUTXLWHFWRHUDIiFLOGHGXFLUTXHHO&KiWHDXGHV)OHXUVUHVXOWDEDLQDOFDQ]DEOHGHVGHOD
WLHUUDILUPHVLHVTXHQRH[LVWtDQRWURVDFFHVRVTXH0HJDIyQLJQRUDED\TXHVyORFRQRFH
UtDQ DOJXQRV LQLFLDGRV HQ HO JUDQ SURVWtEXOR GH 'LyJHQHV 7LIRQHDGHV 2VFLODQGR HQWUH OD
GXGDHOGHVFRUD]RQDPLHQWR\ODHVSHUDQ]DHO2VFXURGHFLGLyDFXGLUDODYLUWXGHVWUDWpJLFD
GHOH[PD\RU$QtEDO7URLDQLTXHOOHJDEDUHFLpQGH0HQGR]DFRQXQFDUJDPHQWRGHYLQRV
/DFRQVXOWDVHKL]RHQHOFRPHGRUGHOFKDOHWVREUHFX\DPHVDHO2VFXURGH)ORUHVKDEtD
H[WHQGLGR XQ PDSD LQIDQWLO HQ HO FXDO VH YHtD OD SXQWD GH WLHUUD XELFDGD HQWUH ORV UtRV
/XMDQ \ 6DUPLHQWR XQ GLEXMR HQ IRUPD GH HVSLUDO VHxDODED OD ORFDOL]DFLyQ SUHFLVD GHO
&KiWHDXGHV)OHXUV7UDVRtUHOSUREOHPDWiFWLFRHQERFDGH0HJDIyQ\HVWXGLDUVXFURTXLV
HOH[PD\RU7URLDQLDUJXPHQWyDVtHODVDOWRGHOUHGXFWRSRUXQDFRUWDPLOLFLDHUDIiFLO\VH
SRGtD ORJUDU VLQ PXFKDV EDMDV SHUR VX WUiPLWH QHFHVDULDPHQWH UXLGRVR PDORJUDUtD HO
LQWHQWRGHVRUSUHQGHUDO&KiWHDXHQVXFXOSDEOHLQWLPLGDG
³¢<HQWRQFHV"³UHSXVRDTXt0HJDIyQGHVHQFDQWDGR
³1RVTXHGDXQUHFXUVR³OHGLMRHOH[PD\RU
³¢&XiO"
³6LHO&KiWHDXHVLQDFFHVLEOHSRUWLHUUDQRORHVSRUHODJXD
&RPRV~ELWDPHQWHGHVOXPEUDGR0HJDIyQHVWXGLyD7URLDQLHQXQVLOHQFLRHORJLRVRHUD
HYLGHQWH TXH GHVGH -RVp GH 6DQ 0DUWtQ OD OtQHD GH QXHVWURV JUDQGHV HVWUDWHJRV QR VH
KDEtDLQWHUUXPSLGR/D WiFWLFDTXHSURSXVRHO H[PD\RUHUD GHXQDVLPSOLFLGDGDEVROXWD
FRQVLVWtDHQDERUGDUHO&KiWHDXPHGLDQWHXQDVDOWRQRFWXUQRKHFKRGHVGHHOUtR/XMDQFRQ
XQD LQIDQWHUtD GH GHVHPEDUFR ELHQ HQWUHQDGD (O SODQ VHGXMR D 0HJDIyQ DXQTXH
GHVFRQILDUDPX\OXHJRGHVXPLVPDVHQFLOOH]
³¢1R KDEUi FDOFXODGR HO ]RUUR GH 7LIRQHDGHV HVD SRVLELOLGDG DFXiWLFD" ³OH GLMR DO H[

178
PD\RU
³/R GXGR ³UHVSRQGLy pO³ 6DELGR HV TXH ORV DOFDKXHWHV LJQRUDQ HO XVR GHO DJXD FRPR
HOHPHQWR\TXHVyORHVSHFXODQFRQODWLHUUD/XHJRDWiTXHORVHQVXWLHUUDGHVGHHODJXD
GHMH DO DLUH HQ SD] \ VyOR XVH XVWHG HO IXHJR VL KD\ TXH LQFHQGLDU HO &KiWHDX HQ XQ DFWR
SXQLWLYR
0HJDIyQFRQVLGHUyHVDWHRUtDGHORVHOHPHQWRVDSOLFDGRVDODJXHUUD\WHPLyHQVXDOPD
TXH 7URLDQL KXELHUD FDWDGR VXV YLQRV PiV DOOi GH OD PHGLGD VREULD TXH OH DFRQVHMDED HO
QHJRFLR
³¢4XpUHFXUVRVH[LJLUtDHVDRSHUDFLyQQDYDO"³LQTXLULyWRGDYtDHQVXVWHPRUHV
³1DWXUDOPHQWHXQDHPEDUFDFLyQGHIiFLOPDQLREUD³OHGLMR7URLDQL³\XQDWULSXODFLyQ
GHKRPEUHVFXLGDGRVDPHQWHVHOHFFLRQDGRV
1R ELHQ HO H[ PD\RU KXER GHMDGR HO FKDOHW 0HJDIyQ VH SXVR D WDQWHDU ODV GLILFXOWDGHV
TXHOHDGHODQWDEDORTXHVHOODPDUtDOXHJRHO´$ERUGDMHGHO&KiWHDXGHV)OHXUVµ<KDEUtD
VXFXPELGRDODSULPHUDYDOHGHFLUDOKDOOD]JRGHXQDHPEDUFDFLyQDGHFXDGDVLQRKXELHVH
UHFRUGDGRDOSLORWR-RVp&RUDJJLRGHOUHPROFDGRU´+pUFXOHVµDFX\RERUGR6DPXHO7HVOHU
KDEtDHQVHxDGRVXIDPRVD7HRUtD\3UiFWLFDGHOD&DWiVWURIH'HVGHVXLQWHUYHQFLyQHQHO
KDSSHQLQJ GH &DEDOOLWR HO ILOyVRIR YLOODFUHVSHQVH DORMDGR HQ OD FDVD GH 'DYLG HO
FLUFXQFLGDGRUQRKDEtDGDGRVHxDOHVGHDFWLYLGDGH[WHUQDFRPRVLHVWXYLHVHUHFRUULHQGR
DOJ~Q RWUR ODEHULQWR GH VX PXQGR LQWHULRU /D YLVLWD GHO 2VFXUR \ HO SODQWHR GHO $ERUGDMH
DUUDQFDURQD7HVOHUGHVXVDEVWUDFFLRQHV\ORSXVLHURQHQHOPLVPRULxyQGHODWLHUUDFODUR
HVWiTXHEXVFDUtDQDOSLORWR&RUDJJLR\ORHPEDUFDUtDQHQXQDHPSUHVDTXH6DPXHOFRQVX
ROIDWRVXWLOXELFyHQWUHORJHQLDO\ORSXWDQHVFR
$OGtDVLJXLHQWH\HQXQERGHJyQGHODULYLHUDGHVFXEULHURQDOSLORWRTXHVHQWDGRDXQD
PHVD HVWXGLDED XQD SL]]D HQ FX\R ODJR URMR GH WRPDWHV HQFDOODEDQ VHLV DQFKRDV FRQ
DGPLUDEOH VLPHWUtD (O SLORWR &RUDJJLR DQWH OD VROLFLWXG GH XQD HPEDUFDFLyQ TXH OH IRU
PXODED 6DPXHO 7HVOHU QR GLR PXHVWUD QLQJXQD GH LQTXLHWXG R GH DVRPEUR WDO HUD VX
FRQILDQ]D HQ XQ KRPEUH TXH FRPR HO ILOyVRIR YLOODFUHVSLQR DUPDED \ GHVDUPDED HVWH
PXQGRFRQODSHULFLDGHXQLQJHQLHURQDYDO'HFODUySRVHHUXQFUXFHULWRGHVHLVWRQHODGDV
TXHOXFtDHOQRPEUHGH´6XUXEtµTXHDQFODEDHQHOFOXEGH6DQ)HUQDQGR\TXHPDQHMDUtD
pO HQ IDYRU GH 7HVOHU \ VXV DPLJRV SUHYLR XQ MXUDPHQWR VROHPQH 0HJDIyQ \ HO ILOyVRIR
MXUDUtDQ TXH OD QDYH ´6XUXEt QR VHUtD XVDGD HQ H[SHGLFLyQ DOJXQD TXH RIHQGLHVH D 6DQ
$QWRQLRVXSDWUyQRDORUGHQOHJDOPHQWHFRQVWLWXLGR\QRH[LVWtDHQWRQFHVRDOKRQRUGH
OD IORWD PHUFDQWH QDFLRQDO 6DPXHO 7HVOHU YLVLEOHPHQWH FRQPRYLGR OH DVHJXUy TXH OD
HPSUHVDGHO´6XUXEtQRVHUtDPHQRVKRQURVDTXHODTXHKDEtDFXPSOLGRHOJULHJR-DVyQHQ
VX EXTXH ´$UJRVµ $ OR TXH UHVSRQGLy HO SLORWR TXH VL ELHQ QR KDEtD FRQRFLGR
SHUVRQDOPHQWHD-DVyQQLUHPROFDGRVXSLUyVFDIRWHQtDHQJUDQHVWLPDFLyQDORVDUPDGRUHV
JULHJRV
/RV SDVRV TXH VLJXLHURQ H LQWHJUDQ ORV SUHSDUDWLYRV GHO DERUGDMH DO &KiWHDX GHV )OHXUV
HVWiQFRQVLJQDGRVSRU0HJDIyQ\GHVXSURSLDOHWUDHQHOFXDGHUQRUHIHUHQWHDODVDJDILQDO
GHVXDYHQWXUD6XWH[WRHVHOTXHVLJXH
´0D\R(VWDPDxDQDHOSLORWR-RVp&RUDJJLRDPLUXHJRQRVOOHYyHQVXQDYH
6XUXEt

KDVWDODGHVHPERFDGXUDGHOUtR/XMDQHUDQHFHVDULRTXH\RH[SORUDUDHVDVRULOODVDQWHVGH
DUULHVJDU D PLV KRPEUHV HQ XQ GHVHPEDUFR D]DURVR ,QWHJUDEDQ OD SDUWLGD ORV PHOOL]RV
5yPXOR\5HPR'RPHQLFRQHFX\RVDSDUHMRVGHSHVFDYLVWRVGHVGHODFRVWDGLVLSDUtDQHO
UHFHOR GH FXDOTXLHU REVHUYDGRU DWDOD\DGR HQ OD IRUWDOH]D GH 7LIRQHDGHV *UDFLDV D HVH
UHFXUVR \ GHVGH ODFXELHUWD GHO ´6XUXEtµ PH IXH GDGR HVWXGLDU OD PROH GHO &KiWHDX GHV
)OHXUVFRQVXVYHQWDQDOHVKHUPpWLFDPHQWHFHUUDGRV\VXVJUDQGHVWHUUD]DVGHVLHUWDVDHVD
KRUDHO&DUDFROGH9HQXVSDUHFtDODFRQFKDGH XQJDVWHUySRGRJLJDQWH IRVLOL]DGDMXQWRDO
UtR9LpQGRORWDQGHFHUFDPHVREUHYLQRXQDMXVWDLQGLJQDFLyQDOSHQVDUTXH7LIRQHDGHVHO

179
JULHJRKXELHUDSURIDQDGRDOD1RYLD2OYLGDGDHQDTXHORGLRVRUHGXFWR3HURHQVHJXLGDPH
GHGLTXpDHVWXGLDUODSOD\DHQIXQFLyQGHXQSRVLEOHGHVHPEDUFRHUDXQDRULOODIDQJRVD
FRQVXHVSHVXUDGHMXQFRVYHUGLQHJURV\VXV LVODVGHFDPDORWHVIORWDQWHV£\\R WHQtDTXH
GHVHPEDUFDUDOOtFRQXQDWULSXODFLyQHQULJXURVRIUDFVHJ~QORUHFODPDEDHOSURWRFRORGHO
&KiWHDXGHV)OHXUV1RORFRQVHJXLUtDVLQHPEDUUDUORVKDVWDORVRMRVYLVWRORFXDOVXJHUtD
&RUDJJLRXQDH[SORUDFLyQPLQXFLRVDGHODRULOODHQEXVFDGHXQDFFHVRPiVIiFLO'LPRVFRQ
pO SRU ILQ EDMR XQ VDX]DO GH UDPDV OORURQDV HUD XQ PXHOOH SHTXHxR \ HQ GHVXVR D MX]JDU
SRUVXVWDEORQHVURWRV\XQERWHVHPLKXQGLGRHQHODJXDQHJUD&XLGDGRVDPHQWHDQRWpVX
ORFDOL]DFLyQ \ UHJUHVDPRV D %XHQRV $LUHV ORV PHOOL]RV 'RPHQLFRQH WUDtDQ RFKR EDJUHV
HQVDUWDGRVHQXQMXQFRSRUODVDJDOODV
´0D\R  $ILUPDGR HO DERUGDMH GHO &KiWHDX GHV )OHXUV HQ VX FODUD
SRVLELOLGDG
 \
REWHQLGRVORVUHFXUVRVPDWHULDOHVGHODH[SHGLFLyQKHWUDEDMDGRHVWRVGtDVHQODQyPLQDGH
KRPEUHVTXHWULSXODUiQHO´6XUXEtµ\HQWUDUiQFRQPLJRHQHO&DUDFROGH9HQXV,QWHJUDUp
PLSODQDPD\RUFRQ6DPXHO7HVOHU\HOG~R%DUUDQWHV%DUURVR\DSUREDGRVHQORVXEOLPH\
HQ OR ULGtFXOR 7HQLHQGR HQ FXHQWD OD UXQIOD GH JRULODV DVDODULDGRV TXH FXVWRGLDQ HO
SURVWtEXOR GH 7LIRQHDGHV OOHYDUp FRPR IXHU]D GH FKRTXH D ORV PHOOL]RV 5yPXOR \ 5HPR
'RPHQLFRQHORVFXDOHVKDQREWHQLGRYDODFRODERUDFLyQHQWXVLDVWDGHORVFXDWURGHODQWHURV
RYRODQWHVGHOFOXE/LQLHUV-XQLRUVTXHQRVFXEULUiQODUHWDJXDUGLD£<ROHVHQVHxDUpDORV
ERQHWHV OLWHUDULRV TXH DGRUQDQ HVWH PXQGR FyPR HV SRVLEOH OOHJDU D XQD OH\HQGD FRQ ORV
UHFXUVRV PiV SREUHV ¢(VWR\ IXULRVR" 1R HVWR\ H[DOWDGR +DEUtD TXHULGR OOHYDUPH DO
DUTXLWHFWR /HSDUH PHUHFHGRU FRPR QLQJXQR GH UHFRUUHU HVD HVSLUDO TXH GLEXMy pO PLVPR
FRQ VXV GHGRV LQRFHQWHV 1R OR KDUp VLQ HPEDUJR /HSDUH VH KDUtD PX\ QRWRULR HQ HO
&DUDFROGH9HQXV(QORTXHDWDxHDOSLORWR&RUDJJLRPDQHMDUiHO
6XUXEt
QDWXUDOPHQWH
SHURKDGHTXHGDUVHDERUGR\PDQLREUDUDOSDLURIUHQWHDO&KDWHDXDILQGHUHFRJHUVHHQ
HOFDVRGHTXHXQDGHUURWDQRVREOLJXHDODUHWLUDGDSRUHOUtR
´0D\R  +R\ KD TXHGDGR UHVXHOWR HO SUREOHPD GH ORV IUDTXHV LQHOXGLEOHV TXH
7LIRQHDGHVHODOFDKXHWHOXMRVRLPSRQHDORVYLVLWDQWHVGHO&KDWHDX(OSUREOHPDVHKDEtD
UHGXFLGRDVHLVIUDTXHV\DTXHORVFXDWURGHODQWHURVGHOFOXE/LQLHUV-XQLRUVFRQWDEDQFRQ
HO JXDUGDUURSD GH VXV IDPLOLDV \ ORV PHOOL]RV 'RPHQLFRQH LQWHJUDQWHV GHO FRQMXQWR
ILORGUDPiWLFRTXHDFW~DHQHOPLVPRFOXEGHVFXEULHURQODVSUHQGDVHQODVDVWUHUtDWHDWUDO
GRQGHVHSURYHHQGHWUDMHV\DFFHVRULRV$ODQRFKHFHUIUHQWHDORVWXUELRVHVSHMRVGHOD
VDVWUHUtD 6DPXHO 7HVOHU %DUUDQWHV \ %DUURVR ORV 'RPHQLFRQH \ \R QRV KHPRV SUREDGR
DTXHOODVYHWHUDQDVURSDVGHDOTXLOHU<KXERGRVLQFLGHQWHV5yPXOR\5HPRVHHQDPRUDURQ
GHGRVEDUEDVURML]DVTXHGHFLGLHURQDxDGLUDVXVFDUDFWHUL]DFLRQHV\DODVFXDOHVORVKLFH
UHQXQFLDU HQ HO QRPEUH GH OD OyJLFD 3RU VX SDUWH 6DPXHO 7HVOHU LQVLVWLy HQ DOTXLODU XQ
MXHJR GH FRQGHFRUDFLRQHV IDOVDV TXH GDUtDQ D VX IUDF VHJ~Q GLMR XQ UHOLHYH GH VLJQR
LQFDOFXODEOH \ VH ODVFRQVHQWt HQ HO QRPEUH GH OD LQRFHQFLD 0DxDQD WRGR HO HTXLSR VHUi
OOHYDGR DO
6XUXEt
 GRQGH OR YHVWLUHPRV HO GtD ; GHO DERUGDMH ¢&XiQGR VHUi" (O SLORWR
&RUDJJLR VHxDODUi OD IHFKD H[DFWD TXH VLQ GXGD FRLQFLGLUi FRQ XQR GH VXV IUDQFRV HQ HO
UHPROFDGRUµ

¢< 3DWULFLD %HOO" $WDUHDGRV HQ XQD HPSUHVD GH QiXWLFD \ DERUGDMH QL 0HJDIyQ QL VXV
KRPEUHVDGYLUWLHURQHQHOFKDOHWFyPRVHLEDQQXEODQGRHOOD\VXVRMRVYHUGHODJRSURIXQGR
D PHGLGD TXH VH DFHUFDED XQ ILQDO DGLYLQDGR \ WHPLGR HOOD VH QXEODED HQ VX FRUD]yQ
DGLYLQDWRULR3DWULFLD%HOOFRPRVL\DVHDGHODQWDVHDVX0XHUWHSRU$PRUHQHOFKDOHWGH
)ORUHV HQWUH ODV PDHVWUDV MXELODGDV \ ORV DOEDxLOHV LWDOLDQRV 3LHQVR DKRUD TXH 0HJDIyQ
GHELy OOHYDUOD FRQ pO DO &DUDFRO GH 9HQXV R HQ OD SURD GHO ´6XUXEtµ D HOOD R D VX ILJXUD
WDOODGDHQIUDJDQWHVPDGHUDV3RUTXHDODPRUQRVHORDEDQGRQDHQQLQJ~QMXHJRDXQTXH
VHORKD\DGHDUULHVJDUDODYLGDRDODPXHUWH

180
 'XUDQWH ODV QRFKHV TXH SUHFHGLHURQ DO DERUGDMH GHO &KiWHDX HO $XWRGLGDFWR YROYLy D
UHFLELUHQVXHxRVDTXHOODLPDJHQGHOD1RYLD2OYLGDGDTXHVHOHKDEtDPRVWUDGRDQWHVGH
FRQRFHUD(OHFWUDODPXMHUGHO)DOVR$OTXLPLVWD<FRQODLPDJHQGHOD1RYLDVHOHGLRHQ
VXHxRV RWUD YH] OD HVWUXFWXUD HVSLUDO TXH VXVFLWDED HOOD \ TXH DVRFLy HO GXUPLHQWH FRQ HO
HQUHYHVDGR FDUDFRO GH 7LIRQHDGHV 3HUR HQ DTXHOODV QRFKHV ~OWLPDV OD YLVLyQ WUDtD
HOHPHQWRV DQJXVWLRVRV TXH OR DWRUPHQWDEDQ HQ VX DFRQWHFHU RQtULFR &LHUWD PDGUXJDGD
3DWULFLDORDUUDQFyGHVXDJLWDGRVXHxR
³¢4XLpQHV7LIRQHDGHV"³OHSUHJXQWyHQVXDODUPD
³¢7LIRQHDGHV"³EDUERWypO
³+DVJULWDGRHVHQRPEUH
³6yORHVXQDILJXUDGHO(QHPLJR³ODWUDQTXLOL]yHO$XWRGLGDFWR
<VHYROYLyDGRUPLUMXQWRD3DWULFLDGHVYHODGD
(QODVWUHVQRFKHVILQDOHVWDPELpQHOODVRxyFRQHOHPHQWRVGHVLPEROLVPRIDWDOGLHQWHV
URWRV \ PXHODV DUUDQFDGDV H[FUHPHQWRV GH KRPEUHV \ DQLPDOHV HGLILFLRV HQ GHPROLFLyQ
3HUR JXDUGy HQ VX DOPD HVDV SUHPRQLFLRQHV DVLVWLy D ORV H[SHGLFLRQDULRV KDVWD HO ILQ <
QDGLHDGYLUWLyTXHVHDSDJDEDHOODOHQWDPHQWHFRPRVL\DVHDGHODQWDVHDOD0XHUWHSRU
$PRU TXH VH OH GDUtD HQ HO FKDOHW GH )ORUHV HQWUH ORV DOEDxLOHV LWDOLDQRV ODV PDHVWUDV
MXELODGDV\HOEHDWOHTXHFDQWDUtDVXWUiQVLWRSRUHOYDOOHGHODVRPEUD

181
 5$362',$,;

&RQ XQD PH]FOD GH QiXVHD WHPRU \ HQWXVLDVPR QDUUDWLYR HVSHUp OD KRUD HQ TXH PH
WRFDUtD UHIHULU HO DERUGDMH GHO &KiWHDX GHV )OHXUV \ OR TXH VXFHGLy HQ DTXHO SURVWtEXOR
DPELFLRVR WDPELpQ OODPDGR HO &DUDFRO GH 9HQXV R OD (VSLUDO GH 7LIRQHDGHV +DELpQGRVH
SURGXFLGRDOOiODPXHUWH\HOGHVFXDUWL]DPLHQWRGH0HJDIyQVyORXWLOL]DUpORVUHODWRVTXH
REWXYH GH 6DPXHO 7HVOHU %DUUDQWHV \ %DUURVR HO QDYHJDGRU &RUDJJLR \ ORV PHOOL]RV
'RPHQLFRQH VREUHYLYLHQWHV GH OD H[SHGLFLyQ (Q FXDQWR D ORV ´YRODQWHVµ GHO FOXE /LQLHUV
-XQLRUV FD\HURQ UHQGLGRV HQ OD SULPHUD YXHOWD GHO &DUDFRO \ HV MXVWR TXH XQ VLOHQFLR
SLDGRVR FDLJD VREUH VXV QRPEUHV 'HER FRQIHVDU TXH DO HQIUHQWDUPH FRQ OD QRYHQD
UDSVRGLDWXYHTXHGHUURWDUXQDWHQWDFLyQDOD TXH KDEUtDQVXFXPELGR PXFKRV\DTXHOD
)XQGDFLyQGHOJULHJRWUDHPDWHULDVTXHVXEOLPDUtDQDOSRUQyJUDIRPiVH[LJHQWH$OKDFHUOR
KHDFDWDGRODOHFFLyQSRpWLFRPHWDItVLFDGHXQ2YLGLRFRQVXVULHQGDVRXQ-XDQ%RFDFFLR
HQ VXV IUHQRV GH DLUH OR FXDO QRV YXHOYH D GHPRVWUDU OD YHQWDMD GH QXWULUVH FRQ PXHUWRV
ELHQHOHJLGRVSRUODFUtWLFD
'H DFXHUGR FRQ ODV H[LJHQFLDV ODERULRVDV GHO SLORWR &RUDJJLR OD IHFKD GHO DERUGDMH VH
ILMy HQ HO VHJXQGR YLHUQHV GH MXQLR GtD TXH SRU HVWDU FRQVDJUDGR D 9HQXV SDUHFLy PX\
IDYRUDEOHDWRGRVPHQRVD3DWULFLD%HOOTXHGHWHVWDEDORVYLHUQHV\ORVPDUWHVHQUD]yQGH
VX FRQRFLGD PDOLJQLGDG $TXHO YLHUQHV DFWLYDGR SRU HO PpWRGR TXH 3DWULFLD OH DSOLFDED
GHVGH DIXHUD HQ HO GRUPLWRULR GHO FKDOHW 0HJDIyQ GHVSHUWy OHQWDPHQWH VHJ~Q HO GHELGR
LWLQHUDULR GHVGH VX ´QR PDQLIHVWDFLyQµ HQ HO VXHxR SURIXQGR D VX ´PDQLIHVWDFLyQµ HQ HO
VXHxR FRQ LPiJHQHV \ GHVGH DOOt D VX PDQLIHVWDFLyQ HQ HVWH PXQGR H[WHUQR \ VyOLGR (Q
VHJXLGDWRPyFRQFLHQFLDGHORVUHLQRVPLQHUDO\YHJHWDOHQHOWUR]RGHyQL[GH6DQ/XLV\
HQODEHJRQLD2IHOLDTXHOHDOFDQ]y3DWULFLDQRORKL]RFRQHOUHLQRDQLPDOSRUDXVHQFLDGHO
JDWR 0DQGLQJD XQ WUiQVIXJD HPSHGHUQLGR TXH QR IXH KDOODGR HQ HO GRUPLWRULR $
FRQWLQXDFLyQ PHUFHG DO FRPSiV \ OD EU~MXOD TXH OH RIUHFLy 3DWULFLD HO $XWRGLGDFWR
UHFREUy VXV QRFLRQHV GH OD PHGLGD \ OD RULHQWDFLyQ +HFKR OR FXDO \ VRUELHQGR HO PDWH
DPDUJR TXH OH FHEDUD XQD 3DWULFLD %HOO VLOHQFLRVD \ DWHQWD VH GLULJLy D OD YHQWDQD \ SRU
HQWUHORVFRUWLQDGRVYDWLFLQyTXHVXDERUGDMHDO&KiWHDXGHV)OHXUVFRQWDUtDHVDQRFKHFRQ
XQ WLHPSR PDJQtILFR 6LQ HPEDUJR QL DTXHO IHOL] SURQyVWLFR QL OD LQPLQHQFLD GH VX
DYHQWXUD SDUHFtDQ H[DOWDUOR GHYROYLHQGR D VX PXMHU HO PDWH YDFtR OH FRQILy MXQWR D OD
YHQWDQD
³(OGtDQRVFRQYRFD\HVXQJULWRGHJXHUUD3DWULFLD¢QRKDVREVHUYDGRFyPRDSHQDV
HOGtDVHDEUHFDGDXQRGHQRVRWURVRPDTXLQDORULWXDOPHQWHDEDQGRQDVXFDMDQRFWXUQD
\ VH XELFD HQ XQ OXJDU SUHHVWDEOHFLGR FRPR VL QRV OODPDVHQ D XQ MXHJR TXH KD\ TXH
UHWRPDUFDGDYHLQWLFXDWURKRUDV"¢(OMXHJRDYHFHVQRWHSDUHFHUtDIDQWDVPDJyULFR"
3DWULFLD%HOOQRFRQWHVWyDOHQWHQGHUTXH0HJDIyQHVWDEDPRQRORJDQGR\HOODVyORHUDHO
VRSRUWH~WLOGHVXPRQyORJR
³+D\ PDxDQDV ³LQVLVWLy HO $XWRGLGDFWR³ HQ TXH XQR VLHQWH OD IDWLJD GHO MXHJR
H[LVWHQFLDO<XQRVHGLFH´£$KVLHO-XJDGRU7HUULEOHQRWHXELFDUDKR\HQHOWDEOHUR£6L
KR\WHGHMDVHUHSRVDUHQODFDMLWDGRQGHJXDUGD(OVXVSLH]DVGHDMHGUH]µ
$O HYRFDU HVRV LQVWDQWHV GH DTXHO YLHUQHV ILQDO 3DWULFLD PH GLMR TXH 0HJDIyQ HQ FDGD
XQR GDED VHxDV GH TXHUHU GHPRUDUVH R UHVLVWLUVH D VX GHVWLQR FRPR WDPELpQ OR KDEtD
KHFKRHOJHQHUDO-XDQ-RVp9DOOHXQDPDGUXJDGDHQHOFRPHGRUGHOFKDOHW\YHLQWHKRUDV
DQWHVGHVXIXVLODPLHQWR&DVLDPHGLRGtDHO$XWRGLGDFWR\HOODVXELHURQDODWRUUHGHVGH
ODVDOWXUDVpOSDVHyVXPLUDGDVREUHODVWHFKXPEUHVGHOVXEXUELRDODPDQHUDGHXQDGLyV
LQFRQVFLHQWH<3DWULFLDOHGLMRHQWRQFHV
³¢(O &KiWHDX GHV )OHXUV QR VHUi XQD UDWRQHUD" £0HJDIyQ ¢([LVWH GH YHUGDG XQD /XFtD

182
)HEUHUR"
³3DWULFLD³OHFRQWHVWyHO2VFXUR³ORPDORHVWiHQTXHVR\XQKRPEUHGHDQWHD\HU\XQ
KRPEUHGHSDVDGRPDxDQD
³1RHQWLHQGR³UHSXVRHOOD
³(VWR\HQWUHGRVQRFKHVODGHDWUiVFRQXQVROPXHUWR\ODGHOIUHQWHFRQXQVROTXH
QRDVRPDWRGDYtD<DKtHVWiHOSUREOHPDGHXQJXHUUHUR
³(OGHVXVYDQJXDUGLDV\VXVUHWDJXDUGLDV8QEUXMRGH$WDPLVTXLPHGLMRFLHUWDYH]´/D
~OWLPDYDQJXDUGLDHV~WLOFXDQGRVHUHODFLRQDFRQODSULPHUDUHWDJXDUGLDµ
³¢(QWHQGLVWHDOEUXMR"
³3DUDHVRYR\HVWDQRFKHDO&KiWHDXGHV)OHXUV
<OOHJyHOPRPHQWRGHODGLyV
³3DWULFLD³OHGLMRHO$XWRGLGDFWREHViQGRODHQVXVRMRVYHUGHODJRSURIXQGR³DQGRFRQ
ORV GLHQWHV URWRV GH PRUGHU VLPEROLVPRV WLHQHQ GXUD OD FiVFDUD \ HO MXJR GLItFLO £4XLHUR
DJDUUDUDOWRURSRUODVJXDPSDV

$TXHO YLHUQHV KDFLD HO DQRFKHFHU ORV GLH] DVDOWDQWHV GHO &KiWHDX VH UHXQtDQ HQ HO
HPEDUFDGHURGHOFOXE6DQ)HUQDQGRHQ XQRGH FX\RVGLTXHVORVDJXDUGDED\DHO´6XUXEtµ
FRQ VX PRWRU FDOLHQWH $ LQYLWDFLyQ GHO SLORWR &RUDJJLR TXH OXFtD XQD EODQFD JRUUD GH
FDSLWiQ VXELHURQ D OD HPEDUFDFLyQ \ EDMDURQ D VX FDPDURWH ~QLFR GRQGH SURFHGLHURQ D
YHVWLUVH FRQ ORV DOTXLODGRV WUDMHV GH JDOD TXH OHV IDFLOLWDUtDQ HO DFFHVR D OD (VSLUDO GH
7LIRQHDGHV /D WDUHD QR IXH FyPRGD SDUD HOORV PHUFHG DO HQJRUUR GH SUHQGDV TXH QR
WHQtDQ HO KiELWR GH XVDU D OD HVWUHFKH] GHO FDPDURWH \ D ORV EDODQFHRV GHO ´6XUXEtµ TXH
KDEtD]DUSDGR\DIURQWDEDODVYLROHQFLDVGHOFDQDOVHJ~QODSHULFLDGHXQPDULQRKHFKRDO
WDODQWHGHDTXHOODVDJXDV<DYHVWLGRVORVGLH]WULSXODQWHVGHIUDFVXELHURQDODFXELHUWD
HQYDLQDGRVFRPRDOJDUUREDV\VHSXVLHURQDPLUDUODVOXFHVTXHSDUSDGHDEDQHQHOGHOWD
0HJDIyQ HQ VX FDUiFWHU GH OtGHU H[KLEtD HQ OD SURD HO DUURMR GH XQ 7HVHR D OD FD]D GHO
PLQRWDXUR$VXGHUHFKD\OXFLHQGRVXVIDOVDVFRQGHFRUDFLRQHVHOILOyVRIR6DPXHO7HVOHU
PRVWUDED HO DLUH GH XQ HPEDMDGRU DVLULR PX\ WUDEDMDGR HQ HO XVR \ HO DEXVR GH OD
SUXGHQFLD %DUUDQWHV \ %DUURVR HQ OD SRSD WUDGXFtDQ XQ JHVWR GXELWDWLYR FRPR VL
YDFLODUDQ D~Q HQWUH FDQWDU XQD EDUFDUROD R GLULJLU XQ VDUFDVPR DO DUWH LQVHJXUR GH OD
QDYHJDFLyQ(QORTXHVHUHILHUHDORVPHOOL]RV'RPHQLFRQHXQR\RWURDVRPDGRVDODJXD
SRU HVWULERU HVFXStDQ DO UtR VHJ~Q XQ PpWRGR MXLFLRVR GH DOWHUQDFLRQHV FRQFRPLWDQWHV $
VXYH]ORVFXDWUR´GHODQWHURVµGHOFOXE/LQLHUV-XQLRUVSDUHFtDQDEVRUWRVHQHOHQVXHxRGH
SXWDV FRPR GLRVDV FRQ TXH ORV KDEtDQ WHQWDGR 5yPXOR \ 5HPR 'RPHQLFRQH \ TXH ORV
DJXDUGDEDQ \D HQ HO &KiWHDX GHV )OHXUV DO TXH VH GLULJtD HO ´6XUXEtµ FRQ WRGD OD IXHU]D
SHGRUUHDQWHGHVXPRWRU\VXKpOLFH
&XDQGRODHPEDUFDFLyQOOHJyIUHQWHDODGHVHPERFDGXUDGHO6DUPLHQWRVXVWULSXODQWHV
FRQHODOPDWHQVDGLYLVDURQHQODQHJUXUDODVOXFHVGHO&DUDFROTXHDHVDKRUDGHVSHUWDED
FRPR XQ YDVWR DQLPDO QRFWXUQR HQ OD RULOOD GH XQD FLpQDJD < WRGRV HQ VX DQVLHGDG
KDEUtDQUHTXHULGRXQDERUGDMHLQPHGLDWRVL0HJDIyQDWHQWRDOSODQTXHWUDtDLQPHQWHQR
OHVKXELHUDRUGHQDGRDJXDUGDUHOSXQWRHQTXHOD´RUJtDµGHO&KiWHDXDOFDQ]DUDXQULWPR
IDYRUDEOHDVXVLQWHQWRV(OSLORWR&RUDJJLRDODEyVXWiFWLFD\OHSURSXVRTXHQDYHJDVHQGH
EROLQD IUHQWH D OD FRVWD HQ HVSHUD GHO ´ULWPRµ QHFHVLWDGR 6XJLULy DGHPiV TXH VH
FRQFHGLHVHDORVWULSXODQWHVXQDGREOHUDFLyQGHYLQRILHODODVPiVYLHMDVWUDGLFLRQHVGHOD
PDULQD \ FRPR 6DPXHO 7HVOHU OH SUHJXQWDUD VL WUDtD HQ VXV ERGHJDV DOJ~Q ILDVFRQH GH
PRVWRVLFLOLDQRHOSLORWROHDQXQFLyHOWLQWLOORGHFLHUWDGDPDMXDQDTXHHOH[PD\RU7URLDQL
KDEtDHQYLDGRDO´6XUXEtµFRQVXVPHMRUHVYRWRV&RQFHGLGD\JXVWDGDODUDFLyQHO2VFXUR
GH )ORUHV TXH PDQGDUtD ODV IXHU]DV GHO GHVHPEDUFR DUHQJy D ORV QDYHJDQWHV HQ ORV
WpUPLQRVTXHVLJXHQ

183
 ³6HxRUHVFRPRSRUWHxRVKDEUiQHQWHQGLGRXVWHGHVTXHODWpFQLFDPHGLDQWHODFXDOQRV
LQWURGXFLUHPRVHQHO&KiWHDXGHV)OHXUVHVODPLVPDTXHVHXVDSDUDHQWUDUVLQLQYLWDFLyQD
XQDILHVWDGHFDVDPLHQWRYDOHGHFLUODWpFQLFDGHOD´FRODGDµ(VDRSHUDFLyQUHTXLHUHGH
ORV RSHUDGRUHV QR VyOR XQD JUDQ ´IUHVFXUDµ YHJHWDO VLQR WDPELpQ HO PLPHWLVPR GHO
FDPDOHyQ TXH VH FRQIXQGH \ IXQGH FRQ HO SDLVDMH $PLJRV QXHVWUD FRQVLJQD VHD ´1R
PRVWUDUODKLODFKDQLDXQTXHYHQJDQGHJROODQGRµ
³£6R\XQKRPEUHGHPXQGR³SURWHVWyHOILOyVRIRYLOODFUHVSHQVHUHVHQWLGRHQVXIUDF\
VXVPHGDOODVGHDOTXLOHU
³0DHVWUR ³OH GLMR HO $XWRGLGDFWR³ HQ PL DUHQJD QR KXER DOXVLRQHV SHUVRQDOHV
£(QWHQGDPRV JUDQ 'LRV TXH OD (VSLUDO GH 7LIRQHDGHV R HO &DUDFRO GH 9HQXV SHVH D VXV
HQLJPDV YHUGDGHURV R IDOVRV QR HV PiV TXH XQ OHQRFLQLR GH JUDQ HQYHUJDGXUD R XQ TXL
ORPER HFXPpQLFR IUHFXHQWDGR SRU ´H[TXLVLWRVµ QDFLRQDOHV H LQWHUQDFLRQDOHV 2LJDQ XQ
FRQVHMRWRGDYtDQRHVWDUiPDOTXHFDGDXQRGHQRVRWURVILQMD\H[WHULRULFHLQVLWXDOJXQD
WDUD VHOHFWD R XQD GHSUDYDFLyQ HVWXGLDGD FLHQWtILFDPHQWH SRU ORV DXWRUHV FOiVLFRV R
PRGHUQRV
³£3DGUH ³WHPLy DTXt %DUURVR³ ¢QR DUULHVJDUp OD IORU GH PL YLUJLQLGDG HQ HVD WULVWH
%DELORQLD"
³7UDQTXLOR FKDQJR ³OR DOHQWy %DUUDQWHV³ QR WRFDUiV DOOi QLQJXQD IUXWD VLQ TXH \R OD
SUXHEHDQWHVTXHW~+LMRFHGHWXDVLHQWRDORVDQFLDQRV
£< GH SURQWR ORV GLH] QDYHJDQWHV DGYLHUWHQ GHVGH OD FXELHUWD GHO ´6XUXEtµ FyPR HO
&KiWHDX GHV )OHXUV KD H[DOWDGR VXV OXFHV QR GH RWUR PRGR XQD OiPSDUD JLJDQWH FX\D
PHFKDVHOHYDQWyGHV~ELWR3DUDOHODPHQWHDOIOXMRGHODOX]FRUUHVSRQGHXQJUDQIOXMRGHO
VRQLGRTXHDKRUDHVWDOODHQYRFHVULVDV\P~VLFDV\OOHJDVREUHODVDJXDVDORVH[FLWDGRV
WULSXODQWHV £/D WUDQVLFLyQ HV GHPDVLDGR YLROHQWD ¢4Xp DOXFLQyJHQR PH]FDOLQD SH\RWH R
MXJR GH KRQJRV PH[LFDQRV DFDED GH VXPLQLVWUDU D VXV FOLHQWHV HO JULHJR DERPLQDEOH"
0HJDIyQREVHUYDGHUHRMRDVXVKRPEUHVORVFXDWURIXWEROLVWDV\ORVGRVPHOOL]RVDSULHWDQ
ODV PDQGtEXODV FRPR VL VXV JiUJRODV LQWHULRUHV ODGUDVHQ \D IXULRVDPHQWH KDFLD HO &DUDFRO
GH 9HQXV HQ VX HVWUHFKD XQDQLPLGDG %DUUDQWHV \ %DUURVR WUDGXFHQ XQD PHODQFROtD GH
YLHMRVOHQRFLQLRVSDUURTXLDOHVHQFXDQWRD6DPXHO7HVOHUVHKDHUJXLGRFRQRUJXOORDQWHOD
WHQWDFLyQ FRPR VL OR DOHQWDVH XQD H[SHULHQFLD GH PLO 6RGRPDV LQFHQGLDGDV < HO
$XWRGLGDFWRGH9LOOD&UHVSRHQWLHQGHTXHVXHQD\DODKRUDGHODERUGDMH
(QWRQFHV HO SLORWR &RUDJJLR GLULJLHQGR DO ´6XUXEtµ HQ OD QRFKH SURIXQGD \ FRQ VHJXUR
WLPyQ OR FRQGXFH DO PXHOOH UXLQRVR TXH GHVFXEULHUD pO PLVPR HQ XQD H[SORUDFLyQ
PDWXWLQD 6X IRFR GH SURD QR WDUGD HQ LOXPLQDU HO GHVHPEDUFDGHUR U~VWLFR \ HO ERWH
VHPLKXQGLGR HQ HO EDUUR \ HO DOPD GHO SLORWR HQWUD HQ HO WHPRU GH TXH VX QDYtR WRTXH
IRQGR \ HQFDOOH WDPELpQ HQ OD RULOOD WUDLFLRQHUD FRQ VXV GLH] SDVDMHURV GH IUDF 6LQ
HPEDUJR OD TXLOOD \ OD KpOLFH GHO ´6XUXEtµ VH PXHYHQ FRQ KROJXUD HQ HVDV DJXDV OR FXDO
HVWi UHYHOiQGROH DO SLORWR OD H[LVWHQFLD GH XQ GUDJDGR HQ HO IRQGR < XQD VRVSHFKD VH OH
DEUHFDPLQRDOMXQWDUVXHPEDUFDFLyQFRQHOPXHOOHODHVWUXFWXUDGHDTXHODWUDFDGHURVXV
HVFDORQHV\EDUDQGDVQRVRQGHPDGHUDSRGULGDVHJ~QORFRQMHWXUypODGLVWDQFLDVLQRGH
XQ PDWHULDO VyOLGR TXH FRPR HO ERWH VXPHUJLGR SDUHFHUtD UHVSRQGHU D XQ DVWXWR
FDPRXIODJH
³0HJXVWDUtDVDEHU³GLFH&RUDJJLR³VLOD3UHIHFWXUDGHVFXEULyHVWDMR\D
³¢&RQWUDEDQGR"³OHSUHJXQWD0HJDIyQ
³'HVGH DTXt ³UH]RQJD HO SLORWR³ HVH UXILiQ JULHJR GHEH LQWURGXFLU ORV DOFDORLGHV D
WRQHODGDV
³£3DSi 7LIRQHDGHV ³OORUD H[LJH VXSOLFD HQ OD RVFXULGDG XQ %DUURVR GURJDGR KDVWD ORV
WXpWDQRV³ILHOGURJDGLFWRUXHJDGURJDXUJHQWHPHQWH£2KSDSi7LIRQHDGHV
³£1RJULWH³ORVLOHQFLD0HJDIyQ

184
 <GLULJLpQGRVHDWRGRV
³'HVHPEDUTXHQ DKRUD ³OHV GLFH³ \ FRQ FXLGDGR £QR YD\DQ D SODQWDUVH GH FXOR HQ HO
UtR
(OHVTXLHQGHVHPEDUFDSULPHUR\ORVLJXHQQXHYHWULSXODQWHVPXGRVTXHQRWDUGDQHQ
DOLQHDUVHIUHQWHDVXOtGHUHQHOPXHOOHGHORVFRQWUDEDQGLVWDV$VXDOUHGHGRUORVHVWUHFKD
ODHVSHVXUDFRQVXRORUGHVDXFHVGXOFHV\UDtFHVDPDUJDV\XQVLOHQFLRTXHDJXMHUHDQDOD
YH] HOFURDU GH ORV EDWUDFLRV HO UXPRU GHO YLHQWR \ ORV OHQJHWD]RV GHO DJXD HQ OD FRVWD
3HURDUULEDODQRFKHVHKDQXEODGR\0HJDIyQGHMDRtUVXLQTXLHWXG
³7HPR ³GLFH³ TXH DQWHV GH OOHJDU DO &KiWHDX QRV PHWDPRV HQ HO EDUULDO GH OD RULOOD
'HEHPRVHOXGLUHVHDFFLGHQWHDSRUTXHQHFHVLWDPRVHQWUDUHQHO&KiWHDXFRQORVWUDMHV
OLPSLRV \ ORV FKDUROHV UHOXFLHQWHV \ E SRUTXH WHQGUHPRV TXH GHYROYHU PDxDQD HQ EXHQ
HVWDGRORVIUDTXHVGHDOTXLOHU\VXVDFFHVRULRV(VSHUHQDTXtYR\DH[SORUDUHOWHUUHQR
0HJDIyQ VH KD LQWHUQDGR HQ OD PDUDxD FRQ XQD OLQWHUQD GH EROVLOOR TXH OH DOFDQ]y HO
SLORWR<QRWDUGDHQUHJUHVDUDVRPEUDGR\DOHJUH
³6HxRUHV³DQXQFLD³GHVGHDTXtKDVWDHO&KiWHDXKD\XQFDPLQRILUPH£JUDQGHVODMDV
GHSLHGUDRGHPD\yOLFD\XQSDVDPDQRVGHFRUGRQHVWDQVXDYHVFRPRODVHGD1RHVXQ
FDPLQRSDUDFRQWUDEDQGLVWDV
³¢<SDUDTXLpQ"³UH]RQJDHOILOyVRIRHQVXWLQLHEOD
³£3DUDPXMHUHV$GHPiVGHDOFDORLGHVHVHJLJROyGH7LIRQHDGHVLQWURGXFHSRUDTXtDODV
KHPEUDVTXHQHFHVLWDSDUDVXHVWDEOHFLPLHQWR£6HxRUHVYDPRVDOOi
1RQHFHVLWDEDGDUODRUGHQSRUTXHORVFXDWURIXWEROLVWDV\ORVGRVPHOOL]RVDOFRQMXUR
GHODSDODEUD´PXMHUHVµKDQWRPDGR\DODUXWDGHO&DUDFROGH9HQXV&RQHOILOyVRIRDVX
GHUHFKD\HOG~RDVXL]TXLHUGD0HJDIyQVHGLVSRQHDVHJXLUHVDIRJRVDYDQJXDUGLDFXDQGR
HOSLORWRDTXLHQODLQJUDWLWXGROYLGD\DHQODFXELHUWDGHO´6XUXEtµOHGLFH
³-HIH ORV HVSHUDUp DQFODGR IUHQWH DO &KiWHDX 6L KD\ DOJ~Q SHOLJUR HQFLpQGDQPH XQD
OX]GHEHQJDOD
³(VRKDUp³OHFRQWHVWD0HJDIyQ³£*UDFLDV&RUDJJLR¢<GHGyQGHFRUQRVYR\DVDFDU
XQDEHQJDODHQFDVRGHQHFHVLGDG"
3RUODVJUDQGHV\SXOLGDVODMDVGLH]KRPEUHVGHIUDFVXEHQDO&DUDFROGH9HQXVSRUORVDV
TXHWDOYH]KDQEUXxLGRFKDSLQHVGHVHGDEDEXFKDVGHVDWpQ\VDQGDOLDVGHUDVR£3LHVGH
PXMHUHV TXH VH KLFLHURQ SDUD EDLODU VREUH OD WLHUUD FRPR VREUH OD SLHO WLUDQWH GH XQ
WDPERULO £< DTXHO SDVDPDQRV GH FRUGRQHV WHMLGRV SDUD GHGRV IUiJLOHV TXH VLQ HPEDUJR
FRQRFHQ WRGRV ORV LWLQHUDULRV GH OD GHOLFLD £(VH JUDQ PDTXHUHDX GH 7LIRQHDGHV /RV GRV
PHOOL]RV 'RPHQLFRQH \ ORV FXDWUR IXWEROLVWDV GHO FOXE /LQLHUV -XQLRUV WUHSDQ OD ORPD VXV
JiUJRODVLQWHULRUHVGLULJHQDO&KiWHDXDXOODQWHVFDEH]DVGHSHUURTXHVHPXHUGHQHQWUHVt
GH SHUURV TXH VH RULQDQ HQWUH ODV SLHUQDV WHPEODGRUDV 'HWUiV DVFLHQGHQ %DUUDQWHV \
%DUURVROOHYDQGRDUHPROTXHXQDWULVWH]DGHDQWLJXRVTXLORPERVPHFDQL]DGRV£3DWLSDOiQ
FDKLP £2K 0DPD 2HOOD RK PDPD LQGHVFLIUDEOH < HQ OD UHWDJXDUGLD HO ILOyVRIR 6DPXHO
FX\DEUDJXHWDGHSyUILGRKDUHVLVWLGRPLODWDTXHVGHOD9HQXV7HUUHVWUH20HJDIyQ£HVH
EUDYR0HJDIyQTXHEXVFDIXHUDGHOKRJDUXQD1RYLD2OYLGDGDHQODQRFKHGHORVWLHPSRV\
HQ ORV KDUHQHV GH OD PHWDItVLFD £2K PDPD LQGHVFLIUDEOH £3DWLSDOiQ FDKLP < ORV GLH]
KRPEUHV TXH WUHSDQ VH LQPRYLOL]DQ GH V~ELWR HO &KiWHDX GHV )OHXUV D WUHLQWD PHWURV
FRQWLQ~D GHUUDPDQGR OXFHV SRU VXV YHQWDQDV FODUDER\DV \ RMRV GH EXH\ SHUR ODV YRFHV\
ULVDV TXH OR KDELWDEDQ KDQ FHVDGR DKRUD GH SURQWR ¢4Xp VXFHGLy FRQ VXV FOLHQWHV" ¢(O
&DUDFROGH9HQXVORVKDWUDJDGR\HVWiGLJLULpQGRORVHQVXWXERLQWHVWLQDOGHJDVWHUySRGR
JLJDQWH"
³(QWUHPRV³GLFH0HJDIyQDVXVQXHYHFDPDUDGDV³+DJiPRVORHQWUHVJUXSRV\SRUODV
DEHUWXUDV ODWHUDOHV GHO &KiWHDX 1RV UHXQLUHPRV HQ HO JUDQ YHVWtEXOR TXH GHVFULELy HO
DUTXLWHFWR/HSDUH

185
 $VtORKDFHQSRUHQWUDGDVOLEUHV\JDOHUtDVGHVLHUWDV<ORVGLH]KRPEUHVGHDERUGDMHVH
UH~QHQ£D\FRQVRVSHFKRVDIDFLOLGDGHQXQVDOyQYDFtRGRQGHFLHQDUDxDVJULWDQVXOX]\
FLHQHVSHMRVORVHVWXGLDQFRQVXVKHODGRVRMRVGHDOFDKXHWHV3HUR¢GyQGHVHKDQPHWLGR
ORV SURSLHWDULRV GH DTXHOODV YRFHV \ ULVDV TXH QR KDFH PXFKR HVWDOODEDQ HQ HO &DUDFRO"
¢'yQGHDFW~DQORVJRULODVTXH/HSDUHGLEXMyFRQWDQVLQLHVWURVDOTXLWUDQHV"
<  XQD ILJXUD GH PXMHU DSDUHFH DKRUD HQWUH ORV FRUWLQDGRV TXH GLVLPXODQ WDO YH] XQ
SDVDMH RFXOWR GRV RMRV D]XOHV \ XQD ERFD VDQJULHQWD HQ HO PDUFR GH XQ SHOR UHQHJULGR \
OXVWURVRGHDFHLWHVXQFXHUSRTXHVHGLULJHDORVGLH]\IXQFLRQDFRPRXQDPiTXLQDGHOD
GHOLFLDEDMRWXOHVGHXQDWUDQVSDUHQFLDTXHKDFHFUXMLUORVGLHQWHVGHODVJiUJRODV
³6R\PDGHPRLVHOOH+RUWHQVLD³OHVGLFH
<ORVPLUD\VDOXGDFRPRVLORVFRQRFLHVHGHWRGDHWHUQLGDG
0DGHPRLVHOOH +RUWHQVLD SDUHFH QDGD \ HV PXFKR SDUHFH PXFKR \ HV QDGD £RK 0DPD
2HOOD RK PDPD LQHVFUXWDEOH 'LH] KRPEUHV TXH WH EXVFDQ HQ HO &DUDFRO GH 9HQXV ¢TXp
KDQEXVFDGREXVFDQ\EXVFDUiQHQWLVLQRWXVSH]RQHVFRPRGRVXYDVURVDGDV\ODYR]TXH
ORVLQFLWDGHVGHWXVSODQRVFyQFDYRV\FRQYH[RV"£3DWLSDOiQFDKLP(QWUHODPDPDFXQD\OD
PDPDWXPEDGHVGHXQFODXVWURKDVWDHORWURUHVXHQDWXFODUtQRWXWURPSDRWXIODXWDRWX
FtPEDOR £3DWLSDOiQ FDKLP RK PDPDRVFXUD \ OOHQD GH FODPRU £3DWLSDOiQ 0DGHPRLVHOOH
+RUWHQVLDORVHVWiVDOXGDQGRXQRSRUXQRPHWyGLFDPHQWH
³6HxRU(PEDMDGRU³OHGLFHD6DPXHO7HVOHU£DKVXVPHGDOODVGH7HDWUR³6HxRU-XH]
³OHGLFHD0HJDIyQ¢TXpKDEUiOHtGRHOODHQODHVWUXFWXUDGHVXIUDF"³VHxRUHVFRURQHOHV
³GLFHD%DUUDQWHV\%DUURVRTXHVHFXDGUDQ³VHxRUHVLQGXVWULDOHV³GLFHDORVGRVPHOOL]RV
\DVXVJiUJRODV³MyYHQHVFDQFLOOHUHV³GLFHDORVFXDWURIXWEROLVWDVHQFHQGLGRV³,OXVWUHV
YLVLWDQWHV¢EDMRODPiVSHUIHFWDGLVFUHFLyQROYLGDUtDQXVWHGHVODJORULDGHVXVFDUJRVSDUD
MXJDUDOMXHJRTXHVHSUDFWLFDHQHVWH&DVLQR"
³¢(VH MXHJR ³OH SUHJXQWy HO ILOyVRIR³ QR FRQVLVWLUtD HQ DSRVWDU XQD EDQDQD PDGXUD
FRQWUDGRVOLPRQHV\XQDEUHYD"
³¢4XLpQVHORGLMRDPLSDSi"³UtHPDGHPRLVHOOH+RUWHQVLD³(OVHxRU(PEDMDGRUHVXQ
OLQFH
³¢'yQGHVHWDOODHVHMXHJR"³LQTXLHUHDVXYH]HO$XWRGLGDFWR
³(QOD3ULPHUD(VWDQFLDGHO&KiWHDX
³¢<HQODVRWUDVDTXpVHMXHJD"
³/R LJQRUR VHxRU -XH] ³YXHOYH D UHtU PDGHPRLVHOOH³ <R VyOR DFW~R HQ OD 3ULPHUD
(VWDQFLD¢0HVLJXHQXVWHGHV"
³9DPRVDOOi³GLFH0HJDIyQYROYLpQGRVHDVXVFRPSDxHURVGHDERUGDMH
0DGHPRLVHOOH+RUWHQVLDORVHVWXGLDXQRDXQRFRQLQTXLHWXGSURIHVLRQDO
³%LHQ³VHGLFH\OHVGLFH³3RUIDYRUDM~VWHQVHORVFLQWXURQHV
³¢9DPRVDGHVSHJDU"³VHDODUPD%DUURVR
³/
HPEDUTXHPHQW SRXU &\WpUH ³OR WUDQTXLOL]D XQ %DUUDQWHV H[SHULPHQWDGR³ £+LMR OD
SyOYRUDVHFD\ORVRMRVK~PHGRV
³£0LFRURQHOEUDYR³ORDSODXGHPDGHPRLVHOOH³6HQRWDGHOHMRVTXHKDVHUYLGRXVWHG
HQODV5HDOHV)XHU]DV
0iTXLQD GH OD GHOLFLD PDGHPRLVHOOH +RUWHQVLD VH GLULJH D ORV FRUWLQDGRV \ VH DEUH
FDPLQRHQVXHVSHVXUDORVGLH]KRPEUHVGHIUDFODVLJXHQHQWUHYHORVTXHVHVXSHUSRQHQ
XQR GHWUiV GHO RWUR VHJ~Q OD FUHFLHQWH GHQVLGDG TXH GLILFXOWD VXV PRYLPLHQWRV \ TXH ORV
DKRJD < DTXHOOD SHUIRUDFLyQ GH FRUWLQD OHV SDUHFH \D XQD EURPD GH JXVWR GLVFXWLEOH
FXDQGRVDOHQSRUILQDORTXHVLQGXGDHVOD3ULPHUD(VWDQFLDGHO&KiWHDXGHV)OHXUV
$ VX KRUD FXDQGR ORV VREUHYLYLHQWHV UHILULHURQ ORV SRUPHQRUHV GHO DERUGDMH PH
SUHJXQWp D Pt PLVPR FRQ TXp UDVJR GH KXPRU R LQWHQWR GH PDOGDG HO JULHJR 7LIRQHDGHV
KDEtD LGHDGR OD 3ULPHUD (VWDQFLD GH VX OHQRFLQLR HQ IRUPD GH FDUDFRO 6H KXELHUD GLFKR

186
TXH\DHQXQDFRQIHVLyQLQYROXQWDULDGHVXEDMH]DtQWLPDRMXJDQGRFRQXQKXPRULVPRGH
ODSHRUOHFKH7LIRQHDGHVKDEtDH[SULPLGRDOOiODVHVHQFLDVPiVFXUVLVGHOJXVWREXUJXpV\
ODVKDEtDGHVWLODGRHQDODPELTXHVSHUYHUVDPHQWHLUyQLFRV$OHQWUDUORVGLH]KRPEUHVTXH
VLJXHQ D PDGHPRLVHOOH +RUWHQVLD QR DGYLHUWHQ PiV TXH XQ iPELWR QHJUR HQ HO TXH VyOR
EULOODXQDOX]URMD
³(VSHUHQDTXHFDPELHODOX]GHOVHPiIRUR³ORVDOHFFLRQDHOOD³/DFDVDJDUDQWL]DXQD
GLVFUHFLyQDEVROXWDHQHOWUiQVLWRDVXVGLVWLQJXLGRVIDYRUHFHGRUHV
$ODOX]URMDVXFHGHXQDOX]YHUGHORVGLH]KRPEUHUHIUHQDQVXVDOLHQWRV<HQWRQFHVXQD
SLDQROD HVWDOOD HQ ORV FRPSDVHV GHO ´'DQXELR $]XOµ DPDUWLOODGRV IUtRV \ GXURV HQ VX
SUHFLVLyQPHFiQLFD
³£/XFHV³JULWDPDGHPRLVHOOHGHVGHVXSXHVWRGHFRPDQGR³£$FFLyQ
(O VLVWHPD OXPtQLFR TXH DOXPEUD GH SURQWR HO HVFHQDULR QR HVWi HQ HO WHFKR QL HQ ODV
SDUHGHVORLQWHJUDQIRFRVGLVWULEXLGRVHQHOVXHORFX\DOX]GHVGHDEDMRLOXPLQDULGtFXORV
SHGHVWDOHVGRQGHPXMHUHVGHVQXGDVKDVWDODFUXHOGDGH[KLEHQSRVLFLRQHVHVWDWXDULDV
³£$GHODQWHVHxRUHV³ORVLQFLWDPDGHPRLVHOOH³£+DJDQVXVMXHJRV
(Q WUHQ GH RFXSDFLyQ \ D OD YDQJXDUGLD VH DSUHVXUDQ D HQWUDU ORV FXDWUR IXWEROLVWDV
FUHVWDVURMDVJDOOLWRVGHFRPEDWH\ORVPHOOL]RV'RPHQLFRQHSiOLGRVFRPRODOXMXULDXQ
VHJXQGR DQWHV GH JULWDU (Q OD UHWDJXDUGLD IRUPDQ HO G~R %DUUDQWHV \ %DUURVR GRV SHUURV
HQFDGHQDGRV D OD ILORVRItD 6DPXHO 7HVOHU XQ ILOyVRIR VLQ FDGHQDV \ 0HJDIyQ FX\R
OLGHUD]JR OR OLEUD \ OLEUDUi GH IRUWXLWRV EUDJXHPRWRV 'LH] KRPEUHV LQYDGHQ OD 3ULPHUD
(VWDQFLD GHO &DUDFRO PLHQWUDV OD SLDQROD HQ VX FUHVFHQGR PHFiQLFR KDFH GHVERUGDU
SHOLJURVDPHQWH ODV DJXDV GHO ´'DQXELR $]XOµ ¢< TXp KDUiQ HVDV PXMHUHV GHVQXGDV H
LQPyYLOHVHQVXVSHGHVWDOHV"/RVHUXGLWRVGHOJUXSRQRWDUGDQHQUHFRQRFHUHQWUHRWUDVD
OD9HQXV&DOLSLJLD\DOD9HQXV&KLSULRWD\DOD9HQXVGH0LORFRQEUD]RVDOD3HQHORSHD
HQFXHURV\DOD9LFWRULDGH6DPRWUDFLDFRQVXVDORQHVSHURHQELNLQLDOD0XMHU(WUXVFD\
D OD 'DPD GH (OFKH \ D OD $IURGLWD GH &LUHQH \ D OD $IURGLWD HQ HO %DxR ODERULRVDV
PXFKDFKDVTXHSRVDQFRQFLHQ]XGDPHQWHVXVPRGHORV
³$PLHQWHQGHU³SURWHVWDHOILOyVRIREDMRVXVPHGDOODV³HODOFDKXHWHJULHJRTXHIXQGy
HVWHRUJDQLVPRHVGHORVTXHYLVLWDQORVPXVHRVFRQSURSyVLWRVLQFRQIHVDEOHV¢<HVWHYDOV
LGLRWD" 6L 7LIRQHDGHV QR WXYLHVH XQ DOPD GH KRUWHUD PHODQFyOLFR KDUtD HMHFXWDU DTXt ´/D
3XWDµHQVROPD\RUGHOLOXVWUH-RUJH)HOLSH7HOHPDQQ
³(VWR\ GH DFXHUGR ³OH GLFH 0HJDIyQ³ 7LIRQHDGHV QR HV XQ FOiVLFR H[KLEH XQ
URPDQWLFLVPRGHODPiVEDMDHVWRID
³6HxRUHV QR VH OODPHQ D HQJDxR ³OHV DGYLHUWH PDGHPRLVHOOH +RUWHQVLD³ (VWDV
PXFKDFKDVGHVHOHFFLyQDODVTXHYHQDKRUDPXGDVHLQPyYLOHVHQVXVSHGHVWDOHVWLHQHQ
YLUWXGHV tQWLPDV TXH FRQRFHUiQ XVWHGHV QR ELHQ DERQHQ VXV WLFNHWV SRU DGHODQWDGR HQ OD
VHJXQGDYHQWDQLOODGHODL]TXLHUGD6yORSXHGRDGHODQWDUOHVDOJXQRVLQIRUPHVGHOFDWiORJR
VLHOODVDEUHQODERFDVyORHVSDUDFRQWDUKLVWRULHWDVGHXQYHUGRUHVWLPXODQWHUHSHWLUFRQ
PtPLFDIUDJPHQWRVGHO'HFDPHUyQUHFLWDUHVWURIDVGH3LHWUR$UHWLQR\HYRFDUHVFHQDVGH
/XFLR$SXOH\RFRPROD GHODGDPD\HODVQRVHUYLFLDO6LHVWRIXHUDSRFRHVWDVQLxDVHQ
VXVp[WDVLVGHDPRUDUUXOODQFRPRODSDORPDVLOEDQFRPRODSHUGL]UXJHQFRPRODWLJUHVD
EDUULWDQ FRPR OD HOHIDQWH FURDQ FRPR OD UDQD ]XPEDQ FRPR OD DEHMD VXVSLUDQ FRPR HO
FpILUR VXVXUUDQ FRPR HO DJXD FUHSLWDQ FRPR HO IXHJR \ SHGRUUHDQ FRPR ORV FUiWHUHV HQ
DFWLYLGDG £<D YHQ VL KD\ R QR FODVLFLVPR HQ HVWDV MyYHQHV SURIHVLRQDOHV TXH KLFLHURQ VXV
EDFKLOOHUDWRVFRQODVQRWDVPiVDOWDV
/RV FRURQHOHV %DUUDQWHV \ %DUURVR KDQ VHJXLGR FRQ DWHQFLyQ ORV GHWDOOHV GHO SURVSHFWR
TXHUHFLWDPDGHPRLVHOOH+RUWHQVLD
³3DGUH PtR ³FRQMHWXUD XQ %DUURVR HQ PHGLWDFLyQ³ VL HVWDV GXOFHV SXWLWDV KDFHQ HVRV
PLODJURV FRQ VyOR DEULU OD ERFD PH SUHJXQWR TXp QR KDUiQ HQ FXDQWR EDMDQ GH VXV

187
SHGHVWDOHV
³(OVHxRUFRURQHOVHSUHJXQWDFRQDFLHUWR³OHGLFHPDGHPRLVHOOH+RUWHQVLD³(QFXDQWR
EDMDQ GH VXV SHGHVWDOHV HVWDV QLxDV DGRSWDQ ODV RFKHQWD \ FLQFR SRVLFLRQHV GH DPRU TXH
OHJLVOD HO .DPD 6XWUD ODV TXH DFRQVHMD 2YLGLR HQ VXV $UV $PDQGL ODV TXH FLWDQ ORV
3URWRFRORV GH %DELORQLD \ HO &yGLFH GH /HVERV $GHPiV HVWDV FULDWXUDV KDELHQGR
DOFDQ]DGRHODUWHFLUFHQVHGHOFRQWRUVLRQLVPRSRUWRUVLyQRGLVORFDPLHQWRORJUDQDMXVWDUVH
FRQIDFLOLGDGDODVGLYHUVDVDQDWRPtDVKXPDQDVHQODKRUL]RQWDORODREOLFXDRODYHUWLFDO
FRQ OD FDUD HQWUH ORV PXVORV R WRFiQGRVH OD QXFD JUDFLRVD FRQ ORV JUDFLRVRV WDORQHV R
WRUFLHQGRODFDEH]D\ORVEUD]RV\ODVSLHUQDVHQODGLUHFFLyQPiVLQHVSHUDGDWRGRDJXVWR
\HOHFFLyQGHQXHVWUDH[LJHQWHFOLHQWHOD£6HxRUHVKDJDQVXVMXHJRV¢1RYDPiV"
9DSRUL]DGRUHV RFXOWRV DUURMDQ \D ORFLRQHV EDUDWDV GHVRGRUDQWHV \ WDOFRV $O PLVPR
WLHPSR IORUHV GH SDSHO FDHQ VREUH ORV DVLVWHQWHV \ UHYRORWHDQ D VX DOUHGHGRU PDULSRVDV
WXFDQHV\ORURVGHFHOXORLGHFX\RVKLORVDOJXLHQPDQHMDGHVGHDUULED¢4XpKDFHQDKRUDODV
PXMHUHVHQSRVLFLyQGHHVWDWXDV"3URYRFDQDORVKRPEUHVFRQJXLxRVGHXQDSURFDFLGDGVLQ
PRWRU HQDUFDQ VXV ODELRV HQ VRQULVDV D UHVRUWHV KDFHQ ERTXLWURPSDV HQ XQ DQXQFLR GH
EHVRV QRQDWRV £< HO PDUWLOOHDQWH ´'DQXELR $]XOµ HQ VX UROOR \ HO UROOR HQ VX SLDQROD
PHFiQLFD\ODSLDQROD HQODPDGUHTXHORSDULyDHVHUXILiQJULHJRGH7LIRQHDGHV\DVX
FRQGHQDGRLQVWLWXWR
³(O GLFKRVR PRUWDO TXH VH GHFLGD SRU DOJXQD GH ODV MR\DV DTXt SUHVHQWHV ³GLFH
PDGHPRLVHOOH +RUWHQVLD³WRPDUi SRVHVLyQ LQPHGLDWD GH OD PLVPD HQ GRUPLWRULRV FX\R
HVWLOR SRGUi HOHJLU HQWUH ORV GH RFFLGHQWH R HO RULHQWH PRGHUQRV UHQDFHQWLVWDV R
PHGLHYDOHV7XGRU9LFWRULDQRR/XLV;9FKLQRVKLQG~HVRSHUVDV&ODURHVWiTXHQXHVWURV
FOLHQWHVSRGUiQH[LJLUpOOHFKRTXHFRQYHQJDPHMRUDVXVILQHV\DVHWUDWHGHFDPDVWXUFDV
RQDSROHyQLFDVGLYDQHVPXOOLGRVRiVSHURVFDWUHVGHFDPSDxDVDUFyIDJRVHJLSFLRVRDWD~
GHVPRGHUQRVFRQVXVIRUURVGHVHGD£(O$PRU\OD0XHUWHVHFRJHQGHODPDQR
6t OD SURPRFLyQ GH PDGHPRLVHOOH +RUWHQVLD HMHUFH XQ HIHFWR YLVLEOH <D ORV FXDWUR
IXWEROLVWDV GHO FOXE /LQLHUV -XQLRUV FRPR GHVOXPEUDGRV YDQ GH XQ SHGHVWDO D RWUR
SHGHVWDOGHXQGHVQXGRDORWURGHXQD9HQXVDRWUD9HQXVFDOFXODQGRDRMRODUHVLVWHQFLD
GH VX PDWHULDO \ HO FRHILFLHQWH GH VXV SRVLEOHV UHQGLPLHQWRV &DOFXODQ SHVDQ PLGHQ
¢HVWiQSHUGLGRV"£&XDWURiJLOHVGHOD3ULPHUD'LYLVLyQTXH\DVHFRWL]DQHQGyODUHV
³£3DGUH ³JLPH XQ %DUURVR TXH WDPELpQ VXFXPEH³ OD 9LFWRULD GH 6DPRWUDFLD HVWi
PLUiQGRPHFRQRMRVWLHUQRV
³£3LFKyQ³ORDPRQHVWDXQ%DUUDQWHVDODUPDGR³¢7HLUiVDSLTXHIUHQWHDOHQHPLJR"
³£/DFDUQHHVIODFD³VROOR]DpO
³<WHODUHFRPLHQGRSRUTXHODFDUQHJRUGDSURGXFHGHPDVLDGRFROHVWHURO
³$ HVWDV QLxDV ³SURWHVWD PDGHPRLVHOOH +RUWHQVLD³ QR OHV IDOWD QL OHV VREUD XQ VROR
JUDPR
³(VR HVWi SRU GLVFXWLUVH ³OH REMHWD 6DPXHO 7HVOHU TXH QXQFD FHGLy HQ DVXQWRV
GRJPiWLFRV
< HO ILOyVRIR GLULJLpQGRVH D OD 9HQXV GH 0LOR SDOSD VX YLHQWUH GHVQXGR FRQ PDQR
HUXGLWD
³1DGLH LJQRUD ³GLFH PDJLVWUDOPHQWH³ TXH OD 9HQXV GH 0LOR DXWpQWLFD H[KLEH XQ WDQWR
GHJUDVDHQVXUHJLyQYHQWUDO£6HxRUHVHQODJRUGXUDHVWiODEHOOH]DGHORVFOiVLFRV3HUR
HVWD IDOVD 0LOR WUDH XQ YLHQWUH TXH VH KXQGH FRPR XQ SODWR YtFWLPD TXL]iV GHO UpJLPHQ
GLHWpWLFRULJXURVRTXHOHLPSRQHHVHFDQDOODGH7LIRQHDGHV
³£<DYHR³OHUHVSRQGHPDGHPRLVHOOH+RUWHQVLDYHQHQRVD³(OVHxRU(PEDMDGRUHVGHO
WLHPSRHQTXHODV0XVDVXVDEDQFDO]RQHVKDVWDORVWRELOORV
3HURHOILOyVRIRVLQDFXVDUHOJROSHVLJXHWRFDQGRHOYLHQWUHGHOD9HQXVGH0LOR
³£6HxRUFOLHQWH³OHUXHJDODGLRVD³IDYRUGHQRPDQRVHDUODIUXWD

188
 6LQ HPEDUJR HQWUH ORV TXH DFDXGLOOD 0HJDIyQ H[LVWHQ GRV KRPEUHV FX\DV DOPDV
KDELHQGR IUHQDGR SRU DKRUD VXV EHVWLDV tQWLPDV HVWiQ LQFOLQiQGRVH D XQ PHMRU
WHPSHUDPHQWRVRQORVPHOOL]RV5yPXOR\5HPR'RPHQLFRQH8QR\RWURHQXQGHVSHUWDU
YLROHQWRGHVXVFRQFLHQFLDVVRFLDOHVHVWXGLDQDODVPXMHUHVFRQXQRMRK~PHGRGHSLHGDG\
HO RWUR VHFR GH LQGLJQDFLyQ 7UDV OD GHQXQFLD TXH 6DPXHO 7HVOHU KD IRUPXODGR VREUH OD
GLHWD PDOVDQD TXH HO HVWDEOHFLPLHQWR LPSRQH D OD 9HQXV GH 0LOR 5yPXOR 'RPHQLFRQH
SUHJXQWDGLVFUHWDPHQWHDOD$IURGLWDHQHO%DxR\DOD0XMHU(WUXVFDHOVXHOGRPHQVXDOTXH
SHUFLEHQ GH 7LIRQHDGHV ORV H[WUDV SRU WUDEDMR LQVDOXEUH ODV YDFDFLRQHV SDJDV OD
MXELODFLyQ REOLJDWRULD ORV QRVRFRPLRV \ ODV SRPSDV I~QHEUHV D FDUJR GHO EXUJXpV
HPSOHDGRU<DOFRQRFHUODWULVWHYHUGDGVXDOPDGHVRFLyORJRHQWUDHQUHEHOGtD
³£(VH7LIRQHDGHVHVXQQHJUHUR³H[FODPDGLULJLpQGRVHD0HJDIyQ³/RTXHWLHQHQTXH
KDFHU HVWDV PXMHUHV HV RUJDQL]DU XQ 6LQGLFDWR GH 3XWDV DGKHULGR D OD &*7 \ H[LJLU ORV
GHUHFKRVTXHOHVDFXHUGDQODVOH\HVODERUDOHV
³£3XWDVGHOPXQGRXQLRV³JULWD5HPR'RPHQLFRQHVROLGDULR
<ORVGRVUHEHOGHVFRQORVSXxRVOOHQRVGHUHLYLQGLFDFLRQHVDYDQ]DQHQODGLUHFFLyQGH
PDGHPRLVHOOH +RUWHQVLD TXH QR VH LQWLPLGD ¢,QWLPLGDUVH" 3RU HO FRQWUDULR IUHQWH D ODV
DFWLWXGHV DPELJXDV GH DTXHOORV KRPEUHV PDGHPRLVHOOH +RUWHQVLD FRPR VL GH SURQWR VH
DUUDQFDUD FRQ XQ DFHWDWR ORV EDUQLFHV FXOWXUDOHV TXH OH LPSXVR HO RILFLR REUD HQ VX
SHUVRQDOLGDG XQD LQFUHtEOH WUDQVPXWDFLyQ VH FRQWRQHD JHVWLFXOD \ DPHQD]D YRFLIHUDQWH
DUStDGHDUUDEDO
³£2LJDQ FUXGRV ³ORV DSRVWURID³ £'HVGH OD HQWUDGD ORV HVWR\ UHORMHDQGR £9LHMRV
UHEODQGHFLGRVTXHDSXQWDQ\QRWLUDQ¢FRQTXpPLDOPD"RSXWLWRVGHTXLHUR\QRTXLHUR
£D\PDPi£TXHEXVFDUtDQRQRORTXHWHGLMH£5DMHQGHDTXtPDODQGUDV£(QHO&KiWHDX
KD\RWURVDORMDPLHQWRVGRQGHHQFRQWUDUiQODKRUPDGHVXV]DSDWRV
$PDJDFRQDSUHWDUERWRQHVTXHDVRFLD0HJDIyQDORVJRULODVD~QLQYLVLEOHV/DVPXMHUHV
HVWDWXDVTXHKDQGHVKHFKRVXVSRVHVHVWiQVLOEDQGRFRQVXVSXOJDUHVHtQGLFHVPHWLGRVHQ
ODVERFDV\HO´'DQXELR$]XOµKDURWRVXVGLTXHVHQXQDHQVRUGHFHGRUDFUHFLHQWH$QWHVGH
RUGHQDUODUHWLUDGDHO$XWRGLGDFWRFXHQWDUiSLGDPHQWHDVXVKRPEUHV¢GyQGHVHKDEUiQ
PHWLGRORVIXWEROLVWDVGHOFOXE/LQLHUV-XQLRUV"£/RVFXDWURIXWEROLVWDVGHVDSDUHFLHURQ\KD\
HQ OD VDOD FXDWUR SHGHVWDOHV YDFtRV GH VXV PXMHUHV (O ZLQJ GHUHFKR VH IXH FRQ OD 9HQXV
&KLSULRWD HO ZLQJ L]TXLHUGR VH ODUJy FRQ OD $IURGLWD GH &LUHQH HO FHQWURIRUZDUG VH KL]R
KXPR FRQ OD 0XMHU (WUXVFD \ HO LQVLGHU FRQ OD 9HQXV &DOLSLJLD 0HJDIyQ OORUD HVDV FXDWUR
SULPHUDVGHVHUFLRQHV¢HQTXpRWRPDQDVGH6tEDULVRHQTXpDWD~GHVJULHJRVHVWDUiQDKRUD
VKRWHDQGRDODUFR"(O2FKROHKDFHXQSDVHDO&LQFR\HO&LQFROHKDFHXQSDVHDO1XHYH\
HO1XHYHDSXQWD\WLUD£JRRRRO£&XDWURiJLOHVSHUGLGRVHQODEDWDOOD

(V HYLGHQWH TXH PDGHPRLVHOOH +RUWHQVLD ORV KD HPSXMDGR HQ XQD GLUHFFLyQ TXHULGD HO
DFFHVRDOD6HJXQGD(VWDQFLDGHO&KiWHDX/RVVREUHYLYLHQWHVGHODSULPHUDHQQ~PHURGH
VHLVFDHQXQRWUDVRWURHQODJDUUDGHXQSXHUWDJLUDWRULDTXHORVHQJXOOHORVEDWH\ORVWLUD
YHUWLJLQRVDPHQWHDRWUDVSXHUWDVRUJDQL]DGDVHQVHULHTXHORVUHFRJHQDVXYH]\ORVKDFHQ
JLUDU FRPR WURPSRV &ODUR HVWi TXH OD VHULH QR HV LQILQLWD \ OD ~OWLPD SXHUWD ORV DUURMD
RUGHQDGDPHQWH D XQ SHTXHxR UHFLQWR VREUH FX\RV WDSLFHV UXHGDQ WRGRV HQ ODV PiV
GHVDLUDGDVSRVWXUDV/RVPHOOL]RV'RPHQLFRQHVRQORVSULPHURVHQUHFREUDUVXVYHUWLFDOHV\
DO]DQGRJXDUGLDVGHER[HVSHUDQDORVHQHPLJRVTXHWDOYH]ORVDVDOWHQGHVGHORVULQFRQHV
(QWUH WDQWR 0HJDIyQ %DUUDQWHV \ %DUURVR \D LJXDOPHQWH GH SLH OHYDQWDQ GHO VXHOR DO
ILOyVRIRYLOODFUHVSHQVHOHDUUHJODQODFRODGHOIUDF\HORUGHQUXPERVRGHVXVPHGDOODV
³(QPLRSLQLyQ³VHGXHOH%DUURVR³HOWDOHQWRGHSDSi7LIRQHDGHVHVWiPHMRUDQGR
³(OWDOHQWRHVFRPRHOYLQR³OHH[SOLFD%DUUDQWHV³PHMRUDFRQHOHPERWHOODPLHQWR
³¢4XLHUHGHFLUTXH7LIRQHDGHVSRVHHXQWDOHQWRHPERWHOODGR"

189
 ³<ORYHQGHSRUJRWDV\DXQSUHFLRHVFDQGDORVR
³¢1RVHUi7LIRQHDGHVHOPRQRDVWXWRGHTXHKDEODQORV9HGDV"
³+LMLWR³ORH[KRUWD%DUUDQWHV³QXQFDHVWUDQJXOHVDXQDGRFWULQDHQVXSURSLDFDPDVL
HVWiHQFDPLVyQ\VLQPDTXLOODMH
³6HxRUHV³RSLQDHO$XWRGLGDFWR³HVHYLGHQWHTXHODLQYHQFLyQGHODVSXHUWDVJLUDWRULDV
GHQXQFLD HO FDUiFWHU SHUYHUVR GH 7LIRQHDGHV <D YHUiQ XVWHGHV FyPR VX VDGLVPR VH
SHUIHFFLRQDHQORVRWURVDFFHVRVGHO&DUDFRO
³1RORGXGR³DGPLWH6DPXHO7HVOHU³3HURHVWR\VRVSHFKDQGRTXHODVPRWLYDFLRQHVGHO
UXILiQJULHJRVRQPiVHUXGLWDV
³¢4XpQRVTXLHUHGHFLU"³VHLQTXLHWD0HJDIyQ
³4XH 7LIRQHDGHV DO FUHDU XQ VLVWHPD GH DFFHVRV LQFyPRGRV HVWi SDURGLDQGR
JURVHUDPHQWH ODV WUDQTXHUDV GH OD YtD LQLFLiWLFD (PSLH]R D WHPHU TXH 7LIRQHDGHV RFXOWH
UHDOPHQWHXQVHFUHWRHQHO&KiWHDX
³¢/D1RYLD2OYLGDGD"
³5HFXHUGH³OHGLFHHOILOyVRIR³TXH'pGDORFRQVWUX\yVXODEHULQWRSDUDHVFRQGHUDXQD
EHVWLDFRUQXGD
³£/XFtD)HEUHURQRHVXQDEHVWLDFRUQXGD³OHDGYLHUWH0HJDIyQ
³¢&RQRFHXVWHGHOVLPEROLVPRGHORVFXHUQRV"³OHUHWUXFD6DPXHO
³£3DGUH\VHxRU³H[XOWD%DUURVR³DKRUDVp\KHGHMXUDUTXHORVFXHUQRVGHOKRPEUHQR
VRQYDQRVDSpQGLFHVGHFRUDWLYRV
³< HVR WH KRQUD ³VH DOHJUD %DUUDQWHV³ +LMR GHO DOPD FRQ HO WLHPSR VHUiV XQ JUDQ
FRUQXGRVLHVTXH\DQRORHUHV
³£*UDFLDVSDSi³GLFHXQ%DUURVRHPRFLRQDGR
< HV HQWRQFHV FXDQGR IUHQWH D HOORV SDUWR IHOL] GH XQ ELRPER TXH QDGLH DGYLUWLy HQ
DTXHOODHVSHFLHGHDQWHVDODVHKDFHYLVLEOHODJUDQUXELDGHVH[DSSHDODOELyQLFRTXHVHOHV
LQFOLQDHQXQDUHYHUHQFLDHTXLYDOHQWHDXQiQJXORUHFWR\TXHVHDQXQFLDFRQHOEHOOtVLPR
QRPEUH GH PLVV*ODG\V 7RGRV HQWLHQGHQ HQ VX DUUREDPLHQWR TXH OD UHYHUHQFLD GH PLVV
*ODG\V QR VH SXGR JHVWDU VLQR D TXLQFH SLHV GH XQ WURQR TXLQFH \ QR PiV \ GXUDQWH
FHQWXULDVTXHSDWLQDURQFRQJUDFLDOD7RUUHGH/RQGUHV7DPSRFRVHGXGDTXHODVIRUPDV
DpUHDVGHPLVV*ODG\VYHODGDV\GHYHODGDVSRUXQWUDMHVRLUpHGHLQGLVFUHWDGLVFUHFLyQVH
UHGRQGHDURQDEDVHGHSODXVLEOHVWpVFRQOHFKHTXHVHEHELHURQMXQWRDUXJRVRVSHUJDPLQRV
\ DO VRQ GH XQD JLJD GH +HQU\ 3XUFHOO EDMR HO RMR VLHPSUH EHQpYROR GH 6X 0DMHVWDG
%ULWiQLFD(VRHVPLVV*ODG\V\HOFRUD]yQPiVILUPHWUDVWDELOODFXDQGRVHDGHODQWDVDOXGD
\ JRUMHD VLPSOHPHQWH ´6R\ PLVV *ODG\V LQWURGXFWRUD GH OD 6HJXQGD (VWDQFLDµ 3HUR
DOJXLHQ DOOt QR VH ULQGH D WDQWD GRQRVXUD R VH ULQGH TXL]iV GHPDVLDGR HV 5yPXOR
'RPHQLFRQH XQR GH ORV JHPHORV TXLHQ VL IUHQy VXV FDEDOORV HQ OD (VWDQFLD 3ULPHUD OR
KL]R WDQ VyOR SRU GXUDV UD]RQHV GH VRFLRORJtD \ TXH DKRUD IUHQWH D PLVV *ODG\V TXLHUH
tUVHOHDOKXPR\FRVHFKDUODHQHOPLVPRFpVSHGVHJ~QHOPpWRGRU~VWLFRGHODpJORJD<OR
KDUtD VL 5HPR 'RPHQLFRQH VX KHUPDQR OHDO QR OH UHFRUGDUD SUXGHQWHPHQWH TXH ORV GRV
HVWiQDOOt´HQDFWRGHVHUYLFLRµ\QRHQXQDPLORQJDGH9pOH]6DUVILHOG3HUR£DWHQFLyQ
PLVV*ODG\VKDEODIUHQWHDVHLVKRPEUHVFRQPRYLGRV
³0LORUHV³OHVGLFH³QRQHFHVLWRUHFXUULUDPLFLHQFLDGH2[IRUGSDUDHQWHQGHUTXHVL
KDQ UHFKD]DGR XVWHGHV HO LQGLYLGXDOLVPR HQFDGHQDQWH \ YXOJDU GH OD 3ULPHUD (VWDQFLD HV
SRUTXHXQDYRFDFLyQH[FHOVDORVKDHPSXMDGRDOFROHFWLYLVPROLEHUWDGRUTXHVHSUDFWLFDHQ
OD6HJXQGD%LHQVpPLORUHVTXHVyORXQGHVHQJDxRGHO´HJRµVHSDUDWLYR\XQKRUURUGHVX
LQHOXFWDEOH VROHGDG KDQ ORJUDGR TXH GHUURWDVHQ XVWHGHV ODV SXHUWDV JLUDWRULDV ¢< GyQGH
UDGLFD HO SULQFLSLXP LQGLYLGXDWLRQLV" (Q OD PDWHULD VLJQDUD TLWDQWLWDWLV £0LORUHV HO
LQGLYLGXRHVXQDWULVWHLPLWDFLyQ
³3DGUH³VHGHOHLWD%DUURVR³¢PHKDVWUDtGRDXQDHVFXHODGHILORVRItDRDXQTXLORPER

190
HQLJPiWLFR"
³(V OD PLVPD FRVD KLMR ³OH UHVSRQGH %DUUDQWHV³ 3LFKyQ R\H XQ FRQVHMR VDOXGD
IURQWDOPHQWHDWXYHFLQR\UyEDOHGHSHUILOVXJDOOLQDPiVJRUGD
3HUR0HJDIyQHVWiUHVHQWLGRHQVXDXWRGLGiFWLFD
³0LVV*ODG\V³OHGLFH³¢TXLHUHKDFHUQRVFUHHUTXH7LIRQHDGHVHVXQHVFROiVWLFR"
³1RFRQR]FRDVLU7LIRQHDGHV³OHDVHJXUDHOOD³6LU7LIRQHDGHVQRILJXUDHQODOLVWDGH
QXHVWURVFDWHF~PHQRV
³0LVV *ODG\V ³LUUXPSH DTXt 6DPXHO 7HVOHU³ ¢LQVLQ~D XVWHG TXH VH WHRUL]D FRQ XQD
´LQLFLDFLyQµHQOD6HJXQGD(VWDQFLD"
³1RORLQVLQ~RORGLJR
³£$WHQFLyQFRQORTXHVHGLFH³ODDPHQD]DHOILOyVRIR³¢(VWiQSURPHWLHQGRDTXtXQD
URWXUDGHO´\RµVHSDUDWLYRHQYtDVGHFLHUWDSXWDQLGDGWUDVFHQGHQWH"
³1RORSURPHWHPRVORFXPSOLPRV
<PLVV*ODG\VJROSHDVXVPDQLWDVGRVSpWDORVGHURVDORMXURDFX\DOHYHSHUFXVLyQVH
GHVFRUUH DXWRPiWLFDPHQWH XQ OLHQ]R GH SDUHG R XQ EDVWLGRU GH WHDWUR TXH PDQLILHVWD GH
SURQWR OD 6HJXQGD (VWDQFLD GHO &KiWHDX D VHLV KRPEUHV LQFUpGXORV R GXELWDWLYRV D~Q (V
DOJR DVt FRPR XQ JUDQ VDOyQ GH FDQFLOOHUtD PXVXOPDQD FRQ WRTXHV GH VDOyQ GH EDLOH
UHQDFHQWLVWD \ YLVOXPEUHV GH SDJRGD KLQG~ \ HV HYLGHQWH TXH 7LIRQHDGHV DGRUD HVR GH
HQTXLORPEDUORVHVWLORV%DMRXQDOX]IXHUWHSHURDQiUTXLFDGHWHDVDQWLJXDVFDQGHODEURV
PHGLHYDOHV IDUROHV FKLQRV \ EDUURFDV DUDxDV GH FULVWDO XQD FRQFXUUHQFLD GH VHxRUDV \
FDEDOOHURVMyYHQHVPDGXURV\HQVHQHFWXGSDUHFHQDJXDUGDUHQVLOHQFLRDOJXQDFHUHPRQLD
VHQWDGRV HQ GLYDQHV R HQ FXFOLOODV D OD RULHQWDO R WHQGLGRV HQ DOIRPEUDV SHUVDV R
DORQJDGRV HQ DQDFUyQLFRV WULFOLQLRV R GH SLH MXQWR D IUXWHUDV PRQXPHQWDOHV \ DOWRV
ERWHOORQHV GH OLFRU (OODV HQ URSDV GH QRFKH RFFLGHQWDOHV \ RULHQWDOHV HOORV GH IUDF R GH
XQLIRUPHVTXHDOXGHQDWRGRVORVHMpUFLWRV\GLSORPDFLDVGHOPXQGRH[KLEHQXQUHOXPEUyQ
TXH VH WHQGUtD SRU DXWpQWLFR VL HO RMR DYH]DGR QR GHVFXEULHVH DOOt DOJXQDV IDOODV R
FRQWUDGLFFLRQHV WtSLFDPHQWH FDUQDYDOHVFDV 3HUR WRGDV ODV PLUDGDV HVWiQ ILMDV HQ XQ
KRPEUH GH FRORU DFHLWXQD TXH VH PDQWLHQH GH SLH FRQ ORV EUD]RV HQ FUX] \ ULWXDOPHQWH
PXGR DQWH OD FRQFXUUHQFLD YLVWH XQ IUDF LPSHFDEOH OOHQR GH FRQGHFRUDFLRQHV \ XQ IH]
WXUFROXFHELHQHQFDMDGRHQHOPHOyQGHVXFDEH]DKLHUiWLFD
0LVV*ODG\VKDSHUPLWLGRTXHORVVHLVKRPEUHVDVLPLODVHQODYLVLyQJHQHUDOGHOD6HJXQGD
(VWDQFLD
³0LORUHV³OHVGLFH³ODVHVLyQFRPHQ]DUiHQVHJXLGD9R\DSUHVHQWDUOHVDO,PiQ$EGXO
(PtQ
³¢4XLpQHVHO,PiQ"³LQTXLHUH0HJDIyQ
³(O 0DHVWUR ³OH VXVXUUD PLVV *ODG\V YROYLHQGR VX URVWUR KDFLD HO KRPEUH GH FRORU
DFHLWXQD
)DVFLQDGR HO DGHSWR %DUURVR FRQWHPSOD OD ILJXUD GHO ,PiQ \ VXV RMRV UHQHJULGRV TXH
OODPHDQ
³£3DGUH³VHPDUDYLOOD³HVH,PiQHVWRGRXQKRPEUH£-XUDUtDTXHVyORFRQPLUDUDODV
KXUtHVGH0DKRPDODVGHMDHPEDUD]DGDVGHWUHVPHVHV
³(O,PiQODVDWUDHFRPRDPRVFDV³HQYLGLDHODGHSWR%DUUDQWHVQRPHQRVIDVFLQDGRTXH
VXKLMR
³£8QJUDQ0DHVWUR³SRQGHUDPLVV*ODG\V³£&REUDVXVKRQRUDULRVHQIUDQFRVVXL]RV
³¢3RUTXpQRHQGyODUHVQRUWHDPHULFDQRV"³YXHOYHDLQTXLULU0HJDIyQ
³(O,PiQHVXQSURIHWDGLFHTXHFXDQGRHVWHPXQGRVHDGHVWUXLGRVyORTXHGDUiHQSLH
OD%DQFD6XL]D0LORUHV¢TXLHUHQVHJXLUPH"
£4XLpQ QR OD VHJXLUtD <D IUHQWH DO KRPEUH GH FRORU DFHLWXQD PLVV *ODG\V OH SUHVHQWD
FDXWDPHQWH D ORV VHLV QHyILWRV SHUR VLQ GDU VXV QRPEUHV TXH LJQRUD HOOD \ GHEH LJQRUDU

191
VHJ~Q ORV FiQRQHV GH OD 6HJXQGD (VWDQFLD < $EGXO (PtQ SRVD HQ FDGD XQR VXV RMRV FRQ
HVWXGLRVD LQGLIHUHQFLD 3HUR DOJR VH WXUED HQ HO ,PiQ DO HQIUHQWDUVH FRQ 6DPXHO 7HVOHU \
VXVPHGDOODV
³(IIHQGL³OHGLFH³¢QRQRVKHPRVHQFRQWUDGR\DHQRWURVLWLR"
³¢3RU TXp QR HIIHQGL" ³OH UHVSRQGH 6DPXHO³ $FDVR HQ OD *UDQ 'HUYLFKHUtD GH
&RQVWDQWLQRSOD
³(IIHQGL¢FXDQGRHOPXQGRHUDMRYHQ"
³(IIHQGLFXDQGRHOPXQGRHUDQLxR
< FDPELDQ XQ VDOXGR D OR DUDEHVFR PDQR HQ HO FRUD]yQ \ OD IUHQWH VL HO ,PiQ KD
PLVWLILFDGR DQWH HO )LOyVRIR HO )LOyVRIR KD PLVWLILFDGR DQWH HO ,PiQ 'LRV ORV FUtD \
7LIRQHDGHV ORV MXQWD HQ VX EXUGHO XQLWLYR $FDEDGD OD SUHVHQWDFLyQ GH ORV FDWHF~PHQRV
PLVV*ODG\VORVDFRPRGDHQHOUHFLQWR\HQWUHORVSHUVRQDMHVTXHDJXDUGDQ0HJDIyQGHSLH
\ WHQVR FRPR XQ OtGHU HO G~R %DUUDQWHV \ %DUURVR HQ XQ WULFOLQLR URPDQR ORV JHPHORV
'RPHQLFRQHVHQWDGRVHQGLYDQHVMXQWRDXQD0XFKDFKDGH7LUR\DXQD-DPRQDGH.D]DQ
(Q FXDQWR DO ILOyVRIR LQWHQWD VHQWDUVH D OD WXUFD SHUR OH IDOODQ ODV DUWLFXODFLRQHV \
GLVLPXODVXDFFLGHQWHUHFRVWiQGRVHFRQJUDFLDHQHOPLVPRVXHOR
'HSURQWRDXQDVHxDOGH$EGXO(PtQVHDSDJDXQWHUFLRGHODVOXFHV\VHGHMDRtUXQD
P~VLFD HQ VRUGLQD FRPR GH WLRUEDV FKLULPtDV \ JX]ODV < HO ,PiQ $EGXO (PtQ WRPD OD
SDODEUDVLHVXQLGLRPDORTXHGHMDHVFXFKDURXQWRUQHRGHMRWDVJXWXUDOHVFRQVXVSLURV
GHIXHJR
³0HVGDPHVHWPHVVLHXUV³MRWDVXVSLUD³ORTXHRVKDWUDtGRDHVWHODERUDWRULRGHDPRU
HVXQD´XUJHQFLDGHPRUDGDµFRPRGLUtDHOVDELR0XOH\.DELURXQ´FRPSOHMRGHVROHGDGµ
FRPR GLUtD HO GRFWRU 6LJPXQG £TXH $Oi FRQGHQH VX DOPD ¢< GyQGH QDFH OD VROHGDG \ OD
XUJHQFLD GH VX URWXUD VLQR HQ OD PXUDOOD FKLQD FRQ TXH VH URGHD HO ´\Rµ VHSDUDWLYR GHO
KRPEUH \ OD PXMHU" 'H WDO PRGR ORV LPSXOVRV XQLWLYRV GHO DOPD QR ORJUDQGR VDOLU SRU
DUULEDQLSRUORVDPXUDOODGRVODWHUDOHVEXVFDQORVEDMRIRQGRVGHOVXEFRQVFLHQWH\DFHFKDQ
GHVGHDOOtFRPRORVOHRQHVKDPEULHQWRVDODVKHUPRVDV\FRPHVWLEOHVJDFHODVGHO1HJHE
³3HUGyQ HIIHQGL ³OH REMHWD HO ILOyVRIR³ QR VH FRPHQ KHUPRVDV JDFHODV HQ HO 1HJHE
VLQRODWDVGHFRPHGEHHIDUJHQWLQRULJXURVDPHQWHLPSRUWDGR
³(IIHQGLVyORHUDXQDPHWiIRUD³VHGXHOH$EGXO(PtQ
³-DPiVUHFKD]RXQDPHWiIRUDVLHPSUHTXHVHDGLJHULEOH³ORSHUGRQDXQ6DPXHO7HVOHU
DFRVWDGR\EHQpYROR
(QWRQFHVGHVGHXQWULFOLQLR%DUURVRGHMDRtUXQDYR]HQIHUPL]D
³£3DGUH³VHODPHQWD³\RQRWHQJROHRQHVHQPLVXEFRQVFLHQWH
³&KDQJR³ORDVLVWH%DUUDQWHV³¢TXpRFXOWDVHQWXYLHMRVyWDQR"
³£/DXFKDVWtPLGDV\JDWRVGHDOEDxDO
³6yOR XVDQ OHRQHV ODV FODVHV DOWDV ³ILORVRID %DUUDQWHV³ \ HVH ,PiQ HV XQ ODFD\R GH OD
ROLJDUTXtD
3HURORVDVLVWHQWHVGHODVDODURPSLHQGRVXVWLHVXUDV\DJUXxHQGHLPSDFLHQFLDIUHQWHDO
,PiQ LQWHUUXPSLGR \ D VXV LQVLGLRVRV LQWHUUXSWRUHV (Q VHJXLGD UHVWDXUDQGR HO VLOHQFLR
$EGXO,PiQUHDQXGDHOKLORGHVXGRFWULQD
³/DGLHV DQG JHQWOHPHQ HV HYLGHQWH TXH VyOR XQD GHPROLFLyQ FRQFUHWD GH OD PXUDOOD
FKLQDSXHGHOLEHUDUDORVOHRQHVtQWLPRVTXHUHFLpQGHVFULEtXVDQGRXQDGLVFXWLGDILJXUDGH
SHQVDPLHQWR < HVD OLEHUDFLyQ HV OD TXH VH KDUi HQ HVWH ODERUDWRULR PRQWDGR FLHQWtILFD
PHQWH QR VHJ~Q HO DUWH LQIDQWLO GHO GRFWRU 6LJPXQG £TXH $Oi FRQGHQH VX DOPD VLQR
DSOLFDQGR OD FLHQFLD GH ORV SLDGRVRV GHUYLFKHV £TXH $Oi ORV WHQJD HQ VX 3DUDtVR (VWH
SUyORJRQHFHVDULRHVHOTXH\RWHQtDTXHGHFLUOHVDODSDJDUVHXQWHUFLRGHODVOXFHV\DQWHV
GHTXHVHDSDJXHXQWHUFLRPiVOHVHQVHxDUpODWHRUtDHQTXHVHEDVDUiQXHVWUDRSHUDFLyQ
1RGXGRVHxRUHVGHTXHDWDGRVDODPH]TXLQDWUDGLFLyQRFFLGHQWDOXVWHGHVDGPLWHQVyOR

192
OD H[LVWHQFLD GH GRV VH[RV HQ OD FULDWXUD KXPDQD 6LQ HPEDUJR \ GHVGH XQ WLHPSR
LQPHPRULDOORVSLDGRVRVGHUYLFKHVKDQGLVWLQJXLGRHQHOODYHLQWLRFKRVH[RVGLIHUHQWHV
³¢1RKDQVDOLGRD~QGHORVYHLQWLRFKR"³OHSUHJXQWD6DPXHO7HVOHU
³(IIHQGLYHLQWLRFKRVH[RV³OHUHVSRQGH$EGXO(PtQ
³<R HQWHQGtD ³UH]RQJD HO ILOyVRIR³ TXH OD FLHQFLD HVWDED SURJUHVDQGR 6L ORV ItVLFRV
DxDGHQ KR\ QXHYRV HOHPHQWRV D OD 7DEOD GH 0HQGHOHLHY ¢FyPR HV TXH ORV SLDGRVRV
GHUYLFKHVQRVXPDQWUHVRFXDWURVH[RVPiVDVXILVLRORJtDGHODPRU"
³£9HLQWLRFKRHIIHQGL³OHJULWDHO,PiQHPSHUUDGRHQVXRUWRGR[LD
<YROYLpQGRVHDWRGRVORVFDWHF~PHQRVGHODVDOD
³-XVWDPHQWHVHxRUHV³OHVGLFH³ORVYHLQWLRFKRVH[RVHQFRUUHVSRQGHQFLDFRQORVGtDV
OXQDUHVHVWiQYLYRV\DGXOWRVHQXVWHGHVDGRUPLODGRVRGHVSLHUWRVHQHVWDGRODUYDORGH
FULViOLGDOLVWRVDVDOWDU\PRUGHU9HDPRVDKRUDHOPpWRGRDVHJXLUHQQXHVWUDRSHUDFLyQ
LPDJLQHQ GDPDV \ FDEDOOHURV TXH OD SVLTXLV DPRURVD GH FDGD XQR GH XVWHGHV HV XQ
SROLHGURLUUHJXODUGHYHLQWLRFKRFDUDVRVH[RVTXHDFHFKDQGHVGHVXEDMRIRQGRLQWHULRU
$TXt 6DPXHO 7HVOHU GHMD HVFDSDU XQ FKRUUR GH DTXHOOD ULVD TXH DOJXQRV GH VXV
FRQWHPSRUiQHRVGHILQLHURQFRPR´VDWiQLFDµ\TXHUHVSRQGHVyORDXQPRWRUGLRQLVtDFR
³(IIHQGL¢SRUTXpVHUtH"³ORFHQVXUDHO,PiQ
³6LGL³OHFRQWHVWD6DPXHO³HVWR\DFRUGiQGRPHGHOYLHMR$ULVWyWHOHV
<DTXt0HJDIyQLQWHUYLHQHDVXYH]
³<DLPDJLQpDPLSVLTXLVHQIRUPDGHSROLHGUR³OHGLFHDO,PiQ³6HxRU¢TXpKDUpFRQ
HOOD"
³/RKDUiXVWHGFRPRWRGRVQRELHQVHDSDJXHDTXtHOVHJXQGRWHUFLRGHODVOXFHV³OHV
UHVSRQGH $EGXO ,PiQ³ (O SROLHGUR QR HV LQPyYLO VLQR URWDWRULR \ HQ FXDQWR DSDJXHQ HO
VHJXQGRWHUFLRGHODVOXFHVGHEHUiJLUDUVREUHVtPLVPRSUHVHQWDQGRVXVYHLQWLRFKRFDUDV
RVH[RVDWRGDVODVDOPDVSROLpGULFDVTXHVHUH~QHQDKRUDHQHVWHFLHQWtILFRODERUDWRULR\
TXHJLUDUiQLJXDOPHQWH
³6HxRU¢FRQTXpREMHWR"³LQVLVWH0HJDIyQ
³3DUD GHWHFWDU HQ ODV RWUDV \ FRQ VXV UDGDUHV ODV FDUDV R VH[RV TXH OH FRUUHVSRQGHQ
VHJ~QHOFDWiORJRGHORVSLDGRVRVGHUYLFKHV£$OiHVJUDQGH
³¢<GHVSXpV"
³£<DORVDEUiQHQFXDQWRDSDJXHQDTXtHO~OWLPRWHUFLRGHODOX]\VHTXHGHQDRVFXUDV
³SURPHWHDUGHLQVLQ~DMRWDVXVSLUDHO,PiQ$EGXO(PtQSURIHWD
2WUD YH] ORV HVWLUDGRV QHyILWRV GH OD VDOD KRPEUHV \ PXMHUHV KDFHQ RtU ELVELVHRV GH
LPSDFLHQFLDHQODPHGLGDTXHOHVFRQVLHQWHVXGLJQLGDG<GRVYRFHVXUJHQWHVUHVXHQDQHQ
HOVDOyQ
³¢9DQDVROWDURQRHVRVOHRQHV"³SURWHVWDXQD
0HJDIyQ LGHQWLILFD OD GH 5yPXOR 'RPHQLFRQH TXH VH TXHPD \D MXQWR D OD 0XFKDFKD GH
7LUR
³¢9DPRVDGHPROHURQRHVDPXUDOOD"³JULWDODRWUDYR]
< HO $XWRGLGDFWR UHFRQRFH OD GH 5HPR TXH \D VH LQFHQGLD FRQ OD -DPRQD GH .D]DQ \
WHPHSRUODVDOPDVSROLpGULFDVGHORVPHOOL]RVFRQVXVYHLQWLRFKRFDUDVGHDPRU
(VWDPRV HQ OD 6HJXQGD (VWDQFLD GHO &KiWHDX GHV )OHXUV HQWUH OD PDPDFXQD \ OD
PDPDWXPED'HVGHXQDQWURKDVWDHORWURUHVXHQDWX YR]£RK PDWHULQGHFLEOH¢&XiQGR
VH DSDJDUi HO VHJXQGR WHUFLR GH OD OX] HQ OD 6HJXQGD (VWDQFLD GHO &DUDFRO GH 9HQXV TXH
JRELHUQD7LIRQHDGHVHODOFDKXHWHPi[LPR"£3DWLSDOiQFDKLP£2K0DPD2HOODODSRVHtGD
\ODVLHPSUHYLUJHQ<DOILQVHDSDJDRWURWHUFLRGHODOX]£DDDDDKH[FODPDQHQVRUGLQD
ORVFDWHF~PHQRVH[SHFWDQWHV$ODGHOJDGDP~VLFDGHYLHQWRV\FXHUGDVDKRUDVHXQHQORV
WDPERULOHV\ODVLQIRQtDFUHFHEDLORWHDHQXQULWPRVRORSHURFDGDYH]PiVIXHUWHUiSLGR
\ REVHVLRQDQWH 3HEHWHURV LQYLVLEOHV DUURMDQ FROXPQDV GH XQ KXPR JRUGR \ DURPiWLFR

193
PDGHUDV GH OD ,QGLD FDSLWRVRV RULQHV GH UDWyQ DOPL]FOHUR DFHLWHV HVHQFLDOHV GH UDtFHV
IORUHV\JRPDVDIURGLVtDFDV£(VH2ULHQWHFRMXGR
³£$WHQFLyQGDPDV\FDEDOOHURV³JULWDHO,PiQ³£4XHODVDOPDVSROLpGULFDVJLUHQDKRUD
HQWRUQRGHVXVHMHV&DGDSROLHGUREXVFDUiHQORVRWURVODVGRVWUHVFXDWUR\PiVFDUDV
XQLWLYDVTXHVHOHDMXVWHQH[DFWDPHQWH1RKDFHIDOWDGHFLUTXHVHJ~QHOFDVRODXQLyQVH
SRGUiHIHFWXDUHQG~RHQWHUFHWRHQFXDUWHWR\KDVWDHQSROLIRQtD
/DP~VLFDYDHQFUHVFHQGRVXULWPRDOERURWDODVDQJUHGHORVTXH\DHQWUDQHQHOULWXDO
$KRUD HO KXPR GH ORV SHUIXPHV TXHPDGRV \ VX DURPD SRQGUtD HQ HUHFFLyQ D WRGRV ORV
OHRQHV GH 7DQJDQLND OD VHOYiWLFD <D VH EXVFDQ HQFXHQWUDQ \ UHFRQRFHQ ORV RMRV \D VH
FDPELDQ VHxDOHV GH LQYLWDFLyQ \ DGHPDQHV GH DVHQWLPLHQWR £4Xp ELHQ JLUDQ \ DFW~DQ ODV
DOPDV SROLpGULFDV 5yPXOR 'RPHQLFRQH DGYLHUWH FRQ VRUSUHVD TXH VX FDUD R VH[R 
FRUUHVSRQGtD ELHQ D OD 0XFKDFKD GH 7LUR SHUR TXH VXV FDUDV  \  FRUUHVSRQGHQ D XQD
PXMHUIULJLD\DXQJXHUUHURPDQFK~6XPHOOL]R5HPRGHVFXEUHQRVLQSDYRUTXHVXFDUD
FRUUHVSRQGtD H[DFWDPHQWH D OD -DPRQD GH .D]DQ SHUR TXH VXV FDUDV  \  HVWiQ
VLQWRQL]DQGRDXQDQRYLDVLULD\DXQDFWRUJULHJR5HFRVWDGRVHQVXWULFOLQLR%DUUDQWHV\
%DUURVRQRGLVLPXODQVXSHUSOHMLGDGODVFDUDVRVH[RV\GH%DUURVRFRUUHVSRQGHQD
XQD PDUTXHVD HVSDxROD XQ SHVFDGRU GH *URHQODQGLD \ XQD PXMHU NXUGD HQ WUDMH
FHUHPRQLDOODVFDUDV\GH%DUUDQWHVFRUUHVSRQGHQDXQDSULPDGRQQDLWDOLDQD\DXQ
EDLODUtQSHUVD£*UDQ'LRVRHOFDWiORJRGHORVGHUYLFKHVHVXQDPXODRHOORVQRVHFRQRFHQ
WRGDYtD HQ VXV SURSLDV HVHQFLDV 3RU VX SDUWH 6DPXHO 7HVOHU VLQ DEDQGRQDU HO WDSL] GH
PDUUDVFRQILUPDODH[DFWLWXG\ILUPH]DGHVXFDUDHOVH[RLQYXOQHUDEOHGHORVHOHJLGRV
<0HJDIyQWDPSRFRKDFHJLUDUVXSROLHGURDWDGRDOPiVWLOGHOD1RYLD2OYLGDGDTXHEXVFD
HQOD(VSLUDOGH7LIRQHDGHV\DOUHFXHUGRDPRURVRGH3DWULFLD%HOOTXHDHVDKRUDPHGLWD
HQODORFXUDGHORVKRPEUHVFRQXQJDWRGRUPLGRHQVXVURGLOODV
3HURGHV~ELWRFXDQGR ODWHQVLyQ\DVHKDFHLQVRVWHQLEOHXQDSDJyQWRWDOGHMDODVDOD
HQ WLQLHEODV \ OD P~VLFD HQ VX DSRJHR WDPELpQ VH FRUWD GH UHSHQWH FRPR DO ILOR GH XQD
QDYDMD(QWRQFHVHO,PiQRUGHQDGHVGHODVQHJUXUDV
³£$GHQWUR
£1R SXHGH VHU /D RUGHQ IRONOyULFD GHO ,PiQ VH GLR HQ XQD LQFRQIXQGLEOH WRQDGD
VDQWLDJXHxD\0HJDIyQDQWHODQRFKHLQWHJUDOTXH KDOOHQDGROD6HJXQGD(VWDQFLDPLGH
RWUD YH] OD FDSDFLGDG GH LPSRVWXUD TXH 7LIRQHDGHV HVWi GHVDUUROODQGR HQ VX DERUUHFLEOH
&DUDFRO$VXGHUHFKD\DVXL]TXLHUGDPDQRDVXIUHQWH\GHWUiV0HJDIyQR\HDKRUDXQ
GHVOL]DUVHGHFXHUSRVKXPDQRVTXHVHEXVFDQDWLHQWDV\VHKDOODQHQVHJXLGDPXUPXOORV
GHUHFRQRFLPLHQWRYRFHVWHPEORQDVGHSDFWRVTXHVHMXUDQ\FDOLHQWHVULVLWDVGHDILQLGDG
SRU ~OWLPR DOLHQWRV MDGHDQWHV JULWRV TXH VH LQLFLDQ HQ XQD LQYLWDFLyQ D OD JXHUUD \
FRQFOX\HQHQXQVROOR]RGHWULXQIR£6RQODVDOPDVSROLpGULFDVGH$EGXO,PiQTXHVHIXQGHQ
SRUFDGDXQDGHVXVFDUDVXQiQLPHV&RQODJDUJDQWDVHFD0HJDIyQHQFRQWUyHQXQIUXWHUR
\DOWDFWRXQDQDUDQMDTXHLQWHQWDPRUGHUHVFXSH\DUURMDHQODRVFXULGDGODQDUDQMDHV
GH FHUD R GH \HVR FRQ XQ JXVWR DFUH GH SLQWXUD R EDUQL] /XHJR HO $XWRGLGDFWR VH PLUD
FDHU HQ XQ VRSRU TXH OH ERUUD OD FRQFLHQFLD GHO HVSDFLR \ GHO WLHPSR 7LIRQHDGHV HV XQ
PDJRGHNHUPHVHSHURVLQGXGDWLHQHVXVEHPROHV
$O GHVSHUWDU VH KDOOD RWUD YH] HQ OD 6HJXQGD (VWDQFLD MXQWR D 6DPXHO 7HVOHU HO G~R
%DUUDQWHV %DUURVR \ PLVV *ODG\V TXH ORV HVWXGLD FRQ DGPLUDFLyQ 3HUR ORV PHOOL]RV
'RPHQLFRQHKDQ]R]REUDGRHQHOROHDMHGHODGHUYLFKHUtDVXVSROLHGURVQRKDQGHYROYHUD
ILJXUDU HQ HVWD KLVWRULD \ 0HJDIyQ OHV FRQVDJUD XQ tQWLPR ODPHQWR (O VDOyQ D WRGD OX]
HVWi OLPSLR \ RUGHQDGR FRPR DO LQLFLDUVH ODV DFFLRQHV \ XQD FRQFXUUHQFLD GH KRPEUHV \
PXMHUHVTXHQRHVODPLVPDRFXSDORVGLYDQHVWULFOLQLRV\UHFRVWDGHURVDQWHXQ$EGXO(PtQ
WRWDOPHQWHUHIUHVFDGR6HDSDJDXQWHUFLRGHODVOXFHV
³0HVGDPHV HW PHVVLHXUV ³MRWDVXVSLUD HO ,PiQ³ OR TXH RV KD WUDtGR DHVWH ODERUDWRULR

194
GHDPRUHVXQD´XUJHQFLDGHPRUDGDµFRPRGLUtDHOVDELR0XOH\.DELURXQ´FRPSOHMRGH
VROHGDGµFRPRGLUtDHOGRFWRU6LJPXQG£TXH$OiFRQGHQHVXDOPD
/R KD MRWDVXVSLUDGR PHFiQLFDPHQWH \ VHJ~Q XQD UXWLQD LGLRWD 0HJDIyQ YXHOYH VXV RMRV
LQTXLHWRVDPLVV*ODG\VODUHJHQWHGHDTXHOSDUDtVR
³&RPLHQ]D\DODIXQFLyQGHWUDVQRFKH³OHDQXQFLDHOOD³0LORUGXVWHGHVFXDWURQRVRQ
GHOD6HJXQGD(VWDQFLD¢TXLHUHQSDVDUDOD7HUFHUD"6tJDQPHSRUIDYRU³<ORVFRQGXFHD
ODVDOLGDTXHWDPELpQVHUiXQDHQWUDGDHQODVXLWHGHO&DUDFRO

0iV WDUGH UHILULpQGRVH DO DFFHVR GH OD 7HUFHUD (VWDQFLD HO ILOyVRIR YLOODFUHVSLQR PH
SRQGHUy OD LUUHJXODULGDG RVWHQWRVD GH 7LIRQHDGHV TXH D VX HQWHQGHU HUD XQD ´PDUFD GH
IDEULFDFLyQµPX\OHJLEOH´6LVROWDUDVXQFXHVFRDWXGHUHFKD³PHGLMR³ODKXPDQLGDGWH
UHSXGLDUi FRPR D XQ P~VLFR GHVGLFKDGR SHUR VL DO LQVWDQWH VROWDUDV RWUR FXHVFR D WX
L]TXLHUGD OD KXPDQLGDG YHUi HQ HO FRQMXQWR GH DPERV FXHVFRV XQD REUD PDHVWUD GHO
VRQLGR HQ YLUWXG GH OD WUDQTXLOL]DQWH VLPHWUtDµ 1XQFD VXSH VL HO DIRULVPR GH 7HVOHU VH
UHVROYLyHQWRQFHVRQRHQXQHORJLRGHOHPSUHVDULRJULHJRORTXHUHVXOWDFRKHUHQWHDKRUD
HVHOXVRGHODVYHQWRVLGDGHVLQWHUQDVTXHKL]RHOILOyVRIRHQUHODFLyQFRQHOFDxRIOH[LEOHR
WXER FORDFDO GRQGH PLVV *ODG\V HPEDUFy D ORV FXDWUR VREUHYLYLHQWHV GH OD 6HJXQGD
(VWDQFLD
(VXQWXERFRPRGHJXWDSHUFKDRGHXQPDWHULDOIRIRHQHOTXHVHKXQGHQORVSLHVGHO
FXDUWHWR \ ODV PDQRV TXH VH DSR\DQ HQ VXV FXUYDV ODWHUDOHV 'DGD OD HVWUHFKH] FUHFLHQWH
GHOWXERHVQHFHVDULRDYDQ]DUSULPHURFRQHOWRUVRHQREOLFXLGDGOXHJRDFXDWURSDWDV\
ILQDOPHQWH DUUDVWUiQGRVH D OR YtERUD (Q OD YDQJXDUGLD HVWi 0HJDIyQ FRQ 6DPXHO 7HVOHU
TXHORVLJXHGHFHUFD\HOG~R%DUUDQWHV%DUURVRIRUPDQGRXQDUHWDJXDUGLDWDQPDOGLFLHQWH
FRPRLQVHJXUD(OG~RLQWHQWDUHWURFHGHUSHURHOWXERVHFRQWUDHUtWPLFDPHQWHVHJ~QHO
PRYLPLHQWR SHULVWiOWLFR GH LQWHVWLQR TXH D WRGRV ORV HPSXMD VLHPSUH DGHODQWH \ D XQD
VDOLGD QR YLVLEOH D~Q 6LQ GHMDU GH DUUDVWUDUVH \ FRQ VX QDUL] HQ ORV WDORQHV GH 0HJDIyQ
6DPXHO 7HVOHU HYRFD \ UHDOL]D HO WUD\HFWR GH -RQiV SRU ORV FRQGXFWRV GLJHVWLYRV GHO
FHWiFHR \ HVWDOOD GH SURQWR HQ XQD ULVD YLFWRULRVD TXH UHVXHQD HQ HO WXER FRPR XQ IODWR
JLJDQWH 3HUR HO 2VFXUR OOHJy DO H[WUHPR GHO SDVDGL]R OR HQFXHQWUD EORTXHDGR \ VLQ
DEHUWXUD UHFRQRFLEOH DXQTXH WDQWHH OD SDUHG HQ EXVFD GH XQD OODYHUHVRUWH R ERWyQ 6X
SHUSOHMLGDG \ UHFHOR QR WDUGDQ HQ GHVYDQHFHUVH ODV FRQWUDFFLRQHV UtWPLFDV GH DTXHO
LQWHVWLQR DUWLILFLDO HPSXMDQ DO G~R FRQWUD 6DPXHO D 6DPXHO FRQWUD HO $XWRGLGDFWR \ DO
$XWRGLGDFWR FRQWUD OD SDUHG IOH[LEOH GHO WXER TXH EDMR VX SUHVLyQ VH DEUH OHQWD \
HVWUHFKDPHQWH FRPR ORV WHMLGRV PXVFXODUHV GH XQ HVItQWHU JLJDQWHVFR < 0HJDIyQ VH YH
OLWHUDOPHQWH ´FDJDGRµ HQ OR TXH VLQ GXGD HV OD 7HUFHUD (VWDQFLD GHO &KiWHDX GHV )OHXUV
,JXDOPHQWH´GHSXHVWRVµHOILOyVRIR\ORVKpURHVGHOG~RVDOHQGHOHVItQWHU\VHGHVSORPDQ
VLQ JUDFLD HQ XQ VXHOR GXUR \ OXVWURVR $O UHLQFRUSRUDUVH ORV FXDWUR DGYLHUWHQ TXH XQD
PXMHUORVHVWXGLDFRQRMRVIUtRV
³6HxRUDV R VHxRUHV R OR TXH VHDQ HQ HO IRQGR VHFUHWR GH VXV JOiQGXODV ³OHV GLFH³
ELHQYHQLGDVRELHQYHQLGRVDHVWDLPSRUWDQWH,QVWLWXFLyQ0HOODPRIUDXOHLQ2OJD\HVWR\DO
VHUYLFLRGHXVWHGHV \D VHDQGDPDVFDEDOOHURV RQHXWUDOHV(O /LEURGH4XHMDVHVWiHQOD
RILFLQD\DGLVSRVLFLyQGHORVFOLHQWHV
³)UDXOHLQ 2OJD ³OH UHVSRQGH 0HJDIyQ HQWUH GLJQR H LQGLJQDGR³ VL WLHQH DOJXQD GXGD
VREUH PL VH[R \ HO GH PLV FDPDUDGDV OOpYHQRV D XQ OXJDU DGHFXDGR SyQJDVH XVWHG HQ OD
SRVLFLyQ IDYRUDEOH \ OH GDUHPRV SUXHEDV LQHTXtYRFDV GH QXHVWUD YLULOLGDG (VWRV GRV
JDUDxRQHV ³DxDGH SRU HO G~R³ SREODURQ WRGR HO VXU GH OD 3DWDJRQLD FRQ HO YLJRU GH VXV
PXVORV<HVWHDFDGpPLFR³GLFHSRUHOILOyVRIR³WDPELpQFODYDVXSLFDHQ)ODQGHVFXDQGR
XQDJXHUUDMXVWDVHORH[LJH
³£3DGUH PtR ³VH JDOODUGHD %DUURVR³ TXLHUR PRQWDU D IUDXOHLQ 2OJD \ VLQ HVSXHODV DO

195
JXVWRVXUHxR
³&DFKRUUR ³OH VXJLHUH %DUUDQWHV³ \R PRQWDUp OD \HJXD WX YHQGUiV FRQ WX DEQHJDGR
SDGUHDODVDQFDVGHOEULRVRDQLPDO
³7RGRVMXUDQORPLVPR³JUXxHIUDXOHLQ2OJD³6LDVtIXHUD¢SRUTXpKDQOOHJDGRXVWHGHV
DHVWDVDODH[FOXVLYD"6HxRUDVRVHxRUHVFRQILDGHQQXHVWUD,QVWLWXFLyQTXHRVDVHJXUDXQ
FRQIRUWDEOH DQRQLPDWR \ GHSRQHG HVDV DUURJDQFLDV TXH VyOR H[LVWHQ \D HQ DUFKLYDGRV
SUHWpULWRV1DGLH\QDGDVRQDQRUPDOHVFXDQGRORVUHVSDOGDXQDEXHQDWHRUtD
³¢<FXiOHVODWHRUtD"³OHSUHJXQWDHOILOyVRIR
$QWHV GH UHVSRQGHU IUDXOHLQ 2OJD VH SDVHD HQ VLOHQFLR IUHQWH D ORV KRPEUHV FRPR VL
UHGRQGHDUDXQDVtQWHVLVGHVtPLVPD<ORVFXDWURDGYLHUWHQDKRUDVXDLUHWHXWyQVXFDVDFD
PLOLWDU \ VX JRUUD FDVWUHQVH VXV IUtRV RMRV GH FRORU ROLYD FRPR ORV WDQTXHV GH JXHUUD VX
DQGDU HQpUJLFR \ GLVFLSOLQDGR FRPR XQ HMHUFLFLR GH LQIDQWHUtD ¢< VXV SDODEUDV FRUWDV \
WDMDQWHV QR VRQDURQ UHFLpQ FRPR XQ WDEOHWHR GH DPHWUDOODGRUDV" 8QD KHPEUD YLULO ¢HO
FOtWRULVGH6DIRODSRHWLVD"0HJDIyQGXGD%DUUDQWHV\%DUURVRWLHPEODQD6DPXHO7HVOHUOH
EXOOHXQDHVSXPDGHKLODULGDGHQHOFRJROORGHODOPD
³1RKD\VH[RVHQGHILQLFLyQDEVROXWD³H[SRQH\DIUDXOHLQ2OJD³8QD]DUGLVWULEXWLYRGH
JHQHVRSHUDGRHQHOyYXORPDWHUQRGHFLGHDUELWUDULDPHQWHODFRVD'HVSXpVODVJOiQGXODV
LQWHUQDVKDUiQHOUHVWRGDPDVRVHxRUHVQRGHEHQROYLGDUTXHQRVHQFRQWUDPRVHQHOVLJOR
GH OD JHQpWLFD \ GH OD HQGRFULQRORJtD ¢6RPRV UHVSRQVDEOHV GH OR TXH KD VXFHGLGR HQ
QXHVWURVPLVWHULRVRVFURPRVRPDV"
³/D WHRUtD HV HQGHEOH ³MX]JD HO $XWRGLGDFWR³ \ FDVL PH TXHGDUtD FRQ HO SROLHGUR
JLUDWRULRGH$EGXO,PiQ
³(VD EHVWLD GH 7LIRQHDGHV ³REMHWD HO ILOyVRIR³ DO HVFULELU HO OLEUHWR SXGR DFXGLU DO
DQGUyJLQRGHO*pQHVLV\DODLQWHQFLyQGHVXVFURPRVRPDVXQVHJXQGRDQWHVGHTXH-HKRYi
SURFHGLHVHDVXGLYLVLyQTXLU~UJLFD
³2OYLGDXVWHGTXH7LIRQHDGHVHVXQSDJDQR³OHDGYLHUWH0HJDIyQ
³(Q HVHFDVR³LQVLVWH 6DPXHO³ HVH DQLPDO GH7LIRQHDGHV SXGR DFXGLUDO KHUPDIURGLWR
GH3ODWyQVLQDEDQGRQDUVXFDWUHGH$WHQDV
(VHYLGHQWHTXHIUDXOHLQ2OJDHQVXODUJDFDUUHUDQRGLRMDPiVFRQKRPEUHVGHWDQWR
UDFLRFLQLR
³£$ODSUD[LV³H[FODPD³+HYLVWRFDHUDWHyULFRVPiVDJDOOXGRV£'HIUHQWHPDUFK
5HFLpQDGYLHUWHQORVFXDWURH[SORUDGRUHVTXHVHKDOODQHQXQDUHJLyQFDyWLFDVLPLODUD
ODGHXQHVFHQDULRDRVFXUDVDQWHVGHTXHVHLQLFLHODFRPHGLD\KDFLDFX\DLQWHULRULGDGORV
HPSXMDIUDXOHLQ2OJDFRQVXYR]GHPDQGR
³£$YDQFHQ³OHVJULWDODUHJHQWH³/RVYHVWXDULRVHVWiQDODGHUHFKDORVZDWHUFORVHWV
DOIRQGRODVWRDOODV\~WLOHVGHWRFDGRUHQEROVLWDVKHUPpWLFDVGHFHORIiQ
< FXDQGR ORV KRPEUHV DGHODQWDQ VXV SLHV HQ OD QHJUXUD VH HQFLHQGHQ YDJDV OXFHV TXH
GDQ DO HVFHQDULR HO DVSHFWR FRQIXVR GH XQD JUXWD PDULQD FRQ VXV WRQRV D]XOHV YHUGHV \
JULVHV GH DJXD HQ SURIXQGLGDG 0~VLFRV LQYLVLEOHV D~Q GHMDQ RtU XQ ODUJKHWWR GH QRWDV
XOXODQWHV \ VLELODQWHV FRPR GH RFDULQDV \ VHUUXFKRV KHULGRV FRQ PDGHUDV URFHV FRPR GH
IROODMHPXHUWRFUyWDORVFRPRGHVHUSLHQWHV$OWRPDUSRUODGHUHFKDORVFXDWURVHKDOODQ
IUHQWH DO SULPHU FDQGHOHUD HV XQD PXMHU WUHPHQGDPHQWH JRUGD \ HQWHUDPHQWH GHVQXGD
TXHSUHVHQWDQGRDODLUHVXUHJLyQGRUVDOVRVWLHQHXQDYHODHQFHQGLGD\SODQWDGDHQWUHVXV
GRV JO~WHRV HQRUPHV %DMR VX SURSLD OX] OD PXMHU DFRGDGD HQ HO VXHOR OHH XQ GLDULR
YHVSHUWLQRDMXVWiQGRVHORVDQWHRMRVTXHWLHQGHQDUHVEDOiUVHOHVSRUODQDUL]\ORVFXDWUR
H[SORUDGRUHVGHO&DUDFROQRGLVLPXODQVXSLHGDGIUHQWHDODJRUGDLOXPLQDQWH
³£6HxRU ³ODJULPHD %DUURVR³ ¢HO JULHJR PDOGLWR QR SXGR HQFRQWUDU XQ DUWHIDFWR GH
LOXPLQDFLyQPiVRSWLPLVWD"
³4XHUXEtQ ³OH UHVSRQGH %DUUDQWHV³ HO DOFDKXHWH JULHJR HVWi XVDQGR DTXt XQD REVHVLYD

196
LPDJLQDFLyQFXOLIRUPH
3HURODJRUGDOHYDQWDGRVRMRVKRVWLOHV\HVWXGLDORVFXDWURIUDTXHV
³¢4XpPLUDQFROXGRV"³UH]RQJD³¢1XQFDYLHURQDXQDPXMHUFDQGHODEUR"
³6HxRUD³ODWUDQTXLOL]DHOILOyVRIR³ORTXHQRVH[WUDxDHVODFRQWUDGLFFLyQTXHKDOODPRV
HQWUHVXYDOLRVRWUDVHURLOXPLQDQWH\VXYDOLRVDGHODQWHUDOH\HQWH
³£8QDWLHQHTXHSDUDUODROOD³VHGHVFDUJDODPXMHU³(QHVWHQLJKWFOXEDODVJRUGDV
FDQGHOHUDV QRV GHMDQ OLEUHV ODV PDQRV SDUD WHMHU FDOFHWD MXJDU DO VROLWDULR \ OHHU ODV
QRWLFLDV 9HDQ HO HGLWRULDO GH KR\ £$OVRJDUD\ QRV TXLHUH PDWDU GH KDPEUH ¢< HO GREOH
DVHVLQDWRGH9LOOD/XUR"3DUDPtHODVHVLQRHVODVXHJUDGHODPDQWHGHODYLXGDRFFLVD
(VWi SDWHQWH TXH D OD JRUGD FDQGHOHUD OH JXVWDUtD SROHPL]DU HQ WRUQR GHO GREOH
DVHVLQDWR3HURORVKRPEUHV\DVHLQWHUQDQHQHOUHFLQWRFX\DOX]GHDFXDULRSDUHFHGLEXMDU
\ERUURQHDUILJXUDVLQFLHUWDVTXHVHDJLWDQOHYHPHQWHFRPRODVDOJDVGHXQIRQGRPDUtWLPR
(QWRQFHV ORV DWUDH OD YHOD GH XQD VHJXQGD PXMHU FDQGHOHUD \ DO DFHUFDUVH YLVXDOL]DQ HO
VLJXLHQWH FXDGUR WHQGLGRV HQ JUDQGHV YDOYDV GH RVWUDV \ DOPHMDV R HQ FDSDUD]RQHV GH
WRUWXJDVHIHERVGHVQXGRVPXHYHQVXVEUD]RV\VXVSLHUQDVHQXQVLPXODFURGHQDWDFLyQ\
DO FRPSiV GH OD P~VLFD XOXODQWH TXH SDUHFH DFHOHUDU VX ULWPR /RV FXDWUR H[SORUDGRUHV
TXHGDQDEVRUWRVXQLQVWDQWH\HO$XWRGLGDFWRHQEXVFDGHLQIRUPDFLyQVHDJDFKDMXQWRD
OD VHJXQGD PXMHU FDQGHODEUR TXH VRVWLHQH SRU DWUiV XQD YHOD HQWUH VXV QDOJDV \ WHMH SRU
GHODQWHXQDWULFRWDPRYLHQGRiJLOHVDJXMDV
³2LJD³OHGLFH³¢TXpKDFHQDTXtHVWRVDGROHVFHQWHV"
³&RQODWUDPD\ODXUGLPEUH³UHVSRQGHODWHMHGRUDHQWUHGRUPLGD³HVXQDFXHVWLyQGH
QXGRV\OD]DGDVDODL]TXLHUGDRDODGHUHFKD
³/HSUHJXQWRTXpKDFHQDTXtORVHIHERVHQVXVFDSDUD]RQHV
³¢(OORV"³UH]RQJDODPXMHU³(VWiQHVSHUDQGRD/RVTXHWHGLMH£2LJD6LXVWHGSHUWHQHFH
DOPLVPRVLQGLFDWREXVTXHVXFDUDFROPpWDVHDGHQWUR\HVSHUHFRQORVRWURV
'HIUDXGDGR \ FRUULGR 0HJDIyQ VH DOHMD GH OD VHJXQGD PXMHU \ VLJXH D VXV FRPSDxHURV
KDVWD OD WHUFHUD FX\D OX] FKLVSRUURWHDQWH LOXPLQD RWURV SODQWHOHV GH HIHERV WDPELpQ
GHVQXGRV\HQH[KLELFLyQXQRVGHQWURGHJUDQGHVFRURODVRUGHQDGRVHQVHULHVGHFLQFR\
VLHWH FRPR ORV HVWDPEUHV GH XQD IORU HQ WRUQR GH VX SLVWLOR \ PHFLpQGRVH DO WLHPSR
DFHOHUDQWH GH OD P~VLFD RWURV FRPR EDQDQDV FX\DV SHODGXUDV GH PDWHULDO SOiVWLFR
GHVFRUUHQ \ YXHOYHQ D FRUUHU HOORV DO PLVPR FRPSiV \ RWURV HQ HO LQWHULRU GH KXHYRV
URVDGRVRD]XOHV\DEULpQGRVHFDPLQRDWUDYpVGHORVFDVFDURQHVURWRV
$OHVWXGLDUHVRVSODQWHOHVKXPDQRVHO2VFXURGH)ORUHVQRGLVLPXODVXLQGLJQDFLyQ
³£7LIRQHDGHV HV XQ SODJLDULR ³GHQXQFLD³ £&RPR XQ UDWHUR HVFDPRWHy ODV ILJXULWDV GH
%UXHJKHO\GH%RVFKSDUDPHWHUODVHQVXWHUFHUOHQRFLQLR
&RQRMRH[SHUWR\RUHMDHUXGLWD6DPXHO7HVOHUKDHVWXGLDGROD7HUFHUD(VWDQFLDYLVWRD
VXVFRQGRQHV\DQDOL]DGRVXP~VLFD
³6L TXLHUHQ PL RSLQLyQ ³GLFH³ 7LIRQHDGHV LQWHQWD RIUHFHU DO S~EOLFR XQD 6RGRPD GH
EROVLOOR6XLPLWDFLyQHVWDQEXUGDTXHDPLHQWHQGHUQRPHUHFHORVKRQRUHVGHODFUtWLFD
³3DGUH ³VH GHVFRQVXHOD %DUURVR³ HVWXGLDQGR D ORV HIHERV GHO VHxRU 7LIRQHDGHV QR
GLVWLQJRTXLpQHV'DQWH\TXLpQHV3HWUDUFD
³£+X\HGHODHQJDxRVDOLWHUDWXUD³OHDFRQVHMD%DUUDQWHV³+LMRHVWiOOHJDQGRHOGtDHQ
TXH VHUi WHQLGR SRU VXSHUKRPEUH DTXHO YDUyQ H[FHSFLRQDO TXH FRQVLJD H[KLELU XQ IDOR HQ
WRGDVXHUHFFLyQSULPLWLYD
³7DWD¢VHUp\RXQRGHORVHOHJLGRV"
³/RVHUiVSLFKyQVLWRPDVGLDULDPHQWHWX\RJXU\QRIDWLJDVWXVULxRQHV
(Q VX DIiQ LQYHVWLJDGRU HO $XWRGLGDFWR VH DFXFOLOOD MXQWR D OD WHUFHUD JRUGD FDQGHOHUR
TXH GH FRGRV HQ HO SDUTXHW VH WLUD XQD PDQR GH FDUWDV DGLYLQDWRULDV (OOD OH VRQUtH
EXHQDPHQWH\OHDQXQFLD

197
 ³(O UH\ GH EDVWRV XQ SUHWHQGLHQWH ULFR HQWUDUi HQ PL YLGD /D UHLQD GH RUR XQD
PRURFKDFRQOHQJXDGHYtERUDVHLQWHUSRQH\HOYDOHWGHHVSDGDVXQWUDLGRUVHXQHDHOOD
HQFRQWUDGHPt3HURHODVGHFRUD]RQHV
³/D PDQR HV EXHQD ³OH GLFH 0HJDIyQ³ $QWHV PH JXVWDUtD VDEHU TXp SLWR YDQ D WRFDU
HVRVPXFKDFKRQHVGHVQXGRV
³¢0XFKDFKRQHV" ³UtH OD WHUFHUD JRUGD³ £6L XVWHG ORV UDVSD YHUi PLODJURV LQFUHtEOHV
8VWHGVDEHODFLUXJtDHVWpWLFD\ORVHPSODVWRVFRVPpWLFRV£&KLVW´9HURtU\FDOODUµHVOD
VHJXQGDFRQVLJQDGHIUDXOHLQ2OJD
³0XFKDFKRQHVRQR¢TXpKDFHQHOORVHQVXVFRQFKDVIORUHV\KXHYRVDUWLILFLDOHV"
³(VWiQ HVSHUDQGR D /RVTXHWHGLMH 6L XVWHG \ VXV DPLJRV HQWUDQ HQ OD FRIUDGtD
SUHSiUHQVH \D /RV P~VLFRV HVWiQ HMHFXWDQGR VX DQGDQWH FRQ PRWR OXHJR YHQGUi HO
SUHVWLVVLPR\DOILQHOWRTXHGHFRUQRLQJOpV(QWRQFHV/RVTXHWHGLMHVDOGUiQGHVXVJDWHUDV
³¢'yQGHWRFDQORVP~VLFRV"
³/RVLOXPLQDODFXDUWD PXMHUFDQGHODEUR)DYRUSRUIDYRU¢TXLHUHKDFHUPHXQR"7RPH
ODV WLMHUDV \ UHFRUWH PL SDELOR ´(O WUDVHUR LQPyYLOµ HV OD SULPHUD FRQVLJQD GH IUDXOHLQ
2OJD/DFHUDGHUUHWLGDVHPHFRUUHKDVWDHOVXU<XQDSUHJXQWD¢QRVHUiXVWHGHOUH\GH
EDVWRV"
0HJDIyQUHFRUWDHOSDELORGHODPXMHUTXHLQWHQWDUHWHQHUORD~QFRQVXFKiFKDUD<YHDO
IRQGR OD OX] GH OD FXDUWD JRUGD FDQGHOHUD D OD TXH VH GLULJH OOHYDQGR HQ SRV GH Vt D XQ
ILOyVRIR LQDOWHUDEOH \ D XQ G~R DWHQWR 'HVGH DOOi YLHQH OD VLQIRQtD \ DO OOHJDU MXQWR D OD
FXDUWDJRUGDLOXPLQDQWHYHQSRUILQDORVP~VLFRVTXHWDPELpQSDUHFHQHIHERV\TXHVRSODQ
RFDULQDVRSHUFXWHQVHUUXFKRVRKDFHQSHGRUUHDUYHMLJDVRVDFXGHQPDUDFDVRUHGREODQ
]DSDOORVKXHFRVDPDQHUDGHWDPERUHV(OWHPDHV~QLFR\PRQyWRQRHVWiHVFULWRVHJ~Q
DGYLHUWHQ HQ XQ JUDQ SHQWDJUDPD KHFKR FRQ VRJDV WLUDQWHV D FX\R H[WUHPR GRV JLWRQHV
DUTXHDGRV WUD]DQ OD FODYH GH VRO FRQ VXV GHVQXGHFHV \ RWURV PXFKRV KDFHQ GH QRWDV
XELFDGDVHQODVFLQFROtQHDVRVRJDVGHDTXHOODSDXWDPXVLFDO
³£$Pt2UIHR³JULWD6DPXHO7HVOHUDOGHVFLIUDUHOWHPDGHOSHQWDJUDPD³£7LIRQHDGHV
KDVROWDGRDOGHPRQLR&DFRSKRQ
< DTXt ORV HMHFXWDQWHV HQ XQD VXHUWH GH IXULD PXVLFDO LPSULPHQ DO WHPD XQ ULWPR
DFHOHUDGR TXH VLJXHQ WRGRV ORV HIHERV FRQ HO DEULUVH GH VXV YDOYDV PDULQDV FRQ HO
GHVJDUUDPLHQWRGHVXVSHODGXUDVIUXWDOHVFRQODRVFLODFLyQGHVXVIORUHVFRQODURWXUDGH
VXVKXHYRVLQFXEDGRV
³£$OHUWD³JULWD0HJDIyQDVXVWUHVFDPDUDGDV³£+D\SRUDKtXQFRUQRLQJOpVTXHKDGH
VRQDUDKRUD
'HV~ELWRHOFRUQRLQJOpVKDFHRtUXQWRTXHGHFDFHUtDHQWUHDOHJUH\IHUR]ORVP~VLFRV
DUURMDQ VXV LQVWUXPHQWRV DO SDUTXHW \ ORV JLWRQHV GHO SHQWDJUDPD VH GHVFXHOJDQ HQ VDOWRV
GHIHOLQR$UUDQFiQGRVHODVYHODVGHORVJO~WHRVODVFXDWURPXMHUHVFDQGHOHURVDSDJDQVXV
PHFKDV\KX\HQDXQULQFyQGRQGHIUDXOHLQ2OJDHVWiPLGLHQGRHOFXUVRGHORSHUDWLYRUHORM
HQ PDQR 0HJDIyQ 6DPXHO 7HVOHU %DUUDQWHV \ %DUURVR JLUDQ HQ IODQFRV \ PHGLDV YXHOWDV
FRPR DO DFHFKR GH XQ HQHPLJR LQYLVLEOH 7UDV XQ VHJXQGR WRTXH GHO FRUQR LQJOpV ORV
H[SORUDGRUHVDGYLHUWHQTXHVHDEUHQHQORVPXURVDOJRFRPRVyOLGDVSXHUWDVGHWRULO\TXH
0DFKRV 5RERWV VH ODQ]DQ DO UHGRQGHO FRQ XQ EUtR DXWRPiWLFR \ VXV YHUJDV PHFiQLFDV HQ
ULVWUH/RVFXDWURH[SORUDGRUHVHVWiQFRPRDWXUGLGRVHQVXVPHQWHVODILJXUDVLQLHVWUDGH
7LIRQHDGHV FREUD \D XQ YDORU LQHVSHUDGR ¢+DVWD GyQGH OOHJDUi HO DOFDKXHWH JULHJR VL
DEDQGRQDVXSVHXGRFODVLFLVPR\VHULQGHDORVHQFDQWRVGHODIDQWDFLHQFLD"3HURORV0DFKRV
5RERWVDYDQ]DQFRQVXGXUDVSLHUQDVPRWRUL]DGDVFDHQVREUHORVHIHERV\ODVXWLOHUtDVHQ
HO IRQGR VXEPDULQR GH OD 7HUFHUD (VWDQFLD VH R\H HO FUXMLU GH DUWHIDFWRV DUUDVDGRV \ XQ
ODPHQWRGHRFXOWDVPDVDFUHV
³£*RPRUUD³FODPDXQ6DPXHO7HVOHUDPHQD]DGRU³(ORKLPTXHPDUiWXVEDUULRVFRQVX

198
PHQRUQDIWDGHDUULED
1R KL]R ELHQ HQ JULWDU SRUTXH XQ 0DFKR 5RERW KD VLQWRQL]DGR VX JULWR \ VH ODQ]D \D
FRQWUD ORV H[SORUDGRUHV TXH KX\HQ HQ WRUQR GHO UHFLQWR \ GDQ HQ pO XQD VXHUWH GH YXHOWD
ROtPSLFD ELHQ TXH VLQ JORULD (O 0DFKR 5RERW HQ OD LQVLVWHQFLD LPEpFLO GH VX PHFDQLVPR
HVWiSRUDOFDQ]DUDOILOyVRIRTXHQXQFDPHUHFLyORVODXUHOHVGHOSHQWDWKORQ<ORDOFDQ]DUtD
VL0HJDIyQQRVHDUURMDVHDODVSLHUQDVGHOPRQVWUXR\ORGHUULEDUDHQXQWDFNOHGHUXJE\
0LHQWUDV HO 5RERW SDWDV DUULED VXHOWD FRPR XQ MXJXHWH FDtGR OD HVSLUDO VRQRUD GH VX
FXHUGDLQWHULRUORVFXDWURH[SORUDGRUHVOOHJDQDOiQJXORH[WUHPRGHOD(VWDQFLD7HUFHUD\
VH YHQ DEVRUELGRV FRPR SRU XQ H[WUDFWRU GH DLUH TXH ORV DUUHEDWD FRQ OD IXULD GH XQ
KXUDFiQ

&XDUWD (VWDQFLD GHO &KiWHDX GHV )OHXUV (OHPHQWR HO DLUH VXEOHYDGR 8Q SQHXPD VLQ
3QHXPDVRSODGRQGHTXLHUH7LIRQHDGHVHOJULHJRXQSDOXUGRTXHVHDJLWDHQODPiVWULVWH
OLWHUDOLGDG£+HUPDQRVHOVLPEROLVPRHVSDUDTXLHQHVXVDQDOJRPiVTXHGRVRMRVIDFLDOHV\
XQ WHUFHUR HQ HO FXOR YLVWR TXHYpGLFDPHQWH 1R KD\ P~VLFD QL VLTXLHUD XQ GHWULWXV GH OD
P~VLFDVLQRSDODEUDVHQGHPROLFLyQRiWRPRVGHOVRQLGRTXHSHUGLHURQVXIRUPDXQLWLYD\
VH MXQWDQ RWUD YH] FDyWLFDPHQWH SDUD LQYHQWDU OHQJXDMHV DVTXHURJRFHGRORULGRV < KDEODQ
WDPELpQ)XVWDGHOLFLDR/DWLJRDPRUVREUHORVGRUVRVTXHVHULQGHQ\HOPDQRMRGHKRUWLJDV
TXH D]RWD ORV YLHQWUHV RIUHFLGRV FRPR HVSDFLRV GH EDWDOOD 3HUR HO JHPLGR QR FDPELy QL
FDPELDUi £7LIRQHDGHV DXQTXH OH SRQJDV UDtFHV QXHYDV QR IDOVLILFDUiV HO JHPLGR TXH VH
DFXxD HQ OD JDUJDQWD GHO KRPEUH ´+D\ GRV ULFWXV XQLYHUVDOHV \ HWHUQRV HQ OD FDUD GHO
KRPEUH OD ULVD \ HO OODQWRµ GLMR 0HJDIyQ TXH OORUDED \ UHtD VHJ~Q ORV WLHPSRV GH UHtU \
OORUDU
8Q SQHXPD VXEOHYDGR TXH VH KDFH YLHQWR \ HVFRED HPSXMD VDFXGH EDUUH D FXDWUR
WXULVWDVHQHO&DUDFROGH9HQXVD0HJDIyQ\6DPXHO7HVOHUGRVKRMDVPXHUWDVD%DUUDQWHV
\ %DUURVR GRV SDSHOHV DYHQWDGRV \ PXHUWRV ´$TXHO YHQWDUUyQ ³FRQIHVDUi GHVSXpV
%DUUDQWHV³ SDUHFtD XQ JDOOR IXULRVR UHPRYLHQGR OD WLHUUD FRQ VXV SDWDV HQ EXVFD GH XQD
ORPEUL]µ (PSXMDGRV R EDUULGRV ORV WXULVWDV QR YHQ DOOi VLQR XQ GHVILOH GH VRPEUDV
FKLQHVFDVSUR\HFWDGDVHQORVPXURVFRQUHIOHFWRUHVLQHVWDEOHVTXHWDMHDQODQHJUXUDFRPR
QDYDMDVGHOX]$QDWRPtDVGHKRPEUHV\DQLPDOHVFRPELQDGDVHQIXURUXQLWLYRHOWRURTXH
VH DUTXHD VREUH OD JUXSD GH 3DVLIDH R HO FLVQH TXH DJLWD VXV DORQHV HQWUH ORV PXVORV GH
/HGDRHOEXUURGH*DPLDQLDQWURSR]RRILOLDVTXHKD\TXHPLUDUFRQXQWHUURUREOLFXR
8QJROSHGHYLHQWRVDFXGHDOILOyVRIR\KDFHWLQWLQHDUVXVIDOVDVFRQGHFRUDFLRQHV
³£2LJD ³YRFLIHUD pO DJDUUiQGRVH D 0HJDIyQ³ 6HJ~Q HO 0DQDYD 'KDUPD 6DVWUD HQ HO
.ULWD<XJD£TXpEXHQWLHPSLWROD(TXLGDGEDMRODIRUPDGHXQWRURVHPDQWLHQHILUPH
VREUHVXVFXDWURSDWDV(QFDGDXQDGHODVRWUDVHGDGHVOD(TXLGDGYDSHUGLHQGRXQDSDWD
\DOILQVHTXHGDUHQJD
³¢(QWRQFHV"³LQTXLHUHXQ0HJDIyQVRUSUHQGLGR
³£6HLQLFLDHO*UDQ4XLORPER8QLYHUVDO
¢<TXLpQOHKDEUiPHWLGRD6DPXHOHVHWRURUHQJRHQODSHQVDGRUD"%DUUDQWHV\%DUURVR
GRV SDSHOHV DUUDVWUDGRV HQ OD &XDUWD (VWDQFLD UHVLVWHQ HO YLHQWR \ PLUDQ OD VXFHVLyQ GH
VRPEUDVFKLQHVFDVTXHVLJXHQGHVILODQGRHQHOPXURODWHUDO
³£3DGUH PtR ³VH UHJRFLMD XQ %DUURVR LQIDQWLO³ PH JXVWD OD OLQWHUQD PiJLFD GHO VHxRU
7LIRQHDGHV¢3UR\HFWDUiHQVHJXLGDXQILOPGHFRZER\V"
%DUUDQWHV QR OH UHVSRQGH ¢FyPR GHFLUOH D XQ QLxR TXH DTXHOODV LPiJHQHV QR VRQ
UHDOPHQWHVLQRODSUR\HFFLyQSODQDGHYRO~PHQHVPRQVWUXRVRVTXHVHRFXOWDQ\DJLWDQHQ
WLQLHEODVFXOSDEOHV"£2K(XFOLGHV¢FyPRUHYHODUOHDXQLQRFHQWHTXHODOLWHUDWXUDHUyWLFD
GHO JULHJR VH GHVDUUROOD HQ ODV JHRPHWUtDV QR HXFOLGLDQDV GH FLHUWR SXWDQLVPR DELVPDO"
'HVJUDFLDGDPHQWH \ FRPR XQD VROLGLILFDFLyQ GH ODV LPiJHQHV XQ IULVR GH EDLODULQDV HQ

199
WUDMHVGHEDWDFOiQHPHUJHGHODQHJUXUDEDMRORVUHIOHFWRUHVDJLWDVXVSLHUQDV\FDQWDHQ
XQDHVSHFLHGHJUD]QLGR

6RPRVODV)RELDVDOHJUHV
YHQLPRVDVDOXGDU
\WDPELpQDGHVSHGLUQRV
KDVWDHORWURFDUQDYDO

(V LQGXGDEOH TXH ORV RUJDQL]DGRUHV GHO &DUDFRO LQVLVWHQ HQ HO ERGULR 0HJDIyQ \ 7HVOHU
DSODXGHQ \ UtHQ HQ WRQR DPDULOOR %DUUDQWHV \ %DUURVR SDWHDQ \ VLOEDQ < ODV EDWDFODQDV
PDQWHQLHQGRXQDVRQULVDGHQRYHQWDJUDGRVKDFHQXQULGtFXORPXWLVGHEDOOHW(QWRQFHVHO
UHIOHFWRUTXHODVDEDQGRQDUHFRJHDOYXHOR\GHVWDFDXQDPXUJDGHEDUULRFRQVX'LUHFWRU
DO IUHQWH FX\RV P~VLFRV YLVWLHQGR IUDTXHV GHVKLODFKDGRV \ JDOHUDV GH FDUWyQ VH
FRQWRUVLRQDQHFKDQXQDLUHLQ~WLOHQVXVLQVWUXPHQWRVGHXWLOHUtD\FDQWDQDJULWRSHODGR

6tKDEODPRVGHORVDQDOLVWDV
ERUyQERUyQERUyQ
VRQXQDPDQJDGHSXQJXLVWDV
ERUyQERUyQERUyQ
(OORVPDQHMDQODEDWXWD
\WHPDQGDQDODJUDQSXWD
£ERURERUyQERQERQ
ERURERUyQERQERQ

(O G~R %DUUDQWHV %DUURVR DO SDUHFHU HQWHUQHFLGR KDFH FDHU DOJXQRV QtTXHOHV HQ OD
JDOHUD GHO GLUHFWRU (O $XWRGLGDFWR \ HO )LOyVRIR ODJULPHDQ FRPR HQ XQD QRVWDOJLD GH
FDUQDYDOHV SUHWpULWRV ¢KDEUiQ UHJUHVDGR DO ILQ ORV GtDV GH LQRFHQFLD" 3HUR OD &XDUWD
(VWDQFLD QR WDUGDUi HQ FRUWDUOHV HVRV UHWRxRV OD SUHxDGD QRFKH GHO UHFLQWR HVWi GDQGR D
OX]DTXHOODVILJXUDVHQVROLGH]TXHGHEHQFRQFUHWDUVHDKRUD<HVHO)DOVR(GLSRTXLHQVDOH
GHODRVFXULGDG
³¢1RKDQYLVWRSRUDTXtDOGRFWRU)UHXG"³LQTXLHUHWDQWHDQGRHODLUHFRQVXEDVWyQGH
FLHJR
³$TXtHVWR\0DMHVWDG³OHFRQWHVWDHO)DOVR'RFWRU)UHXGTXHDSDUHFHDVXGHUHFKD
³£'RFWRU³VH DQJXVWLD HO )DOVR (GLSR³ DQRFKH VRxp TXH FRUWDED XQ KXHYR GXUR FRQ XQ
SODWRGHOR]DFRQILOHWHVGHRUR
³5HOiMHVH 0DMHVWDG ³OR KLSQRWL]D HO )DOVR 'RFWRU³ HQ HO VXHxR GHJROODED XVWHG
VLPEyOLFDPHQWH D VX LOXVWUH SDGUH \ ORV ILOHWHV GH RUR QR DGRUQDEDQ HO SODWR VLQR D OD
PDGUHLOXVWUHGH6X0DMHVWDG)OHFWHUHVLQHTXHRVXSHURV$FKHURQWDPRYHER
(O LQTXLHWDQWH /LELGR DSDUHFH GD XQ VDOWR PRUWDO GH YRODWLQHUR \ FDH MXQWR DO G~R
%DUUDQWHV%DUURVRTXHQRVHGDSRUDOXGLGR
³¢&yPR DQGD HVH TXRVTXH WiQGHP" ³OHV SUHJXQWD /LELGR HO SURWHLFR³ £1R FRQWHVWHQ
D~Q£(OTXHDYHQWXUHXQDWHRUtDPiVTXHGDH[FRPXOJDGRDXWRPiWLFDPHQWHKDVWDODFXDUWD
JHQHUDFLyQ
£2KPDGUHVHPSLWHUQD(QWUHODPDPDFXQD\ODPDPDWXPEDQRVH[KRUWDEDWXYR]QRV
LQGXFtDHQFDPLQRVLQGHVFLIUDEOHV<EDLODUHPRVGHVGHXQDQWURKDVWDHORWURFRQODYHUJD
WDQ FROJDQWH FRPR HQLJPiWLFD HQ XQ SDUpQWHVLV GH OX] TXH QRV DEULVWH \ KD GH FHUUDUVH
£RK PDPD WHQHEURVD /DV )DOVDV +LMDV GH /RW DVHGLDQ DO ILOyVRIR YLOODFUHVSHQVH TXH KD
WHPEODGRDOREVHUYDUVXVSURIXQGDVRMHUDVYLROiFHDV
³£3DGUH ³OH GLFH OD )DOVD +LMD 0D\RU³ WH GDUp YLQR HVWD QRFKH XQ YLQR FRQ HVSHFLDV

200
TXHKDFHQROYLGDU
³£<R QR VR\ WX SDGUH ³VH GHILHQGH 6DPXHO³ £<R HVWXYH \ QR HVWXYH HQ OD FLXGDG
LQFHQGLDGD
³7H GDUp YLQR HVWD QRFKH ³OH VXVXUUD OD )DOVD +LMD 0HQRU³ £3DGUH OD WLHUUD HV XQ
GHVLHUWREDMRODFHQL]D
³£1RVR\YXHVWURSDGUH³VHD]RUDHOILOyVRIR³£4XHPHUHJLVWUHQ£0LVSDSHOHVHVWiQHQ
UHJOD
(QWRQFHVOD&XDUWD(VWDQFLDGHO&KiWHDXSDUHFHDPRWLQDUVHFRQWUDORVLQWUXVRV
³£$EDMRORVPHWHFRV³JULWD/HGDHQVXRVFXULGDG
³£1RVRQFDEDOOHURV³ORVLQVXOWDGHVGHVXQRFKHXQFRURGHIODJHODQWHV\IODJHODGRV
³£/HVGDUpPLFRUQDGDKLVWyULFD³PXJHEUDYtRHOWRURGH3DVLIDH
/OHQRGHLQGLJQDFLyQHO$XWRGLGDFWROHKDFHIUHQWHDODVYRFHV
³£/RFRV ³OHV JULWD³ £6L 7LIRQHDGHV SUHWHQGH KDEHU HVWUDQJXODGR D OD /yJLFD PLHQWH
FRPRXQSUHVWLGLJLWDGRU
³/D OyJLFD HV XQ EtSHGR LQPRUWDO ³FDFDUHD 7HVOHU³ 6L 7LIRQHDGHV OD PDWy £TXH QRV
HQVHxHVXFDGiYHUDKRUDPLVPR
3HUR DO WXPXOWR GH ODV YRFHV DKRUD VH XQH XQ GHVSUHQGLPLHQWR GH IRUPDV KRVWLOHV TXH
DGTXLHUHQYROXPHQ\VHDUUDVWUDQFRQWUDORVH[SORUDGRUHV/DV)DOVDV+LMDVGH/RWLQVLVWHQ
FRPRWiEDQRVHQORVRtGRVKX\HQWHVGHOILOyVRIR
³£3DGUHVHUiHVWDQRFKH
³£%DMDUHPRVODPHFKDGHODVOiPSDUDV
³2LJDQ³GLFH/LELGRHOYRODWLQHURDOG~RTXHUHFXOD³VLHVWiQFDVWUDGRVDEDQGyQHQVHD
XQDJRUGXUDPHUDPHQWH]RROyJLFD\FDQWHQXQ7HGHXPHQOD&DSLOOD6L[WLQD
³([WUDQMHUR³UXHJDHO)DOVR(GLSRDXQ0HJDIyQHQFyOHUD³¢HOyPQLEXVGH7HEDVSDUD
SRUHVWHUHIXJLR"
<ORVFXDWURH[SORUDGRUHVUHWURFHGHQDQWHODVIRUPDVDJUHVLYDVTXHORVSHUVLJXHQ(QHO
PRPHQWRFUtWLFRXQSHVDGRWHOyQGHVHJXULGDGEDMD\ORVDtVODGHVXVDFRVDGRUHV

£'LFKRVRVORVYLDMHURVTXHWULXQIDURQHQODHVSLUDO\HOODEHULQWRDOPDVGHEU~MXODFHORVD
\ ULxRQHV SUXGHQWHV FRPR HO WLEXUyQ TXH ROIDWHD HO DQ]XHOR DQWHV GH PRUGHU ¢< TXLpQ
KDEUtDVRxDGRTXHXQLQILHUQRGHVHPERFDUDHQXQSDUDtVRFRQWUDODVOH\HVLQIOH[LEOHVGHOD
DUTXLWHFWXUD" FLHUWR HV TXH ORV FXDWUR YHQFHGRUHV GHO &DUDFRO QR HVWiQ D~Q HQ OD 4XLQWD
(VWDQFLD VLQR HQ XQ UHWUHWH GH OXMR FRQ VX ZDWHU FORVHW LPSHFDEOH VXV ODYDWRULRV GH
DODEDVWURVXVHVSHMRVEUXxLGRV\GRVYDOHWVTXHORVDJXDUGDQSXOFURV \ULJXURVRVFRPROD
PLVPD+LJLHQH3HURDTXHOUHFLQWRHQVXYXOJDULGDGQHFHVDULDORVFRQIRUWD\DVyORFRQOD
SUHVHQFLDGHVXV~WLOHVQRGHRWURPRGRVHDQLPDHOFDPHOOHURGHO6DKDUDIUHQWHDODVGRV
SDOPHUDV GH XQ RDVLV $VLVWLGRV SRU ORV YDOHWV ORV FXDWUR KpURHV GHVDJRWDQ VXV YHMLJDV
ODYDQ VXV PDQRV \ SHLQDQ VXV FDEHOORV XQR GH ORV YDOHWV FHSLOOD VXV IUDTXHV DUUHJOD VXV
FRUEDWDV \ DMXVWD VXV ERWRQHV HO RWUR OHV SXOYHUL]D XQD JDU~D GH YDOLRVRV DURPDV TXH ORV
HQYXHOYH FRPR XQ KDODJR 6DPXHO 7HVOHU FX\D LQFOLQDFLyQ D ODV GHOLFLDV RULHQWDOHV IXH
VLHPSUHPX\QRWRULD\DHVWiGLEXMDQGRLQPHQWHXQDYHUVLyQGH7LIRQHDGHVPHQRVRVFXUD
¢\VLHOJULHJRIXHVHODYtFWLPDGHXQDOH\HQGDQHJUD"¢<VLHO&KiWHDXGHV)OHXUVUHVXOWDUD
VHUXQDFULEDRILOWURSDUDLGHQWLILFDUDORVHOHFWRV"3RUVXSDUWH0HJDIyQHQVXYLJLOLDGH
OtGHU IOXFW~D HQWUH OD HVSHUDQ]D \ HO UHFHOR WDO FRPR OR KL]R HQ VX KRUD HO JUDQ 8OLVHV
4(3' (Q OR TXH VH UHILHUH D ORV LQWHJUDQWHV GHO G~R XQR \ RWUR VH GHMDQ DVHDU \
SHUIXPDUHQVLOHQFLRFRPRGRVFDQLFKHVDQWHVGHVHUSUHVHQWDGRVDXQ.HQQHO&OXE
1R ELHQ DTXHOOD OLWXUJLD GH UHWUHWH KD FRQFOXLGR ORV FXDWUR H[SORUDGRUHV HQWUDQ HQ HO
VDOyQGHODVLJQRUD3LHWUDPDODFX\DIDFLOLGDGGHDFFHVRORVDOLYLDFRPRXQEiOVDPR(QHO
VDOyQGLVFXUUHXQJUXSRGHKRPEUHVTXHYLVWHQFRPRHOORVGHULJXURVDHWLTXHWD\HVWXGLDQ

201
VLQ LQWHUpV ORV PXHEOHV \ REMHWRV GH DUWH TXH OOHQDQ OLWHUDOPHQWH DTXHO UHFLQWR 0HJDIyQ
DGPLWHLQSHFWRUHTXHODVDODHVOXMRVD\WDPELpQDGPLWHTXHVXFDUJD]yQGHSUHFLRVXUDV
OHGDHOWRQRLQFRQIXQGLEOHGHXQORFDOGHUHPDWHVFRQVXVSLH]DVELHQFDWDORJDGDV,QWHQWD
FRPXQLFDU VXV LPSUHVLRQHV D 6DPXHO 7HVOHU FXDQGR XQD GDPD VH OHV DFHUFD OHQWDPHQWH
DEULHQGRFRQVXSURVRSRSH\DXQFDPLQRIiFLOHQWUHORVLQYLWDGRVXQGHFODPDWRULRWUDMHGH
QRFKH XQD SHOXFD URMD FRQ VX WLDUD XQ WUDEDMR KHURLFR GH OD FRVPpWLFD \ XQ DOXYLyQ GH
MR\DV\FDPDIHRVGLVLPXODQHQHOODXQDHGDGDYDQ]DGDTXHVHUHVLVWHDFRQIHVDUVXQ~PHUR
³6R\ODVLJQRUD3LHWUDPDOD³GLFHDORVUHFLpQOOHJDGRV³%LHQYHQLGRVDO&HQWUR
(O 2VFXUR GH )ORUHV UHPHPRUD OD XELFDFLyQ GH DTXHOOD PXMHU HQ HO UHODWR GH /HSDUH HO
DUTXLWHFWR\UHVXHOYHQREDMDUVXJXDUGLD3HURORGRPLQDFLHUWDLQTXLHWXGDODGYHUWLUTXH
6DPXHO 7HVOHU DQWH OD VLJQRUD 3LHWUDPDOD HVWi GDQGR VHxDOHV GH XQ GRQMXDQLVPR TXH
WRGRVFUHtDQIHOL]PHQWHVXSHUDGRHQpO\TXHODPDWURQDREVHUYDFRQYLVLEOHJUDWLWXG
³&RPRGRUR ³HOOD OH GLFH OH VXVXUUD OR DFDULFLD³ ¢QR HVWDED XVWHG HQ VLWXDFLyQ GH
UHWLUR"
³6LJQRUD³OHFRQWHVWD6DPXHO³WRGDYtDVDOJRDOPDUHQODVQRFKHVGHSOHQLOXQLR
³¢&RQTXpREMHWR"
³0HJXVWDRtUHOUXLGRTXHKDFHQODVYLHMDVDOHVWUHOODUVHFRQWUDORVDUUHFLIHV
³£&RPRGRUR¢0HKDUiFUHHUTXHKD\IXHJRWRGDYtDHQODVQLHYHVGHDQWDxR"
³6LJQRUDGHVFRQItHGHORVYROFDQHVTXHVHRFXOWDQHQVXPRGHVWLD¢1ROHJXVWDUtDVHUOD
PXJLGRUDFRQVRUWHGHOWRUR"
³1ROHYHRODVJXDPSDVDODQLPDO³UtHODPDWURQD
³(V TXH ODV OOHYD GH ULJXURVR LQFyJQLWR ³OH DVHJXUD 6DPXHO UHWRUFLpQGRVH XQ PRVWDFKR
WDQJDODQWHFRPRLQYLVLEOH
/D VLJQRUD 3LHWUDPDOD JUDWLILFy D 6DPXHO FRQ XQ JROSH GH DEDQLFR HQ HO SHFKR TXH OH
KDFHWLQWLQHDUODVPHGDOODV/XHJRVHGLULJHDXQHVWUDGRFRPRGHRUDGRUVXEHDpO\SDVHD
XQDPLUDGDWUDQTXLODVREUHORVDVLVWHQWHVTXHODFLUFXQGDQ\D
³6HxRUHV³OHVGLFH³£DWHQFLyQV
LOYRXVSODLW1RLQVXOWDUpODLQWHOLJHQFLDGHXVWHGHVDO
DQXQFLDUOHV TXH QXHVWUD (QWLGDG ORV UHFLEH QR FRPR LQYLWDGRV D XQ FOXE VLQR FRPR D
KRPEUHV GH VHOHFFLyQ TXH DFDEDQ GH WULXQIDU HQ XQD H[SHULHQFLD KLVWyULFD 6HxRUHV HO
OODPDGR &DUDFRO GH 9HQXV HV HQ UHDOLGDG HO VHUSHQWtQ GH XQ DODPELTXH GRQGH DOJXQRV
PRUWDOHVFRPRXVWHGHVOOHJDQDOWpUPLQRIHOL]GHVXGHVWLODFLyQPLHQWUDVORVRWURVTXH
VRQPD\RUtDVHTXHGDQHQHOVHGLPHQWR\HVFRULDGHODHVSLUDO(O*UDQ6H[yORJRTXHGLULJH
QXHVWUR,QVWLWXWRKDSUHGLFKRWUDVIDWLJDUVXFDOFXODGRUDHOHFWUyQLFDTXHODHGDGSUHVHQWH
GHODVH[RWpFQLFDOOHJyDVXILQ\TXHVHLQLFLD\DXQDYDQJXDUGLDFX\RDWUHYLGRHVTXHPD
OHV DGHODQWDUp DKRUD 7RPHQ XVWHGHV HO UHFWiQJXOR FOiVLFR GH XQ OHFKR PDWULPRQLDO \
WUiFHQOHVXVGLDJRQDOHVSDUDXELFDUHOHSLFHQWURIHOL]GHODVDFFLRQHV(QHVHSXQWRFUXFLDO
KDQ GH LQVWDODUVH ORV GRV WpUPLQRV GH XQD IXWXUD SDUHMD HO XQR VREUH OD RWUD VHJ~Q XQ
SDUDOHOLVPRQHFHVDULR\UHVSRQGLHQGRDORVQREOHVILQHVGHODQDWXUD&ODURHVWiVHxRUHV
TXHXQDUHYROXFLyQWDQIRUPLGDEOHVHUiUHVLVWLGDSRUORVTXHD~QWUD]DUiQHQHOUHFWiQJXOR
VXVYLHMDV\HQJRUURVDVFRRUGHQDGDV3HURHVWiGLFKR1DWXUDQRQIDFLWVDOWXV
&RQJUDQLQWHUpVORVHOHFWRVKDQVHJXLGRHODOHJDWRGHODPDWURQD6DPXHO7HVOHUHVXQD
HVILQJH TXH PDQWLHQH VX WHUFLR GH VRQULVD \ 0HJDIyQ HVWi SUHJXQWiQGRVH TXp LQVLQ~D OD
VLJQRUD3LHWUDPDODHQVXH[RUGLRpWLFRFLHQWtILFR
³/RJUDGR HO FHQWUR GHO iUHD UHFWDQJXODU ³FRQWLQ~D HOOD³ HV QHFHVDULR GLVFHUQLU ORV
DWULEXWRVGHODSDUHMDTXHVHKDGHPRYHUHQHVHSXQWRHVWUDWpJLFRGHODFDPD£6HxRUHV
ELHQVp\RTXHXVWHGHVJRWDVEULOODQWHVORJUDGDVHQQXHVWURVHUSHQWtQ FRQILJXUDQXQSUL
PHUWpUPLQRH[FHOHQWHGHODHFXDFLyQ3HUR¢\HOVHJXQGR"¢<(OOD"
³¢4XpQRVTXLHUHLQVLQXDU"³OHSUHJXQWD0HJDIyQHQXQFRPLHQ]RGHLQTXLHWXG
³£(OOD³UHVSRQGHODVLJQRUD3LHWUDPDODTXHDVXPHXQWRQRGH&HOHVWLQDWUDVFHQGHQWDO³

202
£$KVHxRUHVYR\DSUHVHQWDUOHVXQDMR\D~QLFDODSHUODGH$VLDHOGLDPDQWHGH7UDQVYDDO
ODIORUGHXQMDUGtQHGpQLFRTXHVHOORUDFRPRSHUGLGR£6HxRUHVXQD0XMHU
6DPXHO 7HVOHU \D QR VRQUtH \ 0HJDIyQ KD WHPEODGR FRPR VL OR OODPDVHQ GHVGH XQD
VRxDGDOHMDQtD
³£6LJQRUD³OHSUHJXQWD³¢HVWDPRVHQOD&iPDUD&HQWUDOGHO&KiWHDX"
³0X\H[DFWDPHQWH³OHUHVSRQGHODVLJQRUD3LHWUDPDODFRQDLUHEHDWR
³¢<HVDPXMHUQRVHOODPD/XFtD)HEUHUR"
³¢3RUTXpQRKLMR"
³¢1RVHODFRQRFHWDPELpQFRQHOQRPEUHGHOD1RYLD2OYLGDGD"
³£+LMRHVWiVTXHPiQGRWH
³¢1R HV IXH \ VHUi OD PiV GHVQXGD HQWUH ODV YHVWLGDV \ OD PiV YHVWLGD HQWUH ODV
GHVQXGDV"³LQVLVWH0HJDIyQFRPRDUUHEDWDGR³¢1RHVODGHPLOQRPEUHV\QLQJXQR"
³£-HIH³OHVXVXUUD%DUUDQWHV³QRSLHUGDODOtQHD£1RVHVWiQREVHUYDQGR
³£$WWHQWL-HIH³DxDGH%DUURVR³£1RPXHVWUHVXMXHJRDQWHVGHYHUODPHUFDGHUtD
(Q HVH LQVWDQWH OD VLJQRUD 3LHWUDPDOD GLULJLpQGRVH D XQ SHTXHxR HVFHQDULR GHVFRUUH
WHDWUDOPHQWHVXFRUWLQD\SUHVHQWDGHV~ELWRDOD0XMHUTXHDQXQFLyFRQWDQWDVROHPQLGDG
(V XQD 9HQXV FX\D GHVQXGH] WUHPHQGD SDUHFH ODVWLPDU D OD PLVPD OX] TXH GHVWDFD VXV
IRUPDV\HVWiJULWDQGR HOHORJLRGHVXVPHGLGDVDUTXLWHFWXUDOHV(OILOyVRIRYLOODFUHVSHQVH
REVHUYD HQ DTXHO PRGHOR IHPHQLQR FLHUWD ULJLGH] TXH VLQ GXGD WUDH GH VX DPRURVD
JHRPHWUtD \ HO 2VFXUR GH )ORUHV DODED HQ HOOD FLHUWR UHFDWR TXH DWULEX\H DO WtPLGR
EDOEXFHDU GH OD KHUPRVXUD 7RGRV OR KRPEUHV GH OD 4XLQWD (VWDQFLD GHSRQLHQGR ODV
UHVHUYDV TXH KDEtDQ H[WHULRUL]DGR KDVWD HQWRQFHV URGHDQ D OD 9HQXV \ PLGHQ D RMR OD
FXDQWtDGHVXVUHFXUVRVQDWXUDOHV
³(VWD SUHFLRVLGDG ³ORV DOLHQWD OD VLJQRUD 3LHWUDPDOD³ XQH DO WHVRUR GH VXV HQFDQWRV
ItVLFRV WRGD OD VDELGXUtD TXH VH SXHGH DGTXLULU HQ ODV PiV H[LJHQWHV XQLYHUVLGDGHV
£3UHJ~QWHQOHVHxRUHV\HOODOHVUHVSRQGHUiFRPRXQD(QFLFORSHGLD
8QRGHORVKRPEUHVDFHSWDHOGHVDItR\HQIUHQWiQGRVHFRQOD9HQXVLQWHUURJD
³¢&XiOHVODUHDFFLyQGHXQDPH]FODGHFORUR\GHJDVKLGUyJHQRLQLFLDGDSRUXQUD\RGH
OX]"
³(OFXDQWRGHOX]HVDEVRUELGRSRUXQDPROpFXODGHFORUR\KDFHTXHpVWDVHHVFLQGDHQ
GRV iWRPRV GH FORUR &O  OX]  &O  &O ³OH UHVSRQGH OD 9HQXV³ /RV iWRPRV GH FORUR
UHDFFLRQDQFRQODVPROpFXODVGHKLGUyJHQR&O+ +&/+HOHFWURYROWLRV
(ODVRPEURGHORVDVLVWHQWHVGHVSXQWDHQXQPXUPXOOR
³¢1RHVXQiQJHO"³VHGHOHLWDODVLJQRUD3LHWUDPDOD
³2LJDELHQVHxRULWD³LQTXLHUHGHOD9HQXVXQVHJXQGRLQWHUURJDGRU³/DSRWHQFLDGHXQ
PRWRUHOpFWULFRSDUD9HVGH+3¢&XiOHVODLQWHQVLGDGGHODFRUULHQWHVXSRQLHQGR
TXHVHDSURYHFKDODHQHUJtDHQXQ"
³/DUHVSXHVWDHV$³GLFHOD9HQXVFRPRHQXQDUUXOOR
³£$SUREDGD³VHJR]DHOVHJXQGRLQWHUURJDGRUVXEOLPDGR
0DVHOWHUFHUR\QRHVRWURTXH%DUUDQWHVDVXYH]LQWHUURJD
³6HxRULWD¢TXLpQJDQyHQ6DQ,VLGURHOFOiVLFR$QFKRUHQD"
³%RWLTXtQ³OHUHVSRQGHOD9HQXV³FRQODPRQWDGHOMRFNH\/RVDGDSRUXQDFDEH]D\HQ
XQWLHPSRGH\XQTXLQWR6SRUW
³£,QFUHtEOH³VHSHUVLJQD%DUUDQWHV
<HV%DUURVRTXLHQDKRUDSUHJXQWDHQVXHQWXVLDVPR
³¢&XiQWRVPLQLVWURVKXERGXUDQWHODJUDFLRVDWLUDQtDGHOJHQHUDO*RQ]iOH]&DEH]yQ"
³'RVFLHQWRV QXHYH PLQLVWURV ³FDQWXUUHD OD 9HQXV³ WRGRV MXUDGRV WUDQVH~QWHV \
FHVDQWHV
8Q PXUPXOOR GH LQGLJQDFLyQ VH KDFH RtU HQ OD 4XLQWD (VWDQFLD ORV LQWHJUDQWHV GHO G~R

203
KDQSURIDQDGRODPDWHULD
³£1R WROHUDUp TXH OD SROtWLFD VH LQWURGX]FD HQ HVWH VDQWXDULR ³JULWD OD VLJQRUD
3LHWUDPDOD³¢4XLHUHQTXHPHFODXVXUHQHO,QVWLWXWR"
/DSD]UHWRUQDFXDQGRHOILOyVRIR7HVOHUHQIUHQWDQGRDOD9HQXVLPSRQHVXUHFRQRFLEOH
DXWRULGDG
³6HxRULWD³ODLQWHUURJD³HODSHLUyQGH$QD[LPDQGURHQWUDHQODQDWXUDQDWXUDWDRHQ
ODQDWXUDQDWXUDQV"
³$QD[LPDQGURQRGLVSRQtDGHXQFLFORWUyQSDUDVDEHUOR³DUJX\HODH[DFWDFULDWXUD
³£%UDYR ³DSODXGH 6DPXHO³ (V HYLGHQWH TXH 7LIRQHDGHV KD ORJUDGR HQ HVD KHUPRVD
FDEHFLWDXQYDFtRDEVROXWR
3HURHV0HJDIyQTXLHQKDGHDERUGDUILQDOPHQWHDOD9HQXVHQFLFORSpGLFD6XJUDYHGDG
DFXVDXQGUDPDtQWLPRTXHDKRUDLQWX\HQORVDVLVWHQWHV
³£/XFtD³OHGLFH³WHYLHQVXHxRVXQDQRFKH+DELWDEDVHOFHQWURGHXQDHVSLUDOGREOH
FX\DYLEUDFLyQFRQVWUXtD\GHVPRURQDEDORVPXQGRV£/XFtD¢HVYHUGDGORTXHVRxp"
&RQWHQLHQGRVXVUHVSLUDFLRQHVORVDVLVWHQWHVDJXDUGDQODUHVSXHVWDGH9HQXV
³1R PH JXVWD YLYLU HQ XQD HVSLUDO QL PHQRV HQ XQD FDMD GH FRPSDVHV ³OD R\HQ
UHIXQIXxDU JUDFLRVDPHQWH³ 4XLHUR XQ G~SOH[ GH OXMR FRQ GLH] DPELHQWHV RFKR EDxRV \
WUHVFRFLQDV
³£%LHQ³DSUXHEDODVLJQRUD3LHWUDPDOD³¢1RXQHDVXFLHQFLDXQDSUXGHQFLDGH YDORU
LQFDOFXODEOH"
<UHJUHVDQGRDVXSXSLWUHOHYDQWDXQSHTXHxRPDUWLOORGHUHPDWDGRU
³3XHVELHQVHxRUHV³GLFH³YR\DSRQHUHVWDMR\DHQS~EOLFDVXEDVWD\VREUHODEDVHGH
RFKHQWD PLO GyODUHV 2FKHQWD PLO GyODUHV £PHQRV GH XQ yOHR GH 3LFDVVR ¢4XLpQ RIUHFH
RFKHQWDPLOGyODUHVSRUHVWD9HQXV"
(QWRQFHV0HJDIyQTXHKDGLJHULGR\DVXGHVHQJDxRVHGLULJHDORVKRPEUHVGHOD4XLQWD
(VWDQFLD\OHVDGYLHUWH
³£1R KDJDQ SRVWXUDV £(VD PXMHU QR HV /XFtD )HEUHUR QL HVWDPRV HQ OD &iPDUD &HQWUDO
GHO&KiWHDXGHV)OHXUV£8QDEXUGDIDOVLILFDFLyQGHOD1RYLD2OYLGDGDHVORTXHQRVUHIULHJD
HQODQDUL]HVHLPSRVWRUGH7LIRQHDGHV
< UHFREUDQGR VX HVWDWXUD GH OtGHU RUGHQD ILHUDPHQWH D ORV WUHV H[SORUDGRUHV TXH KDQ
VREUHYLYLGRFRQpO
³£&DPDUDGDVYD\DPRVDOFHQWURPLVPRGHO&DUDFRO
3RUHOHVFHQDULRHQTXHD~QVHH[KLEHODIDOVD/XFtDKX\H0HJDIyQVHJXLGRSRU6DPXHO
7HVOHU\HOG~R%DUUDQWHV%DUURVRORVFXDWURXQiQLPHVHQHOGHVLJQLRGHXQDHVFDODGDILQDO
6DOHQ D XQD JDOHUtD FRUYD GRQGH \D UHVXHQDQ ORV WLPEUHV \ VLOEDWRV TXH OD VLJQRUD
3LHWUDPDOD VLQ GXGD SXVR HQ DFFLyQ GHVGH VX SXSLWUH $ OD FDUUHUD ORV IXJLWLYRV WRPDQ OD
JDOHUtDTXHVHGLYLGHPX\OXHJRHQGRVFRUUHGRUHVXQRDODGHUHFKD\RWURDODL]TXLHUGD
%DUUDQWHV\%DUURVRHQVXSiQLFRHOLJHQHOFRUUHGRUL]TXLHUGR£\HVWiQSHUGLGRV$WHQWRV
D OD OtQHD FRQFpQWULFD GH OD HVSLUDO HO $XWRGLGDFWR \ HO ILOyVRIR 7HVOHU HOLJHQ HO FRUUHGRU
GHUHFKRTXHKDGHOOHYDUORVDOD&iPDUD&pQWULFD6tDORVWLPEUHV\SLWRVDKRUDVHXQHQ
ODVYRFHVGHORVDOHUWDGRVJRULODVGH7LIRQHDGHVTXHEXVFDQ\VHDOLHQWDQHQORVSDVDGL]RV
GHO &DUDFRO < ORV GRV ILQDOLVWDV GH OD FDUUHUD 0HJDIyQ \ 6DPXHO FRUUHQ D~Q GRV HVSLUDV
PX\FHUUDGDVDQWHVGHOOHJDUDOH[WUHPRGHODFXUYDGRQGHXQD3XHUWDVHOHVRIUHFHRQR
¢TXLpQORVDEH"

&RPR KLVWRULDGRU R FURQLVWD GH OD JHVWD PHJDIRQLDQD GHER DFODUDU DKRUD TXH ORV
HSLVRGLRV RFXUULGRV HQ OD FiPDUD FHQWUDO GHO &KiWHDX PH IXHURQ UHYHODGRV SRU 6DPXHO
7HVOHUDQWHV GHVXHVSHFWDFXODUGHFHVRHQODFDVDGH'DYLGHOFLUFXQFLGDGRU\KDOOiQGRVH
QXHVWURILOyVRIRHQHOSOHQRXVRGHVXVIDFXOWDGHV1RGHVFDUWRODKLSyWHVLVGHTXH6DPXHO

204
GDGD VX LQFOLQDFLyQ DO VLPEROLVPR KD\D GHFRUDGR DOJ~Q KHFKR FRQ SiPSDQRV GH VX YLxD
LQGLYLGXDO FRPR OD GHVFULSFLyQ GH OD 3XHUWD TXH VHJ~Q HO ILOyVRIR YLOODFUHVSHQVH QR HUD
XQD VLQR FXiGUXSOH \ OD LQWHJUDEDQ FXDWUR KRMDV GHVGH OR H[WHULRU D OR LQWHULRU XQD GH
KLHUURXQDGHFREUHXQDGHSODWD\XQDGHRUR
/R HVHQFLDO HV TXH XUJLGRV SRU HO WXPXOWR GH FDFHUtD TXH UHVXHQD HQ ORV FRUUHGRUHV
0HJDIyQ \ 6DPXHO DGYLHUWHQ TXH OD 3XHUWD VH DEUH D OD VROD SUHVLyQ GH VXV PDQRV \ HVD
IDFLOLGDGHQHODFFHVROHVSDUHFHXQEXHQVtQWRPD(QWUDQORVGRVHQORTXH\DQRGXGDQHV
ODHVWDQFLDFHQWUDOGHO&DUDFROGH9HQXV\HQDWHQFLyQDVXVDXGLEOHVFD]DGRUHVYXHOYHQD
FHUUDUOD3XHUWDFRQVXOODYH\VXSDVDGRU(QWRQFHVORVPDUDYLOODHOVLOHQFLR\ODQRFKHTXH
SDUHFHQUHLQDUHQHVHFODXVWURHVXQVLOHQFLRHQHOTXHQRREVWDQWH SDUHFHUtDEXOOLUHQ
JHUPHQ WRGD OD P~VLFD SRVLEOH \ HV XQD QRFKH TXH VLQ HPEDUJR SDUHFHUtD JHVWDU HQ VX
YLHQWUHUHGRQGRWRGDVODVSRVLELOLGDGHVGHODOX]<MXVWDPHQWHDOOtHQHOiUHDFHQWUDOGH
DTXHOOD QRFKH \ DTXHO VLOHQFLR 0HJDIyQ GLVWLQJXH DKRUD HO SHGHVWDO HQ TXH VH \HUJXH OD
0XMHU (QFDGHQDGD 6HPHMDQWH DO YLDMHUR HQ H[LOLR TXH UHJUHVD \ YXHOYH D FRQWHPSODU HO
URVWUR GH VXV DPRUHV 0HJDIyQ VH FRQWXUED \ VLHQWH TXH OiJULPDV GH DOLYLR FRUUHQ SRU VXV
PHMLOODVHQDTXHOODPXMHUKDUHFRQRFLGRDOD1RYLD2OYLGDGDODTXHWDQWDVYHFHVPHGLWy
pOHQVXYLJLOLD\DFDULFLyHQVXVXHxR´£/XFtDµTXLHUHJULWDU\QRFXDMDVXJULWR$OYHU
ODV FDGHQDV TXH RSULPHQ VXV WRELOORV \ ORV JULOOHWHV TXH DSULVLRQDQ VXV PXxHFDV HO
$XWRGLGDFWRVLHQWHTXHXQIXURUYHQJDWLYROHDFHOHUDODVDQJUH3HURQRWDUGDHQDGYHUWLU
TXH /XFtD )HEUHUR £\ WRGD HOOD HV XQ FDQWR D OD OLEHUWDG \ XQD ULVD GH OLEHUWDG \ XQD
GDQ]D FDOLHQWH GH OD OLEHUWDG FRPR VL OD LQWHJUDVH XQD EDQGDGD LQPHQVD GH SDORPDV HQ
YXHOR<HVDTXtGRQGH0HJDIyQTXHKDWULXQIDGRUHFLEHGHOD1RYLDSULPHUR´ODPLUDGDµ
HQVHJXLGD´HOVDOXGRµ\ILQDOPHQWH´ODYR]µ
(QWUHWDQWRORVJRULODVGH7LIRQHDGHVOOHJDQIUHQWHDOUHFLQWRFHQWUDO<HQFRQWUDQGRVX
SXHUWDFHUUDGDJULWDQGHIXURUKDFHQUHGREODUVXVSXxRVHQODKRMDTXHUHVLVWH\XWLOL]DQ
VXV KRPEURV D PDQHUD GH DULHWHV &RQFHQWUDGR HQ OD OX] GH VX YLFWRULD 0HJDIyQ QR
DGYLHUWHQLDGYHUWLUiHOSHOLJURTXHORDPHQD]DGHVGHDIXHUDPiVHOILOyVRIR7HVOHUDVX
ODGR\VLQSHUGHUODGLJQLGDGPLGHODUHVLVWHQFLDGHODSXHUWDEDMRORVJROSHV\FDOFXODHO
ULHVJR GH XQD EDWDOOD LQPLQHQWH /D SXHUWD FDH DO ILQ \ WUHV PDWRQHV GH FLQHPDWyJUDIR
HPSXxDQGRVXVFDFKLSRUUDVDVDOWDQHOUHFLQWRFRQHOIXHJRGHVXVRMRV\HOLQVXOWRHQVXV
MHWDVDJUHVLYDV
$OSULPHURTXHYHQHVD0HJDIyQHOFXDOHUJXLGRDQWHOD1RYLD2OYLGDGDPXHVWUDHQORV
ODELRVODVRQULVDGHVXp[WDVLV/RVWUHVUXILDQHVHVWXGLDQDXQHQHPLJRTXHQRVHGHILHQGH
QL VH GHIHQGHUi \ XQD UDELD LQFRQWHQLEOH GHVSLHUWD HQ HOORV DO YHU DTXHOOD VRQULVD PiV
GHVDILDQWHTXHXQDFHUR8QRGHORVJRULODVFUX]DHOURVWURGH0HJDIyQFRQGRVERIHWDGDV
DODL]TXLHUGD\DODGHUHFKDSHURQRORJUDERUUDUVXVRQULVDTXHVHPDQWLHQHILUPHFRPR
XQ UHWR (QWRQFHV ORV UXILDQHV DO]DQ VXV FDFKLSRUUDV \ ODV GHMDQ FDHU VREUH OD FDEH]D GH
0HJDIyQTXHQRVHLQFOLQDEURWDODVDQJUH\FRUUHGHVGHVXIUHQWHDORVSyPXORVODERFD\
HOPHQWyQ\ODVRQULVDGHO2VFXURVLJXHDELHUWDFRPRXQDIORUHQXQEDUURVDQJULHQWR/RV
JROSHVFDHQDKRUDHQVXVKRPEURVHQVXVHVSDOGDV\HQVXVIODQFRV0HJDIyQFDHSULPHUR
GHURGLOODV\HOKXHVRGHVXVUyWXODVFUXMHDOFKRFDUHQHOSDUTXHW$OILQVHGHUUXPEDODUJR
D ODUJR FRQ OD UHJLyQ YHQWUDO HQ HO VXHOR \ DO GDUOR YXHOWD FRQ VXV SLHV IXULRVRV ORV
PDWRQHVGHVFXEUHQD~QODWHUULEOHVRQULVDGHOFDtGR(QWRQFHVDOEXVFDUXQRSRQHQWHPiV
DFWLYRGHVFXEUHQD6DPXHO7HVOHUTXHORVKDHVWXGLDGRHQVXREUDVDQJULHQWDGHYRWRKLMR
GHXQSXHEORVDFULILFLDO
$OYHUORVDFHUFiUVHOHVFRQVXVFDFKLSRUUDVHQDOWR6DPXHO7HVOHUVHGLFHTXHODOtQHDGHO
LQWHOHFWR QR HV OD UHFWD GHO JRULOD HQ DWDTXH VLQR OD FXUYD GHO ILOyVRIR TXH VRVOD\D XQ
REVWiFXORSRUFLUFXGHVSOD]DPLHQWR&RQDGPLUDEOHVDQJUHIUtDGHMDTXHVHOHDFHUTXHQORV
PDWRQHV\FXDQGRHOORVYDQDGHVFDUJDUOHVXVFDFKLSRUUDVHOILOyVRIRORVHVTXLYDVHJ~QXQ

205
SDVHGHWDXURPDTXLDWUD]DGRFRPRDFRPSiV'RVYHFHVPiVORDWDFDQORVJRULODV\RWUDV
WDQWDVPDORJUDpOVXVLQWHQWRVFRQORVUHFXUVRVGHODUWH0DVDODWHUFHUDXQFDFKLSRUUD]R
WDQJHQWHGDHQHOKRPEURGH6DPXHOTXHVHGHVSORPD(QWHQGiPRVORELHQHOILOyVRIRVDEH
TXH DTXHO JROSH QR DIHFWy QLQJXQD GH VXV FXHUGDV YLWDOHV SHUR VH GHMD FDHU \ VH KDUi HO
PXHUWRVHJ~QDQWLJXDVHLQROYLGDEOHVHVWUDWHJLDVFRQORTXHSRGUiVHJXLUHQORYLVLEOH\OR
DXGLWLYRORV~OWLPRVLQFLGHQWHVGHO&KiWHDXGHV)OHXUV
,QPyYLOHQHOVXHOR\FRQWHQLGDVXUHVSLUDFLyQHOIDOVRFDGiYHUGH6DPXHODGYLHUWHTXH
GRV SHUVRQDMHV HQWUDQ HQ OD FiPDUD XQ KRPEUH FDVL HQDQR TXH YLVWH XQD W~QLFD JULHJD
OXFH XQD FRURQD GH ODXUHO HQ VX FDOYLFLH \ DYDQ]D FRQ JURWHVFD PDMHVWDG HQWUH IDOVRV
KRSOLVWDV TXH OR DOXPEUDQ FRQ VXV KDFKRQHV DQDFUyQLFRV GHWUiV XQD PXMHU HQ OD TXH
UHFRQRFH 7HVOHU D OD VLJQRUD 3LHWUDPDOD ELHQ TXH DKRUD FRQ VXV DIHLWHV GHUUHWLGRV \ VX
SHOXFDURMDTXHVHOHFRUUHDORFFLSLWDO
³£0DHVWUR 7LIRQHDGHV ³OORULTXHD OD VLJQRUD 3LHWUDPDOD³ VyOR IXH XQ DFFLGHQWH GH
VHUYLFLR £/D JXDUGLD PXHUH SHUR QR VH ULQGH £0DHVWUR 7LIRQHDGHV XQD FRQH[LyQ TXH VH
DIORMD\WRGRHORUJDQLVPRVHYLHQHDOVXHOR
³6LQRIXHUDVXQDSXWDUHGRPDGD³OHGLFH7LIRQHDGHV³KDEUtDVWHQLGRHORMRSXHVWRHQ
ODERXWLTXH\QRHQWXVHVW~SLGDVYDQDJORULDV%LHQGLMRHOJUDQ$QDFUHRQWHGHVFRQItDGH
XQDSXWDVLHOWRUUHQWHGHORVDxRVODHPSXMyDORVGHOLULRVGHODFRVPpWLFD
'LFKRORFXDO7LIRQHDGHVFRPRXQ1HUyQGHXWLOHUtDEDMRVXODXUHOVH GLULJHDOFXHUSR
\DFHQWHGH0HJDIyQ\ORHVWXGLDFRQPLUDGDFUtWLFD
³¢(VWiPXHUWR"³SUHJXQWD
³£6HxRU³OHGLFHXQRGHORVJRULODV³\RPLVPRORGHVJUDFLpFRQHVWDFDFKLSRUUDTXHQR
PHGHMDUiPHQWLU
³£8VWHGHV³UH]RQJD7LIRQHDGHVHQFDUiQGRVH\DFRQVXVPDWRQHV³¢4XpKDFtDQXVWHGHV
PLHQWUDVHOHQHPLJRIRU]DEDHOW~QHO"£<DORVpWUXFR\JLQHEUDHQODFRFLQD
³£6HxRU³JUXxHQHOORVFRQODVRUHMDVJDFKDV
³£$ YHU FXiGUHQVH WRGRV ³OHV RUGHQD 7LIRQHDGHV³ *ULWHQ D XQD YR] \ FRQ PtPLFD
´£6RPRVWUHVKLMRVGHSXWDµ
³£6RPRVWUHVKLMRVGHSXWD³FRUHDQORVJRULODVXQiQLPHV
³£4XpELHQORKDQGLFKR³DSUXHED7LIRQHDGHV³¢9HQGUiRQRHVHFDUQLFHUR"
³6HxRU³OHDQXQFLDODVLJQRUD3LHWUDPDOD³HOFDUQLFHUR7ULPDUFRHVWiHQODSXHUWD
8QKRPEUyQGHMHWDEHVWLDO\PLUDGDOLELGLQRVDHQWUy\DHQHOUHFLQWR\VHLQFOLQDIUHQWH
DOGpVSRWDJULHJR
³7ULPDUFRDODRUGHQ³ORDGXOD
(QWRQFHVHOJULHJROHPXHVWUDHOFDGiYHUGH0HJDIyQ
³7ULPDUFR³OHVXJLHUH³¢FXPSOLUiXVWHGQXHYDPHQWHODJUDQREUDGHOFXFKLOOR"
³7ULPDUFR D OD RUGHQ ³YXHOYH D GHFLU HO FDUQLFHUR³ £6HxRU ³DxDGH FRQ DQJXUULHQWD
PLUDGD³¢SXHGRFRQILDUHQTXHODJUDQPRURFKDGHOR%VHUiPtD"
³£9D\D\FXPSOD³OHVRQUtH7LIRQHDGHV
(Q VXV ~OWLPRV UHFXHUGRV HO ILOyVRIR YH DO FDUQLFHUR 7ULPDUFR OOHYiQGRVH D FXHVWDV HO
FDGiYHUGH0HJDIyQ<VHYHDVtPLVPRDUUDVWUDGRSRUORVJRULODVFRPRXQDEROVDGHSDSDV
$O FHUUDU PL QRYHQD UDSVRGLD WDPELpQ GR\ ILQ DO UHODWR GH ORV KHFKRV TXH DWDxHQ D OD
1RYLD 2OYLGDGD \ DO $PDQWH 3HUGLGR FX\D OH\HQGD QR WHUPLQy DTXt 7UHV PXQGRV HQ
VXSHUSRVLFLyQRWUHVEDUULRVHQHVFDODGDLQWHJUDQD%XHQRV$LUHVODFLXGDGGHODSDORPD(Q
DOJXQRGHORVWUHVYLYHD~Q\YLYLUi/XFtD)HEUHURDODOFDQFHGHORVSRHWDVTXHODEXVTXHQ

206
 5$362',$;

+DEtDWUDQVFXUULGRODQRFKHLQPHQVDGHO&KiWHDXGHV)OHXUV\DYDQ]DGRHOQXHYRGtDHQ
XQDFLXGDGTXHVHPRVWUyLQGLIHUHQWHSRUTXHJXDUGDEDRWURVHFUHWR3DWULFLD%HOOTXHQR
KDEtD GRUPLGR VLJXLy HVFXFKDQGR HO DOHUWD GH VXV SUHPRQLFLRQHV HQ HO GRUPLWRULR HQ HO
FRPHGRU \ HQ OD WRUUH GHO FKDOHW FRQ HO JDWR 0DQGLQJD WDPELpQ HOpFWULFR GH SUHVDJLRV
+DFLD HO PHGLRGtD YLHQGR TXH 0HJDIyQ QR UHJUHVDED WHOHIRQHy VXV LQTXLHWXGHV DO SLORWR
&RUDJJLR HO PDULQHUR OH UHILULy TXH WRGD OD QRFKH VH KDEtD PDQWHQLGR DO SDLUR IUHQWH DO
&KiWHDX DWHQWR D FXDOTXLHU HPHUJHQFLD GH ORV H[SORUDGRUHV TXH ORV REOLJDVH D XQD IXJD
SRUHOUtR\TXHDODPDQHFHUQRKDELHQGRUHJLVWUDGRQLQJXQDVHxDOKDEtDUHJUHVDGRFRQ
HO ´6XUXEtµ D OD EDVH \ FRQ XQ WHUFLR GH PiTXLQD (VDV SUHFLVLRQHV GHO LGLRPD QDYDO QR
WUDQTXLOL]DURQ D 3DWULFLD %HOO TXH PDQWXYR VX DFHFKDQ]D LQ~WLO GHVGH OD WRUUH 3HUR DO
DQRFKHFHUGHOPLVPRGtDOHOOHJDURQRWUDVQXHYDVHQXQQLJKWFOXEGH2OLYRVDFDEDEDGH
VHU ORFDOL]DGR HO G~R %DUUDQWHV \ %DUURVR FRQ VXV IUDTXHV \ VXV LPDJLQDFLRQHV HQ XQ
GHVTXLFLR WDO TXH DODUPy D ORV SURSLHWDULRV GHO HVWDEOHFLPLHQWR %DUUDQWHV \ %DUURVR
H[LJtDQ ZKLVNLHV GREOHV \ KDEODEDQ GH XQ &DUDFRO DVRPEURVR GRQGH SXWDV \ HIHERV GH XQ
OXMR LQGHFLEOH WUDEDMDEDQ DO VHUYLFLR GH ODV PiV H[LJHQWHV ROLJDUTXtDV &ODUR HVWi TXH ORV
LQYHVWLJDGRUHV SROLFLDOHV DWULEX\HURQ HVRV GHOLULRV D XQ ´YLDMHµ GH iFLGR OLFpUJLFR GHO TXH
%DUUDQWHV \ %DUURVR DFDEDEDQ GH UHJUHVDU FRQ VXV ED~OHV OOHQRV GH PDULSRVDV < FRPR HO
G~R IXHVH LQFRPXQLFDGR HQ DYHULJXDFLRQHV 3DWULFLD QR ORJUy DFHUFDUVHD HOORV QL REWHQHU
DOJ~QGDWRTXHODRULHQWDUDHQVXDQJXVWLDFUHFLHQWH
$OFDERGHRWUDQRFKHTXHSDUHFLyHWHUQL]DUVH3DWULFLD%HOOUHFLELyPX\GHPDxDQDXQ
OODPDGRWHOHIyQLFRGH'DYLGHOFLUFXQFLGDGRU6DPXHO7HVOHUKDEtDUHJUHVDGRDODFDVDGH
9LOOD&UHVSRHQDODUPDQWHVFRQGLFLRQHV/XFKDQGRHQWUHVXWHPRU\VXHVSHUDQ]DHOODYROy
DO HQFXHQWUR GH 'DYLG \ OR KDOOy MXQWR D OD FDEHFHUD GHO ILOyVRIR TXH GRUPtD XQ VXHxR
DJLWDGR\DVSLUDEDHODLUHUXLGRVDPHQWHFRPRHQXQDJXODGHDWPyVIHUD(OFLUFXQFLGDGRU
HQYR]EDMDVLQWHWL]ySDUDHOODHOUHODWRTXHGHVXDYHQWXUDOHKDEtDKHFKR7HVOHUDTXHOOD
PDGUXJDGDHOILOyVRIRKDEtDGHVSHUWDGRHQORVERVTXHVGH3DOHUPRKXQGLGRWRGRpOHQXQD
PRUWDMDGHKRMDVRWRxDOHVTXHKDFtDGLItFLOVXUHVSLUDFLyQ$OHPHUJHUGHDTXHOODWXPED\
DGYHUWLU HO DVSHFWR UXLQRVR GH VX IUDF 6DPXHO HQWHQGLy TXH GHEtD RFXOWDUVH GHO DOED
LQGLVFUHWD \ UHJUHVDU DO EDUULR FRQ ORV UHFXUVRV GH PRYLOLGDG TXH OH RIUHFtD OD KRUD < OR
KL]RHQWUHVFDUURVGHOHFKHURViQJHOHVPDWLQDOHVTXHOHYDQWDQDOQiXIUDJRGHODQRFKHVLQ
KDFHUOH SUHJXQWDV (VR HV WRGR OR TXH 6DPXHO KDEtD UHIHULGR DFHUFD GH VX DYHQWXUD \
3DWULFLD FRQ HO DOPD HQ XQ KLOR HVWXGLy OD FDEH]D GHO GXUPLHQWH TXH VH UHYROYtD HQ VX
DOPRKDGyQ \ RFXOWDED XQD YHUGDG DFDVR SRU WHUULEOH $O UHIOH[LRQDU HQ ODV KRMDV PXHUWDV
TXH KDEtDQ HQWHUUDGR DO ILOyVRIR 3DWULFLD UHFRUGy QR VLQ DQJXVWLD TXH 0HJDIyQ KDEtD
FDOFXODGR VXV EDWDOODV FRPR OLEUiQGRVH GHVGH XQD SULPDYHUD LQLFLDO KDVWD XQ RWRxR
GHFLVLYR \ HVH UHFXHUGR OH LQVSLUy ODV PiV OXFWXRVDV LGHDV (QWRQFHV DFHUFiQGRVH DO
GXUPLHQWHOROODPyFRQGXO]XUD
³£6DPXHO£6DPXHO
(O ILOyVRIR HQWUHDEULy VXV SiUSDGRV OD PLUy YDJDPHQWH \ DO UHFRQRFHUOD GHMy HVFDSDU
XQDVXHUWHGHUXJLGR
³1RFRQWDUiPLERFDHOILQDOGHXQKpURH³VHQHJy\HQFHUUy
(QVHJXLGDLQFRUSRUiQGRVHDPHGLDVWHQGLyDOYDFtRXQSXxRGHDPHQD]D
³£7LIRQHDGHVHVXQ1HUyQDSyFULIR³JULWy³£+DUpYRODUVXSURVWtEXORFRQVHLVFDUJDVGH
JHOLQLWD
<DOGHUUXPEDUVHQXHYDPHQWHVREUHODVDOPRKDGDVUHFREUyVXKHUPHWLVPRFRQHOVXHxR
7UHVGtDVPiVWDUGHXQKHFKRLQVyOLWRFRQPRYLyODFLXGDGHQORVODJRVGH*ROIXQFLVQH

207
GHFXHOORUHQHJULGRDOSHVFDUEDMRHODJXDHPHUJLyDOILQWUD\HQGRHQHOSLFRXQDPDQRGH
KRPEUH &LHUWD SDUHMD GH DPDQWHV TXH UHFRUUtD HO ODJR HQ VX ERWH GHVFXEULy OD SHVFD
PDFDEUDGHOFLVQH\ODFRPXQLFyDORVDJHQWHV(VWXGLDGDODPDQRWUXQFDHQ'DFWLORVFRSLD
VXVKXHOODVUHVXOWDURQFRUUHVSRQGHUDODVGHXQKRPEUHOODPDGR0HJDIyQFRQGRPLFLOLRHQ
)ORUHV XQ FLXGDGDQR HMHPSODU GHO TXH QR VH UHJLVWUDEDQ DQWHFHGHQWHV \ DO TXH QR VH OH
FRQRFtDQ HQHPLJRV SHUVRQDOHV GH QLQJ~Q RUGHQ XQ YHFLQR HQ ILQ TXH DERQDED VXV
LPSXHVWRVFRPRXQiQJHO\HMHUFtDVXVYLUWXGHVHQREUDVGHtQGROHVRFLDOWDQRVFXUDVFRPR
DOWUXLVWDV(OLQVSHFWRU*UHJRULR6DQILOLSSRDFDUJRGHODVXQWRKL]RFRPSDUHFHUDODYLXGD
OODPDGD 3DWULFLD %HOO TXLHQ LGHQWLILFy OD PDQR SRU XQD FLFDWUL] PX\YLVLEOH WRGDYtD HQ VX
GHGR DQXODU \ VREUH WRGR SRU ´OD QREOH]D TXH KDEtD FRQIHULGR D OD PDQR HO XVR GHO
FRPSiV \ OD EU~MXOD HQ HMHUFLFLRV GH RULHQWDFLyQ PHWDItVLFDµ 1DWXUDOPHQWH DO RtU OD
~OWLPDIUDVHGHODYLXGDQRGXGyHOLQVSHFWRUGHTXHOHIXHUDGLFWDGDSRUHOH[WUDYtRGHO
OODQWR\XQDVXHUWHGHSLHGDGDOJHEUDLFDHQWHUQHFLyVXVILEUDVGHFULPLQyORJR3HURORTXH
PiVORLQWULJDEDHUDODSXOFULWXGFRQTXHODPDQRIXHUDVHSDUDGDHQVXDUWLFXODFLyQFRQOD
PXxHFD REUD TXH VXJHUtD HO DUWH GH XQ SURIHVLRQDO FLUXMDQR HVWXGLDQWH GH PHGLFLQD R
FDUQLFHUR 7UDV OOHYDU D 3DWULFLD %HOO KDVWD )ORUHV HO LQVSHFWRU *UHJRULR 6DQILOLSSR KL]R
FDOFDUHQ\HVRODPDQRWUXQFD\HVSHUyQRYHGDGHV
/DVKRUDVTXHVLJXLHURQDFXVDUtDQRWURVKDOOD]JRVHOEX]R$PDGHR*DUFtDTXHWUDEDMDED
HQHOGLTXH,ƒGHODGiUVHQDVXUYROYLyDODVXSHUILFLHFRQXQSLHKXPDQRTXHGHVFXEULHUD
HQWUH ODV EDVXUDV GHO IRQGR \ XQRV PXFKDFKRV TXH SHVFDEDQ UDQDV HQ HO $UUR\R GH ODV
7RVFDV KDOODURQ ODV YtVFHUDV GH XQ KRPEUH FXLGDGRVDPHQWH RUGHQDGDV HQ XQD EROVD GH
SROLHWLOHQR $O DQDOL]DU ODV SLH]DV HO LQVSHFWRU 6DQILOLSSR DGYLUWLy HQ VXV FRUWHV OD PLVPD
VDJDFLGDGTXLU~UJLFD\DREVHUYDGDHQODPDQR\ORWRPyFRPRXQGHVDItR£1RVDEtDQLOR
VXSRMDPiVTXHDHVDVKRUDVHQODHVSLUDOGH7LIRQHDGHVHOFDUQLFHUR7ULPDUFRJR]DEDHO
SUHFLRGHVXVFRUWHVHQFLHUWDJUDQPRURFKDGHOR%DODTXHLEDGHYRUDQGRFRQVXVRMRV
WXUELRV\VXKRFLFRGHDQLPDODQJXUULHQWR/DVHJXQGDHQWUHYLVWDTXHPDQWXYRHOLQVSHFWRU
FRQ3DWULFLDVHGHVDUUROOyHQODWRUUHGHOFKDOHWGRQGHODYLXGDSURORQJDEDXQDFHFKRWDQ
LQ~WLO FRPR GUDPiWLFR 6DQILOLSSR LQWXtD TXH OD OODYH GHO PLVWHULR VH JXDUGDED HQ DTXHOOD
PXMHUGHWUiVGHVXVRMRVYHUGHRVFXURV\GHEDMRGHVXSHOROODPHDQWH6LQHPEDUJRDVX
KiELO LQWHUURJDWRULR 3DWULFLD %HOO RSXVR XQ VLOHQFLR TXH VLQ GXGD HUD ´GH FRQVLJQDµ /D
WHQWyOXHJRFRQODVHJXULGDGLQPLQHQWHGHUHVROYHUHOFDVR\ODGHOLFLDMXVWLFLHUDGHWRPDU
YHQJDQ]DHQORVDVHVLQRVGH0HJDIyQ(QWRQFHVHOODOHGLMR´ODYHQJDQ]DQRHVPtDµ\OH
FRQILy HO SUR\HFWR TXH YHQtD PDGXUDQGR HQ OD WRUUH GHVGH TXH XQ FLVQH SHVFDUD OD PDQR
URWDGHODPRUDXVHQWH/RTXHODGHVYHODEDHUDHOWUDEDMRGHUHFRQVWUXLUHOGLYLGLGRFXHUSR
GH0HJDIyQ\GHYROYHUOHODXQLGDGKHUPRVDHQTXHORPLUDURQWDQWDVYHFHVHOOD\HOVROHQ
ODWRUUHRHQHOMDUGtQRHQHOJDOOLQHUR(QDGHODQWH6DQILOLSSRODHVFXFKyVLQKDEODU
3DWULFLD %HOO QR LJQRUDED TXH VX RSHUDWLYR H[LJLUtD XQD PRYLOL]DFLyQ GH OD FLXGDG HQ
DTXHOORV KRPEUHV TXH SRU VX DUWH X RILFLR HVWXYLHVHQ HQ FRQGLFLRQHV GH EXVFDU ODV SLH]DV
DQDWyPLFDV GH 0HJDIyQ WDQ KiELOPHQWH GLVSHUVDGDV /OHQD GH XQ FHOR TXH QR DGPLWLy
IDWLJDV DFXGLy HQWRQFHV D ORV FOXEHV QDYDOHV GH OD ULEHUD FRQ VXV UHPHURV \ DFXDQDXWDV
LQWHUHVy D OD 3UHIHFWXUD 1DFLRQDO 0DUtWLPD TXH DFWLYy VXV HTXLSRV GH KRPEUHV UDQDV \
EX]RV SRU WHOHYLVLyQ \ UDGLRIRQtD KL]R XQ OODPDGR D ODV DVRFLDFLRQHV GH IRPHQWR D ORV
FOXEHVUHJLRQDOHVGHSHVFD\DWRGRVORVYDJRVTXHVHGHGLFDQDSDSDUDUUR\RV\ODJXQDVHQ
%XHQRV $LUHV \ HQ HO *UDQ %XHQRV $LUHV (VDFDPSDxD GH OD YLXGD H[DOWy D OD PHWUySROL \
FRQPRYLy D OD SUHQVD RUDO \ HVFULWD ORV GHVFXEULPLHQWRV PDFDEURV HQ OXJDUHV LQVyOLWRV
IXHURQ VXFHGLpQGRVH D XQ ULWPR GH ORFXUD < HO DQiOLVLV IRWRJUDItDV \ GLYXOJDFLyQ GH ORV
IUDJPHQWRVHPEDUFDURQDODVPDVDVHQXQDOHFFLyQGHDQDWRPtDGHVFULSWLYDWDQH[FLWDQWH
FRPRIXJD]3RUILQOOHJyODKRUDHQTXHXQDVDODGHODPRUJXHYLRHOFDGiYHUGH0HJDIyQ
HQWHUDPHQWH UHFRQVWUXLGR H[FHSFLyQ KHFKD GH VXV yUJDQRV JHQLWDOHV TXH QLQJ~Q

208
H[SORUDGRU KDEtD ORJUDGR HQFRQWUDU 'HVRODGD HQ H[WUHPR 3DWULFLD %HOODFXGLy HQWRQFHV D
XQ UHFXUVR KHURLFR HQ OD (VFXHOD 1DFLRQDO GH &HUiPLFD KL]R PRGHODU \ FRFHU XQ IDOR GH
WHUUDFRWDTXHGHVSXpVXELFyHOODPLVPDHQHOFXHUSRGHOKpURHUHVWLWXLGRDVXXQLGDG6yOR
IDOWDEDXQVHSHOLRTXHVHKDUtDHQHOSDQWHyQIDPLOLDUGHORV%HOOVLWRHQODQHFUySROLVGH
)ORUHV
'DGD OD SXEOLFLGDG TXH REWXYLHUD HO GHVFXDUWL]DPLHQWR GH 0HJDIyQ HVSHUDURQ PXFKRV
TXH VXV H[HTXLDV WHQGUtDQ HO IXHJR SRSXODU TXH VH YLR HQ OD KRQUDV I~QHEUHV GH &DUOLWRV
*DUGHORDOPHQRVHOTXHDFRPSDxyDOD0DGUH0DUtDHQVXWURWHILQDO$TXHOORVLOXVRVQR
WXYLHURQ HQ FXHQWD OD ROYLGDGL]D PHPRULD GH %XHQRV $LUHV QL WDPSRFR HO KHFKR GH TXH
DTXHOODPDxDQDHOZHOWHUVDQMXDQLQR.LG*yPH]GLVSXWDUtDODFRURQDGHOPXQGRDOMDSRQpV
<RNR 1DPXUD SRU OR FXDO WRGD OD XUEH VLQWRQL]DUtD VXV UDGLRV FRQ ODV WUDQVPLVLRQHV GH
7RNLR /RV UHVWRV PRUWDOHV GHO 2VFXUR GH )ORUHV OOHJDURQ SXHV DO FHPHQWHULR VLQ RWUD
FRPSDxtD TXH OD GH VXV DPLJRV XQD GHOHJDFLyQ GHO FOXE ´3URYLQFLDV 8QLGDVµ \ DOJXQRV
KRPEUHVGHODYHFLQGDGTXHLQWHJUDEDQHOFRUWHMRSRUPHUDYRFDFLyQQHFUyILOD1RELHQVH
GHWXYRHOFRFKHPRUWXRULRIUHQWHDOSHULVWLORGHOFHPHQWHULRERFLQDVGHDXWRPyYLOHV\XQ
JULWHUtR VXEXUEDQR GH WULXQIR DQXQFLDEDQ OD SULPHUD FDtGD HQ OD ORQD GHO QLSyQ EDMR OD
L]TXLHUGD IRUPLGDEOH GHO VDQMXDQLQR £+XUUD (Q VHJXLGD HO DWD~G IXH EDMDGR \ FRQGXFLGR
HQHOVLJXLHQWHRUGHQHPSXxDEDQODVPDQLMDVGHODQWHUDVHOH[PD\RU7URLDQLGHFLYLO\HO
RELVSR )UD]DGD HQ VX KiELWR QHJUR FRQ YLYRV URMRV ODV PDQLMDV FHQWUDOHV HVWDEDQ D FDUJR
GHO KLVWRULDGRU &LIXHQWHV \ GH Pt PLVPR HOFURQLVWD GH ODV 'RV %DWDOODV ODV GH DWUiV HUDQ
UHJLGDV SRU %DUUDQWHV \ %DUURVR TXH D~Q FRQVHUYDEDQ HQ VXV SLHV XQ WHPEORU GH SiQLFR
IXJLWLYR(QWUHORVTXHIRUPDEDQHOFRUWHMRGLVWLQJXtDORVPHOOL]RV'RPHQLFRQHVRVOD\DGRV
FRPR SDUD RFXOWDU OD YHUJHQ]D GH VXV GHUURWDV HQ HO FDUDFRO GH 7LIRQHDGHV ¢< 6DPXHO
7HVOHU"(OILOyVRIRPiVKHULGR\HQIHUPRGHORTXHVHFUHtDQRORJUyHVDPDxDQDGHMDUVX
OHFKRHQODUHVLGHQFLDGH'DYLGHOFLUFXQFLGDGRU
(QWUHWDQWRORVGHOFRUWHMRQRVGLULJtDPRVDORTXHVHUtDODPRUDGD~OWLPDGH0HJDIyQ<
DO WUDQVLWDU ORV YHULFXHWRV GH OD QHFUySROLV DGLYLQp TXH WRGRV HQWRQiEDPRV LQ SpFWRUH OD
VLJXLHQWH0DUFKD)~QHEUH

0HJDIyQGHYROYHPRVDODWLHUUDQDWDO
DTXHOORTXHWHGLRVyOREDUURGHXQGtD
£1RWXDOPDTXHIXHODEDQGHUDGH0DUWH
\ODODQ]DGH0DUWHTXHDODYH]KLHUH\FXUD
1RVKXELHUDJXVWDGRTXHVRQDUDQFODULQHV
HQWXKRQRU\WURQDVHQSLH]DVGHDUWLOOHUtD
RTXHWURWDUDVRORGHWUiVGHWXDWD~G
HOFDEDOORGHJXHUUDTXHQRWXYLVWHQXQFD
£&LXGDGLPSHQLWHQWHTXHVDEHVDGXODU
WDQVyORDOTXHWHJR]DRDOTXHYHQGLyWXVSHFKRV
\RGLDVDOTXHWHVXIUHSRUTXHWHTXLHUHGLJQD
£&LXGDGTXHUHFRPSHQVDVDWXVKpURHVTXHPDGRV
VyORFRQHOGHVWLHUUR\HOROYLGR\ODPXHUWH
$TXtHVWi0HJDIyQVHSXOWDGRHQWXWLHUUD
VHUiHOJHUPHQTXHDQLPHODVIXWXUDVEDWDOODV

/D FHUHPRQLD IXH EUHYH \ VLOHQFLRVD HQ HO SDQWHyQ GH ORV %HOO QR KXER QL DORFXFLRQHV
I~QHEUHV QL OODQWRV VLQR XQ UpTXLHP GHO RELVSR )UD]DGD FX\RV ODWLQHV UHYRORWHDEDQ HQ HO
DLUH FRPR ODV KRMDV PXHUWDV GH DTXHO RWRxR ¢< 3DWULFLD %HOO" (OOD TXH UH]DED SRU OR
JXHUUHURVGHORV$QGHV\SRUORVFDEDOORVQRFWXUQRVGHODFLXGDG¢QRGHMDUtDXQUpTXLHPHQ

209
ODWXPEDUHFLpQDELHUWDGHODPRUGHUURWDGR"£3DUDTXp-XQWRDOSDQWHyQGRQGH\DFtDQVXV
PD\RUHV 3DWULFLD %HOO HQ FXHUSR \ DOPD HUD XQ UpTXLHP D 0HJDIyQ \ XQ UpTXLHP D Vt
PLVPD

(QHVWHSXQWRGHPL~OWLPD5DSVRGLD\ILHODOSODQLQH[RUDEOHTXHLPSXVHDPLWUDEDMR
GHFURQLVWDGHERQDUUDUOD0XHUWHSRU$PRUTXHWXYR3DWULFLD%HOOHQHOFKDOHWGH)ORUHV
HQWUHODVPDHVWUDVMXELODGDVORVDOEDxLOHVLWDOLDQRV\HOEHDWOHGHVXEXUELRFRQVXJXLWDUUD
HOpFWULFD %LHQ Vp TXH OD ´PXHUWH SRU DPRUµ QR VH XVD HQ HVWD HGDG \ TXH VX PHFiQLFD
VHFUHWD HV DKRUD WDQ LQH[SOLFDEOH FRPR HO GRV PiV GRV LJXDO D FLQFR 6LQ HPEDUJR OR
LQWHOLJLEOHFRQWLQ~DVLHQGRORLQWHOLJLEOH\VXGLILFXOWDGHVDSHQDVXQDFXHVWLyQGHODJDxDV
HQHORMRGHOLQWHOHFWR
/DPHFiQLFDGHPXHUWHVHLQLFLyHQ3DWULFLDHOPLVPRViEDGRHQTXH0HJDIyQ\VXWURSD
VHODQ]DURQDODERUGDMHGHO&KiWHDXGHV)OHXUV(QWRQFHVFRPHQ]yHQHOODRHQVXDOPDXQ
PRYLPLHQWR GH URWDFLyQ TXH OD OOHYDUtD SULPHUR D XQ DWDUGHFHU OXHJR D XQ FUHS~VFXOR \
ILQDOPHQWH D XQD QRFKH FHUUDGD (Q HO LQWHULRU GH DTXHOOD QRFKH 3DWULFLD %HOO RVFXUD \
WHQVDFRPRXQPDQGDWRKDEtDGLULJLGRODUHFRQVWUXFFLyQGHOKpURH\VXVH[HTXLDV1RELHQ
WRGR KXER DFDEDGR HOOD UHJUHVy DO FKDOHW VH EXVFy D Vt PLVPD \ QR VH KDOOy HQ HO
GRUPLWRULRQLHQHOFRPHGRUQLHQODWRUUHVHTXLVRUHFRUGDUHQHOIUDJPHQWRGHyQL[HQOD
EHJRQLD2IHOLD\HQHOJDWR0DQGLQJDSHURVyORDOFDQ]yODVWUHVGLPHQVLRQHVGHVXSURSLR
YDFtR<DTXHOHQLJPDGHVXDXVHQFLDOOHJyDSODQWHiUVHOHDVtSRUFRQYHUVLyQGHODPDQWHDO
DPDGRHOODFRQWLQXDEDVLHQGR\H[LVWLHQGRHQ0HJDIyQDKRUDELHQ0HJDIyQKDEtDSDUWLGR
\HOODFRQpOSHURQRFRQRFtDQLHOUXPERQLODQDWXUDOH]DGHOYLDMH\DOLJQRUDUGyQGHVH
KDOODED 0HJDIyQ QR VDEtD GyQGH VH HQFRQWUDED HOOD QL GyQGH EXVFDUVH D Vt PLVPD HQ XQ
0HJDIyQDXVHQWH<HVRHVWDPELpQ3VLFRORJtD£RKSUHFLRVDVPXFKDFKDVGHOD)DFXOWDG/D
VROXFLyQ GHO WHRUHPD VH KDOODED HQ XQ UHHQFXHQWUR SRU HO YLDMH \ DVt UHFRQRFLy 3DWULFLD
%HOOODQHFHVLGDGGHVXSURSLDPXHUWH
6XFHGLyHQHOGRUPLWRULR\HQXQDWDUGHFHURWRxDOTXHVHDSXUDEDFRPRHOODHQEXVFDGH
VXQRFKH3DWULFLD%HOODFRVWDGDHQHOJUDQOHFKRPDWULPRQLDOWHQtDGRVFRURVH[SHFWDQWHV
TXHODPLUDEDQDVXGHUHFKDHOGHORVDOEDxLOHVLWDOLDQRVGRQ3DWULDUFDGRQ2QRIULR\GRQ
1D]DUHQR TXH KDEtDQ FRPSDUWLGR PXFKDV YHFHV ORV WUDEDMRV \ FRPLORQDV GHO FKDOHW D VX
L]TXLHUGD HO GH ODV WUHV PDHVWUDV MXELODGDV $XURUD (GXYLJLV \ ÔUVXOD TXH KDEtDQ
LQWHUFDPELDGRFRQODSDUHMDGHOFKDOHWDWHQFLRQHVTXHIXHURQGHVGHXQOLEURDXQDFHEROOD
(O EHDWOH GH DO ODGR VH PDQWHQtD HQ HO IRUR FRQ XQD PDQR SXHVWD HQ HO FRUGDMH GH VX
JXLWDUUDSRUDKRUDWDQPXGDFRPRpO7HQGLGRDORVSLHVGHODFDPDHOJDWR0DQGLQJDHUD
WDOYH]HO~QLFRGHORVDVLVWHQWHVTXHORJUDEDPHGLUHODYDQFHGHODVRPEUDHQ3DWULFLD\HO
PXQGR FRQ ODV UDWDV GH OD QRFKH EDLORWHDQGR \D FHUFD GH VXV ELJRWHV PDJQpWLFRV ¢4Xp
DGHODQWRV GH DOHJUtD UHWR]DEDQ HQ ORV RMRV GH OD YLXGD" /DV PDHVWUDV OR DGYLUWLHURQ \ VH
PLUDURQHQWUHVt
³3DWULFLD³OHGLMRHQVXDVRPEUR$XURUDODSRpWLFD³¢\DHVWi´EHELHQGRHQODIXHQWHGH
ODUHVLJQDFLyQHOEiOVDPRGHOROYLGRµ"³£8QDPHWiIRUDVX\DGHWDUMHWDGHSpVDPH
³*URVVRPRGR\RQRGLUtDWDQWR³FDOFXOyGRQ3DWULDUFDHODOEDxLO³+D\TXHUHVLJQDUVH
JURVVRPRGRSHURODFRVDQRYLHQHWDQGHJROSH£QRSRU&ULVWR
³£(FFR³DSUREyHODOEDxLOGRQ2QRIULR
³3RUDKRUD³VXJLULyGRQ1D]DUHQR³KD\TXHDOLPHQWDUVH\GRUPLU
³*URVVRPRGR³DVLQWLyGRQ3DWULDUFD
/DYLXGDVRQULyGHVGHVXVDOPRKDGRQHV\OHVGLMR
³£(VFRPRVLPHKXELHUDQGDGRXQYLQRIXHUWH
³¢4XpYLQR"³LQTXLULy(GXYLJLVODSUDJPiWLFD
³¢(VWiERUUDFKLWD"³VHHQWHUQHFLyDTXtGRQ2QRIULR

210
 ³+D\YLQRV\YLQRV³OHVDFODUy3DWULFLD%HOO³&LHUWDQRFKH0HJDIyQ\\RSUHSDUDPRVXQ
YLQRPDUDYLOORVR
³¢&RQTXpXYDV"³OHSUHJXQWyGRQ1D]DUHQRXQSHULWRHQODPDWHULD
³0HJDIyQ\\RFRUWDPRVORVUDFLPRVGHQXHVWUDVSDUUDVLQWHULRUHV
/RV DOEDxLOHV FDPELDURQ HQWUH Vt XQD PLUDGD OOHQD GH FRQVWHUQDFLyQ ELHQ VDEtDQ HOORV
TXH QXQFD KXER XQ VROR SDUUDO HQ HO FKDOHW < R\HURQ HO SULPHU DOHUWD GH VXV FRUD]RQHV
YHFLQDOHV
³¢4XpKLFLHURQFRQORVUDFLPRV"³LQVLVWLyGRQ1D]DUHQR
³/RV DPRQWRQDPRV HQ HO JUDQ EDUULO GHO VyWDQR ³FRQWy 3DWULFLD³ /XHJR 0HJDIyQ \ \R
QRVPHWLPRVHQHOEDUULO\FRQORVSLHVGHVQXGRVEDLODPRVWRGDODQRFKHVREUHODVXYDV
³(V DVt FRPR VH KDFH ³DSUREy GRQ 1D]DUHQR³ ¢&XiQWRV GtDV HVWXYR HO PRVWR HQ
IHUPHQWDFLyQ"
³+D\ YLQRV TXH QR SUHFLVDQ IHUPHQWDUVH $O UD\DU HO DOED 0HJDIyQ \ \R WRPDPRV OD
SULPHUDFRSD
(QVXH[DOWDFLyQODYLXGDVHKDEtDLQFRUSRUDGRHQWUHVXVDOPRKDGRQHV
³£)XH XQD ERUUDFKHUD WUHPHQGD ³H[FODPy³ 7RGR DTXHO GtD \ ORV TXH OH VLJXLHURQ
0HJDIyQ\\REDLODPRV\UHtPRVHQHVWHGRUPLWRULRHQHOFRPHGRUGHDEDMRHQHOMDUGtQ\
HQODWRUUH1DWXUDOPHQWHODIDPDGHQXHVWURYLQRFRUULySRUWRGRHOEDUULRXQDPDxDQD
HOSORPHUR-XiUH]DTXLHQOHJXVWDHPSLQDUHOFRGRVHOOHJyKDVWDHOFKDOHW\QRVSLGLyXQ
YDVRGHQXHVWUDFRVHFKD0HJDIyQVHORGLR\WUDVDSXUDUORDIRQGRHOSORPHURVDOLyDOD
FDOOH VH DUUDQFy ODV URSDV D WLURQHV \ FRPHQ]y D EDLODU GHVQXGR HQWUH ORV SXHVWRV GH OD
IHULD IUDQFD 0HJDIyQ WXYR TXH LU D OD &RPLVDUtD SDUD TXH OR VROWDVHQ ´+D\ YLQRV TXH QR
WRGDVODVFDEH]DVDJXDQWDQµHVRGLFH0HJDIyQ
¢µ'LFHµR´GHFtDµ"/RVDOEDxLOHVHVFXFKDURQFRQVXVIUHQWHVEDMDVXQDOX]K~PHGDEULOOy
HQORVRMRVGHODVPDHVWUDV<ODYLXGDQRGHMyGHDGYHUWLUOR
³¢4XpYHQDKRUDHQPt"³OHVSUHJXQWyDWRGRV
³8QDJUDQDQLPDFLyQ³GLMRÔUVXODODUHOLJLRVD
³(VTXHVDOJRGHYLDMH³OHDQXQFLy3DWULFLD
³£9LDMDU¢$GyQGH"
³£0HJDIyQHVWiOODPiQGRPH
7HPEOyGRQ2QRIULRHQHODQGDPLRGHVXDOPD
³6HxRUD3DWULFLD³OHGLMR³¢GyQGHHVWi0HJDIyQ"
³(Q´HOYDOOHGHVRPEUDVGHODPXHUWHµ³ORXELFyFRQWHRORJDOVHQFLOOH]³3RUIDYRUQR
VHDVXVWHQ
³¢4XLHUHLUDOOi"³VHDODUPyGRQ2QRIULR
³$XQTXHUHFRUUDHOYDOOHGHODPXHUWH³VDOPRGLy3DWULFLD³´HOVHxRUHVPLSDVWRU\QR
WHPHUpQLQJ~QPDOµ
³6HxRUD 3DWULFLD ³OH DFRQVHMy GRQ 1D]DUHQR³ \R TXH XVWHG QR GHMDED HQWUDU HVRV
SDMDULWRVHQPLFDEH]D
³*URVVRPRGR³DVLQWLyGRQ3DWULDUFD³VLDFDGDXQROHOOHJDVXKRUDQRHVFXHVWLyQGH
DGHODQWiUVHOHDODKXHVXGD£QRSRU&ULVWR
ÔUVXODODEHDWDVROWHURQD\PiUWLULQVLQXyDTXtXQDOHJDWRGHVXDFHUYRWHROyJLFR
³3DWULFLD³OD VHUPRQHy³¢TXH GLUi HO 6HxRU -HV~V GH XQD FULVWLDQD TXH PiV DOOi GH OD
PXHUWHEXVFDVyORDXQFyQ\XJHGLIXQWR"³'LMR´FyQ\XJHµ\´GLIXQWRµSDODEUDGHKRQRU
³1R HV GHO WRGR DVt ³OD FRUULJLy 3DWULFLD³ 0iV DOOi GH OD VRPEUD \R EXVFDUp DO 1RYLR
(WHUQRVLORKDOORHQFRQWUDUpD0HJDIyQSRU(O\FRQ(O
³1RHQWLHQGR³JUXxy(GXYLJLVODSUDJPiWLFD
³0X\RVFXUR³UH]RQJyODWHROyJLFDÔUVXOD
³(O 1RYLR (WHUQR ³OHV DFODUy 3DWULFLD³ HV HO SXQWR H[DFWR GRQGH VH MXQWDQ \ VH

211
UHFRQRFHQORVDPDQWHVSHUGLGRV¢(QWLHQGHQ"
$TXt HO EHDWOH TXH VH GLVLPXODED HQ HO FUHS~VFXOR QDFLHQWH GHO IRUR KL]R FRUUHU VXV
GHGRV SRU HO FRUGDMH GH OD JXLWDUUD 6t DTXHOOD YLEUDFLyQ HOHFWUyQLFD VREUHVDOWy D ORV
DOEDxLOHV\SXVRHQLQGLJQDFLyQDODVPDHVWUDV
³1RVRQpVWRVQLXQOXJDUQLXQDKRUDSDUDP~VLFD³REVHUYy(GXYLJLVHQWRQRiVSHUR
³6L HO EHDWOH QR TXLHUH VHSDUDUVH GH VX JXLWDUUD ³GLMR $XURUD³ £TXH QR OD WRTXH DO
PHQRV
³2TXHVHPDQGHDPXGDU³VXJLULyGRQ3DWULDUFDJURVVRPRGR
/DYLXGDVRQULyFRPRGHVGHXQUHFXHUGRHQWUDxDEOH
³'HMHQWUDQTXLORDOEHDWOH³UHSXVR³0HJDIyQORTXHUtDVLELHQDOJXQDVYHFHVGHVGHOD
WRUUHOHKL]RLPSDFWRHQODJXLWDUUDFRQVXKRQGD£4XpEXHQKRQGHUR6LHOEHDWOHTXLHUH
WRFDUGpMHQORTXHWRTXH¢1RTXHUUiSRQHUOHDPLYLDMHXQDP~VLFDQHFHVDULD"
(LQTXLULyDJLWiQGRVHGHV~ELWR
³¢+D\PXFKDVKRMDVFDtGDVHQODVYHUHGDV"
³ÉUEROHV GH ´KRMD FDGXFDµ ³PHPRUL]y (GXYLJLV OD PDHVWUD LQIDQWLO³ £6RQ XQD
FDODPLGDGHQHORWRxR
³3RUHVDVPLVPDVYHUHGDV³UHFRUGyODYLXGD³0HJDIyQXQDWDUGHPHKL]RYHUDO2WRxR
TXHFDPLQDEDVREUHODVKRMDVPXHUWDVFRQVXVERWLQHVDPDULOORV
³¢%RWLQHVDPDULOORV"³GXGyÔUVXODODWHROyJLFD
³(UDQ ORV GHO 2WRxR YHVWtD XQ WUDMH GH FDVLPLU LQJOpV \ VH DEULJDED FRQ XQ SRQFKR GH
YLFXxD¢4XpKL]R0HJDIyQ"/HDEULyODVSXHUWDVGHOFKDOHWDO2WRxR\ORLQYLWyDHQWUDUHQ
HO FRPHGRU KDVWD OD FKLPHQHD HQFHQGLGD ¢< TXp KL]R HO 2WRxR" 6H DUUDQFy HO SRQFKR GH
YLFXxD OR VDFXGLy WUHV YHFHV \ OR OLEUy GH KRMDV UHVHFDV JRWDV GH OOXYLD \ SDMDULWRV
PXHUWRV £4Xp GtDV £0HJDIyQ ¢&UHHQ XVWHGHV TXH XQ PDULGR WDO QR KD GH VDOLU D PL
HQFXHQWURHQHOYDOOHGHODVRPEUD"
'LFKR OR FXDO 3DWULFLD %HOO DFXQDGD SRU VXV HQVXHxRV KXQGLy OD FDEH]D HQWUH ODV
DOPRKDGDV\FHUUyXQRVRMRVTXH\DQRVHDEULUtDQHQHVWHPXQGR/RVDOEDxLOHVLWDOLDQRV\
ODVPDHVWUDVMXELODGDVFUH\HURQTXHGRUPtD\VHDOHJUDURQHQVXVFRUD]RQHV/DVPDHVWUDV
HQ XQ FXFKLFKHR SUXGHQWH RUJDQL]DURQ XQD FHQD GH HVSLQDFDV KHUYLGDV FRQ WUHV JRWDV GH
DFHLWH \ VyOR XQD GH OLPyQ SDUD HYLWDU HO HVWUHxLPLHQWR /RV DOEDxLOHV HQ XQ VXVXUUR GH
FRQMXUDFLyQGHVROODURQDVXGLULJHQWHJUHPLDOTXHVLQGXGDHUDXQ´FKDQFKRµJURVVRPRGR
VHJ~QGRQ3DWULDUFD\XQWUDLGRUTXHVHYHQGtDSRUXQFREUHVHJ~QGRQ1D]DUHQR
(QWUHWDQWRHOEHDWOHDIDYRUGHWDQWDTXLHWXGPLUDEDGHVGHVXiQJXORDODGRUPLGD\
VXFRUD]yQHUDXQRYLOORFRQIXVRGHODP~VLFD/RJUySULPHURHQHOFRUGDMHXQULWPRGHVX
FRVHFKDTXHVHKL]RLQVLVWHQWH\ORLQYLWyDODSDODEUD(QWRQFHVHOEHDWOHFDQWyVRWWRYRFH
DFRPSDxiQGRVHFRQODIOH[LyQGHVXVSLHUQDV\HOEDODQFHRGHVXJXLWDUUD

(OODWHQtDORVRMRV
GHXQYHUGHODJRSURIXQGR
SURIXQGRODJRHOFRORU
£\H\H\H\H
'RVPHGDOODVHQHOSHFKR
\XQVRORDQLOORHQODPDQR
VyORXQDQLOORGHERGDV
£\H\H\H\H

(OJDWR0DQGLQJDHUDWDOYH]HO~QLFRWHVWLJRTXHYLJLODEDPiVDOOiGHODIURQWHUDFRQVXV
SXSLODVIRVIyULFDV¢<QRYLRTXL]iVGLJR\RFyPR3DWULFLD%HOOVHDGHODQWDEDHQXQDQRFKH
VLQPLHGRVDEULpQGRVHSDVRFRQVXVURGLOODVHQWUHORVUXPRURVRVWULJDOHVGHODPXHUWH"¢<

212
QRYLRWDOYH]HO*UDQ3DVWRUTXHODJXLDEDFRQVXFD\DGRUtWPLFRHQXQSDVDMHGHYLROHWDV
K~PHGDV\MDFLQWRVDYHQWDGRV"£$GLyV(XWDQDVLD

'HVGHORVFRPLHQ]RVGHODJHVWDPHJDIRQLDQDHQWHQGtTXHPL~OWLPDUDSVRGLDWHUPLQDUtD
FRQODPXHUWHGHOILOyVRIR/RTXHQRSXGHFDOFXODUHQWRQFHVIXHURQODVFLUFXQVWDQFLDVGH
DTXHOODGHIXQFLyQWDQLPSUHYLVLEOHVFRPRORKDEtDQVLGRDTXtWRGRVORVJHVWRVGH6DPXHO
7HVOHU£TXH'LRVORWHQJDHQVX*ORULD
8QD VHPDQD GHVSXpV GH ORV DFRQWHFLPLHQWRV UHODWDGRV HO ILOyVRIR YLOODFUHVSHQVH TXH
VHJXtD HQ OD FDVD GH 'DYLG HO FLUFXQFLGDGRU PH KL]R OODPDU HQ ORV WpUPLQRV GH XQD JUDQ
XUJHQFLD1DWXUDOPHQWHDFXGtDVXOODPDGR\GHVGHVXFDPDGHEURQFHPHDQXQFLypOTXH
KDEtDGHFLGLGRPRULUHQXQSOD]RGHVHWHQWD\GRVKRUDV\TXH\RGHEtDVHU´HOHPSUHVDULR
GHVXPXHUWHµ$WRQRFRQVXDLUHQDWXUDOOHSUHJXQWpVLDTXHOHQFXHQWURYROXQWDULRFRQOD
3DUFD HUD XQ SULYLOHJLRGH ORV PHWDItVLFRV R VL REHGHFtD PiV ELHQ DO FDFKLSRUUD]R WUDLGRU
TXH UHFLELHUD pO HQ OD (VSLUDO GH 7LIRQHDGHV 0H GLMR TXH VX PXHUWH UHVSRQGtD PHMRU D
FLHUWDERWiQLFDGHDOWXUDHQYLUWXGGHODFXDOHODOPDGHOKRPEUHYDPDGXUDQGRFRPRXQD
SHUD HQ VX SHUDO \ VH GHMD FDHU DO ILQ GHVGH VX UDPDMH DO (PStUHR ILHO D XQD JUDYLWDFLyQ
FHOHVWHTXH-RUJH1HZWRQQRKDEtDFDOFXODGRHQVXSXWDYLGD7UDVDGPLWLUODOyJLFDGHVX
GHIXQFLyQ \ FRQVWLWXLUPH \R HQ VX HPSUHVDULR DERUGp UHVXHOWDPHQWH OD PHWRGRORJtD TXH
VHJXLUtDPRVHQHOOXFWXRVRDFRQWHFLPLHQWR\6DPXHO7HVOHUPHLPSXVRHVWDVFRQGLFLRQHV
D /D VX\D GHEtD VHU XQD PXHUWH SRSXODU \ FDQWDGD QR OD RFXOWD \ VLOHQFLRVD GH QXHVWURV
KHUPDQLWRV ORV FKDQFKRV EXUJXHVHV E ([LJLUtD SXHV OD DVLVWHQFLD GH WHVWLJRV R
HVSHFWDGRUHV ELHQ VHOHFFLRQDGRV FX\D QyPLQD \D REUDED HQ VX SRGHU \ PH GDUtD OXHJR F
7HQLHQGR HQ FXHQWD OD VXEOLPLGDG GH ORV DVXQWRV TXH DERUGDUtD pO HQ VXV LQVWDQWHV
DJyQLFRV UHTXHUtD HO VHUYLFLR GH XQD HVWHQyJUDID VL HUD SRVLEOH UXELD \ ELHQ PHWLGD HQ
FDUQHV R HQ ~OWLPD LQVWDQFLD XQ JUDEDGRU IRQRPDJQpWLFR VXVFHSWLEOH GH UHJLVWUDU VXV
SDODEUDVFRQODGXGDEOHILGHOLGDGTXHVXHOHSURPHWHUODHOHFWUyQLFDG&DOFXODEDLQLFLDUVX
PXHUWHDOILORGHOPHGLRGtDFXDQGRODOX]GHOVROHQHOFpQLWKDFHPiVFUHtEOHODJULWRQD
LOXVLyQ GH HVWH PXQGR DO FHUUDU VXV RMRV D HVD YLVWRVD IDQWDVPDJRUtD 6DPXHO 7HVOHU
SHQVDED GDU XQ HMHPSOR PHWDItVLFR D ORV EROXGRV PDWHULDOLVWDV GH %XHQRV $LUHV \ VXV
DOUHGHGRUHV
'H UHJUHVR D PL FDVD HVWXGLp OD QyPLQD GH ORV WHVWLJRV TXH DVLVWLUtDQ D OD PXHUWH GHO
ILOyVRIR\TXHKDEtDHVFULWRpOGHVXSXxR\OHWUD'DYLGHOFLUFXQFLGDGRUFRPRGXHxRGH
FDVD\UHSUHVHQWDQWHGHO$QWLJXR7HVWDPHQWRHOSLORWR&RUDJJLRGXFKRHQQDYHJDFLRQHV
WHQLHQGRHQFXHQWDTXHODPXHUWHDOILQ\DOFDERHVXQDQDYHJDFLyQ%DUUDQWHV\%DUURVR
D ORV TXH 6DPXHO 7HVOHU DGPLUDED HQ VXV QDWXUDOH]DV FRPR FORZQV ILORGUDPiWLFRV \
-HUyQLPR &DSULVWR HO DILODGRU TXH OR KDEtD VDOYDGR GHO YLHQWUH GH OD %DOOHQD \ DO TXH
6DPXHO OODPDED (OHXWHURV R ´HO OLEHUWDGRUµ 1DWXUDOPHQWH \R DFWXDUtD FRPR HPSUHVDULR
GHOVKRZ\7HVOHUVHUHVHUYDEDORVGHUHFKRVGH´SULPHUDFWRUµDEVROXWRVHJ~QORVFXDOHV
H[SXOVDUtDGHOHVFHQDULRPRUWXRULR´FRQWUHVSDWDGDVHQHOFXORµDOWHVWLJRGHVXPXHUWH
TXHQRJXDUGDUDODGHELGDFRPSRVWXUD
6HWHQWD \ GRV KRUDV PiV WDUGH \ FHUFD GH XQ PHGLRGtD RWRxDO DFWRUHV \ HVSHFWDGRUHV
QRVUHXQtDPRVHQODFDVDGH'DYLGRFRQPD\RUH[DFWLWXGHQHOGRUPLWRULRTXH6DPXHOQR
DEDQGRQDED GHVGH VX ODPHQWDEOH GHUURWD HQ HO &DUDFRO GH 9HQXV (O ILOyVRIR WHQGLGR HQ
XQDFDPDTXH5XWKODPXMHUGHOFLUFXQFLGDGRVKDEtDHQMR\DGRFRQOHQFHUtDVGHQXSFLDVR
GHPXHUWHVHHQIXQGDEDHQXQFDPLVyQEODQFR\DPSXORVRTXHDVXHQWHQGHUOHFRQIHUtD
FLHUWR DLUH VDFHUGRWDO $ VX FDEHFHUD \ GHUHFKD HVWDED \R XQ HPSUHVDULR DWHQWR OLVWR D
SRQHU HQ PDUFKD HO JUDEDGRU TXH \DFtD VREUH XQD PHVD GH QRFKH D VX FDEHFHUD H
L]TXLHUGDHOSLORWR&RUDJJLRYLJLODEDVHUHQRWLPRQHOGHDTXHOODPXHUWHDPLODGRHOG~R
%DUUDQWHV \ %DUURVR SDUHFtD IORWDU HQ OD PDUHD GH XQ VXSHUUHDOLVPR WDQ QHJUR FRPR OD

213
QRFKH MXQWR D &RUDJJLR HO DILODGRU &DSULVWR QR GHVHUWDED HO DLUH IUHVFR \ YHJHWDO GH OD
pJORJDHQFXDQWRD'DYLGVHPDQWHQtDULWXDOPHQWHDORVSLHVGHOILOyVRIR\HQVXERFDVH
DFHQWXDEDXQULFWXVGHYLHMDV\VDOREUHVHOHJtDV
< HO SULPHUR HQ KDEODU IXH %DUURVR TXLHQ REVHUYDQGR D 7HVOHU TXH GRUPtD R OR
DSDUHQWDEDVHGLULJLyD%DUUDQWHV\OHGLMR
³6LHOOXJDUFRP~QQRPHHQJDxD\RGLUtDTXHHOILOyVRIRGXHUPHDKRUD´HOVXHxRGHORV
MXVWRVµ
$EULyDTXt6DPXHOXQRGHVXVSiUSDGRV\QRVDGYLUWLyFRQVHYHULGDG
³(VHFORZQPLHQWH¢)XQFLRQD\DHOJUDEDGRU"
³)XQFLRQD³OHDVHJXUpDFHUFDQGRHOPLFUyIRQRDVXERFD
³/RVMXVWRVQRGXHUPHQ³YRFDOL]yHQWRQFHVHOILOyVRIR³HVWiQGHVYHODGRVDFDXVDGHORV
LQMXVWRV£4XHOXHJRVHWUDQVFULEDHVWDIUDVHFRQH[DFWLWXG/D+LVWRULDHVXQSXWDH[LJHQWH
TXLHUHODUHDOLGDGSRUHVFULWR\FRQLOXVWUDFLRQHV
³3DGUH³LQTXLULy%DUURVR³¢HOPDHVWURHVWiERUGiQGRVHXQDPXHUWHGHOXMR"
³(VDHVODYHQWDMDGHORVPHWDItVLFRV³OHFRQWHVWy%DUUDQWHV³(OORVSXHGHQYHVWLUXQD
PXHUWHGHPHGLGD1RVRWURVORVFKLTXLWRVXVDPRVXQDPXHUWHGHFRQIHFFLyQ
³£%XIRQHV³ORVLQFUHSy6DPXHOFRQYLVLEOHGHOLFLD³<RWDPELpQVR\EXIyQSHURGHXQ
5H\ ¢(QWLHQGHQ" $OFiQFHQPH DKRUD HO SDSDJD\R WHQJR XQD PHDGD FXDQWLWDWLYD \
FXDOLWDWLYD
/OHQR GH WLHUQD VROLFLWXG HO DILODGRU &DSULVWR KDOOy GHEDMR GH OD FDPD HO RULQDO
RUQLWROyJLFR \ VH OR DOFDQ]y D 6DPXHO TXH OR GLVLPXOy HQWUH VXV FRELMDV 7RGRV R\HURQ XQ
IOXLUGHDJXDVPHQRUHVHQHORFXOWRSDSDJD\R
³$PLJRV ³QRV UHYHOy 6DPXHO³ SDFLHQWHPHQWH YLQH DFXPXODQGR HVWD PHDGD TXH \R
GHILQLUtD FRPR GLOXYLDO $OJXQDV YHFHV FDOFXOp VROWDUOD GHVGH OD SXQWD GHO 2EHOLVFR \
SURYRFDU XQD LQXQGDFLyQ GH %XHQRV $LUHV D ILQ GH TXH PLV WtPLGRV FRQFLXGDGDQRV
DSUHQGLHVHQDQDGDUHQDJXDVSURIXQGDV¢3RUTXpQRORKLFH"3RUTXHDQWHVTXH\RORKDEtD
UHDOL]DGRHQ3DUtVRWURKpURH£\QXQFDVHUpXQPHyQGHVHJXQGDPDQR
$TXtGHYROYLyHORULQDOUHERVDQWHDODILODGRU\QRVGLMR
³5HSiUWDQVHHVWHRUtQHTXLWDWLYDPHQWH\~VHQORVyORFRQILQHVPHGLFLQDOHV
³0DHVWUR³OHSUHJXQWy%DUURVR³¢HVWHDJUDGDEOHOtTXLGRHVHODQWLELyWLFRXQLYHUVDOTXH
EXVFDEDQORVDOTXLPLVWDV"
3HUR6DPXHOQDYHJDED\DHQRWUDVLGHDV\HQODPDOLFLDGHVXVRMRVYROYtDDVRUSUHQGHU
HVHWUiQVLWRDODIDUVDSXUDTXH\ROHFRQRFtDGHVGHODVJHVWDVLQPRUWDOHVGH9LOOD&UHVSR
9ROYLyKDFLDPtVXURVWURGHVFRQILDGR\PHGLMR
³¢+D\XQDFLQWDQXHYDHQHOJUDEDGRU"
³(OJUDEDGRUWLHQHFLQWDSDUDGRVKRUDV³OHDVHJXUpFRQDEVROXWDYHUGDG
(QWRQFHV DSRGHUiQGRVH GHO PLFUyIRQR 6DPXHO 7HVOHU GLFWy D OD PiTXLQD HO WtWXOR TXH
VLJXH
³µ/DPHQWDFLRQHVGH6DPXHOILOyVRIRYLOODFUHVSHQVHµ
<HPSH]yDVDOPRGLDUFRQKLVWULyQLFDYR]GHVROLVWD
$OHSK 'HVGH TXH PH VHQWt DFWRU GH XQ PXQGR DGLYLQp OD WUDPD GHO OLEUHWR \ VLHPSUH
WXYH GHODQWH OD FDUD GHO $XWRU < QR PH IXH GDGR HQWUDU FRQ VROWXUD HQ OD JUDFLRVD
IDQWDVPDJRUtDGHODFRPHGLDSRUTXHPHIDOWDEDQDWXUDOLGDGHQHODUWHGUDPiWLFR
%HWK<WXYHXQVXHxRVRxDED\RTXHUHFRUUtDXQDJUDQPDQVLyQGRQGHVHUHDOL]DEDQDOD
YH] XQ QDFLPLHQWR XQD ERGD \ XQD PXHUWH < HO SHUVRQDMH GH ORV WUHV HYHQWRV HUD HO
PLVPR \ \R HUD HVH SHUVRQDMH VROLWDULR TXH QDFtD VH FDVDED \ PRUtD HQ WHUULEOH
VLPXOWDQHLGDG
*KLPHO(QWRQFHVPHGLMH´£5RPSDPRVORVHVTXHPDV\HQWUHPRVHQOD*UDQ,OXVLyQµ<
PHDJDUUpXQSHGRVXEOLPHFRQORVYLQRVGH&X\R\ORVDJXDUGLHQWHVGH&DWDPDUFD\EDLOp

214
WUHVGtDVHQWHURVFRQHOSLHUHGREODQWH\HOFRUD]yQHQIRUPDGHWDPERULO&RQORFXDOQR
HQWUDED HQ OD *UDQ ,OXVLyQ SRUTXH \R PH UHtD \ ORV LOXVLRQDGRV DQGDQ VHULRV FRPR
EUDJXHWDGHIUDLOH
'DOHWK´1RHVTXHXQKRPEUHRHOKRPEUHYLYDVyORµUHFRUGpSUXGHQWHPHQWH4XLHUR
HQWUDUHQOD'DQ]DGHORV,OXVLRQDGRV RKDFHUTXHORVLOXVLRQDGRVHQWUHQHQODPtD9R\D
FRQVWUXLUXQPXQGRHQTXHORVFRPHGLDQWHVQRVHLOXVLRQHQGHPDVLDGRQLGHPDVLDGRSRFR
VHOODPDUi(O0XQGRHQOD%DODQ]D
+H<HQPLWRUQRGHDOIDUHURPHSXVHDUHGRQGHDUXQPXQGRTXHGHVWUX\HVHORVROYLGRV
GHO KRPEUH \ PRMDUD RWUD YH] ODV UDtFHV GH VX DOHJUtD IXH FRPR KDFHU XQD WLQDMD QXHYD
SDUD ODV OOXYLDV R XQ MDUUR IODPDQWH SDUD ORV QXHYRV PRVFDWHOHV < RIUHFt D ORV KRPEUHV
DTXHOODSUHFLRVXUDGHPLVGHGRVIDEULOHV£\PHODUHFKD]DURQ
9DX5HFKD]DURQPLPXQGR\ORURPSLHURQFRPRXQDWLQDMDOOHQDGHIUHVFXUDHVFXSLHURQ
VXWLHUUD\HPSRUFDURQVXFLHOR,QWHQWpODVYtDVGHODUD]yQ£HKLFHPDO/RVLQVXOWpGHOR
DOWRDOREDMR£\HUDLQ~WLO3RUTXHORVHVWUHFKDEDODLOXVLyQVHSDUDWLYDGHVXVRGLRV\VXV
DPRUHV<VHYROYLHURQFRQWUDPt
=DLQ $ILODURQ FRQWUD Pt ODV FKX]DV GH VXV LQGtJHQDV \ ORV IDFRQHV GH VXV EiUEDURV
SXVLHURQ KLHO HQ OD OHQJXD GH VXV FUtWLFRV \ iFLGR VXOI~ULFR HQ OD WLQWD GH VXV HGLWRULDOHV
(QWRQFHV TXLVH DO]DU XQD EDQGHUD EODQFD \ PH D]X]DURQ VXV SHUURV GH SROLFtD 0H GLJR
DKRUD ´&XDQGR HO KRPEUH D]X]D XQ SHUUR FRQWUD VX KHUPDQR HO SHUUR VH KXPDQL]D \ HO
KRPEUHVHKDFHSHUURIDWDOPHQWHµ
+HWK6HxRUHQOD&LXGDGGHO+RPEUHURtFRQLQTXLHWXGPLSDQ\GRUPtHQDODUPDWRGR
PLVXHxR,QWHQWpFDQWDU\PHDSUHWDURQODJDUJDQWDTXLVHWUD]DUXQDILJXUDGHEDLOH\PH
DJDUURWDURQORVSLHV
7HWK(QWRQFHVDERUUHFtORVURVWURVDMHQRVTXHPHKRVWLOL]DEDQQRSRUDMHQRV£D\VLQR
SRUTXH ORV HQWHQGt FRPR FDUDV SRVLEOHV GH PL SURSLD HVHQFLD < DO DERUUHFHUORV PH
DERUUHFtSRUORFXDODEDQGRQpOD&LXGDGGHO+RPEUH\EXVTXpXQDVLORHQODVFXHYDVGRQGH
VHUHIXJLDQORVDQLPDOHVGHFXHURUD\DGR
-RG +DVWD ODV FXHYDV PH SHUVLJXLHURQ FRPR D WLJUH IHUR] DUURMDURQ HQ PL FXHYD VXV
DQWRUFKDVGHDOTXLWUiQ\VXVFDUWXFKRVGHJDVHVODFULPyJHQRV&XDQGRVDOtDODOX]PLVRMRV
HUDQFRPRGRVIUDJXDV\PLVGLHQWHVFRPRSXxDOHVHVJULPLGRV
&DSK<UHWURFHGLHURQDQWHPLIXULD\PLVDUQD0HFD]DURQHQVXUHG\PHHQFHUUDURQ
HQ VXV SHUUHUDV PH YDFXQDURQ FRQWUD ORV YLUXV GH OD PHWDItVLFD \ QR PH SUHQGLHURQ VXV
YDFXQDV(QWRQFHVUHFRUUtPLFiUFHOVREUHPLVSDWDVGHDQLPDO\OHKDEOpDO&UHDGRU
/DPHG ´0L QRPEUH YHUGDGHUR HV $GiQ PH GLVWH XQ 3DUDtVR FRPR KDELWiFXOR \ OR
FRQYHUWt HQ XQ ,QILHUQR PH GLVWH D EHEHU HO PHMRU YLQR GH WXV SDUUDV \ OR FRQYHUWt HQ
YLQDJUH
0HP´6HxRUPHRIUHFLVWHXQDGHOLFLDLQPyYLOMXQWRDOÉUERO\VDOWpPiVDOOiGHOMDUGtQ
YROpDODVSODQLFLHVGHODLQTXLHWXG\VXIUtFRQWLUDQRVGHFUHVWDVHUL]DGDV\PDOHYRVTXHVH
QXWUHQGHEDQGRQHyQ\OODQWR
1XUL´<IXLPHMRUFXDQGRSLQWDEDXQUHQRHQPLFDYHUQDTXHFXDQGRDYHQWXUpPLVGRV
SULPHURV SDVRV HQ OD OXQD < VHUp SHRU FXDQGR OOHJXH D 0DUWH \ MXQWH VXV SLHGULWDV GH
FRORUHVµ
6DPHFK$VtOHKDEOpDPL&UHDGRU\QRWXYHUHVSXHVWD9LVWRORFXDOKLFHXQUHVXPHQGH
PL YLGD FRQ HO ILQ GH DXWRFRPSDGHFHUPH \ OORUDU XQ SRFR < QR OR FRQVHJXt SRUTXH PLV
ODJULPDOHVHVWDEDQREVWUXLGRVSRUXQDVDOGXUDFRPRHOEDVDOWR
$LQ (QWRQFHV \ VyOR SRU GLYHUVLyQ PH RUGHQp D Pt PLVPR HVFULELU HO (SLWDILR GH OD
/LEHUWDG 0L UDEt KD GLFKR ´/D 9HUGDG RV KDUi OLEUHVµ /XHJR ³SHQVp³ D PD\RU 9HUGDG
PD\RU /LEHUWDG < HQ OD SDUHG RVFXUD GH PL FDODER]R HVFULEt OR VLJXLHQWH ´$TXt \DFH OD
/LEHUWDG PXULy DVHVLQDGD SRU FLHQ KLMRV GH SXWD R OLWHUDOHV R ILORVyILFRVµ < PH GRUPt

215
WUDQTXLOR
3KH &LHUWD QRFKH PH LQVLQXy HO iQJHO $QDHO ´'HEHUtDV UHFRQVWUXLU WX DOPD FRQ ORV
PDWHULDOHVTXHVHVDOYDURQGHWXVLQFHQGLRVµ<DVtORKLFHXWLOL]DQGRDODPEUHVUHWRUFLGRV\
PDGHUDV WRVWDGDV (QWRQFHV PH VROWDURQ GH OD FiUFHO SRU PL EXHQD FRQGXFWD £\ VDOt GH
QXHYRDOVRO
6DGH < VDOt D OD WLHUUD OLEUH DO DJXD OLEUH DO DLUH OLEUH \ DO IXHJR OLEUH £$OHOX\D
+HUPDQRV OD QRFKH KXHOH ELHQ FRPR ODV D[LODV GH XQD UHLQD SHUR KXHOH PHMRU DO DOED
FXDQGRHVXQMD]PtQTXHVHDEUHHQWUHORVGRVSHFKRVGHODQHJUXUD£<\RDSUHQGtRWUDYH]
HODUWHGHUD\DURDPDQHFHU
&RSK 0H VHQWt ULGtFXOR HQ PL VXEOLPLGDG FRPR XQD PDQLIHVWDFLyQ LPSRVLEOH GH OR
$EVROXWRQRPDQLIHVWDEOH¢+DQHQWHQGLGRKHUPDQRV"
5HV<FDQWpUHtREDLOp´£0HJXVWDOD&DVDSHURPHJXVWDPiVHO$UTXLWHFWRµ
6LQ£'HVGH$OHSKD7KDXVHGHVDUUROODHOWUXFRGHORVWUXFRVHOMXHJRGHORVMXHJRV
7KDX $QWHV GH OD ´SXOYHUL]DFLyQµ GHO PXQGR YLHQH VX ´DWRPL]DFLyQµ $QWHV GH VX
´DWRPL]DFLyQµVHSURGXFHOD´VXEGLYLVLyQGHODVXEGLYLVLyQµ$QWHVGHODVXEGLYLVLyQGHOD
VXEGLYLVLyQVHSURGXFHOD´VXEGLYLVLyQµ$QWHVGHODVXEGLYLVLyQVHSURGXFHOD´GLYLVLyQµ<
DQWHVGHODGLYLVLyQUHLQDOD8QLGDGKHUPRVDFRPRXQDHVIHUDLJXDOD6tPLVPDFRPRXQD
IUXWDHQVXFiVFDUDGHRUR
7UDVDTXHOGLFWDGR6DPXHO7HVOHUPHGHYROYLyHOPLFUyIRQR\PHURJyKXPLOGHPHQWH
³5HJtVWUHPHXVWHGHVHSUHFLRVRWH[WRHQHO5HJLVWURGHOD3URSLHGDG,QWHOHFWXDO9LYLPRV
HQXQDWLHUUDGHSODJLDULRV\DTXtOHSODJLDQDXQRKDVWDHOPHWDEROLVPR
³7DWD ³VH PDUDYLOOy %DUURVR³ QXHVWUR TXHULGR DJRQL]DQWH QR VH FDUDFWHUL]D SRU XQ
H[FHVRGHPRGHVWLD
³/D PRGHVWLD HV HO FDO]RQFLOOR JULV GH ORV PHGLRFUHV ³OH UHVSRQGLy %DUUDQWHV³ +LMR
FXDQGR YHDV PRULU D XQ JUDQ KRPEUH EXVFD GHWUiV DO FDPDUyJUDIR DO LOXPLQDGRU \ DO
VRQLGLVWD
(QVXPDJQDQLPLGDGHOILOyVRIRQRVHGLRSRUDOXGLGR
³7HQJR VHG ³PXVLWy³ 1DGD UHVHFD WDQWR HO JDUJXHUR FRPR OD (OHJtD 1R PH JXVWD OD
(OHJtDHVHOSDxXHORPRFRVRGHORVGpELOHV
'DYLG OH DFHUFy HQWRQFHV XQ YDVR GH QDUDQMDGD TXH 6DPXHO UHFKD]y FRQ RVWHQVLEOH
GLJQLGDG9ROYLpQGRVHDOSLORWR&RUDJJLR
³-RVp ³OR WDQWHy³ ¢QR TXHGDUi SRU DKt DOJ~Q ILDVFRQH GH YLQR VLFLOLDQR FRQ VX D]XIUH
GHO(WQD"
³/RWHQJRHQHOUHPROFDGRU³OHGLMRHOSLORWR³£6DPXHOYR\DOOiGHXQDFDUUHUD\VHOR
WUDLJRFRQOD%LEOLD
³<DQRKD\WLHPSR³VHGROLyHOILOyVRIR³-RVpJXDUGHPL%LEOLDHQHOUHPROFDGRUHVOD
~QLFDKHUHQFLDTXHOHVGHMDUpDORVPXFKDFKRVGHODGiUVHQD
$TXtHODILODGRU&DSULVWROORULTXHyWLHUQDPHQWH
³£1RVHQRVYD\DGRQ6DPXHO£2LJD£6LXVWHGVHPXHUHKDEUiOXWRHQHO3DEHOOyQGHORV
*HQLRV£(O0DKDWPD\1DSROHyQQRVHFRQVRODUiQDGRVWLURQHV
³*HUyQLPR ³OH UHFRUGy 7HVOHU³ HO 0DKDWPD HV XQ FUHWLQR HQVDEDQDGR \ 1DSROHyQ XQ
DPDWHXUGHODVHVFRSHWDV
<HQIUHQWiQGRQRVDWRGRV
³¢4XLHUHQ SULYDUPH GH PL GHIXQFLyQ" ³QRV GLMR³ £+DFHQ PDO (Q HVWD 5HS~EOLFD HV
DVRPEURVRHOYDORUSURPRFLRQDOTXHWLHQHXQDWD~GDTXtQDGLHWULXQIDVLDQWHVQRSDVDSRU
ORVWUiPLWHVGHXQDFRFKHUtDI~QHEUH$PLJRVFXDQGRPHOOHYHQ DODWXPEDQRVHGHMHQ
HQJDxDU SRU HO DLUH OXFWXRVR GH ORV FRFKHURV QL OHV GHQ XQD SURSLQD TXH QR ILJXUD HQ HO
ODXGRVLQGLFDOGHOD3DUFD
9ROYLy D JHPLU HO DILODGRU &DSULVWR DJLWy &RUDJJLR VX IUHQWH EURQFHDGD HQ XQ VLJQR GH

216
IDWDOLGDG\WRGRVDGLYLQDPRVTXHORV~OWLPRVLQVWDQWHVGH6DPXHOHVWDEDQSUy[LPRV
³$PLHQWHQGHU³FDOFXOy%DUUDQWHV³QXHVWURPRULEXQGR\DWLHQHHODOPDHQODHSLJORWLV
\ODVROWDUiGHXQPRPHQWRDRWUR
³1RORFUHDQ³UHSXVR7HVOHUGHMiQGRVHDFDULFLDUSRUDTXHOORVHORJLRVRVWHPRUHV³¢+DQ
YLVWRDOJXQDYH]ODPHDGDLQWHUPLWHQWHGHOSHUUR"/DVXHOWDGHDFKRUULWRVHQHVWHiUEROHQ
HORWUR\HQHOGHPiVDOOi£&DPDUDGDVDVtHVPLPXHUWH<RVR\HOSHUUR
³<QRVRWURVORViUEROHV³GHGXMR%DUURVR³£7DWDPHVLHQWRPHDGRGHSLHVDFDEH]D
³(VXQDLQFRPRGLGDGSHURQRXQLQVXOWR³OHKL]RGLVWLQJXLU%DUUDQWHV³\ODFLHQFLDELHQ
YDOH XQD PLFFLyQ +LMLWR OD KLVWRULD QRV HQVHxD TXH ORV ILOyVRIRV GDQ VX PHMRU FDOGR HQ
DJRQtD 6L D QXHVWUR DJRQL]DQWH OH VREUD FRPR GLFH XQ UHPDQHQWH GH FXHUGD SURSRQJR
TXHDQWHVGHPRULUQRVGHMHUHVXHOWRVORVHQLJPDVHQTXHODKXPDQLGDGQDXIUDJDGHVGHVX
SDOHROtWLFR
³<RQRORFDQVDUtDWDQWR³VHRSXVRHODILODGRU
³£/DPXHUWHQRHVXQH[DPHQGHFROHJLR³UH]RQJyHOSLORWR&RUDJJLR
'HVGH VX FDPD EURQFtQHD \ HQ VX FDPLVyQ WDODU 6DPXHO UHFRJLy HO JXDQWH FRQ YLVLEOH
FRPSODFHQFLD
³¢<SRUTXpQR"³GLMR³3UHJXQWHQ\OHVFRQWHVWDUp¢6LJXHDQGDQGRHVHJUDEDGRU"
³£1LXQFDWDFOLVPRORGHWHQGUtDHQHVWDKRUDVROHPQH³MXUp\RTXHYLJLODEDHODSDUDWR
(QWRQFHVGLULJLpQGRVHD6DPXHOFRPRDXQDVLELODHOFRQVXOWDQWH%DUURVROHSUHJXQWy
³6DLE ¢TXp KD\ GH FUHtEOH HQ OD VRQDGD LQPRUWDOLGDG GHO FDQJUHMR" ¢(VH FUXVWiFHR HV
GLJQRGHODLQPRUWDOLGDGRVXSLROtQDFDEDHQXQDIXHQWHFRQPD\RQHVD"
³(OFDQJUHMRHVGLJQRGHODLQPRUWDOLGDGFRPRQLQJXQR³DVHJXUyHOILOyVRIR³SRUVHUOD
~QLFDEHVWLDTXHUHWURFHGHDOFDPLQDU£<QRPHGLJDQTXHODUHWURPRFLyQGHOFDQJUHMR\D
IXHQHJDGDSRUODVFLHQFLDVELROyJLFDV(OTXHUHWURFHGHDYDQ]D\HOTXHDYDQ]DUHWURFHGH
¢+DQHQWHQGLGRKHUPDQRV"£4XpSXWDVYDQDHQWHQGHU
³0DHVWUR³OHREMHWy%DUURVR³¢ODOyJLFDH[LVWHRHVXQED]DUGHSRUFHODQDVFKLQDV"
³$ HVD FXHVWLyQ UHVSRQGHUp FRQ RWUD ³OH GLMR 6DPXHO³ ¢TXp FXOSD WHQJR \R VL OR TXH
DQWHVHUDFXORVHQRVKL]RFDUD\ORTXHDQWHVHUDFDUDVHQRVKL]RFXOR"
³£*UDFLDV PDHVWUR ³H[FODPy %DUURVR³ £(VD WUDQVSRVLFLyQ FDUDFXOHVFD PH KD
GHVOXPEUDGR
$TXt %DUUDQWHV DOHQWDGR SRU OD HXIRULD GH VX KLMR DERUGy DO ILOyVRIR \ OH UHFRUGy XQ
DVXQWRTXHGHVGHKDFHPLOHQLRVIDWLJDHOFDFXPHQGHORVJHyPHWUDV
³0DHVWUR³OHSUHJXQWy³¢FyPRUHVROYHUODMRGLGDFXDGUDWXUDGHOFtUFXOR"
³(O PpWRGR HV GH XQD VHQFLOOH] DGPLUDEOH ³OH UHVSRQGLy 6DPXHO³ 7yPHVH OD UHGRQGD
FDEH]DGHXQWHyORJRSyQJDVHODHQODIUDJXDGHXQKHUUHUR\DJROSHVGHPDUWLOORGpVHOHOD
IRUPDGHXQFXERUHJXODU
³¢(VXQSUREOHPDGHPHWDOXUJLD\QRGHJHRPHWUtD"
³(VXQSUREOHPDGHOPiVHQUHYHVDGRFRQR(OTXHORUHVXHOYDFRPHUiSHULWDVGHDJXDHQ
XQMDUGtQFXDGUDGR
%DUUDQWHVFRPRHQp[WDVLVOHGLRODVJUDFLDV<HQWHQGt\RTXHKDEtDOOHJDGRPLWXUQRHQ
DTXHOODHQFXHVWDILQDO
³6DPXHO ³OH GLMH³ OD PHFiQLFD YLHQH EXVFDQGR XQ ´PRYLPLHQWR FRQWLQXRµ TXH OH
SURSRUFLRQHXQDIXHQWHGHHQHUJtDVLQFRVWRQLQJXQR¢([LVWHRQRXQPRYLPLHQWRDVt"
7UDVHVFXFKDUPHGHMyHVFDSDUHOILOyVRIRXQDULVDTXHGHVHQWRQDEDHQDTXHOHVFHQDULR
GHVXPXHUWH
³£4Xp EHVWLD PDUDYLOORVD HV HO KRPEUH ³VH UHJRFLMy³ 7RGR HVWi HQ PRYLPLHQWR
FRQWLQXR HQ OR PDFURFyVPLFR \ HQ OR PLFURFyVPLFR GHVGH XQ iWRPR D XQD JDOD[LD £(O
SUREOHPDGHOKRPEUHQRHVWiHQHOPRYLPLHQWRVLQRHQODLQPRYLOLGDG/RTXHVHPXHYH
QRHVSHUIHFWRVyORHVSHUIHFWRHO*UDQ,QPyYLO

217
 /RVWHVWLJRVGHDTXHOODPXHUWHQRGXGDPRVHQWRQFHVGHTXH6DPXHOHVWDEDHQODPHMRU
GH VXV IRUPDV < %DUUDQWHV GHFLGLy H[WUDHU XQD JRWD PiV GH DTXHO LQDJRWDEOH OLPyQ
ILORVyILFR
³0DHVWUR³OHURJy³HVWDPRVFDVLHQODIURQWHUDGHOVLJOR;;,¢3RGUtDXVWHGDYHQWXUDUXQ
SURQyVWLFRVREUHODQXHYDFHQWXULD"
³1RVR\QLXQSURIHWDQLXQEDWH³VHQHJy6DPXHOKRQHVWDPHQWH³3HURKDEODUpFRPR
IXWXUyORJR\YR\DGHMDUOHVXQDSUHGLFFLyQDFHUFDGHOPDxDQD
³¢&XiOHVPDHVWUR"³JULWyHOG~RH[FLWDGR
³$OFiQFHQPHRWUDYH]HVHPLFUyIRQR³VROLFLWyHOPRULEXQGRFRQDSUHPLDQWHXUJHQFLD
6HORHQWUHJXpDOSXQWRORXELFypOHQWUHVXVQDOJDV\OHVROWyXQSHGRPRQXPHQWDOTXH
QRV GHMy DWHUUDGRV HUD XQ SHGR EDUURFR H[XOWDQWH GH HVFDODV FURPiWLFDV IXJDV \
FRQWUDSXQWRV (QWHQGLGRV HQ OD PDWHULD HO DILODGRU \ HO SLORWR DGPLWLHURQ GHVSXpV TXH
MDPiVKDEtDQRtGRHQHVWHPXQGRXQIODWRGHWDQWDHQYHUJDGXUD<'DYLGHOFLUFXQFLGDGRU
FRPR GXHxR GH FDVD OR DWULEX\y D XQ DUHQTXH DKXPDGR TXH KDEtD FRPLGR HO ILOyVRIR OD
QRFKH DQWHULRU FRQWUD ODV UHVWULFFLRQHV GH VXV PpGLFRV 'LFWDGR VX SURQyVWLFR 6DPXHO
7HVOHUVHDUUHOODQyHQODFDPD\QRVGLMR
³(OGRFXPHQWRTXHDFDERGHSURGXFLURPHMRUGLFKRVXKHUPHQpXWLFDVXVFLWDUiHQHO
IXWXURPiVERFKLQFKHTXHODVSUHGLFFLRQHVGH&DJOLRVWUR
/XHJR6DPXHOSDUHFLyHQWUDUHQXQDVXHxHUDTXHQRVDODUPyDWRGRV
³/DPXHUWH³VXVXUUy³HVFRPRXQYLQRGXOFH\WUDLFLRQHURHQVXDSDULHQFLDLQRIHQVLYD
<GLULJLpQGRVHD&RUDJJLR
³-RVp³OHGLMR³¢QXQFDOHVH[SOLTXpHQHOUHPROFDGRUOD3DUiERODGHO+LMR3UyGLJR"
³1RUHFXHUGR6DPXHO³FRQWHVWyHOSLORWRHQDODUPD
³+D\XQ3DGUHTXHWLHQHGRVKLMRV³QRVUHILULy6DPXHO³(OSULPHURVHTXHGDHQODFDVD
GHO3DGUHFRQHO3DGUH\´HQHO3DGUHµ\RGLUtDHVXQKLMRTXHQRWUDVFLHQGHDORH[WHULRU
(O VHJXQGR DEDQGRQD OD FDVD \ GLODSLGD DIXHUD ORV WHVRURV GHO 3DGUH $KRUD ELHQ FXDQGR
UHJUHVD HVWH VHJXQGR KLMR HO 3DGUH OHMRV GH FDVWLJDU VX p[RGR OR UHFLEH FRQ OXFHV \
ILHVWDV\KDFHPDWDUSDUDpOVXPHMRUEHFHUUR¢3RUTXp"UHIOH[LRQR\R¢(OVHJXQGRKLMR
HO YDJDEXQGR QR KDEUi FXPSOLGR DIXHUD XQD PLVLyQ GHO 3DGUH" ¢1R VHUi ´HO KLMR
PDQLIHVWDGRUµ"
$TXt6DPXHOSDUHFLyWXUEDUVH\GHEDWLUVHFRPRIUHQWHDOYHQWDUUyQGHVXVLGHDV
³+D\XQWHUFHUKLMR³QRVUHYHOy³VHDXVHQWDFRPRHOVHJXQGR\YXHOYHDODFDVDSHUR
PXHUWR\UHVXFLWDGR<HO3DGUHORVHQWyDVXGHUHFKD¢3RUTXp"YXHOYRDUHIOH[LRQDU¢1R
VHUi´HOKLMRTXHUHGLPHµ\SUHSDUDHOILQDOGHOD&RPPHGLD"3RUTXHVRQWUHVKLMRV\XQR
VRORIUHQWHDXQ3DGUHVROLWDULR¢(QWLHQGHQ"
$QWH QXHVWUDV PLUDGDV HQ DVRPEUR 6DPXHO 7HVOHU VH DUUDQFy HQWRQFHV ODV FRELMDV \ VH
ODQ]y IXHUD GH ODFDPDHQ XQ VDOWR LPSUHYLVLEOH 0HWLGR HQ VX FDPLVyQGH SLHV D FDEH]D
QRVHVWXGLyFRQVXVRMRVHQWUHVHYHURVHKLODGRV
³&DPDUDGDV³QRVH[KRUWy³VLWRGRVHKDFXPSOLGR\D¢SRUTXpJHPLUFRPRWHUQHURV\
QREDLODUWRGRORTXHQRVIDOWDGHODQRFKH"
'HFLGLGR\MRYLDOVHDFHUFyDOPLFUyIRQR\OHGLFWy
³µ$TXt6DPXHOILOyVRIRYLOODFUHVSHQVHEDLOyVX'DQ]DGHORV5HGHQWRVµ
<]DSDWHyGRVYHFHVFRQORVWDORQHV\ODVSXQWDVJLUyOXHJRHQWRUQRGHVXHMHFRPRXQ
SODQHWDGLJQRLQWHQWyDOILQXQDWRXUGHMDPEHIRXHWWpHSHURORWUDLFLRQDURQODVWDEDV\
VH YLQR UXLGRVDPHQWH DO VXHOR &RQVWHUQDGRV OR GHYROYLPRV D OD FDPD HQWUH 'DYLG HO
DILODGRU &DSULVWR \ \R 7UDV PHGLU XQ LQVWDQWH VX GHUURWD FRUHRJUiILFD 6DPXHO 7HVOHU VH
YROYLyDQRVRWURV\QRVGLMR
³$KRUDVtKHUPDQRV(VWH´SXQWRµVHYD
<GLULJLpQGRVHDOSLORWR&RUDJJLROHDQXQFLy

218
 ³-RVpYR\DVROWDUDPDUUDV
1DYHJDQWHIOXYLDOHOSLORWR&RUDJJLRVHOHDFHUFyDODRUHMD\OHDGYLUWLySUXGHQWHPHQWH
³£6DPXHO D XQ WHUFLR GH PiTXLQD £< QR VROWDU HO WLPyQ ¢9H FODUDPHQWH OD OX] GH ODV
ER\DVRKD\QHEOLQDHQHOUtR"
(UDLQ~WLOHOILOyVRIRYLOODFUHVSHQVHKDEtDGLFKR\DVXV~OWLPRVYRFDEORV
< D VX YHUED HQ UHWLUDGD VH XQLy HO UHVWR GH VXV IDFXOWDGHV H[WHUQDV GH DFFLyQ \
VHQVDFLyQ 7RGDV MXQWDV \ HQ Q~PHUR GH GLH] VH UHWLUDURQ D 0DQDV FRPR GLH] UtRV TXH
YROYtDQDVXIXHQWHRULJLQDO<0DQDVFRQWRGRHVHFRUWHMRYROYLyD3UXQDGHODTXHKDEtD
QDFLGR D VX YH] \ 3UXQD VH UHDEVRUELy HQ -LYDWPD FRPR HQ VX SULQFLSLR $OOt 6DPXHO
DEDQGRQy VX IRUPD FRUSRUDO \ WRPy XQD HVHQFLD OXPLQRVD TXH WDPELpQ HUD XQ YHKtFXOR
(QWRQFHV SRU KDEHUPH GLFWDGR ODV (VFULWXUDV \ HMHUFLGR ODV YLUWXGHV KHURLFDV HO ILOyVRIR
UHFLELy XQD FRSD UHERVDQWH GH DQLULWD HO YLQR GH OD LQPRUWDOLGDG ¢< OXHJR" ´(Q OD
H[LVWHQFLD XQLYHUVDO QR KD\ SXQWRV ILQDOHV ³GHFtD 6DPXHO 7HVOHU³ VyOR KD\ SXQWRV
VXVSHQVLYRVµ

< pVWDV IXHURQ ODV 'RV %DWDOODV GH 0HJDIyQ TXH GHEt QDUUDU WDQ VyOR HQ VXV YLFLVLWXGHV
H[WHULRUHV (O IRQGR VHFUHWR GH OD JHVWD PHJDIRQLDQD HVWi KR\ VHJ~Q GLFHQ HQ GRV
RUJDQLVPRVLQLFLiWLFRVTXHVHRFXOWDQXQRHQ9LOOD&UHVSR\HORWURHQ6DQ-RVpGH)ORUHV$O
SDUHFHUHOGH)ORUHVFRQVDJUDVXVHVIXHU]RVDHVWXGLDUODGRFWULQDHQWRGRV\FDGDXQRGH
VXVPDWLFHV\HOGH9LOOD&UHVSRGDGRPiVDODDFFLyQTXHDODPHGLWDFLyQWUDEDMDUtDHQ
XQDSUD[LVTXHDPLHQWHQGHU\VLHVHRUJDQLVPRODFRQFUHWDUD UHDOPHQWHKDUtDSROYRHO
HVTXHPD JULV GH %XHQRV $LUHV \ GHO SDtV HQWHUR 6H WUDWDUtD GH EXVFDU \ HQFRQWUDU HO
PLHPEURYLULOGH0HJDIyQVXIDORDXVHQWHTXH3DWULFLD%HOOVXVWLWX\yFRQXQRGHWHUUDFRWD
LQPyYLO $ HVD E~VTXHGD R HQFXHVWD GHO IDOR SHUGLGR VHUtDQ LQYLWDGDV OD QXHYDV \
WRUPHQWRVDV JHQHUDFLRQHV TXH KR\ VH UHVLVWHQ D HVWH PXQGR FRQ UHEHOGHV JXLWDUUDV R
ERWHOODV0RORWRYGRVLQVWUXPHQWRVGHP~VLFD
(O SUREOHPD HVWi HQ OD ORFDOL]DFLyQ H[DFWD GHO IDOR \D TXH QDGLH OR GXGD HVH yUJDQR
IXHKDOODGRHQVXGtDFRQODVGHPiVSLH]DVDQDWyPLFDVGHOKpURH\HVFRQGLGRPiVWDUGHFRQ
ILQHV WUDLFLRQHURV (VWDUtD RFXOWR VHJ~Q FRQWUDGLFWRULRV LQYHVWLJDGRUHV HQ HO JRUUR IULJLR
GH OD 5HS~EOLFD PDUPyUHD TXH WLULWD R VXGD HQ OD 3LUiPLGH R HQ ORV GXURV MXDQHWHV GHO
2EHOLVFR R HQ HO VyWDQR GHO 0LQLVWHULR GH +DFLHQGD \ HQFDGHQDGR DOOi HQ UD]yQ GH VX
SHOLJURVLGDG UHYROXFLRQDULD R HQ XQD FDMD IXHUWH GHO %DQFR GH %RVWRQ \ GLVIUD]DGR VHJ~Q
ODV HVWUDWHJLDV GHO LPSHULDOLVPR R HQ HO UHORM DVPiWLFR GH OD 7RUUH GH ORV ,QJOHVHV R
DVWXWDPHQWHROYLGDGRHQXQIULVRGHODFDWHGUDOPHWURSROLWDQD
6HD FRPR IXHUH WRGR DTXt HVWi HQ PRYLPLHQWR \ FRPR HQ DJLWDFLRQHV GH SDUWR
£(QWRQFHVGLJQRVFRPSDWULRWDVUHFRPHQFHPRVRWUDYH]$VtORDFRQVHMDED+HUyGRWRJUDQ
IDUROGHOD+LVWRULDTXHVDEtDXQNLOR£<DGLyVTXHPHYR\

219
 Ì1',&(

,QWURLWRD0HJDIyQ

5DSVRGLDV
,
,,
,,,
,9
9
9,
9,,
9,,,
,;
;

220