1/102

H,6%1
HGLFLyQGLFLHPEUHGH
*HUHQWHHGLWRULDO$OHMDQGUD6FKPLGW8U]~D
QGLFHGHFRQWHQLGR
$VLVWHQWHHGLWRULDO&DPLOD'RPtQJXH]8UHWD
'LUHFWRUGHDUWH-XDQ0DQXHO1HLUD
'LVHxDGRUD0LUHOD7RPLFLF3HWULF <R)HGHULFRVLJRVLHQGRSRHWD
‹SRU0DUtD-RVHILQD5LOORQ5H\HV /DOLVWDQHJUD
,QVFULSFLyQ1ž6DQWLDJRGH&KLOH
‹GHODSUHVHQWHHGLFLyQSRU 6VVVFXSDQRP£
(PSUHVD(GLWRUD=LJ=DJ6$ *ULQJDFKDQWD
6DQWLDJRGH&KLOH c'DOHRKGDOHRKGDOHRK
'HUHFKRVH[FOXVLYRVGHHGLFLyQUHVHUYDGRVSRU
(PSUHVD(GLWRUD=LJ=DJ6$
6RI¯D0RQWHURTXLHUHVHUWXDPLJDHQIDFHERRN
(GLWDGRSRU(PSUHVD(GLWRUD=LJ=DJ6$ /DHVSHUDGHVHVSHUD
/RV&RQTXLVWDGRUHV3LVR3URYLGHQFLD 0LODJURV
7HOpIRQR)D[ 3RUGRVSDLODV\XQKRWGRJ
ZZZ]LJ]DJFO(PDLO]LJ]DJ#]LJ]DJFO
6DQWLDJRGH&KLOH $WDTXHGHLQVSLUDFLµQ
(OSUHVHQWHOLEURQRSXHGHVHUUHSURGXFLGRQLHQWRGR /REXHQR\ORPDOR
QLHQSDUWHQLDUFKLYDGRQLWUDQVPLWLGRSRUQLQJ~QPHGLR &LHQWRFXDUHQWD\FXDWURKRUDV\
PHFiQLFRQLHOHFWUyQLFRGHJUDEDFLyQ&'5RPIRWRFRSLD
PLFURILOPDFLyQXRWUDIRUPDGHUHSURGXFFLyQ
$SX³DODGD
VLQODDXWRUL]DFLyQGHVXHGLWRU *£OYH]QRH[LVWH)LORFRQ*£OYH]
$UPHQLR
(OVLOHQFLRGHFRQWUHUDV
8QQXHYR\¼OWLPRUHHQFXHQWUR
6HTX¯DHLQXQGDFLRQHV
'HVSX«VGHODWRUPHQWDVLHPSUHVDOHHOVRO
0DGXUH]
6ROQXEHV1XEHV\VRO
c%LQJR
0£VDOO£GHODVPXOHWDV
3RHV¯DFDQWDGD
,GHDMXJDGD
(OPDOGLWRVREUH
)0&
/DKRUDGHODYHUGDG
&XHQWDUHJUHVLYD
3ULPHUIHVWLYDOLQWHUHVFRODUGHODFDQFLµQ
7HUFHUOXJDUVHJXQGROXJDUSULPHUOXJDU\JDQDGRU
/OHJµVLQSHUPLVR

2/102
3DUDWRGRVDTXHOORV
TXHQRVPLUDQFRQORVRMRVGHODOPD
<R)HGHULFRVLJRVLHQGR
SRHWD
*UDFLDV D TXH PH SXVH ODV SLODV FRQ WRGR \ HVWXGL© FRPR VL
IXHUDXQFORQGHO&KRFOR4XLQWDQDXQRGHORVP¡VPDWHRVGHPL
FXUVR ORJU© SDVDU D VHJXQGR PHGLR FRQ SXURV D]XOHV HQ ORV
H[¡PHQHVILQDOHV
/D YXHOWD DO FROHJLR KD VLGR FDVL LJXDO D OD GH WRGRV ORV D±RV
'LJR FDVL SRUTXH OD PD\RU­D GH PLV FRPSD±HURV KD FDPELDGR
PXFKR (O *XDW³Q VXEL³ FRPR FLQFR NLORV DO 4XLTXH OH VDOLHURQ
TXLQLHQWDVHVSLQLOODV\DO3HODRSRUILQOHDSDUHFLHURQORVELJRWHV
WDQWRVTXHDKRUDVHDIHLWDG­DSRUPHGLR
<R FUHF­ DOJXQRV FHQW­PHWURV DXQTXH QDGLH VH G© FXHQWD 6LJR
LJXDO GH IODFR SHUR OD HVSDOGD GH WRGDV PDQHUDV OD WHQJR P¡V
DQFKD3RUHVRHVWR\VHJXURGHTXHHOHQWUHQDGRUPHYDDSRQHUGH
WLWXODUHQORVSDUWLGRVGHE¡VTXHWERO
$'HOD)XHQWHD0DW­DV+XUWDGR\D0X±R]QRV©TX©OHVSDV³
FRQHOSHOR+DVWDHOD±RSDVDGRHUDQWRWDOPHQWHFKX]RV\UHVXOWD
TXHDKRUDVRQFUHVSRV
/DRWUDFXHVWL³QTXHQRVKDFDPELDGRDDOJXQRVHQHOFXUVRHVOD
YR] D YHFHV QRV VDOHQ JDOOLWRV FXDQGR KDEODPRV $ P­ SRU
HMHPSOR PH SDVD FDVL VLHPSUH 2WURV ORV P¡V KRUP³QLFRV \D
SDUHFHQSDS¡V%XHQR\WRGDY­DTXHGDQXQRVSRFRVTXHQDGDGH
QDGD
/DV PXMHUHV HVW¡Q LJXDO (Q ODV PD±DQDV VH VDOXGDQ FRQ SXURV
FKLOOLGRV'HVSX©VQRSDUDQGHFRQWDUVHWRGRORTXHOHVKDSDVDGR
GHVGH TXH VDOLHURQ GHO FROHJLR KDVWD HO G­D VLJXLHQWH 3HRU DKRUD
TXHYROYLPRVUHFL©QGHODVYDFDFLRQHV\OOHJDQDDKRJDUVHGHWDQWR
3/102
KDEODU3HURDXQTXHVHFUHDQP¡VJUDQGHV\SUHILHUDQMXQWDUVHFRQ
ORVGHWHUFHUR\FXDUWR SRUTXHVHJºQHOODVQRVRWURVVRPRVXQRV
FDEURVFKLFRV DP­PHFDHQWRGDVEDF¡Q
&RQ ODV FODVHV QR KD SDVDGR QDGD QXHYR VLJXHQ WHUULEOH GH
IRPHV/RTXHV­\DQRVDGYLUWLHURQTXHVHU¡QPXFKRP¡VSHOXGDV
VRQ ODV SUXHEDV $SDUWH ORV SURIHVRUHV LQWHUURJDU¡Q D FXDOTXLHUD
VLQDYLVR\FRQQRWD
$O SULPHUR TXH FDO]DURQ D\HU HQ I­VLFD IXH D P­ $XQTXH PH
HVWDEDQKDEODQGRHQFKLQRWUDW©GH
FRQWHVWDUSHURHO&KRORTXHDKRUDHVPLDPLJRFDFK³TXHQRLED
SDUDQLQJºQODGR\QRV©F³PRSXGRDUUHJO¡UVHODVSDUDVRSODUPH
\TXHQRQRVSLOODUDQ*UDFLDVDHVR]DI©
b$K 7DPEL©Q HPSH]DURQ FRQ OD FXHVWL³Q FKDWD GH OD 368 (Q
HVWDVWUHVVHPDQDVGHFODVHVQRVKDQUHSHWLGRODPLVPDODWDTXHVH
DFDEDURQ ODV LUUHVSRQVDELOLGDGHV \ ODV IORMHUDV TXH GHEHPRV
SUHSDUDUQRV D FRQFLHQFLD SDUD REWHQHU XQ EXHQ UHVXOWDGR HQ OD
SUXHEDSRUTXHGHHVRGHSHQGHU¡QXHVWURIXWXUR
+DVLGRWDQWDODWRQWHUDTXHDYDULRVHQHOFXUVROHVKDEDMDGRSRU
KDFHUVHORVPDGXURVGHODQWHGHORVSURIHVRUHV\GHODVPXMHUHV6H
OD SDVDQ KDEODQGR GH SUHXQLYHUVLWDULRV SURPHGLRV R FX¡QWR
SXQWDMH QHFHVLWDQ SDUD HQWUDU D OD FDUUHUD TXH TXLHUHQ SHUR VRQ
XQRV FKDQWDV SRUTXH \R V© TXH QR HVW¡Q QL DK­ FRQ HVR &³PR
VHU¡ TXH KDVWD HO QXHYR SURIHVRU GH ELRORJ­D TXH HV HO P¡V
UHODMDGRGHWRGRVHQODºOWLPDFODVHVHIXHHQYRODGD\QRVKDEO³
ODKRUDHQWHUDGHODLPSRUWDQFLDGHVHUߡDOJXLHQߢ
ߙ&³PR DOJXLHQ SURIHVRU" 4X© VRPRV DKRUD HQWRQFHV" ߙOH
SUHJXQW©FRQIXQGLGR
ߙ$OJXLHQMRYHQߨFX¡OHVVXQRPEUH"
ߙ)HGHULFR0DUW­QH]VH±RU
ߙ%XHQR 0DUW­QH] SRU DOJXLHQ PH UHILHUR D TXH OD VRFLHGDG
HVSHUD PXFKR GH XVWHGHV 6H QHFHVLWDQ SURIHVLRQDOHV VHULRV \
SUHSDUDGRVTXHDSRUWHQFRQHOIUXWRGHVXHVIXHU]R\WUDEDMRSDUD
KDFHUHVWHPXQGRPHMRU
$OJR HQWHQG­ SHUR HVR GHO DSRUWH QR PXFKR 3RUTXH VL HVWDED
KDEODQGR GH SODWD FODUDPHQWH OD VRFLHGDG QR SRGU­D FRQWDU
FRQPLJR6HVDEHTXHORVSRHWDVMDP¡VKDQWHQLGRQLXQRQXHVWUD
ULTXH]DHVW¡VRORHQODLQVSLUDFL³Q\HQODVSDODEUDVERQLWDV
/RSHRUHVTXHHVHG­DHOWHPDQRWHUPLQ³DK­(QODFDVDPLSDS¡
VLJXL³FRQODPLVPD\DODKRUDGHFRPLGDQRVGLRXQWUHPHQGR
GLVFXUVRDPLVKHUPDQDV\DP­3HURPLGHFLVL³QHVWDEDWRPDGD\
QR SHQVDED FDPELDUOD SRU QLQJºQ W­WXOR XQLYHUVLWDULR QL SRU XQ
PLVHUDEOHSHVR/DYRFDFL³QHVODYRFDFL³Q\ODP­DHVODSRHV­D
ODV PXVDV \ ORV YHUVRV (O SUREOHPD HV TXH SRU HO PRPHQWR QR
SXHGR OOHJDU \ GHF­UVHOR DV­ FRPR DV­ D QDGLH PHQRV D PL SDS¡
6HJXUR TXH OH GD XQ DWDTXH IXOPLQDQWH DO FRUD]³Q \ KDVWD DK­ QR
P¡VOOHJDU­DFRQPLVSODQHV1DGDGHHVFULELUOLEURVQLVR±DUFRQ
YLDMDU SRU HO PXQGR ILUP¡QGRORV $GHP¡V SRU PL FXOSD QRV
TXHGDU­DPRVKX©UIDQRV\PLPDP¡YLXGD3DUDP¡VUHPDWHFRPR
VR\ HO ºQLFR KLMR KRPEUH WHQGU­D TXH WUDEDMDU \ PDQWHQHU D OD
IDPLOLD
/R PHMRU HQWRQFHV VHU¡ VHJXLU HQ ODV VRPEUDV 3HUR FRPR QR
SLHQVRSHUGHUHOWLHPSRSHQVDQGRHQOD368HQODVGHXGDVQLHQ
ODXQLYHUVLGDGYR\DSRQHUOHFRQWRGRHQORTXHYHUGDGHUDPHQWH
PHLPSRUWDWHQHUXQDPXVDGHDOPDQREOH\SXUD4XHVHDFDSD]
GH GHVSHUWDU HQ P­ WRGD OD LQVSLUDFL³Q TXH QHFHVLWR SDUD HVFULELU
YHUVRV OOHQRV GH VHQWLPLHQWRV VLQFHURV SURIXQGRV \ URP¡QWLFRV
(QHOIRQGRXQDPXMHUTXHOHG©VHQWLGRDPLYLGDGHDUWLVWD
/D$QLWDPLYHFLQDDXQTXHQRORVXSRQXQFDIXHODSULPHUDTXH
OOHQ³GHHVDIXHU]DPLFRUD]³Q7RGRLEDEDF¡QFRQHOODKDVWDTXH
YROYLPRVGHODVYDFDFLRQHV0LPXVDGHM³GHVHUODPLVPDQL±DGH
PLUDGD \ VRQULVD GXOFH D OD TXH OH KLFH JUDQGHV SRHPDV /OHJ³
LQGLIHUHQWH\DJUDQGDGD7DQWRTXHSRUVXFXOSDFDVLPDQGRWRGR
D OD SXQWD GHO FHUUR 3HUR QR UHDFFLRQ© D WLHPSR \ PH GLMH ߡXQ
DUWLVWDMDP¡VVHGHMDYHQFHUߢ\PHQRV\R)HGHULFR0DUW­QH]TXH
4/102
V­RV­VHJXLU©VLHQGRSRHWD
3RUHVRVH±RUHVHVWR\DTX­UHSXHVWR\SUHSDUDGRSDUDVDOLUHQOD
EºVTXHGD GH XQD QXHYD IXHQWH GH LQVSLUDFL³Q FRPR OR KLFLHURQ /DOLVWDQHJUD
PLOHVGHYHFHV1HUXGD+XLGREUR%©FTXHU\ORVGHP¡V(OORVQR
VH KDF­DQ DWDGR OD FXHVWL³Q HUD VLPSOH D PXVD PXHUWD PXVD
UHSXHVWD \ OLVWR $XQTXH VH GHPRUDUDQ XQ SRFR FRQ HVD DFWLWXG 3RUPXFKRTXH\RHVW©FRQFHQWUDGRHQPLEºVTXHGDHOPXQGR
VLHPSUHOHVLEDELHQ/XHJXLWRDSDUHF­DHQVXVYLGDVXQDQXHYD\ QRSDUD\PHQRVHQPLFROHJLR
YXHOWDRWUDYH]DORVX\RHVFULELUHVFULELU\HVFULELU /DVHPDQDSDVDGDHPSH]³FRPRWRGRVORVD±RVHQHVWD©SRFDOD
&RPR DO ILQDO \D V© TXH SRU DKRUD PL YLGD HVWDU¡ HQ PDQRV GHO FDPSD±DSDUDHOHJLUQXHYDGLUHFWLYDSDUDHO&HQWURGH$OXPQRV\
GHVWLQRD©OOHGHGLTX©HVWRVYHUVRV VHSUHVHQWDURQFRPRVLHPSUHGRVOLVWDV1XQFDPHKHPHWLGRQLKH
SDUWLFLSDGR HQ QDGD SRUTXH PH GDQ PXFKD ODWD ODV HOHFFLRQHV
'(67,12 WRGDVKDVWDODVGHSUHVLGHQWHGHFXUVR0HFDUJDQSRUTXHORVTXH
YDQGHFDQGLGDWRVGHUHSHQWHOHVEDMDODEXHQDRQGD\QRVKDFHQ
(OGHVWLQRHVPLGXH±R OD SDWD VROR SDUD TXH YRWHPRV SRU HOORV 3HUR HVWH D±R QR SXGH
6ROR©OVDEHG³QGH\FX¡QGR FRUUHUPH'LHJRHOKHUPDQRPD\RUGHO*XDW³Q)HUQ¡QGH]TXHU­D
VHU SUHVLGHQWH SRU OD OLVWD XQR (VR WDPEL©Q PH KDEU­D GDGR OR
OOHJDU¡XQDQXHYDPXVD PLVPRVLHVTXHPLYLGDQRKXELHUDHVWDGRHQSHOLJUR
DUHLQDUHQPLVVXH±RV (OOXQHVHVW¡EDPRVFRQHO3HODR\HO4XLTXHFRQYHUVDQGRHQHO
$XQTXHHOWLHPSRSDVH UHFUHRFXDQGRVHQRVDFHUF³XUJLG­VLPRHO*XDW³Q
ߙb+H\QHFHVLWRTXHPHD\XGHQFRQODFDPSD±DGHPLKHUPDQR
HVSHUDQ]DWHQJR /DFRPSHWHQFLDFRQODRWUDOLVWDHVW¡SHOXG­VLPDSRUHVRWHQHPRV
TXHODYLGDPHWUDLJD TXHMXJDUQRVFRQWRGRSDUDTXH©OJDQH
ߙ$\XGDUWH HQ OD FDPSD±D" ߙOH FRQWHVW³ HO 3HODRߙ b$K QR \R
HOUHJDORTXHHVSHUR HVDFXHVWL³QODHQFXHQWURWHUULEOHGHIRPH
ߙ<R WDPEL©Q ߙGLMR HO 4XLTXH SHUR DGHP¡V OD UHPDW³ FRQ XQ
FRPHQWDULR ELHQ SHVDGRߙ 1R HQWLHQGR SDUD TX© KDFHU WDQWDV
FXHVWLRQHV VL \D VH VDEH TXH YD D JDQDU OD XQR SRUTXH HO &KLFR
3DOPDHVVHFR
(OSREUH*XDW³QVHSXVRURMRGHUDELD\FXDQGRLEDDFRQWHVWDUOH
DSDUHFL³ HO SURSLR FDQGLGDWR KDFL©QGRVH HO VLPS¡WLFR FXDQGR
QXQFDDQWHVQRVKDE­DSHVFDGR
ߙ< TX© RQGD"ߨ b1R ORV UHFRQRF­ b&UHFLHURQ FDOHWD HQ HO

5/102
YHUDQRߙQRVGLMRHOPX\PHQWLURVR (QWRGDV"SHQV©'HG³QGHVDF³HVRHO*XDW³Q"FXDQGRQXQFD
ߙ6HEDOHVHVWDEDGLFLHQGRORGHODFDPSD±D PHHOLJHQSDUDQDGD\PHODSDVRSXURFDVWLJDGRߙDV­TXHGDOHQR
ߙ%DF¡Q HQWRQFHV WRGRV PH DSD±DQ" ߙQRV GLMR VHJXUR GH TXH P¡V\DS¡±DPH7HMXURTXHQRWHYDVDDUUHSHQWLU
KDE­DPRVDFHSWDGR
ߙ1RQRTXLHUHQ
ߙ4X©" PH HVW¡Q PROHVWDQGR" ߙQRV PLU³ KDUWR PHQRV
VLPS¡WLFRߙ&³PRTXHQRTXLHUHQ"3DUHFHTXHQRHVW¡QFDFKDQGR
6L JDQR D XVWHGHV OHV FRQYLHQH SRUTXH PL SURJUDPD HV PXFKR
PHMRU TXH HO GH HVH HQDQR 3HUR OHV GLJR DOWLUR ߙDK­ OHYDQW³ XQ
GHGRߙVLSLHUGRQRDQGHQDUUHSLQWL©QGRVHb$K\DGHP¡VSRULUVH
HQPDODORVYR\SRQHUHQPLOLVWDQHJUD
ߙ$ P­ PH GD OR PLVPR VL PH FRQYLHQH R QR 7DPSRFR PH
LPSRUWDHVWDUHQWXIDPRVDOLVWDߙORSDU³DOWRTXHHO3HODRߙ<RQR
HVWR\QLDK­FRQHVWDVFXHVWLRQHV
ߙ1L\RߙOHGLMRHO4XLTXH
ߙ<DHQWRQFHVVLDV­QRVYDPRVILORFRQXVWHGHV
+DVWDDK­QRP¡VOOHJ³ODEXHQDRQGDGH'LHJRFRQHOORV
ߙ(VWHSDUFLWRGHHJR­VWDVVRQWXVDPLJRV5RGULJR"ߙOHSUHJXQW³
DO*XDW³QFXDQGR\DVHKDE­DQLGR
ߙ(HHV­XQSRFR
)DOWDED \R TXH REYLR TXH SRU HVWDU R\HQGR OR TXH KDEODEDQ QR
DOFDQF©DDWLQDU
ߙ<Wº0DUW­QH]"ߙPHPLU³ILMRFRQXQDFDUDTXHGHYHUGDGPH
GLRXQSRFRGHPLHGR
ߙ<RߨHHHߨ\Rߨ
ߙ6­ Wº (UHV LJXDO GH SRFR KRPEUH \ PDO DPLJR TXH HOORV" <
WDPEL©QWHGDORPLVPRTXHSLHUGD\HVWDUHQPLOLVWDQHJUD"
ߙ1RQRHVTXHߨߙWUDW©GHH[SOLFDUPHߙ\RQRVLUYRPXFKRSDUD
ODVFDPSD±DV\HVDVFRVDVߙQROHSUHJXQW©HVRGHODOLVWDSDUDTX©
FRQORHQRMDGRTXHHVWDEDPHLEDDPDQGDUTXL]¡VDG³QGH
ߙb1DGD TXH YHU )HGH 5RGULJR VLHPSUH GLFH HQ OD FDVD TXH Wº
HUHVOHMRVHOP¡VDSHUUDGRGHOFXUVR\TXHVLHPSUHHVW¡VHQWRGDVߙ

6/102
 1L VLTXLHUD R\³ FXDQGR TXLVH GHFLUOH TXH WRGR HVR HUD FKLYD \
TXH WDPEL©Q PH GDED GHPDVLDGD ODWD D\XGDU HQ ODV HOHFFLRQHV
SRUTXH HO SDUFLWR \D HVWDED HQ OD PLWDG GHO SDWLR WUDWDQGR GH
FRQYHQFHUDRWURJUXSRGHJLOHVFRPRQRVRWURV
0HIXLSHQVDQGRHQWRGRORTXHKDE­DSDVDGRPLHQWUDVFDPLQDED
DODVDOD3ULPHURPHHQRM©FRQPLJRPLVPRSRUSDYR\QRKDEHU
UHDFFLRQDGR FRPR HO 4XLTXH \ HO 3HODR $GHP¡V HVWDED HVR GH
HVWDURQRHQVXOLVWDQHJUD4X©RQGD"7RGRHUDUDURPX\UDUR
'XUDQWH HO UHVWR GHO G­D VHJX­ SUHJXQW¡QGRPH OR PLVPR SHUR
SUHIHU­QRGHFLUQDGD+DVWDTXHSRUILQDºOWLPDKRUD\JUDFLDVDO
SURIHVRU9LOOHJDV\DVXFODVHGHKLVWRULDPHOOHJ³ODUHVSXHVWDTXH
QHFHVLWDED
(VWDPRVSDVDQGRHO,PSHULR5RPDQR\ORVFDOHWDGHHPSHUDGRUHV
TXH WXYR 8QR TXH HUD WHUULEOH GH PDOR /XFLR &RUQHOLR 6LOD VH
LQYHQW³ XQD OLVWD QHJUD 2 VHD DK­ HPSH]³ D DQRWDU D FXDQWR
FRPSDGUHVHDWUHYLHUDDGHVREHGHFHUOHRKLFLHUDDOJRTXHDOSHUOD
QROHJXVWDUD6HSLFDEDFRQHOORVOHVKDF­DODYLGDLPSRVLEOHORV
WRUWXUDED KDVWD TXH ORV YROY­D ORFRV \ FXDQGR \D QR OH VHUY­DQ
SRUTXHHVWDEDQHQIHUPRVORVHFKDEDGHOLPSHULR
(QWRQFHV HVWDED FODUR 'LHJR )HUQ¡QGH] HUD XQ PDW³Q FRPR HO
HPSHUDGRU URPDQR < GH SXUR SLFDGR FRQ ORV TXH QR TXHU­DQ
D\XGDUORDJDQDUORVLEDDWRUWXUDUDSXQWDGHEXOO\LQJ\TXL]¡VTX©
FXHVWLRQHVP¡V
6HPHYLQRDOWLURDODPHQWHHOSREUH*XDW³Qb4X©EU­JLGRTXH
WX KHUPDQR VHD DV­ GH FUXHO b&³PR SRG­DQ VHU WDQ GLVWLQWRV ‰O
TXH D YHFHV QR P¡V VH OH SDUD OD SOXPD JULWD XQ SRFR \ VH SRQH
PDOJHQLRSHURVHOHSDVDDOWLUR
3DUD UHVXPLU \ KDFHUOD FRUWD R D\XGDED R PH LED FRUWDGR 1R
WXYHTXHSHQVDUORPXFKR1LQJXQDSRVLELOLGDGGHGHMDUPHFDHUHQ
GHSUHVL³Q SRU FXOSD GH HVH DEXVDGRU <D HV VXILFLHQWH HO
VXIULPLHQWRTXHWHQHPRVORVSRHWDVFXDQGRQXHVWUDVPXVDVPLUDQ
SDUDHOODGRRQRVDEDQGRQDQGHXQYHUDQRDRWUR<GHMDUPHKDFHU

7/102
EXOO\LQJPHQRVWRGDY­D
7RWDOSHQV©FRPRODFDPSD±DGXUDXQDVHPDQDQRP¡VSUHILHUR
PLOYHFHVD\XGDUDSHUGHUPHHQPDQRVGHXQWLSRDV­
&XDQGRWHUPLQ³ODFODVH5RGULJRVDOL³FRUULHQGRGHODVDOD\VLQ
PLUDUPH
ߡb%LHQ VH OH ROYLG³ߢ PH GLMH SHURߨ bTX© SHQD (Q OD SXHUWD
HVWDEDQ ORV GRV KHUPDQLWRV )HUQ¡QGH] HVSHU¡QGRPH 5HFRQR]FR
TXH FXDQGR ORV YL WXYH PLHGR $OFDQF© D LPDJLQDUPH DOJXQD GH
ODV FRVDV TXH SRGU­D KDFHUPH HVH FRPSDGUH PDOD OHFKH 6LQ
HVSHUDUTXHPHKDEODUDQOHVGLMHU¡SLGDPHQWHTXHV­TXHV­ORVLED
DD\XGDU
ߙ%LHQ 0DUW­QH] QR WH YDV D DUUHSHQWLU ߙGLMR 'LHJR MXQWR FRQ
GDUPHXQSDOPHWD]RHQODHVSDOGDTXHPHGHM³VLQUHVSLUDFL³Q
ߙ<DV©ߙOHUHVSRQG­b2EYLRTXHORVDE­D
/DFRVDHVTXHHPSHF©DWUDEDMDUHQODFDPSD±DGHOVDQJXLQDULR
FDQGLGDWRGHODOLVWDXQR
0L SHJD FRQVLVW­D HQ KDFHU OR PLVPR TXH HOORV LU SRU HO SDWLR
EXVFDQGR D ORV JUXSRV TXH HVWDEDQ FRQYHUVDQGR +DEODUOHV
PDUDYLOODVGHODOLVWDXQR\GHWRGDVODVFRVDVEXHQDVTXHWHQ­DHO
IXWXUR SUHVLGHQWH 6DE­D TXH HUDQ SXUDV FKLYDV SHUR FXDQGR PH
DFRUGDED GH OD GHSUHVL³Q \ HO EXOO\LQJ VH PH TXLWDED GH XQD HO
FDUJRGHFRQVFLHQFLD
(Q HO SULPHUR FDVL QR PH SHVFDURQ PHMRU GLFKR IXHURQ VºSHU
SHVDGRV 'HVSX©V VHJX­ FRQ GRV P¡V \ SDV³ OR PLVPR &DGD YH]
TXHHO3HODR\HO4XLTXHPHYH­DQQRSDUDEDQGHUH­UVH
ߡb6XSLHUDQߢ SHQVDED \R ߡGH OD TXH PH HVWR\ VDOYDQGRߢ (Q
FDPELR HOORV QL VLTXLHUD VRVSHFKDEDQ TXH FRPR GLFHQ HQ ODV
SHO­FXODVKDE­DQILUPDGRVXSURSLDVHQWHQFLDGHPXHUWH
(O PL©UFROHV PH DFHUTX© D YDULRV P¡V )XH SHRU $ QDGLH OH
LPSRUWDED TX© OLVWD JDQDUD 4X© JDQDV GH GHFLUOHV TXH D P­
WDPSRFRSHURTXHGHVXVYRWRV
GHSHQG­DPLVDOXGPHQWDOPLIXWXURGHSRHWD\TXHPHTXHGDUDHQ
HOFROHJLR
(O MXHYHV FRPR HUD HO ºOWLPR G­D WHQ­D V­ R V­ TXH FDPELDU GH
W¡FWLFD /D ºQLFD DOWHUQDWLYD HUD HQJUXSLU SHUR HQJUXSLU ILUPH
7RWDOLJXDOWHQ­DTXHFRQIHVDUPHSRUWRGDVODVFKLYDVTXH\DKDE­D
PHWLGRHQWRQFHVXQDVSRFDVP¡V\DPHGDEDORPLVPR
/HV GLMH TXH VL JDQDED )HUQ¡QGH] LEDQ D SRQHU PºVLFD HQ ORV
UHFUHRV4XHORVWHUFHURV\FXDUWRVWHQ­DQSHUPLVRSDUDWRPDUFDI©
HQ ODV VDODV GXUDQWH HO LQYLHUQR \ TXH D ILQ GH FDGD VHPHVWUH
KDU­DPRVXQWUHPHQGRDVDGRVRORSDUDODPHGLD3RUºOWLPRVHPH
RFXUUL³ORPHMRU(QORVJUXSRVTXHKDE­DP¡VPXMHUHVOHVGLMHTXH
ORVYLHUQHVSRG­DPRVYHQLUFRQURSDGHFDOOH
/DVFDUDVGHIHOLFLGDGHUDQLQFUH­EOHV
ߙ/DGXUD"YHUGDG"
ߙ2EYLR ߙOHV FRQWHVWDED \R VºSHU VHJXURߙ SRU DOJR VRPRV OD
PHMRUOLVWD
&RQHVDWUHPHQGDLGHDVRORVVHIXHURQSDVDQGRHOGDWR\\RQR
WXYHTXHSDVHDUPHP¡V
3RUILQOOHJ³HOYLHUQHV\ODVHOHFFLRQHV1RHVWDEDQLDK­FRQHO
UHVXOWDGR *DQDUD R SHUGLHUD FRQ OD SHJD TXH KDE­D KHFKR PH
KDE­D VDOYDGR GH HVWDU HQ OD OLVWD QHJUD GHO EXOO\LQJ \ GH OD
GHSUHVL³Q
/DYRWDFL³QIXHU¡SLGD$OSULQFLSLRLEDJDQDQGROHMRV3DOPD/D
FDUDGHOPDW³QHVWDEDFDGDYH]P¡VS¡OLGD\ODGHPLDPLJRLJXDO
KDVWDTXHTXHGDPRVHPSDWDGRV'HVSX©VHUDXQRSDUDFDGDXQD\
WRGRVDSODXG­DQVXVYRWRV'HUHSHQWHHPSH]DURQDVDOLUVRODPHQWH
SDUDODOLVWDXQR
b+DE­DPRVJDQDGR
'LHJR)HUQ¡QGH]DEXVDGRU\WRGR\DHUDHOSUHVLGHQWH
<RP¡VTXHFKDWRFRQHOWHPDGHODVHOHFFLRQHVPHIXLDODVDOD
4XHU­D DUUHJODU PLV FRVDV SDUD VHU HO SULPHUR HQ VDOLU FXDQGR
VRQDUDHOWLPEUH(QWU©\KDE­DDOJXQRVFRPSD±HURVFRQYHUVDQGR
ߙb%XHQD)HGHJDQ³WXOLVWDߙPDQG³XQWUHPHQGRJULWR0DW­DV
8/102
 ߙb1RHVPLOLVWDߙOHFRQWHVW©HQRMDGR6DE­DTXHVLOHVGDEDMXJR HQWHQG­DG³QGHHVWDEDHOFKLVWH
QRVDOGU­DQXQFDGHOFROHJLR ߙ7UDQTXLOR)HGHULFRYHRTXHWHFRQIXQGLVWHXQSRFRߙHPSH]³D
ߙ<DSHURTXHOHSXVLVWHSDUDTXHVDOLHUDOHSXVLVWH H[SOLFDUPH HO SDS¡ DXQTXH WUDWDED GH QR UH­UVHߙ &XDQGR ODV
ߙ1XQFD WDQWR ߙQR TXHU­D KDEODU P¡V GHO WHPD DV­ TXH WRP© PL SHUVRQDVGLFHQߡWHYR\DSRQHUHQPLOLVWDQHJUDߢHVVRORXQGHFLU
PRFKLOD\PHIXL QRHVP¡VTXHHVR'DORPLVPR7RGRHOPXQGRORXVDFXDQGRVH
$ODKRUDGHFRPLGDOD&DWDKDEO³GHODVPDOGLWDVHOHFFLRQHVRWUD HVSHUD DOJR GH RWUR \ HVH RWUR QR FXPSOH FRQ OR HVSHUDGR
YH] &RQW³ F³PR KDE­D VLGR GH SHOHDGD OD YRWDFL³Q \ WRGR OR (QWLHQGHV"3HURQDGLHWRUWXUDQLYXHOYHORFRDQDGLHSRUHVR
GHP¡V 4XHU­D TXH VH DFDEDUD OXHJR OD FRPLGD HO G­D \ HVD PDOGLWD
ߙ)HOLFLWDFLRQHVPLDPRUJDQ³WXOLVWD VHPDQD\ERUUDUGHPLYLGDODVSDODEUDVHOHFFLRQHVOLVWD\REYLR
ߙb1RTXLHURTXHPHGLJDQP¡VHVRb1RHVPLOLVWDPDP¡ QHJUD
ߙ&³PR TXH QR" VL WH OD SDVDVWH HQJUXSLHQGR WRGD OD VHPDQD
SDUDJDQDUYRWRVߙGLMROD&DWD
ߙ6­SHURQRORKLFHSDUDTXHJDQDUD
ߙ1R"(QWRQFHVSDUDTX©"
ߙ3RURWUDFRVD
ߙ1RHQWLHQGR)HGHߙLQWHUUXPSL³PLSDS¡
ߙ/RKLFHSDUDTXHHOKHUPDQRGHO*XDW³QQRPHKLFLHUD EXOO\LQJ
QLPHWRUWXUDUDFRPRHOURPDQRPDOGLWR
ߙ'HTX©HVW¡VKDEODQGR)HGHULFR"4X©URPDQR"<TXL©QWH
LEDDKDFHU EXOO\LQJ"ߙFRQPLUHVSXHVWDQRVROR©OGHM³GHFRPHU
ORV GHP¡V WDPEL©Q ,JXDO HUD GLI­FLO H[SOLFDUOR \ TXL]¡V HOORV QR
HQWHQGHU­DQSRUTX©PHKDE­DYHQGLGRQLSRUTX©ORSULPHURSDUD
P­HUDSURWHJHUPLFDEH]D\PLFRUD]³Q3RUTXHQDGLHH[FHSWRPL
PDP¡VDE­DTXH\RHUDSRHWD
ߙ/RTXHSDVDHVTXH©OGLMRTXHVLQRORD\XGDEDPHSRQGU­DHQ
VXOLVWDQHJUD
ߙ<DSHURTX©WLHQHTXHYHUFRQHOEXOO\LQJ"
ߙ&³PR TX© WLHQH TXH YHU" 7LHQH TXH YHU SRUTXHߨ ߙDK­ OHV
FRQW©ORGHODFODVHGH9LOOHJDV\GHOHPSHUDGRUURPDQRߙORVTXH
FDHQHQHVDOLVWDORVWRUWXUDQ\ORVYXHOYHQORFRVRVHDOHVKDFHQ
EXOO\LQJTXHHVORPLVPR
-DMDMDMDMDߨ WRGRV VH ODUJDURQ D UH­U <R PH HQRM© SRUTXH QR

9/102

6VVVFXSDQRP¡
3RU P¡V TXH TXLVLHUD HO FRORU QHJUR \ ODV WRUWXUDV QR PH
GHMDURQ WUDQTXLOR $KRUD OD FXOSD OD WXYR XQD PDOGLWD PXHOD /D
PX\GHVJUDFLDGDQRPHGHM³GRUPLUHQWRGDODQRFKH$OSULQFLSLR
QL OD SHVTX© SHUR GH D SRFR HO GRORU IXH FDGD YH] P¡V EU­JLGR
&XDQGR PH OHYDQW© \R SDUHF­D OD PXWDFL³Q GHO SH] JORER 7HQ­D
XQODGRHQWHURGHODFDUDKLQFKDGRb(QWHURGHVGHHORMRKDVWDOD
PLWDGGHODERFD
(QWU©DODSLH]DGHPLVSDS¡VSDUDTXHPHGLHUDQDOJºQUHPHGLR
ߙb)HGHTX©WHSDV³HQODFDUD"ߙPHSUHJXQWDURQDFRUR
ߙ(VXQDPXHOD0HGXHOHGHPDVLDGRߙOHVGLMHFRPRSXGH
ߙb3REUHFLWR 7HQJR TXH OOHYDUWH DKRUD DO GHQWLVWD ߙPL PDP¡ VH
OHYDQW³GHXQVDOWR6LQGXFKDUVHVHYLVWL³\IXHDEXVFDUODFDUWHUD
'H UHSHQWH SDU³ HQ VHFRߙ b$\ TX© WRQWD KR\ HV GRPLQJR (O
GRFWRU 1HZPDQQ QR YD D OD FRQVXOWD SHUR QR LPSRUWD \R YR\ D
DYHULJXDUG³QGHDWLHQGHQXUJHQFLDVGHQWDOHV
+L]RYDULDVOODPDGDVPLHQWUDV\RPHSRQ­DXQDEROVDGHKLHORHQ
ODFDUD
ߙ4X© RQGD )HGH" TX© WH SDV³" ߙHUD OD F­QLFD GH OD 3DXOD
KDFL©QGRVHODORFDSRUTXH\DQRVKDE­DHVFXFKDGR
ߙbQGDWH ߙWUDW© GH JULWDUOH SHUR HQWUH OD VDOLYD HO DJXD GH OD
EROVD\HOGRORUQRVHPHHQWHQGL³QDGD<REYLRHOODVHODUJ³D
UH­UFRQWRGR
3RU ILQ PL PDP¡ GLR FRQ XQD FO­QLFD \ DXQTXH TXHGDED VºSHU
OHMRV\QRV­EDPRVDGHPRUDUXQPRQW³QIXLPRVLJXDO
(Q FDGD ORPR GH WRUR VHQW­D TXH PH FODYDEDQ XQ FXFKLOOR HQ OD
PLWDG GH OD PXHOD +DVWD O¡JULPDV PH VDOLHURQ GH SXUR GRORU
&XDQGROOHJDPRVHVWDEDLJXDORP¡VKLQFKDGR\WDPEL©QXQSRFR
P¡VFLHJRSRUHVRSXGHYHUVRORODPLWDGGHODFDVDGRQGHHVWDED
OD IDPRVD FRQVXOWD b(UD KRUULEOH 3RU IXHUD OD SLQWXUD HVWDED
GHVWH±LGDPDQFKDGD\ODVSDUHGHVOOHQDVGHJULHWDV6HQRWDEDTXH
GHVSX©VGHOWHUUHPRWRGHOGHIHEUHURQXQFDQDGLHOHHFK³XQD
PDQLWRGHJDWRDODSREUH
ߙ(V OR TXH KD\ )HGH ߙGLMR PL PDP¡ DGLYLQ¡QGRPH HO
SHQVDPLHQWR
(QWUDPRV &RQ PL ODGR EXHQR DOFDQF© D YHU D XQDV FLQFR
SHUVRQDV HQ OD VDOD GH HVSHUD &DVL WRGRV FRQ ORV FDFKHWHV
KLQFKDGRV \ ODV PLVPDV FDUDV GH GRORU TXH OD P­D 3HUR FDFK© D
XQDQL±DFRPRGHFDWRUFHD±RVDSR\DGDHQODSDUHGGXUPLHQGR\
DXQTXHQRKDF­DIU­RWHQ­DXQDWUHPHQGDEXIDQGDQHJUDHQUROODGD
HQHOFXHOOR(UDODºQLFDTXHVHYH­DGHORP¡VELHQ
$OODGRGHHOODWDPEL©QGXUPLHQGRKDE­DXQSREUHYLHMLWRFRQOD
PLVPDFDUDVXIULHQWHTXHQRVRWURV
0LHQWUDV FDPLQDED FRQ OD FDEH]D FKXHFD KDVWD XQDV VLOODV TXH
KDE­DQ GHVRFXSDGDV PL PDP¡ VH DFHUF³ D OD VHFUHWDULD \ OH
H[SOLF³PLVLWXDFL³Q
ߙ%XHQRVG­DVVH±RULWD7UDLJRDHVWHQL±RSDUDTXHORYHDXUJHQWH
XQP©GLFR3DV³WRGDODQRFKHFRQPXFKRGRORUGHPXHOD\PLUH
FRPRHVW¡DKRUDߙOHGLMRFRQYR]GHGUDPDSDUDTXHODFRVDIXHUD
U¡SLGD
ߙ6­DV­ORYHRSHURWRGDHVDJHQWHߙOHPRVWU³FRQXQGHGRߙHVW¡
HQ OD PLVPD R SHRU TXH VX KLMR $TX­ YLHQH XQ SXUR GRFWRU ORV
GRPLQJRVDV­TXHYDQDWHQHUTXHVDEHUVDFDUQºPHUR\HVSHUDUQR
P¡VߙOHFRQWHVW³ELHQSHVDGDPLHQWUDVHVFULE­D
b4X©ODWDSHURWHQ­DTXHVHJXLUDJXDQWDQGR
+DE­DXQDPHVDFRQXQPRQW³QGHUHYLVWDVYLHMDV0LPDP¡VDF³
XQD \ PH SDV³ RWUD /H GLMH TXH QR PRYLHQGR OD FDEH]D SRUTXH
SUHIHU­DGRUPLU
7UDW©\DXQTXHORVFKRUURFLHQWRVUHPHGLRVTXHKDE­DWRPDGR\D
PH HVWDEDQ KDFLHQGR HIHFWR IXH LPSRVLEOH 7HQ­D MXVWR DO IUHQWH
10/102
P­RDODQL±DGHODEXIDQGDQHJUD\FRQPLODGREXHQRDOFDQ]DED
DYHUOHSRUORPHQRVODPLWDGGHVXFDUD
(UDERQLWD6­PX\ERQLWD
3HQV© TXH WHQ­D TXH VHU GHPDVLDGR EXHQD RQGD SDUD HVWDU XQ
GRPLQJRHQODPD±DQDDFRPSD±DQGRDVXDEXHORߨb6HSDV³(VR
OR KDFHQ VROR ODV SHUVRQDV JHQHURVDV \ VHQVLEOHV $GHP¡V
PLU¡QGRODPHMRUPHJXVW³PXFKRFRPRGRUP­DHVWDEDWUDQTXLOD
\UHODMDGD'HVSLHUWDPHGLMHGHEHUVHULJXDOGHSLROD
$V­VHPHROYLG³G³QGHHVWDED\PHTXHG©PLU¡QGRODߙQRPHMRU
GLFKR FRQWHPSO¡QGRODߙ XQ PRQW³Q GH UDWR H LPDJLQDQGR F³PR
VHU­DVXYR]\GHTX©FRORUVHU­DQORVRMRV'HUHSHQWHDOROHMRV
R­DHOSLWRGHODSDQWDOODFXDQGRFDPELDEDGHQºPHUR+DVWDTXH
DOJR UDUR PH SDV³ 6HQW­ XQD YR] TXH PH KL]R YROYHU (VSHU© XQ
UDWRSDUDTXHIXHUDP¡VFODUD<V­FXDQGRYROYL³ODUHFRQRF­(UD
PLYR]LQWHULRUTXHPHGHF­DVLQSDUDU TXHFRQODVDOLYDKDE­DPRMDGRWRGDODEXIDQGDQHJUD
ߙ(VHOODHOODߨDK­HVW¡DF©UFDWHߨDQGDߨDQGD
<DV©TXHFXDQGRSDVDHVRORVSRHWDVQRGHEHPRVSHQVDUPXFKR
GHEHPRVREHGHFHUGHXQD/DVFRVDVGHOFRUD]³QGHODOPD\GHOD
LQVSLUDFL³QVRQDV­YLHQHQGHUHSHQWH3HURHVWDYH]HQFRQWU©TXH
ODYR]HVWDEDH[DJHUDQGRXQSRFRDV­TXHPHTXHG©VHQWDGR
0L ºQLFR RMR VLJXL³ SHJDGR HQ HOOD $KRUD VHJºQ PLV F¡OFXORV
GHE­D YHQLUPH XQ SRFR GH DKRJR R FXDOTXLHUD GH HVDV FRVDV TXH
PHKDQSDVDGRFXDQGRKHHVWDGRDOIUHQWHGHXQDQL±DDV­3HURQR
WRGDY­D QR PH SDVDED QDGD (QWRQFHV SHQV© TXH SRU OD SRFD
H[SHULHQFLDTXHWHQJRHQHVWRGHHQFRQWUDUPXVDVTXL]¡VQRVROR
KDE­DTXHVHQWLUVLQRWDPEL©QKDE­DTXHHVSHUDUDOJºQVLJQRRDOJR
TXHOHGLJDDXQRTXHODSRVLELOLGDGHVW¡FHUFD
9ROY­DHVSHUDU
'H UHSHQWH PH OOHJ³ OD OX] %XHQR P¡V TXH OX] R­ XQD YR]
FKLOORQD(UDODVHFUHWDULDTXHOODPDEDDODEXHORGHPLSRVLEOHFDVL
QXHYDPXVD
ߙb&DEDOOHURFDEDOOHURߙOROODPDEDFRQYR]IXHUWH
1DGD(OߡFDEDOOHURߢQLVHPRY­D<ODQLHWDPHQRV
ߙb+H\GRQ*HU³QLPROHWRFDbGHVSLHUWHߙLQVLVW­D
1LQJXQR GH ORV SDFLHQWHV VH SDU³ &RQ HVR FDFK© TXH GH WRGDV
PDQHUDV HUD OD VH±DO \ DO WRTXH DWLQ© 4XL]¡V VL HOOD PH YH­D
D\XGDQGRDVXDEXHORVHILMDU­DHQP­<DVLQGRORUSHURLJXDOGH
KLQFKDGRFLHJR\FRQODFDEH]DGREODGDIXLDVXDVLHQWR(OSREUH
URQFDED/HPRY­HOKRPEURSHURQRPHSHVF³0HDFHUTX©\OH
KDEO© DO R­GR 6LJXL³ LQP³YLO (PSHF© D VXELU HO WRQR < DXQTXH
FDVL OH JULW© HO DEXHOR SDUHF­D PXHUWR 0HMRU SRUTXH HQ YH] GH
TXH ©O DEULHUD ORV RMRV GHVSHUW© D OD QLHWD (OOD DVXVWDGD GLR
YXHOWD OD FDUD SDUD YHU TX© HVWDED SDVDQGR )XH DK­ FXDQGR P¡V
TXHXQDVH±DOVHQW­TXHXQDURFDJLJDQWHPHFD­DHQODFDEH]D/D
VXSXHVWD EHOOD SRVLEOH IXWXUD QXHYD PXVD WHQ­D HO FDFKHWH PLO
SHURPLOYHFHVSHRUTXHHOP­R$GHP¡VWHQ­DODERFDWDQFKXHFD
0H TXHG© WLHVR \ KHODGR 6L KDVWD VH PH ROYLG³ SRU TX© HVWDED
DK­
ߙ4ߨTX© ߨSDߨVV" ߙSUHJXQW³ WRGDY­D PHGLR GRUPLGD \ VLQ
SRGHUPRYHUORVODELRV
ߙb2\H HV TXH ߨ ߙWUDW© GH KDEODU \ GLVLPXODU FRPR SXGH PL
LPSUHVL³QߙbOHWRFDDWXDEXHOR
ߙ$K"TX©"TX©DEXHOR"ߙPHKDEO³WRGDHQUHGDGD
ߙ4XHOHWRFDDWXDEXHORߙOHUHSHW­ߙHOVH±RUTXHHVW¡DTX­ߙVHOR
PRVWU© SHQVDQGR TXH HQ XQD GH HVDV FRQ WDQWR GRORU \ OD
KLQFKD]³QKDE­DSHUGLGRWDPEL©QODPHPRULD
ߙ1RߨWHQߨGR DߨYXHOR (VVHVWR\ VSHGDQGRߨ XGD GDGLRRߨ
JUDI­ߨDߙOHSXGHR­UPLHQWUDVVHOLPSLDEDXQSRFRODERFDFRQHO
SD±XHOR TXH WHQ­D HQ OD PDQR SHUR D ORV GRV VHJXQGRV HVWDED
LJXDO6HDFRPRG³\VLJXL³GXUPLHQGR
&RQ OD FRQYHUVDFL³Q HO FDEDOOHUR TXH \D QR HUD DEXHOR SRU ILQ
GHVSHUW³\VLQPLUDUDQDGLHVHIXHFDPLQDQGRDODFRQVXOWD
0X\FRQIXQGLGR\WRGDY­DKHODGRYROY­DPLVLOOD
11/102
 3ULPHURWHQ­DTXHGHVFRQJHODUPH\GHVSX©VSHQVDU EXIDQGDPRMDGD
/DV PXVDV WDPEL©Q WLHQHQ PXHODV LJXDO TXH ORV SRHWDV D HOODV /DWRUWXUDGXU³XQEXHQUDWRKDVWDTXHHOGRFWRUPLU³DPLPDP¡
WDPEL©QOHVSXHGHQGROHU3RUHVR\RQRSRG­D \OHGLMRTXHHVW¡EDPRVOLVWRV
ROYLGDUPH GH HOOD \ DEDQGRQDUOD DV­ FRPR DV­ FRQ OD SULPHUD ߙ3RUKR\DOPHQRVWLHQHTXHFRPHUDOLPHQWRVEODQGRVSRUTXHOD
HQIHUPHGDG4XL]¡VWUDW©GHFRQYHQFHUPHPLPDP¡WHQ­DUD]³Q FDULHHUDPX\SURIXQGD\ODDPDOJDPDGHPRUDU¡HQVHFDU
TXH D YHFHV QRV HTXLYRFDPRV DO YHU HQ ODV SHUVRQDV FDUDV \ QR ߙ3RU VXSXHVWR GRFWRU ߙGLMR HOOD \ \R PRY­ OD FDEH]D GH DUULED
FRUD]RQHV6LHUDDV­ODQL±DHQYHUGDGHUDJHQHURVDEXHQD\WRGR DEDMR
ORTXHTXLHUDQSHURߨSHURߨ &UXF©ORVGHGRVSDUDTXHPLQLQJXQDSRVLELOLGDGGHQXHYDPXVD
'HFLG­ TXH OR PHMRU VHU­D ERUUDU OD LPDJHQ GH VX FDFKHWH VLJXLHUDGXUPLHQGR3HURQRHVWDEDGHVSLHUWD\ELHQGHVSLHUWD
KLQFKDGR GH OD EXIDQGD QHJUD PRMDGD \ VHJXLU PLU¡QGROD FRPR 0LPDP¡VHDGHODQW³\IXHDSDJDU
DQWHV0HFRQFHQWU©HQHVRSHURQRQRSXGHODPHQWHVHPHLED &HUUDGR(OODQRHUDQLVHU­DQXQFDPLPXVDSHURLJXDOPHVHQW­
3RUILQHOYLHMLWRGHVFRQRFLGRVDOL³\HQWUDPRVQRVRWURV XQSRFRFXOSDEOH(QWRQFHVFRPRHUDORP­QLPRTXHSRG­DKDFHU
(OGRFWRUWHQ­DFDUDGHSHVDGR\HUDSHVDGR \ SDUD VDOYDU PL KRQRU \ FRQVFLHQFLD PH DFHUTX© D DGYHUWLUOH OR
ߙ6L©QWHVH\DEUDODERFDߙPHGLMRDSXUDGR7UDW©SHURPHGRO­D TXHSDVDEDDGHQWUR
WDQWRTXHQRSXGH ߙ2\H FXDQGR HO GRFWRU WH HFKH DJXD QR VH WH RFXUUD WUDJ¡UWHOD
ߙb$EUD DEUD ߙYROYL³ D GHFLUPH PRVWU¡QGRPH XQD PDQJXHUD 7ºVVVFXSHODQRP¡
$SHQDV PRY­ ORV ODELRV ©O HPSH]³ D HFKDUPH DJXD ߙ$KRUD 1RHVSHU©TXHPHGLHUDODVJUDFLDV\PHIXL
ߡVVVFXSDQRP¡VVVFXSDQRP¡ߢ
7DPSRFR SXGH HVFXSLU SRUTXH PH KDE­D WUDJDGR HO DJXD
HQWRQFHV HO GRFWRU P¡V HQRMDGR \ P¡V FKDWR FRQPLJR YROYL³ D
HFKDUPHDJXD\DUHSHWLUORPLVPR0HQRVPDOTXHPHUHVXOW³VL
QR FRQ OD SRFD SDFLHQFLD TXH OH LED TXHGDQGR HUD FDSD] GH
DEULUPHODERFDFRQVXVSURSLDVPDQRVSDUDTXHODERWDUD
0LHQWUDVWRPDEDHODJXD\HVFXS­DWHQ­DGRVFRVDVHQODFDEH]D
XQD OD EXIDQGD QHJUD PRMDGD FRQ VDOLYD GH PL VXSXHVWD FDVL
SRFDV SRVLELOLGDGHV  QXHYD PXVD \ OD RWUD PH OD LPDJLQDED
KDFLHQGRORPLVPRTXH\R7RPDQGRDJXD\VVVFXSLHQGRQRP¡
(O GRFWRU PH SXVR OD DQHVWHVLD (VSHU³ VºSHU SRFR \ HPSH]³ D
WDODGUDUFRPRVLPLSREUHPXHODIXHUDXQDSDUHGGHSLHGUD$FDGD
UDWRGHVSX©VGHHFKDUPHDJXDFRQODIDPRVDPDQJXHULWDUHSHW­D
OR PLVPR ߡVVVFXSD QR P¡ߢ \ \R GDOH FRQ WUDJDUPH HO DJXD
DFRUGDUPH GH OD QL±D GH VX FDUD KLQFKDGD OD ERFD FD­GD \ߨ OD

12/102

*ULQJDFKDQWD
'HVSX©V GH HVRV G­DV QHJURV TXH SDV© FRQ ODV HOHFFLRQHV OD
PDOGLWDPXHOD\ODQL±DGHODEXIDQGDPRMDGDPLYLGDYROYL³DVHU
ODGHDQWHVSHURPHMXU©TXHQXQFDP¡VLEDDGHMDUTXHODDQVLHGDG
R ORV GRORUHV PH FRQIXQGLHUDQ /RV SRHWDV SRGHPRV VREUHYLYLU
SRU XQ WLHPSR VLQ PXVDV DV­ TXH WHQJR TXH PDQWHQHU ILUPH OD
HVSHUDQ]D GH TXH OOHJDU¡ V­ OOHJDU¡ (QWRQFHV HVH G­D VX OX]
GHVSHUWDU¡ODIXHU]DGHPLLQVSLUDFL³Q3RUHVRPHUHSLWRWRGRVORV
G­DVSDFLHQFLD)HGHP¡VSDFLHQFLD)HGHULFR
&RQ HVWH MXUDPHQWR PH KD LGR GH OR P¡V ELHQ 7DQWR TXH D\HU
OOHJ³ XQD FRPSD±HUD QXHYD DO FXUVR 9LHQH GH &DQDG¡ SHUR HV
FKLOHQD&XDQGRODYLSRUXQVHJXQGRSHURSRUXQVRORVHJXQGR
VH PH SDV³ SRU OD FDEH]D TXH TXL]¡V KDE­D OOHJDGR HO PRPHQWR
SHURSRUVXHUWHTXHORVVHJXQGRVVRQHVR\QRGXUDQQDGDSRUTXH
ODJULQJDSHVDEDPHQRVTXHXQSDTXHWHGHFDEULWDV
/DFXHVWL³QHVTXHVHOODPD$GULDQDSHURTXLHUHTXHOHGLJDPRV
$GULDQQHLJXDOTXHVXVDPLJRVGHDOO¡(VWXYRWUHVD±RVYLYLHQGR
HQ7RURQWRKDVWDTXHODHPSUHVDHQTXHWUDEDMDEDHOSDS¡TXHEU³
\WXYLHURQTXHVDEHUYROYHUVH6HJºQHOODKDVLGRORSHRUTXHOHKD
SDVDGR SRUTXH HVWDED WDQ DFRVWXPEUDGD TXH VH VHQW­D XQD
FDQDGLHQVHP¡V$SDUWHQRVGLMRTXHQRHVWDEDQLDK­FRQ&KLOH
&³PRWDQWR"bTX©H[DJHUDGDSHQVDPRVWRGRVFXDQGRODR­PRV
GHFLU HVR (Q WUHV D±RV QDGLH SXHGH ROYLGDUVH DV­ FRPR DV­ GH VX
SD­Vb3XUDVFKLYDVSHQVDPRVORGHF­DSDUDKDFHUVHODEDF¡QQR
P¡V$ODVPXMHUHVOHVHQFDQWDHVRGHSRQHUOHFRORUDWRGRDV­TXH
ILORFRQHOFRPHQWDULR
$O SULQFLSLR ORV PX\ EDUVDV OH GLMLPRV TXH EXHQR D HVR GHO
QRPEUH VLQ VRVSHFKDU OR GLI­FLO TXH HUD DFKXQWDUOH D OD
SURQXQFLDFL³Q 1RV HQVH±³ F³PR VH GHF­D SHUR WXYR TXH UHSHWLU
PLOYHFHVTXHVHPDUFDELHQODߡGULߢMXQWRFRQKDFHUXQRVJ³UJRURV
HQ OD JDUJDQWD SDUD TXH VXHQH SHUIHFWR $ WRGRV QRV KD FRVWDGR
FDOHWDSRUHVRFDGDYH]TXHDOJXQRVHHTXLYRFDPXHYHODFDEH]D
FRQFDUDGHDVFR
3DUD OODPDU P¡V OD DWHQFL³Q WRGDY­D KDEOD PLWDG FDVWHOODQR \
PLWDGLQJO©VSRUTXHVHJºQHOODVHFRQIXQGHbMDDDD
/RVSULPHURVG­DVODPX\SDWXGDFUH\³TXHSRG­DKDFHUFXDOTXLHU
FRVDSRUVHUQXHYDWDQWRTXHFXDQGRHQWU³DODVDODVLQFRQRFHUD
QDGLHSUHJXQW³
ߙ&X¡OGHODVPXMHUHVHV WKHEHVWVWXGHQW"ODTXHWLHQHPHMRUHV
QRWDV"
9HUGXJROHFRQWHVW³TXHHUDOD9DOH3LQWR\OHPRVWU³VXEDQFR
3DUDDOO¡SDUWL³\VLQGHFLUOHQDGDDQDGLHSXVRODPRFKLODDUULED
GHOHVFULWRULRGHDOODGRRVHDHQHOGHOD)UDQ'­D]TXHDOLJXDO
TXH \R DQGD D SDWDGDV FRQ ORV FXDWUR \ SRU HVR VH VLHQWD DK­
&XDQGRODSREUHVHGLRFXHQWDGHTXHOHKDE­DQTXLWDGRVXSXHVWR
HQ YH] GH HQRMDUVH RUGHQ³ VXV FRVDV \ VH IXH DO ºQLFR OXJDU
GHVRFXSDGR TXH KDE­D DO IRQGR GH OD VDOD (V TXH GH WRGDV ODV
FRPSD±HUDVHOODHVOHMRVODP¡VJHQHURVD\EXHQDRQGD
/RVSULPHURVG­DVYLQRFRQURSDGHFDOOHKDVWDTXHOHFRPSUDURQ
HO XQLIRUPH /OHJDED D FODVHV XOWUD SURGXFLGD \ ODV PXMHUHV OD
PLUDEDQGHDUULEDDEDMRVLQGLVLPXODUQDGD
(QXQUHFUHRR­F³PROHKDF­DQPLOHVGHSUHJXQWDVVREUHPRGD
/DJULQJDFRQWHVWDEDWRGDVREUDGD\KDFL©QGRVHODLQWHUHVDQWH
ߙ2\H$GULDQDߙSUHJXQW³LQRFHQWHOD)ORUHQFLDߙF³PRVHXVDHO
SHORDOO¡"
ߙ'LPH $GULDQQH FRQ ߡGULߢ ߙOH H[SOLF³ߙ EXHQR QRZ DKRUD
FRUWRDV­FRPRHOP­R 1RERG\ WLHQH HO SHOR ODUJR ߙPLU¡QGROD GH
DUULEDDEDMRߙ(VW¡WRWDOPHQWHRXWRXWb6HYHKRUULEOH
/D UHVSXHVWD IXH HQWHUD GHVXELFDGD SDUD OD )OR \ SDUD WRGDV ODV
GHP¡VTXHHVWDEDQHVFXFKDQGRSRUTXHDF¡VHODSDVDQPLGLHQGR\
13/102
FRPSDUDQGRTXL©QWLHQHHOSHORP¡VODUJR
&XDQGRODOOHYDPRVDDOPRU]DUDOFDVLQRDQWHVGHVHQWDUVHQRV
SUHJXQW³XQDFXHVWL³QPX\UDUD
ߙ,VXSSRVHPHLPDJLQRTXHDTX­IRRGLVRUJDQLFRUJ¡QLFD
ߙ2UJ¡QLFD" ߙUHSLWL³ 0DW­DVߙ 2 VHDߨ DV­ FRPR RUJ¡QLFD
RUJ¡QLFDQR
ߙ(V TXH WRGRV ORV G­DV FDPELDQ HO PHQº HQWRQFHV QXQFD
VDEHPRVTX©YDDWRFDUߙVHJX­\RSRUTXHWRGRVVHPLUDURQ\QDGLH
OH FRQWHVW³ $ P­ PH VRQDED XQ SRFR HVR GH RUJ¡QLFD SHUR QR
VDE­D TX© HUD 7DPSRFR OH LED D SUHJXQWDU DV­ TXH OH FRQWHVW©
FXDOTXLHU FRVD DQWHV GH TXHGDU FRPR LGLRWDV IUHQWH D OD
VDEHORWRGRߙ3HUR$GULߨߙHOODWHUPLQ³HOQRPEUHߙFXDQGRDTX­
QRKD\QRVYDPRVDOTXLRVFR6LHPSUHWLHQHQXQPRQW³QGHFRVDV
ULFDV\VRQPXFKRP¡VEDUDWDV
ߙ:HOORNOHWߞVJR9DPRV,ZDQWWRKDYHOXQFKWKHUH
$QWHV GH OOHJDU VXSLPRV SRU HO RORU TXH WRGR QXHVWUR DOPXHU]R
HVWDEDFDOHQW¡QGRVHHQHOKRUQR
ߙ4X© TXLHUHV FRPHU Wº $GULDQQH" ߙOH SUHJXQW³ HO 3HODR WRGR
FDEDOOHUR \ SURQXQFLDQGR SRU SULPHUD YH] ELHQ HO QRPEUHߙ +D\
KDPEXUJXHVDVHPSDQDGDVSL]]DV\FKDSDUULWDV
ߙ:KDW" 4X©" b2KQR0\*RG (VWDV PXJUHV DUH QRW RUJDQLF
1R QR WKLV LV SRLVRQ 3RLVRQ SXUR YHQHQR bYHQHQR ߙQRV GLMR
JULWDQGRGHVHVSHUDGD\FRQFDUDGHS¡QLFR
/D VH±RUD 0DU­D GXH±D GHO TXLRVFR VH SXVR EODQFD \ QR VDE­D
TX©GHFLU/RVTXH\DKDE­DPRVHPSH]DGRDFRPHUOOHJDPRVKDVWD
DK­QRP¡VGHVSX©VGHR­UHVRGHOD SRLVRQTXHHQYHUGDGOHVRQ³
DVDW¡QLFR\PRUWDO
ߙ3HUR VL HVW¡Q UHFL©Q KHFKDV F³PR YDQ D HVWDU PDODV" ߙOH
SUHJXQW© VDF¡QGRPH OD KDPEXUJXHVD GH OD ERFD \ PLUDQGR D ORV
GHP¡VTXHTXHGDURQLJXDOGHDVXVWDGRVTXH\R
ߙ'H D G³QGH" 1RVRWURV FRPHPRV OR PLVPR KDFH FDOHWD GH
WLHPSR \ QR QRV KD SDVDGR QXQFD QDGD ߙWUDW³ GH DUUHJODUOD HO
4XLTXHFRQVXFKDSDUULWDHQODPDQRSHURFRQFDUDGHGXGD
ߙ2I FRXUVH XVWHGHV \D WLHQHQ WKDW SRLVRQ UHFRUUL©QGROHV \RXU
ERG\DQG\RXGRQߞWIHHOLW QRVHGDQFXHQWDGHTXHHVR LWߞVNLOOLQJ
\RXPDWDQGROLWWOHE\OLWWOH$SXHVWRTXH \RXIHHOPRUHWLUHGHVW¡Q
P¡V FDQVDGRV OHV KDQ VDOLGR FRVDV UDUDV HQ OD FDUD FRPR
HVSLQLOODVJUDQRVDQGRWKHUWKLQJV7DPEL©QHOSHORFDPELDFRQHO
YHQHQR +D\ FDVRV TXH KDVWDߨ ߙQR VLJXL³ SRUTXH \R YROY­ D
LQWHUUXPSLU
ߙ/D GXUD" HQWRQFHV VHJºQ Wº \D HVWDPRV HQYHQHQDGRV" <
FX¡QWRVHGHPRUDHOHIHFWRKDVWDPDWDUQRV"
ߙ&¡OODWH0DUW­QH]QRODSHVTX­6RQSXUDVWRQWHUDVSXURVUROORV
QR P¡V ,PDJ­QDWH ORV PLOORQHV GH PXHUWRV TXH KDEU­DQ HQ ODV
FDOOHVVLIXHUDYHUGDGߙPHFRQWHVW³HO*XDW³QTXHIXHHOºQLFRTXH
QXQFDOHFUH\³\OHGLRXQWUHPHQGRPRUGLVFRDVXSL]]D
3HQV©TXHPLDPLJRSRGU­DWHQHUUD]³Q\FDVLKLFHORPLVPRFRQ
ODKDPEXUJXHVDSHURSDU©HQVHFRFXDQGRPHILM©TXHHO4XLTXH
WHQ­D ODV HVSLQLOODV P¡V JUDQGHV \ URMDV 4XH OD )ORUHQFLD HVWDED
VºSHUIODFD\TXHWRGRVORVG­DVGLFHTXHHVW¡PXHUWDGHVXH±R/DV
RMHUDVGH+XUWDGRDSDUWHGHQHJUDVFRPRVLHPSUHDKRUDVHYH­DQ
LQIODGDV$*XWL©UUH]OHHQFRQWU©DOJRUDURQRV©TX©SHURHVWDED
GLVWLQWR %XHQR \ \R SDUD TX© GHFLU \D QL PH PXHYR FXDQGR
VXHQD HO GHVSHUWDGRU (QWRQFHV QR OR SHQV© P¡V \ ERW© PL
DOPXHU]RߡHQYHQHQDGRߢDODEDVXUD
3HURODJULQJDVLJXL³GDQGRMXJR
ߙ1R V© XVWHGHV SHUR , QHHG WR HDW TXLFNO\ U¡SLGR QR SXHGR
TXHGDUPHVLQFRPHUߙQRVGLMRPLUDQGRHOUHORM
&DGDYH]VHSRQ­DP¡VKLVW©ULFD\FKDWDODIDPRVD$GULDQQHSHUR
HQ HO FROHJLR QRV KDQ HQVH±DGR D UHFLELU ELHQ D ORV QXHYRV VHDQ
FRPRVHDQDV­TXHWXYLPRVTXHDSD±DUQRP¡V
ߙ<TX©SXHGHVFRPHUHQWRQFHV"ߙOHSUHJXQW³OD)UDQ
ߙ9HUGXUDV \ IUXWDV VLQ QLQJºQ WLSR GH IHUWLOL]DQWH 7DPEL©Q
VHPLOODV\IUXWRVVHFRV
14/102
 7RGRV QRV PLUDPRV 'H G³QGH ­EDPRV D VDFDU FXHVWLRQHV WDQ
UDUDV"
ߙ<RWUDMHXQSO¡WDQRߙOHRIUHFL³OD;LPHߙ\YLTXHOD6ROHWHQ­D
XQDQDUDQMDWHVLUYHQ"
ߙ3XHGHVHUSRUºOWLPRWLHQHQF¡VFDUD
ߙb<D V© G³QGH KD\ VHPLOODV ߙGLMH DSXUDGR GHVSX©V GH TXH VH
IXHOD;LPHSRUTXHPHDFRUG©TXHGRQ-RV©HOSRUWHURWLHQHXQ
FDQDULR\GHEHU­DWHQHUOHFRPLGDHQWRQFHVPHSRGU­DGDUXQSRFR
GHHVDVVHPLOODV1RSUHJXQW©QDGD\SDUW­
1DGLHP¡VVHPRYL³
1R V© FX¡QWR PH GHPRU© HQ GDU PL YXHOWD PDUDW³QLFD SRU HO
FROHJLRKDVWDHQFRQWUDUOR6HODVSHG­\PHIXLFRUULHQGRGHYXHOWD
&XDQGR OOHJX© WRGRV ORV JLOHV OH HFKDEDQ DLUH D OD PX\ SDW©WLFD
/HEDM³FRQTXHSRUHOKDPEUH\DQRWHQ­DQLIXHU]DVSDUDUHVSLUDU
ߙ$TX­WHQJRODVVHPLOODVߙVHODVSDV©
ߙ3HURߨ RK P\ *RG b(VWR HV DOSLVWH , MXVW HDW VHPLOODV GH
FDODED]D JLUDVRO R V©VDPR bQR DOSLVWH HVR HV SDUD ORV S¡MDURV
\RXLGLRWߙPHJULW³ODPX\SHVDGD
&³PR LED D VDEHU HVD FXHVWL³Q" 3DUD P­ WRGDV ODV VHPLOODV VH
SRG­DQFRPHU

15/102
 /DVH±RUD0DU­DHVWDEDR\HQGR\SDUDD\XGDUPHXQSRFRWRP³ &³PRYLYLUVLQFRUGLOOHUD
XQDEROVDGHPDQ­VDODGR\FXDQGRVHORLEDDSDVDU\RODSDU©
ߙb1R QR OH GHߨ R OH YD D JULWDU ߙHOOD PRYL³ OD FDEH]D \ VLQFDPSRVLQPLHVWUHOOD"
GHVSDFLWRPHGLMRTXHV­TXHQRPHSUHRFXSDUDSRUTXHHOPDQ­HUD (VWHFRUD]³QSDWULRWD
XQIUXWRVHFR
)UXWRVHFR"7DPSRFRFDFKDEDTXHHOPDQ­WXYLHUDHVHQRPEUH
QRVHU­DHOPLVPRVLQHOODV
3HURODSHUODORVPLU³\GLMRTXHODVDOHUDYHQHQRSDUDVX ERG\ -XURVREUHPLEDQGHUD
'HVSX©VVHDQGXYRDUUHSLQWLHQGR\VHORVFRPL³WRGRV/DVH±RUD TXHVLDOJºQG­D
0DU­D GH SXUR EXHQD RQGD OH SDV³ RWUD EROVD \ WDPEL©Q VH OD
GHYRU³
HVWRVSLHVPHOOHYDUDQ
$O SRFR UDWR OD ;LPH OOHJ³ FRQ XQ SO¡WDQR PHGLR QHJUR HQ OD DRWUDVSOD\DVRPHVHWDV
PDQR(OODFDVLQROHGLRODVJUDFLDV\HQGRVPDVFDGDVVHORWUDJ³ MDP¡VFDPELDU©PLSDWULD
HQWHUR
$V­TXHGHVSX©VGHHVHߡVKRZ RUJ¡QLFRߢTXHQRVKL]RODIDPRVD QLHOFRORUGHPLEDQGHUD
JULQJDQLODVPXMHUHVQLQRVRWURVODSHVFDPRVP¡V$KRUDDQGDGH bb9,9$&+,/(
ORP¡VSLROD\VHJºQ+XUWDGRHORWURG­DODYLRHVFRQGLGDGHWU¡V
GHOTXLRVFRFRPL©QGRVHXQDHPSDQDGD
/RVºQLFRVTXHWRGDY­DOHFRQWHVWDQHQLQJO©VFRPROHJXVWDDOD
ODG\VRQ9HUGXJR\HO&KRFOR
,JXDO DXQTXH PH FRVW³ UHFRQRFHUOR VHJX­ SHQVDQGR HQ HVR GH
TXHOD$GULDQQHVHFUH\HUDFDQDGLHQVHDXQTXHIXHUDFKLOHQDFRPR
ORVSRURWRVFRQULHQGD7DQWRTXHXQDQRFKHPHEDM³ODLQVSLUDFL³Q
SDWUL³WLFD)XHWDQIXOPLQDQWHTXHOHHVFULE­HVWHSRHPDDPL&KLOH
TXHULGR

$0,3$75,$
1XQFDKHHVWDGROHMRV
GHPLSDWULD\GHPLWLHUUD
SHURGHVRORSHQVDUOR
PLDOPDVHDSULHWD

16/102

b'DOHRKGDOHRKGDOHRK
$XQTXH PL MXUDPHQWR VHJX­D HQ SLH GHVSX©V GH WDQWRV G­DV
HVSHUDQGR TXH DSDUHFLHUD HQ PL FDPLQR OD PXVD TXH QHFHVLWDED
HPSHF©DEDMRQHDUPH/RSRFRTXHKDE­DVXELGRODVQRWDVHQHVWRV
PHVHVOREDM©WRGRGHXQD0HYROYLHURQDOORYHUODVDQRWDFLRQHV
SRULUUHVSRQVDELOLGDG\GLVWUDFFL³Q&³PRQR"VLSDVDED\SDVDED
HOWLHPSR\GHOX]LQVSLUDGRUDQDGDGHQDGD(QWRQFHVODVºQLFDV
SUHJXQWDV TXH PH KDF­D WRGR HO G­D HUDQ TX© LED D VHU GH P­"
FX¡QWR P¡V WHQGU­D TXH HVSHUDU" G³QGH" FX¡QGR" 4XH VLߨ
TXHVLQRߨ
ߙb9ROYLPRVDODVDQGDQ]DVVH±RU0DUW­QH]ߙPHGLMRHOLQVSHFWRU
FXDQGRPHHQWUHJ³ODFXDUWDSDSHOHWDGHOPHV
ߙ1RLQVSHFWRUKDQVLGRSXUDVLQMXVWLFLDV
ߙ&ODURSRUVXSXHVWR6HPHKDE­DROYLGDGRORGXUDTXHHVODYLGD
SDUDXVWHGb3REUHLQRFHQWH\DY¡\DVHVHU¡PHMRU
3HUR FRPR D QDGLH OH IDOWD 'LRV SRU ILQ HO GHVWLQR TXLVR GDUPH
XQDRSRUWXQLGDG\JUDFLDVDOFDPSHRQDWRLQWHUHVFRODUGHDWOHWLVPR
PLHVSHUDQ]DYROYL³FRQWRGR
$XQTXH HO FROHJLR WLHQH GRV DWOHWDV P¡V R PHQRV SDVDEOHV
*XLOOHUPR *¡OYH] GH QXHVWUR FXUVR \ RWUR FRPSDGUH GH RFWDYR
YDPRVLJXDO)DEULFLRHOHQWUHQDGRUGLFHTXHDOJºQG­DVHQRVYDQ
D GDU ODV FRVDV b$ G³QGH VL OOHYDPRV FRPR GLH] D±RV VR±DQGR
FRQORPLVPR\\RFUHRTXHQLHQFLHQVHQRVYDQDGDU
(QODRWUDFRPSHWHQFLDODTXHKD\HQWUHODVEDUUDVWDPEL©QQRV
YDS©VLPRSHURDOUHFWRUOHGDFRQTXHHVHHVQXHVWURIXHUWH\QR
SLHUGHODVHVSHUDQ]DVGHJDQDURSRUORPHQRVVDOLUHQWUHORVWUHV
SULPHURV3RUHVRWRGRVORVDOXPQRVWHQHPRVODREOLJDFL³QGHLUDO
HVWDGLRORVGRVG­DVTXHGXUDODODWD&RQWUDWDQEXVHVHVSHFLDOHV\
KDVWD QRV UHJDODQ HO SLFQLF 3DUD TX©" SDUD DVDUQRV GH FDORU
TXHGDU DI³QLFRV SRU WDQWR JULWDU \ GH SUHPLR QDGD 1XQFD QDGD
FHUR
b$K SHUR SREUH DO TXH VH OH RFXUUD IDOWDU SRUTXH OD
DPRQHVWDFL³QQRVHODTXLWDQDGLH<RDXQTXHORHQFXHQWUHUDQFLR
QRDOHJR\YR\QRP¡V7HQGU­DTXHVHUGHPDVLDGRWRQWRSDUDGHMDU
TXH PH DQRWHQ SRU HVR \ GHVSX©V PH VXVSHQGDQ &RQ OR GHO
FROHJLRWHQJRGHVREUD
(OFHQWURGHDOXPQRVVHHQFDUJDGHRUJDQL]DUODEDUUD(VWHD±R
'LHJR )HUQ¡QGH] FRPR HVW¡ UHFL©Q HOHJLGR VH OD MXJ³ FRQ WRGR
&RPSU³JRUURVEDQGHUDVHKLFLHURQPLOORQHVGHSOXPHURV%XHQR
P¡VELHQREOLJDURQDORVFDEURVFKLFRVDKDFHUORV
(OORV WDPEL©Q VRQ ORV MHIHV GH OD EDUUD \ REYLR VH FUHHQ ORV
JUDQGHV 1R SDUDQ GH GDUQRV LQVWUXFFLRQHV \ PDQGDUQRV WRGR HO
UDWR/DFXHVWL³QHVVDOWDUFRPRPRQRV\JULWDUVLQSDUDUb'$/(
2+ '$/( '$/( 2+ '$0( /$ & '$0( /$ 8 \ DV­ ODV
GLHFLV©LV OHWUDV TXH WLHQH HO QRPEUH GHO FROHJLR b'LHFLV©LV <R
GHVGH OD TXLQWD PH TXHGR FDOODGR \ VROR PXHYR OD EDQGHUD R HO
SOXPHUR
/HVHQFDQWDKDFHUODRODFDQWDQGRODVPLVPDVFDQFLRQHVIRPHVGH
VLHPSUH'LFHQTXHDV­PDUFDPRVSUHVHQFLD
0¡VDSHVWRVRWRGDY­DVRQORVSURIHVRUHV,JXDOTXHQRVRWURVYDQ
REOLJDGRVSRUHOUHFWRU1RGHMDQTXHQRVPRYDPRVQLXQPLQXWR
GH ORV DVLHQWRV ߡ/D EDUUD QXQFD GHEH TXHGDU VROD SRUTXH QRV
EDMDQ SXQWRVߢ 6ROR D OD KRUD GH DOPXHU]R SRGHPRV VDOLU GRQGH
TXHUDPRV 3RU HVR HO V¡EDGR DO 3HODR DO 4XLTXH \ DO *XDW³Q VH
OHVRFXUUL³UHFRUUHUHOHVWDGLRSDUDFRQRFHUQL±DVGHRWURVFROHJLRV
1RPHPRWLY³SDUDQDGDODLGHD(VWDEDPXHUWRGHFDORU\SUHIHU­D
LUDOPRU]DUDORVSDVLOORVTXHKD\GHWU¡VGHODVJDOHU­DVTXHHVHO
ºQLFR OXJDU GRQGH KD\ VRPEUD 3HUR IXHURQ WDQWDV ODV FRVDV TXH
PHGLMHURQTXHORSHQV©XQSRFRP¡V(QYHUGDGHQWUHTXHGDUPH
VRORFRPRORVORVHUVRLUIXL
17/102
 3ULPHURHVWXYLPRVVHQWDGRVHQODEDUUDGHXQFROHJLRGHPXMHUHV
TXHKDE­DFRPRDWUHVOXJDUHVGHOQXHVWUR(VSHUDPRVXQUDWRSRU
VLDOJXQDQRVSHVFDEDSHURQLQRVPLUDURQ
/RPLVPRSDV³HQODVGRVVLJXLHQWHV1DGDSHURQLQJXQRDUUXJ³
&XDQGROOHJDPRVFDVLDORWURODGRGHOHVWDGLRYLPRVSRUILQXQD
EDUUD GRQGH OD FRVD VH YH­D PHMRU +DE­D WUHV JUXSRV GH QL±DV
VHQWDGDVHQGLVWLQWDVSDUWHV/DVGHP¡VDUULEDHUDQFRPRGHFXDUWR
R WHUFHUR PHGLR $OWLUR FDFKDPRV TXH QR KDE­D QLQJXQD
SRVLELOLGDG FRQ HOODV DV­ TXH ILOR 2WUDV VºSHU HQDQDV DO PHGLR
ILORWDPEL©Q3HURMXVWRGHODQWHGHODUHMDTXHGDDODFDQFKDKDE­D
FXDWURQL±DVTXHSDUHF­DQGHQXHVWUDHGDG
ߙb9DPRVߙGLMRHO*XDW³Q\SDUWLPRVDOWRTXH
+DEODEDQ \ VH UH­DQ PLHQWUDV VH SDVDEDQ XQ SDTXHWH GH SDSDV
IULWDV
(O3HODRKDFL©QGRVHHOFKRUR\FUH\HQGRTXHVHODVVDEHWRGDV
IXHHOSULPHURTXHODVVDOXG³ UHDFFLRQ©VLQRVHPHKDEU­DQFD­GRWRGDVODVSDSDVDOVXHOR
ߙb+ROD'HTX©FROHJLRVRQ"
ߙ$K­HVW¡HOFDUWHOߙOHPRVWU³ODTXHHVWDEDVHQWDGDSULPHURFRQ
FDUDGHODWD
ߙ'HO 6DQ (VWHEDQ 0¡UWLU ߙFRQWHVW³ KDUWR P¡V VLPS¡WLFD OD GHO
PHGLR\VLJXL³FRPLHQGR/DVRWUDVVHUH­DQ
ߙb$KQRVRWURVGHO&XDUWR&HQWHQDULRߙVHPHWL³HO4XLTXHVLQ
TXHQDGLHOHKXELHUDSUHJXQWDGR
ߙ&X¡OHVHVH"
ߙ(V TXH QR HV PX\ JUDQGH \ WDPSRFR QRV QRPEUDQ HQ ORV
SULPHURV OXJDUHV SRUTXH HO DWOHWLVPR QR HV HO IXHUWH GHO FROHJLR
3HURVRPRVVHFRVHQIºWERO\HQE¡VTXHWERO
&XDQGR GLMH HVR DXQTXH VDE­DPRV TXH HUD SXUR JUXSR P­R ORV
RWURVWUHVWDPEL©QSXVLHURQFDUDGHVREUDGRV
ߙ&³PRVHOODPDQ"ߙDKRUDHOFDQFKHURIXHHO*XDW³Q
ߙ&DUROLQD9HU³QLFD\/X]0DU­DߙVHQRPEUDURQGHDXQD
ߙ<\R6RI­DߙGLMRXQDFRQSHFDVTXHHVWDEDVHQWDGDDOILQDOGH
ODILOD\DXQTXHHVWDEDXQSRFRP¡VOHMRV\WHQ­DHOVROHQFRQWUD
ODHQFRQWU©ERQLWD\VXQRPEUHWDPEL©QPHJXVW³DOWLUR
ߙ$OPRU]DURQ"ߙQRVSUHJXQW³WRGDFRTXHWDXQDPHGLDFRORULQD
ߙ1RSHURWHQHPRVXQRVV¡QGZLFKHV\FXDQGRVHGHVRFXSHQORV
TXLRVFRVYDPRVDLUDFRPSUDUEHELGDV\DOJRP¡V
ߙ6L TXLHUHQ \R WHQJR RWUR SDTXHWH GH SDSDV IULWDV ߙRIUHFL³ OD
6RI­D\PLHQWUDVOREXVFDEDHQVXPRFKLOD\RQROHVDTX©ORVRMRV
GHHQFLPD
ߙ7RPD ߙHVWLU³ HO EUD]R \ PRYL³ OD FDEH]D SDUD HQWUHJ¡UPHODV
0LHQWUDV ODV UHFLE­D HOOD PH PLU³ ILMDPHQWH D ORV RMRV (Q HVH
VHJXQGRYROY­DVHQWLUORTXHKDF­DWDQWRVPHVHVHVSHUDEDGHM©GH
UHVSLUDU HO FRUD]³Q VH PH FRQJHO³ \ HQ OD JXDWD VH PH KL]R XQ
KR\R JLJDQWH 3RU ºOWLPR SHQV© TXH WRGR HO PXQGR GHVDSDUHF­D
PHQRVQRVRWURV
(O*XDW³QPHODTXLW³GHODVPDQRVbPHQRVPDOSRUTXHFRQHVR
/HGLODVJUDFLDVDXQTXHWRGDY­DQRPHHQWUDEDELHQHODLUHSHUR
DQWHV GH DWUHYHUPH D KDEODU FDFK© TXH PLV DPLJRV HVWDEDQ HQ OR
PLVPRFRQODVRWUDVQL±DV
ߙ(QTX©HQTX©FXUVRHVW¡V"ߙSDUW­XQSRFRWXSLGR
ߙ(QSULPHUR\Wº"
ߙ(QVHJXQGR
ߙb$K < VLHPSUH KDV HVWDGR HQ HO PLVPR FROHJLR" ߙPH
SUHJXQW³
ߙ6­GHVGH.­QGHU
ߙb4X©VXHUWH<RQR0HKHFDPELDGRXQPRQW³QGHYHFHV$PL
SDS¡SRUHOWUDEDMRTXHWLHQHORPDQGDQDWRGDVSDUWHV(VVºSHU
FKDWRSRUTXHFDGDYH]TXHHPSLH]RDWHQHUDPLJDV\DPLJRVHQXQ
SD­VWHQHPRVTXHLUQRV
&RQHVHFRPHQWDULRPHDFRUG©DOWLURGHODJULQJD$GULDQQH\OR
JUXSLHQWD TXH KDE­D VLGR FRQ QRVRWURV HQWRQFHV DWLQ© D
SUHJXQWDUOHTX©RQGDDYHUVLHOODHUDLJXDO
18/102
 ߙ2\H 6RI­D FXDQGR YLYHV HQ RWUR SD­V VH WH ROYLGD TXH HUHV
FKLOHQD"
ߙb1RQXQFDSRUTX©"
ߙ(VTXH\RWHQJRXQDFRPSD±HUDTXHYLYL³WUHVD±RVHQ&DQDG¡\
GLFHTXHVHVLHQWHFDQDGLHQVH
ߙ$KQR\RVR\FKLOHQDDTX­RGRQGHHVW©
b%LHQSHQV©
+DEODPRV GH F³PR HUD YLYLU HQ RWUDV SDUWHV FX¡QWRV KHUPDQRV
WHQ­D\FRVDVDV­
/H SHJX© XQD PLUDGD D PLV DPLJRV \ WRGRV VHJX­DQ HPEDODGRV
FRQYHUVDQGRSRUHVRQRQRVGLPRVFXHQWDGHTXHODFRPSHWHQFLD
\DKDE­DSDUWLGR\TXHVXEDUUDHPSH]DEDDOOHQDUVHRWUDYH]
)XHEDF¡QFRQRFHUODWRGRHOUDWRTXHHVWXYLPRVMXQWRV/D6RI­D
DSDUWHGHERQLWDHUDEXHQDRQGD&DFK©TXHDHOODOHKDE­DSDVDGR
OR PLVPR DV­ TXH MXJ¡QGRPHOD FRQ WRGR OH SUHJXQW© VL TXHU­D
DOPRU]DUFRQPLJRHOGRPLQJRDODPLVPDKRUD0HGLMRDOWLURTXH
V­\TXHGDPRVGHHQFRQWUDUQRVHQXQRGHORVTXLRVFRVGHOHVWDGLR
7UDW© GH SDVDU SLROD FRQ OR PRWLYDGR TXH HVWDED SDUD TXH PLV
DPLJRVQRVHGLHUDQFXHQWD\HPSH]DUDQFRQODVWRQWHUDVW­SLFDVGH
FDEURFKLFR
(OGRPLQJRHVWXYHWRGDODPD±DQDHQRWUD\DFDGDUDWRPLUDQGR
HOUHORM1ROHDFKXQW©DQLXQD/HYDQW©HOSOXPHURFXDQGRKDE­D
TXHEDMDUOR0RVWUDEDODEDQGHUD\HUDHOSOXPHUR2VHDPDOWRGR
PDO
3RUILQDODKRUDGHDOPXHU]RVLQTXHQDGLHVHDOFDQ]DUDDGDU
FXHQWDSDUW­FRUULHQGRDPLߡFLWDߢFRPRGLFHQORVPDPRQHVGHODV
SHO­FXODVJULQJDV6DO­WDQU¡SLGR\P¡VORQHUYLRVRTXHLEDTXH
PHFRQIXQG­GHTXLRVFRGRVYHFHV
ߙb+ROD ߙPH VDOXG³ FRQ XQ EHVR FXDQGR PH YLR OOHJDUߙ 3HQV©
TXHVHWHKDE­DROYLGDGR
ߙ1RSDUDQDGDORTXHSDVDHVTXHFRPRKD\WDQWDJHQWHFXHVWD
XQ PRQW³Q FDPLQDU ߙQR OH LED D GHFLU TXH SRU SDYR PH KDE­D
SHUGLGR
ߙ7UDMHXQDVEHELGDV\JDOOHWDVTXLHUHV"
ߙ<D \R WUDMH XQRV V¡QGZLFKHV ߙ/RV VDTX© GH PL PRFKLOD \ OH
SDV©XQR
1RVVHQWDPRVHQHOVXHOR0HFRQW³TXHOHJXVWDEDSLQWDU\KDFHU
GHSRUWH4XHQRHVPDWHDSHURLJXDOOHYDELHQ
ߙ4X©WHJXVWDKDFHUDWL"ߙPHSUHJXQW³
ߙ1DGDHQHVSHFLDO-XHJRE¡VTXHWERO\DQGRHQELFLFOHWD
'HTXHHUDSRHWD\TXHPLYLGDHUDQORVYHUVRV\ODVULPDVQLXQD
SDODEUD 7DPSRFR TXH DQGR D SDWDGDV FRQ ORV FXDWUR 6HJXLPRV
FRQVXIDPLOLD\ODP­D&RQODVYDFDFLRQHV\DQ©FGRWDVGLYHUWLGDV
TXHQRVKDE­DQSDVDGR
$ODVSPHPSH]³RWUDYH]HOJULWHU­R\WXYLPRVTXHYROYHU
D ODV EDUUDV 1RV GHVSHGLPRV \ FXDQGR \D KDE­D FDPLQDGR XQ
SRFRPHOODP³
ߙ)HGH )HGH ߙPH GL YXHOWD \ YROY­ GRQGH HOODߙ b$K VH PH
ROYLG³GHFLUWHTXHHKߨHKߨWHJXVWDU­DLUDXQDILHVWDGHFXUVR
TXHYDPRVKDFHUHOSU³[LPRV¡EDGR",QYLWDDWXVDPLJRVWDPEL©Q
ߙ6­V­\DEDF¡QREYLRߙOHFRQWHVW©DOWLUR
ߙ'DPHWXFHOXODUߙPHGLMRWRPDQGRHOGHHOODSDUDJUDEDUORߙ<R
WHOODPRSDUDGDUWHODGLUHFFL³Q
0HWXS­HQWHUR\HQWUHHOUXLGR\ODVRUSUHVDWXYHTXHUHSHW­UVHOR
FRPRWUHVYHFHV
b1RSRG­DHVWDUP¡VIHOL]
9ROY­ UL©QGRPH VROR D OD EDUUD <R FUHR TXH WRGRV ORV TXH PH
YLHURQ WLHQHQ TXH KDEHU SHQVDGR TXH HVWDED ORFR < V­ DV­ PH
VHQW­DGHSXURFRQWHQWR
(UD YHUGDG TXH UHFL©Q OD HVWDED FRQRFLHQGR SHUR HVH SRFR \D
KDE­DVLGRVXILFLHQWHSDUDGHVSHUWDUODLQVSLUDFL³QTXHEXVFDED6LQ
QLQJºQHVIXHU]RHPSHF©DKDFHUDOJXQRVYHUVRVHQPLPHQWH
19/102
 62)$
7XQRPEUHHVGXOFHPHORG­D 6RI­D0RQWHURTXLHUHVHUWX
\WXVSHFDVLOXPLQDURQPLG­D DPLJDHQIDFHERRN
&RQRFHUWHGHYROYL³DPLDOPD
ODLQVSLUDFL³Q\ODDOHJU­D
(O OXQHV FXDQGR OOHJX© GHO FROHJLR SRU PLODJUR GH QR V© TX©
VDQWRHOFRPSXWDGRUHVWDEDGHVRFXSDGRDV­TXHPHVHQW©DOWLUR\
0HVHQW©7RP©XQSOXPHUR\PHSXVHDJULWDUFRQWRGRb'$/(
PHHQFRQWU©FRQODPHMRUVRUSUHVDGHPLYLGD
2+'$/('$/(2+b'$/('$/(2+ߨ
ߡ6RI­D0RQWHURTXLHUHVHUWXDPLJDHQ)DFHERRNߢ
$KRUDODIUDVHP¡VIRPH\W­SLFDGHOLQWHUHVFRODUVHU­DPLJULWRGH
b%LHQELHQELHQ
¡QLPR SDUD WULXQIDU HQ OD FRQTXLVWD GH PL QXHYD PXVD \ HQ OD
(OODPHKDE­DEXVFDGRSULPHUR1XQFDVHPHSDV³SRUODFDEH]D
FDQFKDGHODSRHV­D
TXH HVWR LED D SDVDU b(VWR HUD LQFUH­EOH (VWDED WDQ IHOL] TXH HO
b'$/('$/()('(b'$/('$/(2+
GRV TXH PH VDTX© HQ RWUD LQWHUURJDFL³Q VRUSUHVD VH PH ERUU³
7DPSRFR TXH OD PLVV GH LQJO©V VH OH RFXUULHUD WUDEDMDU FRQ ORV
GLFFLRQDULRVHOPLVPRTXH\RQRWHQ­D\TXHSRUHVRPHDQRWDUD
< TXH HO GLUHFWRU QRV HFKDUD OD IRFD FRQ HO PLVPR VSHHFK GH
VLHPSUHSRUQRKDEHUOOHJDGRFRQQLQJºQSUHPLRGHOLQWHUHVFRODU
&KDRFKDRFRQWRGR
2EYLR TXH DO WRTXH UHVSRQG­ TXH V­ TXH OD DFHSWDED 0LU© HO
UHORMHUDQODVSP<DGHEHHVWDUHQVXFDVDSHQV©DV­TXHOH
HVFULE­DOWLURFRQODHVSHUDQ]DGHFKDWHDUFRQHOOD

20/102
 WDPEL©Q+DVWDTXHHQODQRFKHRWUDYH]JUDFLDVDODWHOHVHULH\D
(VSHU© XQ UDWR SHUR QR FRQWHVW³ $SXHVWR TXH GHE­D HVWDU TXHPLPDP¡IXHGRQGHXQDDPLJDORJU©FRQHFWDUPHWUDQTXLOR
HVWXGLDQGRRKDFLHQGRDOJºQWUDEDMR7HQJRTXHWHQHUXQSRFRGH /DVDOXG©(OODQRFRQWHVW³
SDFLHQFLD \D VH YD D FRQHFWDU PH UHSHW­ YDULDV YHFHV (QWRQFHV ߡ1R SLHQVR VDOLU GH DTX­ KDVWD TXH DSDUH]FDߢ PH GLMH ߡDV­ TXH
SDUDEDMDUXQSRFRODDQVLHGDGVHPHRFXUUL³HQWUDUDVXSHUILO/H­ bFDOPD)HGHFDOPDߢ
ODELRJUDI­D\GHVSX©VYLVXVIRWRV (VSHU©XQUDWRSHURQDGD,JXDODOJRHQPLLQVWLQWRGHSRHWDTXH
$SDUHFLHURQYDULRV¡OEXPHV8QRVHOODPDED0DUUXHFRV3DUHFH D HVWDV DOWXUDV TXHGDED ELHQ SRFR PH GHF­D TXH HQ FXDOTXLHU
TXHORKDE­DVXELGRKDFHSRFRWLHPSRSRUTXHHOODHVWDEDLJXDOGH PLQXWRLEDDDSDUHFHU
FDUD3HURHQFRQWU©ELHQUDUDVDODVDPLJDV7RGDVFRQSD±XHORVGH 3DUDQRHPSH]DUDEDMRQHDUPHGHQXHYRKDEO©FRQHO4XLTXH\
FRORUHVHQODFDEH]D\XQRVYHVWLGRVRVFXURVODUJRV\VXHOWRV2WUR HO*XDW³QTXHHVWDEDQHQHOFKDW
VHOODPDED-HULFRDFRDUD7DPEL©QORDEU­SHURFRPRQXQFDKDE­D 'H UHSHQWH VH SURGXMR HO PLODJUR $K­ HVWDED 0HQRV PDO TXH
HVFXFKDGR HVH QRPEUH OR EXVTX© HQ ,QWHUQHW (UD XQD SOD\D HQ HOODQRPHYH­DSRUTXHHPSHF©DWUDQVSLUDU\VHQW­TXHWHQ­DORV
%UDVLOTXHOHGLFHQߡP¡JLFDߢ\TXHYDQSXURVKLSSLHV(VWDEDQFRQ FDFKHWHVDUGLHQGR
WUDMHGHED±RWHQGLGDVHQODDUHQD\WRPDQGRXQRVMXJRVEDFDQHV
FRQSDUDJXDV\SHGD]RVGHIUXWDHQORVERUGHV
(OºOWLPR¡OEXPTXHDOFDQF©DYHUDQWHVGHTXHOOHJDUDODFDEUD
FDFKRGHOD3DXODGHF­D/RQGUHV0HFRVW³UHFRQRFHUODHQXQDGH
ODV W­SLFDV IRWRV GH FXUVR QR SRUTXH HVWXYLHUD PXFKR P¡V FKLFD
VLQRWDPEL©QSRUHOXQLIRUPHWRGRPDP³Q\ODFDUDWDQVHULD6H
QRWDEDTXHHVHFROHJLRHUDWRGRSURGXFLGR\GHOD±RXQR 1RV©F³PRDSUHW©ODVWHFODVSHURVDOL³
9ROY­DPLUDUHOUHORM\ODYHQWDQDGHOFKDWSHURQDGD /RV RWURV GRV JLOHV VHJX­DQ PDQG¡QGRPH PHQVDMHV SHUR \R QR
(VSHU©XQUDWRP¡V\QRQRKXERFDVRQRVHFRQHFW³'HVSX©V ORV SHVTX© P¡V (UD GHPDVLDGR LPSRUWDQWH OR TXH PH HVWDED
PHTXLWDURQHOFRPSXWDGRU SDVDQGRSDUDSRQHUPLSRTX­VLPDFRQFHQWUDFL³QHQGRVSDUWHV
(QVHULRPHGLRODWDDXQTXHVHVHSDTXHSDUDQRVRWURVORVSRHWDV
ODV FRVDV QXQFD VRQ I¡FLOHV \ TXH HO VXIULPLHQWR \ OD HVSHUD VRQ
SDUWHGHODYLGDTXHHOHJLPRVLJXDOTXHU­DKDEODUFRQHOOD
'HVSX©V GH FRPLGD FXDQGR PLV KHUPDQDV VH IXHURQ D YHU OD
WHOHVHULH PH IXL FRUULHQGR DO FRPSXWDGRU SDUD YHU VL HQ XQD GH
HVDVDSDUHF­D3HURRWUDYH]ODPDOGLWDVXHUWHHOLPLQ³GHXQDWRGRV
PLVSODQHV/DTXHHVWDEDDKRUDIUHQWHDODSDQWDOODHUDPLPDP¡
1RV©TX©OHEDM³-DP¡VKDXVDGRHOFRPSXWDGRUHQODQRFKH
2VHDFODUDPHQWHHOOXQHVQRIXHPLG­D
(O PDUWHV WDPSRFR < HO PL©UFROHV HVWXYH D SXQWR GH SHUGHUOR

21/102
 0HORPDQG³\DOWLURORDQRW©<DQWHVGHYROYHUDKDEODUOHHOODVH
GHVSLGL³

$XQTXH\RKDEU­DVHJXLGRKDEODQGRWRGDODQRFKHFRQHOODHVH
SRFRUDWRIXHMXVWRORTXHQHFHVLWDEDSDUDTXHGDUPHWUDQTXLOR1R
KDE­DTXHVHJXLUEXVFDQGROD6RI­DHUDPLPXVDODPXVDTXH
OOHQDU­DPLDOPDGHLQVSLUDFL³Q

)$&(%22.
0HJXVWDU­D
SXEOLFDUHQ)DFHERRN

)HGHULFRHOSRHWD
HQFRQWU³ODPXVD
TXHOHKDGHYXHOWR
ODHVSHUDQ]D\HODOPD

6RI­DHVVXQRPEUH
/HFRQWHVW©PRWLYDG­VLPR

22/102
\VRORDHOODGHGLFDU¡
YHUVRV\SDODEUDVLQVSLUDGDV
/DHVSHUDGHVHVSHUD
(OMXHYHV\HOYLHUQHVWUDW©GHYROYHUDKDEODUFRQOD6RI­DSHUR
IXHLPSRVLEOH0LPDP¡VLJXL³LQYHVWLJDQGRXQDVFXHVWLRQHVUDUDV
HQ,QWHUQHW\FXDQGRWHUPLQ³\DHUDGHPDVLDGRWDUGH$V­TXHILOR
WXYHTXHROYLGDUPHGHFKDWHDUFRQHOODHVDVHPDQD
/D ILHVWD HPSH]³ D VHU WHPD FDGD YH] P¡V HQWUH PLV DPLJRV \
SDUDP­TXHOOHYDEDODFXHQWDH[DFWDGHORVG­DVTXHIDOWDEDQXQD
ERPEDDW³PLFDGHDQVLHGDG3HURGHODQWHGHHOORVWHQ­DTXHSDVDU
SLRODDV­TXHFDGDYH]TXHGHF­DQDOJR\RQLSHVFDED
/REXHQRHVTXHOD9HUR\OD/X]0DU­DGRVGHODVDPLJDVTXH
HVWDEDQHQHOHVWDGLRFRQOD6RI­DWDPEL©QVHKLFLHURQDPLJDVGHO
3HODR\GHO4XLTXHHQ)DFHERRN\JUDFLDVDHVRIXLPRVVDELHQGR
FRVDVGHODRUJDQL]DFL³Q
ߙ2\H 0DUW­QH] ߙPH GLMR DOXFLQDGR HO 3HODRߙ SDUHFH TXH OD
FXHVWL³QYDDVHUVºSHUSURGXFLGD
ߙ3RUTX©WDQWR"ߙOHFRQWHVW©KDFL©QGRPHHOTXHQROHLPSRUWDED
ߙ6­ ߙVH PHWL³ HO 4XLTXHߙ OD /X]PD PH FRQW³ TXH ORV SDS¡V VH
SXVLHURQFRQXQFDUULWRGHKRWGRJ\RWURGHKHODGRV
$K­OHVDOW³HOPDQ­DO*XDW³QTXHWRGDY­DQRHVWDEDVHJXURGH
LUSHURFXDQGRHVFXFK³ORGHODFRPLGDVHGHM³GHWRQWHUDV\VH
VXEL³DODPLFURDOWLUR
ߙ$GHP¡V ߙYROYL³ D FRPHQWDU HO 3HODRߙ FRQWUDWDURQ D XQ '-
FX¡WLFR
$XQTXHFDGDYH]PHFRVWDEDP¡VWDPEL©QWXYHTXHGLVLPXODUOR
TXH PH SDVDED HQ OD FDVD \ VREUH WRGR HQ FODVHV 3HUR QR KXER
FDVR LJXDO VH PH LED OD FDEH]D FXDQGR SHQVDED HQ HOOD <ߨ
SHQVDEDWRGRHOUDWRHQHOOD
$XQTXHDOJXQRVSURIHVRUHVPHFDFKDURQGHSXUDEXHQDRQGDVH
23/102
KLFLHURQORVORFRV(QFDPELRHOSURIHVRU6DQKXH]DTXHDQGDEDGH IXHODºOWLPD(QHVDHVWDEDEDLODQGRGHORPHMRUHQODPLWDGGHOD
PDODPHHFK³SRUQRWUDEDMDUHQFODVHV\-LP©QH]HVWXYRDSXQWR SLVWDFXDQGRGHODQDGDPHFD­DFRPSOHWDPHQWHGRUPLGRDOVXHOR
SHURJUDFLDVDPLUHVSXHVWD]DI© 1DGLHVHGDEDFXHQWD\VHJX­DQWRGRVVDOWDQGR\SLV¡QGRPHFRPR
ߙ0DUW­QH] Q³PEUHPH WUHV YHUERV UHJXODUHV WHUPLQDGRV HQ DU \ VL\RIXHUDXQDFHU¡PLFDP¡V
OXHJRWUHVLUUHJXODUHVORVTXHTXLHUD /DFXHVWL³QHVTXHODHVSHUDPHWHQ­DGHVHVSHUDGRKDVWDTXHSRU
ߙ(K ߙPH GHPRU© XQ SRFR SRUTXH MXVWR HVWDED SHQVDQGR HQ ILQUHFLE­XQZDVDS
F³PR \ FX¡QGR OD 6RI­D PH LED D GDU OD GLUHFFL³Q GH OD ILHVWDߙ
5HJXODUHVPHGLMR"
ߙ([DFWR5HJXODUHV\WHUPLQDGRVHQDU
(O SULPHUR TXH VH PH RFXUUL³ IXH HO TXH HVWDED YLYLHQGR
LQWHQVDPHQWHGXUDQWHHVRVG­DV\VHORGLMH
ߙ(VSHUDUSURIHVRU
ߙ%LHQFRQWLQºHOHIDOWDQGRV
$UUXJDU"-DP¡V\PHQRVGHVSX©VGHOHHUHVHPHQVDMH
ߙ/ODPDU\GHVHVSHUDUߙORVGLMHGHFRUULGR
(OPDQDQWLDO$V­VHOODPDEDODFDOOHGRQGHLEDDYHUDPLPXVD\
ߙ&RUUHFWR0DUW­QH]DKRUDORVLUUHJXODUHV
FRQHVDVRODSDODEUDEURWDURQGHP­HVWRVYHUVRV
'HORVLUUHJXODUHVORºQLFRTXHWHQ­DFODURHUDTXHODYLGDGHORV
DUWLVWDVHUDDV­LUUHJXODUSHURQRSRG­DGHF­UVHORDOSURIHDV­TXH
OHFRQWHVW©TXHGHHVRVQRVHPHRFXUU­DQLQJXQR 0$1$17,$/
(Q ORV GRV HQWUHQDPLHQWRV TXH WXYH HO SURIHVRU %UXQR PH UHW³
FDOHWDGHYHFHV3RUSHUGHUORVSDVHV\SRUQRHQFHVWDUQLXQDVROD
%DLODUFRQWLJRTXLHUR
YH] &DVL PH HFKD FXDQGR GH SXUR SDYR PH FD­ DUULED GH RWUR PD±DQD\VLHPSUH
FRPSD±HURTXHGHM©PHGLRDWXUGLGR\FRQODQDUL]VDQJUDQGR HVSHUR
2WUR G­D PH VXE­ D OD PLFUR HTXLYRFDGD 0H EDM© FRPR YHLQWH
PLQXWRV GHVSX©V \ FXDQGR TXLVH WRPDU RWUD GH YXHOWD OD WDUMHWD (VWDUMXQWRDWLHVPLVXH±R
%,3 QR WHQ­D QL XQR DV­ TXH SRU JLO WXYH TXH FDPLQDU PLOHV GH SRUTXHVLQYHUWH
FXDGUDVKDVWDPLFDVD3HURORSHRUGHHVWDHVSHUDIXHTXHPLHQWUDV GHVHVSHUR
P¡V VH DFHUFDED HO G­D P¡V SHVDGLOODV PH GDEDQ FRQ OD IDPRVD
ILHVWD(QXQDDSDUHF­DOD6RI­DKDFL©QGRPHVH±DVSDUDTXHIXHUD <VLQRPHKDEODV
GRQGHHOOD<RLEDIHOL]\TXHU­DKDEODUOHSHURPLVODELRVHVWDEDQ SHRUDºQ
SHJDGRV\SRUP¡VTXHKDF­DIXHU]DVQRSRG­DDEULUORV
7DPEL©Q VR±© TXH WUDWDED GH EDLODU SHUR WDPSRFR PH LED ELHQ
PXHUR
HQHVWDWHQ­DORVSLHVSHJDGRVDOSLVR/HMRVOHMRVODSHRUGHWRGDV

24/102

0LODJURV
&XDQGRSRUILQOOHJ³HOPHJDXOWUDHVSHUDGRV¡EDGR\DHVWDED
GHVSLHUWR SRU FXOSD GH RWUD GH PLV PDOGLWDV SHVDGLOODV < DXQTXH
HUDQODVRFKR\PHGLDGHODPD±DQDQRTXLVHVHJXLUDFRVWDGRSDUD
TXH OD DQVLHGDG QR PH PDWDUD 4XL]¡V SHQV© KDFLHQGR KDUWDV
FRVDVHQHOG­DVHPHSDVDU­DP¡VU¡SLGR
0LSDS¡FRPRWRGRVORVV¡EDGRV\DHVWDEDOHYDQWDGR\KDFLHQGR
FRVDV HQ OD FDVD SRU HVR FXDQGR PH YLR VH PDQG³ XQ JULWR GH
VRUSUHVD
ߙb4X© PLODJUR )HGH YHUWH PDGUXJDU b-XVWR QHFHVLWDED D\XGD
SDUD ODYDU HO DXWR 7RPD ߙPH SDV³ XQ SD±Rߙ KD]OR Wº DV­ \R
SXHGR DUUHJODU OD P¡TXLQD GH ODYDU \ OD SODQFKD VL QR HQWUH OD
+RUWHQVLD\WXPDP¡PHYDQDYROYHUORFR
ߙ3HURSDS¡\RWHQ­DRWUߨߙQDGDQRPHR\³
ߙ<D\DߨPHQRVSHURV\DQGDDEXVFDUODVRWUDVFRVDV
1RPHTXHG³RWUD7UDMHORVGHWHUJHQWHV\SUHQG­ODPDQJXHUDVLQ
DOHJDUQDGD$OILQDOPHVHUY­DSDUDFDPELDUGHWHPD
b4X© FDPELDU GH WHPD b1DGD GH FDPELDU QDGD DO UHY©V 'H
SXUR VHJXLU SHQVDQGR HQ OD ILHVWD GH OD QRFKH KLFH WRGR PDO 1R
FHUU© ODV YHQWDQDV \ REYLR ORV DVLHQWRV VH HPSDSDURQ 3DUD P¡V
UHPDWH QR V© F³PR QL FX¡QGR HO SHUUR DSHVWRVR GH OD VH±RUD
0DWLOGH 3DVFXDO VDF³ ODV JRPDV TXH WHQ­D VHFDQGR \ ODV PRUGL³
HQWHUDV
ߙb3HUR)HGHULFR4X©VLJQLILFDHVWR"ߙPHJULW³HOSDS¡FXDQGR
YLRODHPEDUUDGDTXHKDE­DGHMDGRFRQHODXWR5RMRGHUDELDFRQ
ODVFHMDVMXQWDV\ODERFDFKXHFDHPSH]³DUHYLVDUWRGRPLHQWUDV
VHJX­DDOHJDQGRFRQWUDP­
b+DVWD DTX­ QR P¡V OOHJX© DKRUD V­ TXH QR PH VDOYD QL 'LRV
3DUD©OVXDXWRYDOHFDVLP¡VTXHODIDPLOLDFRPSOHWD(QWRQFHV
FKDRFRQPLVXH±RGHHQFRQWUDUPHFRQOD6RI­DHQHVWDRHQRWUD
ILHVWD(VWHFDVWLJRDSDUWHGHVHUHOSHRUGHPLYLGDDFDEDU­DFRQ
ODLOXVL³QGHWHQHUODDHOODFRPRPLQXHYDPXVD6LQYHUQRVߨWRGR
VHDFDEDU­D
ߙb3DS¡ IXH FXOSD GH 3DVFXDO TXH VLHPSUH DQGD KDFLHQGR
WRQWHUDV ߙWUDW© GH VDF¡UPHOD SRU DK­ SHUR QDGD 1R WHQ­D P¡V
GHIHQVD DV­ TXH HVSHU© OD FRQGHQD FDOODGR \ FRQ XQ QXGR HQ HO
HVW³PDJR
ߙ/RTXHKDVKHFKRHVPX\SHURPX\JUDYH)HGHULFRߙPLUDEDHO
DXWR \ VH DJDUUDED OD FDEH]D FRQ ODV GRV PDQRV 3HQV³ XQ UDWR \
SRUILQGLRVXVHQWHQFLDߙ9DVDGHMDULPSHFDEOHSHURbLPSHFDEOH
HO SDWLR 'HVSX©V YDV D FRUWDU 3(5)(&7$0(17( HO SDVWR \
WHQGU¡VTXHVDFDUODEDVXUDGXUDQWHXQPHVb$KߙVLJXL³ߙ$GHP¡V
FRQ WX PHVDGD R PHMRU GLFKR PXFKDV PHVDGDV WHQGU¡V TXH
FRPSUDUODVJRPDVRULJLQDOHVGHODXWR
b%LHHHHHHQQQb9R\DODILHVWD7RGRVHVRVFDVWLJRVHUDQFDVLXQ
SUHPLRSDUDP­7UDW©GHGLVLPXODUODIHOLFLGDGSRUHOPLODJURTXH
UHFL©QKDE­DSUHVHQFLDGR
b<HV \HV \HV PL SDS¡ VH ROYLG³ GH TXH WHQ­D ILHVWD PH GLMH
$GHP¡V OH WRFDED KDFHU HO WXUQR GH YXHOWD ,JXDO SXVH PL PHMRU
FDUDGHY­FWLPD\EDMDQGRODFDEH]DOHSHG­SHUG³Q
25/102
 /RVPLODJURVQRVHDFDEDURQDK­
/D +RUWH DPDQHFL³ GH EXHQD \ PH D\XG³ FRQ HO SDWLR SRU HVR
WHUPLQ©VºSHUU¡SLGRFRQODSULPHUDODWD0LPDP¡QLVHILM³HQHO
GHVRUGHQGHODSLH]D\WDPSRFROHEDM³FRQTXHHVWXGLDUDSDUDHO
OXQHVb%DF¡Q
/D3DXODQRPHSHVF³SRUTXHHVWDEDFRQILHEUH\OD&DWDHVWXYR
GHORP¡VVLPS¡WLFDDODKRUDGHDOPXHU]R<\RVLQTXHQDGLHPH
ORSLGLHUDOHYDQW©ORVSODWRVGHODPHVD'HVSX©VDXQTXHKDF­DXQ
FDORUUDQFLRPHSXVHDFRUWDUHOSDVWR'HDK­VHJX­PRWLYDG­VLPR
\ UHJX© ODV SODQWDV GH ORV WULOORQHV GH PDFHWHURV TXH WLHQH PL
PDP¡
&RPR \D KDE­D KHFKR WRGR \ PL SDS¡ HVWDED GXUPLHQGR
DSURYHFK©GHVDOLUXQUDWRHQELFLFOHWD0HGDEDORPLVPRSDUDTX©
ODGR LU OD FXHVWL³Q HUD SDVDU HO UDWR DV­ TXH SHGDOH© \ SHGDOH©
KDVWDTXHGDUHQWHURWUDQVSLUDGR
'H YXHOWD HQ OD SXHUWD GHO FRQGRPLQLR PH HQFRQWU© FRQ OD
$QLWD
ߙb+ROD)HGH&³PRHVW¡V"
ߙ%LHQELHQ\Wº"
ߙ6ºSHU(VWR\SROROHDQGRߙORVROW³DV­QRP¡V
ߙb$K 6­" ߙWUDJX© VDOLYD 1R VDE­D VL SUHJXQWDUOH FRQ TXL©Q
SHURHOODVHDGHODQW³
ߙ6H OODPD 0D[ \ OR FRQRF­ HQ ODV YDFDFLRQHV /OHYDPRV WUHV
PHVHV<Wº"ߙPHSUHJXQW³LQWHUHVDGD
ߙ<R"1RQRSHURFDVLߙOHH[DJHU©XQSRFRߙ%XHQRPHWHQJR
TXHLU
1RWHQ­DWLHPSR7DPSRFRTXHU­DYROYHUDOSDVDGR/D$QLWDSDUD
P­ KDFH UDWR HVWDED HQWHUUDGD DKRUD OR TXH PH LPSRUWDED HUD HO
IXWXUR<DK­ODºQLFDYLYDHUDOD6RI­D
0LU©HOUHORMHUDQODVVLHWHYHLQWHRVHDWRGDY­DWHQ­DTXHKDFHU
XQSRFRP¡VGHKRUD0HGXFK©WUDQTXLORSRUTXHHO3HODRSDVDU­D
DEXVFDUPHDODVQXHYH\PHGLD

26/102
 'HVSX©V GH OD GXFKD HVFULE­ SRU ILQ ORV YHUVRV TXH LQYHQW© &XDQGR VH IXH YROY­ D PLUDU OD KRUD 3RU ILQ \D HUDQ FDVL ODV
PLHQWUDVODYDEDHODXWR QXHYH \ PHGLD )XL DO ED±R GH PL SDS¡ \ OH VDTX© XQ SRFR GH
FRORQLD 8Q SRFR QR P¡V SRUTXH VLJR HQFRQWU¡QGROR GH PDP³Q
/260,/$*526(;,67(1 SHURFRPRDO4XLTXH\DO3HODROHVKDGDGRSRUHFKDUVHQRTXLVH
TXHGDUPHDWU¡V
+R\HVHOG­D (VWDEDHQHVRFXDQGRWRFDURQHOWLPEUH+DE­DOOHJDGRODKRUD\
TXHWDQWRKHHVSHUDGR WRGRORTXHSDVDUDHVDQRFKHPLODJURVRGHVJUDFLDVHVWDEDHQPLV
PDQRV
SDUDYROYHUDYHU
DTXHOORVRMRV
TXHPHLQVSLUDURQ
b3RUILQ
VHKDKHFKRHQP­XQPLODJUR
\RWUDRSRUWXQLGDG
WHQJRHQPLVPDQRV

7HUPLQ© SHUR PH VHJX­D VREUDQGR WLHPSR *XDUG© OD SRHV­D

GRQGH VLHPSUH \ IXL D YHU WHOHYLVL³Q 3XVH FXDOTXLHU FRVD OD
FXHVWL³Q HUD HVSHUDU VLQ TXH VH QRWDUD OR QHUYLRVR TXH HVWDED /R
ºQLFRTXHQRFDOFXO©IXHURQORVSDVHRVGHOD&DWD,EDGHDOO¡SDUD
DF¡KDFLHQGRQRV©TX©\HQXQDGHHVDVVHSDU³DOODGRGHOVLOO³Q
\QRVHPRYL³P¡V
ߙb3HUR )HGH 3RU TX© HVW¡V YLHQGR HVH SURJUDPD" &X¡QGR WH
KDQJXVWDGRDWLORVDQLPDOHV"ߙPHGLMRELHQDPRURVDHLQWHUHVDGD
ߙ'HVGHD\HU<bF¡OODWHTXHQRRLJR
ߙ3RUTX©WDQSHVDGR"
ߙ3HUG³QSHURTXLHURHVFXFKDU
< WXYH TXH VHJXLU SRQLHQGR OD PLVPD FDUD TXH SRQH PL SDS¡
FXDQGRHVW¡YLHQGRIºWEROSHUR\RQRHVWDEDQLDK­FRQODVFKLWDV
ODVJDFHODVQLORVJRULODV

27/102

3RUGRVSDLODV\XQKRWGRJ
&XDQGR PH VXE­ DO DXWR DSDUWH GHO 4XLTXH HO 3HODR \ HO
*XDW³Q LED WDPEL©Q *XLOOHUPR *¡OYH] 0HMRU GLFKR HO 3DLO³Q
*¡OYH]/HGHFLPRVDV­SRUTXHVLHPSUHVHODVDUUHJODSDUDPHWHUVH
HQ ODV FRQYHUVDFLRQHV \ GRQGH QDGLH OR OODPD $GHP¡V FUHH TXH
SRU VHU XQR GH ORV GRV DWOHWDV TXH KD\ HQ HO FROHJLR VH ODV VDEH
WRGDV FXDQGR OD PLWDG GH ODV FRVDV TXH GLFH VRQ SXUDV FKLYDV
$GHP¡V HV HQIHUPR GH SLQWDPRQRV /D FXHVWL³Q HV TXH FXDQGR
VXSRORGHODILHVWDQRSDU³GHFKDWHDUFRQTXHWDPEL©QTXHU­DLU
1RV WHQ­D WDQ ORFRV FRQ OD WRQWHUD TXH HO YLHUQHV WXYLPRV TXH
GHFLUOHTXHV­SRG­DLUFRQQRVRWURV
(QHODXWRHOºQLFRTXHKDEO³KDEO³\KDEO³VLQSDUDUIXH©O
ߙ2\H \ F³PR VH OODPD HO FROHJLR GRQGH HVW¡Q HVWDV QL±DV" ߙ
SUHJXQW³ DO DLUH 6LOHQFLR 1LQJXQR VH LQPXW³ 3HUR ORV RMRV
DELHUWRV \ FHMDV OHYDQWDGDV GH OD PDP¡ GHO 3HODR OR REOLJDURQ D
FRQWHVWDUOHSDUDTXHGHVSX©VQROHOOHJDUDUHWR
ߙ$OJRFRQ(VWHEDQߙOLVWRQRP¡VGHWDOOHV
<YXHOWDRWUDYH]REYLRTXHU­DVDEHUP¡V
ߙ&X¡O GH ORV WUHV (VWHEDQ" (VWHEDQ 0¡UWLU 6DQ (VWHEDQ R
(VWHEDQ'L¡FRQR"
ߙb4X©V©\R
ߙ<HQTX©FXUVR"
ߙ(QSULPHURߙVHJX­DHOSREUH3HODR
ߙ6RQERQLWDV"ߙQRVPLUDPRV
ߙ4X© WH LPSRUWD F³PR VHDQ" ߙVDOW© \Rߙ VL QR HVW¡Q HQ HO
FRQFXUVRGH0LVV&KLOH
ߙ3HUR GH WRGDV PDQHUDV OHV DSXHVWR TXH D DOJXQR GH XVWHGHV OH
JXVWDXQDGHHOODVߙ7HUPLQ³ODIUDVH\SDUDPLPDODVXHUWHFRPR
HUD \R HO TXH WHQ­D DO ODGR PH PDQG³ XQ WUHPHQGR FRGD]R SDUD
TXHFRQWHVWDUD
ߙ<RߨDP­"QRQDGLHߙPHFRUU­$KRUDV­TXHTXHU­DPDWDUOR
(OPX\PHWLGRDXQTXHQRVRWURVDSHQDVOHFRQWHVW¡EDPRVVLJXL³
KDVWDTXHOOHJDPRV
1R SXHGR QHJDU TXH HVWDED WHUULEOH GH QHUYLRVR SHUR QR SRG­D
GHMDUTXHPLVDPLJRVVHGLHUDQFXHQWD\PHQRVHO3DLO³QDV­TXH
GHVSX©V GH GHVSHGLUPH GH OD W­D FDPLQ© U¡SLGR KDVWD OD SXHUWD
/RVHVSHU©\VLQSUHJXQWDUQDGDWRTX©HOWLPEUH1RVDEUL³OD/X]
0DU­D \ DOWLUR VH OH IXHURQ ORV RMRV D *¡OYH] /H PDQG³ ߡOD
PLUDGDߢ4XHG³FODURTXHQROHJXVW³QDGD‰OVHGLRFXHQWDSHUR
ODVDOXG³GHORP¡VVLPS¡WLFR
ߙ(QWUHQ/D9HUROD6RI­D\ODVGHP¡VHVW¡QHQODWHUUD]D
3DUDDOO¡SDUWLPRV
&RPRKDE­DXQPRQW³QGHJHQWHEDLODQGRQRVFRVW³HQFRQWUDUODV
ߙb$K­HVW¡QߙJULW³HO*XDW³QOHYDQWDQGRODPDQR\KDFL©QGROHV
VH±DV
$O ILQ YROY­D D YHUOD (VWDED LJXDO GH ERQLWD \ FRQ OD PLVPD
VRQULVDTXHWHQ­DHQHOHVWDGLR
ߙb+RODߙGLMRHOODSULPHUR6HDFHUF³DVDOXGDUQRVFRQXQEHVRD
FDGDXQR'HVSX©VVLJXLHURQOD9HUROD&DUROD\RWUDVDPLJDVTXH
QRVSUHVHQWDURQ
ߙ3RU TX© VH GHPRUDURQ WDQWR" ߙSUHJXQW³ PLU¡QGRPH ILMRߙ
SHQVDPRVTXHQRLEDQDYHQLU
ߙ/RTXHSDVDHVTXHQRVFRVW³HQFRQWUDUODFDOOHߙOHFRQWHVW³HO
4XLTXH SHUR HQ YHUGDG OR KDE­DPRV SODQHDGR DV­ 1R TXHU­DPRV
VHUORVPDPRQHVTXHOOHJDQSULPHUR
ߙ0H OODPR *XLOOHUPR *¡OYH] ߙVH SUHVHQW³ VROR HO 3DLO³Qߙ \
HVWR\HQHOPLVPRFXUVRFRQHOORV
ߙb$K3HURWºQRHVWDEDVHQHOLQWHUHVFRODUߙOHGLMROD9HUR
ߙ6­ V­ HVWDED SHUR HQ OD FDQFKD &RPR VR\ HO PHMRU DWOHWD TXH
WLHQHPLFROHJLRPHWRF³KDFHUXQPRQW³QGHSUXHEDV$V­TXHPH
28/102
ODSDV©SXURFRPSLWLHQGR\JDQߨ
(OFDFKLWRDSHVWRVRHPSH]³DGDUMXJR1RVRWURVQRVPLUDPRV\
HQ XQ VHJXQGR ߡHPSUHQGLPRV OD UHWLUDGDߢ FRPR GLFHQ ORV
FRPDQGRV PLOLWDUHV HQ ODV SHO­FXODV (O 3HODR VDF³ D EDLODU D OD
&DUROD(O4XLTXHDOD/X]PDTXHDSDUHFL³MXVWR(O*XDW³QDOD
9HUR < \R P¡V TXH U¡SLGR D OD 6RI­D SDUD TXH *¡OYH] TXH QR
SDU³GHPLUDUODVHDYLYDUD
1RVIXLPRVWDQU¡SLGRTXHFXDQGRHO3DLO³QUHDFFLRQ³\DHVWDED
VROR
%DLODPRVEDLODPRV\EDLODPRV'HVSX©VGHXQEXHQUDWRWUDW©GH
GHFLUOH TXH SDU¡UDPRV SRUTXH WHQ­D ORV SLHV DFDODPEUDGRV SHUR
HOOD HVWDED WDQ PRWLYDGD TXH QL PH HVFXFK³ (VSHU© XQ SRFR \
YROY­DLQVLVWLU
ߙ/OHJDURQ ORV KRW GRJV YDPRV D FRPHU XQR" ߙOD LQYLW© GH OR
P¡VHGXFDGR
ߙ1R ߙFRQWHVW³ VLQ PLUDUPH \ PRYLHQGR OD FDEH]Dߙ SUHILHUR
EDLODUb$QGDWºSULPHURߙ\VLJXL³FRPRVLQDGD
<R WDPSRFR WHQ­D JDQDV GH FRPHU SHUR VL QR SDUDED VH PH
FXPSOLU­DODSHRUGHPLVSHVDGLOODVFDHUSODQFKDGRHQODSLVWD
,JXDO PH GLR XQ SRFR GH ODWD TXH HOOD QR PH DFRPSD±DUD SHUR
HVWDEDUHYHQWDGR
0HDFHUTX©DOFDUUR\SHG­XQRFRQSDOWD\PD\RQHVD'HVSX©V
EXVTX©G³QGHVHQWDUPHFRQODHVSHUDQ]DGHTXHHOODVHDUUHSLQWLHUD
\ TXLVLHUD FRPHUVH XQR FRQPLJR 3HUR QR QR DSDUHFL³ (QWRQFHV
IXLDSHGLURWURSDUDKDFHUDOJRPLHQWUDVPHUHFXSHUDED&XDQGR
\D OR WHQ­D HQ OD PDQR OHYDQW© OD FDEH]D \ YL DO 3DLO³Q
FRQYHUVDQGRFRQOD6RI­D(OODVHUH­DPLHQWUDV©OOHKDEODEDPX\
FHUFDGHOR­GR
4X©RQGD"1RHUDTXHTXHU­DEDLODU"(QWRQFHVSRUTX©HVWDED
DK­GHORP¡VFRQWHQWDFRQYHUVDQGRFRQHVHJLOPLHQWUDV\RFRPR
ORVWRQWRVODHVSHUDEDFRQXQKRWGRJHQODPDQR"
7XYH TXH FRQWDU KDVWD FLHQWR FLQFXHQWD SDUD QR LU \ SRQHUOH XQ
FRPER \ XQD VDOFKLFKD HQ FDGD SDLOD DO ORVHU \ GHVXELFDGR GH
*¡OYH]
< DKRUD TX©" /D ºQLFD UHVSXHVWD HUD GH OR P¡V VLPSOH QL
PXHUWR LED D GHMDU TXH XQ FRPSDGUH FRPR ©O PH TXLWDUD D XQD
PXVDFRPROD6RI­D
(VW¡ELHQTXHORVSRHWDVKD\DPRVQDFLGRSDUDVXIULUGHVHQJD±RV
\DEDQGRQRVSRUSDUWHGHQXHVWUDVPXMHUHVSHURQRSRUFXOSDGH
WLSRV FRPR ©O TXH GH VHQVLELOLGDG \ DUWH WLHQHQ PHQRV TXH XQD
ODJDUWLMD
(VD FRPSDUDFL³Q IXH VXILFLHQWH SDUD TXH VH GHVSHUWDUD HQ P­ HO
RUJXOOR GH KRPEUH \ GH DUWLVWD SDUD GHIHQGHU OR TXH HUD P­R
3HVTX© XQ YDVR GH EHELGD \ PX\ VHJXUR SDUW­ GRQGH HVWDED HO
SDUFLWR
0HQRVPDOTXHFXDQGRPHYLHURQGHMDURQGHKDEODUHQVHFUHWR
ߙ6RI­DWHWUDMHXQDEHELGD0HWLQFDTXHHVW¡VPXHUWDGHVHGߙVH
ODSDV©VLQGHMDUGHPLUDUOD\SRQL©QGRPHGHODQWHGHOGHVJUDFLDGR
ߙ*UDFLDV)HGHWHSDVDVWHb4X©DPRURVR
ߙ7U¡HPHXQDDP­WDPEL©Q0DUW­QH]"(VWR\PXHUWRGHFDORUߙ
PHGLMRHOPX\FDUDGXUD
ߙ1R SLHQVR bDQGD Wº ߙOH FRQWHVW© VLQ PLUDUOR 3RU SULPHUD YH]
HQVXYLGD*¡OYH]VHGLRFXHQWDGHTXHVREUDED\VHIXH
ߙ7HJXVWDHVWDFDQFL³Q)HGH"ߙFDPEL³GHWHPDOD6RI­D
ߙ6­ V­ HVߨ VºSHU EXHQD ߙOH FRQWHVW© SRU FRQWHVWDU SRUTXH HQ
YHUGDGQRWHQ­DLGHDTX©HVWDEDQWRFDQGR
ߙ%DLOHPRV"ߙPHSUHJXQW³FRQXQDYR]VXDYH<VLQHVSHUDUTXH
\ROHUHVSRQGLHUDFDPLQDPRVDODSLVWD
/LVWR SDUD HPSH]DU D PRYHUPH PLU© SDUD WRGRV ODGRV 0H GL
FXHQWDGHTXHQDGLHVDOWDEDDOUHY©VHVWDEDQWRGRVDEUD]DGRV(UD
XQOHQWR(QWRQFHVKLFHFRPRORVGHP¡V/HSXVHODVPDQRVHQOD
FLQWXUD(OODOHYDQW³VXVEUD]RV\PHURGH³HOFXHOOR
3RU ILQ VH KDF­D MXVWLFLD 1DGLH QL XQ KRW GRJ QL XQ SDLO³Q
GHVDWLQDGR SRGU­D URPSHU HVWRV PRPHQWRV P¡JLFRV TXH HVWDED
29/102
YLYLHQGR\TXHMDP¡VHQPLYLGDLEDDROYLGDU
3RUHVRFHUU©ORVRMRV\EDLO©EDLO©\EDLO©
$WDTXHGHLQVSLUDFL³Q
0
ߙb DUW­QH] 0DUW­QH] 1RV YLHQHQ D EXVFDU ߙPH DYLV³ HO
4XLTXHߙb<DYDPRVWXSDS¡HVW¡HVSHUDQGR
3HUR F³PR WDQ U¡SLGR" FXDQGR SDUD P­ KDE­DQ SDVDGR FLQFR
PLQXWRVQRP¡V
ߙb<DSROOHJ³KDFHUDWR\VHYDDHQRMDUߙYROYL³DUHSHWLUSHUR
HVWDYH]]DPDUUH¡QGRPHXQKRPEURWUDW©GHQRSHVFDUORSHURHOOD
EDM³ORVEUD]RV\PHGLMR
ߙ3DUHFHTXHWHWLHQHVTXHLU"
ߙ6­ߨHKߨ\RߨORSDV©EDF¡Q6RI­D
ߙ<RWDPEL©Q)HGHULFR
0H DFHUTX© D GDUOH XQ EHVR GH GHVSHGLGD \ FXDQGR VHSDU© PL
FDUDGHODVX\DYROYLPRVDPLUDUQRVXQRVVHJXQGRV$KRUDDSDUWH
GHVHQWLUDOJRHQHOHVW³PDJRLJXDOTXHHQHOHVWDGLRVHQW­TXHHO
FRUD]³QPHOOHJDEDGHXQDDODJDUJDQWD
ߙ'HDK­QRVYHPRVߙPHDOFDQ]³DGHFLUUL©QGRVH
ߙ2EYLR WH OODPR ߙOH FRQWHVW© SHUR QR V© VL HVFXFK³ SRUTXH HO
4XLTXH\DPHKDE­DPDQGDGRRWURWLU³Q
0H IXL FDOODGR WRGR HO FDPLQR /R ºQLFR TXH SHQVDED HUD HQ OR
TXH KDE­D YLYLGR UHFL©Q 1L VLTXLHUD HVFXFK© OR TXH *¡OYH]
WUDQVPLWL³ GXUDQWH HO YLDMH <R HVWDED HQ RWUD (VWDED HQ HO OHQWR
TXHKDE­DEDLODGRFRQOD6RI­D\HQHOSODQHWDTXHKDE­DPRVHVWDGR
WRGRHVHUDWR
'HVSX©VGHTXHVHEDM³HOºOWLPR\TXHGDPRVVRORVFRQPLSDS¡
DO WRTXH FHUU© ORV RMRV KDFL©QGRPH HO GRUPLGR 1R TXHU­D TXH
HPSH]DUD FRQ ODV W­SLFDV SUHJXQWDV TXH PH FDUJDQ TXH F³PR OR
KDE­D SDVDGR TXH FRQ TXL©Q EDLO© TXH F³PR HVWDED OD PºVLFD \
WRGDV HVDV ODWDV 1R OH FRQWHVW© QDGD SUHIHU­ HVSHUDU D TXH

30/102
OOHJ¡UDPRV D OD FDVD SRUTXH GH WRGDV PDQHUDV PL PDP¡ LED D b2KPXVDPLPXVD
UHSHW­UPHODV
$V­ PLVPR IXH (Q FXDQWR PH YLR HPSH]³ D GLVSDUDU <R LJXDO PHFRVW³WDQWRHQFRQWUDUWH
TXHPLKHUPDQDOHFRQWHVW©FRQSXURVߡV­ߢߡQRߢRDORP¡VFRQ TXHSRUQDGDQLQDGLH
ߡXQ SRFRߢ SDUD TXH QR VLJXLHUD FRQ ODV SUHJXQWDV 3HUR FRPR QR
SXGRDJXDQWDUVHWHUPLQ³GLFL©QGRPH
YR\DKRUDDGHMDUWH
ߙ6H QRWD TXH EDLODVWH PXFKR PL DPRU SRUTXH HVW¡V FRQ ORV
FDFKHWHV FRORUDGRV \ FRQ FDUD GH FDQVDGR $QGD D DFRVWDUWH \ 'HEHU­D KDEHU VHJXLGR HVFULELHQGR FRPR OR KDFHQ ORV SRHWDV
PD±DQD FRQYHUVDPRV P¡V ߙPH FHUU³ XQ RMR FRPR VL OD IDPRVRV FXDQGR OHV GD XQ DWDTXH GH LQVSLUDFL³Q SHUR OR IUHQ©
LQIRUPDFL³QTXHHVSHUDEDGHP­IXHUDGHFDU¡FWHUUHVHUYDGR\TXH GHVSX©VGHODSULPHUDSRHV­D3UHIHU­FHUUDUORVRMRV\UHYLYLUHVRV
PLSDS¡QRSRG­DR­U ºOWLPRV PRPHQWRV TXH HVWXYH FRQ HOOD 7RWDO FRQ XQD QRFKH DV­
$O SULQFLSLR OR HQFRQWU© UDUR 'HVSX©V PH DFRUG© GH TXH FRPR HVWDU­DXQPRQW³QGHWLHPSRLOXPLQDGR
HOOD HV OD ºQLFD TXH VDEH TXH VR\ SRHWD GHEH FUHHU WDPEL©Q TXH
WLHQHGHUHFKRDTXHOHFXHQWHWRGRVPLVRWURVVHFUHWRV
/HGLODVEXHQDVQRFKHVDORVGRV'HVSX©VSHQVDU­DHQTX©FKLYD
PHWHUOH D PL PDP¡ SDUD FRUUHUPH GHO LQWHUURJDWRULR TXH HVWDED
VHJXUR YHQGU­D $KRUD QHFHVLWDED VHQWDUPH IUHQWH D XQD KRMD \
GHVDKRJDUPH

12&+(,12/9,'$%/(
(VWDQRFKHTXHGDU¡JUDEDGD
SDUDVLHPSUHHQPLPHPRULD
+R\PLFRUD]³QGHSRHWD
ODWL³MXQWRDOGHPLDPDGD
(VWXYHDSXQWRGHSHUGHUWH
SHURPLSDVL³QIXHP¡VIXHUWH
\MXJ¡QGRPHHOKRQRU
IXLFRQIXHU]DDGHIHQGHUWH

31/102

/REXHQR\ORPDOR
<D KDQ SDVDGR GRV VHPDQDV GHVGH TXH IXL D OD ILHVWD \ QR KH
GHMDGRGHSHQVDUHQOD6RI­D/REXHQRHVTXHVLJRLQVSLUDG­VLPR
\ORPDORHVTXHODKHOODPDGRXQPRQW³QGHYHFHVSHURHOODQR
FRQWHVWD 7RGDV ODV YHFHV DSDUHFH XQD JUDEDGRUD DSHVWRVD \ \R
FRUWR 3DUD TX© GHMDUOH XQ PHQVDMH" TX© OH SXHGR GHFLU" TXH
GHVGHTXHODFRQRF­\GHFLG­TXHIXHUDPLPXVD\DQXQFDP¡VIXL
HO PLVPR" TXH QR PH KH SRGLGR ROYLGDU GHO PHMRU OHQWR GH PL
YLGD" (Q YHUGDG HO ºQLFR 4XH SRU WHQHU OD FDEH]D OOHQD GH
UHFXHUGRVHVTXHPHOOXHYHQORVFDVWLJRV\ODVDQRWDFLRQHVFRPR
VLHPSUH"1RDKRUDVRQWRUPHQWDV\KXUDFDQHV4XHDGHP¡VFDVL
QRGXHUPR\FRPRVºSHUSRFR"
1XQFDOHGLU­DWRGRHVRDODYR]IU­DHLPSHUVRQDOTXHWLHQHQHVDV
P¡TXLQDV
/RRWURPDORHVTXHGHWRGDVODVIRWRVTXHKDVXELGRD)DFHERRN
GH OD ILHVWD QR VDOJR HQ QLQJXQD b&RPR VL QR KXELHUD LGR (Q
FDPELR HO TXH HVW¡ HQ FDVL WRGDV HV HO PDOGLWR JUXSLHQWR \
GHVDWLQDGR GH *¡OYH] 6LHPSUH FRQ XQD QL±D GLVWLQWD DEUD]DGR \
PXHUWR GH OD ULVD 3HUR FXDQGR YL XQD TXH OHV VDFDURQ D ORV GRV
FRQYHUVDQGRPLHQWUDV\RHOPX\JLOPHFRP­DHOSHRUKRWGRJGH
PL YLGD HVWXYH D SXQWR GH FHUUDU OD FXHVWL³Q SHUR GHVSX©V PH
DUUHSHQW­ )LOR PH GLMH WRWDO OR EXHQR HV TXH HUD XQD SXUD IRWR
$SDUWH HOOD QR HV FRPR HVDV QL±DV VXSHUILFLDOHV \ KXHFDV TXH WH
SHVFDQ SRU XQ UDWR \ GHVSX©V GH OD QDGD WH DEDQGRQDQ FRPR VL
IXHUDV XQ SHUUR SXOJXLHQWR $O UHY©V 0L YR] GH SRHWD PH GHF­D
TXH HOOD QR HUD DV­ \ TXH QR SRG­D VHU WDQ WRQWR GH TXHGDUPH
SHJDGRHQHVDVFXHVWLRQHV$V­TXHHPSHF©DFRPHQWDUODVXQDSRU
XQDSHQVDQGRTXHHQXQDGHHVDVDSDUHF­D\SRG­DPRVFKDWHDU
1RPHUHVXOW³(VSHU©XQPRQW³QSHURQDGD
(QWRQFHV VL TXHU­D KDEODU FRQ HOOD PH TXHGDEDQ GRV
SRVLELOLGDGHV 8QD OD P¡V R PHQRV PDOD HUD YROYHU D OODPDU \
DXQTXHQRPHJXVWDUDGHMDUOHXQUHFDGR/DRWUDHVSHUDUKDVWDHO
GRPLQJR SDUD YHUOD HQ HO FLQH DO 4XLTXH VH OH RFXUUL³ HVD
EXHQ­VLPD LGHD FXDQGR HVW¡EDPRV HQ FODVHV \ QRVRWURV FRQ HO
3HODR\HO*XDW³QDSD±DPRVDOWRTXH/HPDQG³XQPHQVDMHDOD
/X]0DU­DSDUDTXHOHVDYLVDUDWDPEL©QDOD6RI­DDOD9HUR\DOD
&DUROLQD
'H HVWR *¡OYH] QR WHQ­D TXH R­U QL XQD SDODEUD VL QR OR
WHQGU­DPRVGDQGRMXJR\PRVTXHDQGRRWUDYH]WRGDODVHPDQD/R
EXHQRHVTXHGHVGHODILHVWDORWHQHPRVFRUWLWRSRUHVRQLVHQRV
DFHUFD
'H WRGDV PDQHUDV FRPR WRGDY­D PH TXHGD XQ SRFR GH
LQVSLUDFL³Q OH HVFULE­ XQRV YHUVRV D RWUDV FRVDV TXH SDUHFHQ
LQVLJQLILFDQWHVSHURTXHSDUDXQSRHWDTXHPLUDFRQORVRMRVGHO
DOPD QR OR VRQ 8QD HV PL DOPRKDGD SRUTXH HOOD HV OD SULPHUD
TXH VDEH WRGR OR TXH SLHQVR \ VLHQWR \ RWUD FRVD XQ EXV GHO
7UDQVDQWLDJRSRUTXHFDGDYH]TXHPHVXERVLHQWRTXHPHFRQRFH
\TXHVLQTXH\ROHGLJDVDEHG³QGHHVW¡PLFDVD
%/$1&$&21),'(17(
%ODQFD\VXDYH
HVPLILHODOPRKDGD
'HQRFKHPHHVSHUD
SDFLHQWHHQODFDPD
1RPHSUHJXQWDQDGD
VRORHVSHUD\FDOOD
&RQSDFLHQFLDHVFXFKD
32/102
PLVLQVSLUDGDVSDODEUDV
(QVXVEUD]RVGXHUPR
HQSD]\FDOPD
3RUODVPD±DQDVGHVSLHUWR
OOHQRGHHVSHUDQ]DV
7521&$/'(/75$16$17,$*2
4XHGHVLQWHUHVDGDHUHV
FXOHEUDQDUDQMD
7DQWDJHQWHOOHYDV
HQWXVJHQHURVDVHQWUD±DV
b&X¡QWRVVHFUHWRVKDEU¡
HQWXVDVLHQWRV\YHQWDQDV
3HURWºILHODORVSDVDMHURV
QDGDSLGHVQDGDKDEODV
(QVLOHQFLRWUDEDMDV
WDUGHV\PD±DQDV
SDUDTXHWRGRVOOHJXHQ
VDQRV\VDOYRVDVXVFDVDV
&LHQWRFXDUHQWD\FXDWUR
KRUDV\
1RHUDWDQWRORTXHWHQ­DTXHHVSHUDU0HTXHGDEDQVRORFLHQWR
FXDUHQWD\FXDWURKRUDV\PLOORQHVGHVHJXQGRVSDUDHVWDUVHQWDGR
FRQPL6RI­DHQHOFLQH'LJRPL6RI­DSRUTXHGLFHQTXHFXDQGR
HO SRHWD HQFXHQWUD D VX PXVD HOOD OH FRPSUD VX FRUD]³Q SHUR
WDPEL©Q OR OOHQD GH DQVLHGDG VREUH WRGR FXDQGR VDEH TXH WHQGU¡
XQHQFXHQWURFRQHOOD
$QWHVGHD\HUSRUHMHPSORWUDW©GHGRUPLUVLQSHQVDUHQHOWHPD
SHUR QR KXER FDVR WRGR HO UDWR VH PH DSDUHF­D VX FDUD 3DUW­
OH\HQGR1RHQWHQG­QDGD'HVSX©VTXLVHSHQVDUHQHOFDPSR\HQ
ORV SDVHRV D FDEDOOR 0HQRV 3RU ºOWLPR KLFH XQD OLVWD GH ORV
SD­VHV TXH PH JXVWDU­D FRQRFHU $OFDQF© D FRQWDU GRV SRUTXH GH
SXURFDQVDGRPHGRUP­
$\HU HVWDED HQ OD PLVPD SHUR DO PHQRV OOHJX© D FRQWDU FLQFR
DQWHVGHFDHU]HWD1RV©FX¡QWRUDWRDOFDQF©DGRUPLUKDVWDTXHR­
XQDYR]TXHPHUHSHW­D
ߙ)HGH)HGHߙHUDPLPDP¡ߙPLDPRUGHVSLHUWDGHVSLHUWDߙPH
PRY­DHOKRPEURߙYHQJRDFRQWDUWHDOJR
ߙ4X© RQGD" 4X© SDVD" ߙOH FRQWHVW© PHGLR DWRQWDGR $EU­ ORV
RMRV\HOOD\DHVWDEDVHQWDGDHQODFDPD
ߙ$GLYLQDTXL©QYLHQHDSDVDUXQRVG­DVFRQQRVRWURV
ߙb$Kߨ QR V© TX© LPSRUWD ߙPH LED D GDU YXHOWD SHUR HOOD
VLJXL³
ߙ<DSLHQVD
ߙ/D 3HSD \ HO 7DWD -XOLR ߙOH GLMH SRUTXH IXH OR SULPHUR TXH VH
PHYLQRDODFDEH]DSDUDTXHVHIXHUD\SXGLHUDVHJXLUGXUPLHQGR
33/102
 ߙ)U­RIU­R
ߙb<D PDP¡ PH GD OR PLVPR ߙSHUR HOOD GDOH FRQ ODV
DGLYLQDQ]DV
ߙ7HYR\DGDUXQDSLVWD9LHQHQGHOHMRV
ߙ(QWRQFHVORVPHOOL]RVHO)HOL\HO7LWR
ߙ1RSXHV)HGHQRHVWDPRVGHYDFDFLRQHVF³PRYDQDYHQLU"
ߙb'LPHWºWHQJRVXH±R\PHGDODWDDGLYLQDUDSDUWHTXHQRVH
PH RFXUUH TXL©Q P¡V SXHGH VHU ߙOD PLU© ILMR D YHU VL OR VROWDED
OXHJRSHURFRPRVHGHPRU³XQSRFRFDFK©TXHKDE­DDOJRUDUR
ߙb7XV SDGULQRV )HGH 4X© WH SDUHFH" ߙPH GLMR FRQ XQD
WUHPHQGDVRQULVD
ߙ(VEURPDPDP¡"ߙDK­HOTXHVHVHQW³IXL\R
ߙ1RF³PRYDDVHUEURPD"(VYHUGDG5HFL©QPHORFRQILUP³
ODW­D0HUFHGHV/OHJDQPD±DQD
ߙ/DGXUD"SHURF³PRPD±DQD"SRUTX©"\KDVWDFX¡QGRVH
TXHGDQ" ߙD HVDV DOWXUDV \D HVWDED WRWDOPHQWH GHVSLHUWR \ ELHQ
FKRUHDGR 4X© WHQ­DQ TXH YHQLU D KDFHU DTX­ FXDQGR QXQFD
OODPDQQLOHVLPSRUWDORTXHQRVSDVH"
ߙ1RV©SRUFXDQWRVG­DVGHSHQGHߙHPSH]³DRUGHQDUODVV¡EDQDV
\HOFXEUHFDPD
ߙ'HSHQGH"GHSHQGHGHTX©"
ߙ/R TXH SDVD HV TXH OD PDP¡ GH OD 0HUFH VH HVW¡ PXULHQGR \
TXLHUHQTXHORVQL±RVHVW©QFRQHOOD
ߙ/RV QL±RV" b$K QR HVR V­ TXH QR ORV GRV FDEURV DSHVWRVRV
WDPEL©Q"
ߙb3RU'LRV)HGHULFRF³PROHVGLFHVDV­"
ߙ<F³PRTXLHUHVTXHOHVGLJDVLHVYHUGDG"<ߨG³QGHYDQD
GRUPLU"ߙSUHJXQW©HOPX\LGLRWDFXDQGRODUHVSXHVWDHUDREYLD
ߙ(VDHVODFRVDߙDKRUDVHSXVRDRUGHQDUODURSDTXHWHQ­DDUULED
GH OD VLOOD SDUD QR PLUDUPHߙ <D WHQJR WRGR SHQVDGR /D
)ORUHQFLWD FRQ OD &DWD \ OD 3DXOD (Q HVWD SLH]D WXV SDGULQRV \
3DEOLWRFRQWLJRHQODVDOLWDFRQORVVDFRVGHGRUPLUQXHYRV
ߙ4X©"
ߙ)HGHULFR 6RQ WXV SDGULQRV \ OR O³JLFR HV TXH OHV SUHVWHV WX
SLH]D
ߙ<D V­ ILOR FRQ HVR SHUR GRUPLU FRQ HVH HQDQR PDOGLWR PDO
HQVH±DGR \ P¡V HQFLPD PHWLGR QR ߙHOOD WUDW³ GH FDOPDUPHߙ b(V
SHRU TXH OD 3DXOD PDP¡ 6H OD SDVD OORUDQGR \ PHWLGR HQ PLV
FRVDVP¡VHQFLPDODVURPSH$FX©UGDWHGHTXHODºOWLPDYH]PH
GHVDUP³ ORV PHMRUHV DXWRV GH OD FROHFFL³Q TXH PH UHJDO³ HO
DEXHOR \ FXDQGR OR HFK© GH PL SLH]D XVWHGHV D JULWRV PH
FDVWLJDURQ\D©OORFRQVRODURQ
ߙ3HUR )HGH TX© H[DJHUDGR 3DEOLWR HUD FDVL XQD JXDJXD
$GHP¡V QR WLHQHQ G³QGH DORMDU (Q OD FDVD GH VX PDP¡ FRPR
HVW¡QODVFRVDVHVLPSRVLEOH\DFX©UGDWHGHTXHHOODHVKLMDºQLFD
&RQ ORV GRV KHUPDQRV GH 5DºO WDPSRFR VH SXHGH FRQWDU SRUTXH
WDPEL©Q YLYHQ HQ 3XQWD $UHQDV 3RU HVR FRQ WX SDS¡ OHV GLMLPRV
TXHVHTXHGDUDQDTX­
6H SDU³ \ WHUPLQ³ HO WHPD GHM¡QGRPH FODUR TXH OD GHFLVL³Q
HVWDEDWRPDGD
ߙb3HURPDP¡ߙLQVLVW­SRUVLDFDVRߙ\VLOHSLGRDO4XLTXHTXH
PHGHMHDORMDUHQVXFDVDHVRVG­DV"
ߙ1LVHWHRFXUUD7ºP¡VTXHQDGLHWLHQHVTXHHVWDUDTX­$KRUD
OHHXQUDWR\GHVSX©VWHGXHUPHV
4XH OHD TXH GXHUPD" &³PR" 6L FRQ OD WUHPHQGD QRWLFLD TXH
PHKDE­DGDGRP¡VODFDUDGHOD6RI­DTX©LEDDOHHU<GRUPLU
PHQRV
7RGDY­D QR SXHGR HQWHQGHU HQ TX© HVWDEDQ SHQVDQGR PLV SDS¡V
FXDQGR HOLJLHURQ DO W­R 5DºO \ D OD W­D 0HUFHGHV FRPR PLV
SDGULQRV 0H FDHQ S©VLPR /DV SRFDV YHFHV TXH KDQ YHQLGR PL
PDGULQDPLUDWRGDODFDVDGHDUULEDDEDMRFRPRVLIXHUDLQVSHFWRUD
\ QR V© SRU TX© OH GD FRQ SUHJXQWDUOH D PL PDP¡ ORV SUHFLRV \
G³QGHFRPSU³WRGRORTXHYDWRFDQGR
/H HQFDQWD UHSHWLU TXH HOOD QR YLYLU­D QXQFD HQ XQ FRQGRPLQLR
34/102
SRUTXHOHFDUJDQORVߡDSL±DPLHQWRVߢ(QFDPELRPLSDGULQRSDUD
KDFHUVH HO FKRUR \ HO LPSRUWDQWH KDEOD GH ORV YLDMHV \ GH ORV
QHJRFLRV TXH KDFH \ GHO PRGHOR GHO ºOWLPR DXWR TXH WLHQHQ <R
FUHRTXHVRQSXUDVFKLYDV\TXHHVXQFKDQWD
/RVSUHSDUDWLYRVHPSH]DURQGHVGHODPD±DQDGHOG­DVLJXLHQWH
1R V© GH G³QGH VDF³ PL PDP¡ GRV VLOORQHV FDPD SHUR FXDQGR
OOHJX©GHOFROHJLR\DHVWDEDQSXHVWRVXQRHQPLSLH]D\RWURHQOD
GHPLVKHUPDQDV9HQWLODURQORVVDFRVTXHLEDDXVDU\R\ODSHVWH
'HVRFXSDURQDOJXQDVWDEODVGHORVFO³VHWV\REYLRIORUHVHQWRGDV
SDUWHV
&RPRDODVVLHWH\PHGLDOOHJDURQFRQPLSDS¡
/DSULPHUDHQVDOXGDUPHVºSHUH[DJHUDGDIXHODW­D
ߙb4X© JUDQGH HVW¡V )HGHULFR 6L SDUHFH TXH D\HU WH HVW¡EDPRV
EDXWL]DQGR \ P­UDWH DKRUD WDQ DOWR \ EXHQPR]R ߙGLMR OD PX\
F­QLFD
0HQRV PDO TXH PL SDGULQR IXH P¡V SLROD ‰O PH GLR XQ VROR
DEUD]R
ߙ<DGHEHVHVWDUSUHSDU¡QGRWHSDUDGDUOD368RQR"
ߙ1R (VWR\ HQ VHJXQGR PHGLR ߙOH FRQWHVW© ELHQ VHFR SRU
GHVXELFDGR
ߙ&ODUR WLHQHV UD]³Q VH FRQIXQGL³ < ODV QRWDV" &RQ OR
LQWHOLJHQWHTXHHUHVGHEHVWHQHUXQRGHORVPHMRUHVSURPHGLRVGH
WXFXUVRߙPHWL³ODFXFKDUDPLPDGULQD
ߙ1R DO UHY©V PH YD S©VLPR FRQ ODV QRWDV \ OD GLVFLSOLQD ߙ
UHPDW© b3XVR XQD FDUD FRQ PLV UHVSXHVWDV 0HMRU SRUTXH VH
TXHG³FDOODGD
ߙ< KDV SHQVDGR TX© WH JXVWDU­D HVWXGLDU" 9DV D VHJXLU ORV
PLVPRVSDVRVGHWXSDS¡"ߙDKRUDHOPHWLGRHUD©O
ߙ1RMDP¡Vb1LORFR
&RQHVRRWUDYH]FDPELDURQGHWHPD
ߙ< ODV ILHVWDV" ߙSUHJXQW³ HOOD FRQ FDUD GH DPRURVDߙ 7LHQHV
PXFKDV"
ߙ6­
ߙ<SRORODKD\SROROLWDSRUDK­"
3ROROLWD"b$K­VLTXHVHSDV³b4X©PHWLGDTXHHVHVWDYLHMDTX©
OH LPSRUWD 1R YLHQHQ QR OODPDQ QR KDFHQ UHJDORV \ DKRUD
TXLHUHQVDEHUWRGDPLYLGDHQFLQFRPLQXWRV"
<DHVWDEDFKDWRFRQHOLQWHUURJDWRULRDV­TXHWUDW©GHFRUUHUPH\
MXVWRFRPRVLIXHUDXQ¡QJHODSDUHFL³OD+RUWHFRQXQDVEHELGDV\
\RDSURYHFK©GHGHVDSDUHFHUKDVWDTXHQRVVHQWDPRVDFRPHU
$SHQDVHVFXFK©ORTXHKDEODURQ(VWDEDSHQVDQGRHQHOGRPLQJR
\HQORTXHLEDDVHQWLUHVWDQGRDOODGRGHHOODHQHOFLQH
ߙ)HGHS¡VDPHODHQVDODGDSRUIDYRU
ߙb)HGHULFR ߙHUD OD YR] GH PL PDP¡ߙ 1R R\HV TXH WH HVW¡Q
KDEODQGR"3¡VDOHODHQVDODGDDWXW­D
7XYH TXH YROYHU D OD UHDOLGDG 1R V© SDUD TX© (O FDEUR FKLFR
HQFRQWU³WRGRPDOR\QRFRPL³QDGD/D&DWDHVWDEDGHVHVSHUDGD
SRUSDUDUVHOXHJRSDUDLUDYHUODWHOHVHULH/D)ORUHQFLDOHKDEODED
\OHKDEODEDDOD3DXODGHVXL3KRQH\WRGDVODVDSOLFDFLRQHVTXH
WHQ­D (OOD OD PLUDED \ QR OH GHF­D QDGD SRUTXH HO PRGHOR GH VX
FHOXODUFRQVXHUWHSXHGHOODPDU
3RUºOWLPRVDOL³HOWHPDGHODVH±RUDHQIHUPD4XHHVWDEDHQODV
ºOWLPDV\TXHHQFXDOTXLHUPRPHQWRVHPRU­D$K­ODW­DVHSXVRD
OORUDU0LPDP¡WUDW³GHFRQVRODUOD\QRVRWURVFRQPLVKHUPDQDV
QRVXSLPRVTX©KDFHU/D+RUWHOHWUDMRXQDDJ¼LWDSHURQDGDHOOD
VLJXL³ LJXDO /D &DWD OD 3DXOD \ \R WUDWDPRV GH SDUDUQRV GH OD
PHVD SHUR HO SDS¡ QRV SHJ³ XQD GH HVDV PLUDGDV TXH OR GHMDQ D
XQRSDUDGRRVHQWDGRGRQGHHVW©
3DV³ OR PLVPR HO PL©UFROHV HO MXHYHV \ HO YLHUQHV %XHQR OR
PLVPRORPLVPRQR(QYHUGDGFDGDYH]IXHP¡VEU­JLGR<DQR
VROROORUDEDHQODPHVDWDPEL©QFXDQGRPHGHVSHG­DGHHOODHQOD
PD±DQD \D HVWDED FRQ ORV RMRV KLQFKDGRV (O W­R VH QRWDED WULVWH
WDPEL©QSHURVHKDF­DHOIXHUWH
8QD GH HVDV QRFKHV GHVSX©V GH OD FRPLGD \ GHO OODQWR FXDQGR
35/102
HVWDEDDSXQWRGHPHWHUPHDOVDFRPLVSDGULQRVPHOODPDURQDOD
SLH]D$OSULQFLSLRPHGLRPXFKDODWDLUSHURGHVSX©VSHQV©TXH
QRPHFRVWDEDQDGD\IXL
ߙ)HGHߙSDUWL³HOW­R5DºOߙTXHU­DPRVDJUDGHFHUWHSRUORJHQHURVR
TXH KDV VLGR DO SUHVWDUQRV WX SLH]D VDEHPRV OR LQF³PRGR TXH HV
SDUDWLGRUPLUHQHOVXHOR
ߙ1RVHSUHRFXSHQ1RPHLPSRUWDߙREYLRTXHQROHVLEDDGHFLU
TXH PXFKR SHRU HUD R­U DO FDEUR PDP³Q GDUVH TXLQLHQWDV YXHOWDV
HQODQRFKH
ߙ*UDFLDV LJXDOPHQWH %XHQR WDPEL©Q TXHU­DPRV HQWUHJDUWH XQ
UHJDOLWR TXH FRQ WDQWR DMHWUHR WRGDY­D QR WH OR KDE­DPRV GDGR ߙ
GLMRODW­DPLHQWUDVPHHQWUHJDEDXQSDTXHWHWRGRSURGXFLGRFRQ
SDSHOSODWHDGR\XQDFLQWDJLJDQWH
ߙ3DUDP­"ߙHQYHUGDGPHVRUSUHQGL³
ߙb/³JLFRVRPRVWXVSDGULQRVEUHORDYHUTX©WHSDUHFH
0LHQWUDV OH VDFDED HO VFRWFK QR PH SDV© QLQJXQD SHO­FXOD
(VWDEDVHJXURGHTXHIXHUDORTXHIXHUDLEDDVHUKRUULEOHFRPR
ORVRWURVWUHVUHJDORVTXHPHKDQGDGRGHVGHTXHQDF­
ߙ0H HVW¡Q PROHVWDQGR" b8Q UHORM ߙGLMH FDVL JULWDQGR GH OD
LPSUHVL³QFXDQGRORYLb(UDFX¡WLFR
ߙ7HJXVWD"ߙSUHJXQW³ODW­DDXQTXHHVWDEDGHP¡V
ߙb(VW¡ILOHWHW­D*UDFLDVJUDFLDV
0LHQWUDVORVDFDEDGHODFDMDPLSDGULQRPHIXHPRVWUDQGRWRGR
ORTXHWHQ­DFURQ³PHWUREDU³PHWUR\QRV©TX©P¡V<RPRY­DOD
FDEH]D \ D WRGR OH GHF­D TXH HUD EDF¡Q DXQTXH GHVSX©V GHO
VHJXQGRPHWUR\DHVWDEDHQWHURFRQIXQGLGR
(UD LQFUH­EOH SRU SULPHUD YH] HQ FDVL GLHFLV©LV D±RV OH KDE­DQ
DFKXQWDGR
0H OR SXVH \ OHV DJUDGHF­ KDUWDV YHFHV $ YHU VL FRQ HVR VH PH
TXLWDED XQ SRFR HO FDUJR GH FRQFLHQFLD SRU WRGR OR TXH KDE­D
SHQVDGRGHHOORV
'HVSX©VOHVGLODVEXHQDVQRFKHV\DQWHVGHHPSH]DUDFDPLQDU
KDFLDODSXHUWDODW­DPHKDEO³
ߙ)HGHPLDPRUFRQWXW­RQRVOODPDODDWHQFL³QODFDQWLGDGGH
OLEURVTXHWLHQHV\VREUHWRGRWDQWRVGHSRHV­DV
ߙ(HHV­HVTXHPHJXVWDOHHU
ߙ<WDPEL©QSRHV­DV"ߙLQVLVWL³©O
ߙ6­ HV OR TXH P¡V OHR (V TXH \Rߨ VRߨ ߙPHQRV PDO TXH
DOFDQF© D UHDFFLRQDU \ SDU© HQ VHFR 'H OR SXUR HPRFLRQDGR \
FRQWHQWR TXH HVWDED SRU HO UHJDOR FDVL OHV FRQIHV© OR WRGDY­D
LQFRQIHVDEOH
ߙ&³PR"ߙSUHJXQW³PLPDGULQD
ߙ1RQDGDߙPHKLFHHOORFRߙb%XHQDVQRFKHV<JUDFLDVRWUDYH]
$XQTXH GHVSX©V GH HVD QRFKH HPSHF© D HQFRQWUDU P¡V
VLPS¡WLFRV D PLV SDGULQRV LJXDO HO DPELHQWH HQ PL FDVD HUD SDUD
SXUREDMRQHDUVH(QWRQFHVGHFLG­LUPHDODFDVDGHO4XLTXHFXDQGR
WHUPLQ¡EDPRVODVFODVHV\OOHJDUVRODPHQWHDFRPHU
)XH OD PHMRU LGHD TXH VH PH SXGR RFXUULU <R QR VDE­D TXH ©O
FKDWHDEDWRGRVORVG­DVFRQOD/X]0DU­D\JUDFLDVDHVRVXSHTXH
WRGDV VXV DPLJDV HVWDEDQ PRWLYDG­VLPDV FRQ OR GHO FLQH HO
GRPLQJR4XHODVFXDWURORKDE­DQSDVDGREDF¡QHQODILHVWD\OR
P¡V FX¡WLFR TXH OD 6RI­D SDUD VX FXPSOHD±RV TXHU­D KDFHU XQD
MXQWDFRQQRVRWURV
&RPR WRGRV ORV SOD]RV VH FXPSOHQ bSRU ILQ OOHJ³ HO V¡EDGR
$KRUDIDOWDEDQVRORYHLQWLFXDWURKRUDV1DGDHUDQQDGD
(Q OD PD±DQD VDO­ FRQ 7RP¡V HQ ELFL 'HVSX©V GH DOPXHU]R
FRPRODVYLVLWDVVHKDE­DQLGRPX\WHPSUDQRDYHUDODVH±RUDTXH
VHJºQOD+RUWH\DHVWDEDFRQXQSLHDTX­\HORWURDOO¡DSURYHFK©
GHHQFHUUDUPHHQPLSLH]DDHVFULELUDOJXQRVYHUVRVKDVWDTXHPH
OODPDURQ D DOPRU]DU 1R DOFDQ]DPRV D FRPHUQRV QL XQD OHFKXJD
FXDQGRVRQ³HOWHO©IRQR(UDHOW­R5DºOSDUDDYLVDUTXHODVH±RUD
\DKDE­DSXHVWRORVGRVSLHVHQHORWURODGRRVHDVHKDE­DPXHUWR
\ DOWLUR VXSH TXH PL HVSHUDG­VLPR WHUFHU HQFXHQWUR FRQ OD 6RI­D
WDPEL©Q
36/102
 7XYHTXHLUDOIXQHUDOGHXQDVH±RUDTXHMDP¡VHQPLYLGDKDE­D
YLVWR $XQTXH LJXDO PH GLR XQ SRFR GH SHQD WXYH TXH DEUD]DU \
FRQVRODU DO FDEUR FKLFR 7XYH TXH HVWDU SDUDGR PXHUWR GH IU­R
PLHQWUDVDFDOHWDGHJHQWHOHGLRSRUKDEODU\KDEODUGHODVH±RUD
'LMHURQODVPLVPDVFRVDVTXHHQHOIXQHUDOGHOSDS¡GHOSURIHVRU
6DQKXH]D(OODWDPSRFRVHTXHM³\HUDVDQWDWRWDO
3HURORSHRUIXHTXHWXYHTXHSHUGHUPHODLGDDOFLQH1RSXGH
KDFHUQDGDSDUD]DIDU$ODPXHUWHQRVHODTXLWDQDGLHGHHQFLPD
\ PHQRV \R XQ SREUH SRHWD TXH VR±DED KDFH FLHQWR FXDUHQWD \
FXDWURKRUDV\WRGDY­DQRV©FX¡QWRVVHJXQGRVSDUDHVWDUSRUILQ
VHQWDGRMXQWRDVXPXVDHQHOFLQH
$SX±DODGD
(O OXQHV HQ OD WDUGH VH IXHURQ ODV YLVLWDV \ \R IXL HO ºQLFR TXH
DFRPSD±³DPLVSDS¡VDODHURSXHUWR
1RVGLHURQQRV©FX¡QWDVYHFHVODVJUDFLDVSRUKDEHUORVLQYLWDGR
DODFDVD\SRUODD\XGDTXHOHVGLPRVHQHVWRVG­DVWDQWULVWHVSDUD
HOORV
$O GHVSHGLUQRV HO W­R 5DºO PH DEUD]³ 3HUR DKRUD VHQW­ TXH VX
DEUD]RIXHVºSHUGLVWLQWRDOTXHPHGLRFXDQGROOHJDURQ
ߙ7H SURPHWR DKLMDGR TXH GHVGH DKRUD WH YDPRV D OODPDU P¡V
VHJXLGR SDUD TXH QRV FXHQWHV GH WX YLGD \ߨ ߙVH PH DFHUF³ DO
R­GRߙSRUVLDSDUHFHDOJXQDSROROLWD
(VWD YH] QR PH HQRM© FRQ HVR GH SROROLWD \ WDPSRFR SRUTXH
TXLVLHUDQVDEHUGHP­
ߙ<RWDPEL©QORVYR\DOODPDUߙOHVSURPHW­DXQTXHQXQFDDQWHV
KDEU­DSHQVDGRGHF­UVHORDHOORV
ߙb0HHQFDQWDU­DߙGLMRODW­DKDFL©QGRPHFDUL±RHQODFDUD
/DGHVSHGLGDFRQOD)ORUHQFLD\3DEORIXHP¡VSLROD
(Q HO DXWR WXYH TXH UHFRQRFHUOHV D PLV SDS¡V TXH GHVSX©V GH
YLYLU FRQ PLV SDGULQRV XQD VHPDQD \ GH KDEHUORV FRQRFLGR P¡V
DKRUDPHFD­DQEDF¡Q
&XDQGROOHJDPRVOD&DWDSDUDYDULDUHVWDEDOORUDQGR
ߙb&DWLWD TX© SDVD" ߙOH SUHJXQW³ OD PDP¡ DXQTXH \D WRGRV
VDE­DPRVSRUTX©
ߙ7HUߨPLߨQ©FRQ6DQWLDJRߙFRQWHVW³FDVLVLQSRGHUKDEODU
ߙ3HURPLDPRUWUDQTXLODWHDSXHVWRTXHHVXQDWRQWHUDLJXDODOD
SHOH­WDTXHWXYLHURQODVHPDQDSDVDGD\ODDQWHSDVDGD
ߙb1R QR ©O PH GLMR TXH VH FKDWH³ FRQPLJR \ TXH QR YDPRV D
YROYHUP¡VߙVLJXL³OORUDQGRP¡VIXHUWH
37/102
 /DPDP¡OHKDF­DFDUL±R\WUDWDEDGHFRQVRODUOD/D+RUWHFRPR 0¡VVLOHQFLR
VLHPSUH WDPEL©Q OH WUDMR XQD GH VXV DJ¼LWDV PLODJURVDV TXH D OD 1R HQWHQG­D SRU TX© VH GHPRUDED WDQWR HQ FRQWHVWDU SHUR LJXDO
W­DQROHUHVXOWDEDQSDUDQDGDSHURDOD&DWDSRUVXHUWHOHKDF­DQ QRTXLVHHVSHUDUP¡V\VHJX­
ILOHWH 'HVSX©V YLQR OR W­SLFR 0L PDP¡ OD DFRPSD±³ D VX SLH]D
KDVWDTXHGHWDQWROORUDUVHGXUPL³
1R HV TXH D P­ PH G© OR PLVPR YHUOD VXIULU QR SHUR PL
KHUPDQDLJXDOTXHWRGDVODVPXMHUHVHVXOWUDH[DJHUDGDSDUDWRGR
\P¡VFXDQGRSHOHDFRQHOSRORORRFRQDOJXQDDPLJDSRUHVR\R
\DHVWR\DFRVWXPEUDGR
(VRV G­DV GH GUDPD SDUD HOOD VRQ XQD ILHVWD SDUD P­ GHMD GH
VHQWLUVHODGXH±DGHOFRQWUROUHPRWR\GHOFRPSXWDGRU1RPDQGD
D QDGLH QL SLGH IDYRUHV 3HUR HVD WDUGH OD ILHVWD IXH GREOH 3DUD
VXHUWH P­D OD 3DXOD QR HVWDED HQ OD FDVD 3RU HVR FXDQGR YL HO
FRPSXWDGRU GHVRFXSDGR \ QLQJXQD PRVFD GDQGR YXHOWD DO WRTXH
OR SUHQG­ \ DEU­ )DFHERRN &UXF© ORV GHGRV SDUD TXH OD 6RI­D
HVWXYLHUDFRQHFWDGD\FRPRPHGLFHOD)UDQDQWHVGHHPSH]DUXQD
SUXHEDPHPDQG©SXUDVEXHQDVYLEUDV
b<V­DK­HVWDED
&XDQGRYROY­DYHUVXIRWRGHSHUILOVHQW­TXHVHPHDFHOHUDEDHO
FRUD]³Q \ DXQTXH HVR PH SXVR XQ SRFR QHUYLRVR LJXDO DWLQ©
U¡SLGR

(VSHU©1DGDVLOHQFLRWRWDO9ROY­DHVFULELU

b4X©SHUVHJXLGRSHQV©FXDQGROHYDQW©HOGHGRGHODWHFODSHUR
\DHUDWDUGH

38/102
b,GLRWD4X©G­DV"VLQRKDE­DQSDVDGRQLYHLQWLFXDWURKRUDVGHVGH
TXHWDOFRPR\DVDE­DHVWXYRHQHOFLQH

2WUR FRPHQWDULR LGLRWD $G³QGH LED D HVWDU VL QR" 0DO WRGR
PDO 3RU XUJLGR PH HVWDED SRQLHQGR FDGD YH] P¡V SDW©WLFR 1R
VDTX©ORVRMRVGHODSDQWDOODDXQTXHVRQDEDQ\VRQDEDORVSLWRVGH
RWURVTXHPHHVWDEDQKDEODQGR

b%LHQSRUILQ/HFRQWHVW©DOWLUR

2EYLRTX©YDDHVWDUKDFLHQGRDWXUGLGR"PHGLMH(VW¡VHQWDGD
IUHQWHDOFRPSXWDGRUFKDWHDQGRFRQWLJR

(UD YHUGDG SHUR VDE­D TXH GHVSX©V GH FRQYHUVDU FRQ HOOD
FDFKDU­DPHQRVTXHQXQFD

39/102
 3DUD P­" (UD EURPD" b(O PHWLGR GHO 3DLO³Q RWUD YH] 3HUR
F³PRVXSRTXH­EDPRVDLUDOFLQH"$FX¡OGHORVJLOHVHQJUXSL³
6HORGLMHDV­FRPRVLQDGD DKRUD"<SRUTX©QDGLHPHFRQW³TXHIXH"

)XHWDQWDODUDELDTXHPDQG©XQWUHPHQGRJULWR0HDFRUG©GHOD
PDP¡GHODDEXHOLWD\ODELVDEXHOLWDGHHVHߨPDOGLWRSLQWDPRQRV
GH*¡OYH]

/RDQRW©DOWLUR

)XLPRV"4X©RQGD"$OWLURVHPHDSDUHFL³HQODSDQWDOODODFDUD
\ODULVDGHHVH ORVHU \VHPHTXLWDURQGHXQDODVJDQDVGHVHJXLU
KDEODQGR

(O*XLOOH"4X©*XLOOH"

1XQFD LPDJLQ© TXH DOJºQ G­D \R LED D TXHUHU TXH HVR IXHUD
YHUGDG

40/102
 6DEHPRVORVSRHWDV
TXHSX±DODGDV
\WUDLFLRQHV
VHFRPEDWHQ
FRQYHUVRV
)XH OR ºOWLPR TXH DOFDQF© D OHHU DQWHV GH TXH VH DSDJDUD OD OX] MDP¡VFRQJROSHV
GHOFRPSXWDGRU\\RPHIXHUDDQHJURWRWDO 2WUDYH]TXLVLHURQ
(OFKDQWDGHO3DLO³QPHKDE­DDSX±DODGRSRUODHVSDOGD
0H SDU© 1HFHVLWDED GHVDKRJDUPH SHUR QR TXHU­D HVFULELU
GHP­DUUDQFDUWH
+DEU­DSHVFDGRODELFLFOHWDSHUR\DHUDPX\WDUGH$V­TXHVDO­DO SHURWHMXURTXH
FRQGRPLQLR\PHSXVHDFDPLQDUDOUHGHGRUGHODSOD]D VREUHPLFDG¡YHU
5HFL©QDODTXLQWDYXHOWDPHYROYLHURQORVSHQVDPLHQWRV
4XH*¡OYH]PHODVLEDDSDJDUTXHOD6RI­DQRWHQ­DODFXOSDGH
YR\DHQWUHJDUWH
TXH HVH FKDQWD GH *¡OYH] OD KD\D HQJUXSLGR KDFL©QGRVH HO
VLPS¡WLFRHQHOFLQH(OODGHSXUDEXHQDRQGDORSHVF³SHURMDP¡V
XQDQL±DWDQERQLWDVHQVLEOH\VLPS¡WLFDFRPRHOODVHLEDDILMDU
HQ XQ WLSR FRPR ©O GH HVR V­ TXH HVWDED VHJXUR VHJXU­VLPR PL
FRUD]³QGHSRHWDPHORYHQ­DGLFLHQGRKDFHUDWR
(QWRQFHVQRSRG­DSHUGHUHOWLHPSRSHQVDQGRHQODSX±DODGDTXH
PHKDE­DPDQGDGRHOߨHOߨLQQRPEUDEOH<DVHPHLEDDRFXUULU
F³PRFREUDUOHORTXHPHKDE­DKHFKRSRUDKRUDORP¡VLPSRUWDQWH
HUD UHFXSHUDU HO WLHPSR GRPLQDU HQ OD FDQFKD FRPR QRV GLFH
%UXQR \ JDQDU HO SDUWLGR 0H KDE­D FRVWDGR PXFKR HQFRQWUDUOD
SDUDGHMDUTXHXQFXDOTXLHUDVHODOOHYDUD&RPRVHDWHQ­DTXHYHU
F³PRKDEODURSRUºOWLPRYROYHUDFKDWHDUFRQOD6RI­D
(QWU© D OD FDVD \ SRU ILQ GHVSX©V GH FRPLGD SXGH VHQWDUPH D
HVFULELU

81$9(5'$'

41/102

*¡OYH]QRH[LVWH)LORFRQ
*¡OYH]
6L\DPHFRVWDEDGRUPLUSRUTXHPHDFRUGDEDWRGRHOUDWRGHOD
6RI­DDKRUDROYLGDUPHGHTXHHO3DLO³QHVWXYRVHQWDGRFRQHOODHQ
HO FLQH IXH LPSRVLEOH 3RU HVR DO RWUR G­D FXDQGR OR YL HQ HO
FROHJLR PH GLHURQ JDQDV GH SHVFDUOR GHO FRJRWH \ SHJDUOR HQ OD
SDUHG GHFLUOH TXH OD 6RI­D HUD PL PXVD \ TXH QL VH OH RFXUULHUD
PHWHUVH FRQ HOOD 3HUR WXYH TXH FRPHUPH OD SLFD 7RGDY­D QR
TXLHUR TXH QDGLH VHSD OR TXH VLHQWR \ PHQRV TXH VR\ SRHWD 3RU
HVRGHFLG­TXHORPHMRUHUDPDWDUOR6­PDWDUOR'HVGHHVHG­DPH
ROYLGDU­DGHTXH*XLOOHUPR*¡OYH]3H±DHVWDEDHQHOFXUVR\HQHO
FROHJLR 2 VHD GHM³ GH H[LVWLU SDUD P­ )LOR SDUD VLHPSUH FRQ
*¡OYH]
(QWRQFHVHOLPLQDQGRDO3DLO³QODFDQFKDVHGHVSHMDED\\RPH
SRQGU­DFRQWRGRSDUDJDQDUHOSDUWLGRb-DP¡VRWURFKDQWDPHLED
DKDFHUODPLVPD
/DSULPHUDMXJDGDWHQ­DTXHVHUOODPDUDOD6RI­D
6DO­GHOFROHJLRFRUULHQGRSDUD]DIDUGHO4XLTXH\HVWDUVRORHQHO
SDUDGHUR
/DV PDQRV PH HPSH]DURQ D WUDQVSLUDU \ VHQW­ OD UHVSLUDFL³Q
HQWUHFRUWDGD1RPHKLFHFDVR&RQW©KDVWDWUHLQWDSHURPHIDOW³
XQSRFRDV­TXHVHJX­KDVWDVHVHQWDQRSHQV©P¡V\PHODMXJX©
ߡ(VWH WHO©IRQR HVW¡ WHPSRUDOPHQWH IXHUD GHO ¡UHD GH VHUYLFLRߢ
GLMRODPDOGLWDJUDEDGRUD
7UDQTXLOR )HGH DFX©UGDWH TXH DV­ VRQ ODV FRVDV SDUD QRVRWURV
ORVSRHWDV(VSHU©9ROY­DPDUFDU\ߨRWUDYH]R­ODPLVPDYR]
FKDWD
3RUTX©QRFRQWHVWD"(PSHF©DSRQHUPHQHUYLRVR\DFDPLQDU
HQ F­UFXOR KDVWD TXH XQD VH±RUD TXH HVWDED HVSHUDQGR OD PLFUR
LJXDOTXH\RPHSUHJXQW³ODKRUD
5HFL©QDK­FDFK©TXHWRGDY­DHVWDEDHQFODVHV
4X© KDJR" /H GHMR XQ PHQVDMH R OH PDQGR XQ ZDVDS" (UDQ
WDQWDVODVJDQDVTXHWHQ­DGHKDEODUFRQHOODTXHDOILQDOKLFHODV
GRVFRVDV
3ULPHURHOPHQVDMHGHYR]
ߡb+ROD6RI­D6R\HO)HGHFXDQGRSXHGDVOO¡PDPHߢ
(VRQRP¡V\FRUW©
/XHJRHOZDVDS
/RPDQG©\GHVSX©VHVWHRWUR
/LVWRDKRUDWHQ­DTXHHVSHUDU\YHUVLPHUHVSRQG­DDOJXQDGHODV
GRV FRVDV 1R TXLVH JXDUGDU HO FHOXODU HQ OD PRFKLOD SRUTXH VL
VRQDEDFRQHOUXLGRGHODFDOOHQRORLEDDHVFXFKDU0HORSXVHHQ
HO EROVLOOR GHO SDQWDO³Q \ D FDGD UDWR OR UHYLVDED 'HVSX©V HQ PL
FDVD SDUD HVWDU P¡V VHJXUR OR VDTX© \ OR DQGXYH WUD\HQGR HQ OD
PDQRWRGDODWDUGH
ߙ)HGHULFR bVXHOWD HVH WHO©IRQR SRU IDYRU ߙPH GLMR OD PDP¡
PLHQWUDVFRP­DPRV
/RGHM©DUULEDGHODPHVDSHURVLQVDFDUOHORVRMRVGHHQFLPD
$O UDWR FRPR PL SDS¡ VH GLR FXHQWD GH TXH HVWDED HQ RWUD PH
YROYL³DUHWDU
ߙ1RR­VWHDWXPDP¡"(VWDPRVHQODPHVD\OHVKHGLFKRPLOHV
GH YHFHV TXH QR TXLHUR TXH WUDLJDQ ORV WHO©IRQRV PLHQWUDV
FRPHPRV
42/102
 ߙ(VTXHHVWR\HVSHUDQGRXQDOODPDGD
ߙ0HGDORPLVPR6XEH\G©MDORHQWXSLH]D
ߙ3HURSDS¡QRSXHGߨ
ߙb$KRUD
3DUD DOO¡ SDUW­ VLQ DOHJDU SRUTXH VL OH EDMDED OD PDOD RQGD PH
SRG­DTXLWDUHOWHO©IRQR
%DM©SHURFRQORVGRVR­GRVSHJDGRVHQHOVHJXQGRSLVR3RUHVR
FXDQGR YROY­ D OD PHVD QR HQWHQG­ QDGD GH OR TXH HVWDEDQ
KDEODQGR6RORFDFK©TXHPLSDS¡OHFRQWHVWDEDDOJRDOD3DXOD
ߙ&³PR TXH TX© ODWD PL DPRU" $O UHY©V GRQ <LY¡Q HV XQD
SHUVRQDPX\DJUDGDEOH\OHVYDDJXVWDUFRQRFHUOR
ߙ&³PRVHOODPD"ߙSUHJXQW³OD&DWD
ߙ<LY¡Q6SHQGLDU\¡Q
ߙ3HURSRUTX©WDQUDURHOQRPEUH"ߙVLJXL³
ߙ3RUTXHHVDUPHQLR
ߙ$UPHQLR"<TX©VLJQLILFDHVR"ߙVHPHWL³ODHQDQD\\RPRY­D
ODFDEH]DGHXQODGRSDUDRWURFRPRVLIXHUDXQSDUWLGRGHWHQLV
WUDWDQGRGHHQFKXIDUPHHQODFRQYHUVDFL³Q
ߙ&³PR TXH TX© VLJQLILFD HVR" b4X© LQFXOWXUD 6LJQLILFD TXH
QDFL³HQ$UPHQLD
3RUODFDUDTXHSXVROD&DWD\SDUDTX©GHFLUODP­DHOSDS¡QRV
GLMRDORVGRV ߙb$K(O4XLTXH"1RV­XQSRFR
ߙ2EYLRSRUVXSXHVWRTXHXVWHGHVWDPSRFRWLHQHQLGHD3HURSDUD
PD±DQDFRPRQRTXLHURSDVDUYHUJ¼HQ]DTXLHURTXHORVWUHVOHDQ
DOJRGH$UPHQLD\WHQJDWHPDFRQGRQ<LY¡Q
7HUPLQDURQODVSUHJXQWDV\QRVSDUDPRV
ߙ4XL©QHVHVHYLHMRTXHYDDYHQLUPD±DQD&DWD"
ߙ(OQXHYRMHIHGHOSDS¡ߙPHFRQWHVW³FKRUHDGD\VHIXH
$XQTXH PH GDED OR PLVPR TXL©Q YLQLHUD D FRPHU R D WRPDU
GHVD\XQRDODFDVDLJXDOSHQV©DOWLURHQHO&KRFOR‰OVDEHFDOHWD
GHWRGRVORVSD­VHVGHOPXQGRDV­TXHOHLEDDSHGLUTXHPHGLMHUD
DOJXQDVFRVDV\FRQHVRSDVDEDSLRODFRQHOߡMHIHFLWRߢ
9ROY­ FRUULHQGR D YHU VL WHQ­D DOJºQ PHQVDMH R OODPDGD SHUGLGD
SHURQRQDGD1LVLTXLHUDXQFKDW$XQTXHPHGLRXQSRFRGHODWD
WRGDY­D HUD WHPSUDQR 6DTX© XQ OLEUR GH SRHV­DV \ PH PHW­ D OD
FDPD
3DV³XQPRQW³QGHUDWR\FXDQGR\DLEDDDSDJDUODOX]VRQ³HO
WHO©IRQR0HVHQW©P¡VTXHU¡SLGR\FRQWHVW©(UDHOOD
ߙb$O³)HGH"6R\OD6RI­DHVWDEDVGXUPLHQGR"
ߙ6­QRXQSRFRSHURQRbKRODߙOHFRQWHVW©WRGRWXSLGR
ߙ5HFL©QYLWXVPHQVDMHV
ߙb1RLPSRUWDILOR
ߙ(VTXHKR\VDOLPRVWHPSUDQRGHOFROHJLR\QRVIXLPRVDOPDOO
FRQPLVDPLJDV\DK­VHPHGHVFDUJ³
ߙ3RUTX©VDOLHURQWHPSUDQR"
ߙ3RUTXHORVSURIHVRUHVWHQ­DQXQFXUVRRQRV©TX©FXHVWL³QUDUD
ߙ(QVHULR"b4X©VXHUWH2MDO¡DORVGHQRVRWURVVHOHVRFXUULHUD
KDFHUORPLVPR
ߙ2\H \ F³PR HVW¡Q HO 3HODR HO *XLOOH \ HO *XDW³Q" ߙ$K"
4X© OH SRG­D LPSRUWDU F³PR HVWDED HVHߨ" 0HQRV PDO TXH QR
HVSHU³ TXH OH FRQWHVWDUD \ VLJXL³ KDEODQGR DFHOHUDG­VLPDߙ 7º
VDE­DVTXHOD/X]PD\HO4XLTXHKDEODQWRGRVORVG­DV\TXHSDVD
DOJRHQWUHHOORV"
ߙ<D SRUTXH HO RWUR G­D FXDQGR FKDWHDPRV WH DFXHUGDV" ߙb$K
QR /H KDEU­D GLFKR TXH WRGDY­D PH GRO­D OD HVSDOGD FRQ OD
SX±DODGD GH *¡OYH]ߙ %XHQR WDPEL©Q HVWDED KDEODQGR FRQ HO
*XLOOH\©OV­VDE­D
$KRUDV­TXHVHPHVXEL³ODVDQJUH\DSDJX©WHOH
ߙb$O³b$O³
ߡ)HGHULFR DFX©UGDWH *¡OYH] HVW¡ PXHUWR *¡OYH] QR H[LVWH
*¡OYH]QRH[LVWH)LORFRQ*¡OYH])LORFRQ*¡OYH]ߢPHDOFDQF©D
UHSHWLUDQWHVGHTXHVHGLHUDFXHQWD
ߙ)HGHb)HGHb)HGHb$ORR³
43/102
 ߙb$O³ 6­ V­ ߙOH FRQWHVW© FRPR SXGHߙ HV TXH D YHFHV VH YD OD
VH±DOHQPLFDVDߙb4X©PXODP¡VPDODSHURPHGLRORPLVPR
ߙ2\HߙVLJXL³FRPRVLQDGDߙSRGU­DPRVKDFHUXQDMXQWD
ߙ8QDMXQWD"ߙUHDFFLRQ©ߙb%XHQDb6­b%DF¡Q
ߙ/HVYR\DGHFLUDODVGHP¡V\YHPRVTX©RQGD
ߙ'DOHILOHWH
ߙ<D)HGHWRGDY­DWHQJRTXHKDFHUXQDFXHVWL³QSDUDHOFROHJLR
DV­TXHGHVSX©VKDEODPRV
ߙ2EYLR
ߙ&KDR
ߙ&KDRߙ\FRUW©
b%LHQ &RQ HVR ºOWLPR PH TXHG³ FODUR TXH OD MXJDGD HVWXYR
SHUIHFWD +DE­D UHFXSHUDGR OD FDQFKD \ SRU ILQ *¡OYH] TXHGDED
HQWHUUDGR\ELHQHQWHUUDGR
$UPHQLR
'HVSX©VGHODEULOODQWHMXJDGD\GHORVSXQWRVTXHJDQ©FRQORV
PHQVDMHVDOD6RI­DORJU©KDEODUFRQHOOD\JUDFLDVDHVRSDV©XQ
G­DEDF¡QHQHOFROHJLR3DUWLFLS©HQWRGDVODVFODVHV\DXQTXHQR
OHDFKXQW©PXFKRFRQODVUHVSXHVWDVLJXDOORVSURIHVRUHVFDFKDURQ
TXH HVWDED KDFLHQGR XQ HVIXHU]R \ PH IHOLFLWDURQ 0HMRU GLFKR
FDVLWRGRVSRUTXH-LP©QH]QRPHSHVF³QLQJXQDGHODVYHFHVTXH
OHYDQW©ODPDQR
(VWDEDWDQPRWLYDGRTXHKDVWDOHSHG­HOFXDGHUQRGHTX­PLFDD
0DW­DV+XUWDGRSDUDSRQHUPHDOG­D1RHVWDQVHFRSHURHVOHMRV
HO P¡V RUGHQDGR GHO FXUVR 7DPEL©Q HVWXYH EU­JLGR HQ HO
HQWUHQDPLHQWR\FXDQGRWHUPLQDPRV%UXQRPHGLMRTXHORKDE­D
VRUSUHQGLGR
&XDQGR OOHJX© D OD FDVD GHVSX©V GH FODVHV PL PDP¡ \ OD
+RUWHQVLDHVWDEDQXUJLG­VLPDVFRUULHQGRSDUDWRGDVSDUWHV
ߙ4X©RQGD"4X©SDVD"ߙOHVSUHJXQW©
ߙ&³PR TXH TX© SDVD )HGHULFR" 7HQHPRV OD FRPLGD FRQ GRQ
<LY¡Q \ VX VH±RUD ߙPH FRQWHVW³ OD PDP¡ VLQ PLUDUPH PLHQWUDV
DUUHJODEDXQDVIORUHV
ߙ'RQTXL©Q"
ߙb3RU'LRVKLMR(QTX©PXQGRYLYHV"ߙߡHQHOGHODVPXVDVOD
SRHV­D\ODLQVSLUDFL³QPDP¡ߢOHKDEU­DUHFRUGDGRSHURDV­FRPR
HVWDEDHUDSHUGHUHOWLHPSRߙ(OQXHYRMHIHGHWXSDS¡9DQDOOHJDU
DODVRFKR
ߙb$K bYHUGDG (VH TXH HUD GH QR V© G³QGH" ߙUHFL©Q DK­ PH
DFRUG©
'HM³ HO IORUHUR GHVSX©V GH PLUDUOR SRU WRGRV ODGRV \ GH VDFDU \
SRQHU PLOHV GH YHFHV ODV PLVPDV IORUHV \ SDUWL³ DSXUDGD D OD
44/102
FRFLQD'HWU¡VIXL\R
ߙ3HURSRUTX©WDQWRUROORFRQHVR"
ߙb1RKD\FDVRFRQWLJR3RUTX©YDDKDFHU"3RUTXHSDUDWXSDS¡
HV PX\ LPSRUWDQWH \ TXLHUH GDUOH XQD EXHQD LPSUHVL³Q GH VX
IDPLOLD
/D+RUWHQVLDHVWDEDKDFLHQGRXQDVVRSDLSLOODVFRQSHEUHSDUDHO
DSHULWLYR \ YL TXH DUULED GH XQ PHV³Q \D WHQ­D OLVWRV ORV W­SLFRV
DOIDMRUHVFX¡WLFRVTXHKDFHHOODSDUDHOFDI©FXDQGRWHQHPRVYLVLWD
ߙ&³PRYDV+RUWHQVLD"ߙOHSUHJXQW³PLPDP¡
ߙ%LHQVH±RUDPHIDOWDVRORSRQHUODFDUQHHQHOKRUQRORGHP¡V
\DHVW¡OLVWR
ߙ<DHQWRQFHV\RYR\DSRQHUODPHVD
1RWHUPLQ³ODIUDVHVHGLRYXHOWD\HPSH]³DGDUPH³UGHQHV
ߙ)HGHWU¡HPHHOSD±R\HOOXVWUDPXHEOHVSDUDSDVDUOHDODPHVD
SRUIDYRU\GHVSX©VD\ºGDPHD
ߙ< DSURYHFKD GH WUDHUPH D P­ XQD EROVD GH EDVXUD ߙVLJXL³ OD
+RUWH
&RPR \D ODV FRQR]FR VDE­D TXH VL QR PH LED DOWLUR SDVDU­D OD
WDUGH HQWHUD GH PR]R (QWRQFHV DSURYHFK© TXH ODV GRV HVWDEDQ
FRQFHQWUDGDV VDTX© WUHV DOIDMRUHV DEU­ OD SXHUWD SHVTX© OD
ELFLFOHWD\HQGRVVHJXQGRV\DHVWDEDFDPLQRDODFDVDGHO4XLTXH
<R VDE­D TXH WHQ­D HQVD\R FRQ VX JUXSR GH PºVLFD \ DXQTXH HV
VºSHUFKDWRR­UORVWRFDUODPLVPDFXHVWL³QWRGRHOUDWRIXLLJXDO FDVDFRQODELFLFOHWDHQODPDQR
HVRHUDPLOYHFHVPHMRUTXHHVWDUHQPLFDVD
,QFUH­EOH SHUR VH PH SDV³ OD KRUD PX\ U¡SLGR &XDQGR PH GL
FXHQWD\DHUDQODVVLHWH\PHGLD1LPHGHVSHG­0HVXE­DODELFL
\SHGDOH©FRQWRGRDODFDVD
$ ODV SRFDV FXDGUDV VHQW­ TXH DOJR OH SDVDED D XQD UXHGD 3DU©
SDUD PLUDUOD /D PDOGLWD HVWDED FRPSOHWDPHQWH GHVLQIODGD 2 OH
IDOWDEDDLUHRVHKDE­DSLQFKDGR
/OHJX©DSHQDVDODERPEDTXHHVW¡FHUFDGHPLFDVD\GHOPDOO
$K­FRPRORVERPEHURV\DPHFRQRFHQWHQJRSHUPLVRSDUDVDFDU
ODPDQJXHUDGHODLUH(VWDEDHQHVRFXDQGRVHQW­TXHDOJXLHQPH
OODPDED GHVGH XQ DXWR $O SULQFLSLR QR YL TXL©Q HUD \ SHQV© TXH
PH KDE­D HTXLYRFDGR SRU HVR QR SHVTX© $O UDWR YROY­ D R­U PL
QRPEUHFODULWR3DU©\HQIRTX©PHMRUbHUDOD6RI­D
(VWDEDHQXQDXWRFRQXQDVH±RUD0HKL]RVH±DV\\RGHODSXUD
VRUSUHVD H LPSUHVL³Q PH TXHG© SDUDGR FRPR VL KXELHUD YLVWR XQ
IDQWDVPD 'H SXUR SDVPDGR SRU DWXUGLGR VH PH ROYLG³ VROWDU OD
PDQJXHUD \ HO DLUH VLJXL³ VDOLHQGR KDVWD TXH REYLR OD UXHGD VH
UHYHQW³ 7RGD OD JHQWH TXH HVWDED HQ OD ERPED HQ OD WLHQGD \
WDPEL©Q OD TXH LED SDVDQGR SRU OD FDOOH TXHG³ SDUDOL]DGD FRQ HO
UXLGR \ \R GHO VXVWR PH FD­ SDUD DWU¡V \ PH SHJX© WUHPHQGR
FDEH]D]R HQ HO VXHOR 9DULRV ERPEHURV FRUULHURQ D YHU TX© KDE­D
SDVDGR8QRVHSUHRFXS³GHWUDQTXLOL]DUPH\RWURGHODUXHGD
&RQWRGRHOHVF¡QGDORQXQFDVXSHVLOD6RI­DYLRODHPEDUUDGLWD
TXHPHPDQG©SRUTXHFXDQGRSXGHOHYDQWDUODFDEH]DSDUDPLUDU
VXDXWR\DQRHVWDED
b&³PR WDQ PDOD VXHUWH b4X© UDELD 3RU TX© MXVWR DK­ HQ HVD
ERPED\DHVDKRUDWHQ­DTXHHVWDUHOOD\HVHIXHUDQXHVWURWHUFHU
HQFXHQWUR" %XHQR WDQWR FRPR HQFXHQWUR QR SRUTXH QL VLTXLHUD
QRVVDOXGDPRVSHURTXHOD6RI­DPHKD\DPLUDGRKDFLHQGRHOORFR
LJXDOHUDEU­JLGR\SDW©WLFRSDUDP­
$PDUJDG­VLPR\PDUHDGRSRUHOFDEH]D]RPHIXLFDPLQDQGRDOD
/OHJX©\ODGHM©ERWDGDGHSXUDSLFD\HQWU©DODFRFLQD
&XDQGROD+RUWHPHYLRODFDUD\WRGRVXFLRVHDVXVW³
ߙ3HURTX©WHSDV³)HGHULFR"
ߙ1DGDPHFD­
ߙ(OMHIHGHWXSDS¡\DOOHJ³\HVWDEDSUHJXQWDGRUHFLHQFLWRQRP¡
SRUWL$V­TXHDSºUDWH\DQGDDFDPELDUWHDQWHVGHTXHVHHQRMH
6XE­0LHQWUDVPHODYDEDFRQDJXDIU­DSDUDTXHVHPHTXLWDUDOD
UDELDR­DDPLSDS¡OODP¡QGRPHGHVGHODHVFDOHUD&HUU©ODOODYH\
FRUU­(QHOVHJXQGRHVFDO³QSDU©HQVHFR
45/102
 ߙb(O DUPHQLR b&KXWD 1R OH KDE­D SUHJXQWDGR DO &KRFOR \
WDPSRFR KDE­D OH­GR QLQJXQD FXHVWL³Q GHO IDPRVR SD­V GHO MHIH
6DE­DTXHVLEDMDEDVLQVDEHUQDGDHUDPHMRUQRKDEHUQDFLGR
0HWHUPHD,QWHUQHWHUDGHPDVLDGROHQWRDV­TXHIXLDOPXHEOHGH
ORV OLEURV \ VDTX© XQ DOPDQDTXH GHO D±R XQR TXH WLHQH PL SDS¡
)LORPHGLMHWRWDOQDGLHYDDFDFKDU
8UJLGRHPSHF©DGDUYXHOWDODVS¡JLQDVTXHDGHP¡VVHPHLEDQ
FD\HQGR SRUTXH HVWDEDQ WRGDV VXHOWDV EXVFDGR OD OHVHUD GH SD­V
SHUR FRPR QR WHQ­D LGHD HQ TX© FRQWLQHQWH HVWDED HPSHF© D
WUDQVSLUDU 'HVFDUW© GH XQD YH] ODV WUHV $P©ULFDV \ 2FHDQ­D (Q
$VLDQRHVWDEDVHJX­FRQ(XURSDWDPSRFRKDVWDTXHSRUILQHQOD
VHJXQGDS¡JLQDGHIULFDDSDUHFL³
ߙ)HGHULFREDMDߙR­ODYR]GHPLPDP¡
/H­ORP¡VU¡SLGRTXHSXGH
5HVXOWDTXHHVW¡HQWUH(XURSD\IULFDRVHDQRHVGHDTX­QLGH
DOO¡$GHP¡VKDVLGRLQYDGLGRSRUFXDQWRSD­VFHUFDQRH[LVWH(VW¡
URGHDGR GH SXUDV PRQWD±DV \ WLHQH XQ FOLPD WHUULEOH GH PDOR R
KDFHXQIU­RSRODURXQFDORUKHDY\3HURORSHRUVHJºQORºOWLPR
TXH DOFDQF© D OHHU HV TXH DOO¡ HO  GH OD SREODFL³Q HV
DQDOIDEHWD2VHD$UPHQLDHUDXQSD­VXOWUDSREUH\FDVLQLQJXQR
GHORVDUPHQLRVVDE­DOHHU1RSXGHYHUF³PRVHOODPDEDODFDSLWDO
QLODPRQHGDSRUTXHYROY­DR­UDPLPDP¡
(QWU© DO OLYLQJ \ DK­ HVWDEDQ ORV DUPHQLRV FRQYHUVDQGR FRQ PLV
SDS¡VGHORP¡VFRQWHQWRV\HQXQFDVWHOODQRPHMRUTXHHOP­R/D
&DWD\OD3DXODR­DQFRQFDUDVGHODWD
0HDFHUTX©DVDOXGDUDODVH±RUDSULPHUR\GHVSX©VHOVH±RU6SH
QR V© FX¡QWR <DQ /H GL OD PDQR (UD ELHQ IODFR DOWR FRQ XQD
EDUEDP¡VRPHQRVODUJD\EODQFD6HQRWDEDDOWLURHQODFDUDGH
ORVGRVTXHWHQ­DQVDQJUHGHXQSD­VSREUH\VXIULHQWH
(QHVRHQWU³OD+RUWHFRQODVVRSDLSLOODV\HOSHEUH
ߙb4X©ULFRߙGLMRODVH±RUD\VDF³XQD'HVSX©VOHWRF³D©O
ߙb(VW¡Q H[TXLVLWDV &UHR TXH QXQFD KDE­D FRPLGR DOJR WDQ
GHOLFLRVR ߙFRPHQW³ GRQ <HV <DV R <Lߨ VLQ SDUDU GH VDFDU GHO
SODWR
b&³PRQROHYDQDJXVWDUSHQV©VLHQ$UPHQLDTXL]¡VFXDQGR
HUDQFKLFRVFRQVXHUWHSRG­DQFRPHUSDQ
0L PDP¡ VH GLR FXHQWD GH TXH DOJR PH SDVDED \ HPSH]³ D
OHYDQWDU ODV FHMDV GHVHVSHUDGD SDUD TXH FDPELDUD OD FDUD 0H
FRVW³UHDFFLRQDUSRUODSHQDTXHPHGDEDHOSDUFLWRGHDUPHQLRV
ߙb4X©ERQLWRHVW¡6DQWLDJR6HILMDURQHQODFRUGLOOHUDKR\"<R
QRPHFDQVRGHPLUDUODߙFRPHQW³HOMHIH
ߙ$ORPHMRUOHWUDHUHFXHUGRGHODVPRQWD±DVTXHKD\HQVXSD­V
VH±RU <DVP¡Q ߙFRPHQW© SRU ILQ FRPR VL IXHUD XQ H[SHUWR HQ HO
WHPD
0L SDS¡ QR SRG­D FUHHU TXH HUD \R HO TXH KDE­D KHFKR HVH
FRPHQWDULR
ߙ<LY¡Q QR <DVP¡Q ߙPH FRUULJL³ߙ  5HFXHUGRV" ߙ0LU³ SDUD
WRGRVODGRVKDFL©QGRVHHOGHVHQWHQGLGR\VLJXL³KDEODQGRFRQPL
SDS¡
ߙ3HURLJXDOODVPRQWD±DVOHVKDQVHUYLGRSDUDGHIHQGHUVHGHODV
LQYDVLRQHVߙLQVLVW­
ߙ/DVLQYDVLRQHV"ߙUHSLWL³HOOD
0HGLFXHQWDGHTXHODVH±RUDQRTXHU­DDFRUGDUVHGHHVHWHPD
(QWRQFHVORPLU©D©OSDUDTXHPHFRQWHVWDUDSHURRWUDYH]QRPH
SHVF³
ߙ(GXDUGRMXHJDWHQLV"ߙOHGLMRDPLSDS¡
ߙ6­QRVR\EXHQRSHURPHJXVWD
ߙ(QWRQFHVSRGU­DPRVLUHOILQGHVHPDQDDSDOHWHDUXQSRFR
1RSRG­DFUHHUORTXHHVWDEDSDVDQGR1LQJXQRTXHU­DFRQWHVWDU
2HVW¡QWUDXPDGRVFRQVXVKLVWRULDVRVRQIU­RVFRPRHOFOLPDGH
$UPHQLD /R PLU© GH QXHYR DKRUD P¡V FRQFHQWUDGR SDUD FDFKDU
FX¡OGHODVGRVFRVDVHUDODFRUUHFWD
/RVGRVVRQIODFRV\WLHQHQODFDUDELHQJULVSHURVLKDEODQWDQ
ELHQ FDVWHOODQR D OR PHMRU VXV IDPLOLDV ORV VDFDURQ GH $UPHQLD
46/102
FXDQGRHUDQVºSHUFKLFRV\WXYLHURQODVXHUWHGHTXHDTX­SXGLHURQ
LUDOFROHJLR3HURSRG­DVHUORVHJXQGRTXHFRPRDSUHQGLHURQD
OHHUVHVLHQWHQVXSHULRUHV\FUHHQTXHVHODVVDEHQWRGDV\SRUHVR
VRQWDQLQGLIHUHQWHV\OHVGDYHUJ¼HQ]DFXDQGRVHOHVKDEODGHVX
SD­V
ߙb4X©VXHUWHWXYLHURQXVWHGHVGHSRGHUHVWXGLDUߙSURE©FRQHVD
SUHJXQWDSULPHUR
ߙ6XHUWHSRUHVWXGLDU"ߙPHFRQWHVW³©O
ߙ6­ SRUTXH FRPR DOO¡  GH OD SREODFL³Q HV DQDOIDEHWD GRQ
<LVO¡QTXHVXVIDPLOLDVSXGLHUDQWUDHUORVD&KLOHGHEHKDEHUVLGR
EDF¡Q SDUD XVWHGHVߙ FRQ HVH FRPHQWDULR KDVWD PLV SDS¡V VH
FDOODURQSDUDR­UPH
ߙ<LY¡Q)HGHULFR\DWHGLMHQR<LVO¡QߙYROYL³DFRUUHJLUPHFRQ
XQ SRFR PHQRV GH SDFLHQFLDߙ 7DQWRV" OD YHUGDG QR WHQ­D LGHD
SHURVLWºORGLFHVDV­VHU¡ߙPHFRQWHVW³FDVLVLQPLUDU\VDF³RWUD
VRSDLSLOODߙ (GXDUGR \ 0³QLFD KDQ HVWDGR DOJXQD YH] HQ
(VFRFLD"ߙSUHJXQW³SDUDFDPELDUGHWHPD
1RORVDE­D"4X©WLSRGHKRPEUHHUDHVWHTXHQRVDE­DORP¡V
LPSRUWDQWH\JUDYHGHVXSD­V"
ߙ1R WRGDY­D QR KHPRV LGR ߙOH FRQWHVW³ PL SDS¡ FRPR GH
PHPRULDSRUTXHPHHVWDEDPLUDQGRFRQFDUDGHSUHJXQWD
ߙ/RTXHHVQRVRWURVFRQOD0DUWLWDYHQLPRVOOHJDQGRGHXQYLDMH
PDUDYLOORVR)XLPRVDFRQRFHUODWXPEDGHPLDEXHOR5HDOPHQWH
HVHPRFLRQDQWHYHUXQPRQW³QGHO¡SLGDVFRPRODGH©Ob)XHURQ
WDQWRV ORV LQJOHVHV YDOLHQWHV TXH PXULHURQ HQ OD VHJXQGD JXHUUD
PXQGLDO ߙFRPHQW³ FDVL OORUDQGRߙ 3DUD P­ HVRV VRQ ORV
YHUGDGHURVK©URHV
$K­UHFL©QPHGLFXHQWDGHTXHHOYLHMRQRHVWDEDWUDXPDGRVLQR
TXH HUD XQ IU­R H LQVHQVLEOH DUPHQLR 0H GLR WDQWD UDELD R­UOR
KDEODUDV­GHXQFRPSDGUHTXHIXHFDSD]GHGDUODYLGDSRUXQSD­V
TXH QR HUD HO VX\R PLHQWUDV VX SDWULD HUD DWDFDGD VLQ SDUDU \ OD
JHQWHVHPRU­DGHKDPEUH
ߙ1R HQWLHQGR VH±RU <DVP¡V <DO¡Q ߙD HVDV DOWXUDV \D HVWDED
VºSHU FRQIXQGLGR FRQ HO QRPEUH \ DGHP¡V PH GDED OR PLVPRߙ 
&³PR TXH VX DEXHOR VLHQGR DUPHQLR SHOH³ SRU RWUR SD­V \ QR
GHIHQGL³HOVX\RSURSLR"ߙQRSDU©ߙ3HURPHLPDJLQRTXHVXSDS¡
VXVW­RVV­KDEU¡QDFWXDGRFRPRYHUGDGHURVDUPHQLRVSDWULRWDV\
VHJXLU¡Q SUHRFXSDGRV SRU OR TXH SDVD DOO¡ R QR" ߙFRQ HVD
SUHJXQWDV­TXHIXLGLUHFWRSHUR©OPHPLU³GHUHRMRFRQFDUDGH
FKRUHDGR \ QR GLMR QL XQD SDODEUD 6LJXL³ FRPLHQGR \ WRPDQGR
YLQR
0LSDS¡HPSH]³DWRVHUFRPRVLHPSUHORKDFHFXDQGRQRVDEH
TX© GHFLU 0LV KHUPDQDV HPSH]DURQ D UH­UVH D HVFRQGLGDV \ \R
VRORHVSHUDEDUHVSXHVWDVGHHVHGHVHUWRU\SRFRSDWULRWDGHOQXHYR
MHIH0LPDP¡QHUYLRVD\VLQVDEHUTX©KDFHUFRQHOVLOHQFLRTXH
KDE­DPHPDQG³DODFRFLQD
ߙ)HGHDQGDDEXVFDUP¡VSHEUHSRUIDYRU
<R QR PH LED D PRYHU KDVWD TXH HO GRQ HVH FDUD GH SDOR PH
FRQWHVWDUD
ߙ$YHU)HGHULFRQRHQWLHQGRWXVSUHJXQWDV3RUTX©GLFHVTXH
FRPRDUPHQLRVSDWULRWDV"0HSXHGHVGHFLUGHG³QGHVDFDVWHTXH
\RVR\DUPHQLR"ߙPHKDEO³SRUILQGLUHFWDPHQWHDORVRMRV
ߙ0LSDS¡QRVFRQW³ߙDK­ORPLU©D©OTXHVHSXVREODQFRFRPR
SDSHOߙ$GHP¡VFRQHVHQRPEUH\DSHOOLGRXVWHGQRSXHGHVHUGH
RWUDSDUWH
ߙ-D MD MD ߙVH UL³ߙ $KRUD HQWLHQGR /R TXH SDVD HV TXH PL
QRPEUH\DSHOOLGRVRQGHRULJHQDUPHQLRSHUR\RQRWHQJRQDGD
TXHYHUHVP¡VVR\WDQFKLOHQRFRPRXVWHGHVߙQRVPLU³DWRGRV
LQFOXLGR D PL SDS¡ߙ 0L WDWDUDWDWDUDWDWDUD DEXHOR QDFL³ DK­ SHUR
VXV KLMRV ORV KLMRV GH VXV KLMRV \ GHP¡V JHQHUDFLRQHV SDUD
DGHODQWH MDP¡V KDQ YLYLGR QL WLHQHQ QLQJXQD FRQH[L³Q FRQ
$UPHQLDGHVGHKDFHPXFK­VLPRVD±RV6RPRVSRTX­VLPRVORVTXH
FRQVHUYDPRVHODSHOOLGR\GRVRWUHVWHQHPRVQRPEUHVW­SLFRVGH
DOO¡ SHUR QDGD P¡V 'HO DEXHOR TXH OHV FXHQWR HV HO SDS¡ GH PL
47/102
PDP¡\©OHUDHVFRF©V
4X©OHFRQWHVWDED"/RGLMRWDQVHJXURTXHQRSRG­DVHUPHQWLUD
ߙ<F³PRVDEHVFX¡QWRVDQDOIDEHWRVKD\HQ$UPHQLD)HGHULFR"
ߙPHSUHJXQW³ODVH±RUD6SHGLDߨ
ߙ'HODOPDQDTXHGHPLSDS¡ߙWRGRVVHGLHURQYXHOWDDPLUDUORD
©OTXH\DHVWDEDURMRGHYHUJ¼HQ]D\GHUDELD
ߙ'HߨGHPLDOPDQDTXH"b(VRHVLPSRVLEOHb/H­VWHPDO
ߙ1RSDS¡WHMXURTXHHVRGHF­DߙLQVLVW­
ߙ7U¡HORSRUIDYRUߙPHPDQG³

48/102
 $QWHVGHEDMDURUGHQ©ODVS¡JLQDVVXHOWDVFRPRSXGH
‰O OR WRP³ H LQPHGLDWDPHQWH EXVF³ $UPHQLD SDUD FRQILUPDU PL
GDWR/RHQFRQWU³\OH\³HQYR]DOWD (OVLOHQFLRGHFRQWUHUDV
ߡ1LYHO GH DOIDEHWL]DFL³Q HO  GH OD SREODFL³Q HV
$/)$%(7$ߢ
ߙ2­VWH" $OIDEHWD QR DQDOIDEHWD (VR TXLHUH GHFLU KLMR ߙPH
H[SOLF³FRQORVGLHQWHVMXQWRVSDUDGLVLPXODUODVJDQDVTXHWHQ­DGH
PDWDUPHߙTXH6VDEHQOHHU\HVFULELU/ROH­VWHPDOߙVLJXL³DKRUD
FRQ OD ERFD FKXHFDߙ b3­GHOH GLVFXOSDV LQPHGLDWDPHQWH DO VH±RU
6SHQGLDU\¡Q)HGHULFR
$V­ OR KLFH 0XHUWR GH YHUJ¼HQ]D PH DFHUTX© D ©O TXH GHVGH
KDF­DGRVVHPDQDVHUDHOQXHYRMHIHGHPLSDS¡SHURTXHQRVDE­D
VLVHJXLU­DVL©QGRORGHVSX©VGHHVDQRFKH\OHSHG­GLVFXOSDV1R
HQYHUGDGPLOHVGHGLVFXOSDV
'HVSX©VGHHVRQRVDE­DG³QGHPHWHUPH0LVKHUPDQDVWDPSRFR
3DUDTX©GHFLUPLPDP¡$ODSREUHQROHTXHG³RWUDTXHKDFHUVH
ODFRPSUHQVLYD\UH­UVHFRPRVLKXELHUDVLGRXQDEURPDP­D
0HQRVPDOTXHFXDQGRSDVDURQDODPHVDQRVRWURVQRVIXLPRV
<R VROR TXHU­D YHU WHOHYLVL³Q KDUWD WHOHYLVL³Q D YHU VL ORJUDED
ROYLGDUPH GH HVH G­D TXH KDEU­D VDFDGR SDUD VLHPSUH GHO
FDOHQGDULR
'HVSX©VGHODWUHPHQGDGHVXELFDGDTXHPHPDQG©FRQHOMHIH
DUPHQLRGHPLSDS¡\DQWHVTXHHVRHOQXPHULWRHQODERPEDGH
EHQFLQD PL YR] LQWHULRU TXHG³ DI³QLFD GH WDQWR JULWDUPH TXH QR
SRG­D VHJXLU DV­ <D HUD GHPDVLDGR WHQHU WRGR HO G­D OD FDEH]D
SHJDGD HQ LQVSLUDFLRQHV YHUVRV \ PXVDV $V­ TXH PH KDEO©
JROSHDGRSDUDYHUVLDV­UHDFFLRQDED
ߡ<D)HGHULFRHQVHULRSDUDGHSDYHDUVLQRWHYDVDTXHGDUVLQ
PXVDVLQFROHJLR\VLQIDPLOLDߢ
6DE­DTXHPHLEDDFRVWDUREHGHFHUDPLSURSLDSDUDGDGHFDUUR
SHUR SRU PL IXWXUR FRPR IXHUD WHQ­D TXH KDFHUOR 7DPSRFR OD
FXHVWL³QHUDWDQH[DJHUDGD\PHLEDDROYLGDUGHOD6RI­DQRVROR
WHQ­DTXHWUDWDUGHXUJLUPHPHQRV\FDPELDUXQSRFRGHWHPD
(Q HO FROHJLR ORV GRV SULPHURV G­DV PH FRVWDURQ FDOHWD 1R
GXUDED P¡V GH GLH] PLQXWRV FRQFHQWUDGR SRUTXH VLQ TXHUHUOR VH
PHLEDQORVSHQVDPLHQWRV\ODVJDQDVGHHVFULELU
(Q OD PD±DQD GHO WHUFHU G­D HQ FODVHV GH TX­PLFD \ FXDQGR
WRGDY­DHVWDEDR\HQGRHQYHUGDGDOSURIHVRUGHODQDGDYLPRVTXH
,JQDFLR &RQWUHUDV VH SDU³ \ VLQ SUHJXQWDU VDOL³ GH OD VDOD GDQGR
XQ WUHPHQGR SRUWD]R 7RGRV HQ HO FXUVR VH TXHGDURQ KHODGRV \
SDUDTX©GHFLUHOSURIHVRU5LTXHOPHTXHFXDQGRUHDFFLRQ³SDUWL³
FRUULHQGRGHWU¡VGH©OSHURSDUHFHTXHQRORHQFRQWU³SRUTXHOOHJ³
DOSRFRUDWR\VROR
1XQFDP¡VHQWRGRHOG­DVXSLPRVGH©O7DPSRFRVLORKDE­DQ
SLOODGR\VXVSHQGLGRSRUORTXHKDE­DKHFKR
7RGRVWUDWDPRVGHFDFKDUTX©RQGDOHEDM³SHURDQLQJXQRVHQRV
RFXUUL³DOJXQDH[SOLFDFL³Q
,JQDFLRQRHUDDV­‰OIXHPLSULPHUPHMRUDPLJR/OHJ³DOFXUVR
49/102
GHVGH $QWRIDJDVWD FXDQGR HVW¡EDPRV HQ VHJXQGR E¡VLFR 0H
DFXHUGRSHUIHFWRTXHHUDLJXDOGHIODFR\FKLFRTXH\R$GHP¡VOD
PLVV&HFLOLDQRVVHQW³MXQWRV\FRQHVRQRVKLFLPRVLQVHSDUDEOHV
&DVLWRGRVORVILQHVGHVHPDQDQRVLQYLW¡EDPRV©OLEDDPLFDVD
R\RDODVX\D
(UD VHFR SDUD DUPDU FXHVWLRQHV FRQ ORV OHJRV \ QR VH GHPRUDED
QDGD HQ KDFHU HVRV SX]OHV GH PLOORQHV GH SLH]DV FKLFDV 1RV
SDV¡EDPRVKRUDVHQHOMDUG­QHVSHUDQGRTXHORVS¡MDURVFD\HUDQHQ
ODVWUDPSDVTXHOHVSRQ­DPRVRUHFRJLHQGRODJDUWLMDVSDUDGHVSX©V
FRUWDUOHVODFROD
'HVGH FXDUWR R TXLQWR GHMDPRV GH MXQWDUQRV IXHUD GHO FROHJLR
SHUR FRPR QLQJXQR HUD EXHQR SDUD HO IºWERO HQ ORV UHFUHRV
MXJ¡EDPRV D ODV EROLWDV HQ XQD UDWRQHUD TXH QRV KL]R VX SDS¡
6LHPSUH IXH PDWHR \ PXFKR P¡V UHVSRQVDEOH TXH \R DO PHQRV
KDVWDVH[WRSRUHVRPHD\XGDEDHQODVWDUHDV\WUDEDMRV
'HVGH HO D±R SDVDGR FXDQGR HQWUDPRV HQ PHGLD VH HPSH]³ D
MXQWDU FRQ JHQWH GH RWURV FXUVRV SHUR LJXDO VLJXH VLHQGR EXHQD
RQGD VHFR SDUD OD WDOOD \ VLPS¡WLFR FRQ QRVRWURV (V XQR GH ORV
TXHP¡VSDUWLFLSDHQFODVHV\ORVSURIHVOHWLHQHQVºSHUEXHQD3RU
HVRORTXHKDE­DKHFKRHUDGHPDVLDGRUDUR\QDGDTXHYHUFRQ©O
1XQFD QRV LPDJLQDPRV TXH DO G­D VLJXLHQWH OR YHU­DPRV HQ HO
FROHJLRSRUTXHSDUDWRGRVHUDREYLRTXHGHVSX©VGHKDEHUVDOLGR
VLQSHUPLVR\GHXQSRUWD]RORPHQRVHUDXQDVHPDQDGHFDVWLJR
3RUORPHQRVSDUDP­KDEU­DVLGRDV­
/OHJ³ VLQ KDEODU FRQ QDGLH 3XVR VXV FXDGHUQRV DUULED GHO
HVFULWRULR \ VH VHQW³ PLUDQGR ILMR DO SL]DUU³Q $V­ HVWXYR ODV GRV
SULPHUDVKRUDV'HVSX©VFXDQGRQRVWRF³FRQ-LP©QH]OHOODP³OD
DWHQFL³Q ELHQ SHVDGR FRPR HV ©O SRUTXH QR HQWUHJ³ XQ WUDEDMR
TXHGHE­D(QI­VLFDORPLVPR6DQKXH]DOHHQWUHJ³XQFRQWUROTXH
VHJºQ'HOD)XHQWHTXHVHVLHQWDDOODGRHUDXQ
2VHDWRGRPDOFRQ&RQWUHUDV
+R\SDV³ORPLVPR/OHJ³FRQODPLVPDFDUDQRKDEO³FRQQDGLH
\ IXH HO SULPHUR HQ VDOLU SDUD ORV GRV UHFUHRV \ GHVDSDUHFHU GHO
SDWLR 3RU HVR GHFLG­ VHJXLUOR D OD KRUD GH DOPXHU]R DXQTXH VH
HQRMDUDFRQPLJRSRUPHWLGR
6H IXH FDPLQDQGR U¡SLGR KDVWD OD ERGHJD GRQGH VH JXDUGDQ ODV
FRVDVGHGHSRUWH\TXHQRVHYHGHVGHHOSDWLR0HTXHG©GHWU¡VGH
XQDSDUHGKDVWDTXHFDFK©TXHVHVHQW³\HPSH]³DMXJDUFRQXQ
SDORHQHOVXHOR\FRQODFDEH]DDJDFKDGD
$K­ VDO­ \ VLQ SUHJXQWDUOH PH VHQW© DO ODGR FRQ RWUR SDOR \
HPSHF©KDFHUORPLVPRTXH©O
$XQTXHQXQFDOHYDQW³ODFDUD&RQWUHUDVVDE­DTXHHUD\RSHUR
QRGLMRQDGD
ߙ4X©RQGD1DFKR"ߙDV­OHGHF­D\RFXDQGR©UDPRVFKLFRV
ߙ1DGDSRUTX©"4X©KDFHVDTX­"ߙPHSUHJXQW³HQRMDGR
ߙ7HVHJX­
ߙ0HVHJXLVWH"3DUDTX©"
ߙ3DUDVDEHUSRUTX©VDOLVWHDV­GHODVDODHORWURG­D\VLWHFDVWLJ³
HOLQVSHFWRUߙOHGLMHSDVDQGRSLROD
ߙb(VWDEDFKDWR<QRQRPHFDVWLJDURQ
ߙ1R WH FUHR" bTX© VXHUWH OR TXH HV D P­ VL KDJR HVR PH
VXVSHQGHU­DQWRGRHOD±R
6H TXHG³ FDOODGR XQ UDWR <R QR HVSHU© PXFKR \ OH YROY­ D
SUHJXQWDU
ߙ3HURSRUTX©QRHVW¡VHQHOSDWLRFRQWRGRV"
ߙ4X©WHLPSRUWD"4XLHURHVWDUVROR\SXQWRߙPHFRQWHVW³VHFR
(UDP¡VTXHREYLRTXH,JQDFLRQRHVWDEDQLDK­FRQKDEODUSHUR
PHGLRORPLVPR\VHJX­LJXDO
ߙ7HDFXHUGDVFXDQGRFD]¡EDPRVODJDUWLMDVHQWXFDVD"<GHODV
WUDPSDV EDFDQHV TXH LQYHQWDPRV SDUD ORV S¡MDURV" ߙQDGD VROR
OHYDQW³ORVKRPEURVߙ<GHHVDYH]TXHVHQRVRFXUUL³KDFHUXQD
FDUSD HQ HO MDUG­Q \ FXDQGR HVW¡EDPRV IHOLFHV FRPLHQGR SDSDV
IULWDV VH SUHQGLHURQ ORV UHJDGRUHV \ TXHGDPRV HPSDSDGRV WH
DFXHUGDV"
50/102
 ߙ$OJR
ߙ$OJR"&³PRDOJR"6L\RTXHWHQJRS©VLPDPHPRULDQXQFDVH
PHKDROYLGDGRHVHG­D7XPDP¡QRVKL]RFKRFRODWHFDOLHQWHPH
SUHVW³URSD\GHVSX©VWXSDS¡FRPRQRVKDE­DPRVTXHGDGRFRQODV
SXUDVJDQDVGHDFDPSDUSDUDTXLWDUQRVODSHQDSUHQGL³ODSDUULOOD
\FRPLPRVXQPLOO³QGHVDOFKLFKDVb7HWLHQHVTXHDFRUGDUGHHVR
2WDPEL©QVHWHROYLG³"
(VSHU© 6LJXL³ PXGR (QWRQFHV FDPEL© RWUD YH] GH WHPD WRWDO
WRGDY­DQRPHKDE­DHFKDGR\QRVTXHGDEDXQSRFRGHUHFUHR
ߙ6LHPSUHKHSHQVDGRTXHWLHQHVPXFKDVXHUWHFRQWXVSDS¡VߙOH
GLMHߙ/RVP­RVDYHFHVQRP¡VVRQEXHQDRQGD0HSDVDQUHWDQGR
SRUODVQRWDVHOGHVRUGHQGHPLSLH]D\SRUTXHPHODSDVRHQRWUD
(QFDPELRORVWX\RVSRUORTXHPHDFXHUGRHUDQDOUHY©VVLHPSUH
HVWDEDQ SUHRFXSDGRV SRU WL 1RV KDF­DQ SDQRUDPDV \ WH GDEDQ
SHUPLVRSDUDWRGR6LJXHQLJXDO"ߙDK­V­TXHOHDFKXQW©SRUTXH
OHYDQW³ODFDEH]DSHURPHPLU³FRQFDUDGHUDELD\FRQORVRMRV
EULOODQWHVPHJULW³ \DQWHVGHHQWUDUPHGLRODVJUDFLDV
ߙb&¡OODWH
ߙ3HURߨVLߨWHGDUDELDTXHVHKD\DQSXHVWRSHVDGRVSRUORGHOD
368ORVP­RVHVW¡QLJXDOHV1RKD\TXHSHVFDUORVߨORKDFߨ
ߙb1RߙPHYROYL³DFRQWHVWDUJULWDQGRߙ6RQHOORVORVTXHQRPH
SHVFDQDP­/HVGR\ORPLVPR/RºQLFRTXHOHVLPSRUWDDKRUDHV
SDVDUVH SHOHDQGR \ JULW¡QGRVH SRU WHO©IRQR SXUDV FXHVWLRQHV
LGLRWDV\SHVDGDVb(VDSHVWRVR
ߙ3HOHDQGRSRUWHO©IRQR"
ߙ6­(OILQGHVHPDQDPLSDS¡VHIXHGHODFDVDߙ3RUILQOHYDQW³
ODFDUD\PHKDEO³P¡VWUDQTXLORߙ$V­QRP¡VVLQGHFLUQRVQDGD
/OHJ³HOYLHUQHVGHODRILFLQDVXEL³DODSLH]D\OODP³DPLPDP¡
(OOD HQWU³ GH OR P¡V QRUPDO $O UDWR VDOL³ EODQFD \ DSHQDV SRG­D
FDPLQDU 'HVSX©V YLPRV D PL SDS¡ EDMDU OD HVFDOHUD FRQ XQD
PDOHWD JUDQGH 1RV GLR XQ EHVR D PL KHUPDQD \ D P­ FHUU³ OD
SXHUWD\VHIXH
ߙ6HIXH"$G³QGH"
ߙ$XQGHSDUWDPHQWRDYLYLUFRQXQDSRORODTXHSDUHFHTXHWLHQH
GHVGH KDFH FDOHWD GH WLHPSR /R SHRU HV TXH GLMR TXH LED D WHQHU
PXFKRVJDVWRVDV­TXHPLPDP¡YDDWHQHUTXHWUDEDMDUQRP¡V\
FRPR WRGDY­D QR HQFXHQWUD QDGD HVW¡ WRGR HO G­D KLVW©ULFD \
OORUDQGR
ߙ<D\ߨTX©RQGDFRQXVWHGHV"
ߙ4XHTX©RQGD"(VWRHVFKDWR$KRUDFRQPLKHUPDQDYDPRVD
WHQHU TXH KDFHU WRGR HQ OD FDVD SRUTXH PL PDP¡ YD D WHQHU TXH
VDOLUWRGRHOG­D
ߙb4X©ODWD1DFKR<RQRWHQ­DLGHD
ߙ< QR TXLHUR TXH QDGLH VHSD $V­ TXH QR VH WH RFXUUD DEULU OD
ERFD PH R­VWH" 6ROR 6DQKXH]D \ HO LQVSHFWRU VDEHQ SRU HVR QR
PHFDVWLJDURQ
/HGLPLSDODEUDGHKRPEUHTXHOHJXDUGDU­DHOVHFUHWR
&XDQGRVRQ³HOWLPEUHYROYLPRVFDPLQDQGRHQVLOHQFLRDODVDOD
(Q OD FODVH FRQ HO ODWHUR GH 9LOOHJDV PH ILM© TXH OH KDE­D
FDPELDGR XQ SRFR OD FDUD KDE­D DELHUWR HO FXDGHUQR \ HPSH]³ D
WRPDUDSXQWHV
$ODVDOLGDORHVSHU©SDUDLUQRVMXQWRVDOSDUDGHUR$K­VHJXLPRV
DFRUG¡QGRQRV GH ODV FRVDV TXH KDF­DPRV FXDQGR FKLFRV \
WHUPLQDPRVUL©QGRQRVFRQWRGR
+R\ \D QR OR HQFRQWU© WDQ VHULR \ OR YL FRQYHUVDQGR FRQ 'H OD
)XHQWH(QHOUHFUHRGHODOPXHU]RQRVHIXHDVXHVFRQGLWH\QRV
FRPLPRVXQDSL]]DORVWUHVFRQHO4XLTXH
(QYHUGDGIXHEU­JLGRORGH&RQWUHUDV
'HVGH TXH PH FRQW³ KH SHQVDGR KDUWR HQ PL IDPLOLD (Q PLV
SDS¡V HQ PLV KHUPDQDV \ HQ OD VXHUWH TXH WHQJR GH TXH HVWHPRV
WRGRVMXQWRV7DPEL©QPHVLUYL³VLQSHQVDUORGHLQVSLUDFL³QSDUD
HVFULELU SRU ILQ DOJXQRV YHUVRV QDGD TXH YHU FRQ OD 6RI­D \
FXHVWLRQHVURP¡QWLFDV
51/102
0,)$0,/,$ 8QQXHYR\
/DIDPLOLDHVXQWHVRUR
TXHVLODSHUGHPRV ºOWLPRUHHQFXHQWUR
TXHGDPRVSHUGLGRV\VRORV
(QODP­DSHOHDPRV $SUHQG­TXHDORVDPLJRVGHODYLGDQXQFDKD\TXHGHMDUORVGH
GLVFXWLPRV ODGR 7HQJR TXH HVWDU VLHPSUH DWHQWR SDUD R­UORV \ D\XGDUORV 6L
QR GH TX© DPLJR HVWDPRV KDEODQGR" 7DPEL©Q DSUHQG­ TXH QR
\WDPEL©QJULWDPRV VLHPSUHORTXHXQRFUHHHVSHUIHFWRFRPRSRUHMHPSORORVSDS¡V
3HURDOILQDOGHOG­D GH &RQWUHUDV 3RUTXH FRQ ORV D±RV WRGR SXHGH FDPELDU %XHQR D
YHFHV WDPSRFR HV QHFHVDULR TXH SDVHQ PXFKRV D±RV
VLHPSUHQRVUHFRQFLOLDPRV HVSHFLDOPHQWH VL GH PXMHUHV VH WUDWD (Q PL FDVR EDVWDURQ
SRTX­VLPRV G­DV SDUD TXH OD 6RI­D PL PXVD WDQ HVSHUDGD \ \D D
HVWDVDOWXUDVDPDGDVHWUDQVIRUPDUDHQRWUDSHUVRQD'HVHUEXHQD
RQGDVLPS¡WLFD\SHVFDUPHFDOHWDSDV³DVHUF­QLFDDEXUODUVHGH
P­\DPLUDUPHVRORFRPRXQDPLJR
3RU HVR DKRUD HQWLHQGR P¡V TXH QXQFD D PL SDS¡ FXDQGR GLFH
ߡ'H G³QGH VDOLHURQ ODV PXMHUHV" b1R KD\ FDVR QXQFD VH VDEH
QDGD FRQ HOODVߢ 3HUR SRU VX FXOSD LJXDO ORV KRPEUHV VLHPSUH
TXHGDPRVFRPRXQRVSREUHVJLOHVSHUGLGRVWRWDOHVFD\HQGRXQD\
RWUDYH]HQVXVWUDPSDV
/DTXHPHWHQGLHURQDP­HPSH]³\WHUPLQ³DV­
(VW¡EDPRVHQSOHQDFODVHGHI­VLFDDSXQWRGHFXPSOLUORVTXLQFH
PLQXWRV GH FRQFHQWUDFL³Q TXH KDE­D ORJUDGR DOFDQ]DU GHVSX©V GH
PL SDUDGD GH FDUUR FXDQGR HO 4XLTXH PH SDV³ HVFRQGLGR XQ
SDSHO
ߙb2\H 0DUW­QH] TXLHUHV DFRPSD±DUPH DO PDOO GHVSX©V GHO
FROHJLR"
ߙ$OPDOO"DTX©"ߙOHFRQWHVW©
ߙ0HYR\DHQFRQWUDUFRQOD/X]PDHQHO'XQNLQߞ'RQXWV

52/102
 ߙ<DSHUR\\RTX©WHQJRTXHYHUDK­"
ߙ/R TXH SDVD HV TXH HOOD QR TXLHUH LU VROD HQWRQFHV YDQ D LU
WDPEL©QOD6RI­DOD9HUR\DORPHMRURWUDVDPLJDV
b%$&1PHGLMHHVMXVWRODRSRUWXQLGDGTXHHVWDEDHVSHUDQGR
ߙ<DTXL©QP¡VLQYLWDVWH"
ߙ$O*XDW³Q\DO3HODR
/HHVWDEDFRQWHVWDQGRTXHV­FXDQGRHOSURIHPHSLOO³
ߙ4X©KDFH)HGHULFR"
ߙ1DGD VH±RU HVWDED WRPDQGR DSXQWHV ߙOH FRQWHVW© HO PX\
FKLYHURSHURDXQTXHQRPHFUH\³\PHPLU³FRQFDUDGHVRVSHFKD
WRWDOPHODGHM³SDVDU
7HUPLQ³ OD ºOWLPD KRUD \ DQWHV GH VDOLU HO 4XLTXH PH YROYL³ D
SUHJXQWDU ILHVWD6RORKDE­DKDEODGRSRUWHO©IRQRFRQHOODSRUTXHHOVHJXQGR
ߙ<D)HGHDSD±DV"
ߙb(KߨV­REYLR
b4X© LQFUH­EOH /OHYR QR V© FX¡QWRV G­DV SHQVDQGR TX© KDFHU
SDUD VDEHU VL OD 6RI­D DOFDQ]³ D YHUPH HQ OD ERPED KDFLHQGR HO
ULG­FXOR 1R PH KDE­D DWUHYLGR D KDEODU QL SRU )DFHERRN QL SRU
:KDWV$SS FRQ HOOD GH SXUR FREDUGH \ DKRUD UHVXOWDED TXH VLQ
SODQHDUORPHOOHJDEDODJUDQRSRUWXQLGDG
(O3HODRDUUXJ³DV­TXHQRVIXLPRVFDPLQDQGRORVWUHV<RFDVL
QR DEU­D OD ERFD SRUTXH HO SDUFLWR KDEO³ SXUR GH IºWERO 'H
UHSHQWHGHODQDGDHO*XDW³QOHSUHJXQW³DO4XLTXH 6XELPRVODHVFDOHUD7UDW©GHUHVSLUDUSURIXQGRSHURSRUPXFKR
ߙ2\H\DSRFX¡QGROHYDVDSHGLUSROROHRDOD/X]PD"
ߙ$KRUDߙOHFRQWHVW³©OGHORP¡VWUDQTXLOR
ߙb$K\D<ߨHVW¡VVHJXURGHTXHYDDYHQLUOD9HUR"
ߙ<D WH GLMH TXH V­ (OOD OD 6RI­D \ SDUHFH TXH RWUDV QL±DV GHVX
FXUVRTXHQRFRQRFHPRV'HVGHFX¡QGRWDQWRLQWHU©VHQOD9HUR"
1RWHJXVWDEDOD&DUROD"
ߙ$V­TXHPHJXVWHPHJXVWHQRSHURODHQFXHQWURERQLWD
ߙ)DOWD TXH D WL QR P¡V WH JXVWH OD 6RI­D ߙGLMR PLU¡QGRPH HO
4XLTXHFRPRVLVRVSHFKDUDDOJR
ߙ$P­QRQRHVWR\QLDK­ߙOHPHQW­
ߙb0HQRV PDO FRPSDGUH 3RUTXH HO RWUR G­D HQ HO FLQH VH UL³ \
FRQYHUV³WRGRHOUDWRFRQHO3DLO³Q
b4X© VLPS¡WLFR b4X© DWLQDGR DFRUGDUVH GH HVR MXVWR DKRUD /R
PLU© \ PH TXHG© FDOODGR )XH LQHYLWDEOH LPDJLQ¡UPHORV MXQWRV \
YROY­ D VHQWLU HO GRORU GH OD SX±DODGD 3HUR DOWLUR PH DFRUG©
WDPEL©QGHTXHHVHLQQRPEUDEOH\DQRH[LVW­D
'HVSX©VGHHVHFRPHQWDULRHOORVVLJXLHURQFRQODODWDGHOIºWERO
\\RTXHG©P¡VQHUYLRVRWRGDY­D7DQWRTXHGHM©GHR­UORV
0LHQWUDV P¡V QRV DFHUF¡EDPRV DO PDOO OD OHQJXD P¡V VH PH
VHFDEDFDVLQRSRG­DKDEODU
&³PR HVWDU¡" 1R VDE­D VL KDE­D FDPELDGR PXFKR GHVGH OD
TXHODYLHQODERPEDHVWDEDPX\OHMRV
6LVHJX­DERQLWDRQRPHGDEDORPLVPRb4X©LPSRUWD7UDW©GH
FRQYHQFHUPH$ORVSRHWDVVRORQRVLQWHUHVDODEHOOH]DLQWHULRUGH
QXHVWUDVPXVDV6XVHQVLELOLGDG\GXO]XUD3HURQRORYR\DQHJDU
VLOD6RI­DDGHP¡VODWHQ­DSRUIXHUDP¡VOREXHQDRQGDVLPS¡WLFD
\VHQFLOODTXHHUDFRQPLJRPHMRU
&RQWRGDVHVWDVUHIOH[LRQHVG¡QGRPHYXHOWDVHQODFDEH]DSRUILQ
OOHJDPRV /DV URGLOODV DSHQDV PH KDF­DQ FDVR 6HJX­D VLQ SRGHU
KDEODU\PHQRVWUDJDU
TXHORLQWHQW©HODLUHQRPHSDVDEDGHODQDUL]
(UDWHPSUDQRWRGDY­DDV­TXHODVHVSHUDPRVGHQWURGHOORFDO
ߙ7UDMHURQSODWD"ߙQRVSUHJXQW³HO4XLTXHGHODQWHGHOYHQGHGRU
<RPRY­ODFDEH]DGLFLHQGRTXHV­SHURQLPHKDE­DDFRUGDGRGH
HVH GHWDOOH $O *XDW³Q QL OR PLU³ SRUTXH VDE­D TXH SDUD FRPHU
VLHPSUHWLHQHGHVREUDߙb6HQW©PRQRVߙGLMRPRVWUDQGRXQDPHVD
GHVRFXSDGD DO ODGR GH OD YHQWDQDߙ \ FXDQGR OOHJXHQ ODV QL±DV
SHGLPRV
<R QR IXL DOWLUR FRQ HOORV PH TXHG© SDUDGR HQ HO PRVWUDGRU
53/102
SRUTXHQHFHVLWDEDXUJHQWHXQYDVRGHDJXD6HORSHG­FRPRSXGH
DO FRPSDGUH TXH DWHQG­D &XDQGR PH OR SDV³ QR UHVSLU© KDVWD
WRP¡UPHORHQWHUR
ߙ'HPHRWURSRUIDYRUߙGLMHXUJLGRDQWHVGHTXHVHPHYROYLHUDD
VHFDUODOHQJXD
0H GLR RWUR LJXDO WDPEL©Q OR WUDJX© GH XQD 3XVH HO YDVR
GHVRFXSDGRHQODFXELHUWD\VROROHYDQWDQGRODVFHMDVOHSHG­TXH
PHVLUYLHUDP¡V(VHHUDHOWHUFHUR
ߙ3HURQL±RTX©WHSDVD"HUHVGLDE©WLFRRHVW¡VHQIHUPR"
ߙ1RߙPRY­ODFDEH]DߙHVTXHQRV©SRUTX©WHQJRWDQWDVHG
b$KTX©DOLYLR\DSRG­DKDEODUDV­TXHPHIXLP¡VWUDQTXLORD
ODPHVD
(VWDEDQ ORV GRV GH OR P¡V UHODMDGRV FRQYHUVDQGR QR V© GH TX©
<R K­SHU DQVLRVR OR ºQLFR TXH KDF­D HUD PLUDU SDUD WRGRV ODGRV
HVSHUDQGRTXHHOODOOHJDUD
3RUILQHQWUDURQ9HQ­DQODVWUHV\GRVDPLJDVP¡VTXHQLPLU©
(QWUDURQFRQYHUVDQGRGHORP¡VUHODMDGDV
6HDFHUFDURQ\QRVRWURVDOWRTXHQRVSDUDPRVDVDOXGDU
$K­HVWDEDHOODߨ
$OSULQFLSLRODGHVFRQRF­1RPHDFRUGDEDF³PRWHQ­DHOSHOR\
TXHHUDXQSRFREDMDSHURGHVXVSHFDVQRPHKDE­DROYLGDGR
ߙb+ROD)HGHF³PRHVW¡V"
ߙ%LHQ ߙDSHQDV PH VDOL³ OD YR] SRUTXH DO YHUOD RWUD YH] VH PH
KDE­DVHFDGRODJDUJDQWD
ߙ4XLHUHQ TXH HOLMDPRV ODV GRQXWV DOWLUR" ߙSUHJXQW³ HO *XDW³Q
DSXUDGR
ߙ<DHVWDPRVPXHUWDVGHKDPEUHߙGLMROD/X]PD
3LGLHURQXQDFDGDXQD&XDQGRPHSUHJXQWDURQDP­GLMHTXHQR
TXHVRORPHLEDDWRPDUXQYDVRGHDJXD
(OYHQGHGRUPHPLU³FRQFDUDGHߡQRORSXHGRFUHHUߢ4X©JDQDV
GHGHFLUOHTXH\RWDPSRFRSHURODVFRVDVVHPHHVWDEDQGDQGRDV­
\SRUHOPRPHQWRQRSRG­DKDFHUQDGD
$QWHVGHVHQWDUQRVPHGLRRWURDWDTXHQRSUHFLVDPHQWHGHVHG
VLQRGHERWDUWRGDHODJXDTXHKDE­DWUDJDGR7HQ­DTXHLUDOED±RR
VHU­DLPSRVLEOHTXHSXGLHUDPRYHUPH3DUDTX©GHFLUWRVHUKDEODU
RUH­UPHFRQDOJXQDWDOOD
6DO­P¡VDOLYLDGR\PLU©KDFLDODPHVD'HVGHDK­VHQRWDEDTXH
OR HVWDEDQ SDVDQGR EDF¡Q &DPLQ© SHUR DQWHV GH OOHJDU SDU© HQ
VHFR SRUTXH DOFDQF© D R­U TXH OD 6RI­D UL©QGRVH FRQ WRGR OHV
FRQWDEDORTXHKDE­DSDVDGRHQODERPEDGHEHQFLQDFRQHODLUH\
ODPDOGLWDUXHGD7RGRVDOLJXDOTXHHOODQRSDUDEDQGHPLUDUPH\
UH­UVHGHP­
$XQTXH SRU RUJXOOR QR GHE­D KDEHUOR KHFKR SUHJXQW© LJXDO
KDFL©QGRPHHOWRQWRTX©HUDWDQFKLVWRVR(O*XDW³QFRQWHVW³
ߙ4XH OD 6RI­D WH YLR KDFLHQGR HO ORFR HQ OD ERPED \ TXH P¡V
HQFLPDWHFD­VWH-DMDMDߨ
ߙb$KHVR)XHSXUDPDODVXHUWH
9ROYLHURQWRGRVDODVULVLWDVGHEXUOD
1R TXLVH FRQWHVWDUOHV QDGD DXQTXH WHQ­D PXFKD UDELD 6ROR ORV
PLU© \ HO 4XLTXH FRPR PH FRQRFH FDFK³ TXH OD WDOOD PH KDE­D
FD­GRFRPRSDWDGDHQODJXDWD(QWRQFHVWUDW³GHFDPELDUHOWHPD
)LORPHGLMHQRSLHQVRHQUROODUPHFRQHVWRWRWDODFXDOTXLHUDOH
SXHGH SDVDU OR TXH PH LPSRUWD HV DSURYHFKDU GH KDEODU FRQ PL
PXVD
ߙ1RVRWURV YDPRV D HVD WLHQGD D YHU XQD FRVD ߙVH SDUDURQ HO
4XLTXH\OD/X]PD
ߙ<DYD\DQQRVRWURVORVHVSHUDPRVDTX­ߙFRQWHVW³OD6RI­D
)DOWDED TXH DO *XDW³Q OD 9HUR \ ODV RWUDV QL±DV VH IXHUDQ 3HUR
QR VH TXHGDURQ DK­ \ VLJXLHURQ FRQYHUVDQGR VLQ SHVFDUPH <R
WDPSRFR PH PHW­ SRUTXH WRGR HO UDWR WUDW© GH TXH OD 6RI­D PH
PLUDUD \ PH GLMHUD DOJR SDUD HPSH]DU D FRQYHUVDU VROR ORV GRV
(VSHU©XQUDWRSRUVLVHGDEDFXHQWDSHURQRQDGD(QWRQFHVYROY­
DSDUDUPH$KRUDP¡VTXHQHUYLRVRFRQIXQGLGR
ߙ9HQJR DOWLUR ߙOHV GLMH SHUR SDUD HOORV PL DYLVR IXH FRPR VL
54/102
OORYLHUD D LU DO WRTXH GH HVH OXJDU DSHVWRVR 6L PH YH­DQ ILOR OHV PHWHU­D
&DPLQ© DO PHV³Q RWUD YH] 1R DOFDQF© D SHGLU QDGD SRUTXH HO FXDOTXLHUFKLYD
FRPSDGUHPHSDV³XQYDVROOHQRGHDJXDVLQSUHJXQWDU (VSHU©KDVWDTXHQRVHR\HUDQLQJXQDYR]HQHOED±RGHDOODGR\
ߙ7RPD VDO­
$GHQWUR GH XQD DXQTXH HVWD YH] QR WHQ­D QDGD VHFR VLQR P¡V 3DV© SRU HO PRVWUDGRU \ HO YHQGHGRU PH PLU³ HVSHUDQGR TXH OH
ELHQ QHFHVLWDED GHVSDELODUPH SDUD TXH VH PH RFXUULHUD DOJR \ SLGLHUD DJXD 0RY­ OD FDEH]D \ VHJX­ FDPLQDQGR FRPR VL QDGD
HVWDU VROR FRQ OD 6RI­D (QWU© GH QXHYR \ FXDQGR LED VDOLHQGR KDFLD OD SXHUWD SHUR FUX]DQGR ORV GHGRV SDUD TXH QDGLH VH GLHUD
HVFXFK©ODYR]GHHOODGHVGHHOED±RGHPXMHUHVKDEODQGRFRQXQD FXHQWD$V­IXH
GHVXVDPLJDV (VDQRFKHQLQJºQYHUVRPHVLUYL³SDUDVDFDUPHODGHVLOXVL³QTXH
ߙ4X©RQGDHVH)HGHULFR"MDMDMDHVXQORVHU" WHQ­D (VD QRFKH QR VROR VH PH KDE­D DFDEDGR HO VXH±R HVH GH
ߙ1R QR WDQWR HV XQ SRFR SHUTXLQ \ D YHFHV PHGLR LQPDGXUR GRUPLU VLQR WDPEL©Q HO RWUR HO GH WHQHU XQD PXVD TXH FUH­D
SHURHVEXHQDRQGDߙFRQWHVW³OD6RI­D SHUIHFWD
ߙ<DSHURLJXDOWHPLUDKDUWR
ߙ1RQDGDTXHYHUFRQPLJRHVXQDPLJR\QRHVWR\QLDK­FRQ
SHVFDUOR P¡V &RQ 6WHIDQR HVWDPRV EDF¡Q \ FDFKR TXH HO ILQ GH
VHPDQDPHYDDSHGLUSROROHR
$PLJRV QR P¡V" 3HUTXLQ H LQPDGXUR" (UD GHPDVLDGR 2­UOD
PHGHM³PXGRSRUGHQWUR\SRUIXHUD
1RVDO­GHOED±R<VLKXELHUDSRGLGRKDEU­DWLUDGRODFDGHQDSDUD
DKRJDUPH
3DUDODQL±DTXHPHKDE­DLQVSLUDGRWRGRHVWHWLHPSR\TXHPH
KDE­DGHYXHOWRODHVSHUDQ]DHQODVPXMHUHVDODTXHKDE­DHOHJLGR
HQWUHPXFKDVFRPRPLPXVD\RHUDXQQDGLH"
7RP© DLUH PH PLU© DO HVSHMR \ PH DFRUG© XQD YH] P¡V HQ PL
FRUWDYLGDGHDUWLVWDGHORVSRHWDVTXH
YLQLHURQDQWHVGHP­\DORVTXHDGPLURFRQWRGR(OORVVXIULHURQ
(OORV YLYLHURQ OD VROHGDG \ HO DEDQGRQR SHUR OD IXHU]D GH VX
YRFDFL³Q ORV OHYDQW³ \ OD P­D DXQTXH HVH G­D HVWDED KDUWR P¡V
G©ELO QR SRG­D VHU PHQRV 7HQ­D PXFKD UDELD \ HVWDED
DSHVWDG­VLPR
1RV©FX¡QWRUDWRSDV³&XDQGRHVWXYHP¡VWUDQTXLORGHFLG­TXH
DODPHVDQRSHQVDEDYROYHU3HURTXHV­GHWRGDVPDQHUDVPHLED

55/102

6HTX­DHLQXQGDFLRQHV
5HFRQR]FR TXH GHVSX©V GH OR TXH PH SDV³ FRQ OD 6RI­D HQ HO
'XQNLQߞ'RQXWVPHEDMRQH©\VHJX­FRQIXQGLGRSRUDOJXQRVG­DV
$XQTXHLJXDOPHDFRUGDEDWRGRHOUDWRGHORVSRHWDVIDPRVRVSDUD
GDUPH IXHU]DV PH DSHVW© XQ SRFR 3HUR \D QR SRG­D KDFHU QDGD
/D6RI­DQRPHUHF­DVHJXLUVLHQGRPLPXVD\\RWDPSRFRTXHU­D
TXHORIXHUD
/RLQFUH­EOHHVTXHFDGDYH]TXHDKRUDPHPHWRD)DFHERRNHOOD
HVW¡FRQHFWDGD\PHVDOXGDSHURQRHVWR\QLDK­FRQFRQWHVWDUOH
7DPEL©QOHKDGDGRFRQVXELU\VXELUIRWRVGHXQFRPSDGUHWRGR
FKDQWD \ FRQ FDUD GH ORUR TXH PH LPDJLQR GHEH VHU HO IDPRVR
6WHIDQR
&RQWRGRHVWHFDPELRHQPLYLGDHUDREYLRTXHLEDDHQWUDUHQ
XQD VHTX­D FUHDGRUD $V­ OH GLFHQ ORV DUWLVWDV DO WLHPSR HQ TXH OD
FDEH]D\HOFRUD]³QVHFLHUUDQ\QDGDORVFRQPXHYH3HURWDPEL©Q
GLFHQ TXH QR OHV LPSRUWD WDQWR DO UHY©V SDUD HOORV VRQ KDVWD
QHFHVDULDV $V­ SXHGHQ VHSDUDUVH XQ SRFR GHO PXQGR \ WHQHU
VLOHQFLRLQWHULRU$SDUWHOHVGDWDPEL©QODFXRWDGHLQFHUWLGXPEUH\
VXIULPLHQWR SDUD TXH GHVSX©V FXDQGR VH TXLWD SXHGDQ YROYHU D
FUHDU
(Q OR ºOWLPR HVWDED GH DFXHUGR SRUTXH \R PH OD KH SDVDGR HQ
HVR HVSHUDQGR \ VXIULHQGR 3HUR HVR GHO VLOHQFLR LQWHULRU SDUD
QDGD QL V© F³PR VH KDFH /R ºQLFR TXH PH LPDJLQR HV TXH XQR
GHEHSRUXQWLHPSRQRKDEODURKDEODUPX\SRFRFRQODJHQWH
(QWRQFHVDV­ORLEDDKDFHU
3DUW­EDF¡QSRUTXHMXVWRFRQPLUHWLURVDOLPRVGHYDFDFLRQHVGH
LQYLHUQR \ QR WHQGU­D TXH GHFLUOH QDGD D ORV SURIHVRUHV QL D PLV
FRPSD±HURV
(Q PL FDVD WDPSRFR /D 3DXOD FD\³ HQIHUPD HO PLVPR G­D \ OD
&DWD QR DOFDQ]D D SRQHU XQ SLH IXHUD GHO FROHJLR \ HPSLH]D D
LQYHQWDUVH FRVDV TXH KDFHU FRQ ODV DPLJDV SDUD QR HVWDU QXQFD
HQFHUUDGD
b$K \ OD OHFWXUD WDPEL©Q PH D\XGDED FDOHWD SDUD PDQWHQHU HO
VLOHQFLR
/D FXHVWL³Q HV TXH HQ PL FDVD OD SD] HUD WRWDO KDVWD TXH ODV
QRWLFLDVGHODWHOHIXHURQFDGDYH]P¡VEU­JLGDVSRUORGHODOOXYLD
5HVXOWD TXH KDE­D SDUWLGR ELHQ SLROD SHUR GHVSX©V VH WUDQVIRUP³
HQXQGLOXYLRWRWDO
(PSH]³ D TXHGDU OD HPEDUUDGD HQ WRGDV SDUWHV \ FXDQGR GLJR
HPEDUUDGD HV SRUTXH HQ YHUGDG ODV FDVDV ODV FDOOHV \ ORV SDVR
QLYHOHV VH OOHQDURQ GH EDUUR SLHGUDV \ SDORV TXH WUD­D HO DJXD GH
WRGRV ORV FDQDOHV TXH VH GHVERUGDURQ \ SRU HVR D FDGD KRUD
DXPHQWDEDQP¡VORVGDPQLILFDGRV
7RGRHOPXQGRHPSH]³DPRYHUVHSDUDD\XGDUFRPRVLHPSUHVH
KDFHHQHVWRVFDVRV\HQPLFROHJLRKLFLPRVORPLVPR
/RV GHO FHQWUR GH DOXPQRV OODPDURQ D ORV SUHVLGHQWHV GH FDGD
FXUVR SDUD TXH KLFLHUDQ OD W­SLFD FDGHQD \ OHV SLGLHUDQ D ORV
DOXPQRVTXHIXHUDQSDUDRUJDQL]DUODD\XGD3RUHVRDOWLURVHPH
ROYLG³ OR GHO VLOHQFLR \ OH SHG­ D PL PDP¡ TXH PH OOHYDUD DO
FROHJLR
&XDQGR YL D 'LHJR )HUQ¡QGH] UHSDUWLHQGR ODV SHJDV SHQV© TXH
RMDO¡QRPHWRFDUDHVRGHVDOLUDEXVFDUODD\XGDSRUTXHHVVºSHU
FKDWR FDPLQDU WRGR HO G­D SLGLHQGR URSD DOLPHQWRV \ UHPHGLRV
WHUPLQDU HPSDSDGR KDVWD ORV FDO]RQFLOORV PXHUWR GH IU­R FRQ
KDPEUH\FDQVDG­VLPR3HURILORODFXHVWL³QHUDDSHUUDUFRQORTXH
PHGLMHUDQ
ߙ0DUW­QH] Wº ¡QGDWH DO JLPQDVLR D RUGHQDU OD URSD TXH YD\D
WUD\HQGRODJHQWH
b%XHQDb3RUILQVHKDF­DMXVWLFLD(QHVWDFDPSD±DQRPHLEDD
FRQJHODUDOUHY©VGHQWURGHOJLPQDVLRQRKDFHQDGDGHIU­RDSDUWH
56/102
XQRFRPHFDOHWDGHFRVDVULFDVTXHWUDHQODVPDP¡VEXHQDRQGD WHQ­D\UHFL©QKDFHGRVVHPDQDVQRVLQVWDODPRVDTX­
JDOOHWDVEHELGDVFDI©TXHTXHV\KDVWDV¡QGZLFKHV/DFXHVWL³QHV ߙb$K  SHURߨ ߙTXLVH VHJXLU SUHJXQW¡QGROH P¡V FRVDV SHUR QR
TXHTXHG©IHOL]FRQODVXHUWHTXHKDE­DWHQLGRRDOPHQRVHVRFUH­ SXGHSRUTXHDOJXLHQPHOODPDEDXUJLG­VLPR
\R ߙb)HGH)HGHYHQYHQDSºUDWHߙHUD5RGULJR&DPSRVXQRGHO
$OSULQFLSLRQRKDE­DPXFKRTXHKDFHUDV­TXHDSURYHFKDPRVGH FHQWURGHDOXPQRVߙWUDHDOJRHVW¡FD\HQGRDJXDHQHVDHVTXLQD
FRQYHUVDU\GHUH­UQRVXQUDWRKDVWDTXHHPSH]DURQDOOHJDUFDGD 'HM© D OD -DYLHUD SRUTXH DV­ VH OODPDED \ SDUW­ FRUULHQGR D
YH]P¡VYHFLQRVFRQVXVDSRUWHV\VHDFDE³HOGHVFDQVR EXVFDUXQRGHORVEDVXUHURVJUDQGHVTXHKD\HQHOSDWLR
7HQ­DPRV TXH EDMDU EROVDV GH ORV DXWRV VXELUODV KDVWD HO /RSXVHGRQGHHVWDEDODJRWHUD\YROY­DHVFXFKDUD5RGULJRTXH
JLPQDVLR FRQ XQD OOXYLD TXH QR SDUDED \ VLQ SDUDJXDV QL ERWDV HVWDEDHQRWUDSDUWHGHOJLPQDVLR
'HVSX©V VHSDUDU OD URSD GH OD FRPLGD \ ORV UHPHGLRV $O UDWR ߙb$TX­DTX­RWURRWURߙPHJULW³ߙ<DK­SDUW­GHQXHYR
YXHOWDDEDMDUUHFLELUODVGRQDFLRQHVVXELURUGHQDU\DV­WRGRHO $V­HPSH]DPRVWRGRVDUHFRUUHUHOFROHJLREXVFDQGRORTXHIXHUD
G­D SDUD SRQHU GHEDMR GH ODV FKRUURFLHQWDV JRWHUDV TXH HPSH]DURQ D
(QXQDGHODVYHLQWHVXELGDV\EDMDGDVYLOOHJDUDXQDQL±DFRPR DSDUHFHUDOPLVPRWLHPSRHQWRGRHOJLPQDVLR
GH PL PLVPD HGDG FRQ XQD WUHPHQGD EROVD FDPLQDQGR DSHQDV 1DGLHHQWHQG­DQDGD1RVDE­DPRVTX©P¡VSRQHU/RVEDVXUHURV
FRQODD\XGDGHGRVPXOHWDV HVWDEDQ WRGRV RFXSDGRV \ HO DJXD VHJX­D FD\HQGR FRPR FDWDUDWD
&XDQGR OD YL EDM© FRUULHQGR OD HVFDOHUD SDUD D\XGDUOD SHUR QR WDQWRTXHODURSDTXHODJHQWHKDE­DWUD­GRVHHPSH]³DPRMDU
TXLVR
ߙ*UDFLDVSHURYR\ELHQPHMRUD\XGDDHVDVH±RUDTXHYLHQHFRQ
XQDVIUD]DGDVKDUWRP¡VSHVDGDV
/RKLFH\FXDQGRYROY­DEXVFDUODHOOD\DHVWDEDDUULED
ߙ1HFHVLWDQ D\XGD" ߙOH SUHJXQW³ D XQR GH ORV TXH GLULJ­DQߙ
3RUTXHVLTXLHUHQPHSXHGRTXHGDU(Q3XHUWR9DUDVPHKDWRFDGR
KDFHUHVWRXQPRQW³QGHYHFHV
ߙ(UHVGHOVXU"ߙPHPHW­FXDQGRODR­
ߙ6­1DF­HQ&R\KDLTXHSHURKHYLYLGRVLHPSUHHQ3XHUWR9DUDV
EXHQRKDVWDDKRUD
ߙ3RUTX©KDVWDDKRUD"ߙDOFDQ]³DSUHJXQWDUOHOD)UDQTXHHVWDED
FRQPLJRDQWHVTXHODOODPDUDQ
ߙ3RUTXHPLSDS¡VHPXUL³HQHOYHUDQRGHXQDWDTXHDOFRUD]³Q
(QWRQFHVFRPRPLPDP¡HVGH6DQWLDJR\DTX­HVW¡QPLVDEXHORV
\VXVKHUPDQRVGHFLGL³TXHORPHMRUHUDYROYHUSDUDQRVHQWLUVH
WDQVRODDOO¡$V­TXHYHQGLPRVODFDVDFHUUDPRVODRILFLQDTXH©O

57/102
 0HQRVPDOTXHOD-DYLHUDDWLQ³U¡SLGR\HPSH]³FRQRWUDVQL±DV
DWUDVODGDUODFRPLGD\UHPHGLRVUHJDODGRVDXQDVDODTXHKDVWDHO
PRPHQWRHVWDEDVHFD
(Q HVH LU \ YHQLU QRV SDVDPRV QR V© FX¡QWDV KRUDV 1XQFD P¡V
SXGLPRV FRQYHUVDU \ SDUD TX© GHFLU FRPHU 1LQJXQD SRVLELOLGDG
QR VROR SRU WRGR OR TXH SDVDED VLQR SRUTXH OR SULPHUR TXH VH
PRM³IXHURQORVTXHTXHV\ORVV¡QGZLFKHV<DP­ORºQLFRTXHPH
TXHGDED VHFR HUD OD SDUWH GH DWU¡V GH OD RUHMD R VHD HVWDED
HPSDSDGRFRPRVRSD
/DFXHVWL³QHVTXHQRVHSXGRKDFHUQDGDP¡VHOFROHJLRHVWDED
WRWDOPHQWHLQXQGDGR\HOUHFWRUQRVPDQG³DWRGRVSDUDODFDVD
b0HQRV PDO $ HVDV DOWXUDV OR ºQLFR TXH TXHU­D HUD OOHJDU SDUD
FDPELDUPH FRPHU DOJR OR P¡V FDOLHQWH SRVLEOH PHWHUPH D OD
FDPD\WDSDUPHKDVWDHOFXHOOR
/D -DYLHUD TXH WDPEL©Q HVWDED LJXDO GH PRMDGD TXH \R QRV
RIUHFL³OOHYDUQRVDYDULRV
(Q HO DXWR VXSLPRV TXH HOOD HQWUDU­D D QXHVWUR FROHJLR FXDQGR
WHUPLQDUDQ ODV YDFDFLRQHV +DE­D TXHGDGR HQ HO FXUVR SDUDOHOR
SHUROD)UDQOHGLMRTXHQRVHSUHRFXSDUDSRUTXHVXVFRPSD±HURV
HUDQWRGRVEXHQDRQGD
6XSLPRV TXH HUD OD PD\RU GH WUHV KHUPDQRV \ DGHP¡V TXH
YLY­DPRV D GRV FXDGUDV SRU HVR IXL HO ºOWLPR HQ EDMDUPH /HV GL
ODV JUDFLDV D VX PDP¡ SRU WUDHUPH \ D HOOD SRU KDEHU VLGR WDQ
SDOHWHDGDHQD\XGDUQRV3RUºOWLPROHRIUHF­TXHVLTXHU­DFRPR
YLY­DPRVWDQFHUFDSRGU­DPRVLUQRVMXQWRVHOSULPHUG­DSDUDTXH
QROOHJDUDWDQSHUGLGD
ߙ<DJUDFLDV'HDK­YHPRVߙPHFRQWHVW³
(QWU©DOFRQGRPLQLR\DXQTXHDSHQDVSRG­DFDPLQDUPHSHJX©
XQSLTXHKDVWDODSXHUWDGHODFDVD
/DDEU­\ߨb1R1RSRG­DVHUYHUGDGORTXHYH­Dߡ)HGHQRWH
SUHRFXSHVHVXQDYLVL³QSRUHOFDQVDQFLR\HOIU­RߢIXHORSULPHUR
TXHPHGLMH3HURQRODLQXQGDFL³QODPLVPDGHOFROHJLRHVWDED

58/102
DK­HQPLFDVD GH XQ PLQXWR D RWUR WHUPLQDED FRQ PL VHTX­D LQWHULRU \
ߙb&RUUH3DXODWU¡HPHRWUDWRDOOD FRPHQ]DEDDLQXQGDUPHGHFUHDWLYLGDG
ߙb<DYR\ߙJULW³PLKHUPDQDFKLFDTXHWXYRTXHOHYDQWDUVH
ߙ5¡SLGR 0³QLFD VDFD OD DOIRPEUD GHO OLYLQJ ߙSHG­D PL SDS¡
GHVHVSHUDGR
/D +RUWHQVLD WUDWDED GH VDFDU HO DJXD FRQ OD HVFRED SHUR HUD
LPSRVLEOH D HOOD \ D WRGRV D HVDV DOWXUDV QRV OOHJDED KDVWD ORV
WRELOORV
ߙ)HGHߙJULW³PLPDP¡GHVHVSHUDGDFXDQGRPHYLRߙD\ºGDPHD
PRYHUHOPXHEOHGHODWHOHYLVL³Q
1R V© TX© KDE­D SDVDGR FRQ QXHVWUR WHFKR SHUR ODV PLVPDV
FDWDUDWDVGHOFROHJLRHVWDEDQDKRUDHQPLFDVD
&XDQGR \D QR SXGLPRV KDFHU QDGD P¡V PLV SDS¡V GHFLGLHURQ
TXHORPHMRUSDUDQRHQIHUPDUQRVHUDGHMDUODFDVDHLUQRVGRQGH
PLVDEXHORVb3RUVXHUWH3HURDQWHVFDGDXQRWHQ­DTXHVDFDUDOJR
GHURSD\ODHVFRELOODGHGLHQWHV
(QWU©DPLSLH]D\YLTXHODYHQWDQDHVWDEDDELHUWD\TXHFRQHO
YLHQWR KDE­D HQWUDGR FDOHWD GH DJXD 0L HVFULWRULR HVWDED HQWHUR
PRMDGR \ OD FDUSHWD FRQ PLV SRHV­DV HQ HO VXHOR 7RGDV OD KRMDV
IORWDEDQFXDOQ¡XIUDJDVSHUGLGDVHQPHGLRGHORF©DQR
$UUHSHQWLGR SRU QR KDEHUODV JXDUGDGR PH HQRM© FRQPLJR
PLVPR
ߡb(VWR WH SDVD SRU IORMRߢ $KRUD WRGD PL LQVSLUDFL³Q HVWDED DK­
WLUDGDSHUGLGD\DKRJ¡QGRVH$SXUDGRFHUU©ODYHQWDQDUHFRJ­ODV
TXHSXGH\ODVGHM©DUULEDGHODFDPDSDUDTXHVHVHFDUDQXQSRFR
SRUTXHVLPHODVOOHYDEDDV­VHURPSHU­DQGHWRGDVPDQHUDV
1RSXGHKDFHUP¡VSRUHOODVORKHFKRKHFKRHVWDEDDGHP¡VPL
SDS¡QRSDUDEDGHJULWDUPH
ߙb)HGHULFREDMDLQPHGLDWDPHQWHb1RVWHQHPRVTXHLU
(Q HO DXWR PLHQWUDV ODV PXMHUHV OORUDEDQ SRU OR TXH HVW¡EDPRV
YLYLHQGR\RGHVSX©VGHTXHVHPHIXHSDVDQGRODLPSUHVL³Q\OD
UDELDDOYHUWRGRPLWDOHQWRSHUGLGRHQDODJXDVHQW­TXHHVDDJXD

59/102

'HVSX©VGHODWRUPHQWD
VLHPSUHVDOHHOVRO
4XHGHVSX©VGHODWRUPHQWDVLHPSUHVDOHHOVROHVODW­SLFDIUDVH
GHFRQVXHORTXHVHGLFHFXDQGRDOJRPDORKDSDVDGR\XQRHVSHUD
TXH ODV FRVDV VH DUUHJOHQ OXHJR 3HUR HVWD YH] QR IXH DV­
/OHY¡EDPRVP¡VGHXQDVHPDQDGHVGHODLQXQGDFL³QHQHOFROHJLR
\ HQ PL FDVD \ GH VRO QDGD GH QDGD $O UHY©V HO PDO WLHPSR
VLJXL³1ROORY­DSHURHQWUDPRVHQXQDRQGDSRODUFRPRGLFHQHQ
ODWHOHTXHHVFDVLSHRUTXHODOOXYLD&RQHVDFXHVWL³QKDFHXQIU­R
TXH OOHJD KDVWD GROHU UHVSLUDU HQ OD FDOOH \ WDPEL©Q GHQWUR GH ODV
FDVDV\VHFRQJHODQKDVWDODVDOPRKDGDVEXHQRQRV©VLHQWRGDV
ODVFDVDVSHURHQODGHPLVDEXHORVHVR\PXFKDVRWUDVFRVDV(V
HQRUPH\SDUHFHXQUHIULJHUDGRUJLJDQWH
1RVUHFLELHURQIHOLFHVFXDQGROOHJDPRVFRPRߡGDPQLILFDGRVߢ
+DFHXQPRQW³QGHD±RVTXHYLYHQVRORV\HVW¡QDFRVWXPEUDGRV
D XVDU SXUDV HVWXILWDV FKLFDV TXH PXHYHQ GHSHQGLHQGR GH GRQGH
HVW©Q 6HJºQ HOORV DV­ VH JDVWD PHQRV 1R WHQJR LGHD VL VHU¡
YHUGDGRQRSHURORºQLFRTXHV©HVTXHFRQHVHVLVWHPDXQRVH
FRQJHOD
ߡ(VORTXHKD\ߢQRVGHF­DHOSDS¡FXDQGRDDOJXQRVHOHRFXUU­D
DOHJDU
/DV YDFDFLRQHV VH DODUJDURQ SRUTXH HO FROHJLR VHJX­D FRQ
SUREOHPDVGHDJXD\EDUURLJXDOTXHQXHVWUDFDVD
1R V© F³PR OR KLFLHURQ HOORV SDUD DUUHJODU OD HPEDUUDGD TXH
WHQ­DQ /R TXH HV QRVRWURV QR SDUDPRV GH OLPSLDU \ VHFDU ORV
PXHEOHV ODV DOIRPEUDV \ ODV GHP¡V FRVDV TXH TXHGDURQ UDQFLDV
GHVSX©VGHODLQXQGDFL³Q
3DUWLPRVODSHJDGRVG­DVGHVSX©VGHTXHSDU³ODOOXYLDMXQWRFRQ
ORVPDHVWURVTXHFRQWUDW³PLSDS¡SDUDTXHDUUHJODUDQHOWHFKR/D
SULPHUD YH] TXH HQWUDPRV D OD FDVD VXE­ DO WRTXH D YHU F³PR
HVWDEDPLSLH]D7HQ­DTXHHVWDUSUHSDUDGRSDUDFXDOTXLHUFRVDDV­
TXHHQWU©KDFL©QGRPHHOYDOLHQWH
$EU­ OD SXHUWD \ HO RORU D KXPHGDG HUD DSHVWRVR (O SLVR HVWDED
FDVLVHFRSHURVHKDE­DIRUPDGRXQDFDSDGHEDUURDVTXHURVD(Q
PHGLRGHHOODYLDOJXQDVKRMDVTXHQRDOFDQF©DUHFRJHUHOG­DGH
OD LQXQGDFL³Q $OWLUR PH DJDFK© \ FRQ PXFKR FXLGDGR SRUTXH
WRGDY­D HVWDEDQ DOJR PRMDGDV ODV SXVH VREUH OD FDPD GRQGH
HVWDEDQODVRWUDVTXHGHM©DQWHVGHLUPH\TXHDKRUDHVWDEDQVHFDV
SHURFRQWLHUUD
(VDV ODV VDFXG­ FRQ PXFKR FXLGDGR \ FRQ OD PDQJD GH PL
SROHU³Q WUDW© GH OLPSLDUODV (VSHU© XQ UDWR SDUD TXH ODV RWUDV
WHUPLQDUDQGHVHFDUVHHKLFHORPLVPR'HVSX©VEXVTX©HQWUHPLV
FRVDVXQDFDUSHWDQXHYD\ODVJXDUG©
&RQWRGDVODVKRMDVUHFXSHUDGDVPHVHQW©HQODFDPDDSHQVDU
4X© VH KDFH DKRUD" 4X© KDEU­DQ KHFKR *DUF­D /RUFD
+XLGREUR%©FTXHUR1HUXGDDOYHUVXREUDWDQPDOWUDWDGD"3RUTXH
HUDHVRH[DFWDPHQWHORTXHKDE­DSDVDGRFRQODP­DIXHDUUDVWUDGD
SRU OD IXHU]D LPSODFDEOH GH OD QDWXUDOH]D TXH QR WLHQH UHVSHWR QL
FRQVLGHUDFL³QFRQHODUWH(OODSDVDQRP¡V\SXQWR
'HEHVHURWUDVH±DOGHPLFUXHOHLQMXVWRGHVWLQRSHQV©6LQPXVD
\ FRQ PL LQVSLUDFL³Q HPEDUUDGD TX© TXHUU¡ DKRUD GH P­" 6HU¡
TXH HQ YH] GH ODV FHQL]DV FRPR HV OR W­SLFR \R WHQGU­D TXH
ߡUHVXUJLUߢGHVGHHOEDUURROYLG¡QGRPHGHPXVDV\URPDQWLFLVPRV
SDUDGHGLFDUPHDHVFULELUYHUVRVOOHQRVGHGUDPD"
)XHUDHVRRQRFXDOTXLHUFRVDTXHWXYLHUDTXHUHVROYHUVREUHPL
IXWXUR WHQGU­D TXH HVSHUDU XQ SRFR KDVWD TXH OD FDVD TXHGDUD
LPSHFDEOH \ QRVRWURV SXGL©UDPRV YROYHU 3RU DKRUD WHQ­D TXH
VDEHUD\XGDUDOLPSLDU
(QYHUGDGORP­RQRIXHSUHFLVDPHQWHD\XGDU0¡VELHQDXQTXH
60/102
WHQ­DWRGDODLQWHQFL³QGHKDFHUORKLFHWRGRORFRQWUDULRSRUFXOSD
GHRWURFDPELREUXVFRTXHH[SHULPHQWDU­DPLYLGDHQYH]GHVDFDU
HODJXDFRQODHVFREDQRV©F³PRODHVSDUF­DP¡V
ߙb<DSXHV)HGHULFRDWLQD'HMDGHKDFHUWRQWHUDV\SDYHDUߙPH
UHW³PLPDP¡
1R PH UHVXOW³ PXFKR ,JXDO QR SRG­D LPDJLQDUPH HVFULELHQGR
YHUVRVOOHQRVGHGRORURVFXULGDG\FXHVWLRQHVDV­SHURVLWHQ­DTXH
KDFHUORORKDU­D5HQXQFLDU­DDWRGRVORVYHUVRVLQVSLUDGRVHQORV
VHQWLPLHQWRVSXURVGHODOPD\SDUWLUGHFHUR
&XDQGROOHJDPRVGHYXHOWDDODFDVDFRQJHODGRUWUDW©GHHVFULELU
DOJXQDVO­QHDVSDUDHPSH]DUDOWLURFRQPLQXHYRHVWLORGUDP¡WLFR
(QXQDGHHVDVSHQVDQGRSRVLWLYRWDPEL©QVR\VHFRSDUDHVR
26&85,'$'
7RGRHVW¡RVFXUR
(OPLHGRPHDKRJD
\ODVROHGDGPHDWRUPHQWD
6LODYLGDHVGRORU
\RVHU©XQSREUHVXIULHQWH
6LODYLGDHVGHVJUDFLD
VXIULU©KDVWDPLPXHUWH
SHQV©P¡VODVSHVTX©\ODVURPS­
b)LOR b&KDR FRQ ODV WRQWHUDV GUDP¡WLFDV < FKDR FRQ VHJXLU
R\HQGRHVRVPHQVDMHVLGLRWDVGHOGHVWLQR
/R P­R HUD HO VXIULPLHQWR SHUR SRU DPRU $XQTXH VHD XQ SRFR
FDFKR OR GH EXVFDU PXVDV DO PHQRV HO WLHPSR TXH GXUDQ VLQ
FKDWHDUWH YLYHV OOHQR GH HVSHUDQ]DV H LOXVLRQHV \ FRQ HVR ORV
YHUVRVVDOHQI¡FLOHV\XQRHVIHOL]
(QWRQFHV HQWHQG­ TXH OR GH PLV SRHV­DV HPEDUUDGDV KDE­D VLGR
SXUDPDODVXHUWH\QLQJºQUROORP¡V
'RVG­DVGHVSX©VGHODWUHPHQGDWRUPHQWDODWHPSHUDWXUDKDE­D
VXELGR ELHQ SRFR SHUR DOJR HUD DOJR \ DKRUD VROR QRV TXHGDED
HVSHUDU TXH HO SHUOD GHO ߡUH\ VROߢ VH OH RFXUULHUD DSDUHFHU \
TXHGDUVH $V­ QR VROR D\XGDU­D D TXH ODV FDOOHV PL FDVD \ HO
FROHJLR YROYLHUDQ D OD QRUPDOLGDG VLQR WDPEL©Q PL YLGD TXH
GHVSX©VGHWDQWDVGXGDVQHFHVLWDEDUHFXSHUDUODSD]SDUDYROYHUD
HVFULELU

/D OH­ FRQ YR] VXIULGD \ OD HQFRQWU© WHUULEOH GH PDOD 'HVSX©V
HVFULE­ RWUD )XH SHRU P¡V SDW©WLFD WRGDY­D \ FXDQGR HVWDED
WHUPLQDQGRODWHUFHUDPHIXLDQHJURWRWDO1RKXERFDVR1DGDGH
PºVLFDQLULPDVDOFRQWUDULR(QWRQFHVSDU©\WUDW©GHLPDJLQDUPH
F³PR LED D VHU PL YLGD VL PH GHGLFDED D HVFULELU SRHV­DV GHQVDV
DPDUJDGDV \ OOHQDV GH VXIULPLHQWRV SHUR QR SXGH $V­ TXH QR OR

61/102

0DGXUH]
$XQTXHQXQFDPHLPDJLQ©TXHDOJºQG­D\R)HGHULFR0DUW­QH]
&DVWUR SRHWD \ DOXPQR GHO PRQW³Q SDUD DEDMR VHJºQ 6DQKXH]D
TXLVLHUD TXH VH DFDEDUDQ ODV YDFDFLRQHV LJXDO PH SXVH FRQWHQWR
FXDQGRQRVDYLVDURQTXHSRUILQHQWU¡EDPRVDFODVHV
/RVG­DVTXHDORMDPRVHQODFDVDGHPLVDEXHORVDSHVDUGHKDEHU
SDVDGRKDUWRIU­RPHJXVWDURQPXFKR(OORVVRQPX\EXHQDRQGD
\ HVWDEDQ IHOLFHV GH TXH HVWXYL©UDPRV DK­ HVSHFLDOPHQWH PL
DEXHOR TXH SRU XQRV G­DV WXYR XQ SºEOLFR H[FOXVLYR SDUD VXV
KLVWRULDV /D PD\RU­D VRQ ELHQ IRPHV SHUR OH SRQH WDQWR WDQWR
TXHWHUPLQDSRUHQWUHWHQHUQRV/D,WDDV­OHGHFLPRVDODDEXHOD
VHSUHRFXS³GHKDFHUQRVXQRVGHVD\XQRVH[TXLVLWRV\FDGDG­DXQ
SRVWUHGLVWLQWR3HURLJXDOODFDVDGHXQRHVODFDVDGHXQR\\R\D
TXHU­DHVWDUHQODP­D
$QWHVGHLUQRVOHVGHM©VREUHODFDPDXQDSRHV­DDPLVDEXHORV
SDUDDJUDGHFHUOHV\GHFLUOHVFX¡QWRORVTXLHUR
$0,6$%8(/26
*UDFLDVDODOOXYLD
LQWHQVD\GHVDWLQDGD
SXGHHVWDUXQRVG­DV
SURWHJLGRHQVXFDVD
$XQTXHHVXQSRFRIU­D
HVRQRLPSRUW³QDGD
ߡ&RPSDUWLUHVODFRVDߢ
QRVGLMLVWHTXHULGRWDWD
*UDFLDVDORVGRV
SRUVHUFRPRVRQ
*UDFLDVSRUTXHUHUQRV
FRQWRGRHOFRUD]³Q
(OOXQHVHVWDEDWDQPRWLYDGRTXHIXLHOSULPHURHQOHYDQWDUPH\
JUDFLDVDHVROOHJDPRVFRPRQXQFDGHWHPSUDQRDOFROHJLR
/DFXHVWL³QHVTXHHVWXYHFRQFHQWUDGRHQFODVHVGHPDWHP¡WLFDV
1RV©SRUTX©SHURHQWHQG­ODPDWHULD\HVRTXH6DQKXH]DQRHV
SUHFLVDPHQWHHOP¡VFODUR\EXHQRSDUDH[SOLFDU
(Q WRGDV ODV GHP¡V FODVHV GH HVH G­D VHJX­ LJXDO WDQWR TXH DO
SREUH9HUGXJRQRORGHM©QLDEULUODERFDHQI­VLFD/DYHUGDGHV
TXHPHOOHJX©DDVXVWDUFRQHVWDPDGXUH]\HQWXVLDVPRUHSHQWLQR
TXH PH EDM³ GHVSX©V GH WDQWRV G­DV GH HQFLHUUR $GHP¡V QR V©
WDPSRFRSRUTX©WRGRVHQHOFXUVRHVW¡EDPRVP¡VDPLJRV
(Q HO SULPHU UHFUHR HO *XDW³Q PH GLR OD PLWDG GH VX V¡QGZLFK
VLQTXH\RVHORSLGLHUD&RQWUHUDVPHFRQW³TXHORKDE­DSDVDGR
EDF¡QHQODVYDFDFLRQHV\TXH\DHVWDEDP¡VDFRVWXPEUDGRFRQVX
QXHYDYLGD7DPEL©QOD$GULDQQHODJULQJDPHSUHJXQW³F³PROR
KDE­DSDVDGR\RHVWDYH]FRQODIUDVHFRPSOHWDHQFDVWHOODQR
$ OD ºOWLPD KRUD OD )UDQ PH KL]R VH±DV SDUD TXH QR PH IXHUD
FXDQGR VRQDUD HO WLPEUH 3DUD TX© TX© TXHUU¡" $ OR PHMRU PH
TXHU­DSHGLUVHUVXSDUHMDHQHOWUDEDMRTXHHVWDEDGDQGR-LP©QH]
$XQTXHLJXDOHUDUDURSRUTXHSDUDHVDVFRVDV\RVR\FHURDSRUWH\
PHQRVSDUDHOODTXHOHFXHVWDWDQWRFRPRDP­3HURFRPRHOG­D
KDE­DVLGRHQWHURLOXPLQDGRTXL]¡VHVDYH]\RHUDMXVWRODSHUVRQD
TXHHOODQHFHVLWDED
1RHUURUQRHUDQDGDGHHVR
62/102
 ߙ)HGHSRUTX©QRIXLVWHDVDOXGDUDOD-DYLHUDHQHOUHFUHR"ߙPH RPHQRVVHJXLGR
SUHJXQW³SUHRFXSDGD ߡ)HGHULFRWUDQTXLQRHVJUDYHORTXHWHHVW¡SDVDQGRHVVROROD
ߙ/D-DYLHUD"TX©-DYLHUD" PDGXUH]TXHSRUILQWHOOHJ³\TXHWHYDDD\XGDUDVHUXQSRHWD
ߙ&³PRTX©-DYLHUDEDUVD"/DQL±DQXHYDODTXHQRVD\XG³/D IDPRVR\XQDHVWUHOODGHE¡VTXHWEROQDFLRQDOb*UDQGH)HGHߢ
TXHYLHQHGH3XHUWR9DUDV
ߙb9HUGDG b(VD -DYLHUD b4X© WRQWR VH PH ROYLG³ ߙOH GLMH
VLQWL©QGRPHFXOSDEOHWRWDO
ߙ<D QR LPSRUWD SHUR FXDQGR OD YHDV PD±DQD VDOºGDOD
$FX©UGDWHGHTXHQRFRQRFHDQDGLH
ߙ< OH SUHJXQWDVWH TX© RQGD FRQ ODV FRPSD±HUDV" ߙVHJX­ SHUR
XQSRFRDUUHSHQWLGR\KDFL©QGRPHHOLQWHUHVDGR
ߙ1R V© FRQ ODV FRPSD±HUDV SHUR PH GLMR TXH ORV FRPSD±HURV
HUDQVºSHUVLPS¡WLFRV
ߙb$KEDF¡QSRUHOODߙOHFRQWHVW©<SDUDFRUWDUODFRQHOWHPDOH
GLMHߙ 0H WHQJR TXH LU DO HQWUHQDPLHQWR (V HO SULPHUR GH HVWH
VHPHVWUH\PHODTXLHURMXJDUFRQWRGRSDUDVHUWLWXODU
/OHJX©FRUULHQGRDOJLPQDVLR<DKDE­DQHPSH]DGR
'HVSX©V GH GDU XQ PRQW³Q GH YXHOWDV WURWDQGR YLQR OR W­SLFR
4XH ERWHDU ODQ]DU KDFHU SDVHV \ FRUUHU KDFL©QGROH HO TXLWH DORV
FRQWUDULRV
ߙ0DUW­QH]bELHQbPX\ELHQߙPHIHOLFLW³HOSURIHߙ6LVLJXHDV­
HV PX\ SUREDEOH TXH SXHGDV HVWDU HQ HO SULPHU SDUWLGR GH OD
WHPSRUDGD
ߙ(QYHUGDGHQWUHQDGRU"
ߙ&ODUR KRPEUH SHUR GHSHQGHU¡ GH WL 6L QR IDOWDV D ORV
HQWUHQDPLHQWRV\MXHJDVFRQFHQWUDGR
0L PDGXUH] VLJXL³ LQWDFWD DXQTXH \D KDE­DQ SDVDGR GLH] KRUDV
DV­ TXH HQ FXDQWR OOHJX© D OD FDVD FRP­ DOJR PH GXFK© \ FRPR
QXQFDDQWHVHQPLYLGDHVFRODUPHSXVHDKDFHUWDUHDV\DRUGHQDU
PLVFRVDV
(Q OD QRFKH PLHQWUDV PH ODYDED ORV GLHQWHV DSURYHFK© GH
PLUDUPHDOHVSHMR\FRQYHUVDUFRQPLJRPLVPRFRPRORKDJRP¡V

63/102

6ROQXEHV1XEHV\VRO
/D PDGXUH] ODV EXHQDV YLEUDV \ OD PRWLYDFL³Q FRPR HUD GH
HVSHUDU PH GXUDURQ ELHQ SRFR /R EXHQR HV TXH LJXDO DOFDQF© D
YLYLUXQRVG­DVEULOODQWHV\OOHQRVGHOX]LJXDODOFLHORFXDQGRHVW¡
GHVSHMDGR+DVWDTXHLJXDOTXHHQHOFLHORHQWUDQQXEHVWHUULEOHV
GH FDFKR \ GH SXUD PDOD RQGD GHMDQ HO FLHOR RVFXUR (VR PLVPR
SDV³FRQPLJRGHVSX©VGHORVSRFRVG­DVLOXPLQDGRVTXHWXYH6LQ
DQRWDFLRQHVVLQFDVWLJRV\FRQQRWDVD]XOHV7DQEULOODQWHVIXHURQ
TXH YDULRV SURIHVRUHV PH SXVLHURQ REVHUYDFLRQHV SRVLWLYDV HQ PL
ߡKRMDGHYLGDߢTXHHVWDEDFRPSOHWDPHQWHHQEODQFR
(QPLFDVDODFRVDIXHSDUHFLGD1RSHOH©FDVLQDGDFRQOD3DXOD
\OD&DWDQRPHTXLW³HOFRQWUROUHPRWRFXDQGR\RHVWDEDYLHQGR
WHOHYLVL³Q2VHDYLY­HQXQFOLPDSULPDYHUDOILOHWH+DVWDTXHGH
DSRFRVLQ
GDUPH FXHQWD HO EULOOR VH IXH \ YROY­ D VHU HO GH DQWHV HO GH
VLHPSUH &RQ HVR YROYLHURQ ODV W­SLFDV ODWDV UHWRV OODPDGDV GH
DWHQFL³Q \ DPRQHVWDFLRQHV HQ HO FROHJLR \ HQ OD FDVD 7DPEL©Q
DSDUHFLHURQ ORV SHQVDPLHQWRV URP¡QWLFRV ODV SRHV­DV \ OD
QHFHVLGDGXUJHQWHGHHQFRQWUDULQVSLUDFL³QHQXQDQXHYDPXVD
'8'$6
1RV©TX©VHU¡PHMRU DWXUGLGR R QR SHUR QR PH SRG­D LPSRUWDU PHQRV 6HJX­ SDUD
VLODVQXEHVRHOVRO
1RV©TX©VHU¡PHMRU <ߨDK­TXHG©\RVROROHVLRQDGRHLQP³YLO7HQ­DWDQWDUDELDH
EXVFDURHVSHUDU
TXHOHOOHJXHDXQR
ODDQVLDGDLQVSLUDFL³Q
$V­ FRQ ODV FRVDV ORV G­DV VLJXLHURQ QXEODGRV SDUD P­ YROY­ D
XUJLUPH D SDYHDU \ D WHQHU PL W­SLFD \ \D DFRVWXPEUDGD PDOD
VXHUWH3HURHVWDYH]MXURTXH\RQRWXYHQDGDTXHYHUFRQORTXH
PHSDV³/DFXOSDIXHGHXQSDUGHPDOGLWRVGHVJUDFLDGRVTXHVH
OHVRFXUUL³UREDUPHODELFLFOHWDV­ߨ0,%,&,&/(7$PLWHUFHUD
SLHUQDPLDPLJD\PLFRPSD±HUD
,EDFRPRVLHPSUHHQODFLFORY­DTXHKD\HQPLEDUULRDFRPSUDU
SDQFXDQGRGHODQDGDVDOLHURQGRVFRPSDGUHV\PHEORTXHDURQ
HOSDVR
ߙb+H\4X©RQGD"4X©OHVSDVD"ߙOHVGLMHELHQFKRUHDGR
ߙ4X©"TX©TX©RQGD"b/DºQLFDSRߞFDEURbTXHQRVSDVHVOD
ELFLFOHWDߨ\DKRUDR­VWH"bDKRUDWHGLFHQb<DߙPHJULW³XQR
ߙ0LELFLFOHWD"(VW¡QP¡VORFRV"MDP¡V
ߙb$KQR"ߙGLMRHOP¡VJRUGRFRQFDUDGHߡDTX­PDQGR\Rߢ\
PHSHJ³HQXQKRPEURSHUR\RQRODVROW©
ߙ<DbSDVDFDEURߙYROYL³DJULWDUPHHOPLVPRPDW³Q
ߙb7HGLMHTXHQRߙ\ODDILUP©P¡VWRGDY­Dߙb9¡\DQVH
$K­HOJRUGRPHPDQG³XQHPSXM³Q\PHFD­DOVXHORSHURD©O
OHGLRORPLVPR'HXQWLU³QPHTXLW³ODELFLFOHWD\SDV³SRUDUULED
P­R\VDOL³SHGDOHDQGRFRQWRGR
$XQTXH PH GROL³ FDOHWD \ DSHQDV SRG­D PRYHU HO SLH PH SDU©
LJXDO \ FRUU­ FRPR SXGH GHWU¡V GH HOORV $OFDQF© D WRPDUOH OD
SROHUD DO JXDW³Q PDOD OHFKH \ OR ERW© DO VXHOR 1R V© VL TXHG³
DOFDQ]DUDORWURSHURQRKXERFDVRQRSXGHHOPDOGLWRVHODOOHY³
VLQTXHSXGLHUDKDFHUQDGDP¡V
LPSRWHQFLD TXH OH SHJX© GRV SX±HWD]RV DO VXHOR \ WHUPLQ© GH
GHVDWDUODWRUPHQWDTXHPHKDE­DQDQXQFLDGRODVQXEHVQHJUDV0H
KLFHXQDKHULGDKHDY\HQFXDWURGHGRVGHODPDQRGHUHFKD\SRUOD
64/102
FDUUHUDTXHPHPDQG©HOWRELOORVHPHKLQFK³EU­JLGR
$PDUJDGR\DGRORULGRWRWDOYROY­DUUDVWUDQGRHOSLH\FRQWRGDOD
PDQR OOHQD GH VDQJUH SHUR VLQ GHMDU GH SHQVDU TX© LED D KDFHU
DKRUD VLQ PL ELFLFOHWD (VWDED FDVL QXHYD PH OD KDE­DQ UHJDODGR
PLVSDS¡VKDF­DGRVQDYLGDGHVQRP¡VDV­TXHWHQGU­DTXHSDVDU
SRUORPHQRVXQD±RSDUDTXHPHUHJDODUDQRWUD&RPSU¡UPHOD\R
FRQ PL PHVDGD PHQRV SRVLELOLGDGHV WRGDY­D HVWR\ HQGHXGDGR
KDVWDHOD±R
/DSLFDPHDXPHQWDEDSRUPLQXWR&RQORVGHGRVKHULGRV\HOSLH
KLQFKDGR \ KHFKR EROVD FRPR OR WHQ­D TXL]¡V HQ FX¡QWR WLHPSR
SRGU­D YROYHU D HQWUHQDU 1R WRPDU DSXQWHV HQ HO FROHJLR QR HUD
WHPDPHGDEDH[DFWDPHQWHORPLVPRSHURTX©LEDKDFHUFRQPL
UHFL©Q UHFXSHUDGD LQVSLUDFL³Q 6L PH YHQ­D DV­ GH XQD FRPR PH
SDVDVLHPSUHQDGLHSRGU­DHVFULELUSRUP­7RGDY­DVR\XQSRHWD
HQODVVRPEUDV\QRSHQVDEDVDOLUGHDK­SRUHOPRPHQWR
+XQGLGR WRWDO HQ PL GHVJUDFLD MXVWR DQWHV GH GREODU HQ OD
HVTXLQDR­TXHDOJXLHQPHOODPDED0LU©SDUDWRGDVSDUWHVSHURQR
YLDQDGLH
ߡ2EYLRߢ PH GLMH ߡHV SXUD LPDJLQDFL³Q QR VHDV SHUVHJXLGRߢ
&RQYHQFLGRGHHVRVHJX­FDPLQDQGRQRP¡VELHQFRMHDQGR
ߙb+H\KH\ߙYROY­DR­UDKRUDPXFKRP¡VFODURߙb+H\QL±R
0H GL YXHOWD \ HQ OD RWUD YHUHGD KDE­D XQ VH±RU TXH QR KDE­D
YLVWRQXQFDFRQPLELFLFOHWDHQODPDQR$OWRTXHVLQPLUDUSDUD
QLQJºQODGR\DXQTXHHVWDEDVºSHUDGRORULGRFUXF©ODFDOOH
ߙ3RU TX© XVWHG WLHQH PL ELFLFOHWD VL UHFL©Q PH OD UREDURQ GRV
HVWºSLGRV ODGURQHV" ߙTX© SUHJXQWD P¡V WRQWD SHQV© ‰O GHEH VHU
F³PSOLFHGHORVPDWRQHV(QWRQFHVVLQSHQVDUQDGDPHDFKRU©\OH
TXLW©ODELFLFOHWDVLQTXHDOFDQ]DUDDUHDFFLRQDU
ߙb3DUD QL±R 1R WHQJR QDGD TXH YHU FRQ HO URER ߙDGLYLQ³ HO
FDEDOOHUR SRU PL DFWLWXGߙ <R VROR WH OD UHFXSHU© 9L WRGR OR TXH
SDV³&RQR]FRDHVRVWLSRV\QRHVODSULPHUDYH]TXHKDFHQHVWR
HQ HO EDUULR $ PL KLMR OH SDV³ OR PLVPR SHUR HVD YH] QR SXGH
DJDUUDUORVSRUHVRDKRUDORVSHUVHJX­KDVWDTXHGLFRQHOORV/HV
SXVHGRVFRPERVELHQGDGRV\VHODTXLW©
ߙ3HUG³QHPHHVTXH\RSHQV©TXHXVWHGߨ
ߙ6­\DV©PHGLFXHQWD
ߙb*UDFLDV JUDFLDV ߙOH GL XQD PLUDGD U¡SLGD SRU VL OH KXELHUDQ
KHFKR DOJR SHUR QR HVWDED LJXDOLWDߙ b4X© EXHQD RQGD VH±RU
&³PR OH SXHGR SDJDU" ߙOH GLMH DXQTXH QR WHQ­D QL XQR SRUTXH
QRVDE­DF³PRDJUDGHFHUOHORTXHKDE­DKHFKRSRUP­
ߙ1RHVQDGDQL±R$KRUD¡QGDWHDWXFDVDSDUDTXHWHFXUHQHVD
KHULGD\ߙEDM³ODFDUD\PHPLU³HOSLHߙWHOOHYHQDOGRFWRUSRUHVH
SLH
0HGHVSHG­FRQODPDQREXHQD\OHGLGRVYHFHVP¡VODVJUDFLDV
SHUR D ©O QR OH GLMH TXH PH FDUJD TXH PH GLJDQ QL±R QL QDGD GH
HVR (VH G­D VL PH KXELHUD GLFKR JXDJXD R PRFRVR PH KDEU­D
VHQWLGRLJXDOGHIHOL]
/OHJX© KHFKR SROYR GH GRORU SHUR LJXDO HVWDED GHPDVLDGR
FRQWHQWR SRU KDEHU UHFXSHUDGR OD ELFLFOHWD \ SRUTXH ODV QXEHV
QHJUDV GH PL PDOD VXHUWH SRU ILQ VH KDE­DQ LGR \ PH GHMDU­DQ HO
FLHORRWUDYH]GHVSHMDGR2SRUORPHQRVHVRFUH­\R
0LPDP¡PHYLROOHJDUFRMR\FRQXQDKHULGDHQODPDQRVROW³
ORTXHHVWDEDKDFLHQGR\FRUUL³DVXVWDGDDYHUPH
/RSULPHURTXHKL]RIXHFXUDUPHORVGHGRV\GHVSX©VWRP³XQD
EROVDFRQKLHORPHODSXVRHQHOSLH\SDUWLPRVGHXUJHQFLDDOD
FO­QLFD
(QFXDQWRHOGRFWRUPHYLRGLMR
ߙb1RPHJXVWDQDGDHVWRߙߡFRPRVLDP­V­ߢPHGLHURQJDQDVGH
GHFLUOHߙ YR\ D KDFHUWH XQDV UDGLRJUDI­DV SHUR \R FUHR SRU PL
H[SHULHQFLDTXHWHQGUHPRVTXHRSHUDU
ߙ2SHUDU"ߙSUHJXQW³PLPDP¡
ߙ2SHUDUPH"ߙUHSHW­\R
ߙ6­\SRQHUXQRVGRVRWUHVSHUQRV
ߙ3HUQRV" ߙYROY­ D UHSHWLUߙ &³PR TXH PH YD D SRQHU XQRV
65/102
SHUQRV"
ߙ1R KD\ RWUD VROXFL³Q ߙFRQWHVW³ VHULR PLHQWUDV HVFULE­Dߙ 'H
RWUDPDQHUDWXWRELOORQXQFDTXHGDU¡ELHQߙ\VHIXHFRPRVLQDGD b%LQJR
0LPDP¡PHGLRXQEHVR\VDOL³GHWU¡VGH©O
(UD GHPDVLDGR RWUD YH] YROY­DQ ODV PDOGLWDV QXEHV D
RVFXUHFHUPHODYLGD 1XQFD KDVWD DKRUD PH KDE­DQ WHQLGR TXH RSHUDU D OR P¡V
< DK­ HQ HVH VLOHQFLR GH OD SLH]D QDFLHURQ HVWRV YHUVRV D PL FXDQGR HUD FKLFR WXYLHURQ TXH SRQHUPH SXQWRV XQD YH] HQ OD
ELFLFOHWD /RV PHPRULF© GH SXUR LQVSLUDGR \ IXH OR SULPHUR TXH IUHQWH \ RWUD GHEDMR GH OD FHMD PX\ FHUFD GHO RMR 3RU HVR QR
HVFULE­FXDQGRSXGHXVDUHOO¡SL] SXHGRQHJDUTXHGHVSX©VGHR­UDOGRFWRUTXHG©HQWHURDVXVWDGR\
PH DFRUG© DOWLUR GH FXDQGR OD 3HSD GLFH TXH ߡXQD RSHUDFL³Q HV
$0,%,&,&/(7$ XQD RSHUDFL³Qߢ R VHD TXH VHJºQ HOOD VLHPSUH VH FRUUHQ ULHVJRV
(Q HVWH FDVR TXHU­D GHFLU TXH OD FXHVWL³Q QR HUD OOHJDU \ SRQHU
6RORFRQGRVUXHGDV XQRVSHUQRVWDPEL©QSRG­DQSDVDURWUDVFRVDVHQWUHHOODVPRULUPH
HQWXORPRPHOOHYDV RHQHOPHMRUGHORVFDVRVTXHGDUSDUDVLHPSUHFRMRVLHVTXHHO
GRFWRUHQFRQWUDEDTXHPLSLHHVWDEDSDUDHOJDWR\GHFLGLHUDOOHJDU
SRUFDOOHV\YHUHGDV \FRUWDU
SDUTXHV\DODPHGDV %LHQLQMXVWRORHQFRQWU©SRUTXH\RTXHQXQFDOHKHKHFKRQDGD
3HGDOHR\SHGDOHR PDOR D QDGLH R DO PHQRV QR KH UREDGR HVWDED SDVDQGR SRU WRGR
HVWRSRUFXOSDGHXQRVPDOGLWRVODGURQHVGHELFLFOHWDV
GREORSDURPLUR\IUHQR 1R WXYH LGHD F³PR PH GXUPLHURQ DQWHV GH OD RSHUDFL³Q VROR
&RQWLJRYR\VHJXUR GHVSHUW© HQ XQD VDOD WRGD LOXPLQDGD \ FRQ XQ PRQW³Q GH
HQIHUPHUDV TXH LEDQ GH DOO¡ SDUD DF¡ \ TXH D FDGD UDWR VH
FRQWLJRQDGDWHPR DFHUFDEDQDSUHJXQWDUPHXQDFDQWLGDGGHFXHVWLRQHVUDUDV<RODV
0¡VTXHILHUURV\WXHUFDV R­D SHUR WHQ­D WDQWR VXH±R TXH HUD LPSRVLEOH FRQWHVWDUOHV 'H OR
HUHVDPLJD\FRPSD±HUD TXH V­ HVWXYH VHJXUR HV TXH HVD VDOD QR HUD HO FLHOR R VHD
b%,1*21RHVWDEDPXHUWR
-XQWRDWLPHHQWHUUDU¡Q 7DPSRFRV©FX¡QWRUDWRHVWXYHDK­VRORUHFXHUGRODODUJD\ODWHUD
HOG­DHQTXH\RPHPXHUD H[SOLFDFL³QTXHPHGLRHOGRFWRUFXDQGRSDV³SRUPLFDPD
ߙ)HGHULFRSRUQLQJºQPRWLYRSXHGHVDSR\DUHOSLHKDVWDTXHORV
KXHVRVVHVXHOGHQSRUHVRGXUDQWHXQWLHPSRYDVDWHQHUTXHXVDU
PXOHWDVSDUDFDPLQDU
ߙ0XOHWDVGRFWRU"

66/102
 ߙ6­PXOHWDVߙPHFRQWHVW³HOPX\SHVDGR
'HM©GHR­UODVRWUDVLQVWUXFFLRQHV\SHQV©VRORHQTXHVLQRSRG­D
DSR\DU HO SLH HQWRQFHV RWUD YH] KDE­D KHFKR b%,1*2 b1R PH
KDE­DQFRUWDGRHOSLH
3HUR LJXDO VHJX­ SHQVDQGR TXH HUD GHPDVLDGD PDOD VXHUWH R
PHMRUGLFKRPDODSDWD1RSRGHUFDPLQDUQLKDFHUGHSRUWHMXVWR
DKRUDTXHHOSURIHVRUGHE¡VTXHWEROSRUILQPHSHVFDED\TXHFRQ
PLVDPLJRVHVW¡EDPRVVLHQGRORVP¡VSRSXODUHV\SLFDQGRPLOHQ
ODVMXQWDV\ILHVWDV6LQFRQWDUTXHFRPRQXQFDKHFDPLQDGRFRQ
HVDV FXHVWLRQHV WHQGU­D TXH SHGLU D\XGD SDUD VXELU R EDMDU ODV
HVFDOHUDV\PHWUDQVIRUPDU­DHQXQFDFKRDSHVWRVRSDUDWRGRV
(VWXYHXQUDWRP¡VHQODVDODGHUHFXSHUDFLRQHVKDVWDTXHSRUILQ
PH OOHYDURQ D OD SLH]D $K­ HVWDEDQ PLV SDS¡V HVSHU¡QGRPH
'HVSX©VHQWU³XQDHQIHUPHUDDKDFHUODVW­SLFDVFXHVWLRQHVFRQODV
DJXMDV LJXDO TXH DO 4XLTXH FXDQGR OR RSHUDURQ HO D±R SDVDGR
$GHP¡VGHM³FRQHFWDGRXQWLPEUHTXHSRG­DWRFDUFXDQGRVLQWLHUD
GRORU
ߙ%XHQRPLDPRU\DSDV³ORSHRU$KRUDHQXQRVG­DVP¡VQRV
YDPRV D OD FDVD \ GHVSX©V GH TXH WH VDTXHQ ORV SXQWRV SRGU¡V
FDPLQDUߙGLMRPLPDP¡FRQWHQWD
ߙb<DDDFDPLQDU"bDG³QGH6LWHQJRTXHXVDUHVDVFXHVWLRQHV
FKDWDVGHPXOHWDVߙOHFRUUHJ­HQRMDGR
ߙ)HGHbTX©H[DJHUDGR(OGRFWRUGLMRTXHVHU¡QXQRVSRFRVG­DV
$FX©UGDWH GH P­ TXH QL VLTXLHUD WH YDV D GDU FXHQWD FXDQGR \D
SRGU¡V GHMDUODV ߙRSLQ³ PL SDS¡ WUDWDQGR GH SDVDU SLROD SDUD TXH
\RQRVLJXLHUDDOHJDQGR
/D FXHVWL³Q HV TXH DGHP¡V PH WHQ­D TXH TXHGDU XQD VHPDQD
HQWHUDHQODFO­QLFD\HVRPHEDMRQH³P¡VWRGDY­D
3HUR QR WRGR IXH WDQ PDOR SDUD P­ SRUTXH QL HQ PLV PHMRUHV
VXH±RV PH KDEU­D LPDJLQDGR TXH HO DFFLGHQWH OD RSHUDFL³Q \ PL
DXVHQFLDHQODFDVDSRUWDQWRVG­DVLEDQDFDPELDUDV­DPLIDPLOLD
&XDQGROOHJX©WRGRVIXHURQVºSHUVLPS¡WLFRV
FRQPLJR /D +RUWH PH SUHSDUDED HO DOPXHU]R TXH \R TXHU­D /D
3DXOD\OD&DWDPHSUHJXQWDEDQDFDGDUDWRVLQHFHVLWDEDDOJRFRQ
XQDVYRFHVGH¡QJHOHVTXHMDP¡VOHVKDE­DR­GR
(Q YHUGDG IXH EDF¡Q YLYLU SRU XQRV SRFRV G­DV HQ HO 3DUD­VR
DXQTXHELHQSRFRVSDUDPLJXVWR/RVFRQW©IXHURQWUHV\PHGLR
'HVSX©VGHHVRQDGLHP¡VPHSHVF³([FHSWRPLVSDS¡V$V­TXH
HOUHVWRGHOWLHPSRTXHHVWXYHHQUHSRVRPHDSD±©VRORQRP¡V
3DV³ OR PLVPR HQ HO FROHJLR 1R IXH P¡V FRUWD OD EXHQD RQGD
GXU³ VROR GRV G­DV 'H DK­ HQ DGHODQWH FDGD XQR YROYL³ D
SUHRFXSDUVH GH OR VX\R \ \R SDV© D VHU LQYLVLEOH \ D YDOHU KRQJR
SDUD HOORV 1XQFD P¡V PH D\XGDURQ D VDOLU GH OD VDOD QL OOHJDU DO
SDWLR HQ ORV UHFUHRV $O UHY©V FXDQGR VRQDED HO WLPEUH SDUW­DQ
WRGRVGLVSDUDGRV\VLQRIXHUDSRUTXH\RWHQ­DTXHDQGDUYLYRHO
RMRHUDQFDSDFHVKDVWDGHERWDUPH(QWRQFHVFRPRSRG­DOOHJDED
DO SDWLR \ PH VHQWDED HQ XQ EDQFR GHVGH DK­ YH­D SDVDU D PLV
FRPSD±HURV \ D PLV VXSXHVWRV DPLJRV FDPLQDQGR GH OR P¡V
IHOLFHV&RQVXHUWHXQRTXHRWURVHVHQWDEDXQUDWRFRQPLJRSHUR
DSXURUH­UVHGHPLߡPDODSDWDߢ
(QHVWHSHU­RGRGHDEDQGRQR\VROHGDGHVFULE­FDOHWDGHSRHV­DV
SRUTXH VRQ MXVWDPHQWH HVWH WLSR GH VHQWLPLHQWRV ORV TXH QRV
GHVSLHUWDQDORVSRHWDVXQDJUDQLQVSLUDFL³Q
$%$1'212727$/
+R\
PHLQVSLUDODVROHGDG
ODWULVWH]D\XQDYHUGDG
(VPHQWLUDHVRGHODILHO
\HWHUQDDPLVWDG
1DGLHORSHVFDDXQR
67/102
 FXDQGRWLHQHXQDGLILFXOWDG SUHJXQWDQGR
ߙ/DYR]SDUDYHUTXL©QFDQWDPHMRU
FXDQGRQHFHVLWDVDSR\R ߙ<TX©LPSRUWDTXL©QFDQWHPHMRU"ߙVHJX­VLQHQWHQGHUQDGD
FRPSUHQVL³Q\VROLGDULGDG ߙ3RUTXH DV­ YDPRV D VDEHU TXL©Q HV HO PHMRU GH QXHVWUD
JHQHUDFL³QSDUDLUDOIHVWLYDO
ߙ3DUDLUDG³QGH"
$ ORV SRFRV G­DV PH DFRVWXPEU© D TXH QDGLH PH SHVFDUD KDVWD
ߙ$OIHVWLYDO
TXHHQXQUHFUHRGHDOPXHU]RHQHOTXHSDUDYDULDUHVWDEDVHQWDGR
ߙ)HVWLYDO" 4X© IHVWLYDO" ߙYROY­ D SUHJXQWDUOH P¡V SHUGLGR
VRORHQߡPLߢEDQFRFRPL©QGRPHHOPLVPRV¡QGZLFKGHFDUQHTXH
WRGDY­D
OHGLRDOD+RUWHQVLDSRUKDFHUPHSDUDTXHUHFXSHUDUDODVIXHU]DV
ߙ(VTXHMXVWRFXDQGRQRHVWDEDVHOFHQWURGHDOXPQRVDYLV³TXH
YLTXHVHPHDFHUFDEDOD-DYLHUDODQL±DQXHYDTXHFRQRF­SDUDODV
­EDPRVDSDUWLFLSDUHQHO)HVWLYDO,QWHUHVFRODUGHOD&DQFL³Q
LQXQGDFLRQHV \ TXH VROR KDE­D VDOXGDGR XQ SDU GH YHFHV HQ HO
ߙ<GHVGHFX¡QGRH[LVWHHVDFXHVWL³Q"
SDWLR
ߙ'HVGHHVWHD±R/DFXHVWL³QHVTXHHVHQXQPHVP¡V\SULPHUR
9HQ­DFRQVXDOPXHU]RHQODPDQR\GHORP¡VFRQWHQWDVHVHQW³
YDQ D KDFHU XQD VHOHFFL³Q HQWUH WRGRV ORV FXUVRV GH PHGLD SDUD
DOODGRP­R
HOHJLUTXL©QWLHQHODPHMRUYR]b$K\WDPEL©QWLHQHQTXHHOHJLU
ߙb+ROD)HGHߙPHVDOXG³FRQXQDVRQULVDGHRUHMDDRUHMD
XQDFDQFL³QLQ©GLWDSDUDUHSUHVHQWDUDOFROHJLR3RUHVRQRVRWURV
ߙb+RODߙOHGLMHPLU¡QGRODF³PRSHVFDEDVXVPXOHWDV\ODVSRQ­D
ORVGHVHJXQGRYDPRVDHPSH]DUKR\DKDFHUXQDSUHVHOHFFL³QGH
DSR\DGDVHQODHVTXLQDGHOEDQFRFRPRTXLHQGHMDXQDPRFKLOD
ODVYRFHVPLHQWUDVRWURVVHSRQHQDHVFULELUXQDFDQFL³Q
ߙ4X© RQGD" 9HUGDG TXH WH RSHUDURQ" ߙPH SUHJXQW³ PLHQWUDV
ߙ<D(QWRQFHV\RFUHRTXHGHORVWUHVOD)ORHVODPHMRU
VDFDEDGHODEROVDXQDFDMLWDSO¡VWLFDFRQHQVDODGD
ߙ(QYHUGDG"<ߨOD$QWRQLD"
ߙ6­GHOWRELOOR
ߙ1R WDQWR < 'H OD )XHQWH QR WHQ­D LGHD TXH FDQWDED < GH WX
ߙb4X© IRPH WH FRPSDGH]FR SRUTXH ODV RSHUDFLRQHV VRQ
FXUVRDTXL©QYDQDPDQGDU"
WHUULEOHVGHIRPH
6H TXHG³ FDOODGD XQ UDWR *XDUG³ HO WHQHGRU WDS³ OD FDMLWD \ OD
ߙ<TXHWHSRQJDQSHUQRVSHRU$XQTXHHQFRPSDUDFL³QFRQXVDU
YROYL³ D SRQHU HQ OD EROVD 6H GLR YXHOWD \ G¡QGRPH OD HVSDOGD
PXOHߨ ߙ$K­ MXVWR DQWHV GH WHUPLQDU ߡOHWDVߢ PH GL FXHQWD GH OD
WRP³VXVPXOHWDV$QWHVGHSDUDUVHPHGLMRVRQULHQGR\VHJXUD
HVWXSLGH]TXHHVWXYHDSXQWRGHGHFLU
ߙ<R
ߙ2EYLR ߙQR QHFHVLW³ R­UPH WHUPLQDU OD IUDVH SRUTXH \D KDE­D
ߙ7º"
HQWHQGLGRߙ SHUR HQ YHUGDG YDV D YHU TXH QR HV SDUD WDQWR ߙ\
ߙ6­\R1RHVTXHVHDWDQVHFDSHURWRFRJXLWDUUDGHVGHTXHHUD
VLJXL³FRPLHQGRGHORP¡VWUDQTXLODSHUR\RQRSXGHWUDJDUQLXQD
XQDHQDQD\DGHP¡VHQ3XHUWR9DUDVFDQW©VLHPSUHHQHOFRURGHO
PLJDP¡Vߙ2\HߙGLMRFDPELDQGRGHWHPDߙDOILQDOTXL©QGHWX
FROHJLR
FXUVRYDLUKR\DSUREDUODYR]"/D)ORUHQFLDOD$QWRQLDR'HOD
)XHQWH"
ߙ$ SUREDU TX©" ߙOH SUHJXQW© VLQ FDFKDU OR TXH PH HVWDED

68/102
 0H TXHG© PLU¡QGROD PLHQWUDV VH SDUDED 'HVSX©V FRQ XQD
PXOHWDHQFDGDEUD]R\FRQODPLVPDFDUDGHFRQWHQWDOHYDQW³XQ
SRFR OD FDEH]D \ PH KL]R XQ JHVWR FRQ ODV FHMDV SDUD TXH PH
OHYDQWDUD
ߙb9DPRV\DVRQ³HOWLPEUH\VLQRFRUUHPRVQRVYDQDDQRWDUSRU
OOHJDUWDUGHDODVDOD
&RUUHPRV" bHVWD HVW¡ ORFD DSHQDV SXHGR FDPLQDU \ YR\ D
FRUUHU3HURHQGRVVHJXQGRVOD-DYLHUD\DHVWDEDHQODPLWDGGHO
SDWLRKDFL©QGRPHVH±DVGHQXHYR\DSXQWRGHEDMDUODHVFDOHUD
9ROYL³DJULWDUPH
ߙb<DDSºUDWH
1RV©F³PRSHURYL©QGRODDHOODFDPLQDUFRPRVLQDGDPHSLF³
HORUJXOOR3DUDQRVHUPHQRVDSR\DGRHQPLVPXOHWDVDSXQWDGH
VDOWRV\WRGRWUDQVSLUDGROOHJX©DODVDODDQWHVTXHHOSURIHVRU
b%,1*2b<DQRLEDDVHUXQFDFKRSDUDQDGLH

69/102

0¡VDOO¡GHODVPXOHWDV
'HVSX©V GH FDVL GRV VHPDQDV XVDQGR ODV PXOHWDV TXHG© HQ
YHUGDG VHFR 3XGH VXELU \ EDMDU ODV HVFDOHUDV VLQ QLQJºQ UROOR
&DPLQDED P¡V OHQWR \ DXQTXH D YHFHV PH FDQVDED XQ SRFR
FXDQGRWHQ­DTXHHVWDUPXFKRUDWRSDUDGRRLUDXQOXJDUP¡VOHMRV
ORKDF­DLJXDO+DVWDIXLDGRVILHVWDV1REDLO©SHURORSDV©EDF¡Q
/REXHQRHVTXHORVSURIHVRUHVWUDWDEDQGHQRHFKDUPHGHODVDOD
SRUVLPHWURSH]DED\IXHUDSHRU2EYLRTXHDOºQLFRTXHOHGLROR
PLVPR HVR IXH D -LP©QH] 0H SLOO³ FRQ ORV RMRV FHUUDGRV HQ VX
FODVH1RPHPDQG³DODLQVSHFWRU­DSRUTXHVHJºQ©O\DQRVDFD
QDGDDV­TXHXQDYH]P¡VSDUW­DODELEOLRWHFDFRQXQDWUHPHQGD
OLVWDGHYHUERV\FRQMXJDFLRQHVSDUDDSUHQGHUPHGHPHPRULD/D
PLVPD TXH DOFDQF© D OHHU GRV YHFHV DQWHV GH YHU D OD -DYLHUD
EXVFDQGRXQRVOLEURV
ߙ7DPEL©Q WH PDQGDURQ D EXVFDU OLEURV" ߙPH SUHJXQW³ FXDQGR
PHYLRHQWUDU
ߙ1RPHHFKDURQSRUTXHGDUPHGRUPLGRHQODFODVHGHOHQJXDMH
ߙ-DMDMDMD bQDGLH SXHGH MDMDMD 3HUR SRU TX© QR WH YDV D OD
LQVSHFWRU­DHQWRQFHV"
ߙ(VTXH-LP©QH]GLFHTXH\DQRKD\FDVRFRQPLJR\TXHSUHILHUH
WHQHUPHHVWXGLDQGRDTXHG©YXHOWDVSRUHOSDWLRIORMHDQGR
ߙb$K
ߙ2\H bHUHV VHFD ߙDSURYHFK© GH IHOLFLWDUODߙ VXSH TXH WH
HOLJLHURQSDUDFDQWDU
ߙ*UDFLDV SHUR LJXDO IXH FX¡WLFR SRUTXH WRGRV HUDQ GHPDVLDGR
EXHQRV
ߙ<D SHUR OD )UDQ QRV FRQW³ TXH IXLVWH OHMRV OD PHMRU \ TXH
DGHP¡VWRFDVVºSHUELHQODJXLWDUUD
ߙb4X© H[DJHUDGD QXQFD WDQWR ߙVH QRW³ TXH OH GLR XQ SRFR GH
YHUJ¼HQ]DPLFRPHQWDULRSRUTXHVHSXVRURMD
ߙ<\DVHOHFFLRQDURQODFDQFL³Q"
ߙ1RWRGDY­DQRDXQTXH\RV©TXHGHWRGDVODVJHQHUDFLRQHVKDQ
HQWUHJDGR YDULDV SHUR PH FRQWDURQ TXH OD PD\RU­D R VRQ
PDPRQDVRVRQXQDVFXHVWLRQHVPX\UDUDV
ߙb4X©EU­JLGRSRUTXHTXHGDQGRVVHPDQDVRQR"
ߙb1RPHQRVPDOTXHORDSOD]DURQDV­WHQHPRVXQSRFRP¡VGH
WLHPSR3HURHOSURIHVRU+XJRGHPºVLFDGLMRTXHFXDQGRWHQJDQ
ODFDQFL³Q©OSXHGHD\XGDUDSRQHUOHODPºVLFD\KDFHUORVDUUHJORV
TXHVHQHFHVLWHQ<D)HGHߙVHDFRPRG³ORVOLEURVHQWUHXQDPDQR
\ OD PXOHWDߙ PH YR\ R VL QR 9LOOHJDV YD D FUHHU TXH HVWR\
SHUGLHQGRFODVHV'HDK­QRVYHPRVߙPHGLRXQEHVR\VHIXH
/RVYHUERVTXHWHQ­DSDUDHVWXGLDUQLORVPLU©HQFDPELRVDTX©
XQOLEUR\OH­HOUHVWRGHKRUDTXHTXHGDED7RWDOD-LP©QH]VHOH
ROYLGDVLHPSUHORVFDVWLJRVTXHPHGD
(OIHVWLYDOHPSH]³DVHUFDGDG­DP¡VWHPDHQHOFROHJLRSRUTXH
QDGLHOHDFKXQWDEDFRQODFDQFL³Q9DULDVGHPLVFRPSD±HUDVTXH
MDP¡VKDQHVFULWRQDGDLQYHQWDEDQOHWUDVTXHDOILQDO\GHVSX©VGH
OHHUODV HQ YR] DOWD HOODV PLVPDV VH UH­DQ SRU OR SDW©WLFDV \
WHUPLQDEDQURPSL©QGRODV'HOD)XHQWH\9DUJDVWUDMHURQRWUDXQ
SRFRPHMRUSHURQRODVHOHFFLRQDURQ
$V­ SDVDED HO WLHPSR \ ORV SHUODV GHO FHQWUR GH DOXPQRV
UHFKD]DEDQ\UHFKD]DEDQFDQFLRQHV
3DUDTX©OHSRQGU¡QWDQWR"VLHVXQDFRPSHWHQFLDHQWUHFROHJLRV
\QRHO)HVWLYDOGH9L±D6LVLJXHQDV­GHH[DJHUDGRVQRVYDPRVD
TXHGDUDIXHUDGHF­DPRVFRQPLVDPLJRVSHURQRKDE­DFDVRQDGD
OHVJXVWDED
8Q G­D PH HQFRQWU© FRQ OD -DYLHUD HQ HO TXLRVFR (VWDED FRQ
DOJXQDVFRPSD±HUDVFRPSUDQGRHODOPXHU]R<SDUDYDULDUDORV
FLQFRPLQXWRVGHFRQYHUVDUVDOL³HOIDPRVRIHVWLYDO
ߙ&³PRQRYDKDEHUDOJXLHQHQWRGRHOFROHJLRTXHSXHGDKDFHU
70/102
XQDFDQFL³QQRUPDO"1RHQWLHQGRߙFRPHQW³XQSRFREDMRQHDGDߙ
+H WUDWDGR SHUR QR PH VDOH QDGD <R QR V© HVFULELU V© WRFDU
JXLWDUUD\FDQWDUQRP¡V
/DVDPLJDVSHQVDEDQORPLVPRTXHHOOD\WDPEL©QHVWDEDQLJXDO
GHEDMRQHDGDVFRQORTXHHVWDEDSDVDQGR
(QYHUGDGYHUDOD-DYLHUDWDQFKDWDPHGLRSHQDSRUTXHFRQOR
SRFRTXHODFRQR]FR\DV©TXHHOODQRHVSDUDQDGDFRPRODVRWUDV
PXMHUHV TXH YLYHQ KDFL©QGRVH UROOR SRU WRGR DO UHY©V HOOD HVW¡
VLHPSUHFRQWHQWD
ߙ(QYHUGDGVHHVW¡SRQLHQGRELHQSHOXGDHVWDFXHVWL³QߙOHGLMHߙ
<R WDPSRFR DWLQR FRQ OD PºVLFD &³PR VHU¡ TXH KDVWD FXDQGR
FDQWRHQODGXFKDHODJXDVHPHSRQHIU­D
ߙ-DMDMDbTX©HUHVWRQWRߙPHGLMRUL©QGRVH
0HQRVPDOTXHFRQHVDWDOODOHFDPEL³ODFDUD\SXGLPRVVHJXLU
FRQYHUVDQGRGHRWUDVFRVDV
'HVGH HVH G­D QRV VHQW¡EDPRV D FRQYHUVDU HQ ߡPLߢ EDQFR FDVL
WRGRV ORV UHFUHRV +DEO¡EDPRV GH XQ PRQW³Q GH FRVDV PLHQWUDV
WRGRHOPXQGRVHSDVHDEDGHODQWHGHQRVRWURV1XQFDQRVIDOWDED
WHPD \ VLHPSUH WHUPLQ¡EDPRV UL©QGRQRV FRQ DOJXQD WDOOD R SRU
ºOWLPR QRV TXHG¡EDPRV FDOODGRV SHUR LJXDO DV­ PH VHQW­D ELHQ
FRQHOOD
8QDGHHVDVYHFHV\FRPRGHODQDGDOHSUHJXQW©SRUTX©XVDED
PXOHWDV7DPEL©QFRPRGHODQDGDOD-DYLHUDPHFRQW³TXHKDE­D
QDFLGR DV­ &XDQGR VH OH HVWDED IRUPDQGR OD FROXPQD DOJR SDV³
TXH QR DOFDQ]³ D FHUUDUVH ELHQ HQ OD ºOWLPD SDUWH (QWRQFHV VXV
SLHUQDV QR WLHQHQ OD IXHU]D VXILFLHQWH SDUD FDPLQDU $GHP¡V PH
GLMRTXHGHVGHTXHQDFL³ODKDE­DQWHQLGRTXHRSHUDUYDULDVYHFHV
SRUTXHFRQHVWHSUREOHPDDOJXQRV³UJDQRVQROHIXQFLRQDEDQPX\
ELHQ
ߙ<WHGROLHURQPXFKRODVRSHUDFLRQHV"
ߙ$OJXQDV P¡V TXH RWUDV SHUR JUDFLDV D HVR SXHGR KDFHU XQ
PRQW³Q GH FRVDV TXH RWURV TXH WLHQHQ PL PLVPD HQIHUPHGDG QR
SXHGHQFRPRXVDUPXOHWDV\QRVLOODGHUXHGDV
ߙ<DWLFX¡QWDVYHFHVWHKDQRSHUDGR"ߙPHSUHJXQW³HOOD
ߙ$P­"XQD(VWDQRP¡V
(Q RWUR UHFUHR KDEODPRV GH ODV IDPLOLDV /H FRQW© TXH HUD HO
ºQLFRKRPEUH\TXHWHQ­DGRVKHUPDQDV8QDFDWHWH\DSHVWRVD\
OD RWUD FRPR HUD OD PD\RU FUH­D TXH VH ODV VDE­D WRGDV 'H PLV
SDS¡VOHGLMHTXHFDVLVLHPSUHVRQEXHQDRQGDKDVWDTXHOHVGDED
FRQODFXHVWL³QGHODVQRWDVSRUTXHDK­V­TXHVHSRQ­DQSHVDGRV
(OODEDM³ODFDEH]D\YLFRPRVHOHFD\HURQODVO¡JULPDV0HVHQW­
S©VLPR (O PX\ JLO PH KDE­D ROYLGDGR GH TXH VX SDS¡ KDE­D
PXHUWRHQHOYHUDQR
3DUD YDULDU QR VXSH TX© KDFHU QL TX© GHFLUOH \ SDUD YDULDU
WDPEL©QHOODVHGLRFXHQWD
ߙ)HGHQRLPSRUWDHVWRPHSDVDVLHPSUHTXHPHDFXHUGRGHPL
SDS¡ \ DXQTXH ©O WDPEL©Q HUD H[LJHQWH FRQ ODV QRWDV OR HFKR
PXFKRGHPHQRV
$ P­ QR VH PH KDE­D PXHUWR QDGLH \ WDPSRFR WHQ­D VX
HQIHUPHGDGSHURGHVRORLPDJLQ¡UPHORVHPHKL]RXQQXGRHQOD
JDUJDQWD
/H KLFH FDUL±R HQ OD HVSDOGD \ WUDWDQGR GH DQLPDUOD XQ SRFR OH
GLMH
ߙ4XLHUHVXQKHODGR"$\HUPHGLHURQODPHVDGDDV­TXHHOLJHQR
P¡V
9ROYL³ D OHYDQWDU OD FDEH]D VH OLPSL³ OD FDUD FRQ OD PDQR PH
PLU³\GHQXHYRVRQULHQGRPHFRQWHVW³
ߙb<DEDF¡Q4XLHURXQ&KRFROLWR
/D PLU© PLHQWUDV VH FRP­D VX KHODGR \ VHQW­ TXH WHQ­D TXH
D\XGDUOD (OOD \D OR KDE­D KHFKR FRQPLJR 0H HQVH±³ D QR
KDFHUPH DWDGR SRU WHQHU TXH XVDU PXOHWDV \ HVR VH OR LED D
DJUDGHFHUVLHPSUH
71/102

3RHV­DFDQWDGD
6HJX­D VLQ DSDUHFHU OD FDQFL³Q SHUIHFWD SDUD ORV GHO FHQWUR GH
DOXPQRV\SRUHVRREYLRWHQGU­DPRVTXHROYLGDUQRVGHSDUWLFLSDU
HQHOFDFKRGHIHVWLYDO1RHVTXHDP­PHLPSRUWDUDPXFKRTXH
IX©UDPRVRQRSHURDOYHUTXHWRGRVHVWDEDQXUJLGRVFRQHOWHPD
PHHPSHF©DSUHRFXSDUHQVHULR\RWDPEL©Q
ߙ7RWDO ߙGLMR OD )UDQ XQ G­D HQ OD VDOD GH FRPSXWDFL³Qߙ VL QR
YDPRVDHVWHLUHPRVDOSU³[LPR4XL]¡VF³PRVDEHQVLGHDTX­
DORWURD±RDSDUHFHXQWUHPHQGRHVFULWRUHQHOFROHJLR\JDQDPRV"
ߙ'HDG³QGH"SRUORPHQRVKDVWDDKRUDKDQVLGRSXURVFKDQWDV
ORVTXHKDQSUHVHQWDGRFDQFLRQHVSRUHVRQRFUHRTXHGHODQDGD
DSDUH]FDXQVºSHUDXWRUߙUHPDW³OD&RQL
<RDHVWDVDOWXUDVLJXDOOHVHQFRQWUDEDWRGDODUD]³QSHURQRGLMH
QDGD
&XDQGR VDOLPRV GH OD VDOD YHQ­DQ GHWU¡V P­R HO 3HODR \ HO
4XLTXH
ߙ2\H0DUW­QH]ߙPHGLYXHOWD\ORVGHM©SDVDUߙHOV¡EDGRYDPRV
DLUDOFLQHFRQXQDVQL±DVTXHFRQRFL³HO*XDW³Q\TXHVHJºQ©O
VRQ P¡V VLPS¡WLFDV TXH OD /X]PD \ FRPSD±­D ߙGLMR SULPHUR HO
3HODR
ߙb(\ SDUD TX© RQGD TX© WH SDVD FRQ PL SROROD" ߙVDOL³ HQ
GHIHQVDHO4XLTXHTXHHVWDEDSROROHDQGRGHVGHHVHG­DTXHKDEU­D
ERUUDGRGHOFDOHQGDULR
ߙ1DGDUHO¡MDWHߙORFDOP³<D)HGHTXLHUHVLUFRQQRVRWURVR
QR"<RFUHRFRPSDGUHTXHWHFRQYLHQH
ߙ0HFRQYLHQH"SRUTX©"
ߙ3RUTXHGLFHHO*XDW³QTXHODVWUHVVRQERQLWDV
ߙ<D ILOHWH YR\ GH WRGDV PDQHUDV ߙOH FRQWHVW© PRWLYDG­VLPR
SHQVDQGRHQTXHDOJXQDGHHOODVPHSRGU­DJXVWDUSDUDTXHIXHUD
PLPXVDQºPHURߨQRV©FX¡QWR7RWDOODGHVLOXVL³QTXHWXYHFRQ
OD6RI­D\DHUDSDUWHGHPLSDVDGR
(VH G­D HUD MXHYHV \ DXQTXH HVWXYLHUD FRMR LJXDO HO SURIH PH
H[LJL³ TXH VLJXLHUD \HQGR FRPR XQ ߡHMHUFLFLR GH GLVFLSOLQD \
FRPSURPLVRߢPHGLMR
$OSULQFLSLRFRUULHURQHKLFLHURQORVW­SLFRVHMHUFLFLRV\GHVSX©V
HPSH]DURQ D MXJDU 0H HQWUHWXYH XQ UDWR SHUR GH WDQWR PRYHU OD
FDEH]DGHXQODGRSDUDRWURPHHPSH]³DGROHUHOFXHOOR(QWRQFHV
PHDEXUU­QRPLU©P¡V\PHTXHG©XQSRFRGRUPLGR
&XDQGRHOHQWUHQDGRUWRF³HOSLWRSDUDDYLVDUTXHHOSDUWLGRKDE­D
WHUPLQDGRGHVSHUW©\YROY­DODUHDOLGDG'HVSX©VHQHOVHJXQGR
SLWD]RHOTXHDYLVDDORVHTXLSRVTXHGHEHQVDOXGDUVHDOPHGLRGH
ODFDQFKDVHQW­TXHODWHOHTXHWHQJRGHQWURGHODFDEH]D\TXHD
YHFHV VH PH YD D QHJUR DKRUD VH PH SUHQG­D FRQ WRGR 6H PH
ROYLG³ TXH TXL]¡V HVH ILQ GH VHPDQD SRGU­D FDPELDU PL YLGD GH
SRHWDVLQPXVD\PHSUHJXQW©GHQXHYR\HQVHULRHVRTXHKDE­D
SHQVDGRHORWURG­DHQHOTXLRVFRF³PRSRGU­DD\XGDUDPLDPLJD
-DYLHUDSDUDTXHSXGLHUDFDQWDUHQHOIHVWLYDO"
(QWRQFHVQRV©SRUTX©PHEDM³XQIODVKGHLQVSLUDFL³Q\VDTX©
GHPLPRFKLODXQFXDGHUQRXQO¡SL]\PHSXVHDHVFULELUWRGROR
TXHVHQW­D
&“02$<8'$5"
7HQJRPLVPDQRVDWDGDV
SDUDSRGHUD\XGDU
'HPºVLFDQRV©QDGD
ORP­RQRHVFDQWDU
6ROROHWUDV\SRHV­DV
72/102
 HVORTXHSXHGRDSRUWDU TXHEUDGRHORWURSLH
ߙ)HGH)HGHߙOOHJ³DSXUDGDOD-DYLߙTX©WHSDV³"
TXHGHQDGDVLUYHQ ߙ1DGDFDVLPHFDLJRߙOHFRQWHVW©PLHQWUDVGHMDEDODVPXOHWDV\
SDUDLUDXQIHVWLYDO PHVHQWDEDHQXQHVFDO³QSDUDUHFXSHUDUPHGHOVXVWR
ߙ2\HOD3DW\PHGLMRTXHߨ
/D LQWHUUXPS­ SRUTXH FRQRFLHQGR D PL DPLJR VL VDE­D OR TXH
/DOH­XQDYH]/DOH­XQDVHJXQGD\FXDQGRHVWDEDDSXQWRGH
TXHU­D SUHJXQWDUOH VH ODUJDU­D D UH­U GH P­ VLQ SDUDU (QWRQFHV VH
JXDUGDUHOFXDGHUQRSDU©3RUTX©QR"TXL]¡VV­SRGU­DD\XGDUOD
PHRFXUUL³GHFLUOHTXHPHHVSHUDUDDEDMR
$ORPHMRUSHQV©DXQTXHQRVHPHG©SDUDQDGDODPºVLFDV­VH
ߙ&RPSDGUH YR\ D TXHGDUPH XQ UDWR DTX­ SRUTXH PH GXHOH XQ
PH GDQ ELHQ ODV OHWUDV ORV YHUVRV \ ODV ULPDV HQWRQFHV
SRFR OD SLHUQD QGDWH Wº SULPHUR \ GH DK­ YR\ \R ߙOR HQJUXS­ \
SHUIHFWDPHQWHSRGU­DKDFHUXQDSRHV­DTXHVLUYLHUDGHOHWUDSDUDOD
PHFUH\³
FDQFL³QTXHHOODQHFHVLWDED3HURVHUYLU­DXQDSRHV­DSDUDKDFHUOD
ߙ2N3HURQROHSRQJDVWDQWRWDPSRFRߙPHGLMR\VHIXH
FDQFL³Q"1RWHQ­DLGHD
/D-DYLHUDGHM³VXVPXOHWDV\VHVHQW³DOODGRP­R
/R SHQV© HQ OD QRFKH \ GHFLG­ TXH OR PHMRU HUD SUHJXQWDUOH OR
ߙ4X©RQGD)HGH"4X©TXHU­DVGHFLUPH"
P¡VSLRODSRVLEOHDYHUVLPLLGHDWHQ­DIXWXURRQR
ߙ(VTXHߙQRVDE­DF³PRSUHJXQW¡UVHORSRUPLHGRDTXHVHULHUD
/DEXVTX©HQHOSULPHUUHFUHRSHURFRVDUDUDQRODHQFRQWU©\
3HUR\DHVWDEDDK­DV­TXHVLQP¡VUROORORVROW©ߙ -DYLHUDDXQD
HQHOVHJXQGRWDPSRFR6HPHRFXUUL³TXHTXL]¡VHVWDEDHQIHUPD
SRHV­DVHOHSXHGHSRQHUPºVLFDRVHDKDFHUODXQDFDQFL³Q"
DV­TXHDODKRUDGHDOPXHU]ROHSUHJXQW©DXQDGHVXVDPLJDVSRU
ߙ$XQDSRHV­D"2EYLRVLDOILQDOODVFDQFLRQHVVRQHVRSRHV­DV
HOOD
3RUTX©"
ߙ(VW¡ FRQ HO SURIHVRU GH PºVLFD 6H DEXUULHURQ GH HVSHUDU \ VH
ߙ1RQRSRUQDGDHVTXHGHUHSHQWHVHPHRFXUUL³ߨTXHߨ
SXVLHURQDHVFULELUHOORVPLVPRVXQDFDQFL³QSRUTXHHOOXQHVHVHO
ߙ4X©FRVD"
ºOWLPRSOD]RSDUDSUHVHQWDUODTXHSRGU­DPRVOOHYDUDOIHVWLYDO
ߙ(VRTXHDORPHMRUDOJXLHQSXGLHUDKDFHUXQDSRHV­DߙWUDW©GH
ߙ<D SHUR GLOH TXH VL SXHGH PH EXVTXH D OD VDOLGD 1HFHVLWR
FRQWHVWDUOH ELHQ SLROD \ FUHR TXH PH UHVXOW³ SRUTXH PLHQWUDV VH
GHFLUOHDOJRXUJHQWH
SDUDEDPHGLMR
b4X© ODWD OOHJX© WDUGH FRQ PL LGHD \D OD HVWDED KDFLHQGR 1R
ߙ<HVHDOJXLHQHVMXVWRHOTXHQRH[LVWHHQHVWHFROHJLR
SXHGRQHJDUTXHFXDQGRORVXSHPHLPSRUW³XQSRFRSRUTXH\D
ߙ3HURDKRUDLJXDOQRLPSRUWDSRUTXHOD3DW\PHGLMRTXHWº\HO
PH KDE­D KHFKR OD LGHD 3HUR GHVSX©V SHQV© TXH SDUD HOOD OR
SURIHVRUHVWDEDQHVFULELHQGRXQDKR\
LPSRUWDQWH HUD FDQWDU \ QR VL OD FDQFL³Q HUD XQD SRHV­D R XQ
ߙ1R QR SXGLPRV KDFHU QLQJXQD FXHVWL³Q &X¡O GH ORV GRV VDOL³
FXHQWRODFXHVWL³QHUDFDQWDU
P¡V ±XUGR SDUD ODV OHWUDV $V­ TXH ILOR PDOD VXHUWH QR P¡V ߙOH
$ODVDOLGDFXDQGR­EDPRVFRQHO4XLTXHEDMDQGRODHVFDOHUDR­
YROYL³ D FDPELDU OD FDUDߙ (O OXQHV HV HO ºOWLPR SOD]R \ \D QR
TXHOD-DYLHUDPHOODPDED(OPX\WRUSHSRUGDUPHYXHOWDU¡SLGR
SRGHPRVKDFHUQDGD
FDVLPHFDLJR0HQRVPDOTXHHO4XLTXHDWLQ³U¡SLGRSRUTXHVLQR
ߙb4X© ODWD SRU WL EXHQR \ bWDPEL©Q SRU HO FROHJLR ߙYROY­ D
PHKDEU­DVDFDGRODPXJUH\FRQPLPDODVXHUWHVHJXURPHKDEU­D

73/102
GLVLPXODU
$KRUD V­ TXH HVWDED WRWDOPHQWH VHJXUR GH PL GHFLVL³Q \R
HVFULELU­D OD IDPRVD FDQFL³Q 0H OD LED D MXJDU FRQ WRGR /D
-DYLHUDVHORPHUHF­D
1RVGHVSHGLPRV
ߙb4XHORSDVHVELHQHOILQGHVHPDQDߙPHGLMR
<RHVSHUDEDTXHDV­IXHUDSDUDHOELHQGHPLIXWXURFRPRDXWRU
PºVLFRSRHWD R SRHWDPºVLFRDXWRU QR V© HQ TX© RUGHQ /D
FXHVWL³Q HV TXH HVH V¡EDGR FRPR IXHUD XQD GH ODV QL±DV TXH
FRQRFLHUDV­RV­GHE­DVHUXQDYHUGDGHUDPXVVVߨLFDOLQVSLUDFL³Q
SDUDP­
,GHDMXJDGD
'HVSX©VGHKDEODUFRQOD-DYLHUDPHIXLFRQHO4XLTXHDWRPDU
OD PLFUR 1R OH KDEO© FDVL QDGD VROR SRQ­D FDUD FRPR VL OR
HVWXYLHUDHVFXFKDQGRSHURORºQLFRTXHHQYHUGDGR­DHUDPLYR]
LQWHULRUDSR\¡QGRPHSRUODLGHDTXHVHPHKDE­DRFXUULGRߡb%LHQ
)HGHDV­VHKDFHDKRUDMX©JDWHODFRQWRGRߢ
6LODSRHV­DTXHHVFULELHUDOHJXVWDEDDORVGHOFHQWURGHDOXPQRV
HQWRQFHV WHQGU­D TXH HQIUHQWDUPH D OD VHJXQGD GHFLVL³Q P¡V
LPSRUWDQWHGHPLYLGDFRQIHVDUTXHVR\SRHWD\HVRWDPEL©QHUD
EU­JLGRSDUDP­
1R P¡V VLOHQFLRV FKLYDV \ GLVLPXOR /OHJDU­D OD KRUD GH OD
YHUGDG PL YHUGDG (O PXQGR SRU ILQ VDEU­D TXH \R )HGHULFR
0DUW­QH]&DVWURHUDXQDUWLVWD8QSRHWDSHURSRHWDSRHWDGHORV
TXHQDFLPRV\PRULPRVVL©QGROR
/DFXHVWL³QDXQTXHIXHUDQHFHVDULDLJXDOHUDSHOXGD3HQVDUHQ
ODFDUDTXHSRQGU­DPLSDS¡DOVDEHUODWUHPHQGDQRWLFLDQRGHMDED
GHSRQHUPHQHUYLRVR/DGHOD&DWDOD3DXOD\ODGHPLVDPLJRV
SRG­D LPDJLQ¡UPHOD 'H WRGDV PDQHUDV VH ODUJDU­DQ D UH­U SHUR
GHVSX©V FXDQGR FDFKDUDQ TXH OR P­R HUD YHUGDGHUD YRFDFL³Q QR
PHPROHVWDU­DQP¡V
/DTXHQRTXHU­DSHUGHUPHHUDODGHODSHVWRVRH
LQVRSRUWDEOH SURIHVRU -LP©QH] ‰O VLHPSUH HQFXHQWUD TXH WRGR OR
KDJR S©VLPR \ PH WLHQH PDOD QR VH LPDJLQDU­D QXQFD TXH \R
SRGU­DSUHVHQWDUXQDSRHV­DSDUDTXHOOHYDUDQDOIHVWLYDO
3HUR SDVDUD OR TXH SDVDUD QR LED D DUUXJDU ߡ/D SDODEUD GH
KRPEUHHVVDJUDGDߢFRPRGLFHPLWDWDP¡VVLVHODGDXQRDXQR
PLVPR $V­ TXH GLMHUDQ OR TXH GLMHUDQ \R DSHUUDED GH WRGDV
PDQHUDV
74/102
 (VWDEDWDQFRQFHQWUDGRHQPLVSHQVDPLHQWRVTXHHO4XLTXHWXYR
TXH]DPDUUHDUPHIXHUWHSDUDTXHUHDFFLRQDUD+DE­DPRVOOHJDGRD
PLSDUDGHUR\WHQ­DTXHEDMDUPH
ߙ&³PR WDQ UHSDYR" 4X© WH SDVD" b$WLQD ORVHU WLHQHV TXH
EDMDUWHߙPHGLMRFKRUHDGR
ߙ<D\D\DYR\ߨߙWRP©PLVPXOHWDV\EDM©
(VWH SHQV© DOWLUR YD D VHU HO ºOWLPR HQ VDEHU SRU LQPDGXUR H
LQVHQVLEOH
/D SRHV­D TXH KDJD PH GLMH WLHQH TXH VHU OD PHJD WRS XOWUD
FX¡WLFDGHWRGDVODVTXHKDVWDHVHG­DKDE­DKHFKR$OJRDV­FRPR
OD JDQDGRUD GH XQ “VFDU SDUD HO FLQH R VHD OD PHMRU HQWUH ODV
PHMRUHV3HURHVRV­QROHGLU­DDQDGLHTXHHVWDEDHVFULELHQGR\
PHQRV VL QR PH VHOHFFLRQDEDQ (VWH VHFUHWR PH OR OOHYDU­D D OD
WXPED HQ HO PLVPR VREUH EODQFR HQ HO TXH SLGLHURQ TXH VH
HQWUHJDUDQODVFDQFLRQHVDODFRPLVL³Q
/D FXHVWL³Q HV TXH WHQ­D SRTX­VLPR WLHPSR SDUD EXVFDU
LQVSLUDFL³Q \ WUDEDMDU $V­ QR SRG­D SHUGHU QL XQ VHJXQGR \ HVH
PLVPR YLHUQHV HPSHF© /OHJX© GHO FROHJLR SDV© SRU OD FRFLQD
VDTX©XQYDVRGHOHFKHXQSDQFRQPDQWHTXLOOD\PHHQFHUU©HQOD
SLH]DKDVWDODVRFKR\PHGLDTXHPHOODPDURQDFRPHU
ߙ)HGH DV­ TXH HV GH WX FXUVR OD FRMLWD TXH YD D FDQWDU" ߙPH
SUHJXQW³OD&DWD
ߙ3ULPHUR WLHQH QRPEUH VH OODPD -DYLHUD DV­ TXH QR OH GLJDV
FRMLWDߙOHDFODU©HQRMDGRߙ\VHJXQGRQRHVGHPLSDUDOHOR\FDQWD
EDF¡Q
ߙ<D WUDQTXL QR VHDV SHUVHJXLGR DFX©UGDWH TXH HV QXHYD \ FDVL
QDGLHHQHOFROHJLRODFRQRFHSRUHVRQRVDE­DF³PRVHOODPDED
ߙ3HURbTX©SHQDSRUHOODߙVLJXL³ODFDEUDPHWLGDGHOD3DXODߙ
SRUTXHVHYDDTXHGDUFRQODVSXUDVJDQDVGHFDQWDUQRP¡V
ߙ4X©VDEHVWºHQDQD"(VWDFXHVWL³QHVGHODPHGLD\ORVFDEURV
FKLFRVQRWLHQHQQDGDTXHRSLQDU
ߙ3DUD )HGH LJXDO OD 3DXOD WLHQH XQ SRFR GH UD]³Q ߙYROYL³ D
KDEODUOD&DWDߙ&RQORHQUROODGRVTXHHVW¡QORVGHOMXUDGRYDQD
WHUPLQDUFDQWDQGRߡ/RVSROOLWRVGLFHQߢߙDK­VHODUJDURQDUH­UODV
GRV
'³QGHHVWDEDODJUDFLD"
(OODV VLQ LPSRUWDUOHV SDUD QDGD OR HQRMDGR TXH HVWDED \R
VLJXLHURQUL©QGRVH
ߙb7DQWR FXHQWR SRU XQD FXHVWL³Q WDQ I¡FLO b&XDOTXLHUD SXHGH
KDFHUXQDVLPSOHFDQFL³Q
ߙ<DHQWRQFHVVLHVWDQI¡FLOHVFU­EHODWºߙOHFRQWHVW©DOD3DXOD
1R TXLVH VHJXLU R\HQGR WRQWHUDV 7HQ­D PX\ SRFR WLHPSR \
SHUGHUOR FRQ ODV GRV KHUPDQLWDV ߡVLPS¡WLFDVߢ TXH WHQJR QR YDO­D
ODSHQD
9ROY­ D PL SLH]D \ DXQTXH PH TXHG© FRQ XQ SRFR GH UDELD
HVWDEDWDQXUJLGRSRUHVFULELUTXHVHPHSDV³U¡SLGR(VWXYHKDVWD
WDUGHWUDWDQGRGHKDFHUXQDSRHV­DTXHQRIXHUDQLWHUULEOHGH±RQD
QL DUUDVWUDGD R ºOWLPD GH PDFDEHD (VWDED ELHQ TXH \R IXHUD XQ
SRHWD URP¡QWLFR SHUR QXQFD WDQWR FRPR SDUD KDFHU SXUDV
FXHVWLRQHVPDPRQDV
$SHQDV GRUP­ SHQVDQGR HQ LGHDV 'H UHSHQWH VH PH YHQ­D XQD
SUHQG­DODOX]\ODDQRWDED'HVSX©VFHUUDEDORVRMRV\DOUDWRPH
YHQ­DRWUD\DV­HVWXYHKDVWDTXHDPDQHFL³
/OHJ³HOV¡EDGR\WRGDY­DQRWHQ­DQDGDDV­TXHWXYHTXHOODPDU
DO3HODRSDUDGHFLUOHTXHQRSRG­DLUDOFLQHFRQHOORV
6DE­D TXH HVWDED SHUGLHQGR FRPR HQ OD JXHUUD DO QR FRQRFHU D
HVDV QL±DV SHUR DOJR P¡V IXHUWH TXH \R PH GHF­D TXH PL OXJDU
HVWDED HQ HO VLOHQFLR GH PL SLH]D 0DOD VXHUWH QR P¡V FRQ OD
LQVSLUDFL³Q TXH FUH­ TXH PH SRG­D GDU XQD GH HOODV $KRUD OD
WHQGU­D TXH VDFDU GH QR V© GH G³QGH SHUR HVD WDUGH VROR
QHFHVLWDEDFRQFHQWUDUPHDIXOOSDUDFUHDUFUHDU\FUHDU
8QDYH]TXHPHWUDJX©ODIRFDTXHPHPDQG³PLDPLJRYROY­D
VHQWDUPH (VFULE­D GRV SDODEUDV \ PLUDED OD KRUD 'HVSX©V GRV
P¡V\GHQXHYRORVRMRVHQHOUHORM$V­HVWXYHPXFKRUDWRKDVWD
75/102
TXH GHFLG­ TXH OR PHMRU HUD VDFDUPH OD SRUTXHU­D SDUD QR VDEHU SDUDXQDFDQFL³Q
F³PRSDVDEDQWDQU¡SLGRODVKRUDV\DP­QRVHPHRFXUU­DQDGDGH
QDGD TXHPRVWUDUODIXHU]D
/DW©FQLFDWDPSRFRPHUHVXOW³ GHPLYRFDFL³Q"
/D FXHVWL³Q VH HVWDED SRQLHQGR FDGD YH] P¡V SHOXGD \ \R PH
XUJ­D\PHXUJ­DKDVWDTXHVHQW­TXHPHIXLDQHJURWRWDO0HSDU©
1RP¡VYHUJ¼HQ]DV
SDUD WUDQTXLOL]DUPH \ SRGHU YROYHU D SHQVDU )XH MXVWR HQ HVH QRP¡VWHPRU
PRPHQWR FXDQGR YL HQ PL PHQWH XQ SXQWR EODQFR OHMDQR \ QRP¡VVLOHQFLRV
OXPLQRVR1RHUDRWUDFRVDTXHODFDUDVRQULHQWH\EXHQDRQGDGH
OD-DYLHUD
(VWHVR\\R
(VR PH KL]R UHDFFLRQDU \ DFRUGDUPH GH TXH HOOD HUD PL DPLJD
TXHQRSRG­DIDOODUOHTXHDXQTXHPH ,,
TXHPDUDODVSHVWD±DVFRPROHGLFHOD+RUWHDODPDWHDGHOD&DWD
FXDQGRVHTXHGDHVWXGLDQGRKDVWDWDUGHLEDDHVFULELUHVDSRHV­DR 6LQEXVFDUODDSDUHFL³
ORTXHPHVDOLHUDSDUDD\XGDUOD XQDPD±DQDDOVDOLUHOVRO
$V­ SDV³ HO V¡EDGR OOHJ³ HO GRPLQJR \ ODV KRMDV VHJX­DQ HQ
EODQFR /DSRHV­DQHFHVLWDED
(Q OD PD±DQD PH GL YHLQWH YXHOWDV SRU OD FDVD \ HQ OD WDUGH DDOJXLHQFRPR\R
WDPEL©Q VLHPSUH HVSHUDQGR TXH PH OOHJDUD OD LQVSLUDFL³Q SHUR
WDPSRFRODPDOGLWDQXQFDTXLVRDSDUHFHU
$OJXLHQTXH
)LQDOPHQWHDODVGRFH\PHGLDGHODQRFKHMXVWRFXDQGRHVWDEDD DHVWHPXQGRGRUPLGR
SXQWR GH HPSUHQGHU OD UHWLUDGD FRQ PL SUR\HFWR GH SRHV­D FRPR OHVDFDUDODSDVL³Q
KDFHQORVFREDUGHVVHPHKL]RODOX]
&³PR QR VH PH RFXUUL³ DQWHV" 2EYLR P¡V TXH REYLR OR TXH
TXHWRGRVWHQHPRV
WHQJRTXHHVFULELUHVH[DFWDPHQWHORTXHVR\ORTXHKHYLYLGR\OR FXDQGRQRVKDEODHOFRUD]³Q
TXH HVWR\ VLQWLHQGR DKRUD (VR KDFHPRV ORV SRHWDV H[SUHVDU
QXHVWUDV HPRFLRQHV GXGDV \ WRGR OR TXH QRV DWRUPHQWD HO DOPD
(QWRQFHVQDFLHURQHVWRVYHUVRVFRQPLP¡[LPDLQVSLUDFL³Q &252
1RFKHVVLQGRUPLU
12066,/(1&,2 1RFKHVGHVSLHUWRVR±DQGR
4X©PHMRUOHWUD FRQSRHPDVYHUVRV\ULPDV

76/102
5LPDV\YHUVRVGHDPRU \HQWUHJDUOHVWRGRORTXHVR\
/DODODUDODOD ELV  &252

,,,
9DULDVPXVDVKHWHQLGR
TXHPHKDQGDGRLQVSLUDFL³Q
SHURWRGDV
MXQWRDOYLHQWR
KDQSDUWLGRVLQUD]³Q
GHM¡QGRPHVROR\SHUGLGR
HQXQPDUGHGRORU
3HURVDEHPRVORVSRHWDV
TXHDV­VRQHOODV
QRWLHQHQFRPSDVL³Q

,9
(VSHUDQ]DVDºQWHQJR
HQHOYHUGDGHURDPRU
(VHTXHOOHJDVLQSHUPLVR
HVHTXHGDSD]DOFRUD]³Q
6XH±RTXHDOJºQG­D
GRVRMRVEHOORV\XQDGXOFHYR]
GHQVXSHUPLVRSDUDDPDUORV

77/102
(OPDOGLWRVREUH
7HUPLQ©PLSRHV­D\DORVGRVPLQXWRVVRQ³HOGHVSHUWDGRU3DUD
QR FUHHUOR /R KDE­D KHFKR KDE­D ORJUDGR HVFULELU XQD FDQFL³Q
SDUD OD -DYLHUD (VWDED GHPDVLDGR IHOL] \ VºSHU FDQVDGR WDPEL©Q
$KRUDYHQ­DORVHJXQGRP¡VGLI­FLOHQWUHJDUODFDQFL³Q\REYLR
HVSHUDU TXH OD VHOHFFLRQDUDQ 'HVSX©V SRGU­D UHODMDUPH \ GRUPLU
FRQODFRQVFLHQFLDWUDQTXLODSRUKDEHUFXPSOLGRFRQPLGHEHUGH
DPLJR
'REO©ODVKRMDV\ODVPHW­HQXQVREUHEODQFRGHFDUWD/RFHUU©
ELHQFHUUDGRFRQXQSRFRGHVDOLYD\DGHP¡VOHSXVHVFRWFKSDUD
HVWDUVHJXURGHTXHQDGLHIXHUDDDEULUOR7RP©HOO¡SL]\HVFULE­GH
ORP¡VIRUPDO

6U
3UHVLGHQWHGHO&HQWURGH$OXPQRV'LHJR)HUQ¡QGH]
&DQFL³QSDUDHOIHVWLYDOߡ1RP¡VVLOHQFLRߢ
$XWRU)0&
,,PHGLR&
3UHVHQWH

78/102
 $EU­ODPRFKLOD\ORSXVHHQWUHPHGLRGHORVOLEURV0HYHVW­DO
WRTXH \ HPSHF© D DSXUDU D PLV KHUPDQDV TXH QR HQWHQG­DQ TX©
ELFKRPHKDE­DSLFDGRTXHPHTXHU­DLUOXHJR3RUVXHUWHTXHQLD
HOODV QL D PL SDS¡ VH OHV RFXUUL³ SUHJXQWDU QDGD (UD LPSRVLEOH
FRQWDUOHVTXHDORPHMRUHVWDEDQIUHQWHDODXWRUGHODFDQFL³QTXH
HO FROHJLR OOHYDED VHPDQDV HVSHUDQGR SDUD UHSUHVHQWDUOR HQ HO
3ULPHU )HVWLYDO ,QWHUHVFRODU GH OD &DQFL³Q \ TXH DGHP¡V HUD
SRVLEOH TXH PX\ OXHJR VXSLHUDQ TXH \R VX KHUPDQR ߙR SDUD PL
SDS¡VXKLMRߙHUDSRHWD
7DPSRFR OHV PHQW­ GLFLHQGR TXH WHQ­D XQD SUXHED R XQD
LQWHUURJDFL³QDSULPHUDKRUDSRUTXHHVDFXHVWL³QQRPHODFUHHU­D
QL\R
(QWRQFHVPHDFRUG©GHODFDQWLGDGGHDWUDVRVTXHWHQJR\GHOD
DPHQD]DTXHPHKDE­DKHFKRHOLQVSHFWRU
ߙb$SºUHQVHTXHVLKR\OOHJRWDUGHPHYDQDQRWLILFDU\VLWHQJR
XQDP¡VPHGLMRHOLQVSHFWRUPHYR\FRUWDGR
3DUHFH TXH OHV GL SHQD SRUTXH HQ GLH] PLQXWRV \D HVW¡EDPRV
WRGRVHQHODXWR5HVSLU©WUDQTXLORSHURFXDQGR­EDPRVVDOLHQGR
ODSRUTXHU­DGHSRUW³QSDUDYDULDUVHWUDQF³
&RPR \D OH FRQRFHPRV OD PD±D HQWUH ORV GRV FRQ PL SDS¡ OR
HPSXMDPRV ODV WUHV YHFHV TXH HO SHUOD QHFHVLWD SDUD DEULUVH SHUR
FRPR KDF­D PXFKR IU­R HO FDFKLWR VH WUDQF³ \ WXYLPRV TXH
HPSXMDUORP¡VIXHUWHKDVWDTXHSRUILQVHKL]RHOVLPS¡WLFR\QRV
GHM³VDOLU
'XUDQWHHOYLDMHKLFHORSRVLEOHSDUDTXHQRVHGLHUDQFXHQWDGH
ORQHUYLRVRTXHHVWDED0LLGHDHUDOOHJDUWHPSUDQRSDUDTXHQDGLH
PH YLHUD HQWUHJDU HO VREUH HQ OD VHFUHWDU­D 3RU HVR FXDQGR PL
SDS¡ SDU³ IUHQWH DO FROHJLR PH KLFH HO HGXFDGR \ GHM© TXH VH
EDMDUDQPLVKHUPDQDVSULPHUR'HVSX©VSDUDKDFHUWLHPSR\TXH
VDOLHUDQGHODXWROXHJRKLFHFRPRTXHPHFRVWDEDEDMDUPH\GHM©
TXH VH PH FD\HUD XQD GH ODV PXOHWDV \ OD SDUFD SHUR FRQ HO
WUHPHQGRVKRZWDPEL©QVHFD\³ODPRFKLOD/RTXHQRFDOFXO©IXH
TXHPLSDS¡HVSDS¡\DOYHUPHWDQFRPSOLFDGROHWRF³ODERFLQDD
OD3DXODSDUDTXHVHGHYROYLHUD\PHYLQLHUDDD\XGDU
ߙb1RSDS¡G©MDODߙOHGLMHKDFL©QGRPHHOWRGRSRGHURVR
<D HUD WDUGH OD 3DXOD HVWDED DK­ +DFL©QGRVH OD VLPS¡WLFD
FRQPLJRVRORSDUDDSDUHQWDUPHUHFRJL³ODVFRVDV
0LW¡FWLFDKDE­DIDOODGR3HURQRLPSRUW³PXFKRSRUTXHFXDQGR
OOHJDPRVDODSXHUWDOHGLMHTXH\DHVWDEDELHQ/HGLODVJUDFLDV\
GHM©TXHVHIXHUDDVXVDOD
$YDQF©P¡VTXHU¡SLGRGRQGHODVHFUHWDULD7HQ­DTXHHQWUHJDUHO
VREUHDQWHVGHTXHHPSH]DUDDOOHJDUODJHQWH
0HSDU©GHODQWHGHVXHVFULWRULR\GHORP¡VHGXFDGRODVDOXG©
ߙ%XHQRVG­DVVH±RUD/XF­D
ߙ%XHQRV G­DV )HGHULFR b4X© VRUSUHVD YHUWH D HVWDV KRUDV SRU
DTX­1HFHVLWDVDOJR"
ߙ(KV­HVTXHߨOHWUDLJRXXQXXQXXQߨ
ߙ8Q TX©" ߙWUDW³ GH D\XGDUPH SRUTXH GH SXUR QHUYLRVR SDUD
YDULDUPHKDE­DSXHVWRWDUWDPXGR
ߙ8XQXXQVRVRVREUHߨߙOHFRQWHVW©P¡VWRUSHWRGDY­D
ߙ%XHQRQRKD\SUREOHPD\SDUDTXL©QHVHOVREUH"
ߙ3DSD SDSD SDSDUDߨ 'LH 'LH 'LHJR )HIHU IHIHU Q¡QGH] ߙOH
GLMHFRPRSXGH
(QWRQFHVDEU­ODPRFKLOD\VHSDU©ORVOLEURVSDUDWRPDUHOVREUH
3HURߨ QR HVWDED QR HVWDED \ QR HVWDED &³PR" b\R OR KDE­D
GHMDGR DK­ (PSHF© D WUDQVSLUDU /DV SLHUQDV VH PH SXVLHURQ GH
ODQD /DV PDQRV DSDUWH GH HPSDSDGDV PH WLULWDEDQ WDQWR TXH QR
SRG­D VDFDU ODV FRVDV DV­ TXH DK­ PLVPR DUULED GH OD PHVD GL
YXHOWDODPRFKLODFRPSOHWD
/D VHFUHWDULD PH YLR WDQ GHVHVSHUDGR TXH GHM³ OR TXH HVWDED
KDFLHQGR\VHSXVRDEXVFDUFRQPLJR
5HYLVDPRVFXDGHUQRSRUFXDGHUQROLEURSRUOLEURSHURQRKDE­D
FDVRHOPDOGLWRVREUHFRQPLREUDPDHVWUDKDE­DGHVDSDUHFLGR
ߙ4XL]¡VVHWHTXHG³HQODFDVDߙWUDW³GHEXVFDUOHXQDH[SOLFDFL³Q
79/102
OD VH±RUD /XF­D SDUD WUDQTXLOL]DUPH SHUR \R \D QR HVWDED
WDUWDPXGRHVWDEDFRPSOHWDPHQWHPXGR
0LHQWUDVSRQ­DODVFRVDVRWUDYH]HQODPRFKLODWUDW©GHUHFRUGDU
WRGRV ORV SDVRV TXH KDE­D KHFKR GHVGH TXH FHUU© HO VREUH HQ OD
PD±DQD KDVWD TXH HQWU© D OD RILFLQD SHUR ODV LP¡JHQHV VH PH
FRQIXQG­DQ
(VWDEDP¡VTXHVHJXURVHJXU­VLPRGHTXHORKDE­DGHMDGRHQWUH
ORVOLEURV
'³QGH HVWDED HO PDOGLWR VREUH" 3DUD P¡V UHPDWH FRPR KDE­D
HVFULWR D PDQR QR WHQ­D RWUD FRSLD HQWRQFHV VL QR OR HQFRQWUDED
bFKDRFRQYHUDOD-DYLHUDIHOL]\bFKDRFRQFRQWDUOHDOPXQGRTXH
KDE­DQDFLGRXQQXHYRSRHWD
b&KDRFKDRFRQWRGRFKDR
(Q YHUGDG PH GLHURQ JDQDV GH OORUDU FRQ ODV PLVPDV JDQDV GH
HVDYH]FXDQGRHUDFKLFR\VHPHSHUGL³XQDFDMDOOHQDGHO¡PLQDV
GHO ¡OEXP (O 6DOYDMH 0XQGR $QLPDO 1XQFD VXSH TX© SDV³ FRQ
HOODVSHURSDUDP­IXHFRPRKDEHUSHUGLGRXQEUD]RRXQRMR
$KRUDKDE­DSHUGLGRPXFKRP¡VTXHHVR
6HQW­ HO WLPEUH 7RP© PLV FRVDV OHYDQW© OD FDUD MXQWR FRQ ODV
FHMDV \ FRQ XQD VHPL VRQULVD PH GHVSHG­ GH OD VHFUHWDULD SRUTXH
WRGDY­DQRPHVDO­DODYR]
+DEU­DOOHJDGRDODVDODDUUDVWUDQGRORVSLHVSHURQLVLTXLHUDHVR
SXGH KDFHU SRUTXH FRQ ODV DSHVWRVDV PXOHWDV VROR VH DYDQ]D
VDOWDQGR
/DV WUHV SULPHUDV KRUDV QR H[LVWLHURQ SDUD P­ 6HJX­D G¡QGROH
YXHOWDV HQ OD FDEH]D D WRGR OR TXH KDE­D KHFKR SHUR QDGD 'H
UHSHQWH VH PH RFXUUL³ TXH VL OR HVFULE­D HQ RUGHQ TXL]¡V
GHVFXEULU­DG³QGHHVWDEDHOGHVJUDFLDGR
(VFULE­WRGDODQRFKH
3XVHHOSXQWRILQDO
6RQ³HOGHVSHUWDGRU
'REO©ODVGRVKRMDV
/DVSXVHHQXQVREUHEODQFR
3DV©ODOHQJXDSRUODSDUWHGHDWU¡V
/HSXVHVFRWFK
(VFULE­HOQRPEUHGHODFDQFL³QPLVLQLFLDOHV
HOFXUVRHWF
$EU­ODPRFKLOD
3XVHHOVREUHHQWUHPHGLRGHORVFXDGHUQRV
&HUU©ODPRFKߨ
&HUU©ODPRFKLOD"ODFHUU©"bODFHUU©"
b1RRRRRRRR1RODFHUU©
+DVWD DK­ QR P¡V OOHJ³ PL OLVWD 6L OD PRFKLOD KDE­D TXHGDGR
DELHUWD TXHU­D GHFLU TXH HO VREUH VH KDE­D FD­GR 3HUR G³QGH"
FX¡QGR"ORKDEU¡QSLVDGRRDOJXLHQLQWHOLJHQWHORUHFRJL³"
&HUU©ORVRMRVSDUDTXHODVLP¡JHQHVYROYLHUDQFRPRHQF¡PDUD
OHQWD
b<DV©JULW©VLQGDUPHFXHQWDGHTXH6DQKXH]DHVWDEDKDFLHQGR
XQDSUHJXQWD<DV©VHJX­SHQVDQGR7LHQHTXHKDEHUVHTXHGDGRD
ODEDMDGDGHODXWRRFDPLQRKDFLDODRILFLQDGHODVHFUHWDULDSHUR
QR SXGH VHJXLU LPDJLQDQGR ODV HVFHQDV SRUTXH HO SURIHVRU PH
LQWHUUXPSL³
ߙb4X© ELHQ VH±RU 0DUW­QH] bSRU ILQ VDEH DOJR 6RPRV WRGR
R­GRV'­JDQRVHQWRQFHVFX¡QGR\SDUDTX©VHXVDHOQºPHUR3L"
b4X© VH \R 1R WHQ­D LGHD TXH ORV QºPHURV VH XVDUDQ SDUD DOJR
TXHQRIXHUDVXPDUUHVWDU\WRGDVHVDVODWDV
ߙ4X© FX¡QGR VH XVD" ߙOH SUHJXQW© SRUTXH SHQV© TXH FRQ OR
SRFRFRQFHQWUDGRKDE­DHQWHQGLGRPDO
ߙ6­FX¡QGRXVDPRVHOQºPHUR3L")HGHULFR3L3L
b8VDPRV HUD PXFKD JHQWH HQWRQFHV WHQ­D TXH VHU XQD GH HVDV
I³UPXODVTXHOHIDVFLQDDOSURIH
ߙ(VWDPRVHVSHUDQGRߙPHSUHVLRQ³
80/102
 0LU©DO&KRFORSDUDTXHPHVRSODUDSHURHOSREUHQRSXGRKDFHU
QDGDSRUTXH6DQKXH]DHVWDEDSDUDGRGHODQWHGHVXEDQFR
ߙ(KHKHOQºPHUR3LHHVHVVVߨHHHHVߙYXHOWDDWDUWDPXGHDU
SHUR WHQ­D TXH VHJXLU QR P¡V PLHQWUDV VH PH RFXUU­D DOJR KDVWD
TXH PH LOXPLQ© 5HVSLU© SDUD SRGHU KDEODUOH \ OH GLMH TXH HVD
FXHVWL³QHUDORPLVPRTXHGHFLUߡSDUWHVLJXDOHVߢSDUDTXHVHDP¡V
FRUWRHVFULELUOR
ߙ0HHVW¡WRPDQGRHOSHOR"ߙJULW³FRQWRGR6DQKXH]D
ߙ1RQR(VTXHODVOHWUDVWDPEL©QQRVD\XGDQHQPDWHP¡WLFDVߙ
RFXSHHOߡQRVߢSDUDVHJXLUOHODRQGD
$K­WRGRHOFXUVRVHODUJ³DUH­UPHQRV\R\6DQKXH]D
ߙb7RPH VXV PXOHWDV \ GHVDSDUH]FD GH PL YLVWD ߙPH HFK³
PLU¡QGRPHFRQRGLRߙ3HURHVWDYH]QRVHODVYDDOOHYDUSHODGDV
0DUW­QH]&XDQGRWHUPLQHHOUHFUHRORTXLHURHQPLRILFLQD\YHU¡
ORTXHHVUH­UVHGHVXVPD\RUHV
1R OH KDE­D DFKXQWDGR SDUD QDGD SHUR VDOLU GH OD VDOD IXH OR
PHMRU TXH PH SRG­D SDVDU DV­ WHQGU­D WLHPSR SDUD UHFRUUHU HO
FROHJLREXVFDQGRHOVREUH
0HHPSHF©DGDUYXHOWDVPLHQWUDVSHQVDEDHQTX©LEDDKDFHUVL
QRORHQFRQWUDED(QHVDVRQ³HOWLPEUH\WRGRVORVFXUVRVVDOLHURQ
DUHFUHR
6HJX­PLUDQGRHOVXHOR'HUHSHQWHYLXQSDUGHPXOHWDVTXHVH
PHDFHUFDEDQ(UDOD-DYLHUDTXHYHQ­DFDPLQDQGRFRPRQXQFDGH
U¡SLGRDFRQWDUPHODQRWLFLD
ߙb)HGH )HGH SDUHFH TXH \D WLHQHQ XQD FDQFL³Q ߙPH GLMR
DFHOHUDG­VLPD\FRQXQDVRQULVDGHRUHMDDRUHMD
ߙ(QYHUGDG"F³PRVXSLVWH"ߙTXLVHVDEHUGLVLPXODQGRHOGRORU
GHJXDWDTXHPHGLRSHQVDUTXHWRGRORTXHKDE­DKHFKRQRVHUY­D
SDUDQDGD
ߙ3RUTXHUHFL©QPHHQFRQWU©FRQ9LGDOHOVHFUHWDULRGHOFHQWURGH
DOXPQRV3DUHFHTXHKR\HQODPD±DQDDOJXLHQOHVGHM³XQVREUH
FRQ OD OHWUD GH XQD FDQFL³Q EDF¡Q 6HJºQ HOORV OD PHMRU TXH KDQ
OH­GR
ߙ8QVREUH"GHTX©FRORU"
ߙb4X©V©\RbTX©LPSRUWDߙPHFRQWHVW³DSXUDGD
ߙ<TXL©QODHVFULEL³"ߙOHSUHJXQW©FRQP¡VGRORUGHJXDWD\VLQ
TXHUHUVDEHUODUHVSXHVWD
ߙ1RVDEHQVRORWHQ­DXQDVLQLFLDOHVSHURFRPRGLFH,,PHGLR&
GHEHVHUGHWXFXUVR$V­TXHFXDQGRWHUPLQHHOUHFUHRYDQDLUDOD
VDODDSUHJXQWDU
ߙ$PLVDOD"ߙ\DQRPHGRO­DODJXDWDVLPSOHPHQWHQRODVHQW­D
QLODJXDWDQLQDGD(OFXHUSRVHPHKDE­DFRQJHODGR
b$K­HVWDEDb(VHHUDPLVREUH
ߙb(VWR\ GHPDVLDGR IHOL] DXQTXH WRGDY­D QR OD OHR GHEH VHU
EXHQ­VLPD SDUD TXH OHV KD\D JXVWDGR WDQWR b$K WDPEL©Q PH
GLMHURQTXHKR\PLVPRKD\TXHHPSH]DUDSRQHUOHODPºVLFD
6RQ³HOWLPEUH
ߙ0HYR\GHVSX©VWHFXHQWRTX©RQGD
/DPLU©LUVHWDQFRQWHQWDTXHKDVWDMXUDU­DTXHODYLFDPLQDUVLQ
DSR\DUVH HQ ODV PXOHWDV /H YROYLHURQ D EULOODU ORV RMRV \ ORV
GLHQWHV VH OH SXVLHURQ PXFKR P¡V EODQFRV 6L KDVWD HO SHOR OH
FDPEL³GHSXUDIHOLFLGDG
0HGLYXHOWDSDUDLUDODRILFLQDGH6DQKXH]DGLVSXHVWRDUHFLELU
ODVSHQDVGHOLQILHUQRSHUR\DGDEDORPLVPRORTXHPHSDVDUD
81/102

)0&
'HVSX©V GH TXH VH IXH OD -DYLHUD FDPLQ© IHOL] D OD RILFLQD GH
6DQKXH]D SHUR QR DOFDQF© D OOHJDU D OD SXHUWD SRUTXH 'LHJR
)HUQ¡QGH]PHSDU³HQHOSDVLOOR
ߙb7HHVWDEDEXVFDQGR0DUW­QH]ߙGLMR
$XQTXH \D VDE­D SRU TX© TXHU­D YHUPH LJXDO SXVH FDUD GH
SHUGLGRSRUVLDFDVR
ߙ$P­"SRUTX©"
ߙ3DUDVDEHUVLWXVHJXQGRDSHOOLGRHV&DVWUR
ߙ(Kߨ V­ HKߨ V­ 0DUW­QH] &DVWUR SRU TX©" ߙVH OR FRQILUP©
FRQODFDUDGHSUHJXQWD
ߙb(UHV VHFR ߙVH DFHUF³ \ PH GLR XQ WUHPHQGR DEUD]Rߙ $O
SULQFLSLRFUH­PRVTXHHUDOD)UDQ0DU­QGHWXFXUVRSHURHOODQRV
GLMR DOWLUR TXH QR KDE­D HVFULWR QDGD TXH DGHP¡V VX VHJXQGR
DSHOOLGRHUD7RUUHV\TXHODºQLFDSRVLELOLGDGTXHTXHGDEDHUDVWº VDOLUGHVXRILFLQDDOSURIHVRU6DQKXH]D9HQ­DURMRGHUDELD0¡V
)HGHULFR0DUW­QH]&DVWURRVHD)0&HODXWRUGHODOHWUDTXHQRV
OOHJ³KR\
ߙ6­ HVH VR\ \R ߙHVSHU© XQ SRFR \ OH GLMH OD YHUGDGߙ <R OHV
PDQG©XQVREUHFRQODFDQFL³QEXHQRQR\RQRV©TXL©QSRUTXH
HQODPD±DQDORWUD­D\VHPHFD\³
ߙ<DQRLPSRUWDHVRORLPSRUWDQWHHVTXHQRVOOHJ³
,JXDOIXHUDURFRQIHV¡UVHORDV­FRPRDV­SHURPLVXHUWH\DHVWDED
HFKDGD\QRPHTXHGDEDP¡VTXHDSHUUDUFRQHOOD
ߙb1DGLHGHWXFXUVRWHQ­DLGHDTXHHVFULE­DV
ߙ(VTXHHVTXHߨHUDXQVHFUHWR
ߙ6HFUHWR"SRUTX©"VLHUHVVHFRߙYROYL³DUHSHWLUPH
ߙb(K SRU QDGDߨ ߙQR PH LED D SRQHU D H[SOLFDUOH D ©O FX¡OHV
HUDQODVUD]RQHVߙ/HVJXVW³ORTXHHVFULE­"ߙOHSUHJXQW©LQVHJXUR
WRGDY­D
ߙb(VEU­JLGDb(VW¡EDF¡Q
4XLVHVDEHUFX¡QGRVHODLEDQDHQWUHJDUDOD-DYLHUD\VLOHLEDQD
GHFLU TXL©Q HUD )0& SHUR QR DOFDQF© SRUTXH ©O PLVPR FRPR
DGLYLQDQGRPLVSHQVDPLHQWRVPHUHVSRQGL³
ߙ/RºQLFRTXHQRVIDOWDDKRUDHVDYLVDUOHDOD-DYLHUDODQXHYDOD
GHO ,,p% OD QL±D TXH YD D FDQWDU ODߨ ߙOR SDU© SRUTXH VL VHJX­D
FRQODVGHVFULSFLRQHVPHLEDGDUKDVWDHOQºPHURTXHFDO]DEDRGH
TX© FRORU WHQ­D ORV RMRV b&RPR VL \R QR VXSLHUD TXH ORV WLHQH
YHUGHV FRQ PDQFKLWDV FDI© FODUR DGHP¡V TXH FXDQGR HVW¡
FRQWHQWDVHOHSRQHQEULOODQWHV PHGLHURQJDQDVGHGHFLUOH 
ߙ6L \D V© TXL©Q HV < OH YDQ D FRQWDU TXH IXL \R HO TXH OD
HVFULEL³"
ߙ2EYLR/DFXHVWL³QHVTXHWLHQHQTXHHPSH]DUKR\DSRQHUOHOD
PºVLFDFRQHOSURIHVRU+XJR<DSDUWLUGHPD±DQDRSDVDGRGDUOH
IXOO D ORV HQVD\RV b$K RWUD FRVD 0DUW­QH] \R TXH Wº KDEODU­D
FRQHOORVSRUVLQHFHVLWDQKDFHUOHDOJºQDMXVWHRFDPELRHQODOHWUD
1R WXYH WLHPSR GH GHFLUOH TXH \D OR KDE­D SHQVDGR SRUTXH YL
ELHQYHQ­DHFKDQGRKXPRGHUDELD
ߙ4X© KDFH DTX­ 0DUW­QH]" 0H SXHGH GHFLU TX© SDUWH GH ߡOR
HVSHURHQPLRILFLQDGHVSX©VGHOUHFUHRߢQRHQWHQGL³"
ߙ1RVH±RUVL\RHQWHQG­WRGRSHURHVTXHߨ
ߙb(PSH]DPRV RWUD YH] FRQ VXV ߡSHURVߢ \ VXV ߡHVTXHVߢ ߙPH
FRQWHVW³ELHQJROSHDGR
ߙ3URIHVRUQRSXHGHHQRMDUVHFRQHOߡDVWURߢGHODVOHWUDVGHHVWH
FROHJLRߙORSDU³HQVHFR'LHJR
ߙ'HTX©DVWURKDEOD)HUQ¡QGH]"
ߙ'HTXHHVWHFRPSDGUHDV­FRPRXVWHGORYHHVHOºQLFRDOXPQR
TXH KD SRGLGR KDFHU XQD FDQFL³Q GLJQD GH UHSUHVHQWDUQRV HQ HO
IHVWLYDOVH±RU
ߙ(VFULELU"8VWHG"1RPHGLJD"ߙVHGLRYXHOWD\PHPLU³ILMR
82/102
FRPRQRFUH\HQGRORTXHR­Dߙ(VYHUGDGHVR)HGHULFR"
ߙ6­SURIHVRU
ߙ3HURGHG³QGH\GHVGHFX¡QGRHVFULEHFDQFLRQHV)HGHULFR"ߙ
DKRUDQRHVWDEDURMRDKRUDWHQ­DFDUDGHSUHJXQWD\HOWRQRGHYR]
KDUWRP¡VVXDYH
ߙ1RFDQFLRQHVQRSHURSRHV­DVߙOHUHFRUG©ODFRQYHUVDFL³QTXH
KDE­DPRVWHQLGRHOD±RSDVDGRFXDQGROHKDEO©GHPLYRFDFL³QGH
SRHWD\©OQRPHSHVF³
ߙ(K V­ V­ FODUR DKRUD TXH PH OR GLFH DOJR PH DFXHUGR ߙPH
FRQWHVW³KDFL©QGRVHHOVLPS¡WLFR
ߙ%XHQR ߙQRV LQWHUUXPSL³ 'LHJRߙ PH WHQJR TXH LU 3HUR SURIH
WUDQTXLORQRVLJDDOUHY©VWHQGU­DTXHHVWDURUJXOORVRGHTXHHQ
VXFXUVRKD\DXQWUHPHQGRDUWLVWD<D)HGHGHDK­KDEODPRVߙ6H
GHVSLGL³GHOSURIHVRU\VHIXH
ߙ(QWRQFHVWHQGU©TXHIHOLFLWDUORSXHV
ߙ<R FUHR VH±RU ߙYROYL³ D PLUDUPH ILMR \ FRPR TXH QR TXHU­D
SHURVDE­DTXHHUDVXREOLJDFL³QKDFHUOR\PHDEUD]³
ߙ3RUHVWDYH]\FRPRUHFRQRFLPLHQWRSRUVXWUDEDMROROLEHUDU©
GHOFDVWLJR3HURSRUIDYRU)HGHULFRQRSRUTXHXVWHGVHDSRHWDVH
YD D ROYLGDU GH ORV QºPHURV \ GH ODV RWUDV PDWHULDV /RV SRHWDV
LJXDOQHFHVLWDQFRQRFLPLHQWRV\FXOWXUDORHQWLHQGHYHUGDG"
ߙ6­ SURIHVRU QR VH SUHRFXSH ߙOH FRQWHVW© SDUD TXH QR VLJXLHUD
G¡QGRPHMXJRFRQVXVFRQVHMRVODWHURV
0H IXL D OD VDOD \ FXDQGR HQWU© WRGRV PLV FRPSD±HURV VH
SDUDURQ \ HPSH]DURQ D DSODXGLU \ D JULWDUPH FRVDV FRPR ߡb4X©
EXHQD 0DUW­QH] b*UDQGH 0DUW­QH] b4X© VHFR b(UHV XQD
P¡TXLQDߢ
(O 4XLTXH HO 3HODR \ HO *XDW³Q PH IHOLFLWDURQ 1R VH ULHURQ
FRPR\RSHQV©,JXDOHUDUDURTXHUHDFFLRQDUDQDV­SHURHQXQDGH
HVDV SHQV© HVWRV FRPSDGUHV SDUD VXHUWH P­D KDE­DQ PDGXUDGR
MXVWRHVHILQGHVHPDQD
7HQJRTXHUHFRQRFHUTXHHVHGHWDOOHPHVDF³XQWUHPHQGRSHVR
GHHQFLPD
/DV PXMHUHV IXHURQ VºSHU EXHQD RQGD WDPEL©Q 7RGDV TXHU­DQ
VDEHU GH TX© VH WUDWDED OD FDQFL³Q FX¡QGR OD KDE­D HVFULWR \ VL
WHQ­DP¡VSRUDK­HVFRQGLGDV
/HVFRQW©TXHHQYHUGDGORTXH\RHVFULE­DHUDQSRHV­DV\TXHHVD
FDQFL³QHUDXQDGHHOODV
ߙ3RHV­DV"SHURF³PRSRHV­DV"ߙPHSUHJXQW³OD)ORUHQFLD
ߙ3RHV­DV )OR 9HUVRV ULPDV DV­ FRPR %©FTXHU +XLGREUR
1HUXGDߨߙTX©P¡VSRG­DGHFLU"
ߙb4X©ILOHWHTX©FX¡WLFRb(UHVVHFR)HGH
ߙb$PD]LQJ LQFUH­EOH \RX DUH D SRHW HUHV SRHWD QXQFD QHYHU
DQGHYHUMDP¡VPHORKDEU­DLPDJLQDGRߙGLMRODJULQJD\GHVSX©V
PHGLRXQEHVRGHORP¡VVLPS¡WLFD
(VW¡EDPRVHQHVRFXDQGRHQWU³DODVDOD-LP©QH]
)XULRVRSRUHOPDQVRHVF¡QGDORTXHWHQ­DPRVPDQG³XQRGHVXV
W­SLFRVJULWRV\OHSHJ³WDQIXHUWHDOSL]DUU³QTXHQRV©F³PRQRVH
URPSL³ODPDQR
ߙb6LOHQFLR b6LOHQFLR ߙGH D SRFR QRV IXLPRV FDOODQGRߙ 4X©
VLJQLILFDHVWR"ߙSUHJXQW³DOFXUVRLQGLJQDGR
ߙ(V TXH 0DUW­QH] HV EU­JLGR XQ DVWUR SURIH ߙOH FRQWHVW³ 'H OD
)XHQWH
ߙ6­ DXQTXH QR OR FUHD HV SRHWD \ HVFULEH EDF¡Q ߙVH VXP³ OD
0DFD
ߙb+L]RODFDQFL³QTXHYDPRVDSUHVHQWDUHQHO)HVWLYDOߙUHPDW³
HO3HODR
ߙ&³PR" 'H TX© KDEODQ" ߙYROYL³ D SUHJXQWDU FRPR VL QR
KXELHUDR­GRDXQTXHVHORKDE­DQGLFKRFODULWR
ߙb4XH 0DUW­QH] HV SRHWD SURIH b3RHWD ߙOH UHSLWL³ HO &KRFOR
RUJXOORVR
1RSXGRGLVLPXODUOR6HTXHG³SHWULILFDGRFRQORVRMRVDELHUWRV
FRPR SODWRV \ ORV ODELRV DSUHWDGRV +DVWD TXH KDFLHQGR XQ
HVIXHU]R PH EXVF³ HQ OD VDOD FDPLQ³ KDVWD PL EDQFR PH KL]R
83/102
VH±DVSDUDTXHPHOHYDQWDUD\PLU¡QGRPHILMRPHGLMR PLHQWUDVHOSURIHWRFDEDHOSLDQR\HVFULE­DODVQRWDV
ߙ$ YHU 0DUW­QH] GH TX© HVW¡Q KDEODQGR VXV FRPSD±HURV"
b([SO­TXHVH
/RKLFH\PLHQWUDVHVFXFKDEDVHSRQ­DFDGDYH]P¡VWLHVR\P¡V
EODQFR
&XDQGR WHUPLQ© VHJX­D FDOODGR (UD OD SULPHUD YH] HQ WRGD PL
KLVWRULDHVFRODUTXHGHMDEDFDOODGR\SDUDDGHQWURDXQSURIHVRU\
P¡VDXQRFRPRHOߡSHUIHFWRߢGH-LP©QH]<RVXSHRUSHVDGLOOD
HUD HO ºQLFR TXH VDFDED OD FDUD SRU HO FROHJLR \ DGHP¡V FRQ XQD
SRHV­DHVFULWDVROR\QDGDP¡VTXHSRUP­
ߙ6L HV YHUGDG OR TXH GLFHߨ ߙSDU³ SRU XQ VHJXQGRߙ GHER
FRQIHVDU TXH PH KD VRUSUHQGLGR PXFK­VLPR -DP¡V OR KDEU­D
HVSHUDGRGHXVWHGߙPHPLU³GHDUULEDDEDMRWUDWDQGRGHHQFRQWUDU
SRU G³QGH PH VDO­D HO DUWHߙ 6LQ HPEDUJR PH JXVWDU­D OHHUOD \
OXHJRKDEODUP¡VVREUHHVWHDVXQWRFRQFDOPD
0H GLR OD PDQR ELHQ VHFR GHVSX©V VH GHYROYL³ DO HVFULWRULR \
FRPRVLQDGDHPSH]³ODFODVH
(VWD YH] OD KL]R GLVWLQWD +DEO³ WRGR HO UDWR FRPR XQ URERW \
YDULDVYHFHVORYLPLUDQGRHOUHORM<RFUHRTXHORºQLFRTXHTXHU­D
HUDVDOLUOXHJRGHODVDOD
3DUD P­ WDPEL©Q HVD KRUD VH PH KL]R HWHUQD $IXHUD ORV GDGRV
HVWDEDQ WLUDGRV \ ELHQ WLUDGRV 0H HVSHUDEDQ PXFKDV FRVDV
LPSRUWDQWHV8QDKDEODUOXHJRFRQOD-DYLHUDSDUDYHUVXUHDFFL³Q
/DRWUDP¡VKHDY\WRGDY­DYHUOHODFDUDDPLSDS¡FXDQGRVXSLHUD
TXHWHQ­DXQKLMRSRHWD
(VSHU©KDVWDODKRUDGHDOPXHU]RSHUROD-DYLQRHVWDEDQLHQHO
TXLRVFRQLHQHOFDVLQR6XSHSRUOD3DW\TXHODKDE­DQVDFDGRGH
FODVHVSDUDTXHHPSH]DUDDWUDEDMDUFRQHOSURIHVRUGHPºVLFD
$ODVDOLGDOHSHG­DO4XLTXH\DO3HODRTXHPHDFRPSD±DUDQDOD
VDOD GH PºVLFD SDUD YHU DO SURIH \ D OD -DYLHUD 1R PH KLFLHURQ
QLQJºQDWDGRSRUTXH\RDKRUDHUDXQSRFRߡIDPRVRߢ
$K­HVWDEDFRQODJXLWDUUDHQODPDQR\GHORP¡VFRQFHQWUDGD
1LQJXQRGHORVGRVQRVYLRKDVWDTXHDODPHUPHODGRGHO3HODR
VHOHFD\³HOFHOXODU\FRQHOUXLGRSDUDURQ&XDQGROD-DYLPHYLR
SHJ³ XQ WUHPHQGR JULWR 3XVR OD JXLWDUUD HQ XQD VLOOD WRP³ VXV
PXOHWDV\WUDW³GHSDUDUVHSHURVHOHFD\HURQODVKRMDVDOVXHOR<R
FRUU­DUHFRJ©UVHODV
ߙb)HGHb4X©RQGDODOHWUDb7HSDVDVWH<SRUTX©QRPHGLMLVWH
QDGD"&X¡QGRODHVFULELVWH"ߙPHKDF­D\KDF­DSUHJXQWDVSHUR\R
PHUH­D\ODPLUDED
ߙb([FHOHQWH 0DUW­QH] ߙDSURYHFK³ GH GHFLUPH HO SURIHߙ $TX­
QRVWLHQHKDFLHQGRORPHMRUSRUVXREUD
ߙ*UDFLDV VH±RU ߙXQ SRFR WXSLGR FRQ WDQWDV IHOLFLWDFLRQHV QR
TXLVHTXHPHGLHUDODODWDDV­TXHIXLDOJUDQRߙ+D\TXHKDFHU
DOJºQFDPELRHQODOHWUD"ߙOHVSUHJXQW©
ߙ1R QDGD HVW¡ SHUIHFWD VROR HVWDPRV EXVFDQGR TX© ULWPR OH
FDO]DPHMRUߙPHFRQWHVW³OD-DYL
ߙ<DHQWRQFHVQRORVPROHVWDPRVP¡V1RVRWURVQRVYDPRV\ߨ
GHDK­PHODPXHVWUDQ
/HGLXQEHVRDHOODODPDQRDOSURIHVRU\VDO­FRQYDULRVNLORV
PHQRVHQFLPD(OSU³[LPRSDVRHUDOOHJDUDPLFDVD\HQIUHQWDUOD
ºOWLPD\SHRUSDUWHFRQW¡UVHORDPLSDS¡<VDEHUVLFRQHVRPH
SRGU­DVDFDUODVºOWLPDVWRQHODGDVTXHPHTXHGDEDQHQODHVSDOGD
\FRPHQ]DEDDVHUFRPSOHWDPHQWHOLEUH
84/102
/DKRUDGHODYHUGDG
/DºQLFDTXHHVWDEDHQODFDVDFXDQGROOHJX©HUDOD+RUWHTXH
KDVWD HVD KRUD QR VDE­D QDGD GH OR TXH KDE­D SDVDGR /D VDOXG©
FRPR VLHPSUH SDUD TXH QR IXHUD D VRVSHFKDU OR TXH VH YHQ­D \
VLJXLHQGRFRQODPLVPDUXWLQDGHWRGRVORVG­DVPHGLMR
ߙb)HGHQRGHMHVWXPRFKLODWLUDGDVºEHODDWXSLH]D\W³PDWHOD
OHFKH
ߙ<DV©\DV©ߙOHFRQWHVW©DSXUDGR
(VHG­DOHREHGHF­DOWRTXH(OODPHPLU³H[WUD±DGDSHURFRPR
HVWDEDRFXSDGDQRKL]RQLQJºQFRPHQWDULR
7XYH OD VXHUWH GH TXH PL PDP¡ OOHJ³ DQWHV TXH PLV KHUPDQDV
&RPR HOOD \D VDE­D OR P­R OH FRQW© PL YHUVL³Q GH OR TXH KDE­D
SDVDGRDQWHVTXHORVXSLHUDSRUODVGRVFDFKLWRVGHKHUPDQDVTXH
WHQJR
ߙ0DP¡TXLHURGHFLUWHDOJR
ߙ(VJUDYH"4X©WHSDVD"7HVLHQWHVPDO"ߙPHWRF³ODIUHQWH\
PHPLU³ORVRMRVXUJLGD
ߙ1RWUDQTXLODUHO¡MDWHQRHVWR\HQIHUPR
2\HQGRHVRVHOHTXLW³ODFDUDGHVXVWR\VHVHQW³PLU¡QGRPHD
ORVRMRVOLVWDSDUDR­UORTXH\RWHQ­DTXHGHFLUOH
/HFRQW©WRGRVORVGHWDOOHVFRPROHJXVWDDHOOD
ߙb1RSXHGRFUHHUORTX©IDEXORVRb4X©ELHQ)HGHb7HIHOLFLWR
0H VLHQWR PX\ RUJXOORVD 6© SHUIHFWDPHQWH OR TXH VLJQLILFD HVWR
SDUD WL 3HUR P¡V RUJXOORVD HVWR\ SRUTXH WH DWUHYLVWH D PRVWUDU WX
WDOHQWRSRUXQDDPLJDߙVHSDU³\WRP¡QGRPHODFDUDFRQODVGRV
PDQRV PH GLR XQ EHVR HQ FDGD FDFKHWHߙ 3RU WX SDS¡ QR WH
SUHRFXSHV\RV©TXHQRYDDVHUI¡FLOSDUD©OSHURWHDVHJXURTXH
WDPEL©QVHVHQWLU¡IHOL]GHVDEHUTXHWLHQHXQKLMRSRHWD&X¡QGR

85/102
YR\DSRGHUOHHUOD"b0HPXHURGHJDQDVGHVDEHUTX©GLFH
ߙ0D±DQD YR\ D WUDWDU GH VDFDUOH XQD FRSLD FXDQGR YD\D DO
HQVD\RSHURLJXDOPHDFXHUGRGHDOJXQDVSDUWHV
/HGLMHDOJXQRVYHUVRV\YLF³PRVHHPRFLRQ³R\©QGRORV
(VW¡EDPRV HQ HVR FXDQGR VHQWLPRV D OD 3DXOD DEULU OD SXHUWD
JULWDQGRFRPRODVORFDV
ߙb0DP¡ PDP¡ b(O )HGH HVFULEL³ XQD FDQFL³Q EDF¡Q b0DP¡
WRGRVGLFHQTXHߨ
$EUL³ODSXHUWDGHODFRFLQD\DOYHUPHSDU³HQVHFR6HTXHG³
FRQODºOWLPDSDODEUDHQODERFD\ORVRMRVFRPRSODWR
ߙb$K\DOOHJDVWH"ߙPHGLMRODHQDQDDSHVWRVD
ߙ1RHVWR\DOO¡WRGDY­D
ߙb0DP¡ߙQRPHPLU³P¡V\VLJXL³KDEODQGRFRPRORUR
ߙ3DUDSDUD\DV©WRGR7XKHUPDQRPHORDFDEDGHFRQWDU
/D FDEUD FKLFD VH SXVR S¡OLGD GH SLFD SRU QR KDEHU VLGR HOOD OD
SULPHUDHQUHSDUWLUODQRWLFLD\FRPROHFDUJDSHUGHUHPSH]³FRQ
VXVFRPHQWDULRVLQIDQWLOHV
ߙ$V­TXHWXFDQFL³QHVXQDGHODVSRHV­DV±R±DVTXHHVFULEHV"
ߙb/D±R±DHUHVWºߙOHFRQWHVW©
ߙ3DXOLWDF³PRWDQSHVDGD"(QYH]GHKDEODUOHDV­IHOLF­WDOR
ߙb<DDD b)HOLFLWDFLRQHV VH±RU SRHWD ߙWXYR TXH GHFLUPH
REOLJDGD DXQTXH SRU OD FDUD VH QRWDED TXH LJXDO HVWDED IHOL] SRU
P­
8QDKRUDP¡VWDUGHOOHJ³OD&DWD\\RHVWDEDP¡VSUHSDUDGRSDUD
R­UFXDOTXLHUSHVDGH]SHURORLQFUH­EOHHLQV³OLWRHVTXHIXHWRGR
ORFRQWUDULR(OODPHGLRXQEHVR\XQDEUD]R
ߙ4X© RQGD KHUPDQLWR" 7H OR WHQ­DV GH OR P¡V JXDUGDGR (UHV
ߡHOߢ WHPD GHO FROHJLR 7RGRV GLFHQ TXH WHQHPRV PXFKDV
SRVLELOLGDGHVGHJDQDUFRQWXFDQFL³Q
b8IUHVSLU©XQSRFRP¡VDOLYLDGRVDELHQGRTXHXQDSDUWHGHOD
IDPLOLD \D HVWDED DO G­D $KRUD IDOWDED VROR OD VHJXQGD \ P¡V
EU­JLGDPLSDS¡
0LHQWUDV OR HVSHUDED PH VHQW© D HVFULELU (VH G­D VHU­D XQD
FDS­WXORLPSRUWDQW­VLPRHQPLELRJUDI­DHQWRQFHVTX©PHMRUTXH
GHMDUORSODVPDGRHQDOJXQRVYHUVRV"
0,9(5'$'
1RHVXQSHFDGR
ORP­RHVYRFDFL³Q
/DVOHWUDVPHKDEODQ
QRSXHGRFDOODUVXYR]
6©TXHQRHUDWXVXH±R
WHQHUXQKLMRWURYDGRU
3HURWHMXURTXH\R
VHU©GHWRGRVHOPHMRU
&XDQGR R­ OD SXHUWD VHQW­ SRU XQ VHJXQGR TXH HO FRUD]³Q PH
GHMDEDGHODWLU
(OPRPHQWRKDE­DOOHJDGR\\DQRSRG­DDUUXJDU7HQ­DTXHVDEHU
SDUDUPH \ KDFHU OR TXH WHQ­D TXH KDFHU VLQ GDUOH P¡V YXHOWDV
7RWDOHQGLH]RTXLQFHPLQXWRVFXDOTXLHUDGHPLVKHUPDQDVRPL
PDP¡OHLEDDLUFRQHOFXHQWR\HVRVHU­DPLOYHFHVSHRU
ߡ(VWR OR KDJR P¡V TXH FRPR KRPEUH FRPR SRHWD KHFKR \
GHUHFKRߢPHGLMH(QWRQFHVEDM©ODHVFDODGLVSXHVWRDDSHUUDUFRQ
ORTXHYLQLHUD
0LSDS¡HVWDEDDK­HQODHQWUDGDWRGDY­DFRQODFKDTXHWDHQOD
PDQR\OH\HQGRXQRVVREUHVTXHKDE­DVREUHODPHVD
ߙb+RODKLMR&³PRWHIXHKR\"
ߙ%LHQELHQSDS¡\DWL"ߙWHQ­DTXHSDUHFHUGHORP¡VQRUPDO
ߙ+R\FRPRQXQFDWXYHPXFKDSHJD\XQPLOO³QGHSUREOHPDV

86/102
 'HVSX©VGHHVDUHVSXHVWDSRUXQVHJXQGRSHQV©TXHTXL]¡VWHQ­D
TXHHVSHUDUXQSRFRP¡VSRUTXHVLHOSREUHKDE­DWHQLGRXQPDO
G­D DKRUD SRU PL FXOSD WDPEL©Q WHQGU­D XQD S©VLPD QRFKH SHUR
PHDUUHSHQW­7HQ­DTXHMXJ¡UPHOD(UDDKRUDRDKRUD
ߙ3DS¡HKߨHVTXHWHQJRTXHGHFLUWHDOJR
ߙb1R QR 1R TXLHUR VDEHU QL GH FDVWLJRV QL DPRQHVWDFLRQHV \
PHQRV TXH WH H[SXOVDURQ $V­ TXH SRU IDYRU VL HV DOJR GH HVR
JX¡UGDWHORߙPHFRQWHVW³VLQPLUDU
ߙ(VTXHߨQRQRHVHVRHVߨ
ߙ4X©SDVD"ߙDK­GHM³VXVFRVDVHQODVLOOD\PHPLU³
ߙ/R TXH SDVD HV TXH KR\ VHOHFFLRQDURQ OD OHWUD GH XQD FDQFL³Q
TXHHVFULE­SDUDHO)HVWLYDO,QWHUHVFRODUGHOD&DQFL³Q
ߙ&RPRODOHWUDTXHHVFULE­"1RHQWLHQGRTX©HVFULELVWH"
ߙ(Q YHUGDG HVߨ HV XQD SRHV­D ߙOR GLMH \ PH TXHG© FDOODGR
HVSHUDQGR TXH PH FD\HUDQ ODV SHQDV GHO LQILHUQR GHVSX©V GH VX
UHDFFL³Q
ߙ8QDSRHV­D"4XHHVFULELVWHXQDSRHV­D"7º"
6LOHQFLR0HPLUDED\\RD©O0¡VVLOHQFLR
&KXWDDTX­VHDUPD6LVLJXHFDOODGRHVPHMRUTXHVXEDSHQV©
TXHSUHSDUHPLVFRVDV\PHDXWRHFKHGHODFDVD
ߙ(VFULELVWH XQD SRHV­D" ߙUHSLWL³ߙ < HV SULPHUD YH] R \D OR
KDE­DVKHFKRDQWHV"HVRGHHVFULELUGLJR
ߙ1R R VHD V­ ߙPH FRQIXQG­ XQ SRFR SRUTXH QR VDE­D TX©
SUHJXQWDFRQWHVWDUSULPHURߙ(OD±RSDVDGRGHVFXEU­TXHPHJXVWD
PXFKRHVFULELUHKHQYHUGDGSDS¡P¡VTXHHVFULWRUVR\SRHWD
<D OR KDE­D GLFKR GH XQD $KRUD VROR WHQ­D TXH R­U HO JULW³ GHO
GHVWLHUUR
1RKXER
ߙ3RHWD" 3RHWD Wº" ߙPH PLU³ PRYLHQGR OD FDEH]D GH DUULED
DEDMRߙb4X©VRUSUHVD1XQFDPHORKDEU­DLPDJLQDGRSHURDKRUD
TXHPHORGLFHVSXHGRHQWHQGHUPXFKDVFRVDVWX\DV
6LJXL³ SDUDGR VLQ GHMDU GH PLUDUPH \ GH PRYHU OD FDEH]D 1R
HVWDED HQRMDGR FRPR PH LPDJLQ© VLHPSUH 7DPSRFR VDOWDED GH
FRQWHQWR SHUR SRGU­D GHFLU TXH DSDUWH GH OR VRUSUHQGLGR VX FDUD
WHQ­DDOJRP¡VQRV©TX©SHURDOJRTXHQRHUDPDOR'HVSX©VVH
PHDFHUF³\VLQGHFLUQDGDPHGLRXQDEUD]R
(QWRQFHV FRPR OR YL HQ EXHQD RQGD DSURYHFK© GH FRQWDUOH OR
VHJXURTXHHVWDEDGHPLYRFDFL³Q&X¡QGRODKDE­DGHVFXELHUWR\
TXHKDE­DGHFLGLGRKDFHUGHODSRHV­DPLSURIHVL³Q
2\³ WRGR VLQ GHFLU QDGD (VSHU³ XQ UDWR \ GHVSX©V GH TXH
WHUPLQ©PHGLMRELHQVHULR
ߙ)HGHULFR KLMR GH YHUGDG HVWR\ EDVWDQWH LPSUHVLRQDGR FRQ OR
TXH PH FXHQWDV 6HU SRHWD HV XQD JUDQ FRVD 7HQHU WDOHQWR SDUD
H[SUHVDU LGHDV VHQWLPLHQWRV \ HPRFLRQHV D WUDY©V GH YHUVRV HV
UHDOPHQWHQRWDEOHSHURQRSXHGRGHMDUGHGHFLUWHTXHFRPRHVW¡HO
PXQGRKR\VHUSRHWDHVVRORXQKREE\3RUHVRWLHQHVTXHHVWXGLDU
XQDFDUUHUDQRUPDOXQDFDUUHUDFRPR'LRVPDQGD(VRQRTXLHUH
GHFLU TXH GHMHV GH HVFULELU QR KD]OR KD]OR VLHPSUH SHUR
ODPHQWDEOHPHQWHHVDUFKLVDELGRTXHFRQHODUWHQRVHSXHGHFRPHU
QLPDQWHQHUDXQDIDPLOLD
ߙ(VTXH\RSDS¡ߨ\RKHSHQVߨ
$K­PHSDU³
ߙ1R KDEOHPRV GH HVR DKRUD 7RGDY­D HUHV PX\ FKLFR WH IDOWD
PXFKR SDUD WRPDU GHFLVLRQHV WDQ LPSRUWDQWHV ߙVH GLR YXHOWD \
HPSH]³ D VXELU OD HVFDOD <D LED HQ HO WHUFHU HVFDO³Q FXDQGR VH
GHYROYL³
&RQXQDVRQULVDHQODFDUD\SRQL©QGRPHXQDPDQRHQHOKRPEUR
YROYL³DKDEODUPH
ߙ<R D WX HGDG WDPEL©Q IXL SRHWD 0L VXH±R HUD VHUOR WRGD OD
YLGD SHUR DTX­ PH YHV VLHQGR XQ LQJHQLHUR \ DXQTXH QDGLH OR
VHSD WRGDY­D PH JXVWD GH YH] HQ FXDQGR HVFULELU DOJXQRV YHUVRV
ORFRVSRUDK­
b,QFUH­EOHPLSDS¡PHKDE­DFRQWDGRVXVHFUHWRP¡VJXDUGDGR
$K­PHTXHG©\RSDUDGRPLUDQGRF³PRVXE­DPX\GHVSDFLROD
87/102
HVFDOHUD
/DKRUDGHODYHUGDGOOHJ³VLQSODQLILFDUOD\HQSRFDVKRUDVKDE­D
SDVDGR3RG­DHVWDUWRWDOPHQWHWUDQTXLOR\HQSD]1RVRORSRUORV
PLOHVGHNLORVTXHORJU©VDFDUPHSRUILQGHODHVSDOGDVLQRSRUTXH
KDE­DFRQRFLGRDRWURSDS¡(OKRPEUHHUDFRPR\RXQVR±DGRU
XQ SRHWD 3HUR ©O KDE­D WRPDGR XQD GHFLVL³Q GLVWLQWD D OD P­D ©O
SUHILUL³VHJXLUHQODVVRPEUDV
&XHQWDUHJUHVLYD
7UHVG­DV
ߡ3XHGHV HVWDU WUDQTXLOR )HGHߢ PH GLMH FXDQGR GHVSHUW© ߡODV
SHUVRQDVTXHP¡VWHLPSRUWDQ\DVDEHQTXHHUHVSRHWD2VHDKDV
VXSHUDGRORP¡VGLI­FLOߢ
$KRUDVRORPHTXHGDVDEHUF³PRQRVLU­DHQHOIDPRVRIHVWLYDO\
VLKDE­DYDOLGRODSHQDWDQWRDWDGR6LQRVPDQGDQDODFDVDRVLHO
WDOHQWRPXVLFDO\OLWHUDULRVHU­DSRUDOJXQDYH]UHFRQRFLGR
2WUDFXHVWL³QPHQRVGLI­FLOSHURLJXDOGHFDFKRIXHVXSHUDUHO
WHPDGHODRSHUDFL³QDOWRELOOR
0H OOHYDURQ DO ºOWLPR FRQWURO FRQ HO GRFWRU TXH GHVSX©V GH
KDFHUPHXQDUDGLRJUDI­DGLMRTXHHOKXHVRKDE­DVROGDGRSHUIHFWR
SHURTXHLJXDOSRUDOJXQRVG­DVWHQ­DTXHDQGDUFRQFXLGDGRSDUD
QRIRU]DUOR
&RQ HVR \D SRG­D HVWDU WUDQTXLOR VLQ HPEDUJR HQ HO FROHJLR QR
KDE­D QDGD VXSHUDGR DO UHY©V HVWDEDQ WRGRV QHUYLRVRV \
SHQGLHQWHV GHO IHVWLYDO (UD HO ºQLFR WHPD TXH VH KDEODED HQ ORV
UHFUHRVHQODVFODVHVHQHODOPXHU]R\HQORVFKDWV
&DVL WRGRV ORV DOXPQRV \ WDPEL©Q DOJXQRV SURIHVRUHV HVWDEDQ
VºSHUFRQILDGRVHQTXHQRVLEDDLUEDF¡QSHUR\RDXQTXHQRVHOR
GLMHDQDGLHSUHIHU­DHVSHUDUKDVWDWHQHUHOSUHPLRHQODPDQR1R
TXHU­D TXH PH SDVDUD OR PLVPR TXH D OD VHOHFFL³Q FKLOHQD GH
IºWEROTXHDYHFHVVHVLHQWHQFDPSHRQHVDOPHWHUHOSULPHUJROGHO
SDUWLGR (QWRQFHV GH WDQWR FUH©UVHOD GHMDQ GH DWLQDU \ HO RWUR
HTXLSRDSURYHFKDHVDWRQWHUD\QRGHMDQDODUTXHURFKLOHQRHQSD]
$K­UHFL©Q\MXVWRDGRVPLQXWRVGHWHUPLQDUHOSDUWLGRWUDWDQGH
GDUORYXHOWDSHURFRPR\DKDSDVDGRODYLHMDFDVLVLHPSUHVHYDQ
SDUDODFDVDHFK¡QGROHODFXOSDDOFOLPDDODDOWXUDDODVOHVLRQHV
88/102
DO SºEOLFR \ KDVWD DO SHUUR TXH TXLVR HQWUDU D OD FDQFKD \ ORV
GHVFRQFHQWU³
7HPDDSDUWHHUDHOGLUHFWRUGHOFROHJLR3DUD©OODVFRPSHWHQFLDV
VRQXQDFXHVWL³QGHYLGDRPXHUWHDV­TXHOD-DYLHUD\ORVGHP¡V
TXH SDUWLFLSDEDQ WHQ­DQ VX SHUPLVR SDUD IDOWDU D FODVHV \
FRQFHQWUDUVHVRORHQHQVD\DU
b/DVXHUWHHQFDPELRDP­TXHPDOTXHPDOHUDHODXWRUQDGD
GHQDGD3HURLJXDOQRPHLPSRUW³SRUTXHWRGDY­DPHTXHGDEDOD
HVSHUDQ]DGHTXHVHDUUHSLQWLHUDQ\QHFHVLWDUDQFDPELDUDOJRGHOD
FDQFL³Q
'RVG­DV
1R KXER FDVR VHJX­DQ GHM¡QGRPH DIXHUD 1DGLH QHFHVLW³ QDGD
(OSURIHGHF­DTXHODVSDODEUDVFDO]DEDQSHUIHFWR\OD-DYLTXHDV­
WDO FXDO HUD SUHFLRVD $V­ TXH PH TXHG© FRQ ODV SXUDV JDQDV GH
SRGHUIDOWDUDFODVHV
3HURPLHQWUDVHQORVHQVD\RVYDO­DKRQJRHQPLFXUVRSDV©DVHU
HOP¡VSRSXODUb,QFUH­EOHWRGRVPHSUHJXQWDEDQFRVDVTXHF³PR
VHPHRFXUU­DQ\VLPHLQVSLUDEDHQDOJRRHQDOJXLHQTXHFX¡QGR
HVFULE­D \ D TX© KRUD TXH VL HUD YHUGDG TXH ORV SRHWDV VRQ WDQ
ORFRV\SXUDVFXHVWLRQHVDV­
&RPR \R QL ORFR OHV LED D KDEODU GH PLV PXVDV PH FRUU­D
PHWL©QGROHV FXDOTXLHU FKLYD \ HOORV TXHGDEDQ IHOLFHV LJXDO )XH
WDQWRTXHHO3DLO³QPHFDO]³MXVWRDSULPHUDKRUDFXDQGRHQWU©D
OD VDOD \ FRUUL³ D SHGLUPH TXH OH HVFULELHUD XQD SRHV­D <R FRPR
QXQFD P¡V OH KDE­D KDEODGR OR PLU© \ VHJX­ FDPLQDQGR SRUTXH
HQFRQWU© TXH DKRUD V­ TXH VH KDE­D YXHOWR ORFR 3HUR ©O FRPR HV
FDWHWHFDWHWHPHVLJXL³KDEODQGRVLQSDUDU\SLGL©QGRPHTXHSRU
IDYRUOHHVFULELHUD$QWHVGHGDUPHYXHOWDSHQV©XQSRFR
ߡ<DPHGDORPLVPRHVWHFKDQWDWRWDOOD6RI­DGHVDSDUHFL³GHPL
YLGD \ QR HVWR\ QL DK­ FRQ ©O SHUR LJXDO OR YR\ KDFHU VXIULU XQ
SRFRߢ
ߙ4XHWHHVFULEDXQDSRHV­D"ߙOHGLMHߙ(VW¡VORFR"MDP¡VSRGU­D
LQVSLUDUPHHQWL
ߙ1R 0DUW­QH] QR HV SDUD P­ HV SDUD XQD QL±D TXH PH JXVWD
SRUTXHVLOHHQWUHJRXQDSRHV­DURP¡QWLFDPHYDDSHVFDUPXFKR
P¡V
/HGLMHDOWLURTXHHUDXQGHVXELFDGR\TXHQRHQWHQG­DQDGD
ߙ1R VDEHV TXH ODV SRHV­DV H[SUHVDQ OR TXH VLHQWH HO SRHWD TXH
ODVHVFULEH\QRFXHVWLRQHVGHHQJUXSLGRUHVFRPRWº"
6LJXL³\VLJXL³+DVWDTXHKDFL©QGRPHHOLPSRUWDQWH\HOEXHQR
OHKLFHXQRVYHUVRVDV­QRP¡V\FRQHVRVHTXHG³WUDQTXLOR
'HVSX©V DSDUHFL³ RWUR FRQ OD PLVPD WRQWHUD 7DPEL©Q WUDW© GH
GHFLUOHTXHQRSHURDOILQDOIXHSHRURP¡VFDWHWHTXH*¡OYH]\PH
FRQYHQFL³
2WUR TXH VH SXVR D OD FROD IXH HO 4XLTXH 4XHU­D TXH OH KLFLHUD
XQD D OD /X]PD 7UDW© GH FRUUHUPH SRUTXH OD VLJR HQFRQWUDQGR
VºSHUSHVDGDSHURFRPR©OHVPLPHMRUDPLJRVHODKLFHLJXDO
&XDQGR OOHJ³ HO FXDUWR JLO PH GL FXHQWD GH TXH FXDOTXLHU
FXHVWL³QTXHHVFULELHUDDWRGRVOHVJXVWDED(QWRQFHVPHGLMHTXH
VHU­D PX\ WRQWR GH PL SDUWH QR DSURYHFKDU HVWH PLQXWR GH JORULD
TXH PH HVWDED GDQGR OD YLGD DV­ TXH VHJX­ QR P¡V HVFULELHQGR
WRWDOHODPRUHVXQVHQWLPLHQWRXQLYHUVDO
&UXF© ORV GHGRV SDUD TXH D ORV SURIHVRUHV QR VH OHV RFXUULHUD
SHGLUPH QDGD SRUTXH DK­ V­ TXH QR WHQGU­D F³PR VDF¡UPHOD
PHQRV DKRUD TXH FDVL WRGRV PH HVW¡Q WHQLHQGR EXHQD \ TXH
HVWDPRVHQPLWDGGHOVHJXQGRVHPHVWUH
4X©KDF­DVLHOSURIHGHELRORJ­DPHSHG­DXQDLQVSLUDGDHQODV
F©OXODV R HO GH I­VLFD HQ ODV RQGDV" $O ºQLFR TXH TXL]¡V PH
UHVXOWDU­D KDFHUOH HO IDYRU VHU­D D 9LOOHJDV ‰O DOXFLQD FXDQGR
KDEODGHVXVSHUVRQDMHVIDYRULWRVGHODKLVWRULD\HVRORHQFXHQWUR
EDF¡Q<DPHYHRLQVSLUDGRHQDOJºQHPSHUDGRUUH\RKDVWDHQHO
PLVP­VLPR%HUQDUGR2ߞ+LJJLQV
/DFXHVWL³QHVTXHSDUDODPD\RU­DGHHOORV\DQRHUDHOPLVPR
89/102
0HQRVHODPDUJDGRGH-LP©QH]TXHWRGDY­DPHPLUDFRQFDUDGH
GXGD SRUTXH HVWR\ VHJXUR GH TXH VLJXH SHQVDQGR TXH VR\ XQ
FKDQWD\TXHPLSRHV­DHVXQDYXOJDUFRSLD
6DQKXH]D HQ FDPELR PH SUHJXQW³ UHFL©Q DOJR GH ODV UHFWDV
SDUDOHODV\RWUDFRVDGHORVWUL¡QJXORVTXH\RSDUDYDULDUQRVDE­D FDQWDU\SDUDU'HVSX©VYXHOWDRWUDYH]DFDQWDU\DSDUDU(VWXYR
\ HQ YH] GH UHWDUPH FRPR VLHPSUH PH GLMR TXH GHVSX©V GHO
IHVWLYDOFXDQGR\DHVWXYLHUDP¡VWUDQTXLORUHSDVDUDODPDWHULDߨ
b3/23
3HUR OR P¡V LPSRUWDQWH QR HV OR TXH GLJDQ R GHMHQ GH GHFLU ORV
SURIHVRUHV R QDGLH VLQR FRPR TXHGH OD FDQFL³Q TXH KDVWD D\HU
HVWDED ILOHWH 6L FXDQGR HVWDEDQ HQVD\DQGR WRGRV QRV SXVLPRV D
EDLODUGHOEXHQULWPRTXHOHSXVLHURQ$GHP¡VDSDUWHGHOD-DYLHUD
HQ OD JXLWDUUD WUHV QL±DV GH VHJXQGR KDFHQ HO FRUR \ WRFDQ
LQVWUXPHQWRVGHSHUFXVL³Q8QDODVPDUDFDVRWUDODSDQGHUHWD\
OD ºOWLPD XQR TXH QR V© F³PR VH OODPD SHUR TXH WLHQH XQDV
VHPLOODVTXHGDQYXHOWDFXDQGRODVPXHYHb$KWDPEL©QKD\XQ
FRPSDGUHGHFXDUWRTXHOHGDHOWRTXHFRQXQXNHOHOH3HUROHMRVOD
PHMRU \ QR HV SRU VHU H[DJHUDGR HV OD -DYL 7LHQH XQD YR]
HVSHFWDFXODU \ HV LQFUH­EOH YHUOD FRQ ORV RMRV FHUUDGRV FDQWDQGR
LQVSLUDG­VLPD
(Q QLQJXQR GH ORV GRV HQVD\RV D ORV TXH KH LGR KH SRGLGR
FRQYHUVDU FRQ HOOD SHUR HVWR\ VHJXUR GH TXH OH JXVWD YHUPH DK­
SRUTXHFXDQGROHKDJRVH±DVSDUDVDOXGDUOD\GHVSHGLUPHHOODVH
U­H
šOWLPRG­D
$ HVDV DOWXUDV OD PD\RU­D GHO FROHJLR QR HVWDED QL DK­ FRQ ODV
FODVHV /R ºQLFR LPSRUWDQWH HUD OR TXH SDVDU­D DO G­D VLJXLHQWH HPSH]³ D PHWHU ODV FRVDV GHVRUGHQDGDV \ FRQ UDELD GHQWUR GH OD
WDQWRTXHHQDOJXQRVFXUVRVKLFLHURQDSXHVWDV
<D QR GHMDURQ HQWUDU D QLQJºQ DOXPQR D ORV HQVD\RV ߙEXHQR
H[FHSWR D P­ߙ SDUD HYLWDU TXH ORV DUWLVWDV VH SRQJDQ QHUYLRVRV \
P¡VHVDWDUGHTXHHUDHOºOWLPR3RUHVRFXDQGRVRQ³HOWLPEUHD
ODVSPFRUU­ORP¡VU¡SLGRSRVLEOHDODVDODGHPºVLFDSHUR
VLQߡIRU]DUHOKXHVRߢ
6HQRWDEDTXHWRGRVHVWDEDQFDQVDGRV\QHUYLRVRVSHUROHMRVHO
SHRUHUDHOSURIHVRU+XJR/RVKDF­D
WRGDODWDUGHFRQODPLVPDFXHVWL³QKDVWDTXHSRUILQHQFRQWU³TXH
VRQDEDSHUIHFWR\GLRSRUWHUPLQDGRHOHQVD\R
b0HQRV PDO SHQV© \R SRUTXH DO IODFR GHO XNHOHOH HVWXYH D
SXQWRGHWLUDUOHXQFXDGHUQRSDUDTXHVHFDOODUD
0LHQWUDV FDGD XQR JXDUGDED VXV LQVWUXPHQWRV PH DFHUTX© D
VDOXGDUDOD-DYLHUD
ߙb/HVTXHG³HVSHFWDFXODUODFDQFL³QbGHPDVLDGREXHQDߙOHGLMH
HQWHURHPRFLRQDGRߙb(VW¡EDF¡QHOULWPR
ߙ6­ \R WDPEL©Q HQFXHQWUR ߙPH FRQWHVW³ PLHQWUDV SRQ­D OD
JXLWDUUDGHQWURGHOIRUUR
ߙ$ WRGRV ORV TXH YLQLHURQ DO HQVD\R GH D\HU OHV JXVW³ FDOHWD \
-DYL HO 4XLTXH TXH WDPEL©Q HV VHFR SDUD OD PºVLFD GLFH TXH HV
SHUIHFWDSDUDXQIHVWLYDOSRUTXHDSDUWHGHTXHHOFRURHVI¡FLOGH
DSUHQGHU FXDQGR XQR OD R\H GDQ JDQDV GH SRQHUVH D EDLODU DO
WRTXH
'HVSX©VGHTXHGLMHHVRVLQFRQWHVWDUPHQDGDEDM³ODFDUD\HO
SHORVHOHYLQRHQFLPDSHURHOODQRKL]RQDGDSDUDVDF¡UVHOR
ߙ(Q YHUGDG KDVWD \R OD EDLODU­D HQ XQD ILHVWD \ Wº" OD
EDLODU­DV"
6LJXL³FDOODGDPLUDQGRSDUDDEDMR
ߙ4X©WHSDVD"ߙOHSUHJXQW©VLQHQWHQGHUSRUTX©HVWDEDDV­
ߙ1DGD ߙPH FRQWHVW³ $KRUD DSHQDV OHYDQWDQGR OD FDEH]D
PRFKLOD
ߙ-DYLDWLQRWHJXVWD"ߙHOPX\JLOWRGDY­DQRDWLQDEDDV­TXH
VHJX­ G¡QGROH P¡V MXJRߙ $GHP¡V DSXHVWR TXH PD±DQD WRGR HO
WHDWURYDDEDLODUFRQXVWHGHVߙLQVLVW­FRQODWRQWHUDGHOEDLOH
90/102
 3HURHOODQDGDߡb4X©UDURTX©OHSDVD"ߢSHQV©FXDQGRODYL
VDFDU WRGDV ODV FRVDV TXH UHFL©Q KDE­D JXDUGDGR ߡ3RU TX© VH
HQRMD" VL WRGR OR TXH \R OH HVWR\ GLFLHQGR HV HQ VHULR QR VRQ
FKLYDV /D FDQFL³Q QR SXHGH HVWDU PHMRU \ PL LQWHQFL³Q HV GDUOH
¡QLPR \ EXHQDV YLEUDV QR SRQHUOD P¡V QHUYLRVDߢ SRUTXH HVR
SHQV©\RTXHWHQ­DWHQVL³Q\QHUYLRVLVPR
6HJX­DVLQSHVFDUPHDOUHY©V(QWRQFHVHPSHF©DVRVSHFKDUTXH
HQYHUGDGOHSDVDEDDOJRP¡VJUDYHTXHQRTXHU­DGHF­UPHOR\TXH
\RWDPSRFRVRVSHFKDEDTX©SRG­DVHU
ߙ0HWHQJRTXHLU7RP³VXVPXOHWDV\VLQPRVWUDUPHODFDUDVH
SXVRDFDPLQDUU¡SLGR
3DUDDOO¡SDUW­\RGHWU¡VGHHOODSHURHQYH]GHTXHGDUPHFDOODGR
\ HVSHUDU TXH GLMHUD DOJR GH SXUR DWXUGLGR OHQWR \ GHVDWLQDGR
VHJX­FRQORPLVPR
ߙ7LHQHV TXH HVWDU WUDQTXLOD -DYL <R V© TXH GHEH VHU QHUYLRVR
FDQWDU GHODQWH GH WDQWD JHQWH SHUR HVWR\ VHJXUR TXH YDV D PDWDU
PD±DQD <D OR YHR WRGR HO FROHJLR EDLODQGR FRQ XVWHGHV \ߨ
GHVSߨ
$K­SDU³\DQWHVGHVDOLUSRUILQVHGLRYXHOWDOHYDQW³ODFDUD\
PHPLU³(VWDEDOORUDQGR$OYHUODPHFDOO©DOWRTXH
ߙ<D)HGHF¡OODWH\DV©\DV©TXHODOHWUDHVEXHQ­VLPD\TXHHO
SURIHOHDFKXQW³VHFRFRQODPºVLFDSHURQRHVHVRHVTXHHVTXH
PHPHGDߨߙYROYL³DEDMDUODFDUD
ߙ3HURTX©"TX©WHGD"ߙQHFHVLWDEDVDEHUOROXHJR
(VSHU© XQ UDWR HQ VLOHQFL³ KDVWD TXH HOOD VH HQGHUH]³ \
VHF¡QGRVHORVRMRVPHGLMR
ߙ/RTXHSDVDHVTXHDP­WDPEL©QPHJXVWDU­DEDLODUHVWDFDQFL³Q
\WRGDVODVFDQFLRQHVGHORVIHVWLYDOHV\ODVILHVWDVSHURSHURHV
TXHߨFRQFRQHVWDVFXHVWLRQHVߨߙPLU³ODVGRVPXOHWDVGHVSX©V
VHOHYDQW³XQD\RWUDYH]OORUDQGR\GLMRߙ1RSXHGREDLODU
5HFL©QDK­DWLQ©7RGRPDOWRGRPX\PX\PX\PDO&³PRQR
PHGLFXHQWDDQWHV"&³PRSRG­DVHUWDQWRUSH"4X©KDF­DTX©OH
GHF­DDKRUD"WUDW©GHSHQVDUU¡SLGR
ߙb3HUGRQD bSHUGRQD bQR OR SHQV© \Rߨ \R VR\ XQ LGLRWD XQ
HVWºSLGR ߙQR VDE­D G³QGH PHWHUPHߙ SRU IDYRU QR TXLVH \R QR
QRߨbSHUGRQD
ߙ<D ROY­GDWH UHO¡MDWH WUDQTXLOR WH FRQR]FR \ V© TXH OR GLMLVWH
VLQ TXHUHU (V TXH D YHFHV PH GD PXFKD UDELD QR SRGHU KDFHU OR
PLVPR TXH KDFHQ ORV GHP¡V ߙYROYL³ D EDMDU OD FDEH]D XQ
VHJXQGRߙ SHUR GHVSX©V GH XQ UDWR VH PH TXLWD 7RWDO QR VR\ OD
ºQLFDRWURVWDPEL©QWLHQHQHQIHUPHGDGHVSHRUHVTXHODP­DROHV
SDVDQFXHVWLRQHVP¡VKHDY\<DP­PHWRF³HVWR
7HUPLQ³GHVHFDUVHODVO¡JULPDV\GHDSRFRUHFXSHU³VXVRQULVD
/HWRP©HOKRPEUR\OHKLFHFDUL±RHQHOSHORSDUDPRVWUDUOHTXH
HVWDED DUUHSHQWLG­VLPR GH OR TXH KDE­D KHFKR PLHQWUDV SHQVDED
TXH HOOD XQD YH] P¡V WHQ­D WRGD OD UD]³Q <R TXH WXYH TXH XVDU
PXOHWDV P¡V GH XQ PHV \ DXQTXH HQ QLQJºQ FDVR PH SXHGR
FRPSDUDU FRQ HOOD FRQRF­ DOJR FDVL QDGD HVD UDELD GH OD TXH
KDEODED
6DOLPRVDOSDWLRHOODP¡VWUDQTXLODSHUR\RQRWDQUHODMDGR
&XDQGR­EDPRVHQODPLWDGYROYLPRVDKDEODUGHRWUDVFRVDVFRQ
ODPLVPDFRQILDQ]DGHVLHPSUH
'XUDQWHWRGRHOFDPLQRDODFDVDVHJX­SHQVDQGRHQODWUHPHQGD
GHVXELFDGDTXHPHKDE­DPDQGDGR3HURGHXQDFRVDVRORGHXQD
FRVDQRHVWDEDDUUHSHQWLGRTXHJUDFLDVDPLPHWLGDGHSDWDSXGH
FRQRFHUP¡VDOD-DYL\HVRPHJXVW³PXFKR
91/102

3ULPHUIHVWLYDOLQWHUHVFRODU
GHODFDQFL³Q
(O WHDWUR HUD HQRUPH $GHP¡V FRPR OOHJDPRV WHPSUDQR
SXGLPRVXELFDUQRVHQODPHMRUSDUWH'HOFROHJLRIXHURQFDVLWRGRV
ORVDOXPQRVGHPHGLD\WDPEL©QFDOHWDGHSURIHVRUHV\HQSULPHUD
ILODHOUHFWRUFRQWRGDVXIDPLOLD
'H D SRFR VH IXH OOHQDQGR OD VDOD 0LV DPLJRV \ \R PLHQWUDV
HVSHU¡EDPRV TXH HPSH]DUD QRV GHGLFDPRV D PLUDU D ORV TXH
HQWUDEDQ(QHVRHO*XDW³QVHSDU³GHUHSHQWH\PHGLRWXSLGRGLMR
TXHKDE­DYLVWRDODVWUHVQL±DVTXHLQYLWDURQDOFLQHHVDVPLVPDV
TXHPHTXHG©VLQFRQRFHU
ߙb+H\ 3HODR ߙGLMR HO WDUUR FRQ P¡V GXUD]QRVߙ b9DPRV D
VDOXGDUODV
ߙb$KQRVLQRREYLRDOWRTXHFRPSDGUHߙOHFRQWHVW³©O
ߙ<D0DUW­QH]bS¡UDWHWºWDPEL©Q<DQRWLHQHVQLQJXQDFKLYD
0H KDE­DQ FDO]DGR (UD YHUGDG SDUD HOORV QR WHQ­D QLQJXQD
FKLYD SHUR \R QR HVWDED QL DK­ FRQ ODV DPLJDV QL FRQ QDGD OR
ºQLFR TXH PH LPSRUWDED HUD HO HVFHQDULR \ YHU DSDUHFHU D OD -DYL
FRQVXJXLWDUUD(VWXYHDSXQWRGHQHJDUPHSHURGHVSX©VORSHQV©
XQ SRFR 3RU DOJR SDVDQ ODV FRVDV GLFH OD +RUWH 6L SRU VHJXQGD
YH] WHQ­D OD RSRUWXQLGDG GH FRQRFHU D HVDV QL±DV HQWRQFHV
SRVLEOHPHQWH XQD GH HOODV HVWXYLHUD HVSHUDQGR TXH \R IXHUD VX
SRHWD \ HOOD PL PXVD (VR PH PRWLY³ XQ SRFR DSDUWH WRGDY­D
IDOWDEDSDUDTXHHPSH]DUDHOIHVWLYDODV­TXHIXLFRQHOORV
1R V© F³PR VH ODV DUUHJODURQ HVWRV GRV SDUD XELFDUODV SHUR OD
FXHVWL³QHVTXHGLPRVFRQHOODV\PHODVSUHVHQWDURQDXQTXHFRQ
WRGRHOUXLGRTXHKDE­DDSHQDVR­ORVQRPEUHV
(O *XDW³Q WHQ­D WRGD OD UD]³Q /DV WUHV HUDQ ERQLWDV \ PX\
VLPS¡WLFDVQDGDGHFUH­GDVQLWRQWRUURQDVFRPRRWUDVTXHKHPRV
FRQRFLGR
)XH LPSRVLEOH FRQYHUVDU FRQ WRGD OD JHQWH \ PRYLPLHQWR TXH
KDE­DSRUHVRXQDGHHOODVSURSXVRTXHVDOL©UDPRV
ߙ$IXHUDYHQGHQEHELGDVYDPRV"
7DPEL©Q OD WLHQGD HVWDED OOHQD \ QR SXGLPRV FRPSUDU QLQJXQD
FXHVWL³Q1RQRVTXHG³RWUDTXHVHQWDUQRVHQODHVFDODTXHLEDDO
VHJXQGRSLVRGHOWHDWURDXQTXHWXYLPRVTXHSDUDUQRVDFDGDUDWR
SDUDGHMDUSDVDUDODJHQWH
)XL HO ºOWLPR HQ XELFDUPH SRUTXH QLQJXQR PH KL]R XQ HVSDFLR
SRUHVWDUGHORP¡VFDQFKHURVHQJUXSLHQGR3RUILQXQRVHFRUUL³\
PHVHQW©DOODGRGHOD&DPLOD
ߙ(VYHUGDGTXHHUHVHODXWRUGHODFDQFL³QTXHYDDSUHVHQWDUWX
FROHJLR" ߙPH SUHJXQW³ LQWHUHVDGD 1R HUD WDQ ERQLWD FRPR ODV
RWUDVSHURGHWRGDVPDQHUDVVHQRWDEDEXHQDRQGD
ߙ6­\RIXL
ߙb4X©VHFR
ߙ1XQFDWDQWRߙWUDW©GHSDVDUSLROD
/D7ULQLDV­VHOODPDEDODPHMRUGHODVWUHVHVWDEDVHQWDGDGRV
HVFDORQHVP¡VDEDMRP­RSHURQRV©F³PRLJXDOR\³PLUHVSXHVWD
\VHGLRYXHOWDDOWRTXHSDUDKDEODUPH<RFRQWDQWRUXLGR\P¡V
ELHQFRQHOSHQVDPLHQWRHQHOUHORMDSHQDVOHR­
ߙߨWLHPSߨTXHߨKDFߨ­DV"
ߙ$K"KR\G­D"QRV©ߙOHFRQWHVW©
ߙ(OG­D"TX©G­D)HGH"ߙPHPLU³VLQHQWHQGHUORTXHOHKDE­D
GLFKR9ROYL³DSUHJXQWDU\\RYROY­DQRHVFXFKDURHQYHUGDGD
QRTXHUHUHVFXFKDUߙߨUWHGHߨELUߨFLRQHVDVJXLWߨRDOJºQߨ
PHQWR"
ߙ$K"TXHHOIHVWLYDOYDDHPSH]DUHQFXDOTXLHUPRPHQWR"ߙOH
SUHJXQW© XUJLGR PLU© OD KRUD \ DXQTXH QR KXELHUDQ SDVDGR QL
FLQFR PLQXWRV GHVGH OD ºOWLPD YH] TXH YL HO UHORM PH DVXVW©ߙ
92/102
4X©KRUDHV"ߙGLMH\PHORSXVHHQODRUHMDSHQVDQGRTXHTXL]¡V
VHOHKDE­DDFDEDGRODSLOD
(OODQRPHFRQWHVW³HVRSHURVHJX­DWUDWDQGRGHKDEODUPH\\R
VHJX­DVLQSHVFDUOD
ߙ8Q FXDUWR SDUD ODV RFKR 7UDQTXL FRPSDGUH WUDQTXL ߙPH
JROSH³ OD HVSDOGD HO 3HODR SHUR QR HVWDED SDUD QDGD WUDQTXL DO
UHY©VFDGDYH]PHSRQ­DP¡VQHUYLRVR
$ HVDV DOWXUDV PH GDED OR PLVPR VDEHU HQ TX© FROHJLR HVWDEDQ
TXHFXUVRRF³PRHUDODFDQFL³QTXHSUHVHQWDU­DQ
(OWLHPSRQRSDVDED9ROY­DSUHJXQWDU
ߙ,U¡QDSDUWLUSXQWXDODODVQXHYH"ߙORGLMHDODLUHSRUVLDOJXQR
HVFXFKDEDSHURQRQDGLHPHFRQWHVW³
ߙ)HGH ߙPH KDEO³ OD &DPLOD RWUD YH] SHUR \R VHJX­D LJXDO GH
VRUGRߙHQߨFߨWURߨEOHTXHVDVߨWD"
(O3HODRVHGLRFXHQWDGHTXHGHQXHYRQRODKDE­DR­GRDV­TXH
PH PDQG³ XQD SDWDGD OHYDQW³ ODV FHMDV \ FRQ FDUD GH FKDWR PH
KL]RVH±DVSDUDTXHOHFRQWHVWDUD
/HKLFHFDVRSRUTXHOHHQFRQWU©WRGDODUD]³Q/DSREUHQRWHQ­D
OD FXOSD GH TXH \R HVWXYLHUD HQ RWUD $V­ TXH PH SDU© EDM© ORV
HVFDORQHVPHVHQW©DOODGRGHHOOD\SRQLHQGRFDUDGHLQWHU©VOH
FRQWHVW© DQWHVGHR­UF³PRHOWHDWURVHYHQ­DDEDMRFRQORVDSODXVRVHVWDED
ߙ<DDKRUDSXHGRR­UWHPHMRUTX©PHSUHJXQWDVWH"
ߙ7H HVWDED GLFLHQGR TXH HQFXHQWUR LQFUH­EOH TXH VHDV SRHWD (V
UDURTXHDQXHVWUDHGDGDDOJXLHQVHOHRFXUUDHVFULELUSRHV­DV$
P­PHHQFDQWDQSHURVR\ODºQLFDGHPLVDPLJDV
ߙ(Q YHUGDG" WH JXVWDQ" ߙTXHG© SDUD DGHQWUR FRQ HO
FRPHQWDULR
ߙ6­ ODV OHR \ D YHFHV WDPEL©Q HVFULER SHUR FRPR QR VRQ PX\
EXHQDV QXQFD VH ODV KH PRVWUDGR D QDGLH WRWDO ODV KDJR SDUD P­
SDUDGHVDKRJDUPH\Wº"
ߙ<R"HKߨ\R"
4XHG©FRPRGLFHQHQODVSHO­FXODVHQVKRFNb,QV³OLWRb(VWRV­
TXH QR PH OR HVSHUDED /D PLU© 6­ HUD ERQLWD OH JXVWDED OD
SRHV­D VH QRWDED TXH QR HUD WRQWRUURQD HV GHFLU KDVWD HO
PRPHQWR WHQ­D FDVL WRGR SDUD VHU OD PHMRU \ SHUIHFWD PXVD \
RFXSDU HO SXHVWR TXH WHQ­D YDFDQWH GHVGH OD 6RI­D 3HUR DOJR PH
GLMRTXHDKRUDQRTXHHVHQRHUDHOPRPHQWRDV­TXHPHKLFHHO
XUJLGR\VDO­FRQODW­SLFD
ߙ9R\DOED±R\YXHOYR
b4X©LEDDYROYHU(QYH]GHHVRPHIXLDVHQWDUDODVDOD
$K­ GH SXUR FDQVDGR \ QHUYLRVR PLHQWUDV HVSHUDED HPSHF© D
TXHGDUPHGRUPLGR
(QHVHUDWRVR±©FRPRGLH]VXH±RV8QREXHQR\HOUHVWRSXUDV
SHVDGLOODV FRPR ODV TXH WXYH DQWHV GH OD ILHVWD TXH PH LQYLW³ OD
6RI­D
(VWD YH] HO HVFHQDULR VH KXQG­D \ OD -DYLHUD GHVDSDUHF­D <R
FRUU­D FRPR ORFR \ PH WLUDED GH SLTXHUR SDUD SRGHU VDFDUOD GHO
KR\R SHUR SRU P¡V TXH LQWHQWDED QR SRG­D \ OD -DYL VH DKRJDED
'HVSX©VPHIXLTXHGDQGRVRUGR\DOUDWRFLHJR1RYH­DDQDGLH\
PHQRVDHOODHQWRQFHVPHSRQ­DDJULWDUSHURWDPSRFRPHVDO­DOD
YR]
<DV­WRGRVVDW¡QLFRVKDVWDTXHHQHOºOWLPRSHGDFLWRGHVXH±R
HQXQOXJDUHQRUPHOOHQRGHJHQWHSHURWRGRVVLQFDUD\FRQURSD
QHJUD<RWUDWDEDGHDYDQ]DUEXVFDQGRDDOJXLHQFRQRFLGRSHURQR
YH­DDQDGLHKDVWDTXHHQWUHWRGDHVDPXOWLWXGDSDUHF­DOD-DYLHUD
YHVWLGDHQWHUDGHEODQFRFRPRLOXPLQDGD\IHOL]&XDQGRPHYH­D
PHKDF­DVH±DVSDUDTXHIXHUDGRQGHHOOD/DJHQWHQRPHGHMDED
SDVDU DSDUWH PH GHF­DQ SXUDV FRVDV SHVDGDV 'H UHSHQWH R­D VX
YR]FDQWDQGR/DJHQWHUHDFFLRQDEDDOWLURVHFRUU­D\\RSRG­DLU
3HURMXVWRFXDQGRSRUILQQRVHQFRQWU¡EDPRVVHQW­TXHDOJXLHQPH
]DPDUUHDED
ߙb<D)HGH)HGHQRVWRFDQRVWRFD
ߡb1RV WRFD QRV WRFDߢ VHJX­ UHSLWLHQGR \R PLHQWUDV WUDWDED GH
93/102
GHVSHUWDU
0HVHQW©ELHQ\R­DOSUHVHQWDGRU
&ROHJLR&XDUWR&HQWHQDULRGH/D)ORULGD
7­WXORGHOD&DQFL³Qߡ1RP¡VVLOHQFLRߢ
/HWUD)HGHULFR0DUW­QH]
$UUHJORPXVLFDO+XJR6HSºOYHGD\-DYLHUD5RGU­JXH]
,QW©USUHWH-DYLHUD5RGU­JXH]
(O FROHJLR HQWHUR VH SDU³ D DSODXGLU <R WRGDY­D HVWDED PHGLR
DWRQWDGRHQWUHORVVXH±RVHOQHUYLRVLVPR\ODDQVLHGDG
(QWUDURQDOHVFHQDULR(OODVHQRWDEDGHORP¡VWUDQTXLOD
&DGD XQR VH XELF³ HQ VX OXJDU /D -DYLHUD HQ XQ SLVR \ ODV
PXOHWDVHQRWUR6HDFRPRG³\WRP³ODJXLWDUUD'HVSX©VPLUDURQ
DOSURIHTXHWRFDEDHO³UJDQR\©OOHVGLRODSDUWLGD
6HDSDJDURQFDVLWRGDVODVOXFHV\FRPHQ]³DVRQDUODPºVLFD
1XQFDPHLPDJLQ©ORTXHLEDDVHQWLUFXDQGRSDUWLHUDODFDQFL³Q
$XQTXH OD KXELHUD R­GR PLOHV GH YHFHV HQ ORV HQVD\RV HVR HUD
WRWDOPHQWH GLVWLQWR -DP¡V PH KDE­D SDVDGR QDGD SDUHFLGR 0¡V
TXHODOHWUDODYR]GHOD-DYLPHKDEODED\UHFRUU­DWRGRHOFXHUSR
3ULPHUR VHQW­ IU­R GHVSX©V FDORU \ SRU ºOWLPR TXH QR SRG­D
UHVSLUDUELHQ
&XDQGR OH WRF³ HQWUDU DO FRUR ORV LQVWUXPHQWRV VRQDURQ P¡V
IXHUWH \ D P­ PH GLR XQ DWDTXH GH PRWLYDFL³Q WRWDO 6LQ SHQVDU
QDGD PH SDU© \ PH SXVH D FDQWDU FRQ WRGR VLQ DFRUGDUPH OR
WHUULEOHGHWDUUR\GHVDILQDGRTXHHUD

94/102
 $O SULQFLSLR HO TXH HVWDED DO ODGR P­R PH WLU³ HO SROHU³Q SDUD
TXHQRKLFLHUDHOORFRSHUR\RQLORSHVTX©(QWRQFHVGHDSRFRVH
IXHURQSDUDQGRORVGHP¡VKDVWDTXHHOFROHJLRFRPSOHWRVHSXVR
GHSLHDEDLODU\DVHJXLUODFDQFL³Q
(QODºOWLPDHVWURIDOD-DYLSRUSULPHUDYH]FHUU³ORVRMRVFRPR
ORKDF­DHQORVHQVD\RV1RV©TX©PHSDV³FXDQGRR­GHQXHYRVX
YR]DOJRFDPEL³WRWDOPHQWHHQP­VHQW­TXHPHGDEDODFRUULHQWH
\GHOJROSHORVSHORVGHPLVEUD]RVTXHGDEDQHOHFWULILFDGRV
7HUFHUOXJDUVHJXQGROXJDU
SULPHUOXJDU\JDQDGRU
&XDQGR WHUPLQDURQ HO WHDWUR HQWHUR VH SDU³ D DSODXGLU 7RGRV
ORV TXH HVWDEDQ VHQWDGRV FHUFD P­R PH IHOLFLWDEDQ \ GHF­DQ TXH
QXHVWUD FDQFL³Q HUD OHMRV OD PHMRU (UD REYLR TXH HOORV SHQVDUDQ
HVR SHUR FXDQGR YL TXH HO UHVWR GHO SºEOLFR WDPEL©Q DSODXG­D
HQWHQG­TXHQRORGHF­DQSRUSXUDEXHQDRQGD
9LQLHURQGRVFDQFLRQHVP¡V\SUHQGLHURQODVOXFHV/RVMXUDGRV
VHSDUDURQ\VDOLHURQGHODVDODSDUDVDFDUFXHQWDV\GHILQLUTXL©QHV
HUDQORVJDQDGRUHV
0LHQWUDV HVSHU¡EDPRV OD JHQWH DSURYHFK³ GH VDOLU D KDEODU \ D
PRYHUVH $K­ VH PH DFHUFDURQ DOJXQRV SURIHVRUHV \ HO GLUHFWRU
7RGRVHVWDEDQIHOLFHVFRQORKHFKRHQHOHVFHQDULR
(QYHUGDGDHVDVDOWXUDVDP­TXHJDQ¡UDPRVRQRPHGDEDOR
PLVPR/RºQLFRTXHPHLPSRUWDEDHUDHOODSRUTXHVLHVRSDVDED
VDE­DTXHHVWDU­DGHPDVLDGRIHOL]
7RWDO\R\DWHQ­DHOPHMRUSUHPLRTXHSXHGHUHFLELUXQSRHWDXQD
SRHV­D KHFKD FDQFL³Q \ DGHP¡V FDQWDGD SRU OD YR] GH DOJXLHQ
FRPROD-DYLHUD
(O 3HODR \ HO *XDW³Q RWUD YH] VH IXHURQ D EXVFDU D VXV DPLJDV
0HYROYLHURQDLQYLWDUSHUROHVFRQWHVW©TXHQR
6HJX­VHQWDGRHVSHUDQGRTXHHODQLPDGRUVXELHUDDOHVFHQDULR\
GLHUD HO YHUHGLFWR GHO MXUDGR (VD PHGLD KRUD VH PH KL]R
ODUJX­VLPD 3HQV© GH WRGR TXH SHUG­DPRV \ QRV WLUDEDQ WRPDWHV
TXH JDQ¡EDPRV \ QRV WLUDEDQ IORUHV TXH QRV GHVFDOLILFDEDQ TXH
PH DFXVDEDQ GH KDEHU FRSLDGR OD OHWUDߨ < DV­ PH OD SDV© KDVWD
TXHYROYLHURQDDSDJDUODVOXFHV
95/102
 &RPR HUD VºSHU REYLR \ W­SLFR GH ORV DQLPDGRUHV SDUD SRQHUOH
P¡VVXVSHQVRHPSH]³DKDEODU\DKDEODU'LRODVJUDFLDV\GLMROR
GHVLHPSUHTXHODVFDQFLRQHV\ORVJUXSRVHUDQWRGRVPX\EXHQRV
SRUHVRDORVMXUDGRVOHVKDE­DFRVWDGRPXFKRGHFLGLUTX©FROHJLR
HUDHOJDQDGRU$JUDGHFL³DORVGHODLOXPLQDFL³QORVGHOVRQLGR\
DV­ GLR \ GLR MXJR KDVWD TXH HPSH]DPRV D SLILDUOR 7RGRV
TXHU­DPRVVDEHUOXHJRORVUHVXOWDGRV
+DVWDTXHSRUILQDWLQ³
6HR\³XQDPºVLFDIXHUWHHVDVTXHSRQHQSDUDGDUOHVXVSHQVRD
HVWHWLSRGHFRVDV
0¡VSLILDV\FRQWLQX³ TXHG© PLHQWUDV FXDQWR FRPSDGUH H[LVW­D PH PDQGDED XQRV
ߙ(Q HVWH VREUH WHQJR ODV WUHV FDQFLRQHV JDQDGRUDV \ HQ HVWH ߙ
PRVWU³ RWURߙ ODV PHQFLRQHV KRQURVDV \ RWUDV GLVWLQFLRQHV
&RPHQ]DU©SRUߨߙKL]RWLHPSR\RWUDYH]SLILDPRV
1RPEU³ D GRV FROHJLR TXH WHQ­DQ HO PHMRU DUUHJOR PXVLFDO \ HO
RWUR HO PHMRU LQW©USUHWH 7RGRV DSODXGLPRV /RV SUHPLDGRV
VXELHURQDUHFLELUVXVGLSORPDV
3RUILQSHVF³HOVREUHGHORVJDQDGRUHV
0ºVLFD
&RQ HO PLVPR WRQR \ FDUD TXH SRQHQ ORV DQLPDGRUHV HQ HO
)HVWLYDOGH9L±DHPSH]³ 7­WXORGHODFDQFL³Qߡ1RP¡VVLOHQFLRߢ
7HUFHUOXJDU $UUHJORPXVLFDO+XJR6HSºOYHGD\-DYLHUD5RGU­JXH]
&ROHJLR0DUGHORV=DUJD]RVGHOD5HLQD
7­WXORGHODFDQFL³Qߡ&HOHEUHPRVߢ
/HWUD&ULVWL¡Q3HUDOWD\&RQVXHOR0HULQR
$UUHJORPXVLFDO&ULVWL¡Q3HUDOWD\&RQVXHOR0HULQR
,QWHUSUHWH'ºR&GRV
6H R\HURQ PLOHV GH DSODXVRV GH VX FROHJLR (OORV VXELHURQ FDVL
VDOWDQGRDOHVFHQDULRDUHFLELUORVGLSORPDV
(O WHDWUR HQWHUR HVWDED HQ VLOHQFLR HVSHUDQGR VDEHU ORV GHP¡V
OXJDUHV 6H QRWDED TXH QR KDE­D QLQJXQR TXH QR VH HVWXYLHUD
FRPLHQGRODVX±DVRVRE¡QGRVHODVPDQRV<RDSDUWHGHHVDVGRV
FRVDVUHVSLUDEDFRUWDGR\VHQW­DXQDHVSDGDHQHOHVW³PDJR+DVWD
TXHGHVSX©VGHSRQHURWUDYH]ODPXVLTXLWDHOODWHURGHODQLPDGRU
VLJXL³
6HJXQGROXJDU
&ROHJLR&XDUWR&HQWHQDULRGH/D)ORULGD
&XDQGR R­ HVR DSDJX© WHOH 0H IXL D QHJUR \ DK­ PLVPR PH
WUHPHQGRVJROSHWD]RVHQODHVSDOGD\HQODFDEH]D
(OUHVWRVDOWDED\JULWDEDVLQGHMDUFRQWLQXDUDODQLPDGRU
b%XHQD)HGHbGRORb6DOLPRVVHJXQGRVVHJXQGRV
ߙb6LOHQFLR SRU IDYRU ߙGLMR HO FRPSDGUH DUULED GHO HVFHQDULR
SHURQLQJXQRHVFXFK³
9ROYL³ D UHSHWLU PX\ VHULR TXH QRV FDOO¡UDPRV (VWD YH] V­ OH
KLFLPRVFDVR
6LJXL³FRQORTXHIDOWDED
/HWUD)HGHULFR0DUW­QH]
,QW©USUHWH-DYLHUD5RGU­JXH]
(QWUHORHPRFLRQDGRFRQIXQGLGRQHUYLRVR\GHSXURLQFXOWRQR
VXSH TXH WHQ­D TXH VXELU DO HVFHQDULR KDVWD TXH HQWUH GRV PH
PDQGDURQ XQ JUDQ HPSXM³Q \ FRPR HUD GH HVSHUDU PH FD­ /R
SULPHURTXHSHQV©DQWHVGHSDUDUPHIXHHQHOKXHVRGHOSLH$OR
PHMRU FRQ OD FD­GD VH PH KDE­D YXHOWR D URPSHU \ QR SRGU­D
FDPLQDUSHURLJXDOFRQKXHVRURWRRQRPHSDU©QRW©TXHHVWDED
SHUIHFWR\FRUU­FRQWRGR
96/102
 <D HVWDEDQ DUULED GHO HVFHQDULR HO SURIHVRU ORV GHO FRUR HO ߙ2\H bTX© EU­JLGR F³PR FDQWD WX DPLJD b6H SDV³ HV
FRPSDGUHGHOXNHOHOH\SRUVXSXHVWROD-DYLFRQODFDUDLOXPLQDGD GHPDVLDGREXHQD\ߨELHQERQLWD
GHSXUDIHOLFLGDG ߙ3RUTX©XVDPXOHWDV"ߙOHVDOW³HOPDQ­DOD3DXOD
(ODQLPDGRUQRVIXHDEUD]DQGRXQRSRUXQRPLHQWUDVUHFLE­DPRV ߙ3RUTXH QDFL³ FRQ XQD HQIHUPHGDG \ ODV YD D WHQHU TXH XVDU
HOGLSORPD VLHPSUH
<RWRGDY­DQRUHDFFLRQDED(VWDEDFRPRIORWDQGR1RR­DQLYH­D ߙb$K ߙSDUHFH TXH VH TXHG³ WUDQTXLOD SRUTXH QR VLJXL³
D QDGLH 7DPSRFR SXGH SHQVDU /R ºQLFR TXH ORJU© KDFHU IXH SUHJXQWDQGR
YROYHU D PLUDU D OD -DYLHUD $K­ HVWDEDQ VXV RMRV YHUGHV FRQ ߙb7HQHPRV TXH FHOHEUDUOR ߙGLMR PL PDP¡ߙ )HGH TXLHUHV TXH
SXQWLWRVFDI©VGHQXHYREULOODQWHV\FRQXQDVRQULVDTXHFDVLQROH KDJDPRV XQ DVDGR PD±DQD" 1R WRGRV ORV G­DV XQ PLHPEUR GH
FDE­DHQODFDUD QXHVWUD IDPLOLD HVFULEH XQD FDQFL³Q \ JDQD HO VHJXQGR OXJDU 0L
0HEDM©VRORGHOHVFHQDULRSRUTXHORVRWURVWHQ­DQTXHYROYHUFRQ DPRULQYLWDDWXVDPLJRV\DORVFDQWDQWHVWDPEL©Q
ORVGHP¡VSDUWLFLSDQWHV &RQWRGRORTXHKDE­DYLYLGRVDE­DTXHPHLEDDFRVWDUPXFKR
&XDQGRFDPLQDEDKDVWDPLDVLHQWRODPD\RU­DPHIXHVDOXGDQGR TXHGDUPH GRUPLGR DV­ TXH QL VLTXLHUD PH SXVH HO SLMDPD 6ROR
FRPRVLIXHUDXQDUWLVWDIDPRVR WRP©XQO¡SL]\PHSXVHDHVFULELU
ߡ$SURYHFKD )HGH HVWH PLQXWR GH IDPD \ JORULD TXH HVW¡V
YLYLHQGRߢPHGLMH &X¡QGRLEDDLPDJLQDU
1XQFDVXSHTX©FROHJLRJDQ³SRUTXHFRQORP­RWHQ­DP¡VTXH
VXILFLHQWH TXHPLVYHUVRVLEDQDJXVWDU"
)XH LPSRVLEOH HQFRQWUDUPH FRQ OD -DYLHUD FXDQGR WHUPLQ³ HO 4XHFRQXQDEHOODPºVLFD
IHVWLYDO/DJHQWHQRGHMDEDFDPLQDUDGHP¡VHUDVºSHUWDUGH\PLV
SDS¡V\DHVWDEDQHQODSXHUWDHVSHU¡QGRQRVDPLVKHUPDQDV\DP­
QRVKDU­DQEDLODU"
/R SULPHUR TXH KL]R PL PDP¡ FXDQGR PH YLR VDOLU IXH OORUDU
'HVSX©V QR SDU³ P¡V GH GDUPH EHVRV \ GHFLU TXH OR HQFRQWUDED &X¡QGRLEDDLPDJLQDU
HVSHFWDFXODU \ PX\ PHUHFLGR HO VHJXQGR OXJDU 0L SDS¡ HQ
FDPELR XQ SRFR P¡V WUDQTXLOR SHUR LJXDO PX\ HPRFLRQDGR PH
TXHORVPLVPRVYHUVRV
GLRXQDEUD]RELHQDSUHWDGR XQDYR]KHUPRVD
ߙb)HOLFLWDFLRQHV)HGHULFR(VWR\PX\RUJXOORVRGHWL ORVKDU­DQHQWRQDU"
/D 3DXOD SDUD YDULDU OOHJ³ JULWDQGR \ WDPEL©Q PH DEUD]³ /D
&DWDLJXDOGHDPRURVDDSDUWHGHODEUD]RPHGLRXQEHVR
(Q HO DXWR QR SDUDPRV GH KDEODU GHO IHVWLYDO GH ODV RWUDV
FDQFLRQHVGHF³PRSDUWLFLS³ODJHQWH\VROROD&DWDGLMRDOJRGHOD
-DYLHUD

97/102

/OHJ³VLQSHUPLVR
(VD QRFKH DXQTXH HVWDED VºSHU FDQVDGR QR SXGH GRUPLU
&HUUDED ORV RMRV \ YH­D HO WHDWUR OOHQR GH JHQWH JULWDQGR \
DSODXGLHQGR$OD-DYLHUDDUULEDGHOHVFHQDULRGHPDVLDGRIHOL]$
PLVDPLJRVSURIHVRUHV\DOUHVWRGHOFROHJLRIHOLFLW¡QGRPHSRUHO
VHJXQGROXJDU
2VHDQLQJXQDSRVLELOLGDGGHSHJDUXQRMR
9ROY­DSUHJXQWDUPHXQD\RWUDYH]ORPLVPR GHMDUTXHPHPDQGHQODWUHPHQGDIRFDSRUOODPDUORVWDQWHPSUDQR
&³PR PH LED D LPDJLQDU \R TXH GHVSX©V GH FDVL GRV D±RV GH
KDEHU GHVFXELHUWR PL YRFDFL³Q GH SRHWD \ KDEHUOD PDQWHQLGR HQ
VHFUHWR GH XQ G­D SDUD RWUR OD PHMRU GH PLV SRHV­DV OD KDU­DQ
FDQFL³Q \ OH GDU­DQ HO VHJXQGR OXJDU HQ XQ IHVWLYDO LQWHUHVFRODU
GRQGHSDUWLFLSDURQFDOHWDGHFROHJLRV"
3HQVDQGRHQWRGRHVRHVWXYHKDVWDTXHDPDQHFL³\MXVWRFXDQGR
ORJUDED SRU ILQ HPSH]DU D TXHGDUPH GRUPLGR VHQW­ D PL PDP¡
KDEODUSRUWHO©IRQRFRQWRGDVVXVDPLJDV\FRPRHVWDEDHQOODPDV
UHSLWL³ PLO YHFHV OD PLVPD KLVWRULD TXH WHQ­D XQ KLMR DUWLVWD TXH
KDE­DHVFULWRXQDFDQFL³QHWFHWF<DP­FDGDYH]PHGDEDP¡V
YHUJ¼HQ]DR­UODSRQHUOHWDQWRFRORUDODFXHVWL³Q
b$PRUGHPDGUH3HQV©\R\PLSDS¡WDPEL©Q
ߙb1RVHDVWDQH[DJHUDGD0³QLFDߙORR­GHFLUOH
/ODP³ D PLV DEXHORV GH 7DOFD SDUD FRQWDUOHV <R VDE­D TXH OD
3HSDLEDDHVWDUIHOL]HQFDPELRHOWDWD-XOLRSDUDQDGD/RVTXHV­
HVWDEDQLJXDOGHFKRFKRVIXHURQORVRWURVVXVSDS¡VTXHDGHP¡V
OHRIUHFLHURQWUDHUXQSRVWUHGHUHJDORKHFKRSRUOD,WD
3RUºOWLPRLQYLW³DWRGRVPLVW­RV\SULPRVDODVDGRGHODQRFKH
'HVSX©VHQWU³DPLSLH]DFRQHOWHO©IRQRLQDO¡PEULFRHQODPDQR
/RWDS³\KDEODQGRGHVSDFLRPHGLMR $OD)UDQ\DRWURVFLQFRP¡VGHOFXUVR\SRUºOWLPRDOD-DYL
ߙ)HGH PL DPRU SHUGRQD TXH WH GHVSLHUWH ߙbFRPR VL FRQ WDQWR
HVF¡QGDORKXELHUDSRGLGRGRUPLUDOJRߙODW­D0HFKHTXLHUHKDEODU
FRQWLJR
ߙ0LPDGULQD"ߙOHFRQWHVW©VRUSUHQGLGR
ߙ6­HOOD\HOW­R5DºOTXLHUHQIHOLFLWDUWH/RVOODP©\QRSXHGHQ
FUHHUTXHWHGLHURQHOVHJXQGROXJDU
ߡ%XHQR\RWDPSRFRߢSHQV©
(VSHU³ TXH FROJDUD \ PH SUHJXQW³ VL \D KDE­D OODPDGR D PLV
DPLJRVSDUDGHFLUOHVORGHODFHOHEUDFL³Q
ߙ1RPDP¡DTX©KRUD"VLUHFL©QGHVSHUW©ߙHVRIXHSRUGHFLUߙ
$GHP¡VVRQODVGLH]\SRUPXFKRTXHKD\DPRVJDQDGRQRSLHQVR
3HURWUDQTXLODFRPRDODVGRFHORKDJR
ߙb$K DFX©UGDWH GH DYLVDUOH WDPEL©Q D WX DPLJD OD FDQWDQWH
F³PRVHOODPD"
ߙ-DYLHUD PDP¡ VH OODPD -DYLHUD \ REYLR TXH OH YR\ D GHFLU VL
SRUHOODJDQDPRV
ߙ7LHQHV UD]³Q <D HQWRQFHV ߙVH DJDFK³ SDUD GDUPH XQ EHVRߙ
OHY¡QWDWH\DQGDDODFRFLQDWHSUHSDU©XQGHVD\XQRH[TXLVLWR
(OUHVWRGHODPD±DQDPHGLXQSDUGHYXHOWDVSRUODFDVDKDVWD
TXHIXHURQODVGRFH$OSULPHURTXHOODP©IXHDO4XLTXH9ROYL³D
IHOLFLWDUPH\DOWLURHPSH]³FRQVXVW­SLFDVWDOODVIRPHV
ߙb%XHQD0DUW­QH]$KRUDLQY©QWDWHRWUDSDUDHOIHVWLYDOGH9L±D
\WHILUPRTXHWHGDQODDQWRUFKDRODJDYLRWDGHRUR<ߨF³PR
WHTXHGDU­DHORMRVLDGHP¡VWHSRVWXODQDO1REHO"DK"
ߙb&¡OODWH < GLPH VL YDV D YHQLU R QR ߙOH FRUW© HQ VHFR ODV
WRQWHUDVVLQRWRGDY­DHVWDU­DKDEODQGR
ߙb'HWRGDVPDQHUDVFRPSDGUHQRPHSLHUGRODFHOHEUDFL³QGH
GRQ)HGHULFR1HUXGDMDMDMDߨ
(OVHJXQGRIXHHO3HODRGHVSX©VHO*XDW³QHO&KRFOR\WDPEL©Q
OODP©D&RQWUHUDVTXHPHGLRODVJUDFLDV\PHGLMRTXHHUDVHFR
98/102
 &XDQGRHVWDEDDSXQWRGHPDUFDUSDU©SRUTXHGHXQDVHPHYLQR
HO HVFHQDULR ODV OXFHV PHGLR DSDJDGDV OD FDUD GH HOOD FDQWDQGR
LQVSLUDG­VLPD FRQ VX JXLWDUUD \ߨ \ߨ HVD YR] TXH QR SRG­D
VDFDUPHGHODFDEH]D7RGRHVRIXHVXILFLHQWHSDUDYROYHUDVHQWLU
ORPLVPRTXHODQRFKHDQWHULRUHQHOWHDWUR3ULPHURIU­RGHVSX©V
FDORU (O FRUD]³Q DFHOHUDGR \ SDUD P¡V UHPDWH ODV PDQRV
WUDQVSLUDQGR
4X© RQGD" TX© PH SDVDED" 1R HQWHQG­D 6RQ SXUDV WRQWHUDV
P­DVSHQV©\WRP©HOWHO©IRQRGHQXHYR3HURLPSRVLEOHRWUDYH]
SDU©
b<D)HGHOODPDOODPDHVWXDPLJDSRUTX©WDQQHUYLRVR"
3HUR LJXDO HQFRQWUDED UDUR VHQWLU ODV PLVPDV FXHVWLRQHV TXH
FXDQGR VR±DED GHVSLHUWR FRQ OD $QLWD R HVWH D±R FRQ OD 6RI­D \
HVR PH LQVSLUDED $KRUD WRGR OR TXH PH HVWDED SDVDQGR HUD P¡V
IXHUWH SHUR QR PH FDO]DED SDUD QDGD /DV RWUDV GRV KDE­DQ VLGR
PLVPXVDVHQFDPELROD-DYLHUDVLHPSUHKDVLGRPLDPLJDQRPL
PXVD
(V YHUGDG TXH FRQ HOOD PH VLHQWR F³PRGR UHODMDGR \ SRGHPRV
FRQYHUVDUXQPRQW³QGHFRVDVTXHODKHLGRFRQRFLHQGRFDGDYH]
P¡V TXH FXDQGR OD PLUR V© DOWLUR VL HVW¡ FRQWHQWD R SRU OD
H[SUHVL³QGHVXVRMRVVLHVW¡WULVWH7DPEL©QV©ORTXHOHGDUDELD\
ORTXHODKDFHOORUDU
3HUR DXQTXH HVWXYLHUD DV­ GH FRQIXQGLGR LJXDO WHQ­D TXH
OODPDUOD(QWRQFHVWRP©GHQXHYRHOWHO©IRQR\PDUTX©
ߙ$O³"(VW¡OD-DYLHUD"
ߙ6­GHSDUWHGHTXL©Q"ߙSRUODYR]SDUHF­DTXHHUDVXKHUPDQD
FKLFD
ߙ'H )HGHULFR ߙGLMH GH OR P¡V QDWXUDO DXQTXH VHJX­D FRQ HO
PLVPR IU­R $GHP¡V PH YLQR GH UHSHQWH HVD W­SLFD SXQWDGD HQ OD
JXDWDTXHWDPEL©QFRQRF­DGHPHPRULD
ߙ7ºHUHV)HGHULFR"HOSRHWD"HOTXHOHHVFULEL³ODFDQFL³QD
OD-DYL"
ߙ6­VR\\RߙߡHOTXHHVFULEL³ODFDQFL³QDOD-DYL"ߢPHUHSHW­HQ
VLOHQFLR \ DO WRTXH PH SDV³ DOJR P¡V UDUR WRGDY­D $OJR TXH QR
DOFDQF© D HQWHQGHU SHUR TXH GH XQ VHJXQGR D RWUR PH GHM³ SHRU
TXHDQWHVP¡VQHUYLRVR\FRQIXQGLGR
ߙb-DYL-DYL-DYLHV)HGHULFRDSºUDWHߙODR­JULWDU
ߙb$O³ߙFRQWHVW³GHORP¡VUHODMDGD\WUDQTXLOD3HUR\RGHSXUR
WXSLGRPHWUDE©\QRSXGHKDEODUߙb$O³DO³)HGH"ߙUHSLWL³
ߙb(KV­V­ߨDO³-DYLHUD"
ߙb+ROD&³PRDPDQHFLVWH"
ߙ%LHQELHQ(QYHUGDGQRQRWDQELHQ
ߙ1RHQWLHQGRELHQRPDO"
ߙ(Vߨ HV TXH QR DPDQHF­ PXFKR SRUTXHߨ SRUTXH FDVL QR
GRUP­ߙOHFRQWHVW©FRPRSXGH
ߙ(Q YHUGDG" <R WDPSRFR &HUUDED ORV RMRV \ YROY­D D YHU HO
WHDWURODJHQWH2­DORVDSODXVRV\WRGR
ߙ(VTXHIXHEU­JLGRORTXHSDV³D\HUߙVLOHQFLRߙ2\HߨR\HOR
TXHSDVDRVHDTXHߨWHOODPRSDUDߨSDUDLQYLWDUWHDPLFDVDHQ
ODQRFKH$PLPDP¡VHOHRFXUUL³KDFHUXQDVDGRGHFHOHEUDFL³Q
3XHGHV"RVHDߨTXLHUHVYHQLU"
ߙb4X©EDF¡QGHWRGDVPDQHUDVYR\$TX©KRUD"
ߙ&RPRDODVRFKR\PHGLDQXHYHb$K-DYLߙDK­PHDFRUG©ߙ
VLTXLHUHVSHURVLTXLHUHVQRP¡VQRHVREOLJDFL³QSXHGHVLQYLWDU
DORVGHP¡VTXHFDQWDURQߙ2WUDFXHVWL³QUDUDTXHPHSDVDEDSRU
TX©ORGLMH"TX©ULG­FXOR"FXDQGRVHVXSRQ­DTXHHOORVWDPEL©Q
HUDQSDUWHGHOFXHQWR
ߙb<DQRV©GHDK­YHRߙ\RFUHRTXHDHOODWDPSRFRODPRWLY³
PXFKRTXHYLQLHUDQ
1RVGHVSHGLPRV\FRUW©
(O FRUD]³Q VH PH YROYL³ D DFHOHUDU SHUR \D QR WHQ­D QL IU­R QL
FDORU (VWD YH] HPSHF© D UH­UPH VROR (VWDED IHOL] VºSHU IHOL]
DXQTXHQRVXSLHUDSRUTX©SHURPHVHQW­DIHOL]DOP¡[LPR
&RQIXQGLGR \ WRGR WUDW© GH HVFULELU DOJR SHUR QR KXER FDVR
99/102
QLQJXQDSDODEUDFDO]DEDFRQODRWUD
,PSRVLEOHQRSRG­DFRQFHQWUDUPHHQRWUDFRVD1RSRG­DVDFDUPH
GHODFDEH]DORTXHPHKDE­DGLFKRODKHUPDQDFKLFDGHOD-DYLHUD HVHTXHGDSD]DOFRUD]³Q
ߡ(O TXH OH HVFULEL³ OD FDQFL³Q D OD -DYL"ߢ $ FDGD UDWR YROY­DD
YHUOHODFDUD\DR­UODFDQWDU&RPRQRSDV³QDGDFRQODHVFULWXUD
PH WHQG­ HQ OD FDPD FHUU© ORV RMRV \ VLQ GDUPH FXHQWD HPSHF©
GHVDILQDGR \ WRGR D FDQWDU FRPR VL HVWXYLHUD FRQ HOOD HQ HO
HVFHQDULR
/RHVWDEDKDFLHQGRSHUIHFWRKDVWDTXHWHUPLQ©ODºOWLPDHVWURID
\SDU©/DUHSHW­\GHQXHYRSDU©$ODWHUFHUDYH]VHQW­FRPRVL
PH KXELHUDQ WLUDGR XQ EDOGH GH DJXD IU­D 1R QR IU­D SDUD VHU
H[DFWRFRQJHODGD
b$K­HVWDEDb(QPLQDUL]<\RHOPX\EDUVDQRORKDE­DYLVWR
&³PR WDQ JLO WDQ SDYR \ FLHJR" 3RU ±XUGR \ DPHUPHODGR PH
HVWDEDSDVDQGRORPLVPRGHVLHPSUHFXDQGRQRHQFXHQWURDOJRHQ
OD FDVD 3RU P¡V TXH EXVFR QR KD\ FDVR QR DSDUHFH KDVWD TXH
OOHJDOD+RUWHRPLPDP¡\HQGRVVHJXQGRORHQFXHQWUDQMXVWRDO
IUHQWH P­R MXVWR MXVWR GRQGH \R SDV© YHLQWH YHFHV \ QR YL (VWR
HUDH[DFWDPHQWHLJXDOSHURODTXHPHKDE­DDELHUWRORVRMRVHVWD
YH] HUD XQD QL±LWD XQD LQRFHQWH QL±D FKLFD (OOD GH SXUR EXHQD
RQGDPHPRVWU³VLQGDUVHQLFXHQWDODYHUGDG/DP¡VSXUD\WRWDO
YHUGDG ORV YHUVRV GH HVD HVWURID PH ORV KDE­D LQVSLUDGR VROR OD
-DYL OD TXH KDVWD HVH G­D KDVWD KDFH PHGLD KRUD KDE­D SHQVDGR
TXHHUDPLDPLJD
2EYLRP¡VTXHREYLRSRUHVRHUDWDQWDPLIHOLFLGDGSRUHVRORV
IU­RVORVFDORUHVWDQWRWUDQVSLUDU\GHP¡VFXHVWLRQHVUDUDV3RUILQ
FD­DSRUILQHQFRQWUDEDDPLPXVD/D-DYLHUD\QLQJXQDRWUDHUD
FRPRGLFHQORVºOWLPRVYHUVRVGHPLFDQFL³QHOYHUGDGHURDPRU
0LYHUGDGHURDPRU ߙb)HGHEDMDYHQDD\XGDUPHFRQHOIXHJR
(VSHUDQ]DDºQWHQJR
HQHOYHUGDGHURDPRU
HVHTXHOOHJDVLQSHUPLVR
6XH±RTXHDOJºQG­D
GRVRMRVEHOORV\XQDGXOFHYR]
GHQVXSHUPLVRSDUDDPDUORV
\HQWUHJDUOHVWRGRORTXHVR\
3RU ILQ HQWHQG­D TXH DV­ WHQ­D TXH VHU TXH DV­ GHE­DQ VHU ODV
PXVDVQRVRORIDQWDV­DVHLPDJLQDFL³QVLQRDOJRUHDOFRPRHVHO
DPRUGHYHUGDG1DGDFRQODWRQWHUDGHVDOLUDEXVFDUODVSRUDK­
1RHOODVOOHJDQVLQGDUVHFXHQWDDWUDQVIRUPDUORDXQR\DV­MXVWR
DV­OD-DYLHUDKDE­DOOHJDGRDPLYLGD)LQDOPHQWHGHVFXEU­TXHOR
TXHVHQW­DHUDSD]ODSD]TXHORSRQHDXQRP¡VFRQWHQWRTXHQR
V©TX©
b8ITX©KDF­DDKRUDFRQHVWR"
(QWRQFHVGHUHSHQWHPHDFRUG©GHODPD±DQDHQODTXHGHVSHUW©
FRQODVHJXULGDGWRWDOGHTXH\RKDE­DQDFLGRSRHWD\DV­PHLEDD
PRULU&RQODPLVPDFHUWH]DPHGLMHTXHHVWDYH]QRLEDDIDOODU
(VWDYH]GDU­DKDVWDPLYLGDVLHUDQHFHVDULRSRUORTXHVHQW­D
b)LORFRQODVWRQWHUDV%DVWDGHSHUGHU\SHUGHUWLHPSR
0HVHQW©HQODFDPDFRQODILUPHHLQDPRYLEOHGHFLVL³QOHYR\D
SHGLUSROROHR
(VWDED HQ HVH PRPHQWR WUDVFHQGHQWH FXDQGR R­ OD YR] GH PL
SDS¡
b4X© ODWD 3HUR WHQ­D TXH VDEHU LU WRWDO OD FHOHEUDFL³Q HUD SDUD
P­
,ED HQ OD PLWDG GH OD HVFDOHUD \ FKDQW© HQ VHFR SRUTXH PH
100/102
HPSH]DURQDYHQLUXQDWUDVRWUDODVW­SLFDVSUHJXQWDVLGLRWDV URJDU DO UHY©V IHOL] OD WRP³ /H GLR XQRV WRTXHV SDUD DILQDUOD \
<VLOD-DYLQRHVW¡QLDK­FRQVHUPLSROROD"<VLOHJXVWDRWUR
RPHHQFXHQWUD±R±R"<VL\VLߨb1RQR\QR0RY­ODFDEH]D
SDUD TXH ODV WRQWHUDV TXH HVWDED SHQVDQGR VH IXHUDQ 1R YR\ D
DUUXJDU1RSLHQVRDUUXJDU/RKDJR\ORKDJR
0LHQWUDV YH­D HO IXHJR WDPEL©Q FRUU­ ODV VLOODV \ SXVH OD PHVD
SHURHQQLQJºQPLQXWRGHM©GHSHQVDUHQORTXHLEDDKDFHUQLHQOD
GHFLVL³QTXHKDE­DWRPDGR
ߙb<D SXHV KLMR 3RU IDYRU FRQF©QWUDWH HQ OR TXH KDFHV 7UHV
YHFHVPHKDVVDOSLFDGRFKLVSDVHQODFDPLVD\VLVLJXHVDV­YR\D
WHUPLQDUVLHQGR\RHOFDUE³QߙPHUHW³FRQWRGDUD]³QPLSDS¡
7UDW©SHURQRSRG­D
3RUILQVRQ³HOWLPEUH(UDHO4XLTXH$OUDWROOHJ³HO&KRFOROD
)UDQ&RQWUHUDV\MXQWRFRQHO3HODROD-DYLHUD
/D YL HQWUDU \ OD YLVWD VH PH IXH GH XQD D VXV RMRV YHUGHV FRQ
SXQWLWRV FDI© 1RV VDOXGDPRV FRQ XQ EHVR $K­ SRU XQ VHJXQGR
PHYROYL³DGDUFDORU\DOJRGHHVHGRORUGHJXDWD
/D OOHY© D OD WHUUD]D VH OD SUHVHQW© D PLV SDS¡V \ OH WUDMH XQD
EHELGD<RVHJX­VDOXGDQGRDORVGHP¡VLQYLWDGRVTXHOOHJDEDQ
7RGRHOUDWRPHSUHJXQWDEDQFRVDVGHODVSRHV­DVGHODFDQFL³Q\
HVDV FXHVWLRQHV (VWDED FKDWR GH FRQWHVWDU SHUR PL YR] LQWHULRU
YROYL³ D DSDUHFHU \ PH GLMR ߡ)HGHULFR HVWH HV HO SUHFLR GH OD
IDPD DV­ TXH VLJXH QR P¡Vߢ /R TXH V­ HVWXYLHUD FRQ TXL©Q
HVWXYLHUDVLHPSUHODPLUDED\HOODDP­
1R V© F³PR KDEU¡ TXHGDGR OD FDUQH SRUTXH DXQTXH \R HUD HO
IHVWHMDGRHQWUHWDQWRDWHQGHU\VHUYLUQRDOFDQF©DSUREDUOD6ROR
PH FRP­ GRV FKRULSDQHV SHUR HVD QRFKH OD FRPLGD QR IXH WHPD
SDUDP­/RTXHV­VLHPSUHPHSUHRFXS©GHTXHOD-DYLWXYLHUDGH
WRGR
&XDQGRWHUPLQDPRVGHFRPHUOD&DWDVHSDU³\IXHDEXVFDUXQD
JXLWDUUDTXHQRV©GHG³QGHVDF³6HODGLRDOD-DYLSDUDTXHQRV
FDQWDUD OD FDQFL³Q 1XHVWUD FDQFL³Q SHQV© (OOD QR VH KL]R GH
HPSH]³
1ROHVDTX©ORVRMRVGHHQFLPD1RYLQLR­QDGDP¡VTXHVXYR]
&DQW³ WDQ ELHQ R PHMRU TXH HQ HO IHVWLYDO R FXDOTXLHUD GH ORV
HQVD\RV
(QODºOWLPDHVWURIDVHQW­TXHGHQXHYRVHPHSDUDEDQORVSHORV
GHO EUD]R \ HQ YH] GH SRQHUPH QHUYLRVR \ HVDV FXHVWLRQHV PH
FRQYHQF­ P¡V WRGDY­D GH TXH HO VXH±R GHO TXH KDEODED HQ PLV
YHUVRV HVH TXH FRPSDUWLPRV ORV SRHWDV HQ P­ VH KDF­D SRU ILQ
UHDOLGDG3HURQHFHVLWDEDXUJHQWHGHF­UVHORDHOOD
$SODXGLHURQ FRQ WRGR 6H DFHUFDURQ D IHOLFLWDUOD SRU OD YR] \D
P­ SRU OD OHWUD 'HVSX©V PL PDP¡ VDF³ OD WRUWD \ \R WXYH TXH
VHJXLUG¡QGROHWHPDDORVLQYLWDGRVKDVWDTXHSRUILQHPSH]DURQD
LUVH
(OOD VHJX­D VHQWDGD GH OR P¡V FRQWHQWD FRQYHUVDQGR FRQ PL
KHUPDQD &³PR OD VDFDED GH DK­ SDUD TXH OD &DWD QR VH GLHUD
FXHQWD"
(VSHU©SRUVLDFDVRSHURQDGDb<DbTX©LPSRUWDPHSDU©\IXL
DEXVFDUODQRP¡VWRWDO\DPHGDEDORPLVPRORTXHSHQVDUDQ
ߙ-DYLTXLHUHVFRQRFHUODSOD]DTXHKD\DTX­HQHOFRQGRPLQLR"
ߙ/DSOD]D"
ߙ6­bYDPRVߙOHFRQWHVW©FRPRVLIXHUDXQDRUGHQSHURQRVHGLR
FXHQWD
ߙ<DߙWRP³VXVPXOHWDV\PHVLJXL³
6DOLPRV
/DD\XG©SDUDTXHQRVVHQW¡UDPRVHQHOSDVWR
$O SULQFLSLR HVWDED WDQ QHUYLRVR TXH KDEO© QR V© GH TX© SHUR
KDEO©\KDEO©(OODFRPRVLHPSUHGHEXHQDRQGDFRQWHVWDEDWRGR
\ VH UH­D 3RU ILQ FRQW© KDVWD WUHV UHVSLU© SURIXQGR \ ELHQ
GLVLPXODGR OH WRP© XQD PDQR 1XQFD OR KDE­D KHFKR SHUR FRPR
HQODVSHO­FXODVVDOHDFDGDUDWR\DVDE­DF³PRKDFHUOR
1RGLMRQDGDVROREDM³ODFDUD/HHQFRQWU©WRGDODUD]³QSRUTXH
101/102
\R KDEU­D KHFKR OR PLVPR HQ VX FDVR 6HJX­ SHQVDQGR HQ ORV 9ROY­DVHQWLULJXDOGHU¡SLGRHOFRUD]³Q6HQW­HOPLVPRIU­R\HO
JDODQHVGHODVSHO­FXODVTXHHQHVWHWLSRGHVLWXDFLRQHVODOOHYDQ\ PLVPR FDORU SHUR HVWD YH] QR IXH SDUD QDGD GHVDJUDGDEOH QL PH
KDFL©QGRPHHOTXHVHODVVDE­DWRGDVOHKDEO© DVXVW© DO UHY©V HVWDED IHOL] GHPDVLDGR IHOL] /D ULVD PH VDO­D
ߙ-DYL \R \R TXLHUR TXLHURߨ SHGLUWHߨ QR HQ YHUGDG TXLHUR FRPRGHODJXDWD\PHOOHJDEDKDVWDODERFD(OODWDPEL©QVHUH­D
GHFLUWHߙ$K­ODSHO­FXODVHPHHPSH]³DSRQHUERUURVD\PHYROY­ FRQODVPLVPDVJDQDV
DWUDEDU /D -DYL DKRUD QR VROR HUD PL SROROD VLQR TXH VHU­D GHVGH HVD
ߙ3HGLUPHTX©)HGH"ߙDKRUDHUDHOODODTXHPHPLUDED WDUGH GHVGH HVH G­D TXH MDP¡V VH ERUUDU¡ GH PL PHPRULD PL
ߙ%XHQR HK SHGLUWH TXH TXH R VHD TXH VL Wº TXLHUHV D OR LQVSLUDFL³QODPXVDGHPLVVXH±RV/DTXHHQWU³VLQSHUPLVR\PH
PHMRUߨVHUPLSRORODߙb<DORGLMH URE³HOFRUD]³Q
6HTXHG³FDOODGD\YLF³PRVHOHSRQ­DQORVFDFKHWHVURMRV$P­
VHPHDFDE³ORGHJDO¡QSRUTXHQRVXSHTX©KDFHU(QXQVHJXQGR
PH SDV© PLOHV GH SHO­FXODV TXH XQD YH] P¡V PH KDE­D PDQGDGR
XQ SDVWHOD]R TXH VH LED D UH­U GH P­ TXH PH PDQGDU­D TXL]¡V D
G³QGHTXHTXHTXH3RUºOWLPRHUDREYLRSHQVDUTXHGHVSX©V
GHWDQWRVLOHQFLRODUHVSXHVWDVHU­DQR
0H KDEU­D LGR FRUULHQGR SHUR ORV KRPEUHV QR QRV DUUDQFDPRV
PHQRV ORV SRHWDV 1RVRWURV YDPRV FRQ WRGR KDVWD ODV ºOWLPDV
FRQVHFXHQFLDVDXQTXHTXHGHPRVGHVWUXLGRV3RUHVR\RPHLEDD
TXHGDUSDUDR­UORTXHIXHUDWRWDOHOVXIULPLHQWR\ODGHVLOXVL³Q\D
VRQSDUWHGHPLYLGD$XQTXHSHUGHUDOD-DYLIXHUDORSHRU\P¡V
WULVWHTXHPHSDVDUD\DHVWDEDMXJDGR
)LQDOPHQWHPHFRQWHVW³
ߙ)HGH\RߨV­V­V­TXLHURVHUWXSROROD
1RSRG­DFUHHUORTXHHVWDEDR\HQGR
b6­PHKDE­DGLFKRTXHbV­
/DPLU©GHQXHYR\HOODDP­6LQRKXELHUDVLGRPX\GHVXELFDGR
GHPLSDUWHKDEU­DSHJDGRXQVDOWR
/HKLFHXQSRFRGHFDUL±RHQHOSHOR\GHVSX©VHQODFDUD
$KRUDYHQ­DODPHMRUSDUWHGHODVSHO­FXODV
6LQVROWDUOHODPDQRPHDFHUTX©FHUU©ORVRMRV\OHGLXQEHVRHQ
ODERFD(OSULPHUEHVRGHPLYLGDHOEHVRP¡VLPSRUWDQWHGHPL
YLGD

102/102