You are on page 1of 4

 'H]$QRV6HP&OyYLV0RXUD

'H]$QRV6HP&OyYLV0RXUD

(VFULWRSRU0iULR0DHVWUL 

6iEDGRGH)HYHUHLURGH

(PGHGH]HPEURGHWUDQVFRUUHUmRGH]DQRVGRIDOHFLPHQWRGRVRFLyORJRPDU[LVWD&OyYLV0RXUDDRVDQRV
GHYLGRDXPFkQFHUQDJDUJDQWDQR+RVSLWDO$OEHUWR(LQVWHLQHP6mR3DXOR2ULJLQiULRGH$PDUDQWHQR3LDXtR
FRQKHFLGRVRFLyORJRHOXWDGRUVRFLDOQDVFHXQRVHLRGHIDPtOLDGHFODVVHPpGLDUHPHGLDGD)LOKRGHPmHEUDQFDHGH
SDLQHJURWLQKDHQWUHVHXVDQFHVWUDLVQREUHVHXURSHXVHDIULFDQRVVHQKRUHVGHHQJHQKRHFDWLYRV

&OyYLV0RXUDLQJUHVVRXQR3&%HPWUDEDOKDQGRFRPRMRUQDOLVWDHP6DOYDGRUHDSDUWLUGHHP6mR3DXOR
,QWHUHVVDGRSHODTXHVWmRVRFLDOHUDFLDOQR%UDVLOHPSUHHQGHXDRVDQRVSHVTXLVDVREUHDOXWDGRVWUDEDOKDGRUHV
HVFUDYL]DGRVQRVDUTXLYRVEDLDQRVFRQFOXtGDHP5HEHOL}HVGDVHQ]DODTXLORPERVLQVXUUHLo}HVJXHUULOKDVIRL
WUDEDOKRSLRQHLURQDLQWHUSUHWDomRGDDQWLJDIRUPDomRVRFLDOEUDVLOHLUDDSUHVHQWDGDFODUDPHQWHFRPRHVFUDYLVWDH
UHJLGDSHODRSRVLomRHVFUDYL]DGRVHHVFUDYL]DGRUHV

2WUDEDOKRJHUPLQDOGH&OyYLV0RXUDWHULDHVFDVVDDFHLWDomRHOHJLWLPDomR'HVFRQVLGHUDGRSHODLQWHOLJHQWL]LDRILFLDOIRL
PDOUHFHELGRSHODLQWHOHFWXDOLGDGHGR3&%DRFRQWUDULDUDVWHVHVVREUHIRUPDomRVRFLDOVHPLIHXGDO7HUPLQRXVHQGR
UHMHLWDGRSHODSUHVWLJLRVD(GLWRUD%UDVLOLHQVHGH&DLR3UDGR-~QLRUSDUDFRQKHFHUSXEOLFDomRVHWHDQRVPDLVWDUGHHP
SHODPLFURHGLWRUD=XPELIXQGDGDSRUPLOLWDQWHVFRPXQLVWDVSDUDSXEOLFDUREUDVQmRDFHLWDVSHOD(GLWRUD9LWyULD
GR3&%(P&OyYLV0RXUDHVWHYHHQWUHRVSRXFRVLQWHOHFWXDLVTXHURPSHUDPFRPDTXHOHSDUWLGRSDUDIXQGDUR3&
GR%

5HEHOL}HVGDVHQ]DODTXLORPERVLQVXUUHLo}HVJXHUULOKDVFRQKHFHXXPDUHHGLomRDPSOLDGDSHOD(GLWRUD&LrQFLDV
+XPDQDVHPGR]HDQRVDSyVVXDSXEOLFDomRGXUDQWHDGLWDGXUDPLOLWDUHGXDVRXWUDVUHDSUHVHQWDo}HVD~OWLPD
SHODHGLWRUD0HUFDGR$EHUWRGH3RUWR$OHJUHHPTXDQGRGRSULPHLURFHQWHQiULRGDDEROLomRGDHVFUDYDWXUDKiMi
DQRV

5HEHOL}HVGD6HQ]DOD

(P5HEHOL}HVGDVHQ]DODTXLORPERVLQVXUUHLo}HVJXHUULOKDVSDUFLDOPHQWHDLQGDVREDLQIOXrQFLDGDYLVmRGH
*LOEHUWR)UH\UHGDHVFUDYLGmRQHJUDFRPRSURGXWRGDLQDSWLGmRFXOWXUDOGRDPHULFDQRDRFDWLYHLUR&OyYLV0RXUD
DVVLQDORXTXHR³HVWDEHOHFLPHQWRGDHVFUDYLGmRVXEYHUWHUD³HPVXDVEDVHVRUHJLPHGHWUDEDOKRDWpHQWmRGRPLQDQWH´
$VVLPVHQGRSURS{VRFDUiWHUKHJHP{QLFRGDHVFUDYLGmRDYDQoDQGRTXH³GRSRQWRGHYLVWDVRFLROyJLFR´HODGLYLGLUD
³DVRFLHGDGHFRORQLDOHPGXDVFODVVHVIXQGDPHQWDLVHDQWDJ{QLFDVíDGRVHVFUDYL]DGRUHVOLJDGRVHFRQRPLFDPHQWHj
0HWUySROHHDGDPDVVDHVFUDYDIRUPDGDSHODPDLRULDGDSRSXODomRTXHSURGX]LDWRGD>VLF@DULTXH]DVRFLDO´

KWWSZZZFRUUHLRFLGDGDQLDFRPEULQGH[SKS"YLHZ DUWLFOH FDWLG $FXOWXUD LG $VXEPDQFKHWH WPSO FRPSRQHQW SULQW  OD\RXW G« 
 'H]$QRV6HP&OyYLV0RXUD

6REUHDSURGXomRPHUFDQWLOGD%DKLDGHLQtFLRVGRVpFXORH[WUHPDQGRDYDOLRXTXH³HUDWRGDEDVHDGDQRWUDEDOKR
HVFUDYR´HTXHDV³UHODo}HVHVFUDYLVWDVGHWHUPLQDYDPWRGRRFRQMXQWRGDVRFLHGDGHEDLDQD´'HIHQGHXTXHRV
³HVFUDYRVRVSHTXHQRVODYUDGRUHVVLWLDQWHVSHFXDULVWDVLQWHOHFWXDLVHDUWHVmRV´YLYHVVHP³DVIL[LDGRVSHORVVHQKRUHV
GHHQJHQKRVH>GH@HVFUDYRVTXHXVXIUXtDPYDQWDJHQVGHVVHVLVWHPDGHHFRQRPLDFRORQLDO´(POHLWXUDLJXDOPHQWH
LQRYDGRUDHQIDWL]RXDLPSRUWkQFLDKLVWyULFDGD$EROLomRTXHDSUHVHQWRXFRPRGHFRUUrQFLDGRILPGRWUiILFR$VVLQDORX
FRPVHQVLELOLGDGHDFLVmRGRDEROLFLRQLVPRHP³DODPRGHUDGD´HDOD³UDGLFDO´TXHVHYROWDUD³SDUDRVSUySULRVHVFUDYRV
RUJDQL]DQGRRVSDUDTXHOXWDVVHPFRPVXDVSUySULDVIRUoDV>@´

&OyYLV0RXUDGHVWDFRXDSDUWLFLSDomRGDSHTXHQD³FODVVHRSHUiULD´HDHYROXomRGDFRQVFLrQFLDGRFDWLYRGXUDQWHDOXWD
DEROLFLRQLVWD6XDYLVmRDUJXWDGD$EROLomRpLPSXJQDGDFRPXPHQWHSHODKLVWRULRJUDILDEUDVLOHLUDHSHORSUySULR
PRYLPHQWRQHJURTXHGHVYDORUL]DPRVHQWLGRUHYROXFLRQiULRGDVXSHUDomRGRHVFUDYLVPRHPGHYLGRjVLWXDomR
DWXDOGREUDVLOHLURFRPDIURDVFHQGrQFLDHPGHVTXDOLILFDomRLQDFHLWiYHOGDDWpKRMH~QLFDUHYROXomRVRFLDOYLWRULRVDQR
%UDVLOSURGXWRVREUHWXGRGDPRELOL]DomRGDVFODVVHVH[SORUDGDV

&OyYLV0RXUDLQYHVWLJRXVXPDULDPHQWHDSDUWLFLSDomRGRVFDWLYRVQRVSULQFLSDLV³PRYLPHQWRVSROtWLFRV´GRSDVVDGR±
,QFRQILGrQFLD0LQHLUD5HYROXomRGHHWF±GHVWDFDQGRTXH³HUDPDOLFLDGRVHHQJURVVDYDP´PRYLPHQWRVGDV
FODVVHVGRPLQDQWHV'HVWDFRXQHVVDVOXWDVDVLQJXODULGDGHGDFRQVSLUDomREDLDQDGHD~QLFDUHDOPHQWHDVH
PRELOL]DUFRQWUDDHVFUDYLGmR0LQLPL]DQGRDUHVLVWrQFLD³LQGLYLGXDO´HRUJkQLFDGRVFDWLYRVjHVFUDYLGmR±IXJD
MXVWLoDPHQWRHWF±HQIDWL]RXDV³UHYROWDV´FROHWLYDVQDVTXDLVRFDWLYROXWDULD³SRUREMHWLYRVSUySULRV´±TXLORPERV
JXHUULOKDVHLQVXUUHLo}HV3URS{VTXHRVTXLORPERVDVVXPLULDP³IRUPDGHIHQVLYD´H³LQVXUUHFLRQDOFRPRREMHWLYRGH
HVPDJDUVHXVVHQKRUHV´

(PGHIHVDGRTXLORPER

&OyYLV0RXUDDSUHVHQWRXRIHQ{PHQR³TXLORPER´FRPR³JHUDO´H³FRQVWDQWH´QDKLVWyULDGR%UDVLOHH[SUHVVmRGR
³LQFRQIRUPLVPRGRQHJUR´GHWHUPLQDGRSHODVUHJL}HVHpSRFDHPTXHVXUJLDHSHODFDSDFLGDGHGHDUWLFXODUVHFRP
tQGLRVFDWLYRVHOLYUHVSREUHV$SRQWRXHDQDOLVRXTXLORPERVGHYiULDVUHJL}HVGR%UDVLOHGHVWDFRXDLPSRUWkQFLDGR
PRFDPERGR³SUHWR&RVPH´QD%DODLDGDOHPEUDQGRTXHDLQGDQmRWLYHUDVHX³KLVWRULDGRU´HDGHVTXDOLILFDomRKDELWXDO
GR³OtGHUTXLORPEROD´FRPR³PHJDO{PDQRRXSDUDQRLFR´(P(YROXomRSROtWLFDGR%UDVLOGH&DLR3UDGRUHIHULUDVH
DRTXLORPERHDGRP&RVPHHPIRUPDGHSUHFLDWLYD1mRVDEHPRVVHDSURSRVWDVREUHDVXEDOWHUQLGDGHGHGRP&RVPH
ID]LDSDUWHGRRULJLQDOGH5HEHOL}HVQD6HQ]DODDSUHVHQWDGRDRFpOHEUHKLVWRULDGRU

&OyYLV0RXUDGHILQLXR³4XLORPERGRV3DOPDUHV´FRPR³DPDLRUWHQWDWLYDGHDXWRJRYHUQRGRVQHJURVIRUDGR&RQWLQHQWH
$IULFDQR´HVLQWHWL]RXDVSULQFLSDLVLQVXUUHLo}HVHVFUDYDVHQIDWL]DQGRDVEDLDQDV3URS{VTXHDUHYROWDGHIRUD
³SODQHMDGDQRVVHXVGHWDOKHV´GHVWDFDQGRVHXSURMHWR³SROtWLFR´QHFHVVDULDPHQWHOLPLWDGR±PDWDU³RVEUDQFRVSDUGRVH
FULRXORV´

(P&OyYLV0RXUDUHFHEHUDUHVSRVWDGHFDUWDHQYLDGDDeGLVRQ&DUQHLUR(ODDVVLQDODYDRFDUiWHU³H[WUHPDPHQWH
LPSRUWDQWH´GDSHVTXLVDHHQIDWL]DYDDQHFHVVLGDGHGHTXHQmRHVTXHFHVVHD³LPSRUWkQFLD´GR³PRWLYRUHOLJLRVR´QRV
OHYDQWHVVHUYLV3DUD&DUQHLURD³UHOLJLmR´HUD³RYtQFXORQDFLRQDOHQWUHRVHVFUDYRV´HR³VXEVWDQWLYRTXLORPER´
VLJQLILFDYDWDPEpP³DMXQWDPHQWRUHOLJLRVR´0RXUDQmRVHJXLULDDUHFRPHQGDomRGRFRQKHFLGRSHVTXLVDGRUWDPEpP
OLJDGRDR3&%

&OyYLV0RXUDFRQFOXLXVHXWUDEDOKRFRPDQiOLVHVLQWpWLFDGDVOXWDVGLUHWDVGRVWUDEDOKDGRUHVHVFUDYL]DGRVTXHSURS{V

KWWSZZZFRUUHLRFLGDGDQLDFRPEULQGH[SKS"YLHZ DUWLFOH FDWLG $FXOWXUD LG $VXEPDQFKHWH WPSO FRPSRQHQW SULQW  OD\RXW G« 
 'H]$QRV6HP&OyYLV0RXUD

QmRVHWUDWDUHPFRPXPHQWHGH³UHYROWDV´GRPLQDGDV³SRUVLPSOHVSDL[}HVPRPHQWkQHDV´PDVSODQHMDGDV
³GHWDOKDGDPHQWH´HPVXSHUDYDOLDomRGDFDSDFLGDGHGHFRQVFLrQFLDH[SOtFLWDGRVWUDEDOKDGRUHVHVFUDYL]DGRV
'HVWDFRXHQWUHWDQWRDVGHELOLGDGHVREMHWLYDVGRVPRYLPHQWRV

5XSWXUDHSLVWHPROyJLFD

3XEOLFDGRHP5HEHOL}HVGD6HQ]DODHIHWXDYDUXSWXUDHSLVWHPROyJLFDDRSURSRUTXHD³LPHQVDPDVVDHVFUDYD´
LPSXOVLRQDUDD³HFRQRPLDFRORQLDO´HHVPDJDUD³TXDVHLQWHLUDPHQWHRWUDEDOKROLYUH´2WUDEDOKRURPSLDFRPDVYLV}HV
GDKLVWRULRJUDILDWUDGLFLRQDOHGR3&%DRDILUPDURFDUiWHUVLVWrPLFRGRWUDEDOKRIHLWRUL]DGRHGDHVFUDYLGmR
4XHVWLRQDYDDVVLPDSURSRVWDGHH[LVWrQFLDGHSRYREUDVLOHLURHGDFHQWUDOLGDGHGHOXWDVFDPSRQHVDVFRQWUDRV
JUDQGHVSURSULHWiULRVQDSUp$EROLomR(PYHUGDGHQDTXHOHVDQRVRVVHJPHQWRVFDPSRQHVHVHUDPH[WUHPDPHQWH
PLQRULWiULRVQR%UDVLO

&RPRRVWUDEDOKRVJHUPLQDLVDQWHULRUHVGH0DQXHO%RPILP0DQXHO4XHULQRH%HQMDPLQ3pUHWQmRXWLOL]DGRVHFLWDGRV
SRU&OyYLV0RXUDDYLVmRJHUPLQDOGRSDVVDGRGRMRYHPLQWHOHFWXDOPDU[LVWDQmRWHYHGHVGREUDPHQWRVLPHGLDWRV$
VHJXLUGRPLQDUDPLQWHUSUHWDo}HVTXHDVVLQDODUDPDLPSRUWkQFLDHDYLROrQFLDGDHVFUDYLGmRRFDUiWHUQmRHVFUDYLVWD
GRSDVVDGRDLQIHFXQGLGDGHGDUHVLVWrQFLDVHUYLOGRWUDEDOKDGRUHVFUDYL]DGRFRQVDJUDGDVSHODFpOHEUH(VFROD3DXOLVWD
GH6RFLRORJLD±)ORUHVWDQ)HUQDQGHV)HUQDQGR+HQULTXH&DUGRVR2FWiYLR,DQQLHQWUHRXWURV

'pFDGDVPDLVWDUGHHPILQVGRVDQRVHLQtFLRGHDFHQWUDOLGDGHGRPXQGRGRWUDEDOKRLPS{VVH
WUDQVLWRULDPHQWHQR%UDVLOGHYLGRDRDYDQoRGDVOXWDVVRFLDLV(QWmRDEULXVHHVSDoRSDUDTXHRWUDEDOKRHD
UHVLVWrQFLDGRHVFUDYL]DGRFRQTXLVWDVVHPLPSRUWDQWHVWDWXVDFDGrPLFR1HVVHEUHYHSHUtRGRDYLVmRGH&OyYLV0RXUD
LQVSLURXQRYRVHVWXGRVVREUHDKLVWyULDVRFLDOGDHVFUDYLGmR0XLWRORJRFRPRUHIOX[RGDVOXWDVVRFLDLVHKHJHPRQLD
FRQVHUYDGRUDFRQVROLGDUDPVHDUHDELOLWDomRGDYLVmRGHHVFUDYLGmRSDWULDUFDOSDFWXDGDHQHJRFLDGDHDTXDOLILFDomR
GDOHLWXUDJHUPLQDOGH&OyYLV0RXURFRPRYLVmRURPkQWLFDGHXPFDWLYRHWHUQDPHQWHUHEHODGR

/LGHUDQoD1HJUD

(PDLQGDVREDGLWDGXUDPLOLWDU&OyYLV0RXUDWUDQVIRUPRXVHHPXPDGDVPDLVGHVWDFDGDVHLQIOXHQWHVOLGHUDQoDV
GRPRYLPHQWRQHJURRUJDQL]DGRSRVLomRTXHPDQWHULDQDGpFDGDVHJXLQWHDWpDFRQVROLGDomRGDVYLV}HVHSURSRVWDV
FRODERUDFLRQLVWDVHUDFLDOLVWDVQRVDQRVDWpKRMHSOHQDPHQWHGRPLQDQWHV1RV~OWLPRVDQRVGHVXDYLGDFRPR
FRPXQLVWDVHPSDUWLGRPDQWHQGRVHPSUHDUDGLFDOLGDGHGHVHXSHQVDPHQWR&OyYLV0RXUDFRODERURXFRPD(GLWRUD
([SUHVVmR3RSXODUGR067MiVHPDFHVVRjVJUDQGHVHGLWRUDVHPHLRVGHFRPXQLFDomR

&OyYLV0RXUDSURGX]LXLPSRUWDQWHREUDKLVWyULFDVRFLROyJLFDHSRpWLFDQDTXDOVHGHVWDFDUDPWUDEDOKRVSUHFLRVRVVREUH
GLYHUVRVDVSHFWRVGDIRUPDomRVRFLDOEUDVLOHLUDVREUHWXGRUHIHUHQWHVjHVFUDYLGmRHjVUHODo}HVVyFLRUDFLDLVWHPDV
VREUHRVTXDLVVHGHEUXoRXORQJDPHQWHVREUHWXGRQDGpFDGDGH1RV~OWLPRVDQRVGHVXDYLGDRFXSRXVHQD
FRQFOXVmRGHVHX'LFLRQiULRGDHVFUDYLGmRQHJUDQR%UDVLOSXEOLFDGRSRVWXPDPHQWHHPSHOD(G863

1DSURGXomRFLHQWtILFDUHODWLYDPHQWHOLPLWDGDVREUHDREUDGH&OyYLV0RXUDGHVWDFDPVHDGLVVHUWDomRGHPHVWUDGRGH
GH(ULND0HVTXLWD³&ORYLV0RXUDXPDYLVmRFUtWLFDGDKLVWyULDVRFLDOEUDVLOHLUD´GHIHQGLGDQD81,&$03ROLYUR
FROHWLYRSXEOLFDGRHPVXDKRPHQDJHPHPVREDFRRUGHQDomRGRKLVWRULDGRU/XtV6iYLRGH$OPHLGD2QHJURQR
%UDVLOHVWXGRVHPKRPHQDJHPD&OyYLV0RXUD>ZZZHGXIDOEU@DGLVVHUWDomRGH)iELR1RJXHLUDGH2OLYHLUDGH
³&OyYLV0RXUDHDVRFLRORJLDGDSUi[LVQHJUD´GHIHQGLGDQD8))

KWWSZZZFRUUHLRFLGDGDQLDFRPEULQGH[SKS"YLHZ DUWLFOH FDWLG $FXOWXUD LG $VXEPDQFKHWH WPSO FRPSRQHQW SULQW  OD\RXW G« 
 'H]$QRV6HP&OyYLV0RXUD

(PRYDOLRVRDFHUYRSHVVRDOGH&OyYLV0RXUD±TXHHUDPDJQtILFRPLVVLYLVWD±IRLHQWUHJXHSRUVXDIDPtOLDDR
&HQWURGH'RFXPHQWDomRH0HPyULDGD81(63$REDWL]DUFRPR&OyYLV0RXUDXPGRVVHXVFDPSLD8QLYHUVLGDGH
(VWDGXDOGR3LDXtGHPRQVWURXFHUWDPHQWHTXHVDQWRIRUWHID]VLPPLODJUHVHPVXDWHUUD

2GHFrQLRGH&OyYLV0RXUDVHUiFHUWDPHQWHRSRUWXQLGDGHH[FHOHQWHSDUDGLVFXVVmRGDYLGDHGDREUDGHXPGRVPDLV
GHVWDFDGRVSHQVDGRUHVHOXWDGRUHVVRFLDLVEUDVLOHLURVGRVpFXOR

0iULR0DHVWULpKLVWRULDGRUHSURIHVVRUGRSURJUDPDGHSyVJUDGXDomRHP+LVWyULDGD83)(PDLO
PDHVWUL#YLDUVQHW

ÒOWLPDDWXDOL]DomRHP4XDUWDGH)HYHUHLURGH

KWWSZZZFRUUHLRFLGDGDQLDFRPEULQGH[SKS"YLHZ DUWLFOH FDWLG $FXOWXUD LG $VXEPDQFKHWH WPSO FRPSRQHQW SULQW  OD\RXW G« 

You might also like