Professional Documents
Culture Documents
V¡EDGR FXVWRGLD OD SXHUWD GH XQ FOXE GH DOWHUQH \ HO UHVWR GH OD VHPDQD HMHUFH GH
JXDUGDHVSDOGDVRFDVLRQDO\GHFREUDGRUGHGHXGDVSRUFXHQWDDMHQD
3HUR VX YLGD QR IXH VLHPSUH DV YHLQWH D±RV DWU¡V HUD XQ ER[HDGRU SURPHWHGRU TXH
HVWXYR D SXQWR GH OXFKDU SRU HO WWXOR GH &DPSH³Q GH (XURSD VXSHUZHOWHU SHUR ODV
FRVDV VH WRUFLHURQ VH HQDPRU³ GH OD PXMHU TXH PHQRV OH FRQYHQD \ DFDE³
WUDLFLRQDQGRDODºQLFDSHUVRQDTXHVHKDEDSRUWDGRELHQFRQ©O $QGU©V3©UH]'RPQJXH]
$KRUD KD GHFLGLGR HPSH]DU GH QXHYR \ FXDQGR XQ SHULRGLVWD OH SURSRQH LU D XQ
SURJUDPDGHUDGLRSDUDFRQWDUVXYLGDDORVR\HQWHVHQFXHQWUDODH[FXVDSHUIHFWDSDUD (OVQGURPHGH0RZJOL
H[SLDUVXVFXOSDV3HURHVRQRVHU¡P¡VTXHHOSULQFLSLR3DUDYROYHUDOSXQWRGRQGH
VX H[LVWHQFLD WRP³ XQ GHVYR HTXLYRFDGR \ DMXVWDU FXHQWDV FRQ HO SDVDGR GHEHU¡ H3XEU
HPSUHQGHU XQ YLDMH TXH OR OOHYDU¡ GHVGH 0DGULG KDVWD OD FRVWD GH &¡GL] \ OXHJR D 7LWLYLOOXV
/LVERD
&RQXQDSRGHURVDKLVWRULDGHDPRU\YHQJDQ]DFRPRWHO³QGHIRQGR\ODQHFHVLGDGGH
VHU DFHSWDGR SRU ORV GHP¡V (O VQGURPH GH 0RZJOL HV PXFKDV FRVDV D OD YH] XQD
QRYHODGHVFDUQDGD\WLHUQDSRUPRPHQWRVGRQGHHOSURWDJRQLVWD5DIDHO0RQWDOE¡Q
SRUPXFKRTXHORKDLQWHQWDGRQRKDORJUDGRHQFRQWUDUVXOXJDUHQHOPXQGRFRPRHO
SURWDJRQLVWDGH(OOLEURGHOD6HOYDXQKRPHQDMHDOSHUVRQDMHGH5X\DUG.LSOLQJ\D
ORVOLEURV\DORVK©URHVGHQXHVWUDQL±H]SHURVREUHWRGRHVODFRQILUPDFL³QFRPR
QRYHOLVWD GH $QGU©V 3©UH] 'RPQJXH] TXH DWUDSD DO OHFWRU FRQ VX KDELWXDO IOXLGH]
QDUUDWLYD\HOHVSO©QGLGRGHVDUUROORSVLFRO³JLFRGHORVSHUVRQDMHV
3¡JLQD 3¡JLQD
$QGU©V3©UH]'RPQJXH] QGLFHGHFRQWHQLGR
(GLWRUGLJLWDO7LWLYLOOXV
H3XEEDVHU
&XELHUWD
(OVQGURPHGH0RZJOL
3U³ORJR
8QR
'RV
7UHV
6REUHHODXWRU
3¡JLQD 3¡JLQD
3DUD0DULEHO l/HSUHJXQW©VLSRUILQKDEDHVWDGRHQ/LVERD6HHFK³DUHUGREO³ODDOPRKDGDEDMRVXFDEH]D
ߚ'HVGHOXHJRߚGLMRߚ(QHOPRPHQWRDGHFXDGR8QROOHJDDORVVLWLRVFXDQGR\DQROHLPSRUWDQ{
TXHYLQRD/LVERD (OLQYLHUQRHQ/LVERD
$1721,2082=02/,1$
l1LVLTXLHUD\RSXHGRPLUDURVDORVRMRV\\R+HUPDQLWRQDFHQWUHKRPEUHV\RVTXLHUR(OUHVWRRVRGLD
SRUTXHVXVRMRVQRSXHGHQHQFRQWUDUVHFRQORVYXHVWURVߨSRUTXHVRLVLQWHOLJHQWHߨSRUTXHOHVKDE©LVVDFDGRODV
HVSLQDVGHODVSDWDVߨSRUTXHVRLVXQKRPEUH{
(OOLEURGHOD6HOYD
58'<$5'.,3/,1*
l3U¡FWLFDPHQWH OR ºQLFR TXH QR KH FRQVHJXLGR HQ HO ER[HR HV JDQDU GLQHUR $ OD PD\RUD GH ORV SºJLOHV OH
VXFHGHORPLVPR3HURHVRQRPHKDGHVDOHQWDGRP¡VTXHQRJDQDUGLQHURHVFULELHQGR$PEDVVRQDFWLYLGDGHVTXH
XQR KDFH SRU JXVWR \ WH VLHQWHV DJUDGHFLGR GH SRGHU KDFHUODV DXQTXH ODV GRV WH DUUXLQHQ WH YXHOYDQ ORFR \ WH
SRQJDQHQIHUPR/DJHQWHUDFLRQDOQRSLHQVDGHHVHPRGRSHURQRWLHQHHQVXYLGDORTXH\RWHQJRHQODPD
PDJLD/DPDJLDGHLUDJXHUUDVHQODVTXHFUHR<ODPDJLDGHOKXPRUGHOER[HRODEURPDTXHFDVLVLHPSUHSDJD
HOQDUUDGRUTXHWHDFRPSD±DDFDGDSDVRGHOFDPLQR{
5RSH%XUQV6WRULHVIURPWKHFRUQHU
);722/(
3¡JLQD 3¡JLQD
GHYHUDQRDOYHUGHUUXPEDUVHDTXHODPDVLMRGHDFHUR\KRUPLJ³QPHSXVHDSHQVDU
HQ HOOD HQ WRGR HO WLHPSR TXH KDED SDVDGR GHVGH OD ºOWLPD YH] TXH QRV YLPRV HQ
FX¡QWRKDEUDPRVHQYHMHFLGR/ROD\\RHQTXH\DQXQFDSRGUDPRVVXELUDXQDGH
ODVWRUUHV\FXPSOLUQXHVWUDSURPHVD(VWDVFRVDVVXHOHQSDVDUGHUHSHQWHXQVXFHVR
WH GHYXHOYH FRPR XQ PD]D]R R FRPR XQD LOXPLQDFL³Q DOJR GH WX YLGD TXH FUHDV
SHUGLGRRHQWHUUDGR\DPDSHVDUGHODWUDJHGLDGHYHUKXQGLUVHORVUDVFDFLHORVGH
1XHYD <RUN OR ºQLFR TXH PH YHQD D OD PHPRULD HUD /ROD WUHV OXVWURV \ WUHV D±RV
KRUDTXHHOFRPEDWHSRUILQSDUHFHTXHYDDWHUPLQDUWDOYH]VHDHOPRPHQWR DWU¡VVH±DO¡QGRPHHQXQDUHYLVWDODVIRWRJUDIDVGHORVHGLILFLRVGRQGHOOHYDUDPRVD
$ GH FRQWDU F³PR HPSH]³ WRGR F³PR KH OOHJDGR D HVWH ºOWLPR DVDOWR VLQ KDEHU FDERQXHVWURSURS³VLWRODV7RUUHV*HPHODVGH1XHYD<RUNTXH\DQRHVW¡QOD7RUUH
HVFXFKDGR WRGDYD FRQWDU KDVWD GLH] PLHQWUDV HVWR\ FRQ OD PHMLOOD SHJDGD D OD ORQD 6HDUVHQ&KLFDJRHOHGLILFLRGHODWHOHYLVL³QGH7RURQWR
GLFLHQGRSDUDPLVDGHQWURVTXHQRHVWR\YHQFLGRPLHQWUDVPLVSLHUQDVVHDIDQDQHQ 1XHYD <RUN &KLFDJR 7RURQWR /ROD HV XQD GH HVDV PXMHUHV TXH FROPDQ ODV
OOHYDUPHODFRQWUDULDDYHUJRQ]DGRSRUODGHUURWDUHVLJQDGRDYHUDO¡UELWURFUX]DUODV IDQWDVDV GH XQ KRPEUH V³OR VLHQGR HOOD PLVPD OH JXVWDED WRGR OR SURKLELGR
PDQRVSDUDLQGLFDUTXHWRGRKDWHUPLQDGRDQWHVGHEXVFDUDOFRQWUDULRSDUDOHYDQWDUOH GLVIUXWDEDVDOW¡QGRVHODVQRUPDVWUDVSDVDQGRODOQHDGHODOH\TXHHQQXHVWURPXQGR
HOEUD]R\SURFODPDUORYHQFHGRUSRU.2 GHHQWRQFHVHUDWDQGLIXVDTXHODPD\RUDGHODVYHFHVUHVXOWDEDFRPSOLFDGRVDEHUHQ
$XQTXHODSHOHDDºQQRKDWHUPLQDGR3XHGHTXH©VWHVHDHOºOWLPRDVDOWR\TXHHO TX©ODGRHVWDEDV$XQTXHSDUDVHUVLQFHURWUDW¡QGRVHGH/RODQRHVI¡FLOFUHHUTXH
ILQDO QR VHD RWUR TXH PL FXHUSR GHUUHQJDGR HQ OD ORQD R G¡QGROH GH FRPHU D ODV QRORVXSLHUDTXHQRIXHUDFRQVFLHQWHGHOSHOLJURTXHFRUUDߚTXHFRUUDPRVORVGRV
JDYLRWDVSHURDºQVLJRDTXWRGDYDHVWR\YLYRHQHVWDFLXGDGDODTXHKHYLDMDGR ߚFXDQGRYHQDDYHUPHDPLDSDUWDPHQWRDHVFRQGLGDVORVGDVTXHHO*RUGRQROD
WDQWDV YHFHV HQ PLV VXH±RV GXUDQWH ORV ºOWLPRV GLHFLRFKR D±RV FRQ HOOD TXH \D QR UHFODPDEDMXQWRD©O3HURTX©P¡VGDTXHORVXSLHUDRQR<RWDPEL©QORVDED(UD
HVW¡\DTXLHQWDOYH]QRYXHOYDDYHUQXQFDVRORHQXQSDVH[WUDQMHURODEROVDFRQHO WDQFRQVFLHQWHGHOULHVJRTXHVXSRQDQR\DDFRVWDUPHFRQHOODDHVFRQGLGDVVLQRHO
GLQHURTXHQRPHDWUHYRDWRFDUHQHOVXHORMXQWRDODYLHMDPDOHWDTXHPHDFRPSD±D VRORKHFKRGHGHVHDUODTXHDºQKR\PHSUHJXQWRF³PRIXLFDSD]&DVLYHLQWHD±RV
GHVGHTXHHPSUHQGHOYLDMHKDFHDSHQDVXQDVHPDQDSHURPHSDUHFHFRPRVLKXELHUD GHVSX©V WRGDYD QR KH HQFRQWUDGR XQD UHVSXHVWD SDUD DTXHOOR $ YHFHV ODV FRVDV
WUDQVFXUULGRXQDYLGDHQWHUD0HSRQJRDSHQVDUHQWRGRORTXHKDSDVDGR\QRSXHGR VXFHGHQ \ \D HVW¡ \ XQR VH GHMD DUUDVWUDU SRU OD PDUHD FRPR XQ Q¡XIUDJR TXH VH
HYLWDUTXHPHDIHFWHXQDDQJXVWLRVDVHQVDFL³QGHY©UWLJRFRPRVLPHDVRPDVHDOD DJDUUD D XQD WDEOD DXQTXH QR OH TXHGHQ JDQDV GH VHJXLU OXFKDQGR (O LQVWLQWR GH
YHQWDQDGHXQUDVFDFLHORVFXDOTXLHUDGHXQDGHHVDVFLXGDGHVTXHHOOD\\RQRKHPRV VXSHUYLYHQFLD UHVXOWD LQF³PRGR D YHFHV (VW¡V FRQYHQFLGR GH TXH OR PHMRU HV QR
YLVLWDGR QXQFD FLXGDGHV FX\RV QRPEUHV PH PDUWLOOHDQ HQ OD FDEH]D FRPR VHJXLUVLQRKXQGLUWHKDVWDHOIRQGRORGHVHDVWDQWRTXHWHJXVWDUDWHQHUXQDERODGH
UHFRUG¡QGRPHRDGYLUWL©QGRPHߚRTXL]¡UL©QGRVHGHPLGHVJUDFLDߚTXH\DQXQFD SORPR TXH WH D\XGH D FRQVHJXLUOR SHUR KD\ DOJR GHQWUR GH WL TXH QR WH GHMD PRULU
ODV YLVLWDU© TXH QXHVWUR WLHPSR KD SDVDGR \ TXH QR KH VLGR FDSD] GH GDUPH FXHQWD FRPRVLYLHUDVDOROHMRVODOX]GHXQIDURGHWU¡VGHODWRUPHQWDTXHWHHPSXMDDVHJXLU
KDVWDTXHKDVLGRGHPDVLDGRWDUGH1XHYD<RUN&KLFDJR7RURQWR.XDOD/XPSXU$ DJDUUDGRDODPDGHUDDXQTXHWHVDQJUHQORVGHGRV
/ROD OH JXVWDED GHFLUPH HQWUH EHVR \ EHVR KDFH GLHFLRFKR D±RV FXDQGR ©UDPRV /RODKDVLGRHVWRVºOWLPRVGDVߚ\WDOYH]WRGRVHVWRVD±RVDXQTXH\RQRKD\D
M³YHQHV\WRGDYDSRGDPRVVR±DUFRQODPLVPDLQRFHQFLDTXHVXH±DQORVQL±RVTXH TXHULGRYHUORDVߚFRPRXQIDURHQODWHPSHVWDGRPHMRUSDUDVHUH[DFWRGHEHUD
FXDQGR WRGR DFDEDVH FXDQGR VH UHWLUDVH \ WXYL©VHPRV GLQHUR GDUDPRV OD YXHOWD DO GHFLUXQHVSHMLVPRRXQDGHHVDVVLUHQDVGH+RPHUR$XQTXHFRQPLJRKDVLGRI¡FLO
PXQGRHQSULPHUD\TXHYLVLWDUDPRVWRGDVODVFLXGDGHVGRQGHKXELHUDUDVFDFLHORV /RIXHFXDQGRHUDMRYHQ\ORKDYXHOWRDVHUDKRUDFRPRVLQDGDKXELHUDFDPELDGRR
TXHVXELUDPRVDODVFHQVRUGHOHGLILFLRP¡VDOWRGHFDGDXQDORSDUDUDPRVHQWUHOD SHRUDºQFRPRVLDSHVDUGHORVD±RVTXHKDQSDVDGR\RQRKXELHUDDSUHQGLGRQDGD
ºOWLPD \ OD SHQºOWLPD SODQWD \ KDUDPRV HO DPRU KDVWD TXH YLQLHVHQ D UHVFDWDUQRV (OODV³ORWXYRTXHFKDVTXHDUORVGHGRVSDUDTXH\RDFXGLHUD
1XHYD<RUN&KLFDJR7RURQWR.XDOD/XPSXU-DP¡VKHHVWDGRHQQLQJXQDGHHVWDV 1RSRGDVDEHUTXHFXDWURD±RVGHVSX©VGHO2QFHGH6HSWLHPEUHYROYHUDDYHUOD
FLXGDGHV \ DKRUD \D V© TXH QXQFD YLVLWDU© FRQ /ROD QLQJXQD GH HOODV \ TXH QR TXHVHSRQGUDHQFRQWDFWRFRQPLJRGHXQDPDQHUDFLUFXODUߚDSHVDU GHWRGRVLJR
FUX]DUHPRV FRJLGRV GH OD PDQR HO YHVWEXOR GHO P¡V DOWR GH VXV HGLILFLRV TXH QR TXHULHQGR SHQVDU TXH GHVGH HO SULQFLSLR PH EXVF³ SRUTXH VDED TXH HUD \Rߚ DOJR
LQWHUFDPELDUHPRV XQD VRQULVD F³PSOLFH DQWHV GH OODPDU DO DVFHQVRU TXH QR YHU© FRQIXVD R UHWRUFLGD 3HUR /ROD HV DV \ OR VHJXLU¡ VLHQGR 8QD GH ODV FRVDV TXH
EULOODUVXVRMRVYLROHWDDQWHVGHSXOVDUHOERW³QGHSDUDGDFXDQGRQRVTXHGHPRVVRORV VLHPSUHPHJXVW³GHHOODHVVXUDUD\HQYLGLDEOHKDELOLGDGSDUDEXVFDUHOODGRSRVLWLYR
/ROD$SHVDUGHQRKDEHUODROYLGDGRQXQFDQRKDEDYXHOWRDSHQVDUWDQWRHQHOOD GH ORV SUREOHPDV SDUD QR KXQGLUVH HQ SUHRFXSDFLRQHV HVW©ULOHV R HQ LQQHFHVDULRV
FRPRHOGDTXHORVDYLRQHVKLFLHURQSHGD]RVODV7RUUHV*HPHODV(VHPDUWHVGHILQDO VHQWLPLHQWRVGHFXOSD&XDQGRODV7RUUHV*HPHODVVHGHUUXPEDURQVHPHRFXUUL³TXH
3¡JLQD 3¡JLQD
/RODGHHVWDUDPLODGRPHKDEUDEHVDGRORVODELRVGHVSDFLR\KDEUDGLFKRFDUL±R 0LHQWUDV HQFLHQGR XQ SLWLOOR SLHQVR TXH GHER GH SDUHFHUPH D XQR GH DTXHOORV
QRWHSUHRFXSHVWRGDYDQRVTXHGDHO(PSLUH6WDWH HPLJUDQWHV R H[LOLDGRV WULVWHV TXH DEDQGRQDEDQ HO SDV GXUDQWH OD GLFWDGXUD TXH
1R PH HTXLYRTX© +DFH FLQFR GDV FXDQGR GHVSX©V GH WDQWRV URGHRV DFDE© PLUDQGR HO EDUFR TXH LED D OOHYDUORV WDQ OHMRV GHEHUDQ VHQWLU HO PLVPR IUR HQ ORV
HQFRQWU¡QGRPHODFDUDDFDUDDOVHQWDUPHIUHQWHDHOODHQODFDIHWHUDPHGLMRHVRTXH KXHVRVTXH\RVLHQWRHVWDPD±DQDDSHVDUGHTXHDºQQRKDWHUPLQDGRHOYHUDQR
\RKDEDSHQVDGRHQWRQFHV6XVSDODEUDVH[DFWDVIXHURQPLYLGDSRUILQKDVYHQLGR 0H DEURFKR RWUR ERW³Q GH OD FDPLVD SDUD SURWHJHUPH HO SHFKR GH OD EULVD TXH
0HQRV PDO TXH DºQ QRV TXHGD HO (PSLUH 6WDWH 1R V© VL GH YHUGDG VHQWD OR TXH VRSODGHVGHHOUR$SHQDVKDFHYHLQWLFXDWURKRUDVTXH/RODVHPDUFK³VLQGHFLUDGL³V
HVWDEDGLFLHQGRSHURHVWR\VHJXURGHTXHORGLMRDVSRUTXHVDEDTXHHUDORTXH\R \ \D HPSLH]R D WHQHU IUR 0HMRU TXH PH DFRVWXPEUH SRUTXH HOOD QR YD D YROYHU
HVSHUDED HVFXFKDU DO YHUQRV GHVSX©V GH WDQWRV D±RV (Q DTXHOOD ©SRFD HQ OD TXH 1XQFD 3RU PXFKR TXH PH FXHVWH DGPLWLUOR QXQFD TXHUU¡ HVWDU RWUD YH] D PL ODGR
SHQV¡EDPRVHQFDPDUQRVHQORVUDVFDFLHORVP¡VDOWRVGHOPXQGRODºOWLPDSODQWDGH $ºQ QR KH DFHSWDGR HO KHFKR GH TXH TXL]¡ MDP¡V OR KD\D GHVHDGR GH YHUGDG SHUR
ODVWRUUHVQHR\RUTXLQDVHUDXQRGHORVOXJDUHVP¡VDOWRVDOTXHSRGUDPRVDVSLUDU\ WDUGHRWHPSUDQRWHQGU©TXHKDFHUOR7RWDOHVODYHUGDG7DQVLPSOHFRPRHVR
DTXHOORV UHFW¡QJXORV LG©QWLFRV GH 0DQKDWWDQ VLJQLILFDEDQ WDQWR SDUD QRVRWURV TXH 6DFXGR OD FDEH]D PH GLJR TXH PH JXVWDUD TXH IXHUDQ RWURV WLHPSRV \ TXH \R
HVWDEDFRQYHQFLGRGHTXHHORQFHGHVHSWLHPEUHGH/RODVHDFRUG³GHPSRUODV IXHVHXQRGHHVRVPLOHVGHHPLJUDQWHVRH[LOLDGRVTXHDEDQGRQDEDQVXSDVVLQVDEHU
PLVPDVUD]RQHVTXH\RPHDFRUG©GHHOOD FX¡QGRYROYHUDQVLUHJUHVDUDQDOJºQGD1RHVTXHPHKD\DYXHOWRQRVW¡OJLFRGH
0LYLGDSRUILQKDVYHQLGR0HQRVPDOTXHDºQQRVTXHGDHO(PSLUH6WDWH0HOR UHSHQWH DTX HQ HVWD IUD PD±DQD GH YHUDQR SRUWXJXHVD TX© YD /R TXH RFXUUH HV
GLMR VRQULHQGR HQVH±DQGR XQ SRFR ORV FROPLOORV TXH OH DVRPDEDQ DO GHVSHJDU ORV TXHDSHVDUGHWRGRDORPHMRUVR\XQFREDUGH\SUHIHULUDGLOXLUPHHQWUHXQDFRODGH
ODELRVTXHKDFDQMXHJRFRQHOFRORUGHVXYHVWLGRFRUWRGHWLUDQWDVHQODFDIHWHUD JHQWHTXHYDDVXELUDXQEDUFRHQOXJDUGHHVWDUDTXVRORHVFXFKDQGRORVJUD]QLGRV
DGRQGH TXLHUR SHQVDU TXH DFXGD FDGD GD HVSHUDQGR PL OOHJDGD 3RUTXH HOOD VDED GHODVJDYLRWDVTXHVHPHDQWRMDQEXLWUHVHVSHUDQGRDTXHPHFRQYLHUWDHQFDUUR±D
TXH\RLUD/RODFRQRFHDORVKRPEUHV\\RQRVR\P¡VFRPSOHMRTXHORVGHP¡V6R\ +D\FLHQWRVGHHOODV(QRWURPRPHQWRODYLVL³QGHODVJDYLRWDVSODQHDQGRVREUHHO
WDQVLPSOHRWDQWRUSHFRPRHOUHVWR7DOYH]P¡V 7DMRDODPDQHFHUPHKDEUDSDUHFLGRXQDHVWDPSDKHUPRVDOOHQDGHSRHVD3HURKR\
(ORWURGDFXDQGRODYL\RDºQQRHVWDEDGHOWRGRVHJXURGHOPRWLYRSRUHOTXH QRHVHOGDP¡VLQGLFDGRSDUDSRQHUVHOULFRVREUHWRGRVLPHSRQJRDSHQVDUTXH
KDEDLGRDHQFRQWUDUPHFRQHOSDVDGR/RP¡VO³JLFRGDGDVODVFLUFXQVWDQFLDVHUD GHQWURGHXQUDWRDOJXQDGHHOODVSXHGHHVWDUSLFRWHDQGRORTXHTXHGHGHP
TXH OD YHQJDQ]D KXELHUD VLGR PL PD\RU PRWLYDFL³Q SHUR \ OR GLJR VLQ TXHUHU 3XHVSRG©LVHVSHUDUVHQWDGDVSLHQVRFRPRVLOHVKDEODVHHQYR]DOWDDORVS¡MDURV
GHVFDUJDUPHGHFXOSDWRGDYDKR\QRHVWR\PX\VHJXURGHSRUTX©FRPHQF©HVHYLDMH SRUTXHHVSUREDEOHTXHHOWLSRDOTXHHVWR\HVSHUDQGRYHQJDGHFLGLGRDPHWHUPHGRV
TXH PH OOHY³ KDVWD HO VXU \ TXH KD WHUPLQDGR DTX DO DPDQHFHU HQ /LVERD 'H OR EDODV HQWUH ODV FHMDV \ TXH QR OH IDOWHQ UD]RQHV SDUD KDFHUOR SHUR QR FUHR TXH
ºQLFR TXH HVWDED FRQYHQFLGR HUD GH KDEHU HPSUHQGLGR XQ FDPLQR GHO TXH PH LED D GHVSX©VYD\DDHQWUHWHQHUVHHQFRUWDUPHHQSHGDFLWRVSDUDDUURMDUPHDOPDU\TXHPH
UHVXOWDULPSRVLEOHUHJUHVDU3HURVLVR\VLQFHURWRGDVODVUD]RQHVSRVLEOHVVHUHVXPHQ SRG¡LVFRPHUVLQWHQHURVTXHHVIRU]DUPXFKR&RQTXHORVLHQWRERQLWDOHGLJRDOD
HQXQDTXHWLHQHQRPEUHGHPXMHU/RODTXHWDQVHJXUDGHVKDEUDVRQUHGRSDUD JDYLRWDTXHWHQJRP¡VFHUFD\TXHPHPLUDFRQRMRVGHQRKDEHUGHVD\XQDGRSHUR
VXV DGHQWURV \ KDEUD ILQJLGR QR HQWHUDUVH R QR FUH©UVHOR FRPR KL]R P¡V WDUGH KR\QRHVYXHVWURGDGHVXHUWH$XQTXHPHWHPRTXHHOPRWDPSRFR
FXDQGRVHORFRQIHV©RHVTXHDSHVDUGHWRGROHGDEDLJXDOQRSRUTXHPHTXLVLHUD
VLQRSRUTXHORTXHHOODGHVHDEDHUDODUJDUVHGHDOOSDUDVLHPSUHHPSH]DUXQDQXHYD
YLGDVXELUDXQEDUFRTXHODOOHYDVHDORWURODGRGHORF©DQRORTXHFXDOTXLHUDFRQ
JDQDVGHERUUDUVXSDVDGRTXLHUH
+DFHGLHFLRFKRD±RVHUDORPLVPR3ULPHURLEDDVHU/LVERDGRQGHSDVDUDPRV
GRV R WUHV GDV PHWLGRV HQ XQ KRWHO VLQ VDOLU GH OD KDELWDFL³Q QR WDQWR SRUTXH
GHVH¡UDPRVSDVDUPXFKDVKRUDVUHYROF¡QGRQRVHQODFDPDVLQRSRUTXHVDEDPRVTXH
HUD SHOLJURVR TXH DOJºQ VLFDULR GHO *RUGR QRV HQFRQWUDVH \ DFDEDVH OOHY¡QGRQRV D
UDVWUDVKDVWD©OSDUDUHQGLUFXHQWDV/XHJRVXELUDPRVDXQEDUFRTXHQRVOOHYDUDD
1XHYD <RUN /ROD \ \R YHUDPRV OD (VWDWXD GH OD /LEHUWDG GHVGH FXELHUWD FRPR
GHELHURQGHYHUODORVHPLJUDQWHVTXHYLDMDEDQD$P©ULFDEXVFDQGRXQDQXHYDYLGDD
SULQFLSLRV GHO VLJOR ;; +DUDPRV HO DPRU YLVLWDUDPRV ORV UDVFDFLHORV VHUD OD
SULPHUDHWDSDGHQXHVWUDYXHOWDDOPXQGR
3¡JLQD 3¡JLQD
RGRHPSH]³SRUTXH\RUHFRUGDEDKDEHUYLVWRDTXHOODFDUDHQDOJºQSURJUDPDHQ
812 7 OD WHOH 1R HV TXH WHQJD OD FHUWH]D GH TXH IXHUD ©VH HO SULPHU DVDOWR SHUR VL
YXHOYRODYLVWDDWU¡VQRPHTXHGDRWURUHPHGLRTXHUHFRQRFHUTXHGHQRDFRUGDUPH
GH DTXHO URVWUR YLVWR DOJXQD YH] HQ XQD GH HVDV QRFKHV HQ YHOD \R QR HVWDUD DTX
HVSHUDQGR HO PRPHQWR GH TXH WHUPLQH HO FRPEDWH 8Q SURJUDPD HQ OD WHOH 1R
UHFXHUGRHOQRPEUH8QRGHHVRVHVSDFLRVTXHUHSLWHQGHPDGUXJDGD\TXHV³ORYHQ
ORVLQVRPQHV\ORVVRQ¡PEXORVRORVTXHFRPR\RWUDEDMDQGHQRFKH\FXDQGROOHJDQ
DFDVDHVGHPDVLDGRWDUGHSDUDDFRVWDUVH\GHPDVLDGRWHPSUDQRSDUDGHVD\XQDU\QR
VHOHVRFXUUHRWUDFRVDPHMRUTXHHQFHQGHUHOWHOHYLVRUWXPEDUVHHQHOVRI¡\PLUDUOD
SDQWDOOD KDVWD TXH ORV ULQGH HO VXH±R 6L QR PH KXELHUD DFRUGDGR GH OD FDUD GH OD
SUHVHQWDGRUDGHVXVRMRVYHUGHWUDQVSDUHQWH\GHVXVUL]RVFDVWD±RVQRKDEUDLGRDOD
UDGLRDFRQWDUPLYLGDEDMRODSURWHFFL³QGHXQQRPEUHTXHQRHVHOPR3HQVDUHQ
XQDPXMHU\SHUGHUODFDEH]DHVXQDFRQVWDQWHHQPLYLGD$XQTXHVHSDTXHQRWHQJR
QLQJXQDSRVLELOLGDGFRPRVXFHGHODPD\RUDGHODVYHFHVHOLQWHU©VSRUXQDPXMHUHV
HOPD\RUDOLFLHQWHFXDQGRKHGHGHFLUTXHVDDOJRTXHPHSURSRQHQ\TXHQRDFDED
GH FRQYHQFHUPH &DGD FXDO WLHQH VX SXQWR G©ELO VX WDO³Q GH $TXLOHV R FRPR VH
OODPHGRQGHOHGDODJDQD2GRQGHOHYLHQHGDGRGHEHUDGHFLU
)XH SRU HVR \ WDPEL©Q SRUTXH HVRV GDV HVWDED SDVDQGR XQD PDOD UDFKD ߚRWUD
YH]RWUDGHWDQWDVߚHQORTXHDVXH±RVHUHILHUH<DQRPHDFRUGDEDGHODFDUDGHOD
SUHVHQWDGRUDRDFDVRKDEDROYLGDGRTXHXQD±RDQWHVP¡VRPHQRVODKDEDYLVWR
PLHQWUDVPLUDEDODSDQWDOODGHOWHOHYLVRUFRPRKLSQRWL]DGRRDOHODGRSRUTXHHOVXH±R
VHPHHVFDSDED3HURWDPSRFRVR\WDQWRQWRFRPRSDUDMXVWLILFDUPHDKRUDGLFLHQGR
TXHODFXOSDGHWRGRODKDQWHQLGRHVRVRMRVYHUGHV2LJXDOV3HURORFLHUWRHVTXHOR
SULPHUR IXHURQ HVRV RMRV 7RGR OR GHP¡V YLQR GHVSX©V $XQTXH OD KLVWRULD KDED
HPSH]DGRPXFKRDQWHVFXDQGR\RWRGDYDQRXVDEDXQQRPEUHIDOVRQLVDEDTXHOD
YLGD PH DUULQFRQDUD KDVWD TXH QR PH TXHGDVH RWUD TXH FODXGLFDU \ GHGLFDUPH D
UHFRUGDUOHVDORVSREUHVGHVJUDFLDGRVTXHDVXVDFUHHGRUHVVHOHVHVWDEDHPSH]DQGRD
WHUPLQDUODSDFLHQFLD
(OWLSRTXHPHYHQGL³ODKLVWRULDXQDWDUGHGHVSX©VGHLQYLWDUPHDFDI©PHGLMR
TXH HOOD DKRUD SUHVHQWDED XQ SURJUDPD HQ OD UDGLR $O SULQFLSLR QR FD 1R
DFRVWXPEURDHVFXFKDUODUDGLR3RUUHJODJHQHUDOWUDEDMRORVILQHVGHVHPDQD\PH
DFXHVWRWDUGH\VLHQWUHVHPDQDPHRFXSDDOJºQDVXQWRQRWHQJRPXFKRWLHPSRSDUD
HQFHQGHUODUDGLR7DPSRFRPHJXVWDPXFKR<FXDQGRDDOJXLHQQROHJXVWDPXFKR
DOJR OR TXH VXHOH GHFLU SDUD TXHGDU ELHQ HV TXH QR WLHQH WLHPSR PH JXVWDUD OHHU
P¡V SHUR QR WHQJR WLHPSR RMDO¡ WXYLHUD XQ KXHFR SDUD LU DO FLQH SHUR QXQFD OR
HQFXHQWURHVWDQRFKHQRFDUL±RQRWHPHDUULPHVTXHPD±DQDWHQJRTXHPDGUXJDU
([FXVDVWRQWDV\DVDEHQ1RHVFXFKRODUDGLROHGLMHDDTXHOWLSR1RWHQJRWLHPSR
+DEDDFXGLGRDODFLWDSRUTXHSHQV©TXHHOIXODQRDTXHOPHKDEDEXVFDGRSDUD
HQFDUJDUPH XQ WUDEDMR /R FLHUWR HV TXH FXDQGR OR OODP© PH GLMR TXH V³OR TXHUD
KDEODU FRQPLJR SHUR SRFD JHQWH VH VLQFHUD HQ OD SULPHUD OODPDGD +DFHUOR VHUD
FRPR DEULUVH GH SLHUQDV HQ OD SULPHUD FLWD \ \R WDPSRFR VXHOR GDU PXFKD
3¡JLQD 3¡JLQD
FRQYHUVDFL³QDOSULQFLSLR<GHVSX©VWDPSRFR0LQºPHURQRDSDUHFHHQODJXDQR URP¡QWLFRVLHPSUHKHSURFXUDGRVHSDUDUORVQHJRFLRVGHORVVHQWLPLHQWRV<HO/LVERD
WHQJRWDUMHWDVGHYLVLWD\QRSDJRLPSXHVWRVDVTXHVLDOJXLHQFRQVLJXHPLWHO©IRQR HUDHOOXJDUDSURSLDGRSDUDODVSULPHUDVFLWDV<DKHFRQWDGRDQWHVSRUTX©
HVSRUTXHGHYHUGDGVDEHDTX©PHGHGLFR\ORTXHHVP¡VLPSRUWDQWHVDEHTXHOD 1RORKHKHFKRPXFKDVYHFHVSHURHQDOJXQDRFDVL³QVLQRPHJXVWDODFDUDGHO
FRQYHUVDFL³Q TXH YD D WHQHU FRQPLJR QR HV OD PHMRU FRQYHUVDFL³Q SDUD UHSHWLUOD GH WLSRDOREVHUYDUORGHVGHHORWURODGRGHODFDOOHQLVLTXLHUDHQWURHQODFDIHWHUD'HVGH
URGLOODVHQXQFRQIHVLRQDULRVLXQRQRTXLHUHSDVDUVHODWDUGHUH]DQGRSDGUHQXHVWURV OHMRV KDJR XQ JHVWR DO FDPDUHUR XQD SHTXH±D QHJDFL³Q FRQ OD FDEH]D GR\ PHGLD
\DYHPDUDVSDUDDOLYLDUHODOPD YXHOWD\HOTXHHVW¡HQODEDUUDVHHQFDUJDGHGHFLUOHDOFOLHQWHTXHHOVH±RU0RQWDQHU
0L QºPHUR FRPR GLJR SDVD GH XQ FOLHQWH D RWUR FXDQGR VH UHFRPLHQGDQ PLV QR KD SRGLGR YHQLU TXH OR GLVFXOSH 3RU VXSXHVWR HVW¡ XVWHG LQYLWDGR FDEDOOHUR
VHUYLFLRV HQWUH HOORV \ FXDQGR PH VHQW© IUHQWH D DTXHO WLSR MXQWR D OD FULVWDOHUD GHO )DOWDUDP¡V
FDI©/LVERDTXHHVFRPRPLVHJXQGDFDVDGRQGHVLHPSUHFLWRDPLVFOLHQWHV\PH 6R\ XQ SRFR PDQL¡WLFR SDUD HVWDV FRVDV /R UHFRQR]FR 1R PXFKR SHUR V OR
GLMRORTXHTXHUDHVWXYHDSXQWRGHGDUOHXQDERIHWDGDߚ\DKHGLFKRTXHHO/LVERD VXILFLHQWHPHQWHTXLVTXLOORVRFRPRSDUDQRDJXDQWDUODFDUDGHTXLHQQRPHFDHELHQ
HVFRPRPLFDVDߚDQWHVGHOHYDQWDUPHGHODVLHQWR\GHMDUOHXQELOOHWHVREUHODPHVD 8QDGHODVFRVDVTXHKHDSUHQGLGRDPHGLGDTXHPHKHLGRKDFLHQGRPD\RUHVDQR
SRUODVPROHVWLDV3RUODVPROHVWLDV\SRUFUX]DUOHODFDUD VRSRUWDUDPLODGRDTXLHQQRPHJXVWD3XHGRSDUHFHUDQWLS¡WLFRSHURHVORTXHKD\
/R KDED HVWDGR REVHUYDQGR DQWHV GH HQWUDU 6LHPSUH OR KDJR $FRVWXPEUR D (OTXHTXLHUDTXHORWRPH<HOTXHQRSXHVHVRSXHVPHDOHJUR
FLWDUORVHQHO/LVERDSRUTXHODVFULVWDOHUDVVRQWDQJUDQGHVTXHGHVGHHORWURODGRGH (OFDPDUHURGHHVDWDUGHHUD5REHUWR<DPHKDEDYLVWRDORWURODGRGHODFDOOH
OD FDOOH SXHGR REVHUYDU D ORV FOLHQWHV LQFDXWRV TXH QR PH FRQRFHQ VLQ TXH VH GHQ MXQWRDODIDUROD(VWDEDGHWU¡VGHODEDUUD\DVLQWL³FRQODFDEH]DFXDQGRPHPLU³GH
FXHQWD GH TXH OR HVWR\ KDFLHQGR 1R UHVXOWD GLIFLO UHFRQRFHUORV 6LHPSUH YLHQHQ XQDPDQHUDTXHV³OR\RSRGDGDUPHFXHQWD6XJHVWRTXHUDGHFLUTXHHOWLSRTXHPH
VRORV D PHQXGR VRQ GH IXHUD GH RWUD FLXGDG R GH RWUR EDUULR SRUTXH QR VXHOH HVSHUDEDHUDHVHTXHHVWDEDVHQWDGRMXQWRDODFULVWDOHUD6XDGYHUWHQFLDHUDGHOWRGR
JXVWDUOHV TXH VXV FRQRFLGRV VHSDQ TXH QHFHVLWDQ PLV VHUYLFLRV /RV FDPDUHURV TXH LQQHFHVDULD SRUTXH \R \D OR VDED SHUR VH OR DJUDGHF GH WRGRV PRGRV FRQ XQD
PHFRQRFHQGHVGHKDFHD±RVWDPEL©QVDEHQTXHYLHQHQDEXVFDUPH(VRWUDGHODV LQFOLQDFL³QGHFDEH]D5REHUWR\DVDEDTXH\RLEDDHQWUDU6L\RQRKXELHUDTXHULGR
FRVDV TXH PH JXVWDQ GHO /LVERD ORV FDPDUHURV &DVL WRGRV SHLQDQ FDQDV \ VRQ KDFHUORKDEUDJLUDGRHOFXHOORGHVSDFLRXQSDUGHYHFHV\©O\DVDEUDORTXHWHQD
GLVFUHWRVFRPRV³ORVDEHQVHUORORVWLSRVLQWHOLJHQWHVTXHOOHYDQWRGDXQDYLGDGHWU¡V TXHGHFLUOHDOWLSR5REHUWRHVHOFDPDUHURP¡VYHWHUDQRGHO/LVERD\WDOYH]SRUHVR
GH XQD EDUUD QXQFD KDFHQ SUHJXQWDV R XQ FRPHQWDULR GH P¡V 7DQ V³OR XQ JHVWR HO P¡V OLVWR GH WRGRV 1DGD TXH YHU FRQ HVRV FDQWDPD±DQDV TXH SRU GHVJUDFLD
F³PSOLFHPX\GHWDUGHHQWDUGHXQJXL±RRXQDVRQULVDSRUOREDMRFRPRVLQRIXHUD DEXQGDQDVXODGRGHODEDUUDQRHQHO/LVERDVLQRHQFXDOTXLHURWURFDI©TXHHVW¡Q
FRQPLJRFXDQGRVDEHQTXHQDGLHQRVHVW¡PLUDQGR6DEHQTXHPHJXVWDODGLVFUHFL³Q WRGRHOWLHPSRPHWLHQGRODQDUL]GRQGHQROHVLPSRUWDVLQTXHQDGLHOHVKD\DGDGR
\PHUHVSHWDQ<\RORVUHVSHWRDHOORVWDPEL©QSRUHVR6R\XQEXHQFOLHQWH\GHMR YHODHQHOHQWLHUUR
SURSLQDV JHQHURVDV DGHP¡V < VL QR ODV GHMR \R VXHOHQ KDFHUOR ORV WLSRV TXH PH 8QD YH] XQ FOLHQWH QR VH WRP³ PX\ ELHQ TXH \R QR TXLVLHUD DFXGLU D OD FLWD
FRQWUDWDQ TXH R ELHQ QDGDQ HQ OD DEXQGDQFLD R YLHQHQ GLVSXHVWRV D QR UHSDUDU HQ 5REHUWR OH GLMR OR GH VLHPSUH TXH HVWDED LQYLWDGR \ TXH \R QR SRGUD LU TXH \D OR
JDVWRV1RV©WDOYH]TXLHUHQTXHGDUELHQFRQPLJRGHVGHHOSULQFLSLRRSLHQVDQTXH OODPDUD\HOWLSRHQOXJDUGHHQWHQGHUHOPHQVDMHVXEOLPLQDOVHSXVRERUGH\OHGLMR
SXHGHQ LPSUHVLRQDUPH VDFDQGR XQ IDMR GH ELOOHWHV HQ QXHVWUD SULPHUD FLWD 3HUR HO TXHTXL©QPHFUHDTXHHUD\R4X©SRFDHGXFDFL³QD±DGL³9D\DIRUPDGHWUDWDUDXQ
GLQHURQRPHLPSUHVLRQD<QRHVTXHDQGHVREUDGRGHSDVWD3DUDQDGD3RUQRWHQHU FOLHQWH3RFROHIDOW³SDUDSHGLUODKRMDGHUHFODPDFLRQHV$OJXQRVIXODQRVUHPLOJDGRV
QRWHQJRQLGRQGHFDHUPHPXHUWR<PHQRVDKRUDTXHPLYLGDVHKDYXHOWRGHOUHY©V VHFUHHQTXHFRQWUDWDUORVVHUYLFLRVGHDOJXLHQFRPR\RHVLJXDOTXHHQWUDUHQXQRV
WDQU¡SLGRFRPRVLOHKXELHUDGDGRODYXHOWDDXQFDOFHWQ6RQRWUDVFRVDVODVTXHPH JUDQGHV DOPDFHQHV \ FRPSUDU XQD ODYDGRUD TXH WH OOHYDV D FDVD FRQ OD JDUDQWD
PXHYHQ/RVRMRVGHXQDPXMHUKHUPRVDFRPRKHGLFKRKDFHXQPRPHQWRRTXHHO VHOODGD\HOOLEURGHLQVWUXFFLRQHV
REMHWLYR VHD XQ SHUIHFWR KLMR GH OD JUDQ SXWD 7UDEDMR SDUD VHU VLQFHUR FRQ ORV 3RUUHJODJHQHUDO\DPHKHKHFKRXQDLGHDEDVWDQWHDFHUWDGDGHODSHUVRQDTXHPH
DOWLEDMRVO³JLFRVGHFXDOTXLHUSURIHVL³QQXQFDPHKDIDOWDGRKD\PXFKDVWDVFRQORV HVSHUD FXDQGR HVWR\ FUX]DQGR OD FDOOH GHVSX©V GH KDEHUOD REVHUYDGR GXUDQWH XQRV
RMRVERQLWRV\FRPRGHFDXQYLHMRDPLJRVLORVKLMRVGHSXWDYRODUDQQRSRGUDPRV PLQXWRV6LXQRVHILMDELHQODVHFXHQFLDGHJHVWRVF³PRWDPERULOHDFRQODVPDQRV
YHUHOVRO VREUH OD WDULPD GH P¡UPRO GH OD PHVD PLHQWUDV HVSHUD HO PRGR HQ TXH FUX]D ODV
/R GHO QRPEUH GHO FDI© HV FDVXDOLGDG FUHR $XQTXH FRQILHVR TXH HV P¡V TXH SLHUQDV R OR OLPSLRV TXH OOHYD ORV ]DSDWRV SXHGHQ DQWLFLSDU EXHQD SDUWH GH OD
SRVLEOHTXHODSULPHUDYH]TXHHQWU©IXHVHSRUTXHODSDODEUD/LVERDPHUHFRUGDEDD FRQYHUVDFL³QTXHHVWDPRVDSXQWRGHWHQHU/DH[SHULHQFLDDGHP¡VPHKDHQVH±DGR
/RODORVPRWLYRVTXHPHOOHYDURQDHOHJLUHVHVLWLRSDUDHQFRQWUDUPHFRQPLVFOLHQWHV TXH ORV PRWLYRV GH OD PD\RUD GH ORV TXH FRQWUDWDQ PLV VHUYLFLRV YLHQHQ D VHU ORV
IXHURQ HVWULFWDPHQWH SURIHVLRQDOHV /R FLHUWR HV TXH DXQTXH HQ HO IRQGR VR\ XQ PLVPRV VLQ PXFKDV YDULDQWHV SUHVWDPLVWDV GH WUHV DO FXDUWR D ORV TXH VH OHV KD
3¡JLQD 3¡JLQD
WHUPLQDGRODSDFLHQFLDDOJºQHPSUHVDULRKDUWRGHTXHXQFOLHQWHOHG©ODUJDVSRUTXH GHMDGRVXQºPHURGHVSX©VGHSUHJXQWDUSRUP(VHOSURFHGLPLHQWRKDELWXDO\KDJR
QROHSDJDXQDGHXGD\TXHDFXGHDPSRUTXHHVW¡FDQVDGRGHTXHORVSDSHOHVFUHQ ORPLVPRFRQWRGRVORVFOLHQWHVTXHTXLHUHQSRQHUVHHQFRQWDFWRFRQPLJRSRUSULPHUD
WHODUD±DVHQHOMX]JDGRRSRUTXHHOGLQHURGHOTXHVHWUDWDWLHQHHOPLVPRFRORUGHO YH] /RV RWURV ORV FOLHQWHV TXH \D PH KDQ FRQWUDWDGR DOJXQD YH] OR VDEHQ \ OHV
PDU FXDQGR D XQ SHWUROHUR OH UHYLHQWD OD SDQ]D \ QR SXHGH UHFXSHUDUOR P¡V TXH H[SOLFDQ TXH KD\ TXH SURFHGHU DV D DTXHOORV TXH HVW¡Q LQWHUHVDGRV HQ DOTXLODU PLV
FRQWUDWDQGRDDOJXLHQFRPR\R7DPEL©QFDGDYH]P¡VPXMHUHVKDUWDVGHTXHDVXV VHUYLFLRV 1DGLH VDEH PL GLUHFFL³Q QL PL QRPEUH YHUGDGHUR 0RQWDOE¡Q 5DIDHO
H[ PDULGRV VH OHV ROYLGH SDVDUOHV OD SHQVL³Q \ PH SLGHQ TXH KDJD HO IDYRU GH 0RQWDOE¡Q 3DUD WRGRV HOORV LQFOXVR SDUD ORV FDPDUHURV GHO /LVERD VR\ 0RQWDQHU
UHFRUG¡UVHOR GH XQD PDQHUD GLUHFWD 2WUDV YHFHV VH WUDWD GH XQ HVSRVR FRUQXGR TXH 0RQWDQHUDVHFDV<WHQJRXQFDUQ©IDOVRGHVGHKDFHD±RVTXHGDIHGHTXHPLIRWR
TXLHUHGDUXQHVFDUPLHQWRDOYDOLHQWHTXHVHDWUHYHDPHWHUVHHQVXFDPDFXDQGR©O FRQODQDUL]URWD\WRUFLGDSHUWHQHFHDXQWLSRTXHQRH[LVWHHQQLQJºQVLWLRP¡VTXH
HVW¡GHYLDMH+D\PXFKRVWLSRVDVTXLHURGHFLUIXODQRVDORVTXHRWURVOHVFDOLHQWDQ HQPLLPDJLQDFL³Q\HQORVGHVHRVGHTXLHQHVPHSDJDQ
ODVFDPDVFXDQGRHVW¡QGHYLDMHFRPRVLOHVHVWXYLHUDQKDFLHQGRXQIDYRU2WURVQL (OSRVLEOHFOLHQWHKDEDHVWDGRKRMHDQGRXQSHUL³GLFRVLQGDUQLQJXQDPXHVWUDGH
VLTXLHUDWLHQHQTXHLUVHGHYLDMHSDUDTXHDOJXLHQRFXSHVXODGRGHOFROFK³Q(QILQ< QHUYLRVLVPRDUUDQFDQGRGHFXDQGRHQFXDQGRXQVRUERDODWD]DGHFDI©TXHOHKDED
D OD KRUD GH UHQGLU FXHQWDV KD\ FRUQºSHWDV TXH WDPEL©Q TXLHUHQ PHWHU HQ HO PLVPR VHUYLGR5REHUWR6REUHODPHVDKDEDXQDDJHQGD\XQWHO©IRQRP³YLOTXHPLUDEDGH
SDTXHWHXQHVFDUPLHQWRDVXPXMHU(OGHVSHFKRHPEUXWHFHDORVKRPEUHV/RWHQJR YH]HQFXDQGRSHURTXHQROOHJ³DFRJHUQXQFDQLSDUDOODPDUQLSDUDUHVSRQGHUDXQD
FRPSUREDGR$©VWRVOHVGLJRDQWHVGHOHYDQWDUPH\SHGLUODFXHQWDTXH\RQRPH OODPDGDGXUDQWHORVGLH]PLQXWRVTXHHVWXYHDSRVWDGRDORWURODGRGHODFDOOHMXQWRD
GHGLFR D SHJDU D ODV PXMHUHV \ TXH SURFXUHQ QR YROYHU D FUX]DUVH FRQPLJR SRUTXH ODIDUROD
DOJXQRVWUDEDMRVVR\FDSD]GHKDFHUORVJUDWLVVLQQHFHVLGDGGHTXHQDGLHPHFRQWUDWH /HJXL±©XQRMRD5REHUWRDOHQWUDUHQODFDIHWHUD1RKDEDPXFKDJHQWHDHVD
0HKLHUYHODVDQJUHFRQHVWDVFRVDV\QRKDJRQLQJºQHVIXHU]RSRURFXOWDUOR/ROD KRUD)DOWDEDQGRVVHPDQDVSDUDTXHHPSH]DVHDJRVWR\HUDXQDWDUGHGHHVDVTXHODV
HVWDEDFRQYHQFLGDGHTXHODUD]³QGHHVWDIRUPDGHFRPSRUWDUPHHUDSRUTXHGHQL±R YDFDFLRQHVSDUHFHQKDEHUHPSH]DGRFRQXQRVGDVGHDQWHODFL³QFRPRVLODJHQWHQR
KDEDOHGRPXFKRVWHEHRV\ORTXHPHSDVDEDHUDTXH\RTXHUDVHUXQK©URHXQRGH SXGLHUDHVSHUDUDGHMDU0DGULGSDUDLUVHDODSOD\DKDVWDTXHQROHGLHUDQSHUPLVRHQ
HVRVWLWDQHVLQFDQVDEOHVTXHOOHYDQHVSDGD\UHVFDWDQDODVSULQFHVDV1XQFDKHOHGR HOWUDEDMR
XQWHEHROHPHQWDSRUYHUJ¼HQ]DPROHVWRD/RODKDFHWDQWRVD±RV\HOODVHUHDDO 2FXS© OD VLOOD TXH KDED OLEUH IUHQWH D OD SHUVRQD TXH HVWDED HVSHU¡QGRPH VLQ
YHU PL JHVWR GH LJQRUDQFLD ILQJLGD FXDQGR PH UHFLWDED GH PHPRULD ORV QRPEUHV GH P¡VSUH¡PEXORV
DOJXQRV WLSRV GH ORV TXH \R DVHJXUDED QR KDEHU HVFXFKDGR KDEODU HQ PL YLGD \ ߚ6R\0RQWDQHUߚPHSUHVHQW©
PDOGLWDODIDOWDTXHPHKDFD(O*XHUUHURGHO$QWLID](O&DSLW¡Q7UXHQR(O-DEDWR 0H WHQGL³ OD PDQR \ \R VH OD HVWUHFK© GHVSX©V GH TXHGDUPH XQ VHJXQGR
+©URHV DEQHJDGRV TXH HVW¡Q GLVSXHVWRV D GDU VX YLGD SRU ORV GHP¡V PH H[SOLFDED PLU¡QGROR (O WLSR VRQUL³ \ \R OH FRUUHVSRQG IUXQFLHQGR HO FH±R 1R FRQIR HQ OD
FRPRVL\RQRORVFRQRFLHUD<RQRVR\DVUHSOLFDEDLJXDOTXHVLPHGHIHQGLHVHGH JHQWHTXHVRQUHWRGRHOWLHPSR
XQLQVXOWR<RDSHVDUGHORTXHGLJD/RODQLFUHRHQORVK©URHVQLVR\XQRGHHOORV 1RPHGLMRVXQRPEUHSHURQRPHPROHVW©SRUHOOR$OJXQRVFOLHQWHVSUHILHUHQ
ORPRQRWLHQHQDGDTXHYHUFRQORVWHEHRVVLQRFRQDOJRTXHIRUPDSDUWHGHPLYLGD QRGDUORRPHGDQXQRIDOVRFUH\©QGRVHTXHPHORWUDJR0HGDLJXDO(OORVWDPSRFR
\GHPLVUHFXHUGRV\TXHQRDFRVWXPEURDFRQWDUDODSULPHUDWDFRQODTXHPHPHWR VDEHQ HO PR /R ºQLFR TXH PH LPSRUWD HV TXH PH SDJXHQ OD PLWDG DO KDFHUPH HO
HQ OD FDPD 6³OR VH OR KH FRQWDGR D GRV PXMHUHV D /ROD KDFH GLHFLRFKR D±RV \ D HQFDUJR\ODRWUDPLWDGDOWHUPLQDUORHQHIHFWLYRVLHPSUH\OXHJRVLWHKHYLVWRQRPH
3DXODPXFKRWLHPSRGHVSX©V1RFUHRTXHVHDFDVXDOTXHODVGRVPHKD\DQGDGRXQD DFXHUGR&DGDPRFKXHORDVXROLYRRFRPRVHGLJD
SDWDGDSDUDDSDUWDUPHGHVXODGR ߚ0HKDQKDEODGRPX\ELHQGHXVWHGߚGLMRSDUDURPSHUHOKLHOR
3HUREXHQRDORTXHLEDTXHQRWHQJRWRGRHOGDPLWUDEDMRRWUDVYHFHVV³ORVH $VHQW\OHGHGLTX©XQJHVWRYDJDPHQWHSDUHFLGRDXQDVRQULVD/RVKDODJRVQR
WUDWD GH DGYHUWLU D XQ GHVJUDFLDGR DQWHV GH TXH ODV FRVDV VH SRQJDQ IHDV R YD\DQ D YDQ FRQPLJR 1XQFD PH ORV FUHR \ GHWU¡V GH HOORV VLHPSUH KD\ DOJXQD LQWHQFL³Q
PD\RUHVVRVVRQORVHQFDUJRVTXHPHQRVPHGLVJXVWDQ1RKD\TXHSDUWLUOHODFDUD HPERVFDGD
D QDGLH EDVWD FRQ XQ HPSXM³Q R XQ DJDUU³Q RSRUWXQR SRU OD VRODSD $ YHFHV QL ߚ)XHXQDPLJR(GPXQGR*RQ]¡OH]/RUHFXHUGD"
VLTXLHUDKDFHIDOWDHVR$DOJXQRVVHOHVGHVFRPSRQHODEDUULJDHQFXDQWRORVPLURD 6HTXHG³PLU¡QGRPHHVSHUDQGRPLUHVSXHVWDSHURQLVLTXLHUDSDUSDGH©RVLPXO©
ORVRMRV\VHDYLHQHQDUD]RQHVVLQWHQHUTXHHVIRU]DUPHPXFKR TXH HVWDED LQWHQWDQGR UHFRUGDU HO QRPEUH TXH PH KDED GLFKR 1XQFD KDEOR GH PLV
(OFDVRHVTXHDSHVDUGHKDEHUORREVHUYDGRGXUDQWHXQUDWRQRORJU©HQFDMDUHQ FOLHQWHV QL GR\ QRPEUHV \ PXFKR PHQRV D RWURV FOLHQWHV (Q HVWH QHJRFLR OD
QLQJºQJUXSRGHFOLHQWHVDOWLSRTXHPHHVSHUDEDHVDWDUGHHQODFDIHWHUD6HKDED GLVFUHFL³QHVIXQGDPHQWDO'HQRKDEHUVLGRGLVFUHWRPHKDEUDTXHGDGRVLQWUDEDMR
SDVDGRSRUHOORFDOGRVGDVDQWHVPHKDEDGLFKR5REHUWRFXDQGRPHOODP³\KDED QDGDP¡VHPSH]DUDGHGLFDUPHDHVWR/RPRFRPRGLJRHVHVFXFKDU\OXHJRVLPH
3¡JLQD 3¡JLQD
LQWHUHVDHOHQFDUJRKDFHUPLWUDEDMRGHODIRUPDP¡VU¡SLGD\P¡VOLPSLDTXHSXHGD\ V³OROOHJDUDDOHYDQWDUODFRSDGHOFDPSHRQDWRGHOEDUULR/XHJRFRQRFDO*RUGRODV
DRWUDFRVDVLQLPSOLFDUPHQXQFDVLQGHPRUDUPHHQWRUSHVMXLFLRVPRUDOHVTXHV³OR FRVDVFDPELDURQ\DQWHVGHTXHVHWRUFLHUDQGHILQLWLYDPHQWHDOJXQRVSHULRGLVWDVVH
PH GDQ GRORU GH FDEH]D 4XH OR TXH KDJR QR HVW¡ ELHQ" <D OR V© 2MDO¡ SXGLHUD HQFDUJDURQ GH SUHJRQDU TXH 5DIDHO 0RQWDOE¡Q VHUD HO QXHYR FDPSH³Q GH (XURSD
WUDEDMDUHQXQDRILFLQDSHURQRV©HVFULELUDP¡TXLQD<QRHVSRUTXHWHQJDORVGHGRV VXSHUZHOWHU$OJXQRVDSXQWDEDQTXHSRGUDOOHJDUP¡VDOWRLQFOXVR
JUXHVRVFRPREHUHQMHQDV8QDQRYLDTXHWXYHPHFRQIHV³TXHHVWDEDFRQYHQFLGDGH 3HUREXHQR$ORTXHLED4XHPHSRQJRDFRQWDUFRVDV\PHFXHVWDPX\SRFR
TXH ORV WLSRV TXH KDEDQ ER[HDGR WHQDQ ODV PDQRV WDQ JUDQGHV FRPR EORTXHV GH GHVYLDUPHGHODKLVWRULD(VW¡YLVWRTXHSDUDQDUUDGRUSRUGHVJUDFLDWDPSRFRYDOJR
KRUPLJ³Q \ ORV GHGRV WDQ JRUGRV FRPR EDUUDV GH DFHUR (V XQR GH ORV W³SLFRV TXHGDUSDOL]DVSRUHQFDUJRDXQTXHQRPHJXVWHHVORTXHPHMRUVHPHGD(GPXQGR
HTXLYRFDGRV TXH H[LVWHQ UHVSHFWR DO ER[HR 1DGLH FRPR XQ SºJLO VH SUHRFXSD GH *RQ]¡OH]FODURTXHORFRQRFD0HKDEDOODPDGRVHLVPHVHVDQWHV\PHKDEDFLWDGR
SURWHJHU VXV PDQRV 1R KD\ P¡V TXH YHU HO PLPR TXH VX HQWUHQDGRU SRQH DO FRQ ©O FRPR FRQ WRGRV HQ HO /LVERD 1RV KDEDPRV VHQWDGR XQ SDU GH PHVDV P¡V
YHQG¡UVHODVDOFRORFDUOHORVJXDQWHVDQWHVGHXQDSHOHD&XDQGRFRQRFDHVWDFKLFD FHUFD GH OD SXHUWD GH GRQGH PH HQFRQWUDED DKRUD IUHQWH DO TXH GHFD VHU VX DPLJR
\D QR ER[HDED 1R KDFD PXFKR TXH /ROD PH KDED GHMDGR HQ OD HVWDFDGD \ \D PH (GPXQGR*RQ]¡OH]/RUHFRUGDEDELHQSHURQRSRUQDGDHVSHFLDOVLQRSRUTXHVHPH
GHGLFDEDDFREUDUGHXGDVSRUFXHQWDDMHQDRDSURWHJHUDWLSRVDORVTXHDOJXQDJHQWH GDELHQUHFRUGDUORVQRPEUHVHVRHVWRGR<ODVFDUDV/DGH(GPXQGR*RQ]¡OH]HUD
OHVWLHQHPDQD6HVRUSUHQGL³PXFKRWDPEL©QFXDQGROHFRQW©TXHQRXVDEDSLVWROD DQJXORVD OOHYDED XQDV JDIDV GH HVDV PRGHUQDV FRQ PRQWXUD DO DLUH \ DSHVWDED D
(VYHUGDGQXQFDPHKDJXVWDGROOHYDUSLVWROD$YHFHVFXDQGRLQWX\RTXHODVFRVDV FRORQLDFDUD9HVWDXQWUDMHߚKHFKRDPHGLGDVXSRQJRߚTXHSRGDFRVWDUORPLVPR
VH YDQ D SRQHU IHDV OOHYR XQD QDYDMD DXWRP¡WLFD TXH VH HPSDOPD DO WLHPSR TXH VH TXHWUHVPHVHVGHDOTXLOHUGHPLFDVD6HKDEDSXHVWRHQFRQWDFWRFRQPLJRSRUXQ
HVFXFKDXQFKDVTXLGRSHOLJURVR\TXHV³ORKHVDFDGRFXDWURYHFHVHQTXLQFHD±RVGH DVXQWRGHFXHUQRVFRPRRWURVPXFKRVSHURHOVX\RHUDXQSRFRHVSHFLDOOHUDHO
SURIHVL³Q1XQFDKHWHQLGRTXHFODY¡UVHODDQDGLH7DPSRFRFUHRTXHKXELHUDSRGLGR EHQHILFLDULRQRHOFRUQXGR6HWLUDEDFRQUHJXODULGDGDODPXMHUGHXQWLSRDOTXHVH
$XQTXHSXHGDSDUHFHUORFRQWUDULRORFLHUWRHVTXHQRGLVIUXWRSHJDQGRDODJHQWHGH OHKDEDWHUPLQDGRODSDFLHQFLD/DSDFLHQFLDDSHVDUGHORTXHDOJXQRVFUHHQDFDED
KHFKRODVRODLGHDGHKDFHUGD±RDDOJXLHQDOFRQWUDULRGHORTXHSLHQVDQPLVFOLHQWHV WHUPLQ¡QGRVHDQWHVRGHVSX©VLJXDOTXHODVXHUWHHODPRURHOGLQHUR
ߚPLVFOLHQWHV\DTXHOORVDORVTXHWHQJRTXHDVXVWDUߚPHGDP¡VPLHGRGHOTXHD <(GPXQGR*RQ]¡OH]WHQDPLHGR+D\FRUQXGRVTXHMDP¡VVHHQWHUDQGHTXHOR
HOORVSXHGRGDUOHV\RFXDQGRDODEULUODSXHUWDGHVXFDVDVHHQFXHQWUDQFRQHVWDQDUL] VRQRTXHVLVHHQWHUDQKDFHQODYLVWDJRUGDKDVWDTXHDPDLQHHOWHPSRUDORDORPHMRU
URWD\HVWDFDUDGHPDODOHFKHTXHVHPHKDSXHVWRFRQORVD±RV&DGDYH]TXHPH OHGLFHQXQSDUGHYHUGDGHVDVXOHJWLPDDQWHVGHOODPDUDVXDERJDGR6LQHPEDUJR
PLUR DO HVSHMR WHQJR OD VHQVDFL³Q GH WHQHU HQIUHQWH D XQ DQLPDO (VWD QDUL] TXH PH DOJXQRVVHPLUDQDOHVSHMR\VHGDQFXHQWDGHTXHODFRUQDPHQWDQROHVYDELHQFRQHO
URPSLHURQFXDQGRHPSH]DEDDER[HDUHQXQDSHOHDLOHJDOTXHPHLEDDSURFXUDUDOJR FRORU GH OD FRUEDWD \ GHFLGHQ GDU XQ HVFDUPLHQWR DO IXODQR TXH KD WHQLGR OD
GHGLQHUR\TXHSHUGYHUJRQ]RVDPHQWHSRUTXHHORWURWRQRWHQDQLPHGLDWRUWD\DO DPDELOLGDGGHFDOHQWDUOHODFDPDFXDQGRHVWDEDGHYLDMH(OFDVRHVTXHHOPDULGRGH
WHUFHUGLUHFWRURG³SRUODORQDFRPRXQDSHORWDHQODSOD\D)UXQFHOFH±R\PHGLR VX DPDQWH OH KDED SXHVWR OD SURD D (GPXQGR *RQ]¡OH] (O KRPEUH WHQD WRGD OD
SHQD JDQDUOH DV WDQ U¡SLGR GH XQD PDQHUD WDQ KXPLOODQWH 1R HV TXH \R IXHUD XQ UD]³QGHOPXQGR\DKRUD(GPXQGR*RQ]¡OH]WHQDPLHGRSRUTXHHOWLSRPHDVHJXU³
EODQGHQJXH QL QDGD GH HVR VLQR TXH HO RUJDQL]DGRU GH OD SHOHD PH KDED DGYHUWLGR PLFOLHQWHVLQUHSDUDUHQFRQTXL©QHVWDEDKDEODQGRHUDGHHVRVFDSDFHVGHFRQWUDWDU
TXH HO FRPEDWH GHED GXUDU SRU OR PHQRV FLQFR DVDOWRV $IORM© HO ULWPR \ HO WLSR DXQPDW³QSDUDGDUOHXQDSDOL]D&D\³HQODFXHQWDHQVHJXLGDGHVXVDOLGDGHWRQR\
SDUHFD DJUDGHFHUOR SRUTXH HPSH]DED D PRYHUVH FRQ FLHUWD DJLOLGDG EDLODQGR D PL TXLVRGLVFXOSDUVHSHUR\ROHGLMHTXHQRVHSUHRFXSDUDFRQXQJHVWR7RWDOQRSDVDED
DOUHGHGRUHVSHUDQGRTXHOHODQ]DVHXQJROSH$OILQDOGHOWHUFHUDVDOWR\DPHHVWDED QDGD < XQR WLHQH GHUHFKR D FRQWUDWDU D TXLHQ OH YHQJD HQ JDQD VL WLHQH GLQHUR
ODPHQWDQGR GH QR KDEHU DSURYHFKDGR OD VHULH GH JROSHV TXH ORJU© HQFDMDUOH HQ HO VXILFLHQWHSDUDSDJDUOR
SULPHUURXQG$KRUDVDOWDEDDPLDOUHGHGRUFRQODDJLOLGDGGHXQGLDEOLOOR\FDGDYH] (GPXQGRORWHQDVDHVRWUDGHODVUD]RQHVSRUODVTXHPHDFXHUGRGH©O0H
TXHOHODQ]DEDXQMDEDSHQDVOOHJDEDDUR]DUOHODFDUD/RYHDUHUVH6HHVWDEDULHQGR SDV©XQPHVVLHQGRVXVRPEUD<QRHVSRUTXHPLVKRQRUDULRVVHDQGHVRUELWDGRVߚ
GH P 7RGDYD PH SDUHFL³ HVFXFKDU XQD FDUFDMDGD FXDQGR \R HVFXFKDED FRQWDU DO TXHGHVGHOXHJRQRORVRQߚSHURHVRYDOHXQDSDVWD0HGLRXQDOODYHGHVXJDUDMH\
¡UELWURDJDFKDGRMXQWRDPTXHPHUHWRUFDGHGRORUHQODORQDDOILQDOGHOTXLQWR OR HVSHUDED FDGD PD±DQD MXQWR D VX FRFKH 1R TXHUD TXH QRV YL©UDPRV HQ VX FDVD
DVDOWRSUREDQGRHOVDERUGHORVFXDMDURQHVGHVDQJUHTXHPHVDODQSRUODQDUL]TXH SRUTXH HVWDED FDVDGR \ WHQD KLMRV \ WHQHUPH SHJDGR D ©O FXDQGR HVWDED OD IDPLOLD
PHKDEDQURWRSRUSULPHUD\ºOWLPDYH]HQPLYLGD7DUG©HQYROYHUDVXELUDXQULQJ FHUFD OH LED D VXSRQHU XQ PRQW³Q GH H[SOLFDFLRQHV HQJRUURVDV TXH QR TXHUD QR OH
'XUDQWH XQD WHPSRUDGD WXYH PLV GXGDV SHQVDED TXH QR HUD OR EDVWDQWH EXHQR TXH DSHWHFD\QROHFRQYHQDGDUDGHP¡V
PH IDOWDED GLVFLSOLQD SDUD LU FDGD GD DO JLPQDVLR SDUD OD GLHWD $ YHFHV FRPR XQ 'XUDQWH HVH PHV QR KL]R QLQJXQD HVFDSDGD \ V³OR VDOL³ GRV YHFHV SDUD FHQDU
HVWºSLGR PH FRQVRODED SHQVDQGR TXH DXQTXH PH JXVWDVH HO ER[HR FRPR PXFKR MXQWR D VX PXMHU \ XQRV DPLJRV $TXHOODV QRFKHV FRQGXFD GHVSDFLR VH±DODQGR OD
3¡JLQD 3¡JLQD
PDQLREUDFRQDQWHODFL³QVXILFLHQWHSDUDTXH\RSXGLHUDVHJXLUORGHVGHPLFRFKH0H XQDGHODVSRFDVUHJODVTXHWLHQHHVHF³GLJRHVQRWUDLFLRQDUMDP¡VDPLVFOLHQWHVXQD
VHQWDED HQ XQD PHVD GHO PLVPR UHVWDXUDQWH R HQ OD EDUUD FRPR ORV VROLWDULRV YH] TXH PH KH FRPSURPHWLGR FRQ HOORV DXQTXH PH SDJXHQ P¡V R DXQTXH FRPR
HPSHGHUQLGRVSRUVLDOJXLHQDSDUHFDGHUHSHQWHGLVSXHVWRDDMXVWDUODVFXHQWDVDPL SHQVDEDHVWºSLGDPHQWHVHQWDGRIUHQWHDDTXHOWLSRFX\RQRPEUHDºQQRVDEDDOJXLHQ
FOLHQWH (O IUR EDMR HO FLQWXU³Q PH UHFRUGDED TXH OOHYDED OD QDYDMD 3HUR QR KL]R YHQJDDFRQWUDWDUPHGHVSX©VGHTXHPLWUDEDMRKD\DWHUPLQDGR3DUDELHQRSDUDPDO
IDOWD VDFDUOD 'XUDQWH HVH PHV QDGLH VH DFHUF³ D (GPXQGR )DOVD DODUPD 0XFKDV FXDQGRODYLGDDSULHWDFXDQGRWHDEDQGRQDWXPXMHU\QLVLTXLHUDWHTXHGDQDPLJRV
YHFHV ORV PDULGRV FRUQXGRV VH DYLHQHQ D UD]RQHV GHVSX©V GH FRQVXOWDUOR FRQ OD UHJLUVHSRUFLHUWDVUHJODV\QRTXHEUDQWDUODVHVORºQLFRTXHWHD\XGDDVHJXLUGHSLH
DOPRKDGDRWDOYH]DOOHYDQWDUVHSRUODPD±DQD\PLUDUVHDOHVSHMRVHGDQFXHQWDGH 3HUR GHM©PRQRV GH ILORVRID 6HJXD DOO FRQ HO FH±R OHYHPHQWH IUXQFLGR FDGD
TXHORVFXHUQRVGHVSX©VGHWRGRVRQLQYLVLEOHV YH] P¡V PRVTXHDGR SRUTXH VHJXD VLQ HQFDMDU DO WLSR TXH WHQD HQIUHQWH HQ QLQJºQ
(GPXQGR*RQ]¡OH]SDJ³ODFXHQWDFRQJXVWRߚFRQJXVWR\FRQEXHQDSURSLQD VLWLR
LQFOXLGDߚ GHVSX©V GH DJUDGHFHUPH ORV VHUYLFLRV SUHVWDGRV 1R HVWDED PDO +DEDQ ߚ9D\DPRV DO JUDQR ߚFUHR TXH OH LQWHUUXPS DXQTXH OD YHUGDG HV TXH QR
VLGR PXFKDV KRUDV PX\ ELHQ SDJDGDV \ QL VLTXLHUD KDED WHQLGR TXH HPSDOPDU OD UHFXHUGRVLHVWDEDKDEODQGRRHVWDEDFDOODGRFXDQGRORGLMHߚ4XL©QHVXVWHG"4X©
FKDLUD$GHP¡VSXGHDUUHJO¡UPHODVSDUDTXHORVGRVV¡EDGRVTXHWXYHTXHKDFHUGH TXLHUH"
VRPEUDGHPLFOLHQWHDOJXLHQPHVXVWLWX\HVHHQODSXHUWDGHOD3DQWHUD5RVD6³ORVRQ (OIXODQRYROYL³DVRQUHUPLHQWUDVPHWDXQDPDQRHQVXFDUWHUD0HSXVHUHFWR
WUHV QRFKHV D OD VHPDQD SHUR HO VXHOGR QR HV PDOR \ YLHQH PX\ ELHQ WHQHU DOJR HQODVLOODHVSHUDQGRDYHUTX©VDFDEDSHQVDQGRTX©GHFLUOHVLPHHQVH±DEDODSODFD
VHJXUR SDUD SDJDU ODV IDFWXUDV FXDQGR HO RWUR WUDEDMR HO GH ODV SDOL]DV SRU HQFDUJR TXH OR LGHQWLILFDED FRPR SROLFD 3HUR DEUL³ OD FDUWHUD \ SXVR XQD WDUMHWD VREUH OD
DIORMD&RQODVSDOL]DVSDVDFRPRFRQWRGRVORVQHJRFLRVWLHQHVXVPHVHVEXHQRV\ PHVD/DVXMHW©FRQXQGHGR\ODOHVLQFRJHUOD'HVWDFDGRHQXQDHVTXLQDOOHYDED
VXVPHVHVPDORVFRQTXHQRYLHQHPDOHOSOXULHPSOHRGHSRUWHURGHSXWLFOXE HVWDPSDGRHOORJRWLSRGHXQDFDGHQDGHUDGLRPX\FRQRFLGD)UXQFHOFH±RDTXHOOR
ߚ1RORUHFXHUGRߚUHVSRQGVLQHPEDUJR FDGD YH] SLQWDED SHRU (Q HO FHQWUR HVWDED HVFULWR VX QRPEUH FRQ OHWUDV GH PROGH
(OWLSRVHPHTXHG³PLUDQGRVLQGLVLPXODUGHOWRGRXQDVRQULVD VFDU*³PH]GHFD\GHEDMRSURGXFWRU
ߚ(QWLHQGRߨ ߚ6R\SHULRGLVWD
6HSDU©ODVPDQRVXQSRFRFRPRXQDIDOVDGLVFXOSD ߚ3XHVTX©ELHQ
ߚ6RQPXFKRVFOLHQWHV(VLPSRVLEOHDFRUGDUVHGHWRGRV 6HJXDUG³ODFDUWHUDVLQGHMDUGHPLUDUODWDUMHWDTXH\RQRDFDEDEDGHFRJHUSHUR
ߚ(GPXQGR*RQ]¡OH]HVHOSURSLHWDULRGHXQDDJHQFLDGHSXEOLFLGDG QROHKDEDTXLWDGRWRGDYDHOGHGRGHHQFLPD
ߚ<DOHGLFKRTXHQRPHVXHQDGHQDGDVXQRPEUHߚOHFRUW©DQWHVGHTXHHQWUDVH ߚ&RQR]FR D (GPXQGR *RQ]¡OH] SRU PL WUDEDMR HQ OD UDGLR 1RV FRQVLJXH
HQGHWDOOHV<R\DVDEDORGHODHPSUHVDGHSXEOLFLGDG\TXHPDQHMDEDPXFKDSDVWD SXEOLFLGDGSDWURFLQLRSDUDDOJXQRVSURJUDPDV\DVDEH
1R HQ YDQR KDED VLGR VX VRPEUD GXUDQWH XQ PHV 3HUR QR TXHUD VDEHU P¡V QL /RFLHUWRHVTXHQRQRVDEDQDGDGHHVHWHPD<QRHUDHOOXJDUQLHOPRPHQWR
VLTXLHUDPHFRQYHQD<PHFRQYHQDPXFKRPHQRVTXHXQGHVFRQRFLGRVXSLHVHTXH SDUD DGTXLULU FRQRFLPLHQWRV DFHUFD GHO QHJRFLR UDGLRI³QLFR DOJR TXH WDPSRFR PH
ORVDED LPSRUWDEDODYHUGDG
0HKDEUDOHYDQWDGR\ODUJDGRHQHVHPRPHQWRVLQRKXELHUDSHQVDGRTXHKDFHUOR ߚ/DVHPDQDSDVDGDPHKDEO³GHXVWHG
GHVSHUWDUDVRVSHFKDV3HQV©FRQODYHORFLGDGTXHVXHORKDFHUORFXDQGRYHRYHQLUORV 8Q FOLHQWH FRQWHQWR VXHOH UHFRPHQGDUPH D XQ FRQRFLGR +DVWD DK WRGR HUD
SUREOHPDV TXH D (GPXQGR *RQ]¡OH] SRGD KDEHUOH SDVDGR DOJR \ TXH HO WLSR TXH QRUPDO
WHQD GHODQWH SRGD VHU XQ SROLFD OR FXDO QR HUD XQD EXHQD QRWLFLD R SHRU XQR GH ߚ<FX¡OHVVXSUREOHPD"
HVRVGHWHFWLYHVSHVDGRVTXHQRWHGHMDQQLSDUDLUDPHDU 9ROYL³DVRQUHU6HHVIRU]DEDPXFKRHQSDUHFHUDPDEOH<HVRQRPHJXVWDED
ߚ1RLPSRUWDߚUHSXVRFRQFLOLDGRUߚ<RFRQR]FRD(GPXQGR*RQ]¡OH]GHVGH 6DFXGL³ODFDEH]D
KDFHYDULRVD±RV7HQHPRVXQDUHODFL³QFRPHUFLDO ߚ1RDPQRPHSDVDQDGD$'LRVJUDFLDV(VWR\DTXSRUTXHTXLHURLQYLWDUORD
6L VH UHIHUD D ©O HQ SUHVHQWH VLJQLILFDED DO PHQRV TXH HVWDED YLYR 7RGDYD ODUDGLRDXQSURJUDPD
7DPEL©Q SRGUD WUDWDUVH GHO FRUQXGR DO TXH KDED HQJD±DGR (GPXQGR TXH DKRUD /R TXH IDOWDED 6HQWDGR HQ HO /LVERD KDED YLVWR GH WRGR GHVGH PDULGRV
UHTXHUDPLVVHUYLFLRVSDUDORFRQWUDULRTXHDTX©OPHKDEDFRQWUDWDGR/DSURSXHVWD GHVSHFKDGRVKDVWDDFUHHGRUHVGHVHVSHUDGRVSRUTXHXQHVWDIDGRUGH WUHVDOFXDUWRVH
SXHGHSDUHFHUJUDFLRVD\PLUHVSXHVWDTXL]¡VHDQWRMHLQYHURVPLOSHURDSHVDUGHPL KD LGR GH XQ SLVR TXH OH WHQD DOTXLODGR VLQ SDJDUOH VHLV PHVHV ,QFOXVR KDED
QDUL]DSODVWDGDPLFDUDGHDQLPDO\HVWDVPDQRVTXHVHYXHOYHQWRUSHVGHODQWHGHXQD FRQRFLGR D XQ WLSR TXH HVWDED SDUD TXH OR HQFHUUDVHQ SRUTXH VH SDUDED HQ FDGD
P¡TXLQDGHHVFULELUPHFRQGX]FRSRUXQF³GLJRTXHLQWHQWRQRTXHEUDQWDUQXQFD\ HVTXLQDSHQVDQGRTXHVXH[PXMHUKDEDFRQWUDWDGRDXQDVHVLQRSDUDPDWDUOR3HUR
3¡JLQD 3¡JLQD
HQ PLV TXLQFH D±RV GH SURIHVL³Q HUD OD SULPHUD YH] TXH XQ SHULRGLVWD VH WRPDED OD VLTXLHUDTXHPX\ELHQSRGUDKDEHUORVDFDGRDUDVWUDVGHO/LVERDKDEHUOHGDGRXQSDU
PROHVWLD GH YHQLU D YHUPH SRUTXH TXHUD OOHYDUPH D XQ SURJUDPD HQ OD UDGLR GHERIHWDGDVHQODFDOOH\OXHJRLUPHWDQIUHVFR
$FDE¡UDPRV+DVWDDKSRGUDPRVOOHJDU ߚ1R1RPHVXHQD1RHVFXFKRODUDGLR
1RPHJXVWDQODVEURPDVQLODVVRUSUHVDVSHURDSHVDUGHHOORPHGLXQDWUHJXD\ 0LGHVLQWHU©VSRUHOPHGLRHQTXHWUDEDMDEDWDPSRFRSDUHFL³DIHFWDUOH
PHORTXHG©PLUDQGRSRUVLDFDVR3HURHOWDOVFDU*³PH]QRPRYL³XQPºVFXORGH ߚ(VXQSURJUDPDTXHVHHPLWHORVYLHUQHVGHPDGUXJDGDXQSURJUDPDQDFLRQDO
ODFDUD$FDEDEDGHGHFLUOHDXQWLSRFRPR\RTXHTXHUDOOHYDUORDXQSURJUDPDGH ߚ1DFLRQDO"
UDGLR\VHJXDPLU¡QGRPHFRPRORP¡VQRUPDOGHOPXQGRFRPRVLHVSHUDVHDTXH ߚ4XLHURGHFLUTXHVHHPLWHSDUDWRGD(VSD±D
PH SXVLHVH D GDU VDOWRV GH DOHJUD /D UDGLR $FDVR QR VDED HVH LPE©FLO TXH OD ߚ$M¡
P¡[LPDDVSLUDFL³QGHDOJXLHQFRPR\RHVSDVDULQDGYHUWLGRWRGRHOWLHPSRTXHVHD ߚ&DGD VHPDQD WUDHPRV D DOJXLHQ TXH SXHGH VHU GH LQWHU©V SDUD ORV R\HQWHV
SRVLEOH" *HQWHGHORVEDMRVIRQGRVGHDKYLHQHHOQRPEUHGHOSURJUDPD
ߚ/R VLHQWR ߚPH GLVFXOS©ߚ 'HEHQ GH KDEHUOH LQIRUPDGR PDO <R QR VR\ OD (QODºOWLPDIUDVHQRSXGRGLVLPXODUHORUJXOOR\HVRPHKL]RSHQVDUTXHWDOYH]
SHUVRQDTXHHVW¡EXVFDQGR ©OKDEUDVLGRDTXLHQVHOHKDEDRFXUULGRODLGHDGHOQRPEUHGHOSURJUDPDRTXL]¡HO
ߚ<RFUHRTXHV SURJUDPDPLVPR
3DUHFDWDQVHJXURGHORTXHGHFDTXHPHHQWUDURQJDQDVGHFRJHUORSRUHOFXHOOR 1RSXGHHYLWDUTXHVHPHHVFDSDVHXQDVRQULVDFQLFD
GHODFDPLVD\VDFDUORDUDVWUDVGHO/LVERD1RPHJXVWDODJHQWHTXHGDFLHUWDVFRVDV ߚ*HQWHGHORVEDMRVIRQGRVߨ
SRUVXSXHVWDV\PXFKRPHQRVPHJXVWDODJHQWHTXHGDSRUVXSXHVWDVFLHUWDVFRVDV ߚ<DVDEHSURVWLWXWDVSUR[HQHWDVWUDILFDQWHVWULOHURVDWUDFDGRUHV
TXHWLHQHQTXHYHUFRQPLJR ߚ<DYHR/RPHMRUFLWRGHFDGDFDVD
ߚ/HKHGLFKRTXHVHHTXLYRFD $KRUDIXH©OTXLHQGHM³HVFDSDUXQDVRQULVDSHURODVX\DQRPHSDUHFL³FQLFD
0LWRQR\PLVRMRVQRGHMDEDQOXJDUDGXGDV<RHQVXOXJDUPHKDEUDOHYDQWDGR VLQRFDQVDGD
\KDEUDWRPDGRGRVFDPLQRVHOGHOED±RRGLUHFWDPHQWHHOGHODVDOLGD2SULPHURHO ߚ(O SURJUDPD HVW¡ IXQFLRQDQGR PX\ ELHQ 6HJºQ ORV ºOWLPRV VRQGHRV WHQHPRV
GHOED±R\OXHJRHOGHODVDOLGD7DQWRGDED3HURHOTXHHVWDEDIUHQWHDPQRSDUHFD PXFKD DXGLHQFLD \ HVR TXH ODV RWUDV FDGHQDV KDQ UHDFFLRQDGR FRQ RWURV HVSDFLRV
VHU GH ORV TXH VH ULQGHQ I¡FLOPHQWH 7DO YH] SRU HVR OH GL XQDWUHJXD 6L DOJXLHQ QR SDUHFLGRV 3HUR QRVRWURV HPSH]DPRV SULPHUR \ HVWDPRV KDFLHQGR XQ EXHQ WUDEDMR
VDOH D FRUUHU GHVSX©V GH TXH \R OH FODYH XQD PLUDGD TXH KDFH TXH OD PD\RUD GH OD DGHP¡V
JHQWH D OD TXH WHQJR TXH DVXVWDU FXDQGR PH FRQWUDWDQ VH DYHQJD D UD]RQHV GH ߚ0HSDUHFHPX\ELHQ<TX©SLQWR\RHQWRGRHVWR"
LQPHGLDWR HQVHJXLGD VH JDQD PL UHVSHWR < DTXHO WLSR TXH VH HVWDED JDQDQGR PL 'LR XQ FRUWR VRUER D OD WD]D \ VH PH TXHG³ PLUDQGR XQ VHJXQGR DQWHV GH
UHVSHWR R HVWDED PX\ VHJXUR GH FRQYHQFHUPH R HV TXH HVWDED ORFR R HUD XQ UHVSRQGHUPH
LQFRQVFLHQWH2WDOYH]\TXL]¡ORP¡VVHJXURDIHFWDEDXQDPH]FODGHODVWUHVFRVDV ߚ/D WHPSRUDGD WHUPLQD OD VHPDQD TXH YLHQH (VWH YLHUQHV \D OR WHQHPRV
< SHQVDED \R HQ DTXHO PRPHQWR LQJHQXR FRPR XQ QL±R TXH D OR PHMRU HQ HO FXELHUWR SHUR SDUD HO ºOWLPR SURJUDPD QRV JXVWDUD FRQWDU FRQ VX SUHVHQFLD HQ OD
EROVLOORGHODFKDTXHWDMXQWRDHVDFDUWHUDGHODTXHKDEDVDFDGRODWDUMHWDTXHDºQ UDGLR
VHJXDVREUHODPHVDHQWUHQRVRWURVFRPRVLODGLYLGLHUDHQGRVWHUULWRULRVWDOYH] 'HM©HVFDSDUXQDULVRWDGD+DVWD5REHUWRHOP¡VGLVFUHWRGHWRGRVORVFDPDUHURV
JXDUGDED XQ IDMR GH ELOOHWHV TXH VHUYLUDQ PX\ ELHQ SDUD FRPSHQVDUPH SRU ODV GHO/LVERDPHPLU³SRUHOUDELOORGHORMR
PROHVWLDVGHKDEHUDFXGLGRDO/LVERDSDUDQDGD ߚ6HUD PX\ LQWHUHVDQWH SDUD QRVRWURV SDUD QRVRWURV \ SDUD ORV R\HQWHV HO
ߚ2WURSRUIDYRUߚSLGL³YROYL©QGRVHKDFLD5REHUWRVH±DODQGRVXWD]DGHFDI© WHVWLPRQLRGHDOJXLHQFRPRXVWHG
YDFDߚ<ORTXHYD\DDWRPDUHOVH±RU ߚ'H DOJXLHQ FRPR \R" ߚORV GHUURWHURV SRU ORV TXH GLVFXUUD OD FRQYHUVDFL³Q
0LU©D5REHUWR\DVHQW1RV©PX\ELHQSRUTX©SHURORKLFHVRQULHQGR$XQTXH PH FRQIHUDQ FLHUWD YHQWDMD $ SDUWLU GH DKRUD HUD HO RWUR HO TXH WHQD TXH WHQHU
UHFXHUGRHVRVTXHHUDPLSULPHUDVRQULVDHQWRGRHOGD<\DSDVDEDQGLH]PLQXWRV FXLGDGRFRQODVUHVSXHVWDV
GHODVVLHWHGHODWDUGH ߚ$OJXLHQFRQVXH[SHULHQFLDVLPHSHUPLWHODH[SUHVL³Q
ߚ(VXQSURJUDPDTXHVHOODPD%DMRVIRQGRV7DOYH]OHVXHQH 'HM©ODWD]DVREUHODPHVD0HTXHG©PLUDQGRHOOTXLGRKXPHDQWHTXHFRQWHQD
0L FOLHQWH R PL QR FOLHQWH GHEHUD GHFLU PH FRQWDED F³PR HUD HO SURJUDPD XQRVVHJXQGRVDQWHVGHFODYDUORVRMRVRWUDYH]HQPLLQWHUORFXWRU
PLHQWUDVUHPRYDHOD]ºFDUTXHKDEDYROFDGRHQVXVHJXQGRFDI©6LVHXIDQDEDGH ߚ0LH[SHULHQFLDHQTX©ߚGLMHGHWHQL©QGRPHFRQFODUDLQWHQFL³QGH©QIDVLVHQ
KDEHUPH UHWHQLGR HQ OD FDIHWHUD OR GLVLPXODED PX\ ELHQ 1R FUHR TXH LPDJLQDVH FDGDXQDGHODVFXDWURSDODEUDVVREUHWRGRHQODºOWLPD
3¡JLQD 3¡JLQD
'HM³HVFDSDUXQSRFRGHDLUHDQWHVGHUHVSRQGHUGHVSDFLRSRUODQDUL]FRPRVL PHSUHJXQWDQTXHHVHILQJLPLHQWRHUDORTXHPHUHVXOWDEDP¡VQDWXUDO(QVHJXLGDPH
HVWXYLHVHFDOLEUDQGRHOHIHFWRTXHODIUDVHTXHGLMHUDSRGUDWHQHUQR\DHQODEUHYH GLFXHQWDGHTXHHUDXQDFKLTXLOODGD
FRQYHUVDFL³QTXHHVW¡EDPRVPDQWHQLHQGRVLQRHQVXLQWHJULGDGIVLFD ߚ0HVXHQDFUHR
ߚ<DVDEH6XH[SHULHQFLDHQUHVROYHUVLWXDFLRQHVFRPSOLFDGDV 7HUHVD %HUQDO 7UHLQWD \ SRFRV 3HOR FDVWD±R 2QGXODGR 2MRV YHUGHV
1R HVW¡ PDO PXFKDFKR PH GLMH 7H DFDEDV GH VDOYDU SRU ORV SHORV 6L KXELHUDV 7UDQVSDUHQWHV/DºQLFDLOXPLQDFL³QGHOVDO³QHVODOX]D]XODGDGHOWHOHYLVRUTXHYHR
GLFKRPDW³QRDOJRDVODFRQYHUVDFL³QKDEUDWHUPLQDGRVLQGDUWHQLQJXQDRSFL³QGH FRQ HO YROXPHQ DO PQLPR SRUTXH HV GH QRFKH 0X\ WDUGH (V XQ SURJUDPD TXH
VHJXLU 1R VXHOHQ JXVWDUPH ORV HXIHPLVPRV SRUTXH OD PD\RUD GH ODV YHFHV PH UHSLWHQ GH PDGUXJDGD SDUD ORV LQVRPQHV R ORV QRFW¡PEXORV 3DUD P /D SHULRGLVWD
SDUHFHQXQLQVXOWRSDUDTXLHQORVUHFLEHPXFKRPD\RUTXHVLVHOHGLMHUDQODVFRVDV FKDUODWUDQTXLODPHQWHFRQDOJXLHQTXHQRFRQR]FR1XQFDFRQR]FRDQDGLHGHORVTXH
FODUDVFRPRXQRODVSLHQVDSHURHVWHSURGXFWRUUDGLRI³QLFRHVWDEDKDFLHQGRXQJUDQ HQWUHYLVWD1LVLTXLHUDPHILMR6³ORODYHRDHOOD9HRVXVRMRVTXHPHJXVWDQWDQWR
HVIXHU]RSDUDFRQYHQFHUPH\DOPLVPRWLHPSRSDUDQRRIHQGHUPH\ODUD]³QSRUOD 1RHVFXFKRORTXHGLFH3HURQRHVSRUTXHHOYROXPHQGHOWHOHYLVRUHVW©DOPQLPR$
TXHORKDFDQRHUDSRUTXHHVWXYLHUDLQWHUHVDGRHQFRQWUDWDUPLVVHUYLFLRVRSRUTXH YHFHVYHRODWHOHFRPRVLPLUDVHDORVRMRVGHXQKLSQRWL]DGRUHQVLOHQFLRKDVWDTXH
WXYLHUD PLHGR GH P ߚTXH QR GLJR \R TXH QR OR WXYLHVHߚ \ DTXHOOD VLWXDFL³Q PH PH YHQFH HO FDQVDQFLR 3DXOD GXHUPH HQ OD KDELWDFL³Q SRUTXH VH WLHQH TXH OHYDQWDU
UHVXOWDEDEDVWDQWHQRYHGRVD3RURWURODGRQRWHQDQDGDPHMRUTXHKDFHUHVDWDUGH\ WHPSUDQR7RGDYDQRQRVKHPRVVHSDUDGRSHUR\RVR\LQFDSD]GHFRQFLOLDUXQVXH±R
SRGUDWHUPLQDUFRQDTXHOORHQFXDQWRPHYLQLHVHHQJDQD GHFHQWH(VDQRFKHQRPHKDTXHGDGRP¡VUHPHGLRTXHURPSHUOHXQSDUGHGHGRVD
ߚ1R QHFHVLWR QLQJXQD SXEOLFLGDG GH XQ PHGLR GH FRPXQLFDFL³Q ߚOH GLMH VLQ XQSREUHGLDEORTXHKDEDFUHGRTXHLEDGHIDURO0HKXELHUDJXVWDGRQRKDFHUOR7DO
HPEDUJRߚ &RPSUHQGHU¡ XVWHG TXH QR DSDUH]FD HQ ODV S¡JLQDV DPDULOODV \ TXH QR YH]ORKHVDOYDGRGHDOJRSHRU(VORTXHPHGLJRVLHPSUHSDUDMXVWLILFDUORTXHKDJR
TXLHUDTXHPLQRPEUHVHDLUHHPXFKRSRUDK 4XHDORPHMRUPDQGDQDDOJXLHQFRQPHQRVSDFLHQFLDRFRQPHQRVPDQRL]TXLHUGD
ߚ3RGUHPRVXVDUHOQRPEUHTXHXVWHGTXLHUDSDUDHOSURJUDPD TXH\R8QRGHHVRVDORVTXHOHVEDEHDHOFROPLOORHQFXDQWRHVFXFKDQHOFKDVTXLGR
ߚ(OPRHVW¡ELHQ0RQWDQHU1RKD\QLQJºQSUREOHPD GHODQDYDMDDODEULUVH2TXL]¡HVODPLVPDQRFKHTXHKHGHMDGRORVQXGLOORVWDWXDGRV
/RGLMHFRPRVL0RQWDQHUIXHUDPLQRPEUHYHUGDGHUR<DFDVRGHDOJºQPRGR HQXQDVH±DOGHWU¡ILFRSRUTXHKHSHUGLGRODFDOPD\KHDPHQD]DGRFRQURPSHUOHODV
ORHUDLJXDOTXHORHVWRGDYD SLHUQDVDXQWLSRGHODQWHGHVXPXMHU\GHVXKLMDGHQXHYHD±RV-DP¡VOHKDUDGD±R
/RYLVRQUHUFRPRVLKXELHUDFRQVHJXLGRVXSURS³VLWR D DOJXLHQ GHODQWH GH VX PXMHU \ GH VX KLMD 1L D PL SHRU HQHPLJR 1L DXQTXH PH
1RWHSUHFLSLWHVFKDYDO(QODYLGDODVFRVDVQRVRQWDQI¡FLOHV$OPHQRVHQOD SDJDVHQXQDFDQWLGDGHVFDQGDORVDSRUHOOR3HUR©OQRORVDEH6XPXMHUQRORVDEH
YLGDGHODJHQWHFRPR\R /D QL±D QR OR VDEH < DO PDUFKDUPH \ GREODU OD HVTXLQD OH KH GDGR WDQ IXHUWH D OD
ߚ3HURHVRQRTXLHUHGHFLUTXHYD\DDLUDODUDGLRߚPHDSUHVXU©DDFODUDU VH±DOTXHFDVLPHURPSRODPDQR'HSXUDUDELD'HDVFRGHPPLVPR2TXL]¡HV
9ROYL³DVRQUHUFRPRVLHVWXYLHVHVHJXURGHTXHSXGLHUDFRQWDUFRQPLSUHVHQFLD XQDQRFKHTXHOHKHURWRODVSLHUQDVDXQWLSRTXHDORPHMRUVHORPHUHFH2TXL]¡
HQHOSURJUDPDDSHVDUGHWRGRFRPRVLPLQHJDWLYDQRIXHVHP¡VTXHXQDSRVHHO QR'DLJXDO2HOGDTXHKHSDOSDGRODKRMDIUDGHOFXFKLOORSRUTXHHVWXYHDSXQWR
FDSULFKRGHXQQL±RHQIXUUX±DGRTXHVHKDFHGHURJDUDQWHVGHLUDXQFXPSOHD±RV GHSHUGHUORVQHUYLRV1RODKHVDFDGR3HURGDORPLVPR3DUDPQRKD\GLIHUHQFLD
/D UD]³Q QR HUD ©VD VLQR TXH WHQD XQD FDUWD HQ OD PDQJD \ VLQ WHQHU QL LGHD HQWUHHVWDUDSXQWRGHKDFHUDOJR\KDFHUOR/DLQWHQFL³QHVORTXHFXHQWD
DGHP¡VFRPRVLOOHYDVHXQG©FLPRGHORWHUDSUHPLDGRHQHOEROVLOORVLQVDEHUORDQWHV 4X© P¡V GDED OD QRFKH TXH IXHVH )XH P¡V GH XQD )XHURQ PXFKDV < GDED OD
GHTXHVHFHOHEUDVHHOVRUWHR SX±HWHUD FDVXDOLGDG GH TXH HO VXH±R VH PH HVFDSDED FRQ P¡V IDFLOLGDG TXH RWUDV
ߚ(OSURJUDPDHVW¡PX\ELHQߚPHH[SOLF³ߚ/RSUHVHQWD7HUHVD%HUQDO7DOYH] YHFHV0HWXPEDEDDYHUODWHOH\YHDSURJUDPDVUHSHWLGRVVLQSUHVWDUDWHQFL³Q\ORV
VHSDTXL©QHV RMRVGHHVDSHULRGLVWDPHUHODMDEDQ/RVPLUDED\VHPHUDOHQWL]DEDHOSXOVR\DQR
)UXQF HO FH±R ILQJLHQGR TXH QR OD FRQRFD 7HUHVD %HUQDO 1RVDED TXH DKRUD VHQWD HO FRUD]³Q ODWLUPH HQ ODV VLHQHV FRPR XQ FDEDOOR GHVERFDGR
WUDEDMDVHHQODUDGLR EXPEXPEXPEXPEºP VLQR TXH OR HVFXFKDED PX\ OHMRV GHQWUR GH PL SHFKR TXH
ߚ7DOYH]OHVXHQHVXFDUDGHODWHOHYLVL³Q EDMDED\VXEDGHVSDFLRDOUHVSLUDUWUDQTXLOREXPߨEXPߨEXPߨEXP1RHVTXH
ߚ/DWHOHYLVL³Q"ߚPHQW ORV RMRV GH HVD SUHVHQWDGRUD GH WHOHYLVL³Q IXHUDQ OD VROXFL³Q D PLV QHUYLRV SHUR DO
ߚ3UHVHQWDEDXQSURJUDPDHQWHOHYLVL³QKDVWDKDFHGRVD±RV GHFLUPH VX QRPEUH HO SURGXFWRU PH DFRUG© FRPR HQ XQ IXFLOD]R GH ODV QRFKHV GH
7RUFODERFDFRPRVLQRPHDFRUGDVH1RWHQDSRUTX©PHQWLUUHVSHFWRD7HUHVD LQVRPQLRTXHDKRUDVHUHSHWDQIUHQWHDOWHOHYLVRUFRQODºQLFDFRPSD±DGHVXVRMRV
%HUQDOSHURHVWR\WDQKDELWXDGRDGHFLUVLHPSUHTXHQRFRQR]FRDQDGLHSRUTXLHQ \ VXV ODELRV TXH D YHFHV LQWHQWDED OHHU FXDQGR HO YROXPHQ HVWDED OR EDVWDQWH EDMR
FRPRSDUDQRSRGHUHVFXFKDUVXYR]
3¡JLQD 3¡JLQD
$O ILQDO WHUPLQDED WXPEDGR HQ OD FDPD FXDQGR IDOWDED PX\ SRFR SDUD TXH HO ߚ6GHDFXHUGR\DORV©8VWHGQRFRQRFHD(GPXQGR*RQ]¡OH]SHUR©OPHKD
GHVSHUWDGRUGH3DXODHVWDOODVH\HOODVHHVWLUDVHEDMRODVV¡EDQDVDQWHVGHOHYDQWDUVH GLFKRTXHDSDUWHGHXQDFRQGXFWDSURIHVLRQDOLQWDFKDEOHXVWHGHVXQDSHUVRQDFRQOD
GXFKDUVH \ YHVWLUVH SDUD OD RILFLQD 0H WXPEDED FHUUDED ORV RMRV PH HVFRFDQ ORV TXH VH SXHGH KDEODU TXH VH H[SUHVD PX\ ELHQ < HVR VHUD HVWXSHQGR SDUD HO
S¡USDGRV SRU FXOSD GHO LQVRPQLR &HUUDED ORV RMRV \ SHQVDED HQ ORV RMRV YHUGHV GH SURJUDPD
7HUHVD %HUQDO DXQTXH WDO YH] DO SULQFLSLR ODV SULPHUDV YHFHV QL VLTXLHUD VDED VX (GPXQGR*RQ]¡OH]WDPSRFRHUDXQFOLHQWHPX\KDELWXDO1RV³ORSRUTXHKDED
QRPEUH VLQR TXH V³OR SHQVDED HQ HOORV \ PH TXHGDED GRUPLGR SURIXQGD VLGR HO EHQHILFLDULR GH ORV FXHUQRV HQ OXJDU GH OXFLU OD FRUQDPHQWD VLQR SRUTXH
SO¡FLGDPHQWH FRPR VL ODV DPHQD]DV ODV SLHUQDV URWDV HO IUR GH OD QDYDMD HQ ORV FXDQGR OR DFRPSD±DED D FRPHU \ HVWDED VROR ߚ\ XQ HMHFXWLYR FRPR ©O VXHOH
UL±RQHV\WRGDPLYLGDHTXLYRFDGDQRKXELHUDQVLGRRWUDFRVDVDOYRXQPDOVXH±R DOPRU]DUHQODFDOOHXQGDV\RWURWDPEL©QߚPHLQVLVWDSDUDTXHPHVHQWDUDFRQ©O
ߚ(QWRQFHV OH VXHQD" ߚHO SURGXFWRU UDGLRI³QLFR PH OR SUHJXQW³ PLHQWUDV \ VH HQIDGDED VL QR OR KDFD 1R HV DOJR TXH PH JXVWH KDFHU PH SDUHFH SRFR
VHSDUDEDODWD]DGHVXVODELRV'XUDQWHXQPRPHQWRFDVLPHKDEDROYLGDGRGHTXH SURIHVLRQDOSHURHOTXHSDJDPDQGDDVTXHQRSXGHKDFHURWUDFRVDVDOYRSOHJDUPH
WRGDYDVHJXDDOOHVSHUDQGRPLUHVSXHVWD(VWDEDVHJXURGHTXHVHUDTXHQRFRPR D VXV GHVHRV $O FDER PH KDED GDGR FXHQWD HQVHJXLGD GH TXH QDGLH LED D YHQLU D
QRSRGDVHUGHRWUDPDQHUD8QPDW³QQRYDDODUDGLRDFRQWDUORTXHKDFH(VRV³OR SHJDUOHXQWLUR/RVFHORVDYHFHVOOHJDQDHVHH[WUHPRGHHVWXSLGH]SHURHOPDULGR
SDVDHQODVSHOFXODVRHQODVQRYHODV<DXQTXHDOILQDOORKLFHQRHVTXHSLHQVHTXH GHODDPDQWHGH(GPXQGRQRHUDGH©VRV0LFOLHQWHWHPDTXHOHGLHUDQXQDSDOL]D
PLYLGDVHDXQDSHOFXOD1LVLTXLHUDXQDPDODQRYHOD PHQRV DºQ XQ VXVWR 3RFR P¡V 7HQHUPH D VX ODGR OR WUDQTXLOL]DED \ KD VLGR HO
3HURDTXHOODWDUGH\RDºQQRVDEDTXHLUDDOSURJUDPDDOPHQRVQRGHXQPRGR WUDEDMRP¡VI¡FLOTXHKHKHFKRHQWRGDPLYLGD+DEODPRVGHWRGR/RUHFXHUGR/H
FRQVFLHQWH $ YHFHV QRV HQFRQWUDPRV KDFLHQGR FRVDV TXH WHQHPRV OD ILUPH FRQW©TXHHVWXYHFDVDGR4XHQRWHQDKLMRV4XHGXUDQWHORVGRVD±RVTXHGXU³PL
FRQYLFFL³Q TXH QR YDPRV D KDFHU \ OR P¡V H[WUD±R HV GDUQRV FXHQWD FXDQGR OR PDWULPRQLRFRQ3DXODUDUDYH]YROYDFDVDVLQHOWHPRUGHTXHPLPXMHUVHKXELHUD
SHQVDPRV UHWURVSHFWLYDPHQWH GH TXH \D HQWRQFHV FXDQGR QRV QHJDPRV WHQDPRV ODUJDGR4XHPHKDEDTXHGDGRVRORRWUDYH]SRUFXOSDGHHVWDPLHUGDGHYLGDTXH
DOJR GHQWUR TXH QRV LED D REOLJDU D HOOR DXQTXH QR TXLVL©UDPRV 2 HV TXH V OOHYR1RLQWLPDPRVP¡VSHURHVEDVWDQWHP¡VGHORTXHVXHORLQWLPDUFRQODJHQWH
TXHUDPRVSHURHQWRQFHVQRVGLVJXVWDEDUHFRQRFHUOR TXHPHFRQWUDWD/DVGRVYHFHVTXHVDOL³DFHQDUFRQVXHVSRVD\DOJXQRVDPLJRVPH
<RHQWRQFHVQRVDEDTXHORKDUD/RMXUR<WDPSRFRVDEDORTXHLEDDRFXUULU KDED YLVWR OH\HQGR VHQWDGR HQ HO WDEXUHWH GH OD EDUUD R D XQD PHVD GHO PLVPR
GHVSX©V&³PRSRGUD UHVWDXUDQWH &ROHJ GH ODV SDODEUDV GHO SHULRGLVWD TXH DTXHOOR OH KDED JXVWDGR D
ߚ7HUHVD%HUQDO&UHRTXHV©TXL©QHVߚUHVSRQGVLQHPEDUJR3RUGHFLUOHDOJR (GPXQGR*RQ]¡OH]QDGLHSLHQVDTXHDXQPDW³QSXHGDJXVWDUOHOHHUSDUDGLVWUDHUHO
ߚ3XHV DKRUD WUDEDMD HQ OD UDGLR (V XQ SURJUDPD SDUHFLGR DO TXH KDFD HQ WHGLR
WHOHYLVL³Q V³OR TXH ©VWH SXHGH KDFHUVH FRQ P¡V OLEHUWDG \D PH HQWLHQGH QR HV OR 6RQUHSDUDPLVDGHQWURVSDUDTXHHOSURGXFWRUUDGLRI³QLFRQRVHGLHVHFXHQWD$
PLVPRKDEODUGHODQWHGHXQDF¡PDUDTXHKDFHUORFXDQGRWLHQHVODWUDQTXLOLGDGGHTXH SHVDU GH VHU FRPR VR\ \ GHO WUDEDMR TXH WHQJR QR GHMDED GH UHVXOWDU KDODJDGRU TXH
QDGLHWHSXHGHYHU/DUDGLRWLHQHPXFKRHQFDQWRDGHP¡V DOJXLHQKDEODVHELHQGHPQR\DFRPRSURIHVLRQDOVLQRFRPRSHUVRQD1RDOWHUQR
ߚ&RPSUHQGR 3HUR QR YR\ D LU 1XQFD VH VDEH TXL©Q SXHGH HVWDU DO RWUR ODGR FRQ FROHJDV GH SURIHVL³Q DXQTXH FRQR]FR D PXFKRV < EXHQR HVW¡ PDO TXH \R OR
HVFXFKDQGR GLJDSHURHVTXHHVODYHUGDGWHQHPRVPX\SRFDVFRVDVHQFRPºQ
6LOHFRQWUDUL³PLUHVSXHVWDVXSRGLVLPXODUORPX\ELHQ ߚ/HDJUDGH]FRODLQYLWDFL³Q3HURQRYR\DLU6HJXURTXHQRKDFHIDOWDTXHOH
ߚ1R KDFH IDOWD TXH PH GLJD DKRUD TXH QR 3L©QVHOR 7HQHPRV WLHPSR 6© TXH H[SOLTXHODVUD]RQHV
DKRUDPLSURSXHVWDOHSDUHFHU¡H[WUD±DSHURWDOYH]FXDQGRORSLHQVHXQSRFRDOR ߚ1DGLHVDEU¡VXQRPEUH'LVWRUVLRQDUHPRVODYR]VLTXLHUH
PHMRUQROHSDUHFHXQDLGHDWDQGHVFDEHOODGD 1HJX© FRQ OD FDEH]D VRQULHQGR DKRUD SDUD DIXHUD SDUD TXH VH GLHUD FXHQWD GH
6DFXGODFDEH]D TXHHVWDEDGHEXHQKXPRU
ߚ/RVLHQWR ߚ/RVLHQWRSHURQR
6H LQFOLQ³ VREUH OD PHVD \ PLU³ GH UHRMR D XQ ODGR \ D RWUR FRPR VL TXLVLHUD 0HOHYDQW©\OHWHQGODPDQR$YHFHVFXDQGRPHYR\VLQDFHSWDUXQWUDEDMRQL
DVHJXUDUVHGHTXHQDGLHSRGUDHVFXFKDUORTXHLEDDGHFLU VLTXLHUDPHPROHVWRHQHVWUHFKDUODPDQRGHTXLHQ\DQRYDDVHUPLFOLHQWH3HURHVWH
ߚ9HU¡(GPXQGR*RQ]¡OH]PHKDEO³PX\ELHQGHXVWHG WLSR PH KDED FDGR ELHQ 0H KDED GLFKR OD YHUGDG GHVGH HO SULQFLSLR \ VH KDED
&HUU©ORVRMRVVLQGLVLPXODUTXHQRPHJXVWDEDKDEODUQLTXHPHKDEODVHQGHPLV PRVWUDGR UHVSHWXRVR FRQPLJR $ RWURV HQVHJXLGD OHV VDOH OD SUHSRWHQFLD SRU ODV
FOLHQWHV RUHMDVHQFXDQWRVDFDQODELOOHWHUD
ߚ+DVLGRXQSODFHUߚFRQFOX
3¡JLQD 3¡JLQD
$VLQWL³ VLQ PRVWUDUVH GHFHSFLRQDGR FRPR VL VH HVSHUDVH HVWD UHDFFL³Q SHUR QR VDWDUGHQRWHQDQDGDP¡VTXHKDFHU(UDPDUWHV\PDUWHVGHYHUDQRDGHP¡V\
HVWXYLHVH GLVSXHVWR D UHQGLUVH WRGDYD < HV TXH QR HVWDED GLVSXHVWR D UHQGLUVH ( HQHVD©SRFDHOWUDEDMRDIORMDHQOD3DQWHUD5RVD/RVVDEHORWRGRTXHYRPLWDQ
5REHUWRHVWDEDSDVDQGRXQSD±RKºPHGRSRUODEDUUDVLQPLUDUPHSHURSHQGLHQWHGH WRQWHUDV HQ ODV WHUWXOLDV GH OD UDGLR GLFHQ TXH FRQ HO FDORU DXPHQWD OD OLELGR SHUR
ORTXHHVWDEDSDVDQGR<DPHKDEDOHYDQWDGR\KDEDHVWUHFKDGRODPDQRGHDTXHO VXSRQJR TXH VH UHIHULU¡Q D OD OLELGR GH TXLHQHV HVW¡Q HQ OD SOD\D WXPEDGRV HQ XQD
WLSRSHURPHKDEDGHPRUDGRXQVHJXQGRP¡VGHORTXHDFRVWXPEUR1RV©PX\ELHQ KDPDFDRPLUDQGRFRQHOUDELOORGHORMRDODVMRYHQFLWDVTXHVHSDVHDQSRUODRULOOD
SRU TX© 1R OR SXHGR GHFLU 7DO YH] SRU HVR TXH KH GLFKR DQWHV TXH D PHQXGR FRQ XQ EUHYH WDQJXLWD FRPR PLQºVFXOD SURWHFFL³Q GH VX LQWLPLGDG PLHQWUDV ILQJHQ
KDFHPRVFRVDVTXHQRVVRUSUHQGHQTXHODVKDFHPRVDSHVDUGHHVWDUFRQYHQFLGRVGH OHHUWUDQTXLODPHQWHHOSHUL³GLFR\VXVHVSRVDVHPEDGXUQDQGHEURQFHDGRUDORVQL±RV
ORFRQWUDULRFRPRWRGRORTXHKDSDVDGRHVWDVºOWLPDVVHPDQDVKDVWDDFDEDUDTXHQ <RQRWHQDTXHLUDOSXWLFOXEKDVWDHOMXHYHV\OXHJRHOYLHUQHV\HOV¡EDGRWDPEL©Q
/LVERD HVSHUDQGR WUDQTXLOR FRPR VL IXHUD OD ºQLFD VROXFL³Q SRVLEOH R SRUTXH HQ < DV WRGDV ODV PDOGLWDV VHPDQDV GH WRGRV ORV PDOGLWRV PHVHV GHO D±R 3RUWHUR GH
UHDOLGDG HV TXH \D WRGR PH GD OR PLVPR TXH /ROD \D QR HVW© D PL ODGR TXH XQ SXWLFOXEGHMXHYHVDV¡EDGR\FREUDGRURFDVLRQDOGHGHXGDVLPSRVLEOHVGHFREUDUR
KRPEUHTXHXQDYH]IXHPLDPLJRYHQJDDPDWDUPHGHXQDYH] HVSDQWDGRUGHDPDQWHVSRUFXHQWDGHPDULGRVFRUQXGRVHOUHVWRGHOWLHPSR$VHUDPL
1RV©PX\ELHQSRUTX©\DGLJR\WDPSRFRLPSRUWDPXFKRDKRUDSHURHOFDVRHV YLGDKDVWDKDFHXQDVHPDQD1RV©F³PRYDDVHUDSDUWLUGHDKRUD1RORV©HQWUH
TXHFRJDTXHOODWDUMHWDTXHKDEDGHMDGRVREUHODPHVD\PHODJXDUG©HQHOEROVLOOR RWUDVPXFKDVFRVDVSRUTXHQLVLTXLHUDV©VLHVWDU©YLYRGHQWURGHXQUDWR
GHODFKDTXHWDDQWHVGHVDOLUGHO/LVERD 3DXOD FXDQGR HVW¡EDPRV FDVDGRV SURWHVWDED 4X© PXMHU HQ VXV FDEDOHV QR OR
KDUD 3HUR GH WRGDV ODV FRVDV TXH KH SUREDGR HQ OD YLGD HVWR HV OR TXH PHMRU V©
KDFHU 3DUHFH PHQWLUD PH GHFD HOOD HQWUH ULVDV DO SULQFLSLRGH FRQRFHUQRV FXDQGR
UHXQHOYDORUSDUDFRQWDUOHDTX©PHGHGLFDED3DUHFHPHQWLUDFRQOREDMLWRTXHHUHV
3HURVLPHGLVWHODLPSUHVL³QGHVHUXQDPRVTXLWDPXHUWDFXDQGRWH YLSRUSULPHUD
YH] < WHQD UD]³Q $ PXFKD JHQWH OH SDVD OR PLVPR TXH D HOOD 1R VR\ DOWR QL
VLTXLHUD SDUH]FR GHPDVLDGR IXHUWH \ OR ºQLFR TXH LPSRQH UHVSHWR GH PL FDUD HV OD
QDUL]URWD\ORVRMRVTXHFXDQGRPHTXHGRPLUDQGRDDOJXQRILMDPHQWHVHGDFXHQWD
HQVHJXLGDGHTXHQRYR\GHIDURO1RDFRVWXPEURDSHOHDUPHHQYDQRSHURVLORKDJR
WHQJRXQDFRVDFODUD\HVROHGLJRDORWURDQWHVGHHPSH]DUGHVSDFLRWHPSODQGROD
YR]VLQGHMDUGHFODYDUPLVRMRVHQORVVX\RVVLTXLHUHVHPSH]DPRVSHURWHDGYLHUWR
XQDFRVDKDVWDTXHXQRGHORVGRVQRVHOHYDQWH
&XDOTXLHUDTXHYHDF³PRVR\SXHGHWHQHUVXVGXGDVHVYHUGDGSHURODPD\RUD
GHODVYHFHVXQDIUDVHDVVLQOHYDQWDUODYR]QLKDFHUDVSDYLHQWRVHVPDQRGHVDQWR
+DVWDTXHXQRGHORVGRVQRVHOHYDQWH)XHURQODVSULPHUDVSDODEUDVTXHPHHVFXFK³
GHFLU3DXOD6HODVGLMHDXQLPE©FLOTXHHVWDEDPROHVW¡QGRODHQODEDUUDGHXQEDU
(UD XQ GD HQWUH VHPDQD QR UHFXHUGR VL HUD OXQHV PDUWHV R PL©UFROHV XQR GH ©VRV
WHQD TXH VHU SRUTXH HUD XQD QRFKH TXH \R QR WUDEDMDED HQ OD SXHUWD GH OD 3DQWHUD
5RVD %XHQR WDPEL©Q SRGD VHU GRPLQJR SHUR QR QXQFD VDOJR D WRPDU QDGD ORV
GRPLQJRVSRUODQRFKH%DVWDQWHGHSULPHQWHVVRQ\DODVºOWLPDVKRUDVGHODVHPDQD
FRPR SDUD SDVDUODV VROR DFRGDGR HQ OD EDUUD GH XQ EDU (O FDVR HV TXH \R HVWDED
VHQWDGR MXQWR D HOOD WUDJ¡QGRPH HQ VLOHQFLR D SDUWHV LJXDOHV HO YDVR GH OHFKH \ OD
VROHGDG VLQ VDEHU DºQ TXH OD LED D FRQRFHU \ TXH EDPRV D WHUPLQDU FDV¡QGRQRV \
GLYRUFL¡QGRQRV
(VWDEDPLUDQGRD3DXOD7RGDYDQRFRQRFDVXQRPEUH\HVWDEDWDQFHUFDGHP
TXHDYHFHVDOVXELU\EDMDUHOYDVRSDUDEHEHUQXHVWURVEUD]RVVHUR]DEDQ$WUDY©V
GHOHVSHMRTXHHVWDEDGHWU¡VGHODEDUUDFUHDGLYLQDUTXHPHPLU³XQSDUGHYHFHV
SHURQRTXLVHGDUPHSRUHQWHUDGRWHQJRODPDOGLWDPDQDGHSHQVDUTXHFXDQGRXQD
3¡JLQD 3¡JLQD
PXMHUPHPLUDGRVYHFHVHQXQEDUHVSRUTXHVHKDHTXLYRFDGRSRUTXHOHUHFXHUGRD &XDQGR TXLVH GDUPH FXHQWD \D OD KDED FRJLGR GHO EUD]R < HOOD OH KDED GLFKR
DOJXLHQRSRUTXHFRPRDTXHOODYH]ODOHFKHPHKDGHMDGRXQDPDQFKDEODQFDHQHO DOJRHQYR]DOWDTXHKL]RTXHORVFXDWURSDUHVGHRMRVGHORVGRVPDWULPRQLRVTXH
ER]R'HEHGHVHUSRUFXOSDGHDOJºQWUDXPDLQIDQWLO/RGHODVPXMHUHVTXLHURGHFLU HVWDEDQVHQWDGRVDOIRQGRVHILMDVHQHQHOORV+DEDYLVWRGHPDVLDGDVEURQFDVFRPR
QRORGHODOHFKH'HSHTXH±RPHFDPEL©PXFKDVYHFHVGHFROHJLRSRUTXHYLYLPRVHQ SDUDSHQVDUTXHDOJXQRGHHOORVVDOGUDHQGHIHQVDGH3DXOD(OFKDYDOTXHHVWDEDHQ
VLHWHFLXGDGHVGLIHUHQWHVGXUDQWHGLH]D±RV\DOILQDOVLHPSUHPHYHDLJXDOVHQWDGR OD SXHUWD VH KDED PDUFKDGR GHVSX©V GH PLUDU FRQ HO FH±R IUXQFLGR OR TXH HVWDED
HQ HO SXSLWUH HQ OD ºOWLPD ILOD VLQWL©QGRPH REVHUYDGR SRU PLV QXHYRV FRPSD±HURV SDVDQGR(OFDPDUHURKDFDFRPRTXHEXVFDEDFDPELRHQODFDMD7DPSRFR\RWHQD
TXHQXQFDOOHJDEDQDFRQYHUWLUVHHQDPLJRV7DOYH]SRUHVRQHFHVLWRXQSRFRP¡VGH JDQDV GH FRPSOLFDUPH OD YLGD (UD PL GD OLEUH 1R WHQD QDGD TXH KDFHU QR KDED
WLHPSRTXHODPD\RUDGHODJHQWHSDUDVDEHUVLDOJXLHQSXHGHVHUPLDPLJRVLXQD TXHGDGRFRQQDGLH\WDPSRFRPHHVSHUDEDQDGLHHQFDVDSDUDGDUPHXQEHVR3HURQR
PXMHU PH PLUD SRUTXH OH LQWHUHVR R SRUTXH VH KD HTXLYRFDGR R PH FRQIXQGH FRQ SRUHOORLEDDPHWHUODVQDULFHVHQFRUUDODMHQR
DOJXLHQ VL OH LQWULJD TXH D PLV D±RV VLJD JXVW¡QGRPH OD OHFKH R HV TXH PL QDUL] 4XHPHVXHOWHVHVFXFK©GHFLUD3DXODPLHQWUDVHVSHUDEDHOFDPELR(OFDPDUHUR
DSODVWDGDODLQTXLHWD+HGHGHFLUWDPEL©QHQPLGHVFDUJRTXHGHVSX©VGHORGH/ROD PH PLU³ EXVFDQGR XQ JHVWR F³PSOLFH \ PH SDUHFL³ TXH OH KXELHUD GDGR OR PLVPR
ߚORGH/RODODSULPHUDYH]SRUTXHKDKDELGRXQDVHJXQGDDXQTXH\RHQWRQFHVQROR TXH PL UHVSXHVWD KXELHUD FULWLFDGR D 3DXOD SRU LU YHVWLGD FRQ XQD IDOGD FRUWD \ XQD
VDEDߚ QR KDED YXHOWR D FRQILDU HQ QLQJXQD PXMHU SRU PX\ JXDSD TXH IXHVH SRU FDPLVHWD DMXVWDGD R TXH SRU HO FRQWUDULR KXELHUD UHFULPLQDGR DO RUDQJXW¡Q SRU HVWDU
PX\PRGRVLWDTXHSDUHFLHVH1LDXQOOHYDQGRK¡ELWRVKXELHUDFUHGRHQVXVSDODEUDV ERUUDFKR \ SRU QR GHMDU HQ SD] D XQD PXMHU LQGHIHQVD &XDOTXLHU FRVD FUHR TXH OH
(O FDVR HV TXH HO FXDGUR HUD \R D VX L]TXLHUGD GDQGR OHQWRV VRUERV DO YDVR GH KXELHUD YDOLGR DO FDPDUHUR FRQ WDO GH QR VHQWLUVH VROR HQ HVH PRPHQWR 1R OH GLMH
OHFKH\HOODIXPDQGR\WDPERULOHDQGRFRQODVX±DVVREUHODEDUUDGHPDGHUD3DUHFD QDGD1RPHJXVWDQORVFDPDUHURVSDUODQFKLQHV$XQTXHQRKDEOHQ
PRVTXHDGDRLPSDFLHQWHSHUR\RQRSRGDDGLYLQDUODUD]³QVLHUDSRUTXHODKDEDQ 4XHPHVXHOWHVUHSLWL³3DXODP¡VIXHUWHHVWDYH](OWRQRGHVXYR]KDEDVXELGR
GHMDGRSODQWDGDRSRUTXHHOEDERVRTXHHVWDEDDVXGHUHFKDWHQDODFDUDWDQFHUFDGH SHURPHSDUHFL³DGYHUWLUFLHUWDVºSOLFDDKRUD7DPEL©QORQHJDUDGHVSX©VߚQRWDUG³
ODVX\DTXHSRGDROHUOHHODOLHQWR HQGHVWDSDUVHRUJXOORVDߚFXDQGRPHGLMRTXHSRGUDKDEHUVHOLEUDGRHOODVROLWDGHO
1R KDED TXH WHQHU PXFKR ROIDWR SDUD DGLYLQDU HO SUREOHPD 3HUR QR HUD PL HQHUJºPHQR TXH VH KDED HQFDSULFKDGR GH HOOD <R QXQFD OH GLMH OR FRQWUDULR 3DUD
SUREOHPD/HDUUDQTX©HOºOWLPRWUDJRDOYDVR\EXVTX©XQDVPRQHGDVHQHOEROVLOOR TX©GLVFXWLU<FXDQGRPHHVWDEDJXDUGDQGRHOFDPELRDºQQRKDEDGHFLGLGRPHWHU
3DUDHQWRQFHVHOSHOPD]RTXHHVWDEDDODGHUHFKDGH3DXODKDEDSDVDGRGHOURGHRDO ODVQDULFHVGRQGHQRPHOODPDEDQRWDOYH]VSHURWRGDYDQRORVDED0XFKDVYHFHV
DWDTXHIURQWDO6HKDEDYXHOWRKDFLDHOOD\ODGHVQXGDEDFRQODPLUDGD0HGLRSRU DFWXDPRV SRU LQVWLQWR FRPR VL KXELHUD HQ DOJXQD SDUWH UHF³QGLWD GHO DOPD XQ SR]R
VRQUHUSRUGHQWURVLQTXHQDGLHVHGLHVHFXHQWD+D\TXHYHUODGHWRQWHUDVTXHHV QHJURGHOTXHYDQVDOLHQGRFRVDVTXHQRVDEHPRVTXHWHQHPRV3HURORPHMRUVHU¡QR
FDSD]GHKDFHUXQWRSDUDOODPDUODDWHQFL³QGHXQDPXMHU6REUHWRGRVLFRPRDTX©O QHJDUOR\RVVDEDTXHWHQDGHQWURORTXHHVWDEDDSXQWRGHVDFDU0HGLDYLGDGDQGR
HVWDEDERUUDFKR2PX\GHVHVSHUDGR&XDQGRGHM©XQSDUGHPRQHGDVHQODEDUUDHO KRVWLDVߚSRUJXVWRSRUQHFHVLGDGSRUFXHQWDGHRWURVߚQRGHMDPXFKRHVSDFLRSDUD
WLSR\DOHKDEDSDVDGRXQEUD]RD3DXODSRUHQFLPDGHOKRPEUR\OHHVWDEDGLFLHQGR ODVGXGDV
DOJRDORGR(OODIUXQFL³HOFH±RWUDWDQGRGH]DIDUVHGHODEUD]RGHORVR\YROYL³OD ,PE©FLOGLMRDKRUD3DXOD<HORWURODPLUDEDWRUFLHQGRODERFD(OJHVWRSDUHFD
FDUDKDFLDP1RORKL]RSRUTXHQHFHVLWDVHD\XGDPHDFODUDUDGHVSX©VRUJXOORVD XQD VRQULVD 8QD VRQULVD PDOLJQD <R \D PH KDED YXHOWR PH KDED HQFRJLGR GH
DXQTXH HOOD OXHJR LQVLVWLUD VLHPSUH HQ OR FRQWUDULR RIHQGLGD \R V© TXH QR KXELHUD KRPEURVSRUTXHDTX©OODQRHUDPLJXHUUD\SRUTXHGHVGHHVHSR]RRVFXURTXHWHQJR
VLGRFDSD]GHOLEUDUVHGHDTXHOIXODQRVLQPLD\XGD(QHOEDUQRKDEDPXFKDP¡V GHQWURWDPEL©QPHVREUHYLQRODVHQVDFL³QGHTXHDOILQDOQRLEDDSDVDUQDGDTXHHO
JHQWHGRVSDUHMDVVHQWDGDVDXQDPHVDDOIRQGRXQFKDYDOHQODSXHUWDHVSHUDQGRD WLSR GHMDUD D 3DXOD \ HOOD VDOGUD D OD FDOOH HQIDGDGD VROWDQGR DOJXQD TXH RWUD
DOJXLHQ \ HO FDPDUHUR 0H GDED TXH QLQJXQR HVWDUD GLVSXHVWR D HFKDU XQD PDQR D SDODEURWDSHURLQWDFWD
3DXODVLHORVRLQVLVWDHQVXDEUD]R<RWDPSRFRHVWDEDSRUODODERUODYHUGDG<QR 3HUR \D GLJR HO FDVR HV TXH XQR QR SXHGH FRQWURODU OR TXH OH IOX\H GHVGH HVD
HVSRUTXHPHGLHUDPLHGRHOWLSRDXQTXHPHVDFDUDGRVFXDUWDV\VHOHDGLYLQDVHXQ VLPDTXHWLHQHHQHOSHFKRWDQDGHQWURTXHQXQFDVDEHG³QGHHVW¡<DOVDOLUDODFDOOH
FLQWXU³QGHJUDVDEDMRODFDPLVDDOJXLHQTXHVHJDQDODYLGDSDUWL©QGROHODFDUDDORV PHTXHG©SDUDGRXQLQVWDQWHEXVFDQGRHOSDTXHWHGHWDEDFRHQHOEROVLOORVDFDQGR
GHP¡VVDEHTXHXQWLSRJUDQGH\JUDVLHQWRSXHGHWHQHUXQDIXHU]DGHVFRPXQDO XQFLJDUULOORGHVSDFLREXVFDQGRHOPHFKHURGDQGRODSULPHUDFDODGDPLHQWUDVPLUDED
0HSDUHFL³P¡VJUDQGHDºQFXDQGRVHOHYDQW³GHOWDEXUHWH3DXODKDEDKHFKROR DXQODGR\DRWURVLQSULVDVFRPRVLHVWXYLHUDGLVIUXWDQGRGHOPRPHQWR7RGDVHVWDV
PLVPRXQVHJXQGRDQWHVSDUDTXLWDUVHGHHQFLPDHOSHVRGHVXEUD]R\DOYHUODDHOOD FRVDVߚEXVFDUHOWDEDFRHQFHQGHUHOFLJDUULOORGDUOHODSULPHUDFDODGDߚODVSRGUD
GHHVSDOGDVPLU¡QGRORFRQFDUDGHPDODKRVWLDWDQSHTXH±D\WDQIU¡JLODVXODGRPH KDEHUKHFKRVLQSDUDUPHHQODSXHUWDGHODFDIHWHUD3HURHOFDVRHVTXHPHTXHG©
SDUHFL³XQJLJDQWHEHRGR DOO\SRUHVRDFDE©FDV¡QGRPHFRQ3DXOD$VHV ODYLGDPXFKDV YHFHVORSLHQVR
3¡JLQD 3¡JLQD
FRPR XQD SDUWLGD GH ELOODU DOJXLHQ LPSXOVD XQD EROD FRQ HO WDFR \ OD EROD UXHGD HQWURPHWLGR FRPR \R 3HUR KR\ QR HUD VX GD GH VXHUWH 0H SDOS© HO PDQJR GH OD
JROSHDHQXQDEDQGD\OHGDDXQDEROD\DRWUD\GHQXHYRDODEDQGD<WRGRVH QDYDMDTXHOOHYDEDJXDUGDGDHQHOEROVLOORGHDWU¡VMXQWRDODFDUWHUDSDUDTXHQRVH
SRQHSDWDVDUULEDVLQTXHSRGDPRVKDFHUQDGDVDOYRDSUHWDUORVGLHQWHV\FUX]DUORV PHQRWDVHPXFKR/RKLFH\FUHRTXHVRQUHFRQODWUDQTXLOLGDGGHTXLHQVDEHTXHVL
GHGRV ODVFRVDVVHSRQHQIHDVVDFDUODVHUDODºOWLPDRSRUWXQLGDGGHVDOLUHQWHURGHDOOWDO
1RV©F³PR6XSRQJRTXHKDEUDORJUDGR]DIDUVHGHOEUD]RGHDTXHOJRULODRWDO YH]VLQWHQHUVLTXLHUDTXHGDUXQSX±HWD]R(QVH±DUODSDUDTXHVHDVXVWDVH6³ORHVR
YH]©OODKDEDVROWDGRHVSHUDQGRTXHHOPLHGRODGHMDUDSDUDOL]DGDRDFDVRSHQVDED (OWLSRVROW³D3DXOD\DYDQ]³XQSDVRKDFLDP0HWURRFKHQWD\FLQFR&LHQWR
TXH DO ILQDO HOOD WHQGUD JDQDV GH PDUFKDUVH FRQ ©O 'H LOXVL³Q WDPEL©Q VH YLYH (O GLH] NLORV &XDUHQWD \ SRFRV =XUGR %RUUDFKR 3HOLJURVR $SHVWDED WDQWR D DOFRKRO
FDVRHVTXHFXDQGRTXLVHGDUPHFXHQWD3DXODHVWDEDHQODFDOOH$PLODGR$OYHUOD TXH PH VREUHYLQR XQD DUFDGD TXH SXGH FRQWHQHU D GXUDV SHQDV 7UDJX© VDOLYD
VHPHTXHG³HOFLJDUULOORDPHGLRFDPLQR1ROOHJX©DGDUOHXQDFDODGD0HODTXHG© GHVSDFLR3DXODGHWU¡VGH©OQRVHKDEDPRYLGR3RGDKDEHUDSURYHFKDGRSDUDVDOLU
PLUDQGR (VWDED UHVSLUDQGR KRQGR OR KL]R GRV R WUHV YHFHV FRQ ORV RMRV FHUUDGRV FRUULHQGR SHUR HQ OXJDU GH HVR SHUPDQHFD TXLHWD (VR PH JXVW³ 0H TXHG© SDUD
DQWHVGHHPSUHQGHUVXFDPLQR7HQDPLHGRPXFKRDXQTXHPHORQHJDVHP¡VWDUGH D\XGDUWHSRUVLWHKDFDIDOWDPHGLMRGHVSX©V0HORGLMR\PHHFK©DUHU7RGDYD
<QROHIDOWDEDUD]³Q(ODQLPDOVDOL³GHOEDUHQGRV]DQFDGDV2WUDGHODVFRVDVTXH QRODKDEDEHVDGR
XQRDSUHQGHGHVSX©VGHSDVDUEXHQDSDUWHGHVXYLGDMXJ¡QGRVHHOSHOOHMRHVDFDOLEUDU ߚ/¡UJDWHߚPHGLMRHOWLSR/DVWUHVVODEDVSDUHFDQYRPLWDUOHGHODERFDVREUH
D XQ SRVLEOH FRQWULQFDQWH FRQ SXOFULWXG GH FRQWDEOH PHWUR RFKHQWD \ FLQFR FLHQWR WRGRSRUHORORU
GLH] NLORV FXDUHQWD \ SRFRV ]XUGR ERUUDFKR SHOLJURVR < HO K©URH IUXVWUDGR TXH <RORPLUDEDILMR(QWRUQDQGRORVRMRVXQSRFRDSUHWDQGRORVODELRVORMXVWR6H
OOHYR GHQWUR D PL SHVDU \D KDED FRORFDGR D HVH IXODQR HQ HO FDVLOOHUR GRQGH SRQH DFHUF³XQSRFRP¡V(VWDEDDXQSDOPRGHP'HPDVLDGRFHUFD1LVLTXLHUDWHQGUD
DGYHUVDULR 8QD SDUWH GH PL YROXQWDG OH GHFD D PLV SLHUQDV TXH HPSUHQGLHUDQ HO TXH DODUJDU HO EUD]R SDUD DJDUUDUPH SRU HO FXHOOR 6LQ DXPHQWDU OD HVFDVD GLVWDQFLD
FDPLQRKDFLDHORWURODGRGHODFDOOHHQGLUHFFL³QDOVHP¡IRURTXHQRPHPHWLHVHHQ TXHQRVVHSDUDEDJLU©XQSRFRHOFXHUSRSDUDQRGHMDUDOGHVFXELHUWRHOSHFKR\HO
ORV TXH DTXHOOR QR HUD DVXQWR PR SHUR RWUD SDUWH GH P WDO YH] OD YR] TXH HVW³PDJR 7HQV© ORV PºVFXORV GH ODV SLHUQDV \ ODV IOH[LRQ© XQ SRFR /R KLFH WRGR
HVFXFKDED OODP¡QGRPH GHVGH HO SR]R RVFXUR PH PDQWHQD FODYDGR HQ OD DFHUD PX\GHVSDFLRSURFXUDQGRTXHQRVHGLHUDFXHQWDVLQGHMDUGHPLUDUORDORVRMRV+H
DFRPSDVDQGRODUHVSLUDFL³QSDUDFDOPDUHOSXOVRTXHVHPHKDEDDFHOHUDGRGHVGHTXH GHFRQIHVDUTXHDXQTXHFDVLVLHPSUHPHGDDVFRPLWUDEDMRPHDUUDVWUDODVHQVDFL³Q
VDOGHOEDU TXHWLHQHVFXDQGRHVW¡VDSXQWRGHSHOHDUWHFRQDOJXLHQTXHVHPHUHFHTXHOHSDUHQ
7HKHGLFKRTXHPHGHMHVHVFXFK©JULWDUD3DXOD<HOWLSRUHVSRQGL³DOJRFRQOD ORVSLHVFRPRDTXHOWLSRTXHPHVDFDEDXQSDUGHSDOPRV\SHVDEDWUHLQWDNLORVP¡V
OHQJXDJRUGD1RSXGHHQWHQGHUORPX\ELHQ TXH\R(VFXFKDEDODVDQJUHEDWLUPHHQODVYHQDVEDMRODSLHOGHVSDFLRߚEXPEXP
4XHPHGHMHVUHSLWL³HOODEDMDQGRODYR]SHURFRQEDVWDQWHP¡VPDODXYD EXPEXPߚ\HOUHVWRGHOPXQGRKDEDGHMDGRGHH[LVWLU3DXOD\DQRHVWDEDHOEDU
ߚ4XHODGHMHV GRQGH DFDEDED GH WRPDU XQ YDVR GH OH OHFKH KDED GHVDSDUHFLGR ORV FRFKHV HO
1R IXL GHO WRGR FRQVFLHQWH GH KDEHU GLFKR OD IUDVH KDVWD XQ LQVWDQWH GHVSX©V GH VHP¡IRUR OD FDOOH 6³OR HVW¡EDPRV DTXHO WLSR \ \R FRPR GRV WLJUHV D SXQWR GH
TXHKXELHUDVDOLGRGHPLVODELRV&XDQGRPHGLFXHQWDGHTXHHUD\RTXLHQODKDED HPSUHQGHUODDGHQWHOODGDV
VROWDGR HO WLSR \D PH HVWDED PLUDQGR FRQ FDUD GH SRFRV DPLJRV 1RUPDO +DED ߚ4XHWHYD\DVߚYROYL³DGHFLUPH
YLRODGRXQDGHODVSULPHUDVQRUPDVGHFRQYLYHQFLDPHKDEDPHWLGRGRQGHQRPH 6XJHVWRQRGHMDEDOXJDUDGXGDV(OPRWDPSRFR3HUR©OQRVDEDTXH\RQXQFD
OODPDQ<HVDVFRVDVPROHVWDQ YR\GHIDURO
(OIXODQRQLVHPROHVW³HQFRQWHVWDUPH7HQDODVGRV]DUSDVVREUHORVKRPEURVGH (QWRQFHV VH OR GLMH 6H OR GLMH GH OD ºQLFD IRUPD SRVLEOH TXH KD\ GH GHFLUOH D
3DXODFRPRVLIXHUDQDPLJRVGHWRGDODYLGDRFRPRVLIXHUDQGRVQRYLRVDSXQWRGH DOJXLHQFRPR©ODOJRDVPLU¡QGRORDORVRMRVVLQSHVWD±DUVLQPRYHUXQPºVFXORGH
EHVDUVHDSDVLRQDGDPHQWHHQSOHQDFDOOH OD FDUD WHQVR FRPR XQD SLHGUD SHUR FRQ OD YR] VXDYH LJXDO TXH VL HVWXYLHUD
ߚ7HKDGLFKRTXHODGHMHV(VTXHQRWHKDVHQWHUDGR" GLFL©QGROHDXQDPXMHUTXHHVWDEDHQDPRUDGRGHHOOD8QPLQXWRDQWHVOHKDEDGLFKR
/RP¡VGLIFLOHVODSULPHUDIUDVH8QDYH]TXHVHKDURWRHOKLHORORGHP¡V\DQR TXHVHODUJDVHSHUR3DXODPHGLMROXHJRHLQVLVWLUDHQHOORPXFKRGHVSX©VTXHODV
LPSRUWDWDQWR(OK©URHTXHKDELWDHQHOSR]RRVFXURHVHDOTXHOHJXVWDEDOHHUWHEHRV SULPHUDVSDODEUDVTXHPHHVFXFK³IXHURQ©VWDV
FXDQGR HUD XQ QL±R KDED GHFLGLGR TXH \D HVWDED ELHQ GH KDFHUVH HO WRQWR \ PLUDU ߚ6LTXLHUHVVHJXLPRVFRQHVWR3HURWHDGYLHUWRXQDFRVDKDVWDTXHXQRGHORV
SDUDRWURODGR<DHVHWLSRSDUHFDJXVWDUOH3DUHFDJXVWDUOHWDQWRSRUTXHSRUILQOH GRVQRVHOHYDQWH
KDEDQGDGRODRFDVL³QGHSDUWLUOHODFDUDDDOJXLHQ<DORPHMRUORTXHEXVFDEDHUD 0H VDFDED GRV SDOPRV SHVDED WUHLQWD NLORV P¡V TXH \R \ HVWDED ERUUDFKR /R
HVR VROWDU DGUHQDOLQD UHODMDUVH PROHVWDQGR D XQD PXMHU R SDUWL©QGROH OD FDUD D XQ QRUPDOKXELHUDVLGRTXHGHVSX©VGHHVFXFKDUPHKXELHUDLQWHQWDGRGDUPHXQSX±HWD]R
3¡JLQD 3¡JLQD
HQHOHVW³PDJRRXQURGLOOD]RHQORVKXHYRVSDUDURPSHUPHODQDUL]ߚRWUDYH]ߚGH VXHUWH P¡V GH OD FXHQWD DO ILQDO P¡V WDUGH R P¡V WHPSUDQR DFDED VDOLHQGR WX
XQFRGD]RFXDQGRPHLQFOLQDVHSRUFXOSDGHOGRORU&XDOTXLHUDGHHVDVFRVDVHVHILFD] QºPHUR
SDUDTXHXQWLSRVHDYHQJDDUD]RQHV(VRIRUPDSDUWHGHPLUXWLQD<RPLVPRKDED $XQTXH PHQWLUD VL GLMHUD TXH HQ HO IRQGR QR HVSHUDED TXH HOOD PH GLMHVH DOJR
WHQLGRTXHKDFHUORFRQWLSRVP¡VJUDQGHVP¡VJRUGRV\P¡VERUUDFKRVTXH©OSDUD TXHPHFRJLHVHHOEUD]RWDOYH]SDUDGDUPHODVJUDFLDV1RV©$HVWDVDOWXUDVGHPL
VDFDUORVDUDVWUDVGHOD3DQWHUD5RVD<QRV©VLDTXHOWLSRPHFRQRFDGHKDEHULGR YLGD VL TXLHUR VHU KRQHVWR QR SXHGR SUHVXPLU GH HQWHQGHU D ODV PXMHUHV 4XL©Q
SRUDOODOJXQDYH]SHURHOFDVRHVTXHSDVDURQXQRVVHJXQGRV\QRVHPRYL³<\R SRGUD /DV PXMHUHV VRQ SDUD P HO PD\RU HQLJPD TXH H[LVWH 7DO YH] SRU HVR PH
KDEDGLFKRHVDIUDVHPXFKDVYHFHVFRPRSDUDVDEHUTXHVLHOUHFHSWRUGHOPHQVDMHQR JXVWDQWDQWR<DTXHOODQRFKHHQODSXHUWDGHOEDUPLHQWUDVFDPLQDEDGHVSDFLRFRQ
VH WLUD HQFLPD GH WL R OD HPSUHQGH D SX±HWD]RV HQ ORV GRV VHJXQGRV VLJXLHQWHV HV ODVPDQRVPHWLGDVHQORVEROVLOORVTXHULHQGRYROYHUDLQVWDODUPHHQODVROHGDGGHOD
SRUTXH OD SDUWLGD KD WHUPLQDGR 1R KD\ TXH KDFHU PXFKR P¡V VLQR GHMDUOR TXH VH TXHQRPHKDEDPDUFKDGRDSHVDUGHVDOLUHQGHIHQVDGH3DXODHVSHUDEDTXHODPXMHU
UHWLUH FRQ KRQUD TXH GHMH VXV FDUWDV PDODV VREUH OD PHVD \ TXH DEDQGRQH OD WLPED FX\R QRPEUH HVWDED D SXQWR GH FRQRFHU SHUR \R WRGDYD QR OR VDED PH GLMHVH XQD
0H KDED YLVWR HQ ORV RMRV TXH QR LED GH IDURO +DVWD TXH XQR GH ORV GRV QR VH VRODSDODEUDSDUDGDUPHODYXHOWD<ODPXMHUFRQODTXHDFDEDUDFDV¡QGRPHSHUR\R
OHYDQWH/RKDEDGLFKRGHYHUGDGVLHPSUHORGLJR0DQRGHVDQWR2MDO¡PHVLUYLHVH WRGDYDQRORVDEDGLMRDOJR(VFXFK©ODVWUHVSDODEUDVPX\OHMRVFRPRVLPHVDOLHUDQ
LJXDOFRQODVPXMHUHV+DEHUSRGLGRPLUDUDORVRMRVD/ROD\GHFLUOHPX±HFDQRPH GHO SR]R RVFXUR FRPR VL IXHUD \R HO TXH ODV HVWXYLHUD GLFLHQGR SRUTXH WHQD WDQWDV
KDJDVHVWRSRUTXHVLORKDFHVQRYROYHU¡VDYHUPH&RQHOODVLHPSUHKHVHQWLGRTXH JDQDVGHHVFXFKDUODV3HURHOODODVYROYL³DGHFLUP¡VIXHUWHHVWDYH]\HQWRQFHVPH
MXJDEDXQDSDUWLGDHQODTXHPHWRFDEDQODVSHRUHVFDUWDVRHVTXHHOODKDFHWUDPSDV SDU©6RQUHDQWHVGHJLUDUPHSRUTXHSUHIHUDKDFHUPHHOGHVSLVWDGRRSDUHFHUVHULR
RWDOYH]VR\HOTXHODGHMDTXHODVKDJD RLQWHUHVDQWHFXDQGRUHVSRQGLHVH&³PRWHOODPDVPHSUHJXQW³0HYROYVLQGDUPH
3HUREXHQR©VDHVRWUDKLVWRULD\WRGDYDQRKHPRVOOHJDGRDK(OFDVRHVTXHHO SULVD(OODDFDEDEDGHHQFHQGHUXQFLJDUULOOR\DKRUDH[KDODEDHOKXPRGHVSDFLRSRU
WLSR VROW³ XQD EODVIHPLD \ XQ HUXFWR R WDO YH] IXH SULPHUR HO HUXFWR \ GHVSX©V OD ODQDUL]VHJXUDGHVXDWUDFWLYR6RQUHDFXDQGRUHFRUW©ODGLVWDQFLDTXHQRVVHSDUDED
EODVIHPLD 4X© LPSRUWD 'HVSX©V GH TXH OR ºOWLPR OH VDOLHVH SRU OD ERFD ߚOD \VHORGLMH5DIDHO0RQWDOE¡QPLQRPEUHYHUGDGHUR<DKHGLFKRTXHSRUXQPRWLYR
EODVIHPLDRHOHUXFWRHQVXFDVRQRKDEDPXFKDGLIHUHQFLDߚVHUHWLU³VLQRIUHFHUPH TXHWLHQHPXFKRTXHYHUFRQODGHIRUPDFL³QSURIHVLRQDOQRVXHORGDUPLQRPEUHUHDO
ODHVSDOGDGHGLF³XQDºOWLPDPLUDGDD3DXODFRQGHVSUHFLR\HVFXSL³DQWHVGHGDUVH DXQDSHUVRQDTXHDFDERGHFRQRFHU3HURWDOYH]DTXHOODQRFKHVRORVORVGRVHQOD
ODYXHOWD1ROHTXLW©RMRKDVWDTXHORSHUGGHYLVWDHQODRVFXULGDGDOILQDOGHOD FDOOH PLU¡QGROD GHVSX©V GH TXH KXELHUD GDGR RWUD OHQWD FDODGD DO FLJDUULOOR
FDOOH$YHFHVVXFHGHTXHDTXLHQKDVLGRKXPLOODGROHDIHFWDGHSURQWRXQDWDTXHGH LPDJLQDQGR XQD VRQULVD EUHYH WUDV ODV YROXWDV GH KXPR TXH VH SHUGDQ HQ HO DLUH
UDELD\HVFXDQGRP¡VSHOLJURVRUHVXOWD7RGDYDPHTXHG©PLUDQGRXQRVVHJXQGRV RFXOW¡QGROHHOURVWURODSLHOWDQS¡OLGDTXHLQWXHQWRQFHVTXHDFDEDUDDFDULFLDQGR
OD HVTXLQD SRU GRQGH KDED GHVDSDUHFLGR SRU VL DFDVR YROYD D OD FDUJD GHVGH OD VXSHTXHSDVDUDDOJRHQWUHQRVRWURVTXHTXL]¡WHUPLQDUDPRVFDV¡QGRQRV\TXHDO
RVFXULGDG3HURQDGD+DVWDTXHXQRGHORVGRVQRVHOHYDQWH/DIUDVHKDEDVXUWLGR ILQDOODKLVWRULDVHUHSHWLUDSRUTXHHOODWDPEL©QWHUPLQDUDWUDLFLRQ¡QGRPH<HVTXH
HIHFWR6XHOHSDVDU TXL]¡ PL GHVWLQR HV ©VH OR VXSLHUD R QR DTXHOOD QRFKH TXH FRQRF D 3DXOD VHU
6L VR\ VLQFHUR QR HVSHUDED TXH 3DXOD VLJXLHUD DOO WRGDYD &RQFHQWUDGR FRPR WUDLFLRQDGRSRUODVPXMHUHVGHODVTXHPHHQDPRUR
KDEDHVWDGRHQHOJRULODQRHVSHUDEDQDGDGHXQDPXMHUDODTXHDFDEDEDGHFRQRFHU
+DEDQ HVWDGR D SXQWR GH SDUWLUPH OD FDUD SRU HOOD R HUD \R HO TXH KDED HVWDGR D
SXQWRGHSDUWUVHODDDOJXLHQSHURHVRQRVLJQLILFDEDQDGD1RVHLEDDHFKDUHQPLV 6HLV PHVHV GHVSX©V HVW¡EDPRV FDVDGRV \ GRV D±RV P¡V WDUGH ILUPDPRV ORV SDSHOHV
EUD]RVSRUHVRQLVLTXLHUDHVSHUDEDTXHPHGLHUDODVJUDFLDV(VDVFRVDVV³ORSDVDQ GHO GLYRUFLR 6H KDED HQDPRUDGR GH XQ DUWLVWD TXH SLQWDED UHWUDWRV HQ HO SDUTXH
HQODVSHOFXODV 'XUDQWH ORV ºOWLPRV WUHV PHVHV GH FDVDGRV PH HVWXYR SRQLHQGR ORV FXHUQRV FRQ
3XHVHVR0HGLODYXHOWDVLQPLUDUODVLTXLHUDVLQHVSHUDQ]D3HUR3DXODVHJXD UHJXODULGDG SUXVLDQD WUHV YHFHV SRU VHPDQD ORV MXHYHV ORV YLHUQHV \ ORV V¡EDGRV
DOOHQODDFHUDVLQVDEHUPX\ELHQTX©GHFLUFRPRPHFRQWDUDP¡VWDUGHSHUR\R 3DUD MXVWLILFDUVH PH GLMR TXH VH VHQWD VROD 4XH VH VHQWD VROD \ TXH PL WUDEDMR GH
WRGDYDQRVDED1RSDUHFDTXHHOHQHUJºPHQRIXHUDDYROYHUDODFDUJD\VHJXUR SRUWHUR GH SXWLFOXE QR OH GHMDED RWUD DOWHUQDWLYD (Q ILQ $XQTXH QR IXH DJUDGDEOH
TXHHOODHUDOREDVWDQWHOLVWDFRPRSDUDFUX]DUODDYHQLGDHQOXJDUGHFDPLQDUKDFLDOD WDPSRFRIXHGHPDVLDGRWUDXP¡WLFR1RV©VLVHJXLU¡FRQHOSLQWRU+HWHQLGRODVXHUWH
FDOOHSRUGRQGHHOWLSRVHKDEDPDUFKDGR$VXQWRUHVXHOWR&HUU©ORVRMRVPRYORV GHQRHQFRQWU¡UPHORVQXQFD
KRPEURV YDULDV YHFHV DUULED \ DEDMR SDUD UHODMDUPH \ VHJX PL FDPLQR HQ OD &XDQGR3DXODVHIXHPHGLFXHQWDGHTXHYLYDHQXQDFDVDGRQGHODVSDUHGHVQR
GLUHFFL³Q RSXHVWD D OD TXH VH KDED PDUFKDGR DTXHO WLSR 1R FRQYLHQH WHQWDU D OD PH UHFRQRFDQ ORV SRPRV GH ODV SXHUWDV JLUDEDQ DO UHY©V ORV PXHEOHV PH KDFDQ
VHQWLUXQH[WUD±R\ORVHVSHMRVPHGHYROYDQODLPDJHQGHXQGHVFRQRFLGRODSHUVRQD
3¡JLQD 3¡JLQD
HQODTXHPHKDEDFRQYHUWLGRVLQKDEHUSRGLGRHYLWDUORRHVTXHWDOYH]KDEDSRGLGR P KDFH GLHFLRFKR D±RV FXDQGR ©UDPRV WDQ M³YHQHV \ WHQDPRV WRGD OD YLGD SRU
HYLWDUORSHUR\RQRKDEDTXHULGRGDUPHFXHQWDRQRKDEDVLGRFDSD]GHKDFHUOR GHODQWH
1XQFDKHSDVDGRPXFKRWLHPSRGHODQWHGHOHVSHMR/DSDODEUDYDQLGDGQRHQWUD +DED SHQVDGR HQ HOOR DOJXQD YH] GXUDQWH HVD ODUJD QRFKH HQ YHOD (Q HO IRQGR
HQPLYRFDEXODULRFXDQGRXQRFXPSOHFLHUWDHGDG\QROHUXHGDQELHQODVFRVDVOR UHFRQRFTXHDFDEDUDPDUFDQGRDTXHOQºPHURSHURDSHVDUGHWRGRPHVRUSUHQGL³
PHMRUTXHSXHGHKDFHUHVGHVFROJDUORVHVSHMRVGHVXFDVDSDUDTXHQROHUHFXHUGHQD YHUPHSRUODPD±DQDGHSLHHQHOVDO³QGHPLFDVDOODPDQGRDOSHULRGLVWDFRQHOTXH
FDGDLQVWDQWHTXHHOºQLFRFDPLQRSRVLEOHHVODGHFDGHQFLDODGHUURWDLUUHPHGLDEOH PHKDEDHQWUHYLVWDGRHQHO/LVERD0HVHQWDFRPRTXLHQYDDFRPHWHUXQSHFDGRR
'HQRVHUSRU3DXOD\RORVKDEUDTXLWDGR'HKHFKRFXDQGRVHIXHORVUHJDO©WRGRV HVW¡DSXQWRGHWUDLFLRQDUDVXVSULQFLSLRV&RPRTXLHQYDDYHQGHUVXDOPDDOGLDEOR
VDOYRHOGHOFXDUWRGHED±R\HVRSRUTXHHVWDEDSHJDGRDORVD]XOHMRV1RPHJXVWDED 0HGDEDFXHQWDWDPEL©QGHTXHHQHOIRQGRH[LVWDWDPEL©QXQDUD]³QPX\QWLPD\
YHUPHUHIOHMDGRHQHOORVHUDFRPRVLSDGHFLHUDXQDH[WUD±DHQIHUPHGDGTXHPHKDFD PX\ UHWRUFLGD SRU OD TXH PDUFDED HVH QºPHUR (VWDED KDUWR GH VHU XQ PDW³Q GH
FHUUDUORVRMRVFXDQGRHQIUHQWDEDPLLPDJHQHQXQHVSHMR/DPD\RUDGHODVPD±DQDV DVXVWDUDSREUHVGHVJUDFLDGRVSRUFXHQWDGHRWURV7HQDTXHFDPELDUGHYLGD7HQD
QR VRSRUWR PLUDUPH GHVSHLQDGR OD QDUL] DSODVWDGD GHO ER[HDGRU TXH QXQFD OOHJ³ D TXHKDEHUORKHFKRKDFHPXFKRVD±RVSHURQXQFDPHKDEDDUPDGRGHYDORURDFDVR
VHUORGHOWRGRODVSºDVGHODEDUEDDVRP¡QGRPHHQODFDUDVLQJDQDVGHKDFHUQDGD PH IDOWDURQ ODV JDQDV 3DUD HPSH]DU XQD QXHYD YLGD PH GLMH XQR GHEHUD LQWHQWDU
(VRHVWDEDKDFLHQGRODPD±DQDGHVSX©VGHTXHPHRIUHFLHUDQLUDOSURJUDPDGH YROYHUDOSXQWRGRQGHWRP³HOGHVYRHTXLYRFDGRDOOGRQGHODVFRVDVVHWRUFLHURQ
UDGLR0HPLUDEDODEDUEDHQHOHVSHMRGHOFXDUWRGHED±RSHQVDQGRVLGHEDDUUDQFDU ,EDDVHUFRPRODQ]DUXQDERWHOODDOPDU3HUR\RQRVDEDDXQTXHGHVHDEDWDQWRTXH
HO FULVWDO TXH PH GHYROYD XQD FDUD TXH QR PH JXVWDED DXQTXH DO KDFHUOR VH DV IXHUD TXH DOJXLHQ HVWDUD HVSHUDQGR HQ OD RWUD RULOOD SDUD OHHU HO PHQVDMH TXH
GHVSHJDVHQ WDPEL©Q PHGLD GRFHQD GH D]XOHMRV +DED SDVDGR RWUD PDOD QRFKH GH OOHYDEDJXDUGDGRGHQWUR
LQVRPQLR (Q YHUDQR KDFH PXFKR FDORU HQ 0DGULG (VWXYH XQ UDWR DVRPDGR D OD
YHQWDQD IXPDQGR WUDQTXLODPHQWH HVFXFKDQGR HO UXPRU GH OD FDOOH DOJXQD
DPEXODQFLDDOROHMRVXQQL±DWRTXHDSXUDEDHODFHOHUDGRUDOVDOLUGHXQVHP¡IRURHO
YLHMRDVFHQVRUGHOHGLILFLRTXHFKLUULDEDDOPRYHUVH/XHJRHQFHQGODWHOH]DSH©XQ
UDWRSHURQRYLQDGDTXHPHJXVWDVH$FLHUWDVKRUDVGHODQRFKHORP¡VLQWHUHVDQWH
TXH SXHGHV YHU HQ OD WHOH VRQ DQXQFLRV SDUD YHQGHU DSDUDWRV GH JLPQDVLD
HQJD±DERERVSDUDSHUH]RVRVRDOJXQDVHULHLPSRVLEOH6DTX©ODYLHMDUDGLRTXHWHQJR
GH XQ FDM³Q \ PH SXVH D PRYHU HO GLDO 1R SDV³ PXFKR WLHPSR KDVWD TXH HVFXFK©
DTXHOODYR]IDPLOLDU(QODUDGLR7HUHVD%HUQDOVRQDEDPHMRUWRGDYDTXHHQODWHOH
9ROYDDVRPDUPHDODYHQWDQD8QDU¡IDJDGHYLHQWRIUHVFRPHDFDULFL³ODFDUD1R
PH JXVWD SRQHUPH QRVW¡OJLFR 0H SDUHFH XQD S©UGLGD GH WLHPSR SHUR QR SRU HOOR
SXHGRDOJXQDVYHFHVGHMDUGHSHQVDUHQODVPXMHUHVTXHKDQSDVDGRSRUPLYLGDODV
QRFKHVHQODVTXHHOVXH±RVHPHHVFDSD5HFXHUGRDDOJXQDDQWLJXDQRYLDUHFXHUGRD
3DXOD \ PH SUHJXQWR TX© KDEU¡ VLGR GH VX YLGD 2WUDV YHFHV PH GD SRU SHQVDU HQ
FLHUWDVSXWDVGHOD3DQWHUD5RVDTXHPHKDQKHFKRFRPSD±DDOJXQDVQRFKHVHQODV
TXHODVROHGDGVHYXHOYHWDQLPSRVLEOHGHVRSRUWDUTXHDYHFHVWLHQHVTXHWDSDUWHORV
RGRVSDUDQRHVFXFKDUHOVLOHQFLR3HURKD\XQDPXMHUHQODTXHPHHVIXHU]RHQQR
SHQVDUXQDPXMHUFX\RURVWURPHDIDQRHQERUUDUGHPLPHPRULDLQºWLOPHQWH6©TXH
SLHQVR HQ ODV RWUDV SDUD QR SHQVDU HQ HOOD HQ WRGDV ODV PXMHUHV FRQ ODV TXH PH KH
DFRVWDGR HQ ODV PXMHUHV D ODV TXH KH TXHULGR HQ DTXHOODV D TXLHQHV QL VLTXLHUD
FRQR]FR FRPR 7HUHVD %HUQDO FX\D YR] PRGXODGD SRU HO DSDUDWR GH UDGLR PH KDFH
FRPSD±D HVD QRFKH TXH QR SXHGR GRUPLU 3LHQVR HQ WRGDV HOODV SDUD QR SHQVDU HQ
/RODSHURDOILQDODFDERSHQVDQGRHQHOODDELHUWDPHQWHVLQDYHUJRQ]DUPH(Q/ROD
TXH PH KDED UHJDODGR DTXHOOD UDGLR TXH DKRUD HVFXFKDED HQ /ROD TXH OH JXVWDED
GRUPLUVHHVFXFKDQGRODVFXLWDVGHORVLQVRPQHVHQORVSURJUDPDVQRFWXUQRVMXQWRD
3¡JLQD 3¡JLQD
R OD YHUGDG QR OR HQWLHQGR PX\ ELHQ SHUR OR FLHUWR HV TXH PXFKD JHQWH OR FRPRXQDGLDGHPDKDFLHQGRVH±DVDOW©FQLFRGHVRQLGRTXHODPLUDEDGHVGHHORWUR
< KDFH 1R V© VL VHU¡ SRUTXH SRU OD QRFKH UHVSLUDQ GH RWUD IRUPD VRQ P¡V ODGR GHO FULVWDO 0H VHQW© D VX ODGR $SHQDV XQ PHWUR PH VHSDUDED GH HOOD TXH PH
FRPXQLFDWLYRV \ P¡V DELHUWRV WDQWR TXH D YHFHV OOHJDQ DO H[WUHPR GH UHYHODU FRVDV FRJL³ODVPDQRVFRQODVGRVVX\DVPHVXVXUU³DOJRSDUHFLGRDJUDFLDVSRUYHQLU\PH
WDQ QWLPDV TXH TXL]¡ QR VH DWUHYHUDQ D FRQWDU D DOJXLHQ FHUFDQR XQ DPLJR R XQ PLU³ D ORV RMRV IXJD]PHQWH DQWHV GH GHVYLDU VX DWHQFL³Q D XQRV SDSHOHV 7UDJX©
SDULHQWH <R QXQFD OR KH KHFKR SHUR VLHPSUH PH KH TXHGDGR LJXDO GH SHUSOHMR DO VDOLYD $V TXH DTX HVW¡V 0RQWDOE¡Q PH GLMH $TX HVW¡V SRU ILQ 6RQUH 8Q D±R
HVFXFKDUSRUODQRFKHDORVLQVRPQHVSHUGLGRVTXHOODPDQDORVSURJUDPDVGHUDGLR DQWHV HQ ODV QRFKHV GH LQVRPQLR YHU VX URVWUR HQ OD WHOHYLVL³Q FRQ HO YROXPHQ DO
SDUD DLUHDU VXV SHQDV FRPR VL QR OHV LPSRUWDVH TXH ORV HVFXFKHQ PLOHV GH PQLPR PH WUDQTXLOL]DED PH FDOPDED HO SXOVR LQFOXVR PH D\XGDED D FRQFLOLDU XQ
GHVFRQRFLGRV $ /ROD OH HQFDQWDED GRUPLUVH HVFXFKDQGR ORV SUREOHPDV GH OD JHQWH VXH±RGHFHQWH$KRUDVLQHPEDUJRVHQWDGRHQHOHVWXGLRMXQWRDHOODQRW©F³PRHO
TXHOODPDEDDODUDGLR/DQRFKHHVHOWHUULWRULRP¡VDPDUJRGHODVROHGDGOOHJDXQ FRUD]³QPHODWDP¡VGHSULVDEXPEXPEXPEXPEºP&XHVWDHQWHQGHUTXHDXQWLSR
PRPHQWRFXDQGRXQRVHWXPEDHQODFDPD\FUX]DODVPDQRVSRUGHWU¡VGHODQXFD TXHVHJDQDODYLGDFRPRSRUWHURGHSXWLFOXE\DVXVWDQGRDSREUHVGLDEORVSRUFXHQWD
FRQ ODV SXSLODV KLQFKDGDV GH LQVRPQLR HQ OD RVFXULGDG DFRVWXPEUDGRV ORV RMRV D DMHQDVHOHDFHOHUHHOSXOVRGHODQWHGHXQDPXMHUKHUPRVDSHURDVVRQODVFRVDV$
SHUFLELUODVIRUPDVFRQIXVDVGHODPHVLWDGHQRFKHODO¡PSDUDODF³PRGDODSHUFKD XQR GHVSX©V GH PHGLD YLGD FRPR JRULOD GH FDVLQRV \ GH FOXEHV GH DOWHUQH OH
GRQGHFXHOJDODURSDRODVLOODGRQGHKDGHMDGRGREODGRVORVSDQWDORQHVTXHVHKDEU¡ WHPEODEDQODVSLHUQDVDOPLUDUDORVRMRV\HQYLYRDXQDHVWUHOODGHODWHOHYLVL³QTXH
GH SRQHU SRU OD PD±DQD TXH HV LPSRVLEOH HQJD±DUVH D V PLVPR QR SRUTXH QR VH KDED VHUHQDGR VHFUHWDPHQWH VLQ TXH HOOD OR VXSLHVH VXV QRFKHV LQWHUPLQDEOHV HQ
TXLHUDRQRVHWHQJDYROXQWDGSDUDHOORVLQRVLPSOHPHQWHSRUTXHQRHVSRVLEOH YHOD
1XQFDKDEDSLVDGRXQHVWXGLRGHUDGLR$FXGHOYLHUQHVGHODVHPDQDVLJXLHQWH $OO OD WHQD SRU ILQ 7HUHVD %HUQDO (QWUH WUHLQWD \ WUHLQWD \ FLQFR OD PHOHQD
DO ºOWLPR SURJUDPD (O SHULRGLVWD TXH KDED FRQRFLGR HQ HO /LVERD PH HVWUHFK³ OD FDVWD±D ORV UL]RV TXH VH HVFDSDEDQ GH OD GLDGHPD GH ORV DXULFXODUHV RFXOW¡QGROH OD
PDQR 6H DKRUU³ XQD PLUDGD FRQGHVFHQGLHQWH TXH PH LQGLFDVH TXH DO ILQDO WHQD IUHQWHHQVRPEUHFL©QGROHORVRMRVYHUGHVTXHPHPDUHDEDQFXDQGRORVPLUDEDHQOD
UD]³Q TXH SRU PXFKR TXH PH KXELHUD KHFKR HO UHPRO³Q VDED TXHDO ILQDO DFDEDUD WHOH SRUTXH QR HUD FDSD] GH FRQFLOLDU HO VXH±R 7HUHVD %HUQDO 3HUR TXH QDGLH TXH
DFXGLHQGRDOHVWXGLR$©OOHGDEDLJXDOTXHKXELHUDLGRSRUFXULRVLGDGRSDUDSRGHU HVFXFKHODKLVWRULDTXHHVWR\FRQWDQGRYD\DDFUHHUTXHVR\WDQLQJHQXRFRPRSDUDLU
YHU GH FHUFD ORV RMRV GH 7HUHVD %HUQDO (O FDVR HV TXH HVWDED DOO YLHUQHV GH DODUDGLRFRQODLGHDHVWºSLGDGHTXHDLUHDUPLVSUREOHPDVHQODVRQGDVVLJQLILFDED
PDGUXJDGD HO ºOWLPR SURJUDPD GH OD WHPSRUDGD /R TXH ©O PH KDED SHGLGR (VD TXH 7HUHVD %HUQDO PH VRQULHVH PH SXVLHUD RMLWRV PH FRJLHVH OD PDQR R DFHSWDVH
QRFKH PH KDED OLEUDGR GH PLV REOLJDFLRQHV GH FDQFHUEHUR HQ OD 3DQWHUD 5RVD /D YHQLUDFHQDUFRQPLJR8QER[HDGRUGHEHUDVDEHUFXDQGRFDOLHQWDORVPºVFXORVHQ
YHUGDG HV TXH QR PH WUDWDEDQ PDO DOO /OHYDED FDVL XQD G©FDGD SURFXUDQGR HOFXDGULO¡WHURFRQODFDSXFKDGHODOERUQR]WDS¡QGROHORVRMRVDMHQRDORVJULWRVGHO
WUDQTXLOLGDG DO ORFDO GHVGH TXH DEUL³ FXDQGR WRGDYD ODV SXWDV H[WUDQMHUDV V³OR VH SºEOLFR ODV SRVLELOLGDGHV TXH WLHQH GH WXPEDU DO RWUR 3XHGHV HTXLYRFDUWH GHVGH
YHDQHQODVSHOFXODV$KRUDVXFHGHDOFRQWUDULR(QORVºOWLPRVWUHVD±RVQRKHYLVWR OXHJRSHURKD\YHFHVTXHXQREDLODVREUHODORQDDQWHVGHTXHHPSLHFHHOFRPEDWH\
D QLQJXQD TXH QR WHQJD DFHQWR VXUDPHULFDQR GH OD (XURSD GHO (VWH R TXH QR KD\D VHVDEHFDPSH³QLJXDOTXHRWUDVYHFHVVDEHTXHORYDDWHQHUFUXGR$XQVDEL©QGROR
GHVHPEDUFDGR GH XQD SDWHUD HQ DOJXQD SOD\D KHODGD &RVDV GH OD PRGHUQLGDG QRWHTXHGDRWUDRSFL³QTXHTXLWDUWHODEDWDDSUHWDUORVGLHQWHV\KDFHUWXWUDEDMR$
VXSRQJR YHFHV FXDQGR PHQRV WH OR HVSHUDV OD EDODQ]D VH LQFOLQD GH WX ODGR \ WH OOHYDV XQD
0HDFRPRGDURQHQXQVRI¡HQXQDVDODGHHVSHUDKDVWDTXHOOHJDVHHOPRPHQWR VRUSUHVDHO¡UELWUROHYDQWDWXEUD]RPLHQWUDVHOULYDOGXHUPHHQODORQD\HOSºEOLFR
GHPLLQWHUYHQFL³Q1RHVWDEDF³PRGR0HKDEDSXHVWRXQDFKDTXHWDGHFRORUFODUR FRUHDWXQRPEUH3HUREXHQRDORTXHLED+DFHPXFKRVD±RVTXHQRPHVXERDXQ
TXHOOHYDEDJXDUGDGDGRVD±RVHQHODUPDULR0HODKDEDUHJDODGR3DXOD\DXQTXH FXDGULO¡WHUR \ \D KH GLFKR DQWHV TXH OR ºQLFR TXH FRQVHJX FRPR ER[HDGRU IXH HO
KDEDSURFXUDGRWLUDUWRGRORTXHPHUHFRUGDEDDPLH[PXMHUPHDOHJU©GHKDEHUPH WWXOR TXH PH DFUHGLWDED FRPR FDPSH³Q GHO EDUULR SRUTXH WRGR OR GHP¡V IXH XQD
ROYLGDGRGHHFKDUODDOFXERGHODEDVXUDODQRFKHTXHIXLDODUDGLR6³ORPHODKDED TXLPHUDTXHVHWUXQF³ODQRFKHTXHSHOH©FRQWUDHO9HQGDYDOGH0DUVHOOD3HURQRSRU
SXHVWR XQD R GRV YHFHV \ \D KDFD PXFKR WLHPSR GH HVR $KRUD ODV FRVWXUDV PH HOORKHGHMDGRQXQFDGHHQIUHQWDUODYLGDFRPRVLGHFRPEDWLUHQWUHODVGRFHFXHUGDV
DSUHWDEDQ HQ OD HVSDOGD 7HQD OD VHQVDFL³Q GH TXH VH LED D URPSHU VL UHVSLUDED GHXQULQJVHWUDWDVH\RQRWHQDQDGDTXHKDFHUFRQ7HUHVD%HUQDOQRHVWDEDHQPL
SURIXQGDPHQWH\JXDUGDEDHODLUHHQHOSHFKRXQRVVHJXQGRV SHVRRHVTXH\RQRHVWDEDHQVXFDWHJRUD3HURHVRWDPSRFRTXLWDTXHPHTXHGDUD
+DFD XQ UDWR \D TXH PH KDED EHELGR OD FRFDFROD ߚPH GLR YHUJ¼HQ]D SHGLU PLUDQGRHVRVRMRVYHUGHWUDQVSDUHQWHFXDQGRPHVHQW©DVXODGRHQHOHVWXGLRGHOD
OHFKHHQODUDGLRPHSDVDPXFKDVYHFHVߚFXDQGRYLQLHURQDEXVFDUPH0HOOHYDURQ UDGLR\WUDWDVHGHDMXVWDUPHORVDXULFXODUHVHQODFDEH]DFRQPLVGHGRVWRUSHVTXHQR
DXQHVWXGLR\DOOHVWDED7HUHVD%HUQDOODPXVDGHPLVQRFKHVGHLQVRPQLRVHQWDGD VHUYDQSDUDRWUDFRVDTXHSDUDGDUSX±HWD]RV
D XQD PHVD UHGRQGD FRQ XQRV DXULFXODUHV SXHVWRV TXH VXMHWDEDQ VX PHOHQD UL]DGD
3¡JLQD 3¡JLQD
$OILQDOORJU©HQFDVTXHWDUPHORVFDVFRVUHVSLU©KRQGRVROW©HODLUHGHVSDFLRXQD ߚ3RU VXSXHVWR TXH QR ߚUHVSRQG SRU ILQߚ <R XWLOL]R RWURV P©WRGRV P¡V
GRV WUHV FXDWUR YHFHV SDUD TXH HOOD QR OR QRWDVH SDUD TXH OD YR] QR PH VDOLHUD GLUHFWRV
TXHEUDGDDOUHVSRQGHUDVXVSUHJXQWDV ߚ&UHRTXHHQWLHQGRORTXHTXLHUHGHFLUPH3HURWDOYH]DOJXQRGHORVR\HQWHVVH
6H HQFHQGL³ XQD OX] URMD LQGLFDQGR TXH HVW¡EDPRV HQ HO DLUH 7HUHVD %HUQDO KD\DSHUGLGR/HLPSRUWDUDH[SOLFDUQRVVH±RU0RQWDQHUF³PRWUDEDMD"
VDOXG³ GH QXHYR D ORV R\HQWHV \ PH SUHVHQW³ 7HQHPRV DTX HVWD QRFKH DO VH±RU ߚ3XHVYHU¡QRV©VLGHER
0RQWDQHUDQXQFL³ ߚ(VWDPRV HQ XQ SURJUDPD GH PDGUXJDGD VH±RU 0RQWDQHU /D JHQWH TXH QRV
ߚ%XHQDVQRFKHVVH±RU0RQWDQHUߚPHVDOXG³ HVFXFKDHVGHWRWDOFRQILDQ]D
&DUUDVSH© SURFXUDQGR QR KDFHU PXFKR UXLGR 7UDJX© VDOLYD $VHQW FRQ OD ߚ6HJXUR"
FDEH]D ߚ6HJXUR1DGLHOODPDU¡DODSROLFD/HGR\PLSDODEUD
ߚ%XHQDVQRFKHVߚGLMHSRUILQ ߚ%XHQRSXHVXVWHGKDYLVWRF³PRVR\ߚOHGLMHVH±DODQGRODEHU]DDUUXJDGDTXH
ߚ&RPR WRGRV XVWHGHV VDEHQ ߚ7HUHVD KDEODED RWUD YH] SDUD ORV R\HQWHVߚ WHQJRHQPLWDGGHODFDUDߚ6³ORFRQHVRGHEHUDEDVWDUSDUDKDFHUVHXQDLGHDGHPL
GXUDQWHWRGDODWHPSRUDGDKDQSDVDGRSRUHVWHSURJUDPDPXFKDVSHUVRQDVTXHHVW¡Q P©WRGRGHWUDEDMR
UHODFLRQDGDV FRQ HVH PXQGR TXH YXOJDUPHQWH VH FRQRFH FRPR EDMRV IRQGRV /D 0LUHVSXHVWDGHEDGHKDEHUVLGRGHPDVLDGRODF³QLFD7DPSRFRSRGDHVSHUDUVH
SURIHVL³Q GHO VH±RU 0RQWDQHU TXH QRV DFRPSD±D HVWD QRFKH WLHQH PXFKR TXH YHU PXFKR P¡V GH DOJXLHQ FRPR \R FXDQGR YD D OD UDGLR D FRQWDU VX YLGD 3HUR 7HUHVD
FRQHVWHPXQGRWDPEL©Q1RHVDVVH±RU0RQWDQHU" %HUQDOLQVLVWL³6XWUDEDMRHUD©VHGHVGHOXHJR9ROYL³DSHGLUPHTXHFRQWDVHXQSRFR
0HUHYROYLQF³PRGRHQHODVLHQWR HQ TX© FRQVLVWD PL RILFLR \ OH GLMH TXH KDED JHQWH TXH VH FDQVDED GH TXH VXV
ߚ3XHGH GHFLUVH TXH V $XQTXH WDPEL©Q IXL ER[HDGRU R LQWHQW© VHUOR KDFH GHXGRUHV OHV GLHUDQ ODUJDV \ HQWRQFHV PH OODPDEDQ 4XH SRU XQ SRUFHQWDMH GH OD
PXFKRVD±RV GHXGD\RPHKDFDFDUJR/DSUHVHQWDGRUDSDUHFDRILQJDHVWDUPX\LQWHUHVDGDHQPL
ߚ%R[HDGRUߚUHSLWL³ODSUHVHQWDGRUDFRPRVLGHWRGDVODVFRVDVTXH\ROHKDED RFXSDFL³QDVTXHOHH[SOLTX©TXHHQRFDVLRQHVORVP©WRGRVSDUDOOHYDUPLWUDEDMRD
GLFKR©VDIXHUDODTXHOHOODPDEDP¡VODDWHQFL³Q EXHQ SXHUWR QR HUDQ ORV P¡V UHFRPHQGDEOHV SDUD XVDU VL XQR TXHUD KDFHU DPLJRV
ߚ(IHFWLYDPHQWHSHURHQWRQFHVHUDYHLQWHD±RVP¡VMRYHQ\WHQDDOJXQRVNLORV SHUR TXH OD PD\RUD GH ODV YHFHV EDVWDED FRQ XQ VXVWR R XQD DGYHUWHQFLD RSRUWXQD
PHQRV)XHXQD©SRFDHQODTXHFUHTXHSRGUDOOHJDUDVHUDOJXLHQHQHOPXQGRGHO SDUDTXHORVPRURVRVVHDYLQLHUDQDUD]RQHV(OODDVHQWDPLUDQGRODPHVDDXQTXHD
ER[HR YHFHVGLULJDVXVRMRVDOW©FQLFRGHVRQLGR\ RWUDVYHFHVPH PLUDEDDP7DPEL©Q
ߚ<TX©SDV³"3RUTX©DEDQGRQ³XVWHGHVDFDUUHUDSXJLOVWLFDWDQSURPHWHGRUD" JDUDEDWHDED GLEXMRV HQ XQ SDSHO PLHQWUDV PH HVFXFKDED /H FRQW© TXH PL YLGD QR
ߚ1RV©VLGHEHUDKDEODUGHHVR KDEDVLGRVLHPSUH©VD\TXHXQDYH]FXDQGRHUDP¡VMRYHQKDEDVR±DGRFRQJDQDU
/DSUHVHQWDGRUDVHILQJL³D]RUDGD HOWWXORPXQGLDOGHORVSHVRVVXSHUZHOWHUSHURTXHODVFRVDVVHWRUFLHURQ\TXHQR
ߚ%XHQR\DYHRTXHQRTXLHUHHQWUDUHQHVHWHPD\QRSXHGRPHQRVTXHUHVSHWDU KDEDPXFKRP¡VTXHFRQWDU1RKDEO©GHORTXHSDV³FRQHO9HQGDYDOGH0DUVHOOD
VXGHFLVL³QߚVXVSLU³FRQUHVLJQDFL³QILQJLGDߚ7DOYH]VLOHSDUHFHSRGU¡KDFHUOR (VR QR HUD DVXQWR GH QDGLH 6³OR PR < QR TXHUD \ QR PH FRQYHQD GDU PXFKRV
P¡V DGHODQWH +DEOHPRV HQWRQFHV GH VX WUDEDMR DFWXDO 6© TXH DKRUD WUDEDMD SDUD GDWRV VREUH PL YLGD WDPSRFR < KDEDQ SDVDGR YHLQWH D±RV DGHP¡V /H GLMH TXH
RWURV3DUDTXL©QHV"4X©WUDEDMRV" FXDQGRFROJX©ORVJXDQWHVHPSHF©DWUDEDMDUFRPRKRPEUHGHFRQILDQ]DGHXQWLSR
ߚ(MHPߨ'LJDPRVTXHPHGHGLFRDYLVLWDUDFOLHQWHVGHGXGRVRFREURSRUFXHQWD FRQ PXFKD SDVWD \ TXH OXHJR ODV FRVDV VH PH WRUFLHURQ GHILQLWLYDPHQWH \ DFDE©
GHVXVDFUHHGRUHV SOXULHPSOHDGR GH SRUWHUR GH SXWLFOXEV R HQ FDVLQRV GH WUHV DO FXDUWR GH
ߚ$FOLHQWHVGHGXGRVRFREURߨ JXDUGDHVSDOGDVRFDVLRQDO\GHFREUDGRUGHGHXGDVLPSRVLEOHVSRUFXHQWDGHRWURV
ߚ<DVDEH(VDVGHXGDVTXHSDUHFHQLPSRVLEOHVGHFREUDU /DSHULRGLVWDVRQUL³GHVSX©VGHTXH\RKDEODVH
ߚ<D'HERHQWHQGHUTXHHVXVWHGHPSOHDGRGHXQDHPSUHVDGHHVDVGHFREURGH ߚ/OHYD XVWHG UD]³Q $QWHV GH VHJXLU FRQ OD HQWUHYLVWD WHQJR TXH GHFLU D ORV
PRURVRV" R\HQWHV TXH HO VH±RU 0RQWDQHU HV XQ KRPEUH QR PX\ DOWR SHUR FRUSXOHQWR GH
ߚ1R<RWUDEDMRSRUPLFXHQWDSDUDYDULRVFOLHQWHVDODYH] KRPEURVSRGHURVRVSHORQHJURUL]DGR\ODQDUL]DSODVWDGDFRPRUHFXHUGRGHVXVD±RV
ߚ3HURYDYHVWLGRFRQXQIUDFSDUDTXHODJHQWHVHSDTXL©QHVHOPRURVR" HQ HO ULQJ O KD GLFKR TXH HVW¡ SDVDGR GH SHVR SHUR WHQJR TXH GHFLU TXH KD
'HM©HVFDSDUHODLUHSRUODQDUL]XQJHVWRHORFXHQWH\VRQRURTXHODJHQWHSXGLHVH H[DJHUDGR XQ SRFR TXH DºQ HVW¡ HQ PX\ EXHQD IRUPD IVLFD (Q GHILQLWLYD TXH OR
SHUFLELUFRQFODULGDGSRUHOPLFU³IRQRSDUDTXHVHGLHVHQFXHQWDGHTXHODSUHJXQWD ºOWLPRTXHDOJXLHQTXHUUDVHUDHQIUHQWDUVHFRQ©O
HUDXQDWRQWHUD $OHM©ODERFDGHOPLFU³IRQRSDUDTXHORVR\HQWHVQRPHHVFXFKDUDQUHUPH
3¡JLQD 3¡JLQD
ߚ+DVLGRXVWHGPX\JHQHURVDFRQORGHODEXHQDIRUPDIVLFD1RHVYHUGDG\R ߚ$FHSWDWRGRVORVWUDEDMRVVH±RU0RQWDQHU"
V©ORTXHHVHVWDUHQIRUPD\DKRUDHVWR\PX\OHMRVGHHVR ߚ1R7RGRVQR
ߚ+RPEUHQRVHDXVWHGPRGHVWR$SURYHFKHHVWHUDWLWRGHJORULDTXHOHYDPRVD ߚ< FX¡O HV VX FULWHULR SDUD DFHSWDU XQRV R UHFKD]DU RWURV" (O HVWDGR GH VX
EULQGDUHQODUDGLR FXHQWDFRUULHQWHTXL]¡"
ߚ1R 1R HV PRGHVWLD 1L VLTXLHUD HV IDOVD PRGHVWLD (V VLPSOHPHQWH OD $OGHFLUPHHVWDIUDVHQRSXGHHYLWDUPLUDUODGHPDODPDQHUD0RQWDQHURVHD\R
FRQVWDWDFL³QGHXQKHFKR SRGD VHU XQ PDW³Q D VXHOGR SHUR QR VH DOTXLODED DO PHMRU SRVWRU 7HQD VXV
ߚ%XHQR'HM©PRVORDK6LOHSDUHFHVH±RU0RQWDQHUVHJXLUHPRVKDEODQGRGH SULQFLSLRV3XHGHTXHDOJRUHWRUFLGRVSHURSULQFLSLRVDOILQ\DOFDER
VXWUDEDMR/RVR\HQWHVGHEHQGHHVWDULPSDFLHQWHVSRUTXHQRVG©P¡VGHWDOOHVVREUH ߚ6L HO GLQHUR PH LPSRUWDVH WDQWR FRPR XVWHG LQVLQºD ߚUHSXVHߚ PH KDEUD
©O GHMDGR DPD±DU DOJºQ FRPEDWH KDFH P¡V GH YHLQWH D±RV \ DKRUD QR HVWDUD DTX
ߚ3XHV FRPR OH KH GLFKR PH GHGLFR D GDU SDOL]DV D XQRV GHVJUDFLDGRV TXH QR DYHUJRQ]¡QGRPH GH GDU SDOL]DV SRU FXHQWD GH FLHUWD JHQWH TXH PXFKDV YHFHV VH
SXHGHQDIURQWDUVXVGHXGDVSRUFXHQWDGHXQRVWLSRVTXHWLHQHQHOGLQHURVXILFLHQWH PHUHFHTXHORVSX±HWD]RVVHDQSDUDHOORV
FRPR SDUD QR WHQHU TXH PDQFKDUVH HOORV PLVPRV ODV PDQRV GH VDQJUH /R TXH \R ߚ'LVFXOSHVLORKHRIHQGLGRVH±RU0RQWDQHU1RHQWUDUHPRVHQHVHWHPDVLOR
KDJRQRHVFRPRSDUDVHQWLUVHRUJXOORVRODYHUGDG SUHILHUH
ߚ<SRUTX©ORKDFHHQWRQFHV" ߚ'HVGHOXHJR0HMRUVLJDPRVFRQPLWUDEDMRDFWXDO
ߚ1RV©KDFHURWUDFRVD ߚ(VWXSHQGR 'LFH XVWHG TXH KD\ WUDEDMRV TXH QR DFHSWD 4X© UD]RQHV OH
ߚ'HEHGHVHUXQWUDEDMRGLIFLO FRQGXFHQDHOOR"
ߚ/RHV ߚ1R V© 'HSHQGH 3RU HMHPSOR QXQFD DVXVWR D PXMHUHV QL D JHQWH PD\RU
ߚ<DOJXQDYH]DQWHVGHHPSUHQGHUODDJROSHVFRQDOJXLHQQRKDWHQLGRGXGDV" $XQTXHQRVHORFUHDKD\PRURVRVGHWRGDVODVHGDGHV<SRUVXSXHVWRQDGDGHFURV
0H WRP© XQRV VHJXQGRV DQWHV GH UHVSRQGHU FRPR VL PH FRVWDVH WUDEDMR DVXPLU ߚ(QWRQFHVGHERVXSRQHUTXHVXVSULQFLSLRVOLPLWDQFRQVLGHUDEOHPHQWHVXFDPSR
DTXHOOR GHDFWXDFL³Q
ߚ&ODURTXHV 0HHQFRJGHKRPEURV
ߚ<TX©KDFHHQWRQFHV" ߚ3XHGHTXHV3HURHQXQDSURIHVL³QWDQMRGLGDFRPRODPDXQRGHEHDJDUUDUVH
ߚ4X© UHPHGLR +DFHU GH WULSDV FRUD]³Q \ WHUPLQDU HO WUDEDMR SDUD HO TXH PH D FLHUWDV UHJODV VL QR TXLHUH FRQYHUWLUVH HQ XQ DQLPDO 3HUR QR VH SUHRFXSH 7HQJR
SDJDQ EDVWDQWH WUDEDMR /H VRUSUHQGHUD VDEHU FX¡QWRV VLQYHUJ¼HQ]DV GH PHGLDQD HGDG KD\
7HUHVD%HUQDOVDFXGL³ODFDEH]DFRPRVLOHSUHRFXSDVHORTXHOHHVWDEDFRQWDQGR SRUDKVXHOWRV$GHP¡VPXFKRVVHPHUHFHQTXHDOJXLHQORVSRQJDHQVXVLWLR
ߚ<VH±RU0RQWDQHUVXWUDEDMRORUHDOL]DXVWHGVRORROHDFRPSD±DDOJXLHQ" ߚ$KV"4XL©QHV"
(VWDYH]VHKDEDGHPRUDGRXQSRFRHQODSDODEUDWUDEDMR1RPHORWRP©PDO ߚ/RVTXHPDOWUDWDQDODVPXMHUHVSRUHMHPSOR$HVRVOHVURPSHUDODVSLHUQDV
1XQFDORKDJR0LSURIHVL³QHVWDQGLIFLOGHGHILQLUFRPRGHDFHSWDU JUDWLV
6DFXG OD FDEH]D FRPR VL ORV R\HQWHV SXGLHUDQ YHUPH VHQWDGR HQ HO HVWXGLR < HUD YHUGDG /RV WLSRV TXH PDOWUDWDQ D ODV PXMHUHV PH GDQ WDQWR DVFR TXH OHV
&RQWHVW©VLQVDEHUTXHPLUHVSXHVWDVHUDXQDGHODVERODVTXHHPSXMDUDQDRWUDVREUH URPSHUDODVSLHUQDVJUDWLV
HOWDSHWHKDVWDWUDHUPHD/LVERD3RGDSDUHFHUXQDUHVSXHVWDLQRFHQWHSHURQRORHUD ߚ1RKDSHQVDGRHQFDPELDUGHRILFLRVH±RU0RQWDQHU"
(UDFRPRODQ]DUHOºOWLPRGDUGRFRQODHVSHUDQ]DGHTXHVHFODYDVHHQHOFHQWURGHOD ߚ1DGDPHJXVWDUDP¡V3HURKD\XQSUREOHPD
GLDQD ߚ<FX¡OHVHVHSUREOHPDVH±RU0RQWDQHU"
ߚ1R1XQFD6LHPSUHWUDEDMRVROR6R\XQFD]DGRUVROLWDULR ߚ<DORGLMHDQWHVQRV©KDFHURWUDFRVD
7HUHVD %HUQDO GHM³ HVFDSDU XQ SRFR GH DLUH DOJR DV FRPR XQD VRQULVD IRU]DGD ߚ$M¡
7HQDORVGLHQWHVSHTXH±RVPX\EODQFRVSHUIHFWRV/XHJRVHPHTXHG³PLUDQGRXQ 1R V© VL OD SHULRGLVWD TXHUD TXH IXHVH PHQRV ODF³QLFR HQ PLV UHVSXHVWDV \
LQVWDQWH\\DORKDEDKHFKRDOJXQDYH]GXUDQWHODHQWUHYLVWDFRPRVLODVUHVSXHVWDV WDPSRFRHVWR\VHJXURGHTXHD±DGLHVHDOJRSRUHVDUD]³QSHURHOFDVRHVTXHORKLFH
FRQODVTXHODREVHTXLDEDQRIXHVHQODVTXHVHHVSHUDEDQH[DFWDPHQWHGHDOJXLHQTXH <GHVSX©VGHKDEHUORGLFKRPHGLFXHQWDGHTXHKDEDH[SOLFDGRDOJRTXHMDP¡VOH
VHGHGLFDDGDUSDOL]DVSRUHQFDUJR KDEDFRQIHVDGRDQDGLH\ORP¡VLPSRUWDQWHDOJRTXHQLVLTXLHUD\RPLVPRKDED
ߚ8QFD]DGRUVROLWDULRߚUHSLWL³FRPRVLIXHVHPLHFR TXHULGR UHFRQRFHU DELHUWDPHQWH DQWH P PLVPR SRUTXH KDFHUOR VXSRQD WDO YH]
ߚ8QFD]DGRUVROLWDULRߚYROYDGHFLUFRPRVLIXHVHVXHFR DFHSWDU HO IUDFDVR HO FDPLQR HTXLYRFDGR TXH XQD YH] WRP³ PL YLGD HO HUURU GH QR
3¡JLQD 3¡JLQD
DSUHWDUORVGLHQWHV\KDEHUOXFKDGRSRUVHUDOJXLHQQRKDEHUHQWUHQDGRP¡VGXURQR 0HSDUHFL³ODWSLFDSUHJXQWDTXHKDFHQHQXQRGHHVRVSURJUDPDVGHWHOHYLVL³QD
KDEHU SHOHDGR SRU VDOLU DGHODQWH 0H KDED HTXLYRFDGR DO TXHUHU VHU ER[HDGRU PH ORV TXH OD JHQWH DFXGH SDUD TXH OH FRQVLJDQ DOJR LPSRVLEOH GH FRQVHJXLU 0H KL]R
KDEDHTXLYRFDGRFXDQGRORGHM©GHVSX©VGHODSHOHDFRQHO9HQGDYDOGH0DUVHOOD WDQWDJUDFLDTXHDSXQWRHVWXYHGHSHGLUDOJRLQDOFDQ]DEOHSRUHOPLFU³IRQRTXHPH
PHKDEDHTXLYRFDGRFXDQGRWUDLFLRQ©DO*RUGRTXHVHKDEDRFXSDGRGHPFRPR WRFDVH OD ORWHUD TXH PH FRPSUDVHQ XQD FDVD FRQ SLVFLQD OHMRV GH 0DGULG TXH PH
XQ SDGUH PH KDED HTXLYRFDGR DO HQDPRUDUPH GH /ROD FXDQGR OH SHUPLW TXH PH UHJDODVHQRWUDYLGDHQODTXHODVFRVDVKXELHUDQURGDGRPHMRUSDUDP
HQJD±DVH \ FXDQGR IXL D EXVFDUOD KDFH D±RV SHUR DFDE© GDQGR PHGLD YXHOWD 0H ߚ+D SHQVDGR VHULDPHQWH HQ EXVFDU RWUR WUDEDMR" ߚLQVLVWL³ 7HUHVD %HUQDO
KDED HTXLYRFDGR \ QXQFD KDVWD HVH PRPHQWR KDED TXHULGR UHFRQRFHUOR $OO SRUTXH\RWRGDYDQRKDEDUHVSRQGLGR
VHQWDGR HQ HO HVWXGLR MXQWR D XQD KHUPRVD GHVFRQRFLGD GHODQWH GH XQ PLFU³IRQR \ 6DFXGODFDEH]D
XQRVFDEOHVTXHOOHYDUDQPLYR]KDVWDORVLQVRPQHVTXHHVFXFKDEDQORVSURJUDPDV ߚ<DOHKHGLFKRTXHQRV©KDFHURWUDFRVD
GHODUDGLRSRUODVQRFKHVSRUSULPHUDYH]HQPXFKRVD±RVSRUSULPHUDYH]HQPL
YLGDTXL]¡IXLVLQFHURFRQPLJRPLVPRDOGHFLUOHODYHUGDGDPLOHVGHR\HQWHVDORV
TXHQRFRQRFD/RSLHQVR\PHKDFHJUDFLD\RTXHVLHPSUHKHVLGRWDQUHVHUYDGR $VTXHDOOHVWDED\RGLVIUD]DGREDMRHOQRPEUHGH0RQWDQHUXQPDW³QDVXHOGRߚ
GHVQXGDQGRPLDOPDGHODQWHGHWDQWDJHQWHFX\DVFDUDVMDP¡VYHUD DWSLFRPHKDEDGHILQLGR7HUHVD%HUQDOGXUDQWHDOJºQPRPHQWRGHODHQWUHYLVWDߚ
ߚ(VWR\KDUWRGHHVWHWUDEDMRߚFRQIHV©DOFDER\GHVSX©VGHKDEHUORGLFKRPH VHQWDGRHQHOHVWXGLR\DYHUJRQ]DGRPLU¡QGRPHODVPDQRVVLQVDEHUPX\ELHQTX©
TXHG©XQPRPHQWRSHQVDWLYRFRQHOFH±RIUXQFLGRFRPRVLDOSURQXQFLDUODIUDVHPH KDFHU FRQ HOODV R G³QGH SRVDU ORV RMRV GXUDQWH OD SDXVD GHO SURJUDPD (QWRQFHV
KXELHUDWUDLFLRQDGRDPPLVPR DOJXLHQ HQWU³ \ OH HQWUHJ³ XQRV SDSHOHV D 7HUHVD %HUQDO (UDQ FRUUHRV HOHFWU³QLFRV
ߚ(VWR\KDUWRߚUHSHW\DKRUDKDEODEDSDUDPPLVPRߚ(VWR\FDQVDGR PHQVDMHV R OODPDGDV GH ORV R\HQWHV TXH KDEDQ HVWDGR HVFXFKDQGR OD HQWUHYLVWD
7HUHVD %HUQDO DVLQWL³ 0H PLUDED FRQ DWHQFL³Q FRPR TXLHQ KD GHVFXELHUWR GH 7HUHVD %HUQDO ORV PLU³ DWHQWDPHQWH GXUDQWH XQRV VHJXQGRV PDUFDQGR FRQ XQ
UHSHQWH XQ KLOR GHO TXH WLUDU \ HVW¡ GLVSXHVWR D QR VROWDUOR KDVWD GHVHQUHGDU WRGD OD EROJUDIRDOJXQRVGHHOORV&DUUDVSH³OLJHUDPHQWHXQSDUGHVHJXQGRVDQWHVGHTXHVH
PDGHMD HQFHQGLHVHODOX]URMDTXHLQGLFDEDTXHRWUDYH]HVW¡EDPRVHQHODLUH9ROYL³DVDOXGDU
ߚ3RUTX©VH±RU0RQWDOE¡Q"ߚPHSUHJXQW³ߚ3RUTX©HVW¡KDUWR" D OD DXGLHQFLD UHFRUG³ HO QRPEUH GHO SURJUDPD \ UHVXPL³ HQ SRFDV SDODEUDV OD
0HHQFRJGHKRPEURV7RGDYDQRHVWDEDVHJXURGHKDEHUORGLFKR(VWDEDKDUWR FRQYHUVDFL³QTXHKDEDWHQLGRFRQPLJRSDUDORVR\HQWHVTXHVHKDEDQLQFRUSRUDGR
+DUWRGHDVXVWDUDSREUHVGLDEORVGHDPHQD]DUFRQURPSHUOHVODVSLHUQDV\DOJXQDV WDUGH
YHFHVURPS©UVHODVSRUTXHQRPHTXHGDEDRWURUHPHGLRKDUWRGHKDFHUJXDUGLDVREUH )DOWDED PX\ SRFR SDUD WHUPLQDU /D SUHVHQWDGRUD KL]R XQ UHVXPHQ GH ODV
XQDDOIRPEUDGHVFRORULGDHQODSXHUWDGHOD3DQWHUD5RVDGHMXHYHVDV¡EDGR+DUWR OODPDGDV
GHSDVDUODVQRFKHVHQYHODFRQODWHOHYLVL³QHQFHQGLGDHQYR]EDMDFDPELDQGRGH 6L DQWHV GH LU DO SURJUDPD FRPR LQYLWDGR QR KXELHUD WRPDGR OD GHFLVL³Q GH
FDQDOFRPSXOVLYDPHQWHYLHQGRDQXQFLRVGHWHOHWLHQGDRURVWURVLPSRVLEOHVGHYHUHQ FDPELDUGHYLGDSRGUDKDEHUDSURYHFKDGRODSXEOLFLGDGSDUDKDFHUPHFRQXQSX±DGR
FXDOTXLHU SURJUDPD GH ORV TXH HPLWHQ GH GD VHULDOHV GH WHUFHUD TXH LQFOXVR GHFOLHQWHVQXHYRV$OJXQRVKDEDQDGMXQWDGRVXWHO©IRQRHQHOPHQVDMH8QKRPEUH
DEXUULUDQDODVDEXHODV+DUWRGHHVWDUVRORGHQRVDEHUDG³QGHYR\+DUWRGHQRVHU TXHVHFRQIHVDEDHQODUXLQDSRUFXOSDGHVXVRFLRTXHUDVDEHUF³PRSRGUDSRQHUVH
SDUWHGHQDGD+DUWRGHVHU\RPLVPR HQFRQWDFWRFRQPLJRSDUDGDUOHXQHVFDUPLHQWR(OGLQHURQRLPSRUWDEDDVHJXUDED
'LHFLRFKR D±RV DWU¡V PH KDED VHQWLGR LJXDO 'HVGH HQWRQFHV KDED TXHULGR 8QDPXMHUFRQWDEDDSHVDGXPEUDGDTXHVXH[PDULGRODVHJXDTXHODSROLFDQROH
MXVWLILFDUWRGRORTXHKLFHSRUTXHTXHUDFDPELDUGHYLGDSRUTXHWHQDTXHH[SLDUPLV KDFDFDVR\TXHVHVHQWLUDP¡VVHJXUDVLDOJXLHQFRPR\ROHKDFDFRPSD±D1XQFD
FXOSDV /HHV GHPDVLDGRV OLEURV PH KDED GLFKR /ROD PXFKDV YHFHV ߚWDO YH] OD KHSUHVXPLGRGHWHQHU©[LWRFRQODVPXMHUHVSHURPHGLRODVHQVDFL³QGHTXHDTXHO
SULPHUDYH]TXHORKL]RIXHFXDQGROHKDEO©GH0RZJOLߚ\HVRQRHVPX\KDELWXDO PHQVDMH YHQD D VXJHULU DOJR P¡V GH OR TXH SRGD OHHUVH D VLPSOH YLVWD +H
HQXQJXDUGDHVSDOGDV7HUPLQDU¡VYROYL©QGRWHORFR0RQWDOE¡Q/DYLGDHVP¡VI¡FLO FRPSUREDGR PXFKDV YHFHV TXH D FLHUWDV PXMHUHV OHV YDQ ORV WLSRV FRQ OD QDUL]
FXDQGRXQRSLHQVDPHQRV/DVFRVDVVHVLPSOLILFDQ DSODVWDGD \ ODV IDFFLRQHV HPEUXWHFLGDV SRU HO IUDFDVR HQ HO FXDGULO¡WHUR ODV SHOHDV
ߚ(VWR\KDUWRߚGLMHGHQXHYRFXDQGRPHGLFXHQWDGHTXHOOHYDEDGHPDVLDGRV FDOOHMHUDV\ODVKRUDVGHSLHHQODSXHUWDGHORVSXWLFOXEV
VHJXQGRV FDOODGR \ OD SUHVHQWDGRUD FRPHQ]DED D LPSDFLHQWDUVHߚ 7DO YH] OOHYR 2WURWLSRPHGHGLF³XQDVHULHGHLQVXOWRVߚ7HUHVD%HUQDOPHDKRUU³ODYHUJ¼HQ]D
GHPDVLDGRWLHPSRKDFLHQGRORPLVPR GHHVFXFKDUORVUHSURGXFLGRVSRUVXGXOFHYR]HQDQWHQDߚSRUWHQHUXQRILFLRFRPRHO
ߚ<TX©OHJXVWDUDKDFHUFRQVXYLGDDSDUWLUGHDKRUDVH±RU0RQWDQHU" PRSRUGHGLFDUPHDGDUSDOL]DVSRUHQFDUJR4XHPHGHMDVHGHWRQWHUDVGHKDFHUPH
HOEXHQRTXHPLVUHPLOJRVDODKRUDGHQRDFHSWDUVHJºQTX©WUDEDMRVOHVRQDEDQD
3¡JLQD 3¡JLQD
H[FXVDVWRQWDVDMXVWLILFDFLRQHVLQIDQWLOHVSDUDTXHGDUDQWHORVGHP¡VFRPRXQWLSR HVWDEDWRGDYDVRORGHQWURGHOHVWXGLRPHKDEDGDGRFXHQWDGHTXHHVDPDQDGDQR
FRQEXHQFRUD]³Q4XHOHJXVWDUDHQFRQWUDUVHXQGDFRQPLJRFDUDDFDUD\GHFLUPH HUDODPDSHRUDºQTXH\RQRSHUWHQHFDDQLQJXQDTXHMDP¡VSHUWHQHFHUD6LHPSUH
FXDWUR FRVDV TXH ©O VDED F³PR WUDWDU D ORV IDUVDQWHV 1R GHMDED VX QºPHUR GH DFDEROOHJDQGRDODPLVPDFRQFOXVL³QHQPRPHQWRVFRPR©VHTXHDOILQDOVLHPSUH
WHO©IRQR/¡VWLPD$PWDPEL©QPHKXELHUDJXVWDGRFRQRFHUOR HVWR\WDQVRORFRPR0RZJOLHOFDFKRUURGHKRPEUHTXHORVORERVHQFXHQWUDQHQOD
$SHQDVIDOWDEDQWUHVPLQXWRVSDUDHOILQDOFXDQGR7HUHVD%HUQDOPHGHVSLGL³HQ VHOYD
DQWHQD0HGLRODVJUDFLDVSRUKDEHUHVWDGRHQHOHVWXGLR0HORGLMRPLU¡QGRPH\ $OPHQRVORKDEDKHFKR$QXQFLDUHQDQWHQDTXHPHUHWLUDEDPLHQWUDVPLOHVGH
VXVRMRVYHUGHVHUDQORVPLVPRVTXH\RKDEDYLVWREULOODUHQODRVFXULGDGGHOVDO³QGH SHUVRQDV PH HVFXFKDEDQ HUD XQD IRUPD GH REOLJDUPH D VHU RWUR D QR GDU PDUFKD
PLFDVDXQD±RDQWHVHQODVQRFKHVTXHHOVXH±RVHPHHVFDSDED6RQUH3XHVHVWR DWU¡VGHFLUOHD/RODVLPHHVFXFKDEDTXHVHJXDYLYRTXHLEDDFDPELDUGHYLGD\
HVORTXHWHYDVDOOHYDUGHUHFXHUGR0RQWDOE¡QPHGLMH(VWRVRMRVHVWDVRQULVDHVWD TXHSDUDFDPELDUGHYLGDXQRGHEHUDLQWHQWDUYROYHUDOOXJDUGRQGHVHWRUFLHURQODV
PHOHQDGHVRUGHQDGD\HVHWRQRGHYR]PHOLIOXRTXHVHFRQIXQGDFRQODPºVLFDTXH FRVDVSDUDDUUHJODUORTXHWRGDYDIXHUDSRVLEOH<DORPHMRUHOºQLFRPRWLYRGHPL
VRQDED PX\ EDMLWR PLHQWUDV OD SHULRGLVWD GHVSHGD OD WHPSRUDGD 'HM© HVFDSDU HO SDUWLFLSDFL³QHQHOSURJUDPDKDEDVLGR©VHFRPRHOQ¡XIUDJRTXHPHWHXQPHQVDMH
DLUHGHQXHYRFRPRVLVRQULHVH3XQWRILQDO+DEDVRQDGRODFDPSDQD(OERW³QURMR HQXQDERWHOODVHDFHUFDDODRULOOD\ODODQ]DDOPDU/RKDFHVLQHVSHUDQ]DQLQJXQD
GHOHVWXGLRVHKDEDDSDJDGR7HUHVDVHTXLW³ORVDXULFXODUHV\VDFXGL³ODPHOHQD<R FXDQGR\DORKDGDGRWRGRSRUSHUGLGRSHURHQHOIRQGRHVSHUDTXHDOJXLHQODUHFRMD
DºQQRPHKDEDTXLWDGRORVPRV6LQHQWHUDUPHGHQDGDHVFXFKDEDODYDJDYR]GH TXHODVPDUHDVDUUDVWUHQODERWHOODKDVWDDOJXQDSOD\DKDELWDGDTXHXQDOPDVROLWDULD
XQ SHULRGLVWD TXH FRQWDED ODV QRWLFLDV &HUU© ORV RMRV XQRV VHJXQGRV \ FXDQGR ORV ODHQFXHQWUHODDEUDLPSDFLHQWHSRUOHHUHOSDSHOTXHJXDUGDGHQWURTXHVRQUDFRQ
DEU7HUHVD%HUQDO\DQRHVWDEDHQHOHVWXGLR/DSXHUWDHVWDEDDELHUWD0HTXLW©ORV VDWLVIDFFL³Q\TXHYD\DHQVXEXVFD
FDVFRV\ODLQWXDEUD]¡QGRVHDVXVFRPSD±HURVFHOHEUDQGRHOILQDOGHODWHPSRUDGD (QWUDEDHQHODVFHQVRUFXDQGRHVFXFK©TXHDOJXLHQPHOODPDED
3RGUDKDEHUPHOHYDQWDGRSHURDTXHOODILHVWDQRHUDPLILHVWDDTXHOODFHOHEUDFL³Q\ ߚ0RQWDQHUߨ
DTXHOPRPHQWRGHDUURERFROHFWLYRQRHUDQORVPRV/RPHMRUHUDTXHGDUPHVHQWDGR 0HYROY5HFRQRFODYR]DQWHVGHGDUPHODYXHOWD6HWUDWDEDGHOSURGXFWRUTXH
HQHOHVWXGLRXQPRPHQWRKDVWDTXHORVDEUD]RV\ORVEHVRVWHUPLQDVHQ0HGHUUDP© KDED LGR D EXVFDUPH DO /LVERD 6RQUHD 3XOV© HO ERW³Q TXH DEUD ODV SXHUWDV GHO
HQHODVLHQWRFUXF©ODVPDQRVGHWU¡VGHODQXFD\YROYDFHUUDUORVRMRV<DHVW¡/R DVFHQVRUTXH\DVHFHUUDEDQ<RWDPEL©QVRQUHDFXDQGRVDODGHODVFHQVRU
KDEDKHFKR1RWHQDFRQTXLHQFHOHEUDUORߚQLVLTXLHUDHVWDEDVHJXURGHWHQHUDOJR ߚ4XHUD GDUOH ODV JUDFLDV SRU KDEHU YHQLGR ߚPH GLMRߚ (O SURJUDPD KD
TXHFHOHEUDUߚSHURDTXHOSURJUDPDGHUDGLRHQHOTXHDFDEDEDGHSDUWLFLSDUKDED TXHGDGRPX\ELHQ
VLGRWDPEL©QPLGHVSHGLGD0RQWDQHUKDEDGHMDGRGHH[LVWLUDOPHQRVHO0RQWDQHU $VHQWFRQODFDEH]D
DOTXHRWURVFRQWUDWDEDQSDUDUHVROYHUVXVDVXQWRVSRUODYDU¡SLGD1RWHQDPXFKR ߚ0HDOHJUR
GLQHURSHURWDPSRFRWHQDPXFKRVJDVWRVQLXQDIDPLOLDDODTXHDOLPHQWDU<QXQFD 0HHQVH±³DOJRTXHOOHYDEDHQODPDQR+DVWDHQWRQFHVQRPHKDEDGDGRFXHQWD
PHKDJXVWDGRKDFHUSODQHVFRQP¡VGHYHLQWLFXDWURKRUDVGHDQWHODFL³Q$SUHW©ORV GHTXHWUDDXQDQRWD
S¡USDGRV FRPR VL HVH JHVWR SXGLHUD DLVODUPH GH ODV YRFHV TXH HVFXFKDED HQ HO ߚ7HQJRDOJRSDUDXVWHG
SDVLOOR IXHUD GHO HVWXGLR \ DO FDER GH XQRV VHJXQGRV PH OHYDQW© 6DED TXH VL PH 0HHQFRJGHKRPEURV/OHYDEDPXFKRWLHPSRVLHQGRXQQ¡XIUDJR\DSHVDUGHOR
TXHGDEDDOOWHUPLQDUDSHQVDQGRHQFRVDVTXHQRGHED\FXDQGRPHSRQJRDSHQVDU TXH DFDER GH GHFLU HVWDED FRQYHQFLGR GH TXH ODV ERWHOODV FRQ ORV PHQVDMHV GHQWUR
HQFRVDVTXHQRGHERDFDERULQGL©QGRPHDODPHODQFROD DFDEDEDQSXGUL©QGRVHHQHOIRQGRGHOPDURWULWXUDGDVHQODSDQ]DGHXQDEDOOHQD6L
6RQUH YDJDPHQWH DO FUX]DU HO SDVLOOR 7HUHVD %HUQDO HVWDED HQ XQ GHVSDFKR DFDVRHQFRQWDGDVRFDVLRQHVDOJXLHQODVHQFRQWUDEDSHURSDUDHQWRQFHVHOQ¡XIUDJR
KDEODQGR FRQ DOJXLHQ FRQ OD SXHUWD DELHUWD 1R PH GHVSHG 3DUD TX© 3XHGR VHU KDEUD PXHUWR GH LQDQLFL³Q VROR TXHPDGR SRU HO VRO HQ XQD LVOD TXH QDGLH SXHGH
LQJHQXRSHURQRWDQWRFRPRSDUDSHQVDUTXHHOODLEDDWHQHULQWHU©VRJDQDVGHYROYHU HQFRQWUDU
DKDEODUFRQXQWLSRFRPR\RXQPDW³QTXHVHJDQDEDODYLGDFRQORVSX±RV\TXHQL 6LQGHMDUGHIUXQFLUHOFH±RFRJHOSDSHOTXHPHWHQGD/ROH\VRQUH<DLEDQ
VLTXLHUD WHQD G³QGH FDHUVH PXHUWR &UXF© OD UHGDFFL³Q PH HQFDPLQ© D OD VDOLGD GRVYHFHVHQWUHLQWDVHJXQGRV'HVHJXLUDVDTXHOODQRFKHEDWLUDPLSURSLRU©FRUG
3XOV© HO ERW³Q SDUD OODPDU DO DVFHQVRU \ PH HQWUHWXYH PLUDQGR ORV QºPHURV GH ODV 'HVRQULVDVTXLHURGHFLU
SODQWDVTXHVHLOXPLQDEDQPLHQWUDVVXED0HQWLUDVLGLMHUDTXHQRPHKDEUDJXVWDGR ߚ$O ILQDO VLHPSUH KD\ DOJXLHQ DO RWUR ODGR ߚGLMR HVWUHFKDQGR PL PDQR VLQ
TXH HQ HVH PRPHQWR 7HUHVD %HUQDO R FXDOTXLHUD KXELHUD YHQLGR D EXVFDUPH SDUD GHMDUGHVRQUHUFRPRVLPHDGLYLQDVHHOSHQVDPLHQWR
GHFLUPHTXHPHTXHGDVHDWRPDUDOJRFRQHOORVDFHOHEUDUHOILQDOGHODWHPSRUDGD ߚ1XQFDVHVDEHߚUHVSRQGDQWHVGHVROWDUODVX\D
3HURHVDVFRVDVQRSDVDQ$TXHOODQRHUDPLWULEX<DKDEDSHQVDGRHQHOORFXDQGR
3¡JLQD 3¡JLQD
7RGDYDOOHYDEDHOPHQVDMHHQODPDQRFXDQGRVDODODFDOOH1RVDEDPX\ELHQ
TX©KDFHUFRQ©OVLJXDUG¡UPHORRKDFHUORSHGDFLWRV\WLUDUORDXQDSDSHOHUD<DKH '26
GLFKRDOJXQDYH]TXHYR\DFRQWDUODYHUGDG\DXQTXHDKRUDTXHGDUDPX\ELHQGHFLU
TXHIXLDEXVFDUODSRUTXHQRSXGHUHVLVWLUPHDODWHQWDFL³QFXDQGRHOODPHODQ]³HO
DQ]XHORORFLHUWRHVTXH\DKDEDWRPDGRODGHFLVL³QGHLUDYHUODPXFKRDQWHV3RU
TX©QRKDEDQSDVDGRGLHFLRFKRD±RV\HVRHUDWLHPSRVXILFLHQWHFRPRSDUDSRGHU
HQFRQWUDUQRVORVWUHVVLQQHFHVLGDGGHOOHYDUHVFRQGLGRXQUHY³OYHUEDMRODFKDTXHWD
6LQGHFLGLUWRGDYDTX©KDFHUFRQHOODYROYDPLUDUODQRWDFRPRTXLHQPLUDXQ
PDSD DQWHV GH HPSUHQGHU XQ YLDMH (UD XQ FRUUHR HOHFWU³QLFR LPSUHVR TXH 7HUHVD
%HUQDOQRKDEDWHQLGRWLHPSRRQROHKDEDSDUHFLGRRSRUWXQROHHUHQDQWHQD&³PR
HVW¡ ߚOH GH QXHYR VLQ HVWDU VHJXUR GH KDFHUOD SHGD]RVߚ &³PR HVW¡ PL FD]DGRU
VROLWDULR
/RVGDGRVSXHVOOHYDEDQ\DXQWLHPSRURGDQGRVREUHHOWDSHWHDQWHVDºQGHTXH
\RORVXSLHVH<DTXHOODQRWDTXHPHDFDEDEDQGHHQWUHJDUQRKDEUDSDVDGRGHVHU
P¡V TXH XQD DQ©FGRWD VLPS¡WLFD SDUD FRQWDU D ORV DPLJRV WRPDQGR XQD FRSD GH QR
VDEHUTXHHVWDEDILUPDGDSRU/ROD8QRSXHGHFUHHUKDVWDH[WUHPRVLPSHQVDEOHVHQ
ODVFDVXDOLGDGHVLQFOXVRODVFRLQFLGHQFLDVSXHGHQKDFHUOHDYHFHVFLHUWDJUDFLDSHUR
DTXHOODPLVLYDQRHUDXQDFDVXDOLGDGQLVLTXLHUDHUDXQDERODODQ]DGDDODLUHDYHU
TX© SDVDED &³PR HVW¡ PL FD]DGRU VROLWDULR GHFD DTXHOOD IUDVH HUD XQD DQGDQDGD
PX\SUHFLVDHQIRUPDGHPHQVDMHMXVWRHQODOQHDGHIORWDFL³Q
3¡JLQD 3¡JLQD
³PRHVW¡PLFD]DGRUVROLWDULR0LGHVWLQRLQFLHUWRVHUHVXPDHQDTXHOODVFLQFR HQHOPXQGRQRV³ORER[HDGRUHVTXHTXLHUHQVHUHVFULWRUHVRPDWRQHVDVXHOGRTXH
& SDODEUDVTXHV³ORSRGUDKDEHUHVFULWR/ROD/OHJDXQPRPHQWRHQODYLGDTXH TXLHUHQGHMDUGHVHUORWDPEL©QDJHQWHVLQPRELOLDULRVTXHHVFRQGHQDXQILO³VRIREDMR
XQR KD GH DFHSWDUVH D V PLVPR FRPR HV \ DO FDER \R QR VR\ P¡V TXH HVR XQ HO WUDMH TXH VH SRQHQ SDUD YHQGHU SLVRV WD[LVWDV TXH XQD YH] VR±DURQ FRQ VHU
FD]DGRUPLV¡QWURSRTXHKDGHVREUHYLYLUFRPRSXHGHVROR\VLQPDQDGD1RHVTXH IXWEROLVWDV HPSOHDGRV GH EDQFD TXH DOJXQD YH] LQWHQWDURQ VHU PºVLFRV \ QR OR
TXLHUDSRQHUPHJUDQGLORFXHQWHDHVWDVDOWXUDVGHPLYLGDSHURDORTXHPHSDVD\D FRQVLJXLHURQ SHUR TXH HQ DOJºQ PRPHQWR GHO GD PLHQWUDV FXHQWDQ ELOOHWHV TXH QR
ORTXHOHSDVDDPXFKDJHQWHPHGLRKDFHPXFKRVD±RVSRUOODPDUORHOVQGURPHGH VRQVX\RVVHSUHJXQWDQTX©OHVKDSDVDGRTX©FDPLQRHTXLYRFDGRKDQWRPDGRVXV
0RZJOL 6XSRQJR TXH GHVSX©V GH KDEHUVH OHGR PXFKRV OLEURV \ SDUWLUVH OD FDUD YLGDVHQTX©PRPHQWRVXFHGL³\SRUTX©QRVHGLHURQFXHQWDSRUTX©QROXFKDURQ
PXFKDV YHFHV HQWUH ODV GRFH FXHUGDV GH XQ ULQJ XQR DFDED FRQYLUWL©QGRVH HQ XQD SRU UHPHGLDUOR SRU TX© QR SHOHDURQ SRU OR TXH TXHUDQ \ SLHQVDQ TXH WRGDYD
HVSHFLH GH H[ SºJLO VRQDGR DO TXH FXDQGR VH SRQH D SHQVDU \ VH DFXHUGD GH ODV WHQGUDQ XQD RSRUWXQLGDG SRU UHFREUDU OD YLGD TXH VR±DURQ VL WXYLHUDQ HO YDORU GH
KLVWRULDV TXH OH KDQ FDODGR VH OH RFXUUHQ LGHDV FRPR ©VWD $ P PH GLR SRU OHHU HPSH]DUGHQXHYR/RVYHRFDGDGDDORV0RZJOLVLQF³PRGRVHQXQPXQGRTXHQR
FXDQGR \D QR ER[HDED &XDQGR HO *RUGR \D PH KDED UHFOXWDGR FRPR KRPEUH GH HV HO VX\R XQD YLGD GH OD TXH TXLHUHQ HVFDSDU SHUR QR SXHGHQ SRUTXH VDEHQ HQWUH
FRQILDQ]DFXDQGRFRQRFD/RODHUDOD©SRFDHQODTXHHPSHF©DWRPDUJXVWRDOD RWUDVFRVDVTXHGLIFLOPHQWHSXHGDQ\DHQFDMDUHQQLQJºQVLWLRLJXDOTXHHOQL±RORER
OHFWXUD )XH HQWRQFHV OR UHFXHUGR ELHQ FXDQGR FD\³ HQ PLV PDQRV SRU XQD GH .LSOLQJ \ WHUPLQDQ VRORV \ WLULWDQGR GH IUR FRPR HO FDFKRUUR KXPDQR HQ HO
FDUDPERODTXHDKRUDQRUHFXHUGRHVHOLEURHOGHOQL±RORER$FDEDEDGHGHVFXEULU 5RTXHGDOGHO&RQVHMRHVSHUDQGRTXHORVORERVGH6HRQHHGHVFRQILDGRVGHFLGDQVX
ORV OLEURV \ HPSHF© D OHHU WRGR OR TXH HQFRQWUDED WRGR PHQRV ORV OLEURV GH IXWXUR *HQWH FRPR \R PLVPR TXH DºQ QR VDED FXDQGR OH FRQWDED D /ROD PL
LQVWUXFFLRQHV\ODVJXDVGHYLDMH\ODWDUGHTXHPH]DPS©(OOLEURGHODVHOYDFRQFOX KDOOD]JRTXHFRQORVD±RVPHFRQYHUWLUDHQHOPD\RUGHORV0RZJOLVH[ER[HDGRU
TXHDTX©OODHUDXQDKLVWRULDPX\WULVWHTXHORTXHOHSDVDEDDOSREUHQL±RORERHUD IUDFDVDGRFREUDGRUGHGHXGDVSRUFXHQWDDMHQDDVXVWDYLHMDVHVFULWRUDILFLRQDGRSHUR
TXH DO FDER FRPR \R PLVPR FRPR FDVL WRGR HO PXQGR HVWDED VROR <R HUD FRPR VLQWDOHQWRTXHWUDJDYDVRVGHOHFKHHQHO/LVERDFXDQGRQRVHSOXULHPSOHDGHSRUWHUR
0RZJOL\RWDPEL©QHVWDEDVROR\PHGDEDFXHQWDGHTXHMDP¡VSRGUDSHUWHQHFHUD HQ OD 3DQWHUD 5RVD SDUD LQWLPLGDU D ORV TXH YLHQHQ DO FOXE FRQ OD LQWHQFL³Q GH
XQDPDQDGD1DGDTXHYHUFRQODSHOFXODGH'LVQH\HGXOFRUDGDFRPRWRGDVSDUD SURSDVDUVH FRQ ODV SXWDV 6LQ DSHQDV KDEODU FRQ QDGLH HQ VLOHQFLR FRQ ODV PDQRV
HPEDXFDUDORVFURV FUX]DGDVDYHFHVSRUGHWU¡V\DYHFHVSRUGHODQWHGHODFLQWXUDSUHJXQW¡QGRPHTX©
6HORFRQW©D/RODSRUTXHSDUDHQWRQFHV\DHVW¡EDPRVOLDGRV\YHQDDYHUPHD KDJRDOODMHQRDOPXQGRHQTXHPHHQFRQWUDEDPHWLHQGRHOPLHGRHQHOFXHUSRGH
PLFDVDWUHVRFXDWURYHFHVSRUVHPDQDFXDQGRGHVSLVWDEDDO*RUGR(OVQGURPHGH SREUHV GHVJUDFLDGRV TXH GHEDQ GLQHUR D ORV TXH PH FRQWUDWDEDQ SURWHJLHQGR D
0RZJOLOHH[SOLTX©HQODFDPDPLHQWUDVHOODPHHVFXFKDEDERFDDEDMRODPHMLOOD IXODQRVDORVTXH\RPLVPRGHVHDUDURPSHUODFDUDJUDWLVKDFLHQGRGHJRULODHQXQD
SHJDGDDPLSLHOODPHOHQDD]DEDFKHGHUUDPDGDVREUHPLSHFKRQRHVHVDWRQWHUD FDVDGHSXWDVDJXDQWDQGRDWLSRVDORVTXHOHVDSHVWDWDQWRHODOLHQWRDDOFRKROTXH
TXHDOJXQRVSVLF³ORJRVPRGHUQRVVXHOWDQFDGDYH]TXHDSDUHFHXQVDOYDMHTXHVHKD HFKDUDQXQDOODPDUDGDVLDOJXLHQOHVSXVLHUDXQFHULOODHQORVODELRV
FULDGRHQODVHOYD3DUDPHVDOJRPXFKRP¡VSURIXQGR 6H OR GLMH D /ROD KDFH WDQWRV D±RV /H GLMH TXH HUD 0RZJOL XQ KRPEUH TXH
(OVQGURPHGH0RZJOLOHGLMHHVFXDQGRHVW¡VHQXQOXJDUURGHDGRGHJHQWH\GH LQTXLHWDEDDORVORERVGHODPDQDGDGH6HRQHHXQORERTXHDVXVWDEDDORVKRPEUHVGH
SURQWRWHVLHQWHVPX\VRORFRPRVLIXHUDVLQYLVLEOHFRPRVLQDGLHSXGLHUDYHUWHQL ODDOGHD\TXHWDOYH]PLºQLFRILQDOSRVLEOHIXHUD©VHDOHMDUPHGHORVORERV\GHORV
WRFDUWHFXDQGRWHJXVWDUDVHUSDUWHGHDOJRSHURGHVFXEUHVTXHQXQFDSRGU¡VIRUPDU KRPEUHV \ FRQYHUWLUPH HQ XQ FD]DGRU VROLWDULR 'HVGH HQWRQFHV D HOOD OH JXVW³
SDUWH GH QDGD (V FRPR VL IXHUDV OD SLH]D UDUD GH XQ SX]OH TXH QXQFD DFDED GH OODPDUPHDVFD]DGRUVROLWDULR0HORGHFD\VHUHD0HGLRHQEURPDPHUHJD±DED
HQFRQWUDU VX OXJDU HQ HO FRQMXQWR (V HQ GHILQLWLYD OD GHVXELFDFL³Q OD IDOWD GH SRUOHHUGHPDVLDGR$OILQDOPLTXHULGRFD]DGRUVROLWDULRWHUPLQDU¡VSDUHFL©QGRWHD
SHUWHQHQFLDHOGHVHRGHVHUDFHSWDGRSRUORVGHP¡V\DOPLVPRWLHPSRGDUVHFXHQWD XQRGHHVRVK©URHVGHORVOLEURVTXHOHHVPHDGYHUWD2TXL©QVDEHDORPHMRUXQ
GHTXHHVLPSRVLEOH$0RZJOLOHSDVDEDORPLVPRSRUHVROODPRDVDHVDGHVJUDFLD GD DFDEDV FRQYLUWL©QGRWH HQ HVFULWRU 8Q HVFULWRU IDPRVR 7H OR LPDJLQDV
0RZJOL HUD XQ FDFKRUUR GH KRPEUH DO TXH FULDURQ ORV ORERV \ TXH YLYL³ FRQ HOORV 0RQWDOE¡Q\RHQWUDQGRHQXQDOLEUHUDSDUDFRPSUDUXQDQRYHODWX\D"
KDVWDTXH©VWRVORHFKDURQGHODPDQDGDSRUTXHHUDGLIHUHQWHSRUTXHHUDXQKRPEUH +DFHPXFKRVD±RVGHVSX©VGHTXH/RODVHIXHUDSDJX©ODPDWUFXODGHXQWDOOHU
\HVROHVGDEDPLHGR0¡VWDUGHVHIXHDYLYLUFRQORVKRPEUHVSHURWDPEL©QWHQGU¡ GHHVFULWXUD9L©QGRPHODFDUDV©TXHFXHVWDFUHHUORSHURPLWUDEDMRFRPRSRUWHURGH
TXHPDUFKDUVH\VHFRQYHUWLU¡HQXQFD]DGRUVROLWDULRSRUTXHORVTXHVRQGHVXPLVPD OD 3DQWHUD 5RVD \ ORV HQFDUJRV TXH KDFD SRU FXHQWD GH RWURV SDUD VDFDUPH XQ
HVSHFLHORYHQFRPRXQDQLPDO\HVRWDPEL©QOHVGDPLHGR&RQHOWLHPSRPHKHLGR VREUHVXHOGR PH GHMDEDQ EDVWDQWH WLHPSR OLEUH 1R HV TXH KXELHUD SHQVDGR HQ VHULR
ILMDQGRHQORVGHP¡V\PHKHGDGRFXHQWDGHTXHDSRFRTXHXQRSUHVWHDWHQFL³QVH TXHDOJXQDYH]VHUDFDSD]GHHVFULELUXQDKLVWRULDTXHWXYLHUDP¡VDOO¡GHGRVIROLRV
HQFRQWUDU¡DPXFKRV0RZJOLVHQVXFDPLQRJHQWHTXHQRDFDEDGHHQFRQWUDUVXOXJDU SHURVXSRQJRTXHQRVR\HOSULPHUOHFWRUTXHVLHQWHFXULRVLGDGSRUVDEHUTX©KD\P¡V
3¡JLQD 3¡JLQD
DOO¡GHODVWDSDVGHORVOLEURVTXHOHHQWXVLDVPDQF³PRVHIDEULFDQTX©KHUUDPLHQWDV DGRUQHQ WX HVWDQWHUD DFDEDV G¡QGRWH FXHQWD FRQ FLHUWR DOLYLR GH TXH VLHPSUH
VRQODVTXHXWLOL]DXQWLSRTXHVHVLHQWDDLPDJLQDU\DHVFULELUKLVWRULDV3XHVHVRTXH UHFXUUHV D ODV PLVPDV FDPLVDV \ D ORV PLVPRV SDQWDORQHV TXH WH KDFHQ VHQWLU P¡V
OHKDEDWRPDGRJXVWRDHVRGHODOHFWXUD\PHPDWULFXO©HQXQWDOOHUGHHVFULWXUD$ F³PRGR GH TXH D OD KRUD GH OD YHUGDG FXDQGR WLHQHV DOJºQ SUREOHPD R DOJXQD
YHFHVXQRQRVDEHPX\ELHQSRUTX©KDFHODVFRVDV\WDPSRFRKDGHSUHRFXSDUVHSRU DOHJUDTXHFRPSDUWLUWHUPLQDVPDUFDQGRHOPLVPRQºPHURR\HQGRDEXVFDUV³ORD
HOOR/HXQDQXQFLRHQHOSHUL³GLFROODP©\PHSDV©SRUODDFDGHPLDSDUDSDJDUOD GRVRWUHVSHUVRQDVHQODVTXHFRQIDVߚTXLHQWHQJDODVXHUWHGHFRQILDUHQGRVRWUHV
PDWUFXOD3HURQROOHJX©DDVLVWLUDQLQJXQDFODVH(OSULPHUGDPHHVIRUF©HQOOHJDU SHUVRQDVߚ\DXQTXHKD\DVOHGRFLHQWRVGHOLEURVWRGRORTXHKDFHIDOWDDSUHQGHUVH
XQSRFRP¡VWDUGHFXDQGR\DKDEDQHPSH]DGR$WUDY©VGHXQFULVWDOYLDXQWLSR HQFXHQWUDHQV³ORPHGLDGRFHQDGHHOORV7DUGHRWHPSUDQRXQRVHGDFXHQWDRDFDED
MRYHQ FRQ JDIDV TXH HPSH]DED D TXHGDUVH FDOYR VDOXGDQGR D ORV DOXPQRV TXH QR UHFRQRFLHQGRHVWDVFRVDV\DQWHVRGHVSX©VVHDOHJUDGHHOORSRUTXHFRPSUHQGHTXH
LEDQDVHUPLVFRPSD±HURVHQHOGLIFLODUWHGHH[SUHVDUFRQSDODEUDVORTXHVHQWLPRV ODYLGDHVPXFKRP¡VVHQFLOODDV
%DMR HO EUD]R OOHYDED XQ FXDGHUQR VLQ HVWUHQDU GH FXDGURV FRQ DQLOODV SHUR QR IXL 'HVSX©VGHKDEHUOHGRODQRWDTXHSRGDVHUGH/RODSXGHKDEHUKHFKRGRVFRVDV
FDSD]GHOODPDUDODSXHUWD\WRPDUDVLHQWR(OFULVWDODWUDY©VGHOTXHYHDDOSURIHVRU URPSHUODHQSHGD]RV\ROYLGDUPHGHHOODSDUDVLHPSUHRWLUDUGHOKLORTXHPHRIUHFD
\ D ORV DOXPQRV WDPEL©Q PH GHYROYD VLQ PLUDPLHQWRV PL SURSLD LPDJHQ 5DIDHO (VFRJ OR VHJXQGR (UD OR P¡V DUULHVJDGR GHVGH OXHJR SHUR WDPEL©Q HUD OD ºQLFD
0RQWDOE¡Q H[ ER[HDGRU SURIHVLRQDO TXH QXQFD OOHJ³ D WULXQIDU /D QDUL] TXHEUDGD IRUPDTXHWHQDGHVHJXLUDYDQ]DQGRHQPLYLGDGHQRTXHGDUPHYDUDGRHQXQFUXFH
EDMLWRHOFXHUSRILEURVRSRUWHURGHSXWLFOXEJXDUGDHVSDOGDVRFDVLRQDO\FREUDGRUGH GHFDPLQRVVLQWLHQGRF³PRVHPHGRUPDQORVSLHV/RODWHQDHVDVFRVDV$TXHOOD
GHXGDVSRUFXHQWDDMHQD1RKDEDTXHVHUPX\LQWHOLJHQWHSDUDGDUVHFXHQWDGHTXH QRWDHUDVXIRUPDGHGHFLUPHTXHVHDFRUGDEDGHPTXHQRPHKDEDSHUGLGRODSLVWD
VHQWDGRHQXQDFODVHMXQWRDRWUDGRFHQDGHDVSLUDQWHVDHVFULWRUHVQRYDWRVGHVWDFDUD GHVSX©V GH GLHFLRFKR D±RV TXH PH WHQD FRQWURODGR TXH VDED TXH GHWU¡V GHO IDOVR
LJXDO TXH OR KDUD XQD PRVFD HQ XQ SODWR GH OHFKH 0H SUHJXQW© FX¡QWR WLHPSR 0RQWDQHUTXHKDEDLGRDFRQWDUVXYLGDDODUDGLRHVWDED\R$XQTXHDGHFLUYHUGDG
WDUGDUDHOSURIHVRURORVDOXPQRVGHOWDOOHUOLWHUDULRHQGDUVHFXHQWDGHTXH\RHUDXQ FRQ /ROD QXQFD VH SXHGH HVWDU VHJXUR GH QDGD \ GHER GH VHU XQ SRFR PDVRTXLVWD
LJQRUDQWH TXH QR WHQD OD FDSDFLGDG QHFHVDULD SDUD VHU XQR GH HOORV TXH MDP¡V OD SRUTXH©VDHVXQDGHODVFRVDVTXHP¡VPHJXVWDQGHHOOD
WHQGUD 7DO YH] VL PH GHFLGD D HQWUDU OR ºQLFR TXH FRQVHJXLUD GHO SURIHVRU VHUD <R WDPSRFR VXHOR WRPDU HO FDPLQR P¡V GLUHFWR $XQTXH OD GLVWDQFLD P¡V FRUWD
DOJXQD SDOPDGLWD HQ OD HVSDOGD TXH HO ºOWLPR GD PH HVWUHFKDVH OD PDQR DO HQWUHGRVSXQWRVVHDODOQHDUHFWDSUHILHURXVDUODVYDVVHFXQGDULDVVXHOHQVHUP¡V
HQWUHJDUPHHOGLSORPDVLQPXFKRHQWXVLDVPRSRUFRPSURPLVRTXHPHPLUDUDFRQ VHJXUDV\DFDVRWDPEL©QHQRFDVLRQHVP¡VGLYHUWLGDV8QDYH]TXHWRP©ODGHFLVL³Q
PLHGR TXL]¡ 1R SRGD VDEHU VL DOJXQR GH PLV FRPSD±HURV DOFDQ]DUD HO VXH±R GH GHEXVFDUD/RODORP¡VI¡FLOKXELHUDVLGRDFHUFDUPHKDVWDVXSXHUWDSRQHUHOGHGRHQ
FRQYHUWLUVH HQ HVFULWRU SHUR QR WHQD GXGD GH TXH \R QXQFD OR VHUD TXH MDP¡V PH HO WLPEUH \ GHFLUOH KROD PL DPRU FX¡QWR WLHPSR VLQ YHUQRV 3HUR \R QR PH LED D
FRQVLGHUDUDQ XQ LJXDO TXH LQFOXVR OHV GDUD YHUJ¼HQ]D VHQWDUVH D WRPDU XQ FDI© SUHVHQWDU DOO GLUHFWDPHQWH VLQ DYLVDU 3UHIHUD DFHUFDUPH SULPHUR VLQ VHU YLVWR
FRQPLJR +DFH \D PXFKRV D±RV TXH FDVL V³OR PH UHODFLRQR FRQ OD JHQWH TXH PH UHFRQRFHUHOWHUUHQRFRPRHOORERDVWXWRTXHDFHFKDDVXSUHVD$XQTXHHVWDYH]\R
FRQWUDWD \ OD PD\RUD GH ODV YHFHV HOORV SUHILHUHQ QR UHFRQRFHU TXH VH KDQ QR HUD HO FD]DGRU <D OR LQWXD HQWRQFHV SHUR QR TXHUD UHFRQRFHUOR 7HQD WDQWDV
HQWUHYLVWDGR FRQPLJR $O FDER XQ WLSR FRPR \R HV XQ PDO QHFHVDULR TXH HV PHMRU JDQDVGHYHUD/RODRWUDYH]GHVSX©VGHWDQWRVD±RVHQJD±¡QGRPHDPPLVPRFRQOD
RFXOWDUDORVGHP¡VDWXIDPLOLDDWXVDPLJRV&RQTXHWDOYH]VHD©VHPLGHVWLQRVLQ LGHDIDOVDGHTXHODKDEDROYLGDGRTXHQRTXHUDGDUPLEUD]RDWRUFHU\UHFRQRFHU
UHPHGLR VHU XQ FD]DGRU VROLWDULR TXH VH SLHUGH HQ OD VHOYD FXDQGR FRPSUHQGH TXH TXH HQ DTXHO SHOLJURVR MXHJR TXH \D KDED HPSH]DGR VLQ TXH \R HVWXYLHVH WRGDYD
QLQJXQDPDQDGDTXHUU¡DFRJHUOR<P¡VWDUGHRP¡VWHPSUDQROOHJDXQPRPHQWRHQ HQWHUDGRPLSDSHOQRHUDRWURTXHHOGHOFDFKRUURGHKRPEUHGHVYDOLGRGHVQXGR\
ODYLGDHQTXHQRWHTXHGDRWUDTXHDFHSWDUWHFRPRHUHV(VFRPRXQXOWLP¡WXPROR WLULWDQGRGHIUR\GHPLHGRHQODMXQJODPLHQWUDVXQWLJUHFRMR\PDOYDGRORDFHFKD
WRPDV R OR GHMDV 7º PLVPR 'HVSX©V GH WRGR VH WUDWD GH WL \ QR WH TXHGD P¡V HQODRVFXULGDGHVSHUDQGRHOPRPHQWRRSRUWXQRSDUDVDOWDUVREUH©O\GHYRUDUOR
UHPHGLRTXHDJXDQWDUWH < HO FDVR HV TXH FXDQGR VDO GH 0DGULG TXLVH SHQVDU TXH QR KDED VHJXLGR XQ
SODQSUHPHGLWDGRPHKDEDGLFKRDPPLVPRTXHV³ORPHPDUFKDUDGHODFLXGDG
1RVDEDDG³QGHVLDOQRUWHDOVXUDOHVWHRDORHVWHVLQRTXHQHFHVLWDEDSRQHUWLHUUD
+DED JXDUGDGR HQ XQD PDOHWD YLHMD HVWD PLVPD TXH WHQJR DTX WRGR OR TXH KDFD GH SRU PHGLR 0H JXVWDED VHQWLUPH FRPR XQR GH HVRV K©URHV GH QRYHOD TXH VH
IDOWD6LXQRVHORSURSRQHHVFDSD]GHUHGXFLUVXVQHFHVLGDGHVDORSRFRTXHFDEHHQ HQFXHQWUDHQXQFUXFHGHFDPLQRV\VHGHWLHQHXQPRPHQWRVLQVDEHUSRUG³QGHWLUDU
XQD YLHMD EROVD GH YLDMH XQDV SRFDV PXGDV WUHV R FXDWUR FDPLVDV XQ SDU GH <HVDGHFLVL³QTXHSXHGHSDUHFHUEDODGFRQGLFLRQDU¡HOUHVWRGHODDYHQWXUD'HOD
SDQWDORQHVXQQHFHVHUFRQORSHUWLQHQWHSDUDHODVHR\FLQFRRVHLVOLEURV$OILQDO HOHFFL³QGHXQFDPLQRXRWURGHSHQGHU¡VXGHVWLQRSHUR©OQRORVDEHWRGDYD1RV©
SRUPXFKDURSDTXHWHQJDVSRUPXFKDJHQWHTXHFRQR]FDVRSRUPXFKRVOLEURVTXH VL GH KDEHU HOHJLGR HO QRUWH HQ OXJDU GHO VXU DKRUD QR HVWDUD HVSHUDQGR VHUYLU GH
3¡JLQD 3¡JLQD
FRPLGD D ODV JDYLRWDV VL PH KXELHUD GLULJLGR D 6DQWDQGHU HQ OXJDU GH D &¡GL] PH XUEDQL]DFL³Q XQ PXUR EODQFR XQD UHMD XQ WUR]R GH F©VSHG GHODQWH XQ SHTXH±R
KDEUDOLEUDGRGHWRGRORTXHSDVDUDGHVSX©V)XHUDORTXHIXHVHFXDQGRTXLVHGDUPH MDUGQTXHVHDGLYLQDEDHQODSDUWHGHDWU¡V3HURGHQWURKDEDDOJRTXHPHLQTXLHWDED
FXHQWD \D KDED HQILODGR HO PRUUR GHO FRFKH KDFLD HO VXU FRPR VL WXYLHUD XQ SLORWR TXH PH LQTXLHWDED \ PH GDED PLHGR SHUR DO PLVPR WLHPSR PH DWUDD FRPR XQ
DXWRP¡WLFR SRGHURVRLP¡Q'HQWURGHDTXHOODFDVDHQXQGRUPLWRULRDFRVWDGDMXQWRDOKRPEUH
FRQ HO TXH YLYD XQ KRPEUH TXH SXGR VHU PL DPLJR KDED XQD PXMHU D OD TXH
SHUWHQHF XQD YH] <D PH JXVWDUD SRGHU GHFLU TXH HOOD PH KDED SHUWHQHFLGR D P
$OSULQFLSLRIXHFRPRWUDEDMDUGHGHWHFWLYH&XDQGROOHJX©DODXUEDQL]DFL³QGRQGH SHUR PHQWLUD FRPR XQ WUDPSRVR /ROD QXQFD KDED VLGR GH QDGLH UDPRV ORV
YLYD/RODRGRQGH\RSHQVDEDTXHWRGDYDYLYD/ROD\DHUDGHQRFKHODJHQWHVDOD KRPEUHVVREUHWRGRORVLGLRWDVFRPR\RORVTXHSHUWHQHFDPRVORVTXHSRUDOJXQD
D ODV WHUUD]DV D WRPDU SHVFDGR IULWR \ D EHEHU FHUYH]D \ WLQWR GH YHUDQR \ ORV P¡V UD]³Q TXH QXQFD KH FRPSUHQGLGR \ TXH WLHQH PXFKR TXH YHU FRQ HVH PLVWHULRVR
M³YHQHV HQFHQGDQ IRJDWDV HQ OD SOD\D +DEDQ VLGR VLHWH KRUDV GH FRFKH \ DGHP¡V SRGHUTXHODVPXMHUHVHMHUFHQVREUHORVKRPEUHVORVTXHVLHPSUHOHSHUWHQHFHUHPRVD
OOHYDED PXFKR WLHPSR VLQ WRPDU HO VRO FRQTXH PL DVSHFWR HUD HO KDELWXDO S¡OLGR HOOD
FRPR XQ YDPSLUR (Q HO FRPSOHMR WXUVWLFR KDED GRV KRWHOHV \ PXFKRV EORTXHV GH &XDQGRPHGLODYXHOWDSRUILQGLVSXHVWRDPDUFKDUPHSHQV©FRPRXQLGLRWD
DSDUWDPHQWRV $OTXLO© XQD KDELWDFL³Q HQ HO KRWHO TXH HVWDED P¡V FHUFD GH OD SOD\D TXHODVXHUWHDOPHQRVVHKDEDSXHVWRSRUILQGHPLSDUWH0HDOHJU©SRUHOOR0H
SHURQRTXLVHVXELUWRGDYD0HFROJX©ODPDOHWDDOKRPEUR\PHHQFDPLQ©KDFLDODV GLMHTXH\DHUDKRUDTXHEDVWDQWHPDOORKDEDSDVDGR$KRUDTXLHURFUHHUTXHHQHO
FDVDV GRQGH YLYD /ROD 1R TXHGDED OHMRV 'LH] PLQXWRV SDVHDQGR KDFLD HO FHQWUR IRQGRVDEDTXHQRKDFDRWUDFRVDVDOYRHQJD±DUPHDPPLVPRTXHHVDVWRQWHUDV
OXHJRJLUDUDODL]TXLHUGD\DOOHVWDEDXQDEDUULDGDGHFKDO©VLQGHSHQGLHQWHVOXMRVRV TXHSHQVDEDDFHUFDGHKDEHUGREODGRHO&DERGH+RUQRVFRQWRUPHQWDLQFOXLGDTXH
0HTXHG©DOOXQRVPLQXWRVSHQVDWLYRFRQHOFH±RIUXQFLGRVLQHVWDUPX\VHJXURR HVWXYR D SXQWR GH HFKDUPH HO EDUFR D SLTXH QR HUDQ P¡V TXH HVWXSLGHFHV TXH OD
PX\ FRQYHQFLGR GH FX¡O GHED VHU HO VLJXLHQWH SDVR G¡QGRPH XQD WUHJXD PLHQWUDV VXHUWH QR H[LVWD R TXH VL H[LVWD QXQFD HVWDED GH PL SDUWH (UDQ GHPDVLDGDV FRVDV
GHFLGD TX© KDFHU /R P¡V VHQVDWR KXELHUD VLGR ODUJDUPH SRU GRQGH KDED YHQLGR \ SDUDSRGHUWHQHUODFDEH]DIUDSDUDRUGHQDUORVSHQVDPLHQWRV7HQDWDQWDVJDQDVGH
EXVFDURWURFUXFHGHFDPLQRVHQHOTXHSDUDUPHDGHFLGLUTX©KDFHUFRQPLYLGD<OR TXHORVGDGRVURGDVHQDPLIDYRUTXHPHVHQWFRPRVLKXELHUDGHVEDQFDGRDOFDVLQR
P¡V KRQHVWR R OR P¡V YDOLHQWH \D TXH KDED YLDMDGR KDVWD DOO KXELHUD VLGR FXDQGR UHFLE OD QRWD FRQ ODV FLQFR SDODEUDV &³PR HVW¡ KDED HVFULWR /ROD F³PR
DGHQWUDUPHHQODXUEDQL]DFL³Q\OODPDUDODSXHUWDGHODFDVDGH/ROD\GHFLUOHKROD HVW¡PLFD]DGRUVROLWDULR
F³PRHVW¡VFX¡QWRWLHPSRVLQYHUWH3HUREXHQRQRVLHPSUHKHVLGRXQWLSRVHQVDWR
\ \D PH KXELHUD JXVWDGR KDFHU JDOD GH KRQHVWLGDG 1L VLTXLHUD HVWR\ VHJXUR GH VHU
YDOLHQWH/DYLGDHVFRPSOLFDGD\KD\RFDVLRQHVHQODVTXHKDFHQIDOWDFLHUWDVGRVLV /ROD \ \R QR QRV SDUHFHPRV HQ QDGD DXQTXH ORV GRV SRU PRWLYRV PX\ GLIHUHQWHV
GHYDORUSDUDVDOLUDGHODQWHRWRPDUODGHFLVL³QDGHFXDGD<\RDXQTXHPHKHSDVDGR UDUD YH] VROHPRV HVFRJHU OD IRUPD P¡V VHQFLOOD GH KDFHU ODV FRVDV (OOD KDED
PHGLD YLGD DOTXLODQGR PLV SX±RV OR FLHUWR HV TXH SDUD ODV FRVDV TXH LPSRUWDQ GH PDQGDGRXQPHQVDMHDODUDGLRDOIDOVR0RQWDQHUDXQTXHORP¡VI¡FLOKXELHUDVLGR
YDORU WDPSRFR KH DQGDGR QXQFD PX\ VREUDGR 'L XQ SDVHR SRU OD XUEDQL]DFL³Q SRQHUVH HQ FRQWDFWR GLUHFWDPHQWH FRQPLJR <R HQ OXJDU GH OODPDU D VX SXHUWD \
FXLG¡QGRPH GH QR DFHUFDUPH D OD FDVD GH /ROD OR EDVWDQWH FRPR SDUD VHU YLVWR \ VDOXGDUODSRUVHJXQGDYH]HQPLYLGDPHKDEDSUHVHQWDGRGHQRFKHHQHOXPEUDOGH
VREUHWRGRVHUUHFRQRFLGR VX FDVD PH KDED DORMDGR HQ XQ KRWHO \ D PHGLD PD±DQD GHO GD VLJXLHQWH PH
(UDXQVLWLRGHSOD\D\HVRVLJQLILFDEXOOLFLRHQYHUDQR\WUDQTXLOLGDGHQLQYLHUQR SDUDSHWDEDGHWU¡VGHODFULVWDOHUDGHXQDFDIHWHUDTXHKDEDIUHQWHDODXUEDQL]DFL³Q
$ HVD KRUD GH OD QRFKH KDED JHQWH SDVHDQGR SRU OD FDOOH QL±RV HQ ELFLFOHWD \ FRPR XQ IUDQFRWLUDGRU SDUD REVHUYDU VXV PRYLPLHQWRV (Q VX FDVR XWLOL]DU FDXFHV
DGROHVFHQWHV EHELHQGR FHUYH]D VHQWDGRV HQ ODV DFHUDV &DED OD SRVLELOLGDG GH DOWHUQDWLYRV VH GHED D XQD FXHVWL³Q QWLPD D XQ DVSHFWR RVFXUR GH VX SHUVRQDOLGDG
HQFRQWUDUPH FRQ /ROD SHUR HUD XQ ULHVJR TXH GHED DVXPLU $GHP¡V WDUGH R TXHODHPSXMDEDDEXVFDUFDPLQRVSRFRWUDQVLWDGRVRSRUTX©QRGHFLUORUHWRUFLGRV
WHPSUDQR WHQGUD TXH HQFRQWUDUPH FRQ HOOD 3HUR QR WRGDYD QR VLQ KDEHUORV 6LQHPEDUJRSDUDPXWLOL]DUFDUUHWHUDVVHFXQGDULDVSDUDOOHJDUDXQGHVWLQRLQFLHUWR
REVHUYDGRDHOOD\D/XLVPLUDUORVVLQTXHSXGLHUDQYHUPH HUDP¡VXQDFXHVWL³QGHLQVWLQWRGHVXSHUYLYHQFLDGHSUXGHQFLD\SRUTX©QRGHFLUOR
0HTXHG©XQSRFRP¡VHQODXUEDQL]DFL³Q$SHQDVKDEDQDGLHHQODFDOOHFXDQGR WDPEL©QGHFREDUGD
GHFLG PDUFKDUPH 6H KDED KHFKR WDUGH 'HVGH OD HVTXLQD KDED YLVWR DSDJDUVH ODV 3HUR FRPR GLJR QR HUD OD SULPHUD YH] TXH PH YHD DOO GH SLH GH XQD IRUPD
OXFHVGHODFDVDGH/ROD(UDHOPRPHQWRGHSDVDUSRUODSXHUWD5HVSLU©KRQGRDQWHV VXEUHSWLFLD HQ OD SXHUWD GH OD FDVD GH /ROD VLQ HVWDU VHJXUR GH OR TXH GHED KDFHU
GHGDUHOSULPHUSDVR\UHSHWODRSHUDFL³QDOHQIUHQWDUODIDFKDGD$VLPSOHYLVWDHUD $±RVDWU¡VFXDQGRWRGDYDQRKDEDSDVDGRPXFKRWLHPSRGHVGHTXHPHGHM³HQOD
XQDFDVDLJXDOTXHODVRWUDVYHLQWLFXDWURߚPHKDEDHQWUHWHQLGRHQFRQWDUODVߚGHOD FXQHWDYLDM©DOVXU1RUHVXOWDGLIFLOHQFRQWUDUDDOJXLHQVLGHYHUGDGSRQHVHPSH±R
3¡JLQD 3¡JLQD
HQHOOR%DVWDXQSRFRGHVHQWLGRFRPºQKDFHUODVSUHJXQWDVRSRUWXQDVDODVSHUVRQDV S¡MDUR VH PH KDED HVFDSDGR OD VHJXQGD TXH FRPR IUDQFRWLUDGRU DXQTXH IXHUD XQ
DGHFXDGDV\QRWDUGDU¡VHQHQFRQWUDUXQKLORGHOTXHWLUDU'HVSX©VGHORGHO*RUGR IUDQFRWLUDGRUGHVDUPDGRWHQGUDSRFRIXWXURDQRVHUTXHSUHVWDVHP¡VDWHQFL³QRPH
/ROD \ /XLV VH KDEDQ LQVWDODGR HQ HO 3XHUWR GH 6DQWD 0DUD PH FRQWDURQ +DEDQ HPSH±DVHHQVHUP¡VGLVFLSOLQDGR
FRPSUDGR XQD FDVD \ HVWDEDQ UHKDELOLWDQGR XQ SDODFHWH DEDQGRQDGR SDUD DEULU XQ 6DODODFDOOH0HFDOF©ODVJDIDVGHVRO\XQVRPEUHURGHSDMD6L/RODVHKDED
QHJRFLR 'LQHUR GHVGH OXHJR QR OHV LED D IDOWDU 6L OR TXH /ROD GHFD HUD FLHUWR HO PDUFKDGRDQGDQGRQRWHQDTXHHVWDUPX\OHMRV$ODGHUHFKDHOKRUL]RQWHVHSHUGD
GLQHUR\ODVMR\DVGHODFDMDIXHUWHGHO*RUGRGDUDQSDUDPXFKR1RHVWXYRHQWRQFHV HQXQPDUGHFDVLWDVEODQFDV\DSDUWDPHQWRV$ODL]TXLHUGDHQGLUHFFL³QDODSOD\D
PLYLDMHPRWLYDGRSRUODYHQJDQ]DVLQRTXHPHWRP©XQRVGDVOLEUHV\PHPDUFK©D ORVEORTXHVGHDSDUWDPHQWRVGHMDEDQSDVRDOSDVHRPDUWLPR&DPLQ©KDFLDDOOFRQ
&¡GL](UD\DGHQRFKHFXDQGRHQFRQWU©ODXUEDQL]DFL³QODPLVPDGHDKRUDDXQTXH OD EDUELOOD FODYDGD HQ HO SHFKR PLUDQGR GH UHRMR GH FXDQGR HQ FXDQGR SUHSDUDGR
HQWRQFHV QR KDED WDQWDV YLYLHQGDV QL WDQWRV EORTXHV GH HGLILFLRV DOUHGHGRU 3DU© HO SDUDGDUPHODYXHOWDVLPHFUX]DEDFRQHOOD0XFKDVYHFHVPHKDSDVDGRHVRVREUH
FRFKH HQ OD SXHUWD \ PH EDM© /DV OXFHV GH OD FDVD HVWDEDQ DSDJDGDV 3RGUD KDEHU WRGR KDELHQGR XQD PXMHU SRU PHGLR HVWR\ GHVHDQGR HQFRQWU¡UPHOD SHUR SRU RWUD
VDOWDGR OD YDOOD \ KDEHU OODPDGR D OD SXHUWD R KDEHU VDOWDGR OD YDOOD \ URPSHU XQD SDUWH QR TXLHUR SRUTXH V© TXH FXDQGR VXFHGD KDEU© GH FRQWHQHUPH SDUD QR VDOLU
YHQWDQD SDUD GDUOHV XQ VXVWR GHFLUOHV EXHQDV QRFKHV WHQD PXFKDV JDQDV GH YHURV FRUULHQGRGHVSDYRULGRHQGLUHFFL³QFRQWUDULD$/RODQRVDEUDTX©GHFLUOHDGHP¡V
+HYHQLGRSDUDUHFXSHUDUPLSDUWHGHOERWQ3HURDXQTXHQRORKLFHPHTXHG©XQUDWR 1RSRGUDILQJLUKDVWDHOH[WUHPRGHGHFLUTXHHVWDEDDOO\PHODKDEDHQFRQWUDGR
HQ OD DFHUD PLUDQGR ODV YHQWDQDV SUHJXQW¡QGRPH FX¡O GH HOODV FRUUHVSRQGD DO SRU FDVXDOLGDG (OOD VDEH TXH D P QXQFD PH JXVW³ PXFKR OD SOD\D < PHQRV HQ
GRUPLWRULRGRQGH/XLV\/RODHVWDUDQGXUPLHQGRKDFLHQGRHODPRUTXL]¡1RSRGUD YHUDQR
GHFLUFX¡QWRWLHPSRPHTXHG©SDUDGRSHURVLHPSUHPHKHSUHJXQWDGRVL/RODGHVGH 3DUDOOHJDUDOSDVHRPDUWLPRKDEDTXHDWUDYHVDUODDYHQLGD&UXF©SRUXQSDVR
HORWURODGRQRVXSRHQWRQFHVTXHHVWXYHDOOTXHLQFOXVRPHYLRTXHWDOYH]WXYR GH FHEUD \ KDVWD TXH QR HVWXYH IUHQWH DO PDU QR PH GL OD YXHOWD /D DFHUD HVWDED
TXHFRQWHQHUHOLPSXOVRGHDEULUODSXHUWD\VDOLUDODFDOOHSDUDGDUPHXQDEUD]R$O UHSOHWDGHORFDOHVFRPHUFLDOHVTXHKDFDQQHJRFLRHQYHUDQREDUHVWLHQGDVGHSUHQVD
ILQDO PH ODUJX© \ QR YROY KDVWD KDFH MXVWR XQD VHPDQD 3HQV© TXH QR LED D YROYHU DUWFXORV GH SOD\D FDPLVHWDV XQD IDUPDFLD GRV EDQFRV \ XQD DGPLQLVWUDFL³Q GH
QXQFDTXHROYLGDUDD/RODTXHVLPHHVIRU]DEDDOILQDOODYLGDDFDEDUDSRUW¡QGRVH ORWHUD +DED XQRV FLHQ PHWURV P¡V GH ORFDOHV D PL GHUHFKD \ RWURV WUHVFLHQWRV
ELHQ FRQPLJR 1R SRGD VDEHU TXL©Q SRGUD TXH QR WDUGDUD HQ SURVWLWXLU OD ºQLFD PHWURVSRUORPHQRVDODL]TXLHUGD$HVDKRUDGHODPD±DQDSDVHDEDPXFKDJHQWH
FRVDTXHKDEDUHVSHWDGRHQPLYLGDHOER[HRTXHSURQWRFODXGLFDUD\DOTXLODUDPLV IDPLOLDV HQWHUDV TXH EXVFDEDQ OD SOD\D FRQ ODV VRPEULOODV \ ODV EXWDFDV KRPEUHV
SX±RV\PLPDODOHFKHSDUDDVXVWDUDSREUHVGLDEORV RFLRVRVHQSDQWDO³QFRUWRTXHYHQDQGHFRPSUDUHOSHUL³GLFRMRYHQFLWDVDODVTXHOHV
EDLODEDQODVWHWDVEDMRHOELTXLQL$SHQDVKDEDQSDVDGRYHLQWLFXDWURKRUDVGHVGHTXH
PHKDEDPDUFKDGRSHURDKRUDSHQVDEDHQ0DGULG\VHPHDQWRMDEDXQDH[LVWHQFLD
0H OHYDQW© WHPSUDQR OD SULPHUD PD±DQD \ PH DSRVW© WUDV OD FULVWDOHUD GH OD ºQLFD YLYLGDKDFHPLOHVGHD±RVXQDYLGDTXHQRPHSHUWHQHFD/DYLGDGHRWURTXL]¡
FDIHWHUD GH OD XUEDQL]DFL³Q FRPR XQ DVHVLQR D VXHOGR TXH HVSHUD HO PRPHQWR 0H UHFRUU HO SDVHR PDUWLPR GRV YHFHV SURWHJLGR SRU OD EUHYH GLVWDQFLD GH OD
RSRUWXQR SDUD DFDEDU FRQ VX YFWLPD VDOYR TXH PLV ºQLFDV DUPDV HUDQ XQ FDI© HQ DFHUD GH HQIUHQWH FRPR VL IXHUD XQ WXULVWD GHVSLVWDGR TXH QR VDEH PX\ ELHQ VL
YDVR\XQSHUL³GLFR DFHUFDUVHDODRULOODSDUDGDUVHXQED±RRVHQWDUVHDWRPDUXQDFHUYH]DHQFXDOTXLHUD
1RPHKDEDPDUFDGRXQREMHWLYRFODURGHORTXHTXHUDKDFHUHVP¡VQLVLTXLHUD GHORVEDUHVGHOSDVHRPDUWLPR1RTXLVHDWUDYHVDUODFDOOH\GDURWUDEDWLGDGHVGH
HVWDEDVHJXURGHTXHLEDDKDFHUQDGDVDOYRSDVDUPHXQRVGDVHVSLDQGRD/ROD\D P¡V FHUFD 1R PH DWUHYD WRGDYD 6L /ROD HVWDED SRU DOO SRGD SLOODUPH
/XLVGHVGHODSURWHFFL³QGHODFULVWDOHUD\GHODQRQLPDWR GHVSUHYHQLGR \ PL ºQLFD SRVLELOLGDG GH VDOLU DLURVR GHO SULPHU HQFXHQWUR FRQ HOOD
1RVDEDTX©KDFD/RODGXUDQWHHOGDSHURDODVGLH]WRGDYDQRODKDEDYLVWR GHVSX©VGHGLHFLRFKRD±RVHUDHVWDQGRSUHSDUDGRTXHODVRUSUHQGLGDIXHUDHOODTXHD
VDOLUGHODFDVD1RPHKDEDPRYLGRGHPLSXHVWRGHYLJDVDOYRSDUDLUDPHDU0H PDXQTXHWDPEL©QILQJLHVHH[WUD±H]DPHKXELHUDGDGRWLHPSRGHUHVSLUDUKRQGRGH
KDED EHELGR WUHV FDI©V \ XQ OLWUR GH DJXD \ \D QR SRGD DJXDQWDU P¡V $ OR PHMRU UHODMDU ORV KRPEURV GH FHUUDU ORV RMRV XQ PRPHQWR \ GH DLVODUPH LJXDO TXH KDFD
KDEDGDGRODSXWDFDVXDOLGDGGHTXHHOODKDEDVDOLGRGHVXFDVDPLHQWUDVIXLDOED±R PXFKRVD±RVDQWHVFXDQGRHUDMRYHQDQWHVGHVXELUDOULQJ
1RVHWUDWDEDGHXQDSHOFXOD\ORFLHUWRHVTXH\RQRHUDXQK©URHGHDFFL³QQLXQ < VL HUD WRGR PHQWLUD" 7DPEL©Q FDED HVD SRVLELOLGDG &RQRFLHQGR D /ROD
IUDQFRWLUDGRU TXH HVSHUD VLQ SHVWD±HDU OD DSDULFL³Q GH VX REMHWLYR SDUD DSUHWDU HO FXDOTXLHU FRVD SRGD SDVDU < VL \D QR YLYD DOO \ VH HVWDED ULHQGR GH P HQ OD
JDWLOOR GLVWDQFLDGHVGHFXDOTXLHURWURVLWLR"3ULPHURORSHQV©FRPRDOJRLPSRVLEOHSHURD
'RVPLQXWRVQRFUHRTXHWDUGDVHPXFKRP¡VHQDOLYLDUODYHMLJDSHURKDFLDODV PHGLGD TXH UHJUHVDED D OD XUEDQL]DFL³Q OD VHQVDFL³Q GH TXH /ROD QR YLYD DOO VH
RQFHGHODPD±DQDFRQFOXTXHKDEDGRVFRVDVTXHHVWDEDQFODUDVODSULPHUDTXHHO YROYD FDGD YH] P¡V SRGHURVD 6LQ SRGHU GRPLQDUOR PLV SLHUQDV PH OOHYDEDQ PX\
3¡JLQD 3¡JLQD
GHSULVDGHYXHOWDDPLHVFRQGLWH+DEDPXFKDVPDQHUDVGHKDFHUHOWRQWRSHURKDEHU HTXLYRFDEDFRPRHQODYLGDSHURQRSRUHOORGHMDEDGHSUDFWLFDUHVHMXHJRLQRFHQWH
YLDMDGR HQ EDOGH SDUD QDGD HUD XQD IRUPD PX\ HVWºSLGD GH SHUGHU HO WLHPSR \ HO TXHFRPSOHPHQWDEDDYHFHVFXDQGRPHVHQWDEDHQXQEDQFRGHOSDUTXH\PHSRQDD
GLQHUR LPDJLQDUODVYLGDVSRVLEOHVGHTXLHQHVSDVDEDQFHUFDGHP0HJXVWDEDPHJXVWD
'LH] PLQXWRV GHVSX©V GH OD XQD \ PHGLD HVWDED RWUD YH] HQ OD SXHUWD GH OD GHGXFLUFRVDVGHODJHQWHSRUVXIRUPDGHDQGDUSRUODSULVDTXHWLHQHQSRUF³PRYDQ
FDIHWHUD FHUFD GH VX FDVD )DOWDED PX\ SRFR SDUD OD KRUD GH DOPRU]DU \ SURQWR OD YHVWLGRVSRUORVXFLRVTXHOOHYDQORV]DSDWRVSRUHOPRGRHQTXHYDQSHLQDGRVRSRU
JHQWHUHJUHVDUDGHODSOD\D$WUDYHV©ODFDOOHDSHFKRGHVFXELHUWRFRPRXQSLVWROHUR HO EULOOR GH VXV RMRV 3DXOD GHFD TXH ODV QRYHODV GH 6KHUORFN +ROPHV PH KDEDQ
TXHKDGHHQIUHQWDUVHDVXGHVWLQRHQHOFDOOHM³QGHXQSXHEORSHUGLGRGHO2HVWH'L FDXVDGRXQGD±RLUUHSDUDEOHHQHOFHUHEURHQPLPDQHUDGHSHUFLELUODVFRVDV/HGDV
XQDV]DQFDGDV\FODY©ORVSLHVGHODQWHGHODIDFKDGDGHODFDVDGH/ROD/DVYHQWDQDV GHPDVLDGDVYXHOWDVDWRGR0RQWDOE¡QWHFRPHVPXFKRHOFRFR9LYLUDVQRHVVDQR
HVWDEDQ FHUUDGDV SHUR XQ DVSHUVRU GHVSOHJDED SHUH]RVDPHQWH XQ FKRUUR GH DJXD 6DOXGDEOHRQRKDEDHVWDGRKDFLHQGRH[DFWDPHQWHORPLVPRFRQODVVRPEUDVTXH
VREUH HO F©VSHG 6L OD SXHUWD VH KXELHUD DELHUWR HQ HVH PRPHQWR \ /ROD KXELHVH SUHFHGDQDODJHQWHTXHSDVDEDQDORWURODGRGHODFDIHWHUD
DSDUHFLGR HQ HO XPEUDO KDEUD VDOLGR FRUULHQGR \ QR KDEUD SDUDGR KDVWD TXH PH /DVRPEUDTXHDQWLFLS³D/RODVHPHDQWRM³XQHVSHMLVPRXQHVSHFWURTXHOOHYDED
UHYHQWDVHQORVSXOPRQHV2VLHOODVHKXELHUDDFHUFDGRGHVGHODFDOOHKDEUDVDOWDGROD PXFKRWLHPSRHVSHUDQGRYHUDSDUHFHU&DPLQDEDGHVSDFLR(VFXFK©ORVWDFRQHVFUXMLU
SULPHUD YDOOD SDUD TXH QR PH KXELHVH HQFRQWUDGR HVSLDQGR HQ ODSXHUWD GH VX FDVD VREUHHODVIDOWRDQWHVGHYHUOD$/RODOHJXVWDEDOOHYDUWDFRQHV$XQTXHQRHVPX\
3HUR QR YLQR QDGLH < KDED GRV QRPEUHV HQ HO EX]³Q HO GH /XLV FRQ VXV GRV DOWDQRHVTXHOHKDJDIDOWDOOHYDUORV(OODGHFDTXHOHKDFDQODVSLHUQDVP¡VERQLWDV
DSHOOLGRV\GHEDMRHOQRPEUHGH/RODWDPEL©QFRQVXVGRVDSHOOLGRV <DKHGLFKRDQWHVTXHKD\FRVDVTXHQXQFDFDPELDQ\ODFRTXHWHUDTXHUHFRUGDEDGH
6DO GH OD XUEDQL]DFL³Q <D KDED WHQWDGR GHPDVLDGR D OD VXHUWH \ FXDQGR XQR FXDQGR©UDPRVM³YHQHV\TXHDYHFHVPHYROYDORFRQRODKDEDDEDQGRQDGRFRQHO
MXHJDGHPDVLDGDVPDQRVDOILQDODFDEDSHUGL©QGRORWRGR7DOYH]/ROD\DPHKDED SDVRGHORVD±RV3RUVXSXHVWRTXHVHWUDWDEDGHHOOD/RSULPHURTXHYLSXHVIXHVX
YLVWRFDPLQDQGRFRQDLUHGLVLPXODGRSRUHOSDVHRPDUWLPR7DOYH]QR6LPHKDED VRPEUD TXH SDUHFL³ GHWHQHUVH XQ PRPHQWR FRPR VL PLUDVH OD FULVWDOHUD GH OD
YLVWR\RQRORVDEDFRQTXHSRGDVHJXLUDFWXDQGRFRPRVLDºQSHUPDQHFLHVHHQHO FDIHWHUD 6© TXH HV XQD WRQWHUD TXH HOOD QR SRGD YHUPH TXH QR SRGD VDEHU TXH
DQRQLPDWR HVWDEDDOO(OODVDEDTXHYHQGUDSHURQRSRGDDGLYLQDUKDVWDTX©SXQWRVHUDFDSD]
0LU©ODKRUDODVGRV\YHLQWH<DHUDODKRUDGHFRPHU7HQDXQSUHVHQWLPLHQWR GHGDUXQURGHR1RSRGDVRVSHFKDUTXHODHVWDEDHVSLDQGRTXHPHKDEDDGHODQWDGR
9ROYDHQWUDUHQODFDIHWHUD\PHVHQW©HQODPLVPDVLOODDYLJLODURWURUDWR0XFKRV DVXVPRYLPLHQWRV$XQTXHQRPHLEDDVHUYLUGHQDGDSXHVDOILQDOLEDDFDHUHQVXV
YHFLQRV YROYDQ GH OD SOD\D FRQ ORV QL±RV GH OD PDQR ORV FXELWRV GH DUHQD ODV UHGHV (OOD OR VDED \ \R WDPEL©Q OR VDED 3HUR PH VHSDU© GHO FULVWDO \ FRQWXYH HO
WRDOODVODVKDPDFDV/RWSLFRGHOYHUDQR'LH]PLQXWRVGHVSX©VWRGDYDQRPHKDED DOLHQWRFRPRVLHOODSXGLHVHHVFXFKDUPLUHVSLUDFL³Q$JXDQW©HODLUHHQORVSXOPRQHV
PRYLGRGHPLDWDOD\DFRQORVRMRVFODYDGRVHQODHQWUDGDGHODXUEDQL]DFL³Q/XLVQR KDVWDTXHODYLGHOJDGDFRPRDQWD±RXQYHVWLGRURMR\FRUWRTXHGHMDEDDODYLVWD
KDEDYXHOWRWRGDYD</RODVLHVTXHKDEDVDOLGRWDPSRFR VXV SLHUQDV PRUHQDV /D PHOHQD UL]DGD RVFXUD \ VDOYDMH UHFRJLGD GH FXDOTXLHU
$ODVWUHVPHQRVFXDUWRPHOHYDQW©\HVWLU©ODVSLHUQDVVLQGHMDUGHREVHUYDUOD PDQHUD SDUD TXH ORV EXFOHV QR OH WDSDVHQ OD FDUD 8Q EROVR FROJDGR GHO EUD]R TXH
HQWUDGDGHODXUEDQL]DFL³Q(PSH]DEDDWHQHUKDPEUH\PHHVWDEDHQWUDQGRVXH±R DEUL³ SDUD EXVFDU ODV OODYHV GH VX FDVD (Q OD PDQR OLEUH VRVWHQD XQ FLJDUULOOR /D
0H JXVWD LPDJLQDU FRVDV GH OD JHQWH D WUDY©V GH ORV SHTXH±RV GHWDOOHV TXH REVHUYDEDGHVRVOD\RVLQDWUHYHUPHDDFHUFDUPHPXFKRP¡VDODYHQWDQDQRIXHUDD
REVHUYR $QWHV FXDQGR LED FRQ 3DXOD GH FRPSUDV PH VHQWDED D HVSHUDUOD HQ OD VHU TXH PLUDVH HQ HVWD GLUHFFL³Q \ PH VRUSUHQGLHVH HVSL¡QGROD 0H ODWD HO FRUD]³Q
FDIHWHUDGHOFHQWURFRPHUFLDOMXVWRGHODQWHGHXQDVHVFDOHUDVPHF¡QLFDVTXHEDMDEDQ LJXDO TXH FXDQGR HUD XQ DGROHVFHQWH EXPEXPEXPEXPEºP 3RU PXFKRV D±RV TXH
0HTXHGDEDWDQDEVRUWRTXHSRGDSDVDUPHKRUDVMXJDQGRDDGLYLQDUF³PRVHUDQODV SDVHQ \ SRU PXFKDV FRVDV TXH XQR KD\D DSUHQGLGR OOHJD XQ PRPHQWR TXH OD YLGD
SHUVRQDV FX\RV SLHV HUD OR SULPHUR TXH YHD GHVGH PL DVLHQWR 3ULPHUR ORV ]DSDWRV YXHOYHDSRQHUWHHQWXVLWLR7HFUHHVTXHORVDEHVWRGRSLHQVDVTXH\DQDGDWHSXHGH
OXHJRODVSLHUQDVFRPRDF¡PDUDOHQWDOXHJRODFLQWXUDOXHJRHOWRUVR\ORVEUD]RV\ VRUSUHQGHU \ TXH YLHQHV GH YXHOWD GH WDQWDV FRVDV TXH QXQFD YROYHU¡V D WHQHU
SRU ºOWLPR OD FDEH]D 6L DSUHQG DOJR IXH TXH QXQFD VH GHEH HOXFXEUDU GHPDVLDGR VHQWLPLHQWRV TXH FUHDV HQWHUUDGRV SDUD VLHPSUH 3XHV HV XQ HUURU FUHHU HQ HVDV
DFHUFDGHODFDUDRODSURIHVL³QGHXQDSHUVRQDFRQV³ORYHUOHODVSLHUQDV4XLHQVH WRQWHUDV$OOHVWDED\RGLHFLRFKRD±RVGHVSX©VGHKDEHUYLVWRD/RODSRUºOWLPDYH]
DWUHYDSXHGHOOHYDUVHP¡VGHXQDVRUSUHVD0XFKDVYHFHVYLORV]DSDWRVGHXQWLSRDO FHUFD GH YHLQWH D±RV GHVSX©V GH KDEHUPH HQDPRUDGR GH HOOD KDVWD ODV WUDQFDV \ OD
TXH LPDJLQ© FRQ FDUD GH WULVWH MXELODGR \ DO DYDQ]DU OD HVFDOHUD PH HQFRQWU© FRQ HO VDQJUH PH EDWD HQ ODV YHQDV FRQ OD PLVPD XUJHQFLD GH HQWRQFHV
URVWURODPSL±RGHXQMRYHQYHQGHGRUGHOHVWDEOHFLPLHQWRRORVSLHVGHTXLHQLPDJLQ© EXPEXPEXPEXPEºP EXPEXPEXPEXPEºP /D YHD DOO FRQ HO FH±R IUXQFLGR
XQD HVEHOWD EDLODULQD SUHFHGDQ D XQDV JUXHVDV SDQWRUULOODV \ D XQRV PXVORV PLHQWUDVEXVFDEDODVOODYHVHQHOEROVRODFHQL]DGHODFROLOODHQODRWUDPDQRDSXQWR
UHFKRQFKRVFRQYDULFHVVLQGXGD4XLHURGHFLUTXHDFHUWDEDWDQWDVYHFHVFRPRPH GH TXHPDUOH ORV GHGRV SHUR D HOOD SDUHFD TXH QR OH LPSRUWDED \ PH VRUSUHQG
3¡JLQD 3¡JLQD
PXUPXUDQGRODVPLVPDVWRQWHUDVTXHFXDQGR©UDPRVM³YHQHV\GHVSX©VGHSHOHDUQRV HQFRQWUDU \ TXH LED D WHQHU TXH HQIUHQWDUPH D OR TXH KDED LGR D KDFHU DOO D P
ODVHJXDSRUODFDOOHHVSHUDQGRTXHVHYROYLHUDSDUDGDUPHXQDEUD]R/DPLUDED\ PLVPR+DVWDHVHPRPHQWRQRKDEDVLGRP¡VTXHXQMXHJRLQRFHQWHGHOTXHDEXHQ
PXUPXUDED TXHGDPHQWH SDUD P DXQTXH QDGLH SXGLHVH HVFXFKDUPH YX©OYHWH VHJXUR DFDEDUD FDQV¡QGRPH TXH QR WHQGUD ODV JDQDV R HO YDORU VXILFLHQWH SDUD
PUDPHQRYHVTXHHVWR\DTX"QRWHGDVFXHQWDGHTXHQRSXHGRYLYLUVLQWL"'H DFHUFDUPHD/ROD\GHFLUOHKRODPLYLGDHVWR\DTXRWUDYH]DOFDERGHWDQWRVD±RV
M³YHQHV FXDQGR QRV SHOH¡EDPRV OD VHJXD HQ OD GLVWDQFLD \ UHSHWD DOJXQD OHWDQD (VWR\DTXSRUTXHV©TXHTXHUDVYHUPHSRUTXHPHQHFHVLWDEDVSRUTXHHVWR\VHJXUR
SDUHFLGD SHUR /ROD MDP¡V VH YROYD HUD GHPDVLDGR RUJXOORVD \ VDED PX\ ELHQ HO GHTXHGHVSX©VGHWDQWRWLHPSRQRPHKDVROYLGDGR1L\RDWLWDPSRFR8QRSLHQVD
WHUUHQRTXHSLVDEDFRPRSDUDGDUVXEUD]RDWRUFHURUHEDMDUVH(UD\RHOTXHWHQD HQ F³PR YDQ D VXFHGHU ODV FRVDV HQ HO IXWXUR SHUR FDVL QXQFD DFLHUWD 1R HV I¡FLO
TXHDSUHWDUHOSDVRKDVWDOOHJDUDVXDOWXUDWUDJDUPHHORUJXOOR\ILQJLUTXHQRKDED KDFHUOR(VSU¡FWLFDPHQWHLPSRVLEOHDFHUWDU<RQRVDEDF³PRLEDDLPDJLQDUORTXH
YLVWRHVDVRQULVDWULXQIDQWHGHTXLHQVDEHTXHWLHQHODEDWDOODJDQDGDVLQKDEHUWHQLGR ODYHUDVHQWDGDDORWURODGRGHOFULVWDOGHODPLVPDFDIHWHUDGHVGHODTXH\RKDED
TXH JDVWDU XQD VROD EDOD 0UDPH YX©OYHWH QR YHV TXH HVWR\ DTX" PXUPXU© YLJLODGR VXV SDVRV GRV GDV DQWHV VHJXUR TXH HVSHUDQGR D TXH \R SDVDUD DXQTXH
SURWHJLGR SRU HO FULVWDO GH OD FDIHWHUD (VWD YH] WDPSRFR VH YROYL³ (QFRQWU³ ODV HQWRQFHVQRHUDFDSD]GHDGLYLQDUORGHLPDJLQDUORVLTXLHUD$SHQDVIXHXQPRPHQWR
OODYHVSRUILQ\DEUL³ODSXHUWD<DQRSRGDYHUVXFDUDSHURTXLVHSHQVDUTXHHQHO SHURPHEDVW³SDUDYHUVXVRMRVPLUDQGRODFDOOHSRUHQFLPDGHOYDVRGHOUHIUHVFRTXH
MDUGQ DQWHV GH HQWUDU HQ OD FDVD VH SDU³ XQ PRPHQWR \ VRQUL³ VDWLVIHFKD FRPR HVWDEDEHELHQGRPLUDQGRODFDOOH\HVSHU¡QGRPH
KXELHUDKHFKR6KHUH.KDQHOYLHMRWLJUHFRMRGHVSX©VGHROIDWHDUVXSUHVDVHJXUDGH +XPLOO©ORVRMRVFRPRHQXQDFWRUHIOHMR\FODY©ODEDUELOODHQHOSHFKRFRPRVL
TXHHOSREUH\GHVYDOLGRFDFKRUURGHKRPEUHHVWDEDFHUFD\QROHIDOWDEDPXFKRSDUD WXYLHUDIURߚ\KHGHFRQIHVDUTXHVHPHHUL]³HOYHOORDOHQFRQWU¡UPHODFDUDDFDUD
GHMDUVHYHU ߚ\VHJXPLFDPLQRFRPRVLQRKXELHVHVXFHGLGRQDGDFRPRVLIXHUDSRVLEOHTXH
/ROD QR PH KXELHVH YLVWR TXH SHQVDVH TXH VH KDED FRQIXQGLGR FRQ RWUR TXH \R
QXQFD KDED HVWDGR DOO TXH SRGUD GHMDU HVD PLVPD WDUGH OD KDELWDFL³Q GHO KRWHO \
'RVGDVGHVSX©VGHGLTX©YDULDVKRUDVDED±DUPH\DWRPDUHOVROHQODSLVFLQDGHO PDUFKDUPH SDUD QR YROYHU QXQFD P¡V < PL SULPHUD LQWHQFL³Q IXH ©VD /R MXUR
KRWHO(VW¡EDPRVHQDJRVWR\PLSLHOVHJXDWDQEODQFDFRPRVLWRGDYDQRKXELHVH 6HJXLUPLFDPLQRKDFHUODPDOHWD\ODUJDUPHSDUDQRUHJUHVDUQXQFD3HURPLYLGD\
DUUDQFDGR OD KRMD GH IHEUHUR GHO FDOHQGDULR 0HQXGR HVSD HVW¡V KHFKR FKDYDO PH VXSRQJRTXHODVYLGDVGHFDVLWRGRHOPXQGRDXQTXHQRORUHFRQR]FDQHVW¡OOHQDGH
GLMHVLQSRGHUFRQWHQHUXQDVRQULVDWXPEDGRHQODWRDOODPLHQWUDVKDFDWLHPSRSDUD GHFLVLRQHV HUU³QHDV GH PRPHQWRV HTXLYRFDGRV TXH PDUFDQ HO SDVR GH OR TXH
TXH/RODYROYLHVHDFDVD0HQXGRHVSD/DPHMRUPDQHUDGHSDVDUGHVDSHUFLELGRHQ VXFHGHU¡GHVSX©V'HWRGRVPRGRVPHGLMHDQWHVGHGDUODYXHOWDVLQHQFRQWUDUXQD
XQDSOD\DHVHOFRORUFHUºOHRGHODSLHOTXHFRVWDUDKDFHUGHVDSDUHFHULQFOXVRFRQXQD UD]³Q FRKHUHQWH SDUD KDFHUOR SHUR HO FDVR HV TXH PLV SLHUQDV VLQ \R KDEHUOR
VHPDQDGHEURQFHDGRLQWHQVLYR*UDQLGHDODPD PDQGDGRPHOOHYDEDQGHQXHYRDODFDIHWHUDGRQGHDFDEDEDGHYHUD/RODQRHVOD
3HUPDQHFXQUDWRP¡VWXPEDGRHQODWRDOODHPEDGXUQDGRHQFUHPDSURWHFWRUD SULPHUD GHFLVL³Q HTXLYRFDGD TXH WRPR HQ PL YLGD < VHJXUR TXH WDPSRFR VHU¡ OD
/XHJRPHUHIUHVTX©EDMRHOFKRUURGHODGXFKDPHSXVHODFDPLVHWD\IXLDGDUXQD ºOWLPD
YXHOWDDOSDVHRPDUWLPR0LU©DXQODGR\DRWURSRUVLYHDD/RODSHURQRKXER 3HUR VXVSLU© DOLYLDGR IUHQWH D OD FULVWDOHUD GH OD FDIHWHUD QL UDVWUR GH /ROD 1L
VXHUWH1RIDOWDEDPXFKRSDUDODKRUDGHFRPHU\/RODGHEDGHHVWDUUHJUHVDQGRDVX VLTXLHUDKDEDXQYDVRGHUHIUHVFRYDFRVREUHODPHVDTXHGHPRVWUDVHTXHHOODKDED
FDVD /D LPDJLQ© GH YXHOWD GH OD SOD\D IXPDQGR XQ FLJDUULOOR WUDQTXLODPHQWH HVWDGRDOO5HVSLU©KRQGR&HUU©ORVRMRV&RQXQSRFRGHVXHUWHWRGRKDEUDVLGRXQ
SDU¡QGRVH HQ DOJºQ HVFDSDUDWH SDUD DUUHJODUVH HO SHOR VLHPSUH WDQ FRTXHWD /D HVSHMLVPRXQDIDQWDVPDJRUDFDXVDGDSRUODDQVLHGDGTXHPHSURGXFDHQFRQWUDUPH
LPDJLQ©\VHJXVXVSDVRVFRPRXQDXW³PDWDFRPRVLIXHUDFDSD]GHYHUODVKXHOODV FRQ/RODGHVSX©VGHWDQWRVD±RV\QRHVWDUVHJXURGHF³PRLEDDUHDFFLRQDU0DQWXYH
LQYLVLEOHVTXHVXVVDQGDOLDVKDEDQGHMDGRHQHOSDYLPHQWR)XLWUDVHOOD\PLHQWUDVOR ORVRMRVFHUUDGRVXQRVVHJXQGRVHQODSXHUWDGHODFDIHWHUD\UHVSLU©KRQGRGRVR
KDFD XQD SDUWH GH P VH SUHJXQWDED SRU TX© HVWDED DOO FRPSRUW¡QGRPH FRPR XQ WUHV YHFHV PX\ GHVSDFLR SDUD DFRPSDVDU ODV SXOVDFLRQHV $EU ORV RMRV \ WDPSRFR
DGROHVFHQWHHVWºSLGRTX©KDEDYHQLGRDEXVFDUDHVHOXJDUWDQOHMRVGHPLFDVD\GH HVWDED $ OR PHMRU HUD YHUGDG 7DO YH] WRGR VXFHGD HQ PL LPDJLQDFL³Q /ROD QR
PLYLGDDXQTXHTXL]¡HUDHVRTXHQXQFDKDEDYLYLGRHQXQDFDVDTXHFRQVLGHUDVH HVWDEDDOO\ORTXHSDVDEDHUDTXH\RPHHVWDEDYROYLHQGRORFR0HHVWDEDYROYLHQGR
PD\WDPSRFRWHQDYLGD\HOPHQVDMHGH/RODPHKDEDEULQGDGRXQKLORGHOTXH ORFR \ D HVDV DOWXUDV \D QR VDED TXL©Q HUD QL OR TXH HVWDED KDFLHQGR HQ XQD
WLUDU XQ VDOYDYLGDV DO TXH DJDUUDUPH HQ HO ºOWLPR PRPHQWR FRPR XQ Q¡XIUDJR TXH XUEDQL]DFL³QGHSOD\DHQSOHQRPHVGHDJRVWRQLVL/RODH[LVWDVLTXLHUD\WRGRKDED
HQFXHQWUD XQ WUR]R GH PDGHUD TXH IORWD FXDQGR \D VH KD UHVLJQDGR D KXQGLUVH VLQ VLGRXQDDOXFLQDFL³QPDHOPHQVDMHTXHPDQG³DODUDGLRTXH3DXODQRPHKDED
UHPHGLR7DPSRFRKDEDSUHSDUDGRXQDVSDODEUDVSDUDGHFUVHODVD/RODFXDQGRPHOD GHMDGRTXHWRGDYD©UDPRVIHOLFHV\WHQDPRVWRGDODYLGDSRUGHODQWHTXHQRWHQD
HQFRQWUDVHSRUTXHKDVWDDTXHOPRPHQWRQRKDEDSHQVDGRVHULDPHQWHTXHPHODLEDD
3¡JLQD 3¡JLQD
TXH JDQDUPH OD YLGD URPSLHQGR ORV KXHVRV GH SREUHV GLDEORV TXH HUD XQ HVFULWRU DEDQSDVDGRGLHFLRFKRD±RVGHVGHODºOWLPDYH]TXHQRVKDEDPRVYLVWRSHUR
IDPRVR\TXHWRGRORTXHHVWDEDYLYLHQGRQRHUDP¡VTXHXQPDOVXH±R + HO DEUD]R TXH QRV GHGLFDPRV HQ OD SXHUWD GH OD FDIHWHUD IXH DSHQDV XQ JHVWR
0L YLGD SRU ILQ KDV YHQLGR 0HQRV PDO TXH DºQ QRV TXHGD HO (PSLUH 6WDWH IRU]DGRXQURFHFDVLILFWLFLR/XHJR/RODVHVHSDU³GHP\PHPLU³GHDUULEDDEDMR
6HQWDODVSDODEUDVFRPRVLWDPEL©QIRUPDVHQSDUWHGHXQDSHVDGLOODGHODTXHDKRUD GHVSDFLR FRPR VL FRPSUREDVH F³PR OH TXHGDED HO YHVWLGR IUHQWH DO HVSHMR GHO
FUHD HTXLYRFDGDPHQWH GHVSUHQGHUPH FRPR VL HVR IXHUD WDQ I¡FLO FRPR VL OD YLGD SUREDGRU GH XQRV JUDQGHV DOPDFHQHV 0H PLU³ \ VRQUL³ DSXU³ OD ºOWLPD FDODGD GHO
SXGLHUDERUUDUVHGHXQSOXPD]RV³ORFRQGHVHDUOR FLJDUULOOR\H[KDO³HOKXPROHQWDPHQWHPLHQWUDVDSODVWDEDODFROLOODTXHKDEDWLUDGR
$O RWUR ODGR GHO FULVWDO OD PHVD GRQGH KDED FUHGR YHU D /ROD VHJXD YDFD DOVXHORFRQODVXHODGHO]DSDWRPRYLHQGRHOSLHGHVSDFLRGHXQDIRUPDTXHTXLVH
FRQILUP¡QGRPH ߚR WDO YH] GHEHUD GHFLU LOXVLRQ¡QGRPHߚ TXH HOOD QXQFD KDED SHQVDUTXHWHQDPXFKRGHVHQVXDOSRUTXHORKDFDVLQGHMDUGHPLUDUPHDORVRMRV
HVWDGR DOO TXH WRGDYD SRGUD GLVIUXWDU GH XQD WUHJXD TXH ODV SDODEUDV TXH KDED /RV VX\RV FRPSURE© VLQ SRGHU R VLQ TXHUHU HYLWDU VXVSLUDU SURFXUDQGR TXH QR VH
HVFXFKDGRQREURWDEDQVLQRGHOSR]RRVFXURTXHJXDUGRHQHOSHFKRXQOXJDUGHOTXH GLHUDFXHQWDGHTXHORKDFDVHJXDQVLHQGRYLROHWDFRPRORVGH/L]7D\ORU(VWDEDD
\RQRODVSRGDGHVWHUUDU SXQWRGHGHFUVHORSHURQRPHVDODQODVSDODEUDV%DVWDQWHWHQDFRQWUDWDUGHTXHQR
0LYLGDSRUILQKDVYHQLGR0HQRVPDOTXHDºQQRVTXHGDHO(PSLUH6WDWH+DED VH PH QRWDVH OR QHUYLRVR TXH HVWDED &DVL YHLQWH D±RV P¡V YLHMR \ QDGD KDED
YXHOWR D HVFXFKDUOR 1R WXYH TXH YROYHU OD FDUD SDUD VDEHU TXH /ROD HVWDED DO RWUR FDPELDGRODPLUDEDFRPRKLSQRWL]DGRSHURHVRQRHUDORSHRU/RSHRUORTXHP¡V
ODGRGHODSXHUWDREVHUY¡QGRPHWDOYH]UL©QGRVHSDUDVXVDGHQWURVVROWDQGRHOKXPR PH LQTXLHWDED HUD OD FHUWH]D GH VDEHU TXH D SDUWLU GH HVH PRPHQWR KDUD FXDOTXLHU
GHO FLJDUULOOR FRQ OHQWLWXG FDOFXODGD GLVIUXWDQGR HO PRPHQWR VDEHGRUD FRPR V³OR FRVDTXHHOODPHSLGLHVHSDUDSRGHUHVWDUDVXODGR
ODVPXMHUHVSXHGHQGHTXHWLHQHODSDUWLGDJDQDGD\TXH0RQWDOE¡QR0RQWDQHUߚD ߚ%XHQRPHLQYLWDU¡VDDOJRRYDPRVDSDVDUQRVHOGDDTX"
HOODOHGDEDLJXDOXQRTXHRWURߚHVWDEDQDOOSDUDSOHJDUVHDVXVGHVHRVTXHORVGRV 1R KDED WHUPLQDGR GH GHFLU OD IUDVH FXDQGR DEUL³ OD SXHUWD GH OD FDIHWHUD
ߚ0RQWDQHU \ \R QRVRWURV \ WRGRV ORV KRPEUHVߚ QR ©UDPRV VLQR XQRV FDFKRUURV &XDQGR TXLVH GDUPH FXHQWD /ROD FDPLQDED KDFLD HO IRQGR GHO ORFDO PRYLHQGR HO
GHVQXGRV\GHVYDOLGRVWLULWDQGRGHIURDEDQGRQDGRVHQODVHOYD FXOR7UDJX©VDOLYD\VXMHW©ODSXHUWD8QDU¡IDJDKHODGDPHJROSH³HQODFDUD(ODLUH
DFRQGLFLRQDGR WHQD PXFKD SRWHQFLD 3HQV© HVR SDUD HQJD±DUPH D P PLVPR SDUD
GHFLUPH TXH VH PH KDEDQ SXHVWR GH SXQWD ORV YHOORV GHO DQWHEUD]R SRU FXOSD GH OD
UHIULJHUDFL³QSHUR\RVDEDODUD]³Q</RODWDPEL©Q<PHGDEDYHUJ¼HQ]DTXHVH
GLHVHFXHQWD
ߚ&X¡QWRWLHPSR0RQWDOE¡QߚDFDEDEDGHHQFHQGHURWURSLWLOOR0HRIUHFL³XQR
ߚ1RGHEHUDߚOHGLMHFRJL©QGRORߚOOHYRPXFKRWLHPSRLQWHQWDQGRGHMDUOR
ߚ4X©IRUPDOLWR
0HHQFRJGHKRPEURV
ߚ<DYHV
ߚ6LHPSUHWHUHFRUG©DVWDQUHVSRQVDEOHWDQKRPEUHFLWR
6HUHIHUDDPFRPRVLFXDQGRHVWXYLPRVMXQWRV\RIXHVHXQPRFRVR
ߚ<D HVWDED EDVWDQWH FUHFLGLWR FXDQGRߨ ߚVL XQR QR VDEH PX\ ELHQ F³PR
QRPEUDUDOJRTXHKDVXFHGLGRVHDWDVFDQODVSDODEUDV
ߚ&XDQGRTX©"ߚD/RODOHJXVWDEDMXJDU6HJXDJXVW¡QGROH
ߚ&XDQGR©UDPRVQRYLRVߚGLMH\HQVHJXLGDUHFWLILTX©ߚFXDQGREDPRVDVHU
QRYLRV
6HHFK³DUHU&UHRTXHORVRMRVVHOHLOXPLQDURQ3HURDKRUDHVWR\UHFRUG¡QGROR
\ OD PHPRULD VLHPSUH HV WUDPSRVD DXQTXH XQR TXLHUD VHU KRQHVWR \ UHFRUGDU ODV
FRVDV WDO \ FRPR VXFHGLHURQ (O UHFXHUGR TXH WHQJR GH HVH PRPHQWR HV D /ROD
OHYDQWDQGRODEDUELOODHFKDQGRODFDEH]DKDFLDDWU¡VSDUDDJLWDUODPHOHQDODFHQL]D
GHO FLJDUULOOR TXH VRVWHQD DPHQD]DQGR FRQ GHUUDPDUVH VREUH OD PHVD HO YDVR GH
FRFDFRODTXHDFDEDQGHWUDHUOHHQODRWUDODVEXUEXMDVORVFXELWRVGHKLHORODURGDMD
3¡JLQD 3¡JLQD
ILQD GH OLP³Q \ \R PLU¡QGROD D HOOD \ DO YDVR GH FHUYH]D ߚGH UHSHQWH PH GLR 0HKDEDYLVWROHHUPXFKRVOLEURV\DOJXQDYH]OHKDEDFRQIHVDGRTXHPHJXVWDUD
YHUJ¼HQ]DSHGLUOHFKH\DKHGLFKRTXHPHSDVDDYHFHVߚTXHDºQQRKDEDSUREDGR HVFULELUXQDQRYHODFRPRWDQWDJHQWHHVRHUDWRGR\DOHVFXFKDUHVDVSDODEUDVGHORV
GHKLWRHQKLWRVLQVDEHUVLDOHJUDUPHSRUHVWDUVHQWDGRIUHQWHDHOODRWUDYH]GHVSX©V ODELRVGH/RODPHVHQWULGFXORSRUKDEHUODVSURQXQFLDGRDOJXQDYH]FXDQGRHUDWDQ
GH WDQWRV D±RV R ODPHQWDUPH SRU KDE©UVHOR SXHVWR WDQ I¡FLO SRU KDEHU YHQLGR D MRYHQ\WDQHVWºSLGRFRPRSDUDFUHHUTXHORVVXH±RVSRGDQKDFHUVHUHDOLGDG
EXVFDUOD HQ FXDQWR UHFLE VX PHQVDMH SRU KDEHU HQWUDGR FRPR XQ FRUGHULWR HQ OD 0HHQFRJGHKRPEURV
FDIHWHUDVLJXLHQGRVXVSDVRVVLQSRGHUSDUDUFRPRXQEXUURTXHFDPLQDGHWU¡VGHXQ ߚ)XHURQV³ORHVR,QTXLHWXGHV
SDORGHOTXHFXHOJDXQD]DQDKRULD ߚ1RPHORSXHGRFUHHU3HURVLLEDVDHVFULELUXQDQRYHOD\WRGR
ߚ0HDOHJURGHYHUWH0RQWDOE¡QߚGLMRDOFDERߚ0HDOHJURPXFKRGHYHUWH 6HDFRUGDEDV4X©SHQDTXHQRORKXELHVHROYLGDGR
ߚ<RWDPEL©Q ߚ3XHVV1XQFDOOHJX©DHVFULELUP¡VGHFXDWURIROLRVVHJXLGRV
'HVSX©V GH GHFLU HVWDV GRV SDODEUDV PH LQFOLQ© VREUH OD PHVD FRPR VL IXHUD D ߚ3HUROHDVPXFKR
FRQWDUOHXQVHFUHWRRKXELHUDUHXQLGRSRUILQHOYDORUQHFHVDULRSDUDEHVDUODSHURDOR ߚ*UDFLDV /ROD 3HUR QR KDFH IDOWD TXH PH UHJDOHV HO RGR /D PD\RUD GH OD
ºQLFRTXHDFHUW©IXHDTXHPLVPDQRVUHSWDUDQVREUHODPHVDOHQWDPHQWHKDVWDTXH JHQWHTXHOHHQRHVFULEH
PLVGHGRVFDVLUR]DURQORVVX\RV (UDODSULPHUDYH]TXHODOODPDEDSRUVXQRPEUHFDUDDFDUDGHVSX©VGHWDQWRV
ߚ4X© KD VLGR GH WL GXUDQWH WRGRV HVWRV D±RV 0RQWDOE¡Q" 4X© KLFLVWH FRQ WX D±RVVLQYHUQRV\KDEDLPDJLQDGRPXFKDVYHFHVTXHORKDUDHQODSHQXPEUDFRQ
YLGD" PLVODELRVPX\FHUFDGHORVVX\RV\QRDSOHQDOX]GHOGDHQXQDFDIHWHUDVLQTXH
9D\DSUHJXQWD+DEDGRVIRUPDVGHUHVSRQGHUODHOPRGRFRUWRRHOPRGRODUJR QLQJXQRGHORVGRVQRVDWUHYL©VHPRVDGHFLUDORWURODUD]³QSRUODTXHHVW¡EDPRVDOO
(OHJHOSULPHUR(OVHJXQGRHUDPX\DEXUULGR PLHQWUDVOHH[SOLFDEDTXHPLFDUUHUDGHHVFULWRUQXQFDHPSH]³TXHQLVLTXLHUDOOHJ³D
ߚ/RTXHKDFHXQFKLFRIRUPDOLWRVXSRQJRߚGLMH\HOODYROYL³DVRQUHUGHOD H[LVWLU TXH HUD XQD HVWXSLGH] TXH XQ WLSR FRPR \R VH SODQWHDVH VLTXLHUD VHU XQ
PLVPDIRUPDTXHDQWHVHFKDQGRODFDEH]DKDFLDDWU¡VFRPRVLTXLVLHUDOLEUDUVHGHO OLWHUDWR
SHORߚ&DVDUPHVREUHYLYLUWUDWDUGHEXVFDUXQWUDEDMRGHFHQWH1RV©VL©VWHVHU¡HO ߚ1RORGLJRSRUKDODJDUWH$ºQJXDUGRWXVFDUWDVHQXQDFDMD(UDQPX\ERQLWDV
RUGHQFRUUHFWR ߚ3XHV KD]PH XQ IDYRU \ GH SDVR KD]WH XQ IDYRU D WL PLVPD \ DO PXQGR
/RODOHYDQW³XQDFHMDLQWHUURJDWLYD TX©PDODV
ߚ<\DHVW¡" $KRUDHUD\RHOTXHVRQUHD(QHOIRQGRPHJXVWDEDTXHJXDUGDVHPLVFDUWDVTXH
ߚ1XQFDHQFRQWU©XQWUDEDMRGHFHQWH<PHGLYRUFL© VHDFRUGDVHGHPWRGDYD
ߚ7HGLYRUFLDVWH" ߚ1RGLJDVWRQWHUDV
ߚ&XDQGRWXPXMHUWHGHMDSRURWURQRTXHGDP¡VUHPHGLR ߚ9DOH+DEOHPRVGHRWUDFRVD<Wº"4X©KDVLGRGHWXYLGD"
ߚ/RVLHQWR (QWRQFHVVHSXVRVHULD7DOYH]SHQVDEDTXH\RLEDDKDFHUPHQFL³QDODQRWDTXH
ߚ1R SDVD QDGD ߚPHQWߚ 6HJXUR TXH PH TXHUD WDQWR TXH QR SRGD VRSRUWDU KDEDPDQGDGRDODUDGLR&³PRHVW¡PLFD]DGRUVROLWDULR3HURQRTXLVHVDFDUHOWHPD
HVWDUFRQPLJR\KDFHUPHVXIULU WRGDYD
/RODGHM³HVFDSDUDLUHSRUODQDUL]DOJRDVFRPRXQDVRQULVDIRU]DGD ߚ<D QR EDLOR < WDPSRFR KH GDGR OD YXHOWD DO PXQGR 9LYLPRV DTX GHVGHߨ
ߚ(V OR TXH VLHPSUH VH GLFH QR" ߚWUDW© GH DFODUDUOHߚ 8QD PDQHUD P¡V R EXHQRGHVGHHQWRQFHV
PHQRVHOHJDQWHGHGHFLUOHDWXSDUHMDTXHVHEXVTXHODYLGDSRUVXFXHQWD ߚ4XL©QWHORLEDDGHFLUDWL
ߚ8QDPDQHUDEDVWDQWHVXFLD'HFREDUGHV ߚ3XHVV4XL©QORLEDDGHFLU4X©WHWUDHSRUDTX"
ߚ'DLJXDO ߚ$P"
/RODKL]RXQJHVWRFRQODPDQRFRPRVLFRUULHUDXQDFRUWLQD$OYHUODKDFHUHVR ߚ1RDOFDPDUHUR
PHDFRUG©GHFX¡QWRWLHPSRKDFDTXHQRYHDHVHJHVWR(UDORTXHKDFDVLHPSUHDO $/RODOHJXVWDEDLUDOJUDQR<DPPHJXVW³FRPSUREDUTXHOHVHJXDJXVWDQGR
FDPELDUGHWHPDFXDQGRHVW¡EDPRVKDEODQGRGHDOJRTXHQRVKDFDVHQWLULQF³PRGRV ߚ7HFUHHUDVVLWHGLMHUDTXHHVWR\GHYDFDFLRQHV"
DXQRGHORVGRV1RSXGHHYLWDUXQDVRQULVDWUXIDGDGHQRVWDOJLD ߚ1R
ߚ<WXVLQTXLHWXGHVOLWHUDULDV"4X©SDV³FRQHVR" ߚ7H FUHHUDV VL WH GLMHUD TXH HVWR\ GH YDFDFLRQHV \ TXH PH KH HQFRQWUDGR
6ROW© HO UHVWR GHO DLUH TXH PH KDED TXHGDGR GHQWUR XQRV VHJXQGRV DQWHV DO FRQWLJRSRUFDVXDOLGDG"
VRQUHUFRQQRVWDOJLD0LVLQTXLHWXGHVOLWHUDULDV1RLPDJLQDEDTXHHOODVHDFRUGDVH ߚ1R
3¡JLQD 3¡JLQD
ߚ< VL WH GLMHUD TXH QR HVWR\ GH YDFDFLRQHV QL PH KH HQFRQWUDGR FRQWLJR SRU UD]³Q TXH QR VH KDED HTXLYRFDGR DO UHFRQRFHUPH \ PXFKR PHQRV DO SRQHUVH HQ
FDVXDOLGDG\TXHODºQLFDUD]³QSRUODTXHHVWR\DTXHVSRUTXHWHQDJDQDVGHYHUWH" FRQWDFWRFRQPLJR
ߚ3XGLVWHKDEHUYHQLGRKDFHPXFKRVD±RV ߚ$FDVRORGXGDEDV"
ߚ/RKLFH 9ROYL³ D VRQUHU \ HVWD YH] HO JHVWR VH GHPRU³ XQRV VHJXQGRV P¡V /RV RMRV
ߚ/RV© KDEDQ DGTXLULGR XQ EULOOR P¡V LQWHQVR TXH DQWHV FRPR VL XQD ILQD FDSD GH FULVWDO
ߚ(VWDEDVHJXURGHTXHORVDEDV SURWHJLHUDVXVLULVYLROHWD
/RODDVLQWL³DUUDQF³XQVRUEROHQWRDOYDVR\OHGLRXQDFDODGDDOFLJDUULOOR 1HJ³ FRQ OD FDEH]D GH XQ PRGR FDVL LPSHUFHSWLEOH 3HUR \R HVWDED GHPDVLDGR
ߚ3RUTX©WHIXLVWH"3RUTX©QLVLTXLHUDKDEODVWHFRQPLJR" FHUFDFRPRSDUDTXHVHPHHVFDSDVHQDGD
ߚ1RHUDXQEXHQPRPHQWR ߚ6DEDTXHYHQGUDVߚGLMRSRUILQ/RGLMR\SXVRVXVPDQRVVREUHODVPDV6H
ߚ<DKRUD" PH HUL]³ HO YHOOR D OD DOWXUD GH OD QXFD (UD OD SULPHUD YH] TXH /ROD PH WRFDED HQ
ߚ7DOYH]1RV©+DSDVDGRPXFKRWLHPSR/DJHQWHFDPELD GLHFLRFKRD±RVߚ6LHPSUHIXLVWHXQFDEDOOHUR8QFDEDOOHURDQGDQWH
ߚ3HURQRWDQWR 'HM©HVFDSDUXQODUJRVXVSLURDQWHVGHGHFLUQDGD6XVPDQRVFDOHQWDEDQODVPDV
ߚ4X©VDEU¡VWº$ORPHMRUHVW¡VGHODQWHGHXQDVHVLQR\QRORVDEHV \KXELHUDFUX]DGRORVGHGRVSDUDTXHQRODVVHSDUDVHVLDOKDFHUORQRKXELHUDHVWDGR
6H TXHG³ VHULD XQ PRPHQWR FRPR VL GXGDUD FUHHUPH R QR )XH DSHQDV XQD VHJXURGHTXHHOODVHGDUDFXHQWD
IUDFFL³QGHVHJXQGRSHURPHGLFXHQWDGHTXHSRUSULPHUDYH]KDEDFRQWHPSODGROD ߚ8QFDEDOOHURߨߚUHSHWSRUGHFLUDOJR
SRVLELOLGDGGHWRPDUVHHQVHULRPLVSDODEUDV3HURRWUDYH]VHHFK³DUHU7DQWDJUDFLD ߚ8QFDEDOOHURV8QK©URHFRPRHVRVGHODVQRYHODVTXHWHJXVWDEDQWDQWR
OHKL]RTXHOHVREUHYLQRXQDWRVUHSHQWLQD7UDW³GHDKX\HQWDUODVDFXGLHQGRHOKXPR 8Q K©URH PXUPXU© SDUD P PLVPR EDMDQGR ORV RMRV XQ PRPHQWR SRUTXH QR
GHOFLJDUULOORFRQODPDQR SRGDVRSRUWDUHVFXFKDUHVR\UHFRUGDUF³PRKDEDQVLGRORVºOWLPRVD±RVTXHKDED
ߚ0RQWDOE¡QߚPHGLMRFXDQGRUHFXSHU³HODOLHQWRߚWºWLHQHVWDQWRGHFULPLQDO SDVDGR 2MDO¡ KXELHUD VLGR XQ K©URH DOJXQD YH] 1XQFD HQ WRGD PL YLGD UHFXHUGR
FRPR\RGHPRQMD(QHOIRQGRHUHVGHPDVLDGREXHQR'HPDVLDGRKRQHVWR<RORV© KDEHUPHFRPSRUWDGRFRPRXQK©URH0LVDFWRVVHDVHPHMDQP¡VDORVGHXQFREDUGH
7HFRQR]FRELHQ VLQHVFUºSXORVXQWDKºUXQIXODQRWDLPDGRTXHHVFDSD]GHWUDLFLRQDUDVXPDGUHFRQ
ߚ&RPR Wº GLJDV ߚPH HQFRJ GH KRPEURV +DED OOHJDGR D XQ SXQWR GH WDOGHVDOYDUHOSHOOHMR6³ORWHQDTXHSHQVDUHQHO*RUGRTXHKDEDFRQILDGRHQP
LQGROHQFLDHQHOTXHPHGDEDLJXDOORTXHORVGHP¡VSHQVDUDQGHP4XH/RODQRVH HQHO*RUGRTXHVHKDEDFRPSRUWDGRWDQELHQFRQPLJR5HVXOWDDJUDGDEOHSHQVDUHQ
FUHDTXHHUDXQDVHVLQR3XHVEXHQR$OO¡HOOD XQRPLVPRFRPRXQK©URHXQK©URHGHQRYHODRXQRGHHVRVGHORVWHEHRVTXHOHD
ߚ$QGDGLPHTX©KDVYHQLGRDKDFHUDTXߚGLMRODIUDVH\OHDGLYLQ©ODLQWHQFL³Q GHQL±RSHURTXHQRPHJXVWDEDUHFRQRFHUDQWHQDGLH\PHQRVDQWH/RODSHURODYLGD
HQORVRMRVߚ3RUTXHQRPHFUHRTXHHVWHHQFXHQWURVHDSRUFDVXDOLGDG HVPXFKRP¡VFRPSOLFDGDTXHHVR\FXDQGRYDVFXPSOLHQGRD±RVWHGDVFXHQWDGH
6DTX©ODQRWDGHOEROVLOOR&³PRHVW¡PLFD]DGRUVROLWDULR'HVGHTXHOOHJX©DOO TXH ODV FRVDV UDUD YH] VRQ EODQFDV R QHJUDV VLQR TXH VLHPSUH HVFRUDQ KDFLD XQRV
PH OD KDED JXDUGDGR HQ OD FDPLVD DO VDOLU FDGD PD±DQD (Q HO IRQGR VDED TXH FRPSOLFDGRVWRQRVJULVHVHQORVTXHXQRQRDFDEDGHGLVFHUQLUQXQFDORTXHHVW¡ELHQ
DFDEDUDHQFRQWU¡QGRPHFRQ/RODTXHWHQGUDPRVXQDFRQYHUVDFL³Q\TXHHVDQRWD GHORTXHHVW¡PDO
PHHVWDOODUDHQODVPDQRVFRPRXQDERPEDTXHDJXDUGDHOPRPHQWRGHH[SORWDU ߚ8QK©URHߚFRQWHVW©VLQHPEDUJRߚ<DPHJXVWDUDDPVHUOR
/RODQRVHPROHVW³HQGLVLPXODUQLHQPRVWUDUVHVRUSUHQGLGD1RVHOOHY³ODSXQWD ߚ1RKDEUDVYHQLGRKDVWDDTXGHQRVHUOR
GHORVGHGRVDODERFDFRPRTXLHQFDHHQODFXHQWDGHDOJRPX\LPSRUWDQWHRPX\ ߚ1RWHFUHHVORTXHWHKHFRQWDGRDQWHVYHUGDG"
REYLR/RVRMRVOHEULOODURQDSHQDVHVER]³XQDVRQULVDGHJDQDGRUDTXHGHVDSDUHFL³ ߚ(OTX©
XQVHJXQGRDQWHVGHTXHPHGLHVHWLHPSRDGLVIUXWDUODXQLQVWDQWHDQWHVGHOOHYDUVHHO ߚ1RV©4XHVR\XQDVHVLQR4XHODSROLFDPHSLVDORVWDORQHV4XHWHQJRORV
SLWLOORDORVODELRV\DVSLUDUXQDODUJDFDODGD GDVFRQWDGRV
ߚ/DQRWDߚGLMRFRPRPLUDQGRDOYDFR /RODQHJ³FRQODFDEH]DPX\GHVSDFLRDPSOLDPHQWHGHXQPRGRFDVLWHDWUDO)XH
ߚ/DQRWDߚUHSHWHQYR]EDMDVLQGHMDUGHFODYDUORVRMRVHQORVGH/ROD HQWRQFHVFXDQGROHGLMHODºQLFDYHUGDGSRVLEOH
ߚ(UDVWºߨ ߚ+H YHQLGR KDVWD DTX SRUTXH QR WHQJR DG³QGH LU 3RUTXH TXLHUR HPSH]DU XQD
1R HUD XQD SUHJXQWD QL VLTXLHUD WUDWDED GH H[SUHVDU XQD GXGD TXH OH KXELHVH YLGDQXHYD
SUHRFXSDGRGHVGHTXHPHHVFXFK³ߚGHVGHTXHHVFXFK³D0RQWDQHUߚFRQWDUVXYLGD /RODYROYL³DVRQUHU0HJXVW³TXHORKLFLHUD
GLIFLO HQ OD UDGLR /R ºQLFR TXH DTXHOODV SDODEUDV SDUHFDQ GHFLUOH HUD TXH WHQD
3¡JLQD 3¡JLQD
ߚ<RSUHILHURSHQVDUTXHKDVYHQLGRDEXVFDUPH4XHKDVYHQLGRDYHUPHSRUTXH (QWRQFHVVHSDU³VXVPDQRVGHODVPDV7DOYH]OHGLVJXVW³DTXHOODFRPSDUDFL³Q
QRSXHGHVVRSRUWDUODLGHDGHQRHVWDUFRQPLJRDSHVDUGHTXHKDQSDVDGRFDVLYHLQWH TXH KDED KHFKR FRQ OD PXHUWH 2 QR WHQD P¡V JDQDV GH DJDUUDUPH ODV PDQRV
D±RVGHVGHODºOWLPDYH]TXHHVWXYLPRVMXQWRV VLPSOHPHQWH R TXL]¡ WHPD TXH DOJXLHQ QRV YLHUD $O FDER /ROD HUD XQD PXMHU
$VHQWFRQODFDEH]DG¡QGROHODUD]³Q3RUTX©QR FDVDGD QR SRGD ROYLGDUOR \ VHJXUR TXH PXFKD JHQWH GH SRU DOO OD FRQRFD
ߚ%XHQRHVRWDPEL©Q&ODURTXHV (VW¡EDPRVDOODGRGHVXFDVD
ߚ3XHVHVRHVORºQLFRTXHPHLPSRUWDߚVHSDU³ORVGHGRVSDUDHQWUHOD]DUORVFRQ ߚ3HUR Wº HVW¡V D IORWH ߚPH DOHJU³ FRPSUREDU TXH WRGDYD VHJXD PHWLGD HQ OD
ORVPRVXQFDORUIDPLOLDU\DJUDGDEOHPHVXEL³SRUODHVSLQDGRUVDOߚ4XHDKRUD FRQYHUVDFL³QTXHQRKDEDFDPELDGRGHWHPDLQRSLQDGDPHQWH
HVWDPRV DTX MXQWRV ORV GRV DO FDER GH WDQWR WLHPSR FRPR VL QR KXELHUD SDVDGR ߚ3HURKHWRFDGRIRQGR7HORMXUR1RSXHGHVLPDJLQDUWHOREDMRTXHKHFDGR
QDGD /ROD QR GLMR QDGD 6H OLPLW³ D PLUDUPH SRU HQFLPD GH OD FXUYD GHO YDVR DO TXH
$ SHVDU GH OD HPRFL³Q GHO PRPHQWR SXGH KDFHU XQ HVIXHU]R SDUD GHWHQHUPH XQ DFDEDED GH DUUDQFDU XQR GH ORV ºOWLPRV VRUERV GH FRFDFROD 6HQW TXH OD
LQVWDQWH D SHQVDU FRQ FODULGDG (VSHUD 0RQWDOE¡Q PH GLMH (VSHUD 4X© HVW¡V FRQYHUVDFL³Q HVWDED OOHJDQGR D VX ILQ \ \R WDPEL©Q WHQD DOJXQDV SUHJXQWDV TXH
KDFLHQGR7RGRORTXHHVW¡SDVDQGRHVPX\ERQLWRSHURXQSRFRUDURWDPEL©Q KDFHUOH
ߚ0RQWDOE¡QߚPHGLMRߚ2SUHILHUHVTXHWHOODPH0RQWDQHU" ߚ<YRVRWURV"ߚOHGLMHߚ2VFDVDVWHLV"7XYLVWHLVKLMRV"
ߚ&RPRWHG©ODJDQD $ SHVDU GH ODV SUHJXQWDV FRQRFD OD UHVSXHVWD GH OD SULPHUD H LQWXD OD GH OD
ߚ0HJXVWDP¡VWXQRPEUH0RQWDOE¡Q5DIDHO0RQWDOE¡Q7XDSHOOLGRGHHVWUHOOD VHJXQGD
GHFLQHGHK©URHGHQRYHOD 3HURHOODQRFRQWHVW³LQPHGLDWDPHQWH3HUPDQHFL³DEVRUWDXQPRPHQWRSULPHUR
ߚ7LHQHVXQFRQFHSWRPX\HOHYDGRGHP\WHORDJUDGH]FRSHUR\RQRVR\DV PLU¡QGRPH D P \ OXHJR HFK³ XQ YLVWD]R UHYHODGRU D OD QRWD TXH HVWDED GREODGD
ߚ'©MDPH TXH VHD \R TXLHQ OR GLJD 7º QR HVW¡V FDSDFLWDGR SDUD FDOLILFDUWH D WL VREUH OD PHVD $SHQDV OD UR]³ FRQ OD SXQWD GHO PH±LTXH FRPR VL QR VH DWUHYLHVH D
PLVPR1DGLHORHVW¡ WRFDUOD
ߚ&RPRTXLHUDVߚVHJXDVLQTXHUHUGLVFXWLU ߚ6XSLVWHHQVHJXLGDTXHHUD\R"ߚPHSUHJXQW³
+L]R XQD SDXVD FRPR VL TXLVLHUD FDPELDU GH WHPD $SODVW³ OD FROLOOD HQ HO ߚ6DEHVTXHV6LQRQRHVWDUDDTXFRQWLJRDKRUD
FHQLFHUR\VHPHTXHG³PLUDQGRPX\ILMDFRPRVLPHUDGLRJUDILDUD ߚ(QWRQFHVVDEU¡VTXHWHQDPXFKDVJDQDVGHTXHOOHJDVHHVWHPRPHQWR
ߚ1RSDUHFHTXHODYLGDWHKD\DWUDWDGRELHQߚPHGHEDGHKDEHUDGLYLQDGRHO ߚ3HUR PH JXVWDUD KDEHU HVFXFKDGR HVR KDFH PXFKRV D±RV GH WXV ODELRV ߚDO
WRQRWULVWHHQODYR]0LHVWDGRGH¡QLPRHUDGHPDVLDGRREYLR UHIHULUPH D VXV ODELRV QR SXGH HYLWDU TXHGDUPH XQ PRPHQWR FDOODGR PLU¡QGRORV
ߚ3DUDTX©WHYR\DPHQWLU/ROD3RGDKDEHUPHLGRPHMRUߚKLFHXQDSDXVD\ FDUQRVRVFRQXQOHYHEULOORGHFDUPQ/RVUHFXHUGRVKDFDQFRODHQPLFDEH]DSDUD
PHODTXHG©PLUDQGRߚSHURWDPSRFRPHTXHMR1RPHVHUYLUDGHQDGDDGHP¡V GHYROYHUPHDOSDVDGR6XVODELRV%DM©ODPLUDGDKDFLDHOHVFRWH8QSHTXH±ROXQDU
ߚ3RUTX©GHMDVWHGHHVFULELU" VH OH PDUFDED HQ HO QDFLPLHQWR GHO SHFKR L]TXLHUGR 0¡V UHFXHUGRV /RV VHQRV VH
0HHQFRJGHKRPEURV SHUGDQEDMRHOILQRYHVWLGR1ROOHYDEDVXMHWDGRU+DVWDHVHPRPHQWRQRPHKDED
ߚ&RQRFHVDPXFKRVER[HDGRUHVTXHHVFULEDQQRYHODV" ILMDGR2QRKDEDTXHULGRILMDUPH
ߚ1RFRQR]FRDQLQJºQER[HDGRU6³ORDWL $JXDIUHVFD
ߚ&RQRFHVDDOJºQHVFULWRUTXHKD\DVXELGRDOJXQDYH]DXQULQJ" 7UDJX©VDOLYD
ߚ7DPSRFRFRQR]FRDQLQJºQHVFULWRU6³ORߨ ߚ(VWR\ FDVDGD OR VDEHV OR VDEHV GH VREUD ߚOD HVFXFK© GHFLUߚ 3HUR HVWDED
ߚ1RVLJDV/ROD1RKDFHIDOWDTXHPHUHJDOHVHORGR1RVR\HVFULWRU\QXQFD HVSHU¡QGRWHSDUDTXHPHOOHYDUDVFRQWLJR
ORVHU©+DFH\DPXFKRVD±RVTXHPHGLFXHQWDSRUIRUWXQD<HQFXDQWRDOER[HR ߚ$G³QGH
EXHQR\DFRQRFHVODKLVWRULD ߚ$GRQGHWºTXLHUDV1XHYD<RUN&KLFDJR7RURQWR.XDOD/XPSXUߚVHHFK³D
ߚ<Dߨ UHU\OXHJRD±DGL³ߚSHURSULPHURGHEHUDPRVLUD/LVERD
ߚ5HVSHFWRDODHVFULWXUDQRV©6XSRQJRTXHPHFDQV©GHSHUGHUHOWLHPSR8Q ߚ/LVERD6DEHVXQDFRVD"1XQFDKHHVWDGRHQ/LVERD
GD\DQRWXYHJDQDVGHVHJXLU(VRHVWRGR&RPRHOQ¡XIUDJRTXHQDGDKDVWDTXHOR ߚ0HQWLUD
DEDQGRQDQODVIXHU]DV'HMDGHQDGDU\VHKXQGHPX\WUDQTXLORVLQPROHVWDUDQDGLH ߚ4XLHURGHFLUTXHQXQFDKHHVWDGRHQ/LVERDFRQWLJR
QLKDFHUDVSDYLHQWRV6HPXHUH\\DHVW¡ ߚ<RWDPSRFRKHHVWDGRQXQFDHQ/LVERD1LFRQWLJRQLVLQWL
3¡JLQD 3¡JLQD
ߚ<R QXQFD IXL D 1XHYD <RUN QL D &KLFDJR QL D 7RURQWR \ PXFKR PHQRV D ߚ6LQRIXHUDDVWºQRHVWDUDVDTX
.XDOD/XPSXU )UXQFHOFH±RILQJLHQGRQRFRPSUHQGHUORTXHTXHUDGHFLUPH/RODVHLQFOLQ³
9ROYL³DFXEULUPLVPDQRVFRQODVVX\DV/DVQRW©IUDVGHVSX©VGHTXHKXELHVHQ VREUHODPHVDEDM³ODYR]KDVWDXQSXQWRTXHFDVLPHFRVWDEDWUDEDMRHQWHQGHUOD
HVWDGRMXJXHWHDQGRFRQYDVR ߚ1RKDVYHQLGRKDVWDDTXSDUDQDGD0RQWDOE¡Q
ߚ0RQWDOE¡Q 0RQWDQHU ߚPH GLMR QRV GLMRߚ 6HDV TXLHQ VHDV /O©YDPH /R GLMR \ VH LQFRUSRU³ HQ OD VLOOD 6HJXD PLU¡QGRPH ILMDPHQWH \ DKRUD \R QR
FRQWLJR HVWDED VHJXUR GH HQWHQGHU QR VXV SDODEUDV VLQR OR TXH TXHUD GHFLUPH /ROD VH
'LHFLRFKR D±RV HVSHUDQGR DTXHOODV SDODEUDV GH VXV ODELRV \ DKRUD DO OHYDQW³ \ FRJL³ HO EROVR $QWHV GH PDUFKDUVH SXVR XQD PDQR VREUH PL KRPEUR \
UHJDO¡UPHODV PH GL FXHQWD GH TXH QR HUD DV FRPR KDED HVSHUDGR HVFXFKDUODV DSUHW³FRQVXDYLGDG$ºQVHQWDODSXQWDGHVXVGHGRVDFDULFL¡QGRPHSRUHQFLPDGH
GXUDQWH WDQWR WLHPSR <D HUD GHPDVLDGR WDUGH SDUD FUHHU HQ VXH±RV LPSRVLEOHV <D ODFDPLVDFXDQGR\DVHKDEDPDUFKDGRGHODFDIHWHUDFRPRVLWRGDYDHVWXYLHVHDOO
©UDPRVORVGRVGHPDVLDGRPD\RUHVSDUDSHQVDUHQXWRSDVSHURDSHVDUGHWRGRD GH SLH D PL ODGR \ QR FDPLQR GH VX FDVD SDUD HQFRQWUDUVH FRQ XQ PDULGR DO TXH
PHGLGD TXH IXHURQ SDVDQGR ORV VHJXQGRV PH GL FXHQWD GH TXH PH JXVWDED PXFKR DKRUDGHVSX©VGHWDQWRVD±RVWDOYH]RGLDED&RQRFDD/RODOREDVWDQWHFRPRSDUD
F³PRVRQDEDDTXHOOR0RQWDOE¡QOO©YDPHFRQWLJR VDEHUTXHQRHVGHODVTXHJDVWDQVDOYDVHQYDQR6LKDEDGHFLGLGRDEDQGRQDUDVX
ߚ2MDO¡SXGLHUDߚUHSOLTX©VLQHPEDUJR PDULGR/XLVHVWDEDVHQWHQFLDGRPX\SURQWRVHLEDDTXHGDUFRPSXHVWR\VLQQRYLD
ߚ3RUTX©QRSXHGHV" 3HURGHWRGRHOUDWRTXHHVWXYHFRQ/RODHQODFDIHWHUDKDEDDOJRTXHQRPHKDED
ߚ1RORV©3RUTXHKHGHLUDXQOXJDUGHOTXHWDUGDU©PXFKRHQYROYHU TXHGDGRQDGDFODURDOJRTXHVDEDTXHFXDQWRP¡VSHQVDUDHQHOORP¡VPHFRVWDUD
ߚ4X©OXJDUHV©VH" DYHULJXDU FX¡O HUD PL SDSHO HQ DTXHOOD KLVWRULD 3RU TX© HUD \R GHVSX©V GH TXH
6DFXGODFDEH]D KXELHVHQSDVDGRGLHFLRFKRD±RVODSHUVRQDTXH/RODKDEDHOHJLGRSDUDHPSUHQGHU
ߚ1L\RPLVPRORV©6³ORV©TXHWHQJRTXHPDUFKDUPH\TXHGHEHUDTXHGDUPH XQDQXHYDYLGD(UDFRPRXQSH]TXHGDEDYXHOWDVDOUHGHGRUGHXQDQ]XHORPLUDQGR
PXFKRWLHPSRDOO HO FHER FRQ DSHWLWR D SXQWR GH PRUGHUOR 3HUR QR QRV HQJD±HPRV <D QR WLHQH
ߚ0XFKRWLHPSRߨ3DUDVLHPSUH" VHQWLGR$HVWDVDOWXUDVQR$XQSH]VHOHSRGUDSHUGRQDUODLQJHQXLGDGGHPRUGHUHO
0HHQFRJGHKRPEURV FHER $ P QR DQWHV GH GDU HO ERFDGR \R VDED TXH GHEDMR GH OD FDUQD]D KDED XQ
ߚ7DOYH](OWLHPSRTXHVHWDUGHHQFDPELDUGHYLGD(OWLHPSRTXHVHWDUGHHQ JDQFKROHWDOVLQLHVWURTXHVHFODYDUDHQPLFDUQH\\DQRPHVROWDUDKDVWDTXHPH
VHURWUDSHUVRQD GHVWUR]DVH
ߚ<RSXHGRDFRPSD±DUWH
$KRUDHUD\RTXLHQKDEDVDFDGRODVPDQRVGHODSURWHFFL³QTXHPHEULQGDEDQODV
VX\DV\SURWHJDODVGH/RODFRQODVPDV
ߚ4X©WHRFXUUH/ROD"
0LU³DXQODGR\DRWURFRPRVLWHPLHVHTXHDOJXLHQR\HVHVXUHVSXHVWD/XHJR
FODY³VXVRMRVHQP\VHQWF³PRODSXQWDGHXQRGHVXVSXOJDUHVPHDFDULFLDEDOD
SDOPDGHODPDQR
ߚ<R WDPEL©Q TXLHUR HPSH]DU XQD QXHYD YLGD 4XLHUR UHFXSHUDU HO WLHPSR
SHUGLGR 9R\ D GHMDU D /XLV ߚKL]R XQD SDXVD QR VXSH VL SRUTXH OH KDED FRVWDGR
GHFLU OD IUDVH R SRUTXH HVWDED FDOLEUDQGR HO HIHFWR GH VXV SDODEUDV HQ PL HVWDGR GH
¡QLPR3HURHQWUHPLVHVFDVDVKDELOLGDGHVVHHQFXHQWUDODGHQRPRYHUQLXQPºVFXOR
GHODFDUDFXDQGRDOJRPHVDFXGHSRUGHQWUR
$FDEDED GH GHFLUPH TXH TXHUD UHFXSHUDU HO WLHPSR SHUGLGR \ HVR VLJQLILFDED
DGHP¡VTXHTXHUDUHFXSHUDUORMXQWRDP
ߚ(VW¡VVHJXUDGHWXVLQWHQFLRQHV"
6H PH TXHG³ PLUDQGR \ VXV RMRV YLROHWD SDUHFDQ TXHUHU GHFLUPH TXH HUD XQ
HVWºSLGR VL QR PH GDED FXHQWD GH OR TXH SHQVDED &ODUR TXH HVWDED VHJXUD GH VXV
LQWHQFLRQHV/DVPXMHUHVVLHPSUHORHVW¡Q</RODQRLEDDVHUPHQRV
3¡JLQD 3¡JLQD
XLVKDEDFRPSUDGRXQYLHMRSDODFHWHTXHKDEDSHUWHQHFLGRDXQDULFDIDPLOLD GLUHFWDVODPD\RUDGHODJHQWHTXHWLHQHHOGLQHURVXILFLHQWHSDUDSRGHUGHOHJDUHQ
/ VHYLOODQD YHQLGD D PHQRV ORV &RURQD 6¡HQ] GH $UW¡]FR] (O HGLILFLR OOHYDED RWURVHOWUDEDMRVXFLRVXHOHVHUVXWLOSDUDODVDPHQD]DVGLUHFWDV(OPDULGRGH/RODQR
P¡VGHWUHVG©FDGDVSXGUL©QGRVHFXDQGR©O\/RODOOHJDURQDO3XHUWRGH6DQWD0DUD VHDFHUF³DPLPHVDFRQODERFDWRUFLGDSDUDDQLPDUPHDTXHPHODUJDVHSRUGRQGH
FRQ WRGD OD YLGD SRU GHODQWH \ ORV EROVLOORV UHSOHWRV GH ELOOHWHV GHVSX©V GH TXH OD KDEDYHQLGR6XPHQVDMHYHQDGLVIUD]DGRGHXQDILQJLGDFRUWHVD<HOPHQVDMHURHUD
IRUWXQDGLVIUD]DGDGHLQIDUWRGHPLRFDUGLRORVOLEUDVHGHO*RUGR\GHTXHVXIDOWDGH XQDPROHVHPHMDQWHDXQDUPDULRGHVHLVSXHUWDV7HQDODFDEH]DDIHLWDGD\SDUHFD
HVFUºSXORV PH KXELHUD TXLWDGR GH HQ PHGLR 3HUR VL KH GH VHU KRQHVWR GHER TXHODVFRVWXUDVGHOWUDMHOHLEDQDHVWDOODUDODDOWXUDGHORVGRUVDOHV0XODWRGLHVWUR
UHFRQRFHUTXH/XLVVHKDEDHVPHUDGRHQGDUFDWHJRUDDOHGLILFLRUHFRQYLUWL©QGROR XQDFXDUWDP¡VDOWRTXH\RSRUORPHQRV&LHQWRYHLQWHNLORVSHVRSHVDGRFRQXQD
HQXQSHTXH±RSHURFRTXHWRKRWHOLWRFRQUHVWDXUDQWH\WHUUD]DGHYHUDQRGRQGHORV FLQWXUD HQVDQFKDGD TXH QR ORJUDED RFXOWDU GHO WRGR TXH XQD YH] HVWXYR HQ EXHQD
WXULVWDV URMRV FRPR VDOPRQHWHV SDOPHDEDQ WRUSHPHQWH DO FRPS¡V GHO HVSHFW¡FXOR IRUPD6RQUHD/RVGLHQWHVSDUHFDQXQDPDQFKDEODQFDHQPLWDGGHVXFDUDPRUHQD
IODPHQFR 1R HUDQ P¡V GH YHLQWH PLQXWRV HQ FRFKH GHVGH HO KRWHO HQILODU HO PRUUR ߚ%XHQDVQRFKHV(VW¡XVWHGLQYLWDGR
KDFLD HO 3XHUWR DWUDYHVDU OD FLXGDG WUHV R FXDWUR URQGDV GH FLUFXQYDODFL³Q SDVDU +DEDVLGRDPDEOH/RMXVWR3HURVHWUDWDEDGHHVDDPDELOLGDGTXHVDEHVTXHV³OR
MXQWRDXQSDUGHERGHJDVGHIXVWH\WRPDUODFDUUHWHUDGH6DQOºFDUGH%DUUDPHGD<D YDDGXUDUORTXHWDUGHHQDJRWDUVHVXSDFLHQFLD4XHODSU³[LPDYH]QRPHHQVH±DUD
KDEDYLVWRD/ROD\DORPHMRUHVRPHKDEDGDGR¡QLPRVRTXL]¡PHGLMH\DTXH ORVGLHQWHV$OPHQRVQRPHORVHQVH±DUDSDUDVRQUHUVLQRSDUDPRVWUDUHOFROPLOOR
KDEDOOHJDGRKDVWDDOO\PHKDEDHQFRQWUDGRFRQHOODQRVHUDPDODLGHDKDFHUOD GHOSHUURGHSUHVDTXHVHJXUROOHYDEDGHQWUR
YLVLWDFRPSOHWDFHUUDUHOFUFXOR<RTX©V© ߚ4X©GHWDOOHߚOHGLMH\YROYDPLUDUHOHVSHFW¡FXOR(OEDLODRUDKRUD]DSDWHDED
/DºOWLPD\ODºQLFDYH]TXHKDEDHVWDGRHQHO3XHUWRGH6DQWD0DUDV³ORKDED FRQP¡VHQHUJDVDFXGDODFDEH]D\ODPHOHQDD]DEDFKHVHPRYDDXQODGR\DRWUR
VLGR FDSD] GH DFHUFDUPH KDVWD OD HQWUDGD (QWRQFHV QR KDFD PXFKR TXH OR KDEDQ WDS¡QGROHODFDUD
LQDXJXUDGR \ DKRUD QR VXSH VL DOHJUDUPH DO FRPSUREDU TXH HO QHJRFLR DºQ 0L QXHYR DPLJR KDED DSR\DGR ODV PDQRV HQ XQD VLOOD OLEUH \ PH LQFRUSRU© XQ
IXQFLRQDEDTXHOHKDEDSURFXUDGRD/XLVFLHUWDSURVSHULGDGLQFOXVRTXHQRV³OROH SRFR HQ PL DVLHQWR OR MXVWR SDUD OHYDQWDUPH FRQ UDSLGH] \ HVTXLYDU XQ JROSH VL VH
VHUYD FRPR WDSDGHUD SDUD FDPXIODU WRGR HO GLQHUR TXH VH KDED OOHYDGR GH OD FDMD WHUFLDED 3DUHFD FRPR VL IXHUD D OHYDQWDU OD VLOOD SDUD HVWUHOO¡UPHOD HQ OD FDEH]D
IXHUWHGHO*RUGRVLQRTXHREWHQDEHQHILFLRVDGHP¡V 6HJXD PLUDQGR DO EDLODRU SHUR HQ UHDOLGDG HVWDED SHQGLHQWH GH ©O $ºQ QR KDED
(VWDYH]YHQDGLVSXHVWRDHQWUDUHQ/D*LWDQLOOD+D\YHFHVTXHXQRVDEHTXHQR OHYDQWDGRODVLOODSDUDDWL]DUPHFRQHOOD<\RWDPSRFRPHKDEDOHYDQWDGRQLKDED
YDDVHUELHQUHFLELGRSHURDSHVDUGHHOORRTXL]¡SRUHOORQRVHUHVLVWHDGHMDUHO KHFKRDGHP¡QGHPDUFKDUPH'HPRPHQWRORVGRVDFDE¡EDPRVGHVXELUDOULQJQRV
FRFKH HQ HO DSDUFDPLHQWR YLJLODGR GHO UHVWDXUDQWH EXVFDU XQD PHVD DO DLUH OLEUH KDEDPRV TXLWDGR ODV EDWDV KDFD XQ LQVWDQWH \ QRV PLU¡EDPRV WDQWH¡QGRQRV
SHGLUVHXQDFRSD\VHQWDUVHDYHUHOHVSHFW¡FXOR'LVIUXWDUGHOPRPHQWR PLHQWUDVPRYDPRVORVSLHVVREUHODORQDHVWXGL¡QGRQRV
8Q IODPHQFR ]DSDWHDED FRQ JDUER VREUH HO HVFHQDULR PLHQWUDV RWUR WRFDED OD ߚ'DOHODVJUDFLDVD/XLVGHPLSDUWHߚOHGLMHVLQGHMDUGHPLUDUHOHVSHFW¡FXOR
JXLWDUUD FRQ ORV RMRV FHUUDGRV PRYLHQGR ORV KRPEURV GH FXDQGR HQ FXDQGR 7RWDO\DTXHKDEDOOHJDGRKDVWDDOOQRWHQDPXFKRVHQWLGRDQGDUVHFRQURGHRVߚ
LQFOLQDQGRHOFXHUSR(UDXQGDHQWUHVHPDQDWHPSUDQR1RKDEDPXFKDJHQWH/H ([FHOHQWHHOURQ
GL XQ ODUJR VRUER DO GDLTXLUL ߚ\D LEDQ GRV YHFHV VHJXLGDV VLQ SHGLU OHFKH XQR QR 6HPHTXHG³PLUDQGR\DOFDERGHXQPRPHQWRORHVFXFK©VROWDUHODLUHGHVSDFLR
GHEHUDKDFHUWDQWDVFRQFHVLRQHVHQXQVRORGDߚ\VHPHRFXUUL³SHQVDUTXH/RODWDO FRQWDQWDIXHU]DTXHSXGHVHQWLUOR
YH]OHKDEUDKDEODGRD/XLVGHQXHVWURHQFXHQWURDXQTXHVDFXGODFDEH]DFRPRVL ߚ1RHVTXHQRPHJXVWHWXFRPSD±DߚD±DGߚSHURVLWHVR\VLQFHURSUHILHUR
HVWXYLHUD KDEODQGR VROR 6HJXUR TXH QR $O PHQRV QR WRGDYD &RQRFL©QGROD OR EHEHUVROR1RWHRIHQGDV0DQDVTXHWLHQHXQR1DGDSHUVRQDO
QRUPDO HV TXH HOOD SUHILULHVH HVSHUDU D YHU FX¡O HUD PL VLJXLHQWH SDVR <D PH KDED 0RYL³XQSRFRODVLOODFRPRVLTXLVLHUDFRORFDUODELHQRWDOYH]HVTXHHVWXYLHUD
GLFKRTXHTXHUDTXHPHODOOHYDVHFRQPLJRSHURORVGRVVDEDPRVTXHDTX©OODHUD FRQWHQL©QGRVHGHDEULUPHODFDEH]DFRQHOOD1RPHFDEHGXGDGHVSX©V GHWRGROR
XQD LGHD GHVFDEHOODGD LQFOXVR SDUD DOJXLHQ TXH HVWXYLHUD WDQ ORFR FRPR HOOD R TXH TXHKDSDVDGRGHTXHHUDORTXHOHKXELHUDJXVWDGRKDFHUDWL]DUPHFRQODVLOODKDVWD
IXHUD WDQ LQFRQVFLHQWH FRPR \R TXH PH KDED UHFRUULGR PHGLD (VSD±D SDUD YHQLU D URPSHUPHODFULVPD\OXHJRSLV¡UPHODFRPRTXLHQDSODVWDXQDFROLOOD3HURDTX©OOD
YHUODGHVSX©VGHTXHHFKDVHHODQ]XHOR GHEDGHVHUODQRFKHTXHVLJXHDXQGDGHVXHUWHPHGLMHVLQTXHUHUUHFRQRFHUOR
1R PH KDED WHUPLQDGR GH EHEHU HO GDLTXLUL FXDQGR DSDUHFL³ /XLV %XHQR HQ TXH\DVDEDTXHEDVWDEDXQDRUGHQGH/XLVSDUDTXHDTXHODUPDULRFDREDPHVDFDVH
UHDOLGDGQRDSDUHFL³VLQRTXHPHPDQG³XQPHQVDMHSDUDDQXQFLDUPHTXHHVWDEDDOO ߚRLQWHQWDVHVDFDUPHߚDUDVWUDVGHOORFDO
TXHPHHVWDEDYLJLODQGRTXHPHKDEDUHFRQRFLGRTXHPHDQGXYLHVHFRQFXLGDGRVL 6ROW³XQEXILGRTXHPHVRQ³WDQIXHUWHFRPRHOGHXQHOHIDQWH\VHPHTXHG³
TXHUD VDOLU HQWHUR GH VX ORFDO 3HUR /XLV HV GHPDVLDGR VXWLO SDUD ODV DPHQD]DV PLUDQGRDKTXLHWRVLQPRYHUVHVLQDSDUWDUODVPDQRVGHODVLOODTXHDEXHQVHJXUR
3¡JLQD 3¡JLQD
KDEUDOHYDQWDGRSDUDSRQHUPHHQPLVLWLR VHYHDQDGDSRUTXHODVOXFHVHVWDEDQDSDJDGDVRVLSRUDOJXQDF¡PDUDGHOHTXLSRGH
&XDQGRXQRSHOHDKD\RFDVLRQHVHQODVTXHVDEHTXHFXHQWDFRQFLHUWDYHQWDMDD VHJXULGDGGHOORFDO(UDGLIFLOVDEHUOR+DEDGRVWLSRVDODHQWUDGD\SRUHOMDUGQ
SHVDU GH TXH HO FRQWUDULR VHD P¡V JUDQGH \ P¡V IXHUWH QR V© D YHFHV HO RWUR HVW¡ PHURGHDEDQ RWURV WUHV HQFKDTXHWDGRV FRQ HO SLQJDQLOOR HQ OD RUHMD +DVWD GRQGH
FDQVDGROHIDOWDIRQGR\EDVWDEDLODUXQUDWRDVXDOUHGHGRU\ODQ]DUOHDOJXQRVMDEVD KDEDYLVWRFRQWDQGRD&KRFRODWHHUDQVHLV0¡VTXHVXILFLHQWHSDUDFRQYHQFHUPHGH
ODFDUDGHFXDQGRHQFXDQGR$YHFHVWLHQHORVGRVRMRVKLQFKDGRVWDQWRTXHOHFXHVWD TXHGHEDPDUFKDUPHSRUGRQGHKDEDYHQLGRVLHUDQHFHVDULR1LVLTXLHUD0RKDPHG
YHU P¡V DOO¡ GH VX QDUL] \ DXQTXH HO SXQGRQRU OH REOLJXH D PDQWHQHUVH GH SLH HQ $O HO P¡V JUDQGH FXDQGR VH FHSLOO³ D )RUHPDQ HQ =DLUH KXELHUD VLGR FDSD] GH
OXJDU GH UHWLUDUVH D VX ULQF³Q R GHMDUVH FDHU HQ OD ORQD VDEH TXH WLHQH HO FRPEDWH WXPEDUDVHLVGHXQDYH]2DOPHQRVKDFHUORVLQVDOLUEDVWDQWHPDOSDUDGR©OPLVPR
SHUGLGR 3HUR QLQJXQR GH HVWRV HMHPSORV PH VLUYH SDUD OR TXH SDVDED HVD QRFKH 2WDOYH]V1XQFDVHVDEHORTXHXQRHVFDSD]GHKDFHUKDVWDTXHQRVHHQIUHQWDD
:DOWHUߚDVPHHQWHU©TXHVHOODPDEDSRFRGHVSX©VߚHVWDEDWDQHQWHUR\FRQWDQWDV HOOR3RUHVRKD\FRPEDWHVPWLFRVTXHGXUDQTXLQFHDVDOWRVߚ$OGHQXHYRFRQWUD
JDQDVGHGDUJXHUUDFRPRXQWRUREUDYRDOVDOLUDODSOD]D\ODºQLFDYHQWDMDTXH\R )UD]LHU 0DQLOD ߚ ORV GRV SºJLOHV DO OPLWH GH ODV IXHU]DV FXDQGR \D QR OHV
GLVIUXWDEDWHQDTXHGHEHUVHDODV³UGHQHVHVWULFWDVGH/XLVRDODLQFRQYHQLHQFLDGH TXHGDQHQHUJDVSDUDOHYDQWDUORVEUD]RV1LVLTXLHUDSDUDPDQWHQHUORVRMRVDELHUWRV
GDUXQHVSHFW¡FXORGHODQWHGHORVFOLHQWHVTXHDKRUDDSODXGDQDOJLWDQRTXHDFDEDED 3HQVDEDHQHVHJUDQFRPEDWHFXDQGRPHOHYDQW©GHPLDVLHQWR$QWHVGHKDFHUOR
GHUHPDWDUXQODUJR]DSDWHDGRVREUHODVWDEODV DOF©HOYDVRSDUDKDFHUXQEULQGLVLPDJLQDULRPLUDQGRDXQDGHHVDVYHQWDQDVRVFXUDV
ߚ%XHQR&KRFRODWHߚKD\TXHDSURYHFKDUODVSRFDVYHFHVTXHODVFLUFXQVWDQFLDV GHOHGLILFLRKDEDGHFLGLGRTXH/XLVHVWDEDREVHUY¡QGRPHSURWHJLGR SRUDOJXQR GH
WHFRQILHUHQFLHUWDYHQWDMDDºQQRPHKDEDGLFKRFX¡OHUDVXQRPEUHߚ6LTXLHUHVWH HVRVFULVWDOHVDKXPDGRVDXQTXHPX\ELHQSRGUDHVWDUVHQWDGRHQXQGHVSDFKRIUHQWH
GR\ PL QºPHUR \ WRPDPRV XQD FRSD RWUR GD SHUR KR\ SUHILHUR GLVIUXWDU GHO DXQDGRFHQDGHPRQLWRUHVGHWHOHYLVL³QGHVGHGRQGHSRGDFRQWURODUFDGDXQRGHORV
HVSHFW¡FXOR\RVROR<DPHHQWLHQGHV ULQFRQHVGHVXQHJRFLR
(VWDYH]QRLPLW³DXQHOHIDQWHTXHSUHVXPLHUDGHWURPSDGHODQWHGHODPDQDGD &XDQGRPHGLULJDKDFLDODSXHUWDYLFRQHOUDELOORGHORMRTXHXQRGHORVWLSRV
VLQRTXHDEUL³ODERFDFRPRVLTXLVLHUDPRUGHUPH\WDOYH]ߚWDOYH]QRVHJXURߚ TXHKDEDYLVWRDQWHVFRQHOSLQJDQLOORHQODRUHMDPHVHJXDFRQODPLUDGD
HVR HUD OR TXH WHQD JDQDV GH KDFHU 6H TXHG³ DV XQ VHJXQGR FRQ FDUD GH LPE©FLO 8Q DXWREºV GH WXULVWDV DSDUFDED HQ HVH PRPHQWR HQ OD H[SODQDGD
HQIDGDGR KDVWD TXH OD FHUU³ DSUHW³ ODV PDQD]DV HQ HO UHVSDOGR GH OD VLOOD FRPR VL 'HILQLWLYDPHQWHD/XLVOHLEDQELHQODVFRVDVFLQFXHQWDDOHPDQHVWRPDQGRFRSDVD
TXLVLHUDFODYDUODVSDWDVHQHODOEHURPHGHGLF³XQDPLUDGDTXHWUDGXFLGDGHEDGH XQSUHFLRH[DJHUDGRPLHQWUDVVHOHVFDDODEDEDYLHQGRXQHVSHFW¡FXORIODPHQFRGH
GHFLUDOJRDVFRPR\DWHFRJHU©JLOLSROODVߚV©TXHLEDGLULJLGDDPSRUTXHDODYH] WHUFHUD VXSRQDQ XQRV LQJUHVRV QDGD GHVSUHFLDEOHV (VSHU© D TXH HO FRQGXFWRU
TXH PH PLUDED PH VH±DO³ FRQ HO GHGR FRPR VL \R IXHUD WDQ WRQWR FRPR SDUD QR WHUPLQDVHODPDQLREUDGHDSDUFDPLHQWR\WDPEL©QDTXHVHGLVLSDVHODSROYDUHGDTXH
GDUPHFXHQWDGHTX©LEDHODVXQWRߚGLRPHGLDYXHOWD\VHIXHGHVSDFLRSRUGRQGH KDED OHYDQWDGR HO DXWREºV DO HQWUDU <D VH KDEDQ EDMDGR OD PLWDG GH ORV WXULVWDV
KDEDYHQLGR0LHQWUDVORYHDPDUFKDUVHSHQV©HQDOJRHQORTXHDFDEDEDGHUHSDUDU FXDQGRPHGLULJDOFRFKH3RUKR\\DHVW¡ELHQFKDYDOPHGLMHKDVYLVWRD/RODVH
FXDQGRPHHQVH±³ORVGLHQWHVSRUVHJXQGDYH]GHWDQEODQFRVQRSDUHFDQQDWXUDOHV WHKDGHVERFDGRHOSXOVR\OXHJRKDVYHQLGRKDVWDDTX\/XLV\DVDEHTXHH[LVWHV
(UDQSHUIHFWRVGHPDVLDGRSHUIHFWRV6HDSUHFLDEDHOWUDEDMRGLOLJHQWHGHXQGHQWLVWD TXHVLJXHVH[LVWLHQGRPHMRUGLFKR0D±DQDVHU¡RWURGD1RWHQDQLQJXQDSULVD\
7HQDDOPHQRVXQDGRFHQDGHIXQGDV$HVHWLSROHKDEDQDUUHJODGRODERFDP¡VGH WDPSRFRWHQDQLQJºQSODQ$ORPHMRUPHTXHGDEDXQRVGDVP¡VRDORPHMRUPH
XQDYH]<VLVHODKDEDQDUUHJODGRHUDSRUTXHDQWHVVHODKDEDQSDUWLGR YROYDD0DGULGSRUTXHQDGDGHORTXHHVWDEDVXFHGLHQGRWHQDVHQWLGR(QILQ<DOR
0H KDEUD SHGLGR XQ VHJXQGR GDLTXLUL SHUR HO EDLODRU \ HO JXLWDUULVWD VH LEDQ D YHUD
WRPDUXQGHVFDQVRGHTXLQFHPLQXWRV\DOOVHQWDGRDPLPHVDDSXUDQGRHOGHGRGH 3HURLUPHQRLEDDVHUWDQI¡FLOFRPRKDEDLPDJLQDGR$YHFHVSDVDHVRWHFUHHV
OLFRUTXHDºQTXHGDEDHQODFRSDPHVHQWLQF³PRGRDOSHQVDUTXHDEXHQVHJXURPLV TXH HO FRPEDWH HVW¡ D SXQWR GH WHUPLQDU SLHQVDV TXH HO ¡UELWUR YD D SDUDU OD SHOHD
PRYLPLHQWRV HVWDEDQ VLHQGR FRQWURODGRV 3UREDEOHPHQWH KDED HVWDGR VLHQGR SRUTXHWºRWXDGYHUVDULRHVW¡LVUHFLELHQGRXQDSDOL]DWUHPHQGDRSHRUSRUTXHXQR
REVHUYDGRGHVGHHOPRPHQWRHQTXHHQWU©HQ/D*LWDQLOODSHURKDVWDHQWRQFHVQRPH GHORVGRVQRHVW¡SRQLHQGRLQWHU©VHQODOXFKD\KDVWDHOP¡VWRQWRHVFDSD]GHGDUVH
LQFRPRG³ 6HJXUR TXH :DOWHU ߚDXQTXH \R \D HQWRQFHV LJXDO TXH DKRUD SUHIHUD FXHQWDGHTXHKD\WRQJRGHSRUPHGLRFRPRHUDORTXHKDEDVXFHGLGRGHQWURHQOD
OODPDUOR &KRFRODWHߚ D SHVDU GH OD SDUVLPRQLD FRQ OD TXH KDED DEDQGRQDGR D FRQYHUVDFL³Q TXH KDED WHQLGR FRQ HO TXLWDYHUJ¼HQ]DV GH /XLV XQ FRPEDWH TXH QR
UHJD±DGLHQWHVPLFRPSD±DVHKDEDGDGRSDWDGDVHQHOFXORSDUDLUDFRQWDUOHDVX KDEDOOHJDGRDVHUOR3XHVHVRDORTXHLEDTXHDYHFHVWHFUHHVTXHHO¡UELWURYDD
MHIHߚRVHDDPLDPLJRRH[DPLJR/XLVߚODFRQYHUVDFL³QTXHDFDEDEDGHWHQHU GHFODUDU HO FRPEDWH QXOR SRUTXH DOJXQR GH ORV SºJLOHV SDUHFH TXH VH KD WRPDGR OD
FRQPLJR /XLV PH HVWDED REVHUYDQGR VROR TXH \R QR SRGD VDEHU GHVGH G³QGH VL SHOHDFRPRVLIXHUDXQDUL±DGHOSDWLRGHXQFROHJLR\UHVXOWDTXHHORWURGHUHSHQWH
GHVGHDOJXQDGHODVYHQWDQDVGHOSDODFHWHFRQORVFULVWDOHVDKXPDGRVWUDVODVTXHQR HQVH±DORVGLHQWHV\HQFXDQWRDFDEDHOWLHPSRUHJODPHQWDULRGHVSX©VGHTXHHOMXH]
3¡JLQD 3¡JLQD
FRQWDGRUGLJDVHJXQGRVIXHUDVHODQ]DDSRUWLFRPRVLIXHUDODºOWLPDFRVDTXHYDD PHUHILHURDXQRGHHVRVORERVDPDEOHVTXHHUDQDPLJRVGH0RZJOLVLQRXQDEHVWLD
KDFHU HQ OD YLGD HQVH±¡QGRWH ORV GLHQWHV PDQFKDGRV GH VDQJUH EDMR HO SURWHFWRU GHODVGHYHUGDGFRPRHUDVLQGXGDODPROHTXHDKRUDPHVHSDUDEDGHPLFRFKH
EXFDO /R TXH HVWDED FODUR HUD TXH D &KRFRODWH QR OH KDEDQ DUUHJODGR OD ERFD HQ HO
&KRFRODWHYROYDDHQVH±DUPHORVVX\RVVLQP¡FXODGLVH±DGRVHQODFRQVXOWDGH GHQWLVWDSRUFDSULFKR0HDGLYLQ³ODLQWHQFL³Q\VLQGLVLPXORVHFRORF³GHODGRVLQ
XQ RGRQW³ORJR (VWDED WDQ RVFXUR TXH DSHQDV SRGD YHU RWUD FRVD TXH VXV FROPLOORV GHMDU GH PLUDUPH D ORV RMRV 6X EUD]R HQRUPH OH SURWHJD HO WRUVR 3DUD SRGHU
EULOODUHQODQRFKH DFHUWDUOHHQODFDUDLEDDWHQHUTXHEDLODUXQSRFRDVXDOUHGHGRU<HVRDOHUWDUDDORV
ߚ9D\D RWUD YH] Wº ߚOH GLMHߚ 1R VDED TXH ORV PRUHQRV IXHVHLV WDQ RWURVHVELUURVTXHDEXHQVHJXURVHJXDQHVSHUDQGRDPLHVSDOGDDTXHPHVDOLHVH
LPSDFLHQWHV3HQV©TXHSRGUDVHVSHUDUKDVWDPD±DQDSDUDYHUPHRWUDYH] GHOJXL³QSDUDVDOWDUVREUHP
1RPHFRQWHVW³3HURPLVSDODEUDVGHELHURQGHSRQHUORGHPDODOHFKHSRUTXHVXV 3HURHVWDEDHTXLYRFDGR4XLHURGHFLUTXHPHHTXLYRFDEDUHVSHFWRDOPRPHQWRGH
GLHQWHVSRVWL]RVGHMDURQGHDOXPEUDUPH ODSHOHD(VWDEDFODURTXHDTXHOIXODQR\\RDFDEDUDPRVG¡QGRQRVORQXHVWURߚWUHV
ߚ$KRUD HQ VHULR &KRFRODWH ߚLQVLVW DFHUF¡QGRPH DO FRFKH DO WLHPSR TXH OH HQIUHQWDPLHQWRV KDVWD DKRUD GRV D XQR SDUD Pߚ SHUR DTXHOOD QRFKH HQ HO
LQGLFDEDFRQXQDPDQRTXHVHDSDUWDVHߚ'©MDPHSDVDUDQGD7HGR\PLSDODEUDGH DSDUFDPLHQWRGHOWLQJODGRGHPLH[DPLJR/XLVQRLEDDWHQHUOXJDUHOSULPHUR6HUD
TXH QR PH KH OOHYDGR OD FXEHUWHUD GH SODWD QL OD FRSD 6L QR WH OR FUHHV HV WX PX\SRFRGHVSX©VSHUR\RDºQQRORVDED
SUREOHPDSHUR\DHVWR\DOJRPD\RUSDUDGHMDUTXHPHUHJLVWUHV ߚ5HO¡MDWH5DID(VWDPRVHQWUHDPLJRV
&KRFRODWHVHJXDDOOPLU¡QGRPHFRQODPLVPDFDUDTXHXQYHUGXJRPLUDUDDXQ +DEDQ SDVDGR FDVL YHLQWH D±RV GHVGH OD ºOWLPD YH] TXH HVFXFKDED D /XLV
FULPLQDODOTXHHVW¡DSXQWRGHFRUWDUOHODFDEH]D6HPHDQWRM³P¡VQHJUREDMRODOX] OODPDUPH5DID6XYR]PHVRQ³LJXDOTXHHQWRQFHVXQSRFRP¡VURQFDVLDFDVR
HVFDVD GHO DSDUFDPLHQWR HQRUPH ODV PDQRV GH JLJDQWH SDUHFDQ EURWDUOH GH ODV 0HVHSDU©XQSRFRGH&KRFRODWHVLQYROYHUPHWRGDYDOQRVHPRYL³(UDFRPR
PDQJDV GHO WUDMH FRPR ODV UDPDV IXHUWHV GH XQ WURQFR SRGHURVR $OJR TXH QR KH VL HVSHUDVH D TXH GLHVH XQ SDVR HQ IDOVR SDUD VDOWDU VREUH P \ WULWXUDUPH OD FDUD
ROYLGDGRGHPLVWLHPSRVGHER[HDGRUHVHOUHVSHWRSRUHODGYHUVDULRFRQHOTXHYR\D /XHJR PH JLU© GHVSDFLR SURFXUDQGR QR SHUGHU GH YLVWD DO SHUUR GH SUHVD SRU VL D
SHOHDUPH(VXQHUURUPLQXVYDORUDUDQDGLHDQWHVGHKDEHUFUX]DGRORVSX±RVFRQ©O SHVDUGHWRGRVXMHIHOHGDEDODRUGHQGHDWDFDURSRUVLDWDFDEDSRUVXFXHQWDVLQTXH
$YHFHVHVP¡VGLIFLOFXEULUWHGHODWDTXHGHXQWLSRSHTXH±DMRSHURFRUUHRVRFRPR VX MHIH VH OR RUGHQDVH (O FDVR HV TXH TXLHQ PDQGDED HVWDED DOO GHWU¡V GH P XQ
\RPLVPRFXDQGRER[HDEDTXHGHORVJDQFKRVGHXQPDVWRGRQWHTXHWHVDFDWUHLQWD SRFRDODL]TXLHUGDMXVWRGHODQWHGHORVRWURVJRULODVVRQUL©QGRPH
NLORV&KRFRODWHPHVDFDEDSRUORPHQRVHVRWUHLQWDRWUHLQWD\FLQFRNLORV\\DVDED $VHQWD FRQ OD FDEH]D FRQ OHYHGDG SDUSDGHDQGR GH FXDQGR HQ FXDQGR FRPR
TXHPHLEDDHQIUHQWDUFRQ©O\TXHQRLEDDVHUXQFRPEDWHI¡FLO3HQV©TXHLEDDVHU TXLHQDFDEDGHGDUVHFXHQWDGHXQDYHUGDGLQFXHVWLRQDEOHGHVSX©VGHFDYLODUGXUDQWH
DOOHQHODSDUFDPLHQWRPLHQWUDVORVRWURVVLFDULRVGH/XLVPHGDEDQORPRSRUOD PXFKRWLHPSR\SRUXQPRPHQWRPHSDUHFL³TXHLED DGHFLUDVXVHVELUURVTXHVH
HVSDOGD5HODM©ORVKRPEURVFDOFXO©ODGLVWDQFLDTXHPHVHSDUDEDGHOPXODWR&HUU© PDUFKDVHQ \ TXH PH LED D GDU XQ DEUD]R R TXH PH LED D GDU XQ DEUD]R \ OHV LED D
ORV SX±RV GHVSX©V GH UHVROYHU U¡SLGDPHQWH TXH OR P¡V DGHFXDGR VHUD IOH[LRQDU ODV RUGHQDU D VXV HVELUURV TXH VH ODUJDVHQ (O RUGHQ GHVGH OXHJR WDPSRFR LPSRUWD
SLHUQDVDPDJDUDOKJDGR\ODQ]DUOHXQMDEDVFHQGHQWHDODEDUELOOD(VODYHQWDMDTXH PXFKR1ROHVGLMRTXHVHIXHUDQ\WDPSRFRPHGLRXQDEUD]RDOPHQRVQRIXHXQ
WLHQHVHUP¡VSHTXH±RTXHWXDGYHUVDULRTXHSXHGHVDSURYHFKDUWHGHODIXHU]DGHWXV DEUD]RVLQFHURVLQRHOJHVWRSHUH]RVRGHTXLHQVHHQFXHQWUDDXQYLHMRDPLJRFX\D
SLHUQDVSDUDODQ]DUJROSHVGHVGHDEDMRSRUVRUSUHVD6LKXELHUDHVWDGRP¡VFHUFDPH SUHVHQFLDOHLQFRPRGD\QRVDEHPX\ELHQTX©KDFHU0HFRJL³ORVEUD]RVFRQODVGRV
KDEUDGHFDQWDGRVLQGXGDSRUPLJROSHIDYRULWRPLVGRVJROSHVIDYRULWRVURGLOOD]R PDQRV FRPR VL GDUPH OD PDQR QR OH SDUHFLHUD OR EDVWDQWH FHUFDQR R FRPR VL
HQ ORV KXHYRV \ OXHJR FXDQGR VH GREODVH SRU HO GRORU VLQ DOLHQWR FURFKHW D OD HQFRQWUDVHGHPDVLDGRHIXVLYRDEUD]DUVHDPGHODQWHGHVXVKRPEUHV(OFDVRHVTXH
PDQGEXOD (VR PH GDUD HO WLHPSR MXVWR SDUD PRQWDUPH HQ HO FRFKH \ VDOLU GHO /XLVQRWHQDPXFKDVJDQDVGHPRVWUDUVHFDUL±RVR&ODURTXHQR<RWDPSRFR<QR
DSDUFDPLHQWRFRQFLHUWDGLJQLGDG2WDOYH]QRSRUTXHPHGDEDTXH&KRFRODWHQRHUD HV TXH WXYLHUD JDQDV GH SDUWLUOH OD FDUD SRU IRUWXQD SDUD ©O \ SDUD P \D KDED
GHORVTXHVHULQGHQDODVSULPHUDVGHFDPELRGHVSX©VGHOFURFKHWDODPDQGEXODDOR GHVWHUUDGRODVJDQDVGHDMXVWDUOHODVFXHQWDVKDFDPXFKRVD±RV$YHFHVSDUDSRGHU
PHMRUWHQDTXHDWL]DUOHXQDSDWDGDHQORVUL±RQHVSDUDDVHJXUDUPHODKXLGDVLQWHQHU YLYLUSDUDSRGHUVHJXLUDGHODQWHKD\TXHVDEHUROYLGDURDOPHQRVLQWHQWDUOR
TXH PLUDU DWU¡V 1R HV TXH TXLHUD G¡UPHODV GH FDEDOOHUR D HVWDV DOWXUDV GH PL YLGD ߚ7LHQHV EXHQ DVSHFWR ߚPLQWL³ GHVSX©V GH VHSDUDUVH SRU ILQ GH P 6H KDED
SHURQRPHJXVWDUHFXUULUDFLHUWRVJROSHVVLSXHGRHYLWDUOR&XDQGRXQRKDSHUGLGRHO DOHMDGRXQSDVR\PHPLUDEDGHDUULEDDEDMRFRPRVLTXLVLHUDFHUFLRUDUVHGHTXHPL
QRUWHRFRPR\RTXHQXQFDHQVXSXWDYLGDKDYLVWRXQDEUºMXODKDGHUHJLUVHSRU LQGXPHQWDULDHUDODDGHFXDGDSDUDTXHPHGHMDVHQHQWUDUHQVXORFDO
FLHUWDVUHJODVVLQRTXLHUHDFDEDUFRQYHUWLGRHQXQDQLPDO\FXDQGRGLJRDQLPDOQR 0HHQFRJGHKRPEURVFRQGHVG©Q
ߚ$WLWDPSRFRSDUHFHTXHWHKD\DQLGRODVFRVDVPDO
3¡JLQD 3¡JLQD
<RQRPHQWD/XLVKDEDHQYHMHFLGRVLQGXGD<DGHEDGHDQGDUHQWRUQRDORV VXSRQJRTXH\DWHKDEU¡VGDGRFXHQWDGHHVR(VSHURTXHKD\DVLGRDPDEOHFRQWLJR
VHVHQWD 7HQD HO SHOR EODQFR \ PXFKDV P¡V DUUXJDV TXH OD ºOWLPD YH] TXH OR YL $KRUDIXL\RTXLHQGHM³HVFDSDUXQDVRQULVDTXHWHQDIRUPDGHVXVSLURJDVWDGR
FXDQGRWUDEDMDEDGHFRQWDEOHSDUDHO*RUGR\WDPEL©QVHWLUDEDD/RODDHVFRQGLGDV /XHJRPHHQFRJGHKRPEURVFRPRVLQRPHLPSRUWDVH<ODYHUGDGHVTXHQRPH
3HUR SUHVHQWDED HO DVSHFWR GH XQ HMHFXWLYR SUHMXELODGR DO TXH OH KDQ LGR ELHQ ODV LPSRUWDEDPXFKRTXH&KRFRODWHKXELHUDVLGRDPDEOHRQR6XWUDEDMRQRFRQVLVWDHQ
FRVDV(VWDEDPX\PRUHQRVLQGXGDSRUSDVDUPXFKRVUDWRVWXPEDGRHQXQDKDPDFD FDHUPHELHQ<GHWUDEDMRVFRPR©VH\RVDEDXQSRFR
HQODSLVFLQDGHVXFDVDHOSHORSHUIHFWDPHQWHFRUWDGRDOFHSLOORHOFXLGDGRELJRWH /XLVOHKL]RXQJHVWRDVXHVELUURXQPRYLPLHQWRGHFDEH]DDSHQDVSHUFHSWLEOH
JULVHOWUDMHFODURLPSHFDEOHORV]DSDWRVOXVWURVRV0HSUHJXQW©VLHVWUHQDEDXQSDU SDUDLQGLFDUOHTXHQRVGHMDVHVRORV(ORWURREHGHFL³VLQUHFKLVWDU6HGLULJL³GHVSDFLR
FDGDGD3UREDEOHPHQWHOHKDFDQODPDQLFXUD\SRUODVPD±DQDVGHVD\XQDED]XPRV KDFLD HO ORFDO GHVGH GRQGH \D VH HVFXFKDEDQ ORV SULPHURV DFRUGHV GH OD JXLWDUUD
FRQPLHOHQHOMDUGQPLHQWUDVOHDHOSHUL³GLFR1ROHKDEDLGRPDOFODURTXHQR'H VHJXLGRV GH XQ WDFRQHR LQWHQVR (UD WDQ FRUSXOHQWR TXH SDUHFD TXH HO VXHOR
ORVGRV/XLVKDEDVLGRHOP¡VOLVWR\ORVHJXDVLHQGR/RODKDEDHOHJLGRELHQ/DV UHWXPEDEDEDMRVXVSLHV0HTXHG©PLU¡QGRORKDVWDTXHDWUDYHV³ODSXHUWDGHOMDUGQ
PXMHUHV FRPR HOOD QXQFD VH HTXLYRFDQ 6LHPSUH DSXHVWDQ SRU HO FDEDOOR JDQDGRU 6HJXURTXHQRVHKDEDPDUFKDGRPXFKRP¡VOHMRVTXHVHKDEDTXHGDGRDOOSRUVL
6HQWXQDSXQ]DGDHQHOSHFKRDOSHQVDUORFRPRXQFODYR$SUHW©ORVGLHQWHV\DVHQW DFDVRHVSHUDQGRDTXHXQRGHORVGRVSRUWHURVTXHSRGDQYHUQRVD/XLV\DPOH
FRQODFDEH]DUHVLJQDGR$VKDEDQURGDGRODVFRVDV0¡VWDUGHRP¡VWHPSUDQRXQR GLMHUDQTXHDOJRQRDQGDEDELHQ
RFXSDHOVLWLRTXHOHFRUUHVSRQGH 8QEXHQSURIHVLRQDOVLQGXGD
ߚ7RPHPRV XQD FRSD DQGD ߚPH GLMR DFRPSD±DQGR HO RIUHFLPLHQWR FRQ XQ ߚ8QEXHQSURIHVLRQDOߚOHGLMHD/XLVSRUGHFLUOHDOJRSDUDURPSHUHOKLHOR
JHVWRPRYLHQGRODPDQRLQYLW¡QGRPHDYROYHUDGHQWURFRQ©O ߚ'HEH GH VHUOR FRQ OR TXH OH SDJR ߚPH FRQWHVW³ VRQULHQGR FRPR TXLHQ
$QWHV GH GDU XQ SDVR UHFRUU FRQ OD PLUDGD ORV FXDWUR SDUHV GH RMRV TXH DºQ SUHVXPHGHJDVWDUPXFKRGLQHUR
VHJXDQFODYDGRVHQP(QUHDOLGDGHUDQFLQFRSRUTXHORVRMRVGH&KRFRODWHDXQTXH 6H DFHUF³ D P SXVR XQD PDQR VREUH PL KRPEUR \ FRQ OD RWUD PH LQGLF³ HO
QRSRGDYHUORVDKRUDVHJXURTXHVHJXDQWDPEL©QDKDWHQWRV FDPLQRGHODSXHUWD
/XLVVRQUL³ ߚ9HQJDHQWUHPRV7RPHPRVXQDFRSD\FKDUOHPRVXQUDWR
ߚ9DPRV 5DID (QWUD FRQPLJR 8QD FRSD SRU ORV YLHMRV WLHPSRV 7º \ \R 7DUGDPRV GRV R WUHV PLQXWRV HQ OOHJDU DO SDODFHWH \ PHWHUQRV HQ XQ GHVSDFKR
/ODPDUHPRVD/RODWDPEL©QSDUDTXHQRVDFRPSD±H &RPR KDED SHQVDGR &KRFRODWH HVWDED PX\ FHUFD GH OD HQWUDGD HVSHUDQGR
/DºOWLPDIUDVHODKDEDGLFKRHQXQWRQRP¡VEDMRTXHODVRWUDVFRPRVLIXHUDXQ LQVWUXFFLRQHVMXJXHWHDQGRFRQHOSLQJDQLOORGHODRUHMDSDUDGLVLPXODU
D±DGLGR IRU]DGR D WRGR OR TXH KDED GLFKR 1R FUHR TXH HQWRQFHV VXSLHVH TXH HVD ߚ)XHER[HDGRUߚPHH[SOLF³/XLVSRUHOFDPLQRGHVSX©VGHSDVDUMXQWRD©Oߚ
WDUGH\R\DKDEDYLVWRD/RODSHURGDEDORPLVPR&X¡QGRODYLHVHHUDORGHPHQRV 3XGRKDEHUVLGRXQJUDQFDPSH³Q&RPRWº
ODFXHVWL³QHUDTXHPHHQFRQWUDUDFRQHOODP¡VWDUGHRP¡VWHPSUDQR<©OORVDED <RQXQFDIXLXQFDPSH³QSHQV©SHURQRSHUGHOWLHPSRHQH[SOLF¡UVHORD/XLV
ߚ/RODߚPXUPXU©SHURQDGLHSXGRRUPH VREUHWRGRSRUTXH©OVDEDSHUIHFWDPHQWHF³PRKDEDVLGRPLYLGD
ߚ(VW¡ELHQPXFKDFKRVߚGLMRYROYL©QGRVHDORVVLFDULRVߚ7RGRHVW¡HQRUGHQ ߚ%XHQ WLSR ߚD±DGL³ߚ &DPSH³Q GH &XED FXDWUR D±RV FRQVHFXWLYRV /¡VWLPD
/RV FXDWUR HVELUURV VH GLVSHUVDURQ FRPR VL DTXHOOD FRQYHUVDFL³Q QR KXELHUD TXHVHHQFRQWUDVHFRQPLJRGHPDVLDGRWDUGH
H[LVWLGR QXQFD $ &KRFRODWH QR OR YHD DV TXH GHED GH VHJXLU HQ DOJºQ OXJDU SRU (QWUHODVYLUWXGHVGH/XLVQRWHQDFDELGDODPRGHVWLD1XQFDODKDEDWHQLGR
GHWU¡VGHP0HYROYPHGLRSDVR\JLU©HOFXHOORXQSRFR6HKDEDVHSDUDGRXQRV ߚ6DOL³GH&XEDSRUODSXHUWDGHDWU¡V\ODIHGHUDFL³QGHVXSDVOHKL]RODYLGD
PHWURV(VWDEDOREDVWDQWHOHMRVFRPRSDUDVHUGLVFUHWRSHUROREDVWDQWHFHUFDFRPR LPSRVLEOH SDUD GHMDUOR SHOHDU \D VDEHV < SDUD FXDQGR SXGR KDFHUOR \D VH OH KDED
SDUDURPSHUPHHOFXHOORVLPHSDVDEDGHODUD\D(UDXQEXHQSURIHVLRQDO1RWXYH SDVDGRHODUUR]8QDO¡VWLPD<DWHGLJR3RGUDKDEHUOOHJDGRPX\OHMRV,JXDOTXHWº
UHSDURV HQ UHFRQRFHUOR 'H WRGRV ORV PHUFHQDULRV HVWDED FODUR TXH ©VWH HUD HO GH VLKXELHUDVTXHULGRߨ
FRQILDQ]DGH/XLV<HVRHUDXQGDWRPX\LPSRUWDQWHDWHQHUHQFXHQWD6LDQWHVKDED (UD OD VHJXQGD YH] TXH PH PHWD ORV GHGRV HQ XQ PLQXWR 1R HV TXH IXHUD D
WHQLGR DOJXQD GXGD UHVSHFWR D VL DOJXQD YH] PH WHQGUD TXH HQIUHQWDU FRQ HVH VDFDUPHGHPLVFDVLOODVSHURVLEDDFRQVHJXLUSRQHUPHGHPDODOHFKH<HUDORTXH
PDVWRGRQWHFRORUFDI©FDUJDGRDKRUDVHPHGLVLSDURQWRGDV HVWDEDLQWHQWDQGRGHVGHOXHJR$KRUDVXSHSRUTX©ODSULPHUDYH]TXHORKDEDYLVWR
ߚ&KRFRODWHVHYDDTXHGDUFRQQRVRWURVWRGDODQRFKH" HVD QRFKH PH KDED UHFRUGDGR DO *RUGR $O *RUGR FODUR TXH FRQ PXFKRV PHQRV
/XLVGHM³HVFDSDUHODLUHFRPRTXLHQGHMDVDOLUGHVXERFDXQDVRQULVD NLORV \ EDVWDQWH PHQRV FODVH /RV GRV FRQ PXFKR GLQHUR SHUR VLQ SRGHU FRQILDU HQ
ߚ6HOODPD:DOWHUߚPHFRUULJL³DXQTXHVXVRMRVPHGHFDQTXHHOPRWHTXHOH QDGLH $ SRFR TXH XQR VH GHVFXLGH DFDED FRQYLUWL©QGRVH HQ HO MHIH VROLWDULR GH XQD
KDED SXHVWR D VX SHUUR GH SUHVD QR OH GLVJXVWDEDߚ (V GH WRGD FRQILDQ]D $XQTXH PDQDGDGHORERVTXHDFHFKDQDODSU³[LPDUHXQL³QHQHO5RTXHGDOGHO&RQVHMRSDUD
3¡JLQD 3¡JLQD
DUUHEDWDUOH HO SXHVWR 'HEH GH VHU OD /H\ GH OD 6HOYD 7DO YH] HV TXH /XLV TXLVLHUD /R ºQLFR TXH \R WHQD HUD OD QDYDMD HQ ORV UL±RQHV 7RGDYD QR PH KDEDQ
UHPHGDU DO *RUGR \ WHQHU YHOHLGDGHV GH SURPRWRU GH FRPEDWHV GH ER[HR OH KDFD UHJLVWUDGR\FRQXQSRFRGHVXHUWHWDOYH]QRORKDUDQHQWRGDODQRFKHSHURHVWDED
VHQWLUVHLPSRUWDQWH3HURKDEDXQDJUDQGLIHUHQFLDSRUPXFKRTXH/XLVVHHVIRU]DVH VHJXURGHKDEHUSDVDGRSRUDOJºQGHWHFWRUGHPHWDOHVRKDEHUVLGRUDGLRJUDILDGRSRU
HQWUH HO *RUGR \ ©O HO YLHMR DPDED HO ER[HR \ OR TXH HUD PHMRU UHVSHWDED HVH DOJºQDUWLOXJLRHOHFWU³QLFRVLQTXHSXGLHVHGDUPHFXHQWD7DPSRFRWHQDLQWHQFL³QGH
GHSRUWHFRPRVLIXHUDXQDIRUPDGHYLGDH[WUD±D\GXUDTXHOHHUDDMHQD\UHVSHWDEDD XWLOL]DUOD1RVDEDPX\ELHQSDUDTX©KDEDLGRKDVWDDOOSHURGHVGHOXHJRQRSDUD
TXLHQHV OR SUDFWLFDEDQ DGHP¡V R D ORV TXH FRPR \R DXQTXH MDP¡V OOHJDUD D OLDUPHDQDYDMD]RVQLDGDUPHGHSX±HWD]RVFRQ/XLVQLFRQFXDOTXLHUDGHORVVLFDULRV
DFHSWDUORQRTXHUDPRVSUDFWLFDUORDSHVDUGHTXHPXFKRVHVWXYLHUDQFRQYHQFLGRVGH TXHOHFXEUDQODUHWDJXDUGLD$KRUDTXHORSLHQVRFUHRTXHIXLD/D*LWDQLOODSDUD
TXHWHQDWRGDVODVSDSHOHWDVSDUDSRQHUPHHOFLQWXU³QGHFDPSH³QGHOPXQGRGHORV WRPDUPH XQD FRSD VLPSOHPHQWH SDUD LQFRUGLDU XQ SRFR D /XLV FRQ PL SUHVHQFLD
SHVRVVXSHUZHOWHU(O*RUGRDPDEDWDQWRHOER[HRTXHORTXHP¡VOHGRODPHGLMR 7RWDOWDPSRFRHUDSDUDWDQWRGHVSX©VGHGLHFLRFKRD±RV6HKDEDOOHYDGRXQPRQW³Q
DTXHOOD WDUGH TXH YLQR D YHUPH FXDQGR QRV HVWUHFKDPRV OD PDQR \ VHOODPRV XQ GHSDVWDGHODFDMDIXHUWHGHO*RUGRDTXHOODQRFKHߚQRKDEDP¡VTXHYHUHOWLQJODGR
DFXHUGR TXH \R URPSHUD HUD TXH DOJXLHQ FRQ PLV FXDOLGDGHV HVWXYLHUD TXH WHQD PRQWDGRߚ \ VH KDED ODUJDGR FRQ PL FKLFD ߚTXH WDPEL©Q HUD OD GHO
GHVSHUGLFLDQGRVXYLGD\VXWDOHQWRHQSHOHDVFDOOHMHUDVPDQFK¡QGRPHODVPDQRVGH *RUGRHQILQߚDVTXHQRSDVDEDQDGDSRUTXHPHSDVDVHSRUDOODVDOXGDU1DGLH
VDQJUH HQ OXJDU GH VXELU D XQ ULQJ SDUD KDFHU GLVIUXWDU D ORV TXH FRPR ©O FRPR WHQD TXH HQVH±DU ORV GLHQWHV DSDUWH GH &KRFRODWH FODUR 3HUR EXHQR VX SDSHO HUD
TXLHQHVVDEHPRVGHYHUGDGGHTX©YDHVWRGHFUX]DUORVSX±RVHQWUHODVGRFHFXHUGDV ©VH \ FDGD XQR KD GH LQWHUSUHWDU VX SDSHO FRPR OH FRUUHVSRQGH < QDGLH WHQD
GH XQ FXDGULO¡WHUR HQWLHQGHQ TXH OD YLGD HV PXFKR P¡V VLPSOH P¡V SULPDULD P¡V WDPSRFRTXHVDFDUODSLVWRODFRPRHQODVSHOFXODVGHJ¡QVWHUV
KHUPRVDLQFOXVRVLXQRVHDWLHQHDFLHUWDVUHJODV6LQHPEDUJRSDUD/XLVVLHVTXHGH 0HKDEDSHUGLGRXQSRFRSHQVDQGRHQHVWDVFRVDVHVSHUDQGRWDOYH]TXHDOILQDO
YHUGDGWHQDDOJXQDDILFL³QFRVDTXHGXGRHOER[HRQRHUDVLQRXQDIRUPDP¡VGH /XLV PH DSXQWDUD FRQ HO FD±³Q GH XQD SLVWROD \ PH DGYHUWLUD TXH QR YROYLHVH D
JDQDUGLQHURGHGLYHUWLUVHRGHWHQHUDWLSRVFRPR&KRFRODWHFRPLHQGRGHVXPDQR DVRPDUODQDUL]SRUVXORFDOQLPHDFHUFDVHDVXPXMHU\QRPHKDEDGDGRFXHQWDGH
VR±DQGRFRQIDOVDVSURPHVDVTXHMDP¡VYDQDFXPSOLUHQJDWXV¡QGRORVKDVWDTXHVH TXHKDEDVDFDGRGHOSULPHUFDM³QRWUDDUPDWDQSRGHURVDRWDQSHOLJURVDRWDQHILFD]
GDQFXHQWDGHTXHORºQLFRTXHSXHGHQKDFHUHQODYLGDSDUDVHJXLUOOHJDQGRDILQGH FRPRXQDSLVWROD3ULPHURIUXQFHOFH±RFRPRVLDFDEDVHGHGHVSHUWDUGHXQVXH±R\
PHV GH XQD IRUPD GHFHQWH HV DFDWDU VXV ³UGHQHV VLQ UHFKLVWDU FRQYLUWL©QGRVH HQ QR FRPSUHQGLHVH OR TXH HVWDED SDVDQGR /XLV PH PLUDED PX\ ILMR D ORV RMRV \
SHUURV JXDUGLDQHV TXH ORV SURWHMDQ GH OD JHQWH TXH FRPR \R YHQJD D UHFRUGDUOHV VRVWHQDDOJRHQXQDPDQRDOWLHPSRTXHORKDFDFKRFDUFRQWUDODSDOPDGHODRWUD
FX¡OHV VRQ VXV RUJHQHV 1R PH OR LPDJLQR FRPR SURPRWRU GH FRPEDWHV KRQUDGRV 6DFXG XQ SRFR OD FDEH]D SDUD GHVSHMDU HO HVWXSRU $TXHOOR QR PH SRGD HVWDU
VLQR P¡V ELHQ HQFDUJ¡QGRVH GH RUJDQL]DU SHOHDV FODQGHVWLQDV GRQGH OXFKDGRUHV SDVDQGR -XUR TXH PH KDED FRJLGR SRU VRUSUHVD 7RGDYD TXLVH SHQVDU TXH QR HUD
DFDEDGRVRWLSRVWDQ]XPEDGRVTXHQRVDEHQG³QGHWLHQHQODFDEH]DVHMXHJDQODYLGD YHUGDG OR TXH HVWDED YLHQGR KDVWD TXH /XLV QR GHM³ HO WDORQDULR VREUH OD PHVD OR
FRPRGRVJODGLDGRUHVSDW©WLFRVGHODQWHGHXQJUXSRGHJHQWHTXHKDSDJDGRXQDFLIUD DEUL³\HPSH]³DGHVHQURVFDUXQDSOXPDFRQODPLVPDSDUVLPRQLDFRQODTXHORKDUD
DVWURQ³PLFDSRUYHUORVWLSRVFRQODELOOHWHUDUHSOHWD]RUUDVFRQDEULJRVGHSLHODODV XQQRWDULR
TXHGRVKRPEUHVG¡QGRVHGHKRVWLDVKDVWDPDWDUVHODVSRQHFDFKRQGDV ߚ7ºGLU¡V5DID&X¡QWR
(OGHVSDFKRGH/XLVHUDORTXHVHSRGDHVSHUDUGHDOJXLHQFRQVXDSDULHQFLDGH 6RQUH \ DKRUD PL VRQULVD QR HUD FRPR XQ VXVSLUR (Q UHDOLGDG SDUHFD XQD
HMHFXWLYRSUHMXELODGRTXHQRQHFHVLWDDFXGLUDO,QVHUVRSDUDLUVHGHYDFDFLRQHVXQD DUFDGD
KDELWDFL³Q HQRUPH FRQ ODV SDUHGHV IRUUDGDV GH PDGHUD XQDV FRUWLQDV WUDV ODV TXH ߚ9HQJD KRPEUH TXH \D VRPRV PD\RUFLWRV 'LPH FX¡QWR TXLHUHV \ ]DQMHPRV
SRGUDHVFRQGHUVHXQDFDMDIXHUWHXQHTXLSRGHDOWDILGHOLGDG\RWURGHWHOHYLVL³QXQD HVWRGHXQDYH]
PHVDUHOXFLHQWH\DOJXQDVIRWRV/DSULPHUDTXHYLIXHXQDHQODTXH/RODDEUD]DGDD ߚ=DQMHPRVTX©
©OPHVRQUHDGHVGHHORWURODGRGHOFULVWDO ߚ5DIDSRUIDYRU6R\XQKRPEUHGHQHJRFLRV1RPHYHQJDVDKRUDFRQMXHJRV
/XLV VH TXHG³ PLUDQGR OD IRWR WDPEL©Q XQ LQVWDQWH \ OXHJR PH PLU³ D P HVWºSLGRVQLFRQWRQWHUDV'LPHXQDFLIUDUD]RQDEOH\WHUPLQHPRVFRQHVWR
0LHQWUDVWDQWRPHSDUHFHTXHDVLQWL³SDUDVFRPRVLTXLVLHUDFRQYHQFHUVHGHDOJR 6LHPSUHPHKDVRUSUHQGLGRODIRUPDTXHWLHQHGHUHVROYHUODVFRVDVODJHQWHDOD
TXHOOHYDEDSHQVDQGRRHVSHUDQGRPXFKRWLHPSR TXH OH VREUD HO GLQHUR XQD OODPDGD GH WHO©IRQR PHWHUVH OD PDQR HQ HO EROVLOOR \
6HVHQW³DEUL³XQFDM³Q\PHSXVHHQJXDUGLD3HQV©TXHLEDDVDFDUXQDSLVWROD HQVH±DUXQIDMRGHELOOHWHVVDFDUXQWDORQDULR\VDFXGLUORGHODQWHGHODFDUDDW³QLWDGH
1R HV TXH QR OR FUH\HVH FDSD] GH KDFHUOR VLQR TXH QR HVSHUDED TXH OR KLFLHVH DO XQSREUHGLDEOR
PHQRVQRWRGDYD ߚ8QDFLIUDUD]RQDEOHߨ<F³PRVHFDOFXODHVR"
/XLVVHHQFRJL³GHKRPEURV
3¡JLQD 3¡JLQD
ߚ9HDPRV ߚFRQWLQX©ߚ GLHFLRFKR D±RV WLUDGR HQ OD FXQHWD GHVSX©V GH TXH WX JUDEDGRV HQ OD FDEH]D +DED PRYLGR OD FDEH]D SDUD UHFKD]DU HO FKHTXH DQWHV GH
QRYLD\WXDPLJRGLVFXOSDTXHWHOODP©DV/XLVDPLJRWHGHMHQHQODHVWDFDGD GDUPHFXHQWDGHTXHGHYHUGDGQRTXHUDHVHGLQHUR
ߚ/DVFRVDVQRIXHURQWDQVLPSOHVFRPRODVTXLHUHVYHUDKRUD1L/RODQL\Rߨ ߚ/RSHQVDU©/XLVߚOHGLMHVLQHPEDUJRSDUDJDQDUWLHPSR
/HYDQW©ODPDQRSLGL©QGROHTXHVHFDOODVH ߚ1RVHDVWRQWR5DID&³JHOR3RUIDYRU
ߚ1RWHPROHVWHV/XLV1RKDFHIDOWDTXHWHGLVFXOSHV<PHQRVDHVWDVDOWXUDV 6DFXGODFDEH]DGHQXHYR<XQPRPHQWRGHVSX©V\DPHKDEDOHYDQWDGR\KDED
/RVXSHU©KDFHPXFKR$PDOILQDOQRPHKDLGRWDQPDO YXHOWRDVDFXGLUODPROHVWRSRUODVLWXDFL³Q/XLVWDPEL©QVHOHYDQW³$ºQVXMHWDEDHO
/DºOWLPDIUDVHKDEDVLGRXQIDUROWDQJUDQGHFRPRPLRUJXOOR<WRUSHDGHP¡V FKHTXHVREUHODPHVDFRQODSXQWDGHGRVGHGRV
&XDOTXLHUDVHKDEUDGDGRFXHQWD/XLVWDPEL©QSRUVXSXHVWR/HYLHFKDUXQU¡SLGR ߚ5DIDDUUHJOHPRVHVWRFRPRGRVSHUVRQDVFLYLOL]DGDV
YLVWD]RGHQXHYRDPLVSDQWDORQHVDPLFDPLVD\DPLV]DSDWRV ߚ1RLQVLVWDV/XLV1RTXLHURWXGLQHUR
ߚ0HDOHJURߚPLQWL³ 6XVSLU³ PL H[ DPLJR (VWD YH] FRPR TXLHQ HVW¡ FDQVDGR R FRPR TXLHQ QR
ߚ1RTXLHURWXGLQHUR FRPSUHQGHDOJRDSHVDUGHTXHKDKHFKRXQJUDQHVIXHU]RSRUOOHJDUDHQWHQGHUOR
6HPHTXHG³PLUDQGRXQPRPHQWRFRPRVLQRVXSLHUDELHQTX©UHVSRQGHUFRPR ߚ(VSHURTXHQRWHKD\DVRIHQGLGR
VLPLIUDVHORKXELHUDSLOODGRGHVSUHYHQLGR6XHOHSDVDUOHDODJHQWHDODTXHOHVREUD 1R OH FRQWHVW© 6DO GHO GHVSDFKR VLQ GHFLU QDGD P¡V VLQ HVSHUDU D TXH PH
HO GLQHUR OHV FXHVWD HQWHQGHU TXH DOJXLHQ TXH QR WLHQH GRQGH FDHUVH PXHUWR QR VH DFRPSD±DVH
ODQFHDFRJHUFRQORVGLHQWHVHOIDMRGHELOOHWHVTXHOHHVW¡QPRVWUDQGRFRPRVLIXHUD &KRFRODWH PH HVWDED PLUDQGR HQ OD SXHUWD /R YL DO VDOLU SHUR QR PH TXHG© HO
XQD IRFD DPDHVWUDGD 0H KDED HQFRQWUDGR FRQ PXFKRV WLSRV DV HQ HO /LVERD WLHPSRVXILFLHQWHSDUDGHYROYHUOHODPLUDGD
IXODQRVTXHQRPHJXVWDURQ\TXHQRTXLVHTXHPHFRQWUDWDVHQ$OJXQRVORHQWHQGDQ 'HUHSHQWHPHKDEDFDQVDGRGHMXJDUFRPRHOER[HDGRUTXHXQGDVHKDUWDGH
SHURODPD\RUDQR<VHPROHVWDEDQ0HGDEDORPLVPR EDLODU HQ HO ULQJ SDUD TXH HO SºEOLFR VH GLYLHUWD 1R HVWDED VHJXUR GH TXH IXHVH OD
6L /XLV VH KDED RIHQGLGR QR PH OR GHPRVWU³ &XDQGR TXLVH GDUPH FXHQWD VH PHMRUIRUPDGHPDUFKDUPHGHDOOSHURHUDODºQLFDPDQHUDTXHVHPHRFXUUDSHRU
KDEDVHQWDGR\HVWDEDJDUDEDWHDQGRFRQODSOXPDHQHOWDORQDULRTXHSRUILQKDED DºQRPHMRUHUDODIRUPDHQODTXHVHQWDTXHGHEDLUPHVLQGHFLUQDGDVLQGHFLU
DELHUWR 5HPDW³ OD IDHQD FRQ XQD ILUPD TXH VH PH DQWRM³ XQD ILOLJUDQD HQURVF³ HO DGL³VVLTXLHUD(QYROYHUDODSDUFDPLHQWRWDUG©ODPLWDGGHWLHPSRTXHKDEDWDUGDGR
FDSXFK³QGHODSOXPDFRQODPLVPDWUDQTXLOLGDGTXHDQWHVODKDEDGHVFDEH]DGRPH HQOOHJDUDOGHVSDFKRGH/XLV1RHVTXHPHPDUFKDVHFRQSULVDV\WDPSRFRHVTXH
PLU³DORVRMRV\VLQGHMDUGHKDFHUORDUUDQF³HOWDO³QGHODFKHTXHUD\PHORDFHUF³ WXYLHUDPLHGRXQRWLHQHFLHUWDH[SHULHQFLD\VDEHFX¡QGRHVW¡QDSXQWRGHOORYHUODV
D\XG¡QGRVHFRQODSXQWDGHGRVGHGRVDUUDVWU¡QGRORKDFLDPFRQVXDYLGDGVREUHOD WRUWDV \ HVD QRFKH HO PRPHQWR FUWLFR \D KDED SDVDGR R DO PHQRV D P PH OR
PHVD SDUHFD &KRFRODWH QR PH VHJXD KDED PLUDGR SRU HO UDELOOR GHO RMR DQWHV GH
ߚ(VSHURTXHWHSDUH]FDVXILFLHQWHߚPHGLMRVLQVROWDUHOFKHTXHWRGDYD PRQWDUPHHQHOFRFKHSRUVLDFDVR/RVGRVJXDUGDVGHODSXHUWDWDPSRFRSDUHFDQ
6LQPRYHUODVPDQRVEDM©ORVRMRVSDUDYHUOR/XLVHQHIHFWRVHJXDWHQLHQGRHVD SUHVWDUPHPXFKDDWHQFL³QFXDQGRDUUDQTX©HOPRWRU\HQFHQGODVOXFHV$OPHWHUPH
OHWUDSXOFUDGHFRQWDEOHDSOLFDGRGHQRWDULRHVFUXSXORVR HQODFDUUHWHUDPHSUHJXQW©FX¡QWRVGHHOORVVDEUDQTXL©QHUD\RODUHODFL³QTXHPH
ߚ&X¡QWRVFHURV XQDFRQ/XLV\FRQVXPXMHUVL\DHVWDEDQDGYHUWLGRVGHQRYROYHUPHDGHMDUHQWUDU
ߚ$TX KD\ P¡V TXH VXILFLHQWH SDUD HPSH]DU XQD QXHYD YLGD 'RQGH TXLHUDV DOO OD SU³[LPD YH] TXH IXHUD 6L HV TXH KDED SU³[LPD YH] <R \D VDED TXH QR \
/HMRVGH0DGULGVLWHDSHWHFH/HMRVGHDTXSRUVXSXHVWR/HMRVGHQRVRWURV SXHGH TXH /XLV WDPEL©Q +DEDPRV GLVSXWDGR V³OR XQ DVDOWR QL VLTXLHUD HVR KDVWD
$KRUD\R\DQRPLUDEDHOFKHTXHVLQRD/XLV<PLVPDQRVVHJXDQVLQPRYHUVH DKRUDV³ORQRVKDEDPRVFUX]DGRORVSX±RVHQXQHQWUHQDPLHQWRFRPRGRVQRYDWRVR
ߚ$F©SWDOR5DID(VXQEXHQQHJRFLRSDUDWL FRPR GRV YLHMRV SºJLOHV TXH TXLHUHQ SDVDU XQ EXHQ UDWR GLVSXWDQGR XQRV URXQGV
ߚ<RQXQFDKHVLGRXQKRPEUHGHQHJRFLRV MXQWRVVLQPD\RUSUREOHPD/DYHUGDGHUDSHOHDDºQQRKDEDFRPHQ]DGR1RIDOWDED
6RQUL³FRPRKDUDXQSDGUHDOTXHQDGLHSXHGHVRUSUHQGHUVLOHFXHQWDQODºOWLPD PXFKR SDUD TXH HPSH]DVH 0HQRV GH OR TXH \R SHQVDED 1L VLTXLHUD /XLV VDED
WUDYHVXUDGHVXKLMR FX¡QGRFRPHQ]DUD$KRUDDSHVDUGHWRGRVRQURDOUHFRUGDUORODºQLFDTXHVDED
ߚ<DORV©(VSRUHVRSRUORTXHGHEHVDFHSWDUOR FX¡QGR LEDQ D HPSH]DU ODV WRUWDV GH YHUGDG HUD /ROD 1R PH FDEH GXGD &RPR
6DFXGODFDEH]D+D\YHFHVTXHORVJHVWRVVHDQWLFLSDQDORVSHQVDPLHQWRV,JXDO VLHPSUHV³ORWHQDTXHFKDVTXHDUORVGHGRVSDUDTXHHPSH]DVHHOHVSHFW¡FXOR1RHQ
TXH FXDQGR XQR HVW¡ HQ HO ULQJ \ VH ROYLGD GH WRGR HPSLH]D D PRYHUVH D ODQ]DU YDQRKDEDVLGRHOODODTXHVHKDEDHQFDUJDGRGHSURPRYHUHOFRPEDWH
JROSHV \ D SURWHJHUVH VLQ SHQVDU /RV PRYLPLHQWRV IOX\HQ FRPR VL HVWXYLHUDQ
3¡JLQD 3¡JLQD
ºQQRKDEDPRUGLGRHODQ]XHORGHOWRGRSHUR/RODWDPSRFRPHKDEDGLFKR SHURWºTX©FR±RWHKDVFUHGR0RQWDOE¡Q%XHQRDHVWDVDOWXUDVQRYR\DQHJDUTXH
$ WRGDYDHVDVGRVSDODEUDVTXH\RHVSHUDEDRU\TXHDOILQDOGHODKLVWRULDVH /RODFRPRODPD\RUDGHODVPXMHUHVVRQODVTXHPDUFDQHOULWPRODVTXHGLFWDQOR
FRQYHUWLUDQ HQ OD UD]³Q SRU OD TXH HPSUHQG FRQ HOOD HVD KXLGD DEVXUGD TXH PH KD TXHGHEHPRVKDFHUORVKRPEUHV
WUDGR D HVWD PD±DQD HQ /LVERD FRQ PXFKDV SRVLELOLGDGHV GH FRQYHUWLUPH HQ HO (OFDVRHVTXHPHSXVHODWRDOOD\HOODPHPLU³GHDUULEDDEDMRGHWHQL©QGRVHXQ
GHVD\XQRGHODVJDYLRWDV SRFR P¡V GH OR QHFHVDULR HQ HO WUR]R GH WHOD TXH PH FXEUD ODVYHUJ¼HQ]DV 6RQUL³
0HQRVGHYHLQWLFXDWURKRUDVGHVSX©VGHPLHQFXHQWURFRQ/XLVYLQRDEXVFDUPH FRPRVKXELHUDUHVXHOWRXQDDGLYLQDQ]D\OXHJRPHGLMR
/RODDOKRWHO&DDODWDUGH\ORºQLFRTXH\RKDEDKHFKRHQWRGRHOGDKDEDVLGR ߚ+ROD0RQWDOE¡Q
OHYDQWDUPHDODVWDQWDVWXPEDUPHHQXQDKDPDFDGHODSLVFLQDFRPHU\SHQVDUVREUH ߚ+RODߚUHSHWFRPRVLIXHUDVXHFR
WRGRHVRSHQVDU3RUPXFKDVYXHOWDVTXHOHGDEDWRGDYDQRHVWDEDVHJXURGHVLGHED ߚ$FDVRSHQVDEDVTXHQRQRVEDPRVDYROYHUDYHU"
ODUJDUPH GH DOO SDUD QR YROYHU P¡V R VL GHEHUD TXHGDUPH DOJXQRV GDV P¡V D YHU 0HKLFHDXQODGRSDUDGHMDUODSDVDU$QWHVGHFHUUDUODSXHUWDDVRP©ODFDEH]DDO
TX©SDVDED(VHQORVPRPHQWRVDVHQORVTXHXQRHFKDGHPHQRVQRWHQHUDDOJXLHQ SDVLOOR\PLU©DXQODGR\DRWURSRUVLYHQDDFRPSD±DGDRSRUVLDOJXLHQODKDED
TXHYHDODVFRVDVGHVGHIXHUDGHOULQJFRQRWUDSHUVSHFWLYD\WHDFRQVHMHXQEXHQ VHJXLGRVLQTXHHOODVHKXELHUDGDGRFXHQWD
HQWUHQDGRU HQ TXLHQ SXHGDV FRQILDU DOJXLHQ TXH WH GLU¡ VL GHEHV DWDFDU SRU OD ߚ7UDQTXLORPXFKDFKLWR9HQJRVROD
L]TXLHUGD R SRU OD GHUHFKD VL GHEHV DWUDHU D WX DGYHUVDULR KDFLD ODV FXHUGDV SDUD ߚ1XQFDHVW¡GHP¡VDVHJXUDUVH
GHVSX©V FRQWUDDWDFDU R VL SRU HO FRQWUDULR OD SHOHD GHEH OLEUDUVH HQ HO FHQWUR GHO $O]³XQDFHMDFRPRVLILQJLHUDQRHQWHQGHUPH3HURORVGRVVDEDPRVPX\ELHQD
FXDGULO¡WHUR 8Q EXHQ HQWUHQDGRU TXH VHSD FX¡QGR KD\ TXH DUURMDU OD WRDOOD \ QR OH TX©PHUHIHUD
WLHPEOHHOSXOVRDOKDFHUORSRUTXHDOFDERORTXHHVW¡KDFLHQGRHVYHODUSRUWL6LQ ߚ$FDVRSHQVDEDVTXHQRQRVEDPRVDYROYHUDYHU"
HPEDUJRDXQER[HDGRUTXHSHOHDVRORVLQHQWUHQDGRUVLQP¡QDJHUVLQMXHFHV\VLQ ߚ<DPHORKDVSUHJXQWDGRDQWHV
¡UELWUR VLQ SºEOLFR VLTXLHUD QR OH UHVXOWD I¡FLO VDEHU FX¡QGR KD WHUPLQDGR OD SHOHD ߚ7RGDYDQRPHKDVFRQWHVWDGR
DXQVLKDPHUHFLGRODSHQDOXFKDU 0HHQFRJGHKRPEURV/DYHUGDGHUDTXHQRHVWDEDVHJXURGHQDGD
ߚ/DYHUGDGHVTXHQRHVWR\VHJXURGHQDGDߚOHGLMH
ߚ<DPHKHHQWHUDGRGHODYLVLWDGHFRUWHVDTXHOHKLFLVWHDQRFKHD/XLV
3RUODWDUGH\DHVWDEDKDUWRGHVRO\KDEDVXELGRDODKDELWDFL³Q'HVSX©VGHXQUDWR ߚ8QD UHXQL³Q GH YLHMRV DPLJRV ߚFRQWHVW© VXMHW¡QGRPH OD WRDOODߚ )XHURQ
HQODGXFKDPHKDEDTXHGDGRGRUPLGRVREUHODFROFKDVLQVHFDUPHVLTXLHUD&RPR XQRVPLQXWRVQDGDP¡V
GHWDOOHURP¡QWLFRTXHGDUDERQLWRGHFLUDKRUDTXHKDEDVR±DGRFRQ/RODTXHORVGRV ߚ<Dߨ3RGDVKDEHUPHDYLVDGRKRPEUH1RVKXEL©UDPRVUHXQLGRORVWUHV
QRVKDEDPRVPDUFKDGRMXQWRV\TXHHQHOVXH±R©UDPRVIHOLFHVSHURQRQRIXHDV )XHSHQVDUHQHVR\GLVJXVWDUPH0HFRVWDEDWUDJDUVDOLYDVLPHLPDJLQDEDDORV
1RUHFXHUGRORTXHVR±©QLVLTXLHUDUHFXHUGRVLVR±©/RºQLFRTXHUHFXHUGRHVTXH WUHVMXQWRVFKDUODQGRFRPRYLHMRVDPLJRV
FXDQGR DEU ORV RMRV \D HUD GH QRFKH \ TXH DO GHVSHUWDUPH GHVFROJX© HO WHO©IRQR ߚ/XLV OR VXJLUL³ 3HUR OD YHUGDG HV TXH PH IXL SURQWR (VWDED FDQVDGR
GRUPLGRWRGDYDSRUTXHTXL]¡DOFDERORTXHHVSHUDEDHUDTXH/RODPHOODPDVH1R OWLPDPHQWHQRPHJXVWDPXFKRWUDVQRFKDU'HERGHHVWDUKDFL©QGRPHYLHMR
LEDGHOWRGRGHVHQFDPLQDGR/RODPHHVWDEDOODPDQGRSHURQRDOWHO©IRQRVLQRTXH (UD XQ MXHJR YHUEDO P¡V R PHQRV GLYHUWLGR TXH SRGUDPRV PDQWHQHU KDVWD TXH
JROSHDED OD SXHUWD GH PL KDELWDFL³Q FRQ ORV QXGLOORV VLQ SULVDV VHJXUD GH TXH \R XQR GH ORV GRV VH FDQVDVH R KDVWD TXH HOOD GLMHUD TXH \D KDED WHQLGR VXILFLHQWH
HVWDED DOO \ GH TXH OH DEULUD $ºQ QR PH KDED GHVSHUWDGR GHO WRGR FXDQGR PH (QWRQFHVLUDDOJUDQR\PHGLUDODUD]³QSRUODTXHKDEDYHQLGRDYHUPH3HURQR
OHYDQW©0HOL©XQDWRDOODDOUHGHGRUGHODFLQWXUDDQWHVGHDEULU(QWRQFHVQRPHGLR HUD \R HO TXH WHQD JDQDV GH TXLHEURV YHUEDOHV QL GH FRPSHWLFLRQHV HVWºSLGDV D YHU
WLHPSRGHSHQVDUHQWDQWDVFRVDVSHURDKRUDDOUHFRUGDUORFUHRTXHIDOW³PX\SRFR TXL©QGHORVGRVHUDHOP¡VLQJHQLRVR\GHMDEDDORWURVLQSDODEUDV
SDUDTXHDEULHVHODSXHUWDFRPRPLPDGUHPHWUDMRDOPXQGRVLQGDUPHFXHQWD\QR ߚ$TX©KDVYHQLGR/ROD
SXHGR HYLWDU XQD VRQULVD DO LPDJLQDU TXH /ROD DO YHUPH DV WDO YH] VH KDEUD ߚ+LMR TX© VHULR WH KDV SXHVWR GH SURQWR 1R SRQJDV HVD FDUD KRPEUH TXH
PDUFKDGRILQJL©QGRVHDLUDGDRHQIDGDGDGHYHUDV&RQILHVRPLDEVROXWDLJQRUDQFLD SDUHFHTXHHVW¡VDYLQDJUDGR<DVDEHVHOGLFKRVLODPRQWD±DQRYLHQHD0DKRPDߨ
HQORTXHDPXMHUHVVHUHILHUH\PLLPSRVLELOLGDGGHFRPSUHQGHUQDGDVLVHWUDWDGH ߚ4X©TXLHUHV/ROD
/RODDGHP¡V'HVSX©VGHORTXHSDV³WDOYH]UHVXOWHGLIFLOFUHHUTXHHOODVHKXELHUD 6HDFHUF³DP6RQUL³RDPPHORSDUHFL³3XVRVXERFDFHUFDGHODPD2ODD
PROHVWDGRV\RKXELHUDDELHUWRODSXHUWDVLQFXEULUPHFRQODWRDOODSHURHVWR\VHJXUR MD]PLQHV$DJXDIUHVFD
GHTXHVGHTXHTXL]¡VHKDEUDGDGRPHGLDYXHOWD\PHKDEUDGLFKRDOJRDVFRPR ߚ4XLHURTXHPHOOHYHVFRQWLJR
3¡JLQD 3¡JLQD
<RVDEDTXHQRHVWDEDKDEODQGRHQVHULR1RSRGDHVWDUKDEODQGRHQVHULR0H 6LOHSUHRFXSDEDTXHDOJXLHQQRVVLJXLHUDQRGLRPXHVWUDVGHHOORDOPHQRVKDVWD
SXVR OD PDQR HQ OD FLQWXUD MXVWR GRQGH DSHQDV PH DSUHWDED HO SUHFDULR QXGR GH OD TXHSDVDPRVHO3XHUWR1RPLU³DQLQJºQODGRDQWHVGHVXELUDOFRFKHQLHVFUXWDEDHO
WRDOOD1RGLMRQDGDP¡V'HM³ODSDOPDDKXQRVVHJXQGRVHOWLHPSRMXVWRSDUDTXH HVSHMRUHWURYLVRUP¡VGHORQHFHVDULR\WDPSRFRSDUHFDHVWDUFRQFHQWUDGDHQQDGD
ODWRDOODVHPHTXHGDVHSHTXH±D/DUHWLU³DQWHVGHTXHIXHUDHYLGHQWHHUDFRPRVL P¡VTXHHQFRQGXFLUHQFRQGXFLU\HQDOWHUDUPHHO¡QLPR3HURQLVLTXLHUDHVRSXGR
SXGLHUDFURQRPHWUDUHOWLHPSRPX\SRFRTXHWDUGDEDHQH[FLWDUPH KDFHU TXH XQD HVSHFLH GH DODUPD PH VRQDVH HQ OD FDEH]D FRPR XQ JRQJ TXH
0HHVIRUF©SRUPDQWHQHUODFRPSRVWXUD/DGLJQLGDGGDGDVODVFLUFXQVWDQFLDV DQXQFLDUDXQPDQWUDTXHGHFDWHQFXLGDGR0RQWDOE¡QWHQFXLGDGR
6XVSLU© ߚ$G³QGH YDPRV" ߚOH SUHJXQW© FRPR VL PH LPSRUWDVH FXDQGR HVW¡EDPRV
ߚ(QVHULR/ROD$TX©KDVYHQLGR DWUDYHVDQGR HO 3XHUWR GH 6DQWD 0DUD 8Q SRFR P¡V DGHODQWH HVWDED HO FUXFH GH OD
ߚ+H YHQLGR D LQYLWDUWH D FHQDU ߚPH GLMR FDPELDQGR HO WRQR GH OD YR] 'H FDUUHWHUD GH 6DQOºFDU GH %DUUDPHGD \ XQ SDU GH NLO³PHWURV P¡V DOO¡ HQ HVD
UHSHQWHPHSDUHFL³P¡VIRUPDORHVTXHWDOYH]WRGRORGHDQWHVORKDEDILQJLGR2 GLUHFFL³Q D OD L]TXLHUGD /D *LWDQLOOD /D QRFKH DQWHULRU \R KDED KHFKR HO PLVPR
DFDVR\RORKDEDLPDJLQDGRߚ1RWHSDUHFHEXHQDLGHD" WUD\HFWR
ߚ$FHQDUߨ ߚ$G³QGHTXLHUHVTXHYD\DPRV"
ߚ$FHQDUV0RQWDOE¡Q$FHQDU&RPRGRVYLHMRVDPLJRV 0HHQFRJGHKRPEURV
ߚ/RVGRVVRORV" ߚ0HGDORPLVPR$FXDOTXLHUVLWLRGRQGHQRVSRQJDQGHFRPHU
ߚ4X©KD\GHPDORHQGRVDGXOWRVTXHYDQDFHQDUGHVSX©VGHFHUFDGHYHLQWH $OOOHJDUDOFUXFHDPLQRU³ODPDUFKD0HPLU³\HQODRVFXULGDGYLTXHVRQUHD
D±RVVLQYHUVH" SHUYHUVD
1R OH FRQWHVW© (Q OXJDU GH GHFLU QDGD PH DFRUG© GHO FKHTXH TXH PH KDED 'LJR TXH KDVWD TXH SDVDPRV HO 3XHUWR SXGH PDQWHQHU D UD\D OD DODUPD TXH PH
RIUHFLGR/XLVFRQWDQWRVFHURV7DOYH]ORWHQGUDWRGDYDJXDUGDGRHQHOEROVLOOR1R DGYHUWDGHQWURGHPLFDEH]DWHQFXLGDGR0RQWDOE¡QWHQFXLGDGR$ORPHMRUPH
PHDUUHSHQWDGHQRKDEHUORFRJLGRߚVHUWDQRUJXOORVRWLHQHODGHVYHQWDMDGHTXHDO REOLJX©DSHQVDUUHVXOWDTXHWRGRVRQLPDJLQDFLRQHVPDVTXHDOILQDO/RODQRLEDD
ILQDODFDEDVVLQXQSXWRGXURߚSHURWDPSRFRWHQDWDQFODURTXHKXELHUDVLGRXQD TXHUHURWUDFRVDTXHWRPDUXQDFRSDFRQPLJRFRPRGRVYLHMRVDPLJRVKDEODUGHORV
EXHQDLGHDQRKDEHUPHODUJDGRGHDOOKDEHUPHYXHOWRD0DGULGRKDEHUHQILODGRHO YLHMRV WLHPSRV VLQ PD\RUHV SUREOHPDV WUDHUPH HO FKHTXH TXH OD QRFKH DQWHULRU OH
PRUUR GHO FRFKH KDFLD /LVERD \R VROR RWUD YH] FRPR KDFD GLHFLRFKR D±RV 3HUR KDEDUHFKD]DGRDVXPDULGR
HVRVSHQVDPLHQWRVPHYHQDQDODFDEH]DFRPRSRVLELOLGDGHVTXH\DQRSRGDWHQHU 3HQV©TXHLEDDHQILODUODFDUUHWHUDGH6DQOºFDUSHURHQOXJDUGHHOORVLJXL³KDFLD
HQ FXHQWD $XQTXH QR TXLVLHUD UHFRQRFHUOR HQWRQFHV \R \D VDED TXH QR PH GHODQWH KDFLD 5RWD < DQWHV GH OOHJDU DOO VH GHVYL³ KDFLD 6DQOºFDU +DED GDGR XQ
PDUFKDUDGHDOODOPHQRVQRHVDQRFKH\TXHPHLUDDFHQDUFRQ/RODDFHQDURD URGHR PX\ JUDQGH SDUD OOHJDU HO GREOH GH NLO³PHWURV \ WRGR SDUD QR SDVDU SRU
GRQGHHOODTXLVLHUDOOHYDUPHVLQUHFKLVWDUSRUTXH/RODHUDDPLSHVDUDXQTXHQROR GHODQWH GH /D *LWDQLOOD (Q UHDOLGDG HUD XQD HVWXSLGH] SRUTXH UHVXOWDED GLIFLO TXH
KXELHUD UHFRQRFLGR WRGDYD DTXHOOD QRFKH HQ HO KRWHO FXDQGR YLQR D EXVFDUPH /XLVRDOJXQRGHVXVHVELUURVQRVGHVFXEULHVHDOSDVDU3HURHVHURGHRHUDXQDSUXHED
FXDQGR HUD WDQ HYLGHQWH TXH KDUD OR TXH HOOD PH SLGLHVH OD UD]³Q SRU OD TXH KDED GH TXH QR HVW¡EDPRV DFWXDQGR ELHQ 8QR SXHGH VHU LQJHQXR SHUR QR WDQWR 6REUH
HPSUHQGLGRHVHYLDMHODºQLFDUD]³QTXL]¡DKRUD\DQRPHGDYHUJ¼HQ]DGHFLUORSRU WRGRDFLHUWDVDOWXUDVGHODYLGDKD\TXHGHMDUGHFUHHUHQORVFXHQWRVSRUGHVJUDFLD
ODTXHPXFKDVYHFHVKHFRQVHJXLGRUHXQLUIXHU]DVSDUDOHYDQWDUPHSRUODVPD±DQDV 3HUR WRGD OD FXOSD QR IXH GH HOOD <R WDPEL©Q WXYH DOJR TXH YHU %DVWDQWH 0H GHM©
GXUDQWHWRGRVHVWRVD±RV OOHYDU/RKLFHDXQTXHDOSULQFLSLRGXUDQWHHOWUD\HFWRKDVWD6DQOºFDUQRKDEDPRV
7RGDYDTXLVHGDUPHXQDWUHJXDFRPRVLKXELHUDVLGRSRVLEOHHVFDSDUGXUDQWHORV KDEODGR9DULDVURQGDVGHFLUFXQYDODFL³QGHVSX©VYLXQFDUWHOTXHGHFD6DQOºFDUGH
FLQFRPLQXWRVTXHSHUPDQHFEDMRHODJXDKHODGDGHODGXFKD1DGDFRPRHODJXDIUD %DUUDPHGD
SDUDDFODUDUODVLGHDVSDUDGHVSHMDUWHSDUDTXHSXHGDVSRQHUWHORVSDQWDORQHVGHXQD ߚ7HSDUHFHELHQDTX"
PDQHUD GHFHQWH FXDQGR XQD PXMHU FRPR /ROD HVW¡ HVSHU¡QGRWH DO RWUR ODGR GH OD /DSUHJXQWDFDVLPHKL]RJUDFLDGHVSX©VGHP¡VGHFXDUHQWDNLO³PHWURVGHYLDMH
SXHUWD VHQWDGD HQ HO ºQLFR VLOO³Q GH OD KDELWDFL³Q GHO KRWHO MXQWR D OD YHQWDQD HQVLOHQFLRFRPRGRVGHVFRQRFLGRV
IXPDQGRXQFLJDUURFRQODVSLHUQDVFUX]DGDV\PHGLDVRQULVDHQORVODELRVWDOYH] ߚ0HSDUHFHELHQ/RVVLWLRVTXHP¡VPHJXVWDQVRQDTXHOORVHQORVTXHQRKH
SRUTXHKDEDWHQLGRODSUHFDXFL³QGHOOHYDUPHODURSDDOFXDUWRGHED±RSDUDQRWHQHU HVWDGR
TXHYHVWLUPHGHODQWHGHHOOD 0LVSDODEUDVSRGUDQQRVLJQLILFDUQDGDRSRUHOFRQWUDULROOHYDUODPLVPDPDOD
ߚ&XDQGRTXLHUDVߚOHGLMH VDQJUHTXHXQDFDUJDGHSURIXQGLGDG1XHYD<RUN&KLFDJR7RURQWR.XDOD/XPSXU
1RPHQFLRQ©QLQJXQDGHODVFLXGDGHVSHURFDOODUPHHUDORPLVPRTXHHQXPHUDUODV
3¡JLQD 3¡JLQD
XQD SRU XQD /ROD OR VDED VHJXUR TXH V DXQTXH HVTXLY³ HO JROSH 7HQD EXHQD ߚ$\HUHVWXYHFRQ/XLVߚOHGLMHSDUDVXDYL]DUXQSRFRODFRQYHUVDFL³Qߚ3HUR
FLQWXUD(OER[HRIHPHQLQRVHKDEDSHUGLGRXQDJUDQFDPSHRQD HVR\DPHKDVGLFKRTXHORVDEHV
ߚ3XHV V ߚUHVSRQGL³ FRPR VL HO DPDJR QR IXHUD FRQ HOODߚ EXHQD FRPLGD ߚ0HORFRQW³HVWDPD±DQD
%XHQYLQR7HJXVWDU¡ ߚ(VWDPD±DQD"
/H GHYROY XQ VXVSLUR FDQVDGR R XQD VRQULVD D PHGLDV 5HVXOWD TXH GHVGH KDFH ߚ/XLV OOHJD PX\ WDUGH (O WUDEDMR <D VDEHV 5DUD HV OD QRFKH TXH SRGHPRV
PXFKRVD±RVHVORTXHPHVDOHFXDQGRTXLHURVRQUHUSDUDTXHGDUELHQDOJRTXHQR KDEODU
VHSDUHFHPXFKRDXQDVRQULVDSHURTXHWDPSRFROOHJDDVHUXQVXVSLUR4X©P¡VGD ߚ4X©WHFRQW³"
(VRIXHORTXHPHVDOL³ ߚ0HFRQW³TXHIXLVWHD/D*LWDQLOOD4XHHVWXYLVWHLVFKDUODQGRXQUDWR
$SDUF³HOFRFKHHQXQDDFHUDTXHHVWDEDSLQWDGDGHDPDULOOR\IXLPRVFDPLQDQGR ߚ8Q ORFDO PX\ DFRJHGRU (O URQ QR HVW¡ PDO 1R PH GHMDURQ SDJDU 7RGR XQ
KDFLD HO FHQWUR $ YHFHV FXDQGR DO DQGDU VH FRORFDED GH FDUD DO YLHQWR QR SRGD GHWDOOH<DVDEHVODHVFHQDWSLFDGHGRVYLHMRVDPLJRVTXHVHYXHOYHQDHQFRQWUDUDO
HYLWDUROHUVXSHUIXPHTXHRODFRPRKXHOHQORVMD]PLQHV(UDHOPLVPRGHHQWRQFHV FDERGHPXFKRVD±RV$KSRUFLHUWRPX\DPDEOHHOSHUVRQDO
(VFXULRVRF³PRWHYLHQHQORVUHFXHUGRVGHSURQWR(UDXQDURPDTXHQRKDEDYXHOWR /RODVDFXGL³ODFDEH]DFRQXQDPHGLDVRQULVD
D SHUFLELU GHVGH KDFD GLHFLRFKR D±RV \ \D LEDQ GRV YHFHV HVD QRFKH 0H KXELHUD ߚ6LJXHVVLHQGRHOPLVPRFQLFRGHVLHPSUHߚPHGLMRߚ*HQLR\ILJXUD
JXVWDGRVDEHUVLQRKDEDFDPELDGRGHSHUIXPHGHVGHHQWRQFHVRVLVHORKDEDSXHVWR ߚ(OFLQLVPRD\XGDDPDQWHQHUORVSLHVHQODWLHUUD$FRQVHUYDUODFRUGXUD0X\
SRUTXHLEDDLUDFHQDUFRQPLJR DPDEOHHOSHUVRQDO\DWHGLJR6REUHWRGRHOWLSR©VHHOPRUHQR
1RVHORSUHJXQW© ߚ:DOWHU
ߚ<RSUHILHUROODPDUOR&KRFRODWH<DPHFRQRFHV
/RODVRQUL³\GLRXQQXHYRWUDJRDODFRSDVLQGHMDUGHPLUDUPH
(QWUDPRVHQXQEDU\QRVKLFLPRVXQKXHFRHQODEDUUD/RODSLGL³SRUORVGRVVLQ ߚ&KRFRODWHߚUHSLWL³\VRQUL³RWUDYH]FRPRXQDQL±DPDOD
SUHJXQWDUPH /RV FDPDUHURV SDUHFDQ FRQRFHUOD 1RV VLUYLHURQ GRV FRSDV GH YLQR ߚ&KRFRODWHߚPHHVFXFK©GHFLU
EODQFR GH OD WLHUUD %DUEDGLOOR FDVL WUDQVSDUHQWH <R OHD ODV WDSDV HQ XQD SL]DUUD ߚ(VHOKRPEUHGHFRQILDQ]DGH/XLV
PLUDEDORVFXDGURVHQODSDUHGODVYLWULQDVFRQHOPDULVFRORVPRYLPLHQWRVU¡SLGRV ߚ/RKDEDLPDJLQDGR
GHORVFDPDUHURV1RHUDORPLVPRGHVGHOXHJRSHURPHUHFRUGDEDDO/LVERD1RHV ߚ1RV©PXFKRGH©O6³ORTXHIXHER[HDGRUFRPRWº
TXHODQRFKHTXHIXLDFHQDUFRQ/RODPHKXELHUDSXHVWRQRVW¡OJLFR4X©YD/RTXH ߚ<RQROOHJX©DVHUER[HDGRU$GHP¡VWº\DFRQRFHVHVDKLVWRULD
SDVD HV TXH EXVFDED DOJR HQ TXH WHQHU RFXSDGD OD PHQWH 3DUD QR SHQVDU HQ /ROD $SHVDUGHKDEHUFROJDGRORVJXDQWHVDQWHVGHTXHPLFDUUHUDGHVSHJDVHPHKH
FODUR &RPR VL HVR IXHUD SRVLEOH HVWDQGR HOOD D PL ODGR PLU¡QGRPH PX\ ILMR \ SUHJXQWDGRPXFKDVYHFHVTX©WLSRGHER[HDGRUKXELHUDOOHJDGRDVHUVLHO9HQGDYDO
OHYDQWDQGRODFRSD GH0DUVHOODQRKXELHUDWHQLGRODGHVJUDFLDDTXHOODQRFKHGHGHVSORPDUVHHQHOULQJ
ߚ%XHQR0RQWDOE¡QߚPHGLMRVRVWHQLHQGRODFRSDGHODQWHGHVXFDUDORVRMRV +DVWDHQWRQFHVKDEDJDQDGRPLVVLHWHSHOHDVFRPRSURIHVLRQDOHQORVWUHVSULPHURV
YLROHWDFODYDGRVHQORVPRVߚSRUQRVRWURV URXQGV 1R HV TXH PH TXLHUD SRQHU D SUHVXPLU DKRUD \ GHFLU TXH KDEUD EDWLGR HO
$VHQWOHYDQW©ODPDVLQPXFKRHQWXVLDVPR\ODDFHUTX©DODVX\D U©FRUGGHFRPEDWHVLQYLFWRVGH5RFN\0DUFLDQRHVWR\VHJXURGHTXHDQWHVRGHVSX©V
ߚ3RUQRVRWURVߚPXUPXU© PH KDEUD HQFRQWUDGR FRQ XQ SHJDGRU GXUR TXH PH WXPEDVH 3HUR D YHFHV PH
6HJXDPLU¡QGRPH/RODGHVSX©VGHDUUDQFDUXQODUJRVRUERGHYLQRDODFRSD SUHJXQWRVLFRQORVD±RVKXELHUDVHJXLGRVDOWDQGRGHPLULQF³QFRQODPLVPDIXULD\
ߚ%XHQR FKLFR ߚPH SUHJXQW³ FRPR VL PH DGLYLQDVH HO SHQVDPLHQWRߚ 1R OD PLVPD UDELD TXH FXDQGR HPSH]DED \ SHQVDED TXH DOJºQ GD SRGUD OOHJDU D VHU
WLHQHVQDGDTXHFRQWDUPH" FDPSH³Q GH (XURSD GHO 0XQGR TXL]¡ GH ORV SHVRV VXSHUZHOWHU &XDQGR ER[HDED
7HQDPXFKDVFRVDVTXHFRQWDUOH'HVGHOXHJRTXHV3HURWDQWDVFRPRHOODDP TXHUD DFDEDU OD SHOHD FXDQWR DQWHV KXPLOODU DO DGYHUVDULR OHYDQWDU ORV EUD]RV
ߚ/RPLVPRWHGLJR VRQUHU DO SºEOLFR \ YROYHUPH D FDVD FRQ OD EROVD GHO FDPSH³Q WDO YH] SRU HVR PH
/RODVHHFK³DUHUGHMDQGRODFRSDHQODEDUUD6HTXHG³PLUDQGRODVWDSDVTXH JXVWD LU DO JUDQR QR GDU URGHRV 7HUPLQDU FXDQWR DQWHV DXQTXH QR VH WUDWH GH XQD
QRVDFDEDEDGHWUDHUHOFDPDUHURFRPRVLQRHVWXYLHUDPX\VHJXUDGHWHQHUKDPEUH SHOHDDXQTXH\DQRVHDFXHVWL³QGHJDQDURSHUGHU<SDUDHVRKD\TXHDSUHWDUORV
<OXHJRPHPLU³DP7RGDYDHVWDEDVRQULHQGR GLHQWHV\ODQ]DUVHDSRUWRGDVEXVFDQGRHO.2
ߚ6XSRQJR TXH V ߚGLMR SRU ILQ DVLQWLHQGR FRQ OD FDEH]Dߚ /RVGRV WHQHPRV &RQ HO EUD]R WRGDYD HQ DOWR GHVSX©V GH EULQGDU FRQ OD VHJXQGD FRSD PLHQWUDV
PXFKDVFRVDVTXHFRQWDUQRV RWUDVGRVQXHYDVWDSDVTXHQRVKDEDQVHUYLGRQRVHVSHUDEDQLQWDFWDVHQODEDUUDOH
3¡JLQD 3¡JLQD
GLMH 3XHGH SDUHFHU TXH OD IUDVH OOHYDED XQ FDUJDPHQWR GH FLQLVPR SHUR OH HVWDED
ߚ%XHQR/ROD&UHRTXH\DHVKRUDGHTXHPHFXHQWHVDTX©YLHQHWRGRHVWR GLFLHQGR OR TXH SHQVDED GH YHUGDG <R KDEUD PDOJDVWDGR HO GLQHUR GHO *RUGR 1R
ߚ$TX©YLHQHTX© KDEUD VDELGR LQYHUWLUOR (Q QR PXFKRV D±RV ORV GRV KDEUDPRV WHUPLQDGR VLQ XQ
<DKHGLFKRTXHHVXQDEXHQDIDMDGRUD8QDFRVDHVTXHXQREXVTXHQRTXHDUFRQ F©QWLPR&RPR\RKHHVWDGRVLHPSUHYD\D
UDSLGH]DOFRQWUDULR\RWUDPX\GLVWLQWDTXHHODGYHUVDULRVHGHMH ߚ/DVDSDULHQFLDVHQJD±DQ0RQWDOE¡Q
/R PHMRU HUD ODQ]DU DOJXQRV MDEV PRYHUPH XQ SRFR FDOFXODU OD GLVWDQFLD 9ROYDPLUDUODGHDUULEDDDEDMR
DSURSLDGDSDUDHVHFRPEDWH ߚ3XHVHQJD±DQPX\ELHQ
ߚ$ TX© YLHQH WRGR HVWR (O PHQVDMH TXH PH PDQGDVWH D OD UDGLR /R GH /XLV ߚ(VWR\ KDUWD ߚPH GLMR \ FXDQGR OR KL]R PH GL FXHQWD GH TXH WRGDYD QR PH
DQRFKH KDED VROWDGR HO EUD]Rߚ +DQ SDVDGR PXFKRV D±RV \ \D HV KRUD GH TXH WH GLJD OD
ߚ$\HUQRHVWDEDVWDQVHULRߨ YHUGDGQRFUHHV"
ߚ$\HUHUDD\HU\KR\HVKR\ &RQODRWUDPDQRPHVXMHWDEDODEDUELOODSRUTXH\RPHKDEDYXHOWRDPLUDUOD
ߚ%XHQDDSUHFLDFL³Q OLVWDGHODVWDSDVHQODSL]DUUDFRPRVLPHODTXLVLHUDDSUHQGHUGHPHPRULD
ߚ(VWR\KDEODQGRHQVHULR/ROD ߚ0UDPHFXDQGRWHKDEORSRUIDYRU
$VLQWL³PHPLU³GHVFDQV³ODSDOPDGHVXPDQRHQPLDQWHEUD]R'HVXMHWDUOD 'HM©HVFDSDUHODLUHGHVSDFLR0HYROY(OODPHVROW³ODEDUELOOD
FRSDODWHQDKHODGD ߚ0RQWDOE¡QWHQDPXFKDVJDQDVGHYHUWHGHKDEODUGHORTXHSDV³'HFLUWHTXH
ߚ<R V³OR SXHGR KDEODU SRU P 0RQWDOE¡Q ߚPH GLMR \ OXHJR EDM³ ORV RMRVߚ ORVLHQWR4XHDFWX©PDO/RV©6©TXHWHKLFHPXFKRGD±R
'HORTXHWHKD\DGLFKR/XLVSRFRSXHGRGHFLU6³ORPHFRQW³TXHWHKDEDVSDVDGR <R DVHQWD VLQ DEULU OD ERFD /OHYDED PHGLD YLGD HVSHUDQGR TXH PH GLMHUD HVDV
SRUHOORFDO0HPRVWU©VRUSUHQGLGD1ROHGLMHTXHWHKDEDYLVWR SDODEUDV\DOHVFXFKDUODVDKRUDQRHUDFDSD]GHDUWLFXODUXQDIUDVHFRKHUHQWH(VWDED
ߚ3HURHVRQRTXLHUHGHFLUTXHQRORVHSDߚODLQWHUUXPS HQIDGDGR(VWDEDDWXUGLGR/RºQLFRTXHTXHUDHUDODUJDUPHGHDOO
ߚ/OHYDVUD]³Q3HURWDPSRFRWLHQHVTXHSHGLUOHSHUPLVRDQDGLHSDUDLUGRQGHWH ߚ6HU¡PHMRUTXHQRVYD\DPRV/ROD
G©ODJDQD1LD/XLVQLDP$QDGLH (OODPHVROW³HOEUD]R\YROYL³DOOHYDUVHODFRSDDORVODELRVVLQGHFLUQDGD3LGL³
ߚ(VWDUDEXHQR$HVWDVDOWXUDV OD FXHQWD 0H PHW OD PDQR HQ HO EROVLOOR SHUR DQWHV GH TXH SXGLHVH HQFRQWUDU HO
$SUHW³XQSRFRP¡VODPDQRVREUHPLEUD]R<DQRHVWDEDWDQIUD GLQHURHOODVDF³GHOEROVRXQELOOHWHORGHM³HQODEDUUD\OHLQGLF³DOFDPDUHURTXHQR
ߚ1RWHHQIDGHVFRQPLJR0RQWDOE¡Q KDFDIDOWDTXHOHGLHVHODYXHOWD/XHJRPHVRQUL³
0H HQFRJ GH KRPEURV PH DFRG© HQ OD EDUUD \ PH SXVH D PLUDU OD SL]DUUD 1L ߚ$QGDYDPRVߚPHGLMRߚ7HOOHYDU©DWRPDUODºOWLPD2ODSHQºOWLPD
VLTXLHUDDOPRYHUPHPHKDEDVROWDGRHOEUD]R ߚ/DSHQºOWLPDߚUHSHW\DQWHVGHTXHWHUPLQDVHGHGHFLUORVHKDEDFRJLGRGH
ߚ<DKDSDVDGRGHPDVLDGRWLHPSRFRPRSDUDTXHSXHGDHQIDGDUPHߚUHVSRQG PLEUD]R
SRUILQ $YHFHVORVER[HDGRUHVVDEHQTXHWLHQHQORVFRPEDWHVSHUGLGRVDQWHVLQFOXVRGH
ߚ+LFLPRV PDO 0RQWDOE¡Q /R V© < /XLV WDPEL©Q OR VDEH 3HUR KD SDVDGR GLVSXWDUORV/RYHQHQORVRMRVGHOFRQWUDULRHQORWUDQTXLORTXHHVW¡RHQF³PRVH
PXFKRWLHPSRGHVGHDTXHOORUDPRVPX\M³YHQHV PXHYH SRU HO ULQJ FXDQGR HO ORFXWRU HVW¡ GLFLHQGR VXV QRPEUHV 0LNH 7\VRQ HQ HO
ߚ(VRQRHVXQDH[FXVDFRQYLQFHQWH/ROD SULPHUFRPEDWHTXHGLVSXW³FXDQGRVDOL³GHODF¡UFHOFODYDEDORVRMRVGHKLHORHQHO
ߚ3HUR HV OD YHUGDG $FDVR SLHQVDV TXH QR PH KH DFRUGDGR GH WL WRGRV HVWRV FRQWUDULRXQWLSRTXHGHEDVDEHUTXHSRFRVVHJXQGRVGHVSX©VEHVDUDODORQD<RQR
D±RV" &UHHV TXH QR PH KDQ HQWUDGR JDQDV GH WLUDUOR WRGR SRU OD ERUGD SDUD LU D VDEUDGHFLUHQTX©PRPHQWRWXYHODFHUWH]DGHTXH/RODPHLEDDQRTXHDUHVDQRFKH
EXVFDUWH" VLFXDQGRYLQRDOKRWHODEXVFDUPHFXDQGRGLRXQURGHRSDUDQRSDVDUSRUGHODQWHGH
6DFXGODFDEH]D$OILQDOHUD\RHOTXHDEUDODJXDUGLDOHPRVWUDEDTXHHVWDED /D*LWDQLOODRHQDOJXQRGHORVPRPHQWRVHQORVTXHPHSXVRRMLWRVGXUDQWHODFHQD
FDQVDGROHSHGDTXHPHODQ]DVHXQGLUHFWRDOSOH[RVRODUTXHPHGHMDVHWLUDGRHQOD (O FDVR HV TXH FXDQGR VDOLPRV GHO EDU DJDUUDGRV GHO EUD]R SDUD P HVWDED EDVWDQWH
ORQD FODURTXHFXDOTXLHUMXH]REMHWLYRODKDEUDGHVLJQDGR\DFRPRYHQFHGRUDGHODSHOHD
ߚ+LFLVWHELHQHQQREXVFDUPH/ROD$SRVWDVWHSRUHOFDEDOORJDQDGRUߚODPLU© DQWHVGHTXH\RKXELHUDHQFDMDGRHOJROSHGHILQLWLYR
GHDUULEDDEDMRSDUDLOXVWUDUORTXHHVWDEDDSXQWRGHGHFLUOHߚFRQPLJRQRWHKDEUD 'RV PLQXWRV GHVSX©V HVW¡EDPRV HQ OD SXHUWD GH XQ KRWHO 3HQV© TXH KDED
LGRQLODPLWDGGHELHQTXHFRQ/XLV UHVHUYDGRXQDKDELWDFL³QTXHORWHQDWRGRSODQHDGRTXHVDEDTXHSRGUDOOHYDUPH
KDVWDDOOSRUTXH\RQRPHUHVLVWLUD
3¡JLQD 3¡JLQD
3HUR/RODPHSDU³ORVSLHV0HKDEDDGLYLQDGRHOSHQVDPLHQWR6HJXUR7RGDYD ߚ+D\TXHFRPHUWRGRVORVGDV/ROD<SDJDUHODOTXLOHU/RVK©URHVWDPEL©Q
QR0RQWDOE¡QSDUHFDGHFLUPH/RTXHWHQJDTXHVHUVHU¡SHURFXDQGR\RTXLHUD 3DUSDGH³XQRVVHJXQGRVDSXUDQGRHOºOWLPRVRUERGHODSL±DFRODGD
ߚ(QODºOWLPDSODQWDKD\XQEDU7LHQHXQDVYLVWDVPDJQILFDV ߚ3HURQRWHVHQWDVELHQDTXHQR"/OHYDEDVPXFKRVD±RVKDFLHQGRDOJRTXHWH
/OHYDED UD]³Q 2QFH SODQWDV GHVSX©V HVW¡EDPRV DFRGDGRV HQ XQD WHUUD]D /ROD GLVJXVWDED\GHFLGLVWHTXH\DKDEDVWHQLGRVXILFLHQWH
VRUEDHOF³FWHOGHODFRSDFRQXQDSDMLWD\\RWRPDEDXQDFHUYH]DDJROOHWH(OPDU ߚ0¡VRPHQRV
VH YHD RVFXUR LQPHQVR D OD OX] GH OD OXQD 0¡V DF¡ HO *XDGDOTXLYLU VH KDFD P¡V ߚ<SRUTX©IXLVWHDODUDGLRDFRQWDUWXYLGD"
JUDQGHSDUDSHUGHUVHHQHORF©DQR 1R OH FRQWHVW© LQPHGLDWDPHQWH SHUR FXDQGR OR KLFH OH GLMH OD ºQLFD YHUGDG
ߚ+HUPRVDYLVWDߚOHGLMHߚ7HQDVUD]³Q SRVLEOH
/RODSXVRVXPDQRVREUHODPD1RPHVRUSUHQGL³SRUTXH\DPHKDEDFRJLGROD ߚ0H OR RIUHFLHURQ \ PH SDUHFL³ XQD EXHQD IRUPD GH H[SLDU ODV FXOSDV GH
PDQRDOHQWUDUHQHOKRWHO DEULUPHODVHQWUD±DVDQWHORVGHP¡VFRQWDUTXHHVWDEDKDUWR4X©V©\R
ߚ9HQJR DTX D PHQXGR 'H GD GH QRFKH (VR RVFXUR TXH VH YH DK GHODQWH /RODVHUL³FRQJDQDV\DOKDFHUORHFK³ODFDEH]DKDFLDDWU¡VHOFXHOORODUJROD
GHWU¡VGHOURHV'R±DQD<OXHJRKD\WUHLQWDNLO³PHWURVGHSOD\DYLUJHQKDVWDTXH SLHOPRUHQDGHOHVFRWH6LQGHMDUGHVRQUHUYROYL³DPLUDUPH<RWDPEL©QVRQUHD
HQFXHQWUDVODSULPHUDFRQVWUXFFL³QDOOGRQGHVHYHQODVOXFHV ߚ$\0RQWDOE¡QSREUH6LHPSUHWDQEXHQFKLFR
5HVSLU©HODLUHSXURTXHYHQDGHOPDU0HJXVWDEDDTXHOORWDQWUDQTXLOR ߚ+D\WDPEL©QRWUDUD]³QSRUODTXHIXL
ߚ7HJXVWDYLYLUDTX"ߚOHSUHJXQW© ߚ&X¡O"
/RODPHVROW³ODPDQR6HDFRG³HQODEDUDQGD'LRXQVRUERDODSDMLWD3HUGL³OD $/RODOHHQFDQWDEDTXHOHUHJDODUDQHORGR6LHPSUHOHKDEDJXVWDGR
PLUDGDHQHORF©DQR ߚ/DVDEHVGHVREUD
ߚ<DQRߚUHVSRQGL³DOFDERHQFRJLHQGRORVKRPEURVFRPRVLVHGLVFXOSDUDߚ $VLQWL³\FXDQGRORKL]RPHSDUHFL³TXHHVWDEDFDOLEUDQGRVLHUDSRVLEOHTXHOR
1R V© 7RGR HVWR HV PX\ ERQLWR SHUR OOHJD XQ PRPHQWR HQ HO TXH WH KDUWDV TXH TXHOHGHFDIXHUDYHUGDG
TXLHUHVFDPELDUGHYLGD<DPHFRQRFHV ߚ(UDXQDSRVLELOLGDGPX\UHPRWD
ߚ6XSRQJR ߚ3HUR HUD XQD SRVLELOLGDG 8Q YDORU D±DGLGR 8Q LQFHQWLYR P¡V SDUD LU DO
6HYROYL³KDFLDP(UDODSULPHUDYH]HQWRGDODQRFKHTXHPHSDUHFL³TXHHVWDED SURJUDPD
FDQVDGD ߚ(OFDVRHVTXHWHHVFXFK©
ߚ9R\DGHMDUD/XLV0RQWDOE¡Q ߚ3XHVV(VWDEDVDORWURODGR
$KRUDIXL\RHOTXHPHHQFRJGHKRPEURV/DYHUGDGHVTXHQRHUDDVXQWRPR\ 'HM³ODFRSDHQXQDPHVD9ROYL³DSRQHUVXPDQRVREUHODPD2WUDYH]HVWDED
\DPHORKDEDGLFKR3HUR\DTXHHVW¡EDPRVQRPHSDUHFL³LQRSRUWXQRWLUDUGHOKLOR IUD
ߚ3RUHVRPHEXVFDVWH" ߚ6DEHVXQDFRVD0RQWDOE¡Q"
/RODQHJ³FRQODFDEH]D ߚ4X©
ߚ1R /OHYDED PXFKR WLHPSR SHQVDQGR ORFDOL]DUWH ,U D YHUWH D 0DGULG +DED ߚ4XHHVWHKRWHOHVORP¡VSDUHFLGRDXQUDVFDFLHORVTXHKD\SRUDTX
SUHJXQWDGRSRUWL\VDEDDORTXHWHGHGLFDEDV 0HHFK©DUHU6DFXGODFDEH]DQHJDQGRVLQJDQDV
ߚ1RFUHRTXHWHKXELHUDFRVWDGRWUDEDMRHQFRQWUDUPH ߚ0LU¡QGRORELHQߚD±DGL³H[WHQGLHQGRODPDQRKDFLDORVWHMDGRVGHODVFDVDVGH
ߚ6XSRQJRTXHQR3HURXQDQRFKHUHFRQRFWXYR]HQODUDGLR1RKDEDQLQJXQD 6DQOºFDUFRPRVLTXLVLHUDDEDUFDUODVߚVLORFRPSDUDVFRQHOUHVWRGHORVHGLILFLRV
GXGD (UDV Wº 0RQWDQHU HUDV Wº 8Q WLSR TXH VH GHGLFD D FREUDU GHXGDV GH RWURV D GHSRUDTXHVXQUDVFDFLHORV<HVWDPRVHQODºOWLPDSODQWD
DVXVWDUDSREUHVGLDEORV\TXHORYDDGHMDUSRUTXHWLHQHSUREOHPDVGHFRQFLHQFLD/R /DºOWLPDIUDVHPHVRQ³FRPRXQDDPHQD]DDJUDGDEOH3HURQRGHMDEDGHVHUXQD
UDURKXELHUDVLGRTXHQRIXHVHVWº DPHQD]D
ߚ6HU¡YHUGDGߚQRPHTXHG³P¡VUHPHGLRTXHUHFRQRFHUߚ(VWDEDKDUWR(VWR\ ߚ+D\EXHQDVYLVWDVGHVGHDTXV
KDUWRGHKDFHUORTXHKDJR /RODPHPLUDED1RKDFDIDOWDTXHGLMHUDQDGDP¡V6XPDQR\DQRHVWDEDIUD
ߚ1R PH H[WUD±D 0RQWDOE¡Q 7º QXQFD KDV VLGR DV 6LHPSUH IXLVWH XQ EXHQ
FKLFR8QSRFRFDEH]RWDSHUREXHQDSHUVRQD8QK©URHGHHVRVGHODVQRYHODVTXH
WDQWRWHJXVWDEDQ $V TXH FRPR GLUD HO ORFXWRU GH OD YHODGD D XQ ODGR GHO ULQJ 5DIDHO 0RQWDOE¡Q
0HHFK©DUHU VXSHUZHOWHUFXDQGRHUDXQDMRYHQSURPHVDVHPLSHVDGRGRVG©FDGDVP¡VWDUGHFRQ
3¡JLQD 3¡JLQD
SDQWDORQHVYDTXHURVGHVSLQWDGRVUL]RVLQGRPDEOHVSRUORVTXH\DDVRPDQP¡VGHXQD VHVHSDUDEDQXQPRPHQWR&UX]³VXVPDQRVGHWU¡VGHPLQXFDPHDFDULFL³HOSHOR
FDQD FDPLVD YLHMD SRU IXHUD GHO SDQWDO³Q ODV PDQRV PHWLGDV HQ ORV EROVLOORV VLQ ODVRUHMDV9ROYL³DEHVDUPH\HVWDYH]VHHQWUHWXYRXQSRFRP¡V6HDSUHWDEDFRQWUD
VDEHUPX\ELHQTX©KDFHU<HQODRWUDHVTXLQD/RODPRUHQDYHVWLGRPDOYDWDFRQHV P0HPRUGDFRPRVLWXYLHUDKDPEUH
RORUDMD]PQODELRVURMRVDJXDIUHVFD(OFXDGULO¡WHURQRHUDPD\RUGHXQRSRUXQR /RODDFHUW©DGHFLUSRUºOWLPDYH]/RODVXQRPEUHSRUTXHQRVHPHRFXUUDRWUD
8Q HVSHMR OD SDUHGHV IRUUDGDV GH PDGHUD FRQWUDFKDSDGD $QWHV GH HQWUDU HQ HO FRVDSHUR\DQRIXLFDSD]GHYROYHUORDSURQXQFLDU\DQRSXGHYROYHUDGHFLUODVGRV
DVFHQVRU HQ OD WHUUD]D \R KDED SURQXQFLDGR VX QRPEUH XQ SDU GH YHFHV /ROD VODEDV(VWDEDWDQFHUFDGHPTXHPHFRVWDEDUHVSLUDUDSUHWDEDVXFXHUSRFRQWUDHO
SURWHVWDQGRVLQIXHU]D\DFRPRTXLHQVHFXEUHVLQJDQDVHQXQFRPEDWHFRPRXQ PR\WHQDVXOHQJXDGHQWURGHPLERFD\HUDLPSRVLEOHGHFLUQDGDKXUJDEDGHQWUR
HFWRSODVPDTXHDOILQDOGHODSHOHDOHYDQWDODVPDQRVDGXUDVSHQDV\VHUHVDEHGRU GH P FRQ OD XUJHQFLD GH TXLHQ OOHYD PXFKR WLHPSR HVSHUDQGR HVH PRPHQWR $JXD
GHTXHHODGYHUVDULRP¡VHQWHURHVW¡DSXQWRGHWXPEDUOR IUHVFD
< HO FDVR HV TXH HVD WDUGH DQWHV GH TXH YLQLHUD D EXVFDUPH DOKRWHO HVWDED FDVL
FRQYHQFLGR GH TXH LED D PDUFKDUPH SDUD QR YROYHU QXQFD P¡V OR MXUR ,ED D
PDUFKDUPH\PLHQWUDVHOODHVSHUDEDDTXHPHGXFKDVHPHGLXQDWUHJXD\PHGLMH 'LHFLRFKR D±RV XQ PHV \ FXDWUR GDV 7RGR HVH WLHPSR KDED WDUGDGR HQ YROYHU D
TXHVHORGLUDHVDPLVPDQRFKHTXHPHGHVSHGLUDGHHOOD\PHLUDFRQODFDEH]D WHQHU D /ROD HQWUH PLV EUD]RV HQ VHQWLU HO SHVR GH VXV SHFKRV HQ OD SDOPD GH PLV
ELHQDOWD\OXHJRGDUDPHGLDYXHOWDVLQTXHGDUPHDYHUVXUHDFFL³QVLQYROYHUODFDUD PDQRVVXVFDGHUDVFODY¡QGRVHFRQWUDPLSHOYLVPRYL©QGRVHUWPLFDPHQWHSULPHUR
VLHOODPHOODPDED0RQWDOE¡QPLYLGDQRWHYD\DVTX©GDWHFRQPLJR3HUR\RQROH FRQXQHVSDVPRGHIXULDGHVSX©V6LQGHMDUGHEHVDUPHPHKDEDHPSXMDGRFRQWUDOD
KDUDFDVRQLVLTXLHUDHVFXFKDUDVXYR]VHJXLUDPFDPLQRTXHHQUHDOLGDGQRVDED SDUHGGHODVFHQVRU9DPRVPHRUGHQ³HQWUHMDGHRV9DPRV0RQWDOE¡Q6HOHKDED
\WRGDYDQRV©ߚ\PHWHPRTXHQXQFDVDEU©ߚFX¡OHVWUDWDUDGHHQFRQWUDUPLOXJDU FDGRXQDWLUDQWDGHOYHVWLGRGHMDQGRDODYLVWDXQRGHVXVVHQRVFRPRXQDDPD]RQD
HQHOPXQGRVLHVTXHWRGDYDHUDSRVLEOH<ORKXELHUDKHFKRWDOYH]QRVHORKDEUD /ROD LQWHQW© GHFLU RWUD YH] SHUR \D QR SDUD SURWHVWDU QL SDUD SHGLUOH TXH VLJXLHUD
GLFKR WRGR GH HVD IRUPD SRUTXH XQR GLIFLOPHQWH SXHGH KDFHU ODV FRVDV FRPR ODV VLQR SRUTXH QR VH PH RFXUUL³ QDGD PHMRU TXH LQYRFDU VX QRPEUH /ROD 6H KDED
SODQHDRFRPROHJXVWDUDSRUTXHDODKRUDGHODYHUGDGOHIDOWDHOYDORURHOWHPSOH EDMDGRODRWUDWLUDQWDGHOYHVWLGR\VHORVDF³SRUODVSLHUQDVDJLWDQGRODVFDGHUDVSRU
QHFHVDULRV (VWDED D SXQWR GH HPSH]DU D KDEODU FXDQGR \D KDEDPRV HQWUDGR HQ HO ODXUJHQFLD/RODUHSHWFRQHOFH±RIUXQFLGR3HURHOODQRPHHVFXFKDED6HTXLW³OD
DVFHQVRU $O SULQFLSLR OD PLU© VLQ FRPSUHQGHU WRGDYD OR TXH HVWDED SDVDQGR VLQ EUDJDV\ODVVRVWXYRXQPRPHQWRHQHODLUHFRQODSXQWDGHORVGHGRVFRPRTXLHQ
TXHUHUHQWHQGHUWRGDYDORTXHHVWDEDSDVDQGR VXMHWDXQSD±XHORRXQWUR]RGHSDSHOTXHHVW¡DSXQWRGHWLUDUDODEDVXUD6RQUHD
(QODWHUUD]D\DQRTXHGDEDQDGLHV³ORHOFDPDUHURHOOD\\R/RODUHSHWRWUD PLHQWUDVORKDFDGLVIUXWDEDGHORTXHHVWDEDKDFLHQGRGHWHQHUPHDOODVXPHUFHG
YH] SRU GHFLU DOJR /ROD 3HUR HOOD \D KDED SXOVDGR HO ERW³Q GH OODPDGD VLQ GHUUHQJDGRHQXQHVSDFLRWDQSHTXH±R7RGDYDVRQUHDFXDQGRGHM³FDHUODVEUDJDV
VROWDUPHDSUHW¡QGRVHP¡VFRQWUDPWRGDYD/RODYROYDGHFLUFXDQGRHQWUDPRV\ PH REOLJ³ D IOH[LRQDU ODV SLHUQDV \ VH VHQW³ D KRUFDMDGDV VREUH P 1R V© FX¡QWR
HOODVRQUL³SXOV³HOERW³QTXHQRVOOHYDUDDODUHFHSFL³Q\SRUXQPRPHQWRFUHTXH WLHPSRSDVDPRVDOOGHQWURSHURQRGHEL³GHVHUPXFKR)XHXQDVDOWRLQWHQVRSHUR
QRLEDDSDVDUQDGD3HURHODVFHQVRUHPSH]³DPRYHUVH\DKRUDSXVRHOGHGRHQHO WDOYH]SRUHVR\SRUODSUHPXUDDODTXHQRVREOLJDEDHOOXJDU\HOPRPHQWRWDPEL©Q
ERW³QGHSDUDGD IXHPX\FRUWR
6RQUL³DOKDFHUOR /RODQRHVODPXMHUP¡VKHUPRVDGHOPXQGR\VXVPHGLGDVWDOYH]QRVHDQODV
7UDJX©VDOLYD P¡VDGHFXDGDVSDUDVDOLUHQODSRUWDGDGHXQDUHYLVWDGHPRGDSHURDPPHJXVWDED
/RODVHDFHUF³DPFRQOHQWLWXGFDOFXODGD\PHSXVRHOQGLFHHQORVODELRVFRQ PH JXVWDED LJXDO DKRUD ߚR WDO YH] PH JXVWDED P¡Vߚ TXH GLHFLRFKR D±RV DWU¡V
VXDYLGDG GHM¡QGROR DOO XQRV VHJXQGRV SLGLHQGR TXH PH FDOODUD PLHQWUDV FXDQGRWRGDYD©UDPRVFDVLXQRVDGROHVFHQWHV\ODYLGDHUDXQFDPLQRSRUGHVFXEULU
FRPSUREDEDQRVLQFLHUWRGRORUTXHKDEDSHUGLGRHOFRQWUROGHPLVODELRVTXHHQ XQDEDQLFRGHSRVLELOLGDGHVTXHQRVDEDPRVTXHDFDEDUDPRVPDOEDUDWDQGR
HVH PRPHQWR VH FXUYDEDQ KDFLD OD \HPD GH VX GHGR EHV¡QGROR URJ¡QGROH GH HVWD $O WHUPLQDU VH TXHG³ DEUD]DGD D P HQ VLOHQFLR UHFXSHUDQGR HO DOLHQWR 6HQWD
IRUPDTXHQRVHUHWLUDUD/RODOHGLMHRSDUDVHUH[DFWRVOHVXSOLTX©(QXQºOWLPRH VXVODELRVWRGDYDDUGLHQGRSHJDGRVDPLPHMLOOD1RSRGDYHUVXFDUDSXHVVHJXD
LQºWLO LQWHQWR GH UHVLVWHQFLD DJDUU© VX PDQR SDUD UHWLUDUOD GH PLV ODELRV SHUR GH VHQWDGDHQFLPDGHPVXGDQGRSHURPHSDUHFL³TXHVRQUHDDOHVFXFKDUVXQRPEUH
UHSHQWH HUD VX PDQR OD TXH VXMHWDED OD PD \ OD OOHY³ D VXV ODELRV \ PH EHVDED ORV GHPLVODELRV6LHPSUHOHKDEDJXVWDGRHVRPHFRQW³FXDQGRQRVFRQRFLPRVXQDGH
GHGRV/RODUHSHWFRPRVLWRGDYDIXHUDSRVLEOHHVFDSDUGHDOOFRPRVLIXHUDFDSD] ODV SULPHUDV QRFKHV TXH SDVDPRV MXQWRV D FXDOTXLHU PXMHU OH JXVWD HVFXFKDU VX
FRPR VL DOJXQD YH] OR KXELHUD VLGR GH VDOLU D FRUUHU PLHQWUDV ORV ODELRV GH /ROD VH QRPEUHGHODELRVGHOKRPEUHTXHDPD
DFHUFDEDQGHVSDFLRDORVPRVVHGHWHQDQHQXQHWHUQR\GHOLFLRVRLQVWDQWH\OXHJR ߚ7HQJRTXHYHVWLUPHߚGLMRVLQHPEDUJR
3¡JLQD 3¡JLQD
(QWRQFHVFDHQODFXHQWDGHTXHGHORVGRVHOODHUDTXLHQHVWDEDFRPSOHWDPHQWH HGHMDGRHOER[HRGRVYHFHVHQPLYLGD'HVSX©VGHDEDQGRQDUORODSULPHUDYH]
GHVQXGD<RQRPHKDEDTXLWDGRODFDPLVDDSHQDVKDEDDFHUWDGRDGHVDEURFKDUPH + \RHUDFRPRXQDEDODSHUGLGDXQSºJLOTXHKDEDFDGRUHQGLGRDOULQJGHVSX©V
XQSDUGHERWRQHV\WHQDORVSDQWDORQHV\ORVFDO]RQFLOORVSRUODVURGLOODV/RODVH GHODQ]DUPXFKRVMDEVDODLUHVLQDOFDQ]DUQXQFDHOFXHUSRGHVXRSRQHQWH
PHTXHG³PLUDQGRXQLQVWDQWHPLHQWUDVVHGHVSHUH]DEDDQWHVGHHVWLUDUHOEUD]RSDUD 0HKDEDQURWRODQDUL]PHKDEDQGHMDGR.2\HVWDEDSDVDQGRXQDPDODUDFKD
UHFRJHUVXURSDGHOVXHOR 1R GDED XQD D GHUHFKDV YLVLW© ODV GHSHQGHQFLDV GH OD PLVPD FRPLVDUD XQ SDU GH
0H VXE HO SDQWDO³Q VLQ GHFLU QDGD PLHQWUDV HOOD VH FRORFDED ODV EUDJDV \ VH YHFHVSRUTXHVHPHLEDQORVSX±RVHQVHJXLGDFXDQGRDOJXLHQVHUR]DEDFRQPLJRSRU
DMXVWDEDHOYHVWLGRSRUHQFLPDGHODFDEH]D6HORKDEDVDFDGRSRUORVSLHVDQWHVGH OD FDOOH R VL QR PH JXVWDED F³PR PH PLUDED 'XUDQWH FXDWUR PHVHV PH DEDQGRQ©
UHYROFDUVH FRQPLJR \ DKRUD GHVSX©V GH KDEHUOR KHFKR VH OR SRQH SRU OD FDEH]D +DEDHVWDGRXQD±R\PHGLRDFXGLHQGRDOJLPQDVLRVHLVYHFHVSRUVHPDQDVLQIDOWDU
SHQV©HVWºSLGDPHQWHFRPRVLDTXHOORWXYLHUDDOJºQVLJQLILFDGR XQVRORGD(QWUHQDEDFRQILHEUHFRQXQGHGRURWRFRQWLURQHVHQODVSLHUQDVFRQODV
6HDUUHJO³HOSHORFRQXQSDUGHPRYLPLHQWRVU¡SLGRVXVDQGRVXVGHGRVFRPRXQ SODQWDVGHORVSLHVHQFDUQHYLYDGHEDLODUHQHOULQJ'XUDQWHHVRVGLHFLRFKRPHVHV
SHLQHLPSURYLVDGR&RQODSDOPDGHODPDQRVHDMXVW³HOYHVWLGR&RPSURE³TXHQR WDPSRFRSURE©QLXQDJRWDGHDOFRKRO3HURHVWRQRWLHQHPXFKRP©ULWRSRUTXHDQWHV
WHQDDUUXJDV0HPLU³\VRQUL³ WDPSRFRDFRVWXPEUDEDDEHEHU
ߚ/O©YDPHFRQWLJR0RQWDOE¡Q6¡OYDPHFRPRDODVSULQFHVDVGHORVFXHQWRV 6LQHPEDUJRGXUDQWHDTXHOORVFXDWURPHVHVTXHVLJXLHURQDODGHUURWDDSHQDVIXL
(VWDEDDSXQWRGHDEULUODERFDSDUDGHFLUDOJRFXDQGRHOODPHFRUW³FRQXQEHVR DOJLPQDVLR,EDDFRUUHUDOJXQDYH]SDUDMXVWLILFDUPHFRPRVLGDUXQDFDUUHUDXQSDU
ߚ1RPHGLJDVTXHQRDKRUD3L©QVDWHOR7HHVSHUDU©7HHVSHUDU©HOWLHPSRTXH GHYHFHVDODVHPDQDIXHUDVXILFLHQWHSDUDPDQWHQHUPLFXHUSRHQIRUPD*DQ©SHVR\
KDJDIDOWD SHUG PDVD PXVFXODU 7DPEL©Q WUDEDM© GH FDPDUHUR GH UHSDUWLGRU LQFOXVR HQ XQD
7HUPLQ³ODIUDVH\SXOV³HOERW³QSDUDEDMDUDODUHFHSFL³QFRPRVLQDGD$ºQQR REUD (Q OR TXH HQFRQWUDED /RV ILQHV GH VHPDQD PH DFRVWDED WDUGH LQFOXVR QR PH
KDEDWHQLGRWLHPSRGHDEURFKDUPHORVSDQWDORQHV/RºQLFRTXHQRKDEDFDPELDGR DFRVWDED\SRFDVYHFHVYROYDDFDVDVLQODFDPLVDDUUXJDGDRPDQFKDGDGHVDQJUH
GH/RODHUDTXHVHJXDGLVIUXWDQGRDOFDPLQDUSRUHOILORGHODQDYDMD\ORºQLFRTXH GHVDQJUHGHRWURSRUIRUWXQD$TXHOORVPHVHVHOER[HROOHJ³DVHUXQYDJRUHFXHUGR
QR KDED FDPELDGR HQ P HUD TXH VHJXD VLQ GDUPH FXHQWD GH HOOR KDVWD TXH HUD XQDFRQWHFLPLHQWRGHOSDVDGRTXH\DQRWHQDQDGDTXHYHUFRQPLJR
GHPDVLDGR WDUGH 3HUR D SHVDU GH WRGR SRU HVWºSLGR SRU LQFRQVFLHQWH R WDO YH] 8QDWDUGHYROYDDFDVD(UDXQRGHORVGDVHQORVTXHHVWXYHWUDEDMDQGRGHSH³Q
SRUTXHSHUWHQH]FRDHVDFODVHGHLPE©FLOHVTXHVRQFDSDFHVGHRIUHFHUHOFXHOORSDUD GHDOED±LO/RUHFXHUGRELHQSRUTXHIXHHOºOWLPRWUDEDMRTXHKLFHDQWHVGHYROYHUDO
TXHOHVFRORTXHQODVRJDFRQODTXHORVYDQDDKRUFDUDºQWHQGUDQTXHSDVDUDOJXQDV ULQJ
FRVDVGHODVTXHWHQGUDTXHDUUHSHQWLUPH1RSRGDVDEHUWRGDYDDXQTXHPLU¡QGROR /DIDPDGHXQER[HDGRUTXHHPSLH]DQRHVPD\RUTXHODGHFXDOTXLHUSDGUHGH
UHWURVSHFWLYDPHQWHKHGHFRQIHVDUTXHQRKXELHUDVLGRGHPDVLDGRGLIFLOLQWXLUORTXH IDPLOLD DEXUULGR TXH WUDEDMD HQ XQD RILFLQD GH RFKR D WUHV \ DSDUWH GH DOJXQRV
WUHVGDVGHVSX©VHVWDUDDTXHVSHUDQGRDTXH/XLVYLQLHUDDEXVFDUPHSDUDSHJDUPH DILFLRQDGRVDODVSHOHDVWDQSHVDGRVRWDQLQVLVWHQWHVFRPRSDUDUHFRUGDUPLQRPEUH
WDOYH]XQWLURHQHQWUHFHMD\FHMD QR KDED QDGLH P¡V TXH PH FRQRFLHUD 0L QRPEUH DGHP¡V DXQTXH /ROD PH GLMHUD
GHVSX©V TXH HUD FRPR HO GH XQD HVWUHOOD GH FLQH QR HV WDQ I¡FLO GH UHFRUGDU R WDQ
SLQWRUHVFRFRPRORVPRWHVFRQORVTXHODJHQWHUHFXHUGDDORVER[HDGRUHV1XQFDFD
HQ OD WHQWDFL³Q GH EDXWL]DUPH FRQ XQ DSRGR 0XFKD JHQWH PH OR GHFD (O *RUGR
WDPEL©QLQVLVWL³GHVSX©VFXDQGRFRQVLJXL³KDFHUPHVXELUDXQULQJRWUDYH]7LHQHV
TXH FDPELDUWH HO QRPEUH PH GLMR XQ DSRGR FRQWXQGHQWH 6DFXG OD FDEH]D OH GLMH
TXH QR 0H JXVWD PL QRPEUH UHSXVH 5DIDHO 0RQWDOE¡Q 3XQWR (QWRQFHV HO *RUGR
WLU³ GH VX PHPRULD IDEXORVD \ PH UHFLW³ XQD UHWDKOD GH DSRGRV TXH HFOLSVDURQ ORV
QRPEUHVYHUGDGHURVGHORVER[HDGRUHV<DVHPHKDQROYLGDGRPXFKRVSHURPHYLQR
D GHFLU TXH QDGLH VH DFRUGDED GH 5RFFR )UDQFLV 0DUFKHJLDQR VLQR GH 5RFN\
0DUFLDQR 1L GH :DOWHU 6PLWK $ YHU 0RQWDOE¡Q TXL©Q HUD :DOWHU 6PLWK" PH
SUHJXQW³0HHQFRJGHKRPEURVFRPRVLQRPHLPSRUWDVH\ORFLHUWRHVTXHQRPH
LPSRUWDEDPXFKR:DOWHU6PLWKHUD6XJDU5D\5RELQVRQHOP¡VJUDQGHTXHQRVHWH
ROYLGH FKDYDO 6XJDU 5D\ %XHQR HUD VX RSLQL³Q \ DXQTXH QR OR FRPSDUWLHVH \R
VLHPSUHWXYHPXFKRUHVSHWRSRUHO*RUGRDXQTXHOXHJRPHWLUDVHDVXFKLFDDXQTXH
3¡JLQD 3¡JLQD
P¡VWDUGHHVFRQGLHVHODFDEH]DFRPRXQDYHVWUX]SDUDQRTXHUHUHQWHUDUPHGHTXHOR 'HPSVH\\\RQRHVWDPRVHQHOPLVPRSHVR
LEDQDWUDLFLRQDU\TXH\RPHLEDDEHQHILFLDUGHDTXHOODSX±DODGDHQODHVSDOGD <TX©LPSRUWDHVR(UHVGXURFRPR©O<WºORVDEHV
$O*RUGRORFRQRFHVDWDUGHFRPRGHFDFXDQGRYROYDGHOWUDEDMR(QODSXHUWD (O*RUGRQRHUDXQDKHUPDQLWDGHODFDULGDG\WDPSRFRHUDXQRGHHVRVWRVFRQ
GHOEORTXHGRQGHYLYDHVWDEDDSDUFDGRXQFRFKD]RHQRUPHUHOXFLHQWH8QWLSRFRQ IDOVRV PRGDOHV GH GLUHFWRU GH 21* FX\D ºQLFD LQWHQFL³Q HV HPEDXFDUWH SDUD YHU
XQD JRUUD OH SDVDED XQ WUDSR P¡V OLPSLR TXH XQ SD±XHOR UHFL©Q ODYDGR DO FDS³ FX¡QWD SDVWD SXHGHQ VDFDU GH WL KDVWD TXH WH H[SULPHQ \ OXHJR WH WLUDQ D OD EDVXUD
PLHQWUDVRWURHVSHUDEDGHSLHIXPDQGRXQSXURTXHRODWDQELHQFRPRV³ORSXHGHQ VDFXGL©QGRVH ODV PDQRV VLQ SUREOHPDV GH FRQFLHQFLD 0H GLMR DTXHOOD WDUGH TXH
ROHU ORV YHJXHURV TXH FXHVWDQ OR PLVPR TXH \R JDQDED GHVSX©V GH WRGR XQ GD SRGUDJDQDUGLQHURTXHORVGRVSRGUDPRVJDQDUGLQHUROVHHQFDUJDUDGHOOHYDU
DFDUUHDQGRODGULOORV PLFDUUHUD\\RV³ORPHWHQGUDTXHSUHRFXSDUGHHQWUHQDUGHFXLGDUPH\GHVXELUDO
%XHQDVWDUGHVFDPSH³Q ULQJ\DSUHWDUORVGLHQWHVSDUDJDQDUORVFRPEDWHV1RWHYR\DUHJDODUQDGDPHGLMR
6H PH FULVSDURQ ORV SX±RV GHQWUR GH ORV EROVLOORV /R UHFXHUGRELHQ $ QDGLH OH \WDPSRFRWHTXLHURSURPHWHUQDGD
JXVWD TXH YHQJDQ D UHUVH HQ VX FDUD HQ OD SXHUWD GH VX FDVD 0H YROY GHVSDFLR 1RILUPDPRVXQFRQWUDWRHO*RUGRHUDGHODVSHUVRQDVFKDSDGDVDODDQWLJXDTXH
SUHJXQW¡QGRPH VL DQWHV GH KDFHUOH WUDJDU HO SXUR WHQGUD TXH HQIUHQWDUPH FRQ HO WRGDYDFUHDQTXHXQDSUHW³QGHPDQRVHUDHOPD\RUGHORVFRPSURPLVRVXQDDOLDQ]D
FK³IHUTXHVHJXDSDVDQGRHOSD±RSRUHOFDS³FRPRVLQRPHKXELHUDYLVWR LQTXHEUDQWDEOHTXHFXDOTXLHUDTXHVHFRQVLGHUDVHXQKRPEUHUHVSHWDUD6XSRQJRTXH
3HUR HO *RUGR YLHMR ]RUUR \D PH RIUHFD VX PDQR FRQ OD SDOPD OLJHUDPHQWH SDUD ©O SDUD FXDOTXLHU KRPEUH GHFHQWH HO DFXHUGR WDPEL©Q LQFOXLUD UHVSHWDU D VX
YXHOWDKDFLDDUULEDFRPRVLPHUHYHUHQFLDVH/RKDFD\VRQUHDVRVWHQLHQGRHOSXUR FKLFDDXQTXHV³ORIXHUDVXDPDQWH3HURQRFXPSOPLSDUWHGHOWUDWR\FXDQGRODV
FRQORVGLHQWHVORVRMLOORVSHTXH±RVRVFXURVFODYDGRVHQP FRVDVVHWRUFLHURQ\RHVWDEDHQ/LVERDHVSHUDQGRD/RODKDFL©QGRPHHOVRUGRFRPR
0HGLMRVXQRPEUHHOYHUGDGHUR3RFRGHVSX©VPHHQWHU©GHTXHWRGRHOPXQGR VLDOHVFRQGHUPHWDQFREDUGHSXGLHUDILQJLUTXHORTXHSDV³ QRWXYRQDGDTXHYHU
OROODPDEDHO*RUGRDVXVHVSDOGDVSHURTXHD©OQRSDUHFDPROHVWDUVHGHPDVLDGRVL FRQPLJR
ORKDFDQFRQFDUL±R
0HDFRUG©GHO*RUGRODQRFKHTXHYROYDPRV/ROD\\RGH6DQOºFDUGH%DUUDPHGD
7HKHYLVWRSHOHDUPXFKDFKRPHGHFDSRFRGHVSX©VDFRGDGRHQODEDUUDGHXQEDU 0H DFRUG© \ IXH XQR GH ORV PRPHQWRV HQ ORV TXH PH GLMH TXH OD KLVWRULD KDED
GRQGHKDEDLQVLVWLGRHQLQYLWDUPH WHUPLQDGR 6XSRQJR TXH SDUD ORV HVFULWRUHV HV P¡V I¡FLO 4XLHUR GHFLU TXH QR OHV
0HHQFRJGHKRPEURV$ORWURODGRGHODEDUUDHOHVSHMRPHGHYROYDHOFDUHWR UHVXOWDGLIFLOVDEHUFX¡QGRKD\TXHSRQHUSXQWR\ILQDO3HURHQODYLGDUHDODOPHQRV
GHXQMRYHQGHVRULHQWDGRVXFLRGHKDEHUSDVDGRRFKRKRUDVDFDUUHDQGRHVFRPEURV D P QXQFD PH KD SDUHFLGR VHQFLOOR (O FDVR HV TXH HVWD KLVWRULD SRGD KDEHU
MXQWR D XQ WLSR DO TXH QL VLTXLHUD XQ WUDMH D PHGLGD ORJUDED GLVLPXODUOH OD EDUULJD WHUPLQDGRDQWHVGHLUPHDFHQDUFRQ/RODRKDEL©QGRPHLGRDFHQDUFRQHOODSHURVLQ
/OHYDED OD FRUEDWD IORMD HO ºOWLPR ERW³Q GH OD FDPLVD GHVDEURFKDGD \ GH YH] HQ GHMDUPHOOHYDUKDVWDHODVFHQVRUDVDELHQGDVGHORTXHLEDDSDVDUDXQTXHSURWHVWDVH
FXDQGRVDFDEDXQSD±XHORSDUDVHFDUVHHOVXGRUGHODIUHQWH <QRHVTXHPHDUUHSLHQWDGHORTXHSDV³QLVLTXLHUDWXYHUHPRUGLPLHQWRVHVDQRFKH
8QD SHQD TXH OR GHMDUDV D±DGL³ FODYDQGR VXV RMRV HQ ORV PRV D WUDY©V GHO $/XLVDOFDERQROHGHEDQLQJXQDOHDOWDGVLDFDVRWRGRORFRQWUDULR\KDEDVLGR
HVSHMR SUHJXQW¡QGRVH TXL]¡ TX© KDFD XQ SºJLO SURPHWHGRU FRPR \R WUDEDMDQGR GH HOODODTXHKDEDHPSH]DGRDGHP¡V
DOED±LO3DUHFDODPHQWDUORLQFOXVR 1RUHFXHUGRHQTX©PRPHQWRIXHH[DFWDPHQWHTXLHURGHFLUHOLQVWDQWHHQTXHHO
9ROYDHQFRJHUPHGHKRPEURV WLHPSRKL]RXQDSLUXHWDWUDYLHVD\PHWUDMRHOSDVDGRDOSUHVHQWHSHURWXYRTXHVHUHQ
<DQRER[HRUHSXVHLJXDOTXHKHKHFKRWRGRVHVWRVD±RVGHVGHODºOWLPDYH]TXH DOJºQSXQWRGHOWUD\HFWRGHYXHOWDKDVWDHO3XHUWR2WUDYH]KDEDHOHJLGRHOFDPLQR
VXE D XQ ULQJ 3HUR GHVSX©V GH OR GHO 9HQGDYDO GH 0DUVHOOD IXH LPSRVLEOH P¡V ODUJR OD FDUUHWHUD GH 5RWD SDUD HYLWDU SDVDU SRU GHODQWH GH /D *LWDQLOOD \ TXH
FRQYHQFHUPH GH TXH YROYLHUD D HQIXQGDUPH ORV JXDQWHV 1L VLTXLHUD HO *RUGR SXGR /XLV &KRFRODWH R FXDOTXLHUD GH VXV VLFDULRV SXGLHVH UHFRQRFHU VX FRFKH <R KDED
KDFHUPHFDPELDUGHRSLQL³Q HFKDGRHOUHVSDOGRGHODVLHQWRKDFLDDWU¡VPHKDEDDFRPRGDGR\KDEDFHUUDGRORV
3XHV HV XQD SHQD FKDYDO PH GLMR HQWRQFHV FXDQGR \R WRGDYD QR VDED TXH RMRVGLVIUXWDQGRGHOPRPHQWR/RODWHQDODUDGLRSXHVWD$SHQDVKDEO³GXUDQWHORV
YROYHUDDOULQJ\TXHQRWDUGDUDHQFROJDUORVJXDQWHVSDUDVLHPSUH3HJDEDVGXUR SULPHURV NLO³PHWURV 7DO YH] SHQV© WDPEL©Q TXLHUH GLVIUXWDU GH HVWH PRPHQWR
7DQWRFRPR'HPSVH\<RDSRVW©SRUWLP¡VGHXQDYH] DWUDSDU HVH UDWR TXH KDEDPRV SDVDGR MXQWRV < D OR PHMRU HUD YHUGDG TXLHUR GHFLU
6ROW©HODLUHSRUODQDUL]FRQSHVDGH]/DFRPSDUDFL³QSRUH[DJHUDGDLQFOXVRPH TXH HVWDED WDQ FRQWHQWD FRPR \R SRU OR TXH KDED VXFHGLGR 3HUR IXH HQWRQFHV \D
KDEDKHFKRJUDFLD+DVWDXQSDOXUGRFRPR\RVDEDTXL©QHUD-DFN'HPSVH\
3¡JLQD 3¡JLQD
GLJRFXDQGRPHFRQW³ORGHOGLQHUR\HOSDVDGRVDOWDEDRWUDYH]DOSUHVHQWHVLQGDU SDUHMD TXH UHWR]DED DSURYHFKDQGR OD RVFXULGDG OD OX] YHUGH HQ OD FD±D GH DOJºQ
WUHJXDSODQW¡QGRVHGHODQWHGHPLVQDULFHV SHVFDGRU0¡VDOO¡HQODEDKDODVOXFHVGHXQRVFXDQWREDUFRVTXHIDHQDEDQ$OD
ߚ7HQHPRV XQD FDMD IXHUWH ߚPH GLMR R WDO YH] OR GLMR SDUD HOOD PLVPD VLQ L]TXLHUGDDOROHMRVODVIDURODVGHOSXHQWHGH&DUUDQ]D0HTXLW©ORV]DSDWRV\EDM©D
SUHRFXSDUVHPXFKRGHTXH\RODHVWXYLHUDHVFXFKDQGRVLQGHMDUGHPLUDUORV¡UEROHV ODDUHQD/DVHQWIUDDJUDGDEOHEDMRORVSLHV5HVSLU©KRQGR\DJXDQW©HODLUHXQRV
TXH IODQTXHDEDQ OD FDUUHWHUD OD EDVH QDYDO LQPHQVD D OD GHUHFKD VLQ SDUDUVH D VHJXQGRV (VWDED FRQWHQWR $O FDER SDVDUD OR TXH SDVDVH KDED YXHOWR D HVWDU FRQ
SHQVDUWDOYH]TXHPXFKRVD±RVDQWHV\DPHKDEDGLFKRDOJRPX\SDUHFLGR /ROD\SRUXQPRPHQWRPHDIHFW³ODVHQVDFL³QIDOVD\H[WUD±DGHTXHHUDMRYHQRWUD
$EU ORV RMRV VDFXG OD FDEH]D HVERF© XQD PXHFD TXH QR VLJQLILFDED QDGD YH] TXH DºQ QR KDED PDQGDGR DO KRVSLWDO \ GH DOO DO FHPHQWHULR DO 9HQGDYDO GH
(VWXSRUTXL]¡ 0DUVHOOD TXH WHQD SRU GHODQWH WRGD XQD SURPHWHGRUD FDUUHUD GH ER[HDGRU /OHJX©
ߚ(VWRV GDV KD\ PXFKR GLQHUR ߚFRQWLQX³ PLU¡QGRPH GH FXDQGR HQ FXDQGR KDVWD OD RULOOD HVFXFKDQGR OD YR] GHO ORFXWRU GHFLU PL QRPEUH 0RQWDOE¡Q 5DIDHO
DKRUDߚ/XLVQRVXHOHVDFDUORGHFDVDKDVWDILQDOGHPHV/RUHSDUWHHQYDULRVVLWLRV 0RQWDOE¡Q VLHWH YLFWRULDV HQ VXV ºOWLPRV VLHWH FRPEDWHV WRGDV HOODV SRU .2 \ \R
\DVDEHV PRYLHQGR ORV KRPEURV EDMR HO DOERUQR] WHQVDQGR ORV PºVFXORV FRQFHQWUDGR HQ OD
1RVDEDQDGD1RPHLPSRUWDEDQDGD1RGLMHQDGD SURPHVD GH )UDQFLD 6LHWH PLQXWRV GHVSX©V OR KDED PDWDGR SHUR \R WRGDYD QR OR
ߚ0XFKRGLQHUR0RQWDOE¡QߚLQVLVWL³ߚ(OGLQHURVXILFLHQWHSDUDHPSH]DUXQD VDED1RPHORTXLVHFUHHUHQHOULQJFXDQGRORYLGHVPDGHMDGRFRQWUDODVFXHUGDV\
QXHYDYLGD OHJULWDEDTXHVHSXVLHVHGHSLHTXHQRTXHUDJDQDUOHDVTXHQDGLHVHLEDDWUDJDU
0HKXELHUDJXVWDGRTXHDOGHFLUXQDQXHYDYLGDVHUHILULHVHDORVGRVSHURQROR TXHKDEDVLGRXQFRPEDWHOLPSLR1LVLTXLHUDFXDQGRVHOROOHY³ODDPEXODQFLDPH
KL]R 4XL]¡ HUD OR PHMRU SRUTXH OD SULPHUD YH] TXH PH KDEO³ GH YDFLDU XQD FDMD FUHDWRGDYDTXHOHKDEDKHFKRGD±RGHYHUGDG'RVGDVGHVSX©VWXYHTXHFODXGLFDU
IXHUWH V PH KDED GLFKR TXH HPSUHQGHUDPRV XQD YLGD MXQWRV \ QR FXPSOL³ FRQ VX \ SRQHU HO YGHR OH KDED FDVWLJDGR FRQ XQD FDGHQD GH GLHFLRFKR JROSHV HQ RQFH
SDODEUD VHJXQGRV0HKHSUHJXQWDGRPXFKDVYHFHVVLPHHTXLYRTX©DOUHWLUDUPHSRUHVRVL
ߚ<RQRTXLHURHOGLQHURGH/XLV/ROD1RTXLHURHOGLQHURGHQDGLH IXHXQDPDODLGHDQRGHMDUVLTXLHUDTXHPLFDUUHUDGHVSHJDVHSRUHVHDFFLGHQWH7DO
3HUR QR TXHUD GHFLUOH HVR R PHMRU QR TXHUD GHFLUOH V³OR HVR /D IUDVH YH]IXH©VDODSULPHUDGHODVGHFLVLRQHVHUU³QHDVTXHKDQPDUFDGRPLYLGD<DXQTXH
WUDGXFLGD YHQD D VHU DOJR DV FRPR OR ºQLFR TXH \R TXLHUR PDOGLWD VHD HV HVWDU FUHDTXHSDUDHPSH]DUXQDQXHYDYLGDORPHMRUHVYROYHUDOOXJDUGRQGHWRPDPRVHO
FRQWLJR(OGLQHURPHLPSRUWDXQDPLHUGD FDPLQRHTXLYRFDGRSRUPXFKRTXHTXLHUDHVLPSRVLEOHWHQHUYHLQWLG³VD±RVRWUDYH]
ߚ/RVK©URHVWDPEL©QWLHQHQTXHSDJDUHODOTXLOHUߚUHSXVRHFK¡QGRVHDUHUFRQ HQIXQGDUPH ORV JXDQWHV GH QXHYR \ VXELUPH D XQ ULQJ FRPR HQWRQFHV 8QR SXHGH
FDUL±Rߚ$OPHQRVHVRIXHORTXHPHGLMLVWHDQWHV TXHUHUHPSH]DUXQDQXHYDYLGDSHURQRVLHPSUHOHHVWDU¡SHUPLWLGRKDFHUOR
ߚ/RUHFXHUGR3HUR\RQRVR\XQK©URH<DORVDEHV1RPHLQWHUHVDHOGLQHURGH 0HKDEDVHQWDGRHQODRULOODGHMDQGRTXHODVRODVPHPRMDUDQORVSLHV$SHVDU
QDGLH\HOGH/XLVPHQRVWRGDYD GHODEULVDTXHVHKDEDOHYDQWDGRHOPDUHVWDEDWUDQTXLORFRPRXQDODJXQD(OFDVR
1R GLMR QDGD P¡V $SHQDV OD HVFXFK© UHVRSODU \ FDOODUVH KDVWD TXH OOHJDPRV DO HVTXHPHUHODM©FHUU©ORVRMRVDXQTXHDQWHVFUHRTXHPLU©ODOXQD/DOX]YHUGHGHOD
3XHUWR0HEHV³ORVODELRVHQODSXHUWDGHOKRWHO FD±DGHSHVFDUVHPRYD\ODSDUHMDTXHKDEDLQWXLGRGHVGHHOSDVHRXQRVPLQXWRV
ߚ<DVDEHVPLYLGDߚVHGHVSLGL³ߚ7HHVWDU©HVSHUDQGR DQWHV VHJXD D OR VX\R &HUU© ORV RMRV \ SHQV© HQ /ROD HQ OD QRFKH TXH KDEDPRV
0H UH FRPR VL GH YHUGDG QR TXLVLHUD FUHHU TXH PH HVWDED KDEODQGR HQ VHULR SDVDGRHQHOWUD\HFWRHQFRFKHKDVWD6DQOºFDUGH%DUUDPHGDHQODFRQYHUVDFL³QTXH
FRPR VL OR TXH KDED GLFKR QR IXHUD P¡V TXH OD IUDVH GH XQD QL±D SHUYHUVD TXH KDEDPRVWHQLGRHQORVPLQXWRVGXUDQWHORVTXHQRVKDEDPRVIURWDGRHOXQRDORWUR
GLVIUXWDYLHQGRF³PRORVKRPEUHVFODYDQODURGLOODDVXVSLHV FRQDKQFRHQHODVFHQVRU9HQDEXVFDUPH0RQWDOE¡QWHHVSHUDU©6XVSDODEUDVPH
ߚ&RPRODVSULQFHVDVߚUHVSRQGVLQHVWDUPX\VHJXUR PDUWLOOHDEDQ OD FDEH]D FRQ OD FRQWXPDFLD GH XQD FDPSDQD &HUUDED ORV RMRV \ ODV
/RODDVLQWL³FRPRVLPHFUH\HVHRFRPRVL\RIXHUDXQLPE©FLOSRUQRHQWHQGHUOD HVFXFKDED ORV DEUD \ WDPSRFR SRGD GHMDU GH VHQWLUODV 0RQWDOE¡Q PL YLGD YHQ D
1RPHEHV³RWUDYH] EXVFDUPH&RPRORVK©URHVDODVSULQFHVDVGHORVFXHQWRV7HHVSHUDU©VLHPSUH
%DM© GHO FRFKH \ IXL KDVWD OD HQWUDGD GHO KRWHO VLQ YROYHUPH D PLUDU F³PR VH 6DFXG OD FDEH]D DEU ORV RMRV \ OXHJR ORV YROY D FHUUDU GH QXHYR (VWDED
SHUGDHQODDYHQLGD3HURDQWHVGHFUX]DUHOYHVWEXORGLPHGLDYXHOWD\PHHQFDPLQ© FDQVDGR 6DED TXH PH LED D FRVWDU GRUPLU SHUR HVWDED PX\ FDQVDGR $JDUU© XQ
KDFLD OD SOD\D 1R TXHUD DFRVWDUPH WRGDYD 1R VH OR KDED GLFKR D /ROD SRUTXH SX±DGRGHDUHQDIUDTXHVHPHHVFDS³HQWUHORVGHGRV9ROYDFHUUDUORVRMRV\PHGL
SUHIHUDHVWDUVROR XQDWUHJXDDQWHVGHOHYDQWDUPHFRPRTXLHQHVFXFKDHOGHVSHUWDGRUSRUODPD±DQD\
&LQFRPLQXWRVGHVSX©VHVWDEDHQHOSDVHRPDUWLPR$SHQDVKDEDQDGLHSRUTXH OHGDXQPDQRWD]RSDUDVHJXLUGXUPLHQGRXQSRFRP¡V
HVDQRFKHVHKDEDOHYDQWDGRIUHVFR(QODDUHQDFHUFDGHODRULOODVHLQWXDDOJXQD
3¡JLQD 3¡JLQD
$ºQ WDUGDUD XQRV GDV HQ YROYHU D SRGHU DEULU ORV GRV RMRV FRUUHFWDPHQWH 'LRXQDFDODGDDOSLWLOORYROYL³DFKDVTXHDUODOHQJXD\VHPHTXHG³PLUDQGR
(QWRQFHVQRORVDED1RPHGLFXHQWD(VWDEDWDQUHODMDGRTXHGHVSX©VGHVROWDUOD FRPRVLQRVXSLHUDPX\ELHQTX©KDFHU
DUHQDPHKDEDWXPEDGRERFDDUULEDFRQODVPDQRVGHWU¡VGHODQXFD&UHRTXHPH ߚ4X©GLIFLOPHORSRQHV0RQWDOE¡Q
KDEUD TXHGDGR GRUPLGR VL ODV RODV QR PH KXELHUDQ PRMDGR ORV SLHV GH FXDQGR HQ ,QWHQW©UHVSLUDUSHURDOKDFHUORVHQWXQDSXQ]DGDHQHOSHFKR0HLQFRUSRU©XQ
FXDQGR SRFR$PLHVSDOGDHVFXFK©D&KRFRODWHUHFRUWDUODHVFDVDGLVWDQFLDTXHQRVVHSDUDED
3ULPHUR VHQW XQ JROSH PX\ IXHUWH HQ HO FRVWDGR \ \D URGDED VREUH P PLVPR SRUVLDOILQDOPHGHFLGDDVDOWDUDSRUVXMHIH\ORHVWUDQJXODEDDQWHVGHTXHWXYLHUD
DQWHV GH TXH SXGLHUD SHUFDWDUPH GH TX© KDED SDVDGR 'H URGLOODV WUDWDQGR GH WLHPSRGHSDUWLUPHHOFXHOOR
SRQHUPHGHSLHTXLVHDEULUORVRMRVSHURPHKDEDHQWUDGRDUHQD0HORVIURW©FRQODV ߚ1XQFDFDPELDU¡VߚPHGLMR/XLVDXQTXHPX\ELHQSRGUDHVWDUKDEODQGRVROR
PDQRV SHUR XQD PD]D HQRUPH TXH WHQD IRUPD GH SX±R PH DOFDQ]³ GH OOHQR HQ OD SRUTXHKDEDVROWDGRODIUDVHPLUDQGRODDUHQDRVFXUDFRPRTXLHQWUDWDGHGHVFLIUDU
PDQGEXOD 9ROY D FDHU \ HVWD YH] HVWXYH VHJXUR GH TXH QR PH LED D UHVXOWDU I¡FLO XQHQLJPD
OHYDQWDUPH GXUDQWH ORV SU³[LPRV VHJXQGRV 4XLHQTXLHUD TXH PH KXELHVH JROSHDGR ߚ4X© TXLHUHV TXH KDJD ߚUHVSRQGߚ <D WHQJR GHPDVLDGRV D±RV SDUD
WDPEL©Q OR VDED SRUTXH PH GHM³ UHWRUFHUPH HQ HO VXHOR VLQ DWL]DUPH GH QXHYR UHFLFODUPH
VHJXURGHTXHSRGUDQRTXHDUPHDQWHVGHTXHWXYLHUDODRSRUWXQLGDGGHSRQHUPHGH $ GXUDV SHQDV FRQVHJX VHQWDUPH &XDQGR FRJ OD SRVWXUD YL TXH /XLV PLUDED D
SLH &KRFRODWH\DQWHVLQFOXVRGHTXHHORWURLQLFLDVHHOPRYLPLHQWRVHQWODSXQWDGHVX
ߚ$\0RQWDOE¡QߚHVFXFK©GHFLUDOROHMRVFRPRHQXQVXH±Rߚ'HELVWHKDEHU ]DSDWRFODYDGDHQPLHVSDOGDXQSRFRP¡VDUULEDGHORVUL±RQHV
DFHSWDGRHOGLQHUR 0H UHWRUF GH GRORU \ YROY D TXHGDUPH VLQ DOLHQWR +DVWD DTX KHPRV OOHJDGR
3HUR/XLVQRJROSHDEDWDQIXHUWH1LVHKXELHUDDWUHYLGR©OVRORFRQPLJR<SRGD FKDYDOPHGLMH3URQWRVDFDU¡XQDQDYDMDRXQDSLVWROD\WRGRKDEU¡WHUPLQDGR0H
GHOHJDUHOWUDEDMRVXFLRHQRWURVDGHP¡V&KDVTXHDEDODOHQJXDFRPRVLODPHQWDVH FRQYHUWLU© HQ XQ QºPHUR HQ OD SDUWH DQ³QLPD GH XQD HVWDGVWLFD 8Q ER[HDGRU
TXHPHKLFLHUDQGD±R<RVHJXDWLUDGRHQODRULOODWUDWDQGRGHUHFXSHUDUHODLUHTXH IUDFDVDGR XQ PDW³Q GH SRFD PRQWD TXH DSDUHFH PXHUWR HQ OD SOD\D 8Q DMXVWH GH
VHPHKDEDHVFDSDGRGHORVSXOPRQHVDOUHFLELUHOSULPHUJROSH$KRUDPHFRVWDED FXHQWDV<HUDYHUGDGDTXHOORQRHUDP¡VTXHXQDMXVWHGHFXHQWDV
UHVSLUDU1RPHWRTX©SHURHQWRQFHVKXELHUDDSRVWDGRFXDOTXLHUFRVDDTXHWHQDXQD ߚ4XLHURTXHWHYD\DVGHDTX5DIDߚHVFXFK©GHFLUD/XLVVXERFDPX\FHUFD
FRVWLOODURWD'HORWURJROSHPHGRODQDOJXQDVPXHODV\HORGRSHURQRWHQDQDGD GHPLRUHMDSDUDTXHQRKXELHUDGXGDGHTXHPHHQWHUDEDRSDUDTXHQDGLHSXGLHUD
URWR1RHVTXH\RWHQJDODPDQGEXODJUDQWLFDGH-RH*ULPSHURFUHRTXHDºQVR\ GDUVHFXHQWDGHTXHPHHVWDEDDPHQD]DQGRߚ4XHWHYD\DVGHDTX\TXHQRYXHOYDV
FDSD]GHDJXDQWDUHOFURFKHWGHXQWLSRTXHSHVDWUHLQWDNLORVP¡VTXH\RVLQTXHVH DPROHVWDUQRV
PHGHVHQFDMH3RUTXHDOOWXPEDGRHQODDUHQDVLQTXHPHGHMDUDRSFL³QDPRYHUPH 0H UH R VRQUH VLQ JDQDV VLQ PXFKR HQWXVLDVPR /R KLFH VREUH WRGR SDUD
WXYHFODURTXHODVSLHUQDVTXHYHDWDQFHUFDGHPLFDUDFRPRSDUDSRGHUSDWHDUPHOD SLQFKDUD/XLV'HODVSRFDVFRVDVEXHQDVTXHWLHQHHVWDUMRGLGRWDOYH]ODºQLFDHV
QDUL] HUDQ ODV GH &KRFRODWH (UD XQ EXHQ SHJDGRU GHVGH OXHJR 8QD PDOD EHVWLD TXHSXHGHVSHUPLWLUWHHOOXMRGHGHFLUORTXHWHG©ODJDQD7RWDOQRWLHQHVPXFKRP¡V
PHVWL]D TXHSHUGHU
ߚ9D\D &KRFRODWH ߚOH GLMH FRQ OD ERFD WRUFLGDߚ 3DUHFH TXH SRU ILQ WH KDQ ߚ4XHWHGHQSRUHOFXORߚOHGLMH
TXLWDGRHOER]DO /DPDQD]DGH&KRFRODWHPHDJDUU³SRUHOSHOR\KXQGL³PLFDUDHQODDUHQD7UDW©
&HUU© ORV RMRV \ DSUHW© ORV GLHQWHV VREUH WRGR SRU VL HUD FDSD] GH FRQVHUYDU GHUHYROYHUPH(VWDEDHQODVºOWLPDVߚODFRVWLOODODPDQGEXODODHVSDOGDߚSHUR
DOJXQRHQWHURGHVSX©VGHTXHHOPRUHQRPHPHWLHVHHO]DSDWRHQODERFDSHURGHED WDPSRFRLEDDGHMDUTXHVHVDOLHUDFRQODVX\DVLQSUHVHQWDUEDWDOOD'HVGHHOVXHOROH
GHVHUXQSHUURGHSUHVDPX\HGXFDGRSRUTXHQRVHPRYL³QLXQPLOPHWUR$OOHO ODQF©XQDSDWDGDTXHVHFODY³HQVXHVW³PDJR(VFXFK©XQVRQLGRTXHVHPHDQWRM³
TXH GDED ODV ³UGHQHV HUD /XLV \ VX HVELUUR ODV DFDWDED VLQ UHFKLVWDU FRPR XQ EXHQ XQ DXOOLGR DKRJDGR 0H YROY LED D SRQHUPH GH SLH SHUR DQWHV GH TXH WXYLHUD
SURIHVLRQDO RFDVL³QGHKDFHUORHOVLFDULRPHKDEDODQ]DGRXQGLUHFWR\VHQWFRPRVLXQREºVPH
0HSXVHERFDDUULED$KRUDODOXQDGDEDYXHOWDV\ODVHVWUHOODV0HOOHY©ODPDQR HVWDOODUD HQ HO SHFKR /XHJR PH DJDUU³ SRU OD VRODSD GH OD FDPLVD TXH KL]R UDV DO
DO FRVWDGR +DED DFHUWDGR WHQD XQD FRVWLOOD URWD 3RU OR PHQRV 0H LED D FRVWDU URPSHUVH \ PH WLU³ VREUH OD DUHQD FRPR XQ VDFR 7DPEL©Q HV PDOD SDWD PH GLMH
WUDEDMRUHVSLUDUFRQQRUPDOLGDGGXUDQWHXQDWHPSRUDGD0HYROYKDFLDGRQGHGHED 3RGDVKDEHUWHYXHOWRD0DGULGRKDEHUWHODUJDGRD/LVERDFRQ/RODRVLQHOODHQ
GHHVWDU/XLV\PHORHQFRQWU©DXQSDUGHPHWURVGHPHQFXFOLOODVFRQXQFLJDUULOOR OXJDUGHSRQHUWHDPLUDUODVHVWUHOODVFRPRXQDGROHVFHQWH$FDEDGHXQDYH]FDEU³Q
HQXQDPDQR\WRF¡QGRVHXQDFHMDFRQODRWUDFRPRVLHVWXYLHUDSHQVDQGRDOJRPX\ PXUPXU© SHUR FUHR TXH HO HVELUUR QR PH HVFXFK³ 9HD VXV SLHUQDV PX\ FHUFD OR
LPSRUWDQWH EDVWDQWH FHUFD FRPR SDUD WHQHUPH FRQWURODGR SHUR OR EDVWDQWH OHMRV WDPEL©Q FRPR
3¡JLQD 3¡JLQD
SDUDTXH\RQRSXGLHUDVRUSUHQGHUOR\WLUDUORDOVXHOR%R[HDGRURQR&KRFRODWHVH WLSRUXELRQRWLHQHODSLHOWDQEODQFDTXHPHGHVOXPEUDDOPLUDUORQRPHLQVXOWDHQ
KDEDSDUWLGRODFDUDP¡VGHXQDYH]HQXQDSHOHDFDOOHMHUD IUDQF©VFXDQGRQRVDJDUUDPRVDQWHVGHTXHHO¡UELWURYHQJDDVHSDUDUQRV7LHQHORV
ߚ(VFºFKDPH 0RQWDOE¡Q ߚOD YR] GH /XLV VRQDED FRQFLOLDGRUD FRPR VL QR RMRVFHUUDGRV0HDFHUFRSDUDYHUORPHMRU\UHFRQR]FRPLVUDVJRVORVUL]RVPRUHQRV
KXELHUDSDVDGRQDGDߚ(VFºFKDPHSRUIDYRU7RGDYDSRGHPRVVROXFLRQDUHVWRGH SRUORVTXHYHWHDQP¡VGHXQDFDQDODQDUL]URWD(VFRPRVLYLHUDHQHOHVSHMRPL
XQDPDQHUDFLYLOL]DGD SURSLRUHIOHMR(VWR\VDQJUDQGR6R\\RHVWR\VDQJUDQGR\VR\PXFKRP¡VYLHMRTXH
/R GH FLYLOL]DGD GDGDV ODV FLUFXQVWDQFLDV HQ ODV TXH PH HQFRQWUDED FRQ XQD FXDQGRPDQG©DODWXPEDDO9HQGDYDOGH0DUVHOOD1RV©TX©KDJRDOOSRUTXHKDFH
FRVWLOOD EDLO¡QGRPH HQ HO SHFKR \ OD PDQGEXOD KLQFKDGD VRQDED D EURPD GH PDO PXFKRVD±RVTXHFROJX©ORVJXDQWHVSHURHOFDVRHVTXHVR\\RHOTXHHVW¡WLUDGRHQ
JXVWR OD ORQD ERFD DUULED GH PDOD PDQHUD (O SºEOLFR JULWD JULWD WDQ IXHUWH TXH PH GDQ
/XLVWDPEL©QGHEL³GHHQWHQGHUORDV JDQDV GH WDSDUPH ORV RGRV 3HUR QR SXHGR PRYHU ODV PDQRV (O FXHUSR QR PH
ߚ4XLHURGHFLUTXHQRSDVHQDGDSHRUGHORTXH\DKDSDVDGR UHVSRQGH(VWR\WXPEDGRHQHOULQJ\PHYHRFRPRVLHVWXYLHVHIXHUDGHPLFXHUSR
$VHQWDGXUDVSHQDV(UDORºQLFRTXHSRGDKDFHU FRPRVLPLDOPDVLHVTXHDOJXQDYH]KHWHQLGRDOPDKXELHVHDEDQGRQDGRDOJXL±DSR
ߚ<ODºQLFDPDQHUDGHTXHQRSDVHQDGDP¡VJUDYHHVTXHFXDQGRWHOHYDQWHVGH TXH \DFH HQ OD ORQD FRPR XQ PX±HFR URWR FRQ ORV RMRV FHUUDGRV SHUR \R SXHGR
DTXWHYD\DVDOKRWHOUHFRMDVWXVFRVDVWHYD\DVSRUGRQGHKDVYHQLGR\QRYXHOYDV YHUORSXHGRYHUDOSºEOLFR\HVFXFKDUVXVJULWRVLJXDOTXHHVFXFKRFRQWDUDO¡UELWUR
DPROHVWDUQRVP¡V (VW¡DJDFKDGRMXQWRDP\ORHVFXFKRFRQWDU8QRGLFHSHUR\ROHGLJRTXHSDUH
&RQHORMRTXHWRGDYDSRGDYHUPHORTXHG©PLUDQGR0HSUHJXQW©VLVDEDOR TXHWRGDYDQRKDWHUPLQDGRHOFRPEDWH0HHVFXFKRGHFLUORSHURVLQHPEDUJRYHR
TXH KDED SDVDGR HVD QRFKH HQWUH /ROD \ \R R VL &KRFRODWH PH HVWDED GDQGR XQD TXHQRVHKDPRYLGRQLXQPºVFXORGHPLFDUDFRPRVLPLSURWHVWDVHGHELHUDP¡VD
SDOL]D SUHYHQWLYD HVWR HV SDUD TXH QR PH DFHUFDVH D HOOD VL HV TXH OR HVWDED ORV GHOLULRV GH XQ FDWDW³QLFR TXH D ORV GH XQ SºJLO QRTXHDGR TXH VH UHVLVWH D
SHQVDQGR UHFRQRFHUOR 'RV \ OH GLJR TXH SDUH VH OR JULWR OH JULWR TXH HVWR\ ELHQ TXH HVWR\
ߚ0LUD5DID:DOWHU\\RQRVYDPRVDPDUFKDU\WHYDPRVDGHMDUDTXSDUDTXH DQGDQGRQRSXHGHVYHUPH"PUDPH7UHV\VLHQWRDOJRKHODGRTXHPHVXEHSRUORV
GHVFDQVHV XQ SRFR \ UHFDSDFLWHV 0H KD JXVWDGR YHUWH SHUR DO ILQDO ODV FRVDV KDQ SLHV XQD FRUULHQWH IUD TXH VXEH \ TXH EDMD \ TXH DKRUD PH OOHJD KDVWD OD FLQWXUD
WHQLGRTXHVDOLUDV/RVLHQWR &XDWUR1RVLJDVFRQWDQGROHVXSOLFRSRUTXHGHUHSHQWHVLQVDEHUPX\ELHQSRUTX©
'HM© FDHU OD FDEH]D VREUH OD DUHQD 8Q KLOR GH VDQJUH PH EDMDED SRU OD PHMLOOD PHGR\FXHQWDGHTXHVLORGHMRFRQWDUKDVWDGLH]\DQRSRGU©OHYDQWDUPHPHTXHGDU©
&KRFRODWH YROYL³ D SDWHDUPH HO FRVWDGR DQWHV GH LUVH 3RU FXOSD GHO JROSH GL YDULDV DK SDUD VLHPSUH SRUTXH HVWDU© PXHUWR &LQFR 3RU IDYRU GHWHQWH 6HLV (O IUR PH
YXHOWDVVREUHPPLVPR(VWDEDHPSDSDGRGHDUHQD\GHVXGRU(PSHF©DWRVHU\DO VXEH KDVWD HO FXHOOR PH FXEUH HO URVWUR VLHQWR TXH PH DKRJD 6LHWH 1R SXHGR
KDFHUOR VHQW TXH OD FRVWLOOD URWD VH PH FODYDED HQ HO SHFKR $ OR OHMRV PH SDUHFL³ PRYHUPH2FKR1RSXHGRUHVSLUDU<VLQRSXHGRUHVSLUDUQRSXHGRJULWDU\VLQR
HVFXFKDU OD YR] GH /XLV UHFRUG¡QGRPH RWUD YH] TXH WHQD TXH KDEHU DFHSWDGR HO JULWR HO ¡UELWUR FRQWDU¡ KDVWD GLH] \ WRGR KDEU¡ DFDEDGR 1XHYH 7HQJR HO SHOR
GLQHUR 7DO YH] WXYLHUD UD]³Q 3HUR \R QR WHQJR OD FRVWXPEUH GH HVFRJHU HO FDPLQR PRMDGR VLHQWR TXH IORWR FRPR XQ IHWR HQ OD F¡OLGD SODFHQWD 1R YDV D OOHJDU KDVWD
TXH P¡V PH FRQYLHQH < OOHJD XQ PRPHQWR HQ OD YLGD HQ HO TXH D XQR OH UHVXOWD GLH]OHJULWRDO¡UELWUROHVXMHWRODPDQRORDJDUURSRUHOFXHOOROHGR\XQHPSXM³Q\
LPSRVLEOHFDPELDU3RUPXFKRTXHORLQWHQWH'LRWUDYXHOWDP¡VVREUHPPLVPRPH OR WLUR D OD ORQD 'H UHSHQWH HVWR\ GH SLH \ QR KD\ QDGLH YLHQGR HO FRPEDWH QL
LQFRUSRU©DGXUDVSHQDV\YROYDWRVHU&UHRTXHFRQVHJXSRQHUPHGHSLHSHURQR VLTXLHUD HVW¡ HO 9HQGDYDO GH 0DUVHOOD \ WDPSRFR HO ¡UELWUR HO ¡UELWUR WDPEL©Q KD
SXHGR DVHJXUDUOR /R ºQLFR TXH UHFXHUGR HV TXH OD OXQD HPSH]³ D GDU YXHOWDV RWUD GHVDSDUHFLGRSHURPHMRUDVSRUTXHKHLPSHGLGRTXHWHUPLQHGHFRQWDU'HSURQWR
YH] \ ODV HVWUHOODV FRPR XQ WLRYLYR TXH PH GROD PXFKR OD FDEH]D TXH PH GROD PHVLHQWRPDUHDGRODVSLHUQDVPHIDOODQSDUHFHFRPRVLIXHUDQGHSDSHO1RSXHGHQ
WRGR HO FXHUSR TXH PH GHVPD\© TXH DO FDHU XQD ROD PH PRM³ ORV SLHV \ TXH OR VRVWHQHUPH 0H FDLJR GH HVSDOGDV \ DKRUD HO VXHOR GHO ULQJ HV OD RULOOD GHO PDU DO
VLJXLHQWHTXHYLIXHDXQOXFKDGRUWXPEDGRGHUURWDGRVREUHODORQDXQER[HDGRUTXH DPDQHFHUVRQRODVRODVIUDVTXHPHFXEUHQHOSHFKRTXHPHWDSDQHOURVWUR\QRPH
KDFH XQ PRPHQWR HVWDED GH SLH FRPR XQ HVSHFWUR VRQUL©QGRPH FRQ HO SURWHFWRU GHMDQ UHVSLUDU $ GXUDV SHQDV PH LQFRUSRUR \ FXDQGR OR KDJR PH SRQJR D WRVHU D
EXFDOURMRSRUODVDQJUHTXHVHOHHVFDSDEDGHODVHQFDV\\ROHODQ]RXQGLUHFWR\ WRVHU \ D YRPLWDU DJXD VDODGD 0H GXHOH WRGR HO FXHUSR 0H GXHOHQ ORV UL±RQHV
XQ JDQFKR RWUR \ RWUR \ RWUR GLHFLRFKR JROSHV VHJXLGRV HQ RQFH VHJXQGRV PLV DSHQDV SXHGR DEULU OD ERFD \ WHQJR XQD FRVWLOOD URWD TXH VH PH KXQGH HQ HO SHFKR
EUD]RV VH PXHYHQ FRPR XQ PROLQHWH \ XQ LQVWDQWH GHVSX©V HO ER[HDGRU HV XQ FRPRXQDDJXMDDOWRVHUSRUTXHVLJRWRVLHQGRVLJRWRVLHQGR\YRPLWDQGRDJXD\PH
JXL±DSRXQDPDGHMDDMDGDHQHOULQJ$SHQDVKDSRGLGRVXMHWDUVHHQODVFXHUGDVSDUD GR\ FXHQWD GH TXH GHVGH OD QDUL] PH EDMD XQ KLOR GH PRFRV \ GHVDQJUH $O PHQRV
VRVWHQHUVHGHSLH\DKRUDHVW¡WXPEDGR/HYHRODFDUDTXH\DQRPHVRQUHTXH\D HVWR\YLYRWRGDYDPHGLJRYLYRDXQTXHVHDSRUXQGDP¡VYLYRTXL©QVDEHWDOYH]
QLVLTXLHUDHVFDSD]GHKDFHUXQDPXHFDSHURKD\DOJRUDURGHUHSHQWH\DQRHVXQ SDUDOLEUDUHOºOWLPRDVDOWRGHHVWHFRPEDWH
3¡JLQD 3¡JLQD
$ºQQRKDEDDPDQHFLGRGHOWRGR0HFRVW³DYHULJXDUORHOWLHPSRTXHWDUG©HQ 6HJºQGLFHHOUHJODPHQWRXQER[HDGRUWLHQHSURKLELGRGLVSXWDUXQFRPEDWHDOPHQRV
FRQVHJXLU DEULU XQ RMR (O HVWDGR GH ©VWH SDUHFD DFHSWDEOH (O RWUR HVWDED WDQ KDVWDYHLQWHGDVGHVSX©VGHKDEHUOLEUDGRHOºOWLPR&XDQGR\RHUDXQDSURPHVDGHO
KLQFKDGRTXHDSHQDVSRGDGLVWLQJXLUODG©ELOOX]GHODOXQDRGHOVRO\ODVIRUPDV ER[HR SHQVDED TXH DTX©OOD HUD XQD QRUPD HVWºSLGD (VWDED FRQYHQFLGR GH TXH
FRQIXVDVGHODVRODV$OJXQRGHORVJROSHVGH&KRFRODWHPHKDEDDOFDQ]DGRFHUFDGHO GHVSX©V GH KDEHU GHMDGR .2 D XQ FRQWULQFDQWH HQ HO SULPHU DVDOWR PH VREUDEDQ
RMRSHURQRHUDFDSD]GHUHFRUGDUOR HQHUJDVSDUDWXPEDUDRWURDOGDVLJXLHQWHDXQTXHQRWXYLHUDTXHFRQVHJXLUORHQHO
/DSDUHMDGHHQDPRUDGRV\DKDEDFDPELDGRGHVLWLRR\DKDEUDQWHUPLQDGROD SULPHU DVDOWR 0H DFRUG© GH DTXHOOD UHJOD FXDQGR PH GHVSHUW© HQ OD SOD\D +DED
IDHQD\VHKDEDQLGRDGRUPLU(OSHVFDGRU\DQRHVWDED/HYDQW©ODFDEH]D\YLTXH VXELGRODPDUHD\ODVRODVPHPRMDEDQORVSLHVGHVFDO]RVDYHFHVHODJXDPHOOHJDED
ORVEDUFRVDºQVHJXDQSHVFDQGRHQODEDKD1DGLHKDEDYLVWRORTXHKDEDSDVDGR KDVWD ODV URGLOODV 3RU HVR PH GHVSHUW© 7DO YH] KDEHUPH TXLWDGR ORV ]DSDWRV SDUD
2 QDGLH KDED TXHULGR YHUOR (UD OR QRUPDO HQ HVWRV FDVRV <R PLVPR KDED WHQLGR VHQWLUODDUHQDEDMRPLVSLHVPHKDEDVDOYDGRODYLGD
TXHDJDUUDUSRUODVRODSDDDOJºQGHVJUDFLDGRP¡VGHXQDYH]PLHQWUDVTXLHQSDVDED 9ROY D SHQVDU HQ HO UHJODPHQWR 4XLHQ KDED SXHVWR HVD QRUPD OOHYDED UD]³Q
SRUODFDOOHEDMDEDORVRMRV\PLUDEDSDUDRWURODGR/RPHMRUHVQRPHWHUVHHQORV YHLQWHGDVHQWUHFRPEDWH\FRPEDWHHUDORP¡VLG³QHR3HURHVRQRVHVDEHKDVWDTXH
7HQDWRGRHOFXHUSRHPSDSDGRVLQRPHKXELHUDGHVSHUWDGRKDEUDDFDEDGRG¡QGROH DOJXLHQFRPR&KRFRODWHWHWXPED
GHFRPHUDORVSHFHV,URQDVGHODYLGDVHPHRFXUUHDKRUDFXDQGRWDOYH]GHQWUR (ODJXDHVWDEDWDQIUDTXHDFDE³SRUGHVSHMDUPH0HDOLYL³WDPEL©QHOGRORUGH
GHXQUDWRPLGHVWLQRVHU¡©VHGDUGHFRPHUDORVSHFHV ODVKHULGDV1DG©XQSRFRKDVWDGRQGHSHQV©TXHFXEUD\HQWRQFHVPHGHWXYHDYHU
0HVHQW©HQODDUHQD\DOKDFHUORODFRVWLOODYROYL³DUHFRUGDUPHTXHHVWDEDURWD ODVOXFHVGHORVEDUFRVTXHIDHQDEDQHQDOWDPDU5HVSLU©KRQGRVLQSUHVWDUDWHQFL³Q
0HSDV©ODPDQRFRQFXLGDGRSRUHOSHFKR$SDUWHGHHVRQRWHQDQDGDP¡V&RQXQ DOGRORUGHOFRVWDGR\PHVXPHUJSURFXUDQGRUHODMDUPH
EXHQYHQGDMH\UHVSLUDQGRFRQFXLGDGRHOSUREOHPDVHVROXFLRQDUDHQXQDVVHPDQDV (VWDEDRVFXUR/RUHFXHUGRSRUTXHQRFHUU©ORVRMRV<WDPEL©QUHFXHUGRTXHPH
0HSDOS©ODFDUD$SDUWHGHORMRKLQFKDGRODPDQGEXODPHVHJXDGROLHQGRSHURQR KXQGD GHVSDFLR FRPR XQD GH HVDV LP¡JHQHV UDOHQWL]DGDV GH ODV SHOFXODV /RV
HVWDEDURWDQLPHIDOWDEDQLQJºQGLHQWH7HQGUDTXHFRPHUEODQGRGXUDQWHXQSDUGH SULPHURV UD\RV GH VRO GH OD PD±DQD LOXPLQDEDQ OD VXSHUILFLH $EU OD ERFD \ XQ
GDV V³OR HVR 0H OHYDQW© SHUR WXYH TXH YROYHU D VHQWDUPH /D OXQD \ ODV HVWUHOODV WRUUHQWHGHDJXDIUD\VDODGDVHPHFRO³GHQWUR'HVSX©VPLU©KDFLDDEDMR/DRULOOD
TXHDºQTXHGDEDQHQHOFLHORHPSH]DURQDGDUYXHOWDVRWUDYH] QRHVWDEDWDQOHMRV\DOOQRGHEDGHKDEHUPXFKDSURIXQGLGDGSHURDEDMRHVWDEDWDQ
7HQD PXFKR FDORU /D ERFD VHFD (VWDED OOHQR GH DUHQD PDQFKDGR GH EODQFR RVFXURTXHEDMRPLVSLHVQRYHDQDGD(QWRQFHVVHDSRGHU³GHPXQS¡QLFRTXHQR
GHVGH ORV SLHV KDVWD OD SXQWD GHO SHOR FRPR XQ SHVFDGR D SXQWR SDUD VHU IULWR 1R KDED VHQWLGR QXQFD PLHGR D FHUUDU ORV RMRV \ \D QR YROYHUORV D DEULU PLHGR D
HQFRQWUDED ORV ]DSDWRV &XDOTXLHUD TXH PH KXELHUD YLVWR GHVGH HO SDVHR PDUWLPR TXHGDUPH DOO HQ HO IRQGR SDUD VLHPSUH 9ROY D EXVFDU FRQ ORV RMRV OD OX] GH ORV
KDEUDSHQVDGRTXHPHKDEDHPERUUDFKDGR\PHKDEDQGDGRXQDSDOL]D SULPHURVUD\RVGHVROFDGDYH]P¡VOHMDQRV\RWURWRUUHQWHGHDJXDVHPHFRO³SRUOD
,QWHQW©SRQHUPHGHSLHRWUDYH]\ORFRQVHJX0HTXLW©ODFDPLVDURWDGHVSX©V QDUL]6LQSRGHUHYLWDUORHVWDEDWUDWDQGRGHUHVSLUDUEDMRHODJXD'LXQDSDWDGDSDUD
GH TXH &KRFRODWH PH KXELHUD ]DUDQGHDGR FRPR D XQ PX±HFR \ OD WLU© D OD DUHQD LPSXOVDUPHSHURQRKDOO©QDGDEDMRPLVSLHV/DVXSHUILFLHGHEDGHHVWDUV³ORDWUHV
/XHJR PH VDTX© ORV SDQWDORQHV \ ORV FDO]RQFLOORV 0H GROD WRGR HO FXHUSR SHUR R FXDWUR PHWURV P¡V DUULED SHUR GHVGH DOO DEDMR PH SDUHFD LQDOFDQ]DEOH 1R PH
WDPEL©QPHSLFDEDWDQWRSRUFXOSDGHOVXGRU\GHODDUHQDTXHQRSRGDUHVLVWLUPHD TXHGDEDDLUHHQORVSXOPRQHVSRUHVRPHKXQGDFDGDYH]P¡V)XH©VDPLVDOYDFL³Q
ED±DUPH(UDXQDORFXUDSHURPHPHWHQHODJXD$VFRPRHVWDEDQRHUDFDSD]GHLU KXQGLUPH FRPR XQ IDUGR 7UHV R FXDWUR VHJXQGRV GHVSX©V VHQW HO OHFKR GHO PDU
DQLQJXQDSDUWH/RºQLFRTXHTXHUDHUDVHQWLUHODJXDIUHVFDVXPHUJLUPHIORWDUXQ GHEDMRGHP\GLXQDSDWDGDWDQIXHUWHTXHDOVDOLUDODVXSHUILFLHVDTX©PHGLRFXHUSR
UDWR'HVSHMDUPH6³ORPHKDEDWRPDGRXQSDUGHFRSDVGHYLQR\XQDFHUYH]DFRQ GHO DJXD 0LV SXOPRQHV VH OOHQDURQ FRPR ORV GH XQ UHFL©Q QDFLGR DO DEDQGRQDU HO
/ROD SHUR OD SDOL]D TXH PH KDED GDGR &KRFRODWH PH KDED GHMDGR FRQ OD PLVPD ºWHURPDWHUQR\OOHJDUDHVWHSXWRPXQGR3RUXQPRPHQWRPHFRVW³RULHQWDUPH0H
VHQVDFL³QTXHVLPHKXELHUDSDVDGRWRGDODQRFKHEHELHQGR IURW©HORMRVDQRSDUDTXLWDUPHODVDO\YLTXHORVEDUFRVGHSHVFDVHJXDQDOODOR
(VWLU©ORVPºVFXORVFRPRSXGH\DOKDFHUORVHQWXQSLQFKD]RHQHOFRVWDGR/D OHMRV \ TXH OD RULOOD HVWDED DO RWUR ODGR 1R KDEUDQ SDVDGR P¡V GH GLH] PLQXWRV
FRVWLOOD SURWHVWDED 3HUR HVWDED YLYR 'HVSX©V GH WRGR PRULU QR HV WDQ I¡FLO FRPR GHVGHTXHPHPHWHQHODJXDSHURDKRUDPHGLRODVHQVDFL³QGHTXHVHKDEDKHFKR
SDUHFH1RVR\GHORVTXHVHSRQHQDGDUVDOWRVGHDOHJUDFXDQGRGHVFXEUHQDOJRTXH GHGDGHUHSHQWH
OHVKDFHIHOL]SHURORFLHUWRHVTXHDTXHODPDQHFHUKDFHH[DFWDPHQWHWUHVPD±DQDV (QWRQFHV QDG© KDFLD OD RULOOD 3XHGH SDUHFHU OR QRUPDO SHUR OD YHUGDG HV TXH
GHVSX©VGHORTXHKDEDSDVDGRWHQDUD]RQHVSDUDHVWDUUD]RQDEOHPHQWHFRQWHQWR WDPEL©QSRGUDKDEHUSXHVWRODSURDKDFLDDOWDPDUKDFLDORVEDUFRVTXHDKRUDWDOYH]
HVWXYLHUDQ UHJUHVDQGR DO SXHUWR 6HJXLU QDGDQGR KDVWD TXH QR WXYLHUD P¡V IXHU]DV
KDVWDTXHPLVEUD]RVVHFDQVDUDQ\KXQGLUPHSDUDVLHPSUHDFDEDUFRQWRGRGHXQD
3¡JLQD 3¡JLQD
YH](VWDVFRVDVWDQUDUDVSDVDQHOQ¡XIUDJRTXHQDGDKDVWDTXHVHFDQVD\DFDVRVH LHWH FRPEDWHV \ VLHWH YLFWRULDV SRU .2 VH HUD PL SDOPDU©V OD QRFKH TXH PH
VLHQWHIHOL]DOKXQGLUVHHOVROGDGRTXHOHYDQWDODVPDQRV\HVSHUDTXHOHDWUDYLHVHQHO 6 HQIUHQW©HQ3DUVDO9HQGDYDOGH0DUVHOOD0HSDUHFDXQQRPEUHULGFXORSDUD
SHFKRGHVSX©VGHKDEHUGLVSDUDGRHOºOWLPRFDUWXFKRHOSºJLOTXHEDMDORVEUD]RV\ XQ WLSR UXELR OD SLHO WDQ EODQFD TXH SDUHFD DOELQR 1R FUHR TXH GHVSX©V GH KDEHU
EXVFDTXHORGHMHQ.2SDUDDFDEDUFRQHOFRPEDWHGHXQDPDOGLWDYH]3HUR\RQR FRQWDGRP¡VGHODPLWDGGHODKLVWRULDVHDHOPRPHQWRSDUDSRQHUPHVHQWLPHQWDO\
KDEDOOHJDGRKDVWDDOOSDUDPRULUPHGLMHDQWHVGHHPSUHQGHUGHQXHYRHOFDPLQR WDOYH]FXHVWHFUHHUTXHDXQWLSRFRPR\RTXHVHKDSDVDGRORVºOWLPRVGLH]D±RV
DODRULOOD7DOYH]PLYLGDIXHUDXQGHVDVWUHSHURHUDODPD GDQGROH±DSRUFXHQWDDMHQDWXYLHUDSUREOHPDVGHFRQFLHQFLD3XHVV4XHOXHJRPH
0RY ORV EUD]RV SURFXUDQGR VRVOD\DU HO GRORU GH OD FRVWLOOD SHUR QR HUD I¡FLO KD\DWHQLGRTXHJDQDUODYLGDDVXVWDQGRDRWURVQRTXLHUHGHFLUTXHPHJXVWHKDFHUOR
KDFDP¡VGHYHLQWHD±RVTXHDOJXLHQQRPHGDEDXQDSDOL]D\KDEDVLGRHQXQULQJ 3LHUUH/HIOHXUHO9HQGDYDOGH0DUVHOODIDOOHFL³HQHOKRVSLWDOMXVWRXQDVHPDQD
GRQGHDOPHQRVXQRWLHQHODYHQWDMDGHDWHQHUVHDFLHUWDVUHJODV GHVSX©VGHODSHOHD(O*RUGRPHKDEDILUPDGRWUHVFRPEDWHVP¡VDQWHVGHGLVSXWDU
&XDQGROOHJX©DODRULOODPHVHQW©HQODDUHQDSDUDUHFXSHUDUHODOLHQWR7XYHTXH HO FLQWXU³Q GH FDPSH³Q GH (XURSD VXSHUZHOWHU SHUR GHVSX©V GHO HQWLHUUR GHO
TXHGDUPH WXPEDGR XQ UDWR ERFD DEDMR HFKDQGR D ERUERWRQHV HO DJXD TXH KDED ER[HDGRUIUDQF©VIXLDVXFDVDDGHFLUOHTXHORGHMDED
WUDJDGR VLQWLHQGR TXH VH PH URPSD HO SHFKR HQ FDGD DFFHVR GH WRV <D QR KDED (O *RUGR QR VH LQPXW³ 1R SHVWD±H³ VLTXLHUD 0H SLGL³ TXH OR DFRPSD±DVH DO
EDUFRV IDHQDQGR HQ HO KRUL]RQWH 7RGDYD QR KDED WXULVWDV TXH YHQDQ D FRJHU VLWLR V³WDQRPHLQYLW³DVHQWDUPHHQXQVRI¡\VHSXVRDEXVFDUHQWUHXQPRQW³QGHFLQWDV
SDUD WRPDU HO VRO 3RU QR KDEHU QR KDED QL VLTXLHUD QL±DWRV DSXUDQGR ODV ºOWLPDV GHYGHRTXHWHQDSHUIHFWDPHQWHDOLQHDGDVHQXQDHVWDQWHUD$TXHOV³WDQRGHEDGH
KRUDVGHXQDQRFKHGHILHVWDYHUDQLHJD6³ORHVWDED\RHQVLOHQFLR\PHGLHURQJDQDV VHU VX UHIXJLR IDYRULWR VX VDQWD VDQFWRUXP XQ OXJDU GRQGH V³OR XQRV SRFRV
GH TXH HO WLHPSR SXGLHUD GHWHQHUVH TXH SXGLHUD TXHGDUPH DV HVFXFKDQGR ODV RODV SULYLOHJLDGRV KDEDPRV HQWUDGR <R KDED YLVLWDGR VX FDVD YDULDV YHFHV SHUR KDVWD
GHO PDU DO DPDQHFHU SDUD VLHPSUH 7DQ D JXVWR HVWDED TXH SRU XQ PRPHQWR VH PH HQWRQFHV QR PH KDED LQYLWDGR D EDMDU < KDED XQD UD]³Q SDUD HOOR &RQ HO *RUGR
ROYLG³TXHXQUDWRDQWHVPHKDEDQDSDOL]DGR\TXHWDOYH]PHKDEDQGHMDGRHQOD VLHPSUHKDEDXQDUD]³QSDUDWRGR
RULOODGHXQPRGRGHVFXLGDGRSDUDTXHODPDUHDDOVXELUUHPDWDVHHOWUDEDMR3RUXQ 6HQWDGR HQ HO VRI¡ HVWDED UHFRUULHQGR FRQ ORV RMRV OD PHVD GH ELOODU ODV
PRPHQWRPHROYLG©GHWRGRGHPLPLVPRGHPLSURSLDYLGDGHORTXHKDEDYHQLGR IRWRJUDIDV GH OD SDUHG 6XJDU 5D\ 3DXOLQR 8]FXGXP 3ULPR &DPHUD -DPHV
DKDFHUDOO %UDGGRFN-RH/RXLV5RFN\0DUFLDQR7RGRVOOHYDEDQORVJXDQWHVYHVWDQHOFDO]³Q
/¡VWLPDTXHORVPRPHQWRVDVGXUHQWDQSRFRTXHSDUHFHTXHORVKHPRVVR±DGR \ODVERWDV\PLUDEDQDODF¡PDUDFRQFHQWUDGRVFRPRORERVIDP©OLFRVTXHHVSHUDQD
TXHOHVHFKHQGHFRPHU
4XLHUR TXH YHDV XQD FRVD PH GLMR HO *RUGR +DED HQFHQGLGR OD WHOHYLVL³Q \
HPSXMDEDXQDFLQWDDOLQWHULRUGHXQYGHR(UDXQDSDUDWRSODWHDGRHQRUPHGHORVGH
HQWRQFHV
6H WUDWDED GH XQ YLHMR FRPEDWH HQ EODQFR \ QHJUR 'RV ER[HDGRUHV QHJURV
SHOHDEDQ
6DEHVTXL©QHVVRQ"PHSUHJXQW³HO*RUGR
6DFXGODFDEH]D1RWHQDQLLGHD
(PLOH *ULIILWK \ %HQQ\ 3DUHW HQ HO 0DGLVRQ 6TXDUH *DUGHQ HQ 2EVHUYD
FRQDWHQFL³Q
/RVGRVSºJLOHVVHPRYDQFRQUDSLGH]6DEDTXL©QHUD(PLOH*ULIILWKFDPSH³Q
GHO PXQGR GH ORV SHVRV ZHOWHU 6DED TXL©Q HUD SHUR QR OR KDED UHFRQRFLGR HQ OD
FLQWD7DPEL©QVDEDTXL©QHUDHORWUR%HQQ\l.LG{3DUHWFXEDQRTXHKDEDOOHJDGR
HQXQDEDOVDD(VWDGRV8QLGRV
<DV©ORTXHPHYDVDSRQHUOHGLMHDO*RUGRSHUR©OVDFXGL³ODPDQRSDUDTXH
PHFDOODVH\SXOV³XQERW³QGHOPDQGRDGLVWDQFLDSDUDYHUXQPRPHQWRGHODSHOHDD
F¡PDUDOHQWD
%HQQ\3DUHWVHUHSOLHJDFRQWUDODVFXHUGDVPHH[SOLF³\*ULIILWKTXHFUHHTXH
HVR QR HV P¡V TXH XQD HVWUDWDJHPD SDUD KDFHUOH FUHHU TXH OH IDOODQ ODV IXHU]DV VH
3¡JLQD 3¡JLQD
ODQ]DDSRUWRGDV(QJD±DUDOFRQWUDULRUHSOHJ¡QGRWHFRQWUDODVFXHUGDVHUDDOJRTXH <RQRWHQDJDQDVGHVHJXLUSHOHDQGRSHURHO*RUGRHUDXQKRPEUHSDFLHQWH\QR
ORV ER[HDGRUHV FXEDQRV GH OD ©SRFD DFRVWXPEUDEDQ D KDFHU &RQRFHV OD KLVWRULD GHM³ GH WUDWDU GH FRQYHQFHUPH (VWR\ VHJXUR GH TXH OD UD]³Q GH TXH PH RIUHFLHUD
YHUGDG" WUDEDMDUFRQ©OVHUVXKRPEUHGHFRQILDQ]DVXFK³IHUVXJXDUGDHVSDOGDVRFDVLRQDO
/DFRQRFDSHURQXQFDKDEDYLVWRHVDSHOHD*ULIILWKODHPSUHQGL³DJROSHVFRQ HUDSRUTXHDVPHWHQGUDFHUFD\SRGUDYLJLODUTXHQRPHGHVFXLGDUDLJXDOTXHPH
HOFXEDQRPHH[SOLFDEDHO*RUGRFRPHQWDQGRODVLP¡JHQHV'LHFLVLHWHSX±HWD]RVHQ KDED SDVDGR DQWHV TXH WDO YH] FRQ HO WLHPSR GDUD PL EUD]R D WRUFHU \ YROYHUD D
FLQFRVHJXQGRV6XLQWHQFL³QQRHUDKDFHUOHGD±R\QRHUD©OTXLHQKDEUDWHQLGRTXH VXELU DO ULQJ TXH SRGUD FRQVHJXLUPH EXHQRV FRPEDWHV WHQHU OD RSRUWXQLGDG GH
SDUDUODSHOHDVLQRHO¡UELWURTXHQRKL]RQDGD7DOYH]QRODSDU³SRUTXHQRTXLVR OXFKDU SRU HO WWXOR RWUD YH] &XDQGR PH FRQYHQFL³ \D HUD GHPDVLDGR WDUGH (VWDED
TXH KXELHUD GLVWXUELRV HQWUH ORV FXEDQRV TXH SUHVHQFLDEDQ OD SHOHD HQ HO 0DGLVRQ PXHUWRSHUR\RQRORVDEDWRGDYD
6TXDUH*DUGHQTXHTXHUDQYHUJDQDUD3DUHWOLPSLDPHQWHVLQTXHQDGLHORD\XGDVH $FHSW©HOWUDEDMR1RWHQDQDGDPHMRUHQORTXHRFXSDUPLWLHPSR(O*RUGRPH
3HUR%HQQ\3DUHWPXUL³SRUFXOSDGHORVJROSHVOHGLMH SDJDED\PHWUDWDEDELHQDGHP¡V
'LH]GDVGHVSX©VHQHOKRVSLWDOSUHFLV³HO*RUGR-DP¡VVHUHFXSHU³GHOFRPD )XHHQWRQFHVFXDQGRFRQRFD/ROD
$SDJ³HOYGHRVHVHQW³HQXQVLOO³QIUHQWHDP
4XLHURGHFLUWHTXHODFXOSDQRIXHGH(PLOH*ULIILWK,JXDOTXHQRKDVLGRFXOSD
WX\DORGHHVWHER[HDGRUIUDQF©V6RQFRVDVTXHSDVDQ*DMHVGHORILFLR (OP©GLFRTXHPHDWHQGL³QRPHGLMRQDGDTXH\R\DQRVXSLHVHIUDFWXUDDODDOWXUD
6DFXGODFDEH]D GHODWHUFHUDFRVWLOODL]TXLHUGD&RQWXVLRQHVYDULDVSRUWRGRHOFXHUSR(ORMRGHUHFKR
(VSRVLEOHSHUR\RQRTXLHURVHJXLUSHOHDQGR KLQFKDGR SHUR QR KDED QLQJXQD OHVL³Q LQWHUQD 'H WRGRV PRGRV KDED LGR D
(O*RUGRVHOHYDQW³0HDJDUU³SRUORVKRPEURV0HVDFXGL³ 8UJHQFLDVDTXHPHHFKDVHQXQYLVWD]R1XQFDVHVDEH
3HURTX©FR±RWHSDVDFKDYDO"7HVLHQWHVFXOSDEOH"3XHVYXHOYHDVXELUDOULQJ ߚ'HEHUD LU D OD SROLFD SDUD SRQHU XQD GHQXQFLD ߚPH VXJLUL³ PLHQWUDV OD
PH GLMR VH±DODQGR OD WHOHYLVL³Q DSDJDGD FRPR VL WRGDYD SXGL©VHPRV YHU HQ OD HQIHUPHUDPHDMXVWDEDXQDYHQGDHQODVFRVWLOODV
SDQWDOODHOFRPEDWHHQWH(PLOH*ULIILWK\%HQQ\3DUHW9XHOYHDVXELUDOULQJFRPR ߚ1RVHUYLUDGHQDGDߚUHVSRQGߚ8QRVQL±DWRVPHFRJLHURQSRUVRUSUHVDHQOD
XQ KRPEUH \ GHPXHVWUD OR TXH YDOHV 'HPX©VWUDOR KDVWD TXH OOHJXH DOJXLHQ PHMRU SOD\D(VWDEDPX\RVFXUR1RSXGHYHUOHVODFDUD
TXHWº\WHWXPEHHQHOSULPHUDVDOWR$KRUDPLVPRWHFUHHVLQYHQFLEOHSHURWDPEL©Q (O P©GLFR VH HQFRJL³ GH KRPEURV \ FHUU³ OD FDUSHWD 9DOH WR SDUHFD GHFLU VX
WHOOHJDU¡ODKRUDVDEHV" JHVWR3XHVWºPLVPR$OO¡WºFRQWXVSUREOHPDV
(VWDEDWUDQTXLOR&UHRTXHKDEUDVRQUHGRGHQRKDEHUHVWDGRFRQYHQFLGRGHTXH $O PHQRV SRGD FDPLQDU VLQ GLILFXOWDG \ VL QR LQVSLUDED DLUH SURIXQGDPHQWH HO
QRHUDHOPRPHQWRP¡VLG³QHRSDUDKDFHUOR GRORU GH OD FRVWLOOD HUD VRSRUWDEOH /DV FRQWXVLRQHV GHO UHVWR GHO FXHUSR QR PH
$(PLOH*ULIILWKWDPEL©QOHOOHJ³VXKRUDPHGLMR SUHRFXSDEDQ 3URQWR GHMDUD GH VHQWLUODV < HQ FXDQWR DO RMR KLQFKDGR SHQVDED
<DORV©UHVSRQG$WRGRVQRVOOHJD VROXFLRQDUORFRQODVJDIDVGHVROTXHWHQDHQODKDELWDFL³QGHOKRWHO0HSDV©HOGD
5XELQ &DUWHU GH GLFLHPEUH GH 3LWWVEXUJK 'HM³ .2 D *ULIILWK HQ HO DOOWXPEDGR$OSULQFLSLRPHFRVWDEDWDQWRFRQFLOLDUHOVXH±RTXHFUHTXHQRLEDD
SULPHUDVDOWR VHUFDSD]GHGHVFDQVDUHQWRGRHOGDSHUROOHJ³XQPRPHQWRHQTXHFHUU©ORVRMRV\
&XDQGR HO *RUGR KDFD XVR GH VX PHPRULD HQFLFORS©GLFD HUD LPSRVLEOH GLVFXWLU FXDQGR YROY D DEULUORV \D HUD GH QRFKH (O FXHUSR VHJXD GROL©QGRPH SHUR SDUD
FRQ©O DQLPDUPH PH GLMH TXH VHUD SRU OD SRVWXUD \ PH GHVSHUHF© VLQ TXHUHU OHYDQWDUPH
9ROYL³ D VX VLOO³Q FRJL³ HO SXUR TXH KDED GHMDGR HQ HO FHQLFHUR SDUD JULWDUPH WRGDYD
UHVSLU³GRVRWUHVYHFHVSDUDFDOPDUVHDQWHVGHKDEODUGHQXHYR 3XHVDTXHVW¡V0RQWDOE¡QPHGLMH'HVFDQVDQGRHQXQKRWHOGHVSX©VGHTXHWH
/R TXH \R TXLHUR GHFLUWH FKDYDO HV TXH QR GHEHUDV UHWLUDUWH DKRUD 3L©QVDWHOR KD\DQ GHMDGR .2 1R HUD OD SULPHUD YH] SHUR VXSRQJR TXH XQR QXQFD DFDED GH
+DV JDQDGR ORV VLHWH ºOWLPRV FRPEDWHV TXH KDV GLVSXWDGR 2FKR FRQWDQGR HO DFRVWXPEUDUVH0HOHYDQW©\GHVFRUUODFRUWLQD$OVXELUPHODVDQJUHDODFDEH]DPH
ºOWLPRߨ +DV VDOLGR HQ OD SUHQVD KDV DSDUHFLGR HQ SURJUDPDV GH WHOHYLVL³Q SHUR GLRXQSHTXH±RPDUHR$SR\©ODPDQRHQODSDUHGUHVSLU©KRQGRFHUU©ORVRMRVXQ
WRGDYD QR HUHV OR EDVWDQWH IDPRVR SDUD TXH OD JHQWH WH UHFXHUGH +DV GH JDQDU HO LQVWDQWH \ ORV YROY D DEULU 'HVGH DOO SRGD YHU ODV IDURODV GHO SDVHR PDUWLPR HO
FLQWXU³QGHFDPSH³QGH(XURSD\\RPHMRUTXHQDGLHV©TXHSRGU¡VVHUFDPSH³QGHO OXJDUGRQGHXQDVKRUDVDQWHV&KRFRODWHPHKDED]XUUDGRGHOROLQGRPLHQWUDV/XLVVH
PXQGR HO D±R TXH YLHQH 3HUR VL OR GHMDV DKRUD GHQWUR GH VHLV PHVHV QDGLH VH ODPHQWDED GH TXH QR KXELHUD DFHSWDGR VX GLQHUR /D YLGD FDPELD HQ XQ PRPHQWR
DFRUGDU¡GHWL1DGLHVDEU¡TXL©QIXH5DIDHO0RQWDOE¡Q1DGLH SHQV©$QWHVGHTXHSXHGDVGDUWHFXHQWD$QRFKHDHVDPLVPDKRUD/RODVHKDED
SUHVHQWDGRHQHOKRWHOSDUDLQYLWDUPHDFHQDU8QUDWRGHVSX©VHFK¡EDPRVXQSROYR
3¡JLQD 3¡JLQD
HQODHVWUHFKXUDGHODVFHQVRUGHXQKRWHO\XQSRFRP¡VWDUGHXQH[ER[HDGRUFXEDQR 'LH]PLQXWRVGHVSX©VHOFDPDUHURPHSXVRHQODPHVDXQILOHWH\KDVWDTXHQROH
PHKDEDGHMDGR.2HQODSOD\D0HKDEDGHVSHUWDGRQRV©FX¡QWRWLHPSRGHVSX©V\ GLHOSULPHUERFDGRߚKDVWDTXHQRWUDW©GHGDUOHHOSULPHUERFDGRߚQRPHDFRUG©
SRU SRFR PH KDED DKRJDGR < DOO HVWDED \R DKRUD PLUDQGR SRU OD YHQWDQD GHTXHODPDQGEXODWDPEL©QPHGROD\TXHFXDQGRWHGDQXQSX±HWD]RHQODERFDVL
SUHJXQW¡QGRPH FX¡O GHED GH VHU HO VLJXLHQWH SDVR TXH GHED GDU \ SRU P¡V TXH OR WLHQHVODVXHUWHGHTXHQRWHURPSDQODPDQGEXODRWUHVRFXDWURGLHQWHVORQRUPDOHV
SHQVDEDQRORWHQDFODURVLDFDVRODºQLFDFHUWH]DHUDQRVDEHUFX¡OHUDPLSDSHOHQ TXH WHQJDV TXH HVWDU D EDVH GH SXU© GXUDQWH XQ SDU GH GDV $ SHVDU GH WRGR OR
HVD KLVWRULD TXH PH KDED HPSH±DGR HQ YLYLU HQ LQYHQWDUPH LQFOXVR SDUD VDOLU PDVWLTX© VLQ SULVDV HVFXFKDQGR D PL HVSDOGD OD YR] GHO ORFXWRU GH XQ SDUWLGR GH
DGHODQWHSDUDGDUXQQXHYRVHQWLGRDPLYLGD IºWERO GH SUHWHPSRUDGD 'HVSX©V GH FHQDU PH TXHGDEDQ XQRV FLHQ NLO³PHWURV GH
&XDQGRTXLVHGDUPHFXHQWD\DPHKDEDGDGRXQDGXFKD\KDEDKHFKRODPDOHWD FRFKHKDVWD6HYLOOD\OXHJRP¡VGHTXLQLHQWRVKDVWD0DGULGRXQRVFLHQWRFLQFXHQWD
3DJX© OD FXHQWD HQ OD UHFHSFL³Q DXQTXH \D QR IXHUD D GRUPLU DOO HVD QRFKH P¡VKDVWD3RUWXJDOVLDOILQDOWRPDEDODGHFLVL³QGHUHSHWLUHOPLVPRYLDMHTXHKDED
&XDOTXLHU FRVD TXH VXFHGLHUD D SDUWLU GH DKRUD SDVDED SRU TXH PH ODUJDVH SDUD QR KHFKR GLHFLRFKR D±RV DQWHV $ºQ QR KDED GHFLGLGR DG³QGH LUD HVD QRFKH VL D
YROYHUQXQFDP¡V<QRHVTXHPHIXHUDGHDOOFRQHOUDERHQWUHODVSLHUQDVRTXHPH 0DGULGRD3RUWXJDOSHURPLHQWUDVPHREOLJDEDDWHUPLQDUHOILOHWHPHSUHJXQWDEDVL
GLHUDPLHGRSUHVHQWDUEDWDOODGHFLUOHVD&KRFRODWH\D/XLVTXHHOFRPEDWHQRKDED WHQGUD ORV DUUHVWRV VXILFLHQWHV SDUD PDUFKDUPH D 0DGULG R VL VHUD FDSD] GH
WHUPLQDGR TXH HO MXH] WRGDYD QR KDED FRQWDGR KDVWD GLH] \ TXH D OR PHMRU HUD SODQWDUPHHQ/LVERDRWUDYH]VLQ/RODRWUDYH]VRORRWUDYH]SHUGLGR\GHUURWDGR
SRUTXH\RHVWDEDVRUGRSHURHVTXHQRKDEDHVFXFKDGRODFDPSDQD (VORTXHSDVDFXDQGRQRWLHQHVDQDGLHTXHWHG©FRQVHMRVGHVGHHOULQF³QTXHWH
$QWHV GH PDUFKDUPH GHO 3XHUWR PH GHM© FDHU SRU OD XUEDQL]DFL³Q GRQGH YLYDQ SRQJD HO WDEXUHWH SDUD TXH WH VLHQWHV PLHQWUDV WH FXUDQ ODV KHULGDV HQWUH DVDOWR \
/XLV\/ROD5HGXMHODYHORFLGDGFDVLPHGHWXYHGHODQWH+DEDXQDOX]HQFHQGLGD DVDOWR'HVGHIXHUDSXHGHSDUHFHUP¡VVHQFLOORGHORTXHUHDOPHQWHHVSHURER[HDUHV
7DO YH] ORV GRV HVWDEDQ FHQDQGR WUDQTXLODPHQWH HQ HO VDO³Q FRPR FXDOTXLHU PXFKR P¡V TXH VXELU DO ULQJ \ PHGLUWH FRQ HO FRQWUDULR /D JHQWH D OD TXH QR
PDWULPRQLR YXOJDU ELHQ DYHQLGR (O 0HUFHGHV D]XO GH /XLV HQ HO JDUDMH VHJXUR < DOXPEUDQORVIRFRVORVTXHHVW¡QHQWXULQF³Q\YHODQSRUWLGXUDQWHODSHOHDVRQWDQ
DOJXQRGHORVFRFKHVTXHHVWDEDQHQODSXHUWDSHUWHQHFHUDD&KRFRODWHRDFXDOTXLHUD LPSRUWDQWHV TXH VLQ HOORV FXDOTXLHU ER[HDGRU HVWDUD SHUGLGR &XDQGR XQR OOHYD
GHORVHVELUURV WLHPSR ER[HDQGR DFDED DGTXLULHQGR FLHUWRV YLFLRV HPSH]DU VLHPSUH FRQ XQ MDE
1R V© PX\ ELHQ SRU TX© SDV© SRU OD SXHUWD VL HQ UHDOLGDG QR WHQD LQWHQFL³Q GH PRYHU ODV SLHUQDV GH XQD GHWHUPLQDGD PDQHUD FODYDU ORV RMRV HQ HO DGYHUVDULR FRQ
HQWUDU7DOYH]TXHUDGHPRVWUDUPHDPPLVPRTXHVHUDFDSD]GHKDFHUORVLKLFLHUD WDQWD LUD TXH VH OH FRUWH OD GLJHVWL³Q HVWDU P¡V FHUFD R P¡V OHMRV GH ODV FXHUGDV
IDOWD HQWUDU \ GHFLU EXHQDV QRFKHV /XLV HVWR\ DTX D SHVDU GH WXV DYLVRV \ WXV LQFOLQDU OD FDEH]D PRYHU ORV KRPEURV DUULED \ DEDMR 6L PL FDUUHUD SXJLOVWLFD QR
DPHQD]DVSDUDTXHYHDVTXHQRPHGDVPLHGRQLWºQLQLQJXQRGHHVRVIXODQRVTXH KXELHUD WHUPLQDGR FXDQGR HPSH]DED D GHVSXQWDU GH YHUGDG FUHR TXH \R KDEUD
WHFXEUHQODHVSDOGD2WDOYH]PHSDV©SDUDTXHPHYLHUDQSDUDHQFRQWU¡UPHORD©OR HVFRUDGRKDFLDXQRGHHVRVER[HDGRUHVTXHQXQFDVDEHQHOPRPHQWRGHWHUPLQDUHO
DFXDOTXLHUDGHORVVLFDULRVTXHPHUHFRQRFLHUDQ\PHREOLJDUDQDEDMDUPHGHOFRFKH FRPEDWHFX¡QGRDIORMDULQFDSD]GHDGDSWDUVXULWPR\VXVSXOVDFLRQHVDODSHOHDTXH
SDUDTXHVHOLDVHODSDMDUUDFD\WRGRDFDEDUDSRUILQGHXQDSXWDYH] HVW¡ OLEUDQGR SRUTXH QXQFD KD\ GRV FRPEDWHV LJXDOHV $ P PH JXVWDED WHUPLQDU
3HURQLVLTXLHUDGLODYXHOWDSDUDSDVDURWUDYH]SRUODSXHUWDGHODFDVDGH/XLV\ FXDQWRDQWHVEXVFDUHO.2HQORVSULPHURVDVDOWRVDSURYHFKDUTXHHO¡QLPRGHORWUR
GH /ROD 6DO GH OD XUEDQL]DFL³Q \ EXVTX© OD FDUUHWHUD GH -HUH] 9HLQWH NLO³PHWURV KDED IODTXHDGR TXH KDED SHUGLGR OD FRQFHQWUDFL³Q XQ LQVWDQWH R TXH DFDEDED GH
SHQVDQGRVLGHEHUDKDEHUOODPDGRDODSXHUWDSDUDGHFLUDOPHQRVTXHHVWDEDYLYR VROWDU HO DLUH GH ORV SXOPRQHV SDUD ODQ]DUOH XQD VHULH GH JROSHV TXH OR GHMDUDQ
SDUD SHUWXUEDU HO ¡QLPR GH PL H[ DPLJR /XLV SDUD YHU D /ROD GH QXHYR YHUOD SRU PDUHDGREXVFDQGRDWLHQWDVODVFXHUGDVSDUDQRFDHUVH
ºOWLPDYH]TXL]¡/RVIDURVGHORVFRFKHVFRQORVTXHPHFUX]DEDPHGHVOXPEUDEDQ +DFHWUHVGDVHOSUREOHPDHUDTXHHOFRPEDWHSDUDPDSHVDUGHWRGRQRKDED
HQ OD RVFXULGDG $O FDER GH XQ UDWR GH FRQGXFLU FRQ XQ RMR PHGLR FHUUDGR PH GL WHUPLQDGR 0H QHJDED D DEDQGRQDU HO ULQJ DXQTXH ORV MXHFHV KXELHUDQ GDGR SRU
FXHQWDGHTXHHOTXHWHQDVDQRPHHVFRFDSRUFXOSDGHODVOXFHVGHORVRWURVFRFKHV JDQDGRUHVD/XLV\D&KRFRODWH+DFDUDWRTXHODFDPSDQDKDEDVRQDGRSHUR\RPH
0HDFRUG©WDPEL©QGHTXHQRKDEDFRPLGRQDGDHQWRGRHOGD3DU©HQXQDYHQWDD UHVLVWD D YROYHU D PL ULQF³Q \ VHQWDUPH PLHQWUDV PL HQWUHQDGRU PH FRQVRODED
OD VDOLGD GH -HUH] $SHQDV KDED QDGLH HQ HO FRPHGRU 0H VHQW© D XQD PHVD GH GLFL©QGRPHTXHQRSDVDEDQDGDTXHDOILQDOODYLGDVLHPSUHWHGDEDRWUDRSRUWXQLGDG
HVSDOGDV DO WHOHYLVRU TXH HO FDPDUHUR KDED GHMDGR GH YHU FRQ GHVJDQD SDUD GHYROYHUDVXELUDOULQJ\UHFXSHUDUHOFLQWXU³QGHFDPSH³Q3HUREXHQR\DGLJR\R
DWHQGHUPH /DV SDUHGHV HVWDEDQ GHFRUDGDV FRQ FDUWHOHV YLHMRV TXH DQXQFLDEDQ QRWHQJRHQWUHQDGRUTXHPHPDUTXHHOULWPR\DTXLHQSHOHDVRORQROHTXHGDRWUD
FRUULGDV GH WRURV TXH VH KDEDQ FHOHEUDGR KDFD PXFKRV D±RV \ GHWU¡V GH OD EDUUD TXH GHFLGLU ODV FRVDV SRU V PLVPR WRPDU GHFLVLRQHV EXHQDV R PDODV \ DSHFKXJDU
FROJDEDQXQDGRFHQDGHMDPRQHVFD±DVGHORPRH[SRVLWRUHVGHIUXWRVVHFRVOODYHURV FRQODVFRQVHFXHQFLDV
FRQIRWRVGHIXWEROLVWDV
3¡JLQD 3¡JLQD
'HVSX©VGHGHMDUXQELOOHWHHQODPHVDPHIXLKDVWDHOFRFKHPHVHQW©DUUDQTX© TXHHVWDEDDSXQWRGHGDUOHODVEXHQDVQRFKHV)XLDXQRGHORVODGRVGHODFDVDHO
HOPRWRU\HVWXYHDJDUUDQGRHOYRODQWHGXUDQWHXQRVPLQXWRVFRQWDQWDIXHU]DTXHPH TXH HVWDED P¡V RVFXUR PHW OD EDUUD HQWUH ODV UHMDV \ OD GHM© FDHU HQ HO MDUGQ 3RU
DFDEDURQ GROLHQGR ODV PDQRV 6DOLHQGR GHO DSDUFDPLHQWR D OD GHUHFKD HVWDED HO VXHUWHKDEDF©VSHGSODQWDGR\QRKL]RUXLGR/XHJRPHHQFDUDP©FRPRSXGHDOPXUR
FDPLQR KDFLD 0DGULG R KDFLD /LVERD 6LQ HPEDUJR VL JLUDED D OD L]TXLHUGD \WUHS©SRUODUHMDSURFXUDQGRQRFODYDUPHODSXQWDHQIRUPDGHODQ]DHQHOFRVWDGR
YHLQWLWDQWRVNLO³PHWURVP¡VDOO¡HVWDEDODFDVDGH/XLV\GH/ROD1RIXHXQDGHFLVL³Q &XDQGRSDVDEDDORWURODGRWXYHTXHDKRJDUXQJHPLGRSRUTXHPLFRVWLOODPHUHFRUG³
I¡FLO OD YHUGDG DXQTXH DKRUD WDPSRFR HVWR\ VHJXUR GH TXH VL KXELHUD JLUDGR D OD HO HQFXHQWUR GH OD QRFKH DQWHULRU FRQ &KRFRODWH 3DUD QR KDFHU UXLGR HQ OXJDU GH
GHUHFKDDOVDOLUGHODSDUFDPLHQWRDOILQDOQRKDEUDWHUPLQDGRGDQGRPHGLDYXHOWD\ WLUDUPHDOF©VSHGGHVGHORDOWRGHODYHUMDEDM©SRUODUHMDKDVWDHOPXUR\GHVGHDOO
KDFLHQGRH[DFWDPHQWHORPLVPRTXHKLFH<HVTXHOOHJDXQPRPHQWRGHOFRPEDWHHQ VDOW© DGHQWUR $ SHVDU GHO GRORU DJXGR HQ HO FRVWDGR FRPR XQ FODYR PH DJDFK© D
TXHWHFDQVDVGHUHWURFHGHUSDUDSURWHJHUWHGHORVJROSHVGHOFRQWUDULRWHGLFHV\DHVW¡ UHFRJHUODEDUUD\QRPHSXVHGHSLHKDVWDTXHHVWXYHFHUFDGHOSRUFKHVHSDUDGRGH
\DKPHODVGHQWRGDV\WHODQ]DVDSRUHORWURODQ]DQGRORVSX±RVHQGHPRQLDGR &KRFRODWHSRUXQWDELTXHILQRDPHQRVGHXQPHWURHOXQRGHORWUR
/R VDEDV PXUPXU© DO HQILODU OD FDUUHWHUD GHO 3XHUWR ODPHQW¡QGRPH R /H GL ODV EXHQDV QRFKHV FODUR SHUR DQWHV OH FODY© OD SXQWD GH OD EDUUD HQ HO
UHFRQRFLHQGR TXH KD\ FRVDV FRQWUD ODV TXH XQR QR SXHGH OXFKDU /R VDEDV LQVLVW HVW³PDJR\OHWDS©ODERFDSDUDTXHQRWXYLHUDWLHPSRGHDYLVDUD/XLV3HURGDED
SDUDPLVDGHQWURV6DEDVTXHDOILQDOLUDVDEXVFDUOD\TXHKDUDVORTXHIXHUDSDUD LJXDO TXH OR DYLVDUD R QR SRUTXH VH UHYROYL³ HQ OD VLOOD GRORULGR FRPR HVWDED SRU
OOHY¡UWHOD FRQWLJR /R VDEDV GHVGH HO SULPHU PRPHQWR YLHMR ]RUUR DXQTXH QXQFD KDEHU KXQGLGR OD EDUUD HQ VX SDQ]D \ WUDW³ GH DJDUUDUPH SRU OD VRODSD EDPRV D
KD\DVTXHULGRUHFRQRFHUOR KDFHUP¡VUXLGRGHOTXHPHKXELHUDJXVWDGR\/XLVVHLEDDHQWHUDU\HQWRQFHVODV
FRVDV VH LEDQ D SRQHU GLIFLOHV SDUD P SHUR \D KDED WHQLGR EDVWDQWH FRQ ORV
SX±HWD]RVGH&KRFRODWHHQODSOD\DDVTXHHFK©HOFXHUSRKDFLDDWU¡VSDUDTXHQRPH
+XELHUDWRPDGRODGHFLVL³QFRUUHFWDRQRHQQLQJºQPRPHQWRGHOWUD\HFWRGHYXHOWD DJDUUDVH\OHVROW©XQXSSHUFXWDODPDQGEXOD\OXHJRSDUDDVHJXUDUPHOHDWLF©RWUD
KDVWD OD FDVD GH /XLV \ GH /ROD PH VREUHYLQR DOJXQD GXGD UHVSHFWR D OR TXH LED D YH] FRQ OD EDUUD HQ OD HVSDOGD 1R PH JXVWD KDFHU GD±R VL SXHGR HYLWDUOR 3RGD
KDFHU8QDYH]TXHXQRWRPDODGHFLVL³QORKDFH\SXQWRVLQIODTXHDUVLQSDUDUVHD KDEHUOH GDGR WDPEL©Q FRQ OD EDUUD HQ OD FDEH]D \ KDEHU DFDEDGR FRQ ©O SRU OD YD
SHQVDUVLHVORFRUUHFWR0XFKDVYHFHVODYLGDHVFRPRXQFRPEDWHWLHQHVTXHDFWXDU U¡SLGDSHURQRHVPLHVWLOR\ORVMXHFHVQRVXHOHQVHUFRPSUHQVLYRVVLGHMDVDXQWLSR
SRU UHIOHMRV SRU LQVWLQWR \ D YHFHV WH GHVFXEUHV KDFLHQGR FRVDV TXH QR UHFRUGDEDV HQ FRPD DXQTXH VHD XQD PDOD EHVWLD FRPR &KRFRODWH FXDQGR \D KDV YLVLWDGR OD
KDEHUDSUHQGLGR/XHJRFXDQGRVXHQHODFDPSDQD\DWHQGU¡VWLHPSRGHSHQVDUSHUR F¡UFHOYDULDVYHFHVSRUTXHDOJºQHVWDIDGRUWL±DOSDWHKDGHQXQFLDGRGHVSX©VGHTXHOR
HQHOULQJP¡VWHYDOHDSUHWDUORVGLHQWHVIUXQFLUHOFH±R\VDOLUDSRUWRGDV6LHUHV KD\DV]DUDQGHDGRXQSRFRSDUDFRQYHQFHUORGHTXH\DHVKRUDGHGHYROYHUHOGLQHUR
FDSD]GHKDFHUHVR\DWLHQHVODPLWDGGHOFRPEDWHJDQDGR DOWLSRTXHWHKDFRQWUDWDGR
7DPSRFR KDED SHQVDGR FRQ H[DFWLWXG OR TXH LED D KDFHU < DXQTXH PH KDEDQ 3XHV HVR TXH &KRFRODWH LED D HVWDU IXHUD GH MXHJR XQ UDWR 'HVPDGHMDGR HQ HO
GDGR XQD SDOL]D OD QRFKH DQWHULRU QR OOHYDED PXFKDV JDQDV GH UHYDQFKD VL DFDVR SRUFKHSDUHFDP¡VXQHOHIDQWHGHPDUTXHXQH[ER[HDGRUGHUUHQJDGRHQHOVXHOR
SDWHDUOH ORV KXHYRV D &KRFRODWH 3RFR P¡V /R TXH \R TXHUD HUD YHU D /ROD SDUHFDDºQP¡VJUDQGHTXHFXDQGRORYHDVGHSLHODVPDQRVGHJLJDQWHHOFU¡QHR
SUHJXQWDUOH VL TXHUD YHQLU FRQPLJR V³OR HVR GHFUVHOR GH YHUGDG YHU VXV RMRV UDSDGRSDUDGDUP¡VPLHGRVXSRQJR
FXDQGR PH HVFXFKDUD VDEHU VL HUD FLHUWR TXH TXHUD TXH OD UHVFDWDVH FRPR D ODV /XLV\DHVWDEDDOHUWDGR1RSDUHFDKDEHUP¡VHVELUURVHQVXFDVDHOHVWDGRHQHO
SULQFHVDVGHORVFXHQWRV3HURWDPEL©QVDEDTXHQRLEDDVHUWDQI¡FLOTXH/XLVHUD TXH PH KDEDQ GHMDGR PHQRV GH YHLQWLFXDWUR KRUDV DQWHV QR KDFDQ QHFHVDULRV ORV
GHPDVLDGROLVWRFRPRSDUDHVWDUVRORHVDQRFKHDOOMXQWRDHOODTXHHUDOREDVWDQWH UHIXHU]RV 3HUR HVR QR VLJQLILFDED TXH SXGLHUDQ YHQLU P¡V HQ FXDQWR TXH /XLV ORV
SUHFDYLGRFRPRSDUDWHQHUDXQHVELUURRP¡VGHXQRKDFLHQGRJXDUGLDHQVXSXHUWD OODPDVHVLHVTXHQRORKDEDKHFKR\DSRUTXHHOWLHPSRTXHHVWDEDWDUGDQGRHQGDU
$SDUTX©HOFRFKHHQODFDOOHGHDWU¡V\DQWHVGHFHUUDUORVDTX©XQDEDUUDGHKLHUUR VH±DOHV GH YLGD SRGUD VHU PX\ ELHQ MXVWR HO TXH OH HVWDED OOHYDQGR SRQHUVH HQ
TXHWHQJRHQHOPDOHWHUR\PHJXDUG©ODQDYDMDHQHOFLQWXU³QSRUVLDFDVR8QDFRVD FRQWDFWR FRQ VXV FKLFRV GH /D *LWDQLOOD 7HQD TXLQFH PLQXWRV KDVWD TXH OOHJDVH HO
HVTXHQROOHYDVH¡QLPRVGHUHYDQFKD\RWUDPX\GLVWLQWDTXHIXHUDDPHWHUPHHQOD V©SWLPRGHFDEDOOHUDFDOFXO©9HLQWHDORVXPR
ERFDGHOORERVLQWRPDUSUHFDXFLRQHV$OOOHJDUDODFDVDPHDJDFK©\PHWODFDEH]D (QWRQFHV JULW© HO QRPEUH GH HOOD 3DUD TX© PHQWLU $ HVWDV DOWXUDV HUD ULGFXOR
HQWUHODVIORUHVGHODYHUMD/DOX]GHORTXHGHEDGHVHUHOVDO³QVHJXDHQFHQGLGD\ TXHUHU RFXOWDU PLV LQWHQFLRQHV < SDUD VHU VLQFHUR QR FUHR TXH KXELHUD QLQJXQD
QR SXGH HYLWDU XQD VRQULVD ߚOR FRQILHVR LQFOXVR DFDULFL© OD EDUUD GH KLHUUR FRQ SRVLELOLGDGGHTXHHOODQRVXSLHVHTXH\RHVWDEDDOO
FDUL±Rߚ DO FRPSUREDU TXH VHQWDGR HQ HO SRUFKH FRQ ODV SLHUQDV HVWLUDGDV \ ODV 1RKXERUHVSXHVWD'HQWURHVWDEDQODVOXFHVHQFHQGLGDV9ROYDJULWDUVXQRPEUH
PDQRVPHWLGDVHQORVEROVLOORV&KRFRODWHPHHVSHUDEDVLQVDEHUWRGDYDSREUHFLOOR SHURQDGD/OHJ³DSDVDUPHSRUODFDEH]DHOSHQVDPLHQWRGHTXHWDOYH]/ROD\/XLV
3¡JLQD 3¡JLQD
QRHVWXYLHVHQDOORTXHV³ORHVWXYLHVH©O\HOODQR 6XUHVSXHVWDIXHDPDUWLOODUHODUPD\OHYDQWDUHOFD±³QORMXVWRSDUDDSXQWDUPHD
/RODJULW©GHQXHYRPDVQRKXERUHVSXHVWD0LU©D&KRFRODWHTXHVHPRYDHQ ODFDEH]D
HOVXHORFRQORVRMRVFHUUDGRVFRPRTXLHQHVW¡VXIULHQGRXQDSHVDGLOOD\QRSXHGH 1RH[LVWHXQKRPEUHOREDVWDQWHU¡SLGRSDUDHVTXLYDUXQDEDOD(VRVRQWRQWHUDV
GHVSHUWDUVH 6L WHQD XQRV TXLQFH PLQXWRV DQWHV GH TXH OD FDVD VH OOHQDVH GH P¡V TXHVHYHQHQODVSHOFXODV/RºQLFRTXHPHTXHGDEDSRUKDFHUDOOVLHVTXHKDFD
HVELUURV GH /XLV VHJXUR TXH QR WHQD P¡V GH OD PLWDG GH HVH WLHPSR SDUD TXH HO DOJR HUD PRULU FRQ GLJQLGDG 0H KXELHUD JXVWDGR YHU D /ROD SRU ºOWLPD YH]
KRPEUHGHFRQILDQ]DGHPLH[DPLJRHVWXYLHUDHQFRQGLFLRQHVGHKDFHUPHIUHQWH\ SUHJXQWDUOHVLTXHUDYHQLUFRQPLJRGHFLUOHTXH\RQRHUDXQK©URHDXQTXHHOODSDUD
DKRUDVHUDPXFKRP¡VSHOLJURVRSRUTXHHVWDEDHQIDGDGR4XL©QQRORHVWDUDGHVSX©V PVLHPSUHKDEDVLGRXQDSULQFHVDTXHPHKXELHUDJXVWDGRTXHODVFRVDVKXELHUDQ
GHTXHOHKXELHUDQDWL]DGRFRQXQDEDUUDGHKLHUUR URGDGRGHRWUDPDQHUDTXHQROHJXDUGDEDUHQFRUSRUKDEHUPHGHMDGRHQODHVWDFDGD
/RODJULW©DKRUDP¡VIXHUWH$JDUU©HOSRPRGHODSXHUWDSHURQRVHDEUD/HGL FXDQGR©UDPRVWDQM³YHQHVTXHHVWDEDHQDPRUDGRGHHOODTXHQXQFDKDEDGHMDGRGH
XQJROSHFRQODEDUUDSHURORºQLFRTXHFRQVHJXIXHKDFHUXQDPXHVFDHQODFKDSD HVWDUOR$OPHQRVORKDEDLQWHQWDGR7DUGH\PDOSHUREXHQRQXQFDHQPLYLGDKH
(UDXQDSXHUWDGXUDVHJXUDPHQWHEOLQGDGD$/XLVOHJXVWDEDVHQWLUVHVHJXUR WHQLGRODFRVWXPEUHGHKDFHUODVFRVDVGHODIRUPDP¡VFRUUHFWD
(QWRQFHVHVFXFK©JLUDUXQDOODYHDORWURODGR\OXHJRYLTXHHOSRPRVHPRYD 'HM©HVFDSDUHODLUHGHVSDFLR6©TXHDQWHVGLMHTXHQRSHURODYHUGDGHVTXHKD\
'L XQ SDVR DWU¡V (VWDED WDQ FHUFD GHO PDUFR TXH TXLHQ DEULHVH OD SXHUWD SRGUD RFDVLRQHVHQODVTXHKDVWDHOOXFKDGRUP¡VWRQWRVDEHTXHKDSHUGLGRHOFRPEDWH<R
KDEHUPHGDGRXQSX±HWD]RHQODFDUD WHQDXQDEDUUDGHKLHUURHQODPDQR\XQDQDYDMDHQHOFLQWXU³Q/XLVPHDSXQWDED
$OOHVWDED/XLV3DUHFDVHUHQRDXQTXHPHPLUDEDWDQVHULRTXHSRUXQPRPHQWR FRQ XQD SLVWROD \ &KRFRODWH VHQWDGR HQ HO SRUFKH VH YROYD P¡V SHOLJURVR D FDGD
PH GLR OD VHQVDFL³Q GH TXH LED D UHFULPLQDUPH RWUD YH] SRU QR KDEHU DFHSWDGR VX VHJXQGRTXHSDVDED(VRVLQFRQWDUTXHSRFRVPLQXWRVGHVSX©VXQFRFKHGDUDXQ
GLQHUR0HPLUDEDFRPRVLDTXHOORTXHHVWXYLHUDSDVDQGRQRIXHUDFRQ©OFRPRVL©O IUHQD]RHQODSXHUWD\FXDWURRFLQFRWLSRVFRQFDUDGHSRFRVDPLJRVPHLEDQDGHMDU
VXGLQHUR\VXPXMHUHVWXYLHVHQSRUHQFLPDGHXQGHVJUDFLDGRFRPR\R0HPLUDED OLVWR GH SDSHOHV /D FXHVWL³Q HVWULEDED HQ EDMDU ORV EUD]RV R GHMDU TXH PH GLHUDQ
FRQ XQD H[SUHVL³Q WDQ QHXWUD TXH OR PLVPR SRGUD KDEHUPH HVFXSLGR D OD FDUD TXH FRPRDXQPX±HFRRSDVDUDORWUREDUULRFRQODVERWDVSXHVWDV,EDDVHUGLIFLOTXH
KDEHUPH GDGR XQ DEUD]R 3HUR QLQJXQD GH HVWDV GRV FRVDV HUDQ SRVLEOHV DTXHOOD SXGLHUDOOHYDUPHDDOJXLHQFRQPLJRSDUDKDFHUPHFRPSD±DSHURDOPHQRVLQWHQWDUD
QRFKHORVPRGDOHVGH/XLVVRQGHPDVLDGRUHPLOJDGRVFRPRSDUDHVFXSLUDODFDUDGH TXH DOJXQR GH HOORV GRV ߚ/XLV R &KRFRODWH KD\ PRPHQWRV HQ ORV TXH WRGR WH GD
QDGLH3XHGHVHUWDQIURRWDQGHVSLDGDGRFRPRXQDVHVLQRSHURHVRQRTXLWDTXHHQ LJXDOߚ VH TXHGDUD FRQ XQD FXDUWD GH EDUUD GH DFHUR HQ OD ERFD FRPR UHFXHUGR GH
ODGLVWDQFLDFRUWDVHFRPSRUWHFRQODPLVPDHOHJDQFLDTXHHOFDEDOOHURTXHQXQFDKD 5DIDHO0RQWDOE¡QH[DVSLUDQWHDFDPSH³QGH(XURSDGHORVSHVRVVXSHUZHOWHU
VLGR<UHVSHFWRDODEUD]RSXHVWDPSRFRQRFRQR]FRDQDGLHTXHOHG©XQDEUD]RD ߚ(VWR\DTX
DOJXLHQDTXLHQHVW¡DSXQWDQGRDOSHFKRFRQXQDSLVWROD (VFXFK© OD YR] FRPR HO HFR OHMDQR HQ XQ VXH±R 7DO YH] OD PXHUWH SURGXFH
ߚ(UHVXQLGLRWDߚPHGLMR DOXFLQDFLRQHV SHUR D P QR PH KDEDQ GLVSDUDGR WRGDYD \ QR HVWDED PXHUWR SRU
1ROHIDOWDEDUD]³Q&ODURTXHQR3HURQRHUDDTX©OHOPRPHQWRSDUDSRQHUQRVD FRQVLJXLHQWH'HPRPHQWR
GLVFXWLU\/XLVQRHUDPLSVLFRDQDOLVWDDGHP¡V ߚ(VWR\DTX0RQWDOE¡Q
ߚ'³QGHHVW¡"ߚOHSUHJXQW©PLU¡QGRORDORVRMRVVLQDSDUWDUPHFRPRVLDºQ /XLVJLU³XQSRFRODFDEH]DVLQGHMDUGHDSXQWDUPHFRQODSLVWROD\HQWRQFHVOD
QRPHKXELHUDGDGRFXHQWDGHODSLVWRODTXHVHJXDDSXQW¡QGRPH YL(VWDEDDOIRQGRGHOSDVLOORGHWU¡VGH©O1RHUDXQDSULQFHVD\QXHVWUDYLGDQR
ߚ/¡UJDWHGHDTX5DID/¡UJDWHRWHPDWR KDEDVLGRODYLGDTXHYLYHQORVSURWDJRQLVWDVGHORVFXHQWRVSHURHOODHUDODºQLFD
+DVWD HVH PRPHQWR QR PH KDED SUHJXQWDGR D P PLVPR KDVWD G³QGH HVWDED UD]³QSRUODTXH\RHVWDEDDOO
GLVSXHVWRDOOHJDUHQHOODEHULQWRHQHOTXHPHKDEDPHWLGR6LPHUHFDODSHQDRQR ߚ9HDGHQWURߚOHGLMR/XLVWRUFLHQGRODERFDKDFLDGRQGHHOODHVWDEDVLQGHMDU
TXHPHPHWLHUDQXQDEDODHQHOSHFKR\GLMHUDKDVWDQXQFDSRUXQDTXLPHUDHQODTXH GHPLUDUPHQLGHDSXQWDUPH
V³ORFUHD\R/XLVQRPHTXLWDEDORVRMRVGHHQFLPD\VXPDQRVHJXDILUPH$PL 3HUR/RODQRVHPRYL³
GHUHFKD WUDWDQGR GH SRQHUVH GH SLH &KRFRODWH HVWDED WRVLHQGR 1R WHQD PXFKDV ߚ+HYHQLGRDEXVFDUWHߚOHGLMH
RSFLRQHV$GHFLUYHUGDGFUHRTXHVHPHKDEDQDFDEDGRODVDOWHUQDWLYDV(QHOPHMRU ߚ&RPRDODVSULQFHVDVGHORVFXHQWRV"ߚPHSUHJXQW³
GHORVFDVRVQLVLTXLHUDPHGHMDUDQLUPHGHDOOVLQTXHPHOOHYDUDORPR\HVWDYH] $VHQWFRQODFDEH]D6RQUH
QRLEDDWHQHUODVXHUWHGHOOHYDUPHV³ORXQDFRVWLOODURWDXQRMRPRUDGR\XQDVDUWD ߚ&RPRDODVSULQFHVDVGHORVFXHQWRV
GHSX±HWD]RVHQHOSHFKR 'H OR TXH KLFH HQWRQFHV QR PH GL FXHQWD KDVWD XQ PRPHQWR GHVSX©V $FDE© GH
ߚ'³QGHHVW¡"ߚOHSUHJXQW©RWUDYH]VLQHPEDUJRߚ'³QGHHVW¡/ROD/XLV" GHFLUODIUDVH\/XLVKDEDIUXQFLGRHOFH±RFRPRVLOHVRUSUHQGLHUDDTXHOLQWHUFDPELR
3¡JLQD 3¡JLQD
GH IUDVHV SURSLDV GH GRV DGROHVFHQWHV &UHR TXH DQWHV GH KDFHUOR PLU© D &KRFRODWH
TXHWRGDYDQRHVWDEDHQFRQGLFLRQHVGHVDOWDUVREUHP\HQWRQFHVOHWLU©ODEDUUDD 75(6
/XLV/HGLRHQHOEUD]R\DQWHVGHTXHODSLVWRODVHFD\HVHVHOHGLVSDU³\OXHJRVRQ³
FRPR XQD ODWD DO FDHU FXDQGR VH FODY³ OD EDOD HQ OD SXHUWD 7RGR IXH PX\ U¡SLGR
FRPRIRJRQD]RVHOHPSXM³QTXHOHGLSDUDTXHQRSXGLHUDFRJHUODSLVWRODGHOVXHOR
HO PRGR HQ TXH URGDED SRU HO SDVLOOR FD\HQGR FHUFD GH GRQGH HVWDED /ROD TXH VH
DSDUWDED SDUD TXH QR FKRFDUD FRQ HOOD &RJ HO UHY³OYHU \ /ROD UHFRJL³ OD EDUUD
$SXQW©D&KRFRODWHTXH\DVHKDEDSXHVWRGHSLHHQHOSRUFKH0LU©D/ROD
ߚ7HYLHQHVFRQPLJR"
(OOD VDED TXH QR WHQDPRV WLHPSR SDUD TXH SHQVDUD OD UHVSXHVWD /H WHQG XQD
PDQR\DQWHVGHFRJ©UPHODVHTXHG³XQPRPHQWRPLU¡QGRPHPX\VHULDVLQVRQUHU
FRPR VL VH SUHJXQWDVH VL DTXHOOR HVWDED SDVDQGR GH YHUGDG VX PDULGR WLUDGR HQ HO
VXHOR FRQ HO EUD]R GRORULGR GHGLF¡QGRPH XQD VDUWD GH EODVIHPLDV TXH \D QR
HVFXFKDED\\RWHQGL©QGROHXQDPDQRFRPRKDFHQORVK©URHVFRQODVSULQFHVDVGH
ORVFXHQWRVGLFL©QGROHTXHVHYLQLHUDFRQPLJRORTXHWHQDTXHKDEHUKHFKRPXFKRV
D±RV DQWHV 1R GLMR QDGD /ROD QL VLTXLHUD DVLQWL³ 0H GHGLF³ XQ EUHYH SDUSDGHR
FRPRVLDSHVDUGHWRGRORTXHKDEDSDVDGRRTXL]¡SRUWRGRORTXHKDEDSDVDGROH
FRVWDVH XQ SRFR UHDFFLRQDU /XLV VHJXD HQ HO VXHOR FRPR VL WHPLHUD TXH HOOD OH
DWL]DVHFRQODEDUUDRTXH\RGHMDVHGHDSXQWDUD&KRFRODWHFRQODSLVWRODSDUDEXVFDU
VX FDEH]D FRQ HO FD±³Q 3HQV¡QGROR ELHQ HO DVXQWR SRGUD KDEHU WHQLGR FLHUWD
UHFLSURFLGDG ©O PH DSXQWDED D P \ OXHJR \R OH DSXQWDED D ©O 3HUR GHM©PRQRV GH
MXHJRV YHUEDOHV WRQWRV XQ PRPHQWR GHVSX©V /ROD \D HVWDED HQ HO SRUFKH
HVSHU¡QGRPH1RKDEDWDUGDGRHQVDOLUP¡VGHXQPLQXWRMXVWRHOWLHPSRTXHWDUG³
HQFRJHUXQDEROVD(UDYHUGDGORTXHPHKDEDFRQWDGRORWHQDWRGRSUHYLVWR8QD
EROVDFRQGLQHURSDUDHPSUHQGHUXQDQXHYDYLGD
&XDQGRVDOGHOSDVLOORHOOD\DHVWDEDHQODFDOOH\XQPRPHQWRGHVSX©VORVGRV
GHQWURGHOFRFKHFDPLQRGH/LVERDSRUILQFRQGLHFLRFKRD±RVGHUHWUDVR
3¡JLQD 3¡JLQD
QHOHVFHQDULRFDQWDQGR\EDLODQGR(VODLPDJHQTXHUHFXHUGRKDEHUYLVWRGH ELHQ0RQWDOE¡QQRSDVDQDGDQRWHSUHRFXSHVSRUPOO©YDWHODYHU¡VTX©EXHQDHV
( /ROD OD SULPHUD YH] 1R HV LPSRVLEOH TXH QRV KXEL©UDPRV HQFRQWUDGR DQWHV WRTXHWHORPHUHFHVGHVSX©VGHODSXWDGDTXHWHKLFHTXHWHKLFLPRVORVGRVHOOD\
SHURQRPHGLJRFDGDYH]TXHSLHQVRHQHVRVLDVKXELHUDVLGRORUHFRUGDUD \RSRUTXH/RODWDPEL©QSDUWLFLS³TXHQRVHWHROYLGHDVTXHPDQW©QORVRMRVELHQ
(O *RUGR VH VHQW³ D XQD PHVD SDUD YHU FDQWDU D VX FKLFD \ \R PH TXHG© HQ OD DELHUWRV SHUR EXHQR VRFLR OR GLFKR TXH PH KD DOHJUDGR PXFKR YHUWH GH QXHYR \
EDUUDVLQSHUGHUGHYLVWDDPLMHIH(QORVQXHYHPHVHVTXHWUDEDM©SDUD©OMDP¡VKXER DKRUDWHWRFDDWLHOWXUQRGHGLVIUXWDUGHPLPXMHU(QKRUDEXHQDFDPSH³Q
XQDOWHUFDGRQLQDGLHLQWHQW³KDFHUOHGD±R&RQHOWLHPSROOHJX©DHVWDUFRQYHQFLGR $SHVDUGHODWHQVL³QTXHVHQWDDKRUDDODDOWXUDGHOFXHOOR\ORVKRPEURV\TXH
GHTXHQRWHQDHQHPLJRVRDOPHQRVGHTXHQRWHQDHQHPLJRVSHOLJURVRVSHUROH PH SDOSLWDED HQ ODV VLHQHV FXDQGR OD VDQJUH PH ERPEHDED GHVGH HO FRUD]³Q ߚ
JXVWDEDTXHHVWXYLHVHFHUFD0HVLHQWRP¡VVHJXURPHGHFD<RFUHRTXHOHJXVWDED EXPEºP SDXVD EXPEºP SDXVD EXPEºP ©VH HUD HO ULWPRߚ QR SXGH HYLWDU XQD
WHQHUPHFRQWURODGRDWDUPHFRUWR\SRUHVRQROHLPSRUWDEDTXHHQWUDVHFRQ©OHQORV EUHYH VRQULVD $O SDVDU SRU XQD ]RQD ELHQ DOXPEUDGD FRQ IDURODV DSURYHFK© SDUD
ORFDOHVTXHIUHFXHQWDEDVLPHFRORFDEDDXQDGLVWDQFLDSUXGHQWH\ORGHMDEDDVXDLUH PLUDUD/RODGRUPLGDMXQWRDPHQHODVLHQWRGHOFRSLORWRFRPRVLQRWXYLHUDPLHGR
/RODOOHYDEDXQDEDWDGHFRODXQFKDO\XQDSHLQHWDKDFDVRQDUXQDVFDVWD±XHODV ROHGLHVHLJXDOORTXHSXGLHUDSDVDUQRV
\PRYDHOFXHUSR\ORVEUD]RVFRQJHQLRHOFH±RIUXQFLGRFXDQGRVHFRQFHQWUDEDOD /ROD'LHFLRFKRD±RV\/RODRWUDYH]1RKDEDPRVYXHOWRDKDFHUHODPRUGHVGH
VRQULVDHQORVODELRVSLQWDGRVGHURMRFXDQGRVHUHODMDED TXH HVWXYLPRV HQ HO DVFHQVRU FRPR VL DTXHO KRWHO GH 6DQOºFDU GH %DUUDPHGD IXHUD
(VJDGLWDQDPHKDEDFRQWDGRHO*RUGR+DEO©FRQHOGXH±RGHOORFDOSDUDTXHOD XQRGHHVRVUDVFDFLHORVTXHQXQFDKDEDPRVYLVLWDGRMXQWRV<\RODPLUDEDGRUPLGD
FRQWUDWDUD 7LHQH WDOHQWR $ºQ OH IDOWDQ FRVDV SRU SXOLU SHUR WLHQH DOJR <R WHQJR MXQWRDPHQHOFRFKH\DFHUTX©ODPDQRDVXDVLHQWRDFDULFL©HOGRUVRGHODVX\D
ROIDWRSDUDHOWDOHQWRFRQFOX\³PLU¡QGRPHVLQGLVLPXODUVXLQWHQFL³Q FRQXQGHGRFRQVXDYLGDGVLQDSHQDVWRFDUODFRQOD\HPDGHOPH±LTXH0HKXELHUD
6R\ GH &¡GL] PH OODPR /ROD PH GLMR HOOD FXDQGR HO *RUGR PH OD SUHVHQW³ JXVWDGRDJDUUDUOHODPDQRFRQIXHU]D\TXHHOODUHVSRQGLHUDDSUHWDQGRODPDPHGLR
GHVSX©V GH KDEHUVH FDPELDGR GH URSD HQ HO FDPHULQR /XHJR PL MHIH OD FRJL³ GHO GRUPLGDTXHDEULHUDORVRMRVXQSRFRFRPRDWXUGLGDVLQGHVSHUWDUGHOWRGRWRGDYD
EUD]RVDOLPRVGHOORFDO\IXLPRVDEXVFDUHOFRFKH(VWXYLPRVHQGRVRWUHVVLWLRV TXHKXELHUDVRQUHGRHQODRVFXULGDG\TXHWDOYH]VHKXELHUDHVWLUDGRHQHODVLHQWR
(VWDYH]QRHQWU©HQQLQJXQR0HTXHG©HQHOFRFKH(UDODSULPHUDYH]GHVGHTXHOR SDUD GDUPH XQ EHVR 3HUR /ROD QR HUD DV ,JXDO TXH ORV DPDQWHV GHVSHFKDGRV TXH
DFRPSD±DEDTXHHO*RUGRQRPHLQYLWDEDDHQWUDU SLHQVDQ TXH QXQFD YROYHU¡Q D HQDPRUDUVH /ROD HVFDWLPDED ORV EHVRV \ ODV FDULFLDV
VDOYR HQ ORV SRFRV PRPHQWRV GH LQWLPLGDG FDUQDO GH ORV TXH KDEDPRV GLVIUXWDGR
GHVGHTXHKLFLPRVHODPRUSRUSULPHUDYH]FXDQGRHO*RUGRODPDQWHQDFXDQGRQRV
(UDGHPDGUXJDGD$FDE¡EDPRVGHGHMDU6HYLOODDWU¡V\FDOFXO©TXHIDOWDEDSRFRP¡V PDQWHQDDORVGRVDORVWUHV(OUHVWRGHOWLHPSR/RODVHJXDVLHQGRWDQIUDFRPR\R
GH XQD KRUD SDUD OOHJDU D 3RUWXJDO (Q RWUDV FLUFXQVWDQFLDV GH QR KDEHU HVWDGR WDQ OD UHFRUGDED FXDQGR PH HQDPRU© GH HOOD SRU SULPHUD YH] 5XPLDED HVR DKRUD
SUHRFXSDGRKDEUDVRQUHGRDOSHQVDUHQXQDIURQWHUD/DºOWLPDߚ\ODºQLFDߚYH] UHWLUDQGR PL PDQR GH OD GH HOOD SDUD VXMHWDU HO YRODQWH DO DGHODQWDU D XQ FDPL³Q
TXH\RKDEDHVWDGRHQ3RUWXJDOGLHFLRFKRD±RVDWU¡VHVSHUDQGRDODPXMHUTXHDKRUD 3HQVDEDTXHKDEDHVWDGRORFRSRU/RODGLHFLRFKRD±RVDWU¡V\TXHDKRUD PHKDED
YLDMDED FRQPLJR \ TXH QR OOHJDUD D SUHVHQWDUVH QXQFD DºQ KDED IURQWHUD WDPEL©Q HQDPRUDGR RWUD YH] WDO YH] QR GHO PLVPR PRGR SRUTXH FRQ ORV D±RV XQR QR VH
HUD GH QRFKH \ XQ SROLFD VRPQROLHQWR FRPSURE³ TXH PL URVWUR GH IUDFDVDGR VH HQDPRUDGHODPLVPDIRUPDTXHFXDQGRVHHVP¡VMRYHQ\P¡VLQJHQXRߚDXQTXHVH
FRUUHVSRQGD FRQ HO GHO SDVDSRUWH $KRUD WDPEL©Q FRQGXFD XQ FRFKH OOHYDED XQD SRGD VHU \ \R PH YHD DV PHQRV MRYHQ SHUR LJXDO GH LQJHQXRߚ SHUR PH KDED
SLVWRODHQHOPDOHWHUR\ODPXMHUTXHFXDQGRHUDMRYHQPHKDEDGHMDGRHQODHVWDFDGD HQDPRUDGRRWUDYH]RTXL]¡PHSUHJXQWDEDDOYRODQWHYLDMDQGRKDFLD/LVERDFRQHO
YLDMDEDFRQPLJRGRUPLGDRSDUHFDHVWDUORߚDSHVDUGHODIDOWDGHOXFLGH]TXHPH FH±RIUXQFLGRFRQODOXFLGH]SURSLDGHTXLHQKDHPSUHQGLGRXQFDPLQRVLQUHWRUQR
DIHFWDEDFXDQGRGH/RODVHWUDWDEDKDEDDSUHQGLGRFRQORVD±RVDQRGDUQDGDSRU TXH D SHVDU GH F³PR PH KDEDQ URGDGR ODV FRVDV GH ODV SHOHDV FODQGHVWLQDV GH OD
VHQWDGRߚODPXMHUGHRWURTXHXQDYH]IXHPD\TXHDKRUDRMDO¡YROYHUDDVHUOR YLGDWDQGXUDTXHKDEDVRSRUWDGRPXFKDVYHFHVSHURKDEDVDOLGRDGHODQWHDSHVDU
/ROD'LHFLRFKRD±RVGHVSX©V\PHGLULJDD/LVERDFRQHOOD(UDFRPRFRPSOHWDU GHWRGRDSHVDULQFOXVRGH3DXODGHTXLHQWDPEL©QHVWXYHHQDPRUDGRRDOPHQRV\R
XQFUFXORDFDEDUXQWUDEDMRTXHKDEDGHMDGRDPHGLRWHUPLQDUOOHJDUDOSXQWR©VH TXLVHFUHHUTXHORHVWDEDGHQWURGHPHQHVHSR]RRVFXURGHGRQGHPHEURWDQORV
GRQGH PL YLGD KDED WRPDGR HO GHVYR HTXLYRFDGR \ DXQTXH GHED HVWDU VDWLVIHFKR UHFXHUGRVHQDOJºQOXJDUUHF³QGLWRTXHKDEDSUHIHULGRQRIUHFXHQWDUHQORVºOWLPRV
SRU HOOR VDED TXH QR ODV WHQD WRGDV FRQPLJR SRUTXH DWU¡V KDED GHMDGR XQ FDER GLHFLRFKRD±RVORTXHKDEDVHQWLGRSRU/RODORTXHVHQWDWRGDYDORTXHVHQWLUD
VXHOWR \ VDED TXH /XLV FRPR \R QR HV GH ORV TXH VH ULQGHQ R VH DPLODQDQ D ODV VLHPSUH PH WHPD HVWDED DK DJD]DSDGR FRPR XQ YLUXV TXH LQFXED GHQWUR GHO
SULPHUDVGHFDPELR/XLVQR/XLVLUDHQQXHVWUDEXVFDSRUTXHDOFDERORVºOWLPRV FXHUSR GH XQ HQIHUPR SHUR ©O WRGDYD QR OR VDEH DJXDUGDQGR XQ PRPHQWR GH
GLHFLRFKRD±RVORVKDEDSDVDGRHQFRPSD±DGH/ROD\QRLEDDFRQIRUPDUVHPX\ GHELOLGDGSDUDDWDFDUVXVGHIHQVDV
3¡JLQD 3¡JLQD
<DQRYROYDLQWHQWDUDFDULFLDUVXPDQR3RFRP¡VGHXQDKRUDGHVSX©VGHKDEHU TXHGHVSX©V\WDOYH]HQWRQFHVWRGRDFDEDUDSRUILQ0LHQWUDVWDQWRHVWR\FRQ/ROD
GHMDGR DWU¡V 6HYLOOD OOHJDPRV D $\DPRQWH &LQFR PLQXWRV P¡V WDUGH HVW¡EDPRV HQ PHGLMHSDUDDQLPDUPHFRQ/RODFDPLQRGH/LVERDWDOYH]GHPDVLDGRWDUGHSHURHO
3RUWXJDO'XUDQWHWRGRHOFDPLQRHVWXYHPLUDQGRGHYH]HQFXDQGRSRUHOUHWURYLVRU FDVRHVTXHHVWDPRVMXQWRVDXQTXHV³ORVHDSRUXQRVGDV
DWHQWRDODVOXFHVGHORVFRFKHVTXHVHDFHUFDEDQ&XDOTXLHUDGHHOORVSRGDVHU/XLV 1RODGHVSHUW©KDVWDTXHKXEHDSDUFDGRHOFRFKHHQODSDUWHGHDWU¡VGHXQKRWHO
TXHYHQDDUHFODPDUORVX\RDYHQJDUVHLJXDOTXH\RGHDOJºQPRGRKDEDKHFKR HQ)DUR(UDQODVWUHV\YHLQWHGHODPDGUXJDGDHQHO3XHUWRGH6DQWD0DUD/DVGRV
XQUDWRDQWHV3HURKDEDXQDSHTXH±DGLIHUHQFLDHQPLFRQWUD\RKDEDHVSHUDGRFDVL \YHLQWHHQ3RUWXJDO(VWXYHPLU¡QGRODXQRVPLQXWRVDQWHVGHGHVSHUWDUOD'RUPLGD
YHLQWH D±RV \ PL ºQLFR SUHPLR KDED VLGR OOHYDUPH D /ROD /XLV QR HVSHUDUD WDQWR UHVSLUDQGRFRQVXDYLGDGORVODELRVOLJHUDPHQWHDSUHWDGRVSDUHFDXQDQL±DODQL±D
SDUDGDUPHPLPHUHFLGRRSDUDLQWHQWDUUHFXSHUDUDVXPXMHU<ORSHRUHUDTXH/XLV TXH QXQFD OOHJX© D FRQRFHU /H DFDULFL© OD PHMLOOD FRQ HO GRUVR GH PL PDQR VLQ
VREUHWRGRDKRUDQRGHVSHUGLFLDUDODRSRUWXQLGDGGHPHWHUPHXQDEDODHQWUHFHMD\ DSHQDVUR]DUOD%DMRPLSLHO¡VSHUD\GRORULGDVHQWVXPHMLOODWDQVXDYHTXHVHPH
FHMD HUL]³ HO YHOOR GHO DQWHEUD]R 0H DOHJU© GH TXH HOOD QR VH KXELHUD GHVSHUWDGR \ PH
9ROYDPLUDUD/RODSRFRGHVSX©VGHKDEHUGHMDGR(VSD±DDWU¡V6HJXDGRUPLGD GHVFXEULHVH DV PLU¡QGROD FRQ FDUD GH WRQWR 7UDJX© VDOLYD /H SDV© OD \HPD GHO
6HKDEDTXLWDGRORV]DSDWRV\VHKDEDKHFKRXQRYLOORHQHODVLHQWR$KRUDDJDUUDED QGLFHSRUODVFHMDVVLQDSHQDVWRFDUODVFRPRVLODVGLEXMDVHHQURVTX©XQUL]RGHVX
HO FLQWXU³Q GH VHJXULGDG FRQ ODV GRV PDQRV \ GHVFDQVDED OD FDEH]D VREUH ©VWDV 'H PHOHQD RVFXUD HQ PL GHGR YROY D WUDJDU VDOLYD (OOD HQWUHDEUL³ ORV RMRV DWXUGLGD
QXHYR KXEH GH UHVLVWLUPH DO LPSXOVR GH DFDULFLDUOD GH VXVXUUDUOH DOJR DO RGR SDUD FRPRVLQRVXSLHUDPX\ELHQG³QGHVHHQFRQWUDEDROHFRVWDVHUHJUHVDUGHXQVXH±R
GHVSHUWDUODSDUDTXHPHGLHUDXQEHVRSDUDTXHPHKLFLHUDFRPSD±D&RQGLHFLRFKR SURIXQGR$PPHKXELHUDJXVWDGRSHQVDUTXHKDEDVR±DGRFRQPLJR\TXHHQHVH
D±RVGHUHWUDVRKDEDPRVDWUDYHVDGRODIURQWHUDORVGRVMXQWRVFRPRORVEDQGLGRVGH VXH±R ORV GRV HPSUHQGDPRV XQD QXHYD YLGD MXQWRV \ TXH \D QR QRV VHSDUDUDPRV
ODVSHOFXODVGHO2HVWHTXHFUX]DEDQHO5R*UDQGHKDFD0©[LFRKDFLDODOLEHUWDG &RPRVLHVRIXHUDSRVLEOH/RODSDUSDGH³\VHPHTXHG³PLUDQGRDQWHVGHVRQUHU
SHUR QR PH DWUHY D FRJHUOH OD PDQR RWUD YH] SRU WHPRU D GDUPH GH EUXFHV FRQ HO HQWUHOD]³VXVPDQRVGHWU¡VGHPLQXFDPHDWUDMRKDFLDHOOD\PHGLRXQEHVRHQORV
UHFKD]RRODIULDOGDGGHHOOD\GHWRGRORTXHSDV³DTXHOODQRFKHGHORTXHVHQWDDO ODELRVXQEHVRODUJR$JXDQW©HODLUHHQORVSXOPRQHV\YROYDWUDJDUVDOLYD(VSRU
HVWDUSRUILQFDPLQRGH/LVERDFRQ/RODORP¡VWULVWHHUDSHQVDUPLHQWUDVFRQGXFD HVWDVFRVDVPHKHGLFKRP¡VGHXQDYH]DORODUJRGHWRGRVHVWRVD±RVTXHKHHVWDGR
FRQHOJHVWRJUDYHMXQWRDXQDPXMHUGHODTXHVLHPSUHHVWXYHHQDPRUDGRTXHWDOYH] WDQVRORPLUDQGRHOIRQGRGHXQYDVRFRPRVLODUHVSXHVWDHVWXYLHVHDOOSRUODVTXH
/RODQXQFDKDEDTXHULGRDQDGLH7DOYH]SRUHVRPHVHQWWDQVRORHQWRQFHVMXVWR PHUHFHODSHQDVHJXLUHQHVWHSX±HWHURPXQGR
KDFH GRV QRFKHV (VWDED FRQ HOOD OR TXH P¡V KDED GHVHDGR GXUDQWH HVWRV D±RV
DXQTXHQXQFDIXLFDSD]GHUHFRQRFHUORSHURPLHQWUDVFRQGXFDKDFLD/LVERDKDFLDHO
ILQDOGHOYLDMHPHVHQWDWDQVRORFRPRQRPHKDEDVHQWLGRHQPXFKRVD±RVFRPR +DELWDFL³Q GREOH &DPD GH PDWULPRQLR &RPR GRV DPDQWHV )XH /ROD OD TXH VH OR
HVH FDFKRUUR GH KRPEUH TXH DGRSWDURQ ORV ORERV PXHUWR GH IUR HQ FXFOLOODV VREUH GLMR DO UHFHSFLRQLVWD \ DO KDFHUOR DSUHW³ PL PDQR (Q OD SDUHG MXVWR GHWU¡V GH ©O
XQDURFDKHODGDPLHQWUDVODPDQDGDGHFLGHVXIXWXUR KDEDXQFXDGURGH0DQKDWWDQGHQRFKHFRQODV7RUUHV*HPHODVHQSULPHUSODQR<D
< ©UDPRV XQRV IXJLWLYRV 0LUDED GH FXDQGR HQ FXDQGR SRU HO HVSHMR UHWURYLVRU QR H[LVWDQ \ DO UHFRUGDUOR PH DIHFW³ XQD VHQVDFL³Q TXH QR HVWR\ VHJXUR GH VDEHU
EXVFDQGRXQDOX]VRVSHFKRVDTXHVHDFHUFDRTXHVHGHPRUDP¡VGHORQHFHVDULRRVH H[SOLFDUODV7RUUHV*HPHODVKDEDQGHVDSDUHFLGR\DTXHOPRPHQWRHQODPDGUXJDGD
WH SHJD SHOLJURVDPHQWH SRU GHWU¡V FRPR VL WH TXLVLHUD HPEHVWLU HO SLH HQ HO GHO$OJDUYHODSULPHUDQRFKHTXHLEDDSDVDUMXQWRD/RODGHVSX©VGHGLHFLRFKRD±RV
DFHOHUDGRU HFKDQGR XQ YLVWD]R FRQ SUHRFXSDFL³Q DO PDUFDGRU GHO GHS³VLWR GH DSUHW©WDPEL©QFRQIXHU]DODPDQRGHHOODEDMRHOPRVWUDGRUVLQTXHHOUHFHSFLRQLVWD
FRPEXVWLEOH FDOFXODQGR FX¡QWD JDVROLQD TXHGD SRUTXH DQWHV R GHVSX©V KDEUD TXH SXGLHUDYHUQRV0HKXELHUDJXVWDGRSHQVDUTXHQXHVWUDVPDQRVVHHQWUHOD]DEDQSDUD
SDUDU D UHSRVWDU \ VDED TXH DTX©O VHUD XQ PRPHQWR SHOLJURVR XQD JDVROLQHUD FHOHEUDUQXHVWURDPRUUHHQFRQWUDGRSHURQRDSHVDUGHVHUXQURP¡QWLFRLGHDOLVWDߚ
DSDUWDGDGHQRFKHSRGDVHUXQOXJDUWDQEXHQRFRPRFXDOTXLHURWURSDUDTXH/XLVR DXQTXHPHFXHVWHUHFRQRFHUORߚQRVR\WDQLQJHQXR\DQRFRPRSDUDSHQVDUTXHORV
&KRFRODWHPHURPSLHVHQODVSLHUQDVRHOFXHOORRODVGRVFRVDVTXHPHSHJDUDQXQ GHVHRVVLHPSUHVHFXPSOHQ\DTXHOS³VWHUFRQORVUDVFDFLHORVGH1XHYD<RUNTXHVH
WLURHQODQXFDRPHUDMDVHQODJDUJDQWDGHRUHMDDRUHMD\PHWLHUDQPLFXHUSRHQHO GHUUXPEDURQHO2QFHGH6HSWLHPEUHQRHUDP¡VTXHXQDPXHVWUDGHPLYLGDGHPL
PDOHWHURRPHDUURMDVHQDXQDFXQHWD SDVDGRGHPLSUHVHQWH\ORTXHP¡VPHGRODSHQVDUGHPLIXWXUR7RGDYDDSUHW©OD
$O PHQRV GHVSX©V GH SDVDU $\DPRQWH PH DIHFWDED FLHUWD VHQVDFL³Q GH IDOVD PDQR GH /ROD XQ SRFR P¡V FRQYHQFLGR GH TXH HOOD DXQTXH WDPEL©Q VLOHQFLDVH VXV
VHJXULGDG FRPR VL KDEHU DWUDYHVDGR OD OQHD LQH[LVWHQWH TXH VHSDUDED (VSD±D GH SHQVDPLHQWRVSDUWLFLSDEDGHODPLVPDRSLQL³QTXH\R
3RUWXJDOPHSURSRUFLRQDVHXQDWUDQTXLOLGDGPRPHQW¡QHDTXHPHIDOWDEDDORWURODGR $QWHV GH VXELU D OD KDELWDFL³Q PH DVRP© D OD FDOOH 1R KDED QDGD VRVSHFKRVR
'XUDQWHXQUDWRQRKXERP¡VOXFHVHQHOUHWURYLVRU3HUR/XLVYHQGUDYHQGUDDQWHV 1LQJºQFRFKHQLQJXQDOX]QLQJºQVLFDULRGH/XLV$ºQQR1RPHYROYKDFLD/ROD
3¡JLQD 3¡JLQD
WRGDYDTXHPHHVSHUDEDHQHOYHVWEXOR3URFXU©GLVLPXODUXQDVRQULVDRDOPHQRV EDMDEDQ\VHGLULJDQDODUHFHSFL³QTXL]¡FRQFDUDGHSRFRVDPLJRV\VHJXURTXHFRQ
XQ JHVWR GH IDOVD WUDQTXLOLGDG TXH HUD LQQHFHVDULR H LQºWLO DGHP¡V FRQ HOOD /ROD XQDSLVWRODEDMRODFDPLVDKROJDGD7UDJDEDVDOLYD\YROYDDFRQWHQHUODUHVSLUDFL³Q
VDED PX\ ELHQ HO ULHVJR TXH HVW¡EDPRV FRUULHQGR OR VDED PHMRU DºQ TXH \R < DWHQWR HVWD YH] D ORV VRQLGRV GHO SDVLOOR 0LUDED GH UHRMR SDUD DGYHUWLU IRUPDV
WDPEL©QVRQUHDGHPHQWLUDFRPRORKDFHQORVDPDQWHVDGºOWHURVFXDQGRHQIUHQWDQ FRQIXVDVHQODRVFXULGDGGHODKDELWDFL³Q(OHVSHMR\ODF³PRGDIUHQWHDODFDPDOD
ORV RMRV GH VX SDUHMD GHVSX©V GH KDEHUOD HQJD±DGR FRPR ODV PDGUHV D ORV QL±RV G©ELOOX]DPDULOOHQWDTXHHQWUDEDGHVGHODFDOOHSRUODYHQWDQDHOFXDUWRGHED±ROD
FXDQGRVDEHQTXHYDQDVXIULUSHUROHVGLFHQTXHQROHVYDDGROHU3RUTXHDOFDER\R VLOOD FRQ OD TXH KDED DWUDQFDGR OD SXHUWD +DFD HVWDV FRVDV \ OXHJR PH SDOSDED OD
QR HUD P¡V TXH XQ QL±R SHUGLGR OR TXH VRPRV WRGRV ORV KRPEUHV TXH QR VDEHPRV SLVWRODHQHOEROVLOORGHOSDQWDO³Q1RPHKDEDTXLWDGRODURSDSDUDDFRVWDUPHV³OR
G³QGHQRVHQFRQWUDPRVRSHRUDºQORVTXHWDPSRFRVDEHPRVKDFLDG³QGHYDPRV ORV]DSDWRVSRUVLWHQDTXHOHYDQWDUPHDWRGDSULVD/DSLVWRODGH/XLV\DQRHVWDED
WDQIUDFRPRDQWHVFXDQGRPHWXPE©VLQRTXHKDEDUREDGRHOFDORUGHPLFXHUSR
SDUDFRQYHUWLUVHHQSDUWHGHP1RPHJXVWDOOHYDUDUPDVSHURHOFDORUGHODSLVWROD
&XDQGRWRGRHVW¡SHUGLGRQRTXHGDRWUDTXHWLUDUSRUODFDOOHGHHQPHGLR$TXHOOD SHJDGDDPLSLHUQDPHWUDQTXLOL]DEDLJXDOTXHFXDQGRVHQWDODQDYDMDHQHOFRVWDGR\
QRFKHWXPEDGRHQODFDPDGHOKRWHOGH)DUR\R\DVDEDTXHORKDEDSHUGLGRWRGR OD QRWDED WDPEL©Q FDOLHQWH FRPR VL WDPEL©Q IRUPDVH SDUWH GH P PLVPR +DFD
HVP¡VFRQODOXFLGH]GHOLQVRPQLRGHOTXHQRKDEDORJUDGRGHVSRMDUPHGHVGHTXH PXFKR TXH QR OOHYDED SLVWROD \ KDFD PXFKR P¡V TXH QR GLVSDUDED 3HUR WDPEL©Q
DEDQGRQ© 0DGULG FXDWUR GDV DQWHV TXH VH WUDGXFD HQ OHQWDV YROXWDV GH KXPR TXH KDFDPXFKRPHGLMHXQLQVWDQWHDQWHVGHUHQGLUPHDXQEUHYHUDWRGHVXH±RTXHQR
VXEDQKDVWDSHUGHUVHHQHOWHFKRPLHQWUDV/RODGRUPDFRQODFDUDUHFRVWDGDHQPL VHQWDWDQFHUFDHOSHOLJURGHSHUGHUODYLGD
SHFKR HO H[ DVSLUDQWH D OH\HQGD GHO ER[HR VH FRQVRODED SHQVDQGR HQWUH FDODGD \
FDODGDDOFLJDUULOORTXHPX\SRFRSXHGHSHUGHUTXLHQQXQFDKDWHQLGRQDGD\TXHDO
FDER ©O SRU QR WHQHU QL VLTXLHUD WHQD G³QGH FDHUVH PXHUWR TXH 3DXOD IXH XQ (VFXFK© ODV JDYLRWDV DO GHVSHUWDU R SHQV© PHGLR GRUPLGR WRGDYD VL QR HVWDED \D
DFFLGHQWH HQ VX YLGD XQ DFFLGHQWH IHOL] VREUH WRGR DO SULQFLSLR SHUR V³OR HVR XQ GHVSLHUWR FXDQGR ORV SULPHURV UD\RV GHO DPDQHFHU HQWUDURQ SRU OD YHQWDQD SHUR QR
DFFLGHQWH\TXHHVWDUDVWXPEDGRHQODFDPDFRQ/RODGHVYHODGRVRUELHQGROHQWDV DFDE©GHGDUPHFXHQWDGHTXH\DHVWDEDLQVWDODGRHQODYLJLOLDKDVWDTXHHVFXFK©ODV
FDODGDV GH XQ FLJDUULOOR TXH SHQVDED DSXUDU KDVWD OD ERTXLOOD QR HUD P¡V TXH XQD JDYLRWDV$ºQWDUGDURQXQRVPLQXWRVPLFXHUSR\PLFDEH]DHQDFRSODUVHGHOWRGR\
WUHJXDH[WUD±DTXHOHKDEDGDGRODYLGDFRPRHOFDUDPHORTXHXQQL±RߚHOQL±RTXH WRP©FRQFLHQFLDGHTXHHVWDEDHQXQKRWHOGH)DURKX\HQGRGHQXHYRMXQWRD/ROD
VR\HVHQL±RTXHDOFDERVRPRVWRGRVORVKRPEUHVFXDQGRKHPRVSHUGLGRODFDEH]D TXH VHJXD GRUPLGD D PL ODGR (VFXFKDED VX UHVSLUDFL³Q OHQWD XQLIRUPH 7DQ
SRUXQDPXMHUߚHQFXHQWUDSRUFDVXDOLGDG\OHTXLWDHOHQYROWRULR\WDOYH]ORSUXHED UHODMDGD SDUHFD TXH SHQV© SRU XQ LQVWDQWH TXH WDO YH] HOOD QR HUD FRQVFLHQWH GHO
DQWHVGHTXHVHORDUUHEDWHDOJXLHQ\TXHVXGHVWLQRRFRPRTXLHUDTXHVHOODPHHVH SHOLJUR TXH FRUUD VX YLGD /DV YLGDV GH ORV GRV 2 QR TXHUD GDUVH FXHQWD GH HOOR
OLEUR GRQGH HVW¡ HVFULWR HO IXWXUR GH FDGD XQR QR HV RWUR TXH HVWDU VROR $SUHW© HO FRPRTXLHQVHLQVWDODHQVXUXWLQDRVHHVIXHU]DHQVRVOD\DUORVPDORVSHQVDPLHQWRV
URVWURGH/RODFRQWUDPLSHFKRFRQVXDYLGDG(OODUHVSRQGL³FRQXQOHYHJHPLGR\ FRQODFUHHQFLDHVWºSLGDGHTXHWRGRVHJXLU¡LJXDOGHTXHQDGDPDORVXFHGHU¡VLXQR
PHSDV³XQEUD]RDOUHGHGRUGHODFLQWXUDVLQGHVSHUWDUVH/HDUUHEDW©ODºOWLPDFDODGD VH FL±H D ORV SHTXH±RV TXHKDFHUHV FRWLGLDQRV OHYDQWDUVH D OD PLVPD KRUD WRGRV ORV
DOFLJDUULOOR\VRQUHHUDODSULPHUDYH]HQGLHFLRFKRD±RVTXHSDV¡EDPRVXQDQRFKH GDV GHVD\XQDU HQ HO PLVPR EDU GRUPLU WUDQTXLODPHQWH VLQ SUHRFXSDUVH GH TXH XQ
MXQWRV\QLVLTXLHUDKDEDPRVKHFKRHODPRU PDULGRGHVSHFKDGRYHQJDDSHGLUTXHOHULQGDQFXHQWDV6LQYROYHUODFDUDWRGDYD
FRQORVRMRVFHUUDGRVHVWLU©HOEUD]RSDUDUR]DUVXVFDGHUDVODSLHOGHODVQDOJDVTXH
KDEDGHMDGRDOGHVFXELHUWRODOQHDGHVXVEUDJDVGLPLQXWDV6RQUHVLQTXHUHUDºQ
1RIDOWDEDPXFKRSDUDTXHDPDQHFLHUDSHURGHVGHODFDOOHOOHJDEDHOUXPRUOHMDQRGH DEULU ORV RMRV VLQ DFRUGDUPH GHO EXOWR PHW¡OLFR GH OD SLVWROD HQ HO EROVLOOR GHO
XQ EDU 'HEDQ GH VHU ORV ºOWLPRV UH]DJDGRV GH XQD QRFKH GH MXHUJD 3HUR \R QR SDQWDO³Q6RQUHFRPRVLHOWLHPSRQRKXELHUDSDVDGR\VRQUHWDPEL©QFRPRVLODV
HVWDEDDWHQWRDODVYRFHVGHODJHQWHTXHDSXUDEDODVºOWLPDVKRUDVGHODQRFKH\TXH FRVDVKXELHUDQVXFHGLGRGHRWUDIRUPDGLHFLRFKRD±RVDWU¡VFRPRVLMDP¡VKXELHUD
WDO YH] VH FRQIXQGLUDQ FRQ ODV GH TXLHQHV PDGUXJDEDQ SDUD GHVD\XQDU SDUD KDFHU HVWDGRWUHVGDVVRORHQ/LVERDHVSHUDQGRD/RODD/RODTXHQXQFDOOHJDUDD/ROD
GHSRUWH R SDUD LU D OD SOD\D $JX]DED HO RGR FRQWHQD OD UHVSLUDFL³Q \ WHQVDED ORV TXH PH KDED DEDQGRQDGR HQ HO ºOWLPR PRPHQWR SRU /XLV R TXH WDO YH] OR WHQD
PºVFXORV FRQ FXLGDGR SDUD QR GHVSHUWDU D /ROD \ VREUH WRGR SDUD TXH HOOD QR VH SODQHDGRDQWHV6RQUHFRPRVLHOWLHPSRKXELHUDGDGRXQJLUREUXVFRKDFLDDWU¡V
VHSDUDVH GH P ߚPH JXVWDED HVWDU DV DEUD]DGR GH QXHYR D XQD PXMHU GH OD TXH MXVWRWUHVOXVWURV\WUHVD±RVDQWHVGHDKRUDFRPRVLHOSDVDGRVHSXGLHVHFDPELDU\DO
HVWDEDHQDPRUDGRߚFXDQGRHVFXFKDEDHOPRWRUGHXQFRFKHHQHODSDUFDPLHQWRGHO KDFHUORWDPEL©QVHWUDQVIRUPDVHHOSUHVHQWH\ORVHUURUHVVHSXGLHUDQUHSDUDU
KRWHOVLOXHJRVHGHWHQDFX¡QWDVSXHUWDVVHFHUUDEDQFDOFXODQGRFX¡QWDVSHUVRQDVVH
3¡JLQD 3¡JLQD
9ROYDHVFXFKDUODVJDYLRWDVTXHVREUHYRODEDQODRULOODEXVFDQGRHOGHVD\XQR\ FXDUWR GH ED±R KDED OOHJDGR XQ DXWREºV TXH PH KDED VREUHVDOWDGR DO HVFXFKDU HO
PH YL D P PLVPR PLUDQGR OD GHVHPERFDGXUD GHO 7DMR GLHFLRFKRD±RV P¡V MRYHQ UXLGRIXHUWHFRPRGHIXHOOHJDVWDGRRGHEDO³QTXHVHGHVLQIODTXHKDEDQKHFKRVXV
HVSHUDQGR XQD TXLPHUD 3RFR D SRFR IXL GHVSHUW¡QGRPH GHO WRGR D PHGLGD TXH SXHUWDVDODEULU8QDFRODGHWXULVWDVHVSHUDEDSDFLHQWHHQODHQWUDGDGHOKRWHO6LORV
HVFXFKDED ORV JUD]QLGRV GH ORV S¡MDURV P¡V FHUFD TXL]¡ SRUTXH HUD \R HO TXH DO KXELHUD PLUDGR FRQ DWHQFL³Q WDO YH] KDEUD DFDEDGR GHGXFLHQGR TXH VH WUDWDED GH
GHVSHUWDUVHORVHVFXFKDEDFRQP¡VLQWHQVLGDG6HPHRFXUUL³TXHODVJDYLRWDVGH)DUR MXELODGRV FHQWURHXURSHRV TXH VXEDQ DO DXWREºV FRQ GLOLJHQFLD WHXW³QLFD SDUD LU GH
DQXQFLDEDQHOILQDOGHOYLDMHODºOWLPDSDUWHGHODKLVWRULD0HGLMHTXHKDVWDTXHQR H[FXUVL³Q SHUR \R HVWDED SHQGLHQWH GH RWUD FRVD GH RWUDV PXFKDV FRVDV XQ FRFKH
HVFXFK© HVRV S¡MDURV QR PH GL FXHQWD GHO WRGR ߚR QR TXLVH UHFRQRFHU SRUTXH HUD TXHOOHJDVHRTXHHVWXYLHVHPDODSDUFDGRWDOYH]FRQHOPRWRUHQPDUFKDGLVSXHVWRD
LPSRVLEOHTXHQRPHKXELHUDGDGRFXHQWDDQWHVߚGHTXHUHJUHVDEDDOPLVPRSXQWR ODUJDUVHDWRGDYHORFLGDGVLQTXHDQDGLHOHGLHVHWLHPSRDLGHQWLILFDUDOFRQGXFWRUR
PXFKRVD±RVGHVSX©VTXHWDPEL©QKDEDYLVWRJDYLRWDVHQWRQFHVFXDQGRDFDE©SRU DPHPRUL]DUHOQºPHURGHODPDWUFXODGHVSX©VGHKDEHUDFDEDGRFRQPLYLGDFRQOD
UHQGLUPHDODHYLGHQFLD\DGPLWLUTXHHOODQXQFDOOHJDUDTXHPHKDEDWUDLFLRQDGR GHORVGRVTXL]¡
TXHPLYLGDLEDDVHUXQGHVDVWUHGHQXHYRTXHDTXHOODYH]TXHHVWXYHHQ/LVERD 3HURQRKDEDQDGDVRVSHFKRVRHQHODSDUFDPLHQWR6ROW©ODFRUWLQD\DFHUTX©OD
FXDQGR HVWDED VROR ODV JDYLRWDV PH SDUHFDQ FXHUYRV TXH HVSHUDEDQ D TXH PH WHODGXUDDODYHQWDQDFRPRVLSUHWHQGLHVHTXHVHTXHGDUDSHJDGDRPHDYHUJRQ]DVH
GHUUXPEDVHSDUDODQ]DUVHVREUHPLFDG¡YHU\SLFRWHDUORVLQUHSDURVLJXDOTXHSLHQVR GHWHQHUPLHGRDQWHVGHSHQVDUTXHHVWDEDVDFDQGRODVFRVDVGHTXLFLRTXHQRHUDWDQ
DKRUD PLVPR PLHQWUDV HVSHUR TXH /XLV YHQJD SDUD ]DQMDU HVWH DVXQWR SRU ILQ $ OR I¡FLOTXH/XLVKXELHUDSRGLGRVHJXLUQRVKDVWDDOODOPHQRVQRWDQU¡SLGRQRHQWDQ
PHMRU \D VXSH HVD PD±DQD GH DOJºQ PRGR DQWHV GH OHYDQWDUPH TXH DO ILQDO GH OD SRFDVKRUDV
KLVWRULDYROYHUDDVHQWLUPHVRORRWUDYH]DTXYLHQGRHO7DMRLQPHQVRGHUUDPDUVH 3HURQRSRGDHVWDUVHJXUR1RTXHUDFRUUHUULHVJRV
HQHORF©DQR 6LQGHFLUQDGDPHDFHUTX©DODSXHUWDGHOFXDUWRGHED±R\HVFXFK©HOUXLGRGHOD
(QURVTX©XQUL]RRVFXURGHODPHOHQDGH/RODHQPLVGHGRVVXVXUU©VXQRPEUHXQ GXFKD /H GLMH D /ROD TXH YROYHUD HQVHJXLGD TXH QR OH DEULHVH OD SXHUWD D QDGLH
SDU GH YHFHV \ EHV© VX KRPEUR SDUD GHVSHUWDUOD (OOD VH GLR OD YXHOWD HQ OD FDPD \ 'HVGHHORWURODGRHOODPHFRQWHVW³TXHQRPHSUHRFXSDVHSHURGLGRVYXHOWDVDOD
VRQUL³VLQDEULUORVRMRVGHOWRGR/RODYROYDVXVXUUDU OODYHDOFHUUDUODSXHUWDGHODKDELWDFL³Q\DQWHVGHKDFHUORPLU©DXQODGR\DRWURGHO
/ROD6HDEUD]³DPFRQHVDVXDYLGDGTXHWLHQHQTXLHQHVQRKDQWHUPLQDGRGH SDVLOOR FXDQGR DOJXLHQ TXLHUH KDFHUWH GD±R SXHGH VHU LQRSLQDGDPHQWH U¡SLGR HVWDU
GHVSHUWDUVH%HV³PLVODELRVGHVSDFLR4X©VXVXUU³4X©TXLHUHV DJD]DSDGR HQ HO VLWLR TXH PHQRV WH OR HVSHUDV \ VDOWDU VREUH WL FXDQGR HVW¡V
ߚ7HQHPRVTXHPDUFKDUQRVPLYLGD GHVSUHYHQLGRFXDQGRHVW¡VHFKDQGRODOODYHGHODSXHUWDGHODKDELWDFL³QGHOKRWHO
/RODDEUL³ORVRMRVDOHVFXFKDUODVGRVºOWLPDVSDODEUDV6RQUL³\VXVLULVYLROHWD SRUHMHPSOR%DVWDXQSX±HWD]RHQODVFRVWLOODVSDUDGHMDUWHVLQDOLHQWR\FXDQGRWH
VHFODYDURQHQPTXHHVSHUDEDTXHHOODUHSLWLHVHHVDVGRVSDODEUDV\PHODVGHGLFDVH IDOWDHODLUHHUHVWDQYXOQHUDEOHFRPRXQQL±R+HSDVDGRPXFKRVD±RVDORWURODGR
SHUR /ROD QR HV GH ODV PXMHUHV TXH UHJDODQ HO RGR I¡FLOPHQWH D XQ KRPEUH QR GHOODGRGHORVTXHHVSHUDQDHVFRQGLGDVHOPRPHQWRMXVWRSDUDVRUSUHQGHUDDOJXLHQ
SHUWHQHFH DO WLSR GH PXMHU TXH VH GHMD OOHYDU SRU HO HVSHMLVPR GH KDEHU SDVDGR XQD \ V© TXH GHMDU WXPEDGR D XQ WLSR SRU PX\ JUDQGH \ IXHUWH TXH VHD HV PXFKR P¡V
QRFKHMXQWRV3HURDSUHW³VXFDGHUDFRQWUDPLSHOYLVGHGLF³XQDPLUDGDUHYHODGRUD VHQFLOOR GH OR TXH SDUHFH 6³OR KDFH IDOWD XQ SRFR GH W©FQLFD GHFLVL³Q \ PXFKD
KDFLD DEDMR DO VHQWLU OD LQFLSLHQWH HUHFFL³Q GHO H[ ER[HDGRU FRQ HO TXH VH KDED VDQJUHIUDVREUHWRGRHVRVDQJUHIUD
IXJDGR DILDQ]³ ORV EUD]RV GHOJDGRV SRU GHWU¡V GH PL FXHOOR \ DSUHW³ GH QXHYR VXV 3RU HVR QR EDM© OD JXDUGLD DO VDOLU GH OD KDELWDFL³Q SHUR QR KDED QDGLH
ODELRV FRQWUD ORV PRV <R PH SHJX© WDPEL©Q D HOOD FRPR VL IXHUD OD SULPHUD R OD HVSHU¡QGRPH$YHFHVVXFHGHHVRTXHODVXHUWHVHSRQHGHSDUWHGHXQRRODYLGDWH
ºOWLPD YH] TXH WXYLHUD RSRUWXQLGDG GH KDFHUOR /ROD QR KDED UHSHWLGR HVDV GRV GDXQDWUHJXD3HUR\RQXQFDKHDQGDGRVREUDGRGHVXHUWH\DTX©OQRHUDHOPRPHQWR
SDODEUDVPLYLGDSHURWDOYH]PHGLMHFRQODHVSHUDQ]DTXHWLHQHQORVHQDPRUDGRVD P¡VDSURSLDGRSDUDGHWHQHUPHDSHQVDUTXHODYLGDPHUHJDODEDXQWLHPSRH[WUD3DUD
ORVTXHQROHVTXHGDRWUDTXHDJXDUGDUDTXHVXVVHQWLPLHQWRVVHDQFRUUHVSRQGLGRV PV³ORH[LVWDHVHPRPHQWRHVDQRFKHTXHKDEDSDVDGRFRQ/RODHQODKDELWDFL³Q
HVWHJHVWRHVWHDEUD]RHVWHEHVRODUJRHVWDPLUDGD\HVWDVFDULFLDVGLFHQRTXLHUHQ GHXQKRWHOFDPLQRGH/LVERDSRUILQSDUDVXELUDXQEDUFRTXHQRVOOHYDVHD1XHYD
GHFLUPXFKRP¡VTXHVLODVKXELHUDSURQXQFLDGR <RUNFRPRVLHVRIXHUDSRVLEOHWRGDYD
3URFXUDED PDQWHQHU OD FDOPD UHVSLUDED KRQGR PLHQWUDV PLUDED SRU OD YHQWDQD (O DXWREºV TXH OOHYDED D ORV WXULVWDV GH H[FXUVL³Q \D KDED DEDQGRQDGR HO
DSR\¡QGRPHHQODSDUHG\OHYDQWDQGRXQSRFRODFRUWLQDFRQORVGHGRVSDUDPLUDUHO DSDUFDPLHQWR FXDQGR OOHJX© D OD UHFHSFL³Q +DED EDMDGR ORV FXDWUR SLVRV SRU ODV
DSDUFDPLHQWRGHGRQGHDKRUDVDODXQFRFKH\SRFRDQWHVFXDQGR/RODHQWU³HQHO HVFDOHUDV &XDOTXLHUD TXH HVW© DFRVWXPEUDGR D GHVHQYROYHUVH HQ VLWXDFLRQHV
3¡JLQD 3¡JLQD
FRPSURPHWLGDV VDEH TXH ODV HVFDOHUDV VRQ P¡V VHJXUDV 8Q DVFHQVRU HV GHPDVLDGR UHWUDVR DXQTXH \D QR WXYLHUD VHQWLGR /R TXH SXGLHUD SDVDU D SDUWLU GH DK PH
SHOLJURVRXQOXJDUPX\SHTXH±RVLQHVFDSDWRULD'HQWURGHODVFHQVRUQRPHKDEUD LPSRUWDEDELHQSRFR
TXHGDGRRWURUHPHGLRTXHVDFDUODSLVWROD\XVDUODWDOYH](QODHVFDOHUDVLFRQWDED (VWDED D SXQWR GH GDU PHGLD YXHOWD SDUD YROYHU D HQWUDU HQ HO KRWHO FXDQGR
FRQODYHQWDMDGHODVRUSUHVDSRGDGHVHQYROYHUPHPHMRUVDOLUFRUULHQGRRHQFRQWUDU HVFXFK©TXHPHOODPDEDQ+DEDSDVDGRODQRFKHFRQHOODSHURVXPLGRFRPRHVWDED
HOPRGRGHDYLVDUD/RODSDUDTXHQRVDOLHVHGHODKDELWDFL³QRSDUDTXHHVFDSDVH HQ RWUDV FDYLODFLRQHV WDUG© XQ VHJXQGR HQ FRPSUHQGHU TXH VH WUDWDED GH /ROD
(OUHFHSFLRQLVWDPHPLU³FRQFDUDGHSRFRVDPLJRVFXDQGROHSUHJXQW©VLKDED 0RQWDOE¡Q OD HVFXFK© GHFLU FRPR VL VXVXUUDVH PL QRPEUH /R GHFD LJXDO TXH
OOHJDGR DOJXLHQ DO KRWHO SUHJXQWDQGR SRU P R SRU /ROD R DOJXLHQ FX\R DQWD±R FXDQGR KDFDPRV HO DPRU 0RQWDOE¡Q &DVL HQ YR] EDMD GHMDQGR HVFDSDU HO
FRPSRUWDPLHQWR OH KXELHUD UHVXOWDGR H[WUD±R (Q PXFKDV SHOFXODV KH YLVWR TXH HO DLUHHQODºOWLPDVODED0RQWDOE¡Q0HYROY\ODYLDOOGHSLHFRQVXEROVDFROJDGD
SURWDJRQLVWDVXHOHVDFDUXQDELOOHWHUDUHSOHWDSDUDVDFDULQIRUPDFL³QDOHPSOHDGRGH HQEDQGROHUD\ODPDHQODPDQR/HKDEDGLFKRTXHQREDMDVHGHODKDELWDFL³QTXH
XQ KRWHO SHUR EXHQR WDO YH] KD\D YLVWR GHPDVLDGDV SHOFXODV R OHGR GHPDVLDGDV PHHVSHUDVHDOOKDVWDTXHYROYLHVHGHVSX©VGHKDEHUPHDVHJXUDGRTXHHVWDEDWRGRHQ
QRYHODV \ \D QR HVWR\ VHJXUR GH QDGD $ OR PHMRU OD ILFFL³Q \ OD UHDOLGDG VH RUGHQ 0L SULPHUD UHDFFL³Q IXH UHSUHQGHUOD GHFLUOH TXH GHEHUD KDEHUVH TXHGDGR
PH]FODURQXQGDHQDOJºQOXJDULQVRQGDEOHGHPLFHUHEURRTXL]¡VHFRQIXQGLHURQ DUULEDTXHGHEHUDKDEHUREHGHFLGRPLV³UGHQHVUHFRUGDUOHRWUDYH]TXHHVW¡EDPRV
HQHVHSR]RRVFXURTXHJXDUGRHQHOSHFKR(OFDVRHVTXHWDPSRFRDQGDEDVREUDGR HQSHOLJUR3HUR/RODVDEDTXHHVW¡EDPRVHQSHOLJURFODURTXHORVDED&³PRSRGUD
GHGLQHURDGHP¡VDVTXHUHFXUUDPLPHMRUDUPDSDUDFRQYHQFHUDOUHFHSFLRQLVWDGH QR VDEHUOR /R VDED LQFOXVR PHMRU TXH \R SRUTXH HOOD OOHYDED PXFKR WLHPSR
TXHGHEDUHVSRQGHUDPLVSUHJXQWDV<PLPHMRUDUPDQRHVXQDVRQULVDGHVGHOXHJR YLYLHQGRFRQ/XLV\VDEDGHORTXHHUDFDSD]VREUHWRGRVLKDEDVLGRWUDLFLRQDGR
TXH QR QXQFD OR KD VLGR VLQR HVWD QDUL] DSODVWDGD \ HO RMR KLQFKDGR TXH PH KDED SRU HOOD \ SRU XQ YLHMR FRQRFLGR DO TXH DQWHV KDED WUDLFLRQDGR ©O < HOOD WDPEL©Q
IDEULFDGR&KRFRODWHTXHOHGHFDQDOHPSOHDGRGHOKRWHOTXHQRLEDGHIDUROVLQRWDQ SDUWLFLS³SHUR\RSURFXUDEDVRVOD\DUHVHUD]RQDPLHQWRWDQREYLRFRQODFRQWXQGHQFLD
HQVHULRTXHHUDFDSD]GHFRJHUORSRUODFRUEDWD\VDFDUORGHOPRVWUDGRUDUDVWUDVVL FRQTXHORVHQDPRUDGRVSURFXUDQGHVHQWHQGHUVHGHXQDYHUGDGGRORURVD\QRYHUORV
KDFDIDOWD GHIHFWRV GHO RWUR (O FDVR HV TXH HOOD VDED TXH HVW¡EDPRV HQ SHOLJUR SHUR QR OH
ߚ1R KD YHQLGR QDGLH ߚPH FRQW³ XQ SRFR DVXVWDGR SRU PL FDUD GH SRFRV SUHRFXSDED7DOYH]SHQVDED/RODLJXDOTXH\RTXH\DQDGDLPSRUWDEDSRUTXHWRGR
DPLJRVHQXQFDVWHOODQRLPSHFDEOH HVWDEDSHUGLGR\ORºQLFRTXHQRVTXHGDEDHUDHVRXQDWUHJXDFRPRODVSU³UURJDVHQ
1RGHM©GHFODYDUORVRMRVHQ©OSDUDDVHJXUDUPH ORVSDUWLGRVGHIºWEROFRPRHOSºJLOTXHVHOHYDQWDDQWHVGHTXHHO¡UELWURWHUPLQHGH
ߚ1DGLHߚUHSLWL³QHJDQGRHQ©UJLFDPHQWHFRQODFDEH]D FRQWDUSHURVDEHTXHODSU³[LPDYH]TXHORWXPEHQQRVHU¡FDSD]GHYROYHUDSRQHUVH
$VHQWVLQVRQUHUGLPHGLDYXHOWD\PHGLULJDODSXHUWD(UDXQKRWHOSHTXH±R GHSLH
\ OR P¡V SUREDEOH HUD TXH OD ºQLFD HQWUDGD IXHVH DTX©OOD 1R KDED QDGLH HQ HO 1R OH GLMH QDGD QR OD UHSUHQG 0H OD TXHG© PLUDQGR XQ PRPHQWR HO YHVWLGR
DSDUFDPLHQWRSHURPHWODPDQRHQHOEROVLOORSDUDDFDULFLDUODSLVWRODSDUDVHQWLUPH FRUWRPX\ILQRGHWLUDQWDVTXHOHLQVLQXDEDODVFXUYDV$JXDIUHVFDSHQV©RWDOYH]
P¡V VHJXUR (VSHUDED QR WHQHU TXH XWLOL]DUOD \ VREUH WRGR VL DO ILQDO WHQD TXH PXUPXU©DQWHVGHUHFRUWDUODGLVWDQFLDTXHQRVVHSDUDED\EHVDUODGHVSDFLRFRPRVL
UHFXUULUDHOODTXHQRIXHUDDODYLVWDGHQDGLHTXHWRGRVXFHGLHVHDHVFRQGLGDVTXH HOWLHPSRVHKXELHUDGHWHQLGRFRPRVLQDGLHQRVEXVFDVHSDUDPDWDUQRVTXL]¡FRPR
VLWHQDTXHPDWDUDXQVLFDULRGH/XLVߚGHVSX©VGHWRGRSUHIHUDQRWHQHUTXHPDWDU VLWXYL©UDPRVRMDO¡WRGDODYLGDSRUGHODQWH
D /XLVߚ QR IXHVH GHODQWH GH XQ UHFHSFLRQLVWD R GH DOJºQ FOLHQWH GHO KRWHO VLQR D 3HUR KH YLVWR GHPDVLDGDV FRVDV D OR ODUJR GH PL YLGD FRPR SDUD GHMDU GH VHU
VRODVFRQXQDPQLPDSRVLELOLGDGGHTXHQRKXELHUDWHVWLJRV HVF©SWLFRV³ORSRUEHVDUDODPXMHUGHPLYLGDSRUODPD±DQDHQODSXHUWDGHXQKRWHO
1DGD QL XQ DOPD < HVR HUD VREUH WRGR OR TXH PH SUHRFXSDED 6DO D OD FDOOH GRQGHKDEDPRVFRPSDUWLGRFDPD$HVWDVDOWXUDVGHODSHOFXOD\DQRFUHDHQQDGD
7RGDYD QR HUDQ ODV QXHYH GH OD PD±DQD SHUR \D HVWDED HPSH]DQGR D KDFHU FDORU HQQDGDVDOYRHQGLVIUXWDUGHHVHPRPHQWR\QRSHQVDUHQRWUDFRVDTXHHQORVODELRV
*LU©ODFDEH]DDXQODGR\DRWURFHUU©XQSRFRORVRMRVSDUDPLUDUORVFRFKHVTXH GH/RODHQVXVRMRVFHUUDGRVHQODSXHUWDGHDTXHOKRWHOGH)DUR6LHPSUHFHUUDEDORV
HVWDEDQHVWDFLRQDGRVHQODH[SODQDGDTXHKDFDODVYHFHVGHDSDUFDPLHQWRGHOKRWHO RMRV/RVFHUUDED\\RDYHFHVTXHFDVLVLHPSUHORVPDQWHQDDELHUWRVODYHDDSUHWDU
7RGRPX\WUDQTXLOR3HQV©HQWRQFHVRWUDYH]SHURV³ORSRUXQPRPHQWRSRUTXHD ORVS¡USDGRVFRPRVLOHGROLHUDEHVDUPHRFRPRVLGLVIUXWDVHWDQWRDOKDFHUORTXHQR
P HO RSWLPLVPR VLHPSUH PH KD GXUDGR OR MXVWR TXH D OR PHMRU GHVSX©V GH WDQWRV SXGLHUDFRQWURODUVXVJHVWRV5HWLU©PLVODELRV\DSUHW©ODPHMLOODFRQWUDODVX\DWDQ
D±RV D OD GHULYD OD YLGD SRU ILQ VH SRUWDED ELHQ FRQPLJR TXH TXL]¡ SRGUDPRV VXDYHODPDWDQ¡VSHUDSRUFXOSDGHODEDUEDGHGRVGDV
PDUFKDUQRVHVDPD±DQDGH)DUR\HPSUHQGHUHOFDPLQRKDFLD/LVERDVLQTXHQDGLH 9¡PRQRV PL YLGD OH GLMH DSUHW¡QGROD FRQWUD PL SHFKR ORV EUD]RV GH HOOD
QRVGHWXYLHVHRPHMRUDºQVLQWHQHUTXHGDUXQVRORWLUR$OFDERORºQLFRTXH\R HQURVFDGRVDOUHGHGRUGHPLFXHOOR(VWDUGH
TXHUD HUD OOHJDU D /LVERD FRQ /ROD SRU ILQ DXQTXH IXHUD FRQ GLHFLRFKR D±RV GH
3¡JLQD 3¡JLQD
'RVPLQXWRVGHVSX©VGHSDJDUODFXHQWD\DHVW¡EDPRVHQHOFRFKH<RDOYRODQWH OOHJDGRKDVWDDOOGLHFLRFKRD±RVGHVSX©V\DSHQDVPHVHSDUDEDQXQSDUGHKRUDVGH
/RODRWUDYH]GHFRSLORWR(OHTXLSDMHPLEROVD\ODVX\DHQHOPDOHWHUR6³ORGRV ODFLXGDGGRQGHWHQDPRVTXHKDEHUQRVHQFRQWUDGRHQWRQFHV
PDOHWDV SDUD HPSH]DU XQD QXHYD YLGD GRV PDOHWDV SDUD WHUPLQDU GH YLYLU RWUD YLGD 'HPRU©ODPDUFKDHQHOFUXFH\PLU©D/RODGHQXHYRLQTXLULHQGRXQDUHVSXHVWD
TXH \D VH KD JDVWDGR 8QR DFDED G¡QGRVH FXHQWD DQWHV R GHVSX©V GH TXH EDVWD FRQ (OODKDEDYLVWRHOFDUWHOWDPEL©Ql(VSDQKD{/LVERD/RVPLUDEDSHURQRGHFDQDGD
PX\SRFRSDUDVHUIHOL] <RFUHDVDEHUORTXHHVWDEDSHQVDQGRSHURQRHVWDEDVHJXUR1XQFDORHVWR\FXDQGR
6HORGLMHD/ROD GH DGLYLQDU ORV SHQVDPLHQWRV GH XQD PXMHU VH WUDWD 1DGLH SXHGH HVWDUOR 3HUR PH
ߚ3HUR SDUD HVR KD\ TXH HVWDU OLEHUDGR GH WRGR ߚUHVSRQGL³ߚ < HVR OOHYD VX DJUDG³ FUHHU TXH DTXHOOD PD±DQD QXHVWUD SULPHUD PD±DQD HQ 3RUWXJDO GHVSX©V GH
WLHPSR\QRVLHPSUHVXFHGH GHMDU HO KRWHO DO OOHJDU DO FUXFH \ PLUDU ORV FDUWHOHV LQGLFDGRUHV /ROD SHQVDED OR
&RJL³GHOVXHORGHOFRFKHXQDERWHOODGHDJXDTXHHVWDEDYDFDJXL±³XQRMR\ PLVPRTXH\R
FRQHORWURPLU³HODJXMHURFRPRXQFDWDOHMRSDUDHVFXGUL±DUHOKRUL]RQWH$PHO ߚ(VSD±D R /LVERD" ߚOH SUHJXQW© \ DXQTXH HVSHUDED TXH GH ODV GRV
HVSHMR UHWURYLVRU PH GHYROYD OD LPDJHQ GHO YLHMR FDSLW¡Q GH XQ EDUFR FDQVDGR HO SRVLELOLGDGHV HOOD HOLJLHUD OD VHJXQGD QR UHVSLU© GHO WRGR KDVWD TXH GHVSX©V GH XQ
PHQW³Q ¡VSHUR ORV RMRV HQURMHFLGRV SRU OD IDOWD GH VXH±R R OD FHUWH]D GH VDEHU TXH PRPHQWR/RODYROYL³ODFDUDKDFLDPVHGHVSHUH]³HQHODVLHQWRVRQUL³GHOPLVPR
TXL]¡©VRVHUDQORVºOWLPRVPRPHQWRVTXHFRPSDUWLUDFRQ/ROD PRGRTXHFXDQGRVHKDFDODUHPRORQDDQWHVGHGHMDUTXHODEHVDUD\VLQGHMDUGH
+DEDYXHOWRDYHUJDYLRWDVDOVDOLUGHOKRWHO4XLVHFRQWDUOHD/RODTXHGLHFLRFKR PLUDUPHDORVRMRVPHGLMR
D±RVDQWHVFXDQGRODHVSHU©HQYDQRHQ/LVERDWDPEL©QKDEDJDYLRWDV\TXHFDGD ߚ/LVERDWRQWR$G³QGHYDPRVDLUVLQR"
YH] TXH PH UHFRUGDED DOO OR SULPHUR TXH PH YHQD D OD FDEH]D HUDQ ODV JDYLRWDV 0H KDEUD JXVWDGR FRQFHQWUDUPH HQ HO EHVR TXH PH GLR GHVSX©V SHUR PH IXH
UHYRORWHDQGRDPLDOUHGHGRULQGLIHUHQWHVDPLSUHVHQFLDDWHQWDVDORVSHFHV6LVHOR LPSRVLEOH3HURORSHRUQRIXHQRSRGHUGLVIUXWDUGHVXVODELRVVLQRWHQHUTXHILQJLU
GHFDWHQGUDTXHH[SOLFDUOHWDPEL©QTXHHQWRQFHVPHVHQWPX\VRORTXHFDGDYH] TXH PH DEDQGRQDED D HOOD TXH PH KXELHUD TXHGDGR DOO DEUD]DGRV ORV GRV HQ HO
TXHPHDFRUGDEDGHDTXHOORPHHPEDUJDEDXQDWULVWH]DTXHPHFRVWDEDPDQHMDUDV FRFKHSDUDVLHPSUHVXPHMLOODFRQWUDODPDFRPRVLQDGDLPSRUWDVHFRPRVLQDGLH
TXH SUHIHU FDOODUPH \ PLUDU ORV FDUWHOHV GH OD DYHQLGD TXH LQGLFDEDQ HO UXPER D QRVEXVFDVHSDUDPDWDUQRV-XVWRDQWHVGHTXHQXHVWURVODELRVVHUR]DUDQKDEDYLVWR
VHJXLU(QHOPLVPRUHFW¡QJXORXQDIOHFKDLQGLFDED(VSD±Dߚl(VSDQKD{ߚODRWUD HOPHUFHGHVD]XOGH/XLVRVFXURVLQLHVWURFRPRXQDSUHPRQLFL³QPDFDEUDJLUDUHQ
VH±DODED /LVERD /ROD WDPEL©Q OR KDED OHGR 0H OD TXHG© PLUDQGR H[SHFWDQWH 6L XQD FDOOH DO RWUR H[WUHPR GH OD DYHQLGD 1R SXGH VDEHU TXL©Q KDED GHQWUR SRUTXH
GLULJDHOFRFKHKDFLDHOHVWHHQPHQRVGHXQDKRUDHVWDUDPRVHQ$\DPRQWHRWUDYH] WHQDORVFULVWDOHVDKXPDGRV)UXQFHOFH±RDOYHUORSHURORVODELRVGH/ROD\DKDEDQ
7DOYH]/XLVVHPRVWUDVHFRPSUHQVLYRDOPHQRVFRQHOODVLODGHYROYDDKRUD3RUOR FDSWXUDGRORVPRVVXOHQJXDMXJXHWHDEDFRQPLVGLHQWHV\VRQUHDDOKDFHUORSRUOD
TXHDPUHVSHFWDEDPHLPSRUWDEDELHQSRFRORTXHSXGLHUDSDVDUPH8QDYH]TXH PD±DQDDSHVDUGHVHUGRVIXJLWLYRVVLQIXWXUR1ROHGLMHQDGDSDUDQRSUHRFXSDUOD
WUDVSDV©ODOQHD\DVDEDTXHPX\ELHQSRGUDVHUKRPEUHPXHUWR $GHP¡VHOFRFKHKDEDGHVDSDUHFLGR\DXQTXHDQGDEDQVLJXLHQGRODSLVWDFRUUHFWD
'HKHFKRGHDOJXQDPDQHUDGHVGHKDFHWUHVGDV\DPHFRQVLGHURXQFDG¡YHUXQ WRGDYD QR QRV KDEDQ HQFRQWUDGR 'HPRU© XQRV VHJXQGRV P¡V HO FRQWDFWR GH PLV
PXHUWRDQGDQWHFRPRXQRGHHVRVFRQGHQDGRVGHODVF¡UFHOHVGH(VWDGRV8QLGRVTXH ODELRVHQORVGH/RODDQWHVGHVHSDUDUPHILQJLUTXHQRKDEDYLVWRQDGD\EXVFDUOD
HVSHUDQ UHVLJQDGRV YHVWLGRV FRQ XQ PRQR QDUDQMD D TXH OHV OOHJXH OD KRUD 8Q FDUUHWHUDTXHQRVOOHYDUDD/LVERD
PXHUWRDQGDQWHSHURPHGDEDLJXDOSRUTXHDSHVDUGHHOORPHVHQWDP¡VYLYRGHOR
TXH PH KDED VHQWLGR HQ PXFKRV D±RV 9LDMDU KDFLD HO HVWH VXSRQD WDPEL©Q XQD
FODXGLFDFL³QFRPREDMDUORVEUD]RVHQHOFXDGULO¡WHURDQWHVGHHVFXFKDUODFDPSDQD
<\RQRVR\GHORVTXHEDMDQORVEUD]RVQRORKDEDKHFKRQXQFD\QRORLEDDKDFHU
DKRUD3DUDELHQRSDUDPDOVR\GHORVTXHVLJXHQDGHODQWHVLHPSUHDXQTXHKDFHUOR
VLJQLILTXHLUHQFRQWUDGHPLVLQWHUHVHV4X©OHYDPRVDKDFHU<\DVR\GHPDVLDGR
YLHMRSDUDFDPELDU0HGDPXFKDSHUH]D
(O RWUR FDPLQR HO TXH LED KDFLD HO QRUWH LPSOLFDED PXFKRV ULHVJRV \ QR XQ
ULHVJRFXDOTXLHUDVLQRHOPD\RUGHWRGRV6LJQLILFDEDWDPEL©Q\HVRORVDEDDXQTXH
QR TXLVLHUD UHFRQRFHUOR DELHUWDPHQWH DQWH P PLVPR \ PXFKR PHQRV GHFUVHOR D
/RODTXHHVWDEDVHJXURGHTXHWDPEL©QORVDEDHOILQDOGHODKLVWRULD3HURKDEDPRV
3¡JLQD 3¡JLQD
XQFD WXYH GHO WRGR FODUR D TX© VH GHGLFDED H[DFWDPHQWH HO *RUGR 6XSH TXH 0¡VDGHODQWHDRWURFRQWLQHQWH&XDOTXLHUVLWLRGRQGHKXELHUDUDVFDFLHORVGHFDHOOD
1 WHQDYDULRVQHJRFLRVߚXQDRP¡VHPSUHVDVGHFRQVWUXFFL³QSDUWLFLSDFL³QHQ \\RPHORTXHUDFUHHU0HKDEDTXLWDGRGHHQPHGLRSDUDQRSDUWLFLSDUHQHOURER
DOJºQFDVLQR\XQDGRFHQDGHEDUFRVGHSHVFDTXHIDHQDEDQHQHO&DQW¡EULFRߚ\TXH FRPRVLDOKDFHUORSXGLHUDVRVOD\DUPLFXOSDFRPRVLQRHVSHUDVHHQ/LVERDD/ROD\
VHQWDSRUHOER[HRODPLVPDIDVFLQDFL³Q\HOPLVPRUHVSHWRTXHTXLHQHVDOJXQDYH] DO GLQHUR TXH OH KDEDQ DUUHEDWDGR D OD ºQLFD SHUVRQD TXH PH KDED GDGR XQD
KDEDPRV LQWHQWDGR JDQDUQRV OD YLGD HQWUH ODV GRFH FXHUGDV GH XQ ULQJ GHEHUDPRV RSRUWXQLGDGGHVHUDOJXLHQ\QRPHKDEDGHMDGRHQODHVWDFDGDDOºQLFRTXHVHKDED
WHQHUOH 4XH PDQHMDED HO GLQHUR VXILFLHQWH SDUD SRGHU LQYHUWLU HQ M³YHQHV SURPHVDV SUHRFXSDGRSRUP
FRPR /ROD R FRPR \R PLVPR DXQTXH VXV SODQHV SDUD FRQYHUWLUPH HQ HO QXHYR 7DPEL©QHUDYHUDQRFRPRDKRUDFXDQGRYLVLW©/LVERDSRUSULPHUDYH](QWRQFHV
FDPSH³Q GH (XURSD GH ORV SHVRV VXSHUZHOWHU VH KXELHUDQ IUXVWUDGR OD QRFKH TXH PHMXU©QRYROYHU\DXQTXHVR\GHHVRVSRFRVKRPEUHVTXHWRGDYDFUHHQHQHOKRQRU
PDQG© DO KRVSLWDO DO 9HQGDYDO GH 0DUVHOOD 6© TXH HO *RUGR QR KDED SHUGLGR OD GHXQPRGRURP¡QWLFRRHVWºSLGRߚQRHVWR\PX\VHJXURGHODGLIHUHQFLD\DPHGLGD
HVSHUDQ]D \ OR FLHUWR HV TXH KXELHUD YXHOWR D SRQHUPH ORV JXDQWHV VL WRGR QR VH TXH VH YD DFHUFDQGR HO ILQDO GH OD KLVWRULD YR\ SHUGLHQGR ODV FHUWH]DVߚ PH
KXELHUDLGRDOFDUDMRODQRFKHTXH/XLV\/RODFRQPLFRQVHQWLPLHQWROLPSLDURQOD MXVWLILFDED DKRUD DO FUX]DU HVH SXHQWH TXH DºQ QR KDEDQ FRQVWUXLGR OD SULPHUD YH]
FDMDIXHUWHGHVXFDVD TXHHVWXYHHQODFLXGDGFRQHO7DMRLQPHQVRFXDUHQWDPHWURVP¡VDEDMRGLFL©QGRPH
$/XLVWDPEL©QORFRQRFSRUHVD©SRFD/OHYDEDODFXHQWDVGHO*RUGR\WDPEL©Q TXHHQDTXHOMXUDPHQWRKDEDXQPDWL]RXQDFO¡XVXODTXHORLQYDOLGDGDXQGHWDOOH
HUDDILFLRQDGRDOER[HR TXHGHFXPSOLUVHVLJQLILFDUDTXHSRGUDURPSHUORRVDOW¡UPHOR1RYROYHUDD/LVERD
7LHQHVGHODQWHGHWLDOIXWXURFDPSH³QGHOPXQGRVXSHUZHOWHU$VPHSUHVHQW³HO UHFRUG©RTXLVHUHFRUGDUKDVWDTXHSXGLHVHKDFHUORMXQWRD/RODTXHDKRUDFXDQGR
*RUGRD/XLV/RGLMR\QLVLTXLHUDVHPROHVW³HQPLUDUPHODFDUDSDUDYHUVLPHKDED DWUDYHV¡EDPRVHOSXHQWHPLUDEDDEVRUWDFRQODFDEH]DSHJDGDDOFULVWDOORVWHMDGRV
PROHVWDGR (Q OR TXH D P UHVSHFWDED SDUD HO *RUGR KDED GRV FRVDV TXH HVWDEDQ URMRVGHORVHGLILFLRVDOIRQGRMXQWRDOURGLVSXHVWRVHQFXHVWDVLQWHUPLQDEOHVSRUODV
FODUDV TXH WHUPLQDUD FRQYHQFL©QGRPH GH YROYHU D VXELU D XQ ULQJ \ TXH DFDEDUD TXH\RKDEDSDVHDGRVRORGLHFLRFKRD±RVDQWHVPLHQWUDVHVFXFKDEDIDGRV\HVSHUDED
FRORF¡QGRPHHOFLQWXU³QGHFDPSH³QGHOPXQGR VXOOHJDGD
/XLV VRQUL³ 7HQD FDVL YHLQWH D±RV PHQRV \ PXFKDV PHQRV FDQDV TXH DKRUD ߚ1XQFDKDEDYHQLGRߚGLMRGHSURQWRVLQGHMDUGHFRQWHPSODUORVHGLILFLRV7DO
/XHJRFXDQGRPHGLFXHQWDGHTXHPHKDEDQHQJD±DGRPHSUHJXQW©VL\DHVWDED YH]QRPHKDEODEDDPVLQRTXHVHORGHFDDVPLVPD+DEDHVWDGRXQUDWRODUJR
OLDGR FRQ /ROD HQWRQFHV VL VX KLVWRULD FRQ HOOD HUD P¡V DQWLJXD TXH OD PD 3HUR PX\FDOODGDOH\HQGRXQIROOHWRWXUVWLFRGHODFLXGDGTXHKDEDPRVFRPSUDGRHQXQD
HQWRQFHV FXDQGR \R DSHQDV OOHYDED XQ PHV DFRVW¡QGRPH FRQ /ROD D HVFRQGLGDV JDVROLQHUD/RGHM³HQHOVDOSLFDGHURVLQFHUUDUOR6HGHVSHUH]³0HPLU³
SHQVDED LQJHQXDPHQWH TXH HOOD HUD V³OR PD \ TXH DSDUWH GHO *RUGR TXH OD ߚ/XLV\\RKHPRVYLDMDGRDPXFKRVVLWLRVߚFRQWLQX³ߚSHURMDP¡VYLQLPRVD
PDQWHQD\RHUDHOºQLFRKRPEUHTXHKDEDHQVXYLGD /LVERD
1R PH GL FXHQWD GH HVR KDVWD TXH HVWXYH HQ /LVERD OD SULPHUD YH] HVSHUDQGR 3HUPDQHFL³HQVLOHQFLRXQPRPHQWRHVSHUDQGRPLUHVSXHVWD\RWHQDODYLVWDDO
FRPRXQLGLRWDTXH/RODYLQLHVHDHQFRQWUDUVHFRQPLJRFRQODPLWDGGHOGLQHURTXH IUHQWH DWHQWR DO WU¡ILFR SHUR HQ UHDOLGDG QR PH JXVWDED TXH HOOD PH UHFRUGDVH VXV
HOOD\/XLVOHKDEDQUREDGRDO*RUGR D±RVFRQ/XLV
ߚ<HVR"ߚOHSUHJXQW©VLQHPEDUJR
/RODVHHQFRJL³GHKRPEURV\WRUFL³ODERFDHQXQJHVWRFRPRGHLQWHUURJDFL³QR
'LHFLRFKRD±RVDWU¡V\RWDPEL©QKDEDOOHJDGRD/LVERDHQFRFKH+DEDFRQGXFLGR GHREYLHGDGTXHDSHQDVSXGHYHUSRUTXHVHJXDSHQGLHQWHGHODFLUFXODFL³Q
GHVGH0DGULGFRQORVRMRVHQURMHFLGRVSRUODIDOWDGHVXH±R\WDPEL©QSRUHOPLHGRR $SR\³ VX PDQR HQ PL PXVOR 0H JXVW³ VHQWLU HO FDORU GH OD SDOPD VREUH PL
ODSUHRFXSDFL³QGHOTXHVDEHTXHKDWUDVSDVDGRXQDOQHD\\DQRSRGU¡GDUPDUFKD SLHUQD
DWU¡V 8QD VHPDQD DQWHV KDED GHMDGR GH WUDEDMDU SDUD (O *RUGR SDUD TXH QDGLH ߚ(UDFRPRVLDORVGRVQRVGLHVHXQSRFRGHYHUJ¼HQ]DYHQLUDTXGHVSX©VGHOR
SXGLHVH UHODFLRQDU PL PDUFKD FRQ OD GHVDSDULFL³Q GH ODV MR\DV \ HO GLQHUR \ KDED TXHWHKDEDPRVKHFKR
DFRUGDGR HQFRQWUDUPH FRQ /ROD FXDQGR ODV FRVDV VH FDOPDVHQ 1RV UHXQLUDPRV HQ 7UDJX©VDOLYD\DVHQWGHXQDPDQHUDWDQLPSHUFHSWLEOHTXHQDGLHSRGUDKDEHUVH
/LVERD GDGRFXHQWD
3DUD HQWRQFHV HOOD \D VH KDEUD UHSDUWLGR FRQ /XLV HO ERWQ D SDUWHV LJXDOHV \ ߚ&XDQGRSODQH¡EDPRVXQYLDMHߚSURVLJXL³/RODߚ\DVDEHVHQVHJXLGDVDODHO
YHQGUD D EXVFDUPH &RQ VX PLWDG SRGUDPRV HPSH]DU XQD QXHYD YLGD GRQGH QRPEUHGHPXFKDVFLXGDGHVSHURMDP¡VPHQFLRQ¡EDPRV/LVERDQL©OQL\R<HVWR\
TXLVL©UDPRV/ROD\\REDPRVDSDVDUMXQWRVHOUHVWRGHQXHVWUDYLGDSHURSULPHUR VHJXUD GH TXH QR OR KDFDPRV SRUTXH ORV GRV VDEDPRV OR TXH VLJQLILFDED 'HFLU
EDPRVDGDUODYXHOWDDOPXQGR1XHYD<RUN\OXHJRD&KLFDJRR7RURQWRTXL]¡ /LVERD HUD FRPR WUDLFLRQDUWH ߚKL]R XQD SDXVD VH TXHG³ SHQVDQGR XQ PRPHQWRߚ
3¡JLQD 3¡JLQD
FRPR WUDLFLRQDUWH RWUD YH] ,PDJQDWH TX© GLIFLO KXELHUD VLGR SDUD QRVRWURV YLDMDU PXFKR HQ GDUVH FXHQWD GH TXH KDEDQ GHMDGR XQ FRFKH DEDQGRQDGR <R OH H[SOLTX©
KDVWDDTX TXH QR 4XH GXUDQWH HO GD HO HVFRQGLWH QR HVWDED PDO SHUR TXH FXDQGR HO
(UDFRPRVLDOGHFLUORSXGLHUDUHVWDULPSRUWDQFLDDODWUDLFL³QFRPRVLVHOLEHUDVH DSDUFDPLHQWR VH YDFLDUD SRU OD QRFKH R HO ILQ GH VHPDQD XQ FRFKH VROLWDULR HQ OD
GHXQDFDUJDSHVDGD ºOWLPDSODQWDVHJXURTXHYDFDSDUDHQWRQFHVQRKDUDP¡VTXHGHVSHUWDUUHFHORKDVWD
'HM© HVFDSDU HO DLUH SRU OD QDUL] FRQ SHVDGH] )UXQF HO FH±R \ XQ PRPHQWR HQHORMRPHQRVDYH]DGR1RPHSUHRFXSDEDQQLORVYLJLODQWHVGHOJDUDMHQLODSROLFD
GHVSX©V OH SUHJXQW© SRU HVDV RWUDV FLXGDGHV TXH KDEDQ VLJQLILFDGR DOJR SDUD SRUWXJXHVD VLQR TXH /XLV R FXDOTXLHUD GH VXV HVELUURV EXVFDVHQ HO FRFKH SRU ORV
QRVRWURVFLXGDGHVTXHIRUPDEDQSDUWHGHDTXHOORVVXH±RVURWRVRTXHQXQFDOOHJDURQ VXEWHUU¡QHRVGH/LVERD
DFXPSOLUVH ߚ3DUD FXDQGR OR HQFXHQWUHQ \D HVWDUHPRV PX\ OHMRV GH DTX ߚPH GLMR /ROD
ߚ< 1XHYD <RUN" < 7RURQWR" < &KLFDJR" 7DPSRFR KDEODEDLV GH HVDV FRPRVLYHUGDGSHQVDVHTXHDTXHOORHUDSRVLEOH
FLXGDGHV" &HUU©HOPDOHWHUR\VRQUH+DEDVDFDGRHOHTXLSDMHGHOFRFKHPLYLHMDPDOHWD
/RODUHWLU³ODPDQRGHPLPXVOR\ODSDV³SRUGHWU¡VGHPLFXHOOR0HDFDULFL³HO FRQ WRGR OR TXH SRVHD \ OD GH /ROD /DV FRJ \ VLQ VDEHU PX\ ELHQ SRU TX© PH
SHORHQODQXFDORVUL]RVTXHEDMDEDQKDVWDODFDPLVD6LHPSUHORKHOOHYDGRDV$ GHWXYH\FHUU©ORVRMRVXQLQVWDQWHFRPRVLODVFDOLEUDVH$ODEULUORVRMRVYLD/RODDO
HOOD OH JXVWDED DFDULFL¡UPHOR FXDQGR ©UDPRV M³YHQHV \ SHQV¡EDPRV LQJHQXDPHQWH RWURODGRGHODSODQWDMXQWRDODVHVFDOHUDVTXHGHVHPERFDEDQHQXQDSOD]DHQODTXH
YLVLWDUWRGDVHVDVFLXGDGHVTXHDFDEDEDGHQRPEUDU KDEDYLVWRXQDHVWDWXDHFXHVWUHDQWHVGHHQWUDUHQHODSDUFDPLHQWR0HPLUDEDFRPR
ߚ'HDOJXQDGHHOODVVTXHKDEODPRVߚ/RODVRQUHDDOUHVSRQGHUFRPRTXLHQOH VL DGLYLQDVH PL JHVWR \ PH GL FXHQWD GH TXH HVWDED PX\ VHULD SUHRFXSDGD (UD OD
FXHQWDXQDKLVWRULDDXQQL±RSHTXH±RTXHWRGDYDQRKDSHUGLGRODLQRFHQFLDߚ3HUR SULPHUDYH]TXHODKDEDYLVWRDVGHVGHTXHHPSUHQGLPRVHOYLDMH6HJXURTXHHOOD
WDPSRFR IXLPRV %XHQR D 1XHYD <RUN V 3HUR IXH KDFH PXFKR WLHPSR < QR WDPEL©Q WHQD PLHGR F³PR SRGUD QR WHQHUOR 6LQ HPEDUJR HQ FXDQWR GL HO SULPHU
VXELPRVDODV7RUUHV*HPHODV SDVR SDUD UHFRUWDU OD GLVWDQFLD TXH QRV VHSDUDED OD H[SUHVL³Q VH WUDQVIRUP³ HQ XQD
&RPSXVH XQ JHVWR SDUHFLGR D XQD VRQULVD \ OD PLU© /ROD WDPEL©Q PH PLUDED VRQULVDODPLVPDVRQULVDGHVLHPSUHODTXHWHQDFXDQGRQRVFRQRFLPRVODPLVPD
7DPEL©QVRQUHD/HEULOODEDQORVRMRV TXH WHQD FXDQGR PH HVWDED HVSHUDQGR GLHFLRFKR D±RV GHVSX©V VHQWDGD HQ OD
6HVROW³HOFLQWXU³Q\VHDEUD]³DP0HEHV³HQODPHMLOODGHVSDFLRPLHQWUDV\R FDIHWHUD DO RWUR ODGR GHO FULVWDO <R VRQUHD WDPEL©Q FXDQGR OOHJX© D VX ODGR \
VHJXD FRQ OD YLVWD DO IUHQWH FRQFHQWUDGR HQ OD FRQGXFFL³Q 'H FXDQGR HQ FXDQGR FRQVHJX PDQWHQHU HO JHVWR GHVSX©V GH GHMDU ODV PDOHWDV HQ HO VXHOR SDUD GDUOH XQ
DSURYHFKDQGRTXH/RODWHQDORVRMRVFHUUDGRVPLUDEDHOHVSHMRUHWURYLVRUEXVFDQGR DEUD]R\PLHQWUDVORKDFDPLU©DXQODGR\DRWURSRUVLDOJXLHQQRVREVHUYDED
XQFRFKHOXMRVRD]XOPDULQRFRQORVFULVWDOHVDKXPDGRVFRQPDWUFXODHVSD±ROD $WUDYHVDPRV OD SOD]D SDUD EXVFDU XQ KRWHO \ HQVHJXLGD GHVHPERFDPRV HQ RWUD
(UDV³ORFXHVWL³QGHWLHPSR(VW¡EDPRVVHQWHQFLDGRV1RKDEDPRVYLVWRD/XLV SOD]D GRQGH KDED XQD IXHQWH (Q XQ U¡SLGR YLVWD]R FRPSURE© TXH KDED YDULRV
QLDQLQJXQRGHVXVHVELUURVSHURHVWDEDFODURTXHQRVHVWDUDQEXVFDQGR<RHQWHQGD KRWHOHVLJXDOTXHWDPEL©QKDEDYLVWRDOJXQRVVLWLRVSDUDDORMDUQRVHQODRWUDSOD]D
ORTXHSDVDEDVLV³ORKXELHUDVLGRFXHVWL³QGHGLQHURKDEUDVLGRWRGRP¡VVHQFLOOR FXDQGRVDOLPRVGHODSDUFDPLHQWR+DEDKRWHOHVGHYDULDVFDWHJRUDVSHURQRHUDHVR
3HURHVWRHUDGLIHUHQWH6HWUDWDEDGHDOJRTXHQRHVI¡FLOGHH[SOLFDU\TXHQRWLHQH OR TXH PH SUHRFXSDED DKRUD QHFHVLW¡EDPRV DOJR GLVFUHWR XQD FDOOH PHQRV
QDGD TXH YHU FRQ OD FRGLFLD R FRQ HO KHFKR GH VDEHUVH UREDGR R HVWDIDGR VLQR FRQ FRQFXUULGDXQOXJDUSRUHOTXHQRSDVDVHQFRFKHVGRQGHHODFFHVRIXHUDP¡VGLIFLO
SDODEUDVDQWLJXDV\JDVWDGDVKRQRURUJXOORDPRUSURSLR3RUPXFKRGLQHURTXHOH TXL]¡/RSHQVDED\PHGDEDFXHQWDGHTXHXQOXJDUDVWDPSRFRVHUYLUDGHPXFKRVL
KXELHUDQ UREDGR /XLV VLHPSUH VHUD FDSD] GH JHQHUDU PXFKR P¡V &RQ ORV D±RV VH TXLHQQRVEXVFDEDSRQDHOHPSH±RVXILFLHQWHHQHQFRQWUDUQRV3HURDOPHQRVQRVH
KDEDFRQYHUWLGRHQXQHPSUHVDULRSU³VSHURVHJXURTXHQRVLHPSUHGHQWURGHODOH\ ORLEDDSRQHUI¡FLO
SHURGXH±RGHXQDIRUWXQDSHURKDEHUPHOOHYDGRDVXPXMHUDVSRUODVEUDYDVDOD 3DVDPRV FHUFD GH OD IXHQWH DO DWUDYHVDU OD SOD]D 1RV PRMDPRV (O YLHQWR YHQD
YLVWD GH WRGRV \ UHSDUWLHQGR WRUWDV D GLHVWUR \ VLQLHVWUR HUD XQ JROSH LPSRVLEOH GH GHOPDU\DXQTXHHUDߚ\HVߚYHUDQRQRKDFDPXFKRFDORU(VOREXHQRTXHWLHQHQ
DVXPLU SDUD TXLHQ OD SDODEUD RUJXOOR WRGDYD VLJQLILFDED DOJR (V YHUGDG TXH ODVFLXGDGHVTXHHVW¡QFHUFDGHOPDUOHGLMHD/RODSRUGHFLUOHDOJRFRPRVLKDEODU
GLHFLRFKRD±RVDQWHV/XLVPHKDEDKHFKRP¡VRPHQRVORPLVPRSHURHVRDXQTXH GHDVXQWRVEDQDOHVGLVPLQX\HUDHOULHVJRTXHHVW¡EDPRVFRUULHQGR
HUD OD ºQLFD ED]D TXH PH TXHGDED WDQWR WLHPSR GHVSX©V SRGD PX\ ELHQ QR VHU (OOD VRQUL³ VH GHWXYR XQ PRPHQWR MXQWR D OD IXHQWH $VSLU³ HO DLUH 9ROYL³ D
VXILFLHQWH VRQUHU
$SDUFDPRV HO FRFKH HQ XQ JDUDMH GHO FHQWUR /D SULPHUD SODQWD HVWDED OOHQD \ 'HMDPRVDWU¡VODSOD]D\QRVFRODPRVHQXQDFDOOHVHFXQGDULD$OOHQFRQWUDPRV
WXYLPRV TXH GHMDUOR HQ OD VHJXQGD HQ XQ ULQF³Q HQWUH XQD FROXPQD \ OD SDUHG $ HO KRWHO TXH EXVF¡EDPRV 1R HUD PX\ JUDQGH QL PX\ QXHYR 3DUHFD GLVFUHWR \
/RODOHSDUHFL³TXHHUDXQEXHQHVFRQGLWHTXHDVQDGLHSRGUDHQFRQWUDUORRWDUGDUD WUDQTXLOR $O PHQRV HVD QRFKH OD SDVDUDPRV DOO 0D±DQD WDO YH] HVWDUDPRV OHMRV
3¡JLQD 3¡JLQD
SHQV©DOHPSXMDUODSXHUWDGHFULVWDODQWHVGHFUX]DUHOSHTXH±RYHVWEXOR/RSHQV© <DHUDSRUODWDUGH1RVKDEDPRVLQVFULWRHQHOKRWHOFRQPLQRPEUHIDOVR0RQWDQHU
FRPR XQR SLHQVD HQ HVDV FRVDV TXH FUHH TXH YDQ D SDVDU DXQTXH VHSD TXH HV XQQRPEUHTXHDIXHU]DGHXVDUORGXUDQWHWDQWRVD±RVKDEDYHFHVTXHVHFRQIXQGD
LPSRVLEOH FRPR FXDQGR VH PXHUH XQ VHU TXHULGR \ DOJXQDV YHFHV WH VRUSUHQGHV FRQHOPRFRQHOYHUGDGHURXQQRPEUHTXHKDEDWHQLGRGHVGHTXHQDF\TXHHQ
HVSHUDQGRTXHDSDUH]FDTXHWHOODPHSRUWHO©IRQRTXHWRGDYDQRKD\DDEDQGRQDGR RFDVLRQHV WHQD TXH HVIRU]DUPH XQRV VHJXQGRV HQ UHFRUGDU 1RV WXPEDPRV HQ ODV
HVWHPXQGR FDPDVGHODKDELWDFL³QߚHVWDYH]QRKDEDXQDFDPDGHPDWULPRQLRߚDOSULQFLSLR
(VWDEDHQ/LVERD&RQ/RODSRUILQ\DSHVDUGHWRGRQRSRGDGHMDUGHUHFRUGDU VLQGHFLUQDGDORVGRVFDOODGRV/RODERFDDEDMRODPHOHQDVXHOWDVREUHODDOPRKDGD
ORVRORTXHPHKDEDVHQWLGRGLHFLRFKRD±RVDWU¡VHQODPLVPDFLXGDGTXHYLVLWDED <RWXPEDGRHQODPDERFDDUULEDODVPDQRVFUX]DGDVGHWU¡VGHODQXFD&XDQGRXQ
SRUSULPHUDYH]\DODTXHQRKDEDTXHULGRYROYHUQXQFDKDVWDDKRUDFXDQGRPHGL KRPEUHVHWXPEDHQODFDPDERFDDUULEDFRQODVPDQRVFUX]DGDVGHWU¡VGHODQXFD\
FXHQWD GH TXH HOOD R /XLV ߚDºQ QR VXSH R QR TXLVH UHFRQRFHU TXH ORV GRVߚ PH VH SRQH D SHQVDU HV PX\ GLIFLO D SRFR TXH OH TXHGH DOJR GH KRQUDGH] TXH SXHGD
KDEDQ WUDLFLRQDGR +D\ FLXGDGHV D ODV TXH XQ KRPEUH QR GHEH YLDMDU VROR PH GLMH HQJD±DUVHDVPLVPR
HQWRQFHV/LVERDHVXQDGHHOODVFRQVXVFXHVWDVHPSHGUDGDV\VXVIDFKDGDVRVFXUDV (VWDEDDOOFRQODYHQWDQDDELHUWDSRUODTXHVHFRODEDXQEUHYHUXPRUGHWU¡ILFR
SRUODKXPHGDGSRUODPHODQFRODGHORVIDGRVTXL]¡HVXQDFLXGDGTXHXQRMDP¡V WDOYH]GHHVDSOD]DHQODTXHKDEDXQDIXHQWHGRQGHEHEDQODVSDORPDVDODWDUGHFHU
GHEHUDYLVLWDUVLQFRPSD±D GLFL©QGRPHRWUDYH]TXHQRPHKLFLHUDLOXVLRQHVTXHDTXHOPRPHQWRQRHUDP¡VTXH
<ODVSDORPDV4X©FXULRVR1RPHGLFXHQWDKDVWDTXHUHJUHV©FRQ/RODD/LVERD XQDPDOGLWDWUHJXDODSU³UURJDGHORVSDUWLGRVGHIºWERO$OGDVLJXLHQWHEXVFDUDPRV
GLHFLRFKR D±RV GHVSX©V GH DTXHO YLDMH LQºWLO SHUR XQD GH ODV FRVDV TXH PHMRU ODPDQHUDGHPDUFKDUQRVDDOJºQOXJDUVHJXUR'LHFLRFKRD±RVDWU¡V\RDOEHUJDEDHO
UHFRUGDED GH HQWRQFHV \ PH GL FXHQWD GH UHSHQWH DO YHUODV RWUD YH] HQ OD IXHQWH SODQLQJHQXRGHVRERUQDUDOFDSLW¡QGHDOJºQEDUFRPHUFDQWHSDUDTXHQRVOOHYDVHD
MXQWRDODTXHKDEDPRVSDVDGRXQRVPLQXWRVDQWHVHUDQODVSDORPDV'LHFLRFKRD±RV 1XHYD <RUN VLQ SHGLU H[SOLFDFLRQHV $KRUD QR WHQD QLQJºQ SODQ 1LQJXQR VDOYR
DQWHVFXDQGRHVWXYHDQGDQGRODºOWLPDPD±DQDTXHSDV©HQ/LVERDGHVSX©VGHKDEHU VREUHYLYLU6REUHYLYLUDXQTXHV³ORIXHVHXQGDP¡V
SDVDGRWRGDODQRFKHHQYHODFXDQGR\DQRPHTXHGDEDP¡VUHPHGLRTXHVHUYDOLHQWH &HUU©ORVRMRVHQXQHVIXHU]RLQºWLOSRUTXHGDUPHGRUPLGR5HVSLU©KRQGRYDULDV
\UHFRQRFHUTXHPHKDEDQWUDLFLRQDGRTXHVHKDEDQODUJDGRORVGRV/XLV\/ROD\ YHFHVWUDW©GHUHODMDUPHSHURVDEDFRPRVDEHQWRGRVORVLQVRPQHVTXHQRSRGUD
TXHPHLEDDVHULPSRVLEOHYLYLUORVUDWRVWDQIHOLFHVTXHKDEDLPDJLQDGRFRQHOOD FRQFLOLDU XQ VXH±R GHFHQWH VL DFDVR XQD GXHUPHYHOD HVFDVD TXH QR EDVWDUD SDUD
PHSXVHDSDVHDUGHVRULHQWDGRFRQODVPDQRVPHWLGDVHQORVEROVLOORV\ODEDUELOOD PLWLJDUHOFDQVDQFLRTXHVHQWDHOGRORUHQHOFRVWDGRODVDQJUHTXHPHSDOSLWDEDHQ
FODYDGDHQHOSHFKRVLQTXHUHUPLUDUDQDGLHDORVRMRVDWUDYHVDEDODVSOD]DV\VXED HO RMR KLQFKDGR OD SUHRFXSDFL³Q DO SHQVDU HQ TX© PRPHQWR \ GH TX© PDQHUD QRV
FXHVWDVDGRTXLQDGDV1XQFDHQPLYLGDPHKDEDVHQWLGRWDQVROR HQFRQWUDUD/XLV
$ SHVDU GH TXH QDGLH YLQR D EXVFDUPH HQWRQFHV VH PH HVFDS³ XQD VRQULVD TXH $O SULQFLSLR FXDQGR OD VHQW D PL ODGR SHQV© TXH DO ILQ PH KDED TXHGDGR
LQH[SOLFDEOHPHQWH QR HUD DPDUJD DO DFRUGDUPH GH DTXHOOR DO UHFRUGDUPH SDVHDQGR GRUPLGRTXHVR±DEDTXHQDGLHQRVSHUVHJXD\TXHDORVGRVQRVHVSHUDEDXQDYLGD
SRUXQDFLXGDGTXHQRKDEDYLVLWDGRQXQFDPLUDQGRGLVWUDGDPHQWHODVIDFKDGDVGH SO¡FLGD\IHOL]$YHFHVDQWHVGHTXH/RODYROYLHVHDFUX]DUVHHQPLFDPLQRPHGDED
ORVHGLILFLRVJDVWDGDVSRUODVDO\SRUHOYLHQWRGHO$WO¡QWLFRODVSDORPDVHQODVSOD]DV SRUSHQVDUTXHPLYLGDHUDGLVWLQWDTXHQRWHQGUDTXH]DUDQGHDUQXQFDP¡VDQDGLH
DPSOLDV\GHVSHMDGDVTXHOHYDQWDEDQHOYXHORFXDQGRPHDFHUFDEDFRPRVLIXHUDXQ SDUD FREUDU XQD GHXGD QL DPHQD]DUOR FRQ URPSHUOH ODV SLHUQDV \ PXFKR PHQRV
DSHVWDGR \ QR TXLVLHUDQ PH]FODUVH FRQPLJR < ODV JDYLRWDV WDPEL©Q VLHPSUH ODV URPS©UVHODVHVFXFKDUF³PRVHTXLHEUDQVXVKXHVRVTXHQRWHQGUDTXHWUDEDMDUSDUD
JDYLRWDVSODQHDQGRVREUHODGHVHPERFDGXUDGHO7DMRDWHQWDVSDUDDJDUUDUVXSUHVD WLSRVDORVTXHGHWHVWDEDTXHPLH[LVWHQFLDSRGUDVHUWDQWUDQTXLOD\WDQDJUDGDEOH
$KRUDSURFXURROYLGDUORORVQRPEUHVGHODVFDOOHVF³PRVHOODPDEDQORVWLSRVD FRPR OD GH FXDOTXLHUD /R SHQVDED XQ PRPHQWR \ SURFXUDED QR GDU GHPDVLDGD
ORV TXH OHV KDEDQ HULJLGR DTXHOODV HVWDWXDV HFXHVWUHV LPSRQHQWHV TXH SUHVLGHQ ODV LPSRUWDQFLDDPLVSHQVDPLHQWRVSRUTXHHQHOPXQGRGRQGHYLYDQRKDEDVLWLRSDUD
SOD]DVODFDOOHGRQGHHVWDEDHOKRWHOGRQGHQRVDORMDPRVRHOQRPEUHTXHILJXUDEDHQ ODV XWRSDV 3RU HVR FXDQGR /ROD VH WXPE³ HQ OD FDPD MXQWR D P OR SULPHUR TXH
HOU³WXORGHODIDFKDGD8QDYH]TXHKDSDVDGRV³ORPHLPSRUWDQODVVHQVDFLRQHVTXH SHQV©IXHTXHPHKDEDTXHGDGRGRUPLGR1RODKDEDHVFXFKDGROHYDQWDUVHKDFHUVH
PHKDQTXHGDGRHORORUGHOPDUODEULVDVXDYHGHOYHUDQRWDQDJUDGDEOHODPLVPD XQVLWLRHQPLFDPDWDQHVWUHFKD6LQDEULUORVRMRVWRGDYDDFDULFL©ODSLHOGHVQXGD
TXHUHVSLURDKRUDODPDQRGH/RODDSUHWDQGRODPDILQJLHQGRTXHQRVHGDEDFXHQWD GHVXHVSDOGD/DDSUHW©FRQWUDPLFXHUSR\VRQUH0HJXVWDEDVXSLHOWDQF¡OLGD
GHORSUHRFXSDGRTXHHVWDEDPLUDQGRKDFLDDWU¡VGHFXDQGRHQFXDQGRFRPRVLVHOH &RQORVRMRVFHUUDGRVEXVTX©VXVODELRV\ORVEHV©/RODPHFRUUHVSRQGL³GHOPLVPR
KXELHVHHVFDSDGRDOJRTXHKDEDHQXQHVFDSDUDWHDOSDVDU PRGR
$JXDIUHVFD
3¡JLQD 3¡JLQD
8QDOLJHUDEULVDHQWU³SRUODYHQWDQDOHYDQWDQGRODFRUWLQDGHMDQGRTXHHQWUDVHOD GHSRGHUVDOLUDGHODQWHHVKXLUVLQHOODVWUHGHXQWLSRFRPR\R/RODQRHVODFODVHGH
OX]GHODWDUGHHQODKDELWDFL³Q$EUORVRMRV\HOODHVWDEDDPLODGRDEUD]DGDDPL PXMHUTXHQHFHVLWDDQDGLHSDUDVDOLUDGHODQWHSDUDVREUHYLYLU/RODDSHVDUGHORTXH
FXHOOR DSUHWDGR VX FXHUSR FRQWUD HO PR $O ILQDO HUD YHUGDG PH GLMH 1R HVWDED PHKDEDFRQWDGRGHODVSULQFHVDVGHORVFXHQWRVMDP¡VHQVXYLGDKDHVSHUDGRTXH
GRUPLGR \ OD PXMHU D OD TXH DPDED VH KDED OHYDQWDGR GH VX FDPD \ VH KDED XQKRPEUHYHQJDDUHVFDWDUOD(VXQDPXMHUYDOLHQWH\KDFDPXFKRWLHPSRTXHSDUD
DFXUUXFDGRMXQWRDP1RHVTXHHQDTXHOPRPHQWRWXYLHVHODFHUWH]DGHTXHHOODPH PHVWDEDFODURTXHDFDEDUDGHM¡QGRPHHQODFXQHWDRWUDYH]
TXHUDQRODKDEDWHQLGRQXQFD\DSHVDUGHODLQWHQVLGDGGHDTXHOPRPHQWRQRPH 3HUR\RVHJXDDVXODGR(VGLIFLOGHHQWHQGHU2QR0HKDEDWUDLFLRQDGRXQD
LED D GHMDU HQJD±DU SRU XQ HVSHMLVPR SHUR VL DFDVR PH GLMH DO URGHDUOD FRQ PLV YH] \ VDED TXH SRGUD YROYHU D WUDLFLRQDUPH SHUR D SHVDU GH WRGR QR TXHUD
EUD]RV\YROYHUDEHVDUODWDOYH]DTXHOODFDUQHWLELDDTXHOODVDOLYD\DTXHOODVFDULFLDV VHSDUDUPHGHHOOD
HUDQORºQLFRTXHPHUHFDODSHQDHQWRGDHVDORFXUDSRUODTXHKDEDSDVDGRGHVGH +DFL©QGRPHHOGRUPLGRHQODKDELWDFL³QGHDTXHOKRWHOGH/LVERDPHVHQWDHO
TXHPHIXLGH0DGULGORºQLFRTXHGHYHUGDGLPSRUWDEDHQHOVLQVHQWLGRTXHHVWDED SºJLOGHUURWDGRGHXQFRPEDWHTXHVHHVWDEDOLEUDQGRVLQSHOHDUVLTXLHUD(VFXFK©D
YLYLHQGR4X©P¡VGDEDDKRUDWRGRORGHP¡V4X©LPSRUWDEDQ/XLV\&KRFRODWHTX© /ROD DEULU OD FUHPDOOHUD GH VX EROVD GHVSDFLR \ VLQ TXHUHU HQWUHDEU ORV RMRV (OOD
LPSRUWDED3DXODRORVWLSRVDORVTXHKDEDWHQLGRTXHDVXVWDUGXUDQWHORVD±RVHQORV HVWDEDDJDFKDGDGHHVSDOGDVDP6DF³DOJR\ODFHUU³SURFXUDQGRQRKDFHUUXLGR
TXHWUDEDM©GHPDW³QTX©LPSRUWDEDTXHODPXMHUDODTXHDKRUDEHVDEDPHKXELHUD 4XLVHSHQVDUTXHVHPRYDGHVSDFLRSDUDQRGHVSHUWDUPH/DVFRQFOXVLRQHVTXHXQR
WUDLFLRQDGRGLHFLRFKRD±RVDWU¡VTX©LPSRUWDEDLQFOXVRTXHQRPHTXLVLHUDDKRUD VDFDFXDQGRHVW¡HQDPRUDGRRGHVHVSHUDGRWLHQHQPXFKRP¡VTXHYHUFRQODLOXVL³QR
TXHQXQFDPHKXELHUDTXHULGR$TXHOODWDUGHPLHQWUDVHOVROVHKXQGDHQORVWHMDGRV FRQORVGHVHRVTXHFRQODYHUGDGSHURSRUORTXHVXSHGHVSX©VPHHQWHU©GHTXHOD
GH/LVERDPLHQWUDVDFDULFLDEDODSLHOGH/ROD\EHVDEDVXVODELRVHUDIHOL]&HUU©ORV LQWHQFL³Q GH /ROD DO PHQRV HQ DTXHO LQVWDQWH HUD QR GHVSHUWDUPH 6DED TXH HUD
RMRVGHQXHYRSDUDTXHODV\HPDVGHORVGHGRV\PLVODELRVGLVIUXWDVHQSOHQDPHQWH LQVRPQH TXH PH FRVWDED PXFKR GRUPLU ,PDJLQDED TXH GHEHUD HVWDU FDQVDGR SRU
GHORTXHODYLGDPHRIUHFDGHDTXHOODWUHJXDTXHHVWDEDVHJXURVHDFDEDUDSURQWR WRGRORTXHKDEDSDVDGRHQODVºOWLPDVKRUDV\QRTXHUDPROHVWDUPH
&XDQGR HOOD VH OHYDQW³ \R KDED YXHOWR D FHUUDU ORV RMRV KDED UHVSLUDGR KRQGR
SDUDILQJLUTXHHVWDEDGRUPLGR/DHVFXFK©SRQHUVHORV]DSDWRVDFHUFDUVHDPLFDPD
/XHJR QRV VHSDUDPRV XQ UDWR \ PL SUHRFXSDFL³Q HQWRQFHV WXYR PHQRV TXH YHU FRQ HVH VRQLGR LQFRQIXQGLEOH \ WDQ DJUDGDEOH SDUD XQ KRPEUH TXH KD HVWDGR VROR WDQWR
/XLV\FRQVXVHVELUURVTXHFRQODGXGDLQIDQWLOGHTXHHOOD\DVHKXELHUDPDUFKDGR WLHPSR GH XQRV WDFRQHV 6HQW VX DOLHQWR F¡OLGR HQ OD PHMLOOD \ VXV ODELRV TXH
'HVSX©VGHKDFHUHODPRUVHKDEDOHYDQWDGRGHODFDPDVLQQLQJXQDSHUH]DKDED UR]DEDQPLSLHOGHVSDFLRFRPRVLTXLVLHUDQGHVSHGLUVHGHPRQRGHVSHUWDUPHTXL]¡
HVWLUDGR HO HVSO©QGLGR FXHUSR SDUD GHVHQWXPHFHU ORV PºVFXORV GH HVSDOGDV D P 0RQWDOE¡Q PL YLGD PH GLMR 0H JXVW³ HVFXFKDU DTXHOOR 0RQWDOE¡Q PL YLGD
GHPRUDQGR HO PRYLPLHQWR WDO YH] SDUD TXH \R SXGLHVH FRQWHPSODU VX GHVQXGH] 6H (UDQSDODEUDVTXH/RODWDOYH]QRVHQWDSHURLQFOXVRDVPHDJUDGDEDHVFXFKDUODV$
YROYL³SDUDPLUDUPHFRQHOUDELOORGHORMR\VRQUL³<RWDPEL©Q0HGLODYXHOWDHQOD YHFHV QRV SDVD HVR HVWDPRV WDQ VRORV R WDQ IDOWRV GH FDUL±R TXH QRV EDVWD FRQ
FDPDHQFHQGXQFLJDUULOOR\PHWDS©FRQODV¡EDQD3RUODYHQWDQDHQWUDEDDKRUDXQD HVFXFKDUXQSDUGHSDODEUDV\SUHIHULPRVQRGHWHQHUQRVDSHQVDUTXHWDOYH]QRVHKDQ
EULVDKºPHGD GLFKR GH YHUGDG SRUTXH OR TXH TXHUHPRV HV VLPSOHPHQWH HVFXFKDUODV 0RQWDOE¡Q
+DEDPRVFHUUDGRODSXHUWDFRQOODYH\HVFXFKDEDD/RODHQHOFXDUWRGHED±RHO PL YLGD GLMR GH QXHYR $EU ORV RMRV SDUSDGH© FRPR VL GH YHUGDG DFDEDVH GH
DJXDFDOLHQWHGHODGXFKDORVHFRVGHXQDFDQFL³QTXHHQWRQDED\TXHQROOHJDEDD GHVSHUWDUPH%HV©VXVODELRVUHFL©QDOHJUDGRVFRQFDUPQ/RODGHPRU³VXERFDHQOD
LGHQWLILFDUHQODGXHUPHYHOD$SDJX©HOFLJDUULOORPHDUUHEXM©EDMRODPDQWDSRUTXH PD XQRV VHJXQGRV DQWHV GH VHSDUDUVH XQ SRFR GH P SDUD HQVH±DUPH XQ IDMR GH
WHQD IUR SHUR WDPEL©Q SRUTXH PH DJUDGDED HO IUHVFRU GHO DLUH TXH SUHFHGH D OD ELOOHWHVYHUGHVQXHYRVGHFLHQ3DUHFDQUHFL©QKHFKRV/RVVDFXGL³HQHODLUHFRPR
WRUPHQWDGHXQYHUDQRFDOXURVRFRPR©VWH VLHVSDQWDVHDXQDPRVFDSHVDGDDQWHVGHSRQHUVHGHSLH\JXDUG¡UVHORVHQHOEROVR
3HURQRHVWDEDGRUPLGRSRUTXHODJHQWHTXHGXHUPHWDQSRFRFRPR\RUDUDYH] )UXQFHOFH±RFRPRVLQRFRPSUHQGLHUD
VH DEDQGRQD GHO WRGR DO VXH±R $ SHVDU GH WRGR QR TXLVH DEULU ORV RMRV FXDQGR OD ߚ0HYR\GHFRPSUDVߚPHDFODU³/RODFHUUDQGRHOEROVR/XHJRVHOHYDQW³ODV
HVFXFK©VDOLUGHODGXFKDHQYXHOWDHQXQDWRDOODUHYROYL©QGRVHHOSHORFRQRWUDP¡V WLUDQWDVGHOYHVWLGRFRQORVSXOJDUHVߚ0HKHYHQLGRFRQORSXHVWRQRWHDFXHUGDV"
SHTXH±D (PSH]³ D YHVWLUVH SURFXUDQGR QR KDFHU UXLGR SRUTXH SHQVDED TXH HVWDED 1RSRGDGHMDUGHDGYHUWLUOD$OFDERHOODHUDPLUHVSRQVDELOLGDGVXSUHPD
GRUPLGRSLVDEDGHSXQWLOODVHOVXHORHQPRTXHWDGRGHODKDELWDFL³QGHOKRWHOSDUDLU ߚ(VSHOLJURVRTXHVDOJDVVROD/XLVSXHGHHVWDUSRUDTX
DOFXDUWRGHED±RDSHLQDUVHDSLQWDUVHORVRMRVTXL]¡$OVDOLUVLQSRQHUVHORV]DSDWRV $O GHFLU HO QRPEUH GH /XLV D HOOD VH OH QXEODURQ ORV RMRV XQ LQVWDQWH 6H TXHG³
WRGDYDDEUL³ODFUHPDOOHUDGHODPDOHWDTXHKDEDWUDGR<DKDOOHJDGRHOPRPHQWR FDOODGDXQDIUDFFL³QGHVHJXQGRFRPRVLWXYLHUDTXHKDFHUXQHVIXHU]RSRUUHFRUGDUD
PHGLMH<DKDOOHJDGRHOPRPHQWRGHTXHVHPDUFKHHOODVRODSRUTXHODºQLFDIRUPD /XLVRFRPRVLUHFRUGDUORODLQTXLHWDUDWDQWRTXHVHTXHGDEDSDUDOL]DGDLJXDOTXHODV
3¡JLQD 3¡JLQD
HVWDWXDV GH FHUD GH ORV PXVHRV R HVD JHQWH TXH SLGH HQ OD FDOOH HQ OR DOWR GH XQD /RGLMR\PRUGL³PLVODELRVVLQGDUPHWLHPSRDUHVSRQGHUDSURWHVWDUDGHFLUOH
WDULPDRXQFDM³QHOFXHUSRTXLHWRFRPRVLHVWXYLHUDQPXHUWRVKDVWDTXHDOJXLHQOHV GH QXHYR TXH HUD PX\ DUULHVJDGR TXH VDOLHUD VROD TXH SRU PX\ YDOLHQWH TXH IXHVH
HFKD XQD PRQHGD (VWDED /ROD WRGDYD LQP³YLO FRQ XQD H[SUHVL³Q GHWU¡V GH OD TXH VHJXD VLHQGR XQD PXMHU \ TXH QR SRGUD KDFHU QDGD QR SRGUD GHIHQGHUVH QL
SRGDDGLYLQDUVHXQDVRQULVDRWDPEL©QHOPLHGRFXDQGRHVFXFKDPRVXQUHO¡PSDJR VLTXLHUDSRGUDHVFDSDUVL/XLVRORVVX\RVODHQFRQWUDEDQ
\OXHJRHVDVJRWDVWDQJUXHVDVODVSULPHUDVGHOYHUDQRGHOILQDOGHYHUDQR7DUGDPRV 3HURHUDLPSRVLEOHGHFLUQDGD0LVODELRVVHKDEDQUHODMDGRDOVHQWLUHOFRQWDFWR
XQ LQVWDQWH HQ FRPSUHQGHU TXH HVWDED OORYLHQGR TXH HO YHUDQR LJXDO TXH OD YLGD GHORVGH/RODTXHVHJXDQSHJDGRVDORVPRVFRQODXUJHQFLDGHOGHVHR6XOHQJXD
LJXDOTXHHODPRURHOGHVHRWDPEL©QVHWHUPLQD KXUJDEDGHQWURGHPLERFDEXVFDQGRODPDGHVHVSHUDGD
0HGHVSHUHF©EDMRODVV¡EDQDV/RKLFH\YROYDWDSDUPHFRPRXQQL±RSHUH]RVR ߚ1RSDVDU¡QDGDPLYLGD
TXHQRTXLHUHLUDOFROHJLR$KRUDWHQDP¡VIUR7DOYH]SRUTXH/RODVHPDUFKDEDGH +DEODED HQWUH MDGHRV SDUHFD TXH OH FRVWDED XQ HVIXHU]R JUDQGH DUWLFXODU ODV
FRPSUDV\PHLEDDTXHGDUVROR$OOHVWDED\RXQKRPEUHW³QKHFKR\GHUHFKRH[ SDODEUDV &HUU© ORV RMRV )XHUD HVWDOO³ RWUR UHO¡PSDJR HO UXPRU DJUDGDEOH GH OD
DVSLUDQWHDFDPSH³QGH(XURSDGHORVSHVRVVXSHUZHOWHUGXH±RGHOGHVKRQURVRWWXOR WRUPHQWD\HQDTXHOPRPHQWRVHQWTXHORVODELRVGH/RODVDEDQDOOXYLD
GH PDW³Q GH EDUULR GH FREUDGRU GH GHXGDV SRU FXHQWD DMHQD H[SHUWR HQ FRJHU D
GHVJUDFLDGRVSRUODVRODSD\PLUDUORVDORVRMRVSDUDLQRFXODUOHVPLHGRXQWLSRFRQOD
QDUL] URWD \ OD YLGD IUDFDVDGD HVWDED DVXVWDGR QR GH TXHGDUPH VROR HQ XQ KRWHO GH
/LVERDVLQRGHTXHHOODVHPDUFKDVH\\DQRYHUODQXQFDP¡V
/DPLU©DORVRMRV,QVLVW
ߚ(VSHOLJURVR
ߚ1RSDVDQDGD
ߚ6SXHGHSDVDU
/ROD VH HQFRJL³ GH KRPEURV 0H DGPLU³ VX GHVSUHRFXSDFL³Q DSDUHQWH (VWDED
VHJXURGHTXHHQHOIRQGRWHQDWDQWRPLHGRFRPR\RLQFOXVRP¡VSHURORGLVLPXODED
WDQELHQTXHQRGHMDEDGHVHQWLUFLHUWDLQTXLHWXGSRUHOOR
0HOHYDQW©GHODFDPD%XVTX©HOSDQWDO³QDUUXJDGRHQHOVXHOR+LFHDGHP¡QGH
SRQ©UPHOR
ߚ'©MDPHDOPHQRVTXHWHDFRPSD±H
/ROD VDFXGL³ OD FDEH]D /D PHOHQD D]DEDFKH VH DJLWDED FRQ HQHUJD VREUH VXV
KRPEURV
ߚ1LKDEODU
1RPHTXHG³RWUDTXHDUURMDUODWRDOODVXVSLUDUODUJDPHQWHFRPRTXLHQOHLQGLFD
D VX DGYHUVDULR FRQ XQ JHVWR VXWLO TXH VH KD UHQGLGR TXH \D QR SXHGH P¡V TXH KD
OOHJDGRODKRUDGHEDMDUORVEUD]RVSHURTXHDSHVDUGHHOOROHGLFHTXHQRWLHQHUD]³Q
ߚ3RUTX©
(VFXFK©RWURUHO¡PSDJRDPLHVSDOGDDQWHVGHTXH/RODPHUHVSRQGLHUD)XHUDOD
OOXYLD DUUHFLDED 'HVGH OD KDELWDFL³Q SRGD VHQWLU ODV JRWDV JROSHDU ODV FXHVWDV
DGRTXLQDGDV 8QD U¡IDJD GH YLHQWR VH FRO³ HQ OD KDELWDFL³Q \ VHQW F³PR VH PH
HUL]DEDHOYHOOR/RODUHFRUW³ODEUHYHGLVWDQFLDTXHQRVVHSDUDED,EDDGHFLUPHDOJR
SHURDSHVDUGHHVWDUWDQFHUFDTXHSRGDVHQWLUVXDOLHQWRHQODFDUDQRPHPLUDEDD
ORVRMRVVLQRDORVODELRV/RVPLUDEDILMDPHQWHFRPRVLDSHVDUGHKDEHUORVEHVDGR
XQLQVWDQWHDQWHVVHKXELHVHROYLGDGRGHVXVDERU
ߚ3RUTXHXQDPXMHUGHEHLUVRODGHFRPSUDVPLYLGD
3¡JLQD 3¡JLQD
QDKRUD\PHGLDGHVSX©VUHFRUUDORVHVFDVRVYHLQWHPHWURVTXHKDEDHQWUHOD SDUDLQWHQWDUWUDQTXLOL]DUPHLPDJLQDEDTXHDSDUHFDSRUODFXHVWD3URFXU©QRSHQVDU
8 SXHUWDGHOKRWHO\ODHVTXLQDGHODFDOOHSRUGRQGHGHEDDSDUHFHU/ROD'HQR HQDTXHOORVWUHVGDVTXHKDEDSDVDGRHQ/LVERDKDVWDTXHPHGLFXHQWDGHTXHQDGLH
VHU SRUTXH DO FDPLQDU OOHYDED ODV PDQRV PHWLGDV HQ ORV EROVLOORV FXDOTXLHUD PH YHQGUDDEXVFDUPHTXHPLQRYLD\VXDPDQWHHOFRQWDEOHVHKDEDQHVIXPDGR1XQFD
KDEUD FRQIXQGLGR FRQ XQ VROGDGR GH SDLVDQR TXH QR SXHGH GHVSUHQGHUVH GH ORV KHVLGRGHORVTXHVHULQGHQQLVLTXLHUDVR\GHORVTXHVHUHVLJQDQTXHDOFDERHV
PRGRVPDUFLDOHVQLVLTXLHUDFXDQGRVHTXLWDHOXQLIRUPH(VWLUDEDODVSLHUQDVDOGDU RWUD IRUPD GH UHQGLUVH 7RGR OR TXH PH KDED SDVDGR GHVGH TXH VDO GH 0DGULG HQ
ORV SDVRV VLQ YDULDU HO ULWPR HO FH±R IUXQFLGR FRQFHQWUDGR HQ HO PRYLPLHQWR EXVFDGH/RODQRKDEDVLGRP¡VTXHXQDIRUPDGHHVFDSDUGHKXLUKDFLDDGHODQWH
DXWRP¡WLFR L]TXLHUGD L]TXLHUGD L]TXLHUGD GHUHFKD L]TXLHUGD 3DVDEDQ TXLQFH SRUTXH\RQRWHQDDG³QGHLU\SRUHVRSDVHDEDQHUYLRVREDMRODILQDOOXYLDTXHKDED
PLQXWRVGHODKRUDDODTXH/RODPHKDEDGLFKRTXHLEDDYROYHU'HYH]HQFXDQGR HPSH]DGRDFDHURWUDYH]HVSHUDQGRD/ROD3HURXQKRPEUHQRORDEDQGRQDWRGR\
PHSDUDEDHQODHVTXLQDSRUVLODYHDDSDUHFHUDORWURODGRGHODFXHVWDHQWRUQDED YDHQEXVFDGHXQDPXMHUDODTXHXQDYH]DP³V³ORSRUTXHQRWHQJDDG³QGHLU\XQD
ORVRMRV\PLUDEDKDFLDDUULEDSHURHOODQRYHQD2WUDVYHFHVPHSDOSDEDODSLVWROD PXMHUQROHPDQGDXQPHQVDMHDXQYLHMRDPLJRV³ORSRUVL©VWHVHGHFLGHDYHQLUD
SHURHVRQRPHWUDQTXLOL]DED YHUOD GHVSX©V GH KDEHU SDVDGR WDQWR WLHPSR GHVGH TXH OR WUDLFLRQ³ +D\ DOJR P¡V
3DVDURQ RWURV GLH] PLQXWRV \ /ROD QR DSDUHFD $ YHFHV OR TXH VXFHGH SDUHFH 6LHPSUH KD\ DOJR P¡V DOJR TXH HVW¡ RFXOWR HQ DOJºQ ULQF³Q GHO DOPD HQ HVH SR]R
FDOFDGRGHOSDVDGR\ORSHRUGHWRGRRORP¡VH[WUD±RHVTXHGHSURQWRWHYHVDOO RVFXURTXHJXDUGRHQHOSHFKRHQHVHSR]RRVFXURTXHJXDUGD/RODWDPEL©QFRPR
HQODPLVPDFLXGDGRWUDYH]VRORSHURORTXHP¡VWHLQTXLHWDRWHVRUSUHQGHHVTXH WRGR HO PXQGR +DED DOJR P¡V WDPEL©Q GHWU¡V GH ORV RMRV GH /ROD DOJR FX\D
HVW¡VSHQVDQGRGHQXHYRHQODPLVPDPXMHUHQODTXHSHQVDEDVHQWRQFHVFRPRVLOD YHUGDGHUD LQWHQFL³Q QL \R QL QLQJºQ KRPEUH KDEUD SRGLGR DGLYLQDU <R PH KDED
YLGDQRKXELHUDFDPELDGRRFRPRVLHOGHVWLQRHQXQDSLUXHWDH[WUD±DWHOOHYDVHDO DFHUFDGR D HOOD FRPR XQ VRQ¡PEXOR VLQ VHU FDSD] GH FRQWURODU PLV DFWRV GHO WRGR
SDVDGRRWUDYH] FRPR XQ PDULQHUR KHFKL]DGR SRU ORV FDQWRV GH XQD VLUHQD /R KDED KHFKR D
0H SDUHFL³ HQWRQFHV TXH KDED YLDMDGR KDFLD DWU¡V HQ HO WLHPSR TXH WHQD VDELHQGDVGHTXHDFHUFDUPHD/RODQRPHDFDUUHDUDP¡VTXHSUREOHPDVODUXLQDWDO
GLHFLRFKR D±RV PHQRV \ TXH WDPEL©Q HVWDED HQ /LVERD HVSHUDQGR D /ROD D TXH YH]3HURDKRUDHVWDEDDOOHQ/LVERDFRQHOOD\HVRHUDORºQLFRTXHLPSRUWDED
YLQLHUDFRQHOGLQHURTXHOHKDEDQUREDGRDO*RUGR/XLVQRKDEDGLFKRORTXHKDUD 6XVSLU©DOLYLDGRDOYHUODEDMDUODFXHVWD9HQDFDUJDGDGHEROVDV(OODVRQUL³VLQ
R DO PHQRV QR VH KDED LQYHQWDGR QLQJXQD KLVWRULD IDQW¡VWLFD SDUD FRQYHQFHUPH $O TXHUHUGDUVHFXHQWDGHTXH\RPHKDEDSXHVWRVHULR0LU©HOUHORM\VDFXGODFDEH]D
FDER/XLVDVXPRGRKDEDVLGRVLQFHUR7RGRORVLQFHURTXHSXHGHVHUTXLHQYDD ߚ+DVWDUGDGRPXFKR
HQJD±DU D XQ DPLJR /ROD \ \R QRV EDPRV D LU MXQWRV D GDU OD YXHOWD DO PXQGR D /ROD IUXQFL³ HO FH±R /D VRQULVD GHVDSDUHFL³ GH VX FDUD 3DUHFD QR TXHUHU
YLVLWDUORVUDVFDFLHORVGHODVJUDQGHVFLXGDGHVSDUDKDFHUHODPRUHQWUHODºOWLPD\OD HQWHUDUVHGHORSHOLJURVRTXHSRGUDVHUGDUXQSDVHRVROD2WDOYH]ORVDEDSHUROH
SHQºOWLPDSODQWD/RKDEDPRVKDEODGRPXFKDVYHFHVORVGRVHQODFDPDHQWUHULVDV GDEDLJXDO
PHGLR HQ EURPD PHGLR HQ VHULR HVDV PD±DQDV HQ ODV TXH QRV OHYDQW¡EDPRV WDUGH 0HODTXHG©PLUDQGRSHURGHPLVRMRVHOODQRSRGDFROHJLUUHSURFKHVLQRXQD
GHVSX©VGHKDEHUGRUPLGRMXQWRV/RTXHVXFHGDDKRUDFDVLYHLQWHD±RVGHVSX©VHUD PH]FODGHDOLYLR\SUHRFXSDFL³Q
FRPR OD VHJXQGD SDUWH GH XQD SHOFXOD HQ OD TXH HO GLUHFWRU KXELHUD HOHJLGR D ORV ߚ(VWDEDSUHRFXSDGR
PLVPRVDFWRUHVSDUDTXHORVHVSHFWDGRUHVSXGLHUDQFRPSUREDUHQVXVURVWURV\HQVXV /RODGHM³HQHOVXHORODVEROVDVTXHOOHYDEDHQXQDPDQR\PLU³HOUHORM9LTXH
FXHUSRV ORV HVWUDJRV GHO WLHPSR /XLV KDED HQJRUGDGR KDED SHUGLGR SHOR $ P WHQD ODV SXQWDV GHO SHOR KºPHGDV SRU OD OOXYLD ORV UL]RV EULOODQWHV EDUUL©QGROH ORV
DOJXQDVFDQDVPHFDVWLJDEDQODVVLHQHV/RODWHQDDOJXQDVSDWDVGHJDOORSHURVHJXD KRPEURV
VLHQGRPX\KHUPRVD7DQWRFRPRDQWHV7DOYH]P¡V/DDFFL³QVHGHVDUUROODEDHQOD ߚ/RVLHQWR
PLVPDFLXGDGORVSHUVRQDMHVHUDQORVPLVPRV\WDPEL©QKDEDXQDPXMHUSRUPHGLR $OGHFLUORSDUHFDXQDQL±DTXHVHDUUHSHQWDSRUKDEHUOOHJDGRDFDVDP¡VWDUGH
(UDWRGRLJXDOSHUR\RWRGDYDQRVDEDHOILQDO/RLQWXDFRPRTXLHQHVFDSD]GH GHODVGLH]8QDQL±DSHUYHUVD$SHQDVKDEDSURQXQFLDGRODVGRVSDODEUDV\YROYDD
SUHGHFLUHOIXWXURDJUDQGHVUDVJRVHQEUXWRVLQDILQDUVLQFRQFUHWDUGHWDOOHV/RODQR VRQUHUFRPRVLGHYHUGDGKLFLHUDIDOWDTXHODSHUGRQDUD
KDEDYHQLGRHQWRQFHV\WDOYH]DKRUDVHKXELHUDPDUFKDGRSHUR\RQRSHUGDRQR ߚ(VSHOLJURVR/ROD<DORVDEHV
TXHUDSHUGHUODHVSHUDQ]DGHYHUODDSDUHFHUEDMDQGRODFXHVWDFDUJDGDGHSDTXHWHV ߚ&DUL±RQRWHHQIDGHV
FRQODURSDTXHVHLEDDSRQHURTXHWDOYH]\DWUDHUDSXHVWDGHODWLHQGDLQGROHQWHDO 'HM³WDPEL©QHQHOVXHORODEROVDTXHOOHYDEDHQODRWUDPDQRPHURGH³HOFXHOOR
SHOLJURTXHVHFHUQDVREUHQRVRWURVFDGDYH]P¡VFHUFD<DSRGDVHQWLUOR FRQVXVEUD]RVDSUHW³VXFXHUSRFRQWUDHOPR\PHEHV³GHVSDFLRFRPRVLIXHUDOD
3HVHDVDEHUPHHOIXWXURQRSRGDGHVSUHQGHUPHGHDTXHOODVHQVDFL³QDJRELDQWH ºOWLPDYH]TXHDFDVRORHUDFRPRVLIXHUDODSULPHUDTXHDFDVRWDPEL©QGHDOJºQ
PLHQWUDV HVSHUDED D /ROD SDVHDQGR FRPR XQ VROGDGR GH JXDUGLD 5HVSLUDED KRQGR PRGRORHUD4XL]¡FXDQGRXQREHVDDXQDPXMHUKDGHVHUVLHPSUHFRPRVLIXHUDOD
3¡JLQD 3¡JLQD
SULPHUDYH]FRPRVLIXHUDODºOWLPDYH]$OGHFLUORSXHGRSDUHFHUXQH[SHUWRSHUR GLJUHVLRQHVSDUDSHQVDUHQ(LQVWHLQ3RFRGHVSX©VVHDEUL³ODSXHUWDGHODVFHQVRU\
SRUGHVJUDFLDQRHVDV2MDO¡ORIXHUD1XQFDQDGLHPHKDTXHULGRDVGHHVDIRUPD DOO HVWDED /ROD 6H KDED VROWDGR OD PHOHQD \ VH KDED SXHVWR XQ YHVWLGR QXHYR
WDQQDWXUDO\WDQH[WUD±DDOPLVPRWLHPSR\WDOYH]SRUHVRQDGLHPHKDKHFKRQXQFD YDSRURVRGHFRORUFODURTXHUHVDOWDEDVXSLHOPRUHQD
WDQWRGD±R4XHWHKDJDQVXIULUHVSDUWHGHODPRUVXSRQJR\XQRGHEHUDWHQHUFODUR 5DUD YH] KH HVFXFKDGR GH ODELRV GH XQD PXMHU OD SDODEUD JXDSR \ PX\ SRFDV
DQWHVGHHPSH]DUVLHVW¡GLVSXHVWRDDVXPLUFLHUWRVULHVJRV YHFHVWDPEL©QXQDPXMHUKHUPRVDPHKDSHGLGRFRQJDQDVTXHODOOHYHDFHQDUVLQ
TXHHOKHFKRGHSUHJXQW¡UPHORHVWXYLHVHP¡VFHUFDGHOFRPSURPLVRTXHGHOGHVHRR
GH ODV JDQDV GH YHUGDG $TXHOOD QRFKH DO VDOLU GHO DVFHQVRU GHVSX©V GH EHVDU VXV
/ROD LQVLVWL³ HQ VXELU D OD KDELWDFL³Q D FDPELDUVH D SRQHUVH DOJXQD URSD GH OD TXH ODELRVVLQVROWDUWRGDYDORVEUD]RVTXHKDEDGLVSXHVWRHQWRUQRDPLFXHOOR/RODPH
KDEDFRPSUDGR0HGLMRTXHQRWDUGDUDSHUR\RLQVLVWHQDFRPSD±DUOD0HVRQUL³ GLMRODVGRVFRVDV
\DXQTXHHQDTXHOJHVWRKDEDDOJºQUHGXFWRODVFLYRHOODVDEDTXHORºQLFRTXH\R ߚ%XHQRJXDSR'³QGHPHYDVDOOHYDUDFHQDU"
TXHUD HUD LU FRQ HOOD SDUD SURWHJHUOD SDUD TXH QR OH RFXUULHVH QDGD PDOR SDUD 0HODTXHG©PLUDQGR\PHHFK©DUHU3RUXQPRPHQWRGHM©GHSHQVDUHQ/XLV\
LQWHUSRQHUPHHQWUH/XLV\VXVHVELUURVVLHVTXHHVWDEDQDFHFKDQGRVXOOHJDGDHQHO HQVXYHQJDQ]DHQORTXHDEXHQVHJXURQRVHVSHUDEDDORVGRVGHQWURGHFDGDYH]
SDVLOOR PHQRV WLHPSR /R TXH WXYLHUD TXH SDVDU SDVDUD KLFL©UDPRV OR TXH KLFL©UDPRV
6LQGHMDUGHVRQUHUYROYL³DEHVDUPLVODELRVGHVSDFLR\QHJ³FRQODFDEH]D DXQTXH\DLQWHQWDUD\RTXHD/RODQROHVXFHGLHVHQDGD3RUSULPHUDYH]HQPXFKRV
ߚ1RKDFHIDOWDTXHVXEDVFDUL±R1RWDUGDU© D±RVSRUSULPHUDYH]HQPLYLGDTXL]¡XQDPXMHUKHUPRVDPHOODPDEDJXDSR\PH
$QWHVGHTXHWXYLHVHWLHPSRGHSURWHVWDU\DPHKDEDGDGRODHVSDOGD\FDPLQDED SHGDTXHODOOHYDVHDFHQDU1DGDGHDTXHOORHUDUHDORDOPHQRVQRWRGRHUDUHDO\R
KDFLDHODVFHQVRUPRYLHQGRHOFXORGHVSDFLR/DPLUDEDFRPRFXDQGRVHPLUDDXQD QXQFDKHVLGRJXDSRSHUR/RODSDUHFDWHQHUJDQDVGHYHUGDGGHLUDFHQDUFRQPLJR
PXMHU GH OD TXH XQR VH KD GHVSHGLGR \ HVSHUD TXH HOOD VH YXHOYD HQ HO ºOWLPR ߚ7HJXVWDQORVIDGRV"
PRPHQWRDXQTXHV³ORVHDSDUDVRQUHUWH\DSHVDUGHVDEHUTXH/RODQRHVGHHVD /RODEDM³ODFDEH]DDSR\³ODPHMLOODHQPLSHFKR$VLQWL³FRQHQHUJDFRPRVL
FODVH GH PXMHUHV GH ODV TXH VH YXHOYHQ SDUD GHFLU DGL³V R FDPELDQ GH RSLQL³Q D HVWXYLHVH PX\ FRQYHQFLGD R KXELHVH HVSHUDGR ODUJDPHQWH HO PRPHQWR GH HVFXFKDU
ºOWLPDKRUDSDUDFDHUUHQGLGDVHQEUD]RVGHVXDPDQWHPHTXHG©DOOYLHQGRGHVGHOD IDGRVMXQWRDP/HYDQW³ODFDEH]DPHPLU³DORVRMRV
SXHUWDF³PRHVSHUDEDDTXHEDMDVHHODVFHQVRUVLQGHMDUGHPLUDUGHVRVOD\RPLHQWUDV ߚ0HHQFDQWDQORVIDGRV
WDQWRDXQODGR\DRWURGHODFDOOHTXHGHVHPERFDEDHQODSOD]DHOLQWHULRUGHOKRWHO
GRQGH VH SHUGD HO SDVLOOR RVFXUR SRU VL KDED OOHJDGR OD KRUD GH TXH VXFHGLHUD OR
LQHYLWDEOH &DPLQDPRV ORV GRV HQ VLOHQFLR FRJLGRV GH OD PDQR 6XELPRV FXHVWDV HPSHGUDGDV
1RWHQDQDGDSODQHDGR'HWHQHUORVLQWHUSRQHUPHHQVXFDPLQRVXSRQJR SURFXUDQGR/RODQRUHVEDODUHQORVDGRTXLQHVKºPHGRVDSR\¡QGRVHHQPGHFXDQGR
(QHOIRQGRHUHVXQK©URHPHGLMR/RODHVDQRFKHRWUDYH]GHVGHHODVFHQVRU HQFXDQGR7RPDPRVDOJXQDVSUHFDXFLRQHVWUDQVLWDUSRUFDOOHVELHQLOXPLQDGDVSRU
DQWHVGHVXELUDFDPELDUVH$WXSHVDUSHURORHUHV1RORSXHGHVHYLWDU OXJDUHVFRQFXUULGRVGRQGHODSUHVHQFLDGHODJHQWHQRVJDUDQWL]DVHXQSRFRVLHVTXH
$ODPD\RUDGHORVKRPEUHVOHVJXVWDUDVHUFRQVLGHUDGRVXQRVK©URHV$PPH HUDSRVLEOHQXHVWUDVHJXULGDGRDOPHQRVTXHHVWDUURGHDGRVGHJHQWHQRVGLHVHXQD
GDYHUJ¼HQ]D RSRUWXQLGDGGHHVFDSDU\GHVDOYDUQRVDXQTXHORVGRVVDEDPRVTXHHUDXQDWUHJXD
ߚ<RQRVR\QDGDߚSURWHVW©SHURODSXHUWDGHODVFHQVRU\DVHKDEDFHUUDGR TXHQDGLHSXHGHSDVDUWRGDODYLGDKX\HQGRHVFRQGL©QGRVHFRPRXQDDOLPD±D
/RGLMHWDQEDMRFRPRXQVXVXUUR&UHRTXHUHSHWODVFXDWURSDODEUDV\RQRVR\ 6XELPRV DO %DUULR $OWR SDVDPRV MXQWR D OD HVWDWXD GH XQ SRHWD TXH HVWDED
QDGD/RKLFHSDUDPPLVPR\OXHJRHVWXYHFDOODGRHOWLHPSRTXHSDV©HVSHUDQGRD VHQWDGRDOODGRGHXQDFDIHWHUD\/RODPHGLMRTXHOHKXELHUDJXVWDGRKDFHUVHXQD
/RODHQODSXHUWDGHOKRWHODVRP¡QGRPHGHYH]HQFXDQGRDOLQWHULRU\PLUDQGRORV IRWRDOOGHKDEHUWUDGRXQDF¡PDUD
QºPHURVGHODVSODQWDVTXHVHHQFHQGDQFDGDYH]TXHHODVFHQVRUEDMDED&RQWHQDOD (UDDGPLUDEOH(VWR\VHJXURGHTXHWHQDPLHGRLJXDOTXH\RWDPEL©QORVHQWD\
UHVSLUDFL³QFDGDYH]TXHXQVRQLGRTXHVHSDUHFDDXQWLPEUHJDVWDGRDQXQFLDEDTXH DXQTXHPHHVIRU]DEDHQRFXOWDUORVHPHQRWDEDWHQVRPX\VHULRPLUDEDDXQODGR\D
VHLEDDDEULUODSXHUWD RWUR FRQVWDQWHPHQWH SRU VL ORV YHD DSDUHFHU 0H WRFDED FRQWLQXDPHQWH OD SLVWROD
1R IXHURQ P¡V GH GLH] R GRFH PLQXWRV SHUR D P VH PH KL]R HO WLHPSR PXFKR SHQVDQGR FX¡QWR WLHPSR WDUGDUD HQ WHQHU TXH XWLOL]DUOD 6LQ HPEDUJR /ROD SDUHFD
P¡V ODUJR 8QD YH] OH DOJR VREUH OD 7HRUD GH OD 5HODWLYLGDG TXH HO WLHPSR QR WDQUHODMDGDTXHQDGLHTXHQRVXSLHVHHOWUDJRSRUHOTXHHVW¡EDPRVSDVDQGRKXELHUD
WUDQVFXUUH GH OD PLVPD IRUPD SDUD XQD SHUVRQD TXH SDUD RWUD TXH GHSHQGH GH OD VLGRFDSD]GHGDUVHFXHQWDGHORTXHVXFHGD
FLUFXQVWDQFLD HQ OD TXH FDGD XQR VH HQFXHQWUD 3HUR QR HUD HO PRPHQWR SDUD
3¡JLQD 3¡JLQD
1RV SDVD D WRGRV ORV KRPEUHV FUHR 3RU PX\ GXURV R SRU PX\ LQWHOLJHQWHV TXH 'HVGHTXHPHODHQFRQWU©VHQWDGDHQODFDIHWHUDFXDQGRHVSHUDEDPLOOHJDGDQR
VHDPRVOOHJDHOPRPHQWRHQTXHQRVHQFRQWUDPRVFRQXQDPXMHUFX\DSUHVHQFLDQRV KDEDPRVKDEODGRGHHQWRQFHVFRPRVLIXHVHXQWHPDSURKLELGRRFRPRVLDOKDFHUOR
LPSRQHWDQWRTXHDXQTXHKDJDPRVHVIXHU]RVSRUTXHQRVHQRVQRWHQRVWLHPEODQODV SXGLHUDURPSHUVHODPDJLDTXHORVGRVVHQWDPRV$OPHQRV\RODVHQWDGHHVRQR
SLHUQDV VH QRV FRUWD HO DOLHQWR \ FXDQGR QRV GD OD HVSDOGD DSUHWDPRV ORV SX±RV WHQJRGXGDV'H/RODQRHVWR\WDQVHJXUR1LQJXQRGHORVGRVKDEDPHQFLRQDGRHO
JLUDPRVODFDEH]DUHVLJQDGRV\FRUUHPRVWUDVHOODSRUTXHHQHOIRQGRODH[SHULHQFLD SDVDGR3HUR\DGLJRIXH/RODODTXHORKL]R
DFXPXODGD\ORVD±RVYLYLGRVVHGHVYDQHFHQFRPRHOKXPR\WHQHPRVTXHFODXGLFDU\ ߚ'LPHF³PRIXH
UHFRQRFHUTXHQRVRPRVP¡VTXHXQRVQL±RVSHUGLGRVDORVTXHVHQRVSRQHODSLHOGH )UXQF HO FH±R 0H KDED GLVWUDGR XQ PRPHQWR PLUDQGR D XQRV PºVLFRV TXH
JDOOLQDEDMRODFRUD]DFRQODTXHQRVKHPRVGLVIUD]DGRHQYDQRHOYHOORGHSXQWDGH WRPDEDQSRVLFLRQHVSDUDHPSH]DUDWRFDUVHQWDGRVHQXQDVVLOODVTXHKDEDVREUHXQD
SXURIURRGHPLHGRDTXHGDUQRVVRORVLJXDOTXH0RZJOLHQDTXHOODURFDKHODGDFRQ SHTXH±DWDULPDFHUFDGHQXHVWUDPHVD
YDULDVGRFHQDVGHRMRVDPDULOORVFODYDGRVHQ©O ߚ&³PRIXHHOTX©
6DEDTXHDPHGLGDTXHSDVDUDHOWLHPSRDFDEDUDVLQWL©QGRPHDVFRPRHVHQL±R /ROD VH PH TXHG³ PLUDQGR FDOLEUDQGR VL GH YHUGDG QR HQWHQGD OR TXH TXHUD
ORER /D SDUDGRMD HUD TXH PH VHQWD VROR SRUTXH HVWDED FRQ HOOD 3RUTXH VDED TXH GHFLUPHRHVTXHTXHUDGHPRUDUXQSRFRODUHVSXHVWD
SURQWRQRVVHSDUDUDPRVSDUDVLHPSUH ߚ7XYLDMH/RVGDVTXHSDVDVWHDTXDTXHOODYH]
5HVRSO© FRPR FRQ UHVLJQDFL³Q R FRQ KDVWR %DM© ORV RMRV 9ROY D PLUDU D ORV
PºVLFRV TXH DKRUD DILQDEDQ HVDV JXLWDUUDV WDQ SHTXH±DV 1XQFD KH VDELGR F³PR VH
(QWUDPRVHQXQUHVWDXUDQWHSDUDWXULVWDV1RVDEUDGHFLUHOQRPEUH$SHVDUGHKDEHU OODPDQ8QDPXMHUVHKDEDSXHVWRGHSLHMXQWRDHOORV6RQUL³'LHFLRFKRD±RVDQWHV
HVWDGRDTXGRVYHFHVQRSRGUDDVHVRUDUDQDGLHTXHYHQJDGHYLDMHD/LVERD<DKH WDPEL©QKDEDHVFXFKDGRFDQWDUIDGRVHQXQUHVWDXUDQWHSDUDWXULVWDVVRORVHQWDGRD
GLFKRTXHQRUHFXHUGRORVQRPEUHVGHODVFDOOHVQLHOGHORVPRQXPHQWRV7DPSRFR XQD PHVD UXPLDQGR PL IUDFDVR ODPL©QGRPH ODV KHULGDV VDELHQGR \D TXH QDGLH
UHFXHUGR HO QRPEUH GHO UHVWDXUDQWH GRQGH FHQDPRV /D YHUGDG HV TXH QXQFD KH YHQGUD D HQFRQWUDUVH FRQPLJR SHUR VLQ TXHUHU DFHSWDUOR WRGDYD $KRUD LED D
YHQLGR D /LVERD SDUD KDFHU WXULVPR 1LQJXQD GH ODV GRV YHFHV TXH KH HVWDGR /D HVFXFKDUHVDVFDQFLRQHVHQXQLGLRPDTXHQRHQWHQGDRWUDYH]SHURTXHPHVHJXDQ
SULPHUDYH]IXHSDUDHVFDSDUGHXQIXWXURFRQIXVRTXHQRFRQFHEDVLQHOQRPEUHGH SDUHFLHQGR WDQ WULVWHV < DXQTXH QR HVWDED VROR QR PH VHQWD PXFKR PHMRU TXH
/ROD/DVHJXQGDDKRUDKX\HQGRVLQVDEHUPX\ELHQGHTX©HQUHDOLGDGQLVLTXLHUD HQWRQFHV(VRSDVDVXSRQJRFXDQGRVDEHVTXHHVW¡VYLYLHQGRDOJRTXHYDDWHUPLQDU
V© VL GH YHUGDG HVWDED KX\HQGR R HQ UHDOLGDG HVWDED HVWR\ EXVFDQGR DOJR 6³OR \QRSXHGHVKDFHUQDGDSRUHYLWDUOR&RPRHQODVGHVSHGLGDV
SRGUDGHFLUTXHKDEDPXFKDJHQWHTXHQRVSXVLHURQHQXQDPHVDTXHKDEDHQXQ ߚ$TXHOODYH]ߨ
ULQF³Q \ TXH \R PH VHQW© PLUDQGR D OD SXHUWD SRU VL YHD DSDUHFHU D /XLV R D /ROD PH PLUDED D ORV RMRV FRQ GXO]XUD FRPR VL TXLVLHUD SHGLUPH SHUG³Q SRU
FXDOTXLHUD GH ORV VX\RV (Q /LVERD FDGD YH] TXH FUX]DED XQD FDOOH R GREODED XQD KDEHUPH DEDQGRQDGR HQWRQFHV R D OR PHMRU VH FRPSDGHFD GH P SRUTXH VDED TXH
HVTXLQD HVSHUDED HQFRQWUDUPH FRQ DOJXQR GH HOORV 6XMHWDED HQWRQFHV D /ROD GHO SURQWR YROYHUDPRV D VHSDUDUQRV SRUTXH LJXDO TXH \R WHQD OD FHUWH]D GH TXH OR
EUD]RSDUDSURWHJHUODVLQTXHHOODVHGLHVHFXHQWD\PHSUHSDUDEDSDUDORSHRU6© QXHVWUR HUD XQ DPRU LPSRVLEOH TXH KLFL©UDPRV OR TXH KLFL©UDPRV QXHVWUD KLVWRULD
PX\ ELHQ OR I¡FLO TXH UHVXOWD KDFHUOH GD±R D DOJXLHQ TXH HVW¡ GHVSUHYHQLGR SHUR HVWDEDDERFDGDVLQUHPHGLRDOIUDFDVR
HVSHUDEDDOPHQRVTXHHOODWXYLHUDWLHPSRGHVDOLUFRUULHQGR\WHQHUXQDRSRUWXQLGDG 0HFRJL³XQDPDQRHQWUHODVGRVVX\DV
GHVDOYDUVHPLHQWUDV\RPHODVHQWHQGDFRQORVVLFDULRVGH/XLV ߚ+DFHGLHFLRFKRD±RV0RQWDOE¡Q4X©KLFLVWHHVRVGDVTXHSDVDVWHDTX"
$ºQ QR QRV ORV KDEDPRV HQFRQWUDGR SHUR VDED TXH HVWDEDQ DOO ORV SUHVHQWD 3DUSDGH© EUHYHPHQWH VLQ WHQHU OD FHUWH]D GH TXHUHU FRQWHVWDU D OD SUHJXQWD
FHUFD EXVF¡QGRQRV SRU OD PLVPD FLXGDG GRQGH GHEHUD KDEHUPH UHXQLGR FRQ /ROD 3RGUD KDEHU RSWDGR SRU OD YHUVL³Q ODUJD PH SDV© WUHV GDV DTX HVSHU¡QGRWH VLQ
GLHFLRFKRD±RVDWU¡V(UDFRPRVLHOGHVWLQRVHKXELHUDHQFDUJDGRGHSRQHUODVFRVDV SRGHUGRUPLUVLQTXHUHUGDUPHFXHQWDGHTXHORVGRVPHKDEDLVGHMDGRWLUDGRFRPR
HQ VX VLWLR FRPR VL GH DOJºQ PRGR \R WDPEL©Q PH KXELHUD RFXSDGR GH HFKDU XQD VH GHMD D XQ SHUUR 0H SDV© WUHV GDV SDVHDQGR SRU OD FLXGDG FRPR XQ IDQWDVPD
PDQRUHJUHVDQGRD/LVERDSDUDWHUPLQDUFRQUHWRUFLGDVLPHWUDODKLVWRULDTXHKDED PLUDQGR ODV HVWDWXDV GH ODV SOD]DV VXELHQGR FXHVWDV YLHQGR F³PR ODV SDORPDV
HPSH]DGR KDFD WDQWR WLHPSR FRPR VL HO ºOWLPR DVDOWR QR SXGLHUD OLEUDUVH HQ RWUR HPSUHQGDQHOYXHORFXDQGRPHDFHUFDEDFRPRVLOHVGLHVHDVFRGHPVXELHQGRHQ
VLWLRFRPRVL/LVERDIXHUDHOºQLFRPDUFRSRVLEOHSDUDSRQHUSXQWRILQDO WUDQYDVTXHPHOOHYDEDQDOXJDUHVTXHQRPHLQWHUHVDEDQ/RKLFHKDVWDTXHDFDE©
/RODDSHVDUGHODWHPSODQ]D\ODGHVSUHRFXSDFL³QTXHPRVWUDEDWDPEL©QSHQVDED ULQGL©QGRPH 8Q OXFKDGRU GHEH VDEHU FX¡QGR KD SHUGLGR HO FRPEDWH \ \D QR WLHQH
ORPLVPR1RWXYHGXGDVFXDQGRDPLWDGGHODFHQDPHSUHJXQW³SRUHOSDVDGR VHQWLGRVHJXLUHQHOFXDGULO¡WHUR\\RFRQWLJRVLHPSUHKHVDELGRTXHODSHOHDHVWDED
SHUGLGDGHDQWHPDQR/RVXSHHQWRQFHV\ORV©DKRUDPLYLGDSHURDTXPHWLHQHVGH
3¡JLQD 3¡JLQD
QXHYRGLHFLRFKRD±RVGHVSX©VGLHFLRFKRD±RVP¡VYLHMRVDOWDQGRGHQXHYRDOULQJ UHVWR GHO WLHPSR VHJXUDPHQWH WDPEL©Q HUDQ FRPR QL±RV SHUGLGRV TXH QR DFDEDQ GH
DJXDQWDQGRORVJROSHVDWUHYL©QGRPHTXL]¡DODQ]DUDOJºQDPDJRLQRFHQWHKDVWDTXH HQFRQWUDUHOOXJDUTXHOHVFRUUHVSRQGHFRPR\RPLVPRFXDQGR WHQJRTXHKDFHUGH
OOHJXHHOPRPHQWRGHUHFLELUHOJROSHGHILQLWLYRTXHPHWXPEH3HURHOFDVRHVTXH VRPEUDGHIXODQRVDORVTXHQRVRSRUWRGHSRUWHURHQOD3DQWHUD5RVDRVLJXLHQGRD
VLJROXFKDQGR3HQV©DOJRDVSHURDHVWDVDOWXUDVGHODKLVWRULDQRYR\DGHVFXEULU SREUHVGLDEORVTXHQRSXHGHQSDJDUVXVGHXGDV6RORGHVXELFDGRIXHUDGHVLWLRVLQ
QDGDQXHYRVLGLJRTXHPLVSDODEUDVWDOYH]QRIXHURQ©VDVVLHPSUHPHKDJXVWDGR VHUQXQFDSDUWHGHQDGD6RORFRPR0RZJOL&RPR0RZJOLWRGDPLSXWDYLGD
HFRQRPL]DUODVIUDVHVKDEODUSDUDGHQWUR\WUDJDUPHODELOLVWDQDPDUJD2SW©SXHV 7DPEL©Q PH VHQWD PX\ VROR DOO HQ HO UHVWDXUDQWH /ROD PH KDED FRJLGR ODV
SRUODYHUVL³QFRUWD PDQRVRWUDYH]ODVKDEDDFHUFDGRDVXPHMLOOD\KDEDDSR\DGRODFDEH]DHQHOODV
ߚ(VSHUDUWH3HQVDUHQWL(VRIXHORºQLFRTXHKLFH VLQGHMDUGHPLUDUPH
/DPXMHUHPSH]³DHQWRQDUXQDFDQFL³Q/RODPHKDEDVROWDGRODVPDQRV\DKRUD ߚ4X©SLHQVDV"
GHGLFDEDVXDWHQFL³QDORVPºVLFRV<RWDPEL©QSHURGHFXDQGRHQFXDQGRODPLUDED 0HHQFRJGHKRPEURV6RQUHVLQGHFLUQDGD3HQVDEDPXFKDVFRVDVSHURQRVH
DHOODGHVRVOD\R\DYHFHVPHHQFRQWUDEDFRQVXVRMRVGXUDQWHXQLQVWDQWHSRUTXH ODVLEDDGHFLUD/ROD$GHP¡VHVWDEDVHJXURGHTXHHOOD\DODVVDED
/ROD YROYD D PLUDU D OD PXMHU TXH FDQWDED OR KDFD \ D YHFHV PH SDUHFD TXH OH ߚ(QQDGD3URFXURGLVIUXWDUGHHVWHPRPHQWR\\DHVW¡
EULOODEDQORVRMRVFRPRVLORVWXYLHUDKºPHGRVDOYHUVHUHIOHMDGDHQXQIXWXURTXHQR /RODEHV³ODSDOPDGHXQDGHPLVPDQRVGHVSDFLR&DGDYH]TXHKDFDHVWRPH
TXHUDTXHQXQFDKDEDTXHULGRHQXQDH[LVWHQFLDTXHSRUVXHUWHQROOHJ³DYLYLU'H VXED XQD FRUULHQWH GHVGH HO HVW³PDJR KDFLD DUULED FRPR XQ FDODPEUH DJUDGDEOH
QR KDEHUVH WUDWDGR GH /ROD KXELHUD SHQVDGR TXH HVWDED D SXQWR GH OORUDU <D QR OD 7UDJX©VDOLYD3HOOL]TX©VXPHMLOODFRQVXDYLGDG
PLU©P¡VKDVWDTXHWHUPLQ³ODFDQFL³Q0LHQWUDVWDQWRSURFXU©SHQVDUHQRWUDFRVD ߚ<DKRUD/RODTX©YDDVHUGHQRVRWURV"
SRUTXH DFDEDED GH UHFRUGDU TXH QR PH JXVWDEDQ ORV IDGRV TXH PH SDUHFDQ PX\ 0HPLU³VLQGHMDUGHVRQUHU3HURHOEULOORGHVXVRMRV\DQRHUDHOPLVPR6H
WULVWHV\TXHFDGDYH]TXHHVFXFKDEDXQDGHHVDVFDQFLRQHVGHDPRUGHVJDUUDGDVPH KDEDDWHQXDGRFRPRHVDVOXFHVTXHVHSXHGHQJUDGXDUSDUDGHMDUHQSHQXPEUDODV
YHDDPPLVPRHQ/LVERDPX\MRYHQFLWRFRPRXQQL±RDEDQGRQDGR0LYLGDQR KDELWDFLRQHVTXHLOXPLQDQ/XHJRHQDUF³ODVFHMDV\VDFXGL³ODFDEH]DGHVSDFLR1R
KDED URGDGR PX\ ELHQ GHVGH HQWRQFHV DXQTXH VL PH SDUDED D SHQVDU FRQ OD OR V© SDUHFD TXHUHU GHFLUPH < SHQV© TXH HUD YHUGDG TXH HOOD QR SRGUD GHFLUPH
LQWHQFL³Q GH VHU KRQHVWR OD YHUGDG HV TXH WDPSRFR KDED VLGR XQ FDPLQR GH URVDV TXL©QSRGUDORTXHLEDDVHUGHQRVRWURV
DQWHVGH/LVERD7DOYH]SRUHVRKDEDFRQVHJXLGRHQWHUUDUODUDELDTXHVHQWHQWRQFHV /RVPºVLFRVKDEDQHPSH]DGRDWRFDURWUDYH]SHURHVWDYH]QLQJXQRGHORVGRV
DOVDEHUPHWUDLFLRQDGR0HFRQVRODEDRPHHQJD±DEDDPPLVPRSHQVDQGRTXHDO SUHVWDPRVDWHQFL³Q6HJXLPRVPLU¡QGRQRVXQUDWRVLQVROWDU/RODPLVPDQRVVREUH
ILQDODXQTXHQRPHKXELHUDQGHMDGRWLUDGRHQWRQFHVDXQTXH/ROD\\RKXEL©UDPRV ODVTXHGHVFDQVDEDVXPHMLOOD&RQHVHJHVWRFRQHVDIRUPDGHPLUDUPHGHFRJHUPH
VXELGRDXQEDUFRTXHQRVOOHYDVHD1XHYD<RUNQXHVWUDYLGDQRKDEUDVLGRPXFKR ODVPDQRV\GHQRVHSDUDUVHGHPTXHUDGHFLUPHHOODDOJRTXH\R\DVDEDSHURTXH
PHMRUGHORTXHKDEDVLGRTXH/RODKDEUDWHUPLQDGRFDQV¡QGRVHGHPSRUTXHDO KDVWD HQWRQFHV QR KDED TXHULGR UHFRQRFHU TXH KDED OOHJDGR TXH DTX©OODV HUDQ ODV
FDER\RQRVR\P¡VTXHXQSDW¡QXQSDOXUGRFRQQIXODVOLWHUDULDVXQLQFXOWR\HOOD ºOWLPDVKRUDVTXHEDPRVDSDVDUMXQWRV
SRGUD DVSLUDU D KRPEUHV PXFKR P¡V VRILVWLFDGRV FRQ P¡V FODVH \ FRQ P¡V GLQHUR
TXH\R
'HM© GH SUHVWDU DWHQFL³Q D OD FDQFL³Q \ PH FRQFHQWU© HQ ORV PºVLFRV 'RV /OHJD XQ PRPHQWR TXH VDEHV TXH HO ILQDO HVW¡ FHUFD OR VDEHV FRQ OD OXFLGH] GH ORV
KRPEUHVVHQWDGRVYHVWLGRVFRQWUDMHVEDUDWRVDUD±DQGRODVFXHUGDVGHODVJXLWDUUDV ERUUDFKRVFRQODFODULYLGHQFLDGHORVQRFW¡PEXORV+D\FLHUWDVFRVDVTXHVHLQWX\HQ
'HSLHODPXMHUTXHFDQWDED7RGRVSDVDEDQGHORVFLQFXHQWD\DOOHVWDEDQHQXQ \DQRVHUTXHXQRVHHPSH±HQROHTXHGDRWURUHPHGLRTXHGDUVHFXHQWD(VWDEDFODUR
ULQF³Q GHO PXQGR DQLPDQGR ODV YHODGDV GH ORV WXULVWDV 1R HUD GLIFLO DGLYLQDU OD TXHVHPDUFKDUDSHURSHVHDHOORQRTXLVHGDUD/RODPXHVWUDVGHVDEHUOR3UHIHUD
KLVWRULDTXHVHHVFRQGDGHWU¡VGHFDGDXQRGHHOORV8QHVFULWRUSXHGHVDFDUSURYHFKR DFWXDU FRPR VL QR PH KXELHVH HQWHUDGR FRPR VL WRGDYD IXHUD SRVLEOH XQD VDOLGD
GHHVWDVFRVDVVLXQRYLDMD\PDQWLHQHORVRMRVDELHUWRV\ODPHQWHOºFLGDHQVHJXLGD DOJºQDJXMHURSRUHOTXHORVGRVSXGL©VHPRVHVFDSDU\HPSUHQGHUXQDQXHYDYLGD
VDEU¡ HQFRQWUDU XQD KLVWRULD GH OD TXH SRGU¡ HVFULELU 3UREDEOHPHQWH ORV PºVLFRV 3HURHOODORVDED$XQDPXMHUFRPR/RODHVLPSRVLEOHHQJD±DUOD
WHQDQRWURHPSOHRXQWUDEDMRTXHTXL]¡QROHVJXVWDED\ORTXHGDEDVHQWLGRDVXV (VW¡EDPRV SXHV ORV GRV SDUWLFLSDQGR GHO PLVPR MXHJR /ROD VH LED D PDUFKDU
YLGDV HUDQ HVRV UDWRV TXH SDVDEDQ WRFDQGR SRU XQD PLVHULD SDUD ODV SDUHMDV GH VROD SHUR HVSHUDED HO PRPHQWR RSRUWXQR R HV TXH TXHUD DSURYHFKDU ORV ºOWLPRV
HQDPRUDGRVTXHYLVLWDEDQHO%DUULR$OWRGH/LVERD LQVWDQWHV MXQWR D P 1R VH WUDWDED GH XQD WUDLFL³Q DKRUD 1R HUD OR PLVPR TXH
/R SHQV© \ PH TXHG© PLUDQGR XQ PRPHQWR D /ROD PX\ ILMR FRPR VL HVSHUDVH GLHFLRFKRD±RVDWU¡V6HLEDDPDUFKDUVHJXURTXHVLQGHFLUDGL³VSRUTXHHOODQRHUD
TXHHOODORDGLYLQDUD4XHUDGHFLUOHTXHDTXHOORVPºVLFRVGHOUHVWDXUDQWHOLVERHWDHO XQDPXMHUDODTXHOHJXVWDVHQODVGHVSHGLGDVSHURDKRUDQRHUDORPLVPR$YHFHV
3¡JLQD 3¡JLQD
ORV DPDQWHV DEDQGRQDGRV VH LQYHQWDQ H[FXVDV WRQWDV SDUD MXVWLILFDU OD KXLGD GH OD YH]XQDKRQHVWLGDGXQSRFRUHWRUFLGDSHURHUDODVX\D(OODWDPEL©QKDEDOOHJDGRD
SHUVRQDDODTXHTXLHUHQSHUR\RQRTXLHURKDFHUHVRFRQ/ROD/RGLJRGHYHUGDG$ XQD HQFUXFLMDGD \ GHED HOHJLU XQ FDPLQR GLIHUHQWH DO TXH OD YLGD OH KDED WUD]DGR
SHVDUGHWRGRORTXHHVWDEDDSXQWRGHVXFHGHULQFOXVRDSHVDUGHWRGRORTXHKDED SHUR SDUD HPSH]DU WDO YH] WDPEL©Q SDUD H[SLDU VXV FXOSDV TXLVR YHQLU D /LVERD
VXFHGLGR D±RV DWU¡V /ROD VH HVWDED FRPSRUWDQGR FRQ OD KRQUDGH] TXH ODV FRQPLJRUHSDUDUODIDOWDTXHKL]RDVXSDODEUDGLHFLRFKRD±RVDWU¡V$XQTXHHOODVH
FLUFXQVWDQFLDV\VXIRUPDGHVHUOHSHUPLWDQ(UDVXPDQHUDGHVHUMXVWDFRQPLJR LUDSURQWR\RORVDED\HVWR\VHJXURGHTXHHOODVDEDTXH\RORVDED4XHORVDED
&DPLQDPRV GH YXHOWD DO KRWHO FRJLGRV GH OD PDQR FRPR XQD SDUHMD GH UHFL©Q \TXHQRKDUDQDGDSDUDLPSHGLUTXHVHPDUFKDVH
FDVDGRVTXHGLVIUXWDVHGHVXVSULPHURVGDVGHOXQDGHPLHOOHMRVGHODUXWLQDHQXQD
FLXGDGDODTXHKDEDPRVVR±DGRYLDMDUPXFKDVYHFHV<RSUHIHUDYHUORDV\YLDMDU
KDVWD/LVERDHUDODFXOPLQDFL³QGHXQDKLVWRULDHOWUR]RTXHIDOWDEDSDUDFRPSOHWDU 1RV TXHGDPRV DEUD]DGRV DO WHUPLQDU FRPR GRV HQDPRUDGRV (UD WRGR WDQ KHUPRVR
XQFUFXORTXHQRKDEDWHUPLQDGRGHFHUUDUVHFXDQGRORVGRV©UDPRVM³YHQHV TXHFXDOTXLHUDTXHQRVKXELHVHHVWDGRREVHUYDQGRSRUHORMRGHODFHUUDGXUDRSRUOD
+DED GHMDGR GH OORYHU SHUR GHVGH ORV DGRTXLQHV GH ODV FDOOHV GHO %DUULR $OWR YHQWDQDTXHKDEDPRVGHMDGRDELHUWDKDEUDSHQVDGRTXHHUDGHYHUGDG<GHDOJºQ
VXED XQ RORU SHQHWUDQWH D KXPHGDG &DPLQ¡EDPRV HQ VLOHQFLR SHQVDQGR TXL]¡ ORV PRGRORHUD/RHUDDSHVDUGHTXHILQJGRUPLUPHDOFDERGHXQUDWRPHVHSDU©GH
GRVHQORPLVPR'HYH]HQFXDQGRDSUHWDEDODPDQRGHHOOD\DYHFHVHUDHOODTXLHQ HOODPHGLODYXHOWDHQHOFROFK³QURQURQH©FRPRXQJDWRSHUH]RVR\PHWDS©FRQOD
DSUHWDEDODPD\\RODPLUDEDGHVRVOD\R\ODGHVFXEUDVRQULHQGR$ORPHMRUIXH V¡EDQD FRPR VL WXYLHVH IUR 5HVSLU© GHVSDFLR FRQ SHVDGH] FRPR VL HVWXYLHVH
SRUTXH WHQD HO HQFDQWR R OD SULVD GH OD ºOWLPD YH] SHUR ORV GRV QRV EXVFDPRV DO GRUPLGR $O FDER GH XQ UDWR OD VHQW LQFRUSRUDUVH HQ OD FDPD PX\ GHVSDFLR SHUR
FHUUDUODSXHUWDGHODKDELWDFL³QGHOKRWHO$QWHV\RKDEDWRPDGRODVSUHFDXFLRQHV DTXHOJHVWRSRGUDQRTXHUHUGHFLUP¡VTXH/RODVHLEDDWXPEDUHQODRWUDFDPDSDUD
QHFHVDULDV PH KDED DVHJXUDGR HQ OD UHFHSFL³Q GH TXH QR KDED YHQLGR QDGLH GHVFDQVDU PHMRU $ SHVDU GH HVWDU FRQYHQFLGR GH OR FRQWUDULR PH SHUPLW HO OXMR GH
SUHJXQWDQGR SRU QRVRWURV +DED SXHVWR HQ HO PRVWUDGRU XQ ELOOHWH YHUGH GH ORV GH SHQVDU FRPR XQ LOXVR TXH QDGD LED D FDPELDU TXH FXDQGR DEULHVH ORV RMRV /ROD
/RODSDUDFRQYHQFHUDOUHFHSFLRQLVWD\ORKDEDPLUDGRDORVRMRVDGHP¡V&RQHVR HVWDUDDOOWRGDYDMXQWRDPWXPEDGDHQXQDFDPDTXHSRGUDWRFDUFRQV³ORHVWLUDU
KDEUD EDVWDGR FRQ PLUDUOR D ORV RMRV &XDQGR DOJXLHQ FRPR \R WH PLUD D ORV RMRV HOEUD]RTXHODEHVDUDSRUODPD±DQDSDUDGDUOHORVEXHQRVGDV\TXHWDOYH]KDEUD
VDEHV TXH QR YD GH IDURO (O UHFHSFLRQLVWD QR PH KDED PHQWLGR 1R KDED YHQLGR OOHJDGRHOPRPHQWRGHPDUFKDUQRVMXQWRVSRUILQDUHFRUUHUORVHGLILFLRVP¡VDOWRV
QDGLH SUHJXQWDQGR SRU QRVRWURV \ PH GHM³ UHSDVDU HO UHJLVWUR GH HQWUDGDV GH ODV GHOPXQGRSDUDKDFHUHODPRU$SUHW©ORVS¡USDGRVEXVFDQGRFRUDMHSDUDQRDEULUORV
ºOWLPDVKRUDVGHVGHTXHQRVKDEDPRVPDUFKDGRDFHQDU RMRV\GDUPHODYXHOWD\GHFLUOHTXHVDEDTXHWRGRKDEDWHUPLQDGRTXHHOODVHLEDD
$KRUDFODYDEDPLVRMRVHQORVGH/RODPLHQWUDVODGHVQXGDEDORKDFDPLHQWUDVOD PDUFKDU\TXH\RDFHSWDEDHOILQDOGHOMXHJR4XHDOFDERXQRWLHQHODVFDUWDVTXH
DFDULFLDED\HOODJHPD WLHQH\QRSXHGHKDFHUP¡V$VHVODYLGD$VGHGXUD$VGHWULVWH3HURKD\TXH
(VGXURSHQVDUTXHHVW¡VKDFLHQGRHODPRUSRUºOWLPDYH]FRQODPXMHUTXHDPDV DFHSWDUODVFDUWDVFRPRWHYLHQHQ
$TXHOOD QRFKH KDFH GRV QRFKHV PH OD TXHGDED PLUDQGR FXDQGR OD DEUD]DED \ PH 1R VDEUD GHFLU FX¡QWR WLHPSR SDV© WXPEDGR HQ OD FDPD HVSHUDQGR TXH VH
PRYDGHVSDFLRGHQWURGHHOOD\/RODHQOXJDUGHPDQWHQHUORVRMRVFHUUDGRVFRPR PDUFKDVHVLQPRYHUPHPDQWHQLHQGRHOULWPROHQWRGHODUHVSLUDFL³QGHORVODWLGRV
DFRVWXPEUDED ORV S¡USDGRV DSUHWDGRV FRPR VL OH GROLHUD WDPEL©Q ORV DEUD \ PH GHO FRUD]³Q LQFOXVR KDVWD TXH OD HVFXFK© OHYDQWDUVH GHVSDFLR SURFXUDQGR TXH OD
VRVWHQDODPLUDGD\PHVRQUHDFRQWULVWH]DFRPRVLVHGHVSLGLHUDFRPRVLWDPEL©Q FDPD QR KLFLHVH UXLGR FRPR VL VH OHYDQWDVH SDUD LU DO FXDUWR GH ED±R /D HVFXFK©
OHGLHUDPXFKDSHQDVDEHUTXHHUDDTX©OODODºOWLPDYH]TXHKDFDPRVHODPRU1RPH FDPLQDU SRU OD EUHYH KDELWDFL³Q HQ VLOHQFLR FRPR XQ IDQWDVPD 6HQW HO URFH GHO
GLMRTXHPHTXHUD1RORKDEDKHFKRQXQFD\WDPSRFRLEDDKDFHUORDKRUD+DED YHVWLGRDODMXVWDUVHVREUHVXFXHUSRODFUHPDOOHUDTXHPLVGHGRVKDEDQEDMDGRFRQ
YHQLGRD/LVERDFRQPLJRHVWDEDKDFLHQGRHODPRUFRQPLJRHQ/LVERDSRUILQSRU XUJHQFLDXQUDWRDQWHVDKRUDVXEDWDQGHVSDFLRTXHSRUXQPRPHQWRPHSDUHFL³TXH
VHJXQGD YH] HQ XQ PLVPR GD $KRUD DO UHFRUGDUOR FUHR TXH IXH HQWRQFHV FXDQGR /ROD MDP¡V WHUPLQDUD GH SRQHUVH DTXHO YHVWLGR QXHYR TXH OH VHQWDED WDQ ELHQ /D
TXLVHUHFRQRFHUSRUILQDOJRTXHKDEDSHQVDGRGHVGHTXHHOODPHSLGL³TXHODOOHYDVH PDOHWDFRQHOGLQHURHVWDEDEDMRHODSDUDGRU$GLYLQ©D/RODOHYDQW¡QGRODHQVLOHQFLR
FRQPLJRRTXHWDOYH]VXSHVLHPSUHDXQTXHQRTXLVLHUDGDUPHFXHQWDRDFHSWDUOR\R GHM¡QGRODFDHUVREUHODFDPDVDFDQGRORVIDMRVGHELOOHWHVOHQWDPHQWHFRQDYDULFLD
KDEDTXHULGRYHQLUD/LVERDSDUDSRGHUHPSH]DUXQDQXHYDHWDSDSDUDUHWRPDUPL TXL]¡$SHVDUGHODSDUVLPRQLDGHVXVPRYLPLHQWRV/RODQRGHEL³GHWDUGDUP¡VGH
YLGDHQHOPLVPROXJDUHQHOTXHVHWRUFL³GHOWRGRKDFHGLHFLRFKRD±RV4XHUDYHQLU GLH]PLQXWRVHQUHFRJHUORWRGR\PDUFKDUVH
FRQ/RODGHPRVWUDUPHDPPLVPRTXHHUDFDSD]GHFRQVHJXLUORDXQTXHV³ORIXHUD 4X© UDUDV VRQ ODV GHVSHGLGDV 8QR VH LPDJLQD ODV FRVDV F³PR YDQ D VHU HQ HO
WUDHUOD KDVWD DTX \ TXH OXHJR VH PDUFKDVH 0H JXVWDUD FUHHU TXH HOOD QR YLQR SRU IXWXUR \ OXHJR OD UHDOLGDG HV PX\ GLIHUHQWH 1R KDFD WDQWR \R HUD PX\ MRYHQ \
O¡VWLPDVLQRTXHYHQLUD/LVERDFRQPLJRHUDSDUD/RODVXIRUPDGHVHUKRQHVWDWDO WRGDYDIDQWDVHDEDFRQSRGHUOOHYDUXQDYLGDHQFRPºQFRQ/RODSHQVDEDHQYLDMDU
3¡JLQD 3¡JLQD
FRQHOODDOUHGHGRUGHOPXQGR\VXELUDORVUDVFDFLHORVP¡VDOWRVSDUDKDFHUHODPRU KXELHUD UHOHYDGR DO DQWHULRU FRQTXH HO ULHVJR GH GHMDU D /ROD HVFDSDU VROD HUD
HQWUHODºOWLPD\ODSHQºOWLPDSODQWD(UDXQDTXLPHUDXQDXWRSDRFRPRTXLHUDTXH DFHSWDEOH $XQ PH OHYDQW© \ PH DSR\© HQ OD SDUHG SDUD SRGHU REVHUYDU OD FDOOH VLQ
VH OODPH SHUR FXDQGR SHQVDED HQ HOOR PH EULOODEDQ ORV RMRV FRPR V G© YHUGDG TXHHOODSXGLHUDYHUPH(VWDEDRVFXUR7RGDYDIDOWDEDSDUDTXHHOFLHORSUHVHQWDVHHO
KXELHUD VLGR SRVLEOH < HV TXH ODV XWRSDV R ODV TXLPHUDV R FRPR TXLHUD TXH VH D]XOLQWHQVRGHODPDQHFHU/RODHVWDEDHQOD HVTXLQDKDEDOHYDQWDGRODPDQRSDUD
OODPHQ VRQ XQ HQJD±R QRV ODV LQYHQWDPRV ODV LPDJLQDPRV \ FXDQGR OOHJD HO OODPDUDXQWD[L/OHYDEDSXHVWRHOPLVPRYHVWLGRTXHGXUDQWHODFHQDFRPRKDED
PRPHQWR GH YLYLUODV ODV FRVDV \D QR VRQ FRPR TXHUDPRV R D OR PHMRU VRPRV LPDJLQDGR \ GHO KRPEUR OH FROJDED OD EROVD HQ OD TXH GHED GH KDEHU JXDUGDGR HO
QRVRWURVORVTXHKHPRVFDPELDGR GLQHUR $QWHV GH VXELU DO FRFKH PLU³ D OD YHQWDQD GHO KRWHO SRU ºOWLPD YH] D OD
3HUR DXQTXH HV SRVLEOH TXH PXFKR WLHPSR DQWHV \R KXELHUD GHMDGR GH SHQVDU KDELWDFL³QGRQGHKDEDKHFKRHODPRUFRQPLJRHVDPLVPDQRFKH\SHUPDQHFL³DV
VHULDPHQWH HQ XQD YLGD HQ FRPºQ FRQ /ROD WDO YH] HQ XQD YLGD HQ FRPºQ MXQWR D GXUDQWHXQRVVHJXQGRVFRPRVLDºQGXGDUDHQWUHPDUFKDUVHSDUDVLHPSUHRTXHGDUVH
QDGLH DO PHQRV PH KDEUD JXVWDGR GHVSHGLUPH GH HOOD GH XQD PDQHUD QDWXUDO XQ XQDVKRUDVP¡VFRQPLJR/RODHVWDEDVHJXUDGHTXH\RHVWDEDDOOGHSLHMXQWRDOD
DEUD]RIXHUWHXQODUJREHVRSXHGHTXHEULOORHQPLVRMRVRHQORVVX\RV(QORVGH YHQWDQDDVRPDGRQRWDQWRSRUTXHGHVHDEDYHUODVLQRSRUTXHQRFRQILDEDHQTXH/XLV
ORVGRVTXL]¡3RUTX©QR3HURKXERXQPRPHQWRKHUPRVRDTXHOODQRFKHDQWHVGH R DOJXQR GH ORV VX\RV HVWXYLHUD DO DFHFKR HVSHUDQGR HO PRPHQWR RSRUWXQR SDUD
TXH/RODVHPDUFKDVHSDUDVLHPSUHGHVSX©VGHFHUUDUODPDOHWDVHDFHUF³GHVSDFLRD GHYROYHUODDOOXJDUGHGRQGHPHODKDEDOOHYDGR
PLFDPDORKL]RGHSXQWLOODV\PHGLFXHQWDGHTXHWRGDYDQRVHKDEDSXHVWRORV (UHVXQK©URHSDUHFDGHFLUPHGHVGHODDFHUDUL©QGRVHGHPDQWHVGHVXELUDO
]DSDWRV\HVWXYHVHJXURGHTXHQRVHORVSRQGUDKDVWDVDOLUDOSDVLOORHQHODVFHQVRU WD[L3RUPXFKRTXHWHHPSH±HVHQSDUHFHUORFRQWUDULRDOILQDOQRHUHVP¡VTXHXQ
WDOYH]SDUDQRGHVSHUWDUPH/DVHQWWXPEDUVHHQODFDPDMXQWRDP\IXHHQWRQFHV FDEDOOHURDQGDQWH
FXDQGR WXYH TXH KDFHU HO PD\RU HVIXHU]R SDUD ILQJLU TXH HVWDED GRUPLGR SDUD QR <RQRVR\QDGDPXUPXU©VRORHQODKDELWDFL³Q<PXFKRPHQRVXQK©URH/RV
DEULUORVRMRV\YROYHUPH\DEUD]DUOD\EHVDUODSRUTXHVHQWORVODELRVGH/RODPX\ K©URHVQRH[LVWHQ/DSDODEUDK©URHPHVREUD0HYLHQHJUDQGHQRPHJXVWDQRFUHR
FHUFDGHPLSLHOFDVLUR]¡QGRPHSRGDHVFXFKDUF³PRPHEHVDEDXQD\RWUDYH]HQ HQ HOOD +H GDGR PXFKDV SDOL]DV \ KH DVXVWDGR D SREUHV GHVJUDFLDGRV GHPDVLDGDV
VLOHQFLR VLQ OOHJDU D WRFDUPH OD SLHO VHQWD HO FDORU GH VXV PDQRV UHFRUUHUPH ORV YHFHVFRPRSDUDFUHHUTXHORVK©URHVH[LVWHQ$OPHQRV\RQXQFDHQPLSXWDYLGDKH
EUD]RVWDQFHUFDHVWDEDGHPTXHV³ORUHVSLUDQGRKRQGRHKLQFKDQGRHOSHFKRKDEUD FRQRFLGRDQLQJXQR
FRQVHJXLGRTXHPHWRFDVH\KDEUDWHQLGRDVXQDH[FXVDSDUDDEULUORVRMRV\ILQJLU
TXHGHVSHUWDED0HSUHJXQWDEDRWDOYH]ORGHVHDEDVLHQHOIRQGRHOODTXHUDTXHOR
KLFLHUDTXHPHYROYLHVH\OHSLGLHUDTXHVHTXHGDVHFRQPLJRTXHODREOLJDVHLQFOXVR
1RIXHURQP¡VGHGRVRWUHVPLQXWRVKDFL©QGRPHHOGRUPLGRHVIRU]¡QGRPHSDUD
QR PRYHUPH \ /ROD VHQWDGD HQ OD FDPD MXQWR D P GHVSLGL©QGRVH HQ VLOHQFLR
SURFXUDQGRQRVHUYLVWDRGHVFXELHUWDTXHULHQGRWDOYH]TXH\RDEULHVHORVRMRV\PH
YROYLHVH \ OD VXMHWDVH \ OH GLMHUD QR WH YD\DV PL YLGD QR WH YD\DV 4XH OD REOLJDUD
LQFOXVRDJDUU¡QGRODSRUODVPX±HFDVDQRDEDQGRQDUODKDELWDFL³QDSHUPDQHFHUDOO
MXQWRDP/XHJRVHOHYDQW³GHVSDFLRODHVFXFK©DOLVDUVHHOYHVWLGRVHJXURTXHPH
PLUDEDPLHQWUDVORKDFDSRUVLWRGDYDPHYROYD\OHGDEDDVXQDRSRUWXQLGDGGH
TXHGDUVHFRQPLJR3HURDJXDQW©HOHQYLWH\VHJXUHVSLUDQGRLJXDOTXHVLHVWXYLHUD
SURIXQGDPHQWH GRUPLGR \ DV OD HVFXFK© FHUUDU OD SXHUWD \ OXHJR DGLYLQ© TXH VH
KDED SXHVWR ORV ]DSDWRV HQ HO SDVLOOR SRUTXH DKRUD HVFXFKDED ORV WDFRQHV
DFHUF¡QGRVHDODVFHQVRU/DHVFXFKDED\DKRUDPHKDEDGDGRODYXHOWD\PHKDED
LQFRUSRUDGRHQODFDPDSDUDDJX]DUHORGRSRUVLKDEDDOJXLHQP¡VDOJXLHQTXHOD
HVSHUDED SDUD VRUSUHQGHUOD \ SRQHUOH OD PDQR HQ OD ERFD FRPR XQD PRUGD]D
DPHQD]¡QGRODFRQODKRMDDILODGDGHXQDQDYDMDRFRQXQDSLVWROD(UDXQULHVJRTXH
KDEDTXHFRUUHUSDUDGHMDUODLU/DSURSLQDJHQHURVDDOUHFHSFLRQLVWDLQFOXDHODYLVR
VL DOJXLHQ YHQD DO KRWHO SUHJXQWDQGR SRU QRVRWURV 1R KDED UHFLELGR QLQJXQD
OODPDGD \ HUD GHPDVLDGR WDUGH R GHPDVLDGR WHPSUDQR SDUD TXH RWUR UHFHSFLRQLVWD
3¡JLQD 3¡JLQD
RHVWRUEDED0HGLFXHQWDWDUGHSHURHOFDVRHVTXHSDUDTXHODVFRVDVVDOLHUDQ
< ELHQ OR PHMRU HUD TXLWDUPH GH HQ PHGLR 3HUR IXL WDQ LPE©FLO TXH VH OR SXVH
I¡FLO/RODPHFRQW³TXHHO*RUGRJXDUGDEDPXFKRGLQHUR\MR\DVGHJUDQYDORUHQOD 6DEDTXHDFDEDUDHQFRQWU¡QGRPHFRQ/XLVRFRQDOJXQRGHVXVHVELUURV/RVDED\
FDMDIXHUWHGHVXFDVD DXQTXHSDUH]FDXQSRFRUHWRUFLGRWDPEL©QORGHVHDEDFRPRVLTXLVLHUDTXLWDUPHXQ
0XFKRGLQHUR0RQWDOE¡Q(OVXILFLHQWHSDUDHPSH]DUXQDQXHYDYLGD SHVRGHHQFLPDTXHPHDQJXVWLDEDTXHQRPHGHMDEDFRQFLOLDUHOVXH±R(UDFRPRVL
6DFXGODFDEH]D/HGLMHTXHQRTXHHVWDEDORFD0HEHV³HQORVODELRV SDUD WHQHU TXH HPSUHQGHU XQD QXHYD YLGD DGHP¡V GH UHJUHVDU DO OXJDU GRQGH VH
0XFKR GLQHUR 0RQWDOE¡Q UHSLWL³ (O VXILFLHQWH SDUD GDU OD YXHOWD DO PXQGR WRUFLHURQODVFRVDVWDPEL©QKXELHUDGHHQIUHQWDUPHDOSDVDGRDODH[LVWHQFLDTXL]¡
D±DGL³\VHHFK³DUHU3DUDGDUODYXHOWDDOPXQGR\YLVLWDUWRGRVHVRVUDVFDFLHORV IHOL] TXH PH DUUHEDWDURQ GLHFLRFKR D±RV DWU¡V $\HU GHVSX©V GH TXH /ROD VH IXHUD
(VW¡VORFDLQVLVW GHM© GH WRPDU SUHFDXFLRQHV 0H FRPSRUWDED FRPR XQ VROGDGR FDQVDGR GH HVSHUDU
/RWHQJRWRGRSODQHDGRPHGLMRFRQODIULDOGDGGHTXLHQHIHFWLYDPHQWHORWHQD DJD]DSDGR HQ OD WULQFKHUD HQ VLOHQFLR DJXDUGDQGR D TXH HPSLHFHQ ORV WLURV \ TXH
WRGRSUHYLVWR6³ORWHQGU¡VTXHYHQLUGHQRFKHFRQODFDUDRFXOWD)LQJLUTXHHUHVXQ GHFLGHSRUILQVDOLUDFDPSRDELHUWRHQIUHQWDUVHDOIXHJRHQHPLJR\PRULUTXL]¡HQ
ODGU³Q$WDUQRVGDUQRVXQDVERIHWDGDVVLKDFHIDOWD OXJDUGHSDVDUP¡VWLHPSRDJDFKDGRVLQVDEHUTXHDORPHMRUODJXHUUDKDWHUPLQDGR
(O*RUGRQRGLU¡ODFRPELQDFL³QGHODFDMDIXHUWHQLDXQTXHOHDUUDQTXHODVX±DV 3HUR\RVDEDTXHODJXHUUDSDUDPQRKDEDWHUPLQDGRTXHDºQWHQGUDTXHOLEUDUOD
OHGLMHQRV©F³PRSHURHOFDVRHVTXHVHORGLMH\KDVWDHQWRQFHVQRTXLVHGDUPH ºOWLPDEDWDOOD<PHGDEDLJXDO1RVDEDG³QGHVHKDEDLGR/RODSHURTXHUDSHQVDU
FXHQWD GH TXH KDED DOJXQD SRVLELOLGDG GH TXH \R SDUWLFLSDVH HQ OR TXH /ROD PH TXH HVWDED VHJXUD WUDWDED GH FRQYHQFHUPH GH TXH KDED ORJUDGRPDUFKDUVH VLQ TXH
HVWDEDSURSRQLHQGR HOORVODHQFRQWUDVHQ
<R V© OD FRPELQDFL³Q PH DVHJXU³ /ROD /H KH YLVWR DEULU OD FDMD IXHUWH P¡V GH (UD HO ºOWLPR GD TXH SDVDUD HQ /LVERD (Q UHDOLGDG SHQVDED LUPH OD WDUGH TXH
XQDYH] VLJXL³DODPDUFKDGH/ROD'HVSX©VGHTXHHOWD[LVHSHUGLHUDGHPLFDPSRGHYLVL³Q
<SRUTX©QRODDEUHV\ORKDFHVWºVROD" PH WXPE© HQ OD FDPD \ FHUU© ORV RMRV VLQ SRGHU FRQFLOLDU HO VXH±R $O ILQDO XQR
3RUTXHVLHQWUDXQODGU³QVHU¡P¡VFUHEOH7HQGU©XQDFRDUWDGD\QRVRVSHFKDU¡ VLHPSUHDFDEDDVWXPEDGRHQXQFROFK³QH[WUD±RFRQODPLUDGDSHUGLGDHQHOWHFKR
GHP1RVRVSHFKDU¡GHQRVRWURV GHXQDKDELWDFL³QDOTXLODGDVLQP¡VFRPSD±DTXHXQRPLVPR<DORKHGLFKRDQWHV
6DFXG OD FDEH]D 0H LQFRUSRU© HQ OD FDPD $TXHOOR HUD XQ GHVSURS³VLWR WDQ HV GLIFLO TXH DOJXLHQ SXHGD HQJD±DUVH D V PLVPR HQ XQ PRPHQWR DV 3RU SRFD
JUDQGHTXHPHGDEDYHUJ¼HQ]DV³ORKDEODUGHHOOR OXFLGH] TXH VH WHQJD HV GLIFLO TXH XQR QR DFLHUWH D FRPSUHQGHU FRQ XQD FODULGDG
(VWRQRWLHQHVHQWLGR/RODODFRUW©'HM©PRVORSRUIDYRU LUULWDQWHTXL]¡DOJRPX\LPSRUWDQWHVREUHODYLGDDOJRTXHDXQROHGROHU¡GHVFXEULU
/RODVHLQFRUSRU³WDPEL©Q6HVHQW³HQODFDPD WDOYH]TXHDOILQDOFXDQGRODVFRVDVVHSRQHQIHDVVLHPSUHHVW¡VROR
(O *RUGR WLHQH PXFKR GLQHUR 0RQWDOE¡Q 1R VH YD D DUUXLQDU SRUTXH QRV <RORKDEDDVXPLGRFRQODWUDQTXLOLGDGGHTXLHQVDEHTXH\DQRSXHGHHFKDUVH
OOHYHPRVXQSRFR DWU¡VSRUTXHQRWLHQHDG³QGHLU<DKDEDSDVDGRSRUDOJRDVDQWHVQRHUDODSULPHUD
1RSXHGR/ROD/RVLHQWR YH]TXHHVWDEDVROR\WDPSRFRHUDODSULPHUDYH]TXHODVXHUWHPHGDEDODHVSDOGD
6HHFK³DUHU(UHVGHPDVLDGROHJDO0RQWDOE¡Q7XSUREOHPDHV©VH (QUHDOLGDGߚ\ORFRQILHVRVLQUHQFRUߚKHHVWDGRDVWRGDPLYLGDP¡VVRORTXHOD
&XDQGRODPLU©\DVHHVWDEDYLVWLHQGR(VDQRFKHWHQDTXHFDQWDUHQRWURORFDO XQD\FRQODVXHUWHGHHVSDOGDV
TXHHO*RUGROHKDEDFRQVHJXLGR 3HUPDQHFWXPEDGRHQHOFROFK³QDOUHGHGRUGHXQDKRUDKDVWDTXHPHHQWUDURQ
'HEHUDPRVHVWDUORVGRVDJUDGHFLGRVDO*RUGR7ºSRUTXHSXHGHVFDQWDU\EDLODU JDQDVGHGHVD\XQDU\QRIXHKDVWDHQWRQFHVFXDQGRPHOHYDQW©\PHGLFXHQWDGHTXH
<RSRUTXHPHJDQRODYLGDGHXQDIRUPDGHFHQWHSRUTXHQRWHQJRTXHVXELUPHDXQ /ROD KDED GHMDGR XQD EROVD HQFLPD GH OD FDPD GRQGH HOOD GHEHUD HVWDU DKRUD
ULQJ\PDWDUDQDGLHSDUDSRGHUSDJDUHODOTXLOHU GXUPLHQGR KDFL©QGRVH OD UHPRORQD SDUD QR LU D GHVD\XQDU WRGDYD WDQ WHPSUDQR
/RODVDFXGL³ODFDEH]D&KDVTXH³ODOHQJXD SLGL©QGRPH TXH OD GHMDVH GRUPLU XQ SRFR P¡V (UD XQD GH ODV EROVDV GRQGH KDED
$VQXQFDOOHJDUHPRVDQLQJºQVLWLR0RQWDOE¡Q<RQRSRGU©VXELUVLHPSUHDXQ WUDGRODVFRPSUDVODWDUGHDQWHULRU/DFRJ\DOKDFHUORPHGLFXHQWDGHTXHSHVDED
HVFHQDULR3XHGRFDQWDU\EDLODUSHURV©TXHPHIDOWDHOWDOHQWRQHFHVDULRSDUDOOHJDU P¡VGHORTXHGHEHUDSHVDUXQDEROVDYDFD6HPHRFXUUL³XQDFRVDSHURVDFXGOD
P¡VDUULEDSDUDVHUDOJXLHQSDUDYLYLUF³PRGDPHQWHGHHVR<WºQRHVW¡VGLVSXHVWRD FDEH]DLQPHGLDWDPHQWHGHVHFKDQGRHOSHQVDPLHQWR9ROYDSRQHUODVREUHODFDPD\
YROYHUDER[HDU4X©TXLHUHVKDFHU"3DVDUHOUHVWRGHWXYLGDGHFK³IHUGHO*RUGR" PH OD TXHG© PLUDQGR XQ LQVWDQWH GXGDQGR VL HUD SRVLEOH KDEHU DFHUWDGR (O
$OO¡Wº UD]RQDPLHQWRPHKDEDYHQLGRFRPRXQODWLJD]R6LQGHMDUGHIUXQFLUHOFH±RPHWOD
PDQR 7RGDYD TXHGDEDQ DOO DOJXQRV IDMRV GH ELOOHWHV 8QR D XQR IXL VDF¡QGRORV \
3¡JLQD 3¡JLQD
SRQL©QGRORV VREUH OD FDPD &RQW© YHLQWH -XVWR OD PLWDG /ROD PH KDED GHMDGR OD PLFRFKHKDFLHQGRKXHFRFRQODVPDQRVSDUDYHUHOLQWHULRUFRPRXQQL±RFXULRVR
PLWDG GHO GLQHUR 6RQUH (Q OD YLGD XQR SRGD WHQHU PDOD VXHUWH SHUR DO ILQDO HO TXHTXLVLHUDPLUDUTX©YHORFLGDGDOFDQ]DXQE³OLGRTXHOHJXVWDHVWDED&KRFRODWH
GHVWLQRSDUHFHDSLDGDUVHGHWL$OPHQRVPRPHQW¡QHDPHQWH (FK©XQU¡SLGRYLVWD]RDOUHVWRGHODSODQWD+DEDRWURVFRFKHVDSDUFDGRV\QRYL
/DSDUWLGDHVWDEDWHUPLQDQGR8QMXJDGRUDFDEDGHGHVSHGLUVH'HVSX©VGHKDEHU QLQJXQRHQHOTXHKXELHUDQDGLHGHQWUR&KRFRODWHHVWDEDVRORSHOLJURVDPHQWHVROR
JDQDGRXQDEXHQDPDQRKDEDUHED±DGRORVELOOHWHVGHODPHVDVHORVKDEDJXDUGDGR 0HDJDFK©\DOKDFHUORYROYDSDOSDUPHORVUL±RQHVSDUDFRPSUREDUTXHODSLVWROD
\ KDED DEDQGRQDGR OD SDUWLGD $KRUD V³OR TXHG¡EDPRV GRV 3URQWR UHSDUWLUDQ ODV VHJXDDOO(VRPHWUDQTXLOL]DED<DOHKDEDGDGRORVX\RD&KRFRODWHXQDYH]\WDO
FDUWDVGHQXHYRODVPLUDUDPRVFRQFXLGDGRSURFXUDQGRTXHQDGLHQRVODVYLHVH\ YH]SRGUDYROYHUDKDFHUORVLQQLQJºQSUREOHPDSHUR©OWDPEL©QFDVLPHGHMDOLVWR
HPSH]DUDPRVDDSRVWDU1LDXQVLHQGRXQEXHQMXJDGRUKDEUDSHQVDGRTXHPHLEDD GHSDSHOHVDQWHV\PHGLDYLGDUHSDUWLHQGRWRUWDVPHKDHQVH±DGRTXHKD\GRVFODVHV
UHVXOWDUI¡FLOOOHYDUPHHVDPDQRGHIDUROGHVGHOXHJR<SDUDTX©YR\PHQWLUQXQFD GHKRPEUHVORVTXHVHDFREDUGDQFXDQGROHVSHJDVODSULPHUDYH]\FXDQGRWHYHQ
VHPHKDGDGRELHQMXJDUDOS³TXHU EDMDQORVRMRV\SURFXUDQFDPELDUU¡SLGDPHQWHGHDFHUD\ORVTXHFXDQWRP¡VWLHPSR
SDVDGHVGHODKXPLOODFL³QQRKDFHQP¡VTXHDFXPXODUXQGHVHRGHYHQJDQ]DFDGDYH]
PD\RUDPHGLGDTXHSDVDQORVGDV\VHYDQUHFXSHUDQGRGHODVKHULGDVSHURODVDQJUH
$\HUSRUODPD±DQDVDODODFDOOHDSHFKRGHVFXELHUWR0HSDVH©SRUODFLXGDGSRU QRGHMDGHKHUYLUOHV&KRFRODWHHUDXQRGH©VWRVHVWDEDFRQYHQFLGR\DKRUDWUHVGDV
ORV VLWLRV P¡V FRQFXUULGRV 1R VDEUD GHFLU FX¡OHV 0X\ FHUFD GHO KRWHO HVWDED HVD GHVSX©VGHGHMDUORWXPEDGRHUDFXDQGRP¡VSHOLJURVRVHUDHQFRQWUDUPHFRQ©O
SOD]DODGHODIXHQWH<XQSRFRP¡VDOO¡HVWDEDHVDRWUDSOD]DDTXHOODTXHSUHVLGD )XH U¡SLGR 0H DFHUTX© SRU GHWU¡V DJD]DSDGR HQWUH ORV FRFKHV $QWHV GH VDOWDU
XQD HVWDWXD HFXHVWUH GRQGH KDEDPRV DSDUFDGR HO FRFKH $O FUX]DUOD ODV SDORPDV VREUH ©O GHGLTX© XQ ºOWLPR YLVWD]R DO DSDUFDPLHQWR 3RU VXHUWH KDED PXFKRV VLWLRV
HFKDURQ D YRODU DSDUW¡QGRVH GH P HPSUHQGLHQGR HO YXHOR KDFLD OD PXUDOOD GH XQ OLEUHVWRGDYDHQODSULPHUDSODQWDߚORKDEDFRPSUREDGRDQWHVߚ\QRHUDSUREDEOH
FDVWLOORTXHVHDO]DEDHQXQDFROLQD TXHEDMDVHDOJºQDXWRP³YLOHQORVSU³[LPRVPLQXWRV$XQDVWHQDTXHGDUPHSULVD
+D\XQDUHWRUFLGDVLPHWUDHQORVGRVYLDMHVWDQH[WUD±RVTXHKHKHFKRD/LVERD &KRFRODWH VH KDED VHSDUDGR XQRV SDVRV GH PL FRFKH \ DKRUD PLUDED D XQ ODGR \ D
$KRUD©VWHVHSDUHFDP¡VWRGDYDDOGHDQWHVVLFDEHSRUTXHRWUDYH]YROYDDHVWDU RWURFRPRVLROIDWHDVHHOUDVWURTXH/ROD\\RKDEDPRVGHMDGRDODEDQGRQDUHOFRFKH
VRORHFKDQGRGHPHQRVD/RODYDJDQGRFRPRXQQL±RSHUGLGRFDPLQDQGRFRQODV HQDTXHOVXEWHUU¡QHRFRPRVLHVWXYLHVHDSXQWRGHLQWXLUPLSUHVHQFLDDKRUD3HURQR
PDQRVPHWLGDVHQORVEROVLOORVILM¡QGRPHGHXQDPDQHUDQRH[HQWDGHQHXURVLVHQODV SXGR YHUPH SRUTXH \R HVWDED DJDFKDGR (VWDED DJDFKDGR \ KDED GHVHQIXQGDGR OD
FDUDV GH OD JHQWH FRQ OD TXH PH FUX]DED FRPR VL DOJXLHQ SXGLHUD UHFRQRFHUPH \ SLVWROD VLQ TXLWDUOH HO VHJXUR WRGDYD (VSHUDED QR WHQHU TXH XWLOL]DUOD TXH EDVWDUD
JULWDUPLQRPEUHPLQRPEUHYHUGDGHUR0RQWDOE¡QHUHVWº5DIDHO0RQWDOE¡Q\QR V³ORFRQHQVH±¡UVHOD%DMRODFKDTXHWDOHDGLYLQ©XQEXOWRDPHQD]DGRULJXDOTXHHO
KDVYHQLGRKDVWDDTXKX\HQGRGHQDGLHP¡VTXHGHWLPLVPR PR6RQUHFRPRVLDOFDERPHFRPSODFLHVHHQIUHQWDUPHDXQRGHPLVLJXDOHV(Q
/OHYDEDODSLVWRODGH/XLVHQODFLQWXUDHQODSDUWHGHDWU¡V'HYH]HQFXDQGROD GRV ]DQFDGDV UHFRUW© OD GLVWDQFLD TXH QRV VHSDUDED &KRFRODWH QR WXYR WLHPSR GH
SDOSDED VREUH OD FDPLVD TXH OOHYDED FRQ ORV IDOGRQHV SRU IXHUD GHO SDQWDO³Q 2WUDV YROYHUVHGHOWRGR$QWHVGHTXHSXGLHUDYHUPLFDUD\DOHKDEDKXQGLGRHOSX±RHQ
YHFHVPHTXHGDEDSDUDGRHQXQDHVTXLQDFXDQGRHOVHP¡IRURVHSRQDHQYHUGH\ORV ORV UL±RQHV \ DSURYHFKDQGR TXH VH OH DUTXHDED OD HVSDOGD KDFLD DWU¡V GHO GRORU OH
SHDWRQHVSRGDQFUX]DUODFDOOHPHGHWHQD\PLUDEDHQWRUQRDPFRPRVLWUD]DVH DUUHJO©ODVLHQFRQODFXODWDGHODSLVWROD1RKDEDWDUGDGRP¡VGHGRVVHJXQGRV\VH
XQDOQHDLPDJLQDULDTXHPHFLUFXQGDEDSRUVLYHDD/XLVRDDOJXQRGHORVVX\RV UHWRUFDHQHOVXHOR/HTXLW©HODUPDYDFL©HOFDUJDGRU\PHJXDUG©ODVEDODVHQHO
SDUDGHMDUPHYHUSRU/XLV\ORVVX\RV EROVLOOR(UDQGHOPLVPRFDOLEUHTXHODVPDV/HSDV©ODVPDQRVFRQUDSLGH]SRUHO
&XDQGREDM©DOJDUDMHQRKDEDSHQVDGRHQDFHUWDUGHOOHQRVLQRTXHORKLFHSRU FXHUSRKDVWDTXHOHHQFRQWU©XQDQDYDMD(UDXQDDXWRP¡WLFDFRPRODPDGHODVTXH
XQDPH]FODGHFXULRVLGDG\GHVLGLD4XHUDYHUVLWRGDYDVHJXDHOFRFKHDKGRQGH VHHPSDOPDQFRQXQDOHYHSUHVL³Q&KRFRODWHODOOHYDEDVXMHWDHQXQFDOFHWQ/XHJR
ORKDEDPRVGHMDGR/OHYDEDODVOODYHVSHURVDEDTXHQRPHLEDDVXELUD©O\TXHQR ORDUUDVWU©SRUHOFXHOORGHODFDPLVDKDVWDHOFRFKHDEUXQDGHODVSXHUWDVWUDVHUDV\
PH LED D PDUFKDU GH OD FLXGDG WRGDYD 0H KDED SURSXHVWR QR DEDQGRQDU /LVERD OR DUURM© GHQWUR /H FRUUD XQ KLOLOOR GHQVR GH VDQJUH SRU XQR GH ORV ODGRV GH OD
KDVWDUHVROYHUSDUDVLHPSUHODFXHQWDSHQGLHQWHTXHWHQDFRQ/XLV+DEDGHFLGLGRQR FDEH]DMXVWRGRQGHOHKDEDGDGRFRQODSLVWROD3DUHFDPDUHDGRSHURVHOHSDVDUD
GHMDUP¡VFDERVVXHOWRVHQPLYLGD0HLQFRPRGDUDPXFKRWHQHUTXHHVWDUHOUHVWRGH SURQWR6LQGHMDUGHDSXQWDUOHPHVHQW©GHODQWHHQHODVLHQWRGHOFRSLORWR8QDYH]
PLV GDV PLUDQGR SRU HQFLPD GHO KRPEUR SRU VL DOJXLHQ PH VLJXH <D HVWR\ PD\RU GHQWUR FRORTX© HO FD±³Q GH OD SLVWROD HQWUH ORV GRV UHVSDOGRV &XDOTXLHUD TXH QRV
SDUDFLHUWDVFRVDV KXELHUD YLVWR GHVGH IXHUD KDEUD SHQVDGR TXH OD LPDJHQ FRUUHVSRQGD D OD GH GRV
)XL KDVWD OD VHJXQGD SODQWD \ DO EDMDU HO ºOWLPR SHOGD±R VRQUH FRPR VL PH DPLJRVFKDUODQGRWUDQTXLODPHQWH
KXELHUDQGLFKRTXHPHKDEDWRFDGRODORWHUD$ORWURODGRGHODSDUFDPLHQWRMXQWRD
3¡JLQD 3¡JLQD
&KRFRODWHVHOOHY³XQDPDQRDODFDEH]DSDUDFRPSUREDUHODOFDQFHGHODKHULGDR $O PHQRV QR VDEDQ TXH /ROD \D QR HVWDED FRQPLJR (OOD KDED WHQLGR OD
SDUDGHWHQHUODVDQJUHTXHOHEDMDED\DKDVWDHOFXHOORGHODFDPLVD SRVLELOLGDGGHPDUFKDUVH\HVRPHWUDQTXLOL]DED/RTXH\RTXHUDHUDHQIUHQWDUPH
<RQRGHMDEDGHPLUDUORVLQSHVWD±HDU VRORD/XLVDPLSDVDGRHQFDUDUFRQWUDQTXLOLGDGHOIXWXUR<WRGRVHUDP¡VI¡FLOVL
ߚ1RHVQDGD$SHQDVXQUDVJX±R /ROD\DHVWDEDOHMRV\DVDOYRGHORTXHSXGLHUDVXFHGHUHQ/LVERD
ߚ+LMRGHODJUDQSXWD ߚ&RQFHUWHPRVXQDFLWDSXHV
0HKLFHHOVRUGR1RHVTXHPHKLFLHUDJUDFLDTXHPHPHQWDVHQDPLPDGUHTXH &KRFRODWH DVLQWL³ SHUR GH VX URVWUR QR VH KDED ERUUDGR WRGDYD XQD VRQULVD
HQSD]GHVFDQVHSHURGDGDVODVFLUFXQVWDQFLDVQRPHSDUHFL³PDOGHMDUTXHHORWUR EXUORQD 3DUHFD GHFLUPH TXH WRGR HVWDED SHUGLGR TXH KDED VLGR XQ LPE©FLO DO
VHGHVDKRJDUDXQSRFR$OILQ\DOFDEROHKDEDDELHUWRXQDEUHFKDHQODFDEH]D\DOR IXJDUPH FRQ OD PXMHU GH VX MHIH \ TXH DO ILQDO ORV WRQWRV DFDEDPRV SDJDQGR ODV
PHMRUPHDEDVDQJUHGXUDQWHXQSDUGHGDV(VRVLQFRQWDUORGHO3XHUWR&KRFRODWH FRQVHFXHQFLDVGHODVHVWXSLGHFHVTXHKDFHPRV
DºQSUHVHQWDEDVH±DOHVHQODFDUDGHODQRFKHGHODKXLGD3HUREXHQRDPLWDPEL©Q ߚ7HKDVHTXLYRFDGRWRߚPHGLMRSDV¡QGRVHGHQXHYRODSDOPDGHODPDQRSRU
VHPHQRWDEDHQHORMRWRGDYDODSDOL]DTXHPHKDEDGDGRHQODSOD\D<FDGDYH] ODVH±DOTXHOHKDEDGHMDGRHOFD±³QGHODSLVWRODHQODPHMLOODߚ+DVPHWLGRODSDWD
TXH UHVSLUDED KRQGR R PH HQWUDED WRV PH FRVWDED ROYLGDUPH GH TXH WHQD \ WHQJR KDVWDHOIRQGR
XQDFRVWLOODURWD 6ROW© HO DLUH GHVSDFLR KDFLHQGR XQ SRFR GH UXLGR FRPR VL VRQULHUD D PHGLDV R
0H ODV YDV D SDJDU FDEU³Q SDUHFD GHFLUPH &KRFRODWH DKRUD UHFRVWDGR HQ HO VXVSLUDVH
DVLHQWR GH DWU¡V VLQ VDEHU G³QGH OH GROD P¡V VL HQ OD FDEH]D R HQ ORV UL±RQHV 6H ߚ(VW¡VPXHUWRߚLQVLVWL³ߚ/RVDEHV"/RHVW¡VGHVGHTXHWHODUJDVWHFRQHOOD
LQFRUSRU³FRQXQJHPLGRDKRJDGRSDUDSRGHUKDEODUPHMRU 3URFXU© QR SUHVWDU DWHQFL³Q D VXV SDODEUDV (VWDED PXHUWR 7DO YH] 3HUR VL OR
ߚ'³QGHHVW¡" HVWDEDQRHUDGHVGHHOGDTXHPHIXJX©FRQ/RODVLQRTXH\DOOHYDEDPXHUWRPXFKR
6DFXGODFDEH]DVRQULHQGR WLHPSR3HURQRLEDDFRQWDUOHPLYLGDD&KRFRODWH1RHUDDVXQWRVX\R0HDFHUTX©D
ߚ$TXVR\\RHOTXHKDFHODVSUHJXQWDV ©OFRPRVLQRKXELHUDHVFXFKDGRVXVSDODEUDV
0HPLU³DORVRMRV\OXHJRPLU³ODSLVWRODTXHORDSXQWDED(UDFRPRVLVRSHVDUD ߚ$KRUDYDVDVDOLUGHDTX\OHYDVDGHFLUDWXMHIHTXHTXLHURYHUOR
ODVSRVLELOLGDGHVTXHWHQDGHVHJXLUFRQYLGD1RGLMRQDGD\HQWRQFHVIXL\RTXLHQ 6RQUL³ GHVSHFWLYR FRPR TXLHQ GHVGH±D OD SURSXHVWD GH XQ QL±R LQRFHQWH 0H
HPSH]³DKDFHUSUHJXQWDV PLU³ FRPR VL QR FUH\HVH TXH HVWDED KDEODQGR HQ VHULR FRPR VL PL GHVHR GH
ߚ'³QGHHVW¡/XLV" HQFRQWUDUPHFRQ/XLVQRIXHUDRWURTXHXQIDUROWDQI¡FLOGHYHUSDUDXQMXJDGRUGH
&KRFRODWHHVFXSL³DOFD±³QGHODSLVWROD/RKL]RWDQU¡SLGRTXHFUHRTXHQROR S³TXHUH[SHULPHQWDGR
KDEDSHQVDGRVLTXLHUDVLQRTXHORKL]R\\DHVW¡3HURDSHVDUGHVDEHUTXHKDED ߚ0D±DQDSRUODPD±DQDߚD±DG
VLGRXQDFWRUHIOHMROHGLXQUHY©VHQODFDUDFRQHOPLVPRFD±³Q6HUHWRUFL³GHGRORU &KRFRODWHDVLQWL³FRPRVLHVWXYLHUDVLJXL©QGRPHHOMXHJR
HQHODVLHQWR&XDQGRUHFXSHU³ODFRPSRVWXUDXQDOQHDQHJUD\PRUDGDTXHFRVWDED ߚ0D±DQDSRUODPD±DQDߚUHSLWL³ߚ'³QGH"$TX©KRUD"
YHUHQVXSLHORVFXUDOHUHFRUUDODFDUDGHVGHODPDQGEXODKDVWDODQDUL]6LQGHMDUGH /D JXD TXH /ROD KDED FRPSUDGR HQ OD JDVROLQHUD VHJXD HQ HO VDOSLFDGHUR /D
PLUDUPHDORVRMRVIUXQFL³HOFH±RVHSDV³XQDPDQRSRUODPHMLOODGRQGHDFDEDEDGH KDEDHVWDGRKRMHDQGRPLHQWUDVYHQDPRVD/LVERD\VHODKDEDGHMDGRROYLGDGD6LQ
VDFXGLUOH\VHUHSDV³ORVGLHQWHVFRQODOHQJXDSRUVLVHOHKDEDPRYLGRDOJXQRFRQ GHMDUGHPLUDUD&KRFRODWHODDEUDOD]DU\VLQRKXELHUDHVWDGRFRQ©OHQHOFRFKH
HOJROSH FUHR TXH KDVWD PH KXELHUD SHUPLWLGR XQD FDUFDMDGD /D FDVXDOLGDG HV DOJR TXH
5HSHWODSUHJXQWD VLHPSUHPHKDIDVFLQDGRWDQWRFRPRPHKDLQTXLHWDGRGHODQWHGHPLVRMRVHQXQD
ߚ'³QGHHVW¡/XLV" IRWRJUDIDHVWDEDXQRGHORVPRQXPHQWRVTXHKDEDYLVLWDGRHQ/LVERDODSULPHUDYH]
&KRFRODWHPHPLU³\WDOYH]HQWRQFHVVXSRTXHWHQDTXHFRQWHVWDUTXH\RDOD TXHHVWXYH3HURQRGHFLGFLWDUPHDOOFRQ/XLVSRUTXHPHKXELHUDYXHOWRQRVW¡OJLFR
KRUD GH OD YHUGDG LJXDO TXH ©O PLVPR QR PH DQGDUD FRQ UHPLOJRV 6H WRP³ XQRV /RKLFHSRUTXHUHFRUGDEDTXHHUDXQOXJDUDSDUWDGR\TXHVLQRVHQFRQWU¡EDPRVPX\
VHJXQGRVDQWHVGHUHVSRQGHUSHURDOILQDOORKL]R WHPSUDQRQRKDEUDWXULVWDVLQGLVFUHWRVTXHQRVLPSLGLHVHQUHVROYHUQXHVWURVDVXQWRV
ߚ1RHVW¡OHMRV /HSXVHD&KRFRODWHODJXDGHODQWHGHODFDUDVH±DO¡QGROHODIRWRFRQHOGHGR
$VHQWVDWLVIHFKRFRPRTXLHQDFDEDGHUHVROYHUXQDFHUWLMR ߚ0D±DQD SRU OD PD±DQD (Q FXDQWR DPDQH]FD 'LOH D /XLV TXH QRV YHUHPRV
ߚ4XLHURYHUOR DTX
&KRFRODWHWRUFL³HOJHVWRGHGRORUHQXQDVRQULVDPDO©YROD 6H OR GLMH \ FRQ HO FD±³Q GH OD SLVWROD OH LQGLTX© HO FDPLQR GH VDOLGD SDUD TXH
ߚOWDPEL©QTXLHUHYHUWHDWL<DHOOD DEULHVHODSXHUWD\VHPDUFKDVHFXDQWRDQWHV
3¡JLQD 3¡JLQD
HQWUDGD ODV SDUHMDV TXH HQWUDEDQ R VDODQ HO UXPRU VXDYH GH OD JHQWH TXH FKDUODED
GHQWUR
/RVGDVHQ/LVERDVHDVHPHMDEDQH[WUD±DPHQWHDDTXHOORVGHOSULPHUYLDMH\\RVLQ 0HDFHUTX©DODYHQWDQDSDUDYHUHOLQWHULRUGHOORFDO/RVPLVPRVPºVLFRVTXH
VDEHUPX\ELHQSRUTX©WDOYH]SRUTXHDOKDFHUORDVPHSDUHFDTXHWRGDHVWDORFXUD KDEDHVFXFKDGRMXQWRD/RODVHGLVSRQDQDWRFDUDKRUD/RVGRVKRPEUHVVHQWDGRV
WHQD DOJºQ VHQWLGR KDED SURFXUDGR PDQWHQHU HVH SDUHFLGR WRGR OR SRVLEOH /D FDOHQWDEDQORVGHGRVFRQODVFXHUGDVGHODVJXLWDUUDV\ODPLVPDPXMHUGHOGDDQWHV
SULPHUD YH] HVWXYH VROR \ KDED VLGR WUDLFLRQDGR $KRUD WDPEL©Q KDED VLGR HVSHUDED6XVRQULVDSDUHFDFDOFDGDGHODGHD\HU
WUDLFLRQDGRDXQTXHQRGHOWRGRQRH[DFWDPHQWH\HVWDYH]\RKDEDFRODERUDGRHQ /DPXMHUKDEDHPSH]DGRDHQWRQDUXQIDGRFXDQGRPHDOHM©GHODYHQWDQD'HVGH
PLSURSLDWUDLFL³QPLHQWUDVTXHGLHFLRFKRD±RVDWU¡VPLSDSHOVHOLPLW³DOGHYFWLPD HORWURODGRGHODDFHUDWRGDYDSRGDHVFXFKDUODFDQWDUXQDFDQFL³QWULVWHSDODEUDV
GHOHQJD±R7DPEL©QVHQWDODVROHGDGLJXDOTXHODVHQWHQWRQFHVSHURVLQHPEDUJR HQ SRUWXJX©V TXH VLQ OOHJDU D HQWHQGHUODV VDED TXH GHFDQ DOJR VREUH HO DPRU 0H
DKRUDHVWDUVRORVHPHKDFDXQSHVRP¡VOOHYDGHUR/OHJDXQPRPHQWRHQODYLGDTXH TXHG©SHQVDQGRXQRVPLQXWRVDSR\DGDODHVSDOGDHQODSDUHGGDQGRODUJDVFDODGDVD
XQRKDGHDVXPLUHOSDSHOTXHOHFRUUHVSRQGH\DPPHKDEDWRFDGRHVWDUVROR\DO XQSLWLOORTXHKDEDHQFHQGLGRVLQGDUPHFXHQWD$OFDERHVFXFK©ORVDSODXVRVGHORV
ILQDOFXDQGRXQRVHOLEHUDGHODFDUJDTXHVXSRQHQRDFHSWDUVHFRPRHV\VHDFHSWDD WXULVWDV \ D WUDY©V GH ODV FRUWLQDV SXGH YLVOXPEUDU D OD PXMHU LQFOLQ¡QGRVH SDUD
VPLVPRFRPRFRUUHVSRQGHVHVLHQWHPXFKRPHMRUP¡VWUDQTXLOR DJUDGHFHUODRYDFL³QGHOSºEOLFR
&RJ HO WUDQYD SRU OD PD±DQD PX\ WHPSUDQR 7RGDYD HUD GH QRFKH DXQTXH 0H DFRUG© GH /ROD TXH OR TXH P¡V PLHGR OH GDED HQ OD YLGD HUD DFDEDU DV
SURQWRDPDQHFHUD3DJX©ODFXHQWDGHOKRWHOGHM©XQDEXHQDSURSLQDDOUHFHSFLRQLVWD FDQWDQGRHQXQUHVWDXUDQWHSDUDWXULVWDVTX©SHQD6DFXGODFDEH]D6RQUH/RODQR
\IXLFDPLQDQGRKDVWDODSOD]DGRQGH©VWHPHKDEDLQGLFDGRTX©WUDQYDGHEDWRPDU DFDEDUDDV-DP¡V(OODVHORKDEDSURSXHVWR\/RODHVGHODVTXHVHVDOHQFRQOD
SDUDOOHJDUKDVWDHVDWRUUHTXHUHFRUGDEDGHOYLDMHDQWHULRUXQDWRUUHFRPRGHSLUDWDV VX\D$FRVWDGHORTXHVHD6LHPSUH/DPD\RUDGHODJHQWHFXDQGRFXPSOHD±RVVH
MXVWRDOODGRGHOUR0HIURW©ORVRMRVPLHQWUDVHVSHUDEDHOWUDQVSRUWHHQXQDSOD]D DGDSWDRVHFRQIRUPDRVHUHVLJQDFRQORTXHWLHQHLQFOXVROOHJDDVHUIHOL]3HUR/ROD
FHUFD GHO KRWHO XQD SOD]D TXH WDPEL©Q GDED DO UR \ TXH WDPEL©Q WHQD XQD HVWDWXD QR/RºQLFRTXHVDEDKDFHUHUDFDQWDU\EDLODU\VLQRKDEDSRGLGRWULXQIDUFRPR
HFXHVWUH GRQGH VH SRVDEDQ ODV SDORPDV 3RU OD QRFKH KDED FDPLQDGR XQ SRFR VLQ DUWLVWDQRLEDDDFDEDUWDFRQHDQGR\WRFDQGRODVSDOPDVSDUDORVWXULVWDVTXHYHQDQD
UXPER ILMR VLQ SUHRFXSDUPH \D GH VHU VRUSUHQGLGR SRU /XLV \ SRU &KRFRODWH (O FHQDUD/D*LWDQLOOD
PHQVDMH \D KDED VLGR ODQ]DGR \ \R VDED TXH /XLV HVSHUDUD KDVWD OD PD±DQD
VLJXLHQWH
&RPRXQVRQ¡PEXORJXLDGRSRUHOIDQWDVPDGH/RODDTXHOODQRFKHPHSHUGSRU &XDQGRUHJUHV©DOKRWHOPHTXLW©ODURSD\PHWXPE©HQODFDPD$PLGHUHFKDOD
ODV PLVPDV FDOOHV GHO %DUULR $OWR GRQGH DSHQDV YHLQWLFXDWUR KRUDV DQWHV KDED FDPDYDFDGH/RODPHUHFRUGDEDVLQPLUDPLHQWRTXHRWUDYH]HVWDEDVROR'HVGHOD
SDVHDGR SHUFLELHQGR HO FDORU GH OD PDQR GH HOOD HQ PL EUD]R VXMHW¡QGRPH FRQ XQD YHQWDQD DELHUWD YROYD D FRODUVH XQD EULVD IUHVFD 0H HFK© OD V¡EDQD HQFLPD VLQ
PH]FODGHFDUL±R\WHPRUDVHUGHVFXELHUWRVVLQWL©QGRVHSURWHJLGDDOHVWDUMXQWRDP WDSDUPH GHO WRGR 1R SRGD GHMDU GH SHQVDU HQ /ROD G³QGH HVWDUD DKRUD VL KDEUD
HVSHUR7HQVDEDORVPºVFXORVFXDQGRHOODORKDFD\DYHFHVVXMHWDEDVXPDQR\OD VXELGRDXQDYL³QRDXQWUHQRVLDOILQDOKDEUDWHQLGRODVDJDOODVGHFXPSOLUQXHVWUR
DSUHWDED FRQ IXHU]D FRQWUD PL EUD]R 6RQUHD VLQ PLUDUOD VLTXLHUD VDEHGRU GH TXH VXH±RGHHQWRQFHVQRSRUTXHIXHUDQHFHVDULRVLQRSRUTXHOHGLYHUWDKDFHUODVFRVDV
HOOD WDPEL©Q VLQ TXHUHU PLUDUPH VH GDED FXHQWD GH OR TXH VHQWD 9HQLU D /LVERD GH HVD IRUPD 0H DJUDGDED SHQVDU TXH KDED VRERUQDGR DO FDSLW¡Q GH XQ EDUFR TXH
FRQPLJRKDEDVLGRVXPDQHUDGHSHGLUPHSHUG³QSRUORTXHOHKDEDKHFKRDQWHV\ ]DUSDVHSDUD$P©ULFDFRPRXQDPXMHUIDWDOHQXQDSHOFXODDQWLJXDTXHVHDVRPDUD
SRUORTXHHVWDEDDSXQWRGHKDFHU3HURDP\DQRPHLPSRUWDEDWDQWRORTXHLEDD SRUODERUGDDODEDQGRQDU/LVERDTXHWDOYH]PHGLUDDGL³VGHVGHFXELHUWD1RHUD
KDFHUDKRUDHQHOSUHVHQWH&XDQGRPHDEDQGRQ³HQHOSDVDGRPHGHVWUR]³ODYLGD QLQJXQDQRYHGDGSHURDXQTXHV³ORKDEDPRVSDVDGRMXQWRVGRVGDVODHFKDEDGH
SHURDKRUDQRSRUGRVUD]RQHVODSULPHUD\WDOYH]ODPHQRVLPSRUWDQWHHUDTXHHVWD PHQRV ([WHQG HO EUD]R \ SXVH OD SDOPD GH OD PDQR VREUH OD FDPD TXH HOOD KDED
YH]\RVDEDTXHHOODVHPDUFKDUD\PHLEDDTXHGDUVRORRWUDYH]ODVHJXQGDODTXH RFXSDGR FRPR VL DO KDFHUOR SXGLHUD VHQWLU VX FDORU WRGDYD $JDUU© OD FROFKD FRQ
P¡VPHLPSRUWDED\ODTXHP¡VPHGRODHUDTXHPLYLGD\DHVWDEDGHVWUR]DGDOR IXULD FRPR VL DSUHWDVH VX SLHO FRPR VL HOOD QR VH KXELHUD PDUFKDGR 6LQ GDUPH
KDEDHVWDGRGHVGHHQWRQFHV\QRHVSRVLEOHURPSHUDOJRTXH\DQRWLHQHDUUHJOR FXHQWDODRWUDPDQRKDEDEDMDGRKDVWDODFDUQHHQGXUHFLGDGHUHSHQWHDJDUU¡QGROD\
(VD QRFKH TXH HVWDED VROR FXDQGR \D VDED TXH DO GD VLJXLHQWH PH HQFRQWUDUD DFDULFL¡QGROD OHQWD GHPRUDGDPHQWH &HUU© ORV RMRV WDQ IXHUWH TXH PH GROLHURQ ORV
FRQ /XLV GH UHSHQWH PH YL HQ OD SXHUWD GHO PLVPR UHVWDXUDQWH GRQGH KDED FHQDGR S¡USDGRVSURFXUDQGRSHQVDUHQ/RODSHURORºQLFRTXHSRGDYHUHQODRVFXULGDGHUD
FRQ/ROD8QDPXMHUPHDEUL³ODSXHUWDPHLQYLW³DHQWUDUSHURGHFOLQ©ODRIHUWDFRQ DXQQL±RORERTXHVHKDEDKHFKRPD\RUFRUULHQGROORUDQGRGHPLHGRRGHUDELDHQ
XQ JHVWR VDFXG OD FDEH]D SHUR QR PH IXL VLQR TXH PH TXHG© SDUDGR PLUDQGR OD EXVFDGHVXOXJDUHQODMXQJOD
3¡JLQD 3¡JLQD
8QDV KRUDV GHVSX©V FXDQGR OOHJ³ OD KRUD GH DFXGLU D OD FLWD FRQ /XLV QR WHQD HVFDOHUDV\PHHQFDPLQ©KDFLDODWRUUH(VWDEDDPDQHFLHQGR\DºQQRKDEDUDVWURGH
FRQFLHQFLDGHKDEHUHVWDGRGRUPLGR /XLV'HM©ODWRUUHDPLGHUHFKDSDV©MXQWRDXQPRQXPHQWRTXHUHSUHVHQWDEDDXQ
YLHMRDYL³QVLQGHWHQHUPHDPLUDUODSODFDTXHH[SOLFDEDHOPRWLYRGHVXSUHVHQFLD\
PHGLULJDODRULOODGHOUR/DFRUULHQWHDUUDVWUDEDXQEDUFRXQEDUFRHQRUPHFRQ
0H VHQW© HQ OD SDUWH GH DWU¡V GHO WUDQYD +DED VLWLR GH VREUD (UD GHPDVLDGR VXDYLGDG SDUD SHUGHUVH HQ HO RF©DQR $QWHV GH SDUDUPH D HVSHUDU PL GHVWLQR PH
WHPSUDQRSDUDTXHORVWXULVWDVIXHUDQDYLVLWDUPRQXPHQWRV/DRWUDYH]TXHHVWXYHHQ TXHGRPLU¡QGRORXQPRPHQWRVLQSULVDVHQWRUQDQGRORVRMRVFRPRVL/RODHVWXYLHVH
/LVERD WDPEL©Q KDED KHFKR HO PLVPR UHFRUULGR HQ WUDQYD 7RGR OR GH DKRUD HUD HQFXELHUWDPRYLHQGRODPDQRGHVSLGL©QGRVHGHPFRPRHQODVSHOFXODV
SXHV LG©QWLFR D OR GH HQWRQFHV \ SHUGLGR HQ XQ DVLHQWR GH OD SDUWH GH DWU¡V GHO 0HKHYLVWRDTXSXHVGHQXHYRGLHFLRFKRD±RVGHVSX©V\WDPSRFRKHSRGLGR
YHKFXORPHWRP©ODOLFHQFLDGHXQDVRQULVDDOSHQVDUTXHODºQLFDGLIHUHQFLDHUDTXH UHSULPLUHVDVRQULVDRWUDYH]TXHPHYLHQHFXDQGRPHGR\FXHQWDGHTXHHOSUHVHQWH
DKRUDHOWUDQYDHUDP¡VPRGHUQR\VLQHPEDUJR\RHUDP¡VYLHMR$PLHVSDOGDHQOD SDUHFHFDOFDGRGHOSDVDGRTXHDKRUDYXHOYHDVHUHQWRQFHVRWUDYH]TXHPLYLGDHV
SDUWHGHDWU¡VHOVROHPSH]DEDDFRQTXLVWDUVXWHUUHQR/DSRUFL³QGHFLHORTXHSRGD FRPR XQD EURPD TXH WUDQVFXUUH HQ FUFXORV HQ OXJDU GH KDFHUOR HQ OQHD UHFWD VLQ
YHUIUHQWHDPVHPHDQWRMDEDP¡VRVFXUDFRPRVLVHUHVLVWLHVHDDEDQGRQDUODQRFKH OOHJDUQXQFDDQLQJºQVLWLRTXHWHQJRTXHWHUPLQDUFRQHVWR]DQMDUODFXHVWL³QGHXQD
0HEDM©IUHQWHDXQHGLILFLRPX\KHUPRVRGHVGHGRQGHSRGDYHUVHODWRUUHXQSRFR YH] SRU WRGDV VL TXLHUR VHJXLU DGHODQWH \ OLEUDUPH GHO SDVDGR $ºQ VR\ OR EDVWDQWH
P¡VDGHODQWHDORWURODGRGHODFDUUHWHUD MRYHQ SDUD HPSH]DU GH QXHYR PH KH GLFKR KDFH XQ UDWR FRPR VL DFDVR HVR IXHUD
7RGDYDWXYHTXHDQGDUXQSRFR7DOYH]HOWUDQYDWHQDRWUDSDUDGDP¡VDGHODQWH SRVLEOH
SHUR \R PH EDM© HQ FXDQWR WXYH OD WRUUH D OD YLVWD SRU VL DFDVR $ SHVDU GH TXH
FRQILDED HQ TXH /XLV \ &KRFRODWH PH GHMDUDQ OOHJDU KDVWD HO OXJDU GRQGH QRV
KDEDPRV FLWDGR QXQFD HVWDED GH P¡V WRPDU DOJXQD SUHFDXFL³Q R OOHYDUOHV OD
GHODQWHUD OOHJDU GHVGH RWUR VLWLR \ WHQHU DV OD YHQWDMD GH OD VRUSUHVD &DPLQ© XQRV
PLQXWRVMXQWRDODFDUUHWHUDDPLGHUHFKDODPDJQILFDPROHGHOHGLILFLR3DUHFDXQ
SDODFLRRXQFRQYHQWRFHUUDGRDHVDKRUDWDQWHPSUDQDWRGDYDSDUDORVWXULVWDV(Q
XQDPDQROOHYDEDXQDPDOHWDFRQODURSDTXHKDEDYLDMDGRFRQPLJRGHVGHTXHVDO
GH0DGULG\HQODRWUDODEROVDGRQGHJXDUGDEDODPLWDGGHOGLQHURTXH/RODVHKDED
OOHYDGR OD QRFKH TXH VDOLPRV GHO 3XHUWR SRU ODV EUDYDV (VSHUDED TXH OD RWUD PLWDG
YLDMDVHFRQHOODPX\OHMRVGHDOO0HSUHJXQW©PLHQWUDVPHGLULJDDOHQFXHQWURFRQ
/XLVVL\DKDEUDOOHJDGRHOODDVXGHVWLQRHQRWURSDVHQRWURFRQWLQHQWHTXL]¡
5HEDV©ODWRUUHDORWURODGRGHODFDUUHWHUD\VXEDXQSDVRHOHYDGRSDUDFUX]DU
ODDXWRSLVWD&XDQGRHVWDEDDUULEDIXHODSULPHUDYH]TXHPHGLFXHQWDGHTXHDSHVDU
GHTXHHOYHUDQRDºQQRKDEDWHUPLQDGRKDFDIUR'HM©ODPDOHWD\ODEROVDHQHO
VXHOR XQRV VHJXQGRV DSR\© ORV EUD]RV HQ OD EDUDQGD R[LGDGD \ HVWLU© OD HVSDOGD
7HQD ORV PºVFXORV DJDUURWDGRV SRU OD WHQVL³Q DFXPXODGD GXUDQWH ORV ºOWLPRV GDV
SHUR SURQWR DFDEDUD WRGR 'HVGH OR DOWR VH YHD OD WRUUH \ DO ODGR KDED XQ SXHUWR
GHSRUWLYR<DOIRQGRPXFKRP¡VDUULEDVHDO]DEDPDMHVWXRVRHOSXHQWHSRUGRQGH
/ROD\\RKDEDPRVHQWUDGRHQ/LVERDGRVGDVDQWHV
3RGUDKDEHUPHLGR(VWDEDDOOYLHQGRSDVDUORVFRFKHVEDMRPLVSLHVVLQWLHQGR
F³PRYLEUDEDODHVWUXFWXUDPHW¡OLFD\SRUXQPRPHQWRSHQV©TXHSRGUDGDUPHGLD
YXHOWDVXELUDRWURWUDQYDRFRJHUXQWD[L\TXHQRKDEUDSDVDGRQDGDTXHPLYLGD
WDOYH]QRFRUUHUDP¡VULHVJRGHOTXHFRUUDHQWRQFHVGHOTXHFRUUHDKRUD
3HUR QR 5HVSLU© KRQGR VDFXG ORV KRPEURV HQWXPHFLGRV FRPR VL WXYLHUD
PXFKRV D±RV PHQRV \ IXHUD D VDOWDU DO FXDGULO¡WHUR FODY© OD EDUELOOD HQ HO SHFKR \
PLUDQGR DO IUHQWH UHFRUU HO WUHFKR TXH PH TXHGDED GHO SDVR HOHYDGR EDM© ODV
3¡JLQD 3¡JLQD
DKRUD HV FXDQGR YXHOYR DO SULQFLSLR +H GDGR XQ JUDQ URGHR /R V© 3HUR 0HDSXQW³HQXQSDSHOODGLUHFFL³QGHXQKRWHOHQ/LVERDTXHFRQRFD
< FXDQGRXQRFXHQWDXQDKLVWRULDVXKLVWRULDSXHGHHPSH]DUODSRUGRQGHP¡VOH <RV³ORWHQDTXHHVSHUDUVXOOHJDGD
SOD]FD<SDUDPODKLVWRULDQRFRPLHQ]DFXDQGRHVWR\HQ0DGULGDOHWDUJDGRWLUDGR /XLV \ HOOD VH KDEDQ TXLWDGR GH HQFLPD DO KRPEUH GH FRQILDQ]D GHO *RUGR HO
HQHOVRI¡PHGLRGRUPLGRPLHQWUDVVLHQWRXQDSD]LQWHQVDDOFRQWHPSODUORVRMRVGH ºQLFRTXHWDOYH]SRGUDHVWURSHDUVXVSODQHV
DTXHOODSUHVHQWDGRUDGHWHOHYLVL³QTXHOXHJRPHHQWHUDUDTXHGLULJDXQSURJUDPDHQ
OD UDGLR DO TXH \R LED D LU SHUR WRGDYD QR OR VDED 1R VDED QDGD GH OR TXH LED D
SDVDU TXH /ROD VH SRQGUD HQ FRQWDFWR FRQPLJR GH XQD PDQHUD UHWRUFLGD FRPR QR ߚ0HDOHJURGHYHUWH0RQWDOE¡Q
SRGUD VHU GH RWUD IRUPD TXH LUD HQ VX EXVFD HQ EXVFD GH HOOD \ HQ EXVFD GH PL 0HKDJXVWDGRFRPSUREDUGRVFRVDVODSULPHUD\HVDOJRTXHQRKHWHQLGRFODUR
SDVDGRTXHQRVIXJDUDPRVORVGRV\TXHHOODDFDEDUDDEDQGRQ¡QGRPHRWUDYH] KDVWD TXH ORV KH YLVWR DSDUHFHU HV TXH /ROD QR HVW¡ FRQ HOORV (Q SULQFLSLR HVR QR
3HUR\DGLJRHOSULQFLSLRGHODKLVWRULDHVHVWHPRPHQWRHOGHFLPRTXLQWRDVDOWR WLHQHSRUTX©VLJQLILFDUTXHQRODKD\DQHQFRQWUDGRSHURLQWX\RTXHQRSRUTXHGH
HOILQDOGHOFRPEDWHFXDQGRHVWR\MXQWRDOURWDQDQFKRTXHVHFRQIXQGHFRQHOPDU KDEHU VLGR DV /XLV OD KDEUD WUDGR SDUD TXH PH ULQGD \ OH GHYXHOYD VX SDUWH GHO
VLQWLHQGR IUR D SHVDU GH TXH WRGDYD QR KD WHUPLQDGR HO YHUDQR FRQ OD PDOHWD \ OD GLQHURSRUHOºQLFRSODFHUGHKDFHUPHGD±RLQFOXVRDP\D/RODSDUDGHPRVWUDU
EROVD HQ HO VXHOR VLQ JDQDV \D GH YROYHUODV D FRJHU HQFHQGLHQGR XQ FLJDUULOOR \ TXHWRGDYDYDOHP¡VTXH\RTXHQRHVW¡DFDEDGR/RVHJXQGRTXHFRPSUXHER\PH
SUHJXQW¡QGRPHVLDOJXQDGHHVDVJDYLRWDVTXHDKRUDPHKDFHQFRPSD±DP¡VWDUGH DJUDGDWDPEL©QHVTXH/XLVDSHVDUGHODVFLUFXQVWDQFLDVQRKDSHUGLGRORVEXHQRV
HVWDU¡Q GDQGR FXHQWD GH OR TXH TXHGH GH P \ D SHVDU GH WRGR OR TXH PHQRV PH PRGDOHV
LPSRUWDHVVLDOFDERGHXQUDWRYR\DHVWDUYLYRRPXHUWRVLQRTXHORTXHGHVHRGH 1ROHFRQWHVWR/RVPLURD©O\D&KRFRODWHDOWHUQDWLYDPHQWH0LDQWLJXRDPLJR
YHUGDGHVTXHWRGRDFDEHGHXQDYH]3RUILQ QRSUHVHQWDHQODFDUDPXHVWUDVGHDQVLHGDGRGHQRKDEHUGRUPLGRSHURVXVLFDULR
WRGDYDOOHYDPDUFDGDVHQHOURVWURODVVH±DOHVGHQXHVWURVºOWLPRVHQFXHQWURVVREUH
WRGRHOGHD\HUODPRUDGXUDGHORMRDKRUDSUHVHQWDXQFRORUDPDULOOHQWRXQFKLFK³Q
0H IXL D /LVERD KDFH GLHFLRFKR D±RV /H GLMH DO *RUGR TXH PH WRPDUD XQRV GDV GRQGHOHKDEDHVWDPSDGRODFXODWDGHODSLVWRODHOODELRKLQFKDGR\SRUODGLILFXOWDG
OLEUHV1RPHSXVRSHJDV0HGLRXQFDFKHWHHQODPHMLOODFRPRXQSDGUHDXQFUR FRQODTXHUHVSLUDSDUHFHTXHDºQVLHQWHHQODVFRVWLOODVHOSX±HWD]RTXHOHFODY©HQHO
WUDYLHVRPHPHWL³XQIDMRGHELOOHWHVHQHOEROVLOOR DSDUFDPLHQWR /R PLUR \ &KRFRODWH PH VRVWLHQH ORV RMRV GHVDILDQWH $FDVR FUHHV
'LYL©UWHWHPHGLMR3HURFXGDWHWDPEL©QFKDYDO&XDQGRYXHOYDVKDEODUHPRVGH TXH WH YDV D HVFDSDU" SDUHFHQ GHFLUPH VXV RMLOORV GH UDWD DXQTXH SHUPDQHFH HQ
WXYXHOWDDOULQJ VLOHQFLRFRPRXQDILHUDWUDQTXLODTXHHVSHUDODVH±DOGHVXGRPDGRUSDUDVDOWDU(O
6XVSLU©6DFXGODFDEH]D YLHQWROHSHJDODFKDTXHWDDOFXHUSRPDUF¡QGROHHOUHOLHYHGHODSLVWRODHQHOFRVWDGR
6LTXLHUHVߨ <HVWR\VHJXURGHTXH&KRFRODWHWDPEL©QDGLYLQDODPD/XHJRPLURD/XLV9LHQH
&XDQGRYXHOYDKDEODUHPRVOHGLMHFRPRVLGHYHUGDGORFUH\HVH\GHVSX©VWXYH LPSHFDEOHPHQWHYHVWLGRFRPRTXLHQDFXGHDXQDFLWDGHQHJRFLRV\HVTXHWDOYH]
OD GHVYHUJ¼HQ]D GH SHQVDU SHGLUOH DO *RUGR TXH UHODQ]DVH PL FDUUHUD GH QXHYR OR UHVXHOYRDOFDER©VWDQRHVVLQRXQDFLWDGHQHJRFLRV/RP¡VVHJXURHVTXHEDMROD
KDEUDKHFKRDSHVDUGHKDEHUPLUDGRSDUDRWURODGRPLHQWUDV/XLV\/RODOLPSLDEDQ FKDTXHWD EHLJH QR HVFRQGD QLQJXQD SLVWROD $ /XLV QXQFD OH JXVWDURQ ODV DUPDV <
VXFDMDIXHUWH PHQRVDKRUDTXHSXHGHGHOHJDUHQRWURVHOWUDEDMRVXFLRDGHP¡V
1RTXLVHVDEHUQDGD/HGLMHD/RODTXHQRVYHUDPRVHQ/LVERDFXDQGRODVFRVDV ߚ$\0RQWDOE¡QߚORHVFXFKRGHFLUߚ1XQFDDSUHQGHU¡V
VH FDOPDVHQ /XLV VH HQFDUJDED GH ODV FXHQWDV \ VDED FX¡O HUD HO PRPHQWR P¡V 7DPSRFR DKRUD OH FRQWHVWR /XLV VDFXGH OD FDEH]D PX\ GHVSDFLR VLQ GHMDU GH
LG³QHRSDUDGDUHOJROSH/RODTXLVRGDUPHGHWDOOHVGHODVXQWRF³PRORLEDQDKDFHU PLUDUPH FRPR VL OH FRVWDVH GHVSUHQGHUVH GH ODV SDODEUDV TXH DFDEDQ GH VDOLU GH VX
ORV SDVRV TXH LEDQ D GDU 6DFXG ODV PDQRV FRPR VL DO KDFHUOR SXGLHUD HVSDQWDU OD ERFD
FXOSD &KRFRODWH VLJXH GHWU¡V D OD L]TXLHUGD D XQD GLVWDQFLD SUXGHQWH FRPR SDUD QR
1RTXLHURVDEHUOR/ROD1RPHGLJDVQDGD SDUHFHUTXHHVW¡PHWLHQGRODQDUL]HQXQDFRQYHUVDFL³QDMHQDSHUROREDVWDQWHFHUFD
6HHQFRJL³GHKRPEURV1RSDUHFDWHQHUPLHGRSHURHVWR\VHJXURGHTXHILQJD FRPR SDUD SRGHU GHVFHUUDMDUPH XQ WLUR HQWUH FHMD \ FHMD VL VH SUHVHQWD OD RFDVL³Q
&³PRSRGUDQRWHQHUOR 3DUHFH HVWDU GHVHDQGR TXH \R SLHUGD ORV QHUYLRV /H EULOODQ ORV RMRV LPSDFLHQWHV
&RPRTXLHUDVPHGLMRQHXWUD(VS©UDPHHQ/LVERD,U©DEXVFDUWHGHQWURGHXQRV (VWR\ VHJXUR GH TXH VL DEUH OD ERFD OH YHU© EDEHDU HO FROPLOOR FRPR D XQ WLJUH
GDV FXDQGR ODV FRVDV VH WUDQTXLOLFHQ \ /XLV \ \R QRV UHSDUWDPRV ODV MR\DV \ HO KDPEULHQWR (PSLH]R D FDOFXODU PLV SRVLELOLGDGHV VL ODV FRVDV VH SRQHQ IHDV GH
GLQHUR(QWRQFHVQRVVXELUHPRVDXQEDUFRSDUDGDUODYXHOWDDOPXQGR YHUGDG\QRPHTXHGDRWUDTXHWLUDUSRUODFDOOHGHHQPHGLRQRPHFDEHGXGDGHTXH
3¡JLQD 3¡JLQD
WHQGU©WRGDVODVSDSHOHWDVSDUDDFDEDUVLHQGRSDVWRGHPLVDPLJDVODVJDYLRWDV3HURVL \D KD VDFDGR OD SLVWROD \ V³OR HVSHUD XQD RUGHQ GH VX MHIH R TXH \R KDJD DOJºQ
QR PH TXHGD P¡V UHPHGLR LQWHQWDU© OOHYDUPH DO PHQRV D &KRFRODWH SRU GHODQWH $ PRYLPLHQWREUXVFRRUHSHQWLQRSDUDXVDUOD
/XLVWDPEL©QSHURV³ORVLQRPHTXHGDRWUDDOWHUQDWLYD$SHVDUGHTXHSDUWLFLS³HQ 3HUR QR VH OR YR\ D SRQHU WDQ I¡FLO 9XHOYR D GHMDU HVFDSDU HO DLUH GHVSDFLR
DTXHOODWUDPSDTXHPHKXQGL³ODYLGDKDFHD±RVQRSXHGRGHMDUGHVHQWLUSRU©OXQ PLHQWUDV /XLV SDOPHD HQ PL KRPEUR XQ SDU GH YHFHV FRQ VXDYLGDG \ VH DOHMD XQ
DIHFWR UHWRUFLGR XQD VHQVDFL³Q PX\ H[WUD±D TXH PH FXHVWD DVLPLODU \ GH OD TXH D SRFR &DPLQD PLU¡QGRPH D P OD WRUUH HO UR PX\ GHVSDFLR SDU¡QGRVH GH YH] HQ
SHVDUGHTXHORLQWHQWRQRSXHGRGHVSRMDUPH(VFRPRVLXQDSDUWHGHPTXL]¡HVH FXDQGRFRPRVLHVWXYLHUDSHQVDQGRPX\ELHQORTXHYDDGHFLUGHVFULELHQGRFUFXORV
SR]R LQVRQGDEOH TXH JXDUGD PL SHFKR SHQVDVH TXH WRGDYD SRGDPRV VHU DPLJRV HQWRUQRDPLJXDOTXHXQDILHUDURGHDDVXSUHVDDQWHVGHFODYDUOHODV]DUSDV
/ROD /XLV \ \R TXH HO SDVDGR QR KD VXFHGLGR TXH ORV WUHV VRPRV P¡V M³YHQHV \ ߚ%XHQR5DIDߚPHGLFHDOFDERߚ$TXHVWDPRVSRUILQ&RQGLHFLRFKRD±RV
WHQHPRVWRGDODYLGDSRUGHODQWH GHUHWUDVR7º\\RHQ/LVERD$MXVWDQGRFXHQWDVSHQGLHQWHV
ߚ1XQFDDSUHQGHU¡VߚGLFH/XLVGHQXHYR $VLHQWR1ROHIDOWDUD]³Q
0H HQFRMR GH KRPEURV 'R\ XQD ºOWLPD FDODGD DO FLJDUULOOR DQWHV GH WLUDUOR 1R ߚ6DEHV5DID"$OILQDOKHGHUHFRQRFHUTXHWLHQHVFLHUWRHVWLOR7HKDVIXJDGR
PHPROHVWRHQDSODVWDUORFRQHOSLH FRQ PL PXMHU ߚHVWDV GRV ºOWLPDV SDODEUDV ODV SURQXQFLD GH XQD IRUPD P¡V LQWHQVD
ߚ&DGD XQR HV FRPR HV ߚGLJR PLUDQGR D /XLV SHUR VLQ SHUGHU GH YLVWD D TXH ODV DQWHULRUHVߚ \ KDV YHQLGR D /LVERD 7DQWRV OXJDUHV GRQGH HVFRQGHUWH \ KDV
&KRFRODWH WHQLGR TXH YHQLU SUHFLVDPHQWH D ©VWH 0H KDV KHFKR YHQLU KDVWD DTX SRUTXH KDFH
ߚ'³QGHHVW¡/ROD"ߚ/XLVPHORSUHJXQWDDOWLHPSRTXHKDFHXQJHVWRFRPRVL GLHFLRFKRD±RVHOODWHGHM³WLUDGRHQHVWHPLVPROXJDU7HGHMDPRVWLUDGR
ODEXVFDVHFRPRVLHOODHVWXYLHVHHVFRQGLGDHQDOJºQOXJDUGHWU¡VGHP/XHJRPH 'HMR HVFDSDU HO DLUH GH QXHYR GHVSDFLR FRQ SHVDGH] SRU OD QDUL] \ /XLV VH
GHGLFD OD VRQULVD FRQGHVFHQGLHQWH GH TXLHQ PLUD D VX DGYHUVDULR FXDQGR OR KD DFHUFDDPWDQWRTXHPHSDUHFHWHQHUVXERFDSHJDGDDORGR
GHUURWDGR\HOOROHVDWLVIDFHߚ1RPHGLJDVTXHWHKDGHMDGRHQODHVWDFDGDRWUDYH] ߚ7H GHMDPRV WLUDGR 5DID 4XH QR VH WH ROYLGH HVR /ROD \ \R < OD LGHD GH
1ROHFRQWHVWRSHURFODYRPLVRMRVHQORVVX\RVFRPRVLQRH[LVWLHVHQDGLHP¡V WUDLFLRQDUWHQRIXHPD
HQHOPXQGRFRPRVL&KRFRODWH\ODSLVWRODTXHHVW¡GHVHDQGRVDFDUSDUDGDUPHXQ +DFHXQDSDXVDFRPRVLVXEUD\DVHXQDVRQULVDSDUDDKRQGDUP¡V HQODKHULGD
WLURKXELHUDQGHVDSDUHFLGRGHDTX FRPRVLVHDSXQWDVHXQDMDFWDQFLDQWLPD\OXHJRPHSUHJXQWDSRUHOODGHQXHYR
ߚ1XQFDDSUHQGHU¡VߚGLFHSRUWHUFHUDYH]ߚ1RKD\TXHILDUVHGHQDGLH5DID ߚ'³QGHHVW¡/ROD5DID"
\PXFKRPHQRVGHODVPXMHUHV<DHUHVPD\RUFLWR'HEHUDVVDEHUOR %DMRORVRMRV$VTXHHUDHVR/DPD\RUSDUWHGHODVSDODEUDV\ORVJHVWRVFDVL
ߚ'HM©PRQRVGHURGHRVߚOHFRUWRߚ$FDEHPRVHVWRGHXQDYH] WHDWUDOHVGH/XLVQRVRQP¡VTXHXQDSRVHXQILQJLPLHQWR$XQTXHVHHVW¡KDFLHQGR
/XLVVHPHWHODVPDQRVHQORVEROVLOORVGHOSDQWDO³Q\GDXQRVSDVRVHQWRUQRD HO GXUR ߚ\ GH KHFKR SXHGH KDFHUVH HO GXUR SXHVWR TXH WLHQH WRGDV ODV GH JDQDUߚ
P%DMDODFDEH]D3RUHOUDELOORGHORMRORYHRVRQUHUXQPRPHQWR\OXHJRVHTXHGD HVW¡FODURTXHVHPXHUHGHJDQDVSRUVDEHUG³QGHHVW¡/ROD<HVRPHFRQILHUHFLHUWD
SHQVDWLYR&KRFRODWHVLJXHDOOVLQPRYHUXQPºVFXORVLQGHMDUGHFODYDUVXVRMRVHQ YHQWDMD
ORVPRV ߚ6HIXH
ߚ9LQLVWH DTX YHUGDG" ߚPH SUHJXQWD DO FDER GH XQRV VHJXQGRV GH VLOHQFLR /XLVDVLHQWHHQVLOHQFLRFRPRVLVXSLHUDODUHVSXHVWDGHDQWHPDQR
VRQULHQGR\PLUDQGRODWRUUH\DOKDFHUORSDUHFHFRQJUDWXODUVHSRUTXHHOWLHPSROHGD ߚ9D\D/RYHV"1XQFDDSUHQGHU¡V7HKDGHMDGRHQODHVWDFDGDRWUDYH]
ODUD]³Q 0HHQFRMRGHKRPEURV3URFXURPRVWUDULQGLIHUHQFLD
5HFRUWDODEUHYHGLVWDQFLDTXHORVHSDUDGHP\FXDQGRVHDFHUFDPHGR\FXHQWD ߚ$VVRQODVFRVDV
GHTXHHVDVRQULVDUHWRUFLGDQRKDDEDQGRQDGRVXURVWUR1RVPLUDDODWRUUH\DP /XLVVDFXGHODFDEH]D
DOWHUQDWLYDPHQWHFRPRVLEXVFDVHDOJXQDUHODFL³Q ߚ7ºVDEDVTXHORKDUD5DID4XHDOILQDOWHDEDQGRQDUDRWUDYH]/RODQXQFD
ߚ9LQLVWHFODURTXHVDTXHOODYH]7ºHUHVXQWLSRIRUPDOGHORVTXHFXPSOHQ KDTXHULGRDQDGLH(VLQFDSD]GHDPDUDQDGLH
FRQVXSDODEUD ߚ$QDGLHߚOHUHVSRQGRFRQPDODLQWHQFL³Q
ߚ1RWRGRVSXHGHQGHFLUORPLVPR ߚ$ QDGLH ߚLQVLVWH /XLV VROWDQGR XQD ERFDQDGD GH DLUH GHVSX©V GH UXPLDU OD
(QWRQFHV SRQH XQD PDQR VREUH PL KRPEUR FRQGHVFHQGLHQWH <R HQWRUQR ORV UHVSXHVWDXQLQVWDQWH
S¡USDGRV\UHVSLURKRQGRSURFXUDQGRFDOPDUPH&KRFRODWHVLJXHVLQTXLWDUPHRMRGH ߚ$OPHQRVHVWDPRVGHDFXHUGRHQDOJR
HQFLPD SRU VL DFDVR $KRUD PH SHUFDWR GH TXH WLHQH ODV GRV PDQRV FUX]DGDV SRU 6H TXHGD XQ PRPHQWR PLUDQGR HO VXHOR &RQ OD SXQWD GHO SLH UHPXHYH ODV
GHWU¡VHOFXHUSRDOJRLQFOLQDGRKDFLDGHODQWHODVSLHUQDVXQSRFRVHSDUDGDV7DOYH] SLHGUHFLWDV<RVLJRTXLHWRFDOODGRFRPRHOUHRTXHHVSHUDHOYHUHGLFWRGHOMXUDGR
3¡JLQD 3¡JLQD
ߚ'HEHUDPDWDUWHߚVHQWHQFLD/XLVDOFDERGHXQRVVHJXQGRV IRUPD FLYLOL]DGD 3HUR QR ߚVRQUH KDFH XQ JHVWR FRQ OD PDQR FRPR VL TXLVLHUD
/HYDQWRODYLVWD\PLURDORVRMRVGH&KRFRODWHTXHGHUHSHQWHSDUHFHQKDEHUVH DEDUFDUODWRUUHHOSXHQWHHQORDOWRODFLXGDGHQWHUDߚWºKDVTXHULGRTXHVHDDTX
LOXPLQDGR)LQGHODKLVWRULD0RQWDOE¡Q/RºOWLPRTXHYDVDYHUHVHOFD±³QGHOD HQ /LVERD HO PLVPR VLWLR GRQGH WHQDV TXH KDEHUWH HQFRQWUDGR FRQ HOOD KDFH
SLVWRODGHXQVLFDULRDSXQW¡QGRWHHQWUHORVRMRV$OPHQRVVHU¡U¡SLGR8QIRJRQD]R GLHFLRFKRD±RV
OXHJR XQ HVWDPSLGR \ WRGR KDEU¡ WHUPLQDGR 7DO YH] QL VLTXLHUD HVFXFKDU© HO /XLVEDMDORVRMRVFRPRVLGLVIUXWDUDGHDTXHOOR\TXLVLHUDUHWHQHUHOPRPHQWR
HVWDPSLGR3RUORPHQRV/RODVHKDVDOYDGR$OFDERHOYLDMHD/LVERDKDPHUHFLGROD 9XHOYHDVRQUHU
SHQD ߚ(OPLVPRߚUHSLWH
ߚ'HEHUDPDWDUWHߚUHSLWH/XLV\\DV©TXHHVXQDSDUDGRMDSHURDOHVFXFKDUGH ߚ<D YHV 8Q SHTXH±R JXVWR TXH PH KH TXHULGR GDU DO FDER GH PXFKRV D±RV
QXHYRHVDVSDODEUDVHQVXERFDSLHQVRTXHDºQWHQJRXQDRSRUWXQLGDGGHVHJXLUYLYR /LVERDWº/ROD\R)MDWH
$VTXHPHYXHOYRKDFLD©O(VODSULPHUDYH]TXHOHGR\ODHVSDOGDD&KRFRODWH
ߚ3HURQRORYDVDKDFHUߚOHGLJRFRPRVLHVWXYLHUDFRQYHQFLGRGHHOORߚ3RU
TX©" (O*RUGRVHKDEDPXHUWR1RPHHQWHU©KDVWDTXHUHJUHV©D0DGULGFXDQGR\DKDED
/XLVVHHQFRJHGHKRPEURVVLQGHMDUGHPLUDUODVSLHGUHFLWDVTXHPXHYHFRQOD FRPSUHQGLGRTXH/RODQRLUDDEXVFDUPHD/LVERD0HGLMHURQTXHOHKDEDGDGRXQ
SXQWDGHO]DSDWR(VSHURTXHGLJDDOJRSHURQRDEUHODERFD LQIDUWR7DOYH]IXHUDYHUGDG$ORPHMRUVHKDEDPXHUWRGHOVXVWRFXDQGR/XLVHQWU³
ߚ(OODVHKDPDUFKDGRߚYXHOYRDGHFLUOHߚ6HKDPDUFKDGR\QRYDDYROYHU D UREDU HQ VX FDVD 2 TXL]¡ QR OR KLFLHURQ DV 1XQFD TXLVH VDEHUOR /ROD VH KDED
/XVDVLHQWH7LHQHHOVHPEODQWHVHULR7DOYH]DFHSWDVXGHVWLQRLJXDOTXH\RHO PDUFKDGR FRQ ©O OR FRPSUHQG HQ DOJºQ PRPHQWR GH ORV GDV TXH SDV© HQ /LVERD
PR HVSHUDQGRVXOOHJDGD/DMXJDGDOHVKDEDVDOLGRWDQELHQTXHQDGLHSRGUDVRVSHFKDU
ߚ6XSRQJRTXHQRYDVDGHFLUPHG³QGHHVW¡ GHHOORV,PDJLQ©D/RODOODPDQGRDXQDDPEXODQFLDFRQVWHUQDGDSLGLHQGRDJULWRV
ߚ1LVLTXLHUD\RORV© TXHDOJXLHQYLQLHVHSRUTXHDO*RUGROHKDEDGDGRXQLQIDUWRHQPLWDGGHODQRFKH
$/XLVQRSDUHFHJXVWDUOHPLUHVSXHVWD 7DO YH] OR KL]R FXDQGR /XLV HVWDED WRGDYD YDFLDQGR OD FDMD IXHUWH 1R V© VL IXH
ߚ1LVLTXLHUDWºߨ HQWRQFHV FXDQGR GHFLGL³ WUDLFLRQDUPH R HV TXH \D OR KDED GHFLGLGR DQWHV TXH
1LHJRFRQODFDEH]D LQFOXVRQXQFDSHQV³HQGDUODYXHOWDDOPXQGRMXQWRDP
ߚ3XHGHHVWDUHQFXDOTXLHUVLWLR/XLV(QFXDOTXLHUFLXGDG 1RTXLVHEXVFDUORV)XLXQDYH]DO3XHUWR\DORKHFRQWDGR\HVWXYHHQODSXHUWD
/XLVOHYDQWDODYLVWD\PLUDHOKRUL]RQWHKDFLDGRQGHHOUREXVFDHORF©DQRFRPR GH VX FDVD SHUR QL VLTXLHUD OODP© DO WLPEUH 1R HV TXH QR PH LPSRUWDVH TXH PH
VLSXGLHUDHQFRQWUDUD/RODDOO3DUHFHTXHYDDGHFLUDOJRSHURSHUPDQHFHFDOODGR KXELHUDQWUDLFLRQDGRQR0HLPSRUWDED\PHLPSRUWDEDPXFKRDXQTXHSDUDPHUD
XQRVVHJXQGRV SHRUTXHDO*RUGROHKXELHUDGDGRXQLQIDUWR\VHKXELHUDPXHUWRSRUFXOSDGHORTXH
ߚ7DOYH]ORVGRVQRVPHUHFHPRVHVWRߚGLFHSRUILQ KDEDQ KHFKR SRU PL FXOSD WDPEL©Q TXH KDED PLUDGR SDUD RWUR ODGR FRPR VL QR
ߚ7DOYH] SDVDUDQDGD3HURORSHRUGHWRGRORFRQILHVRHVORUXLQTXHPHVHQWHQWRQFHVOR
ߚ0UDWH5DID$OILQDOHUHVXQURP¡QWLFR/RODPHORGLMRVLHPSUH/DVPXMHUHV UXLQ TXH PH VLHQWR FDGD YH] TXH SLHQVR HQ HOOR OR SHRU HV FXDQGR PH UHFXHUGR
VRQODVTXHPHMRUFRQRFHQDORVKRPEUHV4X©O¡VWLPDTXHQRVHDORPLVPRDOUHY©V YROYLHQGRGH/LVERDVLQVDEHUWRGDYDTXHHO*RUGRKDEDPXHUWRDEDQGRQDGRSRU
+DFH XQD SDXVD FRPR VL HVWXYLHUD SHQVDQGR FX¡QWD YHUGDG HQFLHUUDQ VXV /RODDPLVXHUWHGLFL©QGRPHDPPLVPRTXHORPHMRUTXHPHKDEDSDVDGRHUDTXH
SDODEUDV <R PH YXHOYR GHVSDFLR &KRFRODWH VLJXH HQ OD PLVPD SRVWXUD ORV RMRV HOODPHKXELHUDGHMDGRHQODHVWDFDGDTXHQRTXHUDHOGLQHURGHO*RUGRDOPHQRV
DWHQWRV ODV SLHUQDV OLJHUDPHQWH VHSDUDGDV ODV PDQRV FUX]DGDV GHWU¡V GH OD HVSDOGD TXH QR TXHUD HO GLQHUR GHO *RUGR GH HVH PRGR \ TXH OH SHGLUD D PL MHIH TXH VH
VHJXURTXHVXMHWDQGRODSLVWRODDQVLRVRSRUTXLWDUOHHOVHJXURVLHVTXHQRVHORKD HQFDUJDVH GH PL FDUUHUD GH QXHYR TXH KDED GHFLGLGR OXFKDU RWUD YH] SRU VHU HO
TXLWDGR\D\DSUHWDUHOJDWLOORGHVSX©VGHDSXQWDUDPLFDEH]D$XQTXHWDOYH]FRQ FDPSH³QGH(XURSDVXSHUZHOWHU
XQSRFRGHVXHUWHQDGLHWHQGU¡TXHKDFHUXVRGHODVDUPDV$ORPHMRUVHPHRFXUUH
EDVWDFRQGHMDUTXH/XLVVHGHVDKRJXHTXHPHGLJDWRGRORTXHOOHYDGHQWUR$YHFHV
EDVWDFRQHVRGHMDUKDEODUDORWURSDUDHYLWDUDOJRSHRU /XLVVDFXGHODFDEH]DGHVSDFLR6LQGHMDUGHVRQUHU3RUXQPRPHQWRPHSUHJXQWRVL
ߚ<PHKDVKHFKRYHQLUKDVWDDTX(UHVXQSRFRUHWRUFLGRVDEHV0RQWDOE¡Q" VXVJHVWRVVLJQLILFDQXQDVH±DOSDUD&KRFRODWHSHURQRPHPROHVWRHQYROYHUPH6L
ߚHVODSULPHUDYH]GHVGHTXHQRVKHPRVYLVWRTXH/XLVQRPHOODPDSRUPLQRPEUH WHQJR TXH DFDEDU FRPR GHVD\XQR GH ODV JDYLRWDV TXH DV VHD /R ºQLFR TXH PH
GHSLODߚ/LVERD+DEUDPRVSRGLGRDUUHJODUHVWRHQ(O3XHUWRRHQ0DGULG'HXQD
3¡JLQD 3¡JLQD
FRQVXHOD HV SHQVDU TXH WRGR DFDEDU¡ GH XQD IRUPD WDQ U¡SLGD TXH QL VLTXLHUD PH KDEU¡FRJLGRODEROVD\HOGLQHURRVLOHKDEU¡LQGLFDGRFRQXQJHVWRD&KRFRODWHTXH
HQWHUDU© PHOLTXLGHGHXQDYH]SHURVLJRDQGDQGR1RV©FX¡QWRPHKDEU©VHSDUDGRGHHOORV
/XLV PLUD OD EROVD HQ HO VXHOR MXQWR D PL PDOHWD DGLYLQDQGR VX FRQWHQLGR 'LH] PHWURV" 4XLQFH" 9HLQWH" 7RGDYD QR PH KDQ QRTXHDGR SHUR QR V© VL HO
7XHUFHODERFDHQXQJHVWRFRPRVLHVWXYLHVHFRQWUDULDGR&KDVTXHDODOHQJXD'HMD FRPEDWHKDWHUPLQDGRVLKDVRQDGR\DODFDPSDQD\HVHOPRPHQWRGHHVSHUDUDTXH
HVFDSDUHODLUHGHVSDFLRSRUODQDUL]5HVLJQDGRPHTXLHUHSDUHFHU ORV MXHFHV GLFWDPLQHQ D TXL©Q OH KDQ UHVWDGR P¡V SXQWRV HQ ORV DVDOWRV TXH KHPRV
ߚ3DUDWLQRHUDV³ORFXHVWL³QGHGLQHUR SHOHDGR 6LJR DQGDQGR \ QR V© VL HVWDU© YLYR GHQWUR GH XQ PRPHQWR 3RGUD GHFLU
/HGR\ODUD]³QJLUDQGRHOFXHOORXQSDUGHYHFHV SDUDTXHGDUELHQTXHPHGDLJXDOSHURQRHVYHUGDG1RPHGDLJXDO4XLHURVHJXLU
ߚ6DEHVTXHQR YLYRDSHVDUGHWRGRPHJXVWDUDVHJXLUYLYRFRPRDFXDOTXLHUD$ºQQRKHOOHJDGRD
ߚ(UHVGHPDVLDGRKRQHVWR0RQWDOE¡Q6LHPSUHORIXLVWH HVHSXQWRDOTXHOOHJDPXFKDJHQWHTXHGHSURQWRVHFDQVDGHYLYLUVHGDQFXHQWDGH
/R GLFH \ DVLHQWH FRPR VL GH UHSHQWH KXELHUD FRPSUHQGLGR DOJR TXH OOHYDED TXH\DQRWLHQHQLOXVLRQHVTXHQROHVTXHGDQLQJXQDUD]³QSDUDVHJXLUHQHVWHPXQGR
LQWHQWDQGRGHVFXEULUGHVGHKDFHPXFKR0HSUHJXQWRVLWDPEL©Q/RODOHKDEU¡GLFKR \VLPSOHPHQWHVHPXHUHQ(VHQPRPHQWRVFRPR©VWHFXDQGRP¡VHFKRGHPHQRV
DOJXQDYH]GXUDQWHHVWRVD±RVTXHSDUDPQRLEDDVHUV³ORXQDFXHVWL³QGHGLQHUR DOJXLHQDPLODGRTXHPHDFRQVHMHTX©FDPLQRGHERHVFRJHUXQHQWUHQDGRUTXHYHOH
0H SUHJXQWR VL HOOD \D OH KDEUD KDEODGR D /XLV GH P GH QXHYR HVWDV ºOWLPDV SRU P TXH PH HFKH HO EUD]R SRU HQFLPD GHO KRPEUR \ PH FRQVXHOH FXDQGR HO
VHPDQDV RWUD YH] GHVSX©V GH WDQWRV D±RV SRUTXH /ROD \D KDED ODQ]DGR HO FHER \ FRPEDWHKD\DWHUPLQDGRDOJXLHQHQTXLHQFRQILDUTXHPHGLJDF³PRKHSHOHDGRTXH
HVWDED VHJXUD GH TXH PRUGHUD HO DQ]XHOR FRQ WDQWD IXHU]D TXH \D QR SRGUD PHDQLPHFXDQGRODVFRVDVYD\DQPDO3HURWHQJRTXHUHVLJQDUPHDHOORDXQTXHQR
VDF¡UPHORGHODERFD PH JXVWH D QR WHQHU D XQ WLSR DO ODGR TXH PH G© YRFHV PLHQWUDV HQWUHQR TXH PH
/XLVVHYXHOYHDPHWHUODVPDQRVHQORVEROVLOORV\DKRUDPLUDHOUR FRQVLJDEXHQRVFRPEDWHVTXHWHQJDODVDJDOODVGHDUURMDUODWRDOODSDUDVDOYDUPHOD
ߚ7HQJRDTXHOGLQHURߚOHGLJRDXQTXH©O\DORVDEH YLGD0HJXVWDUDWHQHUORDTXDKRUDDPLODGRPDOGLWDVHDGLFL©QGRPHTXHQXQFDVH
/XLV VH SDVD XQD PDQR SRU HO ELJRWH FRPR VL TXLVLHUD DUUHJO¡UVHOR \ VH TXHGD GHEH GDU OD HVSDOGD D XQ WLSR TXH OOHYD XQD SLVWROD \ TXH HVW¡ GHVHDQGR DSUHWDU HO
PLU¡QGRPHXQLQVWDQWH JDWLOOR 6LJR DQGDQGR \ D FDGD SDVR TXH GR\ PH GLJR SDUD GDUPH FRUDMH TXH DºQ
ߚ/DPLWDGGHOGLQHURߚSUHFLVRߚ(OUHVWRVHOROOHY³/ROD HVWR\YLYRTXHWDOYH]VLFRQVLJRPDQWHQHUHVWDFDOPDDSDUHQWHSURQWRHVWDU©IXHUD
$OHVFXFKDUHOQRPEUHGH/ROD/XLVHQWRUQDORVRMRV\YXHOYHDPLUDUHOUR(O GH VX DOFDQFH \ TXH VHJXLU© FRQ YLGD TXH DO ILQDO /XLV PH GHMDU¡ PDUFKDU DXQTXH
EDUFR \D DSHQDV VH GLVWLQJXH HQ HO KRUL]RQWH /XHJR PH PLUD D P \ PH SDUHFH &KRFRODWH ODPHQWH QR GDUPH OR TXH PH PHUH]FR 6LJR DQGDQGR \ VLJR YLYR 0H
GXUDQWH XQ PRPHQWR IXJD] TXH EXVFD PL FRPSOLFLGDG PL FRPSUHQVL³Q PL JXVWDUDYHUD/RODYHUODSRUºOWLPDYH]YHUOD\GHFLUOHTXHDºQHVWR\YLYRTXHDO
FRPSDVL³Q LQFOXVR $O FDER ORV GRV KHPRV SHUGLGR D /ROD 2 HV TXH QXQFD IXH ILQDOTX©ULVDKHPRVDFDEDGRUHXQL©QGRQRVORVWUHVHQ/LVERDFRPRYLHMRVDPLJRV
QXHVWUD SDUD DMXVWDU FXHQWDV FRQ HO SDVDGR &RQWDUOH TXH KH KHFKR FXDQWR KH SRGLGR SDUD
ߚ<DKRUD5DIDߚPHGLFHDOFDERߚTX©KDFHPRV" UHVFDWDUOD FRPR KDFHQ ORV K©URHV FRQ ODV SULQFHVDV HQ ORV FXHQWRV GHFLUOH TXH PH
'HMRTXHVHPHHVFDSHGHORVODELRVXQVXVSLURFDQVDGR4X©KDFHPRV&RPRVL KXELHUDJXVWDGRVXELUFRQHOODDO(PSLUH6WDWH3HUR/RODVHKDLGR\HVTXHSLHQVR
\RWXYLHUDODUHVSXHVWD&RPRVL\RQRIXHUDP¡VTXHXQVLPSOHSH³QVLQIXHU]DHQ WDO YH] VX GHVWLQR QR VHD RWUR TXH ©VH SRQHU WLHUUD GH SRU PHGLR \ GHMDUPH VROR
HVWDSDUWLGD/XLVSHUPDQHFHHQVLOHQFLRHVSHUDQGR<RQRSXHGRGHFLUQDGD1RVR\ GHMDUQRVVRORVDORVGRVD/XLV\DPSRUTXHDFDVRQXHVWURGHVWLQRHOGH/XLV\HO
P¡V TXH XQ H[ ER[HDGRU IUDFDVDGR TXH QXQFD OOHJ³ D GLVSXWDU HO FRPEDWH SRU HO PRHVHVWDUVRORV6LJRDQGDQGR\UHVSLURKRQGRVRUSUHQGLGRGHHVWDUYLYRWRGDYD
FDPSHRQDWRGH(XURSDVXSHUZHOWHUXQFREUDGRUGHGHXGDVSRUFXHQWDDMHQDDOTXHOH GHQRHVFXFKDUSDVRVDFHUFDUVHDPLHVSDOGDSDVRVGHJHQWHTXHYLHQHDPDWDUPHD
GDQDUFDGDVFDGDYH]TXHWLHQHTXHDPHQD]DUDDOJXLHQFRQURPSHUOHODVSLHUQDVXQ PDWDUPHSRUILQ6LJRDQGDQGR\PHGLJRTXHPLHQWUDVHVW©GHSLHDºQWHQGU©XQD
DVXVWDYLHMDV GH SDFRWLOOD XQ MXQWDOHWUDV TXH QR HV FDSD] GH HVFULELU P¡V GH WUHV R RSRUWXQLGDGTXHHOFRPEDWHQRKDWHUPLQDGRTXHDSHVDUGHORVS¡USDGRVWXPHIDFWRV
FXDWUR IROLRV GH XQD QRYHOD GH KLVWRULDV TXH DFDEDQ SHUGLGDV SDUD VLHPSUH HQ XQ \ORVFXDMDURQHVGHVDQJUHTXHPHEDMDQGHVGHODVFHMDVGHORVGRVER[HDGRUHVVR\\R
FDM³QRHQHOFXERGHODEDVXUD HOTXHWLHQHP¡VSXQWRV\TXHVLVR\FDSD]GHDJXDQWDUKDVWDTXHVXHQHODFDPSDQD
4X©KDFHPRV1RPHORSUHJXQWHVDPSRUTXHQRVDEU©TX©FRQWHVWDUWH HO¡UELWURPHOHYDQWDU¡ORVEUD]RVGHVSX©VGHHVFXFKDUHOYHUHGLFWRGHORVMXHFHV\PH
ߚ1RPHORSUHJXQWHVDPSRUTXHQRVDEU©TX©FRQWHVWDUWH SURFODPDU¡FDPSH³Q5DIDHO0RQWDOE¡QFDPSH³QSRUILQ6LJRDQGDQGR\PLHQWUDV
/R GLJR \ FRMR OD PDOHWD 6³OR OD PD /D PLVPD PDOHWD TXH OOHYDED FXDQGR OR KDJR D PHGLGD TXH PH DOHMR GH /XLV \ GH VX VLFDULR PH GLJR TXH D OR PHMRU OD
HPSUHQGHOYLDMH$YDQ]RXQSDVR'RV7UHV&XDWUR'HMRD&KRFRODWHDWU¡VSHUR ºQLFDPDQHUDGHHQFRQWUDUGHXQDYH]SRUWRGDVPLOXJDUHQHVWDSXWDVHOYDTXHHVOD
QR OH GLJR QDGD 6LJR DQGDQGR 6LJR DQGDQGR \ WRGDYD HVWR\ YLYR 1R V© VL /XLV YLGD HV FRQWLQXDU FDPLQDQGR FRPR XQ FD]DGRU VROLWDULR FRPR XQ FDFKRUUR TXH GH
3¡JLQD 3¡JLQD
UHSHQWHVHKDKHFKRPD\RU\KDFRPSUHQGLGRTXHQRSXHGHHVWDUFRQORVKRPEUHV\
TXHWDPSRFRSRGU¡YLYLUP¡VFRQORVORERV$YHFHVDXQRVHOHUHYHODQODVFRVDVFRQ
XQDOXFLGH]WDQSDVPRVDTXHVHYHDVPLVPRUHWURVSHFWLYDPHQWHFRPRXQHVWºSLGR
SRUQRKDEHUVHGDGRFXHQWDDQWHVGHDOJRTXHWHQDMXVWRGHODQWHGHODVQDULFHV<RKH
WHQLGRTXHEXVFDUD/RODGLHFLRFKRD±RVGHVSX©V\YHQLUFRQHOODKDVWD/LVERDSDUD
HQWHQGHUTXHVLTXLHURVHJXLUDGHODQWHVLHVTXHDQWHVGHTXHOOHJXHDODFDUUHWHUDXQD
EDODQRDFDEDFRQPLJRHVHPSH]DQGRGHQXHYREXVF¡QGRPHODYLGDRWUDYH]OHMRV
GH WRGR GH SUHVWDPLVWDV GH WUHV DO FXDUWR GH GLYRUFLDGDV GHVHVSHUDGDV SRUTXH VXV
PDULGRVQROHVSDVDQODSHQVL³Q\GHSREUHVGLDEORVWDQPLVHUDEOHVFRPR\RDORV
TXH QR PH TXHGD RWUD TXH DVXVWDU SRU FXHQWD GH WLSRV D ORV TXH GH EXHQD JDQD VL
SXGLHUDOHVURPSHUDODFDUDJUDWLV
0H SDUR 5HVSLUR KRQGR GHVSDFLR FRPR VL IXHUD OD ºOWLPD YH] TXH OR SXHGR
KDFHU\DFDVRORHV(VFXFKRODVLUHQDGHOEDUFR0HSDUHFHTXHORWHQJRWDQFHUFD
TXH VL H[WHQGLHUD OD PDQR SRGUD WRFDUOR FRQ ORV GHGRV 0H FRQVXHOD SHQVDU TXH
DXQTXH HV P¡V TXH SRVLEOH TXH SDUD P WRGR KD\D WHUPLQDGR /ROD HVW¡ D VDOYR WDO
YH]HQXQEDUFRFRPR©VHHQHVHPLVPRHQEXVFDGHODYLGDTXHVLHPSUHVR±³0H
SUHJXQWRVLPHHVWDU¡YLHQGRGHVGHODFXELHUWDDTXMXQWRDOURG¡QGROHODHVSDOGDD
/XLV \ D &KRFRODWH FRPR XQ LQFRQVFLHQWH FRQYHQFLGR GH TXH FDGD SDVR TXH GR\
VXSRQHXQDRSRUWXQLGDGP¡VGHVHJXLUYLYR3LHQVRHQHOODDFRGDGDHQODEDUDQGDGH
HVWULERUGLFL©QGRPHTXHQRPHGHWHQJDTXHV³ORWHQGU©TXHFDPLQDUXQSRFRP¡V\ $1'56 35(= '201*8(= 6HYLOOD HV DXWRU GHO UHODWR 2MRV 7ULVWHV
WRGRKDEU¡WHUPLQDGRTXHVLVR\FDSD]GHDJXDQWDUHOWLSRDOILQDO/XLVQROHGDU¡D OD FROHFFL³Q GH FXHQWRV (VWDGR SURYLVLRQDO ODV QRYHODV FRUWDV /RV
&KRFRODWHODRUGHQGHPDWDUPHTXHVLQRPHGHWHQJR\OOHJRKDVWDODFDUUHWHUDDºQ PHMRUHV D±RV \ 'XDUWH \ WDPEL©Q GH ODV QRYHODV /D FODYH 3LQQHU
SRGU©HPSH]DUXQDQXHYDYLGDXQDYLGDMXQWRDHOOD2MDO¡ \(OIDFWRU(LQVWHLQTXHKDQWHQLGRXQDJUDQDFRJLGDSRUSDUWHGHORV
6LJRDQGDQGR\QRV©VLGHQWURGHXQPRPHQWRHVWDU©YLYRSHURQRSXHGRKDFHU OHFWRUHV \ GH OD FUWLFD 6XV WH[WRV KDQ VLGR JDODUGRQDGRV HQ QXPHURVRV FHUW¡PHQHV
RWUDFRVDTXHVHJXLUPLFDPLQR\DSUHWDUORVGLHQWHVFRPRXQFD]DGRUVROLWDULR OLWHUDULRVFRPRHO3UHPLR,QWHUQDFLRQDOGH&XHQWRVl0D[$XE{l&LXGDGGH&RULD{
6LJRDQGDQGR l-RV©/XLV&DVWLOOR3XFKH{l7LHUUDVGH/H³Q{Rl(OHQD6RULDQR{(VFRODERUDGRUGH
3XQWR UDGLR HQ 6HYLOOD GRQGH FRQGXFH OD VHFFL³Q /D ELEOLRWHFD GH 3URWDJRQLVWDV \
1RYLHPEUHGH KDFHXQDFROXPQDGHRSLQL³Q/DVHSDUDWD
3¡JLQD 3¡JLQD
3¡JLQD