Otelo y El Hombre de Piel Azul Color
Otelo y El Hombre de Piel Azul Color
Otelo y El Hombre de Piel Azul Color
,QGLFH
(OOLEUR (OOLEUR
0¡VDOO¡GHODUHMD
$URPDVSHUUXQRV
(OFXDGHUQRD]XO
(OFRQWLQHQWHROYLGDGR
/DWRUPHQWD
1³PDGHVD]XOHV
.RIL\VXVWUHLQWD\FLQFR 4XLHQFUHDTXHVHUSHUURHVI¡FLOVHHTXLYRFD
(OKRPEUHGHSLHOD]XO 8VWHGHVVHSUHJXQWDU¡QTX©WDQWR"$ILQGHFXHQWDVVH
/RVPXHUWRVYLYHQFRQQRVRWURV
5XPERDIULFD
WUDWDGHFRPHUGRUPLUODGUDUMXJDUSHURQDGLHDGYLHUWHORV
8QDYLVLWDLQHVSHUDGD GHWDOOHV\FU©DQPHORVGHWDOOHVKDFHQODGLIHUHQFLD
(OFDUUHW³QPLODJURVR 6L ORV VHUHV KXPDQRV VXIULHUDQ OD PLWDG GH ODV
(OUHJDOR
(OFDUWHOFRQPLIRWR FRPSOLFDFLRQHV TXH XQ SHUUR YLYLUDQ DPDUJDGRV /DV
6$5$%(575$1' SXOJDV VRQ XQ EXHQ HMHPSOR XQD YHUGDGHUD SLHGUD HQ OD
SODQWD GH ORV SLHV $OJXQD YH] KDQ FDPLQDGR FRQ XQD
SLHGUD HQ OD SODQWD GH ORV SLHV" 3XHV ELHQ ODV SXOJDV VRQ
PXFKVLPR SHRUHV SRUTXH SLFDQ FRUUHQ SRU HO ORPR \
DXQTXH XQR VH UHWXHU]D SDUD XQ ODGR X RWUR LQWHQWDQGR
PRUGHUODV HV LPSRVLEOH VDF¡UVHODV GH HQFLPD 6H
UHSURGXFHQPX\U¡SLGR\EDVWDFRQTXHXQDGHHOODVWHVDOWH
HQFLPD SDUD TXH DO GD VLJXLHQWH WHQJDV XQD FRORQLD GH
SXOJDV SLF¡QGRWH HO FXHUSR HQWHUR /HV GLJR VRQ SHRUHV
TXH ORV SLRMRV SRUTXH KH YLVWR TXH ORV KXPDQRV VH VDFDQ
ORV SLRMRV FRQ XQDV SHLQHWDV GH PHWDO R HQ FDVR H[WUHPR
VH FRUWDQ HO SHOR \ SUREOHPD UHVXHOWR /DV SXOJDV QR /DV
SXOJDV DQGDQ HQFLPD GH XQR VLQ GLVFULPLQDFL³Q 3XHGHV
WHQHUHOSHORODUJRRFRUWRHQUXODGRROLVR\QRH[LVWHSHLQH
GHPHWDOTXHORJUHFD]DUODVFXDQGRVDOWDQ
7DPEL©Q KD\ GHWDOOHV P¡V WULVWHV FRPR SRU HMHPSOR HO
KHFKRGHVHQWLUWHH[WUD±RHQWXSURSLDFDVD6HORVGLJRFRQ
PL SDWD GHODQWHUD HQ HO FRUD]³Q 0¡V GH XQD YH] PH KH
VHQWLGRXQLQWUXVR\HVRTXHYLYRKDFHWUHVD±RVHQODFDVD
2/31
GH ORV )XHQGHMDO³Q (OORV PH TXLHUHQ \ PH UHJDORQHDQ GH
KHFKRPHSXVLHURQ2WHORHQKRQRUDOD³SHUDGH*XLVHSSH
9HUGLTXHHVODIDYRULWDGHOVH±RU)XHQGHMDO³Q0HGDQGH
FRPHU PH SHLQDQ HO SHOR XQD YH] SRU VHPDQD PH ED±DQ
FRQDJXDWLELDHQODWLQDPHD\XGDQDTXLWDUPHODVSXOJDV
UHIUHJ¡QGRPH FRQ XQDV SRPDGDV TXH PH GHMDQ OD SLHO
FRORUDGDPHJXDUGDQXQHVSDFLRHQHOVRI¡WRGDVODVWDUGHV
SDUDPLUDUODWHOHYLVL³Q\QRPHUHWDQVLGXHUPRVLHVWDHQOD
DOIRPEUDGHODHQWUDGD
(QWRQFHVGHTX©PHTXHMR"3XHVODYHUGDGHVTXHQR
PHTXHMRQXQFDRFDVLQXQFD3HURDYHFHVPHSRQHWULVWH
TXH PH UHFXHUGHQ TXH VR\ XQ SHUUR TXH HQ YH] GH
OODPDUPHSRUPLQRPEUHGLJDQ
ߚb7DQLQWHOLJHQWHTXHHVHVWHSHUUR
3/31
SRUWHVSDUDGD\KRFLFRGHVXUD]D<PLPDGUH"3XHVPL ߚ6HSXHGHVDEHUTX©HVW¡VKDFLHQGRDK"ߚSUHJXQW³
PDGUH WDPSRFR HVW¡ PDO KLMD GH FDPSH³Q XQ VDOFKLFKD PHGLWDEXQGD
DUJHQWLQRTXHFRPSLWL³\JDQ³RWUDFDQWLGDGGHWRUQHRV$V 3HUROXHJRFDPEL³GHKXPRUUDSLGVLPR\FKLOO³
HV TXH \R QR WHQD SRU G³QGH VDOLU PDO 'H KHFKR OR KH ߚb6DO LQPHGLDWDPHQWH b)XHUD ߚGLMR DO PLVPR WLHPSR
FRPSUREDGRIUHQWHDOHVSHMR TXH PH DJDUU³ SRU OD SLHO GHO ORPR PH VDF³ GHO ED±R \
/D RSHUDFL³Q UHTXLHUH DVWXFLD \ XQ SRFR GH VDQJUH IUD DJUHJ³DPHQD]DQWHߚ6LWHYXHOYRDHQFRQWUDUDKbWHGDU©
DGHP¡VGHEXHQROIDWR\RGRVSXHVFXDOTXLHUHUURUUHVXOWD XQDVRODSDWDGD
QHIDVWR0HH[SOLFRFXDQGRORV)XHQGHMDO³QVDOHQGHFDVD
HVSHURTXHVHSLHUGDHOºOWLPRUDVWURGHVXVVRQLGRVSRUOD
FDOOH \ PH HQFDPLQR DO ED±R FRPSUXHER TXH OD WDSD GHO
HVFXVDGR HVW© DEDMR QR PH JXVWDUD FDHU DGHQWUR \ VDOWR
VREUHHOOD8QDYH]DKWRPRYXHORVDOWRKDFLDHOODYDWRULR
\ DK HVW¡ HO HVSHMR HQ WRGR VX HVSOHQGRU 3ULPHUR ILMR OD
YLVWDHQPLFDUDPLKRFLFRSXQWLDJXGRFRPRXQ]RUURPLV
ELJRWHV DODUJDGRV \ HVDV DUUXJDV GH SLHO FDI© TXH WHQJR
VREUH ODV FHMDV 'HVSX©V GR\ XQD SHTXH±D YXHOWD SDUD
FRPSUREDU HO SRUWH DWO©WLFR GH PLV SDWDV SHTXH±DV SHUR
ILUPHV
&XDQGRDQGRGHRFLRVRDGHP¡VGHPLUDUPHODGURIUHQWH
DO HVSHMR R KDJR FRPR TXH PH HQRMR \ PXHVWUR WRGRV PLV
FROPLOORV LPSHFDEOHPHQWH EODQFRV ORV )XHQGHMDO³Q QR PH
GHMDQFRPHUD]ºFDUQLQDGDTXHGD±HPLGHQWDGXUD
6LPHSLOODUDQHQFLPDGHOODYDWRULRbKX\PHPHWHUDHQ
ORVSRUHVRPHPXHYRFRQFXLGDGRDOHUWDVLHPSUHDWHQWR
3HUR XQR D YHFHV FRPHWH HUURUHV DQGDV SHQVDQGR HQ
KXHVRV \ b]DV WH GHVFXEUHQ HQWRQFHV QR TXHGD P¡V
UHPHGLRTXHKXQGLUODFRODHQWUHODVSLHUQDV'HKHFKRIXH
OR TXH KLFH FXDQGR PH VRUSUHQGL³ OD VH±RUD )XHQGHMDO³Q
(VWDED GH OR PHMRU SRQLHQGR PLV FDUDV GH HQRMR FRQ
ODGULGRV \ QR PH GL FXHQWD TXH HOOD HQWU³ HQ HO ED±R 0H VHQW RIHQGLGR +XPLOODGR )XULRVR $FDVR QR WHQD
5HFXHUGRVXLPSUHVL³Q\ODPDDSR\DQGRVXFXHUSRHQHO GHUHFKR D PLUDUPH HQ HO HVSHMR" 6HU XQ SHUUR FRPR
PDUFRGHODSXHUWDFRQXQDPLUDGDH[WUD±VLPD GHFDQRPHSHUPLWDKDFHUORTXHTXHUD"1XHYDPHQWHHUD
4/31
HO H[WUD±R GH OD FDVD HO SHUUR QDGD P¡V $QGXYH FRQ OD /RDSUHW©HQWUHPLVGLHQWHV\PHGLVSXVHDOOHY¡UVHORDVX
FROD HQWUH PLV SDWDV GXUDQWH XQ EXHQ WLHPSR 1L XQD VROD SLH]D SHUR QR KDED GDGR XQ SDVR FXDQGR HO OLEUR VH PH
YH] PH DFHUTX© DO ED±R +DVWD TXH XQDV VHPDQDV P¡V UHVEDO³GHOKRFLFR\FD\³DOVXHOR6HDEUL³SRUODPLWDG(Q
WDUGHORV)XHQGHMDO³QVHIXHURQDODSOD\D OD S¡JLQD D WRGR FRORU KDED XQ KRPEUHFLWR FRQ XQ WUDMH
0HGHMDURQHQODFDVDSRUTXHGLMHURQTXHDOOXJDUGRQGH WHUUDFRWD \ XQD FDEH]D UHGRQGD FRPR EROD GHVFXELHUWD GH
LEDQ QR DFHSWDEDQ PDVFRWDV DV HV TXH VXSXVH TXH OD SHORV (VR PH OODP³ OD DWHQFL³Q TXH HO KRPEUH GH OD IRWR
SDODEUD PDVFRWD HUD VLQ³QLPR GH SHUUR $SHQDV VHQW HO QRWXYLHUDXQVRORSHORHQODFDEH]D7DPEL©QHOKHFKRGH
UXLGR GHO PRWRU IXL KDVWD HO ED±R \ PH HQFDUDP© HQ HO TXH DSDUHFD YRODQGR VREUH HO VXHOR /HYLWDED GH VHJXUR
ODYDWRULR 0LU© PL FXHUSR DWO©WLFR PL FDUD SHOXGD GH +DFHSRFR%ODQFDPHH[SOLF³GHTX©VHWUDWDEDP¡VELHQ
PRVWDFKRVHVWLUDGRV\PHVHQWELHQ VH OR R FRPHQWDU HQ OD PHVD GXUDQWH XQ DOPXHU]R (UD OD
3HURQRFRPRRWUDVYHFHV3XVHFDUDGHHQRMRVDFDQGR FDSDFLGDGTXHWLHQHQDOJXQRVKXPDQRVJUDFLDVDOSRGHUGH
D UHOXFLU PLV FROPLOORV LQPDFXODGRV \ PH SXVH FRQWHQWR VX PHQWH GH HOHYDUVH SRU HO DLUH WDQ OLYLDQRV FRPR XQD
SHURQRWDQWR SOXPD(OKRPEUHFLWRGHODILJXUDOHYLWDED\GHWU¡VVX\RVH
YHDQ XQRV PRQWHV HVFDUSDGRV XQD FDVD FRPR FDVWLOOR \
4X©PHSDVDED"0HEDM©GHOODYDWRULRFRQIXQGLGR
XQDVHVSHFLHVGHFDEDOORVRPXDVSHURP¡VFDEH]RQDV\
4X© KDED FDPELDGR" (Q TX© PLQXWR GHM³ GH SHOXGDV
LQWHUHVDUPH DOJR TXH KDVWD KDFH SRFR FRQVLGHUDED WDQ
'³QGHTXHGDUDHVHOXJDU"
HQWUHWHQLGR"
([LVWLUD UHDOPHQWH R VHUD IDQWDVD" /RV SHUURV
/R ºQLFR FODUR HV TXH GHQWUR GH P KDED DOJR TXH OR
WDPEL©QSRGUDQOHYLWDU"
UHYROYD WRGR 0H IXL D OD WHUUD]D \ PH HFK© VREUH ODV
EDOGRVDV (VWDEDQ KHODGDV \ PH DOLYLDQDURQ DOJR OD 7RGDV HVDV SUHJXQWDV PH OOHQDURQ OD FDEH]D \ VH PH
LUULWDFL³QTXHVHQWD ROYLG³HOUHPROLQRTXHVHQWDHQHOHVW³PDJR&RQODD\XGD
GH PLV SDWDV GHODQWHUDV UHYLV© XQD D XQD ODV S¡JLQDV GH
&HUU© ORV RMRV SHQV© TXH OR PHMRU TXH SRGD KDFHU HUD
DTXHOLQWULJDQWH\HQRUPHOLEUR
GRUPLUODVGRVVHPDQDVHQTXHORV)XHQGHMDO³QHVWXYLHUDQ
IXHUD 1DGD GH HVSHMRV QL GH SHUVHJXLU D ORV JDWRV GH ORV
YHFLQRVTXHDSURS³VLWRQROHVKDEDFRPHQWDGRSHURHQ
PLRSLQL³QVRQORVDQLPDOHVP¡VGHWHVWDEOHVGHODWLHUUD
(QILQHODVXQWRHVTXHHVWDEDHQXQHVWDGRLQWHUPHGLR
HQWUHHOELHQHVWDU\HOPDOHVWDUFRPSOHWRFXDQGRHVWLU©PLV
SLHUQDVWUDVHUDV\VHQWDOJR0HOHYDQW©GHXQVROREULQFR
(UD XQR GH HVRV OLEURV JUDQGHV \ OOHQRV GH GLEXMRV GH
%ODQFDODKLMDPHQRUGHORV)XHQGHMDO³Q/RKDEDROYLGDGR
5/31
0iVDOOiGHODUHMD
0H SDV© HO GD KRMHDQGR OLEURV 1R HV EURPD &XDQGR
WHUPLQ©HOTXHKDEDHQFRQWUDGRHQODWHUUD]DIXLDODSLH]D
GH %ODQFD PH VXE D OD VLOOD GH VX HVFULWRULR \ HPSXM© DO
VXHORRWUROLEURLJXDOGHJUDQGHVREUHODDOIRPEUDEODQFDGH
ODQD JUXHVD IXL SDVDQGR ODV S¡JLQDV XQD SRU XQD $ YHFHV
PHGHWHQD HQ DOJXQD O¡PLQD TXH PH OODPDED OD DWHQFL³Q
5HFXHUGR OD GH XQ SUQFLSH PHQGLJR (Q HO SULPHU GLEXMR
DSDUHFD IODFXFKR FRQ XQ WXUEDQWH OOHQR GH SLHGUDV
SUHFLRVDV TXH EULOODEDQ VREUH VX FDEH]D $GHP¡V GH XQ
PLOO³Q GH FROODUHV GH FRORU RUR SXOVHUDV DURV \ RWUD
FDQWLGDG GH DGRUQRV UHVSODQGHFLHQWHV 3HUR HQ OD S¡JLQD
VLJXLHQWH HQ RWUR GLEXMR DSDUHFD HO PLVPR SUQFLSH SHUR
VLQ P¡V URSD TXH XQD HVSHFLH GH SD±DO GH J©QHUR EODQFR
TXH OH WDSDED HO WUDVHUR $O FRQWUDULR GHO SDODFLR HQ TXH
VDOD UHWUDWDGR HQ HO SULPHU GLEXMR GHVFDQVDED FRQ OD +XER RWURV UHODWRV TXH PH FRQPRYLHURQ VLQFHUDPHQWH
HVSDOGD DSR\DGD HQ XQ ¡UERO FRQ PX\ SRFDV UDPDV 1R PH PRYLHURQ HO FRUD]³Q (O GH XQ KRPEUH EDUEXGR TXH
HQWHQG PXFKR GH HVD KLVWRULD SHUR VH PH RFXUUL³ TXH HO UHFRUUD ORV PDUHV HQ XQD EDOVD SHTXH±D /D HPEDUFDFL³Q
SUQFLSHUHJDO³VXVMR\DV\VHKL]RSREUH QR HUD P¡V JUDQGH TXH HO ODUJR GH VXV SLHUQDV \ HO DQFKR
GHVXFXHUSRSHUR©OVHPHWDHQHOOD\UHPDED\UHPDED
/RV GLEXMRV OR PRVWUDEDQ IUHQWH D XQ SDODFLR GH FºSXODV
GRUDGDVOXHJRIUHQWHDXQPXHOOHOOHQRGHHPEDUFDFLRQHV
SHTXH±LWDVFRPRODVGH©OP¡VDOO¡IUHQWHDXQGHVLHUWR\
XQRV FDPHOORV (QWRQFHV VXSXVH TXH KDED YLDMDGR D
GLVWLQWRVOXJDUHVHQVXEDOVDSHTXH±D
&XDQGR WHUPLQ© GH KRMHDU HVRV JLJDQWHVFRV OLEUDFRV PH
6/31
VHQWPDUHDGR(VHQRV©TX©TXHPHUHYROYDHOHVW³PDJR
VHKL]RP¡VIXHUWHPH]FODGRFRQXQDVHQVDFL³QGHYDFR
<HQWRQFHVPHDFRUG©TXHQRKDEDFRPLGRQDGDHQWRGRHO
GD \ IXL D PL SODWR GLVSHQVDGRU GH DOLPHQWRV OD VH±RUD $URPDVSHUUXQRV
)XHQGHMDO³Q PH HQVH±³ F³PR JROSHDUOR SDUD TXH VDOLHUD
FRPLGD \ DK HVWDED PDVWLFDQGR HO DOLPHQWR SDUD SHUURV
ORKDQSUREDGR"bXIHVKRUULEOHVHFRFRPROD\HVFD
FXDQGRPHSHUFDW©GHTXHHQHVWRVWUHVD±RVGHYLGDMXQWR 1R KDED GHVSXQWDGR HO VRO FXDQGR PH ODQF© D OD FDOOH
DORV)XHQGHMDO³QMDP¡VKDEDVDOLGRDODFDOOH1LXQDVROD +DED XQD EUXPD H[WUD±D \ VXVSHQGLGD FRPR VL HO GD QR
YH]'LJRGHVFRQWDQGRODVYHFHVTXHDFRPSD±©DOVH±RU VH DQLPDUD D OHYDQWDU )XHURQ XQRV VHJXQGRV P¡JLFRV (O
)XHQGHMDO³Q D OD UHMD D EXVFDU HO GLDULR R D OD VH±RUD FHUURGHWU¡VGHODFDVDGHORV)XHQGHMDO³QHVWDEDGHFRORU
)XHQGHMDO³Q SDUD VDFDU HO WDUUR GH OD EDVXUD QXQFD KDED D]XO 7RGR HUD H[SHFWDFL³Q FRPR VL FDGD SLHGUD FDGD
SXHVWRXQSLHP¡VDOO¡GHOPXUR DUEXVWR LQFOXVR ORV S¡MDURV HVWXYLHUDQ HVSHUDQGR DO VRO
SDUDGHVSHUWDU
0H HFK© D DQGDU GHVSDFLR TXHUD UHWHQHU FDGD XQR GH
ORVPLOORQHVGHRORUHVTXHPHJROSHDURQHOKRFLFR(QVHULR
QXQFD SHQV© TXH OD FDOOH IXHUD XQD FRFLQD GH DURPDV WDQ
GLYHUVRV (UD LPSRVLEOH UHWHQHUORV QL PHQRV GLVWLQJXLUORV
0H SDUHFDQ XQ DPDVLMR HQUHGDGR XQ WXIR YHQLGR GH OD
ERFDGHDOJºQJLJDQWHTXHORHQYROYDWRGR(VHHUDHORORU
GHOPXQGR
/OHYDED YHLQWH PLQXWRV DIXHUD FXDQGR GHVFXEU TXH QR
HUDHOºQLFR1RHUDQODVRFKRGH OD PD±DQD SHUR OD FDOOH
HVWDEDSREODGDGHRWURVSHUURVROLVTXHDQGRSRUDTX\SRU
(QWRQFHVVXSHGHLQPHGLDWRORTXHWHQDTXHKDFHUVDOLU DOO¡
D OD FDOOH \ YHU FRQ PLV SURSLRV RMRV HO PXQGR TXH
ߚb+H\ ߚOH ODGU© D XQ WHUULHU EODQFRߚ b+H\ b$TX ߚ
PRVWUDEDQORVOLEURVGH%ODQFD
YROYDLQVLVWLUSXHVTXHUDFRQYHUVDUFRQ©OVREUHHOPXQGR
'HFLG VDOLU DO GD VLJXLHQWH $ SULPHUD KRUD GH OD TXHQRVURGHDED
PD±DQD
(OWHUULHUVHGLRYXHOWDPHPLU³\WURW³GLUHFWRKDFLDP\
DOFRQWUDULRGHORTXHPHLPDJLQ©VHDFHUF³U¡SLGDPHQWH\
HQXQULWXDOFDVLPHF¡QLFRPHROLVTXH³HOWUDVHUR
7/31
1R SXHGR GHVFULELUOHV HO DVFR TXH PH SURGXMR EDM© PL DEVROXWDPHQWHVRUGR
FROD \ JLU© HQ JUDGRV LQWHQWDQGR HYLWDU HVH KRFLFR
LQWUXVR SHUR HO PX\ FRFKLQR GLR OD YXHOWD \ YROYL³ D KXQGLU
VX KRFLFR HQ PL QDOJDV (Q HVR QRV SDVDPRV XQ SDU GH
PLQXWRVELHQH[WUD±RVHQORVTXH\RLQWHQWDEDHVFRQGHUPL
WUDVHUR\©OPHSHUVHJXDSDUDROHUOR
(Q OD FRQIXVL³Q OOHJDURQ RWURV PXFKRV RWURV SHUURV GH
GLIHUHQWHVSRUWHV\FDUDV\WRGRVVLQH[FHSFL³QUHSHWDQHO
PLVPRULWXDODSXQWDQGRVXKRFLFRGLUHFWRDOWUDVHUR
ߚb3HURTX©PDQDWLHQHQߚDOHJX©HQHOSUHFLVRLQVWDQWH
HQTXHWXYHHQIUHQWHXQHQRUPHWUDVHURGHSDVWRUDOHP¡Q\
bYD\DODYLGDGDVRUSUHVDV
$KPLHQWUDVPLQDUL]YLVLW³VXVQDOJDVGHVFXEUTXHVH
WUDWDED GH XQD FKLFD TXH WHQD OD PLVPD HGDG PD R XQ
SRFR PHQRV \ TXH VH DOLPHQWDED DO LJXDO TXH \R FRQ OD
FRPLGDTXHVDOHGHORVSODWLOORVGLVSHQVDGRUHV
/HSUHJXQW©
ߚ&RQRFHVHOPXQGRTXHQRVURGHD"
(O FRFNHU VSDQLHO PH PLU³ FRPR VL KDEODUD XQD OHQJXD
PXHUWD(QWRQFHVJUX±P¡VIXHUWH
ߚb4XHVLFRQRFHVHOPXQGRTXHQRVURGHD
6XV RMRV VH DEULHURQ SDYRURVRV \ HPSUHQGL³ UHWLUDGD
WURWDQGRKDFLDXQDSOD]D'HOHMRVPHJULW³
ߚb1RQRPHJXVWDQODVFRUUHDV
<RSHQV©TXHHVWDEDORFR\OHODGU©LQGLJQDGR
ߚb+H\b+H\ߚHVTXHPHFDUJDTXHPHGHMHQKDEODQGR
'HVSX©V GH HVR PH DOHQW© FRQ RWURV WUDVHURV \ QR V© VRORSHUR©OQLVLTXLHUDVHGLRYXHOWDVLJXL³WURWDQGRKDVWD
FX¡QWRUDWRKDEU©HVWDGRSHURGHSURQWRWRGRVVHODUJDURQ GHVDSDUHFHUGHPLYLVWD
6LQDGYHUWHQFLDVQLQDGDVHIXHURQWDQU¡SLGRFRPRKDEDQ 0H GLVSXVH D FDPLQDU \ D GHVFXEULU HO PXQGR SRU P
YHQLGR \ PH TXHG© FRQ XQ FRFNHU VSDQLHO SHOXGR \ SDLO³Q PLVPR$VIXHFRPRHVDPD±DQDVXSHTXHHOOXJDUGRQGH
8/31
YLYDVHFRPSRQDGHXQPRQW³QGHFDOOHVXQODEHULQWRTXH
GHVHPERFDEDHQXQD\RWUD\RWUDFDOOH(UDFRVDGHORFRV
6HJXUDPHQWH SHQV© SDUD XQ SHUUR GH SHRU ROIDWR SRGUD
UHVXOWDU XQ HPEUROOR GLIFLO GH GHVHQWUD±DU 3RU HVR (OFXDGHUQRD]XO
PH DQGXYH FRQ FXLGDGR OHYDQWDQGR PL SDWD SDUD GHMDU
PDUFDGDODUXWDGHUHJUHVR
3HUR DSDUWH GH HVR QR GHVFXEU QDGD VRUSUHQGHQWH GH
SUQFLSHVPHQGLJRVYLDMHURVHQEDOVDRPRQMHVSHODGRVQL /D UHSLVD HQ GRQGH GHVFDQVDEDQ HVRV HQRUPHV OLEURV
KDEODU 0HQRV GH FDVWLOORV MR\DV R YDFDV SHOXGDV /R SDUHFDEXUODUVHGHP
GHP¡VHUDQFDVDVGHWU¡VGHUHMDVHGLILFLRVGHWU¡VGHUHMDV &RQWDEDQSXUDVPHQWLUDV"
SOD]DV GHWU¡V GH UHMDV ¡UEROHV GHWU¡V GH UHMDV 'HGXMH
b3HURVHYHDQWDQUHDOHVODPHQW©
I¡FLOPHQWHTXHHOPXQGRTXHQRVURGHDEDHUDXQDIRUWDOH]D
GHIHQGL©QGRVHGHQRV©TX©DPHQD]DSRUTXHHVDSDUWHPH 9ROYDPLUDUORV
OD VDOW© R QR OOHJX© D FRQRFHUOD ,PDJLQ© TXH WDO YH] HO 4X©PDJLDH[WUD±DORVHQYROYDTXHPHKDFDQYLDMDUD
PXQGR VH GHIHQGD GH V PLVPR FRPR FXDQGR OD VH±RUD OXJDUHVLPSHQVDGRV"0HSUHJXQW©\PLVRMRVVHGHWXYLHURQ
)XHQGHMDO³Q JXDUG³ OD EROVD GH KXHVRV HQFLPD GHO HQ XQ SHTXH±R FXDGHUQR IRUUDGR HQ SDSHO D]XO TXH
UHIULJHUDGRU SRUTXH VL OD GHMDED DO DOFDQFH GH PLV SDWDV UHSRVDEDDXQFRVWDGRGHODUHSLVD
bXISRGDFRP©UPHODHQWHUD ߚ0JUUUP ߚJUX± HVWLU¡QGRPH \ PH YROWH© KDFLD OD
(O ºQLFR SHOLJUR HV H[DJHUDGR OODPDUOR DV SHUR SDUHG
YDPRV IXH FXDQGR LQWHQW© WRPDU DJXD GH OD PDQJXHUD 3UHIHUQRPLUDUOR
TXH VRVWHQD XQD VH±RUD &XDQGR PH DFHUTX© PH DOHWH³ 4X©VHQWLGRWHQDGHVFXEULUQXHYDVKLVWRULDV"
HVSDQWDGD\FRQODPDQJXHUDHQULVWUHPHODQ]³XQFKRUUR 3HURHOFXDGHUQRD]XOWHQDXQLP¡QTXHPHDWUDD+LFH
GLUHFWRDODFDUD XQºOWLPRHVIXHU]RSRUROYLGDUOR\PHHQURVTX©HPEXWLHQGR
ߚ*UUUUߚJUX±FRQIXULD PL KRFLFR HQWUH ODV SLHUQDV SHUR HO FXDGHUQR D]XO VHJXD
ߚbQGDWHSHUURSXOJRVRߚPHGLMRSRUORTXHPHVHQW LQWULJ¡QGRPH
PX\RIHQGLGR\KXL ߚb%DKbQRVHU¡WDQWRߚGLMH\PHHQFDUDP©HQODVLOOD
&HUFD GH ODV GRV GH OD WDUGH YROY D FDVD IDWLJDGR \ SDUDDSUHWDUORFXLGDGRVDPHQWHHQWUHPLVGLHQWHV
PXHUWRGHKDPEUH0HIXLGLUHFWRDODSLH]DGH%ODQFD\PH
WHQG VREUH VX DOIRPEUD 1R V© SRU TX© VHQWD TXH HVRV
OLEUDFRVPHGHEDQXQDH[SOLFDFL³Q
9/31
WRGDVVXVKRMDVFRQOHWUDVJUDQGHV\SDQ]RQDV
ߚb+XP ߚUHVRSO© TX© VH SURSRQD %ODQFD FRQ HVWH
FXDGHUQR" 0H SDUHFL³ LPSHQVDEOH TXH OR KXELHUD KHFKR
V³OR SRU XQ DQWRMR GH SHJDU IRWRJUDIDV 6L KDED UHXQLGR
LQIRUPDFL³QHUDSRUTXHORFRQVLGHUDEDLPSRUWDQWH
$VHVTXHPHDQLP©DKRMHDUOR(QODVSULPHUDVS¡JLQDV
KDED GLEXMDGR XQ PDSD /RV FRQR]FR SRUTXH HO VH±RU
)XHQGHMDO³Q WLHQH XQR HQ VX HVFULWRULR \ %ODQFD PH OR
PRVWU³XQDYH]
ߚ(VWHHVHOPXQGR2WHORORYHV"$TXHVW¡$P©ULFD\
HVWH HV &KLOH GRQGH YLYLPRV QRVRWURV HVWH GH DF¡ HV
(XURSD\DOO¡HVW¡$VLDHOFRQWLQHQWHHQHOTXHHVW¡&KLQD
XQSDVFRQFLHQWRVGHKDELWDQWHVߚ%ODQFDKL]RXQDSDXVD
\FRQWLQX³ߚ<HVWHGHDTXPUDORELHQ2WHORHVWHHVHO
FRQWLQHQWHROYLGDGR
6© TXH VR\ SHUUR SHUR HQWLHQGR SHUIHFWDPHQWH FXDQGR
PH KDEODQ HQ FDPELR DTXHOOD YH] QR HQWHQG QL MRWD 0H
TXHG© PLUDQGR D %ODQFD FRQ FDUD GH SUHJXQWD \ HOOD
/RDEUGHXQDVRODYH] FRQWLQX³
7HQD OD OHWUD GH %ODQFD /HV SDUHFHU¡ H[WUD±R TXH XQ ߚ(QIULFDODJHQWHVHPXHUHGHKDPEUHVDEDV"+D\
SHUURUHFRQR]FDODOHWUDKXPDQDSXHVSDUDTXHYHDQKDVWD D±RVHQTXHQROOXHYHQXQFD\ODJHQWH\VXVDQLPDOHVVH
G³QGHOOHJDQODVFDSDFLGDGHVSHUUXQDV(ODVXQWRHVTXHOD PXHUHQGHVHG7DPEL©QKD\JXHUUDVPXFKDVJXHUUDVORV
OHWUDGH%ODQFDODUHFRQRFHUDHQWUHPLOORQHVGHPLOORQHVGH SXHEORVVHPDWDQXQRVDRWURVSRUXQSHGD]RGHWLHUUDSRU
FXDGHUQRV VL VH GLHUD HO FDVR SRUTXH PH KH SDVDGR PL XQSRFRGHGLQHURSRUXQPRQW³QGHDUPDV7HQHPRVXQD
YLGDYL©QGRODKDFHUVXVWDUHDVDVHVTXHWHQJRJUDEDGDVX GHXGD FRQ IULFD 2WHOR XQD GHXGD TXH KDEU¡ TXH VDOGDU
HVFULWXUD DOJºQGD
$SHQDVDEUHOFXDGHUQRD]XOVXSHTXHHVWDEDHVFULWRSRU
HOOD 1R HUD GH HVRV GH WDUHDV TXH OH SLGHQ HQ HO FROHJLR
SRUTXH QR KDED HMHUFLFLRV QL FRSLDV QL GLFWDGRV QL QDGD
SRUHOHVWLOR(QVXVS¡JLQDVKDEDIRWRVUHFRUWHVGLEXMRV\
PXFKDV KRMDV HVFULWDV /D SDODEUD IULFD DSDUHFD HQ FDVL
10/31
PDSDGHOFRQWLQHQWHROYLGDGR
&X¡QJUDQGHHUDXQFRQWLQHQWHHQODUHDOLGDG"
(VHWLSRGHUHVSXHVWDVVRQLPSRVLEOHVSDUDXQSHUUR
&³PRDYHULJXDUOR"
(QHOGLEXMRIULFDQRVHYHDWDQJUDQGHSHUR\RVDED
TXHORVPDSDVDFKLFDQWRGRDVHVTXHQRSRGDILDUPHGH
HOORV /XHJR HVWDED OD FXHVWL³Q GH TXH ORV KXPDQRV OR
ROYLGDURQF³PRORKLFLHURQ"'LJR\RKHWUDWDGRGHROYLGDU
DOJXQDV FRVDV SHTXH±RV YLFLRV FRPR VDOWDU HQFLPD GH
DOJXQR GH ORV )XHQGHMDO³Q PLHQWUDV HVW¡Q FRPLHQGR HQ OD
PHVD
(QWRQFHV VHUD OR PLVPR" /RV KXPDQRV GH $P©ULFD
SRU HMHPSOR YLYLUDQ HQ VXV FDVDV GHWU¡V GH VXV UHMDV
PLUDQGRGHOHMRVODVFDOOHV\UHMDV$IULFDQDV"(VGHFLUXQ
GD GHMDEDQ GH SDVDU SRU ODV FDOOHV HQ GRQGH RWURV
KXPDQRV SDVDEDQ KDPEUH \ VHG SDUD QR WHQHU TXH
PLUDUOHVDORVRMRV"
1RWHQDFRPRDYHULJXDUORDPHQRVTXHYLDMDUDDIULFD
SHUR OXHJR HVWDED OD SUHJXQWD GH F³PR YLDMDU FX¡QWR PH
WDUGDUD\RWUDFDQWLGDGGHSUHJXQWDVP¡V
4X©GHXGDHUDHVD"SHQV©FXDQGR%ODQFDPHGLMRWRGR ߚb*XDX ߚODGU© GH LPSRWHQFLD 6HU SHUUR LPSRQH VXV
HVR SHUR HOOD QR HVSHFLILF³ VDOL³ GHO HVFULWRULR \ PH GHM³ OLPLWDFLRQHV
PLUDQGRHOPXQGRHQHVHPDSDSODQR\DODUJDGR&ODURTXH
HQ HVH WLHPSR \R QR WHQD LQWHU©V HQ FRQRFHUOR HV GHFLU
WRGDYDQRKDEDVHQWLGRHVHUHPROLQRHQODJXDWD\HVHQR
V© TX© GH LQFRPRGLGDG $V HV TXH VDO GHO HVFULWRULR \ VH
PHROYLG³
$KRUD HUD GLIHUHQWH (O PDSD HO PXQGR \ WRGR OR TXH
KDEDGHQWURGH©OPHSDUHFDLQWHUHVDQWHTXHUDFRQRFHUOR
HQWHUR\XQDEXHQDPDQHUDHUDSDUWLUSRUIULFD2QR"
'H KHFKR OD SULPHUD S¡JLQD GHO FXDGHUQR D]XO WHQD XQ
11/31
3RU ODV IRWRV GHO FXDGHUQR GHVFXEU TXH ORV DQLPDOHV
$IULFDQRV HUDQ GLIHUHQWHV D ORV GHO FRQWLQHQWH TXH \R
KDELWDED +DED HVFRUSLRQHV VHUSLHQWHV \ PRVTXLWRV
(OFRQWLQHQWHROYLGDGR H[WUDRUGLQDULDPHQWH JUDQGHV 8Q ]DQFXGR HUD GHO SRUWH GH
XQ ]DSDWR VH GDQ FXHQWD" 'H V³OR SHQVDUOR PH GDEDQ
JDQDV GH VDOLU FRUULHQGR GH PLHGR SHUR ORV KXPDQRV GH
HVD WLHUUD QR SDUHFDQ DVXVWDGRV GH KHFKR HQ ODV
1R V© F³PR GHVFULELUOHV OR IDVFLQDQWH TXH UHVXOW³ HO IRWRJUDIDV VRQUHDQ PLHQWUDV VRVWHQDQ XQRV EDVWRQHV HQ
FXDGHUQRD]XO/DVLP¡JHQHVWRGDVDFRORUHVWDEDQOOHQDV ODV PDQRV 7HQDQ OD SLHO RVFXUD PH LPDJLQR TXH D FDXVD
GH HVFHQDV GH OR P¡V EL]DUUDV SHUR DO PLVPR WLHPSR GHWDQWRVRO\HUDQDOWRVRP¡VDOWRVTXHORVKXPDQRVTXH
DOXFLQDQWHV &RQ GHFLUOHV TXH OR KRMH© XQD SULPHUD YH] \ \RYLFXDQGRVDODUHFRUUHUHOPXQGRDOODGRGHPLFDVD
FXDQGR OR WHUPLQ© FRPHQF© WRGR GH QXHYR S¡JLQD SRU &ODUR TXH HO FXDGHUQR D]XO QR V³OR WHQD IRWRJUDIDV \
S¡JLQD PDSDVGHHVRSXGHGDUPHFXHQWDGHLQPHGLDWRSRUTXHOD
IULFD VHUD XQ FRQWLQHQWH SREUH \ HO PXQGR WHQD XQD LQFRQIXQGLEOH OHWUD GH %ODQFD HVWDED SRU WRGRV ODGRV 0H
GHXGD FRQ ©O FRPR GHFD %ODQFD SHUR HUD XQ FRQWLQHQWH SDUHFL³TXHQDUUDEDXQDKLVWRULDDOJRTXHODPHQWDEOHPHQWH
OOHQR GH OX] (O VRO HVWDED SRU WRGRV ODGRV \ DSDUHFD HQ HVW¡IXHUDGHPLDOFDQFHSRUTXHLPDJLQDU¡QORVSHUURVQR
FDGDIRWRJUDIDTXHKDEDSHJDGDHQHOFXDGHUQRRELHQVH VDEHPRV OHHU b4X© YD \R QR PH TXHMR HV OR TXH WRFD
LQVLQXDEDHQHOUHVSODQGRUGHODVSLHOHVWUDQVSLUDGDVHQODV SHUR PH JXVWDUD TXH XVWHGHV SXGLHUDQ OHHU HO UHODWR GH
WHODVH[SXHVWDVHQORVPHUFDGRV\HQODVHTXHGDGFRPSOHWD %ODQFD SRU HVR OHV DGMXQWR DTX DOJXQDV S¡JLQDV GH VX
\WRWDOGHOGHVLHUWR FXDGHUQR
(Q IULFD WRGR UHVXOWDED OODPDWLYR \ UHSHOHQWH D OD YH]
WHUURUILFR \ DJUDGDEOH PH HQWLHQGHQ" IULFD WHQD OD
JUDFLDGHODFRQWUDGLFFL³Q3RUTXHHQXQDPLVPDS¡JLQDGH
FXDGHUQR KDED XQD VHUSLHQWH DEULHQGR XQD PDQGEXOD
HQRUPHSDUDDUURMDUVXYHQHQRPRUWDO\HQODIRWRJUDIDGH
DOODGRXQELFKLWRGLPLQXWRTXHDJXDUGDEDODKXPHGDGGHO
URFR SDUD WRPDU XQD bXQD VROD JRWD GH DJXD )UHQWH D
XQRV YDOOHV GH \HUPR VHFR \ GHVSREODGR XQDV WLHQGDV
WDSL]DGDVGHWHODVGHFRORUHV
$V HUD IULFD 3RU HVR HV TXH KRMH© HO FXDGHUQR XQD \
RWUDYH]\FDGDPLQXWRTXHSDVDEDPHVHQWDP¡VDWUDGR
12/31
(O KRPEUH PLUy QXHYDPHQWH HVD PDQFKD RVFXUD
DPHQD]DQGR HO KRUL]RQWH \ WHPLy SULPHUR SRU VX YLGD
/XHJRSHQVyHQFRVDVSUiFWLFDVFRPRTXpSDVDUtDFRQHO
/DWRUPHQWD
DYLyQTXHGHEtDWRPDUHQ5XDQGDGHQWURGHGRFHKRUDV\
([WUDFWRGHOFXDGHUQRGH%ODQFD)XHQGHMDO³Q FRQ OD FDPLRQHWD DEDQGRQDGD HQ PHGLR GH OD FDUUHWHUD
¢HVWDUtD DKt PLVPR FXDQGR HOORV YROYLHUDQ" R PiV
WHUURUtILFR ¢GyQGH HQFRQWUDUtDQ DJXD" &RQRFtD KLVWRULDV
GH KRPEUHV TXH PXULHURQ GH VHG HQ ÉIULFD \ KDVWD
(O DWDUGHFHU OR SLOOy HQ PHGLR GH OD FDUUHWHUD .RIL GRQGH pO VDEtD HO SUy[LPR SXHEOR TXHGDED D
DSDJy OD FDPLRQHWD H KL]R VHULDV LQGLFiQGROH TXH VH NLOyPHWURVGHGLVWDQFLD
DSHDUDQRDUUDQFDUtDQKDVWDODPDxDQDVLJXLHQWH .RILVLOEDEDGHORPiVWUDQTXLORWRPyXQSDUGHFRVDV
(OKRPEUHEODQFRORPLUyVLQHQWHQGHU GH OD FDPLRQHWD \ IXH KDFLD OD QDGD DO PHQRV HVR OH
SDUHFLyDpO
³3ROHVDQDPX]XQJXLPSRVLEOHFRQWLQXDUKR\0LUH ³£'HVHSULVDPX]XQJX³OHJULWy
XVWHG¢ORYH"³GLMRVHxDODQGRODOtQHDGHOKRUL]RQWH
'HVSDELOiQGRVH HO KRPEUH WRPy VX PRFKLOD \ VX
eOILMyODYLVWDKDFLDHOOXJDUTXHLQGLFDED.RIL\YLRXQD FKDTXHWD\VHIXHFRUULHQGRGHWUiVGH.RIL
RVFXULGDGSURIXQGD
³¢'yQGHYDPRV"³SUHJXQWy
³6H DYHFLQD XQD WRUPHQWD ³VHxDOy .RIL VLQ PD\RU
³$FDVD³UHVSRQGLy.RIL
SUHRFXSDFLyQ \ FRQWLQXy³ 1R HV EXHQR PDQHMDU FRQ
WRUPHQWD ³¢$ODWX\D"³TXLVRVDEHU
³6t³FRQWHVWyVLQPLUDUOR
6XIDPLOLDYLYtDFHUFDOHFRQWy.RILDXQGtDGHFDPLQR
GHOODJR9LFWRULDR8NHUHZHFRPROHOODPDEDQORVQDWLYRV
.RIL DSXQWy HQ GLUHFFLyQ VXU VLQ GHMDU GH FDPLQDU SHUR
HO KRPEUH EODQFR HUD LQFDSD] GH LPDJLQDU QDGD HQ PHGLR
GH HVD WLHUUD GHVLHUWD \ GH ODV LQWHUPLQDEOHV PRQWDxDV
UXDQGHVDVTXHVHGLYLVDEDQDOROHMRV
³¢1RVWRPDUiPXFKROOHJDU"³SUHJXQWyPLUDQGRKDFLD
ODQHJUXUDTXHVHDFHUFDEDWHQHEURVDPHQWH
³8QRV PLQXWRV PX]XQJX VyOR XQRV PLQXWRV ³
DVHJXUy .RIL SHUR pO LQWX\y TXH VHUtDQ PiV \ TXH
13/31
SUREDEOHPHQWHOOHJDUtDQMXQWRFRQODWRUPHQWD
1yPDGHVD]XOHV
©/RVLHQWRªHQVZDKLOL(OVZDKLOLSHUWHQHFHDOJUXSRGHOHQJXDV
EDQW~HVTXHVHKDEODQHQODFRVWDHVWHGHÈIULFD
©+RPEUHEODQFRªHQVZDKLOL\XQDGHODVIRUPDPiVFRPXQHVTXH
WLHQHQORVSXHEORV$IULFDQRVSDUDUHIHULUVHDODVSHUVRQDVEODQFDV +XER DOJR TXH PH WXUE³ HQ HO FXDGHUQR D]XO \ FXDQGR
8JDQGDFRPSDUWHIURQWHUDFRQ5XDQGDSDtVDIULFDQRDOTXH
FRP~QPHQWHVHKDGHQRPLQDGRHO©7LEHWªGHÈIULFDSRUVXVLQQXPHUDEOHV
KDEORGHWXUEDUTXLHURTXHHQWLHQGDQTXHORVSHUURVVRPRV
PRQWDxDV\FHUURV$PERVSDtVHVHVWiQHQHOFHQWURPLVPRGHOFRQWLQHQWH VHQVLEOHV $ YHFHV DOJR QRV HQWULVWHFH \ QR TXHUHPRV
FRPHU GHO SODWR GLVSHQVDGRU RWUDV HVWDPRV IHOLFHV \
FRUUHPRV \ VDOWDPRV \ SDUHFH TXH QRV KLFLHUDQ FRVTXLOODV
HQODVSDWDVSRUTXHQRSRGHPRVSDUDUGHPRYHUQRVSHUR
WDPEL©Q KD\ PRPHQWRV HQ TXH HQPXGHFHPRV GH OD
LPSUHVL³Q&RPRPHRFXUUL³DOYHUHVHJUXSRGHIRWRJUDIDV
TXHRFXSDEDQYDULDVS¡JLQDVGHOFXDGHUQR1RSXGHODGUDU
QLEXIDU
%ODQFDODVKDEDRUGHQDGRGHFLHUWDPDQHUDTXHLQFOXVR
SDUDXQSHUURHUDI¡FLOLPDJLQDUHOUHODWR0RVWUDEDQODYLGD
GH XQ KRPEUH GH OD HGDG GHO VH±RU )XHQGHMDO³Q R SXHGH
TXHIXHUDPD\RUSHUR\DGHVGHODVSULPHUDVIRWRVVXSHTXH
HVWDEDHQIHUPR9HVWDXQDWºQLFDD]XOTXHOHOOHJDEDKDVWD
ORV SLHV \ QR V© VL D FDXVD GHO WUDMH R GH DOJºQ UD\R
XOWUDYLROHWD XOWUDSRWHQWH GH IULFD HO KRPEUH WHQD OD SLHO
WH±LGDGHFRORUD]XO(UDXQKRPEUHD]XO
$O SULQFLSLR DSDUHFD MXQWR D XQ JUXSR GH SHUVRQDV
KRPEUHV PXMHUHV \ QL±RV YHVWLGRV GH D]XO FRPR ©O \
WRGRVFRQODSLHOWH±LGDGHD]XO/RVSDLVDMHVFDPELDEDQGH
XQD IRWRJUDID D OD RWUD SHUR HO JUXSR TXH OR DFRPSD±DED
HUD VLHPSUH HO PLVPR 0¡V DGHODQWH VH ORV YHD HQ YDULDV
IRWRVHQPHGLRGHXQGHVLHUWRGHWU¡VGHHOORVVHGLEXMDEDOD
14/31
VLOXHWDGHXQURFRPSOHWDPHQWHVHFRQRKDEDYHJHWDFL³Q GD \ FXDQGR \D QR PH FDED QDGD P¡V PH WHQG HQ OD
QLSREODGRVQLQDGD/DºOWLPDIRWRSHJDGDDWRGRORDQFKR WHUUD]D
GHOFXDGHUQRPRVWUDEDDOKRPEUHGHSLHOD]XOWHQGLGREDMR (QWRQFHVXQSHQVDPLHQWRGHVFDUDGRYLQRDSDVHDUVHHQ
XQ ¡UERO HO ºQLFR ¡UERO TXH H[LVWD D NLO³PHWURV D OD PLFDEH]DGHSHUUR/DLGHDHUDHVWDVLSRUFDVXDOLGDG\R
UHGRQGD (O JUXSR VX JUXSR VH GLYLVDED D OR OHMRV (O PHHQFRQWUDUDHQODFDOOHFRQXQRGHHVRVKRPEUHVD]XOHV
KRPEUHWHQDODERFDDELHUWD\VXVEUD]RVOHFDDQDDPERV \ORWUDMHUDKDVWDODFDVDGHORV)XHQGHMDO³QSUREDEOHPHQWH
FRVWDGRV FRQ ODV SDOPDV GH ODV PDQRV DSXQWDQGR DO FLHOR QR WHQGUDQ TXH EXVFDU DJXD QL FRPLGD SRUTXH OD WHQGUD
6XFXHUSRWHQDFLHUWDULJLGH]H[WUD±DFRPRVLPXFKRDQWHV HQ DEXQGDQFLD \ SRU OR WDQWR WDPSRFR WHQGUD QHFHVLGDG
GHTXHOHWRPDUDQODIRWRKXELHVHGHMDGRGHPRYHUVH GHDEDQGRQDUDQDGLHHQODPLWDGGHOFDPLQRSRUTXHKDEUD
UHVXHOWRVXVSUREOHPDV
(QHOFRQWLQHQWHDIULFDQRD~QVREUHYLYHXQRGHORVSRFRVSXHEORV
QyPDGHVTXHYDQTXHGDQGRHQHOPXQGR6HWUDWDGHORVWXDUHJTXLHQHV
GXUDQWHVLJORVKDQUHFRUULGRODVSODQLFLHVDIULFDQDVGH$UJHOLD/LELD1tJHU\
1LJHULD9LVWHQFRQW~QLFDVTXHIDEULFDQHOORVPLVPRV\TXHPHGLDQWHXQ
SURFHVRGHWHxLGRQDWXUDOTXHGDQGHFRORUD]XO(VRHVORTXHOHVSLQWDODSLHO
GHFRORUD]XO\SRUHVRORVKDQDSRGDGR©ORVKRPEUHVD]XOHVª
%XVFDQGRDOLPHQWR\ODVPHMRUHVFRQGLFLRQHVGHYLGDORVWXDUHJVH
GHVSOD]DQSRUHOWHUULWRULRDIULFDQRHQXQDFDUDYDQDVHPSLWHUQDFRQOD~QLFD
SUHFDXFLyQGHQXQFDYROYHUDSLVDUHOVXHORHQGRQGHHQWLHUUDQDVXV
PXHUWRV
(VRHUDWRGR(OKRPEUHGHSLHOD]XOQRYROYDDDSDUHFHU
P¡V
7XYHPLHGR\FHUU©HOFXDGHUQRGHJROSH
3HURDOUDWRYROYDDEULUOR(OKRPEUHVXFDUDVXERFDGH
ODELRV SU¡FWLFDPHQWH EODQFRV \ VHPLDELHUWRV VXV RMRV
HQWUHFHUUDGRV \ VLQ YLGD 3RU TX© QDGLH QRV DGYLHUWH TXH
RFXUUHQ HVDV FRVDV HQ HO PXQGR" 'HM© HO FXDGHUQR FRQ
GHVG©Q
IULFD QR PH SDUHFL³ IDVFLQDQWH VLQR XQ OXJDU KRUULEOH \
FUXHO0HIXLDPLSODWRGLVSHQVDGRUGHFRPLGD\HQJXOO
0HKDUW©FRP\EHEDJXDFRPRVLHVHIXHVHPLºOWLPR
15/31
³£.DULEX£.DULEX
.RIL LQWHQWy FRUUHWHDUORV SHUR ORV PiV FKLFRV VH OH
.RIL\VXVWUHLQWD\FLQFR DEUD]DURQDODVSLHUQDVVLQLQWHQFLyQGHVROWDUOR
([WUDFWRGHOFXDGHUQRGH%ODQFD)XHQGHMDO³Q ³4XLHUHQTXHOHVGHVXQDJRORVLQDPX]XQJX³H[SOLFy
DYHUJRQ]DGR
(O KRPEUH EODQFR UHYLVy VXV EROVLOORV \ HQFRQWUy XQD
FDMDGHFKLFOHVOHTXHGDEDQXQRVSRFRV
³(VWRGRORTXHWHQJR³VHH[FXVy
/D FDVD GH .RIL HUD GH HVDV FKR]DV $IULFDQDV VLQ
YHQWDQDV\SLVRGHWLHUUD/D~QLFDDSHUWXUDSRUGRQGHVH ³+DNXQDPDWDWD³UHVSRQGLyHOPD\RUGHHOORV\VDOLy
FRODEDDOJRGHDLUHHUDODSXHUWDSULQFLSDO FRUULHQGR FRQ ORV FKLFOHV HO UHVWR GH ORV QLxRV OR
VLJXLHURQGHWUiVJULWDQGRGHDOHJUtD
$GHQWUR HO KRPEUH EODQFR FRQWy WUHLQWD \ FLQFR
SHUVRQDV 3DUD HQWRQFHV OD QRFKH KDEtD FDtGR FRQ XQD QHJUXUD
FDVLVLQLHVWUDSRUTXHDIXHUDGHODFDVDQRVHYHtDQDGDGH
³£.DULEX£.DULEX³ORVVDOXGDURQ QDGD HO KRPEUH EODQFR VH HVWUHPHFLy GH SHQVDUOR \
³6t-DPER³FRQWHVWy.RILDOHJUHPHQWH DIXHUDODWRUPHQWD]XPEDEDFRPRXQDDEHMDIHUR]
(UD XQD PXOWLWXG FRPSXHVWD SRU HO SDGUH PDGUH
HVSRVDKLMRVDEXHORVWtRVVREULQRVSULPRV\QLHWRVTXH
FROPDEDQORVGLIHUHQWHVHVSDFLRVGHQWURGHODFDVD.RIL 6DOXGRTXHHQVZDKLOLVLJQLILFD©DGHODQWHªR©ELHQYHQLGRª
KL]RDODUGHGHVXIDPLOLD ©+RODªHQVZDKLOL
³)DPLOLDQXPHURVDPX]XQJXIDPLOLDQXPHURVD ©1RKD\SUREOHPDVªHQVZDKLOL
16/31
(OKRPEUHGHSLHOD]XO
17/31
ORVMDUGLQHVHUDQLJXDOHVDORVGHOSDVHQTXH\RYLYDDV FXDQGRPHGHM³HQHOVXHOR\VHGHVSLGL³
HV TXH FRPSUHQG TXH QR V³OR QR KDED OOHJDGR D IULFD ߚb+DVWDOXHJRDPLJR
VLQRTXHSUREDEOHPHQWHWDPSRFRKDEDVDOLGRGHOSDV ߚb*XDX ߚQR SRGD GHMDU TXH VH IXHUD \ OR VHJX
4XLVHGDUPHGLDYXHOWDSHURHQHVHPRPHQWRODLPDJHQ ODGUDQGRHQDMHQDGR
GH XQD VLOXHWD ODUJD \ FRQVXPLGD PH DOHUW³ (O VRO GH OD
PD±DQD OH RFXOWDED HO URVWUR \ XQD PDUD±D GH SHORV OH
FRURQDED OD FDEH]D 6XV EUD]RV ODUJRV FRPR EDPEºHV
GHVSURYLVWRV GH FDUQH DUUDVWUDEDQ VLQ JDQDV XQ HQRUPH
FDUUHW³Q1XQFDHQPLYLGDGHSHUURKDEDYLVWRXQDILJXUD
P¡VWULVWH\UR±RVD
&DPLQDED D JUDQGHV \ GHVLJXDOHV ]DQFDGDV \ FXDQGR
FDVLORWXYHHQFLPDGHVFXEUFRQHPRFL³QTXHODWºQLFDTXH
ORDUURSDEDbHUDGHFRORUD]XO
ߚb(OKRPEUHD]XOߚODGU©
&XDQGR PH SDV³ SRU DO IUHQWH OH PRY OD FROD SHUR HO
KRPEUHQLVHLQPXW³VLJXL³GHODUJR
ߚb*XDX ߚODGU© GH LPSRWHQFLD &³PR ORJUDUD
FRPXQLFDUPHFRQ©O\GHFLUOHTXHTXHUDD\XGDUOR"
/H PRUG HO SDQWDO³Q SDUD LPSHGLU TXH FRQWLQXDUD \ OR
WLURQH©FRQIXHU]D3RUILQVHGHWXYR6LQVROWDUVXSDQWDO³Q
OH PRY OD FROD O VH DJDFK³ \ PH PLU³ FRQ RMRV
SHQHWUDQWHV\MXURSRUPLSHUUDPDGUHTXHHQODQHJUXUDGH
HVDPLUDGDYLODLQPHQVLGDGGHOGHVLHUWR
&RPHQ]³DDFDULFLDUPH\GLMR
ߚ3RUTX©WLHQHVWDQWDUDELDDPLJR"
*UUUU ߚF³PR H[SOLFDUOH TXH QR HUD UDELD VLQR
LQFDSDFLGDGORTXHVHQWD"
ߚb9HQSDUDDF¡ߚPHRUGHQ³HQHOPRPHQWRHQTXHPH
WRP³ SRU HO ORPR \ PH OHYDQW³ &RPHQ]³ D DFDULFLDUPH OD
QXFDFRQVXVPDQRVKXHVXGDVb0HVHQWWDQELHQ
(VWDED SRU TXHGDUPH GRUPLGR DUUXOODGR HQ VXV EUD]RV
18/31
QLxRV ULxHURQ SHUR OXHJR KLFLHURQ ODV SDFHV ODV PXMHUHV
VHOHYDQWDURQUHSHWLGDVYHFHVSDUDWUDHUXQSRFRGHHVWR
\SRFRGHDTXHOOR\FXDQGRSDUHFtDTXHWHUPLQDEDODFHQD
/RVPXHUWRVYLYHQFRQQRVRWURV
\HOKRPEUHEODQFRVHSUHSDUDEDSDUDGRUPLUHODQFLDQR
([WUDFWRGHOFXDGHUQRGH%ODQFD)XHQGHMDO³Q GHOJUXSRHQWRQyXQDFDQFLyQ/DYR]GHODQFLDQRVHHOHYy
URQFD \ FODUD DSODFDQGR HO UXJLGR GH OD WRUPHQWD TXH VH
HVFXFKDED DIXHUD /DV PXMHUHV VLJXLHURQ HO ULWPR
JROSHDQGRVXVPDQRV7XWXWXWXWXVRQDED
(O KRPEUH EODQFR VH VHQWy DOUHGHGRU GHO IXHJR /RV
QLxRVDORVTXHOHVKDEtDFRQYLGDGRFKLFOHVVHVHQWDURQD
VXODGR³0X]XQJXPX]XQJX³OHGHFtDQVRQULHQGR
&RPLHURQ GH XQD HQRUPH IXHQWH GH PDGHUD TXH VLUYLy
GH EDQGHMD SDUD TXH FDGD VDFDUD OD FRPLGD FRQ OD PDQR
$OSULQFLSLRODIDPLOLDGH.RILVHPRVWUyLQWHUHVDGDHQOD
KLVWRULDGHOKRPEUHEODQFR4XHUtDQVDEHUTXpHUDORTXH
ORKDEtDOOHYDGRDÉIULFDeOLQWHQWyEURPHDUGLFLHQGRTXH
ORTXHORKDEtDWUDtGRHUDHOVRQLGRGHORVWDPERUHVSHUR
QDGLH VH ULy (QWRQFHV OHV FRQWy TXH HUD HVFULWRU ³
HVSHFtILFDPHQWHXQUHSRUWHURSRODFRTXHVHKDEtDYXHOWR
HVFULWRU³ \ TXH SUHSDUDED VX SUy[LPD QRYHOD
DPELHQWDGDHQÉIULFD
³¢'HTXpHVFULEHVPX]XQJX"³OHSUHJXQWyXQQLxR
³/DVKLVWRULDVGHORVSXHEORV³FRQWHVWy
3HUR FDVL LQPHGLDWDPHQWH SHUGLHURQ LQWHUpV HQ pO \
FRPHQ]DURQ D KDEODU HQWUH HOORV $Vt HV TXH HO KRPEUH
EODQFR VH GHGLFy D REVHUYDUORV /RV KRPEUHV DVLVWtDQ D
VXV PXMHUHV ODV PXMHUHV D\XGDEDQ D VXV KLMRV ORV KLMRV
PD\RUHV D\XGDEDQ D ORV PHQRUHV \ XQD MHUDUTXtD FDVL (O KRPEUH EODQFR FHUUy ORV RMRV /D PHORGtD HUD
SHUIHFWDPDQWHQtDODDUPRQtDHQODFKR]D FDQWDGD DKRUD SRU ODV PXMHUHV \ ORV QLxRV 7tPLGDPHQWH
/DFRPLGDWUDQVFXUULyLJXDOTXHODGHFXDOTXLHUIDPLOLD HO KRPEUH EODQFR VH DQLPy D EDWLU VXV SDOPDV TXHULHQGR
TXHVHVLHQWDDODPHVD/RVDGXOWRVFRQYHUVDURQDOJXQRV LPLWDUHOULWPRTXHOOHYDEDHOJUXSR
19/31
.RILVHDFHUFyDpO
³&DQWH PX]XQJX FDQWH FRQ QRVRWURV /D P~VLFD OH
KDFH ELHQ D ORV PXHUWRV VREUH WRGR HQ HVWDV KRUDV WDQ 5XPERDÈIULFD
RVFXUDV
(QWRQFHV VXSR TXH HQ ÉIULFD ORV PXHUWRV HVWiQ
SUHVHQWHV HQ OD YLGD IDPLOLDU DXQ FXDQGR \D QR HVWpQ
ItVLFDPHQWHVHOHVUHFXHUGD\VHOHVFRPSDUWHFRPRVLGHO
RWURODGRGHODSDUHGORVHVWXYLHUDQREVHUYDQGR /DGU©WDQWRTXHFDVLPHTXHG©DI³QLFR
+DQYLVWRDXQSHUURDI³QLFR"(VODSHRUKXPLOODFL³QTXH
SXHGDVXIULUXQDQLPDOGHPLHVSHFLH(QVHULRODYR]GHXQ
SHUUR HV SDUWH GH VXV DWULEXWRV 3HUR YDPRV TXH ODV
(QVXGLDULR%ODQFDDFODUDTXHHVFULEHHVWDKLVWRULDHQKRQRUD5\V]DUG
.DSXVFLQVNLHVFULWRU\UHSRUWHURSRODFRTXHGXUDQWHPXFKRVDxRVVH
FLUFXQVWDQFLDVORDPHULWDEDQSRUTXHHOKRPEUHQRHQWHQGD
SUHRFXSyGHGDUDFRQRFHUORVKRUURUHVGHODVJXHUUDVHQHOFRQWLQHQWHQHJUR QXQFD
&RPR2WHORQRLQFOX\yHOIUDJPHQWRVHORVFRSLRDFRQWLQXDFLyQ©(VWH
)LQDOPHQWHVHGHWXYR
FXDGHUQRHVWiHVFULWRHQKRQRUD5\V]DUG.DSXVFLQVNLHVFULWRU\SHULRGLVWD
SRODFRDTXLHQDGPLUR\PHJXVWDUtDSDUHFHUPHFXDQGRJUDQGHª ߚ< DKRUD TX©" ߚPH SUHJXQW³ FRQ VXV PDQRV HQ OD
FLQWXUD
ߚb*XDXߚUHSOLTX©DOLYLDGRPLHQWUDVFRUUHQGLUHFFL³QD
ODFDVDGHORV)XHQGHMDO³QSDUDOXHJRYROYHUKDFLD©O
ߚ4XLHUHVPRVWUDUPHDOJR"
ߚb*XDX b*XDX ߚODGU© IHOL] SRU ILQ KDED HQWHQGLGR \
KDFLHQGR JDOD GH PL SRUWH GH KLMR GH FDPSH³Q QDFLRQDO
HVWLU©HOFXHUSR\ORPLU©DODFDUD
(OKRPEUHD]XOVHUL³FRQJDQDV\PHPRVWU³ODWRWDOLGDG
GHVXVGLHQWHVDPDULOORV0HGLMR
ߚb3DUHFHVSHUURGHFLUFR7HHVFDSDVWHGHXQR"
1R HQWHQG D TX© VH UHILUL³ FRQ HVR GH XQ FLUFR SHUR
SHQV©TXHHUDXQDSDODEUD$IULFDQD\QROHGLLPSRUWDQFLD
6HJX PLU¡QGROR ILMR VHJXUR GH TXH PH DFRPSD±DUD
SHURHVWHKRPEUHHUDXQDPXODGHSRUILDGRSRUTXHWRP³VX
FDUUHW³Q\FRQWLQX³VXFDPLQR
20/31
ߚb4X©ILDVFRߚUHVRSO©GHLPSRWHQFLD
ߚ(VW¡VFDQVDGR"ߚPHSUHJXQW³
<RPRYODFROD\YROYDUHSHWLUPLPRYLPLHQWRFRUULHQGR
HQGLUHFFL³QDODFDVDGHORV)XHQGHMDO³Q\YROYLHQGRKDFLD
©O(QWHQGHUDGHXQDYH]"
3HUR HQ XQD PDQLREUD LQHVSHUDGD PH WRP³ HQ VXV GRV
PDQRV \ PH VXEL³ HQ OD FDUUHWD 4XHG© HPEXWLGR HQWUH
IUD]DGDVWDUURVGLDULRV\MXJXHWHVYLHMRV
'H P¡V HVW¡ GHFLU TXH QXQFD PH KDED VXELGR HQ XQ
FDUUHW³Q $IULFDQR DV HV TXH FRPHQF© D ROLVTXHDUOR WRGR
PH VRUSUHQGLHURQ PXFKR ORV RORUHV DURPDV PH]FODGRV GH
SDQ UDQFLR \ YHUGXUDV PDGXUDV ODQD KºPHGD \ WLHUUD XQD
PH]FOD H[WUD±D SHUR IDVFLQDQWH (O KRPEUH D]XO UHWRP³ VX
SDVRDUUDVWUDQGRHOFDUUHW³QFRQVXVGRVPDQRV
$SURYHFK©GHDVRPDUPHDPLUDUSDUDGRMXVWRGHWU¡VGH
©O(OYLHQWRPHVRSODEDHQODFDUD\PHKDFDFRVTXLOODVHQ
HOORPR,QVSLU©SURIXQGR\SHQV©TXHSUREDEOHPHQWHHVH
HUDXQRGHORVPRPHQWRVP¡VIHOLFHVGHPLYLGD(OFDUUHW³Q
DYDQ]DEDSRUODVFDOOHV\FRPHQ]³DGHMDUDWU¡VODVFDVDV\
UHMDV GH PL PXQGR SDUD LQWHUQDUVH HQ XQ WHUULWRULR
GHVFRQRFLGR 0H VHQW WDQ RUJXOORVR bYLDMDED KDFLD RWUR
FRQWLQHQWH
(QSDUWHSRUFDQVDQFLR\HQSDUWHSRUHOYDLY©QGHOFDUUR
PH TXHG© GRUPLGR 1R V© FX¡QWR WLHPSR SHUR FXDQGR
GHVSHUW© PH HQFRQWUDED HQ IULFD HVR OR VXSH GH
LQPHGLDWR
IULFD HUD UHDOPHQWH SREUH WDO FRPR OR PRVWUDED HO
FXDGHUQR GH %ODQFD 1R KDED FDVDV QL HGLILFLRV TXH
21/31
OXFLHUDQ FRPR ORV GH PL SDV 7DPSRFR KDED ¡UEROHV DV
HVTXHSHQV©TXHPHHQFRQWUDEDHQHOGHVLHUWR
$ OR OHMRV YL XQ FRQMXQWR GH HGLILFLRV GH PX\ EDMD DOWXUD
8QDYLVLWDLQHVSHUDGD
FRQWRGDODURSDFROJDGDGHODVYHQWDQDVKDFLDIXHUD,JXDO
FRPR HQ ODV IRWRJUDIDV GH %ODQFD HVRV YHVWLGRV OH ([WUDFWRGHOFXDGHUQRGH%ODQFD)XHQGHMDO³Q
RWRUJDEDQHOºQLFRFRORUTXHWHQDHOSDLVDMHJULV
$O RWUR FRVWDGR KDED XQ GHVSREODGR GH WLHUUD VHFD
GRQGH D UDWRV VH OHYDQWDED XQ UHPROLQR GH SROYR TXH VH
HOHYDEDFRQHOYLHQWR\VHSHUGDHQHOFLHOR /RGHVSHUWyHOVRQLGRGHXQVLVHRPHWiOLFRFRPRHOTXH
(O KRPEUH D]XO VHJXD WLUDQGR GHO FDUUHW³Q VH GLULJD VH SURGXFH DO IURWDU ODV PDQRV HPSXxDGDV (Q HVH
GLUHFWRKDFLDHOGHVSREODGR/HODGU© DOHWDUJDGR HVWDGR GH GXHUPHYHOD HQ TXH VH HQFRQWUDED
ߚb*XDX HOKRPEUHEODQFRSHQVyTXHHVWDEDHQVXFDVDHQ3RORQLD\
ߚb0LUHQ TXL©Q GHVSHUW³ \D HUD KRUD GRUPLO³Q ߚ PH TXHDTXHOUXLGRSURYHQtDGHODWHWHUDKLUYLHQGR$EULyORV
FRQWHVW³ RMRV SDXVDGDPHQWH \ VH HQFRQWUy FRQ OD PLUDGD VHULD GH
.RIL\HOUHVWRGHOJUXSR³HQDOJ~QPRPHQWRODFDVDVH
&RQWLQX³
KDEtDTXHGDGRPXGD
ߚ7HKDVSHUGLGRWRGRHOFDPLQRDPLJROOHJDPRVDFDVD
ߚGLMR DO WLHPSR TXH HQILODED HO FDUUHW³Q SRU GHEDMR GH XQ ³¢.XQD QLQL" ³SUHJXQWy FDVL VLQ PRYHU VXV ODELRV
SXHQWHHUDXQSXHQWHGHYHUGDG"(QWRGRFDVRVHWUDWDED VHPLGRUPLGR
GH XQD KHQGLGXUD QR GHPDVLDGR DQFKD QL DOWD HQ GRQGH ³£&KLVW £QR KDEOH QL VH PXHYD PX]XQJX £3RU OR TXH
HVWDFLRQ³HOFDUUHW³Q PiV TXLHUD QR KDEOH QL VH PXHYD ³OH DGYLUWLy .RIL
(OKRPEUHD]XOQRDOFDQ]³DEDMDUPHGHOFDUUHW³QFXDQGR DIOLJLGR
XQPRQW³QGHQL±RVOOHJDURQFRUULHQGRGHGLVWLQWDVSDUWHV 6LQ PRYHUVH LQVSHFFLRQy HO OXJDU FRQ ORV RMRV /D
ߚb$EXHORDEXHORߚOHJULWDURQ IRJDWD WRGDYtD DUGtD DOUHGHGRU SHUR ORV KRPEUHV
PXMHUHV \ QLxRV SDUHFtDQ GH FHUD WRWDOPHQWH
SHWULILFDGRV (QWRQFHV D XQ FRVWDGR VX\R DVRPiQGRVH
SRU HQFLPD GH ODV SLHUQDV GH VX YHFLQR YLR XQD HQRUPH
VHUSLHQWH7HQtDODSLHORVFXUD\DFHLWDGD\DODDOWXUDGHO
FXHOORVHOHGREODEDHQGLYHUVRVSOLHJXHV0iVGHODPLWDG
GH VX FXHUSR SHUPDQHFtD HUJXLGR H LQPyYLO DQWH HOORV
DFHFKiQGRORVVLQDSDUWDUOHODYLVWD6XPLUDGDOHUHFRUGy
DXQDYHGHUDSLxD
22/31
1R OH TXHGy PiV TXH HVSHUDU D $PtQ \ VX FDQDVWR TXLHQ
OOHJyXQRVPLQXWRVPiVWDUGH\MXQWRD.RILVHFRORFDURQ
GHWUiVGHODVHUSLHQWH(QWRQFHVpVWDVHYROWHyUiSLGR\
GLR XQ SLFRWD]R TXH QR ORV DOFDQ]y SHUR TXH OHV GLR XQRV
VHJXQGRV SUHFLRVRV DO KRPEUH \ DO QLxR SDUD SRQHUVH D
UHVJXDUGR /D VHUSLHQWH HQWRQFHV VDELpQGRVH SUHVD GH
XQD HPERVFDGD HQURVFy SDUWH GH VX FXHUSR \ EDMy OD
FDEH]DFDVLDODDOWXUDGHOVXHORGHHVWDIRUPDVHPRYtD
PXFKtVLPRPiVUiSLGR\DWDFDEDFRQPD\RUDJLOLGDG.RIL
IXHSRUXQSDOR\OHDVHVWyXQJROSHHQPHGLRGHOFXHUSR
3RUODIXHU]DFRQTXHOHGLRHOSRUUD]RHOKRPEUHEODQFR
SHQVy TXH OD VHUSLHQWH KDEUtD TXHGDGR DWXUGLGD \ VH
LQFRUSRUy SDUD D\XGDU D .RIL \ $PtQ SHUR OD YtERUD
HVWDEDIXULRVD\VHIXHFRQWUDpOSRUSRFROHPXHUGHOD
SDWD (QWRQFHV .RIL OH GLR XQ VHJXQGR JROSH D~Q PiV
IXHUWH TXH HO DQWHULRU GLUHFWR HQ OD FDEH]D (O DQLPDO
UHWURFHGLyHVWDYH]DWXUGLGR
³£$PtQHOFDQDVWR³OHJULWy
$PtQWLUyHOFDQDVWRVREUHHODQLPDOHOUHFLSLHQWHIXH
D SDUDU MXVWR VREUH HOOD GHMiQGROD DWUDSDGD GHQWUR /D
VHUSLHQWH LQWHQWy ]DIDUVH \pQGRVH FRQ IXULD FRQWUD ORV
ERUGHV SHUR VXV GHVHVSHUDGRV LQWHQWRV GH IXJD IXHURQ
³4XpGHVH TXLHWR PX]XQJX $PtQ IXH D EXVFDU XQ LQ~WLOHVDOUDWRVHTXHGyTXLHWDPLUiQGRORVFRQUDELDSRU
FDQDVWR ³LPSORUy .RIL (O QLxR TXH SHUPDQHFtD D VX ODGR HQWUHODVUHQGLMDV
HVWDED WDQ TXLHWR TXH SRU XQRV VHJXQGRV HO KRPEUH
0iV WDUGH HO KRPEUH EODQFR UHFRUGDUtD HO VLOHQFLR
EODQFR QR VXSR TXp HUD OR PiV WHUURUtILFR GH WRGR OD
GHQWUR GH OD FDVD PLHQWUDV GXUy HO DWDTXH GH OD
HVWDWXD GH QLxR TXH WHQtD D VX ODGR R DTXHOOD VHUSLHQWH
VHUSLHQWH
TXH PRVWUDED VXV FROPLOORV 6HQWtD XQ FRVTXLOOHR
LUUHVLVWLEOH HQ OD SODQWD GH ORV SLHV SHUR VXSR TXH
FXDOTXLHU PRYLPLHQWR VX\R HUD XQD VHQWHQFLD GH PXHUWH
SDUD pO R VX FRPSDxHUR SXHV OD VHUSLHQWH .XQDQLQLVLJQLILFD¢SDVDDOJR"HQVZDKLOL
SHUPDQHFtD DOHUWD HVSHUDQGR HO PRPHQWR GH DWDFDUORV
23/31
(OFDUUHWyQPLODJURVR
&RQ PL FDUD DVRPDGD SRU HQFLPD GHO FDUUHW³Q YL FRPR
ORVQL±RVVHDEDODQ]DURQVREUHHOKRPEUHD]XO
(Q XQ PLQXWR OD VLWXDFL³Q VH YROYL³ FRPSOLFDGD SRUTXH
ORVQL±RVVHSHOHDURQSRUTXL©QHVWDEDP¡VFHUFDTXL©QOR
DEUD]DED SULPHUR \ VH DEULHURQ SDVR D HPSXMRQHV
SX±HWD]RV\JULWRV
3HURHOKRPEUHD]XOOHVKDEO³FRQYR]GXOFH
ߚ b'HMHQ GH SHOHDU 7UDMH DOJR SDUD FDGD XQR ߚGLMR \
KXQGL³ODPDQRGHQWURGHOFDUUHW³Q
3RUXQPLQXWRWHPTXHPHIXHUDDUHJDODU\TXHORVQL±RV
VHSHOHDUDQSRUTXL©QPHWHQGUDSULPHUR\PHWLUDUDQGH ߚ%XHQR DPLJR HV KRUD GH TXH VDOJDV D HVWLUDU ODV
ODV SDWDV R GHO FRJRWH \ TXH WHUPLQDUD GHVDUPDGR HQ ODV SLHUQDV
PDQRV GH FXDOTXLHUD GH HOORV SRU HVR PH HVFRQG ߚb*XDXߚLQWHQW©]DPEXOOLUPHSHUR©OORJU³DOFDQ]DUPH
U¡SLGDPHQWHGHEDMRGHXQDVIUD]DGDVSHURPHHTXLYRTX© FRQ VXV PDQRV KXHVXGDV \ PH VDF³ DIXHUD /RV QL±RV
'H OD FDUUHWD HO KRPEUH D]XO VDF³ MXJXHWHV 8Q FDPL³Q YROYLHURQ D JULWDU GH DOHJUD SHUR DO FRQWUDULR GH OR TXH
XQD SHORWD XQ DXWLWR XQ URERW XQDV FDUWDV XQRV OLEURV SHQV©QLQJXQRGHHOORVPHWLU³GHODFRODQLODVRUHMDVVLQR
3DUHFD XQD IXQFL³Q GH PDJLD SRUTXH HO KRPEUH KDFD TXHVHDFHUFDURQDDFDULFLDUPH
DSDUHFHU PRQWRQHV GH MXJXHWHV TXH ORV QL±RV UHFLEDQ FRQ
ߚ'H G³QGHORVDFDVWH"ߚOHSUHJXQWDURQ
JULWRVGHDOHJUD
ߚb8IHVWHSHUULWRPHSHUVLJXL³HQODFDOOHKL]RWRGRWLSR
&RQ VXV REVHTXLRV HQ ODV PDQRV VH SXVLHURQ D MXJDU
GHOHVHUDVHVPX\UHSLOORߚFRQWHVW³©O
VREUHODWLHUUDVHFDDXQRVSDVRVGHOFDUUHW³Q<RHVSLDED
GHEDMR GH ODV IUD]DGDV SHUR HQ HVH PRPHQWR HO KRPEUH ߚ7HORYDVDTXHGDU"ߚSUHJXQW³XQRGHORVQL±RV
D]XOVHDFRUG³GHP ߚ<R FUHR TXH V SRUTXH QR WLHQH FROODU DV HV TXH QR
FUHRTXHORDQGHQEXVFDQGRߚUHVSRQGL³HOKRPEUHD]XO\
24/31
VHQWY©UWLJR
b+DEDROYLGDGRHOFROODUb&ODUR/DQRFKHDQWHVGHVDOLUD
IULFD OR WLURQH© KDVWD TXH ORJU© ]DI¡UPHOR 1XQFD SHQV©
(OUHJDOR
TXH WXYLHUD QLQJXQD LPSRUWDQFLD \ DKRUD VXFHGD TXH
HOORVFUHDQTXHHUDXQSHUURVLQGXH±R&RPHQF©DODGUDU ([WUDFWRGHOFXDGHUQRGH%ODQFD)XHQGHMDO³Q
GDQGRYXHOWDV\KDFLHQGRPXHFDVSDUDGHPRVWUDUOHVTXHV
WHQDGXH±RSHURIXHLQºWLO
ߚ9HQ" 4X© OHV GLMH" ߚGLMR HO KRPEUH D]XO
DSXQW¡QGRPH FRQ HO GHGRߚ &DGD FLHUWR UDWR VH SRQH &RQ OD VHUSLHQWH HQFHUUDGD HQ HO FDQDVWR \ ORV
KDFHUOHVHUDV SULPHURV UD\RV GHO VRO FD\pQGROHV VREUH OD QXFD
/RV QL±RV VH ULHURQ DOJXQRV YROYLHURQ D MXJDU \ RWURV HPSUHQGLHURQFDPLQRKDFLDODFDUUHWHUD&ODURTXHDQWHV
SHUPDQHFLHURQFHUFDGHP3HUR\RGHM©GHKDFHUSLUXHWDV HOKRPEUHEODQFRVHGHVSLGLyGHODPXMHUGH.RILGHVXV
SRUTXHQDGLHHQWHQGDORTXHTXHUDGHFLUFRQHOODV$VHV KLMRV\GHODIDPLOLD'HVSXpVGHODWDTXHGHODFREUDHQOD
TXHGHM©TXHXQDQL±LWDPHDFDULFLDUDHOORPR YtVSHUDVHVHQWtDSDUWHGHOJUXSRDVtHVTXHMXVWRDQWHV
IULFDHUDXQEXHQOXJDUSDUDYLYLU GHVDOLUKL]RXQDWHDWUDOUHYHUHQFLD/RVQLxRVVHULHURQD
JULWRV
.RIL PHWLy HO FDQDVWR FRQ OD VHUSLHQWH DGHQWUR GH VX
PRFKLOD
³¢3RU TXp WH OD OOHYDV" ³OH SUHJXQWy HO KRPEUH
EODQFR
³3RUTXHHQHOPHUFDGRSDJDQXQDEXHQDVXPDSRUHOOD
PX]XQJX ³FRQWHVWy .RIL DFRPRGiQGRVH OD PRFKLOD DO
KRPEUR
³3XHVDPtQRPHJXVWDUtDFRPSUDUXQELFKRFRPRHVH
³FRQWHVWyHOKRPEUH\ULyDOUHFRUGDUHOVXVWRTXHKDEtD
SDVDGRKDFtDDOJXQDVKRUDV
$O YROYHU D OD FDUUHWHUD HQFRQWUDURQ OD FDPLRQHWD WDO
FRPRODKDEtDQGHMDGRVXELHURQHQHOOD\HQILODURQDWRGD
SULVD KDFLD 5XDQGD /OHJDURQ VLQ VREUHVDOWRV FRQ WLHPSR
VXILFLHQWH SDUD LU DO PHUFDGR HQ GRQGH .RIL YHQGLy OD
VHUSLHQWH (O KRPEUH EODQFR DSURYHFKy GH FRPSUDU XQRV
25/31
VRXYHQLUVSDUDVXVKLMRV GHODVVHUSLHQWHV³VHxDOy
(QWRQFHVVHGLULJLHURQDODHURSXHUWR ³$K SHUR ORV EUXMRV VRQ PXFKtVLPR SHRUHV TXH ODV
³¢9ROYHUiVDÉIULFD"³OHSUHJXQWy.RILDOGHVSHGLUVH VHUSLHQWHV SRUTXH VH DSRGHUDQ GH WX DOPD \ WX
³0HLPDJLQRTXHVt³FRQWHVWyHVWUHFKiQGROHODPDQR SHQVDPLHQWR\WHKDFHQDFWXDUPDO
³£7RPD³GLMR.RILHVWLUiQGROHXQSDTXHWH (OKRPEUHEODQFRQRVXSRTXpFRQWHVWDU
³ÓVDORPX]XQJX\FXDQGRVLHQWDVTXHHVWiVGRPLQDGR
SRUSHQVDPLHQWRVPDORVORDJLWDVUiSLGDPHQWH³FRQWHVWy
.RIL
³/RWHQGUpSUHVHQWHDPLJR³GLMR\OHGLRXQDEUD]R
0LUy KDFLD HO KRUL]RQWH \ SHQVy TXH ILQDOPHQWH QXQFD
VH WHUPLQD GH FRQRFHU XQ OXJDU VLHPSUH KDEUi DOJR TXH
IDOWD DOJR SRU OR TXH XQR SXHGH YROYHU \ YHUOR WRGR GH
QXHYRFRPRVLIXHUDODSULPHUDYH]
³£0HLPDJLQRTXHQRVHUiODVHUSLHQWH³EURPHy
³1RPX]XQJX HV XQ DPXOHWR GH OD EXHQD VXHUWH 7H
SURWHJHUiFRQWUDORVEUXMRV
³¢&RQWUDORVEUXMRV"3UHILHURTXHPHPDQWHQJDOHMRV
26/31
FRQWLQX³FDPLQDQGR
+DEUDQ SDVDGR XQRV GLH] PLQXWRV FXDQGR HVFXFK© XQD
YR]FRQRFLGD$OJXLHQߚXQDFKLFDߚPHHVWDEDOODPDQGR
(OFDUWHOFRQPLIRWR
ߚb*XDXߚUHVSRQGFRQDOHJUDDOYHUTXHVHWUDWDEDGH
OD SDVWRU DOHP¡Q )XL FRUULHQGR KDVWD HOOD \ OH JUX±
FRQWHQWR
ߚ/RJUDVWHOOHJDUDIULFD"ߚPHSUHJXQW³
1RV©FX¡QWRVGDVYLYFRQHOKRPEUHD]XO ߚb3HURFODUR6LYHQJRGHDOO¡
$O SULQFLSLR FRQW© ODV SXHVWDV GH VRO SHUR GH SURQWR VH ߚ$OJXQRV SHUURV SHQVDURQ TXH WH KDEDV SHUGLGR SHUR
PHROYLG³\SHUGODFXHQWD \R VLHPSUH VXSH TXH OR ORJUDUDV ߚGLMR HOOD FRQ VX YR]
6H SUHJXQWDU¡Q SRU TX© QR YROY D FDVD SRU TX© QR URQFD
LQWHQWDED HQFRQWUDU HO UDVWUR GH ORV )XHQGHMDO³Q 3XHV < KXELHVH VHJXLGR FRQYHUVDQGR FRQ OD FKLFD VL QR HV
SRUTXH QR WHQD FRUD]³Q SDUD DEDQGRQDU DO YLHMR /RV SRUTXHHOKRPEUHD]XOPHFKLIO³
SHUURVVRPRVPX\VHQVLEOHVUHVSHFWRDODJHQWHEXHQD\HO
ߚ<DWHYDV"ߚTXLVRVDEHUHOOD
KRPEUHD]XOHUDXQKRPEUHEXHQR
ߚb8I HV XQD ODUJD KLVWRULD TXL]¡V DOJºQ GD WH OD
1RVKLFLPRVDPLJRVWDQWRTXHFRPSDUWDPRVWRGRKDVWD
FXHQWHHQWHUDߚSURPHW
ORP¡VLQVLJQLILFDQWH6L©OUHFRJDXQSHGD]RGHSDQSXHV
ORSDUWDSRUODPLWDG\FRPDPRVDPERV6LHQFRQWUDEDXQD &XDQGR PH DFHUTX© D ©O PH GLMR DOJR TXH QR ROYLGDU©
QXHYD IUD]DGD FRQ HVD PLVPD QRV FXEUDPRV GXUDQWH OD QXQFDPHOODP³
QRFKH FXDQGR UHIUHVFDED \ FRUUD XQD YHQWLVFD TXH QRV ߚ2WHOR"
FDODEDORVKXHVRV +DFD WDQWR WLHPSR TXH QDGLH PH OODPDED DV /R PLU©
8QGDHPSUHQGLPRVXQYLDMHPX\ODUJR,EDWURWDQGRDVX LPSUHVLRQDGR
ODGRFRPRXQEXHQSHUUR\DOUDWROOHYDEDODOHQJXDDIXHUD ߚb2WHORߚUHSLWL³\\REXI©\ODGU©(QWRQFHVHOKRPEUH
(O LQWHQW³ VXELUPH DO FDUUHW³Q SHUR QR PH GHM© DWUDSDU D]XODILUP³
TXHUD FRUUHU ROIDWHDU SRU DK \ VXFHGL³ TXH GH UHSHQWH ߚ$VHVTXHHVHHVWXYHUGDGHURQRPEUHSXHVWHWHQJR
UHFRQRFFLHUWRVDURPDVTXHKDEDROYLGDGR\DOKRFLFRPH XQDQRWLFLDDPLJR2WHORWXIDPLOLDWHHVW¡EXVFDQGRߚPH
OOHJ³XQRORUPX\LQWHQVRDOJRTXHPHWUDMR FRQW³\VHDJDFK³SDUDPRVWUDUPHXQFDUWHOPX\H[WUD±RHQ
D OD PHPRULD OD FDVD GH ORV )XHQGHMDO³Q \ ODGU© GH GRQGHDSDUHFDXQDIRWRPD
DOHJUD
ߚb+H\b7LHQHVEXHQROIDWRߚGLMRHOKRPEUHD]XOߚ(VWH
HV HO OXJDU HQ GRQGH QRV YLPRV SRU SULPHUD YH] ߚ\
27/31
&DGD FLHUWR UDWR PH GDED YXHOWDV SDUD FRPSUREDU TXH PH
VHJXDGHWU¡V\OHODGUDEDFRQWHQWR6HJXKDFLDODFDVDGH
%ODQFD KDVWD TXH GH SURQWR HVWXYH IUHQWH D OD UHMD (O
KRPEUHD]XOOOHJ³XQRVPLQXWRVGHVSX©V
ߚ$V HV TXH GHVGH HO SULQFLSLR TXLVLVWH PRVWUDUPH WX
FDVDHK"
/DGU©b3RUILQKDEDFRPSUHQGLGRWRGR
&RQ VXV GHGRV KXHVXGRV WRF³ HO WLPEUH \ OD SULPHUD
SHUVRQDTXHDSDUHFL³IXH%ODQFD6HTXHG³XQRVVHJXQGRV
LQP³YLO \ OXHJR FRUUL³ KDVWD OD UHMD OD DEUL³ \ PH WRP³ HQ
VXVEUD]RV
ߚb2WHORb9ROYLVWHߚH[FODP³\VDOW³FRQPLJRHQEUD]RV
/XHJRFRQWLQX³
ߚ'LFHTXHHUHVODPDVFRWDUHJDORQDߚGLMR\OXHJRVH
UDVF³ OD FDEH]D PLHQWUDV FRQWLQX³ 3LHQVR TXH GHELHUDV
YROYHUDFDVD
0RYODFROD\HQXQPRYLPLHQWRU¡SLGRFRUUHQGLUHFFL³Q
DODFDVDGHORV)XHQGHMDO³Q\YROYKDFLD©O
OVHUL³
ߚ4XLHUHVPRVWU¡UPHOD"
9ROYDODGUDU\UHSHWHOPRYLPLHQWR
ߚb9DPRV
6DOFRUULHQGR(OKRPEUHD]XOPHVLJXL³D]DQFRVODUJRV
28/31
OD JHQWH D H[FHSFL³Q GH ©O QR YHVWD FRQ WºQLFDV D]XOHV
VLQR GH WRGRV ORV FRORUHV \ WDPSRFR DQGDEDQ HQ JUXSRV
VLQRDVRODVRHQSDUHMD(QWRQFHVFXDQGRHVFXFK©GHFLUDO
VH±RU )XHQGHMDO³Q TXH GXUDQWH WRGR HVWH WLHPSR \R KDED
YLYLGRHQHOOPLWHVXUGHODFLXGDGFRQILUP©PLVVRVSHFKDV
3HURQRPHDPDUJX©DOFRQWUDULRODGU©FRQWHQWR'HVSX©V
GHWRGRXQRHVW¡SUHSDUDGRSDUDFRQRFHUHOPXQGRFXDQGR
FRQRFHHOOXJDUHQGRQGHYLYH
1R V© TX© OH GLMR HO VH±RU )XHQGHMDO³Q DO KRPEUH D]XO
SHURORKL]RSDVDUDODFDVD\OHRIUHFL³XQSODWRGHFRPLGD
\HVWXYLHURQFRQYHUVDQGRPXFKRUDWR
&XDQGR %ODQFD PH VROW³ SXGH LU KDVWD OD FRFLQD SDUD
HVFXFKDUORV\IXHFXDQGRGHVFXEUTXHQRKDEDYLDMDGRD
IULFD (V P¡V QL VLTXLHUD PH KDED PRYLGR GH PL SDV QL
GHPLFLXGDG
4XLHUHQ TXH OHV FXHQWH OD YHUGDG" &RPHQF© D
VRVSHFKDUTXHQRHVWDEDHQRWURFRQWLQHQWHFXDQGRYLTXH
HQODWLHUUDGHOKRPEUHD]XOQRKDED]DQFXGRVGHOSRUWHGH
XQ ]DSDWR QL VHUSLHQWHV TXH PH TXLVLHUDQ FRPHU HQWHUR \
29/31
6$5$%(575$1'
30/31
2WHOR\HOKRPEUHGHSLHOD]XO
6DUD%HUWUDQG
,OXVWUDFLRQHVGH/HRQDUGR5tRV
31/31