,QGLFH

(/9$//('($520$
/2635,0(526(10$5&+$56(
81'20,1*2$/$+25$'(/7‰
(1&$6$'(&2175(5$6
0$(6752<$/8012
81$+,6725,$62535(1'(17(
/$6$%8(/$6(1/$(6&8(/$
/26-“9(1(6l$75$3$%580$6{
/2675(6<$7,5,6
/$),(67$'(/$&58='($520$
(/-8(*2'(/&2035(<9(1'$
/$(6&8(/$//(1$'(1,‘26
/$6$8/$6'(/9$//(
/2618(926$)8(5,126
127$'(/$8725
9­FWRU&DUYDMDO

1/44
 $ODPHPRULDGHPLSDGUH  (/9$//('($520$
$OSXHEORGH+XDVTXL±D
HVWDI¡EXODYHU­GLFD
 ©4XLVLHUDTXHYROYLHUDQ
ORVDxRVGHPLLQIDQFLD
SDUDYLYLUDOHJUH\VLQSUHRFXSDFLyQª

$V­ VXHOH FDQWDU GR±D 0HUFHGHV 2FVD XQD GH ODV DEXHODV
FHQWHQDULDVGH0DPLUHHOºOWLPRQL±RGHOYDOOHGH$URPD
0DPLUHYLYHHQWUHDQFLDQRVTXHVXVSLUDQSRUHOOXPLQRVRSDVDGR\
PLUDQ FRQ WHPRU HO IXWXUR SRUTXH V³OR XQ PLODJUR SXHGH VDOYDU OD
YLGDHQHOSHTXH±RYDOOHTXHQRILJXUDHQDWODVQLPDSDV(QPHGLR
GHOGHVLHUWRHO$URPD\DFHHQWHUUDGRFDVLHQWUHFHUURVSDUGX]FRV\
VHFRV (V XQ FRUUHGRU HVWUHFKR TXH ERUGHD XQDV GLH] OHJXDV HO
FXUVRGHOU­R\EDMDGHODFRUGLOOHUDQLHYHDODPDUVDODGDDWUDY©V
GHOFRUD]³QDUGLHQWHGHXQWHUULWRULRDULVFRGHVSREODGR\VROLWDULR(O
YDOOH HV HO ºQLFR FRUUHGRU YHUGH HQ FLHQWRV GH NLO³PHWURV D OD
UHGRQGD
(Q$URPDVHDO]DXQFDVHU­RFUX]DGRSRUGRVFDOOHVTXHQDFHQGHO
FHUUR DUULED \ WHUPLQDQ FHUUR DEDMR MXQWR DO HVPLUULDGR U­R (Q OD
SOD]ROHWD GHO SXHEOR HVW¡Q OD FDSLOOD OD HVFXHOLWD HO PHUFDGR \ OD
DOFDOG­D HGLILFLRV WRGRV GH SLHGUD FDO DGRERQHV \ SDMDEUDYD 8QRV
SRFRV ¡UEROHV VH VXPDQ D ORV IUXWDOHV TXH VH DO]DQ HQ ORV SDWLRV
LQWHULRUHV GH ODV PRUDGDV EODQFDV WRGDV FRPR OD PLVPD VDO GHO
GHVLHUWR
(Q VXV EXHQRV WLHPSRV $URPD IXH SU³VSHUR ULFR HQ IUXWDV
KRUWDOL]DV \ YHUGXUDV TXH FUHF­DQ HQ DEXQGDQFLD /R REWHQLGR
HQWRQFHVVDWLVIDF­DODVGHPDQGDVGHODSREODFL³QGHOYDOOH\WDPEL©Q
ODVGHORVSREODGRVYHFLQRV)DPRVRVIXHURQORVPHUFDGRVTXHFDGD

2/44
VHPDQD VH KDF­DQ HQ SXHEORV DOHGD±RV \ DGRQGH DFXG­DQ ORV
OXJDUH±RVDLQWHUFDPELDUSURGXFWRV\PHUFDQF­DV
(QDTXHOHQWRQFHVODYLGDQRV³ORHUDSU³VSHUD\DEXQGDQWH/RV
DURPLQRV YLY­DQ HQ SHUIHFWD DUPRQ­D WDO FRPR 'LRV OR GLVSXVR HQ
VXVFDVDVGHXQSLVROHYDQWDGDVHQPHGLRGHOHVFDVRYHUGHGHORV
HPSLQDGRV FHUURV TXH VRUSUHQGHQ OD PLUDGD FRQ HO FDPELDU
FRQVWDQWHGHVXFRORULGR
/DV IDPLOLDV +XDUDFKH 6RWR 3DQLUH *DPERD &KRTXH /XFDL
&DLSD 2FVD &HYDOORV 3HUHD &RQWUHUDV YLHURQ FUHFHU FRQ
VDWLVIDFFL³QDVXVKLMRV/RVHQYLDURQDODºQLFDHVFXHODGHOSXHEOR\
DO WHQHU HGDG SDUD PHUHFHUOR ORV KLFLHURQ QRYLRV \ ORV FDVDURQ VLQ
GLODFL³QSDUDTXHODYLGDHQHOYDOOHSURVSHUDUD
/D YLGD HQ SOHQD SDPSD HV VLOHQFLRVD DULVFD \ VROLWDULD ORV
KRPEUHV VRQ SDUFRV \ FDXWHORVRV /RV QL±RV VLQ HPEDUJR FXDQGR
ORVKDE­DHQDEXQGDQFLDVHPDQLIHVWDEDQDJUDQGHVYRFHVULVDV\
JULWRVEDMRHOLQYDULDEOHVRVLHJRGHODVPRQWD±DV$KRUDHQFDPELR
HV HO YLHQWR OD ºQLFD FRPSD±­D GH 0DPLUH < WDPEL©Q HO UXPRU GHO
U­RHOTXHFRQVXERUERWHRWHQXH\DPLVWRVRSDUHFHULVDGHDJXDV
HQFDGDFKRTXHFRQWUDODVSLHGUDVHVDDOHJU­DUHFLEHDOQL±RTXHSRU
DK­ FUX]D FDGD WDUGH FXDQGR HO SDVWRUHR OR OOHYD KDVWD ORV FHUURV
7DO YH] SRU HOOR ORV OXJDUHV SUHIHULGRV GH 0DPLUH SDUD VXV MXHJRV
VRQODVGRVULEHUDVGHOU­R
 /2635,0(526(10$5&+$56(
&XHQWDQ ORV DQFLDQRV TXH KDFH \D PXFK­VLPRV D±RV OD
PRGHUQLGDGVHWUDJ³ODYLGDPDQVDGHOSXHEOR3RUHOYDOOHVHLQWHUQ³
XQ G­D OD LQWHUPLQDEOH KLOHUD GH DIXHULQRV DSHUWUHFKDGRV GH
KHUUDPLHQWDVDUUDFLPDGRVHQP¡TXLQDVEOLQGDGDVTXHFRQPRWRUHV
DPHQD]DQWHV UHPHFLHURQ KDVWD ODV URFDV GHO SDUDMH $TXHOORV
KRPEUHV OHYDQWDURQ D VX SDVR XQD SROYDUHGD TXH RFXOW³ HO VRO SRU
YDULRVG­DVFRQVHFXWLYRV
(QWUH ORV YHFLQRV GHO YDOOH FRUUL³ HQ DTXHO HQWRQFHV HO UXPRU GH
TXHODSURVSHULGDGFXDOUHLQD\V©TXLWRHUDODTXHOOHJDED
3HUR HVRV KRPEUHV HPSXMDQGR HO IXWXUR VREUH ODV EUHFKDV
SROYRULHQWDV QR DFXGLHURQ SUHFLVDPHQWH SDUD TXHGDUVH $SHQDV VH
GHWXYLHURQ XQ LQVWDQWH D VDFLDU OD VHG GH ODV P¡TXLQDV SDUD
FRQWLQXDUHQVHJXLGDVXYLDMHDOLQWHULRUGHOGHVLHUWRGHM¡QGRVHWUDJDU
SRU OD P¡V HVWUHFKD GH WDV SHGUHJRVDV JDUJDQWDV $WUDYHVDURQ
PRQWD±DV GHMDQGR VH±DOHV SURIXQGDV HQ OD DUHQD HQGXUHFLGD SRU
HOODVGHE­DQVHJXLUUXWDORVYHK­FXORVYHQLGHURVVLQTXHH[WUDYLDUDQ
FXUVR \ FDPLQR HQ DTXHO RF©DQR GH URTXHU­RV PRQW­FXORV \
TXHEUDGDV
&RQ HO WLHPSR HVH PLVPR FDPLQR VH IXH OOHYDQGR D ORV KRPEUHV
M³YHQHV GH $URPD /RV DWUDMHURQ ODV SURPHVDV GH ULTXH]D TXH
RIUHFL³ODH[WUDFFL³QVDOLWUHUDHQSOHQRFRUD]³QGHODSDPSD(OMRYHQ
\DFLPLHQWRQHFHVLWDEDEUD]RVYLJRURVRV\UHVLVWHQWHVDFOLPDWDGRVDO
TXHPDQWHVROGHOG­D\DOKHODGRDLUHGHODVQRFKHV
/RV DURPLQRV TXH VH PDUFKDURQ GHO YDOOH DSUHQGLHURQ
U¡SLGDPHQWH D FRQRFHU HO YDORU GHO GLQHUR &RQ LG©QWLFD FHOHULGDG
FRPHQ]DURQ D PHQRVSUHFLDU ODERUHV TXH QR OR HUDQ (Q HO SDVDGR
3/44
TXHG³ODYLHMD\VDELDFRVWXPEUHGHVHUJHQHURVRVELHQGLVSXHVWRV
SDUD UHJDODU D ORV GHP¡V HO WLHPSR OLEUH GH FDGD FXDO (Q DTXHO
HQWRQFHV HQ OXJDU GH SUHJXQWDUVH l4X© JDQR \R FRQ HVWR"{
SHQVDEDQl4X©ELHQSXHGRKDFHUOHDORVGHP¡V"{FDGDYH]TXH
RIUHF­DQVXWLHPSRVREUDQWH7DPEL©QHQHOUHFXHUGRTXHG³DTXHOOD
YLGD DQWHULRU FXDQGR HO FRPHUFLR VH KDF­D FRQ WUXHTXH \ SHUPXWD
(UDQORVWLHPSRVGHDQWD±R/DVVDOLWUHUDVVHDO]DURQFXDOFLXGDGHV
HVSOHQGRURVDV FUHDQGR VX SURSLD PRQHGD GH FRPSUD \ GH FDPELR
7DQIORUHFLHQWHVHUDQTXHV³ORXQORFRKDEU­DSRGLGRSHQVDUTXHHQ
SRFRVD±RVVHU­DQUHVWRV\HVFRPEURV
(Q ORV KRJDUHV VLQ YDURQHV GHO $URPD ODV PDGUHV RFXSDURQ HO
OXJDUGHMDGRSRUORVPDULGRV<ORVKLMRVGHVSX©VGHODHVFXHOD\GH
ODV ODERUHV GHO FDPSR VHFXQGDURQ HQ OD FDVD D ODV PXMHUHV HQ
DTXHOORVWUDEDMRVTXHDQWD±RVRO­DQKDFHUORVKRPEUHV3RUHOORIXH
KDELWXDO YHU HQ $URPD D QL±RV GHWU¡V GH PXORV FDUJDQGR OH±D
DUUHDQGR FKLYRV GH PRQWH VRSRUWDQGR SHVDGRV DWDGRV GH KLHUEDV
VREUHHOHVTXHOHWRGHVXVKRPEURV
3RU HVRV WLHPSRV ORV QL±RV DVLVW­DQ D OD HVFXHOD WUHV R FXDWUR
D±RVDORP¡V3RFRVOOHJDEDQDOVH[WRD±RGHHGXFDFL³QREOLJDWRULD
(QPHQRVTXHFDQWDXQJDOORDTXHOORVPRFRVRVWDPEL©QHPLJUDURQ
KDFLD HO LQWHULRU GHO GHVLHUWR SRU OD ºQLFD VHQGD TXH OHV KL]R VHJXLU
FDOFDGRV ORV SDVRV GH VXV SDGUHV LOXVLRQDGRV FRQ DOFDQ]DU OD
IRUWXQD TXH ERQGDGRVDPHQWH SDUHF­D UHSDUWLU HVD WLHUUD VREUDGD GH
VDOHV\PLQHUDOHV
/DH[SORWDFL³QGHOVDOLWUHFUH³XQSXHUWRMXQWRDOPDU&HUFDQRDOD
SOD\D GHVLHUWD VREUH HO URTXHGR LQKDELWDGR VXUJL³ XQD FLXGDG TXH
OODP³ FRQ VXV FDQWRV GH RSXOHQFLD D ORV KRPEUHV GHVHRVRV GH
REWHQHUHOPD\RUGHORVSURYHFKRVGHODIXHU]DMRYHQGHVXVEUD]RV
(O \DFLPLHQWR FUHFL³ HQ GHFHQLRV KDVWD TXH ORV DOHPDQHV HQ
PHQRVWLHPSRLQYHQWDURQVDOLWUHGHODERUDWRULR\FRQ©OOOHQDURQORV
PHUFDGRV PXQGLDOHV (O PXQGR GHM³ GH FRPSUDU VDOLWUH QDWXUDO \
HQWRQFHVODVRILFLQDVGHODSDPSDLQLFLDURQVXGHFDGHQFLDKDVWDVX
WRWDO H[WLQFL³Q $V­ TXHGDURQ FRQYHUWLGDV HQ YHUGDGHURV SXHEORV
IDQWDVPDV 6LQ HPEDUJR OD FLXGDG \ HO SXHUWR FRUULHURQ XQD VXHUWH
GLVWLQWD FUHFLHQGR FRQ HO SDVR GHO WLHPSR +DFLD DOO­ FRQWLQXDURQ
HPLJUDQGRORVKDELWDQWHVGHORVSHTXH±RVSXHEORVGHOGHVLHUWR
(O YDOOH GH $URPD TXHG³ MXVWR D PHGLR FDPLQR HQWUH OD FLXGDG
QXHYD\ODVUXQDVGHODRILFLQDVDOLWUHUD$FKLFDVHHOYDOOHGH$URPD
SRFR D SRFR 6H SXVR HQMXWR FRPR XQD HVSLJD YHUGX]FD 9DULDV
JHQHUDFLRQHVSDVDURQKDVWDTXHHOYDOOHDILQDOHVGHHVWHVLJOR;;
TXHG³KDELWDGRV³ORSRUDQFLDQRVTXHYLYHQGHODSRFDVLHPEUDGHO
PD­] GHO DMR \ GH OD SDSD YLYHQ VHPEUDQGR UHFXHUGRV VLQWLHQGR
DQVLDV GH HOHYDU DO PRQWH VXV YRFHV HQWRQDQGR DQWLJXDV WRQDGDV
TXHHYRFDQXQSDVDGREULOODQWH
3HUR KD\ TXH VHU MXVWR /RV DQFLDQRV WDPEL©Q VH DOHJUDQ DO
REVHUYDUFDGDPD±DQDIHOL]FDPLQRDODHVFXHODDOºOWLPRQL±RGHO
YDOOH0DPLUHHOQLHWRGHWRGRVORVDEXHORV
6XV SDGUHV IRUPDQ HO P¡V UHFLHQWH GH ORV PDWULPRQLRV \ VH
FRPHQWDTXHSRUVHUORVºOWLPRVPX\SURQWRHPSUHQGHU¡QODPDUFKD
GHILQLWLYD3HURPLHQWUDVDTXHOORQRRFXUUDFDGDDQFLDQRGHOYDOOHVH
VLHQWH DEXHOR GH 0DPLUH )XHURQ HOORV TXLHQHV OH HQVH±DURQ D VX
GHELGRWLHPSR\SRUWXPRPXFKRGHORTXHHOQL±RVDEH
'H OD DEXHOD 2FVD DSUHQGL³ HO FDQWR 'H GR±D *UHJRULD REWXYR
ODV WUDGLFLRQHV GH IDPLOLD ORV VHFUHWRV GHO ULHJR ORV PLVWHULRV GHO
YDOOH ORV DSUHQGL³ GH OD DXWRULGDG GHO SXHEOR HO DEXHOR 3DQLUH ORV
GHOUHED±R\VXSDVWRUHRORVDSUHQGL³REVHUYDQGRFDGDPRYLPLHQWR
GHOYLHMR&DLSD(OKXPRUVHUHQRORKHUHG³GHODEXHOR&HYDOORVTXH
VLHPSUHHVW¡GHULVDV\ODVHULHGDGGHODYLGDGHODDEXHOD3HUHD$
FD]DUOLHEUHVOHHQVH±³HODEXHOR&RQWUHUDV/DDEXHOD+XDUDFKHIXH
ODSULPHUDHQPRVWUDUOHORVFRORUHVGHODVPRQWD±DV/RVQRPEUHVGH
ODV HVWUHOODV VH ORV HQVH±³ HO DEXHOR *DPERD DILFLRQDGR D ODV
VRUSUHVDVGHOFLHOR
'H FDGD DEXHOR 0DPLUH REWXYR SDUWH GH OD VDELGXU­D GHO YDOOH \
FDGDXQRGHHOORVYLRHQHOQL±RGH$URPDDOP¡VDSUHFLDGRGHVXV
QLHWRV
4/44

 81'20,1*2$/$+25$'(/7e
$TXHO GRPLQJR HUD G­D GH GHVFDQVR HQ OD FDVD GH 0DPLUH $ OD
KRUDGHOW©ODVGR±DVGH$URPDVHUHXQLHURQFRQ*UHJRULDSRUTXHD
HOOD OH FRUUHVSRQG­D ODV RQFHV GH HVD VHPDQD (QWUH JDOOHWDV GH
FKX±RPHUPHODGDGHGDPDVFRGXOFHGHPHPEULOOR\HOLQIDOWDEOHW©
QHJUR GH ODV FLQFR ODV DEXHODV FRPHQWDURQ HO WHPD TXH P¡V ODV
SUHRFXSDED
ߚb4X©PRQW³QGHYLHMRVTXHGDU¡HQHVWHYDOOHFXDQGRVHYD\DPL
QLHWRߚGLMRGR±D*UHJRULDDOFDERGHXQUDWR
ߚ4X© HVSHUDQ]D KDEU¡ GH TXH ORV M³YHQHV YXHOYDQ DOJºQ G­D"
ߚVHODPHQW³/DVWHQLD+XDUDFKH
ߚ(V FLHUWR TXH ORV YLHMRV QRV HVIRU]DPRV GHPDVLDGR SRU
HQWHQGHUORV < VLQ GDPRV FXHQWD ORV HPSXMDPRV D TXH QRV
DEDQGRQHQSDUDVLHPSUHߚFRPHQW³(OFLUD
ߚ3HUGHPRV OD WUDGLFL³Q ߚDJUHJ³ GR±D %HQLWDߚ 1R KHPRV
VDELGR PDQWHQHU QXHVWUD KLVWRULD HQ HO FRUD]³Q GH HVWRV KLMRV
3RUTXHV³ORFRQHOFRUD]³QHFKDUD­FHVHOKRPEUH
ߚ&LHUWRHVTXHYLHQHQDYLVLWDUQRVSDUDODILHVWDGHOG­DFXDWUROD
1DYLGDG\HOILQGHD±RSHUR
ߚ3HURF³PRORVREOLJDPRVDTXHGDUVHVLKD\RWURVOXJDUHVTXH
ORVDWUDHQWDQWR"ߚFRPHQW³FRQUHVLJQDFL³QODDEXHOD2FVD
ߚ7HQGU­DPRV TXH UHWHQHUORV FRQ UD]RQHV TXH QR SXHGDQ
UHFKD]DUߚUHIOH[LRQ³*UHJRULD
ߚ2IUHFHUOHVXQEXHQHQFDQWRSRUTXHDV­FRPRDV­QRVHYDQD
TXHGDU
ߚ< TXH YHQJDQ QL±RV SDUD TXH HO PDHVWUR QR VH YD\D ߚ
PXUPXU³0DPLUH
ߚ7DPEL©Q HO PDHVWUR TXLHUH GHMDUQRV" ߚVH LQTXLHWDURQ ODV
DEXHODV
ߚ(VWHQLHWRHVVXºQLFRDOXPQRߚPHGLW³/DVWHQLDߚ'HVSX©VGH
WHQHUHODXODOOHQDGHSXSLORV4X©SXHGHKDFHUHOKRPEUHDKRUD
TXHV³OROHTXHGDXQSXURQL±R"
ߚ< WHQHPRV TXH HVSHUDU KDVWD TXH WHUPLQH HO D±R SDUD LUQRV"
ߚ SUHJXQW³ D VX PXMHU HO SDGUH GH 0DPLUH DSURYHFKDQGR TXH
WRFDEDQHOWHPD
ߚ(OPDHVWURGLFHTXHQRHVUHFRPHQGDEOHLQWHUUXPSLUODVFODVHV
GHOQL±R
ߚ<WºOHKDFHVFDVRPXMHU"
ߚ(VORTXHPHGLMR
ߚ/R TXH ©O QR TXLHUH HV TXHGDUVH VLQ DOXPQRV SRUTXH WHQGU­D
TXHFHUUDUODHVFXHOD3DUD©OHVI¡FLOJDQDUVHHOVXHOGR6XVDODULR
OOHJD VDJUDGR FDGD PHV <R HQ FDPELR VL KR\ QR WUDEDMR PD±DQD
HVWR\VLQVXVWHQWR
ߚ(VR QR HV FLHUWR KLMR ߚURPSL³ VX VLOHQFLR GR±D *UHJRULDߚ
6DEHVPX\ELHQTXHODERUDQGRODKXHUWDQXQFDWHIDOWDU¡GHFRPHU\
TXH WX\R VHU¡ ILQDOPHQWH FXDQWR SRVHR < VL TXLHUHV VDEHU PL
RSLQL³QFUHRTXHPLQLHWRGHEHWHUPLQDUHOD±RDQWHVGHPDUFKDUVH
(OQL±RFRQVXVGLH]D±RVDSHQDVHVFXFKDEDGHVGHXQULQF³QGHO
FRPHGRU GH GLDULR (Q DTXHOOD KDELWDFL³Q VH GHVDUUROODED OD PD\RU
SDUWH GH OD YLGD IDPLOLDU DOUHGHGRU GH OD FRFLQD XQ YLHMR DUPDWRVWH
GH KLHUUR TXH IXQFLRQDED D OH±D $OO­ KHUY­D KR\ OD WHWHUD SDUD ODV
YLVLWDVGHOGRPLQJR
/DDEXHOD*UHJRULDVRUEL³VXW©QHJURHQVLOHQFLRREVHUYDQGRDO
KLMRTXHQRUHVLVW­DODVDQVLDVGHDEDQGRQDUHOYDOOH
(OQL±RFRQWHPSODEDDVXVSDGUHVFRQORVRMRVQHJURVEULOODQWHVD
SXQWRGHGHVDSDUHFHUEDMRHOEULOORGHODLQFHUWLGXPEUH
ߚ3LHQVDVLUWHGHWRGRVPRGRVKLMR"ߚLQVLVWL³*UHJRULD
ߚ'HVSX©VGHODILHVWDQRVYDPRV
ߚ3RU TX© WDQWR DSXUR" ߚVH TXHM³ OD DQFLDQDߚ '©MDOH DO QLHWR
WHUPLQDUODHVFXHOD
5/44
 (O QL±R PLU³ D VX DEXHOD \ XQ UHO¡PSDJR VH SRV³ HQWUH VXV
S¡USDGRVXQGHVWHOORGHHQWXVLDVPRTXHDSHQDVGXU³XQVHJXQGR
ߚ0DGUHߚSURWHVW³HOKRPEUHߚ&X¡QWRVPHVHVKHGHHVSHUDU
WRGDY­D"0LKLMRHVHOºQLFRDOXPQRGH$URPD
ߚ1LHWRFHUUDU¡WXPDHVWURODHVFXHOD"
(OQL±RDEUL³GHVXVWRDºQP¡VHOD]DEDFKHTXHWHQ­DSRUPLUDGD\
QHJ³OHQWDW­PLGDPHQWHFRQOHYHVPRYLPLHQWRVGHFDEH]D
ߚ&RPRVHDߚSURVLJXL³HOKRPEUHߚQRSXHGRSDVDUHOUHVWRGH
PLYLGDHQHVWHSXHEORFDGDYH]P¡VPXHUWR7RGRVORVGHPLHGDG
VH KDQ LGR < QR TXLHUR LUPH FXDQGR HQ OD FLXGDG QL WUDEDMR
HQFXHQWUH
ߚ(VFLHUWRKLMR$TX­VRODPHQWHQRVTXHGDPRVORVYLHMRV<SDUD
M³YHQHV FRPR Wº YLYLU URGHDGR GH DQFLDQRV HV DEXUULGR \ IDWLJRVR
3HURWDOYH]HOQLHWRTXLHUDTXHGDUVHFRQPLJR
5HFHORVRPLU³HOQL±RDVXSDGUHFRPRVLORTXHDFDEDEDGHGHFLU
VX DEXHOD OR UHVSRQVDELOL]DUD FXOS¡QGROR SRU SDODEUDV TXH ©O QL
VLTXLHUDKDE­DSURQXQFLDGR
ߚ7LHQH TXH LUVH FRQPLJR ߚUHVSRQGL³ HO SDGUHߚ 6L VH TXHGD
WDUGHRWHPSUDQRWHQGU©TXHYHQLUDEXVFDUOR<XQKLMRGHEHHVWDU
FRQ VXV SDGUHV &RPSUHQGD PDP¡ HO QL±R WDPEL©Q QHFHVLWD
DPLJRVGHVXHGDG\DTX­QRORVWLHQH
ߚ(V XVWHG QXHUD OD P¡V LQWHUHVDGD HQ PDUFKDUVH" ߚLQVLVWL³
GR±D*UHJRULD
ߚ<R"ߚEDOEXFH³ODPDGUHGHOQL±R
ߚ(V QDWXUDO TXH TXLHUD GHMDPRV GHVSX©V GH OD PXHUWH GH VXV
SDGUHV3HURSRUTX©QRRFXSDQODFDVDTXHHOORVGHMDURQ"$OO­VH
VHQWLU­DQP¡VF³PRGRV
ߚ6­SRGU­DVHUߚUHSOLF³W­PLGDPHQWHODPXMHU
ߚ3DUDTX©ߚLQWHUYLQRGHLQPHGLDWRHOKRPEUHߚVLQRVYDPRVGH
DTX­"
ߚ(QWRQFHVYHQGHU¡FDVD\FKDFULWDKLMD"
ߚ%XHQRV­VXHJULWDߚ<PLU³DOPDULGRFRPRVXSOLFDQGRTXHVH
DUUHSLQWLHUDߚ&UHRTXHV­
ߚ0DP¡QRODFXOSH6R\\RHOP¡VLQWHUHVDGRHQGHMDUHOYDOOH
ߚ1RKD\PRGRGHUHWHQHUWHKLMR"
ߚ$TX­VHPXHUHXQRDQWHVGHWLHPSR
ߚ(VR QR HV YHUGDG b3RU 'LRV PH SDUWHV HO DOPD FRQ HVDV
SDODEUDVWDQGXUDV
ߚ0DGUH OR VLHQWR SHUR HV DV­ 0LUH SRU IDYRU D VX DOUHGHGRU
4X©YLGDOHHVSHUDDTX­DDOJXLHQFRPR\R"
ߚ8VWHGHV QRV HQWLHUUDQ YLYRV MXQWR FRQ HO SXHEOR ߚPXUPXU³ OD
DQFLDQD
ߚ3HURTX©TXLHUHTXHKDJDPDGUH"ߚSURWHVW³HOKLMR
ߚ1R WH REOLJR D TXHGDUWH 3RU OD 6DQW­VLPD 9LUJHQ QR SRGU­D
REOLJDUWH
$QWHV GH RVFXUHFHU SURYLVWR GH XQD YDUD ODUJD \ VHJXLGR SRU HO
ºQLFRSHUURGHODFDVDFRUUL³HOQL±R0DPLUHKDVWDHOFHUURYLROHWD
SDUD FRQWHPSODU HO VRO TXH HFKDED DO U­R XQ YHOR GH VRPEUDV \ ODV
KDF­DVXELUSRUODODGHUDGHOPRQWH
(O SHUUR D SHVDU GH OR YLHMR VH DFHUF³ LPSHWXRVR D ORV FKLYRV \
RYHMDV TXH DºQ SDVWDEDQ HQ HO DPDULOOHQWR YHUGRU FUHFLGR HQWUH ODV
SLHGUDV&RUUHWH³DORVDQLPDOHVDSL±¡QGRORVMXQWRDOQL±ROXHJRVH
VHQW³ D UHWR]DU PLHQWUDV HO SHTXH±R SDVWRU YLJLODED HO UHED±R
5HFRVWDGRHQODURFDSHQVDED0DPLUHORELHQTXHVHVHQWLU­DFRQOD
FRPSD±­DGHRWURVQL±RVSHURKDF­DXQD±R\DTXHQRORVKDE­DHQ
HO YDOOH 5HFRUG³ D &HYDOORV \ D VX KHUPDQD &DUPLQD +DE­DQ VLGR
VXVFRPSD±HURV\VLQWL³XQDHPRFL³QHQWUD±DEOHDOHYRFDUODJHQWLO
SUHVHQFLD GH OD QL±D $ ORV WUHV ORV XQ­D HQWRQFHV OD HVFXHOD ORV
MXHJRTXHHOPDHVWUROHVLPSRQ­DFDGDG­D\ORVGHEHUHVGRP©VWLFRV
TXH FDGD IDPLOLD GHOHJDED HQ VXV KLMRV (O PRQWH HO U­R ORV
VHPEUDGRV\HOJDQDGRVLHPSUHHUDQPRWLYRVGHHQFXHQWUR+DE­DQ
SDVDGR PXFKRV PHVHV GHVGH HQWRQFHV HQ OD VROHGDG GH 0DPLUH
DSDUHFL³ODHVSHUDQ]DGHTXHDOPHQRVGXUDQWHODVILHVWDVGHOYDOOH
YROYLHUDDHQFRQWUDUD&HYDOORV\DODDPDEOH&DUPLQD
$ 0DPLUH QR OH UHVXOWDED H[WUD±R TXH D PHQXGR HO PDHVWUR VH
6/44
WRUQDUD SHQVDWLYR \ QRVW¡OJLFR FXDQGR GHVGH HO SXSLWUH H[DPLQDED
ORV EDQFRV YDF­RV GH OD VDOD &RPR VL OD PLUDGD GHO PDHVWUR IXHVH
XQ HVSHMR GRQGH VH UHIOHMDUDQ KHFKRV GHO SDVDGR P¡V UHFLHQWH
0DPLUH FRQWHPSODED HQ HVD PLUDGD OD LOXVL³Q GH XQD VDOD FROPDGD
GH DOXPQRV 5HFRUG³ VX SULPHU G­D GH FODVHV D ORV VHLV D±RV
FXPSOLGRV/DVDODHVWDEDUHSOHWDGHQL±RVHVHD±R/RVSULPHURV
HQDEDQGRQDUODHVFXHODIXHURQ*DPERD\&DLSD
(OSDGUHGH*DPERDHQFRQWU³WUDEDMRHQODFLXGDGFRPRFDUJDGRU
HQ HO SXHUWR \ HO SDGUH GH &DLSD VH RFXS³ HQ XQ JDOS³Q GRQGH
KRUQHDEDQHOSDQ
0DPLUH MDP¡V ROYLG³ HVWD FLUFXQVWDQFLD l)¡EULFDV SDUD KDFHU
SDQ{UHIOH[LRQ³DVRPEUDGRGHTXHHQODFLXGDGHOSDQQRVHKLFLHUD
HQ FDGD FDVD VLQR HQ SHTXH±RV WDOOHUHV D GRQGH DFXG­DQ ODV
SHUVRQDVDFRPSUDUOR

6HOHYDQW³HOYLHQWRIU­RGHODWDUGH\0DPLUHFRUUL³FRQVXYDUD
GHWU¡V GH ORV DQLPDOHV UHXQL©QGRORV SDUD KDFHUORV EDMDU GHVGH ORV
UHWD]RV GH VRO KDVWD ODV UREXVWDV VRPEUDV TXH VH DSRGHUDEDQ GH
$URPD FDGD WDUGH 0X\ SURQWR VHU­D GH QRFKH \ HO UHED±R GHE­D

7/44
HVWDUELHQJXDUGDGRDQWHVGHTXHODDEXHOD*UHJRULDVHSUHRFXSDUD
'HVGH OD PXHUWH GH VXV DEXHORV PDWHPRV HO QL±R VH RFXSDED
WDPEL©QGHUHJDUODFKDFUDTXHTXHG³VLQFXLGDGRV(VWRORKDF­DHQ
VHFUHWR VLQ TXH VX SDGUH VH HQWHUDUD OR KDF­D SDUD VDWLVIDFHU HO
GHVHRGHVXPDGUHSRUTXH$PHOLDQRTXHU­DGHMDUPRULUODVWLHUUDV
GHVXVSDGUHV(OODQRVHRFXSDEDGHHVDWLHUUDSRUFRQVLGHUDFL³QDO
PDULGR (O KRPEUH QR TXHU­D TXH VX PXMHU VH HQFDUL±DUD FRQ HVD
TXHUHQFLD GHMDQGR GH ODGR ODV JDQDV GH DFRPSD±DUOR FXDQGR
OOHJDUDHOPRPHQWRGHPDUFKDUVH
0DPLUHHFK³DFRUUHUHODJXDHQODFDVDGHVLHUWD8QKLOLOORPDQ³
FRQWDQSRFDVIXHU]DVTXHDSHQDVSDUHF­DKXPHGHFHUODWLHUUD6LQ
HVSHUDUDTXHHODJXDUHJDUDHOWHUUHQRFRPSOHWRVHGLULJL³FRQORV
DQLPDOHVDODFDVDGH*UHJRULD'LVSRQ­DGHGRVKRUDVSDUDDEULUHO
ULHJRGHOVHPEUDGRGHVXDEXHOD\DFXGLUDODRWUDFKDFUDDFRQWURODU
TXHWRGRVORVFDQDOHVVHOOHQDUDQ\FHUUDUGHVSX©VHOSDVRGHODJXD
FXPSOLHQGRXQULWRFRWLGLDQR
(OO­TXLGRUHWHQLGRVDOW³FULVWDOLQRSHURDPHGLGDTXHFRUU­DSRUORV
DQJRVWRVFDQDOHVP¡VFRORUDFKRFRODWHWRPDEDGHOSROYRVHFR'H
FXDQGR HQ FXDQGR UHIOHMDQGR OD OX] GH OD WDUGH EULOODED FRPR XQD
FDEHOOHUDGHSODWD
0DPLUH GHSRVLW³ HQ OD HVFX¡OLGD FRUULHQWH VXV ERWHFLWRV GH SDMD WXVFRPSD±HUDVGHFXUVR"
V³ORDV­OHGXUDEDODSDFLHQFLDSDUDHVSHUDUTXHHODJXDFXEULHUDOR
VHFR8QD±RDWU¡V0DPLUH\&HYDOORVKDF­DQFDUUHULWDVFRQEDUFRV
GH SDSHO DTXHOORV TXH HO DEXHOR &HYDOORV OHV HQVH±DUD D FRQVWUXLU
XQG­DDSDUWLUGHXQDVLPSOHKRMDGHFXDGHUQR/HJXVWDEDFRPSHWLU
FRQ &HYDOORV HQ DTXHO HQWRQFHV &DUPLQD HUD HO MXH] LPSDUFLDO TXH
VHQWHQFLDED GHVLJQDQGR FRQ VX ILQD PDQR DO YHQFHGRU 0DPLUH
QXQFDVHHQWHQGL³PX\ELHQFRQ&HYDOORV
0¡V HVSLJDGR TXH 0DPLUH VRO­D RIHQGHUOH FRQ SDODEUDV TXH
DOXG­DQ DO RULJHQ LQG­JHQD GH VX VDQJUH 3HUR HO FRQVXHOR VLHPSUH
YHQ­D GH &DUPLQD TXH OH DJXDUGDED FRQ VX GXOFH FRPSD±­D
DSDFLJXDQGRGHXQDVRODPLUDGDODLQTXLHWXGGH0DPLUH
&DUPLQDSDUHF­DFRPSUHQGHUOH\HQP¡VGHXQDRFDVL³QOHEULQG³
HOODXQJHVWRGHWHUQXUDXQDSDODEUDGHDOLHQWR1RVHU­DQFHORVORV
GH&HYDOORV"
/D YR] GH GR±D *UHJRULD OODP¡QGROR OR VDF³ FRPSOHWDPHQWH GH
VX HQVXH±R \ DQWHV GH TXH OD DEXHOD LQVLVWLHUD UHJUHV³ D FHUUDU HO
SDVRGHDJXDSDUDDKRJDUHOWHQXHFKRUURTXHDºQEURWDED6DE­DOR
GLI­FLOTXHUHVXOWDEDREWHQHUHODJXD\F³PRGHE­DFXLGDUOD
ߚ&RPR KXHVR GH VDQWR ߚGHF­D D PHQXGR GR±D *UHJRULD
6LHPSUHUHIOH[LRQDEDHOQL±RHQHVWDVSDODEUDVHQTX©TXHUU­DGHFLU
ODDEXHODFRQHVR
l&RPR KXHVR GH VDQWR{ VH IXH SHQVDQGR PLHQWUDV FRUU­D D
FHUUDUHOSDVRGHDJXDGHODFKDFUDKHUHGDGDSRUVXPDGUH
l&RPR KXHVR GH VDQWR{ 6H UHIHU­D TXL]¡ D ORV GLIXQWRV TXH
GHVFDQVDEDQHQHOFHPHQWHULRGHODTXHEUDGD"
$OUHJUHVDUGRQGHODDEXHODVXSDGUH\DQRHVWDED&RPRWRGDV
ODVWDUGHVVHKDE­DLGRDODFDVDGH&RQWUHUDV3HURDºQHVWDEDQDOO­
WRGDVODVDQFLDQDV
ߚ1LHWR HV OD IDOWD GH DOXPQRV HO SUREOHPD GH WX PDHVWUR" ߚ
SUHJXQW³ *UHJRULD DSHQDV YLR DO QL±R HQWUDQGR HQ HO UHFLQWRߚ
%XHQRHVRWLHQHDUUHJORߚ<DJUHJ³ߚ7HPROHVWDU­DVLIX©UDPRV
0DPLUHQRUHVSRQGL³WDOYH]SRUTXHQRHQWHQG­DGHPRPHQWRODV
LQWHQFLRQHVGHODDEXHODWDOYH]SRUTXHQRFUH­DTXHIXHUDFDSD]GH
KDFHUORFLHUWR
ߚ4XLHUHGR±DTXHYROYDPRVDODHVFXHOD"ߚH[FODP³%HQLWD
ߚ$QXHVWURVD±RV"ߚVHVRUSUHQGL³/DVWHQLD
ߚb4X©RFXUUHQFLD*UHJRULDߚDJUHJ³(OFLUD
ߚ6DEHQ TXH QR HV PDOD LGHD" ߚFRPHQW³ OD DEXHOD 2FVD
GHVSX©VGHXQUDWR
ߚ6­ DV­ HV ߚLQVLVWL³ *UHJRULDߚ SRUTXH OD HVFXHOD QR HV
VRODPHQWH XQ OXJDU SDUD DSUHQGHU DOO­ WHQGUHPRV OD SRVLELOLGDG GH
8/44
PHGLWDUP¡VDIRQGRHQHODVXQWRTXHQRVSUHRFXSD PDHVWUR QR FHUUDUD OD HVFXHOD"{ 3HQV³ TXH VX SDGUH VH OR OOHYDU­D
ߚ'HEHU­DPRV FRQVXOWDUOR FRQ )UDQFLVFR 3DQLUH ߚSURSXVR GR±D GH WRGRV PRGRV GH $URPD 7DO YH] SRUTXH OD OXQD VXHOH HQYLDU
(OFLUDߚ<KDFHUORTXH©OQRVGLJD WULVWH]DV SHQV³ 0DPLUH TXH GH LUVH OHMRV GHO YDOOH ODV GR±DV
/DVDEXHODVVHTXHGDURQHQVLOHQFLR6³ORVHR­DHOLU\YHQLUGHOD HVWDU­DQ PX\ VRODV FXDQGR OHV GLHUDQ JDQDV GH LU SRU ILQ DO
WD]DVVREUHORVSODWRV\ORVPRUGLVFRVTXHODVGR±DVOHGDEDQDODV FHPHQWHULR SDUD TXH 'LRV VDQWLILFDUD VXV KXHVRV (QWRQFHV GHVH³
JDOOHWDV GH FKX±R +DVWD TXH HO QL±R ODV LQWHUUXPSL³ FRQ XQ TXH RFXUULHUD DOJR LQHVSHUDGR TXH OR REOLJDUD D TXHGDUVH D WRGD
SHQVDPLHQWRTXHORDFRVDED FRVWDHQHOYDOOHSRUTXHPLHQWUDV©OYLYLHUDMXQWRDODVDEXHODVHOODV
QRVHQWLU­DQQHFHVLGDGGHDEDQGRQDUHVWDWLHUUD3HQV³ORPLVPRGH
ߚ$EXHOD4X©VRQORVKXHVRVGHVDQWRV"7LHQHQTXHYHUFRQ
ORV DEXHORV SHQV³ HQ FX¡Q WULVWH VHU­D TXH HOORV XQR D XQR VH
HOFHPHQWHULR"
IXHUDQ GHILQLWLYDPHQWH DO FHPHQWHULR D VDQWLILFDU VXV KXHVRV
/D DEXHOD VH TXHG³ PLU¡QGROH VLQ GHFLGLUVH D XQD UHVSXHVWD $O PXHUWRVGHVROHGDG\GHSHQD
FDER GH FLHUWRV VHJXQGRV GH GXGD UHFRQRFL³ OD GR±D TXH HVWRV
3RU ILQ VH GXUPL³ FRPR FDGD QRFKH PLUDQGR HO UHWD]R GH FLHOR
FKLFRV GH DKRUD VRQ PXFK­VLPR P¡V GHVSLHUWRV TXH ORV GH VX
DVRPDGRDOYHQWDQXFRGHVXFXDUWR(QODYLGDVLHPSUHVHUHQDGHOD
WLHPSR
UHJL³QEDVWDODVRODSUHVHQFLDGHODVHVWUHOODVSDUDWHQHUODPHMRUGH
ߚb4X©RFXUUHQFLDQLHWR ODV FRPSD±­DV /DV KD\ SRU PLOODUHV \ WDQ OXPLQRVDV TXH GD SHQD
ߚ$EXHODOHSXHGRGHFLUXQDFRVD" FHUUDUORVRMRVSDUDGHMDUGHYHUODV
ߚ4X©FRVDQL±R"
ߚ(VWXYHHQODHVFXHODPDUWLOODQGRWDSDVGHERWHOODVSDUDKDFHUXQ
EXHQ UDPR GH IORUHV D ORV DEXHORV GHO HQWLHUUR < FXDQGR IXL D
GHMDUODV WURSHF© FRQ XQD WXPED FDVL DELHUWD GRQGH DVRPDEDQ
YDULRVKXHVLWRVWLHUQRV
ߚ<WHDVXVWDVWHQLHWR"
ߚ1R DEXHOD (O FDQWR GH ODV IORUHV HQ HO YLHQWR HVSDQWD ORV
PLHGRV
ߚ<TX©KLFLVWH"
ߚ/RVFXEU­FRQWLHUUD/RVHQWHUU©GHQXHYR
ߚ(VRHVWXYRPX\ELHQ
ߚ$EXHODHVVDQWRWRGRORTXHKD\HQHOFHPHQWHULR"
ߚ6­SRUTXHHVW¡'LRVHQHOORV

(VDQRFKHHOQL±RSHQVDEDOXFKDEDFRQHOVXH±RSDUDTXHGDUVH
GHVSLHUWRSDUDGDUOHP¡VYXHOWDVDORVFRPHQWDULRVGHODVDEXHODV
l4XHU­DQ GH YHUGDG YROYHU D FODVHV"{ l/R KDF­DQ SDUD TXH HO

9/44

 (1&$6$'(&2175(5$6
(QFDVDGH&RQWUHUDV0DPLUHHOSDGUHVHKDE­DXQLGRDOUHVWRGH
ORV KRPEUHV HQWUH ORV FXDOHV \D QR KDE­D RWUR WDQ MRYHQ FRPR ©O
/RVYLHMRVVHDOHJUDQGHTXHHOºOWLPRKRPEUHMRYHQDFXGDWRGDY­DD
UHXQLUVH FRQ HOORV $SURYHFKDQGR OD HVTXLYD OX] GHO VRO TXH VH
GHVKDFH TXH SRFR R QDGD GHPRUD HQ SRQHUVH ORV YLHMRV VXHOHQ
VDFDU DO DLUH GH OD WDUGH VXV YRFHV 6HQWDGRV D OD VRPEUD FKDUODQ
FRQFDOPD\GLVIUXWDQHQSD]ORVEHOORVWLQWHVFRQORVTXHKDVWDKR\
SLQWDDFDGDFHUU³GHOYDOOHODKRUDGHO¡QJHOXV
$OO­PXUPXUDQVXSDVDGRPLUDQGRHQVLOHQFLRHOSUHVHQWHDWUDY©V
GHOFULVWDOGHODVFRSDVVLQDWUHYHUVHDSHQVDUHQORVG­DVYHQLGHURV
(VDYH]HOGXH±RGHOUHFLQWRVDF³XQDYDVLMDGHJUXHVREDUURRFXOWD
VLHPSUHGHWU¡VGHOPHV³Q\VLUYL³HQYDVLWRVSHTXH±RVXQFULVWDOLQR
OLFRUGRUDGRTXHVHEHEHDVRUELWRVSRUHODUGRUTXHSURGXFHHQOD
JDUJDQWD
ߚ/R TXH Wº GHEHU­DV KDFHU 0DPLUH ߚH[FODP³ GH SURQWR 3HUHD
ߚHVLQVWDODUXQPXVHRHQODSULPHUDKDELWDFL³QGHWXFDVD(QHVD
TXHGDGLUHFWRDODFDOOH
l8QPXVHR"{SHQV³HOKRPEUHl<SDUDTX©XQPXVHR"{
ߚ'HHVHPRGRVHPDQWHQGU­DHQHOUHFXHUGRODKLVWRULDGHOYDOOH
3RUTXHVHHVW¡SHUGLHQGR
(ODQFLDQRQRGHMDEDGHWHQHUUD]³Q3HURTXL©QHVORYLVLWDU­DQ"
/DPD\RU­DGHORVTXHVHKDE­DQPDUFKDGRUHJUHVDEDQV³ORGHYH]
HQFXDQGR
ߚ8VWHG TXLHUH ߚUHVSRQGL³ 0DPLUHߚ PDQWHQHU YLYRV ORV
UHFXHUGRVTXHOHGHMDU­DDVXVQLHWRV"
ߚb(VR PXFKDFKR ߚH[FODP³ HO DQFLDQR \ VH HFK³ XQ VRUER GH
IXHJRHQODJDUJDQWD
ߚ6­ HVR ߚFRPHQW³ RWUR GH ORV YLHMRV DOO­ UHXQLGRVߚ 8QR
GHHVWRVG­DV\DQRHVWDPRVQLSDUDFRQWDUHOFXHQWR
(OOLFRUTXHVHHFKDEDDOFXHUSROHTXHP³HOUHVWRGHODIUDVHHQHO
ERUGHGHORVODELRV
ߚ(VW¡ UHTXHWHUHFRQWUD EXHQR ߚFRPHQW³ HO MRYHQߚ 'H
G³QGHORVDF³"
ߚ$KߚH[FODP³&RQWUHUDVDOWLHPSRTXHGLULJ­DORVRMRVDOWHFKR
ߚHVGHODºOWLPDFRVHFKDGHPLVYLGHVMXQWRDOULDFKXHOR<YR\D
FRQYLGDUOHV V³OR XQ WUDJR (O UHVWR OR JXDUGR SDUD ORV LOXVWUHV TXH
YLHQHQDODILHVWDGHOD&UX]GH$URPD
6H TXHG³ HQ VLOHQFLR HO YLHMR DGPLUDQGR OD QRFKH TXH VH FRODED
SRUODSXHUWDHQWRUQDGD
ߚ1RSLHQVDKDFHUP¡VGHHVWHSLVTXLWR"
ߚ&RQ HVWRV EUD]RV KLMR" +DFHQ IDOWD IXHU]DV MXYHQLOHV SDUD
FRQVHJXLUHVWHOLFRUFLWRTXHWLHQHP¡VGHGLH]D±RVGHJXDUGD
/RVYLHMRVEHELHURQFRQGHOHLWH\KDEODURQHQWXVLDVWDVGHORVTXH
YHQGU­DQ D OD ILHVWD (UD OD RFDVL³Q SDUD UHXQLUVH FRQ ORV KLMRV
OHMDQRVFRQORVQLHWRVVLHPSUHFUHFLHQGRFRQHVDVQRYHGDGHVTXH
WUD­DQ HQ ORV EROVRV GH YLDMH \ HQ ODV FRQYHUVDFLRQHV TXH VRQDEDQ
WDQOHMDQDV
'H YXHOWD D FDVD HO KRPEUH 0DPLUH UHIOH[LRQ³ HQ OR FRQYHUVDGR
FRQORVDQFLDQRV
b0¡VGHGLH]D±RV(QWRGRHVHWLHPSRDTXHOODVYLGHVQRKDE­DQ
VLGRUHQRYDGDVVHKDE­DSHUGLGRODSRVLELOLGDGGHSUHSDUDUHVHOLFRU
GHVDERUWDQEXHQR
l3HURSRUTX©QRSLGL³D\XGDHOYLHMR"{
6H GHWXYR EDMR ODV UDPDV GHO SLPLHQWR FHQWHQDULR TXH GRPLQDED
JUDQSDUWHGHODSHTXH±DSOD]D$WUDY©VGHOIROODMHVHGHVSUHQG­DOD
UHVSODQGHFLHQWHOXPLQRVLGDGGHODVHVWUHOODV
l< TX© LGHD HUD HVD OD GHO PXVHR" 7HQGU­D ©O OD YROXQWDG
QHFHVDULDSDUDSRQHUVHDUHFROHFWDUREMHWRVFRQKLVWRULD"{(QFLHUWD
RFDVL³Q XQD GH ODV SRFDV YHFHV TXH ©O KDE­D VDOLGR GHO YDOOH SDUD
10/44
YLVLWDU OD FLXGDG MXQWR DO PDU YLR DOJR PX\ SDUHFLGR (Q HO OXJDU DO
TXH VXV KDELWDQWHV OODPDEDQ RUJXOORVDPHQWH lPXVHR{ QR KDE­D
P¡V GH FXDUHQWD R FLQFXHQWD REMHWRV GLVSHUVRV SHUWHQHFLHQWHV HQ
VX PD\RU­D D IDPLOLDV UHSUHVHQWDWLYDV HQ ©O WDPEL©Q VH H[KLE­DQ
DOJXQDV UHOLTXLDV LQG­JHQDV TXH VLHPSUH DVRPDQ FDGD YH] TXH VH
UHPXHYHODWLHUUD
3HURSRUPX\SHTXH±RTXHIXHVHHOPXVHRKDE­DTXHGHGLFDUOH
PXFKD HQHUJ­D 1LQJXQR GH ORV DQFLDQRV VH RFXSDU­D GH HVR
DXQTXH IXHVH XQD WDUHD SDUD DOJXLHQ FRQ ORV RMRV P¡V YXHOWRV DO
SDVDGRTXHDORVWLHPSRVYHQLGHURV<HVHSHQVDPLHQWRQRHQWUDED
HQODFDEH]DGHOKRPEUH0DPLUH1RHVWDEDGLVSXHVWRDUHQXQFLDUD
VX SDUWLGD KDFL©QGRVH FDUJR GH DOJR TXH GHVGH \D OH SDUHF­D
WHGLRVR 5HFKD]DU OD PRGHUQD FLXGDG SRU XQ FXDUWXFKR UHSOHWR GH
REMHWRVYLHMRVFRQVHUYDGRVFRPRUHOLTXLDV\TXHQRVHU­DQP¡VTXH
FDFKXUHRVOHSDUHFL³XQDLQVHQVDWH]XQDQHFHGDG\VHPROHVW³GH
TXHVXVYLHMRVGHVHDUDQSDUD©OXQGHVWLQRWDQRVFXUR\OLPLWDGR
ߚb<R PH ODUJR ߚH[FODP³ HO KRPEUHߚ 1R HVWR\ GLVSXHVWR D
HQWHUUDUPH YLYR HQ HVWH SXHEOR TXH DXQTXH PH YLR QDFHU QR
DWUDSDU¡PLVKXHVRV
 0$(6752<$/8012
$OG­DVLJXLHQWHWHPSUDQLWRFRPRGHFRVWXPEUH0DPLUHVHGLULJL³
DODHVFXHOD(QODTXLHWXGGHOSDWLR\DOHDJXDUGDEDHOPDHVWUR$O
FHQWURGHOUHFLQWRVHDO]DEDHOP¡VWLOHOTXHUHFLHQWHPHQWHDOXPQR\
PDHVWURKDE­DQSLQWDGRGHEODQFR
-XQWR DO P¡VWLO \ SHUIHFWDPHQWH GREODGD HVSHUDED OD EDQGHUD
QDFLRQDOFRQORVWUHVFRORUHVVREUHSXHVWRVTXHULHQGRIXQGLUVHHOORV
FRQODºQLFDHVWUHOODTXHGHVXVFLQFRSXQWDVHQVH±DEDV³ORXQD
&RPRSULPHUG­DGHODVHPDQDHOPDHVWURSDV³DFRQWLQXDFL³QOD
FXHUGD GHO P¡VWLO SRU ODV DUJROODV SUHSDUDQGR OD EDQGHUD SDUD TXH
0DPLUH OD L]DUD $PERV HQWRQDURQ HO +LPQR 1DFLRQDO PLHQWUDV HO
HPEOHPD WULFRORU VH GHVSOHJDED KDFLD OR DOWR &RQFOXLGD OD VHQFLOOD
FHUHPRQLD HO PDHVWUR DW³ OD FXHUGD D OD EDVH GHO DVWD \ FDPLQ³
KDVWD HO FRUUHGRU DJXDUGDQGR TXH VX DOXPQR VH IRUPDUD 0DPLUH
HQFDEH]³ XQD ILOD GH DOXPQRV TXH V³OR H[LVW­D HQ VX PHQWH &HUU³
SRUXQLQVWDQWHORVRMRV\FUH\³SHUFLELUDVXVHVSDOGDVHODMHWUHRTXH
SURGXF­DQ VXV FRPSD±HURV LPDJLQDGRV &DLSD VH IRUP³ D VX ODGR
HQFDEH]DQGRODVHJXQGDILOD0DPLUHVRO­DPLUDUSRUHOUDELOORGHORMR
D VX FRPSD±HUR &DLSD SRUTXH MXVWDPHQWH GHWU¡V GH ©O VH IRUPDED
&DUPLQD $ FRQWLQXDFL³Q VH XELFDED &RQWUHUDV VLHPSUH LQTXLHWR
YROYL©QGRVH FRQWLQXDPHQWH KDFLD DWU¡V SRUTXH DOJXLHQ JROSHDED VX
HVSDOGD0DPLUHVDE­DTXH*DPERDHUDHODXWRUGHHVDVEURPDV\
WDPEL©Q &HYDOORV TXH FRQ *DPERD VH OOHYDEDQ SRU SRFD GLIHUHQFLD
GH HVWDWXUD (O DVXQWR GH VLHPSUH &DLSD 2FVD +XDUDFKH 3HUHD
&KRTXH /XFDL \ 0DPLUH HUDQ ORV P¡V EDMRV \ ORV P¡V HVSLJDGRV
GHPRVWUDEDQ VX QDWXUDO LQFOLQDFL³Q D GLYHUWLUVH D FRVWD GH ORV P¡V
SHTXH±RV
ߚb%XHQRVG­DVQL±RVߚGLMRHOPDHVWURߚb%XHQRVG­DVDOXPQR
11/44
ߚVH FRUULJL³ GH LQPHGLDWR DO WLHPSR TXH HVFXFK³ VX YR]
DFUHFHQWDGD SRU HO YLHQWR FRPR VL ODV PRQWD±DV FHUFDQDV IXHUDQ
DOWDYRFHVURPSLHQGRHOVLOHQFLRHQORVULQFRQHVGHOYDOOH
ߚ%XHQRVG­DVVH±RUSURIHVRU
ߚ%LHQ b(QWUHPRV ߚRUGHQ³ < VH GLULJL³ D OD VDOD GDQGR OD
HVSDOGDDODVYDF­DVGHSHQGHQFLDVGHOUHFLQWROD'LUHFFL³QVLQXVR
GHVGHTXHHOºOWLPRGLUHFWRUODFHUUDUDDOPDUFKDUVHGH$URPD\RWUD
P¡V SHTXH±D TXH HQ VX WLHPSR VLUYL³ GH FRPHGRU $O RWUR ODGR GHO
SDWLR HVWDEDQ ORV ED±RV GRV FDVXFKDV GH ODW³Q XQD GH YDURQHV \
RWUDGHQL±DV$OO­FRQVHJX­DHOQL±RODVROHGDGDEVROXWD(VFDSDGR
GHODSUHVHQFLDGHOPDHVWURTXHQRORGHMDEDQLDVROQLDVRPEUD
VRO­DHQFHUUDUVHHQODVFDVHWDVSDUDHVFXFKDUDJXVWRHOVLOELGRGHO
YLHQWR TXH FXDQGR VH DO]D FRQ IXHU]D KDFH VRQDU ODV IORUHV GH
KRMDODWDTXHORVGHXGRVGHMDQHQHOFHPHQWHULR/HJXVWDEDWDPEL©Q
HVFXFKDUORVJROSHFLWRVGHOVROVREUHODODWDFXDQGRDOPHGLRG­DHO
FDORUOOHJDDVXSXQWRP¡VDOWR<DOO­HOQL±RHVSHUDEDR­UDOJºQG­D
HOSDVRGHHVDVP¡TXLQDVTXHVHJºQVXSDGUHVXUFDQHODLUHGHODV
FLXGDGHV\FX\RPLGRDSDJDODYR]GHOYLHQWR
(ODOXPQRFDPLQ³DODVDODUHVSHWDQGRODILODTXHLPDJLQDEDDVXV
HVSDOGDV UHSOHWD GH QL±RV HVPHUDGRV HQ PDQWHQHU XQ RUGHQ
SHUIHFWRGHIRUPDFL³QDORVRMRVGHOPDHVWUR
(O PDHVWUR DJXDUG³ GH SLH MXQWR DO SXSLWUH G¡QGROH WLHPSR D VX
DOXPQRSDUDTXHVHXELFDUDHQHOSULPHUEDQFRGHODVHJXQGDILODD
XQFRVWDGRGHODVDOD
ߚ3XHGHQ VHQWDUVH ߚGLMR HO PDHVWUR \ VH YROYL³ DO SL]DUU³Q
DQRWDQGR OD PDWHULD GH HVD SULPHUD KRUD GH FODVHV 0LHQWUDV HQ HO
SL]DUU³Q OD WL]D QR FHVDED GH KDFHU HVH UXLGLWR TXH D YHFHV
GHVWHPSODORVGLHQWHVHOQL±RUHFRQRFL³FRQSUHRFXSDFL³QTXHSRU
SUHVWDU R­GRV D OD FRQYHUVDFL³Q GH OD QRFKH DQWHULRU HQWUH VXV
SDGUHV \ ODV DEXHODV QR KDE­D SUHSDUDGR VXV ºWLOHV %XVF³ HO
VDFDSXQWDV \ VLQWL³ F³PR VX FRUD]³Q JROSHDED HQ HO FHQWUR GHO
SHFKRYLHQGRYHQLUHOOODPDGRGHDWHQFL³QGHOPDHVWUR
(O SURIHVRU VH YROYL³ DO DOXPQR HQ HIHFWR SHUR VH TXHG³
FRQWHPSODQGRHOYDF­RTXHGRPLQDEDODVDOD
ߚ&RSLHQHVWRGHVSX©VGHOUHFUHRߚGLMRHQVHJXLGD
(O DOXPQR DJXDUG³ FRQ FLHUWD WHQVL³Q VLQ VDEHU F³PR FRSLDU­D
DTXHOORVLFRQWDEDFRQXQVRORO¡SL]TXHHVFULE­D<VLHVDSXQWDVH
TXHEUDEDHQPHGLRGHODFRSLDFRPRVRO­DRFXUULU"<DQRDOFDQ]DED
D SUHSDUDU XQR GH UHVHUYD 3RU HVWD YH] HQWRQFHV WHQGU­D TXH
DSURYHFKDU ORV YDOLRVRV PLQXWRV GHO UHFUHR SDUD KDFHU OR TXH QR
KDE­DKHFKRHQODFDVD
ߚ4X©OH­PRVHQODºOWLPDFODVHQL±RV"ߚFDUUDVSH³HOPDHVWUR\
VREUHODPDUFKDVHFRUULJL³ߚ4X©OH­PRV0DPLUH"
ߚl&XDQGRHOYLHQWRGHVD{
ߚ/HYDQWHQ OD PDQR FLWDQGR TXLHUDQ UHVSRQGHU ߚLQWHUUXPSL³ HO
PDHVWURߚ6HORVKHGLFKRFLHQWRVGHYHFHV
(OQL±RDO]³HQWRQFHVHOEUD]RHPSHFLQDGRHQTXHVXSURIHVRUOH
SHUPLWLHVH KDEODU FXDQWR DQWHV \ VH ROYLGDUD GH OR DQRWDGR HQ OD
SL]DUUD
ߚ4X© OH­PRV D\HU" ߚLQVLVWL³ߚ $ YHU bXVWHG DOXPQR ߚ
VH±DO³DOºQLFRQL±RTXHKDE­DHQHODXOD
ߚl&XDQGRHOYLHQWRGHVDSDUHFL³{VH±RU
ߚ0X\ELHQ0DPLUH3RGU­DDOJXLHQGHFLPRVGHFLUPHGHTX©
WUDWDHVWHOLEUR"
ߚb<RVH±RU
ߚ8VWHGPLVPR0DPLUH5HVSRQGDSRUIDYRU
ߚ(V OD KLVWRULD GH XQ MRYHQ VDELR TXH XQ G­D GHWXYR HO
YLHQWR
ߚ0X\ELHQFRUUHFWRHVRHVWRGR"
3HUR 0DPLUH QR FRQWHVW³ HVWD YH] 3HQVDED HQ OD KLVWRULD GHO
MRYHQ VDELR TXH VH DWUHYL³ D HQIUHQWDU OD GHFLVL³Q GH XQ KRPEUH
SRGHURVR TXH OH QHJDED OD IHOLFLGDG 6H OH RFXUUL³ HQ HVH PLVPR
LQVWDQWHTXHVLVXVDEXHODVIXHUDQWDQVDELDVFRPRHOMRYHQ'LQDUWDO
YH]SXGLHUDQWHMHUXQDUHGLQYLVLEOHTXHKLFLHUDYROYHU\UHWXYLHUDHQ
HOYDOOHDWRGRVORVTXHORKDE­DQDEDQGRQDGR
ߚ<F³PRVLJXHHVWDKLVWRULD"ߚLQVLVWL³HOPDHVWUR
(O DOXPQR OHYDQW³ OD YLVWD PLU³ DO SURIHVRU 3HUR WDPSRFR VH
12/44
GHFLGL³ D UHVSRQGHU (VD UHG LQYLVLEOH QR VH DSDUWDED GH VX PHQWH 8QSHGD]RGHFLHORIORWDEDVREUHODFDVHWDVDQLWDULDSHVDQGRHQ
HVDUHGTXHSXGLHUD\VLOHFRQWDUDDOPDHVWURODVLQWHQFLRQHVGH 0DPLUHFRQWRGDVXPDJQLWXGFRPRVLHOD]XOVHFRODUDDWUDY©VGH
ODVDEXHODV" XQD UHQGLMD DELHUWD HQ HO WHFKR 0DPLUH UHFRUG³ OR TXH VX SDGUH OH
KDE­D KDEODGR GH OD FLXGDG GH ODV DUHQDV GRUDGDV TXH ERUGHDQ HO
PDU (O PDU HVH JUDQ ODJR GH DJXD VDODGD HQ FX\DV DJXDV
HVSXPRVDVODJHQWHVHED±DKDVWDODFD­GDGHOVROlb(OPDUD]XO
(QHOUHFUHRPDHVWUR\DOXPQRMXJDURQGLH]PLQXWRVDODSHORWD
b8QODJRWDQH[WHQVRFRPRHOFLHORb%D±DUVHHQHVHODJRb%D±DUVH
&RUULHURQVHULDPHQWHHQSRVGHOEDO³QVHFRQYLUWLHURQJROHVHOXQR
HQHOFLHOR4X©VHU­DHVRFRPSDUDGRFRQODSR]DGHOU­R$URPD"{
DO RWUR HQ DUFRV VH±DODGRV FRQ SLHGUDV HQ FDGD H[WUHPR GH XQ
FDPSRGHSRUWLYRTXHVHFUX]DEDHQGRV]DQFDGDV /DFDPSDQDDQXQFLDQGRHOW©UPLQRGHOUHFUHRVDF³DOQL±RGHVX
HQVXH±R
0DPLUH GHEL³ FRUUHU IUHQ©WLFR SDUD FXEULU ODV SRVLFLRQHV GH
GHIHQVD \ DWDTXH VXELHQGR SDUD DFHUWDU EDMDQGR D PDUFDU \ (QHOSDWLRHOPDHVWURFRQWLQX³SDVH¡QGRVH\KDFLHQGRVRQDUXQ
GHIHQGHUFUX]¡QGRVHLQFOXVRIUHQWHDVXYDOODVLQDUTXHURSDUDHYLWDU PDQRMRGHOODYHV&RQHOODVFHUUDU­DVLQGXGDODHVFXHODXQG­D<OR
HO JRO 'LVIUXWDED HO QL±R HVWRV EUHYHV SDUWLGRV GH D GRV DSUHFLDED KDU­DHQIRUPDGHILQLWLYD\DQRSRUYDFDFLRQHVSRUIHULDGRSDWULRQL
QRWRULDPHQWHODYHQWDMDGHVHUWDQSRFRVHQODFDQFKDSXHVGHHVWH VDQWR
PRGR WHQ­D XQ FRQWDFWR PD\RU FRQ HO EDO³Q (Q WLHPSRV SDVDGRV ߚ(VWR\ QRPEUDGR HQ HVWD HVFXHODߚ GLMR HQ YR] EDMDߚ 8Q
FRQ *DPERD DO DUFR &KRTXH \ 0DPLUH HQ GHIHQVD 2FVD 6RWR \ SURIHVRU FRPR \R QR SXHGH HQVH±DU GRQGH OH G© OD JDQD 3HUR KH
&HYDOORVHQHODWDTXHHOQL±R0DPLUHDSHQDVWRFDEDODSHORWD6XV VLGR GHVLJQDGR HQ HVWH SXHEOR \ PLHQWUDV TXHGH XQ DOXPQR HQ PL
FRPSD±HURV GH HTXLSR P¡V GLHVWURV \ DYH]DGRV MDP¡V VH OD HVFXHODPLGHEHUHVSHUPDQHFHUHQHOOD\FXPSOLUPLVREOLJDFLRQHV
SDVDEDQGHEXHQJUDGR
(QORVFLQFRPLQXWRVTXHVLJXLHURQDOW©UPLQRGHOMXHJR\DQWHVGH
LQJUHVDU QXHYDPHQWH D FODVHV HO PDHVWUR KDEO³ FRQ VX DOXPQR
HPSHFLQDGRHQFRUUHUDOED±R
ߚ,QVLVWHWXSDGUHHQLUVHGH$URPD"ߚOHGLMR
ߚ6­ VH±RU SHUR OD DEXHOD QR TXLHUH TXH QRV YD\DPRV ߚ
UHVSRQGL³0DPLUH
ߚ$OSDUHFHUHVLQHYLWDEOHߚSURVLJXL³HOSURIHVRU
ߚ6H±RUSXHGRLUDODVFDVLWDV"
ߚ3XHGHV ߚUHVSRQGL³ HO PDHVWUR < 0DPLUH FRUUL³ D ORV
VDQLWDULRV (O SURIHVRU HQ WDQWR VH GHGLF³ D SDVHDU DOUHGHGRU GHO
SDWLR GDQGR WUDQFRV ODUJRV TXH OHYDQWDURQ DSHQDV XQD EROVLWD GH
SROYREDMRORVWDFRVGHVXV]DSDWRVGHVWH±LGRV
ߚl3DS¡GLFHTXHHOPDUGHODFLXGDGHVWDQOLQGR\D]XOFRPRHO
FLHOR GH $URPD{ ߚSHQV³ HO QL±R PLHQWUDV JLUDED DIDQRVDPHQWH HO
O¡SL]HQHOVDFDSXQWDVVREUHODERFDGHOH[FXVDGR

13/44
 81$+,6725,$62535(1'(17(

'HUHJUHVRGHODHVFXHOD0DPLUHIXHGLUHFWRGRQGHVXDEXHOD
*UHJRULDSRVWHUJDQGRORVGHEHUHVGHOG­D
ߚ$EXHODHOSURIHVRUSUHJXQWDVLQRVYDPRVGH$URPD
ߚ<TX©OHKDVGLFKRPLQLHWR"
ߚ4XHXVWHGQRTXLHUH
ߚ$V­HV6LVHYDQ\DQRORVYHU©P¡VTXHXQDYH]DOD±R<HVR
PHDSHQDPXFK­VLPR
ߚ3DS¡GLFHTXHSRGUHPRVYHQLUFXDQGRTXHUDPRV
ߚ(V V³OR XQ GHFLU QLHWR P­R /D FLXGDG QR HVW¡ WDQ FHUFD FRPR
SDUD YHQLU D FDGD UDWR /R FLHUWR HV TXH V³OR QRV YHUHPRV SDUD OD
ILHVWDGHOD6DQWD&UX]
ߚ3XHGRTXHGDUPHFRQXVWHGDEXHODKDVWDWHUPLQDUHOD±R"
ߚ$ YHU D YHU PL QLHWR 3RU DKRUD YDPRV D LPSHGLU TXH HO
PDHVWURFLHUUHODHVFXHOD<DORYHU¡V
ߚ$EXHODSRGU­DWHMHUXQDUHGLQYLVLEOHFRPRHOYLHQWR"
ߚ4X©TXLHUHVTXHWHMDQLHWHFLWR"ߚUHVSRQGL³PX\VRUSUHQGLGD
ODDQFLDQDGHM³GHKDFHUORTXHKDF­DSDUDFODYDUVXVRMRVHQORVGH
0DPLUH l4X© FRVD P¡V LQV³OLWD PH SLGH HVWH QL±R"{ SHQV³ OD
GR±D3HURVDE­DPX\ELHQTXH0DPLUHDEU­DODERFDV³ORSDUDGHFLU
OR TXH \D KDE­D PHGLWDGR $V­ HV TXH VH GLVSXVR D HVFXFKDUOR FRQ
WRGDODDWHQFL³QTXHHODVXQWRUHTXHU­D'HXQDVHQWDGDߚFRPRVH
GLFHߚ0DPLUHOHFRQW³ODKLVWRULDGHOMRYHQ'LQDUGHFRPRWHML³XQD
UHG SDUD GHWHQHU HO YLHQWR $V­ SXGR LQPRYLOL]DU HQ HO SXHUWR ORV
YHOHURV GHO SULQFLSDO FRPHUFLDQWH GH OD FLXGDG LPSLGLHQGR TXH VH
KLFLHUDQDODPDUߚ(VSHUDXQSRFRߚGLMRODDEXHODߚ9DVDUHSHWLU

14/44
DKRUDPLVPRHVDPDUDYLOORVDKLVWRULD(VSUHFLVRTXHODVPXFKDFKDV
ODRLJDQ
ߚ$EXHOD ߚLQVLVWL³ 0DPLUHߚ TXLHUR VDEHU VL XVWHG SXHGH ߚ
/R V© OR V© QLHWR ߚLQWHUUXPSL³ OD DQFLDQDߚ &UHR TXH WRGDV
GHEHPRVR­UOD$KRUDYHDWXVREOLJDFLRQHVTXHQDGDGHEHQRWDUWX
SDGUH&XDQGRVHDGHQRFKHQRVYDPRVGHYLVLWD<QROHKDEOHVD
QDGLHGHORTXHKHPRVFRQYHUVDGR
0DPLUH VLJXL³ ODV LQVWUXFFLRQHV GH VX DEXHOD \ VH GLVSXVR D
FXPSOLUFRQODVWDUHDVGHODHVFXHOD6HVHQW­DWDQDQLPRVRTXHVH
GLR WLHPSR SDUD VDFDUOH SXQWD D FDGD XQR GH VXV O¡SLFHV LQLFLDQGR
HQVHJXLGDODFRSLDTXHHOPDHVWUROHKDE­DGDGRFRPRWUDEDMRSDUD
ODFDVD7UDEDM³HQFDOLJUDI­D\F¡OFXORGHOLQH³VXVGLEXMRV\VXEUD\³
HQ YDULRV FRORUHV DTXHOOR TXH GHE­D VHU FRQYHQLHQWHPHQWH
GHVWDFDGR
$O FRQFOXLU FRPSURE³ SRU OD OX] GH OD WDUGH TXH GLVSRQ­D GHO
WLHPSR SUHFLVR SDUD LU DO PRQWH D EXVFDU HO UHED±R \ UHJUHVDU MXVWR
SDUDHFKDUDFRUUHUHODJXDHQORVGRVVHPEUDGRV
lb'RV VHPEUDGRV b6L DO PHQRV HVWXYLHUD +XDUDFKH SDUD TXH OH
D\XGDUD{+DVWDHOD±RSDVDGR0DPLUH\+XDUDFKHVRO­DQLUMXQWRVDO
PRQWH FRQ VXV UHED±RV \ DXQTXH QR FRPSDUW­DQ HO PLVPR WHUUHQR
VH YH­DQ D OD GLVWDQFLD \ GH FXDQGR HQ FXDQGR VH DFRPSD±DEDQ
SDUD WHUPLQDU OD MRUQDGD 0LHQWUDV HO QL±R UHXQ­D D VXV DQLPDOHV
VLQWL³XQSHVRHQHOFHQWURGHOSHFKRFRPRVLDOJXQDSUHRFXSDFL³Q
ORDQJXVWLDUD6XSDGUHVLHPSUHOHGHF­DTXHHQODFLXGDGWRGRVHU­D
GLVWLQWR 4XH QL ©O QL QDGLH WHQ­D QHFHVLGDG GH DUUHDU JDQDGR D
QLQJºQVLWLR
ߚ$OO¡QRWHQGU¡VTXHSDVWRUHDUKLMR
ߚ3HUR D P­ PH JXVWD YHQLU DO PRQWH FRQ ORV DQLPDOHV ߚ
UHVSRQG­D0DPLUH
ߚ1R WH DEXUUH KDFHU VLHPSUH OR PLVPR" ߚSUHJXQWDED FRQ
DVRPEUR HO SDGUHߚ 6L VXSLHUDV ODV FRVDV HQWUHWHQLGDV TXH WH
HVSHUDQHQODFLXGDGߚOHFRPHQWDEDVLHPSUHDVXKLMR
l4X©SRG­DVHUWDQDSDVLRQDQWH"{UHIOH[LRQDEDHOQL±R
ߚ+D\WHDWURVSDUDYHUSHO­FXODVb3XHGHVYHUWHOHYLVL³Qb9HUDORV
MXJDGRUHV SURIHVLRQDOHV HQ HO HVWDGLR 1R WH JXVWDU­D KLMR" lb9HU
YHUYHU{SHQV³0DPLUH\H[FODP³
ߚb6­FODURTXHPHJXVWDU­D
3RU VXV FRPSD±HURV GH DQWHV VDE­D TXH HQ ODV SHO­FXODV GH ORV
WHDWURVVHYHQDXWRP³YLOHVTXHVDOWDQSUHFLSLFLRVJXHUUHURVTXHVH
WUDQVIRUPDQ HQ P¡TXLQDV WUHQHV TXH FKRFDQ FRQ FDPLRQHV \ ORV
DUUDVWUDQKDVWDGHMDUORVFRQYHUWLGRVHQIDUGRVGHPHWDO$0DPLUHOH
FRVWDEDLPDJLQDUVHWDQWRDVRPEUR
ߚ$GHP¡VߚSURVHJX­DVXSDGUHߚHQODWHOHYLVL³QVHYHQWLHUUDV
GHVFRQRFLGDV YDOOHV EODQFRV TXH VRQ GH KLHOR S¡MDURV QHJURV TXH
QRQLHODQFRPRORVIODPHQFRVVLQRTXHDQGDQGHXQODGRDRWURHQ
GRV SDWDV FRPR QRVRWURV \ QDGDQ FRQ OD PLVPD KDELOLGDG GH XQ
SH] (QWUDGD YD OD QRFKH VDWLVIHFKR SRUTXH OD MRPDGD HVWDED
FXPSOLGD FRPR HO K¡ELWR OR PDQGDED 0DPLUH IXH QXHYDPHQWH D OD
KDELWDFL³QGHODDEXHOD*UHJRULD
ߚ6HKDLGRWXSDGUHDORGH&RQWUHUDV"ߚSUHJXQW³HOOD
ߚ6­DEXHOD
ߚ%LHQ ߚSURVLJXL³ OD GR±Dߚ $KRUD VDOLPRV VLQ FRQIHVDU
QXHVWURV SODQHV $ WX PDGUH OH GLU¡V TXH PH DFRPSD±DV SRUTXH D
SDUWLUGHPD±DQDVHUHPRVFRPSD±HURVGHFXUVR
$EXHOD\QLHWRVDOLHURQDODQRFKHEDMRHODPSDURGHODVHVWUHOODV
,EDQ ELHQ DEULJDGRV SURWHJLGRV GHO KLHOR GH ODV PRQWD±DV TXH
OHQWDPHQWHFXEU­DHOYDOOHFRQVXEUXPD
/D SULPHUD YLVLWD IXH D OD FDVD GH ORV +XDUDFKH $OO­ *UHJRULD
TXLVR TXH VX QLHWR FRQWDVH LQPHGLDWDPHQWH OD KLVWRULD TXH WDQWD
LOXVL³QOHKDE­DFDXVDGRODGHOMRYHQ'LQDUTXHYLY­DMXQWRDOPDUߚ
%LHQQLHWRߚDOHQW³ODDQFLDQDߚHPSLH]DGHXQDYH]
ߚ&³PRGHERDJUDGHFHUOH0DPLUHHVWDGHOLFDGH]D"ߚFRPHQW³
JXVWRVDODDQFLDQD/DVWHQLD
ߚ8QSRFRGHOHFKHFDOLHQWHSDQ\PLHOߚUHVSRQGL³HOQL±R
ߚb1LHWRߚSURWHVW³ODDEXHODߚ3RUTX©WDQH[LJHQWH"
ߚ(V OR TXH FDGD WDUGH OH RIUHFH OD PXMHU TXH DWLHQGH DO MRYHQ
'LQDU
15/44
 ߚ2OYLGDVTXHWHQHPRVTXHOOHJDUDFRPHUWRGDY­D"
ߚ1R KD\ SUREOHPD ߚDJUHJ³ OD GXH±D GH FDVDߚ 6L HO QLHWR
TXLHUHOHFKHSDQ\PLHOSRUTX©QRG¡UVHOR"
0LHQWUDV GR±D /DVWHQLD VH OHYDQWDED D VDWLVIDFHU HO DQWRMR GH
0DPLUHSRUGHEDMRGHODPHVDODDEXHODSXQ]DEDFRQHOEDVW³QDVX
QLHWRSDUDTXHFRPHQ]DUDHOUHODWR
$SHQDVYROYL³GR±D/DVWHQLDGHODFRFLQD0DPLUHLQLFL³ODKLVWRULD
DSUHQGLGD FDVL GH PHPRULD 0LHQWUDV LED FRQWDQGR PLUDED D OD
DEXHODTXHYHUW­DODOHFKHHQXQSRFLOORGHJUHGDWDQQHJURFRPROD
QRFKHSHURWDQFODULWRSRUGHQWURTXHSDUHF­DODSXOSDYLYDGHOIUXWR
P¡VH[TXLVLWR
ߚ(Q XQR GH ORV H[WUHPRV GHO PXQGR ߚGHF­D 0DPLUH KDE­D XQ
SXHUWRGRQGHYLY­DXQMRYHQTXHVDE­DPXFKDVFRVDV
0DPLUHQRVHGHWXYRFRQHOUHODWR\DV­ߚHQWUHVRUER\PRUGLGDߚ
SXGRFRQFOXLUOR
ߚb8QD UHG TXH GHWLHQH DO YLHQWR ߚFRPHQW³ DO ILQDO /DVWHQLDߚ
b4X©FRVDP¡VIDEXORVD*UHJRULDSRU'LRV
ߚ4X©IXHUWHHVODSDVL³QHQORVM³YHQHVQRWHSDUHFH/DVWHQLD"
ߚGLMRGR±D*UHJRULD
ߚ$V­HV1DGDSXGRKDFHUHOSRGHURVRFRPHUFLDQWHSDUDLPSHGLU
HODPRUTXHVXKLMDVHQW­DSRUHOMRYHQVDELR
ߚ6­SXHVSRUHVRSDUDVHUFRQVLGHUDGRFRQUHVSHWRSDUDTXH
HO SDGUH GH VX DPDGD QR SXGLHUD RSRQHUVH HO MRYHQ GHWXYR HO
YLHQWR < QRVRWUDVߚ YLHMDV \ HQFOHQTXHV SRGU­DPRV GHWHQHU HO
YLHQWR"ߚVHSUHJXQW³*UHJRULD
$EXHOD \ QLHWR VH IXHURQ GRQGH GR±D (OFLUD FRQ LG©QWLFD PLVL³Q
(Q FDGD FDVD HO QL±R UHSLWL³ OD KLVWRULD TXHGDQGR ODV DQFLDQDV
VHGXFLGDV SRU HO HQFDQWR GHO EHOOR UHODWR GH DPRU \ SRU HVD
IDVFLQDQWHLGHDGHODUHGTXHGHWXYRHOYLHQWR
 /$6$%8(/$6(1/$(6&8(/$
(VD QRFKHV ODV DEXHODV VH UHFRJLHURQ HQ VLOHQFLR HQ VXV FDVDV
1LQJXQR GH VXV PDULGRV VH OOHJ³ D HQWHUDU GH TX© OHV RFXUU­D 1R
VDE­DQ VL ODV GR±DV PHGLWDEDQ KDF­DQ URJDWLYDV DO 3DGUH R VL DO
LJXDO TXH HOORV FRQWDEDQ ORV G­DV HVSHUDQGR DQVLRVDV ODV
IHVWLYLGDGHV GH OD 6DQWD &UX] 6³OR HOODV VDE­DQ HQ TX© RFXSDEDQ
VXVPHQWHV6­SRUTXHQLVLTXLHUDHOQLHWRVRVSHFK³TXHODVGR±DV
SHQVDEDQ LPSHGLU D FRPR GLHUD OXJDU TXH HO YDOOH PXULHUD FRQ ORV
YLHMRV
7DPSRFRODDEXHOD*UHJRULDFRPXQLF³DOQLHWRHOFRQWHQLGRGHVXV
UHIOH[LRQHV
1DGLHORDGYHUW­DDºQSHURHUDHYLGHQWHTXHMXQWRDODTXHEUDGD
GHO$URPDDOJRHVWDEDFDPELDQGR
$O G­D VLJXLHQWH P¡V GH PDGUXJDGD TXH GH FRVWXPEUH 0DPLUH
VDOL³ UXPER D OD HVFXHOD 'R±D *UHJRULD VH HPSHFLQ³ HQ
DFRPSD±DUOR 'HVGH PX\ WHPSUDQR OD GR±D FRUUHWH³ SRU OD FDVD
KDFLHQGR SUHSDUDWLYRV SDUD VX SULPHU G­D GH FODVHV GHVSX©V GH
WDQWRV D±RV VLQ SLVDU XQ DXOD /D QRFKH DQWHULRU *UHJRULD VH KDE­D
GHGLFDGRFRQDK­QFRDUHVFDWDUGHHQWUHVXVDQWLJXDVSHUWHQHQFLDV
DTXHOORV FXDGHUQRV SORPL]RV TXH OD DFRPSD±DURQ SRU D±RV HQ VX
WLHPSR GH HVFXHOD ORV TXH HQ VXV WDSDV RVWHQWDEDQ HO HVFXGR
QDFLRQDO FRQ OD OH\HQGD 0LQLVWHULR GH (GXFDFL³Q{ 7DPEL©Q
GHVHPSROY³ XQ YLHMR HVWXFKH GH PDGHUD GHVFRUUL³ OD WDSD
FRPSUREDQGRFRQDVRPEURTXHDºQHVWDEDUHSOHWRGHO¡SLFHV
ߚ$\ºGDPH QLHWR D VDFDUOHV SXQWD ߚLQVLVWL³ OD DEXHOD
16/44
DSUHPLDGDSRUODKRUDTXHDYDQ]DED
$OFDERGHXQUDWRHVWXYROLVWDSDUDODMRUQDGDTXHVHLQLFLDEDVH
GLVSXVRDLUFRQVXQLHWRDODHVFXHODOOHQDGHHQWXVLDVPR
$TXHOOD PD±DQD HO PDHVWUR VH YH­D GHPDVLDGR LQTXLHWR SDUD XQ
G­D QRUPDO GH FODVHV -XQWR D ©O DJXDUGDED )UDQFLVFR 3DQLUH \
DOUHGHGRU GH DPERV FRPR GLVSXHVWDV D IRWRJUDILDUVH HVWDEDQ ODV
DEXHODV VLQ TXH IDOWDUD QL XQD VROD GH HOODV 6RQULHQWHV UHFL©Q
DFLFDODGDV FRQ ODV KXHOODV IUHVTXLWDV GHO SHLQH HQ ORV FDEHOORV FRQ
FXDGHUQRV GH OD 5HSºEOLFD EDMR HO EUD]R ODV GR±DV DJXDUGDEDQ
IHOLFHV HO WRTXH GH OD FDPSDQD SDUD IRUPDUVH &RWRUUHDEDQ HQWUH
HOODV FRPR VL DTXHO G­D IXHUD HO SULPHUR GH XQ D±R GH FODVHV
GHVSX©V GH XQDV YDFDFLRQHV PX\ SURORQJDGDV /DV GR±DV VH
WRPDEDQ GH ODV PDQRV FXFKLFKHDQGR DO R­GR GH VXV FRPSD±HUDV
SDODEUDVTXHORVºQLFRVYDURQHVSUHVHQWHVQRGHE­DQHVFXFKDU6H
ODQ]DEDQ PLUDGDV SLFDUDV HQWUH HOODV G¡QGRVH FRGD]RV FDGD YH]
TXH PLUDEDQ GH UHRMR D ORV YDURQHV l4X© KDF­DQ DOO­ HO DEXHOR
3DQLUH\ODVDQFLDQDV"%XHQR{SHQV³HOPDHVWURlYHUHPRVGHTX©
VH WUDWD WRGR HVWR{ 1R VXSR VL GDU ODV FDPSDQDGDV LQLFLDQGR OD
HQWUDGD D FODVHV R HVSHUDU D TXH 3DQLUH OH FRPXQLFDUD D HO GH
DTXHOODYLVLWDLQHVSHUDGD
0DPLUHVHSODQW³GHODQWHGHOPDHVWURFRPRHUDVXFRVWXPEUH\
GHLQPHGLDWRODVDEXHODVFRUULHURQDIRUPDUVHHQGRVILODVHQPHGLR
GH XQ DOERURWR TXH FXDOTXLHU JUXSR GH QL±RV KXELHVH TXHULGR
VXSHUDU -XQWR D 0DPLUH VH IRUP³ GR±D %HUWD 'HWU¡V GH HOOD \ HO
QL±R VH IRUPDURQ ODV GR±DV FRPSRQLHQGR XQ RUGHQ QDWXUDO GH
DFXHUGRDODVHVWDWXUDV
(O PDHVWUR REVHUY³ DTXHO LU \ YHQLU GH DQFLDQDV FDPELDQGR GH
OXJDU HQ ODV ILODV JR]RVDV GLYHUWLGDV FRPR VL GH OD QRFKH D OD
PD±DQD HO WLHPSR KXELHVH UHWURFHGLGR HQ HOODV YROYL©QGRODV QL±DV
GH PRGR UHSHQWLQR 0DPLUH PLUDED DW³QLWR DO PDHVWUR \ ©VWH OH
GHYROY­D OD PLUDGD 'H SURQWR HO SURIHVRU VLQWL³ JDQDV GH UH­U DO
FRQVLGHUDU TXH DTXHOODV DQFLDQDV VHQFLOODPHQWH KDE­DQ SHUGLGR HO
MXLFLR 3DUD HYLWDU OD ULVD WRP³ WDQ LQWHQVD OD VHULHGDG GH VX URVWUR
TXH DO FDER GH XQRV VHJXQGRV ODV DQFLDQDV VH DTXLHWDURQ SRU
FRPSOHWR
ߚ4X©VLJQLILFDHVWR"ߚVHDWUHYL³SRUILQDPXUPXUDUQHJ¡QGRVH
DºQ D FUHHU OR TXH HVWDED YLHQGR l(V TXH ODV DEXHODV VH KDE­DQ
WUDVWRUQDGRRVHWUDWDEDGHXQDWRPDGXUDGHSHOR"{ߚ+DQYHQLGRD
FODVHVVH±RUߚUHVSRQGL³HODEXHOR3DQLUHVXVRMRVUHVSODQGHFLHURQ
P¡VTXHORVGHXQQL±R
ߚ4XHUHPRVVHUVXVDOXPQDVߚDJUHJ³GR±D/DVWHQLD
ߚ$O LJXDO TXH QXHVWUR QLHWR ߚGLMHURQ DO PLVPR WLHPSR ODV
DEXHOLWDV
+DEODEDQ HQ VHULR D SHVDU GH VXV VRQULVDV \ PXHVWUDV GH
QHUYLRVLVPR
ߚ3HUR VH±RUDV ߚSURWHVW³ HO SURIHVRUߚ FX¡QWR KDFH TXH
GHMDURQ OD HVFXHOD" HVR TX© LPSRUWD VH±RU" ߚUHFODP³ GR±D
*UHJRULD
ߚ8VWHGHV SHUGRQHQ ߚTXLVR SXQWXDOL]DU HO PDHVWURߚ SHUR HVWR
HVDEVROXWDPHQWHLUUHJXODU\QRV©VLXVWHGHVVDEHQTXH
ߚ7RGRHVLUUHJXODUHQ$URPDߚDFODU³FRQDEVROXWDVHJXULGDGOD
DEXHOD&DLSD
ߚ,PDJLQDPRVVH±RUTXHORKDEU¡QRWDGRߚDVHJXU³VLQSDXVDOD
DEXHOD&RQWUHUDV
ߚ8VWHGHV VH UHILHUHQ D TXH HQ $URPD" ߚVLJXL³ HO SURIHVRU
SHURIXHLQWHUUXPSLGRSRUGR±D/DVWHQLD
ߚ$ TXH HQ HO YDOOH \D QR TXHGDQ M³YHQHV \D QR TXHGDQ QL±RV
6HJXUDPHQWH XVWHG VH GLVSRQH D FHUUDU OD HVFXHOD 4XHUHPRV
LPSHGLUOR
ߚ(VORTXHHVWR\SHQVDQGR"ߚSURWHVW³HOPDHVWUR
ߚ6LQHFHVLWDDOXPQRVSDUDQRFHUUDUODHVFXHODߚFRQILUP³3DQLUH
ߚ HOODV SLHQVDQ TXH SRGU­D FRQVLGHUDUODV 0H KDQ SHGLGR TXH
LQWHUFHGDDQWHXVWHG
ߚ(QHVHFDVRVHU­D©VWDXQDHVFXHODSDUDDGXOWRVߚSURVLJXL³HO
PDHVWURߚTXHQHFHVDULDPHQWHGHEHU­DIXQFLRQDUSRUODVWDUGHVHQ
KRUDULRYHVSHUWLQR
17/44
 ߚ<SRUTX©HQHVHKRUDULRVH±RUSUHFHSWRU"ߚLQTXLUL³3DQLUH
ߚ3RUTXHORVDGXOWRVWUDEDMDQGXUDQWHHOG­D
ߚ2FXUUHTXHHOODVSXHGHQYHQLUHQHOG­DߚSRUIL³3DQLUH
ߚ$V­HVVH±RUߚUHSOLFDURQFDVLHQFRURODVDQFLDQDVߚb'©MHQRV
VHUVXVDOXPQDVb3RUIDYRU
$O FRPSUREDU HO PDHVWUR TXH QLQJºQ DUJXPHQWR ODV KDU­D
UHQXQFLDU D VXV SURS³VLWRV VH GLR SRU YHQFLGR /DQ]³ XQ SURIXQGR
VXVSLURDOWLHPSRTXHVHVROWDEDHOERW³QGHODEODQFDFDPLVDFRPR
VLGHSURQWROHDVIL[LDUDHOJ©QHURU­JLGRGHOFXHOOR(QWRQFHVGLRODV
FDPSDQDGDV LQLFLDOHV \ SXGR DO ILQ WRVHU XQD R GRV YHFHV
DFODU¡QGRVHODYR]SDUDUHFLELUDVXVDOXPQRVFRPRGHFRVWXPEUH
ߚ%XHQRV G­DV QL±RV ߚVH LQWHUUXPSL³ HO SURIHVRU DUUHSHQWLGR
GHORTXHKDE­DGLFKRTXHULHQGRHQPHQGDUHOHUURUFRUUHJLUORSHUR
DTXHOORVVHUHVQROHGLHURQWLHPSR
ߚ%XHQRV G­DV VH±RU SURIHVRU ߚUHVSRQGLHURQ HOODV D WRGR
SXOP³Q
0DPLUHVXVSLU³SURIXQGRFXDQGRHOPDHVWURJLU³VREUHVXVWDORQHV
SRQL©QGRVHGHSHUILOFRPRVLVXFXHUSRIXHVHXQDSXHUWDTXHGHMDUD
HO SDVR OLEUH DO DOXPQDGR $ GHFLU YHUGDG DO QL±R OH GLYHUW­D OD
VLWXDFL³Q FUHDGD SRU VXV DEXHODV +XELHVH SUHIHULGR TXH VXV
FRPSD±HURVGHFXUVRIXHVHQQL±RVSHURFRPRQRORVKDE­D
(ODEXHOR3DQLUHVDWLVIHFKRFRQHODFXHUGRDOFDQ]DGRFRQVLGHU³
FXPSOLGD VX PHGLDFL³Q \ VH GHVSLGL³ U¡SLGDPHQWH 7HQ­D HO
SUHVHQWLPLHQWRGHTXHDOJRLPSRUWDQWHHVWDEDDSXQWRGHRFXUULUHQ
HOYDOOH
/DV DEXHODV RFXSDURQ ORV DVLHQWRV YDF­RV FRPR VL IXHUDQ ORV
SURSLRV DEDQGRQDGRV UHFL©Q HO G­D DQWHULRU LQIODPDGDV GH ULVD
GLFKRVDVFRQORVRMRVGHVSLHUWRVGLVSXHVWDVDLJQRUDUHQVHJXQGRV
ORDSUHQGLGRHQD±RVSDUDHPSH]DUGHVGHHOSULQFLSLR0¡VGHXQD
SDV³ OD SDOPD GH VX PDQR SRU OD VXSHUILFLH LUUHJXODU GHO EDQFR
EXVFDQGR DOJXQD LQVFULSFL³Q GH DQWD±R DOJºQ JUDEDGR GH DTXHOORV
WLHPSRV FXDQGR HO DOPD VH HVFDSDED SRU OD SXQWD DILODGD GHO
FRPS¡V DO GLEXMDU XQ FRUD]³Q DWUDYHVDGR SRU XQD IOHFKD \ FRQ OD
OH\HQGDl3HGURDPDD%HUWD{
(O PDHVWUR SDV³ OLVWD )XH GLFLHQGR ORV QRPEUHV GH DFXHUGR D OD
OHFWXUDTXHVXYLVWDKDF­DDOGHVSOD]DUVHEDQFRSRUEDQFRHQWUHORV
URVWURVTXHORVRFXSDEDQ
ߚb0DPLUH
ߚ3UHVHQWHVH±RU
ߚb+XDUDFKH
ߚ3UHVHQWHVH±RU
ߚb6RWR
ߚ3UHVHQWHVH±RU
$V­ XQD D XQD SRQL©QGRVH GH SLH FDGD YH] TXH OHV OOHJDED HO
WXUQRGHUHVSRQGHUFRQHOSHFKRKHQFKLGRQRV³ORSRUHORUJXOOROD
DQVLHGDGRORTXHIXHUDߚSRUTXHHUDHPRFLRQDQWHYROYHUDVHQWLUVH
QL±DVߚODVDQFLDQDV*DPERD3DQLUH&KRTXH/XFDL&DLSD2FVD
&HYDOORV3HUHD\&RQWUHUDVGLHURQDODVDVXVHQHUJ­DVUHFREUDGDV
GH SURQWR HQ DTXHOOD VDOD GH FODVHV TXH GHVSX©V GH WDQWRV D±RV
VHJX­DVLHQGRODPLVPD
ߚ6DTXHQ VXV FXDGHUQRV GH FRSLD ߚLQVWUX\³ HO SURIHVRUߚ \
DQRWHQORVLJXLHQWH
l/DIH\ODVPRQWD±DV{DSXQW³HQODSL]DUUD<PLHQWUDVHOFXUVR
VHDSOLFDEDHQODWDUHDHOPDHVWURVHGHFLGL³DLQFOXLUHQHOOLEURGH
FODVHVDODVDOXPQDVQXHYDV0LHQWUDVODSOXPDOOHQDEDQRPEUHVHQ
D]XOVREUHODS¡JLQDEODQFDPHGLW³HQTXH\DVHODVDUUHJODU­DSDUD
KDFHUHOLQIRUPHDOD6XE'LUHFFL³Q3URYLQFLDOGH(GXFDFL³Q
$ FRQWLQXDFL³Q HO PDHVWUR OH\³ XQD FXULRVD I¡EXOD VREUH HO
PRYLPLHQWR GH ODV PRQWD±DV 6HJºQ GHF­D HVWH DQWLTX­VLPR UHODWR
ORV KRPEUHV DOJXQD YH] KDE­DQ SRGLGR PRYHU ODV PRQWD±DV FRQ OD
WUHPHQGD IXHU]D GH VX IH $KRUD HQ FDPELR ODV PRQWD±DV
SHUPDQHF­DQ LQDPRYLEOHV SRU OD LQFUHGXOLGDG GH ORV KRPEUHV /R
FLHUWRHVTXHHVHPHGLRG­DDOLJXDOTXHWRGRVORVPHGLRG­DVGHVGH
WLHPSRVVLQPHPRULDQRVHPRYLHURQODVPRQWD±DVGHOYDOOHSHUROD
IHGHODVDQFLDQDVFRPHQ]³DFUHFHU
18/44
 6RUSUHVLYDPHQWH VH SUHVHQW³ HQ OD HVFXHOD HO SDGUH GH 0DPLUH
/H KDE­DQ GLFKR TXH GRQ )UDQFLVFR VH KDOODED HQ OD HVFXHOD \ VH
UHTXHU­DVXSUHVHQFLDHQODSOD]DGHOSXHEOR(OKRPEUH0DPLUHVH
TXHG³LPSUHVLRQDGRDOYHUDWRGDVODVDQFLDQDVUHXQLGDVHQFODVH
ߚ$FDEDGHLUVHߚH[SOLF³HOPDHVWURGLVIUXWDQGRHODVRPEURGHO
KRPEUH0DPLUH
ߚ'HERHQFRQWUDUORFXDQWRDQWHVߚDFODU³/OHJDURQDIXHULQRV\
TXLHUHQ KDEODU FRQ OD DXWRULGDG GHO YDOOH 7UDHQ GRFXPHQWRV
RILFLDOHV
 /26-Ï9(1(6©$75$3$%580$6ª
'RQ)UDQFLVFR\DVHKDOODEDHQODSOD]DFXDQGROOHJDURQODVGR±DV
GH $URPD HO PDHVWUR 0DPLUH \ VX SDGUH $OO­ URGHDGRV GH
DQFLDQRV ORV IRUDVWHURV H[SOLFDEDQ HO REMHWLYR GH VX DUULER 8QD
PXFKDFKD \ GRV M³YHQHV VH GLVSRQ­DQ D FRQTXLVWDU HO GHVLHUWR
HTXLSDGRV GH SLHV D FDEH]D FRQ LPSOHPHQWRV GH FDPSD±D
QHFHVDULRVSDUDVREUHYLYLUHQORVOXJDUHVP¡VLQK³VSLWRVGHOSODQHWD
/RV GRFXPHQWRV TXH H[KLELHURQ ORV DXWRUL]DEDQ SDUD OOHYDU D FDER
XQ H[SHULPHQWR MDP¡V LQWHQWDGR HQ HO GHVLHUWR 6H PRVWUDEDQ
GHFLGLGRV D FDPELDU DOO­ OD VXHUWH GH HVDV WLHUUDV 6X LQWHQFL³Q HUD
DXPHQWDUHOYHUGHGHOYDOOHLQVWDODQGRSDQWDOODVWUDQVSDUHQWHVTXH
GHFDUDDODEUXPDQRFWXUQDDWUDSDU­DQODKXPHGDGGHODVQXEHVGH
EDMDDOWXUDSDUDFRQYHUWLUODHQDJXDGHULHJR
)UDQFLVFR3DQLUHOHVVXJLUL³TXHRFXSDUDQXQWHUUHQRVLQGXH±RD
OD HQWUDGD GHO SXHEOR /RV M³YHQHV VH PRYLOL]DURQ DO OXJDU LQGLFDGR
HQ OD PLVPD FDPLRQHWD TXH ORV KDE­D WUDQVSRUWDGR KDVWD HO YDOOH
8QDYH]DOO­VHGLVSXVLHURQDLQVWDODUGHLQPHGLDWRVXFDPSDPHQWR
DQWHODFXULRVLGDGGHORVDQFLDQRVTXHOOHJDURQWURWDQGRGHFLGLGRVD
QRSHUGHUGHYLVWDDORVPXFKDFKRVQLSRUXQVRORLQVWDQWH
ߚ3LHQVDQ YLYLU EDMR HVDV FDVDV GH WHOD" ߚH[FODP³ GR±D %HUWD
IUHQWHDODVWLHQGDVGHFDPSD±DUHFL©QOHYDQWDGDV
ߚ6­SRUTX©QR"ߚUHVSRQGL³ODMRYHQTXHHQWRGRPRPHQWRVH
FRPSRUWDEDFRPRMHIHGHOH[SHULPHQWR
ߚ$TX­HOFOLPDHVFDPELDQWHߚDGYLUWL³3DQLUH
ߚ(VWDPRVDFRVWXPEUDGRVߚDJUHJ³XQRGHORVM³YHQHV
(Q$URPDODVWHPSHUDWXUDVGHOG­DVRQWDQHOHYDGDVTXHSDUHFLHUD
KDEHUVH HVWDFLRQDGR GHILQLWLYDPHQWH HO YHUDQR SRU ODV QRFKHV HQ
19/44
FDPELR HO IU­R LQWHQVR HV VLPLODU DO KLHOR GHO P¡V FUXGR GH ORV
LQYLHUQRV1RFDHXQDVRODJRWDGHOOXYLD(QEXHQDKRUDSRUTXHGH
HVFXUULUVH DJXD GHVGH HO FLHOR GH PRGR FRQWLQXR FRQ VHJXULGDG
QHYDU­DSRUODVQRFKHVWDOFRPRVDEHKDFHUORODFRUGLOOHUDHQORP¡V
DOWRGHVXVFLPDV3HURFRPRWRGDH[DJHUDFL³QWLHQHVXPHGLGDXQD
YH]DOD±RHQ$URPDVXHOHFDHUDJXDHQDEXQGDQFLDGHQXEHVTXH
UHSHQWLQDPHQWH FXEUHQ HO ILUPDPHQWR (V HO LQYLHUQR EROLYLDQR TXH
OOHJDFRQVXFRPSDUVDGHYHQWLVFD\QLHEODHQFDEULWDQGRDORVU­RV
FRQVXPLGRVHVSDQW¡QGRORVGHODVJDUJDQWDVGHVXVFDXFHV
ߚ3DUD HVR HVW¡Q KHFKDV HVWDV WLHQGDV ߚUHSOLF³ DO UDWR OD
PXFKDFKD
ߚ3LHQVDQTXHHVDVWHOLWDVGHFHEROODORVYDQDSURWHJHUGHOFDORU
\GHOIU­R"
ߚ7DPEL©QHQHO+LPDOD\DVHXVDQWLHQGDVFRPR©VWDV
ߚ1R FRQR]FR HVR TXH XVWHG QRPEUD MRYHQ ߚLQVLVWL³ 3DQLUHߚ
SHURV­OHGLJRTXHDTX­HVELHQGLIHUHQWH
/RVM³YHQHVVHFRQVXOWDURQFRQORVRMRVFRQVLGHUDQGRHQVLOHQFLR
ODVSDODEUDVGHODQFLDQR
ߚ3XHGHQGRUPLUHQODFDVDGHPLVDEXHORVGHKXHVRVVDQWRVߚ
GLMR0DPLUH
ߚb&LHUWRߚDILUP³GR±D*UHJRULDDOWLHPSRTXHVHYROY­DKDFLDHO
QL±Rߚ$K­SXHGHQDFRPRGDUVHSRU
ߚb9DPRVDYHQGHUODPDP¡ߚSURWHVW³HOSDGUHGH0DPLUH
ߚSRU PLHQWUDV ߚFRQFOX\³ OD GR±Dߚ 1R KDEU­D SUREOHPDV
YHUGDGKLMR"
ߚ%XHQR ߚUH]RQJ³ HO KRPEUHߚ VL HV V³OR SRU XQ WLHPSR ߚ
&X¡QWRQRVFRVWDU¡"ߚGLMRODMRYHQ
ߚ(VRKD\TXHDUUHJODUORFRQPLQXHUDߚH[SOLF³*UHJRULDߚ
<RPLVPDPHHQFDUJR
ߚ'HLJXDOPRGRWHQHPRVSUHVXSXHVWRSDUDJDVWRVFRPR©VHߚ
FRPHQW³XQRGHORVM³YHQHV
ߚ%LHQߚFRQFOX\³ODMRYHQߚ8VDUHPRVODVFDUSDVFRPRERGHJD
GHO PDWHULDO SHVDGR \ HO HTXLSR GHOLFDGR OR OOHYDPRV D OD FDVD TXH
QRVRIUHFHQ
ߚ3XHGHQGHMDUWRGRFRQDEVROXWDFRQILDQ]DߚDJUHJ³HODQFLDQR
3DQLUHߚDTX­QDGLHWRPDQDGD
)UDQFLVFR 3DQLUH UHMXYHQHFL³ DTXHOOD PD±DQD 'HPDVLDGRV
DFRQWHFLPLHQWRV HQ WDQ SRFDV KRUDV (QFDEH]³ HQ VHJXLGD OD
FRPLWLYD \ FRQGXMR D ORV M³YHQHV KDVWD OD FDVD GH ORV DEXHORV GH
0DPLUH'HFXDQGRHQFXDQGRVHGHWHQ­DSDUDH[SOLFDUFRQOXMRGH
GHWDOOHV FDGD ULQF³Q GHO YDOOH 6H VHQW­D UHERVDQWH GH HQHUJ­D /DV
PROHVWLDV GHO UHXPD VH OH SDVDURQ FRPR SRU HQFDQWR \ GHM³ GH
DJRELDUORHVHGRORUGHJRWDTXHVLHPSUHVHOHHVWDFLRQDEDHQHOSLH
L]TXLHUGR
(VD PLVPD QRFKH GRQ )UDQFLVFR IXH D FRQYHUVDU FRQ HO KRPEUH
0DPLUH1RVHDQGXYRFRQURGHRVODDXWRULGDGGHOYDOOHSHURV­FRQ
PXFKRWLQR
ߚ4X©HVWDQLPSRUWDQWHGRQ)UDQFLVFR"
ߚ3HURQRWHGDVFXHQWD0DPLUH"ߚUHSOLF³HODQFLDQR
ߚb$K ߚH[FODP³ HO KRPEUH VLQ QLQJXQD H[SUHVL³Q HQ HO URVWUR
'DED OD LPSUHVL³Q GH TXH QDGD HQ HO PXQGR OR SDVPDU­D GH
DVRPEURߚ6HUHILHUHDORVDIXHULQRV"
ߚb$HOORVPLVPRVb$OJRLPSRUWDQWHVHQRVYLHQHHQFLPD
ߚ%XHQWHPDSDUDODFDQWLQDGRQ)UDQFLVFR7DQGLYHUWLGRFRPRHO
TXHDKRUDDODVDEXHODVOHVGLRSRULUDODHVFXHODb1RV©TX©ELFKR
OHVSLF³
ߚ8Q ELFKR HQRUPH KLMR ߚUHVSRQGL³ *UHJRULDߚ 1L VLTXLHUD OR
LPDJLQDV
ߚ&RQRFHVORVSURS³VLWRVGHORVDIXHULQRV"ߚLQVLVWL³HODQFLDQR
UHVW¡QGROHLPSRUWDQFLDDOWHPDGHODVDQFLDQDV
ߚb1RHVP¡VTXHXQDORFXUDGRQ)UDQFLVFR
b4X©PDQHUDGHYHQLUDTX­DERWDUODSODWD
ߚ(V EXHQR TXH OOHJXH DO YDOOH JHQWH HPSUHQGHGRUD FRPR HVD
ߚFRPHQW³*UHJRULD
20/44
 ߚb$V­ HV < QHFHVLWDU¡Q D\XGD VL HV TXH QR PH IDOOD HO
HQWHQGLPLHQWR(OORVVROLWRVQRSXHGHQFRQHVWRVPRQWHV
(OºOWLPRKRPEUHMRYHQGH$URPDPLU³D)UDQFLVFR3DQLUH\WUDJ³
VDOLYD
ߚ0HHVW¡RIUHFLHQGRWUDEDMR"
ߚ<RQR0DPLUHb(OORVORKDU¡Q
ߚ2LJDGRQ)UDQFLVFRߚSURWHVW³HOKRPEUHߚ8VWHGFRQRFHGH
VREUD PLV SODQHV $KRUD HQ FXDQWR D HVRV M³YHQHV PDORV GH OD
FDEH]D6HJXURTXHYLHQHQFRPRWRGRVSRUXQWLHPSRPX\FRUWRD
GHMDUDTX­ODEDVXUDTXHQRVHOOHYDQ
ߚ(VW¡ELHQ0DPLUH1RWHFRQWUDGLJRSHURQRWHLU¡VPD±DQD
PLVPRYHUGDG"
ߚ1RFODURTXHQR'HVSX©VGHODVILHVWDVVHU¡
ߚ0LHQWUDV WDQWR SXHGHV FRODERUDU FRQ HVWRV PXFKDFKRV \
JDQDUWHXQRVSHVRV1RWHSDUHFH"
1DGLHLQWHUYLQRHQWRQFHV1LODHVSRVDQLODPDGUHGHOKRPEUH(O
DVXQWRHUDFRVDGHYDURQHV
ߚ3L©QVDOR ߚGLMR ILQDOPHQWH HO DQFLDQRߚ 1R HV SDUD TXH
UHVSRQGDVDKRUD
1R DJUHJ³ P¡V D OR GLFKR OD DXWRULGDG $O VHQWDUVH MXQWR D
*UHJRULD ORV RMRV GH 3DQLUH EULOODEDQ GH HQWXVLDVPR FRPR VL
SUHVLQWLHUDTXHDOJRQXHYR\H[WUDRUGLQDULRHPSH]DEDDVXFHGHUHQ
$URPD DOJR JUDQGH GHVFRQRFLGR LQH[SOLFDEOH DFDUUHDQGR VHSD
'LRVTX©UHVXOWDGRVSDUDHOYDOOH

ߚb2LJDPDGUHߚHOKRPEUHFDPEL³U¡SLGDPHQWHODFRQYHUVDFL³Q

21/44
TXHDºQIORWDEDHQHODLUHߚ4X©HVHVRGHLUDODHVFXHOD"
ߚ6RPRVODVQXHYDVDOXPQDVGHOPDHVWUR
ߚ<HOSURIHVRUDFHSWDHVDQL±HU­DPDGUH"
ߚ(O HQWLHQGH TXH ODV DQFLDQDV TXHUDPRV UHFRUGDU OR TXH
DSUHQGLPRVXQG­DߚUHSOLF³ODGR±D
ߚ3HURQROHSUHRFXSDTXHVHEXUOHQGHXVWHGHVHQHOSXHEOR"
ߚ(QHOSXHEORQRKLMR(QODFDQWLQDTXHUU¡VGHFLU3HURTX©QRV
LPSRUWD"
ߚ(QWLHQGRPX\ELHQSRUTX©LQYHQWDURQHVDORFXUDODVGR±DV
ߚ3RUTX©KLMR"
ߚ3LHQVDQTXHDV­YDQDHYLWDUTXHVHFLHUUHODHVFXHOD"1RHV
SRUHVRTXHORKDFHQ"
ߚ4XHUHPRV DFRPSD±DU D PL QLHWR \ DO PDHVWUR SDUD TXH QR VH
VLHQWDQWDQVRORV
ߚb(V XQD WRQWHU­D PDGUH 6HSD TXH GH WRGRV PRGRV OD HVFXHOD
VH TXHGDU¡ VLQ DOXPQRV %LHQ DOO¡ XVWHGHV FRQ HVR ߚUHVRSO³ HO
KRPEUHILQDOPHQWHߚ7LUDPRVSLHUQDVGRQ)UDQFLVFR"
ߚb6­0DPLUHߚDFHSW³HODQFLDQRߚ9DPRVSRUTXHKD\PXFKR
TXHFRPHQWDU<GHSDVRPHGLU¡VTX©HVHVRGHTXHORVYHMHWHVVH
U­HQGHQXHVWUDVPXMHUHV
3DQLUHOHKL]RXQJXL±RGHRMRD*UHJRULD\D$PHOLDDPRGRGH
GHVSHGLGD'HSDVRSDOPRWHRODFDEH]DGHOQL±RDQWHVGHFDODUVHHO
VRPEUHURGHSD±R\VDOLUDODQRFKH
0DPLUHHOKRPEUHVHPDUFK³HQVLOHQFLR$QWHVGHFHUUDUODSXHUWD
DVXVHVSDOGDVPRYL³GRVRWUHVYHFHVODFDEH]DPDQLIHVWDQGRVX
GHVDFXHUGRFRQHOWUDVWRUQRGHODVDEXHODV&RQILDGD\VHUHQDVLQOD
SUHVHQFLD GHO PDULGR $PHOLD OH KDEO³ DO QL±R FRQ DEVROXWD
IUDQTXH]D
ߚ+LMR KDV HVWDGR YLVLWDQGR OD SURSLHGDG GH WXV DEXHORV"
0DPLUHGHVYL³ODYLVWDKDFLD*UHJRULD\QRVHDWUHYL³DHQIUHQWDUGH
QXHYRDVXPDGUH
ߚ/R KDV HVWDGR KDFLHQGR KLMR" ߚLQVLVWL³ $PHOLDߚ )XL D OD
FDVD SDUD DUUHQG¡UVHOD D HVRV M³YHQHV \ GHVFXEU­ TXH KDQ HVWDGR
UHJDQGRHOWHUUHQR
ߚ3RU TX© QR UHVSRQGHV PL QLHWR" ߚOH DQLP³ VX DEXHODߚ
4X©PDORKDKHFKRHVWHQL±R$PHOLD"
ߚ,JXDOTXLHURVDEHUORߚSRUIL³ODPDGUH
ߚ7HSUHRFXSDUHDOPHQWHPLQXHUD"
ߚ1R VXHJUD PH JXVWD TXH OR KDJD ߚFRQILUP³ FRQ RUJXOOR OD
PDGUHGH0DPLUHߚ3HURTXHQRSLHQVHPLPDULGRTXH\RORHQY­R
ߚ1RWHSUHRFXSHVKLMDߚVHQWHQFL³*UHJRULDߚ1DGDOHGLUHPRV
DPLKLMR6HU¡XQVHFUHWRHQWUHQRVRWURV1RHVDV­PLQLHWR"
0DPLUHDVLQWL³FRQORVRMRVOOHQRVGHVDWLVIDFFL³Q\URQURQH³FRPR
XQJDWRFXDQGR$PHOLDOHDFDULFL³ODQHJUDFDEHOOHUD
ߚ6L WX SDS¡ GHVFXEUH OR TXH KDV HVWDGR KDFLHQGR ߚVHQWHQFL³
*UHJRULDߚ WHQGU¡ TXH DFHSWDU TXH VX SURSLR KLMR HFKD UD­FHV HQ
HVWDWLHUUD
<FRPRXQUD\RFDPEL³HOVHPEODQWHGH0DPLUHSRUTXHXQDYH]
P¡VVHKL]RSUHVHQWHHOVXH±RGHYLYLUDOJºQG­DHQODJUDQFLXGDG
FRPR OH KDEODED VX SDGUH (O VXH±R VHU­D LPSRVLEOH VL ODV DEXHODV
FRQVHJX­DQ TXH HOORV SHUPDQHFLHUDQ HQ $URPD SDUD VLHPSUH
&RQIXQGLGR VH DUUHSLQWL³ GH KDEHUOH SHGLGR D ODV DQFLDQDV TXH
WHMLHUDQXQDUHGLQYLVLEOHTXHURGHDUDHOYDOOHGHSXQWDDFDER
$O G­D VLJXLHQWH HO SDGUH GH 0DPLUH VRUSUHQGL³ D VX PXMHU
SUHSDUDQGRDOLPHQWRVSDUDORVM³YHQHVGHODVlDWUDSDEUXPDV{7XYR
TXH DFHSWDU HVWD QXHYD ODERU GH $PHOLD SXHV DO SDUHFHU FRQWDED
HOODFRQWRGRHODSR\RGH*UHJRULD
(OKRPEUH0DPLUHVLJXL³ODERUDQGRHQODKXHUWDGHODIDPLOLD\VH
QHJ³ D DFHSWDU HO RIUHFLPLHQWR GH WUDEDMR TXH ORV PXFKDFKRV OH
KLFLHURQDWUDY©VGHGRQ)UDQFLVFR3HURQRSXGRQHJDUVHDSURYHHU
D VX PXMHU GH YHUGXUDV \ KRUWDOL]DV SDUD OD FRPLGD GH VXV
KX©VSHGHV
3RUHVRVG­DVHOP¡VHVTXHO©WLFRGHORVDIXHULQRVFD\³HQFDPD
FRQ ILHEUHV DOWDV FRQVHFXHQFLD GH OD HVFDVD SUHFDXFL³Q WRPDGD
22/44
EDMRHOSRGHURVRVROGHODSDPSDHQFRQWUDVWHFRQHOLQWHQVRIU­RGH
ODVQRFKHV
$PHOLD GHEL³ FRUUHU FDGD G­D D SUHVWDU FXLGDGRV DO HQIHUPR
GHVSX©VGHTXHGR±D*UHJRULDORYLVLWDQUHFHW¡QGROHLQIXVLRQHVGH
KLHUEDV\FRPSUHVDVYHJHWDOHVHQHOFXHUSRTXHOHKLFLHUDQEDMDUOD
ILHEUH
$ UHJD±DGLHQWHV SUHVLRQDGR SRU OD DXWRULGDG GHO SXHEOR SRU VX
PDGUH \ SRU VX SURSLD HVSRVD HO KRPEUH 0DPLUH UHHPSOD]³ DO
PXFKDFKR HQIHUPR HQ OD LQVWDODFL³Q GH ODV SDQWDOODV /RV M³YHQHV
GHO H[SHULPHQWR DGHP¡V GH SDJDUOH ELHQ SRU HO WUDEDMR OH KLFLHURQ
XQQXHYRRIUHFLPLHQWR
ߚ6XKLMRߚH[SOLF³ODMRYHQߚQRVKDFRQWDGRTXHXVWHGWLHQHXQ
SR]RGHOTXHOHJXVWDU­DVDFDUDJXD
ߚ(VH QL±R D YHFHV KDEOD GHPDVLDGR ߚUHVSRQGL³ HO KRPEUH XQ
WDQWR PROHVWR \ SRFR DFRVWXPEUDGR D TXH JHQWH H[WUD±D VH
HQWURPHWLHUDHQVXVDVXQWRV
ߚ6H±RU 0DPLUH ߚSURVLJXL³ OD MRYHQ VLQ GHMDUVH LQWLPLGDUߚ
WHQHPRVXQPRWRUFLWRHO©FWULFR\XQFROHFWRUGHHQHUJ­DVRODU1RORV
QHFHVLWDPRV 3HUR XVWHG SXHGH XVDUORV PLHQWUDV HVWHPRV HQ
$URPD
(O KRPEUH 0DPLUH LED GH VRUSUHVD HQ VRUSUHVD FRQ HVRV
PXFKDFKRV$TXHOORVM³YHQHVORGHVDUPDEDQDFDGDUDWR(OKRPEUH
QR SXGR UHVLVWLU OD WHQWDFL³Q GH DFHSWDU SRUTXH GH HVH PRGR
REWHQGU­DHODJXDVXILFLHQWHSDUDUHJDUODDOIDOIDTXHQHFHVLWDEDQVXV
DQLPDOHV+DVWDHOQL±R0DPLUHFRQRF­DHOGHVDVWUHTXHSURYRFDED
ODIDOWDGHDJXDSRUPRPHQWRVWDQJUDYHTXHVHYH­DQREOLJDGRVD
HFKDU HO UHED±R DO PRQWH SDUD TXH DOO­ FRPLHUDQ OR TXH OD
JHQHURVLGDGGHODQDWXUDOH]DRWRUJDED1RGHPRU³PXFKRHOKRPEUH
HQDSUREDUFRQVDWLVIDFFL³QHORIUHFLPLHQWRFRQYHQFLGRGHTXHHVH
LQYLHUQR WHQGU­D VXILFLHQWH DOLPHQWR SDUD VXV DQLPDOHV $EULU­D OD
SXHUWD GH OD FDVD SDUD TXH HQWUDUD D FRPHU HO JDQDGR \D TXH D
IDOWDGHRWUROXJDUDSURSLDGRODDEXHODDOPDFHQDEDHOIRUUDMHHQXQR
GHORVGRUPLWRULRVSULQFLSDOHV
&DGD WDUGH D SDUWLU GH HQWRQFHV PLHQWUDV OD EDWHU­D VRODU
HVWXYLHUD FDUJDGD HO KRPEUH SRQ­D HQ PDUFKD HO PRWRUFLWR GH OD
ERPED\VDFDEDDJXDHQDEXQGDQFLD6HOHYH­DVDWLVIHFKR7DOYH]
FRQ HVWR HPSH]DUD D GHVHFKDU OD LGHD GH DEDQGRQDU HO YDOOH (VD
HUD DO PHQRV OD JUDQ HVSHUDQ]D TXH DOLPHQWDED *UHJRULD HQ VX
DOPD<HQVLOHQFLRDJUDGHFL³DORVPXFKDFKRVGHODVSDQWDOODVWRGR
HOELHQTXHOHHVWDEDQEULQGDQGR
0X\ SURQWR HO YDOOH GH $URPD YLR DOWHUDGR VX KDELWXDO DVSHFWR
$OUHGHGRUGHOSREODGRDSDUHFLHURQFRPRSRUHQFDQWRDTXHOODVWHODV
WHQVDGDVDOYLHQWRPLUDQGRDOVROGHPRGRFRQVWDQWH\DJXDUGDQGR
OD PDVD WHQXH GH QXEHV TXH VDEH HQWUDU OHYHPHQWH SRU ORV FHUURV
FXDQGR VH LQVLQºDQ ODV VRPEUDV GH OD WDUGH $ ORV SLHV GH FDGD
SDQWDOOD VH H[WHQGLHURQ ODUJDV FD±HU­DV QHJUDV GH SO¡VWLFR TXH
FRQGXF­DQKDVWDORVVHPEUDGRVODEUXPDFRQYHUWLGDHQDJXD
(Q FDVD GH &RQWUHUDV VH FRPHQWDED QRFKH D QRFKH TXH ORV
DIXHULQRV SRVH­DQ HO H[WUDY­R SURSLR GH ORV M³YHQHV l'³QGH VH
KDE­D YLVWR DOJR SDUHFLGR" &³PR KDU­DQ JHUPLQDU WHUUHQRV TXH
MDP¡VVXSLHURQGHIORUHFLPLHQWRV"{
'HVGHHOG­DHQTXHODVDQFLDQDVUHJUHVDURQDODHVFXHODHOSDGUH
GH0DPLUHFRPHQ]³DYROYHUWHPSUDQRSRUODVQRFKHV/RVDEXHORV
KDF­DQ FRPHQWDULRV EXUORQHV GH VXV PXMHUHV \ DO KRPEUH OH
GLVJXVWDED TXH HQWUH HVDV DEXHODV REMHWR GH EXUOD WDPEL©Q
HVWXYLHUDVXPDGUH/RVDQFLDQRVVHGDEDQGHPDVLDGRWLHPSRSDUD
FKLVPRVHDU VREUH OR TXH HVWDED RFXUULHQGR \ HO KRPEUH 0DPLUH
GHVHDEDRFXSDUVXPHQWHHQSHQVDPLHQWRVP¡VSURYHFKRVRV
'HVGH TXH WUDEDMDED FRQ ORV PXFKDFKRV VH OH QRWDED P¡V
HQWXVLDVWD GH ¡QLPR \ P¡V FRQILDGR GH HVS­ULWX FRPR XQ QL±R HQ
Y­VSHUDGH5H\HV
23/44

 /2675(6<$7,5,6
3RU HQWRQFHV FRPHQ]DURQ ORV SUHSDUDWLYRV GH OD JUDQ ILHVWD GHO
YDOOH
/RV SULPHURV HQ OOHJDU DO SXHEOR IXHURQ ORV WUHV \DWLULV
SURYHQLHQWHVGHOLQWHULRUGHODSDPSDGHVGHXQOXJDUFX\DVKXHOODV
VH SHUG­DQ HQ HO GHVLHUWR 6X SUHVHQFLD HUD PRWLYR GH JUDQ DOHJU­D
HQWUHORVKDELWDQWHVGH$URPDSRUTXHFRQHOORVUHJUHVDEDQORVTXH
VHKDE­DQPDUFKDGR'XUDQWHWUHVG­DVORVIHVWHMDQWHVRFXSDU­DQODV
SRFDV FDOOHV GHO SREODGR ODV ULEHUDV GHO U­R $URPD \ SRU OR PHQRV
XQDFLPDGHORVFHUURVDOHGD±RV
/RV DQFLDQRV HQFDEH]DGRV SRU )UDQFLVFR 3DQLUH VDOLHURQ D
UHFLELU D ORV \DWLULV OOHY¡QGRORV D OD FDQWLQD SDUD VDFLDU OD VHG GH
DTXHOORVYLDMHURVUHVHFRV\DJRELDGRV
(OSDGUHGH0DPLUHVROLFLW³DXWRUL]DFL³QSDUDGHMDUGHWUDEDMDUHVH
G­D H LU D UHXQLUVH FRQ DTXHOORV KRPEUHV RVFXURV GH URSDMH \
OXPLQRVRVGHHVS­ULWX
(QWHUDGDV GH OD QRWLFLD ODV PXMHUHV GH $URPD VDOLHURQ GH VXV
FDVDV \ GH XQD SXHUWD D OD RWUD IXHURQ FRPXQLFDQGR OD QXHYD
5HXQLGDV HQ OD SOD]D HVSHUDURQ TXH ORV \DWLULV DEDQGRQDUDQ OD
WDEHUQDSDUDVDOXGDUORVVHJºQHOXVR\ODFRVWXPEUH
'R±D *UHJRULD HQYL³ DO QLHWR D OD FDVD GH &RQWUHUDV SDUD TXH
GLMHUDDlORVKRPEUHVTXHVDEHQ{TXHSRUODWDUGHORVHVSHUDEDDOD
KRUDGHODFHQD
(OQL±RHQWU³HQODSHQXPEUDTXHGRPLQDEDHOLQWHULRUGHOUHFLQWR
UHVHUYDGR V³OR SDUD PD\RUHV VLQ GHFLGLUVH D LPSRUWXQDU D ORV
KRPEUHV TXH URGHDEDQ XQD PHVD FROPDGD GH EHELGDV 0DPLUH
OODP³ OD DWHQFL³Q GHO SDGUH WLURQHDQGR OD SXQWD GH VX FKDTXHWD (O
KRPEUH DJDFK³ OD RUHMD KDVWD OD ERFD GHO KLMR SDUD R­U OR TXH
PXUPXUDED/XHJRGLMR
ߚ'R±D *UHJRULD PL PDGUH VH VHQWLU­D PX\ KRQUDGD VL XVWHGHV
DFHSWDQXQFRQYLWHSDUDHVWDQRFKH
/RV\DWLULVDVLQWLHURQJXVWRVRV(OQL±RVDOL³GLVSDUDGRDODLQWHQVD
OX]GHODWDUGH\OOHJ³VLQUHVXHOORDFRPXQLFDUODUHVSXHVWD
0DPLUH HVWDED HPRFLRQDGR SRUTXH VDE­D TXH OD YLVLWD GH HVWRV
KRPEUHV HUD OD PHMRU RFDVL³Q SDUD HVFXFKDU UHODWRV DQWLJXRV (VD
QRFKHHQHIHFWRHOP¡VYLHMRGHORV\DWLULVFRQW³ODOH\HQGD GHXQ
KRPEUHDOTXHXQG­DVHOHDSDUHFL³XQSUHFLRVRQL±R(QHVHPLVPR
OXJDU \ VLQ TXH VH HVSHUDUD DQXQFLR DOJXQR VH KL]R SUHVHQWH OD
LPDJHQGHOD9LUJHQTXHVLHPSUHHVWXYRHQRWURVLWLR$FXGLHURQORV
YHFLQRV FRQ OD LQWHQFL³Q GH UHJUHVDUOD D VX RULJHQ 3HUR DO G­D
VLJXLHQWH GH QXHYR IXH HQFRQWUDGD HQ HO -XJDU HVFRJLGR &XDWUR
YHFHV OD GHYROYLHURQ \ FXDWUR YHFHV YROYL³ D DSDUHFHU HQ HO VLWLR
HOHJLGRSRUHOSUHFLRVRQL±R
ߚ$TX­ߚGLMHURQHQWRQFHVDTXHOORVKRPEUHVߚGHEHPRVOHYDQWDU
VXWHPSOR
$V­ORKLFLHURQ'LFHQTXHHOKRPEUHGHODYLVL³QYLYL³ODUJRWLHPSR
DFRPSD±DGRSRUHOSUHFLRVRLQIDQWHTXHORVLJXL³KDVWDVXHQWLHUUR
FXDQGRHOFULVWLDQR\DQRSXGRP¡VFRQVXVD±RV$QWHVGHTXHORV
WUHV \DWLULV VH UHWLUDUDQ OD DEXHOD *UHJRULD OHV KL]R XQD FRQIHVL³Q
LQHVSHUDGD
ߚ(V XQD SHQD ߚOHV GLMRߚ SHUR HQ ODV IHVWLYLGDGHV V³OR SRGU©
SDUWLFLSDUHQHVS­ULWXTXHHVDILQGHFXHQWDVORP¡VLPSRUWDQWHߚ
3HURSRUTX©GR±D"ߚH[FODPDURQHOORV
ߚ1RPHKDOORELHQGH¡QLPR\QRTXLVLHUDH[LJLUOHGHPDVLDGRDPL
FXHUSR GHVSX©V GHO PDOWUDWR TXH SRU P¡V GH RFKR G©FDGDV OH KH
GDGR
ߚ1R VH SUHRFXSH 6L XVWHG QR SXHGH LU D 6DQWD &UX] FRPR
VLHPSUH OR KL]R OD 6DQWD &UX] YHQGU¡ D XVWHG ߚGLMR XQR GH ORV
KRPEUHVTXHVDEHQ
/RVSDGUHVGH0DPLUHQRKLFLHURQODPHQRUGHPRVWUDFL³QDQWHOD
VRUSUHVD TXH OHV FDXVDEDQ ODV SDODEUDV GH OD DEXHOD 3HUR QR
24/44
SXGLHURQGHMDUGHSUHRFXSDUVH$XQTXHKDVWDHQWRQFHVQRKXELHUDQ
QRWDGR QDGD H[WUD±R HQ HOOD WDO YH] RFXOWDED XQD HQIHUPHGDG
GHFODUDGDKDF­DWLHPSR
ߚ0DGUHߚGLMRHOKRPEUH0DPLUHߚQRVHVLHQWHELHQ"
ߚ$V­HVKLMRߚUHVSRQGL³ODDEXHOD
ߚ<SRUTX©QRORKDGLFKR"ߚLQVLVWL³HOKRPEUH
ߚ1RORV©KLMLWR
ߚ4XLHUHTXHDOJXLHQODYHD"
ߚ4XL©Q"
ߚ%XHQR OD DQFLDQD +XDUDFKH 7DPEL©Q SXHGR LU D OD FLXGDG \
WUDHU XQ P©GLFR /RV PXFKDFKRV lDWUDSDEUXPDV{ RIUHFHQ OD
FDPLRQHWDSDUDFXDOTXLHUQHFHVLGDG
ߚ1RHVQHFHVDULRPROHVWDUORVSRUHVWR6³ORTXHQRSRGU©VXELU
DO$URPDSDUDHVWDUMXQWRDOD6DQWD&UX]
(VDQRFKHWRGRVVHIXHURQFDEL]EDMRVDODFDPD(OºOWLPRQL±RVH
GXUPL³ SHQVDQGR HQ OD DEXHOD DO WLHPSR TXH HYRFDED OD EHOOD
KLVWRULD TXH KDE­D HVFXFKDGR &RQ IHUYRU GHVH³ XQD YH] P¡V TXH
DOJRDVRPEURVRRFXUULHUDHQHOYDOOHDOJRTXHUHVWDEOHFLHUDODVDOXG
GH*UHJRULD\TXHVXSDGUHQRLQVLVWLHUDHQPDUFKDUVHVLHVWRKDF­D
WDQGHVGLFKDGDDODDEXHOD
$ODPD±DQDVLJXLHQWH0DPLUHIXHDYHUDVXDEXHOD*UHJRULD/D
HQFRQWU³HQSLHVRQULHQWHFRPRHQHOPHMRUGHVXVG­DV
ߚ6H KD LGR \D WX SDGUH D VXV ODERUHV" ߚGLMR HOOD VLQ OD PHQRU
DIOLFFL³Q
ߚ<DVHIXH$EXHODHVW¡ELHQXVWHG"
ߚ/RHVWR\QLHWHFLWR
ߚ1RHVW¡HQIHUPD"
ߚ1RQLSLHQVR
ߚ<ORTXHGLMRDQRFKHDORVKRPEUHVTXHVDEHQDEXHOD"
ߚb4X© ERQGDG OD GH HOORV b0H RIUHFLHURQ OD 6DQWD &UX] HQ OD
SXHUWDGHPLFDVD<HVORTXHSLHQVRKDFHUPLQLHWR
ߚ$EXHODHQWRQFHVHVW¡DOHQWDGDXVWHG"
ߚ3XHGRVHFUHWHDUPHFRQWLJR"
ߚ6­DEXHOD
ߚ0HVLHQWRPHMRUTXHQXQFD(VDHVODYHUGDG
ߚ$EXHOD(VTXHKDPHQWLGR"
ߚ6­ORKLFH3HURHVSRUXQDEXHQDUD]³Q
ߚ6LHPSUHGLFHXVWHGTXHPHQWLUQRHVFRUUHFWR
ߚ1R OR HV 3HUR ODV FLUFXQVWDQFLDV OR H[LJHQ (V QHFHVDULR <
TXLHUR TXH DV­ OR HQWLHQGDV 1R GHEHV LPLWDUPH HQ HVWR 1XQFD OR
KDJDV
ߚ3RUTX©ORKDFHHQWRQFHVDEXHOD"
ߚ3DUD LPSHGLU TXH WH YD\DV GHO YDOOH (Q $URPD FDPELDU¡Q ODV
FRVDVORSUHVLHQWR+HFRQYHUVDGRFRQHVHPXFKDFKLWRTXHYLQR D
HQIHUPDUVH\PHKDGLFKRTXHHOORVVHTXHGDU¡QPXFKRWLHPSRFRQ
QRVRWURV < YHQGU¡Q P¡V SHUVRQDV HQ G­DV QR PX\ OHMDQRV
(QWRQFHV PH GLU¡V QLHWHFLWR -XVWR DKRUD WLHQHV TXH LUWH FRQ WX
SDGUH"3HURDQGDTXHWHDWUDVDVSDUDODHVFXHOD
ߚ8VWHGQRYLHQHDEXHOD"
ߚ3DUDORVGHP¡VHVWR\PX\GHOLFDGDGHVDOXG1RORROYLGHV
0DPLUH FRUUL³ SDUD QR OOHJDU WDUGH D OD HVFXHOD 6H GHWXYR XQ
LQVWDQWH HQ OD SOD]D SRUTXH DOO­ ORV DQFLDQRV OHYDQWDEDQ XQ DOWDU
SDUDUHFLELUDODFUX]TXHEDMDU­DGHOFHUUR
(Q OD HVFXHOD HO PDHVWUR \D HVWDED MXQWR D VX PHVD GH WUDEDMR
RFXSDGRHQRUGHQDUHVRVREMHWRVDQWLJXRVTXH©OWDQWRTXHU­D\TXH
VLHPSUHGHVHQWHUUDEDHQODVFHUFDQ­DVGHOFHPHQWHULR
ߚ/OHJDVWDUGH0DPLUH
ߚ'LVFXOSHXVWHGVH±RUߚUHVSRQGL³HOQL±Rߚ0HHQWUHWXYHHQ
ODSOD]D
ߚ<GR±D*UHJRULD"
25/44
 ߚ$PDQHFL³GHOLFDGDGHVDOXGVH±RUߚGXG³0DPLUHGXG³
ߚ(QIHUPD"
ߚ6­1RV©PX\ELHQVH±RU
ߚ'HFXLGDGR"
ߚ6­1RORV©VH±RU
ߚ/R H[WUD±R HV TXH WRGDV DPDQHFLHURQ FRQ TXHMD <D YLQLHURQ
VXVPDULGRVFRQORVMXVWLILFDWLYRVGHOFDVR%LHQHVWDPLVPDWDUGHLU©
DYLVLWDUDPLVDOXPQDV
7HUPLQDGDVODVFODVHVHOQL±RTXLVRFRUUHUFXDQWRDQWHVDFDVD\
DGYHUWLUDODDEXHOD&RQVHJXULGDGLU­DDYLVLWDUODQRV³ORHOPDHVWUR
VLQRWRGRVORVDEXHORVGHOSXHEOR$QWHVGHTXH0DPLUHVHUHWLUDUD
HOSURIHVRUORUHWXYR
ߚ7HQJRTXHKDEODUWDPEL©QFRQWXSDGUHߚGLMRDFRQWLQXDFL³Q
l&RQ PL SDGUH"{ ߚSHQV³ HO QL±R \ QR SXGR GHMDU GH
SUHRFXSDUVH DXQ VDELHQGR TXH QR KDE­D KHFKR QDGD WDQ
UHSURFKDEOH ߚOOHJDU DWUDVDGR \ VHU F³PSOLFH HQ OD PHQWLUD GH OD
DEXHODߚFRPRSDUDUHFLELUXQFDVWLJR6LJQLILFDEDTXHHOPDHVWUR
\DORKDE­DGHVFXELHUWR"
3HURQRQRVHWUDWDEDGHHVR
ߚ'HVSX©VGHODILHVWDWHLU¡VGHOYDOOHߚH[SOLF³HOPDHVWURߚ1R
SRGU© VHJXLU RFXOWDQGR P¡V OD YHUGDGHUD VLWXDFL³Q GH OD HVFXHOD
3HQV©KDFHUHOLQIRUPHDOW©UPLQRGHOD±RHVFRODUSHURWXSDGUHPH
REOLJDDUHGDFWDUORDQWHVGHWLHPSR
0DPLUHGHVFXEUL³TXHHOSURIHVRUWDPEL©QRFXOWDEDXQDYHUGDGD
VXV VXSHULRUHV OR TXH HTXLYDO­D D XQD PHQWLUD 'H OR FRQWUDULR
WHQGU­DTXHKDEHUFHUUDGRODHVFXHODSRUODHVFDVH]GHDOXPQRV
ߚ(QODFLXGDGSXHGRHVWXGLDUVHLVD±RVP¡VTXHHQ$URPD
ߚ$V­HV0DPLUH
ߚ< XVWHG VH±RU 7DPEL©Q SXHGH HQVH±DU VHLV D±RV P¡V HQ OD
FLXGDG
ߚ0DPLUH/DVFRVDVQRVRQFRPRWHODVSLQWDQ,PDJLQDVTXH
HQ OD FLXGDG WRGR HV GLVWLQWR \ PHMRU TXH DTX­ FXDQGR D YHFHV HV
SHRU4XLHURGHFLUTXHQRHVQLPHMRUQLSHRUV³ORGLIHUHQWHV­HVR
HVPX\GLIHUHQWH
ߚ0LSDS¡FUHHTXHDXVWHGWDPEL©QOHJXVWDU­D
ߚ,UPH"
ߚ6­
ߚ%XHQRV­$XQTXHELHQSHQVDGRODODERUTXHUHDOL]RHQ$URPD
SXHGHVHUP¡VJUDWLILFDQWHTXHORTXH\RSRGU­DKDFHUHQODFLXGDG
FRPSUHQGHV"
1R(QYHUGDG0DPLUHQRHQWHQG­DQDGD(QVXFDEH]DODVLGHDV
VHDJROSDEDQFRQIXVDVVLQOX]QLVDOLGD
ߚ0D±DQDQRKD\FODVHVߚGLMRHOPDHVWURߚ'HEHPRVFRODERUDU
FRQORVSUHSDUDWLYRVGHODILHVWD/RYHV0DPLUH"
ߚ4X©FRVDVH±RU"
ߚ$TX­SDUWLFLSDPRVGHODVIHVWLYLGDGHV7RGRORTXHRFXUUDHQHO
SXHEOR QRV FRQFLHUQH (Q OD FLXGDG OD YLGD HV P¡V DJRELDQWH
$XQTXHWHRIUHFHFRPRGLGDG\SXHGHVVLORSUHILHUHVYHUODYLGDSRU
WHOHYLVL³Q 3HUR QR WH UHWHQJR P¡V 1RV YHPRV HQ OD &UX] GH
$URPD
ߚ/HGLJRDPLSDS¡TXHXVWHGOHTXLHUHKDEODU"
ߚ$Kb6Lb6XSHTXHGRQ)UDQFLVFROHSURSXVRKDFHUXQPXVHR
'HHVRWDPEL©QTXLVLHUDKDEODUOH
26/44

 /$),(67$'(/$&58='($520$
$ºQGRUP­D0DPLUHFXDQGRGHDPDQHFLGDORV\DWLULVVLQP¡VTXH
VX SURSLD FRPSD±­D IXHURQ DO FHUUR SDUD YHVWLU \ HQJDODQDU D OD
6DQWD &UX] $OJXQRV DQFLDQRV ORV YLHURQ VXELU HQYXHOWRV HQ OD
SURIXQGDTXLHWXGGHODPD±DQD
(OSURFHVRGHYHVWLUDOPDGHURVHU­DOHQWR
ߚ/OHJ³WXG­D6DQWD&UX]ߚOHGLMHURQHOORVFDVLFRPRHQXQUH]R
(O LQFLHQVR EURW³ GH ODV PDQRV GH XQR GH DTXHOORV KRPEUHV TXH
VDEHQ ([WHQGL³ RWUR OD V¡EDQD EODQFD VREUH OD WLHUUD PLHQWUDV HO
WHUFHURDFRVWDEDODFUX]VREUHHOOHFKRSURYLVRULR\FDVWR/XHJROH
TXLWDURQ OD SDMD UHVHFD TXH OD FXEU­D GHM¡QGROD GHVQXGD ,QFLHQVR
P¡V LQFLHQVR D ORV SLHV GH OD FUX] HQ HO FRUD]³Q GHO PDGHUR HQ
DELHUWR UHVSHWR FRQ SXGRU SURFHGLHURQ D YHVWLUOD FRQ ORV DWXHQGRV
GHILHVWD
0DPLUH GHVSHUW³ FRQ ORV EURQFHV GH OD EDQGD TXH LQJUHVDED DO
SXHEOR SRU OD FDOOH SULQFLSDO OODPDQGR FRQ VXV VRQHV D WRGRV ORV
YHFLQRV/DPºVLFDDOHJUH\GL¡IDQDVHR­DGHVGHOHMRVFRPRVLOD
SDPSDKXELHVHDELHUWRGHSURQWRHOVHFUHWRGHVXVSXHUWDVLQYLWDQGR
DURPSHUHOHWHUQRVLOHQFLRTXHV³ORHOYLHQWRDKX\HQWDGHFXDQGRHQ
FXDQGR
$SXU³ HO GHVD\XQR 'HVHDED VDOLU FXDQWR DQWHV D OD FDOOH SDUD
VXPDUVHDODWLHVWDTXHFRPHQ]DED7XYRWLHPSRVLQHPEDUJRSDUD
REVHUYDU GH SDVR D VX DEXHOD FRPSUREDQGR TXH HVWDED FRQ OD
PLVPDEXHQDGLVSRVLFL³QGHOG­DDQWHULRU
(Q OD FDOOH HO VRO VH KDE­D GHVSHJDGR GH ORV ULVFRV \ DUG­D
PDMHVWXRVRHQHOFLHORSURIXQGR/RVPºVLFRVFDPLQDEDQVREUHXQD
QXEHGHSROYRFRPRVLQRWRFDUDQHOVXHOR(QFDEH]DEDHOJUXSRXQ
WDPERU \ XQ WUL¡QJXOR OH VHJX­DQ XQD FDMD XQD ]DPSR±D XQD
TXHQD XQ WURPE³Q \ XQD WURPSHWD 'HVFHQG­DQ ORV PºVLFRV HQWUH
PXURV GH EDUUR \ SLHGUD 8Q WRUEHOOLQR GH SHUURV OHV VDOL³ DO
HQFXHQWUR /D U­WPLFD FRPLWLYD LQJUHV³ DO DPSDUR GH ORV SLPLHQWRV
DYDQ]DQGR DO HQFXHQWUR GHO QL±R TXH ORV HVSHUDED DQVLRVR SDUD
PRQWDUFRQHOORVHQODQXEHGRUDGDTXHLU­DHQEXVFDGHODFLPDP¡V
DOWD
(QHOFUXFHGHODVSULPHUDVFDOOHVDJXDUGDEDXQDPXFKHGXPEUH
GHDQFLDQRV(QWUHHOORVUHFRQRFL³DVXPDHVWUROXFLHQGRXQVREULR
WUDMHQHJUR\XQHVSO©QGLGRVRPEUHURGHSD±RGHVWH±LGRHQODFRSD
&RQ©OWDPEL©QHVWDEDQORVWUHVPXFKDFKRVGHODVlDWUDSDEUXPDV{
HQFDQWDGRV FRQ OD IHVWLYLGDG TXH OHV UHVXOWDED XQD QRYHGDG
FRPSOHWD
'LYLV³ GH LQPHGLDWR D ORV KLMRV GH ORV DEXHORV GHO SXHEOR SLH
OOHJDEDQGHODFLXGDGFRQVXVIDPLOLDV(QWUHHOORVUHFRQRFL³ FRPR
DSDUHFLGRV GH ORV WHORQHV GHO YLHMR WHDWUR TXH XQD YH] SDV³ SRU HO
SXHEOR D PXFKRV GH ORV TXH HQ VX WLHPSR IXHURQ VXV DPLJRV \
FRPSD±HURV0DPLUHVHUXERUL]³FRQHOGHVFXEULPLHQWRVHLQTXLHW³
HQ PHGLR GH OD ILHVWD TXLVR FRUUHU DO FHQWUR GH OD EDQGD \ KDFHUVH
SROYRHQHOSROYROHYDQWDGRSRUORVPºVLFRV
ߚb0DPLUHߚJULW³XQRGHDTXHOORVQL±RV
ߚb2FVDߚUHVSRQGL³0DPLUH
2FVDVHDSDUW³GHVXVSDGUHV\FRUUL³KDFLD0DPLUH$PERVQL±RV
VH DEUD]DURQ DO WLHPSR TXH VH GDEDQ GH SDOPDGDV VXDYHV HQ OD
HVSDOGDLPLWDQGRHOKDELWXDOVDOXGRGHORVDGXOWRV
ߚb0DPLUH
ߚb0DPLUH
(UDQ &HYDOORV \ &RQWUHUDV TXH WDPEL©Q FRUU­DQ DO HQFXHQWUR
&DUPLQD REVHUYDED GHVGH OHMRV VLQ DSDUWDUVH GH VXV SDGUHV /R
PLVPROHRFXUU­DDRWURVQL±RVTXHSRUIDOWDGHFRVWXPEUHWLPLGH]R
YHUJ¼HQ]D VH PDQWHQ­DQ D GLVWDQFLD DJXDUGDQGR HO PRPHQWR
SURSLFLR HQ DXVHQFLD GH DGXOWRV SDUD FRUUHU D ORV EUD]RV GH ORV
27/44
DQWLJXRVDPLJRV
(Q OD SURFHVL³Q DO FHUUR IXH QRWRULD OD DXVHQFLD GH OD DEXHOD
*UHJRULD 7DPSRFR HVWDEDQ GR±D (OFLUD QL GR±D %HQLWD TXH MDP¡V
GHMDEDQ GH DVLVWLU D ODV ILHVWDV GHO YDOOH $OJR LQXVXDO HVWDED
VXFHGLHQGRSRUTXHWDPEL©QIDOWDURQODVDQFLDQDV+XDUDFKH
6RWR *DPERD &KRTXH /XFDL &DLSD 2FVD &HYDOORV 3HUHD \
&RQWUHUDV 3RU SULPHUD YH] HQ $URPD SDUD OD 6DQWD &UX] ODV
HVSRVDV\YLXGDVGHORVDQFLDQRVVHTXHGDEDQHQFDVDUHVWDQGRVX
SUHVHQFLDDORVIHVWHMRV
(QWUHODJHQWHYHQLGDGHOHMRV0DPLUHUHFRQRFL³DORVIHVWHMDQWHV
TXH QXQFD GHMDEDQ GH DVLVWLU D ORV WUHV G­DV GH OD &UX] GH $URPD
(UDQ ORV EDLODULQHV EULQFDGRUHV YHVWLGRV FRQ VXV DWXHQGRV
UHOXFLHQWHV (QWUH ORV EULQFDGRUHV LUUXPSLHURQ ORV UH\HV \ ODV
GRQFHOODV DWDYLDGRV FRQ WHODV P¡V WHQXHV TXH HO YLHQWR (UDQ ORV
KRPEUHV \ PXMHUHV GLHVWURV GH VLHPSUH KDFLHQGR GHVSOLHJXH GH
FRORULGDVSOXPDVUHSDUWLGDVHQHOURSDMHEULQFDGRUHVTXHHPLW­DQDO
VRO UHIOHMRV FRQWLQXRV HQ U­WPLFRV PRYLPLHQWRV GDQ]DQGR FRQ HO
FXHUSR FXELHUWR GH HVSHMRV GLPLQXWRV \ SRU FLHQWRV 'H SURQWR ODV
FDOOHV GH $URPD VH OOHQDURQ QR V³OR GH JHQWH YHQLGD GH RWURV
ULQFRQHVVLQRWDPEL©QGHYHK­FXORVTXHLPSHG­DQHOSDVRHOHJDQWH
GH ODV OODPDV \ ODV YLFX±DV /RV DQLPDOHV HVWDEDQ DGRUQDGRV GH
ILHVWD\DQGDEDQOLEUHPHQWHSRUODVFDOOHVGHOSXHEORSDUDTXHSRUOR
PHQRVXQDYH]DOD±RQRUHFRQRFLHUDQDPRVQLGXH±RV
5HYLY­DXQDYH]P¡VHOSXHEORHQHOYDOOHUHFXSHUDEDDVXVKLMRV
GLVSHUVRV
0DPLUH HQ HO FRUD]³Q GH OD SURFHVL³Q VXEL³ DO PRQWH HQ EXVFD
GHOD6DQWD&UX]TXHDJXDUGDEDHQODFLPDDQGDQGRHOFDPLQRTXH
VHKDFHGHVGHWLHPSRVPX\UHPRWRV
(O WUL¡QJXOR HQ HO SXOVR GH ORV IHVWHMDQWHV OOHYDED HO ULWPR /RV
PºVLFRV HUDQ ORV ºQLFRV VLQ DWDY­RV GH ILHVWD YHVWLGRV FRPR GH
VLHPSUH FRPR GH WRGRV ORV G­DV GHVOXFLGRV FRQ OD VHQFLOOH] \
KXPLOGDG GH OR FRWLGLDQR l3DUD QR HPEULDJDUVH HQ SUHWHQVLRQHV{
GHF­DQ&RQODPºVLFD\HOEDLOHODYHQHUDFL³QQDF­DHQFDGDDOPD
HQFDGDHVS­ULWXDºQYLYR
(QHVHPRPHQWRDSDUHFLHURQP¡VFUXFHVSURYHQLHQWHVGHRWURV
ULQFRQHVGHODSDPSDGHRWURVSXHEORVWDPEL©QHQDVFHQVRKDFLD
OD6DQWD&UX]$OO­VHVXFHGLHURQORVVDOXGRVXQRWUDVRWURVLQTXH
ODPºVLFDFHVDUDVLQTXHGHMDUDGHDFRPSD±DUODIHVWLYLGDGTXHV³OR
XQDYH]DOD±RUHºQHDWRGRVORVKLMRVGH$URPD
&D­GD OD QRFKH ORV KRPEUHV HQFHQGLHURQ OD JUDQ IRJDWD
FXEULHQGRGHRURODSODWLQDGDOX]TXHGHVFHQG­DGHODVHVWUHOODV/D
EDQGD FRQ VXV DOHJUHV VRQHV QR GHVFDQV³ QL XQ VROR LQVWDQWH
DFUHFHQWDQGRHOUHJRFLMRGHODVIDPLOLDVDEUD]DGDVDODVFUXFHVGHOD
ELHQDYHQWXUDQ]D
0LHQWUDVDTXHOORVKRPEUHVPXMHUHVDQFLDQRV\QL±RVVHUHXQ­DQ
DOUHGHGRU GH ODV OODPDV HO QL±R 0DPLUH UHFRUG³ OD KLVWRULD R­GD
WDQWDVYHFHVDVXVDEXHORV
l8QG­DIXLPRVDYHUODFUX]\ODHQFRQWUDPRVHQHOVXHOR(OODQR
TXHU­D HVWDU DK­ +XER TXLHQHV SHQVDPRV TXH QR HUD VX YROXQWDG
HVWDU DOO­ 'LMLPRV OD YDPRV D DFHUFDU P¡V (QWRQFHV QRV IXLPRV
DOO¡HQJUXSR\ODOOHYDPRVKDVWDODFLPDGHXQRGHORVFHUURVTXH
FHUFDQ HO YDOOH $ ORV SRFRV G­DV VXELPRV D HQFHQGHUOH YHODV HQ
RIUHQGD\ODHQFRQWUDPRVGHQXHYRWLUDGD
1R ߚGLMLPRVߚ OD 6DQWD &UX] QR TXLHUH HVWH OXJDU /D 6DQWD
&UX] GH $URPD TXLHUH RWUR OXJDU 1RV UHXQLPRV ORV WUHV \DWLULV \
GHOLEHUDPRV SDUD EXVFDU DFXHUGR FRQYLQLHQGR TXH OD PLVPD FUX]
GHE­DHOHJLUVXVLWLR$V­IXHFRPRODOOHYDPRVSRUWRGRVORVFHUURVOD
IXLPRVHQWHUUDQGRHQFDGDFLPDKDVWDTXHHOODPLVPDHOLJL³GRQGH
TXHGDUVH < HV GRQGH FDGD D±R SHUPDQHFH HQ HVSHUD GH VX
IHVWLYLGDG{
$O G­D VLJXLHQWH OD FHOHEUDFL³Q SURVLJXL³ FRQ OD 6DQWD &UX] HQ
SURFHVL³QSRUFDGDULQF³QGHOSREODGR
28/44
 0DPLUH \ ORV QL±RV YHQLGRV GH OD FLXGDG HUDQ ORV ºQLFRV
IHVWHMDQWHV TXH SDUHF­DQ KDEHU GRUPLGR HQ DOJºQ PRPHQWR GH OD
QRFKH$PDQHF­D\ODEDQGDWRFDEDFRPRVLQXQFDKXELHVHGHMDGR
GHVRQDU

0DPLUHRFXS³WHPSUDQRVXOXJDUHQHOFDPSDQDULRGHODLJOHVLD\
VH FROJ³ GH ODV FXHUGDV KDFLHQGR UHSLFDU ODV WUHV FDPSDQDV GHO

29/44
WHPSOR &RQ ORV \DWLULV D OD FDEH]D P¡V HO VH±RU FXUD \ ODV GHSLHGUHFLOODVIRVIRUHVFHQWHV\XQDPºVLFDFRQVWDQWHFRPRODGHOD
DXWRULGDGHV ORFDOHV OD 6DQWD &UX] IXH OOHYDGD SRU ODV FDOOHV GHO EULVDHQODVKRMDVGHOSLPLHQWR\HQODVOORUHVGHOFHPHQWHULR
SXHEOR 3HURVLDTXHOORVQL±RVWXYLHUDQRMRVSDUDHOGHVLHUWRFRPRDOJXQD
0DPLUHGHM³GHUHSLFDU\FRUUL³FDOOHDUULEDSDUDOOHJDUDVXFDVD YH]ORVWXYLHURQVXVSDGUHVYHU­DQORPLVPRTXH0DPLUHODVDOGHOD
HQHOSUHFLVRPRPHQWRHQTXHODDEXHOD*UHJRULDUHFLE­DDOD6DQWD SDPSD OOHQD GH UHIOHMRV ODV SLHGUDV TXH FDPELDQ GH IRUPD EDMR OD
&UX]HQVXSXHUWD QRFKH OD EULVD TXH WUDVODGD FULVWDOHV FRQ VXV GHGRV LQYLVLEOHV ORV
(QHVHPRPHQWR0DPLUHUHFRUG³TXHODVDEXHODVKDE­DQPXGDGR RMRV EULOODQWHV GH ORV URHGRUHV QRFWXUQRV HQ VXV FRUUHU­DV GH FDGD
HO ¡QLPR XQD D XQD GHVSX©V GH HVD QRFKH HQ TXH ©O OHV FRQW³ OD OXQD 0DPLUH SHQV³ TXH HQ OXJDU GH SDVDUVH HO G­D FRQ OD YLVWD
KLVWRULDGHOMRYHQVDELRTXHORJU³DWUDSDUDOYLHQWR KXQGLGD HQ DTXHOORV FXDU]RV P¡JLFRV HUD P¡V KHUPRVR GLULJLU OD
(Q OD SOD]D HQWUH WDQWR ORV QL±RV GH OD FLXGDG VH GLYHUW­DQ FRQ PLUDGD D ODV HVWUHOODV SDUD YHUODV UHVSODQGHFHU HQ HO YDVWR
H[WUD±RV SDVDWLHPSRV MXJXHWHV TXH GHVSHUWDURQ OD FXULRVLGDG GH ILUPDPHQWRSURIXQGR\VHUHQR
0DPLUH
5HFRUG³ HQWRQFHV XQ MXHJR TXH DOJXQRV QL±RV WUDMHURQ SDUD XQD
GHODVILHVWDVSDVDGDV&RQVLVW­DHQXQEHOORSDQRUDPDGHOSD­VFRQ
YDOOHV GHVLHUWR ERVTXHV FRUGLOOHUD LVODV \ WHUULWRULR DQW¡UWLFR
GLVSXHVWRHQXQDFDMDFXELHUWDSRUXQYLGULR\QRP¡VJUDQGHTXHXQ
FXDGHUQR H[WHQGLGR (O SDLVDMH HQVH±DED XQ VLQXRVR FDPLQR SRU HO
TXHFXDOGHE­DWUDQVLWDUXQDEROLWDGHDFHUR(QYDULRVGHORVWUDPRV
GHOWUD\HFWRODHVIHUDHQFRQWUDEDRULILFLRVTXHGHE­DQVHUVRUWHDGRV
\TXHSURSRUFLRQDEDQSXQWDMH
/D PD\RU SXQWXDFL³Q VH DOFDQ]DED OOHJDQGR D OD PHWD VLQ KDEHU
FD­GRHQQLQJXQRGHORVRULILFLRVTXHDJXDUGDEDQFRPRWUDPSDVHQ
HOFDPLQR$OQL±R0DPLUHDTXHOOROHKDE­DUHVXOWDGRIDVFLQDQWH
3HURORVQL±RVGHDKRUDMXJDEDQHQVLPLVPDGRVFRQPDTXLQLWDVQR
P¡V JUDQGHV TXH XQ SDTXHWH GH FLJDUULOORV $TXHOORV FXULRVRV
REMHWRV SURGXF­DQ VRQLGRV H[WUD±RV DO SXOVDU ERWRQHV GH PRGR
FRQVWDQWHHLQFDQVDEOH4X©PDJLDSRVH­DQDTXHOORVMXJXHWHVTXH
DWUDSDEDQ WDQ LQWHQVDPHQWH OD DWHQFL³Q" -XJXHWHV TXH LPSHG­DQ
OHYDQWDUODYLVWDSDUDGLVIUXWDUGHODVEHOOH]DVGHOYDOOH"(VWRVKLMRV
GHORVKLMRVGHO$URPDQRVHGLYHUW­DQFRQORVIHVWHMRVWUDGLFLRQDOHV
WDPSRFR VH GHOHLWDEDQ DGPLUDQGR HO OXJDU GRQGH QDFLHURQ VXV
SDGUHV
0DPLUHVHDFHUF³DHOORVSDUDYHULP¡JHQHVTXHOHDUUHEDWDURQHO
KDEODDUHQDOHVGLPLQXWRVILJXUDVHQSHUSHWXRPRYLPLHQWRFDUJDGDV

30/44

 (/-8(*2'(/&2035(<9(1'$
0DPLUH QL±R \ 0DPLUH KRPEUH VXELHURQ VRORV KDVWD OD FXPEUH
$PHOLDVHTXHG³FXLGDQGRDGR±D*UHJRULD3HURHQYHUGDG$PHOLD
QR TXHU­D HVWDU SUHVHQWH FXDQGR VX PDULGR SXVLHUD HQ YHQWD OD
SURSLHGDGKHUHGDGDGHVXVSDGUHVHQHOMXHJRGHOFRPSUH\YHQGD
l(V XQ MXHJR{ SHQVDED $PHOLD SHUR OR TXH VH GLFH DOO­ SXHGH
KDFHUVHUHDOLGDGVLVHSUHVHQWDDOJºQLQWHUHVDGR
(QODGLQDGHO$URPD0DPLUHQRSXGRRFXOWDUVXFXULRVLGDGDQWH
HO SREODGR ILFWLFLR TXH FRUQR WRGRV ORV D±RV SDUD HVWDV ILHVWDV
KDF­DQ ORV KRPEUHV GHO YDOOH 6HU­D FRPR VLHPSUH XQ YDOOH
UHFUHDGR (Q ©O ORV DEXHORV GHSRVLWDEDQ VX VXHUWH HVSHUDQ]DV \
DQKHORV
(O QL±R D\XG³ D VX SDGUH D GHOLPLWDU OD SURSLHGDG PDWHUQD 6X
PD\RUGHOHLWHHVWXYRHQHOWUD]DGRGHOWHUUHQRHQODUHSURGXFFL³QILHO
GHDTXHOODWLHUUDTXHKDF­DVXSDGUHGLEXMDQGRODIRUPDH[DFWDTXH
OD FKDFUD UHDO WHQ­D HQ HO YDOOH &RQ DVRPEUR FRPSURE³ TXH DOO­ XQ
PHWURFXDGUDGRHTXLYDO­DDFLHQGHODFKDFUDYHUGDGHUD
(OKRPEUH0DPLUHHQWHUU³DFRQWLQXDFL³QODVSODQWDVWUD­GDVHQORV
EROVLOORV GHVGH HO YDOOH \ QR GHM³ GH VRUSUHQGHUVH SRU ODV
FRUUHFFLRQHVTXHVXKLMROHKDF­DDFDGDLQVWDQWH
ߚ(VWDHVXQDFRUULGDGHIUXWDOHVSDS¡ߚDGYLUWL³HOQL±Rߚ<DTX­
YDQODVKRUWDOL]DV
ߚ<WºF³PRHVTXHORVDEHVFRQWDQWRGHWDOOH"
ߚUHDFFLRQ³ILQDOPHQWHHOSDGUH
ߚ3RUTXHORV©ߚUHVSRQGL³W­PLGDPHQWHHOKLMR
ߚb1RPHGLJDVTXHKDVHVWDGRUHJDQGRODWLHUUDGHWXVDEXHORV
ߚ6HQWHQFL³ HO KRPEUH FRPR DQXQFLDQGR XQ FDVWLJR (O QL±R QR
UHVSRQGL³ GH LQPHGLDWR (O SDGUH LQVLVWL³ KDVWD REOLJDU D VX KLMR D
FRQIHVDUORTXH\DVRVSHFKDED
ߚ+HHVWDGRUHJDQGRODWLHUUDGHORVDEXHORVߚGLMRHOQL±R
ߚ7XPDGUHWHORKDSHGLGR"
ߚLGHDP­DKDVLGR
ߚb< \R TXH QR GHVHDED VHPEUDU HQHUJ­DV HQ HVD FKDFUD ߚVH
ODPHQW³HOKRPEUHGHVSX©VGHXQUDWRߚ&XDQGRXQRODWUDEDMDVH
HQFDUL±D\GHVSX©VVHKDFHGLI­FLOGHMDUOD3RUTXHQRTXHUHPRVTXH
HVDSURSLHGDGQRVDPDUUHYHUGDG"
ߚ6­ߚUHVSRQGL³HOQL±R
ߚ1RVYDPRVGHDTX­QRHVDV­"
ߚ6­SDS¡
ߚ0LUDYHQGHPRV\FRQHVDSODWDQRVLQVWDODPRVFRPRUH\HVHQ
ODFLXGDG<DOO­V­TXHQDGDQRVIDOWDU¡3RGU¡VWHQHUWXSURSLDUDGLR
\XQWHOHYLVRUDFRORU/RVQL±RVGHODFLXGDGYHQOLQGRVSURJUDPDV
TXHWHORVSLHUGHVSRUYLYLUHQ$URPD
(QHVHPRPHQWR)UDQFLVFR3DQLUHFRPHQ]³HOGLVFXUVRLQDXJXUDO
LQLFLDQGRRILFLDOPHQWHHOJUDQMXHJRGHOl&RPSUH\YHQGD{
ߚb(VW¡DELHUWRHOEDQFRFKLTXLOORV4XLHUHQGLQHUR"
ߚb7DPEL©QVHDEUHOD0XQLFLSDOLGDGSDUDFXDOTXLHUWU¡PLWH
ߚb0DQWHQJDQ HO RUGHQ FLXGDGDQRV SRUTXH OD FRPLVDU­D \D HVW¡
IXQFLRQDQGR
ߚb<ODHVFXHOD
ߚb/D*REHUQDFL³Q\HOKRVSLWDO
ߚb9HQGR KHUPRVD SURSLHGDG ߚDQXQFL³ XQR GH ORV M³YHQHV
3HUHD TXH WRGDY­D FRQVHUYDED SURSLHGDGHV HQ HO YDOOH DXQTXH
OOHYDEDYDULRVD±RVYLYLHQGRHQODFLXGDGMXQWRDOPDU
ߚb9HQGR FDVD DOKDMDGD FRQ KHFW¡UHD GH WHUUHQR ߚOH DFRPSD±³
HQHODQXQFLRRWURGHORVM³YHQHV
ߚb&RPSURߚUHVSRQGL³HQVHJXLGDXQRGHORVDQFLDQRV
ߚb9HQGRVLWLRHQGRVPLOORQHVb'RVPLOORQHV
ߚb&RPSUR
31/44
 (Q OD VRUSUHQGHQWH GLYHUVL³Q TXH VH GHVDUUROODED HQ OD FLPD GHO
FHUUR ORV KDELWDQWHV P¡V YLHMRV GH $URPD GHIHQG­DQ VXV
SURSLHGDGHV D SOHQR FLHOR DGTXLULHQGR GH PHQWLUD DTXHOODV TXH HQ
UHDOLGDG VLHPSUH VR±DURQ SDUD KHUHG¡UVHODV D VXV KLMRV FXDQGR HO
WLHPSR \ OD HGDG DV­ OR GLVSXVLHUDQ $QWH HO DEDQGRQR FRQVWDQWH
TXHORVM³YHQHVKDF­DQGHOYDOOHWDOYH]HUDLQVHQVDWRGHORVYLHMRV
SUHWHQGHU P¡V SRVHVLRQHV GH ODV TXH VLHPSUH WXYLHURQ SDUD
GHM¡UVHODV D KLMRV TXH \D QR YLY­DQ FRQ HOORV $ SHVDU GH HVR HO
MXHJRVHJX­DVHJºQODFRVWXPEUHFRQWUDYLHQWR\GHVHR
ߚb9HQGRFKDFUDFRQIUXWDOHV
ߚb9HQGRKLMXHODGHODORPD
ߚb9HQGRVLWLRHQGRVPLOORQHVb'RVPLOORQHV
ߚb&RPSURߚUHSOLF³RWURGHORVDQFLDQRV
ߚb&RPSUR
(O LQWHQVR FDORU GH OD PLWDG GHO G­D QR DSDFLJX³ ORV ¡QLPRV GH
SRVHVL³QHQORVDQFLDQRV\GHGHVSUHQGLPLHQWRHQORVM³YHQHV
(OQL±RIXHHQEXVFDGHVXVDPLJRVXQDYH]FXPSOLGRHOWUD]DGR
GHO WHUUHQR TXH VX SDGUH SRQGU­D HQ YHQWD /RV QL±RV GH OD FLXGDG
JR]DEDQFRQHOH[WUDRUGLQDULRSDVDWLHPSRGHORVDGXOWRVWDQGLVWLQWR
DVXVGLYHUVLRQHVKDELWXDOHV1LVLTXLHUDHQODWHOHYLVL³QKDE­DQYLVWR
QDGDVLPLODU
0DPLUH VH UHXQL³ FRQ 2FVD &DLSD \ &HYDOORV &DUPLQD VH
HQWUHWHQ­DSODQWDQGR\VHPEUDQGRHQODWLHUUDGHVXIDPLOLD\0DPLUH
FRPSUHQGL³ TXH SRU HO UHVWR GHO G­D QR VDOGU­D GH DOO­ /RV FXDWUR
DPLJRVVHXELFDURQHQODORPDFHUFDQDDFRQWHPSODUHOFLHORTXHVH
FXEU­D SDXODWLQDPHQWH GH QXEHV WDQ WHQXHV FRPR OD VHGD XQ
DOJRG³QOHMDQRXQFºPXORGHQXEHVTXHVHH[WHQG­DHQORDOWRKDVWD
VHPHMDU ODV HVSXPRVDV RODV GHO PDU HVH RF©DQR TXH D 0DPLUH
WDQWDVYHFHVOHKDE­DGHVFULWRVXSDGUH
ߚb0LUHQ ߚJULW³ UHSHQWLQDPHQWH 2FVD DO WLHPSR TXH VH±DODED
KDFLDHOFLHOR
ߚb(VDVQXEHVVRQFRPREDUFRVߚDJUHJ³&HYDOORV
0DPLUH YLR EXTXHV QDYHJDQGR HQ HO D]XO PLHQWUDV ODV QXEHV
IRUPDEDQDUHQDOHVEODQFRVHQFX\DVULEHUDVVHGHWHQ­DQODVRODVߚ
$V­HVHOPDU"ߚSUHJXQW³0DPLUH
ߚb8QUHPROFDGRUߚDQXQFL³&DLSD
ߚb8QDJUºDߚDJUHJ³&HYDOORV
ߚb(VRSDUHFHXQHGLILFLRߚFRQWLQX³2FVD
ߚ'³QGH"ߚFHUU³ORVRMRV&HYDOORVSDUDDILQDUODPLUDGD
ߚ1RYHQODVYHQWDQDVSODWHDGDV"
l(GLILFLRVKLMRߚODVSDODEUDVGHOSDGUHUHVRQDURQHQODPHQWHGH
0DPLUHߚ VRQ ODV FRQVWUXFFLRQHV GH OD FLXGDG 6H OHYDQWDQ FRQ
YDULRV SLVRV (Q HOORV WUDEDMD R YLYH OD JHQWH /D GLIHUHQFLD HV TXH
FDGD YLYLHQGD HVW¡ SXHVWD XQD VREUH OD RWUD \ VH OOHJD D HOODV SRU
HVFDOHUDV HQ ORV HGLILFLRV YLHMRV \ FRQ DVFHQVRUHV HQ ORV
PRGHUQRV{
ߚb6­DK­HVW¡ߚJULW³DGPLUDGR&HYDOORVߚb$KRUDORYHR
ߚb6RQFLHQWRVGHHGLILFLRVߚDILUP³HQVXDUUHEDWRHOQL±R2FVD
FROPDGRGHDVRPEUR
ߚb6­HVXQDFLXGDGGHDOXPLQLRߚUHSOLF³&DLSD
ߚb'H SODWD \ OXQD ߚPXUPXU³ 0DPLUH DW³QLWR DQWH HO SURGLJLR
VXVSHQGLGR HQWUH QXEHV GH URVD DFHQWXDGR HQ HO LQWHQVR D]XO GH
DTXHOFLHOR
5RGHDQGR OD FLPD GHO $URPD HO EUXPRVR HVSHMLVPR VXUJL³ GH OD
QDGD HQ DTXHO PDU DELHUWR DSDUHFL³ HO UHIOHMR GH OD FLXGDG
GHVOXPEUDQWH FLXGDG TXH 0DPLUH V³OR WHQ­D HQ OD PHQWH GHVSX©V
GHR­UWDQWRDVXSDGUHVREUHHOOD(OFLHORTXHURGHDEDODFLXGDGGH
OD LOXVL³Q VH KL]R P¡V D]XO DO WLHPSR TXH ODV KRUDV HPSXMDEDQ DO
SRQLHQWH ODV OXFHV GHO G­D \ SRU HO RULHQWH VH GHVWDSDEDQ ODV
HVWUHOODV
ߚb9HQGR KHUPRVD SURSLHGDG ߚSURVLJXL³ HO EXOOLFLR FRPR VL
QLQJXQR GH ORV MXJDGRUHV GHO lFRPSUH \ YHQGD{ KXELHVH YLVWR HO
SRUWHQWRGHVFXELHUWRSRUORVQL±RV
ߚb&RPSUR
ߚb9HQGRFDVDDOKDMDGDFRQKHFW¡UHDGHWHUUHQR
ߚb&RPSURߚb9HQGRVLWLRHQGRVPLOORQHVb'RVPLOORQHV
ߚb&RPSURߚJULWDEDQORVDQFLDQRVFDVLHQFRUR
32/44
 ߚb&RPSUR
$ODWDUGHFHUORVDEXHORVGH$URPDVHPRVWUDEDQIHOLFHV1LQJºQ
DIXHULQR GH ORV YHQLGRV D OD )LHVWD VH KDE­D LQWHUHVDGR VHULDPHQWH
HQ ODV WLHUUDV (O MXHJR KDE­D VLGR V³OR MXHJR /DV KHUHGDGHV
SHUPDQHF­DQSRUXQD±RP¡VDOPHQRVHQSRGHUGHODVIDPLOLDVGH
$URPD ODV WLHUUDV FRQWLQXDEDQ DWDQGR DO YDOOH D KLMRV \ QLHWRV
LPSLGL©QGROHV DUUDQFDU ODV UD­FHV HFKDGDV DOO­ SRU ORV SULPHURV TXH
OR KDE­DQ RFXSDGR /RV KRPEUHV M³YHQHV PX\ SRU HO FRQWUDULR QR
RFXOWDEDQ VX HVSHUDQ]D GH GHVKDFHUVH DOJºQ G­D GH DTXHOORV
WHUUX±RVTXHOHVHQFDGHQDEDQDOSDVDGR6HJºQODDEXHOD*UHJRULD
HOORV QR VDE­DQ TXH DV­ HPSREUHF­DQ TXH DO PDUFKDUVH GHO YDOOH
P¡VHUDORSHUGLGRTXHORSRUJDQDU3HURODVQXHYDVJHQHUDFLRQHV
V³OR WLHQHQ R­GRV SDUD ORV FDQWRV GH OD PRGHUQLGDG GHVR\HQGR OD
YR] IU¡JLO \ JDVWDGD GH ORV TXH P¡V VDEHQ GH DTXHOORV SRU FX\DV
YLGDVHOWLHPSRQRKDSDVDGRHQYDQRORVDEXHORV
&XDQGR HO DOFDOGH GLR SRU ILQDOL]DGR HO lFRPSUH \ YHQGD{ GH
$URPD OD FLXGDG GH OD LOXVL³Q DºQ SHUPDQHF­D HQWUH ODV QXEHV HO
ILUPDPHQWR VH SREO³ GH HVWUHOODV \ ORV QL±RV LQPXWDEOHV VLJXLHURQ
DGPLUDQGR HO HPEUXMR GH OD WDUGH DOXFLQDGRV FRQ HO VREUHFRJHGRU
HVSHFW¡FXORTXHWRGDY­DRIUHF­DDTXHOODXUEHOHYDQWDGDHQHOYLHQWR
VXVSHQGLGDVREUHODVDUHQDVGHVQXGDVGHODSDPSD
0DPLUH HUD HO P¡V PDUDYLOODGR GH WRGRV < ODPHQW³
SURIXQGDPHQWH TXH VX DEXHOD QR KXELHVH YLVWR OD FLXGDG GHO DLUH
GRUDGR (Q VX FRUWD YLGD MDP¡V KDE­D SUHVHQFLDGR XQD LOXVL³Q WDQ
SURGLJLRVD 6L SRU HO G­D DTXHOORV HGLILFLRV IXHURQ GH FULVWDO R GH
YLHQWR HQ HVH LQVWDQWH SUHFLRVR GHO FUHSºVFXOR DTXHOODV
FRQVWUXFFLRQHV HUDQ GH DUHQD WRUQDVROHDGD FKLVSDV GH VDO DVWLOODV
GH OXQD FRQFKXHODV PDULQDV SHWULILFDGDV SRU HO PLVPR RF©DQR TXH
ODVVHPEU³DOLQWHULRUGHORVFHUURV
0DPLUHSUHVLQWL³DOILQHOW©UPLQRGHODLPDJLQHU­D\FRUUL³MXQWRD
VX SDGUH WHPLHQGR KDEHU WDUGDGR GHPDVLDGR \ TXH ©VWH WXYLHVH
QRYHGDGHVVREUHODFKDFUDGHORVDEXHORVPDWHPRV/RHQFRQWU³HQ
DQLPDGD FRQYHUVDFL³Q FRQ HO PDHVWUR \ ORV WUHV M³YHQHV
lDWUDSDEUXPDV{ 'HWXYR VX FDUUHUD \ HO SURGLJLR TXH DFDEDED GH
SUHVHQFLDUVHGHVKDF­DFRPRSRUHQFDQWR$MX]JDUSRUHOVHPEODQWH
FH±XGR GH VX SDGUH GHGXMR TXH KDEODEDQ GH DOJR PX\ VHULR (O
KRPEUH V³OR SUHVWDED R­GRV D ODV HQFHQGLGDV H[SUHVLRQHV GHO
PDHVWURTXHFRQWDEDQFRQODWRWDODSUREDFL³QGHORVPXFKDFKRVTXH
HQWRGROHVHFXQGDEDQ
ߚb8QPXVHRߚGHF­DHOSURIHVRUߚb8QPXVHRHVFRPRXQOLEUR
(Q ©O UHFRJH XVWHG OD PHPRULD GH XQ SXHEOR DOO­ VH FRQVLJQD OD
KLVWRULDGHORVKRPEUHVVLQSDODEUDVDWUDY©VGHORVREMHWRVFUHDGRV
SDUDGHVDUUROODUODYLGD
(O SDGUH GH 0DPLUH QR UHSOLFDED 6X VHPEODQWH VHFR QR
GHPRVWUDED HQRMR 0¡V ELHQ HUD XQ PLODJUR HO TXH FRQVHJX­D HO
PDHVWURDOFDSWXUDUGHWDOPRGRHOLQWHU©VGHOKRPEUH
ߚb,PDJLQHWRGDODKLVWRULDTXHVHSXHGHGHVHQWHUUDUHQHVWHYDOOH
b(V IDVFLQDQWH b&XDOTXLHU DQWURS³ORJR TXLVLHUD XQD RSRUWXQLGDG
FRPR©VWD
ߚ$GHP¡VߚDJUHJ³XQRGHORVM³YHQHVߚ\DVHKDEODGHODIXWXUD
FDUUHWHUD GHO $OWLSODQR TXH FRUUHU¡ D OR ODUJR GH OR TXH VH FRQRFH
FRPRHO&DPLQRGHO,QFD
+RPEUH\PDHVWURTXHGDURQSHUSOHMRVFRQODVSDODEUDVGHOMRYHQ
l(UDFLHUWRDTXHOOR"3DVDU­DSRUHOYDOOHXQDFDUUHWHUD
ERUGHDQGRODFRUGLOOHUDKDFLDHOQRUWH"{
ߚ< OOHJDU¡ KDVWD HO &X]FR VHJºQ HVW¡ SODQLILFDGR ߚDJUHJ³ OD
MRYHQ
ߚ6³OR IDOWD HO ILQDQFLDPLHQWR ߚFRPSOHW³ HO WHUFHUR GH HOORV
(QWRQFHV UHFL©Q UHDFFLRQ³ HO PDHVWUR FRQ P¡V HQWXVLDVPR TXH
QXQFD
ߚ6H LPDJLQD" b&X¡QWD JHQWH YLVLWDU¡ HVWRV SDUDMHV b&X¡QWRV
YDOOHV\SXHEORVFRPR$URPDYROYHU¡QDTXHGDUFRPXQLFDGRVFRPR
DQWD±R /D YLGD VH KDFH YLGD GH QXHYR 6L \R WXYLHUD OD SRVLELOLGDG
GH3HURGHPRPHQWRXVWHGVDEHFRPRHVW¡QODVFRVDV
$TXHOOR VREUHFRJL³ DO QL±R l< VL FRQYHQF­DQ D VX SDGUH"
$EDQGRQDU­DODLGHDGHYLYLUHQODFLXGDGMXQWRDPDU"{8QQXGR
DPDUJRDSUHW³VXJDUJDQWD/DILHVWDVGHOD6DQWD&UX]FXOPLQDEDQ
33/44
ORVTXHDHOODVDFXGLHURQVHLU­DQPX\SURQWRGHMDQGRDOYDOOHHQOD
PLVPDVROHGDGGHVLHPSUH
ߚ8VWHG VDEH ߚSURVLJXL³ HO PDHVWURߚ TXH QRV YDPRV
GHILQLWLYDPHQWH SHUR OH DVHJXUR TXH PH JXVWDU­D D\XGDU HQ HO
SUR\HFWR GHO PXVHR \ FUHR TXH SRGU­D KDFHUOR GHVGH GRQGH PH
HQFXHQWUHVLHVTXHXVWHGVHTXHGD
ߚ$QRVRWURVWDPEL©QQRVJXVWDU­DFRODERUDUߚDJUHJ³ODMRYHQߚ
(VSHUR HVWDU FHUFD ߚFRQWLQX³ HO PDHVWURߚ OR VXILFLHQWHPHQWH
FHUFDFRPRSDUDSRGHUKDFHUOR(VSHURQRWHQHUTXHDOHMDUPHWDQWR
FRPR SDUD TXH QR V© VL XVWHG PH HQWLHQGH ߚ(V TXH XVWHG QR
SXHGH LUVH DKRUD SURIHVRU ߚ FRPHQW³ OD MRYHQ GHPRVWUDQGR TXH
HVWDEDDOWDQWRGHODVLWXDFL³QGHOPDHVWURߚ0D±DQDYLDMDPRVDOD
FLXGDG\VLTXLHUHSRGHPRVFRQVXOWDUHQODXQLYHUVLGDGHODVXQWRGHO
PXVHR
ߚ3RUP­ߚUHVSRQGL³HOPDHVWURߚSXHGHQKDFHUOR
ߚ<XVWHGTX©GLFH"ߚVHYROYL³DOSDGUHGH0DPLUHODMRYHQߚ
9DPRVDEXVFDUPDWHULDOSDUDFXEULUP¡VORPDMH7HQHPRVEDVWDQWH
WUDEDMRSHURLJXDOOHD\XGDPRVHQODFUHDFL³QGHOPXVHR
(O SDGUH GH 0DPLUH HVWDED GHPDVLDGR DWXUGLGR FRPR SDUD
UHVSRQGHU GH LQPHGLDWR $XQTXH VHJX­D FRQVLGHUDQGR DTXHOOD LGHD
FRPRXQDORFDDVSLUDFL³QUHFRQRFL³TXHHVDJHQWHQRKDEODEDVROR
SRU KDEODU < DTXHOOR GH OD FDUUHWHUD RWUR VXH±R XQ SUR\HFWR P¡V
HVRV SODQHV DILHEUDGRV TXH MDP¡V VH OOHYDQ D FDER l< VL IXHUD
FLHUWR DOJXQD YH]"{ /DV GXGDV OH DFRPHWLHURQ FRPR DYHV YRUDFHV
WUDV HO DOLPHQWR $V­ DO PHQRV VH OR KL]R YHU P¡V WDUGH D VX KLMR
FXOPLQDGRHOMXHJRGHOlFRPSUH\YHQGD{DQWHVGHTXH0DPLUHVH
ODQ]DQFHUURDEDMRHQGHVHQIUHQDGDFDUUHUDKDFLDODLJOHVLD
ߚ7RGDY­DTXLHUHVFRQRFHUODFLXGDGKLMR"
ߚ6­ ߚUHVSRQGL³ 0DPLUH HYRFDQGR ORV HGLILFLRV GH OD
WUDQVSDUHQFLDTXHVHGLVROY­DQHQHOYLHQWR
ߚ<HOPDU"
ߚ7DPEL©Q ߚD VX PHQWH FRUULHURQ SUHVXURVDV ODV QXEHV GH
DTXHOODWDUGHSUHFLRVD
ߚ7HLPSRUWDU­DHVSHUDUXQRVPHVHV"
ߚ1R ߚUHVSRQGL³ 0DPLUH VLQ HO PHQRU DWLVER GH GHVHQFDQWR ߚ
0H SUHRFXSD OD VDOXG GH WX DEXHOD ߚSURVLJXL³ HO SDGUH GH 0DPLUH
ߚ $ YHFHV PH DVDOWD XQ PLHGR WHUULEOH XQ PLHGR TXH D YHFHV VH
FXPSOH
ߚ&X¡O"
ߚ4XHODSDPSDFRQVLJXHHQORTXHFHUDORVTXHODKDELWDPRV
1R HV HVR OR TXH OH RFXUUH D WX DEXHOD TXL]¡V" 3HUR D UDWRV
SLHQVR TXH WRGR HV XQ HQJD±R /D VDOXG GH WX DEXHOD ORV YLHMRV
TXHVHTXHGDQWDQVRORVHOWHUUHQRGHWXPDGUHODVIDQWDV­DVGHODV
TXHWDQWRVHKDEODHQ$URPD1RORV©KLMR3RUSULPHUDYH]WHQJR
GXGDVGHVLVHU¡EXHQRTXHQRVYD\DPRVSDUDVLHPSUHGHOYDOOH
0DPLUH DSURYHFK³ GH LQPHGLDWR OD SRVLELOLGDG TXH VX SDGUH OH
GDED GH WRFDU RWUD YH] HO WHPD TXH KDVWD HQWRQFHV VH KDE­D
PDQWHQLGRRFXOWR
ߚ3XHGRUHJDUODFKDFUDGHORVDEXHORV"
ߚ(VDV VRQ EXHQDV WLHUUDV KLMR 0H DOHJUR TXH WH SUHRFXSHV
GH HOODV < VDEHV" 6H PH RFXUUH TXH SRGHPRV KDFHU DOJXQRV
FDPELRV 0H HQFDQWDU­D SUHSDUDU XQ SHGD]R GH WHUUHQR SDUD ODV
YLGHVTXHFXOWLYD&RQWUHUDV'DQXQSLVFRTXHVHYHQGHU­DPX\ELHQ
HQODFLXGDG
0DPLUHVLQWL³TXHVXFRUD]³QGDEDXQEULQFRHQHOSHFKR\WXYRHO
LPSXOVR GH VDOLU FRUULHQGR FRPR XQ DQLPDOLWR HQ HVWDPSLGD 'H
WULVWH]D" 'H LQFHUWLGXPEUH" 'H DOHJU­D" 6X SDGUH \D QR SXGR
VHJXLUOH PDQLIHVWDQGR VXV SUHRFXSDFLRQHV \ GXGDV 0DPLUH FRUU­D
FHUURDEDMR)HOL]SRUTXHSRUSULPHUDYH]VXSDGUHVHPRVWUDEDWDQ
FRPXQLFDWLYRFRQ©O'LFKRVRSRUTXHSDUHF­DFXPSOLUVHHOGHVHRGH
ODDEXHOD&RQWULVWH]DSRUTXHVXDQKHORGHYHUSRUILQODFLXGDG\HO
PDU TXHGDED SRVWHUJDGR ,QGHFLVR DO QR VDEHU VL HO PDHVWUR
VHJXLU­DHQVH±DQGRHQODHVFXHOLWDGHOYDOOH
(QVXFDUUHUDVHGHWXYRGRVRWUHVYHFHVDYHULILFDUVLODFLXGDGGH
OD WUDQVSDUHQFLD DºQ SHUPDQHF­D HQ HO FLHOR 6³OR YLR HO FRVPRV
D]XOLQRHPHUJLHQGRFDUJDGRGHOXFHURV6REUHODHQFXPEUDGDFLPD
GHO $URPD FUH\³ GLVWLQJXLU DSHQDV OD SXQWD GHO ºOWLPR UDVFDFLHORV
EULOODQGRLQWHQVDPHQWHHQWUHORVFXHUSRVFHOHVWHV3HURDTXHOORGXU³
34/44
WDQV³ORXQVHJXQGRSRUTXHVLQGHPRUDVHGHVGLEXM³ILQDOPHQWHHQ
PHGLRGHODMHWUHRGHODVHVWUHOODVDFDGDVHJXQGRP¡VLQWHQVR
(Q RWUR VHJXQGR HO QL±R FRUU­D GH QXHYR GHO FHUUR DO YDOOH 6XV
SLHV OHYDQWDEDQ FDVTXHWHV GHO SROYR VHFR \ HVTXLYR HQ HO GXUR
WHUUHQR GH OD UHVTXHEUDMDGD SHQGLHQWH /D PDQWD GH 0DPLUH
DOHWHDEDHQHOGHVFHQVRFRPRORVLPSXOVRVGHXQS¡MDURLQWHQWDQGR
DOFDQ]DUHOYXHOR
(Q OD LJOHVLD HQFRQWU³ DO VH±RU FXUD SUHSDU¡QGRVH SDUD RILFLDU OD
PLVD YHVSHUWLQD (O VDFHUGRWH UHFLEL³ D 0DPLUH FRQ XQD DPSOLD
VRQULVD GH VDWLVIDFFL³Q /H DJUDGDED FRQWDU HQ $URPD FRQ XQ
PRQDJXLOORWDQGLOLJHQWH
$ ORV SRFRV VHJXQGRV ODV WUHV SHTXH±DV FDPSDQDV GHO YDOOH
UHSLFDEDQFKLVSHDQWHVPDQWHQLHQGRHOULWPRFRQWLQXRKDVWDTXHHQ
$URPDQRKXERXQVRORFULVWLDQRTXHQRDFXGLHVHDVXOODPDGR
 /$(6&8(/$//(1$'(1,f26
$TXHO OXQHV HQFRQWUDURQ FHUUDGD OD SXHUWD GH OD HVFXHOD /RV
DEXHORV\0DPLUHWXYLHURQTXHHPSXMDUXQDGHODVSHVDGDVKRMDVGH
PDGHUDSDUDLQJUHVDUDOUHFLQWR(OSURIHVRUWDPSRFRDJXDUGDEDHQ
HOSDWLRFRPRVRO­DKDFHUORDOLQLFLRGHFDGDMRUQDGD
5HVXHOWRV VH GLULJLHURQ D OD VDOD GH FODVHV $TXHOOD SXHUWD VLQ
HPEDUJRHVWDEDHQWUHDELHUWDHOPDHVWURVHKDOODEDMXQWRDVXPHVD
GH WUDEDMR GHVDOHQWDGR \ PDQLSXODQGR PHF¡QLFDPHQWH XQ HQRUPH
FDQGDGRDPDULOOHQWR
ߚ%XHQRV G­DV VH±RU ߚVDOXGDURQ ORV DQFLDQRV HQ XQD VROD
YR]DSL±¡QGRVHEDMRHOPDUFRGHODSXHUWD
ߚb%XHQRVG­DVߚUHVSRQGL³VRUSUHQGLGRHOPDHVWUR
/RV DQFLDQRV \ HO QL±R VH GLULJLHURQ UHVSHWXRVDPHQWH D ORV
EDQFRVDJXDUGDQGRODDXWRUL]DFL³QGHVHQWDUVH(OSURIHVRUOHVPLU³
GHVGH HO SXSLWUH DEUL³ \ FHUU³ QHUYLRVDPHQWH HO FDQGDGR YDULDV
YHFHVDQWHVGHKDEODU
ߚ0DPLUH
ߚ6­SURIHVRU"ߚUHVSRQGL³HOQL±R
ߚ1RWHKDVLGRDºQFRQWXSDGUH"1RWHQ­DODLQWHQFL³QGHLUVH
GHVSX©VGHODVILHVWDV"ߚSURVLJXL³HOPDHVWURHQWRQRODVWLPHUR
ߚ0LSDS¡VHTXHGDHQ$URPDVH±RU
ߚ6HTXHGD"
ߚ1R TXLHUH GHMDU VROD D OD DEXHOD 7LHQH PXFKR WUDEDMR FRQ ODV
SDQWDOODV < PL PDP¡ HVW¡ FRQWHQWD DWHQGLHQGR D ORV TXH DWUDSDQ
EUXPDV
ߚ7HTXHGDVKDVWDILQGHD±R"
35/44
 ߚ6­VH±RU
ߚb4X© PH GLFHV DOXPQR ߚH[FODP³ HO PDHVWURߚ b<R SLHQVR
FHUUDUODHVFXHOD\PDUFKDUPH
ߚ&HUUDUOD"ߚH[FODP³3DQLUH
ߚ$KRUDQRSXHGHKDFHUHVRSURIHVRUߚDJUHJ³&RQWUHUDVߚ1R
FXDQGRKHPRVYHQLGRHQOXJDUGHQXHVWUDVGR±DV
ߚ$SUHFLRODEXHQDGLVSRVLFL³QߚUHSOLF³HOSURIHVRUߚSHURQRV©
KDVWD GRQGH SXHGR SURORQJDU HVWH GLVSDUDWH 7DQWR XVWHGHV FRPR
ODVGR±DVQRVRQHQYHUGDGPLVDOXPQRV\FRPRWDOWHQJRV³ORXQR
&U©DQPHTXHORVLHQWRSHURHVWR\GHVDOHQWDGR(VFULE­XQLQIRUPH
D OD 6XE'LUHFFL³Q 3URYLQFLDO GH (GXFDFL³Q \ HQ ©O FRQVLJQR TXH
FXOPLQDGDODVILHVWDVGHOD6DQWD&UX]PLHVFXHOD\DQRFXHQWDFRQ
HOQºPHURVXILFLHQWHGHDOXPQRV4XLVLHUDSRGHUILQDOL]DUHOD±RFRPR
FRUUHVSRQGH ߚ1R SXGR SURVHJXLU 6H OH TXHEU³ OD YR] FRPR XQ
ILQR F¡QWDUR GH YLGULR KHFKR D±LFRV HQ HO ERUGH GH XQD IXHQWH GH
SLHGUD'HOEROVLOORLQWHULRUGHOYHVW³QULJXURVDPHQWHVREULRVDF³XQ
SD±XHOR EODQFR \ VH HQMXJ³ HO SDU GH O¡JULPDV TXH URGDURQ
LQIOH[LEOHVGHVDOSRUODVPHMLOODVTXHPDGDVDOVRO\DOYLHQWR
ߚ&UHR TXH QR VHU¡ QHFHVDULR TXH XVWHG HQY­H HVH LQIRUPH ߚ
UHVSRQGL³ 3DQLUH < GLULJL³ VXV RMRV DO QL±R 0DPLUHߚ 1LHWR
TXLHUHVKDFHUORTXHWHSHG­KDFHXQPRPHQWR"
ߚ6­DEXHORߚUHSOLF³HOQL±R\VDOW³FRPRSLQFKDGRSRUXQDDJXMD
ߚ 3HUPLVR SURIHVRU ߚGLMR 0DPLUH \ VDOL³ GH SULVD (O PDHVWUR
DOFDQ]³DYHUODVSLHUQHFLWDVGHOQL±RVREUHHOSROYRULHQWRHQWDEODGR
GHODVDODFRUULHQGRFRQODPLVPDYLWDOLGDGTXHORKDF­DQHQHOSDWLR
GHWU¡VGHOEDO³QUHJODPHQWDULR
ߚ4X©LQWHQWDKDFHUVH±RU3DQLUH"ߚSURWHVW³HOPDHVWUR
ߚ<D OR YHU¡ XVWHG ߚUHVSRQGL³ HO DQFLDQR < VH SRGU­D KDEHU
DILUPDGRTXHODIHOLFLGDGVHSODVPDEDHQHOURVWURGHODDXWRULGDGGHO
SXHEORFRPRXQDWHODUHFL©QSLQWDGD
(Q HVH PRPHQWR VH R\HURQ YRFHV IHPHQLQDV \ JULWRV GH QL±RV
SURYHQLHQWHVGHOSDWLR/DVYRFHVGLVFUHWDVVHDFHUFDEDQDWLHQWDV
ORVJULWRVLQWHQVRV\GHVHQIDGDGRVVHDSRGHUDURQU¡SLGDPHQWHGHO
UHFLQWR
&XDQGR HO SURIHVRU VH GLVSRQ­D D GHMDU VX DVLHQWR SDUD YHU TX©
RFXUU­DOODPDURQDODSXHUWD
ߚb$GHODQWHߚUHVSRQGL³HQ©UJLFR
8QD PXMHU SUHFHGLGD SRU 0DPLUH DSDUHFL³ HQ HO XPEUDO \ WUDV
HOODGRVRWUHVPDGUHV/RVJULWRVGHORVQL±RVVHJX­DQUHERWDQGRHQ
ORV PXURV H[WHULRUHV GH OD VDOD FRPR XQ EDO³Q HQ SHUSHWXR
PRYLPLHQWR
ߚ3HUG³Q VH±RU ߚEDOEXFH³ OD PXMHUߚ 3RGHPRV KDEODU FRQ
XVWHG"
ߚ+LMD K¡EOHOH FRQ FRQILDQ]D ߚLQWHUYLQR 3DQLUHߚ (O VH±RU
SUHFHSWRUHVUD]RQDEOH
ߚ/HKDU­DXVWHGXQOXJDUDQXHVWURVQL±RVHQODHVFXHOD"
ߚ/XJDUHVORTXHP¡VVREUDSHUR
ߚ6H±RU ߚUHLWHU³ OD PXMHUߚ QR VDEHPRV FX¡QWR WLHPSR P¡V
HVWDUHPRV HQ $URPD 3XHGH VHU XQ SDU GH VHPDQDV < QR
TXHUHPRVTXHORVQL±RVSLHUGDQHVFXHOD
(OPDHVWURHQPXGHFL³GHOWRGR0DPLUHSHVWD±HDED1LQJXQRGH
ORVDQFLDQRVKL]RHOPHQRUFRPHQWDULR
(Q HO WHFKR GHO UHFLQWR DOHWH³ GH SURQWR XQ DYH GH DODV EODQFDV
/RVQL±RVJULWDEDQDP¡VQRSRGHUHQHOSDWLR\XQRGHHOORVHQWU³
FKLOODQGR HQ OD VDOD DO WLHPSR TXH OODPDED l0DPD PDP¡{ (UD
P¡V SHTXH±R TXH HO UHVWR (O PDHVWUR OH REVHUY³ FRQ LQWHU©V \
0DPLUHSRGU­DKDEHUMXUDGRTXHHQHVHLQVWDQWHSUHFLVROXF­DP¡V
DOHJUHTXHSUHRFXSDGR(OPDHVWURVRQUH­D'RQ)UDQFLVFRPLU³DOD
PXMHU \ OH FHUU³ XQ RMR FRQ SLFDUG­D WDO YH] FRPR OR KDF­D HQ VXV
WLHPSRVGHMRYHQ
ߚ6HJºQ YHPRV ߚFRPHQWDURQ VDWLVIHFKRV ORV DQFLDQRVߚ HO
SURIHVRUQRQRVQHFHVLWD
(QGHILQLWLYDHVHOXQHVIXHXQDSURORQJDFL³QGHOGRPLQJRHOJUDQ
36/44
G­D GH ODV GHVSHGLGDV $TXHO GRPLQJR ORV KRPEUHV VH KDE­DQ
UHXQLGRHQODSOD]DDQWHVGHSDUWLU6HKDEU­DQPDUFKDGRGHOSXHEOR
FRPRVLHPSUHOOHY¡QGRVHDVXVPXMHUHVHKLMRV3HURODVDEXHODVVH
PDQWHQ­DQUHFOXLGDVHQFDVDDTXHMDGDVGHORLQH[SOLFDEOH'HQDGD
VHODPHQWDEDQODVGR±DV6RODPHQWHSDUHF­DQQRWHQHUHOFXHUSRHQ
DUPRQ­D FRQ HO DOPD $OJR TXH ODV GHMDED GHPDVLDGR WLHPSR VLQ
DUWLFXODU SDODEUD HQ HVSHFLDO IUHQWH D ORV KLMRV TXH VH DXVHQWDEDQ
FRQ OD YLVWD FODYDGD HQ ORV YHQWDQDOHV DELHUWRV D OD FRPSOLFLGDG
VLOHQFLRVDGHORVPRQWHVFHUFDQRV
/RV KRPEUHV VH IXHURQ GHMDQGR D VXV HVSRVDV HQ $URPD
PROHVWRV \ SUHRFXSDGRV FRQ HVWD H[WUD±D HQIHUPHGDG TXH
LQHVSHUDGDPHQWHOHVFRPSOLFDEDODSDUWLGD
(QFDVDGH0DPLUHHQFDPELRODVLWXDFL³QIXHGLIHUHQWH(OºQLFR
KLMR GH *UHJRULD SRVWHUJ³ VXV SODQHV < OR TXH P¡V PDUDYLOO³ D OD
DEXHOD \ D VX QXHUD IXH TXH HO KRPEUH QR VH DQJXVWL³ DQWH OD
SDUWLGDGHORVGHP¡V/RUHWHQ­DDTXHOTXHEUDQWRGHVDOXGSRUODTXH
DWUDYHVDED OD GR±D 6LQ HPEDUJR VH OH QRWDED FRQWHQWR &RQ ORV
G­DVOHKDE­DPHMRUDGRHO¡QLPRFRPRHOSDQTXHVHOHYDQWDDOFDORU
GHOKRUQR(VWDEDVDWLVIHFKRFRQORTXHKDF­DHQHOYDOOH/HJXVWDED
FDGD YH] P¡V SDUWLFLSDU HQ HO SUR\HFWR lDWUDSDEUXPDV{ TXH \D QR
FRQVLGHUDEDWDQORFRVHVHQW­DDJUDGHFLGRSRUHODJXDTXHREWHQ­D
VLQGLILFXOWDGGHOSR]R/HDQLPDEDYHUWDQFRQWHQWDDVXPXMHUFRPR
UHMXYHQHFLGDFRPRFXDQGRHUDQV³ORQRYLRVFRPRFXDQGRHOODWHQ­D
DVXVSDGUHVYLYRV
 /$6$8/$6'(/9$//(
5HFL©Q HO PDUWHV VH UHLQLFLDURQ ODV FODVHV FRPR 'LRV PDQGD (O
PDHVWUROXF­DUHVSODQGHFLHQWH6HKDE­DSXHVWRVXWHPRGHSD±R \
OOHYDEDXQDFRUEDWDTXHQDGLHOHKDE­DYLVWRDQWHV3RUSULPHUDYH]
GHVSX©V GH PXFKR WLHPSR FRQWDED FRQ OD FDQWLGDG VXILFLHQWH GH
DOXPQRV SDUD IRUPDGRV HQ GRV ILODV DXW©QWLFDV ORV SHTXH±RV
DGHODQWHORVJUDQGHVDOILQDOFRPRVHKDFHHQWRGDVODHVFXHODVGH
OD5HSºEOLFD
/RTXHDOFRPLHQ]RIXHPRWLYRGHLQPHQVDDOHJU­DQRGHM³GHVHU
XQD FRPSOLFDFL³Q SDUD HO PDHVWUR +DE­D UHFLELGR QL±RV GH FXUVRV
GLIHUHQWHV \ WXYR TXH DPROGDUVH U¡SLGDPHQWH D ODV GLIHUHQFLDV GH
QLYHOHQFDGDPDWHULD(OPDHVWURVHSDU³HOSL]DUU³QHQWUHVSDUWHV
GLVWULEX\HQGRDOO­ODHQVH±DQ]DVHJºQODFRUUHVSRQGHQFLDFRQFDGD
FXUVR HQ SDUWLFXODU $TXHO SULPHU G­D IXH FRPSOHMR $ YHFHV VH
FRQIXQG­D \ SDUHF­D LQFDSD] GH VDOLU GHO DWROODGHUR 'H SURQWR VH
YROY­D D ORV QL±RV FRQ ORV RMRV EULOODQWHV GH HPRFL³Q DO WLHPSR TXH
GHF­D lb%LHQ DOXPQRV &RPHQ]DUHPRV FRQ OD KLVWRULD GH $URPD
SRUTXHVHJXURHVTXHQRWRGRVODFRQRFHQ(QWLHPSRVPX\OHMDQRV
ORVLQFDVXVDURQHVWHYDOOHFRPRGHVFDQVR8QWDPERSDUDTXHHQ©O
VH UHIUHVFDUDQ ORV YLDMHURV \ ORV FKDVTXLV DTXHOORV FRUUHGRUHV
LQFDQVDEOHVTXHSRUWDEDQORVPHQVDMHVGHO,QFD3RVWHULRUPHQWHORV
HVSD±ROHV HQ VX D]DURVR FDPLQR GHVGH /LPD KDFLD OR TXH P¡V
WDUGHVHU­DHO5HLQRGH&KLOHHQFRQWUDURQLGHDOWUDQVIRUPDUHOYDOOH
GH $URPD HQ SRVWD GH DX[LOLR $TX­ VH GHWHQ­D HO SRVWLOO³Q 5HDO
OOHYDQGR HO FRUUHR D OD &DSLWDQ­D GH 6DQWLDJR (Q HVWH YDOOH ORV
KRPEUHV GH DTXHOORV WLHPSRV KDOODURQ VLHPSUH FDEDOORV IUHVFRV GH
UHVHUYD &RPR $URPD WLHQH IRUPD GH IDOGD OD KHFKXUD GH XQD
YHUGDGHUD YDVTXL±D VXV KDELWDQWHV SRU H[WHQVL³Q GH OD SDODEUD OH
37/44
OODPDURQ+XDVTXL±DTXHHVHOQRPEUHTXHOOHYDHOFHUURDTXHOTXH
VHYHHQODGLUHFFL³QTXHLQGLFRFRQPLPDQR(QߚSURVLJXL³HO
PDHVWURߚ HO 9LUUH\ GHO 3HUº RUGHQ³ TXH VH OHYDQWDUD OD SULPHUD
LJOHVLDGH$URPD(QHVRVD±RVOOHJ³WDPEL©QDOYDOOHHOSULPHUSHUDO
OD SULPHUD KLJXHUD HO SULPHU GDPDVFR ¡UEROHV IUXWDOHV TXH QR
H[LVW­DQHQHVWRVSDUDMHV{
ߚ(O UHVWR GH OD KLVWRULD GH $URPD OD FRQRFHUHPRV HQ WHUUHQR ߚ
DQWLFLS³YLJRURVDPHQWHHOPDHVWURDOG­DVLJXLHQWHSURJUDP³VDOLGDV
D ORV PRQWHV YHFLQRV FRQ ORV DQFLDQRV SDUD TXH GLRV WDPEL©Q
HQVH±DUDQDORVQL±RVORPXFKRTXHVDEHQ
$ SDUWLU GH HQWRQFHV FRPHQ]DURQ D UHXQLUVH SRU ODV WDUGHV HQ OD
SOD]DSDUDUHDOL]DUEUHYHVH[SHGLFLRQHV/RVQL±RVDFRQVHMDGRVSRU
VXVDEXHORVDFRPSD±DEDQD0DPLUHHQODVODERUHVGHSDVWRUHR\DO
FDHU OD WDUGH OR VHJX­DQ KDVWD ORV VXUFRV GHO UHJDG­R GH WDQ EXHQ
JUDGR \ FRQ WDO HQWXVLDVPR TXH VLQ GDUVH FXHQWD IXHURQ ROYLGDQGR
DTXHOORVMXJXHWHVWUD­GRVGHODFLXGDG
$OFXDUWRG­DGHFODVHVORVQL±RVVHJX­DQD0DPLUH\DORVDEXHORV
HQ WRGRV VXV K¡ELWRV EDMR OD DWHQWD PLUDGD GHO PDHVWUR /RV QL±RV
YLHURQ UHXQLU HO JDQDGR DEULU ORV SDVRV GH DJXD DOLPHQWDU D ORV
DQLPDOHVFRUUDOHURVFD]DUDYHVGHFHUURFRQXQSDOLWR\XQSX±DGR
GHWULJRHVSDUFLGRDOUHGHGRUGHXQDMDXODLPSURYLVDGD
6LQVLTXLHUDQRWDUORFDGDFXDOVHIXHKDFLHQGRGXH±RGHORVX\R
6H FXPSO­D OR TXH GR±D *UHJRULD QR VH FDQVDED GH UHSHWLU l4XH
WRGRV VRPRV GXH±RV GH OD ULTXH]D TXH SXVR 'LRV HQ HO XQLYHUVR
4XHV³ORWHQHPRVTXHUHFODPDUFRQDPRUORTXHPHUHFHPRV\TXH
YDHVQXHVWUR{
3HUR HVRV QL±RV QR V³OR VH DSURSLDEDQ GH OR VX\R VLQR TXH
DGHP¡VDVXP­DQODVWDUHDVTXHFRUUHVSRQG­DQDFDGDXQR
8QG­DHODEXHOR&DLSDVXEL³FRQHOORVDOPRQWH
ߚ'HTXL©QHVHVWHUHED±R"ߚSUHJXQW³HODQFLDQR
ߚ&UHRTXHHVP­RߚGLMRXQRGHORVFKLFRV
ߚ&³PRTXHFUHR"ߚLQVLVWL³&DLSD
ߚ1RHVWR\PX\VHJXURߚTXLVRUHVSRQGHUHOQL±R
ߚ$EXHOR
ߚ6R\WXDEXHOR&DLSD<WHUHSLWRTXHGHEHVUHFRQRFHUWXUHED±R
3RUTXHHVWRVDQLPDOHVVRQGHORVDEXHORVGH$URPDHVFLHUWRSHUR
XVWHGHVVRQORVQLHWRVGHHVWHPDUDYLOORVRYDOOH(QWLHQGHQ"
ߚ6­DEXHOR&DLSDߚUHSOLF³HOPLVPRFKLFR
ߚ%LHQ ߚSURVLJXL³ HO DQFLDQRߚ DKRUD OHV YR\ D HQVH±DU F³PR
UHFRQRFHU D VXV DQLPDOHV 9HDQ 7RGRV WLHQHQ XQD PDUFD HQ ODV
RUHMDV $ YHU (VWRV WLHQHQ WUHV FRUWHFLWRV FRQ ODQDV D]XOHV 'H
TXL©QSXHGHQVHU"
/RVFKLFRVQRUHVSRQGLHURQ
ߚ$ TXL©Q SHUWHQHFHQ HVWRV DQLPDOHV 0DPLUH" ߚLQVLVWL³ HO
DQFLDQR
ߚ0L$EXHOR&HYDOORV
ߚb(VRb ߚFRQILUP³ HO DQFLDQRߚ +D\ DTX­ DOJºQ QLHWR GH
&HYDOORV"
ߚb<RbߚGLMR&HYDOORV
ߚ%LHQߚSURVLJXL³HODQFLDQRߚHVWHHVWXUHED±R$SUHQGHU¡VD
VHUVXSDVWRU\GXH±R
(O FKLFR VH VRQURM© GH SXUR FRQWHQWR SRUTXH MDP¡V LPDJLQ©
SRVHHU WDQWRV DQLPDOLWRV $ FRQWLQXDFL³Q HO DQFLDQR &DLSD OHV
HQVH±©F³PRVHOODPDEDDORVDQLPDOHV\TX©³UGHQHVVHOHVGDEDD
ORVSHUURVYROXQWDULRVHQHOSDVWRUHR
(VD WDUGH HO DQFLDQR &DLSD ORV KL]R FDPLQDU PXFKR SRUTXH
IXHURQUHXQLHQGRDFXDQWRDQLPDOSDVWRUHDEDVXHOWRFRPRVLDQDGLH
SHUWHQHFLHUD
2WUR G­D FXDQGR \D FD­D OD QRFKH 0DPLUH ORV OOHY© D WRGRV D OD
FDVD GH OD DEXHOD +XDUDFKH TXH ORV UHFLEL³ GH EXHQ WDODQWH DXQ
FXDQGRVHGHFODUDEDGHOLFDGDGHVDOXG
ߚ$EXHOD ߚGLMR 0DPLUHߚ PLV FRPSD±HURV TXLHUHQ FRQRFHU ORV
FRORUHVGHORVFHUURV
/DDEXHOD+XDUDFKHVDOL³FRQHOORVDOH[WHULRUGHODFDVDOHVIXH
PRVWUDQGR FDGD WRPD H[SOLFDQGR SRU TX© VH FRORUHDEDQ GLVWLQWR
VHJºQODKRUDGHOG­DSRUHOWU¡QVLWRTXHKDF­DHOVRO
ߚ6L YHQ TXH HO FHUUR WRPD XQ WLQWH URML]R ߚGLMR OD DEXHOD
38/44
+XDUDFKHߚ HVW¡ GLFLHQGR TXH HQFLHUUD FREUH HQ VXV HQWUD±DV \
P¡VFODULWRFXDQGRODURFDWLHQHDXUHRODVYHUGHV\D]XOHV$V­PHOR
GHF­D VLHPSUH PL ILQDGLWR PDULGR PX\ VDEHGRU GH ORV DVXQWRV
PLQHURV6LYHQWRQRVDPDULOORVHQHOFHUURWLQWHVGRUDGRV\TXHQR
VH HPSD±D EULQTXHQ GH DOHJU­D QL±RV P­RV SRUTXH DOO­ KD\ RUR
QDWLYR
/RV DEXHORV LPSDFLHQWHV HVSHUDEDQ VX WXPR SDUD VDOLU FXDQWR
DQWHV FRQ VXV QLHWRV D HQVH±DUOHV DTXHOOR TXH HUD SURSLR GH VX
GRPLQLR
ߚ$EXHODGLMR0DPLUHXQG­DDGR±D*UHJRULDߚPLVFRPSD±HURV
TXLHUHQVDEHUF³PRVHHFKDHQWLHUUDHOULHJR
/D DEXHOD OR SHQV³ XQ PRPHQWR 6XVSLU³ ELHQ KRQGR WDQ
DFRPRGDGDFRPRHVWDEDHQVXVLOODGHVLHPSUHKDFLHQGRSXQWRFRQ
SLWLOOD
ߚ7ºVDEHVQLHWRTXHQRPHDWUHYRDVDOLUGHODFDVDߚ0LU³DVX
QXHUD HVSHUDQGR DOJXQD UHDFFL³Q GH HOOD TXH FRQILUPDUD VXV
SDODEUDV SDUD UHFRPHQGDU ILQDOPHQWHߚ 3HUR Wº PLVPR SRGU­DV
HQVH±DUOHV
ߚ7RGRVORVDEXHORVHQVH±DQORTXHVDEHQ
ߚ(OORV QR HVW¡Q FRQ HO ¡QLPR GHOLFDGR ߚUHVSRQGL³ GR±D
*UHJRULD
(VDPLVPDQRFKHODDEXHOD2FVDQRVHKL]RGHURJDUSDUDUHYHODU
ORVFDQWRVGHOYDOOH
©4XLVLHUDTXHYROYLHUDQ
ORVDxRVGHPLLQIDQFLD
SDUDYLYLUDOHJUH\VLQSUHRFXSDFLyQ
4XLVLHUD TXH YROYLHUDQ HVRV GtDV WDQ IHOLFHV HVDV OHMDQDV
KRUDVTXHVXUFDQHQPLPHQWH
6LWRGRHVTXLPHUD\SXUDIDQWDVtDª
(O DEXHOR &KRTXH VDOL³ FRQ HOORV RWUR G­D \ OHV PRVWU³ F³PR
DWUDSDUS¡MDURVFRQXQDYDULOODIOH[LEOH/RVFKLFRVIDVFLQDGRVSRUOD
HPRFL³Q TXH OHV FDXVDED PDQWHQHUVH ODUJDV KRUDV HQ VLOHQFLR
SXVLHURQDSUXHEDVXSDFLHQFLD1RDWUDSDURQS¡MDURDOJXQRSHURHO
DEXHOR&KRTXHFD]³XQPDWDFDEDOORVSUHFLRVRGHODUJDFRODQHJUD
/RVQL±RVQRSXGLHURQRFXOWDUVXDVRPEURFXDQGRHODEXHOR&KRTXH
SUHJXQW³ VL DOJXLHQ GHVHDED OOHY¡UVHOR SDUD FRFLQDUOR HQ OD FDVD
&RPRWRGRVGLMHURQTXHQLSRUQDGDVHORFRPHU­DQORGHM³OLEUH
$O G­D VLJXLHQWH VDOLHURQ WHPSUDQR DO VDODU P¡V FHUFDQR 4XLHQ
JXLDEDODH[FXUVL³QHUDHODEXHOR3HUHDTXHGDQGRHOPDHVWURGHOD
HVFXHODFRPRXQRP¡VGHODH[SHGLFL³Q(OVDODUHVHOWHUUHQRP¡V
SODQR TXH VH SXHGD HQFRQWUDU HQ DTXHOORV DOUHGHGRUHV 'H G­D
SDUHFH XQD ODJXQD GH SODWD \ GH QRFKH HO SURIXQGR OHFKR GRQGH
GRUPLWDQODVHVWUHOODV(QODUHJL³QKD\PRQWHVGHHVFDVDDOWXUDORV
TXH HO F³QGRU QL VLTXLHUD YLVLWD \ FX\RV IDOGHRV QR HVFXFKDQ OOXYLD
SRUFDQWRQLSRUOODQWR
3HUHD \ VX FRPLWLYD GH QL±RV VH LQWHUQ³ SRU ODV TXHEUDGDV SDUD
HQFRQWUDU ODJXQDV SREODGDV SRU EHOO­VLPRV IODPHQFRV GH SDWDV
ODUJDV \ GHOJDGDV /RV QL±RV DGPLUDURQ DVRPEUDGRV HO SUHFLRVR
SOXPDMH GH ILQRV WRQRV URVDGRV GH ODV SDFLHQWHV DYHV /RV
IODPHQFRV JXVWDQ GH OD TXLHWXG GH ODV DOWXUDV \ VXHOHQ HVWDUVH WDQ
TXLHWRV\VHPLKXQGLGRVHQHODJXDTXHGHSURQWRSDUHFHQXQDSDUWH
P¡VGHOSDLVDMH
ߚ&³PRVHVLHQWHQ"ߚTXLVRVDEHUHOPDHVWUR
ߚ&DQVDGRVߚUHVSRQGLHURQORVDOXPQRV
ߚ$UUHSHQWLGRVGHKDEHUYHQLGR"
ߚ1RbߚJULWDURQOOHQRVGHHQWXVLDVPR
ߚ%LHQYDPRVDYHUVLSRGHPRVDFDULFLDUXQRGHHVRVIODPHQFRV
1R SXGLHURQ 3HUR ORV YLHURQ HPSUHQGHU HO YXHOR TXH HV LJXDO TXH
DFDULFLDUORV (Q HO EDWLU GH DODV KDF­DQ OODPHDU VX SOXPDMH
VHPHMDQGRQXEHVQDFLGDVGHODVHQWUD±DVGHODVDJXDV
ߚ3RU OD QRFKH ߚDJUHJ³ HO PDHVWURߚ VH UHFRJHQ HQ HVRV
SURPRQWRULRVGHORGR\SLHGUDYROF¡QLFD
39/44
 ߚ/RVIODPHQFRVߚSURVLJXL³HODEXHOR3HUHDߚDQLGDQWDPEL©QD ߚb1RODVSXHGHQFDPELDUDOXPQRߚH[FODP³HOPDHVWURFRQWRWDO
ODRULOODGHODJXQDVFRPR©VWD+DFHQVXQLGRGHEDUUR\ODVKHPEUDV VHJXULGDGߚ b'XGR GH TXH HQ OD FLXGDG HQFXHQWUHQ DOJR GH OR TXH
SRQHQ XQ VROR KXHYR FDGD XQD 7DQWR HOODV FRPR ORV PDFKRV VH WHQHPRVDF¡(VDHVODSXUD\VDQWDYHUGDG
WXUQDQ SDUD HPSROODUOR (O JUDQ SHOLJUR TXH HQIUHQWDQ HV HO DFHFKR (VD QRFKH VH WHQGLHURQ GH HVSDOGDV HQ OD PHMRU GH ODV ODGHUDV
GHO ]RUUR (O PX\ DVWXWR VDEH TXH GHVSX©V GH ODV PDUFKDV PLHQWUDVHODEXHOR*DPERDHQXPHUDEDORVDVWURVGHOFRVPRV\ORV
QXSFLDOHV TXH HV FXDQGR HVWRV S¡MDURV EXVFDQ SDUHMD YLHQH HO LQYLWDEDDSRQHUOHQRPEUHVDODVHVWUHOODVTXHGHVFXEU­DQ0DPLUH
WLHPSRGHORVQLGRV3RUHVRORVIODPHQFRVFXDQGRYHQTXHHO]RUUR TXH VH VDE­D DTXHOOR FDVL GH PHPRULD VH GHGLF³ D FRQWHPSODU HO
VHDSUR[LPDHPSUHQGHQHOYXHOR\KDFHQVH±DVFRQODVDODVD OD HQFDQWR TXH FDGD KDOOD]JR SURGXF­D HQ &DUPLQD < HVD QRFKH OH
YH]TXHHPLWHQXQFDQWLWROHYHTXHV³ORHOORVHVFXFKDQ(O]RUURHV SDUHFL³D0DPLUHFX¡QYHUGDGHUDORTXHGHF­DQORVDEXHORVTXHHO
PX\ EULE³Q QL±RV VDEH SHUIHFWDPHQWH TXH FDGD PD±DQD FRQ ORV FLHORGH$URPDHVHOP¡VKHUPRVRGHOGHVLHUWRߋ
SULPHURV UD\RV GHO VRO \ SRU UD]RQHV TXH QDGLH VH H[SOLFD WRV
IODPHQFRV VH TXHGDQ LQP³YLOHV FRPR VL HVWXYLHUDQ WXOOLGRV HV HO
PRPHQWRTXHDSURYHFKDHO]RUURSDUDUREDUXQKXHYRRSDUDDWUDSDU
XQ SROOXHOR LQGHIHQVR /RV IODPHQFRV KDQ LGR DSUHQGLHQGR $KRUD
KDFHQVXVQLGRVDOLQWHULRUGHODODJXQDREOLJDQGRDO]RUURDHQWUDU
HQHODJXD\FRPRHOIRQGRIDQJRVRVHDEUHFRQHOSHVRGHODQLPDO
©VWHVHKXQGH\TXHGDDWUDSDGR
$QWHVGHTXHFD\HUDODWDUGHLQLFLDURQHOFDPLQRGHUHJUHVRSDUD
TXHODVVRPEUDVKHODGDVGHODQRFKHQRORVVRUSUHQGLHUDQHQSOHQD
SDPSD'HFXDQGRHQFXDQGRVHGHWHQ­DQSDUDREVHUYDUH[WDVLDGRV
OD KRUD GH ORV DUUHEROHV (V FXDQGR HO VRO VH SRQH FXDQGR WRGR HO
SDLVDMH VH WRPD YLRO¡FHR (V FXDQGR HO SDVR GHO YLHQWR SDUHFH
PXUPXOORGHRODV
/RVQL±RVDOFDQ]DURQDYHUODVDJXDVHVPHUDOGDVGHODODJXQD\HO
SUHFLRVR WLQWH DQDUDQMDGR TXH D HVD KRUD FXEUH ODV URFDV ODV
SLHGUDV OD DUHQD (QWRQFHV DSXUDURQ HO WUDQFR SRUTXH GHVHDEDQ
OOHJDU FXDQWR DQWHV D ODV FDVDV GH ORV DEXHORV SDUD DFDULFLDU D ORV
SHUURV GHO SDWLR ODV OODPDV ODV RYHMDV GHO FRUUDO \ D ODV DYHV GHO
JDOOLQHUR
ߚ4X©SLHQVDVWº0DPLUH"ߚOHVXVXUU³DOR­GRHOPDHVWUR
ߚ'HTX©SURIHVRU"
ߚ&UHHV Wº TXH HVWRV QL±RV SUHILHUDQ FDPELDU ODV PDUDYLOODV GH
HVWDVWLHUUDVFRQORTXHWLHQHQHQODFLXGDG"
ߚ1RV©SURIHVRUߚUHVSRQGL³W­PLGDPHQWH0DPLUH

40/44

 /2618(926$)8(5,126
8Q PHV P¡V WDUGH OOHJ³ DO YDOOH XQ JUXSR GH LQYHVWLJDGRUHV
$OJXQRV GH HOORV SURYHQ­DQ GH XQD XQLYHUVLGDG H[WUDQMHUD GH XQ
SD­V WDQ GHV©UWLFR FRPR HO KRJDU GH 0DPLUH /RV FLHQW­ILFRV FRPR
OHVEDXWL]³HOPDHVWURWUD­DQVHPLOODVGHXQDUEXVWROODPDGRMRMRED
$VHJXUDEDQ TXH HQ $URPD FUHFHU­D PX\ ELHQ TXH GH DK­ D XQ
WLHPSR QR PX\ OHMDQR ORV KDELWDQWHV GHO YDOOH QR TXHUU­DQ SODQWDU
RWUDFRVD
ߚ&³PRHVHVR"ߚLQGDJ³)UDQFLVFR3DQLUH
ߚ/D MRMRED VH XVD HQ OD IDEULFDFL³Q GH FRVP©WLFRV ߚUHVSRQGL³
XQR GH ORV UHFL©Q OOHJDGRVߚ &RPR XVWHG FRPSUHQGHU¡ VL DTX­ VH
SURGXFHELHQVHODSXHGHH[SRUWDUHQJUDQGHVFDQWLGDGHV
ߚ4XLHUH XVWHG GHFLU ߚLQWHUUXPSL³ 3DQLUHߚ TXH KDEU­D WUDEDMR
SDUDPXFKDJHQWH"
ߚ8VWHGORKDGLFKRߚFRQILUP³HOKRPEUH
ߚ(VDV­TXHHVXQDEXHQDQRWLFLDߚH[FODP³HODQFLDQR
1XHYRV KX©VSHGHV OOHJDEDQ DO YDOOH HQ WLHPSRV TXH QR HUDQ GH
ILHVWD QL FHOHEUDFLRQHV $OJR H[WUDRUGLQDULR VHJX­D RFXUULHQGR HQ
$URPD 0¡V SHUVRQDV TXH DWHQGHU P¡V ODERU SDUD OD PDGUH GH
0DPLUH TXL]¡V P¡V DGHODQWH VL VX HVSRVR DV­ OR FRQYHQ­D
WHUPLQDU­DHOODFRQXQDSRVDGDSDUDKDFHUDºQP¡VJUDWDODHVWDG­D
D ORV YLVLWDQWHV /RV UHFL©Q OOHJDGRV GHF­DQ TXH SHUPDQHFHU­DQ DOO­
XQWLHPSRPX\ODUJR3RUORPHQRVKDVWDTXHODMRMREDVHDFOLPDWDUD
\FUHFLHUDKDVWDTXHHQHOYDOOHVHFRQYHQFLHUDQGHORELHQTXHVH
SRG­D UHJDU FRQ HO DJXD REWHQLGD GH DTXHOODV SDQWDOODV
lDWUDSDEUXPDV{
/OHJ³WDPEL©QDOYDOOHRWURJUXSRGHFLHQW­ILFRV9HQ­DQDREVHUYDU
HOHFOLSVHGHOGHQRYLHPEUHHOºOWLPRGHOVLJOR6HFRPHQWDEDHQHO
SXHEOR TXH QR PX\ GLVWDQWH GH DOO­ VH LQLFLDU­D OD FRQVWUXFFL³Q GHO
FHQWUR GH REVHUYDFL³Q GH HVWUHOODV P¡V LPSRUWDQWH GHO SODQHWD
SRUTXH FLHORV FODURV \ WUDQVSDUHQWHV FRPR ORV GH $URPD QR ORV
KDE­DHQQLQJXQDRWUDSDUWHGHOPXQGR
3HQVDQGRHQHOHFOLSVHORVDEXHORVFRPHQWDEDQSUHRFXSDGRV
ߚ9DPRV D SRQHU XQ HVSHMR HQ XQ ODYDWRULR FRQ DJXD ߚGLMR HO
DEXHOR 2FVDߚ SDUD TXH HQ ©O VH PLUH OD OXQD 3DUD TXH QR VH OH
RFXUUDGHVDSDUHFHU
ߚ1R 2FVD HO HFOLSVH HV GH VRO ߚDFODU³ HO DEXHOR &KRTXHߚ <
QRPHJXVWDTXHHOVROVHHVW©DSDJDQGR6HPHILJXUDHQIHUPR
ߚ(VHOWLHPSRGHVXGHELOLGDGߚDFRW³HODEXHOR&DLSD
ߚ/HVHUDV&DLSDߚVHQWHQFL³&RQWUHUDVߚORPLVPRGLMLVWHSDUDHO
HFOLSVHGHOUHFXHUGDV"
ߚ$K V­ TXH PH DFXHUGR ߚGLMR /XFDLߚ 9L XQ GHVWHOOR TXH SDV³
FHUFDGHOVRO/DRVFXULGDGWRWDOPHSLOO³SDVWRUHDQGRHQHOFHUUR
ߚ3HURORLPSRUWDQWHHVTXHGHVSX©VGHODRVFXULGDG,QWLUHJUHVD
FRQP¡VOX]TXHDQWHVHQWRQFHVODYLGDSURVLJXHFRPSOHWD
ߚ/R FLHUWR HV TXH YLHQHQ HVDV SHUVRQDV \ KDU¡Q HVRV WUDEDMRV
TXHGLFHQ
ߚ7UDHU¡QP¡VGHDOJºQSURJUHVR"'LJR
ߚ3HURSRUVXSXHVWRFKLTXLOORV
ߚ,PDJ­QHQVHTXHFRQVWUX\DQHVHREVHUYDWRULR
ߚ(QWRQFHVVHQHFHVLWDU¡PXFKDPDQRGHREUDߚFRPHQWDURQORV
DQFLDQRV
ߚ&ODUR &RQWUHUDV ,PDJLQD FDUSLQWHURV DOED±LOHV HVWXFDGRUHV
SLQWRUHVHOHFWULFLVWDV
ߚ$KRUDHVFXDQGRGHERKDFHUTXHPLSULPR0¡[LPRPHYLVLWHߚ
PDQLIHVW³ *DPERDߚ (V DVWU³QRPR DXWRGLGDFWD FRPR OH GLFHQ \
YLYHHQHOYDOOHFLWR9HUGHHQWUHHO7XUELR\HO&ODUR
1RP¡VTXLHURTXHYHDORTXHVLHPSUHOHGLMHTXHFLHORVFRPRORV
GH$URPDQRVHHQFXHQWUDQHQQLQJºQRWURVLWLR
ߚ$KRUDHVFXDQGRXQPXVHRVHKDFHP¡VQHFHVDULRTXHQXQFD
41/44
 ߚFRPHQW³GRQ)UDQFLVFRߚ4X©GLFHV0DPLUH"
ߚ1RV©QRHVWR\WDQVHJXUR
ߚ6XSH TXH HO SUHFHSWRU WH RIUHFL³ VX D\XGD ߚLQVLVWL³ HO DEXHOR
ߚ%XHQR HO SURIHVRU WLHQH VXV LGHDV +DVWD TXLHUH LU D OD FLXGDG
SDUDFRQVHJXLUXQH[SHUWRGHODXQLYHUVLGDG
ߚb3HURFODURTXHV­0DPLUHߚH[FODP³HODQFLDQRߚ6LORGLFH
HVSRUTXHSXHGHKDFHUOR1RHVDV­FKLTXLOORV"
/RV DQFLDQRV DVLQWLHURQ FRQ OD FDEH]D FRUURERUDQGR FDEDOPHQWH
ODVDILUPDFLRQHVGHODDXWRULGDGGH$URPD
1RSDV³GHPDVLDGRWLHPSRDQWHVGHTXHHOKRPEUH0DPLUHMXQWR
FRQ HO SURIHVRU \ ORV WUHV lDWUDSDEUXPDV{ LQWHQWDUD XQ GRPLQJR OD
SULPHUD H[FDYDFL³Q HQ WHUUHQRV DOHGD±RV DO FHPHQWHULR &RQ HOORV
LEDQ ORV DPLJRV GH 0DPLUH \ DGHP¡V &DUPLQD TXH TXLVR
DFRPSD±DUORVDSHQDVVXSRHOPRWLYRGHODH[FXUVL³Q(QPHGLRGHO
VLOHQFLRURWRDYHFHVSRUHOVXDYHWLQWLQHDUGHODVFRURQDVGHODW³Q
KLFLHURQ ORV SULPHURV KDOOD]JRV LPSRUWDQWHV WUR]RV GH FDFKDUURV
LQG­JHQDV \ SXQWDV GH IOHFKDV 0DPLUH \ &DUPLQD WUDEDMDURQ MXQWRV
DTXHOODPD±DQDVLQKDEODUVHFDVLSXHVWRTXHHOXQRVHQW­DHQFDGD
LQVWDQWH OD FRPSD±­D GHO RWUR (O PDHVWUR FRQ VXV LQFLSLHQWHV
FRQRFLPLHQWRVGHDUTXHRORJ­DUHFRPHQGDEDF³PRHVFDUEDUODWLHUUD
\ FRQ TX© FXLGDGR VH GHE­DQ OLPSLDU ORV REMHWRV GHVHQWHUUDGRV
&DUPLQDSRQ­DWDOPLQXFLRVLGDGHQVXODERUTXH0DPLUHVHGHOHLWDED
REVHUY¡QGROD
ߚ7HQHPRVWDQWRTXHSHJDUߚFRPHQW³&DUPLQD
ߚ$V­HVߚDJUHJ³HOPDHVWURߚKD\TXHUHFRPSRQHUHVWDVSLH]DV
TXHSXHGHQWHQHUXQYDORULQFDOFXODEOH
(O PXVHR GH $URPD HPSH]DED D KDFHUVH UHDOLGDG (O KRPEUH
0DPLUH VH PRVWUDED FDGD YH] P¡V DIDEOH FRQ HO PDHVWUR FRPR VL
HQWUHHOORVQDFLHUDXQDSURIXQGDDPLVWDG/DPLVPDTXHFUHF­DHQWUH
&DUPLQD\0DPLUH
8QDWDUGHGR±D*UHJRULDQRSXGRVRSRUWDUP¡VVXDLVODPLHQWRߚ
b$ YHU QLHWHFLWR '­JDOH D VXV FRPSD±HURV TXH DKRUD PLVPR OHV
HQVH±RORVVHFUHWRVGHODJXD
ߚ$EXHODߚWLWXEH³0DPLUH
ߚ4X©RFXUUHPLQLHWR"
ߚ1RKDFHIDOWDTXHXVWHGORKDJD
0DPLUHFRQIHV³TXH©O\DORKDE­DKHFKRTXHWRGRVHOORVHVWDEDQ
UHJDQGR GH WDUGH ODV FKDFUDV GH VXV DEXHORV 6H OR GLMR VDELHQGR
TXHWDOYH]FRQHOORODGHFHSFLRQDED
ߚb4X©ELHQPLQLHWRߚH[FODP³GR±D*UHJRULDߚ(QWRGRFDVR
TXLHURYHUF³PRDQGDQODVFRVDVHQ$URPD
ߚ$EXHOD ߚSURVLJXL³ 0DPLUHߚ VL XVWHG VH DOLHQWD TXHUU¡Q
WDPEL©QDOHQWDUVHODVDEXHODV"
ߚ&UHRTXH\DHVWLHPSRGHKDFHUORPLQLHWR
ߚ0LSDS¡TXHUU¡LUVHGHOYDOOHHQWRQFHV"
ߚ3RUTXHPHYHDOHQWDGD"(QWRQFHVVHU¡PHMRUTXHDODUJXHPRV
OD GROHQFLD TXH ELHQ YDOH HO VDFULILFLR PL QLHWR ߚH[FODP³ GR±D
*UHJRULDߚ/DVDEXHODVQRVTXHGDPRVHQFDVDWRGRHOWLHPSRTXH
VHD QHFHVDULR 3HUR TXLVL©UDPRV VDOLU GH YLVLWD GH YH] HQ FXDQGR \
UHSHWLUHVDWHUWXOLDWDQDPHQDTXHWXYLPRVFRQWLJR
<GHVSX©VGHXQPRPHQWRDJUHJ³
ߚ5HFXHUGDVWXGHVHRGHTXH\RWHMLHUDXQDUHGLQYLVLEOH"%XHQR
FUHRTXHHQWUHWRGDVORORJUDPRVQRWHSDUHFHQLHWHFLWR"
0DPLUHGHM³GHSHQVDUHQODUHGLQYLVLEOHTXHORGHWHQGU­DD©O\D
VX SDGUH WDPEL©Q SRFR D SRFR GHM³ GH SHQVDU HQ HOOR GR±D
*UHJRULD TXH IXH FROPDQGR VX DOPD GH DOHJU­D SRUTXH VX KLMR VH
TXHGDEDJXVWRVDPHQWHHQHOYDOOH
ߚ$KRUD\DQRTXLHURLUPHߚVHFRQIHV³XQG­D0DPLUH
<SHQV³HQHOKHUPRVRYXHORGHORVIODPHQFRV\HQODPDUDYLOORVD
IRUPDTXHWRPDEDQORVODELRVGH&DUPLQDFXDQGRPLUDEDHOFLHORGH
42/44
$URPD3HQV³HQORGLYHUWLGRTXHHUDVDOLUDUHJDU\SDVWRUHDUHQOD
FRPSD±­D GH VXV DPLJRV 3HQV³ HQ OR GLIHUHQWH TXH HUD OD HVFXHOD
DKRUD 3HQV³ HQ ORV DEXHORV HQ HO PDHVWUR HQ VX SDGUH \ HQ VX
PDGUH 3HQV³ HQ OD YLGD TXH OHV DQLPDED HO DOPD 3HQV³ TXH DO
SHQVDUGHQXHYRHQODFLXGDGODTXH©OVHLPDJLQDEDVHGHVYDQHF­D
GHJROSHFRPRVHHVIXP³ODFLXGDGGHODWUDQVSDUHQFLDGHVSX©VGHO
MXHJR GHO lFRPSUH \ YHQGD{ 3HQV³ TXH TXL]¡V HO PDU QR HUD WDQ
KHUPRVR FRPR ORV FLHORV GHO YDOOH ODV ODJXQDV \ HO VDODU < SHQV³
WDPEL©Q TXH DOJºQ G­D YLDMDU­D D FRQRFHUOR <D KDEU­D WLHPSR SDUD
HOOR
(Q WRGR HVWR SHQV³ IHOL]PHQWH 0DPLUH KDVWD HQWRQFHV HO ºOWLPR
QL±RGHOYDOOH
127$'(/$8725
(OYDOOHGH$URPDQRDSDUHFHHQDWODVQLPDSDV(VXQSXHEORGHO
QRUWH GH &KLOH KDELWDGR V³OR SRU DQFLDQRV TXH VH QLHJDQ D
DEDQGRQDUODWLHUUDHQTXHQDFLHURQ7DOYH]SRUHOORYLYHQP¡VFRQ
ODPHPRULD\ODIDQWDV­DTXHFRQODUHDOLGDGTXHORVFLUFXQGD<HVWD
HV OD UD]³Q SRU OD FXDO \R TXH QDF­ WDQ OHMRV GHO GHVLHUWR PH
LQWHUHV©HQHVFULELUODKLVWRULDGH$URPDSRUTXHHVOHMDQDPLVWHULRVD
H[LVWHWDQV³ORHQODVS¡JLQDVGHHVWHOLEUR
(Q HVWH YDOOH GRQGH ODV IORUHV QR DEXQGDQ ORV HQWLHUURV VH
DFRPSD±DQ FRQ IORUHV GH ODWD 1R VH GHVSHUGLFLDQ ODV WDSDV GH ODV
EHELGDV QL ORV HQYDVHV GH DOLPHQWRV HQODWDGRV 7RGR VLUYH SDUD
FRQIHFFLRQDU FRURQDV TXH HO YLHQWR PHFH \ KDFH FDQWDU HQ HO
GHVLHUWR < DV­ FRPR FDQWD HO YLHQWR FDQWD HO DJXD HO ELHQ P¡V
SUHFLDGR'HFLUU­RHVGHFLUDOHJU­DSRUTXHHODJXDVHHVFXFKDP¡V
FRQHODOPDTXHFRQHOR­GR'HFLUU­RHVGHFLUIDQWDV­D(VFXFKRXQ
FRUUHUGHDJXDHQHOIRQGRGHPLSDWLR"
(O KRPEUH GH $URPD YLYH OHQWDPHQWH QR V³OR SRU OD DOWXUD TXH
DGHOJD]DHODLUHVLQRSRUORVFRQWUDVWHVGHFDORU<IU­RLQWHQVRVTXH
VRSRUWD D GLVWLQWDV KRUDV GH XQ PLVPR G­D FRQWUDVWHV GH FLPDV \
YDOOHVDOWXUD\SURIXQGLGDGTXHORURGHD
(VWD HV WLHUUD GH SRHV­D GH PDUDYLOOD \ GH DPSOLWXG GH HVS­ULWX
3RUTXHTXLVHWUDQVLWDUSRUVXVFDPLQRVOXPLQRVRVPHVHGXMRKDFHU
XQOLEURFRPRHOTXHDTX­RIUH]FR
9­FWRU&DUYDMDO
43/44
 9tFWRU&DUYDMDO

0DPLUHHO~OWLPRQLxR
9tFWRU&DUYDMDO

,OXVWUDFLRQHVGH(GXDUGR2VRULR

'HOWH[WR9tFWRU&DUYDMDO
1DFL³HQ6DQWLDJR\HVXQRGHORVDXWRUHVFKLOHQRVP¡VUHFRQRFLGRVHQHOFDPSRGHORVOLEURVSDUD
$OIDJXDUD
QL±RV'HVSX©VGHUHFLELUDOJXQRVSUHPLRV\GLVWLQFLRQHV$OIDJXDUD,QIDQWLOSXEOLFDVXQRYHOD&RPR
,6%1
XQ VDOWR GH FDPSDQD /LVWD GH +RQRU  GH OD VHFFL³Q FKLOHQD GH OD ,%%< 2UJDQL]DFL³Q
,QWHUQDFLRQDOSDUDHO/LEUR,QIDQWLO\-XYHQLO

0DPLUHHOºOWLPRQL±RVXUJL³GHODSUHRFXSDFL³QGHODXWRUSRUHO©[RGRGHOKRPEUHUXUDODQWHOD
IDVFLQDFL³QGHODFLXGDG

44/44