Sobredosis (Alfaguara 2xhoja39) - Alberto Fuguet
Sobredosis (Alfaguara 2xhoja39) - Alberto Fuguet
Sobredosis (Alfaguara 2xhoja39) - Alberto Fuguet
QGLFH
3DߞPLKHUPDQR3DXO
3RUWDGLOOD
QGLFH
'HGLFDWRULD
'HDPEXODQGRSRUODRULOODRVFXUD %DVDGRHQXQDKLVWRULDUHDO
$PRUVREUHUXHGDV
/RVPXHUWRVYLYRV
3HODQGRD5RFR
1RKD\QDGLHDOO¡DIXHUD
&DSWXOR,
&DSWXOR,,
&DSWXOR,,,
&U©GLWRV
*UXSR6DQWLOODQD&KLOH
2/39
'HDPEXODQGRSRUODRULOODRVFXUD %DVDGRHQXQD *XDUG³ HO FXFKLOOR HQVDQJUHQWDGR HQ VX ERWD \ HVWLU³ VXV YLHMRV /HYLߞV
KDVWDGHMDUORVOLVRV\WLUDQWHV'HOEROVLOORLQWHULRUGHVXFKDTXHWDGHFXHUR
KLVWRULDUHDO H[WUDMR XQ SLWR \ OR HQFHQGL³ FRQ LQGLIHUHQFLD FRPR VL QDGD OH LPSRUWDUD
UHDOPHQWH FRPR VL WRGR IXHUD XQD YLHMD SHOFXOD TXH \D QR OH LQWHUHVDED
YROYHU D YHU $VSLU³ HO SRUUR VLQWL³ F³PR HO KXPR OH SLFDED ORV RMRV \ OR
VDERUH³WUDQTXLORFHURDSXURELHQ,WߞVKDUGWRJLYHDVKLWWKHVHGD\VSHQV³
FLWDQGRPHQWDOPHQWHD/RX5HHG6HUL³XQSRFRWRGROHSDUHFDWDQLQºWLO
'HVSX©V ODQ]³ XQ HVFXSLWDMR URML]R DO VXHOR TXH VH TXHG³ IORWDQGR HQ HO
FHPHQWR /H SDUHFL³ UDUR SHUR QL WDQWR $UULED ODV QXEHV QHJUDV SDVDEDQ
UDMDGDV
+RUDGHSDUWLU
&RQXQU¡SLGRPRYLPLHQWRIOHFW³VXVEUD]RVKDFLDDWU¡VFDVLUDMDQGRVX
GHVWH±LGDSROHUD*XQV1ߞ5RVHVHLQLFL³XQDOHQWDFDPLQDWDSRUHOFDOOHM³Q
KDVWD OOHJDU D OD SXHUWD GH HQWUDGD $ PHGLGD TXH DYDQ]DED VREUH HO
SDYLPHQWR URGHDGR GH FLHQWRV GH RMRV VLQ FDUDV TXH OH UHJLVWUDEDQ FDGD
SDVRSHQV³TXHHUDMXVWDPHQWHDOJXLHQFRPR©OORTXHHVRVWLSRVOOHQRVGH
FRORUHVQHFHVLWDEDQXQK©URHXQKXHY³QGLVSXHVWRDWRGRXQ5XVW\-DPHV
FKLOHQR
$ODFHUFDUVHDODVSXHUWDVGHYLGULRDXWRP¡WLFDVHO0DFDQDSXGRYHUSRU
XQDIUDFFL³QGHVHJXQGRVXUHIOHMRDQWHVGHTXHVHDEULHUDQ6HYHDDXQP¡V
IXHUWHDXQP¡VVHJXURFRPRVLORVLJXLHUDXQDKRUGDGHXOWUDYLROHQWRV\©O
IXHUD HO OGHU LQGLVFXWLGR 6X SLQWD GH JXHUUHUR GH SDQGLOOD DPHULFDQD FRQ
HVH DUR FKDFDO HQ IRUPD GH FDODYHUD HVDV PX±HTXHUDV HVH SD±XHOR GH
YDTXHUR TXH OH WDSD OD PLWDG GH VX GHVRUGHQDGD PHOHQD TXH FXHOJD VLQ
¡QLPR OR KDFH YHUVH ELHQ FDVL SHUIHFWR FRQ HVH WLSR GH EHOOH]D TXH VROR
VXUJHGHVSX©VGHXQDSHOHDGHVSX©VGHWHQVDUFDGDPºVFXOR\MXJXHWHDUFRQ
FDGDUHIOHMR
ߚ(O0DFDQDHVHOPHMRUHOP¡VERQLWR
ߚ(VXQUHYHQWDGR
ߚ/HJDOTXHORVHDRQR"
3/39
ߚ(OFRPSDGUHVHODVWUDH ߚ<DQRHVHOPLVPR
ߚ<DQDGLHHVHOPLVPRKXHY³Q
ߚ/RFDJDURQ
$OHQWUDUDO$SXPDQTXHVLQWL³ODPLUDGDGHWRGRV\VHGLRFXHQWDGHTXH ߚ(VDFOQLFDOHODY³HOFHUHEUR
VH YHD LJXDO D ORV GH ODV SHOFXODV TXH HPXODED 6ROW³ RWUD VRQULVD EDMR HO ߚ/RGHMDURQOHUGR
QH³Q URVDGR \ VLJXL³ FDPLQDQGR RUJXOORVR VDELR FHUWHUR 8Q FKLFOH
DSODVWDGR OR KL]R UHFRUGDU OD HVFHQD DQWHULRU LJXDO D XQ YLGHR GH 6OD\HU R
SHRUODVDQJUHGHO<XNRVDOLHQGRFDOLHQWHVRUSUHVLYDFRQKXPR<OHJXVW³ 6LQWL³ TXH OR VHJXDQ $SUHVXU³ VX SDVR :HOFRPH WR WKH MXQJOH LW JHWV
IXH HPRFLRQDQWH FRPR HQ ORV YLHMRV WLHPSRV FXDQGR DQGDED HQ OD RQGD ZRUVH KHUH HYHU\GD\ 'HEDQ VHU ORV JXDUGLDV GH D]XO 6HJXUR TXH V
WKUDVKURFNVDW¡QLFRFRVDVGHFDEURFKLFRHVFDQGDOL]DUFRQODSLQWDMRGHU ,PDJLQ³F³PRSRFRDSRFRLEDDH[WHQGHUVHHOS¡QLFRDWUDY©VGHWRGRHO
ODQ]DUOHV SROORV D ORV YLHMRV SDUD YHU VL DV FDFKDQ 3HUR DKRUD TXH HUD $SXPDQTXH/DVYLHMDVFRUUHUDQDYHUHOHVSHFW¡FXORDQVLRVDVGHVDEHUVLHO
PD\RU WUHFH D±RV YLYLGRV D IRQGR D WRGR GDU HO UROOR HUD RWUR 7RGR OH KHULGR HUD VX\R R GH DOJXQD FRQRFLGD (O HIHFWR GH HVDV DQIHWDV OH KDED
HVWDEDUHVXOWDQGR$KRUDVRORIDOWDEDXQGHWDOOH GLVWRUVLRQDGRWRGRWDOFRPRTXHUDVHQWLUXQSRFRGHLQWHQVLGDGUHDOSHUR
'HVGH OD HVFDOHUD DXWRP¡WLFD GLYLV³ HO WSLFR DYLVR GH %HQHWWRQ HQ WUHV DKRUDOHHVWDEDOOHJDQGRHOEDM³QHOVXH±ROHKDFDIDOWDXQSRFRGHMDOHTXH
GLPHQVLRQHV WRGRV SHUIHFWRV FRPELQDGRV DGXOWRVM³YHQHV JDVWDQGR VXV VH FRQVHJXD HO &KDOR HQ HVH EDU GH *HQHUDO +ROOH\ 5HFRUUL³ WRGR HO
WDUMHWDV GH FU©GLWR YLHMDV DFDUUHDQGR JXDJXDV FRQ MDUGLQHUDV 2VK .RVK 6L HVWDFLRQDPLHQWR \ QR HQFRQWU³ QDGD QLQJºQ OXJDU WRGR FXELHUWR FHUFDGR
WXYLHUD XQD ERPED ODFULP³JHQD OD ODQ]DUD DUULED GH WRGRV WDO FRPR HVD 7SLFR
PDGUXJDGD HWHUQD HQ OD %LOOERDUG FXDQGR \D HVWDED DEXUULGR GH MDODU HQ HO /R DFHFKDEDQ 'HED FDPELDU GH W¡FWLFD < U¡SLGR 8UJHQWH
ED±RORVPRWWVOHWHQDQORVWDELTXHVDQHVWHVLDGRVGHSXURZLUHGODWLU³SDUD 3UREDEOHPHQWH OR WHQDQ URGHDGR HVR HVWDED FODUR 1R GHVFDQVDUDQ KDVWD
TXHGDUVH FRQ OD SLVWD YDFD \ EDLODU KDVWD UHYHQWDU 2GLDED HO $SXPDQTXH GHVWUXLUOR &RPR DO &KLFR GH OD 0RWR /R LPSRUWDQWH HV VDEHU G³QGH LU
TXL]¡VSRUHVRLEDWDQWR7RGRVHVRVSDU¡VLWRVTXHYHJHWDEDQHQHO$QG\ߞV SHQV³QRTXHWHVLJDQXQRVFXDQWRVFXLFRVTXHQRVRQFDSDFHVGHDSUHFLDUD
SXUDV SDSDV IULWDV \ SLQFKD]RV FRPLGD U¡SLGD WDTXLOOD SXUD DPLVWDG HQ XQ 'UXJR GH YHUGDG (V WSLFR QXQFD VH GDQ FXHQWD ORV GHMDQ DO PDUJHQ
SROYRHVDRQGD6¡EDGRWUDVV¡EDGRHOOXJDUGHUHXQL³QYHU\TXHWHYHDQ FRPR DO -LPER \ D &DO UHFRUG³ R ORV HQFLHUUDQ ORV WUDWDQ GH ORFRV ORV
/OHQR GH OROLWDV GLVIUD]DGDV GH FDQWDQWHV SRS GH HVDV PLQDV TXH QXQFD GHMDQ GH TXHUHU ORV REOLJDQ D MXQWDUVH HQ EDQGDV GH UDWDV KX©UIDQDV
DWLQDQTXHFDOLHQWDQHODJXDSHURQRVHWRPDQHOW©GHHVRVJDOORVTXHVH HUUDQWHV
KDFHQORVPDFKRVSHURTXHSLGHQSHUPLVRSDUDOOHJDUWDUGH
(O 0DFDQD VLJXL³ VXELHQGR KDVWD OOHJDU DO ºOWLPR QLYHO GRQGH ORV DXWRV
HVW¡QHVWDFLRQDGRV6HSHUFDW³GHORRVFXURTXHHVWDEDGHORQHEOLQRVDTXH ߚ/RV'UXJRVVLQHO0DFDQDVRQODQDGD
VHKDEDSXHVWRODWDUGH1RSRGDUHODFLRQDUODVFRVDV(VWDEDVHJXURGHTXH ߚ6HJXUR
HO GXHOR IXH GH GD UHFL©Q HQ FRORUHV HO SROHU³Q SºUSXUD OD VDQJUH URMD ߚ'LFHQTXHQHFHVLWDURQFXDWURSDUDDPDUUDUORFRQODFDPLVDGHIXHU]D
SHJDMRVD\FRUHDQDGHO<XNRTXL]¡VXQIRFRTXHLOXPLQDEDWRGRHOFDOOHM³Q
GHVGH DUULED /RV GHVWHOORV GHO FXFKLOOR HO YDSRU HO UXLGR GHO DFHUR GH VX
ERWD GLVSDURV D OR OHMRV (VWDED G©ELO OR VDED YXOQHUDEOH HVR HUD (O FDVL FHQWHQDU GH FRPSDGUHV FRQ VXV UHVSHFWLYDV JURXSLHV TXH VH
SHOLJURVRSRGDQDWUDSDUORGHQXHYR KDEDQ FRQJHODGR HQ HO FDOOHM³Q WUDVHUR GH SXUR S¡QLFR \D KDEDQ
UHDFFLRQDGR +XER JULWRV OODQWRV WLSRV TXH VDOLHURQ VRSODGRV D EXVFDU
D\XGD RWURV TXH VH VXELHURQ D ODV PLFURV SRU VL OOHJDEDQ ORV WLUDV R ORV
4/39
SDFRV/DVPLQDVWUDWDURQGHFXUDUDO<XNRTXH\DFDKHULGR\VDQJUDQGR <DQRKDEDPXFKRTXHKDFHU/DPXUDOODSRUGRQGHDUUDQFDEDOOHJ³DVX
DWHUURUL]DGRFRPRQXQFDDQWHV ILQ/RVFDG¡YHUHVM³YHQHVWDPEL©QVHSXGUHQSHQV³SHUR\DQRKDEDQDGD
TXHKDFHU\HODVXQWROHSDUHFDHPRFLRQDQWHHQWUHWHQLGR3HJ³XQVDOWR\
YRO³ YDULRV VHJXQGRV KDVWD HVWDOODU HQ HO SDYLPHQWR WUL]DGR (O FXFKLOOR
ߚ1RWHGLMHTXHHVWDEDORFRRQGDWUDVWRUQDGR UHERW³OHMRVFD\HQGREDMRHOºQLFRIDUROTXHIXQFLRQDED
ߚ)XHURQODVSHSDVHVWR\VHJXUD
ߚ(O.DUDWH.LGQRVXSRGHIHQGHUVHVHOHKL]R
ߚ'HPDLV
ߚ(VWRVFRUHDQRVVRQSXUDERFDWHGLMH
(O0DFDQDHPSH]³DGHDPEXODUQHUYLRVRSRUHOHVWDFLRQDPLHQWRGDQGR
YXHOWDV \ YXHOWDV FDVL FRUULHQGR 7DPEDOHDED GH XQ ODGR D RWUR /H HUD
GLIFLOVDOWDUVREUHORVFDS³VFRPRDQWHVSHUGDHOHTXLOLEULRVHOHQXEODED
ODYLVWDHVFXFKDEDWDPERUHV\VD[RV7LU³DOVXHORVXFKDSLWDQRIXWXUH\OD
DSODVW³ GHM¡QGROD OLVD \ UHOXFLHQWH 1R HQFRQWUDED QLQJºQ VLWLR QLQJºQ
HVFDSH
$JRWDGR FRPHQ]³ D GHVFHQGHU SRU OD UDPSD GH ORV DXWRV /D SDUWH GH
DWU¡V GHO FHQWUR FRPHUFLDO SDUHFD VDFDGD GH %ODGH5XQQHU SXUR FHPHQWR
PXUDOODV DOWDV YLGULR PRMDGR 6LOHQFLR WRWDO 1LQJºQ HVSHFWDGRU QLQJºQ
DPLJR
ߚ3DUHFHXQ]RPEL
ߚ6HYHYLHMRFRPRGHGLHFLVLHWH
ߚ(VW¡DFDEDGR
$EDMRDOILQDOGHODFXUYDTXHEDMDEDGRVJXDUGLDVFRQORVRMRVILMRVHQHO
0DFDQD1ROHHUDGHVFRQRFLGRHVHWLSRGHPLUDGD$ORODUJRGHVXVD±RVߚ
VHFUHFHU¡SLGRFXDQGRQRVHWLHQHDG³QGHLUߚODKDEDYLVWRYDULDVYHFHV
LQVSHFWRUHV P©GLFRV VLTXLDWUDV MXHFHV SROLFDV 8Q JXDUGL¡QHQHO
FHQWHQR DJHQWH GH 3LQRFKHW OHYDQW³ VX ZDONLHWDONLH (O 0DFDQD VDOW³
HQFLPDGHODGHOJDGDPXUDOOD\FRPHQ]³DFRUUHUKDFLDDUULEDSRUODDQJRVWD
IDMDGHFHPHQWR$PHGLGDTXHHOSDUHG³QFUHFDHQDOWXUDODSHQGLHQWHVH
DJXGL]DED$EDMRHOFDOOHM³QYDFRRVFXUR
5/39
$PRUVREUHUXHGDV l$QGJLUOVMXVWZDQQDKDYHIXQ{
&,1'</$83(5
7RGRVORVILQHVGHVHPDQDLQFOXVRORVGRPLQJRVGHVSX©VGHO-DSSHQLQJR
GHO IºWERO 6DQGUD \ 0¡UJDUD VH VXEDQ D XQ 7R\RWD &HOLFD D]XOFLHOR \
UHFRUUDQ $SRTXLQGR EXVFDQGR WLSRV ߚR PLQRV FRPR GHFDQ HOODVߚ FRQ
TXLHQHVSLQFKDU(UDFDVLFRPRXQGHSRUWHXQYHUGDGHURKREE\SHURDHOODV
OHVSDUHFDELHQHQWHQGLEOHSDUDQDGDXQYLFLRGHQLJUDQWHFRPROHVKDEDQ
GLFKRSRUDK&XDQGRHPSH]DURQDVDOLUORVPDUWHVVLQHPEDUJRWDOFRPR
KR\KDVWDHOODVPLVPDVVHGLHURQFXHQWDGHTXHTXL]¡VVHOHVHVWDEDSDVDQGR
OD PDQR 3HUR QXQFD WDQWR 7RWDO SHQVDEDQ HOODV SHRU HUD TXHGDUVH VRODV
FDGDXQDSRUVXODGRSDV¡QGRVHSHOFXODVIUXVWUDGDVDPRULU
/DTXHPDQHMDEDHUD0¡UJDUDODGXH±DGHO&HOLFDTXHSRUHVDVFRVDVGHO
GHVWLQRQRHUDODTXHOOHYDEDODVULHQGDVDOPRPHQWRGHKDFHUODFRQTXLVWD
/DVUD]RQHVHUDQE¡VLFDPHQWHGRVGHEDSUHRFXSDUVHGHJXLDUELHQHODXWR
XQ FKRTXH VHUD YHUJRQ]RVR WRWDOPHQWH IXHUD GH OXJDU FRPR FDHUVH
PLHQWUDVVHEDLODXQOHQWR \ORRWURHUDTXHQROHSHJDEDWDQWRDORILFLRGH
HQJUXSLU FRPR OD 6DQGUD VX DPLJD \ FRSLORWR OD FHUHEUR GHO GºR TXH HUD
EDVWDQWH DWUDFWLYD FRPR H[³WLFD FRQ HO SHOR ODUJR TXH OH WDSDED XQ RMR
QHJUREULOODQWHFRQUD\LWRVUXELRVELHQDODPRGD-XQWDV6DQGUD\0¡UJDUD
ߚTXHHUDP¡VEDMDHQWUDGLWDHQFDUQHVVLVHTXLHUHߚVHMXUDEDQODVUHLQDV
GHOSLQFKHVREUHUXHGDVODV&DJQH\\/DFH\GH$SRTXLQGRDXQTXHHVWDED
FODURTXHHVRHUDSXUDLPDJLQDFL³QSRUTXHKDEDRWUDVPLQDVDODVTXHOHV
LEDKDUWRPHMRUHQHVRGHODFRQTXLVWDGHDXWRDDXWR
6DQGUD \ 0¡UJDUD HUDQ EXHQDV DPLJDV DXQTXH LJXDO VH DVHUUXFKDEDQ HO
SLVRDODKRUDGHODYHUGDG&DGDXQDSRUVXODGR\TXHJDQHODPHMRUVLVHOD
SXHGH 6H FRQRFDQ GH WRGD OD YLGD FRPSD±HUDV GH FXUVR \ GH EDQFR FRQ
WRGRORTXHHVRLPSOLFD$OJXQDVDQWLJXDVFRPSD±HUDVGHFXUVRFRQODVTXH
VHMXQWDEDQDWRPDURQFHDSHODUOHVKDEDQGLFKRQRPXFKRDQWHVTXHHUD
GHFDGHQWH \ WULVWH HVR GH DQGDU EXVFDQGR KRPEUHV HQ OD FDOOH +DVWD
6/39
SHOLJURVR (OODV OHV UHVSRQGLHURQ HQ FDPELR OR TXH \D WHQDQ ELHQ FRQRFDQJHQHUDOPHQWHHUDQSLQWRVRV VLQRQRORVVDOXGDEDQDWUDY©VGHOD
DVLPLODGR l'H TX© RWUD IRUPD YDPRV D FRQRFHU KRPEUHV"{ < GH DOJXQD YHQWDQD GHEXHQQLYHOFRQDXWRVP¡VRPHQRVSRWDEOHV%¡VLFRHUDTXHOHV
PDQHUDHUDFLHUWR(QVXVUHVSHFWLYRVLQVWLWXWRV\DXELFDEDQߚFRPRGHFD JXVWDUDODPºVLFD\TXHODWRFDUDQELHQIXHUWH'HSHQGLHQGRGHODHPLVRUD
6DQGUDߚ DO JDQDGR PDVFXOLQR GLVSRQLEOH 6DEDQ SHUIHFWDPHQWH TXL©Q HUD 6DQGUD \ 0¡UJDUD VDEDQ OD RQGD GH ORV GHVFRQRFLGRV \ VL FXPSODQ ODV
TXL©QRVHDTXHQLQJXQRODVLQIODEDGHPDVLDGR/RVFRPSD±HURVGHFXUVR H[LJHQFLDV PQLPDV 7SLFR UHVXOWDEDQ VHU HVWXGLDQWHV GHO ,QFDFHD R GHO
HUDQ VROR HVR FRPSD±HURV < VH DFDE³ &ODUR SRGDQ PHWHUVH D DOJXQD ,QDFDS SRFDV YHFHV OHV WRFDEDQ XQLYHUVLWDULRV GH OD &DW³OLFD SHUR HVR HUD
DFWLYLGDGSHURFX¡O"*LPQDVLDDHU³ELFD"SXURVPDULFRQHV&XUVLOORVGH SXUD PDOD VXHUWH SRUTXH HOODV VDEDQ TXH DEXUULGRV \ SDUTXHDGRV KDED \
ILORVRID GH SRGHU PHQWDO WDOOHUHV OLWHUDULRV" SXURV ORFRV KXHYRQHV PXFKRV \ TXH HO KHFKR GH VHU LQWHOLJHQWHV QR HV VLQR XQD UD]³Q P¡V SDUD
WUDQFDGRV1RQRHUDQGHHVDRQGD3DUDQDGD QHFHVLWDUVDOLUDEXVFDUPXMHUHVSRUTXHHVWDEDVºSHUSUREDGRTXHPLHQWUDV
(O SDQRUDPD HUD HQWRQFHV GHVDOHQWDGRU SRFR YLDEOH 3RU HVR KDEDQ P¡VFDSRVORVWLSRVP¡VLPE©FLOHVSDUDVHUIHOLFHV
OOHJDGRDODFRQFOXVL³QGHTXHHUDP¡VTXHQHFHVDULRVDOLUDOHQFXHQWURWDO (Q HVR PLVPR HVW¡Q SHQVDQGR ODV GRV HQ OD GRVLV GH VXHUWH TXH VH
FRPRORHVWDEDQKDFLHQGRKR\SRUTXHVLVHSRQDQDHVSHUDUDTXHOOHJDUD QHFHVLWDSDUDHQJDQFKDUSDUHMD4XL]¡VHVWDQRFKHQRFKHEDVWDQWHWLELDSDUD
HVH SUQFLSH WDQ DQKHODGR OR ºQLFR TXH LEDQ D VDFDU HQ OLPSLR HUD TXH VHU RFWXEUH ODV FRVDV VH GHQ GH RWUD PDQHUD HVSHUDQ $OJR VH LQWX\H
DXQTXHVRQDUDVLºWLFRHOWUHQVHIXHUDVLQHOODV LQFOXVR/DQRFKHHVW¡GLVWLQWDWUDVWRFDGD5DUD
+DEDVXQFRQVXHORQRHUDQODVºQLFDVGHGLFDGDVDHVRQLPXFKRPHQRV $SRTXLQGRODDYHQLGDP¡VXVDGDGHOEDUULRDOWRFRQVXVWUHVSLVWDVSDUD
&DGDYH]TXHVDODQGHURQGDFRPRHVWDH[WUD±DQRFKHVHFUX]DEDQHQVX DUULED\VXVWUHVSDUDDEDMRWLHQHEDVWDQWHDFWLYLGDGSDUDVHUPDUWHV\FDVL
FDPLQR FRQ XQ EXHQ QºPHUR ߚXQ DWHUUDGRU QºPHURߚ GH PXMHUHV TXH SDUHFHV¡EDGRHVWRODVSRQHGHEXHQD\OHVGD¡QLPRPLHQWUDVUHFRUUHQHVWD
EXVFDEDQORPLVPRRTXL]¡VDXQP¡VSRUTXHDOJXQDVGHHOODVLEDQDODSHOHD SDUWHGHODFLXGDG6DQGUDDQGDKHFKDXQDORFDFDQWDQGRDWRGRIXOO DXQTXH
ILUPH]D \ 6DQGUD \ 0¡UJDUD DQGDEDQ HQ OD RQGD WUDQTXLOD WUDWDQGR GH QRWLHQHQLLGHDGHLQJO©VVRORVDEHTXH'DYLG%RZLHHVFRPRORP¡[LPR
FRQRFHU WLSRV SDUD GHVSX©V HOHJLU DO P¡V DGHFXDGR DO P¡V WLHUQR GHO PRYLHQGR WRGR VX FDOHQWDGRU FXHUSR DO ULWPR GH OD UDGLR FUH\©QGRVH
PRQW³Q /D FRPSHWHQFLD HQWRQFHV HUD GXUD VLQ FRPSDVL³Q &DGD KHPEUD HVWXSHQGD\RUJXOORVDGHVHUMRYHQGHWHQHUSODWDGHVHUHOOD
QHFHVLWDGDFDGDYLHMDHQEXVFDGHFDUQHMRYHQFDGDPLQDODWHDGDHUDXQD 7DO FRPR VH GHFLGL³ 6DQGUD DQGD FRQ XQD SROHUD PX\ DSUHWDGD VLQ
DPHQD]DSDUDODVGRV VRVW©QFRQVXVSH]RQHVHUJXLGRVGHWU¡VGHODOJRG³QTXHWLHQHHVWDPSDGRXQ
(V GLIFLO FUHHU TXH GRV PXMHUHV M³YHQHV TXH VDOHQ D EXVFDU KRPEUHV ߚ $Q\WLPH\RXZDQWURMR0¡UJDUDVHSXVRDXQTXHHQUHDOLGDGQRVHODFUHH
WHQDQ VX WRSH HQ WLSRV GH WUHLQWDߚ QR OOHJXHQ KDVWD HO ILQDO 7DPSRFR SRUTXHGHIHPPHIDWDOHQRWLHQHQDGDXQDIDOGDFRQGRVWDMRVTXHVHJºQHOOD
DWUDFDEDQ < QR HUD SRUTXH QR OR GHVHDUDQ VLQR VLPSOHPHQWH SRU OD IDPD PDWD D FXDOTXLHU WLSR HQ PHQRV GH XQ PLQXWR $UULED XQ SHWR QHJUR VºSHU
6DQWLDJR HV HQ HO IRQGR XQ SXHEOR FKLFR \ WDO FRPR VLHPSUH OR UHSLWH OD EULOORVR TXH OH TXHGD PHGLR VXHOWR $GHP¡V VH DUUHJO³ HO SHOR SDUD YHUVH
0¡UJDUDODTXHVHGDHOOXMRGHVDOWDUGHFDPDHQFDPDGHVSX©VORSDJD/D FRPR VL UHFL©Q YLQLHUD VDOLHQGR GH XQD FDFKD FRQ WXWWL &RPR VRPEUD GH
LGHDHQWRQFHVHUDFRQRFHUWLSRVHQDXWRDFHSWDUTXHODVFRQYLGDUDQDWRPDU RMRVXQDSLQWXUDFDQHODTXHGHVWHOODFKLVSD]RVGRUDGRV/DVYHVWLPHQWDVGH
EHELGDVGHFLUTXHVHVWDUXQUDWRLQWHUFDPELDUWHO©IRQRVDORP¡VLUDXQ ODVGRVQRVRQGHGDPDUWHV6RQFRPRSDUDLUDODSHOHD
PLUDGRU\FDVLQXQFDWHQHUDOJºQFRQWDFWRPD\RU /DVQXHYHGLH]UHODWLYDPHQWHWHPSUDQRDXQTXHQXQFDWDQWRVLVHWRPDHQ
&RPR QR HUDQ WRQWDV \ VDEDQ TXH HUD QHFHVDULR FXLGDUVH DXQTXH HVWD FXHQWDTXHHOWRTXHHVDODVGRV6DOHQD$SRTXLQGRODFDOOHVDJUDGDSRU(O
QRFKHHVWDQRFKHHUDRWUDFRVDQXQFDDFHSWDEDQLUPX\OHMRV7HQDQFRPR %RVTXH 1RUWH OD GH ORV UHVWRUDQHV TXH LOXVWUDQ ODV S¡JLQDV GH OD 0XQGR
OH\ QR EDMDU P¡V DOO¡ GH 3URYLGHQFLD FRQ /\RQ \ QR VXELU P¡V DOO¡ GHO 'LQHUV GREODQ KDFLD DUULED UXPER D (O )DUR GRQGH OD WDTXLOOD VH MXQWDED
7DYHOOLGH/DV&RQGHV2WUDUHJODHUDVLHPSUHVHJXLUHQHODXWRSURSLRDVVL DQWHV GH TXH PXULHUD SRU SDVDGR GH PRGD $QGDQ LQTXLHWDV FRPR
ORV FRPSDGUHV VH SRQDQ KRVWLJRVRV VH YLUDEDQ \ OLVWR /RV WLSRV TXH SUHSDU¡QGRVHSDUDODYLFWRULDFRQYHUVDQSXUDVWRQWHUDV\TXL]¡VSRUHVRQR
7/39
VHKDQGDGRFXHQWDGHTXHKDFHPHGLDKRUDTXHODVVLJXHQGHFHUFDEDVWDQWH YHUVHIDOVRVIDEULFDGRVPDQLTXHVYLYLHQWHVTXHUHVSLUDQVXGDQDFHFKDQ
FHUFDFDVLUDVS¡QGROHVHOSDUDFKRTXHV7DQWRSDUORWHR\WDQWRPLUDUSDUDORV /X]YHUGH$PERVSDUWHQ0¡UJDUDVLQVDEHUSRUTX©FDPELDODUDGLR\
ODGRVODVKDFHROYLGDUORTXHKD\DVXVHVSDOGDVXQDXWRQHJUREULOODQWH\ VLQWRQL]D OD PLVPD HVWDFL³Q TXH OD GHO DXWR QHJUR 1LQJXQR GH ORV GRV VH
OXPLQRVRTXHUHIOHMDODVOXFHVGHWRGDODDUWHULD(ODXWRHVEDMRFRPRXQD DGHODQWD6HPDQWLHQHQSDUDOHORV/RVWLSRVQRODVPLUDQ(OODVQRKDFHQRWUD
ODQFKD\DYDQ]DOHQWDPHQWHFDVLVLQWRFDUHOSDYLPHQWRHVSLDQGRDODVGRV FRVDTXHFRQWHPSODUFRQODERFDDELHUWD\KºPHGDDHVRVFXDWURHMHPSODUHV
PXMHUHVTXHUHFRUUHQODVFDOOHVEXVFDQGRDOKRPEUHSHUIHFWR VR±DGRV$SRTXLQGRSDUHFHP¡VOHQWDP¡VYDFD/X]URMD
6DQGUD HQFLHQGH XQ FLJDUULOOR /R DVSLUD \ VXHOWD HO KXPR JU¡FLOPHQWH 6DQGUDLQIODXQJORERFRQVXFKLFOHURVDGR(VW¡TXHUHYLHQWDGHHQRMR\
0LUDD0¡UJDUDTXHSDUHFHGHFHSFLRQDGD6XVRMRVWDQPDTXLOODGRVVHYHQ WHQVL³Q /RV FXDWUR KRPEUHV DºQ QR PLUDQ SDUD HO ODGR < HVW¡Q WDQ FHUFD
PXHUWRVILMRVHQHOWU¡ILFRTXHHVW¡DGHODQWHQRHQHOGHDWU¡V6DQGUDVLJXH %DVWDUDFRQHVWLUDUODPDQRXQSRFRSDUDDFDULFLDUHVHPHQW³QGXUR\VHULR
IXPDQGR HQ OD UDGLR OD 0DGRQQD FDQWD IHHOV VR JRRG LQVLGH \ DPEDV VH SDUDUHYROYHUHVHSHORDOR6WLQJFRUWR\FDVWD±RHPSDSDGRGHJHO3HURHO
VDERUHDQORVODELRV3HURDV\WRGRQRSDVDPXFKR1RKD\FDVRPLHQWUDV WLSRPLUDTXLHWRHOYDFRPLHQWUDVJROSHDHOYRODQWHFRQVXVGHGRV/RVRWURV
P¡VLQWHQWDQSDVDUORELHQSHRUORSDVDQ4XL]¡VVHUDPHMRUYROYHUDFDVD WUHVWLHQHQVXVSODWLQRVRVRMRVILMRVHQHOJUXSRGHSURVWLWXWDVFRQDEULJRVGH
'HSURQWRORVRMRVGHOD0¡UJDUDVHHQFLHQGHQ8QDQWLID]GHOX]HVWDOOD SLHO VLQW©WLFD \ PHGLDV FDODGDV TXH URQGDQ SRU OD HVTXLQD GH %XUJRV
HQ VX FDUD /D LOXPLQDFL³Q VDOH GHO UHWURYLVRU FRPR VL KXELHUD UHIOHFWRUHV 0¡UJDUDREVHUYDFRQHQYLGLDF³PRODVFRGLFLDGDVPLUDGDVGHODXWRQHJURVH
LQYLVLEOHVFRORFDGRVHQHOHVSHMR5¡SLGDPHQWH6DQGUDVHGDYXHOWD\YHODV GLULJHQDHVDVPLQDVGHPDODPXHUWH\QRKDFLDHOODVTXHHVW¡QGHPLHGR
GRV OXFHV UHGRQGDV UHVSODQGHFLHQGR FRPR SDQWHUDV HQ VX FDUD (O DXWR OLVWDVSDUDWRGRUDMDVGHFDOLHQWHVSRUHVRVFXDWURJDOORVPDOGLWRVGHEXHQRV
D]DEDFKHGLVPLQX\HVXYHORFLGDG\FRPLHQ]DDTXHGDUVHDWU¡V3HURVRORSRU HQIHUPRVGHPDWDGRUHV/X]YHUGH3DUWLU
XQ LQVWDQWH (O VH±DOL]DGRU VH SUHQGH $YDQ]D VH FRORFD HQ OD RWUD SLVWD \ 0¡UJDUDDFHOHUDDIRQGRKDFLHQGRUXJLUHOPRWRUSHURQRSDUWH(ODXWR
DFHOHUD<DHVW¡DOODGRGHHOODV(OD]XOGHO&HOLFDVHUHIOHMDHQHOHOHJDQWH QHJUR VLJXH DK LPS¡YLGR 8QD YH] P¡V DFHOHUD VDFD KXPR \ SDUD /RV
QHJUR $PEDV HVW¡Q FDOODGDV DW³QLWDV /DV YHQWDQDV GHO DXWR WDPEL©Q VRQ WLSRV QR UHVSRQGHQ 6LJXHQ DFHOHUDQGR VXHOWD DFHOHUD \ VXHOWD HPEUDJD
QHJUDV \ UHOXFHQ 1R VH YH QDGLH DGHQWUR (VW¡Q PX\ FHUFD DSHQDV XQRV SULPHUD SHOD IRUURV \ VDOH VHJXQGD YRODQGR UDMDGD D FRQFKR VHWHQWD
FHQWPHWURV GH GLVWDQFLD $PERV VH GHVSOD]DQ D OD PLVPD YHORFLGDG /X] QRYHQWD SLFDQGR D WRGR GDU \ HO DXWR QHJUR UHIXOJLHQGR FRPR XQ MDJXDU
URMD/RVGRVVHGHWLHQHQ RVFXURHOHFWULILFDGRFRPRODV]XPEDVSDUDDUULEDSDVDQGRHOOHWUHURURMRGH
$KRUDHVW¡QXQRDOODGRGHORWUR6DQGUDTXH\DWHQDVXYHQWDQDDEDMR OD *HQWH HO %RZOLQJ \ VX PXQGLOOR GHMDQGR WRGD OD WDTXLOOD DWU¡V
HVW¡FRQHOFRGRDIXHUD\PLUDGHUHRMRODQHJUDYHQWDQD9HQGHUDVXDOPD DOFDQ]¡QGRODV FRORF¡QGRVH D VX ODGR FHUFD HO YLHQWR HVW¡ IUHVFR \ IXHUWH
FRQWDOGHSRGHUYHUTXL©QHVW¡GHQWUR<HOGHVHRVHFXPSOHODVYHQWDQDVߚ GHVSHLQDQGR UHPRYL©QGROR WRGR \ OD 6DQGUD TXH \D HVW¡ FDVL DIXHUD GH OD
WRGDV ODV YHQWDQDVߚ FRPLHQ]DQ D GHVFHQGHU DXWRP¡WLFDPDQWH $ PHGLGD YHQWDQD HXI³ULFD \ UD\DGD VH DJDUUD VXV GRV WHWDV FRQ ODV PDQRV \ ODV
TXHEDMDQYDVDOLHQGRFDGDYH]P¡VIXHUWHXQURFNFX\RULWPRDVHPHMDHO DSULHWDKDVWDTXHSRUSRFRVXVSH]RQHVDWUDYLHVDQODWHOD\OHVJULWDFRQWRGD
GHOODWLGRGHXQFRUD]³Q(OLQWHULRUGHODXWRHVW¡LOXPLQDGR\XQDH[WUD±D VXIXHU]DTXLHUHQKXHYHRORFRV"
OX]YHUGHVHHVFDSDDWUDY©VGHORVHVSDFLRVTXHGHMDURQ$GHQWURKD\FXDWUR < FRPLHQ]D D WLUDUOHV EHVRV D DEULU VX ERFD D VDFDUVH HO URXJH FRQ OD
KRPEUHV WLSRV GH YHLQWH YHLQWLFLQFR D±RV /RV FXDWUR SDUHFHQ VDFDGRV GH OHQJXD0¡UJDUDVLJXHDFHOHUDQGR\DYDQHQFLHQWRYHLQWHQRSXHGHSDUDU
XQDUHYLVWDGHPRGDVPDVFXOLQD6RQSHUIHFWRVEHOOVLPRVVXVSLHOHVFRORU ODUDGLR\DUHYLHQWDWKHUHߞOOEHVZLQJLQJVZD\LQJPXVLFSOD\LQJGDQFLQJ
PDQHPDQDQXQDIUDJDQFLDHVSHVD\DWUD\HQWHTXHFUX]DGHXQDXWRDRWUR LQ WKH VWUHHWV \ ORV WLSRV FRVD VRUSUHVLYD FRPLHQ]DQ D VRQUHU D WRUQDUVH
&DGD XQR HV GLVWLQWR WLHQHQ SHLQDGRV GLIHUHQWHV OR PLVPR VXV URSDV VXV KXPDQRV \ OHV GHYXHOYHQ ORV EHVRV OHV JULWDQ IUDVHV JDUDEDWRV JXL±RV GH
UHORMHV VXV UDVJRV 3HUR ORV RMRV ORV WLHQHQ LJXDOHV 2 PX\ SDUHFLGRV /D RMRVYDPRV0¡UJDUDDF©UFDWH©VWRVVTXHYDQDODSHOHD\RPHTXHGRFRQ
PLVPD PLUDGD ILMD GXUD DWUDSDQWH /D HVWLOL]DFL³Q GH VXV URVWURV ORV KDFH ORV GH DGHODQWH WRWDO XQD YH] HQ OD YLGD TX© WH LPSRUWD KXHYRQD VL
8/39
SUQFLSHVQXQFDYDPRVDHQFRQWUDUORFDXQDEXHQDFDFKDQROHKDFHPDOD IXQFLRQDU UHPHFLHQGR ORV YLGULRV (O PRWRU VH DSDJD /RV FXDWUR DXWRV VH
QDGLH \ ORV PLQRV VH YDQ DFHUFDQGR VXDYH OHQWR GHVOL]¡QGRVH D VX ODGR GHWLHQHQ8QDSXHUWDVHDEUH
YHQJXDSRP¡VFHUFDDVSDUDVHQWLUWHFRVDP¡VULFDVLVXSLHUDWXPDP¡
OLQGR YHQ G©MDPH FKXSDUWH ODPHUWH \ bPLHUGD DOJR FDPELD HO DXWR
FRPLHQ]DDHQIXUHFHUVHDHFKDUFKLVSDVDWUDWDUGHDUUROODUODVVDFDUODVGHOD
SLVWD6HLQLFLDHOHQFLHUURODJXHUUDHOFDRVHODXWRQHJURDUUHPHWHFRQWUD
HO&HOLFDWUDWDGHFKRFDUORGHGHVWUXLUOHODSXHUWDODWHUDO\ODEDWDOODVLJXHD
DOWD YHORFLGDG VRORV VLQ QLQJºQ DXWR FHUFD VRODPHQWH OD DYHQLGD FRPR
FDPSRGHFRPEDWH\0¡UJDUDDFHOHUDORP¡VSRVLEOHPLHQWUDVTXHORVWLSRV
GHO DXWR QHJUR OHV JULWDQ JDUDEDWRV P¡V JDUDEDWRV LQVXOWRV OHV ODQ]DQ
HVFXSRV\SROORVVHEDMDQORV:UDQJOHUV\VHODUJDQDPHDUVREUHHO&HOLFD
DMXJXHWHDUFRQVXVSUHVDVDRIUHFHUODV\DPEDVUDGLRVFRPRVLHVWXYLHUDQ
FRQHFWDGDVFRPRVLHODXWRQHJUR\DGRPLQDUDHPLWHQVLQIRQDVFUSWLFDV
VRQLGRV EDMRV \ GHQVRV FKLUULGRV GLDE³OLFRV \ JXLWDUUD SHVDGD HQHUYDQWH
URFN PHW¡OLFR URFN VDW¡QLFR \ OD QLHEOD UDUD SDUD RFWXEUH XQD QLHEOD
YHUGRVD\¡VSHUDLQLFLDVXHQWUDGDDODFDOOHOOHQ¡QGRODKDVWDODVD]RWHDVGH
ORV HGLILFLRV WDSDQGR WRGD OD YD EORTXHDQGR OD YLVWD ORV VHQWLGRV
SDUDOL]DQGRORVUHIOHMRV\HODXWRQHJURDYDQ]DVREUHHOFROFK³QGHQLHEOD
FLUFXQGD DO &HOLFD KDVWD HQFHUUDUOR HQ XQ WRUQDGR SºUSXUD \ YLVFRVR \ HQ
PHGLR GH ULVRWDGDV TXH VH HVFXFKDQ D OR OHMRV GHO FDRV PHW¡OLFR TXH VH
HVFDSD GH ODV DOFDQWDULOODV GHVDSDUHFH SRU XQD FDOOH WUDQVYHUVDO GHMDQGR
FRPRKXHOODXQWHPEORUHQORV¡UEROHV\XQHVWDOOLGRHQODEULVD
0¡UJDUD \ 6DQGUD HVW¡Q VHQWDGDV HQ PHGLR GH $SRTXLQGR FRQ HO DXWR
SDUDGR/DFDOOHHVW¡YDFDVLQJHQWHVLQEXVHVVLQQDGD/DQLHEODVLJXH\
DXPHQWD $PEDV UHVSLUDQ KRQGR \ WUDWDQ GH ROYLGDU OR UHFL©Q YLYLGR /D
UDGLR\DQRIXQFLRQD(VW¡PXHUWD
6HVXEHQDODXWRHQFLHQGHQHOPRWRUGDQYXHOWD\FRPLHQ]DQDYROYHUD
FDVD HQ VLOHQFLR WUDWDQGR GH QR PHWHU EXOOD (O WUD\HFWR VH KDFH HWHUQR
FRPRVLHOSDYLPHQWRVHGLULJLHUDHQODGLUHFFL³QFRQWUDULD/DVROHGDGGHOD
DYHQLGD \ HO PXWLVPR UHLQDQWH DºQ QR SLHUGHQ VX RORU D FRPSOLFLGDG
0¡UJDUDPLUDSRUHOHVSHMR\YHGRVOXFHVDOROHMRVTXHVHYLHQHQDFHUFDQGR
U¡SLGR$FHOHUDFRPRQXQFDORKDKHFKRDQWHV
'HXQDHVTXLQDDSDUHFHXQDXWRQHJURTXHUR]DQGRGLDJRQDOPHQWHODFDOOH
VH LQVWDOD IUHQWH D HOODV EORTXH¡QGROHV OD YD GH HVFDSH 'H OD QDGD GRV
DXWRV QHJURV VH FRORFDQ XQR D FDGD FRVWDGR 0¡UJDUD YXHOYH D PLUDU HO
UHWURYLVRU RWUR DXWR QHJUR HVW¡ SHJDGR D VX FROD /D UDGLR FRPLHQ]D D
9/39
/RVPXHUWRVYLYRV (O ºQLFR GHVFDUWXFKDGR GHO JUXSR HUD HO 'UDJR /RV RWURV *RRQLHV OR
RGLDEDQ SRU HVR HQFRQWUDEDQ TXH VH FUHD OD UDMD VXSHULRU VLHPSUH
KDFL©QGRVH HO GXUR FRQ VXV WSLFDV SROHUDV VLQ PDQJDV \ VX SHOR D OR 7RS
*XQ
-XVWRGHVSX©VGHYROYHUGHOYHUDQHRSHQVDURQLUDXQRGHHVRVVDXQDVTXH
KDED FHUFD GH /RV &REUHV GH 9LWDFXUD SDUD FHOHEUDU ORV TXLQFH GHO
%DPEDP HO PD\RU GHO JUXSR SHUR VH OHV KL]R 1R VH OD FUH\HURQ HQ
HVSHFLDOGHVSX©VGHYHUDORV'XU¡QDJDUUDUWDQI¡FLO$VTXHPLHQWUDVWDQWR
ODV3OD\ER\ \ 3HQWKRXVH GHO 5RFN\ ORV YLGHRV SRUQRV GHO SDS¡ GHO 3LSH
SDSHOFRQIRUWTXL©QVHYDFRUWDGRSULPHURTXL©QODQ]DHOFKRUURP¡VOHMRV
/RV*RRQLHVߚ'UDJR3ROR3LSH%DPEDP\5RFN\HOP¡VFKLFRWUHFH
QRP¡VߚKDEDQSDVDGRHOYHUDQRHQ7RQJR\EXHQDRQGDSHURSRFDVPLQDV
HQODFDVDGHO3ROR&RPRVXYLHMDWHQDXQQXHYRDPDQWHXQPLOLFRFRQXQ
EXHQSXHVWRODUDMD/HVGDEDQSODWDSDUDTXHQRMRGLHUDQSDUDVDOLUWRGDOD
QRFKH
/RV'XU¡Q'XU¡QߚHO3LSHORVEDXWL]³DVSRUVXVSHLQDGRVߚDUUHQGDEDQ
OD FDVD GHO ODGR SDUD SXUR UHYHQWDUVH KDVWD PRULU 0¡[LPR GHVRUGHQ OD
IDVFLQDFL³QPLVPDSRUTXHDKWRGRSRGDSDVDU\GHKHFKRSDVDED'HMDEDQ
ODV FRUWLQDV DELHUWDV \ VH YHD WRGR (UDQ FRPR VHLV R VLHWH QXQFD TXHG³
FODURWHQDQXQD9DQFRPRHQORVU©FODPHV\HQHSLWRVWUDJR\HGDGP¡V
GH GLHFLRFKR \D HQ OD XQLYHUVLGDG SULYDGD SRU VXSXHVWR D SXQWR GH VHU
HFKDGRV /RV 'XU¡Q FRPR WRGRV ORV GH VX OHJL³Q UXJELVWDV OHVLRQDGRV
FDGHWHV DUUHSHQWLGRV WLSRV FRQ WLFNHW GH WHPSRUDGD HUDQ SHVDGRV FRQ HVD
SHVDGH]TXHFDUJDQORVHOHJLGRV<FXOWLYDEDQVXLPDJHQGHFKLFRVEXHQRV
SHURPDORV D OD SHUIHFFL³Q (Q HVSHFLDO HO &RQHMR HO OGHU WDTXLOOD SXUD
RQGD KHDY\ SDUD ODV SHSDV WRGR SDVDQGR ORFR VH MDODED VXV OQHDV HQ ORV
ED±RV GH ORV EDUHV \ GHVSX©V OHV TXHEUDED ORV YLGULRV D ORV DXWRV GH ODV
PLQDVTXHQRVHGHMDEDQFRPHU
/RV*RRQLHVFRPRWHQDQSODWDSHURQDGDP¡VFRQWUDWDURQDORV'XU¡Q
XQ SDU GH YHFHV SDUD TXH ORV VDFDUDQ D SDVHDU SRU 7RQJR\ SDUD TXH ORV
10/39
OOHYDUDQ D FKXOHDU D &RTXLPER D FDUUHWHDU SRU 0RUULOORV \ /D +HUUDGXUD VLPS¡WLFR VH OD SDV³ SRU OD UDMD OH GLR XQ EHVR FRQ OHQJXD D OD YLHMD \ OD
/RV 'XU¡Q OHV EROVHDEDQ SLVFR YRGND 9LFHUR\V XQR TXH RWUR FRPSOHWR 4XLQWD VH YLQR DEDMR \ HO JUXSR HQWHUR WXYR TXH SDVDU D OD FODQGHVWLQLGDG
FKXUURV GH WRGR &RPR SDJR ORV GHMDEDQ HVFXFKDQGR OD UDGLR HQ OD %DPEDPQRFDFKDEDPXFKRGHSROWLFDQLQJXQRGHORVFLQFRHQYHUGDGQL
FDPLRQHWDPLHQWUDVHOORVHQWUDEDQDEDLODURVHHFKDEDQVXFDFKDDRVFXUDV YDODODSHQDLJXDOXQDVFRVRORTXHSRUP¡VSURKLELGRVTXHHVWXYLHUDQORV
HQODDUHQD 9LYRV P¡V ORV HVFXFKDEDQ \ VHJXDQ FRQ GHYRFL³Q WDO FRPR PLOORQHV GH
RWURV GURJRV \ ODQDV FXLFRV \ VXUILVWDV LQWHOHFWXDOHV \ PVWLFRV $OJR ORV
XQD HUD VXSHULRU D VXV GLIHUHQFLDV (UDQ /RV 0XHUWRV 9LYRV /D P¡[LPD
0DU]RHUDXQDODWDODVFODVHVVºSHUSURQWRSULPHURPHGLRSHURWRGDYD SURKLELFL³QODFXULRVLGDGP¡VXUJHQWH
TXHGDED XQD VHPDQD ,U D 3URYL YHU XQD SHOFXOD FRPSUDU HO XQLIRUPH HQ %DPEDP OR VDED \ HVR HUD OR TXH OH DWUDSDED OD LPDJLQDFL³Q OR TXH
3HYDO HQHUYDEDDVXVSDGUHV/RVUXPRUHVORTXHVHGHFDTXHORVKDEDQPDWDGR
$ WRGRV OHV JXVWDEDQ /RV 0XHUWRV 9LYRV DO 3LSH P¡V TXH D QDGLH /RV GHVDSDUHFLGR TXH VRQDEDQ SRU OD UDGLR 0RVFº SDQIOHWRV DQXQFLDQGR
FLQFR WHQDQ VXV FDVVHWWHV FRPSUDEDQ OD 5RFNVWRFN WRGDV ODV VHPDQDV UHFLWDOHVFODQGHVWLQRVFDQFLRQHVLQ©GLWDV
SRUTXHWUDDODVOHWUDV\WHQDQSRVWHUVGHHOORVHQODVSXHUWDVGHORVFORVHWVR /DYR]FRUUD7RGRVKDEODEDQORV9LYRVLEDQDFDQWDU<ORV*RRQLHVQR
SHJDGRV HQ ORV WHFKRV 7RGRV TXHUDQ D /RV 0XHUWRV 9LYRV HUD TXH QR VH OR LEDQ D SHUGHU 1L FDJDQGR <D HVWDED EXHQR 'HVGH FKLFRV QR VH
$GPLUDFL³Q UHDO LGHQWLILFDFL³Q SXUD (O 7LY HO YRFDOLVWD SUROHWD PDGHLQ PHWDQQDGDTXHYHUHVWDPRVELHQPD±DQDPHMRU2VHDFXHVWDQWHPSUDQRR
5HQFDHVWDEDHQRWUD\DWLQDEDELHQVHDJDUUDEDSDUDHOKXHYHRDODSUHQVD ORVPDWDPRV6LORV9LYRVYROYDQDDSDUHFHUDOOKDEDTXHHVWDU&RVWDUDOR
TXHQRFDFKDEDQLXQDKDFDORTXHOHGDEDODJDQDORSDVDEDGHPLHGR\OH TXHFRVWDUD
GDEDSDWDGDVGH7DH.ZRQ'RDTXLHQVHOHSXVLHUDGHODQWH
'UDJR GHFD TXH ORV 9LYRV HUDQ LPSRUWDQWHV SRUTXH OHV JXVWDEDQ D ODV
PLQDVSHURWDPEL©QDORVFRPSDGUHV\HVRߚVHJºQVXKHUPDQRTXHWHQD <DOOHYDEDQFRPRWUHVGDVHQ6DQWLDJR\UHDOPHQWHHUDODQDGD/DSHRU
FRPSDFWGLVFV \ HVWDED VXVFULWR D OD 6SLQ \ WRGR HVRߚ HUD OD I³UPXOD FLXGDG GHO PXQGR HO SHRU SDV SXUDV RYHMDV ODWHDGDV FDPLQDQGR SRU
SHUIHFWDSDUDPHGLUFDOLGDG$VIXHFRQORV%HDWOHVFRQWDED&ODURKDED VXEXUELD VXELHQGR \ EDMDQGR HVFDOHUDV DXWRP¡WLFDV WRPDQGR KHODGR GH
JUXSRVPHMRUHVSHURHVWDEDQOHMRVLQDOFDQ]DEOHV SLVWDFKRPDVWLFDQGRSDSDVIULWDVFRQNHWFKXS
(Q &KLOH GLUHFWR GHVGH HO XQGHUJURXQG \ ODV SREODFLRQHV /RV 0XHUWRV /DºQLFDVDOYDFL³QHUDMXJDUDORVJDPHV\HVFXFKDUDORV9LYRVDWUDY©V
9LYRV lVREUHYLYLHQWHV GH XQD JHQHUDFL³Q SHUGLGD{ FRPR HVFULEL³ XQR GH GHXQZDONPDQ
HVRVFUWLFRVSRVPRVTXHQRVDEHQQDGDGHQDGDDVXVWDEDQ6DEDQFDQWDUOR (O 'UDJR IXH D SDUDU HO GHGR D ORV 'HOWD \ VH JDVW³ XQ EROVLOOR OOHQR GH
TXHWRGRVLQWXDQ\GLVWRUVLRQDEDQHQH<QRVRORDF¡VLQRHQ$UJHQWLQDHQ ILFKDV$KVHHQFRQWU³FRQHO&RQHMRVºSHUDSHUQDGRDXQ6SDFH,QYDGHUV
3HUº KDVWD HQ SDVHV FRPR 3DUDJXD\ GRQGH ORV 9LYRV HVWDEDQ SURKLELGRV 0HGLR HQ RWUD HO &RQHMR VRQULHQGR VROR FDJDGR GH OD ULVD OH SUHJXQW³ VL
FHQVXUDGRVDXQP¡VTXHHQ&KLOHGRQGHODWHOHORVRGLDEDSRUVXFDQFL³Q LEDQ D LU D YHU D /RV 0XHUWRV 9LYRV TXH VHJXUR LED D HVWDU D WRGR GDU
7H GHJROODURQ SHUR IXLVWH D OD ILHVWD LJXDO 7RGRV FDFKDEDQ TXH HVWDEDQ FRPSDGUHSHUR'UDJROHGLMRTXHQRQRWHQDQHQWUDGDVQLSDVHQLVLTXLHUD
FRQWUD3LQRFKR\VXVPDWRQHVSHURKDVWDHOORVPLVPRVWHQDQTXHUHFRQRFHU VDEDQELHQG³QGHORSHQVDEDQUHDOL]DU
TXHHUDQJURVVRV&RPRHOYLHMRGHO/DXFKDߚRWUR'XU¡QߚTXHIXHMHIHGH $K HO &RQHMR VH FKDQW³ OH SXVR RUGHQ D VX PHOHQD VH VDF³ VXV -RKQ
XQFRPDQGRVHFUHWRVHFRSDUDORVHQIUHQWDPLHQWRV1L©OSRGDVXVWUDHUVHDO /HQQRQRVFXURV\R\HFRPSDGUH*RRQLHQRSRGVVHUDVLJXDOYDQVHJXUR
IHQ³PHQR GH ORV 9LYRV 6 \D HUDQ OH\HQGD +DVWD GHFDQ TXH HUDQ GHO TXH YDQ /RV FRUUHVSRQVDOHV H[WUDQMHURV YDQ D HVWDU ILOP¡QGROR WRGR YD D
)UHQWH(OHVWUHOODWRODFRQVDJUDFL³QPLVPDOHVOOHJ³XQD±RDQWHVFXDQGROD VHU PHGLR QL TXH DFWR OD PDQJD GH ORFRV GHO 0,5 \ GHO )UHQWH ORV
DOFDOGHVD FXOHDGD OH GLR OD JDYLRWD DO 7LY \ HO KXHY³Q SXWD HO KXHY³Q +XPDQLVWDV SURPHWHQ DEDVWHFHU FRQ WRGD OD FKLORPELDQD TXH ORJUHQ
11/39
FRVHFKDU )XWXUH*HQHUDWLRQGLFHHO/RERTXHHVUHWURSURJUHORV0XHUWRVPHHVW¡Q
(O'UDJRHVFXFKDEDDWHQWRP¡VTXHLQWHUHVDGR1XQFDKDEDYLVWRDORV KLQFKDQGRVXSRFR
9LYRVVRORSRUODUDGLRDWUDY©VGHOD0RVFºGHOD&RRSHUDWLYDDQWHVTXHOD (O &RQHMR DVSLUD VX SLWR VH OR SDVD DO *DWR TXH UHSDUWH XQD ERWHOOD GH
FHUUDUDQ SLVFRSLVFRGHFRQXQSRFRGH¡FLGRGHOTXHVLHPSUHVHFRQVLJXH1DGLH
(O&RQHMRWHDFRUG¡LGHO9DFD"%XHQRODKXHY¡HVTXHWHUPLQ³FRQOD VHGDFXHQWDQLFDFKDQ\HO3LSHWRPDKDVWDOOHQDUVXERFD\KDFHEXFKHV\
6RIDHVDFXLFDFRQTXHDQGDEDHQODSOD\DDKRUDDWLQDFRQHVWD1DQQ\XQD GHMDVXVHQFDVFRPRDQHVWHVLDGDV
ORFDP¡VUHYHQWDGDTXH©OPHGLRL]TXLHUGRVDSHURHQEXHQDHVFXFKDD/HG $WU¡VHO&RQHMR\HO*DWRTXHVHGHM³SDWLOODV\EDUEDDOHVWLORURFNDELOO\
=HSHOOLQ \ WRGR QXQFD ODQD QL FDQWR QXHYR /D FRPDGUH ©VWD UHVXOWD TXH RQGD6WUD\&DWV(OYLV&RVWHOORFRPSULPHQDXQDPLQD0HGLDPLQDSHGD]R
WUDEDMDSDUDXQDUDGLRFODQGHVWLQDTXHWLHQHQXQRVFXUDVKRODQGHVHVGHQRV© GHPXMHU/HVSUHVHQWRD0DUXVKNDXQDDPLJDGLFHHO&RQHMR6DOXGDDORV
TX©SREODFL³Q\ODPLQDߚTXHHVIHDSHUREXHQDSDߞOSLFR\KDVWDHVFULEH *RRQLHV TXH OD WLHQHQ FKLFD FRPR OD GHO /XLV 0LJXHO SHUR LJXDO 6RQ
FRQVHXG³QLPRSDUDOD5RFNVWRFNߚFDFKDWRGRHOPRWH\QRVFRQVLJXL³HQH FDOHQWRQHV ORV FDEURV JDOOD FRPR D WL WH JXVWDQ 6L VH SRUWDQ ELHQ
HQWUDGDV SDVH OLEUH HOOD HV GH ODV SRFDV TXH VDEH G³QGH OR YDQ D KDFHU KXHYRQHVFDSD]TXHGHVSX©VOD0DUXOHVKDJDXQDIUDQFHVDRDOJR
SRUTXH VL ORV SDFRV DYHULJXDQ TXHGD OD PDQVD ]RUUD WRGRV SUHVRV VHJXUR /DIDPRVD0DUXVKNDHVW¡SDVDGDDJHOHOSHOROOHQRGHHVWUHOOLWDV/HGD
TXHHFKDQDWRGRVORV9LYRVGHOSDVRORVIXVLODQDKPLVPR\GHVSX©VGLFHQ IHURFHVEHVRVDFDGD*RRQLHHQODPHMLOODDO3RORHQODQDUL]DO5RFN\HQOD
TXHIXHXQPLWLQDVTXHF¡OPDWH'UDJRTXHQRSDQGDHOFºQLFRWº\ORV RUHMD DO %DPEDP FDVL HQ ORV ODELRV DO 'UDJR HQ OD ERFD FRQ OHQJXD \
*RRQLHV YDQ QR YDQ D TXHGDUVH SDUTXHDGRV \ SHUGHUVH HO HYHQWR GHO D±R VDOLYDDO3LSH
(VWH SHFKLWR LQYLWD QR WH SUHRFXSHV HO V¡EDGR WLSR RFKR ORV SDVDPRV D +D\P¡VSLVFR&RQHMR"6XEHODUDGLR*DWRTXHQRHVFXFKRQLSLFR
EXVFDU D OD FDVD GHO 3LSH FHUR SUREOHPD YRV QR P¡V FDOODGR QR KDEOV
PXFKR TXH WX SDGUH HV IDFKR KXHY³Q \ FRQ HVH WLSR GH JHQWH QXQFD VH
VDEH +DVWDDTXOOHJDPRVQRP¡V$KRUDDFDPLQDU<FDOODGRVORVKXHYRQHV
TXHVLQRVSLOODQGLUHFWRDOV³WDQR
&DVDV GH DGREH FKDWDV EDVXUDOHV FRQ RORU D FDG¡YHU VLWLRV HULD]RV
$KHVW¡QDQVLRVRVPHGLRDVXVWDGRVPLUDQGRXQRVYLGHRVGH079TXH IRJDWDV/DVRPEUDGHXQFDPSDQDULRRVFXUHFHDXQP¡VODFDOOHGHDGRTXQ
VH FRQVLJXL³ HO 5RFN\ HVSHUDQGR TXH ORV 'XU¡Q ORV UHFRMDQ GXGDQGR VL (O9DQWDSDGRFRQFDMDVGHFDUW³Q1RKD\QLOXQD\ORVUDVFDFLHORVVHYHQ
DFDVRORVKXHYRQHVQROHVWRPDURQHOSHOR\ORVGHMDURQSODQWDGRV WDQOHMRVTXHQLSURWHJHQ
3RUILQDSDUHFHQ\DVHHVWDEDKDFLHQGRPHGLRWDUGH 9DPRV
7RGRVDUULEDGHO9DQODVFXDWURKLOHUDVGHERWHHQERWHOD1DQQ\ODPLQD /D0DUXVKNDOHWRPDODPDQRDO5RFN\\OHDJDUUDHOSDTXHWHGHWU¡VGHXQ
GH OD UDGLR FRQ XQ VRPEUHUR FRQ YHOR PX\ FKDUFKD HVW¡ DO ODGR GHO 9DFD SDUHG³QUD\DGRFRQFRQVLJQDVFRQWUDORVVDSRVGHOEDUULR'HVSX©VORPLUD\
TXHQRSHVFD8QDWDO6RODQJHFRQHOSHORUDSDGR\DQWHRMRVOLODVYHJHWD(O ORGHMD
/DXFKDWUDWDGHOHHUXQF³PLFSHURQRSXHGHVHPDUHDHVW¡HQPDOD (O YLHQWR DUUDVWUD SDQIOHWRV PLHQWUDV HO JUXSR FDPLQD HQ VLOHQFLR (O
8QSDUGHVHP¡IRURVODFDUUHWHUDGHVYRVFDOOHVUDUDVRVFXUDV &RQHMRGHMDFDHUXQDERWHOOD7RGRVSLHQVDQTXHHVHOILQ
(O-DJXDUDWLQDFRQOD6DUDODPLVPDGH7RQJR\ODGHODWDQJD\ORVRMRV
YHUGHV7DTXLOODQGRSDUDYDULDUHO/DXFKDTXHVLHPSUHHVW¡VROR\SRUHVR
FXHQWDWDQWRFKLVWHFDQWDFRQFHURHQWRQDFL³QXQRGHORVPHMRUHVWHPDVGHO 1RIXHI¡FLOHQWUDU/D1DQQ\\VXYHORFRQODFDOPDQHFHVDULDGHORVTXH
7LY5RFN\WUDWDGHLPLWDUORSHURQROHUHVXOWDLQFOXVRGDYHUJ¼HQ]DDMHQD VDEHQ GH JXHUULOOD \ VXEYHUVL³Q ORV OOHY³ KDVWD OD LJOHVLD YLHMD GH ODGULOOR
VHQRWDTXHHVW¡FDPELDQGRODYR]0HMRUSRQJDPRVDORV%6RQJIRUD QHJUR VLQ &ULVWR XQD JUDQ QDYH FX\D FºSXOD FD\³ GXUDQWH HO ºOWLPR
12/39
WHUUHPRWRPDWDQGRDWRGDODFRQFXUUHQFLD 1HZWRQ-RKQDSUHWDGVLPDTXHVHOHPHWHKDVWDDGHQWUREOXVDGHUDVRTXH
/RV *RRQLHV HQWUDURQ HQ VLOHQFLR DO GHVWDUWDODGR OXJDU OOHQR GH UDWDV \ OHDSULHWDODVWHWDVDURVTXHEULOODQ\SURYRFDQ
WDUURVR[LGDGRV$UULEDODVQXEHVDYDQ]DEDQ7RGRVHQILODLQGLDXQRGHWU¡V /RV0XHUWRV\DHVW¡QHQHVFHQDDSHQDVVHHVFXFKDQSRUORVJULWRVXQRV
GH RWUR VLJXLHURQ D OD 1DQQ\ TXH DEUL³ OD SXHUWD GH XQ FRQIHVLRQDULR \ ULIIV TXH SDUWHQ OD JXLWDUUD XQ VD[R P¡V ORFR TXH OD FUHVWD \ ORV FLQFR
GHVFHQGL³ *RRQLHV EDLODQGR FDQWDQGR ODV OHWUDV HVSDV HQ HO ED±R JRULODV HQ PL
7DOFRPRHQXQDSHOFXODPDODKDEDSDVDGL]RVXQDHVFDOHUDFDUDFROTXH PDQRORVFLQFRFRQVXVYLHMRVUR±RVRVFRQODWSLFDIUDQMDGHJ©QHUR
GHVFHQGD \ GHVFHQGD UXPER D OD WLHUUD KHODGD PD]PRUUDV KºPHGDV FRQ GHFRORULQWHUFDODGDHQWUHODVFRVWXUDVTXHOHVFRVL³ODDEXHODODPDGUHROD
PXVJR \ FUXFLILMRV DEDQGRQDGRV 8QD YH] DEDMR XQ SDVLOOR HWHUQR TXH HPSOHDGDFRQWDOGHWDTXLOODU
OOHYDED D XQR FHQWUDO P¡V LOXPLQDGR FRQ YLHMRV DILFKHV GH ORV D±RV GH OD (O7LYJULWDFRQWUDHOYLHMRTXHVHPXHUDHOFXOHDGRWLUDHOEDMRDOVXHOR
UHYROXFL³Q GH SRHWDV LQJHQXRV \ FRUGRQHV LQGXVWULDOHV 7RGRV PDUFKDEDQ VHUDMDODSROHUDFDPXIODMH\FDQWDTXHGDSHQDTXHGDULVDTXHHPRFLRQD
U¡SLGRDOVRQGHVXVODWLGRV/RVWDFRVGHOD0DUXVKNDUHWXPEDQGRFRPRODV /D0DUXVKNDVHWUDJDXQDSOGRUDPDVFDFKLFOHKDFHXQJORERVHDJDFKD
EDODFHUDVGHODPDQHFHU3RFRDSRFRVHHVFXFKDEDODPºVLFDORVULWPRVGH SDUD DMXVWDU VXV WULOODGVLPDV ERWDV EODQFDV FRQ IOHFRV TXH FXHOJDQ FRPR
XQRV JUXSRV DUJHQWLQRV TXH KDEDQ VREUHYLYLGR D OR GH DOO¡ TXH FDQWDEDQ FRUEDWDVXVDGDV
WHPDVWDPEL©QSURKLELGRV\TXHVHJXURHVWDEDQGHWHORQHURV /RVFLQFRODPLUDQFXDUWHDQVHGHMDQOOHYDUSRUHOULWPRHOUXLGRQRORV
(OSDVLOORWHUPLQDEDHQXQDJUDQE³YHGDXQSODQHWDULRHVFRQGLGROOHQRGH GHMDHQWHQGHUORTXHSLHQVDQ(QHOED±RPRMDGRKD\JHQWHTXHHVW¡WLUDQGR
OXFHVSºUSXUDYHUGH\JUDQDWHGHWU¡VGHOKXPR\GHODVPLOHVGHSHUVRQDV PLQDVDUURGLOODGDVWLSRVVHQWDGRVVREUHHOZ¡WHU
8Q VHU FRQ SLQWD GH FDQFHURVR VLQ SHOR \ FRQ PXFKR KXHVR OHV FRUW³ ODV /D 0DUXVKND IXPD XQ SXFKR HO %DPEDP OD KXHYHD HO 3LSH OD PLUD
HQWUDGDV \ \D HVWDEDQ GHQWUR HPSDSDGRV FRQ OD WUDQVSLUDFL³Q DMHQD DWHQWRHO3RORODSXQWHDHO'UDJRMXUDTXHHVW¡HQDPRUDGR
SHUGLGRV HQWUH ORV PLOHV GH WLSRV TXH GH XQD IRUPD X RWUD VH KDEDQ (O&RQHMRPLUDGHOHMRVHQWUHHOKXPR\ORVODVHU6HUHVROR5HFXHUGD
FRPXQLFDGRHQWUHVDUPDQGRODUHGORJUDQGRLQJUHVDUSRUXQRGHORVWDQWRV XQUHFLWDOGHORV6RGDDOPHQRVV©TXHKX\RSRUTXHDPR6HUHGHQXHYR
DFFHVRVVHFUHWRVTXHORVOOHYDURQSRUDOFDQWDULOODGRV\ULHOHVPXHUWRVDHVWH /D 0DUXVKND VXGDGD FRQ ODV D[LODV OOHQDV GH UL]RV PDVDMHDGRV FRQ
DQILWHDWURVXEWHUU¡QHRXQYLHMRHVWDQTXHGHDJXDERUUDGRGHORVPDSDVGHOD (WLTXHWHOJHOHVFXUUL©QGRVHSRUVXVPHMLOODVDUUDVWUDQGRHOSROYRODEDVH
DOFDOGD HO EULOOR FRQ VDERU D GDPDVFR %DLOD VROD DVXPLGD FDVL FD\©QGRVH XQ
EDODQFHRVHQVXDO\EDUDWRGLYHUWLGR
/RV ULIIV GH ORV 0XHUWRV UHWXPEDQ (O 7LY URQFR FDVL VLQ YR] DUUDVWUD
/DPºVLFDGHORVDUJHQWLQRVUHWXPEDVREUHHOWHFKR\XQDJUXHVDWUHQ]DGH VXVOHWUDVSRUHOHVFHQDULRLQVXOWDQGRDORVUXELRVDORVWLUDVDORVYLHMRVGH
IDQ¡WLFRV VDOWD \ EDLOD FDQWDQGR FDGD OHWUD UHVSRQGLHQGR D FDGD WDOOD TX©PLHUGDDOHJ¡LYRVVRORWHSDMH¡LHOGDTXHHVWDKXHY¡VHDFDEHDKWH
JULWDQGRl\YDDFDHU\YDDFDHU{HQWUHWHPD\WHPD TXLHURYHUDUUDQFDQGRGHWXVFXOSDVFRPRORVPLOLFRVTXHKR\LQVXOWDV
/RV0XHUWRV9LYRVDºQQRDSDUHFHQ\KD\UXPRUHVTXHGLFHQTXHIXHURQ 'HEHVHUIDEXORVRGHEHVHUWHUULEOHHVWDUDOO¡DUULEDSLHQVDHO&RQHMRTXH
LQWHUFHSWDGRVTXHKD\VDSRVHQWUHHOSºEOLFR/RV'XU¡QGHVDSDUHFHQHQWUH VLJXHPLUDQGRDOD0DUXVKNDVRORHQWUHXQJUXSRGHJRUGDVTXHVHVDEHQ
ODPDVDEDLODQGREXVFDQGRPLQDVTXHHQQRFKHVFRPR©VWDVVRQDXQP¡V WRGDV ODV OHWUDV \ XVDQ FKDSLWDV SUR9LFDUD 4XH WRGRV WH DGRUHQ TXH
I¡FLOHV\JUDWLV SURFHVHQWRGRORTXHGLFHVTXHWUDWHQGHWRFDUWHGHFLUWHTXHWHHQWLHQGHQ
TXHSLHQVHQ\RGLHQLJXDOTXHWº(O&RQHMRVDEHTXHVXVWHPDVQRVLUYHQ
TXHOHVIDOWDDOJRTXH©OQRWLHQH/D0DUXVKNDTXHQRVDEHQDGDVHORGLMR
(VSHFWDFXODU OD 0DUXVKND QR KD\ QDGD TXH KDFHUOH 0HGLR FKXOD XQDYH]GHSDVDGDPLHQWUDVVHODYDEDHQXQELG©
FKXOD]DSHURULFDFDUQDOOHVREUDODFDUQHOHFXHOJD7RGDGHQHJURPDOOD 'HEHQVHUGLH]PLOVLJXHQOOHJDQGRSRUWRGRVORVSDVDGL]RVVHFUHWRVTXH
13/39
WRGRV MXUDQ QXQFD UHYHODU (O 7LY \ HO UHVWR GH ORV 0XHUWRV DºQ QR VH $VFRPRU¡SLGRVLQDQXQFLRUDMDGRDHVFRQGLGDVORSHRURFXOW¡QGRVH
FDQVDQ 1XQFD KDEOHV F¡OODWH FXLGDGR DKRUD Wº PH GHMDV \ \R FDOODGR URPSLHQGR OR HVWDEOHFLGR OR TXH MXUDEDQ LUURPSLEOH WRGRV HQHPLJRV
'HEH VHU IDEXORVR GHEH VHU WHUULEOH SLHQVD \ DVSLUD XQ KXLUR PRMDGR TXH ULYDOHV\R QR SXHGR VHU OLEUH VLQ YRV (V PD FRPSDGUH FRUWD HO KXHYHR
FLUFXOD GH PDQR HQ PDQR 7RGRV GHVHDQ DOFDQ]DUOR &RPR HVWDU HQ XQ SHUGLVWHDVºPHORXQRVJDQDPRV\ODPD\RUDSLHUGHDF©SWDORPLUDQRP¡V
URTXHURFRQHOPDUIXULRVRTXHWUDWDGHD]RWDUWHGHPRMDUWHGHVDOSLFDUWH F³PR PH PLUD PH TXLHUH VH QRWD HVW¡ TXH UHYLHQWD PH OR SLGH D JULWRV
SDUDTXHWHGHVFXHQWDDXQTXHVHDVRORSRUXQDYH] VRORXQSRFRXQSRFRP¡VKDJDVORTXHKDJDVQXQFDYDVDVDEHU\©VHHVPL
(O5RFN\MXUDTXHWLHQHXQEDMRHQVXVPDQRV\KDFHSLUXHWDVDOUHGHGRU WULXQIRORTXHQXQFDPHYDLDSHUGRQDUDPLJR
GHOD0DUXVKNDTXHVLJXHVXGDQGRFRPRXQDOODYHDELHUWDVXVSDQWDORQHV
VH OH SHJDQ VH OH PRMDQ DOUHGHGRU GHO FLHUUH (O 3ROR WLHQH OD FDPLVD
WRWDOPHQWHDELHUWD\WUDWDGHOXFLUORTXHQRWLHQH6HDFHUFDPDWDQGRFRPR (O UHFLWDO WHUPLQD HO 7LY \D QR HQWLHQGH QDGD \ WRGRV FRUUHQ KDFLD ODV
HQORVYLGHRVRMRVHQWUHFHUUDGRV(OODOHUHVSRQGHFRQFDULFLDVHQODHVSDOGD VDOLGDV VXEHQ HVFDOHUDV R[LGDGDV VH WURSLH]DQ HQWUH HOORV VDOHQ FRPR
GHGRV \ X±DV SRVWL]DV TXH UHVEDODQ SRU XQD SLVFLQD GH IOXLGRV 'D PHGLD SXHGHQ /RV *RRQLHV QR VH PXHYHQ HVW¡Q DWHQWRV DOHUWD HVSHUDQGR
YXHOWD VH DUUHJOD XQD ERWD VH HVWUXMD HO SHOR \ FRPLHQ]D D SXQWHDU DO FXDOTXLHULQGLFLRXQJXL±RGHRMRFX¡OGHORVFLQFRRFDSD]TXHORVFLQFRD
%DPEDPUR]¡QGROHORTXHQXQFDOHKDQUR]DGR ODYH]
'UDJRHVW¡IXHUDGH³UELWDDVXODGRPX\FHUFDFRPRXQVDW©OLWHREVHVR $SDUHFHQ ORV 'XU¡Q KHFKRV VRSD HQ RWUD QR SXHGHQ HVWDU P¡V
VLQ QLQJXQD FRRUGLQDFL³Q GHVDUP¡QGRVH HQWHUR DJDUU¡QGROD SRU DWU¡V UHYHQWDGRV+D\TXHYLUDUVHU¡SLGRTXHORVWLUDV\DVHHQWHUDURQGLFHQTXH
DSUHWDQGR VXV PXVORV LQPHQVRV MXJDQGR FRQ HVDV HVSRQMDV GHODQWHUDV YDQDODQ]DUODFULP³JHQRSRUORVDOFDQWDULOODGRVSDUDDKRJDUQRVDWRGRV
GHPDVLDGD VREUHGRVLV HVWD QRFKH VH UH VROR \D QR DJXDQWD WDQWD PLUDGD /D0DUXVKNDLQLFLDODKXLGD9DPRVGLFHTXHHVWDKXHY¡VHYDDSRQHU
WDQWDWDOOD\GREOHVHQWLGRWDQWRLQILHUQRLQºWLO SHOXGD$YDQ]DQORV'XU¡QXQDPLQDPHGLRSXQNPHGLDVURVDGDV\ERWDV
(O 3LSH WSLFR QR DWLQD QR HQWLHQGH IXQFLRQD VLQ SHUPLVR VX FXHUSR QHJUDVDEUD]DGDDO-DJXDUOD6DUDFRQVXVRMRVYHUGHVWRGRVURMRVHO*DWR
VDOWD \ EULQFD QR DQDOL]D QDGD QR YDOH OD SHQD PHMRU VL VH DUULHVJD \ UL©QGRVHFRPRLPE©FLO/RV*RRQLHVDWU¡VSHJDGRVDODSDUHGFRPRDILFKHV
SLHUGHSLHUGHSHURQRPXHUH\VHDUURGLOODFDVLDILO¡QGRVHHOVXHOREHVRVHQ /D0DUXVHDOHMDPHQHDHOFXORSDߞWLSDߞPSDߞWLSDߞP(O&RQHMROD
HVDV SDQWRUULOODV VREUHGLPHQVLRQDGDV GXUDV VXEH OHQWR VXDYH QDGD P¡V DEUD]DODGHWLHQHVHODDWUDFDFRQILUPH]D
ULFRXQEHVRODUJRFRQXQDOHQJXDTXHOHKDFHFRVTXLOODVHQODVDPJGDODV\ /DFDOOHWLHQHDLUHIUHVFRDSHVDUGHWRGR<DQRHVW¡WDQRVFXUDOOHQDGH
OROOHQDFRQXQVDERUDSLVFRDWDEDFR\DPDFKDVUHFL©QDELHUWDV PLFURVLOXPLQDGDVGHFROHFWLYRVYDFRVTXHGDQYXHOWDV\YXHOWDV$YDQ]DQ
(VH PLHGR TXH PH GHVSLHUWD HQ ODV QRFKHV FDQWDQ \ ORV FLQFR \D QL SRUORVDGRTXLQHVKDVWDTXHHQFXHQWUDQHOPRQW³QGHFDMDVYDFDV\GHEDMR
DJXDQWDQTXHODKXHY¡VHDFDEHSURQWRHVWRUWXUDWRGRHQWUHVGLPHQVLRQHV HO 9DQ VDQR \ VDOYR &DVL WRGRV ORV 'XU¡Q VH VXEHQ 7RFDQ OD ERFLQD
FXDWURERUURVRF³PLFRORVWPSDQRVFODYDQHOVXHORUHERWDOD0DUXVKND HQFLHQGHQODUDGLR/XFD3URG¡Q6XPR$SR\DGRVHQXQNLRVNRHO&RQHMR
SXWD TXH HVW¡ EXHQD KXHY³Q LGHDO VH OR FRPH WRGR VH QRWD JLUD \ VDOWD DWLQDFRQOD0DUXVKND
YXHOYHDJLUDUORVEXVFDDPQRDO5RFN\HO3LSHHVPX\FKLFRHO'UDJR (V XQ FDOOHM³Q FKLFR VLQ QDGLH VROR XQ YLHMR VDO³Q GH SRRO TXH EULOOD
MXUDTXHVSHURQRQRORHOLM¡LDP\RWHQJRORTXHQHFHVLW¡LV©KDFHUWH YHUGH DO ILQDO GH OD RWUD FXDGUD /D ERFLQD VLJXH VRQDQGR OD PºVLFD VH
IHOL]FDFKRORTXHTXHUVHVRHVW¡FODURQRFRQ©OFRQPLJRQRPHFDJXV PDQWLHQH LJXDO /D 0DUXVKND WLHQH VXV SLHUQDV DOUHGHGRU GHO &RQHMR OD
QRPHGHMVDXQODGRPLUDQGRHO3RORQRWLHQHQLXQDFKDQFH%DPEDPVH PDOOD DEDMR O SRFR HQWLHQGH VH QRWD SHUR OD JR]D LJXDO OD ODPH HQWHUD
MXUDHVWXSHQGRSHURQRQRSDVDQDGDQRVHORYDDOOHYDUYHQDPQRPH PLHQWUDVODSXQWHDFRPREXHQFRQHMRTXHHV(OODOHPHWHODPDQREDMRVXV
KXHYV D P D WL TXH WH PLUR D WL ORFD QR WH OR OOHYHV FDPELD HV MHDQV\ORDSULHWD
LPSRUWDQWHDPOO©YDPHDP\RV©P¡V\RV©PXFKRP¡VTXH©O /RV FLQFR *RRQLHV VH DFHUFDQ SDUD YHU PHMRU &XDUWHDU (QFLHQGHQ
14/39
FLJDUULOORV &DOODGRV (O &RQHMR DFDED VH TXHGD TXLHWR FRQ VXH±R (OOD
VLJXHMDGHDQGRSDUDVVROD6HDSDUWDQVHVXEHHOFLHUUHORVPLUD\OHVJXL±D
XQRMROOHVVRQUHFRQVXVGLHQWHVGHFRQHMR
/D0DUXVKNDVHVXEHODPDOODSHUROHFXHVWD
8QIRFROHLOXPLQDVXVRVFXURV\PRUGLVTXHDGRVSH]RQHV 3HODQGRD5RFR
(O&RQHMRVHVXEHDO9DQSRUODYHQWDQDDOR'XNHVGH+D]]DUG(OODVH
OHV DFHUFD OHV GD XQ SDWR VLQ EULOOR GH GDPDVFR D FDGD XQR OH DJDUUD HO
SDTXHWH DO 3LSH &XDQGR VHDQ P¡V JUDQGHV OHV GLFH &XDQGR FUH]FDQ 6H
VXEH\SDUWHQ
/RV*RRQLHVFDPLQDQOHQWRDEXUULGRVKDVWDOOHJDUDODDYHQLGD6XSRQJR
TXHDºQVRPRVDPLJRVRSLQDHO3ROR6HJXURUHVSRQGHQ(O'UDJRORVPLUD
\VHUH6HTXHGDSHQVDQGR'DQXQRVSDVRVOHQWRVKDVWDOOHJDUDODHVTXLQD
8QDPLFURVHDFHUFD(O3LSHODKDFHSDUDU
15/39
VXFHGHQ VLHPSUH $GHP¡V D WL WH HQFDQWDQ ORV FDKXLQHV VRL OD UHLQD GHO
SHODPEUH HQ OD RILFLQD QR WH YHQJ¡L D KDFHU OD GHVLQWHUHVDGD DKRUD \R WH
FDFKRQRSRGVVHUWDQPDODDPLJDQRSRGVVHUWDQPDULFRQD
9HDPRV3¡VDPHRWURSXFKR6HVXSRQDTXHORLEDDGHMDUSHURQXQFD
(VTXHWºQRPHYDLDFUHHUKXHYRQDWHMXURSRU'LRVVLDSHQDVORFUHR SHODUVLQIXPDUVHXQFLJDUULWRHVFRPRLPSRVLEOHQRFUHV"FRPRTXHQDGD
\R DV TXH LPDJQDWH 1R KD\ FDVR QR SXHGR HQWHQGHUOR F³PR KD\ JHQWH TXHYHU%XHQRODFXHVWL³QJDOODHVTXHHOV¡EDGRPHOODP³XQDDPLJDOD
TXHSXHGHFDPELDUWDQWRFDFK¡L"6LPLYLHMDWLHQHUD]³QFXDQGRODJHQWH 0DULVRO /DJRV Wº QR OD FRQRFV PH KLFH DPLJD GH HOOD HQ XQ 3UH HQ HO
QDFH ORFD QDFH ORFD &XHVWL³Q JHQ©WLFD 3HUR OR TXH \R QR FDFKR HV F³PR &HDFLSHURLJXDOQRPHGLRHOSXQWDMHWRWDOPHGLDKXHY¡JDQRHOGREOHTXH
DOJXLHQTXHQDFHGHFHQWHGHEXHQDIDPLOLDWºVDEVFRPRQRVRWUDVPHMRU WRGDV HVDV KXHYRQDV GH PLV FRPSD±HUDV GH FXUVR TXH HQWUDURQ D OD
LQFOXVRSXHGHYROYHUVHWDQQRV©WºFDFKDLF³PRHVWDFRPDGUHGHODTXH XQLYHUVLGDG VH VDFDURQ FUHVWD \ PHGLD \ DKRUD HVW¡Q PXHUWDV GH KDPEUH
WHHVWDEDGLFLHQGRHVWDDPLJDPDSXGRFDPELDUWDQWRFLHQWRFLQFXHQWDSRU DQGDQGRHQPLFURKDFLHQGRHOULGFXORP¡VJUDQGH%XHQRKD\SDUDWRGR
FLHQWRXQDFRVDLPSUHVLRQDQWHTXHQRVHH[SOLFDFRPRORTXHWHGLMHHORWUR QR"GLJR\RFDGDXQRFDYDVXSURSLDWXPED%XHQRG©MDPHFRQWDUWHGH
GDSHURWºQRVDEVQDGDQRDOFDQF©DFRQWDUWHFRQORGHOV¡EDGRORVXSH HVWD JDOOD OD 0DULVRO /DJRV P¡V ORFD TXH XQD FDEUD 7DPSRFR HQWU³ D OD
WRGR \ KDVWD PH SXVH D DYHULJXDU VL WRGR HUD YHUGDG UHYLV© ORV GLDULRV WH XQLYHUVLGDG DV TXH VH GHGLF³ DO DUWH D SXUR KXHYHDU D SLQWDU SROHUDV \
MXURDODKRUDGHODOPXHU]ROROHFDJDGDGHPLHGRSHURG©MDPHVHJXLU GLVH±DU DEULJRV \ FXHVWLRQHV DV PRGD TXH YHQGH FXDOTXLHU FDQWLGDG
%XHQR \D SLGDPRV RWURV GRV SHUR QR WDQ VHFRV FDSD] TXH QRV 'HVSX©VVHPHWL³DWHDWURGHSXURORFDSDQWRPLPDHVDRQGD$KRUDWUDEDMD
FXUHPRV PLUD TXH FRQ HVWR GH UHFRUWDU GLDULRV QR KH DOPRU]DGR QDGD KH HQ XQD JDOHUD HQ %HOODYLVWD OR SDVD OD UDMD GH PLHGR FRQRFH D WRGR HO
HVWDGR VºSHU SUHRFXSDGD WH GLJR ,QFOXVR GRQ (GPXQGR PH SUHJXQW³ VL PXQGRODFDFK¡GHJHQWHFRQRFLGDIDPRVD,QFOXVROD5DTXHO$UJDQGR±DHV
WHQDDOJRPHVHQWP¡VPDOºOWLPDLPDJQDWHDYHULJXDDOJRSXHGHSDVDU DPLJDVX\DVLHPSUHOHYDDFRPSUDU$TXL©QQRFRQRFHHVWDJDOODXELFDD
FXDOTXLHU FRVD TXHGDUD FRPR FKDOHFR GH PRQR \ R\H QR HV SRU SHODU OD JHQWH P¡V H[WUD±D GH HVWH SDV TXH HV P¡V GH OD TXH WH LPDJLQ¡L /D
JDOODSHURIMDWHHVDVFRPDGUHVTXHUHFL©QHQWUDURQVHJXURVRQSXWDV\RQR 0DULVRO OR SDVD UHJLR QL WUDEDMD SXURV F³FWHOHV H[SRVLFLRQHV SUHPL¨UHV
V©F³PRODVGHMDQHQWUDUHVHWLSRGHPLQDVOHVEDMDHOQLYHO2EVHUYDDODGHO IHVWLYDOHVTX©V©\R/DFXHVWL³QHVTXHPHOODP³HVWDJDOODSDUDLQYLWDUPHD
EX]R GH FXHULQD VH SDUHFH D OD 1HOO\ OD GH FRQWDELOLGDG QR HQFRQWU¡L" XQDFLWDDFLHJDVDXQFDUUHWHQHZZDYHXQDKXHY¡GHSLQWRUHVXQDHVSHFLH
FKXOD GH PLHUGD 3DUD P TXH VH WLUD D HVWH JDOOR QXHYR GH ILQDQ]DV TXH GHLQDXJXUDFL³QGHFXDGURVFRQILHVWD\PºVLFDGHXQJUXSRP¡VUDURTXHOD
DQWHVHVWDEDHQODVXFXUVDOGH&RTXLPER3HURPLUDD©VWDIMDWHHQODVX±DV FKXFKDFRPRGHODRQGDDUJHQWLQDVXSRQJRSDUDEDLODU<ROHGLMHTXHVWº
D]XOHV/RSHRU7SLFRGHPLQRFDGHYLOODUDVFD'HVSX©VODVKXHYRQDVVH VDEV SDUD TXH GHVSX©V PH OODPH HVWH KXHY³Q GHO +HUQ¡Q \ QRV
FUHHQODUDMDSRUDQGDUPHWLGDVDF¡DUULEDFXDIDVGHPLHUGDORºQLFRDTXH GHVFXHUHPRV SRU WHO©IRQR QR YDOD OD SHQD $V TXH PH WUDW© GH YHVWLU OR
YLHQHQ HV D EXVFDU HMHFXWLYRV ODWHDGRV 0H VDFDQ GH TXLFLR DUULELVWDV P¡VORFDSRVLEOHRQGDSXQNWDTXLOODFXDOTXLHUFRVDSDUDQRSDUHFHUIXHUD
FDOHQWDGRUDVGHKXHYDV<RQRHQWLHQGRF³PROD5RFRVHPHWDFRQJDOODGD GHIRFRXQORRNFRPRORTXHYHQGHOD3DXOD=REHFN/HSHGDPLKHUPDQR
FRPR©VWDLQFOXVRP¡VºOWLPDSRUTXHSRUORPHQRVHVWDVFKXODVVHDUUHJODQ FKLFRTXHVHMXUD6RGD6WHUHRVXJHO(OSHQGHMRPHORYHQGL³SHURLJXDO
\QRFDFKDQQDGDGHQDGDVROROHHQOD9DQLGDGHVHVDRQGDHQFDPELRHVWRV VH OR VDTX© JUDWLV \ PH KLFH XQ SHLQDGR SDUD FDJDUVH GH OD ULVD FRPR
WLSRV DQGDEDQ FRQ SRQFKRV \ KXHY¡V FKLORWDV FRQ RORU D RYHMD \ D YLQR HVSLQXGRDXQTXHFRQHOFDORUTXHKDFDVHPHGHVKL]R\OOHJX©DODFDVDFRQ
FDOLHQWHUHFLWDQGRPDQLILHVWRVWRGRHOGDOH\HQGROLEURVUXVRVGH©VRVTXH SLQWDGHEDWDFODQDEDUDWD/DPHQWDEOHSHUREXHQR
VHGHVDUPDQHQIHUPRVGHGHQVRV\SXQWXGRV5HDOPHQWHPHUHSHOHQ /D 0DULVRO HV P¡V ORFD TXH XQ WLUR PXFKD FDUHWD \ HVD RQGD SDUD FDHU
$ YHU" TX© KRUD HV" 'HVFXHYH GHVSX©V WRPDPRV XQ WD[L \R SDJR ELHQ6DOXG³DWRGR&KLOH\DYDULRVKXHYRQHVGHODWHOH&RTXHWH³ILUPHFRQ
SHUR G©MDPH FRQWDUWH KXHYRQD TXH VL QR UHYLHQWR (VWH WLSR GH FRVDV QR HQHWLSRV\HVRTXHVHHVW¡DILODQGRDRWURKXHY³QXQSURGXFWRUPXVLFDOHO
16/39
GHVFXHYH VºSHU ULFR HO FRPSDGUH FRPR PH]FOD GH LQWHOHFWXDO \ ER[HDGRU FDFKXGDTXHODFUHVWDSRUVDEHUTX©KDFDHVWHKXHY³Q,VPDHOVHOODPDHQ
FRQXQDFRODGHFDEDOORDWU¡V(OWLSRTXHVHVXSRQDHUDSDUDPHUDP¡V XQD SDUDGD FRPR ©VD \ FRQ HVH FRUWH GH SHOR $KRUD SDUD TX© WH FXHQWR
TXH H[WUD±R WH MXUR TXH WH FDJ¡L HQ WUHV WLHPSRV 2QGD PDUFLDQR PDUDFR FXDQGRHOFRPSDGUHVHODUJ³DKDEODU6LHVRGHTXHODYLGDWHGDVRUSUHVDV
GURJDGLFWR\RQRFDFK©1RHUDIHRSHURWHQDWRGRHOPDTXLOODMHFRUULGR\ VRUSUHVDVWHGDODYLGDHVYHUGDG7HMXUR1RSXHGHVHUP¡VFLHUWRFRVDGH
HPSH]³ D MDODU FRFD DK PLVPR VDF³ XQD FXFKDULWD \ PH FRQYLG³ 6ºSHU ILMDUVHHQOD5RFR3DWL±RQRP¡V
H[³WLFR HO FRPSDGUH QR HQFRQWU¡L" SHUR FRPR TXH PH XUJ OD PX\ 3HUR G©MDPH HPSH]DU GH FHUR 1R SXHGR VHU WDQ PDULFRQD VL HVWR HV
KXHYRQD QR WHQJR LGHD SRU TX© WRWDO WRGR HO PXQGR MDOD FRVD GH LU DO VºSHUVHULRWU¡JLFRWHMXUR1RPHKDJ¡LUHU'HVSX©VYDVDYHUTXHWHQJR
2OLYHU SHUR EXHQR TX© TXHUV DV VR\ \R FRQVHUYDGRUD (O JDOOR ©VWH UD]³Q1RYR\DGHPRUDUGHPDVLDGRWUHVRFXDWURSXFKLWRVP¡V6LDºQHV
ROYGDWH F³PR VH YHVWD XQD MDUGLQHUD QDUDQMD VLQ QDGD GHEDMR WH MXUR VH WHPSUDQRIDOWDHQHSDUDHOWRTXH$GHP¡VLJXDOQRWHQVPXFKRTXHKDFHU
DJDFKDED\VHOHYHDQWRGDVODVKXHYDVSHUROHGDEDORPLVPRSRUTXHGLFHQ DVTXHTX©WHLPSRUWD'©MDPHVHJXLUEXHQRFRPR\DVDEVFRQOD5RFR
TXHWRGRVHVWRVDUWLVWDVYDQDXQDSOD\DQXGLVWD\VHPHWHQWRGRVFRQWRGRV ©UDPRVDPLJDVSHURDPLJDVGHVGHHOFROHJLRSRWR\FDO]³QDPLJDVGHWRGD
KRPEUHVFRQKRPEUHVPXMHUHVFRQPXMHUHVGDORPLVPR\SLQWDQODVURFDV ODYLGD6LKDVWDQXHVWURVSDGUHVVHFRQRFDQGHVGHVLHPSUHKDVWDGHOFOXE
FRQ FRPLFV \ WRQWHUDV (O KXHY³Q QL PH SHVF³ SDUWL³ D MXQWDUVH FRQ XQ SRUTXHOD5RFRߚPLUDODEUXWDFRQVXHUWHߚYLYDHQXQDFDVDTXHQRWHOD
XUXJXD\R TXH EDLODED KHFKR XQD ORFD \ lTXHULGR{ SDF¡ \ SDOO¡ \ \R DO FUHHUDV IDEXORVD HV SRFR FRPR SDUD 9LYLHQGD \ 'HFRUDFL³Q XQD FXDGUD
PHGLR VLQWL©QGRPH FRPR HO IRUUR SDUDQGR HO GHGR DV TXH DWLQ© GL XQD HQWHUDHQ/RV'RPLQLFRV
YXHOWD SRU HO JDOS³Q \ PH GHGLTX© D PLUDU ODV SLQWXUDV SDUHGHV HQWHUDV (QHVD©SRFDWHKDEORGHO³SRQWHWºFRPRHQSULPHURFXDQGR\D
UD\DGDV FXHVWLRQHV FRPR GH FDEUR FKLFR QR HQWHQG QL SLFR XQRV ©UDPRVDPLJDVSRUTXHDYHU"\RHQWU©HQVH[WR\GHVSX©VHQV©SWLPRV
PDPDUUDFKRVVºSHUUDURV'HFLGHQWRQFHVDFDFKDUODRQGDTXHVHHVWDED FODUR\DHQSULPHURPHGLRQWLPDVTX©UDWRLQVHSDUDEOHV0HDFXHUGRTXH
WHMLHQGRODGHFDGHQFLDPLVPD1LHQ1XHYD<RUN(VWDEDHVWDWLSDQXHYDOD HQHVHWLHPSRKDEDWRTXHEXHQRLJXDOTXHDKRUDQRP¡VXQDODWDPXFKR
TXHKDFHGHPDODHQODWHOHVHULHUHYHQWDGDKDVWDGHFLUEDVWD&KDWDWLUDGDHQ SHRUSHURLJXDOQRVDUUHJO¡EDPRVSDUDSDVDUORELHQVDOLUFRQFKLTXLOORVߚ
HOVXHOR6HYHDºOWLPDGHFDUUHWHDGD<WRGRHOPXQGRHQHOPLVPRYRO³Q HQFXHQWUR WDQ FXPD HVD SDODEUDߚ FRQ JDOORV FDUUHWHDU YLGD QRFWXUQD
SLWHDQGR WRPDQGR XQRV SXQNV PHGLR UDVFDV TXHEUDEDQ ERWHOODV RWURV VH 7SLFREDPRVDOFLQHDSDWLQDUDO6KRSSLQJGLPHTXHQXQFDIXLVWH"WH
HPSXMDEDQ\VHSHJDEDQFXDOTXLHURQGDFRPRGHSHOFXODJDOOD3RUVXHUWH DFRUG¡L" (UD OD SDSD LED WRGR HO PXQGR QR FRPR DKRUD VºSHU SDVDGR GH
HPSH]³HOVKRZ\VDOLHURQXQRVKXHYRQHVUDMDVGHFRFLGRVߚRLQ\HFWDGRV PRGDXQDODWD7RGDYDQRSROROH¡EDPRV\QDGLHPDQHMDEDDºQߚFUHRTXH
QR V©ߚ XQRV SHQGHMRV HVTXHO©WLFRV UDSDGRV WRGRV VXFLRV OODPDGRV /RV HOODQXQFDDSUHQGL³ELHQKXHYRQDWHQLHQGRWDQWRVDXWRVGLJR\RߚDVTXH
3LQRFKHW%R\VTXHOHHVFXSDQDOSºEOLFR7RGRVSHGDQP¡V'HVSX©VGHO GHSHQGDPRV GH ORV YLHMRV SDUD TXH QRV IXHUDQ D EXVFDU 1R QRV GHMDEDQ
JUXSLWR©VWHTXHQLVHVDEDQODVOHWUDVGHODVFDQFLRQHVDSDUHFL³HVWHRWUR DQGDUFRQWLSRVHQWD[LV0HQRVHQPLFUR6ºSHUFDUWXFKRVWDQKXHYRQHVORV
JUXSR 'HJHQHUDFL³Q (VSRQW¡QHD $K QR P¡V 3HUR FXDQGR YR\ FDFKDQGR YLHMRVTXHQROOHJXHQWDUGHWHPSUDQLWRHQODFDVDPLMLWDFXDQGRQRVDEHQ
TXH HO TXH WRFD HO EDMR DV PHGLR HVFRQGLGR FRQ XQD FDPLVD OOHQD GH DFDVRTXHORVKRWHOHVDEUHQGHGD\TXHVLXQDTXLHUHHFKDUVHXQDFDFKDߚ
ILJXUDV GH ©VDV TXH YHQGHQ HQ )LRUXFFL ODV XELF¡L" HV XQ KXHY³Q TXH GLPHTXHQRJDOODߚSXHGHVHUDODVWUHVGHODWDUGHFDJDGDGHODULVDVLQ
FRQR]FR$GLYLQDTXL©Q" QLQJºQSUREOHPD$GHP¡VWDQWRFXLGDGRWDQXUJLGRVVLDOILQDOHOWLUROHV
0H WUDH GRV WUDJXLWRV P¡V SRUID XQ PLOO³Q JUDFLDV &RPR WH GHFD VDOL³ SRU OD FXODWD 6LHPSUH SUHRFXSDGRV GH ODV DPLVWDGHV GH TX© QLYHO
UHVXOWD TXH HO FRPSDGUH ©VWH FRQ HO SHOR FRUWR FRPR PLOLFR D XQ ODGR HUDQ VL HUDQ *&8 GH FROHJLRV SULYDGRV $ WRGR FRQWURO 3REUH TXH
FUHVSR \ ODUJR DO RWUR HV ߚR HUDߚ HO PDULGR GH OD 5RFR 3DWL±R HVWD VDOL©UDPRVFRQDOJºQKLMRGHXQHPSOHDGRSºEOLFRUDPRVP¡VILMDGDV$V
VXSHUDPLJD PD GHO FROHJLR HVWD KXHYRQD GH OD TXH \R WH KH KDEODGR $V QRVFULDURQORVWLSRVGHEDQVHUGHO9HUER'LYLQRSDUDDUULED0LKHUPDQR
TXH GH DK TXH WH SRGV DQGDU LPDJLQDQGR OD LPSUHVL³Q JDOOD HVWDED P¡V SREUHMHW³QHQFDPELRSRUKDFHUVHHOUHEHOGHWHUPLQ³FDV¡QGRVHDSXUDGR
17/39
FRQHVDFKXODGHOD9DOHULDߚVHFDVDURQGHRFKRPHVHVFDUDGHUDMDߚ\DOO¡ PDGUHRVHDPDOTXHPDOVRPRVߚIXLPRVߚDPLJDVVºSHUDPLJDV\XQWDV
ORWHQVYLYLHQGRHQQRV©TX©PLHUGDGHSDUDGHURGH6DQWD5RVD&ODURTXH \WRGRWºVDEVSHURODVFXHVWLRQHVFDPELDQVHSRQHQGLVWLQWDV
HVWRIXHKDFHGLH]D±RVSRUTXHOD5RFRFRQORFODVLVWDTXHHUDQLVDOXGDED 1HFHVLWR RWUR P¡V TX© WH SDUHFHQ XQRV JLQWRQLFV" $GHP¡V KDFH XQ
D OD 9DOHULD /D PLUDED HQ PHQRV 'HVSX©V SXFKDV OD VRUSUHVLWD TXH QRV FDORUDVTXHURVR$KYLHQHHOFRPSDGUH6GRVJLQWRQLFV\ XQDVFRVLWDV
YLQRDGDU SDUDSLFDUWHQVPDQRQXHFHV"
/D 5RFR HQ HVD ©SRFD YLDMDED D FDGD UDWR RQGD WRGRV ORV YHUDQRV 6X 3HUIHFWR*UDFLDV0HSHUGb$K\D/RTXHSDVDHVTXHGHOJUXSR
YLHMR HUD GXH±R GH XQD HPSUHVD LPSRUWDGRUD \ WUDD WUDJRV FKRFRODWHV GHPXMHUHVGHOFXUVR©UDPRVODVP¡VIRPHVWHMXURVL\RHUDP¡VWUDQTXLOD
HTXLSRV GH PºVLFD 7HQDQ FXDOTXLHU SODWD %XHQR HQ HVD ©SRFD WRGRV TXHXQDIRWRDXQTXHWHSDUH]FDLQFUHEOH1R©UDPRVJDQVDVVLQRP¡VELHQ
WHQDPRV $V TXH VLHPSUH WUDD FXDOTXLHU FDQWLGDG GH FRVDV GH (VWDGRV F³PR WH GLJR QR V© lVDQDV{ WUDQTXLO©LQ Wº FDFK¡L" FRPR OD 0DUFHOD
8QLGRVFXHVWLRQHVTXHDºQQROOHJDEDQD&KLOHUHYLVWDVFXDGHUQRVFRQOD *XWL©UUH] GH ILQDQ]DV DV GH HVD RQGD SHUR PHQRV JRUGDV $WUDF¡EDPRV
)DUUDK)DZFHWWHQODSRUWDGDFLJDUULOORV(UDHOWLHPSRGHOD'RQQD6XPPHU VºSHU SRFR \ HVR TXH QR QRV IDOWDEDQ RSRUWXQLGDGHV (Q UHDOLGDG OD TXH
\ ORV %HH *HHV VH FRPSUDED WRGRV ORV ¡OEXPHV GH PRGD *UDFLDV D 'LRV DWUDFDED HUD \R ߚWRGDYD QR VH PH TXLWD HO K¡ELWR KXHYRQDߚ HOOD VROR
TXHHVYLHUQHV*UHDVH \ URSD VºSHU WDTXLOOHUD SDUD LU D EDLODU RQGD GLVFR WXYRXQDFDGDFRQHO-DYLHU+DPLOWRQHQXQUHWLURHQ3XQWDGH7UDOFDSHUR
&RPRHOODWHQDHQHURSDPHSUHVWDED\VDODPRVDEDLODU1RVYHDPRVHO GHVSX©V YROYLHURQ DO FROHJLR \ QDGD 8QD SHQD SRUTXH HUD ELHQ EXHQR HO
GHVFXHYHGHM¡EDPRVODWHQGDODGD +DPLOWRQRQGDUHEHOGHSDVDEDWRGRHOLQYLHUQRHVTXLDQGR1RLEDQXQFDD
4XHUV RWUR" <R SDJR 6 HQ UHDOLGDG HVSHUHPRV XQ UDWR P¡V \R FODVHVVHMXQWDEDFRQJDOORVGHO0DUVKDOO0HDFXHUGRTXHVHDPDUUDEDXQ
WDPEL©QHVWR\PHGLDFXUDGDLQFUHEOHEXHQRFRPRWHGHFDODSDSDHUD SD±XHOR URMR HQ HO SHOR D OR LQGLR 6H YHD HO GHVFXHYH $GHP¡V WHQD XQ
OD'LVFR+ROO\ZRRG4XHGDEDHQ,UDUU¡]DYDOVLV©QRHVFXOSDPD3RUHVR WRTXHLQWHOHFWXDOORTXHORKDFDDXQP¡VDWUDFWLYR6LHPSUHVHOHDORVEHVW
IXLPRV VROR GRV YHFHV 'HVSX©V OD 5RFR VH SXVR D SROROHDU \ -XDQ /XLV VHOOHUV GH PRGD \ PH VXEUD\DED ODV SDUWHV FDOLHQWHV SDUD TXH DV \R QR
HQFRQWUDED GH URWRV OD RQGD GLVFR FRPR GH SRUWRUULTXH±RV GH ODWLQRV 1R WXYLHUDTXHPDPDUPHWRGRHOOLEUR$PWHGLJRPHWUDVWRUQDED&RPRTXH
GHMDEDGHWHQHUUD]³QWHGLJRSRUTXHODYHUGDGHVTXHVHFKDFUH³VHOOHQ³ QDGLHSRGDDJDUUDUORDVTXHPHGLRXQDWDTXHDOSHORFXDQGROD5RFRVH
GHFKXORVFRQEULOORVHOKXDFKDFDORRNDVTXHGHFLGLPRVUHILQDUQRV\ILOR PHWL³FRQ©O1ROHKDEO©GXUDQWHXQDVHPDQD(VWDEDP¡VFKRUHDGDTXHOD
FRQOD+ROO\ZRRG\QRVVDOWDPRVHOIXURUGHODVDOVDTXHSRUVXHUWHGXU³ PLHUGDQRSRGDFUHHUOR
UHSRFR $SDUWH GH HVH DWUDTXH FRQ HO -DYLHU +DPLOWRQ TXH D WRGR HVWR YLYH HQ
6DEV TXH PH DFXHUGR GH XQD YH] KDEODQGR FRQ OD 5RFR ߚFUHR TXH %UDVLOVHDSHVW³GH&KLOHGHORFKLFRTXHHV\VHIXHSDUDDOO¡\VHGHGLFDD
HVW¡EDPRVHQHO*LUDWRULRWRPDQGRXQRVWUDJRVFRPRDKRUDODWHDGDVߚ\ GDUFODVHVGHZLQGVXUIHQXQFOXE0HGLWHUUDQ©H0HORFRQW³XQDDPLJDTXH
HOODPHGLMRTXHUHVHQWDQRKDEHUVLGRP¡VORFDP¡VUHYHQWDGDSRUTXHSRU HVWXYRDKSDUDVXOXQDGHPLHO,QFOXVRKDFHGHJLJRO³FRQODVJULQJDVTXH
PXFKRTXHXQDVHSXHGDDUUHSHQWLUGHVSX©VߚVLHVTXHXQDVHDUUHSLHQWHߚ OHSDJDQFXDOTXLHUSODWDSDUDTXHVHODVWLUH<RWDPEL©QSDJDUDWHGLJR0H
LJXDOHVRQRVHTXLWDPHHQWHQGV"RQGDlORFRPLGR\OREDLODGR{SRUTXH HQFDQWDUD YHUOR GH QXHYR $KRUD PH DFRVWDUD FRQ ©O QL WRQWD 6LHPSUH
SDUDTX©YDPRVDDQGDUFRQKXHY¡VHQWUHSDVDUORELHQ\SDVDUORPDOPXFKR TXLVHSHURQXQFDPHDWUHY&ODURTXHHOKXHY³QQXQFDPHORSLGL³
PHMRU ELHQ QR HQFRQWU¡L" &ODUR TXH HVR IXH DQWHV GH -XDQ /XLV PHVHV $SDUWHGHHVWHPLQRHQWRQFHVSROROH³SULPHURFRQHO+XJR9DFFDUR©VWH
DQWHV1RV©GHUHSHQWHFUHRTXHSRUHVRKL]RWRGRSDUDSUREDUORWRGRYHU TXHVHHVW¡SRUFDVDUFRQOD9LUJLQLD$UWD]DODTXHVDODHQHVHU©FODPHGH
TX© SDVDED \ GHVSX©V YHU UHEHODUVH SRU OD PDOD VXHUWH TXH WXYR QR V© ]DSDWRV6LV©HVºOWLPDQRV©F³PRODFRQWUDWDURQ/DVIHDVVLHPSUHWLHQHQ
TXL]¡V VH DJDUU³ PX\ IXHUWH QRP¡V VH DXWRFRQYHQFL³ $ OR PHMRU FRPR P¡V VXHUWH &RQ HO 9DFFDUR SROROH³ HQ SULPHU D±R FRPR WUHV PHVHV QDGD
TXHQDGDTXHYHUTXHWHFXHQWHWRGRHVWRQRV©FRPRTXHQRSXHGRGHMDUGH VHULR $GHP¡V F³PR WHQHU DOJR VHULR FRQ HVH WLSR WDQ EODQFR SDUHFD
KDEODUGHUHFRUGDUQRSXHGRVHUWDQSHODGRUDJDOODWDQUHFRQFKDGHPL WXEHUFXORVR QR V© PH GDED DVFR 0H FDUJD OD JHQWH WDQ EODQFD 6H PH
18/39
LPDJLQD TXH QXQFD YHUDQHDQ 'HVSX©V GH HVWD FRVD DQGXYR WUDQTXLOD 6ROR &RQVWLWXFL³Q \ GHO SOHELVFLWR ©VH WH DFRUG¡L" \R QL YRW© QR WHQD HGDG
HVH DWUDTXH HQ ODV GXQDV FRQ HO KXHY³Q GHO -DYLHU +DPLOWRQ +DVWD TXH HO ,JXDOKXELHUDYRWDGRTXHVL\RFDFKR"QRWHQJRQDGDFRQWUDHOJRELHUQRHQ
-XDQ/XLVOOHJ³DVXOLIH UHDOLGDG QR OR SHVFR SHUR D GHFLU YHUGDG D P 3LQRFKR QR PH KD KHFKR
0HDFXHUGRTXHHVRPHFDJ³ODVLTXLV0HODFDJ³KDUWRHVSHFLDOPHQWH QDGDDVTXHQDGDTXHYHUTXH\RYRWHFRQWUD©ORPHSRQJDDDOHJDUFRPR
FXDQGRFDFK©TXHHVRLEDHQVHULR\TXH\RWHQGUDTXHTXHGDUPHVRODQR ORVKXHYRQHVGHFRQWDELOLGDGTXHVRQXQRVURWRVUHVHQWLGRVVRFLDOHV/RTXH
P¡V WRFDQGR HO YLROQ VLQ WHQHU D QDGLH VHULR 7º TXH HUHV VROD JDOOD PH PHVRUSUHQGL³HQWRGRFDVRHUDTXHOD5RFRKDEODEDGHO3LQRFKHWFRPRVL
HQWHQGV5¡SLGDPHQWHFDSW©ODPRYLGD\PHGLFXHQWDTXHHO-XDQ/XLVHUD IXHUD \D OR P¡[LPR RQGD 3LQRFKHW R QDGD TXH VL QR KXELHUD VLGR SRU HO
VXKRPEUH\TXHHUDQWDOSDUDFXDO6LHOWLSRVHMXUDEDSHUIHFWRHOKLMRTXH JROSHHVWDUDPRVWRGRVSODQWDQGRDUUR]SRU&ROFKDJXD\XVDQGRRMRWDVTXH
WRGD PDGUH GHVHD WRGR FRPSXHVWR FKDOHFRV DERWRQDGRV YLDMHV D (XURSD HOSDVVHVDOY³DVSRUWDQSRFRTXHVHUDPRVSHRUTXH&XEDTXHHOGH
IXQGRHVWXGLDQWHGH'HUHFKREHDWRGHODRQGDGHFRPXOJDUHQODPLVDGH VHSWLHPEUH LEDQ D PDWDU D WRGRV ORV PRPLRV TXH HVR HVWDED FRPSUREDGR
GRFH(O-XDQ/XLVVLWºTXLHUHVPHODDUUHEDW³0HTXLW³DPLPHMRUDPLJD (VFXFK¡QGRODKDEODUFRPRKDEODEDFDFK©TXH\DQRHUDGHPLRQGDTXHVH
1XQFDWDQWRSHURDOJRDV2VHDLJXDOQRVVHJXLPRVYLHQGRHVRVGRVD±RV KDEDSDVDGRDOEDQGRLQWHOHFWXDO\TXHHO-XDQ/XLVVHODKDEDHQJUXSLGR
TXHDºQTXHGDEDQGHFROHJLRSHURQXQFDGHODPLVPDIRUPD ELHQHQJUXSLGD\\DQRKDEDQDGDTXHKDFHU
)XHELHQSHQFD<RHVWDEDP¡VTXHFKRUHDGDTXHG¡QGRPHORVV¡EDGRVHQ <DVSDVDURQHVRVGRVD±RVWRGRHOGDMXQWDVHQHOFROHJLRHVWXGLDQGR
OD FDVD YLHQGR 1RFKH GH *LJDQWHV HVD SDUDGD LPDJQDWH QR TXHUD VDEHU SDUD ODV SUXHEDV PHWLGDV HQ ORV PLVPRV JUXSRV GH ELRORJD R FDVWHOODQR
QDGDGHQDGD2VHDORTXHVHOODPDHVWDUSDUTXHDGD$WUR]$VTXHGHFLG SHUR GHVSX©V GH OD KRUD GH RQFH WRGR HUD -XDQ /XLV TXH D WRGR HVWR HUD
VDOLU XQ SDU GH YHFHV FRQ XQ DPLJR GH -XDQ /XLV TXH WDPEL©Q HUD SROHUR FRPRXQJHQLRSRUTXHDSHQDVWHQDXQD±RP¡VTXHQRVRWUDVSHUR\DHVWDED
SDUD DLUHDUPH XQ SRFR \ FDFKDU OD RQGD GH OD 5RFR (O FRPSDGUH TXH PH HQ WHUFHU D±R GH GHUHFKR FXDQGR OD 5RFR HQWU³ D OD XQLYHUVLGDG $ OD
WRF³ߚVLODVFLWDVDFLHJDVVRQORSHRUGHEHUDQSURKLELUODVߚHUDXQDERVWD 8QLYHUVLGDGGH&KLOHSDUDVXGHVJUDFLD\ODGHVXVYLHMRVSRUTXHMXVWRHVH
3DUD YDULDU 7RGR DSUHWDGR FRPR VDFDQGR SHFKR HQWUDQGR OD JXDWD D±RKXERGHPDVLDGRVEXHQRVSXQWDMHV\HVRTXHHOODWHQDXQRVºSHUEXHQR
PRVWUDQGR HO SRWR \ HO SDTXHWH 1R VL WH GLJR FDGD KXHYDGD TXH PH KD PXFKRP¡VTXHSHURQRKXERFDVR2OD&KLOHRQDGD6HPDWULFXO³HQ
WRFDGR<SDUDP¡VUHPDWHHUDFRORUQOHWUDQVSLUDEDQODVPDQRVVDEVOR OD&KLOH1ROHTXHGDEDRWUD
TXH HV HVR" PH SHVFDED OD PDQR HQ HO FLQH SRQWH Wº \ SDUHFDQ JXDOHWDV /DJUDGXDFL³QTXHQRIXHWDQPDODFRPRGLFHQODKLFLPRVHQHO6KHUDWRQ
PRMDGDVQRV©XQDVFRVDVIUDVFRPRSHVFDGRV3DUDEXLWUHDU3RUVXHUWHQR \ WRGR <R IXL FRQ XQ JDOOR ELHQ HVWXSHQGR KRODQG©V KLMR GHO DJUHJDGR
DWUDTX© FRQ ©O 6H OODPDED ,Y¡Q &ODUR ,Y¡Q &KDGZLFN SDULHQWH GH HVWRV FXOWXUDO GH OD HPEDMDGD DPLJR GH PL YLHMR DV TXH WRGDV PH PLUDEDQ
JDOORV JRELHUQLVWDV VºSHU GH GHUHFKD 0L YLHMR HVWDED FKRFKR 8QD YH] FDJDGDVGHHQYLGLD$GHP¡VDQGDEDFRQXQYHVWLGRODUDMDVºSHUUHEDMDGR
VDOLPRVORVFXDWURDOFLQHYLPRV*HQWHFRPRXQRPHDFXHUGRWWXORP¡V 0HYHDHVWXSHQGD
TXHDGHFXDGR\GHVSX©VSDVDPRVDO2WWR6FKRS\HO-XDQ/XLVFRQHO,Y¡Q 'HVSX©V GH OD ILHVWD TXH GXU³ WRGD OD QRFKH SDUWLPRV D OD SOD\D (Q
VH ODUJDURQ D KDEODU GH SROWLFD TXH ORV PLOLFRV \ OD RSRVLFL³Q GDOH TXH FDUDYDQD KDVWD OOHJDU D 6DQWR 'RPLQJR D OD FDVD GH XQD FRPSD±HUD GH
GDOHFRPRFXDWURKRUDVQRV©SDUDTX©KDEODEDQWDQWRVLORVGRVWHQDQODV FXUVR<RFRQHVWHJDOOR+RUVWQRVPHWLPRVDOPDUHQFDO]RQFLOORVߚ\RHQ
PLVPDV LGHDV \ QR KDED TXH FRQYHQFHU D QDGLH SHUR Wº VDEHV F³PR VRQ VRVW©QREYLRߚ\HVRHVFDQGDOL]³DWRGRV$PHVRPHFDOHQW³P¡VTXHOD
HVWRVJDOORVGHGHUHFKDGHDOJXQDPDQHUDWLHQHQTXHVDFDUVXVUHSUHVLRQHV FUHVWD \ FRPR DQGDED FRQ HQH WUDJR OD 5RFR PH UHW³ 0H GLMR TXH ODV
SDUDDIXHUD\FRPHQ]DURQDWLUDUOHVPLHUGDDODGHF©\DORVFRPXQLVWDVTX© HVWDEDFDJDQGRTXHSRUIDYRUPHXELFDUDTXH-XDQ/XLVHVWDEDIXULD\HVR
V©\RQRFDFKDEDQLXQDHVWDEDP¡VODWHDGD/RTXHP¡VPHVRUSUHQGL³IXH PHHPSXWHFL³'HVXELFDGDGHPLHUGD7RGRSRUTXHHOLPE©FLOGH-XDQ/XLV
TXHOD5RFRVHPHWL³HQODFRQYHUVD\VHODQ]³FRQWUD)UHLFRPRVLKXELHUD QRODWRFDEDHUDP¡VYLUJHQTXHODFKXFKDSXUDSDMDVHJXUR$UP³PHGLR
VLGR SURIHVRU VX\R \ FKXFKDGDV FRQWUD OD 83 \ KDEODURQ HQH GH OD QXHYD HVF¡QGDOR\ODPDQJDGHKXHYRQHVVHDFHUFDURQDYHUTX©SDVDED<RYHUGH
19/39
WHGLJR6LQDGDTXHYHUWDQWRKXHYHRVLXQRVHJUDGºDXQDVRODYH]PHGLD EXHQDFDFKD\OLVWR/D5RFRVHGLRPHGLDYXHOWDPHGLMRl'LRVVDEU¡TX©
FXHVWL³QTXHPHED±HHQFDO]RQHV$GHP¡VSXFKDV©UDPRVDPLJDVHOODPH IXWXUR WH HVSHUD PH GDV SHQD{ \ \R SDUW GH YXHOWD D OD SOD\D SHVTX© DO
FDFKDED VL DQWHV FDGD ORFXUD HUD IHVWHMDGD QRV FDJ¡EDPRV GH OD ULVD SRU +RUVWPHORDWUDTX©HQODDUHQDFRPRXQDQLQI³PDQDXUJLGDDFDJDUQRV
WRGRFDFK¡L",PDJQDWHTXHDHOODOHYLQRVXSULPHUSHURGRHQPLFDVD$ IXPDPRV XQRV EXHQRV KXLURV \ QRV PHWLPRV D OD FDVD QRV HQFHUUDPRV HQ
HVHQLYHOGHLQWLPLGDGSXKJDOOD<RODFRQVRO©\OHH[SOLTX©WRGRSRUTXHD XQDSLH]D\PHFXOH³)XHPLSULPHUDHQFDPDGD\QRV©VLPHJXVW³VROR
ODFDUWXFKDGHVXYLHMDOHGDEDYHUJ¼HQ]DHVHWLSRGHFRVDV\QXQFDOHGLMR TXHUDYHUVL\RHUDFDSD]SHURORºQLFRTXHKLFHPLHQWUDVHOKXHY³QHVWDED
QDGD<RVXSHGHVXSULPHUEHVR\HOODLJXDORQGDTXHQRVSURPHWLPRVXQD DUULED PR VXGDQGR FRPR XQ DQLPDO IXH SHQVDU HQ OD 5RFR TXH RMDO¡
KHUPDQGDG HWHUQD IXH XQ GRPLQJR D P \D PH KDED OOHJDGR OD UHJOD DV KXELHUDHVWDGRDKPLUDQGR\TXHHO-XDQ/XLVIXHUDHOKXHY³QTXHHVWXYLHUD
TXHHVW¡EDPRVFKRFKDVGHVHUPXMHUHVSRUILQ\FRPRPLVYLHMRVDQGDEDQ PHWL©QGROR\VDF¡QGROR
HQ HO FDPSR VDTX© FKDPSD±D GH OD ERGHJD \ FHOHEUDPRV \ EDLODPRV HQ 3RUTX©QRPHSDV¡LRWURSXFKRSRUIDFRPRTXHORQHFHVLWR3GHWH
VRVWHQHV\GHVSX©VQRVHPSHORWDPRVSDUDPLUDUQRVDOHVSHMRQRVSLQWDPRV GRV JLQV P¡V WRWDO \R SDJR 1R SXHGR FRUWDU HO FXHQWR DKRUD WHQJR TXH
FRPR SXWDV \ KDFDPRV SRVHV IUHQWH DO HVSHMR D OR 3OD\ER\ \ QRV VHJXLUFRQW¡QGRWH'©MDPHVHJXLU
WRP¡EDPRV SRODURLGV TXH GHVSX©V TXHP¡EDPRV \ GH SXUR UHYHQWDGDV %XHQR GHVSX©V GH HVR FRPR TXH VH OHYDQW³ XQD PXUDOOD QR QRV
DJDUU¡EDPRV ODV DOPRKDGDV \ QRV LPDJLQ¡EDPRV TXH HUDQ FRPSD±HURV GH OODP¡EDPRVSRUWHO©IRQRDXQTXHFDGDXQDVHPRUDSRUKDEODUHVSHUDQGRDO
FXUVR ODGR GH ©O YLHQGR VL VRQDED < FXDQGR OODPDED KDFD TXH OD HPSOHDGD
)XH VºSHU ORFR QLQJXQD GH ODV GRV ©UDPRV FDOLHQWHV QL QDGD SRU HO FRQWHVWDUD\WRPDUDHOUHFDGR/HGHYROYODOODPDGDYDULRVGDVGHVSX©V$
HVWLORWUHFHD±RVJDOOD\GHVSX©VQXQFDWDQWRSHURHVHGDߚSXWDTXHKD WRGR HVWR HO +RUVW HVWDED P¡V FDOLHQWH FRQPLJR \ D P IUDQFDPHQWH PH
SDVDGR HO WLHPSRߚ GHFLGLPRV TXH QXHVWUD QL±H] \D HVWDED ILQDOL]DGD TXH DSHVWDED0HKDFDUHFRUGDUWRGRORTXHSDV³,JXDOSDV©XQ$±R1XHYRFRQ
ODV%DUELHV\ORV.HQHUDQFRVDGHOSDVDGRDVTXHGHFLGLPRVMXQWDUWRGDV ©OPHWLGDHQOD*HQWHTXHUHFL©QVHKDEDLQDXJXUDGR1RV©SRUTX©WHQD
ODV PX±HFDV TXH WHQDPRV WRGD HVD URSD HQ PLQLDWXUD \ UHJDO¡UVHOD D XQD OD WLQFDGD TXH PH LED D HQFRQWUDU FRQ OD 5RFR \ VX WURSD GH DPLVWDGHV
SULPDGHOD5RFR1RVKDEDOOHJDGRODKRUDHQTXHXQDVHSRQHDOORUDUSRU QXHYDV'HVSX©VGHODSULPHUDHQFDPDGDVRORORKLFHXQDYH]P¡VFRQHO
ORV JDOORV KDFH GLDULRV GH YLGD FRUD]RQHV HQ ORV FXDGHUQRV OODPD SRU +RUVW HQ XQ PRWHO FRQ XQD IHUR] WLQD ELHQ GH SXWD SRU 9LFX±D 0DFNHQQD
WHO©IRQR\FXHOJD$P\DPHJXVWDEDQFRPRWUHVFRPSD±HURVGHFXUVR\ DEDMRSHURIXHELHQFRPRODVKXHYDV1RVHQWQDGD1XQFDORYROYDYHU
FRPRRFKRGHORVGH7HUFHUR0HGLRKXHYRQHVGHGLHFLVLHWHTXHXQDMXUDED 3RUVXHUWH
HUDQ ORV WLSRV P¡V PDGXURV GHO PXQGR UDPRV P¡V WRQWDV P¡V JDQVDV /D5RFRILQDOPHQWHPHOODP³ߚFUHRTXHREOLJDGDSRUVXPDP¡TXHHV
&ROHFFLRQ¡EDPRVUHFRUWHVGHUHYLVWDVSRVWHUVGHODUHYLVWDIRWRVGHORV VºSHUJHQWHDPLJDGHPLVYLHMRV\GHPLWRTXHVLHPSUHFRPSUDEDFRVDV
%HH *HHV GHO 3HWHU )UDPSWRQ GHO GH EDUED GH $EED TX© V© \R 6KDZQ GH +RQJ .RQJ HQ OD RILFLQD GH ORV 3DWL±Rߚ SDUD FRQYLGDUPH D YHUDQHDU
&DVVLG\HVHWLSRGHJDOORV(VDQRFKHGHODFXUDGHUDQRVMXUDPRVVHUDPLJDV XQRVGDVDODFDVDTXHKDEDQDUUHQGDGRHQ&DFKDJXD1RV©SRUTX©SHUR
SDUD VLHPSUH QR FULWLFDUQRV SRU HVR HVH GD HQ 6DQWR 'RPLQJR \R WRGD IXL )XH HO ILQ GHO ILQ 7RGR PX\ GLSORP¡WLFR FDFK¡L" SHUR FHUR
PRMDGD\OD5RFRKLVW©ULFDFDPELDGDFRQDWDTXHGHPRUDOKHFKDXQDIXULD FRPXQLFDFL³Q 1DGD 3ULPHUR HVWDED FRQ VX OLQGR 3LH]DV VHSDUDGDV RI
SRUTXHPHED±DEDHQFDO]RQHVIUHQWHDWRGRVFRQXQH[WUDQMHURWRGDYDTXH FRXUVH-XDQ/XLVPHRGLDED(VRHVWDEDP¡VTXHFODUR6HJXQGRQDGLHPH
DSHQDV FRQRFD TX© LED D SHQVDU GH ODV FKLOHQDV TXH ©UDPRV XQDV SXWDV SHVFDED 7RGD VX JHQWH \ VXV DPLVWDGHV PH KDFDQ HO YDFR DSHQDV PH
LJXDO D ODV HXURSHDV HOOD FRQRFD +RODQGD \ OD MXYHQWXG HUD XQ DVFR WRGD VDOXGDEDQ7RGRVVHFUHDQIUDQFHVHVYHUDQHDQGRHQ0³QDFRPLOORQDULRVD
GURJDGD \ SXQN JDOOD \ HVR PH VDF³ GH TXLFLR PH SDUHFL³ XQD IDOWD GH FDJDUORVFXOHDGRV$VTXHWHSRGVLPDJLQDUHVDVGRVVHPDQDV6RODHQOD
UHVSHWR \ OD PDQG© D OD PLVPD FKXFKD OH GLMH TXH HVWDED HQIHUPD TXH HO SOD\D DO ODGR GH HVWD SDUHMLWD TXH QL VH PLUDEDQ PXFKR SDUD QR FRUUHU
-XDQ/XLVOHKDEDODYDGRHOFHUHEURTXHORTXHDHOODOHKDFDIDOWDHUDXQD SHOLJUR /H FRPR ORFD HVH YHUDQR 1R KDED P¡V TXH KDFHU 6L QL KD\
20/39
GLVFRWK¨TXHHQHVDSOD\DFDPLQDUDQGDUDFDEDOORMXJDUQDLSHV+RUURU/H TXHVHPHWL³DODPDODD&KLOH\TXHGRPLQDEDWRGDOD)DFXOWDGGH)LORVRID
HQH LQFOXVR FRVDV GHQVDV FRPR /DIRXUFDGH R HO 3DEOR +XQHHXV +DEDQ (O SUREOHPD IXH TXH OD 5RFR RUJDQL]³ XQ JUXSR GH JHQWH SDUD TXH QR
VDOLGR ORV SXQWDMHV GH OD 3UXHED GH $SWLWXG \ D P SDUD P¡V UHPDWH PH YRWDUDQSRUHOOD\VHPHWLHUDQDOD)(&(&+TXHHUDFRPROD)(8&SHUR
KDEDLGRFRPRHOIRUURºOWLPR\OD5RFRPHGLRQLTXHSXQWDMH\KDEODED SHRU \D TXH OD L]TXLHUGD GHFD TXH HUDQ SXURV IDFKRV SDJDGRV SRU HO
SRUORVSRURVTXHLEDDHVWXGLDUVLFRORJDDWHQHUVXFRQVXOWDSULYDGDTXHOH JRELHUQRSDUDVDSHDUORTXHHUDIDOVRSHURLJXDOTXHG³PDUFDGD/DUXELD
JXVWDUDWHQHUFRPRSDFLHQWHVDFLHQWILFRV\KRPEUHVGHQHJRFLRVTXHHVW¡Q ©VWD TXH VH OODPDED 'DLV\ \ TXH HUD LJXDO D OD ,Q©V )UHLUH GH FRPSUDV
VRPHWLGRV D PXFKD SUHVL³Q <R PXWLV 7RGRV MXUDEDQ TXH \R HUD XQD HVWDED HQIHUPD FRQ OD XQLYHUVLGDG \ HQFRQWUDED VºSHU LQMXVWR TXH SRU VHU
LPE©FLO 0HGLD KXHY¡ 0H GD OR PLVPR OR TXH SLHQVHQ GH P 7RWDO \R SLQRFKHWLVWDVODVWUDWDUDQGHIDVFLVWDVTXHXQDFRVDQRLPSOLFDEDODRWUD
VLHPSUHSLHQVRDOJRSHRUVREUHHOORV <RHVHD±RPHMXQW©FRQHOJUXSLWRGHOD&ODXGLD%DVFX±¡QTXHDKRUDHVW¡
3RUILQSXGHUHJUHVDUD6DQWLDJRߚPHWODFKLYDGHTXHHVWDEDFRQILHEUH HQHO%+,)VHFUHWDULDGHUHODFLRQHVSºEOLFDVVHDFXHVWDFRQVXMHIHORSDVD
\WHQDTXHEXVFDUXQOXJDUSDUDHVWXGLDUDOJXQDFDUUHUDlQRSURIHVLRQDO{ߚ UHJLR(VHD±RDGHP¡VFRQRFD7RP¡VHQXQDVFODVHVQRFWXUQDVGHLQJO©V
\ WH GLJR QXQFD HVWD FLXGDG DSHVWRVD PH SDUHFL³ WDQ IDEXORVD \ HVR TXH HQ HO 1RUWHDPHULFDQR DV TXH PLHQWUDV SROROHDED FRQ ©O ߚHVWDED VºSHU
KDFDFXDOTXLHUFDORU\ODVFDOOHVHVWDEDQYDFDV HQDPRUDGD EXHQR HVR FUHD ©O HVWDED PXFKR P¡V LQWHUHVDGR HQ VX
$V SDV³ HO WLHPSR \R HQWU© DO 0DQSRZHU \ HOOD ߚDTX FRPLHQ]D OR ILQDQFLHUDߚQLPHSUHRFXS©GHOD5RFR/DYLVRORXQSDUGHYHFHV8QD
EXHQRߚSRUXQDMXJDGDGHOGHVWLQRGHSXUDPDODVXHUWHߚREXHQDQXQFD YH]QRVWRSDPRVHQXQDSUHPL¨UHVHMXQWDEDSODWDSDUDHO&HPDRDOJRDV
VHSRGU¡VDEHUߚTXHGDHQVLFRORJDSHURHQOD&KLOH+RUURUHQODIDPLOLD QRVHQFRQWUDPRV\PHDFXHUGRTXHOD5RFRPHGLMRHQHOED±Rl7HIHOLFLWR
-XDQ/XLVPXGRQDGLHTXHUDDFHSWDUOR/RLPSRUWDQWHFRPROHGLMRVXWDD ELHQHVWXSHQGRWX7RP¡V{
PLYLHMDHUDTXHQRVHSHUYLUWLHUDTXHHOLJLHUDDVXVDPLVWDGHVFRQSLQ]DV 0LPDP¡IXHODTXHPHFRQW³ORGHODUHSHWLFL³QGHOD5RFR/DPDGUH
/D YL GHVSX©V SDUD VX FXPSOHD±RV HQ VX FDVD IXL FRQ XQ QDYDO TXH GH HOOD VH OR GLMR \ OH FRQIHV³ TXH OR ODPHQWDED KDUWR SRUTXH OD 5RFR VH
FRQRFXQILQGHVHPDQDHQ9L±D\SRFRPHQRVTXHHO-XDQ/XLVVHHQDPRU³ KDED HVIRU]DGR PXFKVLPR SHUR TXH HO UDPR HUD FRODGRU \ FRPR VX
GH©OSRUTXHKDEODURQWRGDODQRFKHGHVHJXULGDGGHDUPDPHQWRVVREUHOD SURPHGLRQRHUDEXHQRVHSXVRVºSHUQHUYLRVDHQHOH[DPHQ\FDJ³3HUROR
JXHUUDGHODV0DOYLQDVTXHHVWDEDGHPRGDVLHUDYHUGDGTXH&KLOHD\XG³D TXHODWHQDHPSXWHFLGDHUDTXHXQSURIHVRUGHXQUDPRFKLFRRSWDWLYROD
,QJODWHUUD/DUHXQL³QHVWXYRFRPRIRPHORVWSLFRVDPLJRVGH-XDQ/XLV KDED KHFKR UHSHWLU SRU HO VROR KHFKR GH VHU GH GHUHFKD TXH HUD XQ
FRPRWUHVDPLJDVGHVLFRORJDXQDJDOODDUJHQWLQDXQDWLSDELHQSHFRVD\ DPDUJDGRGHRSRVLFL³QTXHGHSXURPLODJURHVWDEDKDFLHQGRFODVHVFXDQGR
XQD UXELD VºSHU WPLGD TXH PH GLMR TXH VX HVFXHOD HVWDED SODJDGD GH OR TXH FRUUHVSRQGD HUD TXH HVWXYLHUD H[LOLDGR FRPR HO UHVWR GH ORV
FRPXQLVWDV\TXHORºQLFRTXHKDFDQHUDQUHGDFWDUFDUWDV\GHQXQFLDVTXH XSHOLHQWRV
QRHVWXGLDEDQQDGD\GHVSX©VORVPX\IUHVFRVOHVSHGDQVXVFXDGHUQRVSDUD 3RUVLHVRIXHUDSRFRHODFDERVHHUDTXHQRVRORGHEDUHSHWLUVLQRTXHQR
IRWRFRSLDUORV $O ILQDO WHUPLQDEDQ VDFDQGR PHMRU QRWD TXH HVWDV PLQDV SRGDSDVDUDVHJXQGRD±RKDVWDQRWHQHUDSUREDGRVHVRVIDPRVRVUDPRV2
PDWHDV/DUXELDPHFRQW³TXHQDGLHTXHUDDOJUXSRGHOD5RFR\ODVRWUDV VHD JDOOD LED D HVWDU WRGR HO SU³[LPR D±R SDUDQGR HO GHGR FRQ HVRV GRV
JDOODV ELHQ TXH ODV PLUDEDQ HQ PHQRV ODV WLOGDEDQ GH lIDFKDV 6KRSSLQJ FXUVRV<DKFD\³ODERPEDODPDP¡GHOD5RFROHFRQILGHQFL³DODPD
*URXS{\VHUHDQGHVXVSUHMXLFLRVEXUJXHVHV/DP¡VRGLDGDHUDOD5RFR TXH OD 3DVFXD OD WHQD HQIHUPD GH ORV QHUYLRV SRUTXH DSDUWH GH OR GH OD
TXH QL ORV VDOXGDED \ TXH VH QHJDED D LU D ORV SDVHRV D &DUWDJHQD D ORV 5RFRHOFDEURFKLFRHVWDEDFRQKHSDWLWLV\QRWHQDQXQSHVR/DHPSUHVD
PDORQHV TXH GXUDEDQ WRGD OD QRFKH \ D HVDV SH±DV KRUURURVDV FRQ YLQR LED GH PDO HQ SHRU HO ERRP VH HVWDED DFDEDQGR \ FRQ OR GH OD VXELGD GHO
FDOLHQWH\FDQFLRQHVGHVDQJUH\IXVLO,QFOXVRPHFRQW³TXHOD5RFRWHQD G³ODU VXV GHXGDV DXPHQWDEDQ DO GREOH \D QR KDED SODWD QDGLH FRPSUDED
VHULRV SUREOHPDV FRQ OD FRPDQGDQWH GHO FXUVR XQD WDO /D TXH XVDED XQD FRVDV LPSRUWDGDV QR KDED GHUHFKR SURPHWLHURQ TXH VH PDQWHQGUD ILMR
WUHQ]DDORJXHUULOOHUD\WHQDFRPRWUHLQWDD±RVDQWLJXDH[LOLDGDHQ6XHFLD SDUDLQFHQWLYDUODHFRQRPDHOQXHYRORFDOGH3URYLGHQFLDOHVKDEDFRVWDGR
21/39
XQDIRUWXQD\TXL©QVDEHTX©LEDDSDVDU \HOGHVSDUUDPRGHODIDPLOLDVHPRUDGHYHUJ¼HQ]D\QRTXHUDVDEHUGHVX
$ODYXHOWDGH7RQJR\GRQGHWHUPLQ©FRQ7RP¡VPLPDP¡PHSXVRDO SDVDGRVHQHJDEDDIUHFXHQWDUORVFUFXORVVRFLDOHV
GDOD0DJGDOHQD$OGXQDWHODKDEDLQYLWDGRDWRPDURQFH\KDVWDVHOHSXVR <RHQHVD©SRFDHQWU©DODRILFLQDMXQWRFRQOD7HUH5RP¡Q&ODURTXHHOOD
DOORUDU(PLOLRHOSDS¡GHOD5RFRVHKDEDDUUDQFDGRGHOSDVVHFHUUDED DKRUD JDQD HO GREOH TXH \R $QGD D VDEHU Wº TX© KL]R SDUD WHQHU HVH
HO QHJRFLR VH GHFODUDED HQ TXLHEUD H LEDQ D UHPDWDU WRGRV ORV HTXLSRV VXHOGD]R0DOTXHPDOHVODVHFUHWDULDGHOJHUHQWHGHSHUVRQDOQRP¡V$V
HVW©UHRVTXHWHQDQDFDFKDGRV TXHPHPHWILUPH]DDODRILFLQDWºVDEVHPSHF©DDQGDUFRQHVWHDUJHQWLQR
/DKXHY¡HFRQ³PLFDVHIXHDJUDQGDQGRKDVWDTXHOHVTXLWDURQODFDVDߚ GHO TXH WH FRQW© ,QFOXVR PH IXL FRQ ©O WUHV VHPDQDV D 3LFKLGDQJXL 0H
TXHHVWDEDDQRPEUHGHOYLHMRߚDVTXHVHWXYLHURQTXHLUDODVFDVDVGHORV ROYLG©GHWRGRSRUHQHWLHPSRP¡VGHXQD±RWHGLUD0LYLHMDPHSRQDDO
KHUPDQRVGHODWDUHSDUWLUVHFRPRJLWDQRV<RQRYLDOD5RFRVRORVXSH GDFRQORGHODIDPLOLDGHOD5RFRGHWDQWRHQWDQWRDXQTXHWDPSRFRVDED
TXHORKDEDWRPDGRFRQHQHPDGXUH]D\XGDQGRDVXYLHMDFRQHOQHJRFLR PXFKR (UD FRPR VL OD WLHUUD VH OD KXELHUD WUDJDGR /R ºQLFR TXH SXGR
GHURSDGHJXDJXDTXHLQLFLDURQHQODFDVDGHVXWD'HOLWD7DPEL©QVXSH DYHULJXDU HUD TXH HVWDEDQ ELHQ SREUHV QR PXHUWRV GH KDPEUH SHUR OR
TXH OD 5RFR IXH D KDEODU FRQ OD DVLVWHQWH VRFLDO \ TXH OH GLHURQ DOPXHU]R VXILFLHQWHPHQWH FDJDGRV SDUD WHQHU TXH GHFLUOHV FKDR D ORV UHVWRUDQHV
JUDWLVOHFRQVHJXDQFU©GLWRILVFDOSDUDHOSU³[LPRD±RTX©V©\R IUDQFHVHVD&DFKDJXDDFRPSUDUVHODURSLWDHQ*HQHUDO+ROOH\
8Q WLHPSR GHVSX©V PH OODP³ OD 9LUJLQLD $GULDVROD TXH WDPEL©Q IXH 'HVSX©V QR VXSH QDGD P¡V ,QFOXVR VH PH ROYLG³ +DVWD TXH IXL DO
FRPSD±HUD GH FXUVR GH OD 5RFR 0H GLMR TXH OD KDED YLVWR FRQ XQ WLSR PDWULPRQLR GH OD &KLFKL ,OODQHV XQD DPLJD GH WRGD OD YLGD TXH VH FDV³
EDUEXGR GH FKDTXHWD GH FRWHO© DWUDFDQGR HQ HO FLQH 1RUPDQGLH PLHQWUDV UHJLRFRQXQWXUFRTXHODDGRUD\TXHQRHVWDQSLFDQWHFRPRWRGRVGLFHQ$
YHDQXQDSHOFXODHXURSHDVºSHUUDUDGHXQDSDUHMDTXHORºQLFRTXHKDFHHV ODVDOLGDGHODLJOHVLDPHHQFRQWU©FRQHO-XDQ/XLVTXLHQDQGDEDFRQXQD
KDEODU \ GHSULPLUVH /D 9LUJLQLD HV PHGLR LQWHOHFWXDO SHUR QL WDQWR QXQFD WLSD TXH QXQFD KDED YLVWR < GH OD PDQR /R VDOXG© PHGLR LU³QLFD \ OR
SDUDDQGDUFRQXQJDOORVRORSRUVXLQWHULRUSHURHVWXGLDWHDWUR\WDTXLOOHD REOLJX© D KDFHUVH D XQ ODGR \ GHFLUPH TX© PLHUGD HVWDED VXFHGLHQGR
SRU%HOODYLVWD\HVRVOXJDUHVUDURV\VLJXHWDQSHODGRUDFRPRHQHOFROHJLR l0LUD{PHGLMRlODKXHY¡VHDFDE³OD5RFRVHWUDQVIRUP³HQXQDIXULDHQ
/DFXHVWL³QHVTXHOD5RFRVDOL³GHOFLQHFRQXQIHUR]JUXSRHQWUHODQDH XQDSXWDVHDWUDF³DWRGRVXFXUVR\VHFUHHDUWHVDFRPXQLVWDQRWHQJRLGHD
L]TXLHUGLVWD WSLFD RQGD KXPDQLVWD \ SDUWLHURQ D (O &DVWLOOR XQ EDU XOWUD QL PH LQWHUHVD OD KXHY¡ VH DFDE³ \ SXQWR 6XSRQJR TXH DKRUD HVWDU¡V
ERKHPLR\DUWHVDTXHTXHGDHQ3OD]D,WDOLDOOHQRGHSXWDV\PDULKXDQHURV FRQWHQWD{<VHIXHVLQGHVSHGLUVH4XHG©P¡VFDFKXGDTXHODFUHVWD
GHHVRVSRHWDVTXHWHWUDWDQGHYHQGHUVXVYHUVRVLPSUHVRVDFDPELRGHXQ &RPRQDGLHVDEDQDGDQLTXHUDQRSLQDUDOUHVSHFWRXQGDPHDUUDQTX©
FDI© 1R SRGD FUHHUOR 6H OR FRQW© D PL YLHMD \ ©VWD FRQ VX VXWLOH]D XQSRFRDQWHVGHODFRODFL³Q\SDUWDODHVFXHODGH6LFRORJDHQPHWUR3DUD
DFRVWXPEUDGDOODP³DODPDP¡GHOD5RFRKDFL©QGRVHTXHODOODPDEDSDUD TX© WH GLJR HVWDED FDJDGD GH PLHGR OOHQD GH FKLYDV \ H[FXVDV SDUD
VDOXGDUOD\FRPRTXHODWDVHSDV³GHFKLYHUDTXHHVWDEDQPHMRUTXHHOWR MXVWLILFDUTX©KDFDDK(QWU©DOOXJDUTXHHVºOWLPRWRGRUD\DGROOHQRGH
YLYD HQ %XHQRV $LUHV OH HVWDED \HQGR VXSHUEL©Q TXH ORV SLOXFKRV VH DILFKHVDQXQFLDQGRUHFLWDOHVFRQYRFDWRULDVDSDURDSURWHVWDV<DVHKDEDQ
YHQGDQHQHHQ(VWDGRV8QLGRVH[SRUWDEDQ\TXH5RFRHVWDEDUHJLRFDGD GHVDWDGRORVSULPHURVERFKHVKDEDQPDWDGRDOJHQHUDO8U]ºDWHDFRUG¡L"
GD P¡V KDFHQGRVD WHQD UHJLDV QRWDV HQ HVRV GRV UDPRV WRQWRV DGHP¡V DO ODGR GHO 7DYHOOL DV TXH LPDJQDWH HO DPELHQWH SDUHFD FRPR HQ ODV
HVWXGLDEDIUDQF©VD\XGDEDHQXQFROHJLRGHQL±RVUHWDUGDGRV\OHDWH[WRVGH SHOFXODVGHJXHUUDOOHQRGHSRVWHUVFRQHOPDUWLOOR\ODKR]IRWRVGHO&KH
VLFRORJDSDUDLUDGHODQWDQGR EDQGHUDVGH1LFDUDJXDXQRVGLEXMRVGHO7R6DPGHJROODGR/HSUHJXQW©D
<RSRUPLSDUWHFDFK©TXHKDEDJDWRHQFHUUDGR0HSXVHDDYHULJXDU\ XQSRUWHURVLKDEDFODVHV0HGLMRTXHQRTXHKDVWDPD±DQDVRORTXHGDED
OODP©DHVWHFROL]³QFRQTXHKDEDVDOLGRߚ,Y¡QߚTXHDKRUDWUDEDMDFRQVX SRFD JHQWH HQ OD ELEOLRWHFD )XL D PLUDU SRUVLDFD SHUR QR HVWDED VROR XQD
YLHMR HQ OD I¡EULFD GH OD IDPLOLD \ OH VDTX© TXH HO -XDQ /XLV \ OD 5RFR JDOODUXELDHVWDPLVPDJDOODTXHXQDYH]KDEDFRQYHUVDGRFRQPLJRHQHO
DQGDEDQFRPRODVKXHYDVTXHDHOODOHKDEDDIHFWDGRGHPDVLDGRODTXLHEUD FXPSOHD±RV GH OD 5RFR 0H DFHUTX© \ OH GLMH TXH VL VH DFRUGDED GH P
22/39
l3HUR FODUR{ PH GLMR lWº HUHV OD DPLJD GH OD 5RFR 3DWL±R{ ([DFWR 6H EXUJXHVD OD IXH D YHU VX PDP¡ OH OOHY³ SLOXFKRV \ WRGR \ VHFDV³ FRQ HO
OODPDED 'DLV\ 'DLV\ %HQQHWW 0H FRQYLG³ DO FDVLQR D WRPDUPH XQ FDI© ,VPDHO $ P PH FXHVWD FUHHU TXH KD\D FDPELDGR \R QR FUHR WRGR OR TXH
'HVSX©VPHLQYLW³XQDFHUYH]D GLFHQ LPSRVLEOH FDPELDU WDQWR SDUD P HIHFWLYDPHQWH VH WUDWD GH XQD
l$V TXH QR VDEHV QDGD{ PH GLMR l9HQ VJXHPH XQ SRFR{ 0H OOHY³ PDQLREUDQRV©QRHQWLHQGR1RHVWXYHFHUFDFXDQGRFDPEL³7RGRORKH
KDVWD HO GLDULR PXUDO GHO FDVLQR 1R SRGD FUHHUOR KDED XQD IRWR ߚXQ VDELGRSRURWURV(VUDUR
DILFKH P¡V ELHQ IRWRFRSLDGRߚ GH OD 5RFR FRQ HO SHOR VºSHU ODUJR \ 'HFLGLUDYHUODFXDQGRQDFL³ODJXDJXD8QQL±LWR/HSXVR9FWRUSRUHO
HVFDUPHQDGRFRQXQDEXIDQGDWHMLGDDOFXHOOR/RSHRUHUDODOH\HQGDGHEDMR FDQWDQWH©VHTXHGLFHQTXHOHFRUWDURQODVPDQRVDQWHVGHPDWDUOR/ODP©D
GH OD IRWR %$67$ '( '(69$526 1(&(6,7$026 $ 52&2 YDULDV FRPSD±HUDV GH FXUVR /H IXLPRV D OOHYDU UHJDORV SDUD HO QL±LWR /D
&$1','$7$0'3$92&$/ FDVDHUDFRPRGHFDPSRWRGDGHDGREH\OD5RFRVHYHDKRUULEOHEODQFD
(VTXHQRWHORSRGVLPDJLQDU(VWDEDOHODQRFDFKDEDQLXQD/D5RFR \SHFRVDVXFLDFRPRVLQRVHKXELHUDODYDGRODFDUDDOGHVSHUWDU$QGDED
FDQGLGDWD SDUD HO FHQWUR GH DOXPQRV \ SRU OD L]TXLHUGD WRGDYD VL WDQWD FRQ XQD WºQLFD KLQGº PH DFXHUGR +DED YDULRV DPLJRV VX\RV WLSRV GH OD
FKXFKDGDTXHOHVWLUDEDDORVGHOD83\RODKDEDYLVWRVL-XDQ/XLV\HOOD SHRU FDOD±D FRQ XQDV SLQWDV GH YDJRV \ GURJDGLFWRV TXH QR VH OD SRGDQ
VLHPSUHGHFDQTXHHOHUURUGHORVPLOLFRVKDEDVLGRQRPDWDUORVDWRGRV (UDQ FRPR HVRV JDOORV TXH YHQGHQ SXOVHUDV IUHQWH DO &RSSHOLD (VH WRTXH
5HVXPRJDOODOD5RFRQRVRORHVWDEDHQODFDPSD±DHOHFWRUDOVLQRTXH /D5RFRHVWDEDVREUHVXFDPDߚXQFROFK³QHQHOVXHORߚFRQODJXDJXD
\DKDEDHVWDGRSUHVDYDULDVYHFHVSRUKDFHUEDUULFDGDV\WLUDUOHVSLHGUDVD HQVXVEUD]RVG¡QGROHGHPDPDUGHODQWHGHWRGRV(OFDEURHUDVºSHUULFR
ORVSDFRV<DQRYLYDFRQVXVWRVVLQRFRQXQJUXSRGHFRPSD±HURVGHOD HVRVVºSHUYLYRFRPRTXHVHUHD\PHDFXHUGRTXHSHQV©lGHTX©VHUHLU¡
HVFXHOD HQ XQD FDVD GHVWDUWDODGD SRU DOO¡ SRU ,QGHSHQGHQFLD HQ OD FDOOH HOSREUHFLWR{
0DUXUL6HJºQOD'DLV\\DQXQFDVDOXGDEDGHVSUHFLDEDDODJHQWHTXHDQWHV 0LVDPLJDVHVWDEDQYHUGHVGHLPSUHVL³Q8QWLSRFRQXQDEDUEDUDODQRV
KDEDVLGRFRPRHOODVHYHDVºSHUDUWHVDFRQFKDOHFRVFKLORWHVTXHVHWUDMR RIUHFL³XQVRUERGHPDWHSHURQRVGLRDVFR+DFDXQIURHVRVHVSDQWRVR
GHVXPRFKLOHRSRUHOVXUFRQXQJDOORGHVLFRORJDGLULJHQWHGHO0DSX/D (OYLHQWRVHFRODEDSRUODVYHQWDQDV7HQDJDQDVGHWRPDUDOJRFDOLHQWHSHUR
5RFR SDUD G¡UVHODV GH PRGHUQD R UHYROXFLRQDULD VH DFRVW³ FRQ FDGD QRPHDWUHY/RTXHVKDEDHUDSLVFR2JUDSD/D5RFRIXHDPDEOHSHUR
PLHPEUR GH OD -RWD TXH KDED HQ OD IDFXOWDG SHUR HVR QR TXLWDED TXH GLVWDQWH1XQFDWUDW³GHLQFRUSRUDUQRVDOJUXSRORTXHSRUXQODGRHVWXYR
SROROHDUD FRQ XQ WLSR VºSHU WUDQTXLOR FDPSHVLQR VRFLDOLVWD R DOJR DV QR ELHQSRUTXHVHFDFKDEDTXHQRVRWUDVOHVSDUHFDPRVXQFKLVWHDWRGRVHVRV
PLOLWDQWH P¡V GH OD RQGD GHO )ORUFLWD 0RWXGD QR V© ELHQ TXH QR PDWDED FRPSURPHWLGRV 3URQWR HPSH]DURQ D KDEODU GH SROWLFD GH OD GLFWDGXUD
XQD PRVFD SHUR HUD VHFR SDUD ORV GLVFXUVRV \ SDUD FLWDU HVFULWRUHV \ 1RVRWUDVPXGDV0HILM©HQXQIHUR]S³VWHUTXHKDEDVREUHVXFDEHFHUDGH
HQVD\LVWDV (VWH SROROR DGHP¡V HUD PHQRU ߚFRPR WUHV D±RVߚ \ YLYD FRQ HVWD FXHVWL³Q GH ORV GHVDSDUHFLGRV XQDV FLHQ FDUDV ߚRMRVߚ PLU¡QGRPH
HOOD \ XQ PRQW³Q GH JHQWH P¡V HQ HVD FDVD TXH VLHPSUH HVWDED KHODGD /D XQRV URVWURV HQ EODQFR \ QHJUR HQRMDGRV UDELRVRV \ PH GLMH D P PLVPD
'DLV\ PH FRQW³ TXH OR P¡V LQV³OLWR GH WRGR HUD TXH HVWH FDEUR ,VPDHO HO TXHOD5RFRHUDUHDOPHQWHRWUDSHUVRQDORRSXHVWRDODTXHFRQRFFDSD]
SRORORHQHOIRQGRHUDWUDGLFLRQDOP¡VELHQPRUDOLVWDFRPREXHQSROWLFR GHGRUPLUGHKDFHUHODPRUGHFULDUDVXKLMREDMRHVRVRMRVTXHODDFHFKDQ
SHUR DFHSWDED TXH OD 5RFR DQGXYLHUD GH XQR HQ RWUR D SHVDU GH HVWDU QRFKH\GDTXHQRODGHMDQWUDQTXLODTXHOHFODPDQMXVWLFLD\YHQJDQ]DODV
HPEDUD]DGDGH©O YHLQWLFXDWURKRUDV
(VRHVSRQHUVHDOGDQRFUHV"(VWHWLSRHOSDGUHGHODJXDJXD,VPDHO 1RV GHVSHGLPRV IUDPHQWH 1RV DJUDGHFL³ ORV UHJDORV H ,VPDHO VDOL³ D
HV HO PLVPR TXH YL HO RWUR GD HO FDQWDQWH SXQN b&¡FKDWH ([SOFDWH ©VD GHMDUQRV D OD SXHUWD \ PH KDEO³ EDVWDQWH TXH OD 5RFR VLHPSUH OH KDED
+DUWR FDPELR SDUD XQ FKLFR TXH YLQR GHVGH 0DXOOQ 6LJQ RI WKH WLPHVWº FRQYHUVDGR VREUH P TXH JUDFLDV SRU WRGR ORV UHJDORV OHV YHQDQ FRPR
VDEHV %XHQR UHVXOWD TXH SDVDURQ XQRV RFKR PHVHV \ D OD 5RFR TXH SRU DQLOOR DO GHGR \D TXH HVWDEDQ VLQ XQ SHVR (VWH JDOOR ,VPDHO VH YHD WDQ
PX\URMDTXHHVWXYLHUDVHJXDVLHQGRXQD3DWL±R$OGXQDWHOHEDM³VXFULDQ]D WLHUQR H LQRFHQWH FRQ HO QL±R HQ VXV EUD]RV SDUHFD FRPR GH TXLQFH D±RV
23/39
SDUHFD P¡V VX KHUPDQR TXH VX KLMR 1R SRGD FUHHU TXH IXHUD URMR TXH OHGLMRTXHQRDYHULJXDUDWDQWR$KVRVSHFK³DOJR1RUHFXHUGRPXFKRPH
RGLDUD D OD EXUJXHVD TXH YLYLHUD HQ HVH UHIXJLR GH WHUURULVWDV (UD WDQ KDEO³WDQWRHORWURGDVHSXVRDOORUDUDQGDEDFRQ¡FLGRFUHR3RUVXHUWHVX
DPDEOH FRQ XQD VRQULVD HQIHUPD GH VDQD LQJHQXD /H GLMH TXH FXDOTXLHU KLMR HVW¡ ELHQ FRQ OD WD 0DJGDOHQD ,VPDHO VXSR HQH UXPRUHV VREUH OD
FRVDPHOODPDUD\OHGHM©PLWDUMHWD/RIHOLFLW©SRUHOQL±R 5RFRQRVDEDTX©FUHHUTXHHVWDEDIXHUDGH&KLOHߚRMDO¡WHGLJRRMDO¡
VDIXHODºOWLPDYH]TXHYLDOD5RFRFRQYLGD ߚSHURWDPEL©QTXHODYLHURQHQ9DOSDUDVRHQXQDSREODFL³QDUULEDGHXQ
$ YHFHV SLHQVR TXH XQR KDFH ODV FRVDV TXH WLHQH TXH KDFHU HQ HVH FHUUR TXH HVWDED SUHVD HQ 6DQ 0LJXHO HQ OD FDOOH 'LHFLRFKR TXH OD
PRPHQWR\OHSDUHFHELHQTXHHVORFRUUHFWRSHURWLHPSRGHVSX©VXQRVHGD LQWHUURJDURQ\GHODW³DVXVFDPDUDGDVTXHFRPSD±HURVGHODIDFXOWDGKDEDQ
FXHQWD TXH ODV FDJ³ TXH MDP¡V GHEL³ KDFHUOR SHUR TXH \D HV WDUGH SDUD VLGR DOODQDGRV VHFXHVWUDGRV TXH OD YLHURQ HQ XQ V³WDQR XQDV DPLJDV TXH
HFKDUVH SDUD DWU¡V SRUTXH \D QR KD\ QDGD TXH KDFHUOH OR SDVDGR SDVDGR IXHURQ WRUWXUDGDV OD YLHURQ TXH HVWDED HQ $UJHQWLQD WUDEDMDQGR SDUD OD
3HURKLFLVWHORTXHWXYLVWHTXHKDFHU6LQRORKXELHUDVKHFKRKXELHUDLVLGR JXHUULOOD HVWXYR FRQ JHQWH GHO FRPDQGR GH P¡UWLUHV TXH VH OHV IXH HQ OD
XQD FREDUGH WH KXELHUDL WUDLFLRQDGR D WL PLVPD \ WRGDYD HVWDUDV SLFDQD TXH WXYR RWUR KLMR TXH WRP³ FXUVRV GH H[SORVLYRV TXH SXVR OD
DUUHSLQWL©QGRWH 'D OR PLVPR TXH HVR HUD XQD KXHY¡ FRQ SDWDV &RPR ERPEDTXHODDPDUUDURQHQHOED±RTXHHUDXQDDVHVLQDTXHODDVHVLQDURQ
FXDQGRPHDFRVW©FRQHO+RUVW8QDHVWXSLGH]TXHWXYRFHURWUDVFHQGHQFLD DOJXLHQFRORF³HOFDUQHWTXHVLHPSUHKDEDVLGRXQDLQIRUPDQWHTXHXQRV
4XL]¡VDKRUDPHDUUHSLHQWDXQSRFRSHURWXYHTXHKDFHUORMXVWRHVHGDD DJHQWHV OH SDJDEDQ SRU KDFHUVH OD URMD TXH FRQ HVD SODWD PDQWHQD D VX
HVDKRUD1RRWUR&DFK¡L"'HUHSHQWHFUHRTXHXQDRQGDDVOHVXFHGL³DOD IDPLOLDTXHDKRUDYLYHHQ%UDVLOFRQRWURQRPEUH\RWUDFDUDWUDEDMDSDUDOD
5RFRVHPHWL³HQXQUROORDMHQR(OODFUH\³TXHHVRHUDORTXHWHQDTXH HPEDMDGD GH 3DUDJXD\ TXH HUD GHO 0,5 GHO )UHQWH TXH IXH XQD WUDLGRUD
KDFHUSDUDQRUHYHQWDU\DVORKL]R3RUHVRDSHVDUGHWRGRODUHVSHWR XQDVDSDXQDP¡UWLUTXHUHDOPHQWHPXUL³TXHPXUL³SRUODFDXVDTXHQR
+DV OHGR HVR TXH VDOL³ HQ ORV GLDULRV" OR GH OD ERPED HQ OD PXUL³
0XQLFLSDOLGDGGH3H±DORO©Q"VDTXHPDW³DYDULDVSHUVRQDVLQFOX\HQGRD <WºJDOODTX©FUHV"
ODTXHODSXVR7HDFRUG¡L"$GLYLQD"([DFWR)XHHOOD
0LUDWHQJRWRGRVORVUHFRUWHVHQODFDUWHUD5RFR3DWL±RD±RV,VPDHO
PHORFRQW³WRGR3HUR©OQRFUHH2VHD\RWDPSRFRHVGHFLUFUHHPRVTXH
HVHOODODPXHUWDSHURQRVHKDFRPSUREDGR1RTXHG³QDGDQLXQKXHVR
VRORVXFDUQHW/RTXHHVUDURQRWHSDUHFH"4XHKDVWDORVKXHVRVHVWDOOHQ\
HOFDUQHWQR0LUDHVWRHVFRPRELHQFRQILGHQFLDOWºVDEVTXH\RQRFUHR
FXDOTXLHUFRVD\V©TXHHVW¡OOHQRGHWHUURULVWDVFRVDGHYHU ORVDSDJRQHV
ODV ERPEDV SHUR QR V© GH UHSHQWH WDQWD FRVD TXH VH GLFH (VRV PXHUWRV
UHDOPHQWHFDHQHQORVHQIUHQWDPLHQWRV"6LQRKXELHUDWDQWDYLROHQFLDTXL]¡V
QRVHUDQWDQQRV©QRSDVDUDWRGRHVWR\OD5RFRTXL]¡VHVWDUDDTX
1R SXHGR HQWHQGHU GLJDQ OR TXH GLJDQ OD UD]³Q GH SRU TX© SRU TX© OD
5RFRDEDQGRQ³ODHVFXHODDO,VPDHO\DO9FWRUSDUWL³QRP¡V$VVHIXH
\ QR OH GLMR QDGD D QDGLH GHM³ DO QL±R FRQ VX PDGUH XQRV GDV DQWHV \
GHVSX©V QR VH VXSR P¡V &LQFR PHVHV GHVDSDUHFLGD $YHULJXDURQ FRQ ORV
SDFRVFRQORVWLUDVFRQOD&1,1XQFDGLMHURQQDGD7ºVDEHVQXQFDGLFHQ
QDGDVRORDQRWDQVHVXSRQHTXHHVVHFUHWRGH(VWDGR,VPDHODWRGRHVWR
HVWDEDGHVKHFKRGHM³ODXQLYHUVLGDGVHYLU³GHODSROWLFDFXDQGRHOSDUWLGR
24/39
,
1RKD\QDGLHDOO¡DIXHUD
/OHYDED \D FLQFR KRUDV HVSHUDQGR \ HO DYL³Q VH QHJDED D SDUWLU /RV
SDUODQWHV DQXQFLDURQ TXH OD KXHOJD VHJXLUD HQ SLH WRGD OD QRFKH TXH
SHUGRQDUDQTXL]¡VPD±DQDDODVRFKRIOLJKWWKUHHILIW\QLQHFDQFHOOHGXQWLO
IXUWKHUQRWLFH0HMRUHUDQRDPDUJDUVH7RWDOHOORHUDSRUXQDEXHQDFDXVD
(OKRWHOGHODHURSXHUWRHVWDEDOOHQR3RUHVWDUGHWU¡QVLWRQRSRGDSDUWLUDOD
FLXGDG7RGRHVWDEDHQPLFRQWUD$UUHQG©XQORFNHUSDUDPLPDOHWQ6LPH
TXHGDED GRUPLGR QR TXHUD HQFRQWUDUPH FRQ OD VRUSUHVD GH TXH DOJºQ
UREDFKLFRKXELHUDKHFKRGHODVVX\DV(VFRQGELHQODOODYH\DSURYHFK©GH
FRPSUDUHO1HZVZHHN0HLQVWDO©HQXQDWUL]DGDVLOODGHSO¡VWLFRDHVSHUDU
(OUHFLQWRHVWDEDUHSOHWRDWHVWDGRGHSDVDMHURVTXH\DKDEDQSHUGLGRODV
HVSHUDQ]DVGHOOHJDUDGRQGHSHQVDEDQOOHJDU'HORVYHQWDQDOHVHPSD±DGRV
FKRUUHDEDQJUXHVDVJRWDVTXHOXHJRFDDQDOJDVWDGRVXHORGHIO©[LW$KVH
IRUPDEDQSRFLWDVTXHORVYLDMHURVHVSDUFDQFRQVXV]DSDWRVSRUHOWHUPLQDO
GHM¡QGRORWRGRPRMDGRMDERQRVR(OFDORUUHLQDQWHSDUHFDXQFKLVWHHVSHVR
\KHGLRQGRXQDPH]FODGHOUDQFLRRORUGHO&DQDOFRQHOKHGRUGHFDQVDGDV
D[LODV VLQ GHVRGRUDQWH (O SLVR GH OD VDOD GH HVSHUD HVWDED FXELHUWR GH
SXFKRVHQYROWRULRVFROLOODVGHSDVDMHV\FKLFOHVHQGXUHFLGRV(QWRGRVORV
ULQFRQHV KDED JHQWH GXUPLHQGR FRQYHUVDQGR HQIUDVFDGRV HQ DOHJDWRV
FRUW¡QGRVHODVX±DVUHVROYLHQGRFUXFLJUDPDV/RVGLVWLQWRVDFHQWRVODWLQRV
OXFKDEDQSRULPSRQHUVH&HUFDPRXQDJXDJXDFRPHQ]³DEHUUHDU'HFLG
GDUXQDYXHOWD
7HQD OD FDPLVD HQWHUDPHQWH SHJRWHDGD EDMR HO WHUQR 0H DFHUTX© D XQ
SXHVWRLQIHFWRGRQGHYHQGDQMXJRV$KXQQHJURPHRIUHFL³SUHSDUDUPHXQ
&RQWDGRUD 6SHFLDO QR SXGH GHFLUOH TXH QR 3HVF³ GRV SRPHORV \ XQD
JXD\DED'HVSX©VGHSHODUORVORVSXVRGHQWURGHXQDMXJXHUDMXQWRFRQDJXD
PLQHUDO XQ KXHYR KLHOR \ D]ºFDU /D HVSXPD VH H[SDQGL³ HQ HO EUHEDMH
9HUWL³ODPH]FODHQXQYDVR\PHORWRP©
+DEDSDUWLGRGH6DQWLDJRHQODPD±DQDFRQODHQHUJDTXHGHEHVHQWLUXQ
IXJLWLYR TXH HVFDSD GHO JXDUGL¡Q $KRUD WRGD PL DQVLHGDG HVWDED HQ
VXVSHQVL³Q HO VXH±R PH HVWDED SHVDQGR \ PH DVXVWDED HVR GH HVWDU HQ OD
25/39
PLWDGGHOPXQGRVRORFRQRWURKRUDULRRWURFOLPD/D&HFLOLDߚPLPXMHU YHUWH GHVFXHYH WX SLQWD OD UDMD HQFRQWUDUQRV WDQWR WLHPSR KXHY³Q OD
ߚ \ PLV WUHV HQDQRV IXHURQ D GHVSHGLUPH D 3XGDKXHO )HOLFHV GH YHUPH PHGLDFDVXDOLGDGODVFDJ³HOPXQGRSDߞFKLFR
FRQWHQWR (OORV SDUWLUDQ WDQ SURQWR ILQDOL]DUD HO FROHJLR 3RU ILQ PH KDED ߚb3XWD FRPSDGUH WH ODV PDQGDVWH (QIHUPR GH HOHJDQWH WRGR XQ
JDQDGRXQDEHFDSDUDHVWXGLDUHQOD1<89DULRVD±RVP¡VWDUGHGHORTXH EXVLQHVVPDQ4X©PLHUGDKDFVDTX"(QODPLWDGGHOSODQHWDKXHY³Q
PHKDEDSUHVXSXHVWDGRSRUFLHUWR3HURLJXDOHUDXQDJUDQRSRUWXQLGDG0L ߚ+DFHFX¡QWR"&LQFRVHLVD±RV"+DUWRQRFUHV"
VXHJURDGHP¡VPHFRQVLJXL³HVWHSXHVWRGRQGHHVWR\HVFULELHQGRDSDVRV ߚ6 YRODGD QR HV FLHUWR" 0H OD FRPSU© HQ 0LDPL 6ºSHU ORFD HVD
GH&ROXPEXV&LUFOHFHUFDGH-XOOLDUG\GHO&HQWUDO3DUNTXHWDQWRTXLHUR FLXGDGSXURVYLHMRVGHURVDGRFRQVRPEUHURV$WRGRNLWVFKWRGRDUWLILFLDO
8QD HGLWRULDO TXH WUDGXFH HVFULWRUHV ODWLQRDPHULFDQRV 3RGUD HVWDU SHRU \IDOVR
VXSRQJR ߚ&DVDUPH"1RPHKXHYV 1RWKDQN\RXQRZD\ $GHP¡V YRV VDEV
7HQD DSXUR SRU OOHJDU D 1XHYD <RUN \ PH PROHVW³ HO TXHGDUPH DOO¡ HQ 86$ ODV PLQDV VH HQFDPDQ DO WLUR 1R FRPR HQ OD XQLYHUVLGDG
SDUTXHDGR HQ 3DQDP¡ 3HUR GHVSX©V GH KDEHU HVSHUDGR WDQWR SHQV© /OHJDU \ OOHYDU 0H KH HFKDGR FDGD SROYR FRPSDGUH $ WRGR NLQN
0DQKDWWDQFDQZDLW\DVIXH'HFLGMXJDUHQXQRVWUDJDPRQHGDVLQVWDODGRV VDGRPDVRTXLVPR HVD SDUDGD /R YDL D SDVDU OD UDMD FRPSDGUH (VSHUD QR
HQ ORV SDVLOORV GHO DHURSXHUWR 1R JDQ© 0HMRU (UD XQD HVWDID XQR PHWD P¡V9DLDDFRUGDUWHGHP$ODVHPDQDWHYDLDVHQWLUREOLJDGRDSRQHUOHHO
FXDUWRVGHG³ODU\UHFLEDEDOERDVOHPSLUDV\TXHW]DOHV1RYDODODSHQD JRUURDOD&HFLOLD
/R HQFRQWU© HQ HO ED±R $O SULQFLSLR QR OR UHFRQRF (VWDED DO IRQGR ߚ6 FLHUWR" PH TXHGD ELHQ OD EURQFHDGD 6LJR VHFR SDߞO VRO 2K
HQUROODQGRXQSLWRVREUHXQODYDWRULR6HYHDELHQHO0LJXHORXQSRFRORFR YDQLGDG < YRV WDPEL©Q QR WH KDJ¡L HO VXHFR KXHY³Q R GLPH TXH QR WH
\GHVDVWUDGRSHURELHQ0XFKRP¡VMRYHQTXH\RHQWRGRFDVR$QGDEDFRQ DFRUG¡L GH HVD YH] TXH HVWXYLPRV WRGR HO GD HQ OD SLVFLQD SDUD YHUQRV
HOSHORFRUWRDORVODGRVSDUDGRDGHODQWHODUJRKDVWDORVKRPEURVSRUDWU¡V PDWDGRUHVSDUDXQDILHVWD\DOILQDO\RPHSHVTX©DODF³PRVHOODPDED"
7HQDSXHVWRVXQRVOHQWHVHVSHMRVFRQHOPDUFRYHUGHIOXRUHVFHQWHEDVWDQWH ODTXHFDQWDEDVLHQWRTXHPHKDFHIDOWDb4X©KXHYDGD
QHZ ZDYH 3DUHFD XQ DUWLVWD TXH GHVHDED VHU UHFRQRFLGR %LHQ TXHPDGR ߚ%XHQRPLUDYLYRHQHO9LOODJHSHURHQHO(DVW9LOODJHTXHHVGRQGH
HVWDEDHO0LJXHORFRORUPDWHXQDEDUEDDPHGLDVTXHOHGDEDXQDVSHFWRGH HVW¡ODSDSDHORWUR9LOODJHHVW¡PX\JD\PX\HOHJDQWRVRSXURVUHVWRUDQHV
lGHVRUGHQDGR D SURS³VLWR{ $QGDED FRQ XQD FDPLVD TXH \R MDP¡V (QWRGRFDVRVHFDJDFLHQYHFHVD%HOODYLVWD\/DVWDUULDMXQWRV&ODURTXH
FRPSUDUDXQDJXD\DEHUDDQFKVLPDOOHQDGHHVWDPSDGRVSDOPHUDVPLQDV DQWHV GH OOHJDU D 1HZ <RUN DQGXYH YDJDQGR D OR -DFN .HURXDF SRU ODV
HQELNLQLSDUDVROHVJDYLRWDVUDVFDFLHORV(QORVSLHVXQRV]XHFRVFRORUW© 5RFDOORVDV \ 8WDK 0H WLU© D XQD PRUPRQD GURJDGD 5HFRUU WRGR HO
FRQOHFKH FRQWLQHQWH 7RP© IRWRV %LHQ EXHQDV ODV H[SXVH HQ XQD JDOHUD GHO 6R+R
7HUPLQ³ GH HQUROODU HO KXLUR PRMDQGR HO ERUGH GHO SDSHOLOOR FRQ VX ,QFOXVRIXHHO$QG\:DUKRO\XQSDUGHORV7DONLQJ+HDGV
OHQJXD/RJXDUG³\GLRPHGLDYXHOWD0HPLU³ILMR\FRPHQ]³DVRQUHU$ ߚ<FX¡QGRVHYLHQHOD&HFLOLD"4XLHURYHUDWXVHQDQRVPHWLQFDQHQH
PHGLGD TXH DYDQ]DED KDFLD P P¡V VH UHD 6H VDF³ ORV OHQWHV 6XV RMRV ߚ0LUD\RWUDEDMRQROHMRVGHGRQGHYDLDHVWDUSRGUDPRVMXQWDUQRVDOD
HVWDEDQ YHUGHV SHUR EULOORVRV PHGLR H[WUDYLDGRV 0H OODP³ OD DWHQFL³Q XQ KRUDGHOOXQFKRSRGHPRVLUDOFLQH&RQR]FRXQRGRQGHVRORGDQSHOFXODV
DWUDFWLYR DUR XQD HVSHFLH GH O¡JULPD HPSOXPDGD TXH OH EDLODED GHVGH XQ DQWLJXDV 3URJUDPDV GREOHV FRQ SXURV ILOPHV PDORV +DV YLVWR DOJR GH
O³EXOR 7UDW© GH DFRUGDUPH GH FX¡O HUD OD GHFLVLYD VL OD L]TXLHUGD R OD (GZDUG':RRG-U"6RQODVSHRUHVSHOFXODVGHOPXQGR([WUDRUGLQDULDV
GHUHFKD SHUR QR SXGH 0LJXHOR \D HVWDED HQFLPD PR DEUD]¡QGRPH ߚ&³PRWHH[SOLFR(VXQGLDULRXQVHPDQDULRHQUHDOLGDGRQGDOLEHUDO
OHYDQW¡QGRPHHQHODLUHJULWDQGRJDUDEDWRVSRUWRGRHOED±R QHZ OHIW \RX NQRZ P¡V FKLFR \ PHQRV YHQGLGR DO VLVWHPD TXH HO 9LOODJH
ߚ$YHUVLVDEVTXL©QVR\"DYHU"TXL©Q"TXL©Q" 9RLFH &XEULPRV OD YDQJXDUGLD OD IXVL³Q GH FXOWXUDV (VFULER GH WRGR
0LJXHORHVWDEDORTXVLPRDOWHUDGR<RWUDWDEDGHH[SUHVDUPLDOHJUDPL HQWUHYLVWDVFUWLFDVDSHUIRUPDQFHVUHSRUWDMHVWKDWNLQGRIVWXII
VRUSUHVD SHUR QR SXGH VROR XQD VRQULVD TXLHWD FRPR KXHY³Q TX© EXHQR ߚ2\HXQGDGH©VWRVFXDQGRYXHOYDWHOOHYRXQRVFXHQWRVPRVSDUD
26/39
TXHORVOHDV6RQPHGLRGHJHQHUDGRVDOR%XNRZVNLSHURDPLVDPLJRVOHV FRQFKDGHVXVPDGUHVVLJXHQGHJROODQGR"
JXVWDQ/HVHQFXHQWUDQXQDDWP³VIHUDDGHFDGHQFLDVXGDPHULFDQD&¡FKDWH ߚ1RHQVHULRYR\DGDUXQDYXHOWDYHUDORVDPLJRV(VSHFLDOPHQWHWº
ߚ/DQRYHOD"1RHVPX\ODUJDS¡JLQDV0LHGLWRUFUHHTXHVHYDD TXH HUHV PL GHELOLGDG 3DUD TX© WH XUJV" 6RL PX\ F³PLFR KXHY³Q 1R
YHQGHU,QFOXVRHQVXEXUELD$ORVJULQJRVOHVJXVWDHVWHWLSRGHFRVDV/RV FRUUHV QLQJºQ SHOLJUR WH MXUR (Q WRGR FDVR Wº VDEHV GH HQWUH WRGRV PLV
H[LOLDGRVTXHFRQR]FRHVRVPHYDQDPDWDUSHURLJXDO\RQRORVSHVFR PDORVDPLJRVHUHVHOSHRU7HKHHFKDGRGHPHQRV3RFRSHURWHKHHFKDGR
7ºVDEHVVLJXHQFRQODRQGDGHOGLVFXUVR\ODXQLGDG/RV,QWL\OD9LROHWD ߚ6XSRQJR TXH WDPEL©Q YR\ SDUD LU D YHU D PLV YLHMRV D OD DEXHOD YHU
0HODWHDQ3UHILHURHVFXFKDUDO3KLOOLS*ODVVQRV©DOD/DXULH$QGHUVRQ 6DQWLDJRODHVFXHODHO1RUPDQGLH1RV©WUDWDUGHYHUVLVR\GHDOO¡YHUVL
7ºPHHQWHQGV(VWR\HQRWUD3RUDOJRPHIXL&KLOHVHSXHGHDJXDQWDUVROR DºQ SHUWHQH]FR 7º VDEHV \RX FDQߞW JR KRPH DJDLQ $ YHFHV SLHQVR TXH
SRUXQWLHPSR6LQRFRUUHVSHOLJURGHDFRVWXPEUDUWH\FRQVLGHU¡LTXHWRGR QXQFD PH XELTX© DOO¡ HQ &KLOH TXH VLHPSUH HVWXYH GH SDVR FRPR HQ
ORTXHVXFHGHDOO¡HVQRUPDO OLEHUWDGFRQGLFLRQDO
ߚ'XU³ XQ D±R SHUR OD FRPDGUH VH FUHD $QQLH +DOO DQGDED FRQ ߚ2\H PHGLD FDVXDOLGDG 3HQVDED OODPDUWH FXDQGR OOHJDUD \
VRPEUHURV\FRUEDWDV\VHPHWL³DXQLQVWLWXWRKHUP©WLFR\DKHQXQDGLHWD VRUSUHQGHUWH
SDUD SXULILFDUVH QDGD GH FDUQH QL FDI© QL GURJDV QL VH[R b,PDJQDWH 7UHV ߚ+DJDPRVXQDFXHVWL³QELHQKHFKD\RWHOODPRDWXKRWHOFXDQGRYXHOYD
PHVHVVLQFXOHDU1RPHKXHYV3DUDTX©YLYLUFRQXQDPLQDVLWHQVTXHLUWH GH6DQWLDJR\QRVYDPRVSRUDKDFRPHUDOJRb<DV©9DPRVD(ODLQHߞV\
GHSXUDPDQR$KVHWHUPLQ³WRGR(ORWURGDODYLHQ3HQQ6WDWLRQ$KRUD YHPRV DO :RRG\ $OOHQ 6LHPSUH YD FRQ OD 0LD $QWHV LED FRQ OD .HDWRQ
VHDILODDVXJXUº TXHHUDPXFKRP¡VULFDPHHQFDQWDOD'LDQH.HDWRQ\RMDP¡VODKXELHUD
ߚ0H GLR SRU HO WHDWUR (VWR\ PHWLGR HQ XQ WDOOHU GH XQ DUJHQWLQR DEDQGRQDGR/RVOXQHVHO:RRG\WRFDMD]]HQHO0LFKDHOߞV3XE6LHPSUHQRV
VXSHUDPLJR (VWDPRV PRQWDQGR XQ FXHQWR PR PX\ HQ OD RQGD GH 3XLJ MXQWDPRVDKFRQPLJUXSR6LHVW¡PX\OOHQRFRPHPRVDOJRHQHOUHVWRU¡Q
7UDWD VREUH XQ RSHUDGRU GH FLQH TXH GH SXUD VROHGDG VH YXHOYH ORFR \ KLQGº TXH HVW¡ HQ OD HQWUH OD 3ULPHUD \ OD 6HJXQGD 7H LPDJLQDV OD
FRPLHQ]DDLQVHUWDUWUR]RVGHSHOFXODVTXH©OKDFHHQORVILOPHVTXHH[KLEH HQYLGLD GH ORV GH OD HVFXHOD VL VXSLHUDQ TXH Wº \R :RRG\ $OOHQ 5LFKDUG
ߚ1R VL OR TXH VXFHGH 7H TXHGD ELHQ HO WHUQLWR HO SHOR FRUWR OD 3ULFH TX© V© \R HVWXYL©UDPRV VHQWDGRV HQ XQD PLVPD PHVD DUUHJODQGR HO
FRORQLD$G³QGHIXHDSDUDUWXEDUEDORTXLOOR"+RSH\RXGLGQߞWVHOORXW" PXQGR"(QXQDGH©VDVFRPSDGUH(Q1XHYD<RUNWRGRSXHGHSDVDU
ߚ(Q0LDPLOODP©DHVWHFXLFRGHO&LUR(VW¡UHEL©Q0HSDV³DEXVFDUDO ߚ(VW¡L HPSDSDGR QL TXH WXYLHUDL ILHEUH KXHY³Q 6H QRWD TXH QR HVW¡L
PRWHO \ IXLPRV DO )RQWDLQEOHX D WRPDU GDLTXLULV URVDGRV 1RV HQJUXSLPRV DFRVWXPEUDGRDOWU³SLFR0LDPLHVWXYRODVHPDQDSDVDGDFDOXURVDDFDJDU
XQDV PLQDV GH PLHGR 0H WRF³ XQD PXODWD GH 7ULQLGDG7REDJR 0H 8QD RQGD GH FDORU WUHPHQGD &RPR HQ &XHUSRV DUGLHQWHV 9HQ YDPRV D
PRUGLVTXH³HQWHUR7HQJRWRGDVODVKXHYDVFRQ\RGR VHFDUQRV
ߚ4XHUV" 3HUR TX© WLHQH VL HQ HVWH SHGD]R GH SDV WRGRV OD IXPDQ 6HJX D 0LJXHOR KDFLD XQ ULQF³Q GHVFDVFDUDGR GHO ED±R $K DSUHW³ ORV
&³PR FUHV TXH OR DJXDQWDQ VL QR" 'LPH TXH QR WH KDL OHGR DO &DUORV ERWRQHV GH GRV P¡TXLQDV VHFDGRUDV GH PDQRV 6DOD XQ YLHQWR KHODGR QR
&DVWD±HGD"7HIDOWDPXFKRP\IULHQGDUHDOIXFNLQJORW FDOLHQWHFRPRHQ&KLOH0LJXHORSHVF³ORVDSDUDWRV\ORVGLRYXHOWD&RORF³
ߚ6SXKORFRD&KLOHPHYR\/DWLHUUDGHORV]RU]DOHV\GHORVURMRV VXVVREDFRVDUULEDGHOFKRUURGHDLUHTXHVDOD<RPHVDTX©ODFKDTXHWD\OR
FRSLKXHV&³PRHVWR\"%XHQDPHPRULDDK" LPLW©3RFRDSRFRORPRMDGRGHODFDPLVDVHIXHVHFDQGR<ODWHODVHKHO³
ߚ(FKRGHPHQRVODUHSUHVL³QWDQWDGHPRFUDFLDPHKDKHFKRGD±RQRV© &RUW©ODFXHVWL³QDQWHVGHUHVIULDUPH
FX¡QGR GHER SDUDU $OO¡ WRGR WUDQTXLOR SRFD VDQJUH SRFRV PLOLFRV HQ OD 9LHQGRD0LJXHORDVVHF¡QGRVHODEDUEDFRQHOSHORYRODQGRSHQV©TXH
WHOH 7H DFRUG¡L FXDQGR GHVFXEULPRV TXH HO JDV ODFULP³JHQR VHUYD SDUD ©OQRSRGUDHVWDUHQXQHVFHQDULRPHMRU<\RFRPRVLHPSUHQRSRGDHVWDU
YRODUVH" &RQ HO &ULVWL¡Q SDV¡EDPRV PHWLGRV HQ WRGDV ODV EDUULFDGDV SDUD P¡VOHMRV1RWHQDQDGDTXHYHUFRQ©OQDGDHQFRPºQ$OJRQRFXDMDED
SXURDWLQDU'LPHVLKD\DOJRP¡VHQWUHWHQLGRTXHWRUHDUDORVSDFRV<ORV FRVWDED HQJDQFKDU (Q HVH LQVWDQWH SRU SULPHUD YH] HQ D±RV OR HFK© GH
27/39
PHQRV S³NHU
6DOLPRVGHOED±R\ORVGHODVDODGHHVSHUDVHJXDQDJXDUGDQGRODWHDGRVD 1RV©FX¡QGRFRPHQ]DPRVDGLVWDQFLDUQRVFX¡QGRHOJUXSRQXHVWUROD]R
P¡VQRSRGHU'RUPDQDUULEDGHORVEROVRVXVDQGRVXVUDWRQHV0LFNH\GHO QXHVWUDSDQGLOODGH7RE\VHDFDE³7DPSRFRUHFXHUGRHOGDTXHVHIXHGH
(SFRWFRPRDOPRKDGDV &KLOH1LIXLDODHURSXHUWR+DEDDEDQGRQDGRHOºOWLPRD±RHQODHVFXHOD
ߚ9DPRV D OD WHUUD]D D YHU ORV DYLRQHV" 7HQJR JDQDV GH SHJDUPH XQD l(VWHSDVPHTXHGDFKLFRPHWHQJRTXHYLUDU{(QQLQJXQDSDUWHFDO]DED
YRODGD /H WHQD UHVHQWLPLHQWR SRU QR KDEHU FXPSOLGR FRQ OR PQLPR TXH GHED
/D WHUUD]D HUD P¡V JUDQGH TXH OD GH 3XGDKXHO \ SDUHFD FRPR VL VH KDFHU DOJXLHQ TXH VH OODPDED DPLJR HQ HVSHFLDO HQ HVRV GDV HQ TXH OD
LQWURGXMHUDHQODSLVWD7RGRHVWDEDQHJUR\VRORVHYHDQODVOXFHFLWDVTXH DPLVWDG \ VX FRQVLJXLHQWH FDUUHWH HUDQ OR ºQLFR VRSRUWDEOH HO ºQLFR DSR\R
IRUPDEDQ XQ WUD]DGR HQ HO KRUL]RQWH /RV DYLRQHV HVWDEDQ SRVDGRV HQ OD SDUDUHVLVWLUODHWHUQD\FDQVDGRUDDXVHQFLDGHXQDSDUHMD4XL]¡V\ROHWHQD
ORVD XQR DO ODGR GHO RWUR HVSHUDQGR FHUUDGRV \ WUDQTXLORV HO ILQ GH OD HQYLGLD (VWDED SLFDGR SRU QR VHU FRPR ©O SRU QR WHQHU ODV SDWDV SDUD
KXHOJD /D KXPHGDG VHJXD ILUPH HVSHVD SHUR SRU OR PHQRV KDED EULVD PDQGDUWRGRDODFUHVWD\YLDMDUDWUHYHUVHDKDFHUORTXHVLHPSUH\RKDED
%ULVDFDOLHQWHSHURXQDEULVDDOILQTXHWUDDFRQVLJRXQDHVSHFLHGHQLHEOD TXHULGRVLQSHQVDUORGRVYHFHV0HSDUHFDDGPLUDEOHVXIUDFDSDFLGDGSDUD
TXHVHTXHGDEDFROJDGDVREUHORVSDQWDQRV QR VHQWLUVH DWDGR FRQ QDGD VHQWLPHQWDO 3HUR D SHVDU GH WRGD QXHVWUD
ߚ7H DFRUG¡L GH HVH DYL³Q GH OD %UDQLII ©VH OOHQR GH FRORUHV IXHUWHV KHUPDQGDG VX KXLGD QR PH DIHFW³ GHPDVLDGR PH SDUHFL³ P¡V ELHQ
SLQWDGRHQIRUPDVLFRG©OLFD"(OTXHKL]R&DOGHU<RVLHPSUHTXLVHYLDMDUHQ HVSHUDEOH\DQXQFLDGD<DQRORQHFHVLWDEDWDQWR<RKDEDHQFRQWUDGRDOD
©O1XQFDORKLFH &HFLOLD\HOODPHEDVWDEDP¡VGHORTXHPHKDEDLPDJLQDGR(QUHDOLGDG
0LJXHOR VH IXH KDFLD XQD HVTXLQD \ VH DSR\³ HQ OD EDUDQGD 'HM³ VXV IXH0LJXHORTXLHQFRQRFL³DOD&HFLOLDGXUDQWHXQ)HVWLYDOGH&LQH8&O
EROVRVGHPDQRHQHOVXHORHQFHQGL³HOKXLUR/DDVSLU³SURIXQGDPHQWH\ PH OD SUHVHQW³ SHUR \R IXL TXLHQ PH HQDPRU© GH HOOD DO VHJXQGR IXL \R
FRQWXYR HO KXPR )LQDOPHQWH OR GHM³ HVFDSDU 'HWU¡V GH 0LJXHOR IORWDEDQ TXLHQ VH GLR FXHQWD GH TXH HOOD HUD TXL]¡V PL ºQLFR HVFDSH PL ºOWLPD
OXFL©UQDJDVPHDFXHUGR RSRUWXQLGDG 0L SROROHR WUL]³ PL UHODFL³Q FRQ 0LJXHOR 0H SXVH WDQ
/DEULVDFDPEL³GHGLUHFFL³Q\HOSLFDQWHDURPDGHOKXLURPHFLUFXQG³ HQJUHGRWDQVHJXURGHWRGRFRQHVDDOWLYH]TXHVHVLHQWHFXDQGRXQRVDEH
OOHQ¡QGRPH GH LP¡JHQHV DQWLJXDV TXH \D KDED ROYLGDGR FDUUHUDV GH DXWR TXHDOJXLHQORDPDTXHQLPHSUHRFXS©GHVL©OVHVHQWDGHVSOD]DGRDIXHUD
SHODQGRIRUURVSRUOD.HQQHG\0LJXHOREDLODQGRHQODFDOOHDODVFXDWURGH VROR0LJXHORQXQFDPHGLMRQDGDQRPHFULWLF³\\RWDPSRFRLQWHQW©WRFDU
ODPD±DQDUDMDGHFRFLGRUHFLWDOHVGHURFNHQHO&KLOHURPSLHQGRERWHOODVD HO WHPD 6H IXH DOHMDQGR GH D SRFR UHFRUULHQGR 6DQWLDJR FRQ PL PLVPD
OD VDOLGD GHO 7UROOH\ HQJUXSLHQGR PLQDV HQ OD S©UJROD GHO 0XODWR *LO SDQGLOOD TXH \D PH SDUHFD LQVRSRUWDEOHPHQWH DGROHVFHQWH TXHG¡QGRVH
SUHVRVSRUPDULKXDQHURVHQOD3HQLFDSHDQGRFODVHVHQHOSDUTXH6DQ%RUMD GRUPLGRHQFXDOTXLHUFDVDFD\HQGRSUHVRSRUGURJDVSRUODQ]DUSDQIOHWRV
SDVHRV D &DUWDJHQD GRQGH ODV SDUHMDV TXHGDEDQ GHVKHFKDV \ QDFDQ RWUDV 1LORYHDVRORUXPRUHVGHVXVORFDVDQGDQ]DVGHVXVHVFDQGDORVDVHVFHQDV
MDP¡VLPDJLQDGDV SRUHO XQGHUJURXQG FDSLWDOLQR 'HVSX©V QR VXSH P¡V <R WHUPLQ© HO D±R \
<D QL PH DFXHUGR FX¡QGR R TX© GD FRQRF DO 0LJXHOR )XLPRV DQWHVGHILQDOL]DUPLWHVLVWXYHTXHFDVDUPHDSXUDGR,JXDOORGHVHDED(UD
FRPSD±HURV GH XQLYHUVLGDG \ DPLJRV 3DV¡EDPRV WRGR HO GD MXQWRV (QWUH PLVXH±R\ORHVWDEDFRQFUHWL]DQGR3RUILQ0LJXHORVHHPEDUFDEDVRORHQ
ODVFODVHVPDODVORVSDURV\ODVDVDPEOHDVKDEDWLHPSRGHVREUDSDUDLUDO XQDYL³QUXPERDRWURFRQWLQHQWHDRWURGD
FLQH HVRHUDE¡VLFRYLWDO DILHVWDVWRGRVORVYLHUQHVVHGXFLUPHFKRQDVLUD 1XQFD P¡V VXSH GH ©O +DVWD HVD QRFKH 7HQDPRV YDULDV KRUDV SDUD
UREDU OLEURV FKLFRV GH ©VRV TXH FDEHQ HQ ORV EROVLOORV GH XQ YLHMR DEULJR UHDQXGDUHVRVOD]RV0HVRUSUHQGDVXWULXQIRORKDEDORJUDGRHUDSDUWHGH
XVDGR FRPHUORPLWRVHQOD)XHQWH$OHPDQDMXQWDUQRVWRGRHOJUXSRHQPL HVD ©OLWH VR±DGD SRU WRGRV PLV DQWLJXRV FRPSD±HURV TXH DKRUD HUDQ XQRV
FDVDSDUDHVFXFKDUDORV'RRUVRDORV3LQNXQSRFRGH6SULQJVWHHQ\KDUWR EXUJXHVHV TXH SDJDEDQ HO DXWR D SOD]RV WUDEDMDEDQ GH OXQHV D YLHUQHV
GH 3ROLFH FRPHU SL]]DV IXPDU KLHUED WRPDU SLVFR YHU YLGHRFOLSV MXJDU WUDQTXLORV \ REHGLHQWHV HVSHUDQ]DGRV GH SRGHU KDFHU OR TXH GHVHDUDQ XQD
28/39
YH] TXH MXELODUDQ 0H HVFDQGDOL]DEDQ ODV KLVWRULDV GH 0LJXHOR VX PXQGR GLVLS³ HQ IRUPD GH HYDSRUDFL³Q TXHGDQGR HO SDVWR UHOXFLHQWH \ OXEULFDGR
HVDFRVDFRVPRSROLWDTXHWUDQVPLWD0HDWUDDHVRGHWUDEDMDUHQWHDWURRHQ /DV RMHUDV GH WRGRV ORV SDVDMHURV GHODWDEDQ HO GHVYHOR 8Q SDU GH ORFDOHV
HVH GLDULR FKDODGR 0H DVRPEUDED DXQ P¡V GH OR TXH VLHPSUH OR KDED FRPHQ]DURQDOHYDQWDUVXVUHMLOODV(QXQDHVTXLQDHVFRQGLGDKDEDXQDGH
KHFKR 6LQ HPEDUJR VHJXD VLQWL©QGRPH OHMRV QR SRGD ORJUDU HVDVHVSHFLHVGHFDELQDVHQTXHVHWRPDQWUHVIRWRVSRUFHQWDYRVGHG³ODU
FRPXQLFDUPH 0H VHQWD WDQ SRFR DO ODGR VX\R ,QWXD OD YLVL³Q TXH VH ߚ6DTX©PRQRVXQD"
OOHYDEDGHP\HVRORHPSHRUDEDWRGR &³PR SRGD GHFLUOH TXH QR 1RV VHQWDPRV HQ OD EXWDFD FRORFDQGR ORV
ߚ%XHQR0LJXHORGLPHF³PRHVW¡V" RMRVDODDOWXUDLQGLFDGDHQHOHVSHMR$SUHW©HOERW³Q(VERF©XQDVRQULVD
ߚ%LHQ%LHQELHQ1RPHSXHGRTXHMDU$OILQSXHGRGHFLUORPHVLHQWR 6DOLHURQELHQ<RPHTXHG©FRQXQD0LJXHORFRQGRVOSDJ³
FRQWHQWRWUDQTXLOR&UHRTXHDQGRFRQUDFKD,FDQߞWFRPSODLQ&DVLIHOL] ߚ4XLHUHVFDI©"
ߚ<TX©SLHQVDVKDFHUGHVSX©V" ߚ+DFHXQSDUGHKRUDVTXHORHVWR\GHVHDQGRߚOHUHVSRQG
ߚ1DGDORTXHVDOJD2QHGD\DWDWLPH ߚ<RYR\7HLQYLWR
ߚ<PHWDV" ߚ(VSHURTXHQRVHDLQVWDQW¡QHR6HUDHOFROPR
ߚ4X©FKXFKDVHVHVWR"8QDHQWUHYLVWDKXHY³Q" <SDUWL³
1RPHIOXDQDGD$VXVSUHJXQWDVUHVSRQGDFOLFK©V $OSULQFLSLRQRSRGDUHODFLRQDUODVFRVDV3RUHTXLYRFDFL³QDEUVXEROVR
7UDWDED GH KDFHUPH HO VHJXUR HO JDQDGRU 7RGDV PLV RSLQLRQHV VRQDEDQ GHPDQREXVFDQGRPLVFLJDUULOORV\HQFRQWU©VXSDVDMH1RWHQDGHVWLQRD
KXHFDVFRQHFR<DQRHVWDEDWDQVHJXURGHDUUDVDUFRQ0DQKDWWDQ0LJXHOR &KLOHVLQRD9HQH]XHOD$GMXQWRXQFRQWUDWRGRQGH0LJXHORDSDUHFDFRPR
PHKDFDGXGDU$QWHVGHSDUWLUOHGLMHDOD&HFLOLDTXHQRVWHQDTXHLUELHQ REUHURHQFDUJDGRGHWHQGHUXQROHRGXFWRHQODVHOYD
HQ 1XHYD <RUN SRUTXH LI \RX FDQ PDNH LW WKHUH \RXߞOO PDNH LW DQ\ZKHUH (O DHURSXHUWR \D HVWDED OOHQR GH XQD OX] GXUD \ DFDSDUDGRUD 0LJXHOR
$KRUDXQSDUGHPHVHVGHVSX©VPHGR\FXHQWDGHTXHQRVLHPSUHVHORJUD DSDUHFL³ SRU XQ ODUJR SDVLOOR \ WUDD XQ YDVR GH FDI© HQ FDGD PDQR $
ORTXHXQRTXLHUH7HQJRJDQDVGHYROYHU1HFHVLWRYHUDOD&HFLOLD/DHFKR PHGLGD TXH VH DFHUFDED WUDW© GH EXVFDU ORV W©UPLQRV DGHFXDGRV SDUD
GHPHQRV SUHJXQWDUOHTX©RFXUUDFRQ9HQH]XHOD9HQDWDQWUDQTXLOR\DOWLYRTXHPH
0LJXHOR SRU ILQ DFDE³ HO SLWR <R PH DOHJU© SRUTXH \D YHD TXH QRV HUDGLIFLOFRRUGLQDULGHDV(UDFRPRVL©OIORWDUDVREUHHOSLVR3DUHFDTXH
DWUDSDEDXQSDFR\TXHEDPRVDWHUPLQDUHQXQFDODER]RGH%DOERD\QRHQ WXYLHUD UHVRUWHV HQ ORV SLHV SRU OD IRUPD FRPR VH EDODQFHDED &XDOTXLHUD
QXHVWURVUHVSHFWLYRVDYLRQHV%DMDPRVDOFRQFRXUVHTXHVRORHUDXQDVDODGH GLUD TXH HVWDED HQWUDQGR D XQD SUHPL¨UH KROO\ZRRGHQVH R DERUGDQGR XQ
HVSHUD PDO LOXPLQDGD 1RV VHQWDPRV HQ XQRV VLOORQHV GH HVSXPD /RV \DWH
DVHDGRUHV EDUUDQ OD EDVXUD \ XQDV PXMHUHV FRQ FDUD GH UHVLJQDFL³Q ߚ0LUD OR TXH WH FRQVHJX FKLFR 8Q SRTXLWLFR GH FDI© FRORPELDQR GH
OLPSLDEDQ ODV WUDQVSLUDGDV YHQWDQDV 6HJXLPRV KDEODQGR \ KDEODQGR $ FDIHWHUD&K©YHUHQR"
0LJXHOR QR OH SDUDED OD OHQJXD $ OR OHMRV VH HVFXFKDEDQ PHUHQJXHV XQD (VWDED ULFR HO FDI© 1R SXGH GHFLU QDGD 6L PH PHQWD HUD SRU DOJR
VDOVDGHO5XE©Q%ODGHV\KDVWDHOPLVPVLPR/XFKR*DWLFD(QSRFDVKRUDV 6XSRQJRTXHQR©UDPRVWDQDPLJRV$ORVDPLJRVQRVHOHVFXHQWDFXHQWRV
ߚODV SHRUHV FXDWUR FLQFR VHLV GH OD PD±DQDߚ KDEDPRV UHVXPLGR WRGD 3HURQRGLMHQDGD,PSRVLEOHGHVHQPDVFDUDUOR4XL]¡VVXVRQULVDVDOLHQWHVH
QXHVWUDDGROHVFHQFLD\DOFDQ]DPRVDSRQHUQRVELHQDOGDFRQHOSUHVHQWH KXELHUDTXHEUDGR1RSRGD/HVHJXHOMXHJR
(ODOEDFRPHQ]³DOOHJDUHQIRUPDOHQWD\FDOLHQWHWDOFRPRVXFHGHHQHO (QHVRODKXHOJDVHOHYDQW³\PLDYL³QVHSUHSDUDEDDSDUWLU/RVPRWRUHV
&DULEH (O VRO VH DVRP³ GH LQPHGLDWR HQ HO HVWH \ HUD XQD EROD DPDULOOD FRPHQ]DURQDHQFHQGHUVH\HODHURSXHUWRVHOOHQ³GHHVHUXLGRWDQGHOLFLRVR
7RGRVORVELFKRV\ORVS¡MDURVTXHGRUPDQHQORVSDQWDQRVVHDO]DURQIUHQWH /RV SDUODQWHV DYLVDEDQ ORV SULPHURV YXHORV \ SHGDQ GLVFXOSDV /RV
D©OWDS¡QGRORSRUXQLQVWDQWH1RKDEDFRUGLOOHUDTXHKLFLHUDP¡VGLIFLOVX SDVDMHURV VH DPRQWRQDEDQ IUHQWH D ODV SXHUWDV GH HPEDUTXH 0¡V DWU¡V HQ
VDOLGD SRU OR TXH VH GHVOL]DED FRQ OD PD\RU GH ODV JUDFLDV /D QLHEOD VH SOHQDVDODGHHVSHUDXQJUXSRFRQUDVJRV¡UDEHVFRPHQ]³DFDQWDU\DEDLODU
29/39
DOUHGHGRUGHXQRVQRYLRVTXHWDPEL©QGDQ]DEDQ0LJXHOR\\RPLU¡EDPRV
DVRPEUDGRVODDOHJUD\HOGHVSODQWHGHORVSDLVDQRV<RWUDW©GHKDFHUPHHO ,,
KXHY³QSHURLJXDOWHQDTXHGHVSHGLUPH1RKDEDYXHOWDTXHGDUOH
ߚ/OHJ³ODKRUDFRPSDGUH3DUHFHTXH\RWRGDYDWHQGU©TXHHVSHUDUXQ
SRFRP¡V
ߚ1R WH ROYLGHV GH OODPDUPH FXDQGR UHJUHVHV GH &KLOH < QR GHMHV GH 'HVSX©V GH WHQHU P¡V GH VHVHQWD GDV D PL KDEHU HQ HVWD ORFD LVOD GH
XELFDUDOD&HFLOLDHQ6DQWLDJR9DDHVWDUIHOL]GHYHUWH(OODWHSXHGHOOHYDU 0DQKDWWDQ OOHJX© XQ GD D PL GHSDUWDPHQWR YDFR GHO 8SSHU :HVW 6LGH \
GRQGHWRGRVORVDPLJRV PH VHQW© D PLUDU ORV UDVFDFLHORV TXH VXUJDQ DO RWUR ODGR GHO SDUTXH /RV
ߚ/RSULPHURTXHKDJRDOOOHJDUD3XGDKXHOHVOODPDUOD7HORSURPHWR PLU©SRUKRUDVHQVLOHQFLRKDVWDTXHHOVROVHSXVR\FDGDXQRGHHOORVVH
ߚ2.&XGDWH LOXPLQ³SLVRSRUSLVR$QGDEDGHPDODDJRWDGRWHQVRDºQIDOWDEDQP¡VGH
ߚ<R"7ºHQWRGRFDVR0DQKDWWDQHVXQDVHOYD7HSXHGHFRPHUVLQR FXDWURPHVHVSDUDTXHOOHJDUDOD&HFLOLD\QLVLTXLHUDKDEDLQWHQWDGREXVFDU
HVW¡VDWHQWR XQGHSDUWDPHQWRTXHIXHUDXQSRFRP¡VJUDQGHTXHHOGHXQDPELHQWHTXH
ߚ4XLHURYHUWHDOO¡ DUUHQGDED /D SXUD LGHD GH WHQHU TXH LUQRV D +RERNHQ R D 4XHHQV PH
ߚ<RWDPEL©Q,UHPRVDYHUDO:RRG\$OOHQ GHSULPD/DSODWDSRUFLHUWRLEDDDOFDQ]DUSDUDSRFR6HJXURTXHORVQL±RV
ߚ7UDWR LEDQDHFKDUGHPHQRVHOHVSDFLRHOMDUGQ(VR\DPHOOHQDEDGHFXOSD/R
ߚ+HFKR RWURHUD0LJXHOR1RGDEDVH±DOHVGHYLGD<RVDEDSRUTX©QRTXHUDTXH
ߚ$ºQPHFXHVWDFUHHUTXHHUHVWº ORSLOODUDHQVXVPHQWLUDV
ߚ3DUDTXHYHDV1XQFDKHGHMDGRGHVRUSUHQGHUWH1RORSRGVQHJDU $ SHVDU GH WHQHU TXH FRODERUDU FRQ OD HGLWRULDO XQD ODWD \ GH HVWXGLDU
0H WLPEUDURQ HO SDVDMH \ DQWHV GH HQWUDU DO WºQHO QRV DEUD]DPRV \ VHQW FRPRFDUUHWRQHURDOJRTXH\DQLPHLQWHUHVDEDQRSXGHGHMDUGHLQYHVWLJDU
TXHPHFRUWDED&KDR0LJXHOR$YDQF©OHQWRSRUHVHEUD]RTXHFRQHFWDED 7HQD WLHPSR 0L YLGD VRFLDO LJXDO HTXLYDOD D FHUR PLV FRPSD±HURV GH
ODWHUPLQDOFRQHODYL³Q(VWDEDSRUOOHJDUFXDQGR0LJXHORPHJULW³ FXUVR SDUHFDQ KLMRV PRV QR HQWHQGD VXV F³GLJRV PH VHQWD
ߚb&KDRKXHY³Q VXEGHVDUUROODGRFRQVHUYDGRU1RLEDDORVUHFLWDOHVPHQRVDXQDODHVFHQD
/HYDQW©ODPDQR\OHJULW©GHYXHOWD GH ORV EDUHV \ ODV GLVFRWK¨TXHV 8Q SDU GH YHFHV VDO FRQ XQD PLQD GH
ߚb<RWDPEL©Q 6UL/DQNDIXLPRVDO7KDOLDDYHUDOJRGH7DUNRYVNLSHURIXHDOJRSODW³QLFR
(QWU©DODYL³Q\WXYHKDUWRVSUHVHQWLPLHQWRV4X©ORFXUDHQFRQWUDUVHFRQ GHVXELFDGR(VWDEDVROR\ORVHQWD0LJXHORWHQDWDQWRVSDQRUDPDV4XHUD
©O3RUTX©WDQWDFKLYDTX©RFXOWDED7RWDOSHQV©TX©LPSRUWDQRWRGRVORV YHUOR VDEHU DOJR GH ©O SUHJXQWDUOH FRVDV 7HQHUOR FRPR UHIHUHQWH TXL]¡V
GDV XQR VH HQFXHQWUD FRQ DOJXLHQ TXH XQR TXLHUH < HO DYL³Q GHVSHJ³ 'HFLGHQWRQFHVG¡UPHODVGHGHWHFWLYHVHJXLUVXVSDVRVHQFRQWUDUOR
VREUHYRODQGRHO&DQDOSHUGL©QGRVHHQWUHODVQXEHV 0LUDQGRHVDVOXFHVODVPLVPDVFRQTXHKDEDVR±DGRHQ&KLOHUHFDSLWXO©
WRGRORTXHKDEDDSUHQGLGRVREUHVXYLGD
/D FXULRVLGDG PH QDFL³ GHVGH OXHJR HQ 3DQDP¡ SHUR FRPHQ]³ D
DXPHQWDU DO QR UHFLELU VX WDQ SURPHWLGD OODPDGD WHOHI³QLFD &XDQGR PH
FDPEL© DO GHSDUWDPHQWR GHM© HVSHFLILFDGR HQ HO KRWHO TXH VL DOJXLHQ PH
OODPDED SRU IDYRU OH GLHUDQ PL IRQR 1DGD /D &HFLOLD HQ ODV FDUWDV PH
SUHJXQWDEDSRU0LJXHORQXQFDODOODP³QLWDPSRFRIXHDYHUDVXVSDGUHV
TXHQDGDVDEDQGH©OGHVGHKDFDFXDWURD±RV
30/39
,ED D VHU GLIFLO 6L H[LVWH XQD FLXGDG GRQGH HV I¡FLO SHUGHUVH HV ©VWD OHVELDQDV FRQVHUYDGRUDV TXH DWDFDQ HO DERUWR SRVLELOLGDGHV GH XQD IXWXUD
4XL]¡V SRU HVR OOHJD WDQWD JHQWH GH WRGDV SDUWHV GHO PXQGR 8QR VLHPSUH LQYDVL³Q GH H[WUDWHUUHVWUHV G³QGH HVFRQGHUVH TX© URSDV XVDU TX© PºVLFD
WLHQH OD FHUWH]D GH TXH QXQFD VH YD D HQFRQWUDU FRQ DOJXLHQ QDGLH TXH OR WRFDUOHV 7DPEL©Q FRQWHQD XQRV FXHQWRV VXUUHDOLVWDV KLSHUUHDOLVWDV
YLJLOHQDGLHDTXLHQUHQGLUOHFXHQWDV REVFHQRV DGHP¡V GH XQRV ORFRV SRHPDV KDLNº \ OHWUDV GH FDQFLRQHV QHZ
/ODP©D9LDVD\PHFRQILUPDURQGHVSX©VGHODUJDVVºSOLFDV\PHQWLUDV ZDYH
TXH0LJXHORKDEDUHJUHVDGRGHVGH&DUDFDVKDFDWUHVVHPDQDVHQXQYXHOR 3DUW KDFLD OD GLUHFFL³Q TXH VDOD HQ OD S¡JLQD GRV MXVWR DO ODGR GH XQ
GLUHFWR(OSDVDMHIXHFDQFHODGRHQHIHFWLYR(VRHUDWRGRORTXHVDEDQ2 DYLVRTXHOODPDEDDODXQLGDGGHORVQHUGVGH$P©ULFD
VHDHVWXYRHQORGHOROHRGXFWRDSHQDVXQPHV([WUD±R3RUORPHQRVHVWDED /DRILFLQDGH:LHUGRߞVTXHGDEDHQXQDYLHMDERGHJDTXHGDEDDO+XGVRQ
HQ86$ HQ OD SDUWH EDMD GH 0DQKDWWDQ $GHQWUR OHWUHURV GH QH³Q SRVWHUV GH 6LG
3RUVXSXHVWRUHYLV©ODVJXDVWHOHI³QLFDV1RDSDUHFD6HJºQODRSHUDGRUD 9LFLRXV \ ORV 'HDG .HQQHG\V XQ PXUDO FKLOO³Q \ SRVPRGHUQR /D
FHQWUDO VX QRPEUH WDPSRFR HVWDED OLVWDGR HQ QLQJXQR GH ORV FLQFXHQWD UHFHSFLRQLVWD SDUHFD UHFL©Q OOHJDGD GH -ºSLWHU DQGDED FRQ XQ SHOR FRORU
HVWDGRV &RPHQF© D FRPSUDU ORV WDEORLGHV 7HQD OD LGHD GH TXH SRGUD QDUDQMD HO©FWULFR SHUR FRUWDGR D OR PLOLFR /H FRQW© PL SUREOHPD 0H
DSDUHFHUHQODVHFFL³QSHUVRQDOV UHVSRQGL³FRQILORVRIDEDUDWDl:HDOODUHORRNLQߞIRUVRPHRQH{7HFOH³OD
FRPSXWDGRUD 6 HQ HIHFWR XQD YH] DQGXYR SRU DK &RODERU³ FRQ GRV
l+DSS\ELUWKGD\&OD\ORYH%ODLU{ DUWFXORVORVQºPHURV\'RVD±RVDWU¡V0DQG³DOODPDUDXQMXQLRU
XQ OROR DQGU³JLQR WRGR YHVWLGR D OD XVDQ]D GH &DUORV *DUGHO LQFOXVR FRQ
l%LVH[XDO"$VLVWHDOFHQWURDELHUWR&KHOVHDb6©WRGRORTXHSXHGDV{ FDOD±© ODGHDGR (VSHU© XQ UDWR l&DUOLWRV{ YROYL³ FRQ GRV GLDULRV XQ WDQWR
DPDULOOHQWRV l7KDWߞOO EH ILYH EXFNV{ /H SDJX© 7HQGUDQ DFDVR VX
l6L HUHV OD TXH DQGDED FRQ XQ JUDQ DEULJR FDI© MDVSHDGR FRPLHQGR GLUHFFL³Q"1RQDGD/RFRQRFHV"l0LUDGDUOLQJKHWHQLGRDWDQWRVTXH\D
KHODGR GH SLVWDFKR D OD HQWUDGD GHO %OHHNHU 6WUHHW &LQHPD HO V¡EDGR D ODV QLUHFXHUGR{
WUHVOH\HQGRD(0)RUVWHUOO¡PDPH&UHRTXHWHTXLHUR{ (Q HO GHSDUWDPHQWR OH DWHQWR VXV DUWFXORV (UDQ DWUDFWLYRV
VRUSUHQGHQWHV 0LJXHOR VLHPSUH KDED HVFULWR ELHQ FRQ JUDFLD SHUR QXQFD
l*HWLQWRWKHJURRYH6HH\RX%DWWHU\3DUN/XQFK)ULGD\5RVVDQD{ ORKDEDKHFKRHQLQJO©V(VFULEDFRPRVLIXHUDXQQDWLYRGH%URRNO\Q8QR
GH ORV UHSRUWDMHV HUD VREUH XQ FROHFFLRQLVWD TXH SRVHD WRGR OR LPDJLQDEOH
3XVHXQDYLVRHQFDGDXQRGHORVGRVWDEORLGHVSULQFLSDOHV UHODFLRQDGR FRQ -DPHV 'HDQ (O WLSR TXH WHQD GLHFLVLHWH FXDQGR PXUL³
'HDQSHUHJULQDEDWRGRVORVGHVHSWLHPEUHDODWXPEDGHOGRORXELFDGD
l'HVSHUDWHO\VHHNLQJ0LJXHOR
HQ PHGLR GHO KHDUWODQG GH ,QGLDQD $KRUD HUD XQ SHODGR FLQFXHQW³Q
<RXU&KLOHDQIULHQG{
EDVWDQWH SDUHFLGR HQ VX PRGR D 6DO 0LQHR FX\DV P¡[LPDV SHUWHQHQFLDV
6DODWUHVYHFHVSRUVHPDQD&HURUHVSXHVWD HUDQ XQD SXHUWD GHVWUR]DGD GHO 3RUVFKH VDOSLFDGD FRQ OD VDELD VDQJUH GH
'HDQ \ODVERWDVSXQWXGDVTXHXV³GXUDQWHHOURGDMHGH*LJDQWH/DVERWDV
(O IDPRVR VHPDQDULR GHO 0LJXHOR HUD FDVL GHPDVLDGR QRFRPHUFLDO 1L
OHFDO]DEDQQRDVODFDVDFDURMDGH5HEHOGHVLQFDXVD/RVNLORV\ODVSHQDV
VLTXLHUD VH YHQGD HQ ORV NLRVNRV GHO 9LOODJH /R HQFRQWU© HQ XQD OLEUHUD
GHP¡VKDEDQGLVWRUVLRQDGRVXVLOXHWD0LJXHORTXHILUPDED0LNH$QJHOR
HVSHFLDOL]DGDHQQRYHODVGHWHFWLYHVFDV\FRPLFV/DSXEOLFDFL³QVHOODPDED
KDEDHVFULWRXQDJUDQFU³QLFD1RHUDEXUORQDHVRORHQWHQGELHQSRUTXH
:LHUGRߞV /D DGTXLU \ PH OD GHYRU© (UD XQD ORFXUD FRQ UHSRUWDMHV D ODV
FRVDVP¡VGHVTXLFLDGDVXQDYLHMDSXQNTXHYHQGHEROVDVSO¡VWLFDVSLQWDGDV ©OVLHPSUHKDEDYHQHUDGRD'HDQ\VHLGHQWLILFDEDFRQVXSHUVRQDMHGH$O
HVWHGHOSDUDVR
SRUHOODPLVPD\TXHYLYHHQODHVWDFL³QGHOPHWURGH&RUWODQGXQJUXSRGH
l8QR VLHPSUH HVFULEH VREUH ODV FRVDV TXH D XQR OH LQWHUHVDQ SDUD SXUR
31/39
SRQHU IUDVHV TXH VROR ORV DPLJRV SXHGDQ HQWHQGHU{ PH GLMR XQD YH] \ FRPSU³ HQ 9DQFRXYHU &UX]³ OD IURQWHUD FRPR UHVLGHQWH /D GLUHFFL³Q TXH
HVWDEDHQORFLHUWR3RUHVRTXL]¡VHVFULERWRGRHVWRHQYH]GHSUHSDUDUHVH WHQDHOFRQVXODGRORFDOL]DEDD0LJXHORHQXQDFDVDSOD\HUDGH9HQLFHHQ
LQIRUPHDWUDVDGR /RV$QJHOHV/ODP©ODUJDGLVWDQFLDD&DOLIRUQLD5HVXOW³VHUXQDSHQVL³Q/D
(O RWUR DUWFXOR GH 0LJXHOR HUD XQ GLYHUWLPHQWR XQ DQ¡OLVLV GH ORV YLHMDXQDLQPLJUDQWHSRODFDORUHFRUGDED(IHFWLYDPHQWHKDEDYLYLGRDOO
SHLQDGRVGHORVURFNHURVDWUDY©VGHODVRSLQLRQHVGHORVHVWLOLVWDVP¡VLQGHO FRPRXQD±R3DVDEDPHWLGRHQHOPDU\YHQGLHQGRDUWHVDQDFRQXQDQL±D
GRZQWRZQ&ULWLFDEDQDWRGRVORVGHOPDLQVWUHDP\HQWUHJDEDQUHFHWDVSDUD LUODQGHVDVXFRQYLYLHQWH/XHJRSDUWLHURQDUHFRUUHUHO2HVWH1XQFDVXSR
WHQHU HO SHOR FRPR %R\ *HRUJH 0RUULVH\ $QQLH /HQQR[ %RQR KDVWD HO P¡VGHORVGRV
SURSLR1LFN=HGG(ODUWFXORWHQDXQDVIRWRVELHQORFDVGHXQWDO)DQIDUH +DVWD HVH PRPHQWR OR ºQLFR TXH WHQD SRU FLHUWR HUDQ VXV YDJDEXQGHRV
$OGDVLJXLHQWHGHFLGSDUWLUDEXVFDUOR$QGDEDFRQILDGR4XL]¡V©OVDED SRUPHGLRFRQWLQHQWH/RRWURHUDTXHRILFLDOPHQWHDOPHQRVHVWDEDGHQWUR
XQGDWRTXHPHSRGDD\XGDU GHOSDV6LHVTXHQRVHOHKDEDRFXUULGRFUX]DUHO5R*UDQGHDQDGR(VD
9ROY D :LHUGRߞV /D UHFHSFLRQLVWD DQGDED YHVWLGD FRQ XQ WUDMH GH QRFKHQRHVWXGL©(VWDEDQHUYLRVRFRQORGHOFLQH4XL]¡VDKORXELFDED
HVSDGDFKQ3UHJXQW©SRU)DQIDUH(VWDEDHQODVDODGHUHYHODGRVORHVSHU© $ORWURGDHQPHGLRGHXQDWRUPHQWDHO©FWULFDGHM©ODXQLYHUVLGDGWRP©
(UDXQWLSRFRQORVSHORVHQJRPLQDGRVTXHVXUJDQGHVXFU¡QHRSDUDWUDWDU HO PHWUR \ GHVFHQG D GRV FXDGUDV GHO FLQH 6X QRPEUH ߚHO 6HQQHWߚ
GHWRFDUFRPRXQHUL]RHOWHFKRRDOJRLQFOXVRP¡VHOHYDGRRPHWDIVLFR EULOODED HQ DPSROOHWDV D]XOHV \ FRURQDED OD PDUTXHVLQD PX\ DUW GHF³
8VDEDXQWHUQRFRPRWDEOHURGHDMHGUH]0HFRQYLG³DVXODERUDWRULR)LMDED ([KLEDQ ,QYDGHUV IURP 0DUV H ,QYDVLRQ RI WKH $QLPDO 3HRSOH 0H IXL
IRWRVGHXQDPDUFKDGHSURYHJHWDULDQRV6HDFRUGDEDGH0LNH$QJHOR\GH GLUHFWRDODEROHWHUD8QDJXDWRQDFRQORVRMRVLQIODGRVDOR0DUW\)HOGPDQ
ORVSHOXTXHURV1RVDEDGHVXSDUDGHURVRORTXHWUDEDMDEDSDUWWLPHHQXQ TXH SUREDEOHPHQWH QR KDED VLGR WRFDGD SRU RWUR VHU KXPDQR GHVGH HO
FLQHPHGLRUDVFDHVSHFLDOL]DGRHQSURJUDPDVGREOHVGHPDODFDOLGDGFHUFD DVHVLQDWRGH.HQQHG\PLUDEDODFDOOHHQVLOHQFLRHQFHUUDGD\SURWHJLGDSRU
GH &KLQDWRZQ 6H DFRUG³ GH HVR SRUTXH 0LJXHOR GHVHDED HVFULELU XQ XQDEXUEXMDGHFULVWDO\FHPHQWR/HH[SOLTX©WRGR$SHQDVPHPLU³7SLFD
DUWFXORDFHUFDGHORVVREUHYLYLHQWHVGHXQDSHOFXODGHPHQFLDOTXHVHILOP³ SDUDQRLDQHR\RUTXLQDl$TXVHYHQGHQHQWUDGDVQRLQIRUPDFL³Q{PHGLMR
KDFH FLQFXHQWD D±RV )UHDNV 4XHUD TXH ©O IRWRJUDILDUD D ORV HVSHUSHQWRV )LQDOPHQWH VH DEUL³ l6RUU\ 0LJXHOR GRHVQߞW ZRUN KHUH DQ\PRUH{ 0H
VHUHVVLQSLHUQDVQLEUD]RVPXMHUHVFRQSOXPDVREHVRVVLQRMRVTXHYLYDQ PDQG³DKDEODUFRQ(ULFHODFRPRGDGRU+DEDQWUDEDMDGRMXQWRV\SRGUD
DVLODGRV HQ XQ FRQYHQWR DQWLJXR GH 6WDWHQ ,VODQG 1XQFD OR KLFLHURQ VDEHUDOJR
0LJXHORQXQFDYROYL³DDSDUHFHUSRU:LHUGRߞV (O WDO (ULF HUD XQ FDEUR MRYHQ GH ELJRWHV EDVWDQWH QRUPDO WRPDQGR HQ
0L SODQ HUD YLVLWDU HO FLQH DO GD VXEVLJXLHQWH SXHVWR TXH SDUD HO RWUR FXHQWD HO VHFWRU HO WLSR GH SHOFXOD TXH H[KLEDQ \ HQ HVSHFLDO HO SºEOLFR
WHQD XQD HQWUHYLVWD FRQ HO F³QVXO FKLOHQR (O YLHMR HUD XQ QDYDO MXELODGR TXHDVLVWDDGROHVFHQWHVPXFKRVQHZZDYH\WUDYHVWLVKLSSLHVUHQHJDGRV
DUULELVWD\]DODPHURGHJHVWRVHVWXGLDGRVTXHDSUHQGL³HQXQU¡SLGRFXUVR PRRQLHVYLHMRVYHUGHVSXWDVKDFLHQGRKRUDKDVWDTXHDQRFKHFLHUDFKLQRV
GH OD $FDGHPLD 'LSORP¡WLFD 0H WUDW³ GH lFRPSDWULRWD{ \ GH lDPLJR{ FRPLHQGR SRSFRUQ FRQ SDOLOORV 3DUD P¡V UHPDWH \ HVWR PH DJUDG³
'HWU¡V GH VX VLOO³Q HVWDED OD LQIDOWDEOH IRWR GHO *HQHUDO FRQ VXV PXFKVLPRODVSHOFXODVHUDQHQWUHVGLPHQVLRQHVSRUORTXHWRGDODIDXQD
FRQGHFRUDFLRQHVTXHHQHVHFRQWH[WRDOODGRGHXQDYHQWDQDTXHGDEDDOD GH OD SODWHD WHQD SXHVWRV XQRV DQWHRMRV GH FDUW³Q (VSHUDPRV TXH XQ
EDKD\DOD(VWDWXDGHOD/LEHUWDGP¡VSDUHFDXQFKLVWHGHGXGRVRJXVWR PRQVWUXR VH FRPLHUD D OD VH[\ %DUEDUD :LOVRQ \ VDOLPRV DO IR\HU D
(OF³QVXODOPHQRVKDEDKHFKRVXWUDEDMR0LJXHORLQJUHV³D86$SRUHO FRQYHUVDU 1R PH FRVWDED LPDJLQDUPH DK D 0LJXHOR GHYRU¡QGRVH ORV
DHURSXHUWR GH 0LDPL 'H HVWR KDFD VHLV D±RV (Q 1HZ 2UOHDQV VROLFLW³ ILOPHV HQJUXSL©QGRVH D FXDOTXLHU OXQ¡WLFD HVWXSHQGRVD TXH DQGXYLHUD
SURUURJDU VX YLVD OR FXDO OH IXH DFHSWDGR (Q 0LOZDXNHH OOHQ³ ORV QHFHVLWDGD GH FRPSD±D (ULF PH H[SOLF³ TXH HO FLQH H[KLED ILOPHV WLSR
IRUPXODULRVSDUDVXJUHHQFDUG'RVD±RVGHVSX©VKL]RVXQXHYDHQWUDGDD VHULH % SHUR TXH XQD YH] TXH OOHJ³ 0LJXHOR lHO FKLOHQR{ FRPHQ]³ D
(VWDGRV 8QLGRV SRU 6HDWWOH (VWD YH] FRQ XQD WDUMHWD YHUGH lOHJDO{ TXH SURJUDPDU 6H OH RFXUUL³ GDU SHOFXODV FRQ WWXORV SDUHFLGRV 5HVXOW³ XQ
32/39
©[LWR0LJXHORWUDEDMDEDHOSULPHUWXUQR\HUDPX\UHVSRQVDEOH\VLPS¡WLFR FDUD\PLHQWUDVPLUDEDODVLOXHWDGHOHGLILFLRGHOD&KU\VOHUTXHVHSHUGDHQ
GLMR ODV QHJUDV QXEHV TXH HVWDEDQ DSUHWDQGR D 0DQKDWWDQ SHQV© TXH WRGR HUD
(ULFQRORFRQRFL³H[FHVLYDPHQWH QXQFDIXHDVXFDVD SHURLEDQDWRPDU LQºWLO\TXHQRGHEDPHWHUPHHQORTXHQRPHLPSRUWDED
W©YHUGH\DUUROODGRVSULPDYHUDDXQEROLFKHFHUFDQR6DEDTXHHUDFKLOHQR /RV GDV VLJXLHQWHV HVWXYLHURQ OOHQRV GH WUDEDMRV GH SUXHEDV OHFWXUD GH
UHIXJLDGR GHO U©JLPHQ WRUWXUDGR HQ XQD ERGHJD GHO SXHUWR GH 9DOSDUDVR PDPRWUHWRVHQEXVFDGHDOJXLHQTXHORVSXEOLFDUD(QPHGLRGHHVRVWHGLRV
6HJºQ (ULF HO SDGUH GH 0LJXHOR XQ IDPRVR OGHU GH OD LQWHOHFWXDOLGDG \REOLJDFLRQHVGHHVDVFRQYHUVDFLRQHVFRQIXWXURVSUHPLRV3XOLW]HUTXHQL
VXGDPHULFDQDKDEDVLGRDVHVLQDGRHQXQHVWDGLRGHSRUWLYR$0LJXHORQR VLTXLHUD VDEDQ LQJO©V FRPHQF© D DYHULJXDU DFHUFD GHO PXQGR SRUQR GHO
OH JXVWDED KDEODU GH VX SDVDGR \ ©O OR HQWHQGD SRUTXH VX KHUPDQR PD\RU PLOLHX GHO FRPHUFLR VH[XDO TXH HUD WDQ DEXQGDQWH FRPR GLYHUVLILFDGR
KDEDHVWDGRHQ9LHWQDP\OHVXFHGDDOJRSDUHFLGR7DPEL©QPHVRUSUHQGL³ 'HVSX©V GH FODVHV FRPR XQ HPSOHDGR SºEOLFR FRQ XQ VHFUHWR PH SHUGD
FRQ HO GDWR GH TXH 0LJXHOR FRODERUDED FRQ $PQHVW\ ,QWHUQDWLRQDO \ HQWUHORVEDUHV\ODVGLVFRVODVOLEUHUDV\ORVFLQHVKDUGFRUH+LFHXQDOLVWD
D\XGDED D LQJUHVDU DO SDV D KDLWLDQRV SHUVHJXLGRV 0¡V DWHUUL]DGR PH P¡VGHFLHQ\HQWRGDVSDUWHVDXQTXH7LPHV6TXDUHFRQFHQWUDEDFDVLWRGR
SDUHFL³HOTXHHVWDEDHVFULELHQGRXQDQRYHODVREUHORVFLQHVSHQFDVTXHXQD 'HVFDUW© HQ SULPHUD LQVWDQFLD DO PHQRV ORV ORFDOHV JD\ \ GH
YH] OH SXEOLFDURQ DOJR HQ :LHUGRߞV \ TXH YLYL³ XQ WLHPSR FRQ 6DUDK XQD VDGRPDVRTXLVPR 'HFLG FHQWUDU PL EºVTXHGD SRU HO 0LGWRZQ H LU
IODXWLVWDPRGHORDFWUL]SRHWDFDPDUHUD LUODQGHVD TXH D YHFHV OR LED D GHVFHQGLHQGR7RGDVODVQRFKHVSDUWDDGRVRWUHVGHHVWRVDQWURV5HVXOWDED
UHFRJHU D OD VDOLGD GH OD IXQFL³Q (ULF HVWDED LQIRUPDGR OD UHODFL³Q FRQ FDURSRUTXHQRPHFUHDQHOFXHQWR\GHEDSDJDULJXDODXQTXHIXHUDSDUD
6DUDK WHUPLQ³ QR VDED SRU TX© SHUR GH XQD IRUPD PX\ PDOD \ YLROHQWD KDEODUFRQHOHQFDUJDGR\PRVWUDUOHODIRWRGH0LJXHOR8Q0LNH+DPPHU
0LJXHOR DQGXYR PX\ PDO HEULR \ GURJDGR VH TXHGDED GRUPLGR HQ ODV FXDOTXLHUD FRQ DFHQWR ODWLQR \ FKDTXHWD GH WZHHG /RV ORFDOHV HUDQ HQ
EXWDFDV HVHQFLD LJXDOHV 6KRZV HQ YLYR VH[R HQ YLYR PXMHUHV FRQ SHQH YLGHRV
/XHJRGHODUXSWXUDFRPHQ]³DWUDEDMDUHQXQDER®WHSRUQRGRQGHGDEDQ SRUQRVDFFHVRDORTXHXQRGHVHDED/RVSULPHURVPHFKRTXHDURQSHURDOLU
SHOFXODV\KDEDSHHSVKRZV7DPEL©QWHQDQHVSHFW¡FXORVHU³WLFRV\SXWDV DWDQWRV\GHVSX©VGHWDQWRWLHPSRGHHVWDUVRORFRPHQF©DIDVFLQDUPHFRQ
\FRVDVDV0LJXHORDQWHVGHDEDQGRQDUODSHJDOHFRQILGHQFL³D(ULFTXH ORV OXJDUHV OOHJDQGR D SDVDU KRUDV PLUDQGR D WUDY©V GH XQ KR\LWR ,QFOXVR
OHIDVFLQDEDVXQXHYRWUDEDMRTXHVHVHQWDDSUHFLDGR\TXHHVWDEDJDQDQGR UHFRQRFD FDUDV YLHMRV \ M³YHQHV EXU³FUDWDV \ REUHURV KRMHDQGR UHYLVWDV
EXHQ ELOOHWH IRUQLFDQGR DUULED GH XQ HVFHQDULR 3RU VXSXHVWR ߚHVWDED GH LQVWDODGRVHQKHGLRQGDV\FDOXURVDVFDELQDVGRQGHSRGDQYHUVHWUHVPLQXWRV
FDM³QߚQRFRQRFDHOORFDOQLHOEDUULRQLQDGDl1RYR\DHVRVOXJDUHV{ GHHVWPXORV,QFOXVRSDU©HQXQDVDODXQDSLH]DQHJUD\WHUURUILFDGRQGH
PHGLMR\OHFUH$HVWDVDOWXUDVFDVLQRPHVRUSUHQGL³VXHPSOHR'HSURQWR XQD RULHQWDO VH VREDED VX FOWRULV OHQWDPHQWH EDMR XQD OX] D]XO PLHQWUDV HO
PHLPDJLQ©D0LJXHORHQODWHOHKDFLHQGRDOJXQDORFXUDHQ7KDWߞVLQFUHGLEOH SºEOLFR KRPEUHV PD\RUHV GH EDVW³Q \ ELIRFDOHV VH PDVWXUEDEDQ HQ HO
FRPHQF©DVLQWRQL]DUORSRUVLDFD RFDQWDQGRORVGRPLQJRVHQ:DVKLQJWRQ DQRQLPDWRGHVHUHVVHPHMDQWHVTXHYDQDORPLVPRVLQQLQJXQDYHUJ¼HQ]D
6TXDUH3HURQDGD P¡VELHQUHGLPLGRVJUDFLDVDOYLFLRDVXGHVFDUDGDKXPDQLGDG
9ROY HVWLODQGR DO PHWUR 7RP© XQ FDUUR WRGR UD\DGR \ PXJULHQWR 3HURHOTXHEXVFDHQFXHQWUD\DQWHVGHORSHQVDGRGHVFXEUHOORFDOGH
&RPHQF© D OHHU ORV JUDIILWLV (O WUHQ VLJXL³ DYDQ]DQGR SRU OD RVFXULGDG 0LJXHOR6HOODPDED&DVEDK\SRFRWHQDGHPRULVFR(VWDEDHQOD2HVWH
/OHQR SODJDGR GH JHQWH GH JHQWH PHQRV VRILVWLFDGD TXH OD TXH YD SRU FHUFDGHOURXQEDUULRV³UGLGR\DQWLJXRDSXQWRGHFDHUVHGHUUXPEDGR(O
DUULEDJHQWHFRQJUDQGHVRMRV\ODUJRVVLOHQFLRVEROVDVUHSOHWDVGHEDVXUD &DVEDKHUDXQJUDQV³WDQRSLQWDGRGHQHJUR\URMRFRQHVSHMXHORVFRUWLQDV
(QXQDHVWDFL³QVHVXEL³XQJUXSRGHQHJURVEUHDNGDQFHUVFRQXQDWUHPHQGD GHWHUFLRSHOR\HVWDWXDVGHYLGULRWUDQVSDUHQWH(UDXQVLWLREDVWDQWHFRWL]DGR
UDGLRSRUW¡WLO(QPHGLRGHOWºQHOODHQFHQGLHURQ\ODPºVLFDUHERW³HQODV SRUORVKRPEUHVGHQHJRFLRVTXHQRHUDQGHODFLXGDG6HHQWUDEDOXHJRGH
SRFDV YHQWDQDV TXH DºQ QR HVWDEDQ URWDV 6XSHUWUDPS HPSH]³ D FDQWDU LWߞV VRSRUWDU WRGRV ORV QHUYLRV TXH VLJQLILFDED EDMDU SRU XQD ODUJD \ HVWUHFKD
UDLQLQJDJDLQRKQR,ߞPORVLQJDIULHQG\\RPHEDM©\ODOOXYLDPHPRM³OD HVFDOHUDLOXPLQDGDGHSºUSXUDTXHDOEHUJDEDDSURVWLWXWDVTXHODPDQDVXV
33/39
FOLHQWHV\DGROHVFHQWHVH[WUDYLDGRVTXHVHLQ\HFWDEDQHQODRVFXULGDG8QD HGLILFLRGHODGULOORVURMRV$PHGLGDTXHVXEHVHGLVWLQJXHQSDUHMDVKDFLHQGR
YH]DGHQWURVHSDJDED'LVWLQWRSUHFLRGHSHQGLHQGRGHOVHFWRUSULYDGRVFRQ HO DPRU D WUDY©V GH ODV YHQWDQDV TXH HVW¡Q EULOODQWHPHQWH LOXPLQDGDV /D
DFRPSD±DQWHV YHQWDQDV SDUD PLUDU EDU \ VDOD GH HVSHFW¡FXORV FLQH FRQ F¡PDUDFRQWLQºDVXELHQGRKDVWDTXHVHLQWURGXFHHQXQRVFXURGHSDUWDPHQWR
WUDJRLQFOXLGR FX\D ºQLFD OX] HV XQ OHYH UHIOHMR D]XO &RUWH D XQD WRPD HQ SLFDGR 6H
(IHFWLYDPHQWH ©VH HUD HO ORFDO GH 0LJXHOR SHUR SRU VXSXHVWR \D QR GLVWLQJXH XQ FDWUH GH EURQFH URSD WLUDGD HQ HO VXHOR XQD VLOOD \ 0LJXHOR
WUDEDMDED DK 7DPSRFR VDEDQ G³QGH GLDEORV DQGDUD \ WDPSRFR OHV GHVSLHUWREDMRODVV¡EDQDV0LUDHOWHFKR+D\XQDUDGLRUHORMGLJLWDOHQHO
LQWHUHVDED VXHOR MXVWR DO ODGR GH XQD MHULQJD YDFD /RV QºPHURV VRQ YHUGHV FXDWUR
7UDEDM³ DK FRPR XQ D±R \ PHGLR 3ULPHUR FRPR FDPDUHUR OXHJR KL]R DP0LJXHORVHOHYDQWDFRQFDUDGHSHVDGXPEUHQRWRULDPHQWHGHSULPLGR\
FLHUWRV SDSHOHV HQ SHOFXODV SRUQR HQ EODQFR \ QHJUR SDUD VHU H[KLELGDV HUU¡WLFR 7UDQVSLUD FRPR VL WXYLHUD ILHEUH 6ROR WLHQH SXHVWRV XQRV YLHMRV
GHQWURGHHVDVIDPRVDVFDELQDV&RPRHVRORKL]RELHQWXYREXHQDDFRJLGD FDO]RQFLOORVWLSRER[HU6HDFHUFDDODYHQWDQD/DF¡PDUDORHQIRFDGHVGH
GLULJL³ DOJXQDV FLQWDV SDUD SRVWHULRUPHQWH DFWXDU DUULED GHO HVFHQDULR DIXHUD\GLVWLQWRVFRORUHVVHUHIOHMDQHQVXFXHUSR0LUDDWHQWRILMRVXVRMRV
)RUQLFDED KRUDV \ KRUDV HQ PHGLR GH XQD YRU¡JLQH GH OXFHV IOXRUHVFHQWHV VH YHQ FDQVDGRV VLQ YLGD /D F¡PDUD UHWURFHGH SDUD DPSOLDU HO SODQR ©O
YLHQWRVOOXYLD\3URNRILHY'HELGRDVXEXHQGHVHPSH±RHOMXGRGXH±RGHO LQWURGXFHVXPDQRHQORVFDO]RQFLOORV&RPLHQ]DDMXJXHWHDUFRQVXSDTXHWH
EROLFKHOHSHUPLWL³GLULJLU\SURWDJRQL]DUXQILOPHSRUQRDVXJXVWR0LJXHOR OD F¡PDUD WRPD HO SXQWR GH YLVWD GH 0LJXHOR \ FRPLHQ]D D DFHUFDUVH
VHVDOL³GHOSUHVXSXHVWR\WDOFRPR&LPLQRGHVSX©VGH+HDYHQߞV*DWHIXH OHQWDPHQWH DO HGLILFLR GH HQIUHQWH +D\ XQD SDUHMD GHVQXGD KDFLHQGR HO
GHVSHGLGR\PDUJLQDGRGHOVLVWHPDGHSURGXFFL³QSRUQRJU¡ILFD6XSHOFXOD DPRU/DQL±DPLUDDODF¡PDUDILMDPHQWHPLHQWUDVMDGHD'HSURQWRXQWUHQ
VHOODPDED$0\HUDXQDGHODVIDYRULWDVGHOORFDO DYDVDOODGRU RFXSD GH LPSURYLVR OD SDQWDOOD DYDQ]DQGR D WDO YHORFLGDG TXH
&RPHQF© D PLUDU HO VKRZ HQ YLYR XQ MDSRQ©V XQ QHJUR \ XQ DOELQR HV GILFLO GLVWLQJXLU D ORV SDVDMHURV TXH YDQ GHQWUR KDVWD TXH HPSLH]D D
SHQHWUDEDQDXQPLVPRWLHPSR\SRUWRGRVORVOXJDUHVSRVLEOHVDXQDPX\ GLVPLQXLUKDVWDDYDQ]DUHQF¡PDUDOHQWD0LJXHOR\DGHVQXGRVDOWDSRUOD
OXEULFDGD\HQJUDVDGDWLSDFRQHOSDUGHWHWDVP¡VJUDQGHVTXHKHYLVWRHQ YHQWDQD \ FRPLHQ]D D JLUDU HQ HO DLUH KDVWD TXH HO WUHQ WHUPLQD GH SDVDU
PLYLGD'ROO\3DUWRQYHWHDFDVD7HUPLQ©PLJLQ\VDO3DV©DOFLQHGRQGH 0LJXHORHVW¡HQODFDPDFRQODQL±DGHHQIUHQWHHQURVFDGRVHQXQIUHQ©WLFR
HVWDEDILQDOL]DQGRXQDRUJDDODURPDQDFRQGHFRUDGRVGHFDUW³QSLHGUD(Q MXHJRPDVRTXLVWDGHJROSHV\UDVJX±RVHVWUDQJXODPLHQWRV\JULWRVTXHGDQ
ODSURIXQGLGDGGHFDPSRGHWU¡VGHXQDFROXPQD\GHXQDSODQWD0LJXHOR SDVRDXQRUJDVPROHQWRUXLGRVR\WLHUQRXQDSHTXH±DPXHUWHVXDYH\OHYH
VH WLUDED D XQD FRORULQD &HUFD PR XQ WLSR OH PRUGD OD RUHMD D XQD SXWD &DPELRGHHVFHQD\ODF¡PDUDHVW¡HQODFDOOH6LJXHOORYLHQGR\XQRVYLHMRV
YLHMDFRQUDVJRVFDULEH±RV GHDEULJRQHJURUHFRJHQODEDVXUD8Q]RRPQRVDFHUFDDOVHP¡IRUR\©VWH
$ FRQWLQXDFL³Q HPSH]³ OD SHOFXOD GH 0LJXHOR WDO FRPR OR KDED FRPLHQ]D D FDPELDU GH FRORUHV FRQ PSHWX URMR YHUGH DPDULOOR YHUGH
VROLFLWDGR GHVSX©V GH FRLPHDU DO RSHUDGRU /D VDOD VH IXH D QHJUR \ OD URMRDPDULOORYHUGH6HLQWHUFDODQHQXQDVHFXHQFLDODUJD\HVTXL]RLGHDO
SDQWDOODVHLOXPLQ³GHYHUGH ULWPRGHXQWDPERUMDPDLFDQRORVWUHVFRORUHVODHVFHQDGH©O\HOODHQOD
FDPD KDFL©QGROR \ 0LJXHOR PLU¡QGRVH D V PLVPR HQ HO UHIOHMR GHO YLGULR
*UHJRU\ 6DQWDQD DQG ,UD %HQGHU LQ DVVRFLDWLRQ ZLWK &$6%$+ 6.,1 PLHQWUDV VH GHVDKRJD /RV LQWHUYDORV GXUDQ OR TXH 0LJXHOR VH GHPRUD HQ
SUHVHQWV)285$0DILOPE\0LJXHOR+HQULTXH] HMHFXWDUFDGDSXOVDFL³Q7RGRHVU¡SLGR\WDPEDOHDQWHFRPRHQXQYLGHR$O
HVWDOODU WRGR ORV WUHV SODQRV VH GLOX\HQ HQ XQR 0LJXHOR VH FRORFD ORV
/DF¡PDUDFRPLHQ]DDDOHMDUVH\XQRFDSWDTXHHOYHUGHHVXQVHP¡IRUR FDO]RQFLOORV \ XQ LPSHUPHDEOH PLHQWUDV VH HVFXFKD D 1LOVRQ FDQWDQGR
TXHHQHVHLQVWDQWHVHWRUQDDPDULOOR(VGHQRFKH\OOXHYH/DF¡PDUDYXHOD (YHU\ERG\ߞV WDONLQߞ DW PH OD FDQFL³Q GH 3HUGLGRV HQ OD QRFKH 6DOH GH VX
SRU XQD FDOOH YLHMD \ JLUD VH GHWLHQH HQ XQD WLHQGD GH UHFXHUGRV GHSDUWDPHQWR\EDMDODVODUJDVHVFDOHUDV3DUDOHODPHQWH0LJXHORVHGHVSLGH
FLQHPDWRJU¡ILFRV$KFRPLHQ]DXQWUDYHOOLQJFRQJUºDSDUDOHORDXQURGR GH OD QL±D \ VH SRQH XQRV FDO]RQFLOORV \ XQ LPSHUPHDEOH 6DOH GHO
34/39
GHSDUWDPHQWR\EDMDXQDVODUJDVHVFDOHUDV7RPDGHVGHHODLUHDPERVVDOHQ
D OD FDOOH IUHQWH D IUHQWH \ VH DFHUFDQ FKRFDQGR \ WUDQVIRUP¡QGRVH ,,,
IXQGL©QGRVH HQ XQR VROR <D QR OOXHYH KD\ YLHQWR \ SDSHOHV TXH YXHODQ
&DPLQDFHUFDGHOUR\HODOEDVHDFHUFD1RKD\QDGLHHQODFDOOH6HVLHQWD
HQ XQ HVFD±R IUHQWH D OD VLOXHWD GHO %URRNO\Q %ULGJH LJXDO FRPR HQ
0DQKDWWDQ 0LJXHOR HVW¡ FRQ OD EDUED D PHGLR FUHFHU GHFDGR GHVFDO]R 0LJXHORPXUL³D\HU6HSHJ³XQWLURHQODVLHQ/RVXSHDWUDY©VGHO'DLO\
5HVSLUD KRQGR \ ODQ]D XQD FDUFDMDGD FQLFD 6H OHYDQWD 6LJXH FDPLQDQGR 1HZV 7UDEDMDED GH QRFKHUR HQ XQ HGLILFLR TXH QR HVW¡ D P¡V GH RFKR
/DF¡PDUDORILOPDSRUDWU¡V&RPLHQ]DDOORYHU8QVHP¡IRURVHSRQHURMR FXDGUDV GH DTX (O DUWFXOR GHFD TXH HVWDED VROR FRPR XQD UDWD 0HGLD
)LQ QRYHGDG(VR\DORVDEDQDGLHHQ1XHYD<RUNSXHGHHVWDUGHRWUDIRUPD
3HQVDU TXH PLHQWUDV \R HVFULED WRGR OR TXH KDED DYHULJXDGR VREUH WL
HVWDEDV D XQ SDU GH GDV GH WRPDU WX GHFLVL³Q KXHYRQD &ODUR VXLFLGDUVH
'XU³VLHWHPLQXWRV OODPDUODDWHQFL³QVDOLUHQHOGLDULR3RUTX©QROHVWHHODYLVR"SRUTX©
'HVSX©V GH FDPLQDU XQDV FXDUHQWD FXDGUDV SRU OD 6©SWLPD KDFLD DUULED QRPHEXVFDVWH"&RQRFDVPLSDUDGHUR0LUDODTXHPHKLFLVWH$KRUDPH
UHVSLUDQGR HO DLUH IUR DWUDYHVDQGR FRPR XQ QL±R DVXVWDGR ORV FKDUFRV GH VLHQWRDXQP¡VVRORQRFRQR]FRDQDGLHHQHVWDFLXGDGGHPLHUGDQDGLHPH
YDSRU TXH HPHUJHQ GHO PHWUR VLQWL©QGRPH HQ FDVD \ D OD YH] WDQ OHMRV KDEOD4XHUDYHUWHKDFHUORGHDQWHVYDJDUSDUWLUD&DQDG¡GDUYXHOWDVSRU
OOHJX©DPLSLH]DGHSDUWDPHQWRPLU©SRUODYHQWDQDHVHUHORMHQODSXQWDGH &RQH\ ,VODQG FRQ PLV HQDQRV \ TXH HOORV WH GLMHUDQ lWR{ SHUR
XQHGLILFLRSDUDVRUSUHQGHUPHGHODKRUD\GHOIURWRP©XQ1REULXP\SRU FRQRFL©QGRWH Wº ORV REOLJDUDV D TXH WH GLMHUDQ VROR 0LJXHOR SDUD DV QR
SRFR PH SXVH D OORUDU <D QR KDED G³QGH EXVFDU 6DED WRGR OR TXH SRGD VHQWLUWHYLHMR<HQTX©TXHG³ORGHODREUD\:RRG\$OOHQ\WXVLGHDV\
VDEHU (V GHFLU QR VDED DEVROXWDPHQWH QDGD \ \D SRFR PH LPSRUWDED FXHQWRV"<TX©GHERGHFLUOHVDWRGDVWXVDPLJDVDPDQWHV\DGPLUDGRUDV"
VHJXURTXHDQGDEDSRUDKUHYHQW¡QGRVHFRQHOMHWVHWHQXQRGHORVFOXEHV <DKRUDGHERGHMDUGHHFKDUWHGHPHQRV\SDUWLUDEXVFDUWHDODPRUJXH$K
GHO8SSHU(DVW6LGH HVW¡VVRORHQFHUUDGRHVSHUDQGRTXHDOJXLHQWHUHFODPH&DOPDPHSRQJR
(VWR DFRQWHFL³ OD VHPDQD SDVDGD $ºQ VLJR VLQ VDEHU QDGD 6LHQWR SHQD HODEULJR\SDUWR
SHUR ODWD WDPEL©Q 7HQJR TXH WUDEDMDU HVWR\ DWUDVDGR &RQWHVWD HO DYLVR
0LJXHORFRQWHVWD
+DFHXQIURWUHPHQGRSHURQROOXHYH/RTXHFRQJHODHVODQLHEOD$ºQ
HV WHPSUDQR \ QDGLH PH YH VDOLU $ QDGLH OH LQWHUHVD $QGR SRU OD FDOOH
FDPLQR WUDWR GH SHUGHUPH SHUR QR KD\ PXFKHGXPEUH 3DUR XQ WD[L /R
PDQHMD XQ VDOYDGRUH±R TXH HVFXFKD D %DFK (O WUD\HFWR HV OR
VXILFLHQWHPHQWH FRUWR SDUD QR DOFDQ]DU D SHQVDU PXFKR (VWR\ VROR HQ
$P©ULFD UHFRUULHQGR XQ 1XHYD <RUN D SXQWR GH VHU QHYDGR G¡QGRPH
FXHQWD GH TXH XQR SXHGH HVFDSDU GH WRGR PHQRV GH XQR PLVPR 'HEHU©
UHFRQRFHUORILUPDUSDSHOHVLUDXQPRUWXDU\\KDFHUORVDUUHJORV&KLVSHD
(O+XGVRQHVW¡QHJURHVWDQFDGRVLQORVUHIOHMRVGHORVHGLILFLRVGHODRULOOD
&RUUHXQDYHQWLVFDGHPHQFLDO'HVSX©VWHQGU©TXHFRQVHJXLUXQVLWLRGRQGH
HQWHUUDUOR FRORFDU XQ RELWXDULR TXH QDGLH OHHU¡ HVFULELUOH D OD &HFLOLD TXH
SUREDEOHPHQWHYDDOORUDUFRQODFDUWD
35/39
/DPRUJXHHVXQWUHPHQGRHGLILFLRYHUGHDJXDKHODGR\FRQHFR1LQJºQ SRU GHEDMR \ HO URVWUR GH 0LJXHOR VH WDSD FRQ HVH FXHUR JHODWLQRVR \
WRXUORLQFOX\HHQVXUXWDWXUVWLFD(QWUR\PLVSLVDGDVUHWXPEDQHQIRUPD FRPSDFWRURVDGR6LJXHODVLHUUD/HYDQWDODWDSDGHOFU¡QHR/RVVHVRVDOD
FDVL FUXHO +D\ XQD RILFLQD GH LQIRUPDFLRQHV GRQGH OD JHQWH OOHJD \ YLVWD +D\ VDQJUH \ FR¡JXORV 0HWH OD PDQR \ FRQ XQD WLMHUD KDFH FRUWHV
SUHJXQWD l7HQGU¡Q XVWHGHV SRU FDVXDOLGDG D PL SDGUH"{ 6 HQ HIHFWR (QWRQFHVH[WUDHHOFHUHEUR(VW¡GHVWUXLGR8QDEDODORDWUDYHV³KDFHSRFR
VJDPHSRUIDYRU<VLJRDXQWLSRFRQIDFKDGHJULHJRWUDVSODQWDGR(VXQ (OP©GLFRORWUR]DDORODUJRFRPRXQELIH&RQXQDHVSRQMDVDFDQODVDQJUH
SDVLOORHWHUQROOHQRGHSXHUWDVHPSD±DGDV3DVRDXQDVDODFRQXQYLGULR$O DPRUDWDGDTXHIORWDHQHVDIRVDYDFD(OGRFWRUKDEODSHURQRHQWLHQGRQL
RWURODGRVHHQFLHQGHODOX](QWUDHOJULHJRFRQXQDFDPLOOD+D\XQFXHUSR HVFXFKR<RV©GHTX©PXUL³(OORVGHVHDQVDEHUVLKXERSUHVHQFLDGHGURJDV
\HVW¡WDSDGR'HVFXEUHODPLWDG(V0LJXHOR/XFHXQDGHVWH±LGDFKRPED R DOFRKRO R VL WHQD F¡QFHU (O D\XGDQWH VH UHWLUD \ VH YD KDFLD HO IRQGR
FKLORWD7LHQHXQDJXMHURDPRUDWDGRHQFDGDFRVWDGRGHOFU¡QHR6HYHVHULR 9XHOYH FRQ XQD QDYDMD /D PHWH GHEDMR GH OD PDQ]DQD GH $G¡Q &RQ
+D\VDQJUHVDOSLFDGDVREUHVXID]$VLHQWR$SDJDQODOX]6DOJR/HGR\ORV YLROHQFLD FDYD KDFLD HO IRQGR LQLFLDQGR HO UHFRUULGR D OR ODUJR GHO W³UD[ \
GDWRV TXH WHQJR )LUPR XQRV SDSHOHV &DQFHOR RFKR G³ODUHV l'HEHPRV GHO YLHQWUH 8Q MXJR DPDULOOHQWR VDOH D IORWH \ XQ RORU D UDW³Q SRGULGR PH
HIHFWXDUOHXQDDXWRSVLD(VOH\HVWDWDO4XLHUHSUHVHQFLDUOD"{1RV©SRUTX© LQYDGHODQDUL]YHRDSDUHFHUFDUQHURMD\EULOODQWHHOGHVD\XQRFRPLHQ]DD
PHORRIUHFL³/HGLMHTXHV VXELUVLHQWRDUFDGDVXQRVHVSDVPRVVHDSRGHUDQGHP\ODVQ¡XVHDVQRPH
(QWURDXQDQILWHDWURGHGRVRWUHVHVFDORQHV(VEODQFRFRPRODQDWDGHOD GHMDQWUDQTXLOR\EDMRFRUULHQGRFRQODVPDQRVHQODERFDKDVWDOOHJDUDXQ
OHFKH+D\XQJUDQIRFRLQVWDODGRHQHOWHFKR$EDMRDOFHQWURXQDFDPDGH ODYDWRULRHQSOHQRSDVLOORGRQGHVDOHHOY³PLWRFRQGLILFXOWDGTXHG¡QGRVH
ORVD SODQD FRQ GUHQDMH (QWUD XQ P©GLFR MRYHQ TXH QR PH PLUD 8Q YLHMR DWUDYHVDGRHQODJDUJDQWDHQORVGLHQWHVHQODVIRVDVQDVDOHV(OY³PLWRHV
HQWUDHQVHJXLGDFRQODFDPLOOD/HVDFDODV¡EDQD(OP©GLFROHDJDUUDORV HVSHVRDPDUJRFRQRORUDFXHUSRGHVFRPSXHVWRFRQRORUD0LJXHOR\HVR
SLHV \ HO RWUR ORV EUD]RV (VW¡ UJLGR GXUR GH FHUD 8Q GRV WUHV \ OR PHGDDXQP¡VDUFDGDV\ODVXVWDQFLDHVURMD\DPDULOOD\UHFXHUGRORVVHVRV
OHYDQWDQ\ORGHMDQFDHUHQODORVD0LJXHORUHERWD\VXFDEH]DVHJROSHD\ ORVUL±RQHV
VXHQDKXHFD(VW¡YHVWLGRFRQXQDEDUEDGHWUHVGDVERWRWRV7LHQHORVRMRV 0HHQMXDJRODERFD\FRORFRXQDSDVWLOODGHPHQWDHQPLOHQJXD3RUOD
DELHUWRV ILMRV SRVWL]RV (O D\XGDQWH OH EDMD ORV S¡USDGRV 0HMRU 3UHILHUR YHQWDQD PLUR ODV VLOXHWDV GH ORV HGLILFLRV \ DO ILQDO ODV WRUUHV GHO :RUOG
TXHQRPHPLUH3ULPHURHOUHORMODELOOHWHUDHOFLQWXU³Q/RVERWRWRVORV 7UDGH&HQWHU'HFLGRYROYHUDHQWUDU5HVSLURSURIXQGR\DEURODSXHUWD$K
FDOFHWLQHV DUWHVDV ORV MHDQV GHVWH±LGRV OD FKRPED FKLORWD OD FDPLVD GH HVW¡ HQWHUDPHQWH GLVHFFLRQDGR /D SLHO TXH KDFH SRFR HVWDED WHQVD \ OLVD
IUDQHODODFDPLVHWDORVFDO]RQFLOORVWLSRER[HU1RKD\DUR0LJXHORVHYH DKRUD HVW¡ DPRQWRQDGD \ VXHOWD DUUXJDGD FROJDQGR D ORV ODGRV 'RQGH
WRGDYDP¡VUJLGR6XWLUDQWHHVW³PDJRQRVHPXHYH\ORVEUD]RVOHFXHOJDQ HVWDEDHORPEOLJRDKRUDHVW¡QORVLQWHVWLQRVKºPHGRV\PDOROLHQWHV&RQXQ
D SORPR 7UDWR GH PLUDU ELHQ SHUR QL XQ PRYLPLHQWR (VW¡ WLHVR \HUWR FXFKDU³Q VDFDQ OD VDQJUH \ OD GHSRVLWDQ HQ XQ HQYDVH (O FRUD]³Q HVW¡
DVXVWD /DV SLHUQDV HVW¡Q DPDULOOHQWDV \ ORV GHGRV HVW¡Q YHUGRVRV \ SDUWLGR VREUH OD PHVD /DV SLHUQDV WLMHUHWHDGDV WLHQHQ DO GHVFXELHUWR ODV
DUUXJDGRVFRPRVLKXELHUDHVWDGRYDULDVKRUDVHQXQDWLQDIUD YHQDVORVPºVFXORVD]XOLQRVORVKXHVRV8QILQDODELHUWR&LHUURODSXHUWD\
(O P©GLFR DQRWD WRGD VX URSD HQ XQ LQIRUPH 5XWLQD (QFLHQGH XQ VDOJR
PLFU³IRQRTXHFXHOJDGHOFLHOR7RPDXQDSDUDWRODUJRTXHWLHQHXQDHVSHFLH
GH GLVFR HQFLPD \ OR SUHQGH (O GLVFR FRPLHQ]D D JLUDU D DOWD YHORFLGDG
WUDQVIRUP¡QGRVHHQXQDVLHUUD6HDFHUFDD0LJXHOR(OD\XGDQWHOHOHYDQWD 0D±DQDGHEHU©HQWHUUDUD0LJXHOR1RKD\YXHOWDTXHGDUOH'HVSX©VGH
ODFDEH]D/DVLHUUDOHHQWUDSRUDWU¡V\HOUXLGRGHOKXHVRTXHVHTXLHEUDPH OD PRUJXH WRP© RWUR WD[L \ SDUW HQ EXVFD GH XQD IXQHUDULD $K XQD WLSD
FDOD+DFHQXQVHPLFUFXORGHRUHMDDRUHMD/DDSDJD(VSHURTXHOHYDQWHOD H[WUHPDGDPHQWHDV©SWLFDJXDQWHVGHJRPDWRGDGHEODQFRSHORHQPR±DGR
WDSDGHOFU¡QHRSHURHQYH]LQWURGXFHHOGHGRGHEDMRGHOFXHURFDEHOOXGR PH HQWUHJ³ XQ IRUPXODULR 6DTX© OD ELOOHWHUD GH 0LJXHOR TXH PH KDEDQ
DJDUU¡QGROR\OROHYDQWDSRUVREUHODFDEH]D\ORGDYXHOWD(OSHORTXHGD HQWUHJDGR \ DQRW© VXV QºPHURV HGDG FDUDFWHUVWLFDV 'HVSX©V WXYH TXH
36/39
HOHJLU F³PR OR GHVHDED HPEDOVDPDGR DVHUUQ R DOJRG³Q PDTXLOODGR 0F'RQDOGߞV(UDXQJRUGRFLQFXHQW³QGHDQWHRMRVSRWRGHERWHOOD7HQDHO
SHLQDGRGHSHOXTXHUD\PDQLFXUHYHVWLGRFRQWHUQRRHQYXHOWRDORMXGR DVSHFWR GH VHU GH HVRV WLSRV PX\ DWHUUL]DGRV D TXLHQHV QDGLH OHV FXHQWD
&RQ UHVSHFWR DO YHORULR GLVSRQD GH YDULRV VHUYLFLRV \ D GLVWLQWRV FRVWRV FXHQWRV 'H ©VRV TXH QR FRPSUDQ DXWRV MDSRQHVHV SRUTXH ©VWRV
+DED IORUHV PºVLFD HQ YLYR R JUDEDGD F³FWHO GH FXDOTXLHU WLSR LQFOXVR ERPEDUGHDURQ3HDUO+DUERU&RQ0LJXHORODVUHODFLRQHVHUDQWDQJHQFLDOHV\
YHJHWDULDQR YLGHR 7DPEL©Q RIUHFDQ JHQWH TXH OORUDED +DED DWDºGHV GH QR OH JXVWDEDQ VXV URSDV QL HVR GH SDVDUVH OH\HQGR R GH RU VLQ SDUDU VX
PDGHUDGHSO¡VWLFRIRUUDGRVFRQUDGLRROX]'XUDQWHHOYHORULRHOPXHUWR ZDONPDQl/DJHQWHTXHHVFXFKDPXFKDPºVLFDYHPXFKDVSHOFXODV\OHH
SRGD SDUWLFLSDU GHO HYHQWR HVWDQGR SUHVHQWH GHWU¡V GH XQ YLGULR \D VHD PXFKRVOLEURVQRWLHQHPXFKRIXWXURQRFUHH"7UDWDQGHORJUDUFRQHVROR
GHQWURRIXHUDGHOI©UHWUR TXHQRORJUDQHQODUHDOLGDG{PHGLMR4XL]¡VSXHGHVHUPD\EH
(OHJ OR P¡V QRUPDO \ EDUDWR )DOWDED DOJR HO FHPHQWHULR 0H SDVDURQ 6DOGHHVHHGLILFLRFRPSUREDQGRTXHDO0LJXHOR\DSRFROHLPSRUWDEDQ
OLVWDV([LVWDODRSFL³QGHODLQFLQHUDFL³QRGHWUDVODGDUHOFXHUSRD&KLOH ODV UHODFLRQHV /D JHQWH TXH KDED HVWDGR FHUFD GH ©O KDED VLGR VROR
0LU©ORVVLWLRV1XHYD<RUNHUDSURKLELWLYR1HZ-HUVH\P¡VEDUDWR%DM©OD DFFLGHQWHV FRPSURPLVRV DO SDVDU (QWU© D XQD GLVTXHUD \ FRPSU© YDULRV
PLUDGD \ YL OD SDODEUD P¡JLFD $VEXU\ 3DUN OD WLHUUD QDWDO GH XQR GH ORV FDVVHWWHVGH%UXFH6SULQJVWHHQ6HQWXQDQHFHVLGDGGHHVFXFKDUORGHVSX©V
FDQWDQWHV IDYRULWRV GH 0LJXHOR \ \R %UXFH 6SULQJVWHHQ (UD XQ EDOQHDULR GH WDQWRV D±RV /H GLMH D OD QL±D TXH LED D HQWUDU D XQD GH HVDV FDVHWDV
YLHMRFRQERDUGZDON\KRWHOHVFODXVXUDGRVSOD\DFRQSDVHRGRQGHYHQGHQ HVSHFLDOHV7HQDXQXUJLPLHQWRSRURU%REE\-HDQ
FRUQGRJV DOJRG³Q GH GXOFH FKRFORV FRQ PDQWHTXLOOD FDPDURQHV IULWRV
EXUULWRV \ WRGD HVD FRPLGD PDOD TXH KDED FRQRFLGR D WUDY©V GH ODV 1RZ\RXKXQJZLWKPHZKHQDOOWKH
SHOFXODV1RTXHGDEDOHMRVHUDWUDQTXLOR\URP¡QWLFR\HOSXHEORHQVHUD RWKHUVWXUQHGDZD\WXUQHGXSWKHLUQRVH
XQDPDUDYLOOD(QYH]GHSOD]DWHQDXQSDUTXHGHGLYHUVLRQHVFRQFDUUXVHO :HOLNHGWKHVDPHPXVLFZHOLNHGWKHVDPH
\ WRGR TXH IXH FRQVWUXLGR GXUDQWH ORV D±RV WUHLQWD \ TXH KR\ HVWDED FORWKHV
WRWDOPHQWH R[LGDGR $VEXU\ 3DUN 1HZ -HUVH\ PLUDQGR DO $WO¡QWLFR LED D :HWROGHDFKRWKHUWKDWZHZHUH
VHUHOOXJDUGH0LJXHOR/RP¡VOHMRVSRVLEOHGHX±RDTXHSRGDRIUHFHUOH WKHZLOGHVW
)LUP© SDJX© \ TXHGDPRV HQ TXH HOORV LUDQ D OD PRUJXH D EXVFDUOR \ OR 7KHZLOGHVWWKLQJVZHߞGHYHUVHH
OOHYDUDQDOSHTXH±RFHPHQWHULRTXHPLUDDOPDUPD±DQDSRUODWDUGH8Q 1RZ,ZLVKHG\RXZRXOGKDYHWROGPH
IXQHUDOWUDQTXLORVLQSULVDYDFR ,ZLVKHG,FRXOGKDYHWDONHGWR\RX
&RQ HVR OLVWR PH VXE D XQ FDUUR GHO PHWUR \ EDM© HQ OD HVWDFL³Q P¡V MXVWWRVD\JRRGE\H%REE\-HDQ
FHUFDQDDOHGLILFLRGRQGH0LJXHORWUDEDMDEDWRGDVODVQRFKHV$KRUDVTXH
GDEDORPLVPRVLQRFRQRFDQODGLUHFFL³QGHVXFDVD<RVODVDED\HUDPL
SU³[LPDSDUDGD /D FDVD GH 0LJXHOR UHVXOW³ VHU XQ GHVWDUWDODGR GHSDUWDPHQWR GH ODGULOOR
(OOXJDUHUDXQUDVFDFLHORVP¡VELHQEDMR0LJXHORFXLGDEDGHORVSLVRV YLHMR FRQ XQDV R[LGDGDV HVFDOHUDV GH LQFHQGLR TXH OR URGHDEDQ HQWHUR
LQIHULRUHVTXHSHUWHQHFDQDXQDFRPSD±DTXPLFDWUDQVQDFLRQDO(UDQXQRV (VWDEDHQSOHQR$OSKDEHW&LW\FHUFDGHODFDOOHHOEDUULRGHOFUDFN\OD
SLVRVGLVH±DGRVSDUDQRSHUGHUHOWLHPSR1LODERUDWRULRWHQDVHHVWDEDHQ KHURQD \ PLUDED DO SRFR DWUDFWLYR (DVW 5LYHU 8QD FXHQWD GH OX] HQ VX
2NODKRPD$TXVHWUDEDMDEDSDUDYHQGHU5HFRUUODVRILFLQDV\YLHOVLWLR ELOOHWHUDORGHODW³
GRQGH VH SHJ³ HO EDOD]R XQ SHTXH±R FXEFXOR FRQ YDULRV PRQLWRUHV TXH 3DUD YDULDU OD FRQVHUMH XQD QHJUD GH JUXHVRV ODELRV \ SHOR UXELR SRFR
YLJLODEDQ ODV HQWUDGDV XQD FDIHWHUD XQ FDOHQGDULR GH 7DKLWL <D QR KDED VDEDGH©OSDJDEDVXUHQWDQROOHYDEDDQDGLHQRWHQDSHUUR0HSDV³ODV
VDQJUH \ 0LJXHOR WHQD XQ UHHPSOD]DQWH +DEO© FRQ RWUR QRFKHUR 3RFR OR OODYHV(OODWDPEL©QKDEDOHGRHO'DLO\1HZV
FRQRFD 6H MXQWDEDQ WRGDV ODV QRFKHV D ODV GRFH D FRPHU SL]]D R DOJR GH (UDXQDSLH]DDODUJDGDFRQXQED±RVLQWLQDSHURFRQGXFKD8QFROFK³Q
37/39
HQHOVXHORXQDVFDMDVFRQURSDXQHVFULWRULRKHFKRDSDUWLUGHXQDSXHUWD S©VLPR \ TXH 1HZ <RUN &LW\ WH SLVRWH³ WH GHM³ KHFKR PLHUGD <D QR WH
YLHMD 1R KDED FRFLQLOOD R IULJLGHU VROR XQ ODYDSODWRV VDOWDGR /D YHQWDQD VHQWDV DPLJR PR \ HVR QR WH OR YR\ D SHUGRQDU WDQ I¡FLO 6L OR IXHUDV WH
HUDJUDQGHFRQSHUVLDQDV7DPEL©QKDEDXQVLOO³QURWRFRPRGHOHM©UFLWRGH KXELHUDGDGRORPLVPRPHKXELHUDVSHGLGRD\XGDFRQVHMRFXDOTXLHUFRVD
VDOYDFL³QFDOHIDFWRUXQEDºOFRQFDOFRPDQDVGHDHUROQHDVXQS³VWHUTXH /DFDJDVWH0LJXHORODFDJDVWHILUPH]D3HURDSHVDUGHWRGRTXLHURTXHWH
GHFD 9LVLW &KLOH FRQ XQ 6DQWLDJR FRQ OD FRUGLOOHUD QHYDGD GH IRQGR TXHGHELHQFODURFRPSDGUHTXHODKXHOODGHWXDPLVWDGQRVHKDERUUDGR\
7DPEL©QKDEDXQRVDILFKHVGHSLQWRUHVTXHHUDQELHQYLVWRVRV$UULEDGHOD SUREDEOHPHQWHPHYDDGDUSHQDPD±DQDHQODWDUGHFXDQGRHVW©VRORHQHO
FDPD XQ S³VWHU GH OD SHOFXOD /DV KRUPLJDV DVHVLQDV \ RWUR HQ EODQFR \ FHPHQWHULR \ FDGD YH] TXH YD\D D YHU SHOFXODV PDODV SHQVDU© HQ WL (VW¡
QHJURGH(OWUDQVFXUVRGHOWLHPSRGH:HQGHUV7HQDXQV³OLGROLEUHURFRQ FODUR" (VFXFKDVWH" &RQWHQWR" (V PHMRU DOO¡ DUULED TXH DF¡ DEDMR" (V
KDUWRVWWXORVHQLQJO©V\XQRVSRFRVHQFDVWHOODQR8QDFROHFFL³QGHUHYLVWDV YHUGDGTXHXQRYHODSHOFXODGHVXYLGDSDVDUIUHQWHDVXVRMRV"<F³PR
%RPE ,QWHUYLHZ 3DSHU \ )LOP 7KUHDW $O FHQWUR GHO PXHEOH XQD IRWR HV"3DUDSUHPLR"7DTXLOOHUD"&RQXQILQDODELHUWR"
0LJXHOR DEUD]DGR GH XQD FRORULQD HVWXSHQGD $PERV VH YHQ IHOLFHV \ 0HEDM©GHOPHWUR\ODVQXEHVFXOHDGDVDºQQRVHODUJDEDQDOORYHU(QWU©
VRQULHQWHV \ VXV SHORV HVW¡Q YRODQGR $O IRQGR 0DQKDWWDQ HQ FKLFR (UD DXQFDI©\SHGXQFRUWDGR)XLDOED±RDPHDU0HEDM©HOFLHUUH\IUHQWHD
6DUDK$EDMRGHODIRWRHQPDUFDGDHVFULWRFRQWLQWDGHFD(PSLUH6WDWHOR PLV RMRV HQ OD SDUHG XQD OHWUD WHPEORURVD GHFD ,V 7KHUH $Q\ERG\ 2XW
P¡VDOWRTXHKHOOHJDGR 7KHUH"'HEDMRFRQXQDOHWUDQHJUDJUXHVDVHJXUDDOJXLHQUHVSRQGD12
6REUH HO HVFULWRULR KDED XQ YLGULR TXH DSODVWDED DUWFXORV GH GLDULRV 0H VDFXG WLU© OD FDGHQD \ VDO 0LU© D PL DOUHGHGRU \ HIHFWLYDPHQWH QR
FXHQWDV VXV WUDEDMRV HQ :LHUGRߞV XQD IRWR VX\D IUHQWH DO FLQH 6HQQHWW KDEDQDGLH
7DPEL©Q XQD P¡TXLQD GH HVFULELU \ YDULDV FDUSHWDV \ SDSHOHV +DED XQD
D]XOTXHGHFD6WRULHV/DWRP©HUDJUXHVD\SHVDGD'HFLGOOHY¡UPHOD1R
FUHRTXHODOHDSRUXQEXHQWLHPSR1RWHQJRJDQDV2TXL]¡VQRPHDWUHYD
3HURORP¡VLPSRUWDQWHODVGRVIRWRVTXHQRVWRPDPRVHQ3DQDP¡DGMXQWDV
FRQ XQ FOLS DO DYLVR 'HVSHUDWHO\ VHHNLQJ 0LJXHOR /H GL XQD SDWDGD D OD
SXHUWD SHJX© XQ SRUWD]R \ EDM© FRUULHQGR ODV HVFDOHUDV /OHYDED ELHQ
DSUHWDGDODFDUSHWD(OFLHORVHHVWDEDGHVSHMDQGR\RVFXUHFLHQGRDODYH]
<RTXHUDTXHOORYLHUD
7RP© HO PHWUR \ ORV JUDIILWLV SDVDURQ UDMDGRV SRU PL UHWLQD 7RGRV ORV
URVWURVVHYHDQEODQFRVVLQERFDV6HQWORVFDVVHWWHVHQHOEROVLOOR<HQ
TX© TXHG³ HVH MXUDPHQWR KXHY³Q" 2 GLPH TXH QR WH DFXHUGDV GH HVD YH]
HVFXFKDQGR D %UXFH HQ OD SOD\D \R OOHQR GH FUHPD SRU KDEHUPH DVROHDGR
FRPR MHW³Q ZH PDGH D SURPLVH ZH VZRUH ZHߞG DOZD\V UHPHPEHU QR
UHWUHDWQRVXUUHQGHU\DODSULPHUDRDODVHJXQGDTX©V©\RQRLPSRUWDWH
HQWUHJDV WH ULQGHV \ WH EDOHDV 3RU OR PHQRV SXGLVWH KDFHUOR HQ WX SURSLD
FDVD\QRGDUXQHVSHFW¡FXORb$K\HOWRTXHJXDUGDUODVIRWRV\HODYLVR
SDUDTXHFXDQGROOHJDUDߚVDEDVUHTXHWHEL©QTXHOOHJDUDߚODVYLHUD\PH
VLQWLHUDPDO\SHQVDUDlSXWDTXHDQGDEDWDQPDOTXH\DQRVHDFRUG³GHP{
<R V© SRU TX© QR PH OODPDVWH KXHY³Q 7HQDV PLHGR WH FDJDEDV HQ WUHV
WLHPSRV GH TXH WH VRUSUHQGLHUD HQ WXV FKLYDV TXH FDFKDUD TXH WH LED PDO
38/39
j$OEHUWR)XJXHW
j'HHVWDHGLFL³Q
$JXLODU&KLOHQDGH(GLFLRQHV6$
'U$QEDO$UL]WD
3URYLGHQFLD6DQWLDJRGH&KLOH
7HO
)D[
ZZZDOIDJXDUDFRP
,6%1HERRN
'LVH±RGHLQWHULRUHVUHDOL]DGRSRU6DQWLOODQD(GLFLRQHV*HQHUDOHVEDVDGRHQ
XQSUR\HFWRGH(QULF6DWX©
'LVH±RGHFXELHUWDHERRN0DUD3©UH]$JXLOHUD
&RQYHUVL³QHERRN1(:&20/$%6//
7RGRVORVGHUHFKRVUHVHUYDGRV
(VWDSXEOLFDFL³QQRSXHGHVHUUHSURGXFLGDQLHQWRGRQLHQSDUWHQLUHJLVWUDGDHQRWUDQVPLWLGDSRU
XQVLVWHPDGHUHFXSHUDFL³QGHLQIRUPDFL³QHQQLQJXQDIRUPDQLSRUQLQJºQPHGLRVHDPHF¡QLFR
IRWRTXPLFRHOHFWU³QLFRPDJQ©WLFRHOHFWUR³SWLFRSRUIRWRFRSLDRFXDOTXLHURWURVLQHOSHUPLVR
SUHYLRSRUHVFULWRGHOD(GLWRULDO
39/39