QGLFHGHFRQWHQLGR

&³PRDSUHQG­DPRQWDUDFDEDOOR
(OYLHMRFDEDOOR
(OLQFHQGLR
%ROLWD
%ROLWD\HOMDEDO­
/RVIDLVDQHV
0LOWRQ\%ROLWD
/DWRUWXJD
%ROLWD\HOORER
/RTXHOHRFXUUL³D%ROLWDHQ3LDWLJRUVN
(OILQGH%ROLWD\GH0LOWRQ
/DOLHEUH
&³PRFD]DPRVXQRVR
(OSULVLRQHURGHO&¡XFDVR

1/40
 HPSOHDGRTXHQRVDFRPSD±DEDOODP³DOSDODIUHQHUR
ߙ(VWRV M³YHQHV YLHQHQ SDUD DSUHQGHU D PRQWDU ߙOH
&³PRDSUHQG­DPRQWDUD H[SOLF³
(O SDODIUHQHUR KL]R XQ JHVWR GH DVHQWLPLHQWR 6LQ
FDEDOOR HPEDUJRGHVSX©VGHPLUDUPHYDFLO³
ߙ(VWH QL±R HV PX\ FKLFR 7LHQH TXH HVSHUDU XQRV
D±RV
<R HUD UHDOPHQWH XQ QL±R PX\ HVWXGLRVR 6ROR ORV ߙ3URPHWL³TXHQRYDDOORUDUVLVHFDH
GRPLQJRV \ IHVWLYRV MXJDED FRQ PLV KHUPDQRV \ ߙ6HJXUR"ߙ(OKRPEUHVHUL³
SDVHDED(OUHVWRGHORVG­DVORVGHGLFDEDDOHVWXGLR 3URQWR WUDMHURQ ORV FDEDOORV HQVLOODGRV \ EDMDPRV DO
8QDPD±DQDPLSDGUHDQXQFL³ SLFDGHUR HO SDODIUHQHUR VXMHWDED ODV EULGDV GH ORV
ߙ/RVPD\RUHV\DHVW¡QHQHGDGGHDSUHQGHUDPRQWDUD FDEDOORV GH PLV KHUPDQRV \ ORV KDF­D GDU YXHOWDV HQ
FDEDOOR WRUQRD©OSULPHURDSDVROHQWRHQVHJXLGDWURWDQGR3RU
ߙ0HGHMDU¡VDSUHQGHUDP­WDPEL©Q"ߙSUHJXQW© ILQ DFHUFDURQ D &KHUYRQFKLFN XQ DOD]¡Q SHTXH±LWR GH
ߙ1R7ºDºQHUHVPX\SHTXH±R FRODFRUWDGD
&RQO¡JULPDVHQORVRMRVLQVLVW­HQTXHPHHQVH±DUDQD ߙ/LVWRFDEDOOHULWRVL©QWHVHߙPHLQYLW³HOSDODIUHQHUR
PRQWDU 8QD PH]FOD GH DOHJU­D \ WHPRU PH OOHQDED SHUR KLFH
ߙ(VW¡ ELHQ ߙDFFHGL³ PL SDGUHߙ 3HUR FX­GDWH GH QR XQHVIXHU]RSDUDTXHQRVHGLHUDQFXHQWD\WUDW©GHPHWHU
OORUDU FXDQGR WH FDLJDV (O TXH QR VH FDH QR DSUHQGH D ORVSLHVHQORVHVWULERV&RPRQRORFRQVHJX­HOKRPEUH
FDEDOJDUMDP¡V PH WRP³ HQ EUD]RV \ PH FRORF³ VREUH OD PRQWXUD $O
)XH XQ PL©UFROHV FXDQGR QRV OOHYDURQ DO SLFDGHUR FRPLHQ]R PH PDQWXYR FRJLGR GH OD PDQR OXHJR \R OH
(QWU©FRQPLVKHUPDQRVHQXQ]DJX¡Q\OXHJRSDVDPRV SHG­ TXH PH VROWDUD \D TXH HVR QR OR KDE­D KHFKR FRQ
DXQHQRUPHFREHUWL]RHQHOTXHKDE­DXQDPSOLROXJDU PLVKHUPDQRVPD\RUHV
FRQ HO VXHOR FXELHUWR GH DUHQD 'LYHUVRV MLQHWHV HQWUH
HOORV DOJXQDV VH±RUDV \ YDULRV QL±RV PRQWDEDQ D
FDEDOOR /D OX] HUD HVFDVD VH HVFXFKDEDQ YRFHV GDQGR
³UGHQHV FKDVTXLGRV GH O¡WLJRV \ HO JROSHWHR GH ORV
FDVFRVGHODVFDEDOJDGXUDV2O­DDVXGRUGHFDEDOOR<R
WHQ­D VXVWR \ DO FRPLHQ]R SRG­D YHU PX\ SRFR (O

2/40
 ߙ1R OH GD PLHGR" ߙLQGDJ³ ©O VLQ GHMDU GH VRQUH­U
&RPR OH DVHJXU© TXH QR DXQTXH HVWDED PX\ DVXVWDGR
PH VROW³ OD PDQR UHFRPHQG¡QGRPHߙ 7HQJD FXLGDGR
1RVHYD\DDFDHU
&KHUYRQFKLFN FDPLQ³ DO SDVR <R SXGH PDQWHQHUPH
GHUHFKRDSHVDUGHTXHODVLOODHUDUHVEDODGL]D
ߙ6HVRVWLHQHVLQSUREOHPDV"
ߙ6­VLQQLQJºQSUREOHPD
ߙ(QWRQFHVSXHGHLUDOWURWHߙFRQWLQX³HOSDODIUHQHUR\
HPLWL³XQFKDVTXLGRFRQODOHQJXD
'H LQPHGLDWR PL FDEDOOR LQLFL³ XQ WURWHFLOOR TXH PH
KDF­D VDOWDU 3HUR QR GLMH QDGD VROR PH SUHRFXSDED QR
ODGHDUPH
ߙb0X\ELHQߙPHHORJL³HOSDODIUHQHURFRQWHQWR\VH
SXVRDKDEODUFRQRWURKRPEUH
$ SDUWLU GH HVH PRPHQWR GHM³ GH HVWDU SHQGLHQWH GH
P­ \ \R FRPSURE© TXH PH LED LQFOLQDQGR SRFR D SRFR
KDFLDXQFRVWDGR3RUYHUJ¼HQ]DQRSHG­D\XGDSHURQR
FRQVHJX­YROYHUDLQVWDODUPHHQHOFHQWURGHODPRQWXUD
(QWUH WDQWR &KHUYRQFKLFN VHJX­D WURWDQGR WRWDOPHQWH
DMHQRDPLDQJXVWLDPLHQWUDVHOSDODIUHQHURSURVHJX­DVX
FRQYHUVDFL³QFRQHORWURKRPEUH6LQPLUDUPHFRPHQW³
ߙ(VYDOLHQWHHVHFKLTXLOOR
'H UHSHQWH PH LQFOLQ© WDQWR TXH PH DWHUU© SHUR OD
YHUJ¼HQ]DHUDPD\RUTXHPLPLHGR\QRJULW©(QWRQFHV
WXYH OD VHQVDFL³Q GH TXH HO FDEDOOR VH HVWUHPHF­D H
LUUHPHGLDEOHPHQWHIXLDSDUDUDOVXHOR
8Q LQVWDQWH GHVSX©V HO SDODIUHQHUR YROYL³ OD FDEH]D
FDVXDOPHQWH

3/40
 ߙb%DKHOFDEDOOHULWRVHFD\³ߙGLMRSHURDOYHUTXHQR
PH KDE­D KHFKR GD±R VH SXVR D UH­U \ DJUHJ³ߙ b/RV
QL±RVWLHQHQODSLHOUHVLVWHQWH (OYLHMRFDEDOOR
<R HVWDED D SXQWR GH HVWDOODU HQ OODQWR VLQ HPEDUJR
PH GRPLQ© \ SHG­ PRQWDU GH QXHYR 'HVGH HVH
PRPHQWR\DQRYROY­DFDHUPH\QRWHP­P¡VDQDGD 3LPHQ7LPRIHLFKHUDXQDQFLDQRTXHYLY­DHQQXHVWUD
JUDQMDDFRPSD±DGRGHVXQLHWR+DE­DFXPSOLGRQRYHQWD
D±RV &DPLQDED PX\ HQFRUYDGR DSR\¡QGRVH HQ XQ
UºVWLFREDVW³QDUUDVWUDQGRORVSLHVOHQWDPHQWH6XURVWUR
HVWDED FXELHUWR GH SURIXQGDV DUUXJDV \ VX ERFD
GHVGHQWDGD /H WHPEODED HO ODELR LQIHULRU \ FXDQGR
KDEODEDHUDLPSRVLEOHHQWHQGHUORTXHGHF­D
$ PLV WUHV KHUPDQRV \ D P­ QRV HQFDQWDED DQGDU D
FDEDOOR SHUR VROR QRV SHUPLW­DQ PRQWDU D 9RURQRN HO
ºQLFRFDEDOORPDQVRTXHWHQ­DQHQODKDFLHQGDHOTXH\D
HVWDEDPX\YLHMR
$TXHOG­DPLPDP¡QRVGLRSHUPLVRSDUDFDEDOJDU1RV
IXLPRVDODVFDEDOOHUL]DVHQFRPSD±­DGHOVLUYLHQWHTXH
QRVFXLGDED(QVLOODURQD9RURQRN\SULPHURPRQW³PL
KHUPDQR PD\RU 5HFXHUGR TXH FDEDOJ³ ODUJDPHQWH
&XDQGRYROY­DOHJULW©
ߙb'DXQDYXHOWDDOJDORSH
0L KHUPDQR JROSH³ D 9RURQRN FRQ ORV SLHV \ FRQ OD
KXDVFD\SDV³MXQWRDQRVRWURVDJDORSHWHQGLGR
/XHJRIXHHOVHJXQGRGHPLVKHUPDQRVHOTXHPRQW³
WDPEL©Q SRU PXFKR UDWR ,QFLWDQGR FRQ ODWLJD]RV DO
PDQVR FDEDOOR OR KL]R VXELU HO FHUUR JDORSDQGR \
KXELHUDFRQWLQXDGRVLPLWHUFHUKHUPDQRQRUHFODPDVX
WXUQR (VWH GLR OD YXHOWD SRU WRGD OD KXHUWD \ SRU HO

4/40
H[WHQVR SDUTXH OXHJR FUX]³ HO FHUUR VLHPSUH LQXQGDEDXQDJUDQSHQD\OREHV©HQHOFXHOORVXGRURVR
JDORSDQGR&XDQGRUHJUHV³DODFDEDOOHUL]DHVFXFKDPRV SLGL©QGROHSHUG³Q
MDGHDU D 9RURQRN \ YLPRV VX FXHOOR HQQHJUHFLGR SRU HO 'HVGH HVH G­D QR KH GHMDGR GH UHFRUGDU DO DQFLDQR
VXGRU 3LPHQ 7LPRIHLFK \ DO YLHMR 9RURQRN \ PH FDXVD XQD
6LQ HPEDUJR KDE­D OOHJDGR PL RSRUWXQLGDG \ TXLVH HQRUPHWULVWH]DTXHPDOWUDWHQDORVFDEDOORV
GHPRVWUDUOHV D WRGRV OR ELHQ TXH \R PRQWDED )XH
HQWRQFHVFXDQGR9RURQRNVHQHJ³DDQGDU(VWRPHOOHQ³
GHIXULD\OHGLIXHUWHVODWLJD]RVDODYH]TXHORJROSHDED
FRQORVWDORQHV7DQWRORD]RW©TXHODIXVWDVHPHURPSL³
\FRQHOSHGD]RGHYDULOODTXHDºQVRVWHQ­DORJROSH©HQ
OD FDEH]D )XH HQ YDQR 9RURQRN QR VH PRYL³
,QGLJQDGR PH DSUR[LP© D QXHVWUR FXLGDGRU \ OH SHG­
RWURO¡WLJR
ߙ%¡MDWH<DKDVFDEDOJDGREDVWDQWHߙPHGLMR©O
ߙ4X© GLFHV" b6L \R DºQ QR KH PRQWDGR b3HUR VL PH
GDQ RWUD IXVWD YHU¡Q F³PR OR KDU© JDORSDU ߙFRQWHVW©
RIHQGLGR
ߙ3DUDTX©YDVDDWRUPHQWDUP¡VDHVHDQLPDO"(VTXH
QR WLHQHV FRUD]³Q" 1R YHV TXH HVW¡ DJRWDGR" ߙ(O
KRPEUH PH REVHUY³ FRQ VHYHULGDG \ WULVWH]Dߙ $SHQDV
SXHGHUHVSLUDU(VPX\YLHMRWLHQHP¡VGHYHLQWHD±RV\
HVRHVGHPDVLDGRSDUDXQFDEDOOR(VFRPRVLPRQWDUDV
VREUH3LPHQ7LPRIHLFK\ORREOLJDUDVDFRUUHUG¡QGROH
JROSHV\ODWLJD]RV1RVHQWLU­DVO¡VWLPD"
(YRTX©D3LPHQ7LPRIHLFK\PHEDM©LQPHGLDWDPHQWH
GHO FDEDOOR %UXVFDPHQWH DO YHU D 9RURQRN FXELHUWR GH
VXGRU MDGHDQWH HQWHQG­ ORV HVIXHU]RV TXH GHE­D KDFHU
SDUDOOHYDUDXQMLQHWH6LHPSUHPHKDE­DLPDJLQDGRTXH
VHGLYHUW­DWDQWRFRPR\R\PLVKHUPDQRV6HQW­TXHPH

5/40
 HQHOXPEUDOVHJROSH³ODQDUL]\VHODUJ³DOORUDU$KRUD
1DVKD HVWDED UHDOPHQWH DVXVWDGD \ VROR DWLQ³ D
(OLQFHQGLR UHIXJLDUVHFRQHOQL±RGHEDMRGHXQDPHVD
(QWUH WDQWR OD DEXHOD QR HVFXFKDED QDGD \ VHJX­D
GXUPLHQGR
3RU VHU HO WLHPSR GH OD FRVHFKD ORV KRPEUHV \ ODV 9DQLDHOKHUPDQRPD\RUWHQ­DRFKRD±RV\VHKDOODED
PXMHUHV DQGDEDQ HQ HO FDPSR \ HQ OD DOGHD VROR VH MXJDQGRHQODFDOOH'HSURQWRPLU³KDFLDVXFDVD\YLR
KDOODEDQ ORV QL±RV \ ORV DQFLDQRV 8QD DEXHOD FRQ VXV HO]DJX¡QHQYXHOWRHQXQDQXEH6LQSHQVDUORGRVYHFHV
WUHV QLHWRV KDE­D TXHGDGR HQ VX FDVLWD \ FRPR KDF­D FRUUL³JULWDQGR
PXFKRIU­RHQFHQGL³XQRVOH±RVHQODFRFLQD\VHVHQW³ ߙb$EXHOLWDb$EXHODb,QFHQGLR
D GHVFDQVDU /DV PRVFDV ]XPEDEDQ \ SDUD OLEUDUVH GH /DYLHMDGHVSHUW³VREUHVDOWDGD\SRUXQRVPRPHQWRVVH
HOODVODDQFLDQDVHFXEUL³ODFDEH]DFRQXQDWRDOOD$V­ ROYLG³ GH WRGR 6ROR DWLQ³ D VDOLU D OD FDOOH SDUD SHGLU
QRWDUG³HQTXHGDUVHSURIXQGDPHQWHGRUPLGD D\XGD
)XH HQWRQFHV FXDQGR 1DVKD TXH DFDEDED GH FXPSOLU 1DVKD FRQWLQXDED RFXOWD VLOHQFLRVD SDUDOL]DGD SRU HO
WUHVD±RVVHVLQWL³GXH±DGHOOXJDU&RJL³XQFXFKDU³Q\ VXVWR KDVWD TXH LQHVSHUDGDPHQWH .LULXVKD YROYL³ D
FRQ EDVWDQWH GLILFXOWDG ORJU³ VDFDU DOJXQDV EUDVDV TXH HVWDOODU HQ OODQWR $O R­UOR 9DQLD PLU³ KDFLD HO OXJDU
DFDUUH³ KDVWD HO ]DJX¡Q $OO­ KDE­DQ GHMDGR XQ PRQW³Q GHVGH GRQGH SURYHQ­DQ ORV ODPHQWRV GHO QL±R \ RUGHQ³
GHJDYLOODVGHWULJR\ODQL±LWDSXVRODVEUDVDVGHEDMRGH FRQIXHU]D
©VWDV/XHJRVRSO³WDOFRPRORYH­DKDFHUDVXPDGUH\D ߙb1DVKD.LULXVKDVDOJDQGHDK­b&RUUDQ
VXDEXHODFXDQGRDYLYDEDQHOIXHJR$OREVHUYDUTXHHO /DQL±LWDREHGHFL³\FRUUL³DUUDVWUDQGRDVXKHUPDQLWR
WULJR VH HQFHQG­D U¡SLGDPHQWH UHJUHV³ DO LQWHULRU GH OD SHUR HO KXPR \ ODV OODPDV TXH VH H[WHQG­DQ GHVGH HO
FDVD\PX\VDWLVIHFKDFRQVXKD]D±DIXHDEXVFDUDVX ]DJX¡QIRUPDEDQXQDEDUULFDGDTXHLPSHG­DHOSDVR\
KHUPDQLWR .LULXVKD TXH UHFL©Q HVWDED DSUHQGLHQGR D WXYLHURQTXHUHWURFHGHU
FDPLQDU 9DQLD IXH KDVWD OD YHQWDQD \ OD DEUL³ LQGLF¡QGROH D
ߙb0LUD.LULXVKDTX©OLQGRIXHJRHQFHQG­ߙDOFDQ]³D 1DVKD TXH VDOLHUDQ SRU DOO­ &XDQGR HOOD VDOW³ KDFLD HO
GHFLU REVHUYDQGR TXH HO ]DJX¡Q VH LED OOHQDQGR GH H[WHULRU 9DQLD FRJL³ D .LULXVKD WUDWDQGR GH OOHYDUOR
KXPR KDVWD OD YHQWDQD 6LQ HPEDUJR HO QL±R VH UHVLVW­D \
/DVJDYLOODVFUHSLWDEDQ\1DVKDVLQWL³PLHGR7UDW³GH OORUDEDDJULWRVOODPDQGRDVXPDP¡\DODDEXHOD
LUDODFRFLQDDOODPDUDODDEXHODSHUR.LULXVKDWURSH]³ (O IXHJR \D KDE­D DJDUUDGR OD SXHUWD GH FDOOH HQ HO

6/40
PRPHQWR HQ TXH 9DQLD ORJU³ TXH HO QL±R VDFDUD OD
FDEH]D SRU OD YHQWDQD \ DºQ DIHUUDED VXV PDQLWRV DO
DOI©L]DU 'HVHVSHUDGR HO KHUPDQR PD\RU PDQG³ %ROLWD
HQWRQFHV
ߙb1DVKDW³PDORSRUODFDEH]D\W­UDORKDFLDDIXHUD
$OPLVPRWLHPSR©OORHPSXM³YLROHQWDPHQWHGHVGHHO 0LSHUURVHOODPDED%ROLWD(UDXQGRJRQHJURFRQ
LQWHULRU/XHJRVDOW³9DQLD\WRGRVVHVDOYDURQ ODV SDWDV GHODQWHUDV EODQFDV 8QD FDUDFWHU­VWLFD GH ORV
GRJRVHVWHQHUODPDQG­EXODLQIHULRUP¡VSURPLQHQWHTXH
OD VXSHULRU \ HQ FRQVHFXHQFLD ORV GLHQWHV GH DEDMR
PRQWDGRVVREUHORVGHDUULED%ROLWDWHQ­DHVWHUDVJRWDQ
DFHQWXDGR TXH HQWUH VXV GRV KLOHUDV GH GLHQWHV FDE­D
P¡VGHXQGHGR6XVFROPLOORVVREUHVDO­DQGHVXDQFKR
KRFLFR \ VXV RMRV PX\ JUDQGHV UHODPSDJXHDEDQ (UD
PX\ IXHUWH SHUR DIRUWXQDGDPHQWH QR PRUG­D \D TXH
FXDQGR VH DJDUUDED GH DOJR FRQ ORV GLHQWHV ODV
PDQG­EXODVVHOHWUDEDEDQ\HUDLPSRVLEOHGHVSUHQGHUOR
5HFXHUGR TXH HQ XQD RSRUWXQLGDG OR D]X]DURQ HQ
FRQWUDGHXQRVRDOTXHFRJL³SRUXQDRUHMD\VHTXHG³
DOO­DIHUUDGRFRPRXQDVDQJXLMXHOD(ORVROR]DUDQGH³
VLQORJUDU]DIDUVH'HVHVSHUDGRVHWLU³DOVXHORWUDWDQGR
GHDSODVWDUORSHUR%ROLWDQROHVROW³ODRUHMD3DUDTXHOR
KLFLHUDWXYLHURQTXHODQ]DUOHEDOGHVGHDJXDIU­D
<R OR UHFLE­ FXDQGR HUD XQ FDFKRUULWR \ VLHPSUH OR
FXLG©SHUVRQDOPHQWH6LQHPEDUJRQRTXHU­DOOHY¡UPHOR
DO &¡XFDVR DV­ HV TXH OR KLFH HQFHUUDU \ PH IXL
VLJLORVDPHQWH
&XDQGR OOHJX© D OD SULPHUD HVWDFL³Q GRQGH WHQ­D TXH
FDPELDUGHFDUUXDMHREVHUY©DYDQ]DUSRUODFDUUHWHUDXQ
EXOWRQHJUR\EULOODQWH(UDPLSHUUR%ROLWDTXHYHQ­DD

7/40
JDORSH WHQGLGR \ DSHQDV PH GHVFXEUL³ VH PH ODQ]³
HQFLPD ODPL©QGRPH ODV PDQRV 7HPEODED UHVSLUDQGR
IDWLJDGRFDVLVLQDOLHQWR %ROLWD\HOMDEDO­
0¡VWDUGHVXSHTXH%ROLWDKDE­DURWRORVYLGULRVGHXQD
YHQWDQD\VDOWDGRGHVGHDOO­SDUDVHJXLUPH0HHQFRQWU³
GHVSX©V GH UHFRUUHU  NLO³PHWURV GHVDILDQGR XQ FDORU 8QG­DGHGLFLHPEUHHQHO&¡XFDVRRUJDQL]DPRVXQD
VRIRFDQWH FDFHU­DGHMDEDO­HV\%ROLWDPHVLJXL³
/RV ERVTXHV GHO &¡XFDVR HVW¡Q OOHQRV GH IUXWDV
H[TXLVLWDV SL±DV XYDV VLOYHVWUHV PDQ]DQDV SHUDV
PRUDV\EHOORWDV&RQODVSULPHUDVKHODGDVHVWDVIUXWDV
\D PDGXUDV FDHQ \ ORV FHUGRV \ ORV MDEDO­HV VH
DOLPHQWDQFRQHOODVSRQL©QGRVHH[DJHUDGDPHQWHJRUGRV
(VWR KDFH TXH VH FDQVHQ SURQWR FXDQGR ORV SHUURV ORV
SHUVLJXHQ\DOFDERGHXQDRGRVKRUDVGHSHUVHFXFL³Q
VHGHWLHQHQUHIXJL¡QGRVHHQODHVSHVXUDGHORVERVTXHV
3RUHOODGULGRGHODMDXU­DORVFD]DGRUHVVDEHQVLHOMDEDO­
VH KD GHWHQLGR R FRUUH DºQ \D TXH FXDQGR VH GHWLHQHQ
ORVSHUURVGHMDQGHJUX±LU\DºOODQODUJDPHQWH
$TXHOODPD±DQD\RDºQQRKDE­DFRQVHJXLGRHQIUHQWDU
D XQ MDEDO­ FXDQGR HVFXFK© ORV DXOOLGRV FDUDFWHU­VWLFRV
&RUU­ KDFLD HO OXJDU GH GRQGH ©VWRV SURYHQ­DQ \ D
PHGLGD TXH PH LED DSUR[LPDQGR FRPHQF© D R­U
FKDVTXLGRV GH UDPDV \ OXHJR ODGULGRV (QWRQFHV
FRPSUHQG­ TXH OD MDXU­D WHQ­D FHUFDGR D XQ MDEDO­ SHUR
QRVHDWUHY­DDDWDFDUOR'HSURQWRXQUXLGRDPLHVSDOGD
PHKL]RYROYHUODFDEH]DHLQHVSHUDGDPHQWHGHVFXEU­D
%ROLWD
6LQGXGDKDE­DSHUGLGRGHYLVWDDORVSHUURV\DKRUDORV
R­D ODGUDU 'HVDODGR DYDQ]DED SRU XQD SUDGHUD FXELHUWD

8/40
GHKLHUEDWDQDOWDTXHVRORSHUPLW­DYHUVXQHJUDFDEH]D ߡ%ROLWDORHVW¡DWDFDQGRߢSHQV©\DSXU©PLFDUUHUD
\ ORV GLHQWHV EODQFRV SRU HQWUH ORV TXH DVRPDED VX 6ROR PH GHWXYH DO GLYLVDU DO MDEDO­ DFRVDGR SRU XQ
OHQJXD /R OODP© UHSHWLGDPHQWH SHUR SDUHF­D VRUGR D SHUUR GH FD]D \ D %ROLWD TXH ODQ]DED SHQHWUDQWHV
PLVOODPDGRV\IXHDGHQWU¡QGRVHHQHOERVTXH)XLWUDV DXOOLGRV$SHQDVDOFDQ]DURQDSDVDUXQRVVHJXQGRV\HO
©O/DVUDPDVPHDUD±DEDQHOURVWUR\ODVHVSLQDVGHORV MDEDO­VHODQ]³HQFLPDGHOSHUURGHFD]D‰VWHVDOW³KDFLD
FLUXHORV VLOYHVWUHV PH URPS­DQ OD URSD /RV ODGULGRV DWU¡V WHPHURVR \ \R GLVSDU© VREUH OD FDEH]D GHO MDEDO­
DXPHQWDURQ\HVFXFK©DOMDEDO­JUX±HQGRMDGHDQWH TXHSRUILQTXHGDEDDPLDOFDQFH'LHQHOEODQFR\OD
ILHUDSHQHWU³HQODHVSHVXUDJUX±HQGRGHGRORU\IXULD
/DMDXU­DLEDWUDV©O\\RVLJXL©QGROHVKDVWDTXHWURSHF©
FRQ %ROLWD TXH VH KDOODED HFKDGR VREUH VX FRVWDGR
L]TXLHUGR LQP³YLO JLPLHQGR DSHQDV HQFLPD GH XQ
FKDUFRGHVDQJUH
ߡ(VW¡ PXUL©QGRVHߢ SHQV© $YDQF© XQRV SDVRV P¡V \
YL DO MDEDO­ DWDFDGR SRU OD MDXU­D UHYROYL©QGRVH GH XQ
ODGR D RWUR %UXVFDPHQWH HPELVWL³ FRQWUD P­ \ SRU
VHJXQGD YH] \R OH GLVSDU© /D EHVWLD JLU³ YDFLODQWH
JUX±HQGRDºQ\ILQDOPHQWHVHGHVSORP³
$ODFHUFDUPHHOFXHUSRGHOMDEDO­SDOSLWDEDWRGDY­D<R
EXVTX©FRQORVRMRVD%ROLWDTXHYHQ­DDPLHQFXHQWUR
DUUDVWU¡QGRVHFRQGLILFXOWDG6XYLHQWUHHVWDEDDELHUWR\
ORV LQWHVWLQRV VH OH KDE­DQ VDOLGR &RQ PLV FRPSD±HURV
VH ORV YROYLPRV D VX OXJDU \ FRVLPRV OD KHULGD %ROLWD
VRSRUWDEDHOGRORU\QRVODP­DODVPDQRV
'HVSX©VDPDUUDPRVDOMDEDO­DXQFDEDOOR\SXVLPRVD
PLSHUURHQFLPD$V­OROOHYDPRVDJRQL]DQWHDODFDVD
6LQ HPEDUJR VHLV VHPDQDV P¡V WDUGH %ROLWD YROYL³ D
DQLPDUVH\PHMRU³

9/40
 FD]DGRU VH RFXOWDQ HQWUH ODV UDPDV HQFRJL©QGRVH
PLPHWL]¡QGRVH FRQ ODV KRMDV KDFLHQGR FDVL LPSRVLEOH
/RVIDLVDQHV GLVWLQJXLUORVDXQTXHVHHVW©PX\FHUFD3RUHVWDUD]³QHV
TXH ORV FRVDFRV VH WDSDQ HO URVWUR FRQ OD JRUUD SDUD
DSUR[LPDUVHDORVIDLVDQHV\MDP¡VPLUDQKDFLDODFRSD
/DV JDOOLQDV VLOYHVWUHV VRQ FRQRFLGDV FRPR IDLVDQHV GHO¡UERO(VVDELGRTXHHVWDVDYHVOHWHPHQDOKRPEUH\
HQ HO &¡XFDVR \ SRU VHU PX\ DEXQGDQWHV VRQ P¡V HVSHFLDOPHQWHVXVRMRVODVDVXVWDQ
EDUDWDV TXH ODV GH FRUUDO +D\ GLIHUHQWHV IRUPDV SDUD
FD]DUODV 8QD HV FRORFDQGR XQD ORQD HQ XQ EDVWLGRU HQ
FX\RFHQWURVHSRQHXQWUDYHVD±R$HVWDORQDVHOHKDFH
XQ DEHUWXUD \ HQ FXDQWR DPDQHFH XQR VH YD DO ERVTXH
FRQ VX HVFRSHWD OOHYDQGR HO EDVWLGRU FRPR VL IXHUD XQ
HVFXGR3RUHODJXMHURVHREVHUYDQORVIDLVDQHVTXHDHVD
KRUD EXVFDQ VX FRPLGD (Q DOJXQDV RFDVLRQHV DSDUHFHQ
IDPLOLDV HQWHUDV R KHPEUDV \ SROOLWRV 3RU VXSXHVWR
HVWRVIDLVDQHVQRQRVYHQ\GDGRTXHHOEDVWLGRUQRORV
DVXVWD XQR VH DSUR[LPD VLQ SUREOHPDV D HOORV (VWDQGR
\DPX\FHUFDVHDILUPDHOEDVWLGRUHQHOVXHORVHVDFDHO
FD±³Q GH OD HVFRSHWD SRU OD DEHUWXUD GH OD ORQD \ VH
GLVSDUD
2WUR PRGR GH FD]DU HVWDV JDOOLQDV VLOYHVWUHV HV
XWLOL]DQGRXQPDVW­QTXHODVSHUVLJXH&XDQGRHOPDVW­Q
YHDOIDLV¡QVHODQ]DVREUH©OSHURHOIDLV¡QHVFDSD\VH
SDUDHQDOJºQ¡UEROEXUO¡QGRVHGHORVODGULGRVGHOSHUUR
TXH QR SXHGH DOFDQ]DUOR ‰VH HV HO PRPHQWR LQGLFDGR
SDUD GLVSDUDU \ UHVXOWDU­D PX\ I¡FLO VLHPSUH TXH HO
FD]DGRU ORJUDUD YHU D VX SUHVD 6LQ HPEDUJR HVWR QR
RFXUUH FRQ IUHFXHQFLD *HQHUDOPHQWH ORV IDLVDQHV VH
UHIXJLDQHQ¡UEROHVGHWXSLGRIROODMH\DSHQDVGLYLVDQDO

10/40
 8QPHGLRP¡VSDUDSUDFWLFDUHVWDFDFHU­DHVVLJXLHQGR
DXQSHUURGHFD]DTXHROIDWHDHOVLWLRGRQGHHOIDLV¡QKD
EXVFDGRVXDOLPHQWR\YDWUDVVXVKXHOODV(OROIDWRGHO
SHUURORJX­DSRUXQDSLVWDLQIDOLEOH\VLHPSUHGDFRQHO
OXJDU GRQGH HVW¡Q ODV JDOOLQDV VLOYHVWUHV 3DUD QR
DVXVWDUODV HO SHUUR VH YXHOYH P¡V \ P¡V VLJLORVR D
PHGLGD TXH VH YD DFHUFDQGR \ GH SURQWR VH GHWLHQH
FRJLHQGR LQHVSHUDGDPHQWH D VX SUHVD 6L HO IDLV¡Q
HVFDSDHOFD]DGRUGLVSDUDHQFXDQWROHYDQWDHOYXHOR

11/40
 %ROLWDHQVXVLWLR\DSHQDV©VWHFRUUL³DGHODQWHHPSH]³
DGHMDUGHODGRODSLVWDTXHUDVWUHDEDILQJLHQGRROIDWHDU
0LOWRQ\%ROLWD HQ RWUR VLWLR 'HVRULHQWDGR %ROLWD IXH KDFLD 0LOWRQ \
UHFL©Q HQWRQFHV ©O SHUVLJXL³ HO UDVWUR YHUGDGHUR 9DULDV
YHFHV OH KL]R HVWH MXHJR \ SRU ILQ ORJU³ TXH QXHVWUD
0LOWRQHUDXQSHUURGHFD]DDOWR\GHOJDGRGHSHODMH FDFHU­DUHVXOWDUD
JULV FRQ PDQFKDV RVFXUDV \ ODUJDV RUHMDV PX\
LQWHOLJHQWH /R FRPSU© SDUD FD]DU IDLVDQHV 0LOWRQ QR
SHOHDED FRQ %ROLWD OD YHUGDG HV TXH QLQJºQ SHUUR
SHOHDEDFRQ%ROLWD\DTXHFXDQGRHQVH±DEDORVGLHQWHV
WRGRVVHLEDQWURWDQGR
8Q DPDQHFHU SDUW­ D FD]DU FRQ 0LOWRQ \ GHVFXEU­ TXH
%ROLWDYHQ­DVLJXL©QGRQRV7UDW©GHHFKDUOR\IXHLQºWLO
\ FRPR \D HVW¡EDPRV OHMRV GH OD FDVD QR SRG­D
GHYROYHUPH D GHMDUOR 1R TXHG³ P¡V TXH FRQWLQXDU
DGHODQWH FRQ ©O URJDQGR TXH QR VXUJLHUDQ SUREOHPDV
3HURDSHQDV0LOWRQROIDWH³ODKLHUED\FRPHQ]³DEXVFDU
HOUDVWURGHORVIDLVDQHV%ROLWDVHSUHFLSLW³PHWLHQGROD
QDUL] SRU WRGDV SDUWHV \ VDOWDQGR GH XQ ODGR D RWUR 6X
ROIDWR SHUFLE­D HO RORU GH ODV DYHV VLQ HPEDUJR QR HUD
WDQ ILQR FRPR SDUD SHUPLWLUOH GDU FRQ ODV KXHOODV
(QWRQFHVREVHUY³D0LOWRQ\FRPSUHQGL³TXHGHE­DLUHQ
OD PLVPD GLUHFFL³Q GH ©VWH $V­ HQ FXDQWR HO SHUUR GH
FD]DUDVWUHDGRUVHJXURSULQFLSLDEDDKXVPHDU%ROLWDOR
VHJX­DXQLQVWDQWH\VHOHDGHODQWDED(UDWLHPSRSHUGLGR
TXH\ROROODPDUDSRUTXHLQVLVW­DHQSHUWXUEDUD0LOWRQ
HQ VX WDUHD &RQYHQFLGR GH TXH OD FDFHU­D QR LED D
UHVXOWDUGHFLG­TXHUHJUHV¡UDPRVDODFDVD
3HUR HO LQWHOLJHQWH 0LOWRQ VH ODV DUUHJO³ SDUD SRQHU D

12/40
 DOO­ \ PH VLJXL³ OOHY¡QGROD ELHQ VXMHWD HQWUH VXV
PDQG­EXODV $V­ DYDQ]DPRV XQ WUHFKR 'H UHSHQWH
/DWRUWXJD 0LOWRQ VROW³ VX SUHVD DXOODQGR /R H[DPLQ© \
FRPSUHQG­TXHODWRUWXJDKDE­DVDFDGRXQDGHVXVSDWDV
GHQWUR GHO KRFLFR GH PL SHUUR DUD±¡QGROH OD OHQJXD
(QXQDRFDVL³QHQTXHIXLPRVGHFD]DFRQ0LOWRQDO 0LOWRQODGUDEDIXULRVRSHURYROYL³DDJDUUDUDODWRUWXJD
OOHJDUDOERVTXH©OLUJXL³ODVRUHMDV\ODFROD\SULQFLSL³ \ DXQTXH OH RUGHQ© VROWDUOD H LQWHQW© TXLW¡UVHOD D OD
DROIDWHDU0HLPDJLQ©TXHKDE­DHQFRQWUDGRHOUDVWURGH IXHU]DIXHLQºWLO3RFRP¡VDGHODQWHPLSHUURFDY³XQ
XQDOLHEUHRXQIDLV¡Q\DOLVW©PLHVFRSHWD3HURORUDUR KR\R \ VROR HQWRQFHV VROW³ OD WRUWXJD WLU¡QGROD GHQWUR
IXHTXH0LOWRQQRHQWU³HQHOERVTXH\FRQWLQX³SRUHO GHODJXMHURTXHFXEUL³U¡SLGDPHQWHFRQWLHUUD
FDPSR DELHUWR /R VHJX­ FRQ EDVWDQWH FXULRVLGDG 'H
UHSHQWHYLTXHXQDWRUWXJDDYDQ]DEDWRGRORU¡SLGRTXH
VHORSHUPLW­DQVXVSDWDVFRUWDV$ODUJDEDHOFXHOOR\OD
SHTXH±D FDEH]D VH DVHPHMDED DO EDGDMR GH XQD
FDPSDQLOOD
$SHQDVSHUFLEL³ODSUHVHQFLDGHOSHUURVHKXQGL³HQOD
KLHUED UHFRJLHQGR OD FDEH]D \ ODV SDWDV GHQWUR GHO
FDSDUD]³Q0LOWRQODHQFRQWU³GHLQPHGLDWR\FRPHQ]³D
PRUGLVTXHDUOD LUULW¡QGRVH DO GHVFXEULU TXH VXV GLHQWHV
QRORJUDEDQWUDVSDVDUOD(QHIHFWRHUDLPSRVLEOHTXHOR
KLFLHUD\DTXHODVWRUWXJDVHVW¡QSURYLVWDVGHXQDFRUD]D
FRPR ODV DUPDGXUDV GH ORV FDEDOOHURV PHGLHYDOHV TXH
WDPEL©QOHVSURWHJHHOSHFKR(VWDFRUD]DWLHQHRULILFLRV
SRUORVTXHVDFDQODFDEH]D\ODVH[WUHPLGDGHV
$UUHEDW© OD WRUWXJD GHO KRFLFR GH 0LOWRQ \ DGPLU© ORV
GLEXMRVGHVXFDSDUD]³Q7DPEL©QREVHUY©SRUXQDGHODV
UDQXUDV \ OD YL ODWLHQGR HQ HO LQWHULRU GH VX FRUD]D
'HVSX©V OD GHSRVLW© VREUH OD KLHUED \ FRQWLQX© PL
FDPLQDWD 6LQ HPEDUJR 0LOWRQ VH QHJ³ D DEDQGRQDUOD

13/40
 +D\WRUWXJDVTXHKDELWDQHQODWLHUUD\RWUDVHQHODJXD
(OODV SURFUHDQ SRQLHQGR KXHYRV TXH QR LQFXEDQ ORV
KXHYRVVHDEUHQVRORVFRPRHQHOFDVRGHORVSHFHV6X %ROLWD\HOORER
WDPD±R HV PX\ YDULDEOH \D TXH KD\ WRUWXJXLWDV PX\
SHTXH±DVFRPRPLQLDWXUDVRWUDVODVP¡VFRUULHQWHVGHO
WDPD±RGHXQSODWR\WDPEL©QDOJXQDVH[WUHPDGDPHQWH 3DUW­DO&¡XFDVRHQWLHPSRVHQTXHDºQKDE­DJXHUUD\
JUDQGHV TXH YLYHQ HQ ORV PDUHV \ SHVDQ VREUH HUD PX\ SHOLJURVR YLDMDU VLQ XQD HVFROWD HVSHFLDOPHQWH
GRVFLHQWRV NLORV (O FDSDUD]³Q GH OD WRUWXJD HTXLYDOH D GH QRFKH &RQVLGHUDQGR HVWR GHFLG­ QR DFRVWDUPH \
VXV FRVWLOODV (Q FRQVHFXHQFLD PLHQWUDV HO UHVWR GH ORV SDUWLUHQFXDQWRDPDQHFLHUD
DQLPDOHV WLHQH ODV FRVWLOODV GHEDMR GH OD FDUQH HOOD ODV 8Q DPLJR YLQR D DFRPSD±DUPH &XDQGR SULQFLSL³ D
WLHQH HQFLPD IRUPDQGR VX FRUD]D SURWHFWRUD (Q OD DQRFKHFHU QRV VHQWDPRV D OD SXHUWD GH PL FDVD HQ
SULPDYHUD ODV WRUWXJDV SRQHQ VXV KXHYRV \ FDGD XQD DTXHOOD DOGHD FRVDFD 8QD OHYH QHEOLQD YHODED OD OX]
SURGXFHFHQWHQDUHV SRWHQWHGHODOXQDSHURDXQDV­HUDXQDQRFKHPX\FODUD
5HFXHUGRTXHODDWP³VIHUDVHKDOODEDLPSUHJQDGDGHXQD
JUDQ FDOPD TXH EUXVFDPHQWH VH URPSL³ FRQ XQRV
FKLOOLGRVDJXGRV
ߙ8Q ORER GHEH HVWDU GHJROODQGR D XQ OHFKRQFLWR ߙGLMR
PLDPLJR
5¡SLGDPHQWHHQWU©HQODFDVDFRJ­PLHVFRSHWD\FRUU­
KDFLD ORV FRUUDOHV 0LOWRQ PH VLJXL³ WDOYH] FUH\HQGR
TXH ­EDPRV D FD]DU \ %ROLWD OR LPLW³ HQGHUH]DQGR ODV
RUHMDV LQTXLHWR $OJXQDV SHUVRQDV TXH WDPEL©Q KDE­DQ
DFXGLGRDOOXJDUJULWDURQ\HQWRQFHVYLDODQLPDOTXHVH
SUHFLSLWDED GLUHFWDPHQWH KDFLD P­ 3UHSDU© PL HVFRSHWD
\HQHOLQVWDQWHHQTXHHOORERVDOW³ODYDOODOHGLVSDU©
(UDLPSRVLEOHHUUDUHOWLURSHURLQH[SOLFDEOHPHQWHDOJR
REVWUX\³HOPHFDQLVPR\ODEDODQRVDOL³$V­IXHFRPR
HO ORER HVFDS³ FDOOH DEDMR SHUVHJXLGR SRU 0LOWRQ \
%ROLWD

14/40
 (Q EUHYHV PRPHQWRV 0LOWRQ HVWXYR D SXQWR GH
DWUDSDUOR6LQHPEDUJRGLRODVHQVDFL³QGHQRDWUHYHUVH
DKDFHUOR\%ROLWDFRQVXVSDWDVFRUWDVQRORJUDEDGDUOH
DOFDQFH<RVHJX­FRUULHQGRMXQWRDPLDPLJR\DRWURV
KRPEUHV KDVWD TXH SHUGLPRV GH YLVWD DO ORER \ D ORV
SHUURV 6ROR DO OOHJDU D XQ H[WUHPR GH OD DOGHD ORV
HVFXFKDPRV ODGUDU 1RV DFHUFDPRV D OD ]DQMD GH GRQGH
SURYHQ­DQORVODGULGRV(QPHGLRGHODQHEOLQDYLPRVD
%ROLWD \ D 0LOWRQ HQYXHOWRV HQ XQD QXEH GH SROYR
SHOHDQGRFRQHOORER1RREVWDQWHDODSUR[LPDUQRVP¡V
GHVFXEULPRV TXH VºELWDPHQWH HO ORER KDE­D
GHVDSDUHFLGR/RVSHUURVDYDQ]DURQKDFLDP­JUX±HQGR
FRQODVFRODVHUL]DGDV\%ROLWDQRFHVDEDGHHPSXMDUPH
FRPRVLQHFHVLWDUDFRPXQLFDUPHDOJR

15/40
 $O UHJUHVDU H[DPLQ© FXLGDGRVDPHQWH D PLV SHUURV \
FRPSURE© TXH HO ORER KDE­D PRUGLGR D %ROLWD HQ OD
FDEH]D $XQTXH OD KHULGD HUD SHTXH±D SHQV© TXH VL QR /RTXHOHRFXUUL³D%ROLWD
VH KXELHUD DWDVFDGR VLQ QLQJXQD FDXVD PL HVFRSHWD HVD
ILHUD \D QR SRGU­D KDFHU P¡V GD±R 3RU VX SDUWH PL HQ3LDWLJRUVN
DPLJR QR VH H[SOLFDED F³PR SXGR HQWUDU HO ORER HQ HO
FRUUDO
ߙ(V TXH QR HUD XQ ORER ߙGLMR HO YLHMR FRVDFR TXH QRV &XDQGR PH PDUFK© GH OD SHTXH±D DOGHD GH FRVDFRV
KDE­DDFRPSD±DGRKDVWDODFDVD PHGLULJ­D3LDWLJRUVNHQYH]GHLUGLUHFWDPHQWHD5XVLD
ߙ<TX©HUD"ߙDYHULJ¼© $QWHVGHHPSUHQGHUHOYLDMHUHJDO©D0LOWRQDXQDPLJR
ߙ8QDEUXMDߙIXHODUHVSXHVWDߙ8QDEUXMDTXH KHFKL]³ FRVDFRTXHHUDFD]DGRU\PHOOHY©D%ROLWD
VXHVFRSHWD 3LDWLJRUVN HVW¡ HPSOD]DGD HQ XQD PRQWD±D OODPDGD
/R PLUDPRV DW³QLWRV LQGHFLVRV HQWUH UH­UQRV R %HVKWDX GRQGH KD\ PDQDQWLDOHV GH DJXD VXOIXURVD \
HVFXFKDUORFRQVHULHGDG3HURHQHVHSUHFLVRPRPHQWR FDOLHQWH FDVL D SXQWR GH HEXOOLFL³Q 3RU VREUH HVWRV
ORVSHUURVVHSUHFLSLWDURQKDFLDDIXHUD\DOO­HQPHGLR PDQDQWLDOHVVHHOHYDXQSHUPDQHQWHYDSRUVHPHMDQWHDO
GH OD FDOOH DSDUHFL³ HO ORER $O R­U QXHVWUDV YRFHV TXH HPDQD GH ORV VDPRYDUHV \ OD FLXGDG VH OHYDQWD
HVFDS³ SLQWRUHVFD\DOHJUH3RUODPRQWD±DFXELHUWDGHERVTXHV
ߙ6HFRQYHQFHQDKRUDGHTXHHVXQDEUXMD"ߙSUHJXQW³ FRUUHQ PºOWLSOHV DUUR\XHORV \ DEDMR VH H[WLHQGH HO U­R
HO FRVDFRߙ b-DP¡V XQ ORER KD YXHOWR D XQ OXJDU GRQGH 3RFNXPRN0XFKDVSHUVRQDVVHVRPHWHQDWUDWDPLHQWRV
DFDEDQGHSHUVHJXLUORORVKRPEUHV FRQ HO DJXD GH ORV PDQDQWLDOHV MXQWR D ORV FXDOHV KD\
(VRHUDFLHUWR\PHDVDOW³ODLQTXLHWXGGHTXHHOORER FRPHGRUHV DO DLUH OLEUH SURWHJLGRV SRU WROGRV
SXGLHUD WHQHU OD UDELD 3RU SUHFDXFL³Q TXHP© OD KHULGD PXOWLFRORUHV\DPSOLRVMDUGLQHV'LDULDPHQWHVHHVFXFKD
GH %ROLWD FRQ XQ SRFR GH S³OYRUD TXH LQIODP© $V­ PºVLFDHQWDQWRTXHODJHQWHWRPDVXVED±RVRSDVHDSRU
TXHPDED OD VDOLYD GHO ORER VL HV TXH DºQ QR SHQHWUDED ORVVHQGHURVERUGHDGRVGHIORUHVPLHQWUDVHQODOHMDQ­D
HQ OD VDQJUH GH PL SHUUR 6L HVWR \D KDE­D RFXUULGR VH DO]DQ ORV SLFDFKRV GH ORV PRQWHV FDXF¡VLFRV FRQ VXV
%ROLWDQRWHQGU­DUHPHGLR QLHYHVTXHMDP¡VVHGHUULWHQ
$ SHVDU GHO WHPRU TXH HVWH VROR SHQVDPLHQWR PH <RPHDORM©HQXQDFDVLWDGHXQDILQFDTXHTXHGDEDD
FDXVDEDHUDP¡VO³JLFRFUHHUTXHHOPDO©ILFRDQLPDOHUD ORV SLHV GH OD PRQWD±D $O RWUR ODGR GH ODV YHQWDQDV VH
XQORERUDELRVR\QRXQDEUXMD H[WHQG­D XQ MDUG­Q GRQGH ORV GXH±RV PDQWHQ­DQ VXV

16/40
DEHMDV(VWDVDEHMDVQRVHKDOODEDQHQFROPHQDVVLQRHQ
UHGRQGRVFDQDVWLOORV\HUDQLQFUH­EOHPHQWHSDF­ILFDV(Q
ODV PD±DQDV \R FDPLQDED HQWUH HOODV DFRPSD±DGR SRU
%ROLWDTXHODVHVFXFKDED]XPEDU\ODVRO­DFRQPXFKR
FXLGDGRVLQPROHVWDUODV
3HUR XQ G­D HQ TXH WRPDED XQ FDI© HQ HO MDUG­Q PL
SHUUR FRPHQ]³ D UDVFDUVH \ D VDFXGLU VX FROODU
UHSHWLGDPHQWH(OUXLGRTXHKDF­DHOFROODULQTXLHWDEDD
ODVDEHMDVDV­HVTXHGHFLG­VDF¡UVHOR1RKDE­DQSDVDGR
QL FLQFR PLQXWRV FXDQGR R­PRV DXOOLGRV ODGULGRV \
JULWRV GH KRPEUHV TXH VH DFHUFDEDQ %ROLWD QR VH UDVF³
P¡V \ SHUPDQHFL³ D PL ODGR /XHJR VXV RUHMDV VH
DO]DURQ UHFKLQDURQ VXV GLHQWHV \ FRPR PRYLGR SRU XQ
UHVRUWHVHOHYDQW³\HPSH]³DJUX±LU(ODOERURWRVHLED
DSUR[LPDQGR FDGD YH] P¡V )XL KDFLD OD YHUMD SDUD YHU
TX© RFXUU­D /D GXH±D GH FDVD VDOL³ GHVGH HO LQWHULRU H
KL]RORPLVPR
ߙ4X©SDVD"ߙOHSUHJXQW©
ߙ6RQ ORV FRQGHQDGRV D WUDEDMRV IRU]DGRV ߙFRQWHVW³
HOODߙ$QGDQPDWDQGRSHUURV
ߙ4X©"
ߙ+D\GHPDVLDGRVSHUURVHQODFLXGDG\ODVDXWRULGDGHV
KDQRUGHQDGRH[WHUPLQDUORV
ߙ4XLHUHGHFLUTXHWDPEL©QSXHGHQPDWDUD%ROLWD"
ߙ1RVRORSHUVLJXHQDORVTXHQROOHYDQFROODU$%ROLWD
QROHKDU¡QQDGD

17/40
 (QHVHLQVWDQWHYDULRVKRPEUHVOOHJDURQKDVWDHOMDUG­Q
$OJXQRV VROGDGRV SUHFHG­DQ DO JUXSR GHWU¡V GH HOORV
YHQ­DQ FXDWUR SUHVRV HQFDGHQDGRV 'RV GH HOORV (OILQGH%ROLWD\GH
HVJULP­DQXQRVODUJRVJDQFKRVGHILHUUR\ORVRWURVGRV
OOHYDEDQ XQDV HVWDFDV -XQWR D OD YHUMD XQR GH ORV 0LOWRQ
FRQGHQDGRVHQVDUW³DXQSHUULWRDOTXHDUUDVWU³DOPHGLR
GHODFDOOHGRQGHXQRGHVXVFRPSD±HURVORJROSH³FRQ
VX HVWDFD (O SHTXH±R DQLPDO HPLW­D DQJXVWLRVRV \ &DVL DO PLVPR WLHPSR OOHJDURQ DO ILQ GH VXV YLGDV
SXQ]DQWHV DXOOLGRV PLHQWUDV ORV SUHVRV UH­DQ HQ IRUPD %ROLWD \ 0LOWRQ (O FRVDFR QR HQWHQGL³ TXH 0LOWRQ HUD
HVWULGHQWH &XDQGR FRPSUREDURQ TXH HO SHUUR HVWDED XQ SHUUR GH FD]D UDVWUHDGRU HVSHFLDO SDUD OD FD]D GH
PXHUWRHOKRPEUHGHVSUHQGL³HOJDQFKR\PLU³DWRGRV DYHV\HVSHFLHVSHTXH±DV\OROOHY³DFD]DUMDEDO­HV8Q
ODGRVEXVFDQGRRWUDY­FWLPD%ROLWDQRVRSRUW³P¡V\VH MDEDO­ORDWDF³\OHGLRPXHUWH3RUVXODGR%ROLWDYLYL³
DUURM³VREUH©O(QWRQFHVUHSHQWLQDPHQWHPHDFRUG©GH PX\ SRFR P¡V GHVSX©V GH OLEUDUVH GH OD PDWDQ]D GH
TXHDQGDEDVLQHOFROODU SHUURVHQ3LDWLJRUVN'HVSX©VGHHVHDQJXVWLRVRHSLVRGLR
ߙb%ROLWDb%ROLWDYHQDTX­ߙRUGHQ©\GLULJL©QGRPH VHSXVRPX\WULVWH\SULQFLSL³DODPHUFXDQWRVHKDOODED
D ORV SUHVRVߙ b1R OR WRTXHQ b<R VR\ HO GXH±R GH HVH DVXSDVR$P­PHODP­DODVPDQRVSHURHQXQDIRUPD
SHUUR GLVWLQWD D OD GH VLHPSUH QR SUHFLVDPHQWH FRPR XQD
/DUHVSXHVWDGHOLQGLYLGXRIXHHQVDUWDUHOILHUURHQXQ FDULFLD +DF­D SUHVL³Q FRQ OD OHQJXD \ PH PRUG­D
PXVOR GH %ROLWD \ VROWDU XQD ULVRWDGD 0L SHUUR LQWHQW³ DXQTXHVHQRWDEDTXHQRTXHU­DDWDFDUPH<RUHWLUDEDPL
]DIDUVHSHURHOSUHVRWLU³GHOJDQFKRHPSOHDQGRWRGDV PDQR \ HQWRQFHV ©O ODP­D PLV ERWDV R OD SDWD GH XQD
VXV IXHU]DV PLHQWUDV HO GH OD HVWDFD DO]DED VX VLOOD R GH XQD PHVD \ WDPEL©Q ODV PRUGLVTXHDED (VWD
LQVWUXPHQWRGHPXHUWH H[WUD±D FRQGXFWD GXU³ GRV G­DV GHVSX©V %ROLWD
(Q HVH PRPHQWR SHQV© TXH PL SHUUR QR WHQ­D GHVDSDUHFL³VHKL]RKXPR
HVFDSDWRULDSHURVXFHGL³ORLQXVLWDGRODSLHOGHOPXVOR (UD LPSRVLEOH SHQVDU TXH D XQ SHUUR FRPR HVWH OR
VHUDVJ³GHDUULEDDDEDMRFRPRXQDWHODFRUWDGDSRUXQD UREDUDQ \ P¡V GLI­FLO DºQ UHVXOWDED LPDJLQDU TXH PH
WLMHUD \ %ROLWD HVFDS³ 9HOR]PHQWH FUX]³ HO MDUG­Q \ VH KDE­D DEDQGRQDGR (QWRQFHV FD­ HQ OD FXHQWD GH TXH
PHWL³ GHQWUR GH OD FDVD $OO­ HQFRQWU³ UHIXJLR VHJXUR KDF­DH[DFWDPHQWHVHLVVHPDQDVTXHORKDE­DPRUGLGRHO
HVFRQGL©QGRVHGHEDMRGHPLFDPD ORER \ FRPSUHQG­ TXH %ROLWD HVWDED FRQWDJLDGR SRU OD
UDELD

18/40
 /RV DQLPDOHV TXH FRQWUDHQ HVWD HQIHUPHGDG VXIUHQ
FRQWUDFFLRQHVFRQYXOVLYDV\GRORURVDVHQODJDUJDQWD\
WLHQHQ VHG SHUR QR SXHGHQ WRPDU DJXD SRUTXH ODV /DOLHEUH
FRQWUDFFLRQHVDXPHQWDQ$JRELDGRVSRUORVGRORUHV\OD
VHGHQORTXHFHQ\PXHUGHQ
5HFRUU­ ORV DOUHGHGRUHV EXVFDQGR D %ROLWD SHUR QR 8QDOLHEUHEXVF³UHIXJLRFHUFDGHXQDDOGHDGXUDQWH
ORJU© KDOODUOR QL REWHQHU QRWLFLD DOJXQD VREUH VX HO LQYLHUQR &LHUWD QRFKH OHYDQW³ XQD RUHMD \ SXVR
SDUDGHUR 6L KXELHUD DQGDGR SRU GLVWLQWRV ODGRV DWHQFL³QOXHJROHYDQW³ODRWUDPRYL³VXVODUJRV\ILQRV
PRUGLHQGR D OD JHQWH FRPR HV XVXDO HQ ORV SHUURV ELJRWHV \ VH VHQW³ HQ VXV SDWLWDV WUDVHUDV 3DVDGR XQ
UDELRVRVVHKDEU­DVDELGR UDWRGLRDOJXQRVVDOWRVVREUHODQLHYHYROYL³DVHQWDUVH
ߡ/R P¡V SUREDEOH HV TXH KD\D PXHUWR HQ HO ERVTXHߢ \REVHUY³ORTXHKDE­DHQORVDOUHGHGRUHV6RORYLRQLHYH
SHQV©(QWUHORVFD]DGRUHVVHGLFHTXHFXDQGRXQSHUUR TXHIRUPDEDFDSDV\P¡VFDSDVRQGXODGDVTXHEULOODEDQ
LQWHOLJHQWH HV DWDFDGR SRU OD UDELD KX\H DO FDPSR R VH FRPR D]ºFDU \ HQ OR DOWR PXFKR P¡V DUULED GH VX
LQWHUQD HQ ORV ERVTXHV SDUD UHYROFDUVH HQ ODV KLHUEDV SHTXH±DFDEH]DFLHQWRVGHHVWUHOODVTXHUHIXOJ­DQ
ED±DGDV SRU HO URF­R \ KDOODU ODV SODQWDV TXH SXHGDQ /D OLHEUH GHFLGL³ HQWRQFHV FUX]DU OD FDUUHWHUD SDUD
VDQDUOR%ROLWDQRORJU³VDQDUSRUTXHMDP¡VUHJUHV³DOD YLVLWDU XQ VHPEUDG­R TXH FRQRF­D SHUR HVFXFK³ HO
ILQFD VRQLGR GH ORV FDVFDEHOHV GH XQ WULQHR \ HO UHOLQFKDU GH
XQRVFDEDOORV\VHGHWXYR8QRVFDPSHVLQRVFDPLQDEDQ
MXQWRDORVWULQHRV\FDVLQRVHOHVGLVWLQJX­DQODVFDUDV
7HQ­DQODVSHVWD±DVODEDUED\ORVELJRWHVEODQFRV\XQD
QXEH GH YDSRU EURWDED GH VXV ERFDV \ QDULFHV /RV
FDEDOORV DYDQ]DEDQ IDWLJDGRV KXQGL©QGRVH HQ ODV
KXHOODVGHMDGDVSRURWURVFDUUXDMHVFDPLQDQGRDIXHU]D
GH ODWLJD]RV /RV KRPEUHV FRQWDEDQ OD KLVWRULD GH XQ
URER

19/40
 /DOLHEUHHVSHU³DTXHHOFRQYR\VHDOHMDUDDWUDYHV³OD
FDUUHWHUD \ VH GLULJL³ DO VHPEUDG­R 3HUR XQRV SHUURV OD
GLYLVDURQ \ GDQGR VRQRURV ODGULGRV FRUULHURQ WUDV HOOD
JLOPHQWHODOLHEUHHVFDS³HQWDQWRTXHORVSHUURVTXH
VHKXQG­DQHQODQLHYHWXYLHURQTXHGHWHQHUVH/DOLHEUH
DSURYHFK³ GH GHVFDQVDU XQ UDWR VHQWDGD HQ VXV SDWLWDV
WUDVHUDV/XHJRSURVLJXL³FDOPDGDPHQWHVXFDPLQR
/D DOGHD HVWDED RVFXUD \ VLOHQFLRVD (Q OD OHMDQ­D VH
HVFXFKDEDQ HO OODQWR GH XQ QL±R \ ORV FUXMLGRV GH ODV
YLJDVGHXQDFDVDTXHVHKLQFKDEDQSRUHOIU­R/DOLHEUH
OOHJ³KDVWDODKXHUWD\FRPSURE³TXHRWUDVFRPSD±HUDV
\D HVWDEDQ DOO­ -XQWDV FRUULHURQ \ MXJXHWHDURQ
DOHJUHPHQWH 'HVSX©V VH PHWLHURQ HQ XQD GHVSHQVD \
HQWUH RWUDV FRVDV GLVIUXWDURQ GH XQD H[TXLVLWD DYHQD
0¡V WDUGH OD OLHEUH VH VXEL³ DO WHMDGR TXH OD QLHYH
SLQWDED GH EODQFR \ VDOW³ SRU HQFLPD GHO FHUFR
(QVHJXLGDFRQWHQWDHPSUHQGL³HOFDPLQRGHUHJUHVR
/DFODULGDGGHODPDQHFHUVHDQXQFLDED\DSRUHORULHQWH
\ OD OX] GH ODV HVWUHOODV VH DSDJDED 8QD QHEOLQD PX\
EDMD\GHQVDSDUHF­DEURWDUGHVGHODWLHUUD(QODDOGHD
ORVFDPSHVLQRVDFDUUHDEDQIRUUDMHSDUDVXVDQLPDOHVORV
QL±RVIRUPDEDQJUDQDOERURWR\ODVPXMHUHVLEDQDVDFDU
DJXDHQVXVF¡QWDURV
/DOLHEUHFUX]³ODFDUUHWHUD\IXHHQEXVFDGHVXFDPD
(VFRJL³ XQ EXHQ VLWLR D FLHUWD DOWXUD \ DOO­ FDY³ XQD
SHTXH±D]DQMDHQODTXHVHDFRVW³GHHVSDOGDVVREUHVXV
V¡EDQDVGHQLHYH$FRPRG³VXVRUHMDV\VHGXUPL³FRQ
VXVRMRVGHDOPHQGUDVVLHPSUHDELHUWRV

20/40
 DO]DQGRHOFXHOORGHQXHVWUDVFKDTXHWDVIRUUDGDVHQSLHO
QRVDGHQWUDPRVHQHOERVTXH
&³PRFD]DPRVXQRVR (O WLHPSR HUD DSDFLEOH \ IU­R SHUR UHVXOWDED GLI­FLO
DYDQ]DUFRQORVHVTX­HV\DTXHODQLHYHHVWDEDEODQGD\
HVSRQMRVD $ SRFR DQGDU HQFRQWUDPRV ODV KXHOODV GHO
8QD PDQFKD GH VDQJUH HQ OD QLHYH (VR HUD WRGR OR RVR TXH HQ DOJXQRV WUHFKRV GDED OD LPSUHVL³Q GH
TXH KDE­D TXHGDGR GHVSX©V GH TXH PL FRPSD±HUR KLUL³ KDEHUVH KXQGLGR KDVWD OD EDUULJD 0¡V DGHODQWH ODV
GHXQGLVSDURDORVR\HVWHHVFDS³3HURDTXHOODFDFHU­D KXHOODV VH LQWHUQDEDQ HQ XQD HVSHVXUD IRUPDGD SRU
QR SRG­D WHUPLQDU DOO­ DV­ HV TXH QRV UHXQLPRV HQ HO DEHWRV
ERVTXHSDUDWRPDUXQDGHFLVL³Q ߙ1R FRQYLHQH LU WUDV HVWDV KXHOODV ߙGLMR 'HPL¡Q
ߙ4X© HV P¡V FRQYHQLHQWH" ߙOHV SUHJXQWDPRV D ORV GHWHQL©QGRVHߙ3LHQVRTXHHORVRYDDUHIXJLDUVHDTX­\
FD]DGRUHVGHRVRVߙ(VSHUDUXQRVG­DVKDVWDTXHODILHUD HV PHMRU TXH GHPRV XQ URGHR 7UDWHPRV GH QR KDFHU
UHJUHVHDVXJXDULGDRLUGHLQPHGLDWRHQVXEºVTXHGD" UXLGRSDUDQRDVXVWDUOR
ߙ(QHVWHPRPHQWRVRORORJUDU­DPRVDVXVWDUOR+D\TXH 'LPRV YXHOWD KDFLD OD L]TXLHUGD GHVOL]¡QGRQRV
GHMDUTXHVHWUDQTXLOLFHߙRSLQ³XQDQFLDQRPRQWHURTXH VLJLORVDPHQWH \ P¡V R PHQRV FLQFXHQWD SDVRV P¡V
OOHYDEDPXFKRVD±RVSHUVLJXLHQGRODFD]DHQORVPRQWHV DGHODQWH WURSH]DPRV QXHYDPHQWH FRQ ODV KXHOODV 1RV
ߙ<R QR YHR LQFRQYHQLHQWH HQ SHUVHJXLUOR DKRUD ߙ PLUDPRVVRUSUHQGLGRV$KRUDHVWDVGHVHPERFDEDQHQXQ
UHEDWL³'HPL¡Q\ODGLVFXVL³QVLJXL³ VHQGHUR 1RV SDUDPRV DOO­ SDUD YHU HQ TX© GLUHFFL³Q
ߙ&RQWRGDODQLHYHTXHKDFD­GRQRSRGU¡LUPX\OHMRV GHE­DPRV VHJXLU \ REVHUYDPRV TXH HQ DOJXQRV OXJDUHV
ߙGLMHߙ/RDOFDQ]DU©HVTXLDQGR VH QRWDEDQ ODV KXHOODV GHO DQLPDO PX\ PDUFDGDV HQ OD
0L FRPSD±HUR QR HVWXYR GH DFXHUGR FRQPLJR \ QLHYH \ HQ RWURV VROR VH GLVWLQJX­DQ ODV GH XQ UºVWLFR
DFRQVHM³HVSHUDU3HUR\RHVWDEDLPSDFLHQWH FDO]DGRGHFRUWH]DGHDEHGXOSURSLRGHXQFDPSHVLQR
ߙ1RGLVFXWDPRVP¡V+DJDQORTXHTXLHUDQ\\RPHLU© 5HFRUULPRV FHUFD GH GRV NLO³PHWURV JXLDGRV SRU ODV
FRQ 'HPL¡Q VLJXLHQGR ODV KXHOODV GHO RVR 6HU¡ KXHOODVGHORVR\©VWDVVHDOHMDURQGHOERVTXH\IXHURQ
PDJQ­ILFR VL ORJUDPRV DFRUUDODUOR \ VL QR OR HQVHQWLGRFRQWUDULR
FRQVHJXLPRVQRSHUGHUHPRVQDGD ߙb6RQGHRWURRVRߙJULW©
7DOFRPRORDILUP©ORKLFLPRV0LHQWUDVPLFRPSD±HUR ߙ1R VH±RU VRQ GHO PLVPR ߙUHSOLF³ 'HPL¡Q
\ORVGHP¡VKRPEUHVVXELHURQDORVWULQHRVSDUDUHJUHVDU H[DPLQDQGRODVSDWDVPDUFDGDVHQODQLHYHߙ6HGHVYL³
DODDOGHD'HPL¡Q\\RUHYLVDPRVELHQODVHVFRSHWDV\ GHFDPLQR\QRVKDHQJD±DGRDQGDQGRKDFLDDWU¡V

21/40
 0H UHVXOWDED PX\ GLI­FLO DFHSWDU HVD WHRU­D VLQ ߙ(VWDUHPRVPX\OHMRVGHODDOGHD"ߙSUHJXQW©
HPEDUJR FRPSURE© TXH HUD YHUGDG (O RVR KDE­D GDGR ߙ0¡VRPHQRVDXQRVGLHFLRFKRNLO³PHWURV
P¡V GH VHWHQWD SDVRV DO UHY©V \ GH SURQWR YROYL³ D 'HPL¡QLPSURYLV³XQOHFKRFRQUDPDVGHDEHWR\QRV
FDPLQDUGHIUHQWH WHQGLPRV DOO­ FRQ ODV PDQRV EDMR OD FDEH]D HQ
ߙ/RDFRUUDODUHPRV(OSDQWDQRHVVXºQLFRHVFRQGLWHߙ UHHPSOD]RGHODVDOPRKDGDV,JQRURHOPRPHQWRHQTXH
DVHYHU³'HPL¡Q PH GRUP­ \ FD­ HQ XQ VXH±R WDQ SURIXQGR TXH DO
1RV DGHQWUDPRV HQ XQ WXSLGR ERVTXH GH DEHWRV <R GHVSHUWDUQRVXSHHQTX©OXJDUPHKDOODED
SULQFLSL© D FDQVDUPH D WURSH]DU FRQ DOJXQRV WURQFRV R 9L TXH WRGR GHVOXPEUDED DOUHGHGRU \ HQWUH ORV
DUEXVWRV\ORVHVTX­HVVHPHWRUF­DQ/RVGH'HPL¡QHQ UDPDMHV TXH IRUPDEDQ XQD E³YHGD SRU HQFLPD GH P­
FDPELR GDEDQ OD VHQVDFL³Q GH GHVOL]DUVH VRORV VLQ WLWLODEDQSHTXH±DVOXFHVPXOWLFRORUHV3DVDGRXQUDWRPH
HQUHGDUVHMDP¡V$V­URGHDPRVHOSDQWDQRKDVWDTXH©O DFRUG© GH TXH HVW¡EDPRV HQ HO ERVTXH \ TXH HUDQ ODV
VHGHWXYRKDFLHQGRVH±DVGHTXHPHDFHUFDUD HVWUHOODVODVTXHUHVSODQGHF­DQHQORDOWR
ߙ2EVHUY© HVD XUUDFD ߙPH LQGLF³ߙ 6XV JUD]QLGRV 'HVSHUW© D 'HPL¡Q \ VLQ S©UGLGD GH WLHPSR
DQXQFLDQODSUR[LPLGDGGHORVR/DVXUUDFDVSHUFLEHQVX UHDQXGDPRV OD PDUFKD (O VLOHQFLR HUD WDQ GHQVR TXH
RORUGHVGHOHMRV ºQLFDPHQWH VH R­D HO VRQLGR GH QXHVWURV HVTX­HV
5HFRUULPRV RWURV GRV NLO³PHWURV \ UHHQFRQWUDPRV OD UHVEDODQGRSRUODQLHYH\HOOHYHJROSHGHXQDUDPDRHO
DQWLJXD SLVWD (VWR VLJQLILFDED TXH KDE­DPRV GDGR FUXMLGRGHXQ¡UEROUHWXPEDEDSRUHOERVTXHHQWHUR'H
YXHOWDVDOUHGHGRUGHOVLWLRGRQGHHORVRVHHVFRQG­D3RU UHSHQWH SHUFLE­ XQ PRYLPLHQWR PX\ SU³[LPR \ SHQV©
ILQQRVGHWXYLPRV\\RPHGHVDERWRQ©ODFKDTXHWD\PH TXH HUD HO RVR 3HUR VROR GHVFXEULPRV ODV SHTXH±DV
GHVSRM©GHPLJRUUR0HVHQW­DDFDORUDGR\VXGRURVR KXHOODVGHXQDOLHEUH
ߙ(V QHFHVDULR GHVFDQVDU ߙDFRQVHM³ 'HPL¡Q <D HQ HO FDPLQR QRV TXLWDPRV ORV HVTX­HV \ ORV
HQMXJ¡QGRVH OD WUDQVSLUDFL³Q GH OD FDUD VXV PHMLOODV DUUDVWUDPRV 6H GHVOL]DEDQ I¡FLOPHQWH VLQ TXH
HVWDEDQURMDV KLFL©UDPRV QLQJºQ HVIXHU]R 3OXPLOODV PX\ ILQDV GH
1RVVHQWDPRVVREUHORVHVTX­HV\VDFDPRVHOSDQTXH HVFDUFKD IORWDEDQ VREUH QXHVWUDV FDUDV \ FLHQWRV GH
OOHY¡EDPRV HQ ORV PRUUDOHV $ WUDY©V GH ORV ¡UEROHV VH HVWUHOODVSDUHF­DQEDMDUKDFLDQRVRWURVHQFHQGL©QGRVH\
ILOWUDED OD SXHVWD GH VRO &RPLPRV XQ SRFR GH QLHYH \ DSDJ¡QGRVHGDQGRODVHQVDFL³QGHXQFRQVWDQWHYDLY©Q
OXHJRHOSDQTXHPHSDUHFL³ORPHMRUTXHKDE­DFRPLGR HQHOFLHOR
HQPXFKRVD±RV3RFRGHVSX©VEDMDURQODVVRPEUDVGHO $O OOHJDU D OD FDVD TXH KDELW¡EDPRV HQ OD DOGHD PL
DQRFKHFHU FRPSD±HURHVWDEDHQFDPDGLVSRQL©QGRVHDGRUPLU1R

22/40
GHM©TXHORKLFLHUDVLQDQWHVFRQWDUOHODSHUVHFXFL³QGHO 2FXS©HOOXJDULQGLFDGR\PLU©HQWRUQRDP­+DFLDPL
RVR \ GDU ³UGHQHV SDUD TXH QRV UHXQL©UDPRV WRGRV D FRVWDGR L]TXLHUGR VH H[WHQG­D XQD DUEROHGD GH DEHWRV
SULPHUD KRUD GHO QXHYR G­D 'HVSX©V 'HPL¡Q \ \R PX\DOWRVSHURQRWXSLGRVHQWUHORVFXDOHVHUDSRVLEOH
FHQDPRV\PHIXLDDFRVWDU REVHUYDU KDVWD XQD JUDQ GLVWDQFLD $OO­ GLYLV© D XQR GH
0HVHQW­DWDQDJRWDGRTXHKDEU­DGRUPLGRODPD±DQD ORV FD]DGRUHV 'HODQWH GH P­ KDE­D XQ ERVTXHFLOOR GH
­QWHJUD VL PL FRPSD±HUR QR PH KXELHVH GHVSHUWDGR ‰O DEHWRV QXHYRV QR P¡V DOWRV TXH XQ KRPEUH GH UHJXODU
\DVHKDE­DYHVWLGR\HVWDEDSUHSDUDQGRVXHVFRSHWD HVWDWXUD VXV G©ELOHV UDPDV VH GREODEDQ EDMR HO SHVR GH
ߙ'HPL¡Q\DVHIXHDOERVTXH\VHOOHY³DORVPRQWHURV OD QLHYH (Q PHGLR GH HVH ERVTXHFLOOR GHVFXEU­ XQ
ߙPHFRPXQLF³ߙ/RGLVSXVRWRGRSDUDDFRUUDODUDORVR VHQGHULWRDQJRVWRTXHYHQ­DDGHVHPERFDUSUHFLVDPHQWH
0HODY©\PHYHVW­FRQSULVDFDUJX©PLVHVFRSHWDV\ GRQGH\RHVWDED$PLGHUHFKDORVDEHWRVIRUPDEDQXQD
QRVLQVWDODPRVHQHOWULQHR HVSHVXUD GHWU¡V GH OD FXDO KDE­D XQD SUDGHUD \ DOO­ VH
$QGXYLPRV FDVL FLQFR NLO³PHWURV \ GLYLVDPRV OD KDOODED PL FRPSD±HUR &DOPDGDPHQWH UHYLV© PLV
FROXPQD GH KXPR TXH VXUJ­D GHVGH OD SDUWH EDMD GHO HVFRSHWDV OHV TXLW© ORV VHJXURV \ EXVTX© HO OXJDU
ERVTXH \ DO JUXSR GH KRPEUHV \ PXMHUHV DUPDGRV GH SUHFLVR GRQGH XELFDUPH $ SRFRV SDVRV YL XQ SLQR
HVWDFDV 1RV EDMDPRV GHO WULQHR \ QRV DFHUFDPRV HQRUPH\GHFLG­FRORFDUPHMXQWRD©O+XQGL©QGRPHHQ
'HPL¡Q HVWDED FRQ HOORV \ DVDEDQ SDWDWDV PLHQWUDV OD QLHYH FDPLQ© KDVWD HO ¡UERO \ HQVHJXLGD DSODQ© HO
FRQYHUVDEDQ DOHJUHPHQWH $O YHUQRV WRGRV VH SXVLHURQ VXHOR EDMR PLV SLHV SUHSDUDQGR PL SHTXH±R IXHUWH GH
GH SLH \ 'HPL¡Q GLR ODV LQVWUXFFLRQHV 6H WUDWDED GH LU EDWDOOD 6RVWXYH XQD GH ODV HVFRSHWDV HQ OD PDQR \ OD
FRPSRQLHQGR XQ F­UFXOR DOUHGHGRU GHO WHUUHQR TXH RWUDODGHM©DSR\DGDFRQWUDHOSLQR/XHJRGHVHQYDLQ©\
QRVRWURVKDE­DPRVUHFRUULGRHOG­DDQWHULRU8QDVWUHLQWD HQYDLQ© PL SX±DO FRPSUREDQGR TXH GH VHU QHFHVDULR
SHUVRQDVKRPEUHV\PXMHUHVDVLQWLHURQ\VHLQWHUQDURQ SRGU­DKDFHUHVWRVPRYLPLHQWRVVLQODPHQRUGLILFXOWDG
HQ HO ERVTXH HQ XQD ODUJD ILOD 0L FRPSD±HUR \ \R 5HSHQWLQDPHQWHHVFXFK©ORVOODPDGRVGH'HPL¡Q
IXLPRVGHWU¡VGHHOORV ߙb$OHUWDb$OHUWDb7RGRVDOHUWD
1R HUD I¡FLO DYDQ]DU GH HVWH PRGR SRU DTXHO VHQGHUR 'HLQPHGLDWRVHR\HURQODVYRFHVTXHFRQWHVWDEDQ
1RREVWDQWHFDPLQDPRVDV­P¡VGHGRVNLO³PHWURV'H ߙb$OHUWDb$OHUWDWRGRV
SURQWR YL D 'HPL¡Q TXH VH DSUR[LPDED HVTXLDQGR
KDFLHQGR JHVWRV SDUD TXH QRV UHXQL©UDPRV FRQ ©O
2EHGHFLPRV\HQWRQFHVQRVVH±DO³QXHVWURVUHVSHFWLYRV
SXHVWRV

23/40
 (O RVR VH HQFRQWUDED GHQWUR GH DTXHO H[WHQVR F­UFXOR
GHO TXH EURWDEDQ YRFHV \ JULWRV <R FRQWLQXDED
VRVWHQLHQGR OD HVFRSHWD LQP³YLO HQ VLOHQFLR VLQWLHQGR
ODWLUPLFRUD]³Q\XQHVFDORIU­RTXHUHFRUU­DPLHVSDOGD
3HQVDED ߡ/R YHU© DSDUHFHU \ DSXQWDU© DSUHWDU© HO
JDWLOOR\VHGHVSORPDU¡ߢ
)XH HQWRQFHV FXDQGR R­ XQ UXLGR VRUGR FRPR VL VH
KXELHUD SURGXFLGR XQ GHUUXPEH HQ OD QLHYH 'LULJ­ OD
PLUDGDKDFLDORVDEHWRVP¡VDOWRV\HQWUHODDUEROHGDD
XQRV FLQFXHQWD SDVRV GLVWLQJX­ XQ EXOWR QHJUR GH JUDQ
WDPD±R (VSHU© D TXH VH DSUR[LPDUD XQ SRFR P¡V \
DSXQW© /D PROH JLU³ HQ HVH PLQXWR PRVWU¡QGRVH GH
ODGR (UD XQ RVR GH HVWDWXUD LPSUHVLRQDQWH /H GLVSDU©
SHURODEDODKL]REODQFRHQXQ¡UERO\DWUDY©VGHOKXPR
ORJU© YHU DO DQLPDO TXH FRUU­D D HVFRQGHUVH HQ OD
HVSHVXUD 0H GHVDQLP© 3HQV© TXH KDE­D GHVSHUGLFLDGR
PLPHMRURSRUWXQLGDG\DTXHHORVRQRUHJUHVDU­DDOO­\
OR FD]DU­DQ ORV PRQWHURV 6LQ HPEDUJR FDUJX© RWUD YH]
OD HVFRSHWD 'H SURQWR FHUFD GHO VLWLR TXH RFXSDED PL
FRPSD±HURHVFXFK©ORVJULWRVGHXQDPXMHU
ߙb$TX­b(VW¡DTX­b$SºUHQVH
0LU© KDFLD DOO¡ \ YL D 'HPL¡Q TXH FRUU­D SRU HO
VHQGHULWRKDVWDOOHJDUMXQWRDPLFRPSD±HUR/HVH±DODED
XQD GLUHFFL³Q FRQ XQ EDVW³Q GH ORV HVTX­HV ‰O GLVSDU³
KDFLDHOSXQWRLQGLFDGR3HQV©ߡ6LQRORPDWDDKRUDHO
RVRUHJUHVDU¡DVXJXDULGD\QRORVDFDUHPRVGHDK­ߢ(Q
DTXHO PRPHQWR LQWHPSHVWLYDPHQWH SHUFLE­ HO MDGHR GH
ODILHUD6HSUHFLSLWDEDSRUXQFDPLQLOORHQWUHORVDEHWRV
LJXDOTXHXQWRUEHOOLQROHYDQWDQGRUHPROLQRVGHQLHYH

24/40
9HQ­DGLUHFWDPHQWHKDFLDP­FRQXQDPDQFKDURMDHQVX ,JXDO TXH VL KXELHUD HQWHQGLGR HO DQLPDO PH VROW³ \
LQPHQVDFDEH]D\ORVRMRVH[WUDYLDGRVHQFHJXHFLGRVGH HPSUHQGL³ODIXJD
WHUURU 'LVSDU© WHQL©QGROR FDVL HQFLPD H $\XGDGR SRU 'HPL¡Q PH SXVH GH SLH (Q OD QLHYH
LQH[SOLFDEOHPHQWH QR GL HQ HO EODQFR (O DQLPDO VLJXL³ KDE­D XQ FKDUFR JUDQGH GH VDQJUH 0L FRPSD±HUR PH
HQ VX HQORTXHFLGD FDUUHUD \ \R LQFOLQ© PL HVFRSHWD \ H[DPLQ³ODVKHULGDV\ODVFXEULHURQFRQQLHYH
YROY­DGLVSDUDU ߙ+DFLDG³QGHHVFDS³"ߙDYHULJ¼©
/R KDE­D KHULGR (O RVR LUJXL³ OD FDEH]D \ ߙb$TX­b$TX­HVW¡ߙIXHODUHVSXHVWD
PRVWU¡QGRPHORVGLHQWHVVDOW³VREUHP­3HUR\RDOFDQF© (QHIHFWRODILHUDYROY­DVLQGXGDFRQODLQWHQFL³QGH
DFRJHUODRWUDHVFRSHWDDQWHVGHTXHPHGHUULEDUD\WUDW© DWDFDUPHRWUDYH]3HURDOYHUDWDQWDJHQWHVHDVXVW³\
GH LQFRUSRUDUPH &XDQGR KLFH HVWH HVIXHU]R FRPHQF© D GHVDSDUHFL³ VLQ GDUQRV WLHPSR SDUD GLVSDUDU 3HQV© HQ
DKRJDUPH (VWDED DSODVWDGR SRU XQ SHVR WHUULEOH \ FRQWLQXDU OD FDFHU­D SHUR HPSH]³ D GROHUPH PXFKR OD
SHUFLE­DXQYDKRFDOLHQWH\XQRORULQWHQVRDVDQJUH(O FDEH]D \ OD GHWHUPLQDFL³Q XQ¡QLPH IXH UHJUHVDU D OD
DQLPDO WHQ­D PL FDUD HQWUH VXV IDXFHV \ ODV SDWDV DOGHD
GHODQWHUDV VH DSR\DEDQ HQ PLV KRPEURV 8Q P©GLFR PH FXU³ \ VDQ© U¡SLGDPHQWH DV­ HV TXH
LQPRYLOL]¡QGRPH 6HQW­ TXH PH KXQG­D ORV GLHQWHV GH SDVDGR XQ PHV SDUWLPRV D FD]DU DO PLVPR RVR 6LQ
DUULED HQ OD IUHQWH HQ HO QDFLPLHQWR GHO SHOR \ ORV HPEDUJR SHVH D PL REVWLQDFL³Q QR ORJU© PDWDUOR )XH
LQIHULRUHV GHEDMR GH ORV RMRV \ TXH ORV LED DSUHWDQGR 'HPL¡QTXLHQORKL]R
7XYHODVHQVDFL³QGHTXHPHHVWDEDQFRUWDQGRODFDEH]D (UDXQRVRHQRUPHFRQXQDSLHOPDJQ­ILFD7RGDY­DOR
FRQ YDULRV FXFKLOORV \ SHQV© TXH HUD LQºWLO OXFKDU TXH FRQVHUYR GLVHFDGR HQ PL ELEOLRWHFD 'H PLV KHULGDV
OOHJDED PL ILQ < UHSHQWLQDPHQWH HO WRUPHQWR FHV³ (O VRORTXHGDQDOJXQDVPDUFDVHQPLIUHQWH
RVRKDE­DHVFDSDGR
ߙ4X©SDV³"ߙSUHJXQW©FRQIXQGLGR
0H H[SOLFDURQ TXH FXDQGR 'HPL¡Q \ PL FRPSD±HUR
YLHURQTXHODILHUDPHDWDFDEDDFXGLHURQDVRFRUUHUPH
0L DPLJR WURSH]³ \ FD\³ \ 'HPL¡Q TXH QR OOHYDED
HVFRSHWD OOHJ³ VLQ P¡V DUPD TXH XQ EDVW³Q GH ORV
HVTX­HVJULWDQGR
ߙb(ORVRDWDF³DOVH±RUb9HQJDQWRGRVb(ORVRDWDF³DO
VH±RU

25/40
 UHFRUULGR OD PLWDG GHO FDPLQR $WUDYHVDEDQ OD GHVLHUWD
HVWHSDHQWUHQXEHVGHSROYR\XQVRODEUDVDGRU
(OSULVLRQHURGHO&¡XFDVR ߡ6L FRQWLQºR DO SDVR GH OD HVFROWD QR OOHJDU© QXQFDߢ
UHIOH[LRQ³-LOLQߡ(VPHMRUTXHPHDGHODQWHߢ
&RPRVLDGLYLQDUDVXVSHQVDPLHQWRVVHOHDSUR[LP³HO
-LOLQHUDHOQRPEUHGHXQMRYHQRILFLDOTXHVHKDOODED RILFLDO .RVWLO\Q TXH WDPEL©Q YHQ­D D FDEDOOR \ DQGDED
GHVHUYLFLRHQHO&¡XFDVR8QDPD±DQDUHFLEL³XQDFDUWD DUPDGR
GHVXPDGUHHQODTXHGHF­D ߙ9¡PRQRVVRORV-LOLQߙSURSXVRߙ<RQRVRSRUWRP¡V
ߡ+LMRTXHULGRHVWR\GHPDVLDGRYLHMD\DQKHORYROYHUD (VWHFDORUHVVRIRFDQWH\WHQJRKDPEUH
YHUWHDQWHVGHTXHVHDWDUGHb9HQDGHVSHGLUWHGHP­WH .RVWLO\QHUDXQKRPEUHDOWRUXELFXQGR\PX\IRUQLGR
OR UXHJR +H HQFRQWUDGR XQD QRYLD SDUD WL ERQLWD ߙ7XIXVLOHVW¡FDUJDGR"ߙSUHJXQW³-LOLQ
KDFHQGRVD\FRQEXHQDGRWH6LOOHJDVDTXHUHUODSXHGHV ߙ3RUFLHUWR
FDVDUWH\SHUPDQHFHUDTX­SDUDVLHPSUH6LQRWHDJUDGD -LOLQQRORPHGLW³P¡V\GHMDURQDWU¡VDODHVFROWDEDMR
UHJUHVDU¡VDWXUHJLPLHQWRFXDQGR\RPXHUDߢ OD SURPHVD GH TXH HOORV QR VH VHSDUDU­DQ HQ QLQJºQ
ߡ0L PDGUH HV DQFLDQD \ TXL]¡V QR WHQJD RWUD PRPHQWR $SXUDQGR ORV FDEDOORV DPERV RILFLDOHV
RSRUWXQLGDGGHYHUODߢUHIOH[LRQ³-LOLQߡ6­GHERLU<VL SURVLJXLHURQHOFDPLQR&UX]DURQODHVWHSD\OOHJDURQD
PH JXVWD OD QRYLD EXHQR D OR PHMRU PH FDVR FRQ XQGHVILODGHUR
HOODߢ ߙ&RQYLHQH TXH VXEDPRV D OD PRQWD±D \ HFKHPRV XQD
6LQ PHGLWDUOR PXFKR VROLFLW³ SHUPLVR GHO FRURQHO VH PLUDGDKDFLDHORWURODGRߙGLMR-LOLQ
GHVSLGL³GHVXVVROGDGRV\VHGLVSXVRDSDUWLU ߙ1RQRSHUGDPRVHOWLHPSRߙUHSOLF³VXFRPSD±HUR
(QHVD©SRFDORVUXVRVOXFKDEDQFRQWUDORVW¡UWDURVHQ ߙ(V PHMRU FHUFLRUDUQRV GH TXH QR QRV HVSHUD DOJXQD
HO &¡XFDVR \ HO TXH VH DYHQWXUDED D WUDQVLWDU SRU ORV VRUSUHVD GHVDJUDGDEOH 6L TXLHUHV TX©GDWH DTX­ <R
FDPLQRVFRUU­DHOJUDYHULHVJRGHPRULUHQVXVPDQRVR YROYHU©HQVHJXLGD
VHUOOHYDGRSULVLRQHURDODVPRQWD±DV -LOLQ VH DOHM³ VXELHQGR SRU HO ODGR L]TXLHUGR GH OD
3RU VHU YHUDQR -LOLQ \ ORV VROGDGRV HQFDUJDGRV GH PRQWD±D6XFDEDOORHUDXQJUDQFRUUHGRUGHILQDUD]D\
HVFROWDUORVHSXVLHURQHQPDUFKDDODPDQHFHU8QFRFKH ORFRQGXMRDODFXPEUHFRPRVLYRODUD'HVGHDOO­-LOLQ
HQ HO TXH VH WUDQVSRUWDED HO HTXLSDMH HUD SDUWH GH OD GLYLV³XQDFROXPQDGHDSUR[LPDGDPHQWHWUHLQWDW¡UWDURV
HVFROWDSHUR-LOLQSUHILUL³QRRFXSDUOR\YLDMDUDFDEDOOR PRQWDGRVTXHDYDQ]DEDQ7RUFL³ULHQGDVHKL]RYROYHUD
$YDQ]DEDQ GHVSDFLR \ DO PHGLRG­D UHFL©Q KDE­DQ VX FDEDOJDGXUD FRPR XQ FHODMH 3HUR ORV HQHPLJRV OR

26/40
KDE­DQGHVFXELHUWR\VHODQ]DURQWUDV©OHVJULPLHQGRVXV 7DPEL©Q WXYR OD LPDJHQ LPSUHFLVD GH VX FDEDOOR
IXVLOHV$OOOHJDUDOSLHGHODPRQWD±D-LOLQJULW³ DJLW¡QGRVH LQºWLOPHQWH FRQ XQD KHULGD GH OD TXH VDO­DQ
ߙb.RVWLO\QWHQHPRVTXHGHIHQGHUQRV ERUERWRQHVGHVDQJUH8QKRPEUHVHDFHUF³SDUDVDFDUOH
'HVJUDFLDGDPHQWH HQ YH] GH REHGHFHU D VX OD VLOOD \ HO FDEDOOR WHPEO³ DºQ (QWRQFHV FRQ XQ
FRPSD±HUR OR ºQLFR TXH .RVWLO\Q KL]R HQ FXDQWR YLR PRYLPLHQWR U¡SLGR HO W¡UWDUR GHVHQYDLQ³ HO SX±DO \ OR
DSDUHFHU D ORV W¡UWDURV IXH HPSUHQGHU XQD FDUUHUD GHJROO³ 6H R\³ XQ UHOLQFKR JXWXUDO VHPHMDQWH D XQ
GHVHVSHUDGD (QWRQFHV -LOLQ WXYR TXH DGPLWLU TXH OD DODULGR\HODQLPDOWXYRXQºOWLPRHVWUHPHFLPLHQWR/D
VLWXDFL³Q HUD P¡V TXH GLI­FLO .RVWLO\Q KDE­D KXLGR FRQ VDQJUHIRUPDEDXQDJUDQPDQFKDRVFXUDVREUHODWLHUUD
HOIXVLO\©OQRWHQ­DP¡VTXHVXVDEOH 'HVSX©V DPDUUDURQ ORV EUD]RV GH -LOLQ D VX HVSDOGD \
ߡ'HER HVFDSDU FRPR VHDߢ SHQV³ HVSROHDQGR D VX ORDFRPRGDURQHQODJUXSDGHOFDEDOORGHOJLJDQWHGHOD
FDEDOOR 3HUR QR OH IXH SRVLEOH SRUTXH VHLV W¡UWDURV EDUED URMD DW¡QGROR D VX FLQWXUD $V­ HPSUHQGLHURQ HO
YHQ­DQ KDFLD ©O FRUW¡QGROH HO SDVR 8QR GH HOORV XQ SHQRVRFDPLQRKDFLDODVPRQWD±DV
KRPEUH FRUSXOHQWR GH EDUED SHOLUURMD PRQWDGR HQ XQ 'XUDQWH YDULDV KRUDV FDEDOJDURQ VLQ TXH -LOLQ ORJUDUD
FDEDOOR JULV DYDQ]³ D VX HQFXHQWUR FRQ XQ IXVLO HQ OD YHU DOJR P¡V TXH OD QXFD DIHLWDGD GHO MLQHWH DO TXH
PDQRGDQGRJULWRVDPHQD]DQWHV SHUPDQHF­DDWDGR\VXJUXHVRFXHOORVXUFDGRGHYHQDV
ߡ6L PH SLOODQ PH HQFHUUDU¡Q HQ XQ FDODER]R \ PH +DEU­D TXHULGR FRQRFHU HO FDPLQR TXH VHJX­DQ SHUR OH
D]RWDU¡QVLQSLHGDGߢVHGLMR-LOLQߡb1RSXHGRUHQGLUPH HUD WRWDOPHQWH LPSRVLEOH PLUDU KDFLD ORV ODGRV 6ROR
YLYRߢ ‰O HUD PXFKR PHQRV FRUSXOHQWR TXH VX VDE­DTXHKDE­DQYDGHDGRXQU­R\TXHDYDQ]DEDQSRUXQ
DGYHUVDULR VLQ HPEDUJR VX DXGDFLD \ VX YDORU HUDQ GHVILODGHUR $O SRQHUVH HO VRO FUX]DURQ RWUR U­R \
JUDQGHV \ GHVHQYDLQDQGR HO VDEOH VH ODQ]³ FRQWUD HO VXELHURQSRUXQDPRQWD±DHVFDUSDGD\SHGUHJRVD
W¡UWDUR -LOLQ SHUFLEL³ HO RORU D KXPR GH ODV IRJDWDV HVFXFK³
/DPHQWDEOHPHQWHHVWDEDFHUFDGR\OHGLVSDUDURQSRUOD ODGUDUDORVSHUURV\FRPSUHQGL³TXHHVWDEDQOOHJDQGRD
HVSDOGD 9DULRV WLURV KLULHURQ DO FDEDOOR PRUWDOPHQWH \ XQDDOGHD(QHIHFWRPX\SURQWRORVW¡UWDURVGHWXYLHURQ
XQR DOFDQ]³ D -LOLQ HQ XQD SLHUQD (O FDEDOOR VH VXV FDEDOJDGXUDV \ VH DSHDURQ 'H LQPHGLDWR YDULRV
GHVSORP³\FXDQGR©OWUDW³GHLQFRUSRUDUVHORWRPDURQ FKLTXLOORVVHDJUXSDURQHQWRUQRD-LOLQULHQGRJULWDQGR
SRUORVEUD]RVGREO¡QGRVHORVKDFLDDWU¡V\ORJROSHDURQ WLU¡QGROHSLHGUDV8QW¡UWDURORVDSDUW³\OXHJRGHEDMDU
HQ OD FDEH]D FRQ ODV FXODWDV GH ORV IXVLOHV 7DPEDOH³ \ DO SULVLRQHUR GHO FDEDOOR KL]R YHQLU D XQ KRPEUH GH
YLR WRGR ERUURVR &RPR HQ XQD SHVDGLOOD VLQWL³ TXH OR S³PXORV VDOLHQWHV TXH OOHYDED XQD FDPLVD URWD \ HO
DUUDVWUDEDQTXHOHTXLWDEDQODVERWDVHOGLQHURHOUHORM SHFKR GHVFXELHUWR HUD XQ REUHUR KDELWDQWH GHO 1RJDL

27/40
TXH VH GHVHPSH±DED FRPR VLUYLHQWH (VWH KRPEUH FDPLVDV FRUWDV &RUULHURQ KDFLD OD FDEDOOHUL]D \
REHGHFL³ OD RUGHQ TXH OH GDEDQ \ VDOL³ YROYLHQGR DO SULQFLSLDURQ D MXJDU PHWLHQGR SDMLWDV \ SHGDFLWRV GH
SRFRUDWRFRQXQRVJULOOHWHV5HFL©QHQWRQFHVGHVDWDURQ KRMDVVHFDVSRUHORULILFLRSRUGRQGH-LOLQPLUDED
D-LOLQ\OXHJRGHSRQHUOHORVJULOOHWHVHQORVWRELOORVOR ߙb1HFHVLWR TXH YHQJD DOJXLHQ ߙJULW³ ©O \ ORV QL±RV
OOHYDURQ D XQD FDEDOOHUL]D /R HPSXMDURQ KDFLD HO HVFDSDURQDVXVWDGRV6XVSLHUQDVGHVQXGDVIXHORºOWLPR
LQWHULRU\ORHQFHUUDURQFRQOODYH TXH GLYLV³ߙ ߡ6­ QHFHVLWR TXH YHQJD DOJXLHQߢ UHSLWL³
-LOLQ FD\³ GH HVSDOGDV \ SDVDGRV DOJXQRV PLQXWRV SDUDV­ߡ7HQJRVHGb0XFKDVHG
EXVF³DWLHQWDVHQODRVFXULGDGXQOXJDUGRQGHWHQGHUVH &RPRVLKXELHUDQHVFXFKDGRVXSHQVDPLHQWRODSXHUWD
(QHVD©SRFDGHOD±RODVQRFKHVHUDQP¡VFRUWDV\-LOLQ VHDEUL³\HQWU³HOW¡UWDURGHODEDUEDURMDHQFRPSD±­D
SDV³WRGDDTX©OODVLQGRUPLU GH XQ KRPEUH PRUHQR GH EULOODQWHV RMRV QHJURV TXH
3RUXQDUDQXUDHQODSDUHGVHILOWUDEDXQUD\RGHOX]\ VRQUH­D ‰VWH YHVW­D XQ EOXV³Q D]XO ­QWHJUDPHQWH
-LOLQFRPSUHQGL³TXHSULQFLSLDEDXQQXHYRDPDQHFHU6H ERUGDGR EDEXFKDV GH FXHUR URMR ERUGDGDV FRQ SODWD
OHYDQW³\REVHUY³KDFLDDIXHUDSRUDTXHODJXMHUR VREUHODVTXHOOHYDEDRWUDVGHFXHURP¡VJUXHVRWHQ­DXQ
9LRHQWRQFHVHOVHQGHURTXHEDMDEDGHVGHODPRQWD±D LPSRQHQWH SX±DO WDPEL©Q GH SODWD HQ VX FLQWXU³Q \ XQ
KDE­D XQD FDED±D D OD GHUHFKD \ XQ SHUUR QHJUR HVWDED JUDQJRUURGHSLHOEODQFD
HFKDGR D OD HQWUDGD PLHQWUDV XQD FDEUD \ VXV FU­DV (O GH OD EDUED URMD UH]RQJ³ DOJR HQWUH GLHQWHV \
URQGDEDQ SRU HO OXJDU 3DVDGRV XQRV PRPHQWRV YLR D REVHUY³ D -LOLQ FRQ XQD PLUDGD GH ORER (O PRUHQR HQ
XQD MRYHQ W¡UWDUD DFRPSD±DGD GH XQ QL±R SHTXH±R FDPELR VH DSUR[LP³ \ VH DFRPRG³ HQ FXFOLOODV D VX
DSUR[LP¡QGRVH D OD FDED±D /D PXFKDFKD TXH XVDED ODGR SDOPRWH¡QGROH XQ KRPEUR 6XV PRYLPLHQWRV HUDQ
DPSOLRV SDQWDORQHV \ FDO]DED ERWDV VH EDODQFHDED GHFLGLGRV \ UDSLG­VLPRV LJXDO TXH VL HVWXYLHUDQ
JUDFLRVDPHQWHHTXLOLEUDQGRXQF¡QWDURGHDJXDVREUHOD LPSXOVDGRVSRUXQUHVRUWH
FDEH]D FXELHUWD FRQ XQ FDIW¡Q 'HVSX©V TXH HOOD HQWU³ ߙ5XVREXHQRߙGLMRPRVWUDQGRVXVKHUPRVRVGLHQWHV\
VDOL³ SRU OD PLVPD SXHUWD HO W¡UWDUR GH OD EDUED URMD D±DGL³RWUDVIUDVHVLQFRPSUHQVLEOHV
8VDED EDEXFKDV XQ DOWR JRUUR GH SLHO \ XQ SX±DO GH ߙ$JXDTXLHURDJXDߙURJ³-LOLQ
SODWDDOFLQWR&UX]³DOJXQDVSDODEUDVFRQHOWUDEDMDGRU ߙ6­UXVREXHQRߙUHSLWL³HOW¡UWDUR
TXLHQ OOHJ³ KDVWD ©O \ HQVHJXLGD VH PDUFK³ 8QRV (O SULVLRQHUR LQWHQW³ H[SOLFDUVH SRU VH±DV KDVWD TXH
VHJXQGRV P¡V WDUGH SDVDURQ GRV PXFKDFKRV TXH ORJU³ GDUVH D HQWHQGHU 5LHQGR HO PRUHQR IXH KDVWD OD
FRQGXF­DQVXVFDEDOORVDODEUHYDGHUR\UHSHQWLQDPHQWH SXHUWD\OODP³
DSDUHFLHURQ DOJXQRV FKLTXLOORV VLQ P¡V URSDV TXH XQDV ߙb'LQNDb'LQND

28/40
 0X\SURQWROOHJ³XQDQL±DGHWUHFHDFDWRUFHD±RVTXH FRVWDGRVHVWDEDQFXELHUWDVGHOXMRVRVWDSLFHVHQFLPDGH
SRU HO SDUHFLGR GHE­D VHU VX KLMD 6XV RMRV HUDQ ORV TXH FROJDEDQ FROHFFLRQHV GH VDEOHV FRQ YDLQDV GH
LJXDOPHQWH RVFXURV \ UHOXFLHQWHV \ HUD PX\ KHUPRVD SODWD SLVWRODV \ IXVLOHV (Q XQD DOIRPEUD GH ILHOWUR
/OHYDED XQ FROODU GH PRQHGDV UXVDV \ XQD FLQWD UHFOLQDGRV HQ F³PRGRV DOPRKDGRQHV VH KDOODEDQ HO
HQWUHWHMLGD FRQ SODFDV GH PHWDO \ XQ UXEOR GH SODWD KRPEUHGHODEDUEDURMD\WUHVLQYLWDGRVP¡V(OW¡UWDUR
FROJDEDGHVXODUJDWUHQ]DQHJUD(VFXFK³ORTXHOHGHF­D PRUHQRKL]RTXH-LOLQVHVHQWDUDIXHUDGHODDOIRPEUD\
VXSDGUH\VDOL³U¡SLGDPHQWH IXHDRFXSDUVXSXHVWRMXQWRDORVGHP¡V(OVLUYLHQWHVH
'HPRU³ DSHQDV XQRV PLQXWRV HQ YROYHU FRQ XQD MDUUD VHQW³ FHUFD GH VX DPR \ OR FRQWHPSO³ ERTXLDELHUWR
GH PHWDO OOHQD GH DJXD 6H OD SDV³ D -LOLQ \ WDPEL©Q VH PLHQWUDVFRP­D
HQFXFOLOO³ IUHQWH D ©O 0LHQWUDV ©VWH EHE­D HOOD OR &XDQGR WRGRV WHUPLQDURQ GH FRPHU XQD PXMHU UHWLU³
REVHUYDED FDXWHORVD VLQ KDFHU XQ VROR PRYLPLHQWR ORVUHVWRVGHOEDQTXHWH\WUDMRXQUHFLSLHQWH\XQDMDUUD
3HUR FXDQGR ©O WUDW³ GH GHYROYHUOH OD MDUUD VDOW³ KDFLD FRQ DJXD SDUD TXH ORV KRPEUHV VH ODYDUDQ ODV PDQRV
DWU¡V FRPR XQD FDEUD VDOYDMH HQ XQ LQVWLQWLYR LPSXOVR FXELHUWDVGHJUDVD(OORVORKLFLHURQ\VHHQFXFOLOODURQD
GHGHIHQVD OHHUXQDVRUDFLRQHV/XHJRKDEODURQFRVDVTXHXQDYH]
(O SDGUH HVWDOO³ HQ UXLGRVDV FDUFDMDGDV \ VLQ GHMDU GH P¡V -LOLQ QR HQWHQG­D 3HUR UHSHQWLQDPHQWH XQR GH ORV
UH­UOHRUGHQ³DOJRTXHODKL]RUHFRJHUODMDUUD\VDOLU$O LQYLWDGRVVHYROYL³KDFLD©O\PRVWU¡QGROHDOKRPEUHGH
UHJUHVDUGHQXHYRWUD­DXQDEDQGHMDUHGRQGDGHPDGHUD EDUEDURMDOHGLMRHQSHUIHFWRUXVR
VREUHODTXHYHQ­DXQSDQVLQOHYDGXUD/DQL±DVHSXVR ߙ.DVL0RKDPHG WH WRP³ SULVLRQHUR \ WH KD YHQGLGR D
RWUDYH]HQFXFOLOODVFRQODPLUDGDILMDHQ-LOLQ $EGXO0XUDW‰OHVWXGXH±RDKRUD
8Q UDWR GHVSX©V GH TXH ORV W¡UWDURV \ OD MRYHQFLWD VH 6LJXLHQGR VX FRVWXPEUH HO W¡UWDUR PRUHQR ODQ]³ XQD
PDUFKDURQDSDUHFL³HOVLUYLHQWH ULVRWDGD
ߙ9DPRVDPRߙGLMRߙb9DPRV ߙ5XVREXHQR%XHQRVROGDGRUXVR
-LOLQORVLJXL³/RVJULOOHWHVTXHWUDEDEDQVXVWRELOORVOR -LOLQ SHUPDQHFL³ HQ VLOHQFLR \ HO TXH KDF­D GH
KDF­DQFRMHDU$ORWURODGRGHODSXHUWDVXUJL³ODSHTXH±D LQW©USUHWHDJUHJ³
DOGHDW¡UWDUDFRQVXLJOHVLD\VXWRUUH\ODVSRFDVFDVDV ߙ'HEHV HVFULELU XQD FDUWD D WX IDPLOLD SLGLHQGR HO
TXHODURGHDEDQ'HXQDGHHOODVVDOL³HOW¡UWDURPRUHQR GLQHUR GHO UHVFDWH 6RQ ODV ³UGHQHV GH $EGXO0XUDW
HLQGLF³TXHOOHYDUDQD-LOLQ 5HFXSHUDU¡VWXOLEHUWDGFXDQGRFRQVLJDVHVHGLQHUR
/DFDVDHUDPX\FRQIRUWDEOHSRUGHQWUR6REUHODSDUHG ߙ< SXHGHV GHFLUPH FX¡QWR VH PH H[LJH" ߙSUHJXQW³
GHOIRQGRVHDGRVDEDQFRMLQHVPXOWLFRORUHV\ODVGHORV -LOLQ

29/40
 /RVW¡UWDURVLQWHUFDPELDURQDOJXQDVRSLQLRQHV XQD RUGHQ DO VLUYLHQWH TXLHQ VDOL³ FRUULHQGR /XHJR
ߙ7UHVPLOPRQHGDVߙFRPXQLF³HOTXHKDEODEDUXVR WRGRV FDOODURQ GXUDQWH DOJXQRV PLQXWRV KDVWD TXH HO
ߙb,PSRVLEOHb<RQRSXHGRSDJDUHVRߙH[FODP³-LOLQ HPSOHDGR UHDSDUHFL³ $O KDFHUOR QR YHQ­D VROR /R
ߙ<FX¡QWRRIUHFHV" DFRPSD±DED XQ KRPEUH FRUSXOHQWR GHVFDO]R YHVWLGR
ߙ4XLQLHQWRV UXEORV ߙGLMR -LOLQ SHQVDQGR PX\ ELHQ OR FRQKDUDSRV\FRQORVWRELOORVHQJULOODGRV
TXHGHF­D ߡb(V.RVWLO\QߢVHGLMR-LOLQUHFRQRFL©QGROR
/DWUDGXFFL³QGHVXUHVSXHVWDKL]RTXH$EGXO0XUDWVH (IHFWLYDPHQWH HUD .RVWLO\Q 7DPEL©Q OR KDE­DQ
OHYDQWDUD GH XQ VDOWR \ TXH WRGRV DO]DUDQ OD YR] FDSWXUDGR 3HUR VHJºQ UHODW³ HO LQW©USUHWH HVWDED
JHVWLFXODQGR H[DOWDGRV &XDQGR VH FDOPDURQ HO SU³[LPRDUHFREUDUODOLEHUWDG\DTXHKDE­DHVFULWRDVX
LQW©USUHWHKDEO³ FDVDSDUDTXHOHHQYLDUDQFLQFRPLOPRQHGDV
ߙ7X GXH±R FRQVLGHUD TXH TXLQLHQWRV UXEORV HV PX\ ߙ3RVLEOHPHQWHPLFRPSD±HURHVULFRߙDOHJ³-LOLQߙ<R
SRFR ‰O KD SDJDGR GRVFLHQWRV SRU WL D .DVL0RKDPHG QR \ QR YR\ D SHGLU P¡V GH TXLQLHQWRV UXEORV 3XHGHQ
3RUPHQRVGHWUHVPLOQRVHU¡VOLEUH\VLQRHVFULEHVHVD PDWDUPH VL OHV SDUHFH DXQTXH QR JDQDU¡Q QDGD DO
FDUWDWHD]RWDU¡Q KDFHUOR
-LOLQ SHQV³ TXH GHPRVWUDU WHPRU IUHQWH D ORV W¡UWDURV /RV W¡UWDURV UHIOH[LRQDURQ XQ UDWR \ VºELWDPHQWH
VHU­DFRQWUDSURGXFHQWHDV­HVTXHVHSXVRGHSLH\JULW³ $EGXO0XUDW DEUL³ XQ FRIUH GHO TXH VDF³ XQD SOXPD
ߙ'LOH D WX DPR TXH VXV DPHQD]DV QR PH DVXVWDQ SDSHO \ WLQWD LQGLF¡QGROH D -LOLQ TXH DFHSWDED HO WUDWR
b-DP¡V PH KDQ DWHPRUL]DGR ORV W¡UWDURV \ WDPSRFR OR TXHHVFULELHUD
FRQVHJXLU¡QHQHVWDRFDVL³Qb0DOGLWRVSHUURV ߙ/R KDU© FRQ OD FRQGLFL³Q GH TXH QRV TXLWHQ ORV
(O LQW©USUHWH FXPSOL³ FRQ VX REOLJDFL³Q GH WUDGXFLU \ JULOOHWHV QRV GHQ URSD GHFHQWH \ QRV DOLPHQWHQ ELHQ ߙ
FXDQGR ORV RWURV OR HVFXFKDURQ YROYLHURQ D RSLQDU SXQWXDOL]³-LOLQ
DWURSHOODGDPHQWH KDVWD TXH $GEXO ORV KL]R FDOODU \ VH $EGXOUL³XQDYH]P¡VDOHQWHUDUVHGHHVWDVH[LJHQFLDV
DSUR[LP³D-LOLQ \DVHJXU³TXHORVFDO]DU­DQ\YHVWLU­DQFRPRVLIXHUDQD
ߙ9DOLHQWH UXVR ߙGLMR HQ VX LGLRPD \ KDEO³ DOJR P¡V FDVDUVH \ TXH OD FRPLGD TXH UHFLELU­DQ VHU­D GLJQD GH
FRQHOWUDGXFWRU SU­QFLSHV 6H GLVFXOS³ V­ GH QR SRGHU TXLWDUOHV ORV
ߙ'DOHSRUORPHQRVPLOUXEORVߙDFRQVHM³HVWH JULOOHWHVVDOYRHQODQRFKHSRUWHPRUGHTXHHVFDSDUDQ
ߙ/R ºQLFR TXH SXHGR RIUHFHU VRQ TXLQLHQWRV ߙ 3DOPRWHDQGRHOKRPEURGH-LOLQDVHJXU³HQUXVR
PDQLIHVW³-LOLQFRQILUPH]D ߙ7ºVHUEXHQR<RVHUEXHQR
/RVW¡UWDURVYROYLHURQDGLVFXWLU\$EGXO0XUDWOHGLR ߡ0HHVFDSDU©ߢSHQV³-LOLQPLHQWUDVHVFULE­DODFDUWD\

30/40
SXVR XQD GLUHFFL³Q IDOVD SDUD TXH MDP¡V VX PDGUH OD VHORDUUHEDW³\WLU³OHMRVURPSL©QGRORHQPLOSHGD]RV
UHFLELHUD (QWRQFHV-LOLQPRGHO³RWURPX±HFRPXFKRP¡VERQLWR
/RV GRV SULVLRQHURV IXHURQ FRQGXFLGRV D XQD \VHORUHJDO³D'LQND
FDEDOOHUL]D /HV HQWUHJDURQ FDVDFDV \ ERWDV XVDGDV GH )XH GHVSX©V GH HVWH UHJDOR FXDQGR HOOD YLQR FRQ XQ
VROGDGR\OHVOOHYDURQDJXD\SDQ$OOOHJDUODQRFKHOHV MDUULWR \ VH VHQW³ DO ODGR GH -LOLQ VRQULHQGR ‰O FUH\³
TXLWDURQORVJULOOHWHV TXHOHWUD­DDJXDODPLVPDDJXDGHVLHPSUHSHURDSHQDV
3RU P¡V GH XQ PHV YLYLHURQ HQ HVDV FRQGLFLRQHV ODSURE³VHGLRFXHQWDGHTXHHUDOHFKH'HVGHHVDYH]
.RVWLO\QVHFRQVXP­DGHLPSDFLHQFLD\SHQD\HVFULEL³ 'LQNDOHOOHY³OHFKHGLDULDPHQWH\HQFLHUWDVRFDVLRQHV
QXHYDPHQWH D VX FDVD VXSOLFDQGR TXH OH HQYLDUDQ HO XQ TXHVR (Q XQD RSRUWXQLGDG HQ TXH $EGXO0XUDW
GLQHUR-LOLQHQFDPELRQRHVSHUDEDQDGD PDQG³GHJROODUXQFDUQHURODQL±DHVFRQGL³XQWUR]RGH
ߡ0L SREUH PDGUH YLY­D GH OR TXH \R OH HQYLDED 'H FDUQH SDUD -LOLQ 7RGDV HVWDV FRVDV VH ODV GHMDED \
G³QGH KDEU­D VDFDGR HOOD TXLQLHQWRV UXEORV"ߢ VH GHF­D HQVHJXLGDVHPDUFKDEDFRUULHQGR
ߡb&RQODD\XGDGH'LRVFRQVHJXLU©HVFDSDUPHߢ 8QDQRFKHOORYL³DF¡QWDURV\VHGHVERUGDURQWRGRVORV
'DGR TXH WHQ­D JUDQ KDELOLGDG SDUD ORV WUDEDMRV ULDFKXHORV *UDQGHV SLHGUDV HUDQ DUUDVWUDGDV SRU OD
PDQXDOHV GHFLGL³ FRQIHFFLRQDU FHVWRV GH PLPEUH \ FRUULHQWH PLHQWUDV ORV WUXHQRV UHWXPEDEDQ \ ORV
PX±HTXLWRV GH JUHGD PLHQWUDV LPDJLQDED GLIHUHQWHV UHO¡PSDJRVLOXPLQDEDQORVPRQWHV$OFHVDUODWRUPHQWD
IRUPDV GH KXLU (Q XQD RFDVL³Q KL]R XQ PX±HFR DO TXH OD DOGHD TXHG³ VXUFDGD SRU DUUR\RV (QWRQFHV -LOLQ OH
YLVWL³ FRQ XQ EOXV³Q W¡UWDUR \ OR GHM³ VREUH XQ WHMDGR URJ³ D $EGXO TXH OH GLHUD XQ FXFKLOOR \ XWLOL]DQGR XQ
/DV QL±DV TXH LEDQ D EXVFDU DJXD HQWUH ODV TXH VH HMHXQDUXHGD\WDEODVFRQVWUX\³XQDSHTXH±DP¡TXLQD
KDOODED 'LQND OD KLMD GH $EGXO0XUDW OR YLHURQ \ /XHJR FRQ DOJXQRV UHWD]RV GH WHODV TXH OH GLHURQ ODV
GHMDURQ VXV F¡QWDURV HQ HO VXHOR ULHQGR DOHJUHPHQWH QL±DVYLVWL³XQPX±HFR\XQDPX±HFDFRPRVLKXELHUDQ
-LOLQVHORRIUHFL³SHURHOODVQRVHDWUHYLHURQDWRPDUOR VLGR UHDOPHQWH XQ KRPEUH \ XQD PXMHU ORV DPDUU³ D
6ROR FXDQGR ©O UHJUHV³ D OD FDEDOOHUL]D 'LQND VH DPERV FRVWDGRV GH OD UXHGD \ FRORF³ OD P¡TXLQD HQ XQ
GHYROYL³ FRJL³ U¡SLGDPHQWH HO MXJXHWH \ VH DOHM³ DUUR\R ,PSXOVDGD SRU OD FRUULHQWH OD UXHGD SULQFLSL³ D
FRUULHQGR JLUDU KDFLHQGR TXH ORV PX±HFRV VDOWDUDQ DO PLVPR
$ODPD±DQDVLJXLHQWH-LOLQODREVHUY³VDOLUPHFLHQGR ULWPR 7RGRV ORV KDELWDQWHV GH OD DOGHD DFXGLHURQ DO
HO PX±HFR HQWUH VXV EUD]RV /R KDE­D DGRUQDGR FRQ OXJDU\VHPRVWUDURQDGPLUDGRV\IHOLFHV
FLQWDV GH FRORUHV \ OH FDQWDED XQD FDQFL³Q GH FXQD $UD­]GHHVWR$EGXOOODP³D-LOLQ\OHPRVWU³XQUHORM
'HVJUDFLDGDPHQWH DO SRFR UDWR DSDUHFL³ OD PDGUH TXH TXHQRFDPLQDED

31/40
 ߙ<RWHORDUUHJODU©ߙRIUHFL³-LOLQ$EUL³HOUHORMFRQHO WDSLD SDUD YHU PHMRU (QWUH GXUD]QRV \ FHUH]RV KDE­D
FXFKLOOR \ FRQ LQFUH­EOH GHVWUH]D QR GHPRU³ HQ XQD SHTXH±D FDED±D GH WHFKR SODQR \ HQMDPEUHV GH
FRPSRQHUOR\GHMDUORFRPRVLHVWXYLHUDQXHYR DEHMDV UHYRORWHDEDQ ]XPEDQGR HQ WRUQR D YDULDV
$V­HOUXVRWRP³IDPDGHVHUXQDUWHVDQRPX\H[SHUWR FROPHQDV$UURGLOODGRMXQWRDXQDGHHOODVVHHQFRQWUDED
\OOHJ³JHQWHGHRWUDVDOGHDVWUD\©QGROHUHORMHVIXVLOHV\ HO YLHMR -LOLQ OR REVHUY³ SHUR GH SURQWR SDUD
RWURVREMHWRVSDUDTXHORVFRPSXVLHUD&RQWHQWR$EGXO DFRPRGDUVHPHMRUVREUHODWDSLDKL]RXQUXLGRFRQORV
0XUDW SXVR D VX GLVSRVLFL³Q JUDQ YDULHGDG GH JULOOHWHV 'H LQPHGLDWR HO YLHMR YROYL³ OD FDEH]D \ VLQ
KHUUDPLHQWDV S©UGLGDGHWLHPSRVDF³ODSLVWRODTXHOOHYDEDFRQVLJR\
8QDYH]TXHHODPRVHHQIHUP³KL]RWUDHUD-LOLQSDUD GLVSDU³-LOLQDOFDQ]³DHVFRQGHUVHDORWURODGRGHOFHUFR
TXH OR VDQDUD (VWH VLQ VDEHU QDGD GH PHGLFLQD OR 6LQ HPEDUJR HO LQFLGHQWH QR WHUPLQ³ DOO­ (O YLHMR VH
H[DPLQ³\FRQILDQGRHQTXHVDQDU­DVROROHGLRDEHEHU SUHVHQW³DUHFODPDUDQWH$EGXO0XUDWTXLHQORHQIUHQW³
XQDPH]FODGHDJXDFRQDUHQDGLFLHQGRDOJXQDVSDODEUDV D-LOLQ
LPDJLQDULDPHQWH P¡JLFDV IUHQWH D OD MDUUD TXH FRQWHQ­D ߙ&RQTX©LQWHQFL³QIXLVWHDODFDVDGHHVWHDQFLDQR"ߙ
HOEUHEDMH$IRUWXQDGDPHQWH$EGXO0XUDWVHPHMRU³ DYHULJX³$EGXO
5¡SLGDPHQWH -LOLQ FRPHQ]³ D HQWHQGHU HO OHQJXDMH GH ߙ0H LQWHUHVDED YHU F³PR YLY­D ߙUHVSRQGL³ -LOLQߙ 1R
ORVW¡UWDURVPXFKRVGHORVFXDOHVOOHJDURQDHVWLPDUOR\ SUHWHQG­DKDFHUOHQLQJºQGD±R
OR OODPDEDQ ߡ,Y¡Q ,Y¡Qߢ 6ROR DOJXQRV OR PLUDEDQ (O DPR WUDGXMR HVWDV SDODEUDV DO YLHMR \ HVWH VH
WRGDY­DGHUHRMRHQWUHHOORVHOKRPEUHGHODEDUEDURMD HQFROHUL]³ DºQ P¡V 'HVSX©V TXH VH PDUFK³ -LOLQ
TXH QR GLVLPXODED VX DQWLSDW­D 7DPEL©Q HQWUH ORV SUHJXQW³TXL©QHUD\$EGXO0XUDWFRQWHVW³
KDELWDQWHVKDE­DXQYLHMRTXHYLY­DDOSLHGHODPRQWD±D ߙ8Q KRPEUH PX\ LPSRUWDQWH (O SULPHUR HQWUH ORV
\YHQ­DDUH]DUDODPH]TXLWD6HDSR\DEDHQXQFD\DGR YDOLHQWHV +D GDGR PXHUWH D PXFKRV UXVRV \ HQ RWURV
OOHYDEDODFDEH]DHQYXHOWDHQXQDWRDOODFRPRWXUEDQWH WLHPSRV IXH LQPHQVDPHQWH ULFR 7XYR RFKR KLMRV \ ORV
WHQ­DODEDUEDPX\EODQFDODQDUL]JDQFKXGD\HOURVWUR UXVRV PDWDURQ D VLHWH GH HOORV (O TXH VREUHYLYL³ VH
FRPRODJUHGDURMD­QWHJUDPHQWHVXUFDGRGHDUUXJDV/D HQWUHJ³ DO HQHPLJR \ HO DQFLDQR OR LPLW³ 'XUDQWH WUHV
H[SUHVL³QGHVXVRMRVHUDFUXHO\DSHQDVGLYLVDEDD-LOLQ PHVHVIXHSULVLRQHURKDVWDTXHHQFRQWU³DVXKLMR
WRUF­DODFDEH]D\JUX±­D ߙ/RJU³HQFRQWUDUOR"
8QD WDUGH -LOLQ IXH D LQVSHFFLRQDU HO OXJDU GRQGH ߙ6­ (QWRQFHV OR PDW³ \ VH ODV DUUHJO³ SDUD HVFDSDU
KDELWDEDHVWHYLHMR$OWHUPLQDUXQVHQGHURGHVFXEUL³HO 'HVGHHVHG­D\DQRTXLVRFRPEDWLUP¡V\VHIXHD/D
MDUG­Q FXLGDGRVDPHQWH FHUFDGR \ VH HQFDUDP³ VREUH OD 0HFD D RUDU SRU HVR OOHYD WXUEDQWH &DPEL³ OD JXHUUD

32/40
SRUODRUDFL³Q3HURFRPRRGLDDORVUXVRVPHH[LJHTXH WUDWDQGRGHDODUJDUODYLVWDDOVXUKDE­DXQGHVSH±DGHUR
WHPDWHFRVDTXH\RQRSXHGRKDFHU<RKHSDJDGRSRU PX\KRQGR\DORWURODGRXQDDOGHDHQVHJXLGDVHDO]DED
WL\DGHP¡VWHWHQJRFDUL±RQRSRGU­DPDWDUWH7DPSRFR RWUD PRQWD±D SU¡FWLFDPHQWH LQWUDQVLWDEOH \ QR PX\
WHGHYROYHU­DODOLEHUWDGVLQRKXELHUDSURPHWLGRKDFHUOR OHMRVRWUDHQPHGLRGHDPEDVVXUJ­DXQERVTXH\OXHJR
ߙ6RUSUHVLYDPHQWHVHSXVRDUH­U\DJUHJ³HQUXVRߙ7º FDGHQDVGHPRQWHVQHYDGRVTXHSDUHF­DQGHD]ºFDU3RU
EXHQR,Y¡Q\\R$EGXOEXHQRWDPEL©Q WRGRV ODGRV VH OHYDQWDEDQ FHUURV \ HQ PHGLR GH ©VWRV
/RV G­DV VLJXLHURQ SDVDQGR -LOLQ GLYLG­D VX WLHPSR YDOOHVSREODGRV
HQWUH ODV ODERUHV GH DUWHVDQR \ SDVHRV SRU ORV ߡ(OORVVRQGXH±RVGHWRGDODUHJL³QߢSHQV³(QWRQFHV
DOUHGHGRUHV6RORFXDQGROOHJDEDODQRFKH\ODJHQWHVH PLU³ KDFLD OR TXH VXSRQ­D HUD WHUULWRULR UXVR \
KDOODED UHXQLGD HQ VXV FDVDV ©O VH GHGLFDED D FDYDU XQ GLVWLQJXL³HQPHGLRGHORVPRQWHVXQDFROXPQDGHKXPR
KR\RHQODFDEDOOHUL]D$V­ORJU³KDFHUXQDFDYLGDGSRU TXHIORWDEDHQFLPDGHXQDPSOLRYDOOH&RPSUHQGL³TXH
GHEDMR GHO PXUR OR VXILFLHQWHPHQWH JUDQGH FRPR SDUD MXVWDPHQWHDOO­WHQ­DTXHHQFRQWUDUVHODIRUWDOH]D\VXSR
SDVDU SRU HOOD \ SHQV³ TXH GHE­D FRQRFHU ELHQ OD FRQ FHUWH]D DEVROXWD DG³QGH GHE­D GLULJLU VXV SDVRV DO
FRPDUFD'HHVWHPRGRVDEU­DDG³QGHGLULJLUVXVSDVRV HVFDSDU
&RQHVWHILQHVFRJL³XQG­DHQTXH$EGXO0XUDWSDUWL³ +DE­D OOHJDGR OD KRUD GH OD IXJD \ HVWDED GHFLGLGR D
OHMRV GH OD DOGHD \ VH HQFDPLQ³ HQ GLUHFFL³Q D OD KDFHUOR HVD QRFKH 8QD QRFKH VLQ OXQD URGHDGD GH XQD
PRQWD±DSUHWHQG­DREVHUYDUORWRGRGHVGHODFXPEUH6LQ RVFXULGDG GHQVD /DPHQWDEOHPHQWH SRFR GHVSX©V GH
HPEDUJRQRKDE­DFDPLQDGRPXFKRFXDQGRHVFXFK³OD SRQHUVH HO VRO YROYLHURQ $EGXO0XUDW \ ORV GHP¡V
YR]GHOKLMRGHODPR KRPEUHV \ QR YHQ­DQ DOHJUHV (Q YH] GH JDQDGR WUD­DQ
ߙb'HW©QWH,Y¡Qb0LSDGUHKDRUGHQDGRTXHQRVDOJDV XQFDG¡YHUDWDGRDODVLOODGHXQFDEDOOR(UDHOKHUPDQR
GHDTX­ PHQRUGH.DVL0RKDPHGHOGHODEDUEDURMD\ODJHQWH
ߙ1R LU© PX\ OHMRV ߙUHVSRQGL³ -LOLQߙ 1HFHVLWR XQD HQ VX PD\RU­D PX\ H[DOWDGD VH UHXQL³ SDUD GDUOH
KLHUEDVSDUDORVHQIHUPRV\FUHRTXHODVKDOODU©HQHVWD VHSXOWXUD
PRQWD±D$FRPS¡±DPH\WHKDU©XQDUFR\IOHFKDV $SDUHFL³ HO DOPX©GDQR HO YLHMR PXVXOP¡Q TXH
(O FKLTXLOOR DFFHGL³ \ VLJXLHURQ DYDQ]DQGR MXQWRV FRQYRFDEDDRUDU\ORVYLHMRVVHHQUROODURQWRDOODVFRPR
$XQTXH OD PRQWD±D QR SDUHF­D WDQ HVFDUSDGD ORV WXUEDQWHV DOUHGHGRU GH VXV FDEH]DV \ VH HQFXFOLOODURQ
JULOOHWHV GLILFXOWDEDQ HO SDVR GH -LOLQ \ FDVL MXQWR DO PXHUWR (O DOPX©GDQR SHUPDQHF­D GHODQWH GHO
DUUDVWU¡QGRVHFRQVLJXL³OOHJDUDUULED$OKDFHUORUHVSLU³ JUXSR \ WRGRV PDQWXYLHURQ ODV FDEH]DV LQFOLQDGDV HQ
SURIXQGR VH VHQW³ \ REVHUY³ FXDQWR OH URGHDED WRWDOVLOHQFLRKDVWDTXH©OGLMR

33/40
 ߙb$O¡ ߙ'H DFXHUGR 0H KDV FRQYHQFLGR ߙGLMR .RVWLO\Q
(OUHVWRFRUH³HQWRQFHV GHVSX©VGHUHIOH[LRQDUXQRVPRPHQWRV
ߙb$O¡ ߙ\ OXHJR UHJUHVDURQ DO VLOHQFLR 6ROR VH /XHJR GH DJUDQGDU P¡V OD FDYLGDG SDUD TXH .RVWLO\Q
HVFXFKDEDXQVXDYHPXUPXOORGHKRMDV SXGLHUDSDVDUSRUHOODORVGRVSULVLRQHURVDJXDUGDURQD
(OKHUPDQRGHOKRPEUHGHODEDUEDURMDIXHHQWHUUDGR TXHUHLQDUDXQDEVROXWRVLOHQFLR-LOLQDWUDYHV³HQWRQFHV
HQXQDWXPEDFDYDGDHQXQVXEWHUU¡QHR/REDMDURQPX\ SRUHOKR\R\VDOL³DOH[WHULRU.RVWLO\QORVLJXL³SHURDO
OHQWDPHQWH D OD IRVD \ OR GHMDURQ DOO­ FRQ ODV PDQRV OOHJDU DIXHUD WURSH]³ \ SURGXMR XQ UXLGR TXH DOHUW³ D
FUX]DGDV VREUH HO YLHQWUH VHQWDGR \ VROR /XHJR OR 8OLDVKLQHOSHUURJXDUGL¡Q8OLDVKLQHUDPX\EUDYR\VH
WDSDURQFRQWLHUUD\HQFLPDFRORFDURQXQDSLHGUD SUHFLSLW³ KDFLD OD FDEDOOHUL]D ODQ]DQGR DPHQD]DGRUHV
$O DPDQHFHU .DVL0RKDPHG GHJROO³ XQD \HJXD \ OD ODGULGRV $IRUWXQDGDPHQWH -LOLQ KDE­D WHQLGR OD
GHVFXDUWL]³\UHXQL³HQVXFDVDDWRGRVORVKRPEUHVGH SUHFDXFL³QGHGDUOHGHFRPHU\HQHVHLQVWDQWHOHVLOE³\
OD DOGHD 3RU HVSDFLR GH WUHV G­DV FRPSOHWRV EHELHURQ OHDUURM³XQSDQ(OSHUURORUHFRQRFL³GHM³GHODGUDU\
FHUYH]D \ FRPLHURQ FDUQH KRQUDQGR DO GLIXQWR \ DO PRYL³ODFRODHQVH±DOGHDPLVWDGUHVWUHJDQGRHOKRFLFR
FXDUWR G­D HQVLOODURQ ORV FDEDOORV \ VH PDUFKDURQ FRQ HQODVSLHUQDVGH-LOLQ
.DVL0RKDPHG D OD FDEH]D 6ROR $EGXO0XUDW (OVLOHQFLRYROYL³šQLFDPHQWHVHHVFXFKDEDHOEDOLGR
SHUPDQHFL³HQODDOGHD GHUHED±RVGLVWDQWHV\HOUXPRUGHODJXDGHORVDUUR\RV
ߡ/D OXQD HVW¡ HQ FUHFLHQWH \ ODV QRFKHV WRGDY­D VRQ TXH FRUU­DQ HQWUH ODV SLHGUDV /DV HVWUHOODV \ OD OXQD
RVFXUDVߢ PHGLW³ -LOLQ \ WRP³ XQD GHWHUPLQDFL³Q ߡ6­ QXHYD LOXPLQDEDQ WHQXHPHQWH ORV YDOOHV DOIRPEUDGRV
KD\ TXH HVFDSDU KR\ PLVPRߢ 6H OR FRPXQLF³ D SRUODQLHYH
.RVWLO\Q -LOLQ \ .RVWLO\Q VH SXVLHURQ HQ FDPLQR 'HVSX©V GH
ߙ1R HV LPSRVLEOH KXLU VLQ FRQRFHU HO FDPLQR ߙREMHW³ DWUDYHVDU XQ FRUUDO OOHJDURQ D XQ U­R TXH YDGHDURQ \
HVWH OXHJRDYDQ]DURQSRUHOYDOOHJXL¡QGRVHSRUODVHVWUHOODV
ߙ7HHTXLYRFDV<RORFRQR]FR /HV UHVXOWDED I¡FLO FDPLQDU VLQ ORV JULOOHWHV TXH OHV
ߙ3HURMDP¡VOOHJDUHPRVHQXQDQRFKH TXLWDEDQ SRU ODV QRFKHV 6LQ HPEDUJR ODV YLHMDV ERWDV
ߙ1RV GHWHQGUHPRV HQ HO ERVTXH +H JXDUGDGR XQRV TXHFDO]DEDQHUDQVXPDPHQWHLQF³PRGDV-LOLQRSW³SRU
FXDQWRV SDQHV \ QR SDVDUHPRV KDPEUH (QWLHQGH GHVSRMDUVH GH HOODV \ SURVLJXL³ HO YLDMH FRQ ORV SLHV
.RVWLO\QTXHIXHURQUXVRVORVTXHPDWDURQDOKHUPDQR GHVQXGRVVDOWDQGRSRUODVSLHGUDVVLHPSUHSHQGLHQWHGH
GH .DVL0RKDPHG \ ORV W¡UWDURV HVW¡Q OOHQRV GH RGLR ODVHVWUHOODV
/RºQLFRTXHTXLHUHQHVPDWDUQRV ߙ1RYD\DVWDQU¡SLGRTXHHVWDVPDOGLWDVERWDVVRQXQD

34/40
WRUWXUDߙVHTXHM³.RVWLO\Q GHVPD\³ H LQHVSHUDGDPHQWH -LOLQ VH SXVR D UH­Uߙ (O
ߙ4X­WDWHODV\RYR\PHMRUDV­ߙOHDFRQVHM³-LOLQ PRQVWUXRTXHQRVKDDVXVWDGRQRHVP¡VTXHXQFLHUYR
(O RWUR OR LPLW³ \ VLJXL³ DQGDQGR GHVFDO]R 3HUR VH \©OWDPEL©QKDVHQWLGRPLHGRGHQRVRWURV
KLUL³ PXFKR P¡V ORV SLHV \ FRQWLQX³ UHWUDVDQGR OD &RPHQ]DED D DPDQHFHU FXDQGR WHUPLQDURQ GH
PDUFKD DWUDYHVDUHOERVTXH\OOHJDURQDXQFDPLQR.RVWLO\QVH
ߙ(VDVKHULGDVFLFDWUL]DU¡QߙRSLQ³-LOLQߙHQFDPELRVL GHM³FDHUDQLTXLODGR
ORVW¡UWDURVQRVSLOODQSHUGHUHPRVODYLGD ߙ0LVSLHVVHQLHJDQDFDPLQDUߙPXUPXU³
5HFRUULHURQYDULRVNLO³PHWURVDQWHVGHGHVFXEULUTXHVH (QYDQR-LOLQWUDW³GHFRQYHQFHUOR1LQJºQDUJXPHQWR
KDE­DQ HTXLYRFDGR GH FDPLQR \ TXH WHQ­DQ TXH SRG­DDQLPDUDHVHKRPEUH$GHP¡VXQDQHEOLQDLQWHQVD
UHWURFHGHUKDFLDODL]TXLHUGDSDUDHQFRQWUDUHOERVTXH HPSH]³DGHVFHQGHUFXEULHQGRORVFHUURV
ߙb'©MDPHWRPDUDOLHQWRߙVXSOLF³.RVWLO\QPRVWUDQGR 6ºELWDPHQWHSHUFLELHURQHOVRQLGRGHORVFDVFRVGHXQ
VXVSLHVHQVDQJUHQWDGRV FDEDOOR TXH YHQ­D HQ GLUHFFL³Q D HOORV \ HVWH V­ HUD XQ
ߙb1R WH GHWHQJDV ߙJULW³ VX FRPSD±HUR \ IXH P¡V GH FDEDOOR GH YHUGDG HVFXFKDEDQ FKRFDU VXV KHUUDGXUDV
SULVDFDVLFRUULHQGR FRQWUDODVSLHGUDV-LOLQVHWHQGL³DR­UODVYLEUDFLRQHVGH
&XDQGRSRUILQOOHJDURQDOERVTXH\VHLQWHUQDURQHQ©O ODWLHUUD
OD VLWXDFL³Q VH KL]R DºQ P¡V GLI­FLO /DV UDPDV GH ORV ߙ6­YLHQHXQMLQHWHߙFRQILUP³
¡UEROHV OHV GHVJDUUDEDQ OD URSD \ ODV HVSLQDV GH ORV
DUEXVWRV ORV UDVJX±DEDQ FRPR JDUUDV DILODGDV 'H
SURQWRR\HURQHOUXLGRGHORVFDVFRVGHXQFDEDOOR\VH
GHWXYLHURQDOHODGRV(OUXLGRVHDFDOO³HQWRQFHV\YROYL³
D R­UVH DSHQDV UHDQXGDURQ OD PDUFKD $V­ HO IHQ³PHQR
VH UHSLWL³ FDPLQDEDQ \ HO FDEDOOR VH GHMDED R­U VH
GHWHQ­DQ \ VH KDF­D HO VLOHQFLR 7UDWDQGR GH YHU DOJR
HQWUHODVVRPEUDV-LOLQGLYLV³HQXQLQVWDQWHXQDQLPDO
TXHSDUHF­DFDEDOORVREUHHOTXHFDEDOJDEDXQDH[WUD±D
ILJXUD
ߙb4X© DQLPDO WDQ UDUR ߙH[FODP³ (VWH SDUHFL³
HVFXFKDUOR SRUTXH VH SUHFLSLW³ LJXDO TXH XQ KXUDF¡Q
KDFLD HO LQWHULRU GHO ERVTXH $O YHUOR .RVWLO\Q VH

35/40
 6H DUUDVWUDURQ D XQ FRVWDGR GHO FDPLQR \ VH ߙb1RQRVHGHEHDEDQGRQDUDXQFRPSD±HUR
HVFRQGLHURQ HQWUH XQRV DUEXVWRV 3URQWR DSDUHFL³ HQWUH 1XHYDPHQWH DFRPRG³ D .RVWLO\Q VREUH VX HVSDOGD \
ODEUXPDXQW¡UWDURDFDEDOORTXHSDV³MXQWRDHOORVVLQ UHFRUUL³FHUFDGHGRVNLO³PHWURV/DQHEOLQDSULQFLSL³D
SHUFDWDUVHGHTXHORREVHUYDEDQ GLVLSDUVH FXDQGR OOHJDURQ FHUFD GH XQ DUUR\R -LOLQ VH
ߙb*UDFLDVD'LRV\DVHDOHM³ߙVXVXUU³-LOLQ\XQDYH] GHWXYR6HKDOODEDH[KDXVWR
P¡V VH HPSH±³ HQ TXH VX DPLJR FDPLQDUD )XH 6H LQFOLQDURQ SDUD EHEHU XQ SRFR GH DJXD \ HQ HVH
LPSRVLEOH $TXHO VROGDGR JUDQGH \ IRUQLGR QR HUD P¡V PRPHQWRR\HURQHOJDORSHGHORVFDEDOORV\ODVYRFHVGH
TXH XQ JXL±DSR /R UHPHFL³ \ .RVWLO\Q ODQ]³ XQ JULWR ORV W¡UWDURV -LOLQ LQWHQW³ DUUDVWUDU D VX DPLJR D XQ
DJXGRGHGRORU HVFRQGLWHDXQTXH­QWLPDPHQWHVDE­DTXHHUDLQºWLO
ߙb'©MDPHPHHVW¡VKDFLHQGRGD±R /RGHP¡VRFXUUL³U¡SLGDPHQWH/RVW¡UWDURVD]X]DURQD
-LOLQ WXYR PLHGR (O W¡UWDUR DºQ VH HQFRQWUDED PX\ XQRV SHUURV \ SHUFLELHURQ FUXMLGRV HQ OD PDOH]D 'H
FHUFD\SUREDEOHPHQWHKDE­DHVFXFKDGRߡ4X©KDU©"ߢ LQPHGLDWRYLHURQDXQSHUURTXHIXHGLUHFWDPHQWHKDFLD
VH SUHJXQW³ ߡ<R WRGDY­D VR\ FDSD] GH FRUUHU SHUR QR HOORV\VHSXVRDODGUDU/RVKRPEUHVQRGHPRUDURQ6H
SXHGRDEDQGRQDUDXQFRPSD±HURߢ SUHFLSLWDURQ VREUH ORV GRV IXJLWLYRV \ GHVSX©V GH
6XEL³ D .RVWLO\Q HQ VX HVSDOGD VXMHW¡QGROR SRU ODV DWDUORVORVLQVWDODURQVREUHORVFDEDOORV
SLHUQDV \ YROYL³ DO FDPLQR ‰O WDPEL©Q WHQ­D ORV SLHV $PDUUDGRV FRPR EXOWRV HQFLPD GH ODV FDEDOJDGXUDV
OOHQRV GH KHULGDV \ DTXHOOD FDUJD UHVXOWDED GHVKLFLHURQ HO FDPLQR DQGDGR KDVWD TXH VDOL³ D
KRUULEOHPHQWH SHVDGD 1R REVWDQWH VLJXL³ DQGDQGR HQFRQWUDUORV $EGXO0XUDW FRQ GRV KRPEUHV (O DPR \D
KDVWD TXH R\³ FDEDOJDU D DOJXLHQ GHWU¡V GH HOORV 2WUD QRVRQUH­D\QLVLTXLHUDOHVGLULJL³ODSDODEUD<DHUDGH
YH] VH RFXOWDURQ FRQ OD FHUWH]D GH TXH HO W¡UWDUR ORV G­DFXDQGRHQWUDURQHQODDOGHD
EXVFDED < HQ HIHFWR GHVSX©V GH ODQ]DU YDULRV 'HMDURQ D ORV SULVLRQHURV DWDGRV HQ OD FDOOH PLHQWUDV
LPSURSHULRV HO MLQHWH GLVSDU³ DIRUWXQDGDPHQWH VLQ GDU ORVQL±RVOHVWLUDEDQSLHGUDV\ORVKRPEUHVVHUHXQ­DQHQ
HQ HO EODQFR /XHJR YROYL³ D DOHMDUVH HFKDQGR F­UFXOR D GHOLEHUDU $OJXQRV RSLQDEDQ TXH OR PHMRU HUD
PDOGLFLRQHV OOHYDUORVPX\OHMRV\DEDQGRQDUORVHQWUHORVFHUURV
ߙb(VHSHUURKDLGRHQEXVFDGHRWURVSDUDSHUVHJXLUQRV ߙb1RߙJULW³HOYLHMRTXHYLY­DDOSLHGHODPRQWD±Dߙ
b(VWDPRV SHUGLGRV ߙDVHYHU³ -LOLQߙ 1HFHVLWDPRV b+D\TXHPDWDUORVDKRUDPLVPR
DYDQ]DUSRUORPHQRVFLQFRNLO³PHWURVP¡V ߙ(VR QR PH FRQYLHQH ߙDILUP³ $EGXO0XUDWߙ <R
ߙQGDWHVRORߙPXVLW³.RVWLO\Qߙ1RDUULHVJXHVP¡VWX SDJX©SRUHOORV\YR\DFREUDUHOUHVFDWH
YLGDSRUP­ ߙb1R UHFLELU¡V HVH UHVFDWH \ FDGD G­D WH RFDVLRQDU¡Q

36/40
P¡VSUREOHPDVߙUHEDWL³HODQFLDQRߙ<DFDVRQRVDEHV MXQW³EDUURFRQHOTXHFRPHQ]³DKDFHUPX±HFRV\RWUDV
TXH HV XQ SHFDGR DOLPHQWDU D ORV UXVRV" b0¡WDORV \ ILJXUDV
DVXQWRFRQFOXLGR 3HUR VXV HVSHUDQ]DV GH TXH OD QL±D YROYLHUD DO G­D
&XDQGR HO JUXSR VH GLVSHUV³ HO DPR VH DSUR[LP³ D VLJXLHQWHVHYLHURQGHIUDXGDGDV2\³HQFDPELRYRFHV
-LOLQFRQDLUHVHYHUR\ORFRQPLQ³ TXH GLVFXW­DQ DFDORUDGDPHQWH 6LQ GXGD FHOHEUDEDQ XQD
ߙ7H GR\ TXLQFH G­DV SDUD TXH OOHJXH HO UHVFDWH 6L QR UHXQL³Q MXQWR D OD PH]TXLWD \ HO WHPD GHE­D VHU HO
OOHJDWHKDU©D]RWDU\VLWUDWDVGHKXLUPRULU¡VSHRUTXH GHVWLQRGHORVSULVLRQHURV
XQSHUUR$KRUDHVFULEHXQDQXHYDFDUWD\DVHJºUDWHGH -LOLQ GHEL³ DJXDUGDU FLHUWR WLHPSR DQWHV GH TXH 'LQND
TXHWHHQY­HQHOGLQHUR UHDSDUHFLHUD6XUJL³GHUHSHQWHDUULEDHQFXFOLOODGDFRQ
$PERV SULVLRQHURV WXYLHURQ TXH HVFULELU D VXV FDVDV OD FDEH]D WDQ LQFOLQDGD KDFLD HO IRVR TXH VX FROODU VH
(QVHJXLGD OHV FRORFDURQ ORV JULOOHWHV \ ORV FRQGXMHURQ EDODQFHDED GHQWUR GH ©VWH 'H XQD PDQJD VDF³ GRV
KDVWDXQIRVRTXHKDE­DDFLHUWDGLVWDQFLDGHODPH]TXLWD TXHVRVSHTXH±RVTXHGHM³FDHUKDFLD-LOLQ6LQHPEDUJR
(QHOLQWHULRUGHDTXHOIRVRORVGHMDURQ QR VRQUH­D \ VXV RMRV IXOJXUDEDQ FRPR HVWUHOODV ‰O
+DELWDU HQ HO IRQGR GH HVH KR\R QR SRG­D VHU P¡V UHFRJL³ORVTXHVRV\ODREVHUY³
LQVXIULEOH 1R IXH SHUPLWLGR TXH ORV SULVLRQHURV VH ߙ7H KLFH XQRV MXJXHWHV ߙGLMR \ ODQ]³ DOJXQDV GH ODV
GHVSRMDUDQGHORVJULOOHWHVSRUODQRFKH\WDPSRFRVHOHV ILJXULWDVKDFLDORDOWR3HURHOODQRODVUHFLEL³9ROYL³OD
DXWRUL]³SDUDVDOLUDODOX]GHOG­DHQQLQJºQPRPHQWR FDEH]D\VRORKDEO³DOFDERGHXQODUJRVLOHQFLR
/HV DUURMDEDQ SDQHV VLQ FRFHU \ OHV EDMDEDQ MDUUDV GH ߙ9DQDPDWDUWH,Y¡Q
DJXD /D DWP³VIHUD HUD KºPHGD DVIL[LDQWH SHVWLOHQWH ߙ4XL©Q"
.RVWLO\QQRWDUG³HQHQIHUPDU\HQORVUDWRVHQTXHQR ߙ0LSDGUH(VXQDRUGHQGHORVYLHMRVb7HQJRPXFKD
GRUP­D QR KDF­D P¡V TXH TXHMDUVH -LOLQ UHFRQRF­D TXH SHQDSRUWL
HUD SU¡FWLFDPHQWH LPSRVLEOH HVFDSDU \ HVWDED PX\ ߙ6LWLHQHVSHQDSRUP­VLTXLHUHVHYLWDUPLPXHUWH
GHVDQLPDGR FRQV­JXHPHXQDYDUDODUJD
(QXQDRFDVL³QHQTXHVHVHQW­DPX\WULVWH\HYRFDED ߙ8QDYDUD"
ORV WLHPSRV HQ TXH HUD XQ KRPEUH OLEUH OH FD\HURQ ߙ6­XQSDORSRUHOTXH\RSXHGDWUHSDU
HQFLPD GRV WRUWDV \ XQ DWDGR GH FHUH]DV $UULED HQ OD /DQL±DDJLW³ODFDEH]DHQXQJHVWRQHJDWLYR
ERFD GHO IRVR VH HQFRQWUDED 'LQND /R PLU³ XQRV ߙb0HSLGHVDOJRLPSRVLEOH,Y¡Qb7RGRVPHYHU­DQ
LQVWDQWHVVRQUL³\VHPDUFK³U¡SLGDPHQWHߡb(OODSRGU­D ߙb3RUIDYRU'LQNDLQW©QWDOR
D\XGDUPHߢ SHQV³ -LOLQ &DY³ XQ SRFR HQ HO VXHOR \ 'LQND VH IXH DQJXVWLDGD \ -LOLQ SHUPDQHFL³ SHVH D

37/40
WRGRPLUDQGRXQD\RWUDYH]KDFLDDUULEDHVSHUDQGR(Q FDUHF­DGHIXHU]D$OSRFRUDWRVROW³ODSLHGUD\HVWDOO³
HVWD HVSHUD YLR VDOLU ODV HVWUHOODV \ R\³ OD YR] TXH HQO¡JULPDV
LQYRFDED D $O¡ HQ ORV DQRFKHFHUHV HO DOPX©GDQR -LOLQREVHUY³KDFLDHOODGRL]TXLHUGRGHODPRQWD±D/D
OODPDQGRDODRUDFL³Q(OVXH±RSULQFLSLDEDDLQYDGLUOR\ OXQDFRPHQ]DEDDVXELU\HOFLHORVHLOXPLQDEDߡ7HQJR
VHLQFRUSRU³EUXVFDPHQWHDOVHQWLUTXHOHFD­DQSHGD]RV TXH FUX]DU HO YDOOH \ OOHJDU DO ERVTXH DQWHV GH TXH OD
GH EDUUR \ SLHGUHFLOODV HQ OD FDEH]D (QWRQFHV YLR TXH OXQDORDOXPEUHWRGRߢSHQV³$XQTXHIXHUDWUDEDGRFRQ
XQDYDUDGHPDGHUDPX\ODUJDEDMDEDSRUHOERTXHWHGHO ORV JULOOHWHV DUUDVWUDQGR ORV SLHV GHE­D SRQHUVH HQ
IRVR6HDEUD]³DHOODFRPSUREDQGRTXHHUDUHVLVWHQWH\ PDUFKD
XQDLQPHQVDDOHJU­DORFROP³8QDYH]P¡VORVRMRVGH ߙ$GL³V 'LQND b-DP¡V WH ROYLGDU© ߙH[FODP³
'LQNDUHVSODQGHF­DQ HPRFLRQDGR (OOD EXVF³ HQ ORV EROVLOORV GH ©O \ JXDUG³
ߙ1RKD\P¡VTXHGRVKRPEUHVHQODDOGHD,Y¡QߙGLMRߙ DOO­DOJXQRVSDQHFLOORV'HVSX©VORDEUD]³\DOVHSDUDUVH
WRGRVORVGHP¡VVHKDQLGR VH SXVR D OORUDU GHVFRQVRODGDPHQWH DO PLVPR WLHPSR
-LOLQHVFXFK³DODQL±D\VHDSUR[LP³D.RVWLO\Q TXHVDO­DFRUULHQGR
ߙb9DPRVFRPSD±HURHVWDYH]ORFRQVHJXLUHPRV &XDQGRODQL±DVHSHUGL³HQODRVFXULGDG-LOLQWRGDY­D
(O RWUR SULVLRQHUR QR OR GHM³ FRQWLQXDU 6H KDOODED HVFXFK³HOVRQLGRGHFDPSDQLOODVTXHSURGXF­DHOFROODU
DEVROXWDPHQWH LQFDSDFLWDGR SDUD GDU XQ VROR SDVR \ GH PRQHGDV 'HVSX©V TXH DTXHO FDPSDQLOOHR VH DFDOO³
KDE­D OOHJDGR OD KRUD GH GHVSHGLUVH $V­ OR KLFLHURQ \ VH SHUVLJQ³ \ HPSH]³ D FDPLQDU OR P¡V U¡SLGR TXH OH
-LOLQFRPHQ]³DWUHSDUSRUHOSDOR5HVEDO³GRVYHFHV\ SHUPLW­DQORVJULOOHWHV
VXEL³ GH QXHYR KDVWD TXH DOFDQ]³ HO ERUGH GHO IRVR \ $OYDGHDUHOU­RODOXQD\DKDE­DLOXPLQDGRHORWURODGR
'LQNDORFRJL³FRQIXHU]DVGHOFXHOORGHODFDPLVD/RV GHO PRQWH \ XQD ]RQD GHO YDOOH VH YROY­D FODUD 6H
GRVVHODUJDURQDUH­UHQHVHPRPHQWRFRQXQDPH]FOD HVIRU]³SRULUP¡VDSULVDVLQHPEDUJRDOSHQHWUDUHQHO
GHLQTXLHWXG\DOHJU­D ERVTXHYLRTXHODOXQDVHHOHYDEDVREUHODVPRQWD±DV\
0LHQWUDV OD QL±D IXH D HVFRQGHU OD YDUD -LOLQ WUDW³ GH TXH VX OX] \D OR HQYROY­D WRGR 6H GLVWLQJX­DQ
DEULUHOFDQGDGRGHORVJULOOHWHVFRQXQDSLHGUDDILODGD SHUIHFWDPHQWH ORV FRQWRUQRV GH ORV ¡UEROHV \ ORV FHUURV
3HUR HUD XQ FDQGDGR H[WUHPDGDPHQWH UHVLVWHQWH $O VHHUJX­DQFRPRJLJDQWHVVLOHQFLRVRV
OOHJDU GH QXHYR 'LQND OH DUUHEDW³ OD SLHGUD GH ODV *UDFLDVD'LRVQRVHKDE­DHQFRQWUDGRFRQQDGLHHQVX
PDQRV FDPLQR \ VH VHQW³ D GHVFDQVDU XQ PRPHQWR &RPL³ XQ
ߙb'©MDPH \R OR KDU© ߙRIUHFL³ 3RU GHVJUDFLD VXV SDQ \ UHDQXG³ OD PDUFKD 3HUR OXHJR GH DYDQ]DU XQRV
EUD]RV HUDQ GHOJDGRV VXV PDQRV SHTXH±DV \ ILQDV \ GRVNLO³PHWURVP¡VH[SHULPHQW³XQIXHUWHGRORUHQODV

38/40
SLHUQDVߡ7HQJRTXHVHJXLUߢSHQV³ߡ+DVWDTXHVHDJRWH ߙb+HUPDQRVb0LVKHUPDQRV
ODºOWLPDUHVHUYDGHPLVIXHU]DVߢ /RV VROGDGRV \ ORV RILFLDOHV OR UHFRQRFLHURQ /H
'H SURQWR OD OXQD HPSH]³ D GHVGLEXMDUVH \ IXH TXLWDURQORVJULOOHWHV\OROOHYDURQDODIRUWDOH]DGRQGH
UHHPSOD]DGD SRU XQD OXPLQRVLGDG TXH DQXQFLDED OD ORYLVWLHURQFRPL³\EHEL³YRGND7RGRVHVWDEDQIHOLFHV
SUR[LPLGDGGHODPDQHFHU-LOLQFRQWLQXDEDDQGDQGRFDGD GHYROYHUDYHUOR\-LOLQWXYRTXHUHODWDUYDULDVYHFHVVX
YH]P¡VOHQWDPHQWHߡ6RORXQRVSDVRVP¡VߢVHGHF­Dߡ\ KLVWRULD 7HUPLQ³ GLFLHQGR PLHQWUDV ORV GHP¡V
PH RFXOWDU© HQWUH ORV ¡UEROHV D GHVFDQVDUߢ 3HUR DO FHOHEUDEDQVXUHJUHVR
FDPLQDUHVRVSDVRVRFXUUL³DOJRLQHVSHUDGRGHJROSHVH ߙ3HQVDEDFDVDUPHDOOOHJDUDPLFDVDSHURPLGHVWLQR
HQFRQWU³DOILQDOGHOERVTXH\DOVDOLUGHHVWHHQIUHQW³ HUDRWUR0HTXHGDU©VLUYLHQGRHQHO&¡XFDVR
XQQXHYRG­D
(QWRQFHV YLR ODV FROXPQDV GH KXPR \ D ORV KRPEUHV
DOUHGHGRU GH ODV KRJXHUDV \ VLQ GDU FU©GLWR D VXV RMRV
GLVWLQJXL³ORVUHOXFLHQWHVIXVLOHVGHORVFRVDFRV\GHORV
VROGDGRV UXVRV \ OD IRUWDOH]D 6LQWL³ TXH OD DOHJU­D OR
DKRJDED \ HQ HVH SUHFLVR LQVWDQWH GHVFXEUL³ D WUHV
W¡UWDURV HQ XQ FHUUR D VX L]TXLHUGD $QWHV GH TXH
UHDFFLRQDUD\UHWURFHGLHUDKDFLDHOERVTXHORVW¡UWDURVD
VXYH]ORYLHURQ\EDMDURQHOFHUUR
ߙb+HUPDQRVb6¡OYHQPHb+HUPDQRV ߙVXSOLF³-LOLQHQ
XQDODULGR
/RV UXVRV OR HVFXFKDURQ \ YDULRV FRVDFRV SDUWLHURQ DO
JDORSH D FRUWDU HO SDVR D ORV HQHPLJRV PLHQWUDV -LOLQ
FRUU­DDSHVDUGHORVJULOOHWHVSHUVLJQ¡QGRVH\JULWDQGR
ߙb+HUPDQRVb+HUPDQRV
0DVGHTXLQFHHUDQORVFRVDFRV\ORVW¡UWDURVWXYLHURQ
TXH UHWURFHGHU -LOLQ VH DSUR[LP³ D ORV VX\RV
VRVWHQL©QGRVHDSHQDVVREUHVXVSLHVHQJULOODGRV\WRGRV
ORURGHDURQKDFL©QGROHPLOSUHJXQWDV‰OOORUDED\UH­D
VLPXOW¡QHDPHQWHUHSLWLHQGR

39/40
 H,6%1
HGLFLyQIHEUHURGH
‹SRU(PSUHVD(GLWRUD=LJ=DJ6$
1ž,QVFULSFLyQ6DQWLDJRGH&KLOH
'HUHFKRVUHVHUYDGRVGHODSUHVHQWHYHUVLyQ
3DUDWRGRVORVSDtVHV
(GLWDGRSRU(PSUHVD(GLWRUD=LJ=DJ6$
/RV&RQTXLVWDGRUHV3LVR3URYLGHQFLD
7HOpIRQR)D[
ZZZ]LJ]DJFO(PDLO]LJ]DJ#]LJ]DJFO
6DQWLDJRGH&KLOH
(OSUHVHQWHOLEURQRSXHGHVHUUHSURGXFLGRQLHQWRGR
QLHQSDUWHQLDUFKLYDGRQLWUDQVPLWLGRSRUQLQJ~QPHGLR
PHFiQLFRQLHOHFWUyQLFRGHJUDEDFLyQ&'5RPIRWRFRSLD
PLFURILOPDFLyQXRWUDIRUPDGHUHSURGXFFLyQ
VLQODDXWRUL]DFLyQGHVXHGLWRU

40/40