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FDUWDV ODV YROYtDQ ORFDV 'H KHFKR FDGD FLHUWD FDQWLGDG GH GHUHFKD FRPR PXHUWD FUH\HURQ TXH VH KDEtD ODVWLPDGR
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&DtD FRPR XQD OOXYLD GH JRORQGULQDV PXHUWDV \ D HOODV VH 'HVFRQRFtDQ TXH VH KDEtD SDVDGR OD QRFKH IDOVLILFDQGR
VXPDEDQWHURVJRUULRQHVSDORPDV6RORFDGDWDQWRVDxRV ILUPDV HQWUH HOODV PXFKDV FRUUHVSRQGLHQWHV D ORV QRPEUHV
SHUR GXUDQWH XQ PHV HQWHUR ³/D ,VOD GH ODV &DUWDV GH ORV DOXPQRV TXH OH SUHJXQWDEDQ TXp OH KDEtD SDVDGR
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(Q HVRV FDVRV Vt ORV JXDUGLDV GHO %DOGHVDUUH \ FRQ HOORV TXH SHUWHQHFtDQ D SHUVRQDV UHDOHV SHUR TXH QXQFD KDEtDQ
7RULELR\DX[LOLDUHVHQYLDGRVSRUHO0LQLVWHULRGH(GXFDFLyQ SDVDGR SRU HO LQVWLWXWR FRPR ORV GRV GHVDIRUWXQDGRV
²SRUTXH ORV GHO %DOGHVDUUH QR GDEDQ DEDVWR² VH DVLVWHQWHV DO FXPSOHDxRV GH ODFDVD GH OD FDOOH 8ULEXUXTXH
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SiMDURV < XQD YH] TXH KDEtDQ TXLWDGR KDVWD OD ~OWLPD YLHMRVWUXFRVGHPDJLD
SOXPD PXHUWD YROYtDQ DOOt ODV JRORQGULQDV ORFDV VROWDQGR
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FRQRFLGRFRPRHO³0DQLFRPLRGH0DU6HUHQD´

20/45
SXHVWRGHGLUHFWRU
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HO EDUULR GH 2QFH \ HQ HO ,QVWLWXWR %DOGHVDUUH VH FRQWLQXy IDOWDQWH ³3RU HVR PH UDVFR FRQ OD ~QLFD XxD ODUJD TXH PH
KDEODQGR GH 'HQWROLQL /RV QDUUDGRUHV GH VXV KD]DxDV VH TXHGD´ (VWD \ RWUDV GHVFRQFHUWDQWHV DQpFGRWDV FRQWDED HO
GLYLGHQ HQWUH TXLHQHV GLFHQ TXH VX IXJD GHO %DOGHVDUUH VHxRU 0LHOH SDUD H[SOLFDU D 'HQWROLQL \ D ORV WUHVFLHQWRV
HVWXYR PRWLYDGD SRU HO GHVHR GH GDU XQ FLHUUH SHUIHFWR DO FLQFXHQWD DOXPQRV TXH WDQ DPDEOHPHQWH KDEtDQ UHTXHULGR
SODQ GH FRQYHUWLU D 0DWtDV HQ /XFDV \ TXLHQHV SRUILDEDQ OD SUHVHQFLD GHO SURIHVRU TXH ODPHQWDEOHPHQWH VHUtD
TXH OD YHUGDGHUD PRWLYDFLyQ GH 'HQWROLQL HUD FDPELDU GH LPSRVLEOH GHMDUOR SDUWLU \D TXH QR VH HQFRQWUDED HQ ODV
VLWXDFLyQ \D KDFtD DxRV TXH WHQtD WUHFH TXH FXUVDED HO PtQLPDVFRQGLFLRQHVGHFRUGXUDQHFHVDULDV
PLVPRFXUVR\TXHYLYtDHQHOPLVPRLQVWLWXWRHQODPLVPD 3HUR \D IXHUD SRU VXV GHVHRV GH FDPELDU GH
FLXGDG GHVRODGD MXQWR D XQ SDUTXH VLHPSUH FODXVXUDGR < FLUFXQVWDQFLDV R SRU FHUUDU UHGRQGDPHQWH HO SODQ GH
TXLHQHV VRVWLHQHQ TXH VX LPSXOVR FHQWUDO IXH GDU XQD FRQYHQFLPLHQWRGH0DWtDVWRGRVORVQDUUDGRUHVFRLQFLGHQHQ
SXQWDGD ILQDO DO SODQ DUJXPHQWDQ TXH WHQHU VLHPSUH OD TXH 'HQWROLQL VH JXDUGy OD FDUWD GH 0LFOH HQ HO EROVLOOR GHO
PLVPD HGDG \ SHUWHQHFHU DO PLVPR FXUVR QR HUD SDUD SDQWDOyQJULVGHOXQLIRUPHGHO%DOGHVDUUH\VHGHMyLOXPLQDU
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VRO OXHJR GH KDEHU OHtGR OD FDUWD GH UHVSXHVWD GHO FRQFLHQFLDGH0DWtDV%DGHQ"3RUTXHODLGHDTXHVHOHKDEtD
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GHPRUDGR OD UHVSXHVWD \ VH GLVFXOSDED GREOHPHQWH SRU QR (Q ORV UHFUHRV SRVWHULRUHV 'HQWROLQL VH DFHUFy
SRGHU GDU XQD UHVSXHVWD SRVLWLYD /D FDXVD GH OD GHPRUD SHOLJURVDPHQWH D OD ,VOD GH ODV &DUWDV 5HFKD]DGDV 1R HUD
KDEtD VLGR OD HYDOXDFLyQ GHO SURIHVRU ORFR (QULFR )LQHR XQVLWLRTXHORVDOXPQRVYLVLWDUDQQLVLTXLHUDSDUDGLVIUXWDU
TXLHQFRQWLQXDEDLQWHQWDQGRUDVFDUVHORVJUDQRVGHODIUHQWH GHO ULHVJR 3HUR 'HQWROLQL QR HUD XQ DOXPQR PiV ¢'yQGH
FRQ HO GHGR TXH OH IDOWDED \ DVHJXUDQGR TXH H[LVWtD RWUD PHWtDQ ORV FDGiYHUHV GH ORV SiMDURV TXH FDGD WDQWRV DxRV
PLWDGGHOD7LHUUDGRQGHORDJXDUGDEDQVXGHGR\XQQXHYR YHQtDQDPRULUHQEDQGDGDVFD\HQGRFRPRIUXWDVSRGULGDV

21/45
HQWUH HVDV FDUWDV UHFKD]DGDV" 'HILQLWLYDPHQWH QR ORV 0DQLFRPLR GH 0DU 6HUHQD OH KDEtD UHVSRQGLGR $Vt IXH TXH
TXHPDEDQ FRPR DO UHVWR GH OD EDVXUD SRUTXH OR KXELHUDQ 'HQWROLQL YLVLWy D 0DFFLROH XQD QRFKH \ OH VXJLULy
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PXHUWRV HQ SDUWH SRUTXH OH LQWHUHVDED \ HQ SDUWH SRUTXH GHOFXHOORGH0DWtDV%DGHQ
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REVHUYDQGR FRQ XQ WHOHVFRSLR QR SRGUtD GHGXFLU QL SRU XQ 0DFFLROH
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UHODFLRQDGD FRQ XQ SODQ GH IXJD &XDOTXLHU DOXPQR KXELHUD UHVSRQGLy 'HQWROLQL² 3HUR PLHQWUDV ORV SUHFHSWRUHV ORV
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HUD HO OtPLWH FRQ HO SDUTXH SHUR WRGRV VDEtDQ TXH QDGLH FDHUi$KRUDTXH\DORWHQHPRVYHVWLGR\FRQHOSHORFRPR
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LQVWLWXWRHOGLUHFWRUORVSURIHVRUHV\ORVDOXPQRVWHQtDQVXV 'HQWROLQL FHUUy VX GLVFXUVR VLQ GHPDVLDGDV DFODUDFLRQHV
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HVFDSH ODV JRORQGULQDV IXULRVDV ORV SiMDURV PXHUWRV \ ORV FXDOTXLHUFRVD
SDSHOHV HVWDQFDGRV HUDQ VXILFLHQWH VHJXULGDG 3HUR SDUD 0DFFLROH\DKDEtDDYDQ]DGRGHPDVLDGRFRPRSDUDHFKDUVH
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PXFKR TXH JUD]QDUDQ \ UHYRORWHDUDQ FRPR YHQWLODGRUHV LQWHQWR GH IXJD /D KXLGD DO SDUTXH HUD RWUD FRVD QR VH
VDOLGRV GH VX HMH QXQFD KDEtDQ SLFRWHDGR D QLQJXQD FRQVLGHUDED XQD IXJD tQWHJUD \ SRU OR WDQWR QR SHVDED HO
SHUVRQD/RVSiMDURVPXHUWRVQRHUDQPiVTXHHVR PLVPR FDVWLJR DXQTXH HO ~QLFR DOXPQR TXH OR KDEtD
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SRUHVRVSiMDURVHQIHUPRVTXHFDtDQWRGRVMXQWRVPXHUWRV XQD WUDQVJUHVLyQ PHQRV JUDYH SRUTXH VH VXSRQtD TXH HO
HQ HO FHPHQWHULR GH FDUWDV 'HQWROLQL QR SDGHFtD GH DOXPQR UHJUHVDED HVD PLVPD QRFKH $GHPiV OD HQRUPH
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OHKDEtDHQYLDGRQLQJXQDDVXVSDGUHV/DVTXHOHHQYLDEDD (QFDPELRVLDOJ~QDOXPQRIDOWDEDDGRUPLURVHDOHMDED
VXWtDVRUGRPXGDFXPSOtDQSUROLMDPHQWHFRQVXIXQFLyQ'H PiV DOOi GH OD FLUFXQIHUHQFLD GHO SDUTXH HO FDVWLJR HUD OD
KHFKR KDVWD HO UHVSRQVDEOH GH 5HODFLRQHV 3~EOLFDV GHO H[SXOVLyQ < OD SDUWLGD GHO %DOGHVDUUH SDUD XQ DOXPQR GHO

22/45
TXH ORV SDGUHV QR VH TXLVLHUDQ KDFHU FDUJR VLJQLILFDED HO FRPSURPHWLGRFRQ'HQWROLQL\OHUHVXOWDEDLPSRVLEOHGHFLUOH
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HVQDWXUDOWHQtDXQQRPEUHSHURORVDOXPQRVORLJQRUDEDQ ¢3DUDTXpQHFHVLWDED'HQWROLQLD0DFFLROHHQVXDYHQWXUD"
6yOR KDEtD VLGR WUDVODGDGR XQ WDO 1RGLD 'HVSXpV GH GRV 3RU OD DSDULHQFLD 'HQWROLQL FRQWLQXDED SDUHFLHQGR XQ FKLFR
DxRV UHJUHVy DO %DOGHVDUUH 6H WUDWDED GH XQ YHUGDGHUR GHWUHFHDxRV6LVHSUHVHQWDEDVRORDQWHODVDXWRULGDGHVGHO
EUDYXFyQ PROHVWDED D RWURV DOXPQRV \ WDPELpQ D ORV PDQLFRPLR LQFOXVR DQWH HO SURIHVRU SUREDEOHPHQWH QL
SURIHVRUHV 6H KDEtD WUHQ]DGR D WURPSDGD OLPSLD FRQ XQ VLTXLHUD OH OOHYDUDQ HO DSXQWH 0DFFLROH HQ FDPELR HVWDED
SUHFHSWRU \ OH KDEtD IDOWDGR HO UHVSHWR DO GLUHFWRU 3HUR SRU HQ FXDUWR DxR \ WHQtD EDUED ELJRWHV KRPEURV DQFKRV H
QDGDGHHVRORKDEtDQH[SXOVDGR/RH[SXOVDURQSRUHVFDSDU LQFOXVR DOJXQDV FDQDV 3RGtD SDVDU SRU XQ DGXOWR (QWUH ORV
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PHWURV GH DOWR \ QXQFD QDGLH VXSR FyPR KDEtD ORJUDGR VXPDEDQODFULDWXUDQHFHVDULD
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TXH OR KDEtD KHFKR FRQ XQD HVFDOHUD GH KLHOR 2WURV TXH GHVLHWHPHWURVQLHQFRQVWUXLUXQW~QHO\DIXHUDSRUGHEDMR
XWLOL]y VRSDSDV FRPR XQD PRVFD < XQ JUXSR PLQRULWDULR GHOPXURRGHODVFDUWDVUHFKD]DGDV(QFDPELRLPDJLQDED
GHGXFtD TXH KDEtD HQFRQWUDGR HO VHFUHWR SDUD GHVWHMHU OD TXH VL ODV DYHV PXHUWDV QR HUDQ TXHPDGDV HQ DOJ~Q ODGR
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5HIRUPDWRULR 6LQ 1RPEUH 1R VH VXSR FXiO HUD HO YHtDQ SDVDU DO FDPLyQ TXH VH OOHYDED D HVDV DYHV PXHUWDV
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LQVWLWXWR FRPR XQ DOXPQR HMHPSODU 7HQtD GLH] HQ WRGDV ODV TXHHVDJLJDQWHVFDIRVDGHEtDGHVHUXQW~QHOTXHVDOtDGHO
PDWHULDV VLPSDWL]DED FRQ ORV SUHFHSWRUHV \ XQ GHWDOOH LQVWLWXWR
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GHVFXELHUWR D TXp 0DFFLROH QR WHQtD RSFLyQ <D VH KDEtD (Q SULPHU OXJDU WRPDQGR HOHPHQWRV GH OD FODVH GH $UWHV
3OiVWLFDV FRQ FHUD \ HVPDOWHV FRQVWUX\y XQ SHTXHxR

23/45
WDOLVPiQ TXH OH VHUtD HVSHUDED GH HQRUPH XWLOLGDG DPHQD]DQWHV
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ODV GLVWDQFLDV \ ORV WLHPSRV HO )UHQRSiWLFR 'D 6LOYD VH GHPDVLDGR D 'HQWROLQL \ HVWH OD GXUPLy GH XQ SXxHWD]R \
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VDOLGD D ODV RQFH GH OD QRFKH FXDQGR REOLJDWRULDPHQWH ORV ODV TXH SHUPLWLHURQ HO GHVFXEULPLHQWR GH $PpULFD R GH OD
DOXPQRV GHEtDQ HVWDU HQ VXV FXDUWRV OXHJR GHO ~OWLPR SHQLFLOLQD DO SLVDU D OD JRORQGULQD FRQWUD HO SLVR GH WLHUUD
YLVWD]R GH ORV SUHFHSWRUHV 7HQtDQ TXLQFH PLQXWRV SDUD 'HQWROLQL GHVFXEULy HO VHFWRU EODQGR GH OD LVOD (O SLH VH OH
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FDPLyQTXHOHVGLHUDHODYHQWyQGHORFRQWUDULRUHJUHVDEDQ LOXPLQy HO SLH FRQ XQD SHTXHxD OLQWHUQD 0DFFLROH OR YLR
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