0% found this document useful (0 votes)
146 views36 pages

Los Jefes, Los Cachorros (2xhoja36) - Mario Vargas Llosa

This summary is in 3 sentences: The story describes the students at a Peruvian school marching and shouting in the courtyard during recess, in protest of the director who wants to punish them. They are anxiously awaiting the director to come out as tensions rise. Eventually the school administrator Ferrufino appears and calms the students with a gentle speech, stopping the commotion.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
146 views36 pages

Los Jefes, Los Cachorros (2xhoja36) - Mario Vargas Llosa

This summary is in 3 sentences: The story describes the students at a Peruvian school marching and shouting in the courtyard during recess, in protest of the director who wants to punish them. They are anxiously awaiting the director to come out as tensions rise. Eventually the school administrator Ferrufino appears and calms the students with a gentle speech, stopping the commotion.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 36

/RV MHIHV IXH HO SULPHU OLEUR SXEOLFDGR SRU 0DULR 9DUJDV

/ORVDFRQHOFXDOREWXYRVXSULPHUUHFRQRFLPLHQWROLWHUDULRHO
3UHPLR /HRSROGR $ODV 6HJ¼Q VX DXWRU /RV MHIHV HV XQ
SHTXH³RPLFURFRVPRVGHORTXHYHQGU¯DDVHUHOUHVWRGHPLV
OLEURV&XDQGRHVFULELµ/RVFDFKRUURVHOHVFULWRUSHUXDQRHUD
\DGXH³RGHWRGDVVXVIDFXOWDGHVQDUUDWLYDVSRUORTXHHVXQ
PXHVWUDULR GH OD GLYHUVLGDG GH ODV SDVLRQHV SHUVRQDOHV \
FROHFWLYDV 7DO \ FRPR DILUPD 9DUJDV /ORVD GH WRGDV ODV
REUDVTXHKHHVFULWRHVODTXHKDWHQLGRLQWHUSUHWDFLRQHVP£V
GLYHUVDV $ WUDY«V GH ORV DGROHVFHQWHV SURWDJRQLVWDV GH ODV
GRV REUDV 9DUJDV /ORVD UHIOH[LRQD VREUH OD WLUDQ¯D \ OD
YLROHQFLDTXHPDUFDQXQDVRFLHGDG\IUXVWUDQODVH[SHFWDWLYDV
GHVXVKDELWDQWHV

1/36
/RVMHIHV R¯GRIRUPHQILODVDIRUPDUU£SLGR
 ౱c)RUPHPRV ODV ILODV ౱(O YR]DUUµQ GH 5D\JDGD YLEUµ
 HQ HO DLUH VRIRFDQWH GH OD PD³DQD 0XFKRV D OD YH]
-DYLHUVHDGHODQWµSRUXQVHJXQGR FRUHDURQ
౱c3LWR౱JULWµ\DGHSLH ౱c$IRUPDUc$IRUPDU
/DWHQVLµQVHTXHEUµYLROHQWDPHQWHFRPRXQDH[SORVLµQ /RV LQVSHFWRUHV *DOODUGR \ 5RPHUR YLHURQ HQWRQFHV
7RGRV HVW£EDPRV SDUDGRV HO GRFWRU $E£VDOR WHQ¯D OD ERFD VRUSUHQGLGRV TXH GH SURQWR GHFD¯D HO EXOOLFLR \ VH
DELHUWD (QURMHF¯D DSUHWDQGR ORV SX³RV &XDQGR RUJDQL]DEDQ ODV ILODV DQWHV GH FRQFOXLU HO UHFUHR (VWDEDQ
UHFREU£QGRVH OHYDQWDED XQD PDQR \ SDUHF¯D D SXQWR GH DSR\DGRVHQODSDUHGMXQWRDODVDODGHSURIHVRUHVIUHQWHD
ODQ]DU XQ VHUPµQ HO SLWR VRQµ GH YHUGDG 6DOLPRV FRUULHQGR QRVRWURV \ QRV PLUDEDQ QHUYLRVDPHQWH /XHJR VH PLUDURQ
FRQ HVWU«SLWR HQORTXHFLGRV D]X]DGRV SRU HO JUD]QLGR GH HQWUHHOORV(QODSXHUWDKDE¯DQDSDUHFLGRDOJXQRVSURIHVRUHV
FXHUYRGH$PD\DTXHDYDQ]DEDYROWHDQGRFDUSHWDV WDPEL«Q HVWDEDQ H[WUD³DGRV (O LQVSHFWRU *DOODUGR VH
(O SDWLR HVWDED VDFXGLGR SRU ORV JULWRV /RV GH FXDUWR \ DSUR[LPµ
WHUFHURKDE¯DQVDOLGRDQWHVIRUPDEDQXQJUDQF¯UFXORTXHVH c2LJDQ౱JULWµGHVFRQFHUWDGR౱7RGDY¯DQR
PHF¯D EDMR HO SROYR &DVL FRQ QRVRWURV HQWUDURQ ORV GH ౱&DOOD ౱UHSXVR DOJXLHQ GHVGH DWU£V౱ c&DOOD
SULPHUR\VHJXQGRWUD¯DQQXHYDVIUDVHVDJUHVLYDVP£VRGLR *DOODUGRPDULFµQ
(OF¯UFXORFUHFLµ/DLQGLJQDFLµQHUDXQ£QLPHHQOD0HGLD /D *DOODUGR VH SXVR S£OLGR $ JUDQGHV SDVRV FRQ JHVWR
3ULPDULD WHQ¯D XQ SDWLR SHTXH³R GH PRVDLFRV D]XOHV HQ HO DPHQD]DGRU LQYDGLµ ODV ILODV $ VX HVSDOGD YDULRV JULWDEDQ
DODRSXHVWDGHOFROHJLR  c*DOODUGRPDULFµQ
౱4XLHUHIUHJDUQRVHOVHUUDQR ౱0DUFKHPRV ౱GLMH౱ 'HPRV YXHOWDV DO SDWLR 3ULPHUR
౱6¯0DOGLWRVHD ORVGHTXLQWR
1DGLH KDEODED GH ORV H[£PHQHV ILQDOHV (O IXOJRU GH ODV &RPHQ]DPRV D PDUFKDU 7DFRQH£EDPRV FRQ IXHU]D
SXSLODVODVYRFLIHUDFLRQHVHOHVF£QGDORLQGLFDEDQTXHKDE¯D KDVWD GROHUQRV ORV SLHV $ OD VHJXQGD YXHOWD ౱IRUP£EDPRV
OOHJDGR HO PRPHQWR GH HQIUHQWDU DO GLUHFWRU 'H SURQWR GHM« XQUHFW£QJXORSHUIHFWRDMXVWDGRDODVGLPHQVLRQHVGHOSDWLR
GH KDFHU HVIXHU]RV SRU FRQWHQHUPH \ FRPHQF« D UHFRUUHU -DYLHU5D\JDGD/HµQ\\RSULQFLSLDPRV
IHEULOPHQWHORVJUXSRVQRVIULHJD\QRVFDOODPRV"+D\TXH ౱+RUDULRKRUDULRKRUDULR
KDFHUDOJR+D\TXHKDFHUOHDOJR (OFRURVHKL]RJHQHUDO
8QDPDQRI«UUHDPHH[WUDMRGHOFHQWURGHOF¯UFXOR ౱c0£V IXHUWH ౱SURUUXPSLµ OD YR] GH DOJXLHQ TXH \R
౱7¼QR౱GLMR-DYLHU౱1RWHPHWDV7HH[SXOVDQ<DOR RGLDED/X౱c*ULWHQ
VDEHV 'HLQPHGLDWRHOYRFHU¯RDXPHQWµKDVWDHQVRUGHFHU
౱$KRUDQRPHLPSRUWD0HODVYDDSDJDUWRGDV(VPL ౱+RUDULRKRUDULRKRUDULR
RSRUWXQLGDGYHV"+DJDPRVTXHIRUPHQ /RV SURIHVRUHV FDXWDPHQWH KDE¯DQ GHVDSDUHFLGR
(Q YR] EDMD IXLPRV UHSLWLHQGR SRU HO SDWLR GH R¯GR HQ

2/36
FHUUDQGRWUDVHOORVODSXHUWDGHOD6DODGH(VWXGLRV$OSDVDU 'H QXHYR VH RUJDQL]DURQ ODV KLOHUDV HVWD YH] FRQ
ORV GH TXLQWR MXQWR DO ULQFµQ GRQGH 7HREDOGR YHQG¯D IUXWD OHQWLWXG(OFDORUQRHUDWRGDY¯DH[FHVLYRSHUR\DSDGHF¯DPRV
VREUH XQ PDGHUR GLMR DOJR TXH QR R¯PRV 0RY¯D ODV PDQRV FLHUWR VRSRU XQD HVSHFLH GH DEXUULPLHQWR 6H FDQVDURQ ౱
FRPRDOHQW£QGRQRV3XHUFRSHQV« PXUPXUµ-DYLHU౱0DOR<DGYLUWLµIXULRVR
/RVJULWRVDUUHFLDEDQ3HURQLHOFRPS£VGHODPDUFKDQL ౱c&XLGDGRFRQKDEODU
HO HVW¯PXOR GH ORV FKLOOLGRV EDVWDEDQ SDUD GLVLPXODU TXH 2WURVSURSDJDURQHODYLVR
HVW£EDPRV DVXVWDGRV $TXHOOD HVSHUD HUD DQJXVWLRVD 3RU ౱1R ౱GLMH౱ (VSHUD 6H SRQGU£Q FRPR ILHUDV DSHQDV
TX« WDUGDED HQ VDOLU" $SDUHQWDQGR YDORU D¼Q UHSHW¯DPRV OD KDEOH)HUUXILQR
IUDVH PDV KDE¯DQ FRPHQ]DGR D PLUDUVH XQRV D RWURV \ VH 3DVDURQ DOJXQRV VHJXQGRV GH VLOHQFLR GH VRVSHFKRVD
HVFXFKDEDQ GH FXDQGR HQ FXDQGR DJXGDV ULVLWDV IRU]DGDV JUDYHGDGDQWHVGHTXHIX«UDPRVOHYDQWDQGRODYLVWDXQRSRU
1RGHERSHQVDUHQQDGDPHGHF¯D$KRUDQR<DPHFRVWDED XQR KDFLD DTXHO KRPEUHFLWR YHVWLGR GH JULV (VWDED FRQ ODV
WUDEDMRJULWDUHVWDEDURQFR\PHDUG¯DODJDUJDQWD'HSURQWR PDQRVHQOD]DGDVVREUHHOYLHQWUHORVSLHVMXQWRVTXLHWR
FDVLVLQVDEHUORPLUDEDHOFLHORSHUVHJX¯DDXQJDOOLQD]RTXH ౱1R TXLHUR VDEHU TXL«Q LQLFLµ HVWH WXPXOWR ౱UHFLWDED
SODQHDEDVXDYHPHQWHVREUHHOFROHJLREDMRXQDEµYHGDD]XO 8QDFWRUHOWRQRGHVXYR]SDXVDGRVXDYHODVSDODEUDVFDVL
O¯PSLGD \ SURIXQGD DOXPEUDGD SRU XQ GLVFR DPDULOOR HQ XQ FRUGLDOHV VX SRVWXUD GH HVWDWXD HUDQ FXLGDGRVDPHQWH
FRVWDGRFRPRXQOXQDU%DM«ODFDEH]DU£SLGDPHQWH DIHFWDGDV +DEU¯D HVWDGR HQVD\£QGRVH VROR HQ VX
3HTXH³R DPRUDWDGR )HUUXILQR KDE¯D DSDUHFLGR DO ILQDO GHVSDFKR"౱ $FWRV FRPR «VWH VRQ XQD YHUJ¾HQ]D SDUD
GHO SDVLOOR TXH GHVHPERFDED HQ HO SDWLR GH UHFUHR /RV XVWHGHV SDUD HO FROHJLR \ SDUD P¯ +H WHQLGR PXFKD
SDVLWRV EUHYHV \ FKXHFRV FRPR GH SDWR TXH OR DFHUFDEDQ SDFLHQFLDGHPDVLDGDµLJDQORELHQFRQHOSURPRWRUGHHVWRV
LQWHUUXPS¯DQ DEXVLYDPHQWH HO VLOHQFLR TXH KDE¯D UHLQDGR GH GHVµUGHQHVSHURKDOOHJDGRDOO¯PLWH
LPSURYLVR VRUSUHQGL«QGRPH /D SXHUWD GH OD VDOD GH <R R /X" 8QD LQWHUPLQDEOH OHQJXD GH IXHJR ODP¯D PL
SURIHVRUHV VH DEUH DVRPD XQ URVWUR GLPLQXWR FµPLFR HVSDOGDPLFXHOORPLVPHMLOODVDPHGLGDTXHORVRMRVGHWRGD
(VWUDGD TXLHUH HVSLDUQRV YH DO GLUHFWRU D XQRV SDVRV OD 0HGLD LEDQ JLUDQGR KDVWD HQFRQWUDUPH 0H PLUDED /X"
YHOR]PHQWH VH KXQGH VX PDQR LQIDQWLO FLHUUD OD SXHUWD  7HQ¯D HQYLGLD" 0H PLUDEDQ ORV FR\RWHV" 'HVGH DWU£V
)HUUXILQR HVWDED IUHQWH D QRVRWURV UHFRUU¯D GHVRUELWDGR ORV DOJXLHQSDOPHµPLEUD]RGRVYHFHVDOHQW£QGRPH(OGLUHFWRU
JUXSRVGHHVWXGLDQWHVHQPXGHFLGRV6HKDE¯DQGHVKHFKRODV KDEOµ ODUJDPHQWH VREUH 'LRV OD GLVFLSOLQD \ ORV YDORUHV
ILODV DOJXQRV FRUULHURQ D ORV ED³RV RWURV URGHDEDQ VXSUHPRV GHO HVS¯ULWX 'LMR TXH ODV SXHUWDV GH OD GLUHFFLµQ
GHVHVSHUDGDPHQWHODFDQWLQDGH7HREDOGR-DYLHU5D\JDGD HVWDEDQVLHPSUHDELHUWDVTXHORVYDOLHQWHVGHYHUGDGGHE¯DQ
/HµQ\\RTXHGDPRVLQPµYLOHV GDUODFDUD
౱1R WHQJDQ PLHGR ౱GLMH SHUR QDGLH PH R\µ SRUTXH ౱'DUODFDUD౱UHSLWLµDKRUDHUDDXWRULWDULR౱HVGHFLU
VLPXOW£QHDPHQWHKDE¯DGLFKRHOGLUHFWRU KDEODUGHIUHQWHKDEODUPHDP¯
౱7RTXHHOSLWR*DOODUGR ౱c1RVHDVLPE«FLO౱GLMHU£SLGR౱c1RVHDVLPE«FLO

3/36
3HUR 5D\JDGD \D KDE¯D OHYDQWDGR VX PDQR DO PLVPR 
WLHPSR TXH GDED XQ SDVR D OD L]TXLHUGD DEDQGRQDQGR OD 
IRUPDFLµQ 8QD VRQULVD FRPSODFLHQWH FUX]µ OD ERFD GH 8Q UD\R GH VRO DWUDYHVDED HO VXFLR WUDJDOX] \ YHQ¯D D
)HUUXILQR\GHVDSDUHFLµGHLQPHGLDWR DFDULFLDU PL IUHQWH \ PLV RMRV PH LQYDG¯D GH SD] 6LQ
౱(VFXFKR5D\JDGD౱GLMR HPEDUJR PL FRUD]µQ HVWDED DOJR DJLWDGR \ D UDWRV VHQW¯D
$ PHGLGD TXH «VWH KDEODED VXV SDODEUDV OH LQ\HFWDEDQ DKRJRV)DOWDEDPHGLDKRUDSDUDODVDOLGDODLPSDFLHQFLDGH
YDORU /OHJµ LQFOXVR HQ XQ PRPHQWR D DJLWDU VXV EUD]RV ORV PXFKDFKRV KDE¯D GHFD¯GR XQ SRFR 5HVSRQGHU¯DQ
GUDP£WLFDPHQWH $ILUPµ TXH QR «UDPRV PDORV \ TXH GHVSX«VGHWRGR"
DP£EDPRV HO FROHJLR \ D QXHVWURV PDHVWURV UHFRUGµ TXH OD ౱6L«QWHVH 0RQWHV ౱GLMR HO SURIHVRU =DPEUDQR౱ (V
MXYHQWXGHUDLPSXOVLYD(QQRPEUHGHWRGRVSLGLµGLVFXOSDV XVWHGXQDVQR
/XHJRWDUWDPXGHµSHURVLJXLµDGHODQWH ౱1DGLH OR GXGD ౱DILUPµ -DYLHU D PL FRVWDGR౱ (V XQ
౱1RVRWURV OH SHGLPRV VH³RU GLUHFWRU TXH SRQJD DVQR
KRUDULRVGHH[£PHQHVFRPRHQD³RVDQWHULRUHV౱VHFDOOµ +DEU¯DOOHJDGRODFRQVLJQDDWRGRVORVD³RV"1RTXHU¯D
DVXVWDGR PDUWLUL]DU GH QXHYR PL FHUHEUR FRQ VXSRVLFLRQHV SHVLPLVWDV
౱$QRWH*DOODUGR౱GLMR)HUUXILQR౱(ODOXPQR5D\JDGD SHUR D FDGD PRPHQWR YH¯D D /X D SRFRV PHWURV GH PL
YHQGU£DHVWXGLDUODSUµ[LPDVHPDQDWRGRVORVG¯DVKDVWDODV FDUSHWD\VHQW¯DGHVDVRVLHJR\GXGDSRUTXHVDE¯DTXHHQHO
QXHYHGHODQRFKH౱KL]RXQDSDXVD౱(OPRWLYRILJXUDU£HQ IRQGRLEDDGHFLGLUVHQRHOKRUDULRGHH[£PHQHVQLVLTXLHUD
ODOLEUHWDSRUUHEHODUVHFRQWUDXQDGLVSRVLFLµQSHGDJµJLFD XQD FXHVWLµQ GH KRQRU VLQR XQD YHQJDQ]D SHUVRQDO &µPR
౱6H³RUGLUHFWRU౱5D\JDGDHVWDEDO¯YLGR GHVFXLGDUHVWDRFDVLµQIHOL]SDUDDWDFDUDOHQHPLJRTXHKDE¯D
౱0HSDUHFHMXVWR౱VXVXUUµ-DYLHU౱3RUEUXWR EDMDGRODJXDUGLD"
౱7RPD౱GLMRDPLODGRDOJXLHQ౱(VGH/X
$FHSWR WRPDU HO PDQGR FRQWLJR \ 5D\JDGD /X KDE¯D
ILUPDGR GRV YHFHV (QWUH VXV QRPEUHV FRPR XQ SHTXH³R
ERUUµQDSDUHF¯DFRQODWLQWDEULOODQWHD¼QXQVLJQRTXHWRGRV
UHVSHW£EDPRV OD OHWUD & HQ PD\¼VFXOD HQFHUUDGD HQ XQ
F¯UFXOR QHJUR /R PLU« VX IUHQWH \ VX ERFD HUDQ HVWUHFKDV
WHQ¯D ORV RMRV UDVJDGRV OD SLHO KXQGLGD HQ ODV PHMLOODV \ OD
PDQG¯EXOD SURQXQFLDGD \ ILUPH 0H REVHUYDED VHULDPHQWH
DFDVRSHQVDEDTXHODVLWXDFLµQOHH[LJ¯DVHUFRUGLDO
(Q HO PLVPR SDSHO UHVSRQG¯ &RQ -DYLHU /H\µ VLQ
LQPXWDUVH\PRYLµODFDEH]DDILUPDWLYDPHQWH
౱-DYLHU౱GLMH
౱<DV«౱UHVSRQGLµ౱(VW£ELHQ/HKDUHPRVSDVDUXQ

4/36
PDOUDWR ౱1R౱GLMH౱+DEODW¼-DYLHU
$OGLUHFWRURD/X",EDDSUHJXQW£UVHORSHURPHGLVWUDMR /XVHFRQWXYR\PHPLUµSHURQRHVWDEDHQRMDGR
HOVLOEDWRTXHDQXQFLDEDODVDOLGD6LPXOW£QHDPHQWHVHHOHYµ ౱%XHQR ౱GLMR \ DJUHJµ HQFRJLHQGR ORV KRPEURV౱
HOJULWHU¯RVREUHQXHVWUDVFDEH]DVPH]FODGRFRQHOUXLGRGH c7RWDO
ODV FDUSHWDV UHPRYLGDV $OJXLHQ ౱&µUGRED TXL]£"౱ -DYLHU WUHSµ &RQ XQD GH VXV PDQRV VH DSR\DED HQ XQ
VLOEDEDFRQIXHU]DFRPRTXHULHQGRGHVWDFDU £UERO HQFRUYDGR \ UHVHFR \ FRQ OD RWUD VH VRVWHQ¯D GH PL
౱<DVDEHQ"౱GLMR5D\JDGDHQODILOD౱$O0DOHFµQ FXHOOR (QWUH VXV SLHUQDV DJLWDGDV SRU XQ OHYH WHPEORU TXH
౱c4X« YLYR ౱H[FODPµ XQR౱ (VW£ HQWHUDGR KDVWD GHVDSDUHF¯D D PHGLGD TXH HO WRQR GH VX YR] VH KDF¯D
)HUUXILQR FRQYLQFHQWH \ HQ«UJLFR YH¯D \R HO VHFR \ DUGLHQWH FDXFH GHO
6DO¯DPRV SRU OD SXHUWD GH DWU£V XQ FXDUWR GH KRUD U¯R \ SHQVDED HQ /X \ HQ ORV FR\RWHV +DE¯D VLGR VXILFLHQWH
GHVSX«V TXH OD 3ULPDULD 2WURV OR KDE¯DQ KHFKR \D \ OD DSHQDV XQ VHJXQGR SDUD TXH SDVDUD D SULPHU OXJDU DKRUD
PD\RU¯D GH DOXPQRV VH KDE¯D GHWHQLGR HQ OD FDO]DGD WHQ¯DHOPDQGR\ORDGPLUDEDQD«OUDWLWDDPDULOOHQWDTXHQR
IRUPDQGR SHTXH³RV JUXSRV 'LVFXW¯DQ EURPHDEDQ VH KDF¯D VHLV PHVHV LPSORUDED PL SHUPLVR SDUD HQWUDU HQ OD
HPSXMDEDQ EDQGD8QGHVFXLGRLQILQLWDPHQWHSHTXH³R\OXHJRODVDQJUH
౱4XHQDGLHVHTXHGHSRUDTX¯౱GLMH FRUULHQGR HQ DEXQGDQFLD SRU PL URVWUR \ PL FXHOOR \ PLV
౱c&RQPLJRORVFR\RWHV౱JULWµ/XRUJXOORVR EUD]RV \ SLHUQDV LQPRYLOL]DGDV EDMR OD FODULGDG OXQDU
9HLQWHPXFKDFKRVORURGHDURQ LQFDSDFHV\DGHUHVSRQGHUDVXVSX³RV
౱$O0DOHFµQ౱RUGHQµ౱WRGRVDO0DOHFµQ ౱7H KH JDQDGR ౱GLMR UHVROODQGR౱ $KRUD VR\ HO MHIH
7RPDGRV GH ORV EUD]RV HQ XQD O¯QHD TXH XQ¯D ODV GRV $V¯DFRUGDPRV
DFHUDV FHUUDPRV OD PDUFKD ORV GH TXLQWR REOLJDQGR D 1LQJXQDGHODVVRPEUDVHVWLUDGDVHQF¯UFXORHQODEODQGD
DSUHVXUDUVHDORVPHQRVHQWXVLDVWDVDFRGD]RV DUHQD VH KDE¯D PRYLGR 6µOR ORV VDSRV \ ORV JULOORV
8QD EULVD WLELD TXH QR ORJUDED DJLWDU ORV VHFRV UHVSRQG¯DQD/XTXHPHLQVXOWDED7HQGLGRWRGDY¯DVREUHHO
DOJDUURERV QL QXHVWURV FDEHOORV OOHYDED GH XQ ODGR D RWUR OD F£OLGRVXHORDWLQ«DJULWDU
DUHQD TXH FXEU¯D D SHGD]RV HO VXHOR FDOFLQDGR GHO 0DOHFµQ ౱0HUHWLURGHODEDQGD)RUPDU«RWUDPXFKRPHMRU
+DE¯DQUHVSRQGLGR$QWHQRVRWURV౱/X-DYLHU5D\JDGD\\R 3HUR\R\/X\ORVFR\RWHVTXHFRQWLQXDEDQDJD]DSDGRV
౱ TXH G£EDPRV OD HVSDOGD D OD EDUDQGD \ D ORV HQODVRPEUDVDE¯DPRVTXHQRHUDYHUGDG
LQWHUPLQDEOHVDUHQDOHVTXHFRPHQ]DEDQHQODRULOODFRQWUDULD ౱0HUHWLUR\RWDPEL«Q౱GLMR-DYLHU
GHOFDXFHXQDPXFKHGXPEUHFRPSDFWDH[WHQGLGDDORODUJR 0H D\XGDED D OHYDQWDUPH 5HJUHVDPRV D OD FLXGDG \
GH WRGD OD FXDGUD VH PDQWHQ¯D VHUHQD DXQTXH D YHFHV PLHQWUDV FDPLQ£EDPRV SRU ODV FDOOHV YDF¯DV \R LED
DLVODGDPHQWHVHHVFXFKDEDQJULWRVHVWULGHQWHV OLPSL£QGRPH FRQ HO SD³XHOR GH -DYLHU OD VDQJUH \ ODV
౱4XL«QKDEOD"౱SUHJXQWµ-DYLHU O£JULPDV
౱<R౱SURSXVR/XOLVWRSDUDVDOWDUDODEDUDQGD ౱+DEODW¼DKRUD౱GLMR-DYLHU+DE¯DEDMDGR\DOJXQRVOR

5/36
DSODXG¯DQ 
౱%XHQR౱UHSXVH\VXE¯DODEDUDQGD 
1L ODV SDUHGHV GHO IRQGR QL ORV FXHUSRV GH PLV 6XV RMLOORV QRV REVHUYDEDQ PLQXFLRVDPHQWH 4XHU¯D
FRPSD³HURVKDF¯DQVRPEUD7HQ¯DODVPDQRVK¼PHGDV\FUH¯ DSDUHQWDU VRUQD \ GHVSUHRFXSDFLµQ SHUR QR LJQRU£EDPRV
TXH HUDQ ORV QHUYLRV SHUR HUD HO FDORU (O VRO HVWDED HQ HO TXH VX VRQULVD HUD IRU]DGD \ TXH HQ HO IRQGR GH HVH FXHUSR
FHQWUR GHO FLHOR QRV VRIRFDED /RV RMRV GH PLV FRPSD³HURV UHFKRQFKRKDE¯DWHPRU\RGLR)UXQF¯D\GHVSHMDEDHOFH³RHO
QR OOHJDEDQ D ORV P¯RV PLUDEDQ HO VXHOR \ PLV URGLOODV VXGRU EURWDED D FKRUURV GH VXV SHTXH³DV PDQRV PRUDGDV
*XDUGDEDQVLOHQFLR(OVROPHSURWHJ¯D (VWDEDWU«PXOR
౱3HGLUHPRV DO GLUHFWRU TXH SRQJD HO KRUDULR GH ౱6DEHQ XVWHGHV FµPR VH OODPD HVWR" 6H OODPD
H[£PHQHVORPLVPRTXHRWURVD³RV5D\JDGD-DYLHU/X\\R UHEHOLµQLQVXUUHFFLµQ&UHHQXVWHGHVTXHYR\DVRPHWHUPH
IRUPDPRV OD &RPLVLµQ /D 0HGLD HVW£ GH DFXHUGR QR HV D ORV FDSULFKRV GH XQRV RFLRVRV" /DV LQVROHQFLDV ODV
YHUGDG" DSODVWR
/D PD\RU¯D DVLQWLµ PRYLHQGR OD FDEH]D 8QRV FXDQWRV %DMDED \ VXE¯D OD YR] /R YH¯D HVIRU]DUVH SRU QR JULWDU
JULWDURQ6¯6¯ 3RUTX«QRUHYLHQWDVGHXQDYH]"SHQV«c&REDUGH
౱/R KDUHPRV DKRUD PLVPR ౱GLMH౱ 8VWHGHV QRV 6H KDE¯D SDUDGR 8QD PDQFKD JULV IORWDED HQ WRUQR GH
HVSHUDU£QHQOD3OD]D0HULQR VXVPDQRVDSR\DGDVVREUHHOYLGULRGHOHVFULWRULR'HSURQWR
(FKDPRVDDQGDU/DSXHUWDSULQFLSDOGHOFROHJLRHVWDED VXYR]DVFHQGLµVHYROYLµ£VSHUD
FHUUDGD 7RFDPRV FRQ IXHU]D HVFXFK£EDPRV D QXHVWUD ౱c)XHUD 4XLHQ YXHOYD D PHQFLRQDU ORV H[£PHQHV VHU£
HVSDOGDXQPXUPXOORFUHFLHQWH$EULµHOLQVSHFWRU*DOODUGR FDVWLJDGR
౱(VW£QORFRV"౱GLMR౱1RKDJDQHVR $QWHV TXH -DYLHU R \R SXGL«UDPRV KDFHUOH XQD VH³DO
౱1R VH PHWD ౱OR LQWHUUXPSLµ /X౱ &UHH TXH HO DSDUHFLµ HQWRQFHV HO YHUGDGHUR /X HO GH ORV DVDOWRV
VHUUDQRQRVGDPLHGR" QRFWXUQRVDODVUDQFKHU¯DVGHOD7DEODGDHOGHORVFRPEDWHV
౱3DVHQ౱GLMR*DOODUGR౱<DYHU£Q FRQWUDORV]RUURVHQORVP«GDQRV
౱6H³RUGLUHFWRU
1R PH YROY¯ D PLUDUOR 6XV RMRV REOLFXRV HVWDU¯DQ
GHVSLGLHQGR IXHJR \ YLROHQFLD FRPR FXDQGR OXFKDPRV HQ HO
VHFR FDXFH GHO U¯R $KRUD WHQGU¯D WDPEL«Q PX\ DELHUWD VX
ERFDOOHQDGHEDEDVPRVWUDU¯DVXVGLHQWHVDPDULOORV
౱7DPSRFR QRVRWURV SRGHPRV DFHSWDU TXH QRV MDOHQ D
WRGRV SRUTXH XVWHG TXLHUH TXH QR KD\D KRUDULRV 3RU TX«
TXLHUHTXHWRGRVVDTXHPRVQRWDVEDMDV"3RUTX«"
)HUUXILQR VH KDE¯D DFHUFDGR &DVL OR WRFDED FRQ VX
FXHUSR/XS£OLGRDWHUUDGRFRQWLQXDEDKDEODQGR

6/36
౱HVWDPRV\DFDQVDGRV PDWDED
౱c&£OODWH ౱-DYLHU ౱SUHJXQW«౱ 7¼ YLVWH TXH HO KXHYR VH IUH¯D
(O GLUHFWRU KDE¯D OHYDQWDGR ORV EUD]RV \ VXV SX³RV VRORHQODSLVWD"
HVWUXMDEDQDOJR 6RUSUHQGLGRPRYLµODFDEH]D
౱c&£OODWH౱UHSLWLµFRQLUD౱c&£OODWHDQLPDOc&µPRWH ౱1R0HORFRQWDURQ
DWUHYHV ౱6HU£YHUGDG"
/XHVWDED\DFDOODGRSHURPLUDEDD)HUUXILQRDORVRMRV ౱4XL]£V $KRUD SRGU¯DPRV KDFHU OD SUXHED (O VXHOR
FRPR VL IXHUD D VDOWDU V¼ELWDPHQWH VREUH VX FXHOOR 6RQ DUGHSDUHFHXQEUDVHUR
LJXDOHVSHQV«'RVSHUURV (QODSXHUWDGH/D5HLQDDSDUHFLµ$OEHUWR6XSHORUXELR
౱'HPRGRTXHKDVDSUHQGLGRGH«VWH EULOODED KHUPRVDPHQWH SDUHF¯D GH RUR $JLWµ VX PDQR
6XGHGRDSXQWDEDDPLIUHQWH0HPRUG¯HOODELRSURQWR GHUHFKD FRUGLDO 7HQ¯D PX\ DELHUWRV VXV HQRUPHV RMRV
VHQW¯TXHUHFRUU¯DPLOHQJXDXQKLOLWRFDOLHQWH\HVRPHFDOPµ YHUGHV \ VRQUH¯D 7HQGU¯D FXULRVLGDG SRU VDEHU D GµQGH
౱c)XHUD ౱JULWµ GH QXHYR౱ c)XHUD GH DTX¯ /HV PDUFKDED HVD PXOWLWXG XQLIRUPDGD \ VLOHQFLRVD EDMR HO UXGR
SHVDU£ FDORU
6DOLPRV+DVWDHOERUGHGHORVHVFDORQHVTXHYLQFXODEDQ ౱9LHQHVGHVSX«V"౱PHJULWµ
HO FROHJLR 6DQ 0LJXHO FRQ OD 3OD]D 0HULQR VH H[WHQG¯D XQD ౱1RSXHGR1RVYHUHPRVDODQRFKH
PXOWLWXG LQPµYLO \ DQKHODQWH 1XHVWURV FRPSD³HURV KDE¯DQ ౱(VXQLPE«FLO౱GLMR-DYLHU౱(VXQERUUDFKR
LQYDGLGR ORV SHTXH³RV MDUGLQHV \ OD IXHQWH HVWDEDQ ౱1R౱DILUP«౱(VPLDPLJR(VXQEXHQPXFKDFKR
VLOHQFLRVRV \ DQJXVWLDGRV ([WUD³DPHQWH HQWUH OD PDQFKD
FODUD\HVW£WLFDDSDUHF¯DQEODQFRVGLPLQXWRVUHFW£QJXORVTXH
QDGLHSLVDED/DVFDEH]DVSDUHF¯DQLJXDOHVXQLIRUPHVFRPR
HQ OD IRUPDFLµQ SDUD HO GHVILOH $WUDYHVDPRV OD SOD]D 1DGLH
QRV LQWHUURJµ VH KDF¯DQ D XQ ODGR GHM£QGRQRV SDVR \
DSUHWDEDQ ORV ODELRV +DVWD TXH SLVDPRV OD DYHQLGD VH
PDQWXYLHURQHQVXOXJDU/XHJRVLJXLHQGRXQDFRQVLJQDTXH
QDGLH KDE¯D LPSDUWLGR FDPLQDURQ WUDV GH QRVRWURV DO SDVR
VLQFRPS£VFRPRSDUDLUDFODVHV
(O SDYLPHQWR KHUY¯D SDUHF¯D XQ HVSHMR TXH HO VRO LED
GLVROYLHQGR 6HU£ YHUGDG"  SHQV« 8QD QRFKH FDOXURVD \
GHVLHUWDPHORKDE¯DQFRQWDGRHQHVWDPLVPDDYHQLGD\QR
OR FUH¯ 3HUR ORV SHULµGLFRV GHF¯DQ TXH HO VRO HQ DOJXQRV
DSDUWDGRV OXJDUHV YROY¯D ORFRV D ORV KRPEUHV \ D YHFHV ORV

7/36
 SHFKR \ HVSDOGD 6REUH VXV FRVWLOODV DSDUHF¯D XQD JUXHVD
 IUDQMDURMD
౱'«MDPH KDEODU /X ౱OH SHG¯ SURFXUDQGR VHU VXDYH ౱c(VWR HV )HUUXILQR ౱/D PDQR GH /X PRVWUDED OD
3HUR\DQDGLHSRG¯DFRQWHQHUOR(VWDEDSDUDGRHQODEDUDQGD PDUFD PLHQWUDV VXV RMRV HVFUXWDEDQ ORV URVWURV DWµQLWRV GH
EDMRODVUDPDVGHOVHFRDOJDUURERPDQWHQ¯DDGPLUDEOHPHQWH ORV P£V LQPHGLDWRV 7XPXOWXRVDPHQWH HO PDU KXPDQR VH
HOHTXLOLEULR\VXSLHO\VXURVWURUHFRUGDEDQXQODJDUWR HVWUHFKµHQWRUQRDQRVRWURVWRGRVSXJQDEDQSRUDFHUFDUVH
౱c1R౱GLMRDJUHVLYDPHQWH౱9R\DKDEODU\R D$U«YDOR\QDGLHR¯DD/XQLD-DYLHU\5D\JDGDTXHSHG¯DQ
+LFH XQD VH³D D -DYLHU 1RV DFHUFDPRV D /X \ FDOPDQLDP¯TXHJULWDEDcHVPHQWLUDQROHKDJDQFDVRcHV
DSUHVDPRVVXVSLHUQDV3HURORJUµWRPDUVHDWLHPSRGHO£UERO PHQWLUD /D PDUHD PH DOHMR GH OD EDUDQGD \ GH /X (VWDED
\ ]DIDU VX SLHUQD GHUHFKD GH PLV EUD]RV UHFKD]DGR SRU XQ DKRJDGR /RJU« DEULUPH FDPLQR KDVWD VDOLU GHO WXPXOWR
IXHUWH SXQWDSL« HQ HO KRPEUR WUHV SDVRV DWU£V YL D -DYLHU 'HVDQXG« PL FRUEDWD \ WRP« DLUH FRQ OD ERFD DELHUWD \ ORV
HQOD]DU YHOR]PHQWH D /X GH ODV URGLOODV \ DO]DU VX URVWUR \ EUD]RV HQ DOWR OHQWDPHQWH KDVWD VHQWLU TXH PL FRUD]µQ
GHVDILDUORFRQVXVRMRVTXHKHU¯DHOVROVDOYDMHPHQWH UHFXSHUDEDVXULWPR
౱c1R OH SHJXHV ౱JULW« 6H FRQWXYR WHPEODQGR 5D\JDGDHVWDEDMXQWRDP¯,QGLJQDGRPHSUHJXQWµ
PLHQWUDV/XFRPHQ]DEDDFKLOODU ౱&X£QGRIXHORGH$U«YDOR"
౱6DEHQ XVWHGHV OR TXH QRV GLMR HO GLUHFWRU" 1RV ౱1XQFD
LQVXOWµQRVWUDWµFRPRDEHVWLDV1ROHGDVXJDQDGHSRQHU ౱&µPR"
ORVKRUDULRVSRUTXHTXLHUHIUHJDUQRV-DODUDWRGRHOFROHJLR\ +DVWD «O VLHPSUH VHUHQR KDE¯D VLGR FRQTXLVWDGR /DV
QROHLPSRUWD(VXQ DOHWDVGHVXQDUL]SDOSLWDEDQYLYDPHQWH\WHQ¯DDSUHWDGRVORV
2FXS£EDPRVHOPLVPROXJDUTXHDQWHV\ODVWRUFLGDVILODV SX³RV
GHPXFKDFKRVFRPHQ]DEDQDFLPEUHDUVH&DVLWRGDOD0HGLD ౱1DGD౱GLMH౱QRV«FX£QGRIXH
FRQWLQXDEDSUHVHQWH&RQHOFDORU\FDGDSDODEUDGH/XFUHF¯D /X HVSHUµ TXH GHFD\HUD XQ SRFR OD H[FLWDFLµQ /XHJR
ODLQGLJQDFLµQGHORVDOXPQRV6HHQDUGHF¯DQ OHYDQWDQGRVXYR]VREUHODVSURWHVWDVGLVSHUVDV
౱6DEHPRV TXH QRV RGLD 1R QRV HQWHQGHPRV FRQ «O ౱)HUUXILQR QRV YD D JDQDU" ౱SUHJXQWµ D JULWRV VX
'HVGH TXH OOHJµ HO FROHJLR QR HV XQ FROHJLR ,QVXOWD SHJD SX³RFRO«ULFRDPHQD]DEDDORVDOXPQRV౱1RVYDDJDQDU"
(QFLPDTXLHUHMDODUQRVHQORVH[£PHQHV c5HVSµQGDQPH
8QDYR]DJXGD\DQµQLPDORLQWHUUXPSLµ ౱c1R౱SURUUXPSLHURQTXLQLHQWRVRP£V౱c1Rc1R
౱$TXL«QOHKDSHJDGR" (VWUHPHFLGR SRU HO HVIXHU]R TXH OH LPSRQ¯DQ VXV
/XGXGµXQLQVWDQWH(VWDOOµGHQXHYR FKLOOLGRV/XVHEDODQFHDEDYLFWRULRVRVREUHODEDUDQGD
౱$ TXL«Q" ౱GHVDILµ c$U«YDOR TXH WH YHDQ WRGRV OD ౱4XH QDGLH HQWUH DO FROHJLR KDVWD TXH DSDUH]FDQ ORV
HVSDOGD KRUDULRV GH H[£PHQHV (V MXVWR 7HQHPRV GHUHFKR <
(QWUH PXUPXOORV VXUJLµ $U«YDOR GHO FHQWUR GH OD PDVD WDPSRFRGHMDUHPRVHQWUDUDOD3ULPDULD
(VWDED S£OLGR (UD XQ FR\RWH /OHJµ KDVWD /X \ GHVFXEULµ VX

8/36
6XYR]DJUHVLYDVHSHUGLµHQWUHORVJULWRV)UHQWHDP¯HQ 
OD PDVD HUL]DGD GH EUD]RV TXH DJLWDEDQ MXELORVDPHQWH 
FHQWHQDUHV GH ERLQDV D OR DOWR QR GLVWLQJX¯ XQR VROR TXH ౱7HQJRKDPEUH౱GLMR-DYLHU
SHUPDQHFLHUDLQGLIHUHQWHRDGYHUVR (OFDORUKDE¯DDWHQXDGR(QHO¼QLFREDQFR¼WLOGHOD3OD]D
౱4X«KDFHPRV" 0HULQR UHFLE¯DPRV ORV UD\RV GH VRO ILOWUDGRV I£FLOPHQWH D
-DYLHU TXHU¯D GHPRVWUDU WUDQTXLOLGDG 3HUR VXV SXSLODV WUDY«V GH XQDV FXDQWDV JDVDV TXH KDE¯DQ DSDUHFLGR HQ HO
EULOODEDQ FLHORSHURFDVLQLQJXQRWUDQVSLUDED
౱(VW£ELHQ౱GLMH౱/XWLHQHUD]µQ9DPRVDD\XGDUOR /HµQVHIURWDEDODVPDQRV\VRQUH¯DHVWDEDLQTXLHWR
&RUU¯KDFLDODEDUDQGD\WUHS« ౱1R WLHPEOHV ౱GLMR $PD\D౱ (VW£V JUDQGD]R SDUD
౱$GYLHUWDQ D ORV GH 3ULPDULD TXH QR KD\ FODVHV D OD WHQHUOHPLHGRD)HUUXILQR
WDUGH౱GLMH౱3XHGHQLUVHDKRUD4X«GHQVHORVGHTXLQWR\ ౱c&XLGDGR ౱/D FDUD GH PRQR GH /HµQ KDE¯D
ORVGHFXDUWRSDUDURGHDUHOFROHJLR HQURMHFLGR \ VX PHQWµQ VREUHVDO¯D౱ c&XLGDGR $PD\D ౱
౱<WDPEL«QORVFR\RWHV౱FRQFOX\µ/XIHOL] (VWDEDGHSLH
౱1R SHOHHQ ౱GLMR 5D\JDGD WUDQTXLODPHQWH౱ 1DGLH
WLHQHPLHGR6HU¯DXQLPE«FLO
౱'HPRVXQDYXHOWDSRUDWU£V౱SURSXVHD-DYLHU
&RQWRUQHDPRV HO FROHJLR FDPLQDQGR SRU HO FHQWUR GH OD
FDOOH/DVDOWDVYHQWDQDVHVWDEDQHQWUHDELHUWDV\QRVHYH¯DD
QDGLHWUDVHOODVQLVHHVFXFKDEDUXLGRDOJXQR
౱(VW£QDOPRU]DQGR౱GLMR-DYLHU
౱6¯&ODUR
(Q OD YHUHGD RSXHVWD VH DO]DED OD SXHUWD SULQFLSDO GHO
6DOHVLDQR /RV PHGLRV LQWHUQRV HVWDEDQ DSRVWDGRV HQ HO
WHFKRREVHUY£QGRQRV6LQGXGDKDE¯DQVLGRLQIRUPDGRV
౱c4X«PXFKDFKRVYDOLHQWHV౱VHEXUOµDOJXLHQ
-DYLHU ORV LQVXOWµ 5HVSRQGLµ XQD OOXYLD GH DPHQD]DV
$OJXQRVHVFXSLHURQSHURVLQDFHUWDU+XERULVDV6HPXHUHQ
GHHQYLGLDPXUPXUµ-DYLHU
(QODHVTXLQDYLPRVD/X(VWDEDVHQWDGRHQODYHUHGD
VROR\PLUDEDGLVWUD¯GDPHQWHODSLVWD1RVYLR\FDPLQµKDFLD
QRVRWURV3DUHF¯DFRQWHQWR
౱9LQLHURQ GRV FKXUUHV GH SULPHUR ౱GLMR౱ /RV
PDQGDPRVDMXJDUDOU¯R

9/36
౱6¯"౱GLMR-DYLHU౱(VSHUDPHGLDKRUD\YHU£V6HYD /DVLWXDFLµQSDUHF¯DWUDQTXLOD
DDUPDUHOJUDQHVF£QGDOR ౱5HSLWR ౱GHF¯D 5D\JDGD FRQ OD OHQJXD DIXHUD౱
/X \ ORV FR\RWHV FXVWRGLDEDQ OD SXHUWD WUDVHUD GHO 9£\DQVHDOU¯R1RKD\FODVHVQRKD\FODVHV(VW£FODUR"2
FROHJLR (VWDEDQ UHSDUWLGRV HQWUH ODV HVTXLQDV GH ODV FDOOHV SDVRXQDSHO¯FXOD"
/LPD \ $UHTXLSD &XDQGR OOHJDPRV DO XPEUDO GHO FDOOHMµQ ౱(VR ౱GLMR XQR GH QDUL] UHVSLQJDGD౱ 4XH VHD HQ
FRQYHUVDEDQ HQ JUXSR \ UH¯DQ 7RGRV OOHYDEDQ SDORV \ FRORUHV
SLHGUDV ౱0LUHQ౱OHVGLMH౱+R\QRHQWUDQDGLHDOFROHJLR1RV
౱$V¯QR౱GLMH౱6LOHVSHJDQORVFKXUUHVYDQDTXHUHU YDPRV DO U¯R -XJDUHPRV I¼WERO 3ULPDULD FRQWUD 0HGLD 'H
HQWUDUGHWRGRVPRGRV DFXHUGR"
/XULR ౱-D MD ౱ULR HO GH OD QDUL] FRQ VXILFLHQFLD౱ /HV
౱<DYHU£Q3RUHVWDSXHUWDQRHQWUDQDGLH JDQDPRV6RPRVP£V
7DPEL«Q«OWHQ¯DXQJDUURWHTXHRFXOWDEDKDVWDHQWRQFHV ౱<DYHUHPRV9D\DQSDUDDOO£
FRQVXFXHUSR1RVORHQVH³µDJLW£QGROR ౱1R TXLHUR ౱UHSOLFµ XQD YR] DWUHYLGD౱ <R YR\ DO
౱<SRUDOO£"౱SUHJXQWµ FROHJLR
౱7RGDY¯DQDGD (UD XQ PXFKDFKR GH FXDUWR GHOJDGR \ S£OLGR 6X ODUJR
$ QXHVWUD HVSDOGD DOJXLHQ YRFHDED QXHVWURV QRPEUHV FXHOOR HPHUJ¯D FRPR XQ SDOR GH HVFRED GH OD FDPLVD
(UD5D\JDGDYHQ¯DFRUULHQGR\QRVOODPDEDDJLWDQGRODPDQR FRPDQGR GHPDVLDGR DQFKD SDUD «O (UD EULJDGLHU GH D³R
IUHQ«WLFDPHQWH <D OOHJDQ \D OOHJDQ ౱GLMR FRQ DQVLHGDG౱ ,QTXLHWR SRU VX DXGDFLD GLR XQRV SDVRV KDFLD DWU£V /HµQ
9HQJDQ 6H GHWXYR GH JROSH GLH] PHWURV DQWHV GH FRUULµ\ORWRPµGHXQEUD]R
DOFDQ]DUQRV 'LR PHGLD YXHOWD \ UHJUHVµ D WRGD FDUUHUD ౱1RKDVHQWHQGLGR"౱+DE¯DDFHUFDGRVXFDUDDODGHO
(VWDED H[FLWDG¯VLPR -DYLHU \ \R WDPEL«Q FRUULPRV /X QRV FKLTXLOOR\OHJULWDED'HTX«GLDEORVVHDVXVWDED/HµQ"
JULWµDOJRGHOU¯R౹(OU¯R"SHQV«1RH[LVWH3RUTX«WRGRHO ౱1R KDV HQWHQGLGR FKXUUH" 1R HQWUD QDGLH <D
PXQGR KDEOD GHO U¯R VL VµOR EDMD HO DJXD XQ PHV DO D³R"  YDPRVFDPLQD
-DYLHUFRUU¯DDPLODGRUHVRSODQGR ౱1RORHPSXMHV౱GLMH౱9DDLUVROR
౱3RGUHPRVFRQWHQHUORV" ౱c1R YR\ ౱JULWµ౱ 7HQ¯D HO URVWUR OHYDQWDGR KDFLD
౱4X«"౱/HFRVWDEDWUDEDMRDEULUODERFDVHIDWLJDED /HµQORPLUDEDFRQIXULD౱c1RYR\1RTXLHURKXHOJD
P£V ౱c&£OODWH LPE«FLO 4XL«Q TXLHUH KXHOJD" ౱/HµQ
౱3RGUHPRVFRQWHQHUDOD3ULPDULD" SDUHF¯D PX\ QHUYLRVR $SUHWDED FRQ WRGDV VXV IXHU]DV HO
౱&UHRTXHV¯7RGRGHSHQGH EUD]R GHO EULJDGLHU 6XV FRPSD³HURV REVHUYDEDQ OD HVFHQD
౱0LUD GLYHUWLGRV
(QHOFHQWURGHOD3OD]DMXQWRDODIXHQWH/HµQ$PD\D\ ౱c1RV SXHGHQ H[SXOVDU ౱(O EULJDGLHU VH GLULJ¯D D ORV
5D\JDGD KDEODEDQ FRQ XQ JUXSR GH SHTXH³RV FLQFR R VHLV SHTXH³RV VH OR QRWDED DWHPRUL]DGR \ FRO«ULFR౱ (OORV

10/36
TXLHUHQ KXHOJD SRUTXH QR OHV YDQ D SRQHU KRUDULR OHV YDQ D QRVRWURVFRQDLUHGUDP£WLFR౱(VWR\FRQXVWHGHV
WRPDU ORV H[£PHQHV GH UHSHQWH VLQ TXH VHSDQ FX£QGR ౱c%XHQD c0X\ ELHQ ౱OR DSODXGLPRV౱ (UHV XQ
&UHHQTXHQRV«"c1RVSXHGHQH[SXOVDU9DPRVDOFROHJLR KRPEUH
PXFKDFKRV 3DOPHDPRVVXHVSDOGDORDEUD]DPRV
+XERXQPRYLPLHQWRGHVRUSUHVDHQWUHORVFKLTXLOORV6H (O HMHPSOR FXQGLµ $OJXLHQ GLR XQ JULWR <R WDPEL«Q
PLUDEDQ \D VLQ VRQUH¯U PLHQWUDV HO RWUR VHJX¯D FKLOODQGR TXH 8VWHGHV WLHQHQ UD]µQ &RPHQ]DURQ D GLVFXWLU HQWUH HOORV
QRVLEDQDH[SXOVDU/ORUDED 1RVRWURV DOHQW£EDPRV D ORV P£V H[FLWDGRV KDODJ£QGRORV
౱c1ROHSHJXHV౱JULW«GHPDVLDGRWDUGH/HµQORKDE¯D %LHQFKXUUH1RHUHVQLQJ¼QPDULFD
JROSHDGR HQ OD FDUD QR PX\ IXHUWH SHUR HO FKLFR VH SXVR D 5D\JDGDVHHQFDUDPµVREUHODIXHQWH7HQ¯DODERLQDHQ
SDWDOHDU\DJULWDU ODPDQRGHUHFKD\ODDJLWDEDVXDYHPHQWH
౱3DUHFHVXQFKLYR౱DGYLUWLµDOJXLHQ ౱/OHJXHPRV D XQ DFXHUGR ౱H[FODPµ౱ 7RGRV
0LU«D-DYLHU<DKDE¯DFRUULGR/ROHYDQWµ\VHORHFKµD XQLGRV"
ORV KRPEURV FRPR XQ IDUGR 6H DOHMµ FRQ «O /R VLJXLHURQ /R URGHDURQ 6HJX¯DQ OOHJDQGR JUXSRV GH DOXPQRV
YDULRVULHQGRDFDUFDMDGDV DOJXQRVGHTXLQWRGH0HGLDFRQHOORVIRUPDPRVXQDPXUDOOD
౱c$O U¯R ౱JULWµ 5D\JDGD -DYLHU HVFXFKµ SRUTXH OR HQWUH OD IXHQWH \ OD SXHUWD GHO FROHJLR PLHQWUDV 5D\JDGD
YLPRV GREODU FRQ VX FDUJD SRU OD DYHQLGD 6£QFKH] &HUUR KDEODED
FDPLQRDO0DOHFµQ ౱(VWR VH OODPD VROLGDULGDG ౱GHF¯D౱ 6ROLGDULGDG ౱VH
(OJUXSRTXHQRVURGHDEDLEDFUHFLHQGR6HQWDGRVHQORV FDOOµ FRPR VL KXELHUD WHUPLQDGR SHUR XQ VHJXQGR GHVSX«V
VDUGLQHOHV \ HQ ORV EDQFRV URWRV \ ORV GHP£V WUDQVLWDQGR DEULµORVEUD]RV\FODPµ౱c1RGHMDUHPRVTXHVHFRPHWDXQ
DEXUULGDPHQWH SRU ORV SHTXH³RV VHQGHURV DVIDOWDGRV GHO DEXVR
SDUTXH QDGLH IHOL]PHQWH LQWHQWDED LQJUHVDU DO FROHJLR /RDSODXGLHURQ
5HSDUWLGRV HQ SDUHMDV ORV GLH] HQFDUJDGRV GH FXVWRGLDU OD ౱9DPRVDOU¯R౱GLMH౱7RGRV
SXHUWD SULQFLSDO WUDW£EDPRV GH HQWXVLDVPDUORV WLHQHQ TXH ౱%XHQR8VWHGHVWDPEL«Q
SRQHU ORV KRUDULRV SRUTXH VL QR QRV IULHJDQ < D XVWHGHV ౱1RVRWURVYDPRVGHVSX«V
WDPEL«QFXDQGROHVWRTXH ౱7RGRVMXQWRVRQLQJXQR౱UHSXVRODPLVPDYR]1DGLH
౱6LJXHQ OOHJDQGR ౱PH GLMR 5D\JDGD౱ 6RPRV SRFRV VHPRYLµ
1RVSXHGHQDSODVWDUVLTXLHUHQ -DYLHUUHJUHVDED9HQ¯DVROR
౱6L ORV HQWUHWHQHPRV GLH] PLQXWRV VH DFDEµ ౱GLMR ౱(VRVHVW£QWUDQTXLORV౱GLMR౱/HKDQTXLWDGRHOEXUUR
/HµQ౱ 9HQGU£ OD 0HGLD \ HQWRQFHV ORV FRUUHPRV DO U¯R D DXQDPXMHU-XHJDQGHOROLQGR
SDWDGDV ౱/DKRUD౱SLGLµ/HµQ౱'¯JDPHDOJXLHQTX«KRUDHV
'HSURQWRXQFKLFRJULWµFRQYXOVLRQDGR (UDQODVGRV
౱c7LHQHQ UD]µQ c(OORV WLHQHQ UD]µQ ౱< GLULJL«QGRVH D ౱$ ODV GRV \ PHGLD QRV YDPRV ౱GLMH౱ %DVWD TXH VH

11/36
TXHGHXQRSDUDDYLVDUDORVUHWUDVDGRV ౱9HV" ౱GLMR -DYLHU౱ 7RGD OD FLXGDG HVW£ HQWHUDGD
/RVTXHOOHJDEDQVHVXPHUJ¯DQHQODPDVDGHFKLTXLOORV 7HLPDJLQDVODFDUDGH)HUUXILQR"
6HGHMDEDQFRQYHQFHUU£SLGDPHQWH ౱c/DV GRV \ PHGLD ౱JULWµ /HµQ౱ 9£PRQRV 5£SLGR
౱(V SHOLJURVR ౱GLMR -DYLHU +DEODED GH XQD PDQHUD U£SLGR
UDUDWHQGU¯DPLHGR" 0LU«PLUHORMIDOWDEDQFLQFRPLQXWRV
౱(VSHOLJURVR<DVDEHPRVTX«YDDSDVDUVLDOGLUHFWRU ౱9£PRQRV౱JULW«౱9£PRQRVDOU¯R
VHOHDQWRMDVDOLU$QWHVTXHKDEOHHVWDUHPRVHQODVFODVHV $OJXQRV KLFLHURQ FRPR TXH VH PRY¯DQ -DYLHU /HµQ
౱6¯౱GLMH౱4XHFRPLHQFHQDLUVH+D\TXHDQLPDUORV 5D\JDGD \ YDULRV P£V JULWDQGR WDPEL«Q FRPHQ]DURQ D
3HUR QDGLH TXHU¯D PRYHUVH +DE¯D WHQVLµQ VH HVSHUDED HPSXMDU D XQRV \ D RWURV 8QD SDODEUD VH UHSHW¯D VLQ FHVDU
TXHGHXQPRPHQWRDRWURRFXUULHUDDOJR/HµQHVWDEDDPL U¯RU¯RU¯R
ODGR /HQWDPHQWH OD PXOWLWXG GH PXFKDFKRV SULQFLSLµ D
౱/RV GH 0HGLD KDQ FXPSOLGR ౱GLMR౱ )¯MDWH 6µOR KDQ DJLWDUVH 'HMDPRV GH D]X]DUORV \ DO FDOODU QRVRWURV PH
YHQLGRORVHQFDUJDGRVGHODVSXHUWDV VRUSUHQGLµ SRU VHJXQGD YH] HQ HO G¯D XQ VLOHQFLR WRWDO 0H
$SHQDVXQPRPHQWRGHVSX«VYLPRVTXHOOHJDEDQORVGH SRQ¯DQHUYLRVR/RURPS¯
0HGLDHQJUDQGHVFRUULOORVTXHVHPH]FODEDQFRQODVRODVGH ౱/RV GH 0HGLD DWU£V ౱LQGLTX«౱ $ OD FROD IRUPDQGR
FKLTXLOORV+DF¯DQEURPDV-DYLHUVHHQIXUHFLµ ILOD
౱< XVWHGHV" ౱GLMR౱ 4X« KDFHQ DTX¯" $ TX« KDQ $PLODGRDOJXLHQWLUµDOVXHORXQEDUTXLOORGHKHODGRTXH
YHQLGR" VDOSLFµ PLV ]DSDWRV (QOD]DQGR ORV EUD]RV IRUPDPRV XQ
6H GLULJ¯D D ORV TXH HVWDEDQ P£V FHUFD GH QRVRWURV DO FLQWXUµQ KXPDQR $YDQ]£EDPRV WUDEDMRVDPHQWH 1DGLH VH
IUHQWHGHHOORVLED$QWHQRUEULJDGLHUGHVHJXQGRGH0HGLD QHJDED SHUR OD PDUFKD HUD OHQW¯VLPD 8QD FDEH]D LED FDVL
c*X£ ౱$QWHQRU SDUHF¯D PX\ VRUSUHQGLGR౱ $FDVR KXQGLGDHQPLSHFKR6HYROYLµFµPRVHOODPDED"6XVRMRV
YDPRVDHQWUDU"9HQLPRVDD\XGDUORV SHTXH³RVHUDQFRUGLDOHV
-DYLHUVDOWµKDFLD«OORDJDUUµGHOFXHOOR ౱7XSDGUHWHYDDPDWDU౱GLMR
౱c$\XGDUQRV<ORVXQLIRUPHV"<ORVOLEURV" $KSHQV«0LYHFLQR
౱&DOOD౱GLMH౱6X«OWDOR1DGDGHSHOHDV'LH]PLQXWRV ౱1R౱OHGLMH౱(QILQ\DYHUHPRV(PSXMD
\QRVYDPRVDOU¯R+DOOHJDGRFDVLWRGRHOFROHJLR +DE¯DPRV DEDQGRQDGR OD 3OD]D /D JUXHVD FROXPQD
/D 3OD]D HVWDED WRWDOPHQWH FXELHUWD /RV HVWXGLDQWHV VH RFXSDED¯QWHJUDPHQWHHODQFKRGHODDYHQLGD3RUHQFLPDGH
PDQWHQ¯DQ WUDQTXLORV VLQ GLVFXWLU $OJXQRV IXPDEDQ 3RU OD ODV FDEH]DV VLQ ERLQDV GRV FXDGUDV P£V DOO£ VH YH¯D OD
DYHQLGD 6£QFKH] &HUUR SDVDEDQ PXFKRV FDUURV TXH EDUDQGD YHUGH DPDULOOHQWD \ ORV JUDQGHV DOJDUURERV GH
GLVPLQX¯DQ OD YHORFLGDG DO FUX]DU OD 3OD]D 0HULQR 'H XQ 0DOHFµQ(QWUHHOORVFRPRSXQWLWRVEODQFRVORVDUHQDOHV
FDPLµQXQKRPEUHQRVVDOXGµJULWDQGR (O SULPHUR HQ HVFXFKDU IXH -DYLHU TXH PDUFKDED D PL
౱%XHQDPXFKDFKRV1RVHGHMHQ ODGR(QVXVHVWUHFKRVRMRVRVFXURVKDE¯DVREUHVDOWR

12/36
౱4X«SDVD"౱GLMH౱'LPH DV¯PLVPRDRWURVGRVGHODEDQGDTXHFRUU¯DQGHVSDYRULGRV
0RYLµODFDEH]D ORVSHUVHJX¯DXQJUXSRGHPXFKDFKRVFRQSDORV
౱4X«SDVD"౱OHJULW«౱4X«R\HV" ౱c&£OPHQVHc&£OPHQVH9DPRVDOU¯R
/RJU« YHU HQ HVH LQVWDQWH XQ PXFKDFKR XQLIRUPDGR TXH 8QDYR]QDF¯DDPLODGRDQJXVWLRVDPHQWH
FUX]DED YHOR]PHQWH OD 3OD]D 0HULQR KDFLD QRVRWURV /RV (UD5D\JDGD3DUHF¯DDSXQWRGHOORUDU
JULWRVGHOUHFL«QOOHJDGRVHFRQIXQGLHURQHQPLVR¯GRVFRQHO ౱1R VHDV LGLRWD ౱GLMR -DYLHU 6H UH¯D D FDUFDMDGDV౱
YLROHQWRYRFHU¯RTXHVHGHVDWµHQODVDSUHWDGDVFROXPQDVGH &£OODWHQRYHV"
FKLTXLOORV SDUHMR D XQ PRYLPLHQWR GH FRQIXVLµQ /RV TXH /D SXHUWD HVWDED DELHUWD \ SRU HOOD HQWUDEDQ ORV
PDUFK£EDPRV HQ OD ¼OWLPD KLOHUD QR HQWHQG¯DPRV ELHQ HVWXGLDQWHV D GRFHQDV £YLGDPHQWH &RQWLQXDEDQ OOHJDQGR D
7XYLPRV XQ VHJXQGR GH GHVFRQFLHUWR DIORMDQGR ORV EUD]RV OD ERFDFDOOH QXHYRV FRPSD³HURV DOJXQRV VH VXPDEDQ DO
DOJXQRV VH VROWDURQ 1RV VHQWLPRV DUURMDGRV KDFLD DWU£V JUXSR TXH URGHDED D /X \ ORV VX\RV +DE¯DQ FRQVHJXLGR
VHSDUDGRV 6REUH QRVRWURV SDVDEDQ FHQWHQDUHV GH FXHUSRV MXQWDUVH/XWHQ¯DODFDPLVDDELHUWDDVRPDEDVXIODFRSHFKR
FRUULHQGR \ JULWDQGR KLVW«ULFDPHQWH 4X« SDVD" JULW« D ODPSL³RVXGRURVR\EULOODQWHXQKLOLOORGHVDQJUHOHFRUU¯DSRU
/HµQ 6H³DOµ DOJR FRQ HO GHGR VLQ GHMDU GH FRUUHU (V /X ODQDUL]\ORVODELRV(VFXS¯DGHFXDQGRHQFXDQGR\PLUDED
GLMHURQDPLR¯GR$OJRKDSDVDGRDOO£'LFHQTXHKD\XQO¯R FRQ RGLR D ORV TXH HVWDEDQ P£V SUµ[LPRV œQLFDPHQWH «O
(FK«DFRUUHU WHQ¯DOHYDQWDGRHOSDORGLVSXHVWRDGHVFDUJDUOR/RVRWURVOR
(QODERFDFDOOHTXHVHDEU¯DDSRFRVPHWURVGHODSXHUWD KDE¯DQEDMDGRH[KDXVWRV
WUDVHUDGHOFROHJLRPHGHWXYHHQVHFR(QHVHPRPHQWRHUD ౱4XL«QVHDFHUFD"4XLHURYHUODFDUDGHHVHYDOLHQWH
LPSRVLEOHYHUROHDGDVGHXQLIRUPHVDIOX¯DQGHWRGRVODGRV\ $ PHGLGD TXH HQWUDEDQ DO FROHJLR LEDQ SRQL«QGRVH GH
FXEU¯DQODFDOOHGHJULWRV\FDEH]DVGHVFXELHUWDV'HSURQWRD FXDOTXLHU PRGR ODV ERLQDV \ ODV LQVLJQLDV GHO D³R 3RFR D
XQRV TXLQFH SDVRV HQFDUDPDGR VREUH DOJR GLYLV« D /X 6X SRFR FRPHQ]µ D GLVROYHUVH HQWUH LQMXULDV HO JUXSR TXH
FXHUSRGHOJDGRVHGHVWDFDEDQ¯WLGDPHQWHHQODVRPEUDGHOD FHUFDEDD/X5D\JDGDPHGLRXQFRGD]R౱GLMRTXHFRQVX
SDUHG TXH OR VRVWHQ¯D (VWDED DUULQFRQDGR \ GHVFDUJDED VX EDQGD SRG¯D GHUURWDU D WRGR HO FROHJLR ౱+DEODED FRQ
JDUURWHDWRGRVODGRV(QWRQFHVHQWUHHOUXLGRP£VSRGHURVD WULVWH]D౱3RUTX«GHMDPRVVRORDHVWHDQLPDO"
TXHODGHTXLHQHVORLQVXOWDEDQ\UHWURFHG¯DQSDUDOLEUDUVHGH 5D\JDGD VH DOHMµ 'HVGH OD SXHUWD QRV KL]R XQD VH³D
VXVJROSHVHVFXFK«VXYR] FRPRGXGDQGR/XHJRHQWUµ-DYLHU\\RQRVDFHUFDPRVD/X
౱4XL«QVHDFHUFD"౱JULWDED౱4XL«QVHDFHUFD" 7HPEODEDGHFµOHUD
&XDWURPHWURVP£VDOO£GRVFR\RWHVURGHDGRVWDPEL«Q ౱3RU TX« QR YLQLHURQ" ౱GLMR IUHQ«WLFR OHYDQWDQGR OD
VH GHIHQG¯DQ D SDOD]RV \ KDF¯DQ HVIXHU]RV GHVHVSHUDGRV YR]౱ 3RU TX« QR YLQLHURQ D D\XGDUQRV" ‹UDPRV DSHQDV
SDUD URPSHU HO FHUFR \ MXQWDUVH D /X (QWUH TXLHQHV ORV RFKRSRUTXHORVRWURV
DFRVDEDQ YL URVWURV GH 0HGLD $OJXQRV KDE¯DQ FRQVHJXLGR 7HQ¯DXQDYLVWDH[WUDRUGLQDULD\HUDIOH[LEOHFRPRXQJDWR
SLHGUDV\VHODVDUURMDEDQDXQTXHVLQDFHUFDUVH$OROHMRVYL 6H HFKµ YHOR]PHQWH KDFLD DWU£V PLHQWUDV PL SX³R DSHQDV

13/36
UR]DEDVXRUHMD\OXHJRFRQHODSR\RGHWRGRVXFXHUSRKL]R /RVFDFKRUURV
GDU XQD FXUYD HQ HO DLUH D VX JDUURWH 5HFLE¯ HQ HO SHFKR HO
LPSDFWR\PHWDPEDOH«-DYLHUVHSXVRHQPHGLR


౱$F£QR౱GLMR౱9DPRVDO0DOHFµQ 7RGDY¯D OOHYDEDQ SDQWDOµQ FRUWR HVH D³R D¼Q QR
౱9DPRV౱GLMR/X౱7HYR\DHQVH³DURWUDYH] IXP£EDPRV HQWUH WRGRV ORV GHSRUWHV SUHIHU¯DQ HO I¼WERO \
౱<DYHUHPRV౱GLMH౱9DPRV HVW£EDPRV DSUHQGLHQGR D FRUUHU RODV D ]DPEXOOLUQRV GHVGH
&DPLQDPRVPHGLDFXDGUDGHVSDFLRSRUTXHPLVSLHUQDV HO VHJXQGR WUDPSRO¯Q GHO 7HUUD]DV \ HUDQ WUDYLHVRV
YDFLODEDQ(QODHVTXLQDQRVGHWXYR/HµQ ODPSL³RV FXULRVRV PX\ £JLOHV YRUDFHV (VH D³R FXDQGR
౱1RSHOHHQ౱GLMR౱1RYDOHODSHQD9DPRVDOFROHJLR &X«OODU HQWUµ DO &ROHJLR &KDPSDJQDW +HUPDQR /HRQFLR
7HQHPRVTXHHVWDUXQLGRV FLHUWRTXHYLHQHXQRQXHYR"SDUDHO7HUFHUR$+HUPDQR"
/X PH PLUDED FRQ VXV RMRV VHPL౱FHUUDGRV 3DUHF¯D 6¯HO+HUPDQR/HRQFLRDSDUWDEDGHXQPDQRWµQHOPR³RTXH
LQFµPRGR OH FXEU¯D OD FDUD $KRUD D FDOODU $SDUHFLµ XQD PD³DQD D OD
౱3RU TX« OHV SHJDVWH D ORV FKXUUHV" ౱OH GLMH౱ KRUD GH OD IRUPDFLµQ GH OD PDQR GH VX SDS£ \ HO +HUPDQR
6DEHVORTXHQRVYDDSDVDUDKRUDDWL\DP¯" /XFLR OR SXVR D OD FDEH]D GH OD ILOD SRUTXH HUD P£V FKLTXLWR
1RUHVSRQGLµQLKL]RQLQJ¼QJHVWR6HKDE¯DFDOPDGRGHO WRGDY¯DTXH5RMDV\HQODFODVHHO+HUPDQR/HRQFLRORVHQWµ
WRGR\WHQ¯DODFDEH]DEDMD DWU£V FRQ QRVRWURV HQ HVD FDUSHWD YDF¯D MRYHQFLWR &µPR
౱&RQWHVWD/X౱LQVLVW¯౱6DEHV" VH OODPDED" &X«OODU \ W¼" &KRWR \ W¼" &KLQJROR \ W¼"
౱(VW£ ELHQ ౱GLMR /HµQ౱ 7UDWDUHPRV GH D\XGDUORV 0D³XFR\W¼"/DOR0LUDIRULQR"6¯GHVGHHOPHVSDVDGR
'HQVHODPDQR DQWHVYLY¯DHQ6DQ$QWRQLR\DKRUDHQ0DULVFDO&DVWLOODFHUFD
/X OHYDQWµ HO URVWUR \ PH PLUµ DSHQDGR $O VHQWLU VX GHO&LQH&ROLQD
PDQRHQWUHODVP¯DVODQRW«VXDYH\GHOLFDGD\UHFRUG«TXH (UDFKDQFRQFLWR SHURQRVREµQ ODSULPHUDVHPDQDVDOLµ
HUDODSULPHUDYH]TXHQRVVDOXG£EDPRVGHHVHPRGR'LPRV TXLQWR\ODVLJXLHQWHWHUFHUR\GHVSX«VVLHPSUHSULPHURKDVWD
PHGLD YXHOWD FDPLQDPRV HQ ILOD KDFLD HO FROHJLR 6HQW¯ XQ HODFFLGHQWHDK¯FRPHQ]µDIORMHDU\DVDFDUVHPDODVQRWDV
EUD]RHQHOKRPEUR(UD-DYLHU /RVFDWRUFH,QFDV&X«OODUGHF¯DHO+HUPDQR/HRQFLR\«OVH
ORV UHFLWDED VLQ UHVSLUDU ORV 0DQGDPLHQWRV ODV WUHV HVWURIDV
GHO +LPQR 0DULVWD OD SRHV¯D 0L EDQGHUD GH /µSH] $OE¼MDU
VLQ UHVSLUDU 4X« WURPH &X«OODU OH GHF¯D /DOR \ HO +HUPDQR
PX\ EXHQD PHPRULD MRYHQFLWR \ D QRVRWURV cDSUHQGDQ
EHOODFRV ‹O VH OXVWUDED ODV X³DV HQ OD VRODSD GHO VDFR \
PLUDED D WRGD OD FODVH SRU HQFLPD GHO KRPEUR VREU£QGRVH
GH D PHQWLUDV HQ HO IRQGR QR HUD VREUDGR VµOR XQ SRFR
ORTXLEDPELR \ MXJXHWµQ < DGHP£V EXHQ FRPSD³HUR 1RV

14/36
VRSODED HQ ORV H[£PHQHV \ HQ ORV UHFUHRV QRV FRQYLGDED VHP£IRUR VKKS FKXSDQGR VKKKS \ VDOWDQGR KDVWD HO HGLILFLR
FKXSHWHVULFDFKRWRILVVXHUWXGROHGHF¯D&KRWRWHGDQP£V 6DQ 1LFRO£V \ DK¯ &X«OODU VH GHVSHG¯D KRPEUH QR WH YD\DV
SURSLQDTXHDQRVRWURVFXDWUR\«OSRUODVEXHQDVQRWDVTXH WRGDY¯DYDPRVDO7HUUD]DVOHSHGLU¯DQODSHORWDDO&KLQRQR
VH VDFDED \ QRVRWURV PHQRV PDO TXH HUHV EXHQD JHQWH TXHU¯DMXJDUSRUODVHOHFFLµQGHODFODVH"KHUPDQRSDUDHVR
FKDQFRQFLWR HVR OR VDOYDED  /DV FODVHV GH OD 3ULPDULD KDE¯D TXH HQWUHQDUVH XQ SRFR YHQ YDPRV DQGD VµOR KDVWD
WHUPLQDEDQDODVFXDWURDODVFXDWUR\GLH]HO+HUPDQR/XFLR ODV VHLV XQ SDUWLGR GH IXOELWR HQ HO 7HUUD]DV &X«OODU 1R
KDF¯DURPSHUILODV\DODVFXDWUR\FXDUWRHOORVHVWDEDQHQOD SRG¯D VX SDS£ QR OR GHMDED WHQ¯D TXH KDFHU ODV WDUHDV /R
FDQFKD GH I¼WERO 7LUDEDQ ORV PDOHWLQHV DO SDVWR ORV VDFRV DFRPSD³DEDQ KDVWD VX FDVD &µPR LED D HQWUDU DO HTXLSR
ODV FRUEDWDV U£SLGR &KLQJROR U£SLGR SRQWH HQ HO DUFR DQWHV GH OD FODVH VL QR VH HQWUHQDED" \ SRU ILQ DFDE£EDPRV
TXH OR SHVTXHQ RWURV \ HQ VX MDXOD -XGDV VH YROY¯D ORFR \«QGRQRVDO7HUUD]DVVRORV%XHQDJHQWHSHURPX\FKDQFµQ
JXDXSDUDEDHOUDERJXDXJXDXOHVPRVWUDEDORVFROPLOORV GHF¯D &KRWR SRU ORV HVWXGLRV GHVFXLGD HO GHSRUWH \ /DOR QR
JXDX JXDX JXDX WLUDED VDOWRV PRUWDOHV JXDX JXDX JXDX HUD FXOSD VX\D VX YLHMR GHE¯D VHU XQ IUHJDGR \ &KLQJROR
JXDX VDFXG¯D ORV DODPEUHV 3XFKD GLDEOR VL VH HVFDSD XQ FODUR «O VH PRU¯D SRU YHQLU FRQ HOORV \ 0D³XFR LED D HVWDU
G¯DGHF¯D&KLQJROR\0D³XFRVLVHHVFDSDKD\TXHTXHGDUVH ELHQGLI¯FLOTXHHQWUDUDDOHTXLSRQRWHQ¯DI¯VLFRQLSDWDGDQL
TXLHWRVORVGDQHVHVVµORPRUG¯DQFXDQGRRO¯DQTXHOHVWLHQHV UHVLVWHQFLD VH FDQVDED DK¯ PLVPR QL QDGD 3HUR FDEHFHD
PLHGRTXL«QWHORGLMR"PLYLHMR\&KRWR\RPHWUHSDU¯DDO ELHQ GHF¯D &KRWR \ DGHP£V HUD KLQFKD QXHVWUR KDE¯D TXH
DUFRDK¯QRORDOFDQ]DU¯D\&X«OODUVDFDEDVXSX³DOLWR\FKDV PHWHUOR FRPR VHD GHF¯D /DOR \ &KLQJROR SDUD TXH HVW« FRQ
FKDV OR VR³DED GHVORQMDED \ HQWHUUDEDDDDDDXXXX PLUDQGR QRVRWURV\0D³XFRV¯ORPHWHU¯DPRVcDXQTXHLEDDHVWDUP£V
DO FLHOR 8XXXXXDDDXXXX ODV GRV PDQRV HQ OD ERFD GLI¯FLO
DXDXDXDXDXXXXX TX« WDO JULWDED 7DU]£Q" -XJDEDQ DSHQDV 3HUR &X«OODU TXH HUD WHUFR \ VH PRU¯D SRU MXJDU HQ HO
KDVWD ODV FLQFR SXHV D HVD KRUD VDO¯D OD 0HGLD \ D QRVRWURV HTXLSRVHHQWUHQµWDQWRHQHOYHUDQRTXHDOD³RVLJXLHQWHVH
ORV JUDQGHV QRV FRUU¯DQ GH OD FDQFKD D ODV EXHQDV R D ODV JDQµ HO SXHVWR GH LQWHULRU L]TXLHUGR HQ OD VHOHFFLµQ GH OD
PDODV /DV OHQJXDV DIXHUD VDFXGL«QGRQRV \ VXGDQGR FODVHPHQVVDQDLQFRUSRUDVDQRGHF¯DHO+HUPDQR$JXVW¯Q
UHFRJ¯DQ OLEURV VDFRV \ FRUEDWDV \ VDO¯DPRV D OD FDOOH \DYH¯DPRV"VHSXHGHVHUEXHQGHSRUWLVWD\DSOLFDGRHQORV
%DMDEDQ SRU OD 'LDJRQDO KDFLHQGR SDVHV GH E£VTXHW FRQ ORV HVWXGLRVTXHVLJXL«UDPRVVXHMHPSOR&µPRKDVKHFKR"OH
PDOHWLQHVFK£SDWH«VWDSDSDFLWRFUX]£EDPRVHO3DUTXHDOD GHF¯D /DOR GH GµQGH HVD FLQWXUD HVRV SDVHV HVD FRGLFLD
DOWXUDGH/DV'HOLFLDVcODFKDS«YLVWHPDPDFLWD"\HQOD GH SHORWD HVRV WLURV DO £QJXOR" < «O OR KDE¯D HQWUHQDGR VX
ERGHJXLWD GH OD HVTXLQD GH '౶2QRIULR FRPSU£EDPRV SULPR HO &KLVSDV \ VX SDGUH OR OOHYDED DO (VWDGLR WRGRV ORV
EDUTXLOORV GH YDLQLOOD" PL[WRV" HFKD XQ SRFR P£V FKROR GRPLQJRV \ DK¯ YLHQGR D ORV FUDNV OHV DSUHQG¯D ORV WUXFRV
QRHVWDIHVXQSRTXLWRGHOLPµQWDFD³RXQD\DSLWDGHIUHVD FDSW£EDPRV" 6H KDE¯D SDVDGR ORV WUHV PHVHV VLQ LU D ODV
<GHVSX«VVHJX¯DQEDMDQGRSRUOD'LDJRQDOHO9LRO¯Q*LWDQR PDWLQ«VQLDODVSOD\DVVµORYLHQGR\MXJDQGRI¼WEROPD³DQD
VLQ KDEODU /D FDOOH 3RUWD DEVRUWRV HQ ORV KHODGRV XQ \ WDUGH WRTXHQ HVDV SDQWRUULOODV QR VH KDE¯DQ SXHVWR

15/36
GXUDV" 6L KD PHMRUDGR PXFKR OH GHF¯D &KRWR DO +HUPDQR DSDUHFLµHQODSXHUWDGHORVFDPDULQHVJXDXJXDXJXDXVµOR
/XFLR GH YHUDV \ /DOR HV XQ GHODQWHUR £JLO \ WUDEDMDGRU \ /DOR \ &X«OODU VH HVWDEDQ ED³DQGR JXDX JXDX JXDX JXDX
&KLQJROR TX« ELHQ RUJDQL]DED HO DWDTXH \ VREUH WRGR QR &KRWR &KLQJROR \ 0D³XFR VDOWDURQ SRU ODV YHQWDQDV /DOR
SHUG¯D OD PRUDO \ 0D³XFR YLR FµPR EDMD KDVWD HO DUFR D FKLOOµVHHVFDSµPLUDKHUPDQR\DOFDQ]µDFHUUDUODSXHUWHFLWD
EXVFDU SHORWD FXDQGR HO HQHPLJR YD GRPLQDQGR" +HUPDQR GH OD GXFKD HQ HO KRFLFR PLVPR GHO GDQ«V $K¯ HQFRJLGR
/XFLR KD\ TXH PHWHUOR DO HTXLSR &X«OODU VH UH¯D IHOL] VH ORVHWDVEODQFDVD]XOHMRV\FKRUULWRVGHDJXDWHPEODQGRR\µ
VRSODEDODVX³DV\VHODVOXVWUDEDHQODFDPLVHWDGH&XDUWR$ ORV ODGULGRV GH -XGDV HO OODQWR GH &X«OODU VXV JULWRV \ R\µ
PDQJDV EODQFDV \ SHFKHUD D]XO \D HVW£ OH GHF¯DPRV \D OR DXOOLGRVVDOWRVFKRTXHVUHVEDORQHV\GHVSX«VVµORODGULGRV
PHWLPRV SHUR QR WH VREUHV (Q MXOLR SDUD HO &DPSHRQDWR \XQPRQWµQGHWLHPSRGHVSX«VOHVMXUR SHURFX£QWRGHF¯D
,QWHUD³RVHO+HUPDQR$JXVW¯QDXWRUL]µDOHTXLSRGH&XDUWR$ &KLQJROR GRV PLQXWRV" P£V KHUPDQR \ &KRWR FLQFR"
DHQWUHQDUVHGRVYHFHVSRUVHPDQDORVOXQHV\ORVYLHUQHVD P£VPXFKRP£V HOYR]DUUµQGHO+HUPDQR/XFLRODVOLVXUDV
OD KRUD GH 'LEXMR \ 0¼VLFD 'HVSX«V GHO VHJXQGR UHFUHR GH /HRQFLR HQ HVSD³RO /DOR" V¯ WDPEL«Q HQ IUDQF«V OH
FXDQGR HO SDWLR TXHGDED YDF¯R PRMDGLWR SRU OD JDU¼D HQWHQG¯DV" QR SHUR VH LPDJLQDED TXH HUDQ OLVXUDV LGLRWD
OXVWUDGRFRPRXQFKLPS¼QQXHYHFLWRORVRQFHVHOHFFLRQDGRV SRUODIXULDGHVXYR] ORVFDUDPEDV'LRVP¯RIXHUDVVDSHV
EDMDEDQ D OD FDQFKD QRV FDPEL£EDPRV HO XQLIRUPH \ FRQ ODUJR ODUJR OD GHVHVSHUDFLµQ GH ORV +HUPDQRV VX WHUULEOH
]DSDWRVGHI¼WERO\EX]RVQHJURVVDO¯DQGHORVFDPDULQHVHQ VXVWR $EULµ OD SXHUWD \ \D VH OR OOHYDEDQ FDUJDGR OR YLR
ILOD LQGLD D SDVR JLPQ£VWLFR HQFDEH]DGRV SRU /DOR HO DSHQDV HQWUH ODV VRWDQDV QHJUDV GHVPD\DGR" V¯ FDODWR
FDSLW£Q (Q WRGDV ODV YHQWDQDV GH ODV DXODV DSDUHF¯DQ FDUDV /DOR"V¯\VDQJUDQGRKHUPDQRSDODEUDTX«KRUULEOHHOED³R
HQYLGLRVDVTXHHVSLDEDQVXVFDUUHUDVKDE¯DXQYLHQWHFLWRIU¯R HQWHUR HUD SXULWD VDQJUH 4X« P£V TX« SDVµ GHVSX«V
TXH DUUXJDED ODV DJXDV GH OD SLVFLQD W¼ WH ED³DU¯DV" PLHQWUDV \R PH YHVW¯D GHF¯D /DOR \ &KLQJROR HO +HUPDQR
GHVSX«V GHO PDWFK DKRUD QR %UUUU TX« IU¯R  VXV VDTXHV \ $JXVW¯Q \ HO +HUPDQR /XFLR PHWLHURQ D &X«OODU HQ OD
PRY¯D ODV FRSDV GH ORV HXFDOLSWRV \ ILFXV GHO 3DUTXH TXH FDPLRQHWD GH OD 'LUHFFLµQ ORV YLPRV GHVGH OD HVFDOHUD \
DVRPDEDQVREUHHOPXURDPDULOORGHO&ROHJLRVXVSHQDOHV\ &KRWRDUUDQFDURQDRFKHQWD 0D³XFRFLHQ SRUKRUDWRFDQGR
OD PD³DQD VH LED YRODQGR HQWUHQDPRV UHJLR GHF¯D &X«OLDU ERFLQD \ ERFLQD FRPR ORV ERPEHURV FRPR XQD DPEXODQFLD
EHVWLDO JDQDUHPRV 8QD KRUD GHVSX«V HO +HUPDQR /XFLR 0LHQWUDV WDQWR HO +HUPDQR /HRQFLR SHUVHJX¯D D -XGDV TXH
WRFDED HO VLOEDWR \ PLHQWUDV VH GHVDJXDEDQ ODV DXODV \ ORV LED\YHQ¯DSRUHOSDWLRGDQGREULQFRVYRODQWLQHVORDJDUUDED
D³RV IRUPDEDQ HQ HO SDWLR ORV VHOHFFLRQDGRV QRV YHVW¯DPRV \ORPHW¯DDVXMDXOD\SRUHQWUHORVDODPEUHV TXHU¯DPDWDUOR
SDUD LU D VXV FDVDV D DOPRU]DU 3HUR &X«OODU VH GHPRUDED GHF¯D &KRWR VL OR KXELHUDV YLVWR DVXVWDED  OR D]RWDED VLQ
SRUTXH WH FRSLDV WRGDV ODV GH ORV FUDNV GHF¯D &KLQJROR PLVHULFRUGLDFRORUDGRHOPR³REDLO£QGROHVREUHODFDUD(VD
TXL«QWHFUHHV"7RWR7HUU\" VHPHW¯DVLHPSUHDODGXFKD VHPDQD OD PLVD GHO GRPLQJR HO URVDULR GHO YLHUQHV \ ODV
GHVSX«V GH ORV HQWUHQDPLHQWRV $ YHFHV HOORV VH GXFKDEDQ RUDFLRQHV GHO SULQFLSLR \ GHO ILQ GH ODV FODVHV IXHURQ SRU HO
WDPEL«Q JXDX SHUR HVH G¯D JXDX JXDX FXDQGR -XGDV VH UHVWDEOHFLPLHQWRGH&X«OODUSHURORV+HUPDQRVVHHQIXUHF¯DQ

16/36
VL ORV DOXPQRV KDEODEDQ HQWUH HOORV GHO DFFLGHQWH QRV VHHPSDYµFXDQGRQRVFRQWµVHU¯DSHFDGRKDEODUGHHVR"
FKDSDEDQ \ XQ FRFDFKR VLOHQFLR WRPD FDVWLJDGR KDVWD ODV /DOR QR TX« LED D VHU D «O VX PDP£ OH GHF¯D FDGD QRFKH
VHLV6LQHPEDUJR«VHIXHHO¼QLFRWHPDGHFRQYHUVDFLµQHQ DQWHVGHDFRVWDUVH\DWHHQMXDJDVWHODERFD\DKLFLVWHSLS¯"
ORV UHFUHRV \ HQ ODV DXODV \ HO OXQHV VLJXLHQWH FXDQGR D OD \0D³XFRSREUH&X«OODUTX«GRORUWHQGU¯DVLXQSHORWD]RDK¯
VDOLGD GHO &ROHJLR IXHURQ D YLVLWDUOR D OD &O¯QLFD $PHULFDQD VXH³D D FXDOTXLHUD FµPR VHU¯D XQ PRUGLVFR \ VREUH WRGR
YLPRV TXH QR WHQ¯D QDGD HQ OD FDUD QL HQ ODV PDQRV (VWDED SLHQVD HQ ORV FROPLOORV TXH VH JDVWD -XGDV FRMDQ SLHGUDV
HQXQFXDUWLWROLQGRKROD&X«OODUSDUHGHVEODQFDV\FRUWLQDV YDPRVDODFDQFKDDODXQDDODVGRVDODVWUHVJXDXJXDX
FUHPDV \D WH VDQDVWH FXPSLWD" MXQWR D XQ MDUG¯Q FRQ JXDX JXDX OH JXVWDED" GHVJUDFLDGR TXH WRPDUD \
IORUHFLWDV SDVWR \ XQ £UERO (OORV OR HVW£EDPRV YHQJDQGR DSUHQGLHUD 3REUH &X«OODU GHF¯D &KRWR \D QR SRGU¯D OXFLUVH
&X«OODUHQFDGDUHFUHRSHGUDGD\SHGUDGDFRQWUDODMDXODGH HQ HO &DPSHRQDWR TXH HPSLH]D PD³DQD \ 0D³RFR WDQWR
-XGDV\«OELHQKHFKRSURQWLWRQROHTXHGDU¯DXQKXHVRVDQR HQWUHQDUVHGHEDOGH\ORSHRUHVTXHGHF¯D/DORHVWRQRVKD
DOGHVJUDFLDGRVHUH¯DFXDQGRVDOLHUDLU¯DPRVDO&ROHJLRGH GHELOLWDGRHOHTXLSRKD\TXHUDMDUVHVLQRTXHUHPRVTXHGDUD
QRFKH \ HQWUDU¯DPRV SRU ORV WHFKRV YLYD HO MRYHQFLWR SDP ODFRODPXFKDFKRVMXUHQTXHVHUDMDU£Q
SDP HO ƒJXLOD (QPDVFDUDGD FKDV FKDV \ OH KDU¯DPRV YHU
HVWUHOODV GH EXHQ KXPRU SHUR IODTXLWR \ S£OLGR D HVH SHUUR
FRPR «O D P¯ 6HQWDGDV D OD FDEHFHUD GH &X«OODU KDE¯D GRV
VH³RUDV TXH QRV GLHURQ FKRFRODWHV \ VH VDOLHURQ DO MDUG¯Q
FRUD]µQ TX«GDWH FRQYHUVDQGR FRQ WXV DPLJXLWRV VH
IXPDU¯DQXQFLJDUULOOR\YROYHU¯DQODGHOYHVWLGREODQFRHVPL
PDP£ODRWUDXQDW¯D&XHQWD&X«OODUKHUPDQLWRTX«SDVµ
OH KDE¯D GROLGR PXFKR" PXFK¯VLPR GµQGH OR KDE¯D
PRUGLGR" DK¯ SXHV \ VH PX³HTXHµ HQ OD SLFKXOLWD" V¯
FRORUDGLWR \ VH ULR \ QRV UH¯PRV \ ODV VH³RUDV GHVGH OD
YHQWDQDDGLµVDGLµVFRUD]µQ\DQRVRWURVVµORXQPRPHQWLWR
P£V SRUTXH &X«OODU WRGDY¯D QR HVWDED FXUDGR \ «O FKLVW HUD
XQ VHFUHWR VX YLHMR QR TXHU¯D WDPSRFR VX YLHMD TXH QDGLH
VXSLHUDPLFKRORPHMRUQRGLJDVQDGDSDUDTX«KDE¯DVLGR
HQ OD SLHUQD QRP£V FRUD]µQ \D" /D RSHUDFLµQ GXUµ GRV
KRUDV OHV GLMR YROYHU¯D DO &ROHJLR GHQWUR GH GLH] G¯DV I¯MDWH
FX£QWDVYDFDFLRQHVTX«P£VTXLHUHVOHKDE¯DGLFKRHOGRFWRU
1RVIXLPRV\HQODFODVHWRGRVTXHU¯DQVDEHUOHFRVLHURQOD
EDUULJD FLHUWR" FRQ DJXMD H KLOR FLHUWR" < &KLQJROR FµPR

17/36
OHFKXJDV DK FRPSD³HULWR GHOHV ]DQDKRULDV FµPR WH
 VREDEDQ F£PELHOHV HO DJXD \ «O IHOL] 3HUR QR VµOR ORV

6µORYROYLµDO&ROHJLRGHVSX«VGH)LHVWDV3DWULDV\FRVD +HUPDQRVVHKDE¯DQSXHVWRDPLPDUORWDPEL«QDVXVYLHMRV
UDUDHQYH]GHKDEHUHVFDUPHQWDGRFRQHOI¼WERO QRHUDSRU OHV GLR SRU DK¯ $KRUD &X«OODU YHQ¯D WRGDV ODV WDUGHV FRQ
HO I¼WERO HQ FLHUWD IRUPD TXH OR PRUGLµ -XGDV"  YLQR P£V QRVRWURVDO7HUUD]DVDMXJDUIXOELWR WXYLHMR\DQRVHHQRMD"
GHSRUWLVWDTXHQXQFD(QFDPELRORVHVWXGLRVFRPHQ]DURQD \D QR DO FRQWUDULR VLHPSUH OH SUHJXQWDED TXL«Q JDQµ HO
LPSRUWDUOHPHQRV<VHFRPSUHQG¯DQLWRQWRTXHIXHUD\DQR PDWFKPLHTXLSRFX£QWRVJROHVPHWLVWHWUHV"cEUDYR\«O
OH KDF¯D IDOWD FKDQFDU VH SUHVHQWDED D ORV H[£PHQHV FRQ QR WH PROHVWHV PDP£ VH PH UDVJµ OD FDPLVD MXJDQGR IXH
SURPHGLRV PX\ EDMRV \ ORV +HUPDQRV OR SDVDEDQ PDORV FDVXDOLGDG \ HOOD VRQVLWR TX« LPSRUWDED FRUD]RQFLWR OD
HMHUFLFLRV \ µSWLPR S«VLPDV WDUHDV \ DSUREDGR 'HVGH HO PXFKDFKDVHODFRVHU¯D\WHVHUYLU¯DSDUDGHQWURGHFDVDTXH
DFFLGHQWH WH VREDQ OH GHF¯DPRV QR VDE¯DV QDGD GH OH GLHUD XQ EHVR  \ GHVSX«V QRV ¯EDPRV D OD FD]XHOD GHO
TXHEUDGRV \ TX« WDO UD]D WH SXVLHURQ GLHFLV«LV $GHP£V OR ([F«OVLRU GHO 5LFDUGR 3DOPD R GHO /HXUR D YHU VHULDOHV
KDF¯DQ D\XGDU PLVD &X«OODU OHD HO FDWHFLVPR OOHYDU HO GUDPDV LPSURSLRV SDUD VH³RULWDV SHO¯FXODV GH &DQWLQIODV \
JDOODUGHWHGHOD³RHQODVSURFHVLRQHVERUUHODSL]DUUDFDQWDU 7LQ 7DQ $ FDGD UDWR OH DXPHQWDEDQ ODV SURSLQDV \ PH
HQHOFRURUHSDUWDODVOLEUHWDV\ORVSULPHURVYLHUQHVHQWUDED FRPSUDQ OR TXH TXLHUR QRV GHF¯D VH ORV KDE¯D PHWLGR DO
DO GHVD\XQR DXQTXH QR FRPXOJDUD 4XL«Q FRPR W¼ GHF¯D EROVLOORDPLVSDS£VPHGDQJXVWRHQWRGRORVWHQ¯DDTX¯VH
&KRWRWHGDVODJUDQYLGDO£VWLPDTXH-XGDVQRQRVPRUGLHUD PXHUHQSRUP¯‹OIXHHOSULPHURGHORVFLQFRHQWHQHUSDWLQHV
WDPEL«Q D QRVRWURV \ «O QR HUD SRU HVR ORV +HUPDQRV OR ELFLFOHWD PRWRFLFOHWD \ HOORV &X«OODU TXH PL YLHMR QRV UHJDOH
VREDEDQ GH PLHGR D VX YLHMR %DQGLGRV TX« OH KDQ KHFKR D XQD&RSDSDUDHO&DPSHRQDWRTXHORVOOHYDUDDODSLVFLQDGHO
PLKLMROHVFLHUURHO&ROHJLRORVPDQGRDODF£UFHOQRVDEHQ (VWDGLR D YHU QDGDU D 0HULQR \ DO &RQHMR 9LOODU£Q \ TXH QRV
TXL«Q VR\ LED D PDWDU D HVD PDOGLWD ILHUD \ DO +HUPDQR UHFRJLHUDHQVXDXWRDODVDOLGDGHODYHUPXWK\VXYLHMRQRV
'LUHFWRU FDOPD F£OPHVH VH³RU OR VDFXGLµ GHO EDEHUR )XH ODUHJDODED\ORVOOHYDED\QRVUHFRJ¯DHQVXDXWRV¯ORWHQ¯D
DV¯SDODEUDGHF¯D&X«OODUVXYLHMRVHORKDE¯DFRQWDGRDVX DTX¯ 3RU HVH WLHPSR QR PXFKR GHVSX«V GHO DFFLGHQWH
YLHMD \ DXQTXH VH VHFUHWHDEDQ «O GHVGH PL FDPD GH OD FRPHQ]DURQ D GHFLUOH 3LFKXOLWD (O DSRGR QDFLµ HQ OD FODVH
FO¯QLFD ORV R\µ HUD SRU HVR TXH OR VREDEDQ QRP£V 'HO IXHHOVDELGRGH*XPXFLRHOTXHORLQYHQWµ"FODURTXL«QLED
EDEHUR"TX«WUXTXHURGHF¯D/DOR\&KLQJRORDORPHMRUHUD D VHU \ DO SULQFLSLR &X«OODU +HUPDQR OORUDED PH HVW£Q
FLHUWR SRU DOJR KDE¯D GHVDSDUHFLGR HO PDOGLWR DQLPDO /R GLFLHQGRXQDPDODSDODEUDFRPRXQPDULFDTXL«Q"TX«WH
KDEU£Q YHQGLGR GHF¯DPRV VH KDEU£ HVFDSDGR VH OR GLFHQ" XQD FRVD IHD +HUPDQR OH GDED YHUJ¾HQ]D
UHJDODU¯DQDDOJXLHQ\&X«OODUQRQRVHJXURTXHVXYLHMRYLQR UHSHW¯UVHODWDUWDPXGHDQGR\ODVO£JULPDVTXHVHOHVDOWDEDQ
\ OR PDWµ «O VLHPSUH FXPSO¯D OR TXH SURPHW¯D 3RUTXH XQD \GHVSX«VHQORVUHFUHRVORVDOXPQRVGHRWURVD³RV3LFKXOLWD
PD³DQD OD MDXOD DPDQHFLµ YDF¯D \ XQD VHPDQD GHVSX«V HQ TX« KXER \ ORV PRFRV TXH VH OH VDO¯DQ FµPR HVW£V \ «O
OXJDU GH -XGDV cFXDWUR FRQHMLWRV EODQFRV &X«OODU OO«YHOHV +HUPDQR I¯MHVH FRUU¯D GRQGH /HRQFLR /XFLR $JXVW¯Q R HO

18/36
SURIHVRU &D³µQ 3DUHGHV «VH IXH 6H TXHMDED \ WDPEL«Q VH &KLQJROR" DEULHQGR PXFKR ORV RMRV KRPEUH SHUGµQ QR
HQIXUHF¯DTX«KDVGLFKR3LFKXOLWDKHGLFKREODQFRGHFµOHUD KDE¯D VLGR FRQ PDOD LQWHQFLµQ «O WDPEL«Q VX DPLJR
PDULFµQ WHPEO£QGROH ODV PDQRV \ OD YR] D YHU UHSLWH VL WH WDPEL«Q"KRPEUH&X«OODUTXHQRVHSXVLHUDDV¯VLWRGRVVH
DWUHYHV 3LFKXOLWD \D PH DWUHY¯ \ TX« SDVDED \ «O HQWRQFHV ORGHF¯DQDXQRVHOHFRQWDJLDEDW¼WDPEL«Q&KRWR"\VHOH
FHUUDEDORVRMRV\WDOFRPROHKDE¯DDFRQVHMDGRVXSDS£QR YHQ¯D D OD ERFD VLQ TXHUHU «O WDPEL«Q 0D³XFR" DV¯ OH
WH GHMHV PXFKDFKR VH ODQ]DED UµPSHOHV OD MHWD \ ORV GHF¯DPRV SRU OD HVSDOGD" VH GDED PHGLD YXHOWD \ HOORV
GHVDILDED OH SLVDV HO SLH \ EDQGDQJ£Q \ VH WURPSHDED XQ 3LFKXOLWD FLHUWR" 1R TX« RFXUUHQFLD OR DEUD]£EDPRV
VRSDSRXQFDEH]D]RXQSDWDGµQGRQGHIXHUDHQODILODRHQ SDODEUD TXH QXQFD P£V \ DGHP£V SRU TX« WH HQRMDV
OD FDQFKD OR PDQGDV DO VXFLR \ VH DFDEµ HQ OD FODVH HQ OD KHUPDQLWRHUDXQDSRGRFRPRFXDOTXLHURWUR\SRU¼OWLPRDO
FDSLOODQRWHIUHJDU£QP£V3HURP£VVHFDOHQWDED\P£VOR FRMLWR 3«UH] QR OH GLFHV W¼ &RMLQRED \ DO EL]FR 5RGU¯JXH]
IDVWLGLDEDQ \ XQD YH] HUD XQ HVF£QGDOR +HUPDQR YLQR VX 9LURORR0LUDGD)DWDO\3LFRGH2URDOWDUWDPXGR5LYHUD"<
SDGUHHFKDQGRFKLVSDVDOD'LUHFFLµQPDUWLUL]DEDQDVXKLMR\ QROHGHF¯DQD«O&KRWR\D«O&KLQJROR\D«O0D³XFR\D«O
«OQRORLEDDSHUPLWLU4XHWXYLHUDSDQWDORQHVTXHFDVWLJDUDD /DOR"1RWHHQRMHVKHUPDQµQVLJXHMXJDQGRDQGDWHWRFD
HVRV PRFRVRV R OR KDU¯D «O SRQGU¯D D WRGR HO PXQGR HQ VX 3RFRDSRFRIXHUHVLJQ£QGRVHDVXDSRGR\HQ6H[WRD³R\D
VLWLR TX« LQVROHQFLD XQ PDQRWD]R HQ OD PHVD HUD HO FROPR QR OORUDED QL VH SRQ¯D PDWµQ VH KDF¯D HO GHVHQWHQGLGR \ D
QR IDOWDED P£V 3HUR OH KDE¯DQ SHJDGR HO DSRGR FRPR XQD YHFHV KDVWD EURPHDED 3LFKXOLWD QR c3LFKXOD]D MD MD \ HQ
HVWDPSLOOD\DSHVDUGHORVFDVWLJRVGHORV+HUPDQRVGHORV 3ULPHUR GH 0HGLD VH KDE¯D DFRVWXPEUDGR WDQWR TXH P£V
VHDQP£VKXPDQRVW«QJDQOHXQSRFRGHSLHGDGGHO'LUHFWRU ELHQ FXDQGR OH GHF¯DQ &X«OODU VH SRQ¯D VHULR \ PLUDED FRQ
\ D SHVDU GH ORV OODQWRV \ ODV SDWDOHWDV \ ODV DPHQD]DV \ GHVFRQILDQ]D FRPR GXGDQGR QR VHU¯D EXUOD" +DVWD
JROSHV GH &X«OODU HO DSRGR VDOLµ D OD FDOOH \ SRTXLWR D SRFR HVWLUDEDODPDQRDORVQXHYRVDPLJRVGLFLHQGRPXFKRJXVWR
IXHFRUULHQGRSRUORVEDUULRVGH0LUDIORUHV\QXQFDP£VSXGR 3LFKXOD&X«OODUDWXVµUGHQHV
VDF£UVHORGHHQFLPDSREUH3LFKXOLWDSDVDODSHORWDQRVHDV 1R D ODV PXFKDFKDV FODUR VµOR D ORV KRPEUHV 3RUTXH
DQJXUULHQWR FX£QWR WH VDFDVWH HQ £OJHEUD 3LFKXOLWD" WH HQHVD«SRFDDGHP£VGHORVGHSRUWHV\DVHLQWHUHVDEDQSRU
FDPELRXQDIUXQD3LFKXOLWDSRUXQDPHOFRFKD\QRGHMHVGH ODV FKLFDV +DE¯DPRV FRPHQ]DGR D KDFHU EURPDV HQ ODV
YHQLUPD³DQDDOSDVHRD&KRVLFD3LFKXOLWDVHED³DU¯DQHQHO FODVHVR\HD\HUORYLD3LUXOR0DUWLQH]FRQVXHQDPRUDGDHQ
U¯R ORV +HUPDQRV OOHYDU¯DQ JXDQWHV \ SRGU£V ER[HDU FRQ ORV UHFUHRV VH SDVHDEDQ GH OD PDQR SRU HO 0DOHFµQ \ GH
*XPXFLR\YHQJDUWH3LFKXOLWDWLHQHVERWDV"SRUTXHKDEU¯D UHSHQWHcSXPXQFKXSHWH\DODVVDOLGDVHQODERFD"V¯\
TXHWUHSDUDOFHUUR3LFKXOLWD\DOUHJUHVRWRGDY¯DDOFDQ]DU¯DQ VH KDE¯DQ GHPRUDGR XQ PRQWµQ GH UDWR EHV£QGRVH $O SRFR
OD YHUPXWK 3LFKXOLWD WH JXVWDED HO SODQ" 7DPEL«Q D HOORV WLHPSR «VH IXH HO WHPD SULQFLSDO GH VXV FRQYHUVDFLRQHV
&X«OODUTXHDOFRPLHQ]RQRVFXLG£EDPRVFXPSDFRPHQ]µD 4XLTXH 5RMDV WHQ¯D XQD KHPEULWD PD\RU TXH «O UXELD GH
VDO¯UVHOHVYLHMRFRQWUDQXHVWUDYROXQWDGKHUPDQRKLQFKDGH RMD]RVD]XOHV\HOGRPLQJR0D³XFRORVYLRHQWUDUMXQWRVDOD
UHSHQWH3LFKXOLWD\«OFRORUDGRTX«"RS£OLGRW¼WDPEL«Q PDWLQ« GHO 5LFDUGR 3DOPD \ D OD VDOLGD HOOD HVWDED

19/36
GHVSHLQDG¯VLPDVHJXURKDE¯DQWLUDGRSODQ\HORWURG¯DHQOD TXH OH KLFLHUD XQ GLEXMR SRU HMHPSOR FX£O" FXDOTXLHUD XQ
QRFKH &KRWR OR SHVFµ DO YHQH]RODQR GH 4XLQWR HVH TXH OH WRULWR XQD IORUHFLWD XQD SLFKXOLWD \ DV¯ VH QRV SDVDEDQ ODV
GLFHQ0¼FXUDSRUODERFD]DYLHMRHQXQDXWRFRQXQDPXMHU WDUGHV FRUUHWHDQGR WUDV ORV µPQLEXV GHO &ROHJLR /D
PX\SLQWDGD\SRUVXSXHVWRHVWDEDQWLUDQGRSODQ\W¼/DOR 5HSDUDFLµQ \ D YHFHV ¯EDPRV KDVWD OD $YHQLGD $UHTXLSD D
\DWLUDVWHSODQ"\W¼3LFKXOLWDMDMD\D0D³XFROHJXVWDED YHU D ODV FKLFDV GH XQLIRUPHV EODQFRV GHO 9LOOD 0DU¯D
ODKHUPDQDGH3HULFR6£HQ]\&KRWRLEDDSDJDUXQKHODGR\ DFDEDEDQGHKDFHUODSULPHUDFRPXQLµQ"OHVJULW£EDPRVH
ODFDUWHUDVHOHFD\µ\WHQ¯DXQDIRWRGHXQD&DSHUXFLWD5RMD LQFOXVR WRPDEDQ HO ([SUHVR \ QRV EDM£EDPRV HQ 6DQ ,VLGUR
HQ XQD ILHVWD LQIDQWLO MD MD QR WH PX³HTXHHV /DOR \D SDUD HVSLDU D ODV GHO 6DQWD 8UVXOD \ D ODV GHO 6DJUDGR
VDEHPRVTXHWHPXHUHVSRUODIODFD5RMDV\W¼3LFKXOLWDWH &RUD]µQ<DQRMXJ£EDPRVWDQWRIXOELWRFRPRDQWHV
PXHUHV SRU DOJXLHQ" \ «O QR FRORUDGR WRGDY¯D R S£OLGR QR &XDQGR ODV ILHVWDV GH FXPSOHD³RV VH FRQYLUWLHURQ HQ
VHPRU¯DSRUQDGLH\W¼\W¼MDMD6LVDO¯DPRVDODVFLQFRHQ ILHVWDV PL[WDV HOORV VH TXHGDEDQ HQ ORV MDUGLQHV VLPXODQGR
SXQWR\FRUU¯DPRVSRUOD$YHQLGD3DUGRFRPRDOPDTXHOOHYD TXHMXJDEDQDODSHJDW¼ODOOHYDVODEHUOLQDDGLYLQDTXL«QWH
HO GLDEOR DOFDQ]DEDQ MXVWLWR OD VDOLGD GH ODV FKLFDV GHO GLMR R PDWDJHQWH cWH WRTX« PLHQWUDV TXH «UDPRV SXUR RMRV
&ROHJLR/D5HSDUDFLµQ1RVSDU£EDPRVHQODHVTXLQD\I¯MDWH SXURR¯GRVTX«SDVDEDHQHOVDOµQ"TX«KDF¯DQODVFKLFDV
DK¯ HVWDEDQ ORV µPQLEXV HUDQ ODV GH 7HUFHUR \ OD GH OD FRQ HVRV DJUDQGDGRV TX« HQYLGLD TXH \D VDE¯DQ EDLODU"
VHJXQGD YHQWDQD HV OD KHUPDQD GHO FKROR &£QHSD FKDX +DVWD TXH XQ G¯D VH GHFLGLHURQ D DSUHQGHU HOORV WDPEL«Q \
FKDX \ «VD PLUD K£JDQOH DGLµV VH ULR VH ULR \ OD FKLTXLWD HQWRQFHV QRV SDV£EDPRV V£EDGRV GRPLQJRV ¯QWHJURV
QRVFRQWHVWµDGLµVDGLµVSHURQRHUDSDUDWLPRFRVD\«VD EDLODQGRHQWUHKRPEUHVHQFDVDGH/DORQRHQODP¯DTXHHV
\ «VD $ YHFHV OHV OOHY£EDPRV SDSHOLWRV HVFULWRV \ VH ORV P£V JUDQGH HUD PHMRU SHUR &KRWR WHQ¯D P£V GLVFRV \
ODQ]DEDQDODYRODGDTX«ERQLWDHUHVPHJXVWDQWXVWUHQ]DV 0D³XFRSHUR\RWHQJRDPLKHUPDQDTXHSXHGHHQVH³DUQRV\
HO XQLIRUPH WH TXHGD PHMRU TXH D QLQJXQD WX DPLJR /DOR &X«OODUQRHQODGH«OVXVYLHMDV\DVDE¯DQ\XQG¯DWRPDVX
FXLGDGRKRPEUH\DWHYLRODPRQMDODVYDDFDVWLJDUFµPR PDP£ FRUD]µQ OH UHJDODED HVH SLFXS SDUD «O VROLWR" V¯
WH OODPDV" \R 0D³XFR YDPRV HO GRPLQJR DO FLQH" TXH OH QR TXHU¯D DSUHQGHU D EDLODU" /R SRQGU¯D HQ VX FXDUWR \
FRQWHVWDUD PD³DQD FRQ XQ SDSHOLWR LJXDO R KDFL«QGRPH D OD OODPDU¯D D VXV DPLJXLWRV \ VH HQFHUUDU¯D FRQ HOORV FXDQWR
SDVDGDGHOµPQLEXVFRQODFDEH]DTXHV¯<W¼&X«OODUQROH TXLVLHUD \ WDPEL«Q FµPSUDWH GLVFRV FRUD]µQ DQGD D
JXVWDEDQLQJXQD"V¯HVDTXHVHVLHQWDDWU£VODFXDWURMRV" 'LVFRFHQWUR\HOORVIXHURQ\HVFRJLPRVKXDUDFKDVPDPERV
QRQRODGHDOODGLWRSRUTX«QROHHVFULE¯DHQWRQFHV\«OTX« EROHURV\YDOVHV\ODFXHQWDODPDQGDEDQDVXYLHMRQRP£V
OH SRQ¯D D YHU D YHU TXLHUHV VHU PL DPLJD" QR TX« HOVH³RU&X«OODUGRVRFKRFLQFR0DULVFDO&DVWLOOD(OYDOV\HO
EREDGD TXHU¯D VHU VX DPLJR \ OH PDQGDED XQ EHVR V¯ HVR EROHUR HUDQ I£FLOHV KDE¯D TXH WHQHU PHPRULD \ FRQWDU XQR
HVWDEDPHMRUSHURHUDFRUWRDOJRP£VFRQFKXGRTXLHURVHU DTX¯XQRDOO£ODP¼VLFDQRLPSRUWDEDWDQWR/RGLI¯FLOHUDQOD
WXDPLJR\OHPDQGDEDXQEHVR\WHDGRURHOODVHU¯DODYDFD\ KXDUDFKD WHQHPRV TXH DSUHQGHU ILJXUDV GHF¯D &X«OODU HO
\RVHU«HOWRURMDMD<DKRUDILUPDWXQRPEUH\WXDSHOOLGR\ PDPER\DGDUYXHOWDV\VROWDUDODSDUHMD\OXFLUQRV&DVLDO

20/36
PLVPRWLHPSRDSUHQGLPRVDEDLODU\DIXPDUWURSH]£QGRQRV ULWPR OD DXGLFLµQ GH 3«UH] 3UDGR TX« SLDQR <D XVDEDQ
DWRU£QGRVH FRQ HO KXPR GH ORV /XFN\ \ ౹9LFHUR\ EULQFDQGR SDQWDORQHV ODUJRV HQWRQFHV QRV SHLQ£EDPRV FRQ JRPLQD \
KDVWD TXH GH UHSHQWH \D KHUPDQR OR DJDUUDVWH VDO¯D QR OR KDE¯DQ GHVDUUROODGR VREUH WRGR &X«OODU TXH GH VHU HO P£V
SLHUGDVPX«YHWHP£VPDUH£QGRQRVWRVLHQGR\HVFXSLHQGR FKLTXLWR \ HO P£V HQFOHQTXH GH ORV FLQFR SDVµ D VHU HO P£V
D YHU VH OR KDE¯D SDVDGR" PHQWLUD WHQ¯D HO KXPR EDMR OD DOWR \ HO P£V IXHUWH 7H KDV YXHOWR XQ 7DU]£Q 3LFKXOLWD OH
OHQJXD \ 3LFKXOLWD \R TXH OH FRQW£UDPRV D «O KDE¯DPRV GHF¯DPRVTX«FXHUSD]RWHHFKDVDOGLDULR
YLVWR" RFKR QXHYH GLH] \ DKRUD OR ERWDED VDE¯D R QR
VDE¯DJROSHDU"<WDPEL«QHFKDUORSRUODQDUL]\DJDFKDUVH\
GDU XQD YXHOWHFLWD \ OHYDQWDUVH VLQ SHUGHU HO ULWPR $QWHV OR
TXHP£VQRVJXVWDEDHQHOPXQGRHUDQORVGHSRUWHV\HOFLQH
\ GDEDQ FXDOTXLHU FRVD SRU XQ PDWFK GH I¼WERO \ DKRUD HQ
FDPELR OR TXH P£V HUDQ ODV FKLFDV \ HO EDLOH \ SRU OR TXH
G£EDPRV FXDOTXLHU FRVD HUD XQD ILHVWD FRQ GLVFRV GH 3«UH]
3UDGR \ SHUPLVR GH OD GXH³D GH OD FDVD SDUD IXPDU 7HQ¯DQ
ILHVWDV FDVL WRGRV ORV V£EDGRV \ FXDQGR QR ¯EDPRV GH
LQYLWDGRVQRV]DPS£EDPRV\DQWHVGHHQWUDUVHPHW¯DQDOD
ERGHJD GH OD HVTXLQD \ OH SHG¯DPRV DO FKLQR JROSHDQGR HO
PRVWUDGRU FRQ HO SX³R cFLQFR FDSLWDQHV 6HFR \ YROWHDGR
GHF¯D3LFKXOLWDDV¯JOXJOXFRPRKRPEUHVFRPR\R
&XDQGR 3«UH] 3UDGR OOHJµ D /LPD FRQ VX RUTXHVWD
IXLPRV D HVSHUDUOR D OD &µUSDF \ &X«OODU D YHU TXL«Q VH
DYHQWDED FRPR \R FRQVLJXLµ DEULUVH SDVR HQWUH OD PXOWLWXG
OOHJµ KDVWD «O OR FRJLµ GHO VDFR \ OH JULWµ 5H\ GHO PDPER
3«UH]3UDGROHVRQULµ\WDPEL«QPHGLRODPDQROHVMXUR\OH
ILUPµ VX £OEXP GH DXWµJUDIRV PLUHQ /R VLJXLHURQ
FRQIXQGLGRV HQ OD FDUDYDQD GH KLQFKDV HQ HO DXWR GH %RE\
/R]DQRKDVWDOD3OD]D6DQ0DUW¯Q\DSHVDUGHODSURKLELFLµQ
GHO $U]RELVSR \ GH ODV DGYHUWHQFLDV GH ORV +HUPDQRV GHO
&ROHJLR &KDPSDJQDW IXLPRV D OD 3OD]D GH $FKR D 7ULEXQD
GH 6RO D YHU HO FDPSHRQDWR QDFLRQDO GH PDPER &DGD
QRFKH HQ FDVD GH &X«OODU SRQ¯DQ 5DGLR (O 6RO \
HVFXFK£EDPRV IUHQ«WLFRV TX« WURPSHWD KHUPDQR TX«

21/36
&X«OODUQRTXHU¯DTXH&KDEXFDOHGLHUDODPDQR\RQRVHOD
 GR\/RDFRPSD³DPRVKDVWDVXFDVD\WRGRHOFDPLQRHVWXYR

(O SULPHUR HQ WHQHU HQDPRUDGD IXH /DOR FXDQGR PXUPXUDQGR F£OODWH YLHMR \ UHTXLQWDQGR \D OOHJDPRV HQWUD
DQG£EDPRVHQ7HUFHURGH0HGLD(QWUµXQDQRFKHDO&UHDP GHVSDFLWR GHVSDFLWR SDVLWR D SDVR FRPR XQ ODGUµQ
5LFD PX\ ULVXH³R HOORV TX« WH SDVD \ «O UDGLDQWH VREUDGR FXLGDGLWR VL KDFHV EXOOD WXV SDSLV VH GHVSHUWDU£Q \ WH
FRPRXQSDYRUHDOOHFD¯D&KDEXFD0ROLQDPHGLMRTXHV¯ SHVFDU£Q3HUR«OFRPHQ]µDJULWDUDYHUDSDWHDUODSXHUWD
)XLPRVDIHVWHMDUORDO&KDVTXL\DOVHJXQGRYDVRGHFHUYH]D GH VX FDVD TXH VH GHVSHUWDUDQ \ OR SHVFDUDQ \ TX« LED D
/DOR TX« OH GLMLVWH HQ WX GHFODUDFLµQ &X«OODU FRPHQ]µ D SDVDUFREDUGHVTXHQRQRVIX«UDPRV«OQROHVWHQ¯DPLHGR
SRQHUVH QHUYLRVLWR OH KDE¯D DJDUUDGR OD PDQR" SHVDGLWR DVXVYLHMRVTXHQRVTXHG£UDPRV\YL«UDPRV6HKDSLFDGR
TX«KDE¯DKHFKR&KDEXFD/DOR\SUHJXQWµQODEHVDVWHGL" GHF¯D0D³XFRPLHQWUDVFRUU¯DPRVKDFLDOD'LDJRQDOGLMLVWHOH
‹O QRV FRQWDED FRQWHQWR \ DKRUD OHV WRFDED D HOORV VDOXG FD¯ D &KDEXFD \ PL FXPSD FDPELµ GH FDUD \ GH KXPRU \
KHFKR XQ FDUDPHOR GH IHOLFLGDG D YHU VL QRV DSXU£EDPRV D &KRWR HUD HQYLGLD SRU HVR VH HPERUUDFKµ \ &KLQJROR VXV
WHQHU HQDPRUDGD \ &X«OODU JROSHDQGR OD PHVD FRQ VX YDVR YLHMRV OR LEDQ D PDWDU 3HUR QR OH KLFLHURQ QDGD 4XL«Q WH
FµPR IXH TX« GLMR TX« OH GLMLVWH TX« KLFLVWH 3DUHFHV XQ DEULµ OD SXHUWD" PL PDP£ \ TX« SDVµ" OH GHF¯DPRV WH
FXUD 3LFKXOLWD GHF¯D /DOR PH HVW£V FRQIHVDQGR \ &X«OODU SHJµ"1RVHHFKµDOORUDUFRUD]µQFµPRHUDSRVLEOHFµPR
FXHQWD FXHQWD TX« P£V 6H WRPDURQ WUHV &ULVWDOHV \ D LEDDWRPDUOLFRUDVXHGDG\WDPEL«QYLQRPLYLHMR\ORUL³µ
PHGLDQRFKH3LFKXOLWDVH]DPSµ5HFRVWDGRFRQWUDXQSRVWH QRP£VQRVHUHSHWLU¯DQXQFD"QRSDS£OHGDEDYHUJ¾HQ]D
HQ SOHQD $YHQLGD /DUFR IUHQWH D OD $VLVWHQFLD 3¼EOLFD OR TXH KDE¯D KHFKR" V¯ /R ED³DURQ OR DFRVWDURQ \ D OD
YRPLWµ FDEH]D GH SROOR OH GHF¯DPRV \ WDPEL«Q TX« PD³DQDVLJXLHQWHOHVSLGLµSHUGµQ7DPEL«QD/DORKHUPDQR
GHVSHUGLFLR ERWDU DV¯ OD FHUYH]D FRQ OR TXH FRVWµ TX« ORVLHQWRODFHUYH]DVHPHVXELµQR"WHLQVXOW«WHHVWXYH
GHUURFKH 3HUR «O QRV WUDLFLRQDVWH QR HVWDED FRQ JDQDV GH IXQGLHQGRQR"1RTX«DGHIHVLRFRVDGHWUDJRVFKRFDHVRV
EURPHDU /DOR WUDLGRU HFKDQGR HVSXPD WH DGHODQWDVWH FLQFR\DPLJRV3LFKXOLWDFRPRDQWHVQRSDVµQDGD
EXLWUH£QGRVH OD FDPLVD FDHUOH D XQD FKLFD HO SDQWDOµQ \ QL 3HUR SDVµ DOJR &X«OODU FRPHQ]µ D KDFHU ORFXUDV SDUD
VLTXLHUD FRQWDUQRV TXH OD VLULDED 3LFKXOLWD DJ£FKDWH XQ OODPDUODDWHQFLµQ/RIHVWHMDEDQ\OHVHJX¯DPRVODFXHUGDD
SRFRWHHVW£VPDQFKDQGRKDVWDHODOPDSHUR«OQDGDHVRQR TX«PHURERHOFDUURGHOYLHMR\QRV¯EDPRVDGDUFXUYDVDOD
VHKDF¯DTX«WHLPSRUWDTXHPHPDQFKHPDODPLJRWUDLGRU &RVWDQHUDPXFKDFKRV"DTXHQRKHUPDQR\«OVHVDFDEDHO
'HVSX«VPLHQWUDVOROLPSL£EDPRVVHOHIXHODIXULD\VHSXVR &KHYUROHWGHVXSDS£\VHLEDQDOD&RVWDQHUDDTX«EDWRHO
VHQWLPHQWDO \D QXQFD P£V WH YHU¯DPRV /DOR 6H SDVDU¯D ORV U«FRUGGH%RE\/R]DQR"DTXHQRKHUPDQR\«OYVVVVWSRUHO
GRPLQJRVFRQ&KDEXFD\QXQFDP£VQRVEXVFDU£VPDULFµQ 0DOHFµQ YVVVVW GHVGH %HQDYLGHV KDVWD OD 4XHEUDGD YVVVVW
< /DOR TX« RFXUUHQFLD KHUPDQR OD KHPEULWD \ ORV DPLJRV HQGRVPLQXWRVFLQFXHQWDOREDW¯"VL\0D³XFRVHSHUVLJQµ
HUDQGRVFRVDVGLVWLQWDVSHURQRVHRSRQHQQRKDE¯DTXHVHU OR EDWLVWH \ W¼ TX« PLHGR WXYLVWH URVTXHWµQ D TX« QRV
FHORVR 3LFKXOLWD WUDQTXLO¯]DWH \ HOORV GHQVH OD PDQR SHUR LQYLWDED DO 2K TX« EXHQR \ KDF¯DPRV SHUUR PXHUWR" D TXH

22/36
QR KHUPDQR \ HOORV LEDQ DO 2K TX« EXHQR QRV FRPR XQ ERUUDFKR KDVWD DWRUDUVH" WDFRQHDQGR OHV
DWUDJDQW£EDPRV GH KDPEXUJXHVDV \ GH PLONVKDNHV SDUW¯DQ OHYDQWDURQODIDOGDOHVPHWLPRVHOGHGLWR"\HOORVODHQYLGLDOR
XQR SRU XQR \ GHVGH OD ,JOHVLD GHO 6DQWD 0DU¯D YH¯DPRV D FRUUR¯D 3LFKXOLWD ELHQ ULTXLWR ELHQ ERQLWR" OR HQORTXHF¯D
&X«OODUKDFHUOHXQTXLWHDOPR]R\HVFDSDUTX«OHVGLMH"D PHMRUVHFDOODED\HPSH]DED3HUR«OVHJX¯DLQFDQVDEOH\D
TX« PH YXHOR WRGRV ORV YLGULRV GH HVD FDVD FRQ OD HVFRSHWD DKRUD HQ VHULR TX« OHV KDE¯DPRV KHFKR" ODV PXFKDFKDV
GH SHUGLJRQHV GH PL YLHMR" D TXH QR 3LFKXOLWD \ «O VH ORV VH GHMDEDQ EHVDU FX£QWR WLHPSR" RWUD YH] KHUPDQR"
YRODED6HKDF¯DHOORFRSDUDLPSUHVLRQDUSHURWDPEL«QSDUD F£OODWH\DVHSRQ¯DSHVDGR\XQDYH]/DORVHHQRMµPLHUGD
YLVWHYLVWH"VDFDUOHFDFKLWDD/DORW¼QRWHDWUHYLVWH\\RV¯ LEDDSDUWLUOHODMHWDKDEODEDFRPRVLODVHQDPRUDGDVIXHUDQ
PHDWUHY¯1ROHSHUGRQDORGH&KDEXFDGHF¯DPRVTX«RGLR FKROLWDV GH SODQ /RV VHSDUDPRV \ ORV KLFLHURQ DPLVWDU SHUR
OHWLHQH(Q&XDUWRGH0HGLD&KRWROHFD\µD)LQD6DODV\OH &X«OODUQRSRG¯DHUDP£VIXHUWHTXH«OFDGDGRPLQJRFRQOD
GLMRTXHV¯\0D³XFRD3XV\/D³DV\WDPEL«QTXHV¯&X«OODU PLVPDYDLQDDYHUFµPROHVIXH"TXHFRQW£UDPRVULFRHO
VH HQFHUUµ HQ VX FDVD XQ PHV \ HQ HO &ROHJLR DSHQDV VL ORV SODQ"
VDOXGDEDR\HTX«WHSDVDQDGDSRUTX«QRQRVEXVFDED (Q4XLQWRGH0HGLD&KLQJROROHFD\µDOD%HEH5RPHUR
SRUTX«QRVDO¯DFRQHOORV"QROHSURYRFDEDVDOLU6HKDFHHO \ OH GLMR TXH QR D OD 7XOD 5DP¯UH] \ TXH QR D OD &KLQD
PLVWHULRVR GHF¯DQ HO LQWHUHVDQWH HO WRUFLGR HO UHVHQWLGR 6DOGLYDU \ TXH V¯ D OD WHUFHUD YD OD YHQFLGD GHF¯D HO TXH OD
3HUR SRFR D SRFR VH FRQIRUPµ \ YROYLµ DO JUXSR /RV VLJXH OD FRQVLJXH IHOL] /R IHVWHMDPRV HQ HO EDUFLWR GH ORV
GRPLQJRV&KLQJROR\«OVHLEDQVRORVDODPDWLQ« VROWHULWRV FDFKDVFDQLVWDVGHODFDOOH6DQ0DUW¯Q0XGRHQFRJLGRWULVWH
OHV GHF¯DPRV YLXGLWRV  \ GHVSX«V PDWDEDQ HO WLHPSR GH HQ VX VLOOD GHO ULQFµQ &X«OODU VH DYHQWDED FDSLW£Q WUDV
FXDOTXLHU PDQHUD DSODQDQGR FDOOHV VLQ KDEODU R DSHQDV FDSLW£QQRSRQJDVHVDFDUDKHUPDQRDKRUDOHWRFDEDD«O
YDPRV SRU DTX¯ SRU DOO£ ODV PDQRV HQ ORV EROVLOORV R\HQGR 4XH VH HVFRJLHUD XQD KHPEULWD \ OH FD\HUD OH GHF¯DPRV WH
GLVFRVHQFDVDGH&X«OODUOH\HQGRFKLVWHVRMXJDQGRQDLSHV KDUHPRV HO EDMR OR D\XGDU¯DPRV \ QXHVWUDV HQDPRUDGDV
\ D ODV QXHYH VH FD¯DQ SRU HO 3DUTXH 6DOD]DU D EXVFDU D ORV WDPEL«Q 6L V¯ \D HVFRJHU¯D FDSLW£Q WUDV FDSLW£Q \ GH
RWURV TXH D HVD KRUD \D HVW£EDPRV GHVSLGLHQGR D ODV UHSHQWHFKDXVHSDUµHVWDEDFDQVDGRPHYR\DGRUPLU6L
HQDPRUDGDV 7LUDURQ EXHQ SODQ" GHF¯D &X«OODU PLHQWUDV VHTXHGDEDLEDDOORUDUGHF¯D0D³XFR\&KRWRHVWDEDTXHVH
QRV TXLW£EDPRV ORV VDFRV VH DIORMDEDQ ODV FRUEDWDV \ QRV DJXDQWDED ODV JDQDV \ &KLQJROR VL QR OORUDED OH GDED XQD
UHPDQJ£EDPRVORVSX³RVHQHO%LOODUGHOD$ODPHGD5LFDUGR SDWDOHWDFRPRODRWUDYH]</DORKDE¯DTXHD\XGDUORORGHF¯D
3DOPD XQ SODQFLWR ILUPH PXFKDFKRV" OD YR] HQIHUPD GH HQVHULROHFRQVHJXLU¯DPRVXQDKHPEULWDDXQTXHIXHUDIH¯WD
SLFD HQYLGLD \ PDOKXPRU \ HOORV F£OODWH MXJXHPRV PDQR \VHOHTXLWDU¯DHOFRPSOHMR6¯V¯ORD\XGDU¯DPRVHUDEXHQD
OHQJXD"SHVWD³HDQGRFRPRVLHOKXPR\ODOX]GHORVIRFRVOH JHQWH XQ SRFR IUHJDGR D YHFHV SHUR HQ VX FDVR FXDOTXLHUD
KLQFDUDQORVRMRV\QRVRWURVOHGDEDFµOHUD3LFKXOLWD"SRU VH OH FRPSUHQG¯D VH OH SHUGRQDED VH OH H[WUD³DED VH OH
TX«HQYH]GHSLFDUVHQRVHFRQVHJX¯DXQDKHPEULWD\SDUDED TXHU¯DWRPHPRVDVXVDOXG3LFKXOLWDFKRTXHQORVYDVRVSRU
GH IUHJDU" \ «O VH FKXSHWHDURQ" WRVLHQGR \ HVFXSLHQGR WL

23/36
'HVGH HQWRQFHV &X«OODU VH LED VROR D OD PDWLQ« ORV GHF¯D)LQDDQWHVYHQ¯DVDWRGDV\HUDVWDQDOHJUH\EDLODEDV
GRPLQJRV \ G¯DV IHULDGRV OR YH¯DPRV HQ OD RVFXULGDG GH OD WDQ ELHQ TX« WH SDVµ &X«OODU" \ &KDEXFD TXH QR IXHUD
SODWHDVHQWDGLWRHQODVILODVGHDWU£VHQFHQGLHQGRSXFKRWUDV DJXDGRYHQ\DV¯XQG¯DHQFRQWUDU£VXQDFKLFDTXHWHJXVWH\
SXFKR HVSLDQGR D OD GLVLPXODGD D ODV SDUHMDV TXH WLUDEDQ OHFDHU£V3HUR«OQLGHDYDLQDVGHSHUGLGRQXHVWUDVILHVWDV
SODQ\VHUHXQ¯DFRQHOORVQDGDP£VTXHHQODVQRFKHVHQHO ORDEXUU¯DQGHVREUDGRDYHMHQWDGRQRLEDSRUTXHWHQ¯DRWUDV
%LOODUHQHO%UDQVDHQHO&UHDP5LFDODFDUDDPDUJDTX« PHMRUHV GRQGH PH GLYLHUWR P£V /R TXH SDVD HV TXH QR WH
WDO GRPLQJR" \ OD YR] £FLGD «O PX\ ELHQ \ XVWHGHV PH JXVWDQ ODV FKLFDV GHFHQWHV GHF¯DQ HOODV \ «O FRPR DPLJDV
LPDJLQR TXH UHTXHWHEL«Q QR" 3HUR HQ HO YHUDQR \D VH OH FODUR TXH V¯ \ HOODV VµOR ODV FKRODV ODV PHGLR SHOR ODV
KDE¯D SDVDGR HO FROHUµQ ¯EDPRV MXQWRV D OD SOD\D ౱D /D EDQGLGDV \ GH SURQWR 3LFKXOLWD VVV¯ OH JJJJJXVWDEEEEDQ
+HUUDGXUD\DQRD0LUDIORUHV౱HQHODXWRTXHVXVYLHMRVOH FRPHQ]DED ODV FKLFFFDV GHFHQWWWWHV D WDUWDPXGHDU VVVµOR
KDE¯DQUHJDODGRSRU1DYLGDGXQ)RUGFRQYHUWLEOHTXHWHQ¯DHO TTTTXHODIODFFFD*DPLRQQQRHOODV\DWHPX³HTXHDVWH\«O
HVFDSH DELHUWR QR UHVSHWDED ORV VHP£IRURV \ HQVRUGHF¯D DGGGGHP£V QR KDEEE¯D WLHPSR SRU ORV H[£PPPHQHV \ HOORV
DVXVWDED D ORV WUDQVH¼QWHV 0DO TXH PDO VH KDE¯D KHFKR G«MHQOR HQ SD] VDO¯DPRV HQ VX GHIHQVD QR OR YDQ D
DPLJR GH ODV FKLFDV \ VH OOHYDED ELHQ FRQ HOODV D SHVDU GH FRQYHQFHU «O WHQ¯D VXV SODQFLWRV VXV VHFUHWLWRV DS¼UDWH
TXH VLHPSUH &X«OODU OR DQGDEDQ IXQGLHQGR FRQ OD PLVPD KHUPDQR PLUD TX« VRO /D +HUUDGXUD GHEH HVWDU TXH DUGH
FRVD SRU TX« QR OH FDHV D DOJXQD PXFKDFKD GH XQD YH]" KXQGHODSDWD+D]ORYRODUDOSRGHURVR)RUG1RVED³£EDPRV
$V¯VHU¯DQFLQFRSDUHMDV\VDOGU¯DPRVHQSDWRWDWRGRHOWLHPSR IUHQWH D /DV *DYLRWDV \ PLHQWUDV ODV FXDWUR SDUHMDV VH
\ HVWDU¯DQ SDUD DUULED \ SDUD DEDMR MXQWRV SRU TX« QR OR DVROHDEDQHQODDUHQD&X«OODUVHOXFLDFRUULHQGRRODV$YHU
KDFHV" &X«OODU VH GHIHQG¯D EURPHDQGR QR SRUTXH HQWRQFHV HVDTXHVHHVW£IRUPDQGRGHF¯D&KDEXFDHVDWDQJUDQGD]D
\D QR FDEU¯DQ WRGRV HQ HO SRGHURVR )RUG \ XQD GH XVWHGHV SRGU£V"3LFKXOLWDVHSDUDEDGHXQVDOWROHKDE¯DGDGRHQOD
VHU¯D OD VDFULILFDGD GHVSLVWDQGR DFDVR QXHYH QR ¯EDPRV \HPD GHO JXVWR HQ HVR DO PHQRV SRG¯D JDQDUQRV OR LED D
DSDFKXUUDGRV"(QVHULRGHF¯D3XV\WRGRVWHQ¯DQHQDPRUDGD LQWHQWDU &KDEXTXLWD PLUD 6H SUHFLSLWDED FRUU¯D VDFDQGR
\«OQRQRWHFDQVDVGHWRFDUYLRO¯Q"4XHOHFD\HUDDODIODFD SHFKR HFKDQGR OD FDEH]D DWU£V VH ]DPEXOO¯D DYDQ]DED
*DPLR VH PXHUH SRU WL VH ORV KDE¯D FRQIHVDGR HO RWUR G¯D EUDFHDQGR OLQGR SDWDOHDQGR SDUHMLWR TX« ELHQ QDGD GHF¯D
GRQGHOD&KLQDMXJDQGRDODEHUOLQDQRWHJXVWD"&£HOHOH 3XV\DOFDQ]DEDHOWXPERFXDQGRLEDDUHYHQWDUI¯MDWHODYDD
KDU¯DPRV FRUUDOLWR OR DFHSWDU¯D GHF¯GHWH 3HUR «O QR TXHU¯D FRUUHUVHDWUHYLµGHF¯DOD&KLQDVHSRQ¯DDIORWH\PHWLHQGR
WHQHUHQDPRUDGD\SRQ¯DFDUDGHIRUDMLGRSUHILHURPLOLEHUWDG DSHQDVODFDEH]DXQEUD]RWLHVR\HORWURJROSHDQGRMDODQGR
\GHFRQTXLVWDGRUVROWHULWRVHHVWDEDPHMRU7XOLEHUWDGSDUD HO DJXD FRPR XQ FDPSHµQ OR YH¯DPRV VXELU KDVWD OD FUHVWD
TX« GHF¯D OD &KLQD SDUD KDFHU EDUEDULGDGHV" \ &KDEXFD GH OD ROD FDHU FRQ HOOD GHVDSDUHFHU HQ XQ HVWUXHQGR GH
SDUDLUVHGHSODQFLWR"\3XV\FRQKXDFKDILWDV"\«OFDUDGH HVSXPDI¯MHQVHI¯MHQVHHQXQDGH«VDVORYDDUHYROFDUGHF¯D
PLVWHULRVR D OR PHMRU GH FDILFKH D OR PHMRU \ GH YLFLRVR )LQD \ OR YH¯DQ UHDSDUHFHU \ YHQLU DUUDVWUDGR SRU OD ROD HO
SRG¯D VHU SRU TX« \D QXQFD YLHQHV D QXHVWUDV ILHVWDV" FXHUSR DUTXHDGR OD FDEH]D DIXHUD ORV SLHV FUX]DGRV HQ HO

24/36
DLUH \ OR YH¯DPRV OOHJDU KDVWD OD RULOOD VXDYHFLWR HPSXMDGLWR 0D³XFRFDUD\QRV«TX«PHSDVµKHUPDQRQDGDP£VELHQ
SRU ORV UXPERV 4X« ELHQ ODV FRUUH GHF¯DQ HOODV PLHQWUDV \RWHSLGRSHUGµQ3LFKXOLWDSRUKDEHUPHFDOHQWDGRYHQYHQ
&X«OODU VH UHYROY¯D FRQWUD OD UHVDFD QRV KDF¯D DGLµV \ GH WDPEL«Q3XV\WHSHUGRQµ\TXLHUHYHUWHVHSUHVHQWµERUUDFKR
QXHYRVHDUUHDEDDOPDUHUDWDQVLPS£WLFR\WDPEL«QSLQWµQ HQ OD 0LVD GH *DOOR \ /DOR \ &KRWR WXYLHURQ TXH VDFDUOR HQ
SRU TX« QR WHQ¯D HQDPRUDGD" (OORV VH PLUDEDQ GH UHRMR SHVR DO 3DUTXH VX«OWHQPH GHOLUDQGR OH LPSRUWDED XQ SLWR
/DOR VH UH¯D )LQD TX« OHV SDVD D TX« YHQ¯DQ HVDV EXLWUHDQGRTXLVLHUDWHQHUXQUHYµOYHUSDUDTX«KHUPDQLWR"
FDUFDMDGDV FXHQWHQ &KRWR HQURMHF¯D YHQ¯DQ SRUTXH V¯ GH FRQGLDEORVD]XOHVSDUDPDWDUQRV"V¯\ORPLVPRDHVHTXH
QDGD \ DGHP£V GH TX« KDEODV TX« FDUFDMDGDV HOOD QR WH SDVD SDP SDP \ D WL \ D P¯ WDPEL«Q SDP SDP XQ GRPLQJR
KDJDV \ «O QR VL QR VH KDF¯D SDODEUD 1R WHQ¯D SRUTXH HV LQYDGLµ OD 3HORXVH GHO +LSµGURPR \ FRQ VX )RUG IIIIXXP
W¯PLGRGHF¯D&KLQJROR\3XV\QRHUDTXHLEDDVHUP£VELHQ HPEHVW¯D D OD JHQWH IIIIXXP TXH FKLOODED \ VDOWDED ODV
XQ IUHVFR \ &KDEXFD HQWRQFHV SRU TX«" (VW£ EXVFDQGR EDUUHUDV DWHUUDGD IIIIXXP (Q ORV &DUQDYDOHV ODV FKLFDV OH
SHUR QR HQFXHQWUD GHF¯D /DOR \D OH FDHU£ D DOJXQD \ OD KX¯DQ ODV ERPEDUGHDED FRQ SUR\HFWLOHV KHGLRQGRV
&KLQD IDOVR QR HVWDED EXVFDQGR QR LED QXQFD D ILHVWDV \ FDVFDURQHV IUXWDV SRGULGDV JORERV LQIODGRV FRQ SLS¯ \ ODV
&KDEXFDHQWRQFHVSRUTX«"6DEHGHF¯D/DORVHFRUWDEDOD UHIUHJDED FRQ EDUUR WLQWD KDULQD MDEµQ GH ODYDU ROODV  \
FDEH]D TXH VL VDE¯DQ \ VH KDF¯DQ ODV TXH QR SDUD TX«" EHW¼Q cVDOYDMH OH GHF¯DQ FRFKLQR EUXWR DQLPDO \ VH
SDUDVRQVDFDUOHVVLQRVXSLHUDQSRUTX«WDQWRVSRUTX«WDQWD DSDUHF¯DHQODILHVWDGHO7HUUD]DVHQHO,QIDQWLOGHO3DUTXHGH
PLUDGD UDULWD WDQWD PDOLFLD HQ OD YR] < &KRWR QR WH %DUUDQFD HQ HO EDLOH GHO /DZQ 7HQQLV VLQ GLVIUD] XQ
HTXLYRFDV QR VDE¯DQ HUDQ SUHJXQWDV LQRFHQWHV ODV FKLVJXHWHGH«WHUHQFDGDPDQRS¯TXLWLS¯TXLWLMXDVOHGLOHGL
PXFKDFKDVVHFRPSDGHF¯DQGHTXHQRWXYLHUDKHPEULWDDVX HQ ORV RMRV MD MD S¯TXLWL S¯TXLWL MXDV OD GHM« FLHJD MD MD R
HGDGOHVGDSHQDTXHDQGHVRORORTXHU¯DQD\XGDU7DOYH] DUPDGR FRQ XQ EDVWµQ SDUD HQUHGDUOR HQ ORV SLHV GH ODV
QR VDEHQ SHUR FXDOTXLHU G¯D YDQ D VDEHU GHF¯D &KLQJROR \ SDUHMDV \ HFKDUODV DO VXHOR EDQGDQJ£Q 6H WURPSHDED OH
VHU£ VX FXOSD TX« OH FRVWDED FDHUOH D DOJXQD DXQTXH IXHUD SHJDEDQ D YHFHV OR GHIHQG¯DPRV SHUR QR HVFDUPLHQWD FRQ
VµOR SDUD GHVSLVWDU" \ &KDEXFD HQWRQFHV SRU TX«" \ QDGDGHF¯DPRVHQXQDGH«VWDVORYDQDPDWDU6XVORFXUDV
0D³XFR TX« WH LPSRUWD QR OR IXQGDV WDQWR HO G¯D PHQRV OHGLHURQPDODIDPD\&KLQJRORKHUPDQRWLHQHVTXHFDPELDU
SHQVDGR VH HQDPRUDU¯D \D YHU¯D \ DKRUD F£OOHQVH TXH DK¯ &KRWR 3LFKXOLWD WH HVW£V YROYLHQGR DQWLS£WLFR 0D³XFR ODV
HVW£ FKLFDV\DQRTXHU¯DQMXQWDUVHFRQ«OWHFUH¯DQXQEDQGLGRXQ
$ PHGLGD TXH SDVDEDQ ORV G¯DV &X«OODU VH YROY¯D P£V VREUDGR \ XQ SHVDGR ‹O D YHFHV WULVWµQ HUD OD ¼OWLPD YH]
KXUD³RFRQODVPXFKDFKDVP£VODFµQLFR\HVTXLYR7DPEL«Q FDPELDU¯DSDODEUDGHKRQRU\DYHFHVPDWµQEDQGLGRDK
P£V ORFR DJXµ OD ILHVWD GH FXPSOHD³RV GH 3XV\ DUURMDQGR V¯" HVR GHF¯DQ GH P¯ ODV UDMRQDV" QR OH LPSRUWDED ODV
XQD VDUWD GH FXHWHV SRU OD YHQWDQD HOOD VH HFKµ D OORUDU \ SLWXTXLWDVVHODVSDVDEDOHUHVEDODEDQSRUDTX¯(QODILHVWD
0D³XFRVHHQRMµ)XHDEXVFDUORVHWURPSHDURQ3LFKXOLWDOH GH SURPRFLµQ ౱GH HWLTXHWD GRV RUTXHVWDV HQ HO &RXQWU\
SHJµ 7DUGDPRV XQD VHPDQD HQ KDFHUORV DPLVWDU SHUGµQ &OXE౱ HO ¼QLFR DXVHQWH GH OD FODVH IXH &X«OODU 1R VHDV

25/36
WRQWR OH GHF¯DPRV WLHQHV TXH YHQLU QRVRWURV WH EXVFDPRV
XQDKHPEULWD3XV\\DOHKDEOµD0DUJRW)LQDD,OVHOD&KLQD


D(OHQD&KDEXFDD)ORUDWRGDVTXHU¯DQVHPRU¯DQSRUVHUWX $OD³RVLJXLHQWHFXDQGR&KLQJROR\0D³XFRHVWDEDQ\D
SDUHMD HVFRJH \ YHQ D OD ILHVWD 3HUR «O QR TX« ULG¯FXOR HQ 3ULPHUR GH ,QJHQLHU¯D /DOR HQ 3UH0«GLFDV \ &KRWR
SRQHUVH VPRNLQJ QR LU¯D TXH P£V ELHQ QRV MXQW£UDPRV FRPHQ]DEDDWUDEDMDUHQOD&DVD:LHVH\&KDEXFD\DQRHUD
GHVSX«V %XHQR 3LFKXOLWD FRPR TXLVLHUD TXH QR IXHUD HUHV HQDPRUDGD GH /DOR VLQR GH &KLQJROR \ OD &KLQD \D QR GH
FRQWUD HO WUHQ TXH QRV HVSHUDUD HQ (O FKDVTXL D ODV GRV &KLQJROR VLQR GH /DOR OOHJµ D 0LUDIORUHV 7HUHVLWD $UUDUWH
GHMDU¯DPRVDODVPXFKDFKDVHQVXVFDVDVORUHFRJHU¯DPRV\ &X«OODUODYLR\SRUXQWLHPSRDOPHQRVFDPELµ'HODQRFKH
QRVLU¯DPRVDWRPDUXQRVWUDJRVDGDUXQDVYXHOWDVSRUDK¯\ DODPD³DQDGHMµGHKDFHUORFXUDV\GHDQGDUHQPDQJDVGH
«OWULVWRQFLWRHVRV¯ FDPLVDHOSDQWDOµQFKRUUHDGR\ODSHOXFDUHYXHOWD(PSH]µD
SRQHUVH FRUEDWD \ VDFR D SHLQDUVH FRQ PRQWD³D D OR (OYLV
3UHVOH\\DOXVWUDUVHORV]DSDWRVTX«WHSDVD3LFKXOLWDHVW£V
TXH QR VH WH UHFRQRFH WUDQTXLOR FKLQR < «O QDGD GH EXHQ
KXPRU QR PH SDVD QDGD KDE¯D TXH FXLGDU XQ SRFR OD SLQWD
QR VRSO£QGRVH VRE£QGRVH ODV X³DV" SDUHF¯D HO GH DQWHV
4X«DOHJUµQKHUPDQROHGHF¯DPRVTX«UHYROXFLµQYHUWHDV¯
QR VHU£ TX«" \ «O FRPR XQD PHOFRFKD D OR PHMRU
7HUHVLWD" GH UHSHQWH SXHV OH JXVWDED" SXHGH TXH VL
FRPRXQFKLFOHSXHGHTXHV¯
'HQXHYRVHYROYLµVRFLDEOHFDVLWDQWRFRPRGHFKLTXLWR
/RV GRPLQJRV DSDUHF¯D HQ OD PLVD GH GRFH D YHFHV OR
YH¯DPRVFRPXOJDU \DODVDOLGDVHDFHUFDEDDODVPXFKDFKDV
GHO EDUULR FµPR HVW£Q"  TX« KD\ 7HUHVLWD ¯EDPRV DO
3DUTXH" TXH QRV VHQW£UDPRV HQ HVD EDQFD TXH KDE¯D
VRPEULWD (Q ODV WDUGHV DO RVFXUHFHU EDMDED D OD 3LVWD GH
3DWLQDMH\VHFD¯D\VHOHYDQWDEDFKLVWRVR\FRQYHUVDGRUYHQ
YHQ7HUHVLWD«OOHLEDDHQVH³DU\VLVHFD¯D"QRTX«YD«O
OHGDU¯DODPDQRYHQYHQXQDYXHOWHFLWDQRP£V\HOODEXHQR
FRORUDGLWD \ FRTXHWD XQD VROD SHUR GHVSDFLWR UXELHFLWD
SRWRQFLWD \ FRQ VXV GLHQWHV GH UDWµQ YDPRV SXHV /H GLR
WDPEL«QSRUIUHFXHQWDUHO5HJDWDUSDS£TXHVHKLFLHUDVRFLR
WRGRVVXVDPLJRVLEDQ\VXYLHMRRNH\FRPSUDU«XQDDFFLµQ

26/36
LEDDVHUERJDPXFKDFKR"V¯\HO%RZOLQJGHOD'LDJRQDO SHURSXHGHTXHHQRWUDVSDUWHVV¯HQ$OHPDQLDSRUHMHPSOR
+DVWD VH GDED VXV YXHOWDV ORV GRPLQJRV HQ OD WDUGH SRU HO HQ 3DU¯V HQ /RQGUHV VX YLHMR LED D DYHULJXDU D HVFULELU PLO
3DUTXH6DOD]DU\VHORYH¯DVLHPSUHULVXH³R7HUHVLWDVDE¯D FDUWDV VH JDVWDU¯D OR TXH QR WHQ¯D PXFKDFKR \ YLDMDU¯D OR
HQ TX« VH SDUHF¯D XQ HOHIDQWH D -HV¼V" VHUYLFLDO WHQ PLV RSHUDU¯DQ\VHFXUDU¯D\QRVRWURVFODURKHUPDQLWRFODURTXH
DQWHRMRV 7HUHVLWD KD\ PXFKR VRO KDEODGRU TX« V¯\FXDQGRVHLEDSREUHFLWRGDEDQJDQDVGHOORUDU&KRWR
QRYHGDGHV 7HUHVLWD SRU WX FDVD WRGRV ELHQ" \ FRQYLGDGRU HQ TX« PDOGLWD KRUD YLQR 7HUHVLWD DO EDUULR \ &KLQJROR «O VH
XQKRWGRJ7HUHVLWDXQVDQGZLFKLWRXQPLONVKDNH"<DHVW£ KDE¯DFRQIRUPDGR\DKRUDHVW£GHVHVSHUDGR\0D³XFRSHURD
GHF¯D )LQD OH OOHJµ VX KRUD VH HQDPRUµ < &KDEXFD TX« OR PHMRU P£V WDUGH OD FLHQFLD DGHODQWDED WDQWR QR HV
WHPSODGRHVWDEDODPLUDEDD7HUHVLWD\VHOHFD¯DODEDED\ FLHUWR"GHVFXEULU¯DQDOJR\/DORQRVXW¯RHOP«GLFROHKDE¯D
HOORVHQODVQRFKHVDOUHGHGRUGHODPHVDGHELOODUPLHQWUDVOR GLFKRQRQRKD\IRUPDQRWLHQHUHPHGLR\&X«OODU\DSDS£"
HVSHU£EDPRV OH FDHU£" &KRWR VH DWUHYHU£" \ &KLQJROR WRGDY¯DGH3DU¯VPDP£"\VLGHUHSHQWHHQ5RPD"GH
7HUHVDEU£"3HURQDGLHVHORSUHJXQWDEDGHIUHQWH\«OQRVH $OHPDQLD\D"<HQWUHWDQWRFRPHQ]µGHQXHYRDLUDILHVWDV\
GDED SRU HQWHUDGR FRQ ODV LQGLUHFWDV YLVWH D 7HUHVLWD" V¯ FRPRSDUDERUUDUODPDODIDPDTXHVHKDE¯DJDQDGRFRQVXV
IXHURQ DO FLQH" D OD GH $YD *DUGQHU D OD PDWLQ« \ TX« ORFXUDVGHURFDQUROHUR\FRPSUDUVHDODVIDPLOLDVVHSRUWDED
WDO" EXHQD EHVWLDO TXH IX«UDPRV QR VH OD SLHUGDQ 6H HQ ORV FXPSOHD³RV \ VDOFKLFKDSDUWLHV FRPR XQ PXFKDFKR
TXLWDED HO VDFR VH DUUHPDQJDED OD FDPLVD FRJ¯D HO WDFR PRGHOROOHJDEDSXQWXDO\VLQWUDJRVXQUHJDOLWRHQODPDQR
SHG¯D FHUYH]D SDUD ORV FLQFR MXJDED \ XQD QRFKH OXHJR GH &KDEXTXLWD SDUD WL IHOL] FXPSOHWH \ HVWDV IORUHV SDUD WX
XQD FDUDPEROD UHDO D PHGLD YR] VLQ PLUDUQRV \D HVW£ OR PDP£GLPHYLQR7HUHVLWD"%DLODEDPX\WLHVRPX\FRUUHFWR
LEDQDFXUDU0DUFµVXVSXQWRVORLEDQDRSHUDU\HOORVTX« SDUHFHV XQ YLHMR QR DSUHWDED D VX SDUHMD D ODV FKLFDV TXH
GHF¯D3LFKXOLWD"GHYHUDVWHYDQDRSHUDU"\«OFRPRTXLHQ SODQFKDEDQYHQJRUGLWDYDPRVDEDLODU\FRQYHUVDEDFRQODV
QRTXLHUHODFRVDTX«ELHQQR"6HSRG¯DV¯QRDTX¯VLQRHQ PDP£V ORV SDS£V \ DWHQG¯D V¯UYDVH VH³RUD D ODV W¯DV OH
1XHYD<RUNVXYLHMRORLEDDOOHYDU\QRVRWURVTX«PDJQ¯ILFR SDVRXQMXJXLWR"DORVW¯RVXQWUDJXLWR"JDODQWHTX«ERQLWR
KHUPDQRTX«IRUPLGDEOHTX«QRWLFLµQFX£QGRLEDDYLDMDU" VXFROODUFµPREULOODEDVXDQLOORORFXD]IXHDODVFDUUHUDV
\ «O SURQWR GHQWUR GH XQ PHV D 1XHYD <RUN \ HOORV TXH VH VH³RUFX£QGRVHVDFDHOSHOOµQ"\SLURSHDGRUHVXVWHGXQD
ULHUD FDQWD FKLOOD SRQWH IHOL] KHUPDQLWR TX« DOHJUµQ 6µOR FULROODGHURPSH\UDMDVH³RUDTXHOHHQVH³DUDDTXHEUDUDV¯
TXHQRHUDVHJXURWRGDY¯DKDE¯DTXHHVSHUDUXQDUHVSXHVWD GRQ -RDTX¯Q TX« GDU¯D SRU EDLODU WDQ ELHQ &XDQGR
GHOGRFWRUPLYLHMR\DOHHVFULELµQRXQGRFWRUVLQRXQVDELR HVW£EDPRVFRQYHUVDQGRVHQWDGRVHQXQDEDQFDGHO3DUTXH
XQFU£QHRGHHVRVTXHWLHQHQDOO£\«OSDS£\DOOHJµ"QR\ \ OOHJDED 7HUHVLWD $UUDUWH HQ XQD PHVD GHO &UHDP 5LFD
DO G¯D VLJXLHQWH KXER FRUUHR PDP£" QR FRUD]µQ F£OPDWH &X«OODU FDPELDED R HQ HO EDUULR GH FRQYHUVDFLµQ TXLHUH
\D OOHJDU£ QR KDE¯D TXH VHU LPSDFLHQWH \ SRU ILQ OOHJµ \ VX DVRPEUDUOD GHF¯DQ KDFHUVH SDVDU SRU XQ FU£QHR OD WUDEDMD
YLHMRORDJDUUµGHOKRPEURQRQRVHSRG¯DPXFKDFKRKDE¯D SRU OD DGPLUDFLµQ +DEODED GH FRVDV UDUDV \ GLI¯FLOHV OD
TXH WHQHU YDORU +RPEUH TX« O£VWLPD OH GHF¯DQ HOORV \ «O UHOLJLµQ 'LRV TXH HUD WRGRSRGHURVR SRG¯D DFDVR PDWDUVH

27/36
VLHQGRLQPRUWDO"DYHUTXL«QGHQRVRWURVUHVROY¯DHOWUXFR OD GHF¯D0D³XFRFRQODVFRTXHWDVFRPR7HUHQXQFDVHVDE¯D
SRO¯WLFD +LWOHUQRIXHWDQORFRFRPRFRQWDEDQHQXQRVD³LWRV SDUHF¯D\GHVSX«VQR3HUR)LQD\3XV\QRPHQWLUDHOODVOH
KL]RGH$OHPDQLDXQSD¯VTXHVHOHHPSDYµDWRGRHOPXQGR KDE¯DQSUHJXQWDGRORDFHSWDU£V"\HOODGLRDHQWHQGHUTXH
QR" TX« SHQVDEDQ HOORV  HO HVSLULWLVPR QR HUD FRVD GH V¯\&KDEXFDDFDVRQRVDO¯DWDQWRFRQ«OHQODVILHVWDVQR
VXSHUVWLFLµQ VLQR FLHQFLD HQ )UDQFLD KDE¯D PHGLXPV HQ OD EDLODEDVµORFRQ«OHQHOFLQHFRQTXLHQVHVHQWDEDVLQRFRQ
8QLYHUVLGDG \ QR VµOR OODPDQ D ODV DOPDV WDPEL«Q ODV «O"0£VFODURQRFDQWDEDXQJDOORVHPXHUHSRU«O<OD&KLQD
IRWRJUDI¯DQ «O KDEOD YLVWR XQ OLEUR 7HUHVLWD VL TXHU¯D OR P£V ELHQ WDQWR HVSHUDU TXH OH FD\HUD VH LED D FDQVDU
FRQVHJX¯D \ WH OR SUHVWR  $QXQFLµ TXH LED D HVWXGLDU HO D³R DFRQV«MHQOHTXHGHXQDYH]\VLTXHU¯DXQDRSRUWXQLGDGVHOD
SUµ[LPRHQWUDU¯DDOD&DWµOLFD\HOODGLVIRU]DGDTX«ELHQTX« GDU¯DPRV XQD ILHVWHFLWD SRU HMHPSOR HO V£EDGR EDLODU¯DQ XQ
FDUUHUD LED D VHJXLU" \ OH PHW¯D SRU ORV RMRV VXV PDQLWDV UDWLWR HQ PL FDVD R HQ OD GH &KDEXFD R GRQGH )LQD QRV
EODQFDV VHJXLU¯D DERJDF¯D VXV GHGLWRV JRUGRV \ VXV X³DV VDOGU¯DPRV DO MDUG¯Q \ ORV GHMDU¯DQ VRORV D ORV GRV TX« P£V
ODUJDV DERJDF¯D" cX\ TXH IHR SLQWDGDV FRORU QDWXUDO SRG¯D SHGLU < HQ HO ELOODU QR VDE¯DQ TX« LQRFHQWHV R TX«
HQWULVWHFL«QGRVH \ «O SHUR QR SDUD VHU SLFDSOHLWRV VLQR SDUD KLSµFULWDVV¯VDE¯DQ\VHKDF¯DQ/DVFRVDVQRSXHGHQVHJXLU
HQWUDUD7RUUH7DJOH\VHUGLSORP£WLFRDOHJU£QGRVHPDQLWDV DV¯GLMR/DORXQG¯DORWHQ¯DFRPRDXQSHUUR3LFKXOLWDVHLED
RMRVSHVWD³DV\«OV¯HO0LQLVWURHUDDPLJRGHVXYLHMR\DOH D YROYHU ORFR VH SRG¯D KDVWD PRULU GH DPRU KDJDPRV DOJR
KDE¯D KDEODGR GLSORP£WLFR" ERTXLWD cX\ TX« OLQGR \ «O HOORV V¯ SHUR TX« \ 0D³XFR DYHULJXDU VL GH YHUDV 7HUH VH
GHUULWL«QGRVH PXUL«QGRVH SRU VXSXHVWR VH YLDMDED WDQWR \ PXHUH SRU «O R HUD FRVD GH FRTXHWHU¯D )XHURQ D VX FDVD OH
HOODWDPEL«QHVR\DGHP£VXQRVHSDVDEDODYLGDHQILHVWDV SUHJXQWDPRVSHURHOODVDE¯DODVGH4XLFR\&DFRQRVFRPH
RMLWRV(ODPRUKDFHPLODJURVGHF¯D3XV\TX«IRUPDOLWRVHKD DORVFXDWURMXQWRVGHF¯DQ&X«OODU"VHQWDGLWDHQHOEDOFµQ
SXHVWR TX« FDEDOOHULWR < OD &KLQD SHUR HUD XQ DPRU GH OR GH VX FDVD SHUR XVWHGHV QR OH GLFHQ &X«OODU VLQR XQD
P£VUDURVLHVWDEDWDQWHPSODGRGH7HUHSRUTX«QROHFD¯D SDODEURWD IHD EDODQFH£QGRVH SDUD TXH OD OX] GHO SRVWH OH
GH XQD YH]" \ &KDEXFD HVR PLVPR TX« HVSHUDED" \D GLHUD HQ ODV SLHUQDV VH PXHUH SRU P¯" QR HVWDEDQ PDO
KDF¯D P£V GH GRV PHVHV TXH OD SHUVHJX¯D \ KDVWD DKRUD FµPR VDE¯DPRV" < &KRWR QR WH KDJDV OR VDE¯D \ HOORV
PXFKR UXLGR \ SRFDV QXHFHV TX« WDO SODQ (OORV HQWUH HOORV WDPEL«Q \ ODV FKLFDV \ SRU WRGR 0LUDIORUHV OR GHF¯DQ \ HOOD
VDEU£Q R VH KDU£Q" SHUR IUHQWH D HOODV OR GHIHQG¯DPRV RMRVERFDQDULFLWDGHYHUDV"FRPRVLYLHUDDXQPDUFLDQR
GLVLPXODQGR GHVSDFLWR VH LED OHMRV PXFKDFKDV (V FRVD GH SULPHUDQRWLFLD<0D³XFRDQGD7HUHVLWDTXHIXHUDIUDQFDD
RUJXOOR GHF¯D &KLQJROR QR TXHUU£ DUULHVJDUVH KDVWD HVWDU FDO]µQ TXLWDGR QR VH GDED FXHQWD FµPR OD PLUDED" < HOOD
VHJXUR TXH OR YD D DFHSWDU 3HUR FODUR TXH OR LED D DFHSWDU D\ D\ D\ SDOPRWHDQGR PDQLWDV GLHQWHV ]DSDWLWRV TXH
GHF¯D )LQD QR OH KDF¯D RMLWRV" PLUD D /DOR \ OD &KLQD TX« PLU£UDPRVcXQDPDULSRVDTXHFRUUL«UDPRVODFRJL«UDPRV\
DFDUDPHODGLWRV\OHODQ]DEDLQGLUHFWDVTX«ELHQSDWLQDVTX« VH OD WUDM«UDPRV /D PLUDU¯D VL SHUR FRPR XQ DPLJR \
ULFD WX FKRPSD TX« DEULJDGLWD \ KDVWD VH OH GHFODUDED DGHP£V TX« ERQLWD WRF£QGROH ODV DOLWDV GHGLWRV X³DV
MXJDQGRPLSDUHMDVHU£VW¼"-XVWDPHQWHSRUHVRGHVFRQI¯D YRFHFLWDODPDWDURQSREUHFLWDQXQFDOHGHF¯DQDGD<HOORV

28/36
TX« FXHQWR TX« PHQWLUD DOJR OH GLU¯D SRU OR PHQRV OD KDEO«PRVOH3HURHUDGLI¯FLO\QRVHDWUHY¯DQ<&X«OODUSRUVX
SLURSHDU¯D\HOODQRSDODEUDHQVXMDUG¯QOHKDU¯DXQKXHTXLWR SDUWH WDPSRFR VH GHFLG¯D VHJX¯D QRFKH \ G¯DV GHWU£V GH
\ OD HQWHUUDU¯D XQ UXOLWR HO FXHOOR ODV RUHMLWDV QXQFD QRV 7HUHVLWD$UUDUWHFRQWHPSO£QGRODKDFL«QGROHJUDFLDVPLPRV
MXUDED < &KLQJROR QR VH GDED FXHQWD DFDVR FµPR OD \ HQ 0LUDIORUHV ORV TXH QR VDE¯DQ VH EXUODEDQ GH «O
VHJX¯D" \ 7HUHVLWD OD VHJXLU¯D SHUR FRPR DPLJR D\ D\ D\ FDOHQWDGRUOHGHF¯DQSXUDSLQWDSHUULWRIDOGHUR\ODVFKLFDVOH
]DSDWHDQGRSX³LWRVRMD]RVQRHVWDEDPXHUWDODEDQGLGDcVH FDQWDEDQ +DVWD FXDQGR KDVWD FXDQGR SDUD DYHUJRQ]DUOR \
YROµFLQWXUD\WHWLWDVSXHVVLQRVLTXLHUDOHKDEU¯DDJDUUDGR DQLPDUOR (QWRQFHV XQD QRFKH OR OOHYDPRV DO &LQH %DUUDQFR
OD PDQR QR" R PHMRU GLFKR LQWHQWDGR QR" DK¯ HVW£ DK¯ \DOVDOLUKHUPDQRY£PRQRVD/D+HUUDGXUDHQWXSRGHURVR
TXHFRUUL«UDPRVRVHOHKDEU¯DGHFODUDGRQR"\GHQXHYROD )RUG\«ORNH\VHWRPDU¯DQXQDVFHUYH]DV\MXJDU¯DQIXWERO¯Q
FRJL«UDPRV HV TXH HV W¯PLGR GHF¯D /DOR WHQOD SHUR UHJLR )XLPRV HQ VX SRGHURVR )RUG URQFDQGR SDWLQDQGR HQ
FXLGDGLWR WH YDV D PDQFKDU \ QR VDEH VL OR DFHSWDU£V ODV HVTXLQDV \ HQ HO 0DOHFµQ GH &KRUULOORV XQ FDFKDFR ORV
7HUHVLWDORLEDDDFHSWDU"\HOODDMDMDUUXJXLWDVIUHQWHFLWD SDUµ ¯EDPRV D P£V GH FLHQ VH³RU FKROLWR QR VHDV DV¯ QR
OD PDWDURQ \ OD DSDFKXUUDURQ XQ KR\LWR HQ ORV FDFKHWHV KDE¯DTXHVHUPDOLWR\QRVSLGLµEUHYHWH\WXYLHURQTXHGDUOH
SHVWD³LWDV FHMDV D TXL«Q" \ QRVRWURV FµPR D TXL«Q \ HOOD XQD OLEUD VH³RU" WµPDWH XQRV SLVFRV D QXHVWUD VDOXG
PHMRU OD ERWDED DV¯ FRPR HVWDED WRGD DSDFKXUUDGD SDUD FKROLWRQRKD\TXHVHUPDOLWR\HQ/D+HUUDGXUDEDMDURQ\VH
TX« OD LED D HQWHUUDU KRPEULWRV &X«OODU" \ 0D³XFR V¯ OH VHQWDURQHQXQDPHVDGH(O1DFLRQDOTX«FKRODGDKHUPDQR
GDEDEROD"QRVDE¯DWRGDY¯D\&KRWRHQWRQFHVV¯OHJXVWDED SHUR HVD KXDFKDILWD QR HVWDED PDO \ FµPR EDLODQ HUD P£V
7HUHVLWDV¯OHGDEDEROD\HOODQRKDE¯DGLFKRHVRVµORTXH FKLVWRVR TXH HO FLUFR 1RV WRPDPRV GRV &ULVWDOHV \ QR VH
QR VDE¯D \D YHU¯D VL VH SUHVHQWDED OD RFDVLµQ SHUR VHJXUR DWUHY¯DQ FXDWUR \ QDGD VHLV \ /DWR FRPHQ]µ 6R\ WX DPLJR
TXH QR VH SUHVHQWDU¯D \ HOORV D TXH V¯ < /DOR OH SDUHF¯D 3LFKXOLWD \ «O VH ULR ERUUDFKR \D" \ 0D³XFR WH TXHUHPRV
SLQWµQ" \ HOOD &X«OODU" FRGRV URGLOODV V¯ HUD XQ SRTXLWR PXFKRKHUPDQR\«O\D"UL«QGRVHERUUDFKHUDFDUL³RVDW¼
SLQWµQQR"\QRVRWURVYHVYHVFµPROHJXVWDED"\HOODQR WDPEL«Q" \ &KLQJROR TXHU¯DQ KDEODUOH KHUPDQR \ WDPEL«Q
KDE¯DGLFKRHVRQRTXHQROHKLFL«UDPRVWUDPSDVPLUHQOD DFRQVHMDUOR &X«OODU FDPELµ SDOLGHFLµ EULQGµ TX« JUDFLRVD
PDULSRVLWD EULOODED HQWUH ORV JHUDQLRV GHO MDUG¯Q R HUD RWUR HVDSDUHMDQR"«OXQUHQDFXDMR\HOODXQDPRQDQR"\/DOR
ELFKLWR"ODSXQWDGHOGHGLWRHOSLHXQWDFRQFLWREODQFR3HUR SDUD TX« GLVLPXODU SDWLWD WH PXHUHV SRU 7HUH QR" \ «O
SRUTX«WHQ¯DHVHDSRGRWDQIHR«UDPRVPX\PDOFULDGRVSRU WRVLµ HVWRUQXGµ \ 0D³XFR 3LFKXOLWD GLQRV OD YHUGDG V¯ R
TX« QR OH SXVLHURQ DOJR ERQLWR FRPR DO 3ROOR D %RE\ D QR" \ «O VH ULR WULVWµQ \ WHPEOµQ FDVL QR VH OH R\µ VVVH
6XSHUP£Q R DO &RQHMR 9LOODU£Q \ QRVRWURV V¯ OH GDED V¯ OH PPPRU¯DVVV¯'RV&ULVWDOHVP£V\&X«OODUQRVDE¯DTX«LED
GDED YH¯D" OR FRPSDGHF¯D SRU VX DSRGR HQWRQFHV V¯ OR DKDFHU&KRWRTX«SRG¯DKDFHU"\«OFDHUOH\«OQRSXHGH
TXHU¯D7HUHVLWD\HOODTXHU¯D"XQSRTXLWRRMRVFDUFDMDGLWD VHU &KLQJROLWR FµPR OH YR\ D FDHU \ «O FD\«QGROH SDWLWD
VµORFRPRDPLJRFODUR6HKDFHODTXHQRGHF¯DPRVSHURQR GHFODU£QGROHVXDPRUSXHVWHYDDGHFLUV¯<«OQRHUDSRU
KD\ GXGD TXH V¯ TXH 3LFKXOLWD OH FDLJD \ VH DFDEµ HVR0D³XFROHSRG¯DGHFLUV¯SHUR\GHVSX«V"7RPDEDVX

29/36
FHUYH]D \ VH OH LED OD YR] \ /DOR GHVSX«V VHU¯D GHVSX«V OD $YHQLGD /DUFR G«MHQPH FRPR XQ FDEDOOR ORFR \ HOORV
DKRUDGHOH\\DHVW£DORPHMRUGHQWURGHXQWLHPSRVHLEDD GHWU£VY£\DQVHTXHU¯DHVWDUVROR\QRVRWURVGHOH3LFKXOLWD
FXUDU\«O&KRWLWR\VL7HUHVDE¯DVLDOJXLHQVHORGHF¯D"\ QRVXIUDVGHOHGHOHTXL]£VTXL]£VTXL]£V2VHPHW¯DHQ(O
HOORVQRVDE¯DQRVRWURV\DODFRQIHVDPRVVHPXHUHSRUWL\D &KDVTXL \ WRPDED TX« RGLR VHQW¯D /DOR KDVWD
«OOHYROY¯DODYR]VHPXHUHSRUP¯"\QRVRWURVV¯\«OFODUR HPERUUDFKDUVH TX« WHUULEOH SHQD &KRWLWR \ HOORV OR
TXHWDOYH]GHQWURGHXQWLHPSRPHSXHGRFXUDUQRVSDUHF¯D DFRPSD³DEDQ cWHQJR JDQDV GH PDWDU KHUPDQR \ OR
TXH V¯" \ HOORV V¯ V¯ 3LFKXOLWD \ HQ WRGR FDVR QR SXHGHV OOHY£EDPRV PHGLR FDUJDGR KDVWD OD SXHUWD GH VX FDVD
VHJXLUDV¯DPDUJ£QGRVHHQIODTXHFL«QGRWHFKXS£QGRVHTXH 3LFKXOLWDGHF¯GHWHGHXQDYH]F£HOH\HOODVPD³DQD\WDUGH
OHFD\HUDGHXQDYH]</DORFµPRSRG¯DGXGDU"/HFDHU¯D SRU OR TXH W¼ P£V TXLHUDV KDVWD FX£QGR KDVWD FX£QGR /H
WHQGU¯D HQDPRUDGD \ «O TX« KDU¯D" \ &KRWR WLUDU¯D SODQ \ KDFHQ OD YLGD LPSRVLEOH GHF¯DPRV DFDEDU£ ERUUDFK¯Q
0D³XFR OH DJDUUDU¯D OD PDQR \ &KLQJROR OD EHVDU¯D \ /DOR OD IRUDMLGRORFXPEHWD
SDOHWHDU¯D VX SRTXLWR \ «O \ GHVSX«V" \ VH OH LED OD YR] \ $V¯WHUPLQµHOLQYLHUQRFRPHQ]µRWURYHUDQR\FRQHOVRO
HOORV GHVSX«V" \ «O GHVSX«V FXDQGR FUHFLHUDQ \ W¼ WH \ HO FDORU OOHJµ D 0LUDIORUHV XQ PXFKDFKR GH 6DQ ,VLGUR TXH
FDVDUDV\«O\W¼\/DORTX«DEVXUGRFµPRLEDVDSHQVDUHQ HVWXGLDED DUTXLWHFWXUD WHQ¯D XQ 3RQWLDF \ HUD QDGDGRU
HVR GHVGH DKRUD \ DGHP£V HV OR GH PHQRV 8Q G¯D OD &DFKLWR $UQLOOD 6H DUULPµ DO JUXSR \ DO SULQFLSLR HOORV OH
ODUJDU¯DOHEXVFDU¯DSOHLWRFRQFXDOTXLHUSUHWH[WR\SHOHDU¯D\ SRQ¯DPRVPDODFDUD\ODVFKLFDVTX«KDFHVW¼DTX¯TXL«QWH
DV¯ WRGR VH DUUHJODU¯D \ «O TXHULHQGR \ QR TXHULHQGR KDEODU LQYLWµ SHUR 7HUHVLWD G«MHQOR EOXVLWD EODQFD QR OR IXQGDQ
MXVWDPHQWH HUD HVR OR TXH QR TXHU¯D SRUTXH SRUTXH OD &DFKLWRVL«QWDWHDPLODGRJRUULWDGHPDULQHUREOXHMHDQV\R
TXHU¯D3HURXQUDWLWRGHVSX«V౱GLH]&ULVWDOHV\DKHUPDQRV ORLQYLW«<HOORVKHUPDQRQRYH¯D"\«OV¯ODHVW£VLULDQGR
WHQ¯DPRVUD]µQHUD ORPHMRUOHFDHU«HVWDU«XQWLHPSRFRQ ERER WH OD YD D TXLWDU DGHO£QWDWH R YDV PXHUWR \ «O \ TX«
HOOD\ODODUJDU« WDQWRTXHVHODTXLWDUD\QRVRWURV\DQROHLPSRUWDED"\«O
3HURODVVHPDQDVFRUU¯DQ\QRVRWURVFX£QGR3LFKXOLWD\ TTTX«OHLEEEDDLPSRUWDU\HOORV\DQRODTXHU¯D"TTTX«OD
«O PD³DQD QR VH GHFLG¯D OH FDHU¯D PD³DQD SDODEUD LEEEDDTTTXHUHU&DFKLWROHFD\µD7HUHVLWDDILQHVGHHQHUR
VXIULHQGRFRPRQXQFDORYLHURQDQWHVQLGHVSX«V\ODVFKLFDV \ HOOD TXH V¯ SREUH 3LFKXOLWD GHF¯DPRV TX« DPDUJDGD \ GH
HVW£V SHUGLHQGR HO WLHPSR SHQVDQGR SHQVDQGR FDQW£QGROH 7HUH TX« FRTXHWD TX« GHVJUDFLDGD TX« SHUUDGD OH KL]R
HOEROHUR4XL]£VTXL]£VTXL]£V(QWRQFHVOHFRPHQ]DURQODV 3HURODVFKLFDVDKRUDODGHIHQG¯DQELHQKHFKRGHTXL«QLEDD
FULVLV GH UHSHQWH WLUDED HO WDFR DO VXHOR HQ HO %LOODU cF£HOH VHU OD FXOSD VLQR GH «O \ &KDEXFD KDVWD FX£QGR LED D
KHUPDQR\VHSRQ¯DDUHTXLQWDUDODVERWHOODVRDORVSXFKRV HVSHUDUODSREUH7HUHTXHVHGHFLGLHUD"\OD&KLQDTX«LEDD
\ OH EXVFDED O¯R D FXDOTXLHUD R VH OH VDOWDEDQ ODV O£JULPDV VHUXQDSHUUDGDDOFRQWUDULRODSHUUDGDVHODKL]R«OODWXYR
PD³DQD HVWD YH] HUD YHUGDG SRU VX PDGUH TXH V¯ PH OH SHUGLHQGRVXWLHPSRWDQWRWLHPSR\3XV\DGHP£V&DFKLWRHUD
GHFODURRPHPDWR<DV¯SDVDQORVG¯DV\W¼GHVHVSHUDQGR PX\EXHQR)LQD\VLPS£WLFR\SLQWµQ\&KDEXFD\&X«OODUXQ
\«OVHVDO¯DGHODYHUPRXWK\VHSRQ¯DDFDPLQDUDWURWDUSRU W¯PLGR\OD&KLQDXQPDULFµQ

30/36
QR HQWHQG¯D PHMRU KXELHUDQ LGR D ED³DUVH D OD SLVFLQD GHO
 5HJDWDVQR"TX«KD\FDUDGHSRUTX«TX«WDO<SRUILQFDUD

(QWRQFHV 3LFKXOD &X«OODU YROYLµ D ODV DQGDGDV 4X« GHSRUORVRORQHV"QRTX«RFXUUHQFLDTX«WHQ¯DQTX«QRV
E£UEDUR GHF¯D /DOR FRUULµ RODV HQ 6HPDQD 6DQWD" < SDVDED 3XV\ODVDOLYDSRUODERFD\ODVDQJUHSRUODVYHQDV
&KLQJROR RODV QR RORQHV GH FLQFR PHWURV KHUPDQR DV¯ GH MDMD VLHOPDUHVWDEDUHJLRDV¯7HUHVLWDRMLWRVORGHF¯DHQ
JUDQGHV GH GLH] PHWURV < &KRWR KDF¯DQ XQ UXLGR EHVWLDO VHULR" V¯ IRUPLGDEOH KDVWD SDUD FRUUHU RODV HVWDED
OOHJDEDQKDVWDODVFDUSDV\&KDEXFDP£VKDVWDHO0DOHFµQ EURPHDQGR QR" PDQLWDV \ &DFKLWR «O VH DWUHYHU¯D D
VDOSLFDEDQORVDXWRVGHODSLVWD\FODURQDGLHVHED³DED/R EDMDUODV" FODUR D SXUR SHFKR R FRQ FROFKµQ QR OH
KDE¯D KHFKR SDUD TXH OR YLHUD 7HUHVLWD $UUDUWH" V¯ SDUD FUH¯DPRV" QR GH HVR QRV UH¯DPRV" WHQ¯DQ PLHGR" GH
GHMDUORPDODOHQDPRUDGR"V¯3RUVXSXHVWRFRPRGLFL«QGROH YHUDV" \ 7HUH «O QR WHQ¯D" QR LED D HQWUDU" V¯ LED D
7HUHI¯MDWHDORTXHPHDWUHYR\&DFKLWRDQDGDDV¯TXHHUD FRUUHURODV"FODURJULWLWRV<ORYLHURQTXLWDUVHODWRDOODPLUDU
WDQQDGDGRU"VHUHPRMDHQODRULOOLWDFRPRODVPXMHUHV\ODV D 7HUHVLWD $UUDUWH VH SRQGU¯D FRORUDGD QR" GHF¯D /DOR \
FULDWXUDVI¯MDWHDTXL«QWHKDVSHUGLGRTX«E£UEDUR3RUTX« &KRWR QR TX« VH LED D SRQHU \ &DFKLWR" V¯ «O VH
VHSRQGU¯DHOPDUWDQEUDYRHQ6HPDQD6DQWD"GHF¯D)LQD\ PX³HTXHµ  \ EDMDU FRUULHQGR ODV JUDGDV GHO 0DOHFµQ \
OD&KLQDGHFµOHUDSRUTXHORVMXG¯RVPDWDURQD&ULVWR\&KRWR DUUHDUVHDODJXDGDQGRXQPRUWDO<ORYLPRVSDVDUUDSLGLWROD
ORVMXG¯RVORKDE¯DQPDWDGR"«OFUH¯DTXHORVURPDQRVTX« UHVDFDGHODRULOOD\OOHJDUHQXQGRVSRUWUHVDODUHYHQWD]µQ
VRQVR(VW£EDPRVVHQWDGRVHQHO0DOHFµQ)LQDHQURSDGH 9HQ¯D XQD ROD \ «O VH KXQG¯D \ GHVSX«V VDO¯D \ VH PHW¯D \
ED³R &KRWR ODV SLHUQDV DO DLUH 0D³XFR ORV RORQHV VDO¯D TX« SDUHF¯D" XQ SHVFDGLWR XQ EXIHQ XQ JULWLWR
UHYHQWDEDQ OD &KLQD \ YHQ¯DQ \ QRV PRMDEDQ ORV SLHV GµQGHHVWDED"RWURP¯UHQORXQEUDFLWRDK¯DK¯<ORYH¯DQ
&KDEXFD TX« IU¯D HVWDED 3XV\ \ TX« VXFLD &KLQJROR HO DOHMDUVH GHVDSDUHFHU DSDUHFHU \ DFKLFDUVH KDVWD OOHJDU
DJXD QHJUD \ OD HVSXPD FDI« 7HUHVLWD OOHQD GH \HUEDV \ GRQGH HPSH]DEDQ ORV WXPERV /DOR TX« WXPERV JUDQGHV
PDODJXDV\&DFKLWR$UQLOOD\HQHVRSVWSVWI¯MHQVHDK¯YHQ¯D WHPEORQHV VH OHYDQWDEDQ \ QXQFD FD¯DQ VDOWLWRV &HUD HVD
&X«OODU6HDFHUFDU¯D7HUHVLWD"VHKDU¯DHOTXHQRWHYH¯D" FRVLWDEODQFD"QHUYLRVV¯,EDYHQ¯DYROY¯DVHSHUG¯DHQWUD
&XDGUµHO)RUGIUHQWHDO&OXEGH-D]]GH/D+HUUDGXUDEDMµ ODHVSXPD\ODVRODV\UHWURFHG¯D\VHJX¯DTX«SDUHF¯D"XQ
HQWUµ D /DV *DYLRWDV \ VDOLµ HQ URSD GH ED³R XQD QXHYD SDWLOOR XQ EDUTXLWR GH SDSHO \ SDUD YHUOR PHMRU 7HUHVLWD VH
GHF¯D &KRWR XQD DPDULOOD XQD -DQWVHQ \ &KLQJROR KDVWD HQ SDUµ &KDEXFD &KRWR WRGRV &DFKLWR WDPEL«Q SHUR D TX«
HVR SHQVµ OR FDOFXOµ WRGR SDUD OODPDU OD DWHQFLµQ YLVWH KRUD ODV LED D FRUUHU" 6H GHPRUµ SHUR SRU ILQ VH DQLPµ 6H
/DOR"XQDWRDOODDOFXHOORFRPRXQDFKDOLQD\DQWHRMRVGHVRO YROWHµ KDFLD OD SOD\D \ QRV EXVFµ \ «O QRV KL]R \ HOORV OH
0LUµFRQEXUODDORVED³LVWDVDVXVWDGRVDUULQFRQDGRVHQWUHHO KLFLHURQDGLµVDGLµVWRDOOLWD'HMµSDVDUXQRGRV\DOWHUFHU
0DOHFµQ\ODSOD\D\PLUµORVRORQHVDORFDGRV\IXULRVRVTXH WXPER OR YLHURQ OR DGLYLQDPRV PHWHU OD FDEH]D LPSXOVDUVH
VDFXG¯DQ OD DUHQD \ DO]µ OD PDQR QRV VDOXGµ \ VH DFHUFµ FRQXQEUD]RSDUDSHVFDUODFRUULHQWHSRQHUHOFXHUSRGXUR\
+ROD&X«OODUTX«WDOHQVDUWDGDQR"KRODKRODFDUDGHTXH SDWDOHDU /D DJDUUµ DEULµ ORV EUD]RV VH HOHYµ XQ ROµQ GH

31/36
RFKRPHWURV"GHF¯D/DORP£VFµPRHOWHFKR"P£VFµPR GXFKDEDQ \ DFLFDO£EDPRV \ &X«OODU ORV UHFRJ¯D HQ HO
ODFDWDUDWDGHO1L£JDUDHQWRQFHV"P£VPXFKRP£V VHFD\µ SRGHURVR1DVKTXHVXYLHMROHFHGLµDOFXPSOLUODPD\RU¯DGH
FRQ OD SXQWLWD GH OD ROD \ OD PRQWD³D GH DJXD VH OR WUDJµ \ HGDGPXFKDFKR\DWHQ¯DYHLQWL¼QD³RV\DSXHGHVYRWDU\VX
DSDUHFLµHOROµQVDOLµVDOLµ"\VHDFHUFµURQFDQGRFRPRXQ YLHMD FRUD]µQ QR FRUUDV PXFKR TXH XQ G¯D VH LED D PDWDU
DYLµQ YRPLWDQGR HVSXPD \D OR YLHURQ DK¯ HVW£" \ SRU ILQ 0LHQWUDVQRVHQWRQ£EDPRVHQHOFKLQRGHODHVTXLQDFRQXQ
FRPHQ]µDEDMDUDSHUGHUIXHU]D\«ODSDUHFLµTXLHWHFLWR\ WUDJRFRUWRLU¯DQDOFKLID"GLVFXW¯DPRVDODFDOOH&DSµQ"
ODRODORWUD¯DVXDYHFLWRIRUUDGRGH\X\RVFX£QWRDJXDQWµVLQ \ FRQWDEDQ FKLVWHV D FRPHU DQWLFXFKRV %DMR HO 3XHQWH"
UHVSLUDUTX«SXOPRQHV\ORYDUDEDHQODDUHQDTX«E£UEDUR 3LFKXOLWD HUD XQ FDPSHµQ D OD 3L]]HU¯D" VDEHQ HVD GH \
QRV KDE¯D WHQLGR FRQ OD OHQJXD DIXHUD /DOR QR HUD SDUD TX« OH GLMR OD UDQLWD \ OD GHO JHQHUDO \ VL 7R³LWR 0HOOD VH
PHQRVFODUR$V¯IXHFRPRUHFRPHQ]µ FRUWDEDFXDQGRVHDIHLWDEDTX«SDVDED"VHFDSDEDMDMD
$ PHGLDGRV GH HVH D³R SRFR GHVSX«V GH )LHVWDV HOSREUHHUDWDQKXHYµQ'HVSX«VGHFRPHU\DSLFDGLWRVFRQ
3DWULDV &X«OODU HQWUµ D WUDEDMDU HQ OD I£EULFD GH VX YLHMR ORV FKLVWHV ¯EDPRV D UHFRUUHU EXOLQHV ODV FHUYH]DV GH OD
DKRUD VH FRUUHJLU£ GHF¯DQ VH YROYHU£ XQ PXFKDFKR IRUPDO 9LFWRULDODFRQYHUVDFLµQGH3URORQJDFLµQ+X£QXFRHOVLOODX\
3HURQRIXHDV¯DOFRQWUDULR6DO¯DGHODRILFLQDDODVVHLV\D HODM¯RGHOD$YHQLGD$UJHQWLQDRKDF¯DQXQDSDVFDQLWDHQHO
ODV VLHWH HVWDED \D HQ 0LUDIORUHV \ D ODV VLHWH \ PHGLD HQ (O (PEDVV\RHQHO$PEDVVDGRUSDUDYHUHOSULPHUVKRZGHVGH
&KDVTXL DFRGDGR HQ HO PRVWUDGRU WRPDQGR XQD &ULVWDO HO EDU \ WHUPLQ£EDPRV JHQHUDOPHQWH HQ OD $YHQLGD *UDX
FKLFD XQ FDSLW£Q  \ HVSHUDQGR TXH OOHJDUD DOJ¼Q FRQRFLGR GRQGH 1DQHWWH <D OOHJDURQ ORV PLUDIORULQRV SRUTXH DK¯ ORV
SDUD MXJDU FDFKR 6H DQRFKHF¯D DK¯ HQWUH GDGRV FHQLFHURV FRQRF¯DQKROD3LFKXOLWDSRUVXVQRPEUHV\SRUVXVDSRGRV
UHSOHWRVGHSXFKRVWLPEHURV\ERWHOODVGHFHUYH]DKHODGD\ FµPRHVW£V"\ODVSROLOODVVHPRU¯DQ\HOORVGHULVDHVWDED
UHPDWDED ODV QRFKHV YLHQGR XQ VKRZ HQ FDEDUHWV GH PDOD ELHQ&X«OODUVHFDOHQWDED\DYHFHVODVUH³¯D\VHLEDGDQGR
PXHUWH HO1DFLRQDOHO3LQJ¾LQRHO2O¯PSLFRHO7XUELOO£Q RVL XQSRUWD]RQRYXHOYRP£VSHURRWUDVVHUH¯D\OHVVHJX¯DOD
DQGDED PXWD DFDE£QGRVH GH HPERUUDFKDU HQ DQWURV GH OR FXHUGD \ HVSHUDED EDLODQGR R VHQWDGR MXQWR DO WRFDGLVFRV
SHRUGRQGHSRG¯DGHMDUHQSUHQGDVXSOXPD3DUNHUVXUHORM FRQXQDFHUYH]DHQODPDQRRFRQYHUVDQGRFRQ1DQHWWHTXH
2PHJD VX HVFODYD GH RUR FDQWLQDV GH 6XUTXLOOR R GHO HOORV HVFRJLHUDQ VX SROLOOD VXEL«UDPRV \ EDMDUDQ TX«
3RUYHQLU  \ DOJXQDV PD³DQDV VH OR YH¯D UDVJX³DGR XQ RMR UDSLGLWR &KLQJROR OHV GHF¯D FµPR WH IXH" R FX£QWR WH
QHJUR XQD PDQR YHQGDGD VH SHUGLµ GHF¯DPRV \ ODV GHPRUDVWH 0D³XFR R WH HVWXYH YLHQGR SRU HO RMR GH OD
PXFKDFKDVSREUHVXPDGUH\HOORVVDEHVTXHDKRUDVHMXQWD FHUUDGXUD&KRWRWLHQHVSHORVHQHOSRZ/DOR<XQRGHHVRV
FRQ URVTXHWHV FDILFKHV \ SLFKLFDWHURV" 3HUR ORV V£EDGRV V£EDGRVFXDQGRHOORVYROYLHURQDOVDOµQ&X«OODUQRHVWDED\
VDO¯D VLHPSUH FRQ QRVRWURV 3DVDED D EXVFDUORV GHVSX«V GH 1DQHWWH GH UHSHQWH VH SDUµ SDJµ VX FHUYH]D \ VDOLµ QL VH
DOPXHU]R \ VL QR ¯EDPRV DO +LSµGURPR R DO (VWDGLR VH GHVSLGLµ 6DOLPRV D OD $YHQLGD *UDX \ DK¯ OR HQFRQWUDURQ
HQFHUUDEDQ GRQGH &KLQJROR R 0D³XFR D MXJDU SµTXHU KDVWD DFXUUXFDGRFRQWUDHOYRODQWHGHO1DVKWHPEODQGRKHUPDQR
TXH RVFXUHF¯D (QWRQFHV YROY¯DPRV D QXHVWUDV FDVDV \ VH TXH WH SDVµ \ /DOR HVWDED OORUDQGR 6H VHQW¯D PDO PL

32/36
YLHMR" OH GHF¯DQ DOJXLHQ VH EXUOµ GH WL" \ &KRWR TXL«Q WH TXHWHOXVWUDQORV]DSDWRVHQOD3OD]D6DQ0DUW¯QTX«ERER
LQVXOWµ" TXL«Q HQWUDU¯DQ \ OH SHJDU¯DPRV \ &KLQJROR ODV QR"\QRVRWURVFODURTX«WRQWRSHUR\DVHOHKDE¯DSDVDGR
SROLOODV OR KDE¯DQ HVWDGR IXQGLHQGR" \ 0D³XFR QR LED D QR"FODURVHKDE¯DROYLGDGR"SRUVXSXHVWRDYHUXQDULVLWD
OORUDU SRU XQD WRQWHU¯D DV¯ QR" 4XH QR OHV KLFLHUD FDVR SDUD SHHUWH MD MD &RUUH 3LFKXOLWD 3¯FDOD HO ILHUUR D IRQGR
3LFKXOLWDDQGDQROORUHV\«ODEUD]DEDHOYRODQWHVXVSLUDED TX« KRUD HUD D TX« KRUD HPSH]DED HO VKRZ TXL«Q VDE¯D
\FRQODFDEH]D\ODYR]URWDQRVROOR]DEDQRQRORKDE¯DQ HVWDU¯D VLHPSUH HVD PXODWD FXEDQD" FµPR VH OODPDED"
HVWDGRIXQGLHQGR\VHVHFDEDORVRMRVFRQVXSD³XHORQDGLH $QD TX« OH GHF¯DQ" OD &DLPDQD D YHU 3LFKXOLWD
VH KDE¯D EXUODGR TXL«Q VH LED D DWUHYHU < HOORV F£OPDWH GHPX«VWUDQRVTXHVHWHSDVµRWUDULVLWDMDMD
KRPEUH KHUPDQR HQWRQFHV SRU TX« PXFKR WUDJR" QR
HVWDEDHQIHUPR"QRQDGDVHVHQW¯DELHQORSDOPH£EDPRV
KRPEUH YLHMR KHUPDQR OR DOHQWDEDQ 3LFKXOLWD 4XH VH
VHUHQDUDTXHVHULHUDTXHDUUDQFDUDHOSRWHQWH1DVKYDPRV
SRUDK¯6HWRPDU¯DQODGHOHVWULERHQ(O7XUELOOµQOOHJDUHPRV
MXVWRDOVHJXQGRVKRZ3LFKXOLWDTXHDQGDUD\TXHQROORUDUD
&X«OODUVHFDOPµSRUILQSDUWLµ\HQOD$YHQLGDGH-XOLR\D
HVWDED UL«QGRVH YLHMR \ GH UHSHQWH XQ SXFKHUR VLQF«UDWH
FRQ QRVRWURV TX« KDE¯D SDVDGR \ «O QDGD FDUD\ VH KDE¯D
HQWULVWHFLGRXQSRFRQDGDP£V\HOORVSRUTX«VLODYLGDHUD
GHPDPH\FRPSDGUH\«OGHXQPRQWµQGHFRVDV\0D³XFR
GHTX«SRUHMHPSOR\«OGHTXHORVKRPEUHVRIHQGLHUDQWDQWR
D 'LRV SRU HMHPSOR \ /DOR GH TXH TX« GLFHV" \ &KRWR
TXHU¯D GHFLU GH TXH SHFDUDQ WDQWR" \ «O SRU HMHPSOR TX«
SHORWDVQR"V¯\WDPEL«QGHORTXHODYLGDHUDWDQDJXDGD<
&KLQJRORTX«LEDDVHUDJXDGDKRPEUHHUDGHPDPH\\«O
SRUTXH XQR VH SDVDED HO WLHPSR WUDEDMDQGR R FKXSDQGR R
MDUDQHDQGRWRGRVORVG¯DVORPLVPR\GHUHSHQWHHQYHMHF¯D\
VH PRU¯D TX« FRMXGR QR" V¯ (VR KDE¯D HVWDGR SHQVDQGR
GRQGH 1DQHWWH" HVR GHODQWH GH ODV SROLOODV" V¯ GH HVR
KDE¯DOORUDGR"V¯\WDPEL«QGHSHQDSRUODJHQWHSREUHSRU
ORV FLHJRV ORV FRMRV SRU HVRV PHQGLJRV TXH LEDQ SLGLHQGR
OLPRVQD HQ HO MLUµQ GH OD 8QLµQ \ SRU ORV FDQLOOLWDV TXH LEDQ
YHQGLHQGR /D &UµQLFD TX« WRQWR QR" \ SRU HVRV FKROLWRV

33/36
DO FDFKDVF£Q D ORV WRURV D ODV FDUUHUDV DO ERZOLQJ DO ER[
 <D HVW£ GHF¯DPRV HUD IDWDO PDULFµQ < WDPEL«Q TX« OH

&XDQGR /DOR VH FDVµ FRQ &KDEXFD HO PLVPR D³R TXH TXHGDED VH FRPSUHQG¯D VH OH GLVFXOSDED SHUR KHUPDQR
0D³XFR \ &KLQJROR VH UHFLE¯DQ GH ,QJHQLHURV &X«OODU \D UHVXOWD FDGD G¯D P£V GLI¯FLO MXQWDUVH FRQ «O HQ OD FDOOH OR
KDE¯D WHQLGR YDULRV DFFLGHQWHV \ VX 9ROYR DQGDED VLHPSUH PLUDEDQ OR VLOEDEDQ \ OR VH³DODEDQ \ &KRWR D WL WH LPSRUWD
DEROODGRGHVSLQWDGRODVOXQDVUDMDGDV7HPDWDU£VFRUD]µQ PXFKR HO TX« GLU£Q \ 0D³XFR OR UDMDEDQ \ /DOR VL QRV YHQ
QR KDJDV ORFXUDV \ VX YLHMR HUD HO FROPR PXFKDFKR KDVWD PXFKRFRQ«O\&KLQJRORWHFRQIXQGLU£Q6HGHGLFµXQWLHPSR
FX£QGRQRLEDDFDPELDURWUDSDORPLOODGD\QROHGDU¯DQLXQ DOGHSRUWH\HOORORKDFHP£VTXHQDGDSDUDILJXUDU3LFKXOLWD
FHQWDYR P£V TXH UHFDSDFLWDUD \ VH HQPHQGDUD VL QR SRU WL &X«OODUFRUUHGRUGHDXWRVFRPRDQWHVGHRODV3DUWLFLSµHQHO
SRU VX PDGUH VH OR GHF¯D SRU VX ELHQ < QRVRWURV \D HVW£V &LUFXLWRGH$WRFRQJR\OOHJµWHUFHUR6DOLµIRWRJUDILDGRHQ/D
JUDQGHSDUDMXQWDUWHFRQPRFRVRV3LFKXOLWD3RUTXHOHKDE¯D &UµQLFD \ HQ (O &RPHUFLR IHOLFLWDQGR DO JDQDGRU $UQDOGR
GDGR SRU DOO¯ /DV QRFKHV VH ODV SDVDED VLHPSUH WLPEHDQGR $OYDUDGRHUDHOPHMRUGLMR&X«OODUHOSXQGRQRURVRSHUGHGRU
FRQ ORV QRFW£PEXORV GH (O &KDVTXL R GHO '౶RQRIULR R 3HUR VH KL]R P£V IDPRVR WRGDY¯D XQ SRFR GHVSX«V
FRQYHUVDQGR\FKXSDQGRFRQORVERODGHRURORVPDILRVRVGHO DSRVWDQGR XQD FDUUHUD DO DPDQHFHU GHVGH OD 3OD]D 6DQ
+DLW¯ D TX« KRUD WUDEDMD" GHF¯DPRV R VHU£ FXHQWR TXH 0DUW¯QKDVWDHO3DUTXH6DOD]DUFRQ4XLTXH*DQR]D«VWHSRU
WUDEDMD SHUR HQ HO G¯D YDJDEXQGHDED GH XQ EDUULR GH OD EXHQD SLVWD 3LFKXOLWD FRQWUD HO WU£ILFR /RV SDWUXOOHURV OR
0LUDIORUHV D RWUR \ VH OR YH¯D HQ ODV HVTXLQDV YHVWLGR FRPR SHUVLJXLHURQ GHVGH -DYLHU 3UDGR VµOR OR DOFDQ]DURQ HQ 'RV
-DPHV 'HDQ EOXH MHDQV DMXVWDGRV FDPLVLWD GH FRORUHV GH0D\RFµPRFRUUHU¯D(VWXYRXQG¯DHQOD&RPLVDU¯D\\D
DELHUWDGHVGHHOSHVFXH]RKDVWDHORPEOLJRHQHOSHFKRXQD HVW£" GHF¯DPRV FRQ HVWH HVF£QGDOR HVFDUPHQWDU£ \ VH
FDGHQLWD GH RUR EDLODQGR \ HQUHG£QGRVH HQWUH ORV YHOOLWRV FRUUHJLU£" 3HUR D ODV SRFDV VHPDQDV WXYR VX SULPHU
PRFDVLQHV EODQFRV  MXJDQGR WURPSR FRQ ORV FRFDFRODV DFFLGHQWHJUDYHKDFLHQGRHOSDVRGHODPXHUWH౱ODVPDQRV
SDWHDQGR SHORWD HQ XQ JDUDMH WRFDQGR URQG¯Q 6X FDUUR DPDUUDGDV DO YRODQWH ORV RMRV YHQGDGRV౱ HQ OD $YHQLGD
DQGDED VLHPSUH UHSOHWR GH URFDQUROHURV GH WUHFH FDWRUFH $QJDPRV<HOVHJXQGRWUHVPHVHVGHVSX«VODQRFKHTXHOH
TXLQFH D³RV \ ORV GRPLQJRV VH DSDUHF¯D HQ HO :DWNLNL G£EDPRV OD GHVSHGLGD GH VROWHUR D /DOR %DVWD G«MDWH GH
KD]PH VRFLR SDS£ OD WDEOD KDZDLDQD HUD HO PHMRU GHSRUWH QL³HU¯DV GHF¯D &KLQJROR SDUD GH XQD YH] TXH HOORV HVWDEDQ
SDUDQRHQJRUGDU\«OWDPEL«QSRGU¯DLUFXDQGRKLFLHUDVROD JUDQGHVSDUDHVWDVEURPLWDV\TXHU¯DPRVEDMDUQRV3HUR«OQL
DOPRU]DUFRQODYLHMDMXQWRDOPDU FRQSDQGLOODVGHFULDWXUDV GH D MXHJR TX« WHQ¯DPRV GHVFRQILDQ]D HQ HO WURPH"
P¯UHQORP¯UHQORDK¯HVW£TX«ULFXUD\TX«ELHQDFRPSD³DGR WUHPHQGRVYHMHWHV\FRQWDQWRPLHGR"QRVHYD\DQDKDFHU
VH YHQ¯D TX« IUHVFXUD XQR SRU XQR ORV VXE¯D D VX WDEOD SLVGµQGHKDE¯DXQDHVTXLQDFRQDJXDSDUDGDUXQDFXUYLWD
KDZDLDQD\VHPHW¯DFRQHOORVP£VDOO£GHODUHYHQWD]µQ/HV UHVEDODQGR" (VWDED GHVDWDGR \ QR SRG¯DQ FRQYHQFHUOR
HQVH³DED D PDQHMDU HO 9ROYR VH OXF¯D DQWH HOORV GDQGR &X«OODU YLHMR \D HVWDED ELHQ G«MDQRV HQ QXHVWUDV FDVDV \
FXUYDVHQGRVUXHGDVHQHO0DOHFµQ\ORVOOHYDEDDO(VWDGLR /DOR PD³DQD VH LED D FDVDU QR TXHU¯D URPSHUVH HO DOPD OD

34/36
Y¯VSHUD QR VHDV LQFRQVFLHQWH TXH QR VH VXELHUD D ODV %LRJUDI¯D
YHUHGDV QR FUXFHV FRQ OD OX] URMD D HVWD YHORFLGDG TXH QR 
IUHJDUD&KRFµFRQWUDXQWD[LHQ$OFDQIRUHV\/DORQRVHKL]R
QDGD SHUR 0D³XFR \ &KRWR VH KLQFKDURQ OD FDUD \ «O VH
URPSLµWUHVFRVWLOODV1RVSHOHDPRV\XQWLHPSRGHVSX«VORV
OODPµ SRU WHO«IRQR \ QRV DPLVWDPRV \ IXHURQ D FRPHU MXQWRV
SHUR HVWD YH] DOJR VH KDE¯D IUHJDGR HQWUH HOORV \ «O \ QXQFD
P£VIXHFRPRDQWHV
'HVGHHQWRQFHVQRVYH¯DPRVSRFR\FXDQGR0D³XFRVH
FDVµOHHQYLµSDUWHGHPDWULPRQLRVLQLQYLWDFLµQ\«OQRIXHD
OD GHVSHGLGD \ FXDQGR &KLQJROR UHJUHVµ GH (VWDGRV 8QLGRV 
FDVDGR FRQ XQD JULQJD ERQLWD \ FRQ GRV KLMRV TXH DSHQLWDV 0DULR 9DUJDV /ORVD 1DFLµ HQ $UHTXLSD HQ  6X
FKDSXUUHDEDQHVSD³RO&X«OODU\DVHKDE¯DLGRDODPRQWD³D LQIDQFLD OD WUDQVFXUULµ HQWUH ODV FLXGDGHV GH %ROLYLD 3LXUD \
D3LQJR0DU¯DDVHPEUDUFDI«GHF¯DQ\FXDQGRYHQ¯DD/LPD /LPD $ ORV GLHFLV«LV D³RV VH HVWUHQµ FRPR HVFULWRU
\ OR HQFRQWUDEDQ HQ OD FDOOH DSHQDV QRV VDOXG£EDPRV TX« HVFULELHQGRXQGUDPD/DKXLGDGHO,QFD  ,QJUHVµDOD
KD\ FKROR FµPR HVW£V 3LFKXOLWD TX« WH FXHQWDV YLHMR DK¯ 8QLYHUVLGDG0D\RUGH6DQ0DUFRVDHVWXGLDUOLWHUDWXUD9LDMµ
YDPRV FKDX \ \D KDE¯D YXHOWR D 0LUDIORUHV P£V ORFR TXH D(XURSDGRQGHWUDEDMµHQXQDUDGLRIUDQFHVD\IXHPDHVWUR
QXQFD\\DVHKDE¯DPDWDGR\HQGRDO1RUWHFµPR"HQXQ HQXQFROHJLRGH/RQGUHV
FKRTXH GµQGH" HQ ODV WUDLFLRQHUDV FXUYDV GH 3DVDPD\R 0DULR9DUJDV/ORVDHVXQFU¯WLFROLWHUDULR\HVRVHUHIOHMD
SREUH GHF¯DPRV HQ HO HQWLHUUR FX£QWR VXIULµ TX« YLGD WXYR HQVXVHQVD\RVFRPR*DUF¯D0£UTXH]KLVWRULDGHXQGHLFLGLR
SHURHVWHILQDOHVXQKHFKRTXHVHOREXVFµ \ /D RUJ¯D SHUSHWXD )ODXEHUW \ 0DGDPH %RYDU\   (Q
(UDQ KRPEUHV KHFKRV \ GHUHFKRV \D \ WHQ¯DPRV WRGRV  FRQ -RV« 0DU¯D *XWL«UUH] FRGLULJLµ OD YHUVLµQ
PXMHU FDUUR KLMRV TXH HVWXGLDEDQ HQ HO &KDPSDJQDW OD FLQHPDWRJU£ILFDGHVXQRYHOD3DQWDOHµQ\ODVYLVLWDGRUDV(Q
,QPDFXODGDRHO6DQWD0DU¯D\VHHVWDEDQFRQVWUX\HQGRXQD  IXH QRPEUDGR PLHPEUR GH OD $FDGHPLD 3HUXDQD GH OD
FDVLWDSDUDHOYHUDQRHQ$QFµQ6DQWD5RVDRODVSOD\DVGHO /HQJXD\SURIHVRUGHODF£WHGUD6LPµQ%RO¯YDUHQ&DPEULGJH
6XU \ FRPHQ]£EDPRV D HQJRUGDU \ D WHQHU FDQDV ,PSXOVRUGHOSDUWLGR)UHQWH'HPRFU£WLFR0DULR9DUJDV/ORVD
EDUULJXLWDV FXHUSRV EODQGRV D XVDU DQWHRMRV SDUD OHHU D VHSUHVHQWµFRPRFDEH]DGHOLVWDHQODVHOHFFLRQHVSHUXDQDV
VHQWLU PDOHVWDUHV GHVSX«V GH FRPHU \ GH EHEHU \ DSDUHF¯DQ GHHQODVTXHIXHGHUURWDGRSRU$OEHUWR)XMLPRUL
\DHQVXVSLHOHVDOJXQDVSHTXLWDVFLHUWDVDUUXJXLWDV 0DULR 9DUJDV /ORVD REWXYR HO 3UHPLR 3U¯QFLSH GH
$VWXULDVGHODV/HWUDVHQHOD³RVGHHO3UHPLR3ODQHWD
GH  SRU /LWXPD HQ ORV $QGHV \ HO 3UHPLR &HUYDQWHV HQ
 'HVGH  HV PLHPEUR GH OD 5HDO $FDGHPLD

35/36
(VSD³ROD (Q HO GLFLHPEUH GHO D³R  UHFLELµ HO 3UHPLR 3ULQFLSDOHVREUDVGH0DULR9DUJDV/ORVD
1REHOGH/LWHUDWXUD 
 /RVMHIHV  
/DFLXGDG\ORVSHUURV  
/DFDVDYHUGH  
/RVFDFKRUURV  
&RQYHUVDFLµQHQODFDWHGUDO  
3DQWDOHµQ\ODVYLVLWDGRUDV  
/DW¯D-XOLD\HOHVFULELGRU  
/DJXHUUDGHOILQGHOPXQGR  
4XL«QPDWµ3DORPLQR0RUHQR"  
+LVWRULDGH0D\WD  
(ORJLRGHODPDGDVWUD  
/RVFXDGHUQRVGHGRQ5LJREHUWR  
(OVXH³RGHOFHOWD  
5HFLHQWHPHQWH VX REUD /D ILHVWD GHO FKLYR KD VLGR
FRQGHFRUDGDHQ(VSD³DFRPR2EUDGHOVLJOR

),1

36/36

You might also like