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²eGHVIUXWDUGHSRVLomRVRFLDOHFRQIRUWR²SURFODPDRUDSD]DPELFLRVR
²eHQFRQWUDUXPSUtQFLSHHQFDQWDGR²VXVSLUDDMRYHPVRQKDGRUD
(VWDV UHVSRVWDV H[SULPHP R KiELWR PXLWR KXPDQR GH FRQGLFLRQDUPRV D IHOLFLGDGH j FRQFUHWL]DomR GH
VRQKRVRXjVDWLVIDomRGHQHFHVVLGDGHV
$VVLP PXLWRV D HVSHUDP DPDQKm TXDQGR IRUHP ULFRV TXDQGR SRVVXtUHP XPD FDVD TXDQGR FRPSUDUHP
XPDXWRPyYHOTXDQGRVHFDVDUHPTXDQGRVHOLYUDUHPGHVHXVPDOHVTXDQGRIRUHPDOJXpP
1mR QRV GHWHUHPRV QDTXHOHV TXH DFKDP R TXH SURFXUDP VHP VH WRUQDUHP IHOL]HV R TXH p QDWXUDO SRLV D
IHOLFLGDGH QmR p XPD FRQTXLVWD H[WHULRU H VLP LQWHULRU QHP HVWi VXERUGLQDGD j VDWLVIDomR GH QRVVRV GHVHMRV
GLDQWHGD9LGDHVLPDRGHVHMRGHFRPSUHHQGHURTXHD9LGDHVSHUDGHQyV
)DODUHPRVGDTXHOHVTXHVRIUHPSRUQmRHQFRQWUDUDSRVLomRRDPELHQWHDVLWXDomRDFRPSDQKLDRDIHWR
RX D FRPSUHHQVmR DOPHMDGRV $ SDUWLU GR LQVWDQWH HP TXH SHUFHEHP D LQXWLOLGDGH GH VHXV HVIRUoRV VHQWHPVH
IUXVWUDGRV
$ IUXVWUDomR ² FRQVFLrQFLD GR IUDFDVVR HP IDFH GR GHVHMDGR ² FRVWXPD GHVSHUWDU QRV PHQRV IRUWHV
VHQWLPHQWRVGHGHSUHVVmRHUHEHOGLDJHUDGRUHVGHODPHQWiYHLVFULVHVQHUYRVDVTXHRVSUHFLSLWDPQmRUDURHP
SHULJRVRVGHVDMXVWHVSVtTXLFRV
6HSURFXUDPRVFHQWURVHVStULWDVYHULILFDVHIDFLOPHQWHTXHHVWmRVREDLQIOXrQFLDSHUQLFLRVDGHHQWLGDGHV
VRIUHGRUDV H LJQRUDQWHV DWUDtGDV SHODV OHLV GD DILQLGDGH RX VRE R GRPtQLR GH REVHVVRUHV FUXpLV TXH OKHV
H[SORUDPKDELOPHQWHRkQLPRDEDODGR
6HP HVERoDU D PDLV OHYH UHDomR PXLWRV WHUPLQDP HP FDVDV GH VD~GH SDUD SHUPDQrQFLD GH GXUDomR
LPSUHYLVtYHORXWURVEXVFDPDVROXomRGHVHXVSUREOHPDVQRVXLFtGLRHVVDSRUWDIDOVDTXHDSHQDVRVSUHFLSLWD
HPVRIULPHQWRVPDLVDFHQWXDGRV
3DUDTXHHVWHVPDOHVVHMDPHYLWDGRVHSRVVDPRVDSURYHLWDUDVRSRUWXQLGDGHVGHHGLILFDomRGDH[SHULrQFLD
KXPDQDVXSHUDQGRRVHQWLPHQWRGHIUXVWUDomRLPSHULRVRpDVVLPLODUPRVGXDVOLo}HVPXLWRLPSRUWDQWHV
3ULPHLUD$GHSUHVVmRDWULVWH]DRGHVkQLPRRSHVVLPLVPRRVRIULPHQWRLQVXSRUWiYHOQmRID]HPSDUWHGDV
SURYDo}HVKXPDQDV6XUJHPHPQRVVRFDPLQKRDSHQDVTXDQGRQRVUHEHODPRVDQWHDVDOWHUQDWLYDVGR'HVWLQR
6HPSUHTXH³DPDUUDPRVDFDUD´SRUTXHD9LGDQHJRXRTXHOKHSHGtDPRVRXQRVGHXRTXHQmRGHVHMiYDPRV
HVWDPRVFRPSURPHWHQGRDQRVVDHVWDELOLGDGHHVSLULWXDOHFDPLQKDQGRSDUDDSHUWXUEDomRTXHPXOWLSOLFDGRUHV
HVXEWUDLPpULWRV
6HJXQGD 2 DFDVR QmR H[LVWH /XWDV GRUHV GLILFXOGDGHV VLWXDo}HV GLItFHLV H SUREOHPDV DQJXVWLRVRV ID]HP
SDUWH GH XP SURJUDPD TXH QyV PHVPRV WUDoDPRV TXDQGR QRV HQFRQWUiYDPRV QR SODQR HVSLULWXDO H WtQKDPRV
FRQVFLrQFLDSOHQDGHQRVVDVUHDLVQHFHVVLGDGHV
3RULVVRHPQRVVRSUySULREHQHItFLRGHYHPRVPXGDURFHQWURGHQRVVRLQWHUHVVHQD7HUUDeQDWXUDOTXHD
MRYHPGHVHMHFDVDUTXHRUDSD]DPELFLRQHVLWXDomRPHOKRUTXHRGRHQWHHVSHUHDFXUDeQDWXUDOTXHWHQKDPRV
VRQKRV PDV QmR SRGHPRV FRQYHUWrORV HP VXSUHPDV DVSLUDo}HV HP FRQGLo}HV LQGLVSHQViYHLV GH IHOLFLGDGH
SRUTXHSRGHVHUTXHQmRWHQKDPRVSURJUDPDGRVHPHOKDQWHVUHDOL]Do}HV
+RMHTXHR(VSLULWLVPRQRVHQVLQDDUDFLRFLQDUHPWHUPRVGHHWHUQLGDGHpLPSHULRVRFRPSUHHQGHUTXHR
WHPDFHQWUDOGHQRVVD9LGDGHYHVHURLGHDOGR%HPSRUTXHVyVHUHPRVYHUGDGHLUDPHQWHIHOL]HVTXDQGRIRUPRV
ERQV
4XDQWR PDLRU R QRVVR HVIRUoR QHVVH VHQWLGR PHQRUHV RV QRVVRV VRIULPHQWRV SRUTXH DQWHV GH VHU
LQVWUXPHQWRGHUHVJDWHDGRUIHUWLOL]DQRVVRFRUDomRSDUDDERQGDGH
6HQGR -HVXV D SHUVRQLILFDomR GR %HP 6XSUHPR p QDWXUDO TXH EXVTXHPRV HOHJrOR SRU SDGUmR GH QRVVD
FRQGXWD
(LV D PDLV QREUH H PDLV EHOD GH WRGDV DV DVSLUDo}HV D FRQVXEVWDQFLDU D SUySULD ILQDOLGDGH GD URPDJHP
WHUUHQDWRUQDUPRQRVFULVWmRV
e XPD OXWD iUGXD TXH LPSOLFD FRPEDWH GLiULR FRQWUD PLOHQDUHV VHQWLPHQWRV LQIHULRUHV TXH PRUDP HP
QRVVRFRUDomRPDVpR~QLFRHVIRUoRTXHQXQFDQRVWUDUiIUXVWUDo}HVSRUTXHUHSUHVHQWDDMRUQDGDSDUD'HXV