Caballo de Troya - 1

8Q LQYHVWLJDGRU HVSDxRO -XiQ -RVp %HQtWH] HV FRQWDFWDGR SRU XQ LQGLYLGXR
DXWRGHQRPLQDGRHOPD\RUTXLHQUHVXOWDVHUXQDQWLJXRLQWHJUDQWHGHOD86$)7UDVOD
PXHUWH GH WDQ PLVWHULRVR SHUVRQDMH -XDQ -RVp %HQtWH] HV FRQGXFLGR D WUDYpV GH
DFHUWLMRVDXQPDQXVFULWRTXHUHVXOWDVHUHOWHVWLPRQLRGHOPD\RUFRPRSDUWtFLSHGHXQ
SUR\HFWRXOWUDVHFUHWRGHQRPLQDGR&DEDOORGH7UR\D
(O SUR\HFWR FRQVLVWH HQ OD FUHDFLyQ \ SXHVWD HQ PDUFKD GH XQD PiTXLQD GHO WLHPSR
GHVWLQDGD D YLDMDU D ORV PRPHQWRV GH SDVLyQ \ PXHUWH GH -HV~V GH 1D]DUHW (O
PDQXVFULWR GHVFULEH VRPHUDPHQWH ORV GHWDOOHV WpFQLFRV LQYROXFUDGRV HQ WDO HPSUHVD
SHURVREUHWRGRODVDQGDQ]DVGHORVYLDMHURVGHOWLHPSRDOODGRGHOPDHVWURGH*DOLOHD
'HVFULEH DO +LMR GHO +RPEUH FRPR XQ LQGLYLGXR MRYLDO \ DOHJUH DOHMDGR GH OD RUWRGR[LD
WUDGLFLRQDO JXVWRVR GH RIUHFHU VXV SURIXQGDV HQVHxDQ]DV HVSLULWXDOHV D TXLHQ DVt OR
GHVHH(OPD\RUFRQRFLGRFRPR-DVRQSRUORVKDELWDQWHVGHODpSRFDMXQWRFRQVX
FRPSDxHUR QRPEUDGR (OLVHR YDQ GHMDQGR DWUiV VX LQLFLDO HVFHSWLFLVPR
FRQYLUWLpQGRVHSRFRDSRFRDOPHQVDMHHVSLULWXDO\UHOLJLRVRTXH-HV~VYDSUHGLFDQGR
--%HQtWH]
&DEDOORGH7UR\D
-HUXVDOpQ
H38%Y
2]]HPDQ
7tWXORRULJLQDO&DEDOORGHWUR\D-HUXVDOpQ
--%HQtWH]
'LVHxRUHWRTXHSRUWDGD2SDOZRUNV2]]HPDQ
(GLWRURULJLQDO$EUD[DVYDY
6HJXQGRHGLWRU2]]HPDQYDY
&RUUHFFLyQGHHUUDWDVIHFHVpYDY
H3XEEDVHY
$*DEULHO'HO%DUULR*DUFtDXQQREOH\YHWHUDQRVRFLDOLVWDTXHPHSUHFHGHUiHQHO
5HLQRGHORV&LHORV
(QUHSUHVHQWDFLyQGHORVPXFKRVDPLJRVTXHPHD\XGDURQGXUDQWHORVFLHQGtDVTXH
SHUPDQHFtVXPHUJLGRHQODUHDOL]DFLyQGH&DEDOORGH7UR\D
+D\RWUDVPXFKDVFRVDVTXHKL]R-HV~V
6LVHHVFULELHVHQXQDSRUXQDFUHRTXHHOPLVPRPXQGRQRSRGUtDFRQWHQHUORVOLEURV
HVFULWRV
(YDQJHOLRGH-XDQ
:$6+,1*721
0LUHORMVHxDODEDODVWUHV GHOD WDUGH )DOWDEDQGRVKRUDV SDUDTXH HO&HPHQWHULR1DFLRQDO GH
$UOLQJWRQ FHUUDUD VXV SXHUWDV <R KDEtD FRQVXPLGR OD FDVL WRWDOLGDG GH DTXHO OXQHV GH
RFWXEUHIUHQWHDODVWUHVWXPEDVGHORVVROGDGRVGHVFRQRFLGRV\DODPLQ~VFXOD\SHUSHWXDOODPD
DQDUDQMDGDTXHGDYLGDDOU~VWLFRHQORVDGRJULVEDMRHOTXHUHSRVDQORVUHVWRVGHOSUHVLGHQWH-RKQ
)LW]JHUDOG.HQQHG\
$XQTXHDIXHU]DGHOHHUODKDEtDWHUPLQDGRSRUDSUHQGpUPHODFRQVXOWpXQDYH]PiVODFODYH
TXHPHKDEtDHQWUHJDGRHOPD\RU
3RUHQpVLPDYH]HVFUXWpHOPDFL]RVDUFyIDJRGHPiUPROEODQFRTXHVHOHYDQWDHQODFDUDHVWH
GHO $QILWHDWUR &RQPHPRUDWLYR \ TXH FRQVWLWX\H HO PRQXPHQWR LQLFLDO \ PiV GHVWDFDGR GH OD
7XPEDDO6ROGDGR'HVFRQRFLGR(QODFDUD2HVWHKDQVLGRHVFXOSLGDVWUHVILJXUDVTXHVLPEROL]DQ
OD9LFWRULDDOFDQ]DQGROD3D]DWUDYpVGHO9DORU3HURDTXHOSDQHOQRSDUHFtDJXDUGDUUHODFLyQ
FRQPLFODYH
/HQWDPHQWH FRPR XQ WXULVWD PiV ERUGHp HO FRUGyQ TXH FLHUUD OD UHGXFLGD H[SODQDGD
UHFWDQJXODU\IXLDVHQWDUPHIUHQWHDODFDUDSRVWHULRUGHODWXPEDFHQWUDOHQODVHVFDOLQDWDVGHXQ
SHTXHxR DQILWHDWUR ([KDXVWR UHSDVp FXDQWR KDEtD DQRWDGR )UHQWH D Pt D FLQFR PHWURV GH ODV
WXPEDVXQVROGDGRGHLQIDQWHUtDGHO3ULPHU%DWDOOyQGHOD9LHMD*XDUGLDFRQVHGHHQ)RUW0\HU
SDVHDEDDUULED\DEDMRIXVLODOKRPEUROXFLHQGRHORVFXURXQLIRUPHGHJDOD
$XQTXHODFDGHQDGHVHJXULGDGPHVHSDUDEDXQRVGLH]PHWURVGHHVWDSDUWHGHODWXPEDOD
OH\HQGD JUDEDGD HQ HO PiUPRO SRGtD OHHUVH FRQ FRPRGLGDG $TXt UHSRVD JORULRVDPHQWH XQ
VROGDGRGHORV(VWDGRV8QLGRVTXHVyOR'LRVFRQRFH
(VWDUiDKtODFODYH"PHSUHJXQWpFRQQHUYLRVLVPR
(OVROLWDULRFHQWLQHODHQMXWR\IUtRFRPRODED\RQHWDTXHUHPDWDEDVXEULOODQWHPRVTXHWyQVH
KDEtD GHWHQLGR 7UDV XQD EUHYH SDXVD JLUy FDPELDQGR HO DUPD GH KRPEUR 6HJXQGRV GHVSXpV
YROYtDVREUHVXVSDVRVGHWHQLpQGRVHIUHQWHDODWXPED$OOtUHSLWLyHOFDPELRGHSRVLFLyQGHVX
IXVLO\JLUDQGRGHQXHYRUHLQLFLyVXVROHPQHGHVILOH
0L DPLJR HO PD\RU QRUWHDPHULFDQR Vt KDFtD UHIHUHQFLD DO VROGDGR TXH PRQWD JXDUGLD GtD \
QRFKHHQHOFHPHQWHULRGHORVKpURHVHQ:DVKLQJWRQ
(O FHQWLQHOD TXH YHOD DQWH OD WXPED WH UHYHODUi HO ULWXDO GH$UOLQJWRQ UH]DED OD SULPHUD
IUDVHGHVXSRVWUHUDFDUWD
0e;,&2')
3HUR MXVWR VHUi TXH DQWHV GH SURVHJXLU FRQ HVWD QXHYD DYHQWXUD FXHQWH FXiQGR \ HQ TXp
FLUFXQVWDQFLDVFRQRFtDOPD\RU\FyPRPHYLHQYXHOWRHQXQDGHODVLQYHVWLJDFLRQHVPiVH[WUDxDV
\IDVFLQDQWHVGHFXDQWDVKHHPSUHQGLGR
(Q HO PHV GH DEULO GH \ SRU RWURV DVXQWRV TXH QR YLHQHQ DO FDVR PH HQFRQWUDED HQ
0p[LFR 'LVWULWR )HGHUDO +DFLD HVFDVRV PHVHV TXH KDEtD HVFULWR PL SULPHU OLEUR VREUH ORV
GHVFXEULPLHQWRVGHORVFLHQWtILFRVGHOD1$6$VREUHOD6iEDQD6DQWDGH7XUtQ\UHFXHUGRTXHHQ
XQD GH PLV LQWHUYHQFLRQHV HQ OD WHOHYLVLyQ D]WHFD FRQFUHWDPHQWH HQ HO SUHVWLJLRVR \ SRSXODU
SURJUDPDLQIRUPDWLYRGH-DFRER=DEOXGRZVN\\RKDEtDFRPHQWDGRDOJXQRVSRUPHQRUHVVREUH
ODVDWHUUDGRUDVWRUWXUDVDTXH KDEtDVLGR VRPHWLGR -HV~VGH1D]DUHW$QWHPLVRUSUHVD\ ODGHO
HTXLSRGH7HOHYLVDHVDQRFKHVHUHJLVWUyXQWRUUHQWHGHOODPDGDVGHVGHORVSXQWRVPiVGLVSDUHV
GHOD5HS~EOLFDHLQFOXVRGHVGH0LDPL\&DOLIRUQLD
$OUHJUHVDUDPLKRWHOODRSHUDGRUDGHO3UHVLGHQWH&KDSXOWHSHFPHGLRSDVRDXQDOODPDGD
TXHQRROYLGDUpMDPiV
(OVHxRU--%HQtWH]"
6tGtJDPH
(VXVWHG--%HQtWH]"
6tVR\\R4XLpQKDEOD"
/HKHYLVWRHQHOSURJUDPDGHOVHxRU=DEOXGRZVN\\PHVHQWLUtDPX\KRQUDGRVLSXGLHUD
FRQYHUVDUFRQXVWHG
%XHQRXVWHGGLUiUHVSRQGtFDVLPHFiQLFDPHQWHDOWLHPSRTXHPHGHMDEDFDHUVREUHOD
FDPD (Q DTXHOORV SULPHURV LQVWDQWHV FRQIXQGt D PL FRPXQLFDQWH FRQ HO WtSLFR FXULRVR < PH
GLVSXVHDOLTXLGDUODFRQYHUVDFLyQDODSULPHUDRSRUWXQLGDG
&RPRKDEUiDGLYLQDGRSRUPLDFHQWRVR\H[WUDQMHUR6LQFHUDPHQWHDOHVFXFKDUOHPHKD
LPSUHVLRQDGRVXLQWHUpVSRU&ULVWR
'LVFXOSHOHLQWHUUXPStWUDWDQGRGHVDEHUDTXpDWHQHUPHFyPRPHKDGLFKRTXHVH
OODPD"
1R QR OH KH GLFKR PL QRPEUH< VL XVWHG PH OR SHUPLWH GDGD PL FRQGLFLyQ GH DQWLJXR
SLORWRGHODVIXHU]DVDpUHDVQRUWHDPHULFDQDVSUHIHULUtDQRGiUVHORSRUWHOpIRQR
$TXHOORPHSXVRHQJXDUGLD0HLQFRUSRUpHLQWHQWpRUGHQDUPLVLGHDV
1RVpFXiOHVVXSODQGHWUDEDMRHQ0p[LFRFRQWLQXyHQXQWRQRVXPDPHQWHDIDEOHSHUR
TXL]iSXHGDVHUGHJUDQLQWHUpVSDUDXVWHGTXHQRVYHDPRV4XpOHSDUHFH"
1RVpGXGpGyQGHVHHQFXHQWUDXVWHG"
/HOODPRGHVGHHOHVWDGRGH7DEDVFR7LHQHSUHYLVWRDOJ~QYLDMHDHVWD]RQD"
)UDQFDPHQWHQRSHUR
8QD YH] PiV PH GHMp OOHYDU SRU OD LQWXLFLyQ 8Q DQWLJXR SLORWR GH OD 86$)" 3RGtD VHU
LQWHUHVDQWH
/D H[SHULHQFLD FRPR LQYHVWLJDGRU PH KD LGR HQVHxDQGR D DFHSWDU HO ULHVJR 4Xp SRGtD
SHUGHUFRQDTXHOODHQWUHYLVWD"
3XHGHXVWHGDGHODQWDUPHDOJR"LQVLQXpVLQUHSULPLUODFXULRVLGDG
1R&UpDPH1RSXHGRSRUWHOpIRQR(VPiVQRGHVHRHQJDxDUOH\OHDGHODQWR\DTXH
HQ HVD SULPHUD FRQYHUVDFLyQ VL HV TXH OOHJD D FHOHEUDUVH SUREDEOHPHQWH QR VDTXH XVWHG
GHPDVLDGDVFRQFOXVLRQHV6LQHPEDUJRLQVLVWRHQTXHQRVYHDPRV
(VWiELHQFRUWpFRQFLHUWDEUXVTXHGDG$FHSWR'yQGH\FXiQGRQRVYHPRV"
3XHGH XVWHG GHVSOD]DUVH KDVWD 9LOODKHUPRVD" <R HVWDUp DTXt KDVWD HO ViEDGR &RQRFH
XVWHGODFLXGDG"
6tSRUVXSXHVWRUHVSRQGtXQWDQWRFRQWUDULDGR
6L OD PHPRULD QR PH IDOODED HQ MXOLR GH 5DTXHO \ \R KDEtDPRV YLVLWDGR OD ]RQD
DUTXHROyJLFD GH 3DOHQTXH HQ HO HVWDGR GH &KLDSDV \ ODV FRORVDOHV FDEH]DV ROPHFDV GH
9LOODKHUPRVD3HUR\RPHHQFRQWUDEDDKRUDHQHO'LVWULWR)HGHUDODPLONLOyPHWURVGHODWyUULGD
UHJLyQWDEDVTXHxD
/HSDUHFHELHQHOYLHUQHVGtD"
8QPRPHQWR3HUPtWDPHTXHYHDPLDJHQGD
/DYHUGDGHVTXH\RVDEtDGHDQWHPDQRTXHQRH[LVWtDFRPSURPLVRDOJXQRSDUDGLFKRYLHUQHV
3HURHOKHFKRGHWHQHUTXHYLDMDUEDVWD7DEDVFRVLQJDUDQWtDVQLUHIHUHQFLDVVREUHODSHUVRQDFRQ
ODTXHSUHWHQGtDHQWUHYLVWDUPHPHKDEtDLUULWDGR<EXVTXpDIDQRVDPHQWHDOJXQDH[FXVDTXHPH
DSHDUD GH WDQGHVFDEHOODGRYLDMH)XHURQ VHJXQGRVWHQVRV 3RUXQODGR HOLQVWLQWR SHULRGtVWLFR
WLUDEDGHPtKDFLD9LOODKHUPRVD 3RU RWUR HOVHQWLGRFRP~QKDEtD HPSH]DGR D ]DQFDGLOOHDUPL
IUiJLOHQWXVLDVPR3RUIRUWXQDSDUDPtHOSULPHURVHLPSXVR\DFHSWp
0X\ELHQ&UHRTXHKD\XQYXHORTXHVDOHGH0p[LFRDSULPHUDKRUDGHODPDxDQD'yQGH
SXHGRYHUOH"
&RQRFHXVWHGHO3DUTXHGHOD9HQWD"
(OKRPEUHGHELyGHSHUFLELUPLVGXGDV\DxDGLy
(OGHODVFDEH]DVROPHFDV
6tORFRQR]FR
/HHVWDUpHVSHUDQGRMXQWRDO*UDQ$OWDU
3HURFyPRYR\DUHFRQRFHUOH"
1RVHSUHRFXSH
$TXHOODVHJXULGDGPHGHMyIDVFLQDGR
/RPiVSUREDEOHFRQFOX\yHVTXH\ROHUHFRQR]FDSULPHUR
(VWiELHQ'HWRGDVIRUPDVOOHYDUpXQOLEURHQODVPDQRV
&RPRJXVWH
(QWRQFHVKDVWDHOYLHUQHV
&RUUHFWR0XFKDVJUDFLDVSRUDWHQGHUPLOODPDGD
+DVLGRXQSODFHUPHQWt%XHQDVQRFKHV
$OFROJDUHODXULFXODUPHYLDVDOWDGRSRUXQHQMDPEUHGHGXGDV3RUTXpKDEtDDFHSWDGRWDQ
UiSLGDPHQWH"4XpVHJXULGDGWHQtDGHTXHDTXHOVXSXHVWRH[WUDQMHURIXHUDXQSLORWRUHWLUDGRGHOD
86$)"<VLWRGRKXELHUDVLGRXQDEURPD"
$OPLVPRWLHPSRDOJRPHGHFtDTXHGHEtDDFXGLUD9LOODKHUPRVD(OWRQRGHYR]GHDTXHO
KRPEUHPHKDFtDLQWXLUTXHHVWDEDDQWHXQDSHUVRQDVLQFHUD3HURTXpTXHUtDFRPXQLFDUPH"
3HQVpQDWXUDOPHQWHHQHVDHQLJPiWLFDLQIRUPDFLyQ/RPiVOyJLFRPHGHFtDDPtPLVPR
PLHQWUDV WUDWDED LQ~WLOPHQWH GH FRQFLOLDU HO VXHxR HV TXH VH WUDWH GH DOJ~Q FDVR RYQL
SURWDJRQL]DGRSRUORVPLOLWDUHVQRUWHDPHULFDQRV2QR"
3RU TXp FLWy PL LQWHUpV SRU &ULVWR" 4Xp WHQtD TXH YHU XQ YHWHUDQR PLOLWDU FRQ HVWH
DVXQWR"
$GHFLUYHUGDGFXDQWRPiVUHPRYtDHOVXFHVRPiVHVSHVRHLUULWDQWHVHPHDQWRMDED$VtTXH
RSWpSRUOD~QLFDVROXFLyQSUiFWLFDROYLGDUPHKDVWDHOYLHUQHVGHDEULO
7$%$6&2
$ODVXQDKRUDHVFDVDGHVSXpVGHGHVSHJDUGHODHURSXHUWR%HQLWR-XiUH]GHODFLXGDGGH
0p[LFRWRPDEDWLHUUDHQ9LOODKHUPRVD$OSLVDUODSLVWDXQIDPLOLDUKRUPLJXHRHQHOHVWyPDJR
PH DQXQFLy HO FRPLHQ]R GH XQD QXHYD DYHQWXUD $OOt HVWDED \R EDMR XQ VRO WURSLFDO FRQ OD
LQVHSDUDEOHEROVDQHJUDGHODVFiPDUDVDOKRPEUR\XQHMHPSODUGHPLOLEUR(O(QYLDGRHQWUHODV
PDQRV
9HUHPRV TXp PH GHSDUD HO GHVWLQR SHQVp PLHQWUDV FUX]DED OD DFKLFKDUUDQWH SLVWD HQ
GLUHFFLyQ DO HGLILFLR WHUPLQDO $TXHOOD VLWXDFLyQ SDUD TXp YR\ D QHJDUOR PH IDVFLQDED
6LHPSUHPHKDJXVWDGRMXJDUDGHWHFWLYHV
3RU HOOR \ GHVGH HO PRPHQWR HQ TXH DEDQGRQp HO UHDFWRU GH OD FRPSDxtD 0H[LFDQD GH
$YLDFLyQTXHPHKDEtDWUDVODGDGRDOHVWDGRGH7DEDVFRIXLILMDQGRPLDWHQFLyQHQODVSHUVRQDV
TXHDJXDUGDEDQHQHODHURSXHUWR(VWDUtDDOOtHOPLVWHULRVRFRPXQLFDQWH"
6LKDFtDFDVRDOWLPEUHGHVXYR]PLDQyQLPRDPLJRGHEtDURQGDUORVFLQFXHQWDDxRV4XL]i
PiVVLFRQVLGHUDEDTXHHUDXQSLORWRUHWLUDGRGHOVHUYLFLRDFWLYR
6XMHWp HO OLEUR FRQ OD PDQR L]TXLHUGD SURFXUDQGR TXH OD SRUWDGD TXHGDUD ELHQ YLVLEOH \
GHVSDFLRVDPHQWHPHHQFDPLQpDOVHUYLFLRGHFDPELRGHPRQHGD6tHOQRUWHDPHULFDQRHVWDEDDOOt
WHQtDTXHGHWHFWDUPH
&DPELpDOJXQRVGyODUHV\FRQODPLVPDFDOPDPHGLULJtDODSXHUWDGHVDOLGDHQEXVFDGHXQ
WD[L
1DGLHKL]RHOPHQRUPRYLPLHQWRQLVHGLULJLyDPtHQQLQJ~QPRPHQWR(VWDEDFODURTXHHO
H[WUDQMHURQRVHKDOODEDHQHODHURSXHUWRRDOPHQRVQRKDEtDTXHULGRGDUVHxDOHVGHYLGD
3RFRVPLQXWRVGHVSXpVDODVGHDTXHOYLHUQHVGHDEULOGHXQHPSOHDGRGHO
3DUTXH0XVHRGHOD9HQWDPHH[WHQGtDHOFRUUHVSRQGLHQWHEROHWRGHHQWUDGDDVtFRPRXQVHQFLOOR
SHURGRFXPHQWDGRSODQRSDUDODORFDOL]DFLyQGHODVJLJDQWHVFDVHVFXOWXUDVROPHFDV
(OSDUTXHSDUHFtDWUDQTXLOR
&RQVXOWp HO PDSD \ FRPSUREp TXH HO *UDQ $OWDU QXHVWUR SXQWR GH UHXQLyQ HVWDED
HQFODYDGR MXVWDPHQWH HQ HO FHQWUR GH DTXHO EHOOR PXVHR DO DLUH OLEUH (O LWLQHUDULR PDUFDED XQ
WRWDO GH PRQXPHQWRV<R GHEtD OOHJDU DO HQFODYH Q~PHUR FLQFR 6L WRGR PDUFKDED ELHQ DOOt
GHEHUtDFRQRFHUDOILQDPLLQIRUPDGRU
6LQSpUGLGDGHWLHPSRPHDGHQWUpSRUHOHVWUHFKRFDPLQRVLJXLHQGRODVKXHOODVGHXQRVSLHV
HQURMRTXHKDEtDQVLGRSLQWDGDVSRUORVUHVSRQVDEOHVGHOSDUTXH\TXHFRQVWLWXtDQXQDVLPSiWLFD
D\XGDSDUDHOYLVLWDQWH
$ ORV SRFRV PHWURV D PL L]TXLHUGD GHVFXEUt HO PRQXPHQWR Q~PHUR 6H WUDWDED GH XQD
IRUPLGDEOHFDEH]DGHMDJXDUVHPLGHVWUXLGDFRQXQSHVRGHWUHLQWDWRQHODGDV
3URVHJXtODPDUFKDDGHQWUiQGRPHHQXQHVSHVRERVTXHFLOOR(OFRUD]yQHPSH]DEDDODWLUFRQ
PD\RUEUtR
$XQRVRFKHQWDSDVRVDODGHUHFKDGHOFDPLQRDSDUHFLHURQODVHVFXOWXUDVGHXQPRQR\GH
RWURMDJXDU(UDQORVPRQXPHQWRVQ~PHURV\)UHQWHDOMDJXDUHOSODQRPDUFDEDODILJXUDGH
XQPDQDWtWDOODGRHQVHUSHQWLQD(UDHOQ~PHUR
$YDQFp RWUD WUHLQWHQD GH PHWURV \ DO GHMDU DWUiV XQR GH ORV UHFRGRV GHO VHQGHUR UHFRQRFt
HQWUHODHVSHVXUDHOHQFODYHQ~PHURELVRWURSHTXHxRMDJXDULJXDOPHQWHWDOODGRHQEDVDOWR
(OVLJXLHQWHHUDHO*UDQ$OWDU7ULXQIDO
$TXHOORV~OWLPRVPHWURVKDVWDODSHTXHxDH[SODQDGDGRQGHVHOHYDQWDHOPRQXPHQWRQ~PHUR
FLQFRIXHURQVLQJXODUPHQWHLQWHQVRV+DVWDHVHPRPHQWRQRKDEtDFRLQFLGLGRFRQXQVRORWXULVWD
0L~QLFDFRPSDxtDODIRUPDEDQPLVSHQVDPLHQWRV\DTXHOODORFDDOJDUDEtDGHOVLQItQGHSiMDURV
PXOWLFRORUHVTXHUHODPSDJXHDEDHQWUHODVFRSDVGHORVFRUSXOHQWRVKXD\DFDQHVSDURWDV\FHGURV
URMRV
$O HQWUDU HQ HO FDOYHUR PH GHWXYH (O FRUD]yQ PH GLR XQ YXHOFR (O *UDQ $OWDU HVWDED
GHVLHUWR%DMRHODUDHQXQQLFKRFHQWUDOXQSHUVRQDMHGHVQXGR\PXVFXORVRHPSXxDEDXQDGDJD
HQ VX PDQR L]TXLHUGD &RQ OD GHUHFKD OD HVWDWXD VXMHWDED XQD FXHUGD D OD TXH SHUPDQHFtD
DPDUUDGRXQSULVLRQHUR
(OIXULRVRVROGHOPHGLRGtDPHGHYROYLyDODUHDOLGDG
'yQGHHVWiHOPDOGLWR\DQTXL"EDOEXFtLQGLJQDGR
/DVRODLGHDGHTXHPHKXELHUDWRPDGRHOSHORPHGHVDUPy$YDQFpGHVFRQFHUWDGRKDFLDHO
*UDQ$OWDUVLQWLHQGRHOFUXMLUGHOJXLMREODQFREDMRPLVERWDV
4XL]iPHKHDGHODQWDGRSHQVpHQXQGpELOLQWHQWRSRUWUDQTXLOL]DUPH
'H SURQWR DOHUWDGR VXSRQJR SRU HO UXLGR GH PLV SDVRV VREUH OD JUDYD XQ KRPEUH
DSDUHFLy SRU GHWUiV GH OD JUDQ PROH GH SLHGUD$PERV SHUPDQHFLPRV LQPyYLOHV GXUDQWH XQRV
VHJXQGRV REVHUYiQGRQRV -DPiV ROYLGDUp DTXHOORV LQVWDQWHV $QWH Pt WHQtD D XQ LQGLYLGXR GH
FRQVLGHUDEOH DOWXUD TXL]i DOFDQ]DVH PHWURV FRQ HO FDEHOOR FDQR \ YLVWLHQGR XQD
JXD\DEHUD\XQRVSDQWDORQHVLJXDOPHQWHEODQFRV
5HVSLUpDOLYLDGR6LQGXGDDTXpOHUDPLDQyQLPRFRPXQLFDQWH
%XHQRVGtDVH[FODPyDOWLHPSRTXHVHTXLWDEDODVJDIDVGHVRO\GLEXMDEDXQDDPSOLD
VRQULVD(VXVWHG--%HQtWH]"
$VHQWt\HVWUHFKpVXPDQR6XHORGDUJUDQLPSRUWDQFLDDHVWHJHVWR0HJXVWDODJHQWHTXHOR
KDFHFRQIXHU]D$TXHODSUHWyQGHPDQRVIXHVyOLGRFRPRHOGHGRVDPLJRVTXHVHHQFXHQWUDQ
GHVSXpVGHODUJRWLHPSR
/H DJUDGH]FR TXH KD\D YHQLGR FRPHQWy &UHR TXH QR VH DUUHSHQWLUi GH KDEHUPH
FRQRFLGR
1LHQHVWDSULPHUDHQWUHYLVWDQLHQODVTXHVLJXLHURQHQPHVHVSRVWHULRUHVSXGHDYHULJXDUOD
HGDG H[DFWD GH DTXHO QRUWHDPHULFDQR $ MX]JDU SRU VX DVSHFWR KXHVXGR \ FRQ XQ URVWUR
DFULELOODGRSRUODVDUUXJDVTXL]iURQGDVHORVVHVHQWDDxRV6XVRMRVFODURVDILODGRVFRPRXQ
VDEOH PH LQVSLUDURQ FRQILDQ]D 1R Vp OD UD]yQ SHUR GHVGH DTXHO SULPHU HQFXHQWUR DO SLH GHO
*UDQ $OWDU HQ HO 0XVHR GH OD 9HQWD VH HVWDEOHFLy HQWUH QRVRWURV XQD PXWXD FRUULHQWH GH
FRQILDQ]D
&RQR]FRXQUHVWDXUDQWHGRQGHSRGHPRVFRQYHUVDU7LHQHKDPEUH"
1RVHQWtDHOPHQRUDSHWLWRSHURDFHSWp/RTXHPHFRQVXPtDHUDODFXULRVLGDG
$OFDERGHXQRVPLQXWRVQRVVHQWiEDPRVHQXQVRPEUHDGRHVWDEOHFLPLHQWRFDVLDOILQDOGHOD
FDOOHGHO3DUDOHOR(QHOWUD\HFWRQLQJXQRGHORVGRVFUX]DPRVXQDVRODSDODEUD6XSRQJRTXH
PL QXHYR DPLJR KL]R OR PLVPR TXH \R WUDWDU GH GHVFXEULU HQ HO RWUR KDVWD ORV PiV QLPLRV
GHWDOOHV'HVSXpVGHDTXHOVDOXGRHQHOPXVHRGHODVJLJDQWHVFDVFDEH]DVQHJURLGHVODFHUWH]D
GHTXHPHHQFRQWUDEDDQWHXQDSRVLEOHEXHQDQRWLFLDKDEtDLGRJDQDQGRWHUUHQR
8VWHGGLUiURPStHOVLOHQFLRLQYLWDQGRDPLDFRPSDxDQWHDTXHHPSH]DUDDKDEODU
(QSULPHUOXJDUTXLHURUHFRUGDUOHORTXH\DOHGLMHSRUWHOpIRQR(VSRVLEOHTXHVHVLHQWD
GHFHSFLRQDGRGHVSXpVGHHVWDSULPHUDFRQYHUVDFLyQ
3RUTXp"
4XLHURVHUPX\VLQFHURFRQXVWHG<RDSHQDVOHFRQR]FR1RVpKDVWDGyQGHSXHGHOOHJDU
VXKRQHVWLGDG
/HGHMpKDEODU6XWRQRSDXVDGR\FRUGLDOKDFtDODVFRVDVPXFKRPiVIiFLOHV
3DUDGHSRVLWDUHQVXVPDQRVODLQIRUPDFLyQTXHSRVHRHVSUHFLVRSULPHURTXHXVWHGPH
GHPXHVWUH TXH FRQItD HQ Pt 3RU HVR \ OH UXHJR TXH QR VH DODUPH QHFHVLWR SUREDU \ HVWDU
VHJXURGHVXILUPH]DGHHVStULWX\VREUHWRGRGHVXLQWHUpVSRU&ULVWR
(O DPHULFDQR VH OOHYy D ORV ODELRV XQ MXJR GH QDUDQMD \ VLJXLy SHUIRUiQGRPH FRQ DTXHOOD
PLUDGDGHKDOFyQ'HELyFDSWDUPLFRQIXVLyQ4XpGHPRQLRVWHQtDTXHYHUPLILUPH]DGHHVStULWX
FRQ&ULVWRRPHMRUGLFKRFRQPLLQWHUpVSRU-HV~V"
3HUPtWDPHXQSDUGHSUHJXQWDVVHxRU
6LQROHPROHVWDUHSXVRFRQXQDIXJD]VRQULVDOOiPHPHPD\RU3RUHOPRPHQWR\SRU
UD]RQHVGHVHJXULGDGQRSXHGRGHFLUOHPLYHUGDGHURQRPEUH
$TXHOORPHFRQWUDULy3HURDFHSWp4XpRWUDFRVDSRGtDKDFHUVLGHYHUGDGTXHUtDOOHJDUDO
IRQGRGHDTXHOHQLJPiWLFRDVXQWR"
(VWiELHQPD\RU9D\DPRVSRUSDUWHV(QSULPHUOXJDUXVWHGGLFHVHUXQRILFLDOUHWLUDGR
GHODVIXHU]DVDpUHDVQRUWHDPHULFDQDV(VWR\HTXLYRFDGR"
1RQRORHVWi
%LHQ6HJXQGDSUHJXQWDTXpWLHQHTXHYHUPLLQWHUpVSRU&ULVWRFRQHVDLQIRUPDFLyQTXH
XVWHGGLFHSRVHHU"
(OFDPDUHURVLWXyVREUHHOPDQWHOURMRVHQGDVEDQGHMDVFRQSRVWDVGHUREDOR\PROHYHUGH
TXHVDGLOODV\XQLQPHQVRILOHWHGHFDUQHDODWDPSLTXHxD
(OPD\RUJXDUGyVLOHQFLR$KRUDHVWR\VHJXURGHTXHDTXpOODIXHXQDVLWXDFLyQGLItFLOSDUDpO
0LDPLJRGHELyOXFKDUFRQVLJRPLVPRSDUDFRQWHQHUVH
&XDQGRXVWHGFRQR]FD ODQDWXUDOH]DGH HVD LQIRUPDFLyQ SXQWXDOL]yFRPSUHQGHUiPLV
SUHFDXFLRQHV(VSUHFLVRTXHDQWHVTXHHVRVXFHGD\RHVWpFRQYHQFLGRGHTXHXVWHGRODSHUVRQD
HOHJLGDVHUiFDSD]GHYDORUDUOD\VREUHWRGRGHTXHKDUiXQEXHQXVRGHHOOD
1RWHUPLQRGHHQWHQGHUSRUTXpVHKDILMDGRHQPt
(OPD\RUVRVWXYRDTXHOODPLUDGDSHQHWUDQWH\SUHJXQWyDVXYH]
&UHHXVWHGHQODFDVXDOLGDG"
6LQFHUDPHQWHQR
&XDQGR OH YL \ OH HVFXFKp HQ WHOHYLVLyQ KXER XQD IUDVH VX\D TXH PH LPSXOVy D OODPDUOH
8VWHGWXYRHOYDORUGHUHFRQRFHUS~EOLFDPHQWHTXHDKRUDDSDUWLUGHVXVLQYHVWLJDFLRQHVVREUH
ORV GHVFXEULPLHQWRV GH ORV FLHQWtILFRV GH OD 1$6$ KDEtD GHVFXELHUWR D -HV~V GH 1D]DUHW
8VWHGQRSDUHFHDYHUJRQ]DUVHGH&ULVWR
6RQUHt
<SRUTXpLEDDKDFHUORVLGHYHUGDGFUHRHQeO"
(VRIXHORTXHXVWHGWUDQVPLWLyDWUDYpVGHOSURJUDPD<HVRQLPiVQLPHQRVHVORTXH\R
EXVFR
1RSXGHFRQWHQHUPH\OHVROWpDTXHPDUURSD
'LVFXOSH(VXVWHGPLHPEURGHDOJXQDVHFWDUHOLJLRVD"
(OPD\RUSDUHFLyGHVFRQFHUWDGR3HURWHUPLQySRUVRQUHtUDSRUWiQGRPHXQQXHYRGDWRVREUH
VXSHUVRQD
9LYR VROR \ UHWLUDGR 6R\ FUH\HQWH \ QR SXHGH VRVSHFKDU XVWHG KDVWD TXp SXQWR 6LQ
HPEDUJRKHKXLGRGHFXDOTXLHUWLSRGHLJOHVLDRJUXSRUHOLJLRVR7HQJDODVHJXULGDGGHTXHQRVH
HQFXHQWUDDQWHXQIDQiWLFR
&UHt SHUFLELU XQDV JRWDV GH WULVWH]D R PHODQFROtD HQ DOJXQDV GH VXV SDODEUDV +R\ DO
UHFRUGDUOR\FRQIRUPHIXLGHVHQWUDxDQGRHOHQLJPDGHOPD\RUQRUWHDPHULFDQRQRSXHGRHYLWDU
XQHVFDORIUtRGHHPRFLyQ\SURIXQGRUHVSHWRSRUDTXHOKRPEUH
'yQGHYLYHXVWHG"
(QHO<XFDWiQ
3XHGRSUHJXQWDUOHSRUTXpYLYHVROR\UHWLUDGR"
$QWHVGHTXHUHVSRQGLHUDWUDWpGHDFRUUDODUORFRQXQDVHJXQGDFXHVWLyQ
7LHQHDOJRTXHYHUFRQHVDLQIRUPDFLyQTXHXVWHGFRQRFH"
$HVRSXHGRUHVSRQGHUOHFRQXQURWXQGRVt
(OVLOHQFLRFD\yGHQXHYRHQWUHQRVRWURV
<TXpGHVHDTXHKDJD"
(OPD\RUH[WUDMRGHXQRGHORVEROVLOORVGHVXJXD\DEHUDXQDSHTXHxD\GHVFRORULGDOLEUHWD
D]XO(VFULELyXQDVSDODEUDV\PHH[WHQGLyODKRMDGHSDSHO6HWUDWDEDGHXQDSDUWDGRGHFRUUHRV
HQODFLXGDGGH&KLFKpQ,W]iHQHOPHQFLRQDGRHVWDGRGHO<XFDWiQ
4XLHUR TXH VLJDPRV HQ FRQWDFWR UHVSRQGLy VHxDOiQGRPH OD GLUHFFLyQ 3XHGH
HVFULELUPHDHVHDSDUWDGR"
1DWXUDOPHQWHSHUR
(OKRPEUHSDUHFLyDGLYLQDUPLVSHQVDPLHQWRV\UHSXVRFRQXQDILUPH]DTXHQRGHMDEDOXJDUD
GXGDV
(VSUHFLVRTXHSRQJDDSUXHEDVXVLQFHULGDG/HVXSOLFRTXHQRVHPROHVWH6yORTXLHUR
HVWDUVHJXUR$XQTXHDKRUDQRORFRPSUHQGD\RVpTXHPLVGtDVHVWiQFRQWDGRV<WHQJRSULVD
SRUHQFRQWUDUDODSHUVRQDTXHGHEHUiGLIXQGLUHVDLQIRUPDFLyQ
$TXHOODFRQIHVLyQPHGHMySHUSOHMR
(VWiXVWHGGLFLpQGRPHTXHVDEHTXHYDDPRULU"
(OPD\RUEDMyORVRMRV<\RPDOGLMHPLIDOWDGHWDFWR
3HUGRQH
1RVHGLVFXOSHSURVLJXLyHORILFLDOYROYLHQGRDVXWRQRMRYLDO0RULUQRHVEXHQRQL
PDOR6LVHORKHLQVLQXDGRKDVLGRSDUDTXHXVWHGVHSDTXHHVHPRPHQWRHVWiSUy[LPR\TXHHQ
FRQVHFXHQFLDQRHVWiXVWHGDQWHXQEURPLVWDRXQORFR
&yPRVDEUpVLXVWHGKDGHFLGLGRRQRTXH\RVR\ODSHUVRQDDGHFXDGD"
$XQTXHHVSHURTXHYROYDPRVDYHUQRVHQEUHYHQRVHSUHRFXSH6HQFLOODPHQWHORVDEUi
1RSXHGRGLVLPXODUORPiV8VWHGVDEHTXH\RLQYHVWLJRHOIHQyPHQRRYQL
/RVp
3XHGHDFODUDUPHDOPHQRVVLHVDLQIRUPDFLyQWLHQHDOJRTXHYHUFRQHVWDVDVWURQDYHV"
/R~QLFRTXHSXHGRGHFLUOHHVTXHQR
$TXHOORWHUPLQySRUGHVFRQFHUWDUPH
'RV KRUDV PiV WDUGH FRQ HO HVStULWX HQFRJLGR SRU ODV GXGDV GHVSHJDED GH 9LOODKHUPRVD
UXPERDODFLXGDGGH0p[LFR<RQRSRGtDLPDJLQDUHQWRQFHVORTXHPHGHSDUDEDHOGHVWLQR
<8&$71
$ PL UHJUHVR D (VSDxD \ SRU HVSDFLR GH YDULRV PHVHV HO PD\RU \ \R FUX]DPRV XQD VHULH GH
FDUWDV 3RU DTXHOODV IHFKDV PLV DFWLYLGDGHV HQ OD LQYHVWLJDFLyQ RYQL KDEtDQ DOFDQ]DGR \D XQ
YROXPHQ \ XQD SHQHWUDFLyQ OR VXILFLHQWHPHQWH GHVWDFDGRV FRPR SDUD WHQWDU D ORV GLYHUVRV
VHUYLFLRVGH,QWHOLJHQFLDTXHDFW~DQHQPLSDtV(UDHQWRQFHVFRQVFLHQWH\ORVR\WDPELpQDKRUD
GH TXH PL WHOpIRQR VH KDOODED LQWHUYHQLGR \ GH TXH HQ PX\ FRQWDGDV RFDVLRQHV GDGD OD
QDWXUDOH]DGHDOJXQDVGHHVDVLQGDJDFLRQHVORVVXWLOHVDJHQWHVGHHVWRVGHSDUWDPHQWRVFLYLOHV\
PLOLWDUHVGH,QIRUPDFLyQKDEtDQVHJXLGRPX\GHFHUFDPLVFRUUHUtDV\HQWUHYLVWDV/RTXHQXQFD
VXSLHURQ HVWRV VDEXHVRV HVR HVSHUR DO PHQRV HV TXH HQ SUHYLVLyQ GH TXH PL
FRUUHVSRQGHQFLD SXGLHUD VHU LQWHUFHSWDGD \R KDEtD DOTXLODGR XQ GHWHUPLQDGR DSDUWDGR GH
FRUUHRV DSURYHFKDQGR SDUD HOOR OD FRPSOLFLGDG GH XQ EXHQ DPLJR TXH ILJXUy VLHPSUH FRPR
OHJLWLPR XVXDULR GH GLFKR DSDUWDGR SRVWDO (VWD DUJXFLD PH KD SHUPLWLGR GHVYLDU GHO FDQDO
RILFLDO DTXHOODV FDUWDV GRFXPHQWRV H LQIRUPDFLRQHV HQ JHQHUDO TXH GHVHDED DLVODU GH OD
PDOVDQDFXULRVLGDGGHORVPHQFLRQDGRVDJHQWHVVHFUHWRV1DWXUDOPHQWHSRUORTXHSXGLHUDSDVDU
\ GDGD OD DQWLJXD SURIHVLyQ \ OD QDFLRQDOLGDG GHO PD\RU VXV PLVLYDV VLJXLHURQ VLHPSUH HVWH
FRQGXFWRFRQILGHQFLDO1LVLTXLHUD5DTXHOPLPXMHUVXSRGHODH[LVWHQFLDGHHVWHQXHYRDPLJR
QLGHPLVVXFHVLYRVFRQWDFWRVFRQpO
3RU RWUD SDUWH \ DXQTXH ODV FDUWDV GHO PD\RU KXELHUDQ FDtGR HQ PDQRV GH ORV VHUYLFLRV GH
,QWHOLJHQFLDGXGRPXFKRTXHHOFRQWHQLGRGHODVPLVPDVSXGLHUDOODPDUOHVODDWHQFLyQ3RUPiV
TXHSUHVLRQpMDPiVORJUpTXHGHVOL]DUDXQDVRODSLVWDVREUHODLQIRUPDFLyQTXHGHFtDSRVHHU6XV
DPDEOHV HVFULWRV LEDQ HQIRFDGRV VLHPSUH KDFLD XQ PiV LQWHQVR \ H[WHQVR FRQRFLPLHQWR GH PL
IRUPDGHSHQVDUGHPLVLQTXLHWXGHV\HVSHFLDOPHQWHGHPLVSDVRVHLQYHVWLJDFLRQHVHQWRUQRD
OD SDVLyQ \ PXHUWH GH &ULVWR 5HFXHUGR TXH XQD GH VXV FDUWDV HVWXYR GHGLFDGD SRU HQWHUR D
LQWHUURJDUPHVREUHOD~OWLPDSDUWHGHPLOLEUR(O(QYLDGR$OSDUHFHUPLVXSXHVWDHQWUHYLVWDFRQ
-HV~VGH1D]DUHWTXHFLHUUDGLFKDREUDOHFDXVyXQHVSHFLDOLPSDFWR
< OOHJy HO RWRxR GH (Q KRQRU D OD YHUGDG PLV HVSHUDQ]DV GH REWHQHU DOJ~Q LQGLFLR
VREUHHOLPSHQHWUDEOHVHFUHWRGHOPD\RUVHKDEtDQLGRGHELOLWDQGR+XERPRPHQWRVGLItFLOHVHQ
ORV TXH ODV GXGDV PH DVDOWDURQ FRQ JUDQ YLUXOHQFLD &UHR TXH PL HVFDVR HQWXVLDVPR KXELHUD
WHUPLQDGR SRU DSDJDUVH GH QR KDEHU UHFLELGR DTXHOOD ODFyQLFD FDUWD FDVL WHOHJUiILFD HQ OD
TXHPLDPLJRPHURJDEDTXHORGHMDUDWRGR\YRODUDKDVWDODFLXGDGGH0pULGDHQHOHVWDGRGHO
<XFDWiQ'XUDQWHYDULRVGtDVQRYR\DQHJDUORPHGHEDWtHQXQDDQJXVWLRVD]R]REUD4Xp
GHEtD KDFHU" (V TXH HO PD\RU VH KDEtD GHFLGLGR D KDEODUPH FRQ FODULGDG" 7HQWDGR HVWXYH GH
HVFULELUOH XQD YH] PiV \ SHGLUOH H[SOLFDFLRQHV 3HUR DOJR PH FRQWXYR <R LQWXtD TXH DTXpOOD
SRGtDVHURWUDSUXHEDTXL]iODGHILQLWLYD
$O ILQ WRPp OD GHFLVLyQ GH YRODU D $PpULFD H LQLFLp XQ VLQItQ GH JHVWLRQHV SDUD WUDWDU GH
VXEYHQFLRQDUHQWRGRRHQSDUWHHOFRVWRVRYLDMH(QFRQWUDGHORTXHPXFKRVSXHGDQSHQVDUPLV
UHFXUVRVHFRQyPLFRVVRQVLHPSUHHVFDVRV\DTXHOV~ELWRVDOWRDORWURODGRGHO$WOiQWLFRWHUPLQy
SRU GHVQLYHODUORV 3URYLGHQFLDOPHQWH PL DPLJR \ HGLWRU -RVp 0DQXHO /DUD DFHSWy OD LGHD GH
SUHVHQWDUPLV~OWLPRVOLEURVHQ$PpULFD\FRQHVWDH[FXVDDWHUULFpHQ%RJRWi
$TXHOURGHRDXQTXHUHWUDVyDOJXQRVGtDVPLHQWUHYLVWDFRQHOPD\RUVHPHDQWRMyVXPDPHQWH
SUXGHQFLDO1RHVWDEDGLVSXHVWRDFRQFHGHUHOPHQRUUHVSLURDORVVHUYLFLRVGH,QWHOLJHQFLD\DVt
VHORDQXQFLpDPLDPLJRHQXQDFDUWDTXHPHSUHFHGLy\HQODTXHSRUVXSXHVWROHVHxDODEDHO
GtD\HOYXHORHQHOTXHHVSHUDEDWRPDUWLHUUDHQ0pULGD
$OFRQFOXLUPLVREOLJDFLRQHVHQ&RORPELDPHODVLQJHQLpSDUDFDQFHODUPLVFRPSURPLVRVHQ
&DUDFDVYRODQGRHQHOPiVULJXURVRLQFyJQLWRYtD%HOPRSiQKDVWD<XFDWiQ
$OFUX]DUODDGXDQD\DQWHVGHTXHWXYLHUDWLHPSRGHEXVFDUDOPD\RUPHGLGHPDQRVDERFD
FRQXQFDUWHOHQHOTXHKDEtDVLGRHVFULWRPLSULPHUDSHOOLGR(OHVFDQGDORVRFDUWyQHUDVRVWHQLGR
SRUXQKRPEUHUHFLRGHHVSHVRELJRWHQHJUR\WH]EURQFHDGD$OSUHVHQWDUPHVHLGHQWLILFyFRPR
/DXUHQFLR5RGDUWHDOVHUYLFLRGHOPD\RU
eOQRKDSRGLGRYHQLUDUHFLELUOHVHH[FXVyPLHQWUDVSXJQDEDSRUKDFHUVHFRQPLPDOHWD
6LQROHLPSRUWD\ROHFRQGXFLUpKDVWDpO
0L LQVWLQWR PH KL]R GHVFRQILDU< DQWHV GH DEDQGRQDU HO DHURSXHUWR WUDWp GH DYHULJXDU TXp
SDSHOMXJDEDDTXHOLQGLYLGXR\SRUTXpUD]yQQRKDEtDDFXGLGRHOPD\RU
/DXUHQFLRGHELyFDSWDUPLUHFHOR\VROWDQGRODPDOHWDUHVXPLy
(OPD\RUHVWiHQIHUPR
'yQGHVHHQFXHQWUD"
/RVLHQWRSHURQRHVWR\DXWRUL]DGRSDUDGHFtUVHOReOPHKDHQYLDGRDUHFRJHUOH\
0LUH /DXUHQFLR OH LQWHUUXPSt WUDWDQGR GH FDOPDU PLV QHUYLRV QR WHQJR QDGD FRQWUD
XVWHG(VPiVOHDJUDGH]FRTXHKD\DYHQLGRDUHFLELUPHSHURVtXVWHGPHGLFHGyQGHHVWiHO
PD\RU\RLUpSRUPLVSURSLRVPHGLRV
(OKRPEUHGXGy
(VTXHPLVyUGHQHV
1RVHSUHRFXSH'tJDPHGyQGHPHHVSHUDHOPD\RU\\RLUpDVXHQFXHQWUR
(OWRQRGHPLYR]HUDWDQILUPHTXH/DXUHQFLRWHUPLQySRUHQFRJHUVHGHKRPEURV\SUHJXQWy
GHPDODJDQD
&RQRFH&KLFKpQ,W]i"
6t
(OPD\RUPHRUGHQyTXHOHOOHYDUDKDVWDHOFHQRWHVDJUDGR
/DXUHQFLRVHxDOyPLUHORM\SXQWXDOL]y
8VWHGGHEHUiHVWDUDOOtDODVFXDWUR
<GDQGRPHGLDYXHOWDVHHQFDPLQyDODSXHUWDGHVDOLGD&RQVXOWpODKRUDORFDO\FRPSUREp
TXHWHQtDGRVKRUDVHVFDVDVSDUDOOHJDUKDVWDHOSR]RVDJUDGRGHORVPD\DV<RKDEtDYLVLWDGRHQ
RWUDVRSRUWXQLGDGHVHOUHFLQWRDUTXHROyJLFRGHODUHFyQGLWDSREODFLyQGH&KLFKpQ,W]iDOHVWHGH
0pULGD\HQSOHQDVHOYDGHODSHQtQVXODGHO<XFDWiQ&RQRFtDWDPELpQORVGRVIDPRVRVFHQRWHV
HOVDJUDGR\HOSURIDQRVLWXDGRVDFRUWDGLVWDQFLDGHODFLXGDG\TXHVHJ~QORVDUTXHyORJRV
SXGLHURQVHUXWLOL]DGRVSRUORVDQWLJXRVPD\DVFRPRGHSyVLWRVQDWXUDOHVGHDJXD\HQHOFDVRGHO
FHQRWHVDJUDGRFRPRFHQWURUHOLJLRVRHQHOTXHVHSUDFWLFDEDQVDFULILFLRVKXPDQRV
$OYHUDOHMDUVHHO7R\RWDQHJURTXHFRQGXFtD/DXUHQFLRPHFRQFHGtXQUHVSLURWUDWDQGRGH
SRQHUHQRUGHQPLVLGHDV3RUVXSXHVWRQRWDUGpHQUHSURFKDUPHDTXHOODVHFD\UDGLFDODFWLWXG
PtD SDUD FRQ HO HPLVDULR GHO PD\RU (Q HVSHFLDO D OD KRUD GH UHJDWHDU FRQ ORV WD[LVWDV TXH
PRQWDEDQJXDUGLDDOSLHGHODHURSXHUWR
'HVSXpVGHQRSRFRVWLUD\DIORMDXQRGHORVFKyIHUHVDFHSWyOOHYDUPHSRUSHVRV<D
HVRGHODVGRVGHODWDUGHVLQSUREDUERFDGR\FRQODURSDHPSDSDGDSRUHOVXGRUHOWD[L
HQILOyODUXWDQ~PHURHQGLUHFFLyQD&KLFKpQ
7DO \ FRPR KDEtD SURPHWLGR HO WD[LVWD FXEULy ORV NLOyPHWURV TXH VHSDUDQ 0pULGD GH
&KLFKpQ ,W]i HQ SRFR PiV GH KRUD \ PHGLD 7UDV XQD YHUWLJLQRVD GXFKD HQ HO KRWHO GH OD 9LOOD
$UTXHROyJLFDPHGLULJtDOOXJDUHOHJLGRSRUHOPD\RU$ODVFXDWURHQSXQWRDSDVROLJHUR\FRQ
HO FRUD]yQ HQ OD ERFD GHMp DWUiV OD LPSUHVLRQDQWH SLUiPLGH GH .XNXOFiQ \ OD SODWDIRUPD GH
9HQXVDGHQWUiQGRPHHQODOODPDGD9tD6DJUDGDTXHPXHUHSUHFLVDPHQWHHQXQFHQRWHXROODGH
FDVLVHVHQWDPHWURVGHGLiPHWUR\FXDUHQWDGHSURIXQGLGDG
$QWHV GH DOFDQ]DU HO ILOR GHO SR]R VDJUDGR GLVWLQJXt D GRV SHUVRQDV VHQWDGDV DO SLH GH XQD
IURQGRVD DFDFLD GH IORUHFLOODV URVDGDV $O YHUPH XQD GH HOODV VH LQFRUSRUy (UD /DXUHQFLR
5HGXMHHOSDVR\PLHQWUDVPHDSUR[LPDEDVHQWtXQDLQFRQWHQLEOHROHDGDGHYHUJHQ]D8QDYH]
PiVPHKDEtDHTXLYRFDGR
3HUR DTXHO VHQWLPLHQWR VH HVIXPy D OD YLVWD GH OD VHJXQGD SHUVRQD 4XHGp DWyQLWR (UD HO
PD\RU SHUR FRQ YHLQWH DxRV PiV GH ORV TXH DSDUHQWDED FXDQGR OH FRQRFt HQ 9LOODKHUPRVD
3HUPDQHFLy VHQWDGR VREUH OD SODWDIRUPD GH SLHGUD GHO YLHMR DOWDU GH ORV VDFULILFLRV
REVHUYiQGRPHFRQXQDPH]FODGHLQFUHGXOLGDG\HPRFLyQ/HQWDPHQWHHQVLOHQFLRGHMpUHVEDODU
ODEROVDGHODVFiPDUDVDOWLHPSRTXH/DXUHQFLROHD\XGDEDDLQFRUSRUDUVH(OPD\RUH[WHQGLy
HQWRQFHV VXV ODUJRV EUD]RV \ VLQ VDEHU SRU TXp GHMiQGRPH DUUDVWUDU SRU PL FRUD]yQ QRV
DEUD]DPRV
4XHULGRDPLJRVXVXUUyHODQFLDQR4XHULGRDPLJR
6XV SHQHWUDQWHV RMRV DKRUD KXQGLGRV HQ XQ URVWUR FDODYpULFR VH KDEtDQ KXPHGHFLGR$OJR
PX\JUDYHHQHIHFWRKDEtDPLQDGRVXDQWLJXD\JDOODUGDILJXUD6XFXHUSRDSDUHFtDHQFRUYDGR\
UHGXFLGR D XQ PDQRMR GH KXHVRV EDMR XQD SLHO UHVHFD \ VDOSLFDGD SRU FRUURV PDUURQHV GH
PHODQLQD8QDEDUEDEODQFD\GHVFXLGDGDPDUFDEDD~QPiVVXGHFDGHQFLD
,QWHQWp HVER]DU XQD GLVFXOSD HVWUHFKDQGR OD PDQR GH /DXUHQFLR SHUR pVWH VLQ SHUGHU OD
VRQULVDPHURJyTXHROYLGDUDHOLQFLGHQWHGHODHURSXHUWR
(OPD\RUDSR\iQGRVHHQPLKRPEURPHVXJLULyTXHFDPLQiVHPRVXQSRFRKDVWDHOSUDGRTXH
URGHDDODSLUiPLGHGH.XNXOFiQ
&RQ SDVR YDFLODQWH \ XQ VLQItQ GH DOWRV HQ HO FDPLQR IXLPRV DSUR[LPiQGRQRV DO FDVWLOOR R
SLUiPLGHGHOD6HUSLHQWH(PSOXPDGD$VtHQDTXHOODSULPHUDMRUQDGDHQ&KLFKpQ,W]iVXSHGH
ODELRVGHOSURSLRPD\RUTXHVXILQHVWDEDSUy[LPR\TXHHQFRQWUDGHORTXHSXGLHUDLPDJLQDUVX
PXHUWHILMDUtDSUHFLVDPHQWHHOFRPLHQ]RGHPLODERU
6XSHWDPELpQTXHWDO\FRPRPHKDEtDLQVLQXDGRHQRWUDVRFDVLRQHVVXHQIHUPHGDGHUD
FRQVHFXHQFLDGHXQIDOORQRSUHYLVWRHQXQSUR\HFWRVHFUHWROOHYDGRDFDERDxRVDWUiVFXDQGRpO
WRGDYtD SHUWHQHFtD D ODV IXHU]DV DpUHDV QRUWHDPHULFDQDV &XDQGR OH LQWHUURJXp VREUH GLFKR
SUR\HFWR VRVSHFKDQGR TXH SRGtD JXDUGDU XQD HVWUHFKD UHODFLyQ FRQ OD LQIRUPDFLyQ TXH KDEtD
SURPHWLGRGDUPHHOPD\RUPHURJyTXHVLJXLHUDVLHQGRSDFLHQWH\TXHHVSHUDVHXQSRFRPiV
'XUDQWHGRVGtDVPLYLGDWUDQVFXUULySUiFWLFDPHQWHHQODSHTXHxDFDVLWDGHXQDSODQWDDODV
DIXHUDVGH&KLFKpQ\PX\SUy[LPDDODVJUXWDVGH%DODQNDQFKHQHQODFDUUHWHUDTXHGLVFXUUHHQ
GLUHFFLyQ D OD 9DOODGROLG PD\D$OOt /DXUHQFLR \ VX PXMHU YHQtDQ FXLGDQGR D PL DPLJR GHVGH
KDFtDVHLVDxRV
1LTXHGHFLUWLHQHTXHDSURYHFKpDTXHOODPDJQtILFDRSRUWXQLGDGSDUDEXFHDUHQODPHGLGDGH
OR SRVLEOH HQ HO SDVDGR \ HQ OD LGHQWLGDG GHO PD\RU 6LQ HPEDUJR PLV SHVTXLVDV HQWUH ODV
GLYHUVDV DXWRULGDGHV SROLFLDOHV \ ODV JHQWHV GH &KLFKpQ QR IXHURQ WRGR OR IUXFWtIHUDV TXH \R
KXELHUD GHVHDGR 3RU XQ PtQLPR GH GHOLFDGH]D KDFLD PL DPLJR \ SRUTXH KDEtD HPSH]DGR D
HVWLPDUOH DO PDUJHQ LQFOXVR GH OD SURPHWLGD LQIRUPDFLyQ RSWp SRU VXVSHQGHU ORV WtPLGRV \
GLVLPXODGRV VRQGHRV &DGD YH] TXH PH ODQ]DED D OD RSHUDFLyQ GH UDVWUHR XQ VHQWLPLHQWR GH
UHSXJQDQFLDKDFLDPtPLVPRWHUPLQDEDSRUHPEDUJDUPH(UDFRPRVLHVWXYLHUDWUDLFLRQiQGROH
'HFLGtFRUWDUWDOHVPDQLREUDVSURPHWLpQGRPHDPtPLVPRTXHVHUtDLPSODFDEOHVLOOHJDEDHO
FDVRGHTXHODVXSXHVWDLQIRUPDFLyQVHFUHWDDFDEDEDSRUILQHQPLSRGHU
6LQHPEDUJR\JUDFLDVDDTXHOODVSULPHUDVDYHULJXDFLRQHVFRQILUPpFRPRSRVLWLYRVDOJXQRV
GH ORV GDWRV TXH HO PD\RU PH KDEtD IDFLOLWDGR VREUH VX SHUVRQD HUD HIHFWLYDPHQWH GH
QDFLRQDOLGDGQRUWHDPHULFDQDVXSDVDSRUWHDSDUHFtDHQUHJOD\KDEtDSHUWHQHFLGRDOD86$)
$XQTXH pO TXL]i QR OR VXSR QXQFD DQWHV GH UHJUHVDU D (VSDxD \R VDEtD \D VX YHUGDGHUD
LGHQWLGDGDVtFRPRRWURVSHTXHxRVGHWDOOHVVREUHVXOLPSLD\DSDFLEOHYLGDHQHO<XFDWiQ7RGR
HVWRFRPRHVOyJLFRPHWUDQTXLOL]yHKL]RFUHFHUPLFXULRVLGDGHLQWHUpVSRUHVDLQIRUPDFLyQGH
ODTXHWDQWRPHKDEtDKDEODGRHOPD\RU
$QWHV GH SDUWLU DO DQXQFLDUOH DO H[ RILFLDO PL LQWHQFLyQ GH YROYHU D PL SDtV OH H[SXVH FRQ
WRGD FODULGDG PL LQTXLHWXG DQWH VX GHWHULRUDGR HVWDGR GH VDOXG \ OD QR PHQRV LQTXLHWDQWH
FLUFXQVWDQFLD DO PHQRV SDUD Pt GH QR KDEHU REWHQLGR QL OD PiV PtQLPD SLVWD VREUH HO FHORVR
VHFUHWRTXHGHFtDWHQHU
(O PD\RU URJy D /DXUHQFLR TXH OH DFHUFDUD XQ VREUH EODQFR TXH GHVFDQVDED HQ XQR GH ORV
DQDTXHOHVGHODDODFHQDGHOSHTXHxRVDOyQGRQGHFRQYHUViEDPRV&RQJHVWRJUDYHORSXVRHQPLV
PDQRV\FRPHQWy
$TXtWLHQHVODSULPHUDHQWUHJD(OUHVWROOHJDUiDWXSRGHUFXDQGR\RPXHUD
([DPLQpHOVREUHFRQXQFLHUWRQHUYLRVLVPR
(VWiFHUUDGRDSXQWp3XHGRDEULUOR"
7HVXSOLFDUtDTXHORKLFLHUDVOHMRVGHDTXt4XL]iHQHODYLyQ
0LHQWUDVORJXDUGDEDHQWUHODVKRMDVGHPLSDVDSRUWHPLDPLJRDGRSWyXQWRQRPiVUHODMDGR
*UDFLDV(VSUHFLVRTXHFRPSUHQGDVTXHWXE~VTXHGDHPSLH]DDKRUD
0LE~VTXHGD"SHURGHTXp"
(OPD\RUQRUHVSRQGLyDPLVSUHJXQWDV
6yORWHSLGRTXHVLJDVFUH\HQGRHQPt\TXHHPSHxHVWRGRWXFRUD]yQHQGHVFLIUDUODFODYH
TXHWHFRQGXFLUiDPLOHJDGR
6LJRVLQFRPSUHQGHU
1RLPSRUWD$KRUDDQWHVGHTXHQRVDEDQGRQHVWLHQHVTXHSURPHWHUPHDOJR
(OPD\RUVHSXVRHQSLH\\RKLFHORPLVPR(QXQH[WUHPRGHODHVWDQFLD/DXUHQFLRDVLVWtDD
ODHVFHQDFRQVXSURYHUELDOPXWLVPR
3URPpWHPH PH DQXQFLy HO DQFLDQR DO WLHPSR TXH OHYDQWDED VX PDQR GHUHFKD TXH
RFXUUDORTXHRFXUUDMDPiVUHYHODUiVPLLGHQWLGDG
$SHVDUGHPLFUHFLHQWHFRQIXVLyQOHYDQWpWDPELpQPLPDQRGHUHFKD\VHORSURPHWtFRQWRGD
ODVROHPQLGDGGHTXHIXLFDSD]
*UDFLDVRWUDYH]PXUPXUyHOPD\RUPLHQWUDVVHGHMDEDFDHUOHQWDPHQWHVREUHODVLOOD
4XH'LRVWHEHQGLJD
(63$f$
$TXHOODIXHODVHJXQGD\~OWLPDYH]TXHYLFRQYLGDDOPD\RU$OUHJUHVDUD(VSDxD\PLHQWUDV
PLDYLyQVREUHYRODEDORVFUiWHUHVGHO3RSRFDWpSHWOWRPpHQPLVPDQRVHOPLVWHULRVRVREUHTXH
PHKDEtDGDGRHOQRUWHDPHULFDQR/RSDOSpOHQWDPHQWH\FRQVRUSUHVDDGLYLQpDOJRGXURHQVX
LQWHULRU /D FXULRVLGDG GLItFLOPHQWH FRQWHQLGD GXUDQWH DTXHOORV GtDV VH GHVERUGy \ SURFHGt D
DEULUORFRQWRGRHOFXLGDGRGHTXHIXLFDSD]
$O DVRPDUPH D VX LQWHULRU OD GHFHSFLyQ HVWXYR D SXQWR GH SURYRFDUPH XQ SDUR FDUGtDFR
(VWDEDYDFtR2PHMRUGLFKRFDVLYDFtR
0LQXFLRVDPHQWH SHJDGD D ODV SDUHGHV GHO VREUH PHGLDQWH XQD WUDQVSDUHQWH WLUD GH FLQWD
DGKHVLYDKDEtDXQDOODYH
/DDUUDQTXpVLQSRGHUFRQWHQHUPLGHVHQFDQWR\ODIXLSDVDQGRGHXQDDRWUDPDQRVLQVDEHU
TXpSHQVDU
3URFXUpWUDQTXLOL]DUPHHQJDxiQGRPHDPtPLVPRFRQORVPiVGLVSDUHVDUJXPHQWRV3HUROD
YHUGDGGHVQXGD\IUtDVHJXtDDOOtIUHQWHDPtHQIRUPDGHOODYH3DUDFROPRDTXHOODSLH]DGH
FXDWURFHQWtPHWURVHVFDVRVGHORQJLWXGQRSUHVHQWDEDXQVRORVLJQRRLQVFULSFLyQTXHSHUPLWLHUD
DOJ~QWLSRGHLGHQWLILFDFLyQ+DEtDVLGRXVDGDHVRHVWDEDFODUR3HURGyQGH"
'XUDQWHKRUDVPHGHEDWtHQWUHPLOFRQMHWXUDVPH]FODQGRORSRFRTXHPHKDEtDDGHODQWDGRHO
PD\RU FRQ XQ ODEHULQWR GH HVSHFXODFLRQHV \ IDQWDVtDV SURSLDV (O UHVXOWDGR ILQDO IXH XQ VHULR
GRORUGHFDEH]D
$TXtWLHQHVODSULPHUDHQWUHJD
4XpPLVWHULRHQFHUUDEDDTXHOODIUDVH"<VREUHWRGRHQTXpSRGtDFRQVLVWLUHOUHVWR"
(OUHVWROOHJDUiDWXSRGHUFXDQGR\RPXHUD
/R~QLFRFODURRPHGLDQDPHQWHFODURHQWRGRDTXHOHPEUROORHUDTXHODLQIRUPDFLyQHQ
FXHVWLyQRORTXHIXHUDGHEtDGHJXDUGDUDOJXQDUHODFLyQFRQDTXHOODOODYH3HURFXiO"
(UDDEVROXWDPHQWHQHFHVDULRHVSHUDUDQRVHUTXHTXLVLHUDYROYHUPHORFR<HVRIXHORTXH
KLFHDJXDUGDUSDFLHQWHPHQWH
'XUDQWHODSULPDYHUD\HOYHUDQRGHODVFDUWDVGHOPD\RUIXHURQGLVWDQFLiQGRVHFDGD
YH] PiV HQ HO WLHPSR )LQDOPHQWH KDFLD HO PHV GH MXOLR \ FRQ OD FRQVLJXLHQWH DODUPD SRU PL
SDUWHHOILHO/DXUHQFLRIXHHOHQFDUJDGRGHUHVSRQGHUDPLVHVFULWRV
(OPD\RUPHGHFtDHQXQDGHODV~OWLPDVPLVLYDVKDHQWUDGRHQXQSURIXQGRHVWDGR
GHSRVWUDFLyQ$SHQDVVLSXHGHKDEODU
$TXHOODVOHWUDVDXJXUDEDQXQUiSLGR\IDWDOGHVHQODFH0HQWDOPHQWHLQFOXVRPHSUHSDUpSDUD
XQ QXHYR \ SRVWUHU YLDMH DO <XFDWiQ 3RU HQFLPD GH PL LQQHJDEOH \ VRVWHQLGR LQWHUpV
OODPpPRVOH SHULRGtVWLFR KDEtD SUHYDOHFLGR JUDFLDV D 'LRV XQ DUUDLJDGR DIHFWR KDFLD DTXHO
DQFLDQR SUHPDWXUR %LHQ VDEH 'LRV TXH KXELHUD GHVHDGR HVWDU MXQWR D pO HQ HO PRPHQWR GH VX
PXHUWH3HURHOGHVWLQRPHUHVHUYDEDRWURSDSHOHQHVWDGHVFRQFHUWDQWHKLVWRULD
)XHFDVXDOLGDG"6LQFHUDPHQWH\DQRVpTXpSHQVDU
(OFDVRHVTXHDTXHOGHVHSWLHPEUHGHIHFKDGHPLFXPSOHDxRVOOHJyDPLSRGHU
XQDQXHYDFDUWDSURFHGHQWHGH&KLFKpQ,W]i(QXQDVODFyQLFDVIUDVHV/DXUHQFLRPHDQXQFLDEDOR
VLJXLHQWH
7HQJRHOGRORURVRGHEHUGHFRPXQLFDUOHTXHQXHVWURFRP~QKHUPDQRHOPD\RUIDOOHFLy
HOSDVDGRGHDJRVWR6LJXLHQGRVXVLQVWUXFFLRQHVOHDGMXQWRXQVREUHTXHVyORXVWHGGHEHUi
DEULU
$XQTXHODQRWLFLDQRPHFRJLySRUVRUSUHVDGHERFRQIHVDUTXHODGHVDSDULFLyQGHPLDPLJR
PHVXPLyGXUDQWHYDULRVGtDVHQXQDVLQJXODUPHODQFROtDFRPSDUDEOHTXL]iFRQODWULVWH]DTXHPH
SURGXMRXQDxRGHVSXpVHOIDOOHFLPLHQWRGHRWURHQWUDxDEOHPDHVWUR\DPLJR0DQXHO2VXQD
$TXHOODPLVPDWDUGHGHOGHVHSWLHPEUHFRQHOiQLPRHQFRJLGRFRQGXMHPtDXWRPyYLOKDVWD
ORVDFDQWLODGRVGH3XQWD*DOHD<DOOtIUHQWHDOD]XO\PDQVR&DQWiEULFRUHFpSRUHOPD\RU
$OOt PLVPR HQ PHGLR GH OD VROHGDG TXHEUp HO ODFUH TXH SURWHJtD HO VREUH \ H[WUDMH VX
FRQWHQLGR
&XULRVDPHQWH HQ FRQWUD GH OR TXH \R PLVPR KXELHUD LPDJLQDGR VHPDQDV DWUiV HQ DTXHOORV
LQVWDQWHVPLDORFDGDFXULRVLGDG\HOGHVHQIUHQDGRLQWHUpVSRUGHVHQWUDxDUHOPLVWHULRGHOPD\RU
SDVDURQDXQVHJXQGRSODQR'XUDQWHPiVGHGRVKRUDVODDQVLDGDVHJXQGDHQWUHJDSHUPDQHFLy
FDVLROYLGDGDVREUHHODVLHQWRFRQWLJXRGHPtFRFKH
9HUGDGHUDPHQWH\RKDEtDHVWLPDGRDDTXHODQFLDQR
3HUR DO ILQ FRPR GLJR VH LPSXVR PL FXULRVLGDG (O VREUH FRQWHQtD GRV JUDQGHV KRMDV GH
SDSHOUHFLR\FXDGULFXODGR5HFRQRFtGHLQPHGLDWRODOHWUDSXQWLDJXGDGHOPD\RU
8QR GH ORV IROLRV HUD XQD FDUWD HVFULWD SRU DPEDV FDULOODV (VWDED IHFKDGD HQ HO PHV GH
DJRVWRGH(VRVLJQLILFDEDSRUSXUDGHGXFFLyQTXHHOPD\RUKDEtDWRPDGRODGHFLVLyQ
GHFRQILDUPHVXVHFUHWRSRFRGHVSXpVGHPLSULPHUHQFXHQWURFRQpORFXUULGRHOGHDEULOGH

/D FDUWD TXH DSDUHFtD ILUPDGD FRQ VXV QRPEUHV \ DSHOOLGRV HUD HQ UHDOLGDG XQD SRVWUHUD
UHFRPHQGDFLyQSDUDTXHSURFXUDUDPDQWHQHUPHHQHOFDPLQRGHODKRQUDGH]\GHODPRUKDFLDPLV
VHPHMDQWHV(QHO~OWLPRSiUUDIR\FDVLGHSDVDGDHOPD\RUKDFtDUHIHUHQFLDDODIDPRVDVHJXQGD
HQWUHJD H[SOLFiQGRPH TXHSDUD OOHJDU D OD LQIRUPDFLyQ TXH WDQWR GHVHDED GHEHUtD SULPHUR
GHVFLIUDUODFODYHTXHPHDGMXQWDEDHQKRMDDSDUWH
3RU~OWLPR\FRQXQWRVFRSHUROODPDWLYRVXEUD\DGRPHURJDEDTXHKLFLHUDXQEXHQXVRGH
GLFKDLQIRUPDFLyQ
0LGHVHRHVTXHFRQHOODSXHGDVOOHYDUXQSRFRPiVGHSD]DFXDQWRVFRPRW~\FRPR
\RHVWDPRVHPSHxDGRVHQODE~VTXHGDGHOD9HUGDG
(OVHJXQGRSDSHOLJXDOPHQWHPDQXVFULWRSRUHOPD\RUSUHVHQWDEDXQWRWDOGHFLQFRIUDVHVHQ
LQJOpVTXHDSULPHUDYLVWDUHVXOWDEDQDEVXUGDVHLQFRQJUXHQWHV
+HDTXtODWUDGXFFLyQ
(OFHQWLQHODTXHYHODDQWHODWXPEDWHUHYHODUiHOULWXDOGH$UOLQJWRQ
/ODYH\ULWXDOFRQGXFHQD%HQMDPtQ
$EUHWXVRMRVDQWH-RKQ)LW]JHUDOG.HQQHG\
(OKHUPDQRGXHUPHHQ:/DVRPEUDGHOQtVSHUROHFXEUHDODWDUGHFHU
3DVDGR\IXWXURVRQPLOHJDGR
(OPD\RUXQDYH]PiVSDUHFtDGLVIUXWDUFRQDTXHOMXHJR2QRVHWUDWDEDGHXQMXHJR"0H
SUHJXQWpPLOYHFHVSRUTXpWDQWRVURGHRV\SUHFDXFLRQHV6LPLDPLJRKDEtDPXHUWROROyJLFRHV
TXH PH KXELHUD IDFLOLWDGR OD WUDtGD \ OOHYDGD LQIRUPDFLyQ VLQ QHFHVLGDG GH QXHYDV
FRPSOLFDFLRQHV
3HURODVFRVDVHVWDEDQFRPRHVWDEDQ\PL~QLFDDOWHUQDWLYDHUDGHGHVSHMDUDTXHOODFDGDYH]
PiVHQUHGDGDPDGHMD
&RPR VXSRQGUi HO OHFWRU SDVp KRUDV FRQ ORV FLQFR VHQWLGRV SHJDGRV D DTXHOODV IUDVHV
7HQWDGR HVWXYH GH DFXGLU D DOJXQRV GH PLV DPLJRV HQ EXVFD GH D\XGD 3HUR PH FRQWXYH 0H
KXELHUDYLVWRIRU]DGRDSRQHUOHVHQDQWHFHGHQWHVGHWDQODUJDHLQFUHtEOHKLVWRULD\VREUHWRGR
FRQIRUPHIXHSDVDQGRHOWLHPSROHMRVGHGHVDQLPDUPHHQFDMpHODVXQWRFRPRXQUHWRSHUVRQDO
<ORVTXHPHFRQRFHQXQSRFRVDEHQTXHpVDHVXQDGHPLVGHELOLGDGHV
'H HQWUDGD OR ~QLFR TXH HVWDED FODUR HV TXH OD OODYH TXH PH GLHUD HO PD\RU JXDUGDED XQD
LQGXGDEOH\HVWUHFKDUHODFLyQFRQODVHJXQGDIUDVH(VDOODYHGHEHUtDFRQGXFLUPHROOHYDUPH
KDVWD%HQMDPLQ3HURTXpRTXLpQHUD%HQMDPLQ"
8QD \ RWUD YH] SRU HVSDFLR GH FDVL WUHV VHPDQDV GHVPHQXFp IUDVH SRU IUDVH \ SDODEUD SRU
SDODEUD/OHYpDFDERORVPiVGLVSDUDWDGRVFDPELRV\VDOWRVHQODVIUDVHVEXVFDQGRXQVHQWLGR
PiVOyJLFR)XHLQ~WLO
$ IXHU]D GH EXFHDU HQ OD FODYH WHUPLQp SRU DSUHQGpUPHOD GH PHPRULD $TXHO PHV GH
VHSWLHPEUH \ SDUWH GHO VLJXLHQWH YLYt SRU \ SDUD DTXHO PHQVDMH FLIUDGR 3DVDED ORV GtDV
GHDPEXODQGR VLQ QRUWH DOJXQR \ FRQ OD PLUDGD H[WUDYLDGD DMHQR SUiFWLFDPHQWH D FXDQWR PH
URGHDED )XHURQ PLV KLMRV \ HVSHFLDOPHQWH 5DTXHO TXLHQHV SDGHFLHURQ FRQ PiV FUXGH]D PLV
DSDUHQWHPHQWHDEVXUGRVHLQH[SOLFDEOHVFDPELRVGHFDUiFWHUPLVFRQWLQXDVGHSUHVLRQHV\KDVWD
XQD LQMXVWD LUDVFLELOLGDG (VSHUR TXH DKRUD DO OHHU HVWDV OtQHDV SXHGDQ FRPSUHQGHUPH \
SHUGRQDUPH
/OHJXpLQFOXVRDFRQVXOWDUFRQH[SHUWRVFHUUDMHURVTXHH[DPLQDURQODPLVWHULRVDOODYHGHVGH
WRGRV ORV iQJXORV SRVLEOHV (O UHVXOWDGR HUD VLHPSUH LGpQWLFR DOHDFLyQ FRUULHQWH GLHQWHV
UXWLQDULRVWRGRRUGLQDULR
3HURDTXHOODVLWXDFLyQTXHHPSH]DEDDUR]DUORVSRFRGHVHDEOHVOtPLWHVGHODREVHVLyQ
QRSRGtDFRQWLQXDU<XQEXHQGtDKLFHEDODQFH4XpWHQtDUHDOPHQWHHQWUHODVPDQRV"$TXp
FRQFOXVLRQHVKDEtDOOHJDGR"
'HVJUDFLDGDPHQWHSRGtDQOLPLWDUVHDXQSDUGHSLVWDV
D $UOLQJWRQ HV XQ FHPHQWHULR QRUWHDPHULFDQR <R VDEtD TXH VH WUDWDED GHO FpOHEUH
FDPSRVDQWRGHORVKpURHVGHJXHUUDGHDTXHOODQDFLyQ
0HGRFXPHQWpFXDQWRSXGH\FRPSUREpHQHIHFWRTXHHQGLFKROXJDUH[LVWHXQDWXPEDTXH
JXDUGD ORV UHVWRV GH XQ VROGDGR GHVFRQRFLGR 3RU SXUD OyJLFD GHGXMH TXH GLFKD WXPED HVWDUtD
FXVWRGLDGDRYLJLODGDSRUDOJXQDJXDUGLDGHKRQRU
3RGtDUHIHULUVHHOPD\RUDGLFKRFHQWLQHOD"
D7DPELpQHQHO&HPHQWHULR1DFLRQDOGH$UOLQJWRQHVWiHQWHUUDGRHOSUHVLGHQWH.HQQHG\
3HURSRUTXpGHEtDDEULUPLVRMRVDQWH-RKQ)LW]JHUDOG.HQQHG\"
(VWRVHUDQORV~QLFRVSXQWRVHQFRP~QTXH\RKDEtDVLGRFDSD]GHWUHQ]DU
(OFHQWLQHODTXHYHODDQWHODWXPEDWHUHYHODUiHOULWXDOGH$UOLQJWRQ(VWDSULPHUDIUDVHPH
WHQtDWUDVWRUQDGR1RKDFtDIDOWDVHUPX\GHVSLHUWRSDUDFRPSUHQGHUTXHXQDGHODVSLH]DVFODYHV
WHQtDTXHUHVLGLUHQODSDODEUDULWXDO8QDSUXHEDGHHOORHVTXHHOPD\RUVHKDEtDHQFDUJDGR
GHUHSHWLUODHQODVHJXQGDVHFXHQFLD
&XiOHUDHVHULWXDO"3RUTXpGHEtDVHUHOFHQWLQHODTXLHQPHORUHYHODUD"(VTXHWHQtDTXH
SUHJXQWiUVHOR"3HURGHVHUDVtDTXLpQGHEtDDFXGLU"
1R KDEtD YXHOWD GH KRMD HO SULPHU SDVR WHQtD TXH VHU HO GHVFLIUDPLHQWR GHO PDOGLWR ULWXDO
6yORDVtSRGUtDVDEHUHVRSHQVDED\RHQWRQFHVTXpRTXLpQHUD%HQMDPtQ
(Q FXDQWR D ODV GRV ~OWLPDV IUDVHV GH OD FODYH VLQFHUDPHQWH SUHVFLQGt WHPSRUDOPHQWH GH
HOODV
3RFRPHIDOWySDUDOODPDUDPLEXHQDPLJR&KHQFKR$ULDVHQDTXHOODVIHFKDVGLUHFWRUGHOD
2ILFLQD GH ,QIRUPDFLyQ 'LSORPiWLFD GHO 0LQLVWHULR GH $VXQWRV ([WHULRUHV HVSDxRO &RQ WRGD
VHJXULGDG\PHUFHGDVXVFRQWDFWRVHQ:DVKLQJWRQPHKXELHUDGHVSHMDGRSDUWHGHOFDPLQR3HUR
ORSHQVpGRVYHFHV\DSDUTXpODLGHD'HVSXpVGHWRGRKXELHUDQTXHGDGRFXDWURIUDVHVPiVSRU
DFODUDU
1RKDEtDRWUDVROXFLyQWHQtDTXHYRODUD(VWDGRV8QLGRV\HQIUHQWDUPHDOSUREOHPDDFXHUSR
GHVFXELHUWR
:$6+,1*721
$ODVKRUDVGHOGRPLQJRGHRFWXEUHHOYXHORGHODFRPSDxtDQRUWHDPHULFDQD
7:$GHVSHJDEDGHODHURSXHUWRGH%DUDMDVDOFDQ]DQGRVXQLYHOGHFUXFHURSLHVHQ
SRFRPiVGHPLQXWRV
1XHVWUDSUy[LPDHVFDOD1XHYD<RUNTXHGDEDDPLOHVGHPLOODV+DEtDWLHPSRGHVREUD
SDUD SODQLILFDU OD HVWUDWHJLD D VHJXLU XQD YH] HQ :DVKLQJWRQ DVt FRPR SDUD VDERUHDU XQD IUtD
FHUYH]D \ FDPELDU LPSUHVLRQHV FRQ ORV FROHJDV \ DPLJRV TXH RFXSDEDQ EXHQD SDUWH GH DTXHO
UHDFWRU
(UDFXULRVR6HQFLOODPHQWHLQFUHtEOH
3RU DTXHOODV IHFKDV PLHQWUDV \R PH HVWUXMDED HO FHUHEUR SXMDQGR SRU GHVHQWUDxDU OD
HQLJPiWLFD FODYH GHO PD\RU RWUR VXFHVR YLQR D HQUHGDU D~Q PiV ODV FRVDV (Q XQ HVSOpQGLGR
DUWtFXORHQ$%&HOHVFULWRU7RUFXDWR/XFDGH7HQDRIUHFtDDORVHVSDxROHVODSULPLFLDVREUHXQRV
IDQWiVWLFRVGHVFXEULPLHQWRVHQORVRMRVGHOD9LUJHQGH*XDGDOXSHHQODFLXGDGGH0p[LFR)XH
FRPR XQ HVFRSHWD]R$TXHO QXHYR FHER D NLOyPHWURV SUHFLSLWy PL GHFLVLyQ GH VDOWDU
QXHYDPHQWHDOFRQWLQHQWHDPHULFDQR
$TXHOORMXVWLILFDEDGREOHPHQWHPLYLDMH6LQHPEDUJRSRUHQpVLPDYH]WXYHTXHKDFHUIUHQWH
DO VLHPSUH SURVDLFR SHUR LQHYLWDEOH FDStWXOR GHO GLQHUR 0L SODQ HVWDED FODUR SULPHUR
:DVKLQJWRQ'HVSXpV0p[LFR(VWDYH]QRREVWDQWHODIRUWXQDPHVRQULyUiSLGDPHQWH2QRIXH
OD IRUWXQD" (O FDVR HV TXH DQWHV GH TXH SXGLHUD FRPSOLFDUPH OD H[LVWHQFLD XQD SURYLGHQFLDO
OODPDGDWHOHIyQLFDGHVGH0DGULGPHSXVRDOFRUULHQWHGHOLQPLQHQWHYLDMHGH6600ORV5H\HV
GH(VSDxDD(VWDGRV8QLGRV<RKDEtDDFRPSDxDGRDGRQ-XDQ&DUORV\DGRxD6RItDHQRWUDV
YLVLWDVGH(VWDGR\VDEtDTXHDTXpOODHUDXQDRSRUWXQLGDGTXHQRSRGtDGHMDUHVFDSDU(QWUHRWUDV
LPSRUWDQWHV UD]RQHV SRUTXH HVH WLSR GH YLDMHV UHVXOWD VLHPSUH PX\ DVHTXLEOH D OD PRGHVWD
HFRQRPtDGHORVSURIHVLRQDOHVGHOSHULRGLVPR
$Vt IXH FRPR DTXHO GH RFWXEUH GH \ HQ FRPSDxtD GH XQD WUHLQWHQD GH SHULRGLVWDV
HVSDxROHVXQVHJXQGRUHDFWRUGHOD7:$HOYXHORPHVLWXDEDHQHODHURSXHUWRQDFLRQDO
GHODFDSLWDOIHGHUDOGHORV(VWDGRV8QLGRV(UDQODVKRUDORFDOGH:DVKLQJWRQ
$SHVDUGHPLFUHFLHQWHLQTXLHWXG\QHUYLRVLVPRPLDQVLDGDYLVLWDDO&HPHQWHULR1DFLRQDO
GH $UOLQJWRQ WXYR TXH VHU GHPRUDGD KDVWD HO GtD VLJXLHQWH OXQHV $TXHO PHV GH RFWXEUH HO
FDPSRVDQWR GH ORV KpURHV QRUWHDPHULFDQRV FHUUDED VXV SXHUWDV D ODV FLQFR GH OD WDUGH <
DPSDUiQGRPHHQHOFDQVDQFLRGHOYLDMHGHFOLQpODLQYLWDFLyQGHPLVHQWUDxDEOHVDPLJRV-DLPH
3HxDILHO*LDQL)HUUDUL\$OEHUWR6FKRPPHUSDUDYLVLWDUODFLXGDGHQFHUUiQGRPHDFDO\FDQWRHQ
OD KDELWDFLyQ GHO KRWHO 0DUULRW VHGH \ FXDUWHO JHQHUDO GH OD SUHQVD HVSDxROD (OORV SRU
VXSXHVWRHUDQDMHQRVDORVYHUGDGHURVREMHWLYRVGHPLYLDMH
+DVWDDOWDVKRUDVGHODPDGUXJDGDSHUPDQHFtHQIUDVFDGRHQHOSRVLEOHSODQGHDWDTXH8Q
SODQGLFKRVHDGHSDVRTXHFRPRVLHPSUHWHUPLQDUtDSRUH[SHULPHQWDUVHQVLEOHVYDULDFLRQHV
3HURWUDWDUpGHLUSRUSDUWHV
$ODVQXHYHGHODPDxDQDGHOGtDVLJXLHQWHGHRFWXEUHFRQPLVFiPDUDVDOKRPEUR\XQ
LQRFHQWHDLUHGHWXULVWDGHVSLVWDGRPHDFHUFDEDKDVWDODVRILFLQDVGHO7HPSRUDU\9LVLWRUV&HQWHU
D ODV SXHUWDV GHO &HPHQWHULR 1DFLRQDO GH $UOLQJWRQ $OOt XQD DPDEOH IXQFLRQDULD SODQR HQ
PDQRPHVHxDOyHOFDPLQRPiVFRUWRSDUDORFDOL]DUOD7XPEDGHO6ROGDGR'HVFRQRFLGR8QD
OHYH\IUHVFDEULVDSURFHGHQWHGHOUtR3RWRPDFKDEtDHPSH]DGRDPHFHUODVUDPDVGHORViODPRV
\DEHWRVTXHVHDOLQHDQDDPERVODGRVGHOGULYHRSDVHRGH0F&OHOODQ$ORVSRFRVPLQXWRV\
WHPEODQGRGHHPRFLyQGLYLVpODVSOD]DVGH:KHDWRQ\2WLVHLQPHGLDWDPHQWHGHWUiVODWXPEDDOD
TXHVLQGXGDKDFtDUHIHUHQFLDHOPHQVDMHGHPLDPLJRHOPD\RU
$XQTXHHOFHPHQWHULRKDEtDDELHUWRVXVSXHUWDVKDFtDHVFDVDPHQWHXQDKRUDXQQXWULGRJUXSR
GHWXULVWDVVHUHSDUWtD\DDORODUJRGHODFDGHQDTXHDtVODODSHTXHxDH[SODQDGDGHJUDQGHVORVDV
JULVHVHQODTXHVHHQFXHQWUDHOJUDQPDXVROHRGHPiUPROEODQFRHQHOTXHUHSRVDQORVUHVWRVGH
XQVROGDGRQRUWHDPHULFDQRFDtGRHQORVFDPSRVGHEDWDOODGH(XURSD\RWUDVGRVVHSXOWXUDVD
GHUHFKDHL]TXLHUGDGHODQWHULRUHQODVTXHIXHURQLQKXPDGRVRWURVGRVVROGDGRVGHVFRQRFLGRV
PXHUWRVHQODVHJXQGDJXHUUDPXQGLDO\HQODGH&RUHDUHVSHFWLYDPHQWH
$OOtHVWDEDHOFHQWLQHODHO~QLFRVHJ~QPHLQIRUPDURQHQHO&HQWURGH9LVLWDQWHVTXHPRQWD
JXDUGLDSHUPDQHQWHHQ$UOLQJWRQ
(OFHQWLQHODTXHYHODDQWHODWXPEDWHUHYHODUiHOULWXDO
0LV SULPHURV PLQXWRV IUHQWH D OD WXPED IXHURQ XQD LQGHVFULSWLEOH PH]FOD GH DWXUGLPLHQWR
FRQIXVLyQ\DEVXUGDSULVDSRUDVLPLODUFXDQWRPHURGHDED
<HQPLWDGGHDTXHOFDRVPHQWDOODSULPHUDIUDVHGHOPD\RU
(OFHQWLQHODTXHYHOD
'HVSXpV GH GRV KRUDV GH REVHUYDFLyQ FRQ ORV iQLPRV DOJR PiV UHSRVDGRV VDTXp PL
FXDGHUQR GH ELWiFRUD \ FRPHQFp XQD IUHQpWLFD DQRWDFLyQ GH FXDQWR KDEtD VLGR FDSD] GH
SHUFLELU
(OFHQWLQHODSXQWRFHQWUDOGHPLVLQGDJDFLRQHVHUDUHOHYDGRFDGDKRUD(VRVLJQLILFDEDQ
PLQXWRV/DYHUGDGHVTXHFRQIRUPHLEDHVFULELHQGRPXFKDVGHDTXHOODVREVHUYDFLRQHVPH
SDUHFLHURQ ULGtFXODV 3HUR QR HVWDED HQ FRQGLFLRQHV GH GHVSUHFLDU QL HO PiV QLPLR GH ORV
GHWDOOHV
7DPELpQ KLFH XQD H[KDXVWLYD GHVFULSFLyQ GH VX LQGXPHQWDULD JXHUUHUD D]XO RVFXUD FDVL
QHJUD SDQWDOyQ LJXDOPHQWH D]XO DOJR PiV FODUR FRQ XQD UD\D DPDULOOD HQ ORV FRVWDGRV RFKR
ERWRQHV SODWHDGRV JXDQWHV EODQFRV \ JRUUD QHJUD GH SODWR $O KRPEUR XQ PRVTXHWyQ FRQ OD
ED\RQHWDFDODGD
2EVHUYR VHJXt DQRWDQGRTXH HO FHQWLQHOD DO OOHJDU DO ILQDO GH VX FRUWR \ PDUFLDO
GHVILOH DQWH ODV WXPEDV FDPELD VLHPSUH HO DUPD GH KRPEUR &XULRVDPHQWH HO IXVLO QXQFD
DSDUHFHHQIUHQWDGRDOPDXVROHR
3HURTXpWHQtDTXHYHUWRGRDTXHOORFRQHOGLFKRVRULWXDO"
(O FRUWR SDVHR GHO VROGDGR IUHQWH D ORV VHSXOFURV GLVFXUUtD PRQyWRQD \ VLOHQFLRVDPHQWH
(VWDEDFODURTXHHOFHQWLQHODQRSRGtDKDEODU&RPRHVIiFLOGHFRPSUHQGHUQRPHKLFHLOXVLRQHV
UHVSHFWR D OD UHPRWD SRVLELOLGDG GH LQWHUURJDUOH VREUH HO ULWXDO GH $UOLQJWRQ (Q DTXHOOD
SULPHUD IUDVH GH VX RVFXUD FODYH HO PD\RU WDPSRFR DILUPDED TXH GLFKR VROGDGR SXGLHUD
WUDQVPLWLUPHGHYLYDYR]HOFLWDGRULWXDO/DH[SUHVLyQWHUHYHODUiSRGtDVHULQWHUSUHWDGDGH
PX\GLYHUVDVIRUPDVDXQTXHFDVLGHVGHHOSULQFLSLRGHVFDUWpODGHXQKLSRWpWLFRGLiORJRFRQHO
PLHPEUR GH OD 9LHMD *XDUGLD (O VHFUHWR WHQtD TXH HVWDU HQ RWUD SDUWH 6HJXUDPHQWH \
FRQVLGHUDQGR TXH XQ ULWXDO HV XQD FHUHPRQLD KDEUtD TXH FRQFHQWUDU ODV IXHU]DV HQ WRGR OR
FRQFHUQLHQWHDGLFKRULWR
8QWDQWRDEXUULGR\SRUDTXHOORGHQROHYDQWDUVRVSHFKDVDQWHPLSURORQJDGDSUHVHQFLDHQOD
SOD]D HVWH GHO DQILWHDWUR SURFXUH UHSDUWLU OD PDxDQD \ SDUWH GH OD WDUGH HQWUH HO VLHPSUH
FRQFXUULGR UHFLQWR GHO 6ROGDGR 'HVFRQRFLGR \ OD OiSLGD GHO PDORJUDGR SUHVLGHQWH .HQQHG\
XELFDGDDSRFRPiVGHPHWURVHQODIDOGDRULHQWDOGHODFROLQDTXHUHPDWDQSUHFLVDPHQWHODV
PHQFLRQDGDVWUHVWXPEDVGHORVQRUWHDPHULFDQRVGHVFRQRFLGRV
$EUHWXVRMRVDQWH-RKQ)LW]JHUDOG.HQQHG\UH]DEDODWHUFHUDIUDVHGHOPHQVDMH
3HUR SRU PiV TXH ORV DEUt PL PHQWH VLJXLy HQ EODQFR 6XPp LQFOXVR ORV Q~PHURV GH VXV
IHFKDVGHQDFLPLHQWR\PXHUWHVLQUHVXOWDGRDOJXQR3RUSXUDLQHUFLDMXJXpFRQOD
HGDG GHO SUHVLGHQWH PRQWDQGR XQ VLQItQ GH FiEDODV WDQ DEVXUGDV FRPR HVWpULOHV &UHR TXH OR
~QLFRSRVLWLYRGHDTXHOODVODUJDVKRUDVIUHQWHDODVHSXOWXUDGH.HQQHG\\GHODVGHORVGRVKLMRV
TXH IDOOHFLHURQ DQWHV TXH pO IXH HO SDGUHQXHVWUR TXH GHMp FDHU HQ VLOHQFLR FRPR XQ PRGHVWR
UHFRQRFLPLHQWRDVXWUDEDMR
$ ODV WUHV GH OD WDUGH KDPEULHQWR \ PHGLR GHUURWDGR PH GHMp FDHU VREUH ODV SXOFUDV \
EODQFDV HVFDOLQDWDV GHO PLQ~VFXOR DQILWHDWUR TXH VH OHYDQWD IUHQWH D ODV WUHV VHSXOWXUDV (Q PL
FXDGHUQRSODJDGRGHQ~PHURVFRPHQWDULRVPiVRPHQRVDFHUWDGRV\KDVWDGLEXMRVGHORVGLH]
FHQWLQHODVTXHKDEtDYLVWRGHVILODUKDVWDHVHPRPHQWRVyORKDEtDHVSDFLR\DSDUDODGHVLOXVLyQ
&UHRTXHYR\DGHVIDOOHFHUHVFULEt1RVR\ORVXILFLHQWHPHQWHLQWHOLJHQWH
(O FHQWLQHOD Q~PHUR VHLV WUDV XQD GH DTXHOODV PRQyWRQDV SDXVDV SDVy VX PRVTXHWyQ DO
KRPEURFRQWUDULR\UHDQXGyHOSDVR'HODIRUPDPiVWRQWDDWUDtGRSUREDEOHPHQWHSRUHOEULOOR
GHVXVERWLQHVFRPHQFpDFRQWDUFDGDXQDGHODV]DQFDGDVDOWLHPSRTXHODVKDFtDFRLQFLGLUFRQ
XQLPSURSHULRSUHPLRDPLSUREDGDLQHSWLWXG
7UHV LGLRWD FXDWUR LPEpFLO VLHWH QHFLR YHLQWH PHQWHFDWR YHLQWLXQR
LOXVR
(O VROGDGR VH GHWXYR 1XHYD SDXVD *LUy &DPELy HO IXVLO 1XHYD SDXVD < SURVLJXLy VX
GHVILOH
'RVPHUOX]RFXDWUREXUURGRFHFDODPLGDGYHLQWHSDUDQRLFRYHLQWLXQR
9HLQWLXQR"(O~OWLPRLQVXOWRIXHVXVWLWXLGRSRUXQHVFDORIUtR+HFRQWDGRELHQ"
(OFHQWLQHODKDEtDGDGRSDVRV0LGHFDLPLHQWRVHHVIXPy0HSXVHHQSLH\YROYtDFRQWDU
GLHFLQXHYHYHLQWH\9HLQWLXQR
1R PH KDEtD HTXLYRFDGR$TXHOOD QXHYD SLVWD KL]R UHVXFLWDU PL HQWXVLDVPR &yPR QR PH
KDEtDGDGRFXHQWDPXFKRDQWHV"
$YDQFpKDFLDODFDGHQDGHVHJXULGDG\UHORMHQPDQRFURQRPHWUpHOWLHPSRTXHFRQVXPtDHO
VROGDGRHQFDGDGHVSOD]DPLHQWR
VHJXQGRV9HLQWL~QSDVRV\YHLQWL~QVHJXQGRV"
+LFHQXHYDVSUXHEDV\WRGDVDEVROXWDPHQWHWRGDVDUURMDEDQLGpQWLFRUHVXOWDGR
4XpVLJQLILFDEDDTXHOOR"6HWUDWDEDGHXQDFDVXDOLGDG"
3LFDGR HQ PL DPRU SURSLR PH SURSXVH FRQWDELOL]DU KDVWD HO PiV LQVLJQLILFDQWH GH ORV
PRYLPLHQWRVGHOFHQWLQHOD
)XHHQWRQFHVDOFRQWDUHOWLHPSRLQYHUWLGRSRUHOVROGDGRHQFDGDXQDGHVXVSDXVDVFXDQGR
PLFRUD]yQFRPHQ]yDDFHOHUDUVHVHJXQGRV
1RSXHGHVHUPHGLMHDPtPLVPRWHPEODQGRSRUODHPRFLyQVHJXUDPHQWHHVWR\HQXQ
HUURU
3HURQR&RPRVLVHWUDWDVHGHXQURERWHOFHQWLQHODFDPLQDEDSDVRVHPSOHDQGRHQHOOR
VHJXQGRV 6H GHWHQtD H[DFWDPHQWH GXUDQWH VHJXQGRV JLUDQGR \ FDPELDQGR HO DUPD GH
SRVLFLyQ /D QXHYD SDXVD DQWHV GH SURVHJXLU FRQ HO GHVILOH GXUDED RWURV VHJXQGRV \ DVt
VXFHVLYDPHQWH
$QRWpPLGHVFXEULPLHQWR\UHOHtODFODYHGHOPD\RUFRQXQDHVSHFLDOIUXLFLyQ
(OFHQWLQHODTXHYHODDQWHODWXPEDWHUHYHODUiHOULWXDOGH$UOLQJWRQ1RSXHGHVHUXQD
FDVXDOLGDGPHUHSHWtDREVHVLYDPHQWH3HURSRUTXp"4XpVLJQLILFDHOQ~PHUR"
&RQHOILQGHDVHJXUDUPHHVSHUpORVGRV~OWLPRVFDPELRVGHODJXDUGLD\UHSHWtORVFiOFXORV
/RVVROGDGRVQ~PHURVVLHWH\RFKRVHFRPSRUWDURQH[DFWDPHQWHLJXDO
$EVWUDtGRFRQDTXHOODFLIUDDSXQWRHVWXYHGHTXHGDUPHHQFHUUDGRHQHOFHPHQWHULR
&RQ XQD H[WUDxD DOHJUtD YROYt D UHIXJLDUPH HQ HO KRWHO VXPLpQGRPH HQ XQ VLQItQ GH
FDYLODFLRQHV
$ODPDxDQDVLJXLHQWH\GHVSXpVGHXQDQRFKHSUiFWLFDPHQWHHQYHODPHXQtDODFRPLWLYD
GHSHULRGLVWDV$XQTXHPLVSHQVDPLHQWRVVHJXtDQILMRVHQOD7XPEDGHO6ROGDGR'HVFRQRFLGR\
HQDTXHOPLVWHULRVRQ~PHURRSWpSRUDSURYHFKDUDTXHOODLUUHSHWLEOHRSRUWXQLGDGGHYLVLWDUHO
LQWHULRUGHOD&DVD%ODQFD\FRQWHPSODUGHFHUFDDOSUHVLGHQWH5HDJDQDOJHQHUDO\VHFUHWDULRGH
(VWDGR+DLJ\SRUVXSXHVWRDORVUH\HVGHPLSDtV
'HVSXpV GH VRSRUWDU XQ VLQItQ GH FRQWUROHV \ UHJLVWURV PH VLWXp FRQ PLV FRPSDxHURV HQ HO
PLPDGtVLPRFpVSHGTXHVHH[WLHQGHIUHQWHDODIDPRVD&DVD%ODQFD
$ ODV GLH] HQ SXQWR \ FRLQFLGLHQGR FRQ OD OOHJDGD GH GRQ -XDQ &DUORV \ GRxD 6RItD ODV
EDWHUtDVVLWXDGDVDXQFHQWHQDUGHPHWURVDWURQDURQHOHVSDFLRFRQODVVDOYDVGHRUGHQDQ]D
$OJXLHQD PLHVSDOGDKDEtD LGR OOHYDQGRODFXHQWD GHORV FDxRQD]RV H KL]RXQ FRPHQWDULR
TXHQXQFDSRGUpDJUDGHFHUVXILFLHQWHPHQWH
9HLQWH\YHLQWLXQR
0HYROYtFRPRPRYLGRSRUXQUHVRUWH\SUHJXQWp
(VTXHVRQ"
(O SHULRGLVWD PH PLUy GH KLWR HQ KLWR \ H[FODPy FRPR VL WXYLHUD GHODQWH D XQ HVW~SLGR
LJQRUDQWH
(VHOVDOXGRULWXDOVDOYDV
$OUHJUHVDUDO0DUULRWWWRPpHOWHOpIRQRGLVSXHVWRDVROYHQWDUPLVGXGDVGHXQSOXPD]R
0DUTXpHO\SUHJXQWpSRUPtVWHU:LOWRQHQFDUJDGRGH5HODFLRQHV3~EOLFDV\3UHQVD
HQHO&HPHQWHULR1DFLRQDOGH$UOLQJWRQ
(OEXHQKRPEUHGHELyTXHGDUDWyQLWRDOHVFXFKDUPLSUREOHPD
0LUHXVWHGVR\SHULRGLVWDHVSDxRO\GHVHDEDSUHJXQWDUOHVLHOQ~PHURJXDUGDUHODFLyQ
FRQDOJ~QULWXDO
6HUHILHUHXVWHGDOD7XPEDGHO6ROGDGR'HVFRQRFLGR"
6t
(IHFWLYDPHQWHSXQWXDOL]yPtVWHU:LOWRQHOULWXDOGH$UOLQJWRQVHEDVDSUHFLVDPHQWHHQ
HVHQ~PHUR&RPRXVWHGVDEHHOVDOXGRDORVPiVDOWRVGLJQDWDULRVVHEDVDHQHOQ~PHUR
'LVFXOSHPLLQVLVWHQFLDSHURHVWiXVWHGVHJXUR"
1DWXUDOPHQWH
$OFROJDUHODXULFXODUPHGLHURQJDQDVGHVDOWDU\JULWDU$EUtPLFXDGHUQRGHDQRWDFLRQHV\
UHSDVpODFODYHGHOPD\RU
6L HO ULWXDO GH $UOLQJWRQ HV HO Q~PHUR OD VHJXQGD IUDVH OODYH \ ULWXDO FRQGXFHQ D
%HQMDPtQHPSH]DEDDWHQHUFLHUWRVHQWLGR(VWDEDFODURTXHPLOODYH\HOQ~PHURJXDUGDEDQ
XQD HVWUHFKD UHODFLyQ \ TXH VL HUD FDSD] GH GHVFXEULU TXLpQ R TXp HUD %HQMDPLQ SDUWH GHO
PLVWHULRSRGUtDQTXHGDUDOGHVFXELHUWR
3HURSRUGyQGHGHEtDHPSH]DU"
(QEXHQDOH\DTXHOODSHTXHxDOODYHWHQtDTXHDEULUDOJR8QDYLYLHQGDTXL]i"/DVUHGXFLGDV
GLPHQVLRQHV GH OD PLVPD QR SDUHFtDQ HQFDMDU VLQ HPEDUJR FRQ ODV OODYHV TXH VH XWLOL]DQ
KDELWXDOPHQWHHQODVFDVDVQRUWHDPHULFDQDV
'HVFDUWpPRPHQWiQHDPHQWHDTXHOODSRVLELOLGDG\PHFHQWUpHQRWUDVLGHDVPiVOyJLFDV
3RGtDKDEHUJXDUGDGRHOPD\RUVXLQIRUPDFLyQHQDOJ~QEDQFRRHQXQDSDUWDGRSRVWDO"6H
WUDWDEDSRUHOFRQWUDULRGHXQDWDTXLOODHQDOJXQRVGHORVVHUYLFLRVGHFRQVLJQDHQXQDHVWDFLyQGH
IHUURFDUULO"
6yORKDEtDXQPHGLRSDUDGHVFLIUDUD%HQMDPLQDUPDUVHGHSDFLHQFLD\UHSDVDUXQDSRU
XQDODVJXtDVGHWHOpIRQRVGHFRUUHRV\GHIHUURFDUULOHVGH:DVKLQJWRQ
6LHVWDSULPHUDH[SORUDFLyQIDOODEDWLHPSRKDEUtDGHSURIXQGL]DUHQRWUDVGLUHFFLRQHV
3HUR DTXHOOD ODERULRVD E~VTXHGD LED D TXHGDU V~ELWDPHQWH VXVSHQGLGD SRU XQD OODPDGD
WHOHIyQLFD$ SHVDU GH PL LQWHQVD GHGLFDFLyQ DO DVXQWR GHO PD\RU QRUWHDPHULFDQR \R QR KDEtD
ROYLGDGRHOWHPDGHORVIDVFLQDQWHVGHVFXEULPLHQWRVGHORVFLHQWtILFRVGHOD1$6$HQORVRMRVGH
OD 9LUJHQ GH *XDGDOXSH 1DGD PiV SLVDU ORV (VWDGRV 8QLGRV XQD GH PLV SULPHUDV
SUHRFXSDFLRQHV IXH OODPDU D 0p[LFR \ DYHULJXDU VL HO GRFWRU$VWH 7RQVPDQQ XQR GH ORV PiV
GHVWDFDGRV H[SHUWRV VH KDOODED HQ HO 'LVWULWR )HGHUDO R VL FRPR PH KDEtDQ LQIRUPDGR HQ
(VSDxD SRGtD HQFRQWUDUVH HQ 1XHYD<RUN GRQGH WUDEDMD FRPR SURIHVRU GH OD XQLYHUVLGDG GH
&RUQHOO(UDYLWDOSDUDPtORFDOL]DUORFRQHOILQGHQRKDFHUXQYLDMHHQEDOGHKDVWDODUHS~EOLFD
PH[LFDQD
$TXHOODPLVPDPDxDQDGHOPDUWHVGHRFWXEUHURJXpDODWHOHIRQLVWDGHOKRWHOTXHLQVLVWLHUD
SRU WHUFHUD YH] \ TXH PDUFDUD HO WHOpIRQR GH GRPLFLOLR GHO GRFWRU 7RQVPDQQ< D PHGLD
WDUGHFRPRGLJRHODYLVRGHODDPDEOHWHOHIRQLVWDLEDDWUDVWRFDUWRGRVPLVSODQHV$ORWURODGR
GHO KLOR WHOHIyQLFR OD HVSRVD GH -RVp $VWH PH FRQILUPDUtD TXH HO FLHQWtILFR WHQtD SUHYLVWR VX
UHJUHVRD0p[LFRSURFHGHQWHGH1XHYD<RUNORVSUy[LPRVPLpUFROHVRMXHYHV
'HVSXpVGHDOJXQDVGXGDVVHLPSXVRPLVHQWLGRSUiFWLFR\HVWLPpTXHORPiVRSRUWXQRHUD
FRQJHODU PLV LQYHVWLJDFLRQHV HQ :DVKLQJWRQ 7RQVPDQQ HUD XQD SLH]D EiVLFD HQ PL VHJXQGR
SUR\HFWR\QRSRGtDGHVSHUGLFLDUVXIXJD]HVWDQFLDHQ0p[LFR'HVSXpVGHWRGR\RHUDHO~QLFR
TXHSRVHtDODFODYHGHOVHFUHWRGHOPD\RU\HVRPHGDEDXQDFLHUWDWUDQTXLOLGDG
< DQWHV GH TXH SXGLHUD DUUHSHQWLUPH KLFH ODV PDOHWDV \ HPEDUTXp HQ HO YXHOR GH OD
(DVWHU/LQHVUXPERDODVFLXGDGHVGH$WODQWD\0p[LFR')$TXHOPLpUFROHVGHRFWXEUH
GHLEDDHPSH]DUSDUDPtXQDVHJXQGDDYHQWXUDTXHPHVHVPiVWDUGHTXHGDUtDUHIOHMDGDHQ
PLOLEURQ~PHURFDWRUFH(OPLVWHULRGH*XDGDOXSH
$PtPHVXHOHQRFXUULUHVWDVFRVDV
'XUDQWHKRUDVKDEtDSHUPDQHFLGRDQWHODWXPEDGHOSUHVLGHQWH.HQQHG\LQFDSD]GHDWLVEDUHO
VHFUHWRGHDTXHOODWHUFHUDIUDVHHQODFODYHGHOPD\RU
$EUHWXVRMRVDQWH-RKQ)LW]JHUDOG.HQQHG\
3XHV ELHQ PLV RMRV VH DEULHURQ D PHWURV GH DOWXUD \ FXDQGR PH KDOODED D PLOHV GH
NLOyPHWURVGH:DVKLQJWRQ
0LHQWUDV HO UHDFWRU VH GLULJtD D OD FLXGDG GH $WODQWD QXHVWUD SULPHUD HVFDOD WXYH OD
RFXUUHQFLDGHLQWHQWDUHQFDMDUHOQ~PHURHQODVWUHV~OWLPDVIUDVHVGHOPHQVDMH
'HEt FDPELDU GH FRORU SRUTXH OD JXDSD D]DIDWD GH OD (DVWHUQ FRQ DLUH GH SUHRFXSDFLyQ \
VHxDODQGRODWD]DGHFDIpTXHRVFLODEDDOERUGHGHPLVODELRVFRPHQWyDOWLHPSRTXHVHLQFOLQDED
VREUHHOUHVSDOGRGHPLDVLHQWR
(VTXHQROHJXVWDHOFDIp"
3HUGyQ
/HSUHJXQWRVLVHHQFXHQWUDELHQ
$KUHSXVHYROYLHQGRDODUHDOLGDGVtHVWR\SHUIHFWDPHQWH/DFXOSDHVGHOQ~PHUR

/DD]DIDWDOHYDQWyODYLVWD\FRPSUREyHOQ~PHURGHPLDVLHQWR
1R GLVFXOSH PH DGHODQWp HQ XQ LQWHQWR SRU HYLWDU TXH DTXHO GLiORJR SDUD EHVXJRV
WHUPLQDUDHQDOJRSHRUHVTXH~OWLPDPHQWHVXHxRFRQHOQ~PHUR
/D PXFKDFKD HVER]y XQD VRQULVD GH FRPSURPLVR \ FRORFDQGR VX PDQR VREUH PL KRPEUR
VHQWHQFLy
+DSUREDGRDMXJDUDODORWHUtD"
< GHVDSDUHFLy SDVLOOR DGHODQWH FRQYHQFLGD VXSRQJR GH TXH HO PXQGR HVWi OOHQR GH
ORFRV 3RU XQ LQVWDQWH ODV ODUJDV SLHUQDV GH OD DX[LOLDU GH YXHOR ORJUDURQ VDFDUPH GH PLV
UHIOH[LRQHV$SXUp HO FDIp \ YROYt D FRQWDU ODV OHWUDV TXH IRUPDEDQ HO QRPEUH \ DSHOOLGRV GHO
IDOOHFLGRSUHVLGHQWHQRUWHDPHULFDQR1RKDEtDGXGD6XPDEDQ
$TXHO VHJXQGR KDOOD]JR \ PX\ HVSHFLDOPHQWH HO KHFKR GH TXH DPERV DSXQWDUDQ KDFLD HO
Q~PHURFRQILUPyPLVVRVSHFKDVLQLFLDOHV(OPD\RUWHQtDTXHKDEHUJXDUGDGRVXVHFUHWRHQ
DOJ~QGHSyVLWRRUHFLQWRHVWUHFKDPHQWHYLQFXODGRVFRQGLFKDFLIUD\REYLDPHQWHFRQODOODYHTXH
PHKDEtDHQWUHJDGRHQ&KLFKpQ,W]i&RQVLGHUpWDPELpQODSRVLELOLGDGGHTXH%HQMDPtQIXHUD
DOJ~QIDPLOLDURDPLJRGHOPD\RUSHURHQHVHFDVRTXpSLQWDEDQHQWRGRDTXHOORHOQ~PHUR\OD
OODYH"
'XUDQWH PL SURORQJDGD HVWDQFLD HQ 0p[LFR WHQWDGR HVWXYH GH KDFHU XQ DOWR HQ ODV
LQYHVWLJDFLRQHVVREUHOD9LUJHQGH*XDGDOXSH\YRODUDO<XFDWiQSDUDYLVLWDUD/DXUHQFLR3HUR
PLV UHFXUVRV HFRQyPLFRV KDEtDQ GLVPLQXLGR WDQ DODUPDQWHPHQWH TXH PX\ D SHVDU PtR \ VL GH
YHUGDG TXHUtD UHPDWDU PLV LQGDJDFLRQHV HQ :DVKLQJWRQ WXYH TXH GHVLVWLU \ SRVSRQHU DTXHOOD
YLVLWDD&KLFKpQSDUDPHMRURFDVLyQ
8QDxRGHVSXpVHQGLFLHPEUHGHDOUHWRUQDUD0p[LFRFRQPRWLYRGHODSUHVHQWDFLyQ
GHPLOLEUR(OPLVWHULRGHOD9LUJHQGH*XDGDOXSH FRPSUREpFRQFLHUWRHVSDQWRTXHGHKDEHU
YLDMDGR HQ DTXHOODV IHFKDV DO<XFDWiQ PL YLVLWD KDEUtD VLGR HVWpULO VHJ~Q PH FRQILUPDURQ ODV
DXWRULGDGHV ORFDOHV /DXUHQFLR \ VX PXMHU KDEtDQ DEDQGRQDGR OD FLXGDG GH &KLFKpQ ,W]i SRFR
GHVSXpV GHO IDOOHFLPLHQWR GHO PD\RU < DXQTXH QR KH GHVLVWLGR GHO SURSyVLWR GH ORFDOL]DUORV
KDVWD HO PRPHQWR VLJR VLQ QRWLFLDV GHO ILHO FRPSDxHUR GHO H[ RILFLDO GH ODV IXHU]DV DpUHDV
QRUWHDPHULFDQDV 1L TXH GHFLU WLHQH TXH PLV SULPHURV SDVRV HQ DTXHO LQYLHUQR GH IXHURQ
HQFDPLQDGRVDODORFDOL]DFLyQGHODWXPEDGHPLDPLJR$OOtIUHQWHDODPRGHVWDFUX]GHPDGHUD
VRVWXYH FRQ HO PD\RU PL ~OWLPR GLiORJR DJUDGHFLpQGROH TXH KXELHUD SXHVWR HQ PLV PDQRV VX
PD\RU\PiVSUHFLDGRWHVRUR
$O SLVDU QXHYDPHQWH :DVKLQJWRQ PL SULPHUD SUHRFXSDFLyQ QR IXH %HQMDPtQ 6HQWDGR
VREUHODFDPDGHODKDELWDFLyQGHPLQXHYRKRWHOHQHVWDRFDVLyQPXFKRPiVPRGHVWRTXHHO
0DUULRW H[WHQGt VREUH OD FROFKD WRGR PL FDSLWDO 'HVSXpV GH XQ FRQFLHQ]XGR UHJLVWUR PLV
UHVHUYDVDVFHQGtDQDXQWRWDOGHGyODUHV\SHVHWDV
$XQTXH OD WUDJHGLD SDUHFtD LQHYLWDEOH QR PH GHMp DEDWLU SRU OD UHDOLGDG $~Q WHQtD ODV
WDUMHWDVGHFUpGLWR
'XUDQWH DTXHOORV GtDV OLPLWp PL GLHWD D XQ GHVD\XQR OR PiV VyOLGR SRVLEOH \ D XQ YDVR GH
OHFKHFRQXQPRGHVWRHPSDUHGDGRDODKRUDGHDFRVWDUPH/DYHUGDGHVTXHHQIUDVFDGRHQODV
SHVTXLVDV \ SXHVWR TXH WDPSRFR VR\ KRPEUH GH JUDQGHV DSHWLWRV OD FRVD WDPSRFR IXH
H[FHVLYDPHQWHGRORURVD0LJUDQREVHVLyQDXQTXHSDUH]FDPHQWLUDIXHURQORVWD[LV$TXHOORVL
PHUPy<GHTXpIRUPDPLH[LJXRFDStWXORHFRQyPLFR
/ODYH\ULWXDOFRQGXFHQD%HQMDPtQ
(VWD VHJXQGD IUDVH HQ HO FyGLJR FLIUDGR GHO PD\RU IXH XQD FUX] TXH PH DWRUPHQWy GXUDQWH
FXDWUR GtDV (Q HVH WLHPSR WDO \ FRPR WHQtD SUHYLVWR DQWHV GH PL SDUWLGD GH :DVKLQJWRQ PH
HPSOHp HQ FXHUSR \ DOPD HQ OD UHYLVLyQ GH ODV HQFLFORSpGLFDV JXtDV WHOHIyQLFDV GH OD FDSLWDO
IHGHUDO DVt FRPR HQ ODV FRUUHVSRQGLHQWHV YLVLWDV D ODV HVWDFLRQHV GH IHUURFDUULO FHQWUDO GH
FRUUHRV\ORVDHURSXHUWRV'XOOHV\1DWLRQDO
/RV VHUYLFLRV GH FRQVLJQD GH ODV HVWDFLRQHV IXHURQ WDFKDGRV GH PL OLVWD D OD YLVWD GH OD
VHQVLEOHGLIHUHQFLDHQWUHODVOODYHVXWLOL]DGDVHQGLFKRVGHSyVLWRV\ODTXHREUDEDHQPLSRGHU
3RUVXSDUWHORVDHURSXHUWRVFDUHFtDQGHVHPHMDQWHVWDTXLOODVSRUORTXHPLLQWHUpVWHUPLQySRU
FHQWUDUVHHQODVFDMDVGHVHJXULGDGGHORVEDQFRV\HQORVDSDUWDGRVSRVWDOHV(VWDVGRV~OWLPDV
DOWHUQDWLYDVSDUHFtDQPiVOyJLFDVDODKRUDGHJXDUGDUDOJRGHFLHUWRYDORU
<HPSHFpSRUORVEDQFRV
5HSDVp HO FHQWHQDU ODUJR GH FHQWUDOHV \ VXFXUVDOHV ILQDQFLHUDV GH OD FLXGDG QR KDOODQGR QL
XQDVRODSLVWDTXHKLFLHUDPHQFLyQRUHIHUHQFLDDOQRPEUHGH%HQMDPLQ
3RU RWUD SDUWH \ VHJ~Q SXGH FRPSUREDU SHUVRQDOPHQWH VL HO PD\RU KXELHUD HQFHUUDGR VX
LQIRUPDFLyQ HQ XQD GH ODV FDMDV GH VHJXULGDG GH FXDOTXLHUD GH HVWRV EDQFRV QL \R QL QDGLH
KXELHUDSRGLGRWHQHUDFFHVRDODPLVPDGHQRGLVSRQHUGHODFRUUHVSRQGLHQWHGRFXPHQWDFLyQTXH
OH DFUHGLWDVH FRPR OHJtWLPR SURSLHWDULR R XVXDULR GH OD FDMD (Q DOJXQRV FDVRV LQFOXVR HVWDV
PHGLGDVGHVHJXULGDGVHYHtDQUHIRU]DGDVFRQODH[LVWHQFLDGHXQDVHJXQGDOODYHHQSRVHVLyQGHO
UHVSRQVDEOH R YLJLODQWH GH OD FiPDUD DFRUD]DGD GHO EDQFR 1R REVWDQWH \ SRU DSXUDU KDVWD HO
~OWLPR UHVTXLFLR LQLFLp XQD ~OWLPD \ GREOH LQYHVWLJDFLyQ<R FRQRFtD OD LGHQWLGDG GHO PD\RU \
FRPHQFpDSXOVDUXQDVHULHGHUHVRUWHV\FRQWDFWRVDQLYHOGH(PEDMDGD(VSDxROD\GHOSURSLR
3HQWiJRQRDILQGHHVFODUHFHUVLHOIDOOHFLGRPLOLWDUQRUWHDPHULFDQRFRQVHUYDEDDOJ~QSDULHQWH
HQ:DVKLQJWRQ$TXpOODDWRGDVOXFHVIXHPLPD\RULPSUXGHQFLDDMX]JDUSRUORTXHVXFHGHUtD
GRVGtDVGHVSXpV
(OVHJXQGRIUHQWHDOTXHJUDFLDVD'LRVFRQFHGtPD\RUGHGLFDFLyQFRQVLVWLyHQFKHTXHDU
ODVGLUHFFLRQHVGHODVGRVFHQWUDOHV\FLQFXHQWD\RFKRVXFXUVDOHVGHFRUUHRVHQODFLXGDG(QOD
863RVWDO6HUYLFH+HDG4XDUWHUVTXHYLHQHDVHUHOFHUHEURFHQWUDOGHOVHUYLFLRGHFRUUHRV
GH WRGR HO SDtV XQ DPDEOH IXQFLRQDULR H[WHQGLy DQWH Pt OD ODUJD OLVWD GH HVWDFLRQHV SRVWDOHV
UDGLFDGDVHQ:DVKLQJWRQ'&
$OHFKDUPHDODFDUDODFLWDGDUHODFLyQHQEXVFDGHDOJ~QLQGLFLRVREUHHOUHIUDFWDULRQRPEUH
GH%HQMDPLQPLVRMRVQRSXGLHURQSDVDUGHODSULPHUDVXFXUVDO3HJXpXQUHVSLQJR(QODOLVWD
DSDUHFtDORVLJXLHQWH
%R[ 1RV %HQMDPLQ )UDQNOLQ 67D $YHQLGD GH 3HQQV\OYDQLD :DVKLQJWRQ '&

$QRWp ORV GDWRV VLQ SRGHU HYLWDU TXH PL PDQR WHPEODUD HQ XQD PH]FOD GH HPRFLyQ \
QHUYLRVLVPR 3UHQGt XQ QXHYR FLJDUULOOR EXVFDQGR OD PDQHUD GH FDOPDUPH 7HQtD TXH HVWDU
DEVROXWDPHQWHVHJXURGHTXHDTXpOODHUDODDQVLDGDSLVWD<UHFRUUtODVVHVHQWDGLUHFFLRQHVFRQ
XQDPHWLFXORVLGDGTXHQL\RPLVPRORJURH[SOLFDUPH
&RQVRUSUHVDGHVFXEUtTXHHOQRPEUHGH%HQMDPLQ)UDQNOLQVHUHSHWtDWUHVYHFHVPiVHQORV
SXHVWRV \ GH OD PHQFLRQDGD UHODFLyQ (Q HO UHVWR GH ODV RILFLQDV GH FRUUHRV GH
:DVKLQJWRQHOQRPEUHGH%HQMDPLQQRILJXUDEDSDUDQDGD
3HURKDEtDDOJRTXHQRWHUPLQDEDGHFRPSUHQGHU3RUTXpFXDWURVHUYLFLRVGHFRUUHRVHQOD
PLVPDFDOOHGH%HQMDPtQ)UDQNOLQ"(QHOVLWXDGRHQHOOXJDUQ~PHURHOHQFDEH]DPLHQWRYHQtD
PDUFDGRSRUORVQ~PHURV(OTXHRFXSDEDHOSXHVWRHQODOLVWDUHJLVWUDEDODVFLIUDV
\HO~OWLPRHQHOQ~PHURHUDSUHFHGLGRSRUODQXPHUDFLyQ
0H GLULJt QXHYDPHQWH DO IXQFLRQDULR \ OH URJXp TXH PH H[SOLFDUD HO VLJQLILFDGR GH DTXHOOD
QXPHUDFLyQ/DUHVSXHVWDURWXQGD\FRQFLVDGLVLSyPLVGXGDV
6RQFXDWURVHFFLRQHVFRUUHVSRQGLHQWHVDRWURVWDQWRV3%R[RDSDUWDGRVGHFRUUHRV(QOD
SULPHUDGHODOLVWDFRPRXVWHGYHILJXUDQORVFRPSUHQGLGRVHQWUHORVQ~PHURV\DPERV
LQFOXVLYH
6XSRQJR TXH DTXHO HPSOHDGR GH FRUUHRV QR KDEtD UHFLELGR KDVWD HVH GtD XQWKDQN \RX WDQ
HIXVLYR\IHOL]FRPRHOPtR
6DOWpGHWUHVHQWUHVODVHVFDOLQDWDVGHODJLJDQWHVFD863RVWDO6HUYLFH\PHFROpFRPRXQ
PHWHRURHQHOSULPHUWD[LTXHDFHUWyDSDVDU(UDQODVGRFHGHOPHGLRGtDGHOGHQRYLHPEUHGH

0LHQWUDVPHDSUR[LPDEDDODFDOOH%HQMDPLQ)UDQNOLQGLVSXHVWRDDSURYHFKDUDTXHOODUDFKD
GH EXHQD VXHUWH YROYt VREUH OD FODYH GHO PD\RU$KRUD HPSH]DED D YHU FODUR 0L OODYH \ HO
ULWXDOHVGHFLUHOQ~PHURFRQGXFHQD%HQMDPLQ
&DVXDOPHQWHGHODVRILFLQDVGHFRUUHRVGHWRGR:DVKLQJWRQVyORXQDVHHQFXHQWUD
HQ XQD FDOOH FRQ HO QRPEUH GH %HQMDPLQ < FXULRVDPHQWH WDPELpQ HQ HVD \ VyOR HQ HVD
VXFXUVDOVHKDOODEDHODSDUWDGRGHFRUUHRVQ~PHUR6LWHQHPRVHQFXHQWDTXHODVVHVHQWD
RILFLQDVVXPDEDQHQPiVGHDSDUWDGRVDTXpFRQFOXVLyQSRGtDOOHJDU"
3HURDPHGLRWUD\HFWRPLJR]RVHYLRHQXQSR]R+DEtDROYLGDGRODOODYHHQHOKRWHO
(QHVWHFDVRPLIUDQFLVFDQDSUXGHQFLDPHKDEtDMXJDGRXQDPDODSDVDGD&RQVXOWpODKRUD
1RKDEtDWLHPSRGHYROYHUDOKRWHO\VDOLUGHVSXpVKDFLDODVXFXUVDOGHFRUUHRV0DOKXPRUDGR
HQWUpHQODVRILFLQDVGLVSXHVWRDOPHQRVDHFKDUXQYLVWD]R
3UHJXQWpSRUODYHQWDGHVHOORV\FRQODH[FXVDGHHVFULELUDOJXQDVWDUMHWDVSRVWDOHVPHURGHp
GXUDQWH SRFR PiV GH TXLQFH PLQXWRV SRU ODV LQPHQVDV \ OXPLQRVDV VDODV (Q OD SULPHUD SODQWD
DGRVDGRVHQXQDSDUHGGHPiUPROQHJURVHDOLQHDEDQFLHQWRVGHSHTXHxDVSXHUWHFLWDVPHWiOLFDV
GHXQRVFHQWtPHWURVGHODGRFRQVXVFRUUHVSRQGLHQWHVQ~PHURV$OOtHVWDEDPLREMHWLYR
$IRUWXQDGDPHQWHSDUDPtHOWUDVLHJRGHFLXGDGDQRVHUDWDOTXHHOSROLFtDQHJURTXHYLJLODED
DTXHOODSULPHUDSODQWDQRVHSHUFDWyGHPLVPRYLPLHQWRV$QWHVGHDEDQGRQDUODVXFXUVDOKLFH
XQDUiSLGDLQVSHFFLyQGHORVFDVLOOHURVGHWHQLpQGRPHXQRVVHJXQGRVIUHQWHDOQ~PHUR3RUXQ
PRPHQWR WXYH OD VHQVDFLyQ GH TXH HUD HO EODQFR GH GHFHQDV GH PLUDGDV (O RULILFLR GH OD
FHUUDGXUD SDUHFtD FRUUHVSRQGHU SRU VX UHGXFLGR WDPDxR DO GH XQD OODYH FRPR OD TXH \R
JXDUGDED
$OUHHPSUHQGHUHOFDPLQRKDFLDHOKRWHOPHGLFXHQWDTXHODVWDUMHWDVSRVWDOHVVHJXtDQHQWUH
PLV VXGRURVDV PDQRV 1L $QD %HQtWH] QL PLV SDGUHV QL $OEHUWR 6FKRPPHU QL 5DTXHO QL
&DVWLOORQL*ORULDGH/DUUDxDJDOOHJDURQDUHFLELUMDPiVWDOHVUHFXHUGRV
$TXHOODWDUGHHQXQ~OWLPRHVIXHU]RSRUUHODMDUPHDFXGtDO0XVHRGHO(VSDFLRHQHOSDVHR
GH-HIIHUVRQ$SHVDUGHORLQPLQHQWH\DSDUHQWHPHQWHVHQFLOORGHODIDVHILQDOGHODE~VTXHGD
GHODLQIRUPDFLyQGHOPD\RUODVGXGDVVHKDEtDQUHFUXGHFLGR<VLHVWXYLHUDHTXLYRFDGR"<VL
DTXHODSDUWDGRGHFRUUHRVQRIXHUDORTXHEXVFDEDFRQWDQWRHPSHxR"
/DYHUGDGHVTXHHVWDEDOOHJDQGRDOOtPLWHGHPLVSRVLELOLGDGHV$TXpOODVHVWDEDVHJXUR
HUDQ PLV ~OWLPDV KRUDV HQ ORV (VWDGRV 8QLGRV 6L QR FRQVHJXtD UHVROYHU HO GLOHPD GHEHUtD
ROYLGDUPHGHODVXQWRGXUDQWHPXFKRWLHPSR6HQWDGRHQHOKDOOGHOPXVHRLQHYLWDEOHPHQWHVROR\
FRQ XQD DQJXVWLD FDSD] GH PDWDU D XQ FDEDOOR HFKp GH PHQRV D DOJXLHQ FRQ TXLHQ FRPSDUWLU
DTXHOORV PRPHQWRV GH WHQVLyQ (Q HO FHQWUR GH OD VDOD XQD ODUJD ILOD GH WXULVWDV \ FXULRVRV
DJXDUGDED SDFLHQWHPHQWH VX WXUQR SDUD SDVDU DQWH OD XUQD HQ OD TXH VH H[KLEH XQ IUDJPHQWR GH
URFDOXQDUQRPiVJUDQGHTXHXQFLJDUULOOR8QVHJXQGRWUR]RPXFKRPiVUHGXFLGRKDEtDVLGR
LQFUXVWDGR DO SLH GH OD YLWULQD< FRPR VL VH WUDWDUD GH XQD UHOLTXLD VDJUDGD FDGD YLVLWDQWH DO
FUX]DUIUHQWHDODXUQDSDVDEDVXVGHGRVVREUHODQHJUD\GHVJDVWDGDSLHGUD
3RU SXUD LQHUFLD DEUt PL FXDGHUQR GH QRWDV \ IXL GHVFULELHQGR FXDQWR REVHUYDED <
QDWXUDOPHQWHWHUPLQpFD\HQGRVREUHODFODYHGHOPD\RU3HURHVWDYH]PHGHWXYHHQHORULJLQDO
HQODYHUVLyQLQJOHVD
0LSpVLPDFRVWXPEUHGHVXEUD\DUGLEXMDU\WUD]DUPLOJDUDEDWRVVREUHORVOLEURVRDSXQWHV
TXHPDQHMRHVWDEDDSXQWRGHVDFXGLUPHDTXHOODSURIXQGDWULVWH]D
(QUHDOLGDGWRGRHPSH]yFRPRXQMXHJRFRPRXQVLPSOHHLQFRQVFLHQWHDOLYLRDODWHQVLyQ
TXHVRSRUWDED6pGHPXFKDVSHUVRQDVTXHFXDQGRKDEODQSRUWHOpIRQRPHGLWDQRVHQFLOODPHQWH
FRQYHUVDQ DFRPSDxDQ VXV SDODEUDV R SHQVDPLHQWRV FRQ ORV PiV DEVXUGRV GLEXMRV OtQHDV
FtUFXORVHWFWUD]DGRVVREUHFXDOTXLHUKRMDGHSDSHO3XHVELHQFRPRGLJRHQDTXHOORVLQVWDQWHV
PHGHGLTXpDUHFXDGUDUVLQRUGHQQLFRQFLHUWRDOJXQDVGHODVSDODEUDVGHFDGDXQDGHODV
FLQFRIUDVHVTXHIRUPDEDQHOPHQVDMHFLIUDGR
/D IRUWXQD R QR VHUtD OD VXHUWH" TXLVR TXH \R HQFHUUDUD HQ VHQGRV UHFWiQJXORV HQWUH
RWUDVODVSULPHUDVSDODEUDVGHFDGDXQDGHODVIUDVHVGHODFODYH$FRQWLQXDFLyQVLJXLHQGRFRQ
DTXHOSDVDWLHPSRPHHQWUHWXYHHQDWUDYHVDUORVFRQRWUDVWDQWDVOtQHDVYHUWLFDOHV
$OOHHUGHDUULEDDEDMRDTXHODSDUHQWHJDOLPDWtDVXQDGHODVDEVXUGDVFRQVWUXFFLRQHVPHGHMy
GHSLHGUD/DVFLQFRSULPHUDVSDODEUDVGHFDGDIUDVHOHtGDVHQHVWHVHQWLGRYHUWLFDOHQFHUUDEDQ
XQVLJQLILFDGR<TXpVLJQLILFDGR/DOODYHDEUHHOSDVDGR
(OUHVWRGHODVIUDVHVDVtFRQIHFFLRQDGDVVLQHPEDUJRQRWHQtDVHQWLGR
$QWHVGHGDUSRUEXHQDODQXHYDSLVWDUHSDVpHOPHQVDMHWUD]DQGR\XQLHQGRODVSDODEUDVGH
DUULEDDEDMRGHL]TXLHUGDDGHUHFKD\KDVWDHQGLDJRQDO3HURIXHLQ~WLO/DV~QLFDVTXHDUURMDEDQ
DOJRFRKHUHQWHFDVXDOPHQWHHUDQODVFLQFRSULPHUDV
7KHJXDUG UH]DED HO PHQVDMH HQ LQJOpV ZKR NHHSV WKH YLJLO LQ IURQW RI WKH 7RPE ZLOO
UHYHDOWKHULWXDORI$UOLQJWRQ&HPHQWHU\WR\RX
.H\DQGULWXDOOHDG\RXWR%HQMDPLQ
2SHQ\RXUH\HVEHIRUH-RKQ)LW]JHUDOG.HQQHG\
7KH EURWKHU OLHV WR UHVW LQ : 7KH VKDGRZ RI WKH PHGODU WUHH FRYHUV KLP LQ WKH ODWH
DIWHUQRRQ
3DVWDQGIXWXUHDUHP\OHJDF\
4XpKDEtDTXHULGRGHFLUHOPD\RUFRQHVWDVH[WDSLVWD",QWXLWLYDPHQWHOLJXpODQXHYDIUDVH
FRQOD~OWLPDGHOPHQVDMH3DVDGR\IXWXURVRQPLOHJDGR4XpUHODFLyQSRGtDH[LVWLUHQWUHOD
OODYHHOSDVDGR\HOIXWXUR"
$QLPDGRSRUDTXHOV~ELWRGHVFXEULPLHQWRDXQTXHLPSRWHQWHORUHFRQR]FRSDUDGHVSHMDU
WDQWR PLVWHULR PH GLVSXVH D HVSHUDU ODV SULPHUDV OXFHV GH DTXHO MXHYHV TXH SUHVHQWtD
SDUWLFXODUPHQWHLQWHQVR
$ODSHDUPHDTXHOMXHYHVGHQRYLHPEUHGHIUHQWHDODVXFXUVDOGHFRUUHRVGHODFDOOH
%HQMDPLQ)UDQNOLQQRWpTXHODVURGLOODVVHPHGREODEDQ(QPLPDQRGHUHFKDFHUUDGDFRPRXQ
FHSRODSHTXHxDOODYHTXHPHHQWUHJDUDHOPD\RUHQHO<XFDWiQDSDUHFtDOLJHUDPHQWHHPSDxDGD
SRUXQVXGRUIUtRHLQFyPRGR,QVSLUpSURIXQGDPHQWH\FUXFpHOXPEUDOGLULJLpQGRPHFRQSDVR
GHFLGLGRKDFLDHOPXURGRQGHUHOXFtDHOHQMDPEUHGHFDVLOOHURVPHWiOLFRV
+DEtD VLGR XQ DFLHUWR VLQ GXGD HVSHUDU D TXH HO UHORM PDUFDUD ODV GLH] GH OD PDxDQD
'HFHQDV GH SHUVRQDV VH DIDQDEDQ HQ DTXHOORV PRPHQWRV HQ ODV GLIHUHQWHV GHSHQGHQFLDV GH
FRUUHRV$OVLWXDUPHIUHQWHDODSDUWDGRQ~PHURXQQXWULGRJUXSRGHFLXGDGDQRVHVSHFLDOPHQWH
SHUVRQDV GH HGDG SURFHGtD D DEULU VXV UHVSHFWLYRV GHSyVLWRV LQGLIHUHQWHV D FXDQWR OHV
URGHDED
3DVpODOODYHDPDQRL]TXLHUGD\HQXQJHVWRPHFiQLFRVHTXpHOFUHFLHQWHVXGRUGHODSDOPD
GHUHFKDFRQWUDODSDQDGHPLSDQWDOyQJULV9ROYtDUHVSLUDUORPiVKRQGRSRVLEOH\UHFREUpOD
SHTXHxDOODYHOOHYiQGRODWHPEORURVDPHQWHKDVWDODFHUUDGXUD3HURORVQHUYLRVPHWUDLFLRQDURQ
$QWHV GH TXH SXGLHUD FRPSUREDU VLTXLHUD VL HQWUDED R QR HQ HO RULILFLR OD OODYH VH PH IXH GH
HQWUH ORV GHGRV FD\HQGR VREUH HO SXOLGR HPEDOGRVDGR EODQFR (O WLQWLQHR GH OD SLH]D HQ VXV
P~OWLSOHV UHERWHV VREUH HO SDYLPHQWR PH KL]R SDOLGHFHU 0H ODQFp FRPR XQ DXWyPDWD WUDV OD
PDOGLWDOODYHIXULRVRFRQWUDPtPLVPRSRUWDQWDWRUSH]D3HURFXDQGRPHGLVSRQtDDUHFRJHUOD
XQD PDQR ODUJD \ VHJXUD VH PH DGHODQWy$O OHYDQWDU OD YLVWD XQ KLOR GH IXHJR PH SHUIRUy HO
HVWRPDJR(OVHUYLFLDOLQGLYLGXRHUDXQRGHORVSROLFtDVGHVHUYLFLRHQODVXFXUVDO(QVLOHQFLR\
FRQXQDDELHUWDVRQULVDSRUWRGRFRPHQWDULRHODJHQWHH[WHQGLyVXPDQR\PHHQWUHJyODOODYH
'LRVTXLVRTXHVXSLHUDFRUUHVSRQGHUDDTXHOJHVWRFRQRWUDVRQULVDGHFLUFXQVWDQFLDV\TXHVLQ
DEULUVLTXLHUDORVODELRVGLHUDPHGLDYXHOWDHQGLUHFFLyQDOFDVLOOHURQ~PHUR
$KRUDWLHPEORDOSHQVDUHQORTXHKXELHUDSRGLGRRFXUULUVLDTXHOUHSUHVHQWDQWHGHODOH\PH
KXELHUDKHFKRDOJXQDSUHJXQWD
&RQ HO VXVWR WRGDYtD HQ HO FXHUSR WDQWHp HO RULILFLR FRQ OD SXQWD GH OD OODYH (O FRUD]yQ
EULQFDEDVLQSLHGDG
3RUIDYRUHQWUD(QWUD
'XOFHPHQWHFRPRVLPHKXELHUDRtGRODOODYHSHQHWUyKDVWDODFDEH]D
0H GLHURQ JDQDV GH JULWDU +DEtD HQWUDGR (Q UHDOLGDG QR HUD PL PDQR GHUHFKD OD TXH
VXMHWDEDODOODYH(UDPLFRUD]yQPLFHUHEUR\WRGRPLVHU
$QWHVGHSURVHJXLUPLUpFDXWHORVDPHQWHDL]TXLHUGD\GHUHFKD7RGRSDUHFtDQRUPDO
7UDJXp VDOLYD H LQWHQWp DEULU 3RU PiV TXH WLUp KDFLD DIXHUD OD SRUWH]XHOD PHWiOLFD QR
UHVSRQGLy6HQWtFyPRRWUDRODGHVDQJUHJROSHDEDPLHVWyPDJR4XpHVWDEDSDVDQGR"/DOODYH
KDEtDHQWUDGRHQODUDQXUD3RUTXpQRFRQVHJXtDDEULUHODSDUWDGR"
(QPLWDGGHWDQWRQHUYLRVLVPR\RIXVFDFLyQFRPSUHQGtTXHHVWDEDIRU]DQGRODFHUUDGXUDHQXQ
VROR VHQWLGRHO L]TXLHUGR *LUp HQWRQFHV KDFLDOD GHUHFKD\OD SRUWH]XHODVHDEULyFRQ XQ OHYH
FKLUULGR
0H KXELHUD JXVWDGR SRGHU GHWHQHU HO WLHPSR 'HVSXpV GH WDQWRV VDFULILFLRV DQJXVWLDV \
TXHEUDGHURVGHFDEH]DDOOtHVWDED\RDODVGHOMXHYHVGHQRYLHPEUHGHDSXQWR
GHHVFODUHFHUHOPLVWHULRGHOPD\RU
(Q DTXHOORV LQVWDQWHV DXQTXH SDUH]FD LQFUHtEOH DQWHV GH SURFHGHU D OD H[SORUDFLyQ GHO
DSDUWDGRVHQWtQRGLVSRQHUGHXQDFiPDUDIRWRJUiILFD3HURXQHOHPHQWDOVHQWLGRGHODSUXGHQFLD
PHKL]RGHMDUHOHTXLSRHQHOKRWHO
$ODUJXp OD PDQR \ WDQWHp OD VXSHUILFLH PHWiOLFD GHO FDVLOOHUR (Q OD VHPLSHQXPEUD PHGLR
DGLYLQp OD SUHVHQFLD GH XQ SDU GH EXOWRV (VWDEDQ DO IRQGR GHO HVWUHFKR QLFKR UHFWDQJXODU$O
SDOSDUORVORVLGHQWLILTXpFRQDOJRSDUHFLGRDWXERVRFLOLQGURV([WUDMHXQR\YLTXHVHWUDWDEDGH
XQDHVSHFLHGHFDUWXFKRGHFDUWyQGHXQRVWUHLQWDFHQWtPHWURVGHORQJLWXGSHUIHFWD\VyOLGDPHQWH
SURWHJLGR SRU XQD IXQGD GH SOiVWLFR R GH SDSHO SODVWLILFDGR 6X SHVR HUD PX\ OLYLDQR 1R
SUHVHQWDED LQVFULSFLyQ R QRPEUH DOJXQR H[FHSFLyQ KHFKD GH XQ SHTXHxR Q~PHUR XQ
GLEXMDGRHQQHJUR\DPDQRVREUHXQDSHTXHxDHWLTXHWDEODQFDSHJDGDRDGKHULGDDVXYH]VREUH
XQDGHODVFDUDVFLUFXODUHVGHOFLOLQGUR7RGRHOORFRPRGLJREDMRXQEULOODQWHPDWHULDOSOiVWLFR
FXLGDGRVDPHQWHILMDGRDOFDUWXFKR
0HDSUHVXUpDVDFDUHOVHJXQGREXOWR(UDRWURFLOLQGURJHPHORDOSULPHURSHURFRQXQ
HQRWUDGHVXVFDUDV
'H SURQWR FRPHQFp D H[SHULPHQWDU XQD H[WUDxD SULVD 7XYH OD LQWHQVD VHQVDFLyQ GH TXH HUD
REVHUYDGR3HURGRPLQDQGRHOGHVHRGHYROYHUPHLQWURGXMHODPDQRHQHODSDUWDGRKDFLHQGRXQ
WHUFHU UHJLVWUR 0LV GHGRV WURSH]DURQ HQWRQFHV FRQ XQ VREUH /R VLWXp HQ OD ERFD GHO QLFKR \
DQWHV GH UHWLUDUOR PH DVHJXUp TXH HO FDVLOOHUR TXHGDED YDFtR 5HSDVp LQFOXVR ODV SDUHGHV
VXSHULRU \ ODWHUDOHV 8QD YH] FRQYHQFLGR GH TXH HO ER[ Q~PHUR KDEtD TXHGDGR WRWDOPHQWH
OLPSLRHFKpPDQRGHDTXHOVREUHEODQFR\VLQH[DPLQDUORVLTXLHUDSURFHGtDFHUUDUODSXHUWD
$SDUHQWDQGRQDWXUDOLGDGJXDUGpODOODYH\PHGLULJtDODVDOLGDGHODVXFXUVDO
3RUXQPRPHQWRPHGLHURQJDQDVGHFRUUHU3HURVDFDQGRIXHU]DVGHIODTXH]DPHGHWXYHD
PHGLR FDPLQR 3UHQGt XQR GH ORV ~OWLPRV GXFDGRV \ DSURYHFKp DTXHOOD ILQJLGD H[FXVD SDUD
YROYHUPH/DYHUGDGHVTXHQRDSUHFLpQDGDVRVSHFKRVR(OLQWHQVRPRYLPLHQWRGHFLXGDGDQRV
KDEtDGLVPLQXLGROLJHUDPHQWHDXQTXHD~QVHDSUHFLDEDQSHTXHxRVJUXSRVIUHQWHDODVPHVDVGH
PiUPROHQORVGLVWLQWRVPRVWUDGRUHV\MXQWRDORVEORTXHVGHORVDSDUWDGRV$OJRPiVVRVHJDGR
\ VXSRQLHQGR TXH DTXHO SUHVHQWLPLHQWR SRGtD GHEHUVH D PL H[FLWDFLyQ FUXFp HO XPEUDO
DOHMiQGRPHGHODRILFLQDGHFRUUHRV
7UHV FXDUWRV GH KRUD PiV WDUGH FROJDED HQ HO SRPR GH OD SXHUWD GH PL KDELWDFLyQ HO FDUWHO
YHUGHGH1RPROHVWHQ'HSRVLWpDPERVFDUWXFKRVVREUHHOFULVWDOGHODPHVLWDTXHPHVHUYtDGH
HVFULWRULR\UHWURFHGtXQSDUGHSDVRV
/RKDEtDFRQVHJXLGR
'XUDQWH DOJXQRV PLQXWRV FRQ HO VREUH HQWUH ODV PDQRV GLVIUXWp GH DTXHO HVSHFWiFXOR 1R
SRGtDVRVSHFKDUVLTXLHUDORTXHFRQWHQtDQDTXHOORVFLOLQGURVGHFDUWyQSHURHVRHQDTXHOORV
LQVWDQWHVHUDORGHPHQRV
/RKDEtDFRQVHJXLGR
/RGDEDWRGRSRUELHQHPSOHDGRWLHPSRGLQHURVROHGDG
0HGHMpFDHUVREUHHOHQWDULPDGR\FRPRVLVHWUDWDVHGHXQDSHOtFXODIXLUHFRUGDQGRORV
SDVRVTXHKDEtDVHJXLGRHQDTXHOORVPHVHV
3HURILQDOPHQWHODFXULRVLGDGVHLPSXVR\UDVJXpHOVREUH(QHOH[WHULRUQRKDEtDXQDVROD
SDODEUDRLQGLFDFLyQ1DGDPiVVDFDUODKRMDGHSDSHOTXHFRQWHQtDLGHQWLILTXpODOHWUDSLFXGD\
DJLWDGDGHOPD\RU
(VWDEDIHFKDGDHOGHDEULOGHHQ:DVKLQJWRQ'&(QHOODVLPSOHPHQWHKDFtDFRQVWDU
TXHVXKHUPDQRHQHOJUDQYLDMHKDEtDIDOOHFLGRGRVDxRVDWUiVHQ\TXHVLJXLHQGR
ORVLPSXOVRVGHVXSURSLDFRQFLHQFLDHVHPLVPRGHDEULOGHGDEDSRUFRQFOXLGRHOGLDULR
GHGLFKRYLDMH
(OEUHYHPHQVDMHILQDOL]DEDFRQODVVLJXLHQWHVSDODEUDV
6yORSLGRD'LRVTXHQXHVWURVDFULILFLRSXHGDVHUFRQRFLGRDOJ~QGtD\TXHOOHYHODSD]D
ORVKRPEUHVGHEXHQDYROXQWDGGHODPLVPDIRUPDTXHPLKHUPDQR\\RWXYLPRVODJUDFLD
GHHQFRQWUDUtD
$O SLH GH OD QRWD HO PD\RU VXSOLFDED TXH OD SHUVRQD TXH WXYLHUD DFFHVR DO GLDULR \ D OD
SUHVHQWHPLVLYDUHVSHWDUDHODQRQLPDWRGHDPERV
3RU HVWD UD]yQ KH VXSULPLGR OD LGHQWLGDG GH OD SHUVRQD D OD TXH KDFH PHQFLyQ HO PD\RU
GHQRPLQiQGROH KHUPDQR VX\R 3XHGR DFODUDU HVR Vt TXH QR VH WUDWD HQ UHDOLGDG GH XQ
KHUPDQRGHVDQJUHVLQRGHXQDFDOLILFDFLyQSXUDPHQWHHVSLULWXDO
0LSULPHUDUHDFFLyQDOOHHUODHVTXHODIXHFRQVXOWDUODFODYH$TXHOODFRQIHVLyQGHOIDOOHFLGR
RILFLDOGHOD86$)SDUHFtDHQFDMDUGHOOHQRHQODFXDUWD\QRPHQRVPLVWHULRVDIUDVH
(OKHUPDQRGXHUPHHQ:/DVRPEUDGHOQtVSHUROHFXEUHDODWDUGHFHU
'HQXHYREURWyHQPtHOQRPEUHGH$UOLQJWRQ
6tDKRUDVtSXHGHWHQHUVHQWLGRPHGLMHDPtPLVPR$KRUDHPSLH]RDFRPSUHQGHU
+DEtDTXHYLVLWDUGHQXHYRHOFHPHQWHULR(QUHDOLGDGWDO\FRPRSXGHYHULILFDUDOOHHUHO
GLDULR GHO PD\RU ODV GRV ~OWLPDV IUDVHV GH VX PHQVDMH FLIUDGR QR HUDQ RWUD FRVD TXH XQD
FRQILUPDFLyQ SDUD OD SHUVRQD TXH OOHJDUD KDVWD VX OHJDGR GH OD UHDOLGDG ItVLFD GH VX
FRPSDxHURHQHOJUDQYLDMH\REYLDPHQWHGHODQDWXUDOH]DGHOUHIHULGRGLDULR
(Q KRQRU D OD YHUGDG GHVSXpV GH FRQRFHU DTXHOOD LQFUHtEOH LQIRUPDFLyQ TXH KDEtD VLGR
HQFHUUDGD HQ ORV FLOLQGURV WDPSRFR HUD YLWDO OD ORFDOL]DFLyQ GHO IDOOHFLGR FRPSDxHUR GH Pt
DPLJR/RVTXHPHFRQRFHQXQSRFRVDEHQVLQHPEDUJRTXHPHJXVWDDSXUDUODVLQYHVWLJDFLRQHV
\FRQPD\RUPRWLYRVLFRPRHQDTXHOORVPRPHQWRVPHKDOODEDWDQFHUFDGHOILQDO
3HURODVVRUSUHVDVQRVHKDEtDQWHUPLQDGRHQDTXHOLPERUUDEOHMXHYHV$QWHVGHSURFHGHUD
OD VROHPQH DSHUWXUD GH ORV FDUWXFKRV GH FDUWyQ FRORTXp HO VREUH MXQWR D ORV FLOLQGURV \ ORV
IRWRJUDILpDSODFHU$FWRVHJXLGR\WUDVFRPSUREDUTXHHOSOiVWLFRSURWHFWRUQRRIUHFtDHOPHQRU
UHVTXLFLR SRU GyQGH HPSH]DU OD ODERU GH H[WUDFFLyQ WRPp XQD GH PLV FXFKLOODV GH DIHLWDU \
GHOLFDGDPHQWH VHSDUp HO FtUFXOR TXH FXEUtD XQD GH ODV FDUDV GHO FLOLQGUR 3UHFLVDPHQWH OD
RSXHVWDDODTXHSUHVHQWDEDDTXHOODSHTXHxDHWLTXHWDFRQHOQ~PHUR
1HUYLRVDPHQWH SDOSp HO FDUWyQ 3DUHFtD PX\ VyOLGR 'HVSXpV GH XQ PLQXFLRVR FDVL PH
DWUHYHUtDDOODPDUORPLFURVFySLFRH[DPHQPHYLREOLJDGRDVDMDUORSRUVXFLUFXQIHUHQFLD8QD
KRUD GHVSXpV OD SHUWLQD] WDSDGHUD GH FLQFR PLOtPHWURV GH HVSHVRU \ GLH] FHQWtPHWURV GH
GLiPHWURVDOWDEDDOILQGHMDQGRDOGHVFXELHUWRHOLQWHULRUGHOWXER
6HJXQGRV GHVSXpV DSDUHFtD DQWH Pt XQ PD]R GH SDSHOHV SHUIHFWDPHQWH HQUROODGRV +DEtD
VLGR LQWURGXFLGR HQ XQD IXQGD GH SOiVWLFR WUDQVSDUHQWH KHUPpWLFDPHQWH JUDSDGD SRU OD SDUWH
VXSHULRU7XYHTXHYDOHUPHGHXQSHTXHxRFRUWD~xDVSDUDKDFHUVDOWDUODVGLHFLVLHWHJUDSDV&RQ
XQDH[FLWDFLyQGLItFLOGHWUDQVFULELUHFKpXQDSULPHUDRMHDGDDORVGRFXPHQWRV\FRPSUREpTXH
KDEtDQ VLGR PHFDQRJUDILDGRV D XQ VROR HVSDFLR \ HQ OR TXH QRVRWURV FRQRFHPRV FRPR SDSHO
ELEOLD&DGDIROLRGHFHQWtPHWURVKDVWDXQWRWDOGHKDEtDVLGRILUPDGR\UXEULFDGR
HQODHVTXLQDLQIHULRUL]TXLHUGDSRUHOPD\RU(UDODPLVPDOHWUD\\RGLUtDTXHODPLVPDWLQWD
TXHILJXUDEDDOSLHGHODPLVLYDTXHKDEtDUHWLUDGRGHODSDUWDGRGHFRUUHRVQ~PHUR\TXH
DFDEDEDGHDEULU
(OWH[WRHQLQJOpVPHDUUHEDWyGHVGHHOPRPHQWRHQTXHILMpPLVRMRVHQpO<FUHRTXHQR
KXELHUD SRGLGR GHVSHJDUPH GH VX OHFWXUD GH QR KDEHU VLGR SRU DTXHOOD LQHVSHUDGD OODPDGD
WHOHIyQLFD
+DFLDODVKRUDVFRPRGLJRHOWHOpIRQRGHPLKDELWDFLyQPHGHYROYLyDODFUXGDUHDOLGDG
6HxRU%HQtWH]"
6R\\R'tJDPH
'RVVHxRUHVSUHJXQWDQSRUXVWHG(VWiQDTXt
'RVVHxRUHV"SUHJXQWpDPtYH]GHVFRQFHUWDGRDQWHODV~ELWDYLVLWD4XLpQHVVRQ"
8QPRPHQWRGXGyHOHPSOHDGRGHOKRWHOQRORVp
4XLpQ SRGtD WHQHU LQWHUpV HQ YHUPH" (V PiV SHQVp FRQ XQ H[WUDxR SUHVHQWLPLHQWR
TXLpQVDEHTXHHVWR\HQ:DVKLQJWRQ"
8QRGHHOORVPHDQXQFLyHOUHFHSFLRQLVWDDORVSRFRVVHJXQGRVDILUPDVHUGHO)%,
$KH[FODPpFRQXQKLORGHYR]%XHQRDKRUDPLVPREDMR
7RGR KDEtD VLGR WDQ UiSLGR H LPSUHYLVWR TXH DO SRFR GH FROJDU HO DXULFXODU FRPHQFp D
SDOLGHFHU1RHUDOyJLFRQLQRUPDOTXHHO)%,VHLQWHUHVDUDSRUPt4XpSRGtDKDEHURFXUULGR"
(QTXpQXHYROtRPHKDEtDPHWLGR"
'H SURQWR UHFRUGp 'tDV DWUiV \R KDEtD FRPHWLGR OD WRUSH]D GH LQWHUHVDUPH FHUFD GH OD
(PEDMDGD (VSDxROD \ GHO 3HQWiJRQR SRU ORV SRVLEOHV IDPLOLDUHV GHO PD\RU 0LHQWUDV UHFRJtD
SUHFLSLWDGDPHQWHORVFLOLQGURV\HOVREUHRFXOWiQGRORVHQHOIRQGRGHODEROVDGHPLVFiPDUDV
XQWRUEHOOLQRGHWHPRUHVKLSyWHVLV\FRQWUDKLSyWHVLVHPEDUXOODURQD~QPiVPLFHUHEUR
&RQODOODYHGHPLKDELWDFLyQHQWUHODVPDQRV\PXHUWRGHPLHGRPHSUHVHQWpHQHOKDOO
'RVLQGLYLGXRVGHIXHUWHFRPSOH[LyQ\SXOFUDPHQWHWUDMHDGRVVHOHYDQWDURQGHORVEXWDFRQHV
VLWXDGRV IUHQWH D OD SXHUWD GHO DVFHQVRU 1R WXYH RSRUWXQLGDG VLTXLHUD GH DSUR[LPDUPH DO
PRVWUDGRUGHUHFHSFLyQ\SUHJXQWDUSRUPLVLQVyOLWRVYLVLWDQWHV
&RQXQDVRQULVDXQWDQWRIRU]DGDXQRGHHOORVPHVDOLyDOSDVRH[WHQGLHQGRVXPDQR
(OVHxRU%HQtWH]"
$OSUHVHQWDUPHHOTXHKDEtDHVWUHFKDGRPLPDQRHQSULPHUOXJDU\TXHSDUHFtDOOHYDUODYR]
FDQWDQWHPHLQYLWyDVHQWDUPHFRQHOORV
1RVHSUHRFXSHDQXQFLyFRQXQHYLGHQWHGHVHRGHWUDQTXLOL]DUPHVHWUDWDGHXQDVLPSOH
UXWLQD
<RWDPELpQPHHVIRUFpHQVRQUHtUDOWLHPSRTXHOHVURJDEDTXHVHLGHQWLILFDUDQ
3RUWHOpIRQRDxDGtPHKDQGLFKRTXHXQRGHXVWHGHVHVDJHQWHGHO)%,3RGUtDYHUVXV
FUHGHQFLDOHV"
,QVWDQWiQHDPHQWH\FRPRVLDTXHOODSHWLFLyQPtDIRUPDUDSDUWHGHXQFHUHPRQLDOLJXDOPHQWH
UXWLQDULR \ KDELWXDO DPERV VDFDURQ GHO LQWHULRU GH VXV FKDTXHWDV VHQGDV FDUWHUDV GH SOiVWLFR
QHJUR(QODSULPHUDSHUWHQHFLHQWHDOTXHPHKDEtDLGHQWLILFDGRQDGDPiVYHUPHHQHOKDOO
SXGH OHHU FRQ FDUDFWHUHV TXH GHVWDFDEDQ VREUH HO UHVWR ODV SDODEUDV)HGHUDO %XUHDX RI
,QYHVWLJDWLRQ$TXHOOR HQ HIHFWR FRUUHVSRQGtD D ODV IDPRVDV VLJODV )%, X 2ILFLQD )HGHUDO GH
,QYHVWLJDFLyQ
(Q OD VHJXQGD FUHGHQFLDO TXH QR IXH UHWLUDGD GH PL YLVWD FRQ WDQWD UDSLGH] FRPR OD GHO
DJHQWH GHO )%, SXGH OHHU HQ FDPELR OR VLJXLHQWH'HSDUWDPHQWR GH (VWDGR 2ILFLQD GH
3UHQVD \DOJRDVtFRPR XQD GLUHFFLyQ&6WUHHW:DVKLQJWRQ'&\XQQ~PHURTXH
HPSH]DEDSRU
0XFKDVJUDFLDVUHSXVHFRQPiVPLHGRVLFDEH8VWHGHVGLUiQ
6DEHPRV TXLpQ HV XVWHG \ FRQRFHPRV LJXDOPHQWH VX FRQGLFLyQ GH SHULRGLVWD HVSDxRO
UHSOLFyHOPLHPEURGHO)%,DOWLHPSRTXHDEUtDXQDSHTXHxDOLEUHWD\UHFKD]DEDDPDEOHPHQWH
XQRGHPLVFLJDUULOORV\VHQRVKDFRPXQLFDGRTXHHOSDVDGRPDUWHVDODVGHODPDxDQD
XVWHGVHLQWHUHVySRUORVSRVLEOHVSDULHQWHVGHOPD\RU
-RGHUTXpWtRVSHQVp9D\DVHUYLFLRGHLQIRUPDFLyQ
3XHV ELHQ SURVLJXLy HO DJHQWH LQGLFiQGRPH ODV QRWDV TXH DSDUHFtDQ HQ VX EORFN HQ
SULPHUOXJDUTXHUtDPRVDYHULJXDUVLHVWRVGDWRVVRQFRUUHFWRV
(IHFWLYDPHQWH/RVRQ
(QHVHFDVRQRVJXVWDUtDVDEHUSRUTXpWLHQHXVWHGHVHLQWHUpVSRUODIDPLOLDGHOPD\RU
0LFHUHEURGHVSLHUWRDFDXVDGLJR\RGHOPLHGRIXHEXVFDQGRODVUHVSXHVWDVFRQXQD
IULDOGDGTXHD~QPHDVXVWD
%XHQRHVXQDYLHMDKLVWRULD&RQRFtDOPD\RUHQXQRGHPLVYLDMHVD0p[LFR\HQWDEOpFRQ
pO XQD VLQFHUD DPLVWDG 1RV HVFULELPRV \ KDFH XQDV VHPDQDV PHQWt DO YLVLWDU QXHYDPHQWH
DTXHOSDtVVXSHTXHKDEtDIDOOHFLGR
6LQSHVWDxHDUVRVWXYHODGHVFRQFHUWDGDPLUDGDGHO\DQTXL4XL]iHVSHUDEDRWUDYHUVLyQ\DO
FRPSUREDUTXHOHGHFtDODYHUGDGFXDQGRPHQRVSDUWHGHODYHUGDGVHPRVWUyLQGHFLVR(VH
IXHVXSULPHUHUURU
$QWHVGHTXHDFHUWDUDDIRUPXODUXQDQXHYDSUHJXQWDDSURYHFKpDTXHOORVVHJXQGRV\WRPpOD
LQLFLDWLYD
8VWHGHVVDEUiQWDPELpQTXH\RVR\LQYHVWLJDGRU\HVFULWRUGHOIHQyPHQRRYQL
(ODJHQWHVRQULy
(QFLHUWDRFDVLyQVHJXtLPSURYLVDQGRHOPD\RUPHGLRDHQWHQGHUTXHVDEtDGHFLHUWD
LQIRUPDFLyQUHODFLRQDGDFRQHVWHWHPD<PHGLRHOQRPEUHGHXQFRPSDxHURTXHUHVLGHHQORV
(VWDGRV8QLGRVeOPHGDUtDORVGDWRVVLHPSUH\FXDQGR\RVXSLHUDHVSHUDUDTXHIDOOHFLHUDHO
PD\RU
0LLQWHUORFXWRUWDO\FRPR\RGHVHDEDPRUGLyHODQ]XHOR
3XHGHGHFLUQRVHOQRPEUHGHHVDSHUVRQD"
)LQJtXQDFLHUWDUHVLVWHQFLD\DxDGt
/DYHUGDGHVTXHQRPHJXVWDUtDSHUMXGLFDUDQDGLH
1RVHSUHRFXSH
(VWiELHQ1RWHQJRLQFRQYHQLHQWHHQGDUOHVHOQRPEUHGHHVDSHUVRQDTXHEXVFRVLHPSUH\
FXDQGRXVWHGHVPHPDQWHQJDQDOPDUJHQ\UHVSRQGDQDXQDSUHJXQWD
/RVGRVSHUVRQDMHVFUX]DURQXQDPLUDGDGHFRPSOLFLGDG\HOIXQFLRQDULRGHO'HSDUWDPHQWR
GH(VWDGRTXHQRKDEtDDELHUWRODERFDKDVWDHVHPRPHQWRSUHJXQWyDVXYH]
'HTXpVHWUDWD"
3RGUtDQ XVWHGHV SURSRUFLRQDUPH XQD SLVWD VREUH DOJ~Q IDPLOLDU GHO PD\RU R VREUH HVH
DPLJRDOTXHWUDWRGHORFDOL]DU"
$QWHVGHTXHVXFRPSDxHURWXYLHUDWLHPSRGHUHVSRQGHUHODJHQWHGHO)%,LQWHUYLQRGHQXHYR
7UDWRKHFKR'tJDQRVFyPRVHOODPDHVDSHUVRQDFRQODTXHXVWHGGHEHFRQWDFWDU"
$O WRPDU QRWD GHO QRPEUH \ SULPHU DSHOOLGR GHO KHUPDQR GH YLDMH GHO PD\RU HO DJHQWH
WLWXEHy\FUX]yXQDQXHYD\IXJD]PLUDGDFRQVXDFRPSDxDQWH(VHIXHVXVHJXQGRHUURU
$TXHOODFDVLLPSHUFHSWLEOHYDFLODFLyQWHUPLQySRUDOHUWDUPH(QHVHLQVWDQWHSRUSULPHUD
YH] FRPHQFp D WRPDU FRQFLHQFLD GH TXH PH KDEtD DYHQWXUDGR HQ XQ DVXQWR VXPDPHQWH
SHOLJURVR$TXHOORV LQGLYLGXRV HVR VDOWDED DOD YLVWDVDEtDQPXFKRPiVGHORTXHGHFtDQ
3HURORSHRUQRHUDHVR/RGUDPiWLFRHVTXHSRUHVDVFDVXDOLGDGHVGHOGHVWLQRWHQtDHQPL
SRGHUXQDLQIRUPDFLyQTXHHPSH]DEDDTXHPDUPHHQWUHODVPDQRV\SRUODTXHORVVHUYLFLRVGH
LQWHOLJHQFLDGHORV(VWDGRV8QLGRVKXELHUDQVLGRFDSDFHVGHWRGR
<TXpKD\GHHVDSLVWD"SUHVLRQpFRQILQJLGRDLUHGHVDWLVIDFFLyQ
(O DJHQWH GHO )%,JXDUGy VLOHQFLR\WUDV HVFULELUDOJR HQ XQD GHODVKRMDV GHVX OLEUHWD OD
DUUDQFySRQLpQGRODHQPLVPDQRV
(VWRGRORTXHSRGHPRVGHFLUOHPDVFXOOyFRQGHVJDQD&UHHPRVTXHVHWUDWDGHXQR
GHORVSDULHQWHVGHOPD\RU
(QHOSDSHOSXGHOHHUHOQRPEUHGHODFLXGDGGH1XHYD<RUN\GRVDSHOOLGRV
6LPXOpXQDFLHUWDFRQWUDULHGDG
3HURQRSXHGHQGHFLUPHDOJRPiV"
/RV LQGLYLGXRV VH SXVLHURQ HQ SLH \ WUDV GHVHDUPH VXHUWH VH DOHMDURQ KDFLD OD SXHUWD GH
VDOLGD6LQTXHUHUORDTXHOORVJRULODVPHKDEtDQEULQGDGRODPHMRUGHODVH[FXVDVSDUDVDOLUGH
:DVKLQJWRQDWRGDSULVD
$QWHVGHUHJUHVDUDPLKDELWDFLyQWXYHHODFLHUWRGHDVRPDUPHGLVLPXODGDPHQWHSRUODSXHUWD
JLUDWRULDGHOKRWHO\YHUFyPRORVDJHQWHVVHLQWURGXFtDQHQXQFRFKHD]XOPHWDOL]DGRDSDUFDGRD
YHLQWHRWUHLQWDPHWURVGHGRQGHPHHQFRQWUDED0HLQWHUQpGHLQPHGLDWRHQHOKDOOGLULJLpQGRPH
KDFLDHODVFHQVRU\QRWDQGRVREUHPtHOSHVRGHODFXULRVDPLUDGDGHOUHFHSFLRQLVWD
$QWHVGHFHUUDUODSXHUWDGHPLKDELWDFLyQYROYtDFROJDUHODQXQFLRGH1RPROHVWHQ\HFKpOD
FDGHQD GH VHJXULGDG /DV URGLOODV HPSH]DURQ HQWRQFHV D WHPEODUPH \ WXYH TXH GHMDUPH FDHU
VREUHODFDPD6XSRQJRTXHPLSHUWXUEDFLyQVHGHEtDHQSDUWHDDTXHOODGLJDPRVGHOLFDGD
YLVLWD\VREUHWRGRDORTXHFRQWHQtDDTXHOSULPHUFLOLQGUR
1RVpHOWLHPSRTXHSHUPDQHFtWXPEDGRHQODFDPDFRQODYLVWDSHUGLGDHQODSHQXPEUDGH
PLKDELWDFLyQ8QDFRVDVtHVWDEDFODUDHQWRGRDTXHOHPEUROORDKRUDPiVTXHQXQFDWHQGUtDTXH
DFWXDUFRQSLHVGHSORPR6LHO)%,KDEtDWRPDGRFDUWDVHQHOQHJRFLRHUDSRUTXHOyJLFDPHQWH
HVWDEDDOFRUULHQWHGHOJUDQYLDMHTXHKDEtDQUHDOL]DGRHOPD\RU\VXKHUPDQR1RKDFtDIDOWD
VHU XQ iJXLOD SDUD SHUFLELU TXH ORV VHUYLFLRV GH ,QWHOLJHQFLD QRUWHDPHULFDQRV QR HVWDEDQ
GLVSXHVWRVDTXHDTXHOODLQIRUPDFLyQVHFUHWDVHILOWUDUDDODSUHQVD
'HPRPHQWRODH[TXLVLWDSUXGHQFLDGHOPD\RUPHKDEtDSURSRUFLRQDGRXQDFLHUWDYHQWDMD<
HVWDEDGLVSXHVWRDXWLOL]DUODQDWXUDOPHQWH6LHO)%,\HO'HSDUWDPHQWRGH(VWDGRTXHVDEtDQ
PX\ ELHQ GHO IDOOHFLPLHQWR GH ORV GRV YHWHUDQRV GH OD 86$) VHJXtDQ FUH\HQGR TXH \R VyOR
WUDWDEDGHORFDOL]DUDODPLJRGHOPD\RUTXL]iPLVDOLGDGHOSDtVIXHUDPiVIiFLOGHORSUHYLVWR
(VWDHQVtQWHVLVIXHODUHVROXFLyQPiVLPSRUWDQWHTXHWHUPLQpSRUDGRSWDUHQDTXHOPHGLRGtDGHO
MXHYHVGHQRYLHPEUHGHYROYHUD(VSDxDGHLQPHGLDWR\FRQPLWHVRURSRUVXSXHVWR
6DOWp GH OD FDPD \ PH GLVSXVH D SRQHU HQ SUiFWLFD OD ~OWLPD IDVH GH PL SODQ OD YLVLWD DO
&HPHQWHULR1DFLRQDOGH$UOLQJWRQ$XQTXHUHSLWRODFRQILUPDFLyQGHODPXHUWHGHOFRPSDxHUR\
KHUPDQRGHPLDPLJRQRUHYHVWtD\DXQDHVSHFLDOLPSRUWDQFLDHQPtIXHURLQWHUQRQHFHVLWDED
FHUUDUDTXHOPLVWHULRVRFtUFXORTXHFRQVWLWXtDODFODYH
3UHSDUpODVFiPDUDV\FRQVXOWpPLUHORM(UDQODVGRVGHODWDUGH$~QPHUHVWDEDQRWUDVWUHV
KRUDVSDUDTXHHOFDPSRVDQWRFHUUDUDVXVSXHUWDVDOS~EOLFR
3HURFXDQGRPHGLVSRQtDDDEDQGRQDUODKDELWDFLyQXQHOHPHQWDOVHQWLGRGHODSUXGHQFLDPH
REOLJyDDVRPDUPHDODYHQWDQD3RUXQPRPHQWRQRUHDFFLRQp$SDUFDGRMXQWRDODDFHUDGHOD
IDFKDGDGHOKRWHOHQHOPLVPROXJDUHQTXH\RORKDEtDYLVWRDHVRGHODVKRUDVVHJXtDHO
WXULVPRGHFRORUD]XOPHWDOL]DGRGHORVDJHQWHVTXHPHKDEtDQYLVLWDGR,QVWLQWLYDPHQWHPHHFKp
DWUiV \ FHUUp OD YHQWDQD 1R SRGtD WUDWDUVH GH XQD FDVXDOLGDG$TXpO HUD HO YHKtFXOR GHO )%,
(VWDEDFODURTXHKDEtDVXEHVWLPDGRDORVDJHQWHV
6LPHDUULHVJRDVDOLUDKRUDUHIOH[LRQpEXVFDQGRXQDVROXFLyQTXpSXHGHRFXUULU"
&DEtDODQDGDIDQWiVWLFDSRVLELOLGDGGHTXHIXHUDGLVFUHWDPHQWHVHJXLGRRORTXHSRGtDVHU
PXFKRSHRUTXHDSURYHFKDUDQPLDXVHQFLDSDUDUHJLVWUDUODKDELWDFLyQ(VWD~OWLPDLGHDPHOOHQy
GHHVSDQWR4XpSRGtDKDFHU"
7DPSRFRPHUHVLJQDEDDSHUPDQHFHUHQFODXVWUDGRHQWUHDTXHOODVFXDWURSDUHGHV
'HSURQWRPHYLQRDODPHPRULDODHVFDOHUDGHLQFHQGLRV
6tPHGLMHDPtPLVPRWUDWDQGRGHDQLPDUPHDKtSXHGHHVWDUODVDOLGD
3UHQGtODWHOHYLVLyQ\SURFXUDQGRKDFHUHOPHQRUUXLGRSRVLEOHDEUtOHQWDPHQWHODSXHUWD(O
SDVLOOR DSDUHFtD GHVLHUWR 5iSLGDPHQWH PH VLWXp DO IRQGR GHO FRUUHGRU IUHQWH D OD VDOLGD GH
HPHUJHQFLD$GLIHUHQFLDGHORTXHVXHOHRFXUULUFRQORVKRWHOHVHVSDxROHVORVQRUWHDPHULFDQRV
SURFXUDQ TXH HVWDV SXHUWDV SHUPDQH]FDQ SHUPDQHQWHPHQWH DELHUWDV $O DVRPDUPH DO H[WHULRU
GHVGHODSODWDIRUPDPHWiOLFDRGHVFDQVLOORTXHXQHODHVFDOHUDFRQODVH[WDSODQWDHQODTXHPH
HQFRQWUDED FRPSUREp TXH DTXHOOD VDOLGD FRQGXFtD GLUHFWDPHQWH D XQD FDOOH HVWUHFKD \ SRFR
WUDQVLWDGD(QODVLQPHGLDFLRQHVQRKDEtDXQVRORYHKtFXOR(VRPHWUDQTXLOL]y
$ORVSRFRVPLQXWRVFHUUDEDGHQXHYRODSXHUWDGHPLKDELWDFLyQ\PHSUHSDUpSDUDODIXJD
/RPiVLPSRUWDQWHHUDQROHYDQWDUVRVSHFKDV$VtTXHVLJXLHQGRXQPHWyGLFRSODQWHOHIRQHpDO
URRPVHUYLFH\VROLFLWpXQIUXJDODOPXHU]R$FRQWLQXDFLyQPHGHVQXGpHQIXQGiQGRPHHOSLMDPD
0DUTXpHOQ~PHURGHFRQVHUMHUtD\DGRSWDQGRXQWRQROHQWR\FDQVLQROHH[SOLTXpDOHPSOHDGRGH
WXUQR TXH HVWDED PX\ IDWLJDGR \ TXH GHVHDED GRUPLU 3RU ~OWLPR \ WUDV LQVLVWLU HQ TXH QR PH
SDVDUDQLQJXQDOODPDGDOHURJXpTXHPHGHVSHUWDUDDODVVHLV\PHGLDGHODWDUGH6LFRPR\R
VRVSHFKDED ORV UHVSRQVDEOHV GHO KRWHO WHQtDQ yUGHQHV GH YLJLODU \ FRPXQLFDU PLV HQWUDGDV \
VDOLGDVpVWDSRGtDVHUXQDEXHQDFRDUWDGD
$ORVTXLQFHPLQXWRVXQFDPDUHUROODPDEDDODSXHUWD(PSXMyHOFDUULWRFRQODFRPLGD\
WUDV GHSRVLWDU HQ VX PDQR XQD VXVWDQFLRVD SURSLQD OH DQXQFLp TXH QR VH PROHVWDUD HQ UHJUHVDU
SDUDUHFRJHUODSHTXHxDPHVDURGDQWH
<RPLVPRODVDFDUpDOSDVLOORFXDQGRPHGHVSLHUWHUHPDFKp
(OKRPEUHSDUHFLyFRQIRUPH\GHVDSDUHFLyFRUUHGRUDGHODQWHPLHQWUDV\RYROYtDDFROJDUHO
FDUWHOGH1RPROHVWHQ
0HYHVWtHQVHJXQGRVSHOOL]TXpXQRGHORVSDQHFLOORV\FDUJXpFRQODEROVDGHODVFiPDUDV
HQFX\RIRQGRKDEtDGHSRVLWDGRORVFDUWXFKRVGHFDUWyQ\ODFDUWDGHOPD\RU0LUHORMVHxDODED
ODV
7UDV DVHJXUDUPH TXH OD SXHUWD GH PL KDELWDFLyQ TXHGDED SHUIHFWDPHQWH FHUUDGD JXDUGp OD
OODYH \ FRPR XQ IDQWDVPD VDOYp ORV WUHLQWD SDVRV HVFDVRV TXH PH VHSDUDEDQ GH OD VDOLGD GH
XUJHQFLD$OFHUUDUODWUDVGHPtGHGLTXpXQRVVHJXQGRVDXQDH[KDXVWLYDH[SORUDFLyQGHODFDOOH\
GHORVWUDPRVTXHGHEtDGHVFHQGHU7RGRVHKDOODEDWUDQTXLOR
6LQSHUGHUXQPLQXWRPiVPHSUHFLSLWpHVFDOHUDVDEDMRSURFXUDQGRSLVDUFRQODVSXQWDVGH
ODVERWDV$ODOFDQ]DUHOSHQ~OWLPRGHVFDQVLOORPHGHWXYH(OFRUD]yQQRPHFDEtDHQHOSHFKR
/DQFp XQD RMHDGD \ WUDV FRPSUREDU TXH HO FDPLQR VHJXtD H[SHGLWR FRQWLQXp FRQ XQ H[FHVR GH
RSWLPLVPR < KDJR HVWD REVHUYDFLyQ SRUTXH DO HQFDUDUPH FRQ ORV ~OWLPRV SHOGDxRV D SXQWR
HVWXYHGHURPSHUPHODFULVPD<RQRKDEtDFRQWDGRFRQXQSHTXHxRJUDQREVWiFXORODHVFDOHUD
GHLQFHQGLRVPRUtDDXQDFRQVLGHUDEOHDOWXUDVREUHHOVXHOR
0H DVRPp \ FRPSUHQGt FRQ DQJXVWLD TXH Vt SUHWHQGtD PDQWHQHU PL IXJD SULPHUR GHEHUtD
VDOWDUDTXHOORVGRVRWUHVPHWURV/DYHUGDGHVTXHQXQFDVXSHFRQFHUWH]DDTXpGLVWDQFLDPH
KDOODEDGHOSDYLPHQWR7HQtDTXHDFWXDUFRQUDSLGH]RUHJUHVDEDDODVH[WDSODQWDRPHODQ]DED
0LSRVLFLyQDOILQDOGHDTXHOODHVFDOHUDGHLQFHQGLRVHUDIUDQFDPHQWHFRPSURPHWLGD&XDOTXLHU
YLDQGDQWHTXHDFHUWDUDDSDVDUHQDTXHOORVLQVWDQWHVSRGtDGHVFXEULUPH
7UDJXpVDOLYD\SHJXpODEROVDDPLYLHQWUHURGHiQGRODFRQDPERVEUD]RV'HVSXpVHQXQ
DFWRGHSXUDLQFRQVFLHQFLDVDOWp
$SHVDUGHODIOH[LyQGHSLHUQDVHOJROSHIXHUHVSHWDEOH(QPLDIiQSRUSURWHJHUHOHTXLSR
IRWRJUiILFRPHLQFOLQpHQH[FHVRKDFLDXQFRVWDGRURGDQGRFXDQODUJRVR\SRUHOGXURFHPHQWR
3RFDV YHFHV PH KH LQFRUSRUDGR D WDQWD YHORFLGDG 0L ~QLFD SUHRFXSDFLyQ OD YHUGDG VHD
GLFKD HUD TXH DOJXLHQ KXELHUD SRGLGR YHUPH VDOWDU 3HUR OD IRUWXQD SDUHFtD D~Q GH PL ODGR /D
FDOOHMXHOD VHJXtD VROLWDULD /LPSLp OD ]DPDUUD FRQ XQ SDU GH SDOPHWD]RV \ VDOt SLWDQGR KDFLD HO
FUXFHTXHVHDGLYLQDEDDOIRQGR6LWRGRIXQFLRQDEDFRPR\RGHVHDEDDORWURODGRGHODPDQ]DQD
\HQGLUHFFLyQRSXHVWDDODTXH\RKDEtDWRPDGRGHEHUtDFRQWLQXDUHOWXULVPRGHO)%,
9HLQWHPLQXWRVPiVWDUGHFXDQGRPLUHORMHVWDEDDSXQWRGHVHxDODUODVWUHV\PHGLDXQ
WD[LPHVLWXDEDHQHO0HPRULDO'ULYHDODVSXHUWDVPLVPDVGHOFHPHQWHULR
$XQTXHHQPLUiSLGRGHVSOD]DPLHQWRKDVWD$UOLQJORQ\RQRKDEtDDSUHFLDGRDSHVDUGHPLV
FRQVWDQWHVPLUDGDVKDFLDDWUiVTXHQRVVLJXLHUDHOWHPLGRYHKtFXORD]XOHQHVWDQXHYDYLVLWDDO
FHPHQWHULRGHORVKpURHVQRUWHDPHULFDQRVHYLWpHOLQJUHVRSRUODSXHUWDSULQFLSDO&DPLQpSRUHO
SDVHR GH 6FKOH\ \ D ORV FLQFR PLQXWRV PH SUHVHQWp DQWH HO PRVWUDGRU GHO 7HPSRUDU\ 9LVLWRUV
&HQWHU
6LQFHUDPHQWHPLHQWUDVOHH[SOLFDEDDXQDGHODVIXQFLRQDULDVTXHPLSURSyVLWRHUDORFDOL]DU
ODWXPEDGHXQYLHMRDPLJRPLVHVSHUDQ]DVDODYLVWDGHORVHVFDVRVGDWRVTXHSRVHtDQR
HUDQ PX\ VyOLGDV /D PXMHU WRPy QRWD GHO QRPEUH \ DSHOOLGRV DVt FRPR GHO DxR GHO VXSXHVWR
IDOOHFLPLHQWR\VLQPiVFRPRVLDTXHOODFRQVXOWDIXHUDXQDGHWDQWDVGLRPHGLDYXHOWD\
VHGLULJLyDXQPRQLWRUGHWHOHYLVLyQVLWXDGRDODL]TXLHUGDGHODVDOD/HYLWHFOHDU\DORVSRFRV
VHJXQGRV HQ OD SDQWDOOD GHO WHUPLQDO GHO RUGHQDGRU VXUJLHURQ XQRV VLJQRV \ SDODEUDV GH FRORU
YHUGHTXHQRDOFDQFpDGHVFLIUDU$FWRVHJXLGRODIXQFLRQDULDWRPyXQRGHORVSHTXHxRVPDSDV
TXH\R\DFRQRFtD\HVFULELyHQURMRHOSULPHUDSHOOLGR\HOQRPEUHGHPLDPLJR\HQODOtQHD
LQIHULRUHQ QHJUR\ HQ ORVHVSDFLRVGHVWLQDGRV DODJUDYH WXPED \ D ODVHFWLRQVHFFLyQ ORV
Q~PHURVFRUUHVSRQGLHQWHVDFDGDXQDGHHOODV
&RQRFHHOFHPHQWHULR"PHSUHJXQWy
1RPXFKR
%LHQHVIiFLODxDGLyFRQVXWRQRPRQyWRQR1RVRWURVHVWDPRVDTXt
&RQ HO URWXODGRU URMR PDUFy HO 7HPSRUDU\ 9LVLWRUV &HQWHU \ D FRQWLQXDFLyQ WUD]y XQD OtQHD
VREUH HO SDVHR GH /
(QIDQW \ GH /LQFROQ &RQ XQD SUHFLVLyQ TXH PH GHMy HVWXSHIDFWR VHxDOy XQ
SXQWRHQODVHFFLyQFRQFOX\HQGR
$TXtKDOODUiODOiSLGD6LYDDSLHVRQGLH]PLQXWRV
0XFKDVJUDFLDV
(V SRVLEOH TXH OD VHxRULWD LQWHUSUHWDUD DTXHO DJUDGHFLPLHQWR \ Pt ODUJD VRQULVD FRPR XQ
VHQWLPLHQWROyJLFRDOSRGHUXELFDUWDQUiSLGDPHQWHDODSHUVRQDTXHEXVFDED3HURORVWLURVLEDQ
HQRWUDGLUHFFLyQ
0LHQWUDV FDPLQDED KDFLD HO SXQWR LQGLFDGR HQ HO SODQR PL H[FLWDFLyQ IXH HQ DXPHQWR (O
KHFKRGHTXHODFRPSXWDGRUDGH$UOLQJWRQKXELHUDUHVSRQGLGRDILUPDWLYDPHQWHGHFODUDQGRTXH
DOOt HQ HIHFWR KDEtD VLGR VHSXOWDGR HO KHUPDQR GHO PD\RU PH KDEtD KHFKR YLEUDU GH
HPRFLyQROYLGDQGRPRPHQWiQHDPHQWHPLVSDVDGRVVLQVDERUHV
(Q HO FUXFH GH /
(QIDQW 'ULYH FRQ HO /LQFROQ 'ULYH PH GHWXYH 6L ODV LQGLFDFLRQHV GH OD
IXQFLRQDULD QR HVWDEDQ HTXLYRFDGDV GHEtD HQFRQWUDUPH D SRFR PiV GH PHWURV GH OD
VHSXOWXUD$OUHSDVDUHOPDSDDGYHUWtRWURGHWDOOHTXHSUHFLSLWyPLDOHJUtD/DVFRRUGHQDGDV
\:FRQIOXtDQPDWHPiWLFDPHQWHHQDTXHOODiUHDGHODVHFFLyQ(VWRGHVSHMDEDODSULPHUDSDUWH
GHODFXDUWDIUDVHGHODFODYHGHOPD\RU(OKHUPDQRGXHUPHHQ:
(OSHTXHxRVHQGHURDVIDOWDGRPHFRQGXMRKDVWDXQDSUDGHUDHQODTXHVHDOLQHDEDQFLHQWRVGH
OiSLGDVEODQFDVGHDSHQDVPHGLRPHWURGHDOWXUD&RQVXOWpHOQ~PHURGHODWXPED\WUDVYDULRV
SDVHRVSRUHOFXLGDGRFpVSHGHOQRPEUH\DSHOOLGRVGHOWDPELpQRILFLDOGHOD86$)VXUJLHURQ
DQWHPtFDVLFRPRXQPLODJUR
8QD SHTXHxD FUX] HQFHUUDGD HQ XQ FtUFXOR KDEtD VLGR JUDEDGD FRPR HQ HO UHVWR GH ODV
VHSXOWXUDVGH$UOLQJWRQHQODSDUWHVXSHULRUGHODSLHGUD'HEDMRODLGHQWLGDGGHOIDOOHFLGR
VX JUDGXDFLyQ HO (MpUFLWR DO TXH KDEtD SHUWHQHFLGR \ ODV IHFKDV GH VX QDFLPLHQWR \ PXHUWH
UHVSHFWLYDPHQWH(VRHUDWRGR
6HQWt XQD PH]FOD GH UDELD\WULVWH]D$TXHO KRPEUHDO LJXDOTXH PLYLHMRDPLJR HOPD\RU
KDEtDVLGRLQKXPDGRVLQXQDVRODDOXVLyQDODIDVFLQDQWHPLVLyQTXHKDEtDOOHYDGRDFDERHQYLGD
<ORSHRUHVTXHVXSURSLRSDtVDOPHQRVORVVHUYLFLRVGH,QWHOLJHQFLDHVWDEDHPSHxDGRHQ
TXHGLFKRYLDMHVLJXLHUDFODVLILFDGRFRPRVHFUHWR\FRQILGHQFLDO
(Q HO KRUL]RQWH GLIXPLQDGR HQWUH HO YHUGH HO DPDULOOR \ HO URMR GH ORV iUEROHV GHO
&HPHQWHULR 1DFLRQDO HO EODQFR PRQROLWR HULJLGR D OD PHPRULD GHO SULPHU SUHVLGHQWH GH ORV
(VWDGRV8QLGRVVHxDODEDSDUDGyMLFDPHQWHDORVFLHORV
0H DUURGLOOp \ MXUp TXH OXFKDUtD KDVWD HO ILQDO 1DGD QL QDGLH PH GHWHQGUtD DQWH DTXHO
FRPSURPLVRGHGLIXQGLUHOOHJDGRGHDTXHOORVKRPEUHV
$ODVFXDWUR\PHGLDGHVSXpVGHIRWRJUDILDUODOiSLGD\FXDQGRPHGLVSRQtDDUHWLUDUPHXQD
VRPEUDPHVREUHVDOWy3DUWHGHODLQVFULSFLyQKDEtDHPSH]DGRDRVFXUHFHUVH/HYDQWpODYLVWD\
UHSDUpHQXQDUEROLOOR(UDXQQtVSHUR
/DVRPEUDGHOQtVSHURUHFRUGpOD~OWLPDSDUWHGHODFXDUWDIUDVHGHOPHQVDMHGHOPD\RU
OHFXEUHDODWDUGHFHU
4XHGp DEVRUWR FRQWHPSODQGR FyPR OD FLPEUHDQWH VRPEUD GH DTXHO KXPLOGH FRPSDxHUR GH
VROHGDG LED UREDQGR OD OX] GH OD SLHGUD VHJXQGR D VHJXQGR$O REVHUYDU OD SUDGHUD FDt HQ OD
FXHQWDTXHDTXpOHUDHO~QLFRiUEROTXHFUHFtDMXQWRDHVWDVHFFLyQGHOFDPSRVDQWR<DQRKDEtD
GXGDODFODYHHVWDEDUHVXHOWD
5HFRJtDOJXQDVGHODVQtVSRODVTXHKDEtDQFDtGRVREUHHOFpVSHG\ODVJXDUGpHQPLEROVD
3RU~OWLPRFRUWpXQDSHTXHxDUDPD\ODGHSRVLWpDOStHGHODOiSLGD
3RFR D SRFR FRQ XQ VRO PRULEXQGR D PLV HVSDOGDV IXL DOHMiQGRPH GH DTXHO OXJDU 1R KH
YXHOWRDYHUHOIUiJLOQtVSHURGHKRMDVYHUGHV\GLPLQXWDVTXHDFRPSDxDDOKpURHQRUWHDPHULFDQR
SHURDPERVVDEHPRVTXHDTXHOODWDUGHSDUWHGHPLFRUD]yQTXHGyHQ$UOLQJWRQ
(Q PL SODQ RULJLQDO GH IXJD \R QR KDEtD SUHYLVWR QL PXFKR PHQRV TXH HO UHJUHVR IXHVH
SUHFLVDPHQWHSRUODSXHUWDSULQFLSDOGHOKRWHO$KRUDTXHORSLHQVRFRQXQDFLHUWDSHUVSHFWLYDGH
KDEHU VDELGR HQWRQFHV TXH QR H[LVWtD SRVLELOLGDG GH DFFHVR GHVGH OD FDOOHMXHOD SRVWHULRU D OD
HVFDOHUDGHLQFHQGLRVORPiVVHJXURHVTXHQRPHKXELHUDMXJDGRHOWRGRSRUHOWRGRSRUDTXHOOD
LQQHFHVDULD FRPSUREDFLyQ HQ HO &HPHQWHULR 1DFLRQDO GH$UOLQJWRQ 3HUR \D QR SRGtD HFKDUPH
DWUiV6R\KRPEUHTXHDFHSWDORVULHVJRV\DGHPiVHQFDQWDGR
(O FUHS~VFXOR KDEtD HPSH]DGR D DGRUPLODU ORV FRORUHV GH OD JUDQ FLXGDG FXDQGR HO WD[L VH
GHWXYRIUHQWHDODSXHUWDJLUDWRULDGHPLKRWHO0LHQWUDVDERQDEDODFDUUHUDUHVSLUpDOLYLDGRDO
UHFRQRFHU IUHQWH D Pt D XQD YHLQWHQD GH SDVRV HO WXULVPR GH PLV SHUVHYHUDQWHV JXDUGLDQHV 2
PXFKRPHHTXLYRFDEDRDTXHOORVLQGLYLGXRVPHFUHtDQGXUPLHQGRDSLHUQDVXHOWD3URQWRLEDD
FRPSUREDUOR
6DOWpGHOWD[L\FUXFpODDFHUDPLUDQGRGHUHRMRKDFLDPLL]TXLHUGD$XQTXHIXHFXHVWLyQGH
VHJXQGRV SXGH SHUFLELU FyPR XQR HO TXH SHUPDQHFtD DO YRODQWH VH DJLWDED WRFDQGR FRQ
SUHFLSLWDFLyQHOKRPEURGHVXFRPSLQFKHTXHVHKDOODEDOH\HQGRXQSHULyGLFR1RVpTXpSXGR
VXFHGHUGHVSXpV0HFROpHQHOKDOOFRPRXQDH[KDODFLyQHYLWDQGRHODVFHQVRU*UDFLDVDOFLHOR
HO UHFHSFLRQLVWD VH HQFRQWUDED GH HVSDOGDV \ SUHVXPR TXH QR PH YLR GHVDSDUHFHU HVFDOHUDV
DUULED
-DGHDQGR \ PDOGLFLHQGR HO WDEDFR LUUXPSt HQ PL KDELWDFLyQ HQ HO PRPHQWR SUHFLVR HQ TXH
VRQDEDHOWHOpIRQR7UDWpGHUHFREUDUHOSXOVR\ORGHMpVRQDUXQSDUGHYHFHV$OGHVFROJDUOR
UHFRQRFtODYR]GHOUHFHSFLRQLVWD
'LVFXOSHVHxRUDQXQFLyHOHPSOHDGRHQXQWRQRPX\SRFRFRQYLQFHQWHPHGLMRXVWHG
TXHOHOODPDUDDODVFLQFR\PHGLDRDODVVHLV\PHGLD"
0H GLHURQ JDQDV GH SRQHUOH FRPR XQ WUDSR 3HUR GLVLPXOp GDQGR SRU VHQWDGR TXH MXQWR DO
UHFHSFLRQLVWDGHEtDHQFRQWUDUVHDOJXQRGHORVDJHQWHVVLQRORVGRV
$ODVVHLV\PHGLDSRUIDYRUUHVSRQGtFRQYR]VHFD\FRUWDQWH
'LVFXOSHVHxRU+DVLGRXQHUURU
$FHSWp ODV GLVFXOSDV \ SRU OR TXH SXGLHUD RFXUULU PH GHVQXGp GDQGR EXHQD FXHQWD GHO
ROYLGDGRDOPXHU]R(UDQODVFLQFR\PHGLDGHODWDUGH6LHO)%,WUDJDEDHOFHER\HVWLPDEDTXH
WRGRKDEtDVLGRXQDFRQIXVLyQ\TXH\RQRPHKDEtDPRYLGRSDUDQDGDGHPLKDELWDFLyQTXL]i
DTXHOODV~OWLPDVKRUDVHQ:DVKLQJWRQQRIXHUDQGHPDVLDGRGLItFLOHV3HUR\VLQRHUDDVt"
+DEtDTXHVDOLUGHGXGDV
<HPSHFpDPDTXLQDUXQQXHYRSODQ(UDQHFHVDULRTXHDYHULJXDVHKDVWDTXpSXQWRFUHtDQHQ
PLVSDODEUDV
0L SUHRFXSDFLyQ FRPR HV IiFLO DGLYLQDU HVWDED FHQWUDGD HQ ORV GRFXPHQWRV 7HQtD TXH
SRQHUORV D VDOYR D FXDOTXLHU SUHFLR 3HUR FyPR" 3DVp PiV GH PHGLD KRUD UHFRQRFLHQGR \
H[SORUDQGR KDVWD HO ~OWLPR ULQFyQ GH OD KDELWDFLyQ 6LQ HPEDUJR QLQJXQR GH ORV SRVLEOHV
HVFRQGLWHVPHSDUHFLyORVXILFLHQWHPHQWHVHJXUR/OHJXpLQFOXVRDGHVHQURVFDUODDOFDFKRIDGH
ODGXFKDFRQVLGHUDQGRODSRVLELOLGDGGHHQUROODU\RFXOWDUSDUWHGHOGLDULRGHOPD\RUHQHOWXER
TXHVREUHVDOtDDOJRPiVGHFHQWtPHWURVGHODSDUHGGHOEDxR*UDFLDVD'LRVHOLQVWLQWRROD
LQWXLFLyQ R DPERV D XQ PLVPR WLHPSR PH KLFLHURQ UHFHODU \ ILQDOPHQWH PH GHFLGt SRU OD
VROXFLyQPiVVLPSOH\DUULHVJDGD3HUIRUpFXLGDGRVDPHQWHHOVHJXQGRFLOLQGUR\H[WUDMHRWUR
SDTXHWHGHIROLRVLJXDOPHQWHSURWHJLGRHQXQDIXQGDGHSOiVWLFRWUDQVSDUHQWH\PLQXFLRVDPHQWH
JUDSDGD
$UURMpWRGDVODVJUDSDVHQHOLQWHULRUGHODERWHOODGHYLQRTXHKDEtDTXHGDGRPHGLRYDFtD\
FRQ OD D\XGD GH YDULDV WLUDV GH FLQWD DGKHVLYD VXMHWp DPERV PD]RV GH IROLRV D PL SHFKR \
HVSDOGDUHVSHFWLYDPHQWH
'HVSXpVPHYHVWtFXLGDGRVDPHQWHSURFHGLHQGRDUHOOHQDUORVFDUWXFKRVGHFDUWyQFRQUROORV
GHIRWRJUDItDD~QVLQHVWUHQDU/RVGHSRVLWpHQHOIRQGRGHODEROVDGHODVFiPDUDV\UHWLUpODV
SHOtFXODVGHDPEDVPiTXLQDVVXVWLWX\pQGRODVSRURWUDVD~QYtUJHQHV
0LSURSyVLWRHUDVDOLUGHOKRWHODFXHUSRGHVFXELHUWR\GHMDUHOFDPSROLEUHDORVWLSRVGHO
)%, &RUUtD HO JUDYtVLPR SHOLJUR GH TXH HQ OXJDU GH UHJLVWUDU PL KDELWDFLyQ RSWDUDQ SRU
VHJXLUPH\FDFKHDUPH(QHVWHVHJXQGRVXSXHVWRORVGRFXPHQWRVKDEUtDQYRODGRHQFXHVWLyQGH
PLQXWRV(QSUHYLVLyQGHTXHHVDGHOLFDGDFLUFXQVWDQFLDOOHJDUDDKDFHUVHUHDOLGDGJXDUGpORV
UROORVGH75,;\GHGLDSRVLWLYDVTXHKDEtDREWHQLGRHQPLUHFLHQWHLQYHVWLJDFLyQHQ0p[LFRDVt
FRPR ODV LPiJHQHV GH $UOLQJWRQ HQ ORV EROVLOORV GH OD ]DPDUUD \ GHO SDQWDOyQ (Q FDVR GH
UHJLVWUR SHQVp VLHPSUH HV PHMRU TXH ORFDOLFHQ SULPHUR ODV SHOtFXODV 4XL]i VH GHQ SRU
VDWLVIHFKRV\VHROYLGHQGHOUHVWR
1R HV TXH DTXHOOD HVWUDWDJHPD PH FRQYHQFLHUD H[FHVLYDPHQWH SHUR TXp RWUD FRVD SRGtD
KDFHU"
&RUWp ODV FRODV GH ODV SHOtFXODV GH XQD GHFHQD GH UROORV WRGDYtD VLQ HPSOHDU \ ORV DOLQHp
VREUHHOUHGXFLGRHVFULWRULRVLPXODQGRTXHVHWUDWDEDGHOIUXWRGHPLWUDEDMRJUiILFRHQDTXHOORV
~OWLPRVGtDV
$ODVVHLV\TXLQFHPLQXWRVWRPpXQDKRMDGHSDSHOFRQHOPHPEUHWHGHOKRWHO\HVFULEtFRQ
WUD]RVGHVFXLGDGRV
9LHUQHV;,OODPDUD'*DUUyQDODVKRUDVWHOpIRQR
5DVJXp OD KRMD HQ WUR]RV SHTXHxRV \ ORV GHMp FDHU HQ OD SDSHOHUD PHWiOLFD VHSDUDQGR
SUHYLDPHQWHXQRGHORVFXDGUDGLWRVGHSDSHOHQHOTXHSRGtDOHHUVHHOVLJXLHQWHIUDJPHQWRpIRQR
'HSRVLWp HVWD SDUWH GHO HVFULWR HQ HO VXHOR GH OD KDELWDFLyQ PX\ FHUFD GH OD SDSHOHUD
FRPRVLHQODPDQLREUDDOODQ]DUORVSDSHOHVXQRGHHOORVKXELHUDFDtGRIXHUDGHOUHFLQWR
'HVSXpV YDFLp XQR GH ORV FHQLFHURV HQ OD FLWDGD SDSHOHUD \ SURFHGt D GHVRUGHQDU OD FDPD
DUUXJDQGRPLQXFLRVDPHQWHODVViEDQDV
$ ODV VHLV \ WUHLQWD WDO \ FRPR HVSHUDED VRQy HO WHOpIRQR (O HPSOHDGR HQ XQ WRQR PXFKR
PiVDPDEOHPHUHFRUGyODKRUD
0XFKDV JUDFLDV UHSXVH DSURYHFKDQGR OD RSRUWXQLGDG SDUD UHPDWDU PL SODQ 3RU
FLHUWRTXLVLHUDLUDOFLQH6DEHVLKD\DOJXQRSRUDTXtFHUFD"
6tVHxRU4XpWLSRGHSHOtFXODGHVHDYHUHOVHxRU"
%XHQRVLHVWDQDPDEOHYD\DPLUiQGRODVXVWHGPLVPR$KRUDEDMR
$OFROJDUPHIURWpODVPDQRV$SHVDUGHORVSHVDUHVDTXHOORUHVXOWDEDHOHFWUL]DQWH
3RU~OWLPR\DQWHVGHDEDQGRQDUODKDELWDFLyQHQYROYtFXLGDGRVDPHQWHPLFXDGHUQRGHQRWDV
HQ XQ SDU GH SHULyGLFRV HVFRQGLHQGR HQWUH VXV SiJLQDV OD FDUWD TXH KDEtD UHVFDWDGR GHOER[
Q~PHUR&RPSUREpTXHOOHYDEDHOSDVDSRUWHORVELOOHWHVWRGDYtDDELHUWRVGHPLYLDMH
GHUHJUHVRD(VSDxDYtD1XHYD<RUN\PLV~OWLPRVWUHLQWDGyODUHV\DEULHQGRODSXHUWDHPSXMp
HOFDUULWRGHODOPXHU]RKDVWDHOSDVLOOR5HWLUpHOFDUWHOGH1RPROHVWHQ\FHUUp$OHQFDPLQDUPH
KDFLD HO DVFHQVRU SDVp DQWH XQD EDQGHMD FRQ DOJXQRV UHVWRV GH FRPLGD TXH KDEtD VLGR
GHSRVLWDGD HQ HO SLVR MXQWR D RWUD GH ODV KDELWDFLRQHV 'H SURQWR UHFRUGp ODV JUDSDV \
UHWURFHGLHQGRWRPpPLERWHOODGHYLQRFDPELiQGRODVLJLORVDPHQWHSRUODGHDTXHOKXpVSHG
8QD YH]HQHOKDOOFRQYHUVpVLQSULVDVFRQHOUHFHSFLRQLVWDTXHJHQWLOPHQWH\DSHWLFLyQ
PtDPHDFRPSDxyKDVWDODFDOOHVHxDOiQGRPHHOFDPLQRPiVFRUWRSDUDOOHJDUDOFLQHHOHJLGR
6LPXOpQRKDEHUFRPSUHQGLGRELHQ\HOKRPEUHUHSLWLyVXVLQGLFDFLRQHVFRQWRGROXMRGHGHWDOOHV
7DQWRpOFRPR\RREVHUYDPRVIXUWLYDPHQWHHOFRFKHD]XOPHWDOL]DGRTXHFRQWLQXDEDDSDUFDGRD
FRUWD GLVWDQFLD $TXHOOD FRPHGLD HQ UHDOLGDG IRUPDED SDUWH GH OD VHJXQGD IDVH GH PL SODQ
'HVHDEDTXHTXHGDUDSHUIHFWDPHQWHHVWDEOHFLGRTXHHQHOWUDQVFXUVRGHODVGRVKRUDVVLJXLHQWHV
\R LED D WUDWDU GH GLVIUXWDU SDFtILFDPHQWH GH XQD SHOtFXOD < QDWXUDOPHQWH HUD YLWDO KDFHUVH
QRWDU
&RQODVPDQRVHQORVEROVLOORV\HOGLHWDULRGHFDPSRELHQVXMHWREDMRHOEUD]RFDPXIODGR
HQWUHORVSHULyGLFRVIXLDOHMiQGRPHFRQDLUHGLVWUDtGRFRPRTXLHQLQLFLDXQDSDFLEOHSDVHR(O
SHVRGHORVIROLRVHQHVSHFLDOORVGHOWyUD[HPSH]DEDDODVWLPDUPH
&RQGRVRWUHVSDUDGDVDSDUHQWHPHQWHFDVXDOHVIUHQWHDRWURVWDQWRVFRPHUFLRVIXHPiVTXH
VXILFLHQWH FRPR SDUD FRPSUREDU TXH ORV DJHQWHV QR VH KDEtDQ PRYLGR GHO LQWHULRU GHO WXULVPR
&RQ DTXHO SDVR LJXDOPHQWH GLVSOLFHQWH GHVDSDUHFt GH OD FDOOH HQ EXVFD GH OD SRSXORVD
DYHQLGD GH 3HQQV\OYDQLD HQWUH FX\RV UHVWDXUDQWHV JDOHUtDV FRPHUFLDOHVSXE \ FLQHPDWyJUDIRV
VLHPSUHUHVXOWDPiVIiFLOSDVDULQDGYHUWLGR
$GTXLUtXQEROHWR\DODVVLHWH\PHGLDSHQHWUDEDHQXQDGHODVVDODVGHSUR\HFFLyQ3HURPL
LQWHQFLyQQRHUDYHUXQDSHOtFXOD$ORVPLQXWRV\DQWHODLQGLIHUHQFLDGHOSRUWHURDEDQGRQp
HOFLQHGLULJLpQGRPHDXQDFDELQDWHOHIyQLFD
$XQTXH PH KDOODED PX\ FHUFD GH OD FDOOH HVWLPp TXH HUD PXFKR PiV SUXGHQWH OODPDU
SULPHURDODRILFLQDGHODDJHQFLD(IHHQ:DVKLQJWRQ8QRGHORVSHULRGLVWDVYLHMRDPLJR
LED D MXJDU XQ SDSHO GHFLVLYR HQ HVWD ~OWLPD SDUWH GHO SODQ &RPR HUD GH HVSHUDU HO SULPHU
Q~PHUR FRPXQLFDED VLQ FHVDU 0DUTXp HO VHJXQGR \ DO ILQ ORJUp KDEODU FRQ OD
UHGDFFLyQ
1RPHYLIRU]DGRDGDUOHGHPDVLDGDVH[SOLFDFLRQHV(OFRPSDxHUR\FROHJDFX\DLGHQWLGDG
QR SXHGR UHYHODU SRU UD]RQHV REYLDV LQWX\y TXH PH RFXUUtD DOJR IXHUD GH OR QRUPDO \ DFHSWy
YHUPHGHLQPHGLDWR
$HVRGHODVRFKR\PHGLDGHODQRFKHUHWURFHGtKDVWD0F3KHUVRQ6TXDUH\FRQYHQFLGRGH
TXH QDGLH PH VHJXtD PH GHVOLFp UiSLGDPHQWH KDFLD HO YHWXVWR DVFHQVRU GHO 1DWLRQDO 3UHVV
%XLOGLQJHQODPHQFLRQDGDFDOOHGHOVHFWRU1:GHODFLXGDG0LDPLJRPHDJXDUGDEDHQHO
GHSDUWDPHQWRVHGHGHODDJHQFLD(IH
8QD KRUD GHVSXpVFRQHOPLVPRDLUH GHGHVSUHRFXSDFLyQ HPSXMDED ODSXHUWDJLUDWRULD GHO

KRWHO 'H EXHQ JUDGR \ VLQ KDFHU GHPDVLDGDV SUHJXQWDV HO SHULRGLVWD PH KDEtD SURPHWLGR VX
D\XGD $ ODV GLH] GH OD PDxDQD GHO GtD VLJXLHQWH WDO \ FRPR KDEtDPRV DFRUGDGR VH
SUHVHQWDUtDHQPLKRWHO
0LLQWXLFLyQQRIDOOyHVWDYH]$ODSUR[LPDUPHDODSXHUWDSULQFLSDOGHOKRWHOGHVFXEUtTXHHO
FRFKHD]XOPHWDOL]DGRKDEtDGHVDSDUHFLGR
$O UHFODPDU PL OODYH HQ FRQVHUMHUtD REVHUYp TXH ORV HPSOHDGRV HUDQ RWURV < DXQTXH
~OWLPDPHQWHORVGHGRVVHPHKDFtDQKXpVSHGHVFRPSUHQGtTXHVHWUDWDEDGHXQQXHYRWXUQR'L
RUGHQ SDUD TXH PH GHVSHUWDVHQ D ODV GHO YLHUQHV \ FRQ XQ SUHRFXSDQWH KRUPLJXHR HQ HO
HVWyPDJR WRPp HO FDPLQR GH OD VH[WD SODQWD 1R SRGtD ERUUDU GH PL PHQWH OD VRVSHFKRVD
FLUFXQVWDQFLD GH TXH HO YHKtFXOR GHO )%, QR VH HQFRQWUDUD \D IUHQWH DO KRWHO 4Xp SRGtD KDEHU
VXFHGLGRHQHVWDVWUHVKRUDV"
1RQHFHVLWpPXFKRWLHPSRSDUDDYHULJXDUOR1DGDPiVFHUUDUODSXHUWDGHPLKDELWDFLyQPLV
RMRVVHFODYDURQHQHOSHTXHxRHVFULWRULR/RVUROORVYtUJHQHVTXH\RKDEtDDOLQHDGRGHIRUPD
SUHPHGLWDGD VREUH OD OiPLQD GH FULVWDO TXH FXEUtD OD PHVD KDEtDQ GHVDSDUHFLGR $QWHV GH
SURFHGHU D XQD ULJXURVD LQVSHFFLyQ JHQHUDO DEUt OD EROVD GH ODV FiPDUDV FRPSUREDQGR FRQ
DOLYLRTXHPLVPiTXLQDVVHJXtDQDOOt6LQHPEDUJRWDO\FRPRKDEtDVXSXHVWRWDPELpQORVUROORV
D PHGLR LPSUHVLRQDU TXH \R KDEtD VXVWLWXLGR HQ HO ~OWLPR PRPHQWR KDEtDQ VLGR H[WUDtGRV
SRVLEOHPHQWH UHERELQDGRV GH ODV UHVSHFWLYDV FDMDV (O UHVWR GHO HTXLSR VHJXtD LQWDFWR /RV
FLOLQGURVGHFDUWyQUHSOHWRVGHSHOtFXODQRSDUHFtDQKDEHUOODPDGRODDWHQFLyQGHORVLQWUXVRV
6HJXtDQ HQ HO IRQGR GH OD EROVD FXELHUWRV SRU ODV PLQLWRDOODV YHUGHV TXH \R VXHOR WRPDU
SUHVWDGDVHQORVKRWHOHVGRQGHDFLHUWRDFRELMDUPH\TXHVLJXLHQGRODFRVWXPEUHGHPLPDHVWUR
\ FRPSDGUH )HUQDQGR 0~JLFD VXHOR XWLOL]DU SDUD HYLWDU ORV FKRTXHV \ URFHV HQWUH FiPDUDV \
REMHWLYRV
7DPSRFR ODV FXDWUR R FLQFR QtVSRODV TXH \R KDEtD UHFRJLGR HQ $UOLQJWRQ KDEtDQ VLGR
VXVWUDtGDV SRU ORV DJHQWHV 3RUTXH D HVWDV DOWXUDV \ WDO \ FRPR SXGH FRQILUPDU PLQXWRV PiV
WDUGHVDOWDEDDODYLVWDTXHPLKDELWDFLyQKDEtDVLGRUHJLVWUDGDSRUHO)%,3RUXQDYH]HQPL
YLGDKDEtDDFHUWDGRGHSOHQR
(Q XQ SULPHU FKHTXHR SXGH GHGXFLU TXH HO UHVWR GH PLV HQVHUHV PDOHWD URSD ~WLOHV GH
DVHRHWFVHJXtDGRQGH\RORVKDEtDGHMDGR(OLQGLYLGXRRLQGLYLGXRVTXHKDEtDQLUUXPSLGRHQ
ODHVWDQFLDKDEtDQVLGRVXPDPHQWHFXLGDGRVRVSURFXUDQGRQRDOWHUDUHOUtJLGRRUGHQTXHVLHPSUH
LPSRQJRDPLDOUHGHGRU
$TXHOORVWLSRVEXVFDEDQLQIRUPDFLyQFXDOTXLHUGDWRTXHSXGLHUDHVWDUUHODFLRQDGRFRQHO
PD\RURFRQHODPLJRTXH\RGHFtDHVWDUEXVFDQGR\QRLEDDWDUGDUHQFRQILUPDUOR
$OJRPiVWUDQTXLORGHVSXpVGHDTXHOUiSLGRLQYHQWDULRPHVLWXpIUHQWHDODSDSHOHUDHQODTXH
KDEtDDUURMDGRORVWURFLWRVGHSDSHODVtFRPRODVFROLOODVGHXQRGHORVFHQLFHURV
/RV SDSHOLOORV VHJXtDQ HQ HO IRQGR GHO UHFLSLHQWH H[FHSFLyQ KHFKD GHO TXH GHMp FDHU
LQWHQFLRQDGDPHQWHVREUHHOHQWDULPDGRGHODKDELWDFLyQ(VWHHQXQODPHQWDEOHHUURUGHODJHQWH
IXH HQFRQWUDGR SRU Pt HQ HO IRQGR GH OD SDSHOHUD MXQWR D VXV KHUPDQRV &RQRFLHQGR FRPR
FRQR]FRDORVVHUYLFLRVGH,QIRUPDFLyQ\RVDEtDTXHXQRGHORVOXJDUHVGRQGHVLHPSUHPLUDQHV
SUHFLVDPHQWHHQODVSDSHOHUDV/DWUDPSDKDEtDGDGRUHVXOWDGR(ODJHQWHGHVSXpVGHUHFRQVWUXLU
ODKRMDGHSDSHOTXH\RKDEtDWURFHDGRODGHYROYLyDODSDSHOHUDSURFXUDQGRTXHODVSDUWHV
FD\HUDQtQWHJUDPHQWHHQHOFXERGHPHWDO
$TXHOWRUSHUHSUHVHQWDQWHGHO)%,KDEtDGHMDGRDGHPiVVREUHHOFULVWDOGHOHVFULWRULRRWUR
UDVWURGHVXSDVR&RPRKDEUiLPDJLQDGRHOOHFWRUHOKHFKRGHYDFLDUXQRGHORVFHQLFHURVHQOD
SDSHOHUD\ PiV FRQFUHWDPHQWH VREUHORV SDSHOLOORV QRIXH XQ JHVWR GHKLJLHQHDXQTXHpVD
SXHGDVHUODSULPHUDLPSUHVLyQ
$TXHOOD PDQLREUD HVWXYR SHUIHFWDPHQWH FDOFXODGD< DKRUD DO H[DPLQDU HO YLGULR VREUH HO
TXHDWRGDVOXFHVKDEtDVLGRPLQXFLRVDPHQWHUHFRQVWUXLGDODKRMDGHSDSHOQRWDUGpHQGHWHFWDU
FRPRGLJRODKXHOODGHOLQWUXVR
$OLUHQFDMDQGRORVSHGDFLWRVGHSDSHOHODJHQWHQRVHSHUFDWyGHTXHXQDPtQLPDSRUFLyQGH
FHQL]DSHURVXILFLHQWHSDUDPLVSURSyVLWRVFDtDVREUHHOFULVWDOGHODPHVD
8QD YH] GHVYHODGR HO URPSHFDEH]DV HO LQGLYLGXR UHVWLWX\y ORV UHVWRV D VX FRUUHVSRQGLHQWH
OXJDUQRWHQLHQGRODSUHFDXFLyQGHOLPSLDUODVXSHUILFLHVREUHODTXHKDEtDWUDEDMDGR
&RQODD\XGDGHXQDPLQ~VFXODOXSD$JID/XSH[TXHVLHPSUHPHDFRPSDxD\TXHUHVXOWD
GH JUDQ XWLOLGDG SDUD HO H[DPHQ GH GLDSRVLWLYDV ORFDOLFp DO LQVWDQWH QXPHURVDV SDUWtFXODV
EODQFRJULViFHDV TXH QR HUDQ RWUD FRVD TXH SDUWH GH OD FHQL]D FRQ OD TXH KDEtD FXELHUWR ORV
SDSHOLOORV
6LORVDJHQWHVFRPRHUDIiFLOVXSRQHUKDEtDQWRPDGREXHQDQRWDGHORTXHHVWDEDHVFULWR
HQGLFKDKRMDKDEtDXQDDOWDSRVLELOLGDGGHTXHFD\HUDQHQXQDQXHYDWUDPSD
$QWHV GH DFRVWDUPH \ HQ SUHYLVLyQ GH TXH PL WHOpIRQR HVWXYLHUD LQWHUYHQLGR PDUTXp HO
Q~PHURGHOD&DQFLOOHUtD(VSDxRODKDFLpQGROHVDEHUDODSHUVRQDTXHPHDWHQGLyTXHHUDDPLJR
GHO VHxRU *DU]yQ FRQVHMHUR GH ,QIRUPDFLyQ \ TXH SRU IDYRU OH GHMDUD HVFULWR TXH OH
WHOHIRQHDUtD KDFLD ODV KRUDV GHO GtD VLJXLHQWH 'H HVWD IRUPD \ HQ HO PiV TXH SUREDEOH
VXSXHVWRGHTXHPLFRQYHUVDFLyQKXELHUDVLGRJUDEDGDHO)%,UHFLEtDDVtODFRQILUPDFLyQDOR
TXHVLQGXGDKDEtDQOHtGRHQPLKDELWDFLyQ
'HMp SUiFWLFDPHQWH KHFKD OD PDOHWD \ PH GLVSXVH D GHVFDQVDU 3HUR DO LU D FHSLOODUPH ORV
GLHQWHV UHFLEt RWUD VRUSUHVD$TXHOORV PDOGLWRV DJHQWHV KDEtDQ SHUIRUDGR GH SDUWH D SDUWH \
SRU WUHV SXQWRV HO WXER GH OD SDVWD GHQWtIULFD$O UHYLVDU OD FUHPD GH DIHLWDU WDO \ FRPR PH
WHPtDHQFRQWUpHOWXERLJXDOPHQWHDJXMHUHDGR
'HTXpKDEUiQVLGR\GHTXpVHUiQFDSDFHVHVWRVJRULODV"HPSHFpDSUHJXQWDUPHFRQ
LQTXLHWXG
$TXHOOD QRFKH \ SRU OR TXH SXGLHUD DFRQWHFHU HFKp OD FDGHQD GH VHJXULGDG \ DSXQWDOp OD
SXHUWDFRQOD~QLFDVLOODH[LVWHQWHHQODKDELWDFLyQ&RPR~OWLPDSUHFDXFLyQGHFLGtQRGHVSHJDU
ORV GRFXPHQWRV GH PL SHFKR \ HVSDOGD (Q FRQWUD GH OR TXH \R PLVPR SRGtD VXSRQHU DTXHOOD
LQFyPRGD FDUJD QR IXH yELFH SDUD TXH HO VXHxR WHUPLQDUD SRU UHQGLUPH 7HQtD JUDFLD (UD OD
SULPHUDYH]TXHGRUPtDFRQXQDOWRVHFUHWRHQWUHSHFKR\HVSDOGD
'HDFXHUGRFRQHOSODQWUD]DGRODWDUGHDQWHULRUHQODVHGHGHODDJHQFLDGHQRWLFLDV(IHDODV
GLH] HQ SXQWR GH OD PDxDQD GHO YLHUQHV GHSRVLWp OD OODYH GH PL KDELWDFLyQ HQ OD FRQVHUMHUtD
GLULJLpQGRPHVHJXLGDPHQWHDXQRGHORVWD[LVTXHDJXDUGDEDQDODVSXHUWDVGHOKRWHO
7UDVGHVD\XQDUHQODKDELWDFLyQKDEtDSURFHGLGRDUHOOHQDUORVFDUWXFKRVGHFDUWyQFRQSDUWH
GH PL URSD VXFLD SDxXHORV \ FDOFHWLQHV IXQGDPHQWDOPHQWH FHUUiQGRORV QXHYDPHQWH \
HVFULELHQGR HQ FDGD XQR GH HOORV PL QRPEUH DSHOOLGRV \ GLUHFFLyQ HQ 9L]FD\D < DXQTXH HO
WLHPSRHQ:DVKLQJWRQ'&HUDIUHVFR\VROHDGRPHHQIXQGpXQDJDEDUGLQDFRORUKXHVR
&RQODVFiPDUDVDOKRPEUR\ORVFLOLQGURVGHOPD\RUHQWUHODVPDQRVPHLQWURGXMHHQHOWD[L
SLGLpQGROHTXHPHOOHYDUDKDVWDHO0DLQ3RVW2IILFHR&HQWUDOGH&RUUHRVGHODFLXGDG
6L HO )%, VHJXtD PLV PRYLPLHQWRV DTXHOORV FDUWXFKRV \ PL FROHJD HO SHULRGLVWD PH
D\XGDUtDQDGDUOHVXQEXHQHVTXLQD]R
$ODVKRUDVHOWD[LVWDGHWHQtDVXYHKtFXORIUHQWHDOHGLILFLRGHFRUUHRV&RQODSURPHVD
GH XQD H[FHOHQWH SURSLQD OH URJXp TXH HVSHUDVH XQRV PLQXWRV HO WLHPSR MXVWR GH IUDQTXHDU \
FHUWLILFDUDPERVSDTXHWHV(OKRPEUHDFFHGLyDPDEOHPHQWH\\RVDOWpGHOFRFKHDOWLHPSRTXH
REVHUYDED FyPR XQ WXULVPR GH FRORU QHJUR UHEDVDED HO WD[L DSDUFDQGR D XQRV RFKHQWD R FLHQ
PHWURVSRUGHODQWH
&RQHOSUHVHQWLPLHQWRGHTXHORVRFXSDQWHVGHDTXHOYHKtFXORWHQtDQPXFKRTXHYHUFRQORV
TXHKDEtDQLUUXPSLGR\UHJLVWUDGRPLKDELWDFLyQODQRFKHDQWHULRUPHDGHQWUpHQODFRQFXUULGD
FHQWUDO*UDFLDVD'LRVPLDPLJRHVSHUDED\DHQHOLQWHULRU$WRGDYHORFLGDG\DQWHORVDWyQLWRV
RMRV GH XQD MRYHQFLWD TXH UHOOHQDED QR Vp TXp LPSUHVRV HQ OD PLVPD PHVD GRQGH PH KDEtD
UHXQLGRFRQHOUHSRUWHURGH(IHPHTXLWpODJDEDUGLQD\VHODSDVpDPLFRPSDxHUR(VFULEtOD
PDWUtFXODGHOWD[LHQXQRGHORVIRUPXODULRVTXHVHDOLQHDEDQHQORVFDVLOOHURV\DOHQWUHJDUOHHO
SDSHOOHDGYHUWtHQFDVWHOODQRTXHWXYLHUDFXLGDGRFRQHOWXULVPRTXHKDEtDYLVWRDSDUFDUD
HVFDVDGLVWDQFLDGHOWD[L
6LJXLHQGRHOSODQSUHYLVWRPLFROHJDVHHPEXWLyHQODJDEDUGLQDPLHQWUDV\RPHFRQIXQGtD
HQWUHHOJHQWtRHQGLUHFFLyQDODYHQWDQLOODGHIDFWXUDFLyQGHSDTXHWHV6LWRGRVDOtDELHQDORV
FLQFRPLQXWRVHOSHULRGLVWDGHEHUtDLQWURGXFLUVHHQHOWD[LTXHHVSHUDEDPLUHWRUQR&RQHOILQGH
KDFHUD~QPiVGLItFLOVXLGHQWLILFDFLyQOHSHGtTXHDFXGLHUDKDVWDODRILFLQDGHFRUUHRVFRQXQD
EROVDGHOPLVPRFRORU\ORPiVSDUHFLGDSRVLEOHDODTXH\RFDUJDEDKDELWXDOPHQWH
&XDQGR HO IXQFLRQDULR JXDUGy ORV FLOLQGURV GH FDUWyQ PH GLULJt KDFLD OD SXHUWD \ GHVGH HO
XPEUDOFRPSUREpTXHHOWD[L\HOWXULVPRQHJURKDEtDQGHVDSDUHFLGR
6LQ SHUGHU XQ PLQXWR PH HQFDPLQp KDFLD OD ERFD GHO PHWUR GH *DOOHU\ 3ODFH 'HVGH DOOt
VLJXLHQGRODOtQHD0FSKHUVRQ)DUUDJXW:HVWUHDSDUHFtHQODHVWDFLyQGH)RJJ\%RWWRP(UDQODV

8QDKRUDGHVSXpVRWURWD[LPHGHMDEDHQHODHURSXHUWRQDFLRQDOGH:DVKLQJWRQ2PXFKRPH
HTXLYRFDEDRORVDJHQWHVGHO)%,HVWDEDQDSXQWRGHOOHYDUVHXQVROHPQHSODQFKD]R$ODV
GHDTXHOODDJLWDGDPDxDQDHOYXHORGHODFRPSDxtD%1PHVDFDEDDOILQGHOD
FDSLWDOIHGHUDO
'LItFLOPHQWHSXHGRGHVFULELUDTXHOODV~OWLPDVFXDWURKRUDVHQHODHURSXHUWRGH1XHYD<RUN
6LPLDPLJRQRKDEtDORJUDGRHQJDxDUDORVHPSHFLQDGRVDJHQWHVQRUWHDPHULFDQRVPLVHJXULGDG
\ORTXHHUDPXFKRSHRUPLWHVRURFRUUtDQJUDYHULHVJR
$ODVFXDWURHQSXQWRGHODWDUGHWDO\FRPRKDEtDPRVFRQYHQLGRPDUTXpHOWHOpIRQRGH(IH
HQ :DVKLQJWRQ 0L FyPSOLFH DO TXH QXQFD SRGUp DJUDGHFHU VXILFLHQWHPHQWH VX DXGDFLD \
FRRSHUDFLyQPHVDOXGyFRQODFRQWUDVHxDTXHVyORpO\\RFRQRFtDPRV
'HVGH6DQWXUFHD%LOEDR"
9R\ SRU WRGD OD RULOOD UHVSRQGt FRQ OD YR] HQWUHFRUWDGD SRU OD HPRFLyQ $TXHOOR
VLJQLILFDEDHQWUHRWUDVFRVDVTXHQXHVWURSODQKDEtDIXQFLRQDGR
(Q FXDWUR SDODEUDV PL HQODFH PH SXVR DO FRUULHQWH GH OR TXH KDEtD RFXUULGR GHVGH HO
PRPHQWR HQ TXH VH LQWURGXMR HQ HO WD[L 0LV VRVSHFKDV HUDQ IXQGDGDV DTXHO WXULVPR GH FRORU
QHJURTXHVHKDEtDHVWDFLRQDGRDFRUWDGLVWDQFLDGHODIDFKDGDSULQFLSDOGHODRILFLQDGHFRUUHRV
UHDQXGy VX GLVFUHWR VHJXLPLHQWR /RV DJHQWHV WUHV HQ WRWDO QR SRGtDQ LPDJLQDU TXH PL DPLJR
KDEtD RFXSDGR PL SXHVWR \ TXH WRGR DTXHO ODEHULQWR QR WHQtD RWUR REMHWLYR TXH SHUPLWLU PL
IXOPLQDQWHVDOLGDGHOSDtV
6LJXLHQGRODVLQGLFDFLRQHVGHOQXHYRSDVDMHURHOWD[LVWDTXHYLRLQFUHPHQWDGRHOLPSRUWH
GH VX FDUUHUD FRQ XQD V~ELWD SURSLQD GH FLQFXHQWD GyODUHV SURSLQD TXH VHJ~Q PL FROHJD OH
YROYLyWHPSRUDOPHQWHPXGR\VRUGR\DQWHODSUHVXPLEOHGHVHVSHUDFLyQGHORVKRPEUHVGHO
)%,FRQGXMRVXYHKtFXORKDVWDHOLQWHULRUGHOD&DQFLOOHUtD(VSDxRODHQHOQ~PHURGHOD
FDOOH $OOt SHUPDQHFLHURQ DPERV KDVWD ODV $ HVD KRUD XQR GH ORV YXHORV UHJXODUHV
GHVSHJDEDGH:DVKLQJWRQVLWXiQGRPHFRPR\DKHUHIHULGRHQODFLXGDGGH1XHYD<RUN
(OGHVFRQFLHUWRGHORV JRULODV TXHKDEtDQHVSHUDGR SDFLHQWHPHQWHOD VDOLGDGHO WD[L
GHELyGHVHUPHPRUDEOHDOYHUDSDUHFHUHOFLWDGRYHKtFXORSHURFRQRWURVGRVRFXSDQWHVHQHO
DVLHQWRSRVWHULRU0LDPLJRTXHKDEtDDEDQGRQDGRODJDEDUGLQD\ODEROVDHQHOLQWHULRUGHOD
FDQFLOOHUtD VH HQFDVTXHWy XQD JRUUD URMD \ VH KL]R DFRPSDxDU SRU XQR GH ORV IXQFLRQDULRV \
DPLJR
(O)%,PRUGLyQXHYDPHQWHHOFHER\FUH\HQGRTXH\RVHJXtDHQHOLQWHULRUGHODHPEDMDGD
VLJXLyDODHVSHUD
(VSRVLEOHFRPHQWyGLYHUWLGRHOUHSRUWHURGH(IHTXHD~QVLJDQDOOt
$ODVKRUDVFRQORVGRFXPHQWRVVyOLGDPHQWHDGKHULGRVDPLSHFKR\HVSDOGD\SRU
TXpQHJDUORDOERUGHFDVLGHODWDTXLFDUGLDHOYXHORGHOD7:$PHOHYDQWDEDDGLH]PLO
PHWURVUXPERD(VSDxD$OGtDVLJXLHQWHViEDGRXQDYH]FRQILUPDGRPLDWHUUL]DMHHQ0DGULG
%DUDMDV HO FROHJD VH SHUVRQy HQ HO KRWHO UHFRJLHQGR PL PDOHWD \ VDOGDQGR OD FXHQWD 3RU
VXSXHVWR \ WDO FRPR VRVSHFKDED ORV FLOLQGURV GH FDUWyQ TXH KDEtD FHUWLILFDGR HQ :DVKLQJWRQ
MDPiVOOHJDURQDVXOHJtWLPRGHVWLQR
4XpHTXLYRFDGRHVWDED0LVDQJXVWLDVQRWHUPLQDURQFRQHOUHVFDWHGHOGLDULRGHOPD\RU)XHD
SDUWLUGHODOHFWXUDGHDTXHOORVGRFXPHQWRVFXDQGRPLHVStULWXVHYLRHQYXHOWRHQWRGDVXHUWHGH
GXGDV
'XUDQWH GRV DxRV VLHPSUH HQ HO PiV LPSHQHWUDEOH GH ORV VLOHQFLRV KH GHVSOHJDGR PLO
GLOLJHQFLDVSDUDLQWHQWDUFRQILUPDUODYHUDFLGDGGHFXDQWRGHMyHVFULWRHOIDOOHFLGRSLORWRGHOD
86$) 6LQ HPEDUJR D SHVDU GH PLV HVIXHU]RV SRFR KH FRQVHJXLGR /D QDWXUDOH]D GHO
SUR\HFWRUHVXOWDWDQIDQWiVWLFDTXHVXSRQLHQGRTXHKD\DVLGRFLHUWRODORVDGHODOWRVHFUHWROR
KDVHSXOWDGRKDFLpQGRORLQDFFHVLEOH$OJRDORTXHVRYLpWLFRV\QRUWHDPHULFDQRVGLFKRVHDGH
SDVRQRVWLHQHQPX\DFRVWXPEUDGRVGHVGHTXHVHHPSHxDURQHQODORFDFDUUHUDDUPDPHQWLVWD
1R KDFH IDOWD VHU XQ OLQFH SDUD FRPSUHQGHU TXH WDQWR HQ OD FRQTXLVWD GHO HVSDFLR FRPR HQ HO
GHVDUUROORGHOSRWHQFLDOEpOLFRXQRV\RWURVRFXOWDQEXHQDSDUWHGHODYHUGDG\ORTXHHVSHRU
QRVLHQWHQHOPHQRUSXGRUDODKRUDGHPHQWLU\GHVPHQWLU7DPSRFRHVGHH[WUDxDUSRUWDQWR
TXHKD\DFDtGRXQDFRUWLQDGHKLHUURVREUHHOSUR\HFWRTXHUHODWDHOPD\RUHQVXOHJDGR
(Q HO SUHVHQWH WUDEDMR KH OOHYDGR D FDER OD WUDQVFULSFLyQ OR PiV ILHO SRVLEOH GH ORV
SULPHURVIROLRVGHOWRWDOGHTXHFRQWHQtDQDPERVFLOLQGURV$XQTXHQRYR\DGHVYHODU
SRUHOPRPHQWRHOFRQWHQLGRGHOUHVWRGHOSUR\HFWRSXHGRDGHODQWDUHVRVtTXHUHVSRQGHD
XQGHQRPLQDGRUFRP~QXQJUDQYLDMHWDO\FRPRORVGHILQHHOSURSLRPD\RU8QYLDMHTXH
KDUtDSDOLGHFHUD-XOLR9HUQH
1RVR\WDQQHFLRSRUVXSXHVWRFRPRSDUDFUHHUTXHFRQHOKDOOD]JR\SRVWHULRUWUDVODGRGH
HVWRV GRFXPHQWRV IXHUD GH ORV (VWDGRV 8QLGRV KDQ GHVDSDUHFLGR ORV ULHVJRV$O FRQWUDUtR (V
SUHFLVDPHQWHDKRUDFRQPRWLYRGHVXVDOWRDODOX]S~EOLFDFXDQGRORVVHUYLFLRVGH,QWHOLJHQFLD
SXHGHQHVWUHFKDUVXFHUFRHQWRUQRDHVWHLQFRQVFLHQWHSHULRGLVWD(VXQSHOLJURTXHDVXPRQR
VLQFLHUWDSUHRFXSDFLyQ
3HUR FRPR KRPEUH SUHYHQLGR YDOH SRU GRV GHVSXpV GH XQD IUtD YDORUDFLyQ GHO DVXQWR \R
WDPELpQKHWRPDGRFLHUWDVSUHFDXFLRQHV8QDGHHOODVODPiVLPSRUWDQWHVLQGXGDKDVLGR
GHSRVLWDUORVRULJLQDOHVGHOPHQFLRQDGRSUR\HFWRHQXQDFDMDGHVHJXULGDGGHXQEDQFRDQRPEUH
GH PL HGLWRU -RVp 0DQXHO /DUD (Q HO VXSXHVWR GH TXH \R IXHUD HOLPLQDGR OD FLWDGD
GRFXPHQWDFLyQVHUtDSXEOLFDGDLSVRIDFWR
1DWXUDOPHQWHQDGDPiVSLVDU(VSDxDXQDGHPLVSULPHUDVSUHRFXSDFLRQHVDPpQGHSRQHU
D EXHQ UHFDXGR DPEDV GRFXPHQWDFLRQHV RULJLQDOHV IXH IRWRFRSLDU SRU GXSOLFDGR ORV
IROLRV TXH KDEtD VDFDGR GH :DVKLQJWRQ &RQ HO ILQ GH HYLWDU HQ OR SRVLEOH HO ULHVJR GH
GHVDSDULFLyQ GH GLFKR GLDULR XQD GH ODV UHSURGXFFLRQHV KD VLGR JXDUGDGD MXQWR FRQ ORV
GRFXPHQWRVRILFLDOHVTXHPHIXHURQHQWUHJDGRVHQSRUHOHQWRQFHVJHQHUDOMHIHGHO(VWDGR
0D\RUGHO$LUHGRQ)HOLSH*DODU]D >@HQRWUDFDMDGHVHJXULGDGDQRPEUHGHXQYLHMR\OHDO
DPLJRUHVLGHQWHHQXQDFLXGDGFRVWHUDHVSDxROD
$ OR ODUJR GH HVWRV GRV DxRV FRPR GLJR \ WUDV FRQRFHU HO WHVWDPHQWR GHO PD\RU KH
OOHYDGR D FDER QXPHURVDV FRQVXOWDV HVSHFLDOPHQWH FRQ FLHQWtILFRV \ PpGLFRV LQWHQWDQGR
HVFODUHFHUFXDQGRPHQRVODSDUWHGHILFFLyQTXHGHVWLODQDPERVYLDMHV9D\DSRUGHODQWH\
HQKRQRUDODYHUGDGTXHORVSULPHURVVHKDQPRVWUDGRHVFpSWLFRVHQFXDQWRDODSRVLELOLGDG
GHPDWHULDOL]DFLyQGHVHPHMDQWHSUR\HFWR$SHVDUGHHOOR\DQWHVGHSDVDUDOGLDULRSURSLDPHQWH
GLFKRTXLHURGHMDUVHQWDGRTXHPLREOLJDFLyQFRPRSHULRGLVWDHPSLH]D\FRQFOX\HSUHFLVDPHQWH
FRQODREWHQFLyQ\GLIXVLyQGHODQRWLFLD6HUiHOOHFWRU\TXLpQVDEHVLORVKRPEUHVGHOIXWXUR
FRPRRFXUULyFRQ-XOLR9HUQHTXLHQGHEHUiVDFDUVXVSURSLDVFRQFOXVLRQHV\RWRUJDURUHWLUDU
VXFRQILDQ]DDFXDQWRHQFXHQWUHHQODVSUy[LPDVSiJLQDV
(QWRGRFDVR\FRQHVWRFRQFOX\RVLHOJUDQYLDMHGHOPD\RUIXHVyORXQVXHxRGHDTXHO
KRPEUHH[WUDxR\DWRUPHQWDGRTXH'LRVEHQGLJDDORVVRxDGRUHV
(/',$5,2
+R\GHDEULOGHDODxRGHPLUHWLURYROXQWDULRDODVHOYDGHO<XFDWiQXQDYH]FRQRFLGD
OD PXHUWH GH PL KHUPDQR \ DO FXDUWR DxR GH QXHVWUR UHJUHVR GHO JUDQ YLDMH SLGR
KXPLOGHPHQWH DO 7RGRSRGHURVR TXH PH FRQFHGD ODV IXHU]DV \ YLGD QHFHVDULDV SDUD GHMDU SRU
HVFULWRFXDQWRVp\FRQWHPSOpSRUODLQILQLWDPLVHULFRUGLDGH'LRVHQ3DOHVWLQD
(VPLGHVHRTXHHVWHWHVWLPRQLRVHDFRQRFLGRHQWUHORVKRPEUHVGHEXHQDYROXQWDGFUH\HQWHV
RQRTXHFRPRQRVRWURVFDPLQDQDODE~VTXHGDGHOD9HUGDG
6pGHVGHKDFHPiVGHXQDxRFRPRWDPELpQORVXSRPLKHUPDQRHQHOJUDQYLDMHTXH
PLPXHUWHHVWiFHUFDQD3RUHOORVLJXLHQGRVXVUHLWHUDGDVSHWLFLRQHV\ORVFDGDYH]PiVILUPHV
LPSXOVRV GH PL SURSLDFRQFLHQFLDKH SURFHGLGR DRUGHQDUPLVQRWDVUHFXHUGRV\VHQVDFLRQHV
(VSHUR TXH OD SHUVRQD R SHUVRQDV TXH DOJ~Q GtD SXHGDQ WHQHU DFFHVR D HVWH KXPLOGH \ VLQFHUR
GLDULRKDJDQVX\DPLYROXQWDGGHSHUPDQHFHUFRPRPLKHUPDQRHQHOPiVULJXURVRDQRQLPDWR
1RVRPRVQRVRWURVORVSURWDJRQLVWDVVLQRe/
1RHVIiFLOSDUDPtUHVXPLUDTXHOORVDxRVSUHYLRVDODGHILQLWLYDSXHVWDHQPDUFKDGHOJUDQ
YLDMH<DXQTXHQXQFDKDVLGRPLSURSyVLWRGHVYHODUORVSURJUDPDV\SUR\HFWRVFRQILGHQFLDOHV
GH PL SDtV D ORV TXH KH WHQLGR DFFHVR SRU PL FRQGLFLyQ GH PLOLWDU \ PLHPEUR DFWLYR KDVWD
GHOD2$52IILFHRI$HURVSDFH5HVHDUFK >@HQWLHQGRTXHDQWHVGHRIUHFHUORVIUXWRV
GH QXHVWUD H[SHULHQFLD HQ ,VUDHO GHER SRQHU HQ DQWHFHGHQWHV D FXDQWRV OHDQ HVWH LQIRUPH GH
DOJXQRVGHORVKHFKRVSUHYLRVDDTXHOKLVWyULFRHQHURGH
'HERDGYHUWLULJXDOPHQWHTXHGDGDODQDWXUDOH]DGHOGHVFXEULPLHQWRHIHFWXDGRSRUQXHVWURV
FLHQWtILFRV \ ODV GUDPiWLFDV FRQVHFXHQFLDV TXH SRGUtDQ GHULYDUVH GH XQD XWLOL]DFLyQ HUUyQHD R
SUHPHGLWDGDPHQWH QHJDWLYD GHO PLVPR PLV DFODUDFLRQHV SUHYLDV VyOR WHQGUiQ XQ FDUiFWHU
SXUDPHQWHGHVFULSWLYR&RPRKHPHQFLRQDGRDQWHVQRHVHOPHGLRORTXHLPSRUWDHQHVWHFDVR
VLQR ORV UHVXOWDGRV TXH JR]RVDPHQWH WXYLPRV D ELHQ DOFDQ]DU 'HVFDUJR DVt PLV HVFU~SXORV GH
FRQFLHQFLD\FRQItRHQTXHDOJ~QGtDVLODKXPDQLGDGUHFXSHUDHOSHUGLGRVHQWLGRGHODMXVWLFLD
\GHORVYDORUHVGHOHVStULWXVHDQORVUHVSRQVDEOHVGHHVWHVXEOLPHKDOOD]JRTXLHQHVORGHQD
FRQRFHUDOPXQGRHQVXLQWHJULGDG
)XH HQ OD SULPDYHUD GH FXDQGR FRQILGHQFLDOPHQWH \ SRU SXUD FDVXDOLGDG OOHJy KDVWD
PLVRtGRVODH[LVWHQFLDGHXQDPELFLRVR\UHYROXFLRQDULRSUR\HFWRDXVSLFLDGRSRUOD$)26,\OD
$)256>@\HQHOTXHWUDEDMDEDGHVGHKDFtDDxRVXQQXWULGRHTXLSRGHH[SHUWRVGHO,QVWLWXWRGH
7HFQRORJtDGH0DVVDFKXVHWWV
<RKDEtDVLGRVHOHFFLRQDGRHQRFWXEUHGHFRQRWURVWUHFHSLORWRVGHOD86$)SDUDXQR
GHORVSUR\HFWRVGHOD1$6$(QPLFDOLGDGGHPpGLFRHLQJHQLHURHQItVLFDQXFOHDU\SXHVWR
TXHVHJXtDSHUWHQHFLHQGRDOD2$5PHHQFRPHQGDURQXQWUDEDMRHVSHFtILFRGHVXSHUYLVLyQGHO
OODPDGR 9,$/ R 9HKtFXOR SDUD OD ,QYHVWLJDFLyQ GHO $WHUUL]DMH /XQDU (Q OD PHQFLRQDGD
SULPDYHUD GH GRV GH HVWDV FXULRVDV PiTXLQDV YRODGRUDV HQ ODV TXH VH LQLFLDURQ ORV
SULPHURVHQVD\RVSDUDORVIXWXURVDOXQL]DMHVGHOSUR\HFWR$SROROOHJDURQDOILQDOOXJDUGRQGH
\R KDEtD VLGR GHVWLQDGR HO &HQWUR GH ,QYHVWLJDFLyQ GH 9XHORV GH OD 1$6$ HQ OD EDVH GH
(GZDUGVGHODVIXHU]DVDpUHDVQRUWHDPHULFDQDVDRFKHQWDPLOODVDOQRUWHGH/RV$QJHOHV
(Q DTXHO SDLVDMH GHVRODGR HQ SOHQR FRUD]yQ GHO GHVLHUWR 0RMDYH SHUPDQHFt KDVWD
~OWLPRVGHHQTXHFRQFOX\HURQFRQp[LWRODVSUXHEDVSUHOLPLQDUHVGHYXHORGHORV9,$/
1RWHQJRTXHUHSHWLUTXHDTXHOODVSUXHEDV\RWURVSUR\HFWRVHQHVSHFLDOORVGHOD86$)
KDEtDQVLGRFDOLILFDGRVFRPRDOWDPHQWHVHFUHWRV(OLQJUHVRHQHOUHFLQWRGHODEDVH\HQHOGH
ODVH[SHULHQFLDVHQSDUWLFXODUHUDOLPLWDGRDOSHUVRQDOHVSHFLDOPHQWHDFUHGLWDGR
'XUDQWH PHVHV FRQYLYt FRQ RWURV FDQGLGDWRV D DVWURQDXWDV RILFLDOHV FLHQWtILFRV \ WpFQLFRV
WRGRVHOORVHQSRVHVLyQGHODWRSVHFUHWVHFXULW\FOHDUDQFH>@OOHJDQGRDPLVRtGRVXQIDQWiVWLFR
SUR\HFWROD2SHUDFLyQ6ZLYHO(VODEyQ
8QD YH] ILQDOL]DGR PL WUDEDMR HQ (GZDUGV OD 1$6$ HVWLPy TXH GHEtD LQFRUSRUDUPH DO
&HQWUR0DUVKDOOGHYXHORVHVSDFLDOHV0LYHUGDGHUDYRFDFLyQKDVLGRVLHPSUHODLQYHVWLJDFLyQ
&RQFUHWDPHQWH HO MRYHQ PXQGR GH OD WHRUtD XQLILFDGD GH ODV SDUWtFXODV HOHPHQWDOHV 6LQ
HPEDUJR PLV LQTXLHWXGHV HQ DTXHO PHV GH GLFLHPEUH GH GLVFXUUtDQ SRU RWURV GHUURWHURV
/RVFRVWRVGHOD1$6$KDEtDQHPSH]DGRDGLVSDUDUVH\HO&HQWUR0DUVKDOOWUDEDMDEDGtD\QRFKH
SDUD HQFRQWUDU QXHYRV VLVWHPDV R IXHQWHV GH HQHUJtD TXH DEDUDWDVHQ ODV FRVWRVDV EDWHUtDV
TXtPLFDVGHORVSUR\HFWRV([SORUHU0HUFXU\\*HPLQLV
8QDVHPDQDDQWHVGH1DYLGDG\SRUPRWLYRVGHPLWUDEDMRWXYHTXHYRODUQXHYDPHQWHDOD
EDVHGH(GZDUGV'XUDQWHXQRGHORVDOPXHU]RVFRQHOSHUVRQDOHVSHFLDOL]DGRFRQRFtDOQXHYR
MHIH GHO SUR\HFWR 6ZLYHO HO JHQHUDO XQ KRPEUH VHUHQR \ GH EULOODQWH LQWHOLJHQFLD TXH VXSR
HVFXFKDU SDFLHQWHPHQWH PLV GLVTXLVLFLRQHV \ ODPHQWRV VREUH OD PLRStD PHQWDO GH DOJXQRV DOWRV
FDUJRVGHOD1$6$TXHKDEtDQUHFKD]DGRXQD\RWUDYH]PLVVXJHUHQFLDVVREUHODQHFHVLGDGGH
VXVWLWXLUODVDQWLFXDGDVEDWHUtDVTXtPLFDVSRUFpOXODVGHFDUEXUDQWHRSRUEDWHUtDVDWyPLFDV
(O JHQHUDO SDUHFLy LQWHUHVDUVH SRU DOJXQRV GH ORV GHWDOOHV GH ODV SLODV DWyPLFDV \ \R OR
UHFRQR]FR PH GHVERUGp VDWXUiQGROH FRQ OD OOXYLD GH GDWRV H LQIRUPDFLyQ HQ WRUQR D ODV
H[FHOHQFLDVGHOSOXWRQLRGHOFXULR\GHOSURPHWLR$QWHVGHUHWLUDUVHGHODPHVD
HOJHQHUDOPHKL]RXQDVRODSUHJXQWD4XLHUHWUDEDMDUFRQPLJR"
*UDFLDVDOFLHORPLUHVSXHVWDIXHXQIXOPLQDQWH6t
'HHVWDIRUPDHQHQHURGHDEDQGRQDEDGHILQLWLYDPHQWHOD1$6$SDUDLQFRUSRUDUPHDO
PyGXOR GH H[SHULHQFLDV GH OD 86$) HQ 0RMDYH <R KDEtD FRQRFLGR D EXHQD SDUWH GH ORV
FLHQWtILFRV\PLOLWDUHVTXHVHDIDQDEDHQDTXHOIDQWiVWLFRSUR\HFWRGXUDQWHPLDQWHULRUHWDSDHQOD
EDVHGH(GZDUGV(VWRIDFLOLWyODVFRVDV\PLGHILQLWLYDLQWHJUDFLyQHQOD2SHUDFLyQ6ZLYHOIXH
UiSLGD \ WRWDO 'XUDQWH ORV SULPHURV PHVHV PL SDSHO GH DFXHUGR FRQ ORV GHVHRV GHO JHQHUDO
TXH PH KDEtD FRQWUDWDGR \ DO TXH GH DKRUD HQ DGHODQWH OODPDUp FRQ HO QRPEUH VXSXHVWR GH
&XUWLVV VH FHQWUy HQ XQD IUHQpWLFD LQYHVWLJDFLyQ HQ WRUQR D XQ VLVWHPD DX[LOLDU GH
DEDVWHFLPLHQWRGHHQHUJtDPHGLDQWHXQDEDWHUtDDWyPLFDOODPDGD61$3$TXHVRQODVVLJODV
GH6\VWHPVIRU1XFOHDU$X[LOLDU\3RZHUV>@
(Q HVDV IHFKDV HO SUR\HFWR KDEtD VXSHUDGR \D ODV SULPHUDV \ REOLJDGDV IDVHV GH
H[SHULPHQWDFLyQ (VWDV KDEtDQ WHQLGR OXJDU VLHPSUH HQ HOPiV IpUUHR GH ORV VHFUHWRV HQWUH
\1XQFDVXSH\WDPSRFRPHSUHRFXSyHQH[FHVRTXLpQRTXLpQHVKDEtDQVLGRORV
SURPRWRUHVRGHVFXEULGRUHVGHOVLVWHPDEiVLFRTXHKDEtDSHUPLWLGRFRQFHELUVHPHMDQWHDYHQWXUD
(QDOJXQDVGHPLVP~OWLSOHVFRQYHUVDFLRQHVFRQHOJHQHUDO&XUWLVVHVWHLQVLQXyTXHDXQTXHHQHO
HTXLSR LQLFLDO KDEtDQ SDUWLFLSDGR DOJXQRV GH ORV YHWHUDQRV FLHQWtILFRV GHO SUR\HFWR 0DQKDWWDQ
TXHGLRDOX]ODERPEDDWyPLFDHOFDPELRGHFULWHULRVHQUHODFLyQFRQODQDWXUDOH]DGHODV
PDOOODPDGDVSDUWtFXODVHOHPHQWDOHVRVXEDWyPLFDVSURFHGtDGH(XURSD$OSDUHFHU\DWUDYpV
GH OD &,$ ODV IXHU]DV DpUHDV QRUWHDPHULFDQDV KDEtDQ UHFLELGR SURFHGHQWHV GH (XURSD
RFFLGHQWDOXQDVHULHGHGRFXPHQWRVHQORVTXHVHKDEODEDGHXQEUXVFRFDPELRGHJUDGRV
HQODLQWHUSUHWDFLyQGHODItVLFDFXiQWLFD
(Q HVHQFLD \D TXH QR HV PL LQWHQFLyQ DTXt \ DKRUD DODUJDUPH H[FHVLYDPHQWH HQ FXHVWLRQHV
SXUDPHQWH WpFQLFDV HVH VLVWHPD EiVLFR TXH KDEtD LPSXOVDGR OD RSHUDFLyQ FRQVLVWtD HQ HO
GHVFXEULPLHQWRGHXQDHQWLGDGHOHPHQWDOJHQHUDOL]DGDHQHOFRVPRVHQODTXHODFLHQFLDQR
KDEtDUHSDUDGRKDVWDHVHPRPHQWR\TXHKDUHVXOWDGR\UHVXOWDUiHQHOIXWXURODSLHGUDDQJXODU
SDUDXQDPHMRUFRPSUHQVLyQGHODIRUPDFLyQGHODPDWHULD\GHOSURSLRXQLYHUVR
(VD HQWLGDG HOHPHQWDO TXH IXH EDXWL]DGD FRQ HO QRPEUH GHVZLYHO SXVR GH PDQLILHVWR TXH
WRGRVORVHVIXHU]RVGHODFLHQFLDSRUGHWHFWDU\FODVLILFDUQXHYDVSDUWtFXODVVXEDWyPLFDVQRHUDQ
RWUDFRVDTXHXQHVWpULOHVSHMLVPR/DUD]yQPLQXFLRVDPHQWHFRPSUREDGDSRUORVKRPEUHVGH
ODRSHUDFLyQHQODTXHWUDEDMpHUDWDQVHQFLOODFRPRHVSHFWDFXODUXQVZLYHOWLHQHODSURSLHGDG
GH FDPELDU OD SRVLFLyQ X RULHQWDFLyQ GH VXV KLSRWpWLFRV HMHV>@ WUDQVIRUPiQGRVH DVt HQ XQ
VZLYHOGLIHUHQWH
(OGHVFXEULPLHQWRGHMySHUSOHMRVDORVHVFDVRVLQLFLDGRVDUUDVWUiQGRORVLUUHPHGLDEOHPHQWHD
XQDYLVLyQPX\GLIHUHQWHGHOHVSDFLRGHODFRQILJXUDFLyQtQWLPDGHODPDWHULD\GHOWUDGLFLRQDO
FRQFHSWRGHOWLHPSR
(OHVSDFLRSRUHMHPSORQRSRGtDVHUFRQVLGHUDGR\DFRPRXQFRQWLQXRHVFDODUHQWRGDV
GLUHFFLRQHV (O GHVFXEULPLHQWR GHOVZLYHO HFKDEDSRU WLHUUD ODVWUDGLFLRQDOHV DEVWUDFFLRQHV GHO
SXQWRSODQR\UHFWD(VWRVQRVRQORVYHUGDGHURVFRPSRQHQWHVGHOXQLYHUVR&LHQWtILFRV
FRPR *DXVV 5LHPDQQ %RO\DL \ /REDWVFKHZVN\ KDEtDQ LQWXLGR JHQLDOPHQWH OD SRVLELOLGDG GH
DPSOLDU ORV UHVWULQJLGRV FULWHULRV GH (XFOLGHV HODERUDQGR XQD QXHYD JHRPHWUtD SDUD XQ Q
HVSDFLR(QHVWHFDVRHODX[LOLRGHODVPDWHPiWLFDVVDOYDEDHOJUDYHHVFROORGHODSHUFHSFLyQ
PHQWDOGHXQFXHUSRGHPiVGHWUHVGLPHQVLRQHV1RVRWURVKDEtDPRVVXSXHVWRXQXQLYHUVRHQHO
TXH ORV iWRPRV SDUWtFXODV HWF IRUPDQ ODV JDOD[LDV VLVWHPDV VRODUHV SODQHWDV FDPSRV
JUDYLWDWRULRVPDJQpWLFRVHWF3HURHOKDOOD]JR\SRVWHULRUFRPSUREDFLyQGHOVZLYHOQRVGLRXQD
YLVLyQPX\GLVWLQWDGHO&RVPRVHO(VSDFLRQRHVRWUDFRVDTXHXQFRQMXQWRDVRFLDGRGHIDFWRUHV
DQJXODUHVLQWHJUDGRSRUFDGHQDV\FDGHQDVGHVZLYHOV6HJ~QHVWHFULWHULRHOFRVPRVSRGUtDPRV
UHSUHVHQWDUOR QR FRPR XQD UHFWD 6LQR FRPR XQ HQMDPEUH GH HVWDV HQWLGDGHV HOHPHQWDOHV
*UDFLDV D HVWRV FLPLHQWRV ORV DVWURItVLFRV \ PDWHPiWLFRV TXH KDEtDQ VLGR UHFOXWDGRV SRU HO
JHQHUDO &XUWLVV SDUD HO SUR\HFWR 6ZLYHO IXHURQ YHULILFDQGR FRQ DVRPEUR FyPR HQ QXHVWUR
XQLYHUVR FRQRFLGR VH UHJLVWUDQ SHULyGLFDPHQWH XQD VHULH GH FXUYDWXUDV X RQGXODFLRQHV TXH
RIUHFHQXQDLPDJHQJHQHUDOPX\GLVWLQWDGHODTXHVLHPSUHKDEtDPRVWHQLGR
3HURQRTXLHURGHVYLDUPHGHOREMHWLYRSULQFLSDOTXHPHKDHPSXMDGRDHVFULELUHVWDVOtQHDV
$ SULQFLSLRV GH \ FRPR FRQVHFXHQFLD GH XQD PiV LQWHQVD SURIXQGL]DFLyQ HQ ORVVZLYHOV
XQRGHORVHTXLSRVGHOSUR\HFWRPDWHULDOL]yRWURGHVFXEULPLHQWRTXHHQPLRSLQLyQPDUFDUiXQ
KLWR KLVWyULFR HQ OD KXPDQLGDG PHGLDQWH XQD WHFQRORJtD TXH QR SXHGR VLTXLHUD LQVLQXDU HVRV
KLSRWpWLFRVHMHVGHODVHQWLGDGHVHOHPHQWDOHVIXHURQLQYHUWLGRVHQVXSRVLFLyQ(OUHVXOWDGROOHQy
GHHVSDQWR\DOHJUtDDXQPLVPRWLHPSRDWRGRVORVFLHQWtILFRVHOPLQ~VFXORSURWRWLSRVREUHHO
TXH VH KDEtD H[SHULPHQWDGR GHVDSDUHFLy GH OD YLVWD GH ORV LQYHVWLJDGRUHV 6LQ HPEDUJR HO
LQVWUXPHQWDOVHJXtDGHWHFWDQGRVXSUHVHQFLD
$ SDUWLU GH HQWRQFHV WRGRV ORV HVIXHU]RV VH FRQFHQWUDURQ HQ HO SHUIHFFLRQDPLHQWR GHO
UHIHULGRSURFHVRGHLQYHUVLyQGHORVVZLYHOV&XDQGR\RPHLQFRUSRUpDOSUR\HFWRHOJHQHUDOPH
H[SOLFy TXH FRQ XQ SRFR GH VXHUWH HQ XQRV SRFRV DxRV PiV HVWDUtDPRV HQ FRQGLFLRQHV GH
HIHFWXDUODVPiVVHQVDFLRQDOHVH[SORUDFLRQHVHQHOWLHPSR\HQHOHVSDFLR
3RFRWLHPSRGHVSXpVFRPSUHQGtHOYHUGDGHURDOFDQFHGHVXVDILUPDFLRQHV
$OPXOWLSOLFDUQXHVWURVFRQRFLPLHQWRVVREUHORVVZLYHOV\GRPLQDUODWpFQLFDGHLQYHUVLyQGH
OD PDWHULD DSDUHFLy DQWH HO HTXLSR XQD IDVFLQDQWH UHDOLGDG PiV DOOi R DO RWUR ODGR GH
QXHVWUDV OLPLWDGDV SHUFHSFLRQHV ItVLFDV KD\ RWURV XQLYHUVRV ODV SDODEUDV VyOR VLUYHQ SDUD
DPRUGD]DUODGHVFULSFLyQGHHVWRVFRQFHSWRVWDQItVLFRV\WDQJLEOHVFRPRHOTXHFRQRFHPRV"
(Q VXFHVLYDV H[SHULHQFLDV ORV KRPEUHV GHO JHQHUDO &XUWLVV OOHJDURQ D OD FRQFOXVLyQ GH TXH
QXHVWURFRVPRVJR]DGHXQVLQItQGHGLPHQVLRQHVGHVFRQRFLGDV0DWHPiWLFDPHQWHIXHSRVLEOHOD
FRPSUREDFLyQGHGLH]
'H HVWDV GLH] GLPHQVLRQHV WUHV VRQ SHUFHSWLEOHV SRU QXHVWURV VHQWLGRV \ XQD FXDUWD HO
WLHPSR OOHJD KDVWD QXHVWURV yUJDQRV VHQVRULDOHV FRPR XQD HVSHFLH GH IOXLU HQ XQ VHQWLGR
~QLFR\DOTXHSRGUtDPRVGHILQLUJURVHUDPHQWHFRPRIOHFKDRVHQWLGRRULHQWDGRGHOWLHPSR(Q
HVHUDXGDOGHLQIRUPDFLyQDSDUHFLyDQWHQXHVWURVDWyQLWRVRMRVRWURGHVFXEULPLHQWRTXHFDPELDUi
DOJ~QGtDODSHUVSHFWLYDFyVPLFD\TXHEDXWL]DPRVFRPRQXHVWURFRVPRVJHPHOR>@
$PtSHUVRQDOPHQWHDOLJXDOTXHDOJHQHUDOMHIHGHOSUR\HFWRORTXHWHUPLQySRUFDXWLYDUQRV
IXHHOQXHYRFRQFHSWRGHOWLHPSR$OPDQLSXODUFRQORVHMHVGHORVVZLYHOVVHFRPSUREyTXH
HVWDV HQWLGDGHV HOHPHQWDOHV QR VXIUtDQ HO SDVR GHO WLHPSR (OODV HUDQ HO WLHPSR /DUJDV \
ODERULRVDV LQYHVWLJDFLRQHV SXVLHURQ GH UHOLHYH SRU HMHPSOR TXH OR TXH OODPDPRV LQWHUYDOR
LQILQLWHVLPDO GH WLHPSR QR HUD RWUD FRVD TXH XQD GLIHUHQFLD GH RULHQWDFLyQ DQJXODU HQWUH GRV
VZLYHOV tQWLPDPHQWH OLJDGRV$TXHOOR FRQVWLWX\y XQ DXWpQWLFR FDWDFOLVPR HQ QXHVWURV FRQFHSWRV
GHOWLHPSR>@1RIXHPX\GLItFLOGHWHFWDUTXHSRUXQRGHHVRVPLODJURVGHODQDWXUDOH]DORV
HMHV GHO WLHPSR GH FDGDVZLYHO DSXQWDEDQ HQ XQD GLUHFFLyQ FRP~Q SDUD FDGD XQR GH ORV
LQVWDQWHVTXHSRGUtDPRVGHILQLUSXHULOPHQWHFRPRPLDKRUD$OLQVWDQWHVLJXLHQWH\DOVLJXLHQWH
\DOVLJXLHQWH\DVtVXFHVLYDPHQWHHVRVHMHVLPDJLQDULRVYDULDEDQVXSRVLFLyQGDQGRSDVRD
GLVWLQWRV DKRUD < OR PLVPR RFXUUtD REYLDPHQWH FRQ ORV DKRUD TXH QRVRWURV OODPDPRV
SDVDGR$TXHOSRWHQFLDOVHQFLOODPHQWHDODOFDQFHGHQXHVWUDWHFQRORJtDQRVKL]RYLEUDUGH
HPRFLyQLPDJLQDQGRODVPiVHVSOpQGLGDVSRVLELOLGDGHVGHYLDMHVDOIXWXUR\DOSDVDGR>@
$SDUWLUGHHVRVPRPHQWRVHOSUR\HFWRVHVXEGLYLGLyHQWUHVDPELFLRVRVSURJUDPDV
$XQTXHHVWUHFKDPHQWHYLQFXODGRVORVWUHVHTXLSRVVHDIDQDURQHQODSXHVWDDSXQWRGHRWURV
WDQWRV PyGXORV TXH QRV SHUPLWLHUDQ OD H[SORUDFLyQ VREUH HO WHUUHQR HQ WUHV GLUHFFLRQHV
ELHQGLVWLQWDV(QSULPHUOXJDUFRQXQYLDMHDRWURPDUFRGLPHQVLRQDOGHQWURGHQXHVWUDSURSLD
JDOD[LD>@
(QVHJXQGRWpUPLQR\IRU]DQGRORVHMHVGHOWLHPSRGHORVVZLYHOVKDFLDDGHODQWHWUDVODGDU
WRGRXQODERUDWRULRFRQDVWURQDXWDVLQFOXLGRVDQXHVWURSURSLRIXWXURLQPHGLDWR
3RU~OWLPR\VLJXLHQGRXQSURFHVRFRQWUDULRVLWXDURWURPyGXORRODERUDWRULRHQHOSDVDGR
GHOD7LHUUD
<R IXL DVLJQDGR D HVWH WHUFHU SUR\HFWR EDXWL]DGR FRPR &DEDOOR GH 7UR\D \ D pO \ D
FXDQWROHURGHyKDVWDTXHIXHFRQVXPDGRHQHQHURGHPHUHIHULUpHQHVWDSULPHUDSDUWHGHO
GLDULR
'HVGH D QXHVWUR PyGXOR EDXWL]DGR HQWUH ORV PLHPEURV GHO HTXLSR FRPR OD
FXQDDFDXVDGHVXSDUHFLGRFRQGLFKRPXHEOHH[SHULPHQWyVXFHVLYDVPRGLILFDFLRQHVKDVWD
DOFDQ]DUXQYROXPHQORVXILFLHQWHPHQWHJUDQGHFRPRSDUDDOEHUJDUDGRVWULSXODQWHV
/D DWHQFLyQ GHO UHGXFLGR JUXSR GH FLHQWtILFRV TXH IXLPRV VHOHFFLRQDGRV SDUD OD 2SHUDFLyQ
&DEDOOR GH 7UR\D HVWXYR ILMD GXUDQWH PXFKRV PHVHV HQ OD FRQVHFXFLyQ GH XQ VLVWHPD TXH
SHUPLWLHUD XQD WRWDO \ VHJXUD PDQLSXODFLyQ GH ORV HMHV GHO WLHPSR GH ORVVZLYHOV GH WRGD OD
FXQDWDQWRPDQXDOFRPRHOHFWUyQLFDPHQWH
)LQDOPHQWH\FRQODFRODERUDFLyQGHOD%HOO$HURV\VWHPV&RGH1LDJDUD)DOOVODPLVPD
HPSUHVDTXHGLVHxy\FRQVWUX\yHO0/RPyGXOROXQDUSDUDHOSUR\HFWR$SRORQRVKLFLPRVFRQ
XQODERUDWRULRGHGLH]SLHVGHDOWRFRQFXDWURSXQWRVGHDSR\RH[WHQVLEOHVGHWUHFHSLHVFDGD
XQR\XQSHVRWRWDOGHOLEUDV$GLIHUHQFLDGHOPyGXORGHOSULPHURGHORVSUR\HFWRVTXHKH
FLWDGRFX\DRSHUDFLyQIXHEDXWL]DGDFRPR0DUFR3RORHOQXHVWURQRSUHFLVDEDGHXQVLVWHPD
GH SURSXOVLyQ /D RSHUDFLyQ GH LQYHUVLyQ GH WRGDV ODV VXESDUWtFXODV DWyPLFDV GH OD FXQD
LQFOXLGRHOUHFLQWRJHRPpWULFRGHOPLVPRVXVRFXSDQWHV\ODWRWDOLGDGGHORVJDVHVIOXLGRVHWF
TXH OR LQWHJUDQ SRGtD HIHFWXDUVH HQ VHFR HV GHFLU VLQ TXH HO KDELWiFXOR \ VXV SLHV GH
VXVWHQWDFLyQWXYLHUDQTXHPRYHUVHGHOOXJDUHOHJLGR1XHVWURKiELWDWGHWUDEDMRHQWRGRVDTXHOORV
DxRV HO FRUD]yQ VDOLWURVR GHO GHVLHUWR GH 0RMDYH UHXQtD DGHPiV RWUR UHTXLVLWR GH JUDQ
LPSRUWDQFLDSDUDODVSULPHUDV\GHFLVLYDVH[SHULHQFLDVGHOD2SHUDFLyQ&DEDOORGH7UR\D/RV
LQIRUPHVJHROyJLFRVQRVWUDQTXLOL]DURQVREUHPDQHUDDODVHJXUDUQRVTXHDTXHOOD]RQDDSHVDU
GHKDOODUVHHQHOILORGHODSODFDWHFWyQLFDQRUWHDPHULFDQDGHJUDQDFWLYLGDGWHO~ULFDQRKDEtD
VXIULGRJUDQGHVFDPELRVGHVGHILQDOHVGHOSHUtRGRMXUiVLFRKDFHPiVGHPLOORQHVGHDxRV
FXDQGR VH SURGXMR OD OODPDGD SHUWXUEDFLyQ 1HYDGLDQD $ SHVDU GH WRGR \ FRPR PHGLGD
FRPSOHPHQWDULD OD FXQD IXH SURYLVWD GH XQ HTXLSR DX[LOLDU GH SURSXOVLyQ FRQVLVWHQWH HQ XQ
PRWRU JHPHOR DO GHO 9,$/ HQ HO TXH \R KDEtD WUDEDMDGR HQ HO DxR *HQHUDO (OHFWULF QRV
SURSRUFLRQyXQPRWRUSULQFLSDOGHWXUELQDDFKRUUR&)9TXHIXHPRQWDGRYHUWLFDOPHQWH
\TXHSHUPLWtDXQUiSLGR\VHJXURPRYLPLHQWRDVFHQVLRQDO>@
(VWDVPHGLGDVGHVHJXULGDGTXHIXHURQPX\SRFRXWLOL]DGDVUHYLVWHQVLQHPEDUJRXQDJUDQ
LPSRUWDQFLD 8QD GH QXHVWUDV REVHVLRQHV PLHQWUDV LED SHUILOiQGRVH HO SULPHU JUDQ YLDMH GHO
SUR\HFWR&DEDOORGH7UR\DHUDDFHUWDUFRQODRURJUDItDGHOWHUUHQRHOHJLGRSDUDHOVDOWRKDFLD
DWUiV HQ HO WLHPSR 6L QXHVWURV LQIRUPHV WpFQLFRV HUUDEDQ HQ OR TXH D OD FRQILJXUDFLyQ ItVLFD \
JHROyJLFD GHO SXQWR GH FRQWDFWR VH UHIHUtD OD LQYHUVLyQ GH ORV HMHV GHO WLHPSR GH ORVVZLYHOV
SRGtDUHVXOWDUFDWDVWUyILFD/DFXQDSRUHMHPSORSRVDGDHQSOHQRVLJOR;;HQXQDSODQLFLH
SRGtDTXHGDUGHVLQWHJUDGDVLDSDUHFtDSRUHUURUHQHOLQWHULRUGHXQDPRQWDxD\TXHHQHO
SDVDGRSRGtDKDEHURFXSDGRHVHHVSDFLRTXHKR\HVWiEDPRVXWLOL]DQGRFRPRSXQWRGHFRQWDFWR
3RU WDQWR GHVSXpV GH LQILQLGDG GH FiOFXORV \ HVWXGLRV ORV KRPEUHV GHO JHQHUDO &XUWLVV
DFHSWDPRV GH EXHQ JUDGR TXH VDOYR FRQWDGDV H[FHSFLRQHV OD IDVH GH LQYHUVLyQ GHEtD
SURYRFDUVH VLHPSUH HQ HO DLUH HQ HVWDGR HVWDFLRQDULR 8QD YH] ORFDOL]DGR HOHFWUyQLFD \
YLVXDOPHQWH HO SXQWR GH FRQWDFWR OD FXQD SRGUtD VHU DWHUUL]DGD FRQ WRGD FRPRGLGDG \ VLQ
ULHVJRDOJXQRGHFKRTXHRGHVLQWHJUDFLyQ
/DVSULPHUDVSUXHEDVGHYXHORGHODFXQDFX\RHTXLSRGHLQYHUVLyQGHPDVDIXHVXSULPLGR
HQDTXHOODVIHFKDVSRUHOHPHQWDOHVUD]RQHVGHVHJXULGDGIXHURQOOHYDGDVDFDERSRUHOHQWRQFHV
SLORWRMHIH GH LQYHVWLJDFLRQHV GHO &HQWUR GH OD 1$6$ HQ (GZDUGV -RVHSK $ :DONHU \D
IDOOHFLGR\TXHHQORVDxRV\GLULJLy\WRPySDUWHHQPiVGHYXHORVH[SHULPHQWDOHV
GHO 9,$/ eO FRQRFtD ELHQ ORV VLVWHPDV GH SURSXOVLyQ GH ORV VLPXODGRUHV GHO PyGXOR GH
DWHUUL]DMH OXQDU \ VX YHUHGLFWR IXH SRVLWLYR OD FXQD D SHVDU GH VX GHVWDUWDODGR DVSHFWR
UHVSRQGtDFRQGRFLOLGDG
(QFRQXQFHQWHQDUGHHQVD\RVDOWDPHQWHVDWLVIDFWRULRVHOHTXLSRILMyGHILQLWLYDPHQWH
HQ RFKRFLHQWRV SLHV OD DOWLWXG LGHDO SDUD SURFHGHU D OD LQYHUVLyQ GH PDVD (O WLHPSR PHGLR
FRQVXPLGRHQODRSHUDFLyQGHGHVSHJXH\HVWDFLRQDULRDQWHVGHODIDVHGHLQYHUVLyQIXHILMDGR
HQFLQFRPLQXWRV
$O ILQ HQ HO RWRxR GH HO JHQHUDO GLR OX] YHUGH \ FXDWUR GH DTXHOORV VLQJXODUHV
DVWURQDXWDV TXH IRUPiEDPRV HO SULPHU HTXLSR GH YXHOR DO SDVDGR WXYLPRV OD IRUWXQD GH
H[SHULPHQWDUKDVWDXQWRWDOGHVHLVUHWURFHVRVHQHOWLHPSR7RGRVHOORVHMHFXWDGRVVLHPSUHSRU
SDUHMDV\HQHOHVWDFLRQDULRILMDGRRFKRFLHQWRVSLHVGHDOWXUDHQSOHQRGHVLHUWR0RMDYH
2FXSDUPH DKRUD GH HVWDV IDVFLQDQWHV H[SHULHQFLDV PH OOHYDUtD PX\ OHMRV GH PL YHUGDGHUR
SURSyVLWR3UHVFLQGLUpSRUWDQWRGHVXGHVFULSFLyQSRUTXHDGHPiVTXHGDURQPLQXFLRVDPHQWH
UHJLVWUDGDV HQ RWURV WDQWRV LQIRUPHV DFWXDOPHQWH HQ SRGHU GH OD $LU )RUFH 2IILFH RI 6SHFLDO
,QYHVWLJDWLRQV\GHVJUDFLDGDPHQWHGHOD',$'HIHQVH,QWHOOLJHQFH$JHQF\
6tDSXQWDUpQRREVWDQWHTXHHOGHOLFDGRVLVWHPDGHUHWURFHVR\DMXVWHGHORVHMHVGHOWLHPSR
GH ORVVZLYHOV HQ ODV IHFKDV SURJUDPDGDV SRU HO HTXLSR UHVXOWDURQ DVRPEURVDPHQWH SUHFLVRV
JUDFLDVDODUHYROXFLRQDULDUHGGHFRPSXWDGRUHV>@TXHKDEtDVHUYLGRGHVGHXQFRPLHQ]RSDUDOD
ORFDOL]DFLyQGHORVVZLYHOV\TXHIXHURQLQFRUSRUDGRVDOVLVWHPDGHLQYHUVLyQGHPDVD
&RPRHVQDWXUDOGHSRFRKXELHUDVHUYLGRDTXHOJLJDQWHVFRHVIXHU]RVLQXHVWUDWHFQRORJtDQR
KXELHUDVLGRFDSD]GHPRGLILFDUORVKDFHVGHORVVZLYHOV\FRQFUHWDPHQWHORVHMHVGHOWLHPSR
IRU]iQGRORVDORVQXHYRViQJXORV/DUHGGHRUGHQDGRUHVSRUXQFRPSOHMRSURFHGLPLHQWROOHJyD
DILQDUHVHWUDVODGRGHORVHMHV\HQGHILQLWLYDGHOPyGXORFRQXQHUURUGHPiVPHQRVGRV
KRUDVHQODVIHFKDVGHVHDGDV
<DOILQOOHJyHOJUDQGtD(OJHQHUDO&XUWLVVQRVFRQYRFyDXQDUHXQLyQGHXUJHQFLD
/RV KRPEUHV GH OD 2SHUDFLyQ &DEDOOR GH 7UR\D VLHPSUH EDMR HO PDQGR GH &XUWLVV
SHUILODURQPHGLDGRFHQDGHYLDMHVDFXDOPiVIDVFLQDQWH6LQHPEDUJRODOyJLFD\XQHVWULFWR
VHQWLGRGHORUGHQKDFtDQSRFRUHFRPHQGDEOHODSXHVWDHQPDUFKDGHYDULRVSUR\HFWRVDXQPLVPR
WLHPSR+DEtDTXHGHFLGLUVHSRUXQDSULPHUDH[SORUDFLyQVLQUHOHJDUSRUHOORDOROYLGRHOUHVWR
GHODVSURSRVLFLRQHV7UDVPXFKDVKRUDVGHGHEDWH\SRUXQDQLPLGDGODFXPEUHGHFLHQWtILFRV\
HVSHFLDOLVWDV HQ VHVLyQ GH XUJHQFLD HQ OD EDVH GH (GZDUGV HOLJLy WUHV PRPHQWRV GH OD
KLVWRULDGHODKXPDQLGDGFRPRSRVLEOHVHLQPHGLDWRVFDQGLGDWRVSDUDXQDHOHFFLyQILQDO(UDHO
GHPDU]RGH
/RVWUHVREMHWLYRVHQFXHVWLyQIXHURQORVVLJXLHQWHV
0DU]RDEULOGHODxRGHQXHVWUDHUD-XVWDPHQWHORV~OWLPRVGtDVGHODSDVLyQ\PXHUWH
GH-HV~VGH1D]DUHW
(ODxR/XJDU,VODGH0DGHUD2EMHWLYRWUDWDUGHDYHULJXDUVL&ULVWyEDO&ROyQSXGR
UHFLELU DOJXQD LQIRUPDFLyQ FRQILGHQFLDO SRU SDUWH GH XQ SUHGHVFXEULGRU GH$PpULFD VREUH OD
H[LVWHQFLDGHQXHYDVWLHUUDVDVtFRPRVREUHODUXWDDVHJXLUSDUDOOHJDUKDVWDHOODV
0DU]R GH /XJDU ORV SURSLRV (VWDGRV 8QLGRV GH $PpULFD GHO 1RUWH 2EMHWLYR
FRQRFHU FRQ H[DFWLWXG ORV DQWHFHGHQWHV GH OD JXHUUD GH 6HFHVLyQ \ HO SHQVDPLHQWR GHO UHFLpQ
HOHJLGRSUHVLGHQWH$EUDKDP/LQFROQ
&DGDXQRGHORVSUR\HFWRVKDEtDVLGRSUHSDUDGRH[KDXVWLYDPHQWHKDVWDHQVXVPiVPtQLPRV
GHWDOOHV <R HQFDEH]DED \ GHIHQGt HQFRQDGDPHQWH HO VHJXQGR GH ORV YLDMHV $ WUDYpV GH
QXPHURVDV OHFWXUDV \ FRQWDFWRV FRQ H[SHUWRV GH OD XQLYHUVLGDG GH <DOH KDEtD OOHJDGR DO
FRQYHQFLPLHQWR GHTXH &ROyQQR IXH HOSULPHU GHVFXEULGRU GHODV WLHUUDV DPHULFDQDV\ DTXpOOD
HUD XQD PDJQtILFD RSRUWXQLGDG GH FRQRFHU OD YHUGDG 3HUR WDQWR HO YLDMH D OD JXHUUD GH
6HFHVLyQ FRPR D OD LVOD SRUWXJXHVD GH 0DGHUD WHUPLQDURQ SRU VHU DSDUFDGRV HQ EHQHILFLR GHO
SULPHURHOWUDVODGRHQHOWLHPSRDODxRGHQXHVWUDHUD$SHVDUGHOQDWXUDOGLVJXVWRGHORV
GHIHQVRUHV GH ORV SUR\HFWRV HOLPLQDGRV WRGRV UHFRQRFLPRV TXH HO QLYHO GH ULHVJRV HUD
VHQVLEOHPHQWH LQIHULRU HQ HO JUDQ YLDMH D OD -HUXVDOpQ GH &ULVWR TXH D OD JXHUUD GH 6HFHVLyQ
HVWDGRXQLGHQVHRDOVLJOR;9(QHOFDVRGHODH[SORUDFLyQHQWLHPSRVGH/LQFROQORVDVWURQDXWDV
HOHJLGRV SRGtDQ FRUUHU HYLGHQWHV SHOLJURV ItVLFRV \ QL HO JHQHUDO &XUWLVV QL HO UHVWR GH ORV
FRPSRQHQWHV GH OD 2SHUDFLyQ &DEDOOR GH 7UR\D HVWiEDPRV GLVSXHVWRV D SRQHU HQ MXHJR OD
VHJXULGDGGHQXHVWURVKRPEUHV(QFXDQWRDOYLDMHTXH\RSURSXJQDEDODIDOWDGHSUHFLVLyQHQ
OD IHFKD H[DFWD HQ TXH HO SUHQDXWD SXGR DUULEDU FRQ VX FDUDEHOD D OD LVOD GH 0DGHUD IXH
GHWHUPLQDQWH 1XHVWUD DSRUWDFLyQ KLVWyULFD DXQTXH ULJXURVD DUURMDED XQ LQHYLWDEOH PDUJHQ GH
HUURU>@
&RPRXQVRORKRPEUH DSDUWLU GH DTXHOODGHFLVLYD \ILQDO GHWHUPLQDFLyQ ORV PLHPEURV
GHOHTXLSR&DEDOORGH7UR\DGHH[SORUDFLyQDOSDVDGRQRVYROFDPRVHQODSXHVWDDSXQWR
GHODTXHLEDDVHUQXHVWUDSULPHUDDYHQWXUDRILFLDOHQHOWLHPSR
1RYR\DQHJDUTXHHQDTXHOODVVHPDQDVTXHVLJXLHURQDPtHOHFFLyQSRUHOJHQHUDO&XUWLVV
SDUDWULSXODUODFXQD\GHVFHQGHUHQHOWLHPSRGH-HV~VGH1D]DUHWPLHVWDGRGHiQLPRVH
YLR SURIXQGDPHQWH DOWHUDGR$ SHVDU GH OD LQQHJDEOH DOHJUtD TXH VXSXVR HO IRUPDU SDUWH GH OD
SULPHUDSDUHMDGHH[SORUDGRUHVDRWURWLHPSRODUHVSRQVDELOLGDGGHWDQFRPSOHMDRSHUDFLyQ
PH DEUXPy \ IXHURQ QHFHVDULRV PXFKRV GtDV SDUD ORJUDU DGDSWDUPH \ DVLPLODU VHUHQDPHQWH PL
FRPSURPLVR
1XQFDVXSHFRQH[DFWLWXGSRUTXpHOMHIHGHOSUR\HFWR6ZLYHOPHGHVLJQySDUDDTXHOJUDQ
YLDMH(VPX\SRVLEOHTXHDODKRUDGHYDORUDUFRQRFLPLHQWRV\FRQGLFLRQHVSHUVRQDOHVRWURV
FRPSDxHURVGHEHUtDQKDEHURFXSDGRPLSXHVWRSRUXQDPSOLRPDUJHQGHPpULWRV&XUWLVVHQXQD
GHODVP~OWLSOHVHQWUHYLVWDVTXHFHOHEUpFRQpODUDt]GHPLQRPEUDPLHQWRGHMyHQWUHYHUTXHOD
QDWXUDOH]D GH OD H[SORUDFLyQ H[LJtD IXQGDPHQWDOPHQWH OD SUHVHQFLD GH XQ KRPEUH HVFpSWLFR HQ
PDWHULDUHOLJLRVD$OFRQWUDULRGHRWURVPXFKRVPLHPEURVGHOHTXLSR\RQRPLOLWDEDHQLJOHVLDR
PRYLPLHQWR UHOLJLRVR DOJXQR VLHQGR SDWHQWH PL FDUiFWHU DJQyVWLFR 3RU Pt UtJLGD HGXFDFLyQ
FLHQWtILFD\PLOLWDU\DXQTXHVLHPSUHSURFXUpUHVSHWDUODVFUHHQFLDVHLQFOLQDFLRQHVUHOLJLRVDVGH
ORVGHPiV\RQRKDEtDVHQWLGRMDPiVODPHQRUQHFHVLGDGGHUHIXJLDUPHRGHEXVFDUDOLHQWRHQ
LGHDVWUDVFHQGHQWDOHV
4Xp SRFR SRGtD LPDJLQDU OR TXH PH UHVHUYDED HO GHVWLQR < WXYH TXH UHFRQRFHU FRQ HO
JHQHUDO TXH HQ HIHFWR OD REMHWLYLGDG HUD XQD GH ODV FRQGLFLRQHV EiVLFDV SDUD GHVHPSHxDU
DTXHOODREVHUYDFLyQGHODKLVWRULDFRQXQPtQLPRGHULJRU
0L WUDEDMR HQ DTXHO WUDVODGR DO DxR DO LJXDO TXH HO GH PL FRPSDxHUR H[LJtD OD
DFHSWDFLyQ \ FXPSOLPLHQWR GH XQD QRUPD TXH VH KDEtD FRQYHUWLGR HQ UHJOD GH RUR SDUD OD
WRWDOLGDGGHOHTXLSRGHOSUR\HFWR&DEDOORGH7UR\DORVH[SORUDGRUHVQRSRGtDQEDMRQLQJ~Q
FRQFHSWRQLVLTXLHUDHOGHODSURSLDVXSHUYLYHQFLDDOWHUDUFDPELDURLQIOXLUHQORVKRPEUHV
JUXSRV VRFLDOHV R FLUFXQVWDQFLDV TXH IXHUDQ HO REMHWLYR GH QXHVWUDV REVHUYDFLRQHV R TXH
VHQFLOODPHQWHSXGLHUDQVXUJLUHQHOWUDQVFXUVRGHODVPLVPDV&XDOTXLHUYDFLODFLyQDODKRUDGH
DVXPLUHVWDSUHPLVDSULQFLSDOHUDPRWLYRGHXQDIXOPLQDQWHH[SXOVLyQGHOJUXSRGHH[SORUDGRUHV
(VWHKHFKRLQYLRODEOHSUHVXSRQtD\DXQDDEVROXWDREMHWLYLGDGHQORVREVHUYDGRUHV1RREVWDQWH
HOJHQHUDOHQXQUDVJRGHVXWLOSUXGHQFLDSUHILULyTXHHQQXHVWURFDVRODREMHWLYLGDGIXHUD
GHODPDQRGHXQDHVSHFLDODVHSVLDHQPDWHULDUHOLJLRVD
&RPR HV IiFLO FRPSUHQGHU XQ PHGLR WDQ SRGHURVR FRPR OD PDQLSXODFLyQ GH ORV HMHV GHO
WLHPSR GH ORVVZLYHOV SRGUtD VHU VXPDPHQWH SHOLJURVR GH FDHU HQ PDQRV GH LQGLYLGXRV VLQ
HVFU~SXORVRFRQXQDYLVLyQIDQiWLFD\SDUWLGLVWDGHODKLVWRULD(QODVVHLVSULPHUDVLQYHUVLRQHV
GH PDVD TXH IXHURQ SUDFWLFDGDV FRQ FDUiFWHU SXUDPHQWH H[SHULPHQWDO HQ HO GHVLHUWR GH 0RMDYH
SXGRFRPSUREDUVHTXHHOWUDVYDVHGHOPyGXOR\GHORVSLORWRVDRWUDVIHFKDVUHPRWDVQRDIHFWDED
DODQDWXUDOH]DItVLFDGHORVPLVPRVQLWDPSRFRDOSVLTXLVPRRDODPHPRULDGHORVWULSXODQWHV
(VWRV PLHQWUDV GXUy HO VDOWR KDFLD DWUiV IXHURQ FRQVFLHQWHV HQ WRGR PRPHQWR GH VX SURSLD
LGHQWLGDGUHFRUGDQGRFRQQRUPDOLGDGDTXppSRFDSHUWHQHFtDQ(QHOJUXSRVHGLVFXWLyDIRQGR\
FRQWRGDKRQHVWLGDGODVJUDYtVLPDVUHSHUFXVLRQHVTXHKXELHUDHQWUDxDGRSDUDXQDSHUVRQDRSDUD
XQDFROHFWLYLGDGODWUiJLFDFLUFXQVWDQFLDGHTXHDOJXLHQGHXQDpSRFDSDVDGDSXGLHVHUHVXOWDU
PXHUWRHQXQHQIUHQWDPLHQWRSRUHMHPSORFRQDOJXQRGHQXHVWURVH[SORUDGRUHV6LHOSULQFLSLR
FDXVDHIHFWRUHVSRQGtDDXQDUHDOLGDGORVUHVXOWDGRVKLVWyULFRVSRGtDQVHUIXQHVWRV
'H DKt TXH QXHVWUD PLVLyQ SRU HQFLPD GH WRGR VyOR SRGtD DVSLUDU D OD REVHUYDFLyQ \
DQiOLVLVGHORVKHFKRVSHUVRQDMHVRpSRFDVHOHJLGRV<QRHUDSRFR
3RU IRUWXQD SDUD HO SUR\HFWR &DEDOOR GH 7UR\D QXHVWUDV UHODFLRQHV FRQ HO (VWDGR GH ,VUDHO
HUDQ LQPHMRUDEOHV HQ HVSHFLDO D SDUWLU GH OD JXHUUD GH ORV 6HLV 'tDV (UD SULPRUGLDO SDUD OD
HMHFXFLyQ GHO JUDQ YLDMH TXH OD FXQD SXGLHUD VHU WUDVODGDGD D 3DOHVWLQD \ XELFDGD HQ HO
SXQWR GH FRQWDFWR HOHJLGR 7RGR HOOR DGHPiV VLQ OHYDQWDU VRVSHFKDV 3HUR SRFR SXHGR
UHIHULU VREUH HVWDV JHVWLRQHV TXH SHVDURQ tQWHJUDPHQWH VREUH ODV HVSDOGDV GHO JHQHUDO &XUWLVV
6yORDOILQDOFXDQGRDSHQDVIDOWDEDQGRVPHVHVSDUDODFXHQWDDWUiVORVPiVDOOHJDGRVDOMHIHGHO
SUR\HFWR VXSLPRV GH ORV REVWiFXORV VXUJLGRV GH ODV GXUDV FRQGLFLRQHV LPSXHVWDV SRU HO
*RELHUQRGH*ROGD0HLU\GHORVIDOOLGRVSHURLUULWDQWHVLQWHQWRVGHOD&,$SRUKDFHUVHFRQHO
FRQWUROGHODRSHUDFLyQ
$TXHOORV FRPEDWHV HQ OD RVFXULGDG GH ORV GHVSDFKRV \ GH OD EXURFUDFLD HVWDWDO SDVDURQ
LQDGYHUWLGRVSDUDPt\SDUDHOUHVWRGHOHTXLSRHQIUDVFDGRVHQOD~OWLPDIDVHGHORVSUHSDUDWLYRV
GHODDYHQWXUD$KRUDGR\JUDFLDVDO&LHORSRUHVWDVXSLQDLJQRUDQFLD
(O UHVWR GH DVt FRPR OD FDVL WRWDOLGDG GH PL FHQWUR GH RSHUDFLRQHV FDPELy
QRWDEOHPHQWH 'XUDQWH HVRV GRV DxRV PL WLHPSR VH UHSDUWLy HQWUH HO SXHEOHFLWR GH 0DOXOD OD
XQLYHUVLGDGGH-HUXVDOpQ\ODEDVHGH(GZDUGV/D2SHUDFLyQ&DEDOORGH7UR\DFRQWHPSODEDGRV
IDVHVSHUIHFWDPHQWHFODUDV\GHILQLGDV
8QD SULPHUD HQ OD TXH HO PyGXOR VXIULUtD HO \D FRQRFLGR SURFHVR GH LQYHUVLyQ GH PDVD
IRU]DQGRORVHMHVGHOWLHPSRGHORVVZLYHOVKDVWDHOGtDPHV\DxRSUHYLDPHQWHILMDGRV(QHVWH
SULPHUSDVRFRPRHVOyJLFRPLFRPSDxHUR\\RSHUPDQHFHUtDPRVDERUGRKDVWDHOLQJUHVRHQ
ODIHFKDGHVLJQDGD\GHILQLWLYRDVHQWDPLHQWRHQHO3XQWRGHFRQWDFWR
/D VHJXQGD VLQ GXGD OD PiV DUULHVJDGD \ DWUDFWLYD REOLJDED DO DEDQGRQR GH OD FXQD
SRU SDUWH GH XQR GH ORV H[SORUDGRUHV TXH GHEtD PH]FODUVH FRQ HO SXHEOR MXGtR GH DTXHOORV
WLHPSRV FRQYLUWLpQGRVH HQ WHVWLJR GH H[FHSFLyQ GH ORV ~OWLPRV GtDV GH OD YLGD GH -HV~V HO
*DOLOHR(VHHUDPLWUDEDMR
(VWH FRPHWLGR HQ HO TXH QR TXLVH SHQVDU KDVWD OOHJDGR HO PRPHQWR ILQDO PH REOLJy
GXUDQWH HVRV DxRV D XQ IHEULO DSUHQGL]DMH GH ODV FRVWXPEUHV WUDGLFLRQHV PiV LPSRUWDQWHV \
OHQJXDVGHXVRFRP~QHQWUHORVLVUDHOLWDVGHODxR%XHQDSDUWHGHHVRVPHVHVORVGHGLTXpD
ODGXUDHQVHxDQ]DGHODOHQJXDTXHKDEODED&ULVWRHODUDPHRRFFLGHQWDORJDOLODLFR6LJXLHQGR
ORV WH[WRV GH 6SLWDOHU \ GH VX PDHVWUR HQ OD XQLYHUVLGDG GH 0XQLFK %HUJVWUlVVHU QR IXH PX\
GLItFLOORFDOL]DUORVWUHV~QLFRVULQFRQHVGHOSODQHWDGRQGHD~QVHKDEODHODUDPHRRFFLGHQWDOOD
DOGHDGH0DOXODHQHO$QWLOLEDQR\ODVSHTXHxDVSREODFLRQHVKR\WRWDOPHQWHPXVXOPDQDVGH
<XEE
DGLQ\%D
KtDHQ6LULD>@
<DXQTXHHOiUDEHKDWHUPLQDGRSRUVDOWDUODVPRQWDxDVGHO/tEDQRFRQWDPLQDQGRHOOHQJXDMH
GHORVWUHVSXHEORVODIRQpWLFD\PRUIRORJtDVLJXHQVLHQGRIXQGDPHQWDOPHQWHDUDPHDV
8QDRSRUWXQDGRFXPHQWDFLyQTXHPHDFUHGLWDEDFRPRDQWURSyORJRHLQYHVWLJDGRUGHOHQJXDV
PXHUWDV SRU OD XQLYHUVLGDG GH &RUQHOO PH DEULy WRGDV ODV SXHUWDV SXGLHQGR FRPSOHWDU PLV
HVWXGLRVHQODXQLYHUVLGDGGH-HUXVDOpQ$OOtFRQWUDVWpPLVFRQRFLPLHQWRVGHODUDPHRJDOLODLFR
DSUHQGLGRHQWUHODVVHQFLOODVJHQWHVGHO$QWLOtEDQRFRQRWUDVIXHQWHVFRPRHO7DUJXPSDOHVWLQR\
HODUDPHROLWHUDULRGH4XPUiQHOQDEDWHR\SDOPLUHQR
3RU ~OWLPR FRPR FRPSOHPHQWR PL SUHSDUDFLyQ VH YLR HQULTXHFLGD FRQ XQDV QRFLRQHV
EiVLFDVSHURVXILFLHQWHVGHOJULHJR\HOKHEUHRPtVKQLFRTXHWDPELpQVHKDEODEDQHQOD3DOHVWLQD
GH&ULVWR
5HFRUUt LQILQLGDG GH YHFHV ORV OODPDGRV SRU ORV FDWyOLFRV 6DQWRV /XJDUHV DXQTXH HUD
FRQVFLHQWH GH TXH DTXHO UHFRQRFLPLHQWR GHO WHUUHQR GH SRFR LED D VHUYLUPH D OD KRUD GH OD
YHUGDG
7DPSRFR TXLVH SURIXQGL]DU H[FHVLYDPHQWH HQ ORV WH[WRV EtEOLFRV HQ ORV TXH VH QDUUD OD
SDVLyQPXHUWH\UHVXUUHFFLyQGHO6DOYDGRU3RUUD]RQHVREYLDVSUHIHUtHQIUHQWDUPHDORVKHFKRV
VLQLGHDVSUHFRQFHELGDV\FRQHOHVStULWXDELHUWR6LPLREOLJDFLyQHUDREVHUYDU\WUDQVPLWLUOD
YHUGDG GH OR TXH RFXUULy HQ DTXHOORV GtDV OR PiV DFRQVHMDEOH HUD FRQVHUYDU DTXHOOD DFWLWXG
OLPSLD\GHVSURYLVWDGHSUHMXLFLRV
$OUHWRUQDUDODEDVHGH(GZDUGVDILQDOHVGHWRGRHUDQFDUDVODUJDV3URQWRVXSH\
ODFRQILUPDFLyQILQDOOOHJyGHODELRVGHOSURSLR&XUWLVVTXHDSHVDUGHODVJHVWLRQHVDOPiV
DOWRQLYHOHO*RELHUQRLVUDHOtQRGDEDVXDXWRUL]DFLyQSDUDODHQWUDGDHQVXSDtVGHODFXQD\
GHOUHVWRGHOVRILVWLFDGRHTXLSR/yJLFDPHQWHWHQtDQGHUHFKRDVDEHUGHTXpVHWUDWDED\HOMHIH
GHOSUR\HFWR&DEDOORGH7UR\DWDPSRFRKDEtDGDGRIDFLOLGDGHVSDUDVROYHQWDUHVWHH[WUHPRGHOD
FXHVWLyQ
(OPiVHVWULFWRVHQWLGRGHODVHJXULGDGVLQHPEDUJRKDFtDLQYLDEOHTXHHOJHQHUDOSXGLHUD
DGYHUWLUDORVLVUDHOLWDVVREUHODDXWpQWLFDQDWXUDOH]DGHODRSHUDFLyQ4XpSRGtDPRVKDFHU"
'HVSXpVGHXQDJLWDGRGLFLHPEUHHQHOTXHVLQFHUDPHQWHOOHJDPRVDWHPHUSRUHOp[LWRGHO
JUDQ YLDMH HO 3HQWiJRQR VLJXLHQGR ODV UHFRPHQGDFLRQHV GH &XUWLVV SODQHy XQD HVWUDWHJLD
TXH GREOHJy D ORV MXGtRV 'HVGH WDQWR OD 8QLyQ 6RYLpWLFD FRPR QXHVWUR SDtV YHQtDQ
GHVDUUROODQGR XQ SURJUDPD VHFUHWR GH VDWpOLWHV HVStDV GHVWLQDGRV D XQD PXWXD REVHUYDFLyQ GH
WRGR WLSRGHLQVWDODFLRQHV PLOLWDUHV LQGXVWULDOHVDJUtFRODV XUEDQDV HWF(VWRV RMRVYRODQWHV
IXHURQ JDQDQGR HQ SHQHWUDFLyQ HVSHFLDOPHQWH D SDUWLU GH ORV OODPDGRV VDWpOLWHV GH OD WHUFHUD
JHQHUDFLyQHQ(QXQDFXDUWDJHQHUDFLyQHO3HQWiJRQRFRQODFRODERUDFLyQGHHPSUHVDV
HVSHFLDOL]DGDV HQ IRWRJUDItD OD (DVWPDQ .RGDN OD ,WHN &RUSRUDWLRQ \ OD 3HUNLQ(OPHU KDEtD
FRQVHJXLGRVLWXDUHQyUELWDXQQXHYRPRGHORGHVDWpOLWHODVHULH%LJ%LUGFX\RLQVWUXPHQWDOHUD
FDSD] GH IRWRJUDILDU D NLOyPHWURV GH DOWXUD ORV WLWXODUHV GHO SHULyGLFR GH XQ KRPEUH TXH
HVWXYLHUD VHQWDGR HQ OD SOD]D 5RMD GH 0RVF~ $ SHVDU GH OD JUDQ UHVHUYD GHO 1DWLRQDO
5HFRQQDLVVDQFH 2IILFH XQ GHSDUWDPHQWR HVSHFLDOL]DGR \ UHVSRQVDEOH GH HVWH WLSR GH
LQIRUPDFLRQHV FRQ VHGH HQ HO SURSLR 3HQWiJRQR DOJXQDV GH ODV FDUDFWHUtVWLFDV GHO %LJ %LUG
WHUPLQDURQSRUILOWUDUVHHQWUHORVVHUYLFLRVGH,QWHOLJHQFLDGHRWURVSDtVHV(O*RELHUQRGH*ROGD
0HLU KDEtD SUHVLRQDGR HQ QXPHURVDV RFDVLRQHV SDUD TXH OD SUHFLVD UHG GH QXHVWURV VDWpOLWHV
HVStDVSXGLHUDSURSRUFLRQDUOHVLQIRUPDFLyQJUiILFDGHORVPRYLPLHQWRVGHWURSDVDVHQWDPLHQWR
GH UDPSDV QXHYDV FRQVWUXFFLRQHV HWF GH ORV SDtVHV iUDEHV 3XHV ELHQ DTXpOOD IXH QXHVWUD
RSRUWXQLGDG
'HVGH KDFLD DSUR[LPDGDPHQWH DxR \ PHGLR GHVGH FRPLHQ]RV GH HO 3HQWiJRQR
KDEtD HPSH]DGR D WUDEDMDU HQ XQ QXHYR GLVHxR GH VDWpOLWHV %LJ %LUG HO .+ ,, &XUWLVV SUHYLD
DXWRUL]DFLyQ GHO $OWR (VWDGR 0D\RU GHO (MpUFLWR GH ORV (VWDGRV 8QLGRV \ WUDV HQWUHYLVWDUVH
SHUVRQDOPHQWH FRQHO SUHVLGHQWH1L[RQ\ HOVHFUHWDULRGH (VWDGR.LVVLQJHU YROyQXHYDPHQWH D
-HUXVDOpQ(VWDYH]VtRIUHFLyDODSULPHUPLQLVWUR*ROGD0HLU\DVXPLQLVWURGHOD*XHUUDHO
OHJHQGDULR 0RVKH 'D\DQ XQD H[SOLFDFLyQ VDWLVIDFWRULD GHQWUR GHO PiV ULJXURVR GH ORV
VHFUHWRV ((88 GHVHDED FRODERUDU FRQ HO SDtV DPLJR ,VUDHO PRQWDQGR XQ ODERUDWRULR GH
UHFHSFLyQ GH IRWRJUDItDV SDUD VXV %LJ %LUG 'H HVWD IRUPD ORV MXGtRV SRGtDQ GLVSRQHU GH XQ
UiSLGR\ILHOVLVWHPDGHFRQWUROGHVXVHQHPLJRV\PLSDtVGHXQDQXHYD\HVWUDWpJLFDHVWDFLyQ
TXH DKRUUDED WLHPSR \ EXHQD SDUWH GH OD VLHPSUH HQJRUURVD PDQLREUD GH UHFXSHUDFLyQ GH ODV
RFKRFiSVXODVGHVHFKDEOHVTXHSRUWDEDFDGDVDWpOLWH\TXHHUDQUHVFDWDGDVFDGDTXLQFHGtDVHQ
ODV FHUFDQtDV GH +DZDL 'HVGH XQ SXQWR GH YLVWD SXUDPHQWH PLOLWDU OD 2SHUDFLyQ UHVXOWDED
DGHPiVGHJUDQLQWHUpVSDUDORV(VWDGRV8QLGRVTXHSRGtDQDVtIRWRJUDILDUDSODFHUIUDQMDVWDQ
LQHVWDEOHV SROtWLFDPHQWH KDEODQGR FRPR ODV GH ODV IURQWHUDV GH OD 8566 FRQ ,UiQ \
$IJDQLVWiQ\RWUDV]RQDVGH3DNLVWiQ\GHO*ROIR3pUVLFRSXGLHQGRUHFLELUFLHQWRVGHQHJDWLYRV
HQODQXHYDHVWDFLyQSURSLDODLVUDHOLWDDORVWUHVPLQXWRVGHKDEHUVREUHYRODGRGLFKDViUHDV
>@
*UDFLDV D HVWH VXWLO HQJDxR HO JHQHUDO &XUWLVV \ SDUWH GHO HTXLSR GHO SUR\HFWR &DEDOOR GH
7UR\DFRQVHJXtDQDWHUUL]DUDSULPHURVGHHQHURGHHQ7HO$YLY3DUDHYLWDUVRVSHFKDV\
GH PXWXR DFXHUGR FRQ HO 0RVVDG VHUYLFLR GH ,QWHOLJHQFLD LVUDHOt OD 86$) DFRQGLFLRQy XQ
DYLyQ -XPER HQ HO TXH KDEtDQ VLGR HOLPLQDGRV ORV DVLHQWRV FDUJDQGR HQ VXV FDELQDV GLH]
WRQHODGDV GH LQVWUXPHQWDO DOWDPHQWH VHFUHWR 'HO IDOVR UHDFWRU GH SDVDMHURV FDPXIODGR
LQFOXVRFRQORVGLVWLQWLYRVGHODFRPSDxtDMXGtD(O$OGHVFHQGLyXQQXWULGRJUXSRGHDSDUHQWHV\
SDFtILFRVWXULVWDVQRUWHDPHULFDQRV(UDHOGHHQHUR
/R TXH QXQFD VXSLHURQ ORV VDJDFHV DJHQWHV GHO VHUYLFLR GH ,QWHOLJHQFLD LVUDHOt HV TXH
PH]FODGD FRQ HO PDWHULDO SDUD OD HVWDFLyQ GH UHFHSFLyQ GH IRWRJUDItDV YtD VDWpOLWH YLDMDED
WDPELpQQXHVWUDFXQD
(O SODQ GH &XUWLVV HUD VHQFLOOR (Q XQ PLQXFLRVR HVWXGLR HODERUDGR HQ :DVKLQJWRQ SRU HO
&,59,6 &RPPXQLFDWLRQ ,QVWUXFWLRQ IRU 5HSRUWLQJ 9LWDO ,QWHOOLJHQFH 6LJKWLQJV >@ FRQ OD
FRODERUDFLyQGHO'HSDUWDPHQWR&DUWRJUiILFRGHO0LQLVWHULRGHOD*XHUUDGH,VUDHOODLQVWDODFLyQ
GHODUHGUHFHSWRUDGHLPiJHQHVGHO%LJ%LUGGHEtDHIHFWXDUVHHQXQSOD]RPi[LPRGHVHLVPHVHV
DSDUWLUGHODIHFKDGHOOHJDGDGHOPDWHULDO/RVHVSHFLDOLVWDVGHEtDQSURFHGHUHQXQDSULPHUD
HWDSDDODHOHFFLyQGHODVHQWDPLHQWRGHILQLWLYR/RVPLOLWDUHVKDEtDQGHVLJQDGRWUHVSRVLEOHV
SXQWRVODFXPEUHGHOPRQWH2OLYHWHRGHORV2OLYRVDHVFDVDGLVWDQFLDGHODFLXGDGVDQWDGH
-HUXVDOpQORV$OWRVGHO*ROiQHQODIURQWHUDFRQ6LULDRORVPDFL]RVJUDQtWLFRVGHO6LQDt
$VWXWDPHQWHHOJHQHUDO&XUWLVVKDEtDKHFKRFRLQFLGLUODSULPHUDGHODVSRVLEOHVXELFDFLRQHV
GHODHVWDFLyQUHFHSWRUDFRQQXHVWURSXQWRGHFRQWDFWRSDUDHOJUDQYLDMH0XFKRDQWHVGHTXH
HO*RELHUQRGH*ROGD0HLUREVWDFXOL]DUDODPDUFKDGHQXHVWUDRSHUDFLyQORVHVSHFLDOLVWDVGHO
SUR\HFWR&DEDOORGH7UR\DKDEtDQHVWLPDGRTXHHOUHIHULGRPRQWH2OLYHWHHUDOD]RQDDSURSLDGD
SDUDODWRPDGHWLHUUDGHODFXQD6XSUR[LPLGDGFRQODDOGHDGH%HWDQLD\FRQ-HUXVDOpQOD
KDEtDQFRQYHUWLGRHQHOOXJDUHVWUDWpJLFRSDUDHOGHVFHQVR<DXQTXHORVLVUDHOLWDVPRVWUDURQ
XQDFLHUWDH[WUDxH]DSRUODGHVLJQDFLyQGHDTXHOODFROLQDFRPRODSULPHUDGHODVWUHVEDVHVGH
H[SHULPHQWDFLyQSDUHFLHURQEDVWDQWHFRQYHQFLGRVDQWHODVH[SOLFDFLRQHVGHORVQRUWHDPHULFDQRV
,VUDHOVHYHtDHQYXHOWRD~QHQQXPHURVDVHVFDUDPX]DVFRQVXVYHFLQRVORVHJLSFLRV\VLULRV'H
KDEHULQLFLDGRODLQVWDODFLyQGHODHVWDFLyQUHFHSWRUDSRUHO6LQDtRSRUHO*ROiQORVULHVJRVGH
GHVWUXFFLyQSRUSDUWHGHODDYLDFLyQHQHPLJDKXELHUDQVLGRPX\DOWRV
(UD QHFHVDULR JDQDU WLHPSR \ VREUH WRGR DGLHVWUDU D ORV MXGtRV HQ HO PDQHMR GH ORV
HTXLSRVFRQXQDPSOLRPDUJHQGHVHJXULGDG\VLQVREUHVDOWRV
8QD YH] ORFDOL]DGR HO DVHQWDPLHQWR LGHDO YHULILFDGRV ORV QXPHURVRV FRQWUROHV H LQVWUXLGRV
ORVLVUDHOLWDVHOODERUDWRULRHQWUDUtDHQODIDVHRSHUDWLYDFRPSDUWLGRVLHPSUHSRUDPERVSDtVHV
(VR VXSRQtD VHJ~Q WRGRV ORV LQGLFLRV XQ SOD]R GH WLHPSR PiV TXH VXILFLHQWH SDUD QXHVWUR
WUDEDMR
/RVMXGtRVHQVXPDDFHSWDURQFRQH[FHOHQWHVXPLVLyQORVFRQVHMRVGHORVQRUWHDPHULFDQRV\
FRODERUDURQHVWUHFKDPHQWHHQHOWUDQVSRUWH\YLJLODQFLDGHORVHTXLSRV
/RVKRPEUHVGHOD2SHUDFLyQ&DEDOORGH7UR\DHVWDEDQGHDFXHUGRGHVGHPHGLDGRVGH
HQTXHHOSXQWRGHFRQWDFWRGHEtDVHUODSHTXHxDSOD]ROHWDTXHHQFLHUUDODPH]TXLWDRFWRJRQDO
OODPDGD GH OD $VFHQVLyQ GHO 6HxRU (O DOWR PXUR TXH URGHD OD UHOLTXLD GH OD pSRFD GH ODV
FUX]DGDVHUDHOEDOXDUWHSHUIHFWRSDUDHVTXLYDUODVPLUDGDVGHORVFXULRVRV&XUWLVVFRQHOUHVWR
GHO JUXSR KDEtDQ SUHYLVWR KDVWD ORV PiV LQVLJQLILFDQWHV GHWDOOHV /D H[SHULHQFLD IXH ILMDGD
LQH[FXVDEOHPHQWHSDUDHOGtDGHHQHURGH(UDHOPRPHQWRSHUIHFWRSRUYDULDVUD]RQHV
HQSULPHUOXJDUSRUTXHHOPRQWDMHGHORVHTXLSRVHOHFWUyQLFRVGHODHVWDFLyQUHFHSWRUDGHO%LJ
%LUGGHEHUtDLQLFLDUVHHQWUHHO\GHHVHPLVPRPHVGHHQHUR(QVHJXQGRWpUPLQRSRUTXH
HQ HVDV IHFKDV OD DIOXHQFLD GH SHUHJULQRV D ORV 6DQWRV /XJDUHV H[SHULPHQWDUtD XQ QRWDEOH
GHVFHQVR3RU~OWLPRSRUTXHHOJUXSRGHVHDEDKRQUDUDVtODPHPRULDGHXQRGHORVKRPEUHVPiV
JUDQGHVGHODKXPDQLGDG0DKDWPD*DQGKL-XVWDPHQWHHQHVHGHHQHURGHVHFHOHEUDUtD
HODQLYHUVDULRGHVXPXHUWH
3RU VXSXHVWR OD UD]yQ SULPRUGLDO HUD OD SULPHUD &DEDOOR GH 7UR\D QHFHVLWDED XQD VHPDQD
SDUDHOHQVDPEODMH\FKHTXHRJHQHUDOGHODFXQD(OJHQHUDO&XUWLVVDODKRUDGHUHGDFWDUHO
SUR\HFWR GH LQVWDODFLyQ GHO ODERUDWRULR UHFHSWRU GH IRWRJUDItDV YtD VDWpOLWH KDEtD LPSXHVWR XQD
FRQGLFLyQTXHIXHHQWHQGLGD\DFHSWDGDSRU*ROGD0HLU\VXJDELQHWHGDGRHOFDUiFWHUDOWDPHQWH
VHFUHWR GH ORVVFDQQHUV ySWLFRV XWLOL]DGRV \ GH DOJXQRV HOHPHQWRV HOHFWUyQLFRV HO PRQWDMH GHO
LQVWUXPHQWDO GHEHUtD FRUUHU D FDUJR ~QLFD \ H[FOXVLYDPHQWH GH ORV QRUWHDPHULFDQRV /D
VHJXULGDG\YLJLODQFLDLQWHULRUGHODHVWDFLyQPLHQWUDVGXUDVHHVWDIDVHVHUtDPLVLyQLQHOXGLEOH
GHORV(VWDGRV8QLGRV(O*RELHUQRGH,VUDHOWHQGUtDDVXFDUJRODSURWHFFLyQH[WHULRUSXGLHQGR
SDUWLFLSDU HQ HO SUR\HFWR XQD YH] XOWLPDGR GLFKR HQVDPEODMH (VWD DUJXFLD QR WHQtD RWUD
MXVWLILFDFLyQ TXH PDQWHQHU DOHMDGRV D ORV MXGtRV SHUPLWLpQGRQRV DVt HO GHVDUUROOR FRPSOHWR GH
QXHVWURYHUGDGHURSURJUDPD
(O VDOWR HQ HO WLHPSR SURJUDPDGR FRPR GLJR SDUD HO PDUWHV GH HQHUR KDEtD VLGR
OLPLWDGR D XQ WRWDO GH RQFH GtDV &DEDOOR GH 7UR\D GLVSRQtD SRU WDQWR GH XQ Pi[LPR GH WUHV
VHPDQDVSDUDODSXHVWDDSXQWRGHODFXQDSDUDODHMHFXFLyQGHODDYHQWXUDSURSLDPHQWHGLFKD
\SDUDHOQRPHQRVGHOLFDGRUHWRUQR
9DULRVGtDVDQWHVGHTXHHOIDOVRJUXSRGHWXULVWDVQRUWHDPHULFDQRVSDUWLHVHGH((88FRQ
GHVWLQRD7HO$YLY0RVKH'D\DQKDEtDGDGRODVyUGHQHVRSRUWXQDVSDUDTXHVXVHUYLFLRVHFUHWR
DFWLYDVHXQDPLQLRSHUDFLyQGHHVFDVDHQYHUJDGXUDSHURYLWDOSDUDODWRPDGHSRVHVLyQGHOD
FLWDGD PH]TXLWD GH OD $VFHQVLyQ (UD SUHFLVR TXH QXHVWURV WpFQLFRV SXGLHVHQ WUDEDMDU HQ HO
LQWHULRU GH GLFKD SOD]ROHWD VLQ OHYDQWDU VRVSHFKDV HQWUH OD SREODFLyQ \ PXFKR PHQRV HQWUH ORV
PXVXOPDQHVUHVSRQVDEOHVGHOFXOWRHQHOWDEHUQiFXORRFWRJRQDOTXHVHOHYDQWDHQHOFHQWURGHO
UHFLQWR
(Q DTXHOORV GtDV WDQWR OD 2/3 2UJDQL]DFLyQ SDUD OD /LEHUDFLyQ GH 3DOHVWLQD FRPR ORV
VHUYLFLRVVHFUHWRVHJLSFLRVHO0XNKDEDUDWHO.KDUEHL\DKHQSHUIHFWDFRQH[LyQFRQORVDJHQWHV
VRYLpWLFRVTXHWRGDYtDRSHUDEDQHQ(O&DLURKDEtDQGHVSOHJDGRXQDLQWHQVDROHDGDWHUURULVWDHQ
,VUDHO /DV ERPEDV SRVWDOHV HVWDEDQ GH PRGD \ UDUR HUD HO GtD HQ TXH QR VH GHWHFWDED R
HVWDOODED XQR GH HVWRV PRUWtIHURV DUWHIDFWRV HQ -HUXVDOpQ 7HO $YLY R HQ HO UHVWR GHO SDtV
-XVWDPHQWH OD YtVSHUD GH QXHVWUD RSHUDFLyQ GH HQHUR VH UHFLELHURQ HQ GLVWLQWDV
GHSHQGHQFLDV \ RUJDQLVPRV GH OD FLXGDG GH -HUXVDOpQ XQ WRWDO GH QXHYH GH HVWDV ERPEDV
SRVWDOHV
(OSODQGHOHILFDFtVLPRVHUYLFLRVHFUHWRLVUDHOt(O0RVVDGVHFRQVXPyHQODWDUGHGHOGH
HQHUR 8QD SDUHMD GH MyYHQHV DJHQWHV FRQ WRGR HO DVSHFWR GH WXULVWDV ROYLGy XQ VRVSHFKRVR
PDOHWtQMXQWRDORVUHFLRVPXURVGHOWDEHUQiFXORGHOD$VFHQVLyQ(OSURSLR0RVVDGVHHQFDUJy
GHGDUODDODUPD\HQFXHVWLyQGHPLQXWRVODSOD]ROHWD\HORFWyJRQRIXHURQGHVDORMDGRVPLHQWUDV
XQ HTXLSR GH HVSHFLDOLVWDV HQ GHVDFWLYDFLyQ GH H[SORVLYRV VH HQFDUJDED GH LQVSHFFLRQDU \
KDFHU HVWDOODU DOOt PLVPR HO SDTXHWHERPED GH ORV VXSXHVWRV WHUURULVWDV (O VXFHVR GDGD OD
QDWXUDOH]DGHOOXJDU\SUHYLRDFXHUGRFRQORVUHVSRQVDEOHVGHODFXVWRGLDGHORV6DQWRV/XJDUHV
IXHRFXOWDGRDORVPHGLRVLQIRUPDWLYRV
7DO\FRPRKDEtDQSUHYLVWRORVLVUDHOLWDVGH'D\DQODH[SORVLyQDSHQDVVLSURYRFyGDxRVHQ
ODVSDUHGHVH[WHULRUHVGHODPH]TXLWD6LQHPEDUJRHQXQDUXWLQDULDSHURREOLJDGDLQVSHFFLyQGHO
UHVWR GHO RFWyJRQR DJHQWHV GHO 0RVVDG KDFLpQGRVH SDVDU SRU DUTXLWHFWRV GH OD 'LYLVLyQ GH
=DSDGRUHV GHO (MpUFLWR GHVFXEULHURQ \ HQVHxDURQ D ORV FXVWRGLRV GHO OXJDU XQDV SODFDV R
UDGLRJUDItDVGHORVFLPLHQWRVGHODFDUDHVWHGHODPH]TXLWDVHULDPHQWHDIHFWDGRVSRUHODWHQWDGR
$TXHOORGHMyFRQIXQGLGRVDORVPXVXOPDQHV3HUR(O0RVVDGORWHQtDWRGRSUHYLVWR(QXQJHVWR
GH EXHQD YROXQWDG \ DQWH HO GHVFRQFLHUWR GH ORV iUDEHV HO YLFHSUHVLGHQWH MXGtR <JDO
$OORQFRQYRFyDORVUHVSRQVDEOHVGHODPH]TXLWDLQIRUPiQGROHVTXHHO*RELHUQRKDEtDWRPDGR
OD GHFLVLyQ GH UHSDUDU ORV GDxRV FRPR PXHVWUD GH EXHQD IH /D LQPLQHQWH SUR[LPLGDG GH OD
3DVFXDMXGtD\GHOD6HPDQD6DQWDFDWyOLFDMXVWLILFyDODVPLOPDUDYLOODVODVLQXVLWDGDVSULVDVGHO
*RELHUQRGH*ROGD0HLUSRUDFRPHWHUODUHSDUDFLyQGHOPRQXPHQWR1DGLHSRGtDVRVSHFKDUTXH
EDMR DTXHOOD RSRUWXQD \ DSDUHQWH PDQLREUD SROtWLFD GH ORV MXGtRV VH DPSDUDED XQD GREOH
LQWHQFLyQ
/DFRPHGLDUHVXOWyVHQFLOODPHQWHSHUIHFWD$XQTXHORVFLPLHQWRVGHODPH]TXLWDVHKDOODEDQ
LQWDFWRVQDGLHVHDWUHYLyDSRQHUHQGXGDORVLQIRUPHVGHORVVXSXHVWRVDUTXLWHFWRV
$ ODV FXDUHQWD \ RFKR KRUDV GH OD H[SORVLyQ XQD GLYLVLyQ HVSHFLDO LQWHJUDGD SRU
DUTXHyORJRV \ H[SHUWRV GH OD XQLYHUVLGDG GH -HUXVDOpQ GH OD (VFXHOD %tEOLFD \$UTXHROyJLFD
IUDQFHVD GH OD &LXGDG 6DQWD \ GHO 0XVHR GH $QWLJHGDGHV GH $PPDQ LQLFLy ORV WUDEDMRV GH
H[FDYDFLyQ HQ WRUQR DO SHUtPHWUR GH OD SHTXHxD PH]TXLWD DQWH HO EHQHSOiFLWR GH ORV iUDEHV
6LQFHUDPHQWHQXQFDVXSLPRVFyPRHO6HUYLFLR6HFUHWRLVUDHOtVHODVLQJHQLySDUDHPEDUFDUD
GLFKR JUXSR HQ VHPHMDQWH ODERU GH UHVWDXUDFLyQ (Q DOJXQRV PRPHQWRV LQFOXVR OOHJDPRV D
VRVSHFKDU TXH DTXHOORV GLVFUHWRV \ GLOLJHQWHV DUTXHyORJRV QR HUDQ RWUD FRVD TXH KRPEUHV GHO
0RVVDG
(OFDVRHVTXHFXDQGRHOJHQHUDO&XUWLVV\HOUHVWRGHOSUR\HFWR&DEDOORGH7UR\DJLUDPRV
XQDSULPHUDYLVLWDGHLQVSHFFLyQDODSOD]ROHWDGHOD$VFHQVLyQORVREUHURVKDEtDQDELHUWR]DQMDV
MXQWR D OD PH]TXLWD OHYDQWDQGR GRV JUDQGHV EDUUDFRQHV XQR D FDGD ODGR GHO RFWyJRQR \ GH
DFXHUGRFRQODVPHGLGDVSUHYLDPHQWHIDFLOLWDGDVSRU&XUWLVVDOHMpUFLWRGH'D\DQ/RVSLHVGH
GLiPHWURGHODSOD]ROHWDFHUFDGDSRUXQPXURGHSLHGUDGHRWURVQXHYHStHVGHDOWXUDHUDQPiV
TXH VXILFLHQWHV SDUD QXHVWURV SURSyVLWRV \ SRU VXSXHVWR SDUD OD LQVWDODFLyQ GHO ODERUDWRULR
UHFHSWRUGHIRWRJUDItDV
'HVGH HO GH HQHUR GH XQD IRUPD HVFDORQDGD \ DSURYHFKDQGR ODV FRQVWDQWHV HQWUDGDV \
VDOLGDV GH PDWHULDO ORV LVUDHOLWDV \ QRUWHDPHULFDQRV VH ODV DUUHJODURQ SDUD LQWURGXFLU HQ ORV
EDUUDFRQHVODWRWDOLGDGGHOPDWHULDOVHFUHWR
8QDVHPDQDGHVSXpVFRQHOOyJLFRUHJRFLMRGH&XUWLVV\GHODWRWDOLGDGGHORVFLHQWtILFRV\
PLOLWDUHVTXHKDEtDPRVWRPDGRSDUWHHQHOWUDQVSRUWHGHOLQVWUXPHQWDOWRGRHVWDEDGLVSXHVWRSDUD
HOVXSXHVWRHQVDPEODMHGHODHVWDFLyQUHFHSWRUDGHO%LJ%LUG$TXHOORVLJQLILFyXQDGHODQWRGH
FDVLVLHWHGtDVHQHOSURJUDPD
$SDUWLUGHOGHHQHURHOMHIHGHOSUR\HFWR&DEDOORGH7UR\DFRPXQLFyDODVDXWRULGDGHV
PLOLWDUHV LVUDHOLWDV TXH ORV LQJHQLHURV QRUWHDPHULFDQRV VH GLVSRQtDQ D LQLFLDU ORV WUDEDMRV GH
PRQWDMH GHO ODERUDWRULR \ TXH HQ FRQVHFXHQFLD \ GH DFXHUGR FRQ OR SDFWDGR HO DFFHVR D ORV
EDUUDFRQHV TXHGDED ULJXURVDPHQWH SURKLELGR D OD WRWDOLGDG GHO SHUVRQDO QR DPHULFDQR /RV
MXGtRVVHUHWLUDURQDOH[WHULRUGHOUHFLQWRPDQWHQLpQGRVHQRREVWDQWHXQSDVLOORQHXWUDOSRUHO
TXH SXGLHUDQ FLUFXODU ORV DUTXHyORJRV FX\R FRPHWLGR QR GHEtD VHU VXVSHQGLGR EDMR QLQJ~Q
FRQFHSWR6LORViUDEHVOOHJDEDQDLQWXLUTXHDTXHOODVREUDVGHUHSDUDFLyQGHVXPH]TXLWDQRHUDQ
RWUDFRVDTXHXQDWDSDGHUDSDUDRFXOWDURWURVREMHWLYRVSXUDPHQWHPLOLWDUHV&DEDOORGH7UR\D
\ OD SURSLD XELFDFLyQ GH OD HVWDFLyQ UHFHSWRUD VH KDEUtDQ YLVWR HQ XQD VLWXDFLyQ PX\
FRPSURPHWLGD
/RVHTXLSRVGHUHVWDXUDFLyQSRUWDQWRSURVLJXLHURQFRQVXPLVLyQDORVSLHVGHORVPXURV
GHORFWyJRQRPLHQWUDVQRVRWURVGHVHPEDOiEDPRVHOPDWHULDOHQWUHJiQGRQRVDXQDIUHQpWLFDWDUHD
GHPRQWDMHGHODFXQD
3HURODDOHJUtDGHOJHQHUDO\WDPELpQODQXHVWUDLEDQDVXIULUXQV~ELWRUHYpV
/RVYHQHQRVRVWHQWiFXORVGHOD&,$QXQFDVXSLPRVFyPRKDEtDQWRFDGR\GHWHFWDGROD
RSHUDFLyQFRQMXQWDMXGLRQRUWHDPHULFDQD\OD'HIHQVH,QWHOOLJHQFH$JHQF\ >@HVWDEDSUHVLRQDQGR
SDUD TXH .LVVLQJHU OHV SXVLHUD DO FRUULHQWH /DV VXFHVLYDV QHJDWLYDV GHO VHFUHWDULR GH (VWDGR
FUHDURQ IXHUWHV WHQVLRQHV HQWUH OD &,$ \ ORV UHGXFLGRV FtUFXORV PLOLWDUHV GHO 3HQWiJRQR TXH
HVWDEDQ DO WDQWR GH OD PLVLyQ /D VLWXDFLyQ IXH WDQ LQVRVWHQLEOH TXH HO JHQHUDO &XUWLVV IXH
UHFODPDGRD:DVKLQJWRQDILQGHDSDFLJXDUORViQLPRVHLQWHQWDUKDOODUXQDVROXFLyQ
0LHQWUDV WDQWR HO UHVWR GHO HTXLSR &DEDOOR GH 7UR\D VLJXLy HQ VX HPSHxR DXQTXH FRQ ORV
iQLPRVHQFRJLGRVSRUODFHUFDQtDGHODVLHPSUHSHOLJURVDVRPEUDGHOD&,$
(Q HVWH FDVR OD PDQLILHVWD KDELOLGDG GH &XUWLVV QR VLUYLy GH JUDQ FRVD (O GLUHFWRU GH OD
$JHQFLD &HQWUDO GH ,QWHOLJHQFLD &,$ 5LFKDUG +HOPV QR HVWDED GLVSXHVWR D FHGHU $QWH OD
JUDYHGDG GH ORV DFRQWHFLPLHQWRV \ SRU VXJHUHQFLD H[SUHVD GH .LVVLQJHU HO SUHVLGHQWH 1L[RQ
DFRQVHMDUtDSRFRVGtDVGHVSXpVTXH+HOPVGLPLWLHUDFRPRGLUHFWRUGHOD&,$&RQHOILQGH
UHIRU]DUODFRQILDQ]DGHO3HQWiJRQRHOGHHQHURHUDGHVLJQDGRHOJHQHUDOHtQWLPRFRODERUDGRU
GH &XUWLVV$OH[DQGHU +DLJ FRPR YLFHMHIH GHO$OWR (VWDGR 0D\RU GHO (MpUFLWR GH ORV (VWDGRV
8QLGRV /RV SHULyGLFRV SXEOLFDURQ HQWRQFHV TXH OD GLPLVLyQ GHO GLUHFWRU GH OD &,$ VH GHEtD D
SURIXQGRV GHVDFXHUGRV GH +HOPV FRQ .LVVLQJHU HQ DVXQWRV UHODFLRQDGRV FRQ OD VHJXULGDG GHO
(VWDGR 1R LEDQ GHVFDPLQDGRV DXQTXH QXQFD VXSLHURQ ODV YHUGDGHUDV UD]RQHV GH DTXHOOD
GUiVWLFDRSHUDFLyQTXLU~UJLFD HQ ODF~VSLGHGH OD$JHQFLD&HQWUDOGH ,QWHOLJHQFLD \ GHO$OWR
(VWDGR0D\RUGHO(MpUFLWRGH(VWDGRV8QLGRV
8QD YH] FDSHDGR HO WHPSRUDO &XUWLVV UHJUHVy D -HUXVDOpQ UHLQFRUSRUiQGRVH D ORV ~OWLPRV
SUHSDUDWLYRVGHODTXHVLQGXGDLEDDVHUXQDGHODVPiVJUDQGHVDYHQWXUDVGHOD+LVWRULDGH
OD+XPDQLGDG
(O GH HQHUR GH OD FXQD UHSRVDED \D HQ HO FHQWUR GHO EDUUDFyQ SULQFLSDO +DEtD
VLGR PRQWDGD HQ VX WRWDOLGDG H[FHSFLyQ KHFKD GH ORV FXDWUR SXQWRV GH DSR\R (VWRV SRU
HOHPHQWDOHVUD]RQHVGHSUXGHQFLDQRVHUtDQHQVDPEODGRVKDVWDSRFDVKRUDVDQWHVGHOGHVSHJXH
8Q KiELO GLVSRVLWLYR KLGUiXOLFR SHUPLWtD XQD WRWDO DSHUWXUD GH OD WHFKXPEUH GHO LPSURYLVDGR
KDQJDU HQ HO TXH VH GHVDUUROODEDQ QXHVWUDV RSHUDFLRQHV 'H HVWD IRUPD \ VHJ~Q OR SUHYLVWR HO
ODQ]DPLHQWR GHO PyGXOR HQ OD QRFKH GHO GH HQHUR QR WHQGUtD SRU TXp SUHVHQWDU HVSHFLDOHV
GLILFXOWDGHV6XSRQJRTXHODSHUVRQDTXHOHDHVWHGLDULRVHSUHJXQWDUiFyPRXQDUWHIDFWRGHODV
FDUDFWHUtVWLFDVGHQXHVWUDFXQDSRGtDHOHYDUVHVREUHHOPRQWH2OLYHWHVLQOODPDUODDWHQFLyQGH
ODSREODFLyQ\GHOHMpUFLWRLVUDHOLWD0XFKRDQWHVGHSRQHUHQPDUFKDHVWDRSHUDFLyQHOSUR\HFWR
6ZLYHO KDEtD LQFRUSRUDGRDVXVPyGXORV FRPR FRQGLFLyQEiVLFDSDUDWRGDVR FDVL WRGDV ODV
PLVLRQHV IXWXUDV XQ VLVWHPD GH HPLVLyQ SHUPDQHQWH GH UDGLDFLyQ LQIUDUURMD /D FXQD HQ HO
FDVRTXH PHRFXSDGLVSRQtDGHXQDHVSHFLHGH PHPEUDQDH[WHULRUTXH UHFXEUtD ODWRWDOLGDG
GHOYHKtFXOR\FX\DVIXQFLRQHVHQWUHRWUDVTXHQRSXHGRHVSHFLILFDUHUDQODVVLJXLHQWHV>@
D$SDQWDOODPLHQWRGHOPyGXORPHGLDQWHXQHVFXGRRFROFKyQGHUDGLDFLyQLQIUDUURMD
SRUHQFLPDGHORVQDQyPHWURV
(VWDIXHQWHGHOX]LQIUDUURMDKDFtDLQYLVLEOHODWRWDOLGDGGHODSDUDWRSXGLHQGRPDQLREUDUSRU
HQFLPDGHFXDOTXLHUQ~FOHRKXPDQRVLQVHUYLVWRV&RPRDSXQWDEDDQWHULRUPHQWHHVWHUHTXLVLWR
HUD GHO WRGR LPSUHVFLQGLEOH SDUD QXHVWUDV REVHUYDFLRQHV QR ODVWLPDQGR DVt HO ULWPR QDWXUDO GH
ORVLQGLYLGXRVTXHVHSUHWHQGtDHVWXGLDURFRQWURODU
D $EVRUFLyQ VLQ UHIOHMR R UHWRUQR GH ODV RQGDV GHFLPpWULFDV XWLOL]DGDV
IXQGDPHQWDOPHQWH HQ ORV UDGDUHV (Q HO FDVR GH ODV SDQWDOODV PLOLWDUHV LVUDHOLWDV HVWRV
GLVSRVLWLYRVGHVHJXULGDGIXHURQSUHYLDPHQWHDMXVWDGRVDODVRQGDVXWLOL]DGDVSRUWDOHVUDGDUHV
\ PHJDFLFORV (VWH VHQFLOOR SURFHGLPLHQWR DQXODED OD SRVLELOLGDG GH ORFDOL]DFLyQ
HOHFWUyQLFDGHOPyGXORPLHQWUDVHUDHOHYDGRDSLHVSXQWRLGHDOSDUDODLQPHGLDWDIDVHGH
LQYHUVLyQGHPDVD
D /D PHPEUDQD TXH FXEUH HO EOLQGDMH H[WHULRU GH OD FXQD FX\R HVSHVRU WRWDO HV GH
PHWURV GHEtD SURYRFDU XQD LQFDQGHVFHQFLD DUWLILFLDO TXH HOLPLQDVH FXDOTXLHU WLSR GH
JHUPHQYLYR\TXHVLHPSUHSRGtDQDGKHULUVHDVXVXSHUILFLH(VWDSUHFDXFLyQHYLWDEDTXHWDOHV
JpUPHQHV UHVXOWDUDQ LQYHUWLGRV WULGLPHQVLRQDOPHQWH FRQ OD QDYH 8Q LQYROXQWDULR LQJUHVR GH
WDOHV RUJDQLVPRV HQ RWUR WLHPSR R HQ RWUR PDUFR WULGLPHQVLRQDO KXELHUD SRGLGR DFDUUHDU
LPSUHYLVLEOHVFRQVHFXHQFLDVGHFDUiFWHUELROyJLFR
(Q FXDQWR DO LQHYLWDEOH UXJLGR GHO PRWRU D FKRUUR - TXH GHEtD VLWXDUQRV HQ HO
HVWDFLRQDULR \D PHQFLRQDGR ORV FLHQWtILFRV KDEtDQ ORJUDGR UHGXFLUOR D XQ DILODGR VLOELGR
PHGLDQWHODLQFRUSRUDFLyQGHSRWHQWHVVLOHQFLDGRUHV
2WUDFXHVWLyQLPSRVLEOHGHVROYHQWDUKDVWDHVHPRPHQWRHUDHOWUXHQRSURYRFDGRHQHO
LQVWDQWH GH OD LQYHUVLyQ GH PDVD GH OD FXQD$IRUWXQDGDPHQWH SDUD QRVRWURV HVH HVWDPSLGR
SRGtDVHUDWULEXLGRDFXDOTXLHUDGHORVFD]DVLVUDHOLWDVTXHHYROXFLRQDEDQGtD\QRFKHVREUHHO
WHUULWRULR \ TXH DO FUX]DU OD EDUUHUD GHO VRQLGR GHVHTXLOLEUDEDQ ODV PROpFXODV GHO DLUH GDQGR
OXJDUDORTXHHQWpUPLQRVDHURQiXWLFRVVHFRQRFHFRPRXQEDQJVyQLFR>@
&RPRKDEtDRFXUULGRHQODVVHLVSUXHEDVSUHFHGHQWHVHQHOGHVLHUWRGH0RMDYHHOFDGDYH]
PiVFHUFDQRODQ]DPLHQWRGHOPyGXORDOWHUyQXHVWURViQLPRV&XUWLVVSURFXUyTXHPLFRPSDxHUR
GH YLDMH \ \R QRV DSDUWiUDPRV GXUDQWH XQ SDU GH GtDV GH OD PH]TXLWD GH OD $VFHQVLyQ 3HUR
QXHVWURVSDVRVWHUPLQDEDQVLHPSUHSRUFRQGXFLUQRVKDVWDHOKDQJDU
7UHVGtDVDQWHVGHOLQLFLRGHOJUDQYLDMHHOMHIHGH&DEDOORGH7UR\DQRVFRQYRFyDXQD
~OWLPD UHXQLyQ HQ OD TXH UHSDVDPRV ODV OtQHDV PDHVWUDV GH OD RSHUDFLyQ &XUWLVV SDUHFtD
REVHVLRQDGRSRUQXHVWUDVHJXULGDG$PERVFRQRFtDPRVQXHVWUDVUHVSHFWLYDVREOLJDFLRQHVSHUR
OD LQVLVWHQFLD GHO JHQHUDO QRV LQTXLHWy 4Xp SRGtD HVWDU RFXOWDQGR HO GLUHFWRU GHO SUR\HFWR
6ZLYHO"0HVHVGHVSXpVGHDTXHOODH[SHULHQFLDPLKHUPDQR\\RWXYLPRVRFDVLyQGHFRQRFHU
ODYHUGDGHUDUD]yQGHVXLQTXLHWXG
/DHVWUDWHJLDDVHJXLUHQHOGHVFHQVRDOWLHPSRGH-HV~VGH1D]DUHWKDEtDVLGRPHGLWDGDD
IRQGR8QDYH]HQWLHUUD\WUDVYDULDVKRUDVGHUHYLVLyQGHFRQWUROHVPLFRPSDxHURGHPyGXOR
DTXLHQGHDKRUDHQDGHODQWHOODPDUp(OLVHRGHEHUtDSHUPDQHFHUGXUDQWHORVRQFHGtDVGH
H[SORUDFLyQDOPDQGRGHODFXQD6yORHQFDVRGHDOWDHPHUJHQFLDSRGUtDDEDQGRQDUODQDYH
0L SDSHO FRPR FUHR TXH \D KH LQVLQXDGR H[LJtD HO GHVHPEDUFR D WLHUUD \ OD DSUR[LPDFLyQ DO
0DHVWUR GH *DOLOHD D TXLHQ GHEHUtD VHJXLU \ REVHUYDU GXUDQWH WRGR HO WLHPSR TXH PH IXHUD
SRVLEOH
&RQHOILQGHHYLWDUXQDSRVLEOHWHQWDFLyQSRUSDUWHGHORVH[SORUDGRUHVGHUHEDVDUHOWLHPSR
ILMDGRSDUDODRSHUDFLyQHORUGHQDGRUFHQWUDOGHODFXQDKDEtDVLGRSUHYLDPHQWHSURJUDPDGR
VLQ SRVLELOLGDG DOJXQD GH SUyUURJD R DQXODFLyQ GH GLFKR SURJUDPD SDUD HO GHVSHJXH
DXWRPiWLFR\HOUHWRUQRGHORVHMHVGHOWLHPSRGHORVVZLYHOVDODVKRUDVGHOGHIHEUHURGH
(QHVRVLQVWDQWHVWRGRHVWDUtDSUHSDUDGRHQHOUHFLQWRGHODPH]TXLWDGHOD$VFHQVLyQSDUD
HOUHLQJUHVRGHOPyGXOR\VXIXOPLQDQWHGHVPDQWHODPLHQWR
0LHQWUDV GXUDVH OD DYHQWXUD ORV KRPEUHV GH &XUWLVV GDUtDQ SRU FRQFOXLGR HQ HO VHJXQGR
EDUUDFyQHOPRQWDMHGHOODERUDWRULRUHFHSWRUGHIRWRJUDItDVGHO*UDQ3iMDUR(VWRSHUPLWLUtDXQD
UiSLGDHYDFXDFLyQGHOPDWHULDOGH&DEDOORGH7UR\DDVtFRPRODHQWUDGDGHOSHUVRQDOLVUDHOtHQ
ORVKDQJDUHV
$QWHV GH OHYDQWDU DTXHOOD ~OWLPD VHVLyQ GH WUDEDMR &XUWLVV QRV FRPXQLFy TXH GH
FRQIRUPLGDGFRQHO3HQWiJRQR\SRUVXSXHVWRFRQ.LVVLQJHURKRUDVDQWHVGHOGHVSHJXH
ODDWHQFLyQPXQGLDOVHUtDFHQWUDGDDPLOHVGHPLOODVGH-HUXVDOpQUHIRU]DQGRDVtODVPHGLGDVGH
VHJXULGDGGHQXHVWURVDOWRKDFLDHOVLJOR,
(IHFWLYDPHQWHWDO\FRPRKDEtDDQXQFLDGRHOJHQHUDOHOGHHQHURGH\GHVSXpVGH
LQWHQVRV HVIXHU]RV SRU DPEDV SDUWHV ORV (VWDGRV 8QLGRV \ 9LHWQDP ILUPDEDQ HQ 3DUtV HO
GHILQLWLYRDFXHUGRTXHSURPHWtDSRQHUILQDODWUiJLFDJXHUUD
(O GH HQHUR (OLVHR \ \R DSHQDV VL VDOLPRV GHO KDQJDU /D FDVL WRWDOLGDG GH OD MRUQDGD
WUDQVFXUULyHQHOLQWHULRUGHODFXQDUHYLVDQGRORVHTXLSRV0LFRPSDxHURWXYRTXHVRPHWHUVH
DXQD~OWLPD\GHOLFDGDRSHUDFLyQODLQVHUFLyQHQHOUHFWRGHXQDUHGXFLGDVRQGDGLVSXHVWDSDUD
UHFRJHUODVKHFHVIHFDOHVeVWDVWUDWDGDVSUHYLDPHQWHFRQXQDVFRUULHQWHVWXUEXOHQWDVGHDJXDD
JUDGRVFHQWtJUDGRVVHUtDQVXFFLRQDGDVGXUDQWHORVRQFHGtDVGHVXREOLJDGDSHUPDQHQFLDHQ
HO PyGXOR SRU XQ GLVSRVLWLYR PLQLDWXUL]DGR TXH IXH DFRSODGR D VXV QDOJDV 'H HVWD IRUPD ODV
KHFHV VRQ GHVFRPSXHVWDV HQ VXV HOHPHQWRV TXtPLFRV EiVLFRV 3DUWH GH pVWRV VRQ JHOLILFDGRV \
WUDQVPXWDGRV HQ R[tJHQR H KLGUyJHQR VLUYLHQGR DVt SDUD OD REWHQFLyQ VLQWpWLFD GH DJXD TXH HV
UHFXSHUDGD \ GHYXHOWD DO FLFOR RULQDDJXD SDUD OD LQJHVWLyQ (O UHVWR GH ORV HOHPHQWRV HV
FRQYHUWLGRHQORGR\H[SXOVDGRHQIRUPDJDVHRVDDOH[WHULRU(QPLFDVRHVWHGLVSRVLWLYRSDUDOD
GHIHFDFLyQ QR HUD DFRQVHMDEOH \D TXH XQD GH ODV QRUPDV EiVLFDV GH FRQGXFWD SDUD ORV
H[SORUDGRUHVTXHGHEtDQWUDEDMDUHQHOH[WHULRUHUDODGHSRUWDUHOHTXLSRPtQLPRLPSUHVFLQGLEOH
\VLHPSUHRFXOWRDODYLVWDGHORVSRVLEOHVREVHUYDGRUHV
6tGHEtDOOHYDUVLQHPEDUJRORTXHHQHODUJRWGH&DEDOORGH7UR\DOODPiEDPRVODSLHOGH
VHUSLHQWH0HGLDQWHXQSURFHVRGHSXOYHUL]DFLyQHOH[SORUDGRUFXEUtDVXFXHUSRGHVQXGRFRQ
XQD VHULH GH GLVWLQWRV DHURVROHV SURWHFWRUHV IRUPDQGR XQD HSLGHUPLV DUWLILFLDO \ PLOLPpWULFD
FDSD] GH SURWHJHU ]RQDV YLWDOHV WDQWR GH XQD SRVLEOH DJUHVLyQ PHFiQLFD FRPR EDFWHULROyJLFD
$XQTXHHVWDVHJXQGDSLHOSRGtDDGKHULUVHDODWRWDOLGDGGHOFXHUSRHQUD]yQDODLQGXPHQWDULD
TXH GHEtD YHVWLU HO MHIH GHO SUR\HFWR HVWLPy TXH OD FRUD]D WUDQVSDUHQWH \ GH H[WUHPD
HODVWLFLGDG GHEtD VHU OLPLWDGD GHVGH ORV yUJDQRV JHQLWDOHV D ODV UHVSHFWLYDV iUHDV GHO FXHOOR
TXHSURWHJHQDDPEDVDUWHULDVFDUyWLGDV
(VWH HILFDFtVLPR WUDMH SURWHFWRU TXH DOJ~Q GtD UHVXOWDUi GH JUDQ XWLOLGDG D QXHVWURV
DVWURQDXWDVVXEPDULQLVWDVHWFSXHGHUHVLVWLUDODPDQHUDGHORVDQWLFXDGRVFKDOHFRVDQWLEDOD
LPSDFWRV FRPR HO GH XQ SUR\HFWLO FDOLEUH DPHULFDQR D YHLQWH SLHV GH GLVWDQFLD VLQ
LQWHUUXPSLU SRU HOOR HO SURFHVR QRUPDO GH WUDQVSLUDFLyQ \ HYLWDQGR FRPR GLJR OD ILOWUDFLyQ D
WUDYpVGHORVSRURVGHDJHQWHVTXtPLFRVRELROyJLFRV
(O SUR\HFWR 6ZLYHO KDEtD GHVDUUROODGR HQ HVSHFLDO SDUD ORV DVWURQDXWDV GH OD IDVFLQDQWH
RSHUDFLyQ0DUFR3RORRWURVGLVSRVLWLYRVTXHKDUtDQSDOLGHFHUGHHQYLGLDDORVWpFQLFRVGHOD
1$6$+HDTXtDOJXQRVGHORVPiVVXJHVWLYRV
/RV RMRV \ ERFD GH ORV H[SORUDGRUHV D RWURV PDUFRV WULGLPHQVLRQDOHV GH QXHVWUD JDOD[LD
SXHGHQ LU SURWHJLGRV FRQ XQ VLVWHPD DEVROXWDPHQWH UHYROXFLRQDULR /RV SULPHURV SRU HMHPSOR
YDQ HTXLSDGRV FRQ XQ VLVWHPD ySWLFR IRUPDGR SRU OHQWHV GH JDV TXH SHUIHFWDPHQWH
FRQWURODGDVSRUXQRUGHQDGRUSHUPLWHQODDGHFXDFLyQGHODYLVLyQWDQWRHQXQPHGLRDWPRVIpULFR
DGYHUVRFRPRHQHOYDFtRGHORVHVSDFLRVVLGHUDOHV
/RV RtGRV GH ORV DVWURQDXWDV SRU RWUD SDUWH SXHGHQ OOHYDU LQFRUSRUDGDV VHQGDV FiSVXODV
DF~VWLFDV PLQLDWXUL]DGDV H[FLWDGDV SRU XQ HTXLSR UHFHSWRU SRU RQGDV JUDYLWDWRULDV (VWRV
GLVSRVLWLYRVVLUYHQSDUDWUDQVPLWLUFRUWRVPHQVDMHVHQWUHORVFRPSRQHQWHVGHXQJUXSRRFRPRHQ
QXHVWURFDVRSDUDVRVWHQHUXQDSHUPDQHQWHFRPXQLFDFLyQGXUDQWHORVRQFHGtDVTXHLEDDGXUDUOD
DYHQWXUD *UDFLDV D HVWDV FDEH]DV GH FHULOODV IiFLOPHQWH RFXOWDV HQ HO LQWHULRU GHO RtGR
WDQWR (OLVHR FRPR \R SXGLPRV VDEHU HO XQR GHO RWUR VLQ QHFHVLGDG GH FDUJDU FRQ LQFyPRGRV
DSDUDWRVGHUDGLRTXHKXELHUDQTXHEUDQWDGRSRURWUDSDUWHODHVWULFWDSXUH]DGHODH[SORUDFLyQ
(Q FXDQWR D OD DOLPHQWDFLyQ HQ HO FDVR GH YLDMHV GH ODUJD GXUDFLyQ ORV DVWURQDXWDV VRQ
GRWDGRVGHXQGREOHWXERTXHFRQGXFHSRUXQH[WUHPRDXQGLVSRVLWLYRHVSHFLDOXELFDGRHQOD
UHJLyQOXPEDU\SRUHORWURDXQPHFDQLVPRVXPDPHQWHIUiJLO\VXMHWRDOODELRLQIHULRU(OWXER
HVWi SUHSDUDGR HQ VX LQWHULRU FRQ XQD UHG GH FLOLRV PHFiQLFRV TXH LPSXOVDQ OHQWDPHQWH XQDV
FiSVXODV TXH HQFLHUUDQ GLYHUVRV DOLPHQWRV FRQFHQWUDGRV (VWDV VRQ GH VHFFLyQ HOtSWLFD \ YDQ
SURWHJLGDV SRU XQD GHOJDGtVLPD SHOtFXOD JHODWLQRVD PX\ VROXEOH HQ OD VDOLYD (O SiUSDGR GHO
DVWURQDXWDDELHUWR\FHUUDGRXQDVHULHVHFXHQFLDOGHYHFHVHQYtDXQDVHxDOFRGLILFDGDDOHTXLSR
GHOD]RQDOXPEDU\ODVFiSVXODVVRQLPSXOVDGDVKDVWDODERFD
/DRWUDFRQGXFFLyQWUDQVSRUWDXQVXHURQXWULWLYRFRQGLIHUHQWHVFRQFHQWUDFLRQHVUHJXODGDV
3RU ~OWLPR XQDV FiSVXODV DORMDGDV HQ ODV IRVDV QDVDOHV JHQHUDQ R[tJHQR \ QLWUyJHQR
SDUWLHQGR GH WUDQVPXWDFLyQ GHO FDUERQR SXUR $GHPiV HO &2 HV FDSWDGR SRU HO PLVPR
GLVSRVLWLYR \ GHVFRPSXHVWR HQ VXV HOHPHQWRV EiVLFRV FDUERQR \ R[tJHQR \ FRQYHUWLGRV HO
SULPHURFRQOLEHUDFLyQHQHUJpWLFDTXHVHXWLOL]DSDUDHOFDOGHRGHODHSLGHUPLV
$XQTXH QXHVWUR PyGXOR LED SUHSDUDGR FRQ HVWRV HTXLSRV HQ UHDOLGDG DSHQDV VL IXHURQ
XWLOL]DGRVDH[FHSFLyQGHODSLHOGHVHUSLHQWH\GHOVLVWHPDGHWUDQVPLVLyQDXGLWLYD/DFXQD
KDEtD VLGR GRWDGD FRQ XQD UHVHUYD HVSHFLDO GH DJXD \ DOLPHQWRV VXILFLHQWH SDUD DPERV
H[SHGLFLRQDULRVGXUDQWHXQSHUtRGRGHWLHPSRDOJRVXSHULRUDORVFDWRUFHGtDV3RUPLSDUWHHO
SUREOHPD GH OD GLHWD DOLPHQWLFLD QR UHYHVWtD H[FHVLYDV FRPSOLFDFLRQHV (Q PL LQWHQVR
HQWUHQDPLHQWR GXUDQWH ORV GRV DxRV SUHFHGHQWHV KDEtD DSUHQGLGR ORV HVTXHPDV GHO UpJLPHQ
DOLPHQWLFLRGHORVMXGtRVDVtFRPRHOGHORVJHQWLOHVTXHFRQYLYtDQHQDTXHOORVWLHPSRVFRQORV
SREODGRUHV GH OD -XGHD &RPR H[WUDQMHUR PL DWXHQGR \ FRVWXPEUHV KDEtDQ VLGR ILMDGRV SRU
&DEDOORGH7UR\DFRPRORVGHXQFRPHUFLDQWHJULHJRHQYLQRV\PDGHUDVDEtDSHUIHFWDPHQWH
FXiOHV HUDQ PLV OLPLWDFLRQHV HQ HVWH VHQWLGR 1R REVWDQWH HQ HO VXSXHVWR GH XQD HPHUJHQFLD
VLHPSUHH[LVWtDHOUHFXUVRSRUPLSDUWHGHXQUHWRUQRDOPyGXOR
0L~QLFDVDOLGDIXHUDGHOKDQJDUIXHDODWDUGHFHUGHDTXHOLQROYLGDEOHPDUWHV6LQVDEHUSRU
TXp VRUWHp HO DQGDPLDMH GH ORV DUTXHyORJRV TXH YHQtDQ WUDEDMDQGR HQ OD UHVWDXUDFLyQ GH OD
PH]TXLWD\PHLQWURGXMHHQHOLQWHULRUGHORFWyJRQR
(UDH[WUDxR$OOtVROLWDULRIUHQWHDODVWUHVSHTXHxDVYHODVTXHDOXPEUDQODSLHGUDHQODTXH
VHJ~QODSLDGRVDLPDJLQDFLyQGHORVSHUHJULQRVFDWyOLFRVD~QVHYHODKXHOODGHXQSLHTXHVH
HOHYD PH SUHJXQWp SRU TXp &DEDOOR GH 7UR\D KDEtD HOHJLGR SUHFLVDPHQWH OD PH]TXLWD GH OD
$VFHQVLyQGH&ULVWRDORVFLHORVFRPRQXHVWURSXQWRGHSDUWLGDSDUDDTXHOODRWUDDVFHQVLyQ
(QVLOHQFLR(OLVHR\\RDEUD]DPRVD&XUWLVV\DOUHVWRGHORVFRPSDxHURV1RKXERPXFKDV
SDODEUDV HQ DTXHOOD GHVSHGLGD 7RGRV pUDPRV FRQVFLHQWHV GHO PRPHQWR KLVWyULFR TXH
SURWDJRQL]iEDPRV\GHORVRVFXURVSHOLJURVTXHSRGtDQDJXDUGDUQRVDORWURODGR
+DVWDHOGHIHEUHURPXUPXUyHOJHQHUDOFRQXQSXQWRGHHPRFLyQHQVXVSDODEUDV
6XHUWHDxDGLHURQORVKRPEUHVGH&DEDOORGH7UR\D
< D ODV KRUDV *07 KRUD *UHHQZLFK OD FXQD FRPHQ]y D HOHYDUVH KDFLD XQ
ILUPDPHQWREODQTXHDGRSRUODVHVWUHOODV
(Q WUHLQWD VHJXQGRV DOFDQ]DPRV OD FRWD GH SLHV OOHYDQGR D FDER HO HVWDFLRQDULR GHO
PyGXOR 7RGRV ORV VLVWHPDV IXQFLRQDEDQ VHJ~Q HO SODQ SUHYLVWR$XQTXH QXHVWUD QDYH QR LED D
YLDMDUSRUHOHVSDFLRWDO\FRPRRFXUULUtDPHVHVGHVSXpVFRQORVH[SHGLFLRQDULRVGHOSUR\HFWR
0DUFR 3ROR (OLVHR \ \R VLJXLHQGR ODV HVSHFLILFDFLRQHV GHO MHIH GH OD 2SHUDFLyQ 6ZLYHO
WHQtDPRV OD PLVLyQ GH SUREDU XQR GH ORV WUDMHV HVSDFLDOHV HVSHFLDOPHQWH GLVHxDGRV SDUD ORV
SURFHVRV GH LQYHUVLyQ GH HMHV GH ORVVZLYHOV \ SDUD XQD PHMRU UHVLVWHQFLD HQ ODV IRUWtVLPDV
DFHOHUDFLRQHV>@
$ODVKRUDV\PLQXWRVHOFRPSXWDGRUFHQWUDODFFLRQDEDHOHFWUyQLFDPHQWHHOVLVWHPDGH
LQYHUVLyQD[LDOGHODVSDUWtFXODVVXEDWyPLFDVGHODWRWDOLGDGGHODFXQDDVtFRPRGHODFDSD
OtPLWH GH OD PHPEUDQD H[WHULRU HPSXMDQGR ORV HMHV GHO WLHPSR GH ORVVZLYHOV D XQRV iQJXORV
HTXLYDOHQWHVDOUHWURFHVRGHVHDGRGtDV(QRWUDVSDODEUDVDOGHPDU]RGHODxR
>@
'pFLPDVGHVHJXQGRGHVSXpVGHODVXVWLWXFLyQGHQXHVWURDQWLJXRVLVWHPDUHIHUHQFLDOGHWUHV
GLPHQVLRQHV SRU HO QXHYR WLHPSR \ VHJ~Q QRV H[SOLFDURQ ORV KRPEUHV GH &DEDOOR GH 7UR\D D
QXHVWURUHJUHVRXQDIRUWtVLPDH[SORVLyQVHGHMyVHQWLUVREUHODFXPEUHGHOPRQWHGHORV2OLYRV
FRQODFRQVLJXLHQWHDOHJUtDGHQXHVWURVFRPSDxHURV\HOGHVFRQFLHUWRGHORVLVUDHOLWDV
'(0$5=2-8(9(6
)XH TXL]iV HO LQVWDQWH GH PD\RU WHQVLyQ (OLVHR \ \R HQIXQGDGRV HQ QXHVWURV WUDMHV HVSDFLDOHV
SHUFLELPRV FyPR QXHVWURV FRUD]RQHV DFHOHUDEDQ VX IUHFXHQFLD KDVWD HO XPEUDO GH ODV
SXOVDFLRQHV (O RUGHQDGRU PDUFDED ODV KRUDV PLQXWRV \ VHJXQGRV GHO MXHYHV GH
PDU]RGHODxR+DEtDPRVUHWURFHGLGRXQWRWDOGHKRUDV
3RFRDSRFRUHFXSHUDPRVHOFRQWUROGHODIUHFXHQFLDFDUGtDFDFHQWUiQGRQRVHQODRSHUDFLyQ
GHPDQWHQLPLHQWRGHOHVWDFLRQDULR\HQODUHYLVLyQJHQHUDOGHORVVLVWHPDV1DGDSDUHFtDKDEHU
FDPELDGR/DIXHQWHH[WHULRUGHOX]LQIUDUURMDVHJXtDDSDQWDOOiQGRQRV\ORVDOWtPHWURVPDUFDEDQ
ORVSULPLWLYRVYDORUHVFRWDGHSLHVVREUHHOWHUUHQR\RVFLODFLyQQXODHQHOPyGXOR'XUDQWH
HO SURFHVR LQILQLWHVLPDO GH LQYHUVLyQ GH PDVD OD SLOD QXFOHDU 61$3$ KDEtD VHJXLGR
DOLPHQWDQGRHOPRWRUSULQFLSDOGHWXUELQDDFKRUUR&)91XHVWUDSRVLFLyQHQHOHVSDFLR
SRUWDQWRQRKDEtDYDULDGR
8QD YH] FKHTXHDGRV ORV FLUFXLWRV SULQFLSDOHV (OLVHR \ \R HIHFWXDPRV XQ SULPHU FRQWDFWR
YLVXDOGHOD]RQD$O2HVWHGHQXHVWUDSRVLFLyQ\DSRFRPiVGHSLHVGLYLVDPRVXQH[WHQVR
Q~FOHROXPLQRVR$SHVDUGHODVPXFKDVKRUDVGHHQWUHQDPLHQWRODHPRFLyQQRVGHMyVLQKDEOD
/RVUDGDUHVFRQILUPDEDQHOSHUILOGHXQDVHQWDPLHQWRKXPDQRFRQXQVLQILQGHFRQVWUXFFLRQHVGH
EDMD HVWUXFWXUD \ GRV HGLILFDFLRQHV GH VXSHULRU HQYHUJDGXUD XQD XELFDGD HQ OD FDUD HVWH GH OD
FLXGDG PXFKR PiV YROXPLQRVD \ RWUD DO VXURHVWH /XHJR VXSLPRV TXH VH WUDWDED GHO JUDQ
FRPSOHMR GHO WHPSOR \ OD WRUUH $QWRQLD \ HO SDODFLR GH +HURGHV UHVSHFWLYDPHQWH 1XHVWUDV
VXSRVLFLRQHV D SHVDU GH OD FHUUDGD RVFXULGDG HUDQ FRUUHFWDV DTXHOODV OXFHV DPDULOODV \
SDUSDGHDQWHV FRUUHVSRQGtDQ D OD FLXGDG VDQWD GH -HUXVDOpQ /D WRWDOLGDG GHO Q~FOHR XUEDQR
DSDUHFtD FHUUDGR SRU XQD PXUDOOD 8Q VHJXQGR PXUR GH FDUDFWHUtVWLFDV PX\ VLPLODUHV DO TXH
FRQVWLWXtDHOSHUtPHWURGHODSREODFLyQGLYLGtD-HUXVDOpQSRUVXWHUFLRQRUWHMXVWDPHQWHGHVGHOD
FDUDRHVWHGHOWHPSORDODIDFKDGDQRUWHGHOSDODFLRKHURGLDQR
$O HVWHVXUHVWH GH QXHVWUR PyGXOR VH DSUHFLDEDQ LJXDOPHQWH RWURV GRV JUXSRV GH OXFHV
PRUWHFLQDVLQILQLWDPHQWHPiVSHTXHxRVTXHHOSULPHUR\VLWXDGRVSUiFWLFDPHQWHHQODIDOGDGHO
PRQWH VREUH HO TXH QRV HQFRQWUiEDPRV HVWDFLRQDGRV \ TXH SUHVXPtDPRV FRPR HO 2OLYHWH /RV
HTXLSRVGHRQGDVGHPLOtPHWURVGHORQJLWXGUHPLWLHURQXQDVSULPHUDV\FRQIXVDVLPiJHQHVGH
HVWRVQ~FOHRVKXPDQRVQRVLHQGRSRVLEOHFRQILUPDUVLFRPRVRVSHFKiEDPRVVHWUDWDEDGH
ODVDOGHDVGH%HWDQLD\%HWIDJp
7UDVDTXHOSULPHUUDVWUHRGHQXHVWURVLQPHGLDWRVDOUHGHGRUHVPLKHUPDQRGHH[SORUDFLyQ\
\RHMHFXWDPRVODVHJXQGDIDVHGHOSODQXQDQXHYDLQYHUVLyQGHPDVDFRQHOILQGHSRODUL]DUORV
HMHV GH ORVVZLYHOV KDVWDOD KRUD OtPLWHTXH QRV VHUYLUtDGHDXWpQWLFR SXQWR GHSDUWLGDSDUD XQ
SRVWHULRU GHVFHQVR VREUH OD FXPEUH GHO 2OLYHWH $ ODV KRUDV \ PLQXWRV HO PyGXOR
UHWURFHGLy HQ HO WLHPSR DSDUHFLHQGR KRUDV DQWHV $XQTXH HO FDXGDO GHO JHQHUDGRU
DWyPLFRQRVKXELHUDSHUPLWLGRHOPDQWHQLPLHQWRGHODQDYHHQHVWDFLRQDULRKDVWDHODPDQHFHUGHO
GtD VLJXLHQWH GH HQHUR ORV REMHWLYRV GH OD H[SORUDFLyQ UHFRPHQGDEDQ HVWD VHJXQGD
LQFOLQDFLyQGHORViQJXORVGHOWLHPSRGHORVVZLYHOVKDVWDDOFDQ]DUODVKRUDV\PLQXWRVGHO
GH HQHUR GHO DxR $XQTXH QR GHVHR DGHODQWDU DFRQWHFLPLHQWRV QXHVWUDV IXHQWHV
LQIRUPDWLYDV SUHYLDV DSXQWDEDQ DO YLHUQHV GH HQHUR FRPR OD IHFKD HQ TXH HO 0DHVWUR GH
*DOLOHDHQWUyHQ%HWDQLDSURFHGHQWHGHODYHFLQDFLXGDGGH-HULFyVLWXDGDDXQRVNLOyPHWURV
GH OD FLWDGD SREODFLyQ GH %HWDQLD GRQGH UHVLGtD OD IDPLOLD GH /i]DUR 6L WRGR GLVFXUUtD FRQ
QRUPDOLGDG\RGHEHUtDHVWDUDOOtFRQXQDDQWHODFLyQDSUR[LPDGDGHYHLQWLFXDWURKRUDV
&yPR SRGHU GHVFULELU DTXHO DPDQHFHU GHO GH HQHUR VREUH OD YHUWLFDO GHO PRQWH GH ORV
2OLYRV"
(OVROQDFLHQWHKDEtDDSDJDGRODVDQWRUFKDVGH-HUXVDOpQRIUHFLHQGRDQXHVWURVDWyQLWRVRMRV
XQLQPHQVRUDFLPRGHFDVLWDVEODQFDV\RFUHVDSUHWDGDVODVXQDVFRQWUDODVRWUDV\URWDVHQPLO
GLUHFFLRQHV SRU TXHEUDGDV FDOOHMXHODV < GHVWDFDQGR VREUH DTXHO PRVDLFR XQD IRUPLGDEOH
IRUWDOH]DUHFWDQJXODUOHYDQWDGDHQODFDUDHVWHGHODFLXGDG(UDHOWHPSORHULJLGRSRU+HURGHVHO
*UDQGHFRQLQPHQVDVFROXPQDWDVOLPLWDQGRHVSDFLRVRVSDWLRV\DWULRV7DO\FRPRKDEtDGHVFULWR
HO KLVWRULDGRU )ODYLR -RVHIR XQD EULOODQWH F~SXOD FRUUHVSRQGLHQWH DO VDQWXDULR UHVSODQGHFtD
FXDOPRQWDxDFXELHUWDGHQLHYH
'HQRUWHDVXUDOSLHGHODPXUDOODHVWHGH-HUXVDOpQGLYLVDPRVHOFDXFHVHFR\DILODGRGH
XQDWRUUHQWHUDTXHLGHQWLILFDPRVFRPRHO&HGUyQ
+DFLD HO HVWHVXUHVWH OLJHUDPHQWH GLIXPLQDGD SRU XQD FROLQD VH SHUGtD HQ HO KRUL]RQWH OD
KR\D GHO PDU 0XHUWR 6X VXSHUILFLH D]XO HVSHMHDED WtPLGDPHQWH UHVDOWDQGR FRPR XQ PLODJUR
VREUHODVUHVHFDV\FHQLFLHQWDVRQGXODFLRQHVGHOGHVLHUWRGH-XGi0XFKRPiVDOIRQGRSHUGLGDV
HQXQYHUGLD]XOLQYHURVtPLOODVHVWULEDFLRQHVGH0RDE
$OERUR]DGRV(OLVHR\\RGHVFXEULPRVMXQWRDOYpUWLFHVXUGHODVPXUDOODVGHODFLXGDGVDQWD
HOGLPLQXWRUHFWiQJXORGHDJXDVPDUURQHVTXHVHJ~QQXHVWUDVFDUWDVWHQtDTXHFRUUHVSRQGHUDOD
SLVFLQDGH6LORp(QHVDPLVPDGLUHFFLyQ\DHVFDVDGLVWDQFLDGHORVPXURVXQDODGHUDPRUtDHQ
HO OHFKR GHO &HGUyQ (Q HVH SDUDMH FRQRFLGR FRPR OD WLHUUDPDUFKLWD GH +DNHOGDPD GHEHUtD
RFXUULUHOWUiJLFRILQDOGH-XGDV,VFDULRWH
< EDMR HO PyGXOR XQ SURPRQWRULR TXH VH HVWLUDED HQ SDUDOHOR D OD JUDQ PXUDOOD HVWH GH
-HUXVDOpQ6HWUDWDEDHIHFWLYDPHQWHGHOPRQWH2OLYHWHUHSOHWRGHROLYDUHV
/DVSULPHUDVLQVSHFFLRQHVPHGLDQWHVLVWHPDGHHFRVRQGDFRQILUPDURQODDEXQGDQFLDGHXQ
WHUUHQRFDOFiUHRHQXQDPSOLRUDGLRDOUHGHGRUGH-HUXVDOpQ/RVHTXLSRVGHDQiOLVLVGHHQWRUQRV
EDVDGRV HQ XQ SURFHGLPLHQWR HVWHUHRJUiILFR PX\ VLPLODU D ORV UD\RV ; UDWLILFDURQ OD
SUHVHQFLDGHYHJHWDFLyQHQXQFLQWXUyQDSUR[LPDGRGHNLOyPHWURV7RGDODIUDQMDQRUWH\
QRURHVWH GH OD FLXGDG SUHVHQWDED XQD H[WUDRUGLQDULD DEXQGDQFLD GH KXHUWRV \ SODQWDFLRQHV GH
iUEROHV IUXWDOHV $O VXU \ VXUHVWH HVSHFLDOPHQWH HQ OD PDVD GHO 2OLYHWH HUDQ PXFKR PiV
IUHFXHQWHVORVROLYDUHVGHVWDFDQGRDTXt\DOOiDOLQHDFLRQHVGHYLxHGRV(VWRVFUHFtDQVREUHWRGR
HQ OD FROLQD RFFLGHQWDO GHO YDOOH GHO &HGUyQ \ PiV H[DFWDPHQWH DO VXU GH OD H[SODQDGD GHO
WHPSOR
&RPR GHWDOOH FXULRVR GLUp TXH QXHVWURV GLVSRVLWLYRV GHWHFWDURQ DO VXURHVWH GH OD FLXGDG XQ
SHTXHxRQ~FOHRXUEDQROXHJRVXSLPRVTXHVHWUDWDEDGHODDOGHDGH(UHELQWKRQHQFX\RHQWRUQR
FUHFtDQDPSOLDVSODQWDFLRQHVGHJDUEDQ]RV
8Q FDPLQR SROYRULHQWR URGHDED OD FDUD RULHQWDO GHO PRQWH GH ORV 2OLYRV XQLHQGR ORV
SREODGRVGH%HWIDJp\%HWDQLDFRQ-HUXVDOpQ/RVDOHGDxRVGHHVWDVDOGHDVVHYHtDQLJXDOPHQWH
FXDMDGRVGHSDOPHUDVKLJXHUDV\VLFRPRURV(QPLWDGGHDTXHOHVSOpQGLGRYHUJHOQRVOODPyOD
DWHQFLyQ OD VHTXHGDG GHO FLWDGR WRUUHQWH GHO &HGUyQ \ FRQFUHWDPHQWH XQ GpELO KLOR GH DJXD
URMDTXHEURWDEDDOIRQGRGHOWDOXGTXHVHGHUUDPDEDMRODVPXUDOODV\DHVFDVDGLVWDQFLDGHOQR
PHQRV FpOHEUH SLQiFXOR GHO WHPSOR (Q XQD GH PLV LQFXUVLRQHV DO LQWHULRU GH OD FLXGDG VDQWD
WHQGUtDODRFDVLyQGHGHVHQWUDxDUHOPLVWHULRGHDTXHOKLORGHDJXDURMD
$QWHV GH SURFHGHU DO GHVFHQVR GHILQLWLYR VREUH OD FXPEUH GHO 2OLYHWH PL FRPSDxHUR \ \R
WHUPLQDPRVODV PHGLFLRQHV WRSRJUiILFDV$OJXQRVGHHVWRV FiOFXORVVLQFHUDPHQWHGHVERUGDURQ
QXHVWUDFDSDFLGDGGHDVRPEUR
/DVPHGLGDVGHOWHPSORSRUHMHPSORHUDQSRUWHQWRVDV
$TXHOUHFWiQJXORTXHRFXSDEDDOJRPiVGHODTXLQWDSDUWHGHODVXSHUILFLHGHODFLXGDG
DSDUHFtDFHUUDGRSRUUREXVWDVPXUDOODVGHSLHV>@GHDOWXUD6XFDUDQRUWHFRQRFLGDFRPR
HO DWULR GH ORV *HQWLOHV \ D FX\R H[WUHPR PiV RFFLGHQWDO VH KDOODED DGRVDGD OD WRUUH$QWRQLD
PHGtDQRYHFLHQWRVSLHVGHORQJLWXG)UHQWHDO2OLYHWHODIDFKDGDHVWHGHOWHPSORWRGDHOODHQ
PiUPRO EODQFR DOFDQ]DED ORV SLHV /D PXUDOOD RFFLGHQWDO HUD SUiFWLFDPHQWH GH ODV
PLVPDVGLPHQVLRQHVTXHODDQWHULRU\SRU~OWLPRODFDUDVXUTXHFHUUDEDHOUHFLQWRVDJUDGR\HQ
ODTXHVHGLVWLQJXtDQGHVGHHOPyGXORGRVDPSOLDVSXHUWDV>@DUURMySLHVGHORQJLWXG
(QFXDQWRDOWHPSORGH+HURGHVSURSLDPHQWHGLFKRTXHVHOHYDQWDEDHQHOFHQWURGHDTXHO
JUDQ UHFWiQJXOR ORV HTXLSRV QRV SURSRUFLRQDURQ SLHV GH ORQJLWXG SRU SLHV GH
DQFKXUD
/D IRUWDOH]D R WRUUH$QWRQLD UHVLGHQFLD GHO UHSUHVHQWDQWH GHO &pVDU GXUDQWH ODV ILHVWDV PiV
VREUHVDOLHQWHVGHORVMXGtRVVHHOHYDEDVREUHXQDFRWDGHSLHVVREUHHOQLYHOGHOPDU(UD
RWUDVREHUELDFRQVWUXFFLyQGHSRUSLHVIODQTXHDGDHQVXVFXDWURHVTXLQDVSRUVHQGDV\
SRGHURVDVWRUUHVGHSLHVGHDOWXUDFDGDXQD$O2HVWHGHODFLXGDGHQODFRWDPiVDOWDGH
-HUXVDOpQSLHVODIDPLOLD+HURGHVKDEtDHPSOD]DGRVXUHVLGHQFLDIRUWDOH]D(OSDODFLR\
ORVMDUGLQHVUHDOHVRFXSDEDQXQDIUDQMDGHWHUUHQRMXQWRDODPHQFLRQDGDPXUDOODPiVRFFLGHQWDO
GHODFLXGDGVDQWDGH[SLHV/DHGLILFDFLyQVREUHVDOtDSRUVXVWUHVHVSLJDGDVWRUUHVGH
\SLHVUHVSHFWLYDPHQWH>@
'HVGHHODODQRUWHGHOSDODFLRKHURGLDQRWDO\FRPRQXHVWURVUDGDUHVKDEtDQGHWHFWDGROD
QRFKHDQWHULRUVHH[WHQGtDRWUDPXUDOODKDVWDODPLWDGSRFRPiVRPHQRVGHODFDUDRHVWHGHO
WHPSORGLYLGLHQGRDODFLXGDGHQGRVVHFWRUHV
/DV GLPHQVLRQHV HQ GHILQLWLYD GH -HUXVDOpQ HUDQ ODV VLJXLHQWHV ORQJLWXG Pi[LPD GHVGH OD
WRUUH$QWRQLDKDVWDHOYpUWLFHVXUSLHV(QHVWHiQJXORVXUGHODFLXGDGMXQWRDODSLVFLQD
GH6LORpGHWHFWDPRVODFRWDPiVEDMDGHOWHUUHQRSLHV
/DDQFKXUDGHODFLXGDGVDQWDFRQWDQGRGHVGHHOPXURH[WHULRURFFLGHQWDOFRUUHVSRQGLHQWH
DOSDODFLRGH+HURGHVKDVWDHOSLQiFXORGHOWHPSORSLHV
/DLQH[SXJQDEOHPXUDOODTXHJXDUGDED-HUXVDOpQVHOHYDQWDEDDSLHVVREUHODVXSHUILFLH
GHO YDOOH (O FXUVR GHO &HGUyQ RVFLODED HQWUH ORV SLHV HQ VX FRWD PiV EDMD IUHQWH D
+DNHOGDPD \ DO HVSROyQ TXH IRUPDQ ODV PXUDOODV DO VXU GH OD SREODFLyQ \ ORV SLHV D VX
SDVRIUHQWHDOKXHUWRGH*HWVHPDQtHQODIDOGDRFFLGHQWDOGHO2OLYHWH
(O RUGHQDGRU FRPSXWy OD ORQJLWXG WRWDO GH OD PXUDOOD H[WHULRU GH OD FLXGDG UHJLVWUDQGR HQ
SDQWDOOD SLHV >@3RUVXSDUWHHOPXURTXHFUX]DEDHQWUHODVYLYLHQGDVGLYLGLHQGRD
-HUXVDOpQ HQ GRV FLXGDGHV SHUIHFWDPHQWH GLIHUHQFLDGDV FRPR WHQGUtD RFDVLyQ GH FRPSUREDU HQ
SHUVRQDWHQtDXQDORQJLWXGDSUR[LPDGDGHSLHV
(QQXHVWUDYHUWLFDOHOPRQWHGHORV2OLYRVRIUHFtDGRVFRWDVPi[LPDVSLHVIUHQWHDOD
SLVFLQDGH6LORpHVGHFLUDOVXUGHODFLXGDG\SLHVHOHYDFLyQPi[LPDIUHQWHDOWHPSOR
(OKXHUWRGH*HWVHPDQtORFDOL]DGRHQXQDFRWDLQIHULRUDpVWDVHKDOODEDDXQDGLVWDQFLDGH
SLHVHQOtQHDUHFWDGHVGHODODGHUDDOPXURRULHQWDOGHOWHPSOR
$TXHOODFRWDPi[LPDGHO2OLYHWHSLHVVREUHHOQLYHOGHOPDUHVWDEDVLWXDGDDXQRV
SLHV SRU HQFLPD GHO WHPSOR (VWR XQLGR D OD ORFDOL]DFLyQ SRU QXHVWURV HTXLSRV GH XQD
SHTXHxD IRUPDFLyQ URFRVD TXH GHVSXQWDED HQ GLFKD FLPD HQWUH XQ PDU GH ROLYRV QRV GHFLGLy
HVWDEOHFHUQXHVWURSXQWRGHFRQWDFWRVREUHHOUHGXFLGRFDOYHURGHGXUDSLHGUDFDOL]D
$ODVKRUDV\PLQXWRVHOPyGXORVHSRVyDOILQVREUHODFXPEUHGHOPRQWHGHORV
2OLYRV(QXQSULPHUWDQWHRORVFXDWURSLHVH[WHQVLEOHVGHODFXQDVHKXQGLHURQOLJHUDPHQWH
HQWUH ODV ODMDV URFRVDV )LQDOPHQWH OD QDYH TXHGy HVWDELOL]DGD \ QRVRWURV SURFHGLPRV D OD
GHVDFWLYDFLyQGHOPRWRUSULQFLSDO
$XQTXH HO GHVFHQVR QR SRGtD VHU YLVXDOL]DGR SRU ORV KDELWDQWHV GH -HUXVDOpQ R GH VXV
DOUHGHGRUHVXQREVHUYDGRUUHODWLYDPHQWHFHUFDQRDQXHVWURSXQWRGHFRQWDFWRVtKXELHUDSRGLGR
GHVFXEULUXQV~ELWRUHPROLQRGHSROYR\WLHUUDSURYRFDGRSRUHOFKRTXHGHORVJDVHVFRQWUDHO
VXHORHQODRSHUDFLyQILQDOGHIUHQDGDGHOPyGXOR3RUIRUWXQDDTXHOODSROYDUHGDGHVDSDUHFLyHQ
SRFRPiVGHVHVHQWDVHJXQGRVDVtFRPRHODJXGRVLOELGRGHOUHDFWRU
$SHVDUGHWRGR(OLVHR\\RQRVPDQWXYLPRVDOHUWDSRUHVSDFLRGHFDVLPHGLDKRUDDWHQWRVD
FXDOTXLHU LQHVSHUDGD HPLVLyQ GH UDGLDFLRQHV LQIUDUURMDV SURYHQLHQWHV GH VHUHV KXPDQRV TXH
SXGLHUDQLUUXPSLUHQHOFDPSRGHVHJXULGDGGHQXHVWURYHKtFXORILMDGRHQXQUDGLRGHSLHV
&XDOTXLHU LQGLYLGXR R DQLPDO TXH SHQHWUDVH HQ GLFKD IUDQMD GH WHUUHQR VHUtD DXWRPiWLFDPHQWH
YLVXDOL]DGR HQ ORV SDQHOHV GHO PyGXOR (Q FDVR GH XQ SUHVXQWR DWDTXH HO WULSXODQWH TXH
SHUPDQHFtDHQHOLQWHULRUGHODFXQDHVWDEDDXWRUL]DGRDGHVHQFDGHQDUXQGLVSRVLWLYRHVSHFLDO
GHGHIHQVDXELFDGRHQODPHPEUDQDH[WHULRUGHOIXVHODMHTXHSUR\HFWDEDDSLHVGHOD
QDYHXQDSDUHGGHRQGDVJUDYLWDWRULDVHQIRUPDGHF~SXOD$XQTXHHVWDVHPLHVIHUDSURWHFWRUDQR
SRGtD VHU YLVXDOL]DGD HO LQWUXVR R LQWUXVRV TXH WUDWDUDQ GH FUX]DUtD KXELHUDQ UHFLELGR OD
VHQVDFLyQ GH HVWDU DYDQ]DQGR FRQWUD XQ YLHQWR KXUDFDQDGR &RPR \D FRPHQWp HQ VX PRPHQWR
QLQJXQRGHORVH[SHGLFLRQDULRVSRGtDRFDVLRQDUGDxRDOJXQR\PXFKRPHQRVPDWDUDQLQJXQRGH
ORVLQWHJUDQWHVGHODUHGVRFLDODREVHUYDU
+DFLDODVKRUDVWUDVYHULILFDUODWHPSHUDWXUDHQVXSHUILFLHJUDGRVFHQWtJUDGRVOD
KXPHGDGUHODWLYDSRUFLHQWRODGLUHFFLyQHLQWHQVLGDGGHOYLHQWROLJHUDEULVDGHOQRURHVWH
\RWURVYDORUHVPiVFRPSOHMRVGHFDUiFWHUELROyJLFRLQLFLpORV~OWLPRVSUHSDUDWLYRVSDUDPL
GHILQLWLYDVDOLGDDOH[WHULRU
0LHQWUDV(OLVHRVHJXtDYLJLODQGRQXHVWURHQWRUQRPHGHVQXGpSURFHGLHQGRDXQDPHWLFXORVD
UHYLVLyQ GHPLFXHUSR 'HEtDGHVHPEDUD]DUPH GH FXDOTXLHU REMHWRLPSURSLRHQDTXHOOD pSRFD
UHORMGHSXOVHUDXQDFDGHQDFRQXQDFKDSDGHLGHQWLGDGREOLJDWRULDHQODVIXHU]DVDUPDGDV\XQD
SHTXHxDVRUWLMDGHRURTXHVLHPSUHKDEtDOOHYDGRHQHOGHGRPHxLTXHL]TXLHUGR
$FWRVHJXLGRPHVRPHWtDODSXOYHUL]DFLyQPHGLDQWHXQDWREHUDGHDVSHUVLyQGHOWURQFR
YLHQWUHJHQLWDOHVHVSDOGD\EDVHGHOFXHOOR\QXFDHQIXQGiQGRPHDVtHQODREOLJDGDGHIHQVDTXH
OODPiEDPRVSLHOGHVHUSLHQWH&RPR\DKHUHIHULGRHQRWURPRPHQWRHVWDVHJXQGDHSLGHUPLV
HUD XQD ILQD SHOtFXOD FX\D VXVWDQFLD EDVH OD FRQVWLWX\H XQ FRPSXHVWR GH VLOLFLR HQ GLVROXFLyQ
FRORLGDO HQ XQ SURGXFWR YROiWLO (VWH OtTXLGR DO VHU SXOYHUL]DGR VREUH OD SLHO HYDSRUD
UiSLGDPHQWH HO GLOX\HQWH TXHGDQGR UHFXELHUWD DTXpOOD GH XQD GHOJDGD FDSD R SHOtFXOD RSDFD
SRURVD GH FDUiFWHU DQWLHOHFWURVWiWLFR 6X FRORU SXHGH YDULDU VHJ~Q OD PLVLyQ SXGLHQGR VHU
XWLOL]DGD LQFOXVR FRPR XQ FyGLJR FXDQGR VH WUDEDMD HQ JUXSR 6LQ HPEDUJR \ FRQ HO ILQ GH
HYLWDUSRVLEOHV\GHVDJUDGDEOHVVRUSUHVDV\RSUHIHUtDMXVWDUPHXQDHSLGHUPLVDEVROXWDPHQWH
WUDQVSDUHQWH
&DEDOOR GH 7UR\D KDEtD HVWXGLDGR FRQ LGpQWLFD HVFUXSXORVLGDG HO DWXHQGR TXH OOHYDUtD
GXUDQWH DTXHOORV RQFH GtDV 3XHVWR TXH GHEtD KDFHUPH SDVDU SRU XQ KRQUDGR FRPHUFLDQWH
H[WUDQMHURJULHJRSRUPiVVHxDVORVH[SHUWRVKDEtDQSUHSDUDGRXQGREOHMXHJRGHYHVWLGXUDV
XQD IDOGD FRUWD R IDOGHOOtQ PDUUyQ RVFXUR XQD VHQFLOOD W~QLFD GH FRORU KXHVR XQ FtQJXOR R
FHxLGRU WUHQ]DGR FRQ FXHUGDV HJLSFLDV TXH VXMHWDED OD W~QLFD \ XQ LQFyPRGR PDQWR R URSyQ
VXVFHSWLEOH GHVHU HQUROODGRHQWRUQRDO FXHUSRR VXVSHQGLGR VREUHORV KRPEURV/D HQJRUURVD
FKODP\V TXH D SXQWR HVWXYH GH SHUGHU HQ YDULRV PRPHQWRV GH PL H[SORUDFLyQ KDEtD VLGR
FRQIHFFLRQDGDDPDQRDOLJXDOTXHODW~QLFDFRQODODQDGHODVPRQWDxDVGH-XGHD\WHxLGDFRQ
JODVWRKDVWDSURSRUFLRQDUOHXQGLVFUHWRFRORUD]XOFHOHVWH3DUDODFRQIHFFLyQGHDPEDVW~QLFDV
ORVH[SHUWRVKDEtDQFRQWUDWDGRORVVHUYLFLRVGHKiELOHVWHMHGRUHVGH6LULDKHUHGHURVGHODQWLJXR
Q~FOHRFRPHUFLDOGH3DOPLUDTXHD~QPDQLSXODEDQHOOLQRED\DO
(Q SUHYLVLyQ GH XQ HYHQWXDO IDOOR GHO GLVSRVLWLYR GH WUDQVPLVLyQ DXGLWLYD TXH OOHYDED
LQFRUSRUDGR HQ HO LQWHULRU GH PL RtGR GHUHFKR>@ &XUWLVV KDEtD RUGHQDGR TXH ODFKODP\V
GLVSXVLHUDGHXQDKHELOODGHFLQFRFHQWtPHWURVFRQODTXHSRGHUVXMHWDUHOSDOOLXPRPDQWRVREUH
PL KRPEUR L]TXLHUGR (VWD KHELOOD GH EURQFH HQFHUUDED XQ PLFURWUDQVPLVRU FDSD] GH HPLWLU
PHQVDMHV GH FRUWD GXUDFLyQ PHGLDQWH LPSXOVRV HOHFWURPDJQpWLFRV GH VHJXQGRV FDGD
XQR'HHVWDIRUPDTXHGDEDJDUDQWL]DGDXQDHILFD]\SHUPDQHQWHFRQH[LyQFRQODEDVH
(Q FXDQWR DO FDO]DGR KDEtDQ VLGR GLVHxDGRV GRV SDUHV GH VDQGDOLDV FRQ VXHOD GH HVSDUWR
WUHQ]DGR HQ ODV PRQWDxDV WXUFDV GH $QNDUD &DGD HMHPSODU IXH SHUIRUDGR PDQXDOPHQWH
LQFUXVWDQGR HQ ORV ERUGHV GH ODV VXHODV VHQGDV SDUHMDV GH ILQDV WLUDV GH FXHUR GH YDFD
FRQYHQLHQWHPHQWH HPSHFLQDGDV &DGD FRUGyQ GH FLQFXHQWD FHQWtPHWURV SHUPLWtD VXMHWDU HO
U~VWLFRFDO]DGRFRQKROJXUDVXILFLHQWHFRPRSDUDSRGHUHQUROODUORHQFXDWURYXHOWDVDODFDQLOOD
GHODVSLHUQDV
8Q PHV DQWHV GHO ODQ]DPLHQWR FRQ HO ILQ GH VLPSOLILFDU PL DVHR GLDULR GXUDQWH HO JUDQ
YLDMHGHMpFUHFHUPLEDUEDGHIRUPDGHVRUGHQDGD
$TXHO URSDMH \ PL FUHFLGD EDUED GHVHQFDGHQDURQ HO EXHQ KXPRU GH (OLVHR YLpQGRPH
VRPHWLGR GXUDQWH DTXHOORV ~OWLPRV PLQXWRV HQ HO PyGXOR D WRGR WLSR GH EURPDV \ FKDQ]DV
$TXHOORV PRPHQWRV GH GLYHUVLyQ UHVXOWDURQ DOWDPHQWH UHODMDQWHV KDFLpQGRQRV ROYLGDU
PRPHQWiQHDPHQWHGyQGHHVWiEDPRV\ORTXHPHUHVHUYDEDHOGHVWLQR
6LJXLHQGRXQDGHODVFRVWXPEUHVSRSXODUHVHQOD3DOHVWLQDGHDTXHOORVWLHPSRVLPSUHJQpPLV
FDEHOORV FRQ XQDV JRWDV GH DFHLWH FRP~Q 'H HVWD IRUPD TXHGDURQ PiV VXDYHV \ VHGRVRV 3RU
~OWLPR FROJXp GHO FLQWXUyQ XQD SHTXHxD EROVD GH KXOH LPSHUPHDELOL]DGR HQ OD TXH &DEDOOR GH
7UR\D KDEtD GHSRVLWDGR XQD OLEUD URPDQD HQ SHSLWDV GH RUR >@ /D HYLGHQWH GLILFXOWDG GH
FRQVHJXLUPRQHGDVGHFXUVROHJDOGHODVPDQHMDGDVHQ-HUXVDOpQHQHODxRKDEtDVLGRVXSOLGD
SRUDTXHOORVJUDPRVGHRURH[WUDtGRVHVSHFLDOPHQWHGHORVDQWLTXtVLPRVILORQHVGH7KDUVLVHQ
ODVHVWULEDFLRQHVGHODVLHUUDLEpULFDGH/DV&DPRUUDV6HJ~QQXHVWURVGDWRVQRWHQGUtDSRUTXp
VHU GLItFLO FDPELDUORV SRU GHQDULRV GH SODWD \ PRQHGDV IUDFFLRQDULDV FRPR HO DV yEROR R
VH[WHUFLRV>@(OLVHRYHULILFySRUHQpVLPDYH]ORVVLVWHPDVGHWUDQVPLVLyQDPSOLDQGRODEDQGD
LQLFLDO GH UHFHSFLyQ GHVGH ORV SLHV D $QWHV GH OD WRPD GH WLHUUD ORV HTXLSRV
HOHFWUyQLFRVKDEtDQPHGLGRODGLVWDQFLDH[LVWHQWHHQWUH%HWDQLD\ODFLXGDGVDQWDVLJXLHQGRHO
FXUVRGHOFDPLQRTXHURGHDODFDUDHVWHGHO2OLYHWHDUURMDQGRXQUHVXOWDGRGHSLHV>@
(O HVFHQDULR GRQGH GHEtD PRYHUPH HQ DTXHOORV GtDV KDEtD VLGR OLPLWDGR MXVWDPHQWH HQWUH
DPEDVSREODFLRQHV%HWDQLD\-HUXVDOpQFRQHOSHTXHxRSREODGRGH%HWIDJpDFRUWDGLVWDQFLD
GHODDOGHDGH/i]DURSRUORTXHSUHVXPLEOHPHQWHPLGLVWDQFLDPi[LPDUHVSHFWRDODFXQD
TXHVHKDOODEDHQXQHQFODYHHTXLGLVWDQWHGHDPERVQ~FOHRVXUEDQRVQXQFDGHEHUtDVHUVXSHULRU
DORVPLOSLHV(OPDUJHQHVWDEOHFLGRSDUDODWUDQVPLVLyQ\UHFHSFLyQDXGLWLYDHQWUH(OLVHR\\R
HUDSRUWDQWRPiVTXHVXILFLHQWH
$ODVGRFHKRUDVWUDVXQHPRWLYRDEUD]RPLFRPSDxHURDFFLRQyODHVFDOHULOODGHGHVFHQVR\
\RVDOWpDWLHUUD
0LSULPHUDSUHRFXSDFLyQDOFDPLQDUVREUHDTXHOODWLHUUDEODQTXHDGDSRUHOVROGHOPHGLRGtD
IXH FRPSUREDU PL SRVLFLyQ VREUH HO 2OLYHWH $O DYDQ]DU XQRV SDVRV KDFLD HO ERVTXHFLOOR GH
ROLYRVTXHVHGHUUDPDEDHQGLUHFFLyQVXUPHGLFXHQWDGHDTXHOJUDQVLOHQFLRDSHQDVURWRSRUHO
URQURQHR GH ODV OLEpOXODV 0H GHWXYH \ WUDV FHUFLRUDUPH DEUt OD FRPXQLFDFLyQ DXGLWLYD FRQ
(OLVHR$ MX]JDU SRU HO WUD\HFWR TXH KDEtD UHFRUULGR GHVGH DTXHO JUXSR GH URFDV DPDULOOHQWDV
VREUH ODV TXH VH KDEtD SRVDGR HO PyGXOR GHEtD HQFRQWUDUPH D SRFR PiV GH QRYHQWD SLHV GH
(OLVHR/DVSDODEUDVGHOKHUPDQRVRQDURQFODUDV\IXHUWHVHQPLVRtGRV
(VPX\SRVLEOHTXHODUD]yQGHHVHVLOHQFLRDUJXPHQWy(OLVHRVHGHEDDODSUHVHQFLD
GHODFXQD$SHVDUGHODSDQWDOODPLHQWRDOJXQRVDQLPDOHVKDQSRGLGRGHWHFWDUODVHPLVLRQHV
GHRQGDV
$OJRPiVWUDQTXLORSURVHJXtPLGHWDOODGDORFDOL]DFLyQGHSXQWRVGHUHIHUHQFLDYLWDOHVSDUD
XQSRVLEOH\SUHFLSLWDGRUHWRUQRKDVWDODQDYH$XQTXHHOPLFURWUDQVPLVRUGHODKHELOODDFWXDED
DO PLVPR WLHPSR FRPR UDGLRIDUR RPQLGLUHFFLRQDO FRQ VHxDOHV 9+) GH XOWUDDOWD IUHFXHQFLD
KDFLHQGR SRVLEOH GH HVWD IRUPD TXH XQR GH ORV UDGDUHV GH D ERUGR SXGLHUD UHFLELU PL HFR
LQLQWHUUXPSLGDPHQWH\HQXQUDGLRHVWLPDGRGHFLQFXHQWDPLOODV\RQRHVWDEDDXWRUL]DGRDSRUWDU
XQVLVWHPDGHORFDOL]DFLyQGHOLQYLVLEOHPyGXOR/DQDWXUDOH]DGHPLPLVLyQKDEtDGHVDFRQVHMDGR
D ORV UHVSRQVDEOHV GH &DEDOOR GH 7UR\D OD LQFOXVLyQ HQ PL HVFDVD LPSHGLPHQWD GH XQD GH ODV
EDOL]DV GH WLSR PDQXDO TXH RSHUDQ HQ IUHFXHQFLD GH PHJDFLFORV \ TXH KXELHUD
UHVXOWDGRXWLOtVLPDSDUDPLUHHQFXHQWURFRQODFXQD'HEHUtDYDOHUPHHQVXPDGHPLVHQWLGR
GHODRULHQWDFLyQDOPHQRVKDVWDHOOtPLWHGHOD]RQDGHVHJXULGDGGHODQDYHDSLHVGHOD
PLVPD 8QD YH] GHQWUR GH HVH FtUFXOR (OLVHR SRGtD FRQGXFLUPH PHGLDQWH HO WUDQVPLVRU
LQFRUSRUDGRDPLRtGR
*UDFLDVD'LRVHOSXQWRGHFRQWDFWRVHKDOODEDHQXQDGHODVFRWDVPi[LPDVGHO2OLYHWH
(VWD FLUFXQVWDQFLD XQLGD D OD SUHVHQFLD GHO UHGXFLGR FDOYHUR SHGUHJRVR KDFtD UHODWLYDPHQWH
FyPRGD OD XELFDFLyQ GHO DVHQWDPLHQWR GH QXHVWUR YHKtFXOR WDQWR VL VH DVFHQGtD SRU OD ODGHUD
RULHQWDOTXHPXHUHHQ%HWDQLDRSRUODRFFLGHQWDOTXHGHVHPERFDHQODEDUUDQFDGHO&HGUyQ
5HYLVpIXJD]PHQWHPLDWXHQGR\FRQSDVRFDXWHORVRPHDGHQWUpHQHOROLYDU$PLGHUHFKD
HQWUHODVHSLOpSWLFDVUDPDVGHDxRVRVROLYRVVHGLVWLQJXtDODGRUDGDF~SXODGHOWHPSOR\EXHQD
SDUWHGHODVPXUDOODVGH-HUXVDOpQ3HURDSHVDUGHPLVLQWHQVRVGHVHRVGHDSUR[LPDUPHKDVWDHO
ILOR RFFLGHQWDO GH OD PRQWDxD GH ODV DFHLWXQDV FRPR WDPELpQ OODPDEDQ ORV LVUDHOLWDV DO
2OLYHWH \ GLVIUXWDU GH DTXHO HVSHFWiFXOR LQLJXDODEOH TXH HUD OD FLXGDG VDQWD PH FHxt DO SODQ
SUHYLVWR H LQLFLp HO GHVFHQVR SRU OD YHUWLHQWH VXU D OD E~VTXHGD GHO FDPLQR TXH KDEtDPRV
GLYLVDGRGHVGHHODLUH\TXHPHFRQGXFLUtDKDVWD%HWDQLD
'H SURQWR DO LQFOLQDUPH SDUD HVTXLYDU XQD GH ODV IURQGRVDV UDPDV DGYHUWt FRQ FLHUWR
VREUHVDOWR OR OODPDWLYR GH PL FDO]DGR VRVSHFKRVDPHQWH SXOFUR FRPR SDUD SHUWHQHFHU D XQ
DQGDULHJR H LQTXLHWR FRPHUFLDQWH H[WUDQMHUR 6LQ GXGDUOR PH VHQWp HQ XQD GH ODV UDtFHV GH XQ
YHWXVWRROLYR\GHVSXpVGHHFKDUXQDPLUDGDDPLDOUHGHGRUDJDUUpYDULRVSXxDGRVGHDTXHOOD
WLHUUDRFUH\HVSRQMRVDUHVWUHJiQGRODFRQWUDHOHVSDUWR\ODVOLJDGXUDV
(O LQHVSHUDGR DOWR HQ HO FDPLQR IXH UHJLVWUDGR HQ HO PyGXOR \ (OLVHR VH LQWHUHVy SRU PL
VHJXULGDG
$OJ~QSUREOHPD-DVyQ"
$ SDUWLU GH PL VDOLGD GH OD FXQD DTXpO LED D VHU PL LQGLFDWLYR GH JXHUUD (O QRPEUH GH
-DVyQKDEtDVLGRWRPDGRGHOKpURHGHORVWHVDOLRV\EHRFLRVMHIHGHODIDPRVDH[SHGLFLyQGH
ORV$UJRQDXWDVFDQWDGDSRUHOSRHWDJULHJR$SRORQLRGH5RGDV\SRUHOYDWHpSLFRODWLQR9DOHULR
)ODFR<R KDEtD DFHSWDGR WDO GHQRPLQDFLyQ DXQTXH HUD FRQVFLHQWH GH TXH MDPiV KDEtD WHQLGR
PDGHUD GH KpURH \ TXH PL PLVLyQ HQ &DEDOOR GH 7UR\D QR HUD SUHFLVDPHQWH OD E~VTXHGD GHO
YHOORFLQRGHRURHQHOTXHWDQWRHVIXHU]RKDEtDSXHVWRHOEXHQRGH-DVyQ
7UDVH[SOLFDUD(OLVHRDTXHOPRPHQWiQHRFRQWUDWLHPSRUHDQXGpODPDUFKDDWHQWRVLHPSUHD
PLSRVLEOHSULPHUHQFXHQWURFRQORVKDELWDQWHVGHOD]RQD
&XDQGRKDEtDFDPLQDGRDOJRPiVGHSDVRVGHMpDWUiVHOROLYDU)UHQWHDPtVHDEUtDXQD
SUDGHUDVRPEUHDGDSRUGRVFRUSXOHQWRVFHGURVGHFDVLFXDUHQWDPHWURVGHDOWXUD
(O FRUD]yQ PH JROSHy HQ HO SHFKR %DMR DTXHOORV iUEROHV KDEtDQ VLGR SODQWDGDV FXDWUR
JUDQGHVWLHQGDV
'XUDQWH DOJXQRV VHJXQGRV QR VXSH FyPR UHDFFLRQDU 0H TXHGp TXLHWR ,QGHFLVR %DMR ODV
ORQDVRVFXUDVGHODVWLHQGDVVHDJLWDEDQQXPHURVRVLQGLYLGXRV
3UHVLRQpPLRtGRGHUHFKR\(OLVHRDSDUHFLyDOLQVWDQWH
4XpKD\"SUHJXQWyPLFRPSDxHUR
3ULPHU FRQWDFWR KXPDQR D OD YLVWD $O SDUHFHU VH WUDWD GH PHUFDGHUHV 9HR DOJXQRV
UHEDxRVGHRYHMDVMXQWRDYDULDVWLHQGDV
(OLVHR FRQVXOWy OD PHPRULD KLVWyULFRGRFXPHQWDO GHO RUGHQDGRU FHQWUDO LQVWDODGR HQ OD
FXQD\PHWUDVODGyHOLQIRUPHDSDUHFLGRHQSDQWDOOD
6DQWD&ODXV>@HQDILUPDWLYR6HJ~QHOOLEURGHODV/DPHQWDFLRQHV5VREUHD
\ HO HVFULWR UDEtQLFR 7D DQLW ,9 D ,9 HQ HVH H[WUHPR GH OD IDOGD VXU GHO
2OLYHWHGRQGHWHHQFXHQWUDVDKRUDVHLQVWDODEDWUDGLFLRQDOPHQWHXQJUXSRGHWLHQGDVHQODV
TXH VH YHQGtD OR QHFHVDULR SDUD ORV VDFULILFLRV GH SXULILFDFLyQ HQ HO 7HPSOR 6HJ~Q HVWRV
GDWRVEDMRXQRGHHVRVGRVFHGURVGHEHUiVHQFRQWUDUWDPELpQXQPHUFDGRGHSLFKRQHVSDUD
ORV VDFULILFLRV 9ROXPHQ DSUR[LPDGR V H DK PHQVXDO (V GHFLU XQDV DUUREDV R
NLORVGHSLFKRQHVVLORSUHILHUHV6DQWD&ODXVPHQFLRQDWDPELpQXQWH[WRGH-RVHIR*XHUUDV
GHORV-XGtRV9HQHOTXHVHGHVFULEHXQPXURHGLILFDGRSRU7LWRFXDQGRSXVRFHUFR
D-HUXVDOpQ(VWHPXURFRQGXFtDDOPRQWHGHORV2OLYRV\HQFHUUDEDODFROLQDKDVWDODURFD
OODPDGD GHO SDORPDU (V PX\ SUREDEOH TXH HQ ORV DOUHGHGRUHV HQFXHQWUHV SDORPDUHV
H[FDYDGRVHQODURFD
5HFLELGR*UDFLDV9R\KDFLDHOORV
8QPRPHQWR -DVyQ LQWHUYLQR QXHYDPHQWH (OLVHR(VWRV LQIRUPHV SXHGHQUHVXOWDUWH
~WLOHV 6DQWD &ODXV DxDGH TXH VHJ~Q HO HVFULWR UDEtQLFR 0HQDKRW D HVWRV FDUQHURV
SURFHGtDQ GH 0RDE ORV FRUGHURV GHO +HEUyQ ORV WHUQHURV GH 6DUyQ \ ODV SDORPDV GH OD
0RQWDxD 5HDO R -XGHD (O JDQDGR YDFXQR SURFHGH GH OD OODQXUD FRVWHUD FRPSUHQGLGD HQWUH
-DIID \ /\GGD 3DUWH GHO JDQDGR GH FDUQH OOHJD GH OD 7UDQVMRUGDQLD SRVLEOHPHQWH ORV
FDUQHURV,GLRPDVGRPLQDQWHVHQWUHHVWRVPHUFDGHUHVDUDPHRVLULR\TXL]iDOJRGHJULHJR
2.
6XHUWH
&RQIRUPHIXLDSUR[LPiQGRPHDODVWLHQGDVPLH[FLWDFLyQIXHHQDXPHQWR$TXpOODSRGtDVHU
PL SULPHUD RSRUWXQLGDG QR VyOR GH HQWDEODU FRQWDFWR FRQ ORV LVUDHOLWDV VLQR GH SUDFWLFDU PL
DUDPHRJDOLODLFRRJULHJR
$O HQWUDU HQWUH ODV WLHQGDV XQ WXIR LQGHVFULSWLEOH PH]FOD GH JDQDGR ODQDU KXPR \ DFHLWH
FRFLQDGR D SXQWR HVWXYR GH MXJDUPH XQD PDOD SDVDGD 7UHV GH ODV WLHQGDV KDEtDQ VLGR
DFRQGLFLRQDGDVFRPRDSULVFRV%DMRODVFDUSDVGHORQDUHQHJULGD\UHPHQGDGDVSRUGRTXLHUVH
DSLxDEDQ XQRV FRUGHURV \ FDUQHURV (Q OD FXDUWD WLHQGD VH DOLQHDEDQ JUDQGHV WLQDMDV FRQ
DFHLWH\KDULQD$ODPSDURGHHVWD~OWLPDXQJUXSRGHKRPEUHVFRQDPSOLDVW~QLFDVURMDVD]XOHV
\EODQFDVIRUPDEDQFRUURVHQWDGRVVREUHVXVPDQWRV$FRUWDGLVWDQFLDIXHUDGHODVRPEUDGHOD
ORQDYDULDVPXMHUHVFDVLWRGDVFRQODUJDVW~QLFDVYHUGHVVHDIDQDEDQHQWRUQRDXQDIRJDWD
-XQWR D HOODV DOJXQRV QLxRV VHPLGHVQXGRV \ GH FDEH]DV UDSDGDV D\XGDEDQ HQ OR TXH VXSXVH VH
WUDWDEDGHODOPXHU]RFRP~Q8QDROODGHJUDQGHVGLPHQVLRQHVERUERWHDEDVREUHODFDQGHODVXMHWD
SRUXQDUR\WUHVSLHVGHKLHUURWDQKROOLQLHQWRVFRPRODSDQ]DGHODPDUPLWD9DULDVMRYHQFLWDV
FRQ HO URVWUR FXELHUWR SRU XQ YHOR EODQFR \ VHQGDV GLDGHPDV VREUH OD IUHQWH SHUPDQHFtDQ
DUURGLOODGDV MXQWR D XQDV SLHGUDV UHFWDQJXODUHV 0HFiQLFDPHQWH FDGD PXFKDFKD WRPDED XQ
SXxDGR GH JUDQR GH XQ VDFR VLWXDGR MXQWR DO JUXSR \ OR GHSRVLWDED VREUH OD VXSHUILFLH GH OD
SLHGUD OLJHUDPHQWH FyQFDYD $ FRQWLQXDFLyQ DVtDQ FRQ DPEDV PDQRV RWUD SLHGUD HVWUHFKD \
SURFHGtDQDWULWXUDUHOSXxDGRGHWULJR8QDGHODVPXMHUHVKDFtDSDVDUODKDULQDSRUXQFHGD]R
FRQDURGHPDGHUDGHSRVLWDQGRHOUHVXOWDGRGHODPROLHQGDHQXQDHVSHFLHGHOHEULOOR
3HUPDQHFtDOJXQRVPLQXWRVDEVRUWRFRQDTXHOHVSHFWiFXOR(OJUXSRKDEtDUHSDUDGR\DHQPL
SUHVHQFLD\WUDVLQWHUFDPELDUDOJXQDVSDODEUDVTXHQROOHJXpDFDSWDUXQRGHHOORVVHSXVRHQ
SLHGLULJLpQGRVHKDFLDPt
(OPHUFDGHUSRVLEOHPHQWHXQRGHORVPiVYLHMRVVHxDOyDORVUHEDxRV\PHSUHJXQWyVL
GHVHDED FRPSUDU DOJ~Q FRUGHUR SDUD OD SUy[LPD 3DVFXD $O KDEODU HO KRPEUH PRVWUy XQD
GHQWDGXUDGLH]PDGDSRUODFDULHV
6RQUHt\HQHOPLVPRDUDPHRSRSXODUHQTXHPHKDEtDSUHJXQWDGROHH[SOLTXpTXHQRTXHHUD
H[WUDQMHUR\TXHVyORLEDGHSDVRKDFLD%HWDQLD$OSHUFDWDUVHWDQWRSRUPLDFHQWRFRPRSRUPL
DWXHQGR TXH HQ HIHFWR HUD XQ JHQWLO HO KHEUHR ODPHQWy KDEHUVH OHYDQWDGR \ FRQ XQ PRKtQ GH
GLVJXVWRSRUODSUHVHQFLDGHDTXHOLPSXURGLRPHGLDYXHOWDLQFRUSRUiQGRVHGHQXHYRDOUHVWR
GHORVYHQGHGRUHV>@
8QHOHPHQWDOVHQWLGRGHODFDXWHODPHKL]RDOHMDUPHGHOOXJDUSHQGLHQWHDEDMRHQEXVFDGHO
DQVLDGRFDPLQR$OFUX]DUIUHQWHDOVHJXQGRFHGURHQHOTXHWDO\FRPRKDEtDYDWLFLQDGRHO
FRPSXWDGRUKDEtDVLGRSODQWDGDXQDTXLQWDWLHQGDEDMRODTXHVHDSLODEDQQXPHURVDVMDXODVFRQ
SDORPDV DSHQDV VL PH GHWXYH$XQTXH PL iQLPR KDEtD UHFREUDGR OD FRQILDQ]D DO FRPSUREDU
TXH QR KDEtD WHQLGR JUDQGHV GLILFXOWDGHV SDUD HQWHQGHU \ KDFHUPH HQWHQGHU SRU DTXHO LVUDHOLWD
WDPSRFRGHVHDEDWHQWDUDODVXHUWH
(OVROVHJXtDFRUULHQGRKDFLDSRQLHQWHUHFRUWDQGRSHOLJURVDPHQWHPLWLHPSRHQDTXHOMXHYHV
GH PDU]R 'HEtD GDUPH SULVD HQ HQWUDU HQ %HWDQLD$ ODV KRUDV \ PLQXWRV HO RFDVR
SRQGUtDSXQWRILQDODODMRUQDGDMXGtD3DUDHVHPRPHQWR\RGHEHUtDWHQHUUHVXHOWRPLFRQWDFWR
FRQODIDPLOLDGH/i]DUR
$SUHWp HO SDVR \ SURQWR PH VLWXp HQ OD FRUQLVD GH XQ SHTXHxR WHUUDSOpQ$OOt WHUPLQDED OD
IDOGDGHO2OLYHWH$PLVSLHVDXQRVFLQFRRVHLVPHWURVDSDUHFLyHOFDPLQRTXHXQtD-HUXVDOpQ
FRQ -HULFy SDVDQGR SRU %HWDQLD 'HVGH PL LPSURYLVDGD DWDOD\D VH GLVWLQJXtDQ JUXSRV GH
FDPLQDQWHVTXHLEDQ\YHQtDQHQXQR\RWURVHQWLGR(UDQHQVXPD\RUtDSHUHJULQRVTXHDFXGtDQD
ODFLXGDGVDQWDRTXHVDOtDQGHOUHFLQWRDPXUDOODGRFDPLQRGHVXVFDPSDPHQWRV$DPERVODGRV
GHODSROYRULHQWDFDO]DGDSHUGLpQGRVHHQHOKRUL]RQWHVHH[WHQGtDXQDDELJDUUDGDPDVDGH
WLHQGDVHLPSURYLVDGRVWHQGHUHWHV
0H GHVOLFp KDVWD HO FDPLQR \ FRPXQLTXp DO PyGXOR PL LQWHQFLyQ GH LQLFLDU OD PDUFKD HQ
GLUHFFLyQ(VWHHVGHFLUHQVHQWLGRRSXHVWRD-HUXVDOpQ
3URQWR FRPSUREp TXH DTXHOODV JHQWHV HUDQ FDVL HQ VX WRWDOLGDG JDOLOHRV OOHJDGRV HQ
VXFHVLYDVFDUDYDQDV\TXHGHDFXHUGRFRQXQDDQFHVWUDOFRVWXPEUHVROtDQDFDPSDUDHVWHODGR
GH OD FLXGDG /D ILHVWD GH OD 3DVFXD XQD GH ODV PiV VROHPQHV GHO DxR UHXQtD HQ -HUXVDOpQ D
FLHQWRVGHPLOHVGHLVUDHOLWDVSURFHGHQWHVGHODVGLVWLQWDVSURYLQFLDV\GHOH[WUDQMHUR$TXHODxR
DGHPiVODVROHPQLGDGHUDGREOHPHQWHLPSRUWDQWHDOFRLQFLGLUGLFKD3DVFXDHQViEDGR>@
(O DORMDPLHQWR HQ -HUXVDOpQ GHEtD VHU KDUWR GLItFLO \ ORV SHUHJULQRV WHUPLQDEDQ SRU
DFRPRGDUVHHQORVDOUHGHGRUHV
(QWUH ODV WLHQGDV GLVWLQJXt D GHFHQDV GH PXMHUHV \ QLxRV RFXSDGRV HQ DQLPDGDV
FRQYHUVDFLRQHVRDIDQDGRVHQHODUUHJORGHVXVIUiJLOHVSDEHOORQHVGHSLHOHV\WHODVPXOWLFRORUHV
$ SHVDU GH QR HVWDU REOLJDGRV D SDUWLFLSDU HQ OD ILHVWD HVWDED FODUR TXH ODV IDPLOLDV MXGtDV
DFXGtDQ HQ VX WRWDOLGDG KDVWD OD FLXGDG VDQWD < DOOt SHUPDQHFtDQ GXUDQWH ORV GtDV \ QRFKHV
SUHYLRVDORVVDJUDGRVULWRVGHODRIUHQGD\GHODFHQDSDVFXDO
0LHQWUDV FDPLQDED HQWUH DTXHOOD PXOWLWXG DOHJUH YDULRSLQWD \ SDUODQFKLQD HPSHFp D LQWXLU
FyPRSXGRVHUFyPRLEDDVHUODHQWUDGDWULXQIDOGH-HV~VGH1D]DUHWHQODVSULPHUDVKRUDV
GHODWDUGHGHOGRPLQJRHQ-HUXVDOpQ
&RQ JUDQ FRQWHQWR SRU PL SDUWH QLQJXQR GH ORV DFDPSDGRV R GH ORV SHUHJULQRV TXH VH
FUX]DEDQ FRQPLJR PRVWUDEDQ HO PHQRU DVRPEUR DO YHUPH 6LQ HPEDUJR PL LQTXLHWXG FUHFLy DO
GLYLVDU DO IRQGR GHO FDPLQR XQ JUXSR GH MLQHWHV SHUWHQHFLHQWH D OD JXDUQLFLyQ URPDQD HQ
-HUXVDOpQ TXH UHJUHVDED VHJXUDPHQWH D VXV DFXDUWHODPLHQWRV HQ OD IRUWDOH]D $QWRQLD &RPR
PHGLGDSUHFDXWRULD\ILQJLHQGRFDQVDQFLRPHVHQWpDOERUGHGHOVHQGHURDOSLHGHXQDGHODV
WLHQGDV,QVWLQWLYDPHQWHPHOOHYpODPDQRDORtGR\EDMDQGRHOWRQRGHPLYR]FRPXQLTXpD(OLVHR
ODSUR[LPLGDGGHODSDWUXOOD
0LKHUPDQRSUHYLDFRQVXOWDDORUGHQDGRUPHSURSRUFLRQyDOJXQRVGDWRVVREUHORVVROGDGRV
3XHGHWUDWDUVHGHXQDSHTXHxDXQLGDGXQDWXUPDHIRUPDGDSRUXQRVWUHLQWD\WUHVMLQHWHV
/D OHJLyQ FRQ EDVH HQ &HVDUHD GLVSRQH GH KRPEUHV GH ORV TXH SHUWHQHFHQ D OD
FDEDOOHUtD /D SUHVHQFLD GH XQD GH ODV FXDWURWXUPDH HQ -HUXVDOpQ SXHGH VLJQLILFDU TXH 3RQFLR
3LODWRVHKDWUDVODGDGR\DDVXUHVLGHQFLDHQODWRUUH$QWRQLDSDUDDGPLQLVWUDUMXVWLFLDGXUDQWHOD
3DVFXD $WHQFLyQ DxDGLy (OLVHR 6DQWD &ODXV HVSHFLILFD TXH HVWRV MLQHWHV SXHGHQ
SURFHGHU GH ODV WLHUUDV JHUPiQLFDV 6X H[WUDFFLyQ VRFLDO HV PX\ EDMD \ VX FRPSRUWDPLHQWR
HVSHFLDOPHQWH DJUHVLYRSDUD FRQ ORV MXGtRV&DGD XQDGHHVWDVXQLGDGHVHVWi PDQGDGD SRU WUHV
RILFLDOHVGHFXULRQHVFDEH]DVGHILOD
/DDGYHUWHQFLDGH6DQWD&ODXVHUDDFHUWDGD/RVMLQHWHVDYDQ]DEDQDOSDVRDSDUWDQGRDORV
GHVFXLGDGRVFRQODVDILODGDVEDVHVGHKLHUURGHVXVSLOXPRODQ]DV(QWRWDOOOHJXpDFRQWDU
VROGDGRV SHUIHFWDPHQWH XQLIRUPDGRV FRQ RVFXUDV FRWDV GH PDOOD FDVFRV GRUDGRV \ UHOXFLHQWHV
JUHEDV ODUJDV HVSDGDV DO FLQWR \ HVFXGRV KH[DJRQDOHV RUODGRV FRQ XQ ERUGH PHWiOLFR /D
WRWDOLGDGGHORVFDEDOOHURVYHVWtDQXQRVSDQWDORQHVURML]RVEDVWDQWHDMXVWDGRV\KDVWDODPLWDGGH
ODSLHUQD
0DUFKDEDQGHWUHVHQIRQGRRFXSDQGRSUiFWLFDPHQWHODWRWDOLGDGGHOFDPLQR$OSDVDUDPL
DOWXUDDGYHUWtFRQDVRPEURTXHDH[FHSFLyQGHORVMHIHVRGHFXULRQHVWRGRVHUDQPX\MyYHQHV
TXL]i HQWUH ORV GLHFLRFKR \ WUHLQWD DxRV 1DWXUDOPHQWH WDPSRFR SRGtD FRQFHGHU GHPDVLDGR
FUpGLWRDDTXHOODLPSUHVLyQ(QHODxRHOSURPHGLRGHYLGDSRGtDRVFLODUDOUHGHGRUGHORV
FXDUHQWDDxRV
&HUUDEDHOJUXSRDUPDGRXQWUtRGHVROGDGRVDORPRVGHFDEDOORVWRUGRVVREUHFX\DVJUXSDV
KDEtDQVLGRDPDUUDGRVVHQGRVKDFHVGHMDEDOLQDVDOJRPiVFRUWDVTXHORVSLOXPTXHSRUWDEDQHQ
ODGLHVWUD\TXHSRVLEOHPHQWHVXSHUDEDQORVGRVPHWURVGHORQJLWXG
$SHVDUGHHVWDUYLpQGRORFRQPLVSURSLRVRMRV4XpGLItFLOPHUHVXOWyHQDTXHOODVSULPHUDV
KRUDVKDFHUPHDODLGHDGHTXHKDEtDUHWURFHGLGRHQHOWLHPSR\TXHORTXHYHUGDGHUDPHQWHWHQtD
DPLDOUHGHGRUHUDOD3DOHVWLQDGHOHPSHUDGRU7LEHULR
&XDQGRPHGLVSRQtDDOHYDQWDUPH\UHDQXGDUHOFDPLQRVHQWtODOHYHSUHVLyQGHXQDPDQRHQ
PLKRPEUR$OYROYHUHOURVWURPHHQFRQWUpFRQXQQLxRGHWH]PRUHQD\SURIXQGRVRMRVQHJURV
9HVWtDXQDFRUWDW~QLFDGHDPSOLDVPDQJDV\FRORULQGHILQLEOH(QVXPDQRL]TXLHUGDVRVWHQtDXQD
HVFXGLOODGHPDGHUDFRQDJXD6LQSURQXQFLDUXQDVRODSDODEUDGLEXMyXQDVRQULVD\PHWHQGLyHO
RVFXURUHFLSLHQWH0RMpPLVODELRVHQHODJXD\OHGHYROYtODYDVLMDDJUDGHFLpQGROHHOJHVWR
'HGyQGHYLHQHV"OHSUHJXQWpDFDULFLiQGROHVXFUiQHRUDSDGR
(OSHTXHxRVHYROYLyKDFLDXQSHTXHxRJUXSRGHKRPEUHV\PXMHUHVTXHGHVFDQVDEDQHQHO
LQWHULRUGHXQDWLHQGD8QDGHODVPXMHUHVSRVLEOHPHQWHVXPDGUHOHDQLPyFRQXQJHVWRGH
VXPDQRSDUDTXHUHVSRQGLHUD
6RPRVGH0DJGDODVHxRU
(VRHVWiFHUFDGHOODJRQR"
(OQLxRDVLQWLyFRQODFDEH]D
+DVRtGRKDEODUGH-HV~VHO1D]DUHQR"
$QWHV GH TXH PL MRYHQ DPLJR OOHJDUD D UHVSRQGHU XQR GH ORV KRPEUHV VH DGHODQWy KDVWD
QRVRWURV $SDUHQWDED XQRV WUHLQWD \ FLQFR R FXDUHQWD DxRV /XFtD XQD DEXQGDQWH EDUED QHJUD
7RPyDOSHTXHxRSRUHOEUD]R\SUHJXQWy
(VTXHHUHVVHJXLGRUGHOWHNWRQ"
$TXHOODSDODEUDPHGHMyFRQIXVR
3HUGyQHPHDPLJROHUHVSRQGt6R\H[WUDQMHUR\QRVpHOVLJQLILFDGRGHHVDSDODEUD
(OKRPEUHVROWyDOQLxR\FUX]DQGRORVEUD]RVHQWUHORVSOLHJXHVGHVXPDQWRDxDGLy
1RVRWURV FRQRFLPRV D VX SDGUH FRPR -RVp HO FDUSLQWHUR \ KHUUHUR < DVt OODPDPRV
WDPELpQDVXKLMR
7HQWDGRHVWXYHGHXQLUPHDDTXHOODIDPLOLDGHJDOLOHRV\UHWUDVDUPLHQWUDGDHQ%HWDQLD3HUR
ORSHQVpGRVYHFHV\FRPSUHQGtTXHQDGLHPHMRUTXH/i]DUR\VXVKHUPDQDVSDUDKDEODUPHGHO
0DHVWUR
0LHQWUDVSURVHJXtDPLFDPLQRSUHJXQWpD(OLVHRVLSRGtDREWHQHULQIRUPDFLyQVREUHDTXHOOD
QXHYDGHILQLFLyQ GH-HV~V6DQWD &ODXVIXH PX\ FRQFLVR(O*DOLOHRHIHFWLYDPHQWHUHFLEtDHO
VREUHQRPEUH GHWHNWRQ FRPR FDUSLQWHUR FRQVWUXFWRU R KHUUHUR GH DFXHUGR FRQ OD YHUVLyQ
TXHVREUHGLFKRWpUPLQRKDFLDHOHVFULWRUDEtQLFR6KDEEDWD7DPELpQ0DUFRVKDFHDOXVLyQD
WHNWRQHQ
(V SRVLEOH TXH OOHYDVH DQGDGR DOJR PiV GH OD PLWDG GHO FDPLQR HQWUH -HUXVDOpQ \ %HWDQLD
FXDQGR GHMp DWUiV HO DSUHWDGR FDPSDPHQWR GH ORV SHUHJULQRV LVUDHOLWDV $ SDUWLU GH DOOt ODV
WLHQGDVHUDQPXFKRPiVHVFDVDV6LQRIXHUDSRUTXHSRGUtDHTXLYRFDUPHKDEUtDMXUDGRTXHHQHO
DFFHVRD OD FLXGDGVDQWD VH KDEtDQ SODQWDGRPiVGH XQ PLOODUGH LPSURYLVDGRVDOEHUJXHV (VWR
SRGtDVLJQLILFDUDXQSURPHGLRGHVHLVRVLHWHSHUVRQDVSRUWLHQGDXQRVVHLVPLORVLHWHPLO
SHUHJULQRV
(Q DTXHO ~OWLPR NLOyPHWUR QR REVHUYp VLQ HPEDUJR XQD GLVPLQXFLyQ GHO LQWHQVR WUiILFR GH
JHQWHV\EHVWLDVGHFDUJD*UXSRVGHMXGtRVFRQDVQRV\DOJXQRVFDPHOORVVHJXtDQIOX\HQGRHQ
XQR \ RWUR VHQWLGR WUDQVSRUWDQGR KDFHV GH OHxD SHVDGRV \ SXQWLDJXGRV FiQWDURV R DUUHDQGR
UHEDxRVGHFDEUDV
/DYHJHWDFLyQDDPERVODGRVGHOFDPLQRVHKDEtDKHFKRPiVIORUHFLHQWH$PLL]TXLHUGDOD
ODGHUDRULHQWDOGHO2OLYHWHDSDUHFtDFHUUDGDSRUORVROLYDUHVFHGURV\DOJXQRVVLFyPRURV$PL
GHUHFKD MXQWR D SDOPHUDV H KLJXHUDV PH OODPy OD DWHQFLyQ XQD VHULH GH FLQDPRPRV FRQ VXV
LQFLSLHQWHVUDFLPRVGHIORUHVYLROHWDV\H[WUDRUGLQDULDPHQWHRORURVDV
(OKHFKRGHQRSRGHUOOHYDUUHORMPHSUHRFXSDED1RUHVXOWDEDIiFLOSDUDPtDYHULJXDUHQTXp
PRPHQWRGHOGtDPHHQFRQWUDED(OVROVHKDEtDODQ]DGR\DKDFLDHO2HVWHSHURLJQRUDEDFXDQWR
WLHPSR KDEtD WUDQVFXUULGR GHVGH TXH DEDQGRQDUD OD FXQD 3RU RWUD SDUWH GHVHDED
DFRVWXPEUDUPH OR DQWHV SRVLEOH D PL QXHYD VLWXDFLyQ \ HOOR PH REOLJDED D SUHVFLQGLU HQ OD
PHGLGDGHORSRVLEOHGHODFRQH[LyQDXGLWLYDFRQ(OLVHR$MX]JDUSRUHOFDPLQRUHFRUULGR\ORV
DOWRVHIHFWXDGRVGHEtDQVHUODVKRUDVFXDQGRDOVDOLUGHOD~QLFDFXUYDGHOVHQGHURGLYLVp
DODL]TXLHUGDXQPLQ~VFXORJUXSRGHFDVDV$OIRQGR\DODGHUHFKDGHVFXEUtWDPELpQRWUDDOGHD
DSDUHQWHPHQWH PiV JUDQGH TXH OD SULPHUD (QWXVLDVPDGR DFHOHUp HO SDVR $TXHOORV SREODGRV
WHQtDQTXHVHU%HWIDJp\%HWDQLDUHVSHFWLYDPHQWH
&RQIRUPHIXLDSUR[LPiQGRPHDOSULPHUSREODGRPLGHVHQFDQWRIXHHQDXPHQWR%HWIDJpQR
HUDRWUDFRVDTXHXQPtVHURFRQJORPHUDGRGHSHTXHxDVFDVDVGHXQDSODQWD/DVSDUHGHVKDEtDQ
VLGR OHYDQWDGDV FRQ SLHGUDV SRVLEOHPHQWH EDViOWLFDV \ ORV LQWHUVWLFLRV PDODPHQWH WDSDGRV
FRQ FDQWRV \ EDUUR /D PD\RUtD GH ODV WHFKXPEUHV GH DTXHOOD PHGLD GRFHQD GH YLYLHQGDV D
H[FHSFLyQ GH XQD R GRV WHUUD]DV KDEtDQ VLGR FXELHUWDV FRQ UDPDV GH iUEROHV UHIRU]DGDV FRQ
YDULDVFDSDVGHMXQFRV\SDMD
/RVDOUHGHGRUHVDSDUHFtDQUHSOHWRVGHKLJXHUDV\SHTXHxRVKXHUWRVHQORVTXHGHDPEXODEDQ
XQ VLQItQ GH JDOOLQDV /DV ~OWLPDV H LQWHQVDV OOXYLDV GH HQHUR \ IHEUHUR KDEtDQ FRQYHUWLGR ODV
FDOOHVHQXQEDUUL]DO
'HFHSFLRQDGR VDOt QXHYDPHQWH DO FDPLQR LQIRUPDQGR D (OLVHR GH PL SDVR SRU OD PtVHUD
%HWIDJp\GHPLLQPLQHQWHOOHJDGDD%HWDQLD/DGLVWDQFLDHQWUHDPEDVDOGHDVQRHUDVXSHULRUD
ORVVHWHFLHQWRVXRFKRFLHQWRVPHWURV
(OOXJDUGHUHVLGHQFLDGH/i]DUR\VXIDPLOLDSUHVHQWDEDHQFDPELRXQDVSHFWRPXFKRPiV
VyOLGR\HVPHUDGR/DVFDVDVDXQTXHPRGHVWDVGLVSRQtDQGHWHUUD]DV\VXVSDUHGHVFDVLWRGDV
HQFDODGDVKDEtDQVLGRFRQVWUXLGDVFRQSLHGUDVODEUDGDV
$O SHQHWUDU HQ OD DOGHD PH VRUSUHQGLy YHU DOJXQDV GH ODV FDOOHV SDYLPHQWDGDV D EDVH GH
JXLMDUURV 2WUDV VLQ HPEDUJR VHJXtDQ VLHQGR HVWUHFKDV WRUUHQWHUDV DKRUD SROYRULHQWDV \
PDOROLHQWHV
(OQ~FOHRSULQFLSDOGH%HWDQLDVHH[WHQGtDDODGHUHFKDGHOFDPLQRTXHOOHYDGH-HUXVDOpQD
-HULFy$O RWUR ODGR GHO VHQGHUR XQ JUXSR PiV UHGXFLGR GH FDVDV VH DSR\DED HQ OD ODGHUD GHO
0RQWH GH ORV 2OLYRV$OJXQDV GH HVWDV YLYLHQGDV VH KDOODEDQ SUiFWLFDPHQWH HPSRWUDGDV HQ OD
IDOGDGHODPRQWDxD
/D DQLPDFLyQ HQ OD DOGHD HUD FRQVLGHUDEOH 1XPHURVRV JUXSRV GH MXGtRV LEDQ \ YHQtDQ SRU
HQWUHVXVFDVDVIRUPDQGRWHUWXOLDVDODVSXHUWDVGHODVYLYLHQGDVRDODVRPEUDGHORVHQWUDPDGRV
GHFDxDV\UDPDVSRUORVTXHWUHSDEDODKLHGUDRGHVFDQVDEDQGHVQXGDVHLQWHUPLQDEOHVSDUUDV
1R WDUGp HQ DYHULJXDU TXH DTXHOOD DJLWDFLyQ YHQtD VLHQGR KDELWXDO HQ %HWDQLD GHVGH TXH HO
0DHVWURGH*DOLOHDUHDOL]DVHHOSURGLJLRGHUHVXFLWDUGHHQWUHORVPXHUWRVDVXDPLJR/i]DUR/D
QRWLFLDKDEtDFRUULGRFRPRUHJXHURGHSyOYRUDSRUWRGRHOUHLQROOHJDQGRLQFOXVRDODYHFLQD
6LULD\DODVFRVWDVGHOD)HQLFLD'HVGHHQWRQFHVXQDFRUULHQWHLQWHUPLQDEOHGHVLPSDWL]DQWHV
VHJXLGRUHVGH-HV~VRDPLJRVGH/i]DURDFXGtDQKDVWDODFDVDGHOUHVXFLWDGRFRQHO~QLFRDIiQGH
VDWLVIDFHU VX FXULRVLGDG (VWH WRUUHQWH GH FXULRVRV VH KDEtD YLVWR VHULDPHQWH LQFUHPHQWDGR HQ
DTXHOORVGtDVFRQPRWLYRGHODSUy[LPDFHOHEUDFLyQGHOD3DVFXD(OFDPLQRHQWUH-HUXVDOpQ\
%HWDQLDSRGtDFXEULUVHDEXHQSDVRHQSRFRPiVGHXQDKRUD\HOORMXVWLILFDEDDTXHODJRWDGRU
WUDMtQSRUODVFDOOHVGHODKDVWDHVHPRPHQWRDSDFLEOHORFDOLGDG
1RIXHPX\GLItFLOOOHJDUKDVWDODFDVDGH/i]DUR0HEDVWyFRQVHJXLUDXQRGHORVJUXSRVGH
MXGtRV TXH DFDEDED GH HQWUDU HQ %HWDQLD $ ORV SRFRV PLQXWRV PH HQFRQWUDED IUHQWH D XQD
KDFLHQGD OHYDQWDGD FDVL D ODV DIXHUDV GHO Q~FOHR SULQFLSDO GH OD SREODFLyQ (Q OD IDFKDGD
SXOFUDPHQWH EODQTXHDGD VH DEUtD XQD SXHUWD FRQ ORV GLQWHOHV \ MDPEDV WUDEDMDGRV FRQ SLHGUDV
ODEUDGDV'HODQWHGHODFDVDVHH[WHQGtDXQSHTXHxRMDUGtQGHFLQFRRVHLVPHWURVGHODUJRSRU
RWURV VHLV R VLHWH GH DQFKR (Q pO VREUH XQ EDQFR GH SLHGUD \ D OD VRPEUD GH XQD IURQGRVD
KLJXHUDHVWDEDVHQWDGRXQKRPEUH9HVWtDXQDW~QLFDFRQIUDQMDVYHUWLFDOHVURMDV\D]XOHV\ODUJDV
\DPSOLDVPDQJDV8QDWUHLQWHQDGHKRPEUHVOHURGHDEDSRUGRTXLHU$OJXQRVLQFOXVRVHKDEtDQ
VLWXDGR D VXV SLHV $EVRUWRV DTXHOORV MXGtRV HVFXFKDEDQ \ FRQWHPSODEDQ D DTXHO KRPEUH GH
FXHUSRHQMXWR\URVWURSLFDGRGHYLUXHOD(UD/i]DUR
8QHVWUHPHFLPLHQWRPHUHFRUULyGHSLHVDFDEH]D,QWHQWpDEULUPHSDVRSHURIXHLQ~WLO1DGLH
HVWDEDGLVSXHVWRDFHGHUVXVLWLR/i]DURVHKDEtDFRQYHUWLGRHQODPi[LPDDWUDFFLyQGHDTXHOORV
GtDV
&RQ YR] FDQVDGD FRPR VL UHSLWLHVH HO VXFHVR SRU HQpVLPD YH] IXH GHVJUDQDQGR VX
DYHQWXUD\UHVSRQGLHQGRDFXDQWDVSUHJXQWDVOHIRUPXODEDQ
$O]iQGRPH VREUH ODV FDEH]DV GH ORV FXULRVRV REVHUYp TXH VH WUDWDED GH XQ KRPEUH
UHODWLYDPHQWHMRYHQSRVLEOHPHQWHQRKDEtDFXPSOLGRORVDxRVDXQTXHODSDOLGH]GHVXURVWUR
\XQDVSURQXQFLDGDVRMHUDVOHHQYHMHFtDQQRWDEOHPHQWH
$ORVSRFRVPLQXWRVDQWHPLGHVHVSHUDFLyQ/i]DURVHLQFRUSRUyGHVSLGLpQGRVHGHORVDOOt
UHXQLGRV
/R YL GHVDSDUHFHU HQ OD SHQXPEUD GH OD FDVD PLHQWUDV ORV KHEUHRV VH GHVSHUGLJDEDQ
JHVWLFXODQGR\FRPHQWDQGRFXDQWRKDEtDQYLVWR\RtGR
<DOOtPHTXHGp\RDEUXPDGR\VROLWDULRIUHQWHDODSHTXHxDFHUFDGHPDGHUDTXHURGHDEDHO
MDUGtQ4XpGHEtDKDFHU"(QWUDEDHQODFDVD"(VSHUDED"3HURDTXp\SDUDTXp"
0H GHMp FDHU VREUH OD SROYRULHQWD SOD]XHOD TXH VH DEUtD IUHQWH D OD PRUDGD GHO DPLJR GH
-HV~V\SURFXUpFXEULUPHFRQHOPDQWR(PSH]DEDDVHQWLUHOIUHVFRGHODWDUGHFHU0HGLFXHQWD
HQWRQFHVTXHQRKDEtDSUREDGRERFDGR\TXHDMX]JDUSRUODSRVLFLyQGHOVROGHEtDPRVHVWDUHQ
OR TXH ORV LVUDHOLWDV OODPDEDQ OD KRUD QRQD HV GHFLU ODV WUHV GH OD WDUGH (Q HVH PRPHQWR
FRPSUHQGtSRUTXp/i]DURKDEtDGDGRSRU]DQMDGDDTXHOODDQLPDGDWHUWXOLD(UDHOPRPHQWRGHOD
FRPLGDSULQFLSDOORTXHQRVRWURVOODPDPRVODFHQD
3HUR QR PH GHMp DUUDVWUDU SRU HO DEDWLPLHQWR &DEDOOR GH 7UR\D KDEtD SUHYLVWR TXH \R
LQWHQWDUDXQDHQWUHYLVWDFRQ/i]DURHQDTXHOODMRUQDGDGHOMXHYHV\DVtGHEtDVHU(VSHUDUtD
3HQVpHQDSURYHFKDUDTXHOORVPLQXWRVPLHQWUDVODIDPLOLDUHSRQtDIXHU]DVSDUDFRPSUDU
DOJXQDVSURYLVLRQHVSHURSURQWRGHVLVWt(QPLSUHFLSLWDFLyQSRUOOHJDUD%HWDQLDQRKDEtDWHQLGR
OD SUHFDXFLyQ GH HQWUDU HQ -HUXVDOpQ \ WUDWDU GH FDPELDU DOJXQDV GH ODV SHSLWDV GH RUR SRU
PRQHGDV3RURWUDSDUWHHVRPHKXELHUDUHWUDVDGRFRQVLGHUDEOHPHQWH$GHFLUYHUGDGQRHUDHO
KDPEUH OR TXH PH REVHVLRQDED HQ DTXHOORV LQVWDQWHV 0LV RMRV ILMRV HQ OD SXHUWD HVWDEDQ
SHQGLHQWHVGHODSRVLEOHDSDULFLyQGHDOJXQRGHORVPLHPEURVGHODIDPLOLDGH/i]DUR
/D LQWXLFLyQ QR PH WUDLFLRQy 1R KDEtD WUDQVFXUULGR PHGLD KRUD FXDQGR SURFHGHQWH GH OD
SDUWH SRVWHULRU GH OD FDVD LUUXPSLy HQ HO MDUGtQ XQD PXMHU FRQ HO URVWUR FXELHUWR FRQ HO YHOR
WUDGLFLRQDO /H DFRPSDxDEDQ GRV DGROHVFHQWHV 6REUH OD FDEH]D GH OD YROXPLQRVD PDWURQD VH
EDODQFHDEDOHYHPHQWHXQFiQWDURURML]R$OYHUPHGHELy6RUSUHQGHUVH<RVDEtDTXHODVEXHQDV
FRVWXPEUHV HQ OD UHG VRFLDO MXGtD QR SHUPLWtDQ TXH XQ KRPEUH VH HQWUHWXYLHUD D VRODV FRQ XQD
PXMHU QL TXH pVWDV VRQULHUDQ R KDEODUDQ FRQ GHVFRQRFLGRV $Vt TXH YHQFLHQGR PL QDWXUDO
LQFOLQDFLyQSRUVDOXGDUODRSRQHUPHHQSLHPHPDQWXYHHQVLOHQFLRGHMDQGRTXHSDVDUDIUHQWHD
Pt/DEXHQDPXMHUGHVYLyVXPLUDGD\DFHOHUyHOSDVRSHUGLpQGRVHSRUXQRGHORVUDPDOHVTXH
GHVHPERFDEDHQODSOD]ROHWD
6XSRQJRTXHDOJRH[WUDxRGHELyQRWDUHQPLSUHVHQFLDSRUTXHDORVSRFRVPLQXWRVXQRGH
ORV PXFKDFKRV YROYtD D OD FDUUHUD HQWUDQGR HQ OD FDVD FRPR XQ PHWHRUR 'H LQPHGLDWR
DSDUHFLHURQHQHOXPEUDOGHOMDUGtQGRVKRPEUHV\HOMRYHQFLWRTXHVLQGXGDOHVKDEtDDOHUWDGR
VREUHDTXHOH[WUDQMHURTXHSHUPDQHFtDVHQWDGRMXQWRDODVEODQFDVHVWDFDVGHODFHUFD
0H SXVH HQ SLH \ HVSHUp /RV KRPEUHV DUURSDGRV HQ JUXHVRV PDQWRV FRORU FDQHOD VH
DSUR[LPDURQKDVWDPt
4XpEXVFDVKHUPDQR"PHSUHJXQWyHOTXHSDUHFtDOOHYDUODYR]FDQWDQWH
(OWRQRGHVXYR]PHWUDQTXLOL]y+DEtDXQDJUDQGXO]XUDHQVXVHPEODQWH
0HOODPR-DVyQ\VR\GH7HVDOyQLFD(VWR\DTXtSRUTXHEXVFRDOUDEtGH*DOLOHD
eOQRHVWiDTXt
6LPXOp JUDQ FRQWUDULHGDG \ PLUDQGR ILMDPHQWH D ORV RMRV GH PL LQWHUORFXWRU SUHJXQWp FRQ
YHKHPHQFLD
'yQGHSXHGRHQFRQWUDUOH"
3DUDTXpOHTXLHUHV"
6R\ H[WUDQMHUR SHUR KH RtGR KDEODU GH pO GHVGH $QWLRTXtD D &RUI~ /OHYR UHFRUULGDV
PXFKDVOHJXDVSRUTXHVR\KRPEUHDTXLHQQRVDWLVIDFHQORVGLRVHVURPDQRVQLJULHJRV\SRUTXH
GHVHDUtDFRQRFHUODQXHYDGRFWULQDGHOUDEtDOTXHOODPDQ-HV~V
3RUTXpOHEXVFDVDTXtIUHQWHDODFDVDGH/i]DUR"
'HVGH PL OOHJDGD D ODV FRVWDV GH 7LUR QR KH RtGR KDEODU GH RWUD FRVD TXH GHO ~OWLPR
SURGLJLRGHOUDEtGLFHQTXHGHYROYLyDODYLGDDVXDPLJR/i]DURPXHUWRFLQFRGtDVDQWHV
(UDQWUHVGtDVORVTXHPLVHxRUOOHYDEDVHSXOWDGRPHFRUULJLyHOVLHUYR
/XHJRHVYHUGDGDxDGtPRVWUDQGRXQDLQWHQFLRQDGDDOHJUtD
$QWHVGHTXHSXGLHUDLQWHUYHQLUGHQXHYROHVXSOLTXpVLSRGtDVHUUHFLELGRSRU/i]DUR
4XL]ipOVHSDGyQGHSXHGRKDOODUDO0DHVWUR
/RVKRPEUHVLQWHUFDPELDURQXQDUiSLGDPLUDGD
$JXDUGDDTXtFRQFOX\HURQ(ODPRQRHVWiUHSXHVWRGHOWRGR
$VHQWtPLHQWUDVORVVLHUYRVGHVDSDUHFtDQHQHOLQWHULRUGHODKDFLHQGD
$QWH OD LQPLQHQWH SRVLELOLGDG GH XQD SULPHUD HQWUHYLVWD FRQ /i]DUR DSURYHFKp DTXHOORV
VHJXQGRVGHVROHGDGSDUDLQIRUPDUDOPyGXORGHFXDQWRHVWDEDVXFHGLHQGR
'HEt FDXVDU EXHQD LPSUHVLyQ D ORV FULDGRV GH /i]DUR$ ORV SRFRV PLQXWRV HUD LQYLWDGR D
HQWUDUHQODFDVD
7UDVSDVpHOXPEUDOFRQXQDPH]FODGHWLPLGH]\HPRFLyQ/RTXH\RKDEtDVXSXHVWRFRPROD
IDFKDGDGHODFDVDHUDHQUHDOLGDGODSDUHGGHXQDWULRRSHTXHxRSDWLRLQWHULRU/DKDFLHQGDSRU
OR TXH SXGH REVHUYDU HUD PXFKR PiV H[WHQVD GH OR TXH KDEtD LPDJLQDGR (Q HO FHQWUR GH HVWH
DWULRUHFWDQJXODU\DELHUWRDORVFLHORVVHDEUtDXQHVWDQTXHGHXQRVWUHVPHWURVGHODGR(OSLVR
FXELHUWRFRQODGULOORVURMRVDSDUHFtDOLJHUDPHQWHLQFOLQDGR\DFDQDODGRGHIRUPDTXHODVDJXDV
SOXYLDOHVSXGLHUDQFDHUGHVGHORVDOHURVGHORVHGLILFLRVVLWXDGRVDL]TXLHUGD\GHUHFKDKDVWDHO
UHFLQWRFHQWUDO$PEDVHVWDQFLDVWHQtDQODPLVPDDOWXUDTXHODSDUHGGHODIDFKDGDXQRVPHWURV
DSUR[LPDGDPHQWH /XHJR VXSH TXH OD GH OD GHUHFKD HUD HQ UHDOLGDG XQD FXDGUD \ TXH OD GH OD
L]TXLHUGDVHGHVWLQDEDDGHSyVLWRGHDSHURVDUQHVHV\UHMDVSDUDHODUDGR
$OIRQGRGHOSDWLRDXQRVVLHWHPHWURVGHOSRUWDOyQSRUGRQGH\RKDEtDHQWUDGRVHDEUtDRWUD
SXHUWDFDVLIUHQWHSRUIUHQWHDODSULQFLSDO$OOtPHHVSHUDEDHOKRPEUHTXH\RKDEtDYLVWRXQD
KRUD DQWHV DO SLH GH OD KLJXHUD -XQWR D pO RWURV WUHV MXGtRV WRGRV HOORV DUURSDGRV HQ VHQGRV
URSRQHV GH FRORUHV OODPDWLYRV 7DO \ FRPR KDEtD REVHUYDGR HQWUH PXFKRV GH ORV SHUHJULQRV
JDOLOHRV OOHYDEDQ XQD EDQGD GH WHOD DUUROODGD HQ WRUQR D OD FDEH]D GHMDQGR FDHU XQR GH VXV
H[WUHPRV VREUH OD RUHMD GHUHFKD 7HQtDQ WRGRV XQD EDUED SREODGD SHUR FRQ HO ELJRWH
SHUIHFWDPHQWHUDVXUDGR/i]DURHQFDPELRPDQWHQtDODFDEH]DGHVSHMDGDFRQXQFDEHOOROLVR\
FRUWR\SUHPDWXUDPHQWHHQFDQHFLGR
/RVVLHUYRVPHLQYLWDURQDDSUR[LPDUPHKDVWDVXVHxRU$OOOHJDUDVXDOWXUDSRFRPHIDOWy
SDUDWHQGHUOHVPLPDQR/i]DUR\VXVDFRPSDxDQWHVSHUPDQHFLHURQLQPyYLOHVH[DPLQiQGRPHGH
SLHVD FDEH]D)XH XQ PRPHQWR GLItFLO 0iVDGHODQWHFRPSUHQGHUtDTXHDTXHOOD IULDOGDGHVWDED
MXVWLILFDGD 'HVGH VX UHVXUUHFFLyQ ORV HQHPLJRV GH -HV~V HQ HVSHFLDO ORV IDULVHRV \ RWURV
PLHPEURVGHVWDFDGRVGHO*UDQ6DQHGUtQYHQtDQPRVWUDQGRXQDSUHRFXSDQWHKRVWLOLGDGFRQWUD
HOYHFLQRGH%HWDQLD6LHO1D]DUHQRFRQVWLWXtD\DGHSRUVtXQDDPHQD]DFRQWUDORVVDFHUGRWHVGH
-HUXVDOpQ /i]DUR FRQ VX YXHOWD D OD YLGD KDEtD UHYROXFLRQDGR ORV iQLPRV HULJLpQGRVH HQ
SUXHEDGHH[FHSFLyQGHOSRGHUGHO0DHVWUR(UDOyJLFRSRUWDQWRTXHODIDPLOLDGHVFRQILDVHGH
WRGR\GHWRGRV
$TXHOOD WHQVD VLWXDFLyQ VH YHUtD DOLYLDGD DIRUWXQDGDPHQWH SDUD Pt HQ FXDQWR PLV
DQILWULRQHVVHSHUFDWDURQGHORGXURGHPLDFHQWRTXHPHGHODWDEDFRPRH[WUDQMHUR
0HEXVFDEDV"LQWHUYLQR/i]DURFRQJHVWRJUDYH
9HQJRGHWLHUUDVH[WUDxDVHQEXVFDGHOOHYtGH1D]DUHWGHTXLHQFXHQWDQTXHHVKRPEUH
VDELR\MXVWR$OGHVHPEDUFDUKHVDELGRTXHW~HUHVVXDPLJR3RUHVRHVWR\DTXtHQEXVFDGHWX
FRPSUHQVLyQ
/i]DURQRUHVSRQGLy&RQXQJHVWRPHLQYLWyDVHJXLUOH<DOWUDVSRQHUDTXHOODVHJXQGDSXHUWD
PHHQFRQWUpHQXQHVSDFLRVRSDWLRSRUWLFDGRLJXDOPHQWHDELHUWRSHURFXDGUDQJXODU$TXHOODVLQ
GXGDHUDODSDUWHSULQFLSDOGHODKDFLHQGD8QWRWDOGHFDWRUFHFROXPQDVGHSLHGUDGHSRFRPiV
GHGRVPHWURVGHDOWXUDDSXQWDODEDQXQVHJXQGRSLVRWRGRpOFRQVWUXLGRHQODGULOOR/DIDFKDGD
LQIHULRU GH OD FDVD OD VLWXDGD EDMR HO SyUWLFR KDEtD VLGR OHYDQWDGD FRQ JUDQGHV SLHGUDV
UHFWDQJXODUHV3XGHFRQWDUKDVWDVLHWHSXHUWDVWRGDVHOODVGHVyOLGDPDGHUDFRORUFHQL]D(QHO
FHQWURGHOSDWLRKDEtDVLGRH[FDYDGDXQDVHJXQGDFLVWHUQD'HVXVFXDWURYpUWLFHVSDUWtDQRWURV
WDQWRVFDQDOLOORVGHSLHGUDSRUORVTXHVXSXVHTXHUHFRJHUtDQODVDJXDVGHOOXYLD/DSLVFLQDVH
KDOODEDSUiFWLFDPHQWHOOHQDFRQXQDJXDGHGXGRVRFRORULGR&DVLODPLWDGGHOSDWLRVHKDOODED
FXELHUWRFRQXQWHMDGLOORGHFDxL]RVREUHHOTXHGHVFDQVDEDQORVYiVWDJRVGHGRVSDUUDVWUDtGDV
SRUHOSDGUHGH/i]DURGHVGHODOHMDQD&RULQWRHQODVFRVWDVGH*UHFLD(OIUXWRGHHVWDYLGGH
XQDFDVWDPX\SUHFLDGDWHQtDODSDUWLFXODULGDGGHGDUXYDVVLQJUDQRV'XUDQWHPLHVWDQFLDHQ
%HWDQLDWXYHODRSRUWXQLGDGGHVDEHUTXH-HV~VGH1D]DUHWVHQWtDXQDHVSHFLDOSUHGLOHFFLyQSRUHO
IUXWRGHDTXHOODVSDUUDV
/i]DUR\VXVDPLJRVFUX]DURQHOHPSHGUDGRSLVRGHOSDWLR\VHGLULJLHURQDXQDGHODVSXHUWDV
GHODL]TXLHUGD$OSDVDUEDMRHOVRSRUWDOUHSDUpHQFXDWURPXMHUHVVHQWDGDVHQXQRGHORVGRV
EDQFRVGHSLHGUDDGRVDGRVHQFDGDXQDGHODVFXDWURIDFKDGDVH[LVWHQWHVEDMRHOFODXVWUR7RGDV
HOODV YHVWtDQ FXPSOLGDV W~QLFDV GH FRORUHV FODURV JHQHUDOPHQWH YHUGRVRV FRQ ODV FDEH]DV
FXELHUWDVSRUVHQGRVSDxRORQHV1LQJXQDVLQHPEDUJRRFXOWDEDVXURVWUR
*XDUGDUp VLHPSUH XQ JUDWR H LPERUUDEOH UHFXHUGR GH DTXHOOD VDOD UHFWDQJXODU D OD TXH PH
KDEtDFRQGXFLGRHODPLJRGH-HV~V$OOtWUDQVFXUULUtDQDOJXQRVGHORVPRPHQWRVPiVDSDFLEOHVGH
PLLQFXUVLyQHQ%HWDQLD
6HWUDWDEDGHODVDODIDPLOLDU8QDHVSHFLHGHVDOyQFRPHGRUGHXQRVRFKRPHWURVGHODUJR
SRUFXDWUR\PHGLRGHDQFKR7UHVYHQWDQDVHVWLUDGDV\DQJRVWDVSUDFWLFDGDVHQHOPXURRSXHVWR
DODSXHUWDDSHQDVVLGHMDEDQHQWUDUODFODULGDG8QDEODQFDPHVDGHSLQRSUHVLGtDHOFHQWURGHOD
HVWDQFLDFX\RVXHORKDEtDVLGRUHYRFDGRFRQPRUWHUR
(Q XQD GH ODV HVTXLQDV FKLVSRUURWHDEDQ DOJXQRV WURQFRV DOLPHQWDGRV SRU HO IXHUWH WLUR GHO
KRJDU(OIRJyQFXPSOtDXQDGREOHPLVLyQ'HXQDSDUWHVHUYLUGHFDOHIDFFLyQHQORVUXGRVPHVHV
LQYHUQDOHV\SRURWUDSHUPLWLUODSUHSDUDFLyQGHORVDOLPHQWRV3DUDHOORORVSURSLHWDULRVKDEtDQ
OHYDQWDGRDHVFDVDGLVWDQFLDGHODFKLPHQHDSURSLDPHQWHGLFKDXQPXUHWHFLUFXODUGHXQRVWUHLQWD
FHQWtPHWURVGHDOWXUDIRUPDGRSRUFXDWURFDSDVHQODVTXHDOWHUQDEDQHOEDUUR\ORVFDVFRWHV(Q
VX LQWHULRU HQWUH ODV EUDVDV VH GHSRVLWDEDQ ORV SXFKHURV DVt FRPR XQDV EDWHDV FRQYH[DV TXH
VHUYtDQ SDUD FRFHU WRUWDV KHFKDV FRQ PDVD VLQ OHYDGXUD &XDQGR VH GHVHDED FRFLQDU VLQ OD
DSOLFDFLyQGLUHFWDGHOIXHJRODVPXMHUHVGHSRVLWDEDQXQDVSLHGUDVSODQDVVREUHODFDQGHOD8QD
YH]FDOGHDGDVODVEUDVDVHUDQDSDUWDGDV\HOJXLVRVHUHDOL]DEDVREUHODVSLHGUDV
(QFDVLWRGDVODVSDUHGHVKDEtDQVLGRGLVSXHVWDVDODFHQDV\UHSLVDVGHPDGHUDHQODVTXHVH
DOLQHDEDQOHEULOORVEDQGHMDVVRSHUDV\RWURVHQVHUHVODPD\RUtDGHEDUURREURQFH
(Q HO PXUR RSXHVWR DO IRJyQ \ HQWHUUDGDV FRPR XQD FXDUWD HQ HO SLVR VH GLVWLQJXtDQ GRV
JUDQGHV \ DERPEDGDV WLQDMDV GH XQD WRQDOLGDG URML]D DFDVWDxDGD $OFDQ]DEDQ DOJR PiV GH XQ
PHWURGHDOWXUD\VHJ~QPHFRPHQWDUtD0DUWDGtDVGHVSXpVHUDQGHVWLQDGDVDOFRQVXPRGLDULRGH
JUDQR\YLQR8QDGHHOODVHQHVSHFLDOHUDWHQLGDHQJUDQDSUHFLRSRU/i]DUR\VXIDPLOLD+DEtD
VLGRUHVFDWDGDPXFKRVDxRVDWUiVHQODVFHUFDQtDVGHODFLXGDGGH+HEUyQ\KDEtDSHUWHQHFLGR
VHJ~Q HO VHOOR UHDO TXH SUHVHQWDED XQD GH VXV FXDWUR DVDV D ORV YLxHGRV UHDOHV (Q XQD
PLQXFLRVDLQVSHFFLyQSRVWHULRUSXGHFRUURERUDUTXHHQHIHFWRODWLQDMDHQFXHVWLyQSUHVHQWDED
XQUHJLVWURVXSHULRUFRQODVOHWUDVOPONTXHVLJQLILFDEDQSHUWHQHFLHQWHDOUH\6XFDSDFLGDG
VHQVLEOHPHQWHLQIHULRUDODGHODWLQDMDGHVWLQDGDDOWULJRHUDGHGRVEDWRVLVUDHOLWDV>@
6LHPSUHSHUPDQHFtDKHUPpWLFDPHQWHFHUUDGDFRQXQDWDSDGHEDUURVXMHWDDVXYH]FRQEDQGDVGH
WHOD
(O WHFKR GHO DSRVHQWR VLWXDGR D GRV PHWURV HVWDED FUX]DGR SRU VHLV YLJDV GH PDGHUD
SUREDEOHPHQWHFRQtIHUDV PX\ DEXQGDQWHVHQORV DOUHGHGRUHV 2WUDVSDUWHV WHFKDGDV GHODFDVD
H[FHSFLyQ KHFKD GH ODV WHUUD]DV SUHVHQWDEDQ XQD FRQVWUXFFLyQ PHQRV VyOLGD /D FXDGUD \ HO
DOPDFpQGHORVDSHURVSURSLRVGHOFDPSRSRUHMHPSORKDEtDQVLGRFXELHUWRVFRQPDWHULDOHVPX\
FRPEXVWLEOHVSDMDPH]FODGDFRQEDUUR\FDO(VWHWLSRGHWHFKXPEUHVHJ~QPHH[SOLFy/i]DUR
WHQtDXQJUDQLQFRQYHQLHQWH&DGDYH]TXHOORYtDHUDQHFHVDULRDOLVDUtDGHQXHYRFRQHOILQGH
FRQVROLGDU HO PDWHULDO GH OD VXSHUILFLH \ HYLWDU ODV JRWHUDV 3DUD HOOR VH YDOtDQ GH SHTXHxRV
URGLOORVGHSLHGUDGHXQRVVHVHQWDFHQWtPHWURVGHORQJLWXG
/i]DUR\ORVUHVWDQWHVKHEUHRVVHVLWXDURQHQWRUQRDOFUHSLWDQWHIXHJR\WRPDURQDVLHQWRVREUH
DOJXQDV GH ODV SLHOHV GH FDEUD TXH DOIRPEUDEDQ HO SLVR <R KLFH RWUR WDQWR \ PH GLVSXVH DO
GLiORJR
(QHVHPRPHQWRXQDPXMHUHQWUyHQODVDOD/OHYDEDHQVXPDQRL]TXLHUGDXQDIUiJLODVWLOOD
HQFHQGLGD6LQGHFLUSDODEUDIXHUHFRUULHQGRODVVHLVOiPSDUDVGHEDUURTXHFROJDEDQDORODUJR
GHODVEODQFDVSDUHGHV\TXHFRQWHQtDQDFHLWH7UDVSUHQGHUtDVWRPyXQDOXFHUQDWDPELpQGH
DUFLOODHLQWURGXMRODOODPDGHVXLPSURYLVDGDDQWRUFKDSRUODERFDGHOFDPSDQXGRUHFLSLHQWH
$O LQVWDQWH EURWy XQD OODPLWD DPDULOOHQWD /D PXMHU FRQ SDVR GLOLJHQWH VLWXy DTXHOOD OiPSDUD
SRUWiWLOVREUHHOH[WUHPRGHODPHVDPiVSUy[LPRDOJUXSR$FRQWLQXDFLyQVHDFHUFyDOKRJDU\
DUURMyVREUHODVEUDVDVORVUHVWRVGHODDVWLOOD\GRVEROLWDVGHDVSHFWRUHVLQRVR/DVFiSVXODVGH
FDxDItVWXOD XQ SHUIXPH HPSOHDGR FRQ IUHFXHQFLD HQWUH ORV KHEUHRV SUHQGLHURQ FRPR XQD
H[KDODFLyQLQYDGLHQGRHOUHFLQWRXQDURPDVXDYH\GXUDGHUR
'HSURQWRVLQDSHQDVFUHS~VFXORODRVFXULGDGOOHQyDTXHOKLVWyULFRDSRVHQWR
7HURJDPRVH[FXVHVQXHVWURUHFHORVROLFLWyXQRGHORVDPLJRVGH/i]DUR'HVGHTXHHO
VXPRVDFHUGRWH-RVpEHQ&DLIiV\PXFKRVGHORVDUFKLHUHLV>@GHO6DQHGUtQDFRUGDURQSRQHUILQ
DODYLGDGHO0DHVWURWRGDVQXHVWUDVSUHFDXFLRQHVVRQSRFDV
6DEHPRVTXHORVEHWXVLDQRV\HVELUURVGH%HQ%HED\>@WHUFLyRWURGHORVDVLVWHQWHVD
OD UHXQLyQ WLHQHQ yUGHQHV GH SUHQGHU D -HV~V /D ILHVWD GH OD 3DVFXD HVWi FHUFDQD \ QXHVWURV
LQIRUPDQWHV DVHJXUDQ TXH ORV EDVWRQHV \ SRUUDV GH OD SROLFtD GHO *UDQ 6DQHGUtQ HVWDUiQ
GLVSXHVWRVSDUDFDHUVREUHHOUDEt6yORDJXDUGDQXQDRSRUWXQLGDG
3RUTXp"LQWHUYLQHPRVWUDQGRYLYRVGHVHRVGHFRPSUHQGHU(O0DHVWURVHJ~QWHQJR
HQWHQGLGRHVKRPEUHGHSD]1XQFDKDKHFKRPDODQDGLH
/i]DUR GHELy QRWDU XQD HVSHFLDO YLEUDFLyQ HQ PL YR] $TXpO IXH HO SULPHU SDVR KDFLD OD
GHILQLWLYDDSHUWXUDGHVXFRUD]yQ
7~HUHVJULHJRUHVSRQGLyHOUHVXFLWDGRGiQGRPHDHQWHQGHUTXH\RLJQRUDEDPXFKDVGH
ODVFLUFXQVWDQFLDVTXHURGHDEDQDOUDEtGH*DOLOHD1RVpVLFRQRFHVODSURIHFtDTXHDFDULFLD\
FRQWHPSOD QXHVWUR SXHEOR GHVGH WLHPSRV UHPRWRV 8Q GtD QDFHUi HQ ,VUDHO XQ 0HVtDV TXH KDUi
OLEUHV D ORV KRPEUHV 3XHV ELHQ OD FDVWD VDFHUGRWDO FUHH \ KD KHFKR FUHHU DO SXHEOR TXH HVH
6DOYDGRUWHQGUiTXHVHUSULPHUR\VREUHWRGRXQVXPRVDFHUGRWH
(O0HVtDVGHEHUiVHUPLHPEURGHO*UDQ6DQHGUtQ"
(VRGLFHQHOORV/RVODUJRVDxRVGHGRPLQDFLyQH[WUDQMHUDKDQIRUWDOHFLGRODHVSHUDQ]DGH
HVH 0HVtDV FRQYLUWLpQGROR HQ XQ MHIH SROtWLFR TXH OLEHUH D ,VUDHO GHO \XJR URPDQR /RV
VDFHUGRWHV VDEHQ TXH HO 0DHVWUR SUHGLFD RWUR WLSR GH OLEHUDFLyQ \ SRU HVR OR FRQVLGHUDQ XQ
LPSRVWRU(VWRVHUtDVXILFLHQWHSDUDWHUPLQDUFRQODYLGDGH-HV~V3HURKD\PiV
/i]DUR VHJXtD REVHUYiQGRPH FRQ ORV RMRV EULOODQWHV SRU XQD SURJUHVLYD H LQFRQWURODEOH
FyOHUD
(VRV VHSXOFURV HQFDODGRV FRPR ORV OODPy HO 0DHVWUR QR SHUGRQDQ TXH -HV~V OHV KD\D
ULGLFXOL]DGR S~EOLFDPHQWH (V OD SULPHUD YH] HQ PXFKRV DxRV TXH DOJXLHQ OHV SODQWD FDUD
PLQDQGRVXLQIOXHQFLDVREUHHOSXHEORVHQFLOOR-HV~VFRQVXVSDODEUDV\VHxDOHVDUUDVWUDDODV
PXFKHGXPEUHV\HVRPXOWLSOLFDVXHQYLGLD\UHQFRU3RUHVRKDQMXUDGRPDWDUOH
3HURQRORFRQVHJXLUiQDSRVWLOOyRWURGHORVKHEUHRV
,QWHUURJXpD/i]DURFRQODPLUDGD4XpTXHUtDQGHFLUDTXHOODVURWXQGDVSDODEUDV"
(ODPLJRDPDGRGH-HV~VGHVYLyODFRQYHUVDFLyQ
3RUIDYRUGLVFXOSDQXHVWUDGHVFRUWHVtD$MX]JDUSRUHOSROYRGHWXVVDQGDOLDV\ODIDWLJD
GHWXURVWURGHEHVGHKDEHUFDPLQDGRPXFKR7HVXSOLFRTXHFRPRKHUPDQRQXHVWURDFHSWHV
PLKRVSLWDOLGDG
$TXHOEUXVFRJLURHQODFRQGXFWDGH/i]DURPHGHVFRQFHUWy3HUROHGHMpKDFHU
(OKRPEUHDEDQGRQyODHVWDQFLDUHJUHVDQGRDORVSRFRVPLQXWRVHQFRPSDxtDGHXQDPXMHU
0DUWDPLKHUPDQDPD\RUH[SOLFy/i]DURUHILULpQGRVHDODKHEUHDTXHOHDFRPSDxDED
WHODYDUiORVSLHV
(OFRUD]yQPHODWLyFRQIXHU]D<VLQFHUFLRUDUPHGHOHUURUTXHHVWDEDFRPHWLHQGRPHSXVH
HQ SLH (O UHVWR GHO JUXSR SHUPDQHFLy VHQWDGR (UD GHPDVLDGR WDUGH SDUD UHFWLILFDU 3URFXUp
VHUHQDU PLV QHUYLRV 1R SRGtD QHJDUPH D ORV UHTXHULPLHQWRV GH PL DQILWULyQ +XELHUD VLGR
FRQVLGHUDGRFRPRXQLQVXOWRDODUUDLJDGRVHQWLGRRULHQWDOGHODKRVSLWDOLGDG$VtTXHFRORFDQGR
PLV PDQRV VREUH ORV KRPEURV GHO UHVXFLWDGR OH VRQUHt DJUDGHFLpQGROH VX GHOLFDGH]D OR PHMRU
TXHVXSH
1R WXYH FDVL WLHPSR GH ILMDUPH HQ 0DUWD OD VHxRUD SXHVWR TXH pVWH HV HO YHUGDGHUR
VLJQLILFDGR GH GLFKR QRPEUH$QWHV GH TXH VX KHUPDQR KXELHUD WHUPLQDGR GH KDEODU \D KDEtD
WUDVSDVDGRHOXPEUDOGHODVDODSHUGLpQGRVHHQHOSDWLRSRUWLFDGR
/i]DURPHURJyTXHWRPDUDDVLHQWRVREUHXQRGHORVSHTXHxRV\GHVSHUGLJDGRVWDEXUHWHVGH
FXDWURSDWDV\DVLHQWRGHPLPEUHTXHURGHDEDQODPHVD
$ORVFLQFRPLQXWRVODILJXUDGH0DUWDVHUHFRUWDEDQXHYDPHQWHHQODSXHUWD6XMHWDEDHQODV
PDQRVXQOHEULOORYDFtR\GHVXDQWHEUD]RL]TXLHUGRFROJDEDXQODUJROLHQ]REODQFR/HVHJXtDXQ
QLxRFRQXQDMDUUDGHEURQFHOOHQDGHDJXD
&RPRVLVHWUDWDUDGHXQKiELWRGHORPiVUXWLQDULRODKHUPDQDPD\RUGH/i]DURGHSRVLWyHO
EDUUHxR DPLV SLHVFLxpQGRVH OR TXH KR\OODPDUtDPRV WRDOOD0HDSUHVXUp DVROWDU ODVWLUDV GH
FXHURTXHIRUPDEDQORVFRUGRQHVGHPLVVDQGDOLDVPLHQWUDVODPXMHUYDFLDEDSDUWHGHOFRQWHQLGR
GH OD MDUUD HQ HO OHEULOOR $O LQWURGXFLU ORV SLHV HQ OD DQFKD YDVLMD GH EDUUR H[SHULPHQWp XQD
UHFRQIRUWDQWHVHQVDFLyQ(ODJXDHVWDEDFDOLHQWH
*UDFLDVPXUPXUp0XFKDVJUDFLDV
0DUWDOHYDQWyHOURVWUR\VRQULyGHMDQGRDOGHVFXELHUWRXQKLORGHRURTXHVHUYtDSDUDVXMHWDU
DOJXQRV GLHQWHV SRVWL]RV $TXHO HUD RWUR VLJQR LQHTXtYRFR GH OD DFRPRGDGD SRVLFLyQ GH OD
IDPLOLD
0LHQWUDV OD PXMHU SURFHGtD D OD OLPSLH]D GH PLV GRORULGRV SLHV ODV FXDWUR YXHOWDV GH ORV
FRUGRQHV KDEtDQ GHMDGR RWUDV WDQWDV PDUFDV URML]DV HQ OD SLHO SURFXUp REVHUYDUOD FRQ
GHWHQLPLHQWR6LQGXGD0DUWDHUDPD\RUTXH/i]DUR$SDUHQWDEDHQWUH\DxRV6XVPDQRV
UREXVWDV \ HQFDOOHFLGDV UHIOHMDEDQ XQD LQWHQVD \ ODUJD YLGD GH WUDEDMR (UD GH XQD WDOOD PX\
VLPLODU D OD GH VX KHUPDQR DOUHGHGRU GH PHWURV SHUR PiV JUXHVD \ FRQ XQ URVWUR
UHGRQGR \ FXUWLGR 'HGXMH TXH VXV FDEHOORV FXELHUWRV SRU XQ YHOR QHJUR TXH FDtD KDVWD OD
HVSDOGDGHEtDQVHUQHJURVDOLJXDOTXHVXVRMRV\ODVFHMDV
8QDYH]FRQFOXLGRHOODYDWRULR0DUWDHQYROYLyPLVSLHVHQHOOLHQ]RFRQHOTXHVHFHxtDOD
FLQWXUD \ IXH SUHVLRQDQGR HO VXDYH WHMLGR SUREDEOHPHQWH GH DOJRGyQ KDVWD TXH DPEDV
H[WUHPLGDGHVTXHGDURQFRPSOHWDPHQWHVHFDV7RPyODVVDQGDOLDV\DQWHPLVRUSUHVDVHODVSDVy
DOPXFKDFKLWR*XDUGpVLOHQFLRLPDJLQDQGRTXHODEXHQDPXMHUWUDWDEDGHDVHDUODV
&XDQGR SHQVDED TXH OD RSHUDFLyQ KDEtD WHUPLQDGR 0DUWD PH URJy TXH DUUHPDQJDUD ODV
PDQJDV GH PL W~QLFD 2EHGHFt \ FRQ VXPD GHOLFDGH]D WRPy PLV PDQRV VLWXiQGRODV VREUH HO
OHEULOOR9HUWLyVREUHHOODVHOUHVWRGHODJXDTXHFRQWHQtDODMDUUDLQYLWiQGRPHDTXHODVIURWDUD
HQpUJLFDPHQWH3RU~OWLPRODVVHFyUHWLUDQGRDXQODGRHOEDUUHxR(QHVHLQVWDQWHODVHxRUD
GHODFDVD TXHVHJXtD DUURGLOODGD IUHQWHD Pt HFKy PDQR GHXQFRUGRQFLWRTXH URGHDEDVX
FXHOORH[WUD\HQGRGHHQWUHVXVSHFKRVXQDEROVLWDGHWHODFRORUD]DEDFKH/DDEULyYROFDQGRHO
FRQWHQLGRVREUHODSDOPDGHVXPDQRL]TXLHUGD6HWUDWDEDGHXQSXxDGRGHVXDYHV\GLPLQXWRV
JUiQXORVFRQIRUPDGHOiJULPDVTXHGHVWHOODEDQDODOX]GHORVFDQGLOHV0DUWDIURWyDTXHOOD
VXVWDQFLDGHDVSHFWRJRPRUUHVLQRVRVREUHFDGDXQRGHPLVSLHV'HVSXpVKL]RRWURWDQWRFRQPLV
PDQRVGHYROYLHQGRHORORURVRSURGXFWRDODEROVD
1RSXGHFRQWHQHUPLFXULRVLGDG\OHSUHJXQWpHOQRPEUHGHDTXHOSHUIXPH
(VPLUUD(QORVGtDVTXHVLJXLHURQDPLVDOLGDGHOPyGXORSXGHVDEHUTXHPXFKDVGHODV
PXMHUHVLVUDHOLWDVHQHVSHFLDOODVGHODVFODVHVPHGLD\DOWDOOHYDEDQEDMRVXW~QLFDDOLJXDO
TXH 0DUWD VHQGDV EROVLWDV FRQ PLUUD (OOR OHV SURSRUFLRQDED XQD SHUPDQHQWH \ JUDWtVLPD
IUDJDQFLD 7DQWR OD PLUUD FRPR HO iORH OD KLHUED GHO EiOVDPR \ RWUDV UHVLQDV DURPiWLFDV HUDQ
FRQVXPLGDVFRQJUDQSURIXVLyQSRUHOSXHEORMXGtRTXHODVXWLOL]DEDQRVyORSDUDDURPDWL]DUORV
WHPSORVVLQRHQHODVHRSHUVRQDOHQHOKRJDUHLQFOXVRHQHOOHFKR>@
0DUWD\HOQLxRDEDQGRQDURQODHVWDQFLD\\RDJUDGHFLGR\DOLYLDGRPHLQFRUSRUpDOJUXSR
/i]DURDWL]DEDHOIXHJR(QPLPHQWHEXOOtDQWDQWDVSUHJXQWDVTXHQRVXSHSRUGyQGHUHDQXGDUOD
FRQYHUVDFLyQ 'HVHDED FRQRFHU OD GRFWULQD \ OD SHUVRQDOLGDG GHO 0DHVWUR GH *DOLOHD SHUR
WDPELpQ VHQWtD XQD DJXGD FXULRVLGDG SRU DTXHO HMHPSODU ~QLFR XQ KHEUHR GHYXHOWR D OD YLGD
GHVSXpVGHPXHUWR\HQWHUUDGR&RPRWDPSRFRHUDFXHVWLyQGHGHVSHUGLFLDUDTXHOODLQPHMRUDEOH
RFDVLyQ SURJUDPDGD DGHPiV HQ HO HVTXHPD GH WUDEDMR GHO JHQHUDO &XUWLVV URJXp D PL
DPDEOHDQILWULyQTXHPHVDFDUDGHDOJXQDVGXGDVHQWRUQRDOFRQRFLGRPLODJURGH-HV~V(QPL
FDOLGDGGHPpGLFR\DSHVDUGHORVWH[WRVHYDQJpOLFRV\GHORVQXPHURVRVFRPHQWDULRVTXHKDEtD
UHFRJLGR KDVWD HVH PRPHQWR PH UHVXOWDED PX\ GLItFLO LPDJLQDU VLTXLHUD TXH DTXHO KRPEUH
KXELHUDVXIULGRORTXHKR\FRQRFHPRVSRUPXHUWHFOtQLFD\TXHSDUDFROPRYDULRVGtDVGHVSXpV
GHVXIDOOHFLPLHQWRRWURKRPEUHOHKXELHUDUHVFDWDGRGHOVHSXOFUR
4XpHVORTXHGHVHDVFRQRFHU"UHSXVR/i]DURVLQGHMDUGHUHPRYHUHOIRJyQ
$XQDULHVJRGHSDUHFHULPSHUWLQHQWHSODQWHpPLSULPHUDGXGDFRQODVXILFLHQWHDVWXFLDFRPR
SDUDSURYRFDUODORFXDFLGDGGHORVDOOtUHXQLGRV
1RSXGRVXFHGHUTXHHVWXYLHUDVGRUPLGR"
/i]DURROYLGyODFKLPHQHD\PLUiQGRPHFRQGXUH]DUHSOLFy
(VPHMRUTXHVHDQpVWRVTXLHQHVUHVSRQGDQDHVDFXHVWLyQ
6XV DPLJRV JXDUGDURQ VLOHQFLR 3RU XQ PRPHQWR OOHJXp D SHQVDU TXH KDEtD IRU]DGR OD
VLWXDFLyQ3HURILQDOPHQWHXQRGHHOORVHQWRQRFRPSUHQVLYRWRPyHOKLORGHODFRQYHUVDFLyQ
(VQDWXUDOTXHGXGHV7~FRPRRWURVPXFKRVQRHVWDEDVDTXtFXDQGRHQORV~OWLPRVGtDV
GHIHEUHURQXHVWURKHUPDQR/i]DURIXHSUHVDGHLQWHQVDVILHEUHV$SHVDUGHORVFXLGDGRVGHVXV
KHUPDQDV\GHODVSUHVFULSFLRQHVGHORVVDQJUDGRUHVYHQLGRVGH-HUXVDOpQHOPDOIXHHQDXPHQWR
6X GHELOLGDG OOHJy D WDO H[WUHPR TXH QR HUD FDSD] GH VRVWHQHU XQD HVFXGLOOD GH OHFKH HQWUH ODV
PDQRV
1L VLTXLHUD HO PpGLFR GHO WHPSOR %HQ $MtD >@ SXGR UHPHGLDUOH (O 0DHVWUR QR VH
HQFRQWUDED HQ DTXHOODV IHFKDV HQ -XGHD \ OD IDPLOLD D OD YLVWD GH WDQ JUDYH GROHQFLD WRPy OD
GHFLVLyQGHHQYLDUXQPHQVDMHURSDUDURJDUOHTXHVDQDUDDVXDPLJR6LQHPEDUJRDODVSRFDV
KRUDVGHODSDUWLGDGHOMLQHWH/i]DURPXULy
5HFRUGiLVODIHFKD"LQWHUYLQH
&yPRROYLGDUHOGtDGHOIDOOHFLPLHQWRGHXQDPLJR"(OGXHORFD\yVREUHHVWDFDVDHQODV
~OWLPDVKRUDVGHODWDUGHGHOGRPLQJRGHPDU]R
(VRVLJQLILFDLQWHUUXPStGHQXHYRDPLLQWHUORFXWRUTXHHOPHQVDMHUROOHJyKDVWD-HV~V
FXDQGR/i]DUR\DKDEtDPXHUWR
(IHFWLYDPHQWH(OUDEtVHHQFRQWUDEDHQWRQFHVHQODFLXGDGGH%HWKDEDUDHQOD3HUHD>@\
DXQTXHHOHPLVDULRFDEDOJyWRGDODQRFKH-HV~VQRUHFLELyODQRWLFLDKDVWDHOGtDVLJXLHQWHOXQHV
+D\DOJRTXHQRHQWLHQGR(OPHQVDMHURWHQtDRUGHQGHURJDUDO0DHVWURTXHDFXGLHUDD
%HWDQLD"
1R/DVKHUPDQDVGH/i]DURWLHQHQODVXILFLHQWHIHHQHOUDEtFRPRSDUDVDEHUTXHQRHUD
QHFHVDULDVXSUHVHQFLD(OODVHUDQFRQVFLHQWHVGHTXH-HV~VVHKDOODEDSUHGLFDQGR\TXHEDVWDUtD
XQD VROD SDODEUD VX\D SDUD VDQDU D VX KHUPDQR 3RU HVR DO PRULU /i]DUR SRFR GHVSXpV GH OD
SDUWLGDGHOPHQVDMHURWRGRHOPXQGRFRPSUHQGLy\DFHSWyTXHHUDGHPDVLDGRWDUGH
/RTXHVtUHVXOWyLQFRPSUHQVLEOHLQFOXVRSDUD0DUWD\0DUtDSURVLJXLyPLUHODWRUFRQOD
YR]WUpPXODSRUHOWULVWHUHFXHUGRGHDTXHOORVPRPHQWRVIXHODUHVSXHVWDGH-HV~VDOHPLVDULR
&XDQGRpVWHUHJUHVyD%HWDQLDHQODPDxDQDGHOPDUWHVDVHJXUyXQD\RWUDYH]TXHKDEtDRtGR
GHFLUDOUDEtTXHDTXHOODHQIHUPHGDGQROOHYDEDDODPXHUWH7RGRVFRPRWHGLJRFUH\HQWHVR
QRTXHGDPRVGHVFRQFHUWDGRV1DGLHDFHUWDEDDFRPSUHQGHUSRUTXp-HV~VHOJUDQDPLJRGHOD
IDPLOLDQRGDEDVHxDOHVGHYLGD
$OFRQRFHUVHODQRWLFLDGHODPXHUWHGH/i]DURPXFKRVGHVXVIDPLOLDUHV\DPLJRVGHODV
DOGHDVSUy[LPDVDVtFRPRGH-HUXVDOpQVHSXVLHURQHQFDPLQR\DFRPSDxDPRVDODVKHUPDQDVHQ
WDQ WULVWHPRPHQWR &XPSOLGDOD SULPHUD SDUWH GHOD QRUPDWLYDVREUHHO OXWR>@QXHVWURDPLJR
IXHVHSXOWDGRMXQWRDVXVSDGUHVHQODWXPEDIDPLOLDUH[LVWHQWHDOILQDOGHOMDUGtQ
8QPRPHQWRLQWHUYLQHGHQXHYR/i]DURIXHHQWHUUDGRDTXtHQVXSURSLDFDVD"
6tHQHOSDQWHyQGHVXVPD\RUHV
$XQTXH PL SUHJXQWD GHELy SDUHFHU LQWUDVFHQGHQWH SDUD Pt HQFHUUDED XQ LQGXGDEOH YDORU
6HJ~QWRGRVORVWH[WRVEtEOLFRVSRUPLFRQVXOWDGRVDQWHVGHOD2SHUDFLyQ&DEDOORGH7UR\DHO
VHSXOFURGH/i]DURKDEtDVLGRXELFDGRSRUORVH[pJHWDVIXHUDGHOSXHEOR\FRQFUHWDPHQWHHQOD
IDOGDRULHQWDOGHOPRQWH2OLYHWH$ODPDxDQDVLJXLHQWHODKHUPDQDPD\RUGH/i]DURDSHWLFLyQ
PtDPHFRQGXFLUtDKDVWDODJUXWDQDWXUDOTXHVHDEUtDDOSLHGHXQSHxDVFRGHXQRVGLH]PHWURVGH
DOWXUD D SRFR PiV GH FXDWURFLHQWRV PHWURV GH OD SDUWH SRVWHULRU GH OD FDVD \ HQ HO IRQGR GHO
IURQGRVR KXHUWR TXH IRUPDED OD KDFLHQGD $TXHOOD FRPSUREDFLyQ GHVSHMy PLV GXGDV
IRUWDOHFLHQGRPLSULPHUDLPSUHVLyQVREUHODGHVDKRJDGDSRVLFLyQHFRQyPLFDGHODIDPLOLDTXH
KDEtD KHUHGDGR GH VXV SDGUHV DPSOLDV ]RQDV GH YLxHGRV \ ROLYRV (O KHFKR LQGLVFXWLEOH GH
GLVSRQHULQFOXVRGHVXSURSLRSDQWHyQIDPLOLDUGHQWURGHOUHFLQWRGHVXFDVDKDEODEDSRUVtVROR
GHODULTXH]DGHORVKHUPDQRV
4XpGtDIXHVHSXOWDGR/i]DUR"
(OMXHYHVGHPDU]RSRUODPDxDQD$OFXPSOLUVHORVWUHVGtDVHVWDEOHFLGRVSRUODOH\OD
IDPLOLD\DPLJRVGHSRVLWDPRVORVUHVWRVGH/i]DURHQXQRGHORVOHFKRVGHSLHGUDH[FDYDGRHQOD
JUXWD\SURFHGLPRVDFHUUDUODERFDFRQODORVD
0LVLQIRUPDQWHVVHUHILULHURQDFRQWLQXDFLyQDODGLItFLOVLWXDFLyQSRUODTXHDWUDYHVDEDQODV
KHUPDQDV GHO IDOOHFLGR $ SHVDU GH ORV QXPHURVRV DPLJRV \ SDULHQWHV TXH KDEtDQ DFXGLGR D
FRQVRODUODV0DUtD\ODVHxRUDVHKDOODEDQVXPLGDVHQXQSURIXQGRGRORU$OJRVLQHPEDUJR
ODVGLIHUHQFLDEDPLHQWUDV0DUtDSDUHFtDKDEHUSHUGLGRWRGDHVSHUDQ]D0DUWDVLJXLyDIHUUDGDD
XQDLGHDHO0DHVWURWHQtDTXHDSDUHFHUGHXQPRPHQWRDRWUR<DXQTXHQRVDEtDPX\ELHQTXp
SRGtD KDFHU HO UDEt D HVWDV DOWXUDV FRQ VX KHUPDQR PXHUWR \ DPRUWDMDGR OD VHxRUD YLYLy
DTXHOORVFDVLFXDWURGtDVFRQHOIHUYLHQWHGHVHRGHYHUDSDUHFHUD-HV~V6XIHHQHO0DHVWURHUD
WDO TXH DTXHOOD PLVPD PDxDQD GHO MXHYHV FXDQGR OD WXPED IXH FHUUDGD SLGLy D XQD YHFLQD GH
%HWDQLDTXHVHVLWXDUDHQORDOWRGHXQDFROLQDDOHVWHGHODDOGHDFRQHOILQGHYLJLODUHOFDPLQR
TXHFRQGXFHD-HULFy\SRUHOTXHGHEHUtDOOHJDUHOUDEtGH*DOLOHD$ODVSRFDVKRUDVODMRYHQ
LUUXPSLyHQODFDVDGH/i]DURDGYLUWLHQGRHQVHFUHWRD0DUWDGHODLQPLQHQWHOOHJDGDGH-HV~V\
VXVGLVFtSXORV
3RFRGHVSXpVGHOPHGLRGtDODVHxRUDVHUHXQLyFRQHO1D]DUHQRHQORDOWRGHODFROLQD
0DUWD DO YHU D -HV~V VH DUURMy D VXV SLHV GDQGR ULHQGD VXHOWD D VXV OiJULPDV DO WLHPSR TXH
H[FODPDED HQWUH JUDQGHV JULWRV 0DHVWUR GH KDEHU HVWDGR DTXt PL KHUPDQR QR KXELHUD
PXHUWR
-HV~VHQWRQFHVVHLQFOLQy\WUDVOHYDQWDUODOHGLMR7HQIH\WXKHUPDQRUHVXFLWDUi
<0DUWDTXHQRVHKDEtDDWUHYLGRDFULWLFDUODDSDUHQWHPHQWHLQFRPSUHQVLEOHDFWXDFLyQGHO
0DHVWURFRQWHVWy6pTXHUHVXFLWDUiHQODUHVXUUHFFLyQGHO~OWLPRGtD\GHVGHDKRUDFUHRTXH
QXHVWUR3DGUHWHGDUiWRGRDTXHOORTXHOHSLGDV
(OUDEtFRORFyVXVPDQRVVREUHORVKRPEURVGHODPXMHU\PLUiQGRODILMDPHQWHDORVRMRVOH
GLMR<RVR\ODUHVXUUHFFLyQ\ODYLGD
/DVOiJULPDVVHJXtDQFRUULHQGRSRUODVPHMLOODVGHODKHUPDQDGH/i]DUR\-HV~VSURVLJXLy
$TXHOTXHFUHDHQPtYLYLUiDSHVDUGHTXHPXHUD(QYHUGDGWHGLJRTXHTXLHQYLYDFUH\HQGR
HQPtQXQFDPRULUiUHDOPHQWH0DUWDFUHHVHVWR"
/DPXMHUDVLQWLyFRQODFDEH]D\WUDVVHFDUVHORVRMRVDxDGLy
6tGHVGHKDFHPXFKRWLHPSRFUHRTXHHUHVHO/LEHUWDGRUHO+LMRGH'LRVYLYRHOTXH
WLHQHTXHYHQLUDHVWHPXQGR
/RVFRPSDxHURVGH/i]DURSURVLJXLHURQVXUHODWRH[SRQLHQGRODH[WUDxH]DGHO0DHVWURDOQR
YHUD0DUtDMXQWRDVXKHUPDQD/DVHxRUDTXHKDEtDUHFXSHUDGR\DVXWHPSOHKDELWXDOH[SOLFy
D-HV~VHOSURIXQGR\GRORURVRWUDQFHSRUHOTXHDWUDYHVDED0DUtD<HO1D]DUHQROHURJyTXH
IXHUDDDYLVDUOD
0DUWD HQWUy GH QXHYR HQ OD FDVD \ WRPDQGR DSDUWH D VX KHUPDQD OH GLR OD QRWLFLD GH OD
OOHJDGDGHO0DHVWUR
0LVLQWHUORFXWRUHVGHELHURQQRWDUPLH[WUDxH]DDQWHHVWHJHVWRGHODKHUPDQDPD\RUGH/i]DUR
\DGHQWUiQGRVHDPLVSHQVDPLHQWRVDFODUDURQ
(QWUH ODV QXPHURVDV SHUVRQDV TXH KDEtDQ DFXGLGR KDVWD HVWD FDVD VH FRQWDEDQ DOJXQRV
HQHPLJRV GH -HV~V 0DUWD SURFXUDQGRHYLWDU FXDOTXLHU LQFLGHQWHHVWLPyRSRUWXQRQR KDEODU HQ
S~EOLFRGHODUHFLHQWHOOHJDGDD%HWDQLDGHOUDEt(VPiVVXLQWHQFLyQIXHSHUPDQHFHUHQODFDVD
FRQORVDPLJRV\IDPLOLDUHVPLHQWUDV0DUtDDFXGtDHQEXVFDGH-HV~V3HURODV~ELWDHLPSHWXRVD
VDOLGD GH OD KHUPDQD PHQRU DODUPy D ORV SUHVHQWHV TXH OD VLJXLHURQ FUH\HQGR TXH 0DUtD VH
GLULJtDDODWXPEDGHVXKHUPDQR
&XDQGR 0DUtD OOHJy KDVWD HO 0DHVWUR VH DUURMy LJXDOPHQWH D VXV SLHV H[FODPDQGR 'H
KDEHU HVWDGR W~ DTXt PL KHUPDQR QR KXELHUD PXHUWR (O JUXSR DO YHU D -HV~V FRQ ODV GRV
KHUPDQDV SHUPDQHFLy D XQD SUXGHQFLDO GLVWDQFLD (Q DTXHOORV PRPHQWRV PLHQWUDV HO UDEt ODV
FRQVRODEDPXFKRVGHORVDPLJRV\SDULHQWHVUHDQXGDURQVXVODPHQWDFLRQHV\JHPLGRV
(OVROKDEtDHPSH]DGR\DDGHVSOD]DUVHKDFLDHORHVWHFXDQGR-HV~VSUHJXQWyD0DUWD\D
0DUtD'yQGHHVWi"/DVHxRUDOHUHVSRQGLy9HQ\YHUiV<ODVKHUPDQDVOHFRQGXMHURQ
KDVWDODKDFLHQGDDWUDYHVDQGRHOKXHUWR&XDQGRHVWXYLHURQIUHQWHDODJUDQSHxD0DUWDOHVHxDOy
OD ORVD TXH FHUUDED HO SDQWHyQ IDPLOLDU PLHQWUDV 0DUtD SUHVD GH XQ QXHYR DWDTXH VH
DUURGLOODEDDORVSLHVGHO*DOLOHRVROOR]DQGR\KXQGLHQGRHOURVWURHQODWLHUUD6HKL]RXQJUDQ
VLOHQFLR\ORVTXHHVWiEDPRVFHUFDGHOUDEtYLPRVFyPRVXVRMRVVHKXPHGHFtDQ\YDULDVOiJULPDV
FRUULHURQSRUVXVPHMLOODV8QRGHORVDPLJRVGH-HV~VDOYHUOHOORUDUH[FODPy9HGFyPROH
TXHUtD$TXHOTXHKDDELHUWRORVRMRVDORVFLHJRVQRSRGUtDLPSHGLUTXHHVWHKRPEUHPXHUD"
3HUR RWURV GH ORV DOOt FRQJUHJDGRV LPSODFDEOHV GHWUDFWRUHV GHO 0DHVWUR DSURYHFKDURQ
DTXHOODRSRUWXQLGDGSDUDULGLFXOL]DUD-HV~VGLFLHQGR6LWHQtDHQWDQDOWDHVWLPDDHVWHKRPEUH
SRUTXpQRKDVDOYDGRDVXDPLJR"'HTXpVLUYHFXUDUHQ*DOLOHDDH[WUDxRVVLQRSXHGHVDOYDU
DORVTXHDPD"
-HV~VVLQHPEDUJRSHUPDQHFLyHQVLOHQFLR(QWRQFHVOHYDQWDQGRD0DUtDODHVWUHFKyHQWUH
VXVEUD]RVDOLYLDQGRVXDIOLFFLyQ
4XpKRUDHUD"
)DOWDED PX\ SRFR SDUD OD QRQD (Q HVH PRPHQWR HO UDEt GLULJLpQGRVH D DOJXQRV GH VXV
GLVFtSXORV OHV RUGHQy /HYDQWDG OD SLHGUD 3HUR 0DUWD DGHODQWiQGRVH KDFLD HO 0DHVWUR OH
SUHJXQWy
'HEHPRVPRYHUODSLHGUDGHFRVWDGR"
,QWHUURJXpD ORVDPLJRVGH /i]DURVREUH HOVLJQLILFDGR GHDTXHOOD SUHJXQWDGHODVHxRUD
6LQFHUDPHQWHQRWHUPLQDEDGHFRPSUHQGHU4XpKDEtDTXHULGRGHFLU"
0DUWDDOLJXDOTXHHOUHVWRGHORVDOOtSUHVHQWHVPHH[SOLFDURQHQWHQGLPRVTXH-HV~V
GHVHDEDYHUD/i]DURSRU~OWLPDYH]$XQTXHWRGRVFUHtDPRVHQODUHVXUUHFFLyQGHORVPXHUWRV
QLQJXQR QLVLTXLHUD 0DUWD LPDJLQDPRVFXiOHVHUDQ HQUHDOLGDGODVYHUGDGHUDV LQWHQFLRQHV GHO
UDEt 3RU HVR OD VHxRUD FUH\y TXH VHUtD VXILFLHQWH FRQ UHWLUDU SDUFLDOPHQWH OD ORVD 'H HVWD
IRUPDHO0DHVWURKXELHUDSRGLGRDVRPDUVHDODVHSXOWXUD\FRQWHPSODUHOFDGiYHUGHVXDPLJR
/D KHUPDQD PD\RU GH /i]DUR VLQ HPEDUJR LQWHQWy SHUVXDGLU D -HV~V GLFLpQGROH 0L
KHUPDQRKDPXHUWRKDFH\DFXDWURGtDV/DGHVFRPSRVLFLyQGHOFXHUSRVHKDLQLFLDGR
/RV FLQFR KRPEUHV TXH VH GLVSRQtDQ D GHVSOD]DU OD SLHGUD PLUDURQ D 0DUWD VLQ VDEHU TXp
KDFHU3HUR-HV~VTXHVHKDEtDVLWXDGRIUHQWHDHOORV\HQXQWRQRTXHQRGHMDEDOXJDUDGXGDV
UHSURFKyODOyJLFDLQVLQXDFLyQGHODVHxRUD
1R RV KH PDQLIHVWDGR GHVGH HO SULQFLSLR TXH HVWD HQIHUPHGDG QR HUD PRUWDO" 1R KH
YHQLGRDFXPSOLUPLSURPHVD"<GHVSXpVGHKDEHURVYLVWRQRKHGLFKRTXHVLFUHpLVYHUpLVOD
JORULDGH'LRV"3RUTXpGXGiLV"&XiQWRWLHPSRQHFHVLWiLVSDUDFUHHU\REHGHFHU"
0DUWDPLUyILMDPHQWHDO0DHVWUR\HQXQRGHVXVWtSLFRVDUUDQTXHVDQLPyDORVDSyVWROHV\
YHFLQRVGH%HWDQLDTXHVHKDEtDQEULQGDGRDVHSDUDUODSLHGUDSDUDTXHDEULHUDQODFDYHUQD
(OHVSHVRVLOHQFLRTXHGyURWRSRUHOJHPLGRGHODORVDFLUFXODUDOUR]DUVREUHODURFD\SRU
ORV HQWUHFRUWDGRV JULWRV GH DOLHQWR TXH SURIHUtDQ ORV YROXQWDULRV HQ VX HVIXHU]R SRU HFKDU D XQ
ODGRHOSHVDGRFLHUUH$OFXDUWRRTXLQWRLQWHQWRODERFDGHODWXPEDTXHGyDOGHVFXELHUWR
1XHVWURUDEtOHYDQWyHQWRQFHVORVRMRVKDFLDHOD]XOGHDTXHODWDUGHFHU\H[FODPyGHIRUPD
TXHWRGRVSXGLpUDPRVRtUOH
3DGUH>@WHDJUDGH]FRTXHKD\DVRtGRPLUXHJR6pTXHVLHPSUHPHHVFXFKDVSHURD
FDXVDGHORVTXHHVWiQMXQWRDPtKDEORFRQWLJRSDUDTXHFUHDQTXHPHKDVHQYLDGRDOPXQGR\
VHSDQTXHLQWHUYLHQHVFRQPLJRHQHODFWRTXHQRVGLVSRQHPRVDUHDOL]DU
$FWRVHJXLGRFODYyVXURGLOODL]TXLHUGDHQWLHUUD\DVRPiQGRVHDODJDOHUtDTXHFRQGXFHDOD
FiPDUDIXQHUDULDJULWyFRQIXHU]D
/i]DUR$FpUFDWHDPt
(OHFRUHVRQyHQHOLQWHULRUGHODFXHYDPLHQWUDVODVFXDUHQWDRFLQFXHQWDSHUVRQDVTXHDOOt
HVWiEDPRVVHQWLPRVXQHVFDORIUtR
$OJXQRV GH ORV PiV SUy[LPRV DO 0DHVWUR QRV DVRPDPRV D OD WXPED \ SHUFLELPRV HQ OD
SHQXPEUDGHOIRVRODIRUPDGH/i]DURIXHUWHPHQWHIDMDGRFRQWLUDVGHOLQREODQFR\UHSRVDQGR
HQHOQLFKRLQIHULRUGHUHFKRGHOSDQWHyQ
0DUtDDVXVWDGDVHDEUD]yDVXKHUPDQD1XQFDXQVLOHQFLRIXHWDQGUDPiWLFR
'XUDQWH XQ FRUWR HVSDFLR GH WLHPSR WRGRV FRQWXYLPRV OD UHVSLUDFLyQ$XQTXH PXFKRV GH
QRVRWURV KDEtDPRV VLGR WHVWLJRV GH RWURV SURGLJLRV GHO UDEt OD SDOSDEOH \ FUXGD UHDOLGDG GH
DTXHOORVFXDWURGtDVGHHQWHUUDPLHQWRQRVKDFtDGXGDU
4XpLEDDVXFHGHU"
$TXHO GHVDFRVWXPEUDGR VLOHQFLR VH KDEtD SURSDJDGR LQFOXVR D ORV DOUHGHGRUHV /DV
SULPHUDV \ IDPLOLDUHV JRORQGULQDV KDEtDQ GHVDSDUHFLGR GHO FLHOR \ KDVWD HO IXHUWH YLHQWR WDQ
SURSLRGHHVWDpSRFDVHKDEtDFDOPDGRLQH[SOLFDEOHPHQWH
'H SURQWR HO 0DHVWUR GLR XQ SDVR DWUiV 3RU ODV HVFDOHUDV TXH FRQGXFHQ D OD ERFD GH OD
FXHYD DSDUHFLy XQ EXOWR 0DUtD ODQ]y XQ JULWR GHVJDUUDGRU \ FD\y GHVPD\DGD ,QVWLQWLYDPHQWH
WRGRVUHWURFHGLPRV
8Q KRPEUH FXELHUWR SRU XQ OLHQ]R SXJQDED SRU VDOLU DO H[WHULRU 3HUR VXV PDQRV \ SLHV
HVWDEDQDWDGRVFRQYHQGDV\HVWRGLILFXOWDEDVXPDUFKD
'H OD VRUSUHVD VH SDVy DO WHUURU \ OD PD\RUtD GH ORV KRPEUHV \ PXMHUHV KX\HURQ SRU HO
MDUGtQHQWUHDODULGRV\FDtGDV
(UD/i]DUR
$ GXUDV SHQDV DSR\iQGRVH HQ VXV FRGRV \ PDQRV DTXHO EXOWR IXH DUUDVWUiQGRVH SRU ODV
K~PHGDV HVFDOLQDWDV GH SLHGUD KDVWD DOFDQ]DU ORV ~OWLPRV SHOGDxRV $OOt VH GHWXYR MDGHDQWH
PLHQWUDVXQVXGRUIUtRQRVUHFRUUtDHOURVWUR
3HURQDGLHQLVLTXLHUD0DUWDVHDWUHYLyDGDUXQVRORSDVRKDFLDHOUHVXFLWDGR
-HV~VFRPSUHQGLyQXHVWURSiQLFR\GLULJLpQGRVHDODVHxRUDRUGHQyTXHOHTXLWiUDPRVOD
WLUDVGHWHOD\TXHOHGHMiUDPRVFDPLQDU
&RQ ORV RMRV DUUDVDGRV HQ OiJULPDV 0DUWD VH DSUR[LPy YDOLHQWHPHQWH SURFHGLHQGR D
GHVDWDUSULPHURODVYHQGDVTXHRSULPtDQVXVPXxHFDV$FRQWLQXDFLyQVLQHVSHUDUDOLEHUDUOHGH
ODVDWDGXUDVGHORVWRELOORVUDVJyODViEDQD\GHMyDOGHVFXELHUWRHOURVWURGHVXKHUPDQR7HQtD
ORVRMRVPX\DELHUWRV\ODID]EODQFDFRPRODFDO
8QDYH]OLEHUDGR/i]DURVDOXGyDO0DHVWUR\DVXVGLVFtSXORVLQWHUURJDQGRDVXKHUPDQD
0DUWD VREUH HO VLJQLILFDGR GH DTXHOODV URSDV IXQHUDULDV \ SRU TXp VH KDEtD GHVSHUWDGR HQ HO
MDUGtQ0LHQWUDVODVHxRUDOHUHIHUtDVXPXHUWHHQWHUUDPLHQWR\UHVXUUHFFLyQ-HV~VGLRPHGLD
YXHOWD \ FRQ VX KDELWXDO VHUHQLGDG VH LQFOLQy OHYDQWDQGR HO FXHUSR GH 0DUtD /D PXFKDFKD QR
KDEtDUHFREUDGRD~QHOVHQWLGR\HO0DHVWURROYLGiQGRVHSRUFRPSOHWRGH/i]DUR\GHQRVRWURV
ODFRQGXMRHQWUHVXVEUD]RVKDVWDODFDVD
3RFR GHVSXpV ORV WUHV KHUPDQRV VH SRVWUDURQ DQWH HO UDEt DJUDGHFLpQGROH FXDQWR KDEtD
KHFKR3HUR-HV~VWRPDQGRD/i]DURSRUVXVPDQRVOHOHYDQWyGLFLHQGR+LMRPtRORTXHWHKD
VXFHGLGR RFXUULUi LJXDO D WRGRV DTXHOORV TXH FUHDQ HQ HO HYDQJHOLR SHUR UHVXFLWDUiQ EDMR XQD
IRUPD PiV JORULRVD 7~ VHUiV HO WHVWLJR YLYLHQWH GH OD YHUGDG TXH KH SURFODPDGR \R VR\ OD
UHVXUUHFFLyQ\ODYLGD$KRUDYD\DPRVDWRPDUHODOLPHQWRSDUDQXHVWURVFXHUSRVItVLFRV
(VWRHVWRGRORTXHSRGHPRVGHFLUWH
/i]DURPHREVHUYDEDILMDPHQWH6XSRQJRTXHFRQPHQRUFXULRVLGDGGHODTXH\RVHQWtDSRU
pO
6L PH OR SHUPLWHV LQWHUYLQH GLULJLpQGRPH DO UHVXFLWDGR TXLVLHUD KDFHUWH XQD ~OWLPD
SUHJXQWD
(ODPLJRGH-HV~VDVLQWLyFRQODFDEH]D
4XpUHFXHUGRJXDUGDVGHHVRVGtDVHQORVTXHJXVWDVWHODPXHUWH"
1XQFDKHKDEODGRGHHOORUHSXVR/i]DURSHURQRHVPXFKRORTXHSXHGRGHFLUWH
$TXHOOD SUHJXQWD \ OD LQVLQXDFLyQ GHO SURSLHWDULR GH OD FDVD VRUSUHQGLHURQ DO JUXSR
&XULRVDPHQWHQDGLHVHKDEtDSUHRFXSDGRGHDYHULJXDUTXpKDEtDYLVWRRVHQWLGR/i]DURGXUDQWH
ORVFXDWURGtDVHQORVTXHKDEtDSHUPDQHFLGRPXHUWR
+XER XQ PRPHQWR VXSRQJR TXH HQ HO LQVWDQWH GH PL PXHUWH HQ HO TXH PL FDEH]D VH
OOHQyGHXQH[WUDxRUXLGR)XHDOJRDVtFRPRHO]XPELGRGHXQHQMDPEUHGHDEHMDV'HVSXpVQR
VpSRUFXDQWRWLHPSRH[SHULPHQWpXQDVHQVDFLyQGHVFRQRFLGDHUDFRPRVLPHSUHFLSLWDUDSRUXQ
HVWUHFKR\RVFXURSDVDGL]R
&XDQGR YROYt D DEULU ORV RMRV WRGR HUD RVFXULGDG 1R VDEtD GyQGH HVWDED QL OR TXH KDEtD
VXFHGLGR 6HQWt IUtR HQ OD HVSDOGD 0H GL FXHQWD HQWRQFHV TXH \DFtD VREUH XQ OHFKR GH SLHGUD
7UDWpGHLQFRUSRUDUPHSHURQRWpTXHPHKDOODEDPDQLDWDGR\FXELHUWRSRUXQOLHQ]R,QWHQWpJULWDU
SHUR XQ SDxROyQ DQXGDGR VREUH OD FDEH]D VXMHWDED IXHUWHPHQWH PL PDQGtEXOD ,QPHGLDWDPHQWH
FRPSUHQGtTXHHVWDEDHQXQDGHODVFDYLGDGHVVXEWHUUiQHDVTXHVLUYHQSDUDHQWHUUDUDQXHVWURV
PXHUWRV6LQHPEDUJRHQFRQWUDGHORTXHSXHGDVFUHHUQRVHQWtPLHGR$OFRQWUDULR8QDJUDQ
SD]VHDSRGHUyGHPL\OHQWDPHQWHFRPRSXGHIXLDUUDVWUiQGRPHKDFLDODFROXPQDGHOX]TXHVH
GLVWLQJXtDDOIRQGRGHODFiPDUD(OUHVWR\DORFRQRFHV
1R Vp FyPR SXGR YHQLUPH D OD PHPRULD SHUR GH SURQWR UHFRUGp TXH HQ HO UHODWR GH OD
UHVXUUHFFLyQVHKDEtDPHQFLRQDGRXQDViEDQD
$EXVDQGRGHWXKRVSLWDOLGDGOHH[SXVHPHJXVWDUtDVDEHUVLD~QFRQVHUYDVORVOLHQ]RV
IXQHUDULRV
6tDVtHV
3RGUtDH[DPLQDUORV"
$TXHOLQXVLWDGRLQWHUpVPtRSRUODPRUWDMDFRQIXQGLyDORVSUHVHQWHV3HUR/i]DURDFFHGLy
URJDQGR D XQR GH ORV DPLJRV TXH IXHUD SRU HOORV 0LQXWRV PiV WDUGH HO KHEUHR SRQtD HQ PLV
PDQRVXQUROORGHWHOD&RQODD\XGDGHOSURSLR/i]DUR\DSHWLFLyQPtDH[WHQGLPRVODViEDQD
GHOLQRVREUHODPHVD3URYLGHQFLDOPHQWHODVKHUPDQDVKDEtDQRSWDGRSRUJXDUGDUHOOLHQ]R\ODV
YHQGDVWDO\FRPRIXHURQUHWLUDGRVGHOFXHUSRGH/i]DUR<DXQTXHODULJXURVDOH\MXGtDSURKLEtD
WRGRFRQWDFWRFRQFDGiYHUHVRFRQREMHWRVTXHDVXYH]KXELHUDQSHUPDQHFLGRMXQWRDORVUHVWRV
GHKRPEUHVRDQLPDOHV>@ODVLQJXODULGDGGHOVXFHVRTXHURPStDWRGRVORVHVTXHPDVOHJDOHV
\HOWDODQWHOLEHUDOGHHVWRVILHOHVVHJXLGRUHVGHODGRFWULQDGH-HV~VKDEtDQKHFKRSRVLEOHTXH
ODV YHVWLGXUDV I~QHEUHV QR IXHUDQ GHVWUXLGDV \ TXH OD IDPLOLD ODV PDQHMDUD VLQ HVFU~SXORV GH
FRQFLHQFLD
$OSDVDUXQDGHODVOiPSDUDVGHDFHLWHVREUHHOWHMLGRSXGHREVHUYDUXQGHVJDUURHQHOFHQWUR
PLVPR GH OD ViEDQD MXVWDPHQWH HQ OD SDUWH TXH GHELy FXEULU OD FDEH]D $O H[DPLQDU
GHWHQLGDPHQWHODWHODFRPSUREpODH[LVWHQFLDGHXQRVSODVWRQHVGHFRORUPDUUyQSURGXFWRGHODV
PH]FODVGHXQJHQWRVTXHKDEtDQVLGRXWLOL]DGRVHQHOHPEDOVDPDPLHQWR
&RPR PpGLFR SUHVWp HVSHFLDO LQWHUpV D OD GHWHFFLyQ GH SRVLEOHV VHxDOHV R KXHOODV TXH
SXGLHUDQ GHODWDU HO QDWXUDO SURFHVR GH SXWUHIDFFLyQ 6HJ~Q PLV FiOFXORV \ D MX]JDU SRU ODV
LQIRUPDFLRQHV GH PLV DPLJRV /i]DUR KDEtD IDOOHFLGR XQRV GtDV DQWHV HQ HO DWDUGHFHU GHO
GRPLQJRGHPDU]R$SHVDUGHODLVODPLHQWRGHODFXHYDVHSXOFUDOGHODEDMDWHPSHUDWXUDGHOD
PLVPD\GHODSRVLEOHDFFLyQUHWDUGDGRUDGHORVDFHLWHV\iORHVODDGYHUWHQFLDGH0DUWDD-HV~V
VREUHHORORUGHOFDGiYHUHUDVLQGXGDXQVtQWRPDFODURGHTXHVXKHUPDQRGHEtDSUHVHQWDU\D
FXDQGR PHQRV OD OODPDGD PDQFKD YHUGH DEGRPLQDO SULPHU VLJQR GH GHVFRPSRVLFLyQ (VWD
PDQFKDVXHOHDSDUHFHUKDFLDODVKRUDVGHOIDOOHFLPLHQWR\/i]DURHQHOPRPHQWRGHDEULUOD
WXPEDGHEtDOOHYDUDOUHGHGRUGHQRYHQWDKRUDVPXHUWR
6LQ HPEDUJR SRU PiV TXH H[SORUp HO OLHQ]R QR SXGH HQFRQWUDU UHVWR DOJXQR GH OtTXLGRV
SURFHGHQWHVSRUHMHPSORGHODUXSWXUDGHDPSROODVHQODHSLGHUPLV/RTXHVtSHUFLEtDOROHU
DOJXQDVGHODViUHDVGHOWHMLGRIXHXQLQFRQIXQGLEOHWXIRDVXOIKtGULFRHPDQDFLyQPX\SURSLDHQ
OD SXWUHIDFFLyQ GH OD PDWHULD RUJiQLFD $XQTXH QR VH WUDWDED REYLDPHQWH GH XQD SUXHED
GHILQLWLYD DTXHOOR PH GLR FLHUWD LGHD VREUH OD SRVLEOH FDXVD GH OD PXHUWH GH /i]DUR
SUREDEOHPHQWH XQ SURFHVR LQIHFFLRVR DJXGR \ JHQHUDOL]DGR $ WtWXOR SHUVRQDO \ GHVSXpV GHO
JUDQ YLDMH PH LQWHUHVp SRU WRGRV ORV WH[WRV DSyFULIRV R QR WUDGLFLRQHV HWF HQ ORV TXH
SXGLHUD KDEODUVH GH OD VXHUWH TXH FRUULy /i]DUR HQ DxRV SRVWHULRUHV /RV HVFDVRV GDWRV TXH
HQFRQWUpDSXQWDEDQKDFLDHOKHFKRGHTXHHODPLJRGH-HV~VIDOOHFHUtDSRUVHJXQGDYH]DODHGDG
GHDxRV\FXULRVDPHQWHFRPRFRQVHFXHQFLDGHODPLVPDGROHQFLDTXHOHFRQGXMRDOVHSXOFUR
HQHODxR3HURHVWDVLQIRUPDFLRQHVOyJLFDPHQWHQRKDQSRGLGRVHUFRPSUREDGDV
/RTXHVtPHOODPySRGHURVDPHQWHODDWHQFLyQIXHFRPSUREDUFyPRHOWHVWLPRQLRGH/i]DUR\
VXVDPLJRVHQFDMDEDSOHQDPHQWHFRQODWUDGLFLyQMXGtDVREUHODPXHUWH(QJHQHUDOORVKHEUHRV
FUHtDQTXHODJRWDGHKLHOHQODSXQWDGHODHVSDGDGHOiQJHOGHODPXHUWHHPSH]DEDDREUDUDO
ILQDO GHO WHUFHU GtD $O FXDUWR SRU WDQWR OD GHVFRPSRVLFLyQ GHO FDGiYHU HUD \D XQ KHFKR
LQFXHVWLRQDEOH 'H DFXHUGR FRQ OD LQIRUPDFLyQ GH OD IDPLOLD GH /i]DUR HO 0DHVWUR UHFLELy OD
QRWLFLDGHODJUDYHGROHQFLDGHVXDPLJRFXDQGRDTXpOOOHYDED\DRQFHKRUDVPXHUWRHVGHFLUHQ
ODPDxDQDGHOOXQHVGHPDU]R-HV~VFRQRFtDHVWDFUHHQFLDMXGtDVREUHODPXHUWH\VDELDPHQWH
HVSHUy KDVWD HO PDUWHV SDUD SRQHUVH HQ FDPLQR OOHJDQGR KDVWD %HWDQLD FXDQGR ORV UHVWRV GH
/i]DUROOHYDEDQ\DVLQYLGDDOUHGHGRUGHKRUDV8QWLHPSRPiVTXHVXILFLHQWHFRPRSDUDTXH
WRGRVORVMXGtRVTXHVDEtDQGHOIDOOHFLPLHQWRQRSXGLHUDQGXGDUVREUHHOSURGLJLRTXHHVWDEDD
SXQWRGHFRQVXPDU
(QODVKRUDVTXHVLJXLHURQPHUFHGDpVWDV\DRWUDVLQIRUPDFLRQHVDOFDQFpDHQWHQGHUHQVX
YHUGDGHUDPHGLGDSRUTXpODDULVWRFUDFLDVDFHUGRWDOMXGtDHQFDEH]DGDHQDTXHOORVDxRVSRUOD
VDJDGHOH[VXPRVDFHUGRWH$QiV >@EXVFDEDODPXHUWHGH-HV~VGH1D]DUHW$ODVSRFDVKRUDV
GHODUHVXUUHFFLyQGH/i]DURORVMHIHVGHOWHPSOR\SRUVXSXHVWRHO\HUQRGH$QiVWXYLHURQ
FXPSOLGD FXHQWD GH FXiQWR KDEtD RFXUULGR HQ HO FHPHQWHULR GH %HWDQLD 0LHQWUDV OD LQPHQVD
PD\RUtD GH ORV DPLJRV GHO UHVXFLWDGR TXH KDEtDQ VLGR WHVWLJRV H[FHSFLRQDOHV GHO VXFHVR VH
KDFtDQ OHQJXDV GHO PLVPR SUHJRQDQGR D ORV FXDWUR YLHQWRV OD SRUWHQWRVD VHxDO GHO 0DHVWUR GH
*DOLOHDRWURVMXGtRVPXFKRVPHQRVDXQTXHGHWRUFLGRFRUD]yQVHDSUHVXUDURQDLQIRUPDUD
ODFDVWDGHORVIDULVHRVTXHJR]DEDHQWRQFHVGHJUDQSULPDFtDVREUHHOUHVWRGHORVVDFHUGRWHV\
OHYLWDV
(VFDVLVHJXURTXHVLHOPLODJURKXELHUDWHQLGROXJDUHQRWURPRPHQWRGHODxRMXGtR\QRHQ
YtVSHUDVGHODVROHPQH3DVFXD\FRQXQSURWDJRQLVWDPHQRVDFDXGDODGR\SUHVWLJLRVRHQWUHORV
GLJQDWDULRVGH-HUXVDOpQODREUDGHOOHYtTXL]iKXELHUDLGRDHQJURVDUDWtWXORGHLQYHQWDULROD
\D ODUJD OLVWD GH SURGLJLRV 3HUR HO 1D]DUHQR KDEtD VDFDGR GH HQWUH ORV PXHUWRV SRWHVWDG
UHVHUYDGD ~QLFDPHQWH DO 'LYLQR D /i]DUR GH %HWDQLD 'HPDVLDGR FHUFD GHPDVLDGR
HVSHFWDFXODU\GHPDVLDGRLPSRUWDQWHFRPRSDUDROYLGDUORRFRQGHQDUORDOVLOHQFLR
(O KHFKR DGTXLULy WDOHV SURSRUFLRQHV TXH VHJ~Q PH FRQWDURQ /i]DUR \ VXV DPLJRV
-HUXVDOpQVXIULyXQDFRQPRFLyQ/DFLUFXQVWDQFLDGHTXHHQWUHORVWHVWLJRVGHVXUHVXUUHFFLyQVH
FRQWDUDQ DOJXQRV PLHPEURV GHO WHPSOR \ GLVWLQJXLGRV MXGtRV DPLJRV GH OD IDPLOLD GH /i]DUR
SUHFLSLWy D~Q PiV ORV DFRQWHFLPLHQWRV < HO 6DQHGUtQ LQTXLHWR SRU OD QRWLFLD FHOHEUy XQD
DVDPEOHDXUJHQWHDODXQDGHOPHGLRGtDGHOGtDVLJXLHQWHYLHUQHV(OWHPD~QLFRSRGtDUHVXPLUVH
HQODVLJXLHQWHIUDVH4XpKDFHPRVFRQHOLPSRVWRU"
$XQTXH OD VXSUHPD DVDPEOHD GH ,VUDHO KDEtD GLVFXWLGR \D HQ RWUDV RSRUWXQLGDGHV OD
SRVLELOLGDGGHGHWHQHU\MX]JDUD-HV~VGH1D]DUHWDFXViQGROHGHEODVIHPR\WUDQVJUHVRUGHODV
OH\HVUHOLJLRVDVHVWDYH]IXHGLVWLQWR
8QRGHORVIDULVHRVOOHJyDSURSRQHUXQDUHVROXFLyQSRUODTXHVHGLFWDVHODLQPHGLDWDFDSWXUD
GHO *DOLOHR \ VX HMHFXFLyQ VLQ MXLFLR SUHYLR (VWR SURYRFy DJULDV GLVFXVLRQHV HQWUH ORV
PLHPEURV GHO 6DQHGUtQ HQ HVSHFLDO HQWUH DOJXQRV DQFLDQRV R UHSUHVHQWDQWHV GH OD QREOH]D
ODLFDFDVRGH-RVpGH$ULPDWHD\ORVIDULVHRV$TXHOORVFRQVLGHUDEDQLOHJDO\DERPLQDEOHWDO
GHFLVLyQ
7UDVGRVKRUDVGHGHEDWH\HQYLVWDGHOHVFDVRp[LWRGHORVTXHSUHWHQGtDQTXHHOSURFHVR
FRQWUD -HV~V VH GHVDUUROODVH EDMR OD PiV HVWULFWD RUWRGR[LD FDWRUFH PLHPEURV GH OD JUDQ
DVDPEOHDMXGtDVHOHYDQWDURQSUHVHQWDQGRDOOtPLVPRVXGLPLVLyQ'RVVHPDQDVGHVSXpVFXDQGR
HO 6DQHGUtQ DFHSWy HVWDV GLPLVLRQHV HO FRQVHMR UHOHYy GH VXV FDUJRV D RWURV FLQFR GHVWDFDGRV
PLHPEURV EDMR OD DFXVDFLyQ GH UHIOHMDU VHQWLPLHQWRV GH DPLVWDG KDFLD HO 1D]DUHQR (VWDV
FLUFXQVWDQFLDVGHVSHMDURQHOFDPLQRGHO6DQHGUtQTXHWRPyODGHFLVLyQFDVLXQiQLPHGHSUHQGHU
\ DMXVWLFLDU DO 0DHVWUR /i]DUR \ VX IDPLOLD QR VH HTXLYRFDEDQ DO FUHHU TXH OD VXHUWH GH -HV~V
HVWDEDHFKDGD(ORGLRGHO6DQHGUtQFRQWUDHOUDEtHUDWDOTXHDTXHOODPLVPDWDUGHGHOYLHUQHV
GHPDU]RORVSROLFtDVGHOWHPSORUHFLELHURQODRUGHQGHEXVFDU\FDSWXUDUD-HV~VDOOtGRQGHVH
HQFRQWUDVH 3HUR OD LQPLQHQWH HQWUDGD GHO ViEDGR DO DWDUGHFHU GHO YLHUQHV VDOYDUtD DO
1D]DUHQR $XQTXH WRGR -HUXVDOpQ VDEtD GH OD SUHVHQFLD GH -HV~V HQ %HWDQLD ORV OHYLWDV
GHFLGLHURQDJXDUGDUDOGRPLQJRSDUDHMHFXWDUODRUGHQGHFD]D\FDSWXUD/RVDPLJRVGHO0DHVWUR
VHDSUHVXUDURQDFRPXQLFDUOHHOJUDYHDFXHUGRGHO6DQHGUtQDSUHPLiQGROHSDUDTXHKX\HUD3HUR
-HV~V QR KL]R FDVR \ VLJXLy HQ %HWIDJp KDVWD OD PDxDQD GHO GRPLQJR GH PDU]R 7UDV
GHVSHGLUVH GH /i]DUR \ VXV KHUPDQDV HO UDEt \ VX JUXSR SDUWLHURQ KDFLD VX FDPSDPHQWR GH OD
FLXGDGGH3HOOD>@
3RFRV GtDV GHVSXpV GH OD PDUFKD GHO 0DHVWUR HO EXUODGR 6DQHGUtQ FHQWUy VXV LUDV HQ HO
UHVXFLWDGR/i]DUR\VXIDPLOLDIXHURQOODPDGRVDGHFODUDUD-HUXVDOpQ\ORVVDFHUGRWHVWXYLHURQ
TXHUHQGLUVHDODHYLGHQFLDGHOPLODJURVRDFWRGH-HV~V(QHVWHVHQWLGRHOWHVWLPRQLRGHOPpGLFR
GHOWHPSOR%HQ$MtDTXHKDEtDDVLVWLGRDOYHFLQRGH%HWDQLDGXUDQWHVXIXOPLQDQWHHQIHUPHGDG\
FRPSUREDGRFRQVXVSURSLRVRMRVHOULWXDOGHOHPEDOVDPDPLHQWRIXHGHFLVLYR6LQHPEDUJRHO
WRUFLGR FRUD]yQ GH &DLIiV \ GH VXV SDUWLGDULRV KL]R UHJLVWUDU HQ ORV DUFKLYRV GHO 6DQHGUtQ TXH
DTXHO SURGLJLR WHQtD VX RULJHQ HQ HO PDOpILFR SRGHU GHO SUtQFLSH GH ORV GHPRQLRV DOLDGR GHO
UDEt GH *DOLOHD (VWD UHVXUUHFFLyQ LQVLVWR HQ HOOR OHMRV GH DEULU HO DOPD GH ORV
UHSUHVHQWDQWHVUHOLJLRVRVGHOSXHEORKHEUHRHQYHQHQyD~QPiVVXVVHQWLPLHQWRVKDFLD-HV~V(O
VXPRVDFHUGRWH\ORVMHIHVGHOWHPSORVHHQFDUJDURQGHFRQYHQFHUDOUHVWRGHOWULEXQDOGHTXHGH
VHJXLUSRUDTXHOFDPLQRWRGRHOSXHEORGH,VUDHOWHUPLQDUtDSRUDFDWDUODGRFWULQDGHO*DOLOHR
SXGLHQGRFRQGXFLUDODQDFLyQDXQDFDWiVWURIH(QFLHUWRPRGRHO6DQHGUtQWHQtDUD]yQ\DTXH
PXFKRVKHEUHRVHQWUHORVTXHILJXUDEDEXHQDSDUWHGHVXVSURSLRVGLVFtSXORVFRQVLGHUDEDQDO
0HVtDVFRPRXQOLEHUWDGRUSROtWLFRXQUHYROXFLRQDULRTXHH[SXOVDUtDDORVURPDQRVGH,VUDHO
)XHSUHFLVDPHQWHHQXQDGHDTXHOODVUHXQLRQHVGHO6DQHGUtQVHJ~QPHLQIRUPy1LFRGHPR
FXDQGR&DLIiVKL]RDOXVLyQSRUSULPHUDYH]DODQWLJXRDGDJLRMXGtRUHSHWLGRFRQSRVWHULRULGDG
TXHUH]DED0iVYDOHTXHXQKRPEUHPXHUDDQWHVGHYHUSHUHFHUDXQDFRPXQLGDG
3HURORVSUREOHPDVGHODVXSUHPDDVDPEOHDGH,VUDHOQRWHUPLQDEDQHQ-HV~V(O6DQHGUtQVH
KDEtDGDGRSHUIHFWDFXHQWDGHTXHHUDPHQHVWHUHOLPLQDUWDPELpQD/i]DUR>@4XpFRQVHJXtDQ
DSUHVDQGR\DMXVWLFLDQGRDO0DHVWURVLFRQWLQXDEDFRQYLGDHOPi[LPRH[SRQHQWHGHVXSRGHU"/D
SRSXODULGDG GHO UHVXFLWDGR KDEtD DOFDQ]DGR WDO JUDGR TXH &DLIiV \ ORV IDULVHRV GHFUHWDURQ
LJXDOPHQWHODHOLPLQDFLyQGH/i]DUR
/RV SODQHV GHO 6DQHGUtQ WHUPLQDURQ SRU ILOWUDUVH \ HO DPLJR GH -HV~V IXH SXQWXDOPHQWH
LQIRUPDGR (VWD GUDPiWLFD VLWXDFLyQ KDEtD VXPLGR D OD IDPLOLD GH %HWDQLD HQ XQD SHUPDQHQWH
DQJXVWLD$KRUD HPSH]DED D FRPSUHQGHU VX QDWXUDO GHVFRQILDQ]D FXDQGR SRFDV KRUDV DQWHV \R
KDEtDVROLFLWDGRHQWUHYLVWDUPHFRQ/i]DUR
4XL]i HQ PL RSLQLyQ RWUR GH ORV JUDYHV HUURUHV GHO 6DQHGUtQ IXH QR GHWHQHU SULPHUR DO
UHVXFLWDGR$OFRPSUREDUTXH-HV~VKDEtDGHVDSDUHFLGRORVVDFHUGRWHVROYLGDURQWHPSRUDOPHQWH
D/i]DUR\GLHURQyUGHQHVH[SUHVDVD<RMDQiQEHQ*XGJHGDSRUWHURMHIHDVtFRPRDOUHVWRGH
ORVOHYLWDVRSROLFtDVDOVHUYLFLRGHOWHPSORSDUDTXHHQHOFDVRGHTXHHO1D]DUHQRKLFLHUDDFWR
GHSUHVHQFLDIXHUDFDSWXUDGRGHLQPHGLDWR8QRGHORVFRPHQWDULRVPiVH[WHQGLGRHQDTXHOORV
GtDVSUHYLRVDODFHOHEUDFLyQGHOD3DVFXD\TXH\RKDEtDWHQLGRRFDVLyQGHHVFXFKDUGHVGHPL
OOHJDGD D %HWDQLD HUD SUHFLVDPHQWH VL HO 1D]DUHQR WHQGUtD HO VXILFLHQWH FRUDMH FRPR SDUD
DFXGLU D -HUXVDOpQ \ FHOHEUDU FRPR FDGD DxR ORV VDJUDGRV ULWRV (VWH UXPRU SRSXODU KDEtD
GHVTXLFLDGRDORVVDFHUGRWHVKDVWDHOH[WUHPRGHWUDVODGDUHOSUREOHPD/i]DURDXQVHJXQGR
SODQR
$VtGLVFXUULyPLSULPHUHQFXHQWURFRQHODPLJRDPDGRGH-HV~VLQWHUUXPSLGRILQDOPHQWHSRU
ODHQWUDGDHQODVDODGH0DUWD(QXQDEDQGHMDGHPDGHUDPHRIUHFLyXQUHIULJHULRTXHDJUDGHFt
QXHYDPHQWH FRQ WRGR PL FRUD]yQ 'HVSXpV GHO UHODWR GH ORV KHEUHRV TXH PH DFRPSDxDEDQ PL
DGPLUDFLyQ SRU OD VHxRUD KDEtD FUHFLGR VHQVLEOHPHQWH < VXSRQJR TXH HOOD FRQ VX JUDQ
LQWXLFLyQIHPHQLQDGHELyQRWDUOR$OHQWUHJDUPHODFRPLGD0DUWDEDMyORVRMRVVRQURMiQGRVH
7H UXHJR KHUPDQR -DVyQ KDEOy /i]DUR TXH WHQJDV D ELHQ DFHSWDU HVWH KXPLOGH
DOLPHQWR6DEHPRVTXHORQHFHVLWDV<WHVXSOLFRLJXDOPHQWHTXHWHFRQVLGHUHVHQWXFDVD(VWD
QRFKH\FXDQWDVSUHFLVHVpVWHVHUiWXWHFKR
7UDWpGHGLVXDGLUOHSHURIXHLQ~WLO/i]DUR\VXVDPLJRVKDEtDQGHVFXELHUWRTXHHQYHUGDG
PLDFWLWXGHUDOLPSLD\QREOH
/DV HPRFLRQHV GHO GtD PH KDEtDQ DELHUWR HO DSHWLWR \ DQWH OD PLUDGD FRPSODFLGD GH PLV
QXHYRVDPLJRVQRWDUGpHQGDUEXHQDFXHQWDGHOJUDQRWRVWDGRGHORVKLJRVVHFRVORVGiWLOHV
PLHO\GHOFXHQFRGHOHFKHGHFDEUDTXHIRUPDURQPLFHQD
%LHQ HQWUDGD OD QRFKH HO SURSLR /i]DUR PH FRQGXMR KDVWD XQD GH ODV HVWDQFLDV GHO SLVR
VXSHULRU(QHOODKDEtDVLGRGLVSXHVWRXQFDWUHGHORVOODPDGRVGHWLMHUDFRQXQOHFKRGHWHOD\
FXHUGDVHQWUHOD]DGDV(ODUPD]yQGHODFDPDKDEtDVLGRFRQVWUXLGRDEDVHGHGRVODUJXHURVGH
PDGHUDGHSLQRFDGDXQRVyOLGDPHQWHDPDUUDGRDGRVSDWDVTXHVHFUX]DEDQHQIRUPDGHDVSD\
TXHQROHYDQWDEDQPiVGHFXDUHQWDFHQWtPHWURVGHOVXHOR
3RUWRGRPRELOLDULRHOUHGXFLGRGRUPLWRULRUHFWDQJXODUGHPHWURVSUHVHQWDED
XQDUFyQGHVyOLGDPDGHUDGHDFDFLDODPLVPDTXHGHELyGHVHUYLUSDUDFRQVWUXLUODOHJHQGDULD
DUFD GH OD DOLDQ]D GH XQ PHWUR GH DOWXUD 6REUH pO 0DUWD KDEtD FRORFDGR PLV VDQGDOLDV
SXOFUDPHQWHODYDGDVXQDMRIDLQDXQDMDUUDGHPHWDOFRQDJXDXQOLHQ]R\XQSHTXHxRUDPRGH
URPHURGHIUDJDQWHVIORUHVD]XODGDV6REUHODFDEHFHUDGHOOHFKRFROJDQGRGHODEODQFDSDUHG\
DFRUWDDOWXUDGHOSLVRGHODGULOORURMRDOXPEUDEDXQDVHQFLOODODPSDULOODGHDFHLWHFRQIRUPDGH
FRQFKD
$OFHUUDUODSXHUWD\TXHGDUPHVRORPHDVRPpDODHVWUHFKDWURQHUDTXHKDFtDODVYHFHVGH
YHQWDQD\PLVRMRVVHKXPHGHFLHURQDOFRQWHPSODUDTXHOODOHJLyQGHHVWUHOODVLGpQWLFDVDODVTXH
\RVROtDYHUHQHOGHVLHUWRGH0RMDYH
7UDVXQDODUJDFRQH[LyQFRQHOPyGXORFDtUHQGLGRVREUHHOFDWUH(QUHDOLGDGPLDJLWDGD
H[SORUDFLyQQRKDEtDKHFKRPiVTXHHPSH]DU
'(0$5=29,(51(6
$O DOED XQ UXLGR URQFR \ PRQyWRQR PH GHVSHUWy $O DVRPDUPH SRU OD YHQWDQD FRPSUREp
VRUSUHQGLGRTXHDTXHOVRQLGRSDUHFtDVDOLUGHODWRWDOLGDGGHODDOGHD1RORJUDEDH[SOLFiUPHOR
7UDV XQ UiSLGR DVHR HVWDEOHFt FRQWDFWR FRQ OD FXQD SHUR (OLVHR WDPSRFR VXSR GDUPH
LQIRUPDFLyQDOUHVSHFWR
,QWULJDGR GHVFHQGt ODV HVFDOHUDV GH SLHGUD TXH FRQGXFtDQ KDVWD HO SDWLR FHQWUDO GH OD
KDFLHQGD$OOOHJDUDODVSLODVWUDVDTXHOLUULWDQWHURQURQHRFUHFLy1RWpTXHSDUWtDGHODHVWDQFLD
GRQGHKDEtDSHUPDQHFLGREXHQDSDUWHGHODWDUGHDQWHULRU\KDFLDDOOtPHHQFDPLQp(OIXHJRGHO
KRJDUVHHOHYDEDYLJRURVRVREUHXQRVOHxRVUHFLpQGHSRVLWDGRVHQHOIRQGRGHODFKLPHQHD$O
SLH GHO PXUHWH FLUFXODU GHO IRJyQ 0DUWD \ XQD GH ODV VLUYLHQWDV SURFHGtDQ FRQ tPSHWX D OD
PROLHQGDGHOWULJRVREUHXQDSLHGUDPX\SDUHFLGDDODVTXH\RKDEtDYLVWRODPDxDQDDQWHULRUHQ
PLGHVFHQVRSRUODFDUDVXUGHOPRQWHGHORV2OLYRV$GLIHUHQFLDGHDTXpOODVHVWHWULWXUDGRUHUD
QHJUR\PX\SXOLPHQWDGR$ODFHUFDUPHDODVPXMHUHV\VDOXGDUODVFRPSUREpTXHVHWUDWDEDGH
XQD SLHGUD EDViOWLFD GH FDVL PHGLR PHWUR GH ORQJLWXG \ WUHLQWD FHQWtPHWURV GH DQFKXUD PX\
GHVJDVWDGD SRU VX SDUWH VXSHULRU FRPR FRQVHFXHQFLD GH OD GLDULD \ YLJRURVD IULFFLyQ (Q XQ
LQVWDQWH PLV GXGDV VH GLVLSDURQ <D SDUWLU GH DTXHO GtD DSUHQGt D LGHQWLILFDU HO FRWLGLDQR
GHVSHUWDUGH%HWDQLD\GHODSURSLD-HUXVDOpQFRQDTXHOVRQLGRREOLJDGR\JHQHUDOL]DGRHQWRGDV
ODVFDVDVSRGHURVDV\KXPLOGHVGHODPROLHQGDGHOJUDQR&RPRPHFRQWDURQORVDQFLDQRV
GHODDOGHDGH/i]DURVLDOJ~QGtDVHGHMDEDGHRtUHOUXPRUGHODPXHODFRQYLUWLHQGRHOWULJRHQ
KDULQDHVTXHODUXLQD\ODGHVRODFLyQFRPRKDEtDHVFULWR-HUHPtDVKDEtDQOOHJDGRD,VUDHO3RU
VXSXHVWRQRKDEtDVLGRHOSULPHURHQOHYDQWDUPH'HVGHPXFKRDQWHVGHODPDQHFHUODVPXMHUHV
GHODFDVDVHDIDQDEDQ\DHQODVWDUHDVGRPpVWLFDV0LHQWUDV0DUWDVHHQFDUJDEDGHODFRPSUDGHO
SDQHQHOKRUQRFRPXQDOGHODDOGHD0DUtD\RWUDVMRYHQFLWDVDFDUUHDEDQHODJXD\WHUPLQDEDQGH
DGHFHQWDUODKDFLHQGD/RVKRPEUHVSRUVXSDUWHXOWLPDEDQORVSUHSDUDWLYRVSDUDHOGXURWUDEDMR
HQ ORV FDPSRV (O SDGUH GH /i]DUR ULFR KDFHQGDGR KDEtD GHMDGR D VXV KLMRV OD WLHUUD
VXILFLHQWH FRPR SDUD YLYLU VLQ HVWUHFKHFHV SHUPLWLHQGR KROJDGDPHQWH HQ FDGD FRVHFKD TXH ORV
SREUHV SXGLHUDQ UHFRJHU XQD GH ODV HVTXLQDV GH VXV FDPSRV WDO \ FRPR RUGHQDEDQ ORV YLHMRV
SUHFHSWRV>@
&XDQGRHQWUpHQHOVDOyQFRPHGRUODGLOLJHQWHHLQFDQVDEOH0DUWDSUHSDUDEDODKDULQDSDUD
FRFHU XQDV SHTXHxDV WRUWDV VLQ OHYDGXUD $O YHUPH VH LQFRUSRUy URJiQGRPH H[FXVDVH D VX
KHUPDQR/i]DURKDEtDWHQLGRTXHDFRPSDxDUDVXVRSHUDULRVKDVWDXQRGHORVFDPSRVSUy[LPRV
GRQGH VH YHQtD WUDEDMDQGR HQ OR TXH OODPDEDQ OD VLHPEUD WDUGtD HV GHFLU HO FXOWLYR GH
SURGXFWRVFRPRHOPLMRVpVDPROHQWHMDVPHORQHVHWF\TXHGHEtDQSODQWDUVHQHFHVDULDPHQWH
HQWUHHQHUR\PDU]R
$QWHVGHTXHSXGLHUDUHDFFLRQDU0DUWDPHVXSOLFyTXHPHVHQWDUDDODPHVD(QXQDEULU\
FHUUDU GH RMRV VLWXy DQWH Pt XQ DQFKR FXHQFR GH PDGHUD VREUH HO TXH YHUWLy OHFKH FDOLHQWH
6LHPSUHHQVLOHQFLRPLHQWUDVVXFRPSDxHUDVHJXtDWULWXUDQGRHOJUDQRFRUWyYDULDVUHEDQDGDVGH
XQDKRJD]DGHSDQPRUHQRTXHSRVLEOHPHQWHSHVDUtDPiVGHWUHVOLEUDV'RVJHQHURVDVSRUFLRQHV
GHTXHVR\PLHOFRPSOHWDURQPLGHVD\XQR
'HVGH OD KRUD WHUFLD ODV QXHYH GH OD PDxDQD DSUR[LPDGDPHQWH JUXSRV GH SHUHJULQRV
SURFHGHQWHV GH *DOLOHD GH OD 3HUHD YLHMRV FRQRFLGRV GH OD IDPLOLD SDULHQWHV GH -HUXVDOpQ \
PXFKRVFXULRVRVKDEtDQLGROOHJDQGRKDVWDODVSXHUWDVGHODFDVDGH/i]DUR&RPRFDVLWRGRVORV
GtDV DTXHOORV KHEUHRV KDEtDQ DSURYHFKDGR VX REOLJDGD SUHVHQFLD HQ OD FLXGDG VDQWD SDUD
GLVWUDHUVH YLHQGR \ HVFXFKDQGR DO UHVXFLWDGR$O YHUORV VHQWDGRV HQ HO MDUGtQ H LQYDGLHQGR
LQFOXVRHODWULR\HOSDWLRFHQWUDOVHQWtXQDFLHUWDUDELD(VTXH/i]DURQRVHGDEDFXHQWDTXHOD
PD\RUtDGHDTXHOORVLQGLYLGXRVVyOREXVFDEDQXQPRWLYRSDUDHOFRPDGUHR"
&RPSUHQGtTXHHOSDFLHQWHDPLJRGH-HV~VKXELHUDSUHIHULGRTXLWDUVHGHHQPHGLR
$O FRQVXOWDU D 0DUWD VREUH HO FDPLQR TXH GHEtD VHJXLU SDUD HQFRQWUDU D VX KHUPDQR OD
VHxRUDDEDQGRQyJHQWLOPHQWHVXVTXHKDFHUHV\PHURJyTXHODVLJXLHUDDWUDYpVGHOHVSDFLRVR
KXHUWRVLWXDGRDHVSDOGDVGHODFDVD\HQHOTXHVHDOLQHDEDQQXPHURVRViUEROHVIUXWDOHV$SHQDV
VL KDEtDPRV FDPLQDGR WUHVFLHQWRV SDVRV FXDQGR DO GHVHPERFDU HQ XQD SHTXHxD H[SODQDGD PH
GHWXYH VREUHVDOWDGR )UHQWH D Pt VH OHYDQWDED XQD HQRUPH SHxD GH FDOL]D EODQGD $O SLH GH
DTXHOODPROHJULViFHDVDOSLFDGDHQDOJXQDVGHVXVJULHWDVVXSHULRUHVSRUORVQLGRVGHEDUURGH
ODVSULPHUDVJRORQGULQDVGLVWLQJXtXQDSLHGUDFLUFXODU
0DUWD FRPSUHQGLy HO PRWLYR GH PL VRUSUHVD \ FRQ XQ JHVWR GH VX PDQR PH LQYLWy D
DFHUFDUPHDOVHSXOFURIDPLOLDU
(QVLOHQFLRLQVSHFFLRQpHOFLHUUHGHODERFDGHODFXHYD6HWUDWDEDGHXQDORVDSHUIHFWDPHQWH
ODEUDGDGHXQPHWURHVFDVRGHGLiPHWUR\DSHQDVWUHLQWDFHQWtPHWURVGHJURVRU$TXHOODSLHGUD
PX\VHPHMDQWHDODVPXHODVGHPROLQRFRQVWLWXtDHOFLHUUHGHXQDHQWUDGDTXHDMX]JDUSRUODV
GLPHQVLRQHVHUDEDVWDQWHDQJRVWD(OIUHQWHGHODSHxDHQXQDVXSHUILFLHGHGRVPHWURVDSDUWLU
GHO VXHOR SRU RWURV WUHV GH DQFKR KDEtD VLGR HVFXOSLGR D PDQHUD GH IDFKDGD \ UHYRFDGR HQ
EODQFR
<R VDEtD TXH UHWLUDU OD ORVD FRQVWLWXtD XQD IDOWD GH UHVSHWR KDFLD ORV PXHUWRV$Vt TXH VLQ
KDFHUFRPHQWDULRDOJXQRROYLGpDTXHOLPSXOVRTXHPHOOHYDEDDSHGLUOHDODKHUPDQDGH/i]DUR
TXH PH SHUPLWLHUD GHVSOD]DU OD URFD 3RU RWUD SDUWH OR PiV SUREDEOH HV TXH DXQTXH 0DUWD
KXELHUDDFFHGLGRQLHOODQL\RMXQWRVKXELpUDPRVVLGRFDSDFHVGHPRYHUDTXHOORVWUHVFLHQWRVR
TXLQLHQWRVNLORVTXHGHEtDSHVDUHOFLHUUH
0LQXWRVGHVSXpVVDOtDGHOMDUGtQWRPDQGRXQDGHODVYHUHGDVTXHFRUUtDHQGLUHFFLyQRHVWH\
TXHVHJ~QODVHxRUDPHOOHYDUtDDOHQFXHQWURGHVXKHUPDQR
/DWHPSHUDWXUDDDTXHOODVKRUDVGHODPDxDQDHUDWRGDYtDIUHVFDGLH]JUDGRVFHQWtJUDGRV\
XQ PRGHUDGR YLHQWR GHO QRUWH GH GLH] QXGRV PH FRQILUPDUtD (OLVHR /D QRFKH DQWHULRU HO
FLOyPHWURHVSHFLDOGHODFXQDHQEDVHDXQKD]GHOX]OiVHUKDEtDGHWHFWDGRXQDEDUUHUDGH
QXEHVWRUPHQWRVDVFXPXORQLPEXVGHXQRVWUHVFLHQWRVNLOyPHWURVGHORQJLWXGTXHVHOHYDQWDEDD
VHLVPLOSLHVVREUHHOSHUILOGHODFRVWDIHQLFLRLVUDHOLWD'HPRPHQWRHVWDVDPHQD]DQWHVQXEHV
GHGHVDUUROORYHUWLFDOSDUHFtDQIUHQDGDVHQVXDYDQFHKDFLD-HUXVDOpQSRUXQDFRUULHQWHGHDLUH
IUtRSURFHGHQWHGHOQRUWH
1RKD\TXHGHVFDUWDUVLQHPEDUJRPHDQXQFLyPLFRPSDxHURTXHSXHGDQFDPELDUODV
FRQGLFLRQHV\TXHHQRKRUDVVHUHJLVWUHQOOXYLDVVREUHQXHVWUDiUHD
0HDUURSpHQODFKODP\V\SURVHJXtSRUHOWRUWXRVRFDPLQRHQWUHORVRQGXODQWHVFDPSRVGH
FHEDGD$OJXQRVFDPSHVLQRVKDEtDQLQLFLDGR\DODVLHJD/RVVHJDGRUHVWRPDEDQORVWDOORVFRQOD
PDQRGHUHFKD\FRQODRWUDORVFRUWDEDQDHVFDVDGLVWDQFLDGHODEDVHGHODVHVSLJDV/DVKRFHV
FRQVLVWtDQ HQ SHTXHxDV KRMDV FXUYDGDV GH KLHUUR VyOLGDPHQWH HQJDVWDGDV FRQ UHPDFKHV D XQD
HPSXxDGXUD GH PDGHUD /D WULOOD VH UHDOL]DED HQ XQD HUD SUy[LPD DO FDPLQR /DV PXMHUHV
FDUJDEDQORVKDFHVHVSDUFLpQGRORVVREUHHOVXHOR'HVSXpVVHSDUDEDQHOJUDQRGHODSDMDELHQD
PDQR R FRQ OD D\XGD GH ORV EXH\HV (Q HVWH ~OWLPR FDVR HO PiV IUHFXHQWH VHJ~Q SXGH
FRPSUREDUORVDQLPDOHVSLVDEDQODFHEDGD'HVSXpVORVKRPEUHVSDVDEDQHOWULOORSRUHQFLPD
WLUDGR SRU HVWRV PLVPRV EXH\HV /RV PiV FRPXQHV HVWDEDQ FRQVWUXLGRV FRQ XQD WDEOD SODQD HQ
FX\D FDUD LQIHULRU KDEtDQ VLGR LQFUXVWDGRV SHTXHxRV WUR]RV GH SHGHUQDO 2WURV HUDQ VLPSOHV
URGLOORVWDPELpQGHPDGHUD
(QXQDVHJXQGDRSHUDFLyQODVPXMHUHVDYHQWDEDQODSDMDFHUQLHQGRHOJUDQR\JXDUGiQGROR
ILQDOPHQWHHQVDFRV9DULRVDVQRV\DOJXQRVFDUURVVHHQFDUJDEDQGHOWUDQVSRUWHGHORVPLVPRV
KDVWDODDOGHDGRQGHHUDWUDVYDVDGRDVLORVRJUDQGHVWLQDMDVGHEDUURFRPRODTXHKDEtDYLVWRHQ
ODFDVDGH/i]DUR
1RWDUGpHQHQFRQWUDUDOUHVXFLWDGR\DVXVREUHURV/i]DURVHDOHJUyDOYHUPHSHURUHFKD]y
GHSODQRPLLGHDGHD\XGDUOHVHQODVODERUHVGHVLHPEUD1RVHQFRQWUiEDPRVHQSOHQRIRUFHMHR
GLDOpFWLFRFXDQGRDOJXQRVGHORVVHUYLGRUHVOODPDURQQXHVWUDDWHQFLyQ3URFHGHQWHGHODDOGHDVH
DFHUFDEDXQMLQHWH
/i]DURFRORFyVXPDQRL]TXLHUGDDPDQHUDGHYLVHUD\REVHUYyDWHQWDPHQWH'HSURQWRVLQ
KDFHU HO PHQRU FRPHQWDULR VROWy HO VHPHQWHUR TXH FROJDED GH VX KRPEUR \ VDOLy D OD FDUUHUD
KDFLD OD YHUHGD (O MLQHWH OOHJy DO WURWH KDVWD PL DPLJR \ GHVFDEDOJDQGR DEUD]y D /i]DUR 8Q
LQVWDQWHGHVSXpVYROYtDDPRQWDUDOHMiQGRVHKDFLD%HWDQLD(OUHVXFLWDGRKL]RVHxDOHVSDUDTXH
PHDFHUFDUD$OOOHJDUMXQWRDpOVXURVWURDSDUHFtDLOXPLQDGR
9LHQHHO0DHVWURPHVROWyDERFDMDUURFRQXQDDOHJUtDLQFRQWHQLEOH$OILQSRGUiV
FRQRFHUOR9DPRVWHQHPRVPXFKRTXpKDFHU
3HURGyQGHHVWi"+DOOHJDGR\D"FRPHQFpDSUHJXQWDUOHDWURSHOODGDPHQWHPLHQWUDV
WUDWDEDGHVHJXLUOH3HUR/i]DURQRPHUHVSRQGLy
$QWHV GHTXH SXGLHUD UHDFFLRQDUPHKDEtD VDFDGR PHGLRFHQWHQDUGH PHWURVGH YHQWDMD$
SHVDUGHVXDSDUHQWHGHELOLGDGFRUUtDFRPRXQJDWRVDOYDMH
$O HQWUDU HQ OD FDVD PH GL FXHQWD GH TXH OD QRWLFLD KDEtD DOWHUDGR D OD IDPLOLD \ DPLJRV
0DUWD VREUH WRGR FRUUtD GH XQ ODGR SDUD RWUR VRQULHQWH \ QHUYLRVD $O YHUQRV VH DEUD]y D
/i]DURFRQILUPiQGROHODEXHQDQXHYD
9LHQH9LHQH-HV~V
(O KHUPDQR LQWHQWy FDOPDUOD SUHJXQWiQGROH DOJXQRV GHWDOOHV 'LFHQ TXH HVWi D XQRV GLH]
HVWDGLRVGH%HWDQLDDxDGLyODVHxRUD
+LFHXQUiSLGRFiOFXORPHQWDO(VRVLJQLILFDEDTXHHOUDEtVHKDOODEDDXQRVPHWURVGH
ODDOGHD
3XHGRMXUDUTXHDSHVDUGHPLLQWHQVDSUHSDUDFLyQGHORVODUJRVDxRVGHHQWUHQDPLHQWR\GH
PLFRQGLFLyQGHHVFpSWLFRODIDPLOLDGH/i]DURFRQVLJXLyFRQWDJLDUPHVXQHUYLRVLVPR6LQSRGHU
HYLWDUORXQHVFDORIUtRPHVDFXGLyODFROXPQDYHUWHEUDO,QH[SOLFDEOHPHQWHPLJDUJDQWDVHKDEtD
TXHGDGRVHFD3HURHQXQHVIXHU]RSRUVHUHQDUPHORDWULEXtDODORFDFDUUHUDGHVGHORVFDPSRV
8QDYH]PiVPHHTXLYRFDED
6LJXLHQGR ORV FRQVHMRV GH /i]DUR SHUPDQHFt HQ OD FDVD 0L SULPHUD LQWHQFLyQ IXH VDOLU DO
HQFXHQWURGHO1D]DUHQRSHURHOUHVXFLWDGRPHVXJLULyTXHHUDPXFKRPHMRUDJXDUGDUOHDOOt
(O YLHQH VLHPSUH D QXHVWUR KRJDU$GHPiV LQVLQXy OD QRWLFLD KDEUi OOHJDGR \D D
-HUXVDOpQ\GHQWURGHSRFRQRVHSRGUiFDPLQDUSRUODVFDOOHVGH%HWDQLD
(QWRQFHVFRPHQWpFRQSUHRFXSDFLyQHO0DHVWURKDDFHSWDGRHOUHWR\SDVDUiOD3DVFXD
HQODFLXGDGVDQWD
0L DPLJR QR TXLVR UHVSRQGHU 6LQ HPEDUJR DGLYLQp HQ VX PLUDGD XQ YHOR GH SHVDGXPEUH
(OORVSUHVHQWtDQTXHDTXpOODSRGtDVHUOD~OWLPD3DVFXDGH-HV~VGH1D]DUHW1LTXHGHFLUWLHQH
TXHHOVXPRVDFHUGRWH\VXVVHFXDFHVSRGtDQHVWDU\DHQWHUDGRVGHODSUHVHQFLDGHOLPSRVWRUHQ
ODYHFLQDDOGHD<HVRFRPRVDEtDPX\ELHQ/i]DUR\VXVKHUPDQDVHUDSHOLJURVR
3RFR GHVSXpV GH OD KRUD QRQD TXL]i IXHVHQ ODV FXDWUR R FXDWUR \ PHGLD GH OD WDUGH OD
DJLWDFLyQHQWUHODVQXPHURVDVSHUVRQDVTXHVHKDOODEDQHQHOSDWLRSRUWLFDGRGHODKDFLHQGDVH
GLVSDUy V~ELWDPHQWH 0DUWD \ 0DUtD VH SUHFLSLWDURQ KDFLD HO DWULR \ GHVDSDUHFLHURQ HQWUH ORV
JUXSRVGHKRPEUHV\PXMHUHVTXHWDSRQDEDQSUiFWLFDPHQWHODHQWUDGDSULQFLSDO
0L FRUD]yQ VH DFHOHUy 'HVGH HO H[WHULRU VH RtD XQ UXPRU GH YRFHV JULWRV \ VDOXGRV 6LQ
VDEHUSRUTXpVHQWtPLHGR5HWURFHGtXQRVSDVRVRFXOWiQGRPHGHWUiVGHXQDGHODVFROXPQDVGHO
DOD GHUHFKD GHO SDWLR /DV SDOPDV GH PLV PDQRV KDEtDQ HPSH]DGR D VXGDU 3UHVLRQp
GLVLPXODGDPHQWHPLRtGR\HQYR]EDMDLQIRUPpD(OLVHRGHODLQPLQHQWHOOHJDGDGH-HV~V
$ORVSRFRVPLQXWRVORVVHUYLGRUHVDPLJRV\IDPLOLDUHVGH/i]DURIXHURQDSDUWiQGRVH\XQ
QXWULGRJUXSRGHKRPEUHVLUUXPSLyHQHOSDWLR
(QWUH ULVDV EHVRV \ PDQWRV PXOWLFRORUHV PLV RMRV TXHGDURQ FODYDGRV GH SURQWR HQ XQ
LQGLYLGXRTXHVREUHVDOtDPX\SRUHQFLPDGHORVGHPiV$TXpOWHQtDTXHVHU-HV~V
6XH[WUDRUGLQDULDWDOODHQXQSULPHUPRPHQWRODFDOFXOpHQDOJRPiVGHPHWURVOR
FRQYHUWtDDOODGRGHODFDVLWRWDOLGDGGHORVDOOtUHXQLGRVHQXQJLJDQWH9HVWtDXQPDQWRFRORU
EXUGHRV IDMDQGR HO WyUD[ \ FRQ ORV H[WUHPRV HQUROODGRV HQ WRUQR DO FXHOOR \ FD\HQGR VREUH
XQRV KRPEURV DQFKRV \ SRGHURVRV 8QD ODUJD W~QLFD EODQFD GH DPSOLDV PDQJDV OH FXEUtD FDVL
KDVWDORVWRELOORV1ROHYLFHxLGRURFLQWXUyQDOJXQR7UDtDXQOLHQ]REODQFRDUUROODGRVREUHOD
IUHQWHTXHFDtDVREUHHOODGRGHUHFKRGHVXVFDEHOORV
1LVLTXLHUDHQHOLQVWDQWHGHODLQYHUVLyQGHODPDVDGHOPyGXORHQDTXHOODQRFKHGHOGH
HQHURGHH[SHULPHQWpXQDDFHOHUDFLyQFDUGtDFDFRPRODTXHHVWDEDVRSRUWDQGRHQDTXHOORV
PRPHQWRV
(OJLJDQWHFDPLQyGHVSDFLRKDFLDHOFHQWURGHOSDWLR6XEUD]RGHUHFKRGHVFDQVDEDVREUHHO
KRPEURGH/i]DUR$VXDOUHGHGRU0DUWD\0DUtDJHVWLFXODEDQ\GDEDQSDOPDVHQWUHHODOERUR]R
JHQHUDO
(UDVLQGXGDXQKRPEUHEODQFRGHURVWURDOWR\HVWUHFKRSURSLRGHORVSXHEORVFDXFiVLFRV
(OFDEHOORODFLR\GHXQDWRQDOLGDGOLJHUDPHQWHDFDUDPHODGDOHFDtDVREUHORVKRPEURV3RFR
GHVSXpVDOVROWDUVHODEDQGDGHWHODTXHOOHYDEDDUUROODGDVREUHODIUHQWH\TXHSRUWDEDQWDPELpQ
FDVLWRGRVORVKRPEUHVGHVXJUXSRFRPSUREpTXHVHSHLQDEDFRQUD\DHQPHGLR3UHVHQWDEDXQ
ELJRWH\XQDILQDEDUEDSDUWLGDHQGRVGHXQFRORURURYLHMRVLPLODUDORVFDEHOORV(OELJRWH
DXQTXH SURQXQFLDGR QR OOHJDED D RFXOWDU ORV ODELRV UHODWLYDPHQWH ILQRV /D QDUL] PH
GHVFRQFHUWy(UDODUJD\OLJHUDPHQWHSURPLQHQWH
'HVGH VX HQWUDGD HQ OD FDVD -HV~V QR KDEtD GHMDGR GH VRQUHtU PRVWUDQGR XQD GHQWDGXUD
EODQFDHLPSHFDEOHPX\GLVWLQWDDODTXHSDGHFtDODPD\RUtDGHORVKHEUHRV
(O0DHVWURIXHDVHQWDUVHDOILORGHODSLVFLQDFHQWUDOVREUHXQRGHORVWDEXUHWHVTXHDOJXLHQ
KDEtDUHVFDWDGRGHOFRPHGRU/RVKRPEUHVPXMHUHV\QLxRVVHDUUHPROLQDURQDVXDOUHGHGRU
/RV UD\RV GH VRO LQFLGLHURQ HQWRQFHV VREUH VX URVWUR \ TXHGp PDUDYLOODGR (O FRQWUDVWH FRQ
DTXHOODVFDUDVHQGXUHFLGDVVHPEUDGDVGHDUUXJDV\DYHMHQWDGDVGHVXVDPLJRV\VHJXLGRUHVHUD
VHQFLOODPHQWHDGPLUDEOH6XSLHODSDUHFtDFXUWLGD\EURQFHDGD
7tPLGDPHQWHIXLDVRPiQGRPHSRUGHWUiVGHODSLODVWUD-HV~VDSRFRPiVGHFXDWURRFLQFR
PHWURVOHYDQWyUHSHQWLQDPHQWHVXURVWUR\PHSHUIRUyFRQVXPLUDGD8QDHVSHFLHGHIXHJRPH
UHFRUULy ODV HQWUDxDV $QWH OD VRUSUHVD JHQHUDO HO UDEt VH OHYDQWy DEULpQGRVH SDVR HQWUH ODV
SHUVRQDV TXHKDEtDQ HPSH]DGRD VHQWDUVHVREUH ORVODGULOORVURMRV GHOSDYLPHQWR /DVURGLOODV
HPSH]DURQDWHPEODUPH3HUR\DQRHUDSRVLEOHHVFDSDU$TXHOJLJDQWHHVWDEDIUHQWHDPt
-DPiV ROYLGDUp DTXHOOD PLUDGD /RV RMRV GHO *DOLOHR OLJHUDPHQWH UDVJDGRV \ GH XQ YLYR
FRORUGHPLHOWHQtDQXQDYLUWXGVLQJXODUSDUHFtDQFRQFHQWUDUWRGDODIXHU]DGHO&RVPRV0iV
TXHREVHUYDUWUDVSDVDED8QDVSHVWDxDVODUJDV\WXSLGDVOHSURSRUFLRQDEDQXQHVSHFLDODWUDFWLYR
/DIUHQWHGHVSHMDGDWHUPLQDEDHQXQDVFHMDVUHFWDV\VXILFLHQWHPHQWHVHSDUDGDV1RSHVWDxHy6X
ID]DSDFLEOH\WLELDPHQWHLOXPLQDGDSRUHOVROLQIXQGtDXQH[WUDxRUHVSHWR
/HYDQWyORVEUD]RV\GHSRVLWDQGRXQDVPDQRVODUJDV\YHOOXGDVVREUHPLVKRPEURVVRQULyDO
WLHPSRTXHPHJXLxDEDXQRMR
8QLQHVSHUDGRFDORUPHLQXQGyGHSLHVDFDEH]D7UDWpGHUHVSRQGHUDVXJHVWRSHURQRSXGH
(VWDEDFRQIXVR\DWXUGLGRHPRFLRQDGR
6pELHQYHQLGR
$TXHOODVSDODEUDVSURQXQFLDGDVHQJULHJRWHUPLQDURQSRUGHVDUPDUPH+DEtDWDOVHJXULGDG
\DIHFWRHQVXYR]TXHQHFHVLWpPXFKRWLHPSRSDUDUHDFFLRQDU
(OUDEtYROYLyMXQWRDODFLVWHUQDPLHQWUDVVXVDPLJRVOHFRQWHPSODEDQHQXQPXWLVPRWRWDO
$OJXQRVGHORVGLVFtSXORVURPSLHURQDOILQHOVLOHQFLR\SUHJXQWDURQDOUHVXFLWDGRTXLpQHUD\R
(O MRYHQ FRQ LQGXGDEOH VDWLVIDFFLyQ OHV H[SOLFy TXH HUD VX LQYLWDGR 8Q H[WUDQMHUR OOHJDGR
H[SUHVDPHQWHGHVGH7LURSDUDFRQRFHUD-HV~V
<R SHUPDQHFt LQPyYLO FRPR SHWULILFDGR WUDWDQGR GH RUGHQDU PLV SHQVDPLHQWRV 1R
SXHGHVHUPHUHSHWtDXQD\RWUDYH](VLPSRVLEOHTXHKD\DDGLYLQDGR&yPRSXHGH"
3RUPiVYXHOWDVTXHOHGLVLHPSUHOOHJDEDDODPLVPDHQFUXFLMDGD6LQDGLHOHKDEtDKDEODGR
GHPtSRUTXpLEDQDKDFHUORFyPRSRGtDVDEHUTXLpQHUD\SRUTXpHVWDEDDOOt"(QHOSDWLR
KDEtDPHGLRFHQWHQDUGHSHUVRQDV$PXFKRVORVFRQRFtDHVRHVWDEDFODURSHURDRWURVQR
(VWHHUDPLFDVR\VLQHPEDUJRKDEtDFDPLQDGRKDVWDPt
1XQFDQLVLTXLHUDDKRUDFXDQGRHVFULERHVWRVUHFXHUGRVHVWXYHVHJXURSHURVyORXQVHUFRQ
XQSRGHUHVSHFLDOSRGUtDKDEHUDFWXDGRDVt
3DUD TXp YR\ D PHQWLU (O UHVWR GH OD WDUGH IXH SDUD Pt FRPR XQ UHOiPSDJR TXH UDVJD ORV
FLHORVGH2ULHQWHD2FFLGHQWH$SHQDVVLPHSHUFDWpGHQDGD6pTXH0DUWDDOLJXDOTXHKLFLHUD
FRQPLJR ODYy ORV SLHV GHO 1D]DUHQR \ TXH ORV IURWy FRQ PLUUD 5HFXHUGR YDJDPHQWH HQWUH
VDOXGRV FRQVWDQWHV FyPR -HV~V VDOLy GH OD FDVD DFRPSDxDGR SRU /i]DUR \ XQ QXWULGR JUXSR
0DUWD PH LQIRUPDUtD GHVSXpV TXH ODV KDELWDFLRQHV GH OD KDFLHQGD HVWDEDQ WRWDOPHQWH RFXSDGDV
SRUORVDPLJRV\IDPLOLDUHVTXHKDEtDQLGRDFXGLHQGRKDVWD%HWDQLD\TXHGHFRP~QDFXHUGR
FRQ 6LPyQ XQ DQFLDQR LQFRQGLFLRQDO GHO 0DHVWUR \ YLHMR DPLJR GH OD IDPLOLD -HV~V
SHUQRFWDUtDHQODFDVDGHHVWHDQWLJXROHSURVR
$OSULQFLSLRPXFKRVGHORVKDELWDQWHVGH%HWDQLD\GHORVSHUHJULQRVOOHJDGRVKDVWDODDOGHD
GLVFXWLHURQHQWUHVtFUH\HQGRTXHHOUDEtHQWUDUtDHVDPLVPDWDUGHGHOYLHUQHVHQ-HUXVDOpQFRPR
GHVDItR DO GHFUHWR GH SUHQGLPLHQWR TXH KDEtD SURPXOJDGR HO 6DQHGUtQ 3HUR VH HTXLYRFDEDQ
-HV~V\VXJHQWHVHGLVSXVLHURQDSDVDUODQRFKHHQODFDVDGH6LPyQDVtFRPRHQRWURVKRJDUHV
GHDPLJRV\SDULHQWHVGHODIDPLOLDGH/i]DUR7RGRVHVDHVODYHUGDGKLFLHURQORSRVLEOH
SDUDTXHHO0DHVWURVHVLQWLHUDIHOL]GXUDQWHVXHVWDQFLDHQODSHTXHxDSREODFLyQ
6HJ~Q0DUWD6LPyQKDEtDTXHULGRDJDVDMDUFRQYHQLHQWHPHQWHD-HV~V\KDEtDDQXQFLDGRXQ
JUDQEDQTXHWHSDUDHOGtDVLJXLHQWHViEDGR(VRVLJQLILFyXQQXHYRDMHWUHRHQDPEDVFDVDV\D
TXH GH DFXHUGR FRQ ODV HVWULFWDV SUHVFULSFLRQHV GH OD OH\ MXGtD HO GtD VDJUDGR SDUD ORV
KHEUHRVFRPHQ]DEDSUHFLVDPHQWHFRQHOFUHS~VFXORGHOGtDDQWHULRU
'XUDQWH HO UHVWR GH OD MRUQDGD HO 0DHVWUR GH *DOLOHD UHFLELy D LQILQLGDG GH DPLJRV \
YLVLWDQWHVGHSDUWLHQGRFRQWRGRV
$ODQRFKHFHU-HV~VUHJUHVyDODFDVDGH/i]DUR\DOOtHQFRPSDxtDGHVXVtQWLPRV\GHOD
IDPLOLDGHOUHVXFLWDGRUHSXVRIXHU]DVPRVWUiQGRVHGHXQKXPRUH[FHOHQWH
/i]DUR PH URJy TXH OHVDFRPSDxDUD/RV KRPEUHVWRPDURQ DVLHQWR HQWRUQRDOD JUDQPHVD
UHFWDQJXODU GHO FRPHGRU \ ODV PXMHUHV GLULJLGDV SRU 0DUWD FRPHQ]DURQ D VHUYLU (Q XQ
SULPHUPRPHQWRPHPDQWXYHSUXGHQWHPHQWHDODPRUGHODFKLPHQHD3HUR/i]DURLQVLVWLy\PHYL
REOLJDGR D FRPSDUWLU FRQ HOORV ODV DEXQGDQWHV YLDQGDV DOJR GH FD]D MXGtDV OHJXPEUHV IUXWRV
VHFRV\YLQR0HVRUSUHQGLyFRPSUREDUTXHHQQLQJXQDGHODVFRPLGDVVHSUREDEDHODJXD(VWD
HUDVXVWLWXLGDKDELWXDOPHQWHSRUYLQR
$QWHVGHLQLFLDUODWDUGtDFHQDHO0DHVWUR\ODVFDWRUFHRTXLQFHSHUVRQDVTXHFRPSDUWtDQ
ORV DOLPHQWRV VH SXVLHURQ HQ SLH HQWRQDQGR XQ EUHYH FiQWLFR <R KLFH RWUR WDQWR DXQTXH
SHUPDQHFtOyJLFDPHQWHHQVLOHQFLR$OWHUPLQDU0DUWDHQXQDGHODVSUHVXURVDVLGDV\YHQLGDV
PHH[SOLFyTXHDTXHOKLPQRWLWXODGR2\H,VUDHOHUDHQUHDOLGDGXQDRUDFLyQ0HVRUSUHQGLyYHU
FyPRHOUDEtDSHVDUGHVXVS~EOLFDV\DFXVDGDVGLIHUHQFLDVFRQORVGRFWRUHVGHODOH\UHVSHWDED
ODV YLHMDV FRVWXPEUHV GH VX SXHEOR 1R Vp VL KH PHQFLRQDGR TXH HO 0DHVWUR KDEtD KHFKR JDOD
GXUDQWHWRGDODWDUGHGHXQFRQWDJLRVRVHQWLGRGHOKXPRUULHQGR\KDFLHQGREURPDVSRUFXDOTXLHU
FRVD$TXpOLEDDVHUDOPHQRVHQORVGtDVTXHSUHFHGLHURQDOMXHYHVGHDEULORWURGHORV
DVSHFWRV TXH PH VRUSUHQGLHURQ GH eO 4Xp OHMRV HVWDED GH HVD LPDJHQ JUDYH DWRUPHQWDGD \
OHMDQD TXH VH GHGXFH DO OHHU PXFKRV GH ORV OLEURV GHO VLJOR ;; -HV~V GH 1D]DUHW HUD XQD
PH]FODGHQLxR\JHQHUDOGHLQJHQXRSDVWRU\FRQFLHQ]XGRDQDOLVWDGHKRPEUHTXHYLYHDOGtD\
GHSUXGHQWHFRQVHMHUR3HURVREUHWRGRVHOHQRWDEDIHOL]0XFKRPiVDOHJUH\GHVSUHRFXSDGR
TXH VXV SURSLRV GLVFtSXORV \ DPLJRV YLVLEOHPHQWH DOWHUDGRV SRU ODV DPHQD]DV GHO VXPR
VDFHUGRWH
$FWR VHJXLGR -HV~V TXH SUHVLGtD OD PHVD MXQWR D /i]DUR VH KL]R FDUJR GH XQD GH ODV
KRJD]DVGHSDQ\VHJ~QVXFRVWXPEUHORWURFHy\GLVWULEX\yHQWUHORVFRPHQVDOHV
$SHQDV VL KDEtDPRV FRPHQ]DGR FXDQGR GH SURQWR HO 0DHVWUR VH GLULJLy D XQR GH ORV
KRPEUHV GHO JUXSR $O OODPDUOR SRU VX QRPEUH HO FRUD]yQ PH GLR XQ UHVSLQJR (UD -XGDV
,VFDULRWH
(OGLVFtSXORVHOHYDQWyOHQWDPHQWH\DSUR[LPiQGRVHDOUDEtOHHQWUHJyDOJR'HVSXpVUHJUHVy
DVXSXHVWR3HUPDQHFtFRPRKLSQRWL]DGRFRQWHPSODQGRDDTXHOLQGLYLGXRIODFR\ODUJXLUXFKRGH
DOJRPiVGHPHWURVGHHVWDWXUD\FDEH]DSHTXHxD6XQDUL]DJXLOHxDGHVWDFDEDVREUHXQDSLHO
SiOLGD FDVL PDFLOHQWD GiQGROH HO FOiVLFR SHUILO GH SiMDUR TXH \R KDEtD HVWXGLDGR HQ OD
FODVLILFDFLyQ WLSROyJLFD GH (UQHVW .UHWVFKPHU (O JUDQ SVLTXLDWUD VH KXELHUD VHQWLGR PX\
VDWLVIHFKRDOVDEHUTXHVXGHILQLFLyQGHOWLSROHSWRVRPiWLFRFRLQFLGtDGHOOHQRHQHVWHFDVR
FRQHOWHPSHUDPHQWR HVTXL]RWtPLFRGH -XGDVVHULRLQWURYHUWLGRUHVHUYDGRSRFR VRFLDEOH \
KDVWD HVTXLQDGR /D YHUGDG HV TXH FRQIRUPH IXL FRQRFLHQGR HO FDUiFWHU GH HVWH KRPEUH PH
SHUFDWp TXH VH WUDWDED HQ UHDOLGDG GH XQ JUDQ WtPLGR TXH QR KDEtD WHQLGR RSRUWXQLGDG GH
GHVDUUROODUVXLQPHQVRFDXGDODIHFWLYR
6XFDEHOORQHJURILQR\DEXQGDQWHFRQWUDVWDEDFRQVXURVWURSUiFWLFDPHQWHLPEHUEH
$ODSUR[LPDUVHD-HV~VQRWpTXHVXW~QLFDHQOXJDUGHOVLPSOHFRUGyQRFHxLGRULEDVXMHWD
SRUODFLQWXUDFRQXQDKDJRUDKRIDMDRVFXUDGHODTXHKDEtDH[WUDtGRDTXHOODSHTXHxDEROVDGH
FXHUR$O SDUHFHU SRU OR TXH SXGH LU YHULILFDQGR OD PHQFLRQDGD IDMD VHUYtD VREUH WRGR SDUD
JXDUGDU HO GLQHUR R SHTXHxRV REMHWRV DPpQ GH ODV DUPDV -XGDV SRUWDED XQD SHTXHxD HVSDGD
VXMHWD HQ VX FRVWDGR GHUHFKR (Q DTXHOORV LQVWDQWHV VLQ HPEDUJR QR PH SHUFDWp GH XQ KHFKR
VLQJXODU DO LJXDO TXH HO ,VFDULRWH RWURV GLVFtSXORV RFXOWDEDQ WDPELpQ VHQGDV HVSDGDV EDMR VXV
PDQWRV\KDJRUDKV
(O UDEt URJy D ODV KHUPDQDV GH /i]DUR TXH VH DSUR[LPDUDQ D eO 0DUtD IXH OD SULPHUD HQ
DEDQGRQDUORVHQVHUHVTXHHVWDEDPDQHMDQGRMXQWRDOIRJyQVLWXiQGRVHHQXQDGHODVHVTXLQDVGH
ODPHVDMXQWRDO*DOLOHR$OSRFRHQWUDED0DUWDVHFiQGRVHODVPDQRVHQHOGHODQWDO/DOX]GH
XQDGHODVGRVJUDQGHVOiPSDUDVROXFHUQDVSRUWiWLOHVTXHKDEtDQVLGRFRORFDGDVVREUHODPHVD
SRQtDQ DO GHVFXELHUWR HO DWUDFWLYR SHUILO GH 0DUtD 8QD HVSHVD PDWD GH SHOR QHJUR \
FXLGDGRVDPHQWH FDUGDGR OH FDtD SRU OD HVSDOGD FDVL KDVWD OD FLQWXUD 6REUH OD IUHQWH 0DUtD
VXMHWDQGRSDUWHGHORVFDEHOORVOXFtDXQDFLQWDFHOHVWHTXHUHVDOWDEDVREUHVXFXWLVDFHLWXQDGR
7HQtDODVIDFFLRQHVSHTXHxDV\GHOLFDGDVSURSLDVGHVXVGLHFLVpLVRGLHFLVLHWHDxRV
1LXQDVRODYH]KDEtDORJUDGRKDEODUFRQHOOD\QRREVWDQWHVXVLQWHUPLQDEOHVRMRVQHJURV
UHYHODEDQXQFRUD]yQVLQJXODUPHQWHVHQVLEOH
-HV~VSXVRODEROVLWDHQODVPDQRVGH0DUtD\GLULJLpQGRVHDDPEDVOHVSLGLyTXHDFHSWDUDQ
DTXHOSHTXHxRREVHTXLR0LHQWUDV0DUtDVHUXERUL]DED0DUWDSUHVDGHODFXULRVLGDGDUUHEDWy
HOUHJDORGHHQWUHODVPDQRVGHVXKHUPDQDDEULpQGRORFRQSUHVWH]D'HVGHPLDVLHQWRDSHQDVVL
OOHJXp D GLVWLQJXLU XQRV JUiQXORV 'HVSXpV VXSH TXH VH WUDWDED GH VHPLOODV GH EiOVDPR
FRPSUDGDVSRUHOSURSLRUDEtDVXSDVRSRU-HULFy
$QWHHOUHJRFLMRJHQHUDO0DUtDVLHPSUHHQVLOHQFLRVHDSUR[LPyD-HV~VHVWDPSiQGROH
GRVVRQRURVEHVRVHQODVPHMLOODV
3RFR D SRFR VLQ HPEDUJR HO WRQR DOHJUH \ GHVHQIDGDGR GH DTXHOOD FRPLGD IXH GHFD\HQGR
SRUREUD\JUDFLDGHDOJXQRVGHORVKRPEUHVGHO&ULVWR6DOWDEDDODYLVWDTXHHVWDEDQVHULDPHQWH
SUHRFXSDGRVSRUODGLUHFFLyQTXHLEDQDWRPDUORVSUy[LPRVSDVRVGHVX0DHVWUR\TXHHOORVVLQ
OXJDUDGXGDVLJQRUDEDQWRWDOPHQWH1RWDUGyHQVXUJLUHODVXQWRGHODRUGHQGHFDSWXUDGH-HV~V
SRUSDUWHGHOVXPRVDFHUGRWH\ODVPHGLGDVTXHGHEtDQDGRSWDUVHSDUDVDOYDJXDUGDUODVHJXULGDG
GHOUDEtHQSULPHUOXJDU\GHOUHVWRGHOJUXSRDOPLVPRWLHPSR
8QRGHORVPiVIRJRVRV\UDGLFDOHVHUDXQGLVFtSXORGHEDUEDHQFDQHFLGD\ELJRWHUDVXUDGR
SUiFWLFDPHQWHFDOYR\GHRMRVFODURV6XFDEH]DUHGRQGDGHVWDFDEDVREUHXQFXHOORJUXHVR$TXHO
KRPEUHGHURVWURDFULELOODGRSRUODVDUUXJDV\RHVWLPpTXHHUDXQRGHORVGHPiVHGDGTXL]i
URQGDVHORVRDxRVQRHUDSDUWLGDULRGHODHQWUDGDHQ-HUXVDOpQ>@7HPtDOyJLFDPHQWH
SRU OD YLGD GHO UDEt \ WUDWy SRU WRGRV ORV PHGLRV D VX DOFDQFH GH FRQYHQFHU DO JUXSR GH OR
SHOLJURVRGHOHPSHxR
-HV~V DVLVWLy LPSDVLEOH \ VHULR D WRGD OD GLVFXVLyQ 'HMDED KDEODU D XQRV \ RWURV VLQ
SURQXQFLDUSDODEUD+DVWDTXHHQXQPRPHQWRiOJLGRGHODFRQWURYHUVLDHO0DHVWURGHMyRtUVX
YR]JUDYH<GLULJLpQGRVHDODSyVWROGHORVRMRVD]XOHVVHQWHQFLy
3HGURHVTXHD~QQRKDVFRPSUHQGLGRTXHQLQJ~QSURIHWDHVUHFLELGRHQVXSXHEOR\TXH
QLQJ~QPpGLFRFXUDDORVTXHOHFRQRFHQ"
'HVSXpVILMDQGRDTXHOORVRMRVGHKDOFyQHQORVPtRVDxDGLy
6LODFDUQHKDVLGRKHFKDDFDXVDGHOHVStULWXHVXQDPDUDYLOOD6LHOHVStULWXKDVLGRKHFKR
DFDXVDGHOFXHUSRHVODPDUDYLOODGHODVPDUDYLOODV0DV\RPHPDUDYLOORGHHVWRFyPRHVWD
JUDQULTXH]DVHKDLQVWDODGRHQHVWDSREUH]D"
8Q VLOHQFLR GHQVR TXHGy IORWDQGR HQ OD HVWDQFLD < HO 0DHVWUR OHYDQWiQGRVH VH UHWLUy D
GHVFDQVDU
$TXHOODQRFKH\ODVVLJXLHQWHVORVGLVFtSXORVWHPHURVRVGHWRGR\GHWRGRVPRQWDURQ
JXDUGLDSRUSDUHMDVDODVSXHUWDVGHODFDVDGH6LPyQHOOHSURVR7DQWR-XGDV,VFDULRWHFRPR
3HGURVXKHUPDQR$QGUpV6LPyQOODPDGRHO=HORWHV\ORVVRUSUHQGHQWHVKHUPDQRVJHPHORV
-XGDV\6DQWLDJRGH$OIHRLEDQDUPDGRVFRQXQDVHVSDGDVFRUWDVSUiFWLFDPHQWHLGpQWLFDVDORV
JODGLXVGHORVOHJLRQDULRVURPDQRVODFRQRFLGDJODGLXV+LVSDQLFXVRHVSDGDHVSDxRODFRPROD
GHILQLy 3ROLELR (UDQ XQDV DUPDV GH VHVHQWD D VHWHQWD FHQWtPHWURV GH ORQJLWXG GH KRMD DQFKD \
GREOHILORFRQXQDSXQWDTXHODVKDFtDWHPLEOHV
/RV GLVFtSXORV GH -HV~V SURFXUDEDQ HVFRQGHUtDV EDMR ORV PDQWRV JHQHUDOPHQWH HQ HO
FRVWDGRGHUHFKR\GHQWURGHXQDYDLQDGHPDGHUD
-HV~VQRLJQRUDEDTXHDOJXQRVGHVXVPiVFHUFDQRVVHJXLGRUHVOOHYDEDQDUPDV6LQHPEDUJR
VDOYRHQHOWULVWHPRPHQWRGHVXFDSWXUDHQODQRFKHGHOMXHYHVHQODILQFDGH*HWVHPDQtMDPiV
OHVKL]RPHQFLyQRUHSURFKHDOJXQR
'($%5,/6%$'2
$GLIHUHQFLDGHODVUHVWDQWHVMRUQDGDVDTXHODPDQHFHUGHOViEDGRQRIXLGHVSHUWDGRSRUHOUXPRU
GH OD PROLHQGD GHO JUDQR /D DOGHD SDUHFtD GRUPLGD H[WUDxDPHQWH VLOHQFLRVD /RV KHEUHRV
DPRVVLUYLHQWHVHLQFOXVRVXVDQLPDOHVGHFDUJDSDUDOL]DEDQSUiFWLFDPHQWHODYLGDDSDUWLU
GHORTXHHOORVGHQRPLQDEDQODYLJLOLDGHOViEDGRHVGHFLUGHVGHHOFUHS~VFXORGHOYLHUQHV/D
/H\SURKLEtDWRGRVORVWUDEDMRVPD\RUHVORVJUDQGHVGHVSOD]DPLHQWRVKDFHUHODPRUVDFDUDJXD
GH ORV SR]RV \ KDVWD HQFHQGHU HO IXHJR $TXHOODV DEUXPDGRUDV QRUPDV GH RULJHQ UHOLJLRVR
WUDVWRUQDEDQ SRU FRPSOHWR HO ULWPR GLDULR GH OD YLGD VRFLDO GH ORV MXGtRV < OR TXH HQ XQ
SULQFLSLR GHEHUtD KDEHU VLGR XQ PRWLYR GH DOHJUtD \ PHUHFLGR GHVFDQVR KDEtD WHUPLQDGR SRU
GHIRUPDUVHFRQYLUWLpQGRVHHQXQHQPDUDxDGRFyGLJRGHGLVSRVLFLRQHVHQVXPD\RUtDDEVXUGDV\
ULGtFXODV
/i]DUR\VXIDPLOLDVLJXLHQGRHOHMHPSORGH-HV~VDGRSWDEDQXQDSRVWXUDPXFKRPiVOLEHUDO
(VD PLVPD WDUGH WHQGUtD RSRUWXQLGDG GH FRPSUREDU ORV PXFKRV GLVJXVWRV \ TXHEUDGHURV GH
FDEH]DTXH DUUDVWUDEDQ FRPRFRQVHFXHQFLDGH ODVLQFHUDSXHVWDHQSUiFWLFDGH ODGRFWULQD TXH
YHQtDSUHGLFDQGRHOUDEtGH*DOLOHD
$SHVDUGHWRGRTXHGpIUDQFDPHQWHVRUSUHQGLGRDOYHUGHVGHSULPHUDVKRUDVGHODPDxDQD
XQ LQFHVDQWH JHQWtR TXH SURFHGHQWH GH -HUXVDOpQ \ GHO FDPSDPHQWR OHYDQWDGR MXQWR D VXV
PXUDOODV SUHWHQGtD VDOXGDU D /i]DUR \ DO KRPEUH TXH KDEtD VLGR FDSD] GH GHVDILDU DO *UDQ
6DQHGUtQ6HJ~QPLVLQIRUPDFLRQHVXQRGHHVWRVSUHFHSWRVVDEiWLFRVHVSHFLILFDEDTXHHOKRPEUH
GH OD FDVD GHEtD GDU WUHV yUGHQHV FXDQGR FRPHQ]DED D RVFXUHFHU HV GHFLU HQ OD WDUGH GHO
YLHUQHV+DEpLVDSDUWDGRHOGLH]PR">@+DEpLVGLVSXHVWRHOHUXE"3RU~OWLPRHOFDEH]D
GHIDPLOLDGHEtDRUGHQDUTXHVHSUHQGLHUDODOiPSDUD3XHVELHQVLODGLVWDQFLDGH-HUXVDOpQD
%HWDQLD HUD GH XQRV TXLQFH HVWDGLRV FDVL WUHV NLOyPHWURV FyPR HV TXH DTXHOORV MXGtRV
LQFXPSOtDQXQDGHODVQRUPDVPiVVHYHUDVGHOViEDGRFDPLQDUPiVGHORVGRVPLOFRGRVILMDGRV
SRUOD/H\">@
/i]DUR FRQ XQD VRQULVD PDOLFLRVD YLQR D H[SOLFDUPH TXH WDPELpQ HQ DTXHOORV WLHPSRV
KHFKDODOH\ KHFKDOD WUDPSD /RVLVUDHOLWDV SDUDDOLJHUDU HVWD GLVSRVLFLyQGH ORV GRVPLO
FRGRV KDEtDQ LQYHQWDGR HOHUXE 6L XQD SHUVRQD SRU HMHPSOR FRORFDED HQ OD YLJLOLD GHO
ViEDGRHOYLHUQHVDOLPHQWRVFRPRSDUDGRVFRPLGDVGHQWURGHHVHOtPLWHGHORVGRVPLOFRGRVR
PLO PHWURV DTXHOOR HOHUXE HUD FRQVLGHUDGR FRPR XQD UHVLGHQFLD WHPSRUDO SXGLHQGR
HQWRQFHVFDPLQDURWURVGRVPLOFRGRVHQFXDOTXLHUGLUHFFLyQ>@
(VWR H[SOLFDED OD PDVLYD SUHVHQFLD GH SHUHJULQRV \ YHFLQRV GH -HUXVDOpQ HQ %HWDQLD TXH
VHJ~QPLDPLJRSRGtDQKDEHUVLWXDGRXQRRGRVHUXEHQHOPHQFLRQDGRVHQGHURTXHXQHODVWUHV
SREODFLRQHV-HUXVDOpQ%HWIDJp\ODDOGHDHQODTXHPHHQFRQWUDED
0LFRQGLFLyQGHH[WUDQMHUR\JHQWLOPHSURSRUFLRQyDOILQXQDRSRUWXQLGDGSDUDD\XGDUDOD
IDPLOLDTXHPHKDEtDDFRJLGREDMRVXWHFKR+DVWDODKRUDWHUFLDQXHYHGHODPDxDQD\GHVSXpV
GH YHQFHU OD UHVLVWHQFLD GH 0DUWD PH RFXSp GHO WUDQVSRUWH GHO DJXD DVt FRPR GH DOLPHQWDU HO
IXHJRGHODFKLPHQHDUHFRJHUORVKXHYRVGHOJDOOLQHUR\GHODOLPSLH]D\SXHVWDDSXQWRGHXQ
LQJHQLRVR DUWLOXJLR TXH OODPDEDQDQWLNL \ TXH QR HUD RWUD FRVD TXH XQD HVSHFLH GH FDOHQWDGRU
PHWiOLFRFRQXQUHFLSLHQWHSDUDODVEUDVDV(OGHVFDQVRVDEiWLFRSURKLEtDUHWLUDUODVFHQL]DVGHO
PLVPR \ SRU VXSXHVWR YROYHU D FDUJDUOR $TXHO XWHQVLOLR SURYLVWR GH XQ WXER LQWHULRU HQ
FRQWDFWRFRQHOIXHJRHUDGHJUDQXWLOLGDGSDUDFDOHQWDUDJXD$OQRVHUMXGtR\RHVWDEDOLEHUDGR
GHDTXHOODVQRUPDV\HOORFRPRGLJRPHSHUPLWLyFRPSHQVDUHQSDUWHODJHQWLOH]D\KRVSLWDOLGDG
GHPLVDPLJRV
3HUR PL FRUD]yQ DUGtD HQ GHVHRV GH VDOLU DO HQFXHQWUR GH -HV~V 0DUWD FRQ VX ILQtVLPR
LQVWLQWRPHVXJLULyTXHORGHMDUDWRGR\TXHIXHUDHQEXVFDGHO0DHVWUR3RFRDQWHVHQXQDGH
VXV YLVLWDV D OD FDVD GH VX YHFLQR 6LPyQ FRQ PRWLYR GH OD SUHSDUDFLyQ GHO IHVWtQ TXH ORV
KDELWDQWHV GH %HWIDJp \ %HWDQLD TXHUtDQ RIUHFHU DO UDEt KDEtD WHQLGR RFDVLyQ GH YHUOH HQ HO
MDUGtQ
&XDQGR PH GLVSRQtD D VDOLU GH OD FDVD OD VHxRUD PH UHFRUGy TXH \R WDPELpQ KDEtD VLGR
LQYLWDGR\TXHVLDVtORFRQVLGHUDEDHOODPLVPDPHFRQGXFLUtDKDVWDHOOXJDUTXHVHPHKDEtD
DVLJQDGR<RVDEtDPX\ELHQTXHHQDTXHOODFHQDLEDDSURGXFLUVHXQDFRQWHFLPLHQWRHVSHFLDO
/R TXH QR SRGtD LPDJLQDU HQWRQFHV HUD OD JUDYtVLPD UHSHUFXVLyQ TXH HQWUDxDUtD SDUD HO
0DHVWUR
/DKDFLHQGDGH6LPyQHOKRPEUHPiVULFRHLPSRUWDQWHGH%HWDQLDGHVGHODPXHUWHGHOSDGUH
GH /i]DUR VH OHYDQWDED D HVFDVD GLVWDQFLD \ WDPELpQ HQ HO Q~FOHR RULHQWDO GH OD SREODFLyQ /D
~QLFDGLIHUHQFLDVXVWDQFLDOFRQODFDVDGHPLDPLJRHUDHOIURQGRVRMDUGtQFXDMDGRGHFLSUHVHV
DOJDUURERV\SDOPHUDVSHUIHFWDPHQWHFHUFDGRSRUXQPXURGHSLHGUDGHGRVPHWURVGHDOWXUD
(Q-HUXVDOpQH[FHSFLyQKHFKDGHODURVDOHGDORVMDUGLQHVHVWDEDQSURKLELGRV$TXHOODQRUPDHQ
FDPELRQR REOLJDED D ODVUHVWDQWHV FLXGDGHV 6LPyQ IHUYRURVRFUH\HQWH\VHJXLGRU GHO &ULVWR
HUD DGHPiV XQ HQDPRUDGR GH ODV SODQWDV SDVDQGR EXHQD SDUWH GH VX \D DYDQ]DGD DQFLDQLGDG
HQWUH VXV URVDV JiOEDQRV OXPLQRVRV \ SHUIXPDGRV HVWRUDTXHV GH IORUHV EODQFDV MDUDV \ ORV
FXULRVRVWUDJDFDQWRVGHFX\DVUDPDV\WURQFRVIOX\HXQDSUHFLDGDJRPDEODQTXHFLQDDOWDPHQWH
PHGLFLQDO
$ODVSXHUWDVGHODKDFLHQGDVHDSLxDEDXQDVLOHQFLRVDPXFKHGXPEUHDODHVSHUDGHSRGHU
YHU DO 0DHVWUR &RPR VL VH WUDWDVH GH XQ HVWDGLVWD GHO VLJOR ;; YDULRV GLVFtSXORV GH -HV~V
SHUPDQHFtDQDSRVWDGRVMXQWRDOSRUWyQFRQODVHVSDGDVRFXOWDVSRUODIDMD\HOPDQWRFRQWURODQGR
ODVHQWUDGDV\VDOLGDVGHORVDPLJRVIDPLOLDUHV\VHUYLGRUHVGHODFDVDORV~QLFRVDXWRUL]DGRVD
WUDVSDVDUHOXPEUDO
1RWXYHHOPHQRUSUREOHPDSDUDFUX]DUDQWHORVKRPEUHVGHO*DOLOHR0LDPLVWDGSDUDFRQ
/i]DUR\HORSRUWXQRJHVWRGH-HV~VVDOXGiQGRPHODWDUGHGHOGtDDQWHULRUKDEtDQKHFKRTXHPH
JDQDUD ODVVLPSDWtDV\ FRQILDQ]D GHORVDSyVWROHV$O YHUPH XQR GHORV GLVFtSXORV -XGDV GH
6DQWLDJRJHPHORGHORWUR$OIHRPHSUHJXQWyVLEXVFDEDDDOJXLHQHQSDUWLFXODU/HGLMHTXHD
-HV~V\VHEULQGyHQFDQWDGRSDUDDFRPSDxDUPH$OWUDVSDVDUODSXHUWDSULQFLSDOPHHQFRQWUpDQWH
HO FXLGDGR \ GLODWDGR MDUGtQ 8Q HVWUHFKR FDPLQR DGRTXLQDGR FRQ SLHGUDV EODQFDV FDOL]D VLQ
GXGD QRV FRQGXMR HQ OtQHD UHFWD KDVWD OD H[SODQDGD DELHUWD DO SLH PLVPR GH OD HVFDOLQDWD GH
PiUPROTXHGDEDDFFHVRDODFDVD
1RIXHQHFHVDULRTXH-XGDVPHVHxDODUDDVX0DHVWUR(OJLJDQWHVHKDOODEDURGHDGRGHXQD
GHFHQDGHQLxRV-XJDQGR
$TXHO HVSHFWiFXOR PH IDVFLQy GH WDO IRUPD TXH HQ VLOHQFLR FDVL GH SXQWLOODV URGHp OD
SHTXHxD H[SODQDGD VHQWiQGRPH HQ ORV SULPHURV SHOGDxRV GH OD HVFDOLQDWD < DOOt SHUPDQHFt
DEVRUWRGLVIUXWDQGRFRPRORVSHTXHxRV
-HV~V VH KDEtD GHVHPEDUD]DGR GH VX PDQWR 6X HVSOpQGLGD W~QLFD EODQFD DSDUHFtD HVWD YH]
FHxLGDSRUXQFRUGyQ(QWUHODDOJDUDEtDGHORVSHTXHxXHORVGHVWDFDEDDUDWRVVXULVDOLPSLD\
URWXQGD FRPR DTXHOOD OXPLQRVD PDxDQD (Q YHUGDG OR TXH PiV PH HPRFLRQy IXH FRPSUREDU
FyPRDTXHOKRPEUHKHFKR\GHUHFKRFDSD]GHGHVDILDUDORVVXPRVVDFHUGRWHVRGHUHVXFLWDUD
ORVPXHUWRVVDOWDEDFRUUtDRFDtDSRUORVVXHORVHQWUHJDGRSRUFRPSOHWRDODVH[LJHQFLDVGH
DTXHOODJHQWHPHQXGD
$OJXQDV PXMHUHV VH DVRPDEDQ GLVLPXODGDPHQWH SRU HO DWULR FRQWHPSODQGR OD HVFHQD \
HVFDEXOOpQGRVHDFRQWLQXDFLyQHQWUHULVDVPDOFRQWHQLGDV
8QRGHDTXHOORVMXHJRVHUDHVSHFLDOPHQWHFXULRVR(O*DOLOHRVHVLWXDEDGHHVSDOGDVDOJUXSR
GH QLxRV \ ODQ]DED XQ SDOLWURTXH KDFLD DWUiV GH IRUPD TXH FD\HUD OR PiV FHUFD SRVLEOH GH OD
FKLTXLOOHUtD /RV PXFKDFKRV VH GLVSXWDEDQ OD SRVHVLyQ GHO SDOR KDVWD TXH XQR GH HOORV
JHQHUDOPHQWH HO TXH PiV VDOWDED VH KDFtD FRQ pO (Q HVH LQVWDQWH WDQWR -HV~V FRPR HO UHVWR
FRUUtDQHQWRGDVGLUHFFLRQHVPLHQWUDVHOSURSLHWDULRGHOWHVWLJRVHHVIRU]DEDSRUSHUVHJXLU\
WRFDU FRQ HO SDOR D FXDOTXLHUD GH ORV MXJDGRUHV 1R HUD FDVXDOLGDG TXH WRGRV ORV QLxRV
SUHWHQGLHUDQFD]DUDOUDEt3HURpVWHOHMRVGHGDUIDFLOLGDGHVORVYROYtDORFRVHVTXLYiQGRORV
\EXUOiQGRORVHQWUHORViUEROHV\DUEXVWRV
1RVpFXiQWRWLHPSRGXUyDTXHOOR4XL]iXQDRGRVKRUDV
6~ELWDPHQWHPHDVDOWyXQSUHVHQWLPLHQWR2PXFKRPHHTXLYRFDEDRDTXHOORVLEDQDVHUORV
~OWLPRVMXHJRVGH-HV~VGH1D]DUHW
'H SURQWR FXDQGR PiV SXQ]DQWH HUD DTXHOOD LQH[SOLFDEOH PHODQFROtD HO 0DHVWUR GHWXYR HO
MXHJR5HWLUyGHVXVRMRVODYHQGDGHWHODFRQODTXHMXJDEDDODJDOOLQLWDFLHJD\DFDULFLyDORV
SHTXHxRVGDQGRSRUWHUPLQDGDODGLYHUVLyQ
$XQTXH -HV~V KDEtD WHQLGR P~OWLSOHV RSRUWXQLGDGHV GH YHUPH DOOt VHQWDGR IXH HQ HVH
PRPHQWR FXDQGR GLULJLy VX PLUDGD KDFLD Pt /RV QLxRV VH GHVSHUGLJDURQ SRU HO MDUGtQ \ HO
0DHVWURDYDQ]yKDFLDODVHVFDOLQDWDV7UDWpGHSRQHUPHHQSLHSHURHOUDEtH[WHQGLyVXPDQR
LQGLFiQGRPHTXHQRPHPRYLHUD
6HVHQWyDPLODGRFRQODUHVSLUDFLyQD~QDJLWDGD\ODIUHQWHHPSDSDGDSRUHOVXGRU
-DVyQDPLJRTXpWHVXFHGH"
$TXHOGHVFXEULPLHQWRYROYLyDVXPLUPHHQODFRQIXVLyQ(O0DHVWURVLQPLUDUPHVLTXLHUD\
VLQHVSHUDUXQDUHVSXHVWDTXpFODVHGHUHVSXHVWDSRGtDKDEHUOHGDGR"SURVLJXLyFRQXQWRQR
GHFRPSOLFLGDGTXHDGLYLQpDOLQVWDQWH
7~HVWiVDTXtSDUDGDUWHVWLPRQLR\QRGHEHVGHVIDOOHFHU
(QWRQFHVVDEHVTXLpQVR\
-HV~VVRQULy\SDVDQGRVXODUJREUD]RVREUHPLVKRPEURVVHxDOyKDFLDODSXHUWDGHOMDUGtQ
GRQGHD~QPRQWDEDQJXDUGLDVXVGLVFtSXORV
3DVDUiPXFKRWLHPSRKDVWDTXHpVRV\ODVJHQHUDFLRQHVYHQLGHUDVFRPSUHQGDQTXLpQVR\\
SRUTXpIXLHQYLDGRSRUPL3DGUH7~DSHVDUGHYHQLUGHGyQGHYLHQHVHVWiVPiVFHUFDTXH
HOORVGHOD9HUGDG
1RFRPSUHQGR0DHVWURSRUTXpWXVKRPEUHVYDQDUPDGRV0X\SRFRVORFUHHUtDQHQPL
WLHPSR
/RVTXHHVWiQFRQPLJRUHVSRQGLyFRQXQWLPEUHGHWULVWH]DQRPHKDQHQWHQGLGR
6HxRU+D\WDQWDVFRVDVGHODVTXHGHVHDUtDKDEODUWH
$~QWHQHPRVWLHPSR%iVWHOHDFDGDGtDVXDIiQ
(UDLUULWDQWH7DQWRWLHPSRDJXDUGDQGRDTXHOODRSRUWXQLGDG\DKRUDPDQRDPDQRFRQeOQR
VDEtDTXpGHFLUQLTXpSUHJXQWDU
$QWHV PH KDV SUHJXQWDGR TXp PH RFXUUtD OH FRPHQWp LQWULJDGR &yPR KDV SRGLGR
GDUWHFXHQWD"
/HYDQWD OD SLHGUD \ PH HQFRQWUDUiV DOOt &RUWD OD PDGHUD \ \R HVWR\ DOOt 'RQGH KD\
VROHGDGDOOtHVWR\\RWDPELpQ
6DEHV"WRGDPLYLGDPHKHVHQWLGRVROR
-HV~VUHSOLFyGHIRUPDIXOPLQDQWH
<RVR\ODOX]TXHHVWiVREUHWRGRV+D\PXFKRVTXHVHWLHQHQMXQWRDODSXHUWDSHURHQ
YHUGDGWHGLJRTXHVyORORVVROLWDULRVHQWUDUiQHQODFiPDUDQXSFLDO
0HWUDQTXLOL]DVDEHUTXHWDPELpQORVTXHGXGDPRVWHQHPRVXQULQFyQHQWXFRUD]yQ
(OJLJDQWHVRQULySRUVHJXQGDYH]3HURHVWDYH]VXVRMRVEULOODURQFRPRHOEURQFHSXOLGR
(OPXQGRQRHVGLJQRGHDTXHOTXHVHHQFXHQWUDDVLPLVPR
0LOYHFHVPHKHKHFKRODPLVPDSUHJXQWDSRUTXpHVWDPRVDTXt"
(OPXQGRHVXQSXHQWH3DVDGSRUpOSHURQRRVLQVWDOpLVHQpO
3HURLQVLVWtQRKDVUHVSRQGLGRDPLSUHJXQWD
6t-DVyQVLORKHKHFKR(VWHPXQGRHVFRPRODDQWHVDODGHO5HLQRGHPL3DGUH3UHSiUDWH
HQODDQWHVDODDILQGHTXHSXHGDVVHUDGPLWLGRHQODVDODGHOEDQTXHWH6pFDPLQDQWHTXHQRVH
GHWLHQH
3HUR6HxRUFRQR]FRDPXFKRVTXHVHKDQLQVWDODGRHQVXVDELGXUtD\TXHGLFHQSRVHHUOD
9HUGDG
'LPHXQDFRVD-DVyQ'yQGHFUHFHODVLPLHQWH"
(QODWLHUUD
(Q YHUGDG WH GLJR TXH OD YHUGDGHUD VDELGXUtD VyOR SXHGH QDFHU HQ HO FRUD]yQ TXH KD
OOHJDGRDVHUFRPRHOSROYR(OVDELR\HODQFLDQRTXHQRGXGHQHQSUHJXQWDUDXQQLxRGHVLHWH
GtDVSRUHOOXJDUGHOD9LGDYLYLUiQ3RUTXHPXFKRVSULPHURVVHUiQ~OWLPRV\OOHJDUiQDVHUXQR
7~KDEODVGHOD9HUGDGSHURGyQGHGHEREXVFDUOD"
6LORVTXHRVJXtDQRVGLFHQ0LUDGHO5HLQRHVWiHQHOFLHORHQWRQFHVORVSiMDURVGHO
FLHORRVSUHFHGHUiQ6LRVGLFHQTXHHVWiHQHOPDUHQWRQFHVORVSHFHVGHOPDURVSUHFHGHUiQ
3HUR\RWHGLJRTXHHO5HLQRGHPL3DGUHHVWiGHQWUR\IXHUDGHYRVRWURV&XDQGRRVFRQR]FiLV
VHUpLVFRQRFLGRV\VDEUpLVTXHVRLVORVKLMRVGHO3DGUHYLYLHQWH0DVVLQRRVFRQRFpLVHVWDUpLV
HQODSREUH]D\YRVRWURVVHUpLVODSREUH]D
(OUDEtGHELyQRWDUPLFRQIXVLyQ<DxDGLy
$OJXQDYH]KDVHVFXFKDGRDWXSURSLRFRUD]yQ"$VHQWtVLQVDEHUDGyQGHTXHUtDLUDSDUDU
(OVHFUHWRSDUDSRVHHUOD9HUGDGVyORHVWiHQPL3DGUH<HQYHUGDGWHGLJRTXHPL3DGUH
VLHPSUHKDHVWDGRHQWXFRUD]yQ6yORWLHQHVTXHPLUDUKDFLDDGHQWUR%LHQDYHQWXUDGRHOTXH
EXVFD DXQTXH PXHUD FUH\HQGR TXH MDPiV HQFRQWUy < GLFKRVR DTXpO TXH D IXHU]D GH EXVFDU
HQFXHQWUH &XDQGR HQFXHQWUH VH WXUEDUi< KDELpQGRVH WXUEDGR VH PDUDYLOODUi \ UHLQDUi VREUH
WRGR
6HxRU\RPLURDPLDOUHGHGRU\PHPDUDYLOOR\HQWULVWH]FRDXQPLVPRWLHPSR
<RWHDVHJXUR-DVyQTXHWRGRDTXHOTXHVDEHYHUORTXHWLHQHGHODQWHGHVXVRMRVUHFLELUi
ODUHYHODFLyQGHORRFXOWR1RKD\QDGDRFXOWRTXHQRVHUiUHYHODGR
0LWLPLGH]LQLFLDOVHIXHGLVLSDQGR(OFDORU\ODFRUGLDOLGDGGH DTXHO+RPEUH WHUPLQDEDQ
SRU TXHEUDU ORV PXURV PiV LQH[SXJQDEOHV 3HUR QXHVWUD FRQYHUVDFLyQ VH YLR V~ELWDPHQWH
LQWHUUXPSLGDSRUYDULRVGHORVGLVFtSXORV/DPXOWLWXGTXHVHDJROSDEDDODVSXHUWDVGHODFDVDGH
6LPyQUHFODPDEDDOUDEt\ORVKRPEUHVGHO1D]DUHQRVHVHQWtDQLPSRWHQWHVSDUDFRQWHQHUORV
&XDQGR HO 0DHVWUR VH DOHMy PH MXUp D Pt PLVPR TXH EXVFDUtD QXHYDV RSRUWXQLGDGHV SDUD
FRQYHUVDUFRQeO\H[SRQHUOHPLVLQWHUPLQDEOHVGXGDV
0HIXLWUDVeO/DPXOWLWXGTXH\RKDEtDYLVWRDODVSXHUWDVGHOMDUGtQGHODFDVDGH6LPyQ
HVWDOOy DO YHU DO 0DHVWUR 3HUR -HV~V QR VH PRYLy GHO SRUWDOyQ $OOt IODQTXHDGR SRU VXV
GLVFtSXORV VDOXGy D ORV SHUHJULQRV 3HUR pVWRV HQWHUDGRV GHO PLODJUR TXH KDEtD KHFKR FRQ
/i]DURQRVHFRQWHQWDURQFRQYHUOH\HPSH]DURQDSHGLUOHXQDVHxDO<RQRVDOtDGHPLDVRPEUR
$MX]JDUSRUVXVJULWRVDTXHOORVKHEUHRVJDOLOHRVHQVXPD\RUtDQRSUHWHQGtDQHVFXFKDUDO
1D]DUHQR/R~QLFRTXHYHUGDGHUDPHQWHOHVLPSRUWDEDHUDDVLVWLUDRWURSURGLJLR
-HV~VFRQHYLGHQWHVPXHVWUDVGHGHVLOXVLyQDO]yVXVEUD]RV\VHKL]RHOVLOHQFLR8QVLOHQFLR
H[SHFWDQWH<PXFKRVGHORVDOOtFRQJUHJDGRVFRPHQ]DURQDVHQWDUVHHQHOVXHORFRQYHQFLGRVGH
TXH VX ODUJD FDPLQDWD QR VHUtD HVWpULO \ TXH SURQWR FRQWHPSODUtDQ RWUR HVSHFWiFXOR 3HUR HO
0DHVWURHQWRQRHQpUJLFROHVGLMR
1HFLRV<RDSDUHFtHQPHGLRGHOPXQGR\HQODFDUQHIXLYLVWRSRUHOORV<KDOOpDWRGRV
ORVKRPEUHVHEULRV\HQWUHHOORVQRHQFRQWUpDQLQJXQRVHGLHQWR0LHVStULWXVHGROLySRUORV
KLMRVGHORVKRPEUHVSRUTXHVRQFLHJRVGHFRUD]yQ\QRYHQ
<DQWHVGHTXHQLQJXQRGHORVSUHVHQWHVSXGLHUDUHDFFLRQDUGLRPHGLDYXHOWDSHUGLpQGRVHD
SDVROLJHURHQGLUHFFLyQDODPDQVLyQGHVXDQILWULyQ
6LQFHUDPHQWH PH DOHJUp$TXHOOD WXUED VHGLHQWD GH HPRFLRQHV \ SURGLJLRV QR VH PHUHFtD
RWUD FRVD 3RFR D SRFR IXL GiQGRPH FXHQWD TXH ODV PXOWLWXGHV DSHQDV VL KDEtDQ DVLPLODGR HO
PHQVDMH GH DTXHO +RPEUH 1L VLTXLHUD ORV PiV FHUFDQRV WDO \ FRPR FRPSUREDUtD DO GtD
VLJXLHQWHFRQPRWLYRGHODHQWUDGDWULXQIDOHQ-HUXVDOpQKDEtDQGLVWLQJXLGRDDTXHOODVDOWXUDV
GHO PLQLVWHULR GH &ULVWR GH TXp UHLQR KDEODED HO 0DHVWUR (PSH]DED D FRPSUHQGHU HO
YHUGDGHURDOFDQFHGHDTXHOODVIUDVHVGHOUDEtSURQXQFLDGDVSRFRDQWHVHQODVHVFDOLQDWDV/RV
TXHHVWiQFRQPLJRQRPHKDQHQWHQGLGR
+DFLDODVWUHVGHODWDUGHHQFRPSDxtDGH/i]DUR\VXVKHUPDQDVHQWUDEDSRUSULPHUDYH]HQ
HO SDWLR SRUWLFDGR GH OD FDVD GH 6LPyQ (O DQFLDQR LED UHFLELHQGR HQ HO FHQWUR GHO UHFLQWR DO
PHGLR FHQWHQDU ODUJR GH FRPHQVDOHV 7RGRV FRQRFLGRV R QR GHO MHIH GH OD FDVD HUDQ
VDOXGDGRVFRQHOyVFXORREHVRGHODSD],QPHGLDWDPHQWHORVIDPLOLDUHV\VHUYLGRUHVGHODQWLJXR
OHSURVRDFRPSDxDEDQDORVLQYLWDGRVKDVWDORVSXHVWRVTXHVHOHVKDEtDDVLJQDGRHQWRUQRDXQD
PHVD PX\ EDMD \ HQ IRUPD GH 8 $ GLIHUHQFLD GHO SDWLR GH OD FDVD GH /i]DUR HO GH 6LPyQ
DSDUHFtD FXELHUWR HQ VX WRWDOLGDG SRU XQ WROGR R ORQD VXMHWR SRU VRJDV D ORV FDSLWHOHV GH ODV
FROXPQDVTXHURGHDEDQHOKHUPRVROXJDU/DFLVWHUQDFHQWUDOKDEtDVLGRFXELHUWDFRQWDEODVGH
WDOIRUPDTXHHQHO&HQWURGHOD8TXHGDEDXQHVSDFLRPiVTXHVREUDGRFRPRSDUDSHUPLWLUHO
PRYLPLHQWRGHORVVHUYLGRUHV
$OOOHJDUIUHQWHD6LPyQ/i]DURVHHQFDUJyGHSUHVHQWDUPHDODQFLDQR$OEHVDUOHFRPSUREp
FyPR VX PHMLOOD GHUHFKD FRQVHUYDED D~Q ODV SURIXQGDV FLFDWULFHV GH VX HQIHUPHGDG 3DUWH GHO
RMRDVtFRPRHVDPLVPD]RQDGHOODELRVXSHULRUVHKDOODEDQSUiFWLFDPHQWHURWDV\GHIRUPDGDV
/D EDUED EODQFD \ DEXQGDQWH QR WHUPLQDED GH RFXOWDU OD KXHOOD GHO WHUULEOH PDO /D PDQR
L]TXLHUGDKDEtDTXHGDGRPXWLODGDHQODV~OWLPDVIDODQJHVGHORVWUHVGHGRVFHQWUDOHV
6LQHPEDUJRHOYHQHUDEOHDQFLDQRSDUHFtDKDEHUROYLGDGRDTXHOORVDxRVGLItFLOHV\DKRUDVH
PRVWUDEDIHOL]\VDWLVIHFKROXFLHQGRVXVPHMRUHVJDODVXQDW~QLFDGHOLQRWHxLGDHQS~USXUD\XQ
PDQWRGHEULOODQWHVHGDDIUDQMDVD]XOHV\HVFDUODWDV
&XDQGR/i]DUR\\RDFXGLPRVKDVWDQXHVWURVUHVSHFWLYRVSXHVWRVHQODPHVDFRPSUREpFRQ
DOLYLR TXH HO UHVXFLWDGR KDEtD VLGR DVLJQDGR D PL ODGR ,QVWLQWLYDPHQWH PLUp D 0DUWD TXH
SHUPDQHFtDGHSLHMXQWRDOUHVWRGHODVPXMHUHV\VRQULyPDOLFLRVDPHQWH
6LJXLHQGRODFRVWXPEUHWXYHTXHUHFOLQDUPHVREUHPLFRVWDGRGHUHFKR>@$XQTXHORVMXGtRV
FRPtDQKDELWXDOPHQWHVHQWDGRVHQVLOODVRWDEXUHWHVHQODVJUDQGHVRFDVLRQHV\DTXpOODHUDXQD
ILHVWD HQ OD TXH DPEDV DOGHDV %HWDQLD \ %HWIDJp UHQGtDQ XQ VLQFHUR KRPHQDMH DO 0DHVWUR ORV
KHEUHRV KDEtDQ LGR DGRSWDQGR OD WUDGLFLyQ KHOHQtVWLFD GH DOPRU]DU UHFOLQDGRV VREUH FyPRGRV
FRMLQHV\HVWHUDV
/D~QLFDH[FHSFLyQHQHVWHFDVRIXH-HV~V&RPRLQYLWDGRGHKRQRURFXSDEDHOFHQWURGHOD
8KDELHQGRVLGRSUHSDUDGRXQDHVSHFLHGHGLYiQEDMRTXHDSHQDVVREUHVDOtDGHODPHVD
$XQTXH WRGRV ORV LQYLWDGRV KDEtDQ UHFLELGR HQ OD PDxDQD GHO YLHUQHV OD FRUUHVSRQGLHQWH
LQYLWDFLyQFRQORVQRPEUHVLQFOXVRGHORVUHVWDQWHVFRPHQVDOHVGHDFXHUGRFRQXQDDUUDLJDGD
WUDGLFLyQ HO GXHxR GH OD FDVD KDEtD HQYLDGR DTXHOOD PLVPD PDxDQD GHO ViEDGR RWURV WDQWRV
PHQVDMHURV D ORV GRPLFLOLRV GH VXV DPLJRV UHFRUGiQGROHV HO OXJDU \ OD KRUD GHO EDQTXHWH
5HVSHWXRVDPHQWH ROYLGDQGR LQFOXVR OD JUDQ DPLVWDG TXH XQtD D DPEDV IDPLOLDV /i]DUR KDEtD
HVSHUDGRHVWDVHJXQGD\~OWLPDFRPXQLFDFLyQGHOPHQVDMHUR6yORHQHVHPRPHQWRSDUWLPRVGHOD
FDVD
$O VXELU ODV HVFDOLQDWDV GH OD KDFLHQGD GH 6LPyQ PH OODPy OD DWHQFLyQ XQD WHOD EODQFD
FROJDGDDODVSXHUWDVGHODWULR/i]DURPHH[SOLFyTXHDTXHOOLHQ]RGDEDDHQWHQGHUTXHD~QHUD
WLHPSR GH HQWUDU HQ OD FHQD (O DYLVR VyOR HUD UHWLUDGR GHVSXpV GH KDEHU VHUYLGR HO WHUFHU
SODWR
-HV~V \ VXV GLVFtSXORV ORV GRFH HVWDEDQ \D HQ HO SDWLR FXDQGR PL DPLJR \ \R IXLPRV
UHFLELGRV SRU HO DQILWULyQ 3RU OR TXH SXGH DSUHFLDU HO UDEt SDUHFtD KDEHU ROYLGDGR HO
GHVDJUDGDEOH SHUFDQFH FRQ OD PXOWLWXG TXH OH KDEtD SHGLGR XQ PLODJUR \ UHtD DELHUWDPHQWH
GHPRVWUDQGRXQKXPRUHQYLGLDEOH6XVKRPEUHVHQFDPELRDSHVDUGHKDEHUSUHVFLQGLGRGHVXV
HVSDGDVQRUHIOHMDEDQGHPDVLDGDDOHJUtD/HVQRWpQHUYLRVRV\DGXVWRV(QVHJXLGDFRPSUHQGtOD
UD]yQ(QWUHORVLQYLWDGRVVHKDOODEDQFXDWURRFLQFRVDFHUGRWHVGHXQDGHODVFRPXQLGDGHVGH
IDULVHRVPRUWDOHVHQHPLJRVGHO0DHVWUR$ODVSXHUWDVSHUPDQHFtDQDOJXQRVGHORVSROLFtDVGHO
WHPSOROHYLWDVHQVXPD\RUtDTXHKDEtDQDFXGLGRKDVWD%HWDQLDFRQODVRVSHFKRVDPLVLyQGH
HVFROWDUDORVDOWRVGLJQDWDULRVGHOVDFHUGRFLRGH-HUXVDOpQ/i]DURPHFRPHQWySRUOREDMRTXH
KDEtD XQD FLHUWD LQFHUWLGXPEUH VREUH ORV DXWpQWLFRV SURSyVLWRV GH DTXHOORV IDULVHRV (UD PX\
SRVLEOH TXH VLJXLHQGR ODV yUGHQHV GH &DLIiV DTXHO PLVPR DWDUGHFHU XQD YH] ILQDOL]DGR HO
ViEDGR ORV KRPEUHV GHO 6DQHGUtQ SUHQGLHUDQ D -HV~V 3HUR ORV VHSDUDGRV R ORV VDQWRV
FRPRVHFRQRFtDWDPELpQDORVIDULVHRVQRKLFLHURQDGHPiQDOJXQRTXHSXGLHUDDOHUWDUDORV
VHJXLGRUHV GH&ULVWR$OFRQWUDULR DXQTXH HQQLQJ~QPRPHQWRVHDFHUFDURQ DOJUXSRHQHO TXH
GLDORJDED -HV~V WUDV UHFRJHUVH ODV DPSOLDV PDQJDV GH VXV W~QLFDV GHMDURQ TXH ODV PXMHUHV
SURFHGLHUDQ DO REOLJDGR ODYDWRULR GH PDQRV \ SLHV UHFOLQiQGRVH HQ VXV SXHVWRV FRQ YLYDV
PXHVWUDVGHVDWLVIDFFLyQ6XSRQJRTXH VX FRUGLDOLGDGSRGtDREHGHFHU D ODV PDJQtILFDVYLDQGDV
TXHKDEtDQHPSH]DGRDFLUFXODU\DVREUHODPHVD/RVVHUYLGRUHVGH6LPyQKDEtDQGLVSXHVWRXQD
HVSHFLH GH WD]RQHV GH ILQD FHUiPLFD KR\ FRQRFLGD FRPRWHUUD VLJLOODWD FRPSDFWRV \ GH
FXLGDGDIRUPDIDEULFDGRVHQEDUURURMR\VHJ~QPHVHxDOy/i]DURSURFHGHQWHVGH,WDOLD$O
OHYDQWDU PL WD]yQ SXGH YHU HQ OD EDVH GHO PLVPR HO VHOOR GHO IDEULFDQWH XQ WDO &DPXULXV
FRQRFLGR DOIDUHUR GH$UH]]R 0HPRULFp DTXHO QRPEUH \ HQ OD WDUGH GHO OXQHV FXDQGR DO ILQ
SXGH UHJUHVDU DO PyGXOR 6DQWD &ODXV FRQILUPy TXH HO FLWDGR DUWHVDQR LWDOLDQR KDEtD YLYLGR \
WUDEDMDGRHQWLHPSRVGH7LEHULR\&ODXGLRGHVGHORVDxRVDOGHVSXpVGH&ULVWR
6LPyQVLJXLHQGRODVFRVWXPEUHVKDEtDFRQWUDWDGRDXQFRFLQHURGH-HUXVDOpQ&XULRVDPHQWH
VLODVFRVDVVDOtDQPDO\ORVLQYLWDGRVVHPRVWUDEDQGLVJXVWDGRVFRQHOPHQ~HOMHIHGHFRFLQD
GHEtD UHSDUDU OD DIUHQWD SDJDQGR GH VX EROVLOOR ORV JDVWRV HQ XQD SURSRUFLyQ TXH VLHPSUH
GHSHQGtDGHODFDWHJRUtDVRFLDOGHODQILWULyQ\GHVXVFRPHQVDOHV
1RIXHpVWHHOFDVR/DYHUGDGHVTXHWRGRUHVXOWyH[TXLVLWR$OPHQRVSDUDORVKHEUHRV
7UDV HO FDOGR D EDVH GH YHUGXUDV \ KLHUEDV DURPiWLFDV ~QLFR SODWR HQ HO TXH VH XWLOL]y OD
FXFKDUDORVLQYLWDGRVGLVIUXWDURQORVX\RFRQODVEDQGHMDVGHEURQFH\SODWDUHSOHWDVGHSHVFDGR
FRFLGR\FRUGHURDVDGRKiELOPHQWHFRQGLPHQWDGRVDEDVHGHFHEROODVSXHUURV\DMRV
(OFXDUWRRTXLQWRSODWRFRQVLVWLyHQIUXWRVVHFRVHVSHFLDOPHQWHXYDVSDVDVGiWLOHV\PLHO
VLOYHVWUH7RGRHOORQDWXUDOPHQWHJHQHURVDPHQWH URFLDGRGHVGH HO SULQFLSLRDO ILQ SRU XQ
YLQRGHO+HEUyQVHUYLGRHQDOWRVYDVRVGHFULVWDOSULPRURVDPHQWHWDOODGRV$OFRVWDGRGHFDGD
FRPHQVDO KDEtD VLGR GLVSXHVWD XQD MRIDLQD GH PHWDO FRQ HO ILQ GH LU ODYDQGR ODV PDQRV /D
FRVWXPEUHMXGtDHVWDEOHFtDTXHORVDOLPHQWRVGHEtDQVHUWRPDGRVFRQORVGHGRV
$OOOHJDUDORVSRVWUHVHODOERUR]RJHQHUDODXPHQWyVHQVLEOHPHQWH$OJXQRVGHORVVHUYLGRUHV
\ P~VLFRV FRQWUDWDGRV SRU 6LPyQ FRPHQ]DURQ D WDxHU VXV LQVWUXPHQWRV IXQGDPHQWDOPHQWH

IODXWDV\FLWDUDV\ODVPXMHUHVTXHKDEtDQSHUPDQHFLGRGHSLHRVHQWDGDVHQXQJUXSRDSDUWH
SHQGLHQWHVGHORVLQYLWDGRVVHXQLHURQDODP~VLFDEDWLHQGRSDOPDVSRUHQFLPDGHVXVFDEH]DV\
VLJXLHQGRHOULWPRFRQVXFXHUSR
-HV~VTXHKDEtDFRPLGRFRQJUDQDSHWLWRDSXUyVXWHUFHUDFRSDGHYLQR\VRQULyDOJUXSR
HQHOTXHGHVWDFDED0DUtD/DKHUPDQDPHQRUGH/i]DURDOLJXDOTXHHOUHVWRGHVXVFRPSDxHUDV
KDEtD FDPELDGR VX LQGXPHQWDULD GH GLDULR \ OXFtD XQD OODPDWLYD W~QLFD WHxLGD FRQ OD FpOHEUH
S~USXUD GH 7LUR \ 6LGyQ 1XHVWUDV LQIRUPDFLRQHV DSXQWDEDQ KDFLD HO KHFKR GH TXH HO FpOHEUH
PROXVFR GH ODV SOD\DV GH )HQLFLD HO PXUH[ HUD OD PDWHULD SULPD GHO TXH VH REWHQtD OD
S~USXUD(VWHJDVWHUySRGRVHJUHJDXQDWLQWDTXHDOFRQWDFWRFRQHODLUHVHWRUQDGHFRORUURMR
RVFXUR/RVIHQLFLRVORGHVFXEULHURQ\VXSLHURQFRPHUFLDOL]DUOR
0DUtDWDO\FRPRRUGHQDEDQODVQRUPDVVDEiWLFDVKDEtDSUHVFLQGLGRGHVXKDELWXDOFLQWD
VREUHODIUHQWH\GHMDEDIORWDUVXQHJUD\ODUJDFDEHOOHUD
(QDTXHOPRPHQWRPLHQWUDVORVVHUYLGRUHVUHWLUDEDQODVEDQGHMDVGDEDFRPLHQ]RHQUHDOLGDG
ORTXHQRVRWURVFRQRFHPRVSRUODVREUHPHVD/RVFRPHQVDOHVHXIyULFRVSRUORVYDSRUHVGHO
YLQRVHHQ]DU]DEDQHQODVPiVGLVSDUHVHLQWHUPLQDEOHVSROpPLFDV-HV~V\6LPyQDOIUHQWHGHOD
PHVDGLDORJDEDQVREUHHOPtWLFR-RVXp\GHFyPRIXHURQGHUULEDGDVODVPXUDOODVGH-HULFy/RV
GLVFtSXORV SRU VX SDUWH SHUPDQHFtDQ H[WUDxDPHQWH VREULRV \ FDOODGRV SHQGLHQWHV WDQ VyOR GHO
JUXSRGHIDULVHRVTXHQRGHMDEDQGHDSXUDUFRSDWUDVFRSD
$QWH PL VRUSUHVD DOJXQRV GH ORV FRPHQVDOHV FRPHQ]DURQ D HUXFWDU VLQ HO PHQRU SXGRU
$TXHOORVHFRQYLUWLySURQWRHQDOJRFROHFWLYR1DGLHSDUHFtDGDUH[FHVLYDLPSRUWDQFLDDOKHFKR
DH[FHSFLyQGHODQILWULyQ\GHPtPLVPR3HURODVUD]RQHVGH6LPyQTXHFRUUHVSRQGtDDFDGD
XQRGHORVJURVHURVJHVWRVFRQXQDOHYHLQFOLQDFLyQGHVXFDEH]DREHGHFtDQDRWUDHVFDODGH
YDORUHV$TXHOORV HUXFWRV YHQtDQ D GHPRVWUDU S~EOLFDPHQWH OD VDWLVIDFFLyQ GH FDGD XQR GH ORV
LQYLWDGRV SRU OD HVSOpQGLGD FRPLGD \ HO WUDWR UHFLELGRV 3RU VXSXHVWR WXYH TXH HVIRU]DUPH HQ
HUXFWDUDJUDGHFLHQGRDPLQXHYRDPLJRVXVDELGXUtD\GHOLFDGH]DJDVWURQyPLFDV
&XDQGRWHUPLQDURQGHVHUYLUVHORVSRVWUHVYDULDVGRQFHOODVIXHURQSDVDQGRMXQWRDFDGDXQR
GH ORV FRPHQVDOHV RIUHFLHQGR XQDV PLQ~VFXODV EROLWDV R FiSVXODV WUDQVSDUHQWHV \
EODQFRDPDULOOHQWDV$QWHPLGXGD/i]DURPHDQLPyDFRJHUXQDRGRVGHDTXHOODVOiJULPDVH
LQWURGXFLUODV HQ OD ERFD 6H WUDWDED GH XQD HVSHFLH GH JRPD GH PDVFDU PX\ UHIUHVFDQWH \
DURPiWLFD 6HJ~Q PL DPLJR HUDQ H[WUDtGDV GH ORV OHQWLVFRV TXH SREODEDQ D PLOODUHV WRGD
3DOHVWLQD 3DUD ORV KHEUHRV DTXHOODV EROLWDV UHIRU]DEDQ ORV GLHQWHV \ OD JDUJDQWD
SURSRUFLRQDQGRDGHPiVXQDOLHQWRPiVIUHVFR\DJUDGDEOH
(QORVGtDVVLJXLHQWHV\JUDFLDVDODVOiJULPDVGHOHQWLVFRTXHPHSURSRUFLRQDUtD/i]DUR
PLIDOWDGHDVHRGHQWDOVHYLRQRWDEOHPHQWHDOLYLDGR
3HURDXQTXHWRGRSDUHFtDWUDQVFXUULUGHQWURGHODPiVVDQDHLQWHQVDDOHJUtDQRLEDDWDUGDU
HQHVWDOODUHOHVFiQGDOR
&UHRTXHWRGRVRFDVLWRGRVORVSUHVHQWHVGLVWUDtGRVFRQODP~VLFD\ODDJUDGDEOHWHUWXOLD
WDUGDPRVDOJXQRVPLQXWRVHQUHSDUDUHQDTXHOODGRQFHOODTXHVDOLGDVLJLORVDPHQWHGHOFRUUR
GHODVPXMHUHVVHKDEtDDUURGLOODGRDHVSDOGDVGH-HV~V(UD0DUtD
8QODWLJD]RLQWHUQRPHSXVRVREUHDYLVR(VWDEDDSXQWRGHDVLVWLUDODHVFHQDGHODXQFLyQ
6LQSRGHUUHPHGLDUORPHLQFRUSRUp\DQWHHOGHVFRQFLHUWRGH/i]DURPHGHVOLFpSRUGHWUiVGHOD
PHVDKDVWDVLWXDUPHHQXQDGHODVHVTXLQDVGHOD8DSRFRVPHWURVGHORVLQYLWDGRVGHKRQRU
3URJUHVLYDPHQWH ORV FRPHQVDOHV IXHURQ JXDUGDQGR VLOHQFLR DWyQLWRV DQWH OR TXH HVWDED
VXFHGLHQGR /D KHUPDQD PHQRU FRQ VX KDELWXDO PXWLVPR KDEtD DELHUWR XQD ERWHOOD GH XQRV
WUHLQWD FHQWtPHWURV GH DOWXUD \ GH IRUPD DKXVDGD 3DUHFtD KHFKD GH XQ PDWHULDO VXPDPHQWH
WUDQVO~FLGRGHVSXpVVXSHTXHVHWUDWDEDGHDODEDVWURRULHQWDO
<DQWHODPLUDGDFRPSODFLGDGH-HV~VODDGROHVFHQWHYHUWLyEXHQDSDUWHGHOFRQWHQLGRVREUH
ORVFDEHOORVGHO0DHVWUR8QOtTXLGRFRORUFRxDFIXHLPSUHJQDQGROHQWD\GXOFHPHQWHHOSHOR
DFDVWDxDGR GHO UDEt PLHQWUDV XQ SHQHWUDQWH DURPD IXH OOHQDQGR HO UHFLQWR 0DUtD FHUUy HO
UHFLSLHQWH\WUDVGHSRVLWDUORHQWUHVXVSLHUQDVSURFHGLyDH[WHQGHUHOSHUIXPHHQWUHORVVHGRVRV
FDEHOORVGHO*DOLOHR$TXHOODXQFLyQIXHKHFKDFRQWDQWDVHQFLOOH]\DPRUTXHORVRMRVGHOJLJDQWH
VH KXPHGHFLHURQ 8QD YH] FRQFOXLGD OD RSHUDFLyQ 0DUtD YROYLy D DEULU OD MDUUD YDFLDQGR OD
HVHQFLDGHQDUGRVREUHORVGHVQXGRVSLHVGHO0DHVWUR8QWyHOOtTXLGRDORODUJRGHVXVWRELOORV
FDOFDxDUHV \ GHGRV SURSRUFLRQDQGR D -HV~V XQRV VXDYHV \ SURORQJDGRV PDVDMHV KDVWD TXH HO
OtTXLGRTXHGySHUIHFWDPHQWHH[WHQGLGR>@
$HVDVDOWXUDVGHODXQFLyQDOJXQRVGHORVFRPHQVDOHVKDEtDQHPSH]DGRDPXUPXUDUHQWUHVt
ODPHQWDQGRDTXHOGHVSLOIDUUR(QXQRGHORVH[WUHPRVGHODPHVDYDULRVGHORVGLVFtSXORVHQWUH
ORV TXH GHVWDFDED -XGDV ,VFDULRWH SRU VXV DSDUDWRVRV DGHPDQHV \ SDODEUDV VXELGDV GH WRQR
DSR\DEDQFRQVXVFRPDGUHRVDORVLQYLWDGRVTXHVHPRVWUDEDQDELHUWDPHQWHPROHVWRVSRUHOJHVWR
GHODMRYHQ
1L0DUtDQL-HV~VVHDOWHUDURQDQWHDTXHOORVFXFKLFKHRV$OFRQWUDULRODEHOOtVLPDKHUPDQD
GH /i]DUR TXH KDEtD DGRUQDGR ODV XxDV GH VXV PDQRV \ SLHV FRQ XQ SROYR URMRDPDULOOHQWR
>@HFKyDWUiVVXFDEH]D\SDVDQGRODVPDQRVVREUHODQXFDVHLQFOLQyVREUHORVSLHVGHOUDEt
DUURMDQGR SRU GHODQWH VX HVSHVD FDEHOOHUD 'HVSXpV VLQ SULVDV IXH HQMXJDQGR FRQ VX SHOR ORV
SLHVGHO0DHVWURKDVWDTXHTXHGDURQVHFRV\EULOODQWHV
/RVFRPHQWDULRVGHVJUDFLDGDPHQWHKDEtDQLGRDJULiQGRVH-XGDVLQFOXVRFRQXQDPDQLILHVWD
LQGLJQDFLyQ DFXGLy KDVWD$QGUpV HO KHUPDQR GH 3HGUR SUHJXQWiQGROH GH IRUPD TXH WRGRV
SXGLHURQRtUOH3RUTXpQRVHYHQGLyHVWHSHUIXPH\VHGRQyHOGLQHURSDUDDOLPHQWDUDORV
SREUHV"'HEHVKDEODUDO0DHVWURSDUDTXHODUHSUHQGDSRUHVWDSpUGLGD>@
0DUtDDVXVWDGDSRUHOFDUL]TXHKDEtDQWRPDGRORVDFRQWHFLPLHQWRVLQWHQWyOHYDQWDUVHSHUR
-HV~V OD GHWXYR < SRQLHQGR VX PDQR L]TXLHUGD VREUH OD FDEH]D GH OD MRYHQ VH GLULJLy D ORV
DVLVWHQWHVFRQYR]UHSRVDGDSHURILUPH
'HMDGOHHQSD]WRGRVYRVRWURVSRUTXpOHPROHVWiLVSRUHVWRVLHOODKDKHFKRORTXHOH
VDOtD GHO FRUD]yQ" $ YRVRWURV TXH PXUPXUiLV \ GHFtV TXH HVWH XQJHQWR GHEHUtD KDEHU VLGR
YHQGLGR \ HO GLQHUR GDGR D ORV SREUHV GHMDGPH GHFLURV TXH VLHPSUH WHQpLV D ORV SREUHV FRQ
YRVRWURVSDUDTXHSRGiLVDWHQGHUOHVHQFXDOTXLHUPRPHQWRHQTXHRVSDUH]FDELHQ3HUR\RQR
VLHPSUHHVWDUpFRQYRVRWURV3URQWRYR\DPL3DGUH
$FRQWLQXDFLyQFHQWUDQGRDTXHOODPLUDGDDODTXHQRSDUHFtDHVFDSDUQLHOFLPEUHRGHODV
OODPDV GH ODV OiPSDUDV HQ ORV RMRV GH -XGDV ,VFDULRWH DUUHFLy FRQ XQ WLPEUH PXFKR PiV
HQpUJLFR
(VWDPXMHUKDJXDUGDGRPXFKRWLHPSRHVWHXQJHQWRSDUDPLFXHUSRHQVXHQWHUUDPLHQWR<
DKRUD TXH OH KD SDUHFLGR ELHQ KDFHU HVWD XQFLyQ FRPR DQWLFLSDFLyQ D PL PXHUWH QR VH OH GHEH
QHJDUWDOVDWLVIDFFLyQ$OKDFHUHVWR0DUtDRVKDUHSUREDGRDWRGRVHQFXDQWRTXHFRQHVWHKHFKR
HYLGHQFLDIHHQORTXHKHGLFKRVREUHPLPXHUWH\ODDVFHQVLyQDPL3DGUHGHOFLHOR(VWDPXMHU
QRGHEHVHUFRQGHQDGDSRUHVWRTXHKDKHFKRHVWDQRFKH0iVELHQRVGLJRTXHHQORVWLHPSRV
YHQLGHURVGRQGHTXLHUDTXHVHSUHGLTXHHVWHHYDQJHOLRSRUWRGRHOPXQGRORTXHHOODKDKHFKR
VHUiGLFKRHQPHPRULDVX\D
0DUtDGHVDSDUHFLyGHOSDWLR\\RPHUHWLUpDPLOXJDU/i]DURSDUHFtDHQWULVWHFLGR7DQWRpO
FRPR 0DUWD VDEtDQ TXH VX KHUPDQD KDEtD DKRUUDGR GXUDQWH PXFKR WLHPSR SDUD FRPSUDU DTXHO
FRVWRVR SHUIXPH /D IDPLOLD DO FRQWUDULR GH OR TXH YHQtD REVHUYDQGR HQWUH VXV SURSLRV
GLVFtSXORVVLKDEtDQHQWHQGLGRHOIRQGRGHOSUREOHPDHLQWXtDQTXHDTXpOODSRGtDVHUOD~OWLPD
3DVFXDGH-HV~V
/RVPXUPXOORVGHFUHFLHURQSHURDOJXQRVGHORV DSyVWROHV VLJXLHURQFRPHQWDQGRHO VXFHVR
PRYLHQGR QHJDWLYDPHQWH OD FDEH]D HQ VHxDO GH GHVDFXHUGR FRQ HO UDEt -XGDV ,VFDULRWH KDEtD
FDtGRHQXQLPSHQHWUDEOHVLOHQFLR6XVRMRVPHDVXVWDURQ'HVWLODEDQXQRGLRVRUGR\FRQWHQLGR
6DOWDED D OD YLVWD TXH KDEtD WRPDGR DTXHOODV SDODEUDV GH -HV~V FRPR XQ UHSURFKH SHUVRQDO H
LQGXGDEOHPHQWHVHKDEtDVHQWLGRULGLFXOL]DGRDQWHORVGHPiV(QPLRSLQLyQGHELyVHUDUDt]GH
DTXHOLQFLGHQWHFXDQGRHOWUDLGRUFRPHQ]yDWUDPDUVXYHQJDQ]DFRQWUDHO*DOLOHR'XGRPXFKR
TXH-XGDVSHQVDVHHQDTXHOORVPRPHQWRVHQODHQWUHJDGHO0DHVWURDORVPLHPEURVGHO6DQHGUtQ
1R WHQtD VHQWLGR \D TXH OD SURSLD SROLFtD GHO WHPSOR KDEtD UHFLELGR yUGHQHV FRQFUHWDV GH
DSUHVDUOH6LQHPEDUJRVXHVStULWXYHQJDWLYRYLRDELHUWRDVtXQFDPLQRSDUDWUDWDUGHKXPLOODUD
&ULVWR\UHVDUFLUVH
(VWDED \D SUy[LPD OD YLJLOLD GHO GRPLQJR FXDQGR DOJXQRV GH ORV IDULVHRV TXH KDEtDQ
SHUPDQHFLGR HQ XQ SUXGHQWH VLOHQFLR VH GLULJLHURQ D -HV~V \ SUHVFLQGLHQGR GH OD YDOLRVD
QDWXUDOH]DGHOSHUIXPHOHUHFULPLQDURQSRUKDEHUFRQVHQWLGRTXHDTXHOODPXMHUKXELHUDYLRODGR
ODVVDJUDGDVOH\HVGHOGHVFDQVRVDEiWLFR6HJ~QDFHUWpDHQWHQGHUXQDGHODVQRUPDVHVWDEOHFtD
TXHXQDPXMHUQRSRGtDVDOLUGHVXFDVDFRQXQDDJXMDTXHWXYLHUDDJXMHURHVGHFLUDSWDSDUD
FRVHUQLFRQXQDQLOORTXHWXYLHUDVHOORQLFRQXQJRUURHQIRUPDGHFDUDFROQLFRQXQIUDVFRGH
SHUIXPH 6L LQIULQJtD HVWH FyGLJR HVWDED REOLJDGD D SDJDU \ RIUHFHU XQ VDFULILFLR HQ
FRPSHQVDFLyQSRUVXSHFDGR
-HV~VREVHUYyGLYHUWLGRDORVVDFHUGRWHV
'HFLGPHOHVSUHJXQWyGHGyQGHYHQtV"
'H-HUXVDOpQDILUPDURQ
< FyPR HV SRVLEOH TXH FRQGHQpLV D XQD PXMHU TXH KD FDPLQDGR PHQRV GH XQ HVWDGLR
KDELHQGRUHFRUULGRYRVRWURVPiVGHTXLQFH"
5HFRUGpHQWRQFHVTXHORVKHEUHRVKDFtDQXQDWUDPSDSDUDSRGHUVDOYDUORVGRVPLOFRGRVR
XQNLOyPHWURTXHHUDHOWUD\HFWRPi[LPRSHUPLWLGRHQViEDGR-HV~VVDEtDTXHDXQTXHHOSXHEOR
VHQFLOOR SRQtD HQ SUiFWLFD HOHUXE ORV VDQWRV R VHSDUDGRV SUHVXPtDQ S~EOLFDPHQWH GH VX
H[WUHPDSXUH]DQRGXGDQGRHQFDPELRHQLQIULQJLUHVWDVOH\HVFXDQGRHVWDEDHQMXHJRXQDEXHQD
FRPLORQD
/RV IDULVHRV VH UHYROYLHURQ LQTXLHWRV 3HUR HO &ULVWR QR HVWDED GLVSXHVWR D FRQFHGHUOHV
FXDUWHO/DFDVLWRWDOLGDGGHORVPLHPEURVGHODVFRPXQLGDGHVRKHUPDQGDGHVGHIDULVHRV
GH ,VUDHO HUDQ FRPHUFLDQWHV DUWHVDQRV R FDPSHVLQRV FDUHQWHV GH OD VyOLGD IRUPDFLyQ GH ORV
HVFULEDV\TXHHQEDVHDVXVHVWULFWDVQRUPDVSDUDFRQODSXUH]D\HOSDJRGHOGLH]PRVHKDEtDQ
HOHYDGRSRUHQFLPDGHORVDPPrKD
DUHVRJUDQPDVDGHOSXHEORGH,VUDHO(VWHHQJUHLPLHQWR\
GXUH]DGHFRUD]yQHUDDOJRTXHQRVRSRUWDEDHOUDEtGH*DOLOHD<QRWDUGyHQSURFODPDUORHQVXV
SURSLDVQDULFHVSDUDUHJRFLMRGHXQRV\QHUYLRVLVPRGHRWURVHQHVSHFLDOGHVXVPiVDOOHJDGRV
TXHWHPtDQODLUDGHORVTXHVHDXWRSURFODPDEDQFRPRHOSDUWLGRGHOSXHEOR
$\GHYRVRWURVIDULVHRVODQ]y-HV~VYDOLHQWHPHQWH6RLVFRPRXQSHUURDFRVWDGRHQ
HOSHVHEUHGHORVEXH\HVQLFRPHpOQLGHMDFRPHUDORVEXH\HV
4XLpQHUHVW~HVJULPLHURQORVUHSUHVHQWDQWHVGH&DLIiVFRQDLUHGHVXILFLHQFLDSDUD
HQVHxDUQRVGyQGHHVWiOD9HUGDG"
3DUDTXpVDOLVWHLVDOFDPSR"DUUHPHWLyHO1D]DUHQR3DUDYHUTXL]iXQDFDxDDJLWDGD
SRU HO YLHQWR" 3DUD YHU D XQ KRPEUH FRQ YHVWLGRV GHOLFDGRV" 9XHVWURV UH\HV \ YXHVWURV
JUDQGHV SHUVRQDMHV YRVRWURV PLVPRV RV FXEUtV GH YHVWLGRV GH VHGD \ S~USXUD SHUR \R RV
GLJRTXHQRSRGUiQFRQRFHUOD9HUGDG
9HLQWLFXDWURSURIHWDVKDQKDEODGRHQ,VUDHO\QRVRWURVVHJXLPRVVXHMHPSOR
/RVFRPHQVDOHVYROYLHURQVXVURVWURVKDFLD-HV~V3HURHO*DOLOHRVHJXtDLPSHUWXUEDEOH6X
GRPLQLRGHODVLWXDFLyQKDEtDFULVSDGRORViQLPRVGHORVIDULVHRV
9RVRWURVKDEOiLVGHORVTXHHVWiQPXHUWRV\HVWiLVUHFKD]DQGRDOTXHYLYHHQWUHYRVRWURV"
'LQRVTXLpQHUHVSDUDTXHFUHDPRVHQWLFRQWHVWDURQ
(VFUXWiLVODVXSHUILFLHGHOFLHOR\GHODWLHUUD\QRKDEpLVFRQRFLGRDDTXHOTXHHVWiHQWUH
YRVRWURV
<YROYLHQGRVXPLUDGDKDFLDPtDxDGLy
1RVDEpLVHVFUXWDUHVWHWLHPSR
8QDROHDGDGHVDQJUHDVFHQGLyGHVGHPLYLHQWUH
/RV IDULVHRV RSWDURQ SRU OHYDQWDUVH UHQXQFLDQGR D VHJXLU FRQ DTXHOOD EDWDOOD GLDOpFWLFD
(QWUHH[SUHVLYDVPXHVWUDVGHLQGLJQDFLyQODYDURQVXVPDQRVHQVHQGDVMRIDLQDV3HUR-HV~VQR
KDEtDWHUPLQDGR<DQWHVGHTXHSXGLHUDQDEDQGRQDUHOUHFLQWROHVHVSHWy
$\GHYRVRWURVIDULVHRV/DYiLVHOH[WHULRUGHODFRSDVLQFRPSUHQGHUTXHTXLHQKDKHFKR
HOH[WHULRUKL]RWDPELpQHOLQWHULRU
(PSH]DEDDHVWDUPX\FODURSDUDPtSRUTXpODVFDVWDVGHVDFHUGRWHVHVFULEDV\IDULVHRVVH
KDEtDQFRQMXUDGRSDUDSUHQGHU\GDUPXHUWHDDTXHO+RPEUH
/D ERUUDVFRVD FHQD FXOPLQy SUiFWLFDPHQWH FRQ OD VDOLGD GH ORV VDFHUGRWHV &XDQGR ORV
LQYLWDGRVVHGHVSHGtDQ\DGH6LPyQ3HGURVHDSUR[LPyDVX0DHVWUR\FRQDLUHFRQFLOLDGRUOH
SURSXVRTXH0DUtDIXHUDDSDUWDGDGHOJUXSR\DTXHODVPXMHUHVFRPHQWyQRVRQGLJQDVGH
OD9LGD(O1D]DUHQRGHELyGHTXHGDUWDQSHUSOHMRFRPR\R<HQHOPLVPRWRQRUHVSRQGLyDO
LPSXOVLYRGLVFtSXOR
<RODJXLDUpSDUDKDFHUODKRPEUHSDUDTXHHOODVHWUDQVIRUPHWDPELpQHQHVStULWXYLYLHQWH
VHPHMDQWHDYRVRWURVORVKRPEUHV3RUTXHWRGDPXMHUTXHVHKDJDKRPEUHHQWUDUiHQHO5HLQRGH
ORV&LHORV
(VD QRFKH DO UHWLUDUPH D PL KDELWDFLyQ \ HVWDEOHFHU OD FRQH[LyQ FRQ HO PyGXOR (OLVHR PH
DQXQFLyTXHHOIUHQWHIUtRKDEtDSHQHWUDGR\DSRUHO2HVWH\TXHPX\SUREDEOHPHQWHODHQWUDGD
GH -HV~V HQ -HUXVDOpQ SUHYLVWD SDUD HO GtD VLJXLHQWH GRPLQJR VH YHUtD DPHQD]DGD SRU OD
OOXYLD
'($%5,/'20,1*2
$TXHOOD QRFKH GHO ViEDGR QHFHVLWp WLHPSR SDUD FRQFLOLDU HO VXHxR +DEtDQ VLGR GHPDVLDGDV
HPRFLRQHV 3HUR VREUH WRGR KDEtD DOJR TXH PH SUHRFXSDED 3RU TXp -HV~V KDEtD KHFKR
DTXHOOD PDQLIHVWDFLyQ VREUH ODV PXMHUHV" 'HVSXpV GH PXFKR FDYLODU VyOR SXGH OOHJDU D XQD
FRQFOXVLyQHO1D]DUHQRHUDFRQVFLHQWHGHODGHSULPHQWHVLWXDFLyQVRFLDOGHODPXMHU\VHKDEtD
SURSXHVWRUHLYLQGLFDUOD(QORVHVWXGLRVTXHKDEtDQSUHFHGLGRDOD2SHUDFLyQ&DEDOORGH7UR\D
\RKDEtDWHQLGRODRSRUWXQLGDGGHFRPSUREDUTXHHQODFDVLWRWDOLGDGGHO2ULHQWHH,VUDHOQRHUD
XQD H[FHSFLyQ HO SDSHO GH OD PXMHU HQ OD YLGD S~EOLFD \ VRFLDO HUD QXOR 3HUR ORV WH[WRV \
GRFXPHQWRVTXH\RKDEtDPDQHMDGRHQPLSUHSDUDFLyQGLVWDEDQPXFKRGHODUHDOLGDG3RUORSRFR
TXHOOHYDEDREVHUYDGRHOGHVSUHFLRGHORVKRPEUHVSRUVXVFRPSDxHUDVHUDDOJRTXHFODPDEDDO
FLHOR&XDQGRODPXMHUMXGtDSRUHMHPSORVDOtDGHVXFDVDQRLPSRUWDEDSDUDTXpWHQtDTXH
OOHYDU OD FDUD FXELHUWD FRQ XQ WRFDGR TXH FRPSUHQGtD GRV YHORV VREUH OD FDEH]D XQD GLDGHPD
VREUHODIUHQWHFRQFLQWDVFROJDQWHVKDVWDODEDUELOOD\XQDPDOODGHFRUGRQHV\QXGRV'HHVWH
PRGRQRVHSRGtDQFRQRFHUORVUDVJRVGHVXURVWUR(QWUHORVKHEUHRVVHFRQWDEDHOVXFHGLGRGH
XQVDFHUGRWHLPSRUWDQWHGH-HUXVDOpQTXHQROOHJyDFRQRFHUDVXSURSLDHVSRVDDODSOLFDUOHHO
SURFHGLPLHQWR SUHVFULWR SDUD OD PXMHU VRVSHFKRVD GH DGXOWHULR 3RFRV GtDV GHVSXpV WHQGUtD OD
PDJQtILFD RFDVLyQ GH DVLVWLU D XQD WULVWH \ IDQiWLFD WUDGLFLyQ TXH ORV MXGtRV GHQRPLQDEDQ ODV
DJXDVDPDUJDVFRPSUHQGLHQGRXQSRFRPHMRUODUHYROXFLRQDULDSRVWXUDGH-HV~VSDUDFRQODV
KHEUHDV
/DPXMHUTXHVDOtDGHVXKRJDUVLQOOHYDUODFDEH]DFXELHUWDRIHQGtDKDVWDWDOSXQWRODVEXHQDV
FRVWXPEUHVTXHVXPDULGRWHQtDHOGHUHFKR\VHJ~QORVGRFWRUHVGHODOH\KDVWDHOGHEHUGH
GHVSHGLUOD VLQ HVWDU REOLJDGR D SDJDUOH OD VXPD HVWLSXODGD SDUD HO FDVR GH GLYRUFLR 3XGH
DGYHUWLUTXHHQHVWHDVSHFWRKDEtDPXMHUHVWDQHVWULFWDVTXHWDPSRFRVHGHVFXEUtDQHQVXSURSLD
FDVD(VWHIXHHOFDVRGHXQDWDO4LPMLWTXHVHJ~QVHFXHQWDYLRDVLHWHKLMRVOOHJDUDVXPRV
VDFHUGRWHVORTXHVHFRQVLGHUyXQDUHFRPSHQVDGLYLQDSRUVXDXVWHULGDG4XHYHQJDVREUHPt
HVWR\DTXHOORGHFtDODS~GLFDVLODVYLJDVGHPLFDVDKDQYLVWRMDPiVPLFDEHOOHUD
6yORHOGtDGHODERGDVLODPXMHUHUDYLUJHQ\QRYLXGDDSDUHFtDHQHOFRUWHMRFRQODFDEH]D
DOGHVFXELHUWR
1L TXp GHFLU WLHQH TXH ODV LVUDHOLWDV HVSHFLDOPHQWH ODV GH OD FLXGDG GHEtDQ SDVDU
LQDGYHUWLGDVHQS~EOLFR8QRGHORVHVFULEDV<RVpEHQ<RMDQiQKDEtDOOHJDGRDGHFLUKDFLD
HODxRDQWHVGH&ULVWR1RKDEOHVPXFKRFRQXQDPXMHU(VWRYDOHGHWXSURSLDPXMHUSHUR
PXFKRPiVGHODPXMHUGHWXSUyMLPR
/DV UHJODV GH OD EXHQD HGXFDFLyQ SURKLEtDQ LQFOXVR HQFRQWUDUVH D VRODV FRQ XQD KHEUHD
PLUDUDXQDFDVDGDRVDOXGDUOD(UDXQGHVKRQRUSDUDXQDOXPQRGHORVHVFULEDVKDEODUFRQXQD
PXMHUHQODFDOOH$TXHOODULJLGH]OOHJDEDDWDOH[WUHPRTXHODMXGtDTXHVHHQWUHWHQtDFRQWRGRHO
PXQGR HQ OD FDOOH R TXH KLODED D OD SXHUWD GH VX FDVD SRGtD VHU UHSXGLDGD VLQ UHFLELU HO SDJR
HVWLSXODGRHQHOFRQWUDWRPDWULPRQLDO
/D VLWXDFLyQ GH OD PXMHU HQ OD FDVD QR VH YHtD PRGLILFDGD HQ UHODFLyQ D HVWD FRQGXFWD
S~EOLFD/DVKLMDVSRUHMHPSORGHEtDQFHGHUVLHPSUHORVSULPHURVSXHVWRVHLQFOXVRHOSDVR
SRU ODV SXHUWDV D ORV PXFKDFKRV 6X IRUPDFLyQ VH OLPLWDED HVWULFWDPHQWH D ODV ODERUHV
GRPpVWLFDV DVt FRPR D FRVHU \ WHMHU &XLGDEDQ GH ORV KHUPDQRV PiV SHTXHxRV \ UHVSHFWR DO
SDGUHWHQtDQODREOLJDFLyQGHDOLPHQWDUORGDUOHGHEHEHUYHVWLUORFXEULUORVDFDUOR\PHWHUOR
FXDQGRHUDDQFLDQR\ODYDUOHODFDUDODVPDQRV\ORVSLHV6XVGHUHFKRVHQORTXHVHUHILHUHDOD
KHUHQFLDQRHUDHOPLVPRTXHHOGHORVYDURQHV/RVKLMRV\VXVGHVFHQGLHQWHVSUHFHGtDQDODV
KLMDV/DSDWULDSRWHVWDGHUDH[WUDRUGLQDULDPHQWHJUDQGHUHVSHFWRDODVKLMDVPHQRUHVDQWHVGHVX
ERGD 6H KDOODEDQ HQ SRGHU GH VX SDGUH /D VRFLHGDG MXGtD GH DTXHO WLHPSR GLVWLQJXtD WUHV
FDWHJRUtDVODPHQRUKDVWDODHGDGGHGRFHDxRV\XQGtDODMRYHQHQWUHORVGRFH\ORVGRFH
DxRV\PHGLR\ODPD\RUGHVSXpVGHORVGRFHDxRV\PHGLR+DVWDHVDHGDGGHORVGRFHDxRV\
PHGLR HO FDEH]D GH IDPLOLD WHQtD WRGD OD SRWHVWDG D QR VHU TXH OD MRYHQ DXQTXH PHQRU
HVWXYLHVH\DSURPHWLGDRVHSDUDGD6HJ~QHVWHFyGLJRVRFLDOODVKLMDVQRWHQtDQGHUHFKRDSRVHHU
DEVROXWDPHQWHQDGDQLHOIUXWRGHVXWUDEDMRQLORTXHSXGLHVHHQFRQWUDUSRUHMHPSORHQODFDOOH
7RGR HUD GHO SDGUH /D KLMD KDVWD OD HGDG GH GRFH DxRV \ PHGLR QR SRGtD UHFKD]DU XQ
PDWULPRQLRLPSXHVWRSRUVXSDGUH6HOOHJyDGDUHOFDVRGHVHUFDVDGDVFRQKRPEUHVGHIRUPHV
(O HVFULWR UDEtQLFR.HWXERW KDEODED LQFOXVR GH DOJXQRV SDGUHV DWRORQGUDGRV TXH OOHJDURQ D
ROYLGDUDTXLpQKDEtDQSURPHWLGRVXVKLMDV
(O SDGUH SRGtD YHQGHU D VX KLMD FRPR HVFODYD VLHPSUH TXH QR KXELHUD FXPSOLGR ORV GRFH
DxRV/RVHVSRQVDOHVVROtDQFHOHEUDUVHDXQDHGDGPX\WHPSUDQD$ODxRJHQHUDOPHQWHODKLMD
FHOHEUDEDODERGDSURSLDPHQWHGLFKDSDVDQGRHQWRQFHVGHODSRWHVWDGGHOSDGUHDODGHOPDULGR
<UHDOPHQWHQRVHVDEtDTXpSRGtDVHUSHRU'HVSXpVGHOFRQWUDWRGHFRPSUDYHQWDSRUTXH
HVRHUDHQHOIRQGRODFHUHPRQLDGHHVSRQVDOHV\PDWULPRQLRODPXMHUSDVDEDDYLYLUDODFDVD
GHO HVSRVR (VWR JHQHUDOPHQWH VLJQLILFDED XQD QXHYD FDUJD DPpQ GHO HQIUHQWDPLHQWR FRQ RWUD
IDPLOLDH[WUDxDDHOODTXHFDVLVLHPSUHPDQLIHVWDEDXQDDELHUWDKRVWLOLGDGKDFLDODUHFLpQOOHJDGD
$ GHFLU YHUGDG OD GLIHUHQFLD HQWUH OD HVSRVD \ XQD HVFODYD R XQD FRQFXELQD HUD TXH DTXpOOD
GLVSRQtDGHXQFRQWUDWRPDWULPRQLDO\OD~OWLPDQR$FDPELRGHPX\SRFRVGHUHFKRVODHVSRVD
VHHQFRQWUDEDFDUJDGDGHGHEHUHVWHQtDTXHPROHUFRVHUODYDUFRFLQDUDPDPDQWDUDORVKLMRV
KDFHU OD FDPD GH VX PDULGR \ HQ FRPSHQVDFLyQ SRU VX VXVWHQWR KLODU \ WHMHU 2WURV DxDGtDQ
LQFOXVRDHVWDVREOLJDFLRQHVODVGHODYDUODFDUDPDQRV\SLHV\SUHSDUDUODFRSDGHOPDULGR(O
SRGHUGHOPDULGR\GHOSDGUHOOHJDEDDOH[WUHPRGHTXHHQFDVRGHSHOLJURGHPXHUWHKDEtDTXH
VDOYDUDQWHVDOPDULGR
$O HVWDU SHUPLWLGD OD SROLJDPLD OD HVSRVD WHQtD TXH VRSRUWDU OD SUHVHQFLD \ ODV FRQVWDQWHV
DIUHQWDVGHODRODVFRQFXELQDV
(Q FXDQWR DO GLYRUFLR HO GHUHFKR HVWDED ~QLFD \ H[FOXVLYDPHQWH GH SDUWH GHO PDULGR (VWR
GDEDOXJDUOyJLFDPHQWHDFRQVWDQWHVDEXVRV
3RUVXSXHVWRGHVGHHOSXQWRGHYLVWDUHOLJLRVRODPXMHULVUDHOLWDWDPSRFRHVWDEDHTXLSDUDGD
DOKRPEUH6HYHtDVRPHWLGDDWRGDVODVSUHVFULSFLRQHVGHOD7RUi\DOULJRUGHODVOH\HVFLYLOHV\
SHQDOHV LQFOXLGD OD SHQD GH PXHUWH QR WHQLHQGR DFFHVR HQ FDPELR D QLQJ~Q WLSR GH
HQVHxDQ]DUHOLJLRVD(VPiVXQDVHQWHQFLDGH5(OLH]HUGHFtDTXHTXLHQHQVHxDOD7RUiODOH\
DVXKLMDOHHQVHxDHOOLEHUWLQDMH(VWHHPLQHQWHGRFWRUTXHYLYLyKDFLDHODxRGHVSXpV
GH&ULVWRGHFtDWDPELpQ9DOHPiVTXHPDUOD7RUiTXHWUDQVPLWLUODDODVPXMHUHV
(QODFDVDODPXMHUQRHUDFRQWDGDHQHOQ~PHURGHODVSHUVRQDVLQYLWDGDVWDO\FRPRKDEtD
WHQLGRRSRUWXQLGDGGHFRPSUREDUHQHOEDQTXHWHRIUHFLGRSRU6LPyQHOOHSURVR\WDPSRFR
WHQtD HO GHUHFKR D SUHVWDU WHVWLPRQLR HQ XQ MXLFLR 6HQFLOODPHQWH HUD FRQVLGHUDGD FRPR
PHQWLURVDSRUQDWXUDOH]D
(UDPX\VLJQLILFDWLYRTXHHOQDFLPLHQWRGHXQYDUyQHUDPRWLYRGHDOHJUtD\HOGHXQDQLxDVH
YHtDDFRPSDxDGRGHODLQGLIHUHQFLDLQFOXVRGHODWULVWH]D/RVHVFULWRVUDEtQLFRV4LGGXVKLQ
E\KDVWDHO1LGGDEDILUPDEDQ'HVGLFKDGRGHDTXHOFX\RVKLMRVVRQQLxDV
6yORFRQRFLHQGRHVWHGHSORUDEOHHQWRUQRVRFLDOHQHOTXHPDOYLYtDODPXMHUMXGtDXQRSRGtD
DOFDQ]DUDHQWHQGHUHQVXMXVWDPHGLGDHOYDORUGH-HV~VDOURGHDUVHGHPXMHUHVFRQYHUVDUFRQ
HOODVHLQVWUXLUODV\WUDWDUODVFRPRDORVKRPEUHV4XHGpPX\VRUSUHQGLGRDOFRPSUREDUTXHHO
UDEt GH *DOLOHD QR VyOR KDEtD HVFRJLGR D GRFH YDURQHV VLQR TXH WDPELpQ KDEtD SURFXUDGR
URGHDUVHGHRWURJUXSRGHPXMHUHVOOHJXpDFRQWDUKDVWDGLH]TXHVHJXtDQDO0DHVWURDOOtGRQGH
LED (VWH KHFKR FRPR RWURV TXH SRFR D SRFR LUtD GHVFXEULHQGR QR KDEtD VLGR LQFOXLGR FRQ
FODULGDGHQORV(YDQJHOLRVFDQyQLFRVTXHFRQRFHPRV
7DO \ FRPR PH KDEtD DQXQFLDGR (OLVHR HQ OD ~OWLPD FRQH[LyQ DXGLWLYD DTXHOOD PDxDQD GHO
GRPLQJR GH DEULO DPDQHFLy QXEODGD 8QD ILQD OOXYLD UHIUHVFy VHQVLEOHPHQWH OD WHPSHUDWXUD
VDFDQGRXQEULOORHVSHFLDODODVFDPSLxDV\SHUIXPDQGR%HWDQLDFRQXQDJUDGDEOHRORUDWLHUUD
PRMDGD
(Q FXDQWR PH IXH SRVLEOH PH WUDVODGp D OD FDVD GH 6LPyQ (O 0DHVWUR PDGUXJDGRU KDEtD
OODPDGR D VXV KRPEUHV \ PXMHUHV UHXQLpQGRVH FRQ HOORV HQ HO MDUGtQ $OOt HO JLJDQWH TXH
SUHVHQWDEDXQVHPEODQWHPiVVHULRTXHHQODMRUQDGDDQWHULRUOHVGLRLQVWUXFFLRQHVFRQFUHWDV
GHFDUDDODSUy[LPDFHOHEUDFLyQGHOD3DVFXD,QVLVWLyHVSHFLDOPHQWHHQTXHQROOHYDUDQDFDER
PDQLIHVWDFLyQ S~EOLFD DOJXQD PLHQWUDV SHUPDQHFLHVHQ HQ HO LQWHULRU GH OD FLXGDG VDQWD \ TXH
VREUHWRGRQRVHPRYLHUDQGHVXODGR
8QDYH]PiVORVGLVFtSXORVDVRFLDURQDTXHOODVPHGLGDVSUHFDXWRULDVFRQODRUGHQGHFDSWXUD
GLFWDGD SRU HO 6DQHGUtQ -HV~V FRPR FUHR TXH \D KH PHQFLRQDGR VDEtD TXH DOJXQRV GH VXV
KRPEUHVLEDQSHUPDQHQWHPHQWHDUPDGRV6LQHPEDUJRQRKL]RDOXVLyQDOJXQDDVXVHVSDGDV
&XDQGR -HVXFULVWR FRPHQ]y D KDFHU XQ UHSDVR GH OR TXH KDEtD VLGR VX PLQLVWHULR GHVGH VX
RUGHQDFLyQHQ&DIDUQD~PKDVWDHVHGtDREVHUYpFyPR-XGDVHO,VFDULRWHKDFLHQGRRtGRVVRUGRV
GHGLFDED WRGD VX DWHQFLyQ DO UHFXHQWR GH OD EROVD FRP~Q 3RFR GHVSXpV DEDQGRQy HO JUXSR
HQWUDQGRHQODFDVD(VDPLVPDPDxDQDPX\GHPDGUXJDGD'DYLG=HEHGHROHKDEtDHQWUHJDGR
ORV IRQGRV FRQVHJXLGRV SRU OD YHQWD GHO FDPSDPHQWR TXH KDEtDQ LQVWDODGR VHPDQDV DQWHV HQ OD
FLXGDGGH3HOODHQODRULOODRULHQWDOGHO-RUGiQ\FRPRDXQDVFXDUHQWDPLOODVGHOPDU0XHUWR
/DEROVDFRP~QGHEtDVHUORVXILFLHQWHPHQWHLPSRUWDQWHFRPRSDUDTXH-XGDVODGHSRVLWDVH
DTXHOODPLVPDPDxDQDHQSRGHUGHODQFLDQRDQILWULyQ$OSDUHFHUODLQPLQHQWHHQWUDGDGH-HV~V
HQ-HUXVDOpQQRKDFtDDFRQVHMDEOHTXHHODGPLQLVWUDGRUGHOJUXSROOHYDUDHQFLPDWDQWRGLQHUR
(UDHQUHDOLGDGHQDTXHOODVIHFKDVGHOD3DVFXDFXDQGRORVLVUDHOLWDVYHQtDQREOLJDGRVSRUXQD
DQWLTXtVLPD OH\ D VDWLVIDFHU OR TXH OODPDEDQ HO VHJXQGR GLH]PR (Q RWUDV SDODEUDV XQD YH]
DSDUWDGRVHOLPSRUWHGHODRIUHQGDTXHVHKDFtDHQHOWHPSOR\HOSULPHUGLH]PR>@FDGDKHEUHR
WHQtD OD REOLJDFLyQ GH FRQVXPLU R JDVWDU GHQWUR GH -HUXVDOpQ HVWR HUD LPSUHVFLQGLEOH HO
FLWDGRVHJXQGRGLH]PRGHDFXHUGRFRQVXVSRVLELOLGDGHVHFRQyPLFDV6LHOMXGtRFRPRGLJR
YLYtD OHMRV GH OD FLXGDG VDQWD SRGtD FRQYHUWLU HO VHJXQGR GLH]PR HQ GLQHUR \ OOHYDUOR KDVWD
-HUXVDOpQGRQGHWHQtDODREOLJDFLyQGHJDVWDUORHQDOLPHQWRV\EHELGDVSUHFLVDPHQWHGXUDQWHOD
ILHVWD GH OD 3DVFXD /D0LVQi GHGLFD FLQFR FDStWXORV D OR TXH VH SXHGH \ OR TXH QR VH SXHGH
KDFHUFRQGLFKRLPSXHVWR
-XGDVFRQRFtDSHUIHFWDPHQWHHVWDREOLJDFLyQ\SUHVXPLEOHPHQWHDOKDFHUHOEDODQFHGHORV
IRQGRVJHQHUDOHVKDEtDVHSDUDGR\DHOGLQHURTXHGHEtDVHUFRQVXPLGRHQ-HUXVDOpQHQFRQFHSWR
GH VHJXQGR GLH]PR (O KHFKR VLQ HPEDUJR GH TXH OR GHMDUD HQ PDQRV GH 6LPyQ GDED D
HQWHQGHUTXH-HV~V\VXVKRPEUHVWDUGDUtDQD~QXQRVGtDVHQDFXGLUD-HUXVDOpQSDUDFHOHEUDUOD
WUDGLFLRQDOFHQDSDVFXDO$XQTXHVyORVHWUDWDGHXQDSUHVXQFLyQPX\SHUVRQDO\DTXHQXQFD
WUDWpGHDYHULJXDUORFDEHODSRVLELOLGDGGHTXH&ULVWRKXELHUDFDPELDGR\DLPSUHVLRQHVFRQ
-XGDVFRPRUHVSRQVDEOHGHOGLQHURILMDQGRLQFOXVRHOGtDSDUDGLFKRULWR
$OYLVLWDUHQORVGtDVVXFHVLYRV-HUXVDOpQSXGHGDUPHFXHQWDGHODJUDQLPSRUWDQFLDTXHWHQtD
SDUDORVUHVLGHQWHVKDELWXDOHVGHODFLXGDGVDQWDODSUHVHQFLDGHDTXHOORVPLOHVGHSHUHJULQRV
OOHJDGRVGHWRGDVODVSURYLQFLDV\GHOH[WUDQMHUR\VREUHWRGRHOEHQHILFLRHFRQyPLFRTXHOHV
UHSUHVHQWDEDHOKHFKRGHTXHFDGDKHEUHRWXYLHUDTXHJDVWDUGXUDQWHOD3DVFXDXQDSDUWHGHVXV
LQJUHVRVDQXDOHV8QGLQHURTXHVLHPSUHUHVXOWDEDFRQVLGHUDEOHVLWHQHPRVHQFRQVLGHUDFLyQTXH
HVH VHJXQGR GLH]PR HUD H[WUDtGR GH ODV JDQDQFLDV JOREDOHV GH ODV YHQWDV GHO JDQDGR GH ORV
IUXWDOHV\GHORVYLxHGRVGHFXDWURDxRVDPpQGHORVWUDEDMRVDUWHVDQDOHV
(O 1D]DUHQR WHUPLQy VX SOiWLFD DGHODQWiQGROHV TXH D~Q OHV GHMDUtD PXFKDV FRQVLJQDV \
OHFFLRQHVDQWHVGHYROYHUDO3DGUH3HURORVGLVFtSXORVQRWHUPLQDURQGHFRPSUHQGHUDTXp
VHUHIHUtD
$OILQDOQLQJXQRVHDWUHYLyDKDFHUXQDVRODSUHJXQWD
8QDYH]FRQFOXLGDODFRQIHUHQFLD&ULVWRWRPyDSDUWHD/i]DURTXHPHKDEtDDFRPSDxDGR
KDVWDODFDVDGH6LPyQ\OHUHFRPHQGyTXHKLFLHUDORVSUHSDUDWLYRVSUHFLVRVSDUDGHMDU%HWDQLD
-HV~VHOSURSLRUHVXFLWDGR\WRGRVQRVRWURVVDEtDPRVTXHGHVSXpVGHOPLODJURHO6DQHGUtQ
KDEtDGLVFXWLGR\OOHJDGRDODFRQFOXVLyQGHTXH/i]DURGHEtDVHUWDPELpQHOLPLQDGR'HTXp
VHUYtD SUHQGHU \ DMXVWLFLDU DO *DOLOHR VL TXHGDED FRQ YLGD VX DPLJR WHVWLJR GH H[FHSFLyQ GHO
PLODJURVRVXFHVR"(VWHSODQWHDPLHQWRQRFDUHQWHGHOyJLFDKDEtDPRYLGRDORVVDFHUGRWHV
DSODQHDUXQDDFFLyQSDUDOHODTXHFXOPLQDVHFRQHODUUHVWRGH/i]DUR
0LDPLJRREHGHFLy\SRFRVGtDVPiVWDUGHKXtDDODSREODFLyQGH)LODGHOILDHQOD]RQDPiV
RULHQWDOGHODIpUWLO3HUHD&XDQGRORVSROLFtDVGHO6DQHGUtQDFXGLHURQDSUHQGHUOHVyOR0DUWD
0DUtD\VXVVLUYLHQWHVSHUPDQHFtDQHQODFDVD
(OUHVWRGHODPDxDQDKDVWDODXQD\PHGLDGHODWDUGHHQTXHHOJLJDQWHGLRODRUGHQGH
SDUWLGDKDFLD-HUXVDOpQHOUDEtSUHILULyUHWLUDUVHDORPiVIURQGRVRGHOMDUGtQGH6LPyQ
(VDPLVPDQRFKHGHUHJUHVRD%HWDQLDWXYHHOYDORUGHSUHJXQWDUOHSRUTXpKDEtDHOHJLGR
DTXHOODIRUPDGHHQWUDGDHQODFLXGDGVDQWD(O0DHVWURSHUIHFWRFRQRFHGRUGHODV(VFULWXUDV
PHUHVSRQGLyHVFXHWDPHQWH
$VtFRQYHQtDSDUDTXHVHFXPSOLHUDQODVSURIHFtDV
(IHFWLYDPHQWH WDQWR HQ HO*pQHVLV FRPR HQ=DFDUtDV VH GLFH TXH HO 0HVtDV
OLEHUDGRUGH-HUXVDOpQYHQGUtDGHVGHHOPRQWHGHORV2OLYRVPRQWDGRHQXQMXPHQWLOOR=DFDUtDV
FRQFUHWDPHQWH GLFH $OHJUDRV JUDQGHPHQWH RK KLMD GH 6LyQ *ULWDG RK KLMD GH -HUXVDOpQ
0LUDGYXHVWURUH\KDYHQLGRDYRVRWURV(VMXVWR\WUDHODVDOYDFLyQ9LHQHFRPRHOPiVEDMR
PRQWDGRHQXQDVQRHQXQSROOLQRODFUtDGHXQDVQR
+DFLD OD KRUD VH[WD ODV GRFH GHO PHGLRGtD WUDV XQ IUXJDO DOPXHU]R -HV~V TXH KDEtD
UHFREUDGRHOH[FHOHQWHEXHQKXPRUGHOGtDDQWHULRUSLGLyD3HGUR\D-XDQTXHVHDGHODQWDUDQ
KDVWDHOSREODGRGH%HWIDJp
&XDQGR OOHJXpLV DO FUXFH GH ORV FDPLQRV OHV GLMR HQFRQWUDUpLV DWDGD D OD FUtD GH XQ
DVQR6ROWDGHOSROOLQR\WUDHGOR
3HUR6HxRUDUJXPHQWy3HGURFRQUD]yQ\TXpGHEHPRVGHFLUOHDOSURSLHWDULR"
6LDOJXLHQRVSUHJXQWDSRUTXpORKDFpLVGHFLGVLPSOHPHQWH
(O0DHVWURWLHQHQHFHVLGDGGHpO
3HGUR PX\ DFRVWXPEUDGR \D D HVWDV VLWXDFLRQHV GHVFRQFHUWDQWHV VH HQFRJLy GH KRPEURV \
VDOLyKDFLD%HWIDJp(OMRYHQ-XDQXQPXFKDFKLWRVLOHQFLRVRFDVLWDFLWXUQRGHEHUtDDQGDUSRU
ORVRDxRVHQMXWRFRPRXQDFDxD\GHRMRVQHJURVFRPRHOFDUEyQSHUPDQHFLyD~QXQRV
LQVWDQWHVFRQWHPSODQGRDVXtGROR(QVXPLUDGDVHDGLYLQDEDODVRUSUHVD\XQFLHUWRWHPRU4Xp
HVWDEDWUDPDQGRHO0DHVWUR"
'HSURQWRFD\yHQODFXHQWDGHTXH3HGURVHHQFDPLQDED\DKDFLDODSXHUWDGHVDOLGD\GDQGR
XQEULQFRVDOLyDODFDUUHUDHQ3HUVHFXFLyQGHVXDPLJR
3DUD HQWRQFHV 'DYLG =HEHGHR XQR GH ORV PiV DFWLYRV VHJXLGRUHV GH &ULVWR VLQ FRQWDU
SDUDQDGDFRQHO0DHVWURQLFRQORVGRFHKDEtDWHQLGRODJHQLDOLQWXLFLyQGHHFKDUVHDOFDPLQR
GH -HUXVDOpQ \ HQ FRPSDxtD GH RWURV FUH\HQWHV FRPHQ]y D DOHUWDU D ORV SHUHJULQRV GH OD
LQPLQHQWHOOHJDGDGH-HV~VGH1D]DUHW$TXHOODLQLFLDWLYDFRPRTXHGyGHPRVWUDGRGHVSXpVLED
DFRQWULEXLUGHFLVLYDPHQWHDODPDVLYD\WULXQIDOHQWUDGDGHO0DHVWURHQODFLXGDGVDQWD$GHPiV
GH ORV FLHQWRV GH KHEUHRV TXH FRPR FDGD GtD KDEtDQ DFXGLGR KDVWD %HWDQLD RWURV PLOHV GH
KDELWDQWHV GH -HUXVDOpQ \ GH ORV UHFLpQ OOHJDGRV D OD 3DVFXD WXYLHURQ FXPSOLGD QRWLFLD GH OD
SUHVHQFLDGHDTXHOJDOLOHRKDFHGRUGHPDUDYLOODV\FRQORVVXILFLHQWHVDUUHVWRVFRPRSDUD
SODQWDUFDUDDORVVXPRVVDFHUGRWHV
1RIXHSUHFLVRHVSHUDUPXFKRWLHPSR$HVRGHODXQD\PHGLDGHODWDUGH3HGUR\-XDQVH
UHXQLHURQFRQHOUHVWRGHODFRPLWLYDTXHOHVHVSHUDED\DDODVDIXHUDVGHODDOGHDGH/i]DUR7DO
\FRPRKDEtDSURQRVWLFDGRHO0DHVWURFXDQGRHOYROXQWDULRVR3HGUROOHJyD%HWIDJpDOOtHVWDEDQ
ORVDQLPDOHVXQDVQR\VXFUtD
/DYHUGDGHVTXHFRQRFLHQGRHOSREODGR\DVXVJHQWHVWRGDVHOODVIHUYLHQWHVVHJXLGRUHV
GH-HV~VHQFRQWUDUHQVXVFDOOHVDORVPHQFLRQDGRVMXPHQWRV\FRQYHQFHUDVXGXHxRSDUDTXH
SUHVWDUDXQRGHHOORVDOUDEtWDPSRFRGHEtDVHUFRQVLGHUDGRFRPRXQKHFKRPLODJURVReVDDO
PHQRVIXHPLLPSUHVLyQ6LHQDOJRVHGLVWLQJXtDQ%HWDQLD\%HWIDJpGHOUHVWRGHODVSREODFLRQHV
GH,VUDHOHUDSUHFLVDPHQWHHQHVRHQHOSURIXQGRDIHFWR\HQODIpUUHDIHGHVXVKDELWDQWHVSRUHO
&ULVWR /i]DUR PH FRQIHVy TXH HVWDED FRQYHQFLGR GH TXH DTXHO PLODJUR GHO 1D]DUHQR
SRVLEOHPHQWHXQRGHORVPiVH[WUDRUGLQDULRVGHFXDQWRVOOHYyDFDERGXUDQWHVXYLGDS~EOLFD
KDEtDWHQLGRSRUHVFHQDULR%HWDQLDQRSDUDTXHODVJHQWHVGHDPEDVDOGHDVFUH\HVHQVLQRPiV
ELHQSRUTXH\DFUHtDQ/DWHRUtDQRHUDPDOD&LXGDGHV\SXHEORVPXFKRPiVLPSRUWDQWHVFDVR
GH1D]DUHW&DIDUQD~P-HUXVDOpQHWFKDEtDQUHFKD]DGRD-HV~V
(OFDVRHVTXHVHJ~QFRQWy3HGURFXDQGRpVWHVHGLVSRQtDDVROWDUHOMXPHQWRVHSUHVHQWyHO
SURSLHWDULR$O SUHJXQWDUOH SRU TXp KDFtDQ DTXHOOR HO GLVFtSXOR OH H[SOLFy SDUD TXLpQ HUD \ HO
KHEUHRVLQPiVUHVSRQGLy
6LYXHVWUR0DHVWURHV-HV~VGH*DOLOHDOOHYDGOHHOSROOLQR
$OYHUHODVQLOORGHSHORSDUGRDSHQDVGHXQPHWURGHDO]DGD\SRVLEOHPHQWHGHODOODPDGD
UD]DVLOYHVWUHPX\FRP~QHQIULFD\HQ2ULHQWHFDVLWRGRVORVSUHVHQWHVQRVKLFLPRVOD
PLVPDSUHJXQWD3DUDTXpSRGtDQHFHVLWDUHO0DHVWURDTXHOODGyFLOFUtDGHDVQR"-HV~VVLHPSUH
KDEtDWULOODGRORVFDPLQRVFRQOD~QLFDD\XGDGHVXVIXHUWHVSLHUQDVTXHKR\VHUtDQHQYLGLDGDV
SRUPXFKRVFRUUHGRUHVGHPDUDWyQ3RFRGHVSXpVDOYHUOHGHVILODUHQWUHODPXFKHGXPEUHTXH
VH DJROSDED HQ HO FDPLQR \ HQ ODV FDOOHV GH -HUXVDOpQ D ORPRV GHO MXPHQWLOOR HPSHFp D
VRVSHFKDU FXiOHV SRGtDQ VHU ODV YHUGDGHUDV UD]RQHV TXH KDEtDQ LPSXOVDGR D -HV~V D EXVFDU HO
FRQFXUVRGHDTXHOSHTXHxRDQLPDO
(O0DHVWURVLQPiVGHPRUDVGLRODRUGHQGHVDOLUKDFLD-HUXVDOpQ/RVJHPHORVHQXQJHVWR
TXH-HV~VDJUDGHFLyFRQXQDVRQULVDGLVSXVLHURQVXVPDQWRVVREUHHOEXUURVXMHWiQGRORSRUHO
URQ]DO PLHQWUDV DTXHOJLJDQWHPRQWDEDD KRUFDMDGDV (O1D]DUHQRWRPy ODFXHUGD TXH KDFtD ODV
YHFHVGHULHQGDV\JROSHyVXDYHPHQWHDODVQRFRQVXVURGLOODVLQYLWiQGROHDDYDQ]DU
/DFRQVLGHUDEOHHVWDWXUDGHOUDEtOHREOLJDEDDIOH[LRQDUVXVODUJDVSLHUQDVKDFLDDWUiVDILQ
GH QR DUUDVWUDU ORV SLHV SRU HO SROYR GHO FDPLQR &RQ WRGRV PLV UHVSHWRV KDFLD HO 6HxRU VX
ILJXUDFDEDOJDQGRGHVHPHMDQWHJXLVDVREUHHOMXPHQWRHUDWRGRXQHVSHFWiFXORPLWDGULGtFXOR
PLWDGFyPLFR3RFRDSRFRFRPRGLJRPHIXLGDQGRFXHQWDTXHDTXpOSUHFLVDPHQWHHUDXQRGH
ORVHIHFWRVTXH SDUHFtDEXVFDUHO0DHVWUR /D WUDGLFLyQ WDQWRRULHQWDOFRPR URPDQDILMDED
TXH ORV UH\HV \ KpURHV HQWUDVHQ VLHPSUH HQ ODV FLXGDGHV D ORPRV GH EULRVRV FRUFHOHV R
HQJDODQDGRV FDUURV$OJXQDV GH ODV SURIHFtDV MXGtDV KDEODEDQ LQFOXVR GH XQ UH\ XQ 0HVtDV
TXH HQWUDUtD HQ -HUXVDOpQ FRPR XQ DJXHUULGR OLEHUWDGRU VDFXGLHQGR GH ,VUDHO HO \XJR GH OD
GRPLQDFLyQH[WUDQMHUD
3HUR TXp FODVH GH VHQWLPLHQWRV SRGtD SURYRFDU HQ HO SXHEOR XQ KRPEUH GH VHPHMDQWH
HVWDWXUDDORPRVGHXQEXUULWR",QGXGDEOHPHQWHXQDGHODVUD]RQHVSDUDHQWUDUDVtHQODFLXGDG
VDQWDKDEtDTXHEXVFDUODHQXQDLQWHQFLRQDGDLGHDGHULGLFXOL]DUHOSRGHUSXUDPHQWHWHPSRUDO<
-HV~VLEDDORJUDUOR
$OSULQFLSLRWDQWRORVKRPEUHVGHVXJUXSRFRPRODVGLH]RGRFHPXMHUHVHOHJLGDVSRU-HV~V
\ TXH VH KDEtDQ XQLGR D OD FRPLWLYD TXHGDURQ GHVFRQFHUWDGRV 3HUR HO 0DHVWUR HUD DVt
LPSUHYLVLEOH\HOORVOHDPDEDQSRUHQFLPDGHWRGR$VtTXHHQFDMDURQHOKHFKRFRQUHVLJQDFLyQ
(OSURSLR-HV~VFRQVXVFRQVWDQWHVEURPDVFRQWULEX\y\QRSRFRDGHVFDUJDUORVUHFHORVGH
VXVILHOHVVHJXLGRUHV<RPLVPRPHYLVRUSUHQGLGRDOREVHUYDUFyPRHO1D]DUHQRVHUHtDGHVX
SURSLDVRPEUD
$TXHO DPELHQWH IHVWLYR IXH LQWHQVLILFiQGRVH FRQIRUPH QRV DOHMDPRV GH %HWDQLD 8QD
PXFKHGXPEUH TXH QR VDEUtD FDOFXODU VH KDEtD LGR DJUXSDQGR D DPERV ODGRV GHO FDPLQR
VDOXGDQGRYLWRUHDQGR\UHFRQRFLHQGRDO&ULVWRFRPRHOSURIHWDGH*DOLOHD
/RV GRFH TXH URGHDEDQ DO UDEt HVWUHFKDPHQWH WDQWR 3HGUR FRPR 6LPyQ HO =HORWHV -XGDV
,VFDULRWHHLQFOXVRHOSURSLR$QGUpVKDEtDQDGRSWDGRSUHFDXFLRQHV\VXVHVSDGDVKDEtDQYXHOWRD
ODVIDMDVHVWDEDQHVWXSHIDFWRV6XPLHGRLQLFLDOSRUODVHJXULGDGGHVXMHIH\GHOUHVWRGHOJUXSR
IXHGLVLSiQGRVHFRQIRUPHDYDQ]iEDPRV
&LHQWRVTXL]iPLOHVGHSHUHJULQRVGHWRGD-XGHDGHOD3HUHD\KDVWDGH*DOLOHDSDUHFtDQ
KDEHUVH YXHOWR UHSHQWLQDPHQWH ORFRV 0XFKRV KRPEUHV VH GHVSRMDEDQ GH VXV URSRQHV \ ORV
H[WHQGtDQ VREUH HO SROYR GHO VHQGHUR VRQULHQGR \ PRVWUiQGRVH HQFDQWDGRV DQWH HO SDVR GHO
MXPHQWLOOR&RPRXQVRORLQGLYLGXRODVPXMHUHVQLxRVDQFLDQRV\DGXOWRVJULWDEDQ\UHSHWtDQVLQ
FHVDU %HQGLWR HO TXH YLHQH HQ QRPEUH GHO 'LYLQR %HQGLWR VHD HO UHLQR TXH YLHQH GHO
FLHOR 7DO \ FRPR VXSRQtD ODV JHQWHV QR JULWDURQ ORV FRQRFLGRVKRVDQQD SRU OD VHQFLOOD
UD]yQGHTXHHVWDH[FODPDFLyQHUDXQDVHxDORSHWLFLyQGHDX[LOLRVHJ~QODHWLPRORJtDRULJLQDOGH
ODSDODEUDMXGtD>@
4XLHURFUHHUTXHDTXHOPLVPRHVFDORIUtRTXHPHUHFRUULyODHVSDOGD\TXHPHKL]RWHPEODU
IXH H[SHULPHQWDGR WDPELpQ SRU ORV DSyVWROHV FXDQGR HVSRQWiQHDPHQWH PXFKRV GH DTXHOORV
KHEUHRVFRUWDURQUDPDVGHROLYRVVDOXGDQGRDO0DHVWURODQ]DQGRDVXSDVRODVIORUHVYLROHWDV
GHORVFLQDPRPRV\TXHPDQGRLQFOXVRODVUDPDVGHHVWHiUEROGHIRUPDTXHXQIUDJDQWHDURPD
VHHVSDUFLySRUHODPELHQWH
6LQFHUDPHQWH QLQJXQR GH ORV VHJXLGRUHV GHO &ULVWR SRGtD HVSHUDU XQ UHFLELPLHQWR FRPR
DTXHO'yQGHHVWDEDQODVDPHQD]DV\ODRUGHQGHFDSWXUDGHO6DQHGUtQ"
$OJXQDVPXMHUHVOHYDQWDEDQHQYLORDVXVQLxRVSRQLpQGRORVHQEUD]RVGHO1D]DUHQRTXHORV
DFDULFLDEDVLQFHVDU(OFRUD]yQGH-HV~VVLQQLQJ~QJpQHURGHGXGDVHVWDEDDOHJUH
3HUR DQWH PL VRUSUHVD FXDQGR WRGR KDFtD VXSRQHU TXH OD FRPLWLYD VHJXLUtD SRU HO FDPLQR
KDELWXDO HO TXH \R KDEtD WRPDGR SDUD GLULJLUPH D %HWDQLD -HV~V \ ORV GRFH JLUDURQ D OD
GHUHFKDLQLFLDQGRHODVFHQVRGHODODGHUDRULHQWDOGHO2OLYHWH<RQRKDEtDUHSDUDGRHQDTXHOOD
HPSLQDGD \SHGUHJRVD WURFKDTXHHIHFWLYDPHQWH VHUYtDSDUD DWDMDU$ORV SRFRV PHWURV-HV~V
VDOWDEDiJLOPHQWHGHOYROXQWDULRVRMXPHQWLOORSURVLJXLHQGRDSLHHODVFHQVRKDFLDODFXPEUHGH
ODPRQWDxDGHODVDFHLWXQDV/DOOXYLDKDFtDUDWRTXHKDEtDFHVDGRDXQTXHHOFLHORVHJXtDFRQ
XQDVQHJUDV\DPHQD]DQWHVQXEHV
0LHQWUDVHOJUXSRVHHVWLUDEDFDPLQDQGRSUiFWLFDPHQWHHQILODGHDXQRHQWUHODVSODQWDFLRQHV
GH ROLYRV HO FRUD]yQ PH GLR XQ YXHOFR$XQTXH HO PyGXOR VH KDOODED HQ OD FRWD PiV DOWD GHO
2OLYHWH \ VREUH XQRV SHxDVFRV GRQGH QR KDEtDPRV DGYHUWLGR VHQGHUR DOJXQR VLHPSUH FDEtD OD
SRVLELOLGDGGHTXHORVSDUWLFLSDQWHVHQDTXHOODDJLWDGDPDQLIHVWDFLyQGHM~ELORSXGLHUDQSHQHWUDU
HQODIUDQMDGHVHJXULGDGGHODFXQD
,QVWLQWLYDPHQWHPHDSDUWpGHOFDPLQR\DGYHUWtD(OLVHRGHODDSUR[LPDFLyQGHODFRPLWLYD
$ODOFDQ]DUODFXPEUHHO0DHVWURVHGHWXYR5HVSLUpDOLYLDGRDOFRPSUREDUTXHHOSXQWRGH
FRQWDFWRGHOPyGXORVHKDOODEDPXFKRPiVDODGHUHFKD\FRPRDXQRVWUHVFLHQWRVSLHVGHGRQGH
QRVKDEtDPRVGHWHQLGR
-HUXVDOpQGHVGHDTXHOODSRVLFLyQSULYLOHJLDGDDSDUHFtDHQWRGRVXHVSOHQGRU/DVWRUUHVGH
ODIRUWDOH]D$QWRQLDGHOSDODFLRGH+HURGHV\VREUHWRGRODF~SXOD\ODVPXUDOODVGHO7HPSOR
VHKDEtDQWHxLGRGHDPDULOORFRQODFDtGDGHODWDUGHGHVWDFDQGRVREUHXQPRVDLFRGHFDVDV\
FDOOHMXHODVEODQFRFHQLFLHQWDV
8Q UHSHQWLQR VLOHQFLR SODQHy VREUH OD FRPLWLYD DSHQDV URWR SRU HO UXPRU GH DELJDUUDGRV
JUXSRVGHLVUDHOLWDVTXHFRUUtDQGHVGHODVSXHUWDVGHOD)XHQWH\GHODV7HMROHWDVDOVXUGHODV
PXUDOODVDGYHUWLGRVGHODOOHJDGDGHOSURIHWD
(OVHPEODQWHGH&ULVWRFDPELyV~ELWDPHQWH'HDTXHODELHUWR\FRQWDJLRVREXHQKXPRUKDEtD
SDVDGR D XQD H[WUHPD JUDYHGDG /RV GLVFtSXORV VH SHUFDWDURQ GH HOOR SHUR VHQFLOODPHQWH QR
HQWHQGtDQODVUD]RQHVGHOUDEt7RGRHVWDEDVDOLHQGRDSHGLUGHERFD
(O VLOHQFLR VH KL]R GHILQLWLYDPHQWH WRWDO FDVL DQJXVWLRVR FXDQGR ORV DOOt UHXQLGRV
FRPSUREDPRV FyPR -HV~V GH 1D]DUHW DGHODQWiQGRVH KDVWD HO ILOR GH OD ODGHUD RFFLGHQWDO GHO
2OLYHWHFRPHQ]DEDDOORUDU)XHXQOODQWRVXDYHVLQHVWULGHQFLDDOJXQD/DVOiJULPDVFRUULHURQ
PDQVDPHQWHSRUODVPHMLOODV\EDUEDGHO1D]DUHQR<RVHQWtXQHVWUHPHFLPLHQWR\HQPLJDUJDQWD
VHIRUPyXQQXGRiVSHUR
&RQORVEUD]RVGHVPD\DGRVDORODUJRGHVXW~QLFDHO&ULVWRVLQSRGHUHYLWDUVXHPRFLyQ\
FRQYR]HQWUHFRUWDGDH[FODPy
2K-HUXVDOpQVLWDQVyORKXELHUDVVDELGRLQFOXVRW~DOPHQRVHQHVWHWXGtDODVFRVDV
SHUWHQHFLHQWHV D WX SD] \ TXH KXELHUDV SRGLGR WHQHU WDQ OLEUHPHQWH 3HUR DKRUD HVWDV JORULDV
HVWiQDSXQWRGHVHUHVFRQGLGDVGHWXVRMRV7~HVWiVDSXQWRGHUHFKD]DUDO+LMRGHOD3D]\
YROYHUODHVSDOGDDOHYDQJHOLRGHVDOYDFLyQ3URQWRYHQGUiQORVGtDVHQTXHWXVHQHPLJRVKDUiQ
XQDWULQFKHUDDWXDOUHGHGRU\WHDVHGLDUiQSRUWRGDVSDUWHV7HGHVWUXLUiQFRPSOHWDPHQWHKDVWD
WDO SXQWR TXH QR TXHGDUi SLHGUD VREUH SLHGUD < WRGR HVWR DFRQWHFHUi SRUTXH QR FRQRFtDV HO
WLHPSRGHWXGLYLQDYLVLWD(VWiVDSXQWRGHUHFKD]DUHOUHJDORGH'LRV\WRGRVORVKRPEUHVWH
UHFKD]DUiQ
2EYLDPHQWHQLQJXQRGHORVTXHHVFXFKDURQDTXHOODVIUDVHVSRGtDLQWXLUVLTXLHUDHOWUiJLFRILQ
TXH DFDEDED GH SURIHWL]DU HO UDEt 7UHLQWD \ WUHV DxRV PiV WDUGH GHVGH HO DO HO JHQHUDO
URPDQR 7LWR )ODYLR 9HVSDVLDQR SULPHUR FDHUtD VREUH ,VUDHO FRQ WUHV OHJLRQHV HVFRJLGDV \
QXPHURVDV WURSDV DX[LOLDUHV GHO 1RUWH 6X KLMR 7LWR UHPDWDUtD OD GHVWUXFFLyQ GHO 7HPSOR \ GH
EXHQD SDUWH GH -HUXVDOpQ HQ PHGLR GH XQ EDxR GH VDQJUH 0iV GH RFKHQWD PLO KRPEUHV
LQWHJUDQWHVGHODVOHJLRQHVDDD\DUHIRU]DGDVSRUODFDEDOOHUtDOOHJDUtDQSRFRDQWHV
GHODOXQDOOHQDGHODSULPDYHUDGHODxRDQWHODVPXUDOODVGHODFLXGDGVDQWD(QDJRVWRGHHVH
PLVPR DxR \ GHVSXpV GH HQFDUQL]DGRV FRPEDWHV ORV URPDQRV SODQWDEDQ VXV LQVLJQLDV HQ HO
UHFLQWR VDJUDGR GH ORV MXGtRV (Q VHSWLHPEUH WDO \ FRPR KDEtD DGYHUWLGR -HV~V QR TXHGDED
SLHGUDVREUHSLHGUDGHODTXHKDEtDVLGRODFLXGDGRPEOLJRGHOPXQGR6HJ~QORVFiOFXORVGH
7iFLWRHQDTXHOODVIHFKDVVHKDEtDQUHXQLGRHQ-HUXVDOpQFRQHOILQGHFHOHEUDUODWUDGLFLRQDO
3DVFXDDOUHGHGRUGHVHLVFLHQWRVPLOMXGtRV3XHVELHQHOKLVWRULDGRU)ODYLR-RVHIRDILUPDTXH
GXUDQWHHOVLWLRHOQ~PHURGHSULVLRQHURVVLQFRQWDUDORVFUXFLILFDGRV\DORVTXHORJUDURQKXLU
VHHOHYyD<DxDGHTXHHQHOWUDQVFXUVRGHWUHVPHVHVVyORSRUXQDGHODVSXHUWDVGH
ODFLXGDGSDVDURQFDGiYHUHVGHLVUDHOLWDV/RVTXHVREUHYLYLHURQIXHURQYHQGLGRVFRPR
HVFODYRV\GLVSHUVDGRV
/DVOiJULPDV\ORVODPHQWRVGHO1D]DUHQRHVWDEDQPiVTXHMXVWLILFDGRV
(OMRYHQ-XDQXQRGHORVGLVFtSXORVPiVTXHULGRVSRU-HV~VVLQGXGDSRUVXLQRFHQFLD\
JHQHURVLGDGVHDSUR[LPyKDVWDHO0DHVWUR\FRQHODOPDFRQPRYLGDOHWHQGLyXQSDxROyQGH
ORV XVDGRV KDELWXDOPHQWH SDUD TXLWDU HO VXGRU GHO URVWUR \ TXH VROtDQ JXDUGDU DQXGDGR HQ
FXDOTXLHUDGHORVEUD]RV&ULVWRVLQSURQXQFLDUXQDVRODSDODEUDPiVVHHQMXJyODVOiJULPDV\
YROYLyDPRQWDUHQHOMXPHQWRLQLFLDQGRHOGHVFHQVRKDFLDODFLXGDG
/DULDGDGHJHQWHTXHKDEtDPRVYLVWRGHVGHODFLPDVXEtD\DSRUODODGHUDDUUHFLDQGRHQVXV
YtWRUHV
-HV~V IXHUWHPHQWH HVFROWDGR SRU VXV KRPEUHV FRUUHVSRQGtD D DTXHOODV PDQLIHVWDFLRQHV GH
DIHFWR DYDQ]DQGR FDGD YH] FRQ PD\RUHV GLILFXOWDGHV (O JHQWtR TXH VDOtD D UDXGDOHV SRU ODV
PXUDOODVGH-HUXVDOpQQRVHFRQWHQWDEDVyORFRQDFODPDUOHDDPEDVRULOODVGHOFDPLQR0XFKRV
GH HOORV HVSHFLDOPHQWH ORV QLxRV \ DGROHVFHQWHV VH DUUHPROLQDEDQ HQ WRUQR DO ERUULTXLOOR
REOLJDQGRDORVGLVFtSXORVDDEULUSDVRHQWUHHPSXMRQHV\JULWRV(UDHOGHOLULR
(OEXOOLFLRKDEtDFRQPRYLGRGHWDOIRUPDDORVKHEUHRVGHODFLXGDG\GHORVFDPSDPHQWRV
OHYDQWDGRVHQVXHQWRUQRTXHDOSRFRFXDQGRODFRPLWLYDSXMDEDSRUFUX]DUEDMRHODUFRGHOD
SXHUWDGHOD)XHQWHHQHOYpUWLFHVXUGH-HUXVDOpQXQJUXSRGHIDULVHRV\OHYLWDVDOHUWDGRVSRU
HO WXPXOWR \ TXH VHJ~Q ORV LQGLFLRV VDOtD SUHFLSLWDGDPHQWH FRQ LGHD GH SUHQGHU DO LPSRVWRU
KL]RVXDSDULFLyQHQWUHODPXFKHGXPEUH/RVSROLFtDVGHOWHPSORDUPDGRVFRQHVSDGDV\PD]DV
SHUPDQHFLHURQ D OD H[SHFWDWLYD HVSHUDQGR OD RUGHQ GH ORV VDFHUGRWHV 3HUR HO HQWXVLDVPR \ HO
FODPRU GH DTXHOORV PLOHV GH MXGtRV HUDQ WDOHV TXH GHELHURQ SHQVDUOR FRQ PiV FDOPD \
SUXGHQWHPHQWH GHMDURQ SDVDU D -HV~V \ D VXV VHJXLGRUHV (O UDEt FRQ XQD HQYLGLDEOH DVWXFLD
KDEtD HYLWDGR VX WXPXOWXRVD HQWUDGD SRU OD ]RQD QRURULHQWDO GH -HUXVDOpQ 'HVGH OD FXPEUH GHO
2OLYHWH HO LQJUHVR HQ OD FLXGDG VDQWD KXELHUD UHVXOWDGR PXFKR PiV UiSLGR VDOYDQGR HO FDXFH
VHFRGHO&HGUyQ\SHQHWUDQGRSRUODOODPDGD3XHUWD3UREiWLFDRSRUODGHO2ULHQWHHQHOFRVWDGR
RULHQWDOGHODVPXUDOODV$TXHOODPDQLREUDVLQHPEDUJRHQWUDxDEDXQULHVJRODWHQWHSDVDUPX\
FHUFD GH OD IRUWDOH]D$QWRQLDVHGH\ FXDUWHOJHQHUDO GHODVIXHU]DVURPDQDVGH RFXSDFLyQ3RU
RWUD SDUWH DO SODQHDU OD HQWUDGD WULXQIDO SRU OD ]RQD PiV PHULGLRQDO -HV~V VH YHtD REOLJDGR D
FUX]DU SRU DOJXQDV GH ODV FDOOHV PiV SRSXORVDV GH OD SDUWH EDMD \ YLHMD GH OD FDSLWDO$XQTXH
WDPSRFROOHJXpDSUHJXQWiUVHORMDPiVDOFRQWHPSODUDTXHOODLPSRQHQWHPDQLIHVWDFLyQGHOSXHEOR
MXGtRYROFDGRFRQ\SRU-HV~V>@WXYHODFHUWLGXPEUHGHTXHHO0DHVWURTXLVRGLULJLUVXVSDVRV
DWUDYpVGHDTXHOVHFWRUGH-HUXVDOpQSUHFLVDPHQWHFRQXQDGREOHLQWHQFLyQSHUPLWLUDVtXQPiV
SURORQJDGR\FDOXURVRUHFLELPLHQWRTXHGHSDVROHSURWHJLHUDDeO\DVXVKRPEUHVFRQWUDOD
RUGHQGHFD]D\FDSWXUDGLFWDGDSRUHO6DQHGUtQ$TXHOHVWDOOLGRIXHWDQVLQFHUR\FODPRURVRTXH
FRPR\DKHPHQFLRQDGRORVVDFHUGRWHVQRVHDWUHYLHURQDFRQVXPDUHOSUHQGLPLHQWR
$OHQWUDU HQODVFDOOHVGH -HUXVDOpQ ODPXOWLWXG VHYROYLy WDQH[SUHVLYD TXH PXFKRVGH ORV
MyYHQHV\PXMHUHVDODOFDQ]DUODURVDOHGD~QLFRMDUGtQSHUPLWLGRHQODFLXGDGVDQWDDUUDQFDURQ
GHFHQDVGHIORUHVDUURMiQGRODVDOSDVRGH&ULVWR
$TXHO JHVWR GHVERUGy ORV SHUWXUEDGRV iQLPRV GH ORV IDULVHRV \ HVFULEDV TXH KDEtDQ LGR
VDOLHQGRDOHQFXHQWURGHOLPSRVWRU\DOJXQRVGHHOORVORVPiVDXGDFHVVHDEULHURQFDPLQR
DFRGD]RV\HPSHOORQHVFHUUDQGRODPDUFKDGHO1D]DUHQR
$O]DQGRVXVYRFHVSRUHQFLPDGHOWXPXOWRORVVDFHUGRWHVOHJULWDURQD-HV~V
0DHVWUR GHEHUtDV UHSUHQGHU D WXV GLVFtSXORV \ H[KRUWDUOHV D TXH VH FRPSRUWHQ FRQ PiV
GHFRUR
3HURHOUDEtVLQSHUGHUODFDOPDOHVFRQWHVWy
(VFRQYHQLHQWHTXHHVWRVQLxRVDFRMDQDO+LMRGHOD3D]DTXLHQORVVDFHUGRWHVSULQFLSDOHV
KDQ UHFKD]DGR 6HUtD LQ~WLO KDFHUOHV FDOODU 6L DVt OR KLFLHUD HQ VX OXJDU SRGUtDQ KDEODU ODV
SLHGUDVGHOFDPLQR
/RV IDULVHRV GHVDOHQWDGRV \ UDELRVRV GLHURQ PHGLD YXHOWD \ FRQ OD PLVPD YLROHQFLD VH
SHUGLHURQ HQ OD FDEH]D GH OD PDQLIHVWDFLyQ FDPLQR VLQ GXGD GHO WHPSOR GRQGH VHJ~Q SXGH
YHULILFDUSRFRGHVSXpVHO6DQHGUtQFHOHEUDEDXQRGHVXVKDELWXDOHVFRQVHMRV(VWRVVDFHUGRWHV
GLHURQ FXHQWD D VXV FROHJDV GH OR TXH HVWDED VXFHGLHQGR HQ ODV FDOOHV GHO EDUULR YLHMR GH
-HUXVDOpQ -RVp GH$ULPDWHD PLHPEUR GH HVWH 6DQHGUtQ \ EXHQ DPLJR GH -HV~V UHODWDUtD D OD
PDxDQD VLJXLHQWH D$QGUpV \ DO UHVWR GH ORV DSyVWROHV FyPR ORV IDULVHRV LUUXPSLHURQ FRQ ORV
URVWURV GHVHQFDMDGRV HQ OD VDOD GH ODV SLHGUDV WDOODGDV OXJDU GH VHVLRQHV GHO 6DQHGUtQ
H[FODPDQGR
0LUDGWRGRORTXHKDFHPRVHVLQ~WLO+HPRVVLGRFRQIXQGLGRVSRUHVHJDOLOHR/DJHQWHVH
KDYXHOWRORFDFRQpO6LQRSDUDPRVDHVRVLJQRUDQWHVWRGRHOPXQGROHVHJXLUi
/DWULXQIDOFRPLWLYDSURVLJXLyVXPDUFKDSRUODVHVWUHFKDV\HPSLQDGDVFDOOHMDVGHODFLXGDG
/DVJHQWHVVHDVRPDEDQDODVYHQWDQDVROHVDOXGDEDQGHVGHORVWHUUDGRV\PXFKRVTXHYHtDQ
HQ UHDOLGDG DO 1D]DUHQR SRU SULPHUD YH] SUHJXQWDEDQ 4XLpQ HV HVWH KRPEUH" /D SURSLD
PXOWLWXG \ ORV GLVFtSXORV VH HQFDUJDEDQ GH UHVSRQGHU D YR] HQ JULWR (VWH HV HO SURIHWD GH
*DOLOHD-HV~VGH1D]DUHW
$HVRGHODVWUHV\PHGLDRFXDWURGHODWDUGHOOHJDPRVDOODUJRPXURRHVWHGHOKLSyGURPR
8QD YH] DOOt DO VXU GHO JUDQ UHFLQWR GHO WHPSOR -HV~V GHVFHQGLy GHILQLWLYDPHQWH GHO MXPHQWR
SLGLHQGR D ORV JHPHORV $OIHR TXH UHJUHVDUDQ D %HWIDJp \ GHYROYLHUDQ HO EXUULWR D VX GXHxR
$WUDtGRV SRU HO LQFHVDQWH JULWHUtR GH ORV MXGtRV DOJXQRV GH ORV PLHPEURV GHO 6DQHGUtQ VH
DVRPDURQSRUHQWUHORVDOWRVDUFRVGHODFXHGXFWRTXHXQtDHOYpUWLFHVXURFFLGHQWDOGHWHPSORFRQ
OD]RQDDOWDGHODFLXGDGFRQWHPSODQGRDWyQLWRVFyPRODPXOWLWXGVROLFLWDEDDJULWRVTXH-HV~V
KDEODVH \ TXH IXHVH SURFODPDGR UH\ (Q HO iQLPR JHQHUDO LQFOX\HQGR D ORV PiV tQWLPRV GHO
1D]DUHQRIORWDEDODFUHHQFLDGHTXHDTXpOHUDHOOLEHUWDGRUHVSHUDGR3RUXQPRPHQWRPHGHMp
OOHYDU SRU OD IDQWDVtD H LPDJLQp TXp KXELHUD SRGLGR RFXUULU VL HO UDEt KXELHUD DFFHGLGR D ODV
LQFHVDQWHVSHWLFLRQHVGHOSXHEOR
3HUR QR HUDQ HVDV QL PXFKR PHQRV ODV LQWHQFLRQHV GHO *DOLOHR 0X\ DO FRQWUDULR
+DFLHQGR FDVR RPLVR GH ODV VXJHUHQFLDV GH VXV SURSLRV GLVFtSXORV TXH OH VXSOLFDEDQ TXH VH
GLULJLHUDDODPXFKHGXPEUH-HV~VGH1D]DUHWHQVLOHQFLR\FRQVXSHFXOLDUSDVRUiSLGRGHMyDOD
JHQWHSODQWDGDHQWUDQGRDODJUDQH[SODQDGDGHOWHPSORSRUODOODPDGDSXHUWD'REOH
/RV GLH] DSyVWROHV \ ODV PXMHUHV UHFRUGDURQ ODV yUGHQHV GH &ULVWR GH QR GLULJLUVH
S~EOLFDPHQWH D ORV KHEUHRV \ D UHJDxDGLHQWHV \ PDOKXPRUDGRV VLJXLHURQ DO 0DHVWUR KDVWD HO
LQWHULRU GHO UHFLQWR <R SHUPDQHFt XQRV LQVWDQWHV DO SLH GHO LPSRQHQWH PXUR VXU GHO WHPSOR
REVHUYDQGR FyPR SDUWH GH ORV TXH OH KDEtDQ YHQLGR DFODPDQGR VH GLVSHUVDED PLHQWUDV RWURV
FLHQWRVVHGHFLGtDQILQDOPHQWHSRUDFRPSDxDUDO0HVtDV
$OSHQHWUDUHQODJUDQH[SODQDGDTXHURGHDEDHOVDQWXDULR\DSHVDUGHKDEHUYLVWRDTXHO
IRUPLGDEOH UHFWiQJXOR GHVGH HO DLUH TXHGp VREUHFRJLGR SRU OD PDJQLILFHQFLD GH OD REUD
+HURGHVVHKDEtDMXJDGRHOWRGRSRUHOWRGRHQODFRQVWUXFFLyQGHDTXHOWHPSOR(QRUPHVEORTXHV
GH SLHGUD PHWLFXORVDPHQWH HVFXDGUDGRV \ HQFDMDGRV ORV PD\RUHV GH [ PHWURV
FRQVWLWXtDQODVKLODGDVLQIHULRUHVGHORVVLOODUHV(OLQPHQVRSDWLRGHORV*HQWLOHVTXHURGHDED
WRWDOPHQWHHOVDQWXDULRSURSLDPHQWHGLFKRKDEtDVLGRFHUFDGRFRQXQDVREHUELDFROXPQDWD8QD
EDODXVWUDGDDLVODEDHO WHPSOR GH OD]RQDGHVWLQDGDD ORVQRMXGtRV HOPHQFLRQDGRDWULRGH ORV
*HQWLOHV6REUHGRVGHVXVWUHFHSXHUWDVGHDFFHVRDOLQWHULRU\HQODVTXHPRQWDEDQJXDUGLDORV
OHYLWDVRSROLFtDVDOPDQGRGHVLHWHJXDUGLDQHVSHUPDQHQWHVSXGHOHHUVHQGDVDGYHUWHQFLDVHQ
JULHJR TXH QDWXUDOPHQWH UHVSHWp HQ WRGR PRPHQWR 'HFtDQ WH[WXDOPHQWH 1LQJ~Q H[WUDQMHUR
SXHGHSHQHWUDUGHQWURGHODFHUFD\PXUDOODHQWRUQRDOVDQWXDULR7RGRHOTXHVHDVRUSUHQGLGR
YLRODQGRHVWDRUGHQVHUiUHVSRQVDEOHGHODSHQDGHPXHUWHTXHGHDKtVHVHJXLUi5HDOPHQWHORV
KLVWRULDGRUHV FRPR -RVHIR R 7iFLWR QR KDEtDQ H[DJHUDGR DO GHVFULELU DTXHOOD PDUDYLOOD $O
LQJUHVDU HQ HO JLJDQWHVFR UHFWiQJXOR GDED LJXDO HO DFFHVR TXH VH XWLOL]DVH SDUD HOOR XQR
TXHGDEDGHVOXPEUDGRSRUHOOXMR7RGDVODVSXHUWDVWDQWROD3UREiWLFDFRPROD'RUDGDRORV
SyUWLFRV 'REOH 7ULSOH \ HO 5HDO KDEtDQ VLGR UHFXELHUWDV FRQ SODQFKDV GH RUR \ SODWD 6yOR
KDEtDXQDH[FHSFLyQDXQTXHQRPHIXHSRVLEOHYHULILFDUOR\DTXHVHKDOODEDHQHOFHQWURPLVPR
GHOWHPSOR(UDODGHQRPLQDGD3XHUWDGH1LFDQRU6HJ~Q-RVHIR\OD0LVQiWRGDV ODV SXHUWDV
TXHDOOtKDEtDHVWDEDQGRUDGDVH[FHSWXDGDODSXHUWDGH1LFDQRUSXHVHQHOODKDEtDVXFHGLGRXQ
PLODJURVHJ~QRWURVSRUTXHVXEURQFHUHOXFtDFRPRHORUR>@
$DTXHOODVKRUDVGHODWDUGHFHUFRQODOX]VRODULQFLGLHQGRREOLFXDPHQWHVREUH-HUXVDOpQODV
DJXGDV SXQWDV TXH VREUHVDOtDQ HQ HO WHMDGR HQWHUDPHQWH EDxDGDV HQ RUR UHOXFtDQ \
GHVWHOODEDQSURSRUFLRQDQGRDOFRQMXQWRXQKDORFDVLPiJLFR\IDVFLQDQWH
(O SDWLR GH ORV *HQWLOHV HQ HVSHFLDO WRGD OD ]RQD SUy[LPD D ODV FROXPQDWDV GHO OODPDGR
3yUWLFR 5HJLR SUHVHQWDED XQ PRYLPLHQWR LQXVLWDGR %XHQD SDUWH GH HVWD iUHD VXU GHO JUDQ
UHFWiQJXOR GHO WHPSOR VH HQFRQWUDED DWHVWDGD GH WHQGHUHWHV PHVDV \ MDXODV FRQ SDORPDV
7HQLHQGRHQFXHQWDTXHGLFKDH[SODQDGDPHGtDHQVXSDUWHPiVHVWUHFKDMXVWDPHQWHDOSLHGHOD
FROXPQDWDGHO3yUWLFR5HJLRSLHV>@HVIiFLOKDFHUVHXQDLGHDGHOYROXPHQGHSXHVWRVGH
YHQWD TXH HQ WUHV R FXDWUR KLOHUDV KDEtDQ VLGR PRQWDGRV HQ OD PHQFLRQDGD H[SODQDGD 1R
OOHJXpDVXPDUODVHQVXWRWDOLGDGSHURGXGRPXFKRTXHODVPHVDVGHORVYHQGHGRUHVEDMDVHQGH
WUHVFLHQWDVRFXDWURFLHQWDV
(QVXPD\RUtDVHWUDWDEDGHLQWHUPHGLDULRVTXHFRPHUFLDEDQFRQORVDQLPDOHVTXHGHEtDQ
VHUVDFULILFDGRVHQOD3DVFXD$OOtVHYHQGtDQFRUGHURVSDORPDV\KDVWDEXH\HV(QPXFKRVGH
ORVWHQGHUHWHVTXHQRHUDQRWUDFRVDTXHVLPSOHVWDEOHURVGHPDGHUDPRQWDGRVVREUHODVSURSLDV
MDXODV R FXDQGR PXFKR SURYLVWRV GH SDWDV R VRSRUWHV SOHJDEOHV VH RIUHFtDQ \ FDQWDEDQ DO
S~EOLFRPXFKRVGHORVSURGXFWRVQHFHVDULRVSDUDHOULWRGHOVDFULILFLRSDVFXDODFHLWHYLQRVDO
KLHUEDVDPDUJDVQXHFHVDOPHQGUDVWRVWDGDV\KDVWDPHUPHODGD<HQPLWDGGHDTXHOPHUFDGRDO
DLUH OLEUH SXGH GLVWLQJXLU WDPELpQ XQD ODUJD KLOHUD GH PHVDV GH ORV OODPDGRV FDPELVWDV
JULHJRV\IHQLFLRVHQVXPD\RUtDTXHVHGHGLFDEDQDOFDPELRGHPRQHGDV/DFLUFXQVWDQFLDGH
TXHPXFKRVPLOHVGHSHUHJULQRVIXHUDQMXGtRVUHVLGHQWHVHQHOH[WUDQMHURKDEtDKHFKRSRFRPHQRV
TXHREOLJDGDODSUHVHQFLDGHWDOHVEDQTXHURV$OOtYLPRQHGDVJULHJDVWHWUDGUDFPDVGHSODWD
GLGUDFPDV iWLFRV GUDFPDV yERORV FDOFRV \ OHSWRQHV R FDOGHULOOD GH EURQFH URPDQDV
GHQDULRV GH SODWD VH[WHUFLRV GH ODWyQ GLVSRQGLRV DVHV R DVVDULXV VHPLV \ FXDGUDQWHV \
QDWXUDOPHQWHWRGDVODVYDULDQWHVGHODPRQHGDMXGtDGHQDULRVPDDV\SRQGLRVWRGRVHOORVHQ
SODWD\DVHVPXVPLVNXWUXQV\SHUXWiVHQEURQFHHQWUHRWUDV
(VWRV FDPELVWDV RIUHFtDQ DGHPiV XQ LPSRUWDQWH VHUYLFLR D ORV KHEUHRV \D TXH OHV
SURSRUFLRQDEDQ LQ VLWX HO FDPELR QHFHVDULR SDUD SRGHU VDWLVIDFHU HO REOLJDGR WULEXWR R
FRQWULEXFLyQ DO WHVRUR GHO WHPSOR 6X SUHVHQFLD HQ HO OXJDU SRU WDQWR HUD WDQ DQWLJXD FRPR
WROHUDGD<KDJRHVWDVSXQWXDOL]DFLRQHVSUHYLDVSRUTXHDOGtDVLJXLHQWHOXQHVGHDEULO\R
LED D VHU WHVWLJR GH H[FHSFLyQ GH XQ KHFKR KLVWyULFR OD PDO OODPDGD H[SXOVLyQ GH ORV
PHUFDGHUHV GHO WHPSOR SRU -HV~V TXH D MX]JDU SRU OR TXH SXGH YHU QR KDEtD VLGR GHVFULWD
FRUUHFWDPHQWHSRUORVHYDQJHOLVWDV
0LHQWUDVHO0DHVWUR\VXVGLVFtSXORVSDVHDEDQSRUHQWUHORVSXHVWRVGHYHQWDFRQWHPSODQGR
ORVSUHSDUDWLYRVSDUDOD3DVFXD\RDSURYHFKpSDUDFDPELDUDOJXQDVGHPLVSHSLWDVGHRURSRU
PRQHGDURPDQD\KHEUHDDSDUWHVLJXDOHV(QWRWDO\GHVSXpVGHQRSRFRVUHJDWHRVFRQXQRGH
DTXHOORV PDOGLWRV HVSHFXODGRUHV IHQLFLRV REWXYH GRFH DXUHXV>@\ FXDUHQWD GHQDULRVGH SODWD
DVtFRPRDOJXQRVDVHVRPRQHGDIUDFFLRQDULDSRUFDVLODPLWDGGHPLEROVD
$O FRQWHPSODU DO UDEt GH *DOLOHD URGHDGR GH VXV DPLJRV GHSDUWLHQGR SDFtILFDPHQWH FRQ
DTXHOORVFLHQWRVGHPHUFDGHUHVPHDVDOWyXQDLQTXLHWDQWHGXGDFyPRSRGtDPRVWUDUVH-HV~VWDQ
WUDQTXLOR\QDWXUDOFRQDTXHOORVFDPELVWDVHLQWHUPHGLDULRVFXDQGRHOHYDQJHOLRDILUPDTXH
HQXQDGHVXVP~OWLSOHVYLVLWDVDOWHPSORODHPSUHQGLyDODWLJD]RVFRQHOORVKDFLHQGRVDOWDUSRU
ORVDLUHVODVPHVDV"/DH[SOLFDFLyQOyJLFD\VHQFLOODOOHJDUtDFRPRGLJRDOGtDVLJXLHQWH
3RFRDSRFRODPXOWLWXGTXHOHKDEtDVHJXLGRLQFOXVRKDVWDODJUDQH[SODQDGDTXHURGHDHO
6DQWXDULRIXHROYLGDQGRDO1D]DUHQR\HO0DHVWURHQFRPSDxtDGHVXVGLVFtSXORVSHQHWUyHQHO
WHPSORSRUHO3yUWLFR&RULQWLRSHUGLpQGRVHHQVXLQWHULRU<RQRWXYHPiVUHPHGLRTXHHVSHUDU
HQHODWULRGHORV*HQWLOHV(VWDFLUFXQVWDQFLDPHLPSHGLUtDHVWDUSUHVHQWHHQHOFRQRFLGRVXFHVR
GHODYLXGDTXHHQDTXHOORVPRPHQWRVGHELyDFXGLUKDVWDXQRGHORVFHSLOORVGRQGHORVMXGtRV
GHSRVLWDEDQVXFRQWULEXFLyQSDUDHOVRVWHQLPLHQWRGHOWHPSOR$ODVDOLGDGHOJUXSR$QGUpVPH
UHILULyODOHFFLyQTXHDFDEDEDGHGDUOHV-HV~V\TXHHQHVHQFLDKDVLGRFRUUHFWDPHQWHQDUUDGD
SRU ORV HYDQJHOLVWDV /R TXH \R QR VDEtD HV TXH HVRV FHSLOORV HQ Q~PHUR GH WUHFH HVWDEDQ
HVWUDWpJLFDPHQWHVLWXDGRVHQXQDVDODTXHURGHDEDHODWULRGHODVPXMHUHV/DVKHEUHDVQRSRGtDQ
VDOLUGHHVHUHFLQWR\HQWUDUHQORVSDWLRVGHORVKRPEUHVRGHORVVDFHUGRWHV(UDQUHFLSLHQWHVHQ
IRUPD GH WURPSHWD HVWUHFKRV SRU VX ERFD \ DQFKRV HQ HO IRQGR SDUD SURWHJHUORV GH ORV
ODGURQHV (O WHUFHUR GH HVWRV FHSLOORV HVWDED DO FDUJR GH XQ WDO 3HWDMLD UHVSRQVDEOH GH ORV
VDFULILFLRVGHODVDYHV\TXHFRQWURODEDHOGLQHURTXHVHGHSRVLWDEDHQGLFKRWHUFHUFHSLOOR
(Q OXJDU GH UHDOL]DU OD RIUHQGD GH ORV DQLPDOHV HO MXGtR SRGtD HQWUHJDU HO HTXLYDOHQWH HQ
GLQHUR3XHVELHQHVWH3HWDMtDFX\RYHUGDGHURQRPEUHHUD0DUGRTXHRKDEtDUHFLELGRHVWH
PRWHDFDXVDGHVXH[WUDRUGLQDULDIDFLOLGDGFRPRSROtJORWD6DEtDVHWHQWDOHQJXDV/DSDODEUD
SDWDM VLJQLILFD DEUtD HV GHFLU DEUtD ODV SDODEUDV DO LQWHUSUHWDUODV $TXHOOD DOXVLyQ GH
$QGUpVLEDDUHVXOWDUDOWDPHQWHSURYHFKRVDSDUDPt\DTXHGtDVGHVSXpVHOWDO3HWDMtDLEDD
MXJDUXQSDSHOGHVWDFDGRHQXQDGHODVQHJDFLRQHVGH3HGUR0LHQWUDVDJXDUGDEDODVDOLGDGHO
JUXSR GHO LQWHULRU GHO 6DQWXDULR PH VHQWp PX\ FHUFD GH ORV PHUFDGHUHV \ SXGH DVLVWLU D XQ
IHQyPHQR TXH DO SDUHFHU HUD IUHFXHQWH HQ OD FRPSUDYHQWD 0XFKRV GH ORV LQWHUPHGLDULRV
DEXVDEDQFUXHOPHQWHGHORVKHEUHRVPiVKXPLOGHVOOHJDQGRDYHQGHUOHVXQDWyUWRODSRUQXHYH\
GLH]DVHV6LWHQHPRVHQFXHQWDTXHHOSUHFLRQRUPDOGHHVWDVDYHVHQ-HUXVDOpQHUDGHGH
GHQDULRRDVHVODVJDQDQFLDVGHHVWRVXVXUHURVUHVXOWDEDQGHVSURSRUFLRQDGDV>@
3HURORPiVLUULWDQWHHVTXHDTXHOVDQHDGRQHJRFLRHUDSURSLHGDGGHODSRGHURVDIDPLOLDGH
$QiV H[ VXPR VDFHUGRWH (VWR Vt H[SOLFDED OD WROHUDQFLD GHO FRPHUFLR GH DQLPDOHV SDUD HO
VDFULILFLRHQDTXHOOXJDUDSHVDUGHODVDQWLGDGGHOPLVPR7DPELpQDTXHOODREVHUYDFLyQLEDD
UHVXOWDULPSRUWDQWHSDUDFRPSUHQGHUORTXHVXFHGHUtDDOGtDVLJXLHQWH
,QGLJQDGR FRQ DTXHOODV PLVHUDEOHV DFWLWXGHV GH ORV LQWHUPHGLDULRV SURFXUp GLVWUDHUPH
ILMDQGR XQ Pi[LPR GH GHWDOOHV GH FXDQWR WHQtD D PL DOUHGHGRU &RQWp LQFOXVR HO Q~PHUR GH
FROXPQDV GHO 3yUWLFR 5HJLR HVEHOWDV SLODVWUDV GH HVWLOR FRULQWLR /DV EDODXVWUDGDV KDEtDQ
VLGR WUDEDMDGDV HQ SLHGUD 8QD GH HOODV GH WUHV FRGRV GH DOWXUD FHQWtPHWURV
VHSDUDEDQHODWULRLQWHULRU\HOH[WHULRUDFFHVLEOHDQRVRWURVORVSDJDQRV(QDOJXQDV]RQDVGH
HVWD EDODXVWUDGD H[WHULRU KDEtDQ VLGR JUDEDGDV WDPELpQ ODV PLVPDV DGYHUWHQFLDV TXH \R KDEtD
OHtGRVREUHYDULDVGHODVSXHUWDVGHDFFHVRDOWHPSOR/RVSyUWLFRVTXHURGHDEDQHVWDLQPHQVD
H[SODQDGDFXLGDGRVDPHQWHHQORVDGDFRQSLHGUDVGHGLIHUHQWHVFRORUHVHVWDEDQFXELHUWRVFRQ
DUWHVRQDGRVGHPDGHUDGHFHGURWUDtGDSRVLEOHPHQWHGHORVERVTXHVGHO/tEDQR
&XDQGR YL DSDUHFHU D ORV SULPHURV GLVFtSXORV XQ JUXSR GH JULHJRV TXH KDEtD OOHJDGR HQ
DTXHOORVGtDVD-HUXVDOpQ\TXHSRUVXSXHVWRKDEtDQRtGRKDEODUGH-HV~VVHDFHUFDURQD)HOLSH
\ OH H[SXVLHURQ VX GHVHR GH FRQRFHU DO 0DHVWUR -HV~V QR KDEtD VDOLGR D~Q GHO WHPSOR \ HO
GLVFtSXORIXHDFRQVXOWDUDODSyVWROTXHKDVWDGHVSXpVGHODUHVXUUHFFLyQGHO*DOLOHRRVWHQWDUtD
ODDXWRULGDGPRUDOGHOJUXSR$QGUpVHOKHUPDQRGH3HGUR(VWHSHVFDGRUPHKDEtDOODPDGROD
DWHQFLyQ GHVGH XQ SULPHU PRPHQWR SRU VX VHULHGDG &DVL VLHPSUH DSDUHFtD VLOHQFLRVR FRPR
SUHRFXSDGR \ GLVWDQWH 4XL]i HVD LQWURYHUVLyQ VH GHELHUD D VX FXOWXUD UXGLPHQWDULD R D VX
DFHQWXDGD WLPLGH] (UD DOJR PiV GHOJDGR TXH VX KHUPDQR PiV R PHQRV GH OD PLVPD HVWDWXUD
PHWURV DSUR[LPDGDPHQWH FDEH]D SHTXHxD \ FDEHOOR ILQR \ DEXQGDQWH D GLIHUHQFLD GH
3HGUR TXH VXIUtD XQD H[WUHPD FDOYLFLH$SDUHFtD VLHPSUH SXOFUDPHQWH DIHLWDGR (V GH VXSRQHU
TXHIXHUDDOJRPD\RUTXH3HGURDXQTXHODFDOYLFLHGHDTXpOOHKDFtDSDUHFHUPiVYLHMR
$QGUpVHVFXFKyHQVLOHQFLRHOPHQVDMHGHVXFRPSDxHUR\WUDVREVHUYDUDOJUXSRGHJULHJRV
UHJUHVy FRQ )HOLSH DO LQWHULRU GHO 6DQWXDULR $O SRFR DSDUHFtD -HV~V TXLHQ JXVWRVDPHQWH
GHSDUWLyFRQDTXHOORVJHQWLOHV
$OJXQRV GH ORV JULHJRV VDEtDQ GHO PLVWHULRVR DQXQFLR GHO UDEt VREUH VX PXHUWH \ OH
LQWHUURJDURQVREUHHOOR-HV~VOHVUHVSRQGLy
(Q YHUGDG HQ YHUGDG RV GLJR TXH VL HO JUDQR GH WULJR DUURMDGR D OD WLHUUD QR PXHUH VH
TXHGDVRORSHURVLPXHUHSURGXFHPXFKRIUXWR
(VTXHHVSUHFLVRPRULUSDUDYLYLU"SUHJXQWyXQRGHORVJHQWLOHVYLVLEOHPHQWHH[WUDxDGR
DQWHODVSDODEUDVGHO0DHVWUR
4XLHQ DPD VX YLGD OH FRQWHVWy -HV~V OD SLHUGH 4XLHQ OD RGLD HQ HVWH PXQGR OD
FRQVHUYDUiSDUDODYLGDHWHUQD
<TXpQRVRFXUULUiDQRVRWURVSUHJXQWDURQQXHYDPHQWHORVJULHJRVVLWHVHJXLPRV"
(OTXHVHDFHUFDDPtVHDFHUFDDOIXHJR4XLHQVHDOHMDGHPtVHDOHMDGHODYLGD
8QRGHORVTXHHVFXFKDEDQLQWHUUXPSLyDO*DOLOHRUHSOLFiQGROHTXHDTXHOODVSDODEUDVHUDQ
VLPLODUHV D ODV GH XQ YLHMR UHIUiQ JULHJR DWULEXLGR D (VRSR 4XLHQ HVWi FHUFD GH =HXV HVWi
FHUFDGHOUD\R
$GLIHUHQFLDGH=HXVFRPHQWyHO0DHVWUR\RVtSXHGRGDURVORTXHQLQJ~QRMRYLROR
TXHQLQJ~QRtGRHVFXFKyORTXHQLQJXQDPDQRWRFy\ORTXHQXQFDKDHQWUDGRHQHOFRUD]yQGHO
KRPEUH 6L DOJXQR GH YRVRWURV TXLHUH VHUYLUPH FRQFOX\y TXH PH VLJD 'RQGH \R HVWp DOOt
HVWDUiWDPELpQPLVHUYLGRU6LDOJXLHQPHVLUYHPL3DGUHORKRQUDUi
3HURORV JULHJRVQR SDUHFtDQ PX\GLVSXHVWRV DSRQHUVH D ODVyUGHQHVGHO UDEt\ WHUPLQDURQ
SRUDOHMDUVH
-HV~V VLQ SRGHU GLVLPXODU VX WULVWH]D FRPHQWy HQWUH VXV GLVFtSXORV $KRUD PL DOPD HVWi
WXUEDGD4XpGLUp"3DGUH/tEUDPHGHHVWDKRUD
6LQHPEDUJRHO&ULVWRSDUHFLyDUUHSHQWLUVHDOPRPHQWRGHDTXHOORVSHQVDPLHQWRVHQYR]DOWD
\DxDGLyGHIRUPDTXHWRGRVVXVVHJXLGRUHVSXGLHUDQRtUOH
3HURSDUDHVWRKHYHQLGRDHVWDKRUD
<OHYDQWDQGRVXURVWURKDFLDHOHQFDSRWDGRFLHORGH-HUXVDOpQJULWy
3DGUHJORULILFDWXQRPEUH
/R TXH DFRQWHFLy LQPHGLDWDPHQWH HV DOJR TXH QR VDEUtD H[SOLFDU FRQ H[DFWLWXG 1DGD PiV
SURQXQFLDUDTXHOODVGHVJDUUDGRUDVSDODEUDVHQODEDVHRHQHOLQWHULRUGHORVFXPXORQLPEXV
TXHFXEUtDQODFLXGDG\FX\DDOWXUDPHGLDVHJ~QPHFRQILUPy(OLVHRHUDGHXQRVVHLVPLOSLHV
VHSURGXMRXQDHVSHFLHGHUHOiPSDJRRIRJRQD]R'HQRKDEHUVLGRSRUODSRWHQWH\PHWiOLFDYR]
TXHVHGHMyRtUDFRQWLQXDFLyQ\RORKDEUtDDWULEXLGRDXQDSRVLEOHFKLVSDHOpFWULFDWDQFRPXQHV
HQ HVWH WLSR GH QXEHV WRUPHQWRVDV 3HUR FRPR GLJR FDVL DO XQtVRQR GH DTXHO IRJRQD]R ORV
FLHQWRVGHSHUVRQDVTXHSHUPDQHFtDPRVHQODJUDQH[SODQDGDSXGLPRVHVFXFKDUXQDYR]TXHHQ
DUDPHRGHFtD
<DKHJORULILFDGR\JORULILFDUpGHQXHYR
/DPXOWLWXGORVGLVFtSXORV\\RPLVPRTXHGDPRVVREUHFRJLGRV$OILQODJHQWHFRPHQ]yD
UHDFFLRQDU \ OD PD\RUtD WUDWy GH WUDQTXLOL]DUVH DVHJXUDQGR TXH DTXHOOR VyOR KDEtD VLGR XQ
WUXHQR3HURWRGRVHQHOIRQGRGHQXHVWURVFRUD]RQHVVDEtDPRVTXHXQWUXHQRQRKDEOD
/RVKHEUHRVYROYLHURQDDJROSDUVHHQWRUQRDO0DHVWUR\pVWHOHVDQXQFLy
(VWDYR]KDYHQLGRQRSRUPtVLQRSRUYRVRWURV$KRUDHVHOMXLFLRGHHVWHPXQGRDKRUD
YDDVHUH[SXOVDGRHOSUtQFLSHGHHVWHPXQGR<\ROHYDQWDGRGHODWLHUUDDWUDHUpDWRGRVORV
KRPEUHVKDFLDPt
3HURWDO\FRPRPHWHPtDDTXHOODWXUEDQRHQWHQGLyXQDVRODSDODEUD/RVSURSLRVGLVFtSXORV
VHPLUDEDQHQWUHVtFRPRGLFLHQGRGHTXpHVWiKDEODQGR"
$OJXQRV GH ORV VDFHUGRWHV TXH KDEtDQ VDOLGR GHO VDQWXDULR DO HVFXFKDU DTXHOOD HQLJPiWLFD
YR] OH UHSOLFDURQ TXH HOORV VDEtDQ SRU OD /H\ TXH HO 0HVtDV YLYLUtD VLHPSUH -HV~V VLQ
LQPXWDUVHVHYROYLyKDFLDORVUHFLpQOOHJDGRV\OHVFRQWHVWy
7RGDYtDXQSRFRPiVGHWLHPSRHVWDUiODOX]HQWUHYRVRWURV&DPLQDGPLHQWUDVWHQpLVODOX]
\TXHQRRVVRUSUHQGDODRVFXULGDGHOTXHFDPLQDHQODRVFXULGDGQRVDEHDGyQGHYD0LHQWUDV
WHQpLVODOX]FUHHGHQODOX]SDUDTXHVHiLVKLMRVGHODOX]
6RPRVQRVRWURVORVVDFHUGRWHVDUUHPHWLHURQORVUHSUHVHQWDQWHVGHOWHPSORWUDWDQGRGH
ULGLFXOL]DUD-HV~VTXLHQHVWHQHPRVODSRWHVWDGGHHQVHxDUODOX]\ODYHUGDGDpVWRV
(OUDEtVHxDODQGRFRQVXPDQRGHUHFKDDODPXFKHGXPEUHUHSOLFy
&LHJRV9HLVODPRWDHQHORMRGHYXHVWURKHUPDQRSHURQRYHLVODYLJDHQHOYXHVWUR
&XDQGR KD\iLV ORJUDGR TXLWDU OD YLJD GH YXHVWUR RMR HQWRQFHV YHUpLV FRQ FODULGDG \ SRGUpLV
TXLWDUODPRWDGHORMRGHpVWRV
-HV~VHQWRQFHVFUX]yODVPXUDOODVGHOWHPSORVHJXLGRSRUVXVPiVDOOHJDGRV
/DQRFKH QRWDUGDUtDHQ FDHU \HO 0DHVWUR WDO \ FRPR WHQtDSRUFRVWXPEUH FUX]yHO EDUULR
YLHMRGH-HUXVDOpQHQGLUHFFLyQDODSXHUWDGHOD)XHQWHFRQHOILQGHGHVFDQVDUHQ%HWDQLD
'XUDQWH OD HQWUDGD WULXQIDO GHO 1D]DUHQR HQ OD FLXGDG OD DJORPHUDFLyQ KDEtD VLGR WDO TXH
IUDQFDPHQWH DSHQDV VL WXYH RSRUWXQLGDG GH ILMDUPH HQ ODV FDOOHV \ HGLILFDFLRQHV $KRUD HQ
FDPELRIXHGLVWLQWR$OGHMDUDWUiVORVPHWURVGHOPXURH[WHULRUGHOKLSyGURPRHOJUXSRVH
GHVOL]ySRUODVHVWUHFKtVLPDVFDOOHMDVFDVLWRGDVHQGHFOLYHGHODFLXGDGYLHMD-HUXVDOpQVH
GLYLGtD HQWRQFHV HQ GRV JUDQGHV Q~FOHRV HVWH VHFWRU SRU HO TXH DKRUD FLUFXOiEDPRV FRQRFLGR
WDPELpQ FRPRVTKDWDMW{Q R$NUD \OD ]RQD DOWDRVTKDHO\RQXELFDGDDOQRURHVWH$PEDV
FLXGDGHV HVWDEDQ VHSDUDGDV SRU XQD GHSUHVLyQ R YDOOH HO 7LURSHyQ $TXHOOD UDt] VT
GHVLJQDEDODQDWXUDOH]DGHDPERVOXJDUHV(VWDSDODEUDVLJQLILFDED]DU<HVRHVORTXHSXGH
YHUHQHVWH\HQVXFHVLYRVUHFRUULGRVSRU-HUXVDOpQXQVLQItQGHED]DUHVHQORVTXHVHYHQGtD
GHWRGR
&DGD XQR GH ORV VHFWRUHV GH OD FLXGDG HVWDED FUX]DGR SRU VHQGDV FDOOHV SULQFLSDOHV
DGRUQDGDV FRQ FROXPQDWDV OD JUDQ FDOOH GHO PHUFDGR HQ OD ]RQD DOWD< OD SHTXHxD FDOOH GHO
PHUFDGRHQODFLXGDGYLHMD>@(VWDVGRVDUWHULDVFRPHUFLDOHVHVWDEDQXQLGDVSRUXQHQMDPEUH
GHFDOOHVWUDQVYHUVDOHVTXHFRQVWLWXtDQXQODEHULQWR(QHVDUHGGHFDOOHMXHODVODPD\RUtDVLQ
HPSHGUDU\VXPLGDVHQXQSHVWLOHQWHRORUPH]FODGHDFHLWHTXHPDGRJXLVRWHV\RULQHVDUURMDGRV
DOFHQWURGHODVYtDVVHKDFLQDEDQPLOHVGHYLYLHQGDVFDVLWRGDVGHXQDVRODSODQWD\FRQODV
SDUHGHVGHVFRQFKDGDV
3HUR HO JUXSRHQFDEH]DGR VLHPSUHSRU-HV~V HYLWyDTXHOODVLQFyPRGDV \ RVFXUDV FDOOHMDV
GLULJLHQGRVXVSDVRVSRUXQDGHODVFDO]DGDVPiVDQFKDVGHHVWDSDUWHEDMDGH-HUXVDOpQ$QWHPL
VRUSUHVD HQWUDPRV GH SURQWR HQ XQD FDOOH GH FDVL RFKR PHWURV GH DQFKR SHUIHFWDPHQWH
HPSHGUDGDTXHGHVHPERFDEDMXQWRDODSLVFLQDGH6LORp
/DVDQWRUFKDV\OXFHUQDVHVWUDWpJLFDPHQWHVLWXDGDVVREUHORVPXURVGHODVFDVDVHPSH]DEDQ
\D D DOXPEUDU OD QRFKH GH OD FLXGDG VDQWD 6LQ HPEDUJR \ D SHVDU GH ODV V~ELWDV WLQLHEODV HO
WUiILFR GH SHDWRQHV HUD LQFHVDQWH $ ODV SXHUWDV GH ORV HGLILFLRV GH DTXHOOD FDOOH GH PiV GH
GRVFLHQWRV PHWURV GH ORQJLWXG REVHUYp QXPHURVRV DUWHVDQRV HQIUDVFDGRV SRU HQWHUR HQ VXV
ODERUHVRHQLQWHUPLQDEOHVUHJDWHRVFRQORVSRVLEOHVFRPSUDGRUHV(QDTXHOOD]RQDEDMDRYLHMD
VH KDEtDQ DILQFDGR ODV SURIHVLRQHV PiV QREOHV \ FRQVLGHUDGDV GH -HUXVDOpQ /RV SDJDQRV
SURVpOLWRV H LPSXURV HQ FDPELR WHQtDQ VXV GRPLQLRV HQ OD SDUWH DOWD (O IDQDWLVPR GH ORV
MXGtRVHQHVWHVHQWLGRKDEtDOOHJDGRDWDOH[WUHPRTXHSRUHMHPSORHOHVSXWRGHXQKDELWDQWHGH
ODFLXGDGDOWDHUDFRQVLGHUDGRFRPRLPSXURFRVDTXHQRRFXUUtDFRQODVH[SHFWRUDFLRQHVGHORV
UHVLGHQWHVHQHVWDiUHDGHODFLXGDG$QGUpVPHH[SOLFyTXHHQHOIRQGRWRGRKDEtDDUUDQFDGRD
UDt] GH OD LQVWDODFLyQ GH ORV EDWDQHURV R EODQTXHDGRUHV GH WHMLGRV HQ GLFKD ]RQD DOWD (VWRV
DSDUHFtDQHQWUHODVSURIHVLRQHVGHVSUHFLDEOHVGHODFRPXQLGDGLVUDHOLWD
-XQWR D ODV PiV YDULDGDV WLHQGDV RMDQ\{W VH DOLQHDEDQ VLHPSUH HQ OD FDOOH VDVWUHV
EDUEHURVPpGLFRVRVDQJUDGRUHVIDEULFDQWHVGHVDQGDOLDVFDUSLQWHURV]DSDWHURVYHQGHGRUHVGH
OiPSDUDV\GHXWHQVLOLRVSURSLRVGHFRFLQDDUWHVDQRVGHOFREUH\KDVWDIDEULFDQWHVGHYHVWLGRVGH
7DUVR VLQ ROYLGDU D ORV VROLFLWDGRV YHQGHGRUHV GH SHUIXPHV \ GH XQJHQWRV $TXHOOR HQ
GHILQLWLYD FRQVWLWXtD XQ HVSHFWiFXOR ~QLFR HQ HO TXH ORV SUHJRQHV GH ODV PHUFDQFtDV JULWRV
LQIDQWLOHVULVDV\HODURPDGHODVIULWXUDVWHUPLQDEDQSRUHQYROYHUOHDXQRFDXWLYiQGROH
)XHHQXQRGHDTXHOORVSXHVWRVDODLUHOLEUHGRQGHV~ELWDPHQWHGHFLGtDGTXLULUXQKHUPRVR
IUDVFR GH HVHQFLD GH QDUGR 6LQ RFXOWDU VX H[WUDxH]D HO EXHQR GH$QGUpV TXH PH VLUYLy GH
RSRUWXQR PHGLDGRU FRQVLJXLy XQD VXVWDQFLDO UHEDMD SDJDQGR XQ WRWDO GH GHQDULRV SRU OD
SUHFLDGD MDUUD /D YDVLMD HQ FXHVWLyQ KDEtD VLGR SULPRURVDPHQWH ODEUDGD SRU HO DQWLTXtVLPR
SURFHGLPLHQWRTXHORVKHEUHRVOODPDEDQGHOGHFDQWDGRGHOtTXLGRVGHSXOLPHQWRFLUFXODU(O
HQJREH \ HO EUXxLGR KDEtDQ UHGXFLGR OD SRURVLGDG GH ORV YDVRV FRQ XQ SXOLPHQWR WDQ EULOODQWH
TXHDSULPHUDYLVWDGDEDODLPSUHVLyQGHXQSURFHVRGHYLGULDGR
$OFDQ]DPRVDO0DHVWUR\DORVUHVWDQWHVGLVFtSXORVFXDQGRSDVDEDQEDMRHODUFRGHODSXHUWD
GH OD )XHQWH HQ HO H[WUHPR PHULGLRQDO GH -HUXVDOpQ <R VDEtD TXH OD FLXGDG HQ HVSHFLDO HQ
DTXHOORVGtDVSUHYLRVDOD3DVFXDHUDXQQLGRGHPHQGLJRVSHURDOFUX]DUODVPXUDOODVTXHGp
LPSUHVLRQDGR 'HFHQDV GH OHSURVRV VH GLVSRQtDQ D SDVDU OD QRFKH HQYXHOWRV HQ VXV PDQWRV \
KDUDSRV PLHQWUDVXQDOHJLyQGHFRMRV OLVLDGRVKLQFKDGRVFRQWUDKHFKRV \FLHJRVQRVVDOtDQDO
SDVR VXSOLFiQGRQRV XQD OLPRVQD 'H QR KDEHU VLGR SRU $QGUpV TXH WLUy GH PL VLQ
FRQWHPSODFLRQHV OR PiV SUREDEOH HV TXH PLV GHQDULRV UHVWDQWHV KXELHUDQ LGR D SDUDU D
PDQRV GH DTXHOORV VXSXHVWRV GHVGLFKDGRV< GLJR VXSXHVWRV SRUTXH VHJ~Q HO KHUPDQR GH
3HGURODLQPHQVDPD\RUtDHUDQVLPXODGRUHVSURIHVLRQDOHVTXHDSURYHFKDEDQODILHVWDSDUD
FRQPRYHUORVFRUD]RQHVGHORVIRUDVWHURV\QRGDUJROSH
&UHRTXHQRPHSHUFDWpELHQGHOGHVFRQFLHUWRJHQHUDOGHORVGLVFtSXORVGH&ULVWRKDVWDTXH
KXELPRV FDPLQDGR DOJR PiV GH XQ NLOyPHWUR UXPER D %HWDQLD (O 0DHVWUR VLOHQFLRVR
HQFDEH]DEDHOJUXSRWLUDQGRGHORVGLH]FRQVXVFDUDFWHUtVWLFDV]DQFDGDV
1L XQR VROR DEULy OD ERFD HQ WRGR HO WUD\HFWR $TXHOORV JDOLOHRV SDUHFtDQ FRQIXVRV
GHSULPLGRV\KDVWDPDOKXPRUDGRV3URQWRGHGXMHFXiOHUDODUD]yQ'HVSXpVGHODDSRWHyVLFDH
LQHVSHUDGDUHFHSFLyQWULEXWDGDDO0DHVWURORVDSyVWROHVQRKDEtDQFRPSUHQGLGRSRUTXp-HV~V
QR KDEtD DSURYHFKDGR DTXHOOD PDJQtILFD RSRUWXQLGDG SDUD SURFODPDUVH UH\ H LQVWDODU
GHILQLWLYDPHQWH VX UHLQR HQ -XGHD H[WHQGLpQGROR GHVSXpV D ODV UHVWDQWHV SURYLQFLDV$O YHU
VXVURVWURVQRHUDGLItFLOLPDJLQDUFXiOHVHUDQVXVSHQVDPLHQWRV
$QGUpV SUHRFXSDGR SRU VX UHVSRQVDELOLGDG FRPR MHIH GHO JUXSR HUD TXL]i HO TXH PHQRV
YDORUDEDDTXHOHVWDOOLGRSRSXODUHQWRUQRDO0DHVWUR
/D YHUGDG HV TXH HQ ORV GtDV VXFHVLYRV DOJXQRV GH ORV tQWLPRV HQ HVSHFLDO 3HGUR
6DQWLDJR-XDQ\6LPyQ=HORWHVWXYLHURQTXHKDFHUFRQVLGHUDEOHVHVIXHU]RVSDUDDVLPLODUWDQWDV
HPRFLRQHV
6LPyQ3HGURIXHSRVLEOHPHQWHXQRGHORVPiVDIHFWDGRVSRUODPDQLIHVWDFLyQSRSXODU<PiV
TXHSRUHOH[FLWDQWHUHFLELPLHQWRSRUHOLQFRPSUHQVLEOHKHFKRGHTXHHO0DHVWURQRVHKXELHUD
GLULJLGR D OD PXOWLWXG R FXDQGR PHQRV TXH OHV KXELHUD SHUPLWLGR KDFHUOR D HOORV 3DUD 3HGUR
DTXpOODKDEtDVLGRXQDPDJQtILFDRSRUWXQLGDGSHUGLGD
0LHQWUDVFDPLQDEDKDFLD%HWDQLDOHQRWpDIOLJLGR\WULVWH6LQHPEDUJRVXSDVLyQSRU&ULVWR
HUDWDOTXHVXSRHQFDMDUHOH[WUDxRFRPSRUWDPLHQWRGHO1D]DUHQRVLQHOPHQRUUHSURFKHRVLJQR
GHGLVJXVWR
/RV VHQWLPLHQWRV GH 6DQWLDJR HO =HEHGHR HUDQ PX\ SDUHFLGRV D ORV GH 6LPyQ 3HGUR 6X
PLHGR LQLFLDO KDEtD LGR HVIXPiQGRVH FRQIRUPH EDMDEDQ SRU OD ODGHUD GHO 2OLYHWH /D YLVWD GH
DTXHOOD PXOWLWXG TXH DFODPDED D VX 0DHVWUR OH KDEtD KHFKR FRQFHELU HVSHUDQ]DV GH SRGHU H
LQIOXHQFLD3HURWRGRVHKDEtDYHQLGRDEDMRFXDQGR-HV~VGHVFHQGLyGHOMXPHQWLOORSHUGLpQGRVH
HQ HO WHPSOR &yPR SRGtD UHQXQFLDU DVt WDQ JUDFLRVDPHQWH D XQD RSRUWXQLGDG GH RUR FRPR
DTXpOOD"
3RUVXSDUWH-XDQ=HEHGHRKDEtDVLGRHO~QLFRTXHKDEtDLQWXLGRODVLQWHQFLRQHVGH-HV~V(O
UHFRUGDEDTXHHO0DHVWUROHVKDEtDKDEODGRHQDOJXQDRFDVLyQGHODSURIHFtDGH=DFDUtDV\QR
VLQGLILFXOWDGHVDVRFLyDTXHOODHQWUDGDWULXQIDOFRQODVYHUGDGHUDVLQWHQFLRQHVGH-HV~V$TXHOOR
OHVDOYyHQEXHQDPHGLGDGHODGHSUHVLyQJHQHUDOTXHRFDVLRQyHOWUDXPDWL]DQWHILQDO6XMXYHQWXG
\FLHJRDPRUSRUHO1D]DUHQROHLPSHGtDQDGHPiVVRVSHFKDURLPDJLQDUVLTXLHUDTXHHO0DHVWUR
VHKXELHUDHTXLYRFDGR
)HOLSH HO LQWHQGHQWH \ KRPEUH SUiFWLFR GHO JUXSR KDEtD VXIULGR RWUR WLSR GH
SUHRFXSDFLyQ$OYHUDTXHOODULDGDKXPDQDSHQVySRUXQPRPHQWRTXH-HV~VSRGtDSHGLUOHFRPR
\DKDEtDKHFKRHQRWUDVRSRUWXQLGDGHVTXHOHVGLHUDGHFRPHU3RUHVRDOYHUOHDEDQGRQDUOD
SURFHVLyQ\SDVHDUWUDQTXLODPHQWHSRUHOUHFLQWRGHOWHPSORVLQWLyXQSURIXQGRDOLYLR
&XDQGR DTXHOORV WHPRUHV GHVDSDUHFLHURQ GH VX PHQWH )HOLSH VH XQLy D ORV VHQWLPLHQWRV GH
3HGURFRPSDUWLHQGRHOFULWHULRGHTXHKDEtDVLGRXQDOiVWLPDTXH-HV~VQRKXELHUDDSURYHFKDGR
DTXHOOD RFDVLyQ SDUD LQVWDODU GHILQLWLYDPHQWH HO UHLQR$TXHOOD QRFKH VXPLGR HQ ODV GXGDV VH
SUHJXQWyXQD\RWUDYH]TXpSRGtDQTXHUHUGHFLUWRGDVDTXHOODVFRVDV3HURVXIHHQHO*DOLOHRHUD
VyOLGD\SURQWRROYLGDUtDVXVLQFHUWLGXPEUHV
0DWHR KRPEUH FDXWR DXQTXH GH XQD ILGHOLGDG H[WUHPD TXHGy PDUDYLOODGR DQWH DTXHO
HVWDOOLGR PXOWLFRORU HQ WRUQR DO UDEt 6LQ HPEDUJR VX QDWXUDO HVFHSWLFLVPR VH VREUHSXVR \ QR
WDUGDUtDHQROYLGDUDTXHOODVHPRFLRQHVGHODWDUGHGHOGRPLQJR6yORKXERXQPRPHQWRHQHOTXH
0DWHRHVWXYRDSXQWRGHSHUGHUVXKDELWXDOFDOPD2FXUULyHQSOHQDH[SORVLyQSRSXODUFXDQGR
XQRGHORVIDULVHRVVHEXUOyS~EOLFDPHQWHGH-HV~VGLFLHQGR0LUDGWRGRV9HGTXLpQYLHQHHO
UH\GHORVMXGtRVVREUHXQDVQR$TXHOORHVWXYRDSXQWRGHVDFDUOHGHVXVFDVLOODV\SRFRIDOWy
VHJ~QPHFRQIHVyGtDVGHVSXpVSDUDTXHVDOWDUDVREUHHOVDFHUGRWH
$ODPDxDQDVLJXLHQWHFRPRGLJR0DWHRKDEtDVXSHUDGRODFULVLVJHQHUDOPRVWUiQGRVHWDQ
DOHJUH FRPR VLHPSUH 'HVSXpV GH WRGR HUD XQ SHUGHGRU TXH VDEtD WRPDUVH OD YLGD FRQ
ILORVRItD
7RPiV FRPR 3HGUR FDPLQDED DWXUGLGR 6X SURIXQGR FRUD]yQ QR WHUPLQDED GH HQFRQWUDU OD
UD]yQGHDTXHOIHVWHMRDEVROXWDPHQWHLQIDQWLOVHJ~QVXFULWHULR-DPiVKDEtDYLVWRD-HV~VHQXQ
HQUHGRFRPRDTXpO\HVROHKDEtDGHVRULHQWDGR3RUXQPRPHQWRHOSUiFWLFR\IUtR7RPiVOOHJyD
VXSRQHUTXHWRGRDTXHODOERURWRVyORSRGtDREHGHFHUDXQPRWLYRFRQIXQGLUDORVPLHPEURVGHO
6DQHGUtQ TXH FRPR WRGR HO PXQGR VDEtD LQWHQWDEDQ SUHQGHU DO 0DHVWUR < QR OH IDOWDED
UD]yQ
2WURGHORVJUDQGHVFRQIXQGLGRVSRUDTXHODFRQWHFLPLHQWRIXH6LPyQHO=HORWHV6XVHQWLGR
GHOSDWULRWLVPROHKDEtDKHFKRFRQFHELUWRGRWLSRGHVXHxRVUHVSHFWRDOIXWXURSROtWLFRGHVXSDtV
eODFDULFLDEDODLGHDGHOLEHUDUD,VUDHOGHO\XJRURPDQR\GHYROYHUDOSXHEORVXVREHUDQtD<
-HV~VSRUVXSXHVWRGHEtDRFXSDUHOGHUURFDGRWURQRGH'DYLG$ODVLVWLUDODHQWUDGDWULXQIDOHQ
-HUXVDOpQVXFRUD]yQWHPEOyGHHPRFLyQ\VHYLR\DDOPDQGRGHODVIXHU]DVPLOLWDUHVGHOQXHYR
UHLQR$OGHVFHQGHUSRUHOPRQWHGHORV2OLYRVLPDJLQyLQFOXVRDORVVDFHUGRWHV\VLPSDWL]DQWHV
GHO 6DQHGUtQ DMXVWLFLDGRV R GHVWHUUDGRV )XH VLQ OXJDU D GXGDV HO DSyVWRO TXH JULWy FRQ PiV
IXHU]D\TXHDQLPyFRQVWDQWHPHQWHDODPXOWLWXG3RUHVRDODFDtGDGHODWDUGHHUDWDPELpQHO
KRPEUH PiV KXPLOODGR VLOHQFLRVR \ GHVLOXVLRQDGR 7ULVWHPHQWH QR VH UHFXSHUDUtD GH DTXHO
JROSHKDVWDPXFKRGHVSXpVGHODUHVXUUHFFLyQGHO0DHVWUR
&RQORVJHPHORV$OIHRVQRH[LVWLySUREOHPDDOJXQR3DUDHOORVGHVSUHRFXSDGRV\EURPLVWDV
IXHXQGtDSHUIHFWR'LVIUXWDURQLQWHQVDPHQWH\JXDUGDURQDTXHOODH[SHULHQFLDFRPRHOGtDTXH
PiV FHUFD HVWXYLHURQ GHO FLHOR 6X VXSHUILFLDOLGDG HYLWy TXH JHUPLQDUD HQ HOORV OD WULVWH]D
6HQFLOODPHQWHDTXHOODWDUGHFXOPLQDURQWRGDVVXVDVSLUDFLRQHV
(QFXDQWRD-XGDV,VFDULRWHQXQFDOOHJXpDVDEHUFRQH[DFWLWXGFXiOHVIXHURQVXVYHUGDGHURV
VHQWLPLHQWRV(QDOJXQRVPRPHQWRVPHSDUHFLyQRWDUHQVXURVWURVLJQRVHYLGHQWHVGHGHVDFXHUGR
\ UHSXOVLyQ (V SRVLEOH TXH WRGR DTXHOOR OH SDUHFLHVH LQIDQWLO \ ULGtFXOR &RPR ORV JULHJRV \
URPDQRV FRQVLGHUDED JURWHVFR \ GHVSUHFLDEOH D WRGR DTXHO TXH FRQVLQWLHVH FDEDOJDU VREUH XQ
DVQR1RFUHRHTXLYRFDUPHVLGHGX]FRTXH-XGDVHVWXYRDSXQWRGHDEDQGRQDUDOOtDOJUXSR3HUR
SRVLEOHPHQWH OH IUHQy HO KHFKR GH VHU HO DGPLQLVWUDGRU GH ORV ELHQHV (VR VLJQLILFDED XQD
SHUPDQHQWHSRVLELOLGDGGHGLVSRQHUGHGLQHUR\-XGDVVHQWtDXQDHVSHFLDOLQFOLQDFLyQSRUHORUR
4XL]iXQRGHORVPRPHQWRVPiVGUDPiWLFRVSDUDHOYHQJDWLYR-XGDVIXHSRFRDQWHVGHOOHJDUD
ODVPXUDOODVGH-HUXVDOpQ'HSURQWRXQLPSRUWDQWHVDGXFHRDPLJRGHODIDPLOLDGH-HV~VVH
DFHUFy D pO \ GiQGROH XQD SDOPDGLWD HQ OD HVSDOGD OH GLMR 3RU TXp HVH DVSHFWR GH
GHVFRQFLHUWRPLTXHULGRDPLJR"$QtPDWH\~QHWHDQRVRWURVPLHQWUDVDFODPDPRVDHVWH-HV~VGH
1D]DUHWHOUH\GHORVMXGtRVPLHQWUDVHQWUDSRUODVSXHUWDVGHODFLXGDGDORPRVGHXQEXUUR
$TXHOODEXUODGHELyGHKHULUOHHQORPiVSURIXQGR-XGDVQRSRGtDVRSRUWDUDTXHOVHQWLPLHQWR
GH YHUJHQ]D (VD SXGR VHU RWUD UD]yQ GH SHVR SDUD DFHOHUDU VX SODQ GH YHQJDQ]D FRQWUD HO
0DHVWUR(ODSyVWROWHQtDWDQLQFUXVWDGRHOVHQWLGRGHOULGtFXORTXHDOOtPLVPRVHFRQYLUWLyHQXQ
GHVHUWRU
6DOYR PX\ FRQWDGDV H[FHSFLRQHV ORV GLVFtSXORV GH &ULVWR GHPRVWUDURQ HQ DTXHO KLVWyULFR
DFRQWHFLPLHQWRDSHVDUGHVXVWUHVODUJRVDxRVGHDSUHQGL]DMH\FRQYLYHQFLDFRQHO0HVtDV
TXHQRKDEtDQHQWHQGLGRQDGDGHQDGD
&RPSUHQGt\UHVSHWpHOGXURVLOHQFLRGH-HV~VDODFDEH]DGHDTXHOORVKRPEUHVKXQGLGRV\
SHUSOHMRV6HKDOODEDDXQSDVRGHODPXHUWH\QLQJXQRSDUHFtDFDSWDUVXPHQVDMH
'($%5,//81(6
6HJ~QPLVQRWLFLDVIXHURQPX\SRFRVORVGLVFtSXORVTXHORJUDURQFRQFLOLDUHOVXHxRHQDTXHOOD
QRFKH GHO GRPLQJR DO OXQHV GH DEULO 6DOYR ORV JHPHORV HO UHVWR SHUPDQHFLy UXPLDQGR VXV
SHQVDPLHQWRV $TXHOORV JDOLOHRV VH KDOODEDQ WDQ IXHUD GH Vt TXH QL VLTXLHUD HVWDEOHFLHURQ ORV
KDELWXDOHVWXUQRVGHJXDUGLDDODVSXHUWDVGHODFDVDGH6LPyQGRQGHVHDORMDEDQ-HV~V3HGUR\
-XDQ
$OGHVSHGLUVHFDGDXQRVLJXLyHQVLOHQFLRKDFLDVXVUHVSHFWLYRVUHIXJLRV
(OUDEtWDPSRFRGHVSHJyORVODELRV3RUVXSXHVWRGHEtDFRQRFHUHOHVWDGRGHiQLPRGHVXV
DPLJRV\SRVLEOHPHQWHFRQHOREMHWRGHHYLWDUPD\RUHVWHQVLRQHVSUHILULyFHQDUHQODFDVDGH
/i]DUR $ SHVDU GH OR DYDQ]DGR GH OD KRUD 0DUWD \ 0DUtD VH GHVYLYLHURQ QXHYDPHQWH SRU
DWHQGHUQRV/DYDURQQXHVWUDVPDQRV\SLHV\HQFRPSDxtDGHVXKHUPDQRFRPLPRVDOJRGHTXHVR
\IUXWD1LHO0DHVWURQL\RVHQWtDPRVGHPDVLDGRDSHWLWR'XUDQWHXQEXHQUDWR-HV~VSHUPDQHFLy
HQFHUUDGRHQXQKHUPpWLFRPXWLVPRFRQVXVRMRVILMRVHQODVURML]DV\RQGXODQWHVOODPDVGHOD
FKLPHQHD
$QWHVGHTXHVHUHWLUDUDDGHVFDQVDUOHURJXpD0DUtDTXHDFHSWDUDHOIUDVFRGHHVHQFLDGH
QDUGRTXHKDEtDFRPSUDGRDTXHOODPLVPDWDUGHHQFRPSDxtDGH$QGUpV0HFRVWyWUDEDMRSHUR
ILQDOPHQWH OR DFHSWy $TXHO JHVWR SDUHFLy DQLPDU DO 0DHVWUR TXH VDOLy GH VX HQLJPiWLFR
DLVODPLHQWRXQLpQGRVHSOHQDPHQWHDODVRVHJDGDWHUWXOLDTXHVRVWHQtDPRV/i]DUR\\R
'XUDQWHHOIUXJDOUHIULJHULRKDEtDLGRH[SOLFDQGRDOUHVXFLWDGR\DVXVKHUPDQDVHOHVSOpQGLGR
DFRQWHFLPLHQWRTXHKDEtDPRVYLYLGRSRFDVKRUDVDQWHV/i]DURDOFRQWUDULRGHORVDSyVWROHVVt
VHSHUFDWyGHLQPHGLDWRGHODWUDVFHQGHQFLDGHODFWRGH-HV~V6LQROYLGDUODVLPERORJtDDTXHOOD
PXOWLWXG QR KDEtD KHFKR RWUD FRVD TXH SURWHJHU DO UDEt GH ODV JDUUDV GHO 6DQHGUtQ 1R PH
FDQVDUp GH UHSHWLU HVWH DVSHFWR GH OD FXHVWLyQ (Q ORV (YDQJHOLRV TXH \R KDEtD HVWXGLDGR HQ
QLQJ~QPRPHQWRVHKDEODGHHOOR\VLQFHUDPHQWHDFXDOTXLHUDFRQVHQWLGRFRP~Q\XQPtQLPRGH
LQIRUPDFLyQVREUHORTXHHVWDEDVXFHGLHQGRHQDTXHOODV~OWLPDVVHPDQDVQRVHOHKXELHUDSRGLGR
SDVDUSRUDOWRTXHGLFKDPDQLREUDIXHXQDMXJDGDPDHVWUDSRUSDUWHGHO*DOLOHR&RPRVHGLFH
HQQXHVWURWLHPSRPDWyYDULRVSiMDURVGHXQVRORWLUR
$OFRPSUREDUTXH-HV~VGH1D]DUHWVHRIUHFtDJXVWRVDPHQWHDOGLiORJRDSURYHFKpODRFDVLyQ
\OHSUHJXQWpVXRSLQLyQVREUHDTXHOODWDUGH
+HHVWDGRHQPHGLRGHOPXQGR\PHKHUHYHODGRDHOORVHQODFDUQH/HVKHHQFRQWUDGRD
WRGRV ERUUDFKRV 1R KH HQFRQWUDGR D QLQJXQR VHGLHQWR 0L DOPD VXIUH SRU ORV KLMRV GH ORV
KRPEUHVSRUTXHHVWiQFLHJRVHQVXFRUD]yQQRYHQTXHKDQYHQLGRYDFtRVDOPXQGRHLQWHQWDQ
VDOLUYDFtRVGHOPXQGR$KRUDHVWiQERUUDFKRV&XDQGRYRPLWHQVXYLQRVHDUUHSHQWLUiQ
(VDV VRQSDODEUDVPX\GXUDVOHGLMH7DQ GXUDVFRPRODVTXH SURQXQFLDVWH VREUH HO
2OLYHWHDODYLVWDGH-HUXVDOpQ
7DOYH]ORVKRPEUHVSLHQVDQTXHKHYHQLGRSDUDWUDHUODSD]DOPXQGR1RVDEHQTXHHVWR\
DTXtSDUDHFKDUHQODWLHUUDGLYLVLyQIXHJRHVSDGD\JXHUUD3XHVKDEUiFLQFRHQXQDFDVDWUHV
FRQWUD GRV \ GRV FRQWUD WUHV HO SDGUH FRQWUD HO KLMR \ HO KLMR FRQWUD HO SDGUH< HOORV HVWDUiQ
VRORV
0XFKRVHQPLPXQGRDxDGtSURFXUDQGRTXHPLVSDODEUDVQRUHVXOWDUDQH[FHVLYDPHQWH
H[WUDxDVSDUD/i]DURSRGUtDQDVRFLDUHVDVIUDVHVWX\DVVREUHHOILQGH-HUXVDOpQFRPRHOILQGH
ORVWLHPSRV4XpGLFHVDHVR"
/DVJHQHUDFLRQHVIXWXUDVFRPSUHQGHUiQTXHODYXHOWDGHO+LMRGHO+RPEUHQROOHJDUiGHOD
PDQRGHOJXHUUHUR(VHGtDVHUiLQROYLGDEOHGHVSXpVGHODJUDQWULEXODFLyQFRPRQRODKXER
GHVGHHOSULQFLSLRGHOPXQGRPLHVWDQGDUWHVHUiYLVWRHQORVFLHORVSRUWRGDVODVWULEXVGHOD
WLHUUD(VDVHUiPLYHUGDGHUD\GHILQLWLYDYXHOWDVREUHODVQXEHVGHOFLHORFRPRHOUHOiPSDJR
TXHVDOHSRUHORULHQWH\EULOODKDVWDHORFFLGHQWH
4XpVHUiODJUDQWULEXODFLyQ"
9RVRWURVSRGUtDLVOODPDUORXQSDUWRGHWRGDOD+XPDQLGDG
-HV~VQRSDUHFtDPX\GLVSXHVWRDUHYHODUPHGHWDOOHV
$OPHQRVGLQRVFXiQGRWHQGUiOXJDU
'H DTXHO GtD \ GH DTXHOOD KRUD QDGLH VDEH 1L ORV iQJHOHV QL HO +LMR 6yOR HO 3DGUH
QLFDPHQWH SXHGR GHFLUWH TXH VHUi WDQ LQHVSHUDGR TXH D PXFKRV OHV SLOODUi HQ PLWDG GH VX
FHJXHUDHLQLTXLGDG
0L PXQGR GHO TXH YHQJR WUDWp GH SUHVLRQDUOH VH GLVWLQJXH SUHFLVDPHQWH SRU OD
FRQIXVLyQ\ODLQMXVWLFLD
7X PXQGR QR HV PHMRU QL SHRU TXH pVWH$ DPERV VyOR OHV IDOWD HO SULQFLSLR TXH ULJH HO
XQLYHUVRHO$PRU
'DPH DO PHQRV XQD VHxDO SDUD TXH VHSDPRV FXiQGR WH UHYHODUiV D ORV KRPEUHV SRU
VHJXQGDYH]
&XDQGR RV GHVQXGpLV VLQ WHQHU YHUJHQ]D WRPpLV YXHVWURV YHVWLGRV ORV SRQJiLV EDMR ORV
SLHVFRPRORVQLxRV\ORVSDWHpLVHQWRQFHVYHUpLVDOKLMRGHO9LYLHQWH\QRWHPHUpLV
/i]DUR DIRUWXQDGDPHQWH VHJXtD LGHQWLILFDQGR PL PXQGR FRQ *UHFLD (VR PH SHUPLWLy
VHJXLUSUHJXQWDQGRDO0DHVWURFRQXQFLHUWRPDUJHQGHDPSOLWXG
(QWRQFHV UHSXVH PL PXQGR HVWi D~Q PX\ OHMRV GH HVH GtD $OOt ORV KRPEUHV VRQ
HQHPLJRVGHORVKRPEUHV\KDVWDGHOSURSLR'LRV
-HV~VQRPHGHMyVHJXLU
(VWiLVHQWRQFHVHTXLYRFDGRV'LRVQRWLHQHHQHPLJRV
$TXHOODURWXQGDIUDVHGHO1D]DUHQRPHWUDMRDODPHPRULDPXFKDVGHODVFUHHQFLDVVREUHXQ
'LRV MXVWLFLHUR TXH FRQGHQD DO IXHJR GHO LQILHUQR D TXLHQHV PXHUHQ HQ SHFDGR < DVt VH OR
H[SXVH
&ULVWRVRQULyPRYLHQGRODFDEH]DQHJDWLYDPHQWH
/RV KRPEUHV VRQ KiELOHV PDQLSXODGRUHV GH OD 9HUGDG 8Q SDGUH SXHGH VHQWLUVH DIOLJLGR
DQWHODVORFXUDVGHXQKLMRSHURQXQFDFRQGHQDUtDDORVVX\RVDXQPDOSHUPDQHQWH(OLQILHUQR
WDO \ FRPR FUHHQ HQ WX PXQGR VLJQLILFDUtD TXH XQD SDUWH GH OD &UHDFLyQ VH OH KD LGR GH ODV
PDQRVDO3DGUH<SXHGRDVHJXUDUWHTXHFUHHUHVRHVQRFRQRFHUDO3DGUH
3RUTXpKDEODVWHHQWRQFHVHQFLHUWDRFDVLyQGHOIXHJRHWHUQR\GHOUHFKLQDUGHGLHQWHV"
6L KDEODQGR HQ SDUiERODV QR PH FRPSUHQGpLV FyPR SXHGR HQVHxDURV HQWRQFHV ORV
PLVWHULRVGHO5HLQR"(QYHUGDGHQYHUGDGRVGLJRTXHDTXHOTXHDSXHVWHIXHUWH\VHHTXLYRTXH
VHQWLUiFyPRUHFKLQDQVXVGLHQWHV
(VTXHODYLGDHVXQDDSXHVWD"
7~ORKDVGLFKR-DVyQ8QDDSXHVWDSRUHO$PRU(VHO~QLFRELHQHQMXHJRGHVGHTXHVH
QDFH
3HUPDQHFtSHQVDWLYR$TXHOODVSDODEUDVHUDQQXHYDVSDUDPt
4XpWHSUHRFXSD"SUHJXQWy-HV~V
6HJ~QHVWRTXpSRGHPRVSHQVDUGHORVTXHQXQFDKDQDPDGR"
1RKD\WDOHV
4XpPHGLFHVGHORVVDQJXLQDULRVGHORVWLUDQRV"
7DPELpQHVRVDPDQDVXPDQHUD&XDQGRSDVHQDORWURODGRUHFLELUiQXQEXHQVXVWR
1RHQWLHQGR
6H GDUiQ FXHQWD TXH DO GHMDU HVWH PXQGR QDGLH OHV SUHJXQWDUi SRU VXV FUtPHQHV
ULTXH]DVSRGHUREHOOH]D(OORVPLVPRV\VyORHOORVFDHUiQHQODFXHQWDGHTXHOD~QLFDPHGLGD
YiOLGDHQHORWURODGRHVODGHO$PRU6LQRKDVDPDGRDTXtHQWXWLHPSRW~VRORWHVHQWLUiV
UHVSRQVDEOH
<TXpRFXUULUiFRQORVTXHQRKHPRVVDELGRDPDU"
4XHUUiVGHFLUFRQORVTXHQRKDEpLVTXHULGRDPDU
0HVHQWtQXHYDPHQWHFRQIXVR
(VRVDPLJRSURVLJXLyHOUDEtFDSWDQGRPLVGXGDVVHUiQORVJUDQGHVHVWDIDGRV\
HQFRQVHFXHQFLDORV~OWLPRVHQHO5HLQRGHPL3DGUH
(QWRQFHVWX'LRVHVXQ'LRVGHDPRU
-HV~VSDUHFLyHQRMDUVH
7~HUHV'LRV
<R6HxRU"
(QYHUGDGWHGLJRTXHWRGRVORVQDFLGRVOOHYDQHOVHOORGHOD'LYLQLGDG
3HURQRKDVUHVSRQGLGRDPLSUHJXQWD(V'LRVXQ'LRVGHDPRU"
'HQRVHUDVtQRVHUtD'LRV
(QHVHFDVRGHEHPRVH[FOXLUGHVXPHQWHFXDOTXLHUWLSRGHFDVWLJRRSUHPLR"
(VQXHVWUDSURSLDLQMXVWLFLDODTXHVHUHYHODFRQWUDQRVRWURVPLVPRV
(PSLH]RDLQWXLU0DHVWURTXHWXPLVLyQHVPX\VLPSOH0HHTXLYRFRVLWHGLJRTXHWRGR
WXWUDEDMRFRQVLVWHHQGHMDUXQPHQVDMH"
(O1D]DUHQRVRQULyVDWLVIHFKR3XVRVXPDQRVREUHPLKRPEUR\UHSOLFy
1RSRGtDVUHVXPLUORPHMRU
/i]DURVLQKDFHUHOPHQRUFRPHQWDULRDVLQWLyFRQODFDEH]D
7~VDEHVTXHPLFRUD]yQHVGXURDxDGt3RGUtDVUHSHWLUPHHVHPHQVDMH"
'LOH D WX PXQGR TXH HO +LMR GHO +RPEUH VyOR KD YHQLGR SDUD WUDQVPLWLU OD YROXQWDG GHO
3DGUH4XHVRLVVXVKLMRV
(VR\DORVDEHPRV
(VWiVVHJXUR"'LPH-DVyQTXpVLJQLILFDSDUDWLVHUKLMRGH'LRV"
0H VHQWt QXHYDPHQWH DWUDSDGR 6LQFHUDPHQWH QR WHQtD XQD UHVSXHVWD YiOLGD 1L VLTXLHUD
HVWDEDVHJXURGHODH[LVWHQFLDGHHVH'LRV
<R WH OR GLUp LQWHUYLQR HO 0DHVWUR FRQ XQD JUDQ GXO]XUD +DEHU VLGR FUHDGR SRU HO
3DGUHVXSRQHODPi[LPDPDQLIHVWDFLyQGHDPRU6HRVKDGDGRWRGRVLQSHGLUQDGDDFDPELR<R
KHUHFLELGRHOHQFDUJRGHUHFRUGiURVOR(VHHVPLPHQVDMH
'pMDPHSHQVDU(QWRQFHVKDJDPRVORTXHKDJDPRVHVWDPRVFRQGHQDGRVDVHUIHOLFHV"
(VFXHVWLyQGHWLHPSR(OQHFHVDULRSDUDTXHHOPXQGRHQWLHQGD\SRQJDHQSUiFWLFDTXHHO
~QLFRPHGLRSDUDHOORHVHO$PRU
7XYH TXH PHGLWDU PX\ ELHQ PL VLJXLHQWH SUHJXQWD (Q DTXHOORV LQVWDQWHV OD SUHVHQFLD GHO
UHVXFLWDGRSRGtDFRQVWLWXLUXQFLHUWRSUREOHPD
6L WX SUHVHQFLD HQ HO PXQGR REHGHFH D XQD UD]yQ WDQ HOHPHQWDO FRPR OD GH GHSRVLWDU XQ
PHQVDMHSDUDWRGDODKXPDQLGDGQRFUHHVTXHWXLJOHVLDHVWiGHPiV"
0L LJOHVLD" SUHJXQWy D VX YH] -HV~V TXH HQ PL RSLQLyQ KDEtD FRPSUHQGLGR
SHUIHFWDPHQWH<RQRKHWHQLGRQLWHQJRODPHQRULQWHQFLyQGHIXQGDUXQDLJOHVLDWDO\FRPR
W~SDUHFHVHQWHQGHUOD
$TXHOODUHVSXHVWDPHGHMyHVWXSHIDFWR
3HURW~KDVGLFKRTXHODSDODEUDGHO3DGUHGHEHUiVHUH[WHQGLGDKDVWDORVFRQILQHVGHOD
WLHUUD
<HQYHUGDGWHGLJRTXHDVtVHUi3HURHVRQRLPSOLFDFRQGLFLRQDURGREOHJDUPLPHQVDMHD
ODYROXQWDGGHOSRGHURGHODVOH\HVKXPDQDV1RHVSRVLEOHTXHXQKRPEUHPRQWHGRVFDEDOORVQL
TXHGLVSDUHGRVDUFRV<QRHVSRVLEOHTXHXQFULDGRVLUYDDGRVVHxRUHV6LQRpOKRQUDUiDXQR
\ RIHQGHUi DO RWUR 1DGLH TXH EHEH XQ YLQR YLHMR GHVHD DO PRPHQWR EHEHU YLQR QXHYR 1R VH
YLHUWH YLQR QXHYR HQ RGUHV YLHMRV SDUD TXH QR VH UDVJXHQ QL VH WUDVYDVD YLQR YLHMR D RGUHV
QXHYRVSDUDTXHQRVHHVWURSHH1LVHFRVHXQUHPLHQGRYLHMRDXQYHVWLGRQXHYRSRUTXHVHKDUtD
XQ UDVJyQ 'H OD PLVPD IRUPD WH GLJR PL PHQVDMH VyOR QHFHVLWD GH FRUD]RQHV VLQFHURV TXH OR
WUDQVPLWDQQRGHSDODFLRVRIDOVDVGLJQLGDGHV\S~USXUDVTXHORFRELMHQ
7~VDEHVTXHQRVHUiDVt
$\GHORVTXHDQWHSRQJDQVXSHUPDQHQFLDDPLYROXQWDG
<FXiOHVWXYROXQWDG"
4XHORVKRPEUHVVHDPHQFRPR\ROHVKHDPDGR(VRHVWRGR
7LHQHVUD]yQLQVLQXpSDUDHVRQRKDFHIDOWDPRQWDUQXHYDVEXURFUDFLDVQLFyGLJRVQL
MHIDWXUDV 6LQ HPEDUJR PXFKRV GH ORV KRPEUHV GH PL PXQGR GHVHDUtDPRV KDFHUWH XQD
SUHJXQWD
$GHODQWHPHDQLPyHO*DOLOHR
3RGUtDPRVOOHJDUD'LRVVLQSDVDUSRUODLJOHVLD"
(OUDEtVXVSLUy
(VTXHW~QHFHVLWDVGHHVDLJOHVLDSDUDDVRPDUWHDWXFRUD]yQ"8QDFRQIXVLyQH[WUHPDPH
EORTXHyODJDUJDQWD<-HV~VORSHUFLELy
0XFKR DQWHV GH TXH H[LVWLHUD OD WULEX GH /HYt KHUPDQR -DVyQ PXFKR DQWHV GH TXH HO
KRPEUH IXHUD FDSD] GH HUJXLUVH VREUH Vt PLVPR PL 3DGUH KDEtD VHPEUDGR OD EHOOH]D \ OD
VDELGXUtDHQOD7LHUUD4XLpQHVDQWHVSRUWDQWR'LRVRHVDLJOHVLD"
0XFKRVVDFHUGRWHVGHPLPXQGROHUHSOLTXpFRQVLGHUDQDHVDLJOHVLDFRPRVDQWD
6DQWRHVPL3DGUH6DQWRVVHUpLVYRVRWURVHOGtDTXHDPpLV
(QWRQFHV \ WH UXHJR TXH PH SHUGRQHV SRU OR TXH YR\ D GHFLUWH HVD LJOHVLD HVWi GH
VREUD
(O$PRUQRQHFHVLWDGHWHPSORVROHJLRQHV8QKRPEUHVDFDHOELHQRHOPDOGHVXSURSLR
FRUD]yQ8QVRORPDQGDPLHQWRRVKHGDGR\W~VDEHVFXiOHV(OGtDTXHPLVGLVFtSXORVKDJDQ
VDEHUDWRGDODKXPDQLGDGTXHHO3DGUHH[LVWHVXPLVLyQKDEUiFRQFOXLGR
(VFXULRVRHVH3DGUHSDUHFHQRWHQHUSULVD
(OJLJDQWHPHPLUyFRPSODFLGR
(QYHUGDGWHGLJRTXHeOVDEHTXHWHUPLQDUiWULXQIDQGR(OKRPEUHVXIUHGHFHJXHUDSHUR
\RKHYHQLGRDDEULUOHORVRMRV2WURVVHUHVKDQGHVFXELHUWR\DTXHHVPiVUHQWDEOHYLYLUHQHO
$PRU
4XpRFXUUHHQWRQFHVFRQQRVRWURV"3RUTXpQRWHUPLQDPRVGHHQFRQWUDUHVDSD]"
<R KH GLFKR TXH D ORV WLELRV ORV YRPLWDUp GH PL ERFD SHUR QR WUDWHV GH FRQVXPLU D WXV
KHUPDQRVHQODPROLFLHRHQODSULVD'HMDTXHFDGDHVStULWXHQFXHQWUHHOFDPLQReOPLVPRDO
ILQDOVHUiVXMXH]\GHIHQVRU
(QWRQFHVWRGRHVRGHOMXLFLRILQDO
3RUTXpRVSUHRFXSDWDQWRHOILQDOVLQLVLTXLHUDFRQRFpLVHO3ULQFLSLR"<DWHKHGLFKRTXH
DORWURODGRRVHVSHUDODVRUSUHVD
7HQJR OD LPSUHVLyQ GH TXH 7~ UHVXOWDUtDV H[FHVLYDPHQWH OLEHUDO SDUD ODV LJOHVLDV GH PL
PXQGR
'LRVHVWDQOLEHUDOFRPRW~GLFHVTXHSHUPLWHLQFOXVRTXHWHHTXLYRTXHV$\GHDTXHOORV
TXHVHDUURJXHQHOSDSHOGHVDOYDGRUHVUHVSRQGLHQGRDOHUURUFRQHOHUURU\DODPDOGDGFRQOD
PDOGDG$\GHDTXHOORVTXHPRQRSROLFHQD'LRV
'LRV7~VLHPSUHHVWiVKDEODQGRGH'LRV3RGUtDVH[SOLFDUPHTXLpQRTXpHV"
(OIXHJRGHDTXHOODPLUDGDYROYLyDWUDVSDVDUPH'XGRTXHH[LVWDPXURFRUD]yQRGLVWDQFLD
TXHQRSXGLHUDVHUDOFDQ]DGRSRUVHPHMDQWHIXHU]D
3XHGHV W~ H[SOLFDUOHV D pVWRV GH GyQGH YLHQHV \ FyPR" 3XHGH HO KRPEUH DSUHVDU ORV
FRORUHV HQWUH VXV PDQRV" 3XHGH XQ QLxR JXDUGDU HO RFpDQR HQWUH ORV SOLHJXHV GH WX W~QLFD"
3XHGHQ FDPELDU ORV GRFWRUHV GH OD /H\ HO FXUVR GH ODV HVWUHOODV" 4XLpQ WLHQH SRWHVWDG SDUD
GHYROYHUODIUDJDQFLDDODIORUTXHKDVLGRSLVRWHDGDSRUHOEXH\"1RPHSLGDVTXHWHKDEOHGH
'LRVVLpQWHOR(VRHVVXILFLHQWH
9R\ELHQVLWHGLJRTXHORVLHQWRFRPRXQDHQHUJtD"
1RPHGDEDSRUYHQFLGR\-HV~VORVDEtD
9DVPX\ELHQ
<TXpKD\SRUGHEDMRGHHVDHQHUJtD"
(V TXH QR KD\ DUULED \ DEDMR DWDMy HO 1D]DUHQR VDOLHQGR DO SDVR GH PLV DWURSHOODGRV
SHQVDPLHQWRV(O$PRUHVGHFLUHO3DGUHORHV7RGR
3RUTXpHVWDQLPSRUWDQWHHO$PRU"
(VODYHODGHOQDYtR
'pMDPHTXHLQVLVWDTXpHVHO$PRU"
'DU
'DU"3HURTXp"
'DU'HVGHXQDPLUDGDKDVWDWXYLGD
4XpSRGHPRVGDUORVDQJXVWLDGRV"
/DDQJXVWLD
$TXLpQ"
$ODSHUVRQDTXHWHTXLHUH
<VLQRWLHQHVDQDGLH"
(O0DHVWURKL]RXQJHVWRQHJDWLYR
(VRHVLPSRVLEOH,QFOXVRORVTXHQRWHFRQRFHQSXHGHQDPDUWH
<TXpPHGLFHVGHWXVHQHPLJRV"7DPELpQGHEHVDPDUOHV"
6REUHWRGRDpVRV(OTXHDPDDORVTXHOHDPDQ\DKDUHFLELGRVXUHFRPSHQVD
/D FRQYHUVDFLyQ VH SURORQJDUtD D~Q KDVWD ELHQ HQWUDGD OD PDGUXJDGD $KRUD Vp TXH PL
HVFHSWLFLVPRKDFLDDTXHOKRPEUHKDEtDHPSH]DGRDUHVTXHEUDMDUVH
&XDWURKRUDVPiVWDUGHFRQHODOED(OLVHRPHGHVSHUWy/DYtVSHUDHO0DHVWURKDEtDGDGR
yUGHQHVSUHFLVDVDVXVGLVFtSXORVSDUDVDOLUWHPSUDQRKDFLD-HUXVDOpQ+DFLDODVVLHWHGRVKRUDV
DQWHVGHODWHUFLDPHSHUVRQpHQODFDVDGH6LPyQHOOHSURVR-HV~V\ORVGRFHVHKDOODEDQ
UHXQLGRV HQ HO MDUGtQ (VWD YH] ODV LQGLFDFLRQHV GHO UDEt IXHURQ PXFKR PiV FRQFLVDV QDGD GH
RVWHQWDFLRQHV\PDQLIHVWDFLRQHVHQS~EOLFR/RVDSyVWROHVVDOYRORVJHPHORV$OIHRQRVHKDEtDQ
UHFXSHUDGR GH OD H[SHULHQFLD GHO GtD DQWHULRU 3HUPDQHFtDQ PXGRV FRPR DEVWUDtGRV 3DUD VHU
VLQFHURV QLQJXQR FRQRFtD ODV LQWHQFLRQHV GH -HV~V \ pVWH SRU RWUD SDUWH WDPSRFR VH PRVWUDED
H[FHVLYDPHQWHH[SOtFLWR$FXGLU DOD FLXGDGVDQWD FRQVWLWXtD HQDTXHOORVPRPHQWRVXQDFDMD GH
VRUSUHVDV (O 6DQHGUtQ VHJXtD DFHFKDQWH \ ORV tQWLPRV GHO *DOLOHR QR VDEtDQ TXp SRGtD
UHVHUYDUOHVHOGHVWLQR
+DFtD ODV RFKR GH OD PDxDQD QRV SXVLPRV HQ FDPLQR -HV~V FRPR VLHPSUH PDUFKDED D OD
FDEH]D
0LHQWUDV DVFHQGtDPRV SRU OD ODGHUD GHO 2OLYHWH WUDWp GH VRQVDFDU D ORV GLVFtSXORV 4Xp
GLVWLQWD IXH DTXHOOD FDPLQDWD /D DOHJUtD \ HQWXVLDVPR GHO GRPLQJR DQWHULRU VH KDEtDQ
WUDQVIRUPDGR HQ WHPRU H[SHFWDFLyQ \ FRQIXVLRQLVPR +DEtD XQ SHQVDPLHQWR FRP~Q HQ DTXHOORV
KRPEUHV4XpGHEtDQKDFHUVHJXLUFRQHO0DHVWURRUHQXQFLDU\UHWLUDUVH"3HURQLQJXQRWHQtD
HOYDORUVXILFLHQWHFRPRSDUDHQIUHQWDUVHD-HV~V\H[SRQHUOHVXVLQTXLHWXGHV
$HVRGHODVQXHYHHOJUXSRHQWUDEDHQ-HUXVDOpQ$MX]JDUSRUHOWUDVLHJRGHSHDWRQHVHO
Q~PHURGHSHUHJULQRVKDEtDDXPHQWDGRFRQVLGHUDEOHPHQWH(O0DHVWURVLQSpUGLGDGHWLHPSRVH
HQFDPLQyKDFLDHOWHPSOR
/DSUR[LPLGDGGHOD3DVFXDPDQWHQtDODH[SODQDGDGHORV*HQWLOHVHQSOHQDHEXOOLFLyQ/RV
SXHVWRV\WHQGHUHWHVDSDUHFtDQPXFKRPiVFRQFXUULGRVTXHHQODWDUGHGHOGRPLQJR&LHQWRVGH
MXGtRV GH WRGDV ODV FODVHV VRFLDOHV VH DIDQDEDQ HQ FRPSUDU R FDPELDU VXV PRQHGDV
SUHSDUiQGRVHDVtSDUDODVREOLJDGDVRIUHQGDVSDUDHOSDJRGHOWULEXWRDOWHVRURGHOVDQWXDULRR
VLPSOHPHQWH GLVSRQLHQGR OD HOHFFLyQ GH XQD YtFWLPD VLQ PDQFKD SDUD OD FHQD SDVFXDO
*UDGXDOPHQWH D FDXVD GH ORV DEXVRV GH ORV VDFHUGRWHV OD JHQWH FRP~Q KDEtD WHUPLQDGR SRU
DFXGLUKDVWDDTXHOORVLQWHUPHGLDULRVFRPSUDQGRDOOtVXVFRUGHURV\DYHV/DDVWXFLD\DYDULFLD
GH DTXHOORV VHUYLGRUHV GHO WHPSOR KDEtDQ OOHJDGR D WDOHV H[WUHPRV TXH FXDOTXLHU DQLPDO
FRPSUDGRIXHUDGHDTXHOUHFLQWRSRGtDVHUUHFKD]DGRSRUFDXVDVWpFQLFDV(QRWUDVSDODEUDV
ORVHQFDUJDGRVGHORVVDFULILFLRVTXHWHQtDQODREOLJDFLyQGHUHYLVDUSUHYLDPHQWHFDGDXQDGH
ODV YtFWLPDV SRGtDQ HFKDU DWUiV XQ FRUGHUR R XQD SDUHMD GH WyUWRODV SRU HO VLPSOH KHFKR GH
HVWLPDUTXHHOFRORUGHODQLPDOQRHUDHODGHFXDGR(VWRUHSUHVHQWDEDODYHUJHQ]DS~EOLFD\OR
TXH HUD SHRU WHQHU TXH DGTXLULU XQD QXHYD YtFWLPD &XUiQGRVH HQ VDOXG ORV KHEUHRV DFXGtDQ
KDVWD HVWH PHUFDGR SURFXUiQGRVH DVt XQRV DQLPDOHV GH WRWDO JDUDQWtD &RPR \D DSXQWp
DQWHULRUPHQWH HVWD DUJXFLD LED VLHPSUH DFRPSDxDGD GH XQ VREUHSUHFLR TXH UHVXOWDED WDQ
GHVKRQHVWRFRPRUXLQRVRSDUDODVIDPLOLDVPiVKXPLOGHV
3DUD FROPR HO LPSXHVWR R WULEXWR TXH FDGD KHEUHR GHEtD VDWLVIDFHU DO WHPSOR KDEtD VLGR
ILMDGRHQXQDPRQHGDFRP~QHOVLFORXQDSLH]DGHOWDPDxRGHGLH]FHQWDYRVSHURGHXQJURVRU
GREOH 8Q PHV DQWHV GH OD 3DVFXD ORV FDPELVWDV RILFLDOHV LQVWDODEDQ VXV PHVDV HQ ODV
GLIHUHQWHVFLXGDGHVGH3DOHVWLQDVXPLQLVWUDQGRDVtDORVSHUHJULQRVHOGLQHURQHFHVDULRSDUDWDO
PHQHVWHU 1L TXH GHFLU WLHQH TXH HQ FDGD RSHUDFLyQ HVWRV EDQTXHURV VH TXHGDEDQ FRQ XQD
FRPLVLyQ TXH RVFLODED HQWUH XQ FLQFR \ XQ TXLQFH SRU FLHQWR GHO YDORU GH OR FDPELDGR 6L OD
PRQHGDREMHWRGHOFDPELRHUDPiVDOWDHVWRVXVXUHURVSRGtDQTXHGDUVHFRQXQDFRPLVLyQGREOH
)LQDOPHQWH FXDQGR OD ILHVWD HUD \D LQPLQHQWH ORV FDPELVWDV VH GLULJtDQ D -HUXVDOpQ
HVWDEOHFLHQGRVXFXDUWHOJHQHUDOHQODPHQFLRQDGDH[SODQDGDGHORV*HQWLOHV
(VWHQHJRFLRYHQtDUHSRUWDQGRJUDQGHVEHQHILFLRVDORVYHUGDGHURVSURSLHWDULRVGHOJDQDGR
GHODVPHVDVGHFDPELR\GHODPXOWLWXGGHLQJUHGLHQWHV\HQVHUHVTXHGHEtDQVHUXWLOL]DGRVHQHO
VDFULILFLR SDVFXDO (VRV SURSLHWDULRV FRPR GLMH QR HUDQ RWURV TXH ORV VDFHUGRWHV \ PX\
HVSHFLDOPHQWHORVKLMRVGH$QiV
-HV~VFRQRFtDHVWDVLWXDFLyQ\WDPELpQHOUHVWRGHOSXHEOR3HURHOSRGHU\ODWLUDQtDGHHVWRV
LQGLYLGXRVHUDWDOTXHQDGLHRVDEDOHYDQWDUVXYR]FRQWUDDTXHOODSURIDQDFLyQGHOD&DVDGH'LRV
(Q HVWH DPELHQWH HQWUH JULWRV GLVFXVLRQHV UHJDWHRV \ HO LQFHVDQWH LU \ YHQLU GH FLHQWRV GH
KHEUHRVHO1D]DUHQRWDO\FRPRWHQtDSRUFRVWXPEUHVHGLVSXVRDTXHOODPDxDQDGHOOXQHV
GH DEULO D GLULJLU VX SDODEUD D ORV QXPHURVRV FUH\HQWHV \ VHJXLGRUHV TXH KDEtDQ LGR
FRQJUHJiQGRVHMXQWRDORVSXHVWRVGHORVYHQGHGRUHV\FDPELVWDV
(O 0DHVWUR LQLFLy VX SUHGLFDFLyQ SHUR DO SRFR VX SRWHQWH YR] VH YLR VRIRFDGD SRU GRV
KHFKRVTXHLEDQDSUHFLSLWDUORVDFRQWHFLPLHQWRV(QXQDGHODVPHVDVGHFDPELRPX\SUy[LPDD
OD HVFDOLQDWD VREUH OD TXH VH KDEtD VHQWDGR HO UDEt XQ MXGtR GH$OHMDQGUtD FRPHQ]y D GLVFXWLU
DFDORUDGDPHQWH FRQ HO UHVSRQVDEOH GHO FDPELR (O SHUHJULQR FRQ UD]yQ SURWHVWDED SRU OD
DEXVLYD FRPLVLyQ TXH SUHWHQGtD FREUDUOH HO FDPELVWD /D FRVD VXELy GH WRQR \ OD JHQWH IXH
DUUHPROLQiQGRVHHQWRUQRDORVYRFLIHUDQWHVKHEUHRV
3RUVLQRIXHUDVXILFLHQWHFRQDTXHOWXPXOWRHQHVRVPRPHQWRVLUUXPSLyHQODH[SODQDGDXQD
PDQDGDGHEXH\HVDOJRPiVGHXQFHQWHQDUTXHHUDFRQGXFLGDDWUDYpVGHODWULRKDVWDORV
FRUUDOHVVLWXDGRVHQHODODQRUWHMXQWRDOD3XHUWD3UREiWLFD$TXHOORVDQLPDOHVSURSLHGDGGHO
WHPSORHVWDEDQGHVWLQDGRVDVHUTXHPDGRVHQORVSUy[LPRVVDFULILFLRV\HQFRQVHFXHQFLDHUDQ
HQFHUUDGRVKDELWXDOPHQWHHQXQRVHVWDEORVDQH[RVDODWULRGHORV*HQWLOHV-HV~VDODYLVWDGH
DTXHOORVEUDPLGRV\GHODFDGDYH]PiVH[DOWDGDFRQGXFWDGHOFDPELVWDGHOMXGtR\GHFXDQWRV
DSR\DEDQDpVWHRSWySRUKDFHUXQDSDXVD\HVSHUDU6XVGLVFtSXORVSHUPDQHFtDQUHWLUDGRVFRPR
DXQRVRSDVRV\HQVLOHQFLR3HURDTXHOODYLROHQWDVLWXDFLyQOHMRVGHDPDLQDUIXHDPiV
(ODSUHWDGRJHQWtRKDFtDSRFRPHQRVTXHLPSRVLEOHTXHHOMRYHQSDVWRUSXGLHUDKDFHUVHFRQHO
GRPLQLR GH ORV EXH\HV TXH VH KDEtDQ GHVSHUGLJDGR SRU HQWUH ODV PHVDV (Q HVR PLHQWUDV HO
1D]DUHQRHVSHUDEDLPSDVLEOHXQWHUFHUVXFHVRYLQRDSURYRFDUODFKLVSDILQDO(QWUHORVMXGtRV
TXHSUHWHQGtDQRtUD-HV~VVHKDOODEDXQJDOLOHRDQWLJXRDPLJRGHO0DHVWUR'HVSXpVVXSHTXH
VH KDEtD HQWUHYLVWDGR FRQ HO UDEt GXUDQWH VX HVWDQFLD HQ ,URQ (VWH KXPLOGH JUDQMHUR KDEtD
HPSH]DGRDVHUPROHVWDGRSRUXQJUXSRGHSHUHJULQRVSURFHGHQWHVGHOD-XGHD(QWUHHPSXMRQHV
\ FRGD]RV ORV HQJUHtGRV LQGLYLGXRV VH EXUODEDQ GH pO SRU VX FUHGXOLGDG &XDQGR HO JLJDQWH VH
SHUFDWyGHHVWD~OWLPDHVFHQDDQWHHODVRPEURGHVXVGLVFtSXORV\GHFXDQWRVQRVHQFRQWUiEDPRV
SUHVHQWHV VROWy VX PDQWR \ GHMiQGROR FDHU VREUH OD HVFDOLQDWD VDOLy DO HQFXHQWUR GHO SDVWRU
DUUHEDWiQGROH HO OiWLJR GH FXHUGDV &RQ XQD VHJXULGDG LQDXGLWD HO *DOLOHR IXH UHXQLHQGR D ORV
DVWDGRVVDFiQGRORVGHOWHPSORHQWUHVRQRURVJULWRV\VHFRV\SRWHQWHVJROSHVGHOiWLJRVREUHHO
HPEDOGRVDGRGHODH[SODQDGD&XDQGRODPXFKHGXPEUHYLRDO0DHVWURGLULJLUDOJDQDGRTXHGy
HOHFWUL]DGD 3HUR HVR QR IXH WRGR 8QD YH] FRQFOXLGD OD RSHUDFLyQ GH OLPSLH]D -HV~V GH
1D]DUHW HQ VLOHQFLR VH DEULy SDVR PDMHVWXRVDPHQWH HQWUH OD PXOWLWXG GLULJLpQGRVH D JUDQGHV
]DQFDGDV\FRQHOOiWLJRHQODPDQRL]TXLHUGDKDFLDORVFRUUDOHVVLWXDGRVDORWURODGRGHODWULRGH
ORV*HQWLOHVDOSLHGHODIRUWDOH]D$QWRQLD
$TXHOOR HUD QXHYR SDUD Pt \ FRUUt WUDV eO $O OOHJDU D ORV HVWDEORV HO 0DHVWUR FRQ XQD
IULDOGDGTXHPHGHMyVLQKDEODIXHDEULHQGRXQRWUDVRWURWRGRVORVSRUWDORQHVDQLPDQGRDORV
EXH\HV PDFKRV FDEUtRV \ FRUGHURV D VDOLU GH VXV UHFLQWRV (Q XQ LQVWDQWH FLHQWRV GH DQLPDOHV
LUUXPSLHURQ HQ HO DWULR< HO UDEt FRQ OD PLVPD GHFLVLyQ \ GHVWUH]D FRQ TXH KDEtD VDFDGR GHO
WHPSOR D OD SULPHUD PDQDGD GLULJLy DTXHOORV DVXVWDGRV DQLPDOHV HQ GLUHFFLyQ D ODV PHVDV \
SXHVWRV GH YHQWD GH ORV FDPELVWDV H LQWHUPHGLDULRV &RPR HUD GH VXSRQHU OD HVWDPSLGD
SURYRFy HO SiQLFR GH ORV KHEUHRV TXH HQ VX DWURSHOODGD KXLGD KDFLD ORV SyUWLFRV GH VDOLGD
GHUULEDURQXQVLQItQGHWHQGHUHWHV/RVEXH\HVSRUVXSDUWHWHUPLQDURQSRUSLVRWHDUHOJpQHUR
GHUUDPDQGRQXPHURVRVFiQWDURVGHDFHLWH\GHVDO
/DFRQIXVLyQIXHDSURYHFKDGDSRUXQQXWULGRJUXSRGHSHUHJULQRVTXHVHGHVTXLWyYROFDQGR
ODV SRFDV PHVDV TXH D~Q TXHGDEDQ HQ SLH (Q FXHVWLyQ GH PLQXWRV DTXHO FRPHUFLR KDEtD VLGR
PDWHULDOPHQWHEDUULGRFRQHOFRQVLJXLHQWHUHJRFLMRGHORVPLOHVGHMXGtRVTXHRGLDEDQDTXHOOD
SHUPDQHQWH SURIDQDFLyQ 3DUD FXDQGR ORV VROGDGRV URPDQRV KLFLHURQ DFWR GH SUHVHQFLD WRGR
DSDUHFtDWUDQTXLOR\HQVLOHQFLR
-HV~VGH1D]DUHWTXHQRKDEtDWRFDGRFRQHOOiWLJRDXQVRORKHEUHRQLKDEtDGHUULEDGRPHVD
DOJXQDGHHOORSXHGRGDUIHSXHVWRTXHSHUPDQHFtPX\FHUFDGHO0DHVWURYROYLyHQWRQFHVD
ORDOWRGHODVHVFDOLQDWDV\GLULJLpQGRVHDODPXOWLWXGJULWy
9RVRWURV KDEpLV VLGR WHVWLJRV HVWH GtD GH OR TXH HVWi HVFULWR HQ ODV (VFULWXUDV 0L FDVD
VHUi OODPDGD XQD FDVD GH RUDFLyQ SDUD WRGDV ODV QDFLRQHV SHUR KDEpLV KHFKR GH HOOD XQD
PDGULJXHUDGHODGURQHV
0LVRUSUHVDOOHJyDOPi[LPRFXDQGRDQWHVGHTXHHOUDEtFRQFOX\HUDVXVSDODEUDVXQWURSHO
GHMyYHQHVMXGtRVVHGHVWDFyGHHQWUHODPXFKHGXPEUHDSODXGLHQGRD-HV~V\HQWRQDQGRKLPQRV
GHDJUDGHFLPLHQWRSRUODDXGDFLD\FRUDMHGHO*DOLOHR
$TXHOVXFHVRSRUVXSXHVWRQRWHQtDQDGDTXHYHUFRQORTXHVHFXHQWDHQORV(YDQJHOLRV\HQ
ORVTXHGLFKRVHDGHSDVRHO0HVtDVDSDUHFHFRPRXQFROpULFRLQGLYLGXRFDSD]GHJROSHDU
\ D]RWDU D ODV JHQWHV &RPR \D KH PHQFLRQDGR -HV~V KDEtD SUHGLFDGR RWUDV PXFKDV YHFHV HQ
DTXHOOD PLVPD H[SODQDGD GHO WHPSOR \ MDPiV VH KDEtD FRPSRUWDGR GH DTXHO PRGR (O FRQRFtD
SHUIHFWDPHQWHHOFDPEDODFKH\HOURERTXHVHUHJLVWUDEDQDGLDULRHQHODWULRGHORV*HQWLOHV\QR
REVWDQWHMDPiVVHPDQLIHVWyYLROHQWDPHQWHFRQWUDWDOVLWXDFLyQ6LHQODPDxDQDGHDTXHOOXQHV
SURYRFy OD HVWDPSLGD GHO JDQDGR IXH HQ PL RSLQLyQ FRPR FRQVHFXHQFLD GH XQD VLWXDFLyQ
FRQFUHWtVLPDHLQVRVWHQLEOH
4XLHQHV QR SRGtDQ IDOWDU REYLDPHQWH HUDQ ORV UHVSRQVDEOHV GHO WHPSOR &XDQGR ORV
VDFHUGRWHV WXYLHURQ FRQRFLPLHQWR GHO LQFLGHQWH DFXGLHURQ SUHVXURVRV KDVWD GRQGH VH KDOODED
-HV~VLQWHUURJiQGROHFRQVHYHULGDG
1RKDVRtGRORTXHGLFHQORVKLMRVGHORVOHYLWDV"
3HUR-HV~VOHVFRQWHVWy
(QODVERFDVGHORVQLxRV\FULDWXUDVVHSHUIHFFLRQDQODVDODEDQ]DV
/RV MyYHQHV DUUHFLDURQ HQWRQFHV HQ VXV FiQWLFRV \ DSODXVRV REOLJDQGR D ORV IDULVHRV D
UHWLUDUVHGHOOXJDU$ SDUWLUGH HVHPRPHQWR JUXSRVGHSHUHJULQRV VHVLWXDURQ DODV SXHUWDVGH
DFFHVRDOWHPSORLPSLGLHQGRTXHSXGLHUDUHVWDEOHFHUVHHOFDPELRGHPRQHGDV\ODYHQWDQRUPDO
GH ORV LQWHUPHGLDULRV /RV MyYHQHV QR FRQVLQWLHURQ VLTXLHUD TXH IXHUD WUDQVSRUWDGD XQD VROD
YDVLMDSRUODH[SODQDGD
4XL]i OR PiV WULVWH \ GHVFRQVRODGRU GH DTXHO VXFHVR IXH OD DFWLWXG GH ORV GRFH 'XUDQWH OD
IRJRVD LQWHUYHQFLyQ GH VX 0DHVWUR HO JUXSR SHUPDQHFLy SRFR PHQRV TXH DFXUUXFDGR HQ XQ
ULQFyQVLQOHYDQWDUXQDPDQRSDUDD\XGDURSURWHJHUD-HV~V(VWDQXHYD\VRUSUHQGHQWHDFFLyQ
GHO*DOLOHROHVKDEtDVXPLGRHQXQWRWDOGHVFRQFLHUWR
3HUR VL QRWDEOH HUD OD FRQIXVLyQ GH ORV GLVFtSXORV GH &ULVWR OD GH ORV MHIHV GHO WHPSOR
HVFULEDV\IDULVHRVQRHUDPHQRU$TXHOORKDEtDVLGRODJRWDGHDJXDTXHFROPDEDVXSDFLHQFLD
$SURYHFKDQGR TXH -RVp GH $ULPDWHD 1LFRGHPR \ RWURV DPLJRV GH -HV~V QR VH KDOODEDQ
SUHVHQWHV HO 6DQHGUtQ FHOHEUy XQD UHXQLyQ GH HPHUJHQFLD DQDOL]DQGR OD VLWXDFLyQ +DEtD TXH
GHWHQHUDOLPSRVWRUVLQSpUGLGDGHWLHPSR3HURFyPR\GyQGH"/RVHVFULEDV\HOUHVWRGHORV
VDFHUGRWHV VH GDEDQ FXHQWD TXH OD PXOWLWXG HVWDED GH SDUWH GHO *DOLOHR +DEtD DGHPiV RWUR
IDFWRU TXH QR SRGtDQ SHUGHU GH YLVWD OD SUHVHQFLD GHO SURFXUDGRU URPDQR 3RQFLR 3LODWR HQ
-HUXVDOpQ6LHOSUHQGLPLHQWRGH-HV~VVHPDWHULDOL]DEDDODOX]GHOGtD\DODYLVWDGHORVPLOHV
GHSHUHJULQRVOOHJDGRVGHVGHWRGRVORVULQFRQHVGH3DOHVWLQD\GHOH[WUDQMHURODFDSWXUDSRGtD
GDUOXJDUDXQDUHYXHOWDJHQHUDOL]DGD(VRKXELHUDVLJQLILFDGRFRQWRGDVHJXULGDGXQDYLROHQWD
UHSUHVLyQSRUSDUWHGHODVIXHU]DVURPDQDVDFXDUWHODGDVHQOD7RUUH$QWRQLD\HQHOFDPSDPHQWR
WHPSRUDOOHYDQWDGRSRUORVVROGDGRVHQOD]RQDQRURHVWHGHODFLXGDGHQODVLQPHGLDFLRQHVGH
ODVSLVFLQDVGH%H]DWi4XpSRGtDQKDFHUHQWRQFHV"
'XUDQWHKRUDVORVPLHPEURVGHO6DQHGUtQGLVFXWLHURQVREUHODIyUPXODLGHDOSDUDFDSWXUDUD
-HV~V3HURDOILQDOQROOHJDURQDXQDFXHUGR/D~QLFDUHVROXFLyQYiOLGDIXHFUHDUFLQFRJUXSRV
GH H[SHUWRV HVSHFLDOPHQWH HVFULEDV>@\IDULVHRVTXHVLJXLHUDQORVSDVRVGHO*DOLOHR\
WUDWDUDQ GH FRQIXQGLUOH \ ULGLFXOL]DUOH HQ S~EOLFR GLH]PDQGRDVt VX SUHVWLJLR H LQIOXHQFLD HQWUH
ODVJHQWHVVHQFLOODV
6LJXLHQGRHVWDFRQVLJQDKDFLDODVGRVGHODWDUGHXQRGHHVWRVJUXSRVVHDEULySDVRKDVWDHO
OXJDU GRQGH -HV~V KDEtD VHJXLGR VX SOiWLFD < FRQ VX FDUDFWHUtVWLFR HVWLOR VREHUELR \
DXWRULWDULROHSUHJXQWDURQDO0DHVWUR
&RQTXpDXWRULGDGKDFHVHVWDVFRVDV"4XLpQWHKDGDGRVHPHMDQWHDXWRULGDG"
(OORVVDEtDQTXHHO1D]DUHQRQRKDEtDSDVDGRSRUODVREOLJDGDVHVFXHODVUDEtQLFDV\TXHSRU
WDQWR VXV HQVHxDQ]DV \ HO SURSLR WtWXOR GH UDEt TXH PXFKRV OH DWULEXtDQ QR HUDQ FRUUHFWRV
GHVGHODPiVHVWULFWDSXUH]DOHJDO\MXUtGLFD
3HUR-HV~VFRQDTXHOODEULOODQWH]GHUHIOHMRVTXHOHFDUDFWHUL]DEDOHVUHVSRQGLyFRQRWUD
LQWHUURJDQWH
7DPELpQ PHJXVWDUtDD PtKDFHURVRWUDSUHJXQWD 6L PH FRQWHVWiLV\R RV GLUp LJXDOPHQWH
FRQTXpDXWRULGDGKDJRHVWRVWUDEDMRV'HFLGPHHOEDXWLVPRGH-XDQGHGyQGHHUD"&RQVLJXLy
-XDQHVWDDXWRULGDGGHOFLHORRGHORVKRPEUHV"
/RVHVFULEDV\IDULVHRVIRUPDURQXQFRUURHQWUHHOORV\FRPHQ]DURQDGHOLEHUDUHQYR]EDMD
PLHQWUDV-HV~V\ODPXOWLWXGHVSHUDEDQHQVLOHQFLR
+DEtDQSUHWHQGLGRDFRUUDODUDO*DOLOHR\DKRUDHUDQHOORVORVTXHVHYHtDQHQXQDHPEDUD]RVD
VLWXDFLyQ3RUILQYROYLpQGRVHKDFLD-HV~VUHSOLFDURQ
5HVSHFWRDOEDXWLVPRGH-XDQQRSRGHPRVFRQWHVWDU1RVDEHPRV
/D UD]yQ GH DTXHOOD QHJDWLYD HVWDED ELHQ FODUD 6L DILUPDEDQ TXH GHO FLHOR -HV~V SRGtD
UHVSRQGHUOHV3RUTXpQROHFUHtVWHLVHQWRQFHV"$GHPiVHQHVWHFDVRHO0DHVWURSRGtDKDEHU
DxDGLGRTXHVXDXWRULGDGSURFHGtDGH-XDQ6LSRUHOFRQWUDULRORVHVFULEDVUHVSRQGtDQTXHGH
ORV KRPEUHV DTXHOOD PXFKHGXPEUH TXH KDEtD FRQVLGHUDGR D -XDQ FRPR XQ SURIHWD SRGtD
HFKDUVHHQFLPDGHORVVDFHUGRWHV
/D HVWUDWHJLD GH &ULVWR XQD YH] PiV KDEtD VLGR EULOODQWH \ URWXQGD< HO UDEt PLUiQGROHV
ILMDPHQWHDxDGLy
3XHV\RWDPSRFRRVGLUpFRQTXpDXWRULGDGKDJRHVWDVFRVDV/RVKHEUHRVHVWDOODURQHQ
UXLGRVDVFDUFDMDGDVDQWHODLPSRWHQFLDGHORVPi[LPRVPDHVWURVGH,VUDHOURMRVGHLUD\GH
YHUJHQ]D
-HV~VGLULJLyHQWRQFHVVXPLUDGDKDFLDORVTXHKDEtDQWUDWDGRGHSHUGHUOH\OHVGLMR
3XHVWR TXH HVWiLV HQ GXGD VREUH OD PLVLyQ GH -XDQ \ HQ HQHPLVWDG FRQ OD HQVHxDQ]D \
KHFKRV GHO +LMR GHO +RPEUH SUHVWDG DWHQFLyQ PLHQWUDV RV GLJR XQD SDUiEROD &LHUWR JUDQ \
UHVSHWDGR WHUUDWHQLHQWH FRPHQ]y HO *DOLOHR VX UHODWR WHQtD GRV KLMRV 'HVHDQGR TXH OH
D\XGDUDQHQODGLUHFFLyQGHVXVWLHUUDVDFXGLyDXQRGHHOORV\OHGLMR+LMRYHDWUDEDMDUKR\
HQPLYLxD<HVWHKLMRVLQSHQVDUFRQWHVWyDVXSDGUH1RYR\DLU3HUROXHJRVHDUUHSLQWLy
\IXH&XDQGRHOSDGUHHQFRQWUyDOVHJXQGROHGLMR+LMRYHDWUDEDMDUDPLYLxD<HVWHKLMR
KLSyFULWD\GHVOHDOOHGLMR6tSDGUH\DYR\3HURFXDQGRKXERPDUFKDGRVXSDGUHQRIXH
'HMDGPHSUHJXQWDURVFXiOGHHVWRVKLMRVKL]RUHDOPHQWHODYROXQWDGGHVXSDGUH"
/DJHQWHFRPRXQVRORKRPEUHFRQWHVWy
(OSULPHUKLMR
-HV~VUHSOLFyHQWRQFHVPLUDQGRDORVVDFHUGRWHV
3XHVDVt\RGHFODURTXHORVWDEHUQHURV\SURVWLWXWDVDXQTXHSDUH]FDQUHKXVDUODOODPDGD
GHO DUUHSHQWLPLHQWR YHUiQ HO HUURU GH VX FDPLQR \ HQWUDUiQ HQ HO UHLQR GH 'LRV DQWHV TXH
YRVRWURV TXH KDFpLV JUDQGHV SUHWHQVLRQHV GH VHUYLU DO 3DGUH GHO &LHOR SHUR TXH UHFKD]iLV ORV
WUDEDMRVGHO3DGUH1RIXLVWHLVYRVRWURVHVFULEDV\IDULVHRVTXLHQHVFUHtVWHLVHQ-XDQVLQRORV
WDEHUQHURV\SHFDGRUHV7DPSRFRFUHpLVHQPLVHQVHxDQ]DVSHURODJHQWHVHQFLOODHVFXFKDPLV
SDODEUDVDJXVWR
$TXHOODVHJXQGDULGLFXOL]DFLyQS~EOLFDREOLJyDORVHVFULEDV\IDULVHRVDGDUPHGLDYXHOWD
HQWUDQGR HQ HO VDQWXDULR < HO 0DHVWUR VLJXLy SUHGLFDQGR HQ SD] KDFLHQGR ODV GHOLFLDV GH OD
PXOWLWXG
3RU-RVpGH$ULPDWHDVXSLPRVTXHODFyOHUDGHORVVDFHUGRWHVKDEtDOOHJDGRDWDOSDUR[LVPR
TXH SRFR IDOWy SDUD TXH ORV OHYLWDV URGHDUDQ DTXHOOD PLVPD PDxDQD D -HV~V SURFHGLHQGR D VX
FDSWXUD3HURODHQWUDGDHQMXHJRGHORVVDGXFHRV>@TXHFRQVWLWXtDQPD\RUtDHQHO6DQHGUtQ
UHWUDVyQXHYDPHQWHORVSODQHVGHORVHQHPLJRVGH&ULVWR(VWDFDVWDVDFHUGRWDOKDEtDHQFDMDGR
SpVLPDPHQWH HO GHVPDQWHODPLHQWR GH ORV FDPELVWDV H LQWHUPHGLDULRV \ SRU SULPHUD YH]
DSR\DURQ ORV SODQHV GH ORV IDULVHRV \ HVFULEDV SDUD HOLPLQDU D -HV~V (VR VLJQLILFy PD\RUtD
DEVROXWDDODKRUDGHGHFLGLU\FRQGHQDUDOUDEtGH*DOLOHD
0LHQWUDVWDQWR-HV~VKDEtDGHVDUUROODGRXQDVHJXQGDSDUiERODODGHOULFRSURSLHWDULRTXH
OOHJyDHQYLDUDVXSURSLRKLMRSDUDFRQYHQFHUDORVUHEHOGHVWUDEDMDGRUHVGHVXYLxDGHTXHOH
HQWUHJDUDQ VX UHQWD SUHJXQWDQGR D ORV DVLVWHQWHV TXp GHEHUtD KDFHU HO GXHxR GH OD YLxD FRQ
DTXHOORVPDOYDGRVDUUHQGDWDULRV
'HVWUXLUDHVRVKRPEUHVPLVHUDEOHVFRQWHVWyODPXOWLWXG\DUUHQGDUVXYLxHGRDRWURV
JUDQMHURVKRQHVWRVTXHOHGHQVXVIUXWRVHQFDGDHVWDFLyQ
0XFKRVGHORVSUHVHQWHVFRPSUHQGLHURQHOVHQWLGRGHODSDUiERODGH-HV~V\H[SUHVDURQHQ
YR]DOWD
'LRVSHUGRQHDTXLHQHVFRQWLQ~HQKDFLHQGRHVWDVFRVDV
3HURDOJXQRVIDULVHRVQRVHGDEDQSRUYHQFLGRV\UHJUHVDURQKDVWDHOOXJDUGRQGHSUHGLFDED
-HV~V(O0DHVWURDOYHUORVOHVGLMR
9RVRWURVVDEpLVFyPRUHFKD]DURQYXHVWURVKHUPDQRVDORVSURIHWDV\VDEpLVELHQTXHHVWiLV
GHFLGLGRVDUHFKD]DUDO+LMRGHO+RPEUH7UDVXQRVLQVWDQWHVGHVLOHQFLRVXPLUDGDVHKL]R
PiV LQWHQVD \ DxDGLy 1XQFD OHtVWHLV HQ OD (VFULWXUD VREUH OD SLHGUD TXH ORV FRQVWUXFWRUHV
UHFKD]DURQ \ TXH FXDQGR OD JHQWH OD GHVFXEULy KLFLHURQ GH HOOD OD SLHGUD DQJXODU" 8QD YH]
PiV RV DYLVR 6L FRQWLQXiLV UHFKD]DQGR HO (YDQJHOLR HO UHLQR GH 'LRV VHUi OOHYDGR OHMRV GH
YRVRWURV\HQWUHJDGRDRWUDJHQWHGHVHRVDGHUHFLELUEXHQDVQXHYDV\OOHYDUDGHODQWHORVIUXWRV
GHOHVStULWX<RRVGLJRTXHH[LVWHXQPLVWHULRVREUHHVDSLHGUDTXLHQFDLJDVREUHHOODDXQTXH
TXHGH URWR HQ SHGD]RV VH VDOYDUi 3HUR VREUH TXLHQ FDLJD GLFKD SLHGUD DQJXODU VHUi PROLGR
KDVWDTXHGDUKHFKRSROYR\VXVFHQL]DVVHUiQGHVSHUGLJDGDVDORVFXDWURYLHQWRV
(QHVWDRFDVLyQORVHVFULEDV\MHIHVQLVLTXLHUDLQWHQWDURQUHSOLFDU<HO0DHVWURSURVLJXLy
VXVHQVHxDQ]DVUHILULHQGRXQDWHUFHUDSDUiERODODGHOIHVWtQGHERGDV
&XDQGRKXERWHUPLQDGR-HV~VVHSXVRHQSLH\VHGLVSXVRDGHVSHGLUDODPXOWLWXG(QHVH
LQVWDQWHXQRGHORVFUH\HQWHVDO]yVXYR]HLQWHUURJyDOUDEt
3HUR0DHVWURFyPRVDEUHPRVHVWDVFRVDV"4XpVLJQRQRVGDUiVSRUHOTXHVHSDPRVTXH
W~HUHVHO+LMRGH'LRV"
6HKL]RXQQXHYR\HVSHVRVLOHQFLR/RVIDULVHRVDJX]DURQVXVRtGRV\FXDQGRFRQVLGHUDEDQ
TXHHOLPSRVWRUKDEtDFDtGRHQVXSURSLDWUDPSDHO*DOLOHRFRQYR]VRQRUD\VHxDODQGRFRQVX
GHGRtQGLFHL]TXLHUGRKDFLDVXSURSLRSHFKRDILUPy
'HVWUXLGHVWHWHPSOR\HQWUHVGtDVOROHYDQWDUp
-HV~VGLRSRUWHUPLQDGDVXSOiWLFD\GHVFHQGLySRUODVHVFDOLQDWDVLQYLWDQGRDORVGLVFtSXORV
DTXHOHVLJXLHUDQ
/DPXFKHGXPEUHFRPHQ]yDGLVSHUVDUVHVXPLGDHQPXOWLWXGGHFRPHQWDULRV(YLGHQWHPHQWH
SRUORTXHSXGHHVFXFKDUQRKDEtDQFRPSUHQGLGRHOYHUGDGHURVLJQLILFDGRGHDTXHOOD~OWLPD
\ODSLGDULDIUDVHGH&ULVWR
&DVLFLQFXHQWDDxRVKDHVWDGRHVWHWHPSORHQFRQVWUXFFLyQVHGHFtDQXQRVDRWURV\
D~QGLFHTXHORGHVWUXLUi\OHYDQWDUiHQWUHVGtDV"
3RU VXSXHVWR WDPSRFR VXV DSyVWROHV FDSWDURQ OD LQWHQFLyQ GHO UDEt 6yOR GHVSXpV PXFKR
GHVSXpVGHVXUHVXUUHFFLyQVHKL]RODOX]HQVXVFRUD]RQHV
+DFLDODVFXDWURGHODWDUGHHOJUXSRVDOtDQXHYDPHQWHGH-HUXVDOpQUXPERD%HWDQLD
0LHQWUDV DVFHQGtDPRV SRU OD IDOGD RFFLGHQWDO GHO PRQWH GH ORV 2OLYRV KDFLHQGR DVt PiV
FRUWRHOFDPLQRKDFLDODDOGHDGH/i]DUR-HV~VGLRLQVWUXFFLRQHVD$QGUpV7RPiV\)HOLSHSDUD
TXHDSDUWLUGHOGtDVLJXLHQWHPDUWHVORVGLVFtSXORVSUHSDUDVHQXQFDPSDPHQWRHQODVFHUFDQtDV
GHODFLXGDGVDQWD
$TXHOORVLJQLILFDEDTXHHO1D]DUHQRWHQtDODLQWHQFLyQGHLQVWDODUVXOXJDUKDELWXDOGHUHSRVR
KDVWD HVH PRPHQWR HQ %HWDQLD HQ ORV DOHGDxRV GH -HUXVDOpQ 3HUR SRU TXp" 4Xp QRV
UHVHUYDEDHOGHVWLQRHQDTXHOORVGRVGtDVPDUWHV\PLpUFROHVWDQHVFDVDPHQWHFRQRFLGRVHQ
ORTXHDODVDFWLYLGDGHVGHO0DHVWURVHUHILHUH"
/DLQHVSHUDGDGHFLVLyQGH-HV~VQRSUHYLVWDOyJLFDPHQWHHQQXHVWURSURJUDPDGHWUDEDMR
\DTXHORVWH[WRVHYDQJpOLFRVFDQyQLFRV\DSyFULIRVQRKDFHQPHQFLyQGHHVWHFDPSDPHQWR
LEDDSUHFLSLWDUPLUHWRUQRDOPyGXORILMDGRSRU&DEDOORGH7UR\DSDUDHODWDUGHFHUGHOPDUWHV
GHDEULO
3RFDV KRUDV GHVSXpV SUHFLVDPHQWH HQ HO DQRFKHFHU GH GLFKR PDUWHV \ D OD YLVWD GH OR TXH
DFRQWHFLyHPSHFpDFRPSUHQGHUSRUTXpHOUDEtGH*DOLOHDKDEtDGDGRDTXHOODRUGHQ
3RUVHJXQGDYH]PLHQWUDVFDPLQiEDPRVKDFLD%HWDQLDWXYHRSRUWXQLGDGGHFRPSUREDUFyPR
ODFDVLWRWDOLGDGGHORVGRFHKRPEUHVGHFRQILDQ]DGH-HV~VQRKDEtDHQWHQGLGRHOPHQVDMHQLODV
LQWHQFLRQHVGHO1D]DUHQR6XVFRPHQWDULRV\VREUHWRGRVXVVLOHQFLRVUHIOHMDEDQXQDSURIXQGD
FRQIXVLyQ/DPDMHVWXRVDDFFLyQGHVX0DHVWURDORODUJRGHHVDPDxDQDGHOOXQHVDUUXLQDQGRHO
VDFUtOHJR FRPHUFLR GH ORV FDPELVWDV H LQWHUPHGLDULRV GHO WHPSOR OHV KDEtD GHYXHOWR ODV
HVSHUDQ]DVHQXQ-HV~VSRGHURVRFDSD]GHLQVWDXUDUXQUHLQRWHUUHQDO\SROtWLFRHQ,VUDHO3HUR
DOOOHJDUODWDUGHHOUHFKD]RSRUSDUWHGHORVVDFHUGRWHVMXGtRVGHVXVHQVHxDQ]DVOHVKL]RFDHUGH
QXHYR HQ OD LQFHUWLGXPEUH $TXHOORV KRPEUHV SUHVHQWtDQ DOJR $ SHVDU GH VX HVFDVR QLYHO
FXOWXUDO HO SHUPDQHQWH FRQWDFWR FRQ OD WHQVD UHDOLGDG GH DTXHOORV GtDV \ ODV UHSHWLGDV
DGYHUWHQFLDVGH-HV~VGH1D]DUHWVREUHVXSUy[LPRILQDOOHVKDFtDLQWXLUXQDFDWiVWURIH
$JDUURWDGRVSRUHOPLHGR\ODVGXGDVORVGLVFtSXORVVHGLULJLHURQDVXVUHVSHFWLYRVOXJDUHV
GH GHVFDQVR DXQTXH VHJ~Q FRPSUREp D OD PDxDQD VLJXLHQWH PX\ SRFRV IXHURQ ORV TXH
ORJUDURQFRQFLOLDUHOVXHxR
<DTXHOODQRFKHGHOOXQHVGHDEULOGHODxRWUDVGHVSHGLUPHWHPSRUDOPHQWHGH/i]DUR\
VXIDPLOLDDERUGpODFXQDLQLFLDQGRORVSUHSDUDWLYRVGHODVHJXQGDIDVHGHODH[SORUDFLyQ6LQ
GXGDODPiVWUiJLFD\DSDVLRQDQWHGHFXDQWDVKD\DHPSUHQGLGRKRPEUHDOJXQR
/D RVFXULGDG HUD WRWDO FXDQGR LQLFLp HO DVFHQVR GHO 2OLYHWH SRU VX FDUD RULHQWDO <R KDEtD
DGYHUWLGR \D D (OLVHR GH PL LQPLQHQWH UHWRUQR DO PyGXOR FRPR FRQVHFXHQFLD GHO FDPELR GH
SODQHVSRUSDUWHGHO0DHVWURGH*DOLOHD7HQWDGRHVWXYHGHKDFHUPHFRQXQDDQWRUFKDDILQGH
FDPLQDU FRQ PD\RU VHJXULGDG SRU OD WURFKD TXH GLVFXUUtD HQWUH ORV ROLYDUHV 3HUR XQ HOHPHQWDO
VHQWLGRGHODSUXGHQFLDPHKL]RGHVLVWLU
(OHFRGHOPLFURWUDQVPLVRULQVWDODGRHQODKHELOODGHPLPDQWROOHJDEDQtWLGDPHQWHKDVWDOD
FXQD(VRPHWUDQTXLOL]y0LREMHWLYRHQDTXHOORVPRPHQWRVHUDDOFDQ]DUODFRWDVXSHULRUGHO
PRQWH GH ODV DFHLWXQDV VLWXDGD D OD GHUHFKD GH OD YHUHGD 8QD YH] ORFDOL]DGR HO FDOYHUR
SHGUHJRVRGRQGHVHKDOODEDSRVDGRHOPyGXOR(OLVHRVHHQFDUJDUtDGHFRQGXFLUPHPHGLDQWHOD
FRQH[LyQ DXGLWLYD 8QD KRUD DQWHV FXDQGR UHJUHViEDPRV KDFLD %HWDQLD \R KDEtD SURFXUDGR
TXHGDUPHUH]DJDGRDQXGDQGRHQXQDGHODVUDPDVGHXQDFHEXFKHMXVWDPHQWHHQODFXPEUHGHO
2OLYHWHHOSHTXHxROLHQ]REODQFRTXHPHVHUYtDSDUDVHFDUHOVXGRU\TXHFRPRHOUHVWRGHORV
KHEUHRVOOHYDEDSHUPDQHQWHPHQWHDUUROODGRHQODPXxHFDGHUHFKD
7DO\FRPRSUHVXPtD\FRQHOFRQVLJXLHQWHUHVSLURSRUPLSDUWHQROOHJXpDFUX]DUPHFRQXQ
VROR FDPLQDQWH $O GLVWLQJXLU OD WHOD RQGHDQGR VXDYHPHQWH DO YLHQWR DFHOHUp HO SDVR < WUDV
UHWLUDUOD GHO ROLYR VLOYHVWUH DEDQGRQp HO FDPLQR LQWHUQiQGRPH HQWUH OD PDOH]D HQ GLUHFFLyQ
QRUWH $ PL L]TXLHUGD HQ OD OHMDQtD VH GLYLVDEDQ ODV OXFHV DPDULOOHQWDV \ SDUSDGHDQWHV GH
-HUXVDOpQ 8QD PHGLDOXQDVXUJtD DLQWHUYDORVHQWUHODV FRPSDFWDVEDQGDVGH QXEHV IDFLOLWDQGR
FRQVLGHUDEOHPHQWH PL DSUR[LPDFLyQ D OD QDYH $ ORV SRFRV PLQXWRV PH DVRPDED DO FDOYHUR
ORFDOL]DQGRHOVXDYHSURPRQWRULRSHGUHJRVRVREUHHOTXHGHEtDHQFRQWUDUVHSRVDGRHOPyGXOR
(OLVHR HQ SHUPDQHQWH FRQH[LyQ KDEtD LGR VXSHUYLVDQGR PLV SDVRV FRUULJLHQGR D WUDYpV GH OD
SDQWDOODGHUDGDUDOJXQDVGHPLVLQHYLWDEOHVGHVYLDFLRQHVHQHOUXPER$OSHQHWUDUHQOD]RQDGH
VHJXULGDGGHOPyGXORDXQRVSLHVGHOSXQWRGHFRQWDFWRPLFRPSDxHURPHDQXQFLy
TXHSURFHGtDDODGHVFRQH[LyQSDUFLDOGHODSDQWDOODPLHQWRLQIUDUURMRFRQHOILQGHKDFHUYLVLEOHV
ORVSLHVGHVXVWHQWDFLyQGHODFXQDKDFLHQGRDVtPiVUiSLGRPLLQJUHVRHQODQDYH
'HSURQWRHQPLWDGGHODRVFXULGDG\FRPRFODYDGRVHQODVURFDVDSDUHFLHURQFXDWURODUJRV
WXERVDSXQWDQGRFRPRIDQWDVPDVD]XODGRVKDFLDODLQPHQVLGDGGHOFLHOR6LPXOWiQHDPHQWH\FRQ
XQVXDYHUHVRSOLGRHOVLVWHPDKLGUiXOLFRKL]RGHVFHQGHUODHVFDOHULOODGHDOXPLQLR6LQSpUGLGD
GHWLHPSRPHLQWURGXMHHQWUHHOWUHQGHDWHUUL]DMHGHODFXQDVXELHQGRDOLQWHULRUGHOPyGXOR
6XSRQJR TXH VL DOJXLHQ KXELHUD SRGLGR YHUPH HQ DTXHOORV PRPHQWRV DVFHQGLHQGR SRU XQD
HVFDOHULOODTXHDSDUHQWHPHQWHQRFRQGXFtDDQLQJXQDSDUWH\GHVDSDUHFLHQGRSURJUHVLYDPHQWH
SULPHURODFDEH]DKRPEURV\EUD]RV\DFRQWLQXDFLyQHOUHVWRGHOWURQFRYLHQWUHSLHUQDVHWF
HOVXVWRKXELHUDVLGRFRQVLGHUDEOHFUH\HQGRTXL]iTXHKDEtDSUHVHQFLDGRXQDYLVLyQGLYLQD
0LHQFXHQWURFRQ(OLVHRIXHHVSHFLDOPHQWHLQWHQVR\HPRWLYR
8QD YH] HQ OD FXQD PL FRPSDxHUR DSDQWDOOy GH QXHYR HO WUHQ GH VXVWHQWDFLyQ \ WUDV
YHULILFDUTXHWRGRVHJXtDHQFDOPDHQWRUQRDODQDYHQRVGLVSXVLPRVDODUHYLVLyQ\HMHFXFLyQGH
ODVHJXQGDIDVHGHODRSHUDFLyQ
0LLQJUHVRHQHOPyGXORVHKDEtDUHJLVWUDGRDODVKRUDV\PLQXWRV(VRVLJQLILFDEDTXH
GLVSRQtD GH XQDV QXHYH KRUDV DQWHV GH PL LQFRUSRUDFLyQ DO JUXSR GH -HV~V SUHYLVWD VHJ~Q
&DEDOORGH7UR\DSDUDODVKRUDVGHODPDxDQDGHOGtDVLJXLHQWHPDUWHVGHDEULO
'HVSXpVGHDVHDUPH\FDPELDUPLVURSDVQRDVtHOFDO]DGR(OLVHRPHKL]RHQWUHJDGHOR
TXH IDPLOLDUPHQWH FRQRFtDPRV FRPR OD YDUD GH 0RLVpV HO ~QLFR LQVWUXPHQWDO DXWRUL]DGR
IXHUD GH OD FXQD \ TXH LED D MXJDU XQ SDSHO IXQGDPHQWDO HQ PL VLJXLHQWH H[SORUDFLyQ HQ
HVSHFLDODSDUWLUGHOSUHQGLPLHQWRGHO1D]DUHQRHQODQRFKHGHOMXHYHVGHDEULO2EYLDPHQWH
HQXQYLDMHGHDTXHOODQDWXUDOH]DORVKRPEUHVGHOJHQHUDO&XUWLVVKDEtDQSUHYLVWRDOPHQRV
SDUDODVKRUDVGHPi[LPDWHQVLyQODILOPDFLyQGHORVSULQFLSDOHVVXFHVRVQRFKHGHOOODPDGR
-XHYHV6DQWR9LHUQHV\'RPLQJRGH5HVXUUHFFLyQ
$GHPiV GH OD FLWDGD ILOPDFLyQ &DEDOOR GH 7UR\D WHQtD HVSHFLDO LQWHUpV HQ HO H[KDXVWLYR
VHJXLPLHQWRPLQXWRDPLQXWRGHODVWRUWXUDVTXHLEDDVXIULUHO1D]DUHQRDVtFRPRGHVXV
KRUDV HQ OD FUX] (O VHJXLPLHQWR VHUtD PDQWHQLGR GHVGH XQD GREOH YHUWLHQWH SRU XQ ODGR PL
SURSLRWHVWLPRQLRSHUVRQDO\GHRWURVLQGXGDPiVLPSRUWDQWHDWUDYpVGHXQVRILVWLFDGRHTXLSR
WpFQLFRFDSD]GHILOPDU\FKHTXHDUGHVGHXQiQJXORHVWULFWDPHQWHPpGLFRDXQPLVPRWLHPSR
&RPRHVQDWXUDOHVWDVGHOLFDGDVRSHUDFLRQHVQRSRGtDQHIHFWXDUVHDELHUWDPHQWH(OORKDEUtD
LGR HQ FRQWUD GH ORV SULQFLSLRV EiVLFRV GHO SUR\HFWR (UD LQYLDEOH SRU WDQWR TXH \R KXELHUD
FDUJDGR FRQ XQD FiPDUD GH FLQH R FRQ ORV FRPSOHMRV DSDUDWRV GH UDVWUHR GH ODV FRQVWDQWHV
YLWDOHV GH -HV~V GH 1D]DUHW < FRPR QDWXUDOPHQWH WDPSRFR HUD SRVLEOH OD LPSODQWDFLyQ GH
FDEOHVRGLVSRVLWLYRVHOHFWUyQLFRVHQ HOFXHUSR GHO0DHVWURGH*DOLOHDTXH QRV SHUPLWLHUDQ XQ
FRQWURO GH VXV IXQFLRQHV RUJiQLFDV ULWPRV DUWHULDO FDUGtDFR HWF &DEDOOR GH 7UR\D GLVHxy \
IDEULFy XQ FRPSOHMR VLVWHPD PLQXFLRVDPHQWH FDPXIODGR HQ OR TXH OODPiEDPRV OD YDUD GH
0RLVpV
(VWHLQJHQLRTXHLUpGHWDOODQGRGHXQDIRUPDSURJUHVLYDFRQVLVWtDHQXQVLPSOHFD\DGR
GH PDGHUD GH SLQVDSR GH PHWURV GH ORQJLWXG SRU WUHV FHQWtPHWURV GH GLiPHWUR FRQ HO
FRUUHVSRQGLHQWH UHPDWH VXSHULRU HQ IRUPD GH DUFR >@ 3DUD XQ REVHUYDGRU FXDOTXLHUDDMHQR D
QXHVWUDV LQWHQFLRQHV QR GHEHUtD SUHVHQWDU PD\RU LQWHUpV TXH HO GH FXDOTXLHU YDUD FRP~Q \
FRUULHQWHFRPRODVXWLOL]DGDVKDELWXDOPHQWHSRUORVFDPLQDQWHV\SHUHJULQRV
(Q VX LQWHULRU VLQ HPEDUJR KDEtD VLGR GLVSXHVWR XQ GHOLFDGtVLPR HTXLSR $ PHWURV
URWDQGR VLHPSUH GHVGH OD EDVH GHO EDVWyQ VH KDOODEDQ FXDWUR FDQDOHV GH ILOPDFLyQ
VLPXOWiQHDFRQORVREMHWLYRVGLVWULEXLGRVHQFUX]GHIRUPDTXHSXGLHUDURGDUVHDXQPLVPR
WLHPSRFXDQWRVXFHGtDHQORVJUDGRVGHQXHVWURHQWRUQR/DVFXDWURERFDVGHILOPDFLyQGH
PLOtPHWURV GH GLiPHWUR FDGD XQD KDEtDQ VLGR GLVLPXODGDV PHGLDQWH XQ DQLOOR GH WUHV
FHQWtPHWURV GH DQFKXUD IRUPDGR SRU XQ FULVWDO VHPLUUHIOHFWDQWH GH IRUPD TXH VyOR SHUPLWtD OD
YLVLyQGHGHQWURKDFLDDIXHUD(VWDHVSHFLHGHDEUD]DGHUDSULPRURVDPHQWHWUDEDMDGDSRUQXHVWURV
WpFQLFRV GHIRUPDTXHDSDUHQWDVHXQDVHQFLOOD EDQGD GHSLQWXUDQHJUDVREUH ODEODQFD PDGHUD
KDEtDVLGRUHIRU]DGD\DGRUQDGDFRQGRVKLOHUDVGHFODYRVGHFREUHTXHODVXMHWDEDQILUPHPHQWH
(VWRVFODYRVGHDQFKDFDEH]DKDEtDQVLGRWUDEDMDGRVGHDFXHUGRFRQODVDQWLTXtVLPDVWpFQLFDV
GH OD LQGXVWULD PHWDO~UJLFD GHVFXELHUWDV SRU 1HOVRQ *OXHFN HQ HO YDOOH GH OD$UDEi DO VXU GHO
PDU0XHUWR\HQ(V\yQ*XpEHUHOOHJHQGDULRSXHUWRPDUtWLPRGH6DORPyQHQHOPDU5RMR(Q
HYLWDFLyQGHKLSRWpWLFRVSUREOHPDVORVKRPEUHVGH&XUWLVVKDEtDQVHJXLGRDOSLHGHODOHWUDODV
QRUPDV GH OD0LVQi R WUDGLFLyQ RUDO MXGDLFD TXH HQ VX 2UGHQ 6H[WR GHGLFDGR D ODV
SUHVFULSFLRQHV VREUH SXUH]DV H LPSXUH]DV HVSHFtILFD TXH XQ EDVWyQ SXHGH VHU VXVFHSWLEOH GH
LPSXUH]D VL KD VLGR DGRUQDGR FRQ WUHV KLOHUDV GH FODYRV 8QR GH HVWRV FODYRV GH XQ FRORU
YHUGRVRPiVLQWHQVRTXHHOUHVWR\OLJHUDPHQWHVHSDUDGRGHODVXSHUILFLHGHOFD\DGRSRGtDVHU
SXOVDGR PDQXDOPHQWH LQLFLiQGRVH DVt GH PDQHUD DXWRPiWLFD OD ILOPDFLyQ VLPXOWiQHD
%DVWDEDXQDQXHYDSUHVLyQSDUDTXHHOFODYRYROYLHUDDVXSRVLFLyQLQLFLDOLQWHUUXPSLpQGRVH
OD JUDEDFLyQ 7DPELpQ FRQ RFDVLyQ GHO JUDQ YLDMH &DEDOOR GH 7UR\D SUHVFLQGLy GH ORV
REMHWLYRVFRP~QPHQWHXWLOL]DGRVHQODVFiPDUDVGHILOPDFLyQDMXVWDQGRHQODVERFDVGHFLQH
XQ VLVWHPD UHYROXFLRQDULR TXH HVWR\ VHJXUR DOJ~Q GtD VH LPSRQGUi HQ OD DFWXDO WpFQLFD
IRWRJUiILFD'DGDODH[WUHPDPLQLDWXUL]DFLyQGHORVVLVWHPDVUHVXOWDEDPX\GLItFLOHOFDPELRGH
REMHWLYRV HQ ODV FiPDUDV TXH KXELHUD SHUPLWLGR OD WRPD GH GLIHUHQWHV SODQRV 0HGLDQWH XQD
WpFQLFD VXPDPHQWH FRPSOHMD ODV OHQWHV GH YLGULR IXHURQ UHHPSOD]DGDV SRU OR TXH SRGUtDPRV
GHQRPLQDU OHQWHV JDVHRVDV VXVFHSWLEOHV GH WUDQVIRUPDUVH VLQ QHFHVLGDG GH FDPELR GH
REMHWLYRVHQJUDQGHVDQJXODUHVWHOHREMHWLYRVOHQWHVGHDSUR[LPDFLyQHWF>@
&RPRGLJRHVWHGLVSRVLWLYRGHOHQWHVJDVHRVDVLEDDUHVXOWDUGHVXPDXWLOLGDG$ORODUJRGH
ORV LQWHQVRV \ GUDPiWLFRV MXHYHV \ YLHUQHV HO FDPELR LQVWDQWiQHR GH XQ JUDQ DQJXODU D
WHOHREMHWLYR SRU HMHPSOR PH SHUPLWLUtD ILOPDU GHWDOOHV GH H[WUHPD LPSRUWDQFLD HVSHFLDOPHQWH
GXUDQWH ODV KRUDV TXH GXUy OD FUXFLIL[LyQ $XQTXH SUHILHUR UHIHULUPH D HOOR PiV DGHODQWH HO
SURFHVRGHILOPDFLyQVHKDOODEDtQWLPDPHQWHOLJDGRDRWURVLVWHPDGHH[SORUDFLyQPpGLFDOD
HPLVLyQ LQIUDUURMD LJXDOPHQWH GLVSXHVWD HQ OD YDUD GH 0RLVpV DXQTXH HQ XQ PHFDQLVPR
DORMDGRHQOD]RQDVXSHULRUGHOFD\DGRDPHWURVGHODEDVH
7DQWR HO HTXLSR GH ILOPDFLyQ FRPR HO GH LQIUDUURMRV DVt FRPR RWUR GH XOWUDVRQLGRV HUDQ
VRVWHQLGRV SRU HO \D PHQFLRQDGR PLFURFRPSXWDGRU QXFOHDU HVWUDWpJLFDPHQWH HQFHUUDGR HQ OD
EDVHGHODYDUD6XFRPSOHMLGDGHUDWDOTXHDGHPiVGHODVIXQFLRQHVGHFRQWURODXWRPiWLFRGHOD
ILOPDFLyQ DFXPXODFLyQ GH SHOtFXOD FDSD] SDUD KRUDV GH ILOPDFLyQ UHJXODFLyQ GH ODV
HPLVLRQHV UHFHSFLyQ \ SURFHVR GH ODV RQGDV XOWUDVyQLFDV \ UDGLDFLyQ LQIUDUURMD
WUDGXFLpQGRODVDLPiJHQHV\VRQLGRVDOLPHQWDGRUGHORVJHQHUDGRUHVGHXOWUDIUHFXHQFLDHWF
VX PHPRULD GH WLWDQLR>@ OH FDSDFLWDED LQFOXVR SDUD FRQWURODU HQ FDGD LQVWDQWH KDVWD ORV
PRYLPLHQWRVGHWXUEXOHQFLDHQFDGDXQRGHORVSXQWRVGHODVFXDWURFiPDUDVJDVHRVDVGHFLQH
FRUULJLpQGRORV\FRQVLJXLHQGRXQDSHUIHFWDHVWDELOLGDGySWLFD
'($%5,/0$57(6
$ ODV KRUDV GH DTXHO PDUWHV FRQ HO DOED GHVFHQGt GHO PyGXOR LQLFLDQGR HO FDPLQR GH
UHJUHVR D %HWDQLD (O FLHOR KDEtD UHFREUDGR VX KHUPRVR D]XO FHOHVWH \ OD WHPSHUDWXUD DXQTXH
OLJHUDPHQWH PiV EDMD TXH HQ GtDV DQWHULRUHV OD FXQD UHJLVWUy RQFH JUDGRV FHQWtJUDGRV HQ HO
PRPHQWRGHPLGHVSHGLGDGH(OLVHRUHVXOWDEDVRSRUWDEOH
$TXHOEUHYHSHUtRGRHQHOPyGXORDGHPiVGHSHUPLWLUPHXQFRUWRSHURSURIXQGRGHVFDQVR\
XQ DVHR FRPSOHWR KDEtD VHUYLGR SDUD VDWLVIDFHU XQ SHTXHxR FDSULFKR LQWHQVDPHQWH DxRUDGR HQ
DTXHOORVFLQFRSULPHURVGtDVGHH[SORUDFLyQSRGHUGHVD\XQDUDODDQWLJXDXVDQ]DDXQTXHHQ
HVWH FDVR WDQ HVSHFLDO TXL]i KDEUtD TXH GHFLU D OD IXWXUD XVDQ]D WDO \ FRPR WHQtD SRU
FRVWXPEUHHQORV(VWDGRV8QLGRV$VtTXHEDMRODPLUDGDGLYHUWLGDGHPLFRPSDxHUR\RPLVPR
SUHSDUp ORV KXHYRV UHYXHOWRV HO EDFRQ ODV WRVWDGDV FRQ PDQWHTXLOOD \ GRV JHQHURVDV WD]DV GH
FDIpKXPHDQWH
< FRQ HO iQLPR GLVSXHVWR WRPp PL QXHYR H LQVHSDUDEOH FRPSDxHUR OD YDUD GH
0RLVpV JXDUGDQGR HQ OD EROVD GH KXOH XQ GLPLQXWR PLFUyIRQR ODV OHQWHV GH FRQWDFWR
FUyWDORV GRV HVPHUDOGDV XQD FXHUGD GH FRORUHV \ OD FDUWD GH XQ VXSXHVWR DPLJR GH
7HVDOyQLFD 7RGR HOOR FRPR LUHPRV YLHQGR GH VXPD LPSRUWDQFLD SDUD HO GHVDUUROOR GH PL
PLVLyQ
&RQIRUPHPHDSUR[LPDEDD%HWDQLDVLJXLHQGRODPLVPDYHUHGDTXHKDEtDWRPDGRODQRFKH
DQWHULRUSDUDPLUHJUHVRDODFXQDXQDFUHFLHQWHFXULRVLGDGIXHDSRGHUiQGRVHGHPt4XpPH
GHSDUDUtDHOGHVWLQRHQDTXHOORVGRVGtDVPDUWHV\PLpUFROHVGHORVTXHDSHQDVVLVHKDEOD
HQODVFUyQLFDVHYDQJpOLFDV"4XpKDUtD-HV~VGH1D]DUHWGXUDQWHODVKRUDVTXHSUHFHGLHURQDVX
SUHQGLPLHQWR"
$TXHOODLQTXLHWXGPHKL]RDFHOHUDUHOSDVR
&XDQGRPHKDOODEDDXQWLURGHSLHGUDGHOFDPLQRTXHFRQGXFHGH-HUXVDOpQD-HULFy\TXH
DWUDYHVDED %HWDQLD XQ HVSHVR PDWRUUDO PH OODPy OD DWHQFLyQ 6H WUDWDED GH EHOORV UDFLPRV GH
MXQFLDV GH OD HVSHFLH VXOWiQ PX\ DSUHFLDGDV SRU ODV PXMHUHV MXGtDV<R VDEtD TXH ODV
KHEUHDV JXVWDEDQ GH DGRUQDU VXV FDEHOORV FRQ PDQRMRV GH HVWDV RORURVDV IORUHV H[WUD\HQGR
WDPELpQ GH VXVSHTXHxRVWXEpUFXORVRYRLGHRVDOJRPHQRUHVTXHODV DYHOODQDV XQD HVSHFLH GH
UHIUHVFDQWHOLFRUGHXQVDERUPX\VLPLODUDODKRUFKDWD
&RQWHQWRSRUPLGHVFXEULPLHQWRDUUDQTXpXQFRSLRVRUDPR\SURVHJXtODPDUFKD
$O OOHJDU D OD DOGHD HO IDPLOLDU UXLGR GH OD PROLHQGD GHO JUDQR PH SXVR VREUH DYLVR ORV
KDELWDQWHV GH %HWDQLD KDFtD WLHPSR TXH VH DIDQDEDQ HQ VXV TXHKDFHUHV \ SUHVXPLEOHPHQWH HO
0DHVWURGH*DOLOHDFRQVXPDGRPDGUXJDGRUKDEUtDLQLFLDGR\DVXMRUQDGD1RWHQtDWLHPSR
TXHSHUGHU
$O HQWUDU HQ OD FDVD GH /i]DUR OD IDPLOLD PH VDOXGy FRQ YLYDV PXHVWUDV GH DOHJUtD
RIUHFLpQGRPHHOWUDGLFLRQDOEHVRHQODPHMLOOD0DUWDHQHVSHFLDOSDUHFtDPXFKRPiVQHUYLRVD\
IHOL]TXHHOUHVWRSRUPLQXHYDYLVLWD3HURVXWXUEDFLyQOOHJyDOOtPLWHFXDQGRLQHVSHUDGDPHQWH
SXVHHQVXVPDQRVHOUDFLPRGHMXQFLDV6XVSURIXQGRVRMRVQHJURVVHFODYDURQHQORVPtRV<DO
LQVWDQWHHQXQRGHVXVSHFXOLDUHVDUUDQTXHVVHVHSDUyGHOJUXSRUHIXJLiQGRVHDODFDUUHUDHQXQD
GHODVHVWDQFLDVGHOSDWLRFHQWUDO0DUtD\/i]DURQRSXGLHURQFRQWHQHUODVULVDV
3HURPLVSHQVDPLHQWRVHVWDEDQFHQWUDGRVHQ-HV~VHLQWHUURJXpGHLQPHGLDWRD/i]DURVREUH
HO SDUDGHUR GHO 0DHVWUR $TXHO LQWHUpV PtR SRU HO *DOLOHR GHELy OOHQDUOH GH VDWLVIDFFLyQ \
DWHQGLHQGRPLUXHJRVHEULQGyDDFRPSDxDUPHKDVWDODPDQVLyQGH6LPyQHOOHSURVR
3RU OD SRVLFLyQ GHO VRO GHEtDQ VHU OD VLHWH GH OD PDxDQD FXDQGR WUDV FUX]DU HO MDUGtQ PH
UHLQFRUSRUpDOJUXSRGHGLVFtSXORVTXHFRQYHUVDEDFRQHOUDEtDOSLHGHODVHVFDOLQDWDVGRQGH\R
KDEtDVRVWHQLGRPLSULPHUDFRQYHUVDFLyQFRQHO0DHVWUR
3UXGHQWHPHQWH PH PDQWXYH DO IRQGR GH OD QXWULGD UHXQLyQ REVHUYDQGR TXH DGHPiV GH ORV
GRFHKRPEUHVGHFRQILDQ]DDVLVWtDQXQDGHFHQDGHPXMHUHVHOHJLGDVLJXDOPHQWHSRU-HV~VDO
SULQFLSLRGHVXPLQLVWHULRDVtFRPRYHLQWHRYHLQWLFLQFRGLVFtSXORVWRGRVHOORVPX\DPLJRV
GHO*DOLOHRDPpQGHOSURSLHWDULRGHODFDVDHODQFLDQR6LPyQ
3RUHOWRQRGHVXYR]PiVJUDYHGHORKDELWXDOFRPSUHQGtTXHDTXHOODUHXQLyQHQFHUUDEDXQ
VHQWLGR PX\ HVSHFLDO 1R PH HTXLYRTXp -HV~V DQWH ORV DWyQLWRV RMRV GH VXV DPLJRV IXH
GLFLpQGROHV DGLyV (Q DTXHO LQVWDQWH SXOVp GLVLPXODGDPHQWH HO FODYR GH FREUH DFWLYDQGR OD
ILOPDFLyQ VLPXOWiQHD 1DGLH VH SHUFDWy GH OD PDQLREUD 6LQ HPEDUJR \ DVt FUHR TXH GHER
UHJLVWUDUORHQKRQRUDODYHUGDGHQHOPRPHQWRHQTXHLQLFLpODJUDEDFLyQHOJLJDQWHTXHVH
KDOODEDGHHVSDOGDV\FRQYHUVDQGRFRQHOJUXSRGHPXMHUHVJLUyV~ELWDPHQWHODFDEH]DILMDQGR
SULPHURVXPLUDGDHQPt\DFWRVHJXLGRHQODYDUDTXH\RVXMHWDEDFRQPLPDQRGHUHFKD8QD
ROHDGDGHVDQJUHDVFHQGLyGHVGHPLYLHQWUH3HURHO0DHVWURHQFXHVWLyQGHVHJXQGRVWHUPLQy
SRUHVER]DUXQDDQFKDVRQULVDDODTXHFUHRTXHFRUUHVSRQGtDXQTXHQRHVWR\PX\VHJXUR3RU
XQPRPHQWRFUHtTXHWRGRVHYHQtDDEDMR
/RV DSyVWROHV \ GLVFtSXORV TXH VHJXtDQ WRGRV \ FDGD XQR GH ORV PRYLPLHQWRV GHO 0DHVWUR
DVRFLDURQ DTXHOOD PLUDGD \ OD LQPHGLDWD VRQULVD FRQ PL SUHVHQFLD QR FRQFHGLpQGROH PiV
WUDVFHQGHQFLD TXH OD GH XQ FiOLGR VDOXGR KDFLD XQ JHQWLO TXH YHQtD GHPRVWUDQGR XQ DELHUWR \
VLQFHURLQWHUpVSRUODGRFWULQDGHOUDEt
$FWRVHJXLGR-HV~VVHGLULJLyDVXVGRFHtQWLPRVGHGLFDQGRDFDGDXQRGHHOORVXQDVFiOLGDV
SDODEUDVGHGHVSHGLGD
<HPSH]ySRU$QGUpVHOYHUGDGHURUHVSRQVDEOH\MHIHGHOJUXSRGHORVDSyVWROHV
(QXQRGHVXVJHVWRVIDYRULWRVFRORFyVXVPDQRVVREUHORVKRPEURVGHOKHUPDQRGH3HGUR
GLFLpQGROH
1RWHGHVDQLPHVSRUORVDFRQWHFLPLHQWRVTXHHVWiQDSXQWRGHOOHJDU0DQWpQWXPDQRIXHUWH
HQWUHWXVKHUPDQRV\FXLGDGHTXHQRWHYHDQFDHUHQHOGHViQLPR
'HVSXpVGLULJLpQGRVHD3HGURH[FODPy
1RSRQJDVWXFRQILDQ]DHQHOEUD]RGHODFDUQHQLHQODVDUPDVGHPHWDO)XQGDPHQWDWX
SHUVRQDHQORVFLPLHQWRVHVSLULWXDOHVGHODVURFDVHWHUQDV
$TXHOODV IUDVHV PH GHMDURQ SHUSOHMR &DVL LQFRQVFLHQWHPHQWH DVRFLp ODV SDODEUDV GH -HV~V
FRQ DTXHOODV RWUDV YHUWLGDV SRU HO HYDQJHOLVWD 0DWHR HQ VX FDStWXOR HQ ODV TXH WUDV OD
FRQIHVLyQGH3HGURVREUHHORULJHQGLYLQRGHO0DHVWURpVWHDILUPDWH[WXDOPHQWH
%LHQDYHQWXUDGRW~6LPyQ%DU-RQD\\RWHGLJRDWLTXHW~HUHV3HGUR\VREUHHVWD
SLHGUDHGLILFDUp\RPL,JOHVLD
$OHVWXGLDUORV(YDQJHOLRVFDQyQLFRVGXUDQWHPLSUHSDUDFLyQSDUDODRSHUDFLyQ&DEDOORGH
7UR\D KDEtD GHWHFWDGR XQ GDWR UHSHWLGR HQ GLIHUHQWHV SDVDMHV TXH PH SURGXMR XQD FLHUWD
FRQIXVLyQ$OJXQRVSDUODPHQWRVGHO1D]DUHQRRVXFHVRVUHODFLRQDGRVFRQVXQDFLPLHQWR\YLGD
S~EOLFDVyORHUDQUHFRJLGRVSRUXQRGHORVHYDQJHOLVWDVPLHQWUDVTXHORVRWURVWUHVQRVHGDEDQ
SRUHQWHUDGRV(VWHHUDHOFDVRGHOFLWDGRSiUUDIRGH6DQ0DWHRTXHVRVWLHQHODFUHHQFLDHQWUHORV
FDWyOLFRV GH TXH -HV~V GH 1D]DUHW TXLVR IXQGDU XQD ,JOHVLD WDO \ FRPR KR\ OD HQWHQGHPRV<
GHVGH HO SULPHU PRPHQWR QDFLy HQ Pt XQD GXGD FyPR HUD SRVLEOH TXH XQD DILUPDFLyQ WDQ
GHFLVLYDSRUSDUWHGH-HV~VQRIXHUDLJXDOPHQWHUHJLVWUDGDSRU0DUFRV/XFDV\-XDQ"(VTXHHO
0DHVWUR GH *DOLOHD QR SURQXQFLy MDPiV DTXHOODV SDODEUDV VREUH 3HGUR \ OD ,JOHVLD" 3XGR VHU
HVWD SDUWH GH OD OODPDGD FRQIHVLyQ GH 3HGUR XQD GHILFLHQWH LQIRUPDFLyQ SRU SDUWH GHO
HYDQJHOLVWD" 2 PH HQFRQWUDED DQWH XQD PDQLSXODFLyQ PX\ SRVWHULRU D OD PXHUWH GH &ULVWR
FXDQGR ODV HQVHxDQ]DV GHO UDEt KDEtDQ HPSH]DGR D FDQDOL]DUVH GHQWUR GH XQDV HVWUXFWXUDV
FROHJLDOHV \ EXURFUiWLFDV TXH H[LJtDQ OD MXVWLILFDFLyQ DO PiV DOWR QLYHO GH VX SURSLD
H[LVWHQFLD"
/RVDFRQWHFLPLHQWRVTXHLEDDWHQHURFDVLyQGHSUHVHQFLDUHQODWDUGH\QRFKHGHHVHPLVPR
PDUWHV GH DEULO FRQILUPDUtDQ PLV VRVSHFKDV VREUH OD SpVLPD UHFHSFLyQ SRU SDUWH GH ORV
DSyVWROHVGHPXFKDVGHODVFRVDVTXHKL]R\TXHVREUHWRGRGLMR-HV~V<DXQTXHQXQFDQHJDUp
OD SRVLELOLGDG GH TXH HO *DOLOHR SXGLHUD KDEHU SURQXQFLDGR HVDV SDODEUDV VREUH 3HGUR \ VX
,JOHVLDDOHVFXFKDUDTXHOODGHVSHGLGDSHUVRQDOGHO0DHVWURD3HGURHQHOMDUGtQGH6LPyQHO
OHSURVRPLGXGDVREUHXQDSRVLEOHFRQIXVLyQSRUSDUWHGHVDQ0DWHRFUHFLyVHQVLEOHPHQWH
3HGUR DO HVFXFKDU DTXHOODV HPRFLRQDGDV SDODEUDV \ HQ XQ PRYLPLHQWR UHIOHMR TXH OH
WUDLFLRQyWUDWyGHRFXOWDUFRQVXURSyQODHPSXxDGXUDGHODHVSDGDTXHHVFRQGtDHQWUHODW~QLFD
\ OD IDMD 3HUR -HV~V VLPXODQGR QR KDEHU YLVWR GLFKR JHVWR VH FRORFy IUHQWH D 6DQWLDJR
GLFLpQGROH
1RGHVIDOOH]FDVSRUDSDULHQFLDVH[WHULRUHV3HUPDQHFHILUPHHQWXIH\SURQWRFRQRFHUiVOD
UHDOLGDGGHORTXHFUHHV
6LJXLyFRQ1DWKDQLHO\HQHOPLVPRWRQRGHGXO]XUDDILUPy
1RMX]JXHVSRUODVDSDULHQFLDV9LYHWXIHFXDQGRWRGRSDUH]FDGHVYDQHFHUVH6pILHODWX
PLVLyQGHHPEDMDGRUGHOUHLQR
$OLPSHUWXUEDEOH)HOLSHHOKRPEUHSUiFWLFRGHOJUXSROHGHVSLGLyFRQHVWDVSDODEUDV
1RWHVREUHFRMDVSRUORVDFRQWHFLPLHQWRVTXHVHYDQDSURGXFLU3HUPDQHFHWUDQTXLORDXQ
FXDQGRQRSXHGDVYHUHOFDPLQR6pOHDODWXYRWRGHFRQVDJUDFLyQ
$0DWHRVHJXLGDPHQWHOHKDEOyDVt
1R ROYLGHV OD JUDFLD TXH UHFLELVWH GHO UHLQR 1R SHUPLWDV TXH QDGLH WH HVWDIH HQ WX
UHFRPSHQVD HWHUQD $Vt FRPR KDV UHVLVWLGR WXV LQFOLQDFLRQHV GH OD QDWXUDOH]D PRUWDO GHVHD
SHUPDQHFHUUHVXHOWR
(QFXDQWRD7RPiVVXGHVSHGLGDIXHDVt
1RLPSRUWDORGLItFLOTXHSXHGDVHUDKRUDGHEHVFDPLQDUVREUHODIH\QRVREUHODYLVWD
1RGXGHVTXH\RSXHGRWHUPLQDUHOWUDEDMRTXHKHFRPHQ]DGR
$TXHOODVSDODEUDVD7RPiVHOJUDQHVFpSWLFRIXHURQHVSHFLDOPHQWHSURIpWLFDV
1RSHUPLWiLVTXHORTXHQRSRGpLVFRPSUHQGHURVDSODVWHOHVGLMRDORVJHPHORV6HG
ILHOHV D ORV DIHFWRV GH YXHVWURV FRUD]RQHV \ QR SRQJiLV YXHVWUD IH HQ JUDQGHV KRPEUHV R HQ OD
DFWLWXGFDPELDQWHGHODJHQWH3HUPDQHFHGHQWUHYXHVWURVKHUPDQRV
'HVSXpVOOHJDQGRIUHQWHD6LPyQ=HORWHVHOGLVFtSXORPiVSROLWL]DGRSURVLJXLy
6LPyQSXHGHTXHWHDSODVWHHOGHVFRQFLHUWRSHURWXHVStULWXVHOHYDQWDUiVREUHWRGRVORV
TXHYD\DQFRQWUDWL/RTXHQRKDVVDELGRDSUHQGHUGHPtPLHVStULWXWHORHQVHxDUi%XVFDODV
YHUGDGHUDV UHDOLGDGHV GHO HVStULWX \ GHMD GH VHQWLUWH DWUDtGR SRU ODV VRPEUDV LUUHDOHV \
PDWHULDOHV
(O SHQ~OWLPR DSyVWRO HUD HO MRYHQ -XDQ (O 0DHVWUR WRPy VXV PDQRV HQWUH ODV VX\DV
GLFLpQGROH
6pVXDYH$PDLQFOXVRDWXVHQHPLJRV6pWROHUDQWH<UHFXHUGDTXH\RKHFUHtGRHQWL
-XDQFRQORVRMRVKXPHGHFLGRVUHWXYRODVPDQRVGH-HV~VDOWLHPSRTXHH[FODPDEDFRQXQ
KLORGHYR]
3HUR6HxRUHVTXHWHPDUFKDV"
$ MX]JDU SRU ODV H[SUHVLRQHV GH VXV URVWURV HVWR\ VHJXUR TXH WRGRV VH KDEtDQ IRUPXODGR
DTXHOODPLVPDSUHJXQWD6LQHPEDUJRVXViQLPRVHVWDEDQWDQPDOWUHFKRV\FRQIXVRVTXHQLQJXQR
H[FHSWRHOVLQFHUR\YDOLHQWH-XDQVHDWUHYLyDH[SUHVDUODHQYR]DOWD
3RU~OWLPRHO0DHVWURVHDSUR[LPyDOODUJXLUXFKR-XGDV,VFDULRWH'HVGHHOSULPHUPRPHQWR
ODFRPSOHMD\DWRUPHQWDGDSHUVRQDOLGDGGHDTXHOKRPEUHPHKDEtDQDWUDtGRGHIRUPDHVSHFLDO
(QODPHGLGDGHPLVSRVLELOLGDGHVSURFXUpQRSHUGHUOHGHYLVWD<SXHGRDGHODQWDU\DTXHODV
PRWLYDFLRQHV TXH OH HPSXMDURQ D WUDLFLRQDU D -HV~V QR IXHURQ FRPR VH LQVLQ~D HQ ORV
(YDQJHOLRV ODV GHO GLQHUR 3DUD XQ KRPEUH FRPR pO OD FRQVLGHUDFLyQ GH ORV GHPiV \ OD
YDQDJORULDSHUVRQDOHVWDEDQPX\SRUHQFLPDGHODDYDULFLD
-XGDVOHGLMRHO*DOLOHRWHKHDPDGR\KHUH]DGRSDUDTXHDPHVDWXVKHUPDQRV1RWH
VLHQWDVFDQVDGRGHKDFHUHOELHQ7HDYLVRSDUDTXHWHQJDVFXLGDGRFRQORVUHVEDODGL]RVFDPLQRV
GHODDGXODFLyQ\FRQORVGDUGRVYHQHQRVRVGHOULGtFXOR
-HV~VHYLGHQWHPHQWHFRQRFtDPX\ELHQHOFDUiFWHUGHOWUDLGRU
&XDQGR KXER WHUPLQDGR GH GHVSHGLUVH HO 0DHVWUR FRQ XQD FLHUWD VRPEUD GH WULVWH]D HQ VX
URVWURWRPyD/i]DURSRUHOEUD]R\VHDOHMyGHOJUXSRDGHQWUiQGRVHHQHOMDUGtQ6yORGHVSXpV
GHVXPXHUWHFXDQGRIDOWDEDQHVFDVDVKRUDVSDUDPLUHJUHVRDOPyGXOR0DUWDPHFRQIHVDUtDFXiO
KDEtDVLGRHOWHPDGHDTXHOODFRQYHUVDFLyQSULYDGDHQWUH-HV~VGH1D]DUHW\VXKHUPDQR
-HV~V UHFREUy FRQ SUHVWH]D VX KDELWXDO EXHQ KXPRU< GHVSXpV GH RUGHQDU D ORV GLVFtSXORV
TXHGLVSXVLHUDQDTXHOODPLVPDPDxDQDHOFDPSDPHQWRHQHO2OLYHWHURJyD3HGUR$QGUpV-XDQ
\6DQWLDJRTXHVHDGHODQWDUDQFRQpOD-HUXVDOpQ
0L HOHFFLyQ QR RIUHFtD GXGD \ HQ FRPSDxtD GH XQ UHGXFLGR JUXSR GH GLVFtSXORV VHJXt ORV
SDVRVGHDTXHOORVFLQFRKRPEUHV
&RPR HUD \D FRVWXPEUH HO 1D]DUHQR FRQ XQD HQYLGLDEOH IRUPD ItVLFD FXEULy OD HPSLQDGD
YHUWLHQWH RULHQWDO GHO 0RQWH GH ORV 2OLYRV HQ SRFR PiV GH PHGLD KRUD &XDQGR DO ILQ
DOFDQ]DPRV OD FLPD -HV~V \ ORV DSyVWROHV OHMRV GH GHWHQHUVH D GHVFDQVDU VH DOHMDEDQ \D
FROLQDDEDMRHQGLUHFFLyQDOWRUUHQWHVHFRGHO&HGUyQ
3HUR FRQWUD OR TXH LPDJLQDED HO 0DHVWUR QR SDUHFtD WHQHU H[FHVLYD SULVD SRU HQWUDU HQ OD
FLXGDGVDQWD<VHGHWXYRHQODFLWDGDIDOGDRFFLGHQWDOGHO2OLYHWHHQXQDH[SODQDGDHQODTXHVH
DSUHWDEDQ GHFHQDV GH WLHQGDV OD PD\RUtD RFXSDGDV SRU SHUHJULQRV SURFHGHQWHV GH *DOLOHD DVt
FRPRSRUFRPHUFLDQWHVGHODQDV\YHQGHGRUHVGHDQLPDOHVSDUDORVVDFULILFLRVULWXDOHV
3RUORTXHSXGHFRPSUREDUDOJXQDVGHDTXHOODVIDPLOLDVFRQRFtDQGHDQWLJXRDO*DOLOHR\OH
URJDURQ TXH VH VHQWDUD MXQWR D HOORV (O 0DHVWUR DFHSWy FRQ JXVWR DFDULFLDQGR D ORV QLxRV \
PRVWUiQGRVHHQFDQWDGRFXDQGRXQDGHODVKHEUHDVOHSUHVHQWyXQFXHQFRGHEDUURFRQOHFKHGH
FDEUDUHFLpQRUGHxDGDVHJ~QGLMR$OLQVWDQWHRWUDPXMHUFRORFDEDVREUHODHVWHUDGHSDMDVREUH
OD TXH KDEtD WRPDGR DVLHQWR HO UDEt XQD EDQGHMD GH PDGHUD FRQ XQ SXxDGR GH GiWLOHV \ XQD
HVSHFLHGHWRUWDGHFRORUEODQFRDPDULOOHQWR\TXHVHJ~QXQRGHPLVDFRPSDxDQWHVHUDFRQRFLGD
SRUHOQRPEUHGHSDQGHKLJRV>@
6RQULHQWHHO1D]DUHQRDSDUWyFRQVXPDQRL]TXLHUGDODVQXPHURVDVPRVFDVTXHWUDWDEDQGH
SRVDUVHHQODOHFKH\WRPDQGRHOUHFLSLHQWHFRQDPEDVPDQRVVHOROOHYyDODERFDEHELHQGR
OHQWD \ SODFHQWHUDPHQWH 3RFR GHVSXpV WUDV GHVSHGLUVH GH VXV DQILWULRQHV UHDOL]y RWUDV GRV
YLVLWDV
+DFLDODKRUDWHUFLDODVQXHYHGHODPDxDQDHOJUXSRSURVLJXLyVXFDPLQRKDFLD-HUXVDOpQ
)XHHQWRQFHVFXDQGR3HGUR\6DQWLDJRTXHOOHYDEDQYDULRVGtDVHQ]DU]DGRVHQXQDSROpPLFD
VREUHODVHQVHxDQ]DVGHVX0DHVWURHQUHODFLyQFRQHOSHUGyQGHORVSHFDGRVGHFLGLHURQVDOLUGH
GXGDV<3HGURWRPyODSDODEUD
0DHVWUR6DQWLDJR\\RQRHVWDPRVGHDFXHUGRUHVSHFWRDWXVHQVHxDQ]DVVREUHODUHGHQFLyQ
GHOSHFDGR6DQWLDJRDILUPDTXHW~HQVHxDVTXHHO3DGUHQRVSHUGRQDLQFOXVRDQWHVGHTXHVHOR
SLGDPRV<R PDQWHQJR TXH HO DUUHSHQWLPLHQWR \ OD FRQIHVLyQ GHEHQ LU SRU GHODQWH GHO SHUGyQ
4XLpQGHORVGRVHVWiHQORFLHUWR"
$OJRVRUSUHQGLGRSRUODSUHJXQWD-HV~VVHGHWXYRIUHQWHDODPXUDOODRULHQWDOGHOWHPSOR\
PLUDQGRLQWHQVDPHQWHDORVFXDWURUHVSRQGLy
+HUPDQRVPtRVHUUiLVHQYXHVWUDVRSLQLRQHVSRUTXHQRFRPSUHQGpLVODQDWXUDOH]DGHODV
tQWLPDV \ DPDQWHV UHODFLRQHV HQWUH OD FULDWXUD \ HO &UHDGRU HQWUH ORV KRPEUHV \ 'LRV 1R
DOFDQ]iLV D FRQRFHU OD VLPSDWtD FRPSUHQVLYD TXH ORV SDGUHV VDELRV WLHQHQ SDUD FRQ VXV KLMRV
LQPDGXURV\DYHFHVHTXLYRFDGRV
(VYHUGDGHUDPHQWHGXGRVRTXHXQSDGUHLQWHOLJHQWH\DPDQWHVHSRQJDDOJXQDYH]DSHUGRQDU
D XQ KLMR QRUPDO 5HODFLRQHV GH FRPSUHQVLyQ DVRFLDGDV FRQ HO DPRU LPSLGHQ HIHFWLYDPHQWH
HVDVGHVDYHQHQFLDVTXHPiVWDUGHQHFHVLWDQHOUHDMXVWH\DUUHSHQWLPLHQWRSRUHOKLMRFRQSHUGyQ
SRUSDUWHGHOSDGUH
<RRVGLJRTXHXQDSDUWHGHFDGDSDGUHYLYHHQHOKLMR<HOSDGUHGLVIUXWDGHSULRULGDG\
VXSHULRULGDGGHFRPSUHQVLyQHQWRGRVORVDVXQWRVUHODFLRQDGRVFRQVXKLMR(OSDGUHSXHGHYHU
ODLQPDGXUH]GHOKLMRSRUPHGLRGHVXSURSLDPDGXUH]ODH[SHULHQFLDPiVPDGXUDGHOYLHMR
3XHVELHQFRQORVKLMRVSHTXHxRVHO3DGUHFHOHVWLDOSRVHHXQDLQILQLWD\GLYLQDVLPSDWtD\
FRPSUHQVLyQDPRURVD(OSHUGyQGLYLQRSRUWDQWRHVLQHYLWDEOH(VLQKHUHQWHHLQDOLHQDEOHDOD
LQILQLWDFRPSUHQVLyQGH'LRV\DVXSHUIHFWRFRQRFLPLHQWRGHWRGRORFRQFHUQLHQWHDORVMXLFLRV
HUUyQHRV \ HOHFFLRQHV HTXLYRFDGDV GHO KLMR /D GLYLQD MXVWLFLD HV WDQ HWHUQDPHQWH MXVWD TXH
LQFOX\HLQHYLWDEOHPHQWHHOSHUGyQFRPSUHQVLYR
&XDQGR XQ KRPEUH VDELR HQWLHQGH ORV LPSXOVRV LQWHUQRV GH VXV VHPHMDQWHV ORV DPDUi<
FXDQGR DPHV D WX KHUPDQR \D OH KDEUiV SHUGRQDGR (VWD FDSDFLGDG SDUD FRPSUHQGHU OD
QDWXUDOH]D GHO KRPEUH \ GH SHUGRQDU VXV DSDUHQWHV HTXLYRFDFLRQHV HV GLYLQD (Q YHUGDG HQ
YHUGDGRVGLJRTXHVLVRLVSDGUHVVDELRVpVWDGHEHUiVHUODIRUPDHQTXHDPpLV\FRPSUHQGiLVD
YXHVWURV KLMRV LQFOXVR OHV SHUGRQDUpLV FXDQGR XQD IDOWD GH FRPSUHQVLyQ PRPHQWiQHD RV KD\D
VHSDUDGR
(O KLMR VLHQGR LQPDGXUR \ IDOWR GH SOHQD FRPSUHQVLyQ VREUH OD SURIXQGD UHODFLyQ SDGUH
KLMRVHQWLUiIUHFXHQWHPHQWHXQDVHQVDFLyQGHVHSDUDFLyQUHVSHFWRDVXSDGUH3HURHOYHUGDGHUR
SDGUHQXQFDHVWDUiFRQVFLHQWHGHHVWDVHSDUDFLyQ
(OSHFDGRHVODH[SHULHQFLDGHODFRQFLHQFLDGHODFULDWXUDQRHVSDUWHGHODFRQFLHQFLDGH
'LRV
9XHVWUDIDOWDGHFDSDFLGDG\GHGHVHRGHSHUGRQDUDYXHVWURVVHPHMDQWHVHVODPHGLGDGH
YXHVWUDLQPDGXUH]\ODUD]yQGHORVIUDFDVRVDODKRUDGHDOFDQ]DUHODPRU
0DQWHQpLVUHQFRUHV\DOLPHQWiLVYHQJDQ]DVHQSURSRUFLyQGLUHFWDDYXHVWUDLJQRUDQFLDVREUH
ODQDWXUDOH]DLQWHUQD\ORVYHUGDGHURVGHVHRVGHYXHVWURVKLMRV\SUyMLPR(ODPRUHVHOUHVXOWDGR
GHODGLYLQDHLQWHUQDQHFHVLGDGGHODYLGD6HIXQGDHQODFRPSUHQVLyQVHQXWUHHQHOVHUYLFLR
JHQHURVR\VHSHUIHFFLRQDHQODVDELGXUtD
/RV FXDWUR DPLJRV GH -HV~V JXDUGDURQ VLOHQFLR 3RVLEOHPHQWH 6DQWLDJR \ -XDQ Vt
FRPSUHQGLHURQSDUWHGHODVH[SOLFDFLRQHVGHO0DHVWUR1RDVtORVKHUPDQRVSHVFDGRUHV3HGUR
UDVFiQGRVHQHUYLRVDPHQWHODEURQFHDGDFDOYDVLJXLyORVSDVRVGHO*DOLOHRVXPLGRHQXQVLQItQ
GHFDYLODFLRQHV
+DFLD ODV QXHYH \ PHGLD GH OD PDxDQD &ULVWR \ VXV GLVFtSXORV FUX]DURQ EDMR OD OODPDGD
3XHUWD2ULHQWDOHQODPXUDOODHVWHGHOWHPSORGLULJLpQGRVHKDFLDODVHVFDOLQDWDVGHODWULRGHORV
*HQWLOHVOXJDUKDELWXDOGHVXVGLVFXUVRV\HQVHxDQ]DV
/RV FDPELVWDV \ YHQGHGRUHV GH FRUGHURV \ GHPiV SURGXFWRV SURSLRV GH OD 3DVFXD KDEtDQ
YXHOWR D LQVWDODU VXV PHVDV \ WHQGHUHWHV DSURYHFKDQGR ODV SULPHUDV OXFHV GHO DOED 7RGR
DSDUHFtD WUDQTXLOR 1LQJXQR GH DTXHOORV LQWHUPHGLDULRV KL]R HO PHQRU JHVWR GH GHVDSUREDFLyQ
FXDQGRYLHURQHQWUDUDOUDEtGH*DOLOHD\DOUHGXFLGRJUXSRGHVHJXLGRUHV-HV~VSRUVXSDUWHVH
GLRSHUIHFWDFXHQWDGHTXHDTXHOFRPHUFLRVDFUtOHJRKDEtDYXHOWRSRUVXVIXHURV3HURWDO\FRPR
RFXUULHVH HQ RWUDV PXFKDV RFDVLRQHV QR SUHVWy PD\RU DWHQFLyQ$TXHOOD SRVWXUD SRU SDUWH GHO
0DHVWURFRQILUPyPLFRQYHQFLPLHQWRGHTXHORVXFHGLGRHQODPDxDQDGHOGtDDQWHULRUVHKDEtD
GHELGRIXQGDPHQWDOPHQWHDXQDVLWXDFLyQOtPLWH
0XFKRVGHORVKDELWDQWHVGH-HUXVDOpQDVtFRPRGHORVSHUHJULQRVTXHLEDQHQJURVDQGRGtDD
GtDODSREODFLyQGHODFLXGDGVDQWD\DOUHGHGRUHVHVSHUDEDQ\DLPSDFLHQWHVODDSDULFLyQGHOUDEt
GH *DOLOHD /D PD\RU SDUWH PRYLGD SRU XQD PRUERVD FXULRVLGDG D OD YLVWD GH ORV JUDYHV
DFRQWHFLPLHQWRVUHJLVWUDGRVHQODPDxDQDGHOOXQHVHQODH[SODQDGDGHOWHPSOR\H[SHFWDQWHSRU
ODDFWXDFLyQTXHSXGLHUDVHJXLUHO6DQHGUtQ(UDXQVHFUHWRDYRFHVTXH&DLIiV\HOUHVWRGHOJUDQ
FRQVHMR GH MXVWLFLD MXGtR KDEtDQ WRPDGR OD GHFLVLyQ GH SUHQGHU \ DMXVWLFLDU D -HV~V 3HUR VH
DWUHYHUtDQDKDFHUORHQS~EOLFR"(OSURSLRUDEtDWUDYpVGHDOJXQRVGHORVDQFLDQRV\IDULVHRV
TXH KDEtDQ SUHVHQWDGR VX GLPLVLyQ HQ HO 6DQHGUtQ HVWDED DO FRUULHQWH GH HVWDV LQWULJDV \ GH OD
RVFXUDDPHQD]DTXHVHFHUQtDVREUHpO3RUHOORPXFKRVGHORVKHEUHRVDSODXGtDQHQVHFUHWRHO
YDORUGHO1D]DUHQRTXHQRPDQLIHVWDEDWHPRURQHUYLRVLVPRPRVWUiQGRVH\DYDQ]DQGRVHUHQD\
PDMHVWXRVDPHQWH HQWUH ORV OHYLWDV R SROLFtDV GHO WHPSOR \ VREUH WRGR D OD YLVWD GH ORV
VDFHUGRWHV
6LQPiVSUHiPEXORV\HQPLWDGGHDTXHOODH[SHFWDFLyQ-HV~VFRPHQ]yVXVSDODEUDV3HUR
DSHQDVVLKDEtDHPSH]DGRFXDQGRXQJUXSRGHDOXPQRVGHODVHVFXHODVGHHVFULEDVGHVWDFiQGRVH
HQWUHHOJHQWtRLQWHUUXPSLyDO0DHVWURSUHJXQWiQGROH
5DEt VDEHPRV TXH HUHV XQ HQVHxDQWH TXH HVWi HQ OR FLHUWR \ VDEHPRV TXH SURFODPDV ORV
FDPLQRVGHODYHUGDG\TXHVyORVLUYHVD'LRVSXHVQRWHPHVDQLQJ~QKRPEUH6DEHPRVWDPELpQ
TXH QR WH LPSRUWD TXLpQHV VHDQ ODV SHUVRQDV 6HxRU VyOR VRPRV HVWXGLDQWHV \ TXLVLpUDPRV
FRQRFHU OD YHUGDG VREUH XQ DVXQWR TXH QRV SUHRFXSD (V MXVWR SDUD QRVRWURV GDU WULEXWR DO
&pVDU"'HEHPRVGDURQRGHEHPRVGDU"
(QDTXHOLQVWDQWHXQRGHORVVLUYLHQWHVGH1LFRGHPRTXHSURIHVDEDGHVGHKDFtDWLHPSROD
GRFWULQD GH -HV~V KL]R XQ FRPHQWDULR HQ YR] EDMD UHFRUGiQGRQRV TXH DTXHOOD LPSHUWLQHQWH
LQWHUUXSFLyQIRUPDEDSDUWHGHOSODQWUD]DGRHQODIDWtGLFDUHXQLyQGHO6DQHGUtQGHOGtDDQWHULRU
/RV IDULVHRV HVFULEDV \ VDGXFHRV HQ HIHFWR KDEtDQ XQLGR VXV YRWRV SDUD HQ SULQFLSLR IRUPDU
JUXSRVHVSHFLDOL]DGRVTXHWUDWDVHQGHULGLFXOL]DU\GHVSUHVWLJLDUS~EOLFDPHQWHDO*DOLOHR
$TXHOWtSLFRVLOHQFLRSURSLRGHORVPRPHQWRVGHJUDQWHQVLyQIXHURWRSRUHO1D]DUHQR
TXLHQ HQ XQ WRQR LUyQLFR FRPR VL FRQRFLHVH D OD SHUIHFFLyQ OD IDOVD LJQRUDQFLD GH DTXHOORV
PXFKDFKRV HQWUH ORV TXH VH KDOODED XQD HVSHFLDO UHSUHVHQWDFLyQ GH ORV KHURGLDQRV>@ OHV
SUHJXQWyDVXYH]
3RUTXpYHQtVDVtDSURYRFDUPH"
< DFWR VHJXLGR H[WHQGLHQGR VX PDQR L]TXLHUGD KDFLD ORV HVWXGLDQWHV OHV RUGHQy FRQ YR]
ILUPH
0RVWUDGPHODPRQHGDGHOWULEXWR\RVFRQWHVWDUp
(OSRUWDYR]GHORVDOXPQRVOHHQWUHJyXQGHQDULRGHSODWD>@\HO0DHVWURGHVSXpVGHPLUDU
DPEDVFDUDVUHSXVR
4XpLPDJHQHLQVFULSFLyQOOHYDHVWDPRQHGD"
/RVMyYHQHVVHPLUDURQFRQH[WUDxH]D\UHVSRQGLHURQGDQGRSRUVHQWDGRTXHHOUDEtFRQRFtD
SHUIHFWDPHQWHODUHVSXHVWD
/DGHO&pVDU
(QWRQFHVFRQWHVWy-HV~VGHYROYLpQGROHVODPRQHGDGDGDO&pVDUORTXHHVGHO&pVDU
D'LRVORTXHHVGH'LRV\DPtORTXHHVPtR
/D PXOWLWXG PDUDYLOODGD DQWH OD DVWXFLD \ VDJDFLGDG GH -HV~V SURUUXPSLy HQ DSODXVRV
PLHQWUDVORVDVSLUDQWHVDHVFULEDV\VXVFyPSOLFHVORVKHURGLDQRVVHUHWLUDEDQDYHUJRQ]DGRV
,QVWLQWLYDPHQWH PLHQWUDV -HV~V FRQWHPSODED DTXHO GHQDULR H[WUDMH GH PL EROVD XQD PRQHGD
VLPLODU \ OD H[DPLQp GHWHQLGDPHQWH (Q XQD GH VXV FDUDV VH DSUHFLDED OD LPDJHQ GHO &pVDU
VHQWDGR GH SHUILO HQ XQD VLOOD $ VX DOUHGHGRU SRGtD OHHUVH OD VLJXLHQWH LQVFULSFLyQ3RQWLI
0D[LP(QODRWUDFDUDODHILJLHGH7LEHULRFRURQDGRGHODXUHOFRQRWUDOH\HQGDDVXDOUHGHGRU
$YH$XJXVWXV7L&DHVDU'LYL>@
$TXHOOD QXHYD WUDPSD S~EOLFD KDEtD VLGR PX\ ELHQ SODQHDGD 7RGR HO PXQGR VDEtD TXH HO
GHQDULR HUD HO Pi[LPR WULEXWR TXH OD QDFLyQ MXGtD GHEtD SDJDU LQH[RUDEOHPHQWH D 5RPD FRPR
VHxDOGHVXPLVLyQ\YDVDOODMH6LHO0DHVWURKXELHUDQHJDGRHOWULEXWRORVPLHPEURVGHO6DQHGUtQ
KDEUtDQDFXGLGRUiSLGDPHQWHDQWHHOSURFXUDGRUURPDQRDFXVDQGRD-HV~VGHVHGLFLyQ6LSRUHO
FRQWUDULR VH KXELHVH PRVWUDGR SDUWLGDULR GH DFDWDU ODV yUGHQHV GHO ,PSHULR OD PD\RUtD GHO
SXHEORMXGtRKXELHUDVHQWLGRKHULGRVXRUJXOORSDWULyWLFRH[FHSFLyQKHFKDGHORVVDGXFHRVTXH
SDJDEDQHOWULEXWRFRQJXVWR
)XHURQ HVWRV ~OWLPRV SUHFLVDPHQWH TXLHQHV SRFRV PLQXWRV GHVSXpV GH HVWH LQFLGHQWH \
VLJXLHQGR OD HVWUDWHJLD SURJUDPDGD SRU HO 6DQHGUtQ DYDQ]DURQ KDFLD -HV~V TXH LQWHQWDED
SURVHJXLUFRQVXVHQVHxDQ]DVWHQGLpQGROHXQDVHJXQGDWUDPSD
0DHVWUROHGLMRHOSRUWDYR]GHOJUXSR0RLVpVGLMRTXHVLXQKRPEUHFDVDGRPXULHVH
VLQGHMDUKLMRVVXKHUPDQRGHEHUtDWRPDUDVXHVSRVD\VHPEUDUVHPLOODSRUHOKHUPDQRPXHUWR
(QWRQFHV RFXUULy XQ FDVR FLHUWR KRPEUH TXH WHQtD VHLV KHUPDQRV PXULy VLQ GHVFHQGHQFLD 6X
VLJXLHQWHKHUPDQRWRPyDVXHVSRVDSHURWDPELpQPXULySURQWRVLQGHMDUKLMRV<ORPLVPRKL]R
HOVHJXQGRKHUPDQRPXULHQGRLJXDOPHQWHVLQSUROH<DVtKDVWDTXHORVVHLVKHUPDQRVWXYLHURQD
OD HVSRVD \ WRGRV SDVDURQ VLQ GHMDU KLMRV (QWRQFHV GHVSXpV GH WRGRV HOORV OD SURSLD HVSRVD
IDOOHFLy /R TXH WH TXHUtDPRV SUHJXQWDU HV OR VLJXLHQWH FXDQGR UHVXFLWHQ GH TXLpQ VHUi OD
HVSRVD" $O HVFXFKDU OD GLVHUWDFLyQ GHO VDGXFHR YDULRV GH ORV GLVFtSXORV GH -HV~V PRYLHURQ
QHJDWLYDPHQWHODFDEH]DHQVHxDOGHGHVDSUREDFLyQ6HJ~QPHH[SOLFDURQODVOH\HVMXGtDVVREUH
HVWHSDUWLFXODUKDFtDWLHPSRTXHHUDQOHWUDPXHUWDSDUDHOSXHEOR$PpQGHTXHDTXHOFDVRWDQ
FRQFUHWRHUDPX\GLItFLOGHTXHVHSURGXMHUDHQUHDOLGDGVyORDOJXQDVFRPXQLGDGHVGHIDULVHRV
ORVPiVSXULVWDVVHJXtDQFRQVLGHUDQGR\SUDFWLFDQGRHOOODPDGRPDWULPRQLRGHOHYLUDWR>@
(OUDEtDXQVDELHQGRODIDOWDGHVLQFHULGDGGHDTXHOORVVDGXFHRVDFFHGLyDFRQWHVWDU<OHV
GLMR
7RGRV HUUiLV DO KDFHU WDOHV SUHJXQWDV SRUTXH QR FRQRFpLV ODV (VFULWXUDV QL HO SRGHU
YLYLHQWHGH'LRV6DEpLVTXHORVKLMRVGHHVWHPXQGRSXHGHQFDVDUVH\VHUGDGRVHQPDWULPRQLR
SHURQRSDUHFpLVFRPSUHQGHUTXHORVTXHVHKDFHQPHUHFHGRUHVGHORVPXQGRVYHQLGHURVDWUDYpV
GHODUHVXUUHFFLyQGHORVMXVWRVQLVHFDVDQQLVRQGDGRVHQPDWULPRQLR/RVTXHH[SHULPHQWDQOD
UHVXUUHFFLyQ GH HQWUH ORV PXHUWRV VRQ PiV FRPR ORV iQJHOHV GHO FLHOR \ QXQFD PXHUHQ (VWRV
UHVXFLWDGRVVRQHWHUQDPHQWHKLMRVGH'LRV6RQORVKLMRVGHODOX],QFOXVRYXHVWURSDGUH0RLVpV
FRPSUHQGLyHVWR$QWHOD]DU]DDUGLHQWHR\yDO3DGUHGHFLU6R\HO'LRVGH$EUDKDPHO'LRVGH
,VDDF\HO'LRVGH-DFRE<DVtMXQWRD0RLVpV\RGHFODURTXHPL3DGUHQRHVHO'LRVGHORV
PXHUWRV VLQR GH ORV YLYRV (Q pO WRGRV YRVRWURV RV UHSURGXFtV \ SRVHpLV YXHVWUD H[LVWHQFLD
PRUWDO
/RVVDGXFHRVVHUHWLUDURQSUHVDGHXQDJUDQFRQIXVLyQPLHQWUDVVXVVHFXODUHVHQHPLJRVORV
IDULVHRVOOHJDEDQDH[FODPDUDYR]HQJULWR9HUGDGYHUGDGYHUGDG0DHVWUR+DVFRQWHVWDGR
ELHQDHVWRVLQFUpGXORV
4XHGp QXHYDPHQWH VRUSUHQGLGR DO LJXDO TXH DTXHOOD PXOWLWXG SRU OD VDJDFLGDG \ UHIOHMRV
PHQWDOHV GH DTXHO JLJDQWH -HV~V FRQRFtD OD GRFWULQD GH HVWD VHFWD TXH VyOR DFHSWDED FRPR
YiOLGRVORVFLQFRWH[WRVOODPDGRVORV/LEURVGH0RLVpV<UHFXUULySUHFLVDPHQWHD0RLVpVHQVX
UHVSXHVWD GHVDUPDQGR D ORV VDGXFHRV 3HUR GHVGH PL SXQWR GH YLVWD ORV IDULVHRV TXH
DSODXGLHURQ ODV SDODEUDV GHO 0DHVWUR QR HQWHQGLHURQ WDPSRFR OD SURIXQGLGDG GHO PHQVDMH GHO
1D]DUHQR FXDQGR DOXGLy FRQ YR] URWXQGD D ORV TXH H[SHULPHQWDQ OD UHVXUUHFFLyQ GH HQWUH ORV
PXHUWRV /RV VDQWRV R VHSDUDGRV FRPR VH OHV OODPDED SRSXODUPHQWH D ORV IDULVHRV
FUHtDQ TXH HQ OD UHVXUUHFFLyQ ORV FXHUSRV VH OHYDQWDEDQ ItVLFDPHQWH < -HV~V HQ VXV
DILUPDFLRQHVQRVHUHILULyDHVWHWLSRGHUHVXUUHFFLyQ
(O0DHVWURSDUHFtDUHVLJQDGRDVXVSHQGHUWHPSRUDOPHQWHVXSUHGLFDFLyQ\HVSHUyHQVLOHQFLR
XQD QXHYD SUHJXQWD /D YHUGDG HV TXH OOHJy D ORV SRFRV PRPHQWRV GH ODELRV GH DTXHO PLVPR
JUXSRGHIDULVHRVTXHKDEtDVLPXODGRWDQFiOLGRVHORJLRVKDFLDHOUDEt8QRGHHOORVVHxDODQGRD
-HV~VH[SXVRXQWHPDTXHFRQPRYLyGHQXHYRDOJHQWtR
0DHVWUR OH GLMR VR\ DERJDGR \ PH JXVWDUtD SUHJXQWDUWH FXiO HV HQ WX RSLQLyQ HO
PD\RUPDQGDPLHQWR
6LQFRQFHGHUXQVHJXQGRVLTXLHUDDODUHIOH[LyQ\HOHYDQGRD~QPiVVXSRWHQWHYR]HO
JLJDQWHUHSXVR
1RKD\PiVTXHXQPDQGDPLHQWR\pVHHVHOPD\RUGHWRGRV(VpVWH2\HRK,VUDHO(O
6HxRUQXHVWUR'LRVHO6HxRUHVXQR<ORDPDUiVFRQWRGRWXFRUD]yQ\FRQWRGDWXDOPDFRQ
WRGD WX PHQWH \ FRQ WRGD WX IXHU]D (VWH HV HO SULPHUR \ HO JUDQ PDQGDPLHQWR< HO VHJXQGR HV
FRPR HVWH SULPHUR (Q UHDOLGDG VDOH GLUHFWDPHQWH GH pO \ HV$PDUiV D WX SUyMLPR FRPR D WL
PLVPR1RKD\RWURPDQGDPLHQWRPD\RUTXHpVWRV(QHOORVVHEDVDWRGDOD/H\\ORVSURIHWDV
$TXHOKRPEUHGHOH\HVFRQVWHUQDGRSRUODVDELGXUtDGHODUHVSXHVWDGH-HV~VVHLQFOLQyD
DODEDUDELHUWDPHQWHDOUDEt
9HUGDGHUDPHQWH0DHVWURKDVGLFKRELHQ'LRV%HQGLWRVHDHVXQR\QDGDPiVKD\WUDV
pO$PDUOHFRQWRGRHOFRUD]yQHQWHQGLPLHQWR\IXHU]D\DPDUDOSUyMLPRFRPRDXQRPLVPRHVHO
SULPHUR \ HO JUDQ PDQGDPLHQWR (VWDPRV GH DFXHUGR HQ TXH HVWH JUDQ PDQGDPLHQWR KD GH VHU
WHQLGRPXFKRPiVHQFXHQWDTXHWRGDVODVRIUHQGDV\VDFULILFLRVTXHVHTXHPDQ
$QWHVHPHMDQWHUHVSXHVWDHO1D]DUHQRVHVLQWLyVDWLVIHFKR\VHQWHQFLyDQWHHOHVWXSRUGHORV
IDULVHRV
$PLJRPtRPHGR\FXHQWDGHTXHQRHVWiVOHMRVGHOUHLQRGH'LRV
-HV~V QR VH HTXLYRFDED $TXHOOD PLVPD QRFKH HQ VHFUHWR DTXHO IDULVHR DFXGLy KDVWD HO
FDPSDPHQWR VLWXDGR HQ HO KXHUWR GH *HWVHPDQt VLHQGR LQVWUXLGR SRU -HV~V \ SLGLHQGR VHU
EDXWL]DGR
$TXHOOD VXFHVLyQGH GHVFDODEURV GLDOpFWLFRVWHUPLQySRUGLVXDGLUDORV UHVWDQWHVJUXSRV GH
HVFULEDVVDGXFHRV\IDULVHRVTXHFRPHQ]DURQDUHWLUDUVHGLVLPXODGDPHQWH
$O REVHUYDU TXH QR KDEtD PiV SUHJXQWDV HO *DOLOHR VH SXVR HQ SLH \ DQWHV GH TXH ORV
YHQHQRVRVVDFHUGRWHVGHVDSDUHFLHUDQOHVODQ]yHVWDLQWHUURJDQWH
3XHVWRTXHQRKDFpLVPiVSUHJXQWDVPHJXVWDUtDKDFHURVXQD
4XpSHQViLVGHO/LEHUWDGRU"(VGHFLUGHTXLpQHVKLMR"
/RV IDULVHRV \ VXV FRPSLQFKHV TXHGDURQ FRPR HOHFWUL]DGRV PLHQWUDV XQ PXUPXOOR UHFRUUtD
DTXHOOD]RQDGHODH[SODQDGD
/RV PLHPEURV GHO 7HPSOR GHOLEHUDURQ GXUDQWH DOJXQRV PLQXWRV \ ILQDOPHQWH XQR GH ORV
HVFULEDVVHxDODQGRXQRGHORVSDSLURVTXHOOHYDEDDQXGDGRDVXEUD]RGHUHFKR\TXHFRQWHQtDOD
/H\UHVSRQGLy
(O0HVtDVHVHOKLMRGH'DYLG
3HURHO1D]DUHQRQRVHFRQWHQWyFRQHVWDUHVSXHVWDeOVDEtDTXHH[LVWtDXQDDJULDSROpPLFD
VREUHVLpOHUDRQRKLMRGH'DYLGLQFOXVRHQWUHVXVSURSLRVVHJXLGRUHV\UHPDFKy
6L HO /LEHUWDGRU HV HQ YHUGDG HO KLMR GH 'DYLG FyPR HV TXH HQ HO VDOPR TXH DWULEXtV D
'DYLGpOPLVPRKDEODQGRFRQHOHVStULWXGLFH(O6HxRUGLMRDPLVHxRUVLpQWDWHDPLGHUHFKD
KDVWDTXHKDJDGHWXVHQHPLJRVHOHVFDEHOGHWXVSLHV6L'DYLGOHOODPD6HxRUFyPRSXHGHVHU
VXKLMR"
/RVIDULVHRV\SULQFLSDOHVGHOWHPSORTXHGDURQWDQFRQIXVRVTXHQRVHDWUHYLHURQDUHVSRQGHU
+DFLDODKRUDTXLQWDODVRQFHGHODPDxDQDDSUR[LPDGDPHQWH-HV~VGLRSRUFRQFOXLGDVX
HVWDQFLDHQHO7HPSOR\SXHVWRTXHHUDHOWLHPSRGHODFRPLGDVHHQFDPLQyFRQVXVGLVFtSXORV
KDFLDOD3XHUWD7ULSOHFRQHOILQVHJ~QPHFRPHQWyHOSURSLR3HGURGHGLULJLUVHDODFDVDGH
-RVpGH$ULPDWHDHQODFLXGDGEDMD$OGHVFXEULUFyPRPHTXHGDEDDWUiVGLVSXHVWRDQRDOWHUDU
HQODPHGLGDGHORSRVLEOHODLQWLPLGDGGHOJUXSR$QGUpVUHWURFHGLy\PHLQYLWyDFRPSDUWLUFRQ
HOORVODVHJXQGDFRPLGDGHOGtD0LHQWUDVWDQWR-HV~V\ORVGHPiVKDEtDQFUX]DGR\DHQWUHODV
PHVDV GH ORV FDPELVWDV \ PHUFDGHUHV SHUGLpQGRVH SRU OD VREHUELD SXHUWD GHO PXUR VXU GHO
7HPSOR
(VWDEDDSXQWRGHDFHSWDUQDWXUDOPHQWHFXDQGRXQWXPXOWRSURFHGHQWHGHODFDUDPiVRULHQWDO
GHO 6DQWXDULR QRV KL]R YROYHU OD PLUDGD (QWUH JULWRV GHVJDUUDGRUHV XQD PXMHU HVWDED VLHQGR
SUiFWLFDPHQWH DUUDVWUDGD SRU ODV HVFDOLQDWDV GH DFFHVR DO 3yUWLFR &RULQWLR 8QD SDWUXOOD GH OD
SROLFtDGHO7HPSORORVOHYLWDVSRVLEOHPHQWHGHORVGHVWDFDGRVHQHODWULRGHODV0XMHUHVVH
GLULJtDDWUDYpVGHODH[SODQDGDGRQGHQRVHQFRQWUiEDPRVHQGLUHFFLyQDO3yUWLFRGH6DORPyQ\
PiV FRQFUHWDPHQWH KDFLD OD 3XHUWD 2ULHQWDO 'RV GH ORV OHYLWDV GH HVWD JXDUGLD GH GtD
VXMHWDEDQ D OD KHEUHD SRU ODV D[LODV PLHQWUDV XQ WHUFHUR KDEtD KHFKR SUHVD HQ VXV SLHV
VRSRUWDQGRDGXUDVSHQDVORVYLROHQWRVPRYLPLHQWRVGHODPXFKDFKD'HWUiVPHGLRRFXOWRVHQWUH
XQ HQMDPEUH GH FXULRVRV PDUFKDEDQ XQR GH ORV JXDUGLDQHV GH WXUQR GHO 7HPSOR \ YDULRV
VDFHUGRWHV
/D PXOWLWXG TXH VH KDOODED HQWUH ORV SXHVWRV GH ORV YHQGHGRUHV FRUULy DO LQVWDQWH KDFtD OD
SDWUXOODODQ]DQGRJULWRVGH$G~OWHUD$G~OWHUDFRPRVLDTXHOVXFHVRIXHUDDOJRFRP~Q\
KDVWDIHVWHMDGRSRUODWXUED
,QWHUURJXpD$QGUpVFRQODPLUDGD\HOMHIHGHOJUXSRFRQH[SUHVLyQJUDYHODPHQWyDTXHOOD
VRPEUtDFRLQFLGHQFLDUHVXPLHQGRHOODPHQWDEOHHVSHFWiFXORFRQODVLJXLHQWHIUDVH
6RQ ODV DJXDV DPDUJDV 5HFRUGp DO LQVWDQWH TXH HQ XQD GH PLV LQYHVWLJDFLRQHV HQ ORV
WH[WRVEtEOLFRV1~PHURV >@<DYpHVSHFLILFDEDHOSURFHGLPLHQWRDVHJXLUFRQODPXMHU
VRVSHFKRVDGHDGXOWHULR&XDQGRHOPDULGRFUHtDTXHVXHVSRVDOHHUDLQILHOOOHYDEDDpVWDKDVWD
HOVDFHUGRWHREOLJiQGRODDFRQIHVDU6LVHQHJDEDDUHFRQRFHUVXFXOSDODGHVGLFKDGDWHQtDTXH
SDVDU SRU OD SUXHED XQD HVSHFLH GH MXLFLR GH 'LRV GH ODV DJXDV DPDUJDV (O VDFHUGRWH
SUHSDUDEDXQEUHEDMHHVSHFLDOFRPSXHVWRVHJ~QUH]DHQOD%LEOLDSRUWLHUUDGHO7DEHUQiFXOR\
ODWLQWDFRQODTXHHVFULEtDHOULWXDOGHODVPDOGLFLRQHVSUHYLDPHQWHGLOXLGDHQDJXD\HQWUH
FHUHPRQLDV UHOLJLRVDV GDED D EHEHU GLFKD SRFLyQ D OD VRVSHFKRVD /D FUHHQFLD MXGtD HQVHxDED
TXH VL OD PXMHU HUD UHDOPHQWH FXOSDEOH HO PLVWHULRVR OLTXLGR DWDFDED VXV HQWUDxDV PDWiQGROD
3RUHOFRQWUDULRVLHUDLQRFHQWHODVDJXDVDPDUJDVQRDOWHUDEDQVXRUJDQLVPR>@
3DUD XQD PHQWH UDFLRQDO DTXHOOD SUXHED GHMDED PXFKR TXH GHVHDU HQ FXDQWR D VX SRVLEOH
REMHWLYLGDG 3HUR D GHFLU YHUGDG OR TXH DYLYy PL FXULRVLGDG IXH OD IyUPXOD GH DTXHOOD
SyFLPD4XpSRGtDFRQWHQHU"
(VWDED DQWH XQD RSRUWXQLGDG ~QLFD \ VXSOLTXp D $QGUpV TXH PH DFRPSDxDUD 4XHUtD
SUHVHQFLDUODHMHFXFLyQGHODVHQWHQFLD\VLIXHUDSRVLEOHKDFHUPHFRQXQDPXHVWUDGHODWLQWD
XWLOL]DGD SDUD OD IDEULFDFLyQ GH ODV DJXDV DPDUJDV $QGUpV FRPSUHQGLy D PHGLDV PL
DSDUHQWHPHQWHPRUERVRGHVHR\DUHJDxDGLHQWHVFRQVLQWLyHQFRQFHGHUPHXQRVPLQXWRV
&UX]DPRVEDMRHODUFRGHSLHGUDGHOD3XHUWD2ULHQWDODEULpQGRQRVSDVRHQWUHHOJHQWtRTXH
URGHDED\DDODSDWUXOOD9DULRVOHYLWDVKDEtDQIRUPDGRXQFtUFXORRFRUGyQGHVHJXULGDGGHXQRV
GLH] PHWURV GH GLiPHWUR (Q HO FHQWUR OD PXMHU VLHPSUH VXMHWD SRU ORV SROLFtDV GHO 7HPSOR
SHUPDQHFtDHQSLHVROOR]DQGR+DEtDVLGRYHVWLGDFRQXQDW~QLFDQHJUD\GHVSRMDGDGHWRGRVVXV
DGRUQRV
0LFRPSDxHURPHH[SOLFyTXHDTXpOODHUDOD~OWLPDIDVHGHXQSURFHVRTXHVHKDEtDLQLFLDGR
HQODPDxDQDGHOSDVDGROXQHV/RVMXHFHVGHO*UDQR3HTXHxR6DQHGUtQVHUHXQtDQSUHFLVDPHQWH
ORVOXQHV\MXHYHVGHFDGDVHPDQDSDUDGHVSDFKDUORVDVXQWRVSHQGLHQWHV(VWHFDVRGHVXSXHVWR
DGXOWHULRKDEtDVLGROOHYDGRSRUHO3HTXHxR6DQHGUtQIRUPDGRSRUMXHFHV
$ SHWLFLyQ GH VX PDULGR OD VRVSHFKRVD XQD MRYHQ TXH QR UHEDVDUtD ORV DxRV KDEtD
VLGR FRQGXFLGD DTXHOOD PDxDQD GHO OXQHV GH DEULO DQWH HO WULEXQDO GH -XVWLFLD \ DOOt
LQWHUURJDGD \ DWHPRUL]DGD FRQ IyUPXODV FRPR OD VLJXLHQWH +LMD PtD PXFKR SHFDGR DSRUWD HO
YLQRPXFKRODULVDPXFKRODMXYHQWXGPXFKRORVPDORVYHFLQRVKD]ORUHFRQRFHODYHUGDGSRU
HOQRPEUHGH'LRVTXHHVWiHVFULWRFRQVDQWLGDGSDUDTXHQRVHDERUUDGRFRQHODJXD
3HUR D MX]JDU SRU OR TXH HVWDED VXFHGLHQGR OD LQIHOL] VH KDEtD GHFODUDGR LQRFHQWH \ HO
3HTXHxR 6DQHGUtQ GLFWDPLQy TXH GHEtD VRPHWHUVH D OD SUXHED GH ODV DJXDV DPDUJDV &XDQGR
LQWHUURJXp D$QGUpV VREUH OD VXHUWH GH DTXHOOD KHEUHD HQ HO FDVR GH TXH VH KXELHUD GHFODUDGR
FXOSDEOHHODSyVWROPHLQVLQXyTXHQRVDEtDTXpSRGtDVHUSHRU6LODPXMHUMXGtDGHFtDDQWHHO
7ULEXQDOVR\LPSXUDVHOHREOLJDEDDILUPDUODUHQXQFLDDVXGRWHSURFHGLpQGRVHHQWRQFHVDOD
FRQVXPDFLyQ GHO OLEHOR GH GLYRUFLR &RPR ELHQ DSXQWDED $QGUpV HQ HVWDV FLUFXQVWDQFLDV OD
HVSRVDTXHGDED HQOD PiVDEVROXWD PLVHULDWHQtD TXH DEDQGRQDUHO KRJDU\ D VXV KLMRVVLHQGR
GHVSUHFLDGD GH SRU YLGD $TXHOODV OH\HV HVWDEOHFtDQ HO GHUHFKR DO GLYRUFLR ~QLFD \
H[FOXVLYDPHQWH GH SDUWH GHO KRPEUH>@ (VWR VH SUHVWDED D FRQVWDQWHV DEXVRV FDSULFKRV H
LQMXVWLFLDV6LHOPDULGRGHVHDEDTXHGDUVHFRQODGRWHTXHODPXMHUDSRUWDEDDOPDWULPRQLR\DO
PLVPRWLHPSRUHFREUDUVXVROWHUtDVyORWHQtDTXHDFXVDUDODHVSRVDGHLQILGHOLGDG8QDGHGRV
R OD PXMHU IDOOHFtD D FDXVD GH ODV DJXDV DPDUJDV R FDUJDED FRQ OD VXSXHVWD FXOSD FRQ ODV
FRQVHFXHQFLDV\DPHQFLRQDGDV
7DO \ FRPR VRVSHFKDED HUD VXPDPHQWH UDUR TXH OD YtFWLPD VREUHYLYLHUD D OD LQJHVWLyQ GH
DTXHOEUHEDMH
(Q VXPD TXH DTXHOOD GHVJUDFLDGD WUDV GHFODUDU TXH HUD SXUD KDEtD VLGR FRQGXFLGD D
WUDYpVGHOD3XHUWDGH1LFDQRUWDO\FRPRPDUFDEDODWUDGLFLyQKDVWDODHVWUHFKDH[SODQDGD
H[LVWHQWHDOSLHGHODPXUDOODRULHQWDOGHO7HPSORDOPLVPROXJDUGRQGHVHOOHYDEDQDFDERODV
FHUHPRQLDVGHSXULILFDFLyQGHOHSURVRV\SDUWXULHQWDV
8QRGHORVVDFHUGRWHVVHGHVWDFyHQWRQFHVGHHQWUHODPXFKHGXPEUH\FRQSDVRGHFLGLGRVH
VLWXyIUHQWHDODMRYHQDVLHQGRVXW~QLFDFRQODPDQRL]TXLHUGD\DODDOWXUDGHOYLHQWUH'HVSXpV
GHXQIXHUWHWLUyQGHVJDUUyODYHVWLGXUDGHMDQGRDOGHVFXELHUWRXQRVSHFKRVEODQFRV\SHTXHxRV
(OJULWRGHODHVSRVDIXHDKRJDGRSUiFWLFDPHQWHSRUHOEUDPLGRGHODPXOWLWXGH[FLWDGDDQWHOD
FRQWHPSODFLyQ GH DTXHOORV KHUPRVRV VHQRV ,QPHGLDWDPHQWH HO PLVPR VDFHUGRWH VH FRORFy D
HVSDOGDVGHODPXMHUSURFHGLHQGRDVROWDUVXODUJDFDEHOOHUDQHJUD
$QGUpVQHUYLRVR\GLVJXVWDGRKL]RDGHPiQGHUHWLUDUVH7UDWDQGRHQWRQFHVGHJDQDUWLHPSR\
GHDSURYHFKDUDTXHOOyJLFRGHVHRGHPLDPLJRGHHYLWDUWDQODPHQWDEOHVXFHVRWRPpPLEROVDGH
KXOH\SXVHHQVXPDQRGRVGHQDULRVGHSODWD$QGUpVPHPLUyVLQFRPSUHQGHU
'HVHRSHGLUWHXQQXHYRIDYRUOHGLMH(VLPSRUWDQWHSDUDPtDGTXLULUXQDPXHVWUDGH
ODWLQWDFRQODTXHKDVLGRHVFULWDHVDPDOGLFLyQ
(OJDOLOHRTXHGySHUSOHMR<DGHODQWiQGRPHDVXVSHQVDPLHQWRVDxDGt&RQItDHQPt6DEHV
TXH QR SXHGR HQWUDU HQ HO 6DQWXDULR \ WUDWDU GH FRPSUDUOD SHUVRQDOPHQWH %DVWDUi FRQ XQD
SHTXHxDFDQWLGDGTXL]iVHDVXILFLHQWHFRQXQDGpFLPDGHORJ>@
6HJXtPLUDQGRILMDPHQWHD$QGUpVLQWHQWDQGRWUDVPLWLUOHXQPtQLPRGHFRQILDQ]D/DIRUWXQD
YROYLy D VRQUHtUPH \ HO GLVFtSXOR HQFRJLpQGRVH GH KRPEURV DFFHGLy URJiQGRPH TXH QR PH
PRYLHUDGHOOXJDU
0LHQWUDV$QGUpVYROYtDDSHQHWUDUHQHOUHFLQWRGHO7HPSORPHUHLQFRUSRUpDODPDUFKDGH
ORV DFRQWHFLPLHQWRV (O VDFHUGRWH TXH KDEtD GHVJDUUDGR OD W~QLFD GH OD PXMHU VH KDOODED DKRUD
GHOLEHUDQGRFRQHOUHVWRGHORVPLHPEURVGHO7HPSOR'HYH]HQFXDQGRYROYtDQODFDEH]DKDFLD
DTXHOODLQIHOL]HQ]DU]iQGRVHHQQXHYDV\HQFHQGLGDVSROpPLFDV8QRGHHOORVGHMyHOFRUULOOR\
FDPLQyXQRVSDVRVVLWXiQGRVHDXQSDOPRGHODVRVSHFKRVDGHDGXOWHULR6LQLQPXWDUVHDQWHODV
OiJULPDV GH OD PXMHU VH LQFOLQy OLJHUDPHQWH LQVSHFFLRQDQGR GH FHUFD ORV SHTXHxRV \ RVFXURV
SH]RQHV$OFDERGHXQRVPLQXWRVUHWRUQyDOFHQWURGHODUHXQLyQLQLFLiQGRVHXQDQXHYD\D~Q
PiViVSHUDFRQWURYHUVLD
$O ILQDO \ WUDV OOHJDU D XQ DFXHUGR RWUR GH ORV VDFHUGRWHV WRPy XQ FLQWXUyQ HJLSFLR
IRUPDGRSRUFXHUGDVHQWUHOD]DGDV\VHGLULJLyKDFLDODPXFKDFKD&XEULyVXWRUVRFLxHQGROD
WHODSRUHQFLPDGHVXVSHFKRVGHIRUPDTXHODW~QLFDQRSXGLHUDEDMDUVH
$XQDRUGHQGHOJXDUGLiQGHO7HPSOR\MHIHGHODSDWUXOODGHOHYLWDVXQRGHORVKHEUHRVTXH
SHUPDQHFtDMXQWRDORVVDFHUGRWHV\TXHUHVXOWyVHUHOPDULGRDYDQ]yKDVWDHOFHQWURGHOFtUFXOR
GHSRVLWDQGR D ORV SLHV GH VX PXMHU XQ FHVWR GH SDMD FRQ XQRV WUHV R FXDWUR NLORV GH KDULQD GH
FHEDGD>@'HVSXpVFRQODPLVPDIULDOGDGVHUHWLUy3RUXQPRPHQWRFUHtTXHHOTXHUHOODQWHLED
DVLWXDUHOSHTXHxRFHVWRHQODVPDQRVGHODFRQGHQDGDSHURSRULQGLFDFLyQGHXQRGHORVOHYLWDV
TXHVXMHWDEDDODPXMHUWHUPLQySRUFRORFDUORHQWLHUUD$PLUHJUHVRDOPyGXORHQODPDxDQD
GHOGRPLQJRODFRPSXWDGRUDPHDFODUDUtDHVWHH[WUHPR/DWUDGLFLyQEtEOLFDHVSHFLILFDEDTXHOD
RIUHQGDGHOPDULGRODHIiGHKDULQDGHFHEDGDGHEtDVHUFRORFDGDVREUHODVPDQRVGHOD
YtFWLPD (O VDFHUGRWH HQWRQFHV SRQtD VX PDQR EDMR ODV GH OD PXMHU DJLWDQGR HO UHFLSLHQWH GH
IRUPD ULWXDO$ FRQWLQXDFLyQ OR DFHUFDED DO DOWDU FRJtD XQ SXxDGR \ OR TXHPDED (O UHVWR HUD
GHVWLQDGRDODDOLPHQWDFLyQGHORVVDFHUGRWHVGHO7HPSOR
/D SHOLJURVD UHVLVWHQFLD GH OD LQIHOL] TXH QR SRGtD VHU OLEHUDGD GHO ILUPH FRQWURO GH ORV
SROLFtDVKL]RDFRQVHMDEOHHQHVWHFDVRTXHHOVDFHUGRWHSDVDVHSRUDOWRDTXHOODSDUWHGHOULWXDO
'H SURQWR \ SRU OD ]RQD PiV SUy[LPD D OD PXUDOOD ORV MXGtRV IXHURQ DEULHQGR XQ SDVLOOR
GDQGRSDVRDRWURVDFHUGRWHHVWUHFKDPHQWHHVFROWDGRSRUVHLVOHYLWDV8QPXUPXOORVHOHYDQWy
HQWUHHOJHQWtRDOGHVFXEULUTXHDTXHOVDFHUGRWHWUDQVSRUWDEDDOJRHQWUHVXVPDQRV(OREMHWRHQ
FXHVWLyQEDVWDQWHOLYLDQRDMX]JDUSRUHOHVFDVRHVIXHU]RGHVDUUROODGRSRUHOKHEUHRDSDUHFtD
FXELHUWRSRUXQOLHQ]REODQFR,PDJLQpDOLQVWDQWHTXHSRGtDWUDWDUVHGHOUHFLSLHQWHTXHFRQWHQtD
ODV DJXDV DPDUJDV 'HVJUDFLDGDPHQWH QR WXYH TXH DJXDUGDU PXFKR WLHPSR SDUD GHVSHMDU PLV
GXGDV /D UHFLpQ OOHJDGD HVFROWD VH VLWXy HQ WRUQR D OD PXMHU \ D ORV SROLFtDV TXH OD VXMHWDEDQ
IRUPDQGRXQVHJXQGRFRUGyQGHVHJXULGDG
(O VDFHUGRWH UHWLUy HO OLHQ]R \ DSDUHFLy D OD YLVWD GH ORV SUHVHQWHV XQ SHTXHxR FXHQFR GH
DUFLOOD URML]D FRQ XQD FDSDFLGDG DSUR[LPDGD GH XQ OLWUR$O YHUOR OD HVSRVD VXIULy XQ QXHYR
DWDTXH GH GHVHVSHUDFLyQ FRQYXOVLRQiQGRVH YLROHQWDPHQWH \ SURILULHQGR XQRV DODULGRV TXH
KLFLHURQOHYDQWDUHOYXHORGHODVQXPHURVDVSDORPDVTXHVHKDOODEDQSRVDGDVVREUHORVWRUUHRQHV
\F~SXODGHO7HPSOR
8Q VLOHQFLR WRWDO URWR ~QLFDPHQWH SRU ORV DXOOLGRV GH OD SULVLRQHUD FD\y SRFR D SRFR
VREUHHOOXJDU(OVDFHUGRWHTXHSRUWDEDODYDVLMDGHEDUUROHYDQWyHQWRQFHVVXYR]FRQPLQDQGRD
ODPXMHUDTXHSRU~OWLPDYH]VHGHFODUDUDFXOSDEOHRLQRFHQWH
(O JHQWtR DJXDUGy H[SHFWDQWH 3HUR OD KHEUHD HQWUH JHPLGRV FDGD YH] PiV DSDJDGRV VyOR
DFHUWyDSURQXQFLDUGRVSDODEUDVIDWtGLFDV6R\SXUD
(OPLHPEURGHO7HPSORTXHSDUHFtDWHQHUXQDLQFRPSUHQVLEOHSULVDYROYLyODFDEH]DKDFLD
XQRGHORVOHYLWDVPXVLWiQGROHDOJRDORtGR(OSROLFtDGHMyHQWRQFHVVXSXHVWRXQLpQGRVHDORV
WUHVFRPSDxHURVTXHUHWHQtDQDODMRYHQ<VLWXiQGRVHDHVSDOGDVGHODYtFWLPDODVXMHWySRUOD
HVSHVDPDWDGHSHORWLUDQGRGHORVFDEHOORVKDFLDDEDMR\REOLJiQGRODDPDQWHQHUHOURVWURFDUD
DO FLHOR /RV JULWRV DUUHFLDURQ 0LHQWUDV OD SDWUXOOD DILDQ]DED VXV SLHV VREUH HO iVSHUR WHUUHQR
VXMHWDQGR FRQ QXHYRV EUtRV ORV EUD]RV \ SLHUQDV GH OD PXMHU RWURV GRV SROLFtDV VH VLWXDURQ D
HVFDVRVFHQWtPHWURVGHHOODFDGDXQRIUHQWHDXQFRVWDGR<FRPRVLDTXHOODRSHUDFLyQKXELHUD
VLGRODUJDPHQWHHVWXGLDGDRSUDFWLFDGDPLHQWUDVHOOHYLWDGHOIODQFRL]TXLHUGRFHUUDEDFRQVXV
GHGRVODQDUL]GHODDG~OWHUDHOGHOFRVWDGRGHUHFKRVLWXyVXVPDQRVDHVFDVDDOWXUDGHODFDUD
HVSHUDQGR D TXH HO SHOLJUR GH DVIL[LD REOLJDUD D DEULU OD ERFD D OD MXGtD (QWUH VROOR]RV \
UHVRSOLGRVPDOFRQWHQLGRVODPXFKDFKDWHUPLQySRUDVSLUDUDLUH&RPRPRYLGDVSRUXQUHVRUWH
ODV PDQRV GHO SROLFtD VH KXQGLHURQ HQ HO LQWHULRU GH OD ERFD VHSDUDQGR YLROHQWDPHQWH OD
PDQGtEXODLQIHULRU(QGpFLPDVGHVHJXQGRHOVDFHUGRWHTXHSRUWDEDHOFXHQFRGLRXQSDVRKDFLD
DGHODQWH YHUWLHQGR VX FRQWHQLGR HQ OD ERFD GH OD YtFWLPD $ SHVDU GH ORV VHLV SROLFtDV TXH
WRPDEDQ SDUWH HQ OD LQPRYLOL]DFLyQ GH OD KHEUHD pVWD FRQVLJXLy ODGHDU OHYHPHQWH OD FDEH]D
KDFLHQGRTXHSDUWHGHDTXHOOtTXLGRQHJUX]FRVHGHUUDPDUDSRUVXVPHMLOODVFXHOOR\W~QLFD
8QDYH]DSXUDGRHOEUHEDMHHOVDFHUGRWHUHWURFHGLyDOWLHPSRTXHORVOHYLWDVGHORVFRVWDGRV
GHMDEDQ OLEUHV QDUL] \ ERFD (O TXH WLUDED GHO FDEHOOR VLQ HPEDUJR DO LJXDO TXH ORV WUHV TXH
DSULVLRQDEDQVXVEUD]RV\SLHUQDVVLJXLyHQVXSXHVWR
$SHVDUGHPLSUHSDUDFLyQSDUDHVWDPLVLyQXQDROHDGDGHLQGLJQDFLyQPHFRQPRYLyGHSLHV
DFDEH]D6LQHPEDUJRWDO\FRPRHVWDEDHVWDEOHFLGRSRU&DEDOORGH7UR\D\RQRSRGtDKDFHU
RWUD FRVD TXH DVLVWLU LPSDVLEOH D DTXHO WUiJLFR VXFHVR $KRUD UHFRQR]FR TXH IXH XQD SUXHED
GHFLVLYDSDUDDVLPLODUPLPLVLyQ\SRGHUDVLVWLUFRQWRGDIULDOGDGDODVQRPHQRVGUDPiWLFDV
KRUDVGHO9LHUQHV6DQWR
1R KDEUtDQ WUDQVFXUULGR QL FLQFR PLQXWRV FXDQGR OD PXMHU FRPHQ]y D VXIULU XQD VHULH GH
HVSDVPRV 6XV URGLOODV VH GREODURQ PLHQWUDV ORV OHYLWDV WUDWDEDQ GH PDQWHQHUOD HUJXLGD
'HVSXpVDODQDOL]DUODPXHVWUDGHWLQWDFRPSUHQGtTXHDTXHOODDFWLWXGGHORVSROLFtDVWHQtDXQ
~QLFR\ELHQHVWXGLDGRREMHWLYRHYLWDUTXHDOFDHUDOVXHOR\IOH[LRQDUHODEGRPHQODFRQGHQDGD
SXGLHUDYRPLWDUODVDJXDVDPDUJDVDQXODQGRDVtVXVHIHFWRV
/HQWDPHQWH OD MRYHQ HVSRVD IXH SHUGLHQGR IXHU]D 6X URVWUR DGTXLULy XQ WLQWH DPDULOOHQWR \
VXV RMRV PX\ DELHUWRV \ ILMRV HQ DTXHO D]XO LQILQLWR GHO FLHOR GH -HUXVDOpQ VH DEXOWDURQ DO
WLHPSRTXHODVJUDQGHVDUWHULDVGHOFXHOORVHKLQFKDEDQGHIRUPDDODUPDQWH
(YLGHQWHPHQWH HO YHQHQR KDEtD VXUWLGR HIHFWR /RV VDFHUGRWHV OR VDEtDQ \ DO DSUHFLDU
DTXHOORV VtQWRPDV RUGHQDURQ D OD SDWUXOOD TXH VROWDUD D OD PXMHU $O OLEHUDUOD pVWD FD\y
GHVSORPDGD D WLHUUD PLHQWUDV ODV GHFHQDV GH FXULRVRV FRPHQ]DEDQ D GHVILODU HQ VLOHQFLR
FUX]DQGRGHQXHYRODPXUDOODRDOHMiQGRVHODGHUDDEDMRKDFLDHO&HGUyQ
)XHODYR]GH$QGUpVOODPiQGRPHGHVGHHODUFRGHOD3XHUWD2ULHQWDOODTXHPHVDFyGHOD
WULVWH FRQWHPSODFLyQ GH DTXHO FXHUSR GHVPD\DGR R TXL]i VLQ YLGD URGHDGR SRU OD SROLFtD GHO
7HPSOR 0L DPLJR GHELy DGYHUWLU HQ VHJXLGD PL GHVRODFLyQ \ WRPiQGRPH SRU HO EUD]R PH
FRQGXMR D WUDYpV GHO $WULR GH ORV *HQWLOHV HQ GLUHFFLyQ D OD FLXGDG EDMD 8QD YH] IXHUD GHO
7HPSOR HO GLVFtSXOR VDFy GLVLPXODGDPHQWH GH HQWUH VXV URSDV XQ SHTXHxR MDUULWR GH XQRV
FHQWtPHWURV GH DOWXUD SURYLVWR GH XQD VROD DVD \ FRQ OD UHGXFLGD ERFD FLUFXODU SHUIHFWDPHQWH
FHUUDGDSRUXQWDSyQGHWHOD6LQPiVH[SOLFDFLRQHVSXVRHOUHFLSLHQWHGHEDUURURMRHQPLV
PDQRVDOLJXDOTXHXQRGHORVGRVGHQDULRVTXH\ROHKDEtDHQWUHJDGR$QGUpVQRKL]RXQDVROD
SUHJXQWD\\RDJUDGHFtGREOHPHQWHVXHILFDFLD\GLVFUHFLyQ'tDVPiVWDUGHFXDQGRIXHSRVLEOH
DQDOL]DU HO FRQWHQLGR GH DTXHO UHFLSLHQWH PLV VRVSHFKDV VH YLHURQ FRQILUPDGDV /D WLQWD HQ
FXHVWLyQ FRQWHQtD FXDWUR VXVWDQFLDV SULQFLSDOHV DxLO FDUERQDWR SRWiVLFR iFLGR DUVHQLRVR \ FDO
YLYD7RGRHOORGLOXLGRHQDJXDFRP~Q/DFLUFXQVWDQFLDFODYHGHTXHVHJ~QUH]DEDHO$QWLJXR
7HVWDPHQWRODWLQWDGHEtDVHUVXVFHSWLEOHGHGLVROYHUVHHQDJXDUHGXMRFRQVLGHUDEOHPHQWHHO
SDQHOGHWLQWDVXWLOL]DGDVSUHVXPLEOHPHQWHHQHOVLJOR,HQ,VUDHO(VWHLPSRUWDQWHUHTXLVLWRGHOD
GLVROXFLyQGHODWLQWDHQDJXD\HOQRPHQRVGHFLVLYRKHFKRGHTXHSURYRFDUDHQHOVHUKXPDQR
ORV \D UHIHULGRV HIHFWRV QRV FRQGXMR FDVL LUUHPLVLEOHPHQWH D OD OODPDGD WLQWD D]XO 1XHVWURV
WpFQLFRV GHVFXEULHURQ LJXDOPHQWH TXH XQRGH VXVLQJUHGLHQWHVHOiFLGR DUVHQLRVR QRIRUPDED
SDUWHHQUHDOLGDGGHODVVXVWDQFLDVSULPLJHQLDV\QHFHVDULDVSDUDODFRPSRVLFLyQGHODWLQWD-XQWR
DODxLODOFDUERQDWRSRWiVLFR\DODFDOYLYDDSDUHFtDHOVXOIXURGHDUVpQLFRSHURQXQFDHOiFLGR
DUVHQLRVR&yPRSRGtDVHUHVWR"/DH[SOLFDFLyQHUDHOHPHQWDOORVLVUDHOLWDVXWLOL]DEDQHOWLSR
GHQRPLQDGR VXOIXUR DPDULOOR GH DUVpQLFR TXH VH GDED HVSRQWiQHDPHQWH HQ OD 1DWXUDOH]D HQ
PDVDV FRPSXHVWDV GH OiPLQDV VHPLWUDQVSDUHQWHV GH FRORU DPDULOORRUR LQRGRUDV LQVtSLGDV
LQVROXEOHVHQDJXD\YROiWLOHVDOIXHJR>@(VWHVXOIXURDPDULOORGHDUVpQLFRQRHVWy[LFR(OOR
H[SOLFDEDTXHSXGLHUDVHUPDQLSXODGRVLQSUREOHPDV6LQHPEDUJRHQVXLQWHULRUVHDOEHUJDEDXQ
YHQHQRPX\DFWLYRHOiFLGRDUVHQLRVRSXURGHHIHFWRVPX\HQpUJLFRV/RVMXGtRVFRQVHJXtDQOD
GLVROXFLyQ GH HVWH YHQHQR LQVROXEOH HQ DJXD FRPR \D FRPHQWp DQWHULRUPHQWH PHUFHG D RWUDV
VXVWDQFLDVTXHVtDSDUHFtDQHQODFRPSRVLFLyQGHODWLQWDD]XOHOFDUERQDWRSRWiVLFR\ODFDO
YLYDDPERVGHIXHUWHSRGHUDOFDOLQR>@
3UREDEOHPHQWH HO VDFHUGRWH HQFDUJDGR GH OD IDEULFDFLyQ GH ODV DJXDV DPDUJDV KHUYtD
ODV FXDWUR SULPHUDV VXVWDQFLDV DxLO FDUERQDWR SRWiVLFR VXOIXUR DPDULOOR GH DUVpQLFR \ FDO
YLYD FRQVLJXLHQGR XQD GLVROXFLyQ WRWDO $ FRQWLQXDFLyQ WUDV ILOWUDU HO OtTXLGR UHVXOWDQWH OH
DxDGtDXQDSHTXHxDSRUFLyQGHJRPDDUiELJDSXOYHUL]DGDKDOODGDSRUQXHVWURVHVSHFLDOLVWDVHQ
OD WLQWD D]XO \ HQ XQD SURSRUFLyQ LGpQWLFD D OD FDO YLYD UHVXOWDQGR XQ EUHEDMH GREOHPHQWH
~WLOFRPRWLQWD\FRPRYHQHQR(QFXDQWRDOVDERUDPDUJRTXHGLRQRPEUHDODSyFLPDSRGUtD
GHEHUVHDODSUHVHQFLDGHOFDUERQDWRSRWiVLFRGHIXHUWHVDERUDFUH>@
'DGRHOFDUiFWHU VDJUDGRGH HVWDWLQWDOR PiV OyJLFRHVTXH QRIXHUD FRPSXHVWDKDVWD
SRFRDQWHVGHVXHPSOHR/D0LVQiHQVX2UGHQ7HUFHURGHGLFDGRDODVPXMHUHVH[SOLFDTXH
HOVDFHUGRWHOOHQDEDXQFXHQFRQXHYRGHEDUURFRQXQDFDQWLGDGTXHRVFLODEDHQWUHXQFXDUWR\
PHGLRORJGHDJXDGHOSLOyQHVGHFLUHQWUH\JUDPRVGHDJXDFRP~Q$FRQWLQXDFLyQ
HQWUDEDHQHO6DQWXDULR\VHGLULJtDKDFLDODGHUHFKDGRQGHKDEtDXQOXJDUGHXQFRGRFXDGUDGR
XQRVFHQWtPHWURVFXDGUDGRVFRQXQDPHVDGHPiUPRO\XQDQLOORILMDGRDHOOD'HVSXpVGH
DO]DUODFRJtDODFHQL]DTXHKDEtDEDMRHOOD\ODSRQtDHQHOFXHQFRGHWDOPRGRTXHVHKLFLHVH
SHUFHSWLEOH HQ HO DJXD WDO FRPR HVWi HVFULWR GH OD FHQL]D TXH KD\D HQ HO SDYLPHQWR GHO
VDQWXDULRWRPDUiHOVDFHUGRWH\ODSRQGUiHQHODJXD
3RU~OWLPRHOVDFHUGRWHVHKDFtDFRQODWLQWD\HVFULEtDODVIyUPXODVULWXDOHV<DYpWDO\
FRPRHVSHFLILFDHOOLEURVDJUDGR1~PHURVRUGHQDEDTXHVHHVFULELHUDVREUHXQOLEUR
(Q RWUDV SDODEUDV HQ XQ UROOR 7DPSRFR GHEtD XWLOL]DU JRPD YLWULROR QL QLQJXQD RWUD VXVWDQFLD
TXH TXHGDVH ILMD /yJLFDPHQWH VL OR TXH VH SHUVHJXtD HUD TXH OD DFXVDGD EHELHVH HO YHQHQR
FRQWHQLGRHQODWLQWDpVWDGHEtDVHUSHUIHFWDPHQWHVROXEOHHQHODJXD
'HVSXpVGHDTXHOODVYHULILFDFLRQHVXQDVHULHGHGXGDVPiVLQWHQVDV\IDVFLQDQWHVVLFDEH
TXHGDURQ IORWDQGR HQ HO HVStULWX GH ORV KRPEUHV GHO SUR\HFWR &DEDOOR GH 7UR\D (Q SULPHU
OXJDUVLODVDOLGDGHORVMXGtRVGH(JLSWRVHUHJLVWUyKDFLDHODxRDQWHVGH&ULVWRFyPRHV
SRVLEOH TXH HO SXHEOR KHEUHR FRQRFLHVH HO iFLGR DUVHQLRVR \ VX IXQHVWD DFFLyQ VREUH HO
RUJDQLVPR KXPDQR VL ODV SULPHUDV QRWLFLDV VREUH GLFKR iFLGR HPSH]DURQ D GLIXQGLUVH SRU HO
PXQGRHQHOVLJOR,;GHQXHVWUD(UD">@<VLHOORVQRIXHURQORVGHVFXEULGRUHVRFUHDGRUHVGH
VHPHMDQWH IyUPXOD TXLpQ OR KL]R" /D FRQFOXVLyQ LQPHGLDWD VyOR SXHGH VHU XQD <DYp 3HUR
DFHSWDQGR HVWD KLSyWHVLV TXLpQ HUD HVWH<DYp FDSD] GH WUDQVPLWLU XQDV IyUPXODV TXtPLFDV WDQ
SUHFLVDVDGHODQWiQGRVHDGHPiVDORVWLHPSRV"<VREUHWRGRSRUTXpXQVHUTXHVHDXWRGHILQtD
FRPR 'LRV HVWDEOHFtD SURFHGLPLHQWRV WDQ LQMXVWRV \ KRUUHQGRV D OD KRUD GH GLOXFLGDU OD
FXOSDELOLGDGGHXQDSHUVRQD"6HJ~QORVHVSHFLDOLVWDVHQWR[LFRORJtD\PHGLFLQDOHJDOODPXMHU
TXHLQJHUtDXQDVXVWDQFLDGHODVFDUDFWHUtVWLFDVFLWDGDVHQODVDJXDVDPDUJDVVXIUtDXQFXDGUR
JDVWURHQWHUtWLFR (Q UHDOLGDG FRQ XQD GRVLV GH PLOLJUDPRV GH HVWH iFLGR DUVHQLRVR SRGtD
SURYRFDUVHODPXHUWHGHODPXMHU$ORVSRFRVPLQXWRVVHSUHVHQWDEDQORVVLJQRVWtSLFRVVHGPX\
LQWHQVD YyPLWRV GHSRVLFLRQHV FDODPEUHV \ IDFFLRQHV DOWHUDGDV SURYRFDQGR XQD PXHUWH
DVItFWLFD2WURVH[SHUWRVHQYHQHQRVRSLQDURQTXHTXL]iODVDJXDVDPDUJDVSRGtDQFRQWHQHU
HQOXJDUGHOiFLGRDUVHQLRVRRWURSRWHQWHWy[LFRH[WUDtGRGHODYtERUDGHOGHVLHUWRFRQRFLGDSRU
*DULED(QHVWHFDVR\SDUDKDFHUHIHFWLYRWDQPRUWtIHURYHQHQRORVVDFHUGRWHVLQWURGXFtDQHQ
ODSyFLPDODFDOYLYDTXHTXHPDED\GHVJDUUDEDODVPXFRVDVLQWHUQDVGHODGHVGLFKDGDKDFLHQGR
DFWLYRHOYHQHQRGHODYtERUDLQRFXRSRUYtDRUDO>@
6L ODV DJXDV DPDUJDV HUDQ SUHSDUDGDV FRQ HVWH ~OWLPR YHQHQR VLHPSUH H[LVWtD OD
SRVLELOLGDGGHREUDUHOPLODJUR%DVWDEDFRQVXSULPLUHOWy[LFRSURGXFLGRSRUOD*DULEDR
(FKLV &DULQDWXV PX\ IUHFXHQWH HQ ORV GHVLHUWRV GH OD SHQtQVXOD GHO 6LQDt SDUD TXH OD
VXSXHVWDDG~OWHUDQRVXIULHUDGDxRDOJXQR1DWXUDOPHQWHHVWHWUXFRHQVHxDGRWDPELpQSRUHO
VRVSHFKRVR<DYpVHSUHVWDEDDQXPHURVDVPDQLSXODFLRQHVGHODLJQRUDQWHPXOWLWXG\&yPR
QRDSRVLEOHVFKDQWDMHVSRUSDUWHGHORVUHVSRQVDEOHVGHODVPHQFLRQDGDVDJXDVDPDUJDV
8QDVXQWRGLJQRGHXQHVWXGLRHQSURIXQGLGDG
&RQ FLHUWDV SULVDV MXVWLILFDGtVLPDV SRU VXSXHVWR $QGUpV PH IXH FRQGXFLHQGR SRU ODV
HVWUHFKDV FDOOHMXHODV GH OD SDUWH EDMD GH -HUXVDOpQ KDVWD OOHJDU D XQD FDVD VLWXDGD HQWUH OD
6LQDJRJDGHORV/LEHUWRV\OD3LVFLQDGH6LORpHQHOH[WUHPRPHULGLRQDOGHODFLXGDGVDQWD/D
IDFKDGDHQWHUDPHQWHGHSLHGUDODEUDGDRVWHQWDEDVREUHHOSpWUHRGLQWHOXQHVFXGRFLUFXODUFRQ
XQDHVWUHOODGHFLQFRSXQWDV(QHOKHUPRVRDOWRUUHOLHYHGHVJDVWDGRSRUHOSDVRGHOWLHPSRSXGH
OHHUODSDODEUD-HUXVDOpQIRUPDGDSRUODVFLQFROHWUDVKHEUHDVFDGDXQDGHHOODVVLWXDGDHQWUH
ODVSXQWDVGHODQRPHQRVIDPRVDHVWUHOODGH'DYLG
-RVp HO GH$ULPDWHD QREOH GHFXULyQ XQD HVSHFLH GH DVHVRU GHO 6DQHGUtQ HQ YLUWXG GH VX
ULTXH]D \ HVWLUSH QREOH VX IDPLOLD SURFHGtD FRPR OD GH -HV~V GHO PtWLFR UH\ 'DYLG HUD XQ
SHUVRQDMHGHJUDQSUHVWLJLRHQODFLXGDGVDQWD6XWDODQWHOLEHUDOIUXWRVLQGXGDGHVXVYLDMHV
SRU*UHFLD\HOLPSHULRURPDQROHKDEtDDUUDVWUDGRGHVGHXQSULQFLSLRKDFLDODVHQVHxDQ]DVGH
-HV~VGH1D]DUHW<DXQTXHpOKDEtDQDFLGRHQODDOGHDGH$ULPDWHDKR\5DQWtVDOQRUGHVWHGH
/LGGDVXLQIDQFLD\MXYHQWXGKDEtDQWUDQVFXUULGRFDVLSRUFRPSOHWRHQ-HUXVDOpQ$TXHOODFDVD
VHJ~Q PH FRQWy D OR ODUJR GH DTXHO DOPXHU]R KDEtD VLGR OHYDQWDGD SRU VXV DQWHSDVDGRV
MXVWDPHQWHVREUHORVUHVWRVGHODDQWLJXD&LXGDGGH'DYLGHQHOSURPRQWRULROODPDGR2IHO
6XFRQVLGHUDEOHIRUWXQDDPDVDGDSULQFLSDOPHQWHFRQORVQHJRFLRVGHODFRQVWUXFFLyQOH
KDEtDSHUPLWLGRDFRQGLFLRQDUDTXHOODPDQVLyQFRQORVPiVUHILQDGRVOXMRVQRWiQGRVHHQWRGDVX
GHFRUDFLyQ XQD FODUD LQIOXHQFLD KHOHQtVWLFD $TXHOOD SURIHVLyQ VX\D \ HVWH IXH XQR GH ORV
DVSHFWRV TXHPiVPHDWUDMRGH -RVpOHKDEtDSHUPLWLGR DGHPiV XQ HVWUHFKR FRQWDFWR FRQ HO
SURFXUDGRU URPDQR 3RQFLR 3LODWR $ VX OOHJDGD D -XGHD SRU RUGHQ GHO HPSHUDGRU URPDQR
7LEHULR3LODWRGHVSOHJyXQDJUDQDFWLYLGDG8QDGHVXVSULPHUDVREUDVIXHODFRQVWUXFFLyQGHXQ
DFXHGXFWRGHXQRVHVWDGLRVFDVLNLOyPHWURV>@3XHVELHQ-RVpGH$ULPDWHDIXHXQRGH
ORVSULQFLSDOHVVXPLQLVWUDGRUHVGHSORPR\DUJDPDVD
$QGUpVFRQRFtDELHQODFDVD\PHJXLyGLUHFWDPHQWHDOHVSDFLRVRSDWLRDFLHORDELHUWR
GRQGHVHKDOODEDQHO0DHVWURVXVGLVFtSXORVXQDWUHLQWHQDGHJULHJRVORVPLVPRVTXHDERUGDURQ
D -HV~V HQ ODV SULPHUDV KRUDV GH OD WDUGH GHO GRPLQJR \ TXH DO SDUHFHU KDEtDQ UHFDSDFLWDGR
EXVFDQGRGHQXHYRDO0DHVWUR\-RVpHOGH$ULPDWHDFRQORVPLHPEURVGHO6DQHGUtQTXH
KDEtDQ SUHVHQWDGR VX GLPLVLyQ DQWH ODV JUDYHV LUUHJXODULGDGHV GHO VXSUHPR WULEXQDO SDUD FRQ
-HV~V/DFRPLGDFRQVLVWHQWHIXQGDPHQWDOPHQWHHQFD]D\OHJXPEUHVWUDQVFXUUtD\DSRUHOWHUFHU
SODWRFXDQGRWRPpDVLHQWRHQXQH[WUHPRGHODPHVD
(O1D]DUHQRHQWRQRFDQVLQRSDUHFtDGLULJLUVHDDTXHOORVH[WUDQMHURVGH$OHMDQGUtD5RPD\
$WHQDV
6pTXHPLKRUDVHHVWiDFHUFDQGR\HVWR\DIOLJLGR3HUFLERTXHPLJHQWHHVWiGHFLGLGDD
GHVGHxDUHOUHLQRSHURPHDOHJURDOUHFLELUDHVWRVJHQWLOHVEXVFDGRUHVGHODYHUGDGTXHYLHQHQ
KR\DTXtSUHJXQWDQGRSRUHOFDPLQRGHODOX]6LQHPEDUJRSURVLJXLy-HV~VHOFRUD]yQPH
GXHOHSRUPLJHQWH\PLDOPDVHWXUEDSRUORTXHHVWiDQWHPt
(O0DHVWURKL]RXQDSDXVD\ORVFRPHQVDOHVVHPLUDURQHQWUHVtGHVFRQFHUWDGRVDQWHDTXHOOD
LGHDREVHVLYDTXHHOUDEtYHQtDPDQLIHVWDQGRGtDWUDVGtD
$OHQWUDUHQHOSDWLR\RKDEtDSURFXUDGRDSR\DUPLYDUDVREUHXQDGHODVSDUHGHVGHPiUPRO
EODQFR SXOVDQGR HO FODYR TXH SRQtD HQ PDUFKD OD ILOPDFLyQ< D GHFLU YHUGDG HO WLHPSR TXH
SHUPDQHFtHQODFDVDGH-RVpPLDWHQFLyQHVWXYRPiVSHQGLHQWHGHOFD\DGR\GHTXHQRIXHUD
GHUULEDGRSRUHOVLQILQGHVLHUYRVTXHHQWUDEDQ\VDOtDQFRQORVPDQMDUHVTXHGHPLDQILWULyQ\
VXVLQYLWDGRV
4Xp SXHGR GHFLU FRQWLQXy -HV~V FXDQGR PLUR KDFLD DGHODQWH \ YHR OR TXH YD D
RFXUULUPH"
3HGURFODYyVXVRMRVD]XOHVHQVXKHUPDQR$QGUpVSHURDMX]JDUSRUHOJHVWRGHVXVURVWURV
QLQJXQRWHUPLQDEDGHFRPSUHQGHU
'HER GHFLU ViOYDPH GH HVD KRUD KRUURURVD" 1R 3DUD HVWH SURSyVLWR KH YHQLGR DO
PXQGRHLQFOXVRDHVWDKRUD0iVELHQGLUp\URJDUpSDUDTXHRVXQiLVDPt3DGUHJORULILFDGVX
QRPEUH7XYROXQWDGVHUiFXPSOLGD
$OWHUPLQDUODFRPLGDDOJXQRVGHORVJULHJRV\GLVFtSXORVVHOHYDQWDURQURJDQGRDO0DHVWUR
TXH OHV H[SOLFDVH PiV FODUDPHQWH TXp VLJQLILFDED \ FXiQGR WHQGUtD OXJDU OD KRUD KRUURURVD
3HUR-HV~VHOXGLyWRGDUHVSXHVWD
0LHQWUDVUHFRJtDPLYDUDPHOODPyODDWHQFLyQXQHVSOpQGLGRYDVRGHFULVWDOHQFHUUDGRMXQWR
DXQDUHGXFLGDFROHFFLyQGHSHTXHxDVSLHGUDVRYRLGHV\HVIpULFDVHQXQDYLWULQDGHYLGULR-RVp
GHELySHUFDWDUVHGHPLLQWHUpVSRUDTXHOODVSLH]DV\DSUR[LPiQGRVHPHH[SOLFyTXHVHWUDWDED
GH XQ YDOLRVR YDVR GH GLDWUHWD UHFXELHUWR FRQ ILOLJUDQDV GH SODWD +DEtD VLGR KDOODGR HQ OD
*HUPDQLD \ FRQVWLWXtD XQ HMHPSODU ~QLFR HQ HO GLItFLO DUWH GHO YLGULR WDQ PDJLVWUDOPHQWH
SUDFWLFDGR SRU ORV URPDQRV (Q FXDQWR D ODV SLHGUDV GH XQRV FLQFR FHQWtPHWURV FDGD XQD
IRUPDEDQ SDUWH GH RWUD FROHFFLyQ VLQJXODU (UDQ DQWLJXRV SUR\HFWLOHV GH KRQGD GH SHGHUQDO \
FDOL]D XWLOL]DGRV VHJ~Q ORV DQWHSDVDGRV GH -RVp SRU OD WURSD HVSHFLDO GH VROGDGRV
EHQMDPLQLVWDV]XUGRVFDSDFHVGHGLVSDUDUFRQWUDXQFDEHOORVLQHUUDUHOJROSHWDO\FRPRFLWD
HOOLEURGHORV-XHFHV
(VPX\SRVLEOHLQVLQXy-RVpTXH'DYLGXWLOL]DVHXQDSLHGUDVLPLODUHQVXOXFKDFRQWUD
*ROLDW
$TXHOEUHYHHQFXHQWURFRQHOYHQHUDEOH-RVpTXHGHEHUtDURQGDU\DORVVHVHQWDDxRVIXH
GH JUDQ XWLOLGDG SDUD ORV SODQHV TXH &DEDOOR GH 7UR\D KDEtD GLVSXHVWR SDUD Pt 8QR GH PLV
REMHWLYRV DQWHV GHO DQRFKHFHU GHO MXHYHV HUD MXVWDPHQWH HQWDEODU FRQWDFWR FRQ HO SURFXUDGRU
URPDQRHQ-HUXVDOpQ&XDQGROHH[SXVHPLGHVHRGHFHOHEUDUXQDHQWUHYLVWDFRQ3RQFLR3LODWR
-RVp VH PRVWUy GXELWDWLYR 7UDWp HQWRQFHV GH JDQDUPH VX FRQILDQ]D H[SOLFiQGROH TXH KDEtD
WUDEDMDGRFRPRDVWUyORJRDOVHUYLFLRGH7LEHULR\TXHDSURYHFKDQGRPLFRUWDHVWDQFLDHQ,VUDHO
VHUtDGHVXPRLQWHUpVSDUD3LODWRTXHSXGLHUDFRQRFHUORVJUDYHVDFRQWHFLPLHQWRVVHxDODGRVHQ
ORVDVWURV
-RVp WDO \ FRPR \R HVSHUDED PDQLIHVWy XQD DJXGD FXULRVLGDG \ SURPHWLy FRQFHUWDU OD
HQWUHYLVWD SDUD OD PDxDQD GHO GtD VLJXLHQWH PLpUFROHV VLHPSUH \ FXDQGR pO SXGLHUD HVWDU
SUHVHQWH$FFHGtHQFDQWDGR
+DFLD ODV GRV GH OD WDUGH -HV~V VH GHVSLGLy GH -RVp HO GH $ULPDWHD VXELHQGR SRU ODV
HPSHGUDGDVFDOOHVKDFLDHOPXURVXUGHOWHPSOR(QHOFDPLQRDGYLUWLyDVXVDPLJRVTXHDTXpO
LED D VHU VX ~OWLPR GLVFXUVR S~EOLFR 3HUR VXV KRPEUHV GH FRQILDQ]D QR KLFLHURQ FRPHQWDULR
DOJXQR (Q UHDOLGDG VXV FRUD]RQHV VH KDOODEDQ VXPLGRV HQ XQD SURIXQGD FRQIXVLyQ (V TXH HO
0DHVWURTXHKDEtDHVFDSDGRVLHPSUHGHODVJDUUDVGHO6DQHGUtQLEDDGHMDUTXHORFDSWXUDVHQ"
8QD YH] HQ OD H[SODQDGD GH ORV *HQWLOHV HO UDEt VH DFRPRGy HQ VX OXJDU KDELWXDO ODV
HVFDOLQDWDVTXHURGHDEDQHO6DQWXDULR\HQXQWRQRVXPDPHQWHFDULxRVRFRPHQ]yDKDEODU
'XUDQWH WRGR HVWH WLHPSR KH HVWDGR FRQ YRVRWURV \HQGR \ YLQLHQGR SRU HVWDV WLHUUDV
SURFODPDQGRHODPRUGHO3DGUHSDUDFRQORVKLMRVGHORVKRPEUHV0XFKRVKDQYLVWRODOX]\SRU
PHGLRGHODIHKDQHQWUDGRHQHOUHLQRGHOFLHOR(QUHODFLyQFRQHVWDHQVHxDQ]D\SUHGLFDFLyQHO
3DGUHKDKHFKRFRVDVPDUDYLOORVDVLQFOXLGDODUHVXUUHFFLyQGHORVPXHUWRV0XFKRVHQIHUPRV\
DIOLJLGRV KDQ VLGR FXUDGRV SRUTXH KDQ FUHtGR 3HUR WRGD HVD SURFODPDFLyQ GH OD YHUGDG \
FXUDFLyQGHHQIHUPHGDGHVQRKDVHUYLGRSDUDDEULUORVRMRVGHORVTXHUHK~VDQYHUODOX]\GHORV
TXHHVWiQGHFLGLGRVDUHFKD]DUHOHYDQJHOLRGHOUHLQR
<R\WRGRVPLVGLVFtSXORVKHPRVKHFKRORSRVLEOHSDUDYLYLUHQSD]FRQQXHVWURVKHUPDQRV
SDUDFXPSOLUORVPDQGDWRVUD]RQDEOHVGHODVOH\HVGH0RLVpV\ODVWUDGLFLRQHVGH,VUDHO+HPRV
EXVFDGRSHUVLVWHQWHPHQWHODSD]SHURORVGLULJHQWHVGHHVWDQDFLyQQRODWHQGUiQ5HFKD]DQGROD
YHUGDGGH'LRV\ODOX]GHOFLHORVHFRORFDQGHOODGRGHOHUURU\GHODRVFXULGDG1RSXHGHKDEHU
SD]HQWUHODOX]\ODVWLQLHEODVHQWUHODYLGD\ODPXHUWHHQWUHODYHUGDG\HOHUURU
0XFKRVGHYRVRWURVRVKDEpLVDWUHYLGRDFUHHUHQPLVHQVHxDQ]DV\\DKDEpLVHQWUDGRHQOD
DOHJUtD\OLEHUWDGGHODFRQVFLHQFLDGHVHUKLMRVGH'LRV6HUpLVPLVWHVWLJRVGHTXHKHRIUHFLGROD
PLVPD ILOLDFLyQ FRQ 'LRV D WRGR ,VUDHO ,QFOXVR D HVWRV PLVPRV KRPEUHV TXH KR\ EXVFDQ PL
GHVWUXFFLyQ3HURRVGLJRPiVLQFOXVRDKRUDUHFLELUtDPL3DGUHDHVWRVPDHVWURVFLHJRVDHVWRV
GLULJHQWHVKLSyFULWDVVLYROYLHVHQVXFDUDKDFLDpO\DFHSWDVHQVXPLVHULFRUGLD
-HV~V KDEtD LGR VHxDODQGR FRQ OD PDQR D ORV GLIHUHQWHV JUXSRV GH HVFULEDV VDGXFHRV \
IDULVHRVTXHSRFRDSRFRIXHURQLQFRUSRUiQGRVHDORVFLHQWRVGHMXGtRVTXHGHVHDEDQHVFXFKDU
DO UDEt GH *DOLOHD $OJXQRV GH ORV GLVFtSXORV HVSHFLDOPHQWH 3HGUR \ $QGUpV VH TXHGDURQ
SiOLGRVDOHVFXFKDUORVDXGDFHVDWDTXHVGHVX0DHVWUR
,QFOXVRDKRUDQRHVGHPDVLDGRWDUGHFRQWLQXy-HV~VSDUDTXHHVWDJHQWHUHFLEDOD
SDODEUDGHOFLHOR\GpODELHQYHQLGDDO+LMRGHO+RPEUH
8QR GH ORV PLHPEURV GHO 6DQHGUtQ DO HVFXFKDU HVWDV H[SUHVLRQHV VH DOWHUy YLVLEOHPHQWH
DUUDVWUDQGRDOUHVWRGHVXJUXSRSDUDTXHDEDQGRQDUDODH[SODQDGD-HV~VVHGLRSHUIHFWDFXHQWD
GHOKHFKR\OHYDQWDQGRHOWRQRGHODYR]DUUHPHWLyFRQWUDHOORV
0L 3DGUH KD WUDWDGR FRQ FOHPHQFLD D HVWD JHQWH *HQHUDFLyQ WUDV JHQHUDFLyQ KHPRV
HQYLDGRDQXHVWURVSURIHWDVSDUDTXHOHVHQVHxDVHQ\DGYLUWLHVHQ<JHQHUDFLyQWUDVJHQHUDFLyQ
HOORVKDQPDWDGRDQXHVWURVHQYLDGRV$KRUDYXHVWURVYROXQWDULRVRVDOWRVVDFHUGRWHV\WHVWDUXGRV
GLULJHQWHVVLJXHQKDFLHQGRORPLVPR$VtFRPR+HURGHVDVHVLQyD-XDQYRVRWURVLJXDOPHQWHRV
SUHSDUiLVSDUDGHVWUXLUDO+LMRGHO+RPEUH
0LHQWUDV KD\D XQD SRVLELOLGDG SDUD TXH ORV MXGtRV YXHOYDQ VX URVWUR KDFLD PL 3DGUH \
EXVTXHQODVDOYDFLyQHO'LRVGH$EUDKDP,VDDF\-DFREPDQWHQGUiVXVPDQRVH[WHQGLGDVKDFtD
YRVRWURV3HURXQDYH]TXHKD\iLVUHEDVDGRODFRSDGHYXHVWUDLPSHUWLQHQFLDHVWDQDFLyQVHUi
DEDQGRQDGDDVXVSURSLRVFRQVHMRVHLUiUiSLGDPHQWHDXQILQDOSRFRJORULRVR
(O DUUDLJDGR VHQWLGR GHO SDWULRWLVPR GH ORV KHEUHRV TXHGy YLVLEOHPHQWH FRQPRYLGR SRU
DTXHOODVVHQWHQFLDVGH-HV~V<ODPXOWLWXGTXHHVFXFKDEDVHQWDGDVREUHODVORVDVGHO$WULRGH
ORV*HQWLOHVVHUHPRYLyLQTXLHWDHQWUHPXUPXOORVGHGHVDSUREDFLyQ
3HURHO1D]DUHQRQRVHDOWHUy9HUGDGHUDPHQWHDTXHOKRPEUHHUDYDOLHQWH
(VWDJHQWHKDEtDVLGROODPDGDDVHUODOX]GHOPXQGR\DPRVWUDUODJORULDHVSLULWXDOGH
XQDUD]DFRQRFHGRUDGH'LRV3HURKDVWDKR\RVKDEpLVDSDUWDGRGHOFXPSOLPLHQWRGHYXHVWURV
SULYLOHJLRV GLYLQRV\YXHVWURV OtGHUHVHVWiQDSXQWR GHFRPHWHU ODORFXUDVXSUHPDGHWRGRV ORV
WLHPSRV
-HV~VKL]RXQDEUHYtVLPDSDXVDPDQWHQLHQGRDODXGLWRULRHQDVFXDV
<RRVGLJRTXHHVWiQDSXQWRGHUHFKD]DUHOJUDQUHJDORGH'LRVDWRGRVORVKRPEUHV\D
WRGDVODVpSRFDVODUHYHODFLyQGHVXDPRU
(QYHUGDGHQYHUGDGRVGLJRTXHXQDYH]TXHKD\iLVUHFKD]DGRHVWDUHYHODFLyQHOUHLQR
GHOFLHORVHUiHQWUHJDGRDRWUDVJHQWHV(QHOQRPEUHGHO3DGUHTXHPHHQYLy\RRVDYLVRHVWiLV
DXQSDVRGHSHUGHUYXHVWURSXHVWRHQHOPXQGRFRPRVXVWHQWDGRUHVGHODHWHUQDYHUGDG\FRPR
FXVWRGLRVGHODOH\GLYLQD-XVWRDKRUDRVHVWR\RIUHFLHQGRYXHVWUD~OWLPDRSRUWXQLGDGSDUDTXH
HQWUpLVFRPRORVQLxRVSRUODIHVLQFHUDHQODVHJXULGDGGHODVDOYDFLyQGHOUHLQRGHOFLHOR
0L3DGUHKDWUDEDMDGRGXUDQWHPXFKRWLHPSRSRUYXHVWUDVDOYDFLyQ\\RKHEDMDGRDYLYLU
HQWUHYRVRWURVSDUDPRVWUDURVSHUVRQDOPHQWHHOFDPLQR0XFKRVGHORVMXGtRV\VDPDULWDQRVH
LQFOXVRGHORVJHQWLOHVKDQFUHtGRHQHOHYDQJHOLRGHOUHLQR<YRVRWURVORVTXHGHEHUtDLVVHUORV
SULPHURVHQDFHSWDUODOX]GHOFLHORKDEpLVUHKXVDGRODUHYHODFLyQGHODYHUGDGGH'LRVUHYHODGR
HQHOKRPEUH\GHOKRPEUHHOHYDGRD'LRV
(VWDWDUGHPLVDSyVWROHVHVWiQDQWHYRVRWURVHQVLOHQFLR3HURSURQWRHVFXFKDUpLVVXVYRFHV
FODPDQGRSRUODVDOYDFLyQ$KRUDRVSLGRTXHVHiLVWHVWLJRVGLVFtSXORVPtRV\FUH\HQWHVHQHO
HYDQJHOLRGHOUHLQRGHTXHXQDYH]PiVKHRIUHFLGRD,VUDHO\DVXVGLULJHQWHVODOLEHUWDG\OD
VDOYDFLyQ'HWRGDVIRUPDVRVDGYLHUWRTXHHVWRVHVFULEDV\IDULVHRVVHVLHQWDQD~QHQODVLOODGH
0RLVpV\SRUWDQWRKDVWDTXHODVSRWHQFLDVPD\RUHVTXHGLULJHQORVUHLQRVGHORVKRPEUHVQRORV
GHVWLHUUHQ\GHVWUX\DQ\RRVRUGHQRTXHFRRSHUpLVFRQHVWRVPD\RUHVGH,VUDHO1RVHRVSLGH
TXHRVXQiLVDHOORVHQVXVSODQHVSDUDGHVWUXLUDO+LMRGHO+RPEUHVLQRHQFXDOTXLHURWUDFRVD
UHODFLRQDGDFRQODSD]GH,VUDHO(QHVWRVDVXQWRVKDFHGORTXHRVRUGHQHQ\REVHUYDGODHVHQFLD
GH ODV OH\HV SHUR QR WRPpLV HMHPSOR GH VXV PDODV DFFLRQHV 5HFRUGDG TXH pVWH HV VX SHFDGR
GLFHQ OR TXH HV EXHQR SHUR QR OR KDFHQ 9RVRWURV VDEpLV ELHQ FyPR HVWRV GLULJHQWHV RV KDFHQ
OOHYDUSHVDGDVFDUJDV\TXHQROHYDQWDQXQGHGRSDUDD\XGDURV2VKDQRSULPLGRFRQFHUHPRQLDV
\HVFODYL]DGRFRQODVWUDGLFLRQHV
<D~QRVGLUpPiVHVWRVVDFHUGRWHVFHQWUDGRVHQVtPLVPRVVHGHOHLWDQKDFLHQGREXHQDV
REUDV GH IRUPD TXH VHDQ YLVWDV SRU ORV KRPEUHV +DFHQ YDVWDV VXV ILODFWHULDV \ HQVDQFKDQ ORV
ERUGHV GH VXV YHVWLGRV RILFLDOHV 6ROLFLWDQ ORV OXJDUHV SULQFLSDOHV HQ ORV IHVWLQHV \ SLGHQ ORV
SULPHURVDVLHQWRVHQODVVLQDJRJDV&RGLFLDQORVVDOXGRV\DODEDQ]DVHQORVPHUFDGRV\GHVHDQ
VHUOODPDGRVUDEtVSRUWRGRVORVKRPEUHV(LQFOXVRPLHQWUDVEXVFDQWRGRVHVWRVKRQRUHVWRPDQ
VHFUHWDPHQWH SRVHVLyQ GH ODV YLXGDV \ VH EHQHILFLDQ GH ORV VHUYLFLRV GHO WHPSOR VDJUDGR 3RU
RVWHQWDFLyQ HVWRV KLSyFULWDV KDFHQ ODUJDV RUDFLRQHV HQ S~EOLFR \ GDQ OLPRVQD SDUD OODPDU OD
DWHQFLyQGHVXVVHPHMDQWHV
(Q DTXHOORV PRPHQWRV FXDQGR -HV~V ODQ]DED VXV SULPHURV \ PRUWDOHV DWDTXHV FRQWUD ORV
VDFHUGRWHV\PLHPEURVGHO6DQHGUtQORVDSyVWROHVTXHVHKDEtDQHQFDUJDGRGHODLQVWDODFLyQGHO
FDPSDPHQWRHQODODGHUDGHOPRQWH2OLYHWHKLFLHURQDFWRGHSUHVHQFLDHQODH[SODQDGDXQLpQGRVH
DO JUXSR GH ORV GLVFtSXORV )XH XQD OiVWLPD TXH QR KXELHUDQ HVFXFKDGR OD SULPHUD SDUWH GHO
GLVFXUVRGH-HV~V(QHVSHFLDO-XGDV,VFDULRWH$WtWXORSHUVRQDOFUHRTXHVLHOWUDLGRUKXELHUD
VLGR WHVWLJR GH DTXHOODV SULPHUDV IUDVHV RIUHFLHQGR PLVHULFRUGLD TXL]i KXELHVH FDPELDGR GH
SDUHFHU3HURSRUORTXHSXGHGHGXFLUHQODWDUGHGHOPLpUFROHVOD~OWLPDPLWDGGHODSOiWLFDGHO
0DHVWURHQHOWHPSORIXHGHFLVLYDSDUDTXHDTXpOGHVHUWDUDGHOJUXSR6XVHQWLGRGHOULGtFXOR\
VXQHJDWLYRFRQGLFLRQDPLHQWRDOTXpGLUiQHVWDEDQPXFKRPiVDFHQWXDGRVHQVXDOPDGHORTXH
\RFUHtD
< DVt FRPR GHEpLV KDFHU KRQRU D YXHVWURV MHIHV \ UHYHUHQFLDV D YXHVWURV PDHVWURV
FRQWLQXyHOUDEtQRGHEpLVOODPDUDQLQJ~QKRPEUHSDGUHHQHOVHQWLGRHVSLULWXDO6yOR'LRV
HVYXHVWUR3DGUH7DPSRFRGHEpLVEXVFDUGRPLQDUDYXHVWURVKHUPDQRVGHOUHLQR5HFRUGDG\R
RV KH HQVHxDGR TXH HO TXH VHD PiV JUDQGH HQWUH YRVRWURV GHEH VHU VLUYLHQWH GH WRGRV 6L
SUHWHQGpLVH[DOWDURVDYRVRWURVPLVPRVDQWH'LRVFLHUWDPHQWHVHUpLVKXPLOODGRVSHURHOTXHVH
KXPLOOHVLQFHUDPHQWHFRQVHJXULGDGVHUiH[DOWDGR%XVFDGHQYXHVWUDYLGDGLDULDQRODSURSLD
JORULDVLQRODGH'LRV6XERUGLQDGLQWHOLJHQWHPHQWHYXHVWUDSURSLDYROXQWDGDODGHO3DGUHGHO
FLHOR
1R FRQIXQGiLV PLV SDODEUDV 1R WHQJR PDOLFLD SDUD FRQ HVWRV VDFHUGRWHV SULQFLSDOHV TXH
LQFOXVR EXVFDQ PL GHVWUXFFLyQ 1R WHQJR PDORV GHVHRV FRQWUD HVWRV HVFULEDV \ IDULVHRV TXH
UHFKD]DQ PLV HQVHxDQ]DV 6p TXH PXFKRV GH YRVRWURV FUHpLV HQ VHFUHWR \ Vp TXH SURIHVDUpLV
DELHUWDPHQWH YXHVWUD OHDOWDG DO UHLQR FXDQGR OOHJXH OD KRUD 3HUR FyPR VH MXVWLILFDUiQ D Vt
PLVPRVYXHVWURVUDEtVVLGLFHQKDEODUFRQ'LRV\SUHWHQGHQUHFKD]DUOH\GHVWUXLUDOTXHYLHQHD
ORVPXQGRVDUHYHODUDO3DGUH"
$\GHYRVRWURVHVFULEDV\IDULVHRV+LSyFULWDV&HUUiLVODVSXHUWDVGHOUHLQRGHOFLHORD
ORVKRPEUHVVLQFHURVSRUTXHVRQLQFXOWRVHQODVIRUPDV5HKXViLVHQWUDUHQHOUHLQR\DOPLVPR
WLHPSRKDFpLVWRGRORTXHHVWiHQYXHVWUDPDQRSDUDHYLWDUTXHHQWUHQORVGHPiV3HUPDQHFpLVGH
HVSDOGDVDODVSXHUWDVGHODVDOYDFLyQ\RVSHJiLVFRQWRGRVORVTXHTXLHUHQHQWUDU
$\ GH YRVRWURV HVFULEDV \ IDULVHRV 6RLV KLSyFULWDV$EDUFiLV HO FLHOR \ OD WLHUUD SDUD
KDFHU SURVpOLWRV \ FXDQGR OR KDEpLV FRQVHJXLGR QR HVWiLV FRQWHQWRV KDVWD TXH OHV KDFpLV GRV
YHFHVPiVPDORVTXHORTXHHUDQFRPRKLMRVGHORVJHQWLOHV
$\ GH YRVRWURV VDFHUGRWHV \ MHIHV SULQFLSDOHV 'RPLQiLV OD SURSLHGDG GH ORV SREUHV \
H[LJtV SHVDGRV WULEXWRV D ORV TXH TXLHUHQ VHUYLU D 'LRV 9RVRWURV TXH QR WHQpLV PLVHULFRUGLD
SRGpLVHVSHUDUODGHORVPXQGRVYHQLGHURV"
$\GHYRVRWURVIDOVRVPDHVWURV*XtDVFLHJRV4XpSXHGHHVSHUDUVHGHXQDQDFLyQHQOD
TXHORVFLHJRVGLULJHQDORVFLHJRV"$PERVFDHUiQHQHODELVPRGHODGHVWUXFFLyQ
$\GHYRVRWURVTXHGLVLPXOiLVFXDQGRSUHVWiLVMXUDPHQWR6RLVHVWDIDGRUHV(QVHxiLVTXH
XQ KRPEUH SXHGH MXUDU DQWH HO WHPSOR \ URPSHU VX MXUDPHQWR SHUR HO TXH MXUD DQWH HO RUR GHO
WHPSORSHUPDQHFHUiOLJDGR6RLVWRGRVFLHJRV\ORFRV
-HV~V VH KDEtD SXHVWR HQ SLH (O DPELHQWH FDUJDGR SRU DTXHOODV YHUGDGHV FRPR SXxRV TXH
WRGR HO PXQGR FRQRFtD SHUR TXH QDGLH VH DWUHYtD D SURFODPDU HQ YR] DOWD \ PXFKR PHQRV HQ
SUHVHQFLD GH ORV GLJQDWDULRV GHO WHPSOR VH KDFtD FDGD YH] PiV WHQVR 1DGLH RVDED UHVSLUDU
VLTXLHUD/RVGLVFtSXORVFDGDYH]PiVDFREDUGDGRVEDMDEDQHOURVWURRPLUDEDQFRQWHPRUDORV
JUXSRVGHVDFHUGRWHV
3HURHO1D]DUHQRSDUHFtDGLVSXHVWRDWRGR
1LVLTXLHUDVRLVFRQVHFXHQWHVFRQYXHVWUDGHVKRQHVWLGDG4XLpQHVPD\RUHORURRHO
WHPSOR"
(QVHxiLV TXH VL XQ KRPEUH MXUD DQWH HO DOWDU QR VLJQLILFD QDGD 3HUR VL XQR MXUD DQWH HO
UHJDORTXHHVWiDQWHHODOWDUHQWRQFHVSHUPDQHFHFRPRGHXGRU6RLVFLHJRVDODYHUGDG4XLpQ
HVPD\RUHOUHJDORRHODOWDUTXHVDQWLILFDDOUHJDOR"&yPRSRGpLVMXVWLILFDUWDQWDKLSRFUHVtD\
GHVKRQHVWLGDG"
$\GHYRVRWURVHVFULEDV\IDULVHRV2VDVHJXUiLVGHTXHWUDLJDQGLH]PRVPHQWD\FRPLQR
\DOPLVPRWLHPSRQRRVSUHRFXSiLVGHORVDVXQWRVPiVSHVDGRVGHODIHPLVHULFRUGLD\MXVWLFLD
&RQ UD]yQ GHEpLV KDFHU OR XQR SHUR VLQ ROYLGDU OR RWUR 6RLV FLHUWDPHQWH PDHVWURV FLHJRV \
VRUGRV5HFKD]iLVDOPRVTXLWR\RVWUDJiLVHOFDPHOOR
$\ GH YRVRWURV HVFULEDV IDULVHRV H KLSyFULWDV 6RLV HVFUXSXORVRV SDUD OLPSLDU OD SDUWH
H[WHULRU GH OD WD]D \ GH ODV IXHQWHV SHUR GHQWUR SHUPDQHFH OD PXJUH GH OD H[WRUVLyQ GH ORV
H[FHVRV \ GH OD GHFHSFLyQ 6RLV HVSLULWXDOPHQWH FLHJRV 5HFRQRFHG FRQPLJR TXH VHUtD PHMRU
OLPSLDUSULPHURHOLQWHULRUGHODWD]D(QWRQFHVORTXHGHVERUGDVHGHHOODOLPSLDUtDHOH[WHULRU
0DOYDGRV UpSURERV +DFpLV TXH ORV DFWRV H[WHULRUHV GH YXHVWUD UHOLJLyQ VHDQ FRQIRUPHV D OD
OHWUDPLHQWUDVYXHVWUDVDOPDVHVWiQHPSDSDGDVGHLQLTXLGDG\DVHVLQDWRV
$\GHYRVRWURVWRGRVORVTXHUHFKD]iLVODYHUGDG\GHVGHxiLVODPLVHULFRUGLD0XFKRVGH
YRVRWURVVRLVFRPRVHSXOFURVEODQTXHDGRV3RUIXHUDSDUHFHQKHUPRVRVSHURSRUGHQWURHVWiQ
OOHQRV GH KXHVRV GH KRPEUHV \ GH WRGD FODVH GH IDOWD GH OLPSLH]D$~Q DVt YRVRWURV ORV TXH
UHFKD]iLVDVDELHQGDVHOFRQVHMRGH'LRVDSDUHFpLVDQWHORVKRPEUHVFRPRVDQWRV\UHFWRVSHUR
SRUGHQWURYXHVWURVFRUD]RQHVHVWiQLQIODPDGRVSRUODKLSRFUHVtD
$\GHYRVRWURVIDOVRVJXtDVGHODQDFLyQ$OROHMRVKDEpLVFRQVWUXLGRXQPRQXPHQWRDORV
SURIHWDVPDUWLUL]DGRVSRUORVDQWLJXRVPLHQWUDVTXHYRVRWURVFRQVSLUiLVSDUDGHVWUXLUDDTXpOGH
TXLHQHOORVKDEODURQ$GRUQiLVODVWXPEDVGHORVUHFWRV\RVKDODJiLVDYRVRWURVPLVPRVGLFLHQGR
TXHGHKDEHUYLYLGRHQWLHPSRVGHYXHVWURVSDGUHVQRKXELHUDLVPDWDGRDORVSURIHWDV<FRQ
HVWHSHQVDPLHQWRWDQUHFWRRVSUHSDUiLVSDUDDVHVLQDUDDTXHOGHTXLHQKDEODURQORVSURIHWDVHO
+LMRGHO+RPEUH$GHODQWHSXHV\OOHQDGKDVWDHOERUGHODFRSDGHYXHVWUDFRQGHQD
$\GHYRVRWURVKLMRVGHOSHFDGR-XDQRVOODPyHQYHUGDGORVYiVWDJRVGHODVYtERUDV<
\RPHSUHJXQWRFyPRSRGpLVHVFDSDUDOMXLFLRTXH-XDQSURQXQFLyVREUHYRVRWURV"
(O1D]DUHQRJXDUGyXQRVVHJXQGRVGHVLOHQFLRPLHQWUDVORVPLHPEURVGHO6DQHGUtQURMRV
GHLUDLEDQWRPDQGRQRWDVHQORVUROORVROLEURVTXHVROtDQSRUWDUHQVXVEUD]RV$TXHOKHFKR
PH WUDMR D OD PHQWH RWUD UHDOLGDG TXH WDO \ FRPR YHQtD FRPSUREDQGR UHVXOWDUtD ODPHQWDEOH
1LQJXQRGHORVDSyVWROHVRVHJXLGRUHVGH-HV~VWRPDEDMDPiVXQDVRODQRWDGHFXDQWRKDFtD\
VREUHWRGRGHFXDQWRGHFtDVX0DHVWUR'DGDVODVP~OWLSOHVHQVHxDQ]DVGHOUDEtGH*DOLOHD\VX
FRQVLGHUDEOH H[WHQVLyQ FRPR HO GLVFXUVR TXH SURQXQFLDED HQ DTXHOORV PRPHQWRV LED D
UHVXOWDU SRFR PHQRV TXH LPSRVLEOH TXH VXV SDODEUDV SXGLHUDQ VHU UHFRJLGDV HQ HO IXWXUR FRQ
LQWHJULGDG \ WRWDO ILGHOLGDG (UD XQD OiVWLPD TXH QLQJXQR GH DTXHOORV KRPEUHV VH KXELHUD
SURSXHVWR OD LPSRUWDQWtVLPD PLVLyQ GH LU UHFRJLHQGR ODV SOiWLFDV \ KHFKRV TXH SURWDJRQL]y HO
1D]DUHQR$TXHOOD PLVPD QRFKH HQ HO FDPSDPHQWR GHO 2OLYHWH WHQGUtD RFDVLyQ GH FRPSUREDU
TXHQRHVWDEDHTXLYRFDGRHQPLVDSUHFLDFLRQHVSHUVRQDOHV
3HUR \R RV RIUH]FR HQ QRPEUH GH PL 3DGUH PLVHULFRUGLD \ SHUGyQ ,QFOXVR DKRUD
DxDGLy-HV~VHQXQWRQRPiVVXDYH\FRQFLOLDGRURVRIUH]FRPLPDQR0L3DGUHRVHQYLyDORV
SURIHWDV \ D ORV VDELRV$ ORV SULPHURV ORV PDWDVWHLV \ D ORV VHJXQGRV ORV SHUVHJXtV (QWRQFHV
DSDUHFLy-XDQSURFODPDQGRODYHQLGDGHO+LMRGHO+RPEUH\DpOOHGHVWUXLVWHLVDSHVDUGHTXH
PXFKRV KDEtDQ FUHtGR HQ VXV HQVHxDQ]DV < DKRUD RV SUHSDUiLV SDUD GHUUDPDU PiV VDQJUH
LQRFHQWH&RPSUHQGpLVTXHOOHJDUiXQGtDWHUULEOHHQHOTXHHO-XH]GHWRGDODWLHUUDRVSHGLUi
FXHQWDV SRU OD IRUPD HQ TXH KDEpLV UHFKD]DGR SHUVHJXLGR \ GHVWUXLGR D HVWRV PHQVDMHURV GHO
FLHOR" &RPSUHQGpLV TXH GHEpLV UHQGLU FXHQWD GH WRGD HVWD VDQJUH KRQUDGD GHVGH HO SULPHU
SURIHWDDVHVLQDGRHQORVWLHPSRVGH=HFKDULDKHQWUHHO6DQWXDULR\HODOWDU"<\RRVGLJRPiVVL
SURVHJXtV FRQ HVWD FRQGXFWD PDOYDGD HVD FXHQWD SXHGH VHU H[LJLGD LQFOXVR D HVWD PLVPD
JHQHUDFLyQ
2K -HUXVDOpQ H KLMRV GH $EUDKDP 9RVRWURV TXH KDEpLV DSHGUHDGR D ORV SURIHWDV \
DVHVLQDGR D ORV PDHVWURV LQFOXVR DKRUD UHXQLUtD D YXHVWURV KLMRV FRPR OD JDOOLQD UH~QH D VXV
SROOXHORVEDMRVXVDODV3HURQRTXHUpLV
$KRUD RV YR\ D GHMDU +DEpLV RtGR PL PHQVDMH \ WRPDGR YXHVWUD GHFLVLyQ /RV TXH KDQ
FUHtGRHQPLHYDQJHOLRHVWiQVDOYDGRV/RVTXHKDEpLVHOHJLGRUHFKD]DUHOUHJDORGH'LRVQRPH
YHUpLVPiVHQVHxDUHQHOWHPSOR0LWUDEDMRHVWiKHFKR
7HQHGFXLGDGRDKRUD<RVLJRFRQPLVKLMRV\YXHVWUDFDVDTXHGDGHVRODGD
/DVFUXGDVGHQXQFLDVGH-HV~VGH1D]DUHWKDEtDQFHUUDGRWRGDSRVLELOLGDGGHUHFRQFLOLDFLyQ
FRQORVGLULJHQWHVGHO6DQHGUtQ\GHODFODVHVDFHUGRWDOGH-HUXVDOpQ$OWHUPLQDUVXVSDODEUDVHO
0DHVWUR RUGHQy D VXV GLVFtSXORV TXH OH VLJXLHUDQ \ WRGRV VDOLPRV GHO WHPSOR HQ GLUHFFLyQ DO
FDPSDPHQWR GHO 2OLYHWH 3HUR HQ HO DPELHQWH GH OD FLXGDG VDQWD TXHGy IORWDQGR XQD SUHJXQWD
4XpVXHUWHOHDJXDUGDEDDOUDEtGH*DOLOHD"
&XDQGRQRVGLVSRQtDPRVDVDOLUXQRGHORVGRFH0DWHRTXHUHFRUGDEDODSURIHFtDGHVX
0DHVWURHQODFLPDGHOPRQWHGHODV$FHLWXQDVVHDSUR[LPyD-HV~V\VHxDOiQGROHORVSHVDGRV
VLOODUHVGHODPXUDOODGHO7HPSOROHFRPHQWyFRQHYLGHQWHLQFUHGXOLGDG
0DHVWUR REVHUYD GH TXp IRUPD HVWi FRQVWUXLGR HVWR 0LUD ODV SLHGUDV PDFL]DV \ ORV
KHUPRVRVDGRUQRV&yPRSXHGHVHUTXHHVWDVHGLILFDFLRQHVYD\DQDVHUGHVWUXLGDV"
(OUDEtVLQDPLQRUDUVXPDUFKDSRUODVFDOOHVGHODFLXGDGUXPERDODSXHUWDGHOD)XHQWHOH
GLMR
+DEpLVYLVWRHVDVSLHGUDV\HVHWHPSORPDFL]R"3XHVHQYHUGDGHQYHUGDGRVGLJRTXH
OOHJDUiQ GtDV PX\ SUy[LPRV HQ ORV TXH QR TXHGDUi SLHGUD VREUH SLHGUD 7RGDV VHUiQ HFKDGDV
DEDMR
< HO JLJDQWH JXDUGy VLOHQFLR (O UHVWR GHO JUXSR VH HQ]DU]y HQWRQFHV HQ LQWHUPLQDEOHV
SROpPLFDV FRQVLGHUDQGR TXH HUD PX\ GLItFLO TXH DTXHOOD IRUWDOH]D SXGLHUD VHU GHPROLGD 1L
VLTXLHUDHOILQGHOPXQGROOHJDURQDLQVLQXDUDOJXQRVGHORVDSyVWROHVSRGUtDRFDVLRQDUOD
GHVWUXFFLyQGHO7HPSOR
(OGtDDSXQWDED\DKDFLDHORFDVR\-HV~VWUDWDQGRGHHYLWDUDODPXFKHGXPEUHGHSHUHJULQRV
TXH LEDQ \ YHQtDQ SRU HO YDOOH GH .LGUyQ VXJLULy D VXV GLVFtSXORV TXH GHMDUDQ HO FDPLQR TXH
FRQGXFtDD%HWDQLDWRPDQGRXQRGHORVVHQGHURVTXHGLVFXUUHSRUODODGHUDVXUGHO2OLYHWHHQ
GLUHFFLyQQRUWH
$O DOFDQ]DU XQD GH ODV FLPDV -HUXVDOpQ VXUJLy GH SURQWR D QXHVWUD L]TXLHUGD PDMHVWXRVR \
EDxDGRHQRURSRUORV~OWLPRVUD\RVVRODUHV(QHOVDQWXDULR\HQODVFDOOHMDVKDEtDQHPSH]DGRD
HQFHQGHUVHODVSULPHUDVOiPSDUDVGHDFHLWH$TXHOHVSHFWiFXORKL]RGHWHQHUVHDOJUXSRPLHQWUDV
XQRGHORVGLVFtSXORVVHxDODQGRDODFLXGDGVDQWDSUHJXQWDEDD-HV~V
'LQRV0DHVWURFyPRVDEUHPRVTXHHVWRVDFRQWHFLPLHQWRVHVWiQDSXQWRGHRFXUULU"
(OJUXSRWHUPLQySRUVHQWDUVHVREUHODKLHUED\HOUDEtGHSLH\VLQSULVDOHVIXHGLFLHQGR
6t RV FRQWDUp DOJR VREUH ORV WLHPSRV HQ TXH HVWD JHQWH KDEUi OOHQDGR OD FRSD GH VX
LQLTXLGDG\ODMXVWLFLDFDHUiVREUHHVWDFLXGDGGHQXHVWURVSDGUHV
(VWR\ D SXQWR GH GHMDURV 9R\ D PL 3DGUH &XDQGR RV GHMH WHQHG FXLGDGR GH TXH QLQJ~Q
KRPEUHRVHQJDxH0XFKRVYHQGUiQFRPROLEHUWDGRUHV\OOHYDUiQDPXFKRVSRUHOPDOFDPLQR
&XDQGR RLJiLV UXPRUHV VREUH JXHUUDV QR RV FRQVWHUQpLV $XQTXH WRGR HVR RFXUUD HO ILQ GH
-HUXVDOpQ QR KDEUi OOHJDGR D~Q 7DPSRFR GHEpLV SUHRFXSDURV FXDQGR VHiLV HQWUHJDGRV D ODV
DXWRULGDGHVFLYLOHV\VHiLVSHUVHJXLGRVSRUHOHYDQJHOLR
/RVDSyVWROHVVHPLUDURQFRQHOPLHGRUHIOHMDGRHQORVVHPEODQWHV
6HUpLV GHVSHGLGRV GH OD VLQDJRJD \ KHFKRV SULVLRQHURV SRU PL FDXVD < DOJXQRV GH
YRVRWURVPRULUiQ&XDQGRVHiLVOOHYDGRVDQWHJREHUQDGRUHV\GLULJHQWHVVHUiFRPRWHVWLPRQLRGH
YXHVWUDIH\SDUDTXHPRVWUpLVILUPH]DHQHOHYDQJHOLRGHOUHLQR<FXDQGRHVWpLVDQWHMXHFHVQR
WHQJiLV DQJXVWLD GH DQWHPDQR VREUH OR TXH GHEiLV GHFLU HO HVStULWX RV HQVHxDUi HQ HVH PLVPR
PRPHQWRORTXHGHEpLVFRQWHVWDUDYXHVWURVDGYHUVDULRV(QHVRVGtDVGHGRORULQFOXVRYXHVWURV
SDULHQWHVEDMRODGLUHFFLyQGHDTXHOORVTXHKDQUHFKD]DGRDO+LMRGHO+RPEUHRVHQWUHJDUiQDOD
SULVLyQ \ D OD PXHUWH 3RU FLHUWR WLHPSR VHUpLV RGLDGRV SRU PL FDXVD SHUR LQFOXVR HQ HVDV
SHUVHFXFLRQHV QR RV DEDQGRQDUp 0t HVStULWX QR RV GHMDUi GHVDPSDUDGRV 6HG SDFLHQWHV 1R
GXGpLV TXH HO HYDQJHOLR GHO UHLQR WULXQIDUi VREUH WRGRV ORV HQHPLJRV \ D VX WLHPSR VHUi
SURFODPDGRSRUWRGDVODVQDFLRQHV
(O0DHVWURJXDUGyVLOHQFLRPLHQWUDVPLUDEDDODFLXGDG<\RVHQWDGRFRQORVGHPiVTXHGp
PDUDYLOODGRDQWHOD SUHFLVLyQ GH DTXHOODVIUDVHV&LHUWDPHQWHFXDUHQWD DxRVPiVWDUGHFXDQGR
ODV OHJLRQHV GH 7LWR FHUFDURQ \ DVRODURQ -HUXVDOpQ QLQJXQR GH ORV DSyVWROHV VH KDOODED HQ OD
FLXGDG'HQRKDEHUVLGRDGYHUWLGRVSRUHO0DHVWURKXELHUDVLGRPiVTXHSUREDEOHTXHDOJXQRV
TXL]iKXELHUDQSHUHFLGRRKHFKRVSULVLRQHURV
(OVLOHQFLRIXHURWRSRU$QGUpV
3HUR0DHVWURVLODFLXGDGVDQWD\HOWHPSORYDQDVHUGHVWUXLGRV\VLW~QRHVWiVDTXtSDUD
GLULJLUQRVFXiQGRGHEHUHPRVDEDQGRQDU-HUXVDOpQ"
-HV~VHQWRQFHVSURFXUyVHUH[WUHPDGDPHQWHFODUR\SUHFLVR
3RGpLVTXHGDURVHQODFLXGDGGHVSXpVGHTXH\RPHKD\DLGRLQFOXVRHQHVRVWLHPSRVGH
GRORU\DPDUJDSHUVHFXFLyQ3HURFXDQGRILQDOPHQWHYHiLVD-HUXVDOpQURGHDGDSRUORVHMpUFLWRV
URPDQRV WUDV OD UHYXHOWD GH ORV IDOVRV SURIHWDV HQWRQFHV VDEUpLV TXH VX GHVRODFLyQ HVWi HQ
SXHUWDV (QWRQFHV GHEpLV KXLU D ODV PRQWDxDV 1R GHMpLV TXH QDGLH RV GHWHQJD QL SHUPLWiLV TXH
RWURVHQWUHQ+DEUiXQDJUDQWULEXODFLyQ6HUiQORVGtDVGHODYHQJDQ]DGHORVJHQWLOHV&XDQGR
KD\iLV KXLGR GH OD FLXGDG HVD JHQWH GHVREHGLHQWH FDHUi EDMR HO ILOR GH ODV HVSDGDV GH ORV
JHQWLOHV(QWUHWDQWRRVDYLVRQRRVGHMpLVHQJDxDU6LDOJ~QKRPEUHYLHQHDGHFLURV0LUDpVWH
HV HO /LEHUWDGRU R 0LUD DTXt HVWi pO QR OH FUHiLV 6DOGUiQ PXFKRV IDOVRV PDHVWURV \ RWURV
VHUiQ OOHYDGRV SRU HO PDO FDPLQR 1R RV GHMpLV HQJDxDU <D YHLV TXH RV OR KH DGYHUWLGR GH
DQWHPDQR
4Xp URWXQGDV \ SURIpWLFDV VRQDURQ DTXHOODV SDODEUDV HQ PLV RtGRV /RV DSyVWROHV \
GLVFtSXORVQRSRGtDQVRVSHFKDUVLTXLHUDODVXEOLPHUHDOLGDGGHDTXHOODSURIHFtD3DUDFXDOTXLHUD
TXH KD\D HVWXGLDGR DXQTXH VyOR VHD VRPHUDPHQWH OD DSUR[LPDFLyQ GH ORV HMpUFLWRV URPDQRV D
-HUXVDOpQSRFRDQWHVGHODOXQDOOHQDGHODSULPDYHUDGHODxRODDGYHUWHQFLDGHO0DHVWURWLHQH
TXH UHVXOWDU ODSLGDULD 7DO \ FRPR DFDEDED GH DQXQFLDU HO *DOLOHR ,VUDHO VH FRQYHUWLUtD HQ XQ
LQILHUQRHQWUHORVDxRV\(QDTXHOWLHPSRHOSDUWLGRGHORV]HORWHVRIDQiWLFRVDUPDGRV
KDVWD ORV GLHQWHV WHUPLQDURQ SRU VXEOHYDU D WRGD OD FRPXQLGDG MXGtD (Q PD\R GHO DxR OD
JXDUQLFLyQ URPDQD HV DUUROODGD FRPR FRQVHFXHQFLD GH OD SHWLFLyQ GHO SURFXUDGRU )ORUR TXH
H[LJLy WDOHQWRV GHO WHVRUR GHO 7HPSOR /RV MXGtRV WRPDQ -HUXVDOpQ \ SURKtEHQ HO VDFULILFLR
GLDULRHQKRQRUDO(PSHUDGRU$TXHOORFROPDODSDFLHQFLDGH5RPDTXHHQYtDXQDOHJLyQDODV
yUGHQHV GHO JREHUQDGRU GH 6LULD &HVWLR *DOOR 3HUR ODV UHYXHOWDV KDQ HQFHQGLGR HO SDtV \ ORV
URPDQRVVHYHQREOLJDGRVDUHWLUDUVH
/D QDFLyQ MXGtD VH SUHSDUD SDUD OD JXHUUD \ IRUWLILFD VXV FLXGDGHV VLHQGR QRPEUDGR
JHQHUDOtVLPRGHVXVHMpUFLWRVHOTXHGHVSXpVVHUtDKLVWRULDGRU)ODYLR-RVHIR
<HQHIHFWR1HUyQFRQItDWUHVOHJLRQHVD7LWR)ODYLR9HVSDVLDQRTXLHQDFRPSDxDGRGHVX
KLMR 7LWR FDH VREUH *DOLOHD PDFKDFiQGROD 3HUR 1HUyQ VH VXLFLGD \ 7LWR )ODYLR WLHQH TXH
UHJUHVDUSUHFLSLWDGDPHQWHD5RPD6XKLMRVHHQFDUJDUtDGHXOWLPDUODJUDQYHQJDQ]DGH5RPD
/RV KHEUHRV TXHGDQ VREUHFRJLGRV DO YHU SDVDU KDFLD -HUXVDOpQ PLOHV GH VROGDGRV
SHUWHQHFLHQWHVDODVOHJLRQHVDDD\DDFRPSDxDGRVGHIXHU]DVGHFDEDOOHUtD\WURSDV
DX[LOLDUHVDVtFRPRXQSHVDGRHTXLSRGHDVDOWR\GHPROLFLyQ(QWRWDOKRPEUHVTXHWDO
\ FRPR SURIHWL]y -HV~V HQ HO DxR IXHURQ WRPDQGR SRVLFLRQHV \ FHUFDQGR OD FLXGDG VDQWD
-HUXVDOpQ UHSOHWD GH SHUHJULQRV VH YH VRPHWLGD D IXHUWHV WHQVLRQHV LQWHUQDV D OD ORFXUD GH
V~ELWDVDSDULFLRQHVGHOLEHUWDGRUHVTXHWUDWDQGHDUUDVWUDUDODVPDVDV\DOPLHGR3HURSDUD
FXDQGR ORV KRPEUHV GH 7LWR FRPLHQ]DQ ORV DWDTXHV ORV DSyVWROHV GH -HV~V TXH UHFRUGDURQ
DTXHOODVSDODEUDVSURQXQFLDGDVHQODWDUGHGHOPDUWHVGHDEULOGHODxRIUHQWHD-HUXVDOpQ
\DKDEtDQHVFDSDGRGHODFLXGDG3RFRVPHVHVGHVSXpVODDUWLOOHUtDURPDQDFDSD]GHDUURMDU
SLHGUDVGHXQTXLQWDOGHSHVRDPHWURVGHGLVWDQFLDDUUDVDUtD-HUXVDOpQQRGHMDQGRSLHGUD
VREUHSLHGUD
3HGUR D SHVDU GH VX EXHQD YROXQWDG QR SDUHFtD FRPSUHQGHU OR TXH -HV~V OHV HVWDED
DQXQFLDQGR3RUVXVFRPHQWDULRVGHGXMHTXHDVRFLDEDDTXHOODGHVWUXFFLyQFRQHOILQGHOPXQGR
\QRFRQODFDtGDGH-HUXVDOpQ$OIRUPXODUVXSUHJXQWDDOUDEtPHFRQYHQFtSOHQDPHQWH
3HUR 0DHVWUR DSXQWy 3HGUR WRGRV VDEHPRV TXH HVWDV FRVDV SDVDUiQ FXDQGR ORV
QXHYRV FLHORV \ OD QXHYD WLHUUD DSDUH]FDQ &yPR VDEUHPRV HQWRQFHV TXH W~ YLHQHV SDUD WUDHU
WRGRHVWR"
(O JLJDQWH OH PLUy FRQ LQILQLWD FRPSDVLyQ FRPSUHQGLHQGR TXH VX IRJRVR DPLJR QR KDEtD
FDSWDGRVXPHQVDMH<OHGLMR
3HGURVLHPSUH\HUUDVSRUTXHVLHPSUHWUDWDVGHUHODFLRQDUODQXHYDHQVHxDQ]DFRQODYLHMD
(VWiVGHFLGLGRDPDOLQWHUSUHWDUPLHQVHxDQ]D,QVLVWtVHQLQWHUSUHWDUHOHYDQJHOLRGHDFXHUGRFRQ
YXHVWUDVFUHHQFLDVHVWDEOHFLGDV6LQHPEDUJRWUDWDUpGHH[SOLFDURV
3RUTXpVLJXHVEXVFDQGRTXHHO+LMRGHO+RPEUHVHVLHQWHHQHOWURQRGH'DYLG\HVSHUDV
TXHVHFXPSODQORVVXHxRVPDWHULDOHVGHORVMXGtRV"/DVFRVDVTXHDKRUDDSUHFLDVYDQDILQDOL]DU
\ VHUi XQ QXHYR FRPLHQ]R D SDUWLU GHO FXDO HO HYDQJHOLR GHO UHLQR OOHJDUi D WRGR HO PXQGR
&XDQGR HO UHLQR OOHJXH D VX SOHQR FXPSOLPLHQWR HVWDG VHJXURV GH TXH HO 3DGUH GHO FLHOR QR
GHMDUiGHYLVLWDURV<DVtVHJXLUiPL3DGUHPDQLIHVWDQGRVXPLVHULFRUGLD\PRVWUDQGRVXDPRU
LQFOXVRD HVWH RVFXUR\ PDOYDGRPXQGR<DVt GHVSXpVGH TXH PL3DGUHPHKD\DLQYHVWLGR GH
WRGRSRGHU\DXWRULGDG\RWDPELpQVHJXLUpYXHVWURVGHVWLQRVJXLiQGRRVHQORVDVXQWRVGHOUHLQR
FRQ OD SUHVHQFLD GH PL HVStULWX TXH SURQWR VHUi YHUWLGR VREUH WRGD OD FDUQH (VWDUp SRU WDQWR
SUHVHQWHHQWUHYRVRWURVHQHVStULWX\SURPHWRTXHDOJXQDYH]YROYHUpDHVWHPXQGRHQHOTXHKH
YLYLGRHVWDYLGDGHODFDUQH\WHQLGRODH[SHULHQFLDGHUHYHODUVLPXOWiQHDPHQWH'LRVDOKRPEUH\
OOHYDUDOKRPEUHD'LRV0X\SURQWRKHGHGHMDURV\UHDOL]DUODREUDTXHHO3DGUHKDFRQILDGRHQ
PLVPDQRVSHURWHQHGFRUDMHYROYHUpDOJXQDYH](QWUHWDQWRPLHVStULWXGHYHUGDGRVFRQIRUWDUi
\JXLDUi
6LQ HVSHUDUOR -HV~V KDEtD SDVDGR GH OD SURIHFtD VREUH OD GHVWUXFFLyQ GH -HUXVDOpQ D XQ
H[WUHPR TXH PH LQWHUHVDED SURIXQGDPHQWH \ TXH \R KDEtD WUDWDGR \D FRQ pO VX DQXQFLDGD \
FRQIXVDVHJXQGDYHQLGDDOD7LHUUD$VtTXHWRGRVPLVVHQWLGRVVHFHQWUDURQHQDTXHOODVSDODEUDV
WDQPDOLQWHUSUHWDGDV\SHRUWUDQVPLWLGDVHQHOIXWXURSRUVXVVHJXLGRUHV
$KRUD PH YHLV HQ OD GHELOLGDG \ HQ OD FDUQH 3HUR FXDQGR YXHOYD UHPDFKy HO UDEt
GHVYLDQGR VX PLUDGD KDFLD Pt VHUi FRQ SRGHU \ HVStULWX (O RMR GH OD FDUQH YH DO +LMR GHO
+RPEUHHQFDUQHSHURVyORHORMRGHOHVStULWXFRQWHPSODUiDO+LMRGHO+RPEUHJORULILFDGRSRU
HO3DGUH\DSDUHFLHQGRHQODWLHUUDFRQVXSURSLRQRPEUH
3HUR ORV WLHPSRV GH OD UHDSDULFLyQ GHO +LMR GHO +RPEUH VyOR VRQ FRQRFLGRV SRU ORV
FRQVHMRVGHOSDUDtVR1LVLTXLHUDORViQJHOHVVDEHQFXiQGRRFXUULUiHVWR6LQHPEDUJRGHEpLV
FRPSUHQGHUTXHFXDQGRHVWHHYDQJHOLRGHOUHLQRKD\DVLGRSURFODPDGRSRUWRGRHOPXQGRSDUD
ODVDOYDFLyQGHORVKRPEUHV\FXDQGRODSOHQLWXGGHODpSRFDKD\DOOHJDGRHO3DGUHRVHQYLDUi
RWURRWRUJDPLHQWRGHGHVLJQDFLyQGLYLQDRHO+LMRGHO+RPEUHYROYHUiSDUDFHUUDUODpSRFD
$O HVFXFKDU DTXHOODV UHYHODFLRQHV TXHGp SHUSOHMR< WHQWDGR HVWXYH GH WRPDU OD SDODEUD H
LQWHUURJDU D -HV~V VREUH HVH PLVWHULRVR FLHUUH GH XQD pSRFD 6LQ HPEDUJR PL FRQGLFLyQ GH
HVWULFWRREVHUYDGRUPHPDQWXYRDOPDUJHQGHODFRQYHUVDFLyQ
< DKRUD HQ UHODFLyQ FRQ HO GRORU GH -HUXVDOpQ HQ YHUGDG RV GLJR TXH QL HVWD JHQHUDFLyQ
WUDQVFXUULUiVLQTXHVHFXPSODQPLVSDODEUDV(QFXDQWRDODQXHYDYHQLGDGHO+LMRGHO+RPEUH
QDGLHHQODWLHUUDQLHQHOFLHORSXHGHSUHWHQGHUKDEODU
&RPRVLHOUDEtKXELHUDOHtGRPLVSHQVDPLHQWRVSURVLJXLyFRQHVWDVSDODEUDV
'HEpLV VHU VDELRV HQ UHODFLyQ FRQ OD PDGXUH] GH XQD pSRFD 'HEpLV HVWDU DOHUWD SDUD
GLVFHUQLU ORV VLJQRV GH ORV WLHPSRV 6DEpLV TXH FXDQGR OD KLJXHUD PXHVWUD VXV WLHUQDV UDPDV \
DGHODQWDVXVKRMDVHOYHUDQRHVWiFHUFD'HLJXDOIRUPDFXDQGRHOPXQGRKD\DSDVDGRHOODUJR
LQYLHUQRGHODPHQWDOLGDGPDWHULDO\YHiLVODYHQLGDGHODSULPDYHUDHVSLULWXDOHQWRQFHVGHEpLV
VDEHUTXHKDOOHJDGRHOYHUDQRSDUDPLQXHYDYLVLWD
'H WRGDV ODV HQVHxDQ]DV GHO 1D]DUHQR QLQJXQD HQ PL RSLQLyQ UHVXOWy WDQ FRQIXVD FRPR
DTXpOOD SDUD ODV PHQWHV GH VXV DSyVWROHV \ VLPSDWL]DQWHV &XDQGR XQR OHH OR TXH IXH HVFULWR
OXVWURV GHVSXpV GH VX PXHUWH UHVSHFWR D HVWD VHJXQGD YHQLGD \ D OD GHVWUXFFLyQ GH -HUXVDOpQ \
FRQRFHFRPR\RHOYHUGDGHURVHQWLGRGHOGLVFXUVRGH-HV~VHQDTXHODWDUGHFHUGHOPDUWHVQR
SXHGH SRU PHQRV TXH VHQWLU XQD JUDQ GHVRODFLyQ $O PHQRV HQ HVWD SDUWH ORV HYDQJHOLRV
FDQyQLFRV IXHURQ SpVLPDPHQWH FRQVWUXLGRV 3HUR GHVJUDFLDGDPHQWH QR LED D VHU pVWH HO ~QLFR
SDVDMHLJQRUDGRRPDOLQWHUSUHWDGRSRUORVHYDQJHOLVWDV
8QDOXQDFDVLOOHQDVHOHYDQWDED\DSRUHOHVWHFXDQGRHOJUXSRUHHPSUHQGLyHOFDPLQR-HV~V
DODFDEH]DFRQWLQXySRUODDFFLGHQWDGDFLPDGHO2OLYHWHVLHPSUHHQGLUHFFLyQQRUWH$OOOHJDUD
ODVSUR[LPLGDGHVGHOFDPSDPHQWRS~EOLFRGRQGHVHKDEtDQLQVWDODGRORVSHUHJULQRVSURFHGHQWHV
GH*DOLOHDHO0DHVWURVHGHVYLyKDFLDODGHUHFKDSURFXUDQGRURGHDUODVWLHQGDV\HOVLQItQGH
KRJXHUDVTXHVHGLVWLQJXtDQDFRUWDGLVWDQFLDHQODODGHUDRFFLGHQWDOGHOPRQWH(YLGHQWHPHQWH
HOUDEtQRGHVHDEDXQQXHYRHQFXHQWURFRQVXVSDLVDQRV\DPLJRV0LQXWRVPiVWDUGHFXDQGRQRV
KDOOiEDPRV IUHQWH DO VDQWXDULR GHO WHPSOR FRPHQ]DPRV D GHVFHQGHU KDFLD HO &HGUyQ FUX]DQGR
XQDGHODVYHUHGDVTXHOOHYDGHVGH-HUXVDOpQD%HWDQLD/DRVFXULGDGQRPHSHUPLWtDGLVWLQJXLU
FRQFODULGDGHOHQWRUQRSHURGHGXMHTXHQRGHEtDHQFRQWUDUPHPX\OHMRVGHOSXQWRGHFRQWDFWR
GRQGHUHSRVDEDHOPyGXOR4XL]iIXHUDQRSLHVORTXHQRVVHSDUDEDGH(OLVHR
(OJUXSRSHQHWUyHQWRQFHVHQXQDGHODVSODWDIRUPDVQDWXUDOHVTXHWDQWRDEXQGDEDQHQODIDOGD
2HVWH GHO PRQWH GH ODV$FHLWXQDV$XQTXH D OD PDxDQD VLJXLHQWH SXGH H[SORUDU HO WHUUHQR FRQ
PD\RUFRPRGLGDGREVHUYpTXHVHWUDWDEDGHXQDH[SODQDGDGHXQRVVHVHQWDDRFKHQWDPHWURVGH
ODUJRSRURWURVWUHLQWDDFXDUHQWDGHODGRSHUIHFWDPHQWHFHUFDGDSRUXQPXUHWHGHSLHGUDGHXQ
PHWUR HVFDVR GH DOWXUD (Q XQR GH ORV ODGRV GHO UHFWiQJXOR \ PX\ SUy[LPD D OD FDQFHOD GH
HQWUDGDGLVWLQJXtXQDHQRUPHFXEDGHSLHGUDGHPHWUR\PHGLRGHDOWXUD$OIRQGRFRQIXQGLGRV
HQODRVFXULGDGVHDOLQHDEDQXQRVROLYRVGHJUXHVRV\WRUWXUDGRVWURQFRV
-HV~V\ ORVGLVFtSXORV VH GLULJLHURQ GLUHFWDPHQWH KDFLDOD GHUHFKD GHOROLYDU$ PX\ SRFRV
SDVRV \ DSURYHFKDQGR HO PXUR ORV KRPEUHV GHO 1D]DUHQR KDEtDQ PRQWDGR GRV UXGLPHQWDULDV
WLHQGDVRDOEHUJXHV9DULDVSLH]DVGHWHODHPEUHDGDV\HQVDPEODGDVDEDVHGHFXHUGDVFRQVWLWXtDQ
OD WHFKXPEUH /DV ORQDV GH XQRV FXDWUR PHWURV GH SURIXQGLGDG SRU RWURV WUHV GH DQFKXUD
DSDUHFtDQ DSXQWDODGDV SRU GRV UXJRVDV UDPDV GH FRQtIHUD HQ VX SDUWH IURQWDO \ SRU XQD WHUFHUD
VLWXDGDHQHOFHQWURGHODWLHQGD/DWHFKXPEUHWHUPLQDEDHQHOFHUFDGRGHSLHGUD$OOtODVWHODV
KDEtDQ VLGR WHQVDGDV \ DVHJXUDGDV PHGLDQWH JUXHVDV SLHGUDV /RV ODWHUDOHV D VX YH] HVWDEDQ
IRUPDGRV SRU RWUDV GRV EDQGDV GH SDxR \ SLHOHV GH FDEUD SpVLPDPHQWH FRVLGDV HQWUH Vt /D
HQWUDGDGHXQRVGRVPHWURVGHDOWXUDVREUHHOWHUUHQRURML]R\SROYRULHQWRFDUHFtDGHSURWHFFLyQ
$ODOX]GHODIRJDWDTXHVHOHYDQWDEDIUHQWHDORVGRVUHIXJLRVSXGHREVHUYDUTXHHOVXHORGH
ODV WLHQGDV KDEtD VLGR FXELHUWR FRQ PDQWRV \ HVWHUDV$O IRQGR GH ODV PLVPDV SHUFLEt DOJXQRV
EXOWRVTXHVXSXVHVHWUDWDEDGHHQVHUHV\~WLOHVSDUDFRFLQDU3HURFRPRGLJRODRVFXULGDGHUD
WDQ GHQVD TXH SUHIHUt SRVSRQHU SDUD HO GtD VLJXLHQWH XQ PiV H[KDXVWLYR UHFRQRFLPLHQWR GHO
WHUUHQR\GHFXDQWRIRUPDEDDTXHOKXHUWRSURSLHGDGGHOYLHMR6LPyQHOOHSURVR
(OUHHQFXHQWURFRQHOUHVWRGHORVGLVFtSXORVOHYDQWyORVGHFDtGRViQLPRVGHORVKRPEUHVTXH
DFRPSDxDEDQD-HV~V<PX\SURQWRQRVYLPRVVHQWDGRVHQWRUQRDOIXHJR/DWHPSHUDWXUDKDEtD
GHVFHQGLGRQRWDEOHPHQWH\ORVDSyVWROHVDSUHWDGRVORVXQRVFRQWUDORVRWURVVHKDEtDQHQYXHOWR
HQVXVSHVDGRVURSRQHV$OOtHQWUHORVUHIOHMRVURML]RVGHODVUDPDVGHQRJDOHKLJXHUDGHODV
TXH )HOLSH HO HQFDUJDGR GH ORV VXPLQLVWURV KDEtD KHFKR DEXQGDQWH DFRSLR FKLVSRUURWHDQGR
EDMRXQFLHORHVWUHOODGRFRQRFtSRUSULPHUDYH]DXQPXFKDFKLWRGHXQRVGRFHRWUHFHDxRVGH
FDEH]DUDSDGD\DFXVDGDVRMHUDVTXHQRSURQXQFLyXQDVRODSDODEUD\TXHVHJXtDODVHQVHxDQ]DV
\ JHVWRV GHO 0DHVWUR FRQ XQ LQWHUpV \ GHYRFLyQ FRPR QR KDEtD YLVWR KDVWD HVH PRPHQWR 6X
QRPEUHHUD-XDQ0DUFRVHLEDDMXJDUXQLPSRUWDQWHSDSHOHQODV\DSUy[LPDVKRUDVGHOMXHYHV
/D FRQYHUVDFLyQ GH -HV~V FRQ VXV DSyVWROHV PLHQWUDV UHJUHViEDPRV DO FDPSDPHQWR GH
*HWVHPDQtWUDVFHQGLyGHLQPHGLDWRHQWUHORVGLVFtSXORV\PX\DSHVDUGHOUDEtHODVXQWRGHVX
SDUWLGD QR WDUGy HQ DSDUHFHU HQ PLWDG GH DTXHOORV KRPEUHV UXGRV \ OHQWRV GH SHQVDPLHQWR
7RPiVWRPDQGRODSDODEUDVHGLULJLyDO0DHVWURSUHJXQWiQGROH
3XHVWRTXHYDVDYROYHUSDUDWHUPLQDUHOWUDEDMRGHOUHLQRFXiOGHEHVHUQXHVWUDDFWLWXG
PLHQWUDVHVWpVIXHUDHQORVDVXQWRVGHO3DGUH"
-HV~V VHQWDGR DO RWUR ODGR GH OD KRJXHUD MXJXHWHDED FRQ XQ SDOR UHPRYLHQGR OD FDQGHOD
$TXHOODVDOWDVOODPDVGDEDQDVXURVWURXQDH[WUDxDPDMHVWDG&RQXQDSDFLHQFLDHQYLGLDEOHHO
1D]DUHQRPLUyD7RPiVSRUHQFLPDGHOIXHJRUHVSRQGLpQGROH
1L VLTXLHUD W~ 7RPiV DFLHUWDV D FRPSUHQGHU OR TXH KH HVWDGR GLFLHQGR 1R RV KH
HQVHxDGRTXHYXHVWUDUHODFLyQFRQHOUHLQRHVHVSLULWXDOHLQGLYLGXDO"4XpPiVGHERGHFLURV"/D
FDtGDGHODVQDFLRQHVODURWXUDGHORVLPSHULRVODGHVWUXFFLyQGHORVMXGtRVQRFUH\HQWHVHOILQ
GH XQD pSRFD H LQFOXVR HO ILQ GHO PXQGR TXp WLHQHQ TXH YHU FRQ DOJXLHQ TXH FUHH HQ HVWH
HYDQJHOLR\TXHKDFRELMDGRVXYLGDHQODVHJXULGDGGHOUHLQRHWHUQR"9RVRWURVTXHFRQRFpLVD
'LRV \ FUHpLV HQ HO HYDQJHOLR KDEpLV UHFLELGR \D OD VHJXULGDG GH OD YLGD HWHUQD 3XHVWR TXH
YXHVWUDVYLGDVHVWiQHQPDQRVGHO3DGUHQDGDRVGHEHSUHRFXSDU/RVFLXGDGDQRVGHORVPXQGRV
FHOHVWLDOHV ORV FRQVWUXFWRUHV GHO UHLQR QR GHEHQ SUHRFXSDUVH SRU ODV VDFXGLGDV WHPSRUDOHV R
SHUWXUEDUVHSRUORVFDWDFOLVPRVWHUUHVWUHV4XpRVLPSRUWDDYRVRWURVVLODVQDFLRQHVVHKXQGHQ
ODVpSRFDVILQDOL]DQRWRGDVODVFRVDVYLVLEOHVFDHQVLVDEpLVTXHYXHVWUDYLGDHVXQUHJDORGHO
+LMR \ TXH HVWi HWHUQDPHQWH VHJXUD HQ HO 3DGUH" +DELHQGR YLYLGR OD YLGD WHPSRUDO FRQ IH \
KDELHQGR HQWUHJDGR ORV IUXWRV GHO HVStULWX FRPR SUXHED GH VHUYLFLR SRU YXHVWURV VHPHMDQWHV
SRGpLVPLUDUDGHODQWHFRQFRQILDQ]D
&DGDJHQHUDFLyQGHFUH\HQWHVGHEHOOHYDUDGHODQWHVXREUDFRQYLVWDVDOSRVLEOHUHWRUQRGHO
+LMRGHO+RPEUHH[DFWDPHQWHLJXDODFRPRFDGDFUH\HQWHSDUWLFXODUOOHYDDGHODQWHVXYLGDFRQ
YLVWDVDODLQHYLWDEOH\VLHPSUHSURQWDPXHUWHQDWXUDO&XDQGRRVKD\iLVHVWDEOHFLGRFRPRKLMRV
GH'LRVQDGDPiVGHEHSUHRFXSDURV3HURQRRVHTXLYRTXpLV(VWDIHYLYDSRQHGHPDQLILHVWR
FDGD YH] PiV ORV IUXWRV GH DTXHO GLYLQR HVStULWX TXH IXH LQVSLUDGR SRU SULPHUD YH] HQ HO
FRUD]yQKXPDQR(OTXHKD\iLVDFHSWDGRVHUKLMRVGHOUHLQRFHOHVWLDOQRRVVDOYDUiGHFRQRFHUHO
UHFKD]RSHUVLVWHQWHGHHVDVYHUGDGHVTXHWLHQHQTXHYHUFRQORVIUXWRVSURJUHVLYRVHVSLULWXDOHVGH
ORVKLMRVHQFDUQDGRVGH'LRV9RVRWURVTXHKDEpLVHVWDGRFRQPLJRHQORVDVXQWRVGHO3DGUHHQOD
WLHUUDSRGpLVLQFOXVRDEDQGRQDUDKRUDHVHUHLQR6LYHLVTXHQRRVJXVWDODIRUPDGHOVHUYLFLR
GH OD KXPDQLGDG DO 3DGUH FRPR LQGLYLGXRV \ FRPR FUH\HQWHV RtGPH PLHQWUDV RV GLJR XQD
SDUiEROD
6LQ TXHUHU DO HVFXFKDU DTXHOODV ~OWLPDV IUDVHV GH -HV~V GHVYLp PL PLUDGD KDFLD -XGDV
,VFDULRWH(OKRPEUHTXH\DKDEtDGHVHUWDGRHQVXFRUD]yQVHJXtDODVSDODEUDVGHVX0DHVWURFRQ
XQDIULDOGDGTXHPHSURGXMRHVFDORIUtRV
+XER FLHUWR KRPEUH SURVLJXLy HO 1D]DUHQR TXH DQWHV GH PDUFKDU SDUD XQ ODUJR
YLDMHDRWURSDtVOODPyDWRGRVVXVVLUYLHQWHVGHFRQILDQ]D\OHVHQWUHJyWRGRVVXVELHQHV$XQR
OH GLR FLQFR WDOHQWRV>@DRWURGRV\DOWHUFHURXQR$WRGRVOHVFRQILyVXVELHQHVVHJ~QVXV
GLVWLQWDVKDELOLGDGHV&XDQGRHOVHxRUKXERPDUFKDGRVXVVLUYLHQWHVVHSXVLHURQDWUDEDMDUSDUD
VDFDUEHQHILFLRVGHODIRUWXQDTXHOHVKDEtDVLGRFRQILDGD,QPHGLDWDPHQWHHOTXHKDEtDUHFLELGR
FLQFR WDOHQWRV FRPHQ]y D FRPHUFLDU FRQ HOORV \ PX\ SURQWR KL]R XQ EHQHILFLR GH RWURV FLQFR
WDOHQWRV 'H LJXDO PRGR HO TXH KDEtD UHFLELGR GRV WDOHQWRV SURQWR JDQy RWURV GRV < DVt OR
KLFLHURQWRGRVORVVLUYLHQWHVDFXPXODQGRQXHYDVJDQDQFLDVSDUDVXDPRH[FHSWRHOWHUFHUR(VWH
VH PDUFKy H KL]R XQ DJXMHUR HQ OD WLHUUD HVFRQGLHQGR HO GLQHUR 3HUR HO VHxRU YROYLy
LQHVSHUDGDPHQWH\OODPyDVXVFULDGRV(OTXHKDEtDUHFLELGRFLQFRWDOHQWRVVHDGHODQWyKDVWDVX
VHxRU\HQWUHJiQGROHORVGLH]OHGLMR6HxRUPHGLVWHVFLQFRWDOHQWRV\PHFRPSODFHSUHVHQWDUWH
RWURVFLQFR(QWRQFHVHOVHxRUOHGLMR%LHQKHFKREXHQ\ILHOVLUYLHQWH7HKDUpPD\RUGRPR
GHPXFKRV(QWRQFHVHOTXHKDEtDUHFLELGRGRVWDOHQWRVDYDQ]yGLFLHQGR6HxRUHQWUHJDVWHV
HQPLVPDQRVGRVWDOHQWRV0LUDKHJDQDGRRWURVGRV<VXVHxRUOHGLMR%LHQKHFKREXHQ\
ILHOVLUYLHQWH7~WDPELpQKDVVLGRILHO\DKRUDWHSRQGUpSRUHQFLPDGHRWURV3RU~OWLPROOHJy
DOUHFXHQWRHOTXHKDEtDUHFLELGRXQVRORWDOHQWR6HxRUOHGLMRWHFRQRFtD\PHGLFXHQWD
GH TXH HUHV XQ KRPEUH DVWXWR SRUTXH HVSHUDEDV JDQDQFLDV FXDQGR W~ SHUVRQDOPHQWH QR KDEtDV
WUDEDMDGR3RUWDQWR\RWHPtDDUULHVJDUORTXHPHKDEtDVFRQILDGR<RJXDUGpWXWDOHQWRDVDOYR
HQODWLHUUD\DTXtHVWi$KRUDWLHQHVORTXHWHSHUWHQHFH3HURVXVHxRUFRQWHVWy
(UHVXQFULDGRLQGROHQWH\SHUH]RVR3RUWXVSURSLDVSDODEUDVKDVFRQIHVDGRTXHVDEtDVTXH
WHLEDDSHGLUFXHQWDVFRQEHQHILFLRUD]RQDEOHFRPRWXVFRPSDxHURVORKDQKHFKR6DELHQGRHVWR
GHEHUtDVDOPHQRVKDEHUFRORFDGRPLGLQHURHQPDQRVGHORVEDQTXHURVSDUDTXHDPLYXHOWD
\RSXGLHUDUHFLELUPLGLQHURFRQLQWHUpV
(QWRQFHVHOVHxRUGLMRDOMHIHGHORVFULDGRV4XLWDGHOWDOHQWRDHVWHVLUYLHQWH\GiGVHORDO
TXHWLHQHGLH]
$ WRGR HO TXH WLHQH OH VHUi GDGR PXFKR PiV \ WHQGUi DEXQGDQFLD 3HUR DO TXH QR WLHQH
LQFOXVRORSRFRTXHWHQJDOHVHUiTXLWDGR1RRVSRGpLVTXHGDUTXLHWRVHQORVDVXQWRVGHOUHLQR
HWHUQR 0L 3DGUH H[LJH TXH WRGRV VXV KLMRV FUH]FDQ HQ JUDFLD \ HQ FRQRFLPLHQWR GH OD YHUGDG
9RVRWURVTXHFRQRFpLVHVWDVYHUGDGHVGHEpLVSURGXFLUHOLQFUHPHQWRGHORVIUXWRVGHOHVStULWX\
PDQLIHVWDUXQDGHYRFLyQFUHFLHQWHHQHOJHQHURVRVHUYLFLRDYXHVWURVFRPSDxHURVVLUYLHQWHV<
UHFRUGDGTXHORTXHGHLVDOPiVSHTXHxRGHPLVKHUPDQRVORKDEUpLVKHFKRHQVHUYLFLRPtR
<DVtGHEpLVKDFHUODREUDGHO3DGUHDKRUD\PiVDGHODQWH&RQWLQXDGKDVWDTXH\RYHQJD
/DYHUGDGHVODYLGD(OHVStULWXGHODYHUGDGVLHPSUHGLULJHDORVKLMRVGHODOX]DQXHYRV
UHLQRVGHUHDOLGDGHVSLULWXDO\GLYLQRVHUYLFLR1RVHRVGDODYHUGDGSDUDTXHODFULVWDOLFpLVHQ
IRUPDVKHFKDVVHJXUDV\KRQRUDEOHV
4Xp SHQVDUiQ ODV JHQHUDFLRQHV IXWXUDVGHDTXHOORV GHSRVLWDULRVGH ODYHUGDGVL OHV R\HQ
GHFLU"$TXt0DHVWURHVWiODYHUGDGTXHQRVFRQILDVWHKDFHFLHQWRVRPLOHVGHDxRV1RKHPRV
SHUGLGRQDGD+HPRVSUHVHUYDGRILHOPHQWHWRGRORTXHQRVGLVWH1RKHPRVSHUPLWLGRFDPELRV
HQORTXHQRVHQVHxDVWH$TXtHVWiODYHUGDGTXHQRVGLVWH
/LEUHPHQWHKDEpLVUHFLELGR3RUWDQWROLEUHPHQWHGHEpLVGDUODYHUGDGGHOFLHOR(QYHUGDG
HQYHUGDGRVGLJRTXHHQWRQFHVHVDYHUGDGVHPXOWLSOLFDUiHLUUDGLDUiQXHYDOX],QFOXVRFXDQGR
ODDGPLQLVWUpLV YRVRWURV%LHQHQWUDGD \D OD QRFKH HOJUXSR VH OHYDQWyUHSDUWLpQGRVHHQWUH ODV
WLHQGDV-HV~VVLQHPEDUJRVLJXLyVRORIUHQWHDODKRJXHUDVXPLGRHQVXVSHQVDPLHQWRV<RPH
LQVWDOp DO SLH GH XQR GH ORV DxRVRV ROLYRV HQYROYLpQGRPH HQ HO PDQWR < DQWHV GH TXH HO
1D]DUHQRVHUHWLUDUDDGHVFDQVDUDXQDGHODVWLHQGDVHOVXHxRWHUPLQySRUGREOHJDUPH
'($%5,/0,e5&2/(6
3RFR DQWHV TXH ODV PDGUXJDGRUDV JRORQGULQDV GHVSHUWDUDQ DO FDPSDPHQWR FRQ VXV QHJURV \
WXPXOWXRVRV YXHORV (OLVHR PH KDEtD DOHUWDGR \D PHGLDQWH OD FRQH[LyQ DXGLWLYD GH OD
SUR[LPLGDGGHODPDQHFHU
/D FXQD UHJLVWUD JUDGRV FHQWtJUDGRV /LJHUR GHVFHQVR GH OD KXPHGDG UHODWLYD
3DUHFH TXH HO YLHQWR VH KD LQFUHPHQWDGR 6H SUHYpQ DOJXQDV UDFKDV GH D QXGRV
HVSHFLDOPHQWHGXUDQWHODWDUGH6XHUWH
(OLVHRQRVHHTXLYRFDED$TXHOORVSULPHURVPRPHQWRVGHOGtDVHPHDQWRMDURQHVSHFLDOPHQWH
IUtRV (O FHOHVWH GH PL PDQWR DSDUHFtD VDOSLFDGR SRU XQ VLQItQ GH JRWLWDV GH URFtR 2WUR WDQWR
VXFHGtDFRQODHVFDVDKLHUEDTXHORJUDEDGHVSXQWDUDOSLHGHDOJXQRVROLYRV
&RQIRUPH IXH FODUHDQGR XQ OHMDQR \ PLVWHULRVR FDVWDxHWHR FRPHQ]y D LQWULJDUPH 3DUHFtD
QDFHUHQDOJXQDSDUWHDOIRQGRGHOFDPSRGRQGHPHHQFRQWUDED0HLQFRUSRUp\WUDVHFKDUXQD
RMHDGD DO FDPSDPHQWR FRPSUREp TXH WRGR VH KDOODED HQ FDOPD /RV GLVFtSXORV GRUPtDQ HQ HO
LQWHULRUGHODVWLHQGDV2WURVHQYXHOWRVHQVXVURSRQHVGHVFDQVDEDQDOSLHGHOPXURGHSLHGUDR
FRPR\REDMRODSULPHUDKLOHUDGHROLYRV)UHQWHDORVDOEHUJXHVHQHOSHTXHxRFODURH[LVWHQWH
HQODHQWUDGDGHOKXHUWRVHGLVWLQJXtDQODVFHQL]DVGHODKRJXHUD(O0DHVWURVXSXVHGHEtD
HVWDUGXUPLHQGR
3HUR DTXHO FDVWDxHWHR VHJXtD OOHQDQGR OD FDGD YH] PiV OXPLQRVD PDxDQD URPSLHQGR HO
SURIXQGRVLOHQFLRGH*HWVHPDQt1RORGXGpPiV7RPpODYDUDGH0RLVpV\PHGLULJtKDFLDHO
LQWHULRUGHODILQFDVLJXLHQGRHOFHUFDGRGHSLHGUD$TXHOODSURSLHGDGGH6LPyQHOYHFLQRGH
%HWDQLDHVWDEDGHGLFDGDH[FOXVLYDPHQWHDOFXOWLYRGHOROLYDU'HVGHHOOXJDUGRQGHKDEtDQVLGR
SODQWDGDVODVWLHQGDVHOWHUUHQRLEDHOHYiQGRVHOLJHUDPHQWH$OOOHJDUDOIRQGRGHOKXHUWRKDEtD
FRQWDELOL]DGR PHGLR FHQWHQDU GH YLHMRV ROLYRV DOLQHDGRV GH FXDWUR HQ IRQGR $OJXQRV GH
DTXHOORViUEROHVPHLPSUHVLRQDURQSRUVXHQYHUJDGXUD8QRGHHOORVHQHVSHFLDOGHEtDDOFDQ]DU
ORV RFKR PHWURV GH FLUFXQIHUHQFLD 'H VXV QXGRVRV \ WRUWXUDGRV WURQFRV IOXtD XQD VXVWDQFLD GH
FRORUSDUGRURML]DIRUPDQGRUHJXHULOORVEULOODQWHVDOLQFLSLHQWHVROTXHDYDQ]DED\DSRUGHWUiV
GHODFLPDGHO2OLYHWH
/RV~OWLPRVPHWURVGHOUHFWiQJXORTXHFRQVWLWXtDHOKXHUWRGH/RV2OLYRVGRQGHLEDDWHQHU
OXJDU OD IDPRVD RUDFLyQ GH -HV~V H[SHULPHQWDEDQ XQD HOHYDFLyQ PiV DFXVDGD (O PLVWHULRVR
UXLGR VH KDEtD KHFKR PiV FODUR H LQWHQVR 'HMp DWUiV HO ROLYDU \ D SRFR PiV GH GLH] PHWURV
DSDUHFLyDQWHPtXQDPDVDSpWUHDGHXQRVFLQFRPHWURVGHDOWXUDFRQXQDHQWUDGDPiVDQFKDTXH
DOWD WXYH TXH LQFOLQDUPH SDUD SHQHWUDU HQ HOOD TXH FRQGXFtD DO LQWHULRU GH XQD JUXWD QDWXUDO
)UHQWH D OD FXHYD VH GHUUDPDEDQ RWUDV IRUPDFLRQHV GH FDOL]D EODQFD PX\ HURVLRQDGDV SRU OD
OOXYLD \ HO YLHQWR /D SUHVHQFLD GH OD PROH URFRVD \ GH ODV SLHGUDV GH HVFDVDPHQWH R
FHQWtPHWURV GH DOWXUD TXH RFXSDEDQ DTXHO H[WUHPR GHO KXHUWR H[SOLFDEDQ SRU TXp 6LPyQ QR
KDEtD SRGLGR DSURYHFKDU HO OLQGHUR QRUWH HQ HO FXOWLYR GHO ROLYDU$ OD GHUHFKD GH OD FXHYD \
FDVL SHJDGR D OD URFD FUHFtD XQ FRUSXOHQWR iUERO $O OHYDQWDU OD YLVWD HO LQVyOLWR FDVWDxHWHR
TXHGyH[SOLFDGR6HWUDWDEDGHXQFDxDItVWXOD$TXHOKHUPRVRHMHPSODUPX\SDUHFLGRDOQRJDO
HVWDEDVLHQGRPHFLGRVLQFHVDUSRUHOYLHQWR\VXVODUJRVIUXWRVDOFKRFDUHQWUHVtHPLWtDQDTXHO
SHQHWUDQWHFDVWDxHWHR(QWUHHOiUERO\HOPXUHWHGHSLHGUDDGRVDGRHQDTXHOSXQWRDODFDUDHVWH
GH OD FXHYD GHVFXEUt XQD SHTXHxD SODQWDFLyQ GH JiOEDQR \ WUDJDFDQWR DPERV GH UHFRQRFLGDV
YLUWXGHVPHGLFLQDOHV
/D JUXWD SUiFWLFDPHQWH VXPLGD HQ OD RVFXULGDG WHQtD XQRV PHWURV GH SURIXQGLGDG SRU
RWURVGHDQFKXUD6XWHFKRPX\EDMRHQORVSULPHURVPHWURVGHODHQWUDGDVHKDFtDEDVWDQWH
PiV DOWR HQ HO LQWHULRU /DV SDUHGHV KDEtDQ VLGR HQFDODGDV (Q XQR GH VXV ODWHUDOHV HO TXH
TXHGDEDRULHQWDGRKDFLDHOHVWHDSDUHFtDQGRVSURORQJDFLRQHVRJUXWDVPiVSHTXHxDV(QXQD
GHHOODVKDEtDXQDSUHQVDGHPDGHUDGHVWLQDGDVLQGXGDDODWULWXUDFLyQGHODDFHLWXQDDMX]JDU
SRUHORORU \ORV UHVWRV GHDFHLWHTXH PHGLRUHVHFRLPSUHJQDEDQ D~Q HOLQWHULRUGHODSUHQVD
8QDODUJDYLJDTXHKDFtDODVYHFHVGHEUD]RGHODSUHQVDVHLQFUXVWDEDHQXQDSHTXHxDFDYLGDG
VLWXDGDDSRFRPiVGHXQPHWURHQODSDUHGPHULGLRQDOGHODJUXWD
$O IRQGR HQ OD FDUD QRUWH VREUH XQD HVWHUD GHVFDQVDEDQ YDULRV VDFRV 'RV GH HOORV
FRQWHQtDQWULJR\ORVWUHVUHVWDQWHVKLJRVVHFRVOHJXPEUHVGHGLIHUHQWHVWLSRVFHEROODVSXHUURV
DMRVHWF'HVSXpVVXSHTXHVHWUDWDEDGHOVXPLQLVWURTXH)HOLSHKDEtDFRPSUDGRHQODPDxDQD
GHOGtDDQWHULRU\TXHFRQVWLWXtDODGLHWDEiVLFDGHORVKRPEUHVTXHIRUPDEDQHOFDPSDPHQWR
,QVSHFFLRQpWDPELpQODSDUWHH[WHULRUGHODJUXWDFRPSUREDQGRFyPRSRUVXFDUDQRUWHHQ
HO H[WUHPR RSXHVWR D OD HQWUDGD KDEtD VLGR SUDFWLFDGR XQ FDQDOLOOR TXH GHVFHQGtD KDVWD XQD
HVSHFLHGHSLODGHGHSXUDFLyQ6LPyQKDEtDH[FDYDGRODFLPDGHODHQRUPHURFDDSURYHFKDQGR
DVt ODV DJXDV GH OOXYLD TXH GHVFHQGHUtDQ SRU HO FLWDGR FDQDOLOOR KDVWD OD SLOD 'H DOOt XQD YH]
ILOWUDGDHODJXDHUDDFXPXODGDHQXQDFRQFDYLGDGLQIHULRUSUDFWLFDGDWDPELpQHQODURFD
8QD YH] VDWLVIHFKD PL FXULRVLGDG UHWRUQp DO FDPSDPHQWR VLJXLHQGR HVWD YH] HO PXUR
RFFLGHQWDO $O OOHJDU D OD HQWUDGD GHO KXHUWR DOJXQDV GH ODV PXMHUHV GHO JUXSR GH -HV~V VH
DIDQDEDQ\DHQWRUQRDXQLQFLSLHQWHIXHJR0LHQWUDVGRVGHHOODVPROtDQHOJUDQRSUHSDUDQGROD
KDULQDGH WULJR RWUDV DFDUUHDEDQ DJXDOOHQDQGR YDULRVOHEULOORV$ ODGHUHFKD GHOD FDQFHOD \
SHJDGDDOPXURVHKDOODEDODJUDQFXEDGHSLHGUDTXH\RKDEtDYLVWRODQRFKHDQWHULRU6HWUDWDED
GH XQD YLHMD DOPD]DUD R PROLQR GH DFHLWH GH XQRV FXDWUR PHWURV GH GLiPHWUR SHUIHFWDPHQWH
FLUFXODU \ FRQ XQ SDUDSHWR GH R FHQWtPHWURV GH DOWXUD (VWDED YDFtD 8Q SHVDGR WURQFR
WRWDOPHQWH HQQHJUHFLGR H LQVHUWDGR SRU XQR GH VXV H[WUHPRV HQ XQ QLFKR DELHUWR HQ HO PXUR GH
SLHGUD GHVFDQVDED HQ HO FHQWUR JHRPpWULFR GH OD FXED $TXHOOD YLJD KDEtD VLGR SURYLVWD GH
JUDQGHV ORVDV FLUFXODUHV \ SODQDV VXMHWDV DO VHJXQGR H[WUHPR PHGLDQWH JUXHVDV VRJDV TXH ODV
DWUDYHVDEDQ SRU VHQGRV RULILFLRV FHQWUDOHV 3RU OR TXH SXGH GHGXFLU FXDQGR OD DOPD]DUD VH
OOHQDED GH DFHLWXQD HVWH HQRUPH SHVR HQ OD SXQWD GHO PDGHUR GHEtD DFWXDU FRPR SUHQVD
PDFKDFDQGRHOIUXWR(QHOIRQGRGHODFXEDVHDPRQWRQDEDQWDPELpQJUDQGHVFDSD]RVGHHVSDUWR
XWLOL]DGRVSRVLEOHPHQWHSDUDHOWUDQVSRUWHGHODDFHLWXQD
0HHQFRQWUDEDD~QLQVSHFFLRQDQGRODFXEDFXDQGRDHVRGHODVVLHWHYLDSDUHFHUHQHOFODUR
D -HV~V GH 1D]DUHW (UD HO SULPHUR HQ DEDQGRQDU OD WLHQGD GHVWLQDGD D ORV KRPEUHV 0H TXHGp
TXLHWR(OJLJDQWHTXHVHKDEtDGHVHPEDUD]DGRGHOPDQWRHVWDEDGHVFDO]R&DPLQyXQRVSDVRV
KDFLDODIRJDWD\WUDVVDOXGDUDODVPXMHUHVDSUR[LPyODVSDOPDVGHVXVODUJDVPDQRVDOIXHJR
SURFXUDQGRHQWUDUHQFDORU'HVSXpVOHYDQWDQGRHOURVWURKDFLDHOD]XOGHOFLHORFHUUyVXVRMRV
OOHYDQGR D FDER XQD SURIXQGD LQVSLUDFLyQ 6X SLHO EURQFHDGD VH LOXPLQy FRQ OD FDULFLD GH
DTXHOORVWLELRVUD\RVVRODUHV
8QDGHODVPXMHUHVVDFyDO0DHVWURGHDTXHOORVSODFHQWHURVPRPHQWRVLQGLFiQGROHTXHWHQtD
OLVWR HO OHEULOOR GH EDUUR FRQ HO DJXD SDUD VX DVHR -HV~V FRUUHVSRQGLy D OD GLVFtSXOD FRQ XQD
VRQULVD \ FRQ WRGD QDWXUDOLGDG WRPy VX W~QLFD EODQFD SRU HO DPSOLR FXHOOR VDFiQGROD SRU OD
FDEH]D %DMR DTXHOOD YHVWLGXUD HO UDEt FXEUtD VXV QDOJDV \ EDMR YLHQWUH FRQ XQD HVSHFLH GH
WDSDUUDERWDPELpQGHFRORUEODQFR/DSLH]DFRQVLVWtDHQXQDVHQFLOODEDQGDGHWHODSRVLEOHPHQWH
GHDOJRGyQGHXQRVFHQWtPHWURVGHDQFKXUD\FRVLGDHQXQRGHVXVH[WUHPRVDXQFRUGyQ
TXH VH DQXGDED DOUHGHGRU GH OD FLQWXUD (VWD SDUWH OD TXH VH KDOODED FRVLGD DO GHOJDGR FLQWR
FDtDFXEULHQGRODVQDOJDV\SDVDEDGHVSXpVHQWUHODVSLHUQDVSDUDWHUPLQDUHQRWURVGRVFRUGRQHV
PiV FRUWRV FDGD XQR VLWXDGR HQ XQD HVTXLQD GH OD WHOD (VWD ~OWLPD IUDQMD GHO WDSDUUDER HUD
DQXGDGDDOFRUGRQFLOORGHODFLQWXUDWDSDQGRDVtORVJHQLWDOHV\SDUWHGHOYLHQWUHGH-HV~V
8QDYH]GHVQXGRHO*DOLOHRVHDUURGLOOyMXQWRDODDQFKDYDVLMD,QWURGXMRVXVPDQRVHQHO
DJXD\FRPHQ]yDEDxDUVXURVWURSHFKRD[LODV\EUD]RV(QFXHVWLyQGHVHJXQGRVDTXHOFXHUSR
PXVFXORVRVLQXQJUDPRGHJUDVDTXHGyFXELHUWRSRUHODJXD$FWRVHJXLGRHOJLJDQWHHFKy
PDQRGHXQDSDVWLOODFXDGUDQJXODUGHFRORUKXHVR\FRPHQ]yDIURWDUVHFRQHQHUJtD1RWDUGyHQ
DSDUHFHUXQDGpELOHVSXPDEODQFD
&XDQGRHO 0DHVWUR FRQVLGHUyTXHKDEtD TXHGDGRVXILFLHQWHPHQWH HQMDERQDGRVHLQFOLQy GH
QXHYRVREUHHOOHEULOORSURFHGLHQGRDODFODUDGR0LQXWRVPiVWDUGHHO*DOLOHRVHLQFRUSRUDED\
ODPLVPDPXMHUTXHOHKDEtDSUHSDUDGRHODJXDOHHQWUHJDEDXQOLHQ]RPX\VLPLODUDOTXH\RKDEtD
YLVWR HQ OD FDVD GH /i]DUR \ FRQ HO TXH 0DUWD KDEtD HQMXJDGR PLV PDQRV \ SLHV -HV~V WRPy
DTXHOOD HVSHFLH GH WRDOOD \ IXH VHFDQGR VX FXHUSR $O FRQFOXLU HFKy OD FDEH]D KDFLD DWUiV
VDFXGLHQGR VXV FDEHOORV 3HUR DQWHV GH HQIXQGDUVH QXHYDPHQWH VX W~QLFD HO UDEt H[WHQGLy VXV
PDQRV<ODPXMHUYHUWLyVREUHVXVSDOPDVXQDVJRWDVGHXQOtTXLGRDFHLWRVR >@7DO\FRPRHUD
FRVWXPEUH HQ DTXHOOD pSRFD HO 1D]DUHQR H[WHQGLy OD HVHQFLD SRU VXV D[LODV FXHOOR WRUVR \
FDEHOORV FXEULpQGRVH VHJXLGDPHQWH 3RU ~OWLPR DUUHPDQJDQGR HO ILOR GH OD W~QLFD HQWUy HQ HO
UHFLSLHQWHODYDQGRVXVSLHV
0LHQWUDV -HV~V WHUPLQDED GH FDO]DUVH ODV VDQGDOLDV FRQ FLQWDV GH FXHUR )HOLSH $QGUpV \
RWURVGLVFtSXORVFRPHQ]DURQDVDOLUGHODWLHQGD(QHVHLQVWDQWHYLDSDUHFHUHQHOFDPSDPHQWRDO
SHTXHxR-XDQ0DUFRVFDUJDQGRXQDFHVWD6LQPHGLDUSDODEUDVHODHQWUHJyDXQDGHODVPXMHUHV
VHQWiQGRVHGHVSXpVMXQWRDODKRJXHUD6XVRMRVQRSHUGLHURQ\DGHYLVWDD-HV~V
$OJXQRV GH ORV DSyVWROHV LPLWDURQ DO 0DHVWUR \ WUDV ODV DEOXFLRQHV RFXSDURQ WDPELpQ XQ
OXJDUDOUHGHGRUGHODVOODPDVGLVSXHVWRVDGHVD\XQDU
/DVPXMHUHVFRPHQ]DURQDGLVWULEXLUOHFKHFDOLHQWH8QDGHHOODVUHWLUyHOSDxRTXHFXEUtDOD
FHVWD GH -XDQ 0DUFRV \ FRQ YLYDV PXHVWUDV GH DOHJUtD HQVHxy D ORV GLVFtSXORV GRV HQRUPHV
KRJD]DVGHSDQ)HOLSHVHKL]RFDUJRGHHOODV\WUDVFRUWDUODVHQUHEDQDGDVIXHUHSDUWLpQGRODV
<RDSURYHFKpDTXHOORVPRPHQWRVSDUDDSUR[LPDUPHDOOHEULOORGRQGHVHKDEtDDVHDGRHO6HxRU\
VXV KRPEUHV \ H[DPLQp OD SDVWLOOD FXDGUDQJXODU GH MDEyQ $O ROHUOR SHUFLEt GH LQPHGLDWR XQ
JUDWtVLPR SHUIXPH D URPHUR 8QD GH ODV PXMHUHV DO YHUPH WDQ HQVLPLVPDGR FRQ HO MDEyQ VH
DGHODQWyKDVWDGRQGH\RHVWDED\VROWDQGRXQDFDUFDMDGDPHDGYLUWLy
-DVyQHVRQRVHFRPH
/D EXHQD PXMHU QR WXYR LQFRQYHQLHQWH HQ GHWDOODUPH FyPR FRQIHFFLRQDEDQ DTXHO MDEyQ
&XDQGRQRWHQtDQDPDQRVHERXWLOL]DEDQWXpWDQRGHYDFD8QDYH]IXQGLGRHQDJXDFDOLHQWHOR
PH]FODEDQ FRQ DFHLWH DxDGLpQGROH HVHQFLD GH URPHUR FRPR HQ HVWH FDVR R GLIHUHQWHV
SHUIXPHVWDOHVFRPRWRPLOORD]DKDUR]XPRGHOLPRQHV'HVSXpVWRGRHUDFXHVWLyQGHYHUWLUHO
OtTXLGR HQ XQRV UXGLPHQWDULRV PROGHV GH PDGHUD R GH KLHUUR \ HVSHUDU &XDQGR HO JUXSR WHQtD
WLHPSR \ GLQHUR ODV PXMHUHV SUHIHUtDQ SHUIXPDU HO MDEyQ FRQ OiXGDQR $OJXQRV SDVWRUHV VH
GHGLFDEDQDVXYHQWD$OSDUHFHUOHVUHVXOWDEDEDVWDQWHIiFLOGHREWHQHUEDVWDEDFRQTXHWXYLHUDQ
SDFLHQFLDSDUDSHLQDUODVEDUEDVGHODVFDEUDVTXHSDVWDEDQHQORVMDUDOHV/DUHVPDHQFXHVWLyQ
LPSUHJQDED ORV PHFKRQHV GH SHOR GH ORV DQLPDOHV \ ORV SDVWRUHV FRPR GLJR VyOR WHQtDQ TXH
UHWLUDUOD
$WHQWR D ODV H[SOLFDFLRQHV GH OD PXMHU QR FDt HQ OD FXHQWD GH TXH DOJXLHQ VH KDOODED D PL
HVSDOGD$OYROYHUPHUHFLEtXQDQXHYDVRUSUHVD(UD-HV~V7UDtDXQKXPHDQWHFXHQFRGHOHFKHHQ
VX PDQR L]TXLHUGD \ XQD UHEDQDGD GH SDQ HQ OD GHUHFKD $O YHU PL FDUD GH DVRPEUR VRQULy
PDOLFLRVDPHQWHKDFLpQGRPHXQQXHYRJXLxRHLQYLWiQGRPHDTXHDFHSWDUDODFRODFLyQ$OWRPDU
HOSDQ\HOUHFLSLHQWHPLVGHGRVUR]DURQVXSLHO\QRWpDODUPDGRFyPRPLFRUD]yQPXOWLSOLFDED
VX ERPEHR 4Xp GLItFLO HUD FRQVHUYDU OD REMHWLYLGDG DQWH DTXHO H[WUDRUGLQDULR HMHPSODU
KXPDQR
1RSRGtDHQWHQGHUORPX\ELHQ3RUTXpORVGLVFtSXORVGH-HV~VGH1D]DUHWVHKDOODEDQWDQ
VLOHQFLRVRV"$TXHOGHVD\XQRIXHWHQVR1DGLHSDUHFtDGLVSXHVWRDDEULUODERFD&LHUWDPHQWHORV
DFRQWHFLPLHQWRVGHORV~OWLPRVGtDV\VREUHWRGRHOIDQWDVPDGHOGHFUHWRGHO6DQHGUtQFRQWUDOD
SHUVRQD GHO 0DHVWUR SODQHDEDQ VREUH ORV FRUD]RQHV GH DTXHOORV KRPEUHV 6LQ HPEDUJR
UHVXOWDEDFKRFDQWHTXHHO1D]DUHQRIXHUDHOPHQRVDWRUPHQWDGRGHOJUXSR/DVHVSDGDVVHJXtDQDO
FLQWR GH DOJXQRV GH ORV GRFH \ DTXHOOD QRFKH FRPR HQ OD DQWHULRU VH HVWDEOHFHUtD HO UXWLQDULR
VHUYLFLRGHJXDUGLDDODVSXHUWDVGHOFDPSDPHQWR
-XGDV ,VFDULRWH IXH HO ~OWLPR HQ VDOLU GH OD WLHQGD 3RU VXV RMRV HQURMHFLGRV \ VX VHPEODQWH
GHPDFUDGRWXYHODLPSUHVLyQGHTXHQRKDEtDGRUPLGRJUDQFRVD$SXUyVXUDFLyQ\FRPRVXV
FRPSDxHURVSHUPDQHFLyVHQWDGRFRPRGLVWUDtGR
(O0DHVWURDOILQURPSLyHOVLOHQFLRGLFLHQGR
+R\ TXLHUR TXH GHVFDQVpLV 7RPDURV WLHPSR SDUD PHGLWDU VREUH WRGR OR TXH KD RFXUULGR
GHVGHTXHYLQLPRVD-HUXVDOpQ5HIOH[LRQDGVREUHORTXHHVWiDSXQWRGHOOHJDU
/DGHFLVLyQGH-HV~VVRUSUHQGLyXQSRFRDORVDVLVWHQWHV7RGRVFUHtDQTXHHOUDEtHQWUDUtD
QXHYDPHQWHHQHOWHPSOR\TXHVHGLULJLUtDDODVPDVDV6LQHPEDUJRHO*DOLOHRSXHVWRHQSLH
FRQILUPy VX GHFLVLyQ KDFLHQGR VDEHU DO MHIH GHO JUXSR TXH SHQVDED UHWLUDUVH GXUDQWH WRGD OD
MRUQDGD \ TXH EDMR QLQJ~Q SUHWH[WR GHEHUtDQ WUDVSDVDU ODV SXHUWDV GH OD FLXGDG VDQWD$QGUpV
DVLQWLyFRQODFDEH]D\-HV~VVHUHWLUyDOLQWHULRUGHODWLHQGD
$TXHOORORFRQILHVRPHGHVFRQFHUWyWDQWRRPiVTXHDORVGLVFtSXORVDXQTXHSRUUD]RQHV
ELHQGLVWLQWDV4XpSUHWHQGtDHO1D]DUHQR"$GyQGHSHQVDEDGLULJLUVH"0LPLVLyQHUDVHJXLUORV
SDVRV GH -HV~V GH 1D]DUHW DOOt GRQGH IXHUD R HVWXYLHUD \ VLHPSUH \ FXDQGR PL SUHVHQFLD QR
PRWLYDUD XQD DOWHUDFLyQ GH ORV KHFKRV KLVWyULFRV 3RU RWUR ODGR &DEDOOR GH 7UR\D PH KDEtD
DVLJQDGR OD GLItFLO H LQDSOD]DEOH WDUHD GH FRQHFWDU FRQ HO SURFXUDGRU URPDQR (UD YLWDO TXH
3RQFLR3LODWRVXSLHUDGHPtTXHPHFRQRFLHUDSHUVRQDOPHQWH(OORIDFLOLWDUtDPLLQJUHVRHQOD
7RUUH$QWRQLD HQ OD PDxDQD GHO SUy[LPR YLHUQHV$GHPiV HVD FLWD HQ PDQRV GH -RVp HO GH
$ULPDWHD HVWDED SUHYLVWD LQLFLDOPHQWH SDUD HVWD PLVPD PDxDQD GHO PLpUFROHV 4Xp GHEtD
KDFHU"
3DUDFROPRXQSHQVDPLHQWRFRPHQ]yDKRVWLJDUPH4XpPDTXLQDEDHOFHUHEURGH-XGDV"
$OJRHQORPiVSURIXQGRGHPLVHUPHGHFtDTXHDTXHOODMRUQDGDLEDDVHUGHFLVLYDHQORV
SODQHV\GHFLVLRQHVGHOWUDLGRU<\RGHEtDHVWDUDOFRUULHQWH-XGDVFRPR\DKHGLFKRHQRWUDV
RFDVLRQHVPHDWUDtDHVSHFLDOPHQWH(QHOIRQGRHUDHO~QLFRTXHVHUHEHODEDFRQWUDWRGRDTXHOOR
0HKDOODEDVXPLGRHQHVWDVJUDYHVGXGDVFXDQGR-HV~VVHSUHVHQWyDODSXHUWDGHODWLHQGD
+DEtD WRPDGR VX PDQWR \ DQXGDGR HQ WRUQR D VX FDEH]D XQ SDxROyQ R VXGDULR $TXHOOR
VLJQLILFDEDTXHVHSURSRQtDFDPLQDU\EDVWDQWH
(Q HVH PRPHQWR 'DYLG =HEHGHR XQR GH ORV GLVFtSXORV PiV FRUSXOHQWRV \ UiSLGR GH
SHQVDPLHQWR \ TXH MXJDUtD XQ SDSHO H[WUDRUGLQDULDPHQWH SUiFWLFR \ HILFD] GXUDQWH ODV WHUULEOHV
MRUQDGDVGHOYLHUQHVViEDGR\GRPLQJRVDOLyDOSDVRGHOJLJDQWHH[SRQLpQGROHORVLJXLHQWH
%LHQVDEHV0DHVWURTXHORVIDULVHRV\GLULJHQWHVGHOWHPSOREXVFDQGHVWUXLUWH$SHVDUGH
HOORWHSUHSDUDVSDUDLUVRORDODVFROLQDV(VWRHVXQDORFXUD3RUWDQWRPDQGDUpFRQWLJRWUHV
KRPEUHVDUPDGRVSDUDTXHWHSURWHMDQ
(O *DOLOHR PLUy SULPHUR D 'DYLG =HEHGHR \ D FRQWLQXDFLyQ REVHUYy D ORV WUHV IRUQLGRV
VLUYLHQWHVGHOLPSXOVLYRGLVFtSXORTXHHVSHUDEDQDFLHUWDGLVWDQFLD
< HQ XQ WRQR TXH QR DGPLWtD UpSOLFD R GLVFXVLyQ DOJXQD FRQWHVWy GH IRUPD TXH WRGRV
SXGLpUDPRVRtUOH
7LHQHVUD]yQ'DYLG3HURWHHTXLYRFDVWDPELpQHQDOJRHO+LMRGHO+RPEUHQRQHFHVLWD
TXHQDGLHOHGHILHQGD1LQJ~QKRPEUHPHSRQGUiODVPDQRVHQFLPDKDVWDHVDKRUDHQODTXHGHED
GDUPLYLGDWDO\FRPRGHVHDPL3DGUH(VWRVKRPEUHVQRYDQDDFRPSDxDUPH4XLHURLU\HVWDU
VRORSDUDTXHSXHGDFRPXQLFDUPHFRQPL3DGUH
$OHVFXFKDUD-HV~V'DYLG=HEHGHR\VXVJXDUGLDQHVVHUHWLUDURQ\\RVLQWLHQGRTXHDOJRVH
TXHEUDED HQ PL LQWHULRU FRPSUHQGt WDPELpQ TXH QR SRGtD VHJXLU DO SURWDJRQLVWD GH PL
H[SORUDFLyQ 3RU DOJXQD UD]yQ TXH QR KDEtD TXHULGR GHWDOODU HO 0DHVWUR WHQtD TXH SHUPDQHFHU
VROR 3HUR FXDQGR \D GDED SRU SHUGLGD DTXHOOD SDUWH GH OD PLVLyQ RFXUULy DOJR TXH PH KL]R
UHFREUDUODVHVSHUDQ]DV\TXHSRUVXHUWHPHSHUPLWLUtDUHFRQVWUXLUSDUWHGHORTXHKL]R-HV~VHQ
DTXHOPLpUFROHV
&XDQGRHOUDEtVHGLULJtD\DKDFLDODHQWUDGDGHOKXHUWRGLVSXHVWRDSHUGHUVH'LRVVDEHHQ
TXpGLUHFFLyQHOPXFKDFKRTXHKDEtDWUDtGRODFHVWDFRQODVKRJD]DVGHSDQVXUJLyGHHQWUHORV
GLVFtSXORV \ FRUULy WUDV HO 0DHVWUR $O YHUOH HO UDEt VH GHWXYR -XDQ 0DUFRV KDEtD OOHQDGR
DTXHOODPLVPDFHVWDFRQDJXD\FRPLGD\OHVXJLULyTXHVLSHQVDEDSDVDUHOGtDHQHOPRQWHVH
OOHYDUDDOPHQRVXQDVSURYLVLRQHV
-HV~V OH VRQULy \ VH DJDFKy HQ DGHPiQ GH WRPDU OD FHVWD 3HUR HO QLxR DGHODQWiQGRVH DO
*DOLOHRDJDUUyHOFDQDVWRFRQWRGDVVXVIXHU]DVDOWLHPSRTXHLQVLQXDEDFRQWLPLGH]
3HUR6HxRU\VLWHROYLGDVGHODFHVWDFXDQGRYD\DVDUH]DU"<RLUpFRQWLJR\FDUJDUp
ODFRPLGD$VtHVWDUiVPiVOLEUHSDUDWXGHYRFLyQ
$QWHVGHTXH-HV~VSXGLHUDUHSOLFDUHOPXFKDFKLWRLQWHQWyWUDQTXLOL]DUOH
(VWDUp FDOODGR 1R KDUp SUHJXQWDV 0H TXHGDUp VHQWDGR MXQWR D OD FHVWD FXDQGR WH
DSDUWHVSDUDRUDU
/RVGLVFtSXORVTXHSUHVHQFLDEDQODHVFHQDTXHGDURQDWyQLWRVDQWHODDXGDFLDGH-XDQ
<HO0DHVWURYROYLyDVRQUHtU$FDULFLyODFDEH]DGHOQLxR\OHGLMR
<DTXHORDQVtDVFRQWRGRWXFRUD]yQQRWHVHUiQHJDGR1RVPDUFKDUHPRVVRORV\KDUHPRV
XQEXHQYLDMH3XHGHVSUHJXQWDUPHFXDQWRVDOJDGHWXDOPD1RVFRQIRUWDUHPRV\FRQVRODUHPRV
MXQWRV3XHGHVOOHYDUHOFHVWR&XDQGRWHVLHQWDVIDWLJDGR\RWHD\XGDUp6tJXHPH
<DPERVGHVDSDUHFLHURQODGHUDDUULED
1DGLH KL]R HO PHQRU FRPHQWDULR /RV URVWURV GH ORV DSyVWROHV UHIOHMDEDQ XQD WRWDO
FRQVWHUQDFLyQ(UDGRORURVRTXHXQVLPSOHQLxROHVKXELHUDJDQDGRODSDUWLGD6XSRQJRTXHWRGRV
ORVDOOtSUHVHQWHVH[FHSWXDQGRDO,VFDULRWHDUGtDQHQGHVHRVGHDFRPSDxDUDVX0DHVWUR6LQ
HPEDUJRQLQJXQRKDEtDVLGRFDSD]GHDEULUVXFRUD]yQ\KDEODUOHD-HV~VFRQODVLQFHULGDGGH
-XDQ 0DUFRV < GH OD VRUSUHVD IXHURQ SDVDQGR D XQ PDO GLVLPXODGR GLVJXVWR $ ORV SRFRV
PLQXWRVYDULRVGHORVtQWLPRVVHKDEtDQHQ]DU]DGR\DHQXQDDJULDGLVSXWDVREUHODFRQYHQLHQFLD
GHTXHHOUDEtVHGHGLFDUDDFDPLQDUSRUORVPRQWHVGH-XGHDVLQHVFROWD\FRQXQFKLFRGHORV
UHFDGRVSRUWRGDFRPSDxtD
$TXHOODGLVFXVLyQHPSH]DEDDIDVFLQDUPH7RGRVDSRUWDEDQDUJXPHQWRVPiVRPHQRVYiOLGRV
SHURQLQJXQRSDUHFtDGLVSXHVWRDUHFRQRFHUS~EOLFDPHQWHODYHUGDGHUDFDXVDSRUODTXHVHKDEtDQ
TXHGDGRVRORV
/DGLVFXVLyQLEDFDOGHiQGRVHSRFRDSRFRFXDQGRGHSURQWRYLVDOLUGHODWLHQGDD-XGDV
6LJLORVDPHQWHVHHQFDPLQyKDFLDODHQWUDGDGHOKXHUWRDOHMiQGRVHHQGLUHFFLyQDODEDUUDQFDGHO
&HGUyQ 1R OR GXGp 7UDV UHFRUGDU D$QGUpV PL FLWD FRQ -RVp GH$ULPDWHD DQXQFLiQGROH TXH
UHJUHVDUtD HQ FXDQWR SXGLHUD FUXFp HO UHFLQWR GH SLHGUD SURFXUDQGR QR SHUGHU GH YLVWD DO
,VFDULRWH (VWH KDEtD GHVFHQGLGR SRU XQD GH ODV HVWUHFKDV SLVWDV TXH FRQGXFtD D XQ SXHQWHFLOOR
VREUH HO FDXFH VHFR GHO &HGUyQ \ TXH XQtD OD H[SODQDGD HVWH GHO WHPSOR FRQ HO PRQWH GH ORV
2OLYRV-XGDVFRQSDVRGHFLGLGRDWUDYHVyHOOXJDUGRQGH\RKDEtDDVLVWLGRDODSUXHEDGHODV
DJXDV DPDUJDV GHWHQLpQGRVH EDMR HO WUDQVLWDGR DUFR GH OD 3XHUWD 2ULHQWDO GHO WHPSOR
&RQIXQGLGRHQWUHORVQXPHURVRVSHUHJULQRVTXHLEDQ\YHQtDQSXGHYHUFyPRHOWUDLGRUEHVDEDD
RWURKHEUHR<DPERVHQWUDURQHQHO$WULRGHORV*HQWLOHV
$GRSWDQGR WRGD FODVH GH SUHFDXFLRQHV PH DGHQWUp WDPELpQ HQ HO 7HPSOR /OHJXp MXVWR D
WLHPSR GH FRPSUREDU FyPR -XGDV \ VX DFRPSDxDQWH VXEtDQ ODV HVFDOLQDWDV GHO VDQWXDULR
GHVDSDUHFLHQGRSRUODSXHUWDGHO3yUWLFR&RULQWLR
0DOGLMHPLPDODHVWUHOOD$TXpOMXVWDPHQWHHUDXQRGHORVSRFRVOXJDUHVGH-HUXVDOpQGRQGH
QRSRGtD HQWUDU XQJHQWLO (OVDQWXDULRHUD VDJUDGR$OOtQR FDEtD HVWUDWDJHPD DOJXQD< PXFKR

PHQRVFRQPLDVSHFWRGHPHUFDGHUH[WUDQMHUR
4XpSRGtDKDFHUSDUDVHJXLUORVSDVRVGH-XGDV"
0HGHMpFDHUHQODVHVFDOLQDWDVGRQGHKDELWXDOPHQWHVHVHQWDEDHO0DHVWURHLQWHQWDEDEXVFDU
XQDIyUPXODSDUDGHVFXEULUODUD]yQTXHKDEtDOOHYDGRDODSyVWRODOLQWHULRUGHOVDQWXDULRFXDQGR
XQRGHORVVDGXFHRVDPLJRGH-RVpGH$ULPDWHD\TXHKDEtDSDUWLFLSDGRHQHODOPXHU]RRIUHFLGR
SRUDTXpOD-HV~VHQODPDxDQDGHOPDUWHVYLQRDVLPSOLILFDUPLVSUREOHPDV
(OKRPEUHPHUHFRQRFLyLQWHUHViQGRVHSRUPLVDOXG\SUHJXQWiQGRPHDTXpREHGHFtDDTXHOOD
PLUDGD PtD WDQ DSHVDGXPEUDGD 'HVSXpV GH PHGLU ODV SRVLEOHV FRQVHFXHQFLDV GH OD LGHD TXH
DFDEDEDGHQDFHUHQPLFHUHEURPHGHFLGtDKDEODUOH7UDVURJDUOHTXHPDQWXYLHUDFXDQWRLEDD
FRQWDUOHHQHOPiVHVWULFWRVHFUHWRDORFXDODFFHGLyHOVDGXFHRHQXQWRQRTXHSDUHFtDVLQFHUR
OHH[SOLTXpTXHWHQtDIXQGDGDVVRVSHFKDVVREUHODIDOWDGHOHDOWDGGHXQRGHORVGLVFtSXORV
GHOUDEtGH*DOLOHD$xDGtTXHDFDEDEDGHYHUHQWUDUD-XGDVHQHOVDQWXDULR\TXHWHPtDSRUOD
VHJXULGDG GH -HV~V (O H[ PLHPEUR GHO 6DQHGUtQ DTXHO VDGXFHR HUD XQR GH ORV TXH KDEtDQ
SUHVHQWDGR OD GLPLVLyQ DQWH &DLIiV SURFXUy WUDQTXLOL]DUPH DVHJXUiQGRPH TXH DTXHOOR QR HUD
QXHYR 6RPRV PXFKRV UHSXVR ORV TXH VDEHPRV TXH -XGDV HO ,VFDULRWH QR FRPSDUWH OD
IRUPDGHVHU\GHDFWXDUGHO0DHVWUR
$ SHVDU GH VXV SDODEUDV VLPXOp TXH QR TXHGDED VDWLVIHFKR \ OH VXSOLTXp TXH HQWUDUD HQ HO
7HPSOR\WUDWDUDGHLQIRUPDUVHVREUHORVSODQHVGH-XGDV3HURDQWHVGHFRQWHVWDUDPLSHWLFLyQ
HOVDFHUGRWHTXHFRPSDUWtDHQVHFUHWRODGRFWULQDGH-HV~VPHLQWHUURJyDVXYH]EXVFDQGR
XQDH[SOLFDFLyQDPLH[WUDxDFRQGXFWD
<RWDPELpQFUHRHQHO0DHVWUROHPHQWt\QRGHVHRTXHVHDGHVWUXLGR
0LVSDODEUDVGHELHURQVRQDUFRQWDOILUPH]DTXHHOVDGXFHRVRQULy\GiQGRPHXQDSDOPDGLWD
HQODHVSDOGDDFFHGLyDPLVGHVHRV
$QWHVGHVHSDUDUQRVOHDQXQFLpTXHHVWDEDFLWDGRDTXHOODPLVPDPDxDQDFRQ-RVp\TXHVLOH
SDUHFtDRSRUWXQRSRGUtDPRVYROYHUDYHUQRVDQWHVGHODSXHVWDGHOVROHQHOKRJDUGHVXDPLJR
HOGH$ULPDWHD
6REUHWRGRLQVLVWtFRQYHKHPHQFLD\SRUHOHPHQWDOHVUD]RQHVGHVHJXULGDGHVWRGHEH
TXHGDUHQWUHQRVRWURV
0L QXHYR DPLJR TXHGy FRQIRUPH \ \R DOJR PiV GHVFDUJDGR UHDQXGp PL FDPLQR KDFLD OD
FLXGDGEDMD3HURPLHQWUDVPHDSUR[LPDEDDODFDVDGH-RVpPHDVDOWyXQDLQFyPRGDGXGDOH
KDEtDPHQWLGRHQYHUGDGDOVDGXFHRDODILUPDUTXH\RWDPELpQFUHtDHQ-HV~VGH1D]DUHW"
-RVpHOGH$ULPDWHDPHUHFLELyFRQFLHUWDLQTXLHWXG/DVLQFLGHQFLDVHQHOFDPSDPHQWRGH
*HWVHPDQt \ HO VHJXLPLHQWR GH -XGDV UHWUDVDURQ XQ SRFR PL OOHJDGD D OD FDVD GHO DQFLDQR 6LQ
SpUGLGDGHWLHPSRHOHQMXWRDPLJRGH-HV~VVHHQYROYLyHQXQOXMRVRPDQWRGHODQDWHxLGRHQ
URMRIXHJRFDUJDQGRXQiQIRUDGHPHGLDQRWDPDxRDSUR[LPDGDPHQWHGHHIDROLWURV
/D FLWD FRQ HO SURFXUDGRU URPDQR KDEtD VLGR FRQFHUWDGD SDUD OD KRUD TXLQWD DOUHGHGRU GH ODV
RQFHGHODPDxDQD\DOLJXDOTXHDPtD-RVpQROHJXVWDEDHVSHUDUQLKDFHUHVSHUDU
$O VDOLU GH OD PDQVLyQ URJXp DO YHQHUDEOH PLHPEUR GHO 6DQHGUtQ TXH PH SHUPLWLHUD FDUJDU
DTXHOOD MDUUD -RVp FRQVLQWLy JXVWRVR \ DXQTXH VHQWtD FXULRVLGDG SRU VDEHU HO FRQWHQLGR GH OD
PLVPD HO PXWLVPR GH PL DFRPSDxDQWH PH LQFOLQy D QR IRUPXODU SUHJXQWD DOJXQD VREUH HO
SDUWLFXODU
(O FDPLQR KDVWD OD IRUWDOH]D $QWRQLD VLWXDGD DO QRURHVWH GH OD FLXGDG HUD UHODWLYDPHQWH
ODUJR$XQTXHHOFXDUWHOJHQHUDOURPDQRGLVSRQtDGHXQDHQWUDGDSRUHOiQJXORPiVRFFLGHQWDOGHO
7HPSORFRPRFUHRTXH\DFLWpHQVXPRPHQWRHVWDIRUWLILFDFLyQVHKDOODEDDGRVDGDDOLQPHQVR
UHFWiQJXOR TXH FRQVWLWXtD HO 6DQWXDULR \ VX DWULR -RVp GH $ULPDWHD VXSRQJR TXH SRU PHUD
SUXGHQFLDHYLWyHQWRGRPRPHQWRHOUHFLQWRGHO7HPSOR
'HMDPRVDWUiVHOLQWULQFDGRODEHULQWRGHODVFDOOHMXHODVGHODFLXGDGEDMDVDOYDQGRGHVSXpV
OD EUHYH GHSUHVLyQ GHO YDOOH GHO 7LURSHyQ VHSDUDFLyQ QDWXUDO GH ORV GRV JUDQGHV \ ELHQ
GLIHUHQFLDGRVEDUULRVGH-HUXVDOpQHOEDMR\HODOWR(OJUDQWHDWURDSDUHFLyDQXHVWUDL]TXLHUGD\
SRFR GHVSXpV GHVHPERFDPRV HQ OD FDOOH SULQFLSDO GH DTXHOOD ]RQD DOWD GH -HUXVDOpQ$O LJXDO
TXH OD TXH \R KDEtD YLVWR HQ OD FLXGDG EDMD HVWD FDO]DGD TXH GLVFXUUtD GHVGH HO SDODFLR GH
+HURGHV HQ HO H[WUHPR PiV RFFLGHQWDO GH OD XUEH KDVWD HO PXUR RHVWH GHO WHPSOR HQ ODV
SUR[LPLGDGHVGHODH[SODQDGDGH6L[WRDSDUHFtDDGRUQDGDFRQJUXHVDVFROXPQDV>@
(Q VXV SyUWLFRV VH DOLQHDEDQ ORV ED]DUHV GH ORV YHQGHGRUHV FRQVLGHUDGRV LPSXURV GHVGH
IDEULFDQWHVGHWRGRWLSRGHREMHWRVDUWtVWLFRVDOIDUHURVKHUUHURVSHUIXPLVWDVHWFKDVWDVDVWUHV
FRPHUFLDQWHVGHODQDHWF(OJULWHUtRFRQIXVLyQ\VLQIRQtDGHRORUHVHUDQLGpQWLFRVDORVGHO
EDUULREDMRR$NUD
-RVpDFHOHUyHOSDVRDOFUX]DUEDMRODSXHUWDGHO3H]HQODLQWHUVHFFLyQGHODVHJXQGDPXUDOOD
VHSWHQWULRQDOFRQODGHSUHVLyQRYDOOHGHO7LURSHyQ1XQFDVXSHVLDTXHOODVSULVDVGHODQFLDQRVH
GHEtDQDODSUHVHQFLDMXQWRDODFLWDGDSXHUWDGHXQJUXSRGHPHUFDGHUHVWLULRVTXHYHQGtDQWRGR
WLSRGHSHVFDGRRDODSUR[LPLGDGGHODIRUWDOH]D$QWRQLD
(OFDVRHVTXHDOILQDPERVQRVHQFRQWUDPRVDQWHHOPXURGHSLHGUDGHPHWUR\PHGLRGH
DOWXUD TXH FHUFDED tQWHJUDPHQWH HO LPSUHVLRQDQWH FDVWLOOR VHGH GH 3RQFLR 3LODWR PLHQWUDV
GXUDVHQODVILHVWDVGHOD3DVFXD
$XQTXH\DKDEtDWHQLGRODRSRUWXQLGDGGHFRQWHPSODUDXQDFLHUWDGLVWDQFLDDORVOHJLRQDULRV
TXHIXHURQHQYLDGRVSUHFLVDPHQWHGHVGHOD7RUUH$QWRQLDSDUDSRQHURUGHQHQODH[SODQDGDGH
ORV*HQWLOHVFXDQGR-HV~VGH1D]DUHWSURYRFyODHVWDPSLGDGHORVEXH\HVODSUHVHQFLDGHORV
FHQWLQHODVURPDQRVDODVSXHUWDVGHDTXHOPXURPHFRQPRYLy
-RVp VH GLULJLy HQ DUDPHR D XQR GH HOORV 3HUR HO VROGDGR QR FRPSUHQGtD OD OHQJXD GHO
LVUDHOLWD 8Q WDQWR FRQWUDULDGR HO GHO $ULPDWHD OH KDEOy HQWRQFHV HQ JULHJR 6LQ HPEDUJR HO
OHJLRQDULRVLJXLyVLQHQWHQGHU(QYLVWDGHORSHQRVRGHODVLWXDFLyQHOMRYHQURPDQRVXSRQJR
TXHQRWHQGUtDPiVGHRDxRVQRVKL]RXQDVHxDOSDUDTXHHVSHUiVHPRV\GDQGRPHGLD
YXHOWD VH HQFDPLQy KDFLD HO LQWHULRU (O VHJXQGR FHQWLQHOD SHUPDQHFLy PXGR H LPSDVLEOH
FHUUDQGR HO SDVR FRQ VX ODUJR SLOXP R ODQ]D %DMR VX EULOODQWH \ YHUGRVR FDVFR GH KLHUUR \
EURQFH ORV RMRV GHO OHJLRQDULR QR QRV SHUGtDQ GH YLVWD (O VROGDGR YHVWtD HO KDELWXDO WUDMH GH
FDPSDxD XQD FRWD WUHQ]DGD SRU PDOODV GH KLHUUR \ HQIXQGDGD FRPR VL IXHUD XQD W~QLFD FRUWD
KDVWD OD PLWDG GHO PXVOR \ TXH SURWHJtD OD WRWDOLGDG GHO WURQFR YLHQWUH \ DUUDQTXH GH ODV
H[WUHPLGDGHV LQIHULRUHV (VWD FRUD]D GH JUDQ IOH[LELOLGDG \ VROLGH] VH KDOODED HQ FRQWDFWR
GLUHFWRFRQXQMXEyQGHFXHURGHLGpQWLFDVGLPHQVLRQHV\IRUPDTXHODFRWDGHPDOODV3RU~OWLPR
HOSHVDGRDWXHQGRGHVFDQVDEDDVXYH]VREUHXQDW~QLFDGHFRORUURMRSURYLVWDGHPDQJDVFRUWDV
\VREUHVDOLHQGRXQRVGLH]RTXLQFHFHQWtPHWURVSRUGHEDMRGHODDUPDGXUDMXVWDPHQWHSRUHQFLPD
GHODVURGLOODV
8QDVVDQGDOLDVGHJUXHVDVVXHODVGHFXHURSURWHJtDQORVSLHVFRQXQHQJRUURVRVLVWHPDGH
WLUDV WDPELpQ GH FXHUR SHUIHFWDPHQWH FRVLGDV D WRGR HO SHUtPHWUR GHO FDO]DGR (Q XQD
RSRUWXQLGDGSRVWHULRUDOH[DPLQDUXQDGHDTXHOODVFRQFLHQ]XGDVVDQGDOLDVFRQWpKDVWDWLUDV
GHSLHOGHYDFDFXUWLGD(OVROGDGRFHUUDEDHVWRVFRUGRQHVSRUODSDUWHVXSHULRUGHOSLH\DOD
DOWXUDGHORVWRELOORV3HURIXHGHVSXpV\DHQHOSDWLRGHODIRUWDOH]DFXDQGRWHQGUtDODRFDVLyQ
FRPRGLJRGHGHVFXEULUXQDGHODVWHPLGDVFDUDFWHUtVWLFDVGHHVWDSUHQGD
&RPSOHWDEDVXDWXHQGRXQFLQWXUyQGHFXHURGHXQRVFLQFRFHQWtPHWURVGHDQFKXUDUHYHVWLGR
GH XQ VLQItQ GH FDEH]DV GH FODYR 'HVGH HO FHQWUR FDtDQ RFKR IUDQMDV LJXDOPHQWH GH FXHUR
FXELHUWDVSRUSHTXHxRVFtUFXORVPHWiOLFRV(VWHDGRUQRWHQtDVREUHWRGRODPLVLyQGHSURWHJHUHO
EDMRYLHQWUHGHOOHJLRQDULR(QVXFRVWDGRGHUHFKRFROJDEDODIDPRVDHVSDGDWLSR+LVSDQLFXV
GHFHQWtPHWURVSHUIHFWDPHQWHHQYDLQDGDHQXQDIXQGDGHPDGHUDFRQUHIXHU]RVGHEURQFH(Q
HOFRVWDGRRSXHVWRODVHPLVSDWKDRSXxDOGHXQDORQJLWXGDSUR[LPDGDDODPLWDGGHOJODGLXV
+LVSDQLFXV
$SR\DGRV VREUH XQD GH ODV HVTXLQDV GH OD SXHUWD GHO PXUR REVHUYp ORV HVFXGRV GH DPERV
FHQWLQHODV (UDQ UHFWDQJXODUHV \ GH XQRV FHQWtPHWURV GH DOWXUD 3UHVHQWDEDQ XQD OLJHUD
FRQYH[LGDG \ HQ HO FHQWUR XQ XPEyQ R SURWXEHUDQFLD FLUFXODU GH PHWDO GHFRUDGR FRQ XQD
iJXLODDPDULOODTXHUHVDOWDEDVREUHHOIRQGRURMRGHOUHVWRGHOHVFXGR$SDUHFtDQRUODGRVFRQXQ
ERUGHPHWiOLFR\SULPRURVDPHQWHSLQWDGRVHQVX]RQDFHQWUDOSRUFXDWURFXDGUDGRVFRQFpQWULFRV
GHPHQRUDPD\RUQHJURDPDULOORQHJUR\DPDULOOR/RViQJXORVGHOPiVJUDQGHKDEtDQVLGR
VXVWLWXLGRV SRU VHQGDV HVYiVWLFDV R FUXFHV JDPDGDV WDPELpQ HQ QHJUR /DV HPSXxDGXUDV ODV
IRUPDEDQGRVFRUUHDVXQDSDUDHOEUD]R\ODRWUDSDUDODPDQR
3HURORTXHVLQGXGDPHIDVFLQyGHDTXHOHTXLSRGHFRPEDWHIXHODODQ]D$TXHOSLOXPGHEtD
PHGLUDOJRPiVGHGRVPHWURVGHORVFXDOHVDOPHQRVODPLWDGFRUUHVSRQGtDDOKLHUUR\HOUHVWR
DOIXVWH(VWHGHXQDPDGHUDPX\OLYLDQDQRWHQtDXQGLiPHWURVXSHULRUDORVPLOtPHWURV(O
DVWDKDEtDVLGRHPSRWUDGDHQHOKLHUUR(QOD]RQDPHGLDGHODUPDREVHUYpXQUHIXHU]RFLOtQGULFR
PX\EUHYHTXHVHUYtDGHHPSXxDGXUD\SRVLEOHPHQWHSDUDUHJXODUHOFHQWURGHJUDYHGDGGHOD
MDEDOLQD &RQIRUPH IXL FRQRFLHQGR OD YLGD \ RUJDQL]DFLyQ GH DTXHO HMpUFLWR FRPSUHQGt FyPR \
SRUTXpKDEtDOOHJDGRWDQOHMRVHQVXVFRQTXLVWDV
(OOHJLRQDULRFDSWyPLPLUDGDDEVRUWDHQHODFHURUHOXFLHQWHGHODSXQWDGHIOHFKDHQTXH
WHUPLQDEDVXODQ]D\FRQXQDVRQULVDPDOLFLRVDLQFOLQyHOSLOXPKDVWDTXHHODILODGRH[WUHPR
TXHGy D XQ SDOPR GH PL SHFKR -RVp VH DVXVWy 3RU XQ LQVWDQWH WUDWp GH LPDJLQDU TXp KDEUtD
VXFHGLGRVLHOVROGDGRKXELHUDLQWHQWDGRFODYDUPHHODUPD3UREDEOHPHQWHHOVXVWRGHOFHQWLQHOD
DOYHUTXHVXSLOXPVHTXHEUDEDRTXHQRSHQHWUDEDHQPLWRUVRKXELHUDVLGRPD\RUTXHHOPtR
/D SLHO GH VHUSLHQWH TXH FXEUtD PL FXHUSR HVWDED SHUIHFWDPHQWH GLVHxDGD SDUD UHVLVWLU XQ
HPEDWHGHHVHWLSR
/HMRV GHHFKDUPHDWUiV RGHPRVWUDULQTXLHWXG FRUUHVSRQGtDOD VRQULVDGHO OHJLRQDULRFRQ
RWUDPiVLQWHQVDGiQGROHDHQWHQGHUTXHVDEtDTXHVHWUDWDEDGHXQDEURPD
$TXHOJHVWRTXHHOVROGDGRLQWHUSUHWyFRPRXQUDVJRGHYDORU\TXHPHYDOLyVXUHVSHWRLED
DUHVXOWDUPHVLQ\RSURSRQpUPHORGHVXPDXWLOLGDGGXUDQWHHOSUHQGLPLHQWRGHO*DOLOHRHQOD
QRFKHGHOGtDVLJXLHQWH
(QHVHPRPHQWRHOFHQWLQHODTXHKDEtDDFXGLGRDOLQWHULRUGHODIRUWDOH]DUHFODPyQXHVWUD
SUHVHQFLDGHVGHHOSRUWDOyQGHODWRUUH-RVp\\RVDOYDPRVORVGLH]RTXLQFHPHWURVGHWHUUHQR
EDOGtR TXH VHSDUDED HO PXUR R SDUDSHWR H[WHULRU GH SLHGUD GH XQ SURIXQGR IRVR GH FRGRV
PHWURV H[FDYDGR SRU +HURGHV FXDQGR PDQGy UHHGLILFDU XQD DQWLJXD IRUWDOH]D GH ORV
PDFDEHRV\DODTXHGLRHOPHQFLRQDGRWtWXORGH$QWRQLDHQKRQRUGH0DUFR$QWRQLR(VWHIRVR
VHFR HQ DTXHOOD pSRFD URGHDED OD UHVLGHQFLD GHO SURFXUDGRU URPDQR HQ WRGR VX SHUtPHWUR
H[FHSFLyQ KHFKD GH OD FDUD VXU TXH FRPR \D H[SOLTXp VH KDOODED DGRVDGD DO PXUR QRUWH GHO
7HPSOR 6XV FLPLHQWRV HUDQ XQD JLJDQWHVFD SHxD DOLVDGD tQWHJUDPHQWH HQ VX FLPD \ FRVWDGRV
+HURGHVHQSUHYLVLyQGHSRVLEOHVDWDTXHVKDEtDFXELHUWRHVWRV~OWLPRVFRQHQRUPHVSODQFKDVGH
KLHUURGHIRUPDTXHHODFFHVRSRUORVPLVPRVUHVXOWDVHLPSUDFWLFDEOH<VREUHHVWDVyOLGDEDVH
VH OHYDQWDEDXQ PDJQLILFR EDOXDUWH FRQVWUXLGRFRQ JUDQGHV SLHGUDVUHFWDQJXODUHV$OOtWHQGUtDQ
OXJDU ORV VXFHVLYRV LQWHUURJDWRULRV GH 3LODWR D -HV~V DVt FRPR HO VDOYDMH FDVWLJR GH OD
IODJHODFLyQ
$O FUX]DU HO SXHQWH OHYDGL]R GH XQRV FLQFR PHWURV GH ORQJLWXG \ FRQVWUXLGR D EDVH GH
JUXHVRVWURQFRVVREUHORVTXHVHKDEtDILMDGRXQDHVSHVDFXELHUWDGHPHWDOQRSXGHUHVLVWLUOD
WHQWDFLyQGHOHYDQWDUODPLUDGD/DSpWUHDIDFKDGDJULVD]XODGDGHFXDUHQWDFRGRVGHDOWXUDVH
KDOODED GLYLGLGD HQ GRV VHFFLRQHV VLPpWULFDV \ SHUIHFWDPHQWH DOPHQDGDV &DGD XQR GH HVWRV
EORTXHV GH XQRV FLQFXHQWD PHWURV GH ORQJLWXG SUHVHQWDED WUHV KLOHUDV GH YHQWDQDV ODV
FRUUHVSRQGLHQWHVDODSULPHUDSODQWDHQIRUPDGHWURQHUDV<HQHOFHQWURHQWUHODVGRVDODVTXH
IRUPDEDQODIDFKDGDXQDHVSHFLHGHWHUUD]DRPLUDGRUGHXQRVYHLQWHPHWURVFRQORVSULVPDVGH
ODDOPHQDDOJRPiVSHTXHxRVTXHORVGHODV]RQDVVXSHULRUHV/RVFXDWURiQJXORVGHOFDVWLOOR
KDEtDQ VLGR UHIRU]DGRV SRU RWUDV WDQWDV WRUUHV LJXDOPHQWH IRUWLILFDGDV<R FRQRFtD SRU )ODYLR
-RVHIR ODV GLPHQVLRQHV GH ODV PLVPDV>@ SHUR DO FRQWHPSODUODV D WDQ FRUWD GLVWDQFLD VH PH
DQWRMDURQPXFKRPiVDLURVDV
(Q OD ERFD GHO W~QHO TXH FRQVWLWXtD OD HQWUDGD SULQFLSDO D OD IRUWDOH]D QRV DJXDUGDEDQ HO
FHQWLQHODTXHKDEtDPRVHQFRQWUDGRMXQWRDOPXURH[WHULRU\XQRILFLDO
$OGHVFXEULUHQVXPDQRGHUHFKDXQEDVWyQGHPDGHUDGHYLGFRPSUHQGtTXHPHKDOODEDDQWH
XQFHQWXULyQ6XHVWDWXUDHUDDOJRVXSHULRUDODPHGLDQRUPDOGHORVOHJLRQDULRVSHURTXL]iVH
GHEtDDOSHQDFKRGHSOXPDVURMDVTXHDGRUQDEDVXFDVFR
7UDVVDOXGDUOH-RVpVHLGHQWLILFyDQWHHOMHIHGHFHQWXULDPDQLIHVWiQGROHTXHHUDDPLJRGHO
SURFXUDGRU\TXHKDEtDVLGRFRQFHUWDGDXQDDXGLHQFLDSDUDDTXHOODPDxDQD(OFHQWXULyQWDPELpQ
HQJULHJRFRUUHVSRQGLyDOVDOXGR\PHURJyTXHPHLGHQWLILFDUD'HVSXpVGLULJLpQGRVHDXQR
GHORVVROGDGRVTXHPRQWDEDJXDUGLDDODSXHUWDGHXQDHVWDQFLDVLWXDGDDODGHUHFKDGHOW~QHOOH
SLGLyDOJR(OOHJLRQDULRVHDSUHVXUyDHQWUDUHQORTXHGHEtDVHUHOFXDUWRGHJXDUGLD\UHJUHVy
DO PRPHQWR FRQ XQD WDEOLOOD HQFHUDGD (Q DTXHOOD HVSHFLH GH SL]DUUD KDEtDQ VLGR HVFULWRV
DOJXQRV QRPEUHV 'HO iQJXOR VXSHULRU L]TXLHUGR GHO PDUFR GH OD WDEOLOOD FROJDED XQD FRUWD \
PDQRVHDGD FXHUGD D OD TXH KDEtD VLGR DWDGR XQ FODYR GH EURQFH GH XQRV RFKR FHQWtPHWURV GH
ORQJLWXG \ TXH D MX]JDU SRU ORV WUD]RV GH OD VXSHUILFLH HQFHUDGD KDFtD ODV YHFHV GH EXULO R
VW\OR
(O FHQWXULyQ OH\y HO FRQWHQLGR \ GHYROYLy OD WDEOLOOD DO OHJLRQDULR TXH GHVDSDUHFLy
QXHYDPHQWH HQ HO LQWHULRU GH OD VDOD 3DUD HQWRQFHV YDULRV GH ORV VROGDGRV TXH IRUPDEDQ OD
H[FXELDHRJXDUGLDGHGtDHQDTXHOVHFWRUGHODIRUWDOH]D\TXHGHVFDQVDEDQHQXQRGHORV
EDQFRVGH PDGHUDGHOLQWHULRU GHOFXDUWRVHKDEtDQDVRPDGRD ODSXHUWD REVHUYiQGRQRV FRQ
FXULRVLGDG
4XpFRQWLHQHHVDMDUUD"SUHJXQWyGHLPSURYLVRHOFHQWXULyQ
*UDFLDVDOFLHOR-RVpVHDGHODQWy
(VYLQRGHODVERGHJDVVXEWHUUiQHDVGH*DEDyQ6pTXHDOSURFXUDGRUOHJXVWD
7HQGUiQ TXH DEULUOD UHSXVR HO RILFLDO DO WLHPSR TXH KDFtD XQD VHxDO D XQR GH ORV
VROGDGRVTXHFRQWHPSODEDODHVFHQD
&UXFpXQDUiSLGDPLUDGDFRQ-RVp\pVWHVLQLQPXWDUVHWRPyHOiQIRUDUHWLUDQGRODWDSDGH
EDUUR TXH OD FHUUDED (O OHJLRQDULR VH KL]R FDUJR GHO UHFLSLHQWH OOHQDQGR XQ FDFLOOR GH ODWyQ
'HVSXpVGHROHUHOFRQWHQLGRVHOOHYyHOURVDGROtTXLGRDORVODELRVEHELHQGR
(O FHQWXULyQ GLR SRU EXHQD OD FRPSUREDFLyQ \ QRV URJy TXH HQWUHJiUDPRV ODV DUPDV (O GH
$ULPDWHDOHH[SOLFyTXHpUDPRVKRPEUHVGHSD]\TXHQRSRUWiEDPRVHVSDGD3HURHORILFLDOVLQ
SUHVWDU GHPDVLDGD DWHQFLyQ D ODV SDODEUDV GHO DQFLDQR RUGHQy D GRV GH ORV FHQWLQHODV TXH
UHJLVWUDUDQQXHVWURDWXHQGR'HVSXpVGHSDOSDUFRVWDGRVFLQWXUDSHFKR\EUD]RVORVOHJLRQDULRV
PRYLHURQQHJDWLYDPHQWHVXVFDEH]DV(QHVHLQVWDQWHHOFRQFLHQ]XGRRILFLDOVHILMyHQPLYDUD
'HEHUiVGHMDUODDOFXLGDGRGHODJXDUGLDPHGLMR
<DQWHVGHTXHSXGLHUDUHDFFLRQDURWURGHORVURPDQRVPHDUUHEDWyODYDUDGH0RLVpV(O
FRUD]yQPHGLRXQYXHOFR$TXHOORQRHVWDEDSUHYLVWR<DXQTXHHOFLOLQGURGHPDGHUDKDEtDVLGR
DFRQGLFLRQDGRSDUDVRSRUWDUORVPiVYLROHQWRVYDLYHQHV\HQFRQWURQD]RVHOVRORSHQVDPLHQWRGH
TXH SXGLHUD VHU GDxDGR R H[WUDYLDGR PH VXPLy HQ XQD SURIXQGD LQTXLHWXG $TXHOOR DGHPiV
VLJQLILFDEDQRSRGHUILOPDUODHQWUHYLVWDFRQ3RQFLR3LODWR
3RURWUDSDUWHVDOWDEDDODYLVWDTXHHOFHQWXULyQQRHVWDEDGLVSXHVWRDGHMDUPHSDVDUFRQHO
FD\DGR 6L YHUGDGHUDPHQWH TXHUtD OOHYDU DGHODQWH HO SUR\HFWR GH &DEDOOR GH 7UR\D WHQtD TXH
UHVLJQDUPH \ FRQILDU HQ OD IRUWXQD *XDUGp VLOHQFLR WUDWDQGR GH QR FRQFHGHU GHPDVLDGD
LPSRUWDQFLDDPLYDUD/RFRQWUDULRKXELHUDGHVSHUWDGRUHFHORV\VXVSLFDFLDVQDGDGHVHDEOHVHQ
DTXHOODLUUHSHWLEOHRSRUWXQLGDG
(OFHQWXULyQKL]RHQWRQFHVXQDVHxDOFRQVXPDQRLQGLFiQGRQRVTXHOHVLJXLpUDPRV
6DOLPRVGHOW~QHODERYHGDGR\QRVHQFRQWUDPRVHQXQHVSDFLRVRSDWLRFXDGUDQJXODUDFLHOR
DELHUWRGHXQRVFLQFXHQWDPHWURVGHODGR\SDYLPHQWDGRFRQORVDVGHFDOL]DGXUDGHXQPHWUR
FXDGUDGRFDGDXQD8QVLQItQGHSXHUWDVFRURQDGDVSRUGLQWHOHVGHPDGHUDIRUPDQGRDUFRVGH
PHGLR SXQWR VH DOLQHDEDQ HQ ORV ODWHUDOHV EDMR RWURV WDQWRV SyUWLFRV VXVWHQWDGRV SRU
FROXPQDWDV $TXHOOD IRUWDOH]D FRPR SXGH YHULILFDU FRQIRUPH IXL DGHQWUiQGRPH HQ HOOD KDEtD
VLGRHGLILFDGDFRQWRGRHVPHUR
3RU DTXHO JUDQ SDWLR DO TXH GHVHPERFDEDQ ORV GRUPLWRULRV ODV FDEDOOHUL]DV \ DOJXQRV
DOPDFHQHVLEDQ\YHQtDQQXPHURVRVOHJLRQDULRV0XFKRVGHHOORVOLEUHVGHVHUYLFLRYHVWtDQ
WDQVyORODFRUWDW~QLFDJUDQDWHGHODQDFHxLGDSRUXQFLQWXUyQPX\OLYLDQR
(OFHQWXULyQTXHQRVJXLDEDFUX]ySRUHOFHQWURGHOSDWLRURGHDQGRXQDIXHQWHFLUFXODUVREUH
FX\R FHQWUR VH HULJtD XQD KHUPRVD UHSUHVHQWDFLyQ WDPELpQ HQ SLHGUD \ D WDPDxR QDWXUDO GH OD
GLRVD5RPD/DHVWDWXDYHVWtDXQDW~QLFDFRQP~OWLSOHVSOLHJXHVGHMDQGRDOGHVFXELHUWRHOSHFKR
GHUHFKR GH OD GLRVD (Q OD GLHVWUD VXMHWDED XQD ODQ]D \ VREUH OD PDQR L]TXLHUGD VRVWHQtD XQD
HVIHUDGHODTXpEURWDEDXQFKRUURGHDJXD(VWDLEDDOPDFHQiQGRVHHQHOHVWDQTXHFLUFXODUTXH
FRQVWLWXtDODSDUWHEDMDGHODIXHQWH9DULRVVROGDGRVGHODFDEDOOHUtDURPDQDVHKDOODEDQODYDQGR
\ FHSLOODQGR PHGLD GRFHQD GH FDEDOORV $ GLIHUHQFLD GH ORV LQIDQWHV ORV MLQHWHV YHVWtDQ XQD
FKDTXHWLOODPRUDGDGHPDQJDODUJD\XQSDQWDOyQURMRPX\DMXVWDGRTXHVHSURORQJDEDKDVWDOD
HVSLQLOOD
$OFRQWUDULRGHORTXHRFXUUHSRUHMHPSORFRQQXHVWURVHMpUFLWRVRFFLGHQWDOHVQLQJXQRGH
DTXHOORVVROGDGRVVHFXDGUyRVDOXGyDOSDVRGHOFHQWXULyQ(VWHVLHPSUHFRQVXXLWLVRYDUD
GHVDUPLHQWRHQVXPDQRGHUHFKD\UHFRJLpQGRVHODKROJDGDWRJDRFDSDGHFRORUS~USXUDVREUHHO
EUD]RL]TXLHUGRSURVHJXtDVXFDPLQRKDFLDHOIRQGRGHOSDWLR
$ GHUHFKD H L]TXLHUGD \ HVSHFLDOPHQWH EDMR ORV SyUWLFRV RWURV OHJLRQDULRV DWHQGtDQ D OD
OLPSLH]D GH VXV DUPDV R VDQGDOLDV (Q XQD GH ODV HVTXLQDV XQ FRQFXUULGR JUXSR GH VROGDGRV
IRUPDEDFRUURHQWRUQRDDOJRTXHRFXUUtDVREUHHOSDYLPHQWR$SHVDUGHPLFXULRVLGDGQRSXGH
DSUR[LPDUPH(ORILFLDOTXHQRYROYLyODFDEH]DQLXQDVRODYH]VHJXtDDEXHQSDVRKDFLDODV
HVFDOLQDWDVTXHVHGLYLVDEDQ\DHQOD]RQDHVWHGHOSDWLR
$QWHV GH DEDQGRQDU DTXHO UHFLQWR PH OODPy OD DWHQFLyQ RWUD HVFHQD $ QXHVWUD GHUHFKD H
LQPyYLO VREUH HO HQORVDGR XQR GH ORV OHJLRQDULRV FDUJDED VREUH VX QXFD \ KRPEURV XQ SHVDGR
VDFR/DFDUJDREOLJDEDDOLQIDQWHDPDQWHQHUHOWURQFR\ODFDEH]DOLJHUDPHQWHLQFOLQDGRVKDFLD
HOVXHOR-XQWRDpORWUROHJLRQDULRFRQVXYHVWLPHQWD\DUPDVUHJODPHQWDULDVQRSHUGtDGH
YLVWDDOFRPSDxHUR$PLUHJUHVRGHODHQWUHYLVWDFRQHOSURFXUDGRUURPDQRLEDDWHQHUFXPSOLGD
H[SOLFDFLyQGHWRGRDTXHOOR
1DGD PiV SLVDU OD SXOLGD HVFDOLQDWD GH PiUPRO EODQFR TXH DUUDQFDED GHO ILOR PLVPR GHO
SDWLRLQWXtTXHQRVDGHQWUiEDPRVHQODSDUWHQREOHGHOHGLILFLR$TXHOODVHVFDOHUDVGHHVFDVD
SHQGLHQWHQRVVLWXDURQHQXQDHVSHFLHGHYHVWtEXORUHFWDQJXODUWRGRpOUHYHVWLGRGHILQtVLPRV
PiUPROHV TXH D MX]JDU SRU ORV VXWLOHV YHWHDGRV JULVHV \ D]XODGRV GHEtDQ KDEHU VLGR
LPSRUWDGRVSRU+HURGHVHO*UDQGHGHVGH&KLSUH\&DUUDUD
)UHQWHDODHVFDOLQDWDTXHFRQGXFtDDDTXHOODSULPHUDSODQWDGHODWRUUH$QWRQLDVHDEUtDXQD
SXHUWD GREOH GH FDVL FLQFR PHWURV GH DQFKXUD SULPRURVDPHQWH ODEUDGD FRQ SDOPHUDV IORUHV \
TXHUXELQHV GH HQWDOODGXUD$OOt VH YHtD XQD YH] PiV OD PDQR GH ORV DUWHVDQRV \ FRQVWUXFWRUHV
IHQLFLRVTXHSRVLEOHPHQWHVHHQFDUJDURQGHODFRQVWUXFFLyQGHODIRUWDOH]D
$DPERVODGRVGHODSXHUWDPRQWDEDQJXDUGLDVHQGRVLQIDQWHVFUX]DQGRVXVSLOXPHQIRUPD
GHDVSD(OFHQWXULyQVHGLULJLyDXQRGHHOORVDGYLUWLpQGROHVXSRQJRTXHHVWiEDPRVHQOD
OLVWDGHODVDXGLHQFLDVGH3RQFLR3LODWR6HJXQGRVGHVSXpVGDEDPHGLDYXHOWD\WUDVOHYDQWDUVX
EUD]RHQVHxDOGHVDOXGRGHVDSDUHFLyHVFDOLQDWDVDEDMR
(YLGHQWHPHQWHWHQtDPRVTXHHVSHUDU
-RVp VH GLULJLy HQWRQFHV D XQR GH ORV ODWHUDOHV GHOKDOO VHQWiQGRVH HQ XQD GH ODV VLOODV HQ
IRUPD GH ; VLQ UHVSDOGR \ FRQ DVLHQWR GH FXHUR VLWXDGD VREUH XQD HVSRQMRVD DOIRPEUD
EDELOyQLFD$ VX HVSDOGD SRU GRV HVSLJDGDV \ GHVQXGDV YHQWDQDV HQWUDED OD FODULGDG \ OD IUtD
EULVDGHOQRUWH
3URFXUp LPLWDU D PL DFRPSDxDQWH PLHQWUDV LQWHQWDED ILMDU HQ PL PHPRULD ORV GHWDOOHV PiV
VREUHVDOLHQWHV GH DTXHOOD HVWDQFLD $ DPERV ODGRV GH OD SXHUWD VH DOLQHDEDQ FXDWUR JUDQGHV
HVFXOWXUDVGRVHQFDGDXQRGHORVSDxRV/DVPiVSUy[LPDVDORVFHQWLQHODVHUDQVHQGRVEXVWRV
HQ PiUPRO LJXDOPHQWH EODQFR /DV RWUDV Vt SXGH UHFRQRFHUODV VH WUDWDED GH XQD UpSOLFD GH ODV
DPD]RQDVTXHVHJXDUGDQDFWXDOPHQWHHQHO0XVHR&DSLWROLQRGH5RPD
/RV EXVWRV HQ FDPELR PH UHVXOWDURQ LUUHFRQRFLEOHV < VLQ SRGHU FRQWHQHU PL FXULRVLGDG
SUHJXQWp D-RVp SRUHO VLJQLILFDGRGH DTXHOODV FDEH]DVVRVWHQLGDV VREUHPDJQtILFRV SHGHVWDOHV
FLOtQGULFRV
(O GH$ULPDWHD KL]R XQ JHVWR GH GLVJXVWR< FDVL D UHJDxDGLHQWHV PH H[SOLFy TXH HUDQ ORV
EXVWRVGHO&pVDU8QRVLWXDGRDODL]TXLHUGDGHODSXHUWDUHSUHVHQWDEDD7LEHULRDGROHVFHQWH(O
RWURDO(PSHUDGRUHQODDFWXDOLGDG
(VDV HVWDWXDV FRQWLQXy -RVp IXHURQ PRWLYR KDFH \D DOJXQRV DxRV GH JUDQGHV
ODPHQWRV\GRORUSDUDPLSXHEOR
1DGD PiV OOHJDU D -XGHD 3RQFLR 3LODWR VHJ~Q HO WHVWLPRQLR GHO DQFLDQR VLWXy GLFKDV
LPiJHQHVHQ-HUXVDOpQDSURYHFKDQGRODRVFXULGDGGHODQRFKH(OSXHEORMXGtRQRDFHSWDEDOD
SUHVHQFLD GH LPiJHQHV QL VLTXLHUD ODV GHO (PSHUDGRU URPDQR \ DTXHOOR SURYRFy XQD
UHYXHOWD 0LOHV GH KHEUHRV DFXGLHURQ D &HVDUHD OD FDSLWDO GH ORV LQYDVRUHV VXSOLFiQGROH DO
SURFXUDGRUTXHUHWLUDUDODVHVWDWXDV\TXHUHVSHWDVHDVtODWUDGLFLyQ\ODVFUHHQFLDVGHODQDFLyQ
MXGtD3HUR3LODWRQRSUHVWyDWHQFLyQQHJiQGRVHDTXLWDUODVLPiJHQHVGH7LEHULR'XUDQWHFLQFR
GtDV\FLQFRQRFKHVORVMXGtRVSHUPDQHFLHURQHQWRUQRDODFDVDGHOSURFXUDGRU(QYLVWDGHOD
VLWXDFLyQ 3RQFLR FRQYRFy D OD PXOWLWXG \ FXDQGR WRGRV FUHtDQ TXH HO JREHUQDGRU URPDQR VH
GLVSRQtDDFHGHUODVWURSDVURGHDURQDORVKHEUHRV(OSURFXUDGRUOHVDGYLUWLyHQWRQFHVTXHVL
QRUHFLEtDQODVLPiJHQHVDTXHOORVWUHVHVFXDGURQHVOHVGHVSHGD]DUtDQ<DXQDRUGHQGH3LODWR
ORV OHJLRQDULRV GHVHQYDLQDURQ VXV HVSDGDV /D PXFKHGXPEUH GHVFRQFHUWDGD VH HFKy URVWUR HQ
WLHUUD JLPLHQGR \ JULWDQGR TXH SUHIHUtDQ PRULU D YHU SURIDQDGD VX FLXGDG VDQWD 3LODWR
FRQPRYLGR \ PDUDYLOODGR SRU HVD DFWLWXG WHUPLQy SRU FRQVHQWLU RUGHQDQGR TXH ORV EXVWRV GHO
&pVDUIXHUDQUHWLUDGRVGH-HUXVDOpQ\WUDVODGDGRVDOLQWHULRUGHOFXDUWHOJHQHUDOURPDQRODWRUUH
$QWRQLD
6LQSRGHUHYLWDUORPHOHYDQWpGHODVLHQWR\SDXVDGDPHQWHPHDFHUTXpDOSULPHUEXVWR3HUR
DTXHOURVWURDQLxDGRFRQXQIOHTXLOORSHUIHFWDPHQWHUHFRUWDGRVREUHODIUHQWHQRPHGLMRQDGD<
PHGLULJtHQWRQFHVDODVHJXQGDHILJLH$OSDVDUIUHQWHDORVOHJLRQDULRVDPERVPHVLJXLHURQFRQ
ODPLUDGD
$TXHOVHJXQGREXVWRUHSUHVHQWDEDDXQ7LEHULRDGXOWRGHXQRVFLQFXHQWDDxRVHO(PSHUDGRU
IXH GHVLJQDGR &pVDU HQ HO DxR GH QXHVWUD (UD FXDQGR FRQWDED DxRV GH HGDG SHUR
VXPDPHQWH IDYRUHFLGR (Q PL DGLHVWUDPLHQWR SUHYLR D HVWD PLVLyQ \ GH FDUD VREUH WRGR D OD
HQWUHYLVWD TXH HVWDED D SXQWR GH FHOHEUDU FRQ 3RQFLR 3LODWR \R KDEtD UHFLELGR XQD H[KDXVWLYD
LQIRUPDFLyQ VREUH OD ILJXUD \ OD SHUVRQDOLGDG GH 7LEHULR >@$OOt VLJXLHQGR OyJLFDPHQWH ODV
SDXWDV GH ORV DUWLVWDV GH OD pSRFD TXH RFXOWDEDQ ORV GHIHFWRV GH ODV SHUVRQDV D TXLHQHV
LQPRUWDOL]DEDQHQSLHGUDREURQFHQRDSDUHFtDQODVP~OWLSOHV~OFHUDVTXHFXEUtDQVXURVWURQL
VXFDOYLFLHQLWDPSRFRODOLJHUDGHVYLDFLyQKDFLDODGHUHFKDGHVXQDUL]RHOGHIHFWRGHVXRUHMD
L]TXLHUGDPiVGHVSHJDGDTXHODGHORWURODGR(VWRVGRV~OWLPRVGHIHFWRVDSDUHFHQFRQFODULGDG
HQHOOODPDGREXVWRGH0DKyQUHDOL]DGRFXDQGR7LEHULRQRHUDD~Q(PSHUDGRU
6tVHREVHUYDEDHQFDPELRXQDERFDFDtGDFRQVHFXHQFLDGHODSpUGLGDGHORVGLHQWHV
([FHSFLyQKHFKDGHHVWDVFRQFHVLRQHVHODUWLVWDVtKDEtDSODVPDGRFRQH[DFWLWXGODFDEH]D
GH DTXHO SROpPLFR H LQWURYHUWLGR &pVDU XQ URVWUR WULDQJXODU GH IUHQWH DQFKD \ EDUELOOD
SXQWLDJXGD\EUHYH(QVXFRQMXQWRDTXHOEXVWRHPDQDEDHODLUHILOiQWURSRUHVHQWLGR\KXLGL]R
TXHFDUDFWHUL]yD7LEHULR\TXHLEDDMXJDUXQSDSHOGHFLVLYRHQODYROXQWDGGHVXSURFXUDGRUHQ
OD-XGHDDODKRUDGHVDOYDURFRQGHQDUD-HV~VGH1D]DUHW3HURGHMHPRVTXHVHDQORVSURSLRV
DFRQWHFLPLHQWRVORVTXHKDEOHQSRUVtPLVPRV
'HSURQWRVHDEULyODJUDQSXHUWD-RVpFRPR\RDFXGLySUHVXURVRKDVWDHOXPEUDO&RPRVL
KXELHUDDFWXDGRVREUHHOORVXQUHVRUWHPHFiQLFRORVVROGDGRVUHWLUDURQVXVODQ]DVGHMDQGRSDVR
DXQLQGLYLGXRTXHYHVWtDODWRJDURPDQDGHORVSOHEH\RV$SHQDVVLWXYHWLHPSRGHILMDUPHHQpO
$ORWURODGRXQFHQWXULyQVRVWHQtDODKRMDGHODSXHUWD(QVXPDQRL]TXLHUGDVRVWHQtDXQDWDEOLOOD
HQFHUDGD LGpQWLFD D OD TXH KDEtD YLVWR HQ HO SXHVWR GH JXDUGLD 3URQXQFLy QXHVWURV QRPEUHV \
FRQXQDVRQULVDQRVLQYLWyDHQWUDU
$TXHOVDOyQPiVDPSOLRTXHHOYHVWtEXORPHGHMySHUSOHMR(UDRYDODGR\FRQODVSDUHGHV
WRWDOPHQWHIRUUDGDVGHFHGUR(OSLVRGHPDGHUDGHFLSUpVFUXMLyEDMRQXHVWURVSLHVPLHQWUDVQRV
DSUR[LPiEDPRVVLHPSUHHQFRPSDxtDGHORILFLDODOH[WUHPRGHODVDODGRQGHDJXDUGDEDXQ
KRPEUHGHEDMDHVWDWXUD3RQFLR3LODWR
$O YHUQRV HO SURFXUDGRU VH OHYDQWy GH VX DVLHQWR VDOXGiQGRQRV FRQ HO EUD]R HQ DOWR WDO \
FRPRVLJORVPiVWDUGHORKDUtDQORVDOHPDQHVGH+LWOHU$OOOHJDUMXQWRDODPHVD-RVpKL]RXQD
OLJHUDLQFOLQDFLyQGHFDEH]DSURFHGLHQGRGHVSXpVDSUHVHQWDUPH,QVWLQWLYDPHQWHUHSHWtDTXHOOD
OLJHUDUHYHUHQFLDVLQWLHQGRFyPRHOJREHUQDGRUGHOD-XGHDPHSHUIRUDEDFRQVXVRMRVD]XOHV\
VDOWRQHV>@3RQFLRYROYLyDVHQWDUVH\QRVLQYLWyDTXHKLFLpUDPRVORPLVPR(OFHQWXULyQHQ
FDPELRSHUPDQHFLyHQSLH\DXQODGRGHDTXHOODVHQFLOODSHURFRVWRVDPHVDGHWDEOHURGHFHGUR
\ SLHV GH PDUILO 1R OOHYDED FDVFR SHUR Vt SRUWDED VXV DUPDV UHJODPHQWDULDV HVSDGD HQ VX
FRVWDGRL]TXLHUGRDOUHYpVTXHODWURSDXQSXxDO\SRUVXSXHVWRODFRWDGHPDOODV6XDWXHQGR
HUDPX\VLPLODUDOGHORVOHJLRQDULRVDH[FHSFLyQGHVXFDSD\GHOFDVFR
0LHQWUDVHODQFLDQRGH$ULPDWHDOHKDEODEDHQJULHJRRIUHFLpQGROHHOiQIRUDGHYLQR3LODWR
TXHQRPHTXLWDEDRMRGHHQFLPDWXYRTXHQRWDUTXHODFXULRVLGDGHUDPXWXD6LQFHUDPHQWH
ODLPDJHQTXH\RKDEtDSRGLGRFRQFHELUGHDTXHOKRPEUHGLVWDEDPXFKRGHODUHDOLGDG6XHVFDVD
WDOOD TXL]i PHWURV PH GHVFRQFHUWy (UD JUXHVR FRQ XQ YLHQWUH SURPLQHQWH TXH HO
SURFXUDGRU LQWHQWDED GLVLPXODU EDMR ORV SOLHJXHV GH XQD WRJD GH VHGD GH XQ GLIXPLQDGR FRORU
YLROiFHR\TXHFDtDGHVGHVXKRPEURL]TXLHUGRHQYROYLHQGR\IDMDQGRHODEGRPHQ\SDUWHGHO
WyUD[ %DMR HVWH PDQWR 3RQFLR OXFtD XQD W~QLFD EODQFD KDVWD ORV WRELOORV LJXDOPHQWH GH VHGD \
FRQGHOLFDGRVEURFDGRVGHRURDWRGRORODUJRGHXQFXHOORFRUWR\JUXHVR
'HVGH HO SULPHU PRPHQWR PH VRUSUHQGLy VX FDEHOOR 1R SRGUtD DVHJXUDUOR SHUR FDVL HVWR\
VHJXURTXHKDEtDUHFXUULGRDXQSRVWL]RSDUDRFXOWDUVXFDOYLFLH/DGLVSRVLFLyQGHOSHORFD\HQGR
H[DJHUDGD \ HVWXGLDGDPHQWH VREUH OD IUHQWH \ HO FODUR FRQWUDVWH FRQ ORV ODUJRV FDEHOORV TXH
FROJDEDQVREUHODQXFDHQIRUPDGHFULQHVGHODWDEDQODH[LVWHQFLDGHXQDSHOXFDUXELD3RFRD
SRFRFRQIRUPHIXLFRQRFLHQGRDOSURFXUDGRUREVHUYpXQDIiQFDVLHQIHUPL]RSRULPLWDUHQWRGR
DVX(PSHUDGRU<HOSRVWL]RSDUHFtDVHURWUDSUXHED/DFDOYLFLHVHJ~QWRGRVORVKLVWRULDGRUHV
HUDXQDGHODVFDUDFWHUtVWLFDVGHORVFODXGLRV7LEHULRKDEtDSHUGLGRHOFDEHOORGHVGHVXOHMDQD
MXYHQWXGXWLOL]DQGRDOSDUHFHUSHOXFDVUXELDVFRQIHFFLRQDGDVVHJ~Q2YLGLRFRQODVPDWDV
GHSHORGHODVHVFODYDV\SULVLRQHUDVGHORVSXHEORVEiUEDURV2WURVHPSHUDGRUHVFRPR-XOLR
&pVDU \ &DOtJXOD SUHVHQWDEDQ HVWD HQIHUPHGDG 6pQHFD GHVFULEH PDJLVWUDOPHQWH HO JUDYH
FRPSOHMRGH&DOtJXODFRPRFRQVHFXHQFLDGHVXFDOYLFLH0LUDUOHDODFDEH]DGLFHHOHVSDxRO
HUDXQFULPHQ
3RU VXSXHVWR \ FXUiQGRPH HQ VDOXG SURFXUp PLUDU OR PHQRV SRVLEOH KDFLD HO SRVWL]R GH
3LODWR8QDFDULHVJDORSDQWHKDEtDGLH]PDGRVXGHQWDGXUDVDOSLFiQGRODGHSXQWRVQHJURVTXH
KDFtDQD~QPiVGHVDJUDGDEOHDTXHOURVWUREODQFRKLQFKDGR\UHGRQGRFRPRXQHVFXGR3RQFLR
FRQVFLHQWH GH HVWH SUREOHPD KDEtD WUDWDGR GH UHPHGLDU VX PDOSDUDGD GHQWDGXUD KDFLpQGRVH
FRORFDU GRV GLHQWHV GH RUR HQ OD PDQGtEXOD VXSHULRU \ RWUR HQ OD LQIHULRU $TXHOODV SUyWHVLV
DGHPiVGHQXQFLDEDQVXSULYLOHJLDGDVLWXDFLyQHFRQyPLFD3LODWRORVDEtD\REVHUYpTXHDXQTXH
QRKXELHUDPRWLYRSDUDHOOROHHQFDQWDEDVRQUHtU\HQVHxDUVXVSRGHUHV>@
$ SHVDU GH VX DSXUDGtVLPR UDVXUDGR \ GHO SHUIXPH TXH XWLOL]DED VX DVSHFWR HQ JHQHUDO
UHVXOWDEDSRFRDJUDGDEOH7DPELpQFUHR\RODGHVFULSFLyQItVLFDGH3RQFLR3LODWRHQFDMDED
FRQODFODVLILFDFLyQWLSROyJLFDTXHKDEtDKHFKR(UQHVW.UHWVFKPHU$OPHQRVGHVGHXQSXQWRGH
YLVWDH[WHUQRFRLQFLGtDFRQHOOODPDGRWLSRStFQLFR3HURORTXHUHDOPHQWHPHLQWHUHVDEDHUD
VXIRUPDGHVHU(UDYLWDOSRGHUEXFHDUHQVXHVStULWXDILQGHHQWHQGHUPHMRUVXVPRWLYDFLRQHV\
VDFDU DOJ~Q WLSR GH FRQFOXVLyQ VREUH VX FRPSRUWDPLHQWR HQ DTXHOOD PDxDQD GHO YLHUQHV GH
DEULO
(OSURFXUDGRUDJUDGHFLyHOREVHTXLRGH-RVp\FD\HQGRVREUHPtPHSUHJXQWyHQWUHULVLWDV
<FyPRVLJXHHOYLHMHFLWR"
<RVDEtDTXHHOFDUiFWHUiVSHUR\ODH[WUHPDVHULHGDGGH7LEHULR\DGHVGHVXMXYHQWXGOH
KDEtDQYDOLGRHVWHDSHODWLYR<WUDWpGHUHVSRQGHUVLQSHUGHUODFDOPD
(QPLYLDMHKDFLDHVWDSURYLQFLDRULHQWDOKHWHQLGRHOKRQRUGHYHUOHHQVXUHWLURGHODLVOD
GH&DSUL6XVDOXGVLJXHGHWHULRUiQGRVHWDQUiSLGDPHQWHFRPRVXKXPRU
$KH[FODPyHOSURFXUDGRUVLPXODQGRQRFRQRFHUODQRWLFLD3HURHVTXHKDYXHOWR
D&DSUL"
$TXHOOR WHUPLQy GH DOHUWDUPH 3LODWR FRQ DTXHOODV \ ODV VLJXLHQWHV SUHJXQWDV WUDWDED GH
DYHULJXDUVL\RIRUPDEDSDUWHGHOJUXSRGHDVWUyORJRVTXHURGHDEDD7LEHULR\TXH-XYHQDODxRV
PiV WDUGH FDOLILFDUtD LUyQLFDPHQWH FRPR UHEDxR FDOGHR /D VXHUWH HVWDED HFKDGD $Vt TXH
SURFXUpVHJXLUOHODFRUULHQWH
&RPR PHGLGD SUHFDXWRULD &DEDOOR GH 7UR\D KDEtD HVWDEOHFLGR TXH PLHQWUDV GXUDVH PL
UHXQLyQ FRQ 3LODWR OD FRQH[LyQ DXGLWLYD FRQ HO PyGXOR IXHUD SUiFWLFDPHQWH SHUPDQHQWH /D
LQIRUPDFLyQDX[LOLDUGH6DQWD&ODXVQXHVWURRUGHQDGRUSRGtDUHVXOWDUGHJUDQXWLOLGDG'HDKt
TXH GXUDQWH WRGD OD HQWUHYLVWD \R SHUPDQHFLHVH FRQ OD PDQR GHUHFKD SHJDGD D PL RUHMD
VLPXODQGR GLILFXOWDG SDUD RtU D PL LQWHUORFXWRU (Q UHDOLGDG FRPR \D H[SOLTXp HVWD DUJXFLD
SHUPLWtDTXHODVYRFHVGHORVDOOtUHXQLGRVSXGLHUDQOOHJDUFRQQLWLGH]KDVWD(OLVHR
&RPSUHQGRTXHODVQRWLFLDVWHOOHJXHQFRQGHPRUDILQJt\TXHD~QQRHVWpVLQIRUPDGR
GHOUHWLURYROXQWDULRGHO(PSHUDGRUHQ&DSUL$OOtSHUPDQHFHHQODDFWXDOLGDGHQFRPSDxtDGHVX
DPLJR\PDHVWURGHDVWUyORJRVHOJUDQ7UDVLOR
3RQFLRQRVHGDEDSRUYHQFLGR$TXHOODGHOLFDGDVLWXDFLyQSDUHFtDGLYHUWLUOH
(QWRQFHV UHSXVR HO SURFXUDGRU VLQ DEDQGRQDU DTXHOOD IDOVD VRQULVD KDEUi OOHYDGR
FRQVLJRDVXPpGLFRSHUVRQDO0XVD
/D QXHYD WUDPSD GH 3LODWR WDPSRFR GLR IUXWR <R VDEtD TXH $QWRQLR 0XVD KDEtD VLGR HO
JDOHQR GH VX DQWHFHVRU $XJXVWR 3HUR FyPR SRGtD UHFWLILFDU DO VXSUHPR MHIH GH ODV IXHU]DV
URPDQDVHQOD-XGHDVLQKHULUVXUHWRUFLGRiQLPR"
1RSURFXUDGRU6pTXH7LEHULRDGPLUyORVFXLGDGRVGH0XVDSDUDFRQVXSDGUDVWURSHUR
HO (PSHUDGRU KD SUHIHULGR OOHYDUVH DO QR PHQRV SUXGHQWH \ HPLQHQWH &KDULFOHV 6HJ~Q PLV
QRWLFLDV 7LEHULR OH OODPD GH YH] HQ FXDQGR D FXDOTXLHUD GH ODV GRFH YLOODV GH &DSUL GRQGH
KDELWD3LODWRHPSH]yDMXJXHWHDUFRQHOSHTXHxRIDORGHPDUILOTXHFROJDEDGHVXFXHOOR$TXHO
DGRUQRWDQFRUULHQWHHQOD5RPDLPSHULDOYLQRDGHPRVWUDUPHDOJRTXH\DVRVSHFKDEDDTXHO
URPDQRHUDSURIXQGDPHQWHVXSHUVWLFLRVR/DSUHVHQFLDGHIDORVHQWRGRWLSRGHDGRUQRVFROODUHV
DQLOORVPXHEOHVSLQWXUDVHWFHVWDEDPRWLYDGDSRUHODIiQGHORVFLXGDGDQRVURPDQRVGHDWUDHU
DODIRUWXQD\HYLWDUODGHVJUDFLD>@
6t PXUPXUy FRQ XQ FLHUWR GHVSUHFLR HQ VXV SDODEUD 7LEHULR VLHPSUH KD VLGR XQ
KRPEUH HQIHUPL]R < WRGRV SDGHFHPRV D YHFHV VX LUULWDELOLGDG 6XSRQJR -DVyQ TXH VX
GHELOLGDGVHUiFDGDYH]PD\RU
(QDTXHOORVFRPHQWDULRVKDEtDSDUWHGHYHUGDG3HURHQWUHHVDVYHUGDGHVDPHGLDVWDPELpQ
VHRFXOWDEDQQXHYRVDWDTXHVDPLSURIHVLRQDOLGDGFRPRVXSXHVWRDVWUyORJR\HQGHILQLWLYDDPL
FRQRFLPLHQWRGHO&pVDU
3XHGRDVHJXUDUWHUHSXVHTXH7LEHULRFRQVHUYDWRGDVXIXHU]D(VFDSD]FRPRW~PX\
ELHQVDEHVGHSHUIRUDUXQDPDQ]DQDYHUGHFRQHOGHGR6XVHQHFWXG7LEHULRFRQWDEDHQHODxR
XQRVDxRVQRKDGLVPLQXLGRVXIXHU]DDXQTXHVtVXYLVWD<HQDOJRVtHVWR\GHDFXHUGR
FRQWXVDELDRSLQLyQ(O(PSHUDGRUHVXQKRPEUHDWRUPHQWDGRSRUVXGHVWLQR1RVXSRHOHYDUVH
SRUHQFLPDGHODVDGYHUVDVFLUFXQVWDQFLDVGHOGLYRUFLRTXHOHLPSXVR$XJXVWR-DPiVROYLGDUiD
VX JUDQ DPRU 9LSVDQLD (VWR HO FDUiFWHU SRVHVLYR \ OD DPELFLyQ GH VX PDGUH /LYLD \ HVDV
UHSXOVLYDV ~OFHUDV TXH DIHDQ VX URVWUR KDQ WHUPLQDGR SRU WUDQVIRUPDUOH HQ XQ KRPEUH WtPLGR
UHVHQWLGR\KXLGL]R
(QHVHLQVWDQWHLQWHUYLQR(OLVHRFRPXQLFiQGRPHTXHVHJ~Q3OLQLRHO9LHMRHQVX+LVWRULD
1DWXUDOHVSHFtILFDTXH7LEHULRHUDXQRGHORVKRPEUHVFRQPHMRUYLVWDGHOPXQGR(UDFDSD]GH
YHUHQODVWLQLHEODVFRPRODVOHFKX]DVDXQTXHGXUDQWHHOGtDVXIUtDGHPLRStD(VWDIXHVHJ~Q
'LyQ+LVWRULDGH5RPDXQDGHODVUD]RQHVTXHDOHJySDUDQRDFHSWDUHOLPSHULR
7tPLGR UHVHQWLGR KXLGL]R \ FUXHO UHPDWy 3LODWR FRQ JHVWR JUDYH DO WLHPSR TXH
FUX]DEDXQDPLUDGDFRQVXFHQWXULyQ
(Q PL RSLQLyQ HO SURFXUDGRU VH GDED SRU VDWLVIHFKR FRQ PL UHSUHVHQWDFLyQ 'HVGH HVH
PRPHQWR VXV SUHJXQWDV \ FRPHQWDULRV QR IXHURQ \D WDQ YHQHQRVRV 6LQ HPEDUJR DTXHOODV
DILUPDFLRQHV KDEtDQ HPSH]DGR D DUURMDU OX] VREUH HO FRPSRUWDPLHQWR GH 3RQFLR UHVSHFWR DO
(PSHUDGRU\HVSHFLDOPHQWHDVXFULWHULRSHUVRQDOHQUHODFLyQFRQ7LEHULR\VXVDFFLRQHV3RUXQ
ODGRFRPRWXYHRSRUWXQLGDGGHYHULILFDU3RQFLR3LODWRJXVWDEDGHLPLWDUDVX&pVDU3RURWUROH
RGLDED\WHPtDFRQODPLVPDLQWHQVLGDG$TXHOORV~OWLPRVDxRVGH7LEHULRGHVGHSRFRDQWHVGH
VXUHWLURD&DSULIXHURQGHDXWpQWLFRWHUURU6XHWRQLRORGHVFULEHDVHJXUDQGRTXHHOIXURUGHODV
GHQXQFLDVTXHVHGHVHQFDGHQyEDMR7LEHULRPiVTXHWRGDVODVJXHUUDVFLYLOHVDJRWyDOSDtVHQ
SOHQDSD]
6H HVSLDEDQ WRGRV \ WRGR SRGtD VHU PRWLYR GH VHFUHWD GHODFLyQ DO &pVDU (O FDUiFWHU
GHVFRQILDGR GH 7LEHULR DOLPHQWy \ QR SRFR HVWD ROHDGD GH GHQXQFLDV < FXDQGR DOJ~Q
KRPEUHYDOHURVRFRPRIXH&DOSXUQLR3LVyQOHYDQWDEDVXYR]SURWHVWDQGRSRUHVWDVLWXDFLyQ
HO&pVDUVHHQFDUJDEDGHDQLTXLODUOR7LEHULRYHtDWUDLGRUHV\WUDLFLRQHVKDVWDHQVXVPiVtQWLPRV
DPLJRV \ FRODERUDGRUHV (O WHUURU WLEHULDQR OOHJy D WDOHV H[WUHPRV TXH VHJ~Q FXHQWD 6XHWRQLR
VH HVSLDED KDVWD XQD SDODEUD HVFDSDGD HQ XQ PRPHQWR GH HPEULDJXH] \ KDVWD OD EURPD PiV
LQRFHQWHSRGtDFRQVWLWXLUXQSUHWH[WRSDUDGHQXQFLDU
(VWD JUDYtVLPD VLWXDFLyQ GH HQRUPH WUDVFHQGHQFLD HQ PL RSLQLyQ D OD KRUD GH MX]JDU HO
FRPSRUWDPLHQWR GH 3LODWR FRQ -HV~V GH 1D]DUHW TXHGD SHUIHFWDPHQWH GLEXMDGD FRQ HO VXFHVR
SURWDJRQL]DGR SRU 3DXOR XQ SUHWRU TXH DVLVWtD D XQD FRPLGD 6pQHFD OR FXHQWD HQ VX REUD/D
%HQHILFHQFLD(OWDO3DXOROOHYDEDXQDVRUWLMDFRQXQFDPDIHRHQHOTXHHVWDEDJUDEDGRHOUHWUDWR
GH 7LEHULR &pVDU 3XHV ELHQ HO EXHQR GH 3DXOR DSUHPLDGR SRU XQD QHFHVLGDG ILVLROyJLFD
FRPHWLy OD LPSUXGHQFLD GH FRJHU XQ RULQDO FRQ GLFKD PDQR (O KHFKR IXH REVHUYDGR SRU XQ WDO
0DURXQRGHORVPiVFRQRFLGRVGHODWRUHVGHOPRPHQWR3HURXQHVFODYRGH3DXORDGYLUWLyTXHHO
GHODWRUHVSLDEDDVXDPR\UiSLGDPHQWHDSURYHFKiQGRVHGHODHPEULDJXH]GHpVWHOHTXLWyHO
DQLOORGHOGHGRHQHOPRPHQWRPLVPRHQTXH0DURWRPDEDDORVFRPHQVDOHVFRPRWHVWLJRVGHOD
LQMXULDTXHLEDDKDFHUVHDOHPSHUDGRUDFHUFDQGRVXHILJLHDORULQDO(QHVHLQVWDQWHHOHVFODYR
DEULyVXPDQR\HQVHxyHODQLOOR$TXHOORVDOYyDOGHVFXLGDGR3DXORGHXQDPXHUWHVHJXUD\GHOD
SpUGLGDWRWDOGHVXVELHQHVTXHVHJ~QODOH\GH7LEHULRLEDQDSDUDUVLHPSUHDPDQRVGHO
GHODWRU(VWR\ORVYLHMRVRGLRVHUDQODVFDXVDVPiVFRPXQHVHQWRGDVODVGHODFLRQHV
3RQFLR3LODWRQDWXUDOPHQWHFRQRFtDHVWRVKHFKRV\WHPtDFRPRFXDOTXLHURWURFLXGDGDQR
GH 5RPD VHU HO EODQFR GH ORV PXFKRV GHODWRUHV SURIHVLRQDOHV R DILFLRQDGRV TXH SXOXODEDQ
HQWRQFHV(QHOHVFDVRWLHPSRTXHSHUPDQHFtFHUFDGHpOLQWXtTXH3LODWRQRHUDH[DFWDPHQWHXQ
FREDUGH(OKHFKRGHUHSUHVHQWDUDO&pVDUHQXQDSURYLQFLDWDQGLItFLO\OHYDQWLVFDFRPR,VUDHOOH
SUHVXSRQtD \D DO PHQRV WHyULFDPHQWH FRPR XQ KRPEUH GH FLHUWR WHPSOH>@< DXQTXH IXH XQ
HUURU SROtWLFR ELHQ TXH OR GHPRVWUy QHJiQGRVH D UHWLUDU ODV LPiJHQHV GHO &pVDU VLWXDGDV HQ
-HUXVDOpQXDSURSLiQGRVHGHOWHVRURGHOWHPSORSDUDODFRQVWUXFFLyQGHXQDFXHGXFWR&UHRHQ
KRQRUDODYHUGDGTXHDTXHOSURFXUDGRUSRGtDVHQWLU\DVtRFXUULUtDHOYLHUQHVPLHGRGHOD
VLWXDFLyQTXHSDGHFtDHQDTXHOORVDxRVHOLPSHULRQRGHODYHUGDGFXDQGRpVWDVXUJHOLPSLD\
GLUHFWDPHQWH HQWUH GRV KRPEUHV 3LODWR VH SUHVHQWDED DQWH Pt FRPR XQ KRPEUH LQHVWDEOH
HPRFLRQDOPHQWH SHUR QR FRPR XQ FREDUGH WDO \ FRPR VH KD SUHWHQGLGR VLHPSUH (VWH FRPR
YHUHPRVPiVDGHODQWHGHEHUtDVHURWURFRQFHSWRDUHYLVDUHQHVSHFLDOSRUOD,JOHVLD&DWyOLFD
>@
7tPLGR UHVHQWLGR KXLGL]R \ FUXHO UHSLWLy HO SURFXUDGRU VXPLGR HQ SHQVDPLHQWRV
LQHVFUXWDEOHV
(OVLOHQFLRFD\yFRPRXQIDUGRVREUHODHVWDQFLD-RVpTXHSDUHFtDQRGDUFUpGLWRDFXDQWR
OOHYDEDHVFXFKDGRVHUHPRYLyQHUYLRVRHQVXVLOODGHFXHUR
$TXHO PLVPR \ YLROHQWR VLOHQFLR GHELy VDFDU D 3LODWR GH ODV SURIXQGLGDGHV GH VX PHQWH \
DGRSWDQGRXQWRQRPiVFRQFLOLDGRUSUHJXQWyGHQXHYR
3HURFXpQWDPH-DVyQDTXpVHGHGLFDDKRUDHOHPSHUDGRU"4XpKDFH"
&RPR \D WH KH FRPHQWDGR HQWLHQGR TXH 7LEHULR KD HVFDSDGR GH 5RPD KX\HQGR GH Vt
PLVPR
,QWHQFLRQDGDPHQWHKLFHXQDSDXVD/RVRMRVGH3RQFLRFKLVSHDURQ<DVLQWLyFRQODFDEH]D
6XPRUWDOHQHPLJRSURVHJXtHVVXUHVHQWLPLHQWRRVXIDOWDGHJHQHURVLGDG<ORV
DVWURV GHVOLFp FRQ WRGD LQWHQFLyQ DQXQFLDQ KHFKRV TXH FRQPRYHUiQ DO ,PSHULR$KRUD VH
GHGLFDDSDVHDUHQVROLWDULRFRPRVLHPSUHSRUORVDEUXSWRVDFDQWLODGRVGH&DSUL1RKDEODFRQ
QDGLHDH[FHSFLyQGHVXVDVWUyORJRV\SXHGRDVHJXUDUWHTXHVXGHVFRQILDQ]DHLQHVWDELOLGDGVHQLO
VRQWDOHVTXHLQFOXVRHVWiDVHVLQDQGRDPLVFRPSDxHURV
(VWi PDWDQGR D VXV DVWUyORJRV" PH LQWHUUXPSLy HO JREHUQDGRU FRQ XQ ULFWXV GH
LQFUHGXOLGDG$TXHOODQRWLFLDDOSDUHFHUQRKDEtDOOHJDGRD~QDODUHPRWD3DOHVWLQD<SURFXUp
DSURYHFKDUOR
$VtHVSURFXUDGRU6XGHPHQFLDHVWiFRPSURPHWLHQGRDFXDQWRVOHFRQRFHQ&DGDWDUGH
7LEHULRUHFLEHDXQDVWUyORJR/RKDFHHQODPiVDOWDGHODVGRFHYLOODVTXHPDQGyFRQVWUXLUHQOD
LVOD\TXHFRPRVDEHVHVWiQGHGLFDGDVDRWURVGRFHGLRVHV3XHVELHQVLHOHPSHUDGRUFUHHTXH
HODVWUyORJRGHWXUQRQROHKDGLFKRODYHUGDGHQVXVSUHVDJLRVRUGHQDDOUREXVWRHVFODYRTXHOH
DFRPSDxDTXHDVXUHJUHVRGHOSDODFLRDUURMHDOFDOGHRSRUORVDFDQWLODGRV
3LODWRVRQULyPDOLFLRVDPHQWH\VHxDOiQGRPHFRQVXGHGRtQGLFHSUHJXQWyVLQURGHRV
<W~"&yPRHVTXHVLJXHVFRQYLGD"
3URFXUpVHJXLUORVFRQVHMRVGHPLPDHVWUR7UDVLOR\ORVTXHPHGLFWyPLSURSLRFRUD]yQ
(VGHFLUOHGLMHODYHUGDGDO(PSHUDGRU
(OLVHRPHWUDQVPLWLyHQWRQFHVHOWH[WRGHXQDOH\HQGDTXHFLUFXOyHQDTXHOODpSRFD\TXHGH
VHUFLHUWDSRQHGHPDQLILHVWROD\DFLWDGDGXUH]DGHFDUiFWHUGH7LEHULR&XDQGR7UDVLORIXH
OODPDGR SRU HO &pVDU SDUD TXH OH DQXQFLDUD VX SRUYHQLU DTXpO SDOLGHFLHQGR OH DGYLUWLy
YDOHURVDPHQWH TXH OH DPHQD]DED XQ JUDQ SHOLJUR 7LEHULR FRQIRUWDGR FRQ VX OHDOWDG OH EHVy
WRPiQGROHFRPRHOSULPHURGHVXVDVWUyORJRV
3LODWRQRSXGRFRQWHQHUVXFXULRVLGDG\HVWDOOy
<FXiOHVVRQHVRVKHFKRVTXHVHJ~QW~FRQPRYHUiQDWRGRHO,PSHULR"
+HPRVOHtGRHQORVDVWURV\pVWRVDXJXUDQXQJUDYtVLPRVXFHVRTXHDIHFWDUiVREUHWRGRDO
(PSHUDGRU
<RJR]DEDHQDTXHOORVPRPHQWRVGHODHQRUPHYHQWDMDGHFRQRFHUOD+LVWRULD(VWiEDPRVHQ
HODxR\SURFXUpFHQWUDUPLVSUHGLFFLRQHVHQHOIXWXURLQPHGLDWR
6LJXH VLJXH PH DSUHPLy 3RQFLR HPSXMiQGRPH VLPEyOLFDPHQWH FRQ VXV PDQRV
FRUWDV\UHJRUGHWDVHQWUHFX\RVGHGRVVRQURVDGRVGHVWDFDEDHOVHOORGHyQLFHGHVXSURFXUDGXUtD
6HMDQR
$ORtUDTXHOQRPEUHSURQXQFLDGRSRUPtFRQXQDELHQHVWXGLDGDWHDWUDOLGDGHOSURFXUDGRU
SDOLGHFLy(QDTXHOWLHPSR\HVSHFLDOPHQWHGHVGHTXHHO&pVDUVHKDEtDUHWLUDGRD&DSULDxR
G-&$HOLR6HMDQRFRPDQGDQWHHQMHIHGHODVIXHU]DVSUHWRULDQDVGH5RPD\KRPEUHGH
FRQILDQ]DGH7LEHULRHUDHODXWpQWLFRHPSHUDGRU/DPDOGLVLPXODGDDPELFLyQGHHVWHJHQHUDO
\VXLQIOXHQFLDVREUH7LEHULROHKDEtDQFRQYHUWLGRHQXQVHJXQGRKRUURUSDUDORVFLXGDGDQRVGHO
,PSHULR6XSRGHUHUDWDOTXHVXLPDJHQOOHJyDILJXUDUMXQWRDODGHO&pVDUHQORVSXHVWRVGH
KRQRUGHODFLXGDGHQODVLQVLJQLDVGHODVOHJLRQHV\KDVWDHQODVPRQHGDV>@6XV YHUGDGHUDV
LQWHQFLRQHVOOHJDUDVXVWLWXLUD7LEHULRHQHO,PSHULROHFRQGXMHURQDWRGRWLSRGHGHVPDQHV
LQWULJDV\DVHVLQDWRV,QWHQWyLQFOXVRFDVDUVHFRQXQDGHODVQLHWDVGH7LEHULRSRVLEOHPHQWHFRQ
-XOLD /LYLOD KLMD GH *HUPiQLFR SHUR HO &pVDU OH GLR ODUJDV WUXQFDQGR DVt ODV HVSHUDQ]DV GH
6HMDQR GH ERUUDU HO RULJHQ RVFXUR \ KXPLOGH GH VX FXQD +RPEUH IUtR \ FDOFXODGRU HO
OXJDUWHQLHQWHGH 7LEHULR IXH HOLPLQDQGR D ORVSRVLEOHV VXFHVRUHV GHO (PSHUDGRULQLFLDQGR XQD
EUXWDORIHQVLYDFRQWUD$JULSLQD QLHWDGH$XJXVWR \VXVKLMRV1HUyQ, 'UXVR,,,&DLR PiV
FRQRFLGRSRU&DOtJXOD$JULSLQD,,'UXVLOD\-XOLD/LYLOD(VWRVDWDTXHVGH6HMDQRHPSH]DURQ
SRU GRV SUHVWLJLRVRV UHSUHVHQWDQWHV GHO SDUWLGR GH $JULSLQD 6LOLR \ 6DELQR (O VXLFLGLR GHO
SULPHUR JUDQ PLOLWDU HQ HO DxR GHVSXpV GH &ULVWR SDUD QR VHU HMHFXWDGR \ HO SURFHVR \
SRVWHULRU DVHVLQDWR GHO VHJXQGR DxR G -& VXPLHURQ D 5RPD \ D VXV SURYLQFLDV HQ OD
DQJXVWLD 7iFLWR FRQILUPD HVWRV KHFKRV -DPiV GLFH OD FRQVWHUQDFLyQ \ HO PLHGR UHLQDURQ
FRPRHQWRQFHVHQ5RPD
3RQFLR3LODWR\HOFHQWXULyQTXHQRVDFRPSDxDEDVDEtDQPX\ELHQTXLpQHUD6HMDQR\FXiOVX
SRGHU /D +LVWRULD FRPR \D FLWp \ PX\ HVSHFLDOPHQWH OD ,JOHVLD &DWyOLFD GHEHUtDQ KDEHU
H[SOLFDGR DO PXQGR R FXDQGR PHQRV D ORV TXH VH GLFHQ FUH\HQWHV HO IXQHVWR LQIOXMR TXH
HMHUFtD VREUH WRGR HO ,PSHULR SUHFLVDPHQWH HQ DTXHOORV FUXFLDOHV DxRV HO SULPHU PLQLVWUR GH
7LEHULR
6yORDVtFRQRFLHQGRHOIpUUHR\GHVSyWLFRJRELHUQRGH6HMDQR\ODQRPHQRVFUXHODFWLWXG
GHO &pVDU SXHGH HPSH]DU D LQWXLUVH SRU TXp 3LODWR LED D ODYDUVH ODV PDQRV HQ HO SURFHVR
FRQWUD HO 0DHVWUR GH *DOLOHD 7RGRV ORV JREHUQDGRUHV URPDQRV GH SURYLQFLDV \ QR GLJDPRV
3RQFLR VDEtDQ TXH VXV FDUJRV \ YLGDV SHQGtDQ GH XQ VLPSOH KLOR (O PHQRU HVFiQGDOR
PXUPXUDFLyQ R GHQXQFLD OHV OOHYDED LUUHPLVLEOHPHQWH D OD GHVWLWXFLyQ GHVWLHUUR R HMHFXFLyQ
&RPRYHUHPRVHQVXPRPHQWRHOSURFXUDGRUURPDQRHQ,VUDHODQWHODDPHQD]DGHORVMXGtRV
GH DFXVDUOH DQWH HO &pVDU GH SHUPLWLU TXH XQR GH DTXHOORV KHEUHRV VH SURFODPDVH UH\
SUHILULy GREOHJDUVH HYLWDQGR DVt XQ HQIUHQWDPLHQWR FRQ HO LPSODFDEOH 6HMDQR R FRQ 7LEHULR D
FXDOPiVLQWUDQVLJHQWH
(VWLPRSRUWDQWRTXHGDGDVODVFLUFXQVWDQFLDVVRFLDOHVSROtWLFDV\GHJRELHUQRGHDTXHODxR
HQHO,PSHULRHODFWRGH3LODWRQRIXHGHFREDUGtDVLQRGHGLSORPiWLFDSUHYHQFLyQ(QWUH
DPERV WpUPLQRV FUHR KD\ XQD FODUD GLIHUHQFLD TXH DXQTXH QR MXVWLILFD OD GHWHUPLQDFLyQ GHO
UHSUHVHQWDQWHGHO&pVDURGH6HMDQRHQHVWHFDVRVtD\XGDDFRPSUHQGHUOHPHMRU
4XpWLHQHTXHYHUpVHSUHJXQWy3LODWRHQWRQRGHVSHFWLYRFRQWXVDXJXULRV"
&DEDOORGH7UR\DKDEtDVRSHVDGRPLQXFLRVDPHQWHDTXHOODHQWUHYLVWDPtDFRQHOSURFXUDGRU
URPDQR<DXQTXHHVWDEDSUHYLVWRTXHLQWHQWDUDJDQDUPHVXFRQILDQ]D\DPLVWDGGHFDUDVREUH
WRGR D REWHQHU XQD PD\RU IDFLOLGDG GH PRYLPLHQWRV SRU HO LQWHULRU GH OD 7RUUH$QWRQLD HQ OD
PDxDQDGHOYLHUQHVORVKRPEUHVGHOJHQHUDO&XUWLVVKDEtDQHVWLPDGRTXHQRHUDUHFRPHQGDEOH
DGYHUWLUD3RQFLR3LODWRGHODWUiJLFDFDtGDGH6HMDQRHQHODxR6LHOSURFXUDGRUOOHJDEDD
FUHHUDSLHMXQWLOODVHVWDSURIHFtDTXHVHFXPSOLUtDHQHIHFWRHOGHRFWXEUHGHGLFKRDxR
VXPLHGRD6HMDQRSRGtDGHVDSDUHFHUHQSDUWHSXGLHQGRFDPELDUDVtVXGHFLVLyQGHHMHFXWDUD
-HV~V(VWROyJLFDPHQWHLEDHQFRQWUDGHODPiVHOHPHQWDOpWLFDGHOSUR\HFWReUDPRVVLPSOHV
REVHUYDGRUHV\FXDOTXLHUPDQLREUDTXHSXGLHVHSURYRFDUXQDDOWHUDFLyQGHOD+LVWRULDQRVHVWDED
ULJXURVDPHQWHSURKLELGD
$VtTXHPHOLPLWpDH[SRQHUOHXQDSDUWHGHODYHUGDG/RVDVWURVVHKDQPRVWUDGRSURSLFLRV
OH GLMH DGRSWDQGR XQ DLUH VROHPQH D 6HMDQR 6X SRGHU VH YHUi LQFUHPHQWDGR SRU HO
QRPEUDPLHQWRGHFyQVXO>@
3LODWR WDO \ FRPR VXSRQtD FRQFHGLy FUpGLWR D PLV DXJXULRV $O HVFXFKDU HO YDWLFLQLR
DEDQGRQyODPHVDVLWXiQGRVHGHFDUDDOH[WHQVRYHQWDQDOTXHFHUUDEDDTXHODUFRGHOVDOyQ$Vt
SHUPDQHFLy GXUDQWH DOJXQRV PLQXWRV FRQ ODV PDQRV D OD HVSDOGD \ OD FDEH]D OLJHUDPHQWH
LQFOLQDGDKDFLDDGHODQWH
$VtTXHFyQVXOPXUPXUyGHSURQWR<VLQYROYHUVHPHURJyTXHSURVLJXLHUD
3HURHVRQRHVORPiVJUDYHDxDGtILMDQGRPLPLUDGDHQODGHOFHQWXULyQ/RVDVWURV
VHxDODQXQDJUDYHFRQMXUDFRQWUDHO(PSHUDGRU
1RSXGHVHJXLU3LODWRVHYROYLyIXOPLQiQGRPHFRQODYLVWD
/RVDEH7LEHULR"
0LPDHVWUR7UDVLORVHHQFDUJyGHDQXQFLiUVHORSRFRDQWHVGHPLSDUWLGDGH&DSUL
%XHQR UHFDSDFLWy HO SURFXUDGRU ODV FRKRUWHV GH 6LULD HVWiQ LQTXLHWDV SRU FXOSD GH
6HMDQR3HURQRKDFHIDOWDVHUDVWUyORJRSDUDHVSHUDUTXHXQGtDXRWUR
(V TXH ORV DVWURV OH LQWHUUXPSt XWLOL]DQGR WRGD PL FDSDFLGDG GH SHUVXDVLyQ KDQ
VHxDODGRXQQRPEUH
3LODWR QR GLMR QDGD 5HFRJLy VX ODUJD W~QLFD \ VH VHQWy PX\ OHQWDPHQWH VLQ GHMDU GH
REVHUYDUPH
<R PLUp DO FHQWXULyQ VLPXODQGR XQD FLHUWD GHVFRQILDQ]D SRU OD SUHVHQFLD GH DTXHO RILFLDO
SHUR3RQFLRFDSWDQGRPLDFWLWXGVHDSUHVXUyDWUDQTXLOL]DUPH
1R WHPDV &LYLOLV HV PLSULPLSLOXV >@ 7RGD OD OHJLyQ HVWi EDMR VX PDQGR +DEOD FRQ
HQWHUD OLEHUWDG$TXt DUJXPHQWy 3RQFLR VHxDODQGR HO VDOyQ GRQGH QRV HQFRQWUiEDPRV QR
KD\DJXMHURVDUWLILFLRVDPHQWHSUHSDUDGRVFRPRRFXUULyFRQHOLQJHQXR6DELQR>@
6HMDQR(VHEDVWDUGR"SURUUXPSLyHOSURFXUDGRUVROWDQGRXQDVRQRUDFDUFDMDGD>@
< HQ XQR GH DTXHOORV EUXVFRV FDPELRV GH FDUiFWHU 3LODWR JROSHy OD PHVD FRQ VX SXxR
KDFLHQGRVDOWDUDOJXQRVGHORVSHUJDPLQRV\SDSLURVSHUIHFWDPHQWHHQUROODGRV\DSLODGRVVREUH
XQD EDQGHMD GH PDGHUD$OJXQRV GH DTXHOORV GRFXPHQWRV R FDUWDV GH SLHO GH FDEUD WHUQHUR R
FRUGHURTXHORVURPDQRVOODPDEDQPHPEUDQDURGDURQSRUHOWDEOHURFD\HQGRDORVSLHV
GHO RILFLDO eVWH VH DSUHVXUR D UHFRJHUORV PLHQWUDV HO SURFXUDGRU QHUYLRVR \ HYLGHQWHPHQWH
FRQIXQGLGRVHDIHUUDEDDVXPDUILOHxRDPXOHWRIiOLFR
(VWiVVHJXUR"EDOEXFHy3RQFLR
3HURDQWHVGHTXHWXYLHUDRSRUWXQLGDGGHUHVSRQGHUOHPLUyDOFHQWXULyQLQWHUURJiQGROHDVX
YH]
4XpVDEHVW~"
(ORILFLDOQHJyFRQODFDEH]DVLQGHVSHJDUVLTXLHUDORVODELRV
8QDFRQMXUDFRQWUD7LEHULR
3LODWR KDEODED HQ UHDOLGDG FRQVLJR PLVPR 6H OOHYy ORV GHGRV D OD FDUD DFDULFLiQGRVH HO
PHQWyQ HQ DFWLWXG UHIOH[LYD \ DO ILQ OHYDQWDQGR ORV RMRV KDFLD HO WHFKR PH SUHJXQWy FRPR VL
DFDEDUDGHSLOODUPHHQXQHUURU
$YHUVLORKHFRPSUHQGLGR/DDVWURORJtDGLFHTXHORVGLRVHVHVWiQGHSDUWHGH6HMDQR
3HURW~DFDEDVGHDQXQFLDUWDPELpQTXHSUHSDUDXQDFRQMXUDFRQWUDHO&pVDU6LHVRIXHUDDVt\
SXHVWRTXHGLFHVTXH7LEHULRHVWiLQIRUPDGRFyPRHVSRVLEOHTXHHOMHIHGHORVSUHWRULDQRVVLJD
JR]DQGRGHODFRQILDQ]DGHO(PSHUDGRU"5HVSRQGH
3LODWR KDEtD YXHOWR D PLUDUPH GH IUHQWH < FRQ XQD ILHUH]D TXH KL]R WHPEODU D -RVp GH
$ULPDWHD
3HUR \R VRVWXYH VX PLUDGD 7DO \ FRPR KDEtDPRV SUHYLVWR HO SURFXUDGRU URPDQR KDEtD
PRUGLGRHODQ]XHOR
&RQWRGDODFDOPDGHTXHIXLFDSD]HQWUpGLUHFWDPHQWHHQEXVFDGHORTXHUHDOPHQWHPHKDEtD
OOHYDGRKDVWDDOOt
([LVWHXQSODQ
3RQFLRVHDSDFLJXy$KRUDHVWR\VHJXURTXHPLLPSHUWXUEDEOHVHUHQLGDGOHGHVDUPy
+DEOD
3HURDQWHVUHSXVHTXLVLHUDVROLFLWDUGHWLXQSHTXHxRIDYRU
&RQFHGLGRSHURKDEOD+DEOD
6DEHV TXH DGHPiV GH PLV HVWXGLRV FRPR DVWUyORJR PH GHGLFR DO FRPHUFLR GH PDGHUDV
3XHV ELHQ XQ ULFR FLXGDGDQR URPDQR GH 7HVDOyQLFD KD VDELGR GHO PDUDYLOORVR VLVWHPD GH
FDOHIDFFLyQ VXEWHUUiQHD TXH$XJXVWR PDQGy FRQVWUXLU EDMR HO VXHOR GH VXWULFOLQLXP FRPHGRU
LPSHULDO7RGD5RPDHVWiHQWHUDGDGHWXH[TXLVLWRJXVWR\GHTXHKDVPDQGDGRFRORFDUEDMRWX
WULFOLQLXPRWURVLVWHPDSDUHFLGR+HUHFLELGRHOHQFDUJRH[SUHVR\HQFDUHFLGRGHHVWHDPLJRPtR
GH *UHFLD GH FRQVXOWDUWH VL OR HVWLPDV SUXGHQWH DOJXQRV GHWDOOHV WpFQLFRV VREUH VX
LQVWDODFLyQ6R\SRUWDGRUGHXQDFDUWDHQODTXHWHUXHJDPHSHUPLWDVKDFHUDOJXQDVFRQVXOWDVDO
UHVSHFWR
<DFWRVHJXLGRUHVFDWpGHPLEROVDGHKXOHHOSHTXHxRUROORGHSHUJDPLQRPHWLFXORVDPHQWH
ODFUDGR\FRQIHFFLRQDGRSRUORVKRPEUHVGH&DEDOORGH7UR\D >@6HORH[WHQGtD3LODWRTXHD
GHFLUYHUGDGQRVDOtDGHVXDVRPEUR
'HVSXpVGHOHHUHOPHQVDMHGHPLLQH[LVWHQWHDPLJRORGHMyFDHUVREUHODPHVDYLVLEOHPHQWH
VDWLVIHFKRSRUWDQWDDGXODFLyQ
1RVDEtDTXHHQ5RPDFRQRFLHUDQ
$VHQWtFRQXQDVRQULVD
%LHQFRQFHGLGR0DxDQDPLVPRSRGUiVKDFHUWRGDVODVSUHJXQWDVTXHFUHDVFRQYHQLHQWH
0DxDQD HVWLPDGR SURFXUDGRU OH LQWHUUXPSt QR SRGUp DFXGLU D OD IRUWDOH]D$QWRQLD
3HURVtHOYLHUQHV
1RVHKDEOHPiVHOYLHUQHV
1R GHVHR DEXVDU GH WX FRQVLGHUDFLyQ IRUFp SHUR W~ VDEHV OR GLItFLO TXH UHVXOWD HO
DFFHVRDWXUHVLGHQFLD3RGUtDVSURSRUFLRQDUPHXQDRUGHQRXQVDOYRFRQGXFWRTXHIDFLOLWDUDPL
WUDEDMR"
3RQFLRHPSH]DEDDSHUGHUODSDFLHQFLD<FRQXQJHVWRGHGHVJDQDLQGLFyDOFHQWXULyQTXHOH
DFHUFDVH XQR GH ORV UROORV TXH VH DOLQHDEDQ HQ XQ DPSOLD HVWDQWHUtD HPSRWUDGD D HVSDOGDV GHO
RILFLDO\TXHDVLPSOHYLVWDGHEtDUHXQLUXQFHQWHQDUODUJRGHUROORV(OSURFXUDGRUHQGHUH]yHO
SDSLUR\WRPDQGRXQDSOXPDGHJDQVRJDUUDSDWHyXQDVHULHGHIUDVHVFRQXQDOHWUDFDVLFXDGUDGD
\HQODWtQ
$TXt WLHQHV FRPHQWy XQ WDQWR PROHVWR PLHQWUDV PH KDFtD HQWUHJD GH OD RUGHQ (O
YLHUQHVFXDQGRSUHVHQWHVHVWDDXWRUL]DFLyQGHEHUiVSUHJXQWDUSRU&LYLOLV<DKRUD3RUWRGRV
ORVGLRVHVKDEODGHXQDYH]
%UDYR /D H[FODPDFLyQ GH PL FRPSDxHUR (OLVHR GHVGH HO PyGXOR PH KL]R UHFREUDU HO
iQLPR
&XDQWRYR\DUHODWDUWHUHSXVHEDMDQGRXQSRFRHOWRQRGHODYR]HVVXPDPHQWHVHFUHWR
6yOR HO (PSHUDGRU \ DOJXQRV GH VXV tQWLPRV HQ &DSUL HQWUH ORV TXH VH HQFXHQWUD PL PDHVWUR
7UDVLOR OR VDEHQ (VSHUR TXH WX SURYHUELDO SUXGHQFLD VHSD JXDUGDU \ DGPLQLVWUDU FXDQWR YR\ D
UHYHODUWH
7LEHULRFRPRWHGLMHQRHVDMHQRDHVDFRQMXUDeOVDEHFRPRW~GHODVLQWULJDVGH6HMDQR
\ GH VX UHVSRQVDELOLGDG HQ ODV PXHUWHV \ GHVWLHUUR GH $JULSLQD \ GH VXV KLMRV 3HUR KD GDGR
yUGHQHVVHFUHWDVSDUDTXH$QWRQLD >@\VXQLHWR&DOtJXODYLDMHQKDVWD&DSUL\VHSRQJDQEDMRVX
SURWHFFLyQ
3RQFLR3LODWRSHUPDQHFLyERTXLDELHUWRFRPRVLHVWXYLHUDYLHQGRDXQIDQWDVPD$OILQFDVL
WDUWDPXGHDQGRDFHUWyDH[SUHVDU&DOtJXOD&ODURHOELVQLHWRGH7LEHULR(O%RWLWD
>@
(QWRQFHVVLORVSODQHVGHO&pVDUVHFXPSOHQFRPHQWyGLULJLpQGRVHDVXMHIHGHFHQWXULRQHV
\DSRGHPRVLPDJLQDUTXLpQVHUiVXVXFHVRU
'HVSXpV FRPR VL WRGR DTXHOOR UHVXOWDVH VXPDPHQWH FRQIXVR SDUD VX PHQWH YROYLy D
LQWHUURJDUPH
3HURTXpGLFHQORVDVWURVVREUHODYLGDGH7LEHULR"'XUDUiPXFKR"
0LUHVSXHVWDWDO\FRPR\RSUHWHQGtDGHVDUEROyHOLQFLSLHQWHHQWXVLDVPRGHOSURFXUDGRU
TXHSDUHFtDVRxDUFRQODGHVDSDULFLyQGHOUtJLGR\FUXHO7LEHULR
/RVXILFLHQWHFRPRSDUDTXHD~QFRUUDPXFKDVDQJUH
<RVDEtDREYLDPHQWHTXHODPXHUWHGHO&pVDUQRVHSURGXFLUtDKDVWDHODxR
/DV~ELWDLUUXSFLyQGHXQRGHORVVLUYLHQWHVGHOSURFXUDGRUHQHOVDOyQRYDODQXQFLiQGROH
TXHHODOPXHU]RVHKDOODEDDSXQWRYLQRDLQWHUUXPSLUDTXHOODFRQYHUVDFLyQ<RVLQFHUDPHQWH
UHVSLUpDOLYLDGR
3HUR 3LODWR HQWXVLDVPDGR \ DJUDGHFLGR SRU PLV UHYHODFLRQHV QRV URJy TXH OH
DFRPSDxiVHPRV-RVp\\RQRVPLUDPRV\HOGH$ULPDWHDTXHQRKDEtDDELHUWRODERFDHQWRGD
ODHQWUHYLVWDDFFHGLyFRQJXVWR
<RQRSRGtDVRVSHFKDUTXHHVDPLVPDWDUGHWHQGUtDODRFDVLyQGHSUHVHQFLDUXQKHFKRTXH
UHVXOWDUtD VXPDPHQWH LOXVWUDWLYR SDUD FRPSUHQGHU PHMRU HO RVFXUR VXFHVR GH OD KXLGD GH ORV
JXDUGLDQHVGHODWXPEDGRQGHLEDDVHUVHSXOWDGR-HV~VGH1D]DUHW
$OJR PiV UHODMDGRV ORV FXDWUR QRV GLULJLPRV KDFLD HO H[WUHPR RSXHVWR GRQGH KDEtDPRV
PDQWHQLGRODHQWUHYLVWD(OSURFXUDGRUDGHODQWiQGRVHOLJHUDPHQWHQRVIXHFRQGXFLHQGRKDFLDXQ
UHFRJLGRWULFOLQLXP VHSDUDGR GHO GHVSDFKR RILFLDO SRU XQDV FRUWLQDV GH PXVHOLQD
VHPLWUDQVSDUHQWH
/D UDSLGH] FRQ TXH KDEtDPRV VLGR LQWURGXFLGRV HQ DTXHO VDOyQ RYDO \ OD FLUFXQVWDQFLD GH
KDEHUSHUPDQHFLGRWRGRHOWLHPSRHQHOVHFWRUQRUWHGHHVSDOGDVDOUHVWRPHKDEtDQLPSHGLGR
REVHUYDUORFRQGHWHQLPLHQWR0LPLVLyQHQODPDxDQDGHOSUy[LPRYLHUQHVPHREOLJDEDDFRQRFHU
ORPiVH[DFWDPHQWHSRVLEOHODGLVWULEXFLyQGHOPLVPR$VtTXHDSURYHFKpDTXHOORVLQVWDQWHVSDUD
VLPXODQGRXQLQWHUpVHVSHFLDOSRUXQEXVWRDORMDGRHQXQDPSOLRQLFKRSUDFWLFDGRHQHOFHQWUR
GHODSDUHGTXHDOEHUJDEDWDPELpQODELEOLRWHFDGH3LODWRIRWRJUDILDUPHQWDOPHQWHFXDQWRV
GHWDOOHVSXGH
3RQFLR VH GHWXYR DO YHU TXH PH TXHGDED UH]DJDGR 0H LQFOLQp OLJHUDPHQWH VREUH DTXHO
SHTXHxREXVWRGHEURQFHUHFRQRFLHQGRFRQVRUSUHVDTXHVHWUDWDEDGHXQDHILJLHLGpQWLFDTXL]i
IXHUD OD PLVPD D OD TXH \R KDEtD FRQWHPSODGR GXUDQWH PL HQWUHQDPLHQWR HQ HO *DELQHWH GH
0HGDOODVGHOD%LEOLRWHFDGH3DUtV(QHVWHEXVWRGHOHPSHUDGRU7LEHULRVHDSUHFLDEDHQVXERFD
HOFDUDFWHUtVWLFRULFWXVGHDPDUJXUDGHO&pVDU
+HUPRVRH[FODPp
<HOURPDQRFRQXQDLUyQLFDVRQULVDSUHJXQWy
4XLpQ"(O&pVDURHOEXVWR"
/DHVFXOWXUDSRUVXSXHVWR(QPLRSLQLyQDxDGtVHxDODQGRHOJHVWRGHODERFDHVXQR
GHORVSRFRVTXHOHKDFHQFLHUWDMXVWLFLD
0HJXVWDWXVLQFHULGDG-DVyQUHSXVRHOSURFXUDGRUDFHUFiQGRVHKDVWDPt\JROSHDQGR
PLHVSDOGDFRQXQDSDOPDGLWD
6DEHV"0HJXVWDUtDDGLYLQDUTXpGLUiOD+LVWRULDGHHVWHWLUDQR
(VR OH UHVSRQGt SUHFLVDPHQWH HVR $TXt \DFH XQ GpVSRWD FUXHO \ XQ WLUDQR
VDQJXLQDULR
3RQFLR 3LODWR QR SRGtD VRVSHFKDU VLTXLHUD TXH \R OH HVWDED DQXQFLDQGR HO HSLWDILR TXH VXV
ELyJUDIRV HVFULELUtDQ VREUH VX WXPED HQ HO DxR $XQTXH WDPELpQ HV FLHUWR \ HQ HVWR
FRPSDUWR OD RSLQLyQ GHO JUDQ KLVWRULDGRU :LHGHUPHLVWHU TXH VL 7LEHULR KXELHUD QDFLGR HQ HO
DxRDQWHVGH&ULVWROD+LVWRULDOHKXELHUDGHGLFDGRXQDIUDVHPX\GLVWLQWD$TXt\DFHXQJUDQ
HVWUDWHJD
<R HQ FDPELR KDUtD FLQFHODU VX IUDVH IDYRULWD 'HVSXpV GH Pt TXH HO IXHJR KDJD
GHVDSDUHFHUODWLHUUD
3LODWROOHYDEDUD]yQ7DO\FRPRUHFRJHQ6pQHFD\'LyQpVDHUDODIUDVHPiVUHSHWLGDSRU
7LEHULR
$GHUHFKDHL]TXLHUGDGHOEXVWRGHO&pVDUFODYDGDVHQVHQGRVSLHVGHPDGHUDKDEtDQVLGR
VLWXDGDVODHQVHxDGHODOHJLyQ\HOVLJQR]RGLDFDOGH7LEHULRUHVSHFWLYDPHQWH/DSULPHUDXQ
iJXLOD PHWiOLFD SUREDEOHPHQWH HQ EURQFH GRUDGR FRQ ODV DODV H[WHQGLGDV \ XQ KD] GH UD\RV
HQWUH ODVJDUUDV(OVHJXQGRXQHVFRUSLyQLJXDOPHQWHPHWiOLFR \ FRQXQLQWHQVREULOORGRUDGR
(VWDVVDJUDGDVLQVLJQLDVURPDQDVDSDUHFtDQPRQWDGDVVREUHVHQGDVDVWDVGHPiVGHGRVPHWURV
GHORQJLWXG\SURYLVWDVGHFRQWHUDVPHWiOLFDVFRQHOILQGHTXHSXGLHUDQVHUFODYDGDVHQWLHUUDR
FRPRHQHVWHFDVRHQXQDEDVHFXDGUDQJXODUGHPDGHUDURML]D
6LJXLHQGRHVDPLVPDSDUHGHOVDOyQSUHVHQWDEDXQDSXHUWDPXFKRPiVVREULD\UHGXFLGDTXH
ODGHODFFHVRSRUHOYHVWtEXOR3RUDOOtKDEtDKHFKRVXDSDULFLyQHOVLUYLHQWH\SRUDOOtVXSXVH
SRGUtDOOHJDUVHKDVWDODVKDELWDFLRQHVSULYDGDVGHOSURFXUDGRU
(O UHVWR GHO VDOyQ VH KDOODED SUiFWLFDPHQWH YDFtR (Q WRWDO FRQWDELOL]DQGR HO UHGXFLGR
FRPHGRUTXHFHUUDEDDTXHOODHVWDQFLDHOLSVRLGDOHOOXJDUGHEtDPHGLUDOUHGHGRUGHORVPHWURV
GHGLiPHWURVXSHULRUSRURWURVGHGLiPHWURLQIHULRURPi[LPDDQFKXUD(OWHFKRGHXQRV
PHWURV \ WRWDOPHQWH DERYHGDGR PH SDUHFLy XQD PXHVWUD PiV GHO DODUGH \ FRQFLHQ]XGR WUDEDMR
OOHYDGRDFDERSRU+HURGHVHQDTXHOODIRUWDOH]D
3HURPLVRUSUHVDIXHD~QPD\RUFXDQGRDOVHSDUDUODVFRUWLQDVTXHGLYLGtDQHOWULFOLQLXPGHO
GHVSDFKRXQDFDVFDGDGHOX]QRVLQXQGyDWRGRV(QOXJDUGHXQYHQWDQDOJHPHORDOH[LVWHQWH
HQHORWURH[WUHPRGHOVDOyQORVDUTXLWHFWRVKDEtDQDELHUWRHQHOWHFKRXQWUDJDOX]UHFWDQJXODUGH
PiVGHWUHVPHWURVGHODGRFHUUDGRFRQXQD~QLFDOiPLQDGHYLGULR(OVROHQVXFHQLWHQWUDEDD
UDXGDOHVSURSRUFLRQDQGRDODDFRJHGRUDHVWDQFLDXQDOXPLQRVLGDG\XQWLELRFDORUTXHDJUDGHFt
SURIXQGDPHQWH(QHOFHQWURVHKDOODEDGLVSXHVWDXQDPHVDFLUFXODUGHDSHQDVFHQWtPHWURV
GHDO]DGDFXELHUWDFRQXQPDQWHOGHOLQREODQFR\SUHVLGLGDSRUXQFHQWURGHIUDJDQWHVIORUHV
GHD]DKDUFDVLWRGDVGHFLGUR\OLPRQHUR$OUHGHGRUGHODPHVD\HVSDUFLGRVSRUHOVXHORVH
DPRQWRQDEDQ XQ EXHQ Q~PHUR GH FRMLQHV R DOPRKDGRQHV UHSOHWRV GH SOXPDV TXH VHUYtDQ
KDELWXDOPHQWHGHDVLHQWRRUHFOLQDWRULR
(OiEVLGHTXHFRQVWLWXtDODSDUHGGHOWULFOLQLXPLJXDOPHQWHIRUUDGDFRQPDGHUDGHFHGUR
SUHVHQWDEDPHGLDGRFHQDGHOXFHUQDVROiPSDUDVGHDFHLWHDKRUDDSDJDGDV<HQOD]RQDTXHQR
HUD RWUD FRVD TXH OD SURORQJDFLyQ GH OD SDUHG GRQGH \R KDEtD FRQWHPSODGR HO EXVWR GHO &pVDU
GHVFXEUtXQDHVWUHFKDSXHUWDPDJLVWUDOPHQWHGLVLPXODGDHQWUHODVYHWDVGHORVSDQHOHVGHFHGUR
3RU DOOt SUHFLVDPHQWH IXHURQ DSDUHFLHQGR FXDWUR R FLQFR HVFODYRV WRGRV HOORV DWDYLDGRV FRQ
FRUWDVW~QLFDVGHFRORUPDUILOHxR$OSDUHFHUSURFHGtDQGH6LULDH[FHSFLyQKHFKDGHXQJDORGH
ODUJDPHOHQDUXELD(QHOWUDQVFXUVRGHODFRPLGD3LODWRPHFRQIHVDUtDTXHDTXHOEHOORPDQFHER
HUD XQD MR\D 'HVSXpV GH QR SRFRV UHJDWHRV KDEtD FRQVHJXLGR FRPSUDUOR HQ HO PHUFDGR GH
HVFODYRV GH -HUXVDOpQ SRU OD QDGD GHVSUHFLDEOH VXPD GH PLO VHVWHUFLRV XQRV GHQDULRV GH
SODWD
&DGD XQR GH DTXHOORV VLUYLHQWHV HUD SRUWDGRU GH XQ EDUUHxR R ODYDSLpV GH FREUH FRQ XQ
SHTXHxRDSR\RGHPDGHUDHQHOLQWHULRUTXHVHUYtDSDUDVLWXDUODSODQWDGHOSLHKDFLHQGRDVtPiV
FyPRGRHOODYDGR
'HVSXpV GHO REOLJDGR ULWXDO 3RQFLR PH VXJLULy TXH QR FDO]DUD PLV VDQGDOLDV eO \ HO
FHQWXULyQKDEtDQKHFKRRWURWDQWR$OSULQFLSLRQRFRPSUHQGtSHUR3LODWRVRQULHQGR\VHxDODQGR
HOHQWDULPDGRGHOSLVRDFODUyHOSRUTXpGHDTXHOODVXJHUHQFLD
$Vt WHQGUiV OD RSRUWXQLGDG GH H[SHULPHQWDU SRU WL PLVPR ODV H[FHOHQFLDV GH PL VLVWHPD
VXEWHUUiQHRGHFDOHIDFFLyQTXHWDQWRWHSUHRFXSD
$OSRVDUPLVSLHVVREUHODPDGHUDGHFLSUpVHPSHFpDVHQWLUHQHIHFWRXQFDORUPX\VXWLO\
UHFRQIRUWDQWH6LQFHUDPHQWHTXHGpPDUDYLOODGR(OFLUFXLWRGHDJXDFDOLHQWHTXHGLVFXUUtDEDMR
HO SLVR WUDQVPLWtD DO VXHOR OD VXILFLHQWH HQHUJtD FDORUtILFD FRPR SDUD WHPSODU OD HVWDQFLD VLQ
QHFHVLGDGGHFKLPHQHDVRLQFyPRGDVHVWXIDV
1DWXUDOPHQWH\FRQRFLHQGRXQSRFRODHVSHFLDOSVLFRORJtDGHPLDQILWULyQQRGXGpHQKDFHU
JUDQGHVHORJLRVGHDTXHOUHYROXFLRQDULRHLQJHQLRVRDUWLOXJLRSURPHWLpQGROHKDEODUGHHOORD
FXDQWRVGLJQDWDULRV\FRUWHVDQRVWXYLHUDODRSRUWXQLGDGGHFRQRFHU<PLHQWUDVORVHVFODYRVLEDQ
VLWXDQGR VREUH OD PHVD ODV GLIHUHQWHV YLDQGDV \R DSURYHFKp DTXHOORV SULPHURV LQVWDQWHV GHO
DOPXHU]RSDUDWDO\FRPRWHQtDQSRUFRVWXPEUHORVFLXGDGDQRVURPDQRVREVHTXLDUD3LODWR\
D&LYLOLVFRQVHQGDVSHTXHxDVHVPHUDOGDVREWHQLGDVSRU&DEDOORGH7UR\DGHODVPLQDVGH0X]R
>@(OSUR\HFWRFRPR\DH[SXVHHQVXPRPHQWRKDEtDSODQHDGRVLPSOLILFDUPLDFFHVRKDVWDHO
SURFXUDGRUURPDQRPHGLDQWHHVWHUHJDOR(QSULQFLSLRODPLVLyQPHKDEtDKHFKRHQWUHJDGHGRV
~QLFDV SLHGUDV GH IXOJRU YHUGH FRPR ODV GHILQLy 3OLQLR TXH GHEHUtDQ VHU REVHTXLDGDV D
3LODWR3HURVRVSHFKDQGRTXHPLOLEHUWDGGHPRYLPLHQWRVHQODMRUQDGDGHOYLHUQHVSRUOD7RUUH
$QWRQLDVHYHUtDPX\FRQGLFLRQDGDSRUODYROXQWDGGHOMHIHGHORVFHQWXULRQHVGHFLGtVREUHOD
PDUFKD JDQDUPH LJXDOPHQWH VX DSUHFLR< QDGD PHMRU TXH KDFHUOH HQWUHJD GH XQD GH DTXHOODV
EHOOtVLPDVHVPHUDOGDVODVSLHGUDVPiVFRWL]DGDVSRUHOPXQGRURPDQRGHVSXpVGHORVGLDPDQWHV
\ODVSHUODV>@
)XHODSULPHUD\OD~QLFDYH]TXHYLGLEXMDUVHXQDIXJD]VRQULVDHQHOURVWURFDVLSpWUHR
GH&LYLOLV3LODWRHQFDPELRVHPRVWUyJHQHURVRHQDVSDYLHQWRVMXUiQGRPHSRUVXVDQWHSDVDGRV
TXH QR ROYLGDUtD PL URVWUR QL PL QRPEUH (Q UHDOLGDG PH FRQWHQWDED FRQ TXH DTXHO HVStULWX
YROXEOHPHUHFRUGDUDDOPHQRVKDVWDHOYLHUQHV
< DXQTXH HO SURFXUDGRU WUDWDED GH LPLWDU DO &pVDU HQ PXFKDV GH VXV IRUPDV \ DFWXDFLRQHV
HVSHFLDOPHQWHHQDTXHOODVTXHWHQtDQXQDUHVRQDQFLDS~EOLFDDODKRUDGHFRPHUHQFDPELR
GLVWDEDPXFKRGHODH[WUHPDVREULHGDGGH7LEHULR
(OUHIULJHULRTXHKDEtDQHPSH]DGRDVHUYLUORVHVFODYRVFRQVWDEDHQWUHRWUDVPLQXFLDV
GHHUL]RVGHPDU\RVWUDVWUDtGDVH[SUHVDPHQWHGHVGHORVFULDGHURVDUWLILFLDOHVGHOODJR/XFULQD
GHSROODVFHEDGDV\HQJUDVDGDVVREUHHPSDQDGDVGHRVWUDV\RWURVPDULVFRVFRPRORVOODPDGRV
SRU3RQFLREHOORWDVGHPDUQHJUDV\EODQFDV<WRGRHVWRFRPRHQWUDGD
(O FXDUWR TXLQWR \ VH[WR SODWRV IXHURQ D~Q PiV VRILVWLFDGRV VRORPLOOR GH FRU]R SiMDURV
UHER]DGRV HQ KDULQD \ DOJR TXH QR KDEtD YLVWR MDPiV XEUH \ HPSDQDGDV GH XEUH GH FHUGD<
FRPRILQDOPRUHQDSURFHGHQWHGHO(VWUHFKRGH*DGHV&iGL]\GiWLOHVVXPHUJLGRVHQXQQHJUR\
GXOFHFDOGRGHODVYLxDVVLFLOLDQDV
$TXHOEDQTXHWHHVWXYRSHUPDQHQWHPHQWHUHJDGRFRQHOYLQRTXHKDEtDWUDtGR-RVpDVtFRPR
SRURWURVQRPHQRVHVWLPDEOHVGH/HVERV\&KLRV
'DGD OD pSRFD GHO DxR \ HO ODUJR YLDMH TXH KDEtDQ VRSRUWDGR ODV RVWUDV \ HO UHVWR GH ORV
PDULVFRV SURFXUp QR SUREDUORV H[FXViQGRPH DQWH 3RQFLR FRQ XQD VXSXHVWD \ DJXGD GROHQFLD
HVWRPDFDO &RPR FRQWUDSDUWLGD PH YL HQ OD SHQRVD REOLJDFLyQ GH GHJXVWDU DTXHOODV XEUHV GH
FHUGD
(QWUHULVDV\EURPDV3LODWRPHSUHJXQWyVLKDEtDWHQLGRRFDVLyQGHSDODGHDUPDQMDUHVFRPR
DTXHOORVHQODPHVDGH7LEHULRHQ&DSUL1DWXUDOPHQWH\FRQJUDQUHJRFLMRSRUVXSDUWHOH
FRPHQWpTXHODIUXJDOLGDGGHO&pVDUHVWDEDPDWDQGRGHKDPEUHDVXVDPLJRV\DVWUyORJRV
(Q XQD RSRUWXQD \ UiSLGD LQWHUYHQFLyQ GHO PyGXOR PL KHUPDQR FRPSOHWy PL LQIRUPDFLyQ
UHFRUGiQGRPHDOJXQRVGHORVSODWRVIDYRULWRVGH7LEHULR\TXH6DQWD&ODXVKDEtDH[WUDtGRGHOD
+LVWRULD 1DWXUDO GH 3OLQLR HO 9LHMR ;,; \ &DVL H[FOXVLYDPHQWH YHJHWDOHV \ HQ
HVSHFLDO XQRV HVSiUUDJRV \ SHSLQRV TXH VX MDUGLQHUR FXOWLYDED HQ FDMRQHV FRQ UXHGDV SDUD
WUDVODGDUORV DO VRO R D OD VRPEUD VHJ~Q HO WLHPSR 7DPELpQ FRPtD XQRV UiEDQRV TXH KDFtD
WUDQVSRUWDUGHVGHOD*HUPDQLD(VWRVYHJHWDOHVIXHURQPRWLYRGHIUHFXHQWHVGLVSXWDVFRQVXKLMR
'UXVR,,SRUTXHpVWHVHQHJDEDDSUREDUORV(O(PSHUDGRUHUDLJXDOPHQWHXQIDQiWLFRGHODIUXWD
/DVSHUDVHUDQVXVIDYRULWDV7LEHULRVHYDQDJORULDEDGHWHQHUHQVXYLOODGHO7tEHUHOiUEROPiV
DOWRGHOPXQGR6XVREULHGDGOOHJDEDDOH[WUHPRGHEHEHU\DHQVXYHMH]XQYLQRDJULRGH
6RUUHQWRSDUHFLGRDOFKDFROtYDVFR
&XDQGRIXLH[SRQLpQGROHHVWRVSRUPHQRUHVGHODGLHWDGLDULDGHO&pVDU3RQFLR3LODWRTXH
QRHVWDEDPX\ELHQLQIRUPDGRVREUHHVWHSDUWLFXODUH[FODPyWUDVVROWDUXQODUJR\FDYHUQRVR
HUXFWR
3RU-~SLWHU7LEHULREHEHYLQDJUH$KRUDFRPSUHQGRSRUTXpQRQHFHVLWDGHPpGLFRV
<RKDEtDRtGRKDEODUGHVXVHQWLGRGHOKXPRUSHURQRLPDJLQDEDTXHDGHPiVOHJXVWDUDVXIULU
< VROWDQGR XQD GH DTXHOODV JUDVLHQWDV HPSDQDGDV GH XEUH GH FHUGD FRPHQ]y D UHtU D
FDUFDMDGDVDOWLHPSRTXHKDFtDXQDVHxDODOHVFODYRJDORSDUDTXHOHDFHUFDUDXQDJXDPDQLO(O
PDQFHERHVSHUyDTXHVXDPRKXELHUDODYDGRVXVPDQRV\FRPRVLVHWUDWDVHGHXQDFRVWXPEUH
KDELWXDO VH LQFOLQy VREUH HO SURFXUDGRU RIUHFLpQGROH VX ODUJD \ VHGRVD FDEHOOHUD 3LODWR VLQ
PLUDUOHVLTXLHUDIXHVHFiQGRVHFRQHOSHORGHOHVFODYR
-RVp\\RFUX]DPRVXQDPLUDGDGHUHSXJQDQFLD
3HUR3RQFLRKDEtDFHQWUDGRHOWHPDGHODFRQYHUVDFLyQHQHOFRQRFLGRVHQWLGRGHOKXPRUGH
VX(PSHUDGRU\PHURJyTXHOHFRQWDUDDOJXQRVGHORV~OWLPRVFKLVWHV\DQpFGRWDVSURWDJRQL]DGRV
SRU7LEHULR
$TXHOORPHSLOOyWDQGHLPSURYLVRTXHDSXQWRHVWXYRGHFRVWDUPHXQVHULRSHUFDQFHFRQHO
SURFXUDGRU < D~Q VDELHQGR TXH OR TXH LED D UHODWDUOH VH GHEH PiV D OD OH\HQGD H LQYHQFLyQ
SRSXODUTXHDOULJRUKLVWyULFRHFKpPDQRGHXQDDQpFGRWDTXHFLUFXOySRU&DSULHQDTXHOORVDxRV
GHGHVWLHUURYROXQWDULRGHO&pVDU
6HFXHQWDFRPHQFpHVSHUDQGRTXH(OLVHRPHRIUHFLHUDQXHYDGRFXPHQWDFLyQTXHQR
KDFHPXFKRHO(PSHUDGRUIXHDVXVWDGRSRUXQSHVFDGRUGHODLVODFXDQGRpVWHVHOHDSUR[LPy
SDUD UHJDODUOH XQ SH] 7LEHULR FRQ OD FUXHOGDG TXH OH FDUDFWHUL]D PDQGy TXH OH UHIUHJDUDQ OD
FDUDFRQHOSHVFDGR<HQWUHD\HVGHGRORUHOSHVFDGRUTXHGHEtDWHQHUXQKXPRUWDQHVSHFLDO
FRPRHOGHO&pVDUVHIHOLFLWySRUQRKDEHUOHRIUHFLGRXQDODQJRVWD
$ORtUHVWRHO(PSHUDGRUVLJXLHQGRHOKXPRUtVWLFRFRPHQWDULRGHVXV~EGLWRKL]RTXH
WUDMHUDQXQDODQJRVWDFRQXQFDSDUD]yQHUL]DGRGHS~DVUHIUHJiQGRVHORSRUODFDUD
3LODWRDVLQWLyFRQODFDEH]DH[FODPDQGR
(VHHV7LEHULR
3DUDHVHPRPHQWR6DQWD&ODXVKDEtDPHPRUL]DGR\DRWURVVXFHVRVDOJXQRVILHOUHIOHMRGHO
SURIXQGRGHVSUHFLRTXHVHQWtD7LEHULR&pVDUSRUVXVVHPHMDQWHV
<D~QDULHVJRGHTXH3RQFLRORVFRQRFLHUDSURFHGtDUHODWiUVHORV
6H FXHQWD WDPELpQ DGPLUDGR SURFXUDGRU TXH HQ FLHUWD RFDVLyQ HO (PSHUDGRU UHFLELy D
XQRVHPEDMDGRUHVGH7UR\DTXHKDEtDQDFXGLGRDH[SUHVDUOHVXSpVDPHSRUODPXHUWHGHOKLMR
GHO&pVDU&RPRHVWRVWUR\DQRVOOHJDURQFRQEDVWDQWHUHWUDVR7LEHULROHVUHVSRQGLy<RDPL
YH]RVGR\HOSpVDPHDYRVRWURVSRUODPXHUWHGHYXHVWURJORULRVtVLPRFLXGDGDQR+pFWRU
3LODWRDSXUyVXHQpVLPDFRSDGHYLQRUHFOLQiQGRVHD~QPiVHQORVPXOOLGRVDOPRKDGRQHVGH
SOXPDV\KDFLpQGRPHXQDVHxDOSDUDTXHSURVLJXLHUD
(Q5RPDFLUFXODWDPELpQRWUDDQpFGRWD7LEHULRGLRXQDYH]XQEDQTXHWH\ORVLQYLWDGRVDO
HQWUDUHQHOWULFOLQLXPREVHUYDURQTXHVREUHODPHVDVyORKDEtDPHGLRMDEDOt(O&pVDUHQWRQFHV
OHVKL]RYHUTXHPHGLRWHQtDHOPLVPRVDERUTXHXQMDEDOtHQWHUR
7DO \ FRPR HPSH]DED D VXSRQHU ORV YDSRUHV GHO YLQR \ OD FRPLORQD QR WDUGDURQ HQ KDFHU
HIHFWR<3RQFLRTXHLQWHQWDEDVRVWHQHUVXFDEH]DVREUHODSDOPDGHODPDQRGHUHFKDFRPHQ]yD
GDUV~ELWDVFDEH]DGDV
(Q XQ WRQR DOJR PiV EDMR FRQWp HO TXH VHUtD HO ~OWLPR VXFHVR +XER YHFHV HQ TXH HVH
KXPRULVPR GLVIUD]DED XQD WHUULEOH FUXHOGDG (VWH IXH HO FDVR GH XQ DFRQWHFLPLHQWR RFXUULGR DO
SRFRGHVHUQRPEUDGR(PSHUDGRU&RPRVDEpLVSURVHJXtVLQSHUGHUGHYLVWDORVFDEHFHRVGHO
JREHUQDGRUFXDQGR$XJXVWRPXULyGHMyHQVXWHVWDPHQWRXQLPSRUWDQWHOHJDGRHFRQyPLFRTXH
7LEHULRIXHUHSDUWLHQGRSRFRDSRFR3XHVELHQFLHUWRGtDDFHUWyDSDVDUXQHQWLHUURSRUGHODQWH
GHO &DSLWROLR< XQR GH ORV SUHVHQWHV VH DFHUFy DO FDGiYHU VLPXODQGR TXH OH KDEODED DO RtGR
7LEHULRVHH[WUDxy\OHSUHJXQWySRUTXpKDEtDKHFKRDTXHOOR(OEURPLVWDOHGLMRTXHOHKDEtD
SHGLGR DO PXHUWR TXH OH WUDQVPLWLHUD D $XJXVWR TXH pO QR KDEtD FREUDGR WRGDYtD 7LEHULR
HQURMHFLyGHLUD\GLRRUGHQGHTXHORPDWDVHQSDUDTXHIXHUDpOPLVPRTXLHQOOHYDVHHOUHFDGR
DOIDOOHFLGRHPSHUDGRU$XJXVWR>@
$OFRQFOXLUPLH[SRVLFLyQ3RQFLR3LODWR\DFtD\DERFDDUULEDVXPLGRHQXQSURIXQGR
VXHxR
< VLJLORVDPHQWH SRU FRQVHMR GHO FHQWXULyQ DEDQGRQDPRV HO FRPHGRU PLHQWUDV XQR GH ORV
VLUYLHQWHVVLJXLHQGRDOSDUHFHURWUDUXWLQDULDREOLJDFLyQLQLFLDEDXQDPiVTXHSHQRVDWDUHD
KXUJDU FRQ XQD SOXPD HQ ODV IDXFHV GH VX VHxRU D ILQ GH SURYRFDUOH HO YyPLWR \ SXGLHUD
GLVIUXWDUGHODVGHOLFLDVGHODVLJXLHQWHFRPLGD
<D HQ HO YHVWtEXOR \ FXDQGR QRV GLVSRQtDPRV D GHVSHGLUQRV GH &LYLOLV RWUR FHQWXULyQ QRV
VDOLyDOSDVR(QODWtQ\FDVLDORtGROHFRPXQLFyDOJR(OMHIHGHORVFHQWXULRQHVQRUHVSRQGLyD
ODVSDODEUDVGHVXFRPSDxHUR'XGyXQLQVWDQWH\SRUILQYROYLpQGRVHKDFLDQRVRWURVWUDWyGH
H[FXVDUVHLQIRUPiQGRQRVTXHHOWULEXQRGHODOHJLyQGHVWDFDGRWDPELpQFRQpO\VXVKRPEUHV
GHVGH&HViUHDOHDJXDUGDEDSDUDSURFHGHUDODHMHFXFLyQGHXQDVHQWHQFLD
$TXHOOR HUD LJXDOPHQWH QXHYR SDUD Pt \ H[SHULPHQWp XQD JUDQ FXULRVLGDG 3HUR DXQTXH QR
OOHJXpDGHVSHJDUORVODELRV&LYLOLVTXHSDUHFtDOHHUORVSHQVDPLHQWRVGHFXDQWRVOHURGHDEDQ
GHELyFDSWDUPLVGHVHRV\GLULJLpQGRVHD-RVpOHKL]RVDEHUFRQXQDLUHGHLURQtD\GHVSUHFLR
KDFLDVXFRQGLFLyQGHMXGtR
6L DVt OR GHVHiLV DKRUD SRGpLV SUHVHQFLDU XQD SUXHED PiV GH OD MXVWLFLD GHO SXHEOR
URPDQR
1L HO DQFLDQR QL \R WHQtDPRV LGHD GHO DVXQWR 3HUR OD YR] GHO FHQWXULyQ KDEtD VRQDGR FDVL
FRPR XQDRUGHQ\ QRV DSUHVXUDPRV DVHJXLUOH (Q FRPSDxtD GHORWURRILFLDO&LYLOLVGHVFHQGLy
SRUODVHVFDOHUDVGHPiUPROGLULJLpQGRVHKDFLDODGHUHFKDGHOSDWLRSRUWLFDGR(VWHVHKDOODED
GHVLHUWR FRQ OD H[FHSFLyQ GH DTXHO OHJLRQDULR TXH VHJXtD FDUJDQGR XQ SHVDGR VDFR VREUH VX
FXHOOR\KRPEURV\ODGHOFHQWLQHODTXHSHUPDQHFtDDVXODGR'yQGHHVWDEDHOUHVWRGHODWURSD"
3URQWRLEDDVDOLUGHGXGDV
$O FUX]DU XQD GH ODV SXHUWDV GHO DOD QRUWH GHO SDWLR QRV HQFRQWUDPRV GH SURQWR HQ XQD
H[SODQDGDWDPELpQDODLUHOLEUHGHDOJRPiVGHSLHVGHORQJLWXGSRURWURVGHDQFKXUD
$TXHOOXJDUWRWDOPHQWHFXELHUWRSRUDUHQDEODQFD\PX\ILQDVHKDOODEDGHQWURGHOUHFLQWRGHOD
IRUWDOH]DRFXSDQGREXHQDSDUWHGHVXFDUDQRUWH(OUHFLQWRDSDUHFtDSHUIHFWDPHQWHFHUFDGRSRU
HO PXUR H[WHULRU GH OD 7RUUH$QWRQLD \ SRU HO FRPSOHMR GH HGLILFLRV GH OD VHGH URPDQD HQ VXV
UHVWDQWHV DODV (Q HO H[WUHPR PiV RULHQWDO VH DOLQHDEDQ XQD GHFHQD GH WLHQGDV GH FDPSDxD
RFXSDQGRODWRWDOLGDGGHDTXHOODGRGHOUHFWiQJXORDOTXHQRVKDEtDFRQGXFLGRHORILFLDO\TXH
VHJ~Q PH IXH H[SOLFDQGR QR HUD RWUD FRVD TXH XQ FDPSR GH HQWUHQDPLHQWR /DV WLHQGDV
FRQIHFFLRQDGDV FRQ SLHOHV GH FDEUD \ WHxLGDV HQ XQ DPDULOOR WHUURVR SUHVHQWDEDQ XQ WHFKR FRQ
GRVYHUWLHQWHV>@3RUGHEDMRGHHVWDVFXELHUWDVWUDVOXFtDXQDVHULHGHOLVWRQHVTXHFRQVWLWXtDQHO
DUPD]yQGHFDGDXQDGHHVWDVEDUUDFDVFDSD]SDUDGLH]KRPEUHV6HJ~Q&LYLOLVODDIOXHQFLDGH
DTXHOORVPLOHVGHKHEUHRVDODILHVWDDQXDOGHOD3DVFXDOHVREOLJDEDDUHIRU]DUODJXDUQLFLyQGH
$QWRQLD$TXHOODVWLHQGDVGHFDPSDxDFXEUtDQSHUIHFWDPHQWHODVQHFHVLGDGHVGHORVOHJLRQDULRV
TXHVHWUDVODGDEDQFRQpOGHVGH&HViUHD
)UHQWHDORVSDSLOLRQRPEUHTXHOHGDEDQDHVWDVWLHQGDVSRUODVHPHMDQ]DGHVXVFRUWLQDV
UHFRJLGDV HQ OD SXHUWD GH HQWUDGD FRQ ODV DODV GH ODV PDULSRVDV HO HMpUFLWR URPDQR KDEtD
SODQWDGRPHGLDGRFHQDGHSRVWHVGHDOJRPiVGHPHWUR\PHGLRGHDOWXUD7RGRVHOORVFDUJDGRV
GH PXHVFDV FRQVHFXHQFLD GH ORV PDQGREOHV TXH OORYtDQ VREUH ORV FLWDGRV WURQFRV HQ ORV
HQWUHQDPLHQWRV $OJXQDV GH ODV HVSDGDV \ ODQ]DV FRQ XQ SHVR TXH GREODED HO GH ORVSLOXP \
JODGLXVQRUPDOHVVHKDOODEDQFODYDGDVHQODDUHQD/RVHVFXGRV\FDVFRVUHSRVDEDQDSR\DGRV
VREUHDTXpOODV
9DULRVFLHQWRVGHOHJLRQDULRVWRGRVHOORVOLEUHVGHVHUYLFLRDMX]JDUSRUVXLQGXPHQWDULD
VHKDEtDQLGRFRQJUHJDQGRHQODH[SODQDGDIRUPDQGRFRUULOORV\FDPELDQGRLPSUHVLRQHVHQYR]
EDMD
$O YHU D &LYLOLV ORV VROGDGRV VH DSUHVXUDURQ D DEULUOH SDVR DGRSWDQGR XQ UHVSHWXRVR
VLOHQFLR
(O MHIH GH ORV FHQWXULRQHV VH GHWXYR IUHQWH D ORV SRVWHV GH HQWUHQDPLHQWRV VDOXGDQGR DO
WULEXQR\DORVFHQWXULRQHVDOOtUHXQLGRV(OSULPHURPXFKRPiVMRYHQTXH&LYLOLV\TXHHOUHVWR
GHORVRILFLDOHVFRQVWLWXtDXQPDQGRLQWHUPHGLRUHVSRQVDEOHPiVTXHGHOPDQGRWiFWLFRGHOD
OHJLyQ TXH HUD SRWHVWDG GHO MHIH GH ORV FHQWXULRQHV GH OD MHIDWXUD GHO UpJLPHQ LQWHULRU GH OD
PLVPD(QDTXHOODpSRFDVLQHPEDUJRVXLPSRUWDQFLDKDEtDGHFUHFLGRQRWDEOHPHQWH8QDGHVXV
IXQFLRQHV SUHFLVDPHQWH HUD OD GH LQLFLDU OD HMHFXFLyQ GH XQD SHQD FDSLWDO 6X YHVWLPHQWD HUD
SUiFWLFDPHQWH OD PLVPD TXH OD GH ORV FHQWXULRQHV VL ELHQ VX WRJD R FDSD HUD YLROiFHD \
JHQHUDOPHQWHQRSRUWDEDDUPDV
/RV RILFLDOHV VRVWXYLHURQ XQ EUHYtVLPR FRQVHMR \ DFWR VHJXLGR XQR GH HOORV GLR OD RUGHQ
SDUD TXH HO UHR IXHUD FRQGXFLGR D OD DUHQD 'H SURQWR ORV OHJLRQDULRV FRPHQ]DURQ D
DUUHPROLQDUVH DOUHGHGRU GH RWURV GRV VROGDGRV TXH DFDEDEDQ GH HQWUDU HQ HO FDPSR GH
DGLHVWUDPLHQWR &DGD XQR FDUJDED VREUH VXV EUD]RV XQ EXHQ Q~PHUR GH SDORV GH XQ PHWUR GH
ORQJLWXG(QWUHHPSXMRQHVSURWHVWDV\WRGRWLSRGHLPSUHFDFLRQHVPHGLRFHQWHQDUGHURPDQRVVH
KL]RDOILQFRQORVEDVWRQHV<HOVLOHQFLRFD\yGHQXHYRVREUHDTXHOODPDVDGHHQHUJ~PHQRV
$O SRFR \ SRU OD PLVPD SXHUWD SRU GRQGH KDEtDPRV SHQHWUDGR HQ OD H[SODQDGD YLPRV
DSDUHFHUDXQKRPEUHMRYHQFXELHUWRFRQODWtSLFDW~QLFDURMDGHORVOHJLRQDULRVHVFROWDGRSRU
GRVFHQWLQHODV
$O OOHJDU IUHQWH D ORV FHQWXULRQHV &LYLOLV OH VDOXGy FRQ HO EUD]R HQ DOWR (O FRQGHQDGR
UHVSRQGLyDOVDOXGR\VLQPiVSUHiPEXORVHOMHIHGHODVFHQWXULDVRUGHQyDODFXVWRGLDTXHOH
GHVSRMDUDQ GH VX YHVWLPHQWD 'HVGH PL SRVLFLyQ D HVSDOGDV GH ORV RILFLDOHV REVHUYp FyPR
&LYLOLVHQWUHJDEDVXEDVWyQDOWULEXQR
0LHQWUDVXQRGHORVFHQWLQHODVVRVWHQtDODODQ]DGHVXFRPSDxHURpVWHKDFLHQGRSUHVDHQHO
HVFRWHGHODW~QLFDGLRXQIXHUWHWLUyQGHVJDUUiQGRODKDVWDODFLQWXUD,QPHGLDWDPHQWHHOVROGDGR
WRPyODSUHQGDSRUODSDUWHEDMDGHOGHVJDUUyQDEULpQGRODHQVXWRWDOLGDGFRQRWURFHUWHURJROSH
$UURMyODW~QLFDDODDUHQDSURFHGLHQGRGHVSXpVDGHVSRMDUDOGHVGLFKDGRGHVXWDSDUUDER8QD
YH]GHVQXGRODJXDUGLD\ORVFHQWXULRQHVUHWURFHGLHURQXQRVSDVRVGHMDQGRDOUHRHQPLWDGGHO
FtUFXORTXHKDEtDQLGRIRUPDQGRORVROHJLRQDULRVTXHKDEtDQFRQVHJXLGRXQDGHDTXHOODV
YDUDV$QWH PL VRUSUHVD DTXHO LQIHOL] QR VH PRYLy VLTXLHUD 6X URVWUR KDEtD SDOLGHFLGR \ VXV
RMRVGHVHQFDMDGRVSRUXQFUHFLHQWHWHUURUSDUHFtDQDXVHQWHV
(O WULEXQR VH DFHUFy HQWRQFHV DO VLULR WRFiQGROH VXDYHPHQWH FRQ HO VDUPLHQWR TXH OH KDEtD
FHGLGR&LYLOLV<DOLQVWDQWHFRPRLPSXOVDGRVSRUXQRGLRVDOYDMHHLUUDFLRQDOORVOHJLRQDULRV
VDOWDURQVREUHODYtFWLPDJROSHiQGROHHQWUHDODULGRVHLQVXOWRV(OMRYHQVHOOHYyLQVWLQWLYDPHQWH
ORVEUD]RVDODFDEH]DSHURODOOXYLDGHJROSHVHUDWDOTXHQRWDUGyHQGREODUODVURGLOODVFRQOD
IUHQWHURVWUR\RUHMDVPDWHULDOPHQWHPDFKDFDGRV\FXELHUWRVGHVDQJUH8QDYH]FDtGRDTXHOODV
EHVWLDV KXPDQDV VXGRURVDV \ MDGHDQWHV DUUHFLDURQ HQ VXV EDVWRQD]RV KDVWD TXH HO OHJLRQDULR
WHUPLQySRUKDFHUVHXQRYLOORKXQGLHQGRHOURVWURHQODDUHQD(QHVHLQVWDQWH&LYLOLVKL]RXQD
VHxDODXQRGHORVFHQWXULRQHV<DTXHOFRORVRGHFDVLGRVPHWURVGHDOWXUD\ODHQYHUJDGXUDGH
XQ RVR VH DEULy SDVR D HPSHOORQHV HQWUH OD HQORTXHFLGD FKXVPD $O YHUOH ORV OHJLRQDULRV
FHVDURQ HQ VXV DFRPHWLGDV < HO VLOHQFLR DSHQDV URWR SRU ODV DJLWDGDV UHVSLUDFLRQHV GH ORV
DSDOHDGRUHV UHLQy QXHYDPHQWH HQ HO OXJDU $TXHO FHQWXULyQ OODPDGR /XFLOLR \ D TXLHQ ODV
OHJLRQHV GH 3DQQRQLD KDEtDQ EDXWL]DGR FRQ HO DSRGR GH FHGR DOWHUDP>@ SRUTXH DSHQDV
URPStD XQD YHUJD HQ ODV HVSDOGDV GH XQ VROGDGR SHGtD RWUD \ RWUD GLFLHQGR VLHPSUH FHGR
DOWHUDPFX\DLPDJHQUHVXOWDUtD\DGLItFLOGHERUUDUGHPLPHQWHMXJDUtDXQGHVWDFDGRSDSHO
HQODIODJHODFLyQGHO0DHVWURGH*DOLOHD
/XFLOLRVHVLWXyDXQPHWURGHOUHR/HDUUHEDWyHOSDORDXQRGHORVVROGDGRV\OHYDQWiQGROR
SRUHQFLPDGHVXFDEH]DGHVFDUJyXQJROSHVHFR\SUHFLVRHQODQXFDGHOFRQGHQDGR$OUHFLELU
DTXHOLPSDFWRODFDEH]DGHOOHJLRQDULRVHGREOy\HOFXHUSRVLQYLGD\DVHGHVSORPyVREUHXQR
GHVXVFRVWDGRV
(O DSDOHDPLHQWR IyUPXOD KDELWXDO GH HMHFXFLyQ HQ ODV OHJLRQHV URPDQDV KDEtD
FRQFOXLGR
0LHQWUDV ORV VROGDGRV GHYROYtDQ ORV EDVWRQHV \ VH UHWLUDEDQ OHQWDPHQWH GHO FDPSR GH
HQWUHQDPLHQWR XQR GH ORV PpGLFRV VH DUURGLOOy DQWH OD YtFWLPD SURFHGLHQGR D WRPDU VX SXOVR
3HURHOJROSHGHJUDFLDGHOJLJDQWHVFRFHGRDOWHUDPKDEtDVLGRGHFLVLYRDFRUWDQGRVLQGXGD
ORVVXIULPLHQWRVGHDTXHOGHVHUWRU
&LYLOLV TXH QR SDUHFtD DOWHUDGR HQ OR PiV PtQLPR SRU DTXHO VDQJULHQWR HVSHFWiFXOR
UHVSRQGLyDPLSUHJXQWDVREUHODFDXVDGHDTXHOODHMHFXFLyQH[SOLFiQGRPHTXHDTXHOOHJLRQDULR
KDEtDFRPHWLGRXQRGHORVSHRUHVGHOLWRVHQTXHSXHGHLQFXUULUXQVROGDGRHODEDQGRQRGHVX
SXHVWR GH JXDUGLD>@ 'HVSXpV GH XQ FRQVHMR VXPDUtVLPR ORV WULEXQRV \ RILFLDOHV KDEtDQ
GHFUHWDGRVXPXHUWH
$TXHO WUiJLFR VXFHVR FRPR \D UHIHUt DQWHULRUPHQWH PH KL]R PHGLWDU VREUH OR TXH \R
KDEtDOHtGRHQUHODFLyQFRQHOVXSXHVWRDEDQGRQRGHODJXDUGLDSRUSDUWHGHORVOHJLRQDULRVTXH
YLJLODEDQODWXPEDGH-HV~V<XQSUHVHQWLPLHQWRHPSH]yDIORWDUHQPLFHUHEUR
6L ORV FHQWLQHODV URPDQRV VDEtDQ TXp FODVH GH VXHUWH OHV DJXDUGDED HQ HO VXSXHVWR TXH
GHVHUWDUDQGHODPLVLyQTXHVHOHVHQFRPHQGDEDFyPRHQFDMDUHQWRQFHVDTXHOORVFRPHQWDULRV
GH QXPHURVRV H[pJHWDV FDWyOLFRV TXH DILUPDQ TXH ORV FHQWLQHODV TXH JXDUGDEDQ HO VHSXOFUR
KX\HURQDWHUURUL]DGRV"8QDYH]PiVORVKHFKRVUHJLVWUDGRVHQDTXHODPDQHFHUGHOGRPLQJRQR
LEDQDFRLQFLGLUFRQHVWDVMXVWLILFDFLRQHVWHROyJLFDVWDQDSUHVXUDGDVFRPRIDOWDVGHULJRU
$OSDVDUQXHYDPHQWHSRUHOSDWLRSRUWLFDGR\YHUDDTXHOOHJLRQDULRFRQHOSHVDGRIDUGRD
FXHVWDVQRSXGHUHVLVWLUODWHQWDFLyQHLQWHUURJXpDOFHQWXULyQTXHQRVDFRPSDxDED\DKDFLDHO
W~QHOGHVDOLGDGHOD7RUUH$QWRQLD&LYLOLVPHDFODUyTXHVHWUDWDEDGHODLJQRPLQLDRFDVWLJR
PHQRU $ FDXVD GH DOJXQD IDOWD TXH HO RILFLDO QR PH GHWDOOy DTXHO VROGDGR KDEtD VLGR
FDVWLJDGRDSHUPDQHFHUGXUDQWHWRGRXQGtDFRQXQDFDUJDGHWLHUUDVREUHVXVHVSDOGDV(OLVHR
PH FRQILUPDUtD TXH DTXHO WLSR GH SHQDOL]DFLRQHV KDEtD VLGR LQYHQWDGR SRU HO DQWHULRU
HPSHUDGRU$XJXVWR
/DVROGDGHVFDKDEtDYXHOWRDVXVIDHQDVKDELWXDOHV$OJXQRVVHQWDGRVHQEDQFRVGHPDGHUD
GHSLQRVHDIDQDEDQEDMRORVSyUWLFRVHQODOLPSLH]DGHVXVFLQWXURQHV\HVSDGDVRUHSDVDEDQVXV
VDQGDOLDV5HFXHUGRTXHDOYHUHOFDO]DGRGHXQRGHDTXHOORVVROGDGRVPHOODPyODDWHQFLyQOD
VXHOD7RPpXQDGHODVVDQGDOLDV\DQWHODDWyQLWDPLUDGDGHVXSURSLHWDULRFRQWpORVFODYRVTXH
KDEtDQVLGRLQFUXVWDGRVHQODFDUDH[WHUQDGHODPLVPD&DWRUFH)RUPDEDQXQD6DUUDQFDQGR
GHVGHHOWDFyQ\OOHQDQGRSUiFWLFDPHQWHODWRWDOLGDGGHGLFKDVXHOD&RPRWDPELpQDSXQWpDTXHO
PRUWtIHURFDO]DGRLEDDRFDVLRQDUGRORURVDVOHVLRQHVHQHOFXHUSRGH-HV~VGH1D]DUHW
'HEtDQ VHU ODV WUHV GH OD WDUGH FXDQGR WUDV UHFXSHUDU PL YDUD GH 0RLVpV \ VDOXGDU D
&LYLOLV-RVp\\RFUX]DPRVHOSXHQWHOHYDGL]RGDQGRSRUFRQFOXLGDDTXHOODDJLWDGDHLQVWUXFWLYD
YLVLWDDODVHGHGH3RQFLR3LODWR
$OYHUQRVHQWUDUHQODPDQVLyQGH-RVpHOVDGXFHRDTXLHQ\RKDEtDURJDGRTXHVLJXLHUDORV
SDVRVGH-XGDVHO,VFDULRWH\TXHQRVHVSHUDEDGHVGHSRFRGHVSXpVGHODKRUDVH[WDODVGRFH
GHOPHGLRGtDQRVEHVyHQODPHMLOODHQVHxDOGHELHQYHQLGD
,VPDHOEHQ3KLDEL,GHVFHQGLHQWHGHOTXHIXHUDVXPRVDFHUGRWH6LPyQ\WDPELpQVDGXFHR
>@\DOTXHQXQFDSRGUpDJUDGHFHUORVXILFLHQWHVXOHDOWDGHLQIRUPDFLyQVHDFRPRGyHQHO
SDWLR GRQGH KDEtD WHQLGR OXJDU HO DOPXHU]R FRQ -HV~V \ ORV JULHJRV \ WUDV SRQHU D -RVp HQ
DQWHFHGHQWHVGHODPLVLyQTXHOHKDEtDHQFRPHQGDGRSDVyDUHODWDUQRVORVXFHGLGRHQHOWHPSOR
(O GH$ULPDWHD WDO \ FRPR PH KDEtD UHIHULGR ,VPDHO HQ OD H[SODQDGD GH ORV *HQWLOHV HUD
RWUR GH ORV DPLJRV \ GLVFtSXORV GH -HV~V TXH SRU VXSXHVWR FRQRFtD ODV LUUHJXODULGDGHV GH
-XGDV FRPR DGPLQLVWUDGRU GHO JUXSR DVt FRPR VX FDGD YH] PiV DELHUWD RSRVLFLyQ D ODV LGHDV
VREUHODQDWXUDOH]DGHOUHLQRTXHSUHGLFDEDHO0DHVWUR
(Q HO IRQGR ,VPDHO UHFRQRFLy TXH DTXHO HQFXHQWUR FRQPLJR KDEtD VLGR FRVD GH OD
3URYLGHQFLD0LHQWUDVVHGLULJtDDOLQWHULRUGHOWHPSORHQEXVFDGHLQIRUPDFLyQHOVDGXFHRIXH
PDGXUDQGRXQSODQTXHDOH[SRQpUVHORD-RVppVWHDSUREyDOLQVWDQWH/DGLPLVLyQGHDTXHOORV
PLHPEURV GHO 6DQHGUtQ HQWUH ORV TXH VH HQFRQWUDED KDEtD VLGR TXL]i XQD PHGLGD PX\
SUHFLSLWDGD/RVVHJXLGRUHVGHO0DHVWURFRQRFtDQHOGHFUHWRGHFD]D\FDSWXUDGH-HV~V\QR
WDUGDURQHQODPHQWDUDTXHOPDVLYRDEDQGRQRGHOVXSUHPRyUJDQRGH-XVWLFLD6LQXQKRPEUHGH
FRQILDQ]D TXH SXGLHUD VHJXLU GHVGH GHQWUR ORV SDVRV GHO 6DQHGUtQ OD VHJXULGDG GHO UDEt GH
*DOLOHD\GHWRGRHOJUXSRVHYHtDJUDYHPHQWHFRPSURPHWLGD(UDPHQHVWHUTXHDOJXLHQVLPXODUD
HO UHLQJUHVR HQ HO FRQVHMR GH ORV DFWXDQGR FRPR FRQILGHQWH< DTXpOOD PHGLWy ,VPDHO
SRGtD VHU OD RFDVLyQ GH RUR SDUD HVWUHFKDU OD YLJLODQFLD GH -RVp DOLDV &DLIiV \ GH VXV
SDUWLGDULRV$VtTXHDUPiQGRPHGHYDORUSURVLJXLy,VPDHOPHGLULJtDORVDSRVHQWRVGHO
VXPR VDFHUGRWH VROLFLWDQGR XQD HQWUHYLVWD FRQ pO 3HUR DQWHV \ FRQRFLHQGR FRPR FRQR]FR OD
H[WUHPDYDQLGDG\FRGLFLDGH&DLIiVPHSURFXUpXQDFRSDGHRUR\SODWD>@
1R IXH PX\ GLItFLO VREUH WRGR GHVSXpV GH SRQHU HQ VXV PDQRV DTXHO ULFR SUHVHQWH
FRQYHQFHUD&DLIiVGHPLVKRQHVWDVLQWHQFLRQHVGHYROYHUDOVHQRGHO6DQHGUtQ'HVSXpVGH
SURIXQGDV UHIOH[LRQHV OH GLMH KH WHUPLQDGR SRU FRPSUHQGHU TXH OD UD]yQ WH DVLVWH UHVXOWD
EODVIHPRTXHHVWHJDOLOHRYD\DSUHJRQDQGRODUHVXUUHFFLyQGHORVPXHUWRV(OVXPRVDFHUGRWH
VHDOHJUyGHHVWDGHFLVLyQPtDHQFRPHQGiQGRPHTXHDERJDUDFHUFDGHOUHVWRGHORVGLVLGHQWHV
SDUDTXHVLJXLHUDQPLHMHPSOR
*UDFLDVDHVWDDUJXFLDTXHULGRVDPLJRVSXGHWHQHUDFFHVRHVWDPLVPDPDxDQDDXQDUHXQLyQ
LQIRUPDO GH &DLIiV FRQ HO 6DQHGUtQ \ HQ OD TXH VLQ \R LPDJLQDUOR -XGDV LED D VHU XQR GH ORV
SURWDJRQLVWDV
,VPDHOKL]RXQDSDXVD\WRPDQGRPLVPDQRVHQWUHODVVX\DVDxDGLy
<WRGRWHORGHEHPRVDWLKHUPDQR-DVyQ4XH'LRVEHQGLWRVHDVXQRPEUHWHEHQGLJD
(Q OR PiV SURIXQGR GH PL VHU HPSH]y D EURWDU VLQ HPEDUJR XQD LQFyPRGD LQFHUWLGXPEUH
4Xp HUD OR TXH KDEtD RFXUULGR DTXHOOD PDxDQD HQ HO WHPSOR" 3RU TXp ,VPDHO DJUDGHFtD WDQ
HIXVLYDPHQWHPLLGHDGHVHJXLUD-XGDV"
8QD KRUD GHVSXpV GH OD WHUFLD KDFLD ODV GLH] GH OD PDxDQD FRPR RV GHFtD OD FDVL
WRWDOLGDGGHO6DQHGUtQVHUHXQLyHQODVDODGHODVSLHGUDVWDOODGDV'XUDQWHXQEXHQUDWRORVDOOt
FRQJUHJDGRVGLVFXWLHURQODQDWXUDOH]DGHORVFDUJRVFRQWUD-HV~V\HVSHFLDOPHQWHODIRUPDGHO
SUHQGLPLHQWR \ OD IyUPXOD D VHJXLU SDUD FRQGXFLUOH KDVWD OD DXWRULGDG URPDQD \ JDUDQWL]DU OD
HMHFXFLyQGHODVHQWHQFLDGHPXHUWH(VWH~OWLPRSXQWRHVHOTXHWRGDYtDSUHRFXSDD&DLIiV\DORV
HVFULEDV\IDULVHRV6DEHQTXHHOSURFXUDGRUQRHVKRPEUHIiFLO\QRKDQWHUPLQDGRSRUSRQHUVH
GHDFXHUGRVREUHORVDUJXPHQWRVMXUtGLFRVTXHGHEHQSODQWHDUOH
6HJ~Q DYHULJXy ,VPDHO OD QRFKH DQWHULRU OD GHO PDUWHV \ PLHQWUDV -HV~V \ VXV GLVFtSXORV
UHJUHVDEDQDOFDPSDPHQWRGH*HWVHPDQtHO6DQHGUtQKDEtDYXHOWRDUHXQLUVHDQDOL]DQGRDTXHO
~OWLPR GLVFXUVR GHO *DOLOHR HQ OD H[SODQDGD GHO WHPSOR 7RGRV SRU XQRV X RWURV PRWLYRV
UDWLILFDURQ ODV DQWHULRUHV GHFLVLRQHV GHO &RQVHMR DSUHPLDQGR D &DLIiV SDUD TXH SURFHGLHUD GH
LQPHGLDWR\VLQPiVGHPRUDVDODUUHVWRGH-HV~VGH1D]DUHW6RVSHFKDQGRTXHHOUDEtGH*DOLOHD
QR KDUtD DFWR GH SUHVHQFLD HQ HO WHPSOR DO GtD VLJXLHQWH PLpUFROHV HO VXPR VDFHUGRWH \ ORV
FRQVHMHURVFXUVDURQXQDQXHYD\PiVSUHFLVDRUGHQDORVOHYLWDVSDUDTXHODFDSWXUDWXYLHUDOXJDU
DQWHV GHO YLHUQHV 6LQ HPEDUJR XQD SUHJXQWD TXHGy IORWDQGR HQ HO DLUH FyPR SUHQGHU DO
LPSRVWRUVLQDOWHUDUDODVPDVDV\VREUHWRGRVLQSURYRFDUDODJXDUQLFLyQURPDQDUHVSRQVDEOH
GHO RUGHQ HQ -HUXVDOpQ" (O JUXSR GH ORV VDGXFHRV VH PRVWUy PXFKR PiV UDGLFDO TXH HO GH ORV
HVFULEDV \ IDULVHRV YRWDURQ SRU HO DVHVLQDWR GHO UDEt 6LQ HPEDUJR ORV IDULVHRV UHFKD]DURQ OD
SURSXHVWDSRUFRQVLGHUDUODPX\DUULHVJDGD
'LFHV TXH HQ OD DVDPEOHD GH HVWD PDxDQD LQWHUUXPSt DO VDGXFHR VH KDQ YXHOWR D
H[SRQHUORVFDUJRVFRQWUDHO0DHVWUR
$VtHV
3RGUtDVFRQFUHWiUPHORV"
3DUDORVIDULVHRVORVPRWLYRVVRQGLVWLQWRVDORVGHORVVDGXFHRV$TXHOORVVHEDVDQHQOR
VLJXLHQWH
3ULPHURWHPHQD-HV~VSRUTXHVRQPX\FRQVHUYDGRUHV\QRGHVHDQTXHODJHQWHOHVUHWLUHVX
YLHMRSUHVWLJLRFRPRPDHVWURVHQUHOLJLyQ
6HJXQGRVRVWLHQHQTXH-HV~VHVXQLQIUDFWRUGHOD/H\$VHJXUDQTXHKDYLRODGRHOViEDGR\
RWUDVPXFKDVFHUHPRQLDVVDJUDGDV
7HUFHURFRQVLGHUDQXQDEODVIHPLDTXHVHDXWRSURFODPHFRPR+LMRGHO'LYLQR
<FXDUWR\~OWLPRVHVLHQWHQRIHQGLGRVSRUHVD~OWLPDGHQXQFLDGHOUDEtHQHOWHPSOR
(QFXDQWRDORVVDGXFHRVVXVGHVHRVGHYHUPXHUWRDQXHVWUR0DHVWURVHEDVDQHQHVWR
3ULPHUR WHPHQ TXH OD FUHFLHQWH VLPSDWtD GHO SXHEOR SRU -HV~V SRQJD HQ JUDYH SHOLJUR OD
H[LVWHQFLD GHOD QDFLyQ /RVURPDQRV GLFHQQRDFHSWDUiQ MDPiV XQ PRYLPLHQWR UHYROXFLRQDULR
FRPRHOTXHSDUHFHSUHGLFDU-HV~V
6HJXQGRHVDH[WUDxDGRFWULQDGHOUDEtGH*DOLOHDSUHJRQDQGRODKHUPDQGDGHQWUHWRGRVORV
KRPEUHV OHV SDUHFH XQ LQVXOWR 6RQ HOORV ORV ~QLFRV UHVSRQVDEOHV GHO RUGHQ VRFLDO \ WLHPEODQ
DQWHVHPHMDQWHFRUULHQWHILORVyILFD
< WHUFHUR OD OLPSLH]D GHO WHPSOR SRU SDUWH GHO 0DHVWUR SURYRFDQGR HO GHUULER GH ODV
PHVDVGHORVFDPELVWDV\VXUHWLUDGDGHODWULRKDFROPDGRVXSDFLHQFLD6HJ~QPLVQRWLFLDVVXV
SpUGLGDVHFRQyPLFDVKDQVLGRPX\FXDQWLRVDV&RPRVXSRQJRTXHVDEHVWDQWR&DLIiVFRPRVX
VXHJUR$QiVWLHQHQSDUWHHQHOQHJRFLRGHORVLQWHUPHGLDULRV\FDPELVWDVGHPRQHGDV$XQTXH
HO0DHVWURIXHUDHODXWpQWLFROLEHUWDGRUGH,VUDHOHOVXPRVDFHUGRWHWLHQHVXFRUD]yQDKRJDGRSRU
HORGLR\HOUHVHQWLPLHQWR\QRFHMDUiKDVWDHOLPLQDUOR
,VPDHOPLUyD-RVpFRQXQDSURIXQGDWULVWH]D\DxDGLy
6XVXHUWHHVWiHFKDGD
7UDWp GHQR GHVYLDU PiVOD FRQYHUVDFLyQ\VXSOLTXp DOVDGXFHRTXHQRVLQIRUPDUD VREUH OR
UHJLVWUDGRDTXHOODPLVPDPDxDQD
3XHVYHUpLV6HJ~QPLVDYHULJXDFLRQHVGXUDQWHHOPDUWHV-XGDVFHOHEUyXQDUHXQLyQFRQ
DOJXQRVGHVXVDPLJRV\SDULHQWHV(QWUHORVSULPHURVVHKDOODEDQVDGXFHRVtQWLPRVGHODIDPLOLD
GHVXSDGUH<IXHURQpVWRVORVTXHOHDQLPDURQDGDUHOSDVRTXHIDWtGLFDPHQWHDFDEDGHGDU(O
,VFDULRWHOHVKDEtDGLFKRTXHGHVSXpVGHPXFKRPHGLWDUKDEtDOOHJDGRDODFRQFOXVLyQGHTXHVX
SHUPDQHQFLDHQHOJUXSRGH-HV~VKDEtDVLGRXQHUURU
3RUTXp"YROYtDLQWHUUXPSLUOHDUGLHQGRHQGHVHRVGHFRQRFHUODVYHUGDGHUDVUD]RQHV
TXHKDEtDQHPSXMDGRD-XGDV
6HJ~Q GLMR HO 0DHVWUR HUD VyOR XQ LGHDOLVWD XQ VRxDGRU ELHQLQWHQFLRQDGR SHUR QR HO
HVSHUDGR OLEHUWDGRU GH ,VUDHO< DxDGLy TXH VX REVHVLyQ HUD HQFRQWUDU HO PRGR GH UHWLUDUVH GH
DTXHO PRYLPLHQWR GH XQD IRUPD VDWLVIDFWRULD (VWD FRQIHVLyQ GH -XGDV IXH KiELOPHQWH
DSURYHFKDGDSRUORVVDGXFHRVTXHHQYROYLHURQVXFRUD]yQDVHJXUiQGROHTXHVXUHQXQFLDVHUtD
PX\ ELHQ DFRJLGD SRU ORV GLJQDWDULRV VDFHUGRWDOHV < OOHJDURQ D SURPHWHUOH LQFOXVR JUDQGHV
KRQRUHV\XQUHFRQRFLPLHQWRS~EOLFRVXILFLHQWHFRPRSDUDHOHYDUVXSUHVWLJLRHQWUHORVKHEUHRV\
ERUUDUHVDGHVDIRUWXQDGDDVRFLDFLyQFRQORVSRFRLOXVWUDGRVJDOLOHRV
$TXHOOD WUDPSD IXH OD SHUGLFLyQ GH -XGDV &RQRFLHQGR VX DJXGR VHQWLGR GHO ULGtFXOR \ VX
LUUHIUHQDEOH DPELFLyQ ODV SURPHVDV GH KRQRUHV GLJQLGDGHV \ UHFRQRFLPLHQWR S~EOLFRV
GHVHQFDGHQDURQ LUUHYHUVLEOHPHQWH VX \D DQWLJXD GHFLVLyQ GH GHVHUWDU GHO JUXSR GH -HV~V
&XULRVDPHQWH\FUHRTXHHVWHSXQWRHVGHVXPDLPSRUWDQFLD-XGDVQRSHQVyHQHORURDOD
KRUDGHYHQGHUDVX0DHVWUR(VRIXHXQDPHUDFRQVHFXHQFLD3XHVWRVDSHQVDUFRQREMHWLYLGDG
TXpSRGtDQLPSRUWDUOHODVPRQHGDVGHSODWDFXDQGRpOMXVWDPHQWHHUDHOWHVRUHURGHOJUXSR\
YHQtDPDQHMDQGR\GLVSRQLHQGRGHVGHKDFtDWUHVDxRVGHOGLQHURGHWRGRV"'HERUHFRUGDUDHVWH
UHVSHFWR TXH DQWHV GH OD HQWUDGD WULXQIDO GH -HV~V HQ -HUXVDOpQ HQ OD PDxDQD GHO GRPLQJR HO
,VFDULRWHHQXQUDVJRGHLQGXGDEOHKRQUDGH]SXVRODEROVDFRP~QHQPDQRVGH6LPyQHO
OHSURVR6L-XGDVKXELHUDDFDULFLDGRODLGHDGHOGLQHURFRPR~QLFDUD]yQGHVXWUDLFLyQORPiV
OyJLFRHVTXHFRQVXKXLGDVHKXELHVHDSRGHUDGRGHWRGRRSDUWHGHOIRQGRHFRQyPLFRGHO
PRYLPLHQWRGHOTXHHUDDGPLQLVWUDGRU&RPRLUHPRVYLHQGRODVPRWLYDFLRQHVGHODSyVWROHUDQ
PX\GLVWLQWDV\PXFKRPiVSURIXQGDV
-XGDVFRQIHVyDVXVSDULHQWHV\DPLJRVTXHHVWDEDFRQYHQFLGRTXHODPLVLyQGHVX0DHVWURQR
SRGtDSURVSHUDU(QIUHQWDUVHDVtDORVSRGHURVRVPLHPEURVGHO6DQHGUtQVyORSRGtDRFXUUtUVHOHD
XQ ORFR\ pOVHJ~QVXV SURSLDV SDODEUDVQRTXHUtDSHUHFHUFRQHO UHVWRD PDQRV GH ODMXVWLFLD
MXGtDRURPDQD
(QHOIRQGRFRPHQWy,VPDHOTXHFRQRFtDPX\ELHQODWRUWXRVDSHUVRQDOLGDGGHOWUDLGRU
ORTXH-XGDVQRSDUHFHVRSRUWDUHVTXHVHOHLGHQWLILTXHDOJ~QGtDFRQXQPRYLPLHQWRIUDFDVDGR
$ HVWDV PDQLIHVWDFLRQHV GHO VDGXFHR PH DWUHYt D DxDGLU XQ KHFKR \D FRPHQWDGR SRU Pt
DQWHULRUPHQWH TXH WDPELpQ HQ RSLQLyQ GH PLV DPLJRV KDEtD VLGR IXOPLQDQWH D OD KRUD GH
HQWHQGHUHOFRPSRUWDPLHQWRGH-XGDV0HUHIHUtDOLQFLGHQWHGHOIUDVFRGHSHUIXPHTXHGHUUDPy
0DUtDVREUH-HV~V\DODGXUDFUtWLFDGHTXHIXHREMHWRHO,VFDULRWHSRUSDUWHGHO0DHVWUR\WDQWR
-RVpFRPR,VPDHOUHSLWRVHPRVWUDURQGHDFXHUGRHQTXH\DHQHVRVPRPHQWRVODPHQWHGHO
VXVFHSWLEOHGLVFtSXORHPSH]yDPDTXLQDUODIRUPDGHYHQJDUVH
6tUHSXVR-RVp-XGDVHVXQKRPEUHUHVHQWLGR(QPLRSLQLyQMDPiVSHUGRQyDO0DHVWUR
TXH QR OH GLVWLQJXLHUD GHO UHVWR WDO \ FRPR KD KHFKR FRQ -XDQ 3HGUR \ 6DQWLDJR (V SUREDEOH
ODPHQWyHODQFLDQRTXHORVWRUFLGRViQLPRVGH-XGDVYD\DQWDQWRHQFRQWUDGH-HV~VFRPRGH
HVRVWUHVFRPSDxHURV
(OFDVRHVTXHGHVSXpVGHODUHXQLyQGHO6DQHGUtQFRQWLQXyHOVDGXFHR&DLIiVRUGHQy
ODHQWUDGDHQODVDODGH-XGDV\GHXQRGHVXVIDPLOLDUHV6HJ~QHQWHQGtVHWUDWDEDGHXQSULPR
VX\R(VWHDSHWLFLyQGHO&RQVHMRIXHHOSULPHURHQKDEODU3UHVHQWyD-XGDVDEXUULpQGRQRVD
WRGRVFRQXQDODUJDSHURUDWDHQODTXHTXLVRMXVWLILFDUODGHFLVLyQGHVXSULPRGHDEDQGRQDUHO
JUXSR GHO *DOLOHR $ILUPy TXH -XGDV KDEtD GHVFXELHUWR VX HUURU \ TXH GHVHDED KDFHU S~EOLFD
UHQXQFLDGHVXDVRFLDFLyQFRQ-HV~V$FDPELRVROLFLWDEDHOSHUGyQODFRQILDQ]D\ODDPLVWDGGH
ORV DOWRV GLJQDWDULRV DOOt FRQJUHJDGRV< FRPR SUXHED GH VX VLQFHULGDG HO SRUWDYR] GH -XGDV
H[SOLFyTXHVXSDULHQWHHVWDEDGLVSXHVWRDIDFLOLWDUHODUUHVWRVLOHQFLRVR\VHFUHWRGHO1D]DUHQR
HYLWDQGR DVt HO SHOLJUR GHO OHYDQWDPLHQWR GH OD PXOWLWXG \ XQ QXHYR \ SRVLEOH UHWUDVR HQ VX
FDSWXUDFRPRFRQVHFXHQFLDGHODLQPLQHQWHILHVWDGHOD3DVFXD
$TXHOODV ~OWLPDV DILUPDFLRQHV GHO SULPR GH -XGDV DQLPDURQ H[WUDRUGLQDULDPHQWH D ORV
PLHPEURVGHO6DQHGUtQTXHYHtDQDVtXQDQXHYDOX]SDUDSURFHGHUDODSUHVDPLHQWRGHOLPSRVWRU
&DLIiV HQWRQFHV LQYLWy D -XGDV SDUD TXH VH UDWLILFDVH HQ OR TXH DFDEiEDPRV GH RtU< HO
WUDLGRUGDQGRXQRVSDVRVKDFLDODSUHVLGHQFLDUHVSRQGLyFRQWDQWDILUPH]DFRPRIULDOGDG+DUp
WRGRFXDQWRKDSURPHWLGRPLSULPR4XLHURTXH-HV~VTXHGHEDMRYXHVWUDFXVWRGLD$FDPELRRV
SLGRXQUHFRQRFLPLHQWRS~EOLFR
$TXHOOD SDODEUD FXVWRGLD UHSHWLGD YDULDV YHFHV SRU ,VPDHO LED D UHVXOWDU GH VXPD
WUDVFHQGHQFLD SDUD -XGDV 6X UHLWHUDFLyQ D OD KRUD GH H[LJLU OD FXVWRGLD GHO 0DHVWUR QR HUD
JUDWXLWD&RPRYHUHPRVHQVXPRPHQWRDPpQGHODSURIXQGDGHVLOXVLyQGHOWUDLGRUUHVSHFWRDORV
VDFHUGRWHV-XGDVQRSHQVyMDPiVTXHVX0DHVWURIXHUDHMHFXWDGRVLQRVLPSOHPHQWHHQFDUFHODGR
RFXVWRGLDGR
&UHRTXHHOWUDLGRUSURVLJXLy,VPDHOYLVLEOHPHQWHGHFHSFLRQDGRQRFDSWyODPLUDGDGH
GHVSUHFLRGH&DLIiV6L-XGDVKXELHUDFDtGRHQODFXHQWDGHODWUDPSDTXHOHHVWDEDQWHQGLHQGR
SUREDEOHPHQWHQRKXELHUDDFHSWDGRDTXHOODVLWXDFLyQ
3HUR HO ODGLQR &DLIiV QR GHMy WUDVOXFLU VXV YHUGDGHUDV LQWHQFLRQHV \ HYLWDQGR ORV
SODQWHDPLHQWRVGH-XGDVOHUHVSRQGLy7~GHEHUiVDFRUGDUFRQHOMHIHGHORVOHYLWDVODIRUPDGH
WUDHUQRVDHVHJDOLOHRHVWDPLVPDQRFKHRDORVXPRPDxDQDMXHYHVGHVSXpVGHODSXHVWDGHVRO
&XDQGRQRVKD\DVLGRHQWUHJDGRUHFLELUiVWXUHFRPSHQVD
$O HVFXFKDU ODV SDODEUDV GHO VXPR VDFHUGRWH ORV RMRV GH -XGDV EULOODURQ FRQ XQD OX]
HVSHFLDO 6H VHQWtD VDWLVIHFKR \ DVt OR PDQLIHVWy S~EOLFDPHQWH 'HVSXpV VDOLy GH OD VDOD
FHOHEUDQGRXQDODUJDHQWUHYLVWDFRQHOMHIHGHODSROLFtDGHO7HPSOR<RQRSXGHUHWLUDUPHGHO
FRQVHMRGHO6DQHGUtQSHURDOUDWRVXSHTXHORVOHYLWDVVLJXLHQGRODVLQVWUXFFLRQHVGHOWUDLGRU
KDEtDQ ILMDGR OD GHWHQFLyQ GHO 0DHVWUR SDUD OD QRFKH GH PDxDQD MXHYHV XQD YH] TXH ORV
SHUHJULQRV \ YHFLQRV GH -HUXVDOpQ VH KD\DQ UHWLUDGR D VXV KRJDUHV 3RU HO SURSLR -XGDV ORV
OHYLWDVKDEtDQVDELGRTXHHO1D]DUHQRVHKDOODEDDXVHQWHGHOFDPSDPHQWRGH*HWVHPDQt\TXHHQ
FRQVHFXHQFLDDOQRSRGHUFRQRFHUFRQH[DFWLWXGHOPRPHQWRGHOUHJUHVRGHO0DHVWURVXFDSWXUD
KDEtDVLGRDSOD]DGDKDVWDODQRFKHVLJXLHQWH&RQHOILQGHFRQFUHWDUD~QPiVORVGHWDOOHVVREUHHO
OXJDU\PRPHQWRDGHFXDGRVGHODSUHVDPLHQWRHOMHIHGHODSROLFtDMXGtDKDEtDSHGLGRD-XGDVTXH
VHSHUVRQDVHHQHO7HPSORGXUDQWHODPDxDQDGHOGtDVLJXLHQWH
8OWLPDGD OD VHFUHWD FDSWXUD GH -HV~V ORV VDFHUGRWHV DOOt UHXQLGRV UHVSLUDURQ DOLYLDGRV
IHOLFLWiQGRVH PXWXDPHQWHSRUOD LQHVSHUDGD\SURYLGHQFLDO SUHVHQFLDGHDTXHO UHQHJDGR<DOOt
PLVPRGHVSXpVGHXQDFRUWDGLVFXVLyQ&DLIiVILMy\DHOSUHFLRGHODFRPSUDGH-HV~VWUHLQWD
VHTHO GH SODWD>@ $OJXQRV GH ORV VDGXFHRV FUH\HQGR TXH HO 6DQHGUtQ LED D FXPSOLU VX
SURPHVDGHJORULILFDUD-XGDVHVWLPDURQTXHDTXHOGLQHURHUDH[FHVLYR3HURHOVXPRVDFHUGRWH
OHVKL]RYHU\FRPSUHQGHUTXHQRHUDQHVDVVXVLQWHQFLRQHV
8QGHVRODGRUVLOHQFLRSXVRSXQWRILQDODDTXHOODUHXQLyQHQFDVDGH-RVpHOGH$ULPDWHD
&RPR PX\ ELHQ KDEtD VHxDODGR ,VPDHO OD VXHUWH GHO 0DHVWUR HVWDED HFKDGD D QR VHU
FODURTXHDTXHOORVGRVKRPEUHVDFWXDUDQGHLQPHGLDWR
$QWHV GH SDUWLU KDFLD HO FDPSDPHQWR GH *HWVHPDQt -RVp H ,VPDHO VH HQ]DU]DURQ HQ XQD
GLVFXVLyQTXHPHKL]RWHPEODU3RUSULPHUDYH]HQHOWUDQVFXUVRGHPLPLVLyQPLLQWHUYHQFLyQD
SHVDU GH WRGDV ODV SUHFDXFLRQHV HVWDED D SXQWR GH SURYRFDU DOJR LUUHPHGLDEOH 7DQWR HO GH
$ULPDWHDFRPRHOVDGXFHRHVWLPDEDQTXHKDEtDTXHGHQXQFLDUD-XGDV\DOHUWDUDODWRWDOLGDGGHO
JUXSR6XDIiQHUDWRWDOPHQWHFRPSUHQVLEOH6LQHPEDUJR\HQXQ~OWLPRHVIXHU]RSRUQRDOWHUDU
ORVDFRQWHFLPLHQWRVWUDWpGHKDFHUOHVFRPSUHQGHUTXHDTXpOODQRHUDODDFWLWXGPiVLQWHOLJHQWH
(VWR\ FRQIRUPH OHV GLMH FRQ YXHVWUR UHFWR GHVHR GH DGYHUWLU DO 0DHVWUR SHUR TXp
JDQiLVFRQKDFHUS~EOLFDODWUDLFLyQGHO,VFDULRWH"
1LHODQFLDQRQL,VPDHOSDUHFtDQFRPSUHQGHUPH<PHYLREOLJDGRDUHFXUULUDXQDUJXPHQWR
TXHWHUPLQySRUVHUDFHSWDGRSRUDPERV
6DEpLVGHODYLHMDHQHPLVWDG\GHORVFHORVGH-XGDVKDFLDKRPEUHVFRPR-XDQ3HGUR\
6DQWLDJR 6L pVWRV OOHJDVHQ D VRVSHFKDU VLTXLHUD OR TXH DFDED GH SODQHDU VX FRPSDxHUR TXp
FUHpLVTXHRFXUULUtD"
0LVDPLJRVDVLQWLHURQFRQVXVLOHQFLR
+DEODGHQVHFUHWRFRQHO0DHVWURSURVHJXtVLDVtORHVWLPiLVSHURQRFDUJXpLVHO\D
HQUDUHFLGRDPELHQWHGHOJUXSR 'HMDGTXH VHD-HV~VUHPDFKp TXLHQKDEOH FRQ -XGDVVL OR
FRQVLGHUDSUXGHQWH(OUDEtDPDWDPELpQDO,VFDULRWH\VDEUiORTXHGHEHKDFHUVH
7UDVXQDHQFHQGLGDGLVFXVLyQ,VPDHO\-RVpDFHSWDURQPLSURSXHVWD\ORVWUHVDSURYHFKDQGR
ODV~OWLPDVOXFHVGHOGtDQRVHQFDPLQDPRVKDFLDODIDOGDGHOPRQWHGHORV2OLYRV(ODQFLDQR\
HOVDGXFHRFRQOD~QLFD\H[FOXVLYDILQDOLGDGGHKDEODUFRQ-HV~VGH1D]DUHW\\RFRQHODOPD
HQFRJLGD DQWH OD SRVLELOLGDG GH TXH PL H[FHVR GH FHOR SRU VHJXLU ORV SDVRV GH -XGDV SXGLHUD
SURYRFDUXQDFDWiVWURIH
&XDQGRHQWUDPRVHQHOFDPSDPHQWRODVPXMHUHVKDEtDQSUHSDUDGRXQDUHFRQIRUWDQWHKRJXHUD
-HV~V QR KDEtD UHJUHVDGR D~Q \ ORV GLVFtSXORV LQTXLHWRV \ PDOKXPRUDGRV LEDQ \ YHQtDQ
UHSURFKiQGRVH PXWXDPHQWH VX IDOWD GH GHFLVLyQ SRU QR KDEHU HVFROWDGR DO 0DHVWUR 3HGUR PiV
DOWHUDGRTXHHOUHVWROOHJyDSURSRQHUTXHXQJUXSRGHKRPEUHVDUPDGRVVDOLHUDHQVXE~VTXHGD
3HUR$QGUpV FRQ VX KDELWXDO VHUHQLGDG OHV UHFRUGy ODV SDODEUDV GHO UDEt KDFLpQGROHV YHU
TXH VL pO KDEtD GLFKR TXH QLQJ~Q KRPEUH OH SRQGUtD VXV PDQRV HQFLPD DQWHV GH TXH KXELHUD
OOHJDGRVXKRUDDVtGHEHUtDVHU
0LHQWUDVDJXDUGiEDPRVHOUHWRUQRGH-HV~V\-XDQ0DUFRV'DYLG=HEHGHRVHXQLyDOJUXSR
TXHIRUPiEDPRV -RVp HOGH$ULPDWHD ,VPDHOEHQ 3KLDEL\ \R\FRQ JUDQVLJLOR QRV FRPXQLFy

TXHVXVDJHQWHVHQ-HUXVDOpQOHKDEtDQLQIRUPDGR\DGHOFRPSORWTXHVHHVWDEDIUDJXDQGRSDUD
DFDEDUFRQODYLGDGHO0DHVWUR1RVPLUDPRVVLQVDEHUTXpKDFHU3HUR-RVpFRQRFtDGHDQWLJXR
ODHVSHFLDOGLVFUHFLyQTXHGLVWLQJXtDDDTXHODVWXWRGLVFtSXOR\QRVWUDQTXLOL]y&RQJUDQDOLYLR
SRU PL SDUWH OD UHXQLyQ GH -XGDV FRQ HO 6DQHGUtQ KDEtD LGR ILOWUiQGRVH SRFR D SRFR \ ORV
KRPEUHVTXHWUDEDMDEDQSDUDHO=HEHGHRQRWDUGDURQHQLQIRUPDUOH'HVGHKDFtDDxRVHOJUXSR
GH -HV~V GLVSRQtD GH XQD FXULRVD UHG GH FRUUHRV R HPLVDULRV RUJDQL]DGRV \ GLULJLGRV SRU
'DYLG =HEHGHR FX\R WUDEDMR HUD OD WUDQVPLVLyQ GH QRWLFLDV 'H HVWD IRUPD ORV QXPHURVRV
DPLJRVIDPLOLDUHV\VLPSDWL]DQWHVGHOPRYLPLHQWRHVWDEDQDOWDQWRGHORVPHQVDMHV\FRQVLJQDV
TXH HPDQDEDQ GH -HV~V R GH VXV KRPEUHV 'DYLG KDEtD LGR YLHQGR FyPR ODV UHODFLRQHV GH VX
0DHVWUR FRQ ORV PLHPEURV GHO 6DQHGUtQ VH GHWHULRUDEDQ SDVR D SDVR \ SRU SURSLD LQLFLDWLYD
DTXHOPLpUFROHVKDEtDGHFLGLGRPRQWDUHQHOFDPSDPHQWRGH*HWVHPDQtXQFXHUSRHVSHFLDOGH
PHQVDMHURV $O LJXDO TXH /i]DUR \ VXV KHUPDQDV DTXHO MXGtR GH PHQWH FODUD \ JUDQ YDOHQWtD
SDUHFtD KDEHU HQWHQGLGR PXFKR PHMRU TXH ORV DSyVWROHV FXiO LED D VHU HO ILQ GH -HV~V 6LQ
HPEDUJR MDPiV OH YL H[SRQHU HVWRV WHPRUHV DQWH HO UHVWR GH ORV tQWLPRV GHO 1D]DUHQR <
VLJXLHQGR HVWD PLVPD \ VLJLORVD FRQGXFWD 'DYLG QRV FRPXQLFy VXV SHVLPLVWDV LPSUHVLRQHV
KDFLpQGRQRV VDEHU LJXDOPHQWH TXH HQ SUHYLVLyQ GH PDOHV PD\RUHV XQR GH VXV FRUUHRV
HQYLDGRSRUpOYDULRVGtDVDQWHVDODSREODFLyQGH%HWK6DLGDDOQRUWHGHOODJRGH*HQD]DUHW
KDEtDOOHYDGRUHFDGRDVXPDGUH\D0DUtDODPDGUHGH-HV~VSDUDTXHYLDMDVHQGHLQPHGLDWRD
-HUXVDOpQ (VH PHQVDMHUR KDEtD UHJUHVDGR KDFLD ODV FXDWUR GH OD WDUGH GH DTXHO PLpUFROHV
FRPXQLFiQGROHD=HEHGHRTXHODVPXMHUHV\SDUWHGHODIDPLOLDGHO*DOLOHRHVWDEDQ\DHQFDPLQR
\TXHTXL]iHQWUDVHQHQHOFDPSDPHQWRHVWDPLVPDQRFKHRDORPiVWDUGDUSRUODPDxDQDGHO
MXHYHV-RVpDJUDGHFLyHQQRPEUHGHWRGRVODFRQILDQ]DTXHKDEtDGHPRVWUDGR'DYLGDOSRQHUQRV
DO FRUULHQWH GH HVWRV SRUPHQRUHV \ HQ FRPSHQVDFLyQ \ VXSOLFiQGROH TXH PDQWXYLHUD OD ERFD
FHUUDGDFRQILUPyODVQRWLFLDVGHO=HEHGHRVREUHODWUDLFLyQGH-XGDV
3HURQXHVWUDFRQYHUVDFLyQVHYLRV~ELWDPHQWHLQWHUUXPSLGDSRUXQDFUHFLHQWHDJLWDFLyQHQWUH
ORVGLVFtSXORVTXHGHDPEXODEDQSRUHOKXHUWR$QGUpVVHSUHFLSLWyVREUHQRVRWURVVROWiQGRQRVD
ERFDMDUUR
+DFRUULGRODQRWLFLDGHTXH/i]DURKDKXLGRGH%HWDQLD
'DYLGVRQULyLUyQLFDPHQWH<FXDQGR$QGUpVVHKXERDOHMDGRFRPHQWyFRQSHVDGXPEUH
1RRVDODUPpLV+DVLGRXQRGHPLVPHQVDMHURVTXLHQKDOOHYDGRD/i]DURODQRWLFLDGHTXH
HO 6DQHGUtQ VH GLVSRQtD D SUHQGHUOH KR\ PLVPR 7LHQH yUGHQHV GH GLULJLUVH D )LODGHOILD \
UHIXJLDUVHHQODFDVDGH$EQHU
1RFRQVLGHUpRSRUWXQRSUHJXQWDUTXLpQHUDHOWDO$EQHUDXQTXHLPDJLQpTXHVHWUDWDEDGHXQR
GHORVVHJXLGRUHVGH-HV~VHQOD3HUHDDORWURODGRGHO-RUGiQ
-RVp TXHGy PX\ LPSUHVLRQDGR (VWLPDED PXFKR DO UHVXFLWDGR \ DO FRQRFHU OR VXFHGLGR
HPSH]y D YDORUDU HQ WRGD VX GLPHQVLyQ OD JUDYtVLPD UHVROXFLyQ GH &DLIiV \ GH VXV
VDFHUGRWHVGHDUUHVWDUDO0DHVWUR3HURVREUHSRQLpQGRVHDJXDUGySDFLHQWHPHQWHDTXHOOHJDUD
-HV~V
0X\FHUUDGD\DODQRFKHHOJLJDQWH\0DUFRVLUUXPSLHURQHQHOFDPSDPHQWRWDQVRORVFRPR
KDEtDQPDUFKDGR-HV~VVROWyHOOLHQ]RTXHKDEtDDQXGDGRHQWRUQRDVXVFDEHOORV\PRVWUiQGRVH
GH XQ KXPRU H[FHOHQWH VDOXGy D VXV DPLJRV VHQWiQGRVH MXQWR DO IXHJR WDO \ FRPR WHQtD SRU
FRVWXPEUH
3HUR OD DFRJLGD QR IXH PX\ FDOXURVD $TXHOORV KRPEUHV HVWDEDQ GHPDVLDGR DVXVWDGRV \
FRQIXVRVFRPRSDUDVHJXLUODVEURPDVGHVX0DHVWUR(QHOIRQGRVHKDEtDQDFRVWXPEUDGRDVX
SUHVHQFLD\DTXHOODMRUQDGDVLQpOOHVKDEtDUHVXOWDGRH[WUHPDGDPHQWHODUJD\YDFtD-HV~VQRWy
HQVHJXLGDHODPELHQWHWHQVR\ODVFDUDVODUJDV6LQHPEDUJRQDGLHVHDWUHYLyDSUHJXQWDUOH1L
XQRVRORWXYRYDORUSDUDFRQWDUOHHOUXPRUVREUHODSUHFLSLWDGDKXLGDGH/i]DUR
$SHVDUGHHOORHO*DOLOHRWUDWySRUWRGRVORVPHGLRVGHERUUDUDTXHOODDWPyVIHUDFDUJDGD\
GXUDQWHXQEXHQUDWRVHLQWHUHVySRUODVIDPLOLDVGHORVGLVFtSXORV$OOOHJDUD'DYLG=HEHGHR
-HV~V IXH PXFKR PiV FRQFUHWR LQWHUURJiQGROH VREUH VX PDGUH \ KHUPDQD PHQRU 3HUR 'DYLG
EDMDQGRORVRMRVKDFLDHOVXHORQRUHVSRQGLy(VWDEDFODURTXHHOMHIHGHORVFRUUHRVTXHQR
FHVDEDQ GH HQWUDU \ VDOLU GHO FDPSDPHQWR KDEtD SUHIHULGR QR ODVWLPDU D -HV~V DQXQFLiQGROH
TXHKDEtDGDGRyUGHQHVSDUDTXH0DUtD\HOUHVWRGHVXIDPLOLDVHSHUVRQDUDQHQ-HUXVDOpQ(Q
DTXHO LQVWDQWH DO REVHUYDU OD VXPD GHOLFDGH]D GHO GLVFtSXOR VHQWt XQD JUDQ VLPSDWtD KDFLD pO
$TXHOVHQWLPLHQWRWHUPLQDUtDSRUWUDQVIRUPDUVHHQDGPLUDFLyQDODYLVWDGHVXFRPSRUWDPLHQWR
HQ ODV GXUDV KRUDV TXH VLJXLHURQ DO SUHQGLPLHQWR GH -HV~V$TXHO KRPEUH SUHFLVDPHQWH \ VX
FXHUSR GH PHQVDMHURV LEDQ D FRQVWLWXLU GXUDQWH ODV QHJUDV MRUQDGDV TXH VH DYHFLQDEDQ HO
FRUD]yQ\HOFHUHEURGHOPDOWUHFKRJUXSR
(QYLVWDGH TXH DTXHOODV ~OWLPDVKRUDV QR HVWDEDQ UHVXOWDQGRWDQtQWLPDV\ IDPLOLDUHV FRPR
GHVHDEDHO0DHVWURpVWHWRPDQGRODSDODEUDOHVGLMR
1RGHEpLVSHUPLWLUTXHODVJUDQGHVPXFKHGXPEUHVRVHQJDxHQ/DVTXHQRVR\HURQHQHO
7HPSOR \ TXH SDUHFtDQ FUHHU QXHVWUDV HQVHxDQ]DV pVDV SUHFLVDPHQWH HVFXFKDQ OD YHUGDG
VXSHUILFLDOPHQWH 0X\ SRFRV SHUPLWHQ TXH OD SDODEUD GH OD YHUGDG OHV JROSHH IXHUWH HQ VX
FRUD]yQ HFKDQGR UDtFHV GH YLGD /RV TXH VyOR FRQRFHQ HO HYDQJHOLR FRQ OD PHQWH \ QR OR
H[SHULPHQWDQHQVXFRUD]yQQRSXHGHQVHUGHFRQILDQ]DFXDQGROOHJDQORVPDORVPRPHQWRV\ORV
YHUGDGHURVSUREOHPDV
&XDQGRORVGLULJHQWHVGHORVMXGtRVOOHJXHQDXQDFXHUGRSDUDGHVWUXLUDO+LMRGHO+RPEUH\
FXDQGRWRPHQXQD~QLFDFRQVLJQDHQWRQFHVYHUpLVDHVDVPXOWLWXGHVFRPRHVFDSDQFRQVWHUQDGDVR
VHDSDUWDQDXQODGRHQVLOHQFLR
(QWRQFHVFXDQGRODDGYHUVLGDG\ODSHUVHFXFLyQGHVFLHQGDQVREUHYRVRWURVOOHJDUpLVDYHU
FyPRRWURVTXHSHQVDEDLVTXHDPDQODYHUGDGRVDEDQGRQDQ\UHQXQFLDQDOHYDQJHOLR+DEpLV
GHVFDQVDGRKR\FRPRSUHSDUDFLyQSDUDHVWRVWLHPSRVTXHVHDYHFLQDQ9LJLODGSRUWDQWR\URJDG
SDUDTXHSRUODPDxDQDSRGiLVHVWDUIRUWDOHFLGRVSDUDORTXHVHDYHFLQD
$ORtUDTXHOODV~OWLPDVSDODEUDV-XGDVTXHKDEtDUHJUHVDGRDOFDPSDPHQWRSRFRDQWHVTXH
QRVRWURVOHYDQWyODYLVWDPLUDQGRILMDPHQWHD-HV~V3HURDH[FHSFLyQGH'DYLG=HEHGHR\GH
QRVRWURV WUHV QLQJXQR GH ORV GLVFtSXORV DVRFLy DTXHOOD DGYHUWHQFLD FRQ OD LQPLQHQWH GHVHUFLyQ
GHO,VFDULRWH
<KDFLDODPHGLDQRFKHHO*DOLOHRLQYLWyDVXVDPLJRVSDUDTXHVHUHWLUDUDQDGHVFDQVDU
,GDGRUPLUKHUPDQRVPtRVOHVGLMRFRQXQDHVSHFLDOGXO]XUD\FRQVHUYDGODSD]KDVWD
TXH QRV OHYDQWHPRV PDxDQD 8Q GtD PiV SDUD KDFHU OD YROXQWDG GHO 3DGUH \ H[SHULPHQWDU OD
DOHJUtDGHVDEHUTXHVRPRVVXVKLMRV
'($%5,/-8(9(6
$YDQ]DGD \D OD PHGLDQRFKH XQR D XQR ORV GLVFtSXORV IXHURQ OHYDQWiQGRVH \ DEDQGRQDQGR HO
IXHJR 0LHQWUDV EXVFDEDQ UHIXJLR HQ ODV WLHQGDV R VH DUURSDEDQ FRQ VXV PDQWRV DO VRFDLUH GHO
PXUR GH SLHGUD$QGUpV SURFHGLy D GHVLJQDU HO SULPHU WXUQR GH JXDUGLD GRV KRPEUHV DUPDGRV
FRQHVSDGDV8QRVHVLWXyDOVXUHQODHQWUDGDGHOKXHUWR\HORWURDOQRUWHHQODVSUR[LPLGDGHV
GHODJUXWD(OUHOHYRVHHIHFWXDUtDFDGDKRUD
3HUR-HV~VQRVHPRYLy6HQWDGRDPHWUR\PHGLRGHODKRJXHUD\GHHVSDOGDVDOROLYDU
SHUPDQHFLyXQRVPLQXWRVFRQODPLUDGDILMDHQODVRQGXODQWHV\HQFDUQDGDVOHQJXDVGHIXHJRTXH
FKLVSRUURWHDEDQDUDWRVDFDXVDGHDOJXQRVGHORVWURQFRVDOJRPiVK~PHGRVTXHHOUHVWR
3URQWRPHTXHGpVRORIUHQWHDpO\FRQODIRJDWDFRPR~QLFRWHVWLJRFDVLPXGRGHODTXHLED
DVHUPLWHUFHUD\~OWLPDFRQYHUVDFLyQFRQHO0DHVWUR6XVEUD]RVGHVFDQVDEDQVREUHODVSLHUQDV
FUX]DGDV XQD VREUH RWUD (O 1D]DUHQR KDEtD DELHUWR VXV PDQRV UHFRJLHQGR HO FDORU VREUH ODV
SDOPDV 7HQtD OD FDEH]D OLJHUDPHQWH LQFOLQDGD KDFLD DGHODQWH \ VXV FDEHOORV \ URVWUR VH
LOXPLQDEDQ \ DSDJDEDQ D FDSULFKR GHO MXJXHWHR GH ODV OODPDV 6X H[SUHVLyQ DFRJHGRUD \
DSDFLEOHGXUDQWHWRGDODQRFKHVHKDEtDYXHOWRJUDYH
'H SURQWR HO FRUD]yQ PH GLR XQ YXHOFR %ULOODQWH WtPLGD \ VLQ SULVDV XQD OiJULPD KDEtD
KHFKR DSDULFLyQ HQ VX PHMLOOD GHUHFKD (UD OD VHJXQGD YH] TXH YHtD OORUDU D DTXHO H[WUDxR
KRPEUH
1RUHVSLUpVLTXLHUDFRQPRYLGRHLQWULJDGRSRUDTXHOVHUHQR\V~ELWROODQWRGHO*DOLOHR3HUR
-HV~VSDUHFtDWRWDOPHQWHDXVHQWH<DORVSRFRVPLQXWRVHFKDQGRODFDEH]DKDFLDDWUiVLQVSLUy
SURIXQGDPHQWHLQFRUSRUiQGRVH(QPLPHQWHEXOOtDQ\VHFUX]DEDQXQVLQItQGHKLSyWHVLVVREUHHO
HVWDGRGHiQLPRGHO*DOLOHRSHURQRPHDWUHYtDPRYHUPH
/HYLDOHMDUVHKDFLDHOLQWHULRUGHOROLYDU\GHWHQHUVHDFRVDGHWUHLQWDRFXDUHQWDSDVRVGH
GRQGHPHHQFRQWUDED<DVtSHUPDQHFLyHQSLH\FRQODFDEH]DEDMDSRUHVSDFLRGHXQDKRUD
/DOXQDFDVLOOHQDVROLWDULDHQWUHPLOHVGHHVWUHOODVVHHQFDUJyGHEDxDUORFRQXQDOX]SODWHDGD
RVFLODQWH D YHFHV SRU XQD EULVD TXH HQWUDED GH SXQWLOODV HQWUH ODV KRMDV YHUGLEODQFDV GH ORV
ROLYRV
6LQ VDEHU H[DFWDPHQWH SRU TXp HVSHUp /D WHPSHUDWXUD KDEtD GHVFHQGLGR QRWDEOHPHQWH
KDFLHQGR WLULWDU D ORV DVWURV FRQ HVFDORIUtRV EODQFRV D]XOHV \ URMRV 'XUDQWH XQ WLHPSR TXH QR
VDEUtDSUHFLVDUPHTXHGpFRQHOURVWURSHUGLGRHQDTXHOQHJUR\VREHUELRILUPDPHQWR9HQXVHQ
FRQMXQFLyQFRQHOVROHQDTXHOODVIHFKDVQRHUDYLVLEOH3RUVXSDUWH-~SLWHUFRQXQEULOORFDGD
YH] PiV GpELO PDJQLWXG DSUR[LPDGDPHQWH VH OHYDQWDED D GXUDV SHQDV VREUH HO RHVWH D
HVFDVDGLVWDQFLDGHOKHUPRVRUDFLPRHVWHODUGH/DV3Op\DGHV<HQORPiVDOWRGLVSXWiQGRVHOD
SULPDFtDODVUHIXOJHQWHVHVWUHOODV5HJXOXV&DSHOOD$OGHEDUiQ%HWHOJHXVH\$UFWXUXVDUURSDGDV
SRUODVFRQVWHODFLRQHVGH/HR$XULJD7DXUXV2ULyQ\%RRWHVUHVSHFWLYDPHQWH
-HV~VPHVRUSUHQGLyFXDQGRDOLPHQWDEDODKRJXHUDFRQXQDQXHYDFDUJDGHOHxD
-DVyQ PH GLMR QR GXHUPHV" 6DEHV GH OD GXUH]D GH ODV SUy[LPDV KRUDV 'HEHUtDV
GHVFDQVDUFRPRWRGRVORVGHPiV
6HQWDGR MXQWR DO IXHJR OH PLUp FRQ FXULRVLGDG DO WLHPSR TXH OH LQYLWDED D UHVSRQGHU D XQD
SUHJXQWDTXHOOHYDEDGHQWURGHVGHTXHOHKDEtDYLVWRDOHMDUVHKDFLDHOROLYDU
0DHVWUR SRU TXp XQ KRPEUH FRPR W~ QHFHVLWD GH OD RUDFLyQ" 3RUTXH VL QR HVWR\
HTXLYRFDGRHVRHVORTXHKDVKHFKRGXUDQWHHVWHWLHPSR
(O*DOLOHRGXGy<DQWHVGHUHVSRQGHUYROYLyDVHQWDUVHSHURHVWDYH]MXQWRDPt
'LFHV ELHQ -DVyQ (O KRPEUH PLHQWUDV SDGHFH VX FRQGLFLyQ GH PRUWDO EXVFD \ QHFHVLWD
UHVSXHVWDV< HQ YHUGDG WH GLJR TXH HVD VHG GH YHUGDG VyOR SXHGH DSODFDUOD PL 3DGUH 1L HO
SRGHUQLODIDPDQLVLTXLHUDODVDELGXUtDFRQGXFHQDOKRPEUHDOYHUGDGHURFRQWDFWRFRQHOUHLQR
GHO(VStULWX(VSRUODRUDFLyQFyPRHOKXPDQRWUDWDGHDFHUFDUVHDOLQILQLWR0LHVStULWXHPSLH]D
DHVWDUDIOLJLGR\\RWDPELpQQHFHVLWRGHOFRQVXHORGHPL3DGUH
(VTXHODYHUGDGHUDVDELGXUtDHVWiHQHOUHLQRGHWX3DGUH"
1R0L3DGUHHVODVDELGXUtD
-HV~VUHFDOFyODSDODEUDHVFRQXQDIXHU]DTXHQRDGPLWtDGLVFXVLyQ
(QWRQFHVVL\RUH]RSXHGRVDFLDUPLFXULRVLGDGHLOXPLQDUPLHVStULWX"
6LHPSUHTXHHVDRUDFLyQQD]FDUHDOPHQWHGHWXHVStULWX1LQJXQDV~SOLFDUHFLEHUHVSXHVWD
D QR VHU TXH SURFHGD GHO HVStULWX (Q YHUGDG HQ YHUGDG WH GLJR TXH HO KRPEUH VH HTXLYRFD
FXDQGRLQWHQWDFDQDOL]DUVXRUDFLyQ\VXVSHWLFLRQHVKDFLDHOEHQHILFLRPDWHULDOSURSLRRDMHQR
(VDFRPXQLFDFLyQFRQHOUHLQRGLYLQRGHORVVHUHVGHPL3DGUHVyORREWLHQHFXPSOLGDUHVSXHVWD
FXDQGR REHGHFH D XQD DQVLD GH FRQRFLPLHQWR R FRQVXHOR HVSLULWXDOHV /R GHPiV ODV
QHFHVLGDGHV PDWHULDOHV TXH WDQWR RV SUHRFXSDQ QR VRQ FRQVHFXHQFLD GH OD RUDFLyQ VLQR GHO
DPRUGHPL3DGUH
3RUHVRKDVLQVLVWLGRWDQWRHQDTXHOORGHEXVFDUHOUHLQRGH'LRV\VXMXVWLFLD"
6t-DVyQ(OUHVWRVLHPSUHVHRVGDSRUDxDGLGXUD
<FyPRGHEHPRVSHGLU"
&RPR VL \DVHRV KXELHUD FRQFHGLGR5HFXHUGDTXH ODIH HV HOYHUGDGHURVRSRUWHGHHVD
V~SOLFDHVSLULWXDO
'LFHVTXHODRUDFLyQDVtIRUPXODGDVLHPSUHREWLHQHUHVSXHVWD3HUR\RVpTXHHVRQR
VLHPSUHHVDVt
(O*DOLOHRVRQULyFRQEHQHYROHQFLD
&XDQGRODVRUDFLRQHVSURYLHQHQHQYHUGDGGHOHVStULWXKXPDQRDYHFHVVRQWDQSURIXQGDV
TXHQRSXHGHQUHFLELUFRQWHVWDFLyQKDVWDTXHHODOPDQRHQWUDHQHOUHLQRGHPL3DGUH
1RFRPSUHQGR
/DVUHVSXHVWDVQRORROYLGHVVLHPSUHFRQVLVWHQHQUHDOLGDGHVHVSLULWXDOHV6LHOKRPEUH
QR KD DOFDQ]DGR HO JUDGR HVSLULWXDO QHFHVDULR \ DFRQVHMDEOH SDUD DVLPLODU HVH FRQRFLPLHQWR
HPDQDGR GHO UHLQR GHEHUi HVSHUDU HQ HVWH PXQGR R HQ RWURV KDVWD TXH HVD HYROXFLyQ OH
SHUPLWDUHFRQRFHU\FRPSUHQGHUODVUHVSXHVWDVTXHDSDUHQWHPHQWHQRUHFLELyHQHOPRPHQWRGH
ODSHWLFLyQ
(VWR H[SOLFDUtD HVH DQJXVWLRVR VLOHQFLR TXH SDUHFH FRQVWLWXLU HQ RFDVLRQHV OD ~QLFD
UHVSXHVWDDODRUDFLyQ"
6t 3HUR QR WH FRQIXQGDV (O VLOHQFLR QR VLJQLILFD ROYLGR &RPR WH KH GLFKR WRGDV ODV
V~SOLFDV TXH QDFHQ GHO HVStULWX REWLHQHQ UHVSXHVWD 7RGDV 'pMDPH TXH WH OR H[SOLTXH FRQ XQ
HMHPSORHOKLMRHVWiVLHPSUHHQHOGHUHFKRGHSUHJXQWDUDVXVSDGUHVSHURpVWRVSXHGHQGHPRUDU
ODV UHVSXHVWDV D OD HVSHUD GH TXH HO LQIDQWH DGTXLHUD OD VXILFLHQWH PDGXUH] FRPR SDUD
FRPSUHQGHUODV
/DJUDQGLIHUHQFLDHQWUHORVSDGUHVKXPDQRV\QXHVWUR3DGUHYHUGDGHURHVWiHQTXHDTXHOORV
ROYLGDQDYHFHVTXHHVWiQREOLJDGRVDFRQWHVWDUDXQTXHVHDDOFDERGHORVDxRV
6HJ~QHVWRFXDQGRPXUDPRVWRGRVVHUHPRVVDELRV
,QVLVWR TXH OD ~QLFD VDELGXUtD YiOLGD HQ HO UHLQR GH PL 3DGUH HV OD TXH EURWD GHO DPRU
'HVSXpVGHJXVWDUODPXHUWHQDGLHVHUiVDELRVLQRORKDVLGRDQWHVHQYLGD
'HER SHQVDU HQWRQFHV TXH OD GHPRUD HQ OD UHVSXHVWD D PLV V~SOLFDV HV VHxDO GH PL
SURJUHVLYRDYDQFHHQHOPXQGRGHOHVStULWX"
-HV~VPHPLUyFRQFRPSODFHQFLD
+D\LQILQLGDGGHUHVSXHVWDVLQGLUHFWDVGHDFXHUGRFRQFDSDFLGDGPHQWDO\HVSLULWXDOGHO
TXHSLGH3HURFXDQGRXQDV~SOLFDTXHGDWHPSRUDOPHQWHHQEODQFRHVIUHFXHQWHSUHVDJLRGHXQD
FRQWHVWDFLyQTXHOOHQDUiHQVXGtDDXQHVStULWXHQULTXHFLGRSRUODHYROXFLyQ
3RUTXpUHVXOWDWRGRWDQFRPSOHMR"
1R TXHULGR DPLJR (O DPRU QR HV FRPSOLFDGR (V YXHVWUD QDWXUDO LJQRUDQFLD OD TXH RV
SUHFLSLWDDODRVFXULGDG\ODTXHRVLQFOLQDDXQDSHUPDQHQWHMXVWLILFDFLyQGHYXHVWURVHUURUHV
*XDUGpVLOHQFLR$TXHOKRPEUHOOHYDEDUD]yQ6yORORVKRPEUHVWUDWDQGHVHVSHUDGDPHQWHGH
MXVWLILFDUVH\MXVWLILFDUVXVIUDFDVRV
/HYDQWpODYLVWDKDFLDODVHVWUHOODV\VHxDOiQGROHDTXHOODPDUDYLOODOHGLMH
4XpVLHQWHVDQWHHVWDEHOOH]D"
(O*DOLOHRHOHYyWDPELpQVXVRMRVKDFLDHO)LUPDPHQWR\UHVSRQGLyFRQPHODQFROtD
7ULVWH]D
3RUTXp"
6L HO KRPEUH QR HV FDSD] GH UHFLELU HQ VX DOPD OD JUDQGH]D GH HVWD REUD FyPR SRGUi
FDSWDUODEHOOH]DGH$TXpOTXHODKDFUHDGR"
(V'LRVWDQLQPHQVRFRPRGLFHV"
0iVTXHSHQVDUHQODLQPHQVLGDGGHPL3DGUHGHEHVFUHHUHQODLQPHQVLGDGGHVXSURPHVD
GLYLQD5HEDVDHOHVStULWXGHOKRPEUH\OOHJDDSURGXFLUYpUWLJRHQODVOHJLRQHVFHOHVWLDOHV
<D PH OR H[SOLFDVWH SHUR GH YHUGDG HO DFFHVR DO UHLQR GH WX 3DGUH HVWi DO DOFDQFH GH
WRGRVORVPRUWDOHV"
(OUHLQRGHQXHVWUR3DGUHPHFRUULJLy-HV~VHVWiHQHOFRUD]yQGHWRGRV\FDGDXQRGH
ORVVHUHVKXPDQRV6yORORVTXHGHVSLHUWDQDODOX]GHOHYDQJHOLRORGHVFXEUHQ\SHQHWUDQHQpO
(QWRQFHVWRGDVODVUHOLJLRQHVFUHGRVRFUHHQFLDVSXHGHQOOHYDUQRVDODYHUGDG"
/D YHUGDG HV XQD \ QXHVWUR 3DGUH OD UHSDUWH JUDWXLWDPHQWH (V SRVLEOH TXH HO JXVWR \ OD
EHOOH]DSXHGDQVHUWDQFDURVFRPRODYXOJDULGDG\ODIHDOGDGSHURQRVXFHGHORPLVPRFRQOD
YHUGDGpVWDVtHVXQGRQJUDWXLWRTXHGXHUPHHQFDVLWRGRVORVKXPDQRVVHDQRQRJHQWLOHVVHDQ
RQRSRGHURVRVVHDQRQRLQVWUXLGRVVHDQRQRPDOYDGRV
$TXLpQDERUUHFHVPiV"
(QHOFRUD]yQGHPL3DGUHQRKD\OXJDUSDUDHORGLR'HEHUtDVVDEHUOR*XiUGDWHVyORGH
ORVKLSyFULWDVSHURQRYLHUWDVMDPiVHQHOORVHOYHQHQRGHODYHQJDQ]D
4XLpQHVKLSyFULWD"
$TXHO TXH SUHGLFD OD YtD GHO UHLQR FHOHVWLDO \ HQ FDPELR VH LQVWDOD HQ HO PXQGR (Q
YHUGDGWHGLJRTXHORVKLSyFULWDVHQJDxDQDORVVLPSOHVGHFRUD]yQ\QRVDWLVIDFHQPiVTXHDORV
PHGLRFUHV
$TXLpQHVWLPDVPiVDXQKRPEUHHVSLULWXDORDXQUHYROXFLRQDULR"
(O0DHVWURVRQULyXQWDQWRVRUSUHQGLGRSRUPLSUHJXQWD<SRVDQGRVXPDQRL]TXLHUGDVREUH
PLKRPEURUHSXVRFRQILUPH]D
3UHILHURDOKRPEUHTXHDFW~DFRQDPRU
3HURTXLpQSXHGHOOHJDUDDPDUPiV"
3UHJXQWDPHMRUTXLpQSXHGHOOHJDUDFRPSUHQGHUPiV"
4XLpQ"
$TXHOTXHHVFDSD]GHDPDUORWRGR3HUR2MR-DVyQDTXHOTXHDPDGHYHUGDGQRFRORFD
ODSDODEUDDPRUVREUHVXSXHUWDWUDWDQGRGHMXVWLILFDUVHDQWHHOPXQGR<HOTXHGDWDPSRFR
HVFULEH OD SDODEUD FDULGDG SDUD TXH WRGRV OH UHFRQR]FDQ &XDQGR DOJXQD YH] YHDV HVDV
SDODEUDVGHVYHUJRQ]DGDPHQWHRVWHQWDGDVHQHOPXQGRQRGXGHVTXHWLHQHQOD~QLFDILQDOLGDGGH
HQULTXHFHU\HQVDO]DUDFXDQWRVODVHVJULPHQ\DLUHDQ
(O UHLQR GH PL 3DGUH HV VHPHMDQWH D XQD PXMHU TXH OOHYDED XQ FiQWDUR OOHQR GH KDULQD
0LHQWUDVPDUFKDEDSRUXQFDPLQRDSDUWDGRVHOHURPSLyHODVD\ODKDULQDVHGHUUDPyGHWUiVGH
HOODSRUHOFDPLQR/DPXMHUQRVHGLRFXHQWD\QRVXSRVXGHVJUDFLD&XDQGROOHJXyDVXFDVD
GHSRVLWyHOFiQWDURHQWLHUUD\ORHQFRQWUyYDFtR
$TXHO TXH HV FDSD] GH DPDUOR WRGR UHSHWt FRQ XQ OLJHUR PRYLPLHQWR GH FDEH]D
4XpGLItFLOHVHVR
1DGDKD\GLItFLOSDUDHOTXHKDDSUHQGLGRDFHGHU
3HURTXpPHGLFHVGHODVLQMXVWLFLDV"7DPELpQGHEHPRVDSUHQGHUDDPDUDORVTXHQRV
KXPLOODQRWLUDQL]DQ"
&XDQGROOHJXHHOFDVRSLGHH[SOLFDFLRQHVDWXKHUPDQRSHURQXQFDOHRGLHV6yORFXDQGR
PLUpLVDYXHVWURVKHUPDQRVFRQFDULGDGSRGUpLVVHQWLURVFRQWHQWRV
$KRUDHPSLH]RDFRPSUHQGHUFRPHQWpFDVLSDUDPtPLVPRSRUTXpPLPXQGRVHVLHQWH
LQIHOL]
(OPD\RUHUURUGHWXPXQGRUHSXVR-HV~VHVVXIDOWDGHJHQHURVLGDG(OTXHFRQRFH\
SUDFWLFDHODPRU QRVXHOHWHQHU QHFHVLGDG GH SHUGRQDUVLHPSUH HVWi GLVSXHVWR DFRPSUHQGHUOR
WRGR
3XHGHTXHHVWpVHQORFLHUWRSHURVLHPSUHSHQVpTXHHOJUDQHUURUGHQXHVWURPXQGRHUDVX
HPSDFKRWHFQROyJLFR
(O1D]DUHQRPHPLUyFRQXQDLQDJRWDEOHDIDELOLGDG
'HEpLVWHQHUSDFLHQFLD\FRQILDU/DKXPDQLGDGDYHFHVVHHPERUUDFKD\HPERWDFRQVXV
SURSLRVKDOOD]JRV\WULXQIRVROYLGDQGRTXHVXDXWpQWLFRHVWDGRQDWXUDOUHVLGHHQODVHUHQLGDGGH
VXHVStULWX(OGtDTXHGHVSLHUWHGHWDQSHVDGROHWDUJRYROYHUiVXVRMRVDOVHQGHURGHODPRUHO
~QLFRTXHFRQGXFHDODYHUGDGHUDVDELGXUtD
(OFDQVDQFLRHPSH]DEDDDSRGHUDUVHGHDPERV\GHPXWXRDFXHUGRGHFLGLPRVGHVFDQVDUODV
HVFDVDVKRUDVTXHUHVWDEDQ\DSDUDHODOED0LHQWUDVPHHQYROYtDHQHOPDQWRDFRPRGiQGRPHOR
PHMRU TXH SXGH EDMR XQR GH ORV ROLYRV XQD HVWUHOOD IXJD] XQD OtULGD FUX]y IUHQWH D ODV
HVWUHOODV .DSSD /\UDH \ 1X +HUFXOLV UDVJDQGR HO YHOR GHO ILUPDPHQWR \ HO GH PL SURIXQGD
PHODQFROtD
6LQSURSRQpUPHORKDEtDHPSH]DGRDDPDUDDTXHOKRPEUH
$ODVKRUDVGHDTXHOMXHYHVGHDEULOGHODxRHOVROHPSH]yDDEULUVHSDVRVLQ
HVSHFLDOHV GLILFXOWDGHV (OLVHR SURFHGLy D GHVSHUWDUPH IDFLOLWiQGRPH HO KDELWXDO SDUWH
PHWHRUROyJLFR (O GtD SURPHWtD VHU PDJQtILFR 7HPSHUDWXUD PHGLD HVWLPDGD GH XQRV JUDGRV
FHQWtJUDGRVEDMDKXPHGDGUHODWLYD\FLHORGHVSHMDGR
6LQ HPEDUJR DxDGLy PL FRPSDxHUR HO UDZLQ>@ GHO PyGXOR HVWi FDSWDQGR XQD
DOWHUDFLyQHQORVDOWRVQLYHOHVGHODDWPyVIHUD/RFDOL]DFLyQYHUWLFDOGHODIURQWHUDGH,UDNFRQOD
$UDELD6DXGt/RVVLVWHPDVHOHFWUyQLFRVFRQILUPDQTXHVHWUDWDGHXQDFRUULHQWHHQFKRUURGHO
(VWHWLSRHFXDWRULDOFRQXQDYHORFLGDGPi[LPDDSUR[LPDGDGHQXGRV\HQWUHQLYHOHVGH
\PLOLEDUHVHQWUHORV\NLOyPHWURVGHDOWXUD
$WHQFLyQ -DVyQ 6DQWD &ODXV HVWi YHULILFDQGR ORV GDWRV PHWHRUROyJLFRV \ WRGR SDUHFH
VHxDODU TXH HQ HO WUDQVFXUVR GH ODV SUy[LPDV R KRUDV HVWD DOWHUDFLyQ SXHGH SURYRFDU
LQWHQVRVYLHQWRVGHO(VWHFRQDUUDVWUHGHEDQFRVGHDUHQDSURFHGHQWHVGHORVGHVLHUWRVDUiELJRV
GH1DIXG\'DKQD
/D SRVLELOLGDG GH HVWD WRUPHQWD GH DUHQD R VLURFR VREUH 3DOHVWLQD HVWi HPSH]DQGR D
FRQILUPDUVHLJXDOPHQWHSRUODORFDVXELGDGHORVEDUyPHWURVGH7RQQHORW\GHODQHURLGH(V
SRVLEOHTXHVLWRGRVLJXHLJXDOPDxDQDWHQJDVTXHTXLWDUWHHOPDQWR
$TXHOOD LQIRUPDFLyQ UHVXOWDED HVSHFLDOPHQWH LQWHUHVDQWH (Q OD PDxDQD GHO GtD VLJXLHQWH
YLHUQHVGHEHUtDWHQHUOXJDUXQH[WUDxRIHQyPHQRDVtORKDEtDOHtGRDOPHQRVHQODV6DJUDGDV
(VFULWXUDV/XFDV0DUFRV\0DWHRGHVGHODKRUDVH[WDDOD
QRQD GHVGH ODV GHO PHGLRGtD D ODV WUHV GH OD WDUGH DSUR[LPDGDPHQWH FXEULHQGR ODV
WLQLHEODV OD WRWDOLGDG GH OD WLHUUD VHJ~Q SDODEUDV WH[WXDOHV GH ORV HYDQJHOLVWDV < DXQTXH QR
TXLVHVDFDUFRQFOXVLRQHVDSULRULODDGYHUWHQFLDGH(OLVHRVREUHDTXHOORVYLHQWRVDOLVLRVGHO(
6(FRQODSRVLELOLGDGGHXQIXHUWHDUUDVWUHGHDUHQDGHOFHUFDQRGHVLHUWRDUiELJRPHGLR\DXQD
OLJHUDLGHDVREUHODYHUGDGHUDQDWXUDOH]DGHOVXFHVRQDUUDGRHQHO1XHYR7HVWDPHQWR
3RFRDSRFRDOJXQDVPXMHUHVIXHURQVDOLHQGRGHODWLHQGD\SUHSDUDQGRHOIXHJR
+DFLD ODV VHLV \ FXDQGR GDED XQ SHTXHxR SDVHR SRU ORV DOUHGHGRUHV GHO FDPSDPHQWR
WUDWDQGRGHGHVHQWXPHFHUPLVP~VFXORVYLVDOLUSRUHOFHUFDGRGHSLHGUDD-XGDV,EDVROR\D
MX]JDUSRUVXVDQGDUHVFRQXQDFLHUWDSULVD7RPyODPLVPDYHUHGDGHOGtDDQWHULRUSHUGLpQGRVH
FROLQDDEDMRHQGLUHFFLyQDO7HPSORRTXL]iKDFLDODVSXHUWDVGHOD]RQDVXUGHODFLXGDG3RUXQ
LQVWDQWHSHQVpHQVHJXLUOH3HURWHUPLQpSRUGHVLVWLU/RVSODQHVGH&DEDOORGH7UR\DHUDQRWURV
/RPiVSUREDEOHHVTXHHO,VFDULRWHIXHUDDHQWUHYLVWDUVHFRQHOMHIHGHODSROLFtDGHO6DQHGUtQ
WDO \ FRPR OH KDEtD VLGR HQFRPHQGDGR HO SDVDGR PLpUFROHV 3RURWUD SDUWH ,VPDHO HO VDGXFHR
TXH KDEtD ORJUDGR LQILOWUDUVH HQ HO FRQVHMR GH ORV VDFHUGRWHV KDEtD SURPHWLGR LQIRUPDUQRV
SXQWXDOPHQWHGHWRGRV\FDGDXQRGHORVSDVRVGHOWUDLGRUDVtFRPRGHORVPRYLPLHQWRVGHORV
OHYLWDVHQFDUJDGRVGHOSUHQGLPLHQWRGHO0DHVWUR(VWRPHWUDQTXLOL]y\UHJUHVpGHLQPHGLDWRDO
LQWHULRUGHOKXHUWR-HV~V\VXVKRPEUHVVHJXtDQGXUPLHQGR
(QODPHGLGDTXHPHORSHUPLWLHURQD\XGpDODVPXMHUHVDDYLYDUODIRJDWD\DWUDQVSRUWDUORV
FXHQFRV GH OHFKH VXPLQLVWUDGD HQ HO PRPHQWR SRU GRV FDEUDV TXH )HOLSH DO SDUHFHU KDEtD
FRQVHJXLGRHOPLpUFROHV\TXHKDEtDQDPDUUDGRHQHOLQWHULRUGHODFXHYD
0LHQWUDVSUHSDUiEDPRVHOGHVD\XQR\FDVLDODPLVPDKRUDTXHHOGtDDQWHULRULUUXPSLyHQ
HO FDPSDPHQWR HO MRYHQ -XDQ 0DUFRV /OHJy FRQ XQD FHVWD DOJR PD\RU TXH OD GH OD YtVSHUD \
WDPELpQVLQSURQXQFLDUSDODEUDDOJXQDVHODHQWUHJyDODVPXMHUHVVHQWiQGRVHGHVSXpVMXQWRDO
IXHJR< DOOtSHUPDQHFLy FRQOD EDUELOOD SHJDGDDODV URGLOODV FRPRKLSQRWL]DGR SRU HOIUiJLO
EDLOHGHODVOODPDV
$OJXQRV GH ORV GLVFtSXORV HPSH]DURQ D GDU VHxDOHV GH YLGD GHVSHUH]iQGRVH VLQ HO PHQRU
SXGRU'RVGHHOORVDOGHVFXEULUDOQLxRVHDSUR[LPDURQHLQWHQWDURQTXH0DUFRVOHVFRQWDVHTXp
KDEtDQKHFKRGXUDQWHDTXHOODUJRSDVHRGHOPLpUFROHV3HURHOPXFKDFKLWRFRQORVRMRVEDMRV\
IUXQFLGRHOHQWUHFHMRQRGHVSHJDEDORVODELRV$ORVXPR\FXDQGRODVSUHVLRQHVGHORVKRPEUHV
GH-HV~VVHHOHYDEDQGHWRQR-XDQQHJDEDFRQODFDEH]DFRQXQDYLVLEOH\FUHFLHQWHLUULWDFLyQ
$OJXQDVGHODVPXMHUHVSURWHVWDURQSRUHVWHLQWHUURJDWRULR\SLGLHURQDORVGLVFtSXORVTXHGHMDUDQ
HQSD]DOFKLFR2WURVPLHPEURVGHOJUXSRVHKDEtDQXQLGRDORVFXULRVRVLQTXLVLGRUHVURJDQGR\
VXSOLFiQGROHTXHOHVGLMHVHDOPHQRVGyQGHKDEtDQHVWDGR\VLSRGtDQKDEHUVLGRHVSLDGRVSRU
ODSROLFtDGHO6DQHGUtQ$OILQDOVXSRQJRTXHDEXUULGR\DSRUWDQWDSUHJXQWD0DUFRVDEULy
ODERFD\GLRSRU]DQMDGRHODVXQWRFRQXQDH[SOLFDFLyQTXHFRQRFtDQPX\ELHQORVVHJXLGRUHVGHO
0DHVWUR
(OUDEtPHSLGLyTXHQRGLMHVHQDGDDQDGLH
< DOOt FRPR GLJR WHUPLQy HO LQWHUURJDWRULR (Q GLYHUVDV RFDVLRQHV -HV~V KDEtD KHFKR
SDUWtFLSHVDVXVKRPEUHVGHGLIHUHQWHVFRQILGHQFLDVURJiQGROHVTXHQRGLMHVHQQDGD<WRGRVHQ
OtQHDVJHQHUDOHVKDEtDQVDELGRUHVSHWDUOH
/RVGLVFtSXORVQRTXHGDURQPX\FRQIRUPHVHQHVSHFLDO6LPyQHO=HORWHVTXHKDEtDFXELHUWR
HO~OWLPRWXUQRGHYLJLODQFLDHQODSXHUWDGHOKXHUWR\TXHWHPtDPiVTXHQLQJXQRSRUODVHJXULGDG
GHO0DHVWUR\GHOUHVWRGHOJUXSR(QFXDQWRDPtDTXHOREVWLQDGRKHUPHWLVPRGH-XDQ0DUFRV
VyORVLUYLySDUDGHVSHUWDUD~QPiVPLFXULRVLGDG7HQtDTXHDYHULJXDUDOJRGHORVXFHGLGRDTXHO
PLpUFROHV\TXHHQORVWH[WRVGHORVHYDQJHOLVWDVDSDUHFHLJXDOPHQWHHQEODQFRUHVSHFWRDODV
DFWLYLGDGHV GHO 1D]DUHQR 3HUR FyPR SRGtD KDFHU KDEODU DO ILHO DFRPSDxDQWH GH -HV~V" (VD
PLVPDWDUGHGHOMXHYHVVHSUHVHQWDUtDODJUDQRSRUWXQLGDG
-HV~VQRWDUGyHQDSDUHFHU6XURVWURSUHVHQWDEDXQDVOLJHUDVRMHUDVUHVXOWDGRSUREDEOHPHQWH
GHODVHVFDVDVKRUDVGHVXHxR$OYHUOHPHVHQWtUHVSRQVDEOH6L\RQROHKXELHUDHQYXHOWRFRQPL
FRQYHUVDFLyQVHJXUDPHQWHKDEUtDGHVFDQVDGRDOJRPiV<DOSHQVDUHQORTXHOHDJXDUGDEDPH
HFKpDWHPEODU$TXpOODHQUHDOLGDGKDEtDVLGRVX~OWLPDQRFKHHQSD]
3HUR PLV SUHRFXSDFLRQHV VH GHVYDQHFLHURQ DO LQVWDQWH (O *DOLOHR HVWDED GH XQ KXPRU
HQYLGLDEOH6DOXGyDWRGRV\VLJXLHQGRVXFRVWXPEUHVHGLULJLyKDFLDHODQFKROHEULOORGHEDUUR
FRQ HO ILQ GH DVHDUVH 3HUR D PLWDG GH FDPLQR -XDQ 0DUFRV TXH DFDEDED GH YHUOH VDOLy
FRUULHQGR DEUD]iQGRVH D VX FLQWXUD (O 0DHVWUR VRUSUHQGLGR SRU DTXHO FiOLGR UHFLELPLHQWR
WRPyHOURVWURGHOQLxRHQWUHVXVJUDQGHVPDQRVHLQFOLQiQGRVHOHYHPHQWHKDFLDpOOHSUHJXQWyHQ
XQWRQRGHFRPSOLFLGDG
7HKDVDFRUGDGRGHODVSDVDVGH&RULQWR"
(O SHTXHxR VRQULy \ DVLQWLy FRQ OD FDEH]D < -HV~V IURWiQGRVH ODV PDQRV HQ VHxDO GH
VDWLVIDFFLyQFRPHQ]yDGHVQXGDUVH
3DVDV GH &RULQWR" SHQVp $ TXp SXHGH UHIHULUVH" < GH SURQWR UHFRUGp XQD GH ODV
H[SOLFDFLRQHVGH/i]DUR$O0DHVWUROHHQFDQWDEDQODVXYDVVLQJUDQRFRPRODVTXHEURWDEDQHQ
ODSDUUDTXHKDEtDSODQWDGRHOSDGUHGHOUHVXFLWDGRHQHOSDWLRFHQWUDOGHVXFDVD
<PHGLVSXVHDOOHYDUDFDERRWUDGHODVPLVLRQHVHQFRPHQGDGDVSRUOD2SHUDFLyQ&DEDOOR
GH 7UR\D $TXpO PH GLMH D Pt PLVPR WUDWDQGR GH WUDQTXLOL]DUPH SDUHFtD XQ EXHQ
PRPHQWR
(OJLJDQWHWHUPLQyVXVDEOXFLRQHV\FXDQGRUHFLEtDGHPDQRVGHXQDGHODVPXMHUHVHOOLHQ]R
FRQ HO TXH GHEtD VHFDUVH PH DSUR[LPp KDVWD pO URJiQGROH TXH PH SHUPLWLHUD D\XGDUOH (O
1D]DUHQR VH UHVLVWLy SHUR DQWH PL LQVLVWHQFLD SXVR SDUWH GHO SDxR HQ PLV PDQRV PLHQWUDV pO
GLYHUWLGR FRQ OR TXH SDUHFtD XQ MXHJR \ XQD GHOLFDGH]D VH IURWDED FRQ HO RWUR H[WUHPR GHO
OLHQ]R
$TXHOOD PDQLREUD WHQtD HQ YHUGDG XQD GREOH ILQDOLGDG GH XQ ODGR SURFHGHU D XQD
H[SORUDFLyQPDQXDO\GLUHFWDGHOFXHUSRGH-HV~VKHFKRpVWHTXHQRKXELHUDUHVXOWDGROyJLFRQL
IiFLO GH QR KDEHU DSURYHFKDGR XQD GH DTXHOODV RFDVLRQHV \ HQ VHJXQGR OXJDU LQWHQWDU XQD
PHGLFLyQ GH VXV SULQFLSDOHV SDUWHV DQDWyPLFDV (VWH VHJXQGR REMHWLYR VREUH WRGR HUD GH YLWDO
LPSRUWDQFLDSDUDXQPHMRUDQiOLVLVGHVXRUJDQLVPRGXUDQWHODVKRUDVGHODFUXFLIL[LyQ
$ WUDYpV GH DTXHOOD VXDYH WHOD PLV PDQRV IXHURQ SDOSDQGR VX FXHOOR KRPEURV \ HVSDOGD
$TXHO*DOLOHRWDO\FRPRVHGHVSUHQGtDGHXQDVLPSOHREVHUYDFLyQYLVXDOHUDXQHMHPSODU
IRUQLGR/RVP~VFXORVGHODSDUWHSRVWHULRU\VXSHULRUGHOWURQFRHQHVSHFLDOORVWUDSHFLRV
HVWDEDQPX\GHVDUUROODGRV(VWDVHQVDFLyQGHIRUWDOH]DIUXWRVLQGXGDGHXQGXUR\FRQWLQXDGR
WUDEDMR PDQXDO GXUDQWH PXFKRV DxRV VH H[WHQGtD LJXDOPHQWH D ORV P~VFXORV GHOWRLGHV HQ OD
]RQD GH ORV KRPEURV$TXHOORV \ ORV WDPELpQ VyOLGRV SDTXHWHV PXVFXODUHV TXH VH GLVWULEXtDQ D
FDGDODGRGHODFROXPQDORVJUDQGHVGRUVDOHVHLQIUDHVSLQRVRVPHLQFOLQDURQDSHQVDUTXH-HV~V
JR]DEDGHXQDSHUIHFWDVLQFURQL]DFLyQHQODHOHYDFLyQ\GHVFHQVRGHVXFDMDWRUiFLFD
/RV EUD]RV GH DFXHUGR FRQ OD FRQILJXUDFLyQ \ HVWLPDEOH YROXPHQ GH ORV P~VFXORV GH ORV
KRPEURV \ SDUWH VXSHULRU \ SRVWHULRU GHO WURQFR HUDQ LJXDOPHQWH PDFL]RV (Q PL RSLQLyQ VXV
EtFHSVEUDTXLDOHVHUDQHVSHFLDOPHQWHJUXHVRV\SRWHQWHV7DPELpQORVJUDQGHVSHFWRUDOHVORTXH
FRQRFHPRV IDPLOLDUPHQWH FRPR HO SHFKR VH KDOODEDQ IXHUWHPHQWH FRQVROLGDGRV FRPR VL HO
*DOLOHRKXELHUDSUDFWLFDGRODQDWDFLyQ6XFDSDFLGDGUHVSLUDWRULDWHQtDTXHVHUH[FHOHQWH
7DQWRODFLQWXUDFRPRODSDUWHLQIHULRUGHODHVSDOGDDSDUHFtDQVLQXQJUDPRGHJUDVD >@<
ORPLVPRDSUHFLpHQODFDUDIURQWDOGHODEGRPHQODSDUHGPXVFXODUGHOJUDQUHFWRHUDOLVDVLQ
LQGLFLRDOJXQRGHWHMLGRDGLSRVR
(Q FXDQWR D VXV PXVORV \ SLHUQDV WDQWR ORV VDUWRULRV FRPR ORV P~VFXORV DGXFWRUHV EtFHSV
FUXUDO VHPLWHQGLQRVRV \ JHPHORV VXUJLHURQ DO WDFWR ILUPHV \ GXURV FRPR SLHGUDV $TXHOODV
H[WUHPLGDGHVLQIHULRUHVHQPLRSLQLyQKXELHUDQVLGRODHQYLGLDGHXQFRUUHGRUGHODPDUDWyQ
(VWD DUPyQLFD \ PXVFXORVD FRQVWLWXFLyQ XQLGD D OD JUDQ HVWDWXUD GHO 0DHVWUR OH
FRQYHUWtDQVLQQLQJ~QJpQHURGHGXGDVHQXQHMHPSODUHVSHFLDOPHQWHDWUDFWLYR(UDFRPRVLOD
1DWXUDOH]DVHKXELHUDHVPHUDGRPX\HVSHFLDOPHQWHDODKRUDGHFRQILJXUDUDDTXHOKRPEUH$VX
HYLGHQWH SHUIHFFLyQ QDWXUDO KDEtD TXH DxDGLU WDPELpQ DTXHOORV WUHV ~OWLPRV DxRV GH LQFDQVDEOH
DFWLYLGDGUHFRUULHQGRWRGRVORVFDPLQRVGH,VUDHOTXHOHKDEtDQSURSRUFLRQDGRXQDHQYLGLDEOH
IRUPDItVLFD
8QD YH] FRQFOXLGD PL H[SORUDFLyQ \ DQWH HO GHVFRQFLHUWR GH FXDQWRV PH REVHUYDEDQ
H[WUDMHHOSHTXHxRFRUGHOGHOIRQGRGHPLEROVDGHKXOH\DQWHVGHTXH-HV~VVHHQIXQGDUDHQVX
W~QLFDOHVXSOLTXpTXHDJXDUGDVHXQRVLQVWDQWHV(O0DHVWURVLQSHUGHUVXVRQULVDPHGHMyKDFHU
FRQXQDGRFLOLGDGTXHVyORVLUYLySDUDDWXUGLUPHPiV'HPXWXRDFXHUGRFRQPLFRPSDxHURHQHO
PyGXOR VH KDEtD SUHYLVWR TXH XQD YH] WHUPLQDGD FDGD PHGLFLyQ \R SUHVLRQDUtD PL RtGR
GHUHFKRWUDQVPLWLpQGROHODFLIUDFRUUHVSRQGLHQWH
'H HVWD IRUPD (OLVHR SRGUtD UHJLVWUDU ODV PHGLGDV VRPHWLpQGRODV SRVWHULRUPHQWH D XQ
HVWXGLR PiV FRPSOHMR &RPR \D VHxDOp DTXHOOD FXHUGD WRWDOPHQWH EODQFD KDEtD VLGR
GLYLGLGDHQFHQWtPHWURV3HURHQOXJDUGHQXPHUDUORVFDGDVHSDUDFLyQHUDHQUHDOLGDGXQDPDUFD
GHFRORUQHJURXQDFLUFXQIHUHQFLDSDUDVHUPiVH[DFWRVTXHURGHDEDWRWDOPHQWHHOSHUtPHWURGHO
FRUGHO3DUDSRGHUHIHFWXDUORVFiOFXORVFRQH[DFWLWXG\FRQHOILQGHVRVOD\DUFXDOTXLHUWLSRGH
VRVSHFKD &DEDOOR GH 7UR\D KDEtD LQJHQLDGR XQ VLVWHPD GH QXPHUDFLyQ EDVDGR HQ FRORUHV \
OHWUDV&DGDFHQWtPHWURVODVHSDUDFLyQFRUUHVSRQGLHQWHHQOXJDUGHVHUGHFRORUQHJURKDEtD
VLGRSLQWDGDGHDFXHUGRFRQORVVHLVFRORUHVEiVLFRVGHOHVSHFWUR$SDUWLUGHOFHQWtPHWURQ~PHUR
\ KDVWD HO ORV FRORUHV YROYtDQ D UHSHWLUVH (O RUGHQ HVWDEOHFLGR SDUD GLFKRV FRORUHV
EiVLFRV HUD HO VLJXLHQWH GH PHQRU D PD\RU YLROHWD D]XO YHUGH DPDULOOR QDUDQMD \ URMR< D
SDUWLU GHO FHQWtPHWUR Q~PHUR FRPR GLJR GH QXHYR HO YLROHWD D]XO YHUGH \ DPDULOOR /RV
FHQWtPHWURVH[LVWHQWHVHQWUHHVWDVGLH]QXPHUDFLRQHVIXHURQFRQYHUWLGRVHQOHWUDVVLJXLHQGRHO
DOIDEHWRJULHJR$VtSRUHMHPSORFXDQGRODPHGLFLyQDUURMDEDFHQWtPHWURV\RGHEtDDQXQFLDU
D (OLVHR YHUGH 6L VH WUDWDED GH FHQWtPHWURV D]XOGREOH 6L SRU HO FRQWUDULR HUDQ
FHQWtPHWURVODFODYHHUDDPDULOOR\DOIDSULPHUDOHWUDGHODOIDEHWRJULHJR>@6LQSpUGLGD
GHWLHPSRHPSHFpSRUODVH[WUHPLGDGHVVXSHULRUHV'HVGHHOKRPEURDODSXQWDGHOGHGRPHGLR
OD PHGLFLyQ DUURMy FHQWtPHWURV /D FODYH SDUD WUDQVPLWLU DTXHOOD FLIUD IXH SRU WDQWR D]XO
GREOH\EHWD$HVWDVPHGLGDVVLJXLHURQODVGHODVH[WUHPLGDGHVLQIHULRUHVSHUtPHWURVDOWXUD
GHFDEH]DFXHOORHWF>@
&RPR VDOWD D OD YLVWD HO 0DHVWUR HUD XQ KRPEUH GH FRPSOH[LyQ DWOpWLFD FRQ XQ SRGHURVR
GHVDUUROORGHOHVTXHOHWR\GHVXPXVFXODWXUD6XVH[WUHPLGDGHVHUDQODUJDV\HOWyUD[UHDOPHQWH
LPSRQHQWHFRQXQRVKRPEURVDQFKRV\VyOLGRVFRPRURFDV/DJUDVDRSDQtFXORDGLSRVRHUDPX\
HVFDVRSUiFWLFDPHQWHLQH[LVWHQWH
/D FDEH]D VH SUHVHQWDED ILUPH \ DODUJDGD FRQ XQ URVWUR LJXDOPHQWH DODUJDGR HQ VX SDUWH
PHGLD\XQPHQWyQ\UHOLHYHyVHRVDFHQWXDGRV(OFUiQHRFRPR\DGLMHDOWR\HVWUHFKR
(VWDV FDUDFWHUtVWLFDV OH KDFtDQ GHVWDFDU VREUH OD PHGLD QRUPDO GH OD UD]D MXGtD GH DTXHOOD
pSRFD6HJ~QORVHVWXGLRVGH9RQ/XVFKDQ\5HQDQHQWUHORVMXGtRVGHOD5XVLDGHO6XUODDOWXUD
PHGLD RVFLODED DOUHGHGRU GH PHWURV OOHJDQGR D HQWUH ORV KHEUHRV GH /RQGUHV \ ORV
MXGtRV HVSDxROHV GH 6DOyQLFD (O WLSR PHVRFpIDOR GH &ULVWR WDPSRFR HUD IUHFXHQWH (QWUH ORV
KHEUHRVGHOD5XVLDGHO6XUSRUHMHPSORHOSRUFHQWDMHGHLQGLYLGXRVEUDTXLFpIDORVGHFUiQHRV
FRUWRVHUDGHXQDOFDQ]DQGRORVPHVRFpIDORVXQ\ORVGROLFRFpIDORVXQ(QWUHORV
MXGtRV GH 6DOyQLFD H[SXOVDGRV GH (VSDxD ORV GROLFRFpIDORV VXSRQtDQ XQ \ ORV
EUDTXLFpIDORVXQ
$GHPiV GH SRU VX FRQVLGHUDEOH HVWDWXUD PHWURV -HV~V GH 1D]DUHW OODPDED OD
DWHQFLyQSRUVXSHUtPHWURWRUiFLFRPiVJUDQGHTXHODPHGLDGHVXVFRPSDWULRWDV
(VWD WLSRORJtD DWOpWLFD HQFDMDED DGHPiV FRQVLGHUDEOHPHQWH FRQ HO WHPSHUDPHQWR
HQHTXpWLFR GHVFULWR SRU 0DX] HVFDVD UHDFFLyQ DQWH ORV HVWtPXORV PRYLPLHQWRV VHJXURV \
YLJRURVRVDXQTXHHVFDVDPHQWHSUyGLJRV'HPD\RUIXHU]DTXHSUHFLVLyQ
)XHVLQGXGDHVDIRUWDOH]DItVLFDODTXHSXGRFRQWULEXLUDVRSRUWDUHQSDUWHHOEUXWDOFDVWLJR
TXHOHDJXDUGDED$SHVDUGHWRGRFRPRYHUHPRVPX\SURQWRORVPpGLFRV\HVSHFLDOLVWDV
GH&DEDOORGH7UR\DMDPiVSXGLHURQHQWHQGHUFyPRDTXHO+RPEUHORJUyUHVLVWLUKDVWDHOILQDOOD
FDGHQDGHKRUULEOHVWRUWXUDVDTXHIXHVRPHWLGR
'HERFRQIHVDUOR$TXHOODSDUWHGHODPLVLyQIXHSRVLEOHPHQWHODPiVLQJUDWD'XUDQWHPXFKR
WLHPSR \ D SHVDU GH OD PDQVHGXPEUH GHPRVWUDGD SRU -HV~V WXYH OD VHQVDFLyQ GH TXH
VRPHWLpQGROHDODVFLWDGDVPHGLFLRQHVDQWURSRPpWULFDVKDEtDDEXVDGRGHDTXHOKRPEUH<D~Q
KR\PLVPRVLJRFUH\pQGROR
3RUIRUWXQDSDUDPtQLQJXQRGHORVSUHVHQWHVDFHUWyDSUHJXQWDUSRUTXpPHKDEtDHPSHxDGR
HQ DTXHOOD LQVyOLWD FDVL ULGtFXOD RSHUDFLyQ /D YHUGDG HV TXH GHVGH XQ SULQFLSLR JR]DED
HQWUH ORV VHJXLGRUHV GHO UDEt GH IDPD GH KRPEUH H[WUDxR \ HVWR QR OR Vp PX\ ELHQ SXGR
MXVWLILFDUTXL]iPLFRPSRUWDPLHQWRVLQJXODUHQDTXHOODHVSOpQGLGDPDxDQDGHOMXHYHVGHDEULO
(O0DHVWURWHUPLQyGHYHVWLUVH\VLJXLHQGRFRQDTXHOEXHQKXPRUVHLQFRUSRUyDOJUXSRGH
DPLJRVTXHOHHVSHUDEDQSDUDGHVD\XQDU
)HOLSHYROYLyDUHSDUWLUHOSDQD~QFDOLHQWHTXHQRVKDEtDSURSRUFLRQDGRHOPXFKDFKR\
ODV PXMHUHV GLVWULEX\HURQ VHQGRV WD]RQHV GH OHFKH (Q HO FHVWR KDEtD WDPELpQ DEXQGDQWH JUDQR
WRVWDGR KLJRV VHFRV \ XQD MDUUD GH EDUUR UHSOHWD GH ODV IDPRVDV SDVDV GH &RULQWR 7RGR HOOR
REVHTXLRGHODIDPLOLDGH-XDQ0DUFRVDO0DHVWUR\DVXJUXSR
(O SURSLR -XDQ VH HQFDUJy GH DEULU OD MDUUD \ UDGLDQWH GH VDWLVIDFFLyQ GHUUDPy XQ EXHQ
SXxDGR GH DTXHO IUXWR QHJUR \ EULOODQWH HQ ODV SDOPDV GH -HV~V 'HVSXpV VLJXLHQGR ODV
LQVWUXFFLRQHVGHO *DOLOHR IXHUHSDUWLHQGRHOUHVWR GH ODVSDVDV DFXDQWRV QRV KDOOiEDPRV HQ HO
KXHUWR
$TXHOODFRODFLyQPDWXWLQDWUDQVFXUULyHQXQDPELHQWHGLVWHQGLGR/RVDSyVWROHVSDUHFtDQDOJR
PiVFDOPDGRVTXHHQODQRFKHDQWHULRUDXQTXHDOJXQRVFRPR3HGUR7RPDV\HO=HORWHVQR
WDUGDURQHQGHVFXEULUTXHIDOWDED-XGDV6LQHPEDUJRSRUORVFRPHQWDULRVTXHSXGHFDSWDUORV
GLVFtSXORVORDWULEX\HURQDODVREOLJDFLRQHVKDELWXDOHVGHO,VFDULRWHFRPRDGPLQLVWUDGRUJHQHUDO
GHO JUXSR \ PiV FRQFUHWDPHQWH D ORV GHWDOOHV GH OD SUHSDUDFLyQ GH OD LQPLQHQWH ILHVWD GH OD
3DVFXD 1LQJXQR GH ORV DKt UHXQLGRV SRU FLHUWR VDEtD GyQGH \ FyPR SHQVDED FHOHEUDUOD HO
0DHVWUR(QPLRSLQLyQ\DODYLVWDGHORVJUDYHVDFRQWHFLPLHQWRVTXHYHQtDQSURGXFLpQGRVHHQ
UHODFLyQ FRQ OD GHWHUPLQDFLyQ GHO 6DQHGUtQ GH DSUHVDU D -HV~V DTXHO DVXQWR GH OD 3DVFXD
WDPSRFROHVSUHRFXSDEDH[FHVLYDPHQWH
+DFLDODVGLH]GHODPDxDQDKL]RDFWRGHSUHVHQFLDHQHOFDPSDPHQWR-RVpGH$ULPDWHD/H
DFRPSDxDEDXQRGHVXVVLUYLHQWHV$OYHUOHHO1D]DUHQROHLQYLWyDVHQWDUVHMXQWRDOJUXSR3HUR
-RVpUHKXVyDPDEOHPHQWHLQGLFiQGROHTXHQHFHVLWDEDFRQYHUVDUDVRODVFRQpO
(O0DHVWURVHOHYDQWy\DPERVVHDOHMDURQXQRVSDVRVKDVWDVLWXDUVHMXQWRDOPXURGHODFXED
GHSLHGUDGHVWLQDGDDDOPD]DUD
(O GH$ULPDWHD FRQ HO VHPEODQWH VHULR JHVWLFXODED H[SRQLpQGROH DO *DOLOHR OR TXH \R \D
VDEtD VREUH ORV SODQHV GH -XGDV 3RU IRUWXQD QLQJXQR GH ORV GLVFtSXORV DOFDQ]y D HVFXFKDU HO
WHPDGHODFRQYHUVDFLyQGHODQFLDQR\VX0DHVWUR(VWHOHHVFXFKyVLQLQPXWDUVH<XQDYH]TXH
-RVp KXER KDEODGR OH WRPy SRU HO EUD]R LQLFLDQGR XQ FRUWR SDVHR D OR ODUJR GHO SDUDSHWR GH
SLHGUD
'XUDQWH FRVD GH TXLQFH R YHLQWH PLQXWRV -HV~V GLDORJy FRQ HO GLPLWLGR PLHPEUR GHO
6DQHGUtQ(VDPLVPDQRFKH\DPDGUXJDGDGHOMXHYHV-RVpPHUHYHODUtDODVSDODEUDVTXHOH
KDEtDGLULJLGRHO0DHVWURGXUDQWHDTXHOEUHYHHQFXHQWURHQHOFDPSDPHQWR
/DV~ELWDOOHJDGDGH-RVpGH$ULPDWHD\HOPLVWHULRVRFDPELRGHLPSUHVLRQHVFRQHOUDEtQR
SDVDURQ LQDGYHUWLGRV SDUD ORV GLVFtSXORV 7RGRV VH KLFLHURQ OHQJXDV VREUH OD UD]yQ GH DTXHOOD
YLVLWD< OD PD\RUtD DFHUWy D PHGLDV &XFKLFKHDQGR HQWUH Vt ORV DSyVWROHV VH LQFOLQDEDQ D
SHQVDUTXHDOJRJUDYHHVWDEDVXFHGLHQGR\TXHHVHDOJRWHQtDPXFKRTXHYHUFRQODFDSWXUDGHO
0DHVWUR\FRQODSRVLEOHGHVLQWHJUDFLyQGHOPRYLPLHQWRTXHOOHYDEDQHQWUHPDQRV<VXViQLPRV
YROYLHURQDWHQVDUVH
)LQDOL]DGD OD FRQYHUVDFLyQ -RVp VH GLULJLy D XQD GH ODV WLHQGDV LQWHUFDPELDQGR XQDV
SDODEUDV FRQ 'DYLG =HEHGHR 3RU ~OWLPR \ WUDV GHVSHGLUVH GH WRGRV VH DOHMy HQ GLUHFFLyQ D
-HUXVDOpQ
-HV~V TXH KDEtD UHWRUQDGR KDVWD HO JUXSR TXH HVSHUDED HQ WRUQR D OD KRJXHUD SDUHFtD DOJR
PiV VHULR< DQWHV GH TXH QDGLH DFHUWDUD D SUHJXQWDUOH SLGLy D VXV KRPEUHV \ PXMHUHV TXH OH
DFRPSDxDVHQ
+DFLD ODV GLH] \ PHGLD HO JUXSR FRPSOHWR LQWHJUDGR SRU XQDV FLQFXHQWD SHUVRQDV
FRPHQ]y D DVFHQGHU SRU OD ODGHUD GHO 2OLYHWH <R DOJR UH]DJDGR DGYHUWt D (OLVHR GH OD
GLUHFFLyQTXHVHJXtDHOJUXSRHQSUHYLVLyQGHFXDOTXLHUDSUR[LPDFLyQDOD]RQDGHVHJXULGDGGHO
PyGXOR
$O OOHJDU D OD FLPD GHO PRQWH HO 1D]DUHQR URJy D VXV DPLJRV TXH WRPDUDQ DVLHQWR \ TXH
HVFXFKDUDQVXVSDODEUDV3RUVXHUWHODQDYHVHKDOODEDPXFKRPiVDOQRUWH
+DEtDWDQWDLQTXLHWXGFRPRH[SHFWDFLyQHQODVPLUDGDVGHDTXHOORVJDOLOHRV(QHOIRQGRORV
DOOtUHXQLGRVVyORGHVHDEDQDVHJXUDUVHGHDOJRTXHHO0DHVWURKDEtDWRPDGRODGHFLVLyQFRPR
\DKLFLHUDHQRWUDVRFDVLRQHVGHUHWLUDUVHGHODMXULVGLFFLyQGHODFLXGDGVDQWDHYLWDQGRDVtD
ODV DPHQD]DQWHV FDVWDV VDFHUGRWDOHV 3HUR QR IXH HVWR OR TXH HVFXFKDURQ DXQTXH HO UDEt KL]R
DOJXQDVDOXVLRQHVDOSRGHUWHUUHQDO
/RVUHLQRVGHHVWHPXQGRGLMRHQWUHRWUDVFRVDVVLHQGRFRPRVRQPDWHULDOHVSXHGHQ
HVWLPDUDPHQXGRTXHHVQHFHVDULRHPSOHDUODIXHU]DItVLFDSDUDODHMHFXFLyQ\GHVDUUROORGHODV
OH\HV \ GHO PDQWHQLPLHQWR GHO RUGHQ (Q HO UHLQR GH ORV FLHORV ORV FUH\HQWHV QR UHFXUUHQ DO
HPSOHRGHODIXHU]DItVLFD(OUHLQRGHOFLHORVLHQGRFRPRHVXQDKHUPDQGDGHVSLULWXDOHQWUHORV
KLMRV GH 'LRV SXHGH SURPXOJDUVH ~QLFDPHQWH SRU HO SRGHU GHO HVStULWX (VWD GLVWLQFLyQ GH
SURFHGLPLHQWRQRDQXODVLQHPEDUJRHOGHUHFKRGHORVJUXSRVVRFLDOHVGHFUH\HQWHVDPDQWHQHU
HORUGHQHQVXVILODV\DGPLQLVWUDUGLVFLSOLQDHQWUHORVPLHPEURVLQJREHUQDEOHVHLQGLJQRV1RHV
LQFRPSDWLEOHVHUKLMRGHOUHLQRHVSLULWXDO\FLXGDGDQRGHOJRELHUQRVHFXODU\FLYLO(VGHEHUGHO
FUH\HQWHGDUDO&pVDUORTXHHVGHO&pVDU\D'LRVORTXHHVGH'LRV
1R SXHGH KDEHU GHVDFXHUGR HQWUH HVWRV GRV UHTXLVLWRV $ QR VHU DFODUy -HV~V TXH
UHVXOWHTXHXQ&pVDULQWHQWDXVXUSDUODVSUHUURJDWLYDVGH'LRV\SLGDKRPHQDMHHVSLULWXDO\VHOH
ULQGD FXOWR VXSUHPR (Q WDO FDVR VyOR GHEpLV DGRUDU D 'LRV PLHQWUDV LQWHQWiLV LOXPLQDU D HVRV
GLULJHQWHV PDO JXLDGRV 1R GHEpLV UHQGLU FXOWR HVSLULWXDO D ORV JREHUQDQWHV GH OD WLHUUD 1L
WDPSRFRGHEpLVHPSOHDUODIXHU]DItVLFDGHORVJRELHUQRVWHUUHQDOHV
6HUKLMRVGHOUHLQRGHVGHHOSXQWRGHYLVWDGHXQDFLYLOL]DFLyQDYDQ]DGDSURVLJXLy-HV~V
GLULJLpQGRPH XQD VLJQLILFDWLYD PLUDGD GHEH FRQYHUWLURV HQ FLXGDGDQRV LGHDOHV HQ ORV UHLQRV
WHUUHQDOHV /D KHUPDQGDG \ HO VHUYLFLR QR OR ROYLGpLV VRQ ODV SLHGUDV DQJXODUHV GHO
HYDQJHOLR /D OODPDGD GHO DPRU GHO UHLQR HVSLULWXDO GHEH SUREDU TXH HV HIHFWLYD D OD KRUD GH
GHVWUXLU HO LQVWLQWR GHO RGLR HQWUH ORV FLXGDGDQRV QR FUH\HQWHV \ JXHUUHURV GHO PXQGR WHUUHQR
3HURHVWRVKLMRVGHODVWLQLHEODVFRQPHQWDOLGDGPDWHULDOQXQFDVDEUiQGHYXHVWUDOX]HVSLULWXDO
D QR VHU TXH RV DFHUTXpLV D HOORV 3RU HOOR GHEpLV VHU KRQRUDEOHV \ UHVSHWDGRV HQWUH ORV
FLXGDGDQRV \ HQWUH ORV GLULJHQWHV GH HVWH PXQGR (VH VHUYLFLR VRFLDO JHQHURVR VyOR HV OD
FRQVHFXHQFLDQDWXUDOGHXQHVStULWXTXHYLYHHQODOX]
&RPR KRPEUHV PRUWDOHV VRLV HQ YHUGDG FLXGDGDQRV GH ORV UHLQRV WHUUHQDOHV \ GHEpLV VHU
EXHQRVFLXGDGDQRV\PXFKRPiVFXDQGRKDEpLVYXHOWRDQDFHUHQHOHVStULWX7HQpLVSRUWDQWR
XQD WULSOH REOLJDFLyQ VHUYLU D 'LRV VHUYLU DO KRPEUH \ VHUYLU D OD KHUPDQGDG GH FUH\HQWHV HQ
'LRV
1RDGRUpLVDORVMHIHVWHPSRUDOHVQLHPSOHpLVODIXHU]DSDUDHOIRPHQWRGHOUHLQRHVSLULWXDO
3HURPDQLIHVWDRVHQXQKRQUDGRPLQLVWHULRGHVHUYLFLRDPRURVRWDQWRDORVFUH\HQWHVFRPRDORV
QRFUH\HQWHV(VHQHOHYDQJHOLRGHOUHLQRGRQGHUHVLGHHOSRGHURVR(VStULWXGHOD9HUGDG<R
YHUWHUpVREUHYRVRWURVHVH(VStULWXGH9HUGDG\VXVIUXWRVVHUiQSRGHURVDVSDODQFDVVRFLDOHVTXH
HOHYDUiQD ODV UD]DV GHODVWLQLHEODV (Q YHUGDG RV GLJRTXH HVWH (VStULWXOOHJDUi DVHU YXHVWUR
IXOFURFRQXQSRGHUPXOWLSOLFDGRU
'HVSOHJDG VDELGXUtD \ PRVWUDG VDJDFLGDG HQ YXHVWURV WUDWRV FRQ ORV GLULJHQWHV FLYLOHV QR
FUH\HQWHV3RUPHGLRGHODGLVFUHFLyQPRVWUDURVH[SHUWRVDODKRUDGHDOODQDUGHVDFXHUGRVSRFR
LPSRUWDQWHV \ DUUHJODU I~WLOHV IDOWDV GH HQWHQGLPLHQWR %XVFDG SRU WRGRV ORV SURFHGLPLHQWRV
OHDOHVHOYLYLUDSDFLEOHPHQWHFRQWRGRVORVKRPEUHV6HGVLHPSUHVDELRVFRPRODVVHUSLHQWHV\
WDQLQRIHQVLYRVFRPRODVSDORPDV
6HUpLVPHMRUHVFLXGDGDQRVVLVDEpLVLOXPLQDUYXHVWURHVStULWXFRQODYHUGDGGHOHYDQJHOLR
< ORV GLULJHQWHV HQ ORV DVXQWRV FLYLOHV PHMRUDUiQ FRPR UHVXOWDGR GH HVWD FUHHQFLD HQ HO UHLQR
FHOHVWLDO
0LHQWUDV ORV MHIHV GH ORV JRELHUQRV WHUUHQDOHV EXVTXHQ HMHUFLWDU OD DXWRULGDG FRPR
GLFWDGRUHV UHOLJLRVRV YRVRWURV ORV TXH FUHpLV HQ HVWH HYDQJHOLR VyOR SRGpLV HVSHUDU
SUREOHPDVSHUVHFXFLRQHVHLQFOXVRODPXHUWH
-HV~VKL]RXQDSDXVDGHMDQGRTXHDTXHOODV~OWLPDVSDODEUDVIORWDVHQFRPRXQQHJURSUHVDJLR
3HUR\RRVGLJRSURVLJXLyHO0DHVWURHQXQWRQRILUPH\HVSHUDQ]DGRUTXHHVDPLVPDOX]
TXH OOHYpLV DO PXQGR \ KDVWD OD IRUPD HQ TXH SDGH]FiLV SRU HOOD LOXPLQDUi ILQDOPHQWH SRU Vt
PLVPD D WRGD OD KXPDQLGDG \ GDUi FRPR UHVXOWDGR OD VHSDUDFLyQ JUDGXDO GH OD SROtWLFD \ OD
UHOLJLyQ
(O*DOLOHRYROYLyDILMDUVXVRMRVHQPt<FRQWLQXy
/DSHUVLVWHQWHSUHGLFDFLyQGHHVWHHYDQJHOLRGHOUHLQROOHYDUiDOJ~QGtDDODVQDFLRQHVDXQD
QXHYDHLQFUHtEOHOLEHUDFLyQDXQDOLEHUWDGLQWHOHFWXDO\DODOLEHUWDGUHOLJLRVD
<RRVDQXQFLRDKRUDTXHEDMRODVSUy[LPDVSHUVHFXFLRQHVGHORVTXHRGLDQHVWHHYDQJHOLR
GHODDOHJUtD\GHODOLEHUWDGYRVRWURVIORUHFHUpLV\HOUHLQRGHPL3DGUHSURVSHUDUi3HURQRRV
HQJDxpLV&RUUHUpLVJUDYHSHOLJURFXDQGRHQORVWLHPSRVSRVWHULRUHVODPD\RUtDGHORVKRPEUHV
KDEOHQ ELHQ GH ORV FUH\HQWHV HQ HO UHLQR \ PXFKRV LQFOXVR RFXSDQGR DOWRV FDUJRV DFHSWHQ HO
HYDQJHOLR$SUHQGHGDVHUOHDOHVDOUHLQRLQFOXVRHQWLHPSRVGHSD]\SURVSHULGDG1RWHQWpLVD
ORV iQJHOHV TXH RV YLJLODQ 1R OHV WHQWpLV D OOHYDURV SRU FDPLQRV VHPEUDGRV GH GLILFXOWDGHV
FRPRDPDQWHGLVFLSOLQDFXDQGRRVGHMpLVDUUDVWUDUSRUODPROLFLH\ODYDQDJORULD5HFRUGDGTXH
HVWiLVHQFDUJDGRVGHSUHGLFDUHVWHHYDQJHOLRHOVXSUHPRGHVHRGHKDFHUODYROXQWDGGHO3DGUH
MXQWRFRQODDOHJUtDVXSUHPDGHODUHDOL]DFLyQGHODIHGHVHUKLMRVGH'LRV\QRGHEpLVGHMDUTXH
QDGDGHVYtHYXHVWUDDWHQFLyQ+DFHGTXHWRGDODKXPDQLGDGVHEHQHILFLHGHOGHVERUGDPLHQWRGH
YXHVWURDPDQWHPLQLVWHULRHVSLULWXDOLOXPLQDQGRODFRPXQLyQLQWHOHFWXDOHLQVSLUDQGRHOVHUYLFLR
VRFLDO 3HUR QLQJXQD GH HVWDV KXPDQLWDULDV ODERUHV GHEHQ RFXSDU HO YHUGDGHUR REMHWLYR GH
YXHVWURVFRUD]RQHVSURFODPDUHOHYDQJHOLR
1RGHEpLVEXVFDUODSURPXOJDFLyQGHOD9HUGDGQLHVWDEOHFHUODKRQUDGH]SRUPHGLRGHO
SRGHUGHORVJRELHUQRVFLYLOHVQLWDPSRFRSRUODSURPXOJDFLyQGHOH\HVVHFXODUHV
3RGpLV WUDEDMDU SDUD SHUVXDGLU D ODV PHQWHV KXPDQDV SHUR QXQFD QXQFD GHEpLV
DWUHYHURVDLPSRQHURV1RROYLGpLVODJUDQOH\GHODMXVWLFLDKXPDQDTXHRVKHHQVHxDGRORTXH
GHVHpLVTXHRWURVRVKDJDQKDFpGVHORYRVRWURVDHOORV
&XDQGRXQFUH\HQWHVHDOODPDGRDVHUYLUDOJRELHUQRWHUUHQDOGHMDGTXHULQGDHVHVHUYLFLR
FRPRFLXGDGDQRWHPSRUDOGHGLFKRJRELHUQRDXQTXHWHQJDTXHPRVWUDUWRGRVORVUDVJRV\VHxDOHV
RUGLQDULRV HQ OD FLXGDGDQtD eVWRV KDQ VLGR UHDO]DGRV SRU OD LOXVWUDFLyQ HVSLULWXDO GH OD
HQQREOHFHGRUDDVRFLDFLyQGHODPHQWHGHOKRPEUHPRUWDOFRQHOHVStULWXGLYLQRTXHKDELWDHQpO
6L pO QR FUH\HQWH OOHJD D FXDOLILFDUVH FRPR XQ VLUYLHQWH FLYLO VXSHULRU GHEpLV SUHJXQWDURV
VHULDPHQWH VL ODV UDtFHV GH OD 9HUGDG GH YXHVWUR FRUD]yQ QR KDQ PXHUWR SRU IDOWD GH ODV DJXDV
YLYLHQWHV GH OD FRPXQLyQ HVSLULWXDO FRQ HO VHUYLFLR VRFLDO /D FRQFLHQFLD GH VHU KLMRV GH 'LRV
GHEHDFHOHUDUWRGDODYLGDGHVHUYLFLRDYXHVWURVVHPHMDQWHV
1R GHEpLV VHU PtVWLFRV SDVLYRV R GHVYDtGRV DVFHWDV 1R GHEpLV YROYHURV VRxDGRUHV R
YHOHWDV FD\HQGR HQ HO FyPRGR OHWDUJR GH FUHHU TXH XQD ILFWLFLD 3URYLGHQFLD RV YD D SURYHHU
LQFOXVRGHORQHFHVDULRSDUDYLYLU
(Q YHUGDG GHEpLV VHU VXDYHV HQ YXHVWURV WUDWRV FRQ ORV PRUWDOHV TXH VH HTXLYRFDQ <
SDFLHQWHV HQ YXHVWUDV FRQYHUVDFLRQHV FRQ ORV KRPEUHV LJQRUDQWHV < FRQWHQLGRV DQWH OD
SURYRFDFLyQ3HURWDPELpQGHEpLVVHUYDOLHQWHVDODKRUDGHGHIHQGHUODKRQUDGH]\IXHUWHVHQ
ODSURPXOJDFLyQGHODYHUGDG\KDVWDDXGDFHVSDUDSUHGLFDUHVWHHYDQJHOLRGHOUHLQR<GHEHUpLV
OOHJDUKDVWDORVFRQILQHVGHOPXQGR
(VWH HYDQJHOLR HV XQD 9HUGDG YLYLHQWH 2V KH GLFKR TXH HV FRPR OD OHYDGXUD HQ HO SDQ \
FRPRHOJUDQRGHPRVWD]D<DKRUDRVGHFODURTXHHVFRPRODVHPLOODGHOVHUYLYLHQWHTXHGH
JHQHUDFLyQ HQ JHQHUDFLyQ PLHQWUDV VLJD VLHQGR OD PLVPD VHPLOOD YLYLHQWH VH GHVSOLHJD
LQGHIHFWLEOHPHQWH HQ QXHYDV PDQLIHVWDFLRQHV \ FUHFH GH IRUPD DFHSWDEOH DGDSWiQGRVH D ODV
QHFHVLGDGHVSHFXOLDUHV\FRQGLFLRQHVGHFDGDJHQHUDFLyQ/DUHYHODFLyQTXHRVKHKHFKRHVXQD
UHYHODFLyQYLYD
(O*DOLOHRUHFDOFyHVWDVGRV~OWLPDVSDODEUDVFRQXQDIXHU]DLQGHVFULSWLEOH
8QD UHYHODFLyQ YLYD GLMR \ HV PL GHVHR TXH OOHYH IUXWRV DSURSLDGRV D FDGD
LQGLYLGXR\DFDGDJHQHUDFLyQGHDFXHUGRFRQODVOH\HVGHOFUHFLPLHQWRHVSLULWXDO(VPLGHVHR
TXHVHLQFUHPHQWH\TXHWHQJDXQGHVDUUROOR'HJHQHUDFLyQHQJHQHUDFLyQHVWHHYDQJHOLRGHEH
PRVWUDUYLWDOLGDGFUHFLHQWH\PD\RUKRQGXUDGHSRGHUHVSLULWXDO1RVHGHEHSHUPLWLUTXHOOHJXHD
VHUXQVLPSOHUHFXHUGRVDJUDGRXQDPHUDWUDGLFLyQVREUHPtRVREUHORVWLHPSRVHQORVTXHDKRUD
YLYLPRV
$TXHOOD PLUDGD SURIXQGD \ DILODGD FRPR XQ SXxDO VH SDVHy SRU WRGRV \ FDGD XQR GH ORV
R\HQWHV<DOOOHJDUDPt-HV~VYROYLyDUHSHWLUODV
1RVH GHEHSHUPLWLUTXHOOHJXH DVHU XQ VLPSOHUHFXHUGR VDJUDGR XQDPHUD WUDGLFLyQ
VREUHPLRVREUHORVWLHPSRVHQORVTXHDKRUDYLYLPRV
'HVSXpVGHVFHQGLHQGRDXQWRQRPiVFDOPDGRSURVLJXLy
<QRROYLGpLVTXHQRKHPRVGLULJLGRXQDWDTXHSHUVRQDODORVLQGLYLGXRVQLDODDXWRULGDG
GHORVTXHVHVLHQWDQHQODVLOODGH0RLVpV7DQVyOROHVKHPRVRIUHFLGRODQXHYDOX]TXHHOORV
KDQUHFKD]DGRFRQWDQWRYLJRU+HPRVDUUHPHWLGRFRQWUDHOORVVyORSRUVXGHVOHDOWDGHVSLULWXDO
SDUDFRQODVPLVPDVYHUGDGHVTXHFRQILHVDQHQVHxDU\VDOYDJXDUGDU+HPRVFKRFDGRFRQHVWRV
HVWDEOHFLGRV GLULJHQWHV \ UHFRQRFLGRV MHIHV VyOR FXDQGR VH KDQ RSXHVWR GLUHFWDPHQWH D OD
SUHGLFDFLyQGHOHYDQJHOLR(LQFOXVRDKRUDQRVRPRVQRVRWURVORVTXHDUUHPHWHPRVFRQWUDHOORV
VLQRHOORVORVTXHEXVFDQQXHVWUDGHVWUXFFLyQ1RHVWiLVSDUDDWDFDUODVDQWLJXDVIRUPDV'HEpLV
SRQHUGLHVWUDPHQWHODOHYDGXUDGHODQXHYD9HUGDGHQPHGLRGHODVYLHMDVFUHHQFLDV<GHMDGTXH
HO(VStULWXKDJDVXSURSLRWUDEDMR'HMDGTXHYHQJDODFRQWURYHUVLDVyORFXDQGRDTXHOORVTXHRV
GHVSUHFLDQ RV IXHUFHQ D HOOD 3HUR FXDQGR ORV QR FUH\HQWHV RV DWDTXHQ LQWHQFLRQDGDPHQWH QR
GXGpLVHQPDQWHQHURVHQXQDYLJRURVDGHIHQVDGHOD9HUGDGTXHRVKDVDOYDGR\VDQWLILFDGR
5HFRUGDGVLHPSUHDPDURVHOXQRDORWUR1ROXFKpLVFRQORVKRPEUHVQLVLTXLHUDFRQORVQR
FUH\HQWHV 0RVWUDGPLVHULFRUGLD LQFOXVR FRQORVTXH GHVSUHFLDWLYDPHQWH DEXVHQGH YRVRWURV
0RVWUDURV FLXGDGDQRV OHDOHV KRQUDGRV DUWHVDQRV YHFLQRV PHUHFHGRUHV GH DODEDQ]D SDULHQWHV
GHYRWRVSDGUHVFRPSUHQVLYRV\VLQFHURVFUH\HQWHVHQODKHUPDQGDGGHOUHLQRGHO(VStULWX<\R
RVDVHJXURTXHPLHVStULWXHVWDUiVREUHYRVRWURVDKRUD\VLHPSUHKDVWDHOILQDOGHOPXQGR
(QWUH ODV KRUDV VH[WD \ QRQD HQ QXHVWUR VLVWHPD KRUDULR DFWXDO SRGUtDQ VHU ODV KRUDV
-HV~VGLRSRUILQDOL]DGDVXDORFXFLyQ<IXHURQORVJULHJRVTXHDVLVWtDQDODUHXQLyQORVTXHPiV
SUHJXQWDVIRUPXODURQ'HVGHPLSXQWRGHYLVWDDTXHOORVJHQWLOHVKDEtDQDVLPLODGRPHMRUTXHORV
SURSLRVDSyVWROHVODVLQWHQFLRQHV\HQVHxDQ]DVGHO0DHVWUR/RVRQFHFDVLQRDEULHURQODERFD<
VLGHERMX]JDUSRUVXVFRPHQWDULRVPLHQWUDVGHVFHQGtDPRVKDFLDHOFDPSDPHQWRQRWHUPLQDEDQ
GHHQWHQGHUTXpUHODFLyQSRGtDH[LVWLUHQWUHVXVPDUWLULRVSHUVHFXFLRQHV\PXHUWHDQXQFLDGDVSRU
HO UDEt \ OD LQHYLWDEOH SURSDJDFLyQ GHO HYDQJHOLR SRU WRGR HO PXQGR 3HUVXDGLGRV FRPR
HVWDEDQ FRQ OD H[FHSFLyQ GHO MRYHQ -XDQ GH TXH DTXHO UHLQR GHO TXH KDEODED -HV~V WHQtD
PXFKRTXHYHUFRQXQVLVWHPDSROtWLFRTXHOLEHUDVHD,VUDHOGHODGRPLQDFLyQH[WUDQMHUDWDPSRFR
DFHUWDEDQ D FRPSUHQGHU TXH OD GLIXVLyQ GH OD 9HUGDG SXGLHUD OOHYDUVH D HIHFWR VLQ OD
SURPXOJDFLyQGHOH\HVVHFXODUHVFRPRKDEtDSHGLGRHO0DHVWUR
6XVPHQWHVXQDYH]PiVKDEtDQQDXIUDJDGRHQXQVLQItQGHHVSHFXODFLRQHV\GXGDV3DUDOD
PD\RUtD ODV ~OWLPDV IUDVHV GHO UDEt VREUH OD GHVWUXFFLyQ TXH EXVFDEDQ ORV GLULJHQWHV MXGtRV
IXHURQ LQWHUSUHWDGDV FRPR XQD JUDQ WUDJHGLD TXH HVWDED D SXQWR GH DVRODU HO PXQGR< DXQTXH
FRQRFtDQODRUGHQFRQFUHWtVLPDGHO6DQHGUtQGHGDUFD]DD-HV~VVXIHHQORVSRGHUHVGHO*DOLOHR
HUD WDO TXH VH UHVLVWtDQ D DGPLWLU TXH ORV VDFHUGRWHV SXGLHUDQ WRFDUOH VLTXLHUD (Q RWUDV
RSRUWXQLGDGHVVHGHFtDQXQRVDRWURVHQXQVLPSOHDIiQGHWUDQTXLOL]DUVHHO0DHVWUROHVKD
EXUODGR 3RUTXpQR LEDD KDFHUORDKRUD" (VFDVL VHJXUR TXHHVD GHVWUXFFLyQD ODTXHVH
UHILHUH-HV~VWLHQHTXHYHUFRQXQFDWDFOLVPRRFRQHOILQGHOPXQGR
(VWDVLPSUHVLRQHVGHORVGLVFtSXORVVHYLHURQDOLPHQWDGDVSRUODDFWLWXGSHUVRQDOGH-HV~VHQ
DTXHOOD PDxDQD 6DOYR HQ HO EUHYH SDUODPHQWR FRQ -RVp GH $ULPDWHD HO 1D]DUHQR KDEtD
GHPRVWUDGR XQ KXPRU H[FHOHQWH 6L HO 0DHVWUR WHPLHUD SRU VX VHJXULGDG DUJXPHQWDEDQ HQ
EXHQDOyJLFDQRDGRSWDUtDXQDSRVWXUDWDQDOHJUHHLQFRQVFLHQWH
'HVHRLQVLVWLUHQHVWHPRPHQWRGHPLUHODWRHQXQDFLUFXQVWDQFLDDODTXH\DKHKHFKRDOXVLyQ
SHURTXHGDGDVXLPSRUWDQFLDHVWLPRTXHGHEHVHUFRQVLGHUDGDQXHYDPHQWH$TXHOGLVFXUVRGH
-HV~VGH1D]DUHWKDEtDWHQLGRXQDGXUDFLyQDSUR[LPDGDGHDOJRPiVGHGRVKRUDV<RKHUHIHULGR
~QLFDPHQWHORVSDVDMHVTXHKHFRQVLGHUDGRPiVLQWHUHVDQWHV3XHVELHQWDO\FRPRVHUHIOHMDHQ
HO 1XHYR 7HVWDPHQWR QLQJXQR GH ORV HYDQJHOLVWDV OOHJy D UHFRJHUOR FRQ XQ PtQLPR GH ULJRU \
DPSOLWXG$ OR VXPR HQ ORV WH[WRV HYDQJpOLFRV DSDUHFHQ DOJXQDV IUDVHV R VHQWHQFLDV SHUGLGDV
DTXt\DOOi\GHVYLQFXODGDVGHORTXHHUDHQUHDOLGDGWRGRXQFRQWH[WRXQLIRUPH\SHUIHFWDPHQWH
HVWUXFWXUDGR3DUDPtHVWDVJUDYHVGHILFLHQFLDVUHSHWLGDVFRPRGLJRHQRWURVFDStWXORVQR
VRQODFRQVHFXHQFLDGHXQDDFFLyQQHJOLJHQWHSRUSDUWHGHORVHVFULWRUHVVDJUDGRV/D~QLFDUD]yQ
SRUODTXHORV(YDQJHOLRV&DQyQLFRVQRVHKDFHQHFRGHHVWDVHQVHxDQ]DVHVWiHQXQDUHDOLGDG
PXFKR PiV VHQFLOOD SHUR QR SRU HOOR PHQRV ODPHQWDEOH GHVGH PL SHUVRQDO SXQWR GH YLVWD
FXDQGRORVHYDQJHOLVWDVWUDWDURQGHSRQHUSRUHVFULWRODYLGDREUDV\SDUODPHQWRVGH-HV~VKDEtD
SDVDGRHOWLHPSRVXILFLHQWHFRPRSDUDTXHODLQPHQVDPD\RUtDGHVXVHQVHxDQ]DVQRSXGLHUDQVHU
UHFRUGDGDVWH[WXDOPHQWH'HQRVHUSRUPLVLVWHPDGHILOPDFLyQJUDEDFLyQ\RWDPSRFRKXELHUD
VLGRFDSD]GHPHPRUL]DUWRGRORTXHOOHYDEDRtGR<GHERLQVLVWLUHQDOJRTXHQRSXHGRWHUPLQDU
GH FRPSUHQGHU SRU TXp QLQJXQR GH DTXHOORV GLVFtSXORV VH SUHRFXSy GH LU WRPDQGR QRWDV GH
FXDQWRYHtD\HVFXFKDED"'HHVWDIRUPDWDQHOHPHQWDOKR\KXELpUDPRVGLVSXHVWRGHXQDYLVLyQ
PXFKRPiVDPSOLD\DFHUWDGDGHORTXHGLMRHKL]RHO0DHVWURGH*DOLOHD
3DUD Pt D QLYHO SHUVRQDO DOJXQDV GH ODV DILUPDFLRQHV GH -HV~V HQ DTXHOOD LQROYLGDEOH
PDxDQDHQODFLPDGHO2OLYHWHKDQUHYHVWLGRXQDJUDQLPSRUWDQFLD3RUHMHPSORMDPiVKHSRGLGR
ROYLGDU VXV DOXVLRQHV D OD HVSHUDQ]D /D SHUVLVWHQWH SUHGLFDFLyQ GH HVWH HYDQJHOLR KDEtD
SURPHWLGROOHYDUiDOJ~QGtDDODVQDFLRQHVDXQDQXHYDHLQFUHtEOHOLEHUDFLyQ
&XiQWRKHDQVLDGRYHUFXPSOLGDWDODILUPDFLyQ6LQHPEDUJRKR\SRUKR\HVDPDUDYLOORVD
UHDOLGDG SDUHFH D~Q OHMDQD 6L -HV~V IXH FDSD] GH SURQRVWLFDU DxRV DQWHV OD WRWDO
GHVWUXFFLyQ GH -HUXVDOpQ SRU ODV OHJLRQHV GH 7LWR SRU TXp LED D HTXLYRFDUVH HQ DTXHOOD RWUD
SURIHFtD"
7DPELpQ PH GHVFRQFHUWyVX UHFRPHQGDFLyQVREUH ODIRUPDHQTXH GHEtDVHU SURPXOJDGD OD
9HUGDG 1R GHEpLV EXVFDU DVHJXUy OD SURSDJDFLyQ GH HVWD 9HUGDG SRU PHGLR GH OH\HV
VHFXODUHV<XQDSXQ]DQWHGXGDTXHGyHQPLFRUD]yQKXELHUDDSUREDGRHO+LMRGHO+RPEUHOD
LQWULQFDGDPDUDxDGHOH\HVQRUPDV\FyGLJRVTXHKDQUHJLGR\VLJXHQULJLHQGRORVGHVWLQRVGHODV
LJOHVLDV \ TXH HQ HO IRQGR QR VRQ RWUD FRVD TXH XQD DVIL[LDQWH EXURFUDFLD VHFXODU DJD]DSDGD
EDMRSUHWH[WRVHVSLULWXDOHV\VDJUDGRVPiVRPHQRVFODURV"
3HUR PL PLVLyQ QR HUD HQMXLFLDU VLQR REVHUYDU \ GDU WHVWLPRQLR 5XHJR D TXLHQ SXHGD OHHU
HVWHGLDULRPHGLVFXOSH
&XDQGRHQWUDPRVHQHOFDPSDPHQWR'DYLG=HEHGHRWHQtDOLVWDODFRPLGD/HQRWpQHUYLRVR\
PDOKXPRUDGR(QXQSULPHUPRPHQWRORDWULEXtDQXHVWURUHWUDVR1RUPDOPHQWHDTXHODOPXHU]R
D PLWDG GH MRUQDGD VROtD FHOHEUDUVH DOUHGHGRU GH ODV GRFH (O GLVJXVWR GHO =HEHGHR
SHQVpHVWiPiVTXHMXVWLILFDGR3HURXQDYH]PiVPHHTXLYRFDED/DGHVD]yQGHOMHIHGH
ORVHPLVDULRVQRVHGHEtDDODGHPRUDGHOJUXSR
1RVIXLPRVDFRPRGDQGRHQWRUQRDOIXHJR\ODVPXMHUHVFRPHQ]DURQDVHUYLUJXLVRDEDVHGH
OHQWHMDV DURPDWL]DGR FRQ VHQGRV SHOOL]FRV GH FRPLQR QHJUR \ FLODQWUR>@ HVSLJDV IUHVFDV
SDVDGDV OLJHUDPHQWH SRU OD OXPEUH R JUDQR WRVWDGR SURSRUFLRQDGR SRU -XDQ 0DUFRV \ XQD
SHTXHxD UDFLyQ GH UHTXHVyQ HODERUDGR SRU ODV PXMHUHV FRQ OD OHFKH GH FDEUD < FRPR
FRPSOHPHQWRDPpQGHOYLQRXQDVWRUWDVGHKDULQDDPDVDGDVHVDPLVPDPDxDQDDEDVHGHDJXD\
VDO(OSURFHGLPLHQWRXWLOL]DGRSRUODVPXMHUHVGHOFDPSDPHQWRHQODFRFFLyQGHDTXHOODVWRUWDV
GHXQRVFHQWtPHWURVGHGLiPHWURHUDPX\VLQJXODU$OPHQRVSDUDPt(PSOHDEDQXQKRUQR
VL HV TXH VH OH SXHGH OODPDU DVt FRQVLVWHQWH HQ XQ JUDQ MDUUR SHUIHFWDPHQWH UHFXELHUWR GH
EDUURHQVXH[WHULRU6HDVHJXUDEDHQHOVXHOR\HQVXLQWHULRUVHHQFHQGtDXQIXHJR8QDYH]TXH
ODFDQGHODKDEtDFDOHQWDGRVXILFLHQWHPHQWHODVSDUHGHVGHOMDUURODVPXMHUHVSURFHGtDQDDSDJDU
ODVOODPDVSHJDQGRHQWRQFHVODVWRUWDVDODVXSHUILFLHLQWHULRUGHOKRUQR(QJHQHUDOVHFRPtDQ
FDOLHQWHV3HURFXDQGR-HV~V\ORVUHVWDQWHVGLVFtSXORVOOHJDURQDOKXHUWRODVWRUWDVKDFtDWLHPSR
TXHVHKDEtDQHQIULDGR$OJXQRVGHORVFRPHQVDOHVVXEVDQDURQVLQHPEDUJRDTXHOFRQWUDWLHPSR
URFLiQGRODVFRQPLHO
-HV~VDSHQDVSUREyHOJXLVDGRGHOHQWHMDVGHGLFDQGRVXDWHQFLyQDOUHTXHVyQ\DVXREOLJDGD
UDFLyQGHSDVDVVLQJUDQR
$ PLWDG GHO DOPXHU]R -XGDV DSDUHFLy HQ HO FDPSDPHQWR 1DGLH VH VRUSUHQGLy 6yOR -HV~V
'DYLG=HEHGHR\\ROHVHJXLPRVFRQODPLUDGD(O,VFDULRWHFRQODYLVWDEDMDWRPyXQDGHODV
HVFXGLOODVGHPDGHUDVLUYLpQGRVHXQDJHQHURVDUDFLyQGHOHQWHMDV<HQHOPLVPRVLOHQFLRFRQ
TXH KDEtD HQWUDGR HQ HO KXHUWR DVt VH UHWLUy \ DLVOy VHQWiQGRVH HQWUH ODV UDtFHV GH XQR GH ORV
ROLYRVPiVFHUFDQRV'XUDQWHXQEXHQUDWRHOWUDLGRUFHQWUyVXDWHQFLyQHQODFRPLGD8QDYH]
FRQFOXLGD\PLHQWUDVSURFHGtDDHVFDUEDUVHORVGLHQWHVFRQXQDEUL]QDGHKLHUEDOHYDQWyORVRMRV
KDFLDHOFLHORHQGLUHFFLyQDOVRO6XSRQJRTXHWUDWDQGRGHDYHULJXDUORTXHUHVWDEDGHOX]<
DOOtVLJXLyDWHQWRDWRGRV\FDGDXQRGHORVPRYLPLHQWRVGHO*DOLOHR\GHVXVDOOHJDGRV
'HEtD IDOWDU XQD KRUD SDUD ODV WUHV GH OD WDUGH FXDQGR 'DYLG =HEHGHR FDGD YH] PiV
LQTXLHWRVHOHYDQWy\WLUySUiFWLFDPHQWHGH-HV~VFDPLQDQGRFRQpOHQGLUHFFLyQDODVWLHQGDV
+DEODURQXQRVPLQXWRV\REVHUYpFyPRHO0DHVWUROHUHVSRQGtDDOWLHPSRTXHOHYDQWDEDVXPDQR
L]TXLHUGD FRPR WUDWDQGR GH DSDFLJXDUOH -XGDV LPSDVLEOH VHJXtD OD HVFHQD VLQ PRYHUVH GH VX
VLWLR
&XDQGR'DYLGUHJUHVyKDVWDHOJUXSRWUDWpGHVRQVDFDUOH
4XpWHRFXUUH"OHSUHJXQWpEDMDQGRHOWRQRGHPLYR]GHIRUPDTXHQRSXGLHUDVHURtGR
SRUHOUHVWR
0LVKRPEUHVHQ-HUXVDOpQPHH[SOLFyFRQGHVHVSHUDFLyQKDQWUDtGRPDODVQXHYDV
(PSH]DEDDLQWXLUGHTXpVHWUDWDED\FXiOHUDHQYHUGDGODUD]yQGHODSURJUHVLYDDJLWDFLyQ
GHOGLVFtSXOR
+DQ VHJXLGR D -XGDV \ WDO \ FRPR YRVRWURV PH DGHODQWDVWHLV ORV SODQHV SDUD DSUHVDU DO
0DHVWURHVWiQFDVLXOWLPDGRV6HUiKR\(VSRVLEOHTXHGHVSXpVGHODSXHVWDGHVRO(OFDSLWiQGH
ODSROLFtDGHO7HPSORHVWiIXULRVRSRUODIXJDGH/i]DUR\KDDSUHPLDGRDO,VFDULRWHSDUDTXHVH
FRQVXPHHODUUHVWR
6DEpLVGyQGHWHQGUiOXJDU"
1R /R ~QLFR TXH Vp HV TXH QR SRGHPRV SHUGHU GH YLVWD D HVH EDVWDUGR PDVFXOOy
'DYLGFODYDQGRVXPLUDGDHQ-XGDV
<TXpKDGLFKR-HV~V"
(O =HEHGHR VH HQFRJLy GH KRPEURV \ UH]XPDQGR D~Q OD HYLGHQWH VRUSUHVD TXH OH KDEtD
FDXVDGRODFRQWHVWDFLyQGHO*DOLOHRFRPHQWy
0HKDSHGLGRTXHQRKDEOHGHHVWRFRQQDGLHSHURDWLVtSXHGRGHFtUWHORSXHVWRTXH\DOR
VDEHV 6t 'DYLG PH KD UHVSRQGLGR OR Vp WRGR < Vp TXH W~ VDEHV SHUR FXLGD GH QR
GHFtUVHORDQDGLH<FXDQGRWUDWDEDGHSHUVXDGLUOHSDUDTXHKX\HUDDxDGLy1RGXGHVGHTXH
ODYROXQWDGGH'LRVSUHYDOHFHUiDOILQDO7HMXUR-DVyQTXHQRDFLHUWRDFRPSUHQGHUOH6LpO
TXLVLHUDDKRUDPLVPRSRQGUtDPRVDVXVHUYLFLRPiVGHXQFHQWHQDUGHKRPEUHVDUPDGRVTXHOH
HVFROWDUtDQ\JXDUGDUtDQKDVWDOOHJDUDOD3HUHD
&RORTXp PLV PDQRV VREUH VXV KRPEURV WDO \ FRPR KDEtD YLVWR KDFHU D -HV~V H LQWHQWp
DQLPDUOHFRQODPLUDGD3HURODWULVWH]DGHDTXHOKRPEUHHUDPXFKRPiVSURIXQGDGHORTXH\R
SRGtDVXSRQHU
/D V~ELWDOOHJDGD GHXQR GH ORVFRUUHRVVDFyD 'DYLGGHVXVVRPEUtRV SHQVDPLHQWRV /H
DFRPSDxp KDVWD OD WLHQGD GH ORV KRPEUHV \ DOOt HQ SUHVHQFLD GHO =HEHGHR HO HPLVDULR TXH
SURFHGtDGH)LODGHOILDOH\yXQPHQVDMHGH$EQHU+DVWDDTXHOODUHPRWDFLXGDGRULHQWDOKDEtDQ
OOHJDGR WDPELpQ ORV LQVLVWHQWHV UXPRUHV VREUH XQ FRPSORW SDUD PDWDU DO 0DHVWUR \ SHGtD
LQVWUXFFLRQHV'HEtDPRYLOL]DUVHFRQWRGDVXJHQWH\GLULJLUVHD-HUXVDOpQ"
(O=HEHGHROH\yODPLVLYD\DFXGLyGHLQPHGLDWRDO*DOLOHReVWHXQDYH]FRQRFLGDODQRWD
GHOKRPEUHTXHGDEDSURWHFFLyQD/i]DURWUDQVPLWLyD'DYLG'LOHD$EQHUTXHVLJDDGHODQWH
FRQ VX ODERU 6L PDUFKR GH YRVRWURV HQ FDUQH HV SRUTXH SXHGR YROYHU HQ HVStULWX 1R RV
DEDQGRQDUp(VWDUpFRQYRVRWURVKDVWDHOILQDO
2WUR GH ORV PHQVDMHURV SDUWLy D OD FDUUHUD KDFLD )LODGHOILD \ \R DSURYHFKp DTXHOOD
RSRUWXQLGDGSDUDSUHJXQWDUDO=HEHGHRSRUODPDGUHGH-HV~V(UDFDVLODKRUDQRQDODVWUHV\
0DUtD\VXVIDPLOLDUHVQRKDEtDQGDGRVHxDOHVGHYLGD&RPRGLMHODSRVLELOLGDGGHHQFRQWUDUPH
FDUDDFDUDFRQODPDGUHGHO*DOLOHRKDEtDLGRH[FLWDQGRPLHVStULWXOOHQiQGRPHGHFXULRVLGDG
&yPR HUD UHDOPHQWH DTXHOOD PXMHU" 3RGtD WHQHU HO DVSHFWR TXH QRV PXHVWUD OD WUDGLFLyQ
SLFWyULFDXQLYHUVDO"4XpKDEtDGHFLHUWRHQWRGDVHVDVFXDOLGDGHV\YLUWXGHVTXHKDQUHPDFKDGR
VLQFHVDUORVLQYHVWLJDGRUHV\HVWXGLRVRVPDULROyJLFRV"
'DYLG QR SXGR VDWLVIDFHU PL GXGD (O FDPLQR GHVGH %HWK6DLGD HQ *DOLOHD D XQRV
HVWDGLRV GH -HUXVDOpQ DOUHGHGRU GH NLOyPHWURV VXSRQtD XQ FRQVLGHUDEOH HVIXHU]R VREUH
WRGRSDUDXQJUXSRHQHOTXHYLDMDEDQYDULDVPXMHUHV>@+DEtDTXHHVSHUDU
$SHQDV VH KXER UHWLUDGR 'DYLG GH OD SUHVHQFLD GH -HV~V FXDQGR HO MHIH GH OD LQWHQGHQFLD
)HOLSHVHDSUR[LPyDO0DHVWUR\OHSUHJXQWy
'DGRTXHVHDSUR[LPDODKRUDGHOD3DVFXDGyQGHTXLHUHVTXHSUHSDUHPRVODFHQD"
(O*DOLOHROHUHVSRQGLy
9HWH D EXVFDU D 3HGUR \ D -XDQ \ RV GDUp ODV LQVWUXFFLRQHV SDUD OD FHQD TXH FRPHUHPRV
MXQWRVHVWDQRFKH(QFXDQWRDOD3DVFXDRVKDEODUpGHHOORGHVSXpVGHODFHQD
(VWHDVXQWRVtLQWHUHVDEDVREUHPDQHUDD-XGDV(LQFRUSRUiQGRVHFRPHQ]yDFDPLQDUKDFLD
-HV~VFRQHOSURSyVLWRVXSRQJRGHDYHULJXDUGyQGH\DTXpKRUDLEDDFHOHEUDUVHODFHQDGH
DTXHOMXHYHV3HURHO=HEHGHRTXHQROHSHUGtDGHYLVWDFRPSUHQGLyODVRVFXUDVLQWHQFLRQHV
GHO ,VFDULRWH \ FRQ XQRV UHIOHMRV DGPLUDEOHV VH LQWHUSXVR HQ HO FDPLQR GHO WUDLGRU
HQWUHWHQLpQGROH
-XGDVQHUYLRVRYLRFyPR)HOLSH3HGUR-XDQ\HO0DHVWURVHVHSDUDEDQGHOJUXSRHQWUDQGR
HQXQDGHODVVROLWDULDVWLHQGDV$ORVSRFRVPLQXWRVORVWUHVDSyVWROHVVDOLHURQGHODOEHUJXH\
VLQKDFHUHOPHQRUFRPHQWDULRDEDQGRQDURQHOKXHUWRODGHUDDEDMR
3RUXQPRPHQWRGXGp4XpGHEtDKDFHU"0HXQtDDOJUXSRGHORVDSyVWROHVTXHDFDEDEDGH
VDOLU GHO FDPSDPHQWR R SHUPDQHFtD MXQWR DO 0DHVWUR" 'DYLG VHJXtD HQWUHWHQLHQGR DO ,VFDULRWH
TXLHQFRQHOURVWURGHVRODGRSHURVLQSHUGHUVXVDQJUHIUtDSDUHFtDUHVLJQDGRDVXVXHUWH0H
GHMpOOHYDUSRUHOLQVWLQWR\GLVLPXODGDPHQWHPHODQFpHQSRVGH)HOLSH\VXVFRPSDxHURV/RV
DOFDQFpFXDQGRFUX]DEDQDORWURODGRGHO&HGUyQERUGHDQGRODPXUDOODVXURULHQWDOGHODFLXGDG
VDQWD HQ GLUHFFLyQ D OD SXHUWD GH ORV (VHQLRV$O YHUPH ORV GLVFtSXORV VH PRVWUDURQ XQ WDQWR
VRUSUHQGLGRV3HURLQWHQWpGLVLSDUVXVUHFHORVFRPHQWiQGROHVTXHSXHVWRTXHVHDYHFLQDEDOD
ILHVWD SDVFXDO WHQtD LQWHQFLyQ GH DJUDGHFHU OD KRVSLWDOLGDG GHO 0DHVWUR HQWUHJiQGROH XQ
REVHTXLR>@
2V KH YLVWR SDUWLU KDFLD -HUXVDOpQ OHV GLMH \ KH FUHtGR TXH pVWD HUD XQD EXHQD
RSRUWXQLGDGSDUDSHGLURVFRQVHMR
6yOR-XDQPHMRUREVHUYDGRU\PiVVHQVLEOHTXHVXVDPLJRVVHHPRFLRQySRUDTXHOJHVWR
PtR<WRPiQGRPHSRUHOEUD]RPHSUHJXQWy
<TXpKDVSHQVDGRUHJDODUOH"
4XL]iXQDQXHYDW~QLFDLPSURYLVp
1RHVPDODLGHDPHGLWyHQYR]DOWDSHURTXL]iIXHVHPiVSUiFWLFRTXHFRPSUDUDVXQ
PDQWR(OWLHQHHQDOWDHVWLPDVXW~QLFD7HKDEUiVILMDGRTXHIXHFRQIHFFLRQDGDDPDQR\VLQ
FRVWXUDV
/H KLFH VDEHU TXH PH SDUHFtD XQD H[FHOHQWH LGHD \ TXH VL GLVSRQtDQ GH XQRV PLQXWRV PH
DFRPSDxDUDQ\UHFRPHQGDUDQXQEXHQPHUFDGHUHQWHODV
3HGURLQWHUYLQR\HQXQWRQREUXVFRFRPRVLDUUDVWUDUDXQFLHUWRPDOKXPRUPHGHVYHOyOR
TXHSUHFLVDPHQWHGHVHDEDVDEHU
$WLHQGH -DVyQ$KRUD QR SXHGH VHU (O 0DHVWUR QRV KD HQFRPHQGDGR XQ DVXQWR XQ WDQWR
UDUR
(QVXYR]DGLYLQpDTXHOODFDVLJHQpWLFDLQFDSDFLGDGSDUDFRPSUHQGHUPXFKDVGHODVDFFLRQHV
GH-HV~V
7HQHPRVTXHOOHJDUKDVWDODVSXHUWDVGHODFLXGDG\EXVFDUDXQKRPEUHH[FODPyFRQ
UHWLQWtQFRQXQFiQWDURGHDJXD,PDJtQDWHFRQPLOHVGHSHUHJULQRVHQ-HUXVDOpQ
-XDQOHUHSURFKyVXSRFDIH
6LHO0DHVWURQRVKDGLFKRTXHDOIUDQTXHDUODVSXHUWDVHQFRQWUDUHPRVDHVHKRPEUHFRQHO
FiQWDURQRKD\PiVTXHKDEODU
3HURUHFRQRFHWUDWyGHUD]RQDU)HOLSHTXH3HGUROOHYDUD]yQ1RKXELHUDVLGRPiV
IiFLO\SUiFWLFRTXH-HV~VQRVKXELHUDGDGRODGLUHFFLyQGHODFDVDGRQGHGHVHDFHQDUHVWDQRFKH
RHOQRPEUHGHVXSURSLHWDULR"3RUTXpWDQWRPLVWHULR"4XpQHFHVLGDGKD\GHWDQWRODEHULQWR"
6RQUHt SDUD PLV DGHQWURV UHFRUGDQGR HO WH[WR HYDQJpOLFR GRQGH VH QDUUD HVWH VXFHVR 1R
KDEUtD HVWDGRGHPiVTXH ORVHVFULWRUHV VDJUDGRVKXELHUDQKHFKRPHQFLyQGHDTXHOOD SROpPLFD
HQWUHORVGLVFtSXORV\TXHUHWUDWDEDPDUDYLOORVDPHQWHODIHFLHJDGHXQR\ODVOyJLFDVGXGDVGHO
UHVWR&DEHODSRVLELOLGDGGHTXHFRQHOSDVRGHORVDxRVQL3HGURQL)HOLSHGHVHDUDQGHVFXEULU
D OD LQFLSLHQWH FRPXQLGDG FULVWLDQD VX IODTXH]D GH HVStULWX < HV GHO WRGR KXPDQR \
FRPSUHQVLEOH
/RVWUHVKRPEUHVVLJXLHURQHQ]DU]DGRVHQDTXHOODGLVSXWDKDVWDTXHOOHJDPRVDOXPEUDOGHOD
JUDQSXHUWDGHORV(VHQLRVIUHQWHDOYDOOHGHO+LQQRP$DTXHOODVKRUDVGHODWDUGHHOJHQWtRTXH
HQWUDED \ VDOtD VLQ FHVDU GH -HUXVDOpQ HUD OR VXILFLHQWHPHQWH JUDQGH FRPR SDUD GHVDOHQWDU D
FXDOTXLHUDTXHLQWHQWDUDORFDOL]DUDXQKRPEUHFRQXQFiQWDURGHDJXD
'HSURQWRHQDTXHOFRQIXVRWUDVLHJRGHJHQWHV-XDQQRVOODPyODDWHQFLyQVREUHXQJUXSRGH
PXMHUHV TXH VDOtD GH OD FLXGDG 'RV GH HOODV FDUJDEDQ VREUH VXV FDEH]DV VHQGRV FiQWDURV (O
UHVWR SRVLEOHPHQWH ODYDQGHUDV PDQWHQtD VREUH VXV FUiQHRV FRQ JUDQ GHVWUH]D FHVWRV GH
PLPEUHUHSOHWRVGHURSD
3HUR3HGURFDGDYH]PiVGHVDOHQWDGRKL]RYHUDOMRYHQGLVFtSXORTXHVHWUDWDEDGHPXMHUHV
\TXHDGHPiVVHJXtDQXQDGLUHFFLyQRSXHVWDDODTXHOHVKDEtDDQXQFLDGRHOUDEt
$OWUDVSDVDUHODUFRGHSLHGUDGHODJLJDQWHVFDSXHUWDORVWUHVDSyVWROHVVHGHWXYLHURQIUHQWH
DODVSULPHUDVFDVDVGHOEDUULREDMR<GXUDQWHDOJXQRVPLQXWRVVHGHGLFDURQDLQVSHFFLRQDUD
FXDQWRVGHDPEXODEDQSRUHOOXJDU1RQHFHVLWDURQPXFKRWLHPSRSDUDGHVFXEULUDODGHUHFKDGHO
SRUWDOyQ GH ORV (VHQLRV D XQ KRPEUH TXH VH KDOODED VHQWDGR \ FRQ OD HVSDOGD DSR\DGD HQ OD
PXUDOOD$VXODGRKDEtDXQDFiQWDUDGHFDVLPHGLRPHWURGHDO]DGDGHODVXVDGDVFRP~QPHQWH
SDUDUHFRJHUHODJXDGHODVIXHQWHVVLWXDGDVGHODQWHGH-HUXVDOpQ
/RVGLVFtSXORVVHPLUDURQHQVLOHQFLR\-XDQVRQULHQWH\GHFLGLGRVHDGHODQWyKDVWDVLWXDUVH
DGRVPHWURVGHDTXHOLQGLYLGXR)HOLSHOHVLJXLy\3HGURYDFLODQWHD~QWHUPLQySRUXQLUVHDVXV
DPLJRVQHJDQGRVLVWHPiWLFDPHQWHFRQODFDEH]D
1L -XDQ QL HO UHVWR OOHJDURQ D GHVSHJDU VXV ODELRV &XDQGR DTXHO KRPEUH TXH SDUHFtD
DEXUULGRGHHVSHUDUOHVYLRLQPyYLOHV\FRQORVRMRVILMRVHQpOGLEXMyXQDOHYHVRQULVD\VLQ
PiVVHOHYDQWyWRPDQGRODSHVDGDFiQWDUD$FWRVHJXLGR\FRQHOUHFLSLHQWHELHQVXMHWRVREUHVX
FDGHUDL]TXLHUGDLQLFLyXQDDSUHVXUDGDFDPLQDWD
3HGURHQVLOHQFLR\FRQORVRMRVEDMRVKDEtDHQURMHFLGRGHYHUJHQ]D
(Q FXHVWLyQ GH PLQXWRV HO PLVWHULRVR SHUVRQDMH QRV FRQGXMR SRU ODV HPSLQDGDV \ DQJRVWDV
FDOOHMDVGHDTXHOOD]RQDPHULGLRQDOGH-HUXVDOpQKDVWDXQDFDVDGHGRVSODQWDVVLWXDGDPX\FHUFD
GHODUHVLGHQFLDGH$QiVHOH[VXPRVDFHUGRWH\VXHJURGH&DLIiV
$ OD SXHUWD GH DTXHOOD PDQVLyQ WDQ OXMRVD FDVL FRPR OD GH -RVp GH$ULPDWHD HVSHUDED XQ
FRQRFLGRGHWRGRV(OSHTXHxR-XDQ0DUFRV
$O SDUHFHU QR IXL HO ~QLFR VRUSUHQGLGR /RV WUHV GLVFtSXORV DO YHU DO DGROHVFHQWH
LQWHUFDPELDURQ XQD PLUDGD DGLYLQDQGR HQWRQFHV ODV LQWHQFLRQHV GH -HV~V 3RU PL SDUWH HO
VXSXHVWR KHFKR PLODJURVR GHO HQFXHQWUR FRQ HO KRPEUH GHO FiQWDUR HPSH]DED D WHQHU XQD
H[SOLFDFLyQ PiV UDFLRQDO$XQTXH HQ DTXHOORV LQVWDQWHV QR GLVSRQtD GH SUXHEDV VXILFLHQWHV XQ
SUHVHQWLPLHQWRFRPHQ]yDURQGDUPH
+DEtDGDGRLQVWUXFFLRQHVHO0DHVWURD-XDQ0DUFRVGXUDQWHHOODUJRSDVHRGHOPLpUFROHV
SDUDTXHXQPLHPEURGHVXIDPLOLDTXL]iXQVLUYLHQWHDFXGLHUDDXQDKRUDGHWHUPLQDGDKDVWD
ODVSXHUWDVGH-HUXVDOpQ\SRUWDQGRXQFiQWDURGHDJXD"'HQRKDEHUVLGRDVtFyPRH[SOLFDUOD
SUHVHQFLD GHO PXFKDFKR MXVWDPHQWH HQ HO HVFDOyQ GH OD SXHUWD GH OD FDVD GRQGH GHEHUtD
FHOHEUDUVHODOODPDGD~OWLPDFHQD"$TXHOODKLSyWHVLVIXHJDQDQGRWHUUHQRHQPLVXEFRQVFLHQWH
(QHOIRQGRWRGRHQFDMDEDHOIpUUHRPXWLVPRGHOMRYHQDQWHODVSUHJXQWDVGHORVGLVFtSXORV\OD
H[WUHPD SUXGHQFLD GHO 0DHVWUR D OD KRUD GH LQGLFDU HO OXJDU GRQGH GHVHDED UHXQLUVH FRQ VXV
tQWLPRV
-HV~VGH1D]DUHWHVWDEDDOFRUULHQWHGHOFRPSORWTXHSURWDJRQL]DED-XGDVDVtFRPRGHVXV
PDQHMRVSDUDIDFLOLWDUVXFDSWXUD(UDOyJLFRTXHVLHO*DOLOHRGHVHDEDQRVHUPROHVWDGRHQHO
WUDQVFXUVR GH DTXHOOD FHQD DGRSWDVH ODV QHFHVDULDV PHGLGDV GH SUHFDXFLyQ < DTXHOOD
PDQLREUDHYLGHQWHPHQWHIRUPDEDSDUWHGHOSODQ
(OMRYHQ0DUFRVQRVFRQGXMRKDVWDHOLQWHULRUGHODFDVDSUHVHQWiQGRQRVDVXVSDGUHV(OtDV
\ 0DUtD $TXHOOD IDPLOLD VHJ~Q SXGH DYHULJXDU HVWDED HPSDUHQWDGD FRQ OD GH -HV~V
FRPXOJDQGRSOHQDPHQWHFRQVXVHQVHxDQ]DV
)HOLSHFRPRUHVSRQVDEOHGHODSUHSDUDFLyQGHODFHQDURJyD(OtDV0DUFRVTXHOHPRVWUDVH
HO OXJDU HOHJLGR \ TXH OH SXVLHVH DO FRUULHQWH GHO PHQ~ \ GH ORV UHVWDQWHV SUHSDUDWLYRV
3UXGHQWHPHQWH\SXHVWRTXHHOPXFKDFKRVHKDOODEDSUHVHQWHPHDEVWXYHGHIRUPXODUSUHJXQWDVD
ORVGXHxRVGHODFDVD6LQHPEDUJRGHVSXpVGHFRPSUREDUTXHODFHQDWHQGUtDSRUHVFHQDULRHO
SLVRVXSHULRUGHODPDQVLyQGHORV0DUFRVPLVGXGDVVREUHHODFXHUGRVHFUHWRHQWUH-HV~V\HO
KLMRGHDTXHOORVTXHGDURQSUiFWLFDPHQWHGLVXHOWDV6yORUHVWDEDTXHHOPXFKDFKRRVXVSDGUHVPH
ORFRQILUPDUDQ3HURHVRVXFHGHUtDSRFDVKRUDVPiVWDUGH
0HGLVSRQtD\DDVHJXLUD)HOLSH\D3HGURKDVWDODSULPHUDSODQWDLQLFLDQGRDVtRWUDGHODV
GHOLFDGDV PLVLRQHV HQFRPHQGDGDV SRU &DEDOOR GH 7UR\D FXDQGR LQHVSHUDGDPHQWH -XDQ HO
(YDQJHOLVWD PH SURSXVR DSURYHFKDU DTXHOORV PLQXWRV SDUD YLVLWDU HO FHUFDQR EDUULR GH ORV
WLQWRUHURVVDWLVIDFLHQGRDVtPLGHVHRGHDGTXLULUHOPDQWRSDUDHO0DHVWUR0HYLDWUDSDGRHQPL
SURSLR HQJDxR \ QR WXYH PiV UHPHGLR TXH DFHSWDU VLPXODQGR DGHPiV JUDQ FRQWHQWR SRU
DTXHOODJHQWLOH]DGHOGLVFtSXOR
(O JUHPLR GH ORV WLQWRUHURV WDO \ FRPR PH KDEtD DQXQFLDGR -XDQ DO VDOLU GH OD FDVD VH
HQFRQWUDED PX\ FHUFD 'HVFHQGLPRV SRU XQ HVWUHFKR FDOOHMyQ WDQ PDO HPSHGUDGR FRPR
SHVWLOHQWHKDVWDGHVHPERFDUHQXQFRUURGHSHTXHxDVFDVDVGHXQDSODQWDVLWXDGRDODVRPEUDGH
ODPXUDOODH[WHULRU\HQHOiQJXORVXURFFLGHQWDOGHODFLXGDG$TXHOODWUHLQWHQDGHFDVDVHUDQHQ
UHDOLGDG RWUDV WDQWDV WLQWRUHUtDV -XDQ PH FRQGXMR DO LQWHULRU GH XQD GH HOODV SURSLHGDG GH XQ
YLHMR DPLJR XQ WDO 0DONL\tDV H[SHUWR DUWHVDQR \ GLJQR VXFHVRU GH XQD DQWLJXD IDPLOLD GH
WLQWRUHURV
<VLQSURSRQpUPHORPHYLHQHOLQWHULRUGHXQDKDELWDFLyQGHXQRVVHLVSRUWUHVPHWURVFDVL
DKRJDGDSRUODRVFXULGDGHQXQRGHFX\RVH[WUHPRVGLYLVpGRVJUDQGHVFXEDVGHFDVLXQPHWURGH
GLiPHWUR SRU RWUR GH DOWXUD$ VX ODGR KDEtDQ VLGR VLWXDGDV YDULDV SLODV GH HVFDVR IRQGR \ XQ
EDQFR GH PDPSRVWHUtD (Q ODV FXEDV VH KDEtD LQWURGXFLGR SRWDVD \ FDO DSDJDGD DVt FRPR XQD
SHTXHxDFDQWLGDGGHtQGLJR>@HQXQDGHHOODV\HOGREOHHQODVLJXLHQWH&DGDFXEDFHUUDGDSRU
XQDFXELHUWDGHSLHGUDSUHVHQWDEDXQSHTXHxRRULILFLRRERFDFHQWUDOGHXQRVFHQWtPHWURVHQ

ODFLWDGDWDSD3RUDOOtHODPLJR0DONL\tDVLEDLQWURGXFLHQGRORVKLORVGHORVGLIHUHQWHVWHMLGRV
SURFHGLHQGRDVXWLQWH(QRWUDGHODVSLODVYDULRVREUHURVPDQLSXODEDQJUDQGHVSDxRVGHWHOD
VXPHUJLpQGRORVHQEDxRVGHS~USXUD\HVFDUODWD
-XDQOHH[SXVRPLGHVHRGHKDFHUXQUHJDORDXQDPLJRURJiQGROHTXHQRVHQVHxDUDDOJXQRV
GHORVPDQWRVPHMRUWUDEDMDGRV\OLVWRV\DSDUDVXWUDVODGRDOJUHPLRGHORVYHQGHGRUHVGHWHODV
(OMHIHGHODWLQWRUHUtDDFHSWyFRQJXVWRPRVWUiQGRQRVXQDEXQGDQWHVXUWLGRGHURSRQHVW~QLFDV
GHODQD\DOJRGyQPDQWRVSDUDPXMHUHVPX\SDUHFLGRVDODFWXDOFKDO\ILQDVYHVWLGXUDVGHKLOR
GH(JLSWRWHxLGRVWRGRVHOORVHQORVPiVYDULDGRV\VXJHVWLYRVFRORUHV
< GH SURQWR DO UHYLVDU DTXHOODV SUHQGDV WXYH XQD LGHD %XVTXp HQWUH ORV WHMLGRV PiV
GHOLFDGRV\VHxDOiQGROHD-XDQXQPDQWRGHOLQREODQFROHGLMH
(VWH'HVHDUtDOOHYDUPHpVWH
(OGLVFtSXORPHPLUyFRQDVRPEUR\FRPHQWy
3HUR-DVyQpVWHHVXQPDQWRGHPXMHU
/RVpUHSXVHSHURDFDERGHWHQHUXQDLGHDPHMRU
-XDQ UHVSHWy PL VLOHQFLR \ VLQ KDFHUPH XQD VROD SUHJXQWD VREUH DTXHO UHSHQWLQR FDPELR
DFRUGy FRQ HO PDHVWUR DUWHVDQR HO SUHFLR GHO ULFR PDQWR $XQTXH DTXHO WLSR GH RSHUDFLRQHV
FRPHUFLDOHV HVWDED SURKLELGR \D TXH ORV WLQWRUHURV QR SRGtDQ YHQGHU VXV SURGXFWRV
GLUHFWDPHQWHDOS~EOLFRODDPLVWDGHQWUH-XDQ\0DONL\tDVVLUYLySDUDVRVOD\DUHOSUREOHPD
<DHVRGHODVFXDWURGHODWDUGHGHVSXpVGHUHFRJHUD)HOLSH\D3HGUR\HQFRPSDxtDGHO
MRYHQ -XDQ 0DUFRV TXH TXLVR XQLUVH D QRVRWURV UHHPSUHQGLPRV HO FDPLQR GH UHJUHVR DO
FDPSDPHQWRGH*HWVHPDQt(QODFDVDGHODIDPLOLD0DUFRVWRGRHVWDEDOLVWRSDUDODFHQD/DV
FLUFXQVWDQFLDVPHKDEtDQLPSHGLGRWHQHUDFFHVRDOSLVRVXSHULRU\HOORHPSH]DEDDSUHRFXSDUPH
(UDYLWDOSDUDHOFRPSOHWRGHVDUUROORGHPLPLVLyQTXHSXGLHUDHQWUDUHQGLFKDVDODDQWHVGHTXH
IXHUDRFXSDGDSRU-HV~V\ORVGRFH
$OYHUQRVOOHJDU'DYLG=HEHGHRVHDSUHVXUyDLQWHUURJDUPHPLHQWUDV3HGUR)HOLSH\-XDQ
FRPXQLFDEDQD-HV~VTXHWRGRHVWDEDXOWLPDGRSDUDODFHQD
(O DVWXWR 'DYLG PH H[SOLFy TXH GDGDV ODV FLUFXQVWDQFLDV KDEtD VXJHULGR D -XGDV TXH OH
HQWUHJDUDDOJRGHGLQHURFRQHOILQGHLUFXEULHQGRODVQHFHVLGDGHVGHOJUXSR
$QWH PL VRUSUHVD DxDGLy HVWH PDOQDFLGR QR VyOR QR RIUHFLy UHVLVWHQFLD VLQR TXH
HQWUHJiQGRPH OD WRWDOLGDG GH ORV IRQGRV OtTXLGRV \ ORV UHFLERV GHO GLQHUR HQ GHSyVLWR PH
DQXQFLyVLQWLWXEHDU7LHQHVUD]yQ&UHRTXHHVORPiVDGHFXDGR6HHVWiWUDPDQGRDOJRFRQWUD
HO 0DHVWUR \ HQ HO FDVR GH TXH PH RFXUULHUD DOJR QR VHUtDV PROHVWDGR SRU QDGLH 7H GDV
FXHQWD -DVyQ" FRPHQWy FRQ GHVDOLHQWR (VWH FtQLFR DFDED GH FRQIHVDUPH TXH WHPH SRU OD
YLGDGH-HV~V
$TXHO JHVWR GH -XGDV GHVSUHQGLpQGRVH GH WRGR HO GLQHUR GHO PRYLPLHQWR DSXQWDOy D~Q
PiVPLVRVSHFKDGHTXHHOWUDLGRUQRDFWXDEDSUHFLVDPHQWHSRUDYDULFLD
+DFLD ODV FLQFR GH OD WDUGH FXDQGR DSHQDV IDOWDED XQD KRUD SDUD HO RFDVR QRWp XQ
PRYLPLHQWRLQXVLWDGRHQHOFDPSDPHQWR)HOLSHPHLQIRUPyTXHHO0DHVWURWHQtDSULVDSRUVDOLU
KDFLD-HUXVDOpQ/RVDSyVWROHVQRWHUPLQDEDQGHHQWHQGHUSRUTXpHO0DHVWURKDEtDRUJDQL]DGR
DTXHOODUHGXFLGDHLQXVXDOFHQDDODTXHVyORSRGtDQDVLVWLUVXVGRFHKRPEUHVGHFRQILDQ]D/RV
FRPHQWDULRV HUDQ GH OR PiV GLYHUVR /D FRVWXPEUH MXGtD HVWDEOHFtD FRQ JUDQ ULJRU TXH HO
DOPXHU]R SDVFXDO GHEtD FHOHEUDUVH XQD YH] VDFULILFDGR HO REOLJDGR FRUGHUR R FDEULWR HQ HO
7HPSORHQODYtVSHUDGHOD3DVFXDSURSLDPHQWHGLFKD >@(QHVWDRFDVLyQODILHVWDSDVFXDO
FDtDHQViEDGRSRUORTXHHUDGREOHPHQWHVROHPQHFRPRFUHRTXH\DFRPHQWp6LODWUDGLFLRQDO
FHQD UHOLJLRVD GHEtD HIHFWXDUVH DO GtD VLJXLHQWH YLHUQHV GH DEULO \ XQD YH] RVFXUHFLGR HUD
OyJLFR TXHORV GLVFtSXORVVHKLFLHUDQ SUHJXQWDV VREUHHOPLVWHULRVR EDQTXHWH RUJDQL]DGRSRU HO
*DOLOHR SDUD HVD QRFKH GHO MXHYHV 6yOR XQRV SRFRV -XDQ -XGDV ,VFDULRWH SRU VXSXHVWR \
'DYLG=HEHGHRLQWXtDQTXHDTXHOODFHQDLEDDVHUXQDFWRPX\HVSHFLDOSUHYLRDODLQPHGLDWD\
IXOPLQDQWHFDSWXUDGHVX0DHVWUR
3DUDPtDTXHOODVSULVDVGH-HV~VSRUDEDQGRQDUHOKXHUWRIXHURQODVHxDOTXHPHLPSXOVyD
UHWLUDUPHDGHODQWiQGRPHDOJUXSR
'DGDVODVHVSHFLDOtVLPDVFDUDFWHUtVWLFDVGHOD~OWLPDFHQDDODTXHLQVLVWRVyORSRGtDQ
DVLVWLU -HV~V \ VXV GRFH DSyVWROHV &DEDOOR GH 7UR\D KDEtD HVWLPDGR TXH PL SUHVHQFLD HQ OD
PLVPDKXELHUDSRGLGRTXHEUDUHOFDUiFWHUtQWLPRTXHHO0DHVWURSUHWHQGtD(UDSRFRpWLFRSRU
WDQWR TXH \R PH KXELHUD VHQWDGR MXQWR D ORV WUHFH 3HUR OD PLVLyQ QR SRGtD SDVDU SRU DOWR XQ
KHFKR WDQ WUDVFHQGHQWDO \ VLJQLILFDWLYR FRPR DTXpO <R GHEHUtD UHFRJHU XQ Pi[LPR GH
LQIRUPDFLyQVREUHORYHUGDGHUDPHQWHRFXUULGRHQHOSLVRVXSHULRUGHODFDVDGHORV0DUFRV<
SDUD HOOR HO JHQHUDO &XUWLVV KDEtD GLVSXHVWR XQD VROXFLyQ LQWHUPHGLD DGHPiV GH PLV
LQGDJDFLRQHV FHUFD GH ORV SURWDJRQLVWDV OD WRWDOLGDG GH ODV SDODEUDV GH -HV~V \ GH ORV GRFH
VHUtDQUHFRJLGDVPHGLDQWHXQVHQVLEOH\GLPLQXWRPLFUyIRQRTXH\RGHEHUtDRFXOWDUHQXQOXJDU
HVWUDWpJLFRGHOFHQiFXOR'LItFLOPHQWHSRGtDVXSRQHUHQWRQFHVTXHDTXHOODPLQ~VFXODPDUDYLOOD
GH OD HOHFWUyQLFD FRQVWUXLGD FRQ JUDQ PLPR SRU ORV HVSHFLDOLVWDV GH OD $77 $PHULFDQ
7HOHSKRQH DQG 7HOHJUDSK HPSUHVD QRUWHDPHULFDQD GH H[SORWDFLyQ WHOHIyQLFD SDUD QXHVWUR
SUR\HFWRLEDDFRQVWLWXLUXQDGHODVUD]RQHVTXHDFRQVHMDURQD&DEDOORGH7UR\DXQVHJXQGR
JUDQYLDMHDODpSRFDGH&ULVWR
'HVSXpVGH GHSRVLWDUHO PDQWR TXHKDEtDFRPSUDGRHQOD WLQWRUHUtDGH 0DONL\tDV HQ PDQRV
GHO =HEHGHR PH DSUHVXUp D DUUDQFDU DOJXQRV PDQRMRV GH HVSOLHJR \ OLULRV PRUDGRV \ EODQFRV
TXH FUHFtDQ HQ ODV SUR[LPLGDGHV GHO ROLYDU < D OD FDUUHUD WRPp OD VHQGD PiV FRUWD KDFtD
-HUXVDOpQDGYLUWLHQGRDOPyGXORTXHPHGLVSRQtDDVLWXDUHOPLFUR\ODYDUDGH0RLVpVHQOD
FDVDGH(OtDV0DUFRV
(OJHQWLO\DSDFLEOHFDEH]DGHIDPLOLDQRVHVRUSUHQGLyORPiVPtQLPRFXDQGROHDQXQFLpTXH
-HV~V \ ORV GRFH QR WDUGDUtDQ HQ OOHJDU \ TXH FRPR PXHVWUD GH PL DPLVWDG \ DIHFWR KDFLD HO
0DHVWUR GHVHDED FRQWULEXLU DGRUQDQGR OD PHVD FRQ DTXHO KXPLOGH SHUR RORURVR SUHVHQWH 0L
SODQVXUWLyHIHFWR\XQRGHORVVLUYLHQWHVSRULQGLFDFLyQGH(OtDVPHDFRPSDxyKDVWDHOSLVR
VXSHULRU
$VFHQGLPRV SRU XQD HVWUHFKD HVFDOHUD GH SLHGUD \ DO DEULU XQD SXHUWD GH GREOH KRMD HO
LPSURYLVDGRJXtDPHLQYLWyDTXHOHSUHFHGLHUD$VtORKLFHSHQHWUDQGRHQXQDHVSDFLRVDVDOD
UHFWDQJXODUGHDOJRPiVGHPHWURVGHORQJLWXGSRURGHDQFKXUD(QHOFHQWURKDEtDVLGR
GLVSXHVWDXQDPHVDEDMDHQIRUPDGH8\GHFDUDFWHUtVWLFDVPX\SDUHFLGDVDODTXHKDEtDYLVWR
HQODFDVDGH6LPyQHOOHSURVR
$OUHGHGRU VH KDOODEDQ WUHFH GLYDQHV RULHQWDGRV FDVL SHUSHQGLFXODUPHQWH D OD PHVD (O TXH
RFXSDEDHOFHQWURRODEDVHGHOD8HUDDOJRPiVDOWRTXHORVGHPiV'HGXMHGHLQPHGLDWRTXH
DTXpO HUD HO SXHVWR GHVWLQDGR DO LQYLWDGR GH KRQRU HV GHFLU D -HV~V 8QR GH ORV GLYDQHV PX\
VLPLODUHV D EDQFRV GH FXDWUR SDWDV SHUR VLQ EUD]RV QL UHVSDOGR DOJXQR HUD PiV EDMR TXH HO
UHVWR6HHQFRQWUDEDVLWXDGRHQXQRGHORVH[WUHPRVGHODPHVD\DOYHUORGHGXMHTXHHODQILWULyQ
KDEtDWHQLGRSUREOHPDVSDUDFRQVHJXLUWDQWDVWXPERQDV
$ODL]TXLHUGDGHOFRPHGRUWRPDQGRVLHPSUHFRPRUHIHUHQFLDOD~QLFDSXHUWDGHHQWUDGD\
SHJDGRVSUiFWLFDPHQWHDOPXURGHODGULOORFXLGDGRVDPHQWHUHIRU]DGRDEDVHGHFDOL]DFRQWp
WUHV ODYDERV GH EURQFH HOHYDGRV VREUH HO HQWDULPDGR PHGLDQWH VHQGRV SLHV GH PDGHUD 7RGRV
HOORV FXULRVDPHQWH SURYLVWRV GH UXHGDV 'H HVWD IRUPD DTXHOORV UHFLSLHQWHV GH XQRV FXDUHQWD
FHQWtPHWURVGHGLiPHWUR\GHHVFDVDSURIXQGLGDGSRGtDQVHUWUDVODGDGRVFyPRGDPHQWHGHXQD
SDUWHDRWUDGHODSRVHQWR-XQWRDORVODYDERVHOGXHxRGHODFDVDKDEtDSUHSDUDGRYDUtDVMDUUDV
FRQDJXDDVtFRPRDOJXQDVMRIDLQDV\OLHQ]RVSDUDHOVHFDGR
/DHVFDVDOX]TXHSHQHWUDEDSRUODVHVSLJDGDVYHQWDQDVFDVLWURQHUDVTXHVHUHSDUWtDQ
DORODUJRGHORVPXURVKDEtDREOLJDGR\DDORVVLUYLHQWHVDHQFHQGHUODVOiPSDUDVGHDFHLWH(Q
XQDUiSLGDH[SORUDFLyQREVHUYpTXHODVVHLVRVLHWHOXFHUQDVDGRVDGDVHQODVSDUHGHV\DFRVDGH
PHWUR \ PHGLR GHO VXHOR QR GDEDQ XQD OODPD OR VXILFLHQWHPHQWH JUDQGH FRPR SDUD LOXPLQDU OD
HVWDQFLDFRQDPSOLWXG(OGHIHFWRKDEtDVLGRVXEVDQDGRFRQXQIDUROFXDGUDGRHQFX\RLQWHULRU
DUGtDRWUDFDUJDGHDFHLWHFRQXQDWULSOHPHFKDGHFixDPR(VWHUHIXHU]RSODQWDGRHQHOLQWHULRU
GHOD8\VRVWHQLGRDSRFRPiVGHXQPHWURGHOSLVRSRUXQSLHGHKLHUURIRUMDGREHOODPHQWH
WUDEDMDGRVtSURSRUFLRQDEDDODPHVD\DVXVLQPHGLDFLRQHVXQDJHQHURVDFODULGDG$WUDYpVGH
ODVSDUHGHVGHYLGULRVXWLOPHQWHWHxLGDVGHFRORURURODOX]GHOIDUROLQXQGDED\EDxDEDGH
DPDULOORORVGLYDQHVURML]RV\HOEODQFRHLQPDFXODGRPDQWHO
(QXQRGHORVH[WUHPRVGHODPHVDHOPiVGLVWDQWHDOOXJDUGRQGHVHHQFRQWUDEDQORVODYDERV
URGDQWHVODVHUYLGXPEUHKDEtDVLWXDGRHOSDQHOYLQRHODJXD\YDULRVSODWRVFRQOHJXPEUHV
< VREUH OD PHVD HQ HO SXQWR FRUUHVSRQGLHQWH D FDGD XQR GH ORV LQYLWDGRV WUHFH SODWRV GH ILQD
FHUiPLFDGHFRUDGRVFRQHVWUHFKDVEDQGDVURMDV\EODQFDVSRVLEOHPHQWHWUD]DGDVDSLQFHOSRUHO
DUWHVDQR-XQWRDODYDMLOODFXDWURFRSDVGHFULVWDOGH6LGyQSRUFRPHQVDO/DSUHVHQFLDGHWDQ
QXPHURVD FULVWDOHUtD PH KL]R VXSRQHU TXH -HV~V SHQVDED FHOHEUDU DTXHOOD FHQD VHJ~Q HO ULWR
SDVFXDO
<SRUWRGDGHFRUDFLyQODVDODOXFtDDOJXQRVWDSLFHVURMRVFROJDGRVHVWUDWpJLFDPHQWHHQODV
SDUHGHV$ODGHUHFKDGHODSXHUWDHQHOiQJXORGHOFHQiFXORODPDGUHGHOMRYHQ0DUFRVKDEtD
SXHVWR XQ GLVFUHWR WRTXH IHPHQLQR D EDVH GH EULOODQWHV UDPDV GH ROLYR \ KRMDV GH SDOPD
ILUPHPHQWHVXMHWDVHQXQEDUUHxRFRQWLHUUD
7UDV DTXHOOD YHUWLJLQRVD RMHDGD D OD HVWDQFLD FRPSUHQGt TXH HO OXJDU LGHDO SDUD RFXOWDU HO
PLFUyIRQRPXOWLGLUHFFLRQDOHUDODEDVHGHOIDURO'HVGHDTXHOSXQWRHTXLGLVWDQWHGHFDVLWRGRV
ORVGLVFtSXORVODVYRFHVSRGUtDQOOHJDUFRQQLWLGH]KDVWDHOVHQVLEOHUHFHSWRU3HURDOYROYHUPH
KDFLDODSXHUWDODSUHVHQFLDGHOVHUYLFLDODFRPSDxDQWHPHKL]RGHVLVWLUGHPLVSURSyVLWRV7HQtD
TXHTXHGDUPHVRORDXQTXHIXHUD~QLFDPHQWHGXUDQWHXQSDUGHPLQXWRV
'HSURQWRDGYHUWtTXHD~QWHQtDODVIORUHVHQPLPDQRL]TXLHUGD\HQWUHJiQGRVHODVDOVLUYLHQWH
OH URJXp TXH EXVFDUD DOJ~Q MDUUyQ (O EXHQ KRPEUH QR HQWHQGtD ELHQ HO JULHJR \ WXYH TXH
H[SUHVDUPHSRUVHxDV3RUILQSDUHFLyFRPSUHQGHUPH\VHDOHMyHVFDOHUDVDEDMRFRQHOILQGH
VDWLVIDFHUPLV~SOLFD
6LQSHUGHUXQVHJXQGRPHKLFHFRQHOPLFUyIRQRDUURGLOOiQGRPHMXQWRDOIDURO3RUVXHUWHOD
EDVHHUDLJXDOPHQWHGHKLHUUR\HOGLVSRVLWLYRPDJQpWLFRVHSHJyGHLQPHGLDWR/RVIOHFRVTXH
FROJDEDQGHOIDQDOIRUPDURQXQH[FHOHQWHFDPXIODMH5HWURFHGtVDOLHQGRGHOFHQWURGHODPHVD\
GLULJLpQGRPH UiSLGDPHQWH DO GLYiQ TXH SUHVXPLEOHPHQWH GHEtD RFXSDU HO *DOLOHR PH UHFRVWp
VREUH pO DFFLRQDQGR OD FRQH[LyQ DXGLWLYD FRQ OD QDYH (OLVHR UHVSRQGLy GH LQPHGLDWR 3RU
HVSDFLRGHYDULRVVHJXQGRVGLULJtPLYR]HQGLIHUHQWHVQLYHOHVGHLQWHQVLGDGKDFLDHOIDURO
VLWXDGR D SRFR PiV GH WUHV PHWURV GH OD FXUYDWXUD GH OD 8 'HVSXpV UHSHWt ODV SUXHEDV GH
VRQLGRGHVGHORVGRVH[WUHPRVGHODPHVD(OLVHRYHULILFyODVUHFHSFLRQHVDQXQFLiQGRPHTXHHO
VRQLGROOHJDEDFLQFRSRUFLQFR>@
$OJR PiV VHUHQR PH VLWXp HQWRQFHV HQ HO ULQFyQ GRQGH 0DUtD 0DUFRV KDEtD GLVSXHVWR HO
DGRUQR IORUDO (Q PL RSLQLyQ DTXpO HUD HO ~QLFR iQJXOR GHVGH HO TXH KDEUtD VLGR SRVLEOH XQD
FRPSOHWDILOPDFLyQGHODHVFHQD3HURDOH[DPLQDUODSRVLFLyQGHOD~QLFDOHQWHFDSD]HQHVWH
FDVRGHUHJLVWUDUORVDFRQWHFLPLHQWRVFRPSUREpTXHH[LVWtDQGRVREVWiFXORVTXHGLILFXOWDEDQ
ODILOPDFLyQSRUXQODGRODVKRMDVGHSDOPDRFXSDEDQODPD\RUSDUWHGHOFDPSRYLVXDO3RURWUR
\ DXQTXH QR VH KXELHUD GDGR DTXHO LQFRQYHQLHQWH HO OXJDU TXH WHQtD TXH RFXSDU HO 0DHVWUR
TXHGDEDRFXOWRHQSDUWHSRUHOIDUROFHQWUDO
7UDWpGHWUDQTXLOL]DUPH\WRPDQGRGHQXHYRODYDUDHVFXGULxpKDVWDHO~OWLPRULQFyQGHOD
VDOD3URQWRGHVLVWt1RKDEtDXQDVROD]RQDGRQGHDSR\DUHOFD\DGRVLQTXHOHYDQWDVHVRVSHFKDV
\FRQJDUDQWtDVGHXQDILOPDFLyQFRUUHFWD
'HVDOHQWDGRPHGLULJtHQWRQFHVKDFLDHOSXQWRTXHKDEtDHOHJLGRHQXQSULQFLSLRFRQHOILQ
GHGHSRVLWDUODYDUDGH0RLVpVSRUGHWUiVGHODVUDPDV\SDOPDV$OPHQRVPHGLMHDPt
PLVPRTXHGDUiFRQVWDQFLDGHOOXJDU\GHDOJXQRVGHORVSHUVRQDMHV0LPLVLyQHQHVWHFDVR
HUDVHQFLOODEDVWDEDFRQTXHGHMDUDSXOVDGRHOFODYRTXHDFWLYDEDHOURGDMH8QDYH]FRQFOXLGD
ODFHQD\VLQRVXUJtDQLQFRQYHQLHQWHVWRGRHUDFXHVWLyQGHVXELUQXHYDPHQWH\UHFRJHUOD
3HURFXDQGRPH IDOWDEDQXQRV SDVRV SDUDDOFDQ]DUHOULQFyQ HOVLUYLHQWHVHSUHVHQWyHQ OD
HVWDQFLD DUUXLQDQGR PLV LQWHQFLRQHV 7UDtD HQ ODV PDQRV XQ SHTXHxR MDUUyQ GH EDUUR \ HQ VX
LQWHULRUPLVIORUHV
7XYHTXHIRU]DUXQDVRQULVD'HVSXpVFDVLFRPRXQDXWyPDWDORVLWXpVREUHODPHVDIUHQWHDO
SODWR\DODVFRSDVDVLJQDGRVDO1D]DUHQR
<SURIXQGDPHQWHFRQWUDULDGRDEDQGRQpDTXHOKLVWyULFROXJDU
0HGLVSRQtD\DDGHVSHGLUPHGHODIDPLOLD0DUFRVFXDQGRHOEURQFR\iVSHURVRQLGRGHORV
FXHUQRV GH FDUQHUR GHO 7HPSOR DQXQFLDURQ HO ILQDO GHO GtD 0L LQWHQFLyQ HUD RFXOWDUPH HQ ODV
SUR[LPLGDGHVGHODFDVD\HVSHUDUODOOHJDGDGH-HV~V\GHVXVKRPEUHV'HHVWDIRUPDSRGUtD
FRQWURODUOHV \ VREUH WRGR HVWDU DO WDQWR GH ORV PRYLPLHQWRV GH -XGDV 3HUR OD KRVSLWDODULD
IDPLOLDQRPHGHMySDUWLU(OtDVPHURJyTXHDFHSWDVHXQYDVRGHYLQR\TXHVLQRDOWHUDEDPLV
SODQHV SHUPDQHFLHVH HQ VX FRPSDxtD KDVWD HO UHJUHVR GHO JUXSR D *HWVHPDQt (O SDGUH GH
0DUFRV FRQRFtD OD GLVSRVLFLyQ GHO UDEt VREUH OD FHQD QDGLH H[FHSWR ORV WUHFH GHEHUtD
SDUWLFLSDU HQ OD FRPLGD SDVFXDO 1L VLTXLHUD KDEUtD VLUYLHQWHV < DXQTXH \R PH DSUHVXUp D
UHFRUGDUOH HVWH GHVHR GHO 0DHVWUR HO EXHQ KRPEUH LQVLVWLy HQ TXH QR HUD QHFHVDULR TXH \R
HVWXYLHUDSUHVHQWHHQHOSLVRVXSHULRU3RGtDVDWLVIDFHUPLDSHWLWR\GHSDVRUHVJXDUGDUPHHQOD
SODQWDEDMDRHQHOSHTXHxRMDUGtQFRQWLJXRDODYLYLHQGD
5HIOH[LRQp\DFHSWp4XL]iDTXpOIXHUDHOHPSOD]DPLHQWRLGHDOSDUDPLPLVLyQ'HVSXpVGH
WRGR GHVGH HO SLVR LQIHULRU H LQFOXVR GHVGH HO SDWLR HUD SRVLEOH VHJXLU ORV PRYLPLHQWRV GH
FXDQWRV VXELHUDQ R EDMDUDQ DO FHQiFXOR $TXHOOD DPDEOH LQYLWDFLyQ PH SHUPLWLy DGHPiV
DYHULJXDURWURGDWRFXULRVRHOPHQ~GHOD~OWLPDFHQD
'H DFXHUGR FRQ ODV FRVWXPEUHV MXGtDV HVWD FRPLGD VH VXVWHQWDED HQ XQ SODWR ~QLFR HO
FRUGHUR R FDEULWR DGHUH]DGR \ DFRPSDxDGR FRQ XQD VHULH GH YHUGXUDV LJXDOPHQWH
REOLJDWRULDV
0DUtD0DUFRVKDEtDSUHSDUDGRYDULRVSODWRVFRQOHFKXJDSHULIROORVRORURVRVFRQXQVXDYH
DURPD SDUHFLGR DO DQtV XQ FDUGR OODPDGR HULQJH R HULQJLR \ ODV LPSUHVFLQGLEOHV \HUEDV
DPDUJDV7RGRHOORVLQKHUYLUQLFRFHUWDO\FRPRPDUFDEDODOH\
&XDQGR OH SUHJXQWp VREUH OD IRUPD GH SUHSDUDU HO FRUGHUR OD PDWURQD PH FRQGXMR KDVWD HO
MDUGtQ PRVWUiQGRPH XQDV EUDVDV GH PDGHUD GH SLQR SHUIHFWDPHQWH FLUFXQVFULWDV HQ XQ KRJDU D
EDVHGHJUDQGHVFDQWRVGHUtR8QRGHORVVLUYLHQWHVYHODEDSDUDTXHODFDQGHODQRVHH[WLQJXLHUD
PLHQWUDVRWURVGRVVHRFXSDEDQGHXQFRUGHURTXHQRSHVDUtDPiVDOOiGHORVRFKRRGLH]NLORV
&RQXQDGHVWUH]DDGPLUDEOHORVVLUYLHQWHVKDEtDFRUWDGRODVH[WUHPLGDGHV\H[WUDtGRODWRWDOLGDG
GH ODV HQWUDxDV 'HVSXpV WDQWR pVWDV FRPR ODV SDWDV WRGR HOOR SHUIHFWDPHQWH GHVROODGR \
SXULILFDGRDEDVHGHDJXDIXHLQWURGXFLGRHQHOLQWHULRUGHOFRUGHUR
8QRGHORVKRPEUHVWRPyYDULRVEURWHVGHDOKRYDDVtFRPRODXUHO\SLPLHQWDUHOOHQDQGRFRQ
HOOR ORV KXHFRV$ FRQWLQXDFLyQ HO YLHQWUH IXH FHUUDGR PHGLDQWH ODUJDV \ HVFRJLGDV UDPDV GH
URPHURGLVSXHVWDVDOUHGHGRUGHODSLH]D
(O VHJXQGR VLUYLHQWH LQWURGXMR HQWRQFHV XQ ODUJR \ VyOLGR SDOR GH JUDQDGR SRU OD ERFD GHO
FRUGHURDWUDYHVDQGRWRGRHOFXHUSR\KDFLpQGRORDSDUHFHUSRUHODQR
8QDYH]GLVSXHVWRGHHVWDJXLVDORVH[WUHPRVGHODYDUDGHJUDQDGRIXHURQGHSRVLWDGRVVREUH
VHQGDV KRUTXLOODV GH KLHUUR ILUPHPHQWH FODYDGDV HQ OD WLHUUD < GLR FRPLHQ]R XQ OHQWR \
PHWLFXORVR DVDGR 6LJXLHQGR XQ DQWLJXR ULWXDO DQWHV GH TXH ORV VHUYLGRUHV VLWXDUDQ HO FRUGHUR
VREUHODVEUDVDVHOSDGUHGHIDPLOLDGLULJLyVXPLUDGDDOFLHORFRPSUREDQGRTXHQRVKDOOiEDPRV
HQWUHGRVOXFHVWDO\FRPRHVSHFtILFDHOe[RGR
(OEDQTXHWHKDEtDVLGRUHGRQGHDGRFRQSXHUURVJXLVDQWHVSDQiFLPR\FRPRSRVWUHQXHFHV
\DOPHQGUDVWRVWDGDV\XQDSDVWDVLQOHYDGXUDDEDVHGHKLJRVVHFRV&RQHOILQGHDOLYLDUHO
VDERU GHODV REOLJDGDV\HUEDVDPDUJDVODPDGUH GHOSHTXHxR-XDQ0DUFRV WHQtDGLVSXHVWD XQD
GHOLFLRVD FRPSRWD R PHUPHODGD OODPDGD MDU{VHW SUHSDUDGD D EDVH GH YLQR YLQDJUH \
IUXWDV PDFKDFDGDV (O YLQR ORV FRPHQVDOHV GHEtDQ EHEHU FRPR PtQLPR FXDWUR FRSDV
SUHYLDPHQWHPH]FODGDVFRQDJXDSURFHGtDGHO0RQWHGH6LPHyQGHJUDQSUHVWLJLRHQ,VUDHO
$ HVR GH ODV VHLV \ PHGLD HO EHQMDPtQ GH ORV 0DUFRV LUUXPSLy HQ OD FDVD FRPR XQD
H[KDODFLyQ -DGHDQWH \ VXGRURVR FRPXQLFy D VX SDGUH TXH HO 0DHVWUR VH DFHUFDED \D D OD
PDQVLyQ
/RVQHUYLRV\ODDOHJUtDGHODIDPLOLDDOUHFLELUDO*DOLOHR\DVXVKRPEUHVQRWXYROtPLWHV<
GXUDQWHYDULRVPLQXWRVODFRQIXVLyQIXHWRWDO0DUtD0DUFRVVXEtD\EDMDEDVLQFHVDUPLHQWUDVOD
VHUYLGXPEUHSURFHGtDDXOWLPDUORVGHWDOOHVGHODFHQD
/RV GLVFtSXORV SRU FRQVHMR GH -HV~V IXHURQ DVFHQGLHQGR ODV HVFDOHUDV FDPLQR GH OD
HVWDQFLDVXSHULRU6HJ~QSXGHDSUHFLDUQRIDOWDEDQLQJXQR-XGDVHQFHUUDGRHQXQPXWLVPRWRWDO
VLJXLy D VXV FRPSDxHURV PLHQWUDV HO UDEt GHSDUWtD FRQ OD IDPLOLD $ MX]JDU SRU VXV MRFRVRV
FRPHQWDULRVVREUHHOFRUGHURVXKXPRUVHJXtDVLHQGRH[FHOHQWH1DGDSDUHFtDSHUWXUEDUOH6LQ
HPEDUJR\DSDUWLUGHDTXHOPRPHQWR\RGHEtDPDQWHQHUPHHQDOHUWDWRWDO(O,VFDULRWHDOILQ
KDEtD DYHULJXDGR HO OXJDU GRQGH LED D FHOHEUDUVH OD PLVWHULRVD FHQD \ VXV SHQVDPLHQWRV VyOR
SRGtDQ RFXSDUVH \D GH DOJR EiVLFR SDUD pO \ SDUD ORV SROLFtDV TXH HVSHUDEDQ VLQ GXGD VX
LQIRUPDFLyQ VDOLU GH OD FDVD GH ORV 0DUFRV \ DFXGLU DO 7HPSOR SDUD SRQHU HQ PDUFKD OD
RSHUDFLyQGHDUUHVWRGHO1D]DUHQR
+DFLD ODV VLHWH -HV~V VH UHWLUy GLULJLpQGRVH KDFLD HO FHQiFXOR 6X VHPEODQWH VHJXtD
UHIOHMDQGRXQDJUDQMRYLDOLGDG
$SDUWLUGHHVHLQVWDQWHPHVLWXpHQHOTXLFLRGHODSXHUWDTXHGDEDDFFHVRDOMDUGtQPRQWDQGR
JXDUGLDDHVFDVRVPHWURVGHODHVFDOHUDTXHFRQGXFtDDOSULPHUSLVR
$O SRFR HO VHUYLFLDO -XDQ 0DUFRV SRU LQGLFDFLyQ GH VX SDGUH PH WUDMR XQ SHTXHxR
WDEXUHWH0HVHQWp\pOKL]RRWURWDQWRREVHUYiQGRPHHQVLOHQFLR$SXUpOHQWDPHQWHHOSODWRGH
SHVFDGRFRFLGRTXHPHKDEtDVHUYLGRODVHxRUDGHODFDVD\VLQGHPDVLDGDVHVSHUDQ]DVGHp[LWR
FRPHQFp D LQWHUURJDU DO PXFKDFKR 3HUR -XDQ D SHVDU GH VX FRUWD HGDG SRVHtD XQ SURIXQGR
VHQWLGR GH OD OHDOWDG \ VREUH WRGDV ODV FRVDV GH HVWH PXQGR DPDED D -HV~V $Vt TXH PLV
SUHJXQWDV IXHURQ HVWUHOOiQGRVH XQD GHWUiV GH RWUD FRQWUD HO FHORVR VLOHQFLR GHO MRYHQFLWR
&XDQGR SRU ~OWLPR PH DWUHYt D H[SRQHUOH PL WHRUtD VREUH VX DFXHUGR VHFUHWR FRQ HO UDEt HQ
UHODFLyQDOKRPEUHGHOFiQWDURGHDJXD\DORVGHPiVSODQHVVREUHODFHQD-XDQ0DUFRVVHSXVR
SiOLGR<HQXQDUUDQTXHVHOHYDQWyHVFDSDQGRKDFLDHOIRQGRGHOMDUGtQ
6LQTXHUHUVXDFWLWXGOHKDEtDGHODWDGR3HURQRTXLVHIRU]DUODVLWXDFLyQ
$ODKRUDDSUR[LPDGDPHQWHGHLQLFLDGDODFHQD6DQWLDJR\-XGDVGH$OIHRORVJHPHORV
DSDUHFLHURQ SRU ODV HVFDOHUDV 0H SXVH HQ SLH 3HUR DO YHUORV HQWUDU HQ HO SDWLR \ UHFRJHU OD
EDQGHMDGHPDGHUDVREUHODTXHKDEtDVLGRGLVSXHVWRHOFRUGHURSUHYLDPHQWHWURFHDGRPH
WUDQTXLOLFp7HQtDQODPLUDGDJUDYH<ODFXULRVLGDGYROYLyDDVDOWDUPH4XpHVWDEDVXFHGLHQGR
DOOt DUULED" $ TXp VH GHEtD DTXHOOD VRPEUD GH DQJXVWLD HQ ORV URVWURV GH ORV KHUPDQRV
KDELWXDOPHQWH ULVXHxRV" /D FRQVWDQWH SUHVHQFLD GH OD IDPLOLD 0DUFRV PH LPSLGLy FRQVXOWDU DO
PyGXOR<RSWpSRUVHUHQDUPH7LHPSRKDEUtDGHDYHULJXDUOR
-XDQ0DUFRVDOJRPiVFDOPDGR\VRQULHQWHUHFRJLyPLSODWR3URFXUpPRVWUDUPHDPLVWRVR
FDPELDQGRPLDQWHULRUWHPDGHFRQYHUVDFLyQSRURWURPiVFiOLGR'HHVWDIRUPDKDFLHQGRGH
-HV~VHOFHQWURGHPLVSDODEUDVHOPXFKDFKRROYLGyVXVUHFHORVGHPRVWUiQGRPHORTXH\R\D
VDEtDTXHVXSDVLyQSRUHO0DHVWURQRWHQtDOtPLWHV\TXHVLIXHUDSUHFLVRpOVHUtDHOSULPHUR
HQRIUHFHUVXYLGDSRUHOUDEtVHJ~QGLMR
&RQIRUPHDYDQ]DEDODQRFKHVLQSRGHUUHPHGLDUORPLQHUYLRVLVPRIXHWDPELpQHQDXPHQWR
+DVWD TXH ILQDOPHQWH KDFLD ODV QXHYH YL EDMDU D -XGDV (YLGHQWHPHQWH OOHYDED SULVD < VLQ
PLUDUQRVVLTXLHUDDEULyHOSRUWDOyQGHHQWUDGDVDOLHQGRGHODFDVD
'HXQVDOWRPHVLWXpHQODSXHUWD\REVHUYpFyPRVHDOHMDEDSUHFLSLWDGDPHQWH-XDQ0DUFRV
DODUPDGRSRUPLV~ELWDDFWLWXGSUHJXQWyVLRFXUUtDDOJR6LPLVVXSRVLFLRQHVHUDQFRUUHFWDVHO
,VFDULRWHVHGLULJtDKDFLDHO7HPSOR$TXHOORVLJQLILFDEDTXH\RSHUGHUtDVXSLVWDGHLQPHGLDWR
(UD SUHFLVR DFWXDU FRQ UDSLGH] H LQWHOLJHQFLD< GH SURQWR ILMiQGRPH HQ HO PXFKDFKR VH PH
RFXUULyXQDVROXFLyQ
&RQRFHVODFDVDGH-RVpHOGH$ULPDWHD"OHSUHJXQWpWUDWDQGRGHQRDODUPDUOH
-XDQ0DUFRVDVLQWLy
3XHVELHQFRUUHKDFtDDOOt\GLOHD-RVpTXHDFXGDGHLQPHGLDWRDO7HPSOR(VLPSRUWDQWH
TXHpOR,VPDHOVHUH~QDQFRQ-XGDV
6LQ SUHJXQWDU QL KDFHU HO PHQRU FRPHQWDULR HO PXFKDFKR TXH KDEtD FDSWDGR PL
SUHRFXSDFLyQVDOLyFDOOHDEDMRHQGLUHFFLyQDODSLVFLQDGH6LORp
3RU PL SDUWH SURFXUDQGR TXH HO ,VFDULRWH QR DGYLUWLHUD PL SUHVHQFLD LQLFLp XQD WHQD]
SHUVHFXFLyQGHOWUDLGRU$DTXHOODVKRUDVGHODQRFKHHOQ~PHURGHWUDQVH~QWHVKDEtDGHFUHFLGR
VHQVLEOHPHQWH $ GXUDV SHQDV D\XGDGR PiV SRU OD OX] GH OD OXQD TXH SRU ORV PtVHURV \
PRUWHFLQRVFDQGLOHVGHDFHLWHGHODVFDOOHVSXGHVHJXLUORVSUHVXURVRVDQGDUHVGHOMXGtRKDVWD
XQD FDVXFKD GH XQD SODQWD HQ ORV OtPLWHV FDVL GHO EDUULR EDMR FRQ OD FLXGDG DOWD$OOt -XGDV
SHQHWUy HQ OD FDVD VDOLHQGR D ORV SRFRV PLQXWRV HQ FRPSDxtD GH RWUR LQGLYLGXR< DPERV VH
GLULJLHURQHQWRQFHVKDFLDHOPXURRFFLGHQWDOGHO7HPSOR
&XDQGRDOFDQFpHODWULRGHORV*HQWLOHVYLFyPRHO,VFDULRWH\VXDFRPSDxDQWHVHDOHMDEDQ
SRUODVROLWDULDH[SODQDGDFDPLQRGHODVHVFDOLQDWDVTXHURGHDEDQHO6DQWXDULR$OJXQRVGHORV
JXDUGLDQHVTXHPRQWDEDQHOKDELWXDOVHUYLFLRGHYLJLODQFLDHQWRUQRDO7HPSOROHVVDOLHURQDO
SDVR'LDORJDURQXQRVVHJXQGRV\GHLQPHGLDWRGRVGHORVOHYLWDVOHVDFRPSDxDURQDOLQWHULRU
2EYLDPHQWH DOOt WHUPLQy PL WUDEDMR< FRQILDQGR HQ TXH ELHQ HO GH$ULPDWHD R ,VPDHO HO
VDGXFHR VXSLHUDQ LQWHUSUHWDU PL PHQVDMH DFXGLHQGR OR DQWHV SRVLEOH DO 7HPSOR SDUD SRGHU
HVSLDUORVPRYLPLHQWRVGH-XGDVGLPHGLDYXHOWDWUDWDQGRGHRULHQWDUPHSDUDUHWRUQDUDODFDVD
GH0DUFRV
3UHRFXSDGRSRUHODVXQWRGHO,VFDULRWHQRPHSHUFDWpTXHHQWUDEDHQXQDVROLWDULDFDOOHMXHOD
VLQQLQJ~QWLSRGHLOXPLQDFLyQ'HSURQWRSRUPLL]TXLHUGDVXUJLyXQEXOWRTXHVHLQWHUSXVRHQPL
FDPLQR4XHGpSDUDOL]DGRSRUHOVXVWR/DOXQDLOXPLQyHQWRQFHVDXQLQGLYLGXRGHEDMDHVWDWXUD\
SREODGDEDUEDTXHDYDQ]yOHQWDPHQWHKDFLDDPt8QUHIOHMRD]XODGRHQXQDGHVXVPDQRVPHKHOy
ODVDQJUH$TXHOVDOWHDGRUVHDEDODQ]yVREUHPt\VLQPHGLDUSDODEUDDOJXQDPHDVHVWyXQGXUR
JROSHHQHOYLHQWUH3HURODFXUYDGDGDJDVHTXHEUySRUVXEDVHFD\HQGRVREUHORVDGRTXLQHVFRQ
XQHFRPHWiOLFR/DSLHOGHVHUSLHQWHPHKDEtDOLEUDGRGHXQVHULRSHUFDQFH
(OLQGLYLGXRGHVFRQFHUWDGRPLUyODKRMDURWD\VROWDQGRODHPSXxDGXUDGHODUPDUHWURFHGLy
DWURPSLFRQHVVLQSRGHUGDUFUpGLWRDORTXHHVWDEDRFXUULHQGR6HJXQGRVPiVWDUGHGHVDSDUHFtD
SRUHOHVWUHFKRFDOOHMyQDXOODQGRFRPRXQORFR
3RUIRUWXQDHOGHVJDUURHQODW~QLFDQRHUDGHPDVLDGRHVFDQGDORVR<DWRGDSULVDVDOtGHOD
]RQD
3RFRVPLQXWRVGHVSXpVGHODGLH]OODPDEDDODSXHUWDGHORV0DUFRV/DSRVLELOLGDGGHTXH
-HV~V \ ORV RQFH KXELHUDQ VDOLGR \D GHO FHQiFXOR PH SUHRFXSDED 1R TXLVH DODUPDU D (OLVHR
GiQGROH FXHQWD GHO SHQRVR LQFLGHQWH FRQ HO ODGUyQ 'HVSXpV GH WRGR PH HQFRQWUDED
SHUIHFWDPHQWH6LHODVDOWDQWHHQOXJDUGHDWDFDUPHKXELHVHH[LJLGRSRUHMHPSORODEROVDFRQ
HO GLQHUR TXL]i OD VLWXDFLyQ KXELHUD VLGR UDGLFDOPHQWH GLVWLQWD 0LV SRVLELOLGDGHV GH GHIHQVD
HUDQ FDVL QXODV \ OR PiV SUREDEOH HV TXH DTXHO LQRSRUWXQR EDQGROHUR VH KXELHUD KHFKR FRQ HO
GLQHURGH&DEDOORGH7UR\D\ORTXHKDEUtDVLGRPXFKRPiVODPHQWDEOHFRQHOSHTXHxRHVWXFKH
TXHFRQWHQtDODVOHQWLOODVGHYLVLyQLQIUDUURMD
$OYHUPH-XDQ0DUFRVFRUULyDPLHQFXHQWUR(O0DHVWUR\ORVVX\RVVHJXtDQD~QHQHOSLVR
VXSHULRU5HVSLUpDOLYLDGR-RVpHOGH$ULPDWHDKDEtDUHFLELGRPLUHFDGR\VHJ~QPHH[SOLFy
HO PXFKDFKR VDOLy DO LQVWDQWH KDFLD HO 7HPSOR /H GL ODV JUDFLDV \ XQ SRFR D UHJDxDGLHQWHV
REHGHFLyDVXPDGUHUHWLUiQGRVHDGHVFDQVDU3HURVXVXHxRQRLEDDVHUPX\SURORQJDGR
+DFLDODVGLH]\PHGLDSRFRPiVRPHQRVHVFXFKpXQKLPQR(OtDVPHRIUHFLyXQYDVRGH
YLQRFRQPLHO\VHxDODQGRKDFLDHOOXJDUGHGRQGHSURFHGtDDTXHOFiQWLFRPHDGYLUWLyTXH-HV~V
\ORVGLVFtSXORVHVWDEDQDSXQWRGHWHUPLQDU
/DYHUGDGHVTXHQXQFDKDEtDQHFHVLWDGRWDQWRXQDFRSDGHYLQRFRPRHQDTXHOORVPRPHQWRV
/D DSXUp GH XQ WUDJR \ HIHFWLYDPHQWH D ORV SRFRV VHJXQGRV XQD YH] ILQDOL]DGR HO KLPQR
UHOLJLRVRORVDSyVWROHVHPSH]DURQDEDMDU-HV~VIXHHO~OWLPR
/RV RQFH DO PHQRV HQ DTXHOORV LQVWDQWHV VH KDOODEDQ PXFKR PiV UHODMDGRV TXH GXUDQWH OD
PDxDQD6HGHVSLGLHURQGHODIDPLOLD\HPSUHQGLPRVHOFDPLQRGHUHJUHVRDOFDPSDPHQWR
0LHQWUDV FUX]iEDPRV ODV VROLWDULDV FDOOHV GHO EDUULR EDMR HQ GLUHFFLyQ D OD 3XHUWD GH OD
)XHQWH HQ OD HVTXLQD VXU GH -HUXVDOpQ PH ODV LQJHQLp SDUD GHVFROJDU D $QGUpV GHO UHVWR GHO
JUXSR<XQSRFRUH]DJDGRVPHLQWHUHVpSRUHOGHVDUUROORGHODFHQD(OMHIHGHORVDSyVWROHV
HPSH]y GLFLpQGRPH TXH WDQWR pO FRPR VXV FRPSDxHURV HVWDEDQ LQWULJDGRV SRU OD V~ELWD
GHVDSDULFLyQGH-XGDV\PX\HVSHFLDOPHQWHSRUHOKHFKRGHTXHQRKXELHUDYXHOWRDOFHQiFXOR
$OSULQFLSLRFXDQGROHYLPRVVDOLUWRGRVSHQVDPRVTXHVHGLULJtDDOSLVRGHDEDMRTXL]iHQ
EXVFD GH DOJXQR GH ORV YtYHUHV SDUD OD FHQD 2WURV FUH\HURQ TXH HO 0DHVWUR OH KDEtD
HQFRPHQGDGRDOJ~QHQFDUJR
/RVSHQVDPLHQWRVGHORVGLVFtSXORVHUDQFRUUHFWRV\DTXHQLQJXQRGLVSRQtDGHLQIRUPDFLyQ
YHUD] VREUH HO FRPSORW 3RU RWUD SDUWH FRQ OD H[FHSFLyQ GH 'DYLG =HEHGHR TXH QR KDEtD
DVLVWLGRDOFRQYLWHSDVFXDOQL$QGUpVQLHOUHVWRVDEtDD~QTXHHO,VFDULRWHKDEtDFHVDGRFRPR
DGPLQLVWUDGRU \ TXH HO GLQHUR FRP~Q HVWDED GHVGH HVD PLVPD WDUGH HQ SRGHU GHO MHIH GH ORV
HPLVDULRV
<$QGUpVFRQWLQXyFRQVXUHODWRKDFLHQGRKLQFDSLpHQXQKHFKRDFDHFLGRQDGDPiVHQWUDUHQ
HO SLVR VXSHULRU GH OD FDVD GH ORV 0DUFRV TXH GHVGH PL SXQWR GH YLVWD DFODUDED
SHUIHFWDPHQWHSRUTXpHO1D]DUHQRVHGHFLGLyDODYDUORVSLHVGHVXVGLVFtSXORV/RVHYDQJHOLVWDV
KDEtDQ RIUHFLGR XQDYHUVLyQDFHUWDGD -HV~V OOHYy DFDERHVWHJHVWRSRQLHQGR GHPDQLILHVWROD
KRQURVtVLPDYLUWXGGHODKXPLOGDG6LQHPEDUJRFXiOKDEtDVLGRODFKLVSDRODFDXVDILQDOTXH
REOLJy DO 0DHVWUR D SRQHU HQ PDUFKD HO FLWDGR ODYDWRULR GH ORV SLHV" (V TXH WRGR DTXHOOR VH
GHEtDDXQDVLPSOH\SXUDLQLFLDWLYDGH-HV~V"6t\QR
$O YLVLWDU OD HVWDQFLD GRQGH LED D FHOHEUDUVH OD FHQD SDVFXDO \R KDEtD UHSDUDGR HQ ORV
ODYDERV MRIDLQDV \ WRDOODV GLVSXHVWRV SDUD ODV REOLJDGDV DEOXFLRQHV GH SLHV \ PDQRV /D
FRVWXPEUHMXGtDVHxDODEDTXHDQWHVGHVHQWDUVHDODPHVDORVFRPHQVDOHVGHEtDQVHUDVHDGRVSRU
ORV VLUYLHQWHV R SRU ORV SURSLRV DQILWULRQHV (VD UHSLWR HUD OD WUDGLFLyQ 6LQ HPEDUJR ODV
yUGHQHVGHO0DHVWURKDEtDQVLGRWDMDQWHVQRKDEUtDVHUYLGXPEUHHQHOSLVRVXSHULRU<ODSUXHED
HV TXH VHJ~Q SXGH FRPSUREDU ORV JHPHORV GHVFHQGLHURQ HQ XQD RFDVLyQ FRQ HO ILQ GH
UHFRJHUHOFRUGHURDVDGR3XHVELHQDKtVXUJLyODSROpPLFDHQWUHORVGRFH
&XDQGR HQWUDPRV HQ HO FHQiFXOR FRQWLQXy $QGUpV WRGRV QRV GLPRV FXHQWD GH OD
SUHVHQFLDGHODVMRIDLQDV\GHODJXDSDUDHOODYDGRGHORVSLHV\PDQRV3HURVLHOUDEtKDEtD
RUGHQDGRTXHQRKXELHUDVLUYLHQWHVHQODHVWDQFLDTXLpQVHHQFDUJDUtDGHOREOLJDGRODYDWRULR"
'HER FRQIHVDUWH KXPLOGHPHQWH TXH WDQWR \R FRPR HO UHVWR WXYLPRV ORV PLVPRV SHQVDPLHQWRV
'HVGH OXHJR \R QR FDHUtD WDQ EDMR GH SUHVWDUPH D ODYDU ORV SLHV GH ORV GHPiV (VD HUD XQD
PLVLyQGHODVHUYLGXPEUH
< WRGRV HQ VLOHQFLR QRV GHGLFDPRV D GLVLPXODU HYLWDQGR FXDOTXLHU FRPHQWDULR VREUH HO
DVXQWRGHODVHR
/DDWPyVIHUDHPSH]yDFDUJDUVHSHOLJURVDPHQWH\SDUDFROPRHOHQRMRVRDVXQWRGHODVHR
SHUVRQDO VH YLR HQYHQHQDGR SRU RWUR KHFKR TXH QRV KL]R HVWDOODU HQUHGiQGRQRV HQ XQD DJULD
SROpPLFD(O0DHVWURQRWHUPLQDEDGHVXELU\PLHQWUDVWDQWRFDGDFXDOVHGHGLFyDLQVSHFFLRQDU
ORVGLYDQHV6DOWDEDDODYLVWDTXHHOSXHVWRGHKRQRUFRUUHVSRQGtDDOGLYiQPiVDOWRHOVLWXDGR
HQ HO FHQWUR \ QXHYDPHQWH FDtPRV HQ OD WHQWDFLyQ 4XLpQ RFXSDUtD ORV OXJDUHV SUy[LPRV D
-HV~V"6XSRQJRTXHFDVLWRGRVYROYLPRVDSHQVDUORPLVPR6HUiHO0DHVWURTXLHQHVFRMDDORV
GLVFtSXORV SUHGLOHFWRV< HQ HVRV SHQVDPLHQWRV HVWiEDPRV FXDQGR LQHVSHUDGDPHQWH -XGDV VH
IXH KDFLD HO DVLHQWR FRORFDGR D OD L]TXLHUGD GHO TXH KDEtD VLGR UHVHUYDGR SDUD HO UDEt
PDQLIHVWDQGRVXLQWHQFLyQGHDFRPRGDUVHHQpOFRPRLQYLWDGRSUHIHULGR(VWDDFWLWXGSRUSDUWH
GHO ,VFDULRWH QRV VXEOHYy D WRGRV SURGXFLpQGRVH XQD GHVDJUDGDEOH GLVFXVLyQ 3HUR -XGDV VH
KDEtDLQVWDODGR\DHQHOGLYiQ\-XDQHQXQRGHVXVDUUDQTXHVKL]RRWURWDQWRDSRGHUiQGRVHGHO
SXHVWRGHODGHUHFKD
&RPRSRGUiVLPDJLQDUODLUULWDFLyQIXHJHQHUDO3HURODVDPHQD]DV\SURWHVWDVQRVLUYLHURQ
GH QDGD -XGDV \ -XDQ QR HVWDEDQ GLVSXHVWRV D FHGHU 4XL]i HO PiV HQRMDGR IXH PL KHUPDQR
6LPyQ6HVHQWtDKHULGR\GHIUDXGDGRSRUORTXHOODPyRUJXOORLQGHFHQWHGHVXVFRPSDxHURV<
YLVLEOHPHQWHDOWHUDGRGLRXQDYXHOWDDODPHVDHOLJLHQGRHQWRQFHVHO~OWLPRSXHVWRMXVWDPHQWH
HQHOGLYiQPiVEDMR$SDUWLUGHHVHPRPHQWRHOUHVWRVHIXHLQVWDODQGRGRQGHEXHQDPHQWHSXGR
7~ VDEHV TXH 3HGUR HV EXHQR \ TXH DPD LQWHQVDPHQWH DO 0DHVWUR SHUR HQ HVD RFDVLyQ VX
GHELOLGDGIXHJUDQGH&RQR]FRDPLKHUPDQR\VpSRUTXpKL]RDTXHOOR
3RUTXp"OHDQLPpDTXHVHVLQFHUDUDFRQPLJR
$QGUpVQHFHVLWDEDFRQWiUVHORDDOJXLHQ\GHVFDUJyVREUHPt
$WXUGLGRSRUORVFHORV\SRUODLPSHUWLQHQWHLQLFLDWLYDGH-XGDV\-XDQ6LPyQQRGXGyHQ
DFRPRGDUVH HQ HO ~OWLPR ULQFyQ GH OD PHVD FRQ XQD VHFUHWD HVSHUDQ]D TXH FXDQGR HQWUDVH HO
0DHVWUR OH SLGLHUD S~EOLFDPHQWH TXH DEDQGRQDUD DTXHO GLYiQ GHVSOD]DQGR DVt D -XGDV R
LQFOXVR DO MRYHQ -XDQ 'H HVWD IRUPD RFXSDQGR XQ OXJDU GH KRQRU VH KRQUDUtD D Vt PLVPR \
GHMDUtDHQHYLGHQFLDDVXVRUJXOORVRVFRPSDxHURV
&XDQGRHOUDEtDSDUHFLyEDMRHOPDUFRGHODSXHUWDORVGRFHQRVKDOOiEDPRVD~QHQSOHQD
DFRPHWLGD GLDOpFWLFD UHFULPLQiQGRQRV PXWXDPHQWH OR VXFHGLGR $O YHUOH VH KL]R XQ EUXVFR
VLOHQFLR
-HV~V SHUPDQHFLy XQRV LQVWDQWHV HQ HO XPEUDO 6X URVWUR VH KDEtD LGR YROYLHQGR
SDXODWLQDPHQWH VHULR (YLGHQWHPHQWH KDEtD FDSWDGR OD VLWXDFLyQ 3HUR VLQ KDFHU FRPHQWDULR
DOJXQRVHGLULJLyDVXOXJDUDQWHODGHVRODGDPLUDGDGHPLKHUPDQR3HGUR
)XHURQXQRPLQXWRVWHQVRV6LQHPEDUJR-HV~VIXHUHFREUDQGRVXKDELWXDO\FDUDFWHUtVWLFD
GXO]XUD\WRGRVQRVVHQWLPRVXQSRFRPiVGLVWHQGLGRV$OSRFRODFRQYHUVDFLyQYROYLyDVXUJLU
DXQTXH DOJXQRV GH PLV FRPSDxHURV VLJXLHURQ HPSHxDGRV HQ HFKDUVH HQ FDUD HO LQFLGHQWH GH OD
HOHFFLyQGHORVGLYDQHVDVtFRPRODDSDUHQWHIDOWDGHFRQVLGHUDFLyQGHODIDPLOLD0DUFRVDOQR
KDEHUSUHYLVWRXQRRYDULRVVLUYLHQWHVTXHODYDUDQVXVSLHV
-HV~VGHVYLyHQWRQFHVVXPLUDGDKDFLDORVODYDERVFRPSUREDQGRTXHHQHIHFWRQRKDEtDQ
VLGRXWLOL]DGRV3HURWDPSRFRGLMRQDGD
7DGHRSURFHGLyDVHUYLUODSULPHUDFRSDGHYLQRPLHQWUDVHOUDEtHVFXFKDED\REVHUYDEDHQ
VLOHQFLR
&RPRVDEHVXQDYH]DSXUDGDHVWDSULPHUDFRSDODWUDGLFLyQILMDTXHORVKXpVSHGHVGHEHQ
OHYDQWDUVH \ ODYDU VXV PDQRV 1RVRWURV VDEtDPRV TXH HO 0DHVWUR QR HUD PX\ DPDQWH GH HVWRV
IRUPXOLVPRV\DJXDUGDPRVFRQH[SHFWDFLyQ
<DQWHODVRUSUHVDJHQHUDOHOUDEtVHLQFRUSRUyFDPLQDQGRVLOHQFLRVDPHQWHKDFLDODVMDUUDV
GH DJXD 1RV PLUDPRV H[WUDxDGRV FXDQGR VLQ PiV VH TXLWy OD W~QLFD FLxpQGRVH XQR GH ORV
OLHQ]RV DOUHGHGRU GH OD FLQWXUD 'HVSXpV FDUJDQGR FRQ XQD MRIDLQD \ HO DJXD GLR OD YXHOWD
FRPSOHWDDODPHVDOOHJDQGRKDVWDHOSXHVWRPHQRVKRQRUtILFRHOTXHRFXSDEDPLKHUPDQR<
DUURGLOOiQGRVHFRQJUDQKXPLOGDG\PDQVHGXPEUHVHGLVSXVRDODYDUORVSLHVGH3HGUR$OYHUOH
ORV GRFH QRV OHYDQWDPRV FRPR XQ VROR KRPEUH< GHO HVWXSRU SDVDPRV D OD YHUJHQ]D -HV~V
KDEtDFDUJDGRFRQHOWUDEDMRGHXQFULDGRFXDOTXLHUDUHFULPLQiQGRQRVDVtQXHVWUDPXWXDIDOWDGH
FRQVLGHUDFLyQ \ FDULGDG -XGDV \ -XDQ EDMDURQ VXV RMRV DSDUHQWHPHQWH PiV GRORULGRV TXH HO
UHVWR
7DPELpQ-XGDV"OHLQWHUUXPStFRQFLHUWDLQFUHGXOLGDG
6t
$QGUpVGHWXYRVXVSDVRV\PLUiQGRPHILMDPHQWHSUHJXQWyDVXYH]
-DVyQW~VDEHVDOJR4XpVXFHGHFRQ-XGDV"
0H HQFRJt GH KRPEURV WUDWDQGR GH HVTXLYDU HO SUREOHPD 3HUR HO MHIH GH ORV DSyVWROHV
LQVLVWLy \ GDGR OR LQPLQHQWH GHO SUHQGLPLHQWR OH H[SXVH TXH HIHFWLYDPHQWH \R WDPELpQ
GXGDEDGHODOHDOWDGGHO,VFDULRWH
3URVHJXLPRV \ DO FUX]DU HO &HGUyQ PL DFRPSDxDQWH VDOLy GH VX VRPEUtR PXWLVPR /H
VXSOLTXpTXHFRQWLQXDUDFRQVXUHODWR\$QGUpVWHUPLQySRUDFHSWDU
&XDQGR6LPyQYLRD-HV~VDUURGLOODGRDQWHpOVXFRUD]yQVHHQFHQGLyGHQXHYR\SURWHVWy
HQpUJLFDPHQWH &RPR WH KH GLFKR PL KHUPDQR DPD DO 0DHVWUR SRU HQFLPD GH WRGR \ GH WRGRV
6XSRQJR TXH DO YHUOH DVt FRPR XQ LQVLJQLILFDQWH VLUYLHQWH \ GLVSXHVWR D KDFHU OR TXH QL pO QL
QRVRWURVKDEtDPRVDFHSWDGRFRPSUHQGLyVXHUURU\TXLVRGLVXDGLUOH3HURODGHFLVLyQGHOUDEt
HUDLUUHYRFDEOH\3HGURVHGHMyKDFHU8QRDXQRFRPRWHGHFtD-HV~VIXHODYDQGRQXHVWURVSLHV
'HVSXpVGHODVSDODEUDVGH3HGURQLQJXQRVHDWUHYLyDSURWHVWDU<HQXQVLOHQFLRGUDPiWLFRHO
0DHVWURIXHURGHDQGRODPHVDKDVWDOOHJDUDO~OWLPRGHORVFRPHQVDOHV
'HVSXpVVHYLVWLyODW~QLFD\UHWRUQyDVXSXHVWR
-XDQ\-XGDVVHJXtDQDGHUHFKDHL]TXLHUGDGHO0DHVWURUHVSHFWLYDPHQWH"
6t QDGLH VH PRYLy GH VXV DVLHQWRV D H[FHSFLyQ GH -XGDV TXH VDOLy GH OD HVWDQFLD SRFR
DQWHVGHTXHIXHUDVHUYLGDODWHUFHUDFRSDODGHODVEHQGLFLRQHV
/D SUR[LPLGDG GHO FDPSDPHQWR PH REOLJy D VXVSHQGHU DTXHO HVFODUHFHGRU UHODWR 6LQ
HPEDUJRHQPLPHQWHVHDFXPXODEDQD~QPXFKDVLQWHUURJDQWHV&yPRKDEtDVLGRODUHYHODFLyQ
GH-HV~VD-XDQVREUHODLGHQWLGDGGHOWUDLGRU"&yPRHUDSRVLEOHTXHHOUHVWRGHORVDSyVWROHV
QR OR KXELHUD RtGR" ,QGXGDEOHPHQWH DVt HUD \D TXH QLQJXQR HVWDED DO WDQWR GH ORV PDQHMRV GHO
,VFDULRWH 6yOR KDEtD VRVSHFKDV (UD YLWDO TXH EXVFDVH XQ KXHFR HQ ODV KRUDV VLJXLHQWHV SDUD
LQWHUURJDUD-XDQ(QHVRVPRPHQWRVQRPHSUHRFXSDEDH[FHVLYDPHQWHHOQRFRQRFHUODVH[WHQVDV
HQVHxDQ]DV GHO 0DHVWUR GXUDQWH OD FHQD (OLVHR PH KDEtD DGHODQWDGR TXH OD WUDQVPLVLyQ \
JUDEDFLyQ KDEtDQ VLGR LPSHFDEOHV$ PL UHJUHVR DO PyGXOR HQ OD PDxDQD GHO GRPLQJR LED D
WHQHUODRSRUWXQLGDGGHHVFXFKDUODVHQVXWRWDOLGDG<GHERVHxDODUSRUHQpVLPDYH]TXHOD
WUDQVFULSFLyQGHWDOHVSDODEUDVSRUSDUWHGHORVHYDQJHOLVWDVHVVyORXQSREUHUHIOHMRGHORTXHVH
KDEOyDTXHOODQRFKHGHOOODPDGRMXHYHVVDQWR&XDQGRXQRFRQRFHHVDVHQVHxDQ]DV\PHQVDMHV
HQVXWRWDOLGDGVHGDFXHQWDTXHODV,JOHVLDVFRQHOSDVRGHORVVLJORVKDQUHGXFLGRHOLQPHQVR
FDXGDOHVSLULWXDOGHDTXHOODUHXQLyQFRQ-HV~VDFDVLXQD~QLFDIyUPXODPDWHPiWLFD>@
+DFLDODVRQFHGHODQRFKHFXDQGRHQWUiEDPRVHQHOKXHUWR$QGUpVUHVSRQGLyDXQD~OWLPD
FXHVWLyQTXHDXQTXHSDUDpOQRUHYHVWtDLQWHUpVSDUDPtHQFDPELRUHVXOWyGHVXPDLPSRUWDQFLD
$PLSUHJXQWDGHVL-HV~VKDEtDFHQDGRDEXQGDQWHPHQWHHOGLVFtSXORYLVLEOHPHQWHH[WUDxDGR
FRQWHVWyTXHPiVELHQSRFR<DxDGLyTXHWDO\FRPRWHQtDSRUFRVWXPEUHHO0DHVWURWDPSRFR
SUREyHOGHOLFLRVRDVDGRGHFRUGHUR
6HJ~QHVWRHO*DOLOHRVyORSXGRGHJXVWDUDOJXQDVGHODVYHUGXUDV\OHJXPEUHVLQFOX\HQGR
ODV\HUEDVDPDUJDVDVtFRPRDOJRGHSDQi]LPRYLQRFRQDJXD\SUHVXPLEOHPHQWHXQSRFRGH
SRVWUH (VWH GDWR HUD GH LQGXGDEOH YDORU VREUH WRGR GH FDUD D ODV SRVLEOHV UHDFFLRQHV GHO
RUJDQLVPRGHO1D]DUHQRHQODVWHUULEOHV\SURORQJDGDVKRUDVTXHWHQtDSRUGHODQWH$ODVWRUWXUDV
SpUGLGDGHVDQJUHDJRWDPLHQWR\ODFHUDQWHGRORUKDEUtDTXHVXPDUWDPELpQXQDQRWDEOHIDOWDGH
UHFXUVRVHQHUJpWLFRVFRPRFRQVHFXHQFLDGHXQDFHQDWDQHVFDVD\GHOFRQVLJXLHQWH\WRWDOD\XQR
DSDUWLUGHODVGLH]GHODQRFKHGHHVHMXHYHV
(Q OD SULPHUD RSRUWXQLGDG TXH WXYH WUDQVPLWt DO PyGXOR ODV FDUDFWHUtVWLFDV \ YROXPHQ
DSUR[LPDGR GH ORV DOLPHQWRV TXH KDEtD LQJHULGR -HV~V HQ OD FHQD DVt FRPR ORV WLHPSRV GH
LQLFLDFLyQ\UHPDWHGHODPLVPD6HJ~QPLVFiOFXORVODFRPLGDSDVFXDOSURSLDPHQWHGLFKDSXGR
GDUFRPLHQ]RDOUHGHGRUGHODVRFKRXRFKR\PHGLDGHODQRFKHFRQFOX\HQGRXQDKRUD\PHGLD
GHVSXpVPiVRPHQRV
(OFRPSXWDGRUFHQWUDOGHODFXQDQRVSURSRUFLRQyODVLJXLHQWHWDEODGHFDORUtDVVLHPSUH
GHXQDIRUPDHVWLPDWLYDHQEDVHDORVDOLPHQWRVPHQFLRQDGRV\TXHFRQVWLWX\HURQODGLHWDGH
-HV~VHQDTXHOODQRFKHWHQLHQGRHQFXHQWDTXHFDGDXQDGHODVFXDWURFRSDVGHYLQRKDEtDVLGR
PH]FODGD FRQ DJXD HOOR DUURMDED XQ WRWDO DSUR[LPDGR GH FDORUtDV>@ (Q FXDQWR D ORV
SXxDGRV GH QXHFHV \ DOPHQGUDV DOLPHQWRV GH Pi[LPR SRGHU HQHUJpWLFR GH FXDQWRV KDEtD
LQJHULGR HO 0DHVWUR HO RUGHQDGRU FDOFXOy HO Q~PHUR GH FDORUtDV HQWUH \
&RQVLGHUDQGR SRU ~OWLPR TXH FDGD JUDPR GH JUDVD SURSRUFLRQD QXHYH FDORUtDV OD OODPDGD
~OWLPDFHQDGH-HV~VGH1D]DUHWSXGRVLJQLILFDUXQWRWDODSUR[LPDGRGHFDORUtDV8QDSRUWH
HQHUJpWLFR WHQLHQGR HQ FXHQWD ODV FDUDFWHUtVWLFDV ItVLFDV GHO JLJDQWH PiV ELHQ EDMR (O
PHWDEROLVPR EDVDO GH -HV~V HV GHFLU OR TXH VX FXHUSR QHFHVLWDED GLDULDPHQWH SDUD
PDQWHQHUVH FRQ YLGD VLQ KDFHU HMHUFLFLR IXH LJXDOPHQWH FDOFXODGR SRU 6DQWD &ODXV HQ
FDORUtDV>@ (Q HO FDVR GH TXH HO 0DHVWUR GHVDUUROODVH XQ PtQLPR GH DFWLYLGDG ItVLFD
FDPLQDUHWFODFLIUDVHHOHYDED\DDRFDORUtDVFRPRFRQVXPRPHGLRGLDULR
/DV PXMHUHV \ ORV FXDUHQWD R FLQFXHQWD GLVFtSXORV TXH DJXDUGDEDQ HQ HO FDPSDPHQWR
UHFLELHURQDO0DHVWUR\DVXVDSyVWROHVFRQJUDQDOHJUtD3HURDTXHOHQWXVLDVPRQRWDUGDUtDHQ
YHQLUVHDEDMR/DFDXVDXQDYH]PiVIXH-XGDV
$O FHUFLRUDUVH GH TXH HO ,VFDULRWH WDPSRFR KDEtD KHFKR DFWR GH SUHVHQFLD HQ *HWVHPDQt
DOJXQRVGHORVKRPEUHVGHO1D]DUHQRHPSH]DURQDVRVSHFKDUTXHODDOXVLyQGHO0DHVWURGXUDQWH
OD FHQD VREUH XQD LQPLQHQWH WUDLFLyQ WHQtD PXFKR TXH YHU FRQ HO GHVDSDUHFLGR DGPLQLVWUDGRU
'DYLG=DEHGHRDOHVFXFKDUHOUXPRUROYLGyPRPHQWiQHDPHQWHDVXVPHQVDMHURVDSUR[LPiQGRVH
DORVFRUULOORV3HURVXDFWLWXGVLJXLyVLHQGRSUXGHQWH(VFXFKyDXQRV\DRWURVVLQUHYHODUORTXH
VDEtD
6LPyQHO=HORWHVPiVQHUYLRVRTXHHOUHVWRHQFDEH]yXQJUXSR\DFXGLHQGRKDVWD$QGUpV
FRPHQ]y D DFRVDUOH D SUHJXQWDV (O UHVSRQVDEOH GHO JUXSR TXH HQ UHDOLGDG FDUHFtD GH
LQIRUPDFLyQVHOLPLWyDFRQWHVWDU
1RVpGyQGHHVWi-XGDV3HURWHPRTXHQRVKD\DDEDQGRQDGR
(O GHVDOLHQWR FXQGLy UiSLGDPHQWH < 3HGUR HO =HORWHV 7RPiV \ 6DQWLDJR HQWUH RWURV VH
UHXQLHURQ HQ OD WLHQGD FRQ OD LQWHQFLyQ GH H[DPLQDU OD VLWXDFLyQ \ DGRSWDU ODV PHGLGDV GH
VHJXULGDGTXHFUH\HUDQRSRUWXQDV
(QHVRHOMRYHQ0DUFRVDSDUHFLyHQHOUHFLQWR6HFXEUtDFRQXQDViEDQDEODQFD\DOYHUPH
FRUULyDPLHQFXHQWURURJiQGRPHTXHQROHGHODWDUD
&XDQGROHSUHJXQWpSRUTXpPHFRQIHVyTXHVHKDEtDHVFDSDGRGHVXFDVD$ORtUFyPR-HV~V
\ORVRQFHDEDQGRQDEDQODPDQVLyQVHOHYDQWyGHOOHFKRFXEULpQGRVHDWRGDSULVDFRQORSULPHUR
TXH HQFRQWUy HO OLHQ]R GH OLQR TXH OH FRELMDED< DVt KDEtD OOHJDGR KDVWD HO FDPSDPHQWR /D
ILGHOLGDGGHDTXHOPXFKDFKRSRUHO*DOLOHRPHOOHQyGHDGPLUDFLyQ
(V PX\ SRVLEOH TXH HO 0DHVWUR VH GLHUD FXHQWD HQVHJXLGD GHO WHQVR DPELHQWH TXH UHLQDED
HQWUHVXVKRPEUHV\OODPiQGROHVOHVGLMR
$PLJRV\KHUPDQRV1RPHTXHGDPXFKRWLHPSRSDUDHVWDUHQWUHYRVRWURV'HVHDUtDTXH
QRVDLVOiUDPRVFRQHOILQGHSHGLUOHDQXHVWUR3DGUH&HOHVWLDOODIXHU]DQHFHVDULDHQHVWDKRUD\
VHJXLUDVtODREUDTXHHQVXQRPEUHGHEHPRVUHDOL]DU
/RVGLVFtSXORV\ORVJULHJRVOHVLJXLHURQHQWRQFHVODGHUDDUULEDKDVWDXQDSODWDIRUPDURFRVD
HQSOHQDFLPDGHO2OLYHWH8QDYH]DOOtSLGLyTXHQRVDUURGLOOiUDPRVDVXDOUHGHGRU<RFRQWLQXp
GHSLHDOWLHPSRTXHILOPDEDDTXHOODLPSUHVLRQDQWHHVFHQD(OJLJDQWHEDxDGRSRUODOX]GHOD
OXQDOHYDQWyORVRMRVKDFLDODVHVWUHOODV\FRQVXYR]GHWUXHQRH[FODPy
3DGUHKDOOHJDGRPLKRUD*ORULILFDDWX+LMRSDUDTXHHO+LMRSXHGDJORULILFDUWH6p
TXHPHKDVGDGRSOHQDDXWRULGDGVREUHWRGDVODVFULDWXUDVYLYLHQWHVGHPLUHLQR\GDUpODYLGD
HWHUQDDWRGRVDTXHOORVTXHSRUODIHVHDQKLMRVGH'LRV/DYLGDHWHUQDHVTXHPLVFULDWXUDVWH
UHFRQR]FDQFRPRHO~QLFR\YHUGDGHUR'LRV\3DGUHGHWRGRV4XHFUHDQHQ$TXHODTXLHQKDV
HQYLDGR D HVWH PXQGR 3DGUH WH KH H[DOWDGR HQ HVWD WLHUUD \ FXPSOLGR OD REUD TXH PH
HQFRPHQGDVWH &DVL KH WHUPLQDGR PL HIXVLyQ VREUH ORV KLMRV GH QXHVWUD SURSLD FUHDFLyQ
6RODPHQWHPHUHVWDVDFULILFDUPLYLGDFDUQDO
$KRUD 3DGUH JORULItFDPH FRQ OD JORULD TXH WHQtD DQWHV GH TXH HVWH PXQGR H[LVWLHUD \
UHFtEHPHXQDYH]PiVDWXGHUHFKD
-HV~VKL]RXQDEUHYHSDXVDPLHQWUDVVXVFDEHOORVFRPHQ]DURQDDJLWDUVHSRUXQDEULVDFDGD
YH]PiVLQWHQVD
7HKHSXHVWRGHPDQLILHVWRDQWHORVKRPEUHVTXHKDVHVFRJLGRHQHOPXQGR\TXHPHKDVGDGR
SURVLJXLy6RQWX\RVFRPRWRGDODYLGDHQWUHWXVPDQRV+HYLYLGRFRQHOORVHQVHxiQGROHV
ODVQRUPDVGHODYLGD\HOORVKDQFUHtGR(VWRVKRPEUHVVDEHQTXHWRGRORTXHWHQJRSURYLHQHGH
WL\TXHODHQFDUQDFLyQGHPLYLGDHVWiGHVWLQDGDDGDUDFRQRFHUDPL3DGUHHQHOPXQGR/HVKH
UHYHODGR OD YHUGDG TXH PH KDV GDGR \ HOORV PLV DPLJRV \ PLV HPEDMDGRUHV KDQ TXHULGR
VLQFHUDPHQWHUHFLELUWXSDODEUD/HVKHGLFKRTXHVR\GHVFHQGLHQWHWX\RTXHPHKDVHQYLDGRD
HVWD WLHUUD \ TXH HVWR\ GLVSXHVWR D YROYHU KDFLD WL 3DGUH UXHJR SRU WRGRV HVWRV KRPEUHV
HVFRJLGRV 5XHJR SRU HOORV QR FRPR OR KDUtD SRU HO PXQGR VLQR FRPR KRPEUHV D ORV TXH KH
HOHJLGRSDUDUHSUHVHQWDUPHGHVSXpVTXHKD\DYXHOWRMXQWRDWL(VWRVKRPEUHVVRQPtRV7~PH
ORVKDVGDGR
1R SXHGR SHUPDQHFHU PiV WLHPSR HQ HVWH PXQGR 9R\ D YROYHU D OD REUD TXH PH KDV
HQFDUJDGR (V SUHFLVR TXH GHMH D HVWRV FRPSDxHURV WUDV GH Pt SDUD TXH QRV UHSUHVHQWHQ \
UHSUHVHQWHQ QXHVWUR UHLQR HQWUH ORV KRPEUHV 3DGUH SUHVHUYD VX ILGHOLGDG PLHQWUDV PH SUHSDUR
SDUDDEDQGRQDUHVWDYLGDHQFDUQDGD$\~GDOHVDHVWDUXQLGRVHQHVStULWXFRPRW~\\RORHVWDPRV
6RQPLVDPLJRV
'XUDQWH PL HVWDQFLD HQWUH HOORV SRGtD YHODU \ JXLDUOHV SHUR DKRUD YR\ D SDUWLU 3DGUH
SHUPDQHFH MXQWR D HOORV KDVWD TXH SRGDPRV HQYLDU XQ QXHYR LQVWUXFWRU TXH OHV FRQVXHOH \
UHFRQIRUWH0HKDVGDGRDGRFHKRPEUHV\KHJXDUGDGRDWRGRVPHQRVDXQRTXHQRKDTXHULGR
PDQWHQHU VX FRPXQLyQ FRQ QRVRWURV (VWRV KRPEUHV VRQ GpELOHV \ IUiJLOHV SHUR Vp TXH SXHGR
FRQWDUFRQHOORV/RVKHSUREDGR\VpTXHPHTXLHUHQ3HVHDTXHWHQJDQTXHSDGHFHUPXFKRSRU
PLFXOSDGHVHRTXHHVWpQLOXVLRQDGRV
(OPXQGRSXHGHRGLDUOHVFRPRPHKDRGLDGRDPt3HURQRSLGRTXHOHVUHWLUHVGHOPXQGR
VRODPHQWHTXHOHVOLEUHVGHOPDOTXHH[LVWHHQHVWHPXQGR6DQWLItFDOHVHQODYHUGDG7XSDODEUD
HV OD YHUGDG /R PLVPR TXH PH KDV HQYLDGR D HVWH PXQGR DVt YR\ D HQYLDUOHV D HOORV SRU HO
PXQGR3RUHOORVKHYLYLGRHQWUHORVKRPEUHV\FRQVDJUDGRPLYLGDDWXVHUYLFLRFRQHOILQGH
LQVSLUDUOHVSDUDTXHVHSXULILTXHQHQODYHUGDG\HQHODPRUTXHOHVKHPRVWUDGR%LHQVp3DGUH
PtR TXH QR QHFHVLWR URJDUWH TXH YHOHV SRU HOORV GHVSXpV GH PL PDUFKD< WDPELpQ Vp TXH OHV
DPDVWDQWRFRPR\R+DJRHVWRSDUDTXHFRPSUHQGDQPHMRUTXHHO3DGUHDPDDORVPRUWDOHVOR
PLVPRTXHHO+LMR
'HVHRGHPRVWUDUIHUYLHQWHPHQWHDPLVKHUPDQRVWHUUHVWUHVODJORULDTXHGLVIUXWDEDDWXODGR
DQWHVGHODFUHDFLyQGHHVWHPXQGRTXHVHFRQRFHWDQSRFR
2K 3DGUH MXVWR SHUR \R WH FRQR]FR \ WH KH GDGR D FRQRFHU D HVWRV FUH\HQWHV TXH
GLYXOJDUiQWXQRPEUHDRWUDVJHQHUDFLRQHV
'HPRPHQWROHVSURPHWRTXHHVWDUiVFHUFDGHHOORVHQHOPXQGRGHODPLVPDPDQHUDTXH
KDVHVWDGRFRQPLJR
<OHYDQWDQGRVXVODUJRVEUD]RVKDFLDHOFLHORFRQFOX\y
<R VR\ HO SDQ GH OD YLGD<R VR\ HO DJXD YLYD<R VR\ OD OX] GHO PXQGR<R VR\ HO
GHVHRGHWRGDVODVHGDGHV<RVR\ODSXHUWDDELHUWDDODVDOYDFLyQHWHUQD<RVR\ODUHDOLGDG
GHODYLGDVLQILQ<RVR\HOEXHQSDVWRU<RVR\HOVHQGHURGHODSHUIHFFLyQLQILQLWD<R
VR\ OD UHVXUUHFFLyQ \ OD YLGD <R VR\ HO VHFUHWR GH OD YLGD HWHUQD <R VR\ HO FDPLQR OD
YHUGDG\ODYLGD<RVR\HO3DGUHLQILQLWRGHPLVKLMRVOLPLWDGRV<RVR\ODYHUGDGHUDFHSD\
YRVRWURV ORV VDUPLHQWRV <R VR\ OD HVSHUDQ]D GH WRGRV DTXHOORV TXH FRQRFHQ OD YHUGDG
YLYLHQWH<R VR\ HO SXHQWH YLYR TXH XQH XQ PXQGR FRQ RWUR<R VR\ OD XQLyQ YLYD HQWUH HO
WLHPSR\ODHWHUQLGDG
7UDVXQRVPLQXWRVGHVLOHQFLRHO*DOLOHRSLGLyDVXVKRPEUHVTXHVHDO]DUDQ\XQRSRUXQR
IXHDEUD]iQGROHV&XDQGROOHJyKDVWDPtVXVRMRVVHKDOODEDQDUUDVDGRVSRUODVOiJULPDV
3RFRGHVSXpVHOJUXSRUHJUHVyDOFDPSDPHQWR
'DYLG=HEHGHR\-XDQ0DUFRVVHDSUR[LPDURQD-HV~V\WUDWDURQLQ~WLOPHQWHGHFRQYHQFHUOH
SDUDTXHVHDOHMDUDGH-HUXVDOpQ$SDUWLUGHDTXHOORVLQVWDQWHVFDVLPHGLDQRFKHHOKDELWXDO
EXHQ KXPRU GHO UDEt GHVDSDUHFLy< FRQ SDODEUDV HQWUHFRUWDGDV SRU XQD SURIXQGD HPRFLyQ HO
0DHVWURURJyDVXVGLVFtSXORVTXHVHUHWLUDVHQDGRUPLU$UHJDxDGLHQWHVORVDSyVWROHVIXHURQ
DFRPRGiQGRVH HQ OD WLHQGD \ HQ VXV OXJDUHV KDELWXDOHV GH GHVFDQVR 3HUR DQWHV \ PLHQWUDV HO
1D]DUHQRSHGtDD-XDQD6DQWLDJR\D3HGURTXHSHUPDQHFLHUDQXQSRFRPiVFRQpO6LPyQHO
=HORWHVVHGLULJLyFRQJUDQVLJLORKDFLDXQRGHORVODWHUDOHVGHODWLHQGDGHORVKRPEUHVDEULHQGR
XQJUDQIDUGR(UDQHVSDGDV
/RVRFKRDSyVWROHVUHVWDQWHVDFXGLHURQDODOODPDGDGHO=HORWHV\VHHQIXQGDURQODVDUPDV
7RGRVPHQRVXQR%DUWRORPp(VWHUHFKD]DQGRHOHTXLSRGHFRPEDWHH[FODPy
+HUPDQRVPtRVHO0DHVWURQRVKDGLFKRPXFKDVYHFHVTXHVXUHLQRQRHVGHHVWHPXQGR\
TXHVXVGLVFtSXORVQRGHEHQFRPEDWLUFRQODHVSDGDSDUDHVWDEOHFHUOR$PLMXLFLRFUHR\SLHQVR
TXHHO0DHVWURQRSUHFLVDTXHHPSOHHPRVODVDUPDVSDUDGHIHQGHUOR7RGRVKHPRVVLGRWHVWLJRV
GHVXSRGHU\VDEHPRVTXHSXHGHGHIHQGHUVHGHVXVHQHPLJRVVLORGHVHD6LQRTXLHUHUHVLVWLUHV
SRUTXHHVWDOtQHDGHFRQGXFWDUHSUHVHQWDVXLQWHQWRSRUFXPSOLUODYROXQWDGGHVX3DGUH3RUPL
SDUWHUH]DUpSHURQRVDFDUpPLHVSDGD
$O HVFXFKDU D %DUWRORPp$QGUpV GHYROYLy VX HVSDGD 6L QR PH HTXLYRFDED HQ WRWDO HUDQ
QXHYHORVDSyVWROHVTXHFHxtDQXQDUPDHQDTXHOORVPRPHQWRV7RGRVPHQRV%DUWRORPp$QGUpV
\-XDQDXQTXHGHHVWH~OWLPRQRHVWDEDPX\VHJXUR
3RU ILQ IUDQFDPHQWH DJRWDGRV ORV DSyVWROHV \ GLVFtSXORV VH UHWLUDURQ HVWDEOHFLHQGR XQ
ULJXURVRWXUQRGHYLJLODQFLDFRQVLVWHQWHHQGRVKRPEUHVDUPDGRVDODVSXHUWDVGHOFDPSDPHQWR
3RUORTXHSXGHGHGXFLUHOJUXSRHVWDEDSHUVXDGLGRGHTXHODGHWHQFLyQGHO0DHVWURSRUSDUWHGH
ORVMHIHVGHORVVDFHUGRWHVQRVHOOHYDUtDDFDERKDVWDODPDxDQDVLJXLHQWH<VHGXUPLHURQFRQOD
LQWHQFLyQGHOHYDQWDUVHPX\GHPDxDQDGLVSXHVWRVDORSHRU
-XDQ 3HGUR \ 6DQWLDJR VH KDEtDQ VHQWDGR HQ WRUQR D OD KRJXHUD \ HVSHUDEDQ D -HV~V (VWH
KDEtDOODPDGRD'DYLG=HEHGHRSLGLpQGROHHOPHQVDMHURPiVYHOR]$OSRFRUHJUHVyFRQXQWDO
-DFRERTXHKDEtDGHVHPSHxDGRODIXQFLyQGHFRUUHRQRFWXUQRHQWUH-HUXVDOpQ\%HWK6DLGD<
HO1D]DUHQROHGLMR
9HWHHQVHJXLGDDFDVDGH$EQHUHQ)LODGHOILD\GLOHORVLJXLHQWHHO0DHVWURWHHQYtDVXV
GHVHRVGHSD]'LOHWDPELpQTXHKDOOHJDGRODKRUDHQTXHVHUpHQWUHJDGRDPLVHQHPLJRV\TXH
VHUpPXHUWR
(OHPLVDULRSDOLGHFLySHUR-HV~VSURVLJXLyVLQLQPXWDUVH
'LOH LJXDOPHQWH TXH UHVXFLWDUp GH HQWUH ORV PXHUWRV \ TXH PH DSDUHFHUp D pO DQWHV GH
UHJUHVDU MXQWR D PL 3DGUH (QWRQFHV OH GDUp LQVWUXFFLRQHV VREUH HO PRPHQWR HQ TXH HO QXHYR
LQVWUXFWRUYHQGUiDPRUDUHQYXHVWURVFRUD]RQHV
'DYLG\\RQRVPLUDPRV-HV~VURJyHQWRQFHVD-DFRERTXHUHSLWLHUDHOPHQVDMH\XQDYH]
VDWLVIHFKROHGHVSLGLyFRQHVWDVSDODEUDV
1RWHPDV(VWDQRFKHXQPHQVDMHURLQYLVLEOHFRUUHUiDWXODGR
0LHQWUDV HO =HEHGHR XOWLPDED OD SDUWLGD GHO FRUUHR -HV~V VH GLULJLy D ORV JULHJRV TXH
DFDPSDEDQMXQWRDODFXEDGHSLHGUDGHODDOPD]DUD\VHGHVSLGLyGHHOORV
<R SHUPDQHFt VHQWDGR PX\ FHUFD GH 3HGUR -XDQ \ 6DQWLDJR /RV DSyVWROHV D SHVDU GH VXV
HVIXHU]RVFRPHQ]DURQDEDMDUORVSiUSDGRV\DGDUDOJXQDVFDEH]DGDV(O0DHVWURUHJUHVyKDVWD
ODIRJDWD\FXDQGRVHGLVSRQtDDDOHMDUVHFRQVXVtQWLPRVKDFLDHOLQWHULRUGHOROLYDU'DYLGOH
UHWXYRXQRVLQVWDQWHV&RQODYR]WUpPXOD\ORVRMRVK~PHGRVDFHUWyDOILQDGHFLUOH
0DHVWUR KH WHQLGR XQD JUDQ VDWLVIDFFLyQ DO WUDEDMDU SDUD WL 0LV KHUPDQRV VRQ WXV
DSyVWROHV SHUR PH DOHJUR GH KDEHUWH VHUYLGR HQ ODV FRVDV PiV SHTXHxDV /DPHQWDUp GH WRGR
FRUD]yQWXSDUWLGD
/DVOiJULPDVWHUPLQDURQSRUURGDUSRUVXVFXUWLGDVPHMLOODV<HO*DOLOHRVLQSRGHUFRQWHQHU
VXDPRUKDFLDDTXHOKRPEUHSUXGHQWH\HILFD]OHWRPySRUORVKRPEURVGLFLpQGROH
'DYLGKLMRPtRORVRWURVKDQKHFKRORTXHOHVRUGHQp3HURHQWXFDVRKDVLGRWXSURSLR
FRUD]yQHOTXHKDUHVSRQGLGR\VHUYLGRFRQGHYRFLyQ7~WDPELpQYHQGUiVXQGtDDVHUYLUDPL
ODGRHQHOUHLQRHWHUQR
<DQWHVGHVHSDUDUVHGHILQLWLYDPHQWHGHO0DHVWUR'DYLGOHFRQIHVyTXHKDEtDGDGRyUGHQHV
SDUDTXHVXPDGUH\VXIDPLOLDVHWUDVODGDVHQD-HUXVDOpQ-HV~VQRSDUHFLyPX\VRUSUHQGLGR
8QPHQVDMHURPHKDFRPXQLFDGRFRQFOX\yTXHHVWDPLVPDQRFKHKDQOOHJDGRD-HULFy
\TXHPDxDQDWHPSUDQRHVWDUiQDTXt
(O1D]DUHQROHPLUy\UHVSRQGLy
'DYLGTXHDVtVHD
<XQLpQGRVHDORVWUHVDSyVWROHVTXHHVSHUDEDQDOSLHGHOROLYDUVHSHUGLyHQODRVFXULGDG
GHODQRFKH/DJUDQWUDJHGLDHVWDEDDSXQWRGHFRPHQ]DU
'($%5,/9,(51(6
8Q VLOHQFLR H[WUDxR KDEtD FDtGR VREUH HO FDPSDPHQWR<R VDEtD TXH DTXpOOD QR LED D VHU XQD
QRFKH FRPR ODV DQWHULRUHV SHUR D SHVDU GH HOOR QRWp HQ HO DPELHQWH XQD HVSHFLH GH SHVDGD
WXUEXOHQFLD&RPRVLPLOHVGHIDQWDVPDVTXL]iHVRVPHQVDMHURVLQYLVLEOHVDORVTXHVHKDEtD
UHIHULGR -HV~V SODQHDVHQ VREUH ODV FRSDV GH ORV ROLYRV DJLWDQGR LQFOXVR ODV PHQJXDGDV
OHQJXDVGHIXHJRIUHQWHDODVTXH\RSHUPDQHFtD<XQHVFDORIUtRDJLWyPLHVSDOGD
(OFDPSDPHQWRGRUPtDFXDQGRDOILORGHODVGRFHGHODQRFKH\XQDYH]TXH-HV~V\VXVWUHV
GLVFtSXORV VH SHUGLHURQ HQWUH ODV KLOHUDV GHO ROLYDU PH OHYDQWp DGYLUWLHQGR D (OLVHR TXH PH
GLULJtDDOH[WUHPRQRUWHGHOKXHUWR&RQXQDUiSLGDPLUDGDUHFRUUtODVWLHQGDVODDOPD]DUD\ORV
FXHUSRVGRUPLGRVGHORVJULHJRV\XQDYH]VHJXURGHTXHWRGRVHKDOODEDHQFDOPDHQFDPLQpPLV
SDVRVKDFLDHOPXURTXHERUGHDEDHOKXHUWRSRUODFDUD(VWH\TXH\RKDEtDH[SORUDGR\DHQPL
SULPHUDYLVLWDDODILQFDGH*HWVHPDQt$QWHVGHGHVDSDUHFHUPRQWHDUULED'DYLG=HEHGHRPH
KDEtDDQXQFLDGRTXHGHPXWXRDFXHUGRFRQ-XDQ0DUFRVOOHYDUtDQDFDERXQDYLJLODQFLDH[WUD
eO HQ ODV SUR[LPLGDGHV GH OD FLPD GHO 2OLYHWH FXEULHQGR DVt HO IODQFR RULHQWDO GHO
FDPSDPHQWR \ HO PXFKDFKR HQ HO VHQGHUR TXH VHUSHQWHDED MXQWR D OD SXHUWD GH HQWUDGD DO
KXHUWR\TXHPRUtDHQHOSXHQWHVREUHHOEDUUDQFRGHO&HGUyQ'HHVWDIRUPDVLODSROLFtDGHO
7HPSORLQWHQWDEDDVDOWDUHOUHIXJLRGHO1D]DUHQRELHQSRUHOFDPLQRPiVFRUWRHOGHO&HGUyQ
RSRUODFXPEUHGHO2OLYHWH0DUFRVRHO=HEHGHRSRGUtDQGDUODDOHUWDUHVSHFWLYDPHQWH3HUR
ORVDFRQWHFLPLHQWRVLEDQDGHVDUUROODUVHGHRWUDIRUPD
/HQWDPHQWHSURFXUDQGRRFXOWDUPHHQWUHODPDVDGHiUEROHVIXLDYDQ]DQGRKDFLDODJUXWDVLQ
SHUGHUFRQWDFWRHQQLQJ~QPRPHQWRFRQHOSDUDSHWRGHSLHGUD'HDFXHUGRFRQODVFRQVLJQDVGH
&DEDOORGH7UR\DPLREVHUYDFLyQGHODOODPDGDSRUORVFULVWLDQRVODRUDFLyQGHOKXHUWRGHEtD
HIHFWXDUVH VLQ TXH ORV SURWDJRQLVWDV GH OD PLVPD WXYLHUDQ FRQRFLPLHQWR R VRVSHFKD GH PL
SUHVHQFLD3DUDHOORGHEtDVDEHUFRQSUHFLVLyQHQTXpOXJDUSHUPDQHFHUtDQORVWUHVDSyVWROHV\
GyQGHSHQVDEDRUDUHO0DHVWUR6L-HV~VFRPRVXSRQtDHOHJtDODVSUR[LPLGDGHVGHODFXHYDPL
HVFRQGLWHVHUtDSUHFLVDPHQWHDTXHOODSDUHGTXHFHUFDEDODSURSLHGDGGH6LPyQHOOHSURVR
(OLVHROOHYDEDUD]yQ7DO\FRPRPHKDEtDDGYHUWLGRKRUDVDQWHVODIXHUWHSHUWXUEDFLyQHQ
ORVDOWRVQLYHOHVGHODDWPyVIHUDDOHVWHGH3DOHVWLQDHPSH]DEDDQRWDUVHVREUH-HUXVDOpQ8Q
YLHQWR FDGD YH] PiV LQVLVWHQWH \ ERFKRUQRVR DJLWDED ORV iUEROHV VLOEDQGR FRPR XQ O~JXEUH
SUHVDJLRSRUHQWUHODVWRUWXRVDVUDPDV\UDtFHVGHORVROLYRV(OFDxDItVWXODTXHFUHFtDMXQWRDOD
FDYHUQDFDVWDxHWHDEDFDGDYH]FRQPiVIXHU]DD\XGiQGRPHDRULHQWDUPH
$O DOFDQ]DU HO IRQGR GHO KXHUWR GHVFXEUt HQVHJXLGD OD ILJXUD GHO *DOLOHR HQ SLH \ FRQ OD
FDEH]DEDMDFDVLFODYDGDVREUHHOSHFKR6HHQFRQWUDEDHQHIHFWRDFXDWURRFLQFRPHWURVGHOD
HQWUDGDGHODJUXWDHQPLWDGGHOUHGXFLGRFDOYHURH[LVWHQWHHQWUHHOROLYDU\ODSHxD$ORVSLHV
GHO0DHVWURVHH[WHQGtDXQDGHDTXHOODVFRVWUDVGHFDOL]DEODQTXHDGDSRUODOXQDOOHQD
6LQSHUGHUXQPLQXWRVDOWpDORWURODGRGHOPXUR\DUUDVWUiQGRPHVREUHODPDOH]DURGHpOD
FDYHUQDDSRVWiQGRPHDHVSDOGDVGHOFRUSXOHQWRFDxDItVWXOD'HVGHDOOtSHUIHFWDPHQWHRFXOWR
SXGHVHJXLUSDVRDSDVRWRGRVORVPRYLPLHQWRV\SDODEUDVGH-HV~VGH1D]DUHW
/DFODULGDGGHUUDPDGDSRUODOXQDPHSHUPLWtDYHUODILJXUDGHO0DHVWURFRQFRPRGLGDG6LQ
HPEDUJRQHFHVLWpDFRVWXPEUDUPLVRMRVDODRVFXULGDGTXHGRPLQDEDODPDVDGHORVROLYRVSDUD
GHVFXEULU DO ILQ ODV VLOXHWDV GH 3HGUR -XDQ \ 6DQWLDJR /RV GLVFtSXORV VH KDEtDQ VHQWDGR HQ
WLHUUDDFRPRGiQGRVHFRQVXVPDQWRVHQWUHORV~OWLPRViUEROHVDSRFRPiVGHXQDWUHLQWHQDGH
SDVRV GHO SXQWR GRQGH SHUPDQHFtD HO 1D]DUHQR 'HVGH DTXHOOD GLVWDQFLD \ D SHVDU GH PLV
HVIXHU]RVQRSXGHFRQILUPDUVLVHKDOODEDQGRUPLGRVRQR$ORVTXLQFHRWUHLQWDPLQXWRVGHGXMH
TXHDOPHQRVGRVHOORVGHEtDQKDEHUFDtGRHQXQSURIXQGRVXHxRDMX]JDUSRUVXVSRVWXUDV
WRWDOPHQWHHFKDGRVVREUHHOVXHOR\SRUORVLQFRQIXQGLEOHVURQTXLGRVGH3HGUR8QWHUFHURVLQ
HPEDUJRDSDUHFtDUHFOLQDGRFRQWUD HOWURQFRGHXQR GHORVROLYRVDXQTXHQRSRGUtD MXUDUTXH
HVWXYLHVHGRUPLGR
'H SURQWR FXDQGR PH HQFRQWUDED DWDUHDGR SUHSDUDQGR OD YDUD GH 0RLVpV XQ FUXMLGR GH
UDPDVPHVREUHVDOWy0HYROYt\DFRVDGHGLH]RTXLQFHPHWURVPLVRMRVTXHGDURQILMRVHQXQ
EXOWR EODQFR TXH VH GHVOL]DED HQWUH ODV MDUDV DSUR[LPiQGRVH 7RPp HO FD\DGR HQ DFWLWXG
GHIHQVLYD\FRQODVURGLOODVHQWLHUUDPHGLVSXVHDUHFKD]DUHODWDTXHGHORTXHHQXQSULPHU
PRPHQWRLGHQWLILTXpFRPRXQH[WUDxRDQLPDO3HURFXDQGRDTXHOODFRVDHVWDEDFDVLDODOFDQFH
GHPLYDUDVHGHWXYR(UDHOMRYHQ-XDQ0DUFRV
5HVSLUp SURIXQGDPHQWH KDFLpQGROH XQD VHxDO SDUD TXH FRQWLQXDUD DJDFKDGR (O PXFKDFKR
OOHJyKDVWDPtH[SOLFiQGRPHDORtGRTXHKDEtDDEDQGRQDGRVXJXDUGLDSRUTXHTXHUtDHVWDUFHUFD
GHO0DHVWUR1RPHDWUHYtDVXJHULUOHTXHUHJUHVDUDDOFDPLQRSHURGDGDVODVFLUFXQVWDQFLDVOH
SHGtTXHVHPDQWXYLHUDFRQPLJR\HQHOPiVDEVROXWRVLOHQFLR$OYHUD-HV~VHQDFWLWXGRUDQWH
0DUFRVORFRPSUHQGLy\PHKL]RXQJHVWRGHDSUREDFLyQ$SDUWLUGHHVRVPRPHQWRV\DXQTXH
SURFXUp QR SHUGHU GH YLVWD DO LPSHWXRVR DGROHVFHQWH PL DWHQFLyQ TXHGy DEVRUELGD \D SRU HO
JLJDQWHGH*DOLOHD
< HQ HOOR HVWDED FXDQGR V~ELWDPHQWH (OLVHR FRQ JUDQ H[FLWDFLyQ DEULy OD FRQH[LyQ
DXGLWLYD LQIRUPiQGRPH GH DOJR TXH PH GHMy DWyQLWR (O UDGDU GHO PyGXOR HVWDED UHFLELHQGR
LQIRUPDFLyQGHXQREMHWRTXHYRODEDVREUHOD]RQD
3HUR1RHVSRVLEOHOHFRQWHVWpPHWLHQGRSUiFWLFDPHQWHODFDEH]DHQWUHPLVURGLOODV
GHIRUPDTXHHOPXFKDFKRQRSXGLHUDRtUPH
-DVyQWHMXURTXHKHPDQLREUDGRODDQWHQD\ODSDQWDOODGHDSUR[LPDFLyQGHOUDGDU>@HVWi
FRGLILFDQGRXQHFRPHWiOLFR$KtDUULEDDXQRVSLHVVHHVWiPRYLHQGRDOJR6tDKRUD
ORYHRPHMRU6HHQFXHQWUDHQPLOODV>@'LRVVDQWR6HKDSDUDGR
/HYDQWpORVRMRVKDFLDHOILUPDPHQWR\HQODGLUHFFLyQTXHKDEtDWUDQVPLWLGR(OLVHRSHURQR
REVHUYpQDGDDQRUPDO/DIXHUWHOXPLQRVLGDGGHOD/XQDFDGDYH]PiVDOWDGLILFXOWDEDODYLVLyQ
GHODHVWUHOODV
0LFRPSDxHURHQODFXQDWDQFRQIXQGLGR\SHUSOHMRFRPR\RSHUPDQHFLyFRQORVFLQFR
VHQWLGRV VREUH DTXHO LQVyOLWR YLVLWDQWH 3HUR HO REMHWR VH KDEtD LQPRYLOL]DGR \ DVt
SHUPDQHFHUtDGXUDQWHXQEXHQUDWR
$~Q QR PH KDEtD UHFXSHUDGR GH OD VRUSUHVD SURGXFLGD SRU OD DSUR[LPDFLyQ GH DTXHO
PLVWHULRVRREMHWRYRODQWHFXDQGRYLFyPR-HV~VVHGHVSORPDEDFODYDQGRVXVURGLOODVHQWLHUUD
(O JROSH VHFR FRQWUD HO VXHOR KL]R HVWUHPHFHU D -XDQ 0DUFRV 1L HO PXFKDFKR QL \R KDEtDPRV
YLVWRMDPiVDO*DOLOHRFRQXQVHPEODQWHWDQSiOLGR\DEDWLGR
'XUDQWH YDULRV PLQXWRV SHUPDQHFLy FRQ OD EDUELOOD HQWHUUDGD HQWUH ORV SOLHJXHV GHO PDQWR
TXHFXEUtDVXVKRPEURV\SHFKR$TXHOODSURIXQGDLQFOLQDFLyQGHVXFDEH]DQRPHGHMDEDYHUFRQ
FODULGDGVXURVWURDXQTXHFDVLHVWR\VHJXURTXHPDQWHQtDORVRMRVFHUUDGRV
6XVEUD]RVLQPyYLOHV\GHUURWDGRVDORODUJRGHOFXHUSRDFHQWXDEDQD~QPiVDTXHOUHSHQWLQR
GHFDLPLHQWR
'HVSXpV PX\ OHQWDPHQWH IXH HOHYDQGR OD FDEH]D KDVWD GHMDU VXV RMRV ILMRV HQ HO FLHOR (O
YLHQWR KDEtD HPSH]DGR D HQUHGDU VXV FDEHOORV< OHYDQWDQGR ORV EUD]RV SRU HQFLPD GHO URVWUR
H[FODPyFRQYR]DSDJDGD\VXSOLFDQWH$EEi$EEi
4XHGp GHVFRQFHUWDGR $TXHOOD SDODEUD DUDPHD TXH \R KDEtD HVFXFKDGR HQ PiV GH XQD
RFDVLyQFXDQGRORVQLxRVVHGLULJtDQDVXVSDGUHVYHQtDDVLJQLILFDUSDSi(UDHOIDPLOLDU\
FRQRFLGRDSHODWLYRFDULxRVRTXHSRUFLHUWRORVMXGtRVQRHPSOHDEDQMDPiVFXDQGRVHGLULJtDQD
'LRV3RUTXpORXWLOL]DED-HV~V"
6XV RMRV PH LPSUHVLRQDURQ LJXDOPHQWH DTXHO EULOOR KDELWXDO VH KDEtD GLIXPLQDGR $KRUD
DSDUHFtDQKXQGLGRV\VRPEUHDGRVSRUXQDWULVWH]DTXHGHQRKDEHUFRQRFLGRHOSUREDGRWHPSOH
GHDTXHO+RPEUHKXELHUDMXUDGRTXHVHKDOODEDPX\FHUFDGHOPLHGR
$EEiPXUPXUyGHQXHYR+HYHQLGRDHVWHPXQGRSDUDFXPSOLUWXYROXQWDG\DVtOR
KHKHFKR6pTXHKDOOHJDGRODKRUDGHVDFULILFDUPLYLGDFDUQDO1RORUHK~\RSHURGHVHDUtD
VDEHUVLHVWXYROXQWDGTXHEHEDHVWDFRSD
6XVSDODEUDVUHWXPEDURQHQHOKXHUWRFRPRXQWLPEDOI~QHEUH1RSRGtDGDUFUpGLWRDORTXH
HVWDEDR\HQGR(VTXH-HV~VHVWDEDDWHPRUL]DGR"
'DPHODVHJXULGDGSURVLJXLyGHTXHFRQPLPXHUWHWHVDWLVIDJRFRPRORKHKHFKR
HQYLGD
6XVPDQRVDELHUWDVWHQVDVHLPSORUDQWHVIXHURQGHVFHQGLHQGRSRFRDSRFR3HURVXURVWUR
WHQXHPHQWHLOXPLQDGRSRUOD/XQDQRVHPRYLy<VLQVDEHUSRUTXp\RWDPELpQPLUpKDFLD
ODOHJLyQGHHVWUHOODV\OXFHURVHVSHUDQGRTXHVHSURGXMHUDDOJXQDVHxDO
(Q HVH LQVWDQWH \ FRPR VL (OLVHR KXELHUD OHtGR PLV SHQVDPLHQWRV DEULy OD FRQH[LyQ
JULWiQGRPH
-DVyQ-DVyQ6HPXHYHRWUDYH](VHREMHWRVHHVWiGHVSOD]DQGR1RSXHGRFUHHUOR
+DFDPELDGRHOUXPERDKRUDHVWiVLJXLHQGRHOUDGLDO>@-DVyQYLHQHKDFLDDTXt
0HR\HV-DVyQ"
7HHVFXFKR[OHUHVSRQGtFRPRSXGH3HURQRVHUiDOJ~QPHWHRUR"
(OLVHRFDVLPHPDQGDDOLQILHUQRSRUDTXHOODSUHJXQWDHYLGHQWHPHQWHHVW~SLGD
(VD FRVD -DVyQ KD KHFKR HVWDFLRQDULR>@GXUDQWHPiVGHYHLQWHPLQXWRV$KRUDVH
PXHYHPX\GHVSDFLR
6LDTXHOLQH[SOLFDEOHREMHWRVHKDOODEDD~QDXQDVPLOODVGHQXHVWUDSRVLFLyQHUDULGtFXOR
TXH VLJXLHUD HVFXGULxDQGR HO HVSDFLR 7UDWp SXHV GH FDOPDU D PL KHUPDQR HQ HO PyGXOR
URJiQGROHTXHPHPDQWXYLHUDSXQWXDOPHQWHLQIRUPDGRGHODVHYROXFLRQHVGHOHFRHQHOUDGDU
0LHQWUDV WDQWR HO 0DHVWUR VH KDEtD OHYDQWDGR \ GDQGR PHGLD YXHOWD FDPLQy KDFLD ORV
GLVFtSXORV'DGDODGLVWDQFLDQRSXGHUHJLVWUDUVXVSDODEUDVSHURVtREVHUYpFyPRVHLQFOLQDED
VREUH VXV KRPEUHV WRFiQGROHV FRQ OD PDQR L]TXLHUGD /RV GRV TXH \DFtDQ VH GHVSHUWDURQ \ YL
FyPRVHLQFRUSRUDEDQSDUFLDOPHQWH
$O SRFR -HV~V UHWRUQy KDVWD HO FDOYHUR /RV WUHV DSyVWROHV OH REVHUYDURQ GXUDQWH EUHYHV
PLQXWRVWHUPLQDQGRSRUUHFRVWDUVHQXHYDPHQWH
&RQIRUPHIXHDSUR[LPiQGRVHDSUHFLpDOJRH[WUDxR(OJLJDQWHVHWDPEDOHDED6XVSDVRVHUDQ
LQGHFLVRVFRPRVLHVWXYLHUDDSXQWRGHGHVSORPDUVH
1DGDPiVOOHJDUMXQWRDODODMDGHSLHGUDFD\yGHEUXFHV3RUXQPRPHQWRSHQVpTXHVHKDEtD
GHVPD\DGR 3DUWH GH VX FXHUSR KDEtD TXHGDGR VREUH OD SODQFKD URFRVD ERFD DEDMR H LQPyYLO
-XDQ0DUFRVVHLQFRUSRUyGLVSXHVWRDVRFRUUHUOH3HURVXMHWiQGROHSRUHOEUD]ROHKLFHYHUTXH
QRHUDFRQYHQLHQWHPROHVWDUOH6XSRQJRTXHVLHO*DOLOHRQROOHJDDPRYHUVHHOIRJRVR0DUFRV
QR KDEUtD VHJXLGR PLV FRQVHMRV \ KXELHUD VDOWDGR HQ DX[LOLR GH VX 0DHVWUR 3HUR -HV~V HVWDED
SOHQDPHQWHFRQVFLHQWH\HOMRYHQVHWUDQTXLOL]y
&RPR VL XQD IXHU]D LQYLVLEOH KXELHUD GHVFDUJDGR VREUH pO XQ IDUGR GH FLHQ NLORV DVt IXH
LQFRUSRUiQGRVHHO0DHVWUR0X\OHQWDPHQWHVLHPSUHFRQODFDEH]DKXQGLGDHO*DOLOHRWHUPLQy
SRU VHQWDUVH VREUH VXV WDORQHV < DVt SHUPDQHFLy XQ EXHQ UDWR GH URGLOODV HQ XQ DQJXVWLRVR
VLOHQFLR\VLQOHYDQWDUHOURVWUR,QFRQVFLHQWHPHQWH-XDQ0DUFRV\\RFUX]DPRVXQDPLUDGD4Xp
HVWDEDSDVDQGR"$TXpVHGHEtDDTXHOV~ELWRKXQGLPLHQWR"
-HV~V OHYDQWy HO URVWUR KDFLD ODV HVWUHOODV \ JLPLHQGR OODPy GH QXHYR D VX 3DGUH 6XV
SyPXORV\QDUL]DSDUHFtDQDILODGRV/DH[SUHVLyQGHVXURVWURPHLPSUHVLRQy+DEtDXQDPH]FOD
GHDQJXVWLD\SDYRU6XVODELRVHQWUHDELHUWRVFRPHQ]DURQDWHPEODU\FDVLLQPHGLDWDPHQWHWRGR
VXFXHUSRHPSH]yDHVWUHPHFHUVH(UDQFRQYXOVLRQHVFRUWDV0X\UiSLGDV\FDVLLPSHUFHSWLEOHV
&RPRVLXQYLHQWRKHODGRHVWXYLHUDD]RWDQGRFDGDXQDGHVXVFpOXODV
(O 1D]DUHQR FUX]y VXV EUD]RV VREUH HO WyUD[ KDFLHQGR IXHU]D FRQ VXV PDQRV VREUH ORV
FRVWDGRVFRPRWUDWDQGRGHGRPLQDUDTXHOODVFRQYXOVLRQHV
< GH SURQWR VX IUHQWH FXHOOR \ VLHQHV VH KXPHGHFLHURQ FRQ XQ VXGRU IUtR /RV
HVWUHPHFLPLHQWRVVHKLFLHURQHQWRQFHVPiVLQWHQVRV\FRQWLQXDGRV\-HV~VVHGREOyPDWHULDOPHQWH
SRUVXFLQWXUDWRFDQGRODVXSHUILFLHGHSLHGUDFRQODIUHQWH
$EEi$EEi
$TXpOODIXHOD~QLFDSDODEUDTXHDFHUWyDSURQXQFLDU3HURPiVTXHXQDOODPDGDHUDXQJULWR
FRQWHQLGRGHDQJXVWLD\WHUURU
$KRUD HVWR\ VHJXUR TXH HQ DTXHOORV GXURV \ FUXFLDOHV PRPHQWRV HO *DOLOHR GHELy
H[SHULPHQWDUXQDSXQ]DQWHHLQGHVFULSWLEOHVHQVDFLyQGHVROHGDGGHDIOLFFLyQ\TXL]iSRUTXp
QR"GHPLHGRDQWHORTXHOHUHVHUYDEDHOGHVWLQR
6XFXHUSRVLJXLyWLULWDQGR\GHSURQWRHQXQDUUDQTXHHO0DHVWURVHHFKyDWUiVHOHYDQGRVXV
PDQRV\URVWUR
$OYHUOHTXHGpSHWULILFDGR
7RGD VX FDUD IUHQWH FXHOOR DVt FRPR ODV SDOPDV GH ODV PDQRV KDEtDQ HQURMHFLGR /D ILQD
SHOtFXODLQLFLDOGHVXGRUVHKDEtDFRQYHUWLGRHQVDQJUH-XDQ0DUFRVRFXOWyHOURVWURHQWUHVXV
PDQRV
'HVGHHOFXHURFDEHOOXGRXQDVJUXHVDVJRWDVVDQJXLQROHQWDVIXHURQUHVEDODQGRVREUHDTXHOOD
H[WUDYDVDFLyQ GHVOL]iQGRVH SRU ORV iQJXORV LQWHUQRV GH ORV RMRV \ URGDQGR GHVSXpV SRU ODV
PHMLOODVKDVWDSHUGHUVHHQHOELJRWH\ODEDUED$OJXQRVJRWHURQHVSHUPDQHFtDQVHJXQGRVHQODV
FRPLVXUDVGHODERFDFRQYLUWLpQGRVHGHVSXpVHQKLORVGHVDQJUHTXHFDtDQDSDUDWRVDPHQWHVREUH
ORVKDFHVPXVFXODUHVGHOFXHOOR
(Q XQR GH DTXHOORV WHPEORUHV -HV~V LQFOLQy XQ SRFR VX FDEH]D \ OD OXQD DUUDQFy YDULRV
GHVWHOORVGHVXSHOR/DVDQJUHKDEtDLQXQGDGRWDPELpQVXVFDEHOORV
0HGLRKLSQRWL]DGRSRUDTXHOODV~ELWDUHDFFLyQGHORUJDQLVPRGH-HV~VFDVLROYLGpXWLOL]DUOD
YDUD GH 0RLVpV < SUHFLSLWDGDPHQWH OD VLWXp GH IRUPD TXH SXGLHUD ILOPDU OD HVFHQD \ DO
PLVPRWLHPSRLQLFLDUXQDH[SORUDFLyQGHODSLHO\GHDOJXQRVGHORVyUJDQRVLQWHUQRVGH-HV~V
PHGLDQWHHOUDVWUHRXOWUDVyQLFR&RPR\DFRPHQWpDQWHULRUPHQWHHOFD\DGRHQFHUUDEDHQWUH
RWURV GLVSRVLWLYRV XQ HTXLSR PLQLDWXUL]DGR FDSD] GH HPLWLU HVWH WLSR GH RQGDV PHFiQLFDV R
XOWUDVRQLGRV/DFDEH]DHPLVRUDGLVSXHVWDHQODSDUWHVXSHULRUGHODYDUDDPHWURVGHOD
EDVH KDEtD VLGR DFRQGLFLRQDGD SDUD FDSWDU ODV RQGDV UHIOHMDGDV DPSOLiQGRODV
SURSRUFLRQDOPHQWH \ DFXPXODQGR OD LQIRUPDFLyQ HQ OD PHPRULD GH WLWDQLR GHO FRPSXWDGRU
QXFOHDU 8QD YH] HQ HO PyGXOR ORV XOWUDVRQLGRV SUHYLDPHQWH FRGLILFDGRV SRGtDQ VHU
FRQYHUWLGRV HQ LPiJHQHV DQDOL]DQGR ORV yUJDQRV \ ODV UHDFFLRQHV ILVLROyJLFDV GHO 0DHVWUR
WUDWDQGRDVtGHHQFRQWUDUH[SOLFDFLRQHV>@
(ORULILFLRFRP~QGHVDOLGD\SUR\HFFLyQGHHVWRVGHOLFDGRVVLVWHPDVKDEtDVLGRLJXDOPHQWH
FDPXIODGRFRQXQDEDQGDGHSLQWXUDQHJUD<HQHOILORGHGLFKDEDQGD&DEDOORGH7UR\DKDEtD
GLVSXHVWR RWURV GRV FODYRV GH FDEH]D GH FREUH$O SXOVDU FDGD XQR GH HOORV TXHGDED DFWLYDGR
DXWRPiWLFDPHQWH HO PHFDQLVPR FRUUHVSRQGLHQWH ELHQ HO GH XOWUDVRQLGRV R HO GH
WHOHWHUPRJUDItD &RQ HO ILQ GH RULHQWDU FRQ SUHFLVLyQ FDGD XQR GH HVWRV IOXMRV OD PLVLyQ PH
KDEtDGRWDGRGHXQDVOHQWHVGHFRQWDFWRDODVTXHOODPiEDPRVFUyWDORV>@(VWDVOHQWLOODV
HVSHFLDOHVGHOWLSRGXURIXHURQIDEULFDGDVFRQXQSURGXFWRGHXQDFDOLGDGPX\VXSHULRUDO
TXH QRUPDOPHQWH XWLOL]DQ ORV ODERUDWRULRV GH ySWLFD \ TXH GDGR VX FDUiFWHU VHFUHWR QR SXHGR
UHYHODU>@/RLGHDOSRUVXSXHVWRKXELHUDVLGRHOXVRGHXQDVJDIDVGHYLVLyQQRFWXUQDFRQ
ODV TXH SRGHU VHJXLU OD WUD\HFWRULD GHO OiVHU LQIUDUURMR DVt FRPR ORV FDPELRV GH FRORUHV HQ HO
FXHUSR GHO 1D]DUHQR>@FRQVHFXHQFLDGHODVYDULDFLRQHVGHVXWHPSHUDWXUDFRUSRUDO\GHODV
GLVWLQWDV DOWHUDFLRQHV ILVLROyJLFDV SURYRFDGDV SRU ODV WRUWXUDV 3HUR REYLDPHQWH HVWR QR HUD
SRVLEOH \ &DEDOOR GH 7UR\D GLVHxy HVWDV OHQWLOODV WRWDOPHQWH WUDQVSDUHQWHV TXH XQD YH]
DMXVWDGDVDORVRMRVKDFtDQIDFWLEOHHOVHJXLPLHQWRVLQOHYDQWDUSHOLJURVDVH[WUDxH]DVHQWUHORV
KDELWDQWHVGHODpSRFD
3URFXUDQGRGDUODHVSDOGDD-XDQ0DUFRVHFKpPDQRGHOSHTXHxRHVWXFKHTXHFRQWHQtDODV
FUyWDORVDGDSWiQGRODVDPLVRMRV$XQTXHODVOHQWLOODVKDEtDQVLGRSHUIHFLRQDGDVFRQVDOHV
PRQRLyQLFDV>@ FDSDFHV GH SHUPLWLU XQD DFHSWDEOH FLUFXODFLyQ GH OD OiJULPD HQ HO RMR \ XQD
H[FHOHQWHR[LJHQDFLyQGHODFyUQHDHOJHQHUDO&XUWLVVPHKDEtDDGYHUWLGRHQFDUHFLGDPHQWHTXH
QR DEXVDVH GH ODV PLVPDV OLPLWDQGR VX XVR D SHUtRGRV Pi[LPRV GH R PLQXWRV>@ <
UiSLGDPHQWHSXOVpHOFODYRTXHDFFLRQDEDODHPLVLyQGHXOWUDVRQLGRV>@
(OHVSHFWiFXORTXHVHRIUHFLyDPLVRMRVDXQTXHHQUHDOLGDGGHEHUtDGHFLUDPLFHUHEUR
IXH FDVL GDQWHVFR HO URVWUR FXHOOR \ PDQRV GH -HV~V VH YROYLHURQ GH XQ FRORU D]XO YHUGRVR
FRQVHFXHQFLD GHO GHVFHQVR GH VX WHPSHUDWXUD FRUSRUDO HQ GLFKDV ]RQDV SUREDEOHPHQWH SRU HO
HIHFWRUHIULJHUDQWHGHOVXGRU\GHODVDQJUHTXHPDQDEDQSRUVXVSRURV
/D W~QLFD HPLWtD XQ EODQFR PXFKR PiV LQWHQVR PLHQWUDV HO PDQWR OXFtD XQD WRQDOLGDG PiV
RVFXUDFDVLQHJUD(OIROODMHYHUGHGHOROLYDUHVWDOOyHQXQURMRLQGHVFULSWLEOH
$O SXOVDU OD FDEH]D GHO FODYR D VX VHJXQGD SRVLFLyQ OD PiV SURIXQGD GH OD SDUWH
VXSHULRUGHODYDUDGH0RLVpVVXUJLyXQILQtVLPRUD\RGHOX]URML]DHUDHOOiVHULQIUDUURMR<
VLQ SHUGHU XQ VHJXQGR OR GLULJt KDFLD HO URVWUR FXHOOR FDEHOORV \ PDQRV GHO 1D]DUHQR 3RU
VXSXHVWRQL-XDQ0DUFRVQLQDGLHTXHKXELHUDSRGLGRSUHVHQFLDUDTXHOODHVFHQDKDEUtDYLVWRQL
RtGRQDGD&RPR\DGLMHHOOiVHUWUDEDMDEDHQODIUHFXHQFLDGHOLQIUDUURMR\SRUWDQWRUHVXOWDED
LQYLVLEOHDORMRKXPDQR
'HVSXpVGHXQPLQXFLRVRUHFRUULGRVREUHODViUHDVHQVDQJUHQWDGDVFDPELpODIUHFXHQFLDGH
ORVXOWUDVRQLGRVKDFLHQGRUHWRUQDUHOFODYRDVXSULPHUDSRVLFLyQFHQWUDQGRHOKD]GHOX]HQOD
SDUWHVXSHULRUGHOYLHQWUHGHOUDEt'HHVWDIRUPDH[SORUDQGRHOSiQFUHDVTXL]iREWXYLpVHPRV
XQD H[SOLFDFLyQ VDWLVIDFWRULD VREUH HO RULJHQ GH DTXHO VXGRU HQ IRUPD GH VDQJUH &XDQGR D
QXHVWUR UHJUHVR GH HVWH SULPHU JUDQ YLDMH &DEDOOR GH 7UR\D SXGR DQDOL]DU HO F~PXOR GH
LPiJHQHV REWHQLGDV SRU HVWRV SURFHGLPLHQWRV ORV HVSHFLDOLVWDV HQ ELRTXtPLFD \ KHPDWRORJtD
OOHJDURQ D YDULDV H LQWHUHVDQWHV FRQFOXVLRQHV $TXHO VXGRU VDQJXLQROHQWR R KHPDWRKLGURVLV
KDEtDVLGRSURYRFDGRSRUXQDJXGRVWUHVV(O1D]DUHQRWDO\FRPR\RKDEtDSRGLGRDSUHFLDU
VH YLR VRPHWLGR D XQ SURIXQGR GHFDLPLHQWR PRWLYDGR D VX YH] SRU XQD H[SORVLYD PH]FOD GH
DQJXVWLD VROHGDG WULVWH]D \ TXL]i WHPRU DQWH ODV GXUtVLPDV SUXHEDV TXH OH DJXDUGDEDQ (VWD
YLROHQWD WHQVLyQ HPRFLRQDO VHJ~Q ORV HVSHFLDOLVWDV KDEtD FRQGXFLGR D OD OLEHUDFLyQ GH
GHWHUPLQDGRVHOHPHQWRVH[LVWHQWHVHQHOSiQFUHDV>@TXHIRU]DURQODUXSWXUDGHORVFDSLODUHV
HQFKDUFDQGRODVJOiQGXODVVXGRUtSDUDV8QDYH]URWRVORVSRURVVXEFXWiQHRVODVDQJUHIOX\yDO
H[WHULRUPH]FODGDFRQHOVXGRU
(O IHQyPHQRWDQ DSDUDWRVR FRPR UDURHV VLQHPEDUJR SHUIHFWDPHQWHSRVLEOH GHVGH HO
SXQWR GH YLVWD PpGLFR (O HYDQJHOLVWD /XFDV HQ HVWH FDVR Vt KDEtD DFHUWDGR 3LHUUH %HQRLW
FXHQWDHQXQDGHVXVREUDVFyPRHQXQVROGDGRTXHHVWDEDDSXQWRGHVHUFRQGXFLGRDQWHXQ
SHORWyQ DOHPiQ GH IXVLODPLHQWR VXGy VDQJUH FRPR FRQVHFXHQFLD GHO SDYRU LQVXSHUDEOH TXH OH
SURGXMRDTXHOODDQJXVWLRVDVLWXDFLyQ
<DXQTXHHVWDH[SXOVLyQVDQJXLQROHQWDRH[WUDYDVDFLyQTXHQRKHPRUUDJLDHQHO+LMRGHO
+RPEUH QR UHSUHVHQWy XQD SpUGLGD LPSRUWDQWH GH VDQJUH ORV LQIRUPHV GH &DEDOOR GH 7UR\D Vt
HVWLPDURQ HQ FDPELR TXH GHMy OD SLHO GH -HV~V HQ XQ DODUPDQWH HVWDGR GH IUDJLOLGDG (VWD
FLUFXQVWDQFLD UHVXOWDUtD GHWHUPLQDQWH GH FDUD D OD FDUQLFHUtD PiV TXH VXSOLFLR D TXH VHUtD
VRPHWLGRSRFDVKRUDVGHVSXpV0HUHILHURQDWXUDOPHQWHDOFDVWLJRGHORVD]RWHV$TXHOODUXSWXUD
JHQHUDOL]DGDGHODUHGGHFDSLODUHVRILQtVLPRVYDVRVSRUORVTXHFLUFXODODVDQJUHEDMRODSLHO
FRQYHUWLUtDODIODJHODFLyQHQXQWUiJLFREDxRGHVDQJUH
8QD GH PLV SUHRFXSDFLRQHV HQ DTXHOORV SULPHURV PRPHQWRV GHO IXHUWH VWUHVV VXIULGR HQ HO
KXHUWRIXHHOVHJXLPLHQWRGHOULWPRFDUGtDFR\DUWHULDOGH-HV~V$OGLULJLUORVXOWUDVRQLGRVVREUH
HOFRUD]yQHOHIHFWR'RSSOHUDUURMyXQULWPRGHSXOVDFLRQHVSRUPLQXWR(QFXDQWRDOD
WHQVLyQ DUWHULDO OD FLIUD VH KDEtD HOHYDGR D GH Pi[LPD (O ULWPR FDUGtDFR QRUPDO GHO
1D]DUHQRIXHFDOFXODGRHQODWLGRVSRUPLQXWR\VXWHQVLyQDUWHULDOPHGLDHQPi[LPD\
PtQLPD$TXHOORVLJQLILFDEDHYLGHQWHPHQWHXQDSURIXQGDDOWHUDFLyQRUJiQLFD/RVHVSHFLDOLVWDV
GH &DEDOOR GH 7UR\D HVWLPDURQ DVLPLVPR TXH OD GHVFDUJD SUHYLD GH DGUHQDOLQD HQ HO WRUUHQWH
VDQJXtQHRGHDTXHO+RPEUHDODYLVWDGHODUHVLVWHQFLDDUWHULDOSHULIpULFDSXGRVHUGHORUGHQ
GHPLFURJUDPRVSRUNLOR\PLQXWR
3RFRDSRFRDOFDERGHGLH]RTXLQFHPLQXWRVFRQIRUPHHOUDEtIXHVHUHQDQGRVXHVStULWXHO
ULWPRFDUGtDFR\DUWHULDOIXHURQUHFREUDQGRODQRUPDOLGDG6LQHPEDUJRDTXHOODGXUDSUXHEDHQ
RSLQLyQGHORVH[SHUWRVHQQXWULFLyQVLJQLILFyDGHPiVHOWRWDODJRWDPLHQWRGHODVFDORUtDV
VXPLQLVWUDGDVDORUJDQLVPRHQODUHFLHQWHFHQD(OVWUHVVGHELyVXSRQHUXQFRQVXPRGHFDORUtDV
VHQVLEOHPHQWH VXSHULRU D HVD FDQWLGDG SRU OR TXH HO 1D]DUHQR HQ RSLQLyQ GH ORV PpGLFRV GH
&DEDOORGH7UR\DWXYRTXHHPSH]DUDWLUDUGHVXVUHVHUYDVQDWXUDOHVSRVLEOHPHQWHDSDUWLUGHOD
XQDRODVGRVGHODPDGUXJDGDGHHVWHYLHUQHV&RQDTXHODSRUWHHQHUJpWLFR\VXSRQLHQGRTXH
-HV~V VH KXELHUD UHWLUDGR D GHVFDQVDU LQPHGLDWDPHQWH HO RUJDQLVPR KXELHUD SRGLGR DJXDQWDU
KDVWD ODV RFKR GH OD PDxDQD DSUR[LPDGDPHQWH 3HUR FRQ OD FULVLV LQLFLDGD HQ HO KXHUWR GH
*HWVHPDQtORVHVSHFLDOLVWDVFRPRGLJRHVWLPDURQTXHHORUJDQLVPRGHO+LMRGHO+RPEUHWXYR
TXH LQLFLDU XQD OLSROLVLV R GLVROXFLyQ GH OD JUDVD GHO WHMLGR DGLSRVR FRQ HO ~QLFR ILQ GH
VXPLQLVWUDU iFLGR JUDVR \ VREUHYLYLU /DV UHVHUYDV GH JOXFyJHQR R D]~FDU FRQFHQWUDGD VH
DJRWDUtDQHQFXHVWLyQGHKRUDV\ODQDWXUDOH]DGHO*DOLOHRQRWHQGUtDRWUDDOWHUQDWLYDTXHHFKDU
PDQRUHSLWRGHVXVJUDVDV
/D VLWXDFLyQ GHO 0DHVWUR GHVGH XQ SXQWR GH YLVWD SXUDPHQWH PpGLFR HPSH]DED D VHU
GHOLFDGD
$ORVTXLQFHRYHLQWHPLQXWRVGHLQLFLDGRDTXHOSULPHUFKHTXHRDEDVHGHXOWUDVRQLGRV
GHVFRQHFWp HO OiVHU GHVKDFLpQGRPH GH ODV FUyWDORV -XDQ 0DUFRV VHJXtD FRQ HO URVWUR
RFXOWRSRUODVPDQRVQHJiQGRVHDPLUDUDVX0DHVWUR3DVpPLEUD]RSRUVXVKRPEURV\DFDULFLp
VXFDEH]D3RFRDSRFRIXHGHVFXEULHQGRVXFDUD(VWDEDOORUDQGR
(Q HO FDOYHUR HO *DOLOHR KDEtD LGR EDMDQGR VXV PDQRV /DV FRQYXOVLRQHV KDEtDQ FHVDGR \
WDPELpQ HO IOXMR GH VDQJUH $OJXQRV GH ORV FKRUUHRQHV PiV FDXGDORVRV TXH HO UHVWR GH ORV
UHJXHULOORVKDEtDQFRDJXODGR\D0X\SURQWRVLHO0DHVWURQRWHQtDODSUHFDXFLyQGHODYDUVHOD
VDQJUH VHFD FRQYHUWLUtD VX KHUPRVR URVWUR HQ XQD PiVFDUD -HV~V OHYDQWy GH QXHYR ORV RMRV
KDFLDHOILUPDPHQWR\FRQXQDYR]DOJRPiVVHUHQDUHSLWLySUiFWLFDPHQWHVXSULPHUDRUDFLyQ
3DGUHPX\ELHQVpTXHHVSRVLEOHHYLWDUHVWDFRSD7RGRHVSRVLEOHSDUDWL3HURKH
YHQLGRSDUDFXPSOLUWXYROXQWDG\QRREVWDQWHVHUWDQDPDUJDODEHEHUpVLHVWXGHVHR
(QWUHHVWDVHJXQGDRUDFLyQQRVpVLGHEHUtDFDOLILFDUODDVt\ODSULPHUDREVHUYpXQQRWDEOH
FDPELRWDQWRHQHOHVWDGRHPRFLRQDOGHO0DHVWURFRPRHQVXSRVWXUDIUHQWHDORV\DLQPLQHQWHV
DFRQWHFLPLHQWRV0LHQWUDVHQVXVSULPHUDVSDODEUDVIORWDEDODGXGDHQHVWDRFDVLyQHO*DOLOHR
SDUHFtDKDEHUVXSHUDGRSDUWHGHVXLQTXLHWXGPRVWUiQGRVHGHILQLWLYDPHQWHGHFLGLGRDDVXPLUVX
VXHUWH(VSRVLEOHTXHHVWHFDPELRPHQWDOIXHUDUHVSRQVDEOHHQEXHQDPHGLGDGHVXSURJUHVLYD
WUDQTXLOL]DFLyQ3HURWRGRHVWRQDWXUDOPHQWHVyORVRQDSUHFLDFLRQHVPX\VXEMHWLYDV
(O FDVR HV TXH HQIUDVFDGR HQ PLV SULPHUDV YHULILFDFLRQHV PpGLFDV \ SHQGLHQWH GH ODV
SDODEUDVGH-HV~VFDVLPHKDEtDROYLGDGRGH(OLVHR\GHODDSUR[LPDFLyQGHDTXHOHQLJPiWLFR
REMHWR3HURPLFRPSDxHURQRWDUGyHQUHFRUGiUPHOR
$WHQFLyQ -DVyQ (VD FRVD DEDQGRQD HO HVWDFLRQDULR \ VH PXHYH GH QXHYR 3RU
WRGRVORV
/D WUDQVPLVLyQ GH PL FRPSDxHUR VH LQWHUUXPSLy EUHYHV VHJXQGRV $O ILQ (OLVHR PX\
DOWHUDGRFRQWLQXy
+DFDtGRFRPRXQFXER-DVyQHVHFKLVPHKDGHVFHQGLGRDQLYHOHQXQVHJXQGR
>@1RSXHGHVHU6LFRQWLQ~DEDMDQGRORSHUGHUp1R'HPRPHQWRVHPDQWLHQH3HURVH
GLULJHKDFLDQRVRWURV
3HJDQGRPDWHULDOPHQWHPLVODELRVDOWURQFRGHOFDxDItVWXODOHSUHJXQWp
(QWHQGt
$ILUPDWLYRUHVSRQGLy(OLVHR(V<VLJXHDSUR[LPiQGRVHHQUDGLDO>@(O
UDGDUHVWLPDVXSRVLFLyQHQPLOODV6LQRYDUtDHOUXPERSURQWRORWHQGUiVDODYLVWD
3HUR SRU PiV TXH PLUp QR ORJUp GLVWLQJXLUOR )XH HQWRQFHV DO OHYDQWDU OD YLVWD KDFLD ODV
HVWUHOODVFXDQGRFDtHQODFXHQWDGHRWURH[WUDxRIHQyPHQRHOUDPDMHGHOFRUSXOHQWRiUEROWUDVHO
TXHPHRFXOWDEDKDEtDTXHGDGRV~ELWDPHQWHLQPyYLO(OYLHQWRKDEtDFHVDGR7DPSRFRDSUHFLp
PRYLPLHQWRDOJXQRHQODVFRSDVGHORVROLYRVQLHQODPDOH]DTXHQRVURGHDED/RVFDEHOORVGH
-HV~VVHKDOODEDQLJXDOPHQWHHQUHSRVR
8QWDQWRDODUPDGRLQWHUURJXpD(OLVHRVREUHODYHORFLGDG\GLUHFFLyQGHOYLHQWR
$SLHVJUDGRV >@UHVSRQGLyPLKHUPDQR3HURHVSHUD$QLYHO
KDGHVDSDUHFLGR1RORHQWLHQGR
'HSURQWRSRUPLL]TXLHUGDDSUR[LPDGDPHQWHFRQUXPER(VWHGLVWLQJXtXQSXQWRGHOX]TXH
VHGHVSOD]DEDSRUHQFLPDGHODFXPEUHGHO2OLYHWH9HQtDGHUHFKRKDFLDQXHVWUDSRVLFLyQ\FRQ
XQDWUD\HFWRULDTXHHQSULQFLSLRPHSDUHFLyWRWDOPHQWHKRUL]RQWDODOVXHOR
$WyQLWR\PHGLRWDUWDPXGHDQGRSUHVLRQpPLRtGRGHUHFKR
(OLVHR /R HVWR\ YLHQGR +DFLD ODV QXHYH GH PL SRVLFLyQ>@ 7UDH UXPER
(VWH3HURSRUWRGRVORVGLDEORVTXpHVHVR"
/DUHVSXHVWDGHOPyGXORVHUYLUtDSDUDFRQILUPDUTXHQRHUDYtFWLPDGHXQDDOXFLQDFLyQ
$ILUPDWLYR H[FODPy (OLVHR WDQ GHVFRQFHUWDGR FRPR \R /D SDQWDOOD GH DOWXUD VLJXH
GHWHFWiQGRORDQLYHO$KRUDDFDEDGHVREUHYRODUODFXQD/RWHQJRFROLPDGR>@
9HORFLGDG"(VLQFUHtEOHQROOHJDDODVPLOODVSRUKRUD3HURTXpSDVD"
/DFRPXQLFDFLyQYROYLyDLQWHUUXPSLUVH)XHURQVHJXQGRVHWHUQRV
(QWUHWDQWRDTXHOODOX]KDEtDDOFDQ]DGRQXHVWUDYHUWLFDO<VHGHWXYR
-DVyQDSDUHFLyDOILQPLFRPSDxHUR-DVyQPHUHFLEHV"
$ILUPDWLYRPHDSUHVXUpDUHVSRQGHUOH<ORWHQHPRVVREUHQXHVWUDVFDEH]DV
-DVyQ DOJR HVWi RFXUULHQGR HQ HO UDGDU (VD FRVD HVWi EORFiQGRPH >@ 6H
DSUHFLDGHVFHQVRGHQLYHO"
1HJDWLYRFRQWHVWpVLQSHUGHUGHYLVWDODOX]3DUHFHTXHVLJXHHQHVWDFLRQDULR
$SHQDV VL KDEtD WHUPLQDGR GH WUDQVPLWLU HVWDV SDODEUDV D (OLVHR FXDQGR HQ GpFLPDV GH
VHJXQGR OD OX] HIHFWXy XQD FDtGD OLEUH LQPRYLOL]iQGRVH TXL]i D FLQFXHQWD R FLHQ PHWURV
VREUH HO FDOYHUR 7RGR IXH WDQ YHUWLJLQRVR TXH QR WXYH WLHPSR GH QDGD 4XHGp SDUDOL]DGR<
FRPR \R -XDQ 0DUFRV \ VXSRQJR WRGR FXDQWR VH KDOODED HQ GHUUHGRU QXHVWUR <R VHJXtD
DEVROXWDPHQWHFRQVFLHQWHYHtD\HVFXFKDEDSHURQRDFHUWDEDDPRYHUPLVP~VFXORV0LDSDUDWR
ORFRPRWRU QR REHGHFtD ORV LPSXOVRV GH PL FHUHEUR \ GH PL YROXQWDG (UD LQ~WLO TXH WUDWDVH GH
IRU]DUORV /D SUR[LPLGDG GH DTXHOOD OX] FLUFXODU GH XQ EODQFR VXSHULRU DO GH OD VROGDGXUD
DXWyJHQD\SRWHQWtVLPDQRVKDEtDLQPRYLOL]DGR'XUDQWHORVVHJXQGRVTXHGXUyDTXHOORVtSXGH
RtUODYR]GHPLFRPSDxHURHQHOPyGXORTXHVXPDPHQWHSUHRFXSDGRQRKDFtDRWUDFRVDTXH
OODPDUPH3HURFRPRGLJRDSHVDUGHPLVHVIXHU]RVQRSRGtDDUWLFXODUSDODEUDDOJXQD
&DVLDOPLVPRWLHPSRTXHDTXHOODPDVDOXPLQRVDGHPiVGHFLQFXHQWDPHWURVGHGLiPHWUR
KDFtD HVWDFLRQDULR VREUH HO OXJDU XQD HVSHFLH GH FLOLQGUR OXPLQRVR SDUWLy GHO FHQWUR GHO
GLVFRLOXPLQDQGRD-HV~VODVODVWUDVGHSLHGUD\HOWHUUHQRHQXQUDGLRDSUR[LPDGRGHFLQFRR
VHLVPHWURV(O0DHVWURFRQODFDUDOHYDQWDGDQRSDUHFtDDODUPDGR<VLJXLyGHURGLOODV0L
FRQIXVLyQ QR WHQtD OtPLWHV &yPR HUD SRVLEOH TXH HO 1D]DUHQR QR VH VLQWLHUD WDQ DWXUGLGR \
DWHPRUL]DGRFRPR\R"
$TXHOPLHGRTXHPHKDEtDLQYDGLGRHUDFRPSDUWLGRSOHQDPHQWHSRUPLMRYHQFRPSDxHURD
MX]JDUSRUODSRVWXUDHQTXHKDEtDTXHGDGR(OIXOPLQDQWHGHVFHQVRGHODOX]OHKDEtDKHFKR
OOHYDUVXVEUD]RVVREUHODFDEH]DHQXQPRYLPLHQWRUHIOHMRGHSURWHFFLyQ<DVtVHJXtDFRQHO
FXHUSRHQFRJLGR\HOURVWURDSXQWDQGRKDFLDODVLOHQFLRVDPDVDOXPLQRVD
1RDFLHUWRDHQWHQGHUFyPROOHJyKDVWDDOOtSHURFDVLHQHOLQVWDQWHPLVPRTXHHOFLOLQGUR
GHOX]EODQFDWRFyHOFDOYHURXQDILJXUDKXPDQDHVRPHSDUHFLyDOPHQRVVXUJLyVREUHOD
ODMDGHSLHGUDDSUR[LPiQGRVHLQPHGLDWDPHQWHDOUDEt(VWDEDGHHVSDOGDVDPt\SRUVXSXHVWRD
SHVDU GH OD FHJDGRUD OX] TXH LQXQGDED OD ]RQD VX HVWUXFWXUD ItVLFD WHQtD TXH VHU VyOLGD \
FRQVLVWHQWH8QDSUXHEDGHHOORHVTXHDOOOHJDUDODDOWXUDGHO0DHVWURORRFXOWyFRQVXFXHUSR
(OSDYRUSRVLEOHPHQWHDJXGL]yD~QPiVORVHVFDVRVVHQWLGRVTXHVHJXtDFRQWURODQGR<WRGD
PL DWHQFLyQ TXHGy SRODUL]DGD HQ OD ILJXUD GH DTXHO VHU (UD PX\ DOWR 0XFKR PiV TXH -HV~V
3RVLEOHPHQWH DOFDQ]DVH ORV GRV PHWURV \ SLFR 1R YHVWtD FRPR QRVRWURV $O FRQWUDULR VX
LQGXPHQWDULDPHUHFRUGyODGHORVSLORWRVGHFRPEDWHGHOD86$)DXQTXHFRQXQEX]RPXFKR
PiVDMXVWDGR\GHXQEULOORLQWHQVDPHQWHPHWDOL]DGR$XQTXHHVWDVHQVDFLyQELHQSRGUtDKDEHU
HVWDGRPHGLDWL]DGDSRUODDJXGDFODULGDGUHLQDQWH
(O PRQR SDUHFtD GH XQD VROD SLH]D FRQ XQ FLQWR UHODWLYDPHQWH DQFKR \ GH OD PLVPD
WRQDOLGDG VLPLODU D OD GHO DOXPLQLR TXH HO UHVWR GHO WUDMH /RV SDQWDORQHV HVR PH OODPy
PXFKRODDWHQFLyQVHKDOODEDQUHFRJLGRVHQHOLQWHULRUGHXQDVERWDVGHPHGLDFDxD\GHXQFRORU
GRUDGR(QFXDQWRDVXFDEH]DVyORSXGHYHUOD]RQDRFFLSLWDO\ODQXFD7HQtDXQFDEHOOREODQFR
ODFLR \ DEXQGDQWH TXH FDtD KDVWD ORV KRPEURV ,QGXGDEOHPHQWH VH WUDWDED GH XQ LQGLYLGXR
PXVFXORVR\DQFKRGHKRPEURV
$XQTXH HO VLOHQFLR UHLQDQWH HUD WRWDO QR DOFDQFp D RtU SDODEUD DOJXQD ,JQRUR VL KXER
FRQYHUVDFLyQ /R ~QLFR TXH SXGH SHUFLELU IXH HO PRYLPLHQWR GHO EUD]R GHUHFKR GH DTXHO VHU
GLULJLGRKDFLD-HV~VTXHSUHVXPLEOHPHQWHGHEtDFRQWLQXDUGHURGLOODV
'H QR KDEHU VLGR SRU (OLVHR WDPSRFR KXELHUD VLGR FDSD] GH FRQWDELOL]DU HO WLHPSR
WUDQVFXUULGR 6HJ~Q PL FRPSDxHUR DTXHO ODSVXV HQ HO TXH OD FRQH[LyQ DXGLWLYD FRQ HO
PyGXORTXHGyHQEODQFRGXUyHQWUHFXDWUR\FLQFRPLQXWRVDSUR[LPDGDPHQWH
$O FDER GH HVWH WLHPSR OD ILJXUD GH DTXHO VHU \ HO FLOLQGUR OXPLQRVR VH H[WLQJXLHURQ
LQVWDQWiQHDPHQWH < KH GLFKR ELHQ ,QVWDQWiQHDPHQWH 1R KXER R DO PHQRV \R QR SXGH
DSUHFLDUOR HOHYDFLyQ GH DTXHO VHU KDFLD HO GLVFR OXPLQRVR < WDPSRFR OR YL DOHMDUVH R
GHVDSDUHFHU SRU HO ROLYDU 6HQFLOODPHQWH QR WHQJR H[SOLFDFLyQ $FWR VHJXLGR OD OX]
H[SHULPHQWy XQRV VXDYHV EDODQFHRV HOHYiQGRVH HQ YHUWLFDO FRQ XQD DFHOHUDFLyQ TXH PH GLR
YpUWLJR(QXQDEULU\FHUUDUGHRMRVVXSRQLHQGRTXHKXELHUDSRGLGRUHDOL]DUGLFKRSHVWDxHRHO
REMHWRVHFRQYLUWLyHQXQSXQWRLQVLJQLILFDQWHSHUGLpQGRVHHQHOLQILQLWR&DVLDOPRPHQWRWDQWR
-XDQ 0DUFRV FRPR \R UHFXSHUDPRV QXHVWUD PRYLOLGDG< HO YLHQWR YROYLy D VRSODU FRQ IXHU]D
HQWUHODVUDPDVGHORViUEROHVPLHQWUDVODVFDEUDVHQFHUUDGDVHQODJUXWDEDODEDQODVWLPHUDPHQWH
-DVyQ 0H UHFLEHV" -DVyQ 3RU 'LRV &RQWHVWD /D YR] GH (OLVHR VHJXtD
UHSLFDQGRHQPLRtGR
,QVSLUpFRQWRGDVPLVIXHU]DVWUDWDQGRGHFDOPDUPLVQHUYLRV
$ILUPDWLYROHUHVSRQGtFRQORSRFRTXHPHTXHGDEDGHYR]
5RJHU$OILQ-DVyQHVWiVELHQ"4XpKDSDVDGR"
&RPR SXGH WUDQTXLOLFp D PL FRPSDxHUR LQGLFiQGROH TXH SURFXUDUtD H[SOLFiUVHOR PiV
DGHODQWH/DYHUGDGHVTXHPLFRQIXVLyQKDEtDDXPHQWDGR3RUXQLQVWDQWHSHQVpTXHWRGRKDEtD
VLGR XQD SHVDGLOOD 3HUR QR$O GLULJLU OD YLVWD KDFLD HO 0DHVWUR PL SHUSOHMLGDG DXPHQWy /D
SHOtFXODVDQJXLQROHQWD\ORVUHJXHULOORVTXHFXEUtDQVXID]FXHOOR\PDQRVKDEtDQGHVDSDUHFLGR
6XVHPEODQWHWRGDYtDSiOLGR\GHPDFUDGRQRSUHVHQWDEDVLQHPEDUJRVHxDODOJXQDGHOUHFLHQWH
IHQyPHQR GH KHPDWRKLGURVLV(UDLPSRVLEOHTXH-HV~VKXELHUDWHQLGR WLHPSRGH DFXGLU KDVWD
DOJXQRVGHORVUHFLSLHQWHVGHOFDPSDPHQWRTXHFRQWHQtDQDJXD\SURFHGHUDOODYDGRGHVXFDUD
FXHOOR \ PDQRV$GHPiV DFHSWDQGR HVWH VXSXHVWR \R OH KDEUtD YLVWR DOHMDUVH \ SRU VXSXHVWR
UHJUHVDUMXQWRDODURFD3RUHOFRQWUDULRHVWR\VHJXURDEVROXWDPHQWHVHJXURTXHHO0DHVWUR
QRKDEtDDEDQGRQDGRHQQLQJ~QPRPHQWRVXSRVWXUDDUURGLOODGRVREUHHOFDOYHUR
-XDQ 0DUFRV LQFRPSUHQVLEOHPHQWH VHJXtD DJD]DSDGR GHWUiV GHO PXUR GH SLHGUD FRPR VL
QDGDKXELHUDRFXUULGR0iVDGHODQWHFXDQGROHLQWHUURJXpVREUHORVXFHGLGRDTXHOODQRFKHHQHO
KXHUWRHOPXFKDFKRUHVSRQGLyDILUPDWLYDPHQWH
6tPHGLMRVLQGDUOHH[FHVLYDLPSRUWDQFLD\FRPRVLKXELHUDVLGRWHVWLJRGHRWURVVXFHVRV
VLPLODUHVHO3DGUHKL]RGHVFHQGHUXQiQJHO&ODURTXHORYL
(O *DOLOHR PXFKR PiV VHUHQR OHYDQWy QXHYDPHQWH VX YLVWD KDFLD ORV FLHORV \ VRQULy
'HVSXpVFRQSDVRILUPHVHLQFRUSRUyGLULJLpQGRVHKDFLDHOILORGHOROLYDU1RVpFyPRSHUROD
V~ELWD SUHVHQFLD GH DTXHO iQJHO DVWURQDXWD IDQWDVPD R OR TXH IXHUD KDEtD LQIOXLGR
GHFLVLYDPHQWHHQHOiQLPRGHO+LMRGHO+RPEUH/DH[SUHVLyQGHOHYDQJHOLVWD\HOiQJHOOH
UHFRQIRUWyQRSRGtDVHUPiVDSURSLDGD
(O 1D]DUHQR GHELy HQFRQWUDU D VXV GLVFtSXORV QXHYDPHQWH GRUPLGRV< WUDV JHVWLFXODU FRQ
HOORV YROYLy VREUH VXV SDVRV DUURGLOOiQGRVH SRU WHUFHUD YH] DO ERUGH GH OD SLHGUD (UD
DVRPEURVR 1LQJXQR GH ORV GLVFtSXORV SDUHFtD KDEHUVH GDGR FXHQWD GH OR RFXUULGR
3UREDEOHPHQWHVHKDOODEDQGRUPLGRV
8QDYH]DOOt\DFRQVXKDELWXDOWRQRGHYR]HO0DHVWURKDEOyDVtVLHPSUHFRQODPLUDGDILMD
HQORDOWR
3DGUHYHVDPLVDSyVWROHVGRUPLGRV([WLHQGHVREUHHOORVWXPLVHULFRUGLD(QYHUGDGHO
HVStULWXHVWiSUHVWRSHURODFDUQHHVGpELO
-HV~VJXDUGyVLOHQFLRHLQFOLQyVXFDEH]DFHUUDQGRORVRMRV'HVSXpVDORVSRFRVVHJXQGRV
GLULJLyVXURVWURQXHYDPHQWHDORVFLHORVH[FODPDQGR
<DKRUD3DGUHPtRVLHVWDFRSDQRVHSXHGHDSDUWDUODEHEHUp4XHVHKDJDWXYROXQWDG
\QRODPtD
'HEtDQ VHU FDVL OD XQD GH OD PDGUXJDGD GH DTXHO YLHUQHV GH DEULO FXDQGR HO JLJDQWH
GHVSXpVGHSHUPDQHFHUXQRVPLQXWRVHQWRWDOUHFRJLPLHQWRVHDO]ySRU~OWLPDYH]DFXGLHQGRDO
SXQWRGRQGHVXVWUHVtQWLPRVSRUHQpVLPDYH]KDEtDQFDtGREDMRXQSURIXQGRVXHxR
3HUR HQ HVWD RFDVLyQ HO *DOLOHR QR UHWRUQy DO FDOYHUR 'HVSHUWy D VXV KRPEUHV \ SRFR
GHVSXpVORVFXDWURVHLQWHUQDEDQHQHOROLYDUSHUGLpQGRVHGHYLVWD
+H PHGLWDGR PXFKR VREUH DTXHOODV H[WUDxDV SDODEUDV GH -HV~V 4Xp SXGR TXHUHU GHFLU
FXDQGR KDEOy GH DSDUWDU OD FRSD" 6H UHIHUtD D OD SRVLELOLGDG GH HYLWDU ORV VXSOLFLRV \ VX
SURSLD PXHUWH" 'XUDQWH DOJ~Q WLHPSR DVt OR FUHt 3HUR GHVSXpV GH VHU WHVWLJR GH VX KRUUHQGD
3DVLyQ\GHVXLQFUHtEOHFRPSRUWDPLHQWRRWUDLQWHUSUHWDFLyQPiVVXWLOVLFDEHKDYHQLGRD
VXVWLWXLUDPLDQWHULRUKLSyWHVLV$KRUDKHHPSH]DGRDLQWXLUODJUDQWUDJHGLDGHO0DHVWURHQ
DTXHOORV FUtWLFRV PRPHQWRV GH OD OODPDGD RUDFLyQ GHO KXHUWR 1R IXH HO PLHGR OR TXH
SRVLEOHPHQWH SURYRFy VX KRQGD DQJXVWLD \ HO SRVWHULRU VXGRU VDQJXLQROHQWR eO VDEtD OR TXH OH
UHVHUYDED HO GHVWLQR \ FRPR GHPRVWUy VREUDGDPHQWH VH HQIUHQWy DO GRORU DELHUWD \
YDOLHQWHPHQWH 3HUR GH OD PDQR GH HVDV WRUWXUDV HO *DOLOHR VDEtD TXH OOHJDUtDQ WDPELpQ ODV
KXPLOODFLRQHV7XYRTXHVHUODFRQWHPSODFLyQGHHVDV\DLQPLQHQWHVYHMDFLRQHVSRUSDUWHGH
ODVFULDWXUDVTXHeOPLVPRKDEtDFUHDGRORTXHTXL]iOHVXPLyHQXQDJXGRHVWDGRGHSRVWUDFLyQ
6tUHDOPHQWHHUDHO+LMRGH'LRVODVLPSOHREVHUYDFLyQ\PXFKRPiVHOSDGHFLPLHQWRGHOD
EDUEDULH \ SULPLWLYLVPR GH VXV KRPEUHV SDUD FRQ eO PLVPR WHQtD TXH UHVXOWDU LQVRSRUWDEOH
6DOYDQGRODVGLVWDQFLDVLPDJLQRHOEUXWDOVXIULPLHQWRPRUDOTXHSRGUtDVLJQLILFDUSDUDXQSDGUH
HOYHUFyPRVXVKLMRVOHDERIHWHDQLQVXOWDQKLHUHQHLQMXULDQ
-XDQ 0DUFRV \ \R QRV DSUHVXUDPRV D VDOYDU HO PXUR TXH QRV VHSDUDED GHO FDOYHUR GRQGH
KDEtDWHQLGROXJDUODWULSOHRUDFLyQGHOKXHUWR\FRQLGpQWLFDSUXGHQFLDSHQHWUDPRVHQHOROLYDU
VLJXLHQGR ORV SDVRV GH -HV~V \ VXV KRPEUHV &RQIRUPH QRV DFHUFiEDPRV D OD H[SODQDGD GHO
FDPSDPHQWRXQSHQVDPLHQWRTXL]iWDQDEVXUGRFRPRLQRSRUWXQRVHJXtDPDUWLOOHDQGRHQPL
FHUHEUR 1R SRGtD ERUUDU GH PL PHQWH ODV LPiJHQHV GH DTXHO VHU GH PiV GH GRV PHWURV \ GHO
REMHWRSRUTXHDTXHOORWHQtDTXHVHUXQYHKtFXORWULSXODGRTXHKDEtDVLGRFDSD]GHGHVDILDU
WDQHORFXHQWHPHQWHODVOH\HVGHODJUDYHGDG4XpFODVHGHDUWHIDFWRHUDDTXpO"4XpWHFQRORJtD
SRGtD VRVOD\DU VHPHMDQWHV DFHOHUDFLRQHV \ GHFHOHUDFLRQHV">@ < VREUH WRGR TXp UHODFLyQ
JXDUGDEDWRGRDTXHOORFRQ-HV~V\FRQOD'LYLQLGDG"
+XELHUDGDGRGLH]DxRVGHPLYLGDSRUKDEHUUHJLVWUDGRODFRQYHUVDFLyQHQWUHHO0DHVWUR\
DTXHO PLVWHULRVR VHU \ PDOGLMH PL PDOD HVWUHOOD TXH QR PH SHUPLWLy FRQWHPSODU ORV URVWURV GH
DPERVSHUVRQDMHVHLQWHUSUHWDUDOPHQRVORRFXUULGRHQWUHORVGRV'HVGHHQWRQFHVXQDDILODGD
LQFHUWLGXPEUHDQLGDHQPLFRUD]yQSRGtDVHUDTXpOXQiQJHO"6LUHDOPHQWHHUDDVt4XpOHMRV
HVWiQORVWHyORJRVGHODYHUGDG
&XDQGRDOILQQRVDVRPDPRVDOFDPSDPHQWRWRGRVHJXtDPiVRPHQRVLJXDO/RVGLVFtSXORV
GHO0DHVWURSURIXQGDPHQWHGRUPLGRVSHUPDQHFtDQDMHQRVDFXDQWRDFDEDEDGHVXFHGHUDSRFRV
PHWURVGHODVFDUSDV<GLJRTXHWRGRVHJXtDPiVRPHQRVLJXDOSRUTXHFRLQFLGLHQGRFRQQXHVWUR
UHWRUQRGRVGHORVDJHQWHVVHFUHWRVGH'DYLG=HEHGHRHQWUDEDQWDPELpQHQHOKXHUWR-DGHDQWHV\
H[FLWDGRVSUHJXQWDURQSRUVXMHIH)XH-XDQ0DUFRVTXLHQOHVVHxDOyHOOXJDUGRQGHPRQWDED
JXDUGLD
(O0DHVWURHQWUHWDQWRKDEtDDFRQVHMDGRD3HGUR-XDQ\6DQWLDJRTXHVHUHWLUDUDQDGRUPLU
3HURORVDSyVWROHVVXILFLHQWHPHQWHGHVSHMDGRVTXL]iFRQORVFRUWRVSHURSURIXQGRVVXHxRVTXH
KDEtDQGLVIUXWDGRHQODVSUR[LPLGDGHVGHODJUXWD\FDGDYH]PiVQHUYLRVRVDQWHODV~ELWDOOHJDGD
GHORVPHQVDMHURVVHUHVLVWLHURQ(OIRJRVR3HGURVLQSRGHUUHVLVWLUODWHQWDFLyQLQWHUURJyDXQR
GH ORV DJHQWHV GHO =HEHGHR< HO KRPEUH DFRUUDODGR SRU ODV SUHJXQWDV GH 6LPyQ WHUPLQy SRU
GHFODUDUOHTXHXQDSDUWLGDGHVLFDULRVGHO6DQHGUtQ\XQDHVFROWDURPDQDVHGLULJtDQKDFLDDOOt
3HGURUHWURFHGLyFRQHOURVWURGHVFRPSXHVWR<FXDQGRLQWHQWyGLULJLUVHDODVWLHQGDVFRQiQLPR
GH GHVSHUWDU D VXV FRPSDxHURV -HV~V VH LQWHUSXVR HQ VX FDPLQR RUGHQiQGROH TXH JXDUGDUD
VLOHQFLR /D UHFRPHQGDFLyQ GHO *DOLOHR IXH WDQ URWXQGD TXH ORV GLVFtSXORV GHVFRQFHUWDGRV
TXHGDURQFODYDGRVHQHOVXHOR
/RV JULHJRV TXH DFDPSDEDQ DO DLUH OLEUH IXHURQ GHVSHUWDGRV WDPELpQ SRU OD SUHFLSLWDGD
LUUXSFLyQ GH ORV DJHQWHV GHO =HEHGHR \ QR WDUGDURQ HQ URGHDU D -HV~V \ D ORV WUHV DSyVWROHV
LQWHUURJiQGROHV 3HUR HO 0DHVWUR TXH KDEtD UHFREUDGR VX KDELWXDO FDOPD OHV URJy TXH VH
WUDQTXLOL]DUDQ\TXHYROYLHUDQMXQWRDOPROLQRGHDFHLWH)XHLQ~WLO1LQJXQRGHORVSUHVHQWHVVH
PRYLyGHGRQGHHVWDED
(O1D]DUHQRFRPSUHQGLyDOLQVWDQWHODDFWLWXGGHVXVKRPEUHV\VLQPHGLDUSDODEUDVHDOHMy
GHOJUXSRDEDQGRQDQGRHOFDPSDPHQWRDJUDQGHV]DQFDGDV
'XUDQWHDOJXQRVVHJXQGRVORVJULHJRV\ORVDSyVWROHVGXGDURQ<XQDYH]PiVIXHHOMRYHQ
-XDQ 0DUFRV TXLHQ WRPy OD LQLFLDWLYD (Q XQ VDQWLDPpQ HVFDSy GHO KXHUWR SHUGLpQGRVH FROLQD
DEDMR
$TXHOOD LQHVSHUDGD UHDFFLyQ GH -HV~V VDOLHQGR GH OD ILQFD GH *HWVHPDQt PH GHVFRQFHUWy
6HJ~QORVHYDQJHOLRVFDQyQLFRVIXHQWHLQIRUPDWLYDSULPRUGLDOHOOODPDGRSUHQGLPLHQWRGHEHUtD
OOHYDUVHDFDERHQHOUHIHULGRKXHUWR6LQHPEDUJRHO1D]DUHQRDFDEDEDGHDEDQGRQDUOR6LQ
SHQVDUORGRVYHFHVVHJXtORVSDVRVGHOPXFKDFKRVLQSUHRFXSDUPHGHORVWUHVDSyVWROHV\GHORV
JULHJRVTXHSHUPDQHFtDQLQPyYLOHVHQPLWDGGHOFDPSDPHQWR
7DQWR-HV~VFRPR-XDQ0DUFRVKDEtDQWRPDGRHOFRQRFLGRFDPLQRTXHGLVFXUUtDSRUODIDOGD
RFFLGHQWDOGHO2OLYHWH\TXHPHKDEtDOOHYDGRHQYDULDVRFDVLRQHVKDVWDHOSXHQWHFLOORVREUHOD
GHSUHVLyQGHOHQWRQFHVVHFRWRUUHQWHGHO&HGUyQ
(QHVHPRPHQWR\MXVWDPHQWHDORWURODGRGHOSXHQWHPHOODPyODDWHQFLyQHOPRYLPLHQWRGH
XQQXWULGRJUXSRGHDQWRUFKDV$OREVHUYDUPiVGHWHQLGDPHQWHFRPSUREpTXHVHGLULJtDKDFLDHVWH
ODGRGHOPRQWH$TXHOORVGHEtDQVHUORVKRPEUHVDUPDGRVGHORVTXHKDEtDKDEODGRHOPHQVDMHUR
GHO=HEHGHR'HVFRQFHUWDGRFRQWLQXpEDMDQGRSRUODYHUHGDKDVWDTXHHQXQRGHORVUHFRGRVGHO
FDPLQRYLD0DUFRVPHMRUGHEHUtDGHFLUTXHVyORGLVWLQJXtVXOLHQ]REODQFRUHIXJLiQGRVHD
WRGD SULVD HQ XQD SHTXHxD EDUUDFD GH PDGHUD TXH VH OHYDQWDED DO SLH PLVPR GHO VHQGHUR 0H
GHWXYHVLQVDEHUTXpKDFHU3HURPLVVRUSUHVDVHQDTXHOODPDGUXJDGDGHOYLHUQHVQRKDEtDQKHFKR
PiVTXHHPSH]DU
-XQWRDODPHQFLRQDGDFDVDPDWDGLVWLQJXtRWUDFXEDVLPLODUDODFRQVWUXLGDDODHQWUDGDGHO
FDPSDPHQWR GH *HWVHPDQt TXH GHEtD IRUPDU SDUWH GH XQR GH ORV ODJDUHV GH DFHLWH TXH WDQWR
DEXQGDEDQHQHOPRQWHGHODV$FHLWXQDV(O0DHVWURVHKDEtDVHQWDGRVREUHHOPXUHWHGHSLHGUD
GH OD SUHQVD D XQRV GRV SDVRV GH OD SLVWD \ GH FDUD D OD GLUHFFLyQ TXH WUDtD HO FDGD YH] PiV
FHUFDQR\RVFLODQWHHQMDPEUHGHOXFHVDPDULOOHQWDV
(Q XQ SULPHU PRPHQWR SHQVp HQ RFXOWDUPH WDPELpQ HQ OD EDUUDFD 3HUR GHVHFKp OD LGHD
,JQRUDEDDEVROXWDPHQWHHOFXUVRTXHSRGtDQWRPDUORVDFRQWHFLPLHQWRV\SUHIHUtPDQWHQHUPHHQ
XQ OXJDU PiV DELHUWR$ DPERV ODGRV GHO VHQGHUR VH H[WHQGtDQ VHQGDV SODQWDFLRQHV GH ROLYRV
$TXpO SRGtD VHU XQ EXHQ REVHUYDWRULR < UiSLGDPHQWH DEDQGRQp OD SLVWD LQWHUQiQGRPH HQ HO
RVFXURROLYDUVLWXDGRDODL]TXLHUGDGHOFDPLQR(OHJtXQRGHORViUEROHVPiVJUXHVRVWUHSDQGRD
ORDOWR\FDPXIOiQGRPHHQWUHVXUDPDMH'HVGHDOOt-HV~VTXHGDEDDSRFRPiVGHFLQFRRVHLV
PHWURV3HURGHSURQWRPHYLDVDOWDGRSRUXQDGXGDTXHFDVLPHKL]RGHVFHQGHUGHOROLYR<VL
HO *DOLOHR UHJUHVDED DO FDPSDPHQWR" (Q HVH FDVR QR WHQGUtD PiV UHPHGLR TXH DUULHVJDUPH \
VHJXLUDODWURSD
6LQRPHHTXLYRFDEDODGLVWDQFLDUHFRUULGDSRU-HV~VGHVGHODSXHUWDGHHQWUDGDDOKXHUWRGH
6LPyQ HO OHSURVR KDVWD DTXHOOD FXUYD GHO VHUSHQWHDQWH FDPLQR GH KHUUDGXUD KDEtD VLGR GH
XQRV FLHQ R FLHQWR FLQFXHQWD SDVRV < DO YHUOH DOOt WDQ H[WUDxDPHQWH VHUHQR HPSHFp D
FRPSUHQGHU1RKDFtDIDOWDVHUPX\GHVSLHUWRSDUDVXSRQHUTXHVXUiSLGRDOHMDPLHQWRGHOD]RQD
GRQGHSHUPDQHFtDQVXVKRPEUHVVyORSRGtDHVWDUPRWLYDGRSRUHOGHVHRGHTXHVXHQFXHQWURFRQ
-XGDV \ OD SROLFtD GHO 6DQHGUtQ QR DIHFWDVH D ORV GLVFtSXORV (O VDEtD TXH PXFKRV GH ORV
GLVFtSXORV\GHORVJULHJRVGLVSRQtDQGHDUPDV\SUREDEOHPHQWHTXLVRHYLWDUHOPiVTXHVHJXUR
ULHVJR GH XQ FKRTXH DUPDGR 6L OD PHPRULD QR PH IDOODED HQ HO FDPSDPHQWR GHEtD KDEHU HQ
DTXHOORVPRPHQWRVDOUHGHGRUGHVHVHQWDKRPEUHV+DEUtDVLGRVXILFLHQWHTXHFXDOTXLHUDGHHOORV
3HGUR R 6LPyQ HO =HORWHV SRU HMHPSOR KXELHUDQ VDFDGR VXV HVSDGDV SDUD SURYRFDU XQ
VDQJULHQWRFRPEDWH6LODYHUVLyQGHODJHQWHVHFUHWRGH=HEHGHRHUDFRUUHFWDDORVOHYLWDVGHO
7HPSORKDEtDTXHDxDGLUODSDWUXOODURPDQD<HVWRLQGXGDEOHPHQWHFRPSOLFDEDODVFRVDV/RV
OHJLRQDULRVGHOD)RUWDOH]D$QWRQLDQRVHGLVWLQJXtDQSUHFLVDPHQWHSRUVXVGXOFHVPRGDOHV<R
KDEtD VLGR WHVWLJR GH VX IHURFLGDG HQ HO DSDOHDPLHQWR GH XQ FRPSDxHUR 4Xp SRGtD HVSHUDUVH
HQWRQFHV GH DTXHOORV DJXHUULGRV LQIDQWHV HQ HO FDVR GH TXH VH OOHJDUD D XQ HQIUHQWDPLHQWR" /R
PiVSUREDEOHHVTXHPXFKRVGHORVGLVFtSXORVGHO0DHVWURKDEUtDQUHVXOWDGRKHULGRVRPXHUWRV
\HQHOPHMRUGHORVFDVRVKHFKRVSULVLRQHURV<-HV~VDMX]JDUSRUVXVRUDFLRQHVHQHOROLYDU
TXHUtD HYLWDUOR D WRGD FRVWD 4Xp KXELHUD VLGR GH VX PLVLyQ \ GH OD IXWXUD SURSDJDFLyQ GHO
HYDQJHOLRGHOUHLQRVLORVGLUHFWDPHQWHHQFDUJDGRVGHHVDSUHGLFDFLyQKXELHUDQFDtGRHVDQRFKH
HQ*HWVHPDQt"
/DV DQWRUFKDV DSDUHFtDQ \ GHVDSDUHFtDQ HQWUH OD HVSHVXUD DFHUFiQGRVH FDGD YH] PiV 3HGt
LQIRUPDFLyQD(OLVHRVREUHODKRUDH[DFWD(UDODXQD\TXLQFHPLQXWRVGHODPDGUXJDGD
/D OXQD VHJXtD EULOODQGR FRQ WRGR VX HVSOHQGRU SURSRUFLRQiQGRPH XQD PiV TXH DFHSWDEOH
YLVLELOLGDG
'HSURQWR\FXDQGRHOUDFLPRGHDQWRUFKDVVHKDOODEDD~QDFLHUWDGLVWDQFLDGHODDOPD]DUD
VREUHODTXHDJXDUGDEDHO0DHVWURYLDSDUHFHUSRUODYHUHGDDXQLQGLYLGXR6XEtDDODFDUUHUD
VLJXLHQGR OD GLUHFFLyQ GHO FDPSDPHQWR -HV~V DO YHUOH VH SXVR HQ SLH VDOLHQGR DO FHQWUR GHO
FDPLQR (O SUHVXURVR FDPLQDQWH D TXLHQ HQ XQ SULPHU PRPHQWR QR DFHUWp D LGHQWLILFDU
GHVFXEULy HQVHJXLGD OD DOWD ILJXUD GHO *DOLOHR FRQ VX EODQFD W~QLFD EDxDGD SRU OD OXQD /D
LQHVSHUDGDSUHVHQFLDGHO0DHVWURFRUWiQGROHHOSDVRGHELyGHVFRQFHUWDUOHSRUTXHVHGHWXYRDO
PRPHQWR3HURWUDVXQRVVHJXQGRVGHLQGHFLVLyQSURVLJXLyVXDYDQFHHVWDYH]VLQGHPDVLDGDV
SULVDV (O PLVWHULRVR SHUVRQDMH HQYXHOWR HQ XQ PDQWR RVFXUR GHEtD KDOODUVH D XQRV WUHLQWD R
FXDUHQWD PHWURV GHO UDEt FXDQGR SRU HO IRQGR GHO VHQGHUR LUUXPSLy HQ HVFHQD HO SHORWyQ TXH
SRUWDEDODVDQWRUFKDV9HQtDHQGHVRUGHQDXQTXHIRUPDQGRXQDODUJDKLOHUDGHJHQWH$SULPHUD
YLVWDHOQ~PHURGHLQGLYLGXRVUHEDVDEDHOPHGLRFHQWHQDU
&RQIRUPH IXHURQ DFHUFiQGRVH SXGH GLVWLQJXLU HQWUH ORV KRPEUHV GH FDEH]D DOUHGHGRU GH
WUHLQWDVROGDGRVURPDQRV9HVWtDQODPLVPDLQGXPHQWDULDTXH\RKDEtDYLVWRHQWUHORVOHJLRQDULRV
GH OD 7RUUH $QWRQLD H LEDQ DUPDGRV FRQ HVSDGDV DOJXQDV ODQ]DV \ HVFXGRV ,QPHGLDWDPHQWH
GHWUiV FDVL PH]FODGRV FRQ ORV SULPHURV XQ WURSHO GH R OHYLWDV R SROLFtDV GHO WHPSOR
DUPDGRVHQVXPD\RUtDFRQEDVWRQHV\PD]DVFRQFODYRV
0L GHVFRQFLHUWR OOHJy DO Pi[LPR FXDQGR SRU PL GHUHFKD VXUJLHURQ RWUDV DQWRUFKDV
GLVHPLQDGDV HQWUH ORV ROLYRV 1R HUDQ PXFKDV TXL]i XQD GHFHQD 3HUR ]LJ]DJXHDEDQ D JUDQ
YHORFLGDG GHVFHQGLHQGR KDFLD HO SXQWR GRQGH VH KDOODED -HV~V 3RU OD GLUHFFLyQ TXH WUDtDQ
VXSXVHTXHVHWUDWDEDGHORVGLVFtSXORV<XQHVFDORIUtRYROYLyDUHFRUUHUPHHOFXHUSR6LDPERV
EDQGRVOOHJDEDQDHQIUHQWDUVHTXLpQVDEHORTXHSRGtDRFXUULU
(O JUXSR GH PL L]TXLHUGD HO TXH SURFHGtD GH -HUXVDOpQ VLJXLy DYDQ]DQGR HQ VLOHQFLR
KDVWDGHWHQHUVHDXQWLURGHSLHGUDGHO*DOLOHR
3RUVXSDUWHORVTXHDFDEDEDQGHDSDUHFHUSRUODGHUHFKDWHUPLQDURQSRUFRQFHQWUDUVHHQHO
VHQGHUR8QDYH]UHDJUXSDGRVFRQWLQXDURQEDMDQGRSHURFRQJUDQOHQWLWXG
&XDQGRHOWURSHOTXHOOHJDEDFRQiQLPRGHSUHQGHUDO1D]DUHQRVHGHWXYRORVVHJXLGRUHVGH
-HV~VKLFLHURQRWURWDQWR(VWRV~OWLPRVTXHGDURQEDVWDQWHPiVFHUFDGHO0DHVWUR4XL]iDYHLQWH
RYHLQWLFLQFRSDVRV
$ODOX]GHODVWHDVGLVWLQJXtHQSULPHUDOtQHDD3HGUR<FRQpO-XDQ6DQWLDJR\XQDYHLQWHQD
GH JULHJRV 6LQ HPEDUJR SRU PiV TXH IRUFp OD YLVWD QR YL D 6LPyQ HO =HORWHV QL WDPSRFR DO
UHVWRGHORVDSyVWROHV\GLVFtSXORV$TXHOORVLJQLILFDEDTXHQRKDEtDQVLGRGHVSHUWDGRV
'XUDQWHXQRVPLQXWRVTXHVHPHDQWRMDURQLQWHUPLQDEOHVVyORHOYLHQWRVLOEyHQWUHORVROLYRV
DJLWDQGRODVOODPDUDGDVGHODVKDFKDVGHDPERVJUXSRV
-HV~V HQ PHGLR VHJXtD SHQGLHQWH GH DTXHO KRPEUH TXH VH KDEtD GHVWDFDGR GH OD WXUED
SURFHGHQWHGHODFLXGDGVDQWD
&XDQGRIDOWDEDQDSHQDVXQRVPHWURVSDUDTXHGLFKRSHUVRQDMHOOHJDVHDODDOWXUDGHOUDEtOD
OXQDKL]RUHVDOWDUODSDOLGH]GHVXURVWUR(UD-XGDV
3HURSRUTXpVHKDEtDDGHODQWDGRDODWURSD"
$TXHOOD LQFyJQLWD VHUtD UHVXHOWD D OD PDxDQD VLJXLHQWH SRFR DQWHV GHO IDWDO H LQHVSHUDGR
VXFHVRTXHSURYRFDUtDODPXHUWHGHO,VFDULRWH
8QDYH]PiV-XGDVKDEtDPDTXLQDGRVXVSODQHVFRQWDQWDDVWXFLDFRPRUXLQGDG
<DOILQ-HV~VUHDFFLRQy&RQJUDQDSORPRDUUDQFyKDFLD-XGDVSHURDOOOHJDUDVXDOWXUDVH
GHVYLy KDFLD OD OLQGH L]TXLHUGD GHO FDPLQR HVTXLYDQGR DO WUDLGRU (O ,VFDULRWH SHUSOHMR VH
UHYROYLyDOPRPHQWR(O0DHVWURKDEtDFRQWLQXDGRHQGLUHFFLyQDODVROGDGHVFDGHWHQLHQGRVXV
SDVRVDSRFRVPHWURVGHOJUXSR<GHVGHDOOtFRQJUDQYR]LQWHUSHOyDOTXHSDUHFtDHOMHIH
4XpEXVFDVDTXt"
(OVROGDGRURPDQRTXHDMX]JDUSRUVXFDVFRFRQXQSHQDFKRGHSOXPDVURMDV\VXHVSDGD
VLWXDGD HQ HO FRVWDGR L]TXLHUGR GHEtD VHU XQ RILFLDO VH DGHODQWy D VX YH] \ HQ JULHJR
UHVSRQGLy
$-HV~VGH1D]DUHW
(O0DHVWURDYDQ]yHQWRQFHVKDFLDHOSRVLEOHFHQWXULyQ\FRQJUDQVROHPQLGDGH[FODPy
6R\\R
$OHVFXFKDUODVVHUHQDV\PDMHVWXRVDVSDODEUDVGHDTXHOJLJDQWHORVFLQFRRVHLVOHJLRQDULRV
TXH RFXSDEDQ OD SULPHUD OtQHD UHWURFHGLHURQ EUXVFDPHQWH (VWH V~ELWR PRYLPLHQWR KL]R TXH
DOJXQRVGHHOORVWURSH]DUDQFRQORVFRPSDxHURVVLWXDGRVLQPHGLDWDPHQWHGHWUiVSURYRFDQGRXQD
VHULHGHJURWHVFDVFDtGDV(QWUHORVTXHGLHURQFRQVXVKXHVRVHQWLHUUDKDEtDWDPELpQYDULRVTXH
SRUWDEDQ DQWRUFKDV< pVWDV DO GHVSDUUDPDUVH VREUH ORV FDtGRV FRQWULEX\HURQ D PXOWLSOLFDU OD
FRQIXVLyQ(ORILFLDOLQGLJQDGRUHWURFHGLyKDVWDHOJUXSRGHFDEH]D\FRPHQ]yDJROSHDUDORV
WRUSHV\YDFLODQWHVVROGDGRVFRQHOEDVWyQTXHOOHYDEDHQVXPDQRGHUHFKD
$TXHOODHVFHQDPHWUDMRDODPHPRULDHOUHODWRHYDQJpOLFRGH-XDQHO~QLFRTXHKDEODGH
HVWD FDtGD JHQHUDOL]DGD GH SDUWH GH OD WURSD TXH KDEtD OOHJDGR SDUD SUHQGHU DO 0DHVWUR 3HUR
OHMRVGHOFDUiFWHUPLODJURVRTXHDOJXQRVWHyORJRV\H[pJHWDVKDQTXHULGRYHUHQGLFKRVXFHVROD
~QLFDYHUGDGHVTXHDTXHOORVKRPEUHVURGDURQSRUHOVXHORFRPRFRQVHFXHQFLDGHXQPRYLPLHQWR
PDO FDOFXODGR 2WUR DVXQWR HV SRU TXp UHWURFHGLHURQ (Q PL RSLQLyQ HV SRVLEOH TXH VLQWLHUDQ
PLHGR&DVLWRGRVKDEtDQYLVWRD-HV~VFXDQGRSUHGLFDEDHQODH[SODQDGDGHOWHPSOR\WDPELpQ
HUD PX\ SUREDEOH TXH KXELHUDQ VDELGR GH VXV SURGLJLRV \ GH VX SRGHU 6L XQLPRV HVWR D OD
YDOHQWtDFRQTXHHO*DOLOHRVHSUHVHQWyDQWHHOORVTXL]iDKtWHQJDPRVODUHVSXHVWD
0LHQWUDVORVLQIDQWHVURPDQRVVHLQFRUSRUDEDQ\UHFRPSRQtDQVXPDOWUHFKDGLJQLGDG-XGDV
FX\RVSODQHVQRHVWDEDQVDOLHQGRWDO\FRPRpOKDEtDSUHYLVWRVHJ~QSXGHDYHULJXDUKRUDVPiV
WDUGHVHDFHUFyDO1D]DUHQRDEUD]iQGROH(LQPHGLDWD\RVWHQVLEOHPHQWHGHIRUPDTXHWRGRV
SXGLpUDPRVYHUOHVHDO]yVREUHODVSXQWDVGHVXVVDQGDOLDVHVWDPSDQGRXQEHVRHQODIUHQWHGH
-HV~VDOWLHPSRTXHOHGHFtD
6DOXG0DHVWURH,QVWUXFWRU
<HO*DOLOHRVLQSHUGHUODFDOPDOHUHVSRQGLy
$PLJR QR EDVWD FRQ KDFHU HVWR (V TXH DGHPiV TXLHUHV WUDLFLRQDU DO +LMR GHO
+RPEUHFRQXQEHVR"
$QWHV GH TXH -XGDV SXGLHUD UHDFFLRQDU HO 0DHVWUR VH ]DIy GHO DEUD]R GHO WUDLGRU
HQFDUiQGRVHQXHYDPHQWHFRQHORILFLDOURPDQR\FRQHOUHVWRGHODWURSD
4XpEXVFDQ"
$-HV~VGH1D]DUHWUHSLWLyHORILFLDO
<DWHKHGLFKRTXHVR\\R3RUWDQWRSURVLJXLy-HV~VVLDOTXHEXVFDVHVDPtGHMDD
ORVGHPiVTXHVLJDQVXFDPLQR(VWR\GLVSXHVWRDVHJXLUWH
(O RILFLDO HQFRQWUy UD]RQDEOH OD SHWLFLyQ GHO 1D]DUHQR 6H VLWXy D VX ODGR \ FXDQGR VH
GLVSRQtD D UHJUHVDU D -HUXVDOpQ XQR GH ORV JXDUGLDQHV GHO 6DQHGUtQ VDOLy GHO SHORWyQ
DEDODQ]iQGRVH VREUH -HV~V /OHYDED HQ VXV PDQRV XQD FXHUGD< D SHVDU GH TXH HO MHIH GH OD
SDWUXOOD URPDQD QR KDEtD GDGR WDO RUGHQ DTXHO VLULR TXH UHVSRQGtD DO QRPEUH GH 0DOFKXV R
0DOFRVHDSUHVXUyDVXMHWDUORVEUD]RVGHOUDEtWUDWDQGRGHDWDUORVSRUODHVSDOGD
$OYHUORHORILFLDOOHYDQWyVXEDVWyQGLVSXHVWRVLQGXGDDHVSDQWDUDDTXHOLQWUXVR3HUROD
IXOPLQDQWH HQWUDGD HQ DFFLyQ GH 3HGUR \ VXV FRPSDxHURV DUUXLQDUtD ORV SURSyVLWRV GHO
UHVSRQVDEOHGHOSUHQGLPLHQWR
(IHFWLYDPHQWHFRQXQDUDSLGH]YHUWLJLQRVD3HGUR\HOUHVWRLQGLJQDGRVSRUODDFFLyQGH
0DOFRVHSUHFLSLWDURQVREUHpO6LPyQ6DQWLDJR\DOJXQRVGHORVJULHJRVKDEtDQGHVHQIXQGDGR
VXVHVSDGDV\ODQ]DQGRWRGRWLSRGHLPSUHFDFLRQHVVHGLVSXVLHURQDODWDTXH
$QWHVGHTXHODHVFROWDURPDQDWXYLHUDWLHPSRGHSURWHJHUD0DOFR3HGURHVSDGDHQDOWR
FD\yVREUHHODWHUURUL]DGRVLHUYRGHOVXPRVDFHUGRWHODQ]DQGRXQYLROHQWRPDQGREOHVREUHVX
FUiQHR (Q HO ~OWLPR VHJXQGR 0DOFR ORJUy HFKDUVH D XQ ODGR HYLWDQGR DVt TXH OD SRWHQWH
L]TXLHUGDGH6LPyQOHDEULHUDODFDEH]D(OILORGHODHVSDGDVLQHPEDUJRUR]yODSDUWHGHUHFKD
GHVXFDUDUHEDxiQGROHODRUHMDHKLULpQGROHHQHOKRPEUR
-HV~VOHYDQWyHQWRQFHVVXEUD]RKDFLD3HGUR\FRQJUDQVHYHULGDGUHFULPLQyVXDFFLyQ
3HGURHQYDLQDWXHVSDGD4XLHQTXLHUDTXHGHVHQYDLQHODHVSDGDPRULUiSRUODHVSDGD
1RFRPSUHQGpLVTXHHVYROXQWDGGHPL3DGUHTXHEHEDHVWDFRSD"1RVDEpLVTXHDKRUDPLVPR
SRGUtDPDQGDUDGRFHQDVGHOHJLRQHVGHiQJHOHV\VXVFRPSDxHURVPHOLEUDUtDQGHODVPDQRVGH
ORVKRPEUHV"
/RVGLVFtSXORV\HVSHFLDOPHQWH3HGURTXHGDURQDWXUGLGRV1RHQWHQGtDQODVSDODEUDVGHO
0DHVWUR\PXFKRPHQRVVXGRFLOLGDGDQWHDTXHOORVHQHPLJRV
0DOFR VHJXtD UHWRUFLpQGRVH \ DXOODQGR GH GRORU FXDQGR -HV~V VH LQFOLQy VREUH pO &RQ XQD
JUDQILUPH]DUHWLUyODPDQRGHOVLULRGHOHQVDQJUHQWDGRRtGRFRORFDQGRODSDOPDGHVXGLHVWUD
VREUHODKHULGD(QFXHVWLyQGHVHJXQGRVORVTXHMLGRVGLVPLQX\HURQKDFLpQGRVHFDGDYH]PiV
HVSDFLDGRV \ GpELOHV 'HVSXpV HO UDEt UHSLWLy OD RSHUDFLyQ GHSRVLWDQGR VX PDQR VREUH HO
KRPEUR
'HVGH OR DOWR GHO iUERO QR SXGH YHULILFDU TXp FODVH GH FXUDFLyQ HIHFWXy HO *DOLOHR 6LQ
HPEDUJR OR TXH Vt HVWDED FODUR HV TXH KDEtD GHWHQLGR OD FRSLRVD KHPRUUDJLD \ FRQJHODGR
SUiFWLFDPHQWH HO GRORU GH DTXHO GHVGLFKDGR (Q HO WUDQVFXUVR GH ODV GRV VLJXLHQWHV H LQWHQVDV
MRUQDGDV DQWHV GH PL GHILQLWLYR UHJUHVR DO PyGXOR WUDWp SRU WRGRV ORV PHGLRV GH ORFDOL]DU DO
PHQFLRQDGR VLULR H LQVSHFFLRQDU HO WDMR TXH OH KDEtD SURSLQDGR 3HGUR 6LQ HPEDUJR PLV
HVIXHU]RVUHVXOWDURQEDOGtRV
/D EHOLFRVD DFWLWXG GH 3HGUR \ GH VXV FRPSDxHURV VyOR VLUYLy SDUD HPSHRUDU ODV FRVDV (O
RILFLDOURPDQRLJQRUyODV SDFtILFDV SDODEUDV\ HOJHVWRKXPDQLWDULR GH-HV~VSDUDFRQ0DOFR\
RUGHQyDVXVOHJLRQDULRVTXHVXMHWDUDQDO1D]DUHQRDPDUUDQGRVXVPXxHFDVDODHVSDOGD
0LHQWUDV OH PDQLDWDEDQ HO 0DHVWUR SURIXQGDPHQWH GRORULGR SRU DTXHOOD KXPLOODFLyQ VH
GLULJLy D ORV OHYLWDV \ VROGDGRV TXLHQHV FRQ ODV HVSDGDV \ EDVWRQHV GLVSXHVWRV SDUD UHSHOHU
FXDOTXLHURWURDWDTXHFRQWHPSODEDQODHVFHQD
3DUDTXpVDFDQVXVHVSDGDV\SDORVFRQWUDPtFRPRVLIXHUDXQODGUyQ"7RGRVORVGtDVKH
HVWDGR FRQ YRVRWURV HQ HO WHPSOR HGXFDQGR \ HQVHxDQGR S~EOLFDPHQWH DO SXHEOR VLQ TXH
KLFLHUDLVQDGDSDUDGHWHQHUPH
3HURQDGLHUHVSRQGLy
8QDYH]LQPRYLOL]DGRFRQJUXHVDVFXHUGDVHORILFLDOVHGLULJLyDVXVKRPEUHVRUGHQDQGRTXH
SUHQGLHVHQWDPELpQDDTXHOJUXSRGHIDQiWLFRVVHJ~QVXVSURSLDVSDODEUDV3HURODSDWUXOODQR
UHDFFLRQyDWLHPSR\3HGUR\VXVFRPSDxHURVKX\HURQGHOOXJDUDUURMDQGRODVDQWRUFKDVFRQWUD
ORVURPDQRV(VWHQXHYRODSVXVGHODHVFROWDIXHPiVTXHVXILFLHQWHFRPRSDUDTXHODYHLQWHQDGH
VHJXLGRUHVGHO0DHVWURVHGHVSHUGLJDUDODGHUDDUULEDHQWUHORVROLYDUHV/DFDVLWRWDOLGDGGHORV
OHJLRQDULRV VDOLy HQ VX SHUVHFXFLyQ 6LQ HPEDUJR ORV GLVFtSXORV PHMRUHV FRQRFHGRUHV GHO
WHUUHQR\FRQXQSiQLFRORVXILFLHQWHPHQWHJUDQGHFRPRSDUDYRODUPiVTXHFRUUHUQRWDUGDURQ
HQ GHVDSDUHFHU /D SUXHED HV TXH D ORV FLQFR R GLH] PLQXWRV OD WURSD UHJUHVy DO FDPLQR
LQLFLDQGRHOUHWRUQRD-HUXVDOpQ(O0DHVWURIXHUWHPHQWHHVFROWDGRQRWDUGyHQGHVDSDUHFHUFRQ
HOJUXSRHQXQRGHORVUHFRGRVGHOVHQGHUR
(UDQODVGRVPHQRVGLH]GHODPDGUXJDGD
(O YRFHUtR GH ORV OHJLRQDULRV IXH GLVLSiQGRVH< DOOt TXHGp \R FRQ HO FRUD]yQ HQFRJLGR \
VXPLGR HQ XQ VLOHQFLR GH PXHUWH 3HUR GHEtD VHJXLU PL PLVLyQ$Vt TXH SURFXUDQGR QR KDFHU
H[FHVLYRUXLGRGHVFHQGtGHODFRSDGHOROLYR0LVLGHDVORUHFRQR]FRQRVHKDOODEDQPX\
FODUDV 'XUDQWH YDULRV VHJXQGRV \ WRGDYtD DO SLH GHO iUERO GXGp 4Xp FDPLQR GHEtD WRPDU"
7UDWDU GH YROYHU DO FDPSDPHQWR H LQFRUSRUDUPH D OR TXH TXHGDVH GHO JUXSR GH JULHJRV \
GLVFtSXORV QRPHSDUHFLyORPHMRU$GHPiVTXLpQVDEHGyQGH SRGtDQKDEHU LGR D SDUDU"(UD
PXFKRPiVOyJLFRVHJXLUODVKXHOODVGHOSHORWyQGHVROGDGRV\SROLFtDVGHO7HPSOR3HURFyPR
OOHJDUKDVWDHOORVVLQOHYDQWDUVRVSHFKDV\ORTXHHUDSHRUVLQTXHPHGHWXYLHVHQ"
&XDQGRPHGLVSRQtDDGHMDUHOROLYDU\HQFDPLQDUPHKDFLDODFLXGDGVDQWDODVVLOXHWDVGHGRV
OHJLRQDULRVUH]DJDGRVDSDUHFLHURQGHLPSURYLVRHQWUHORVROLYRVTXHVHOHYDQWDEDQDORWURODGR
GHOVHQGHUR0HSHJXpFRPRSXGHDXQRGHORVWURQFRV\HVSHUpDTXHSDVDVHQ6LGHVFXEUtDQPL
SUHVHQFLDPHKXELHUDYLVWRHQXQDGHOLFDGDVLWXDFLyQ3HURHQHOPRPHQWRHQTXHORVVROGDGRV
HQWUDEDQ HQ OD YHUHGD -XDQ 0DUFRV TXH KDEtD SHUPDQHFLGR RFXOWR GXUDQWH WRGR HO
SUHQGLPLHQWRVHDVRPyFRQJUDQVLJLORDODSXHUWDGHODEDUUDFD$TXHOORIXHVXSHUGLFLyQ/RV
URPDQRVYLHURQDOLQVWDQWHVXHVFDQGDORVDViEDQDEODQFDSUHFLSLWiQGRVHKDFLDHOPXFKDFKR(VWD
YH]ODUHDFFLyQGHORVLQIDQWHVIXHWDQUiSLGDTXH0DUFRVQRWXYRWLHPSRGHHVFDSDU
<XQR GHORV OHJLRQDULRV KL]R SUHVDHQHO OLHQ]RPLHQWUDV HOVHJXQGR WDPELpQD ODFDUUHUD
FXEUtDODVHVSDOGDVGHVXFRPSDxHUR3HURHOiJLO0DUFRVQRVHGLRSRUYHQFLGR<VLQSHQVDUOR
GRV YHFHV VH GHVHPEDUD]y GH OD ViEDQD KX\HQGR GHVQXGR KDFLD OD PDVD GH ROLYRV SRU GRQGH
KDEtDQLUUXPSLGRORVLQRSRUWXQRVH[WUDQMHURV$TXHOODPDQLREUDGHOMRYHQSLOOyGHVSUHYHQLGRVD
ORVURPDQRVTXHSDUDFXDQGRVDOLHURQWUDVpOKDEtDQSHUGLGRXQRVVHJXQGRVSUHFLRVRV
(OTXHKDEtDORJUDGRVXMHWDUOHDUURMyHOOLHQ]RDOVXHOR\PDOGLFLHQGRGHVHQYDLQyVXHVSDGD
LQLFLDQGR XQD DWURSHOODGD FDUUHUD (O FRPSDxHUR KL]R OR PLVPR LQWHUQiQGRVH GH QXHYR HQ HO
ERVTXH3HURODPDODVXHUWHSDUHFtDFHEDUVHDTXHOODQRFKHVREUHODWURSDURPDQD\HOVHJXQGR
OHJLRQDULR WURSH]y HQ XQD GH ODV UDtFHV GHO ROLYDU FD\HQGR GH EUXFHV &RPR FRQVHFXHQFLD GHO
JROSHHOFDVFRGHOURPDQRVDOLyGHVSHGLGRURGDQGRSRUODSHQGLHQWH3HURHOHQIXUHFLGRLQIDQWH
FHJDGRSRUHODIiQGHFDSWXUDUDOHPERVFDGRVHROYLGyGHVX\HOPR
6DEtD TXH SRGtD VHU DUULHVJDGR SHUR GHMiQGRPH OOHYDU SRU OD LQWXLFLyQ DEDQGRQp PL
HVFRQGULMR DSUR[LPiQGRPH DO OXJDU GRQGH KDEtD TXHGDGR HO FDVFR /R UHFRJt \ WUDWDQGR GH
WUDQTXLOL]DUPHHVSHUp(UDHQHIHFWRXQ\HOPRGHFXHURVLQQLQJ~QWLSRGHDGRUQRRGLVWLQWLYR
1RWXYHTXHHVSHUDUPXFKR$ORVSRFRV PLQXWRV ORVOHJLRQDULRVUHJUHVDURQ DOD OLQGHGHO
ROLYDU 6LQ HPEDUJR HQIUDVFDGRV HQ OD E~VTXHGD GHO \HOPR QR VH SHUFDWDURQ GH PL SUHVHQFLD
(QWRQFHVOHYDQWDQGRODYR]\HOFDVFRPHGLULJtDHOORVHQJULHJR
$O YHUPH ORV VROGDGRV QR UHDFFLRQDURQ< SRFR D SRFR IXHURQ DSUR[LPiQGRVH 8Q VXGRU
IUtRHPSH]yDHPSDSDUPLW~QLFD6LDTXHOODHVWUDWDJHPDQRUHVXOWDEDPLVHJXULGDGSRGtDYHUVH
VHULDPHQWHDPHQD]DGD
(O TXH KDEtD H[WUDYLDGR HO \HOPR OOHJy KDVWD Pt \ GHWHQLpQGRVH D XQ SDU GH PHWURV PH
LQVSHFFLRQyGHSLHVDFDEH]D6HKDOODEDVXGRURVR\VLQDOLHQWR(OVHJXQGROHJLRQDULRQRWDUGy
HQVLWXDUVHDVXODGR
,QWHQWpVRQUHtUSHURIUDQFDPHQWHQRVpVLORORJUp(OFDVRHVTXHSURFXUDQGRGLVLPXODUHO
DJXGR WHPEORU GH PLV PDQRV OH WHQGt HO FDVFR (O URPDQR VH DSUHVXUy D WRPDUOR
DUUHEDWiQGRPHORFRQYLROHQFLD<DFWRVHJXLGRVHORHQFDVTXHWy
4XLpQHUHV"KDEOyDOILQHOVHJXQGRVROGDGR
0H OODPR -DVyQ UHVSRQGt FRQ HO FRUD]yQ HQ XQ SXxR 6R\ JULHJR \ PH GLULMR D
-HUXVDOpQ
<GHSURQWRUHFRUGpODDXWRUL]DFLyQTXHPHKDEtDH[WHQGLGRHOSURFXUDGRUURPDQRFRQHO
ILQGHIDFLOLWDUPLLQJUHVRHQODIRUWDOH]D$QWRQLD6LQGXGDUORHFKpPDQRGHODEROVDGHKXOH\
OHVPRVWUpHOVDOYRFRQGXFWRH[SOLFiQGROHVTXHHVDPLVPDPDxDQDGHOYLHUQHVGHEHUtDYLVLWDUD
3RQFLR3LODWR
/RV OHJLRQDULRV GHVYLDURQ OD PLUDGD KDFLD HO UROOR DXQTXH GXGR TXH VXSLHUDQ OHHU 6LQ
HPEDUJR Vt GHELHURQ LGHQWLILFDU OD ILUPD GH 3RQFLR SRUTXH VX DFWLWXG VH KL]R PiV DVHTXLEOH \
FRQGHVFHQGLHQWH
'HGyQGHYLHQHV"
'H%HWDQLD
(QWRQFHVUHSXVRHOOHJLRQDULRTXHKDEODEDJULHJRQRVDEHVORTXHKDRFXUULGRDTXt"
$TXt"SUHJXQWpDGRSWDQGRXQWRQRGHWRWDOLJQRUDQFLD1RTXpKDRFXUULGR"
(V LJXDO FRQFOX\y HO OHJLRQDULR 1RVRWURV WDPELpQ YDPRV KDFLD -HUXVDOpQ 6L OR
GHVHDVSRGHPRVHVFROWDUWH
0H VHQWt HQFDQWDGR FRQ VHPHMDQWH SURSRVLFLyQ SHUR FXDQGR WRGR SDUHFtD VROXFLRQDGR HO
VROGDGRTXHKDEtDSHUGLGRHOFDVFRWRPyODODQ]DGHOFRPSDxHUR\VLQPiVODLQFOLQyVREUHPL
SHFKR 4XHGp SDUDOL]DGR< DO PLUDU GH QXHYR DO LQIDQWH DTXHO URVWUR VH PH KL]R IDPLOLDU (O
VROGDGRWHUPLQySRUVRQUHtU&ODURUHFRUGpGHSURQWR$TXHOURPDQRHUDHOFHQWLQHODGH
OD7RUUH$QWRQLD(OTXHPHKDEtDDSXQWDGRFRQVXSLOXPPLHQWUDV-RVpHOGH$ULPDWHD\\R
HVSHUiEDPRVDTXHUHJUHVDUDVXFRPSDxHUR
/HGHYROYtODVRQULVD\HOOHJLRQDULRVDWLVIHFKRDOYHUTXHOHKDEtDUHFRQRFLGRUHWLUyOD
MDEDOLQDH[SOLFiQGROHDOVHJXQGRHLQWULJDGRVROGDGRTXHHQHIHFWRPHKDEtDYLVWRDODVSXHUWDV
GHOD7RUUH$QWRQLD\TXHQRPHQWtD
$TXHOIRUWXLWRHQFXHQWURFRQPLDPLJRHOOHJLRQDULRLEDDVHUYLUPHGHPXFKR
/RV VROGDGRV WHQtDQ SULVD SRU DOFDQ]DU HO SHORWyQ TXH FRQGXFtD DO 1D]DUHQR \ DO SRFR
GLYLVDPRV ODV DQWRUFKDV 3HUR DQWH PL VRUSUHVD HO JUXSR VH KDOODED GHWHQLGR HQ PLWDG GHO
FDPLQR&XDQGRODSDUHMDGHUH]DJDGRVVHUHLQFRUSRUyDODSDWUXOODURPDQD\RLQVLQXpTXHTXL]i
IXHVHPiVSUXGHQWHTXHSHUPDQHFLHUDHQODFRODRTXHVLJXLHUDPLFDPLQRKDFLD-HUXVDOpQ3HUR
HOFHQWLQHODTXHSDUHFtDPX\KRQUDGRFRQPLDPLVWDGPHDFRQVHMyTXHVLJXLHUDMXQWRDpO<DVt
ORKLFH
'H HVWD IRUPD DO DSUR[LPDUPH DO RILFLDO TXH PDQGDED HO SHORWyQ FRPSUHQGt SRU TXp VH
KDEtDQGHWHQLGR(OMHIHGHORVOHYLWDVSXJQDEDSRUOOHYDUDO1D]DUHQRDODUHVLGHQFLDGH&DLIiV
6LQHPEDUJRHORSWLRURPDQRXQDHVSHFLHGHOXJDUWHQLHQWHGHORVFHQWXULRQHV>@UHVSRQVDEOH
GHODFDSWXUD\FXVWRGLDGHOSULVLRQHURVHRSRQtDDHVWDGHFLVLyQHVWLPDQGRTXHVXVyUGHQHVHUDQ
SUHFLVDV-HV~VGH1D]DUHWGHEtDVHUFRQGXFLGRDODSUHVHQFLDGHOH[VXPRVDFHUGRWH$QiV$O
SDUHFHU ODV UHODFLRQHV HQWUH HO SURFXUDGRU URPDQR \ ODV FDVWDV VDFHUGRWDOHV MXGtDV VHJXtDQ
PDQWHQLpQGRVHDWUDYpVGHOSRGHURVRHLQIOX\HQWHVXHJURGH&DLIiV
/DSROLFtDOHYtWLFDWXYRTXHFHGHU\$UVHQLXVHORSWLRRVXERILFLDOURPDQRRUGHQyTXHOD
SDWUXOODUHDQXGDUDVXFDPLQRKDFLDHOEDUULREDMRGH-HUXVDOpQ
'XUDQWH OD GLVFXVLyQ -HV~V SHUPDQHFLy HQ VLOHQFLR FRQ ORV RMRV EDMRV \ SUiFWLFDPHQWH
DXVHQWH
-XGDVSRUVXSDUWHVHKDEtDVLWXDGRHQWUHORVGRVMHIHVHOURPDQR\HOOHYLWDSHURSRU
PiVTXHLQWHQWDEDHOGLiORJRFRQHOORVpVWRVHYLWDEDQVXVSUHJXQWDVSHUPDQHFLHQGRHQXQWRWDO\
YLROHQWR VLOHQFLR &XDQGR SUHJXQWp DO OHJLRQDULR HO SRU TXp GH DTXHOOD DFWLWXG GHORSWLR \ GHO
FDSLWiQ GH ORV SROLFtDV GHO 7HPSOR KDFLD HO ,VFDULRWH PL DPLJR UHVSRQGLy FRQ XQD DILUPDFLyQ
FRQWXQGHQWH
(VXQWUDLGRU
(VWiEDPRV\DDSRFRVPHWURVGHOSXHQWHTXHHQOD]DEDODIDOGDGHO2OLYHWHFRQODH[SODQDGD
VLWXDGDDOSLHGHODPXUDOODRULHQWDOGHO7HPSORFXDQGRRFXUULyDOJRGHVFRQFHUWDQWHHLPSUHYLVWR
$ OD FDEH]D GHO FRUWHMR PDUFKDEDQ DPERV FDSLWDQHV (Q PHGLR GH DPERV -XGDV H
LQPHGLDWDPHQWHGHWUiVODSDWUXOODURPDQDURGHDQGRHVWUHFKDPHQWHD-HV~V3RU~OWLPRHOWURSHO
GHOHYLWDV\VLHUYRVGHO6DQHGUtQHQYXHOWRVHQVXVPDQWRV\UDELRVRVSRUODWDMDQWHGHFLVLyQGHO
VXERILFLDOURPDQRGHHQWUHJDUDO*DOLOHRDOH[VXPRVDFHUGRWH<RFDPLQDEDDODL]TXLHUGDGHO
JUXSRMXQWRDORV~OWLPRVOHJLRQDULRV
<V~ELWDPHQWH-XDQHO(YDQJHOLVWDDSDUHFLySRUODGHUHFKDDGHODQWiQGRVHKDVWDOOHJDUDOD
DOWXUDGHO0DHVWUR4XHGpHVWXSHIDFWRDQWHODYDOLHQWHGHFLVLyQGHOMRYHQGLVFtSXOR3RUORTXH
SXGHREVHUYDU-XDQGHEtDKDEHUSHUGLGRHOPDQWRHQODDQiUTXLFDGLVSHUVLyQGHORVVHJXLGRUHV
GHOUDEt9HVWtD~QLFDPHQWHVXW~QLFDFRUWDKDVWDODVURGLOODV\HQODIDMDXQDHVSDGD
$O YHUOR ORV SROLFtDV GHO 7HPSOR VH DODUPDURQ \ DGYLUWLHURQ D VX MHIH OD SUHVHQFLD GHO
JDOLOHR(O SHORWyQ VHGHWXYR QXHYDPHQWH \ HOFDSLWiQ GH ORVOHYLWDV RUGHQy D VXVKRPEUHV TXH
SUHQGLHUDQ\DWDUDQWDPELpQD-XDQ3HURFXDQGRORVVLFDULRVGH&DLIiVVHGLVSRQtDQDDPDUUDUOH
$UVHQLXVLQWHUYLQRGHQXHYR$TXHOYHWHUDQRVXERILFLDOVDJD]\GHFRQGLFLyQQREOHVHLQWHUSXVR
HQWUHHODSyVWRO\ORVOHYLWDVH[FODPDQGR
$OWR(VWHKRPEUHQRHVXQWUDLGRUQLWDPSRFRXQFREDUGH/RVKHEUHRVQRSDUHFtDQPX\
GLVSXHVWRV D SHUGHU WDPELpQ DTXHOOD RSRUWXQLGDG \ SURWHVWDURQ HQpUJLFDPHQWH /RV RMRV GHO
D\XGDQWHGHOFHQWXULyQVHFODYDURQHQORVGHOFDSLWiQGHODJXDUGLDGHO6DQHGUtQ%DMRVXURVWUR
SpVLPDPHQWHDIHLWDGRVXVPDQGtEXODVFUXMLHURQ\OHYDQWDQGRHOEDVWyQKDVWDVLWXDUORDXQSDOPR
GHODIUHQWHGHOMHIHGHORVOHYLWDVUHSLWLyHQWRQRDPHQD]DQWH
7H GLJR TXH HVWH KRPEUH QR HV XQ WUDLGRU QL XQ FREDUGH 3XGH YHUOH DQWHV \ QR VDFy VX
HVSDGDSDUDUHVLVWLU$KRUDKDWHQLGRODYDOHQWtDGHOOHJDUKDVWDDTXtSDUDHVWDUFRQVX0DHVWUR
<KDFLHQGRVLOEDUVXYDUDFRQXQDVHULHGHFRUWRV\EUXVFRVJROSHVGHVXPXxHFDDxDGLyDO
WLHPSRTXHHOUHVSRQVDEOHGHORVMXGtRVUHWURFHGtDHVSDQWDGR
4XHQDGLHSRQJDVXVPDQRVVREUHpO/DOH\URPDQDFRQFHGHDWRGRVORVSULVLRQHURVHO
SULYLOHJLR GH XQ DPLJR TXH OH DFRPSDxH DQWH HO WULEXQDO 1DGLH LPSHGLUi SRU WDQWR TXH HVWH
JDOLOHRSHUPDQH]FDDOODGRGHOUHR
(O RGLR \ HO GHVSUHFLR GHORSWLR URPDQR SRU ORV MXGtRV HQ JHQHUDO \ SRU DTXHOORV HQ
SDUWLFXODUGHEtDQVHUWDQFRQVLGHUDEOHVTXHHQHOIRQGRODLQVyOLWDGHFLVLyQGHOVXERILFLDOSXGR
HVWDU PRWLYDGD HQ PL RSLQLyQ QR VyOR SRU OD DGPLUDFLyQ KDFLD HO DXGD] JHVWR GH -XDQ VLQR
WDPELpQ SRU HO PHUR KHFKR GH KXPLOODU \ FRQWUDGHFLU D DTXHOORV FREDUGHV LQFDSDFHV GH
HQIUHQWDUVH SRU Vt PLVPRV DO 1D]DUHQR $O OOHJDU DO SDODFLR GH$QiV -RVp GH$ULPDWHD PH
H[SOLFDUtD FRQ WRGR OXMR GH GHWDOOHV ODV WRUWXRVDV PDQLREUDV GHO ,VFDULRWH \ GH ORV OHYLWDV TXH
OOHJDURQ LQFOXVR D VROLFLWDU GH OD JXDUQLFLyQ URPDQD TXH OHV DFRPSDxDVHQ SDUD SUHQGHU DO
0DHVWUR
<GHERDxDGLUTXHDPLUHJUHVRGHHVWHSULPHUJUDQYLDMHFRQVXOWpDGHVWDFDGRVH[SHUWRV
HQ'HUHFKR\-XULVSUXGHQFLDURPDQRVWUDWDQGRGHDYHULJXDUVLHIHFWLYDPHQWHKDEtDH[LVWLGRHVD
OH\LQYRFDGDSRUHORSWLR3HURKDVWDHOPRPHQWRPLVLQGDJDFLRQHVKDQUHVXOWDGRLQIUXFWXRVDV
/RVDQWLJXRVURPDQRVFRPRKR\ORVLQJOHVHVWUDGLFLRQDOHVQRHUDQPX\DPDQWHVGHOH\HVWDO\
FRPR QRVRWURV ODV LQWHUSUHWDPRV 6X GHUHFKR DIRUWXQDGDPHQWH SDUD HOORV QR VH EDVDED
SUHFLVDPHQWH HQ OH\HV>@ 6HJ~Q ORV HVSHFLDOLVWDV D TXLHQHV SUHJXQWp HVD GLVSRVLFLyQ GHO
VXERILFLDO$UVHQLXV QR VH KDOODED UHxLGD FRQ ODV FRVWXPEUHV GH OD pSRFD \ VREUH WRGR GH ODV
DXWRULGDGHVTXHRFXSDEDQDTXHOODSURYLQFLDURPDQD/DGLVFUHFLRQDOLGDGH[LVWHQWHDODKRUDGH
LPSDUWLUMXVWLFLDRGHWUDWDUDXQSULVLRQHURHUDWDOTXHDOPHQRVSDUDORVHVWXGLRVRVGHO'HUHFKR
5RPDQRODFRQGXFWDGHOVXERILFLDOUHVXOWDEDSHUIHFWDPHQWHSRVLEOH1RSRGHPRVROYLGDUTXHORV
GXHxRV\VHxRUHVGHYLGDV\KDFLHQGDVGHDTXHOUHYROXFLRQDULRSDtVVHJXtDQVLHQGRORVURPDQRV
(VWD SURYLGHQFLDO RUGHQ GHORSWLR GH OD 7RUUH $QWRQLD YLQR D GHVSHMDU RWUD GH PLV
LQWHUURJDQWHV &yPR HUD SRVLEOH TXH -XDQ =HEHGHR IXHUD HO ~QLFR DSyVWRO TXH GHFODUD HQ VXV
HVFULWRVKDEHUVLGRWHVWLJRSUHVHQFLDOGHPXFKRVGHORVVXFHVRVTXHDFRQWHFLHURQDORODUJRGH
DTXHO YLHUQHV" 3RU OyJLFD GH QR KDEHU VLGR SRU HVWD LQDSUHFLDEOH D\XGD GHO VXERILFLDO
$UVHQLXV HO VHJXLGRU GH -HV~V KDEUtD WHQLGR PXFKRV SUREOHPDV SDUD SRGHU DVLVWLU D ORV
LQWHUURJDWRULRV\DODFUXFLIL[LyQ7DO\FRPRHVWDEDQODVFRVDVKXELHUDVLGRFDVLLPSRVLEOHTXH
ODVFDVWDVVDFHUGRWDOHVTXHRGLDEDQDO0DHVWUR\DVXVGLVFtSXORVFHGLHUDQ\DFHSWDVHQOD
OLEUHSUHVHQFLDGHQLQJXQRGHORVDPLJRVGHOSULVLRQHUR6yORXQDLPSRVLFLyQVXSHULRUHPDQDGD
HQ HVWH FDVR GH OD DXWRULGDG URPDQD SXGR SHUPLWLU D -XDQ OD DVLVWHQFLD D ORV UHVWULQJLGRV
SUROHJyPHQRVGHODPXHUWHGH&ULVWR
&RPRPHGLGDSUHFDXWRULDHOVXERILFLDOURPDQRRUGHQyDXQRGHVXVKRPEUHVTXHGHVDUPDUD
D-XDQ<HOSHORWyQFRQWLQXyVXFDPLQR
(OS~EOLFRUHFRQRFLPLHQWRGHODYDOHQWtDGH-XDQSRUSDUWHGHOVXERILFLDOURPDQRUHSUHVHQWy
XQGXURJROSHSDUDODGLJQLGDGGH-XGDV$YHUJRQ]DGRFRQODFDEH]DEDMD\HOFHxRFRQWUDtGR
IXHDPLQRUDQGRHOSDVRKDVWDTXHGDUVHVROR\UH]DJDGR<DVtOOHJyDODFDVDGH$QiV
-XDQ SUXGHQWHPHQWH QR KDEOy HQ QLQJ~Q PRPHQWR FRQ VX 0DHVWUR QL pVWH KL]R WDPSRFR
LQWHQFLyQDOJXQDGHGLULJLUVHDOMRYHQ/DVFLUFXQVWDQFLDVDGHPiVQRORKDFtDQDFRQVHMDEOH6LQ
HPEDUJRFXDQGRHQILODPRVODVGHVLHUWDVFDOOHVGH-HUXVDOpQPHODVLQJHQLpSDUDVLWXDUPHDOODGR
GHO =HEHGHR \ SUHJXQWDUOH SRU HO UHVWR GH ORV KRPEUHV \ PX\ HVSHFLDOPHQWH SRU TXp KDEtD
WRPDGRDTXHOODDUULHVJDGDGHFLVLyQGHXQLUVHD-HV~V(ODSyVWROFRQORVRMRVHQURMHFLGRVSRUHO
LQLQWHUUXPSLGROODQWRSDUHFLyDOHJUDUVHXQSRFRDOFRPSUREDUTXHQRVHKDOODEDGHOWRGRVROR\
PH FRQIHVy TXH XQD YH] TXH ORJUDURQ GHVSLVWDU D ORV OHJLRQDULRV 3HGUR \ pO KDEtDQ GHFLGLGR
VHJXLU D -HV~V 'HO UHVWR VyOR VDEtD TXH KDEtD KXLGR HQ GLUHFFLyQ DO FDPSDPHQWR 'XUDQWH HO
VLJLORVRVHJXLPLHQWR-XDQUHFRUGyODVLQVWUXFFLRQHVTXHOHGLHUDHO0DHVWURHQHOVHQWLGRGHTXH
SHUPDQHFLHUDDVXODGR\VHDSUHVXUyDDOFDQ]DUOH0LHQWUDVWDQWR3HGURVLHVTXHQRKDEtD
FDPELDGRGHSDUHFHUGHEtDHQFRQWUDUVHDFLHUWDGLVWDQFLDVLJXLpQGRQRV\FDPXIODGRHQWUHOD
PDOH]D
+DFLD ODV GRV \ FXDUWR GH OD PDGUXJDGD OD FRPLWLYD VH GHWXYR DQWH OD UHVLGHQFLD GH$QiV
PX\FHUFDGHOD3XHUWDGH6LyQHQHOH[WUHPRRHVWHGHODFLXGDG\DFRUWDGLVWDQFLDVHJ~QPLV
FiOFXORVGHODFDVDGH-XDQ0DUFRV$OOtIUHQWHDODFDQFHODGHOHVSDFLRVRMDUGtQTXHVHDEUtD
IUHQWH DO SDODFHWH HO VXERILFLDO URPDQR FHGLy RILFLDOPHQWH DO SULVLRQHUR DO MHIH GH ORV OHYLWDV
3HURDQWHVGLULJLpQGRVHDXQRGHORVOHJLRQDULRV\GHIRUPDTXHWRGRVSXGLpUDPRVRtUOHRUGHQy
$FRPSDxDDOSUHVR\YHODSDUDTXHHVWRVPLVHUDEOHVQROHPDWHQVLQHOFRQVHQWLPLHQWRGH
3RQFLR(YLWDTXHORDVHVLQHQ\JXDUGDGHTXHDHVWHJDOLOHRGLMRUHILULpQGRVHD-XDQOHHVWp
SHUPLWLGRDFRPSDxDUOHHQWRGRPRPHQWR2EVHUYDELHQFXDQWRVXFHGD
< GDQGR PHGLD YXHOWD VH DOHMy GHO OXJDU HQ FRPSDxtD GHO SHORWyQ GH OHJLRQDULRV $O
GHVSHGLUPH GHO VROGDGR GHSRVLWp GLVLPXODGDPHQWH XQD PRQHGD GH SODWD HQWUH VXV GHGRV
DJUDGHFLpQGROH VX D\XGD \ URJiQGROH TXH DQWHV GH UHJUHVDU D OD IRUWDOH]D OH KDEODVH DO
FRPSDxHURTXHKDEtDVLGRGHVLJQDGRSRU$UVHQLXVSDUDSURWHJHUD-HV~V\D-XDQ\OHVXSOLFDVH
TXH PH SHUPLWLHUD KDFHUOHV FRPSDxtD (O LQIDQWH VRQULy \ VLQ IRUPXODU SUHJXQWD DOJXQD VH
HQWHQGLy FRQ HO OHJLRQDULR SDUD TXH PLV GHVHRV IXHVHQ FXPSOLGRV 2WUR GLVFUHWR \ RSRUWXQR
GHQDULRGHSODWDHQHOSXxRGHHVWH~OWLPRWHUPLQySRUGLVLSDUWRGDVODVVXVSLFDFLDV\UHFHORV'H
PRPHQWRPLSUHVHQFLDHQODVHGHGH$QiVHVWDEDJDUDQWL]DGD
8QDYH]HQHOSDWLRSDUWHGHODJXDUGLDGHO7HPSORVHGHVSLGLyDOHMiQGRVHGHODVXQWXRVD
UHVLGHQFLDGHOH[VXPRVDFHUGRWH<YDULRVVHUYLGRUHVGH$QiVDFXGLHURQSUHFLSLWDGDPHQWHKDVWD
HOMHIHGHORVOHYLWDV(VWHOHVRUGHQyTXHDYLVDUDQDVXDPR
(OSULVLRQHURKDOOHJDGROHVGLMRVHxDODQGRDO1D]DUHQRTXHVHJXtDFRQODVPDQRVDWDGDV
D OD HVSDOGD H LQPyYLO HQ PLWDG GH DTXHO HQORVDGR FXDGUDQJXODU -XDQ FRQWLQXDED DO ODGR GHO
0DHVWUR\HOOHJLRQDULRDVXYH]SURFXUDEDQRSHUGHUGHYLVWDDQLQJXQRGHORVGRVDVtFRPRD
XQUHGXFLGRJUXSRGHSROLFtDV\VLUYLHQWHVGHO7HPSORTXHVHDIDQDEDQHQODSUHSDUDFLyQGHXQD
IRJDWD$SLODURQYDULRVWURQFRVHQXQDGHODVHVTXLQDVGHORVFXURSDWLR\GHVSXpVGHURFLDUORV
FRQ DFHLWH LQFOLQDURQ XQD GH ODV WHDV VREUH OD OHxD SUHQGLpQGROH IXHJR /D WHPSHUDWXUD KDEtD
GHVFHQGLGRDOJXQRVJUDGRV\FDVLWRGRVORVDOOtSUHVHQWHVIXHURQDSUR[LPiQGRVHDODLPSURYLVDGD
KRJXHUD$ORVSRFRVPLQXWRVHQHOFHQWURGHOSDWLRVyORTXHGiEDPRV-HV~VHOMHIHGHORVOHYLWDV
TXHVHJXtDVRVWHQLHQGRODJUXHVDPDURPDFRQODTXHKDEtDQPDQLDWDGRDO+LMRGHO+RPEUH
HOMRYHQGLVFtSXORHOVROGDGRURPDQR\\R)UHQWHDQRVRWURVVHOHYDQWDEDXQDUHJLDPDQVLyQGH
GRV SODQWDV FRQ XQD IDFKDGD HQWHUDPHQWH GH SLHGUD ODEUDGD \ XQDV GHOLFDGDV HVFDOLQDWDV
VHPLFLUFXODUHV GH PiUPRO (Q OD SXHUWD GpELOPHQWH LOXPLQDGD SRU VHQGRV IDUROHV GH DFHLWH VH
KDOODEDXQDPXMHUJUXHVDGHEDMDHVWDWXUDTXHVRQUHtDVLQFHVDU
3HURDTXHOODSULPHUDH[SORUDFLyQGHOUHFLQWRVHYLRLQWHUUXPSLGDSRUODUHSHQWLQDDSDULFLyQ
GH -XGDV (O WUDLGRU DFDEDED GH OOHJDU D OD FDVD GH $QiV 3HUR DO YHU D -HV~V \ D -XDQ
SHUPDQHFLy WUDV ODV DOWDV UHMDV TXH VH HOHYDEDQ VREUH HO FHUFDGR GH SLHGUD < D ORV SRFRV
PLQXWRVVHDOHMyVLJXLHQGRODPLVPDFDOOHTXHKDEtDWRPDGRHOJUXHVRGHODSROLFtDOHYtWLFD(Q
VX URVWUR GXUR H LPSDVLEOH QR DSUHFLp VHxDO DOJXQD GH DUUHSHQWLPLHQWR$O FRQWUDULR 7XYH OD
VHQVDFLyQGHTXHGXUDQWHDTXHOORVLQVWDQWHVHO,VFDULRWHGLVIUXWyGHOHVSHFWiFXOR(QHOIRQGR
VXYHQJDQ]DFRQWUDHO0DHVWUR\FRQWUDHOGLVFtSXORDPDGRGH-HV~VHPSH]DEDDIUXFWLILFDU
-XDQ WDPELpQ YLR D -XGDV 1R DVt HO 1D]DUHQR TXH SHUPDQHFtD GH HVSDOGDV D OD SXHUWD GH
HQWUDGD(OVHPEODQWHGHO*DOLOHRQRKDEtDVXIULGRFDPELRDOJXQR6HJXtDOLJHUDPHQWHSiOLGR\
JUDYH6XVRMRVDSHQDVVLVHKDEtDQOHYDQWDGRHQXQSDUGHRFDVLRQHV
<DORVSRFRVPLQXWRVGHODPDUFKDGHOWUDLGRUYROYtDVREUHVDOWDUPH$KRUDHUD3HGURHO
TXHVHKDOODEDGHWUiVGHORVEDUURWHVGHODFHUFD1RHQWLHQGRFyPRQRVHFUX]yFRQ-XGDV
1HUYLRVRFDPLQDEDGHXQODGRDRWURGHODYHUMDWUDWDQGRGHKDFHUVHQRWDU-XDQDOYHUOR
PHKL]RXQDVHxDOFRQORVRMRV$VHQWtFRQODFDEH]DLQGLFiQGROHTXH\DPHKDEtDGDGRFXHQWD
6LQFHUDPHQWHVHQWtOiVWLPDSRUDTXHOLPSHWXRVRSHURFiOLGR\ERQDFKyQDSyVWRO
$OFHUFLRUDUVHGHTXHWDQWR-XDQFRPR\RKDEtDPRVUHSDUDGRHQVXSUHVHQFLD6LPyQDJDUUy
ORV KLHUURV FRQ DPEDV PDQRV \ FRPHQ]y D JHVWLFXODU FRQ OD ERFD -XDQ \ \R QRV PLUDPRV VLQ
WHUPLQDUGHFRPSUHQGHUODVLQWHQFLRQHVGH3HGUR$OILQVHxDODQGRFRQHOGHGRtQGLFHKDFLDVX
SHFKR PRYLy OD FDEH]D FRPXQLFiQGRQRV FRQ DTXHOOD PtPLFD ODELDO TXH pO WDPELpQ GHVHDED
HQWUDUHQODFDVD<ROHPLUpHQFRJLpQGRPHGHKRPEURV4XpSRGtDKDFHU"
(QHVHLQVWDQWHXQRGHORVVLUYLHQWHVGH$QiVVDOLyGHODPDQVLyQKDFLHQGRXQJHVWRDOMHIH
GHORVOHYLWDVSDUDTXHHQWUDVH0HYROYtKDFLD3HGUR\OHtHQVXURVWURODPiVSURIXQGDGHODV
GHVRODFLRQHV3HURDOFUX]DUHOXPEUDO-XDQVHGLULJLyDODPXMHUTXHSHUPDQHFtDHQODSXHUWD
URJiQGROHTXHGHMDUDSDVDUDVXDPLJR<HODSyVWROVHxDOyD3HGURFRQODPDQR
4XHGpGHVFRQFHUWDGRDORtUFyPRODJUXHVDPDWURQDVLQSHVWDxHDUVLTXLHUD\HQXQWRQR
FRUGLDO DFFHGtD D OD SHWLFLyQ GHO =HEHGHR OODPiQGROH LQFOXVR SRU VX QRPEUH GH SLOD $ OR
ODUJRGHHVDDQJXVWLRVDPDGUXJDGD-XDQPHDFODUDUtDTXHQRKDEtDQLQJ~QVHFUHWRHQHODPDEOH
FRPSRUWDPLHQWR GH OD JXDUGHVD 7DQWR pO FRPR VX KHUPDQR 6DQWLDJR HUDQ YLHMRV FRQRFLGRV GH
DTXHOODPXMHU\GHORVVLUYLHQWHVGHODFDVD-XDQ\VXIDPLOLDHVSHFLDOPHQWHVXPDGUH6DORPp
SDULHQWHOHMDQDGH$QiVKDEtDQVLGRLQYLWDGRVHQQXPHURVDVRFDVLRQHVDOSDODFHWHGHOH[VXPR
VDFHUGRWH
0LHQWUDV HO MHIH GH ORV OHYLWDV FRQGXFtD DO 1D]DUHQR DO LQWHULRU GH OD PDQVLyQ OD SRUWHUD
GHVFHQGLyODVHVFDOLQDWDVSURFHGLHQGRDIUDQTXHDUODHQWUDGDDOGHFDtGR\DWHPRUL]DGR3HGUR
$OOt PLVPR IXL SUHVD GH RWUD JUDYH GXGD $O YHU HQWUDU D 6LPyQ UHFRUGp TXH VL ORV
(YDQJHOLRVQRHUUDEDQODVIDPRVDVQHJDFLRQHVGHOIRJRVRGLVFtSXORQRWDUGDUtDQHQSURGXFLUVH
<DXQTXHORVHYDQJHOLVWDV0DWHR0DUFRV\/XFDVVLWXDEDQWDOHVQHJDFLRQHVHQODVHGHGHOVXPR
VDFHUGRWH &DLIiV VXSXVH TXH HO WHVWLPRQLR GH -XDQ TXH PHQFLRQD HVWH VXFHVR HQ HO SDWLR GH
$QiVGHEtDVHUHOFRUUHFWR
(OGLVFtSXORDOFRPSUREDUPLLQGHFLVLyQPHLQVWyDTXHOHDFRPSDxDVH3HURHOHJtTXHGDUPH
HQHOSDWLRMXQWRD3HGUR<DVtVHORGLMH'HVSXpVGHWRGRORTXHSXGLHUDRFXUULUHQHOLQWHULRU
GHODFDVDGHOVXHJURGH&DLIiVVHKDOODEDSHUIHFWDPHQWHFXELHUWRFRQODSUHVHQFLDGH-XDQ
(VWRVUD]RQDPLHQWRVPHWUDQTXLOL]DURQDPHGLDV\VLQSHUGHUXQVHJXQGRDFXGtDOHQFXHQWUR
GH3HGUR
(O KRPEUH DO YHUPH VH DEUD]y D Pt VLQ SRGHU FRQWHQHU ODV OiJULPDV (VWDED FRQIXVR 1R
DFHUWDED D HQWHQGHU OR TXH HVWDED SDVDQGR \ SRU TXp -HV~V VH KDEtD GHMDGR SUHQGHU WDQ
IiFLOPHQWHeOFDSD]GHUHVXFLWDUDORVPXHUWRVVHODPHQWDEDXQD\RWUDYH]QRKDPRYLGR
XQVyORGHGRSDUDLPSHGLUTXHOHFDSWXUDVHQ<ORTXHHVSHRUDxDGtDFRQXQDUDELDVRUGD
HVTXHQLVLTXLHUDQRVKDGHMDGRDQRVRWURVODRSRUWXQLGDGGHD\XGDUOH3RUTXp"3RUTXp"
$GXUDVSHQDVWUDWpGHVHUHQDUVXViQLPRV3HURVXHVFDVDLQWHOLJHQFLD\VXSDVLyQSRU-HV~V
QROHSHUPLWtDQUD]RQDUFRQFODULGDG6XPHQWHHUDXQWRUEHOOLQRGRQGHVHPH]FODEDQSRULJXDOHO
RGLRKDFLD-XGDV\KDFLDORVPLHPEURVGHO6DQHGUtQHOPLHGRSRUVXSURSLDVHJXULGDG\ODGHO
JUXSR \ XQD LQPHQVD LQFHUWLGXPEUH SRU HO UXPER TXH HVWDEDQ WRPDQGR ORV DFRQWHFLPLHQWRV (V
WULVWH\FDVLLQFUHtEOHSHURQRPHFDQVDUpGHLQVLVWLUHQHOORQL3HGURQLHOUHVWRGHORVDSyVWROHV
KDEtDQHQWHQGLGRDDTXHOODVDOWXUDVODYHUGDGHUDPLVLyQGHO+LMRGHO+RPEUH
6LPyQKDEtDHPSH]DGRDWHPEODU1RVpD~QVLGHPLHGR\DQJXVWLDRGHIUtR(OFDVRHVTXH
LQFRQVFLHQWHPHQWHQRVIXLPRVDSUR[LPDQGRDODIRJDWD0HGLDGRFHQDGHOHYLWDV\VHUYLGRUHVGH
$QiVVHKDEtDQVHQWDGRDODWXUFDFDOHQWiQGRVHPX\FHUFDGHOIXHJR
<RKLFHRWURWDQWR\3HGURVLJXLyHQSLHFRQORVRMRVSHUGLGRVHQODVOODPDV
(QHVRODPXMHUTXHOHKDEtDDELHUWRODFDQFHODVDOLyQXHYDPHQWHGHODFDVDVLWXiQGRVHEDMR
HOGLQWHOGHODSXHUWD/RVSROLFtDVFRPHQWDEDQODVLQFLGHQFLDVGHOSUHQGLPLHQWRPDOGLFLHQGRD
ORV URPDQRV 8QR GH HOORV VLQ HPEDUJR DOXGLy DO JHVWR GHO UDEt TXH KDEtD FXUDGR
PLODJURVDPHQWHD0DOFR3HURODWtPLGDGHIHQVDGHOOHYLWDIXHVRIRFDGDGHLQPHGLDWRSRUYDULRV
GH ORV FRQWHUWXOLRV TXH H[SOLFDURQ HO VXFHVR FRPR RWUD FODUD SUXHED GHO SRGHU GLDEyOLFR GH
-HV~V 8QR GH ORV DFpUULPRV GHIHQVRUHV GH HVWD KLSyWHVLV UHFRUGy D VXV FRPSLQFKHV FyPR ORV
GHPRQLRV HUDQ HQ UHDOLGDG iQJHOHV FDtGRV LQYLVLEOHV R FDSDFHV GH DGRSWDU ODV PiV H[WUDxDV
IRUPDVGHMDQGRFDVLVLHPSUHXQDVKXHOODVVLPLODUHVDODVGHORVJDOORV2WURGHORVVHUYLGRUHV
GHO 7HPSORVHRSXVR URWXQGDPHQWH DHVWD H[SOLFDFLyQDUJXPHQWDQGRTXH ORVGHPRQLRVHUDQ HQ
UHDOLGDGORVKLMRVTXHKDEtDHQJHQGUDGR$GiQFXDQGRWHQtDDxRV
/DGLVFXVLyQVHKDOODEDHQSOHQRKHUYRUFXDQGRLQHVSHUDGDPHQWHODJXDUGHVDVLQSHUGHU
DTXHOOD FRQVWDQWH \ PDOLFLRVD VRQULVD DYDQ]y KDFLD HO IXHJR LQFUHSDQGR D 3HGUR GHVGH HO
H[WUHPRRSXHVWRGHOFtUFXOR
1RHUHVW~WDPELpQXQRGHORVGLVFtSXORVGHHVWHKRPEUH"
/RVSROLFtDVVHYROYLHURQKDFLD6LPyQFRQJHVWRDPHQD]DQWH\HODSyVWROFX\RVSHQVDPLHQWRV
VH KDOODEDQ PX\ OHMRV GH HVWH V~ELWR DWDTXH DEULy ORV RMRV GHVPHVXUDGDPHQWH VLQ SRGHU GDU
FUpGLWRDORTXHHVWDEDVXFHGLHQGR
$TXHOOD SUHJXQWD HQ HO IRQGR HUD WDQ DEVXUGD FRPR PDO LQWHQFLRQDGD 6L 3HGUR KXELHUD
UHDFFLRQDGR FRQ XQ PtQLPR GH IULDOGDG \ VHQWLGR FRP~Q VH KDEUtD GDGR FXHQWD TXH OD PDWURQD
KDEtD VLGR OD SHUVRQD TXH SUHFLVDPHQWH OH KDEtD DELHUWR OD FDQFHOD D SHWLFLyQ GH -XDQ (UD
REYLRSRUWDQWRTXHODPXMHUHVWDEDDOWDQWRGHODDPLVWDGH[LVWHQWHHQWUHDPERV3HURHOPLHGR
XQDYH]PiVVHDSRGHUyGHVXFHUHEUR\FDVLWDUWDPXGHDQGRUHVSRQGLy
1RORVR\
/D SRUWHUD VLJXLy LPSDVLEOH MXQWR DO IXHJR 3HUR VX DWHQFLyQ VH GHVYLy SURQWR KDFLD OD
FRQYHUVDFLyQ GH ORV VLUYLHQWHV \ OHYLWDV TXH KDEtDQ YXHOWR D HQ]DU]DUVH HQ HO DVXQWR GH ORV
GHPRQLRV 1LQJXQR GH ORV DOOt SUHVHQWHV SDUHFLy GDU GHPDVLDGD LPSRUWDQFLD D OD SUHVHQFLD GH
3HGURQLDVXSRVLEOHYLQFXODFLyQFRQHOSULVLRQHUR6LHODSyVWROKXELHUDUHSDUDGRHQHVWDDFWLWXG
JHQHUDOL]DGDGHORVOHYLWDVSUREDEOHPHQWHKDEUtDORJUDGRUHPRQWDUVXSiQLFR
&XDQGR GLULJt ORV RMRV KDFLD pO VX URVWUR KDEtD HQURMHFLGR 6LPyQ HYLWy PL PLUDGD
PRUGLpQGRVHORVODELRV\DUUXJDQGRQHUYLRVDPHQWHORVSOLHJXHVGHVXPDQWR(QHVHPRPHQWRFDt
HQODFXHQWDGHTXHQROOHYDEDVXDFRVWXPEUDGDHVSDGD6LQGXGDODKDEtDSHUGLGRHQODKXLGDR
TXL]iVVHKDEtDGHVHPEDUD]DGRGHHOODDQWHVGHDFHUFDUVHDODFDVDGH$QiV
(O SROLFtD FX\D YHUVLyQ VREUH ORV GHPRQLRV KDEtD VLGR LQWHUUXPSLGD SRU OD OOHJDGD GH OD
SRUWHUDUHWRPyHOKLORGHVXH[SRVLFLyQKDFLHQGRYHUDORVSUHVHQWHVTXHHO*DOLOHRELHQSRGtD
VHUXQRGHHVRVKLMRVGH$GiQ
3HURODH[SOLFDFLyQGHOOHYLWDQRVDWLVIL]RDODPD\RUtD2WURGHORVVHUYLGRUHVGHO6DQHGUtQ
DxDGLyTXHJHQHUDOPHQWHHVWRVGLDEORVVROtDQKDELWDUHQORVSDQWDQRVUXLQDV\DODVRPEUDGH
GHWHUPLQDGRViUEROHV
(VWHDSXQWyQRHVHOFDVRGHHVHJDOLOHR7RGRVORKHPRVYLVWRSUHGLFDUDELHUWDPHQWH
HQ PLWDG GH OD H[SODQDGD GH ORV *HQWLOHV 4Xp FODVH GH GHPRQLR DFWXDUtD DVt" < QR
ROYLGHPRVWHUFLyRWURGHORVSUHVHQWHVTXHHOUDEtGH*DOLOHDKDFXUDGRDPXFKRVOLVLDGRV
>@
(QVLPLVPDGRHQDTXHOODWHUWXOLDQRUHSDUpHQODSUHVHQFLDDPLVHVSDOGDVGHXQDILJXUD$O
VHQWLUXQDPDQRVREUHPLKRPEURL]TXLHUGRPHVREUHVDOWp(UD-RVpGH$ULPDWHD
0H OHYDQWp GH LQPHGLDWR VHSDUiQGRPH GH OD IRJDWD \ FDPLQDQGR FRQ HO DQFLDQR KDFLD HO
FHQWURGHOSDWLR
7DQWR pO FRPR \R DUGtDPRV HQ GHVHRV GH LQWHUURJDUQRV PXWXDPHQWH /H DQXQFLp TXH HO
0DHVWUR KDEtD VLGR FRQGXFLGR D OD SUHVHQFLD GH $QiV SRQLpQGROH HQ DQWHFHGHQWHV GH FXDQWR
KDEtDVXFHGLGRHQODILQFDGH6LPyQHOOHSURVR\HQHOFDPLQRGHO2OLYHWH
-RVp HVFXFKy HQ VLOHQFLR PRYLHQGR GH YH] HQ FXDQGR OD FDEH]D HQ VHxDO GH SUHRFXSDFLyQ
3RUVXSXHVWRHVWDEDDOFRUULHQWHGHODVDQGDQ]DVGHO,VFDULRWH(OUiSLGRDYLVRGH-XDQ0DUFRVOH
KDEtDSHUPLWLGRWUDVODGDUVHPX\DWLHPSRDO7HPSORFRQWURODQGRORVVXFHVLYRVSDVRVGH-XGDV
$OOtVHHQFRQWUyFRQ,VPDHOHOVDGXFHRTXHFRQWULEX\yHILFD]PHQWHHQVXVSHVTXLVDV
(O GH $ULPDWHD KL]R DGHPiQ GH HQWUDU HQ OD PDQVLyQ SHUR OH UHWXYH URJiQGROH TXH PH
LQIRUPDVHVREUHODFRQGXFWDGHOWUDLGRU<VLQTXHUHUHPSHFpDERPEDUGHDUOHFRQWRGRWLSRGH
SUHJXQWDV 4XLpQ HUD DTXHO PLVWHULRVR DPLJR TXH OH DFRPSDxy KDVWD HO 7HPSOR" 4Xp KDEtD
RFXUULGRHQHOLQWHULRUGHO6DQWXDULR"3RUTXp-XGDVKDEtDHVSHUDGRKDVWDODPHGLDQRFKHSDUD
OOHYDUDFDERODFDSWXUDGHO1D]DUHQR"3RUTXpVHDGHODQWyDOSHORWyQ"
-RVpPHSLGLyFDOPD
(QSULPHUOXJDUSXQWXDOL]yHODQFLDQRHVHDFRPSDxDQWHDOTXHWHUHILHUHV\TXH-XGDV
UHFRJLyDQWHVGHVXOOHJDGDDO7HPSORVHOODPDWDPELpQ$QiV(VSULPRVX\R(OPLVPRGHOTXH
QRV KDEOy ,VPDHO \ TXH KL]R OD SUHVHQWDFLyQ GHO WUDLGRU D ORV VDFHUGRWHV HQ OD PDxDQD GHO
PLpUFROHV
&XDQGR OOHJXp DO VDQWXDULR DPERV VH KDOODEDQ SDUODPHQWDQGR FRQ HO SRUWHURMHIH GH OD
FRUUHVSRQGLHQWH VHFFLyQ VHPDQDO>@ (Q HVWD RFDVLyQ HO WXUQR KDEtD UHFDtGR HQ HO OHYLWD
<RMDQiQEHQ*XGJHGDXQLQGLYLGXRHVSHFLDOPHQWHEUXWDO3DUDTXHWHKDJDVXQDLGHDGHVXFDODxD
WHGLUpTXHQRVyORJROSHDFRQVXEDVWyQDORVJXDUGLDQHVTXHGHVFXEUHGRUPLGRVVLQRTXHHQ
RFDVLRQHVKDOOHJDGRDSUHQGHUIXHJRDVXVYHVWLGRV
3XHV ELHQ HVWH FDSLWiQ GH OD JXDUGLD QRFWXUQD HVFXFKy DWHQWDPHQWH OD LQIRUPDFLyQ GH
-XGDV(OWUDLGRU\VXSULPROHH[SOLFDURQTXHHO0DHVWURVHHQFRQWUDEDHQDTXHOORVPRPHQWRVHQ
XQD FDVD GHO EDUULR EDMR HQ OD GH (OtDV 0DUFRV FRPR ELHQ VDEHV \ TXH VX SUHQGLPLHQWR
SRGtDVHUFyPRGR6HJ~QHO,VFDULRWHVyORGRVGHORVRQFHKRPEUHVTXHKDEtDQTXHGDGRHQHO
FHQiFXORFHxtDQHVSDGDV
3HGUR\6LPyQ=HORWHV3HUR-XGDVDGYLUWLyD*XGJHGDTXHQRFRQYHQtDGHVFXLGDUVH(QHO
FDPSDPHQWR GH *HWVHPDQt SHUPDQHFtDQ DOUHGHGRU GH VHVHQWD GLVFtSXORV \ DOOt Vt H[LVWtD XQ
UHVSHWDEOHDUVHQDOGHDUPDV
*UDFLDVDOFLHORORVSODQHVGHOWUDLGRUQRVDOLHURQWDO\FRPRpOKDEtDSUHYLVWR
3RUTXp"LQWHUURJXpDODQFLDQRFRQJUDQFXULRVLGDG
-XGDV KDEtD OOHJDGR DO 7HPSOR DQWHV GH OR SUHYLVWR \ IXHURQ QHFHVDULDV PXFKDV LGDV \
YHQLGDVGHOSRUWHURMHIHKDVWDODVHGHGH&DLIiV\DODVGLVWLQWDVGHSHQGHQFLDVGHO7HPSORSDUD
OOHJDUDUHXQLUXQQ~PHURDSURSLDGRGHSROLFtDV(UDLPSRVLEOHHFKDUPDQRGHORVTXHPRQWDEDQ
JXDUGLDHQDTXHOORVPRPHQWRVHQHOH[WHULRUHLQWHULRUGHO6DQWXDULR\HVRFRPRWHGLJRUHWUDVy
FRQVLGHUDEOHPHQWH OD VDOLGD GHO SHORWyQ /DV GLILFXOWDGHV SDUD HQFRQWUDU KRPEUHV IUDQFRV GH
VHUYLFLR IXHURQ WDOHV TXH DO ILQDO GHVHVSHUDGR HO VDQJXLQDULR <RMDQiQ VH YLR REOLJDGR D
VROLFLWDUGHOVXPRVDFHUGRWHHQIXQFLRQHVHODSR\RGHORVVHUYLGRUHV\FRQILGHQWHVGH&DLIiV(Q
WRWDOVLQRUHFXHUGRPDOVDOLHURQGHO7HPSORXQRVWUHLQWD\FLQFRRFXDUHQWDHVELUURVDUPDGRV
FRQWRGDFODVHGHPD]DV\SDORV
3HUR\ODHVFROWDURPDQD"OHLQWHUUXPStGHQXHYRVLQSRGHUFRQWHQHUPH
$JXDUGD -DVyQ &RPR WH KH GLFKR DIRUWXQDGDPHQWH ODV FRVDV QR LEDQ VXFHGLHQGR FRPR
KDEtDQVLGRSODQHDGDV(O6DQHGUtQTXHUtDSUHQGHUDO0DHVWURFXDQGRODFLXGDGTXHGDVHYDFtD<
pVWDHUDWDPELpQODLQWHQFLyQGH-XGDVTXHSRUORTXHSXGHGHGXFLUVHQWtDPLHGRDQWHODSRVLEOH
UHDFFLyQ\UHSUHVDOLDVGHORVKRPEUHVGH-HV~V
7RWDOTXH,VPDHOVHHQFDUJyGHVHJXLUDOSHORWyQPLHQWUDV\RSHUPDQHFtDHQHOWHPSORHQ
SUHYLVLyQGHQXHYRVDFRQWHFLPLHQWRV
3HUR HO WUDLGRU \ VX JUXSR URGHDURQ OD FDVD GH 0DUFRV FXDQGR HO 0DHVWUR \ ORV RQFH
DFDEDEDQ SUiFWLFDPHQWH GH VDOLU KDFLD HO KXHUWR (VD IXH OD LQIRUPDFLyQ TXH UHFLELy ,VPDHO GH
(OtDV
(QWRQFHV-XGDVQROOHJyDYHUD-HV~V\DORVRQFH
1R3HURIDOWyPX\SRFR6LODSDWUXOODQRVHKXELHUDGHPRUDGRWDQWRVHJXURTXHODFDSWXUD
GHO0DHVWURVHSURGXFHDOOtPLVPR(OtDVDOYHUD-XGDV\DORVKRPEUHVDUPDGRVVHGLRFXHQWD
HQVHJXLGDGHVXVIXQHVWDVLQWHQFLRQHV\VHQHJyDKDEODUFRQHO,VFDULRWHDUURMiQGROHGHVXFDVD
DSDWDGDV
$SDWDGDV"
6t\PHWHPRTXHHVDRIHQVDSXHGHFRVWDUOHFDUDDOSREUH(OtDV
+DEtDDOJRTXHQRWHUPLQDEDGHFRPSUHQGHU<DVtVHORFRPHQWpD-RVp
6L-XGDVFRQRFtDODVFRVWXPEUHVGHO0DHVWURSRUTXpQROHVLJXLyKDVWD*HWVHPDQt"
(OGH$ULPDWHDGLEXMyXQDWULVWHVRQULVD
6LFRQRFLHUDVD-XGDVORHQWHQGHUtDV+XPLOODGR\WHPHURVRDQWHODYLROHQWDUHDFFLyQGHO
SURSLHWDULRGHODFDVDHO,VFDULRWHGHELyFRPSUHQGHUTXHVLODDFWXDFLyQGHDTXHOVHJXLGRUGHO
UDEtKDEtDVLGRWDQUDGLFDOODGHOJUXSRDFDPSDGRHQODILQFDGH6LPyQQRSRGtDVHUPHQRU<
VHJ~Q,VPDHOHOWUDLGRUFDGDYH]PiVQHUYLRVRH[SOLFyDORVTXHOHVHJXtDQTXHHO1D]DUHQR
\ VXV tQWLPRV SRGtDQ KDEHU WRPDGR OD GLUHFFLyQ GHO 2OLYHWH &XDQGR ORV OHYLWDV OH DSUHPLDURQ
SDUDVDOLUHQVXSHUVHFXFLyQHO,VFDULRWHOHVGHWXYRDVHJXUDQGRTXHQRHUDSUXGHQWHHQIUHQWDUVHD
VHVHQWD KRPEUHV DUPDGRV FRQ HVSDGDV $TXHO FDPELR GH SODQHV DGHPiV VLJQLILFDED TXH OD
SROLFtD GHO 7HPSOR WHQGUtD TXH OXFKDU \ SRVLEOHPHQWH FDSWXUDU WDPELpQ D ORV DSyVWROHV R
FXDQGR PHQRV D ORV OtGHUHV GHO JUXSR GH *HWVHPDQt < ODV yUGHQHV GH &DLIiV QR HUDQ
SUHFLVDPHQWH pVWDV 3DUD HO VXPR VDFHUGRWH HO ~QLFR KRPEUH LPSRUWDQWH HUD HO *DOLOHR 4Xp
KDFHUHQWRQFHV"
(O SHORWyQ VH HQFRQWUy SXHV HQ XQD GLItFLO HQFUXFLMDGD< DQWHV GH DUULHVJDUVH WRPDQGR
DGHPiVXQDLQLFLDWLYDTXHQRKDEtDVLGRFRQWHPSODGDSRU&DLIiVGHFLGLHURQUHJUHVDUDOWHPSOR
$TXHOOR WUDQTXLOL]y XQ SRFR D -XGDV SHUR DXPHQWy HO QHUYLRVLVPR GH ORV MHIHV GH ORV
OHYLWDV7DO\FRPRVXSRQtDODUHXQLyQVHFUHWDGH&DLIiVFRQVXVLQFRQGLFLRQDOHVGHO6DQHGUtQ
KDEtDVLGRILMDGDSDUDODPHGLDQRFKH<DHVRGHODVRQFHFXDQGR-XGDV\HOJUXSRUHWRUQDURQDO
WHPSORDOJXQRVGHORVIDULVHRVHVFULEDV\VDGXFHRVKDEtDQHPSH]DGRDOOHJDUKDVWDODVDODGHODV
SLHGUDVWDOODGDV(OQHUYLRVLVPRGHORVSROLFtDVDOSUHVHQWDUVHDQWH&DLIiVVLQHOSULVLRQHUR
HUDPiVTXHFRPSUHQVLEOH(OWLHPSRVHOHVHFKDEDHQFLPD\SRUXQPRPHQWRWDQWR-XGDVFRPR
ORV VDFHUGRWHV OOHJDURQ D FRQWHPSODU OD LGHD GH DSOD]DU DO SUHQGLPLHQWR 1R GLVSRQtDQ GH XQD
IXHU]DORVXILFLHQWHPHQWHJUDQGH\SRGHURVDFRPRSDUDDUULHVJDUVHDLQYDGLUHOKXHUWR\FDSWXUDU
DO0DHVWUR
7DQWR,VPDHOFRPR\RGHMyHQWUHYHU-RVpFRQXQDJUDQDPDUJXUDOOHJDPRVDFUHHUTXH
GH PRPHQWR WRGD HVWDED UHVXHOWR \ TXH -HV~V TXHGDUtD OLEUH 9DQD HVSHUDQ]D &DLIiV QR HV
KRPEUHTXHVHGpSRUYHQFLGRIiFLOPHQWH\VXRGLRKDFLD-HV~VHVWDOTXHQRGXGyHQSURSRQHU
XQDVROXFLyQTXHUHSXJQyLQFOXVRDVXVFRPSLQFKHVVROLFLWDUXQDHVFROWDDUPDGDGHOSURFXUDGRU
URPDQR 'H HVWD IRUPD DUJXPHQWy HO DVWXWR VXPR VDFHUGRWH HO DSUHVDPLHQWR GH HVH
LPSRVWRU QR VHUi GLItFLO \ GH SDVR OD UHVSRQVDELOLGDG GH OD FDSWXUD UHFDHUi HQ ODV IXHU]DV
H[WUDQMHUDVGHRFXSDFLyQ
$OJXQRV GH ORV PLHPEURV GHO 6DQHGUtQ WUDWDURQ GH TXH &DLIiV UHQXQFLDUD D HVWH SUR\HFWR
DOXGLHQGRDODVFRQVWDQWHVPDQLIHVWDFLRQHVGH-HV~VVREUHODQRYLROHQFLD3HQVDEDQFRQUD]yQ
TXH HO *DOLOHR QR SHUPLWLUtD D VXV KRPEUHV TXH GHVHQYDLQDUDQ VXV DUPDV 3HUR -XGDV LQWHUYLQR
QXHYDPHQWH<VXFREDUGtDVDOLyDIORWHXQDYH]PiV6HPDQLIHVWyGHDFXHUGRFRQORVVDFHUGRWHV
SHURQRDGPLWLyTXHORVGLVFtSXORVOOHJDUDQDREHGHFHUDO0DHVWUR/DVXJHUHQFLDGH&DLIiV
DxDGLyPHSDUHFHH[FHOHQWH$FXGDPRVFXDQWRDQWHVDOD7RUUH$QWRQLD
< ORV VDFHUGRWHV GHVLJQDURQ XQD UHSUHVHQWDFLyQ GHO 6DQHGUtQ TXH DFXGLy GH LQPHGLDWR DO
FXDUWHOJHQHUDOURPDQR
3HUR HO FHQWXULyQ GH JXDUGLD VH QHJy D IDFLOLWDUOHV XQD HVFROWD (UD PX\ WDUGH \ SRU RWUD
SDUWHHVDRUGHQGHEHSDUWLUGH3RQFLR3LODWROHVH[SOLFyHORILFLDO/RVVDFHUGRWHVLQVLVWLHURQ
\HOFHQWXULyQQRWXYRPiVUHPHGLRTXHOODPDUD&LYLOLVHOFRPDQGDQWHHQMHIHGHODJXDUQLFLyQ
GHVWDFDGDHQ$QWRQLDDTXLHQW~FRQRFHV
1XHVWURFRP~QDPLJRPX\PROHVWRSRUDTXHOODYLVLWDOHVSUHJXQWyODVUD]RQHVSRUODV
TXH GHEtD SURSRUFLRQDUOHV OD HVFROWD < -XGDV DQWHV GH TXH ORV VDFHUGRWHV UHDFFLRQDUDQ VH
HQIUHQWy D &LYLOLV DGYLUWLpQGROH TXH -HV~V IRUPDED SDUWH GH XQ JUXSR GH ]HORWHV
FODQGHVWLQDPHQWHDVHQWDGRHQODILQFDGH*HWVHPDQt>@
$TXHOOD YLO PHQWLUD GHO ,VFDULRWH KL]R GXGDU DO FHQWXULyQ /RV URPDQRV FRPR VDEHV
SHUVLJXHQFRQVDxDDORVUHYROXFLRQDULRV
1RREVWDQWHHORILFLDOHQMHIHGHODOHJLyQOHVRUGHQyTXHHVSHUDVHQPLHQWUDVDFXGtDDOD
UHVLGHQFLDGHOSURFXUDGRU
7RWDOTXHHQWUHXQDVFRVDV\RWUDVHO6DQHGUtQSHUGLyXQDKRUD
3LODWRVHKDEtDUHWLUDGRDGRUPLU\HQXQSULPHUPRPHQWRQRTXLVRVDEHUQDGDGHOWHPD
3HUR ORV HQYLDGRV GH &DLIiV QR FHVDURQ HQ VX HPSHxR REOLJDQGR D &LYLOLV D HQWUHYLVWDUVH SRU
VHJXQGD YH] FRQ 3RQFLR DQXQFLiQGROH TXH HQ HO UHIHULGR FDPSDPHQWR VH KDEtD GHVFXELHUWR XQ
FRQVLGHUDEOH DUVHQDO GH DUPDV \ TXH VL ORJUDEDQ FDSWXUDU DO MHIH D -HV~V GH 1D]DUHW HO
SURFXUDGRUVHDSXQWDUtDXQLPSRUWDQWHWULXQIRGHFDUDDO&pVDU
$OILQDO\TXL]iSDUDTXLWDUVHGHHQFLPDDORVRGLRVRVVDFHUGRWHV3LODWRGLRODDXWRUL]DFLyQ
\HOFHQWXULyQGHJXDUGLDHQFRPHQGyHOPDQGRGHXQSHORWyQGHROHJLRQDULRVQRVDEUtD
SUHFLVDUWHHOQ~PHURH[DFWRDVXRSWLRXQWDO$UVHQLXV<GHHVWDIRUPDFRQJUDQGHVSULVDV
DTXHOODWURSDVDOLyGH-HUXVDOpQJXLDGDSRU-XGDV(OUHVWR\DORFRQRFHV
6t OR FRQRFtD SHUR YDULRV GHWDOOHV VHJXtDQ VLQ H[SOLFDFLyQ 3RU HMHPSOR SRU TXp HO
,VFDULRWH VH GHVSHJy GHO SHORWyQ" /R OyJLFR HV TXH VL GHEtD FRQGXFLU D ORV VROGDGRV \ D ORV
OHYLWDV\VLUYLHQWHVGHO7HPSORKDVWDODILQFDGH*HWVHPDQt\UHYHODUDODWXUEDODLGHQWLGDGGHO
UDEt QR VH KXELHVH VHSDUDGR HQ QLQJ~Q PRPHQWR GH VXV VHFXDFHV$GHPiV VL OD LQWHQFLyQ GHO
VXERILFLDO URPDQR HUD FDSWXUDU D XQ VXSXHVWR MHIH ]HORWD \ D VX JUXSR SRU TXp$UVHQLXV VH
FRQWHQWyFRQSUHQGHUD-HV~VGH1D]DUHW"3RUTXpQRDVDOWyHOFDPSDPHQWR"
&RPR GLMH HQ OD PDxDQD GHO ViEDGR VLJXLHQWH TXHGDUtD GHVSHMDGD OD SULPHUD GH ODV
LQFyJQLWDV(QFXDQWRDODVHJXQGDHOSURSLRSURFXUDGRUPHGDUtDXQDH[SOLFDFLyQHQPLSUy[LPD
YLVLWDDOD7RUUH$QWRQLD
-RVpQDWXUDOPHQWHQRSXGRDFODUDUPHHVWDVGXGDV1LpOQL,VPDHOVHKDEtDQDWUHYLGRDXQLUVH
DOSHORWyQTXHVDOLyGHO7HPSORPLQXWRVGHVSXpVGHODGRFH\PHGLDGHODQRFKHSRUODSXHUWD
'RUDGD(QFXDQWRDPLSUHJXQWDGHSRUTXpHO0DHVWURKDEtDVLGRWUDtGRDODFDVDGH$QiVHQ
OXJDUGHVHUWUDVODGDGRGHLQPHGLDWRDQWHODSUHVHQFLDGH&DLIiVHOGH$ULPDWHDHYLGHQWHPHQWH
FDQVDGRFRPHQWy
)HOL]W~-DVyQTXHQRWLHQHVTXHYLYLUODVFRQVWDQWHVLQWULJDVGHHVWRVKRPEUHVLPSXURV
1RORVpFRQFHUWH]DSHURWHQJRHQWHQGLGRTXH$QiV\VX\HUQRHVWiQGHDFXHUGRSDUDUHWHQHUDO
0DHVWURHQHVWHOXJDUKDVWDTXH&DLIiVFRQVLJDUHXQLUDXQPi[LPRGHVDFHUGRWHVDGLFWRV'HHVWD
IRUPDHOMXLFLRVHUiLPSODFDEOH/DOH\VHxDODDGHPiVTXHHO&RQVHMRGHO6DQHGUtQQRSXHGH
UHXQLUVHDQWHVGHODSULPHUDRIUHQGD
<DTXpKRUDWLHQHOXJDUHVHSULPHUVDFULILFLR"
$ODVWUHVGHODPDGUXJDGD&RPRYHVD~QWHQHPRVWLHPSR4XL]iVHREUHHOPLODJURTXH
WDQWRGHVHDPRV
<-RVpFRQFOX\yVXGHWDOODGDH[SRVLFLyQDILUPDQGRTXHDTXHOUHSWLOOODPDGR&DLIiVFRQHO
ILQ GH QR OHYDQWDU VRVSHFKDV QL VLTXLHUD HQWUH VXV SURSLRV KRPEUHV \ VHUYLGRUHV KDEtD
RUGHQDGR D GRV GH VXV FRQILGHQWHV TXH SDJDUDQ HVSOpQGLGDPHQWH DORSWLR URPDQR SDUD TXH HQ
FRQWUDLQFOXVRGHODRSLQLyQGHOMHIHGHORVSROLFtDVGHOWHPSORFRQGXMHUDD-HV~VGH1D]DUHWDO
SDODFHWHGHVXVXHJUR$QiV
(OGH$ULPDWHDVHGHVSLGLyLQGLFiQGRPHTXHWHQtDLQWHQFLyQGHHQWUDUHQODUHVLGHQFLDGHOH[
VXPRVDFHUGRWH\KDFHUFXDQWRHVWXYLHUDHQVXPDQRLQFOXVRVRERUQDUDOYLHMR$QiVSDUDTXH
-HV~VIXHUDSXHVWRHQOLEHUWDG$OYHUORGHVDSDUHFHUHQHOLQWHULRUGHODFDVDQRSXGHUHSULPLUXQ
VHQWLPLHQWRGHWULVWH]DSRUDTXHOOHDOVHJXLGRUGHO0DHVWUR(VWDEDHQVXGHUHFKRGHDOHQWDUOD
HVSHUDQ]D/RTXHpOQRSRGtDVDEHUHVTXHHVDHVSHUDQ]DKDEtDPXHUWRPXFKRDQWHVHQHOKXHUWR
GH*HWVHPDQt
6HPLRFXOWR HQ OD RVFXULGDG GHO SDWLR LQIRUPp D (OLVHR GHO FXUVR GH ORV DFRQWHFLPLHQWRV
URJiQGROH TXH PH DYLVDVH SRFR DQWHV GHO DOED (Q DTXHOORV LQVWDQWHV HUDQ ODV WUHV GH OD
PDGUXJDGD
9ROYtDOIXHJR3HGURHQFHUUDGRHQVXVSHQVDPLHQWRVQLVLTXLHUDKDEtDDGYHUWLGRODOOHJDGD
GH-RVpGH$ULPDWHD6HKDEtDVHQWDGRGHWUiVGHORVOHYLWDVFXEULHQGRVXFDOYLFLHFRQHOPDQWR
6XSRQJRTXHDTXHOJHVWRSRFRWHQtDTXHYHUFRQHOIUtRUHLQDQWH\VtFRQVXDUGLHQWHGHVHRGHTXH
QDGLHYROYLHUDDGHVFXEULUOH\GHODWDUOH
/RV SROLFtDV \ VLFDULRV GHO 6DQHGUtQ VHJXtDQ GiQGROH YXHOWDV D ODV WUDGLFLRQHV \ OH\HQGDV
VREUH ORV GHPRQLRV(Q ODUHVLGHQFLD GH$QiV WRGRSDUHFtDWUDQTXLOR1R REVHUYpPRYLPLHQWR
DOJXQRQLVHxDOGHYLROHQFLDRDJLWDFLyQ<VXSXVHHUUyQHDPHQWHTXHHOLQWHUURJDWRULRGHOH[
VXPRVDFHUGRWHVHGHVDUUROODEDVLQLQFLGHQWHV
'HEtD OOHYDU DOJR PiV GH PHGLD KRUD VHQWDGR PX\ FHUFD GH 3HGUR FXDQGR VH DSUR[LPy DO
FRUULOORXQDVHJXQGDPXMHU(UDPiVMRYHQ\SRUODLQGXPHQWDULDGHGXMHTXHVHWUDWDEDGHRWUD
VLUYLHQWD 6H FRORFy MXQWR D OD SRUWHUD \ pVWD DO YHUOD VH LQFOLQy VREUH VX RtGR L]TXLHUGR
PXVLWiQGROHDOJRDOWLHPSRTXHVHxDODEDD3HGURFRQODPDQR
/D UHFLpQ OOHJDGD IRU]y OD YLVWD 3HUR SRU OD IRUPD GH HQWRUQDU ORV RMRV VXSXVH TXH HUD
PLRSH(QWRQFHVGLRXQRVSDVRVURGHDQGRDORVFRQJUHJDGRVDODPRUGHODOXPEUH<DOOOHJDU
MXQWRDODSyVWROUHWLUyGHXQPDQRWD]RHOURSyQTXHRFXOWDEDODFDEH]DGH6LPyQJULWiQGROH
1RHUHVW~XQRGHORVILHOHVGHHVHJDOLOHR"
/D LQHVSHUDGD H[FODPDFLyQ GH OD KHEUHD DVXVWy SRU XQ LJXDO D ORV OHYLWDV \ D 3HGUR< HO
GLVFtSXORSiOLGRFRPRODFDOVHOHYDQWyDWURPSLFRQHVHQFDUiQGRVHFRQODPXFKDFKD
1RFRQR]FRDHVHKRPEUHJULWyFRQPiVIXHU]DTXHVXLQTXLVLGRUD<WDPSRFRVR\
XQRGHVXVGLVFtSXORV
3HGURKDEtDSXHVWRWDQWDYHKHPHQFLDHQVXVIUDVHVTXHODVDUWHULDVGHOFXHOORVHKLQFKDURQ\
VXURVWURVHWRUQyS~USXUD/RVRMRVGHODWHUURUL]DGRDPLJRGH-HV~VVHGHVSHJDURQFDVLGHVXV
yUELWDV PLHQWUDV XQ ILQtVLPR KLOR GH VDOLYD VH GHVFROJDED SRU OD FRPLVXUD L]TXLHUGD GH VXV
ODELRV
/DFRQWXQGHQFLDGH3HGURIXHWDOTXHODVLUYLHQWDUHWURFHGLyDVXVWDGDHVFDSDQGRGHOOXJDUHQ
GLUHFFLyQDODSXHUWDGHODFDVD
(VWD YH] ORV VLUYLHQWHV \ SROLFtDV SHUPDQHFLHURQ XQRV VHJXQGRV FRQ OD YLVWD FODYDGD HQ HO
GHVGLFKDGRSHVFDGRU3HGURDWXUGLGRGLRPHGLDYXHOWDVHSDUiQGRVHGHOIXHJR
&UHtTXHVXLQWHQFLyQHUDKXLUGHOUHFLQWR\SRFRPHIDOWySDUDVDOLUWUDVpO3HURQR6LPyQD
SHVDU GH VX GHELOLGDG VHJXtD DPDQGR DO 0DHVWUR 4Xp SRFR \ TXp SREUHPHQWH VH KD HVFULWR
VREUH OD WRUWXUD LQWHUQD GH HVWH SULPLWLYR JDOLOHR FRQVFLHQWH GH VXV HUURUHV GRPLQDGR SRU HO
LQVWLQWRGHODVXSHUYLYHQFLD\IRU]DGRSRUVXWHPSHUDPHQWRDDTXHOWUiJLFRFDOOHMyQVLQVDOLGD
7XYHTXHKDFHUGHQRGDGRVHVIXHU]RVSDUDQRFRUUHUDVXODGR\FRQVRODUOH6LQHPEDUJRHO
REMHWLYRGHPLPLVLyQORJUyLPSRQHUVH\HVSHUp
$SR\DGRVREUHODVUHMDVGHOPXUR6LPyQHQFRUYDGR\VLOHQFLRVRJROSHDEDXQD\RWUDYH]VX
FDEH]D FRQWUD ORV KLHUURV 7HPt SRU VX LQWHJULGDG ItVLFD $TXHOORV FDEH]D]RV VHFRV \
FRQWLQXDGRV HQ OXJDU GH ODVWLPDUOH SDUHFLHURQ GHYROYHUOH XQD FLHUWD VHUHQLGDG < DO UDWR
GHVSXpV GH VHFDUVH ODV OiJULPDV FRQ XQD GH ODV PDQJDV GHO PDQWR VH UHLQFRUSRUy DO JUXSR
6LQFHUDPHQWH DTXHOOD DFWLWXG GHO DSyVWRO YROYLHQGR DO IXHJR PH KL]R UHIOH[LRQDU
KDFLpQGRPH ROYLGDU LQFOXVR VX GHWHVWDEOH \ KDVWD FLHUWR SXQWR FRPSUHQVLEOH FRQGXFWD /DV
LJOHVLDVHVSHFLDOPHQWHOD&DWyOLFDKDQMX]JDGR\FODVLILFDGRHVWHHSLVRGLRGHODVQHJDFLRQHV
FRPR XQ VXFHVR ODPHQWDEOH SRU SDUWH GH 6LPyQ 3HGUR 3HUR PX\ SRFRV WHyORJRV \ PRUDOLVWDV
SDUHFHQWHQHUHQFRQVLGHUDFLyQXQDWHQXDQWHTXHGLFHPXFKRHQIDYRUGHOUHQHJDGR3HGUR
SRGUtD KDEHU DEDQGRQDGR HO SDWLR GH $QiV GHVSXpV GH VX SULPHUD WUDLFLyQ < QR OR KL]R <
WDPSRFR VH UHWLUy GHVSXpV GH OD VHJXQGD \ GH OD WHUFHUD \ GH OD FXDUWD 3RUTXH DXQTXH ORV
HYDQJHOLVWDVFLWDQWUHVQHJDFLRQHVKXERHQUHDOLGDGXQDPiVDXQTXHWDPELpQHVFLHUWRTXHHVD
QHJDFLyQH[WUDQRWXYRXQFDUiFWHUS~EOLFR4XLHURGHFLUFRQWRGRHVWRTXHVLELHQ3HGURQRVH
FRPSRUWyGLJQDPHQWHQRHVPHQRVFLHUWRTXHVXVRODSUHVHQFLDHQHOOXJDUOHUHGLPHHQEXHQD
PHGLGDGHDTXHOORVPRPHQWRVGHGHELOLGDG
(OWHVWDUXGRJDOLOHRQRHVWDEDGLVSXHVWRDLPLWDUDORVFRPSDxHURVTXHKDEtDQKXLGRPRQWHD
WUDYpV\UHPRQWDQGRHOPLHGRVHDFRPRGyFRPRSXGRHQWUHORVVLUYLHQWHVORVFXDOHVGLFKR
VHDGHSDVRHQQLQJ~QPRPHQWRVHFRQYLUWLHURQHQDFXVDGRUHVQLOHPROHVWDURQ$OPHQRVORV
KRPEUHVTXHKDVWDHVHPRPHQWRVHDSUHWXMDEDQHQWRUQRDODVOODPDV
3HURODPDODVXHUWHTXLVRTXHDOUDWRHOJUXSRVHYLHUDLQFUHPHQWDGRSRUPHGLDGRFHQDGH
VDFHUGRWHVOOHJDGRVDOSDUHFHUGHODUHVLGHQFLDGH&DLIiV\TXHWUDtDQODPLVLyQGHFRRUGLQDU\
FRQWURODUHOWUDVODGRGHO1D]DUHQR'HVSXpVGHVROLFLWDULQIRUPDFLyQGHORVOHYLWDVDOOtUHXQLGRV
FXDWURGHHVWRVVDFHUGRWHVVHGLULJLHURQDOLQWHULRUGHODFDVD\ORVGRVUHVWDQWHVSHUPDQHFLHURQ
MXQWR D OD IRJDWD 'HVGH XQ SULPHU PRPHQWR VH VLQWLHURQ DWUDtGRV SRU OD DQLPDGD FRQYHUVDFLyQ
VREUHODVVXSHUVWLFLRQHVGHOSXHEORMXGtR
$OJXLHQKDEtDPHQFLRQDGRD/LOLWK\ODSROpPLFDVHHQFHQGLyGHQXHYR3RUORYLVWRHOWDO
/LOLWK HUD HO VREUHQRPEUH TXH UHFLEtD XQR GH ORV GLDEORV PiV IDPRVRV /D PD\RUtD GH ORV
SUHVHQWHVDFHSWDEDVXH[LVWHQFLDFODVLILFiQGRORFRPRGHPRQLRPXMHU(VWHFXULRVRHVStULWX
FHQWUDEDVXVDWDTXHVFRPRPXMHUTXHHUDHQORVKRPEUHV<PiVFRQFUHWDPHQWHVREUHDTXHOORV
YDURQHVTXHVHDWUHYtDQDSHUPDQHFHUVRORVHQXQDFDVD
<VyORHO'LYLQR%HQGLWRVHDVXQRPEUHVDEHFXiQGRSXHGHSUHVHQWDUVHUHPDFKyRWUR
GHORVVHUYLGRUHVGHO6DQHGUtQ
/D FUHHQFLD HQ FXHVWLyQ QR IXH PX\ ELHQ UHFLELGD SRU XQR GH ORV VDFHUGRWHV XQ WDO
0DUGRTXHRPiVFRQRFLGRHQ-HUXVDOpQSRU3HWDMLD\DOTXH\DPHUHIHUtDQWHULRUPHQWHFRPR
FRQVHFXHQFLD GH VX JUDQ IDFLOLGDG SDUD ODV OHQJXDV &RQRFtD VHJ~Q HO SXHEOR PiV GH VHWHQWD
LGLRPDV \ GLDOHFWRV 'H DKt VX DSRGR 3HWDMLD GH OD SDODEUDSDWDM DEUtD ODV SDODEUDV DO
LQWHUSUHWDUODV
(VWHVDFHUGRWHUHVSRQVDEOHWDPELpQGHXQRGHORVFHSLOORVGHO7HPSOR\KRPEUHGHJUDQ
FXOWXUD VH EXUOyGH WDOHV SDWUDxDV /DVULVRWDGDVGH 3HWDMtD LQGLJQDURQ D XQRGH ORVSROLFtDV
TXLHQVHxDODQGRSULPHURD3HGUR\GHVSXpVDOLQWHULRUGHODPDQVLyQH[FODPy3XHGHVUHtUWH
FXDQWRTXLHUDVSHURPLUDDHVHJDOLOHR7~PLVPRDVLVWLVWHDVXHQWUDGDWULXQIDOHQ-HUXVDOpQD
ORPRVGHXQMXPHQWR1RWXYRODSUHFDXFLyQGHFRORFDUXQDFRODGH]RUURRXQWUDSRURMRHQWUH
ORVRMRVGHOERUULTXLOOR\ItMDWHORTXHOHKDGHSDUDGRODIRUWXQD>@
(Q HVH LQVWDQWH 6LPyQ FRPHWLy XQ QXHYR HUURU ,UULWDGR SRU DTXHOOD DUUDLJDGD VXSHUVWLFLyQ
KHEUHD LQWHUYLQR HQ OD GLVFXVLyQ LQWHQWDQGR DFODUDU D ORV SUHVHQWHV TXH HO UDEt GH *DOLOHD QR
QHFHVLWDEDSURWHJHUVHFRQWDQDEVXUGDVVXSHUFKHUtDV\TXHVXSRGHUtRHUDWDQJUDQGHTXHVLDVtOR
GHVHDED SRGtD KDFHU EDMDU IXHJR GH ORV FLHORV \ DUUDVDU DO 6DQHGUtQ VLQ WRFDU VLTXLHUD D ORV
LQRFHQWHV
/RV OHYLWDV \ VHUYLGRUHV GHO 7HPSOR QR SUHVWDURQ PXFKD DWHQFLyQ D OD YDOLHQWH SHUR
LQRSRUWXQD GHIHQVD GH 3HGUR 6LQ HPEDUJR 3HWDMtD TXH KDEtD FDSWDGR DO LQVWDQWH HO GXUR
DFHQWRJDOLOHLFRGHODSyVWROVHHQFDUyFRQpOGHVYLDQGRHOUXPERGHODFRQYHUVDFLyQKDFLDXQ
GHUURWHURTXHDEULyGHQXHYRODVFDUQHVGH6LPyQ
7~WLHQHVTXHVHUXQRGHORVVHJXLGRUHVGHOGHWHQLGR(VWH-HV~VHVXQJDOLOHR\WXIRUPDGH
KDEODUWHWUDLFLRQD+DEODVFRPRXQYHUGDGHURJDOLOHR
$QWHV GH TXH 6LPyQ SXGLHUD UHDFFLRQDU XQR GH ORV VLFDULRV GHO 6DQHGUtQ DTXHO TXH
SUHFLVDPHQWHKDEtDKDEODGRGHODPLODJURVDFXUDFLyQGH0DOFRUHIUHQGyHOGHVFXEULPLHQWRGH
3HWDMtDGHVYHODQGRDWRGRVXQKHFKRTXHKDVWDHVHPRPHQWRKDEtDSDVDGRLQDGYHUWLGR
7~DGHPiVH[FODPyDODUPDGRHVWDEDVHQHOFDPLQRGHO2OLYHWH<RYLFyPRKHUtDVD
PLSDULHQWH
$TXHOOR FDPELy ODV FRVDV <D QR VH WUDWDED ~QLFDPHQWH GH XQDV PiV R PHQRV YHODGDV
DFXVDFLRQHV SRU FRPSDUWLU OD GRFWULQD GHO *DOLOHR /D ~OWLPD DILUPDFLyQ SRGtD DUUDVWUDU DO
DSyVWRO D XQ IXOPLQDQWH DUUHVWR FRPR FXOSDEOH GH DJUHVLyQ D XQR GH ORV HVELUURV GHO VXPR
VDFHUGRWH
<HQWLHQGRTXHIXHHVWDFLUFXQVWDQFLDODTXHUHDOPHQWHKL]RHVWDOODUORVQHUYLRVGH3HGUR1R
VHWUDWDED\DGHQHJDUD-HV~VVLQRVREUHWRGRGHHYLWDUWDQSHOLJURVDDFXVDFLyQ
$OJXQRV GH ORV OHYLWDV VH SXVLHURQ HQ SLH EODQGLHQGR VXV SRUUDV HQ DFWLWXG DPHQD]DQWH<
SRVLEOHPHQWH KXELHUDQ SUHQGLGR D 3HGUR GH QR KDEHU VLGR SRU HO WRUUHQWH GH MXUDPHQWRV TXH
HPSH]yDEURWDUGHVXERFD$TXHOODREVFHQD\DJULDUHWDKtODGHLPSUHFDFLRQHVHQODTXHHO
GHVFRPSXHVWRDPLJRGHO1D]DUHQROOHJyDLQFOXLUDVXSURSLDPDGUH\DVXVKLMRV>@IUHQyORV
tPSHWXVGHORVSROLFtDV<FXDQGRILQDOPHQWHHODFRUUDODGRJDOLOHRMXUySRUHORURGHOWHVRURGHO
7HPSOR DEULHQGR VX PDQWR HQ IRUPD TXH WRGRV SXGLHUDQ FRPSUREDU TXH QR FHxtD HVSDGD
DTXHOORVVHUYLOHVSHUVRQDMHVWHUPLQDURQSRUGHMDUOHHQSD]-XUDU\SRQHUSRUWHVWLJRDO7HPSOR
HUDLPSRUWDQWHSHURKDFHUORSRUHORURGHGLFKRVDQWXDULRORHUDPXFKRPiV
&XDQGR 3HGUR YLR DOHMDUVH HO IDQWDVPD GH VX DUUHVWR GLR PHGLD YXHOWD \ PX\ GHVSDFLR
SURFXUDQGRQROHYDQWDUQXHYDVVRVSHFKDVVHGLVWDQFLyGHODKRJXHUD$UUDVWUDQGRORVSLHVVLQ
IXHU]DV \ FRQ HO iQLPR GXUDPHQWH FDVWLJDGR IXH D VHQWDUVH D ODV HVFDOLQDWDV GH PiUPRO GH OD
SXHUWD'XUDQWHXQRVPLQXWRVQRPHDWUHYtDPRYHUPHGHOIXHJR(OGHVGLFKDGRGLVFtSXORKDEtD
HQWHUUDGRHOURVWURHQWUHVXVSHTXHxDV\FDOORVDVPDQRVDFRPSDxDQGRVXHYLGHQWHGHVHVSHUDFLyQ
FRQXQDLQLQWHUUXPSLGD\UtWPLFDRVFLODFLyQIURQWDOGHVXFXHUSR
(UDQ ODV FXDWUR GH OD PDGUXJDGD /D SHQ~OWLPD \ WHUFHUD QHJDFLyQ S~EOLFD VH KDEtD
FRQVXPDGR
(OVLOHQFLRVHJXtDGRPLQDQGRD-HUXVDOpQ$OROHMRVPX\GHWDUGHHQWDUGHVHHVFXFKDEDQ
DOJXQRV GH ORV QXPHURVRV SHUURV FDOOHMHURV TXH \R KDEtD YLVWR D PL SDVR SRU OD FLXGDG VDQWD
)XHURQDTXHOORVFDVLVLHPSUHODVWLPHURVDXOOLGRVORVTXHWUDMHURQDPLPHPRULDRWURKHFKRTXH
SUHFLVDPHQWHD~QQRVHKDEtDUHJLVWUDGR3HGURKDEtDQHJDGRDVX0DHVWURSRUWUHVYHFHV\VLQ
HPEDUJR\RQRKDEtDRtGRHOIDPRVRFDQWRGHOJDOOR
1R HV TXH HVWD DQpFGRWD PH SUHRFXSDUD H[FHVLYDPHQWH < PXFKR PHQRV FXDQGR HVWDED
YLYLHQGR\VXIULHQGRODVDQJXVWLDVGH6LPyQWRWDOPHQWHGHVKHFKR\DEDWLGRMXQWRDOSRUWyQ
GHHQWUDGDDODUHVLGHQFLDGH$QiV6LQHPEDUJR\PLHQWUDVHVSHUDEDODOOHJDGDGHODOEDSURFXUp
DILQDU PLV RtGRV 0HGLWDQGR VREUH HVWH SDUWLFXODU FRPSUHQGt TXH ORV JDOORV GH -HUXVDOpQ QR
SRGtDQKDEHULQLFLDGRVXVFDUDFWHUtVWLFRVFDQWRVSRUODVHQFLOODUD]yQGHTXHD~QIDOWDEDPiVGH
XQDKRUDSDUDHODPDQHFHUDTXHOYLHUQHVGHDEULOFRPR\DKHFLWDGRHQRWUDVRFDVLRQHVOD
VDOLGDGHOVROVHSURGXMRDODVKRUDV(QDOJ~QPRPHQWROOHJXpDFUHHUTXHORVHYDQJHOLVWDV
KDEtDQ YXHOWR D HTXLYRFDUVH /DV WUHV QHJDFLRQHV FRPR GLJR \D VH KDEtDQ SURGXFLGR \ ORV
FURQyPHWURVPRQRLyQLFR>@GHOPyGXORPDUFDEDQODVFXDWURGHODPDGUXJDGD3HURQR(VWD
YH]QRKXERHUURUDXQTXHODVYHUVLRQHVGHORVHVFULWRUHVVDJUDGRVWDPSRFRFRLQFLGHQDOFLHQSRU
FLHQ
3HUR GHER DMXVWDUPH D XQ HVWULFWR RUGHQ GH ORV DFRQWHFLPLHQWRV &XDQGR HVWLPp TXH 3HGUR
SRGtDKDEHUVHWUDQTXLOL]DGR\RWDPELpQPHUHWLUpGHOJUXSRGHORVOHYLWDV0HGHMpFDHUMXQWRDO
GLVFtSXOR\DFHUTXpPLPDQRDVXKRPEURL]TXLHUGR3HGURVHVREUHVDOWyGHQXHYR,QWHUUXPSLy
DTXHOPRYLPLHQWRFDVLFDWDWyQLFR\DOFRPSUREDUTXHHUD\RVXVSLUyDOLYLDGR'XUDQWHXQEXHQ
UDWRFDVLQRKDEODPRV4XpSRGtDGHFLUOH"
$OSRFR3HGURTXHKDEtDLGRUHFXSHUDQGRODQRUPDOLGDGPHPLUyILMDPHQWHH[SUHVDQGR
XQDLGHDTXHD~QPHGHMyPiVFRQIXVR
+DV REVHUYDGR -DVyQ FRQ TXp KDELOLGDG KH GHVWUXLGR ODV DFXVDFLRQHV GH HVRV VHUYLOHV
HVFODYRVGHO7HPSOR"
8QDVRQULVDPHFiQLFDDFRPSDxyODVLQHVSHUDGDVSDODEUDVGH6LPyQ(QWRQFHVFRPSUHQGtTXH
VXPi[LPDSUHRFXSDFLyQHQDTXHOORVPRPHQWRVQRHUDFRPR\RKDEtDFUHtGRHOLQQREOHKHFKR
GHKDEHUUHQHJDGRGHVXDPLJR1DGDGHHVR3HGURHQPLRSLQLyQQRWHQtDXQDFRQFLHQFLDPX\
FODUD GH TXH KDEtD WUDLFLRQDGR D VX 0DHVWUR /R TXH OH KDEtD DQJXVWLDGR \ DWHUURUL]DGR HUD OD
DPHQD]DGHXQSRVLEOHHQFDUFHODPLHQWR
(VWDVRVSHFKDTXHIXHJDQDQGRWHUUHQRHQPLFRUD]yQVHYLRFRQILUPDGDSRUORVVXFHVLYRV
FRPHQWDULRV GHO DSyVWRO IHOLFLWiQGRVH D Vt PLVPR SRU KDEHU VLGR FDSD] GH HYLWDU VX
LGHQWLILFDFLyQ
(VDV PXMHUHV DGHPiV DxDGLy 3HGUR TXH SUiFWLFDPHQWH H[SUHVDED HQ YR] DOWD VXV
SHQVDPLHQWRVQRWLHQHQDXWRULGDGPRUDO1RSXHGHQLQWHUURJDUPH1RWLHQHQGHUHFKR1RQR
ORWLHQHQ1RORWLHQHQ
(O JDOLOHRUHSLWLy DTXHOODPRQyWRQDFDQWLOHQD FRPR VLQHFHVLWDUDMXVWLILFDUVXDFWLWXG< HQ
QLQJ~QPRPHQWRUHFRUGyRVHUHILULyD-HV~V1RFUHRHTXLYRFDUPHVLGLJRTXHHOSHVFDGRUQR
FD\yYHUGDGHUD\GHILQLWLYDPHQWHHQODFXHQWDGHVXVXFLRJHVWRKDVWDTXHQRHVFXFKyHOFDQWRGH
ORVJDOORVGHODFLXGDG6yORHQWRQFHVUHFRUGyODSURIHFtDGHO0DHVWUR\DVXPLyWRGRHOSHVRGH
VXLQILGHOLGDG
&XDQGR OH LQWHUURJXp VREUH OD VXHUWH TXH KDEtDQ FRUULGR VXV FRPSDxHURV 3HGUR QR VXSR
GDUPH UD]yQ /R LJQRUDED WRGR 6yOR UHFRUGDED TXH FXDQGR VH KDOODED D HVFDVRV PHWURV GH OD
HPSDOL]DGDGHSLHGUDGHOKXHUWRGH6LPyQDOJROHREOLJyDGHWHQHUVXKXLGD<FLHJRGHUDELDVH
RFXOWyHQWUHORVROLYRVGLVSXHVWRDVHJXLUDODFKXVPDTXHKDEtDFDSWXUDGRDOUDEt
< DOOt FRQWLQXDPRV KDVWD TXH SRFRV PLQXWRV DQWHV GHO DOED OD SRUWHUD \ OD VLUYLHQWD TXH
KDEtDQ FRPSURPHWLGR OD VHJXULGDG GHO DSyVWRO FRQ VXV SUHJXQWDV YROYLHURQ D OD FDUJD 6H
DFHUFDURQVLQSUHYLRDYLVRKDVWDQRVRWURV\VLQOHYDQWDUDSHQDVODYR]ODJXDUGHVDOHFRPHQWyHQ
WRQRVHUHQR\GHVSURYLVWRGHDTXHOODPDOLFLDLQLFLDO
(VWR\VHJXUDGHTXHHUHVXQRGHORVGLVFtSXORVGHHVWH-HV~V1RVyORSRUTXHXQRGHVXV
OLGHV PH SLGLy TXH WH GHMDUD SDVDU DO SDWLR VLQR WDPELpQ SRUTXH PL KHUPDQR WH KD YLVWR HQ HO
7HPSORFRQHVHKRPEUH$TXpQHJDUOR"
< SRU FXDUWD YH] 3HGUR YROYLy D QHJDU FXDOTXLHU FRQH[LyQ FRQ HO 1D]DUHQR 3HUR HQ HVWD
RSRUWXQLGDGVXQHJDWLYDIXHPXFKRPiVIUtD\FDOFXODGD6XVDQWHULRUHVUD]RQDPLHQWRVVREUHOD
IDOWD GH DXWRULGDG OHJDO SRU SDUWH GH ODV PXMHUHV SDUD DFXVDUOH \ OD FLUFXQVWDQFLD GH TXH HVWH
QXHYRDWDTXHQRKXELHUDVLGRKHFKRHQS~EOLFRIXHURQDPLHQWHQGHUGHFLVLYRV
3HUR QL 3HGUR QL \R FRQWiEDPRV FRQ TXH MXVWR HQ HVRV PRPHQWRV FXDQGR OD FODULGDG GHO
QXHYRGtDDSXQWDED\DSRUHO(VWHHQHOLQWHULRUGHODPDQVLyQHPSH]DUDQDHVFXFKDUVHDOJXQDV
YRFHV1RVSXVLPRVHQSLHDOWLHPSRTXHXQRGHORVGRPpVWLFRVGH$QiVVDOtDSUHFLSLWDGDPHQWH
DOHUWDQGRDORVSROLFtDV
7RGRVXFHGLyWDQUiSLGDPHQWHTXHDSHQDVVLSXGLPRVUHDFFLRQDU'HSURQWRHQHOXPEUDOGH
ODSXHUWDDSDUHFLyHO0DHVWUR6HJXtDDWDGR-XQWRDpO-XDQHOOHJLRQDULR\RWURVGRVVLUYLHQWHV
GH$QiV
3RU HVSDFLR GH XQ PLQXWR PLHQWUDV ORV OHYLWDV GHO WHPSOR VH RUJDQL]DEDQ SDUD FRQGXFLU DO
SUHVR-HV~VOHYDQWyOHQWDPHQWHODFDEH]DJLUDQGRVXURVWURKDFLDQRVRWURVTXHVHJXtDPRVDVX
GHUHFKD\DSRFRPiVGHGRVPHWURV$ODOX]SDUSDGHDQWH\URML]DGHODVDQWRUFKDVODPLUDGDGHO
*DOLOHRVHFODYy~QLFD\H[FOXVLYDPHQWHHQODGHVXDPLJR3HGUR-HV~VQRVRQULySHURGHVXV
RMRV SDUWLy XQ SURIXQGR \ HVFDORIULDQWH PHQVDMH GH DPRU \ SLHGDG &RQ DTXHO JHVWR HO JLJDQWH
OOHJy FRPR QXQFD KDVWD HO DWXUGLGR FRUD]yQ GHO UHQHJDGR /DV SDODEUDV VREUDEDQ (O 0DHVWUR
SDUHFtDVDEHUORRFXUULGRGXUDQWHDTXHOODVFDVLWUHVKRUDVHQHOSDWLRGHOH[VXPRVDFHUGRWH<
3HGUR DO UHFRJHU DTXHO LQWHQVR PHQVDMH HPSH]y D YDORUDU HQ SURIXQGLGDG OD JUDYHGDG GH VX
FXOSD
(Q HVRV PRPHQWRV FXDQGR HO VROGDGR URPDQR VLWXDGR D HVSDOGDV GHO 1D]DUHQR OH HPSXMy
YLROHQWDPHQWH REOLJiQGROH D GHVFHQGHU ODV HVFDOLQDWDV XQ JDOOR GH ODV SUR[LPLGDGHV UDVJy HO
VLOHQFLRGHODOEDFRQXQFDQWRODUJR\HVWULGHQWH
<HODPLJRGHO0DHVWURSDOLGHFLy
/D SRUWHUD TXH SHUPDQHFtD D QXHVWUR ODGR VH GLULJLy YHOR]PHQWH KDFLD OD FDQFHOD
SURFHGLHQGR D DEULU OD FKLUULDQWH SXHUWD GH KLHUUR< HO JUXSR GH OHYLWDV URGHDQGR VLHPSUH DO
0DHVWUR VDOLy GHO SDODFHWH GH $QiV 'HVGH HVH LQVWDQWH \ GXUDQWH XQ EXHQ UDWR RWURV JDOORV
OOHQDURQ FRQ VXV FDQWRV ODV SULPHUDV OXFHV GH DTXHO YLHUQHV GH DEULO TXH MDPiV SRGUp
ROYLGDU>@
+XELHUD GDGR FXDOTXLHU FRVD SRU VHJXLU DO ODGR GH 3HGUR &UHR TXH D SDUWLU GHO FDQWR GH
DTXHO JDOOR HO DSyVWRO \D QR IXH HO PLVPR (V FLHUWR TXH HO LQH[SOLFDEOH SRUWHQWR GH OD
UHVXUUHFFLyQGHO0DHVWUROHDIHFWyGHFLVLYDPHQWH6LQHPEDUJRDTXHOODVQHJDFLRQHVSHVDUtDQ\D
SDUD VLHPSUH HQ VX DOPD$OOt HVWR\ FRQYHQFLGR PXULy VL QR WRGD Vt EXHQD SDUWH GHO 6LPyQ
DVXVWDGL]RWRUSH\HQJUHtGR6XHVStULWXFRPRGLJRKDEtDUHFLELGRHOPiVGXURGHORVJROSHV
3HUR OD PLVLyQ PH H[LJtD SHUPDQHFHU OR PiV FHUFD SRVLEOH GHO 1D]DUHQR< FRQ XQD EUHYH
FDUUHUDPHXQtD-XDQ\DOVROGDGRURPDQR$OFUX]DUODSXHUWDGHHQWUDGDDOSDODFHWHGHOH[VXPR
VDFHUGRWHPHVRUSUHQGLyYHUD-XDQ0DUFRVFXELHUWRHVWDYH]SRUXQPDQWR&yPRKDEtDOOHJDGR
KDVWD DOOt" 1R SXGH GHWHQHUPH D SUHJXQWiUVHOR SHUR GHGXMH TXH GHVSXpV GH HVFDSDU GH ORV
OHJLRQDULRVVHKDEUtDKHFKRFRQDTXHOODSUHQGDVLJXLHQGRDODHVFROWDURPDQDDOLJXDOTXH-XDQ
=HEHGHR\3HGUR
/DFRPLWLYDHQILOyODVGHVQXGDVFDOOHVGH-HUXVDOpQHQHOPRPHQWRHQTXHODVWURPSHWDVGHO
7HPSORSURFHGtDQDGHVSHUWDUDODSREODFLyQ3UHJXQWpD-XDQVLVDEtDDGyQGHQRVGLULJtDPRV
/RVVDFHUGRWHVHQYLDGRVSRU&DLIiVPHGLMRDQXQFLDURQDOVXHJURGHHVDUDWDTXHHO
WULEXQDOGHO6DQHGUtQHVWDEDGLVSXHVWR0HWHPRTXHSURQWRORVDEUHPRV
(QHVHPRPHQWR(OLVHRDEULyGHQXHYRVXFRQH[LyQDGYLUWLpQGRPHTXHHUDQODVFLQFRKRUDV
\FXDUHQWD\GRVPLQXWRV6XQXHYRSDUWHPHWHRUROyJLFRYLQRDFRQILUPDUORTXH\DPHKDEtD
DGHODQWDGRHOGtDDQWHULRUFRQVWDQWHVXELGDGHORVEDUyPHWURVHLQFUHPHQWRGHODYHORFLGDGGHO
YLHQWRFRQULHVJRGHVLURFR
$TXHODPDQHFHUHIHFWLYDPHQWHQRIXHWDQIUHVFRFRPRORVDQWHULRUHV
(O SHORWyQ WLUDED FRQ SULVDV GHO 0DHVWUR $Vt TXH PH DSUHVXUp D LQWHUURJDU D -XDQ HO GH
=HEHGHRVREUHORRFXUULGRHQHOLQWHULRUGHODFDVDGHOSRGHURVRHLQIOX\HQWH$QiV
7DO\FRPRVRVSHFKDEDVLHPSUHVHJ~QHOWHVWLPRQLRGH-XDQTXHQRVHDSDUWyXQPRPHQWR
GH-HV~V$QiVVHWRPyHOHQFXHQWURFRQHO*DOLOHRFRQXQDOHQWLWXGPX\H[WUDxD/DSUHVHQFLD
GHO UDEt DQWH HO H[ VXPR VDFHUGRWH FDUHFtD SUiFWLFDPHQWH GH VHQWLGR GH QR KDEHU VLGR SRU OD
HVWUDWDJHPDXUGLGDHQWUH&DLIiV\VXVXHJURDILQGHUHWHQHUOHHQXQOXJDUVHJXURKDVWDTXHORV
VDGXFHRV HVFULEDV \ IDULVHRV FRPSURPHWLGRV HQ OD WUDPSD WHUPLQDUDQ GH FRPSDUHFHU DQWH HO
VXPRVDFHUGRWH
-RVpGH$ULPDWHDTXHDVLVWLyDSDUWHGHOLQWHUURJDWRULR\TXHKDEtDSUHIHULGRTXHGDUVHFRQ
$QiV FRPSOHWDUtD KRUDV PiV WDUGH OD QDUUDFLyQ GH -XDQ H[SOLFiQGRPH TXH HO KiELO VXHJUR GH
&DLIiVWHQtDGHVGHXQSULPHUPRPHQWRODVHFUHWDLQWHQFLyQGHOLTXLGDUDOOtPLVPRDTXHOHQRMRVR
DVXQWR3RUORYLVWRFRQRFLHQGRHOFDUiFWHUYLROHQWRHLPSXOVLYRGHVX\HUQRQRGHVHDEDTXHOD
FDXVD FRQWUD HO 0DHVWUR FD\HUD HQ VXV PDQRV 3HUR OD LQHVSHUDGD SRVWXUD GH -HV~V GH 1D]DUHW
DERUWyVXVSODQHV
$QiV PH LQIRUPy HO GLVFtSXOR DPDGR GHO UDEt FRQRFtD DO 0DHVWUR GHVGH KDFtD YDULRV
DxRV &RPR WRGR HO PXQGR HQ ,VUDHO WDPELpQ pO KDEtD RtGR KDEODU GH ODV VHxDOHV SURGLJLRV \
HQVHxDQ]DVGH-HV~V
$OUHFLELUQRVHQVXVHVWDQFLDVSULYDGDV$QiVTXLVRSUHVFLQGLUGHOUHSUHVHQWDQWHGHORSWLR\
GH Pt PLVPR SHUR HO OHJLRQDULR VH RSXVR DGYLUWLpQGROH TXH VH WUDWDED GH XQD RUGHQ GHO
SURFXUDGRU &RPR VDEHV ODV UHODFLRQHV GH HVH FRUURPSLGR VDFHUGRWH FRQ ORV URPDQRV VRQ
H[FHOHQWHV\ILQDOPHQWHWXYRTXHUHVLJQDUVH
6HVHQWyHQXQDGHODVVLOODV\SHUPDQHFLyXQEXHQUDWRVLQSURQXQFLDUSDODEUDREVHUYDQGR
DO0DHVWURFRQJUDQFXULRVLGDG
'HVSXpVFRQVXKDELWXDO SUHVXQFLyQ\DXWRVXILFLHQFLD VHGLULJLyD-HV~V HQ ORVVLJXLHQWHV
WpUPLQRV
<DVDEHVTXHWHQJRTXHKDFHUDOJRHQFXDQWRDWXVHQVHxDQ]DV(VWiVSHUWXUEDQGRODSD]
\HORUGHQGHQXHVWURSDtV
(O0DHVWUROHYDQWyODFDEH]D\OHPLUyILMDPHQWH3HURQRDEULyORVODELRV
$TXHOORQROHJXVWyD$QiV6XVQHUYLRVHPSH]DURQDIDOODU\VLQSRGHURFXOWDUODUDELDOH
H[LJLy
'tPHORVQRPEUHVGHWXVGLVFtSXORV
3HURHO0DHVWURVLJXLyFDOODGR<VLQSHVWDxHDUFRQWLQXyFRQVXVRMRVILMRVHQORVGHOYLHMR
UHSWLO
7HMXUR-DVyQTXHPX\SRFDVYHFHVKDEtDYLVWRWDQWDPDMHVWXRVLGDGHQHOURVWURGHQXHVWUR
0DHVWUR0LHQWUDV$QiVVHHQFROHUL]DEDSRUPRPHQWRV-HV~VHQSLH\DSHVDUGHHVWDUDPDUUDGR
OHGHPRVWUDEDDHVHEDVWDUGRVXYHUGDGHUDJUDQGH]D
$SHVDUGHODVFLUFXQVWDQFLDV-XDQKDEODEDGHO*DOLOHRFRQHOPLVPRRPD\RUHQWXVLDVPRVL
FDEHTXHORKDEtDKHFKRHQRFDVLRQHVFRPRODGHVXHQWUDGDWULXQIDOHQ-HUXVDOpQ
(QWRQFHV DQWH PL VRUSUHVD \ VXSRQJR TXH OD GH -HV~V SURVLJXLy HO MRYHQ =HEHGHR
$QiVFDPELyGH WiFWLFD/OHJy D VXJHULUDO 0DHVWURTXHHVWDED GLVSXHVWRD ROYLGDUOR WRGRFRQ
XQDFRQGLFLyQ
$TXHOOR WDPELpQ HUD QXHYR SDUD Pt \ PLHQWUDV DVFHQGtDPRV SRU ODV FDOOHMDV GH OD FLXGDG
EDMD\DFRQHOFODURSURSyVLWRGHOOHJDUKDVWDODVHGHGHO6DQHGUtQXELFDGRHQOD]RQDH[WHULRU
\VXURFFLGHQWDOGHO7HPSORPX\FHUFDGHORTXHKR\VHFRQVHUYD\GHQRPLQDFRPRPXURGHODV
/DPHQWDFLRQHVSUHVWpWRGDPLDWHQFLyQDODVSDODEUDVGHOGLVFtSXOR
6DEHVGHTXpIXHFDSD]"$QiVOHSURSXVRSHUGRQDUOHODYLGDVLVDOtDLQPHGLDWDPHQWHGH
3DOHVWLQD3HURHO0DHVWURQRVHLQPXWyVLTXLHUD
$TXHOQXHYRVLOHQFLRH[DVSHUyD~QPiVDOH[VXPRVDFHUGRWH<JROSHDQGRORVEUD]RVGHOD
VLOODOHJULWyD-HV~V
1RHVWLPDVTXHVR\PX\ERQGDGRVRFRQWLJR"1RWHGDVFXHQWDGHFXiOHVPLSRGHU"
<RSXHGRGHWHUPLQDUHOUHVXOWDGRILQDOGHWXSUy[LPRMXLFLR
-HV~VSRUSULPHUDYH]KDEOy\GLULJLpQGRVHD$QiVOHGLMR
<D VDEHV TXH MDPiV SRGUiV WHQHU SRGHU VREUH PL VLQ SHUPLVR GH PL 3DGUH $OJXQRV
TXHUUtDQPDWDUDO+LMRGHO+RPEUHSRUTXHVRQXQRVLJQRUDQWHV\QRVDEHQKDFHURWUDFRVD3HUR
W~DPLJRVtWLHQHVLGHDGHORTXHKDFHV(QWRQFHVFyPRSXHGRUHFKD]DUODOX]GH'LRV"
/D LQHVSHUDGD DPDELOLGDG GHO 0DHVWUR SDUD FRQ DTXHOOD VHUSLHQWH GHUURWy D $QiV \ PH
GHVFRQFHUWy
< HO YLHMR VH SXVR D FDYLODU EXVFDQGR VXSRQJR LQWHUSUHWy -XDQ DOJXQD QXHYD
PDTXLQDFLyQSDUDSHUGHUD-HV~V
$OUDWROHSUHJXQWyGHQXHYR
4XpLQWHQWDVHQVHxDUDOSXHEOR"4XLpQSUHWHQGHVVHU"
(O0DHVWURQRHOXGLyQLQJXQDGHODVFXHVWLRQHV<VHGLULJLyD$QiVFRQJUDQILUPH]D
0X\ ELHQ VDEHV TXH KH KDEODGR FODUDPHQWH DO PXQGR +H HQVHxDGR HQ ODV VLQDJRJDV
PXFKDV YHFHV \ WDPELpQ HQ HO WHPSOR GRQGH MXGtRV \ JHQWLOHV PH KDQ HVFXFKDGR 1R KH GLFKR
QDGDHQVHFUHWR&XiOHVHQWRQFHVODUD]yQSRUODTXHPHLQWHUURJDVVREUHPLVHQVHxDQ]DV"3RU
TXpQRFRQYRFDVDPLVR\HQWHV\WHLQIRUPDVSRUHOORV"7RGR-HUXVDOpQPHKDRtGR<W~WDPELpQ
DXQTXHQRKD\DVHQWHQGLGRPLVHQVHxDQ]DV
$QWHV GH TXH$QiV SXGLHUD UHVSRQGHUOH XQR GH ORV VLHUYRV GH OD FDVD VH YROYLy KDFLD HO
0DHVWUR\OHDERIHWHyYLROHQWDPHQWHGLFLpQGROH
&yPRWHDWUHYHVDFRQWHVWDUDVtDOVXPRVDFHUGRWH"
$K-DVyQ&yPRPHDUGtDODVDQJUH
&XDQGR PH LQWHUHVp SRU OD UHDFFLyQ GH -HV~V -XDQ VH HQFRJLy GH KRPEURV \ VHxDODQGR DO
0DHVWURTXHFDPLQDEDDHVFDVRVPHWURVSRUGHODQWHQXHVWURFRPHQWy
1RYLVRPEUDDOJXQDGHRGLRRUHVHQWLPLHQWRHQVXVRMRV6LPSOHPHQWHVHSXVRIUHQWHDO
ODPHFXORVGHORVEHWXVLDQRV\FRQODPLVPDWUDQVSDUHQFLD\GRFLOLGDGFRQTXHVHKDEtDGLULJLGRD
$QiVOHPDQLIHVWy
$PLJR PtR VL KH KDEODGR PDO WHVWLILFD FRQWUD Pt 3HUR VL HV YHUGDG SRU TXp PH
PDOWUDWDV"
3UHJXQWpHQWRQFHVDOGLVFtSXORVLDTXHOODERIHWDGDKDEtDRFDVLRQDGRDOJXQDKHPRUUDJLDQDVDO
D-HV~V-XDQORQHJy(YLGHQWHPHQWHFXDQGRYLDSDUHFHUDO*DOLOHRHQODSXHUWDGHOFDVHUyQGH
$QiVVXURVWURQRSUHVHQWDEDVHxDOHVGHYLROHQFLD$OPHQRV\RQROOHJXpDGLVWLQJXLUODV
+DFtDXQEXHQUDWRTXHYHQtDREVHUYDQGRFyPR3HGURQRVVHJXtDDFRUWDGLVWDQFLD3HURDO
DSUR[LPDUQRV DO DUFR GH 5RELQVRQ \ HQ XQD GH ODV RFDVLRQHV HQ TXH JLUp OD FDEH]D SDUD
FRPSUREDUVLHOVROLWDULR\GHVGLFKDGR6LPyQFRQWLQXDEDDOOtOHYLVHQWDUVHDOSLHGHODPXUDOOD
PHULGLRQDO TXH VHSDUDED ORV GRV JUDQGHV EDUULRV GH -HUXVDOpQ 3RU VX IRUPD GH GHMDUVH FDHU
VREUHORVDGRTXLQHV\GHFRJHUVHODFDEH]DHQWUHODVPDQRVLQWXtTXHHODSyVWROVHKDEtDGDGRSRU
YHQFLGR 6X GHUURWD HQ DTXHOODV KRUDV HUD WRWDO 'H QR KDEHU FRQRFLGR HO ILQDO GH DTXHOORV
VXFHVRVQRKXELHUDSXHVWRPLPDQRHQHOIXHJRUHVSHFWRDVXVXHUWH
'HVJUDFLDGDPHQWH\DQRYROYHUtDDYHUOH
-XDQTXHHQHVRVPRPHQWRVQRHVWDEDDOFRUULHQWHGHODVQHJDFLRQHVGHVXDPLJRILQDOL]yDVt
VXUHODWR
$QiVKL]RXQJHVWRGHGHVDSUREDFLyQSRUHOEUXWDOJROSHGHVXVLHUYRDO0DHVWURSHURVX
RUJXOORHVWDOTXHQROHKL]RQLQJXQDREVHUYDFLyQ6HOLPLWyDOHYDQWDUVHGHVXDVLHQWR\VDOLyGH
ODHVWDQFLD1ROHYROYLPRVDYHUKDVWDSDVDGDVGRVKRUDV
-HV~VWHGLMRDOJRHQHVHWLHPSR"
1RUHVSRQGLy-XDQ(O0DHVWURORVVLUYLHQWHVHOVROGDGR\\RFRQWLQXDPRVDOOtVLQ
PRYHUQRV\HQVLOHQFLR$OFDERGHHVWHWLHPSR$QiVUHJUHVyDODVDOD\DSUR[LPiQGRVHD-HV~V
UHDQXGyHOLQWHUURJDWRULR
7HFRQVLGHUDVHO0HVtDVOLEHUWDGRUGH,VUDHO"
-HV~VOHYDQWyQXHYDPHQWHHOURVWUR\FRQLGpQWLFDFDOPDOHGLMR
$QiVPHFRQRFHVGHVGHPLMXYHQWXG\VDEHVTXHQRSUHWHQGRVHUQDGDPiV\QDGDPHQRV
TXH HO GHOHJDGR GH PL 3DGUH +H VLGR HQYLDGR SDUD WRGRV ORV KRPEUHV WDQWR JHQWLOHV FRPR
MXGtRV
3HURHOH[VXPRVDFHUGRWHQRTXHGyVDWLVIHFKR\UHSLWLyODSUHJXQWD
+HRtGRFRPHQWDUTXHSUHWHQGHVVHUHO0HVtDV(VFLHUWR"
(O0DHVWURHVSHUyXQSRFRDQWHVGHFRQWHVWDU3RUXQPRPHQWRFUHtTXHQRGHVHDEDKDEODU
3HUR\DORFUHRTXHORKL]R<FRQTXpVHJXULGDG-DVyQ
7~ORKDVGLFKROHGLMRDOILQ
(QWRQFHVIXHFXDQGRHQWUDURQHVRVVDFHUGRWHV9HQtDQGHSDUWHGH&DLIiV<DFHUFiQGRVHD
$QiVOHPXUPXUDURQDOJRDORtGR1RSXHGRGHFLUWHHOTXpDXQTXHVXSRQJRTXHWLHQHPXFKRTXH
YHUFRQHO&RQVHMRGHO6DQHGUtQ&RPRWHGHFtDQRWDUGDUHPRVHQVDEHUOR
(O UHVWR \D OR VDEHV $QiV RUGHQy TXH FRQGXMHUDQ D -HV~V D OD SUHVHQFLD GH VX \HUQR \
DEDQGRQDPRVODFDVD
3RFR DQWHV GH ODV VHLV GH OD PDxDQD HO SHORWyQ TXH FRQGXFtD D -HV~V VH GHWXYR IUHQWH D XQ
FDVHUyQPX\U~VWLFRVLWXDGRDHVFDVDGLVWDQFLDGHOJUDQUHFWiQJXORGHO7HPSOR&RQFUHWDPHQWH
MXQWRDODHVTXLQDVXURFFLGHQWDOHQXQDUHGXFLGD]RQDDMDUGLQDGDSHUIHFWDPHQWHDLVODGDGHDTXHO
VHFWRU GH OD FLXGDG EDMD SRU ORV DUFRV GH :LOVRQ \ 5RELQVRQ DO QRUWH \ VXU \ SRU OD PXUDOOD
PHULGLRQDO\HOPXURGHO7HPSORDOHVWH\2HVWHUHVSHFWLYDPHQWH
8QDV PDGUXJDGRUDV JRORQGULQDV DOHWHDEDQ MXJXHWRQDV HQWUH ORV DOHURV GHO VHJXQGR SLVR GH
DTXHOODFDVRQDGHDOJRPiVGHPHWURVGHODUJRSRUXQRVRGHDQFKR/RVWULQRVGHHVWRV
QHJURVHPLJUDQWHV\HOVRUGR\UtWPLFRUXJLGRGHODPROLHQGDGHOJUDQROHYDQWiQGRVHGHVGHWRGDV
ODVFDVDVGH-HUXVDOpQIXHURQORV~OWLPRV\DJUDGDEOHVVRQLGRVTXHHVFXFKDPRVDQWHVGHSHQHWUDU
HQDTXHODQWUR
'XUDQWH HVWD QXHYD FRQGXFFLyQ GH -HV~V OD SRVLELOLGDG GH TXH QRV GLULJLpUDPRV D OD
WUDGLFLRQDOVHGHGHO6DQHGUtQHQHOLQWHULRUGHO6DQWXDULRPHKL]RWHPEODU'HKDEHUVLGRDVtQL
HO OHJLRQDULR TXH FXVWRGLDED DO 0DHVWUR QL \R KXELpUDPRV SRGLGR WHQHU DFFHVR DO PLVPR
$IRUWXQDGDPHQWHWDO\FRPRKDEtDVDELGRSRUORVWH[WRVGHOKLVWRULDGRU)ODYLR-RVHIRSRFRV
PHVHVDQWHVGHLQLFLDUVHHODxRODVFDVWDVVDFHUGRWDOHVKDEtDQGHVFRQJHVWLRQDGRODFpOHEUH
VDODGHODVSLHGUDVWDOODGDVHPSOD]DGDHQXQRGHORViQJXORVVXURFFLGHQWDOHVGHODWULRGHORV
6DFHUGRWHV WUDVODGDQGR HO OXJDU GH UHXQLyQ GHO 6DQHGUtQ D HVWH HGLILFLR GH JUXHVDV SLHGUDV
JULVHV\DSHQDVGHVEDVWDGDV>@(OMXLFLRTXH&DLIiVKDEtDSODQHDGRFRPRLUHPRVYLHQGR
QRHUDPX\RUWRGR[R\DXQTXHHO&RQVHMR6XSUHPRLVUDHOLWDVHJXtDUHXQLpQGRVHHQRFDVLRQHVHQ
HO VDQWXDULR HQ HVWD RFDVLyQ \ FRQ JUDQ FRQWHQWR SRU PL SDUWH HO VXPR VDFHUGRWH \ VXV
FRUUHOLJLRQDULRVKDEtDQSUHIHULGROLTXLGDUHODVXQWRHQODQXHYDVHGHPXFKRPiVGLVFUHWDTXHOD
FiPDUDGHODVSLHGUDVWDOODGDV
/RV OHYLWDV DWUDYHVDURQ XQ DQJRVWR \ RVFXUR SDVLOOR GHVHPERFDQGR HQ HO UHGXFLGR SDWLR
FHQWUDO GHOERXOH\WHULRQRFXDUWHOJHQHUDOGHO6DQHGUtQ'HVGHDOOt\VLQSpUGLGDGHWLHPSR
SHQHWUDPRV HQ XQD VDOD FXDGUDGD EDVWDQWH HVSDFLRVD \ GH DOWR WHFKR VLWXDGD D MX]JDU SRU HO
FDPLQRTXHKDEtDPRVUHFRUULGRHQHODODPiVRFFLGHQWDOGHOHGLILFLR/DHVFDVDFODULGDGTXH
HQWUDEDSRUODVWURQHUDVREOLJDEDDPDQWHQHUHQFHQGLGDVODVOXFHUQDVGHDFHLWH
7DO\FRPRPHWHPtDQDGDPiVSLVDUODHVWDQFLDGRQGHGHEtDFHOHEUDUVHHOMXLFLRFRQWUDHO
*DOLOHR XQR GH ORV FULDGRV GHO VXPR VDFHUGRWH VH LQWHUSXVR HQ PL FDPLQR H[LJLHQGR TXH PH
LGHQWLILFDUD)XHURQVHJXQGRVGHJUDQWHQVLyQ(QPLFRQGLFLyQGHVLPSOHPHUFDGHUJULHJR\RQR
WHQtD SRU TXp DVLVWLU D GLFKD DVDPEOHD 'H FDUD D DTXHOORV KHEUHRV PL SUHVHQFLD QR HUD
MXVWLILFDEOHGHVGHQLQJ~QSXQWRGHYLVWD<FXDQGRFUHtDTXHWRGRHVWDEDSHUGLGRHOOHJLRQDULR
TXHVHKDOODEDD~QDPLODGRFRUWyHOVXVSHQVHFRQXQDRSRUWXQtVLPDUHVSXHVWD
$OWR(VWHKRPEUHYLHQHFRQPLJR&RPR\RUHSUHVHQWDDOSURFXUDGRUURPDQR
$TXHOOD PHQWLUD FRQVHFXHQFLD GHO GHQDULR GH SODWD TXH KDEtD HQWUHJDGR DO OHJDGR GHO
VXERILFLDO$UVHQLXV IXH GHWHUPLQDQWH< VLQ PiV H[SOLFDFLRQHV QRV GLULJLPRV DO FHQWUR GH OD
FiPDUD
$OJRPiVGHODPLWDGGHDTXHOODVDODGHXQRVPHWURVGHODGRVHKDOODEDRFXSDGDSRUXQ
EDQFRFRUULGRGHPDGHUDHQIRUPDVHPLFLUFXODURGHPHGLDOXQD(VWHDVLHQWRFRP~QVLQEUD]RV\
GRWDGRGHDOWRVUHVSDOGRVPLQXFLRVD\SULPRURVDPHQWHODEUDGRVKDEtDVLGRGLVSXHVWRVREUHXQ
HQWDULPDGRGHXQRVFHQWtPHWURVGHWDOIRUPDTXHVXVRFXSDQWHVSXGLHUDQGRPLQDUODHVWDQFLD
)UHQWHDHVWRVDVLHQWRVFHUUDQGRHOVHPLFtUFXORREVHUYpWUHVILODVGHEDQFRVLJXDOPHQWH
GHPDGHUDSHURVREUHHOHQORVDGRGHOSLVR\SRUWDQWRHQXQQLYHOPXFKRPiVEDMR
&XDQGR HQWUDPRV HO DVLHQWR HQ IRUPD GH PHGLD OXQD HVWDED \D RFXSDGR SRU XQ WRWDO GH
VDFHUGRWHV2WURVVHLVRVLHWHVHKDEtDQDFRPRGDGRHQODSULPHUDGHODVWUHVKLOHUDVGHEDQFRV\D
PHQFLRQDGDV /DV RWUDV GRV ILODV SHUPDQHFtDQ YDFtDV 3RVWHULRUPHQWH DO FRQWUDVWDU HVWDV
LQIRUPDFLRQHVFRQODVGHORUGHQDGRUFHQWUDOGHODFXQDSXGHVDFDUHQFRQFOXVLyQTXHDTXHOOD
PHGLD GRFHQD GH VDGXFHRV \ IDULVHRV TXH VH VHQWDED IXHUD GHO VHPLFtUFXOR KDEtD REUDGR DVt
VLPSOHPHQWHSRUTXHDTXHOOXJDUHUDODVHGHGHOOODPDGR6DQHGUtQPHQRU>@IRUPDGR~QLFD\
H[FOXVLYDPHQWHSRUPLHPEURV&DLIiVKDEtDORJUDGRUHXQLUDXQDWUHLQWHQDGHDGHSWRV\HQ
FRQVHFXHQFLDQRWRGRVSXGLHURQWRPDUDVLHQWRHQHOWULEXQDORILFLDO
6HQWDGRVHQHOILORGHOHQWDULPDGR\IUHQWHDFDGDXQRGHORVGRVH[WUHPRVGHOVHPLFtUFXOR
VHKDOODEDQGRVHVFULEDVMXGLFLDOHV9HVWtDQVXVWUDGLFLRQDOHVW~QLFDVGHOLQREODQFRSRUWDQGR
HQVHQGDVIDMDVXQDVFDMLWDVGHPDGHUDGHODVTXHHPSH]DURQDH[WUDHUVXV~WLOHVGHHVFULWRULR
SOXPDVGHFDxDGRVUHGXFLGRVIUDVFRVTXHKDFtDQODVYHFHVGHWLQWHURV\YDULRVUROORVGHFXHUR
$ GHFLU YHUGDG DTXHOORV GRV HVFULEDV IXHURQ OR ~QLFR OHJDO \ FRUUHFWR HQ WRGR DTXHO
VLPXODFUR GH MXLFLR 8QR VHJ~Q OD0LVQi VH HQFDUJDED GH LU UHFRJLHQGR ODV DOHJDFLRQHV HQ
IDYRU GH OD DEVROXFLyQ GHO GHWHQLGR R GHWHQLGRV \ HO VHJXQGR HVFULEtD ODV SURSXHVWDV GH
FRQGHQDFLyQ
-HV~V VLHPSUH HQ FRPSDxtD GHO OHJLRQDULR TXH FRQWURODED OD FXHUGD TXH DPDUUDED VXV
PXxHFDVIXHREOLJDGRDVLWXDUVHDOStHPLVPRGHOHQWDULPDGRGHFDUDDORVMXHFHV\GDQGROD
HVSDOGDDODVWUHVILODVGHEDQFRV
-XDQ\\RHQFRPSDxtDGHRWURVOHYLWDV\GRPpVWLFRVGHO6DQHGUtQWRPDPRVSRVLFLRQHVSRU
GHWUiVGHHVDVKLOHUDVGHDVLHQWRV\DODL]TXLHUGDGHO0DHVWUR$OIRQGRGHODVDODDWUDYpVGH
XQD SXHUWD VLWXDGD D QXHVWUDV HVSDOGDV \ TXH SHUPDQHFtD HQWUHDELHUWD GHVFXEUt XQ JUXSR GH
KHEUHRV 3HURDMX]JDU SRU VX LQGXPHQWDULDQR SDUHFtDQVDFHUGRWHVQL PLHPEURVGHO 6DQHGUtQ
/DLQFyJQLWDQRWDUGDUtDHQGHVSHMDUVH
'HVGHXQSULPHUPRPHQWRPHOODPyODDWHQFLyQXQSHUVRQDMHTXHRFXSDEDHOFHQWURGHDTXHO
WULEXQDO 'HEtD URQGDU ORV FLQFXHQWD DxRV 1R HUD PX\ DOWR \ HQ VX FXHUSR VREUDED JUDVD SRU
WRGDVSDUWHV6XREHVLGDGGHVWDFDEDHVSHFLDOPHQWHHQVXFDUDUHGRQGD\FRQJHVWLRQDGD\HQXQD
JUDQ SDSDGD VREUH OD TXH GHVFDQVDED XQD EDUED FDQRVD /D FDEH]D VLQ HO WXUEDQWH TXH OXFtDQ
DOJXQRVGHVXVFRPSDxHURVGHEDQFRHVWDEDUHPDWDGDSRUXQFDEHOORQHJUR\PX\FRUWRDOHVWLOR
MXOLDQR
6XJUDQKXPDQLGDGVHYHtDQRWDEOHPHQWHPXOWLSOLFDGDSRUXQDVYHVWLGXUDVPX\GLVWLQWDVDODV
GHOUHVWRGHORVMXHFHV0RVWUDEDXQDW~QLFD\XQRVFDO]RQHVWRGRHOORGHVHGD\HQXQDWRQDOLGDG
OHRQDGD 6X SHFKR DSDUHFtD FHxLGR SRU FLQFR EDQGDV R KD]DOHMDV FDGD XQD GH XQ FRORU RUR
FDUPHVtJUDQDFiUGHQR\OHRQDGR
$TXHOLQGLYLGXRHUD-RVpEHQ&DLIiVVXPRVDFHUGRWHGHVGHHODxRSRUGHVLJQDFLyQGHO
SURFXUDGRUURPDQR9DOHULR*UDWRDQWHFHVRUGH3LODWR
$ GHUHFKD H L]TXLHUGD GHO \HUQR GH$QiV FRPR GLJR VH VHQWDEDQ RWURV PLHPEURV GHO
6DQHGUtQ FDVL WRGRV FXELHUWRV SRU DPSOLRV PDQWRV PXOWLFRORUHV -XDQ HQ YR] EDMD PH IXH
VHxDODQGRDORVPiVYHQHQRVRVHLQWULJDQWHV6HPHV'RWKDLP/HYt*DPDOLHO-DLUR1HIWDOt\XQ
WDO$OHMDQGURHQVXPD\RUtDVDGXFHRV
(QORVURVWURVGHDTXHOORVLQGLYLGXRVFDVLWRGRVFRQHGDGHVTXHRVFLODEDQDOUHGHGRUGHORV
DxRVKDEtDSHUSOHMLGDG(OSRUWHPDMHVWXRVR\FDOPDGRGHO1D]DUHQRGHELyFDXVDUOHVXQD
KRQGD LPSUHVLyQ 'HVGH HO PRPHQWR HQ TXH -HV~V IXH VLWXDGR IUHQWH D HOORV QR FHVDURQ HQ VXV
FXFKLFKHRV
3HUR&DLIiVSDUHFtDWHQHUSULVD\DXQDRUGHQVX\DDOJXQRVGHORVSROLFtDVLQYLWDURQDOJUXSR
GHMXGtRVTXHDJXDUGDEDHQODVDODFRQWLJXDDTXHVHDSUR[LPDUDDOFRQVHMR
$QWHODVRUSUHVDSULPHUR\ODLQGLJQDFLyQGHVSXpVGH-XDQDTXHOORVWHVWLJRVFRPHQ]DURQ
D GHFODUDU FRQWUD ODV HQVHxDQ]DV \ OD SHUVRQD GHO *DOLOHR 6XV DWDTXHV WDQ H[DOWDGRV FRPR
GHVRUGHQDGRVVHFHQWUDURQIXQGDPHQWDOPHQWHHQODVQXPHURVDVYLRODFLRQHVGHOViEDGR\GHODV
OH\HV PRVDLFDV TXH VHJ~Q HOORV KDEtDQ FRPHWLGR -HV~V \ VX JUXSR GH GHVDUUDSDGRV
JDOLOHRV /RV SHUMXURV D WRGDV OXFHV FRPSUDGRV GH IRUPD SUHFLSLWDGD SRU HO 6DQHGUtQ VH
FRQWUDGHFtDQ LQFHVDQWHPHQWH FRQYLUWLHQGR OD VHVLyQ HQ XQD IDUVD (O GHVILOH GH IDOVRV WHVWLJRV
OOHJy D VHU WDQ ODPHQWDEOH TXH DOJXQRV GH ORV MXHFHV DYHUJRQ]DGRV EDMDEDQ OD FDEH]D R VH
UHYROYtDQQHUYLRVRV\YLROHQWRVHQVXVDVLHQWRV
(O 0DHVWUR TXH HQ HVWD RFDVLyQ Vt KDEtD OHYDQWDGR VX URVWUR SHUPDQHFtD LPSDVLEOH
VREUHVDOLHQGR VREUH VXV DFXVDGRUHV QR VyOR SRU VX WDOOD VLQR VREUH WRGR SRU VX SRUWH
PDMHVWXRVR$TXHOWDODQWHVHUHQRVLQODPiVGpELOVRPEUDGHRUJXOORRHQJUHLPLHQWRH[DVSHUy
D~QPiVD&DLIiV\DVXVFyPSOLFHVTXHQRHQWHQGtDQFyPRXQKRPEUHSRGtDJXDUGDUVHPHMDQWH
FDOPDFXDQGRWRGRDSXQWDEDKDFLDXQDSRVLEOHVHQWHQFLDGHPXHUWH
(VWHSURIDQDGRU GHOViEDGRDILUPy XQRGHORV WHVWLJRV HV UHLQFLGHQWH\D TXH FRQVWD
TXHIXHDPRQHVWDGRSRUORVVDFHUGRWHVHQYDULDVRFDVLRQHV3RUWDQWRHVUHRGHH[WHUPLQLR
'HDFXHUGRFRQOD0LVQiFDStWXOR6DQHGUtQ0DNNRWHOTXHSURIDQDEDHOViEDGRFRQ
SUHPHGLWDFLyQ\GHIRUPDUHLQFLGHQWHGHEtDVHUPXHUWRSRUODSLGDFLyQ
2WUR GH ORV IDOVRV WHVWLJRV WRPy OD SDODEUD \ VHxDODQGR DO *DOLOHR UHFRUGy D OD VDOD OD
PXOWLSOLFDFLyQGHORVSDQHV\SHFHV
'H DFXHUGR FRQ QXHVWUD OH\HV DVHJXUy HVWH KRPEUH HV XQ PDJR TXH HQJDxD DO
SXHEORFRQVXVDFWRV$TXLEDGLFHHQQRPEUHGH<HKRV~D6LGRVUH~QHQSHSLQRVVLUYLpQGRVHGH
ODPDJLDXQRGHORVFROHFWRUHVQRHVFXOSDEOH\HORWUDVt(OTXHUHDOL]DHODFWRHVFXOSDEOH\HO
TXHVyORHQJDxDODYLVWDQRHVFXOSDEOH0XFKRVSXGLPRVYHUHQWRQFHVFyPRHVWHHQYLDGRGHO
3UtQFLSHGHORVGHPRQLRVOOHYDEDDFDERHODFWR\VXVGLVFtSXORVOHVHFXQGDEDQ
8QPXUPXOORGHDSUREDFLyQVHH[WHQGLyHQWUHORVMXHFHV3HURHO0DHVWURVHJXtDPXGR
6HJ~Q HO /HYtWLFR DUJXPHQWy RWUR GH ORV KHEUHRV HO UHR DGTXLULy LPSXUH]D SRU
FRQWDFWR FRQ FDGiYHUHV < SRU VL QR IXHUD FXOSD VXILFLHQWH VH DWUHYLy D YLRODU OD VDJUDGD
FUHHQFLDGHODUHVXUUHFFLyQGHORVPXHUWRVVDFDQGRGHODWXPEDD/i]DUR
$OJXQRVGHORVVDGXFHRVFX\DILORVRItDUHFKD]DEDGHSODQRODUHVXUUHFFLyQGHORVPXHUWRV
PRYLHURQ OD FDEH]D QHJDWLYDPHQWH VRQULHQGR VLQ GLVLPXOR &DLIiV TXH SHUWHQHFtD D HVWD FDVWD
SDVySRUDOWRODLPSHUWLQHQFLDGHORVVDGXFHRV1RHUDDTXpOHOPRPHQWRGHHQWUDUHQSROpPLFDV
FRQ ORV IDULVHRV TXH KDEtDQ IUXQFLGR HO FHxR FRQ FODUR GLVJXVWR SRU ODV LUyQLFDV \ VLOHQFLRVDV
PDQLIHVWDFLRQHV GHO UHVWR GHO WULEXQDO /D PRPHQWiQHD WHQVLyQ HQWUH ORV MXHFHV VH YLR GLVLSDGD
FXDQGRDTXHOWHVWLJRGHVYLyVXDFXVDFLyQKDFLDHOQXHYRKHFKRPiJLFRGHKDEHUOHYDQWDGRD
/i]DURGHOVHSXOFURHQXQWLHPSRLQIHULRUDOWRTXHGHOVRIDU$TXHOGDWRPHKL]RSHQVDUTXH
SXHVWRTXHFDGDXQRGHHVWRVWRTXHVGHFXHUQRGHORVOHYLWDVGHOWHPSORQXQFDVHSURORQJDEDPiV
DOOiGHORVVHJXQGRVODUHVXUUHFFLyQGH/i]DURGHVGHTXH-HV~VOHOODPyKDVWDTXHDTXpO
YROYLyDODYLGDSXGRVXFHGHUHQXQWLHPSRGHDVHJXQGRV
/D DFXVDFLyQ FRPR FDVL WRGDV UHVXOWDED WDQ SXHULO \ IDOWD GH EDVH TXH HO VXPR VDFHUGRWH
FDGD YH]PiVGHVFRPSXHVWR DSUHPLy D ORVVLJXLHQWHVWHVWLJRVSDUD TXH FRQWLQXDUDQ3HURODV
VLJXLHQWHVDOHJDFLRQHVQRIXHURQPiVEULOODQWHV
9DULRV GH ORV MXGtRV DFRPSDxDQGR VXV SDODEUDV FRQ JUDQGHV DVSDYLHQWRV UHFRUGDURQ DO
WULEXQDORWURGHORVGHOLWRVGH-HV~V
1RKDEHUFRPLGRHOREOLJDGRFRUGHURSDVFXDO
$TXHOOD LQIRUPDFLyQ VyOR SRGtD KDEHU VLGR VXPLQLVWUDGD SRU -XGDV (O ,VFDULRWH TXH KDEtD
OOHJDGR DO HGLILFLR GHO 6DQHGUtQ PXFKR DQWHV TXH QRVRWURV SHUPDQHFtD GHWUiV GHO JUXSR GH
WHVWLJRVDXQTXHHQQLQJ~QPRPHQWROOHJyDWHVWLILFDU/DVQRUPDVGHDTXHOODVJHQWHVSURKLEtDQ
TXHXQWUDLGRUVHGLULJLHUDS~EOLFDPHQWHDO&RQVHMR/DOH\PRVDLFDHIHFWLYDPHQWHHVWDEOHFtD
TXHWRGRVORVLVUDHOLWDVHVWDEDQREOLJDGRVDFRPHUFRUGHURRFDEULWRHQODILHVWDGHOD3DVFXD
6yOR DxRV PiV WDUGH GHVSXpV GH OD GHVWUXFFLyQ GHO 7HPSOR OD0LVQi HQ VX FDStWXOR ,9
SHVDKLP>@ VXDYL]D ODV QRUPDV GLFLHQGR WH[WXDOPHQWH TXH HQ HO OXJDU GRQGH QR VHD
FRVWXPEUHFRPHUFDUQHQRVHFRPD
8QR GH ORV ~OWLPRV DFXVDGRUHV OOHJy D UL]DU HO UL]R HQ DTXHOOD VDUWD GH LQFRQJUXHQFLDV \
GHVSURSyVLWRV$OXGLHQGRDRWUDGH ODV OH\HV MXGtDVOOHJR DDFXVDU DO 1D]DUHQR GHKRPLFLGLR
IUXVWUDGR 6X HQGHEOH H LUULVRULR DUJXPHQWR VH EDVDED HQ RWUD QRUPD TXH GHFUHWDED OD
FXOSDELOLGDG GH DTXHO TXH JROSHDVH D VX SUyMLPR FRQ XQD SLHGUD GH PDQHUD WDO TXH UHVXOWDVH
PXHUWR
(ODOHFFLRQDGRWHVWLJRH[SXVRHQWRQFHVHOLQFLGHQWHSURWDJRQL]DGRSRUXQDDG~OWHUDVDOYDGD
GHODSHGUHDPLHQWRSRSXODUFXDQGR-HV~VGLULJLpQGRVHDODPXFKHGXPEUHLQYLWyDTXHDTXHOTXH
HVWXYLHUDOLEUHGHSHFDGRDUURMDVHODSULPHUDSLHGUD
3DUDHOUHWRUFLGRKHEUHRDTXHOJHVWRFRQVWLWXtDGHOLWR\DTXHLQFLWDEDDODVHVLQDWR
/DJURWHVFDHVFHQDVHYLRXQWDQWRGLVWHQGLGDFXDQGRV~ELWDPHQWHORVMXHFHV\HOUHVWRGH
ORVPLHPEURVGHO6DQHGUtQVHSXVLHURQHQSLH(QODVDODVHKL]RXQHVSHVRVLOHQFLR\XQRGHORV
VDGXFHRVHOTXHVHVHQWDEDDODGHUHFKDGH&DLIiVVHUHWLUyGHVXSXHVWRFHGLHQGRHOOXJDUDXQ
LQGLYLGXRPHQXGR\HQFRUYDGRTXHDFDEDEDGHLUUXPSLUHQODVDOD
(V$QiVPHVXVXUUy-XDQ
'XUDQWH PL HVWDQFLD HQ HO SDODFHWH GHO H[ VXPR VDFHUGRWH QR KDEtD WHQLGR RSRUWXQLGDG GH
FRQRFHUOH $KRUD DO YHUOH VXELU DO HVWUDGR D\XGDGR SRU GRV GH VXV VLHUYRV VHQWt FLHUWD
GHFHSFLyQ (O SRGHURVR VXHJUR GH &DLIiV \ SDGUH GH OD LQIOX\HQWH IDPLOLD VDFHUGRWDO HUD HQ
UHDOLGDGXQYLHMRGHFUpSLWRPX\SUy[LPRDORVDxRV\DTXHMDGRGHXQDDYDQ]DGDGROHQFLDGH
3DUNLQVRQ&RPRVkJDQRSUHVLGHQWHGHODFiPDUDGHORVDQFLDQRVRFXSyHODVLHQWRXELFDGRD
OD GHUHFKD GHO VXPR VDFHUGRWH HQ IXQFLRQHV DTXHO DxR ,QPHGLDWDPHQWH HO UHVWR GH ORV MXHFHV
YROYLy D DFRPRGDUVH \ &DLIiV FRQ XQ GLVSOLFHQWH JHVWR GH VXV UHJRUGHWDV PDQRV LQGLFy D ORV
WHVWLJRVTXHSURVLJXLHUDQ
$SHVDUGHVXPiVTXHSUREDEOHHVFOHURVLVFHUHEUDO$QiVR$QDQRFRPROROODPD-RVHIR
FRQVHUYDED XQRV RMRV GH UDSD] QRFWXUQD JUDQGHV \ YHUWLJLQRVRV 1DGD PiV VHQWDUVH
UHFRUULHURQODVDOD\HQGRDSRVDUVHHQORVGHO0DHVWUR<HOWHPEORUGHVXVPDQRVVHDFHQWXy
-HV~VVRVWXYRVXPLUDGD\$QiVLQGHFLVRWUDWyGHHVFRQGHUODVDSHUJDPLQDGDVPDQRVEDMRHO
URSyQ GH S~USXUD TXH OH FXEUtD 'HVSXpV GHVYLDQGR VX DWHQFLyQ KDFLD HO LQTXLVLGRU GH WXUQR
SDUHFLyROYLGDUVHGHO*DOLOHR
(VWH KRPEUH KDEtD HPSH]DGR D SURFODPDU HO WHVWLJR DILUPy TXH GHVWUXLUtD HO WHPSOR \
TXHHQWUHVGtDVHGLILFDUtDRWURSHURVLQODD\XGDGHODPDQRGHOKRPEUH
/RVDUFKRQWHV R MHIHV GHO WHPSOR KDEtDQ HQFRQWUDGR DO ILQ XQ DUJXPHQWR FRQGHQDWRULR OR
VXILFLHQWHPHQWH VyOLGR3RU VXSXHVWRDTXHOOR QRHUD OR TXHKDEtDGLFKR -HV~V$GHPiV QLHVWH
WHVWLJRQLHOVLJXLHQWHTXHUDWLILFyFXDQWRKDEtDGLFKRVXFRPSDxHURKLFLHURQDOXVLyQDOJXQDDO
GHFLVLYRJHVWRGHOUDEtFXDQGRDOWLHPSRTXHSURQXQFLDEDDTXHOODVSURIpWLFDVSDODEUDVVHxDODED
KDFLDVXFXHUSRFRQHOGHGR
6LQRUHFXHUGRPDODTXpOIXHHO~QLFRWHVWLPRQLRHQHOTXHGRVVXMHWRVORJUDURQSRQHUVHGH
DFXHUGR
$QWHV GH TXH FRQFOX\HUDQ ORV WHVWLJRV HO FODPRU GH ORVDUFKLHUHLV R VDFHUGRWHV MHIHV IXH
JHQHUDOWXUEDQGRHORUGHQGHODVDODFRQH[DJHUDGDVPXHVWUDVGHGHVDJUDGRHLQFUHGXOLGDG
&DLIiV OHYDQWy VXV EUD]RV SLGLHQGR FDOPD PLHQWUDV XQD FtQLFD VRQULVD VH GLEXMDED HQ VX
URVWUR< HO VLOHQFLR VH UHVWDEOHFLy SRFR D SRFR (Q HVRV PRPHQWRV$QiV KL]R XQD VHxDO D VX
\HUQR(VWHVHLQFOLQy\HOH[VXPRVDFHUGRWHOHFRPHQWyDOJRDORtGR$OWHUPLQDUDPERVWHQtDQ
ORV RMRV ILMRV HQ -HV~V (VWH VHJXtD LPSHUWXUEDEOH 1LQJXQD GH ODV DOHJDFLRQHV KDEtD ORJUDGR
DOWHUDUVXiQLPR
1RFRQWHVWDVDQLQJXQDGHODVDFXVDFLRQHV"OHJULWyGHSURQWR&DLIiVFRQDTXHOODYR]
FKLOORQD\GHVDJUDGDEOH
/RVMXHFHVWHVWLJRVOHYLWDV\HOUHVWRGHORVDVLVWHQWHVLQFOXLGR-XGDVHVSHUDURQODUHVSXHVWD
GHO*DOLOHR)XHLQ~WLO(O0DHVWURFRQORVRMRVSXHVWRVHQ&DLIiVQRGHVSHJyVXVODELRV
$TXHOVLOHQFLRGHODFXVDGRXQLGRDVXJUDQHQWHUH]DKL]RHQURMHFHUD&DLIiV6XVSiUSDGRV
HPSH]DURQDFHUUDUVH\DEULUVHUtWPLFDPHQWHSUHVDGHXQWLFQHUYLRVR(VPX\SRVLEOHTXHHO
RGLRGHDTXHOKHEUHRKDFLD-HV~VGH1D]DUHWDOFDQ]DVHHQDTXHOORVPLQXWRVXQDVFLPDVH[WUHPDV
< HVWR\ FDVL VHJXUR WDPELpQ TXH SRU HQFLPD GH ODV HQVHxDQ]DV \ PLODJURV GHO &ULVWR OR TXH
YHUGDGHUDPHQWH DOLPHQWDED OD YHQJDQ]D GHO VXPR VDFHUGRWH HUD HO GRPLQLR GH TXH KDFtD
FRQVWDQWH JDOD HO 0DHVWUR 6L -HV~V VH KXELHUD KXPLOODGR R DGRSWDGR XQD SRVWXUD FRQFLOLDGRUD
TXL]iHOVLPXODFURGHSURFHVRQRKXELHUDDUUDVWUDGRWDQGRORURVDVFRQVHFXHQFLDVSDUDODSHUVRQD
GHOUDEtGH*DOLOHD
&XDQGRWRGRSDUHFtDLQGLFDUTXH&DLIiVHVWDEDDSXQWRGHHVWDOODU$QiVVHLQFRUSRUy([WUDMR
XQ UROOR GH SHUJDPLQR GHO LQWHULRU GH VX PDQJD GHUHFKD \ PLHQWUDV SURFHGtD D GHVSOHJDUOR
DQXQFLyDOWULEXQDOTXHDTXHOODDPHQD]DGHO*DOLOHRGHGHVWUXLUHO7HPSORHUDUD]yQPiVTXH
VXILFLHQWHFRPRSDUDFRQVLGHUDUODVVLJXLHQWHVDFXVDFLRQHV
< FRQ YR] SUHPLRVD \ YDFLODQWH SHJDQGR FDVL HO GRFXPHQWR D ORV RMRV GLR OHFWXUD D ORV
FDUJRVTXHREYLDPHQWHKDEtDQVLGRILMDGRVDQWHVLQFOXVRGHODVHVLyQGHO6DQHGUtQ
(ODFXVDGRGHVYtDSHOLJURVDPHQWHDODVJHQWHVGHOSXHEOR\DGHPiVOHVHQVHxD
(O DFXVDGR HV XQ UHYROXFLRQDULR IDQiWLFR TXH DFRQVHMD OD YLROHQFLD FRQWUD HO 7HPSOR
VDJUDGR\DGHPiVSXHGHGHVWUXLUOR
(O DFXVDGR HQVHxD \ SUDFWLFD OD PDJLD \ OD DVWURORJtD>@ /D SUXHED GH TXH SURPHWD
HGLILFDUXQQXHYRVDQWXDULRHQWUHVGtDV\VLQD\XGDGHODVPDQRVHVFRQFOX\HQWH
-XDQHVWXSHIDFWRPHKL]RYHUDOJRTXHHVWDEDFODURFRPRODOX]ODUHGDFFLyQGHVHPHMDQWHV
DFXVDFLRQHVWHQtDTXHKDEHUVLGRKHFKDGHPXWXRDFXHUGRFRQORVIDOVRVWHVWLJRV
3HURODVLQGLJQLGDGHVGHDTXHOFRQVHMRQRKDEtDQKHFKRPiVTXHHPSH]DU
$QiV YROYLy D HQUROODU HO SHUJDPLQR \ DJXDUGy HQ SLH OD UHVSXHVWD GHO UHR 6LQ HPEDUJR
-HV~VQRPRYLyXQVRORP~VFXOR
(ODQFLDQRYLVLEOHPHQWHFRQWUDULDGRVHGHMyFDHUVREUHHOEDQFR\DTXHOGHQVR\DPHQD]DQWH
VLOHQFLRLQXQGyGHQXHYRODFiPDUD
(QXQDFFHVRGHLUD&DLIiVVDOWyGHVXSXHVWR\OOHJDQGRIUHQWHDO0DHVWUROHFRQPLQyFRQHO
GHGRJULWiQGROH
(QQRPEUHGH'LRVYLYR%HQGLWRVHDWHRUGHQRTXHPHGLJDVVLHUHVHOOLEHUDGRUHO
+LMRGH'LRV%HQGLWRVHDVXQRPEUH
(VWDYH]-HV~VEDMDQGRVXVRMRVKDFLDHOPHQJXDGR\FROpULFRVXPRVDFHUGRWHVtGHMyRtUVX
SRWHQWHYR]
/R VR\< SURQWR LUp MXQWR DO 3DGUH (Q EUHYH HO +LMR GHO +RPEUH VHUi UHYHVWLGR GH
SRGHU \ UHLQDUi GH QXHYR VREUH ORV HMpUFLWRV FHOHVWLDOHV /DV SDODEUDV GHO 1D]DUHQR URWXQGDV
UHWXPEDURQ HQ OD VDOD FRPR XQ PD]D]R &DLIiV UHWURFHGLy GRV SDVRV 7HQtD OD ERFD DELHUWD \
WHPEORURVD\VXVRMRVDSDUHFtDQLQ\HFWDGRVGHVDQJUHDOLJXDOTXHVXFDUD\FXHOOR6LQGHMDUGH
PLUDUD-HV~VHFKyPDQRGHODVFLQFRKD]DOHMDVTXHURGHDEDQVXSHFKR\FRQXQWLUyQKL]RVDOWDU
ORVSDVDGRUHVTXHVXMHWDEDQGLFKDVEDQGDVSRUODHVSDOGD>@
/DVDJUDGDRUQDPHQWDFLyQGHOVXPRVDFHUGRWHFD\yVREUHHOSLVRFRQXQFDVLLPSHUFHSWLEOH
FKDVTXLGRGHODVDJXMDVGHPDUILODOHVWUHOODUVHFRQWUDHOHQORVDGR
< &DLIiV IXHUD GH Vt H[FODPy FRQ YR] TXHEUDGD SRU OD FRQJHVWLyQ DO WLHPSR TXH XQD
LQYROXQWDULDOOXYLDGHJRWLWDVGHVDOLYDVDOWDEDSRUORVDLUHV
4XpQHFHVLGDGWHQHPRVGHWHVWLJRV"<DKDQRtGRODEODVIHPLDGHHVWHKRPEUH4Xp
FUHHQ\FyPRKHPRVGHSURFHGHUFRQHVWHYLRODGRU"
/D WUHLQWHQD GH VDGXFHRV IDULVHRV \ HVFULEDV VH SXVR GH SLH FRPR XQR VROR KRPEUH
YRFLIHUDQGRDFRUR
0HUHFHODPXHUWH&UXFLIL[LyQ&UXFLIL[LyQ
/D DFHOHUDGD SDOSLWDFLyQ GHODVDUWHULDVGHO FXHOORGH &DLIiV GHPRVWUDEDQ PX\ DODVFODUDV
TXHVXRUJDQLVPRHVWDEDH[SHULPHQWDQGRXQDLPSRUWDQWHGHVFDUJDGHDGUHQDOLQD<FRQODPLVPD
IXULD FRQ TXH KDEtD GHVJDUUDGR SDUWH GH VXV YHVWLGXUDV YROYLy D HQFDUDUVH FRQ HO 0DHVWUR
ODQ]DQGRXQYLROHQWRUHYpVDODPHMLOODL]TXLHUGDGH-HV~V/RVVHOORVGHODPDQRL]TXLHUGDGHO
VXPRVDFHUGRWHOOHJXpDLGHQWLILFDUXQDSLHGUDGHMDVSHXQVDUGLR\XQDFRUQHULQDKLULHURQHO
SyPXOR\GRVILQtVLPRVUHJXHULOORVGHVDQJUHVHDEULHURQSDVRKDFLDODEDUED
3HURHO*DOLOHRQRGHMyHVFDSDUXQVRORODPHQWR%DMyORVRMRV\\DQRYROYHUtDDOHYDQWDUORV
KDVWDTXHODSROLFtDGHO7HPSOROHFRQGXMRDODVDODGRQGHKDEtDYLVWRFRQJUHJDGRVDORVWHVWLJRV
(O \HUQR GH $QiV VH UHWLUy D VX SXHVWR PLHQWUDV HO FRUR GH MXHFHV VHJXtD YRFLIHUDQGR
0XHUWH0XHUWH
-XDQVHDIHUUyDPLEUD]RPRUGLHQGRHOPDQWRHQXQDWDTXHGHLPSRWHQFLD\GHVHVSHUDFLyQ
3HURQDGLHQLVLTXLHUDHOOHJLRQDULRPRYLyXQVRORGHGRHQGHIHQVDGH-HV~V
(OVXHJURGHOVXPRVDFHUGRWHTXHIXHHO~QLFRTXHSHUPDQHFLyVHQWDGR\HQVLOHQFLRVROLFLWy
FDOPD<FXDQGRHO~OWLPRGHORVVDQHGULWDVKDEtDREHGHFLGRODRUGHQGH$QiVpVWHVHGLULJLyDO
DOWHUDGR &RQVHMR VXJLULHQGR TXH VH EXVFDUDQ QXHYDV DFXVDFLRQHV (VSHFLDOPHQWH FDUJRV TXH
SXGLHUDQFRPSURPHWHUDO1D]DUHQRIUHQWHDODDXWRULGDGURPDQD&RQXQDLQWHOLJHQFLDPXFKRPiV
VXWLOTXHODGHOUHVWRGHORVDOOtFRQJUHJDGRVHOYHWHUDQRH[VXPRVDFHUGRWHOHVGLRDHQWHQGHU
TXHDTXHOODVDOHJDFLRQHVSRGtDQQRVDWLVIDFHUD3RQFLR3LODWR
3HUR ORVVDFHUGRWHVFRQ&DLIiVD ODFDEH]D VH RSXVLHURQURWXQGDPHQWH< GXUDQWHXQEXHQ
UDWRORVMHIHVGHOWHPSORHVFULEDV\IDULVHRVGLVFXWLHURQDFDORUDGDPHQWHSLViQGRVHODSDODEUD
XQRV D RWURV 'H DTXHOOD DJULD SROpPLFD GHGXMH TXH ORVDUFKLHUHLV WDO \ FRPR \D KDEtD
GHPRVWUDGR&DLIiVQRGHVHDEDQGHPRUDUHOSURFHVRSRUGRVUD]RQHVEiVLFDV
3ULPHUD SRUTXH HUD HO GtD GH OD SUHSDUDFLyQ GH OD 3DVFXD \ VHJ~Q OD /H\ WRGRV ORV
WUDEDMRVGHEtDQFRQFOXLUDQWHVGHOPHGLRGtD
6HJXQGDSRUTXHHOWHPRUJHQHUDODSXQWDEDKDFLDODSRVLELOLGDGGHTXHHOSURFXUDGRUGHMDUD
-HUXVDOpQUHJUHVDQGRDVXEDVH&HViUHD
(VWH~OWLPRH[WUHPRSHVyPXFKRPiVTXHHOSULPHUR6L3RQFLRGHMDEDODFLXGDGVDQWDODV
PDQLREUDVGHO6DQHGUtQKDEUtDQUHVXOWDGRHVWpULOHV
$QiVQRSXGRFRQWURODUODVLWXDFLyQ\ORVMXHFHVLPLWDQGRDOVXPRVDFHUGRWHVHOHYDQWDURQ
DEDQGRQDQGRODVDOD3HURDQWHVXQRWUDVRWURSDVDURQSRUGHODQWHGHO0DHVWURHVFXSLpQGROHHQ
HOURVWUR6LQRUHFXHUGRPDOIXHURQWUHLQWDVDOLYD]RV0HMRUGLFKRHVSXWRV\VDOLYD]RVTXL]iD
SDUWHVLJXDOHV
&XDQGRHO0DHVWURSDVyDQXHVWURODGRFDPLQRGHODHVWDQFLDGRQGHLEDDWHQHUOXJDUXQDGH
ODV PiV VDOYDMHV \ GHQLJUDQWHV DIUHQWDV GH DTXHOOD MRUQDGD HO MRYHQ GLVFtSXOR YROYLy VX FDUD
LPSUHVLRQDGRSRUODVUHSXJQDQWHVH[SHFWRUDFLRQHVTXHRFXOWDEDQFDVLHOURVWUR\EDUEDGHOGyFLO
-HV~V -XDQ IXH SUHVD GH XQD VHULH GH IXHUWHV DUFDGDV WHUPLQDQGR SRU YRPLWDU HQ XQR GH ORV
ULQFRQHVGHODVDOD
'HHVWDIRUPDHQPLWDGGHXQDJUDQFRQIXVLyQVHGLRSRUFRQFOXLGDODSULPHUDSDUWHGHDTXHO
MXLFLR(UDQODVVHLV\PHGLDGHODPDGUXJDGD
$TXHODOWRHQHOSURFHVRMXGtRD-HV~VGH1D]DUHWLEDDVHUHQUHDOLGDGXQDQXHYD\JURWHVFD
FDULFDWXUDGHORTXHGHEHUtDKDEHURFXUULGRHQXQMXLFLRREMHWLYR/DVQRUPDVKHEUHDVFRPR
LUp GHVPHQX]DQGR DO ILQDO GH HVWD GREOH FRPSDUHFHQFLD GHO UDEt GH *DOLOHD DQWH HO LUUHJXODU
&RQVHMRGHO6DQHGUtQHUDQPX\HVWULFWDVHQWRGRORUHODWLYRDFDXVDVGHVDQJUH(QVXRUGHQ
FXDUWR&DStWXOR9OD0LVQiLVUDHOLWDHVWDEOHFHFRQJUDQULJRU\PHWLFXORVLGDGTXHVLHOUHR
HVHQFRQWUDGRLQRFHQWHHVGHVSHGLGR(QFDVRFRQWUDULRORVMXHFHVDSOD]DQODVHQWHQFLDSDUDHO
GtDVLJXLHQWH
3XHV ELHQ HVWD LPSRUWDQWtVLPD SUHVFULSFLyQ MXUtGLFD QR VyOR QR IXH WHQLGD HQ FXHQWD SRU
DTXHOORVWUHLQWDVHFXDFHVGHOVXPRVDFHUGRWHVLQRTXHDGHPiVUHVXOWyYLOPHQWHPDQLSXODGD
'HPXWXRDFXHUGR&DLIiV\VXVSDUWLGDULRVVHUHWLUDURQGHODVDODGHOWULEXQDOUHGXFLHQGRODV
REOLJDGDV KRUDV GH UHIOH[LyQ \ D\XQR SUHYLDV D OD HPLVLyQ GHILQLWLYD GH OD VHQWHQFLD D
HVFDVRV PLQXWRV 8QD PHGLD KRUD TXH HQ PL RSLQLyQ DOFDQ]y XQD GH ODV PiV DOWDV FRWDV GH
VDOYDMLVPRDTXHSXHGDOOHJDUXQJUXSRTXHVHDXWRFDOLILFDGHFLYLOL]DGR
(VSRVLEOHTXHSRULJQRUDQFLDRSRUXQUHVSHWRPX\KXPDQRORVHYDQJHOLVWDVQRQRVGLJDQ
SUiFWLFDPHQWH QDGD GH OR TXH SDGHFLy HO 0DHVWUR HQ DTXHOORV PRPHQWRV \ HQ DTXHO OXJDU
3HUVRQDOPHQWH PH LQFOLQR SRU OD SULPHUD UD]yQ OD IDOWD GH LQIRUPDFLyQ &RPR GHWDOODUp GH
LQPHGLDWR HO MRYHQ -XDQ QR SXGR HVWDU SUHVHQWH HQ DTXHOOD HVSHOX]QDQWH PHGLD KRUD /RV
HVFULWRUHV VDJUDGRV KDFHQ DOJXQDV DOXVLRQHV VLHPSUH PX\ VXSHUILFLDOHV \ FRPR QR TXHULHQGR
HQWUDUHQGHWDOOHVVREUHXQDERIHWDGDDOJXQRVVDOLYD]RV\JROSHVSURSLQDGRVSRUORVVLHUYRV
GHO6DQHGUtQ
&UHRKRQHVWDPHQWHTXHORVHYDQJHOLVWDVTXL]iHQXQDIiQGHQRPRUWLILFDUDVXVOHFWRUHV
FRQ ORV VXIULPLHQWRV GHO &ULVWR KLFLHURQ XQ IODFR VHUYLFLR D OD 9HUGDG QR H[SRQLHQGR FRQ
PD\RUPLQXFLRVLGDGHVHDPDUJRWUDQFHGHO1D]DUHQR3UHFLVDPHQWHDOFRQRFHUFRQH[DFWLWXGOR
VXFHGLGRDTXHOODPDxDQDHQXQDGHODVFiPDUDVGHO6DQHGUtQXQRSXHGHOOHJDUDLQWXLUTXHDTXpO
IXHTXL]iHOPRPHQWRPiVDPDUJR\KXPLOODQWHGHWRGDOD3DVLyQ0XFKRPiVSRUVXSXHVWRTXH
OD IODJHODFLyQ R TXH OD WHUURUtILFD HVFHQD GHO HQFODYDPLHQWR (QWLHQGR TXH SDUD FXDOTXLHU
SHUVRQD QRUPDO \ PXFKR PiV OyJLFDPHQWH VL HVH KRPEUH HV OD SURSLD 'LYLQLGDG ORV
XOWUDMHV \ DWDTXHV D VX GLJQLGDG SXHGHQ UHVXOWDU PiV GRORURVRV TXH ORV JROSHV R WRUWXUDV
SURSLDPHQWH GLFKRV< HVWR IXH OR TXH DFRQWHFLy PLHQWUDV ORV MXHFHV GHOLEHUDEDQ HQ HO MDUGtQ
FHQWUDOGHOHGLILFLR
6LQGXGDUORXQLQVWDQWHPHIXLGHWUiVGHOVROGDGRTXHFXVWRGLDEDD-HV~VPLHQWUDV-XDQPX\
DIHFWDGRSRUDTXHOODUHSXOVLYDGHVKRQUDGHODSHUVRQDGHVX0DHVWURVDOtDDOH[WHULRUWUDWDQGR
GHUHVSLUDUDLUHSXUR\GHUHFXSHUDUVHItVLFD\HPRFLRQDOPHQWH
3HURDORVSRFRVPLQXWRVORYLHQWUDUHQODVDODGRQGHORVOHYLWDVKDEtDQFRQGXFLGRD-HV~V
1RV HQFRQWUiEDPRV HQ XQ FXEtFXOR GH UHGXFLGDV GLPHQVLRQHV WRWDOPHQWH YDFtR GHVQXGR GH
PXHEOHV\VLQYHQWLODFLyQDOJXQD'RVGHORVGRPpVWLFRVGHO6DQHGUtQVRVWHQtDQVHQGDVDQWRUFKDV
TXH MXQWDPHQWH FRQ WUHV SHTXHxDV OXFHUQDV GH DFHLWH FROJDGDV HQ ORV PXURV GH ODGULOOR
LOXPLQDEDQHOUHFWiQJXORFRQXQDOX]URML]D\IDQWDVPDJyULFD
(O1D]DUHQRIXHVLWXDGRHQHOFHQWURGHOK~PHGR\PDOROLHQWHDSRVHQWRPLHQWUDVORVSROLFtDV
\FULDGRVGHOWHPSORXQDGRFHQDPiVRPHQRVWRPDEDQSRVLFLRQHVELHQUHFRVWiQGRVHVREUH
ODVSDUHGHVRVHQWiQGRVHHQHOGXURVXHOR
0LSULPHUDLPSUHVLyQDOFRPSUREDUHOVLOHQFLR\WRWDOLQGLIHUHQFLDGHDTXHOORVLQGLYLGXRV
IXH UHODWLYDPHQWH WUDQTXLOL]DGRUD (VWDED FODUR TXH ORV VLFDULRV GH &DLIiV KDEtDQ UHFLELGR
yUGHQHV GH FXVWRGLDU DO UHR \ HVSHUDU OD UHDQXGDFLyQ GHO SURFHVR 3HUR FXDQGR DSHQDV KDEtDQ
WUDQVFXUULGRXQSDUGHPLQXWRVXQRGHORVOHYLWDVTXHKDEtDDFRPSDxDGRDO&RQVHMRVHDVRPyD
ODSXHUWDOODPDQGRSRUVHxDVDXQRGHORVTXHSRUWDEDQXQDWHD'HVSXpVGHXQEUHYHFXFKLFKHR
HO UHFLpQ OOHJDGR GHVDSDUHFLy \ HO GH OD DQWRUFKD GLR XQRV SDVRV KDFLD VXV FRPSDxHURV GH
KDELWDFLyQWUDQVPLWLpQGROHVODRUGHQTXHVLQGXGDDFDEDEDGHWUDHUDTXHOSROLFtD
/RV FULDGRV \ OHYLWDV IRUPDURQ XQ FRUULOOR GLDORJDQGR HQ YR] EDMD \ GLULJLHQGR FRQWLQXDV
RMHDGDVDOSUHVR$OJRWUDPDEDQ
(QHVRVFUtWLFRVPRPHQWRV-HV~VYROYLyDOHYDQWDUHOURVWUREXVFDQGRFRQODPLUDGD$OILQ
VHGHWXYRHQ-XDQTXHVHJXtDPX\FHUFDGHODSXHUWD\VLQSURQXQFLDUXQDVRODSDODEUDOHKL]RXQ
JHVWRFRQODFDEH]DRUGHQiQGROHTXHVDOLHUDGHODKDELWDFLyQ$TXHOODVHxDOIXHWDMDQWH3HURHO
GLVFtSXORGXGyUHVSRQGLpQGROHFRQXQDQHJDWLYD(O0DHVWURSRUVHJXQGD\~OWLPDYH]HFKyVX
FDEH]DKDFtDODGHUHFKDLQGLFiQGROHODSXHUWD(QORVRMRVGHO1D]DUHQRKDEtDXQDIXHU]D\XQD
VHJXULGDGWDOHVTXHDOILQDO-XDQWHUPLQySRUFHGHUVDOLHQGRGHOOXJDU
(OOHJLRQDULRWHVWLJRFRPR\RGHODVLOHQFLRVDRUGHQGHOUHRPHLQWHUURJyFRQVXPLUDGD
3HUR VyOR SXGH HQFRJHUPH GH KRPEURV (Q HVH LQVWDQWH QR SRGtD HQWHQGHU SRU TXp -HV~V GH
1D]DUHW KDEtD REOLJDGR D VX LQVHSDUDEOH DPLJR D TXH QRV DEDQGRQDVH /DPHQWDEOHPHQWH QR
WDUGDUtDHQDYHULJXDUOR
8QDYH]TXH-XDQKXERVDOLGRHO0DHVWURVHOLPLWyDREVHUYDUPHGXUDQWHHVFDVRVVHJXQGRV
(QDTXHOORVRMRVVHPLHQWRUQDGRVFRPRFRQVHFXHQFLDGHORVVDOLYD]RV\DUHVHFRVDGLYLQp
XQD PH]FOD GH LQILQLWD WULVWH]D \ UHVLJQDFLyQ $ FRQWLQXDFLyQ HO JLJDQWH EDMy QXHYDPHQWH OD
FDEH]DKXQGLpQGRVHHQVXVSHQVDPLHQWRV
$TXHOOD WHQVD FDOPD QR WDUGy HQ HVWDOODU (O JUXSR GH DVHVLQRV D VXHOGR IXH URGHDQGR DO
0DHVWUR/RVGHODVKDFKDVVHVLWXDURQXQRDFDGDODGRGH-HV~V\VLQSUHYLRDYLVRHOFULDGRTXH
KDEtD UHFLELGR OD PLVWHULRVD RUGHQ VH GHVKL]R GH VX PDQWR DUURMiQGROR D XQ H[WUHPR GH OD
FiPDUD $ FRQWLQXDFLyQ VLWXiQGRVH D FXDWUR GHGRV GHO SHFKR GHO UDEt OHYDQWy VXV RMRV \
FRPHQ]yDLQWHUURJDUOH
'LSUtQFLSHGH%HOFHE~FyPRVHOODPDQWXVFyPSOLFHV"
3HUR-HV~VQROHYDQWyVLTXLHUDHOURVWUR
(QHVHPRPHQWRHPSHFpDLQWXLUHQTXpSRGtDKDEHUFRQVLVWLGRDTXHOODRUGHQTXHDFDEDEDQ
GHUHFLELUORVSROLFtDV\VHUYLGRUHVGHO6DQHGUtQ6LQRUHFRUGDEDPDO$QiVOHKDEtDIRUPXODGR
HVDPLVPDSUHJXQWD(UDPiVTXHSUREDEOHTXHHO&RQVHMRGHORVVDGXFHRVHVFULEDV\IDULVHRV
TXH VH KDEtD WRPDGR XQ UHFHVR HQ HO MXLFLR KXELHUD GHFUHWDGR TXH ORV JXDUGLDQHV GHO 0DHVWUR
WUDWDUDQGHDSURYHFKDUDTXHOORVPLQXWRVSDUDVHJXLULQWHUURJDQGR\VRQVDFDQGRDOLPSRVWRU
&RQRFHPRVD-XGDVDxDGLyHOODFD\RFRQXQDVRQULVDTXHPHKL]RWHPHUORSHRU
WDPELpQD6LPyQHO=HORWD\DHVH-XDQ=HEHGHR3HURTXLpQHVVRQORVGHPiV"&RQWHVWD
(O*DOLOHRQRSDUSDGHy6XFDUDILMDHQODVORVDVJULVHVGHOSDYLPHQWRHVWDEDDXVHQWH
$VtTXHWHQLHJDVDUHVSRQGHU
< HO FULDGR OH GLR OD HVSDOGD DYDQ]DQGR XQ FRUWR SDVR 3HUR LQVWDQWiQHDPHQWH VH YROYLy
DERIHWHiQGROH FRQ OD L]TXLHUGD (O JROSH IXH WDQ GXUR FRPR LQHVSHUDGR< HO FXHUSR HQWHUR GH
-HV~VVHWDPEDOHy
/RVUHVWRVGHORVHVSXWRVGHODPHMLOODGHUHFKDGHOUDEtTXHGDURQDGKHULGRVDODSDOPDGHOD
PDQRGHOHVELUURTXLHQFRQXQDPXHFDGHUHSXJQDQFLDVDFXGLyVXVGHGRVXQD\RWUDYH]WUDWDQGR
GH OLEHUDUVH GH DTXHOODV LQPXQGLFLDV )LQDOPHQWH DSUR[LPy VX PDQR DO PDQWR GHO 1D]DUHQR
UHVWUHJiQGRODVREUHODWHOD
&XDQGRHOOHJLRQDULRLQWHQWyFRUWDUDTXHOV~ELWR\VDOYDMHDWDTXHXQRGHORVJXDUGLDQHVGHO
7HPSOROHWRPySRUHOKRPEUR\DSDUWiQGROHGHOUDEtOHHQWUHJyXQDSHTXHxDEROVDGHFXHUR
VXVXUUiQGROHTXHQRLQWHUYLQLHVH\TXHUHSDUWLHVHDTXHOODVPRQHGDVFRQPLJR(OVRERUQRYROYLy
PXGR\VRUGRDOVROGDGRTXLHQDSDUWLUGHHVHPRPHQWRQRVHPRYLy\DGHXQRGHORViQJXORV
GHODVDOD6XVDWLVIDFFLyQFUHFLyFXDQGRPHQHJXpDDFHSWDUPLSDUWH
$ SHVDU GHO UHVHQWLPLHQWR TXH KDEtD HPSH]DGR D TXHPDU PLV HQWUDxDV QR SXGH KDFHU RWUD
FRVD TXH REVHUYDU \ WUDWDU GH QR DOWHUDU ORV DFRQWHFLPLHQWRV WDO \ FRPR PDUFDED HO FyGLJR GH
&DEDOORGH7UR\D
<GHVGHHVHLQVWDQWHXQDOOXYLDGHSXxHWD]RV\ERIHWDGDVHPSH]yDFDHUVREUHHOFXHUSRGHO
0DHVWUR
'HYH]HQFXDQGRHQWUHJROSH\JROSHDOJXQRVGHORVOHYLWDVYROYtDQDLQWHUURJDUOH
5HVSRQGH&XiQWRVVRLV"&yPRVHOODPDQWXVVHJXLGRUHV"4XLpQKDWRPDGRHO
PDQGR"
-HV~VFRQORVODELRVURWRVSRUORVLPSDFWRVQRFHGtD$OJXQRVGHORVSXxHWD]RVKDEtDQLGRD
HVWUHOODUVHFRQWUDVXVRMRVSURYRFDQGRXQDOHQWDSHURDODUPDQWHKLQFKD]yQ
(QPHGLRGHDTXHOODLQLTXLGDGTXHGpPDUDYLOODGRXQDYH]PiVDQWHODVHUHQLGDG\IRUWDOH]D
ItVLFD GH DTXHO JDOLOHR 0XFKRV GH DTXHOORV JROSHV ODQ]DGRV FRQ IULDOGDG VREUH SXQWRV WDQ
GHOLFDGRV \ YXOQHUDEOHV FRPR RMRV ODELRV RtGRV ULxRQHV \ HVWyPDJR KXELHUDQ WXPEDGR D XQ
KRPEUHQRUPDO6LQHPEDUJRHO1D]DUHQRDXQTXHOOHJyDWDPEDOHDUVHHQYDULDVRFDVLRQHV
QRGHMyHVFDSDUXQVRORODPHQWRFRQVHUYDQGRVLHPSUHHOHTXLOLEULR
(O KHUPpWLFR VLOHQFLR GHO UHR IXH DYLYDQGR HO IXURU GH ORV OHYLWDV TXH DUUHFLDURQ HQ VXV
DJUHVLRQHV
6XGRURVRV MDGHDQWHV \ DUUDVWUDGRV SRU HO SDUR[LVPR DTXHOORV HQHUJ~PHQRV QR VDWLVIHFKRV
FRQ HO YLROHQWR FDVWLJR TXH HVWDEDQ LQIOLJLpQGROH IXHURQ HQ EXVFD GH XQD FiQWDUD GH DJXD
VRPHWLHQGR D -HV~V D XQR GH ORV VXSOLFLRV PiV DQJXVWLRVRV TXH KD\D SRGLGR LQYHQWDU HO VHU
KXPDQR
8QR GH ORV VLFDULRV VH VLWXy D HVSDOGDV GHO *DOLOHR WLUDQGR YLROHQWDPHQWH GH VXV FDEHOORV
$XWRPiWLFDPHQWHHOIRUQLGRFXHUSRVHGREOyKDFLDDWUiV<XQVHJXQGRSROLFtDSURFHGLyDDEULU
ORVODELRVGH-HV~VPLHQWUDVXQWHUFHURTXHFDUJDEDHOFiQWDURFRPHQ]DEDDYDFLDUHODJXDHQOD
ERFD GHO 1D]DUHQR (O OLTXLGR IXH SHQHWUDQGR D ERUERWRQHV GXUDQWH YDULRV H LQWHUPLQDEOHV
VHJXQGRV KDVWD TXH ILQDOPHQWH HO UDEt VH YLR DWDFDGR SRU XQ VHFR H LQWHQVR JROSH GH WRV TXH
SXVRSXQWRILQDOiODWRUWXUD6LQVDEHUORDTXHOODVEHVWLDVKXPDQDVKDEtDQDOLYLDGR<GHTXp
IRUPDHOFDVWLJDGRRUJDQLVPRGHOSULVLRQHUR$UDt]GHOVWUHVVUHJLVWUDGRHQHOKXHUWRGH
*HWVHPDQt HO 0DHVWUR GH *DOLOHD KDEtD HPSH]DGR D H[SHULPHQWDU XQ JUDYH \ GHWHUPLQDQWH
SURFHVRGHGHVKLGUDWDFLyQTXHVHYHUtDVHQVLEOHPHQWHLQFUHPHQWDGRGHVSXpVGHORVD]RWHV
(OGRPpVWLFRTXHVRVWHQtDHOUHFLSLHQWHGHEDUURVHHFKyDXQODGR\PLHQWUDVHOOHYLWDVHJXtD
WLUDQGRGHOSHORGHOUHRRWURGHORVHVELUURVOHYDQWyVXSLHUQDL]TXLHUGDODQ]DQGRXQSXQWDSLp
FRQWUDHOEDMRYLHQWUHGHOLQGHIHQVRSULVLRQHUR
)XHXQDGHODVSRFDVYHFHVTXHHVFXFKpXQJHPLGRHQERFDGH-HV~V(OGRORUWXYRTXHVHUWDQ
ODFHUDQWH TXH D SHVDU GH KDOODUVH GREODGR KDFLD DWUiV HO WURQFR \ OD FDEH]D GHO *DOLOHR VH
HQGHUH]DURQHQXQPRYLPLHQWRUHIOHMRDOWLHPSRTXHVXVURGLOODVVHGREODEDQ<HQGpFLPDVGH
VHJXQGRHO&ULVWRFD\yVREUHHOSLVRJROSHiQGRVHHOURVWURFRQWUDODVORVDV
(VW~SLGRVLQWHUYLQRHOOHJLRQDULRDFXGLHQGRHQVRFRUURGHOLQPyYLOFXHUSRGHOSUHVR
(VTXHSUHWHQGpLVDFDEDUFRQpO"
(O SROLFtD TXH KDEtD HVWDGR WLUDQGR GH VXV FDEHOORV VROWy HO PHFKyQ GH SHOR TXH KDEtD
TXHGDGRHQWUHVXVGHGRV\DUUHEDWiQGROHHOFiQWDURDVXFRPSLQFKHDUURMyHOFRQWHQLGRVREUHOD
QXFDGHO1D]DUHQR
6LQFHUDPHQWH\SXHVWRTXH-HV~VKDEtDFDtGRGHEUXFHVQRSXGHFRPSUREDUVLFRPRPH
WHPtDKDEtDSHUGLGRHOFRQRFLPLHQWR$OVHJXLUFRQODVPXxHFDVDWDGDVDODHVSDOGDWXYLHURQ
TXHVHUORVFULDGRV\OHYLWDVTXLHQHVD\XGDGRVSRUHOFHQWLQHODURPDQROHLQFRUSRUDVHQ&XDQGR
DO ILQ DFHUWp D YHU VX URVWUR XQ HVFDORIUtR PH UHFRUULy HO YLHQWUH -HV~V KDEtD SDOLGHFLGR HQ
H[WUHPR\XQDGHVXVFHMDVODL]TXLHUGDVHKDEtDDELHUWRSRVLEOHPHQWHFRPRFRQVHFXHQFLDGHO
HQFRQWURQD]R FRQ HO VXHOR 6X QDUL] DXQTXH FRQ DOJXQRV KHPDWRPDV QR SDUHFtD JUDYHPHQWH
ODVWLPDGD SRU OD FDtGD (OOR PH KL]R SHQVDU TXH HO 0DHVWUR D~Q VH KDOODED FRQVFLHQWH HQ HO
LQVWDQWHGHOFKRTXHFRQHOSDYLPHQWRSXGLHQGRTXL]iDPRUWLJXDUHOYLROHQWRLPSDFWRFRQXQ
JLURGHODFDEH]D/DVDQJUHVLQHPEDUJRKDEtDHPSH]DGRDPDQDUHQDEXQGDQFLDFXEULHQGRHQ
VHJXLGDODPLWDGL]TXLHUGDGHODFDUD
,QVWLQWLYDPHQWH HO 1D]DUHQR FRPHQ]y D LQVSLUDU SURIXQGDPHQWH 3RFR D SRFR IXH
UHFXSHUiQGRVHDXQTXHVXURVWURQRJXDUGDEDVHPHMDQ]DDOJXQDFRQDTXHOVHPEODQWHPDMHVWXRVR\
VHUHQRTXHSUHVHQWDEDDOHQWUDUHQODVHGHGHO6DQHGUtQ
/DVDQJUHKDEtDHPSH]DGRDJRWHDUGHVGHVXEDUEDPDQFKDQGRHOPDQWR\SDUWHGHODW~QLFD
/RV VHFXDFHV GH &DLIiV DOJR PiV DSDFLJXDGRV VH DLVODURQ HQ XQR GH ORV iQJXORV GH OD
HVWDQFLDLQLFLDQGRRWURFDPELRGHLPSUHVLRQHV<DOSRFRHOTXHVHKDEtDGHVHPEDUD]DGRGHVX
URSyQORUHFRJLyGHOVXHORODQ]iQGRORVREUHODFDEH]DGHOUDEt8QDYH]FXELHUWRRWURGHORV
OHYLWDVVHDSUR[LPyD-HV~VJULWiQGROHHQWUHIXHUWHVULVRWDGDV
3URIHWL]DOLEHUDGRU'LQRVTXLpQWHKDSHJDGR"
< EODQGLHQGR XQ EDVWyQ GH XQRV FXDWUR FHQWtPHWURV GH GLiPHWUR FRQ OD PDQR L]TXLHUGD
GHVFDUJyXQSRUUD]RVHFR\DWHUUDGRUVREUHHOURVWURGHOVLOHQFLRVR0DHVWUR(VWHUHWURFHGLyXQRV
SDVRVFRPRFRQVHFXHQFLDGHOJROSHSHURDQWHVGHTXHSXGLHUDGHVSORPDUVHRWURGHORVFULDGRV
OR DEUD]y SRU OD HVSDOGD VRVWHQLpQGROH /DV FDUFDMDGDV VH FRQWDJLDURQ UiSLGDPHQWH \ XQR WUDV
RWURDTXHOODFKXVPDIXHSDUWLFLSDQGRHQDTXHOMXHJRGHVSLDGDGR>@
/DVERIHWDGDV\EDVWRQD]RVVHVXFHGLHURQGXUDQWHORV~OWLPRVGLH]PLQXWRV<DFDGDJROSHHO
DJUHVRUHQWRQDEDODPLVPD\FtQLFDSUHJXQWD3URIHWL]D4XLpQWHKDSHJDGR"3URIHWL]D
EDVWDUGR>@
+DFLD ODV VLHWH GH OD PDxDQD FXDQGR HO 1D]DUHQR HQFRUYDGR \ DSR\DGR FRQWUD XQR GH ORV
PXURV SDUHFtD D SXQWR GH GHVIDOOHFHU HQWUDURQ HQ OD HVWDQFLD YDULRV OHYLWDV RUGHQDQGR D VXV
FROHJDVTXHWUDVODGDVHQDOGHWHQLGRDQWHHO&RQVHMR
&XDQGRDTXHOORVVDOYDMHVUHWLUDURQHOPDQWRGHODFDEH]DGHO0DHVWURODVDQJUHVHPHKHOyHQ
ODV YHQDV 'H QR KDEHU VDELGR SUHYLDPHQWH TXH DTXpO HUD -HV~V FUHR TXH QR KXELHUD SRGLGR
UHFRQRFHUOH (O EDVWRQD]R VXSRQJR TXH HO SULPHUR \ D SHVDU GH TXH HO WHMLGR KDEtD
DFROFKDGRHOJROSHKDEtDFDtGRVREUHHOSyPXORGHUHFKR\SDUWHGHODQDUL]SURYRFDQGROD
KLQFKD]yQ GH DPEDV ]RQDV (VWH JDUURWD]R R TXL]iV ORV UHVWDQWHV SXxHWD]RV \ ERIHWDGDV KDEtDQ
RFDVLRQDGRXQDDSDUDWRVDKHPRUUDJLDQDVDO/RVUHJXHURVGHVDQJUH\DUHVHFDVDOtDQGHDPEDV
IRVDVFRUULHQGRVREUHORVODELRV\HPSDSDQGRHOELJRWH\ODEDUED
/RVKHPDWRPDVHQDPERVRMRVHUDQWDQDFXVDGRVTXHHOUDEtDSHQDVVLSRGtDDEULUORV
$TXHOURVWURURWRLQIODPDGR\FRQODPLWDGL]TXLHUGDHQVDQJUHQWDGDGHMyVLQKDEODDDOJXQRV
GH ORV FULDGRV \ VLFDULRV GHO 6DQHGUtQ (YLGHQWHPHQWH HO FDVWLJR KDEtD VLGR EUXWDO< DQWH PL
VRUSUHVDYDULRVGHORVOHYLWDVQHUYLRVRVHPSH]DURQDGLVFXWLUVREUHODFRQYHQLHQFLDGHODYDU\
DGHFHQWDU XQ SRFR OD ID] GHO 0DHVWUR 1R SRU PLVHULFRUGLD SRU VXSXHVWR VLQR SRU WHPRU D
SRVLEOHVUHSUHVDOLDVRUHFULPLQDFLRQHVGHORVMXHFHV\TXL]iGHORVVHJXLGRUHVGHO1D]DUHQR<
DOILQXQRGHORVVLUYLHQWHVDSXUyHODJXDGHODFiQWDUDHPSDSDQGRXQH[WUHPRGHOURSyQRPDQWR
FRQHOTXHOHKDEtDQFXELHUWR
(Q XQ DUUDQTXH TXH QXQFD KH ORJUDGR H[SOLFDUPH VDWLVIDFWRULDPHQWH PH DGHODQWp KDFLD HO
SROLFtD LGHQWLILFiQGRPH FRPR PpGLFR \ URJiQGROH TXH PH SHUPLWLHUD SURFHGHU DO ODYDGR GHO
URVWURGHO*DOLOHR\GHSDVROHVGLMHH[DPLQDUODVSRVLEOHVIUDFWXUDV
/RV SROLFtDV DFFHGLHURQ XQ WDQWR DOLYLDGRV SHUR VXJLULHURQ TXH IXHUD GLOLJHQWH HQ HO
DUUHJOR(O&RQVHMRHVSHUDED
2EYLDPHQWHGHQWURGHORVSODQHVGH&DEDOORGH7UR\DQRVHFRQWHPSODEDODSRVLELOLGDGGH
TXH\RUHSDUDVHQLPXFKRPHQRVODVKHULGDVTXHSXGLHUDVXIULU-HV~VGH1D]DUHW7DO\FRPR
\D KH FLWDGR HOOR HVWDED ULJXURVDPHQWH SURKLELGR 6LQ HPEDUJR \ SXHVWR TXH ORV OHYLWDV VH
GLVSRQtDQ D DVHDU OD PDFKDFDGD ID] GHO SULVLRQHUR FRQVLGHUp TXH DTXpOOD HUD XQD LUUHSHWLEOH
RFDVLyQGHFRPSUREDUGHFHUFD\SHUVRQDOPHQWHORVGDxRVH[WHULRUHV\YLVLEOHVPiVJUDYHV6LQ
HPEDUJR \ D SHVDU GH HVWD MXVWLILFDFLyQ WDPELpQ KXER DOJR LQWHUQR TXH PH HPSXMR D WRPDU
VHPHMDQWHGHFLVLyQ
7RPp SXHV HO SLFR GHO WRVFR PDQWR \ FRQ WRGD OD GHOLFDGH]D GH TXH IXL FDSD] FRPHQFp D
OLPSLDU ORV JUXPRV GH VDQJUH TXH VH KDEtDQ DGKHULGR DO SyPXOR \ PHMLOOD L]TXLHUGRV /DV
KHPRUUDJLDV WDQWR OD SURGXFLGD SRU OD URWXUD GH OD FHMD L]TXLHUGD FRPR OD QDVDO KDEtDQ VLGR
HVSHFWDFXODUHVDXQTXHWXYHODLPSUHVLyQGHTXHODSpUGLGDGHVDQJUHQRHUDLPSRUWDQWH$MX]JDU
SRU ORV UHJXHULOORV SODVWRQHV \ VDQJUH DFXPXODGD HQ EDUED PDQWR \ W~QLFD QR FUHR TXH IXHUD
VXSHULRUDORVRFHQWtPHWURVF~ELFRV
3XGH GHGXFLU LJXDOPHQWH TXH OD FDSDFLGDG GH FRDJXODELOLGDG GH OD VDQJUH GH &ULVWR HUD
QRUPDO7DQWRODEUHFKDGHODFHMDFRPRORVFRUWHVGHORVODELRV\ORVGRVULDFKXHORVTXHQDFtDQ
HQORVRULILFLRVGHODQDUL]KDEtDQFRDJXODGRPX\UiSLGDPHQWH&XDQGRDTXHOODPLWDGGHOURVWUR
TXHGy SUXGHQWHPHQWH OLPSLD PH GHVKLFH GHO PDQWR \ DQWHV GH TXH ORV GRPpVWLFRV GH &DLIiV
SXGLHUDQ UHDFFLRQDU LQWURGXMH PLV GHGRV HQ HO GHVJDUUyQ TXH KDEtD RFDVLRQDGR OD GDJD GHO
EDQGLGRTXHKDEtDWUDWDGRGHDVDOWDUPHHQODQRFKHGHOSDVDGRMXHYHV\FRQGRVIXHUWHVWLURQHV
FRQVHJXt XQ UHGXFLGR WUR]R GH PL W~QLFD /R LQWURGXMH HQ OD ERFD GHO FiQWDUR KXPHGHFLpQGROR
FXDQWR PH IXH SRVLEOH< DFWR VHJXLGR UHJUHVp D OD SDUHG VREUH OD TXH VHJXtD DSR\DGR -HV~V
SDVDQGRHOVXDYHOLHQ]RFRORUKXHVRVREUHODGHIRUPDGDQDUL]ODELRVFHMDV\SiUSDGRV>@
$O WHQWDU OD KLQFKD]yQ GHO SyPXOR GHUHFKR GHGXMH TXH HO EDVWRQD]R KDEtD LQWHUHVDGR XQD
DPSOLD iUHD GHO KXHVR PDODU DOFDQ]DQGR SDUWH GH HVH RMR GHUHFKR 6L DTXHO KHPDWRPD VHJXtD
SURVSHUDQGRORPiVSUREDEOHHVTXHHO1D]DUHQRWHUPLQDVHSRUH[SHULPHQWDUVHULDVGLILFXOWDGHV
DODKRUDGHPDQWHQHUDELHUWRGLFKRRMR
(QFXDQWRDODQDUL]ODOyJLFDLPSRVLELOLGDGGHQRSRGHUSUDFWLFDUXQDUDGLRJUDItDPHGHMy
FRQODGXGDGHVLDTXHOLPSDFWRKDEtDIUDFWXUDGRORVKXHVHFLOORVSURSLRVRQDVDOHV(VWRVGRV
KXHVRVFRPRVDEHQWRGRVORVPpGLFRVVRQIUiJLOHVSXGLHQGRVHUKXQGLGRVFRQXQSXxHWD]R
(Q PL RSLQLyQ \ GHVSXpV GH DTXHOOD H[SORUDFLyQ ORV WUHFH KXHVRV GH OD FDUD GH -HV~V
SDUHFtDQLQWDFWRV,QVLVWRVLQHPEDUJRHQPLVVHULDVGXGDVVREUHODSDUHMDGHQDVDOHV'DGDOD
YLROHQFLDGHOJROSHFDEtDODSRVLELOLGDGGHTXHKXELHUDQVLGRGDxDGRV(QWLHQGRDGHPiVTXH
ODIDPRVDSURIHFtDHQODTXHVHUHFRJHTXHQLQJXQRGHORVKXHVRVGHO0HVtDVVHUtDIUDFWXUDGR
ELHQSXGRUHIHULUVHDORVKXHVRVODUJRV+XERXQHVSHFLDOGHWDOOHTXHFRQODGHELGDUHVHUYD
PH LQFOLQR D FUHHU GHVGH HO SULPHU PRPHQWR TXH GLFKRV KXHVHFLOORV QDVDOHV SRGtDQ KDOODUVH
KXQGLGRV
$ORODUJRGHHVWDVHJXQGDOLPSLH]D\FXDQGRWRTXpODLQIODPDGDPDVDPXVFXODUGHODQDUL]
SLUDPLGDO \ WUDQVYHUVR IXQGDPHQWDOPHQWH DO SDOSDU HO iUHD GHO FDUWtODJR QDVDO HO UDEt
UHWURFHGLyOHYHPHQWH$SHVDUGHPLH[WUHPDVXDYLGDGHOVLPSOHURFHGHOWHMLGRFRQDTXHOSXQWR
GHVXQDUL]PXOWLSOLFyVXGRORU
(QHVHPRPHQWRHOJLJDQWHTXHVHJXtDVLOHQFLRVRHQWUHDEULyFRPRSXGRVXVRMRVILMDQGR
VXPLUDGDHQPt7UDWpGHVRQUHtUOH\FUHRTXHORFRQVHJXt(UDFXDQWRSRGtDGDUOH-HV~VFDSWy
PLSREUHSHURVLQFHUDPXHVWUDGHDPLVWDG\VXVODELRVVHHVWUHPHFLHURQ<GHSURQWRDQWHPL
GHVFRQVXHORXQDOiJULPDUHVEDOySRUVXRMRL]TXLHUGRKXQGLpQGRPHD~QPiVHQODLPSRWHQFLD
(OVLFDULRTXHKDEtDDGYHUWLGRDORVYHUGXJRVYROYLyDDVRPDUVHDODSXHUWD\FRQXQJHVWR
GHLPSDFLHQFLDVHDEULySDVRKDVWDHOUHR<WRPiQGROHSRUXQRGHORVEUD]RVOHHPSXMyKDFLDOD
VDOLGD
(O0DHVWURFRQSDVRYDFLODQWHHQWUyGHQXHYRHQODVDODGHO6DQHGUtQ/DIDOWDGHVXHxRHO
GRORU\HOFDQVDQFLRGHVSXpVGHDTXHOODSDOL]DKDEtDQHPSH]DGRDKDFHUPHOODHQVXRUJDQLVPR
)XLHO~OWLPRHQDEDQGRQDUDTXHOWUiJLFROXJDU,QWHQFLRQDGDPHQWHHVSHUpDTXHKXELHUDVDOLGR
HO~OWLPRGHORVOHYLWDVSDUDDJDFKiQGRPHUHFRJHUHOPHFKyQGHSHORTXHXQRGHORVSROLFtDV
KDEtD DUUDQFDGR LQYROXQWDULDPHQWH GHO FUiQHR GH -HV~V /R RFXOWp HQ PL EROVD MXQWR DO MLUyQ
HQVDQJUHQWDGRGHPLW~QLFD\PHDSUHVXUpDUHLQFRUSRUDUPHDO&RQVHMRGHO6DQHGUtQ
/RVMXHFHVKDEtDQRFXSDGRORVPLVPRVSXHVWRV\HO1D]DUHQRHVFROWDGRSRUHOOHJLRQDULR\
RWURVGRVVLUYLHQWHVWUDWDEDGHPDQWHQHUVHHQSLHIUHQWHDOVHPLFtUFXOR6XDVSHFWRDSHVDUGHO
UiSLGRODYDGRGHVXURVWURHUDWDQODPHQWDEOHTXHDTXHOODWUHLQWHQDGHMXGtRVQRSXGRUHSULPLUOD
VRUSUHVD 'XUDQWH DOJXQRV PLQXWRV LQWHUFDPELDURQ DOJXQDV VDUFiVWLFDV PLUDGDV LPDJLQDQGR HO
VXSOLFLRDTXHKDEtDVLGRVRPHWLGRHOLPSRVWRU\UHJRFLMiQGRVHVXSRQJRSRUHOV~ELWRFDPELRGH
DTXHOPDMHVWXRVR\VHUHQRURVWUR
-XDQTXHVHKDEtDXQLGRDPtQRDFHUWDEDDSURQXQFLDUSDODEUDDOJXQD6XVRMRVHVSDQWDGRV
PLUDEDQ \ UHPLUDEDQ HO VHPEODQWH GH VX 0DHVWUR VLQ SRGHU GDU FUpGLWR D OR TXH
GHVJUDFLDGDPHQWHVyORHUDHOSULQFLSLRGHOILQ
&XDQGRORVHVFULEDVMXGLFLDOHVWRPDURQDVLHQWRHQVXVSXHVWRV$QiVKL]RXVRGHODSDODEUD\
VHxDODQGRXQSHUJDPLQRTXHVRVWHQtDVX\HUQRHQWUHODVPDQRVLQFLGLyQXHYDPHQWHHQODLGHDTXH
\DKDEtDH[SXHVWRHQODSULPHUDSDUWHGHDTXHOODUHXQLyQ3DUDHOH[VXPRVDFHUGRWHODDFXVDFLyQ
GH EODVIHPLD FDUHFtD GH IXHU]D DO PHQRV GH FDUD DO SURFXUDGRU URPDQR ( LQVLVWLy HQ OD
QHFHVLGDG GH UHGDFWDU XQD VHULH GH DOHJDFLRQHV TXH FRPSURPHWLHUD DO UDEt GH *DOLOHD FRQ OD
MXVWLFLDTXHUHSUHVHQWDED3LODWR
$O HVFXFKDU DO VXHJUR GH &DLIiV LPDJLQp TXH DTXHO UROOR DO TXH KDEtD KHFKR DOXVLyQ GHEtD
FRQWHQHUODVHQWHQFLDGHILQLWLYDFRQWUD-HV~V<VLQSRGHUUHSULPLUODFXULRVLGDGOHSUHJXQWpD
-XDQTXpHUDORTXHKDEtDVXFHGLGRHQODGHOLEHUDFLyQGHORVMXHFHV
(O FDGD YH] PiV GHVPRUDOL]DGR GLVFtSXOR QL VLTXLHUD PH HVFXFKy 7XYH TXH ]DUDQGHDUOH
OLJHUDPHQWH SDUD TXH DO ILQ DWHQGLHUD PL SUHJXQWD < FRQ ORV RMRV K~PHGRV PH H[SOLFy TXH
GXUDQWH OD LPSURYLVDGD UHXQLyQ GH ORV VDGXFHRV \ IDULVHRV HQ HO SDWLR FHQWUDO GHO HGLILFLR
DTXHOORVLQGLJQRVVDFHUGRWHVVyORKDEtDQOOHJDGRDXQDFXHUGRHMHFXWDUD-HV~V
-XDQDSHVDUGHKDEHUSHUPDQHFLGRPX\FHUFDGHORVMXHFHVQROOHJyDFRQRFHUHOWH[WRGHOD
VHQWHQFLDUHGDFWDGRSRUHOSURSLR&DLIiV\GHVSXpVGHQRSRFDVGLVFXVLRQHV
3RU XQ PRPHQWR FUHt TXH HOVXPRVDFHUGRWH OHHUtD ODDFXVDFLyQ RDFXVDFLRQHV3HURQR IXH
DVt 'HVSXpV GH YDULRV URGHRV \ GLYDJDFLRQHV SRU SDUWH GH ORV DOOt FRQJUHJDGRV WUHV GH ORV
IDULVHRV VH OHYDQWDURQ GH VXV DVLHQWRV UHQXQFLDQGR D VHJXLU HQ DTXHO SURFHVR $XQTXH VH
PRVWUDURQFRQIRUPHVFRQGDUPXHUWHDOUDEtVXWUDGLFLRQDOVHQWLGRGHODSXUH]DOHVDFRQVHMDED
VHJ~QPDQLIHVWDURQS~EOLFDPHQWHQRIRUPDUSDUWHGHDTXHOODIODJUDQWHLOHJDOLGDGDPHQRVTXH
HO 1D]DUHQR IXHUD FRQGXFLGR DQWH 3RQFLR XQD YH] VH OH KLFLHUD VDEHU SRU TXp KDEtD VLGR
FRQGHQDGR
&DLIiVQRVHFRQPRYLySRUHVWHGHVDLUHGHORVOODPDGRVVDQWRVRVHSDUDGRV\GHVSXpV
GHFRQVXOWDUFRQHOUHVWRGHOWULEXQDOGLRSRUDSOD]DGDODYLVWD
< D ODV VLHWH \ PHGLD GH OD PDxDQD ORV VDGXFHRV HVFULEDV \ ORV HVFDVRV IDULVHRV TXH VH
KDEtDQPDQWHQLGRILHOHVD&DLIiVGHVILODURQSRUVHJXQGDYH]DQWHODPDOWUHFKDILJXUDGH-HV~VGH
1D]DUHW
(O 0DHVWUR QR WDUGy HQ VHJXLU ORV SDVRV GH VXV MXHFHV )XHUWHPHQWH HVFROWDGR HO *DOLOHR
SHUPDQHFLyXQRVPLQXWRVHQHOMDUGtQLQWHULRUGHOHGLILFLRGHO6DQHGUtQ(QXQDGHODVHVTXLQDV
&DLIiV\VXVKRPEUHVVLJXLHURQGLVFXWLHQGRDFDORUDGDPHQWH9ROYLHURQDHQWUDUHQHOKHPLFLFOR\
DOFDERGHXQUDWRUHDSDUHFLHURQHQHOSDWLRFHQWUDO(OYROXPLQRVRVXPRVDFHUGRWHOOHYDEDGRV
SHUJDPLQRVHQVXPDQRL]TXLHUGD$TXHOORPHH[WUDxy
$FWRVHJXLGR&DLIiVVHSXVRDODFDEH]DGHORVOHYLWDV\VLHUYRVRUGHQDQGRTXHH[WUHPDUDQ
HO FHUFR HQ WRUQR DO EODVIHPR PLHQWUDV VH GLULJtDQ DO FXDUWHO JHQHUDO URPDQR$QiV \ OD PD\RU
SDUWHGHORVMXHFHVVHGHVSLGLHURQGH&DLIiVUHJUHVDQGRDOLQWHULRUGHODHVWDQFLDGRQGHVHKDEtD
FHOHEUDGRDTXHOODSULPHUDSDUWHGHOSURFHVR
-XGDV ,VFDULRWH TXH QR KDEtD FUX]DGR XQD VROD SDODEUD FRQ QRVRWURV VH XQLy WDPELpQ D OD
FRPLWLYD
(O VXPR VDFHUGRWH HQ IXQFLRQHV OD PHGLD GRFHQD GH VDGXFHRV \ HO SHORWyQ TXH URGHDED DO
0DHVWURVHDGHQWUDURQHQODVFDOOHVGHODFLXGDGDOWDHQGLUHFFLyQDOD3XHUWDGHORV3HFHV$O
FUX]DU IUHQWH D ORV ED]DUHV ODV JHQWHV VH OHYDQWDEDQ VDOXGDQGR UHYHUHQFLDOPHQWH DO VXPR
VDFHUGRWH (Q PL RSLQLyQ QLQJXQR GH ORV DVRPEUDGRV WHVWLJRV OOHJy D UHFRQRFHU D -HV~V /RV
KHPDWRPDV GH VXV RMRV QDUL] \ SyPXOR GHUHFKR KDEtDQ GHIRUPDGR VX URVWUR KDVWD KDFHUOH FDVL
LUUHFRQRFLEOH
0LHQWUDVPDUFKiEDPRVDWRGDSULVDKDFLDODIRUWDOH]DUHSDUpGHQXHYRHQORVGRVUROORVTXH
SRUWDED&DLIiV 4XpSRGtDQFRQWHQHU"6HWUDWDUtD GHOD VHQWHQFLD TXHGHEtDPRVWUDU D3RQFLR
3LODWR"
(QPLPHQWHJLUDEDVLQFHVDUDTXHODQXQFLRGHOWULEXQDOSURPHWLHQGRXQDVHJXQGDSDUWHHQHO
SURFHVR6LPLVLQIRUPDFLRQHVHUDQFRUUHFWDV-HV~VQRYROYHUtDDSLVDUHO6DQHGUtQ4XpLEDD
VXFHGHUHQWRQFHV"
$XQTXH ELHQ PLUDGR \ DQWH HO UpFRUG GH LUUHJXODULGDGHV TXH VH KDEtD DOFDQ]DGR HQ DTXHO
VLPXODFURGHMXLFLRTXpSRGtDHVSHUDUVHGHXQDVHJXQGD\VXSXHVWDYLVWD"
+DFLHQGRXQVRPHUR HVWXGLR GHO UHIHULGRMXLFLRORV VDQHGULWDVKDEtDQLQIULQJLGR DOPHQRV
GRFHGHODVQRUPDVEiVLFDVTXHPDUFDEDQODVOH\HVKHEUHDVSDUDSURFHVRVUHODFLRQDGRVFRQOD
SHQDFDSLWDO9HDPRVDOJXQDVGHODVPiVLUULWDQWHV
D3DUDHPSH]DU\VHJ~QOD0LVQi2UGHQ&XDUWR6DQHGUtQORVSURFHVRVOODPDGRVGHSHQD
FDSLWDOGHEtDQDEULUVHDOHJDQGRODLQRFHQFLDGHOUHR\QRVXFXOSDELOLGDG
D /RV SURFHVRV GH VDQJUH R GRQGH VH SUHVXPH TXH SXHGH HVWDU HQ MXHJR OD YLGD GHO
DFXVDGRGHEtDQFHOHEUDUVHGHGtD\ODVHQWHQFLDVLHUDFRQGHQDWRULDMDPiVSRGtDSURQXQFLDUVH
GXUDQWH OD PLVPD MRUQDGD 3RU HVR GLFH OD OH\ MXGtD QR SXHGH UHDOL]DUVH XQ SURFHVR GH
VDQJUHHQODYLJLOLDGHOViEDGRGHXQGtDIHVWLYR>@
(OSHTXHxR6DQHGUtQDOUHXQLUVHSRUWDQWRHOYLHUQHVGHDEULOYtVSHUDGHOViEDGR\GH
OD3DVFXDFRPHWLyXQGREOHGHOLWR
D(QHVWRVSURFHVRVFDSLWDOHVHOMXLFLRGHEtDVHUDELHUWRVLHPSUHSRUXQRGHORVMXHFHVTXH
VH VHQWDED DO ODGR GHO PiV DQFLDQR D ILQ GH TXH ORV MXHFHV GH PHQRU DXWRULGDG QR IXHVHQ
LQIOXHQFLDGRVSRUORVDQFLDQRVHQHOMXLFLRFRQWUDHO0DHVWURIXHURQORVIDOVRVWHVWLJRVORVTXH
LQLFLDURQODFDXVD
D< KDEODQGR GH ORV IDOVRV WHVWLJRV VyOR OD DFWXDFLyQ GH HVWH JUXSR KDEUtD LQYDOLGDGR \D
FXDOTXLHURWUDYLVWDVLPLODU/DOH\MXGtDHUD\HVVXPDPHQWHULJXURVDHQHVWHVHQWLGR$QWHVGH
LQLFLDUVH HO SURFHVR ORV WHVWLJRV GHEtDQ VHU DPRQHVWDGRV VHYHUDPHQWH 6H OHV LQWURGXFtD HQ HO
LQWHULRU GH XQ UHFLQWR GLFH OD0LVQi \VHOHV LQIXQGtDWHPRU GLFLpQGROHVTXH QRKDEODUDQ
SRU PHUD VXSRVLFLyQ SRU RtGDV SRU OD GHSRVLFLyQ GH RWUR WHVWLJR SRU OD GHFODUDFLyQ GH XQ
KRPEUH GLJQR GH IH TXH KXELHUHQ RtGR R TXH QR IXHUDQ D FUHHU TXH HQ ~OWLPR WpUPLQR QR VHUtD
H[DPLQDGD\DQDOL]DGDVXGHSRVLFLyQ+DEpLVGHVDEHUVHOHVGHFtDDORVWHVWLJRVTXHHQORV
SURFHVRVGHVDQJUHODVDQJUHGHOUHR\ODVDQJUHGHWRGDVXGHVFHQGHQFLDSHQGHUiVREUHHOIDOVR
WHVWLPRQLRKDVWDHOILQGHOPXQGR
1DGD GH HVWR VXFHGLy HQ OD VHGH GHO 6DQHGUtQ (V PiV ORV VRERUQDGRV WHVWLJRV FD\HURQ HQ
FRQWLQXDV\DEUXPDGRUDVFRQWUDGLFFLRQHV/DPLVPDOH\DFODUDEDTXHORVIDOVRVWHVWLJRVGHEtDQ
VHUIODJHODGRVRLQFOXVRFRQGHQDGRVDPXHUWH(VREYLRSRUWDQWRTXHDTXHOORVLQGLYLGXRVVH
SUHVWDURQ D VHPHMDQWH ULHVJR SRUTXH SUHYLDPHQWH VH OHV KDEtD JDUDQWL]DGR VX LQPXQLGDG \
QDWXUDOPHQWHDOJXQDVXVWDQFLRVDFDQWLGDGGHGLQHUR
D6LHOUHRHUDHQFRQWUDGRFXOSDEOHVLJXHGLFLHQGRODOH\PRVDLFDODVHQWHQFLDGHEtD
VHUDSOD]DGDSDUDHOGtDVLJXLHQWH&RPR\DKHPHQFLRQDGRQDGDGHHVWRVHUHVSHWy$ORVXPR
HO WULEXQDO OHYDQWy OD VHVLyQ GXUDQWH PHGLD KRUD UHJUHVDQGR D OD VDOD GH LQPHGLDWR (Q HO
HQWUHWDQWRSURVLJXHODOH\ORVMXHFHVVHUH~QHQGHGRVHQGRVFRPHQPX\IUXJDOPHQWHQR
EHEHQYLQRGXUDQWHWRGRHOGtDSDVDQGLVFXWLHQGR\GHOLEHUDQGRWRGDODQRFKH\SRUODPDxDQD
VHOHYDQWDQWHPSUDQR\YDQDOWULEXQDO
D6LGHVSXpVGHWRGRHVWRVLJXHQFRQVLGHUDQGRDOSULVLRQHURFXOSDEOHGHODSHQDFDSLWDOOD
VHQWHQFLDGHILQLWLYDGHEtDHPLWLUVHPHGLDQWHYRWDFLyQ6LGRFHORGHFODUDEDQLQRFHQWH\GRFHOR
GHFODUDEDQFXOSDEOHHUDGHFODUDGRLQRFHQWH6LGRFHORGHFODUDEDQFXOSDEOH\RQFHLQRFHQWHR
LQFOXVR RQFH OR GHFODUDEDQ LQRFHQWH \ RWURV RQFH FXOSDEOH \ XQR GHFtD QR Vp R LQFOXVR VL
YHLQWLGyVORGHFODUDQLQRFHQWHRFXOSDEOH\XQRGLFHQRVpVHKDQGHDxDGLUPiVMXHFHV
+DVWDFXiQWRVKDEtDQGHDxDGLUVH"
6LHPSUHGHGRVHQGRVKDVWDDOFDQ]DUORV
(QHOSURFHVRSUHVLGLGRSRU$QiV\&DLIiVQRVHSURGXMRQLQJXQDYRWDFLyQ
D /D OH\ KHEUHD SURKLEtD TXH XQD PLVPD SHUVRQD IXHUD MXH] \ DFXVDGRU (Q QXHVWUR FDVR
&DLIiVDFDSDUyDPERVSXHVWRV
D 7DPSRFR IXH DQXQFLDGD OD VHQWHQFLD WDO \ FRPR SUHVFULEtD OD OH\ 6H HVFULEH OD
VHQWHQFLD\VHHQYtDQPHQVDMHURVDWRGRVORVOXJDUHVGLFLHQGRIXODQLWRGHWDOKLMRGHIXODQLWRGH
WDOKDVLGRFRQGHQDGRDPXHUWHSRUHOWULEXQDO
(VWD IXH XQD GH ODV UD]RQHV SRU OD TXH ORV WUHV IDULVHRV TXH IRUPDEDQ SDUWH GHO &RQVHMR
GHFLGLHURQUHWLUDUVH<HQHOFROPRGHODLUUHJXODULGDGMXUtGLFDQLVLTXLHUDHOSURSLRSURFHVDGR
FRQRFLyHOWH[WRGHILQLWLYRGHGLFKDVHQWHQFLDDPXHUWH7DO\FRPRYHUHPRVPiVDGHODQWH-HV~V
GH1D]DUHWPXULyVLQVDEHURILFLDOPHQWHVXFXOSD
D,QFOXVRODUHVSXHVWDGDGDSRUHO0DHVWURD&DLIiVFXDQGRpVWHOHFRQMXUyDTXHGHFODUDVH
VL HUD HO 0HVtDV QR IXH PRWLYR GH EODVIHPLD WDO \ FRPR VHxDODED OD OH\ 6HJ~Q OD0LVQi HO
EODVIHPRQRHVFXOSDEOHHQWDQWRQRPHQFLRQHH[SOtFLWDPHQWHHO1RPEUH(QODFRQWHVWDFLyQGH
-HV~V FRPR VH UHFRUGDUi QR VH FLWDED HO 1RPEUH HV GHFLU<DYp 'LRV R HO 'LYLQR -HV~V
GLMR /R VR\< SURQWR LUp MXQWR DO 3DGUH (Q EUHYH HO +LMR GHO +RPEUH VHUi UHYHVWLGR GH
SRGHU \ UHLQDUi GH QXHYR VREUH ORV HMpUFLWRV FHOHVWLDOHV 'yQGH DSDUHFH HQ HVWDV IUDVHV HO
1RPEUHH[SOtFLWRGH'LRV"
D< HQ HO FDVR GH TXH DVt KXELHUD VLGR OD OH\ HVSHFLILFDED TXH XQD YH] FRQFOXLGR HO
MXLFLRQRORVHQWHQFLDUiQDPXHUWHXVDQGRODFLUFXQORFXFLyQVLQRTXHHFKDUiQDWRGRHOS~EOLFR
IXHUD GH OD VDOD GHO MXLFLR \ SUHJXQWDUiQ DO WHVWLJR GH PiV GLJQLGDG 'L TXp RtVWH GH PRGR
H[SOtFLWR"$TXpOORGLFH(QWRQFHVORVMXHFHVVHSRQtDQHQSLHUDVJDQGRVXVYHVWLGXUDVTXHQR
SRGtDQYROYHUDXQLU
(OVHJXQGRWHVWLJRGHFtD7DPELpQ\RRtORTXHpO\HOWHUFHURDILUPDED7DPELpQ\RRt
FRPRpO
(V TXH HQ HO MXLFLR FRQWUD HO 1D]DUHQR VXFHGLy DOJR GH HVWR" 1L VLTXLHUD &DLIiV OOHJy D
UDVJDUVHYHUGDGHUDPHQWHODVYHVWLGXUDV
D 6L HO 7ULEXQDO FRQVLGHUy TXH -HV~V HUD XQ IDOVR SURIHWD FRPR DVt RFXUULy OD OH\
WDPSRFR DXWRUL]DED VX MXLFLR D QR VHU SRU HO JUDQ 6DQHGUtQ IRUPDGR VLHPSUH SRU
PLHPEURV<DTXpOFRPR\DGLMHVyORFRQVWDEDRILFLDOPHQWHGH
D 3RU ~OWLPR DXQTXH FRPR GLJR HO URVDULR GH IDOORV H LUUHJXODULGDGHV HQ HVWD FDXVD
SRGUtDVHUPX\H[WHQVRORVMXHFHVQRUHVSHWDURQWDPSRFRODVQRUPDVOHJDOHVTXHVHxDODEDQORV
OXQHV\MXHYHVFRPRIHFKDVRILFLDOHVSDUDODVGLVWLQWDVFRPLVLRQHV\DVDPEOHDVGHORVWULEXQDOHV
GH MXVWLFLD DVt OR PDUFD OD0LVQi HQ VX 2UGHQ 7HUFHUR FDStWXOR 0LHQWUDV GXUy PL
HQWUHQDPLHQWR SDUD HVWD PLVLyQ WXYH OD RSRUWXQLGDG GH LQYHVWLJDU HQ QXPHURVDV IXHQWHV
REVHUYDQGRFyPRKDVWDKR\HQWUHORVH[pJHWDV\GHPiVDXWRUHV\HVWXGLRVRVGHHVWDSDUWHGHOD
%LEOLDQRH[LVWHDFXHUGRVREUHTXLpQHVIXHURQORVUHVSRQVDEOHVGHOMXLFLR\SRVWHULRUFRQGHQDD
PXHUWH GHO 1D]DUHQR 3DUD PXFKRV IXQGDPHQWDOPHQWH DXWRUHV MXGtRV HO 6DQHGUtQ GH DTXHOOD
pSRFD JR]DED GH OD SUHUURJDWLYD GH OD SHQD FDSLWDO < VL -HV~V GH 1D]DUHW GLFHQ IXH
HMHFXWDGRDOHVWLORURPDQRHVSRUTXHHOFRQIOLFWRQRLEDFRQHOORV>@
3DUDRWURVHO&RQVHMR6XSUHPRGHODFRPXQLGDGLVUDHOLWDHO6DQHGUtQSRGtDMX]JDUSHUR
QXQFD DSOLFDU \ HMHFXWDU OD SHQD Pi[LPD (Q HVWH VXSXHVWR ODV FDVWDV VDFHUGRWDOHV QR WXYLHURQ
PiVUHPHGLRTXHDFXGLUDQWH3RQFLR3LODWRSDUDTXHFRQILUPDVHODVHQWHQFLD>@
1XQFDKHSRGLGRFRPSUHQGHUHOSRUTXpGHHVWDVGLIHUHQFLDVGHFULWHULRVDOPHQRVHQWUHORV
H[pJHWDV \ HVFULWRUHV FDWyOLFRV /D PD\RUtD VH PDQLILHVWD FRQIRUPH FRQ HO PLVWHULRVR \
GLItFLOPHQWH FRPSUREDEOH VXFHVR GH OD UHVXUUHFFLyQ GH -HV~V VLHPSUH GHVGH XQ SXQWR GH YLVWD
KLVWyULFRFLHQWtILFR \ VLQ HPEDUJR FRUUHQ UtRV GH WLQWD D IDYRU \ HQ FRQWUD GH OD MXULVGLFFLyQ
SHQDOGHO6DQHGUtQ6LSURIXQGL]DVHQGHYHUGDGHQHODVXQWRDPpQGHODVQXPHURVDVUHIHUHQFLDV
KLVWyULFDV VREUH OD SRWHVWDG GH 5RPD \ GH VXV SURFXUDGRUHV REVHUYDUtDQ TXH WHQLHQGR HQ
FXHQWDHORGLRGH&DLIiV\VXVFRUUHOLJLRQDULRVKDFLD-HV~VORIiFLOKXELHUDVLGRGLFWDUHVDSHQD
FDSLWDO \ HMHFXWDUOD VLQ PiV (O KHFKR LQFXHVWLRQDEOH GH VX YLVLWD D OD IRUWDOH]D $QWRQLD \ HO
VRPHWLPLHQWRJHQHUDOMXGtRDOMXLFLRGH3RQFLRHVWiQJULWDQGRXQKHFKRREMHWLYRHUD5RPDTXLHQ
HQGHILQLWLYDWHQtDOD~OWLPDSDODEUD(QORVFDVRVGHODVPXHUWHVGH(VWHEDQDxRGHQXHVWUD
(UD\GH6DQWLDJRXQRGHORVKHUPDQRVGH-HV~VGH1D]DUHWDxRGHVSXpVGH&ULVWRPXFKRV
GH ORV GHIHQVRUHV GH OD FXOSDELOLGDG URPDQD HQ OD HMHFXFLyQ GHO 0DHVWUR GH *DOLOHD KDQ
SUHWHQGLGRYHUGRVPXHVWUDVGHFLVLYDVGHHVDFDSDFLGDGOHJDOGHO6DQHGUtQSDUDGLFWDU\HMHFXWDU
VHQWHQFLDVPi[LPDV(QWLHQGRQRREVWDQWHTXHDPEDVODSLGDFLRQHVRDSHGUHDPLHQWRVOOHYDGRV
DFDERHIHFWLYDPHQWHSRUHO6DQHGUtQRFXUULHURQHQVHQGRVSHUtRGRVHQORVTXHODSURYLQFLD
URPDQD GH -XGHD VH HQFRQWUDED WHPSRUDOPHQWH VLQ SURFXUDGRU (Q HO DxR 9LWHOLR HQYLy D
3LODWR D 5RPD SDUD UHQGLU FXHQWDV DQWH HO HPSHUDGRU 7LEHULR \ HQ HO VHJ~Q QDUUD )ODYLR
-RVHIR $QWLJHGDGHV ;; \ VV HO SURFXUDGRU URPDQR )HVWR DFDEDED GH PRULU \ VX
VXVWLWXWR$OELQRQRKDEtDOOHJDGRD~QD-XGHD
([LVWH DGHPiV RWUR FRQWUDVHQWLGR 6L HO 6DQHGUtQ KXELHUD JR]DGR YHUGDGHUDPHQWH GH HVD
FDSDFLGDGOHJDOSDUDDSOLFDU\FRQVXPDUODSHQDGHPXHUWHSRUTXp-HV~VQRIXHDMXVWLFLDGRDO
HVWLORMXGtR"
/D OH\ MXGtD XQD YH] PiV HUD VXPDPHQWH FXLGDGRVD HQ HVWH DVSHFWR (Q HO 2UGHQ &XDUWR
FDStWXOR 9,, OD0LVQi GLFH WH[WXDOPHQWH (O WULEXQDO SRGtD LQIOLJLU FXDWUR WLSRV GH SHQDV GH
PXHUWHODODSLGDFLyQHODEUDVDPLHQWRODGHFDSLWDFLyQ\HOHVWUDQJXODPLHQWR
*HQHUDOPHQWH OD ODSLGDFLyQ R DSHGUHDPLHQWR HUD OD SHQD PiV GXUD (UD DSOLFDGD \ VLJR
FLWDQGR OD OH\ KHEUHD D ORV VLJXLHQWHV DO TXH WLHQH UHODFLyQ VH[XDO FRQ VX PDGUH R FRQ OD
PXMHUGHVXSDGUHRFRQODQXHUDRFRQXQYDUyQRFRQXQDEHVWLDODPXMHUTXHWUDHDVtXQDEHVWLD
SDUDFRSXODUFRQHOODHOEODVIHPRHOLGyODWUDHOTXHRIUHFHVXVKLMRVD0RORNXQtGRORHO
QLJURPiQWLFRHODGLYLQRHOSURIDQDGRUGHOViEDGRHOPDOGHFLGRUGHOSDGUHRGHODPDGUHHOTXH
FRSXODFRQXQDMRYHQSURPHWLGDHOLQGXFWRUTXHLQGXFHDXQSDUWLFXODUDODLGRODWUtDHOVHGXFWRU
TXHOOHYDDWRGDXQDFLXGDGDODLGRODWUtDHOKHFKLFHUR\HOKLMRREVWLQDGR\UHEHOGH
(QFXDQWRDODEUDVDPLHQWRTXHWXYHODRSRUWXQLGDGGHFRQWHPSODUHQPLVHJXQGRJUDQ
YLDMHODOH\HVWDEOHFtDTXHHUDQUHRVGHVHPHMDQWHHMHFXFLyQHOTXHWHQtDUHODFLyQVH[XDOFRQ
XQDPXMHU\FRQVXKLMD\ODKLMDGHOVDFHUGRWHTXHKDEtDIRUQLFDGRGHVSXpVGHKDEHUFRQWUDtGR
PDWULPRQLR
0RUtDQGHFDSLWDGRVHOKRPLFLGD\ORVKDELWDQWHVGHXQDFLXGDGDSyVWDWD
3RU~OWLPRODSHQDGHHVWUDQJXODPLHQWRUHFDtDHQORVVLJXLHQWHV
(Q HO TXH KLHUH D VX SDGUH R D VX PDGUH HQ HO TXH UDSWD D XQD SHUVRQD HQ ,VUDHO HQ HO
DQFLDQRTXHVHUHEHODFRQWUDODVHQWHQFLDGHOWULEXQDOHQHOIDOVRSURIHWDHQHOTXHSURIHWL]DHQ
QRPEUHGHXQtGRORHQHOTXHWLHQHUHODFLyQVH[XDOFRQODPXMHUGHRWURHQHOTXHOHYDQWHIDOVR
WHVWLPRQLRFRQWUDODKLMDGHXQVDFHUGRWHRVHDFXHVWHFRQHOOD
$GPLWLHQGR HQ FRQVHFXHQFLD TXH HO 6DQHGUtQ KXELHVH WHQLGR OD SRWHVWDG SDUD HMHFXWDU D
-HV~V \ VL ORV FDUJRV PiV LPSRUWDQWHV HUDQ ORV GH EODVIHPR IDOVR SURIHWD PDJR \
SURIDQDGRU GHO ViEDGR OR OyJLFR KXELHUD VLGR TXH ORV KHEUHRV OR KXELHVHQ ODSLGDGR R
HVWUDQJXODGR3RUTXpSLGLHURQHQWRQFHVVXPXHUWHSRUFUXFLIL[LyQ"
(QPLRSLQLyQVyORSXHGHREHGHFHUDXQDGREOHUD]yQSULPHUDSRUTXHHOWULEXQDOVDEtDTXH
HUDHOSURFXUDGRUURPDQRTXLHQGHEtDGHFLGLU<VHJXQGDSRUTXHHQDTXHOVLPXODFURGHMXLFLROD
PD\RU SDUWH GH ORV MXHFHV IXHURQ VDGXFHRV (Q RWUDV SDODEUDV OD UDPD GXUD GH ODV FDVWDV
VDFHUGRWDOHV&DLIiVHUDXQRGHHOORV\VXSRJDQDUVHDXQLPSRUWDQWHJUXSRTXHIXHHOTXHDVLVWLy
D OD VHVLyQ PDWLQDO GHO SHTXHxR 6DQHGUtQ &RPR \D FLWp ORV VDGXFHRV FDOLILFDGRV HQ ORV
+HFKRVGHORV$SyVWROHVFRPRHOFHUFRGHOVXPRVDFHUGRWH&DLIiVHVWDEDQHQDELHUWD
RSRVLFLyQDORVIDULVHRVGLVIUXWDQGRGHXQDWHRORJtD\FyGLJRSHQDOSURSLRV6LHO7ULEXQDO
KXELHUDHVWDGRFRQVWLWXLGRSRUXQDPD\RUtDGHIDULVHRVSRVLEOHPHQWHODVFRVDVKDEUtDQVLGRPX\
GLVWLQWDV \ -HV~V KDEUtD WHUPLQDGR VX YLGD DSHGUHDGR R HVWUDQJXODGR 3HUR OD PXHUWH SRU
FUXFLIL[LyQHUDPXFKRPiVYLO\KXPLOODQWHTXHODVGLFWDGDVSRUODOH\PRVDLFD\HVFDVLVHJXUR
TXH OD PD\RUtD VDGXFHD VH LQFOLQDUD SRU DTXpOOD DSXUDQGR KDVWD HO OtPLWH VX RGLR FRQWUD HO
LPSRVWRU 6LQ HPEDUJR OD GXGD VHJXtD OODPHDQGR HQ PL FHUHEUR 3RU TXp ORV LQTXLVLGRUHV
VDQHGULWDVKDEtDQJULWDGR\YROYHUtDQDJULWDUIUHQWHD3RQFLR3LODWRODSHQDGHFUXFLIL[LyQ"
6yORDOWHQHUFXPSOLGRFRQRFLPLHQWRGHODVDFXVDFLRQHVTXHHQHIHFWRILJXUDEDQHQXQRGH
ORV SHUJDPLQRV TXH OOHYDED &DLIiV SXGH GHVSHMDU OD LQFyJQLWD $QWHV XQ KHFKR WRWDOPHQWH
LPSUHYLVWRPHREOLJDUtDDFDPELDUORVSODQHVGH&DEDOORGH7UR\D
)DOWDEDQ SRFRV PLQXWRV SDUD ODV RFKR GH OD PDxDQD FXDQGR OD UHGXFLGD FRPLWLYD GHMy DWUiV HO
EDUULRDOWRGH-HUXVDOpQ&DEDOORGH7UR\DKDEtDFUHtGRGHVGHXQSULQFLSLRTXHHOHQFXHQWURGH
ORVVDQHGULWDVFRQHOSURFXUDGRUURPDQRWHQGUtDOXJDUSUHFLVDPHQWHSRUHOSRUWDOyQ\W~QHOGHOD
IDFKDGD RHVWH GH OD 7RUUH$QWRQLD DTXHOOD SRU OD TXH \R KDEtD WHQLGR DFFHVR HQ FRPSDxtD GH
-RVpHOGH$ULPDWHD3HURQRIXHDVt&DLIiV\ORVVDGXFHRVFUX]DURQDQWHHOPXURGHSURWHFFLyQ
VLWXDGR IUHQWH DO IRVR \ VLQ GXGDUOR GREODURQ OD HVTXLQD QRURHVWH HQ GLUHFFLyQ D RWUD GH ODV
SXHUWDVGHHQWUDGDDOFXDUWHOJHQHUDOGH3RQFLRHQODFLXGDGVDQWD<RKDEtDFRQYHQLGRFRQ3LODWR
\ VX SULPHU FHQWXULyQ &LYLOLV TXH PL LQJUHVR HQ OD IRUWDOH]D VH SURGXFLUtD SRU HO SXHVWR GH
JXDUGLD\DPHQFLRQDGR<GXUDQWHDOJXQRVVHJXQGRVPLHQWUDVPLFHUHEUREXVFDEDXQDVROXFLyQ
PHGHMpDUUDVWUDUFDVLSRULQHUFLDSRUHOSHORWyQ$OGREODUDTXHOODHVTXLQDGH$QWRQLDOD
V~ELWD SUHVHQFLD GHO DQFLDQR -RVp GH $ULPDWHD \ RWUR MRYHQ KHEUHR KL]R TXH ROYLGDUD
PRPHQWiQHDPHQWHPLVGXGDV-RVpOyJLFDPHQWHHVWDEDDOWDQWRGHORVSDVRVGH-HV~V\GHOVXPR
VDFHUGRWH $XQTXH QR OR KDEtD YLVWR HQ HO MXLFLR GHGXMH TXH VXV FRQWDFWRV OH PDQWHQtDQ
SXQWXDOPHQWHLQIRUPDGR(OKHFKRGHHVWDUDOOtHUDXQDSUXHED
&DLIiVWXYRTXHYHUD-RVp3DVySUiFWLFDPHQWHDVXODGR6LQHPEDUJRQLVLTXLHUDOHVDOXGy
(O DQFLDQR DO GHVFXEULU DO 0DHVWUR VH VREUHFRJLy $XQTXH SRVLEOHPHQWH HVWDED LQIRUPDGR
WDPELpQ GH OD WRUWXUD D TXH KDEtD VLGR VRPHWLGR DO FRPSUREDUOR SRU VL PLVPR SDOLGHFLy 6LQ
OHYDQWDUGHPDVLDGDVVRVSHFKDVIXLTXHGiQGRPHDWUiVKDVWDXQLUPHDpO\DVXFRPSDxHUR<DVt
VHJXLPRVDOSHORWyQ
(OGH$ULPDWHDTXHSDUHFtDKDEHUSHUGLGRODVHVSHUDQ]DVTXHKDEtDWUDWDGRGHFRQWDJLDUPH
HQ HO SDWLR GHO SDODFHWH GH $QiV DO FDSWDU PL GHVFRQILDQ]D SRU OD SUHVHQFLD GH DTXHO MRYHQ
GHVFRQRFLGRPHLQVLQXyTXHKDEODVHDELHUWDPHQWH6XDFRPSDxDQWHHUDXQRGHORVFRUUHRVGH
'DYLG=HEHGHR(VWDEDDOOtVHJ~QPHH[SOLFySDUDWUDQVPLWLUODV~OWLPDVQRWLFLDVDOFXHUSRGH
HPLVDULRVTXHKDEtDVLGRFHQWUDOL]DGRSRU'DYLGHQHOFDPSDPHQWRGH*HWVHPDQt
'HHVWDIRUPDFRQIRUPHQRVDSUR[LPiEDPRVDODSXHUWDQRUWHGHOD7RUUH$QWRQLD-RVp\HO
HPLVDULRPHSXVLHURQHQDQWHFHGHQWHVGHODVXHUWHTXHKDEtDQFRUULGRORVUHVWDQWHVGLVFtSXORV\
GHORVTXHQRWHQtDQRWLFLDDOJXQDGHVGHHOSUHQGLPLHQWR
/DPD\RUSDUWHGHORVJULHJRV\GLVFtSXORVTXHIXHURQWHVWLJRVGHODFDSWXUDGHO0DHVWURHQHO
FDPLQR TXH GLVFXUUH SRU OD IDOGD GHO 2OLYHWH WHUPLQy SRU YROYHU DO KXHUWR GH 6LPyQ HO
OHSURVRGHVSHUWDQGRDORVRFKRDSyVWROHV\GHPiVVHJXLGRUHVTXHSHUPDQHFtDQDMHQRVDORTXH
HVWDEDRFXUULHQGR
0LQXWRVPiVWDUGHHUDHOMRYHQFtVLPR-XDQ0DUFRVTXLHQFRUUtDKDVWDODFLPDGHO0RQWHGH
ODV$FHLWXQDVSRQLHQGRVREUHDYLVRD'DYLG=HEHGHRTXHVHJXtDPRQWDQGRJXDUGLD\DOPDUJHQ
GHORV~OWLPRVVXFHVRV
7UDVXQRVSULPHURVPRPHQWRVGHOyJLFDFRQIXVLyQHOJUXSRVHFRQFHQWUyHQWRUQRDOPROLQR
GHSLHGUDVLWXDGRDODHQWUDGDGHODILQFDLQLFLiQGRVHXQDYLYDSROpPLFD$QGUpVFRPRMHIHGH
ORV DSyVWROHV VH KDOODED WDQ FRQIXVR TXH QR SXGR SURQXQFLDU SDODEUD DOJXQD< IXH 6LPyQ HO
=HORWH TXLHQ SRU ~OWLPR WHUPLQy SRU HQFDUDPDUVH DO PXUR GH OD DOPD]DUD DUHQJDQGR D VXV
FRPSDxHURVSDUDTXHWRPDUDQODVDUPDV\VHODQ]DUDQHQSHUVHFXFLyQGHORVJXDUGLDVOLEHUDQGRD
-HV~V
6HJ~Q HO FRUUHR WHVWLJR SUHVHQFLDO GH DTXHOORV DFRQWHFLPLHQWRV FDVL WRGRV ORV
SUHVHQWHV HQ DTXHOOD PDGUXJDGD HQ HO KXHUWR DOUHGHGRU GH PHGLR FHQWHQDU UHVSRQGLHURQ FRQ
YHKHPHQFLDDODLQYLWDFLyQGHOUHYROXFLRQDULR6LPyQPLHPEURDFWLYRFRPR\DKHLQVLQXDGRHQ
DOJXQDRFDVLyQGHOJUXSRFODQGHVWLQR\WHUURULVWDGHORV=HORWD
< HV PX\ SRVLEOH TXH VH KXELHVHQ ODQ]DGR PRQWH DEDMR HQ EXVFD GHO 0DHVWUR GH QR KDEHU
VLGRSRUODRSRUWXQtVLPDPHGLDFLyQGH%DUWRORPp8QDYH]TXH6LPyQHO=HORWHKXERKDEODGR
%DUWRORPpSLGLyFDOPD\UHFRUGyDVXVDPLJRVODVFRQWLQXDVHQVHxDQ]DVVREUHODQRYLROHQFLDTXH
OHVKDEtDLPSDUWLGR-HV~V(ODSyVWROFRQXQDJUDQFRUGXUDUHIUHVFyODPHPRULDGHORVH[FLWDGRV
GLVFtSXORVKDEOiQGROHVGHODVSDODEUDVTXHKDEtDSURQXQFLDGRHOUDEtDTXHOODPLVPDQRFKH\D
WUDYpV GH ODV FXDOHV KDEtD RUGHQDGR TXH SURWHJLHUDQ \ FRQVHUYDUDQ VXV YLGDV HQ HVSHUD GHO
PRPHQWRFUXFLDOGHODGLVSHUVLyQ\GHODSURSDJDFLyQGHOUHLQRGHORVFLHORV
/D WHVLV GH %DUWRORPp IXH DSR\DGD YLYDPHQWH SRU 6DQWLDJR HO KHUPDQR GH -XDQ =HEHGHR
TXLHQH[SOLFyWDPELpQDVXVFRPSDxHURVFyPR3HGURDOJXQRVGHORVJULHJRV\pOPLVPRKDEtDQ
GHVHQYDLQDGR VXV HVSDGDV HQ HO PRPHQWR GH OD FDSWXUD GH -HV~V \ FyPR HO 0DHVWUR OHV KDEtD
LQYLWDGRDTXHJXDUGDUDQODVDUPDV
/RViQLPRVDOSDUHFHUIXHURQDSDFLJXiQGRVH'HVSXpVLQWHUYLQLHURQWDPELpQ)HOLSH\0DWHR
\SRU~OWLPR7RPiVTXHLQVLVWLyFRQVXFDUDFWHUtVWLFRVHQWLGRSUiFWLFRHQODQHFHVLGDGGHQR
H[SRQHUVH D SHOLJURV PRUWDOHV WDO \ FRPR -HV~V KDEtD VXJHULGR D VX DPLJR /i]DUR /RV
UD]RQDPLHQWRV GH 7RPiV URJDQGR D ORV GLVFtSXORV TXH VH GLVSHUVDVHQ HQ HVSHUD GH QXHYRV
DFRQWHFLPLHQWRVWHUPLQDURQSRUGREOHJDUHODQVLDGHOXFKDGHORVVHJXLGRUHVGHO&ULVWR\ORV
GLVFtSXORVGHVDSDUHFLHURQGHILQLWLYDPHQWH
+DFLDODVGRV\PHGLDRWUHVPHQRVFXDUWRGHHVDPDGUXJDGDHOKXHUWRTXHGyGHVLHUWR6yOR
'DYLG=HEHGHR\XQUHGXFLGRJUXSRGHPHQVDMHURVFRQWLQXDURQHQHOFDPSDPHQWRSUHSDUiQGRVH
SDUDXQDPLVLyQTXHFRPR\DLQVLQXpUHVXOWDUtDYLWDO(OLQWUpSLGRGLVFtSXORVXSRRUJDQL]DUVHGH
WDOIRUPD TXHELHQ DWUDYpVGH -XDQ =HEHGHRGH -RVpGH$ULPDWHD \GH RWURVDJHQWHVSXGR
GLVSRQHU GH XQD QRWDEOH \ SUHFLVD LQIRUPDFLyQ VREUH HO GLVFXUULU GH ORV DFRQWHFLPLHQWRV &DGD
KRUD DSUR[LPDGDPHQWH XQR GH VXV YHORFHV PHQVDMHURV VH HQWUHYLVWDED FRQ ORV DQWHULRUPHQWH
FLWDGRVWUDVODGDQGRODVQRWLFLDVDOLPSURYLVDGRFXDUWHOJHQHUDOGH*HWVHPDQt'HVGHDOOtDVX
YH] 'DYLG HQYLDED D RWURV FRUUHRV D ORV SXQWRV GRQGH KDEtDQ DFRUGDGR RFXOWDUVH ORV
DSyVWROHV FLQFR GH HOORV %DUWRORPp )HOLSH ORV GRV JHPHORV \ 7RPiV HQ ODV DOGHDV GH
%HWIDJp \ %HWDQLD /RV FXDWUR UHVWDQWHV 6LPyQ =HORWH 6DQWLDJR 7RPiV \ $QGUpV HQ
-HUXVDOpQ
&XDQGRSUHJXQWpDOHPLVDULRSRU3HGURHOMRYHQPHWUDQTXLOL]y3RFRGHVSXpVGHODPDQHFHU
'DYLGORKDEtDHQFRQWUDGRHQORVDOUHGHGRUHVGHOFDPSDPHQWRVLQUXPERILMR\OOHQRGHWULVWH]D
(V SRVLEOH TXH HQ DTXHOORV PRPHQWRV QL 'DYLG =HEHGHR QL HO HPLVDULR QL QLQJXQR GH ORV
GLVFtSXORVVXSLHUDQODYHUGDGHUDUD]yQGHDTXHOODLQPHQVDDQJXVWLDGHOIRJRVR6LPyQ(OFDVRHV
TXH'DYLGRUGHQyDXQRGHORVFRUUHRVTXHOHDFRPSDxDVHKDVWDODFDVDGH1LFRGHPRHQOD
FLXGDGVDQWDOXJDUGHFRQFHQWUDFLyQGHVXKHUPDQR$QGUpV\GHORVRWURVWUHVDSyVWROHV
$TXHO PLVPR HPLVDULR TXH DFRPSDxDED D -RVp GH$ULPDWHD PH LQIRUPy WDPELpQ TXH SRFR
GHVSXpVGHODSDUWLGDGH3HGUROOHJyDOKXHUWR-XGDVXQRGHORVKHUPDQRVFDUQDOHVGHO0DHVWUR
6HKDEtDDQWLFLSDGRDOUHVWRGHVXIDPLOLD\DOOtVXSRGHOWUiJLFRDUUHVWRGH-HV~V$SHWLFLyQGH
'DYLG =HEHGHR UHJUHVy D OD FDUUHUD SRU HO VHQGHUR TXH DWUDYLHVD HO 2OLYHWH UHXQLpQGRVH FRQ
0DUtDVXPDGUH\FRQORVGHPiVFRPSRQHQWHVGHVXIDPLOLD/DVyUGHQHVGH'DYLGHUDQTXHOD
IDPLOLDGHO0DHVWURSHUPDQHFLHVHGHPRPHQWRHQODFDVDGH0DUWD\0DUtDHQ%HWDQLD<DVtVH
KL]R
(VWRVLJQLILFDEDTXH0DUtDODPDGUHGH-HV~VGH1D]DUHWVHKDOODED\DHQODVSUR[LPLGDGHV
GH-HUXVDOpQ\TXHSRUVXSXHVWRGHEtDHVWDUDGYHUWLGDGHFXDQWRRFXUUtDFRQVXKLMR
/DSRVLELOLGDGGHHVHHQFXHQWURFRQ0DUtDPHHVWUHPHFLy
(OYLHQWRVRSODEDFRQPD\RUIXHU]D&XDQGRDOFDQ]DPRVD&DLIiV\DVXVKXHVWHVXQRGHORV
GRVOHJLRQDULRVTXHPRQWDEDQJXDUGLDHQODFDUDQRUWHGHOPXURH[WHULRUTXHURGHDEDODIRUWDOH]D
KDEtDDFXGLGRDOLQWHULRUGHOFXDUWHOFRQHODQXQFLRGHODSUHVHQFLDGHDTXHOGHVWDFDGRJUXSRGH
VDFHUGRWHV$OSDUHFHUHOVXPRVDFHUGRWHKDEtDDGYHUWLGRDOFHQWLQHODTXHHOSURFXUDGRUVDEtD\D
GH DTXHOOD WHPSUDQD YLVLWD -RVp \ \R QRV PLUDPRV GHGXFLHQGR TXH 3RQFLR 3LODWR SRGtD KDEHU
WHQLGRFRQRFLPLHQWRGHHVWHKHFKRSRUORVMXGtRVTXHOHKDEtDQVROLFLWDGRXQDHVFROWDODQRFKH
DQWHULRU
6HD FRPR IXHUH HO FDVR HV TXH 3RQFLR KDFtD UDWR TXH DJXDUGDED OD OOHJDGD GH HVWD
UHSUHVHQWDFLyQGHO6DQHGUtQ
0LHQWUDV HVSHUiEDPRV D ODV SXHUWDV GHO SDUDSHWR GH SLHGUD DQXQFLp DO GH $ULPDWHD TXH
DSURYHFKDQGR OD RUGHQ TXH PH KDEtD H[WHQGLGR HO SURSLR SURFXUDGRU LQWHQWDUtD DGHODQWDUPH D
&DLIiV\DVXSHORWyQ-RVpDVLQWLyDxDGLHQGRTXHpOWHQtDLQWHQFLyQGHVHJXLUDOODGRGHO0DHVWUR
\TXHSUHVXPLEOHPHQWHQRVYROYHUtDPRVDYHUHQHOLQWHULRUGHODUHVLGHQFLDGHOSURFXUDGRU
$Vt TXH ROYLGDQGR PL SUR\HFWDGD HQWUDGD HQ OD 7RUUH$QWRQLD SRU HO W~QHO GHO DOD 2HVWH
H[WUDMHHOVDOYRFRQGXFWRPRVWUiQGRVHORDOOHJLRQDULR(VWHDOOHHUODDXWRUL]DFLyQ\HVFXFKDUHO
QRPEUHGH&LYLOLVPHIUDQTXHyHOSDVRVHxDOiQGRPHDYDULRVVROGDGRVTXHPRQWDEDQJXDUGLDDO
RWURODGRGHOIRVRMXQWRDXQDJUDQSXHUWDSUDFWLFDGDHQODPXUDOOD\IODQTXHDGDSRUGRVWRUUHWDV
GHYLJLODQFLD
$O FUX]DU HO SXHQWH OHYDGL]R VLPLODU DO TXH IDFLOLWDED HO DFFHVR SRU HO W~QHO XQR GH ORV
JXDUGLDV PH VDOLy DO SDVR 7XYH TXH UHSHWLU OD RSHUDFLyQ (O FHQWLQHOD UHYLVy OD RUGHQ GHO
SURFXUDGRU\PHRUGHQyTXHHVSHUDVH'HVSXpVVDOLyGHOSXHVWRGHJXDUGLDDGHQWUiQGRVHHQHO
LQWHULRUGHODIRUWDOH]D$TXHOODPRQXPHQWDOSXHUWDFRURQDGDSRUXQDUFRGHPHGLRSXQWRHVWDED
SURYLVWDGHGRVJUDQGHVEDWLHQWHVGHPDGHUDDVHJXUDGRVDXQRVSRVWHVYHUWLFDOHVVXVFHSWLEOHVGH
JLUDU HQ FDMDV GH SLHGUD 6XSXVH TXH GH HVWD PDQHUD HQ PRPHQWRV GH SHOLJUR R DWDTXH ORV
EDWLHQWHVSRGtDQFHUUDUVHVLHQGRDWUDQFDGRVGHVGHHOLQWHULRU
3RFRVPLQXWRVGHVSXpVHOOHJLRQDULRPHOODPDEDGHVGHXQDVHVFDOLQDWDVGHSLHGUDH[LVWHQWHV
DO IRQGR &DPLQp HQ VROLWDULR KDFLD HO FHQWLQHOD VDOYDQGR XQ DQFKR SDWLR SHUIHFWDPHQWH
DGRTXLQDGR FRQ FDQWRV URGDGRV$O SLH GH ODV HVFDOLQDWDV HO VROGDGR PH LQGLFy D XQ RILFLDO
FRPHQWDQGR
eVWHWHFRQGXFLUiKDVWD&LYLOLV
<DVtIXH$OILQDOGHDTXHOORVTXLQFHSHOGDxRVPHDJXDUGDEDXQFHQWXULyQ
/D HVFDOLQDWD SHUPLWtD HO DFFHVR D XQD HVSHFLH GH WHUUD]D UHFWDQJXODU FXLGDGRVDPHQWH
HPEDOGRVDGD\FHUFDGDSRUDPERVIODQFRVFRQXQDVHULHGHEDODXVWUHVGHPiUPROGHXQPHWURGH
DOWXUD
$TXpOOD HUD OD HQWUDGD SULQFLSDO GH OR TXH SRGUtDPRV GHQRPLQDU OD UHVLGHQFLD SULYDGD GHO
SURFXUDGRU XQ HGLILFLR VXQWXRVR \ UHODWLYDPHQWH DSDUWDGR GHO FRQMXQWR DXQTXH GHQWUR GH OD
IRUWDOH]D
(O RILFLDO PH FRQGXMR DO LQWHULRU XQ KDOO GH H[WUDRUGLQDULDV GLPHQVLRQHV GHO TXH
DUUDQFDEDQWUHVHVFDOLQDWDVWRGDVGHPiUPROEODQFR
(VSHUD DTXt PH GLMR PLHQWUDV VH GLULJtD D ODV HVFDOHUDV VLWXDGDV IUHQWH D OD SXHUWD GH
GREOHKRMDGHO YHVWtEXOR$O SLHGH GLFKDHVFDOLQDWDPRQWDEDQJXDUGLD RWURVGRV VROGDGRV FRQ
VXVODQ]DV\FRWDVGHPDOOD
2EHGHFt FRQWHPSODQGR FRQ DGPLUDFLyQ OD VHULH GH JUDQGHV YLGULHUDV PXOWLFRORUHV TXH VH
DOLQHDEDQDORODUJRGHORVPXURVSURSRUFLRQDQGRDODHVWDQFLDXQDDEXQGDQWHOX]QDWXUDO(QODV
SDUHGHVUHYHVWLGDVGHJUDQLWRVSURFHGHQWHVGH6LHQDKDEtDQVLGRDELHUWRVQXPHURVRVQLFKRVHQ
ORVTXHUHSRVDEDQEXVWRVGHOHPSHUDGRUMDUURQHVJULHJRVGHFRUDGRVFRQHVFHQDVPLWROyJLFDV\
FDQGHODEURVGHSODWD
(OSLVRGHOKDOOKDEtDVLGRUHFXELHUWRFRQXQH[WHQVRPRVDLFRTXHQDGDWHQtDTXHHQYLGLDU
DORVTXH\RKDEtDYLVWRHQODVUXLQDVGH3RPSH\D
(QVLPLVPDGRFRQDTXHOODH[TXLVLWDGHFRUDFLyQQRPHSHUFDWpGHODOOHJDGDGH&LYLOLV
(OFHQWXULyQ\FRPDQGDQWHGHODOHJLyQPHVDOXGyVRQULHQWH(QHVWDRFDVLyQVHWRFDEDFRQXQ
FDVFRGHPHWDOVXPDPHQWHSXOLGR\UHPDWDGRSRUXQSHQDFKRGHSOXPDVURMDV
$QWHVGHTXHSXGLHUDH[SOLFDUOHTXHGHVHDEDFDPELDUPLVSODQHV&LYLOLVVHDGHODQWyKDVWDOD
SXHUWD GHO KDOO \ VHxDODQGR HO SRUWDOyQ GH OD PXUDOOD PH DQXQFLy TXH HO GtD DFDEDED GH
FRPSOLFDUVH
3RQFLR GHEHUi UHFLELU HVWD PDxDQD PH GLMR FRQ XQ JHVWR GH GLVJXVWR D YDULRV
UHSUHVHQWDQWHVGHO&RQVHMRGH-XVWLFLDGHORVMXGtRV
/RVpUHSXVH\SUHFLVDPHQWHTXHUtDKDEODUWHGHHOOR
(OFHQWXULyQPHPLUyVRUSUHQGLGR
+HRtGRTXHORVMXGtRVWUDWDQGHMX]JDUDXQPDJR/RKHYLVWRDOSDVDU6DEHVTXHPHLQWHUHVR
SRUORVDVWURV\VXVGHVLJQLRV\TXLVLHUDSHGLUWH\SHGLUOHDOSURFXUDGRUXQSHTXHxRFDPELRGH
SODQHV
&LYLOLVVLJXLyHVFXFKiQGRPHFRQDWHQFLyQ
7HQJRHQWHQGLGRSURVHJXtTXHHVHKRPEUHDOTXHOODPDQ-HV~VGH1D]DUHWKDREUDGR
JUDQGHV SRUWHQWRV \ DEXVDQGR GH YXHVWUD KRVSLWDOLGDG GHVHDUtD HVWDU SUHVHQWH FXDQGR VHD
SUHVHQWDGRD3RQFLR
<DQWHVGHTXHHOFHQWXULyQSXGLHUDUHVSRQGHUUHPDFKpPLVSDODEUDVFRQXQDDILUPDFLyQTXH
WDO\FRPRHVSHUDEDVyORDPHGLDVSUHQGLyODFXULRVLGDGGHOURPDQR
+HVDELGRTXHKR\PLVPRW~HOSURFXUDGRU\R\WRGDODFLXGDGWHQGUHPRVODRSRUWXQLGDGGH
DVLVWLUDXQH[WUDxRVXFHVRFHOHVWH
(OSUDJPiWLFRHLQFUpGXORRILFLDOVRQULyEXUORQDPHQWHOLPLWiQGRVHDFRQWHVWDU
(VWiELHQ-DVyQ6HORGLUpD3RQFLR
&LYLOLV GHVDSDUHFLy SRU OD HVFDOLQDWD FHQWUDO HQ EXVFD GHO SURFXUDGRU QR VLQ DQWHV
DGYHUWLUPHTXHQRPHPRYLHUDGHDOOt
(VDV UDWDV PHFRPHQWyUHILULpQGRVH D ORV VDFHUGRWHVTXHDJXDUGDEDQMXQWR DOSDUDSHWR
H[WHULRUQRWLHQHQHVFU~SXORVSDUDSHGLUQRVTXHVHHMHFXWHDXQRGHORVVX\RV\VLQHPEDUJR
QR TXLHUHQ HQWUDU HQ HO SUHWRULR SRU PLHGR D FRQWDPLQDUVH \ QR SRGHU FHOHEUDU VX PDOGLWD
3DVFXD &LYLOLV OOHYDED UD]yQ /RV MXGtRV \ PX\ HVSHFLDOPHQWH ORV PLHPEURV GH ODV
GLIHUHQWHVFDVWDVVDFHUGRWDOHVWHQtDQSURKLELGRHQWUDUGXUDQWHODFHOHEUDFLyQGHODILHVWDDQXDO
GHOD3DVFXDHQODVFDVDVGHORVJHQWLOHVWRGDVHOODVHUDQVRVSHFKRVDVGHDOEHUJDUDOLPHQWRVTXH
SXGLHUDQ FRQWHQHU OHYDGXUD \ HVWH FRQWDFWR FRQ VXVWDQFLDV IHUPHQWDGDV HVWDED ULJXURVDPHQWH
SURKLELGR>@
(VWRPHKL]RSHQVDUTXHHOSURFXUDGRU\VXVKRPEUHVQRWHQGUtDQPiVUHPHGLRTXHHVFXFKDUD
&DLIiV\DORVVDGXFHRVDODVSXHUWDVGHOSUHWRULR&DVLVHJXURGHGXMHPX\FHUFDGHHVDV
HVFDOLQDWDVTXHDFDERGHVXELU<GLVSXVHPLYDUDGH0RLVpVSDUDHOTXHLEDDVHUHOSULPHU
HQFXHQWURRILFLDOGH3RQFLRFRQORVPLHPEURVGHO6DQHGUtQ
(QHIHFWRKDFLDODVRFKR\TXLQFHPLQXWRVGHDTXHOODPDxDQDGHOYLHUQHVGHDEULOHOREHVR
SURFXUDGRU DSDUHFLy HQ OR DOWR GH OD HVFDOHUD FHQWUDO GHO KDOO GRQGH \R HVSHUDED 9HQtD
DFRPSDxDGRGH&LYLOLV\GHWUHVRFXDWURFHQWXULRQHVPiV
$OYHUPHVHDSUHVXUyDEDMDUODVHVFDOLQDWDVVDOXGiQGRPHFRQHOEUD]RHQDOWR3RQFLRKDEtD
FDPELDGR OD LQGXPHQWDULD (Q HVWD RFDVLyQ \ GDGD VX FDOLGDG GH UHSUHVHQWDQWH GHO &pVDU VH
KDEtD HQIXQGDGR HQ XQD FRUD]DGHPHWDO FRUWD \ PXVFXODGD EHOODPHQWH WUDEDMDGD \ EULOODQWH
FRPRXQHVSHMRDOHVWLORGHORVPHMRUHVEOLQGDMHVJULHJRVGHODpSRFD%DMRODDUPDGXUDOXFtD
XQDW~QLFDFRUWDGHVHGDGHPHGLDPDQJDGHFRORUKXHVRPHWLFXORVDPHQWHSODQFKDGD\UHPDWDGD
SRU IOHFRV GH RUR (O YROXPLQRVR YLHQWUH GHO SURFXUDGRU VREUHVDOtD SRU GHEDMR GH OD FRUD]D
SURSRUFLRQiQGROHXQSHUILOPX\SRFRFDEDOOHUHVFR
$OUHGHGRUGHVXFXHOOR\FROJDQGRSRUODHVSDOGDWUDtDXQPDQWRRVDJXPGHXQDWRQDOLGDG
EXUGHRV PX\ DSDJDGD 3HUR OR TXH PiV PH OODPy OD DWHQFLyQ IXHURQ VXV SLHUQDV DSDUHFtDQ
WRWDOPHQWHFHxLGDVFRQEDQGDVGHOLQR$TXHOORPHKL]RVRVSHFKDUTXHHOSURFXUDGRUSDGHFtDGH
YDULFHV
(OFHQWXULyQMHIHOHKDEtDSXHVWRHQDQWHFHGHQWHVGHPLVGHVHRV\GHHVHSUHVDJLRFHOHVWH
TXHKDEtDDGHODQWDGRD&LYLOLV\VLQSRGHUFRQWHQHUVXPRUERVLGDGPHLQWHUURJyDOWLHPSRTXH
PHLQYLWDEDDFDPLQDUMXQWRDpOKDFLDODSXHUWDGHHQWUDGDDVXUHVLGHQFLD
/HH[SOLTXpFRPRSXGHTXHORVDVWURVKDEtDQDQXQFLDGRSDUDHVDPLVPDPDxDQDXQIXQHVWR
DXJXULR\TXHSRUHOELHQGHWRGRVH[WUHPDVHVXVSUHFDXFLRQHV
1R KXER WLHPSR SDUD PiV 3RQFLR 3LODWR \ VXV RILFLDOHV VH GHWXYLHURQ HQ OD WHUUD]D
PLHQWUDVXQRGHORVFHQWXULRQHVGHVFHQGtDODVHVFDOHUDVHQEXVFDVLQGXGDGH&DLIiV\GHDTXHO
JDOLOHRTXHKDEtDHPSH]DGRDHVWURSHDUODDSDFLEOHMRUQDGDGHOSURFXUDGRU(OYLHQWRGHVSHLQyD
3RQFLRSRQLHQGRHQGLILFXOWDGHVVXSRVWL]R$TXHOORGHELyDFUHFHQWDUVX\DHYLGHQWHPDOKXPRU
(O KHFKR GH WHQHU TXH VDOLU D ODV SXHUWDV GHO SUHWRULR SDUD UHFLELU DO VXPR VDFHUGRWH \ D ORV
PLHPEURVGHO6DQHGUtQQROHKDEtDKHFKRPX\IHOL]
$O SRFR YL DSDUHFHU SRU HO DUFR GH OD PXUDOOD DO JUXSR TXH HQFDEH]DED &DLIiV
,QPHGLDWDPHQWHGHWUiVGHpVWH-HV~VHOOHJLRQDULRURPDQRTXHOHKDEtDFXVWRGLDGRGXUDQWHWRGD
ODQRFKH-XDQ=HEHGHR\ORVOHYLWDV\FULDGRVGHO6DQHGUtQ
$OOOHJDUDOSLHGHODHVFDOLQDWDORVVDGXFHRVVHGHWXYLHURQDGYLUWLHQGRDOSURFXUDGRUTXHVX
UHOLJLyQ OHV LPSHGtD GDU XQ VROR SDVR PiV 3RQFLR PLUy D &LYLOLV \ FRQ XQ JHVWR GH GLVJXVWR
DYDQ]y KDVWD VLWXDUVH HQ HO ILOR PLVPR GH ORV SHOGDxRV 8QD YH] DOOt \ HQ WRQR GHVDEULGR OHV
SUHJXQWy
&XiOHVVRQODVDFXVDFLRQHVTXHWHQpLVFRQWUDHVWHKRPEUH"
/RV MXHFHV LQWHUFDPELDURQ XQD PLUDGD \ D XQD RUGHQ GH &DLIiV XQR GH ORV VDGXFHRV
UHVSRQGLy
6LHVWHKRPEUHQRIXHUDXQPDOKHFKRUQRWHORKXELpUDPRVWUDtGR
3RQFLR JXDUGy VLOHQFLR 6XMHWy VX PDQWR \ FRPHQ]y D GHVFHQGHU ODV HVFDOHUDV
,QPHGLDWDPHQWH&LYLOLV\ORVFHQWXULRQHVVHDSUHVXUDURQDVHJXLUOHURGHiQGROH
(O URPDQR VLHPSUH HQ VLOHQFLR VH DSUR[LPy D -HV~V REVHUYiQGROH FRQ FXULRVLGDG (O
0DHVWURSHUPDQHFtDFRQODFDEH]DEDMD\ODVPDQRVDWDGDVDODHVSDOGD6XVFDEHOORVUHYXHOWRV
SRUHOIXHUWHYLHQWRRFXOWDEDQHQSDUWHODVH[FRULDFLRQHVGHVXURVWUR
3RQFLRGLRXQDYXHOWDFRPSOHWDHQWRUQRDO1D]DUHQR'HVSXpVVLQKDFHUFRPHQWDULRDOJXQR
SHURFRQXQDHYLGHQWHPXHFDGHUHSXJQDQFLDHQVXVODELRVYROYLyDVXELUORVSHOGDxRV6LQOXJDU
D GXGDV \ &LYLOLV PH FRQILUPDUtD HVWD VRVSHFKD SRFR GHVSXpV HO SURFXUDGRU KDEtD VLGR
SUHYLDPHQWHLQIRUPDGRGHODVHVLyQPDWLQDOGHO6DQHGUtQDVtFRPRGHODVGLVFUHSDQFLDVVXUJLGDV
HQWUH ORV MXHFHV D OD KRUD GH ILMDU ODV DFXVDFLRQHV 6HJ~Q &LYLOLV XQD GH ODV VLUYLHQWDV \ HO
LQWpUSUHWHGHODHVSRVDGH3LODWR&ODXGLD3UyFXODFRQRFtDQODVHQVHxDQ]DVGH-HV~VGH1D]DUHW
KDELHQGRLQIRUPDGRDOSURFXUDGRUGHORVSURGLJLRV\GHODVSUHGLFDFLRQHVGHOUDEt
&XDQGRVHHQFRQWUDEDHQPLWDGGHODHVFDOLQDWD3LODWRVHGHWXYR\JLUDQGRVREUHVXVWDORQHV
VHHQFDUyGHQXHYRFRQORVKHEUHRVGLFLpQGROHV
'DGRTXHQRHVWiLVGHDFXHUGRHQODVDFXVDFLRQHVSRUTXpQROOHYiLVDHVWHKRPEUHSDUD
TXHVHDMX]JDGRGHFRQIRUPLGDGFRQYXHVWUDVSURSLDVOH\HV"
$TXHOODVIUDVHVGHOSURFXUDGRUFD\HURQFRPRXQMDUURGHDJXDIUtDVREUHORVVDQHGULWDVTXH
QR HVSHUDEDQ VHPHMDQWH UHVLVWHQFLD SRU SDUWH GH 3RQFLR < YLVLEOHPHQWH QHUYLRVRV
UHVSRQGLHURQ
1R WHQHPRV GHUHFKR D FRQGHQDU D XQ KRPEUH D PXHUWH < HVWH SHUWXUEDGRU GH QXHVWUD
QDFLyQPHUHFHODPXHUWHSRUFXDQWRKDGLFKR\KHFKR(VWDHVODUD]yQSRUODTXHYHQLPRVDQWHWL
SDUDTXHUDWLILTXHVHVWDGHFLVLyQ
3LODWR VRQULy PDOLFLRVDPHQWH $TXHO S~EOLFR UHFRQRFLPLHQWR GH OD LPSRWHQFLD MXGtD SDUD
SURQXQFLDU \ HMHFXWDU XQD VHQWHQFLD GH PXHUWH QL VLTXLHUD FRQWUD XQR GH ORV VX\RV OH KDEtD
OOHQDGRGHVDWLVIDFFLyQ6XRGLRSRUORVMXGtRVHUDPXFKRPiVSURIXQGRGHORTXHSRGtDVXSRQHU
<R QR FRQGHQDUp D HVWH KRPEUH LQWHUYLQR HO URPDQR VHxDODQGR D -HV~V FRQ VX PDQR
GHUHFKD VLQ XQ MXLFLR< QXQFD FRQVHQWLUp TXH OH LQWHUURJXHQ KDVWD QR UHFLELU SRU HVFULWR
UHFDOFy3RQFLRFRQpQIDVLVODVDFXVDFLRQHV
6LQHPEDUJRHOSURFXUDGRUKDEtDVXEHVWLPDGRDORVVDQHGULWDV<FXDQGR3LODWRFRQVLGHUDED
TXHHODVXQWRKDEtDTXHGDGR]DQMDGRVXVSHQGLHQGRDVtHOHQRMRVRDVXQWR&DLIiVHQWUHJyXQRGH
ORVGRVUROORVTXHSRUWDEDDXQHVFULEDMXGLFLDOTXHORVDFRPSDxDEDURJDQGRDOSURFXUDGRUTXH
HVFXFKDVHODVDFXVDFLRQHVTXHKDEtDVROLFLWDGR
$TXHOOD PDQLREUD VRUSUHQGLy D 3RQFLR TXH QR WXYR PiV UHPHGLR TXH GHWHQHU VXV SDVRV
FXDQGRHVWDEDDSXQWRGHHQWUDUHQVXUHVLGHQFLD&DGDYH]PiVLUULWDGRSRUODWHQD]LQVLVWHQFLD
GH&DLIiV\ORVVDGXFHRVVHGLVSXVRDHVFXFKDUHOFRQWHQLGRGHDTXHOSHUJDPLQR
(OHVFULEDORGHVHQUROOy\DGRSWDQGRXQWRQRVROHPQHSURFHGLyDVXOHFWXUD
(OWULEXQDOVDQHGULWDHVWLPDTXHHVWHKRPEUHHVXQPDOKHFKRU\XQSHUWXUEDGRUGHQXHVWUD
QDFLyQHQEDVHDODVVLJXLHQWHVDFXVDFLRQHV
D3RUSHUYHUWLUDQXHVWURSXHEORHLQFLWDUOHDODUHEHOLyQ
D3RULPSHGLUHOSDJRGHOWULEXWRDO&pVDU
D3RUFRQVLGHUDUVHDVtPLVPRFRPRUH\GHORVMXGtRV\SURSDJDUODFUHDFLyQGHXQQXHYR
UHLQR
$OFRQRFHUDTXHOODV DFXVDFLRQHV RILFLDOHVFRPSUHQGtTXHGLFKRWH[WRTXH QDGD WHQtDTXH
YHUFRQORGLVFXWLGRHQHOMXLFLRKDEtDVLGRDPDxDGRSRU$QiV\HOUHVWRGHORVPLHPEURVGHO
&RQVHMR HQ VX VHJXQGD HQWUDGD HQ OD VDOD GHO 7ULEXQDO PLHQWUDV HO 0DHVWUR \ WRGRV ORV GHPiV
HVSHUiEDPRV HQ HO SDWLR FHQWUDO GHO HGLILFLR GHO 6DQHGUtQ $KRUD PH H[SOLFDED HO SRUTXp GH
DTXHOODVDJULDVGLVFXVLRQHVHQWUH&DLIiV$QiV\ORVMXHFHV\ODV~ELWDDSDULFLyQGHXQVHJXQGR
SHUJDPLQRHQODVPDQRVGHOVXPRVDFHUGRWHPRPHQWRVDQWHVGHVDOLUKDFLDOD7RUUH$QWRQLD
0X\DVWXWDPHQWHORVVDGXFHRVKDEtDQSUHSDUDGRDTXHOODVWUHVDFXVDFLRQHVGHIRUPDTXHHO
SURFXUDGRUURPDQRVHYLHUDLQHYLWDEOHPHQWHLQYROXFUDGRHQHOSURFHVR
3RQFLRSLGLyD&LYLOLVTXHVHDSUR[LPDUD\OHVXVXUUyDOJRDORtGR(OFHQWXULyQDVLQWLyFRQOD
FDEH]D$TXHOODFRQVXOWDFRQILGHQFLDOVHJ~QVXSHSRUHOFRPDQGDQWHHQMHIHGHODOHJLyQVH
KDEtDFHQWUDGRHQODVLQIRUPDFLRQHVTXHREUDEDQHQSRGHUGHOSURFXUDGRU\TXHWDO\FRPRWRGRV
VDEtDPRV VHxDODEDQ TXH HO FRPSORW FRQWUD HO 1D]DUHQR WHQtD XQDV UDtFHV SXUD \ HVWULFWDPHQWH
UHOLJLRVDV
3LODWR FRPSUHQGLy DO PRPHQWR TXH DTXHO FDPELR HQ OD HVWUDWHJLD GH ORV VDFHUGRWHV
REHGHFtD~QLFDPHQWHDVXIDQDWLVPR\FLHJRRGLRKDFLDDTXHOYLVLRQDULRTXHKDEtDVLGRFDSD]GH
GHVDILDU OD DXWRULGDG GHO VXPR SRQWtILFH ULGLFXOL]DQGR D ODV FDVWDV VDFHUGRWDOHV 6LQ
SURSRQpUVHOR &DLIiV \ VXV HVELUURV KDEtDQ FRQVHJXLGR FRQ DTXHO HQJDxR TXH 3RQFLR 3LODWR VH
LQFOLQDVH\DGHVGHXQSULQFLSLRQRHQIDYRUGH-HV~VDTXLHQSUiFWLFDPHQWHLJQRUDEDVLQR
HQFRQWUDGHDTXHOODUDOHDGHPDODPDGUHVHJ~QSDODEUDVGHOSURSLRURPDQR(UDVXPDPHQWH
LPSRUWDQWH WHQHU HQ FXHQWD HVWRV KHFKRV GH FDUD D OD FRQGXFWD \ D ORV VXFHVLYRV LQWHQWRV GHO
UHSUHVHQWDQWH GHO HPSHUDGRU SRU OLEHUDU DO 0DHVWUR 1DGD KXELHUD VDWLVIHFKR PiV VX GHVSUHFLR
KDFLD OD VXSUHPD DXWRULGDG MXGtD TXH KDFHUOHV PRUGHU HO SROYR SRQLHQGR HQ OLEHUWDG DO
SULVLRQHUR
3HURORVDFRQWHFLPLHQWRVDSHVDUGHOSURFXUDGRULEDQDWRPDUFDPLQRVLQVRVSHFKDGRV
3RQFLR JXDUGy VLOHQFLR 'LULJLy XQD PLUDGD GH GHVSUHFLR D ORV MXHFHV \ GHVFHQGLHQGR ORV
HVFDORQHV SRU VHJXQGD YH] VH DEULy SDVR KDVWD HO *DOLOHR 8QD YH] DOOt DQWH OD H[SHFWDFLyQ
JHQHUDOSUHJXQWyDO0DHVWURTXpWHQtDTXHDOHJDUHQVXGHIHQVD-HV~VQROHYDQWyHOURVWUR
&LYLOLVTXHKDEtDVHJXLGRORVSDVRVGHVXMHIHOHYDQWyHOEDVWyQGHYLGGLVSXHVWRDJROSHDU
DO *DOLOHR SRU OR TXH FRQVLGHUy XQD IDOWD GH UHVSHWR 3HUR HO SURFXUDGRU OH GHWXYR$XQTXH VX
FRQIXVLyQ\GLVJXVWRHUDQFDGDYH]PD\RUHVHOURPDQRFRPSUHQGLyTXHDTXpOQRHUDHOHVFHQDULR
PiVLGyQHRSDUDLQWHUURJDUDOSULVLRQHUR/DVRODSUHVHQFLDGHORVVDQHGULWDVSRGtDVXSRQHUXQ
IUHQRWDQWRSDUDpOFRPRSDUDHOUHR<YROYLpQGRVHKDFLDHOSULPHUFHQWXULyQGLRODVyUGHQHV
SDUDTXHFRQGXMHUDQDOJLJDQWHDOLQWHULRUGHVXUHVLGHQFLD
&LYLOLV KL]R XQD VHxDO DO VROGDGR TXH FXVWRGLDED DO UDEt \ DPERV HQ FRPSDxtD GH -XDQ
=HEHGHR\GHDOJXQRVGHORVGRPpVWLFRVGHO6DQHGUtQVLJXLHURQD3LODWR\DORVRILFLDOHV
&DLIiV\ORVMXHFHVSHUPDQHFLHURQHQHOSDWLR/DFRQWUDULHGDGUHIOHMDGDHQVXVURVWURVSRQtD
GH PDQLILHVWR VX IUXVWUDGR GHVHR GH DFRPSDxDU D -HV~V GH 1D]DUHW \ DVLVWLU DO LQWHUURJDWRULR
SULYDGR3HURVXSURSLRIDQDWLVPRUHOLJLRVRDFDEDEDGHMXJDUOHVXQDPDODSDVDGDSRUVXSXHVWR
GXGRPXFKRTXH3LODWRKXELHUDDXWRUL]DGRVXSUHVHQFLDHQHOFLWDGRLQWHUURJDWRULR
$OFUX]DUMXQWRDPtHOSURFXUDGRUPHKL]RXQJHVWRLQYLWiQGRPHDTXHOHDFRPSDxDVH
'LPH -DVyQ PH SUHJXQWy 3RQFLR PLHQWUDV DWUDYHViEDPRV HO KDOO HQ GLUHFFLyQ D OD
HVFDOLQDWDIURQWDOFRQRFHVDHVWHPDJR"&UHHVTXHSXHGHUHVXOWDUXQ]HORWD"
$TXpOIXHXQPRPHQWRHVSHFLDOPHQWHGHOLFDGRSDUDPt+XELHUDQVLGRVXILFLHQWHVXQDVSRFDV
H[SOLFDFLRQHV SDUD LQFOLQDU GHILQLWLYDPHQWH OD EDODQ]D GHO LQHVWDEOH SURFXUDGRU D IDYRU GHO
0DHVWUR3HURDTXpOQRHUDPLFRPHWLGR<UHVSRQGtDVXSUHJXQWDFRQRWUDSUHJXQWD
7HQJRHQWHQGLGRTXHWXVKRPEUHVIXHURQGHVWDFDGRVDQRFKHKDVWDXQDILQFDHQ*HWVHPDQt\
FRQHOSURSyVLWRGHUHJLVWUDUXQSRVLEOHFDPSDPHQWR]HORWD(QFRQWUDURQDHVRVJXHUULOOHURV"
(OSURFXUDGRUDTXLHQOHFRVWDEDWUDEDMRVXELUODVHVFDOHUDVVHGHWXYRMDGHDQWH
<W~FyPRVDEHVHVR"
0LHQWUDV&LYLOLVGLULJtDDO1D]DUHQR\DOUHGXFLGRJUXSRSRUXQOXPLQRVRFRUUHGRUGHPiUPRO
Q~PLGD VHPEUDGR D GHUHFKD H L]TXLHUGD GH HVWDWXDV TXH GHVFDQVDEDQ VREUH SHGHVWDOHV GH
&DUUDUD WUDQTXLOLFp D 3RQFLR QDUUiQGROH PL FDVXDO HQFXHQWUR FRQ ORV GRV OHJLRQDULRV TXH
SHUVHJXtDQDXQRGHORVVLPSDWL]DQWHVGHOPDJR
(O SURFXUDGRU PH FRQIHVy HQWRQFHV TXH VXV LQIRUPHV VREUH HO WDO -HV~V GH 1D]DUHW VH
UHPRQWDEDQDDxRVDWUiVHVSHFLDOPHQWHGHVGHTXHXQRGHVXVFHQWXULRQHVOHFRQIHVyFyPRDTXHO
PDJR KDEtD FXUDGR D XQR GH VXV VLUYLHQWHV PiV TXHULGRV HQ &DIDUQD~P 3RFR D SRFR 3RQFLR
3LODWRKDEtDLGRUHXQLHQGRGDWRV\FRQILGHQFLDVVXILFLHQWHVFRPRSDUDVDEHUVLDTXHOJUXSRTXH
HQFDEH]DED HO UDEt HUD R QR SHOLJURVR GHVGH HO ~QLFR SXQWR TXH SRGtD LQWHUHVDUOH HO GH OD
UHEHOLyQFRQWUD5RPD
/RV DJHQWHV GHO SURFXUDGRU FHUFD GHO 6DQHGUtQ OH KDEtDQ DGYHUWLGR GH ODV QXPHURVDV
UHXQLRQHV FHOHEUDGDV SDUD WUDWDU GH SUHQGHU \ SHUGHU DO 1D]DUHQR 3LODWR SRU WDQWR HVWDED DO
FRUULHQWHGHODVLQWHQFLRQHVGHORVTXHHVSHUDEDQHQHOSDWLR\GHOFDUiFWHUPtVWLFR\YLVLRQDULR
VHJ~QH[SUHVLyQSURSLDGHOPRYLPLHQWRTXHHQFDEH]DED-HV~V
3RUTXpLEDDVDWLVIDFHUDHVRVHQYLGLRVRVFRQFOX\y3LODWRGHWHQLHQGRDXQRVSREUHV
GLDEORVFX\R~QLFRPDOHVFUHHUHQIDQWDVtDV\VRUWLOHJLRV"
$TXHOODV UHYHODFLRQHV GHO JREHUQDGRU GH OD -XGHD PH DEULHURQ GHILQLWLYDPHQWH ORV RMRV
(VWDEDFODURTXHSRUPLSDUWHWDPELpQKDEtDVXEHVWLPDGRHOSRGHUGH3RQFLR(UDOyJLFRTXHHQ
XQD SURYLQFLD FRPR DTXpOOD WDQ OHYDQWLVFD \ GLItFLO HO SRGHU GH 5RPD WXYLHUD ORV VXILFLHQWHV
UHVRUWHV\WHQWiFXORVFRPRSDUDVDEHUTXLpQHUDTXLpQ<HYLGHQWHPHQWH3RQFLRVDEtDTXLpQHUD
HO0DHVWUR
6LQ HPEDUJR WHUFLp FRQ FXULRVLGDG SRU TXp DFFHGLVWH D HQYLDU XQ SHORWyQ GH
VROGDGRVD*HWVHPDQt"
(OSURFXUDGRUYROYLyDVRQUHtUPDOLFLRVDPHQWH
7~ QR FRQRFHV D~Q D HVWD JHQWH 6RQ WHVWDUXGRV FRPR PXODV$GHPiV PLV UHODFLRQHV
GLJDPRV FRPHUFLDOHV FRQ $QiV VLHPSUH KDQ VLGR H[FHOHQWHV 1R YR\ D QHJDUWH TXH OD
SURFXUDGXUtDUHFLEHLPSRUWDQWHVVXPDVGHGLQHURDFDPELRGHFLHUWRVIDYRUHV
1RPHDWUHYtDLQGDJDUVREUHODFODVHGHIDYRUHVTXHSUHVWDEDDTXHOFRUUXSWRUHSUHVHQWDQWH
GHO&pVDUSHURHOSURSLR3RQFLRPHIDFLOLWyXQDSLVWD
$QiV \ HVH FDUURxHUR TXH WLHQH SRU \HUQR KDQ KHFKR JUDQGHV ULTXH]DV D H[SHQVDV GHO
SXHEOR\GHOWUiILFRGHPRQHGDV\GHDQLPDOHVSDUDORVVDFULILFLRV7HVXSRQJRHQWHUDGRGHO
GHVFDODEURVXIULGRSRUORVFDPELVWDVHLQWHUPHGLDULRVGHODH[SODQDGDGHO7HPSORSUHFLVDPHQWH
DFDXVDGHHVH-HV~V3XHVELHQPLVLQWHUHVHVHQHVHQHJRFLRPHREOLJDEDQHQSDUWHDVDOYDU
ODVDSDULHQFLDV\D\XGDUDOH[VXPRVDFHUGRWHHQVXSUHWHQVLyQGHFDSWXUDUDOPDJR
$TXHOGHVFDUDGR QHSRWLVPR GHOD IDPLOLD$QiVVLWXDQGR DORVPLHPEURVGHVXFODQ HQ
ORVSXHVWRVFODYHGHO7HPSORHUDXQVHFUHWRDYRFHV/DDFWXDFLyQGHOSURFXUDGRUSRUWDQWR
PHSDUHFLyWRWDOPHQWHYHURVtPLO
$OOOHJDUDOILQDOGHOFRUUHGRU&LYLOLVDEULyXQDSXHUWDGDQGRSDVRD3LODWR'HWUiV\SRU
RUGHQGHOFHQWXULyQHQWUDURQ-HV~V-XDQ=HEHGHRRWURVGRVRILFLDOHV\\R(OOHJLRQDULR\ORV
FULDGRVSHUPDQHFLHURQIXHUD
$OLUUXPSLUHQDTXHOODHVWDQFLDUHFRQRFtDOLQVWDQWHHOGHVSDFKRRYDOGRQGHKDEtDFHOHEUDGR
PL SULPHUD HQWUHYLVWD FRQ HO SURFXUDGRU (O DOD QRUWH GH OD IRUWDOH]D VH KDOODED SXHV
SHUIHFWDPHQWH FRQHFWDGD FRQ OD VDOD GH DXGLHQFLDV GH 3RQFLR $KRUD FRPSUHQGtD SRU TXp QR
KDEtDYLVWRJXDUGLDVHQDTXHOODSXHUWDHUDODTXHFRPXQLFDEDSRVLEOHPHQWHFRQODVKDELWDFLRQHV
SULYDGDV \ SRU OD TXH KDEtD YLVWR DSDUHFHU HQ OD PDxDQD GHO PLpUFROHV DO VLUYLHQWH TXH QRV
DQXQFLyODFRPLGD
3RQFLR3LODWRIXHGLUHFWDPHQWHDVXPHVDLQYLWDQGRDO1D]DUHQRDTXHVHVHQWDUDHQODVLOOD
TXH KDEtD RFXSDGR -RVp GH $ULPDWHD -XDQ WtPLGDPHQWH KL]R RWUR WDQWR HQ OD TXH \R KDEtD
XWLOL]DGR/RVRILFLDOHVVHVLWXDURQXQRDFDGDODGRGHOUDEtPLHQWUDV&LYLOLVRFXSDEDVXKDELWXDO
SRVLFLyQ HQ HO H[WUHPR GH OD PHVD D OD L]TXLHUGD GHO SURFXUDGRU<R GLVFUHWDPHQWH SURFXUp
XQLUPHDOMHIHGHORVFHQWXULRQHV
/DOX]TXHLUUDGLDEDSRUHOJUDQYHQWDQDOVLWXDGRDHVSDOGDVGHOURPDQRPHSHUPLWLyH[SORUDU
FRQ GHWHQLPLHQWR HO URVWUR GHO 0DHVWUR -HV~V KDEtD DEDQGRQDGR HQ SDUWH DTXHOOD DFWLWXG GH
SHUPDQHQWHDXVHQFLD6XFDEH]DDSDUHFtDDKRUDOHYDQWDGD/DQDUL]\HODUFR]LJRPiWLFRGHUHFKR
]RQD PDODU R GHO SyPXOR VHJXtDQ PX\ KLQFKDGRV KDELHQGR DIHFWDGR FRPR WHPtD DO RMR (Q
FXDQWR D OD FHMD L]TXLHUGD SDUHFtD EDVWDQWH ELHQ FHUUDGD /RV FRiJXORV GH VDQJUH GH ODV IRVDV
QDVDOHV\ODELRVVHKDEtDQVHFDGRHQQHJUHFLHQGRSDUWHGHOELJRWH\GHODEDUED
3LODWR UHWRPy HO KLOR GH OD FRQYHUVDFLyQ LQGLFDQGR DO UDEt TXH SDUD HPSH]DU \ SDUD VX
SURSLDWUDQTXLOLGDGQRFUHtDHQODSULPHUDGHODVDFXVDFLRQHV
6p GH WXV SDVRV OH GLMR FRQ DLUH FRQFLOLDGRU \ PH FXHVWD WUDEDMR FUHHU TXH VHDV XQ
LQVWLJDGRUSROtWLFR
-HV~VOHREVHUYyFRQDLUHFDQVDGR
(Q FXDQWR D OD VHJXQGD DFXVDFLyQ KDV PDQLIHVWDGR DOJXQD YH] TXH QR GHEH SDJDUVH HO
WULEXWRDO&pVDU"
(O0DHVWURVHxDOyFRQODFDEH]DD-XDQ\UHVSRQGLy
3UHJ~QWDVHORDpVWHRDFXDOTXLHUDTXHPHKD\DRtGR
(OSURFXUDGRULQWHUURJyDOMRYHQ=HEHGHRFRQODPLUDGD\-XDQDWURSHOODGDPHQWHOHH[SOLFy
TXHWDQWRVX0DHVWURFRPRHOUHVWRGHOJUXSRSDJDEDQVLHPSUHORVLPSXHVWRVGHO7HPSOR\ORV
GHO&pVDU
&XDQGRHOGLVFtSXORVHGLVSRQtDDH[WHQGHUVHVREUHRWUDVHQVHxDQ]DV3LODWRKL]RXQJHVWRFRQ
ODPDQRRUGHQiQGROHTXHJXDUGDUDVLOHQFLR
(VVXILFLHQWHOHGLMR<FXLGDGRFRQLQIRUPDUDQDGLHGHORTXHKDVKDEODGRFRQPLJR
< DVt IXH 1L VLTXLHUD HQ HO WH[WR HYDQJpOLFR HVFULWR SRU -XDQ PXFKRV DxRV PiV WDUGH VH
UHFRJHHVWDSDUWHGHODHQWUHYLVWDGHOSURFXUDGRUURPDQRFRQ-HV~V(VPiVHOHVFULWRUVDJUDGR
QRKDFHVLTXLHUDPHQFLyQGHVXSUHVHQFLDHQGLFKRGLiORJR6LHVWDSDUWHGHOLQWHUURJDWRULRWDO
\FRPRVHGHVSUHQGHGHO(YDQJHOLRGH6DQ-XDQWXYROXJDUHQHOLQWHULRUGHOSUHWRULR\SRU
WDQWRHQSULYDGRFyPRHVSRVLEOHTXHHO=HEHGHRODGHVFULEDUHILULpQGRVHDORV\DFRQRFLGRV
WHPDVGHOUHLQR\GHODYHUGDG"-XDQ6yORSRGtDKDEHUXQDH[SOLFDFLyQTXHpO
SUHFLVDPHQWHKXELHUDVLGRWHVWLJRGHH[FHSFLyQ
3LODWRVHGLULJLyQXHYDPHQWHDO*DOLOHR
(QORTXHVHUHILHUHDODWHUFHUDGHODVDFXVDFLRQHVGLPHHUHVW~HOUH\GHORVMXGtRV"
(OWRQRGHOSURFXUDGRUHUDVLQFHUR(VDDOPHQRVIXHPLLPSUHVLyQ<HO0DHVWURHVER]yXQD
GpELO VRQULVD$O KDFHUOR XQD GH ODV JULHWDV GHO ODELR LQIHULRU YROYLy D DEULUVH \ XQ ILQtVLPR
UHJXHULOORGHVDQJUHVHSUHFLSLWyHQWUHORVSHORVGHODEDUED
3LODWR UHSXVR HO UDEt KDFHV HVD SUHJXQWD SRU WL PLVPR R OD KDV UHFRJLGR GH ORV
DFXVDGRUHV"
(OSURFXUDGRUDEULyVXVRMRVLQGLJQDGR
(V TXH VR\ XQMXGtR" 7XSURSLR SXHEORWH KD HQWUHJDGR\ ORVSULQFLSDOHV VDFHUGRWHV PH
KDQSHGLGRWXSHQDGHPXHUWH
3RQFLRWUDWyGHUHFREUDUODFDOPD\PRVWUDQGRVXVGLHQWHVGHRURDxDGLy
'XGRGHODYDOLGH]GHHVWDVDFXVDFLRQHV\VyORWUDWRGHGHVFXEULUSRUPtPLVPRTXpHVOR
TXHKDVKHFKR3RUHVRWHSUHJXQWDUpSRUVHJXQGDYH]KDVGLFKRTXHHUHVHOUH\GHORVMXGtRV\
TXHLQWHQWDVIRUPDUXQQXHYRUHLQR"
(O*DOLOHRQRVHGHPRUyHQVXUHVSXHVWD
1RYHVTXHPLUHLQRQRHVWiHQHVWHPXQGR"6LDVtIXHUDPLVGLVFtSXORVKXELHUDQOXFKDGR
SDUDTXHQRPHHQWUHJDUDQDORVMXGtRV0LSUHVHQFLDDTXtDQWHWL\DWDGRGHPXHVWUDDWRGRVORV
KRPEUHVTXHPLUHLQRHVXQDGRPLQDFLyQHVSLULWXDOODGHODFRQIUDWHUQLGDGGHORVKRPEUHVTXH
SRUDPRU\IHKDQSDVDGRDVHUKLMRVGH'LRV(VWHRIUHFLPLHQWRHVLJXDOSDUDJHQWLOHVTXHSDUD
MXGtRV
3LODWRVHOHYDQWy\JROSHDQGRODPHVDFRQODSDOPDGHVXPDQRH[FODPyVLQSRGHUUHSULPLU
VXVRUSUHVD
3RUFRQVLJXLHQWHW~HUHVUH\
6tFRQWHVWyHOSULVLRQHURPLUDQGRFDUDDFDUDDOSURFXUDGRUVR\XQUH\GHHVWHJpQHUR
\ PL UHLQR HV OD IDPLOLD GH ORV TXH FUHHQ HQ PL 3DGUH TXH HVWi HQ ORV FLHORV +H QDFLGR SDUD
UHYHODUDPL3DGUHDWRGRVORVKRPEUHV\WHVWLPRQLDUODYHUGDGGH'LRV<DKRUDPLVPRGHFODUR
TXHHODPDQWHGHODYHUGDGPHR\H
(O SURFXUDGRU GLR XQ SHTXHxR URGHR HQ WRUQR D OD PHVD \ VLWXiQGRVH HQWUH -XDQ \ HO
SULVLRQHURFRPHQWySDUDVtPLVPR
/D9HUGDG4XpHVOD9HUGDG"4XLpQODFRQRFH"
< DQWHV GH TXH -HV~V OOHJDUD D UHVSRQGHU KL]R XQD VHxDO D &LYLOLV GDQGR SRU FRQFOXLGR HO
LQWHUURJDWRULR
/RV RILFLDOHV REOLJDURQ DO UDEt D LQFRUSRUDUVH \ 3RQFLR DEULy OD SXHUWD RUGHQDQGR D VXV
KRPEUHV TXH OOHYDUDQ DO 1D]DUHQR D OD SUHVHQFLD GH &DLIiV &XDQGR DYDQ]iEDPRV QXHYDPHQWH
SRUHOFRUUHGRU3LODWRVHVLWXyDPLDOWXUDKDFLHQGRXQVRORSHURHORFXHQWHFRPHQWDULR
(VWHKRPEUHHVXQHVWRLFR&RQR]FRVXVHQVHxDQ]DV\VpORTXHSUHGLFDQHOKRPEUHVDELR
HVVLHPSUHXQUH\
'HVSXpVGHDTXHOUD]RQDPLHQWRGHGXMHTXHHOURPDQRHVWDEDGLVSXHVWRDOLEHUDUD-HV~V$O
SUHVHQWDUVHSRUVHJXQGDYH]DQWHORVMXGtRVVXDFWLWXGPHFRQILUPyDTXHOSUHVHQWLPLHQWR
3RFRDQWHVGHODVQXHYHGHODPDxDQD3RQFLRVHDVRPDEDDODWHUUD]D\DGRSWDQGRXQWRQR
DXWRULWDULRVHQWHQFLy
+HLQWHUURJDGRDHVWHKRPEUH\QRYHRFXOSDELOLGDGDOJXQD1ROHFRQVLGHURFXOSDEOHGH
ODVDFXVDFLRQHVIRUPXODGDVFRQWUDpO3RUHVWDFDXVDSLHQVRTXHGHEHVHUSXHVWRHQOLEHUWDG
&DLIiV \ ORV VDGXFHRV TXHGDURQ GHVFRQFHUWDGRV 3HUR DO LQVWDQWH UHDFFLRQDURQ JULWDQGR \
KDFLHQGRPLODVSDYLHQWRV&LYLOLVLQWHUURJyD3RQFLRFRQODPLUDGDDOWLHPSRTXHHFKDEDPDQR
GH VX HVSDGD 3HUR HO SURFXUDGRU YROYLy D SHGLUOH FDOPD 8QR GH ORV RILFLDOHV UHJUHVy
SUHFLSLWDGDPHQWHDOLQWHULRUGHOSUHWRULRSRVLEOHPHQWHHQEXVFDGHUHIXHU]RV
0X\ DOWHUDGR XQR GH ORV VDQHGULWDV VH GHVWDFy GHO JUXSR \ DVFHQGLHQGR WUHV R FXDWUR
HVFDORQHVLQFUHSyD3LODWRFRQODVVLJXLHQWHVIUDVHV
(VWHKRPEUHLQFLWDDOSXHEOR(PSH]ySRU*DOLOHD\KDFRQWLQXDGRKDVWD-XGHD(VDXWRU
GHGHVyUGHQHV\XQPDOKHFKRU6LGHMDVOLEUHDHVWHKRPEUHORODPHQWDUiVPXFKRWLHPSR
6LQSUHWHQGHUORDTXHOVDGXFHRDFDEDEDGHSURSRUFLRQDUD3LODWRXQPRWLYRSDUDHVTXLYDUHO
GHVDJUDGDEOH WHPD DO PHQRV WHPSRUDOPHQWH (O SURFXUDGRU VH DFHUFy HQWRQFHV D VX FHQWXULyQ
MHIHFRPXQLFiQGROH
(VWHKRPEUHHVXQJDOLOHR&RQG~]FDQOHLQPHGLDWDPHQWHDQWH+HURGHV
&LYLOLVVHGLVSXVRDFXPSOLUODYROXQWDGGH3RQFLR\FXDQGRVHGLULJtDKDFLDHOOHJLRQDULR
HQFDUJDGRGHODFXVWRGLDGHO0DHVWUR3LODWRVHYROYLyGHVGHORDOWRGHODSODWDIRUPDDxDGLHQGR
$K\HQFXDQWROHKD\DLQWHUURJDGRWUDHGPHVXVFRQFOXVLRQHV
(QHVWDRFDVLyQIXHHOSURSLR&LYLOLVTXLHQVHUHVSRQVDELOL]yGHODFXVWRGLDGHO0DHVWUR/RV
iQLPRVGHORVMXGtRVVHKDOODEDQWDQDOWHUDGRVTXHFRQPX\EXHQFULWHULRHOFHQWXULyQVHURGHy
GH XQD SHTXHxD HVFROWD GH GLH] OHJLRQDULRV HPSUHQGLHQGR HO FDPLQR KDFLD OD UHVLGHQFLD GH
+HURGHV$QWLSDV WHWUDUFD GH *DOLOHD \ FRPR 3LODWR YLVLWDQWH HQ DTXHOODV IHFKDV HQ -HUXVDOpQ
(VWH +HURGHV HUD KLMR GHO WULVWHPHQWH FpOHEUH +HURGHV HO *UDQGH HO TXH KDEtD RUGHQDGR OD
PDWDQ]DGHORVQLxRVPHQRUHVGHGRVDxRVHQ%HOpQ\VXHQWRUQR8QDPDVDFUHPX\SURSLDGHO
FDUiFWHU\WUD\HFWRULDGHDTXHOUH\RGLDGRSRUHOSXHEOR\DOTXHOODPDEDQFRQHOGHVSUHFLDWLYR
GHFULDGRHGRPLWD$WUDYpVGHQXPHURVDVSHVTXLVDV&DEDOORGH7UR\DSXGRDYHULJXDUTXHOD
VDQJXLQDULDPDWDQ]DGHORVLQRFHQWHVDOFDQ]yDXQDWUHLQWHQDGHQLxRV>@
&LYLOLVDODFDEH]DFUX]yHOSXHQWHOHYDGL]R'HWUiVORVVROGDGRVDUURSDQGRDO0DHVWUR\
IRUPDGRVHQGRVKLOHUDV<DHVFDVDGLVWDQFLDHOUHVWRGHOJUXSR&DLIiVHOSXxDGRGHMXHFHV
-XGDV,VFDULRWH-XDQ=HEHGHRHODQFLDQR-RVpGH$ULPDWHD\\R
0LHQWUDVVDOtDPRVGHODIRUWDOH]DPHYROYtKDFLDHOSRUWDOyQDELHUWRHQODPXUDOODQRUWH\OD
FRQIXVLyQUHLQyGHQXHYRHQPLFHUHEUR6HJ~QORVWH[WRVHYDQJpOLFRVXQDJUDQPXFKHGXPEUH
GHEtD DFXGLU KDVWD ODV PLVPtVLPDV SXHUWDV GHO SUHWRULR 3HUR FyPR SRGtD VHU HVWR" 'H
PRPHQWR ODV HQWUHYLVWDV FRQ 3RQFLR 3LODWR VH KDEtDQ FHOHEUDGR SRFR PHQRV TXH GH IRUPD
SULYDGD6yORDTXHOODUHGXFLGDUHSUHVHQWDFLyQGHO6DQHGUtQKDEtDWHQLGRDFFHVRDOLQWHULRUGHOD
7RUUH$QWRQLD
$GHPiV VHJXt UHIOH[LRQDQGR PLHQWUDV GHVFHQGtDPRV HQ GLUHFFLyQ DO EDUULR DOWR GH OD
FLXGDGVLQHOH[SUHVRFRQVHQWLPLHQWRGHOSURFXUDGRURGHVXVRILFLDOHVQLQJ~QKHEUHRSRGtD
WUDVSDVDU HO PXUR R SDUDSHWR H[WHULRU \ PXFKR PHQRV HO IRVR TXH URGHDED DTXHOOD ]RQD GHO
FXDUWHOJHQHUDOURPDQR
4XpLEDDRFXUULUSRUWDQWRSDUDTXHODPXOWLWXGMXGtDSXGLHUDOOHJDUKDVWDODVHVFDOLQDWDVGH
ODUHVLGHQFLDSULYDGDGH3RQFLR"
-XDQHOGLVFtSXORDPDGRGH-HV~VLQIRUPyLQPHGLDWDPHQWHD-RVp\DOPHQVDMHURGHFXDQWR
KDEtDVXFHGLGRDOSLHGHOSUHWRULR\HQHOLQWHUURJDWRULRSULYDGRGHOSURFXUDGRUHYLWDQGRHVRVt
VX FRQYHUVDFLyQ FRQ HO URPDQR (O MRYHQ =HEHGHR KDEtD UHFREUDGR ODV HVSHUDQ]DV /H YL
RSWLPLVWD DQWH ODV GHFODUDFLRQHV GH 3LODWR 9HUGDGHUDPHQWH OOHYDED UD]yQ 6L HO SURFHVR VH
KXELHUDPDQWHQLGRGHQWURGHDTXHOODOtQHDSUiFWLFDPHQWHFLUFXQVFULWRDOSHTXHxRFtUFXORGHORV
VDQHGULWDV \ GHO JREHUQDGRU H[WUDQMHUR TXL]i OD VXHUWH GHO 0DHVWUR KXELHUD VLGR RWUD 3HUR ODV
PDTXLQDFLRQHVGH&DLIiV\VXVKRPEUHVQRFHVDEDQ
(O FRUUHR XQD YH] UHFRJLGDVODV~OWLPDV QRWLFLDVVREUH -HV~V VH GHVSLGLyGH ORVDPLJRV
GHOUDEtGHVDSDUHFLHQGRDODFDUUHUDKDFLDHOFDPSDPHQWRGH*HWVHPDQt
)XHDOFUX]DUEDMRODSXHUWDGHORV3HFHVFXDQGRHOGH$ULPDWHDDOYHUFyPRXQQXWULGRJUXSR
GHKHEUHRVSUHVLGLGRSRUYDULRVMHIHVGHO7HPSOR\RWURVIDULVHRVVHXQtDDOVXPRVDFHUGRWH\D
ORVVDGXFHRVH[SUHVyVXGHVDOLHQWR0LHQWUDVDJXDUGDEDIUHQWHDOSDUDSHWRGHSLHGUDGH$QWRQLD
-RVpKDEtDUHFLELGRXQDLQIRUPDFLyQTXHYHQtDDFRPSOLFDUORWRGR$QiVGHPXWXRDFXHUGRFRQ
ORVMXHFHVKDEtDHPSH]DGRDUHSDUWLUVHFUHWDPHQWHPRQHGDVGHRURSHUWHQHFLHQWHVDOWHVRURGHO
7HPSOR 'HVSXpV GH DQRWDU ORV QRPEUHV GH FDGD XQR GH ORV VRERUQDGRV ORV WUHVJL]EDUvP R
WHVRUHURVRILFLDOHVKDEtDQLPSDUWLGRXQDFRQVLJQDFRP~QFODPDUDQWH3RQFLR3LODWRODPXHUWH
GHOLPSRVWRUGH*DOLOHD
$OYHUFyPRHOJUXSRLQLFLDOGHVDGXFHRVDXPHQWDEDVHQVLEOHPHQWHSUHJXQWpDOGH$ULPDWHD
FyPRSHQVDED&DLIiVLQWURGXFLUDTXHOODPXFKHGXPEUHHQHOUHFLQWRGHODIRUWDOH]D
'XGRPXFKROHGLMHTXH3LODWR\VXVWURSDVORDXWRULFHQ-RVpGHVSHMyPLVGXGDVHQXQ
VHJXQGR &DVXDOPHQWH DTXHOOD PLVPD PDxDQD GHO YLHUQHV YtVSHUD GH OD 3DVFXD ORV MXGtRV
GLVIUXWDEDQGHXQDDQWLJXDSUHUURJDWLYD&LHQWRVGHKHEUHRVWHQtDQSRUFRVWXPEUHVXELUKDVWDODV
LQPHGLDFLRQHVGHO3UHWRULR\DVLVWLUDODOLEHUDFLyQGHXQSUHVR(VDJUDFLDSRWHVWDGTXHUHFDtD
HQHOSURFXUDGRUFRQVWLWXtDXQRGHORVJHVWRVGHDPLVWDG\VLPSDWtDGH5RPDKDFLDVXVV~EGLWRV
(QFHUUDED HQ FRQVHFXHQFLD XQ HPLQHQWH FDUiFWHU IHVWLYR \ GXUDQWH ORV GtDV SUHFHGHQWHV WDQWR
ORVYHFLQRVGH -HUXVDOpQFRPR ORVPLOHV GH SHUHJULQRV VH KDFtDQ OHQJXDVDSRVWDQGRSRUXQR X
RWURFDQGLGDWR(QHVWDRFDVLyQHOQRPEUHTXHVRQDEDFRQPiVIXHU]DHQWUHORVKHEUHRVHUDHOGH
%DUUDEiV6HJ~Q-RVpGH$ULPDWHDXQPLHPEURDFWLYRGHOJUXSRUHYROXFLRQDULR]HORWDXQ
IXODQR GH SDGUH GHVFRQRFLGR YLO \ VDQJXLQDULR FDSWXUDGR SRU ODV IXHU]DV URPDQDV HQ XQD
UHYXHOWD>@
$TXHOODDFODUDFLyQGHODQFLDQRDPLJRGH-HV~VPHKL]RFRPSUHQGHUPXFKDVFRVDV(QSULPHU
OXJDU\HQSXUDOyJLFDODFLXGDGVDQWDKDEtDGHVSHUWDGRDTXHOODPDxDQDGHOYLHUQHVGHDEULO
VLQODPHQRUQRWLFLDGHOSUHQGLPLHQWRGHVXtGROR-HV~VGH1D]DUHW6yORXQRVSRFRVORVDEtDQ
(QVHJXQGRWpUPLQRODSUy[LPDHLQPLQHQWHPDQLIHVWDFLyQGHMXGtRVDQWHODUHVLGHQFLDGH3LODWR
QRWHQtDQDGDTXHYHUFRQHO0DHVWURGH*DOLOHD$XQTXH-HV~VQRKXELHUDVLGRKHFKRSUHVRVH
KDEUtDFHOHEUDGRGHLJXDOIRUPD
)XHURQ FRPR GLJR ODV PDODV DUWHV GHO 6DQHGUtQ \ OD FDVL WRWDO DXVHQFLD GH DPLJRV \
SDUWLGDULRVGHO1D]DUHQRHQGLFKDUHXQLyQPXOWLWXGLQDULDSDUDSHGLUODOLEHUDFLyQGHXQUHROR
TXHGHVHPERFyHQORTXHWRGRV\DFRQRFHPRV
(O SDODFLR GHORV DQWLJXRV$VPRQHRV UHVLGHQFLDSURYLVLRQDO GH+HURGHV$QWLSDVGXUDQWH
VXV EUHYHV HVWDQFLDV HQ -HUXVDOpQ VH KDOODED PX\ FHUFD GH OD PXUDOOD TXH FRUUtD GHVGH HO
VREHUELR FRQMXQWR SDODFLHJR GH +HURGHV HO *UDQGH HQ HO H[WUHPR RFFLGHQWDO GH OD FLXGDG DO
7HPSOR6HWUDWDEDGHXQDYHWXVWDFRQVWUXFFLyQDEDVHGHHQRUPHVVLOODUHVGHFRGRVGHODUJR
SRU GH DQFKR TXH HQ SDODEUDV GH -RVHIR QR SRGtDQ VHU FDYDGDV QL URWDV FRQ KLHUUR QL
PRYLGDVFRQWRGDVODVPiTXLQDVGHOPXQGR
$ ODV SXHUWDV GHO SDODFLR QRV VDOLy DO SDVR XQD SDUWH GH OD JXDUGLD SHUVRQDO GH $QWLSDV
LQWHJUDGD HQ VX PD\RUtD SRU PHUFHQDULRV WUDFLRV JHUPDQRV \ JDORV 0XFKRV GH HOORV KDEtDQ
VHUYLGRSULPHURFRQHOSDGUHGHODFWXDO+HURGHV>@9HVWtDQODUJDVW~QLFDVYHUGHVGHPHGLD
PDQJDFRQHOWURQR\YLHQWUHFXELHUWRVSRUXQDHVSHFLHGHFDPLVDRFRUD]DWUHQ]DGDDEDVH
GH HVFDPDV PHWiOLFDV &DVL WRGRV SRUWDEDQ D OD HVSDOGD VHQGRV FDUFDMHV GH FXHUR UHSOHWRV GH
IOHFKDV +HURGHV D OD YLVWD GHO FRQVLGHUDEOH Q~PHUR GH VROGDGRV TXH OOHJXp D GHWHFWDU HQ HO
LQWHULRUGHOSDODFLRGHEtDWHPHUSRUVXVHJXULGDGSHUVRQDO
&LYLOLV LQWHUFDPELy DOJXQDV SDODEUDV FRQ ORV SRUWHURV \ OD JXDUGLD DEULy SDVR D OD HVFROWD
URPDQD \ D XQ UHGXFLGR JUXSR GH VDFHUGRWHV (O UHVWR LQFOXLGR -RVp GH $ULPDWHD WXYR TXH
HVSHUDUIUHQWHDOHGLILFLR
8QDYH]PiVODIRUWXQDVHSXVRGHPLODGR$QWHVGHHPSUHQGHUHOFDPLQRKDFLDHOLQWHULRU
GHOSDODFLRHOFHQWXULyQPHWRPySRUHOEUD]RDQXQFLiQGRPHTXHHOWHWUDUFDHUDXQHQWXVLDVWDGH
*UHFLD \ TXH VL OR HVWLPDED RSRUWXQR pO WHQGUtD VXPR SODFHU HQ SUHVHQWDUPH D +HURGHV \
KDEODUOH GH PLV YLUWXGHV FRPR DVWUyORJR DO VHUYLFLR GHO (PSHUDGRU (Q SULQFLSLR DFHSWp
HQFDQWDGR DXQTXH HQ ORV SODQHV GH &DEDOOR GH 7UR\D QR ILJXUDED SUHFLVDPHQWH QLQJ~Q WLSR GH
HQWUHYLVWDFRQDTXHOSHUVRQDMH
/yJLFDPHQWH HO FHQWXULyQ QR SRGtD LPDJLQDU TXH HO LQWHUURJDWRULR GH $QWLSDV D -HV~V GH
1D]DUHWUHVXOWDUtDWDQEUHYHFRPRHVWpULO
$SHVDUGHORDQWLJXRGHDTXHOSDODFLR+HURGHVVHKDEtDHQFDUJDGRGHHPEHOOHFHUORKDVWD
OtPLWHVLQVRVSHFKDGRV'HVGHHOSDWLRFHQWUDORFXSDGRSRUXQHVWDQTXHUHFWDQJXODU\VREUHFX\R
HQORVDGR SLFRWHDED XQ VLQItQ GH SDORPDV YDULRV GH ORV FULDGRV FRQGXFLGRV VLHPSUH SRU XQ
VRPDWRSK\OD[RJXDUGDHVSDOGDVGHODFRUWHKHURGLDQDTXHUHVSRQGtDDOQRPEUHGH&RULQWR
QRVIXHURQ JXLDQGRKDVWD HOSLVR VXSHULRU (Q DTXHOODSULPHUDSODQWD GHOSDODFLRDELHUWDHQ VX
WRWDOLGDGKDFLDHOMDUGtQLQWHULRU\FXELHUWDSRUXQDUWtVWLFRFODXVWURGHPiUPROVHKDOODEDODVDOD
GHDXGLHQFLDVGH$QWLSDV
/RSULPHURTXHPHOODPyODDWHQFLyQGHDTXHOODHVSDFLRVDVDODSHUIHFWDPHQWHLOXPLQDGDSRU
WUHVJUDQGHVYHQWDQDOHVRULHQWDGRVKDFLDHOQRUWHIXHXQVLOOyQGHPDGHUDQHJUDPDJLVWUDOPHQWH
WDOODGR\VLWXDGRDODGHUHFKDGHODFiPDUD6HWUDWDEDVLQGXGDGHXQWURQR
+DEtD VLGR HOHYDGR VREUH XQ HQWDULPDGR WDPELpQ GH RVFXUD PDGHUD $ FRUWD GLVWDQFLD \
RFXSDQGRHOFHQWURGHODVDODVHDEUtDXQDSLVFLQDFLUFXODUGHFXDWURRFLQFRPHWURVGHGLiPHWUR
\XQDSURIXQGLGDGGLItFLOGHSUHFLVDUDFDXVDGHOOtTXLGREODQFRTXHODOOHQDED$ORVSLHVGHO
WURQRXQD YHLQWHQDGH LQGLYLGXRVDSDUHFtDQ UHFRVWDGRV HQ YROXPLQRVRV\EODQFRV DOPRKDGRQHV
GHSOXPDV$OYHUQRVVHKL]RXQJUDQVLOHQFLR
3HURSRUPiVTXHWUDWpGHLGHQWLILFDUD$QWLSDVQRORORJUp(O0DHVWURIXHVLWXDGRSRUHO
FHQWXULyQIUHQWHDOVLOOyQGHPDGHUDHQWUHODSLVFLQD\DTXHOODSOp\DGHGHDFLFDODGRVSULPRV\
DPLJRVGHOWHWUDUFDTXHPLUDEDQHVWXSHIDFWRVDOJDOLOHR\DORVOHJLRQDULRVURPDQRV
&DLIiV URPSLy DO ILQ DTXHO YLROHQWR VLOHQFLR 6H DGHODQWy KDFLD HO JUXSR GH FRUWHVDQRV \
H[WHQGLy HO SHUJDPLQR GH ODV DFXVDFLRQHV D XQ LQGLYLGXR H[WUHPDGDPHQWH IODFR LJXDOPHQWH
UHFRVWDGR\VHPLRFXOWRHQWUHORVFRMLQHV$OSRQHUVHHQSLHDSDUHFLyDQWHPtXQ+HURGHVGLItFLO
GHLPDJLQDU$SHVDUGHVXVDxRVVXDVSHFWRHUDHOGHXQYLHMR%DMRXQDW~QLFDSUiFWLFDPHQWH
WUDQVSDUHQWHVHDGLYLQDEDXQSHOOHMRHVTXHOpWLFRVHPEUDGRGHFRVWUDVFHQLFLHQWDV\VXFLDVTXH
ORVURPDQRVGHQRPLQDEDQODHQIHUPHGDGGHPHQWDJUD>@
$TXHOODV ~OFHUDV TXH KR\ QRV KDUtDQ SHQVDU HQ XQD SRVLEOH VtILOLV VH KDEtDQ KHFKR
HVSHFLDOPHQWH SUROtILFDV HQ VXV PDQRV FXHOOR \ URVWUR 3DUD FROPR $QWLSDV OXFtD XQ FDEHOOR
ODUJR\UHFRUWDGRHQODIUHQWHWHxLGRGHXQUXELRDSDUDWRVR
'HVSXpVGHH[DPLQDUHOSHUJDPLQR+HURGHVILMyVXPLUDGDHQ-HV~VDOWLHPSRTXHHOVXPR
VDFHUGRWHVHGHVKDFtDHQWRGRWLSRGHH[SOLFDFLRQHVVREUHHOSURFHVRTXHVHKDEtDVHJXLGRFRQWUD
DTXHO LPSRVWRU \ VREUH ORV GHVHRV GHO SURFXUDGRU URPDQR GH TXH HO WHWUDUFD SURFHGLHUD DO
LQWHUURJDWRULRGHOJDOLOHR
$QWLSDVDUURMyHOUROORDORVSLHVGH&DLIiV(VWHFRQIXQGLGRSRUODLQHVSHUDGDUHDFFLyQGHO
JREHUQDGRU GH *DOLOHD HQPXGHFLy PLHQWUDV XQR GH VXV OHYLWDV VH DSUHVXUDED D UHFRJHU HO
SHUJDPLQR
< VLQ SURQXQFLDU XQD VROD SDODEUD HO HQMXWR WHWUDUFD FRPHQ]y D GDU YXHOWDV HQ WRUQR DO
1D]DUHQR$OILQDOVHGHWXYRIUHQWHD-HV~VHVWDOODQGRHQVRQRUDVFDUFDMDGDV/RVFRUWHVDQRVQR
WDUGDURQHQLPLWDUOH\ODVULVDVWHUPLQDURQSRUUHWXPEDUHQORVPXURVGHPiUPROGHODHVWDQFLD
+HURGHVOHYDQWyHQWRQFHVVXVEUD]RV\ODVFDUFDMDGDVFHVDURQDOLQVWDQWH
'HVSXpVEDMDQGRVXVPDQRVOHQWDPHQWHFRPHQWyGLYHUWLGR
$VtTXHDOILQDOHVWHPLODJUHURSUHVXQWXRVRKDWHUPLQDGRSRUYLVLWDUDODYLHMD]RUUD
(O WHWUDUFD HYLGHQWHPHQWH FRQRFtD DO 0DHVWUR \ HVWDED HQWHUDGR GH DTXHOODV IUDVHV
SURQXQFLDGDVSRU-HV~V\HQODVTXHOHKDEtDFDOLILFDGRGH]RUUD
$QWLSDV HVSHUy OD UHVSXHVWD GHO SULVLRQHUR 3HUR HO UDEt FRQ OD FDEH]D KXQGLGD VREUH HO
SHFKRQRVHGLJQyPLUDUOH'XUDQWHDOJRPiVGHXQFXDUWRGHKRUDHOKLMRGH+HURGHVHO*UDQGH
DFRVy D SUHJXQWDV DO SULVLRQHUR 3HUR QR REWXYR QL XQD VROD UHVSXHVWD 8QD GH ODV SULQFLSDOHV
SUHRFXSDFLRQHVGH$QWLSDVDMX]JDUSRUVXVSUHJXQWDVVHFHQWUDEDHQODSRVLELOLGDGGHTXH
DTXHO JDOLOHR IXHUD OD UHHQFDUQDFLyQ GH -XDQ HO %DXWLVWD D TXLHQ pO KDEtD HMHFXWDGR WUHV DxRV
DQWHV>@6DOWDEDDODYLVWDTXHORVUHPRUGLPLHQWRV\HOPLHGRKDEtDQKHFKRSUHVDHQHODOPDGH
DTXHOJREHUQDQWHGHVSyWLFR\FUXHO
'HFHSFLRQDGRSRUHOVLOHQFLRGHO*DOLOHR+HURGHVFDPELyGHWiFWLFD<VHxDODQGRDXQRGH
VXVOHDOHVH[FODPy
0DQDpQ/ODPDD+HURGtDV
< HO YLHMRV\QWURSKRV R SUHFHSWRU GH +HURGHV $QWLSDV VH DSUHVXUy D VDOLU GHO VDOyQ GH
DXGLHQFLDVHQEXVFDGHODDPDQWHGHVXVHxRU
+HURGHV OHMRV GH LUULWDUVH SRU HO PXWLVPR GHO *DOLOHR SDUHFtD tQWLPDPHQWH FRPSODFLGR
$TXHOOD DFWLWXG UHVXOWDED PX\ H[WUDxD \ GLVLPXODGDPHQWH IXL ERUGHDQGR HO ILOR GH OD SLVFLQD
SURFXUDQGRQRUHVEDODUVREUHHOSXOLGRSDYLPHQWRGHPiUPROFRQLQFUXVWDFLRQHVGHFRUDOURVD
6XSDVLyQSRUHOKHOHQLVPRWDO\FRPRPHKDEtDDGHODQWDGRHOFHQWXULyQVHQRWDEDQRVyORHQVX
DWXHQGR\HQORVKRPEUHVTXHOHURGHDEDQVLQRWDPELpQHQODGHFRUDFLyQGHOSDODFLR$TXHOSLVR
SRU HMHPSOR SULPRURVDPHQWH WUDEDMDGR D EDVH GH GLPLQXWDV SRUFLRQHV GHO XQLIRUPH \ EULOODQWH
FRUDO OODPDGR SLHO GH iQJHO H[WUDtGR SRVLEOHPHQWH GHO 0HGLWHUUiQHR HUD XQD GH ODV
SUXHEDV PiV HORFXHQWHV GHO UHILQDPLHQWR GH TXH KDFtD JDOD DTXHO SHUVRQDMH /RV DUWHVDQRV
IHQLFLRVDOVHUYLFLRGH$QWLSDVKDEtDQORJUDGRIRUPDUXQJLJDQWHVFR\KHUPRVtVLPRFXDGURGH
ODOHJHQGDULD0HGXVD\GH7HVHRVXDVHVLQR >@HPEXWLHQGRHQODVSODQFKDVGHPiUPROPLOHV
GHJUiQXORVGHFRUDOTXHGDEDQIRUPDDODFLWDGDHVFHQDPLWROyJLFD
'H HVWD IRUPD PH DSUR[LPp D XQ FRVWDGR GH &LYLOLV \ HQ YR] EDMD OH SUHJXQWp SRU TXp HO
WHWUDUFD DGRSWDED DTXHOOD DFWLWXG (O FHQWXULyQ TXH FRQRFtD ELHQ OD GHVRUGHQDGD YLGD GH
$QWLSDVPHVXJLULyXQDH[SOLFDFLyQQDGDGHVSUHFLDEOH
7RGR,VUDHOVDEHTXH+HURGHVWHPtD\UHVSHWDEDDOIRJRVRSURIHWDTXHOODPDEDQHO%DXWLVWD
(QDOJXQDRFDVLyQHVWHORFROOHJyDFRPHQWDUTXH-HV~VGH*DOLOHDSRGtDVHU-XDQ1RVHUtDGH
H[WUDxDUTXHDOFRPSUREDUHOVLOHQFLRGHOSULVLRQHURVXGHVHTXLOLEUDGDUD]yQKD\DUHFREUDGROD
FDOPD
'HSURQWR$QWLSDVVDOLyGHVXVSHQVDPLHQWRV\WRPDQGRXQDFRSDGHFULVWDOVHDSUR[LPyDO
HVWDQTXH6HLQFOLQy\ODOOHQyFRQDTXHOOLTXLGREODQFR'HVSXpVVLWXiQGRODDODDOWXUDGHOURVWUR
GHO1D]DUHQROHSUHJXQWyFRQVRPD
'LPHJDOLOHRSRGUtDVFRQYHUWLUODOHFKHHQYLQR"
-HV~VLQPyYLOQRSHVWDxHy6XFDUDVHJXtDEDMD
+HURGHV VH HQFRJLy GH KRPEURV \ UHJUHVy D VX FROFKyQ GH SOXPDV 8QR GH ORV FULDGRV
SRVLEOHPHQWH XQ HXQXFR D MX]JDU SRU VXV DQLOORV HQ ODV RUHMDV \ VXV FDGHUDV \ DGHPDQHV
IHPLQRLGHV VH DUURGLOOy DQWH HO WHWUDUFD SURFHGLHQGR D FDO]DUOH$TXHOODV VDQGDOLDV FRQ FLQWDV
GRUDGDVPHOODPDURQODDWHQFLyQ$PEDVSODQWDVDSDUHFtDQFXELHUWDVFRQXQDVHULHGHILQtVLPDV
DOPRKDGLOODV8QDYH]DMXVWDGDV$QWLSDVVHSXVRQXHYDPHQWHHQSLH\DQWHPLVRUSUHVDEDMRHO
SHVR GH VX FXHUSR DTXHOODV EROVLWDV HPSH]DURQ D UH]XPDU XQ OtTXLGR WUDQVSDUHQWH \ RORURVR
(UDQYDSRUL]DGRUHVXQDHVSHFLHGHGHVRGRUDQWHTXHKDEtDHPSH]DGRDKDFHUIXURUHQWUHODV
FODVHVDGLQHUDGDVGH5RPD\*UHFLD\TXHHOLPLQDEDHQEXHQDPHGLGDORVGHVDJUDGDEOHVRORUHV
GHODWUDQVSLUDFLyQ
$QWLSDV QR VH UHQGtD \ WUDWy GH TXH HO 0DHVWUR OH GLYLUWLHUD FRQ DOJXQR GH VXV SURGLJLRV
7RPyXQDEDQGHMDGHSODWDHQODTXHVHDOLQHDEDQXQDVSHTXHxDVWLUDVGHFDUQH\SUHVHQWiQGRVHOD
D-HV~VOHLQFUHSyHQORVVLJXLHQWHVWpUPLQRV
6LW~KDVVLGRFDSD]GHPXOWLSOLFDUSDQHV\SHFHVVXSRQJRTXHQRWHUHVXOWDUiPX\GLItFLO
KDFHURWURWDQWRFRQHVWDVOHQJXDVGHIODPHQFR6HUtDVWDQDPDEOH"
(O VLOHQFLR IXH OD ~QLFD UHVSXHVWD < +HURGHV TXH KDEtD SDVDGR GH OD EXUOD D OD FyOHUD
OHYDQWyODSLH]DGHPHWDOGHMDQGRFDHUVXPDQMDUIDYRULWRVREUHODFDEH]D\KRPEURVGHOUDEt
/DRFXUUHQFLDIXHUHVSDOGDGDDOPRPHQWRSRUODVULVDVGHVXVDFyOLWRV3HURHO0DHVWURQRVH
FRQPRYLy
/DJURWHVFDHVFHQDVHYLRLQWHUUXPSLGDSRUODV~ELWDOOHJDGDGHXQDPXMHU$QWLSDVDOYHUOD
VHDSUHVXUyDDFXGLUDVXHQFXHQWURWRPiQGRODSRUXQDPDQR\FRQGXFLpQGRODIUHQWHD-HV~V$
SHVDUGHKDEHUFUX]DGRODEDUUHUDGHORVFXDUHQWDODEHOOH]DGH+HURGtDVODDPDQWHGH$QWLSDV
UHVXOWDED H[FLWDQWH 6X YHVWLPHQWD FRQVWDED ~QLFDPHQWH GH XQD VHULH GH JDVDV GH 0DOWD TXH
IRUPDEDQXQDGREOHW~QLFD\TXHWUDQVSDUHQWDEDQXQDSLHODFHLWXQDGD6XFDEH]DSUHVHQWDEDXQD
FLQWDEODQFDTXHDSULVLRQDEDODVVLHQHV\VREUHODVTXHVHDO]DEDQWUHVSLVRVGHWUHQ]DVWDQQHJUDV
FRPR VXV RMRV $TXHO FRPSOLFDGR SHLQDGR HVWDED UHPDWDGR HQ VX F~VSLGH SRU SHTXHxDV
FDUDFRODVKHFKDVGHUL]RVFLOtQGULFRV
&LYLOLVDOYHUODILMyVXVRMRVHQORVSHTXHxRVSHFKRVSHUIHFWDPHQWHYLVLEOHVDWUDYpVGHORV
OLHQ]RV<YROYLpQGRVHKDFLDPtPHJXLxyXQRMR
$QWLSDVVHDSUR[LPyD-HV~V\VDFXGLHQGRFRQVXVGHGRVDOJXQDVGHODVOHQJXDVGHIODPHQFR
TXH KDEtDQ TXHGDGR HQUHGDGDV HQ VXV FDEHOORV WUDQTXLOL]y D OD PXMHU DVHJXUiQGROH TXH DTXHO
PDJR QR HUD VLTXLHUD OD VRPEUD GHO DERUUHFLGR -XDQ HO %DXWLVWD +HURGtDV FRQ ODV FHMDV \
SHVWDxDV WHxLGDV FRQ EULOODQWLQD \ ORV SiUSDGRV VRPEUHDGRV SRU DOJXQD PH]FOD GH ODSLVOi]XOL
PROLGRREVHUYyGHWHQLGDPHQWHDOUHR'HVSXpVFRQWRQHiQGRVHVLQHOPHQRUSXGRUVHDOHMyGHO
0DHVWUREXVFDQGRDFRPRGRHQHOWURQRGHPDGHUD8QDYH]DOOt\DQWHODH[SHFWDFLyQJHQHUDOOH
KL]R XQD VHxDO D$QWLSDV LQGLFiQGROH TXH VH DSUR[LPDUD +HURGHV REHGHFLy DO LQVWDQWH< WUDV
VXVXUUDUOHDOJRHOWHWUDUFDVRQULHQGRPDOLFLRVDPHQWHGHVFHQGLyGHOHQWDULPDGRKDVWDVLWXDUVHD
HVSDOGDVGHOUDEt$FWRVHJXLGRWRPyHOILORGHODW~QLFDGH-HV~VOHYDQWiQGRODOHQWDPHQWHGH
IRUPD TXH +HURGtDV \ VXV FRUWHVDQRV SXGLHUDQ FRQWHPSODU ODV SLHUQDV GHO 1D]DUHQR $QWLSDV
SURVLJXLy KDVWD GHVFXEULU OD WRWDOLGDG GH ORV PXVFXORVRV PXVORV GHO SULVLRQHUR DVt FRPR HO
WDSDUUDER TXHOH FXEUtD /RVODELRV GH+HURGtDV GHXQURMR FDUPHVt VH DEULHURQFRQSDOSDEOH
DGPLUDFLyQDOWLHPSRTXHXQDROHDGDGHLQGLJQDFLyQHPSH]DEDDTXHPDUPHODVHQWUDxDV
&LYLOLVQRWyPLFUHFLHQWHFyOHUDHLQFOLQiQGRVHKDFLDPtFRPHQWy
1RWHDODUPHV/DOH\MXGtDOHFRQFHGHDHVHSXHUFRKDVWDXQWRWDOGHPXMHUHVSHURVX
LPSRWHQFLDHVWDQS~EOLFD\QRWRULDTXHHVDUDPHUDEXVFDFRQVXHORKDVWDHQORVHVFODYRVGHODV
FDEDOOHUL]DV<+HURGHVORVDEH+HURGtDVORWLHQHFRJLGRSRUHOWURQR\SRUORVWHVWtFXORV
/DV SDODEUDV GHO RILFLDO IXHURQ WDQ DFHUWDGDV FRPR SURIpWLFDV 4Xp SRFR VRVSHFKDED$QWLSDV
TXHSUHFLVDPHQWHDTXHOODPXMHUVHUtDODFDXVDGHVXGHVJUDFLDILQDO>@
/DKXPLOODQWHHVFHQDIXH]DQMDGDSRUHOFHQWXULyQ(OWLHPSRDSUHPLDED\FRQDPDEOHVSHUR
ILUPHVSDODEUDVURJyDOWHWUDUFDTXHOHFRPXQLFDUDVXYHUHGLFWRUHVSHFWRDOSULVLRQHUR
9HUHGLFWR"DUJXPHQWy$QWLSDVTXHKDFtDWLHPSRTXHKDEtDFRPSUHQGLGRTXHHO*DOLOHR
QRGHVHDEDDEULUODERFD'LOHD3RQFLRTXHDJUDGH]FRVXJHQWLOH]DSHURTXH-XGHDQRHQWUD
GHQWURGHPLMXULVGLFFLyQ4XHVHDpOTXLHQGHFLGD
<GDQGRPHGLDYXHOWDVHHQFDPLQyKDFLDXQRGHVXVDPLJRV/HDUUHEDWyXQFRVWRVRPDQWRGH
S~USXUDFRQTXHVHFXEUtD\VLQPiVH[SOLFDFLRQHVORGHSRVLWyVREUHORVKRPEURVGHO0DHVWUR
VROWDQGRXQDODUJD\HVWULGHQWHFDUFDMDGDTXHIXHDSODXGLGDSRUVXVDPLJRV\SDULHQWHV
&DLIiV \ ORV VDFHUGRWHV WDQ GHFHSFLRQDGRV FRPR$QWLSDV VH HQFDPLQDURQ KDFLD OD SXHUWD
PLHQWUDV&LYLOLVWUDVVDOXGDUEUD]RHQDOWRDOWHWUDUFD\D+HURGtDVHPSXMyD-HV~VLQGLFiQGROH
TXHODYLVLWDKDEtDWHUPLQDGR
$O DEDQGRQDU OD VDOD D~Q UHVRQDEDQ ORV DSODXVRV GH OD FDPDULOOD GH +HURGHV VXPDPHQWH
FRPSODFLGDSRUDTXHO~OWLPRJHVWRGHEXUOD\HVFDUQLRGHOHGRPLWD
8QD YH] PiV HO WHVWLPRQLR GH DOJXQRV H[pJHWDV QR FRLQFLGtD FRQ OD UHDOLGDG -HV~V QR IXH
FXELHUWR FRQ XQ PDQWR EODQFR HQ VHxDO GH GHPHQFLD WDO \ FRPR VHxDODQ HVWRV FRPHQWDULVWDV
EtEOLFRVVLQRFRQXQRURMREULOODQWHTXHUHIOHMDEDODPRIDGH+HURGHV$QWLSDVFRQVLGHUiQGROH
FRPRXQOLEHUWDGRURXQUH\GHSDFRWLOOD8QPDQWRTXHDFRPSDxDUtD\DD-HV~VGH1D]DUHW
KDVWDHOPRPHQWRFUtWLFRGHODIODJHODFLyQ\TXHFRPRYHUHPRVPiVDGHODQWHIXHHOPLVPRFRQ
HOTXHOHFXEULHURQORVOHJLRQDULRVURPDQRV
$ ODV GLH] GH OD PDxDQD OD HVFROWD VH UHWLUy GHO SDODFLR GH ORV$VPRQHRV UHHPSUHQGLHQGR HO
UHWRUQR D OD IRUWDOH]D$QWRQLD$O LJXDO TXH HQ HO FDPLQR GH LGD XQ FHUUDGR JUXSR GH KHEUHRV
VLJXLyVLOHQFLRVR\YLJLODQWHDORVOHJLRQDULRVTXHSURWHJtDQDOUDEt
(QHVRVPRPHQWRVLQHVSHUDGDPHQWH-XGDV ,VFDULRWHVHGHVOLJyGHOD WXUEDTXH HQFDEH]DED

&DLIiV\PHVRUSUHQGLyFRQXQDSUHJXQWD
$O SULQFLSLR WLWXEHy 0LUy D VX DOUHGHGRU FRQ GHVFRQILDQ]D \ ILQDOPHQWH VH GHFLGLy D
KDEODUPH-XGDVGHEtDSHQVDUTXHPLFRQVWDQWHSUHVHQFLDFHUFDGHO0DHVWURPHKDEtDFRQYHUWLGR
HQXQRGHVXVVHJXLGRUHV6LQHPEDUJRWHUPLQySRUYHQFHUVXUHFHOR\DSDUWiQGRPHGHOSHORWyQ
GHHVFROWDPHLQWHUURJyVREUHHOGHVDUUROORGHOLQWHUURJDWRULRHQHOSDODFLRGH$QWLSDV/HUHODWp
ORVXFHGLGR\HO,VFDULRWHSRUWRGRFRPHQWDULRODPHQWyHOVLOHQFLRGH-HV~VDxDGLHQGR
4XpQXHYDRSRUWXQLGDGSHUGLGD
/HGLMHTXHQRFRPSUHQGtD\HO,VFDULRWHHYLWDQGRPLPLUDGDPHKDEOyGHVXVWLHPSRVFRPR
GLVFtSXORGHO%DXWLVWD\GHFyPRMDPiVKDEtDSHUGRQDGRDO0DHVWURTXHQRLQWHUFHGLHUDHQIDYRU
GHODYLGDGH-XDQ$KRUDVHJ~QHOWUDLGRU-HV~VWDPSRFRKDEtDKHFKRQDGDSRUUHLYLQGLFDU
OD PHPRULD GH VX DPLJR \ SULPR KHUPDQR$TXHOOD FRQIHVLyQ PH VRUSUHQGLy 3RU OR YLVWR HO
,VFDULRWHVHKDEtDXQLGRDO1D]DUHQRDUDt]GHOHQFDUFHODPLHQWRGHO%DXWLVWD\OOHJXpDSHQVDUTXH
EXHQDSDUWHGHVXRGLRKDFLDHOUDEtYHQtDDUUDVWUDGRSUHFLVDPHQWHSRUDTXHOODVFLUFXQVWDQFLDV
$PERVFRQWLQXDPRVHQVLOHQFLR<RDUGtDHQGHVHRVGHSUHJXQWDUOHODUD]yQGHVXWUDLFLyQ
SHURQRWXYHYDORU<VyORPHDWUHYtDLQWHUURJDUOHVREUHODFDXVDSRUODTXHVHKDEtDDGHODQWDGR
DOJUXSRGHVROGDGRVHQODQRFKHGHOSUHQGLPLHQWR-XGDVDLVODGR\KXPLOODGRSRUXQRV\RWURV
VHQWtDODQHFHVLGDGGHVLQFHUDUVH3HURVXUHVSXHVWDIXHXQDYHUGDGDPHGLDV
6pTXHQDGLHPHFUHHVHODPHQWySHURPLLQWHQFLyQIXHEXHQD6LPHDGHODQWpDORV
VROGDGRV\OHYLWDVGHOWHPSORIXHSDUDDGYHUWLUDO0DHVWUR\DPLVFRPSDxHURVGHOFDPSDPHQWR
GHODSUR[LPLGDGGHODWURSDTXHYHQtDDSUHQGHUOH
*XDUGp VLOHQFLR$TXHOOD PDQLIHVWDFLyQ HQ HIHFWR UHVXOWDED GLItFLO GH DFHSWDU (V SRVLEOH
TXH-XGDVGDGDVXFREDUGtDKXELHUDSRGLGRPDTXLQDUVHPHMDQWHDUUHJOR'HHVWDIRUPDORV
GLVFtSXORVTXL]iQRKDEUtDQOOHJDGRDGHVFRQILDUGHVXSUHVHQFLD3HURVXVLQWHQFLRQHVVLHVTXH
UHDOPHQWHIXHURQpVWDVVHYLHURQWUXQFDGDVDQWHODLQHVSHUDGDSUHVHQFLDGHO1D]DUHQRHQPLWDG
GHOFDPLQRTXHFRQGXFtDDOKXHUWR
1RKXERWLHPSRSDUDPiV&LYLOLV\VXVKRPEUHVSHQHWUDURQGHQXHYRSRUODPXUDOODQRUWHGH
OD7RUUH$QWRQLDGLULJLpQGRVHKDFLDODVHVFDOLQDWDVGHOSUHWRULR
$OOOHJDUDODWHUUD]DGRQGHVHKDEtDFHOHEUDGRDTXHOODSULPHUDSDUWHGHOLQWHUURJDWRULRPH
GHVFRQFHUWyODSUHVHQFLDGHXQDWDULPDVHPLFLUFXODUVREUHODTXHKDEtDVLGRGLVSXHVWDXQDVLOOD
FXUXO GHVWLQDGD JHQHUDOPHQWH SDUD LPSDUWLU MXVWLFLD (O FHQWXULyQ GHMy D -HV~V DO FXLGDGR GH
VXVKRPEUHV\HQWUyHQODUHVLGHQFLD
(OUHVWRGHORVKHEUHRVFRQHOVXPRVDFHUGRWHHQSULPHUDOtQHDDJXDUGyFRPRGHFRVWXPEUH
DOSLHGHODVHVFDOHUDV(VWDYH]-RVpGH$ULPDWHDVtKDEtDHQWUDGRHQHOUHFLQWRGHOD7RUUH
3LODWRQRWDUGyHQDSDUHFHU\WRPDQGRDVLHQWRHQODVLOODWUDQVSRUWDEOHVHGLULJLyD&DLIiV\D
ORVVDGXFHRV
+DEpLVWUDtGRDHVWHKRPEUHDPLSUHVHQFLDDFXViQGROHGHSHUYHUWLUDOSXHEORGHLPSHGLU
HOSDJRGHOWULEXWRDO&pVDU\GHSUHWHQGHUVHUHOUH\GHORVMXGtRV/HKHLQWHUURJDGR\QROHFUHR
FXOSDEOHGHWDOHVLPSXWDFLRQHV(QUHDOLGDGQRYHRIDOWDDOJXQD/HKHHQYLDGRD+HURGHV\HO
WHWUDUFDKDGHELGROOHJDUDODVPLVPDVFRQFOXVLRQHV\DTXHPHORKDHQYLDGRQXHYDPHQWH&RQ
WRGDVHJXULGDGHVWHKRPEUHQRKDFRPHWLGRQLQJ~QGHOLWRTXHMXVWLILTXHVXPXHUWH6LFRQVLGHUiLV
TXHGHEHVHUFDVWLJDGRHVWR\GLVSXHVWRDLPSRQHUOHXQDVDQFLyQDQWHVGHVROWDUOH
-XDQVLQSRGHUFRQWHQHUVXDOHJUtDGLRXQEULQFRDEUD]iQGRVHD-RVpGH$ULPDWHD
3HUR FXDQGR WRGR SDUHFtD LQFOLQDUVH D IDYRU GHO 1D]DUHQR HO SDWLR H[LVWHQWH HQWUH OD
HVFDOLQDWD \ HO SRUWDOyQ GH OD PXUDOOD VH YLR V~ELWDPHQWH LQYDGLGR SRU FLHQWRV GH MXGtRV
,UUXPSLHURQWUDQTXLOD\VLOHQFLRVDPHQWHFRQXQJUXSRGHVROGDGRVURPDQRVDODFDEH]D
7DO\FRPRPHKDEtDDGYHUWLGRHODQFLDQRGH$ULPDWHDDTXHOODPXFKHGXPEUHKDEtDDFXGLGR
KDVWDODFDVDGHOSURFXUDGRUGHVHRVDGHDVLVWLUDOLQGXOWRGHXQUHR<HVGHJUDQLPSRUWDQFLD
UHVDOWDU TXH HQ HO PRPHQWR HQ TXH GLFKD PDVD KXPDQD OOHJy IUHQWH D OD UHVLGHQFLD GH 3RQFLR
SUHYLD DXWRUL]DFLyQ GH OD JXDUGLD QLQJXQR GH DTXHOORV LVUDHOLWDV VDEtD OR TXH HVWDED
RFXUULHQGR )XH DOOt D OD YLVWD GH -HV~V \ GH ORV VDFHUGRWHV GRQGH VH GHMDURQ DUUDVWUDU SRU OD
KiELO \ RSRUWXQD LQWHUYHQFLyQ GH &DLIiV \ ORV VDGXFHRV 6L HO MXLFLR FRQWUD -HV~V VH KXELHUD
SURGXFLGRHQRWURPRPHQWRRHQRWUDMRUQDGDVLQODSUHVHQFLDGHDTXHOODWXUEDHVSRVLEOHTXHHO
6DQHGUtQQRVHKXELHUDVDOLGRFRQODVX\D
3LODWRVDEtDGHODOOHJDGDGHDTXHOJHQWtR'HKHFKRODFRORFDFLyQGHODWDULPD\GHODVLOOD
VREUH HO HPEDOGRVDGR GH OD WHUUD]D REHGHFtDQ ~QLFD \ H[FOXVLYDPHQWH D OD FHUHPRQLD GH OD
WUDGLFLRQDODPQLVWtD3HUR3RQFLRGHMiQGRVHOOHYDUGHVXEXHQDIHFRPHWLyXQJUDYHHUURU7UDV
HYDFXDU XQD VHULH GH FRQVXOWDV FRQ VXV FHQWXULRQHV VH OHYDQWy GH OD VLOOD \ HOHYDQGR OD YR]
SUHJXQWyDODPXOWLWXGHOQRPEUHGHOSUHVRHOHJLGR
%DUUDEiVUHVSRQGLyHOSXHEORFRPRXQVRORKRPEUH
+DVWDHVHPRPHQWRQL3LODWRQLORVMXHFHVKDEtDQSURQXQFLDGRHOQRPEUHGH-HV~V$TXHOOR
VLJQLILFDEDWDO\FRPRVXSRQtDTXHORVKHEUHRVKDEtDQOOHJDGRKDVWDHOSUHWRULRFRQODLQWHQFLyQ
SUHPHGLWDGD GH VROLFLWDU OD OLEHUDFLyQ GHO WHUURULVWD \ DVt OR PDQLIHVWDURQ DQWHV GH TXH HO
SURFXUDGRUOHVSLGLHUDVLOHQFLR\OHVH[SOLFDUDFyPRORVVDFHUGRWHVKDEtDQOOHYDGRD-HV~VDVX
SUHVHQFLD \ GH TXp OH DFXVDEDQ (Q VXPD DTXHO JHQWtR DXQ QR HVWDQGR SUHVHQWH HO UDEt GH
*DOLOHD KXELHUD FODPDGR SRU %DUUDEiV HO ]HORWD 3HUR FRPR \D DQXQFLp OD RSRUWXQD
LQWHUYHQFLyQ GH &DLIiV \ VXV VHFXDFHV \ HO RUR TXH KDEtD VLGR UHSDUWLGR HQWUH XQ SXxDGR GH
MXGtRVPH]FODGRHVWUDWpJLFDPHQWHHQWUHDTXHOODPXOWLWXGWHUPLQDURQSRULQFOLQDUODEDODQ]DKDFLD
HO6DQHGUtQ
&XDQGR3RQFLRWHUPLQyGHH[SOLFDUDODPXFKHGXPEUHODSUHVHQFLDGH-HV~VHQDTXHOWULEXQDO
GHMDQGR ELHQ FODUR TXH pO QR YHtD HQ DTXHO KRPEUH UD]RQHV TXH MXVWLILFDUDQ GLFKD VHQWHQFLD
IRUPXOyXQDVHJXQGDSUHJXQWD
$TXLpQTXHUpLVTXHOLEHUH"$%DUUDEiVHODVHVLQRRDHVWH-HV~VGH*DOLOHD"
3RU XQ LQVWDQWH ORV FLHQWRV GH KHEUHRV TXHGDURQ DWyQLWRV 1R VH SURGXMR XQD UHVSXHVWD
IXOPLQDQWH$TXHOODJHQWHHVRIXHHYLGHQWHGXGy
&DLIiV \ ORV VDGXFHRV VH GLHURQ FXHQWD GHO JUDYH ULHVJR TXH VXSRQtD DTXHO VLOHQFLR \
DGHODQWiQGRVHKDFLD3LODWRJULWDURQFRQIXHU]D
%DUUDEiV%DUUDEiV
/DLQLFLDWLYDGHORVVDQHGULWDVWXYRXQUiSLGRHFR'HVGHGLIHUHQWHVSXQWRVGHODWHVWDGRSDWLR
VHOHYDQWDURQRWUDVYRFHVSHUWHQHFLHQWHVVLQGXGDDORVMXGtRVVRERUQDGRVTXHFODPDURQWDPELpQ
SRU OD OLEHUDFLyQ GHO UHYROXFLRQDULR < HQ FXHVWLyQ GH VHJXQGRV OD PDVD HQWHUD LPLWy D ORV
VDFHUGRWHVXQLpQGRVHDOFRURGH&DLIiV
)XHLQ~WLOTXH-XDQ=HEHGHRVHTXHEUDUDFDVLODJDUJDQWDJULWDQGRHOQRPEUHGHVX0DHVWUR
6XYR]TXHGyVHSXOWDGDSRUXQ%DUUDEiVURWXQGR\JHQHUDOL]DGRUHSHWLGRXQD\RWUDYH]KDVWD
TXHHOSURFXUDGRUOHYDQWDQGRORVEUD]RVSLGLyVLOHQFLR
(Q ORV RMRV GH 3RQFLR KDEtD XQD OODPDUDGD GH RGLR KDFLD DTXHOORV VDGXFHRV IODJUDQWHV
LQGXFWRUHV GH XQD PDVD DPRUID H LJQRUDQWH &RPR GLMH OD LUULWDFLyQ GHO SURFXUDGRU URPDQR QR
WHQtDVXRULJHQHQHOKHFKRFLUFXQVWDQFLDOGHTXHDTXHOJDOLOHRSXGLHUDVHURQRVHQWHQFLDGR/R
TXHOHHQFROHUL]DEDHUDSUHFLVDPHQWHTXHVXGHFLVLyQGHSRQHUHQOLEHUWDGDO0DHVWURVHYLHUD
ROtPSLFDPHQWHGHVSUHFLDGDSRUODFDVWDVDFHUGRWDO
3HURHOHUURUGH3LODWRRIUHFLHQGRD-HV~VFRPRSRVLEOHFDQGLGDWRDODOLEHUDFLyQD~QHUD
VXVFHSWLEOH GH UHFWLILFDFLyQ < WRPDQGR QXHYDPHQWH OD SDODEUD OHV UHFULPLQy VX DOHYRVD
FRQGXFWD
&yPRHVSRVLEOHHVFRJHUODYLGDGHXQDVHVLQRGLMRVHxDODQGRGLUHFWDPHQWHD&DLIiV
FRQWUDODGHHVWHJDOLOHRFX\RSHRUFULPHQHVFUHHUVHUH\GHORVMXGtRV"
(OUHVXOWDGRGHDTXHOODVSDODEUDVIXHWRWDOPHQWHFRQWUDULRDORTXHSRGtDHVSHUDU3LODWR/RV
MXHFHV VH PRVWUDURQ VXPDPHQWH RIHQGLGRV SRU OR TXH FRQVLGHUDURQ XQ LQVXOWR D VX VREHUDQtD
QDFLRQDO LQVWLJDQGR D OD PXFKHGXPEUH D TXH FODPDUD FRQ PD\RU IXHU]D SRU OD OLEHUWDG GHO
]HORWD< DVt RFXUULy$TXHOORV KHEUHRV HQ VX PD\RUtD JHQWH LQFXOWD EDWDQHURV FDUJDGRUHV
PHQGLJRV SHUHJULQRV GHVRFXSDGRV \ SRU VXSXHVWR OHYLWDV OLEUHV GH VHUYLFLR HQ HO WHPSOR
OHYDQWDURQGHQXHYRVXVYRFHVH[LJLHQGRD%DUUDEiV
$TXHOOD V~ELWD H[SORVLyQ SRSXODU KL]R GXGDU DO SURFXUDGRU TXLHQ DFRPSDxDGR GH VXV
RILFLDOHVVHUHWLUyDGHOLEHUDU
$KRUDHVWR\FRQYHQFLGRTXHVL3RQFLRQRKXELHUDPH]FODGRDO1D]DUHQRHQDTXHOODHOHFFLyQ
VHJXUDPHQWHQRVHKDEUtDYLVWRFRPSURPHWLGRDQWHORVGLJQDWDULRVVDFHUGRWDOHV
-HV~VHQWUHWDQWRSHUPDQHFtDWUDQTXLORGHFDUDDODPXOWLWXG$TXHOORVPLQXWRVGHHVSHUD\
ORV TXH VLJXLHURQ IXHURQ GHFLVLYRV SDUD &DLIiV $SURYHFKDQGR OD PRPHQWiQHD DXVHQFLD GHO
SURFXUDGRUVHODVLQJHQLySDUDTXHVXVFRPSDxHURVGHFRPSORWVHGHVSDUUDPDUDQHQWUHORVDOOt
FRQJUHJDGRV LQFLWiQGROHV VLQ FHVDU D SHGLU OD VXHOWD GHO SRSXODU %DUUDEiV (UD WULVWH \
GHFHSFLRQDQWHREVHUYDUDDTXHOODVJHQWHVPXFKRVGHORVFXDOHVFRQRFtDQ\KDEtDQDGPLUDGRODV
SDODEUDV \ YDORU GHO *DOLOHR OLPSLDQGR SRU HMHPSOR OD H[SODQDGD GH ORV *HQWLOHV GHO
VDFUtOHJR FRPHUFLR GH ORV FDPELVWDV H LQWHUPHGLDULRV (Q XQ LQVWDQWH \ VLQ HO PHQRU FULWHULR
SHUVRQDOVHKDEtDQYXHOWRFRQWUDHOLQGHIHQVR-HV~V
3RQFLR UHWRUQy D VX VLOOD \ REVHUYy DO JHQWtR +DEtD DSR\DGR ORV FRGRV HQ ORV EUD]RV GHO
DVLHQWRVRVWHQLHQGRODFDEH]DVREUHVXVPDQRVHQWUHOD]DGDVHQDFWLWXGUHIOH[LYD&RPRPHGLGD
GH SUHFDXFLyQ &LYLOLV KDEtD GDGR OD RUGHQ GH TXH OD SXHUWD GH OD PXUDOOD IXHUD FHUUDGD
GHVSOHJDQGRYDULDVXQLGDGHVDUPDGDVHQWRUQRDODPXFKHGXPEUH)XHXQDOiVWLPDTXHORVMXGtRV
QR VH SHUFDWDUDQ D WLHPSR GH HVWD PDQLREUD GH ORV URPDQRV &RQRFLHQGR FRPR FRQRFtDQ OD
FUXHOGDGGH3LODWRTXL]iDOREVHUYDUFyPRHUDQVLJLORVDPHQWHFHUFDGRVVHKXELHUDQSUHRFXSDGR
PiVSRUVXVHJXULGDGTXHSRUODOLEHUDFLyQGHQDGLH
(OFRPDQGDQWHHQMHIHGHODOHJLyQDFDEDEDGHFXUVDUyUGHQHVSUHFLVDVDVXVOHJLRQDULRV6L
HORUGHQVHYHtDDPHQD]DGRWHQtDQDXWRUL]DFLyQSDUDGHVHQYDLQDUVXVHVSDGDV
'XUDQWH DOJXQRV PLQXWRV HO JREHUQDGRU URPDQR JXDUGy VLOHQFLR /D PXOWLWXG OH LPLWy HQ
HVSHUDGHXQDGHFLVLyQ<HQHVRHVWiEDPRVFXDQGRXQRGHORVVLUYLHQWHVGHOSUHWRULRDSDUHFLyHQ
OD WHUUD]D HQWUHJDQGR XQD PLVLYD ODFUDGD D &LYLOLV DO WLHPSR TXH OH FRPXQLFDED DOJR (O
FHQWXULyQLQVSHFFLRQyODSHTXHxDKRMDGHSHUJDPLQR\DYDQ]yKDFLDODVLOODVDFDQGRD3RQFLRGH
VXVSHQVDPLHQWRV(OSURFXUDGRUDEULyODQRWD\WUDVOHHUODGHWHQLGDPHQWHVHSXVRHQSLH&DLIiV
ORV MXHFHV \ WRGRV ORV DOOt UHXQLGRV TXHGDPRV LQWULJDGRV 3RQFLR SDUHFtD GXGDU 'LR XQ SDU GH
FRUWRVSDVHRVSRUODWHUUD]D\DOILQSDUiQGRVHDQWHODPXOWLWXGDQXQFLyTXHKDEtDUHFLELGRXQD
FDUWDGHVXHVSRVD&ODXGLD3UyFXOD\TXHGHVHDEDOHHUODHQS~EOLFR(OYLHQWROHREOLJyDVXMHWDU
HOSHUJDPLQRFRQDPEDVPDQRV<FRQYR]FODUD\SRWHQWHSURFHGLyDVXOHFWXUD
7HUXHJRQRLQWHUYHQJDVSDUDQDGDGHFtDODPLVLYDHQODFRQGHQDGHOKRPEUHtQWHJURH
LQRFHQWHTXHVHOODPD-HV~V(VWDQRFKHGXUDQWHPLVXHxRKHVXIULGRPXFKRSRUpO$OFRQRFHUHO
FRQWHQLGR GH OD FDUWD -RVp GH$ULPDWHD SDUHFLy DOHJUDUVH VREUHPDQHUD$XQTXH HO DQFLDQR QR
OOHJyDFRQIHViUPHORDELHUWDPHQWHWRGRVORVLQGLFLRVDSXQWDEDQKDFLDHOLPSRUWDQWHKHFKRGHTXH
OD HVSRVD GH 3RQFLR FRQRFtD \ DFHSWDED ODV HQVHxDQ]DV GHO 0DHVWUR GH *DOLOHD VHJ~Q SXGH
HQWHQGHUDOJXQRVGHVXVVLUYLHQWHVIRUPDEDQSDUWHGHOSULPLJHQLRJUXSRGHVHJXLGRUHVGH-HV~V
>@
$OSULQFLSLRDOQRWDUODLQWHQVDPLUDGDGH&LYLOLVQRDVRFLpHOWH[WRGHODPLVLYDGH3UyFXOD
FRQODDJXGDVXSHUVWLFLyQTXHGRPLQDEDDOSURFXUDGRU\FRQHODXJXULRTXH\RPHKDEtDDWUHYLGR
DIRUPXODUHQSUHVHQFLDGHOFHQWXULyQ)XHSRFRGHVSXpVFXDQGRQRVGLULJtDPRVDOSDWLRFHQWUDO
GH OD IRUWDOH]D SDUD DVLVWLU D OD IODJHODFLyQ GHO 0DHVWUR FXDQGR HO RILFLDOMHIH UHFRUGy PLV
SDODEUDV VREUH HO H[WUDxR VXFHVR FHOHVWH TXH \R KDEtD SURQRVWLFDGR SDUD DTXHOOD PDxDQD
YLQFXOiQGRORDOPLVWHULRVRVXHxRGHODPXMHUGHOSURFXUDGRU7RGRDTXHOORDOSDUHFHUKDEtD
LQIOXLGR \ QR SRFR HQ3RQFLR 4XL]i SRU HOOR WUDVOD OHFWXUDGHOPHQVDMH GHVXHVSRVD HO
JREHUQDGRUFRQYR]WHPEORURVDVHGLULJLyQXHYDPHQWHDODPXOWLWXGSUHJXQWiQGROH
3RUTXpTXHUpLVFUXFLILFDUOH"4XpGDxRRVKDFDXVDGR"
/RVVDFHUGRWHVSHUFLELHURQLQPHGLDWDPHQWHODFUHFLHQWHGHELOLGDGGHOUHSUHVHQWDQWHGHO&pVDU
\VHHQVDxDURQFRQpOYRFLIHUDQGRVLQGHVFDQVR
&UXFLItFDOH&UXFLItFDOH
(OSDUR[LVPRGHORVMXGtRVOOHJyDWDOH[WUHPRTXHODVLJXLHQWHSUHJXQWDGH3RQFLRDSHQDVVL
IXHRtGD
4XLpQTXLHUHWHVWLPRQLDUFRQWUDpO"
/DPXFKHGXPEUHVyORVDEtDUHSHWLUXQD~QLFDSDODEUD
&UXFLItFDOH
(Q YLVWD GH DTXHO WXPXOWR &LYLOLV GHVHQYDLQy VX HVSDGD \ OHYDQWiQGROD SRU HQFLPD GH VX
FDVFRVHGLVSXVRDGDUODVHxDOSDUDTXHVXVKRPEUHVHQWUDUDQHQDFFLyQ3HUR3LODWRREOLJyDO
FHQWXULyQDHQYDLQDUVXDUPD<DJLWDQGRODVSDOPDVGHVXVPDQRVSLGLyVLOHQFLR3RFRDSRFR
DTXHOORV IDQiWLFRV IXHURQ UHFREUDQGR OD FDOPD < HO SURFXUDGRU KDFLHQGR FDVR RPLVR GH ODV
DQWHULRUHVSHWLFLRQHVGHOSRSXODFKRUHSLWLyVXSUHJXQWD
2VSLGRXQDYH]PiVTXHPHGLJiLVTXpSUHVRGHVHiLVTXHOLEHUHPRVHQHVWHGtDGH3DVFXD
/DUHVSXHVWDIXHLJXDOPHQWHPRQROtWLFD\FRQWXQGHQWH
(QWUpJDQRVD%DUUDEiV
3LODWRTXHGyVLOHQFLRVR\PRYLHQGRODFDEH]DHQVHxDOGHGHVDSUREDFLyQLQVLVWLy
6LVXHOWRD%DUUDEiVHODVHVLQRTXpKDJRFRQ-HV~V"
$TXHOQXHYRVLJQRGHGHELOLGDGSRUSDUWHGHOJREHUQDGRUIXHDFRJLGRFRQXQEUXWDOHVWDOOLGR
GHYLROHQFLD<ODSDODEUD&UXFLItFDOHVHOHYDQWyFRPRXQWUXHQR
/DWXUEDFRQORVSXxRVHQDOWRVLJXLyFODPDQGRFDGDYH]FRQPiVIXHU]D
&UXFLItFDOH&UXFLItFDOH&UXFLItFDOH
(OYRFHUtRLPSUHVLRQyWDQWRD3RQFLRTXHDVXVWDGRVHUHWLUyGHODWHUUD]DSHUGLpQGRVHHQHO
LQWHULRUGHVXUHVLGHQFLD8QRGHORVRILFLDOHVVLJXLHQGRODVLQVWUXFFLRQHVGH&LYLOLVVHDSUHVXUy
DVHJXLUDOSURFXUDGRU<DOUDWRPLHQWUDVODPXOWLWXGSRVHtGDSRUODLGHDGHPDWDUDO0DHVWUR
FRQWLQXDED FRQVXIXQHVWD SHWLFLyQ GHFUXFLIL[LyQDTXHO FHQWXULyQTXHKDEtD DFXGLGRHQSRV GH
3LODWRUHDSDUHFLyHQODHQWUDGDGHOSUHWRULRFXUVDQGRXQDWUiJLFDRUGHQD&LYLOLV
(O FHQWXULyQ MHIH DVLQWLy FRQ OD FDEH]D \ DO]DQGR VXV EUD]RV HQ XQ JHVWR DXWRULWDULR RUGHQy
VLOHQFLR/DPXOWLWXGREHGHFLyFRQVFLHQWHGHOSRGHU\GHODH[WUHPDGXUH]DGHDTXHOH[WUDQMHUR
8QDYH]KHFKRHOVLOHQFLR&LYLOLVSURQXQFLyXQDVEUHYHVSHURGUDPiWLFDVSDODEUDVTXHKHODURQ
HOFRUD]yQGH-RVp\-XDQ
/DRUGHQGHOSURFXUDGRUHVpVWDHOSULVLRQHURVHUiD]RWDGR
< FRQ HO PiV DEVROXWR GH ORV GHVSUHFLRV JLUy VREUH VXV WDORQHV KDFLHQGR XQ JHVWR D VXV
KRPEUHVSDUDTXHFRQGXMHUDQDOUHRDOLQWHULRUGHOSUHWRULR
6LQSDUDUPHDSHQVDUORPHODQFpWUDV&LYLOLVXQLpQGRPHDODHVFROWDTXHFUX]DED\DHOKDOO
GHODUHVLGHQFLD
(UDQODVGLH]\PHGLDGHODPDxDQDVHJ~QORVUHORMHVGHODFXQD
$TXHOOD YH] -XDQ =HEHGHR QR DFRPSDxy DO 0DHVWUR < PH DOHJUp SURIXQGDPHQWH (O
HVSHFWiFXORTXHHVWDEDDSXQWRGHSUHVHQFLDUKXELHUDWHUPLQDGRFRQVXGHFDtGDPRUDO
*LUDPRV SRU OD HVFDOLQDWD GH OD GHUHFKD DGHQWUiQGRQRV HQ XQ ODUJR \ K~PHGR SDVDGL]R
DSHQDVLOXPLQDGRSRUDOJXQDVOiPSDUDVGHDFHLWHFX\DVOODPDVRVFLODURQDOSDVRGHODHVFROWD
(OFHQWXULyQYLVLEOHPHQWHGLVJXVWDGRSRUHOFXUVRTXHHVWDEDQWRPDQGRORVDFRQWHFLPLHQWRV
VHODPHQWyGHODGHELOLGDGGHOSURFXUDGRU6LGHpOKXELHUDGHSHQGLGRHOSURFHVRFRQWUDDTXHO
JDOLOHRKDEUtDFRQFOXLGRVLQFRQWHPSODFLRQHV
(QWUHHVWHYLVLRQDULR\XQ]HORWDDVHVLQRPHDVHJXUyPLHQWUDVVDOYiEDPRVORV~OWLPRV
PHWURV GHO SDVDGL]R 5RPD QR KXELHUD GXGDGR < PXFKR PHQRV FXDQGR HVH PDQRMR GH
VHUSLHQWHVWLHQHHODWUHYLPLHQWRGHGHVDILDUODDXWRULGDGGHO&pVDU
$OVDOLUGHDTXHOW~QHOUHFRQRFtHQVHJXLGDHOSDWLRSRUWLFDGRTXHKDEtDFUX]DGRHQODPDxDQD
GHOPLpUFROHVFXDQGR-RVp\\RQRVGLVSRQtDPRVDHQWUHYLVWDPRVFRQ3RQFLR'HVGHHOKDOO
GHO3UHWRULRSRGtDDFFHGHUVHSRUWDQWRDOPHQFLRQDGRSDWLR\DOW~QHODERYHGDGRGHODHQWUDGD
RHVWH GH OD IRUWDOH]D UHFRUULHQGR VLPSOHPHQWH DTXHO SDVDGL]R GH FLQFXHQWD HVFDVRV PHWURV /D
VDOLGDVHKDOODEDH[DFWDPHQWHHQODHVTXLQDQRURULHQWDOGHOSDWLRDODGHUHFKDGHODVHVFDOHUDVGH
PiUPROTXHOOHYDEDQDOGHVSDFKRRYDOGH3LODWR
6LJXLHQGR DO SDUHFHU XQD FRVWXPEUH KDUWR IUHFXHQWH ORV VROGDGRV OOHJDURQ DO FHQWUR GHO
SDWLR GHWHQLpQGRVH MXQWR D OD IXHQWH FLUFXODU GH OD GLRVD 5RPD (O FHQWXULyQ DGYLUWLy TXH
UHWLUDUDQORVFDEDOORVTXHHVWDEDQVLHQGRFHSLOODGRV\PLHQWUDVORVMLQHWHVSURFHGtDQDGHVDWDU
ODVULHQGDVYDULDVGHFHQDVGHOHJLRQDULRVOLEUHVGHVHUYLFLRIXHURQDSUR[LPiQGRVH/DQRWLFLDGH
ODLQPLQHQWHIODJHODFLyQGHDTXHOMXGtRTXHVHDXWRFDOLILFDEDFRPRUH\GHORVKHEUHRVVH
KDEtD H[WHQGLGR UiSLGDPHQWH HQWUH OD JXDUQLFLyQ TXH OyJLFDPHQWH QR TXLVR SHUGHUVH HO
DFRQWHFLPLHQWR
&LYLOLVPHVXJLULyTXHPHDSDUWDVH
3RQFLRTXLHUHXQFDVWLJRHVSHFLDODxDGLyHOFHQWXULyQFRQXQDVDUFiVWLFDVRQULVD<
SRU=HXVTXHORYDDWHQHU
/DVSDODEUDVGHORILFLDOPHKLFLHURQWHPEODU0LUpD-HV~VSHURHOJLJDQWHVHJXtDDXVHQWHH
LQPyYLOFRQORVRMRVILMRVHQHOFKRUURGHDJXDTXHVDOWDEDGHODSHTXHxDHVIHUDTXHVRVWHQtDOD
GLRVDHQVXPDQRL]TXLHUGD
/RV FDVFRV GH ORV FDEDOORV DOHMiQGRVH KDFLD XQD GH ODV HVTXLQDV GHO UHFLQWR PDUFDURQ HO
SULQFLSLR GH DTXHOOD WRUWXUD 'H HQWUH ORV OHJLRQDULRV VH KDEtDQ GHVWDFDGR GRV HVSHFLDOPHQWH
IRUQLGRV$PERVVRVWHQtDQHQVXVPDQRVVHQGRVIODJUXPROiWLJRVFRUWRVIRUPDGRVSRUPDQJRV
GHFXHUR\PHWDOGHDSHQDVFHQWtPHWURVGHORQJLWXG'HXQRGHHOORVSDUWtDQWUHVFRUUHDVGH
XQRVRFHQWtPHWURVFDGDXQDDUPDGDVHQVXVH[WUHPRVGHVHQGRVSDUHVGHDVWUiJDORVWDOL
R WDEDV GH FDUQHUR (O RWUR YHUGXJR DFDULFLDED ORV DQLOORV GH KLHUUR GH VXSOXPEDWD GHO TXH
VDOtDQGRVWLUDVGHFXHURSURYLVWDVGHXQSDUGHEROLWDVGHPHWDOSRVLEOHPHQWHSORPRHQFDGD
SXQWD
$XQDVHxDOGHORILFLDOHQMHIHGRVGHORVVROGDGRVGHODHVFROWDVLWXDURQDO0DHVWURIUHQWHD
XQRGHORVFXDWURPRMRQHVRSHTXHxDVPXJDVGHFXDUHQWDFHQWtPHWURVGHDOWXUDTXHURGHDEDQOD
IXHQWH\TXHHUDQXWLOL]DGRVSDUDDPDUUDUODVULHQGDVGHODVFDEDOOHUtDV
8QR GH ORV OHJLRQDULRV LQWHQWy VROWDU ODV OLJDGXUDV GH ODV PXxHFDV SHUR KDEtDQ VLGR
GLVSXHVWDV GH WDO IRUPD TXH WUDV YDULRV H LQ~WLOHV LQWHQWRV WXYR TXH HFKDU PDQR GH VX HVSDGD
FRUWiQGRODVGHXQWDMR'HVSXpVGHFDVLRFKRKRUDVFRQORVEUD]RVDWDGRVDODHVSDOGDODVPDQRV
GH-HV~VDSDUHFtDQWXPHIDFWDV\FRQXQWLQWHYLROiFHR
8QD YH] GHVDWDGR ORV OHJLRQDULRV OH GHVSRVH\HURQ GHO PDQWR S~USXUD TXH KDEtD DPDUUDGR
+HURGHV$QWLSDVHQWRUQRDVXFXHOORUHWLUDQGRDFRQWLQXDFLyQVXDPSOLRURSyQ&RQODPLVPD
YLROHQFLDOHGHVSRMDURQGHODW~QLFD/DVURSDVGHO0DHVWURFD\HURQVREUHXQRGHORVFKDUFRVGH
RUtQGHODVFDEDOOHUtDV3RU~OWLPROHGHVDWDURQODVVDQGDOLDVGHVFDO]iQGROH
< DFWR VHJXLGR HO PLVPR VROGDGR TXH KDEtD FRUWDGR ODV OLJDGXUDV VH FRORFy IUHQWH DO
SULVLRQHURDQXGDQGRVXVPXxHFDVSRUGHODQWHFRQORVUHVWRVGHODPDURPDTXHDFDEDEDGHVDMDU
-HV~VFRQXQDWRWDO\DEVROXWDGRFLOLGDGVHGHMyKDFHU6XFXHUSRKDEtDHPSH]DGRDVXGDU
$TXHOODUHDFFLyQGHVXRUJDQLVPRPHSXVRHQDOHUWD/DWHPSHUDWXUDDPELHQWHQRHUDQLPXFKR
PHQRVWDQDOWDFRPRSDUDSURYRFDUDTXHOODV~ELWDWUDQVSLUDFLyQ'LXQSHTXHxRURGHRDODIXHQWH
VLWXiQGRPH IUHQWH D pO \ FRPSUREp HIHFWLYDPHQWH FyPR VX URVWUR FXHOOR \ FRVWDGRV KDEtDQ
HPSH]DGR D KXPHGHFHUVH (Q HVH PRPHQWR ODPHQWp QR KDEHUPH HQFDMDGR ODV OHQWHV GH YLVLyQ
LQIUDUURMD$MX]JDUSRUODVFDGDYH]PiVDFHOHUDGDVSXOVDFLRQHVGHVXVDUWHULDVFDUyWLGDV\SRU
ODV VXFHVLYDV \ SURIXQGDV LQVSLUDFLRQHV TXH HVWDED SUDFWLFDQGR HO UDEt KDEtD HPSH]DGR D
H[SHULPHQWDUXQDQXHYDHOHYDFLyQGHVXWRQRFDUGtDFR
(O1D]DUHQRHUDSHUIHFWDPHQWHFRQVFLHQWHGHORTXHOHDJXDUGDED\VXRUJDQLVPRUHDFFLRQy
FRPRHOGHFXDOTXLHULQGLYLGXR
'H XQ WLUyQ HO OHJLRQDULR OH REOLJy D LQFOLQDUVH KDFLD HO PRMyQ GH SLHGUD SURFHGLHQGR D
VXMHWDU OD FXHUGD HQ OD DUJROOD PHWiOLFD TXH FRURQDED OD SHTXHxD FROXPQD /D JUDQ DOWXUD GHO
*DOLOHR \ OR UHGXFLGR GHO PRMyQ OH REOLJDURQ GHVGH XQ SULPHU PRPHQWR D VHSDUDU ODV SLHUQDV
DGRSWDQGR XQD SRVWXUD PX\ IRU]DGD /RV FDEHOORV KDEtDQ FDtGR VREUH VX URVWUR RFXOWDQGR VXV
IDFFLRQHVSRUFRPSOHWR
3RUXQODGRPHDOHJUpGHQRSRGHUYHUVXFDUD
(O VXGRU VH IXH KDFLHQGR PiV LQWHQVR FRQYLUWLHQGR VXV DQFKDV HVSDOGDV \ WRUVR HQ XQD
VXSHUILFLHEULOODQWH
'HSURQWRXQRGHORVVD\RQHVVHDGHODQWy\DJDUUDQGRHOWDSDUUDERGH-HV~VVHORDUUHEDWy
FRQXQJROSHEUXVFRGHMiQGROHWRWDOPHQWHGHVQXGR
/D URWXUDGH ODV FLQWDV TXHVXMHWDEDQ HOWDSDUUDER SURYRFy XQV~ELWRH LQWHQVR GRORUHQORV
JHQLWDOHVGH-HV~V6XFXHUSRVHHVWUHPHFLy\VXVURGLOODVVHGREODURQSRUSULPHUDYH]
$OYHUOHGHVQXGRORVOHJLRQDULRVHVWDOODURQHQXQDFDUFDMDGDJHQHUDO3HURODVEXUODVGHOD
VROGDGHVFD IXHURQ ]DQMDGDV SRU OD OOHJDGD GH 3RQFLR < VLQ PiV SUHiPEXORV HO SURFXUDGRU
RUGHQy D ORV YHUGXJRV TXH SURFHGLHUDQ (Q PLWDG GH XQ VLOHQFLR H[SHFWDQWH HO OHJLRQDULR PiV
DOWRVLWXDGRDODGHUHFKDGHO0DHVWUROHYDQWyVXIODJUXPGHWULSOHFRODODQ]DQGRXQWHUURUtILFR
ODWLJD]RVREUHODHVSDOGDGH-HV~VDOWLHPSRTXHFDQWDEDHOSULPHURGHORVJROSHV
8QXV
/DGHVFDUJDIXHWDQEUXWDOTXHODVURGLOODVGHOUHRVHGREODURQFODYiQGRVHHQHOHQORVDGRGH
FDOL]DFRQXQVRQLGRVHFR3HURHQXQPRYLPLHQWRUHIOHMRHO*DOLOHRYROYLyDLQFRUSRUDUVHDO
WLHPSRTXHHOVHJXQGRYHUGXJRGHVFDUJDEDXQQXHYRJROSHFRQVXEtILGRIODJUXP
7UHV
4XDWWRXU
$TXHOORV VROGDGRV FRQVXPDGRV SURIHVLRQDOHV PDQHMDEDQ ORV OiWLJRV KDFLHQGR JLUDU
VLPSOHPHQWHVXVPXxHFDV'HHVWDIRUPDODVFRUUHDVVHUL]DEDQFRQVLJXLHQGRXQPi[LPRHIHFWR
FRQXQPtQLPRGHHVIXHU]R
4XLQTXH
(OHQWUHFKRFDUGHORVKXHVHFLOORV\GHODVERODVGHPHWDOIXHURQHO~QLFRVRQLGRSHUFHSWLEOH
GXUDQWHORVSULPHURVPLQXWRV-HV~VWRWDOPHQWHHQFRUYDGRQRKDEtDGHMDGRHVFDSDUD~QXQVROR
JHPLGR/RVDVWUiJDORV\ODVSLH]DVGHSORPRFDtDQVREUHODHVSDOGDDUUDVWUDQGRHQFDGDUHWLUDGD
DOJXQDVSRUFLRQHVGHSLHO'HVGHHOSULPHUODWLJD]RYDULRVUHJXHURVGHVDQJUHKDEtDQHPSH]DGR
DFRUUHUSRUHOFXHUSRGHVOL]iQGRVHKDFLDORVFRVWDGRV\JRWHDQGRVREUHHOSDYLPHQWR
7DO\FRPRVRVSHFKDEDGHVSXpVGHOIHQyPHQRGHOVXGRUVDQJXLQROHQWRODSLHOGHO0DHVWUR
KDEtDTXHGDGRHQXQHVWDGRGHH[WUHPDIUDJLOLGDG<DTXHOODOOXYLDGHJROSHVP~OWLSOHVQRWDUGy
HQDEULUOD FRQYLUWLHQGR ORV KRPEURVHVSDOGD\FLQWXUDHQ XQDFDUQLFHUtD3RFRDSRFR DFDGD
VLOELGR GHO IODJUXP ODV WDEDV \ ERODV SHQHWUDEDQ HQ OD SLHO SURYRFDQGR VX DEODFLyQ R
VHSDUDFLyQGHVJDUUDQGRORVWHMLGRVPXVFXODUHV\DUUDVWUDQGRYDVRV\QHUYLRV
7ULJLQWD
$O OOHJDU DO JROSH Q~PHUR WUHLQWD HO UHR VH GHVSORPy PDQWHQLpQGRVH GH URGLOODV \ FRQ ORV
GHGRVIXHUWHPHQWHVXMHWRVDODURGHPHWDOGHODFROXPQD
/DHVSDOGDKRPEURV\]RQDVOXPEDUHVDSDUHFtDQ\DHQFKDUFDGDVHQVDQJUHFRQXQVLQItQGH
KHPDWRPDV D]XODGRV \ JUXHVRV FRPR KXHYRV GH JDOOLQD /DV FRUUHDV SRU VX SDUWH KDEtDQ LGR
GLEXMDQGRGHFHQDVGHHVWUtDVVLPLODUHVDDUDxD]RVGHXQDWRQDOLGDGYLQRVD/DSUHVHQFLDGH
DTXHOODPXOWLWXGGH KHPDWRPDVDOJXQRVGH ORV FXDOHV KDEtDQHPSH]DGR D HVWDOODU PHKL]R
VRVSHFKDUTXHHOGRORUTXHVRSRUWy-HV~VGH1D]DUHWHQDTXHOORVSULPHURVPLQXWRVWXYRTXHVHU
GHDXWpQWLFRSDUR[LVPR
3HURDIRUWXQDGDPHQWHSDUDpOORVJROSHVGHVFDUJDGRVFRQWDQWDVDxDFRPRSUHFLVLyQIXHURQ
DEULHQGR PXFKRV GH ORV KHPDWRPDV FRQYLUWLHQGR OD HVSDOGD HQ XQ UtR GH VDQJUH \
FRQVHFXHQWHPHQWHGLVPLQX\HQGRHOGRORUHQFLHUWDPHGLGD
4XDGUDJLQWD
(O ODWLJD]R Q~PHUR FXDUHQWD OOHJy D ORV FXDWUR R FLQFR PLQXWRV GH KDEHUVH LQLFLDGR HO
VXSOLFLR3HUROHMRVGHHVWUHPHFHUVHFRPRKDEtDRFXUULGRFRQORVDQWHULRUHVJROSHVHOFXHUSR
GHO1D]DUHQRQRUHDFFLRQy&LYLOLVOHYDQWyVXYDUDGHYLGLQWHUUXPSLHQGRODIODJHODFLyQ<XQR
GHORVVXGRURVRVYHUGXJRVVHHFKyVREUHHOUHRWLUDQGRGHVXVFDEHOORV7UDVFRPSUREDUTXHVH
KDOODEDLQHUPHVROWyODFDEH]DTXHFD\yGHVPD\DGDHQWUHHOKXHFRGHORVEUD]RV
(OFHQWXULyQDSUHPLyDVXVKRPEUHV8QRGHORVOHJLRQDULRVOOHQyXQFXERFRQHODJXDGHOD
IXHQWHDUURMiQGRORVREUHODQXFDGHO1D]DUHQR$OFRQWDFWRFRQHOOtTXLGRODFDEH]DGH-HV~VVH
PRYLyOLJHUDPHQWHPLHQWUDVSDUWHGHODVDQJUHHVFXUUtDKDVWDHOVXHORDUUDVWUDGDSRUHODJXD
'HVGHKDFtDUDWRODFROXPQDXQDDPSOLDIUDQMDGHODSDUHGFLUFXODUGHODIXHQWH\ORVURVWURV
EUD]RV \ W~QLFDV GH ORV YHUGXJRV DSDUHFtDQ WHxLGRV GH URMR /D KHPRUUDJLD JHQHUDOL]DGD \D HQ
HVSDOGD\]RQDGHULxRQHVKDEtDHPSH]DGRDVHUSUHRFXSDQWH
$XQTXHHOVXSOLFLRKDEtDVLGRGHWHQLGRHQHOJROSHQ~PHURFRLQFLGLHQGRDVtFDVXDOPHQWH
FRQ OD IyUPXOD MXGtD GH IODJHODFLyQ>@ OD LQWHQFLyQ GH 3LODWR TXH VHJXtD LPSDVLEOH \
VLOHQFLRVRHOGHVDUUROORGHODWRUWXUDHUDTXHDTXHOODPDVDFUHFRQWLQXDVH
/RVYHUGXJRVDSURYHFKDURQHOEUHYHGHVFDQVRSDUDLQFOLQDUVHVREUHHOHVWDQTXH\UHIUHVFDU
VXV FDUDV DO WLHPSR TXH UHIUHJDEDQ ORV EUD]RV WUDWDQGR GH OLPSLDU ORV ODPSDURQHV GH VDQJUH
$XQTXH ORV OHJLRQDULRV HQFDUJDGRV GHO WRUPHQWR FRQRFtDQ HO ODWtQ HVWR\ FDVL VHJXUR TXH D
WHQRUGHVXVEDUEDVUDODV\DEXQGDQWHVHUDQPHUFHQDULRVVLULRVRVDPDULWDQRV*HQHUDOPHQWH
ORVURPDQRVGHVLJQDEDQDpVWRVFXDQGRHOFRQGHQDGRHUDXQMXGtR(ORGLRDQFHVWUDOGHDTXHOORV
FRQWUDORVKHEUHRVOHVFRQYHUWtDHQHMHFXWRUHVHMHPSODUHV
(O 0DHVWUR KDEtD LGR UHFREUiQGRVH 8QR GH ORV YHUGXJRV OH WRPy HQWRQFHV SRU ODV D[LODV
WLUDQGR GH pO KDFLD DUULED 3HUR HO SHVR HUD H[FHVLYR \ WXYR TXH SHGLU D\XGD &XDQGR DO ILQ
ORJUDURQLQFRUSRUDUORRWURVROGDGRFRQXQFD]RGHODWyQHQWUHODVPDQRVVHVLWXyIUHQWHDO
GHVWUR]DGR 1D]DUHQR PLHQWUDV ORV VD\RQHV VLQ QLQJ~Q WLSR GH FRQWHPSODFLRQHV MDODEDQ GH VXV
FDEHOORVREOLJDQGRD-HV~VDOHYDQWDUHOURVWUR<DVtORPDQWXYLHURQKDVWDTXHHOURPDQRTXH
SRUWDEDHOFD]RYDFLyHOFRQWHQLGRGHOPLVPRHQODERFDGHO*DOLOHR$OSUHJXQWDUD&LYLOLVGH
TXpVHWUDWDEDPHH[SOLFyTXHDTXHOFD]RFRQWHQtDDJXDFRQVDO
3RU VXSXHVWR HO HMpUFLWR URPDQR FRQRFtD PX\ ELHQ ORV JUDYHV SUREOHPDV TXH SRGtDQ
GHULYDUVHGHXQFDVWLJRFRPRDTXpO(QHVSHFLDOHOUHIHULGRDODGHVKLGUDWDFLyQ$XQTXH-HV~V
KDEtD VLGR REOLJDGR HQ OD VHGH GHO 6DQHGUtQ D LQJHULU XQD FRQVLGHUDEOH FDQWLGDG GH DJXD VXV
SURIXVDV VXGRUDFLRQHV HQ HO KXHUWR GH *HWVHPDQt \ DKRUD GXUDQWH OD IODJHODFLyQ XQLGDV D ODV
LPSRUWDQWHV KHPRUUDJLDV TXH OOHYDED H[SHULPHQWDGDV WHQtDQ TXH KDEHU PHUPDGR VXV UHVHUYDV R
EDODQFH KtGULFR FRUSRUDO WDQWR LQWUDFHOXODU FRPR H[WUDFHOXODU$TXHOOD DJXD FRQ VDO SRU WDQWR
FRQVWLWXtDXQUHIXHU]RGHFLVLYRVLHVTXH3RQFLRGHVHDEDUHDOPHQWHTXHHOSULVLRQHURQRPXULHVH
GXUDQWH ORV D]RWHV 7DPELpQ H[LVWtD HO SHOLJUR GH TXH OD H[FHVLYD FRQFHQWUDFLyQ GH FORUXUR
VyGLFRHQHODJXDORLGHDOKXELHUDVLGRXQDSURSRUFLyQGHOSRUSXGLHUDDFDUUHDUOD
DSDULFLyQGHHGHPDVRKLQFKD]RQHVEODQGDVHQGLYHUVDVSDUWHVGHOFXHUSR
3HUR WDO \ FRPR KDEtD VHQWHQFLDGR &LYLOLV ODV SUHWHQVLRQHV GHO SURFXUDGRU HUDQ PDFKDFDU
KDVWDHOOtPLWHDOUHRGHWDOIRUPDTXHVXODPHQWDEOHHVWDGRSXGLHUDVDWLVIDFHU\FRQPRYHUORV
DJUHVLYRViQLPRVGHORVVDGXFHRV
$Vt TXH XQD YH] DSXUDGR HO FRQWHQLGR GHO FD]R HO FHQWXULyQ OHYDQWy VX EDVWyQ \ ORV
OHJLRQDULRVUHFRJLHURQORVIODJUXPSURVLJXLHQGRHOFDVWLJR
8QXV
$TXHOQXHYRJROSH\ORVTXHVLJXLHURQIXHURQGLULJLGRVHVSHFLDOPHQWHDORVPXVORVSLHUQDV
QDOJDVYLHQWUH\SDUWHGHORVEUD]RV\SHFKR/DHVSDOGD\FLQWXUDTXHGDURQHQHVWDRFDVLyQDO
PDUJHQ
/DVGHVFDUJDVGHODVFRUUHDVHQURVFiQGRVHHQODVSLHUQDVGHO0DHVWURREOLJDURQDpVWHDXQD
VXSUHPD FRQWUDFFLyQ GH ORV SDTXHWHV PXVFXODUHV HQ HVSHFLDO GH ORV VLWXDGRV HQ ODV FDUDV
SRVWHULRUHVGHORVPXVORVTXHTXHGDURQDVtVXMHWRVDXQDPD\RUYXOQHUDELOLGDG0X\SURQWROD
SLHOIXHDEULpQGRVHSURYRFDQGRXQDKHPRUUDJLDPXFKRPiVLQWHQVDTXHODGHODHVSDOGD
'HFHP
(QXQWLWiQLFRHVIXHU]RSRUVRSRUWDUHOGRORU-HV~VGH1D]DUHWVHKDEtDDIHUUDGRDODDUJROOD
GHODFROXPQDOHYDQWDQGRHOURVWURKDVWDGRQGHOHHUDSRVLEOH/RVP~VFXORVGHVXFXHOORWHQVRV
FRPRODFXHUGDGHXQDUFRFRQWUDVWDEDQFRQODVIRVDVVXSUDFODYLFXODUHVLQXQGDGDVSRUXQVXGRU
IUtRTXHFKRUUHDEDVLQFHVDU\TXHLEDGHVWLxHQGRHOURMRHQFHQGLGRGHODVDQJUH
'XRGHYLJLQWL
(OYHUGXJRFDQWyHOJROSHQ~PHURODQ]DQGRVXOiWLJRVREUHHOSHFKRGHOUHR<XQDGHODV
SDUHMDVGHKXHVHFLOORVGHFDUQHURGHELyKHULUHOSH]yQL]TXLHUGRGH-HV~V(OLQWHQVtVLPRGRORU
SURYRFy XQ YHUWLJLQRVR PRYLPLHQWR UHIOHMR \ HO JLJDQWH VH LQFRUSRUy FRQ WRGDV VXV IXHU]DV DO
WLHPSR TXH VXV GLHQWHV VyOLGDPHQWH DSUHWDGRV XQRV FRQWUD RWURV VH DEUtDQ HPLWLHQGR XQ
GHVJDUUDGRUJHPLGR(UDHOSULPHUODPHQWRGHOUDEt
(OWLUyQIXHWDQV~ELWR\SRWHQWHTXHODVFXHUGDVTXHOHVXMHWDEDQDODDUJROODVHURPSLHURQ\
HOFXHUSRGHO0DHVWURVHSUHFLSLWyKDFLDDWUiVYLROHQWDPHQWH$TXHOORSLOOyGHVSUHYHQLGRVDORV
YHUGXJRV\DOUHVWRGHODWURSDTXHUHWURFHGLHURQDVXVWDGRV
(O1D]DUHQRFD\ySHVDGDPHQWHVREUHVXVHVSDOGDVUHVEDODQGRVREUHHOHQORVDGR\GHMDQGR
XQ DQFKR UHJXHUR GH VDQJUH &XDQGR ORV OHJLRQDULRV VH SUHFLSLWDURQ VREUH pO OHYDQWiQGROH
SHVDGDPHQWHODUHVSLUDFLyQGH-HV~VVHKDEtDKHFKRVXPDPHQWHDJLWDGD
<R DSURYHFKp DTXHO PRPHQWR GH FRQIXVLyQ SDUD DMXVWDUPH ODV FUyWDORV H LQLFLDU XQD
H[KDXVWLYD H[SORUDFLyQ GH ORV GHVWUR]RV RFDVLRQDGRV SRU OD IODJHODFLyQ 3XOVp HO FODYR GH ORV
XOWUDVRQLGRV D VX SRVLFLyQ PiV SURIXQGD 0+= R PHJDKHU] \ PH GLVSXVH D UDVWUHDU HQ
SULPHUOXJDUORVWHMLGRVVXSHUILFLDOHV
/RVVROGDGRVKDEtDQDUUDVWUDGRDOUHRKDVWDODSHTXHxDFROXPQDVXMHWiQGRORQXHYDPHQWHDOD
DUJROOD<ORVYHUGXJRVUHDQXGDURQORVD]RWHVVXPDPHQWHLUULWDGRVSRUDTXHOFRQWUDWLHPSR
/RVJROSHVFDGDYH]PiVLPSODFDEOHVIXHURQKXPLOODQGRSRFRDSRFRHOFXHUSRGHO0DHVWUR
TXHWHUPLQySRUGREODUODVURGLOODVPLHQWUDVVXVGHGRVFKRUUHDQGRVDQJUHVHFULVSDEDQSRUHO
GRORU$FDGDODWLJD]R-HV~VKDEtDHPSH]DGRDUHVSRQGHUFRQXQFRUWR\DSDJDGRJHPLGR8QD
YH]WUDGXFLGDVODVRQGDVXOWUDVyQLFDVDLPiJHQHVHOUHVXOWDGRGHODIODJHODFLyQDSDUHFLyDQWH
QRVRWURVHQWRGRVXGUDPDWLVPR/RVYHUGXJRVFRQVXPDGRVHVSHFLDOLVWDVVDEtDQPX\ELHQTXp
]RQDV SRGtDQ WRFDU \ FXiOHV QR 'HVGH XQ SULPHU PRPHQWR QRV OODPy OD DWHQFLyQ HO KHFKR
LQFUHtEOHGHTXHQLQJXQDGHODVFRVWLOODVKXELHUDVLGRIUDFWXUDGD/DSUHFLVLyQGHORVODWLJD]RVHQ
FDPELRKDEtDLGRDEULHQGRORVFRVWDGRVGH-HV~VKDVWDGHMDUDOGHVFXELHUWRODVEDQGDVILEURVDV
R DSRQHXURVLV GH ORV P~VFXORV VHUUDWRV (O GRORU DO ODVWLPDU HVWDV ~OWLPDV SURWHFFLRQHV GH ODV
FRVWLOODVWXYRTXHDOFDQ]DUXPEUDOHVGLItFLOHVGHLPDJLQDU(QRSLQLyQGHORVH[SHUWRVGH&DEDOOR
GH7UR\DVXSHULRUHVLQFOXVRDORV-1'>@
3RU VXSXHVWR DPSOLDV iUHDV GH ORV P~VFXORV GH OD HVSDOGD GRUVDOHV LQIUDHVSLQRVRV \
GHOWRLGHV DSDUHFLHURQ UDVJDGDV \ VHPEUDGDV GH KHPDWRPDV TXH DO QR UHYHQWDU WHQVDURQ
H[WUDRUGLQDULDPHQWHORTXHOHTXHGDEDGHSLHOPXOWLSOLFDQGRODVHQVDFLyQGHGRORU
(Q DTXHO H[DPHQ GH ORV WHMLGRV VXSHUILFLDOHV ORV LQYHVWLJDGRUHV TXHGDURQ VREUHFRJLGRV DO
FRPSUREDU FyPR ORV OHJLRQDULRV KDEtDQ HOHJLGR ODV ]RQDV PiV GRORURVDV SHUR PHQRV
FRPSURPHWLGDVGHFDUDDXQDSRVLEOHSDUDGDFDUGtDFDTXHKXELHUDIXOPLQDGRTXL]iDO1D]DUHQR
(OLJLHURQSULQFLSDOPHQWHODVSDUWHVGHODQWHUDVGHORVPXVORVSHFWRUDOHV\]RQDVLQWHUQDVGHORV
P~VFXORVHYLWDQGRFRUD]yQKtJDGRSiQFUHDVED]R\DUWHULDVSULQFLSDOHVFRPRODVGHOFXHOOR
$OFDPELDUODIUHFXHQFLDGHORVXOWUDVRQLGRVSDVDQGRD0+=HODQiOLVLVGHORVyUJDQRV
LQWHUQRV SXVRGH PDQLILHVWRGHVGHHO SULPHUPRPHQWRXQDFRQVLGHUDEOH SpUGLGDGH VDQJUH/D
YROHPLD GH -HV~V R YROXPHQ WRWDO GH VDQJUH IXH ILMDGR HQWUH VHLV \ VHLV OLWURV \ PHGLR 3XHV
ELHQGHVSXpVGHOGXUtVLPRFDVWLJRGHODIODJHODFLyQHVDYROHPLDKDEtDGHVFHQGLGRHQXQSRU
(VRVLJQLILFDEDTXHHO*DOLOHRKDEtDGHUUDPDGRHQWRWDOGHVGHORVXOWUDMHVHQODVHGHGHO
6DQHGUtQ DOUHGHGRU GH OLWURV GH VDQJUH 8QD FDQWLGDG LPSRUWDQWH DXQTXH QR OR VXILFLHQWH
FRPRSDUDDOWHUDUGHIRUPDGHILQLWLYDItVLFD\SVtTXLFDPHQWHDXQDSHUVRQDQRUPDO<XQD
SUXHEDGHHOORHVTXH-HV~VGH1D]DUHWD~QWXYRIXHU]DV\FODULGDGGHPHQWHSDUDUHVSRQGHUDODV
SUHJXQWDVTXHVHOHIRUPXODURQGHVSXpVGHORVD]RWHV6LQHPEDUJRDTXHOGHUUDPHFLUFXODWRULR
WXYR TXH SURYRFDU HQ pO XQD FUHFLHQWH DQJXVWLD SDOSLWDFLRQHV HVSRUiGLFDV GHELOLGDG \ VREUH
WRGRXQDVHGVRIRFDQWH
(Q FXDQWR D VX IUHFXHQFLD FDUGtDFD ODV RVFLODFLRQHV IXHURQ FRQWLQXDV (Q DOJXQRV GH ORV
JROSHV HVSHFLDOPHQWH HQ XQR GH ORV ~OWLPRV TXH FDHUtD GLUHFWDPHQWH VREUH ORV WHVWtFXORV HO
SLFRDOFDQ]yODVSXOVDFLRQHVSRUPLQXWRFD\HQGRUiSLGDPHQWHD\SURYRFDQGRHOVHJXQGR
GHVYDQHFLPLHQWR
/DWHQVLyQDUWHULDOSRUODLQWHQVDGHVFDUJDGHDGUHQDOLQDVHHOHYyWDPELpQDOJXQRVPRPHQWRV
KDVWD PP + GH Pi[LPD VL ELHQ OXHJR HO SURJUHVLYR DJRWDPLHQWR GH OD DGUHQDOLQD IXH
GDQGROXJDUDXQGRPLQLRGHOVLVWHPDYDJR\VXLQWHUPHGLDULRODDFHWLOFROLQDTXHVHDFRPSDxy
GHXQGHVFHQVRGHODWHQVLyQDUWHULDOTXH\DDOILQDOGHOVXSOLFLRVHWUDGXMRHQXQFDVLWRWDOHVWDGR
GHSRVWUDFLyQ
(O DQiOLVLV GHO WRUUHQWH VDQJXtQHR QRV SHUPLWLy WDPELpQ OD FRQILUPDFLyQ GH XQ KHFKR TXH
UHVXOWDEDHYLGHQWHHOVXFHVLYRDXPHQWRGHORVtQGLFHVGHVRGLRFORUR\GHODSUHVLyQRVPyWLFD
HUDQVHxDOHVLQHTXtYRFDVGHODLPSRUWDQWHGHVKLGUDWDFLyQTXHKDEtDHPSH]DGRDH[SHULPHQWDUHO
RUJDQLVPRGHO+LMRGHO+RPEUH
4XDGUDJLQWD
(OJROSHTXHHQUHDOLGDGKDFLDHOQ~PHURVLWHQHPRVHQFXHQWDORVSULPHURVFD\y
VREUH XQ KRPEUH SUiFWLFDPHQWH GHUURWDGR (O 0DHVWUR FRQ HO FXHUSR GHIRUPDGR SRU ORV
KHPDWRPDV\PDWHULDOPHQWHEDxDGRHQVDQJUHDSHQDVVLVHPRYtD6XVLPSHUFHSWLEOHVODPHQWRV
VHKDEtDQLGRDSDJDQGR\VyORUHVRQDED\DHQHOSDWLRHOFKDVTXLGRGHORVOiWLJRVDOFODYDUVHHQ
VXFDUQH\HOFDGDYH]PiVDJLWDGRUHVRSODUGHORVYHUGXJRVYLVLEOHPHQWHDJRWDGRV
+DFtDWLHPSRTXHHO1D]DUHQRVHKDEtDKHFKRSUiFWLFDPHQWHXQRYLOORFRQODFDEH]D\SDUWH
GHO WyUD[ UHFOLQDGRV VREUH ORV EUD]RV HQ SRVLFLyQ IHWDO /RV JROSHV FDGD YH] PiV OHQWRV \
HVSDFLDGRV VHJXtDQ GHVJDUUDQGR VXV QDOJDV YLHQWUH FRVWDGRV \ ]RQDV ODWHUDOHV GH ODV SLHUQDV
KLULHQGRLQFOXVRODVSODQWDVGHORVSLHV
$OJXQRV GH ORV OHJLRQDULRV DEXUULGRV R FRQPRYLGRV SRU DTXHOOD VDOYDMH SDOL]D KDEtDQ
HPSH]DGRDDEDQGRQDUHOOXJDURFXSiQGRVHHQVXVTXHKDFHUHVKDELWXDOHV
&LYLOLV TXH YHQtD REVHUYDQGR HO SURJUHVLYR DJRWDPLHQWR GH ORV YHUGXJRV GLULJLy XQD
VLJQLILFDWLYDPLUDGDD/XFLOLRHOJLJDQWHVFRFHQWXULyQTXH\RKDEtDYLVWRHQHODSDOHDPLHQWRGHO
VROGDGRURPDQR(OGH3DQQRQLDFRPSUHQGLyODVLQWHQFLRQHVGHOSULPXVSULRU\DEULpQGRVHSDVR
DHPSXMRQHVHQWUHORVPLHPEURVGHODFRKRUWHOHYDQWyVXEUD]RFDSWXUDQGRDOYXHORHOIODJUXP
GHOOHJLRQDULRVLWXDGRDODGHUHFKDGHO0DHVWURFXDQGRDTXpOVHGLVSRQtDDGHVFDUJDUXQQXHYR
JROSH
/DV~ELWDSUHVHQFLDGHDTXHOODWRUUHKXPDQDHPSXxDQGRHOOiWLJRGHWULSOHFRODIXHVXILFLHQWH
SDUDTXHDPERVYHUGXJRVVHUHWLUDUDQGHMiQGRVHFDHUFDVLVLQUHVSLUDFLyQVREUHODVORVDV
GHOSDWLR
<ODVROGDGHVFDFRQRFHGRUDGHODIXHU]D\FUXHOGDGGHORILFLDOJXDUGyVLOHQFLRSHQGLHQWH
GHWRGRV\FDGDXQRGHORVPRYLPLHQWRVGHDTXHORVR
/XFLOLRDFDULFLyODVFRUUHDVOLPSLDQGRODVDQJUHFRQVXVGHGRV'HVSXpVFRORFiQGRVHDXQ
PHWURGHOFRVWDGRL]TXLHUGRGHOSULVLRQHUROHYDQWyVXEUD]RGHUHFKRODQ]DQGRXQSUHFLVR\IHUR]
ODWLJD]RVREUHODSDUWHEDMDGHODVQDOJDVGH-HV~V(O]XUULDJD]RGHELyWRFDUHOFR[LV\HODILODGR
GRORUUHDFWLYyHOVLVWHPDQHUYLRVRGHOUDEtTXHOOHJyDLQFRUSRUDUVHGXUDQWHDOJXQRVVHJXQGRV
3HURHQPHGLRGHJUDQGHVWHPEORUHVVXVP~VFXORVIDOODURQKLQFiQGRVHGHURGLOODV
/RVOHJLRQDULRVDFRJLHURQDTXHOHVWXGLDGRDWDTXHFRQXQDH[FODPDFLyQTXHLUtDUHSLWLpQGRVH
DFDGDODWLJD]R
&HGRDOWHUDP
8Q VHJXQGR JROSH GLULJLGRHVWDYH]D ODFRUYDL]TXLHUGD KL]R JHPLU DO 0DHVWURDO WLHPSR
TXHODVROGDGHVFDUHSHWtDHQWXVLDVPDGD
&HGRDOWHUDP
(OWHUFHUFXDUWR\TXLQWRODWLJD]RVFD\HURQVREUHORVULxRQHV
&HGRDOWHUDP&HGRDOWHUDP&HGRDOWHUDP
/D YLROHQFLD GH /XFLOLR HUD WDO TXH ORV DVWUiJDORV GH FDUQHUR TXHGDEDQ LQFUXVWDGRV HQ OD
FDUQHSURYRFDQGRHQFDGDJROSHXQDFRSLRVDKHPRUUDJLD
&HGRDOWHUDP&HGRDOWHUDP
/DVGHVFDUJDVVH[WD\VpSWLPDVHFHQWUDURQHQFDGDXQRGHORVSDEHOORQHVDXGLWLYRVGH-HV~V
<FDVLLQVWDQWiQHDPHQWHSRUDPERVODGRVGHOFXHOORFRUULHURQXQRVJUXHVRVJRWHURQHVGHVDQJUH
(O 0DHVWUR LQFOLQy VX FDEH]D VREUH HO DUR GH PHWDO \ HO FHQWXULyQ EXVFy HO FRVWDGR GHUHFKR
YDFLDQGRWRGDVXIXULDVREUHHORPEOLJRGH&ULVWR
&HGRDOWHUDP
(OVDOYDMHLPSDFWRVREUHHOYLHQWUHGHOUHRDIHFWyGHFLVLYDPHQWHDVX\DFDVWLJDGRGLDIUDJPD
FRUWDQGR SUiFWLFDPHQWHVXSHQRVDUHVSLUDFLyQ$TXHOSUREDEOHPHQWHIXHXQR GHORVPRPHQWRV
PiV GHOLFDGRV GHO FDVWLJR 'XUDQWH XQRV VHJXQGRV TXH PH SDUHFLHURQ LQWHUPLQDEOHV OD FDMD
WRUiFLFD GHO *DOLOHRSHUPDQHFLy LQPyYLO3HURDO ILQ ORV P~VFXORV LQWHUFRVWDOHV UHDFFLRQDURQ
DOLYLDQGRODWHQVLyQSXOPRQDU
&HGRDOWHUDP
(OQRYHQRODWLJD]RSURSLQDGRSRUHOFRORVRHQHOGHVJDUUDGRFRVWDGRGHUHFKRGH-HV~V\
SLHQVRTXHODQ]DGRFRQWRGDLQWHQFLyQVREUHORVDELHUWRVP~VFXORVVHUUDWRVSDUDGLVSDUDUDVtOD
FRQJHODGD UHVSLUDFLyQ GHO UHR HPLWLy XQ VRQLGR KXHFR FRPR VL ODV WDEDV KXELHUDQ JROSHDGR
GLUHFWDPHQWHVREUHODVFRVWLOODV
(OtPSHWXGHORILFLDOTXHKDEtDHPSH]DGRDVXGDUFRSLRVDPHQWHSRUVXIUHQWHIXHWDOTXHHO
FXHUSRGHO1D]DUHQRVHGHVHTXLOLEUyFD\HQGRVREUHHOODGRL]TXLHUGR
(VPX\SRVLEOHTXHHQDTXHOORVLQVWDQWHVRWURGRORUGLIXPLQDGRSRUHODWUR]FDOYDULRGHOD
IODJHODFLyQHVWXYLHUDJROSHDQGRHORUJDQLVPRGHO*DOLOHR0HUHILHURDODYHMLJDXULQDULDGH
-HV~V 6X UHERVDPLHQWR GHEtD VHU WDO TXH LQYROXQWDULDPHQWH ORV HVItQWHUHV GH ORV XUpWHUHV VH
DEULHURQ SURYRFDQGR XQD DEXQGDQWH PLFFLyQ $SUR[LPDGDPHQWH D MX]JDU SRU HO WLHPSR TXH
GXUy HO GHUUDPH XULQDULR OD YHMLJD GHEtD DOEHUJDU HQWUH \ FHQWtPHWURV F~ELFRV 3RU
IRUWXQDODRULQDDXQTXHVXPDPHQWHDPDULOODQRDUUDVWUDEDVDQJUH
3HUR DTXHOOD GHVFDUJD LQYROXQWDULD GH RULQD VyOR VLUYLy SDUD SURYRFDU ODV ULVRWDGDV GH ORV
URPDQRV\XQDWDTXHPXFKRPiVYLROHQWRGHLUDHQ/XFLOLRTXHWRPyDTXHOJHVWRFRPRXQLQVXOWR
SHUVRQDO
< OHYDQWDQGR HO OiWLJR OR GLULJLy FRQ UDELD KDFLD ORV WHVWtFXORV GHO 0DHVWUR 8QD GH ODV
SXQWDVGHOIODJUXPWRFyODSLHOGHOHVFURWR\ODVRWUDVGRVFD\HURQVREUHODEROVDWHVWLFXODU
-HV~V UHDFFLRQy DQWH HO ODFHUDQWH JROSH HQFRJLpQGRVH DO WLHPSR TXH VXV SXOVDFLRQHV VH
DFHOHUDEDQ\XQJHPLGRGHVJDUUDGRUVHFRQIXQGtDFRQHO~OWLPR&HGRDOWHUDP
,QPHGLDWDPHQWHVXSXOVREDMyD\HO0DHVWURSDOLGHFLHQGRSHUGLyHOFRQRFLPLHQWR
&LYLOLV OHYDQWy VX YDUD QXHYDPHQWH RUGHQDQGR D ORV VROGDGRV TXH LQVSHFFLRQDUDQ DO UHR
'HVSXpVDSUR[LPiQGRVHDOSURFXUDGRUOHSLGLyLQVWUXFFLRQHV'HEtDFRQWLQXDUHOFDVWLJR"
<DQWHVGHTXH3RQFLRWRPDUDXQDGHFLVLyQHOEUXWDO/XFLOLRLQVLQXyDOJREHUQDGRUTXHGDGD
ODVLWXDFLyQGHOSULVLRQHURORPHMRUVHUtDUHPDWDUOHDOOtPLVPR
3LODWRGLULJLyVXPLUDGDDOFXHUSRDJDUURWDGR\VDQJXLQROHQWRGHOUDEtGXGDQGR<HORILFLDO
TXHKDEtDHMHFXWDGRDTXHOOD~OWLPDSDUWHGHODIODJHODFLyQHFKyPDQRGHVXHVSDGDFRQYHQFLGR
GHTXHHOEXHQVHQWLGRGH3RQFLRVHLQFOLQDUtDSRUODVROXFLyQTXHDFDEDEDGHSURSRQHU3HURHO
DJXD TXH KDEtD VLGR EDOGHDGD QXHYDPHQWH VREUH OD FDEH]D \ QXFD GHO SULVLRQHUR HVWLPXOy HO
SUHFDULRHVWDGRGH-HV~VTXHOHQWDPHQWHIXHUHFREUDQGRHOVHQWLGR
$TXHOODSURJUHVLYDUHFXSHUDFLyQGHO1D]DUHQRLQFOLQyD3LODWRDVHJXLUFRQVXSODQ\DQWHVGH
UHWLUDUVHGHOSDWLRSRUWLFDGRLQGLFyD&LYLOLVTXHDWHQGLHUDDOJDOLOHROOHYiQGROHDVXSUHVHQFLD
HQFXDQWRIXHUDSRVLEOH
(UDQODVRQFHGHODPDxDQD/RVOHJLRQDULRVVROWDURQODVFXHUGDV\DGXUDVSHQDVDSR\DURQOD
HVSDOGD GHO SULVLRQHUR FRQWUD OD FROXPQD TXH KDEtD VHUYLGR SDUD OD IODJHODFLyQ 8QR GH ORV
VROGDGRV VH FRORFy HQ FXFOLOODV SRU GHWUiV GHO PRMyQ SURFXUDQGR VRVWHQHU SRU ORV KRPEURV HO
PDOWUHFKRFXHUSRGH-HV~V(OJLJDQWHFRQODVSLHUQDVH[WHQGLGDVVREUHHOSDYLPHQWRUHVSLUDED
D~QFRQGLILFXOWDGHVDFXVDQGRFRQHVSRUiGLFRVHVWUHPHFLPLHQWRVHOVLQItQGHSXQWRVGRORURVRV
$TXHOORVWHPEORUHVIXHURQKDFLpQGRVHFDGDYH]PiVLQWHQVRV\FRQWLQXDGRV\WHPtTXHODILHEUH
KXELHUDKHFKRSUHVDHQHO0DHVWUR1RPHHTXLYRFDED
2WUR OHJLRQDULR VLHPSUH EDMR OD DWHQWD YLJLODQFLD GH &LYLOLV DFHUFy XQ VHJXQGR FD]R D ORV
ODELRVGHOUDEtREOLJiQGROHDEHEHUXQDQXHYDGRVLVGHDJXDFRQVDO
$OJXQDVGHODVKHULGDVKDEtDQHPSH]DGRDFRDJXODU\PXFKRVGHORVUHJXHULOORVFRPHQ]DURQD
VHFDUVH/DVEUHFKDVGHORVFRVWDGRVVLQHPEDUJRVHJXtDQPDQDQGRVDQJUHTXHFDtDDLQWHUYDORV
VREUHODVORVDVLPSXOVDGDSRUFDGDXQRGHORVPRYLPLHQWRVUHVSLUDWRULRVFDGDYH]PiVFRUWRV\
UiSLGRV
(O FHQWXULyQ PRYLy OD FDEH]D HQ VHxDO GH GHVDSUREDFLyQ 1R KDFtD IDOWD VHU PpGLFR SDUD
GDUVHFXHQWDTXHHOFDVWLJRKDEtDVLGRWDQGHVSURSRUFLRQDGRFRPRSDUDWHPHUSRUODYLGDGHOUHR
< DQWHV GH TXH IXHUD GHPDVLDGR WDUGH GHVFRQHFWp HO VLVWHPD XOWUDVyQLFR SXOVDQGR HO VHJXQGR
FODYR$ODFWLYDUORHOPLQLFRPSXWDGRUDORMDGRHQODYDUDGH0RLVpVGLRSDVRDOIOXMRGHUD\RV
LQIUDUURMRVGLVSXHVWRVSDUDORVDQiOLVLVGHWHOHWHUPRJUDItDGLQiPLFD>@
&RPR\DVHxDOpDQWHULRUPHQWHODVFUyWDORVROHQWHVHVSHFLDOHVGHFRQWDFWRPHSHUPLWtDQ
GLULJLUHOVLVWHPDGHWHOHWHUPRJUDItDKDFLDODViUHDVGHVHDGDVSXGLHQGRRUGHQDUDVtHOF~PXOR
GHH[SORUDFLRQHV
/DV LPiJHQHV REWHQLGDV SRU HVWH SURFHGLPLHQWR IXHURQ VHQFLOODPHQWH GUDPiWLFDV /D PD\RU
SDUWH GHO FXHUSR GH -HV~V EDxDGR FRQ VDQJUH YHQRVD RIUHFtD XQD WRQDOLGDG URMDSDUGX]FD
PLHQWUDVORVKHPDWRPDVPXFKRPiVFDOLHQWHVDUURMDURQXQFRORUD]XOLQWHQVR
(OUDVWUHRQRVSHUPLWLyREVHUYDUFyPRODUHGDUWHULDOSULQFLSDOQRKDEtDVLGRGDxDGDDXQTXH
OD YDVFXODUL]DFLyQ FXWiQHD \ HO VLVWHPD YHQRVR VXSHUILFLDO HVSHFLDOPHQWH HQ H[WHQVDV ]RQDV
GRUVDOHVSUHVHQWDEDQ QXPHURVRV GHVWUR]RV6HJ~Q ORVPpGLFRVGHO SUR\HFWRHQ HOVXSXHVWR GH
TXH HO 0DHVWUR KXELHUD FRQVHUYDGR OD YLGD VX UHFXSHUDFLyQ FRQ ODV WpFQLFDV \ IyUPXODV GH
DTXHOODpSRFDVHKXELHUDSURORQJDGRSRUHVSDFLRGHPiVGHWUHVPHVHV
(ODQiOLVLVGHODVUHWLQDVIXHVDWLVIDFWRULR(OFRORUDPDULOOHQWRURML]RGHODVPLVPDVYLQRD
GHPRVWUDUQRV TXH OD YLVLyQ HUD FRUUHFWD 1R SXGR GHFLUVH OR PLVPR GH DOJXQDV GH ODV
DUWLFXODFLRQHVHQHVSHFLDOODGHODSLHUQDL]TXLHUGDKXHFRSRSOtWHR\ODVGHORVKRPEURV
VHULDPHQWHDIHFWDGDVSRUODVERODVGHSORPR\ORVDVWUiJDORVGHFDUQHUR/DWHPSHUDWXUDGpUPLFD
GH HVWDV DUWLFXODFLRQHV H[WUDRUGLQDULDPHQWH LQIODPDGDV KDEtD DXPHQWDGR VX WHPSHUDWXUD KDVWD
WUHVJUDGRVFHQWtJUDGRV
(QFXDQWRDODDOWDWHPSHUDWXUDJHQHUDORVFLODQWHHQWUHORV\JUDGRVYLQRDUDWLILFDU
PLLPSUHVLyQSHUVRQDO-HV~VKDEtDVLGRSUHVDGHODFDOHQWXUDTXH\DQROHDEDQGRQDUtDKDVWDHO
PRPHQWRGHODPXHUWH
(O PLQXFLRVR UHFRUULGR VREUH HO FXHUSR GHO *DOLOHR QRV SHUPLWLy GLVWLQJXLU DO PHQRV
SXQWRV FDOLHQWHV FRUUHVSRQGLHQWHV D RWURV WDQWRV LPSDFWRV SURYRFDGRV SRU ORVIODJUXP /DV
H[FRULDFLRQHV KHPDWRPDV \ GHVJDUURV KDEtDQ RULJLQDGR RWUDV WDQWDV iUHDV LQIODPDWRULDV
JHQHUDOPHQWHFLUFXODUHVTXHPDUFDEDQFRQVXDOWDWHPSHUDWXUDHOWUiJLFRPDSDGHORVD]RWHV
(VWD IXH OD JXtD GH OD IODJHODFLyQ SRUPHQRUL]DGD SRU HO RUGHQDGRU FHQWUDO GHO PyGXOR
HVSDOGD \ KRPEURV LPSDFWRV FLQWXUD \ ULxRQHV YLHQWUH SHFKR SLHUQD GHUHFKD
]RQD GRUVDO SLHUQD L]TXLHUGD GRUVDO SLHUQD GHUHFKD ]RQD IURQWDO SLHUQD
L]TXLHUGD IURQWDO LPSDFWRV EUD]R GHUHFKR DPEDV FDUDV EUD]R L]TXLHUGR DPEDV
FDUDVRtGRVXQLPSDFWRHQFDGDXQRWHVWtFXORV\QDOJDVLPSDFWRV$HVWRVGHVWUR]RV
KXERTXHDxDGLUXQVLQItQGHHVWUtDVRDUDxD]RVSURGXFLGRVSRUODVFRUUHDVGHORVOiWLJRV/D
LQPHQVDPD\RUtDGHHVWDVOHVLRQHVWHQtDXQDORQJLWXGGHWUHVFHQWtPHWURVFRQODWtSLFDIRUPDGH
SHVDVGHJLPQDVLDRFDVLRQDGDVSRUORVHVFRUSLRQHVGHODVSXQWDVERODVGHPHWDO\WDEDV
(Q VtQWHVLV XQ FDVWLJR WDQ EUXWDO TXH QLQJXQR GH ORV HVSHFLDOLVWDV GHO SUR\HFWR OOHJy D
FRPSUHQGHUMDPiVFyPRDTXHOKRPEUHSXGRUHVLVWLUOR
%DVWD\D3RQHGOHHQSLH\YHVWLGOH
/D YR] GHO RILFLDO MHIH UHVRQy FDUJDGD GH LPSDFLHQFLD< PLHQWUDV ORV LQIDQWHV WLUDEDQ GH
-HV~V\RGHVFRQHFWpORVFLUFXLWRVGHODYDUDGH0RLVpVJXDUGDQGRODVOHQWHVGHFRQWDFWR
)XHPHQHVWHUTXHGRVOHJLRQDULRVDSXQWDODUDQHOPDOWUHFKRFXHUSRGHO0DHVWURDOUHFXSHUDU
OD SRVLFLyQ YHUWLFDO 6X H[WUHPD GHELOLGDG KL]R TXH VXV URGLOODV VH GREODVHQ REOLJDQGR D ORV
VROGDGRVDVXMHWDUOHSRUODVD[LODV2WURVURPDQRVDXQDRUGHQGH&LYLOLVDFXGLHURQHQD\XGDGH
VXVFRPSDxHURVSURFXUDQGRTXHHOSULVLRQHURQRVHGHVSORPDVHVREUHHOHQORVDGR
$O VHU L]DGR DOJXQDV GH ODV KHULGDV HVSHFLDOPHQWH ODV GH ORV FRVWDGRV YROYLHURQ D
VDQJUDU D ERUERWRQHV \ ORV ULDFKXHORV GH VDQJUH UHFRUULHURQ UiSLGDPHQWH VX YLHQWUH LQJOHV
PXVORV\SLHUQDVKDVWDGHUUDPDUVHVREUHODVORVDV
$OJXLHQ UHFRJLy VXV URSDV \ WUDV HQIXQGDUOH OD W~QLFD GLVSXVR HO PDQWR VREUH HO KRPEUR
L]TXLHUGRIDMDQGRGHVSXpVHOWyUD[(OURSyQTXHGyILUPHPHQWHVXMHWRVREUHHOSHFKR\HVSDOGD
GH -HV~V GH IRUPD TXH MXQWDPHQWH FRQ OD W~QLFD KLFLHURQ ODV YHFHV GH YHQGDMH $TXHOORV
URPDQRV VDEtDQ TXH DTXpO HUD XQ H[FHOHQWH SURFHGLPLHQWR SDUD WDSRQDU PXFKDV GH ODV EUHFKDV
FRUWDQGRDVtSDUWHGHODVKHPRUUDJLDV6HQWtXQHVWUHPHFLPLHQWRDOLPDJLQDUORTXHSRGtDRFXUULU
HQ HO PRPHQWR HQ TXH HO *DOLOHR IXHUD GHVSRVHtGR GH VXV URSDV 6L ORV FRiJXORV TXHGDEDQ
HQFRODGRV DO WHMLGR FRPR DVt GHEtD VHU OD UHWLUDGD GH OD W~QLFD VLJQLILFDUtD XQ QXHYR \
GRORURVRVXSOLFLRFRQODFRQVLJXLHQWHDSHUWXUDGHODVOODJDV
/DVDQJUHHPSDSyLQPHGLDWDPHQWHODW~QLFDEODQFDTXHFRPHQ]yDJRWHDUSRUODVPDQJDV\
SRUHOERUGHLQWHULRU<HOHVSRQMRVRWHMLGRVHYLRWHxLGRFRQLQQXPHUDEOHV\DQiUTXLFRVFRUURV
URML]RV
/RV VROGDGRV REOLJDURQ DO 1D]DUHQR D GDU DOJXQRV SDVRV SHUR FXDQGR DSHQDV KDEtD
DUUDVWUDGRVXVSLHVGHVFDO]RVVREUHHOSDYLPHQWRODVIXHU]DVOHDEDQGRQDURQGHVPRURQiQGRVH
/DUiSLGDLQWHUYHQFLyQGHORVOHJLRQDULRVGH&LYLOLVHYLWyTXHFD\HUDDOVXHOR(OJUXSRLQWHUURJy
DOFHQWXULyQFRQODPLUDGD\pVWHGHVDOHQWDGRLQGLFyDVXVKRPEUHVTXHOHVHQWDUDQHQXQRGHORV
EDQFRVGHPDGHUDGHOSyUWLFR
&LYLOLVFRPSUHQGLyTXHGHPRPHQWRHUDLQ~WLOFRQGXFLUDOUHRKDVWDODWHUUD]DGRQGHGHEtD
HVSHUDUHOSURFXUDGRU+XELHUDVLGRDEVROXWDPHQWHQHFHVDULRTXHYDULRVLQIDQWHVOHDFRPSDxDVHQ
\VRVWXYLHVHQ
/RVWHPEORUHVIHEULOHVVHJXtDQVDFXGLHQGRHOFXHUSRGHO1D]DUHQRTXHSRFRDSRFRSDVRD
SDVR IXH FRQGXFLGR SRU ORV URPDQRV KDVWD XQR GH ORV DVLHQWRV VLWXDGR HQ HO ODGR RULHQWDO GHO
SDWLR0LHQWUDVRWURVOHJLRQDULRVKDEtDQLQLFLDGRODOLPSLH]DGHOHQORVDGR\GHODFROXPQDVREUH
ORV TXH KDEtD WHQLGR OXJDU OD IODJHODFLyQ /RV FDEDOORV YROYLHURQ MXQWR D OD IXHQWH \ VXV
FXLGDGRUHV VLJXLHURQ FHSLOOiQGROHV \ UHVWUHJDQGR ORV ORPRV FRQ PDQRMRV GH SROHR FX\R RORU
VHJ~QODFUHHQFLDSRSXODUPDWDEDORVSLRMRV
(OFHQWXULyQVHTXLWyHOFDVFR\WUDVPHGLWDUXQRVVHJXQGRVVHDOHMyGHOSyUWLFRHQGLUHFFLyQ
DOW~QHOTXHOOHYDEDDOSUHWRULR
'HERVHxDODUTXHFRQIRUPHREVHUYDEDHOUHQTXHDQWHFDPLQDUGHO0DHVWURXQDYLVLEOHFRMHUD
HQODSLHUQDL]TXLHUGDPHOOHYyDODFRQFOXVLyQGHTXHHOODWLJD]RGH/XFLOLRHQSOHQDFRUYDKDEtD
DOWHUDGRODDUWLFXODFLyQGHGLFKDURGLOOD(VWHH[WUHPRVHUtDSRVWHULRUPHQWHUDWLILFDGRFRPR\D
LQGLTXpSRUHOH[DPHQWHOHWHUPRJUiILFR
-HV~VIXHVHQWDGRDOILQVREUHXQRGHORVEDQFRV<DOKDFHUORXQULFWXVGHGRORUVHGLEXMy
QXHYDPHQWHHQVXURVWUR(UDPX\SRVLEOHTXHDTXHOJHVWRHVWXYLHUDSURYRFDGRSRUORVJROSHVHQ
HOFR[LVRHQORVULxRQHV$ODSR\DUVHHQODPDGHUDHOKXHVRLQIHULRUGHODFROXPQD\ODV]RQDV
OXPEDUHVGHELHURQDFXVDUHOFRQWDFWRFRQHODVLHQWR\HOUHVSDOGRUHVSHFWLYDPHQWH
'XUDQWH DOJXQRV PLQXWRV OD DFWLWXG GH ORV OHJLRQDULRV IXH WUDQTXLOD LQFOXVR FRUUHFWD 'RV
VLJXLHURQ MXQWR DO 1D]DUHQR SHQGLHQWHV GH VX UHFXSHUDFLyQ \ HO UHVWR VH GLULJLy D XQR GH ORV
FRUULOORVTXHYRFLIHUDEDGHVGHXQDGHODVHVTXLQDVGHOSDWLR$OYHUTXHHO0DHVWURVHHQFRQWUDED
DOJRPiVWUDQTXLORQRSXGHUHVLVWLUODWHQWDFLyQ\PHDSUR[LPpWDPELpQDOFtUFXORGHOHJLRQDULRV
TXHVHQWDGRVRHQFXFOLOODVFHQWUDEDQVXDWHQFLyQHQXQDGHODVORVDVGHOSDYLPHQWR
$ODVRPDUPHSRUHQFLPDGHODVFDEH]DVGHORVVROGDGRVFRPSUREpTXHVHWUDWDEDGHXQMXHJR
XQDHVSHFLHGHWUHVHQUD\DGHVFULWR\DSRU3OXWDUFR8VDQGRVXVHVSDGDVORVPLHPEURVGH
OD JXDUQLFLyQ KDEtDQ WUD]DGR XQ FtUFXOR VREUH XQD GH DTXHOODV ORVDV JUDEDQGR WDPELpQ HQ HO
LQWHULRU GH GLFKR FtUFXOR XQD VHULH GH WRVFDV ILJXUDV \ OHWUDV 3XGH GLVWLQJXLU XQD % TXH
VHUYtDDOSDUHFHUSDUDODOODPDGDMXJDGDGHO5H\RGH%DVLOHXVHQJULHJR\XQDFRURQD
UHDO7RGDVHVWDVILJXUDVDSDUHFtDQVHSDUDGDVXQDVGHRWUDVPHGLDQWHXQDOtQHDTXH]LJ]DJXHDED
SRUHOLQWHULRUGHOFtUFXOR/RVSDUWLFLSDQWHVXWLOL]DEDQFXDWURWDEDVSUHYLDPHQWHPDUFDGDVFRQ
OHWUDV \ FLIUDV TXH HUDQ ODQ]DGDV VREUH HO FtUFXOR FDQWDQGR ODV GLIHUHQWHV MXJDGDV VHJ~Q ODV
ILJXUDVROHWUDVGRQGHDFHUWDUDQDFDHU
(OMXHJRIXHDQLPiQGRVHSDXODWLQDPHQWH\YDULRVGHORVOHJLRQDULRVFDQWDURQMXJDGDVFRPROD
GH$OHMDQGUR'DUtR\HO(IHER
3RU~OWLPRXQRGHORVMXJDGRUHVWXYRODIRUWXQDGHTXHXQRGHVXVKXHVHFLOORVIXHUDDURGDU
KDVWDODFRURQDJULWDQGRODMXJDGDGHOUH\TXHHTXLYDOtDDQXHVWURMDTXHPDWH\SRUWDQWR
DOILQDOGHOHQWUHWHQLPLHQWR
/RV VROGDGRV UHFRJLHURQ ODV WDEDV \ HO TXH KDEtD JDQDGR LQIOXLGR VHJXUDPHQWH SRU DTXHO
~OWLPRJROSHGHVXHUWHUHSDUyHQHO*DOLOHRDQLPDQGRDVXVFROHJDVDSURVHJXLUHOMXHJRSHUR
HVWDYH]FRQXQUH\GHYHUGDG/DLGHDIXHDFRJLGDFRQHQWXVLDVPR\HOJUXSRVHGLULJLyKDFLD
HOEDQFRGLVSXHVWRDGLYHUWLUVHDFRVWDGHOTXHVHKDEtDDXWRSURFODPDGRUH\GHORVPDOGLWRV\
RGLDGRVKHEUHRV
/DDXVHQFLDGH&LYLOLVKL]RGXGDUDORVTXHFXVWRGLDEDQD-HV~VSHURSURQWRVHXQLHURQDODV
FKDQ]DV\JURVHUtDVGHVXVFRPSDxHURV
'HSURQWRDTXHOODGHFHQDGHOHJLRQDULRVDEXUULGRV\GHVRFXSDGRVVHKL]RDXQODGRGDQGR
SDVRDRWURVGRVLQIDQWHV
&RQ DLUH PDUFLDO \ FRQWHQLHQGR OD ULVD DTXHOORV GRV VROGDGRV IXHURQ DSUR[LPiQGRVH DO
1D]DUHQRTXHKDEtDYXHOWRDLQFOLQDUODFDEH]DVRSRUWDQGRFRQVXKDELWXDOPXWLVPRDTXHOQXHYR
\DPDUJRWUDQFH
8QRGHORVTXHKDEtDFRPHQ]DGRDGHVILODUKDFLDHOSULVLRQHURWUDtDHQVXVPDQRVORTXHHQ
XQSULPHUPRPHQWRPHSDUHFLyXQDFHVWDGHPLPEUHDOUHYpV3HURFXDQGROOHJyDODDOWXUDGHO
*DOLOHRFRPSUHQGt1RVHWUDWDEDGHXQDFHVWDVLQRGHXQFRPSOLFDGR\HOPRWUHQ]DGRDEDVH
GH]DU]DVHVSLQRVDV7HQtDIRUPDGHPHGLDQDUDQMDFRQXQDURRVRSRUWHHQVXEDVHIRUPDGRSRU
XQPDQRMRGHMXQFRVYHUGHVSHUIHFWDPHQWHOLJDGRVSRURWUDVILEUDVLJXDOPHQWHGHMXQFR6HJ~Q
SXGH DSUHFLDU HO FDVTXHWH HVSLQRVR KDEtD VLGR HQWUHWHMLGR FRQ PHGLD GRFHQD GH UDPDV PX\
IOH[LEOHV HQ ODV TXH DSXQWDED XQ WHUURUtILFR HQMDPEUH GH S~DV UHFWDV \ HQ IRUPD GH SLFR GH
ORUR FRQ GLPHQVLRQHV TXH RVFLODEDQ HQWUH ORV PLOtPHWURV \ ORV FHQWtPHWURV
DSUR[LPDGDPHQWH>@
(VWDEDFODURTXHPLHQWUDVHOJUXHVRGHORVOHJLRQDULRVFHQWUDEDVXVEXUODVHQ-HV~VDTXHOORV
GRVLQGLYLGXRVKDEtDQHQWUDGRHQDOJXQRGHORVDOPDFHQHVGHOHxDGHODIRUWDOH]DRFXSiQGRVHHQ
ODVLQLHVWUDLGHDGHWUHQ]DUXQDFRURQDSDUDHOUH\GHORVMXGtRV
/D RFXUUHQFLD IXH UHFLELGD FRQ DSODXVRV \ ULVRWDGDV < HO TXH SRUWDED DTXHO SHOLJURVR
FDVFRGHGHOJDGDV\SDUGX]FDVUDPDVVHLQFOLQyVLPXODQGRXQDUHYHUHQFLD'HVSXpVOHYDQWyOD
FRURQDDPHGLRPHWURVREUHHOFUiQHRGHO0DHVWUREDMiQGRODYLROHQWDPHQWHHLQFUXVWiQGRODHQ
OD FDEH]D GHO UDEt 8Q DODULGR GH VDWLVIDFFLyQ VH HVFDSy GH ODV JDUJDQWDV GH OD VROGDGHVFD
DKRJDQGR HO JHPLGRGH -HV~V TXHDO FRQWDFWR FRQ ODVHVSLQDV OHYDQWyOD FDEH]DJROSHiQGRVH
LQYROXQWDULDPHQWHODUHJLyQRFFLSLWDOFRQWUDHOPXURVREUHHOTXHVHKDOODEDDGRVDGRHOEDQFR
$TXHOHQFRQWURQD]RFRQODSDUHGGHELyKXQGLUD~QPiVODVS~DVVLWXDGDVHQOD]RQDSRVWHULRUGHO
FUiQHR
(O\HOPREUXWDOPHQWHHQFDMDGRFXEULyFDVLODWRWDOLGDGGHODFDEH]DGHOUHR(ODURVREUH
HO TXH VH VXVWHQWDED OD UHG HVSLQRVD TXHGy D OD DOWXUD GH OD SXQWD GH OD QDUL] GLILFXOWDQGR
LQFOXVRODYLVLyQGHO0DHVWUR
(O DJXGR GRORU GH ODV R HVSLQDV TXH SHUIRUDURQ HO FXHUR FDEHOOXGR IUHQWH VLHQHV
RUHMDV \ SDUWH GH ODV PHMLOODV FRQPRFLRQy GH QXHYR DO +LMR GHO +RPEUH TXLHQ FRQ ORV RMRV
FHUUDGRV HQ XQ PRYLPLHQWR UHIOHMR GH SURWHFFLyQ SHUPDQHFLy GXUDQWH YDULRV VHJXQGRV FRQ OD
ERFDHQWUHDELHUWDLQWHQWDQGRLQKDODUXQPi[LPRGHDLUH
$O YHU DSDUHFHU VHLV FRSLRVRV UHJXHURV GH VDQJUH SRU VX IUHQWH \ VLHQHV WHPt TXH DTXHOODV
S~DV KXELHUDQ SHUIRUDGR OD YHQD IDFLDO TXH GLVFXUUH GHVGH OD EDUELOOD D OD ]RQD RFXODU 0H
DSUR[LPpFXDQWRSXGHDOURVWURSHURQROOHJXpDGLVWLQJXLUHVSLQDDOJXQDFODYDGDHQHOVHFWRUTXH
FUX]D GLFKD YHQD 2WUDV HQFDPELR KDEtDQSHUIRUDGR ODIUHQWH\UHJLyQPDODU GHUHFKD8QDGH
DTXHOODV S~DV HQ IRUPD GH JDQFKR KDEtD SHQHWUDGR D HVFDVRV FHQWtPHWURV GH OD FHMD L]TXLHUGD
HQHOP~VFXORRUELFXODUGDQGROXJDUDXQDLQWHQVDKHPRUUDJLDTXHFXEULyUiSLGDPHQWHHODUFR
VXSHUFLOLDULQXQGDQGRGHVDQJUHHORMRPHMLOOD\EDUED
/D SURIXVD HPLVLyQ GH VDQJUH LQGLFDED TXH ODV HVSLQDV KDEtDQ DIHFWDGR JUDYHPHQWH OD
DSRQHXURVLV HSLFUDQHDO VLWXDGD LQPHGLDWDPHQWH GHEDMR GHO FXHUR FDEHOOXGR /D UHWUDFFLyQ GH
ORV YDVRV URWRV SRU ODV HVSLQDV HQ HVWD iUHD H[WUHPDGDPHQWH YDVFXODUL]DGD VH KL]R QRWDU
FRPRGLJRGHLQPHGLDWR/DVDQJUHFRPHQ]yDIOXLUHQDEXQGDQFLDJRWHDQGRVLQFHVDUGHVGHOD
EDUEDDOSHFKR
3HURORVVROGDGRVQRFRQWHQWRVFRQHVWHEiUEDURDWHQWDGRIXHURQHQEXVFDGHOPDQWRS~USXUD
TXH KDEtD TXHGDGR VREUH HO HQORVDGR HFKiQGRVHOR VREUH ORV KRPEURV 2WUR GH ORV OHJLRQDULRV
SXVRXQDFDxDHQWUHVXVPDQRV\DUURGLOOiQGRVHH[FODPyHQWUHHOUHJRFLMRJHQHUDO
6DOYHUH\GHORVMXGtRV
/DV UHYHUHQFLDV LPSUHFDFLRQHV VDOLYD]RV \ SDWDGDV HQ ODV HVSLQLOODV GHO 1D]DUHQR
PHQXGHDURQHQWUHDTXHOODFKXVPDFDGDYH]PiVGLYHUWLGDFRQVXVXOWUDMHV8QRGHORVVROGDGRV
SLGLySDVR\FRORFDQGRVXVQDOJDVDHVFDVRVFHQWtPHWURVGHOURVWURGH-HV~VVHOHYDQWyODW~QLFD
FRPHQ]DQGRDYHQWRVHDUFRQJUDQHVWUpSLWRSURYRFDQGRQXHYDVHKLULHQWHVULVRWDGDV
(O MROJRULR GH OD VROGDGHVFD VH YLR V~ELWDPHQWH FRUWDGR SRU OD SUHVHQFLD GHO JLJDQWHVFR
/XFLOLRDWUDtGRVLQGXGDSRUHOFRQVWDQWHDOERURWRGHVXVKRPEUHV2EVHUYyODHVFHQDHQVLOHQFLR
\FRQXQDVRQULVDGHFRPSOLFLGDGVHVLWXyIUHQWHDOUHR/RVOHJLRQDULRVLQWULJDGRVJXDUGDURQ
VLOHQFLR<HOFHQWXULyQOHYDQWDQGRVXIDOGHOOtQFRPHQ]yDRULQDUVHVREUHODVSLHUQDVSHFKR\
URVWURGH-HV~VGH1D]DUHW
$TXHOODQXHYDLQMXULDDUUDVWUyDORVURPDQRVDXQDHVWUHSLWRVD\FROHFWLYDFDUFDMDGDTXHVH
SURORQJDUtDLQFOXVRKDVWDGHVSXpVTXHHORILFLDOKXELHUDFRQFOXLGRVXPLFFLyQ
0LFRUD]yQVHVLQWLyHQWRQFHVWDQDEUXPDGR\KHULGRFRPRVLDTXHOODVRIHQVDVKXELHUDQVLGR
KHFKDVDPLSURSLDSHUVRQD$EDWLGRPHUHFRVWpVREUHODSDUHGGHOSyUWLFRFRQXQVRORGHVHR
YHUDSDUHFHUD&LYLOLV
3RUXQDYH]PLVGHVHRVVHYLHURQFXPSOLGRV(OFRPDQGDQWHGHODVIXHU]DVOHJLRQDULDVKL]RVX
HQWUDGD HQ HO SDWLR FHQWUDO GH OD IRUWDOH]D $QWRQLD HQ HO PRPHQWR HQ TXH XQR GH DTXHOORV
GHVDOPDGRVDUUDQFDEDODFDxDGHHQWUHODVPDQRVGHO1D]DUHQRDVHVWiQGROHXQIXHUWHJROSHVREUH
HO\HOPRGHHVSLQDV
/DVULVRWDGDV\ORVOHJLRQDULRVGHVDSDUHFLHURQDOLQVWDQWHDQWHODV~ELWDOOHJDGDGH&LYLOLV
&XDQGR HO FHQWXULyQ LQWHUURJy D ORV JXDUGLDQHV VREUH DTXHO QXHYR HVFDUQLR ORV VROGDGRV VH
HQFRJLHURQKRPEURVKDFLHQGRUHVSRQVDEOHVDVXVFRPSDxHURV3HURpVWRVFRPRGLJRVHKDEtDQ
GHVSHUGLJDGRHQWUHODVFROXPQDV\HOSDWLR
9LVLEOHPHQWHGLVJXVWDGRSRUODLQGLVFLSOLQDGHVXVKRPEUHVHORILFLDORUGHQyDORVLQIDQWHV
TXHSXVLHUDQHQSLHDOFRQGHQDGR\TXHOHVLJXLHUDQ$VtORKLFLHURQ\-HV~VGH1D]DUHWDOJRPiV
UHSXHVWRDXQTXHVRPHWLGRDFRQVWDQWHVHVFDORIUtRVFRPHQ]yDFDPLQDUKDFLDHOW~QHODUUDVWUDQGR
SUiFWLFDPHQWHVXSLHUQDL]TXLHUGD
$ VX ODGR \ SHQGLHQWHV GHO *DOLOHR DYDQ]DURQ WDPELpQ RWURV WUHV VROGDGRV TXH QR VH
VHSDUDUtDQ\DGHOUHRKDVWDHOPRPHQWRGHVXUHWRUQRDOHVFHQDULRGHODIODJHODFLyQ
(UDQODVGHODPDxDQD
(OVROFDGDYH]PiVDOWRLOXPLQyODJLJDQWHVFDILJXUDGH-HV~VDOVDOLUGHO3UHWRULR$OYHUOH
OD PXOWLWXG TXH DJXDUGDED IUHQWH D ODV HVFDOLQDWDV GHMy HVFDSDU XQ PXUPXOOR LQHYLWDEOHPHQWH
VRUSUHQGLGDSRUHOODPHQWDEOHDVSHFWRGHOUHR
/D HVFROWD VH GHWXYR HQ PLWDG GH OD WHUUD]D D OD L]TXLHUGD GH OD VLOOD HQ OD TXH HVSHUDED
3RQFLR (VWH DO YHU HO FDVFR GH HVSLQDV VREUH HO FUiQHR GHO 0DHVWUR VH UHYROYLy QHUYLRVR H
LQGLJQDGRKDFLD&LYLOLVLQWHUURJiQGROHPLHQWUDVVHxDODEDFRQVXGHGRtQGLFHKDFLDODFDEH]DGHO
UDEt,JQRURTXpSXGRGHFLUOHHOFHQWXULyQ0LDWHQFLyQKDEtDTXHGDGRSUHQGLGDHQHO*DOLOHR$O
GHWHQHUVH IUHQWH D OD PXOWLWXG -HV~V HQFRUYDGR \ FRQ ORV GHGRV HQWUHOD]DGRV LQWHQWDQGR
GRPLQDUDVtODLQWHQVDWLULWRQDTXHOHFRQVXPtDSHUFLELyHQVHJXLGDODFiOLGDSUHVHQFLDGHOVRO
< PX\ GHVSDFLR FRPR WUDWDQGR GH DEVRUEHU OD GXOFH FDULFLD GH ORV UD\RV IXH OHYDQWDQGR HO
URVWURKDVWDVLWXDUORIUHQWHDOGLVFRVRODU'XUDQWHHVFDVRVVHJXQGRVVXVSURIXQGDVRMHUDV\OD
FDWDUDWDGHVDQJUHTXHRFXOWDEDVXFDUDVHKLFLHURQSHUIHFWDPHQWHYLVLEOHVDWRGRHOJHQWtR3HUR
DO DO]DU OD FDEH]D ODV S~DV WURSH]DURQ HQ HO DUUDQTXH GH OD HVSDOGD SHUIRUDQGR OD QXFD
QXHYDPHQWH<HOGRORUOHREOLJyDEDMDUHOURVWUR
-XDQ =HEHGHR SDUDOL]DGR DQWH DTXHO WUiJLFR FDPELR GH VX 0DHVWUR UHDFFLRQy DO ILQ \
VROWDQGRHOEUD]RGH-RVpGH$ULPDWHDVHSUHFLSLWyKDFLD-HV~VDUURGLOOiQGRVH\OORUDQGRDORV
SLHV GHO UDEt /RV OHJLRQDULRV LQWHUURJDURQ DO FHQWXULyQ FRQ OD PLUDGD GLVSXHVWRV D UHWLUDU DO
MRYHQDPLJRGHOSULVLRQHURSHUR&LYLOLVH[WHQGLHQGRVXPDQRL]TXLHUGDLQGLFyTXHOHGHMDUDQ
'XUDQWH DOJXQRV PLQXWRV WDQWR 3LODWR FRPR OD PXFKHGXPEUH VH YLHURQ VREUHFRJLGRV SRU HO
GHVFRQVRODGROODQWRGHOPXFKDFKR<XQUHVSHWXRVRVLOHQFLRUHLQyHQHOSDWLR
(O 0DHVWUR LQWHQWy SRU GRV YHFHV LQFOLQDUVH KDFLD -XDQ WUDWDQGR GH DSUR[LPDU VXV
WHPEORURVDV\HQVDQJUHQWDGDVPDQRVKDFLDHOGLVFtSXORPiVDPDGRSHURODWUDPSDGHHVSLQRV\
ODULJLGH]GHOLPSURYLVDGRYHQGDMHVHORLPSLGLHURQ
$TXHO QXHYR JHVWR GH YDOHQWtD GHO GLVFtSXOR \ HO GHUURWDGR VHPEODQWH GHO 1D]DUHQR
FRQPRYLHURQVLQGXGDDOSURFXUDGRU<OHYDQWiQGRVHGHVXVLOODGLRXQRVFRUWRVSDVRVKDFLDHO
ILORGHODHVFDOLQDWD'HVSXpVVHxDODQGRD-HV~V\VLQSHUGHUGHYLVWDD&DLIiV\DORVVDGXFHRV
H[FODPyWUDWDQGRGHPRYHUODSLHGDGGHORVDFXVDGRUHV
$TXt WHQpLV DO KRPEUH 'H QXHYR RV GHFODUR TXH QR OH HQFXHQWUR FXOSDEOH GH QLQJ~Q
FULPHQ'HVSXpVGHFDVWLJDUOHTXLHURGDUOHODOLEHUWDG
3LODWR XQD YH] PiV VH HTXLYRFDED< DXQTXH OD PXFKHGXPEUH QR VH DWUHYLy D UHSOLFDU HO
VXPRVDFHUGRWH\VXVKRPEUHVVLUHVSRQGLHURQHQWRQDQGRHOFRQRFLGR&UXFLItFDOH
<SRFRDSRFRODPXOWLWXGIXHXQLpQGRVHDODVPDQLIHVWDFLRQHVGHORVVDQHGULWDVFRUHDQGR
VLQSLHGDG
&UXFLItFDOH&UXFLItFDOH
3RQFLRGHFHSFLRQDGRUHJUHVyDOWULEXQDO\HVSHUyDTXHHOJHQWtRVHDSDFLJXDUD(OYLHQWR
FDGDYH]PiVFiOLGR\PROHVWRKDEtDHPSH]DGRDOHYDQWDUJUDQGHVWRUEHOOLQRVGHSROYRTXHHUDQ
DUUDVWUDGRV GHVGH HO (VWH D]RWDQGR FDGD YH] FRQ PD\RU GXUH]D DTXHOOD DOD QRUWH GH OD 7RUUH
$QWRQLD &LYLOLV FDSWy GH LQPHGLDWR DTXHO FDPELR DWPRVIpULFR \ WUDV FRPSUREDU FyPR ORV
FHQWLQHODVGHYLJLODQFLDHQORVWRUUHRQHVGHODPXUDOODSURFXUDEDQUHIXJLDUVHGHOYLHQWRUDFKHDGR
PHPLUyILMDPHQWHUHFRUGiQGRPHFRQVXURVWURJUDYHHOSUHVDJLRTXHOHKDEtDKHFKRHVDPLVPD
PDxDQD<RDVHQWtFRQXQPRYLPLHQWRGHFDEH]D
3HUR QXHVWUR VLOHQFLRVR GLiORJR VH YLR LQWHUUXPSLGR SRU OD YR] GHO SURFXUDGRU 8QD YH]
FDOPDGD OD WXUED 3RQFLR FRQ VX PDQR GHUHFKD DSODVWDQGR HO SHOXTXtQ JUDYHPHQWH
FRPSURPHWLGR SRU HO LQFLSLHQWH VLURFR KDEOy D ORV KHEUHRV FRQ XQ LQFRQIXQGLEOH WLQWH GH
GHVDOLHQWRHQVXVSDODEUDV
5HFRQR]FRSHUIHFWDPHQWHTXHRVKDEpLVGHFLGLGRSRUODPXHUWHGHHVWHKRPEUH3HURTXp
KDKHFKRSDUDPHUHFHUVXFRQGHQD"4XLpQTXLHUHGHFODUDUVXFULPHQ"
&DLIiV FRQJHVWLRQDGR SRU OD LUD VXELy ODV HVFDOHUDV \ WUDV HVFXSLU VREUH -HV~V VH HQFDUy
FRQHOJREHUQDGRUJULWiQGROH
7HQHPRVXQDOH\VDJUDGDSRUODTXHHVWHKRPEUHGHEHPRULUeOPLVPRKDGHFODUDGRVHUHO
+LMRGH'LRV%HQGLWRVHDVXQRPEUH
<JLUDQGRODFDEH]DKDFLDHOFDEL]EDMRUHRYROYLyDODQ]DUOHRWURVDOLYD]R
(OSURFXUDGRUPLUyD-HV~VFRQXQV~ELWRPLHGR/DVDQJUHVHJXtDJRWHDQGRGHVGHVXIUHQWH
PDQFKDQGRHOPDQWRGH-XDQTXLHQDUURGLOODGR\DEUD]DGRDORVSLHVGHVX0DHVWURQRSDUHFtD
SUHVWDUDWHQFLyQDOJXQDDORTXHHVWDEDRFXUULHQGR
&DLIiVUHWRUQyFRQSDVRGHFLGLGRDODFDEH]DGHODPXOWLWXG\3RQFLRFRQODID]SiOLGD\ORV
FDEHOORVHQGHVRUGHQJROSHyORVEUD]RVGHODVLOODFRQDPEDVSDOPDVRUGHQDQGRD&LYLOLVTXH
OOHYDUDDOJDOLOHRDOLQWHULRUGHVXUHVLGHQFLD
/RV OHJLRQDULRV KLFLHURQ JLUDU DO UDEt FRQGXFLpQGROH QXHYDPHQWH DO KDOO 6LJXLHQGR XQ
LPSXOVR PH DJDFKp VREUH -XDQ DQLPiQGROH D TXH VH LQFRUSRUDUVH \ D TXH FHVDVH HQ VX OODQWR
'HVSXpVSDVDQGRPLEUD]RVREUHVXVKRPEURV\DSUHWDQGRVXFDUDFRQWUDPLSHFKROHOOHYpDO
LQWHULRUGHO3UHWRULR
3LODWR FRQ ODV PDQRV D OD HVSDOGD KDEtD HPSH]DGR D GDU FRUWRV SDVHRV SRU HO FHQWUR GHO
YHVWtEXOR0LHQWUDVWDQWR&LYLOLV\ORVVROGDGRVDJXDUGDEDQDHVFDVDGLVWDQFLDGHODSXHUWD$O
YHUPH HO SURFXUDGRU LQWHUUXPSLy VXV QHUYLRVRV SDVRV \ GLULJLpQGRVH KDFLD Pt PH LQWHUURJy HQ
YR]EDMDFRPRVLWHPLHUDTXHSXGLHUDQRtUOH-DVyQW~FUHHVGHYHUGDGTXHHVWHJDOLOHRSXHGH
VHUXQGLRVGHVFHQGLGRDOD7LHUUDFRPRODVGLYLQLGDGHVGHO2OLPSR"
/RVRMRVFODURVGHOURPDQRFKLVSHDEDQ\VHDJLWDEDQSUHVDGHXQPLHGRVXSHUVWLFLRVR\HQ
PL RSLQLyQ FDGD YH] PiV SURIXQGR 3HUR 3RQFLR QR HVSHUy PL SRVLEOH UHVSXHVWD 'HVSXpV GH
DOLVDUVHHOSRVWL]RGLRPHGLDYXHOWDDFHUFiQGRVHDO0DHVWUR
<FRQYR]WHPEORURVDOHIRUPXOyODVVLJXLHQWHVSUHJXQWDV
'HGyQGHYLHQHV"4XLpQHUHVHQUHDOLGDG"3RUTXpGLFHQTXHHUHVHO+LMRGH'LRV"
(O 1D]DUHQR OHYDQWy VX URVWUR OHYHPHQWH SRVDQGR XQD PLUDGD OOHQD GH SLHGDG VREUH DTXHO
MXH]GpELO\DFRUUDODGRSRUVXVSURSLDVGXGDV3HURORVWHPEORURVRVODELRVGH-HV~VQROOHJDURQD
DUWLFXODUSDODEUDDOJXQD
3LODWRFDGDYH]PiVGHVFRPSXHVWRLQVLVWLy
(V TXH WH QLHJDV D UHVSRQGHU" 1R FRPSUHQGHV TXH WRGDYtD WHQJR SRGHU VXILFLHQWH SDUD
OLEHUDUWHRFUXFLILFDUWH"
$OHVFXFKDUDTXHOODVDPHQD]DQWHVDGYHUWHQFLDVHO*DOLOHRUHSXVRDOILQFRQXQKLORGHYR]
1RWHQGUtDVSRGHUVREUHPtVLQHOSHUPLVRGHDUULED
/D H[WUHPD GHELOLGDG GHO 0DHVWUR KL]R TXH VXV SDODEUDV OOHJDUDQ PX\ PHUPDGDV KDVWD ORV
RtGRVGHOSURFXUDGRU<pVWHDSUR[LPiQGRVHFXDQWROHIXHSRVLEOHKDVWDORVSODVWRQHVURML]RVTXH
KDEtDQTXHGDGRSUHQGLGRVHQVXEDUED\ELJRWHOHSLGLyTXHUHSLWLHVH
&yPRGLFHV"
1RSXHGHVHMHUFHUQLQJXQDDXWRULGDGVREUHHO+LMRGHO+RPEUHDxDGLy-HV~VKDFLHQGR
XQHVIXHU]RDPHQRVTXHHO3DGUHFHOHVWLDOWHORFRQVLHQWD
3RQFLR VH HFKy DWUiV FRQ ORV RMRV GHVHQFDMDGRV SRU HO GHVFRQFLHUWR 3HUR HO 1D]DUHQR QR
KDEtDWHUPLQDGR
3HUR W~ QR HUHV WRWDOPHQWH FXOSDEOH \D TXH LJQRUDV HO HYDQJHOLR $TXHO TXH PH KD
WUDLFLRQDGR\HQWUHJDGRDWLKDFRPHWLGRHOPD\RUGHORVSHFDGRV
(O URPDQR VDEtD GH VREUD D TXLpQ VH UHIHUtD HO SULVLRQHUR \ DTXHOOD LQHVSHUDGD FRQIHVLyQ
GHVFDUJDQGR HQ SDUWH D 3RQFLR GH VX UHVSRQVDELOLGDG SDUHFLy DOLYLDUOH VREUHPDQHUD (O
JREHUQDGRU VH ROYLGy GH VXV SUHJXQWDV \ HVER]DQGR XQD VRQULVD GH DJUDGHFLPLHQWR VDOLy D OD
WHUUD]D/DHVFROWDVHGLVSXVRDVHJXLUOHSHURHO1D]DUHQRGLULJLpQGRVHD-XDQFRORFyVXPDQR
VREUHODFDEH]DGHOGLVFtSXORKDFLpQGROHXQ~OWLPRUXHJR
-XDQQRSXHGHVKDFHUQDGDSRUPt9HWHFRQPLPDGUH\WUiHODSDUDTXHPHYHDDQWHVGH
TXHPXHUD
&LYLOLVHVFXFKyWDPELpQDTXHOODVGRORURVDVSDODEUDVHLQWX\HQGRHOIDWDOGHVHQODFHDQLPyD
-XDQ =HEHGHR SDUD TXH FXPSOLHUD DTXHOOD ~OWLPD YROXQWDG GHO *DOLOHR VLQ SpUGLGD GH WLHPSR
6ROWpDOPXFKDFKR\GLVLPXODQGRPLDQJXVWLDDVHQWtFRQODFDEH]DUDWLILFDQGRODQREOHLQWHQFLyQ
GHOFHQWXULyQ-XDQFUX]yHOXPEUDOGHO3UHWRULRSHUGLpQGRVHHQWUHODPXOWLWXG3UHYLDPHQWHHO
RILFLDORUGHQyDXQRGHVXVKRPEUHVTXHDFRPSDxDUDDODSyVWROKDVWDODVSXHUWDVGHODPXUDOOD
D\XGiQGROHDIUDQTXHDUHOSDVR
$O UHJUHVDU D OD WHUUD]D 3RQFLR PXFKR PiV DQLPDGR SRU ODV UHFLHQWHV IUDVHV GHO UHR
KDEtDHPSH]DGRDKDEODUDODPXFKHGXPEUH(OWRQRGHVXYR]GHQRWDEDXQILUPHGHVHRGHOLEHUDU
D-HV~V(OURVWURGH-RVpGH$ULPDWHDYROYLyDLOXPLQDUVHSRUODHVSHUDQ]DHLQFOXVR-XGDVTXH
KDEtDVLGRXQRGHORVSRFRVTXHQRVHKDEtDXQLGRDORVJULWRVGHFUXFLIL[LyQSDUHFLyDOLYLDGR
SRUODGHFLGLGDDFWLWXGGHOSURFXUDGRU
(VWR\ FRQYHQFLGR TXH HVWH KRPEUH DQXQFLy 3LODWR KD IDOWDGR VRODPHQWH D OD
UHOLJLyQSRUORTXHGHEHVHUGHWHQLGR\VRPHWLGRDYXHVWUDVSURSLDVOH\HV3RUTXpHVSHUiLV
TXHOHFRQGHQHDPXHUWHSRUHVWDUHQFRQIOLFWRFRQYXHVWUDVWUDGLFLRQHV"
(O LQHVSHUDGR FDPELR GHO JREHUQDGRU GH 5RPD H[DVSHUy ORV iQLPRV GH ORV VDGXFHRV TXH
IRUPDURQXQFRUURGLVFXWLHQGRDFDORUDGDPHQWH3LODWRVXPDPHQWHFRPSODFLGRDQWHODFULVSDFLyQ
JHQHUDOGHORVVDFHUGRWHVVHVHQWyHQODVLOODWUDQVSRUWDEOHKDFLHQGRXQJXLxRD&LYLOLV3HUR
DQWHVGHTXHHOSURFXUDGRUSXGLHUDWHUPLQDUGHVDERUHDUDTXHOHItPHURWULXQIR&DLIiVSiOLGR\
FRQ ORV RMRV LQ\HFWDGRV HQ VDQJUH YROYLy D VXELU ODV HVFDOHUDV \ DPHQD]DQGR D 3RQFLR FRQ VX
PDQRL]TXLHUGDOHVROWyDTXHPDUURSD
6LVXHOWDVDHVWHKRPEUHW~QRHUHVDPLJRGHO&pVDU
/D FyOHUD GHO VXPR VDFHUGRWH HUD WDO TXH VX YROXPLQRVR YLHQWUH FRPHQ]y D VXELU \ EDMDU
DUUDVWUDGRSRUVXDJLWDGDUHVSLUDFLyQ$TXHOODVHQWHQFLDGH&DLIiVKL]RSDOLGHFHUD3RQFLR
< WUDWDUp SRU WRGRV ORV PHGLRV UHPDFKy HO DVWXWR \HUQR GH$QiV GH TXH HO HPSHUDGRU
WHQJD FRQRFLPLHQWR GH HOOR &RQRFLHQGR FRPR FRQRFtD HO SURFXUDGRU OD ROHDGD GH GHODFLRQHV
DUUHVWRV \ HMHFXFLRQHV TXH VH KDEtD FHUQLGR HQ DTXHOORV ~OWLPRV PHVHV VREUH HO LPSHULR HO
IXOPLQDQWH XOWLPiWXP GH &DLIiV WHUPLQy SRU GHVDUPDUOH$TXHOOR LQGXGDEOHPHQWH IXH XQ JROSH
EDMR 7LEHULR \ PiV FRQFUHWDPHQWH HO WHPLGR 6HMDQR \D KDEtDQ WHQLGR QRWLFLD GH ODV GRV
UHYXHOWDVSURYRFDGDVSRUODLQWUDQVLJHQWHSRVWXUDGH3LODWRXQDPRWLYDGDSRUODFRORFDFLyQGH
ORVHPEOHPDVHLQVLJQLDVGHOHPSHUDGRUHQPLWDGGH-HUXVDOpQ\ODVHJXQGDSRUODH[SURSLDFLyQ
LQGHELGDGHOWHVRURGHOWHPSORSDUDODFRQVWUXFFLyQGHXQDFXHGXFWR\DPERVVXFHVRVOHKDEtDQ
YDOLGRVHQGDVDPRQHVWDFLRQHV6LHOLQIOH[LEOHJHQHUDOGHODJXDUGLDSUHWRULDQDTXHRFXSDEDHO
SXHVWR GHO &pVDU YROYtD D UHFLELU LQTXLHWDQWHV QRWLFLDV VREUH OD FRQGXFWD GH VX KRPEUH GH
FRQILDQ]DHQDTXHOODSURYLQFLDODFDUUHUDSROtWLFDGH3RQFLRSRGtDYHUVHVHULDPHQWHDOWHUDGD'H
KHFKRSRFRWLHPSRGHVSXpVGHODPXHUWHGH-HV~VGH1D]DUHWHOSURFXUDGRUFDHUtDHQXQQXHYR
HUURUSROtWLFRTXHSUHFLSLWyVXILQ>@
(O VXPR VDFHUGRWH DGHPiV VH KDEtD UHIHULGR LQWHQFLRQDGDPHQWH D VX WtWXOR GH DPLJR GHO
&pVDU < DTXHOOD UHIHUHQFLD KXPLOOy D~Q PiV OD YROXQWDG GHO MXH] URPDQR $XQTXH 3RQFLR
3LODWRLQGXGDEOHPHQWHHUDFRQRFLGR\DPLJRGH7LEHULRODDOXVLyQGH&DLIiVOOHYDEDGLQDPLWD
(OMHIHGHORVVDFHUGRWHVVDEtDTXHHOJREHUQDGRUHUDPLHPEURGHORUGHQHFXHVWUHRVWHQWDQGR
HO WtWXOR GHDHTXHVLOOXVWULRU \ OD GLJQLGDG GH DPLJR GHO &pVDU HV GHFLU XQD PX\ HVSHFLDO
GLVWLQFLyQ $TXHO SULYLOHJLR SUHFLVDPHQWH KDFtD D~Q PiV GHOLFDGD VX VLWXDFLyQ GH FDUD D OD
F~SXODGHO,PSHULR(O6DQHGUtQWHQtDPHGLRVSDUDKDFHUOOHJDUD6HMDQR\D7LEHULRHQODLVODGH
&DSULVXVTXHMDVVREUHORTXHFRQVLGHUDEDQXQDQXHYDLUUHJXODULGDGGHOSURFXUDGRU<3RQFLROR
VDEtD
(QPLRSLQLyQHVWDDVWXWDPDQLREUDILQDOGHVPRUDOL]yD3RQFLRTXLHQYDFtRGHXQHVWULFWR
VHQWLGRGHODMXVWLFLD\VLQWLHPSRSDUDUHIOH[LRQDUIUtDPHQWHFHGLy&RQIXQGLGR\VLQFRQWUROVH
LQFRUSRUyGHODVLOODFXUXO\VHxDODQGRD-HV~VGLMRVDUFiVWLFDPHQWH
+HDTXtYXHVWURUH\
&DLIiV \ ORV MXHFHV KHEUHRV VDEtDQ TXH DFDEDEDQ GH KHULU GH PXHUWH ORV SURSyVLWRV GHO
URPDQR\DQLPDQGRQXHYDPHQWHDODPXOWLWXGUHVSRQGLHURQD3LODWR
$FDEDFRQpO&UXFLItFDOH&UXFLItFDOH
(OJREHUQDGRUVHGHMyFDHUVREUHVXDVLHQWR\SUiFWLFDPHQWHVLQIXHU]DVH[FODPy
9R\DFUXFLILFDUDYXHVWURUH\"
8QR GH ORV VDGXFHRV VH VLWXy VREUH HO VHJXQGR HVFDOyQ \ JULWy VHxDODQGR OD IDFKDGD GHO
3UHWRULR
1RWHQHPRVPiVUH\TXHD&pVDU
3LODWRHUDFRQVFLHQWHGHDTXHOODKLSyFULWDDILUPDFLyQSHURQRVHDWUHYLyDUHSOLFDU/ODPyD
&LYLOLV \ GHVSXpV GH LQWHUFDPELDU XQDV IUDVHV FRQ VX SULPHU RILFLDO DQXQFLy D ORV MXGtRV VX
LQWHQFLyQGHVROWDUD%DUUDEiV
(OSRSXODFKRDSODXGLyODGHFLVLyQGHOJREHUQDGRU3HUR3RQFLRDMHQRDHVWHUHFRQRFLPLHQWR
SLGLyTXHOHWUDMHUDQXQDMRIDLQDFRQDJXD(OFHQWXULyQDORtUD3RQFLRPRVWUyVXH[WUDxH]D3HUR
REHGHFLy RUGHQDQGR D XQR GH ORV OHJLRQDULRV TXH VH GLHUD SULVD HQ FXPSOLU ORV GHVHRV GHO
SURFXUDGRU&UHRTXHVDOYR3LODWR\\RPLVPRQLQJXQRGHORVSUHVHQWHVVDEtDFRQTXpLQWHQFLyQ
KDEtDVROLFLWDGRHOURPDQRDTXHOUHFLSLHQWH
-HV~VFRQODFDEH]DLQFOLQDGD\YtFWLPDGHODFDOHQWXUDDVLVWLyHQVLOHQFLRDDTXHOOD~OWLPD
SDUWHGHOGHEDWHGLDOpFWLFRHQWUHORVMXGtRV\HOUHSUHVHQWDQWHGHO&pVDU
&XDQGR HO VROGDGR UHJUHVy D OD WHUUD]D SRUWDQGR XQD DQFKD YDVLMD GH EDUUR UHERVDQWH GH
DJXD VH VLWXy IUHQWH D 3RQFLR \ HVSHUy (O SURFXUDGRU LQWURGXMR VXV UHJRUGHWDV PDQRV HQ HO
UHFLSLHQWH IURWiQGRODV GXUDQWH XQRV VHJXQGRV $ FRQWLQXDFLyQ DQWH OD DWyQLWD PLUDGD GHO
FHQWXULyQGHVXVOHJLRQDULRV\GHODPXOWLWXGRUGHQyDOVROGDGRTXHVHUHWLUDUD<OHYDQWDQGRORV
EUD]RVSRUHQFLPDGHVXFDEH]DJULWyGHIRUPDTXHWRGRVSXGLHUDQRtUOHFRQQLWLGH]
6R\LQRFHQWHGHODVDQJUHGHHVWHKRPEUH(VWiLVGHFLGLGRVDTXHPXHUD"3XHVELHQ
SRUPLSDUWHQROHHQFXHQWURFXOSDEOH
(OJHQWtRYROYLyDDSODXGLUDOWLHPSRTXHVHHVFXFKDEDODYR]GHRWURGHORVVDQHGULWDV
4XHVXVDQJUHFDLJDHQQRVRWURV\VREUHQXHVWURVKLMRV
< OD PXOWLWXG FRUHy XQ VROR KRPEUH FRUHy DTXHOOD WUiJLFD VHQWHQFLD LJQRUDQWH GH ODV
JUDYtVLPDVKRUDVTXHYLYLUtDODFLXGDGVDQWDDxRVPiVWDUGH\HQODVTXHMXVWDPHQWHODVDQJUH
GH PXFKRV GH DTXHOORV KHEUHRV \ OD GH VXV KLMRV VHUtD GHUUDPDGD SRU ODV OHJLRQHV GH 7LWR
$XQTXHD SULPHUDYLVWD ODDXWRMXVWLILFDFLyQ GHOVDGXFHR\GHOSRSXODFKRSXGLHUDQSDUHFHUXQD
VLPSOHPDQLIHVWDFLyQHPRFLRQDOSURSLDGHDTXHOORVPRPHQWRVGHRGLR\FHJXHUDODYHUGDGHV
TXH OD FLWDGD DILUPDFLyQ HQFHUUDED XQ VLJQLILFDGR PXFKR PiV SURIXQGR \ WUDVFHQGHQWDO /RV
MXHFHVLJQRURVLVXFHGtDORPLVPRFRQDTXHOODPDVDKXPDQDLQFXOWD\YRFLIHUDQWHFRQRFtDQ
PX\ ELHQ OR TXH GHFtD OD OH\ PRVDLFD D HVWH UHVSHFWR /D0LVQi HQ VX 2UGHQ &XDUWR
HVSHFLILFD WH[WXDOPHQWH TXH HQ ORV SURFHVRV GH SHQD FDSLWDO OD VDQJUH GHO UHR \ OD VDQJUH GH
WRGDVXGHVFHQGHQFLDSHQGHUiVREUHHOIDOVRWHVWLJRKDVWDHOILQGHOPXQGR
2WUDGHODVWUDGLFLRQHVMXGtDVDILUPDWDPELpQTXHWRGRDTXHOTXHGHVWUX\HUHXQDVRODYLGDHQ
,VUDHOOD(VFULWXUDVHORFRPSXWDFRPRVLKXELHUDGHVWUXLGRWRGRXQPXQGR\WRGRDTXHOTXHGHMD
VXEVLVWLUDXQDSHUVRQDHQ,VUDHOOD(VFULWXUDVHORFRPSXWDFRPRVLGHMDUDVXEVLVWLUDXQPXQGR
HQWHUR
/RV VDQHGULWDV SRU WDQWR HUDQ SOHQDPHQWH FRQVFLHQWHV GHO YDORU \ GH OD JUDYHGDG GH VX
VHQWHQFLDSLGLHQGRTXHODVDQJUHGH-HV~VFD\HUDVREUHHOORV\VREUHVXGHVFHQGHQFLD
3LODWR VHFy VXV PDQRV FRQ OD SDUWH LQIHULRU GHO PDQWR \ GDQGR OD HVSDOGD D &DLIiV \ D OD
PXFKHGXPEUH VDOXGy DO 1D]DUHQR FRQ HO EUD]R HQ DOWR ,QPHGLDWDPHQWH DO WLHPSR TXH VH
HQFDPLQDEDKDFLDODSXHUWDGHO3UHWRULRYROYLyVXURVWURKDFLD&LYLOLVGLFLpQGROH
2FXSDRVGHpO
< ORV OHJLRQDULRV FRQ HO FHQWXULyQ D OD FDEH]D VLJXLHURQ ORV SDVRV GHO SURFXUDGRU
UHWLUiQGRVHGHODWHUUD]D
/DVXHUWHKDEtDVLGRHFKDGD
$SDUWLUGHDTXHOORVPRPHQWRVORVKHFKRVVHVXFHGLHURQHQPLWDGGHXQDJUDQFRQIXVLyQ3RU
XQ ODGR \R SHUGt GH YLVWD D -XDQ =HEHGHR \ D -RVp GH$ULPDWHD \ SRU VXSXHVWR D WRGRV ORV
VHJXLGRUHV\VLPSDWL]DQWHVGHO0DHVWUR6yORGHVSXpVGHDEDQGRQDUODIRUWDOH]D$QWRQLDORJUDUtD
HQWUHYLVWDUPHGHQXHYRFRQHODQFLDQR-RVp\DQLPDUOHDTXHVLJXLHUDGHFHUFDODGHFLVLYDYLVLWD
GH-XGDV,VFDULRWHDODVHGHGHO6DQHGUtQ<GLJRGHFLVLYDSRUTXHFRPRWHQGUpRSRUWXQLGDGGH
UHODWDUODVFLUFXQVWDQFLDVTXHURGHDURQ\DFRUUDODURQDOWUDLGRUIXHURQPiVFRPSOHMDV\H[WHQVDV
GHFyPRIXHURQGHVFULWDVSRUORVHYDQJHOLVWDV
/D HVFROWD TXH URGHDED D -HV~V WRPy HO FDPLQR GHO W~QHO GHVHPERFDQGR QXHYDPHQWH HQ HO
SDWLR SRUWLFDGR 3LODWR DQWH PL VRUSUHVD VH KDOODED SUHVHQWH FXDQGR ORV OHJLRQDULRV VH
GHWXYLHURQMXQWRDODIXHQWH(OSURFXUDGRUWHQtDSULVDSRUDFDEDUFRQDTXHOIDVWLGLRVRDVXQWR\
XUJLyD&LYLOLVSDUDTXHHOUHRIXHUDWUDVODGDGRGHLQPHGLDWRDOOXJDUGHODHMHFXFLyQ$OSDUHFHU
\GHVSXpVGHODS~EOLFDGHUURWDVXIULGDSRUHOJREHUQDGRUIUHQWHDORVGLJQDWDULRVGHO6DQHGUtQVX
SURSyVLWRGHUHJUHVDUD&HVDUHDVHKDEtDFRQYHUWLGRSRFRPHQRVTXHHQXQDREVHVLyQ3RQFLRHUD
FRQVFLHQWHGHTXHDFDEDEDGHFRPHWHUXQDWURSHOOR\QRWXYRYDORUSDUDPLUDUVLTXLHUDD-HV~V
(OFHQWXULyQFDPELyLPSUHVLRQHVFRQYDULRVGHVXVRILFLDOHV\ILQDOPHQWHIXHGHVLJQDGRXQ
WDO/RQJLQRXQYHWHUDQRVROGDGRQDWXUDOGH7~VFXORFLXGDGHQFODYDGDHQORVPRQWHV$OEDQRV\
SDLVDQR\DPLJRGHOTXHIXHUDVHQDGRUGHOHPSHUDGRU$XJXVWR6XOSLFLXV4XLULQLXV >@-XQWRD
HVWH OHJDGR /RQJLQR KDEtD FRPEDWLGR SUHFLVDPHQWH HQ OD JXHUUD FRQWUD ORV KRPRQDGHQVHV XQD
WULEXOHYDQWLVFDTXHKDELWDEDHQODFRUGLOOHUDGHO7DXURHQODDFWXDO$VLD0HQRU(UDDMX]JDU
SRU VXV PRGDOHV KRPEUH SDUFR HQ SDODEUDV GH PLUDGD FiOLGD \ GLUHFWD \ EXHQ FRQRFHGRU GH
DTXHOODVJHQWHV\GHODWLHUUD(QDTXHOORVPRPHQWRVJUDFLDVDVXYDORU\SUREDGDKRQHVWLGDG
KDEtDDOFDQ]DGRHOJUDGRGHTXDUWXVSULQFHSVSRVWHULRURFHQWXULyQGHODVHJXQGDFHQWXULDGHO
VHJXQGRPDQtSXORGHODFXDUWDFRKRUWH3RUVXHGDGSRVLEOHPHQWHURQGDUtDORVRDxRV
GHEtDHVWDUDSXQWRGHFHVDUHQHOVHUYLFLR6XVFDEHOORVDSXQWDEDQ\DQXPHURVDVFDQDV\VREUHVX
SyPXOR \ FHMD GHUHFKD GLVFXUUtD XQD SURIXQGD FLFDWUL] IUXWR VLQ GXGD GH DOJXQD GH ODV
FRQWLHQGDVHQODVTXHVHKDEtDYLVWRHQYXHOWRGHVGHVXMXYHQWXG
&LYLOLV HQ PL RSLQLyQ HVWXYR VXPDPHQWH DFHUWDGR DO HOHJLU D /RQJLQR FRPR FDSLWiQ \
UHVSRQVDEOH GH OD HVFROWD TXH GHEtD DFRPSDxDU DO 0DHVWUR KDVWD HO *yOJRWD 3RU XQ PRPHQWR
WHPEOp DQWH OD SRVLELOLGDG GH TXH GLFKD GHVLJQDFLyQ KXELHUD UHFDtGR SRU HMHPSOR HQ HO FUXHO
/XFLOLRDOLDV&HGRDOWHUDP
(Q WRWDO IXHURQ QRPEUDGRV FXDWUR OHJLRQDULRV \ XQRSWLR R VXERILFLDO FRPR SDWUXOOD
HQFDUJDGDGHODFXVWRGLD\SRVWHULRUHMHFXFLyQ0LVRUSUHVDIXHFRQVLGHUDEOHDOFRPSUREDUTXH
HORSWLRROXJDUWHQLHQWHGH/RQJLQRHUDSUHFLVDPHQWH$UVHQLXVHOURPDQRTXHKDEtDGLULJLGRHO
DSUHVDPLHQWRGHO1D]DUHQRHQODIDOGDGHO2OLYHWH
7RGR SDUHFtD GHFLGLGR /RQJLQR HQFRPHQGy D XQR GH VXV KRPEUHV TXH SURFHGLHUD D OD
PHGLFLyQGHODHQYHUJDGXUDGHOUHRPLHQWUDVRWURVROGDGRVHHQFDPLQyDOSXHVWRGHJXDUGLDGHOD
HQWUDGD2HVWHHQEXVFDGHXQREMHWRFX\RQRPEUHQRDFHUWpDHVFXFKDU
3LODWR HVWDED \D D SXQWR GH UHWLUDUVH FXDQGR &LYLOLV WUDV FRQVXOWDU FRQ HO UHVSRQVDEOH GHO
SHORWyQTXHGHEtDFRQGXFLUD-HV~VOHVXJLULyDOJRTXHHQSULQFLSLRQRHVWDEDSUHYLVWRSRUTXp
QRDSURYHFKDUDTXHOODRSRUWXQLGDGSDUDFUXFLILFDUWDPELpQDORVGRVWHUURULVWDVFRPSDxHURVGH
%DUUDEiV"
(O SURFXUDGRU GXGy $O SDUHFHU OD HMHFXFLyQ GH DTXHOORV DVHVLQRV KDEtD VLGR ILMDGD
LQLFLDOPHQWHSDUDORVGtDVVLJXLHQWHVDODFHOHEUDFLyQGHOD3DVFXD
3RQFLRKL]RXQPRKtQGHGHVDJUDGRSHURHOFHQWXULyQMHIHLQVLVWLyKDFLpQGROHYHUTXHWDO\
FRPR HVWDEDQ ODV FRVDV DTXHOOD FUXFLIL[LyQ FROHFWLYD VLPSOLILFDUtD ORV SRVLEOHV ULHVJRV TXH
DUUDVWUDEDVLHPSUHODPXHUWHGHXQRV]HORWDV%XHQDSDUWHGHOSXHEORMXGtRSURWHJtD\DQLPDED
DHVWRVUHYROXFLRQDULRV\HUDPX\SRVLEOHTXHODFRQGHQDGHWDOHVJXHUULOOHURVSXGLHUDVLJQLILFDU
OD DOWHUDFLyQ GHO RUGHQ S~EOLFR 'HVSXpV GH OD LPSODFDEOH LQVLVWHQFLD GH ORV VDFHUGRWHV HQ OD
SURPXOJDFLyQ GH OD SHQD FDSLWDO SDUD HO *DOLOHR HUD GXGRVR TXH VH UHJLVWUDUDQ SURWHVWDV VL OD
HMHFXFLyQ GH ORV PLHPEURV GHO PRYLPLHQWR LQGHSHQGHQWLVWD WHQtD OXJDU DO PLVPR WLHPSR TXH OD
GHOVXSXHVWRUH\GHORVMXGtRV
(O SURFXUDGRU HVFXFKy HQ VLOHQFLR ORV UD]RQDPLHQWRV GH VX FRPDQGDQWH \ PRYLHQGR ODV
PDQRVGLVSOLFHQWHPHQWHGLRDHQWHQGHUD&LYLOLVTXHWHQtDVXDSUREDFLyQSHURTXHDFWXDUDFRQ
UDSLGH]
&RQ XQ VLPSOH PRYLPLHQWR GH FDEH]D HO FHQWXULyQ LQGLFy D $UVHQLXV TXH VH RFXSDUD GHO
WUDVODGRGHORV]HORWDV(QHVHPRPHQWR3LODWRUHSDUyHQPLSUHVHQFLD\PLHQWUDVORVRILFLDOHV
HVSHUDEDQODOOHJDGDGHORVQXHYRVUHRVHOYROXPLQRVRSURFXUDGRUPHWRPyDSDUWHGLFLpQGRPH
-DVyQ TXp GLFH WX FLHQFLD GH WRGR HVWR" 1R KH WHQLGR WLHPSR GH SUHJXQWDUWH FRQ
GHWHQLPLHQWR VREUH HVH DXJXULR TXH SURQRVWLFDEDV SDUD KR\ +iEODPH FRQ FODULGDG 7H OR
RUGHQR
/DFXULRVLGDG\HOPLHGRFRQVXPtDQD3RQFLRDSDUWHVLJXDOHV$VtTXHQRWXYHPiVUHPHGLR
TXHLPSURYLVDU
(VWDPHGLDQRFKHSDVDGDOHPHQWtFXDQGRPHHQFRQWUDEDHQHOPRQWHGHODV$FHLWXQDV
SUHVHQWt DOJR < WUDV EXVFDU XQ OXJDU SXUR XQ DXJXUDOH PH YROYt KDFLD HO VHSWHQWULyQ
WUD]DQGRHQWLHUUDFRQPLFD\DGRHOWHPSOXPRFXDGUDGR'HVSXpVFRPRVDEHVWRPpHVWHOLWXXV
VHxDOiQGROHPLYDUDGH0RLVpVHKLFHHOULWXDOGHODGHVFULSFLyQGHODVUHJLRQHV>@<
XQDYH]VLWXDGDLPSORUpDORVGLRVHVXQDVHxDO
3LODWR FRQWHQLHQGR OD UHVSLUDFLyQ PH DQLPy D TXH SURVLJXLHUD (O FLHOR HVWLPDGR
SURFXUDGRUVHKDEtDYXHOWRVHUHQR\WUDQVSDUHQWHFRPRORVRMRVGHXQDGLRVD$IRUWXQDGDPHQWH
YROYt D PHQWLUOH HO YLHQWR VH KDEtD GHWHQLGR 7RGR KDFtD SUHVDJLDU XQD UHVSXHVWD <
V~ELWDPHQWH ODV LQIHUQDOHV DYHV LQIHUDH VXUJLHURQ SRU PL L]TXLHUGD 6X YXHOR UDVDQWH \ OD
GLUHFFLyQGHODVPLVPDVIXHURQGHWHUPLQDQWHV
3HURTXp"HVWDOOy3RQFLR4XpTXLHUHVGHFLUFRQHVWR"
$GRSWp XQD IDOVD FDOPD \ PLUiQGROH ILMDPHQWH OH UHVSRQGt KDFLHQGR PtD XQD VHQWHQFLD GH
(QQLR
(QWRQFHV HQ HO FROPR GHO LQIRUWXQLR WURQy D OD L]TXLHUGD HVWDQGR HO FLHOR HQWHUDPHQWH
VHUHQR
3LODWR DEULy VXV JUDQGHV RMRVHVSDQWDGReOVDEtDELHQ HOVLJQLILFDGRGHDTXHOODV SDWUDxDV
PDUDYLOORVDPHQWHFULWLFDGDVHQVXGtDSRUHOSURSLR&LFHUyQ<FRQODID]SiOLGDPHVXSOLFyTXH
OHGHVFLIUDUDHODXJXULR
(QPLKXPLOGHRSLQLyQUHPDWp-~SLWHU\SRUUD]RQHVTXHQRDOFDQ]RDFRPSUHQGHU
OH PHQWt SRU WHUFHUD YH] HVWi GHVRODGR < HV SRVLEOH TXH PDQLILHVWH VX LUD VLQ GHPDVLDGD
WDUGDQ]D(OFLHORVHUiWHVWLJRGHFXDQWRWHKHUHYHODGR
+R\PLVPR"
$VHQWt FRQ URVWUR JUDYH DO WLHPSR TXH GHVYLDED PL PLUDGD KDFLD HO 1D]DUHQR 3RQFLR JLUy
WDPELpQVXFDEH]DFRQPRYLpQGRVH'HVSXpVROYLGDQGRODFRQYHUVDFLyQ\DPtPLVPRUHJUHVy
MXQWRDVXVFHQWXULRQHV
0HGLVSRQtDDVROLFLWDUGH&LYLOLVTXHPHDXWRUL]DVHDVHJXLUDODFRPLWLYD\DSUHVHQFLDUODV
HMHFXFLRQHVFXDQGRLUUXPSLyHQHOSDWLRSURFHGHQWHGHXQDGHODVP~OWLSOHVSXHUWDVTXHVHDEUtDQ
EDMR ODV FROXPQDWDV HO OHJLRQDULR TXH KDEtD PHGLGR OD HQYHUJDGXUD GH -HV~V 3DUD HOOR HO
VROGDGR PX\ DFRVWXPEUDGR D HVWH PHQHVWHU D MX]JDU SRU VX VROWXUD KDEtD WRPDGR XQD GH ODV
ODQ]DV \ PLHQWUDV RWUR FRPSDxHUR VRVWHQtD ORV EUD]RV GHO *DOLOHR HQ SRVLFLyQ GH FUX] HO
SRUWDGRUGHOSLOXPVHFRORFyDHVSDOGDVGHOUHRPLGLHQGRODGLVWDQFLDWRWDOHQWUHODVSXQWDVGH
DPEDVPDQRV
$KRUD XQD YH] UHDOL]DGD OD PDFDEUD PHGLFLyQ HO URPDQR KDEtD YXHOWR DO SDWLR FHQWUDO
FDUJDQGRXQSHVDGRPDGHURXQWURQFRVXPDPHQWHWRVFRVLQFHSLOODUFRQXQJURVHURYDFLDGRX
RULILFLRHQVXPLWDG(VWHEXUGRDJXMHURGHXQRVFHQWtPHWURVGHGLiPHWURFUX]DEDHOPDGHUR
GHSDUWHDSDUWHVLJXLHQGRHOVHQWLGRGHVXHVSHVRU
(OOHJLRQDULRTXHYHQtDSURYLVWRGHXQDODUJD\JUXHVDFXHUGDKL]RGHVFDQVDUHOSDWLEXOXP
>@DSR\DQGRXQDGHVXVFDUDVSHUIHFWDPHQWHDVHUUDGDVREUHHOHQORVDGR<HVSHUy
$OVLWXDUHOPDGHURHQHVWDSRVLFLyQYHUWLFDOSXGHFRPSUREDUTXHVXORQJLWXGHUDFDVLGHGRV
PHWURV SRVLEOHPHQWH (Q FXDQWR D VX HVSHVRU FDOFXOR TXH URQGDUtD ORV FHQWtPHWURV
(UDHQGHILQLWLYDXQVyOLGROHxRFRQXQSHVRTXHQRFUHRTXHEDMDVHGHORVNLORV6LPXODQGR
XQDJUDQFXULRVLGDGPHDSUR[LPpDOOHJLRQDULRSUHJXQWiQGROHSDUDTXpVHUYtDDTXHOWURQFR(O
VROGDGRVRQULyLUyQLFDPHQWH\VHxDODQGRSULPHURD-HV~VPHKL]RGHVSXpVXQVLJQLILFDWLYRVLJQR
FRQ VX GHGR SXOJDU /R FRORFy KDFLD DEDMR D OD PDQHUD GH ORV &pVDUHV FXDQGR GHFUHWDEDQ HO
UHPDWHGHORVJODGLDGRUHV
$FDULFLp OD UXJRVD VXSHUILFLH GHOSDWLEXOXP \ GHGXMH TXH VH WUDWDED GH XQD VHFFLyQ GH XQ
iUERO GH DOJXQD GH ODV HVSHFLHV GH SLQR WDQ IUHFXHQWHV HQ 3DOHVWLQD R TXL]i LPSRUWDGR GH ORV
ERVTXHVGHO/tEDQR1RHVWR\VHJXURSHURTXL]iIXHVHHOGHQRPLQDGR3LQXVKDOHSHQVLVGHXQD
PDGHUDFDVLLQFRUUXSWLEOH
(QVLPLVPDGRHQHODQiOLVLVQRPHSHUFDWpGHODOOHJDGDGHORVGRV]HORWDV(ORSWLR\ORV
OHJLRQDULRV ORV KDEtDQ FRQGXFLGR PDQLDWDGRV KDVWD HO SURFXUDGRU \ ORV UHVWDQWHV FHQWXULRQHV
1DGD PiV YHUORV &LYLOLV RUGHQy TXH OHV DUUDQFDUDQ ODV PXJULHQWDV W~QLFDV \ TXH LQLFLDUDQ HO
REOLJDGR FDVWLJR SUHYLR D OD FUXFLIL[LyQ < FXDWUR OHJLRQDULRV VH KLFLHURQ FRQ RWURV WDQWRV
IODJUXP SURFHGLHQGR D D]RWDU D ORV JXHUULOOHURV 8QR GH HOORV FDVL XQ PXFKDFKR VH FODYy GH
URGLOODV IUHQWH D 3RQFLR JLPLHQGR H LPSORUDQGR SLHGDG 3HUR HO JREHUQDGRU VH DSUHVXUy D GDU
PHGLD YXHOWD DOHMiQGRVH GHO SULVLRQHUR (Q HVH LQVWDQWH PLHQWUDV ORV OiWLJRV FKDVTXHDEDQ
QXHYDPHQWHHQPLWDGGHOUHFLQWRHOOHJLRQDULRTXHKDEtDGHVDSDUHFLGRHQHOW~QHODERYHGDGRGH
ODSXHUWD2HVWHGH$QWRQLDUHJUHVyDODFDUUHUDHQWUHJDQGRD/RQJLQRXQDWDEOLOODGHPDGHUDGH
XQRV[FHQWtPHWURVWRWDOPHQWHEODQTXHDGDDEDVHGH\HVRRDOED\DOGH(OFHQWXULyQWRPyOD
WDEOLOOD \ XQD HVSHFLH GH SHTXHxR WL]yQ SLGLHQGR DO VROGDGR TXH FRQVLJXLHUD GRV QXHYDV
SODQFKDV
$FRQWLQXDFLyQOODPyODDWHQFLyQGHOJREHUQDGRUPRVWUiQGROHODWDEOLOOD\HODILODGRWUR]RGH
FDUEyQUHFRUGiQGROHTXHODHVFROWDGHEHUtDVLWXDUVREUHODVFUXFHVODLGHQWLGDGGHFDGDXQRGH
ORVFRQGHQDGRV\ODQDWXUDOH]DGHVXVFUtPHQHV
/DHPRFLyQYROYLyDVDFXGLUPH(VWDEDDSXQWRGHDVLVWLUDODUHGDFFLyQGHOOODPDGR,15,
7DPELpQ HQ HVWH DVXQWR \ DXQTXH VyOR IXHUD HQ HO DVSHFWR FLUFXQVWDQFLDO GH OD UHGDFFLyQ ORV
FXDWUR HYDQJHOLVWDV VH KDEtDQ PDQLIHVWDGR GLVFUHSDQWHV &XiO GH HOORV KDEtD DFHUWDGR HQ HO
WH[WR"
0DUFRVKDEtDGLFKRHO5H\GHORV-XGtRV0F0DWHRSRUVXSDUWHDxDGH(VWH
HV-HV~VHO5H\GHORV-XGtRV0W(QFXDQWRD/XFDVVX,15,GLFHDVt(VWHHVHO
5H\GHORV-XGtRV/F3RU~OWLPR-XDQ=HEHGHROODPDGR(O(YDQJHOLVWDUHSURGXMR
HOVLJXLHQWHWH[WR-HV~V1D]DUHQRHO5H\GHORV-XGtRV-Q
4XLpQWHQtDODUD]yQ"
'LVFUHWDPHQWH PH DVRPp SRU HQFLPD GHO KRPEUR GHO SURFXUDGRU \ QRWp FyPR VX PDQR
WHPEODED 7HQtD OD WDEOLOOD HQ SRVLFLyQ KRUL]RQWDO \ ILUPHPHQWH DSR\DGD VREUH OD UHOXFLHQWH
FRUD]D +DEtD WRPDGR HO FDUERQFLOOR FRQ OD GHUHFKD SHUR VX URVWUR VH KDEtD GHVYLDGR GH OD
VXSHUILFLHGHOHQFDODGRUHFWiQJXORGHPDGHUD0HGLFXHQWDTXHPLUDEDD-HV~VSRUHOUDELOORGHO
RMR (O 0DHVWUR TXH QR GHVSHJy ORV ODELRV HQ WRGR HO WLHPSR KDEtD FRQVHJXLGR UHJXODUL]DU VX
ULWPR UHVSLUDWRULR SHUR FRQWLQXDED HQFRUYDGR \ WHPEORURVR /D VDQJUH DXQTXH HQ PHQRU
SURSRUFLyQVHJXtDJRWHDQGRSRUORVEDMRVGHVXW~QLFDIRUPDQGRXQFHUFRDOUHGHGRUGHVXVSLHV
8QR GH ORV JXHUULOOHURV HO PiV DGXOWR VH UHWRUFtD VREUH ODV ORVDV DXOODQGR D FDGD
ODWLJD]R /RV OHJLRQDULRV KDEtDQ GHVJDUUDGR VX W~QLFD GHMDQGR DO GHVFXELHUWR OD WRWDOLGDG GHO
WURQFR < D SHVDU GH KDOODUVH FRQ ODV PDQRV DPDUUDGDV D OD HVSDOGD \ FRQWURODGR SRU RWUR
VROGDGRTXHVRVWHQtDHQWUHVXVPDQRVHOH[WUHPRGHODPDURPDFRQODTXHKDEtDVLGRPDQLDWDGR
HO]HORWDHQVXGHVHVSHUDFLyQ\GRORUVHUHYROFDEDVREUHHOSDYLPHQWRSRQLHQGRHQDSXURVD
HVWH~OWLPRLQIDQWH
(O PiV MRYHQ FRQ ODV YHVWLGXUDV LJXDOPHQWH UDVJDGDV VH KDEtD HQURVFDGR VREUH Vt PLVPR
WUDWDQGRGHFXEULUODFDEH]DHQWUHVXVSLHUQDV3HURORVJROSHVHUDQWDQYLROHQWRV\VHJXLGRVTXH
QRWDUGyHQVLWXDUVHGHURGLOODVRIUHFLHQGRODHVSDOGDDORVYHUGXJRV\HPLWLHQGRXQRVDODULGRV
TXHKLFLHURQDVRPDUVHDOFXHUSRGHJXDUGLDDQXPHURVRVOHJLRQDULRV
'HSURQWR3LODWRFDGDYH]PiVQHUYLRVRFRPHQ]yDHVFULELUFRQVXFDUDFWHUtVWLFDOHWUD
FXDGUDGD
-HV~VGH1D]DUHW
$TXHOODVSULPHUDVSDODEUDVIXHURQWUD]DGDVHQDUDPHRGHGHUHFKDDL]TXLHUGD7HQtDQXQRV
PLOtPHWURVGHDOWXUD\RFXSDEDQWRGDODSDUWHVXSHULRUGHODWDEOLOOD
3RQFLR YROYLy D GXGDU 3DUHFtD QR VDEHU TXp DxDGLU (Q UHDOLGDG pO HUD FRQVFLHQWH GH OD
IDOVHGDGGHDTXHOODVDFXVDFLRQHV\OyJLFDPHQWHDFDEDEDGHWURSH]DUFRQXQVHULRSUREOHPD
(O ]HORWD PiV MRYHQ OHYDQWy OD FDEH]D \ FRQ HO URVWUR VXGRURVR \ GHVFRPSXHVWR EXVFy D
-HV~V'HVSXpVDSHVDUGHORVWLURQHVGHVXJXDUGLiQVHDUUDVWUyVREUHVXVURGLOODVKDVWDHOUDEt
< DO OOHJDU D VXV SLHV HQ PHGLR GH XQD OOXYLD GH IXULRVRV ODWLJD]RV KXQGLy OD FDUD HQ ORV
JRWHURQHVGHVDQJUHTXHVHHVFDSDEDQSRUHOILORGHODW~QLFDGHOUDEtH[FODPDQGRHQWUHVROOR]RV
0DHVWUR7HQPLVHULFRUGLDGHQRVRWURV1RQRVGHMHVPRULU
-HV~V HQWUHDEULy VXV LQIODPDGRV \ DPRUDWDGRV RMRV PLUDQGR D DTXHO GHVGLFKDGR FRQ XQD
LQILQLWDWHUQXUD3HURDQWHVGHTXHSXGLHUDUHVSRQGHUOHHOVROGDGRTXHVXMHWDEDODFXHUGDGHHVWH
UHR SURSLQy DO 0DHVWUR XQ YLROHQWR HPSXMyQ KDFLpQGROH UHWURFHGHU \ WDPEDOHDUVH 8QR GH ORV
VD\RQHV GLULJLy HQWRQFHV VXIODJUXP KDFLD &ULVWR GLVSXHVWR D KHULUOH SHUR &LYLOLV DWHQWR D
FXDQWR RFXUUtD VH LQWHUSXVR VRVWHQLHQGR DO 1D]DUHQR SRU ODV D[LODV \ HYLWDQGR TXH VH
GHVSORPDVH
$ FRQWLQXDFLyQ VH YROYLy KDFLD HO SHORWyQ RUGHQiQGROHV TXH QR IODJHODVHQ DO UH\ GH ORV
MXGtRV
(VWHKDUHFLELGR\DVXFDVWLJRPDQLIHVWy
/RV YHUGXJRV SURVLJXLHURQ VX GHVSLDGDGR DWDTXH DEULHQGR QXHYDV KHULGDV VREUH ODV
HVSDOGDVSLHUQDV\FRVWDGRVGHORV]HORWDV0LHQWUDVHOTXHVHKDEtDDSUR[LPDGRDO*DOLOHR
VHJXtD GH URGLOODV FRQ OD FDEH]D FODYDGD VREUH ODV ORVDV VX FRPSDxHUR HQ XQ DUUDQTXH GH
GHVHVSHUDFLyQVHLQFRUSRUyODQ]DQGRXQIUHQpWLFRSXQWDSLpFRQWUDHOEDMRYLHQWUHGHXQRGHVXV
IXVWLJDGRUHV(OURPDQRVHGREOyFRPRXQPXxHFRFD\HQGRDOVXHORHQWUHDXOOLGRVGHGRORU
3RQFLRGHHVSDOGDVDDTXHOODVDQJXLQDULDHVFHQDYROYLyDHVFULELU
5H\GHORV-XGtRV
-XDQSRUWDQWRHUDHO~QLFRHYDQJHOLVWDTXHKDEtDVLGRDEVROXWDPHQWHILHOHQODWUDQVFULSFLyQ
GHO,15,-HVXV1D]DUHQXV5H[-XGDHRUXP
(LQPHGLDWDPHQWHGHIRUPDFDVLPHFiQLFDHOSURFXUDGRUUHSLWLyODIUDVH-HV~VGH1D]DUHW
5H\ GH ORV -XGtRV HQ JULHJR \ SRU ~OWLPR HQ ODWtQ < GHYROYLHQGR OD WDEOLOOD D /RQJLQR VH
VDFXGLyODVSDOPDVGHODVPDQRVKDFLHQGRXQDRVWHQVLEOHPXHFDGHUHSXJQDQFLD
3HURHOOHJLRQDULRHQYLDGRSRUHOFHQWXULyQHQEXVFDGHRWUDVGRVSODQFKDVGHPDGHUDUHJUHVy
DO SXQWR< 3RQFLR PX\ D SHVDU VX\R WXYR TXH UHSHWLU OD RSHUDFLyQ (VWD YH] IXH PXFKR PiV
EUHYH 7UDV SUHJXQWDU ORV QRPEUHV GH ORV FRQGHQDGRV HVFULELy VREUH ORV EODQFRV WDEOHURV
*LVWDV %DQGLGR \ 'LVPDV %DQGLGR 7RGR HOOR SRU VXSXHVWR HQ ODV WUHV OHQJXDV GH XVR
FRP~QHQDTXHOORVWLHPSRVHQ3DOHVWLQDDUDPHRHQSULPHUOXJDUJULHJRHOLGLRPDXQLYHUVDO
FRPRORSRGUtDQVHUKR\HOLQJOpVRHOHVSDxRO\ODWtQOHQJXDQDWDOGH3LODWR
(OSURFXUDGRUGLRXQRVSDVRVKDFLDHOHVWDQTXHFLUFXODU\VHHQMXDJyODVPDQRV&XDQGRVH
GLVSRQtDDUHWLUDUVHPHDGHODQWp\OHVXSOLTXpTXHPHSHUPLWLHUDDVLVWLUDODVHMHFXFLRQHV
6LHQYHUGDGGHEHRFXUULUDOJRVREUHQDWXUDODUJXPHQWpTXLHURHVWDUSUHVHQWH
3LODWR VH HQFRJLy GH KRPEURV \ PHFiQLFDPHQWH FRPR VXPLGR HQ RWURV SHQVDPLHQWRV
WUDQVPLWLyPLUXHJRD&LYLOLVeVWHVHHQFDUJyGHSUHVHQWDUPHD/RQJLQRDQXQFLiQGRPHFRPRXQ
DXJXUDPLJRGH7LEHULR(VWLPRTXHODSULPHUDFDOLILFDFLyQQRGHELyLPSUHVLRQDUH[FHVLYDPHQWH
DOYHWHUDQRFHQWXULyQ3HURODVHJXQGDIXHGLVWLQWD(QHVHLQVWDQWHODLQWHUYHQFLyQGH$UVHQLXV
SDUWLFLSiQGROH DO FDSLWiQ GH OD HVFROWD TXH PH KDEtD FRQRFLGR HQ OD QRFKH DQWHULRU UHYLVWLy
WDPELpQVXLPSRUWDQFLD
< 3RQFLR OHYDQWDQGR HO EUD]R FRQ GHVJDQD VDOXGy D VXV RILFLDOHV UHWLUiQGRVH &LYLOLV QR
WDUGDUtDPXFKRHQVHJXLUOH
&XDQGR ORV UHVWDQWHV OHJLRQDULRV YLHURQ FyPR VX FRPSDxHUR FDtD YtFWLPD GH OD SDWDGD
SURSRUFLRQDGDSRUHOWHUURULVWDORVIODJUXPQRIXHURQ\DORV~QLFRVLQVWUXPHQWRVGHWRUWXUD&RQ
XQDUDELDLQXVLWDGDORVUHVWDQWHVVD\RQHVDORVTXHVHKDEtDQXQLGRRWURVFXULRVRVDFRPSDxDURQ
ORVODWLJD]RVFRQXQVLQILQGHSXQWDSLpVTXHWHUPLQDURQSRUGREOHJDUDOUHYROXFLRQDULR8QDYH]
HQWLHUUDODVVXHODVFODYHWHDGDVGHORVURPDQRVVHLQFUXVWDURQXQD\RWUDYH]VREUHHOFXHUSRGHO
UHR\DORVSRFRVVHJXQGRVXQKLORGHVDQJUHEURWySRUHQWUHODVFRPLVXUDVGHVXVODELRV
/DOOHJDGDGHGRVQXHYRVPDGHURVDOJRPiVFRUWRVTXHHOGHVWLQDGRDODFUX]GHO1D]DUHQR
LQWHUUXPSLyODIODJHODFLyQ
3HURDTXHOPRPHQWiQHRUHVSLURVyORIXHHOSUyORJRGHXQDDQJXVWLRVDSHUHJULQDFLyQ
6LQ QLQJ~Q WLSR GH FRQWHPSODFLyQ R PLUDPLHQWR ORV VROGDGRV EDMR OD DWHQWD YLJLODQFLD GH
/RQJLQR\GHVXRSWLRVLWXDURQORVGRVWURQFRVVREUHORVKRPEURV\~OWLPDVYpUWHEUDVFHUYLFDOHV
GH ORV ]HORWDV DO WLHPSR TXH RWURV OHJLRQDULRV REOLJDEDQ D ORV SULVLRQHURV D H[WHQGHU VXV
EUD]RV KDVWD SHJDU ODV FDUDV GRUVDOHV GH VXV PDQRV D OD iVSHUD VXSHUILFLH GH ORV PDGHURV (O
UHYROXFLRQDULRPiVMRYHQVLJXLyGHURGLOODVPLHQWUDVVXFRPSDxHURVHPLLQFRQVFLHQWHHUDDWDGR
DOSDWLEXOXPHQODPLVPDSRVWXUDHQTXHKDEtDTXHGDGRWHQGLGR\ERFDDEDMR
1LQJXQR GH ORV GRV WXYR IXHU]DV VXILFLHQWHV SDUD UHVLVWLUVH (O TXH KDEtD SHGLGR FOHPHQFLD
VLJXLyVROOR]DQGRODVWLPHUDPHQWHPLHQWUDVXQDODUJD\JUXHVDPDURPDLQPRYLOL]DEDVXVPXxHFDV
EUD]RV \ D[LODV /RV URPDQRV LQLFLDURQ OD VXMHFLyQ GHO SULPHU UHR SRU HO H[WUHPR GHUHFKR GHO
SDWLEXOXP 'HVSXpV IXHURQ DSULVLRQDQGR ORV EUD]RV KDVWD FRQFOXLU HQ OD PXxHFD L]TXLHUGD <
GHVGH DOOt ODFXHUGD FD\y KDFLD HOSLHL]TXLHUGR GHO FRQGHQDGRVLHQGR DQXGDGD DOUHGHGRUGHO
WRELOOR&RQHVWDPLVPDFXHUGD\XQDYH]UHPDWDGDODFRORFDFLyQGHDTXHOSULPHUPDGHURORV
YHUGXJRVLQFRUSRUDURQDOVHJXQGRJXHUULOOHURUHSLWLHQGRODPDQLREUD
)LQDOPHQWH ORV VROGDGRV SRUWDQGR XQRV FXDWUR PHWURV GH VRJD ORV ~OWLPRV GH OD ODUJD
PDURPD VH GLULJLHURQ DO 0DHVWUR -HV~V ORV YLR OOHJDU \ PDQVDPHQWH DQWHV GH TXH ORV
OHJLRQDULRV OH JROSHDUDQ R WLUDUDQ GH VXV FDEHOORV SDUD TXH VH LQFOLQDVH HFKy HO FXHUSR KDFLD
DGHODQWHRIUHFLHQGRVXVGHVWUR]DGRVKRPEURV3HURODHVWDWXUDGHOUDEtUHEDVDEDFRQPXFKRODGH
ORVYHUGXJRV\VXYROXQWDULDLQFOLQDFLyQGHOWyUD[QRIXHVXILFLHQWH$VtTXHXQRGHORVLQIDQWHV
DQWHODLPSRVLELOLGDGGHHPSXMDUVXFDEH]DDJDUUyVXVEDUEDVWLUDQGRGHHOODVKDFLDHOVXHOR<
DVtORPDQWXYRHQHVSHUDGHTXHVXVFRPSDxHURVGHDUPDVGHSRVLWDUDQHOSDWLEXOXP VREUHVXV
HVSDOGDV
2WURV GRV OHJLRQDULRV H[WHQGLHURQ ORV EUD]RV GHO UDEt \ XQ WHUFHU \ FXDUWR VROGDGRV VH
KLFLHURQ FRQ HO JUXHVR WURQFR /R L]DURQ SRU DPERV H[WUHPRV \ OR HQFDMDURQ GH JROSH VREUH OD
QXFD GHO *DOLOHR 3HUR ODV P~OWLSOHV UDPLILFDFLRQHV GHO FDVFR GH HVSLQDV FRQVWLWX\HURQ XQ
REVWiFXOR HO HVSHVR FLOLQGUR GH PDGHUD QR VH DMXVWDED FRQ SUHFLVLyQ VREUH ORV P~VFXORV
WUDSHFLRV URGDQGR SRU OD HVSDOGD 3RU WUHV YHFHV ORV URPDQR FDGD YH] PiV VRIRFDGRV
JROSHDURQHOFXHOORGH-HV~VKDVWDTXHDOILQSUHVDGHQXHYRVGRORUHVHOSURSLRUHRVHLQFOLQy
D~QPiVIDFLOLWDQGRHOGHSyVLWRGHOSDWLEXOXPVREUHODViUHDVDOWDVGHODVSDOHWLOODV(QFDGDXQR
GHDTXHOORVVDOYDMHVLQWHQWRVGHFRORFDFLyQGHOPDGHURH[SHULPHQWpXQDHVSHFLHGHODWLJD]RTXH
PHUHFRUULyODVHQWUDxDV/DVS~DVVLWXDGDVHQODQXFD\UHJLyQRFFLSLWDOVHFODYDURQXQSRFRPiV
HQ FDGD HPSHxR GHVJDUUDQGR HO FXHUR FDEHOOXGR \ SRVLEOHPHQWH KXQGLpQGRVH HQ HO SHULRVWLR
FUDQHDO OiPLQD TXH HQYXHOYH D ORV KXHVRV /RV WUDXPDWyORJRV VDEHQ PX\ ELHQ TXp FODVH GH
GRORUSURGXFHODSHUIRUDFLyQGHGLFKDOiPLQD
(OLQWHQVR\PDQWHQLGRGRORUKL]RTXH-HV~VJLPLHUDHQFDGDXQRGHORVWUHVLPSDFWRV<HQ
FXHVWLyQGHVHJXQGRVVXFDEHOORV\FXHOORYROYLHURQDEULOODUSURIXVDPHQWHHQVDQJUHQWDGRV
/RVYHUGXJRVWHQVDURQORVEUD]RVEDMROD]RQDLQIHULRUGHOWURQFR\SURFHGLHURQDVXDQFODMH
DQXGDQGRODFXHUGDGHGHUHFKDDL]TXLHUGDUHPDWDQGRODVXMHFLyQHQHOWRELOORL]TXLHUGR
(OQRWDEOHSHVRGHOSDWLEXOXPDOPHQRVSDUDXQKRPEUHWDQVXPDPHQWHFDVWLJDGRKL]R
TXH HO FXHUSR GHO UDEt VH LQFOLQDUD SHOLJURVDPHQWH REOLJiQGROH D IOH[LRQDU ODV SLHUQDV -HV~V
WUDWy GH HOHYDU OD FDEH]D 6XV P~VFXORV \ DUWHULDV SDUHFtDQ D SXQWR GH HVWDOODU EDMR OD SLHO
HQURMHFLGD GHO FXHOOR 3HUR D FDGD LQWHQWR GH UHPRQWDU \ YHQFHU HO SHVR GHO OHxR VX QXFD VH
HPSDUHGDEDFRQODFRUWH]DUXJRVDGHOSDWLEXOXP\HOGRORUGHODVHVSLQDVHQWUDQGRVLQSLHGDGHQ
ODFDEH]DOHYHQFtDKXPLOODQGRHOURVWUR
&RPSUHQGLHQGRTXHWRGRHVIXHU]RSRUUHFREUDUODYHUWLFDOLGDGHUDLQ~WLOHO0DHVWURSDUHFLy
UHVLJQDGR6XUHVSLUDFLyQVHKDEtDKHFKRQXHYDPHQWHDJLWDGD\WHPtTXHHQFXDOTXLHUPRPHQWR
DTXHOHVIXHU]RGHVHPERFDUDHQXQQXHYRGHVIDOOHFLPLHQWR/RVHYDQJHOLVWDVOyJLFDPHQWH\DTXH
QLQJXQR VH HQFRQWUDED SUHVHQWH HQ DTXHO GUDPiWLFR PRPHQWR GH OD FDUJD GHOSDWLEXOXP QR
UHIOHMDURQ MDPiV HQ VXV HVFULWRV OR GXUR \ FUtWLFR GH DTXHO LQVWDQWH (O PHUPDGR RUJDQLVPR GH
-HV~V GH 1D]DUHW VH YLR DSODVWDGR V~ELWDPHQWH SRU XQ PDGHUR GHMDQGR D VXV P~VFXORV HQ OD
SRVLFLyQHQTXHVHHQFRQWUDEDQHQHOPRPHQWRGHODGHVFDUJDVREUHVXVKRPEURV\QXFD1RKXER
SUHFDOHQWDPLHQWRQLSRVLELOLGDGDOJXQDGHTXHORVSULQFLSDOHVSDTXHWHVPXVFXODUHVSXGLHUDQ
UHDFFLRQDU FRQYHQLHQWHPHQWH (OOR HQ VXPD SUHFLSLWy ODV IUHFXHQFLDV FDUGtDFDV \ DUWHULDO
GLVSDUiQGRODVSRUHQpVLPDYH](QFXHVWLyQGHWUHVDFLQFRPLQXWRVGHVGHHOPRPHQWRHQTXH
ORV VROGDGRV ORJUDURQ DPDUUDU HO WURQFR D VXV EUD]RV VX FRUD]yQ SXGR ODWLU D UD]yQ GH
SXOVDFLRQHVSRUPLQXWRHOHYiQGRVHODWHQVLyQDUWHULDOPi[LPDDOUHGHGRUGH(QPLRSLQLyQ
DTXHOIXHXQJROSHTXHFRQVXPLyODVHVFDVDVHQHUJtDVTXHD~QSRGtDQTXHGDUOH
$O YHUOH HQ DTXHO ODPHQWDEOH HVWDGR PH SUHJXQWp FXiQWR SRGUtD UHVLVWLU FRQ HOSDWLEXOXP D
FXHVWDV
3HURXQQXHYRKHFKRHVWDEDDSXQWRGHSURYRFDURWURGHVJDUUDGRUVXIULPLHQWRHQHORUJDQLVPR
GHOJLJDQWHGH*DOLOHD
0LHQWUDV$UVHQLXVSURFHGtDDFODYHWHDUODVWUHVWDEOLOODVVREUHHOIXVWHGHPDGHUDGHXQRGH
ORV3LOXPRWUROHJLRQDULRUHSDUyHQODVVDQGDOLDVGHO0DHVWUR6HODVPRVWUyD/RQJLQR\pVWHHQ
XQJHVWRGHKRQUDGH]\FRQPLVHUDFLyQKDFLDHOUHRRUGHQyDOVROGDGRTXHOHFDO]DUD(OLQIDQWHVH
VLWXyHQFXFOLOODVDQWHHOUDEt\DOREOLJDUOHFRQDPEDVPDQRVDOHYDQWDUHOSLHL]TXLHUGRFRQHO
ILQGHGHSRVLWDUODSODQWDVREUHODVDQGDOLDHOFXHUSRGHO1D]DUHQRVHGHVHTXLOLEUyKDFLDHOODGR
FRQWUDULRSURYRFDQGRXQDDSDUDWRVDFDtGDGH-HV~V(OLQFLGHQWHIXHWDQUiSLGRFRPRLQHVSHUDGR
(O*DOLOHRFRQORVEUD]RVDPDUUDGRVQRSXGRHYLWDUTXHHOSDWLEXOXPVHYHQFLHUD\WUDVJROSHDU
ODV ORVDV FRQ HO H[WUHPR GHUHFKR IXH D HVWUHOODUVH GH EUXFHV FRQWUD HO SDYLPHQWR TXHGDQGR
DSODVWDGREDMRHOWUDYHVDxRGHODFUX]
$OYHU\HVFXFKDUHOYLROHQWRFKRTXHFRQWUDODVORVDVWHPtORSHRU&XDQGRORVVROGDGRVVH
DSUHVXUDURQ D OHYDQWDUOH REVHUYp TXH DIRUWXQDGDPHQWH HO \HOPR GH HVSLQDV KDEtD DFWXDGR
FRPRSURWHFWRUHYLWDQGRTXHORVKXHVRVGHODFDUDVHDVWLOODVHQ$FDPELRODVS~DVGHODIUHQWH
VLHQHV\PHMLOODVKDEtDQSHUIRUDGRXQSRFRPiVODFDUQHGHMDQGRDOGHVFXELHUWRHQDOJXQDViUHDV
SDUWHGHOWHMLGRFHOXODUVXEFXWiQHR\GDQGROXJDUDQXHYDVHLQWHQVDVKHPRUUDJLDV
$SHVDUGHODYLROHQFLDGHODFDtGDHO1D]DUHQRQROOHJyDSHUGHUHOVHQWLGR'RVYHUGXJRV
L]DURQ HOSDWLEXOXP DSXQWDOiQGROR FRQVXV KRPEURVPLHQWUDV HOWRUSHOHJLRQDULRWHUPLQDED GH
FDO]DUD-HV~V
8QDYH]FRQFOXLGDODGHVJUDFLDGDRSHUDFLyQORVYHUGXJRVVROWDURQHOPDGHUR\HOUDEtYROYLy
DDFXVDUHOSHVRLQFOLQiQGRVHSRUVHJXQGDYH]/DLPSRVLELOLGDGGHTXHSXGLHUDHFKDUDWUiVOD
FDEH]DPHUPyQRWDEOHPHQWHVXFDPSRYLVXDOOLPLWiQGRORSUiFWLFDPHQWHDOWHUUHQRTXHSLVDED(Q
YDULDV RFDVLRQHV PLHQWUDV GXUy DTXHOOD FRUWD SHUR DFFLGHQWDGD FDPLQDWD KDVWD HO &DOYDULR
REVHUYp FyPR HO 0DHVWUR IRU]DED OD YLVWD KDFLD OR DOWR 3HUR DO DUUXJDU OD IUHQWH ODV S~DV
GHVJDUUDEDQODVKHULGDV\HOLQWHQVRGRORUOHREOLJDEDDEDMDUORVRMRV
+DFLD OD KRUD VH[WD /RQJLQR GLR OD RUGHQ GH HPSUHQGHU OD PDUFKD /D HVFROWD KDEtD VLGR
LQFUHPHQWDGDFRQRWURVOHJLRQDULRVWRGRVHOORVIXHUWHPHQWHDUPDGRV2FKRVHVLWXDURQHQDPERV
IODQFRV GH ORV SULVLRQHURV \ HO UHVWR KDVWD XQ WRWDO GH GRFH VH UHSDUWLy HQ OD FDEH]D GH OD
FRPLWLYDLQPHGLDWDPHQWHGHWUiVGHOFHQWXULyQ\GHVXOXJDUWHQLHQWH\HQODFROD$FDGDUHRSRU
WDQWROHKDEtDVLGRDVLJQDGRXQFRQWLQJHQWHGHFXDWURVROGDGRVH[SUHVDPHQWHHQFDUJDGRVGHVX
YLJLODQFLD\SRVWHULRUFUXFLIL[LyQ8QRGHHVWRVLQIDQWHVFDUJDEDDGHPiVFRQXQPXJULHQWRVDFR
GHFXHURTXHFROJDEDGHXQSDORDFDEDGRHQIRUPDGHKRUFD\TXHVHDSUHVXUyDHFKDUVREUHHO
KRPEUR &HUUDED HO FRUWHMR XQD SDUHMD GH URPDQRV TXH VRVWHQtD XQD HVFDOHUD GH PDQR GH XQRV
FLQFRPHWURV
&XDWUR GH ORV LQIDQWHV VLWXDGRV D GHUHFKD H L]TXLHUGD GH ORV ]HORWDV GHVHQURVFDURQ VXV
OiWLJRV UHDQXGDQGR OD IODJHODFLyQ GH DTXHOORV GHVGLFKDGRV WDO \ FRPR WHQtDQ SRU FRVWXPEUH
DQWHV GH OD HMHFXFLyQ (QWUH JHPLGRV \ FRQ HO FXHUSR HQVDQJUHQWDGR ORV GRV SULPHURV UHRV
FRPHQ]DURQDFDPLQDUWDPEDOHiQGRVHEDMRHOSHVRGHORVWURQFRV6LJXLHQGRXQDVUtJLGDVQRUPDV
GHVHJXULGDGORVWUHVSULVLRQHURVFRPRGLJRKDEtDQVLGRDWDGRVSRUORVWRELOORVDXQDPLVPD
FXHUGD'HHVWDIRUPDFXDOTXLHUSRVLEOHLQWHQWRGHIXJDUHVXOWDEDH[WUHPDGDPHQWHSUREOHPiWLFR
$O SRQHUVH HQ PDUFKD HO FRQGHQDGR VLWXDGR HQ HO FHQWUR GLR XQ WLUyQ GH OD PDURPD
REOLJDQGR DO 1D]DUHQR TXH RFXSDED HO WHUFHU \ ~OWLPR OXJDU D VHJXLUOH /DV SURQXQFLDGDV
RVFLODFLRQHV GHO OHxR TXH FDUJDED HO UDEt \ VXV SDVRV YDFLODQWHV LQVHJXURV FRQ DTXHO SHQRVR
DUUDVWUHGHVXSLHUQDL]TXLHUGDQRVKLFLHURQWHPHUDWRGRVXQDQXHYDHLQPHGLDWDFDtGD\ORTXH
HUDPXFKRSHRUXQDSRVLEOHSDUDGDFDUGtDFD<GLJRDWRGRVSRUTXHGHVGHHOSULQFLSLRORV
FXDWUR OHJLRQDULRV TXH FHUUDEDQ FRQPLJR OD HVFROWD FUX]DURQ DOJXQDV PLUDGDV GH SUHRFXSDFLyQ
FRQILUPDQGR FRQ VLJQLILFDWLYRV PRYLPLHQWRV GH FDEH]D TXH DTXHO SULVLRQHUR QR HVWDED HQ
FRQGLFLRQHVGHOOHJDUDO*yOJRWD3HURGHPRPHQWRQDGLHGLMRQDGD
/RV UHRV VDOYDURQ ORV SULPHURV PHWURV \ HO SHORWyQ HQWUy HQ HO W~QHO DERYHGDGR GH OD
SXHUWD 2HVWH DTXpO SRU HO TXH \R KDEtD DFFHGLGR D $QWRQLD HQ OD FRPSDxtD GHO DQFLDQR GH
$ULPDWHD$OOtGHVDIRUWXQDGDPHQWHVHSURGXFLUtDXQQXHYRSUREOHPD
$OJXQRV GH ORV FHQWLQHODV VH KDEtDQ DVRPDGR FRQ FXULRVLGDG D OD SXHUWD GHO FXHUSR GH
JXDUGLDDVLVWLHQGRHQWUHULVLWDVDOSDVRGHORVFRQGHQDGRV&XDQGRHOJXHUULOOHURTXHPDUFKDED
HQPHGLROOHJyDODDOWXUDGHORVJXDUGLDQHVDSURYHFKDQGRTXHORVOHJLRQDULRVKDEtDQFHVDGRHQ
VXVD]RWHVDFDXVDGHODSHQXPEUD\GHORDQJRVWRGHOSDVDGL]RHOWDO*LVWDVVHYROYLyKDFLDOD
L]TXLHUGD ODQ]DQGR XQ VDOLYD]R VREUH HO URPDQR PiV SUy[LPR < DQWHV GH TXH VXV YHUGXJRV
SXGLHUDQ SRQHUOH OD PDQR HQFLPD DUUHPHWLy FRQ HO ILOR GHOSDWLEXOXP FRQWUD HO OHJLRQDULR TXH
FDPLQDED D VX GHUHFKD GLULJLHQGR HO WURQFR KDFLD VX URVWUR (O VROGDGR FD\y KDFLD DWUiV
SUHFLSLWiQGRVHVREUH-HV~V$PERVURGDURQVREUHHORVFXUR\K~PHGRHPSHGUDGRGHOW~QHO(Q
HVWD RFDVLyQ HO LPSDFWR KL]R TXH HO *DOLOHR VH GHVSORPDUD GH HVSDOGDV (O UHYXHOR IXH
LQGHVFULSWLEOH9DULRVPLHPEURV GHOFXHUSRGHJXDUGLD\DOJXQRVGH ORVURPDQRVGH HVFROWD VH
HQVDxDURQFRQHOJXHUULOOHURKXQGLHQGRODVDVWDVGHVXVODQ]DVHQHOYLHQWUHFRVWLOODV\GLHQWHV
GHOSURYRFDGRUKDVWDKDFHUOHFDHUGHURGLOODV
/RQJLQR\$UVHQLXVDFXGLHURQGHLQPHGLDWRDOFHQWURGHOSDVDGL]RWUDWDQGRGHSRQHURUGHQ
HQDTXHOUHYXHOR2WURVVROGDGRVD\XGDURQDOFRPSDxHURTXHKDEtDVLGRJROSHDGRFRQHOPDGHUR
8QDGHODVDULVWDVOHKDEtDDELHUWRHOSyPXORL]TXLHUGRSURYRFDQGRXQDDSDUDWRVDKHPRUUDJLD(O
FHQWXULyQH[DPLQyODEUHFKDRUGHQDQGRTXHIXHUDUHOHYDGRGHLQPHGLDWR6XSXHVWRIXHRFXSDGR
SRU RWUR GH ORV FHQWLQHODV 0LHQWUDV WDQWR -HV~V SHUPDQHFtD LQPyYLO ERFD DUULED H LPSRWHQWH
SDUDOHYDQWDUVH/DVHVSLQDVKDEtDQYXHOWRDKHULUODQXFD\HO0DHVWURFRQXQULFWXVGHGRORU
LQWHQWDEDDGHODQWDUODFDEH]DHYLWDQGRDVtHOFRQWDFWRFRQODPDGHUD
$OJXQRV GH ORV OHJLRQDULRV TXH SRUWDEDQ ORVIODJUXP FHJDGRV SRU OD LUD VH UHYROYLHURQ
WDPELpQKDFLDHOUDEt\FRPHQ]DURQDJROSHDUOHLQVXOWiQGROH\H[LJLpQGROHTXHVHLQFRUSRUDVH
3HURDTXHOODVGHPDQGDVIXHURQWDQLQ~WLOHVFRPRDEVXUGDV1DGLHHQDTXHOODSRVLFLyQKXELHUD
SRGLGR HOHYDU HO WURQFR SRU VXV SURSLRV PHGLRV (Q XQ GHVHVSHUDGR LQWHQWR SRU REHGHFHU HO
1D]DUHQROOHJyDGREODUODVSLHUQDVWHQVDQGRVXVP~VFXORV3HURDORVSRFRVVHJXQGRVYHQFLGR
\ DJRWDGR GHVLVWLy $QWHV GH TXH OD OyJLFD \ HO EXHQ MXLFLR VH LPSXVLHUDQ HQWUH OD FRQIXVD
VROGDGHVFDRWURGHORVURPDQRVVHLQFOLQyVREUHHO0DHVWUR\DJDUUiQGROHSRUODEDUEDFRPHQ]y
DWLUDUGHpOHQPHGLRGHXQWRUUHQWHGHLPSUHFDFLRQHV\EODVIHPLDV/DUDELDGHOYHUGXJRHUDWDO
TXHHQXQRGHDTXHOORVVDOYDMHVWLURQHVORVFULVSDGRVGHGRVGHOOHJLRQDULRVHGHVSHJDURQGHO
URVWUR GH -HV~V OOHYiQGRVH XQ PHFKyQ GH SHOR &RQ DTXHOOD SRUFLyQ GH OD EDUED HO VROGDGR
DUUDQFy WDPELpQ SDUWH GH OD HSLGHUPLV \ GHO FRULyQ R FDSD LQWHUQD GH OD SLHO GHMDQGR DO
GHVFXELHUWR HQWUH ERUERWRQHV GH VDQJUH ODV EDQGDV ILEURVDV GHO P~VFXOR FXDGUDGR HQ VX
]RQDGHUHFKD&RQXQIXHUWHODPHQWRHO*DOLOHRGHMyFDHUVXFDEH]DVREUHHOSDWLEXOXP SUHVD
GHOLQVRSRUWDEOHGRORUTXHVXSRQtDHOGHVJDUURGHXQVLQQ~PHURGHSDSLODVQHUYLRVDV5HVXOWD
LPSRUWDQWHDQRWDUTXHHQWUHORVPLQ~VFXORVyUJDQRVYLROHQWDPHQWHGHVSUHQGLGRVVHKDOODEDQORV
FRQRFLGRV FRPR LQWpUSUHWHV GH OD VHQVLELOLGDG GRORURVD XQRV UHFHSWRUHV HVSHFtILFRV SDUD HO
GRORU\TXHVHUDPLILFDQHQWHUPLQDFLRQHVQHUYLRVDVOLEUHVTXHVHDUERUL]DQHQORVLQWHUVWLFLRV
GHOHSLWHOLRFXWiQHR
/DVRUSUHVDRHOVXVWRGHOFHQWLQHODIXHWDOTXHQRYROYLyDDJUHGLUD-HV~V(ORSWLRFRQPiV
VHQWLGR FRP~Q TXH VXV KRPEUHV GLVSXVR TXH VH OH LQFRUSRUDVH < OD FRPLWLYD SURVLJXLy VX
PDUFKD FRQ GRV UHYROXFLRQDULRV PDVDFUDGRV D ODWLJD]RV \ JROSHV \ FRQ XQ -HV~V GH 1D]DUHW
LUUHFRQRFLEOHFRQVXPLGRSRUODILHEUH\FRQXQDGHELOLGDGJDORSDQWH
$OSLVDUODFXELHUWDPHWiOLFDGHOSXHQWHOHYDGL]RHOVROFDVLHQHOFHQLWLOXPLQyGHOOHQROD
ILJXUDGHO0DHVWUR/DVFDtGDVKDEtDQDELHUWRDOJXQDVGHVXVKHULGDVHPSDSDQGRQXHYDPHQWHOD
W~QLFDTXHKDEtDSHUGLGRVXFRORURULJLQDO9DULRVUHJXHURVGHVDQJUHFRUUtDQVLQGHVFDQVRSRU
VXVWHQGRQHVGH$TXLOHVHQFKDUFDQGRODVVDQGDOLDV
$UUDVWUDQGRORVSLHVHO0DHVWURIXHDSUR[LPiQGRVHDOSDUDSHWRH[WHULRUGHOD7RUUH$QWRQLD
6X UHVSLUDFLyQ HUD FDGD YH] PiV IDWLJRVD \ VX FDEH]D \ WURQFR LEDQ LQFOLQiQGRVH FHQWtPHWUR D
FHQWtPHWUR
(QODERFDGHOPXURFXDQGROOHYiEDPRVUHFRUULGRVDOJRPiVGHPHWURVGHVGHHOFHQWUR
GHO SDWLR SRUWLFDGR HO SHORWyQ VH GHWXYR QXHYDPHQWH /R HVWUHFKR GHO DFFHVR REOLJy D ORV
OHJLRQDULRVDLQFOLQDUORVWURQFRVGHORVUHRVGHIRUPDTXHSXGLHUDQFUX]DUHOUHFLQWRH[WHULRUGHO
FXDUWHOJHQHUDO
$SDUWLUGHDOOtODVFRVDVSRGtDQFRPSOLFDUVH\ORVVROGDGRVFHUUDURQILODVJXDUGDQGRXQD
PtQLPDGLVWDQFLDHQWUHVt\FRQORVFRQGHQDGRV/RQJLQRKL]RXQDVHxDODVXOXJDUWHQLHQWH\pVWH
VHSXVRDODFDEH]DGHODFRPLWLYDHQDUERODQGRFRQDPEDVPDQRVHOSLOXPVREUHHOTXHKDEtDQ
VLGRGLVSXHVWDVODVWUHVWDEOLOODVFRQORVQRPEUHV\FUtPHQHVGHORVTXHHUDQOOHYDGRVDOSDWtEXOR
1DGD PiV DEDQGRQDU OD IRUWDOH]D IXLPRV VRUSUHQGLGRV SRU XQ YLHQWR UDFKHDGR PXFKR PiV
LQWHQVRTXHHOTXH\RKDEtDSHUFLELGRGXUDQWHORVGHEDWHVGH3RQFLRHQODWHUUD]DGHO3UHWRULR
$TXHO YLHQWR SURFHGHQWH GHO (VWH OOHJDED FDUJDGR GH SROYR \ DUHQD ,QWULJDGR SRU HO V~ELWR
HPSHRUDPLHQWRGHOWLHPSRSXOVpODFRQH[LyQDXGLWLYD\SUHJXQWpD(OLVHRTXpQRWLFLDVWHQtDVREUH
ODDQXQFLDGDLQHVWDELOLGDGHQORVDOWRVQLYHOHVGHODDWPyVIHUDHQODVSUR[LPLGDGHVGHODIURQWHUD
GHODFWXDO,UDNFRQOD$UDELD6DXGt0LFRPSDxHURDTXLHQWHQtDSRFRPHQRVTXHDEDQGRQDGR
GHVGH KDFtD KRUDV PH UHSURFKy HVWH VLOHQFLR DXQTXH FRPSUHQGLy TXH ODV FLUFXQVWDQFLDV QR
KDEtDQVLGRySWLPDVFRPRSDUDPDQWHQHUOHLQIRUPDGR
(LQPHGLDWDPHQWHSDVyDH[SOLFDUPHTXHODWXUEXOHQFLDVHKDEtDFRQYHUWLGRHQXQKDERRE
>@ R WHPSHVWDG FRQ XQ YLHQWR YLROHQWR DOLPHQWDGR SRU HO FRQWDFWR HQWUH XQD FRUULHQWH HQ
FKRUUR \ RWUR VLVWHPD GH SUHVLyQ EDURPpWULFD GLVWLQWR /D WHPSHVWDG KDEtD LGR DXPHQWDGR
HVSHFLDOPHQWHHQODSHULIHULDRFFLGHQWDOGHODGHSUHVLyQEiULFDORFDOL]DGDFRPRGLMHDOVXUGHO
,UDN /RV VLVWHPDV HOHFWUyQLFRV GH OD FXQD KDEtDQ GHWHFWDGR FRUULHQWHV FyQLFDV GH SDUWtFXODV
VXVSHQGLGDVHQHODLUHPRYLpQGRVHKDFLDHO2HVWH1RURHVWH\HQIUHQWHVTXHRVFLODEDQDOUHGHGRU
GHORVNLOyPHWURV/DVEDQGDVGHHVWHKDERREVHKDEtDQLGRHQURVFDQGR\HQVDQFKiQGRVH
KDVWDDOFDQ]DUORVNLOyPHWURVOHYDQWDQGRDVXSDVRJLJDQWHVFDVQXEHVGHDUHQDSURFHGHQWHV
GH ORV GHVLHUWRV DUiELJRV GH 1DIXG \ 'DKQD /DV UDFKDV VHJ~Q ORV GHWHFWRUHV GHO PyGXOR
DOFDQ]DEDQ ORV \ QXGRV SRU KRUD (Q FRQWUD GH OR TXH SUHVXPtD (OLVHR OD OOHJDGD GH
DTXHOODWRUPHQWDKDEtDHOHYDGRODKXPHGDGUHODWLYDHVWLPiQGRVHWDPELpQXQOLJHURGHVFHQVRGH
ODWHPSHUDWXUD
/DYLVLELOLGDGHQHOLQWHULRUGHOSROYHUtRDxDGLyPLKHUPDQRKDVLGRHVWLPDGDSRU6DQWD
&ODXVHQXQRVPHWURV7LHPSRSUHYLVWRSDUDHOEDUULGRGHODFLXGDGSRUHOOyEXORFHQWUDOGHO
KDERREHQWUH\PLQXWRVDSDUWLUGHDKRUDPLVPR
$TXHOORVLJQLILFDEDTXHVLODFRPLWLYDFRQVHJXtDDOFDQ]DUHOOXJDUGHODFUXFLIL[LyQDQWHVGH
ODHQWUDGDGHODWRUPHQWDHQHOiUHDGH-HUXVDOpQODVWLQLHEODVSURYRFDGDVSRUODVEDQFRVGH
DUHQDHQVXVSHQVLyQVHHFKDUtDQVREUHQRVRWURVHQSOHQDHMHFXFLyQ4XpSRFRSRGtDLPDJLQDU
HQDTXHOORVLQVWDQWHVTXHODVIDPRVDVWLQLHEODVGHVFULWDVSRUORVHYDQJHOLVWDVSRFRWHQtDQTXH
YHUFRQHORVFXUHFLPLHQWRGHOVROSRUHOSROYR
$ FRUWD GLVWDQFLD GHO SDUDSHWR GH SLHGUD TXH URGHDED DTXHOOD ]RQD GH OD 7RUUH $QWRQLD
HVSHUDED XQ JUXSR GH MXGtRV FDOFXOp XQRV GRVFLHQWRV HQWUH ORV TXH VH KDOODEDQ XQRV SRFRV
VDGXFHRV ORV PLVPRV TXH KDEtDQ DVLVWLGR D OD FRQGHQD GH -HV~V IUHQWH DO 3UHWRULR \ SRU
VXSXHVWR-RVpGH$ULPDWHDHQFRPSDxtDGHRWURMRYHQHPLVDULRGH'DYLG=HEHGHR(VWH~OWLPR
DFDEDEDGHFRPXQLFDUDODQFLDQRTXH0DUtDODPDGUHGHO0DHVWUR\RWURVIDPLOLDUHVYHQtDQ\D
KDFLD-HUXVDOpQ\TXHSUREDEOHPHQWHVHHQFRQWUDUtDQFRQ-XDQHQHOFDPLQRGH%HWDQLD
&DLIiV\HOUHVWRGHORVVDQHGULWDVVHJ~Q-RVpVHKDEtDQGLULJLGRDOWHPSORGLVSXHVWRVD
GDUFXHQWD DO UHVWRGHO 6DQHGUtQ GHOR DFRQWHFLGR DTXHOOD PDxDQD\ GH ODLQPLQHQWH PXHUWHGHO
UDEtGH*DOLOHD3HURODPi[LPDSUHRFXSDFLyQGHOGH$ULPDWHDQRHUDODVXHUWHGHVX0DHVWUReO
VDEtDTXHODVHQWHQFLDGHOSURFXUDGRUHUD\DLQDSHODEOH\TXHVyORORVSRGHUHVGLYLQRVGH-HV~V
SRGUtDQOLEUDUOHGHXQDPXHUWHVHJXUD6XVSHQVDPLHQWRVHVWDEDQRFXSDGRVFRPRGLJRSRURWUR
SUREOHPD 8QD YH] ORJUDGR HO SURQXQFLDPLHQWR GH 3RQFLR FRQWUD HO *DOLOHR ORV VDFHUGRWHV
VDOLHURQ GH OD IRUWDOH]D GLVFXWLHQGR \ SUHSDUDQGR VX SUy[LPD DFFLyQ HO DSUHVDPLHQWR \
DQLTXLODFLyQGHORVGLVFtSXORVGH-HV~V-RVpKDEtDDGYHUWLGRDOFRUUHRVREUHGLFKDPDQLREUD\
OHXUJLySDUDTXHVDOLHUDKDFLD*HWVHPDQt\SXVLHUDVREUHDYLVRD'DYLG\DFXDQWRVVHJXLGRUHV\
DPLJRVSXGLHUDORFDOL]DU<DVtORKL]R
<RPHDWUHYtDLQVLQXDUOHTXHVXSUHVHQFLDFHUFDGHOVXPRVDFHUGRWH\GHORVVDGXFHRVSRGtD
UHVXOWDU PXFKR PiV ~WLO TXH HQ DTXHO WUiJLFR FRUWHMR< -RVp VLQ SRGHU FRQWHQHU ODV OiJULPDV
DVLQWLy FRQ OD FDEH]D PLHQWUDV REVHUYDED DWyQLWR HO URVWUR HQVDQJUHQWDGR GHO 1D]DUHQR \ VX
FXHUSRFDGDYH]PiVDJRWDGR\IOH[LRQDGREDMRHOSHVRGHOWURQFR
/RVGLULJHQWHVMXGtRVDOOHHUHO,15,GH-HV~VVHLQWHUSXVLHURQHQHOFDPLQRGHORSWLR\GHO
SHORWyQ \ DLUDGDPHQWH SURWHVWDURQ SRU OD LQVFULSFLyQ /RQJLQR WUDWy GH FDOPDU ORV H[DOWDGRV
iQLPRVGHORVKHEUHRVKDFLpQGROHVYHUTXHDTXHOODVWDEOLOODVKDEtDQVLGRHVFULWDVGHSXxR\OHWUD
SRUHOSURSLRSURFXUDGRU
)XHLQ~WLO/RVVDGXFHRVH[LJLHURQTXHHOFHQWXULyQFDPELDVHHOWH[WRUHWLUDQGRODH[SUHVLyQ
UH\ GH ORV MXGtRV /D WHQVLyQ OOHJy DO Pi[LPR FXDQGR DOJXQRV GH DTXHOORV GHVDUUDSDGRV
WRPDURQSLHGUDVDUURMiQGRODVFRQWUDORVVROGDGRV9DULRVOHJLRQDULRVVHDGHODQWDURQFXEULHQGR
D/RQJLQR\DORSWLRFRQVXVHVFXGRV(OFHQWXULyQVLQSHUGHUORVQHUYLRVDSDUWyDOLQIDQWHTXHOH
SURWHJtD \ OHYDQWDQGR OD YR] DGYLUWLy DO JUXSR TXH VH GLVROYLHUD 'HVSXpV VHxDODQGR HO WHUFHU
WDEOHUR HO FRUUHVSRQGLHQWH D -HV~V 1D]DUHQR UHFRUGy D ORV VDQHGULWDV TXH VL GHVHDEDQ
FDPELDU OD LQVFULSFLyQ YROYLHUDQ D $QWRQLD \ GLVFXWLHUDQ HO DVXQWR FRQ 3RQFLR $TXHOODV
SDODEUDV GH /RQJLQR DSDFLJXDURQ OD FyOHUD GH ORV MXGtRV \ WUHV GH ORV MXHFHV VH UHWLUDURQ
DSUHVXUDGDPHQWHHQGLUHFFLyQDO3UHWRULRGLVSXHVWRVDQHJRFLDUORTXHFRQVLGHUDEDQXQLQVXOWRD
VXQDFLRQDOLVPR
<R QR YROYHUtD D YHU D 3LODWR HQ DTXHO SULPHU JUDQ YLDMH 6LQ HPEDUJR \ DGHODQWDQGR
DFRQWHFLPLHQWRV SXHGR VHxDODU TXH HQ QXHVWUD VHJXQGD DYHQWXUD &LYLOLV PH UHODWy DTXHO
QXHYR HQFXHQWUR FRQ ORV GHVSUHFLDEOHV VDFHUGRWHV FRQJUDWXOiQGRVH GH OD DFWLWXG GH 3RQFLR
3RUXQDYH]HOJREHUQDGRUVHPRVWUyLQIOH[LEOHUHFRUGDQGRDORVKHEUHRVTXHGLFKDDFXVDFLyQ
KDEtD IRUPDGR SDUWH GH ODV LQFXOSDFLRQHV TXH KDEtDQ PRWLYDGR ODFRQGHQD$O SDUHFHU FXDQGR
ORVVDGXFHRVVHFRQYHQFLHURQGHODGXUDHLQWUDQVLJHQWHSRVWXUDGHOURPDQROHVXJLULHURQTXHDO
PHQRV PRGLILFDVH HO WH[WR FDPELiQGROR SRU RWUR TXH GLMHVH +D GLFKR VR\ HO 5H\ GH ORV
-XGtRV/DUHVSXHVWDGH3RQFLRIXHLGpQWLFDDODVDQWHULRUHV/RTXHKHHVFULWRHVFULWRHVWiSRU
Pt<ODUHSUHVHQWDFLyQGHO6DQHGUtQQRWXYRPiVUHPHGLRTXHUHWLUDUVHQRVLQDQWHVDPHQD]DU
DOJREHUQDGRUFRQXQVLQItQGHPDOGLFLRQHV\FDVWLJRVGLYLQRV
8QDYH]FDQFHODGRHOLQFLGHQWHHOFHQWXULyQGLRRUGHQGHSURVHJXLU'HVHQYDLQyVXHVSDGD\
VLQ WLWXEHR DOJXQR VH DEULy SDVR HQWUH OD WXUED $TXHOORV FLHQWRV GH IDQiWLFRV HQ VX PD\RUtD
GHVRFXSDGRVJHQWHFRPSUDGDSRUHO6DQHGUtQRVLPSOHPHQWHPRUERVRVVHGLHQWRVGHVDQJUHVH
HFKDURQDWUiVDOPRPHQWRDEULHQGRXQSDVLOORSRUHOTXHGHVILOyHOSHORWyQFRQORVFRQGHQDGRV
3RUPiVTXHPLUpQRSXGHGHVFXEULUDXQRVRORGHORVDPLJRVRGLVFtSXORVGH-HV~V(QFXDQWRD
ODPXFKHGXPEUHTXHKDEtDJULWDGRODOLEHUDFLyQGH%DUUDEiV\ODFUXFLIL[LyQGHO*DOLOHRGyQGH
HVWDED" $TXHOORV KHEUHRV FRQVWLWXtDQ XQD PtQLPD SDUWH GH ORV GRV PLO R WUHV PLO TXH SRGtDQ
KDEHUVHFRQJUHJDGRPLQXWRVDQWHVIUHQWHDODVHVFDOLQDWDVGHODUHVLGHQFLDGHOSURFXUDGRU(VWH
V~ELWRGHVLQWHUpVSRUHOILQDOGHORGLDGRUH\GHORVMXGtRVFRQILUPyPLKLSyWHVLV/DLQPHQVD
PD\RUtDGHORVMXGtRVTXHVXELyHVDPDxDQDKDVWDHO3UHWRULRVyOROOHYDEDXQDLQWHQFLyQVROLFLWDU
ODWUDGLFLRQDOOLEHUDFLyQGHXQSUHVR(QHOIRQGROHVGDEDLJXDOHQTXLpQUHFDtDODJUDFLD6LORV
MXHFHVKXELHVHQFODPDGRSRUODOLEHUWDGGH-HV~VHOJHQWtRSUREDEOHPHQWHKXELHUDFRUHDGRHO
QRPEUH GHO 1D]DUHQR 8QD YH] VDWLVIHFKD VX FXULRVLGDG ORV PLOHV GH SHUHJULQRV \ YHFLQRV GH
-HUXVDOpQVHUHWLUDURQROYLGiQGRVHSUiFWLFDPHQWHGHOFRQGHQDGR
3HUR HO WURSLH]R FRQ DTXHOORV GRVFLHQWRV FREDUGHV Vt LQIOX\y HQ DOJR /RQJLQR KRPEUH GH
JUDQH[SHULHQFLDSHQVyVLQGXGDTXHODFRQGXFFLyQGHORV]HORWDV\GHOUH\DWUDYpVGHODV
FDOOHVGHODFLXGDGDOWDGH-HUXVDOpQSRGtDUHYHVWLUFRPSOLFDFLRQHVSDUDVXVKRPEUHV\SDUDpO\
FRQEXHQFULWHULRYDULyHOFDPLQRTXHWUDGLFLRQDOPHQWHYHQtDQVLJXLHQGRHVWHWLSRGHSURFHVLRQHV
(Q JHQHUDO ORV IXWXURV DMXVWLFLDGRV HUDQ SDVHDGRV SRU ODV LQWULQFDGDV FDOOHMXHODV GH OD FLXGDG
WUDWDQGRDVtGHHMHPSODUL]DUDODVPDVDV(QHVWDRFDVLyQLQVLVWRHOFHQWXULyQVHGHFLGLySRUXQ
FDPLQRPXFKRPiVFRUWR6LHQWRGHIUDXGDUDFXDQWRVKDQFUHtGR\FUHHQHQXQDYtDGRORURVDD
WUDYpV GH ODV HVWUHFKDV FDOOHV GHO EDUULR DOWR 1DGD GH HVR (O FHQWXULyQ \ ORV VROGDGRV VH
GHVYLDURQ KDFLD HO QRUWH HQWUDQGR HQ HO SROYRULHQWR FDPLQR TXH FRQGXFtD D &HVDUHD \ TXH
GLVFXUUtDFDVLSDUDOHODPHQWHDOYDOOHGHO7\URSHyQ+R\HVDPLVPDYtDDWUDYLHVDDOJRPiVDO
QRUWHOD3XHUWDGH'DPDVFRHQODPXUDOODVHSWHQWULRQDO
/RV SULPHURV VRUSUHQGLGRV SRU HVWH FDPELR HQ HO LWLQHUDULR IXHURQ ORV KHEUHRV TXH KDEtDQ
DUURMDGR ODV SLHGUDV FRQWUD OD HVFROWD URPDQD $O SRFR HQFDEH]DGRV SRU ORV VDGXFHRV
FRPHQ]DURQDVHJXLUD/RQJLQR\DORVOHJLRQDULRV6XSRQJRTXHDTXHOODH[WUDxDYDULDFLyQHQOD
UXWDWUDGLFLRQDOGHORVUHRVPRYLyDXQPiVVXFXULRVLGDG
6HJ~Q PLV FiOFXORV -HV~V OOHYDED FDPLQDGRV XQRV PHWURV GHVGH HO SDWLR GH OD 7RUUH
$QWRQLD FXDQGR HO FHQWXULyQ GH LPSURYLVR VDOLy GH OD FDO]DGD HFKiQGRVH D OD L]TXLHUGD H
LQLFLDQGR HO GHVFHQVR SRU OD PHQFLRQDGD TXHEUDGD GHO 7\URSHyQ HQ GLUHFFLyQ D XQD GH ODV
HVTXLQDV GH OD PXUDOOD QRUWH GH OD FLXGDG (O YLHQWR OHYDQWDED HQ DTXHOOD ]RQD H[WHULRU GH
-HUXVDOpQJUDQGHVPDVDVGHSROYR\WLHUUDGLILFXOWDQGRHO\DSHQRVRFDPLQDUGHO0DHVWUR\GH
ORVEDQGLGRV(VWRVKDEtDQYXHOWRDVHUD]RWDGRVDXQTXHDTXHOODSHQGLHQWH\ORLUUHJXODUGHO
WHUUHQRUHVWDEDQSUHFLVLyQDORVJROSHVGHORVYHUGXJRV
)XHSUHFLVDPHQWHDOEDMDUSRUDTXHOODFRUWDODGHUDVHPEUDGDGHFDUGRV\DEURMRVHVSLQRVRV
FXDQGRHOUHQTXHDQWH\KXPLOODGRFXHUSRGHO1D]DUHQRSHUGLyQXHYDPHQWHHOHTXLOLEULRFD\HQGR
HQ WLHUUD HQWUH XQD QXEH GH SROYR (VWD YH] -HV~V ORJUy DGHODQWDU VXV URGLOODV TXH IXHURQ D
HVWUHOODUVHHQWUHODVSLHGUDV
/D WHUFHUD FDtGD GHO SULVLRQHUR REOLJy D GHWHQHU OD FRPLWLYD 'RV GH ORV YHUGXJRV
UHWURFHGLHURQ \ D ODWLJD]RV LQWHQWDURQ TXH HO 0DHVWUR VH LQFRUSRUDVH &RQ OD ERFD DELHUWD
UHVRSODQGR \ HQ PLWDG GH XQD QXHYD HOHYDFLyQ GHO ULWPR FDUGtDFR HO JLJDQWH TXH KDEtD
TXHGDGRGHURGLOODVORJUyDOILQHOHYDUODSLHUQDGHUHFKD3HURODL]TXLHUGDGHVWUR]DGDSRUHO
IODJUXP QR UHVSRQGLy (O +LMR GHO +RPEUH DSUHWy ORV GLHQWHV FRQ WRGDV VXV IXHU]DV /RV
P~VFXORV GHO FXHOOR YROYLHURQ D WHQVDUVH SURGXFLpQGRVH XQD SHOLJURVD FRQWUDFWXUD GHO
HVWHUQRFOHLGRPDVWRLGHR 6XV RMRV FHUUDGRV UHIOHMDEDQ XQ ILUPH GHVHR GH YHQFHU HO SHVR GHO
PDGHURSHURHODJRWDPLHQWRODVHG\HOFDGDYH]PiVSUHRFXSDQWHGHVFHQVRGHODYROHPLDHQ
DTXHOORV PRPHQWRV HUD PX\ SRVLEOH TXH HO UDEt KXELHUD SHUGLGR XQRV GRV OLWURV GH VDQJUH
SXGLHURQPiVTXHVXYROXQWDG\DSHVDUGHORVODWLJD]RVHOFXHUSRGHOUHROHMRVGHUHFXSHUDUVH
IXHLQFOLQiQGRVHPiV\PiVKDVWDTXHODEDUELOODWRFyODURGLOODGHUHFKD(QHVHFUtWLFRLQVWDQWH
OD YR] GHO FHQWXULyQ GHWXYR D ORV OHJLRQDULRV < HO SURSLR /RQJLQR D\XGDGR SRU RWURV GRV
VROGDGRVVHHQFDUJyGHHPSXMDUHOSDWLEXOXPDOLYLDQGRDVtODUHFXSHUDFLyQGHOSULVLRQHUR8QD
YH]HQSLHODFRPLWLYDFRQWLQXyHOGHVFHQVRKDVWDOOHJDUDOIRQGRGHODYDJXDGD$SDUWLUGHDOOt
\ KDVWD HO *yOJRWD HO FDPLQR IXH PXFKR PiV GUDPiWLFR 6HJ~Q PLV FiOFXORV OD GHSUHVLyQ GHO
7\URSHyQVHKDOODEDHQODFRWD+DEtDPRVGHVFHQGLGRFLQFRPHWURVODFRWDGHODIRUWDOH]D
$QWRQLD\GHODSLVWDGH&HVDUHDHUDGHPHWURV\HO&DOYDULRVHHQFRQWUDEDDPHWURVGH
DOWLWXGVREUHHOQLYHOGHOPDU(VRVLJQLILFDEDDSDUWLUGHHVRVLQVWDQWHVXQFDPLQRHQFRQWLQXD
SHQGLHQWH
3HURDQWHPLVRUSUHVDHO1D]DUHQRORJUyGHVFHQGHUSRUHOUHSHFKRFRQPHQRVGLILFXOWDGHV
GHORTXHLPDJLQDED7DPEDOHiQGRVH\UHVSLUDQGRSRUODERFDFRQVLJXLyFXEULURWURFHQWHQDUGH
PHWURV$TXHOORVXPDEDDOUHGHGRUGHGHVGHQXHVWUDVDOLGDGH$QWRQLD
6LQHPEDUJR\RPLVPRPHHVWDEDHQJDxDQGR/DWULVWHUHDOLGDGQRWDUGyHQLPSRQHUVH'H
SURQWRVHGHWXYR(OOHxRRVFLOyQHUYLRVDPHQWHDXQR\RWURODGR\-HV~VFD\yVREUHVXVURGLOODV
SUHVDGHFRQYXOVLRQHVPiVLQWHQVDV(VWDYH]DIRUWXQDGDPHQWHSDUDpOODFRPLWLYDDSHQDVVLVH
GHWXYR XQRV VHJXQGRV (O UDEt SURVLJXLy HO DYDQFH DUUDVWUDQGR ODV URGLOODV VREUH OD iVSHUD
SHQGLHQWH
1R SXGH HYLWDU XQ VHQWLPLHQWR GH DGPLUDFLyQ$TXHO KRPEUH HQ HO GHFOLYH GH VX YLGD HUD
FDSD]GHFRQWLQXDUGHOPRGRTXHIXHUDKDFLDVXSURSLRILQ
/RQJLQR KDEtD HOHJLGR HO SHUtPHWUR H[WHULRU GH OD PXUDOOD QRUWH HYLWDQGR DVt ODV
PXOWLWXGLQDULDVFDOOHVGH-HUXVDOpQ\DOPLVPRWLHPSRDFRUWDQGRHOFDPLQR
$ SHVDU GH HOOR HO DJRWDPLHQWR ItVLFR \ HVWLPR TXH PHQWDO GH -HV~V HVWDED UR]DQGR
QXHYDPHQWH HO HVWDGR GH VKRFN /DV SXQWDV GH VXV GHGRV KDEtDQ HPSH]DGR D WHxLUVH FRQ XQD
WRQDOLGDGYLROiFHDVHxDOLQHTXtYRFDGHXQDSpVLPDFLUFXODFLyQHQVXVH[WUHPLGDGHVVXSHULRUHV
IUXWR GHO DJDUURWDPLHQWR SURORQJDGR$XQTXH IXH LPSRVLEOH YHULILFDUOR HQ DTXHOORV DQJXVWLRVRV
PRPHQWRV HUD PiV TXH VHJXUR TXH VXV EUD]RV \ KRPEURV KXELHUDQ LQLFLDGR XQD WHWDQL]DFLyQ
VXPDQGRFRQHOORXQQXHYR\SXQ]DQWHGRORUFRQVHFXHQFLDGHODSURJUHVLYDFULVWDOL]DFLyQGHORV
PLFURVFySLFRVFULVWDOHVGHiFLGROiFWLFRGHVXVP~VFXORV(VWHSURFHVRGHWHWDQL]DFLyQVHUtDXQR
GHORVPiVDUGXRVVXSOLFLRVDTXHGHEHUtDHQIUHQWDUVHHO0DHVWURGXUDQWHORVSULPHURVPLQXWRVGH
ODFUXFLIL[LyQ
&RQ OD FDEH]D \ HO WURQFR IOH[LRQDGRV HO *DOLOHR IXH JDQDQGR FDGD SDOPR GH WHUUHQR
HQYXHOWRHQROHDGDVGHDUHQD\OHYDQWDQGRHQFDGDDUUDVWUHGHVXVURGLOODVSHTXHxDVFROXPQDVGH
SROYR/DVDQJUHTXHHPSDSDEDVXW~QLFDIXHFDUJiQGRVHGHWLHUUDDVtFRPRVXVFDEHOORVEDUED\
URVWUR
/D UHVSLUDFLyQ IXH KDFLpQGRVH PiV \ PiV UiSLGD \ FXDQGR KDEtD JDQDGR RWURV FLQFXHQWD
HVFDVRVPHWURVXQVXGRUIUtREDxyODVVLHQHV\FXHOOR-HV~VDYDQ]DED\DFRQPRYLPLHQWRVPX\
EUXVFRV FDVL D VDFXGLGDV FRQ XQD WtSLFD PDUFKD HVSiVWLFD FRQVHFXHQFLD GH OD ULJLGH]
PXVFXODU
'HSURQWROHYLOHYDQWDUHOURVWURSRUGRVYHFHVSURFXUDQGRLQKDODUXQPi[LPRGHDLUH<VLQ
TXHQDGLHSXGLHUDHYLWDUORVHGHVSORPyHVWUHOOiQGRVHFRQWUDHOWHUUHQR
/RV VROGDGRV QR OR GXGDURQ < DQWHV GH TXH HO FHQWXULyQ WXYLHUD WLHPSR GH LQWHUYHQLU OD
HPSUHQGLHURQDSDWDGDVFRQHOLQHUPHFXHUSRGHO1D]DUHQR/RVFDWRUFHFODYRVHQIRUPDGH
GHODVVXHODVIXHURQDEULHQGRQXHYDVKHULGDVHQODVSLHUQDV\VXSRQJRHQFDVLWRGDVODViUHDV
GRQGH GHVFDUJDURQ ORV SXQWDSLpV ULxRQHV FRVWLOODV \ HVSDOGD (O SLH L]TXLHUGR KDEtD TXHGDGR
RULHQWDGR KDFLD OD GHUHFKD \ XQR GH ORV IXULRVRV YHUGXJRV OR SLVRWHy SRU GRV YHFHV (Q HO
VHJXQGRLPSDFWRODXxDGHOGHGRJUXHVRVDOWyOLPSLDPHQWH
$OOt FXDQGR IDOWDEDQ HVFDVRV PHWURV SDUD FRURQDU OD SHQGLHQWH ODV IXHU]DV KDEtDQ
DEDQGRQDGRGHILQLWLYDPHQWHDOUHR
/D OOHJDGD GH /RQJLQR ]DQMy DTXHOOD HVWpULO SDOL]D< GLJR HVWpULO SRUTXH HO 0DHVWUR KDEtD
SHUGLGRHOFRQRFLPLHQWR
(ORILFLDOTXHHVWDEDHQWHUDGRGHODGXUDLQWHUYHQFLyQGHORVOHJLRQDULRVHQODIODJHODFLyQ
UHSURFKyDORVVROGDGRVDTXHODEVXUGRFRPSRUWDPLHQWR6HDJDFKy\FRORFDQGRVXVGHGRVHQOD
DUWHULDFDUyWLGDFRPSUREyHOSXOVR
$~QYLYHH[FODPyDOLYLDGR
/RV FXDWUR JXDUGLDQHV TXH OH KDEtDQ VLGR DGMXGLFDGRV SURFHGLHURQ D OHYDQWDU HOSDWLEXOXP
3HUR-HV~VTXHGyPDWHULDOPHQWHFROJDGRGHOOHxRFRQODFDEH]DKXQGLGDVREUHHOSHFKR
8QR GH ORV VROGDGRV VXJLULy DO FHQWXULyQ TXH VROWDUDQ HO WURQFR /RQJLQR GLULJLy VX PLUDGD
KDFLD HO SROYRULHQWR KRUL]RQWH \ DO FRPSUREDU TXH QRV KDOOiEDPRV PX\ FHUFD GH OD SXHUWD GH
(IUDtPUHFKD]yODLGHDRUGHQDQGRTXHWUDQVSRUWDUDQDOUHR\DOSDWLEXOXPKDVWDHOSLHPLVPRGH
OD PXUDOOD$Vt VH KL]R 6LQ SDUDUVH HQ FRQWHPSODFLRQHV GH QLQJ~Q WLSR HO SHORWyQ UHDQXGy OD
PDUFKDUHPRQWDQGRHOUHSHFKRHQGLUHFFLyQDODFLWDGDHQWUDGDQRURHVWHGHODFLXGDG'RVGHORV
YHUGXJRVGHSRVLWDURQORVH[WUHPRVGHOPDGHURHQVXVUHVSHFWLYRVKRPEURVFDUJDQGRDVtFRQHO
FXHUSR GHVPD\DGR GHO SULVLRQHUR /RV SLHV GH -HV~V GXUDQWH HVWRV QXHYRV R PHWURV
IXHURQDUUDVWUDQGRVLQSLHGDGSRUHQWUHODPDOH]D\ODVSHTXHxDVIRUPDFLRQHVURFRVDVXOFHUDQGR
D~QPiVORVWHMLGRV
8QDYH]MXQWRDODPXUDOODDOSLHPLVPRGHODUHIHULGDSXHUWD\GHOVHQGHURTXHSDUWtDGHVGH
DTXHOiQJXORKDFLD-DIIDORVVROGDGRVVHQWDURQDO0DHVWURUHFRVWiQGRORVREUHORVEORTXHVGHO
DOWRPXUR0LHQWUDVGRVGHHOORVVRVWHQtDQHOWURQFRRWURVROWyODPDURPDGHVDWDQGRD-HV~V6XV
EUD]RV H[iQLPHV FD\HURQ VREUH VXV FRVWDGRV< RWUR WDQWR RFXUULy FRQ VX FDEH]D TXH TXHGy
LQFOLQDGDVREUHHOWyUD[
/RVYHUGXJRVTXHKDEtDQYHQLGRD]RWDQGRDORV]HORWDVDSURYHFKDURQDTXHOGHVFDQVRSDUD
VHQWDUVHDOILORGHOFDPLQRPLHQWUDVORVJXHUULOOHURVH[KDXVWRVVHGHUUXPEDEDQLJXDOPHQWH
(OWURSHOGHFXULRVRVQRWDUGyHQDVRPDUSRUHOUHSHFKR3HURDOYHUTXHHOSHORWyQVHKDEtD
GHWHQLGR VH PDQWXYR D XQD SUXGHQFLDO GLVWDQFLD SHQGLHQWH GH WRGRV \ FDGD XQR GH ORV
PRYLPLHQWRVGHORVURPDQRV
(OWUiQVLWRGHFDPLQDQWHVSRUDTXHOODFDO]DGDHUDLQWHQVR1RVHQFRQWUiEDPRVPX\FHUFDGH
ODWUDGLFLRQDOFHOHEUDFLyQGHODFHQDSDVFXDO\ORVSHUHJULQRVDSUHVXUDEDQHOSDVRDUUHDQGRODV
FDEDOOHUtDV\ORVUHEDxRVGHFRUGHURV0XFKRVGHHOORVVHGHWHQtDQEDMRHODUFRGHODSXHUWDGH
(IUDtPVRUSUHQGLGRVSRUHOHVSHFWiFXORGHDTXHOORVKRPEUHVHQVDQJUHQWDGRVPHGLRGHVQXGRV\
KXQGLGRVEDMRHOSHVRGHORVWURQFRV3HURODWRUPHQWDGHSROYR\DUHQDVHJXtDDUUHFLDQGR\OD
PD\RUSDUWHWUDVHFKDUXQYLVWD]RVHUHWLUDEDQGHLQPHGLDWR6XSRQJRTXHPX\SRFRVOOHJDURQD
UHFRQRFHUDO1D]DUHQR
(OFHQWXULyQ\VXOXJDUWHQLHQWHYROYLHURQDH[DPLQDUD-HV~V$PERVVHPRVWUDEDQVHULDPHQWH
SUHRFXSDGRV 1R GHVHDEDQ TXH HO UHR SHUGLHUD OD YLGD HQ HO WUDVODGR $TXHOOR OHV KXELHUD
FRPSOLFDGRODVFRVDV$SHWLFLyQGH/RQJLQRHOOHJLRQDULRTXHKDEtDFDUJDGRHOVDFRGHFXHUR
H[WUDMR GH pVWH XQ FiQWDUR GH EDUUR HQYXHOWR HQ XQD UHGHFLOOD WUHQ]DGD D EDVH GH FXHUGDV \
SURWHJLpQGRORGHOSROYRFRQVXSURSLRFXHUSROOHQyXQDFD]ROHWDGHPHWDOGHXQUHPRWRFRORU
YHUGRVRFRQXQOtTXLGRLQFRORUR(OFHQWXULyQDSUR[LPyHOUHFLSLHQWHDORVODELRVGH-HV~VTXH
DOFRQWDFWRFRQORTXHHQXQSULQFLSLRLGHQWLILTXpFRQDJXDUHDFFLRQyIDYRUDEOHPHQWH$OILMDUPH
DSUHFLp FyPR ORV ODELRV VH KDOODEDQ DJULHWDGRV FRQ ODV WtSLFDV PDQFKDV DPDULOOHQWDV HQ VXV
ERUGHV SURSLDV GH OD GHVKLGUDWDFLyQ /HQWDPHQWH HO *DOLOHR IXH DSXUDQGR HO EUHEDMH $O
WHUPLQDUVXERFDTXHGyHQWUHDELHUWDFRQHOFXHUSRHVWUHPHFLGRSRUODILHEUH\ODFRQVLJXLHQWH
VHQVDFLyQ GH IUtR (QWRQFHV DO UHSDUDU HQ VX ERFD FRPSUREp FRQ HVSDQWR TXH OD KHUPRVD
GHQWDGXUD GHO UDEt DSDUHFtD URWD 0H VLWXp HQ FXFOLOODV DO ODGR GH /RQJLQR \ WRFDQGR FRQ PLV
GHGRVHOODELRLQIHULRUGHVFXEUtODGHQWDGXUD8QRGHORVLQFLVLYRVLQIHULRUHVKDEtDGHVDSDUHFLGR
\ HO VHJXQGR SUHVHQWDED VyOR XQD SDUWH GH OD FRURQD $TXHOODV SpUGLGDV VyOR SRGtDQ KDEHU
RFXUULGRHQDOJXQDGHODVFXDWURFDtGDV(QPLRSLQLyQHQODSULPHUDRHQODFXDUWD\~OWLPD
$OQRWDUODVXDYHSUHVLyQGHXQRVGHGRVEDMDQGRVXODELRLQIHULRU-HV~VDEULyFRPRSXGR
VXVRMRV(OL]TXLHUGRVHKDOODEDSUiFWLFDPHQWHFHUUDGRSRUORVKHPDWRPDV\ODURWXUDGHODFHMD
0L PLUDGD GHELy VHU WDQ LQWHQVD \ FRPSDVLYD TXH DGLYLQp XQD FKLVSD GH DJUDGHFLPLHQWR HQ
DTXHOODSXSLOD/DKLSRWRQtDREODQGXUDGHOJORERRFXODUHUDWDQHYLGHQWHTXHPHUHDILUPpHQOD
JUDYtVLPDGHVKLGUDWDFLyQTXHSDGHFtD
/D WHPSHUDWXUD GHO ODELR HUD PX\ DOWD \ VLQ SRGHU UHPHGLDUOR FRPHQWp FRQ HO RILFLDO HO
GHOLFDGR HVWDGR GHO UHR /RQJLQR VH LQFRUSRUy \ FRQ XQ JHVWR GH SUHRFXSDFLyQ VH GLULJLy DO
FDPLQRREVHUYDQGRDORVWUDQVH~QWHV$OSULQFLSLRPHH[WUDxyDTXHOODUHDFFLyQGHOFDSLWiQGHOD
HVFROWD'HVSXpVFRPSUHQGtSRUTXpVHKDEtDDOHMDGRGHOSHORWyQ
0LHQWUDVREVHUYDEDFyPRHO*DOLOHRLEDUHFREUDQGRHODOLHQWRXQJUXSRGHYHLQWHRWUHLQWD
PXMHUHV DSDUHFLy EDMR HO DUFR GH (IUDtP ,QGXGDEOHPHQWH YHQtDQ DO HQFXHQWUR GHO 0DHVWUR
SRUTXHDOGHVFXEULUORDOSLHGHODPXUDOODVHGHWXYLHURQ$YDQ]DURQWtPLGDPHQWH\FXDQGRVH
KDOODEDQDWUHVPHWURVXQRGHORVOHJLRQDULRVOHVFRUWyHOSDVRFRQVXODQ]D
0HSXVHHQSLH\EXVTXpFRQDQVLHGDGDODPDGUHGHO0DHVWURSHURSURQWRFDtHQODFXHQWD
TXHDTXHOLQWHQWRGHLGHQWLILFDFLyQHUDULGtFXOR<RQRFRQRFtDD0DUtD/DVPXMHUHVURPSLHURQD
OORUDU)XHURQXQDVOiJULPDVDPDUJDV\VLOHQFLRVDV
(O*DOLOHRJLUyHQWRQFHVVXFDEH]D\DOFRQWHPSODUDOJUXSRGHMXGtDVLQVSLUySURIXQGDPHQWH
'HVSXpVDQWHODVRUSUHVDJHQHUDOH[FODPyFRQXQDYR]URQFD
+LMDV GH -HUXVDOpQ 1R OORUpLV SRU Pt /ORUDG PiV ELHQ SRU YRVRWUDV PLVPDV \ ORV
YXHVWURV
(OYLHQWRJROSHDEDORVPDQWRVGHODVKHEUHDVTXHQRFHVDEDQGHVROOR]DU<-HV~VWUDVXQD
EUHYHSDXVDDxDGLy
0L PLVLyQ HVWi FDVL FXPSOLGD 0X\ SURQWR PH LUp FRQ PL 3DGUH SHUR OD pSRFD GH
WHUULEOHVPDOHVSDUD-HUXVDOpQQRKDKHFKRPiVTXHHPSH]DU
/RVHVFDORIUtRVDUUHFLDURQ\KDFLHQGRXQ~OWLPRHVIXHU]RFRQFOX\y
9HUpLV OOHJDU GtDV HQ ORV TXH GLJiLV %HQGLWDV ODV HVWpULOHV \ DTXHOODV FX\RV VHQRV QR
DPDPDQWDURQDVXVSHTXHxRV(QHVRVGtDVSHGLUpLVDODVURFDVTXHFDLJDQVREUHYRVRWUDVSDUD
OLEUDURVGHOWHUURUGHYXHVWUDVWULEXODFLRQHV
$TXHOODVPXMHUHVKDEtDQVLGRYDOLHQWHV0XFKRPiVTXHORVGLVFtSXORV\DPLJRVGHO0DHVWUR
$ H[FHSFLyQ GH -XDQ =HEHGHR GH -RVp GH$ULPDWHD \ GHO MRYHQ 0DUFRV D TXLHQ HQFRQWUDUtD
SRFRVPLQXWRVGHVSXpVHOUHVWRQRKDEtDWHQLGRHOFRUDMHVXILFLHQWHSDUDVHJXLUDVX0DHVWUR
QLVLTXLHUDGHOHMRV(O1D]DUHQRHQPLWDGGHVXWXUEDFLyQWXYRTXHGDUVHFXHQWD\TXL]iSRUHOOR
GLULJLyDTXHOODVSDODEUDVDOSXxDGRGHVHJXLGRUDV
(OVROGDGRVXMHWDQGRHOSLOXPFRQDPEDVPDQRVREOLJyDUHWURFHGHUDODVMXGtDV3HURXQD
GH HOODV HQ OXJDU GH REHGHFHU VH DGHODQWy KDVWD HO LQIDQWH PRVWUiQGROH XQD PRQHGD 'HVSXpV
VXVXUUy DOJR DO RtGR GHO YHUGXJR (VWH DFHSWy HO GLQHUR \ WUDV FRPSUREDU OR TXH HQFHUUDED OD
PXMHUHQVXRWUDPDQRODGHMySDVDU/DKHEUHDDTXLHQ\RKDEtDYLVWRHQODVIDHQDVGRPpVWLFDV
GHOFDPSDPHQWRGH*HWVHPDQtFRUULyKDFLDHOUDEt\FODYDQGRVXVURGLOODVHQHOVXHORH[WHQGLy
VXPDQRL]TXLHUGDGHSRVLWDQGRDOJRHQORVODELRVGHO1D]DUHQR(UDQSDVDV3DVDVGH&RULQWR
8QRGHORVIUXWRVSUHIHULGRVGH-HV~V
/DEXHQDPXMHUORJUyLQWURGXFLUKDVWDWUHVSDVDVHQODERFDGHO0DHVWUR1RKXERWLHPSRSDUD
PiV(OPLVPROHJLRQDULRTXHOHKDEtDGHMDGRSDVDUXQDYH]DSDUWDGRHOJUXSRYROYLyVREUHVXV
SDVRVIRU]DQGRDODKHEUHDDDEDQGRQDUHOOXJDU
&RQPRYLGRSRUDTXHOSRVWUHUJHVWRGHDPRUKDFLDHO+LMRGHO+RPEUHQRYLOOHJDUD/RQJLQR
-XQWRDpOVHKDOODEDXQKRPEUHFRUSXOHQWRGHXQRVDxRV\GHSLHOEODQFDDXQTXHOLJHUDPHQWH
FHWULQD6HWRFDEDFRQXQWXUEDQWH\VXVURSDMHVVHGLIHUHQFLDEDQGHOFRP~QGHORVKHEUHRVSRU
XQRVSDQWDORQHVGHFRORUYHUGRVREULOODQWHPX\KROJDGRV\UHFRJLGRVHQODPLWDGGHODSLHUQD
3RUORTXHSXGHDSUHFLDUKDEODEDVyORJULHJR\FRQHYLGHQWHVGLILFXOWDGHV$XQDRUGHQGHO
FHQWXULyQ FDUJy HOSDWLEXOXP GH -HV~V \ ORV OHJLRQDULRV VH LQFRUSRUDURQ UHDQXGDQGR VXV
ODWLJD]RV VREUH ODV HVSDOGDV GH ORV]HORWDV(ORSWLRYROYLyDODFDEH]DGHOSHORWyQPLHQWUDV
/RQJLQR VHxDODED D GRV GH VXV KRPEUHV TXH VH RFXSDUDQ GHO WHUFHU SULVLRQHUR /RV LQIDQWHV
FROJDURQVXVHVFXGRVHQEDQGROHUD\DXSDURQDO*DOLOHRVXMHWiQGROHSRUODVD[LODV
/DFRPLWLYDVHGLYLGLyHQWRQFHVHQGRVSDUWHV(QSULPHUOXJDUORVUHEHOGHVFRQ$UVHQLXV
DEULHQGRHOFRUWHMR'HWUiVDFRVDGHFLQFRRGLH]PHWURVRWURVFXDWURYHUGXJRVGRVGHHOORV
VRVWHQLHQGRDOUDEt(LQPHGLDWDPHQWHFHUUDQGRHOSHORWyQHOOODPDGR6LPyQQDWXUDOGH&LUHQH
XQSDtVVLWXDGRHQWRQFHVHQHOQRUWHGHIULFDHQWUH(JLSWR\7ULSROLWDQLD
'XUDQWH HO WLHPSR HQ TXH HO &ULVWR SHUPDQHFLy FROJDGR GH OD FUX] WXYH RFDVLyQ GH
LQWHUFDPELDU DOJXQDV SDODEUDV FRQ DTXHO FLUHQHR HOHJLGR SRU HO FHQWXULyQ SRU VX IXHU]D ItVLFD
6HJ~QPHUHODWy/RQJLQRVHILMyHQpOFXDQGRHQFRPSDxtDGHRWURVDPLJRV\SHUHJULQRVFRPRpO
GHVGH&LUHQHVHGLULJtDSRUODUXWDGH-DIIDGHVGHHOFDPSDPHQWRTXHOHVVHUYtDGHSURYLVLRQDO
UHIXJLR KDFLD HO 7HPSOR &RPR MXGtR WHQtD LQWHQFLyQ GH DVLVWLU D ORV RILFLRV ULWXDOHV GH DTXHO
YLHUQHV3HURVXVSURSyVLWRVVHYLHURQDUUXLQDGRVSRUODLQHVSHUDGDOODPDGDGHORILFLDOURPDQR
1R YHQtD SRU WDQWR GH QLQJXQD KHUHGDG FRPR KDQ H[SOLFDGR QXPHURVRV FRPHQWDULVWDV
EtEOLFRV$TXHO6LPyQFRPRRWURVPXFKRVSHUHJULQRVKDEtDDFXGLGRDODILHVWDGHOD3DVFXD\
DOQRGLVSRQHUGHXQPHMRUDOEHUJXHKDEtDPRQWDGRVXWLHQGDPX\FHUFDGHODVPXUDOODV'HDKt
HOHUURUGH0DUFRVFXDQGRDILUPDTXHYROYtDGHOFDPSR
3RUVXSXHVWRHQDTXHOWLHPSR6LPyQGH&LUHQHQRFRQRFtDSUiFWLFDPHQWHD-HV~V$OJRKDEtD
RtGR Vt VREUH VXV SURGLJLRV \ FXUDFLRQHV SHUR DO PHQRV HQ DTXHOORV KLVWyULFRV PRPHQWRV OD
WUDJHGLD GHO +LMR GHO +RPEUH QR OH DIHFWy OR PiV PtQLPR &XPSOLy FRQ OR TXH OH KDEtDQ
RUGHQDGRSHUPDQHFLHQGRGHVSXpVGXUDQWHDOJ~QWLHPSRFHUFDGHODVFUXFHVSRUSXUDFXULRVLGDG
$xRVPiVWDUGHVLQHPEDUJRWDQWRpOFRPRVXVKLMRV$OHMDQGUR\5XIXVVHFRQYHUWLUtDQHQ
HILFDFHVSURSDJDGRUHVGHOHYDQJHOLRHQHOQRUWHGHIULFD
(QYXHOWRV HQOD VLOEDQWH WHPSHVWDG GHDUHQDORV VROGDGRVFUX]DURQ HOFDPLQRGLVSXHVWRVD
VDOYDUORV~OWLPRVPHWURVTXHQRVVHSDUDEDQGHOOXJDUGHHMHFXFLyQ
/RVKRPEUHVTXHD\XGDEDQDO1D]DUHQRKDEtDQSDVDGRORVEUD]RVGHpVWHSRUHQFLPDGHVXV
UHVSHFWLYRVKRPEURVVXMHWDQGRDOUHRSRUODFLQWXUD\SRUDPEDVPXxHFDV
<DVtLQYiOLGRDUTXHDQGRODSLHUQDGHUHFKDFRQGLILFXOWDGHV\FRQODL]TXLHUGDLQXWLOL]DGD
DTXHO GHVSRMR KXPDQR IXH VRFRUULGR \ WUDVODGDGR KDVWD HO SLH GHO *yOJRWD 'H DFXHUGR FRQ PL
FyPSXWRODYtDGRORURVDQXQFDPHMRUHPSOHDGRHOFDOLILFDWLYRKDEtDVXSXHVWRXQWRWDOGH
PHWURVDSUR[LPDGDPHQWH
(UDQODVKRUDVGHOYLHUQHVGHDEULO
0HGLRFHJDGRSRUODVSDUWtFXODVGHSROYR\WLHUUDDSXQWRHVWXYHGHWURSH]DUFRQODVURFDV
FDOFiUHDVTXHVHGHUUDPDEDQHQDTXHOSDUDMHDOQRURHVWHGHODFLXGDG6LQVDEHUORPHHQFRQWUDED
\DDOSLHGHO5iVR&DEH]DWDPELpQFRQRFLGRSRU&DOYDULR\*yOJRWD>@
$XQTXH OD YLVLELOLGDG HUD D~Q DFHSWDEOH ORV UHPROLQRV GH DUHQD GLILFXOWDURQ PL SULPHUD
H[SORUDFLyQGHDTXHOOXJDU6yORGHVSXpVGHOIDOOHFLPLHQWRGHO1D]DUHQRXQDYH]FDOPDGDOD
WRUPHQWD\OLEUHHOVROGHOVLQJXODUIHQyPHQRTXHVHUHJLVWUDUtDSDVDGDVODVKRUDVSXGH
DQDOL]DUFRQXQFLHUWRVRVLHJRHOSXQWRGRQGHUHDOPHQWHPHKDOODED
(O FHQWXULyQ \ VXV KRPEUHV FRQRFtDQ ELHQ DTXHO FHUUR URFRVR SRUTXH GH HVR VH WUDWDED HQ
UHDOLGDG\VHDSUHVXUDURQDDOFDQ]DUODFLPD(OSULPHUR\PiVJUDQGHGHORVSHxDVFRVSXHVWR
TXHODIRUPDFLyQDEDUFDEDGRVPROHVSUiFWLFDPHQWHFRQWLJXDVWHQtDXQDDOWXUDPi[LPDGHVHLVR
VLHWHPHWURVWRPDQGRFRPRUHIHUHQFLDHOQLYHOGHOVHQGHURTXHODPtDFDVLODVEDVHVGHDPERV
SURPRQWRULRV$OLUDVFHQGLHQGRSRUODVHURVLRQDGDVFRVWUDVGHFDUERQDWRGHFDOORSULPHURTXH
PHOODPyODDWHQFLyQIXHODHVFDVtVLPDYHJHWDFLyQH[LVWHQWHHQHOOXJDU\ORUHGRQGHDGRGHOFHUUR
HQ FXHVWLyQ (UD PX\ SUREDEOH TXH DTXHOOD GHVQXGH] GH OD URFD REVHUYDGD GHVGH XQD FLHUWD
GLVWDQFLD KLFLHUD YRODU OD LPDJLQDFLyQ GH ORV KDELWDQWHV GH -HUXVDOpQ GHQRPLQDQGR D DTXHO
SHxyQFRQHOUHIHULGRQRPEUHGHFUiQHR>@
(OOXJDUSRUVXSXHVWRUHVXOWDEDLGHDOSDUDHVWHWLSRGHHMHFXFLRQHVS~EOLFDV6HOHYDQWDEDD
XQFHQWHQDUGHPHWURVGHODPHQFLRQDGDSXHUWDRFFLGHQWDOGH(IUDtP\FRPRGLJRDOSLHPLVPR
GHO WUDQVLWDGR FDPLQR KDFLD -DIID 6L UHDOPHQWH VH SUHWHQGtD LPSUHVLRQDU D ORV KDELWDQWHV \
SHUHJULQRVGHODFLXGDGVDQWDDTXpOFRQVWLWXtDXQSXQWRGHQRWDEOHLQWHUpV
(Q OR TXH FRQFLHUQH D ODV GLPHQVLRQHV GHO *yOJRWD R &DEH]D \ KDJR UHIHUHQFLD D HVWD
GHQRPLQDFLyQ 5kV SRUTXH VH WUDWD GH OD ~OWLPD H[SOLFDFLyQ RIUHFLGD SRU HO SUHVWLJLRVR
DUTXHyORJR 9LFHQW HQ EDVH D OR TXH SXGR HVFXFKDU GH XQ YLHMR KDELWDQWH GHO EDUULR GHO DFWXDO
6DQWR 6HSXOFUR HO FDEH]R PiV YROXPLQRVR VREUH HO TXH LEDQ D SUDFWLFDUVH ODV FUXFLIL[LRQHV
HVWLPR TXH VXPDUtD HQWUH \ PHWURV GH GLiPHWUR HQ OD EDVH FRQ XQD FRURQD R FLPD
UHGRQGHDGD GH RWURV D PHWURV DSUR[LPDGDPHQWH (Q FXDQWR DO SHxDVFR VLWXDGR
LQPHGLDWDPHQWH\KDFLDHOQRUWHVXVGLPHQVLRQHVHUDQVHQVLEOHPHQWHPHQRUHV
$TXpO HQ GHILQLWLYD LED D VHU HO HVFHQDULR GH WRGD XQD VHULH GH WUiJLFRV \ GHVFRQFHUWDQWHV
VXFHVRV
&yPRGHVFULELUDTXHOOXJDU\DTXHOPRPHQWR"&yPRWUDQVPLWLUODLQPHQVDVROHGDGGH-HV~V
GH1D]DUHWDOSLVDUODFDOYDSHGUHJRVDGHO*yOJRWD"
+R\DOHQIUHQWDUPHDHVWDSDUWHGHPLGLDULRKHHVWDGRDSXQWRGHDEDQGRQDU$PtWDPELpQ
PHIDOODQODVIXHU]DVHVWUHPHFLGRSRUORVUHFXHUGRV<VLKHYXHOWRDOUHODWRGHHVWHSULPHUJUDQ
YLDMHKDVLGRSRUUHVSHWRDODSURPHVDKHFKDDPLKHUPDQR(OLVHR(VSHURTXHDTXHOORVTXH
OOHJXHQDOHHUHVWHWHVWLPRQLRVHSDQSHUGRQDUODSREUH]DGHPLOHQJXDMH
/D DVFHQVLyQ KDVWD OD UHGRQGHDGD SODWDIRUPD TXH FRURQDED HO SHxDVFR TXH FUHR KDEHU
DQRWDGR\DFRPRGHXQRVDPHWURVGHGLiPHWURIXHPX\EUHYH/RVVROGDGRVWRPDURQXQD
HVSHFLHGHFDQDOVLWXDGRHQHOODGRHVWH\TXHHQUHDOLGDGQRHUDRWUDFRVDTXHXQDKHQGHGXUD
QDWXUDOFRQVHFXHQFLDGHDOJ~QUHPRWRDJULHWDPLHQWRGHODHQRUPHPDVDSpWUHD)XHURQVXILFLHQWHV
YHLQWHSDVRVSDUDWRPDUSRVHVLyQGHOD]RQDVXSHULRUDODTXHPHUHVLVWRDGDUHOFDOLILFDWLYRGH
FLPD
$OSLVDUDTXHOOXJDUPLHVStULWXVHHQFRJLy/DVUiIDJDVGHYLHQWRPiVTXHVLOEDUXOXODEDQ
HQWUH PHGLD GRFHQD GH DOWRV SRVWHV ILUPHPHQWH KXQGLGRV HQ ODV ILVXUDV GH OD URFD (UDQ ORV
VWLSHVSDOXVRVWDWLFXOXPFRPRVHGHVLJQDEDDORVPDGHURVYHUWLFDOHVGHODVFUXFHV
)XH PLHGR OR TXH H[SHULPHQWp DO YHU DTXHOORV UXJRVRV WURQFRV" $KRUD HQ OD GLVWDQFLD
VXSRQJR TXH WXYR TXH VHU XQD PH]FOD GH WHUURU \ GHFHSFLyQ 7HUURU SRU VX QHJUR \ SXQWLDJXGR
SHUILO\GHFHSFLyQSRUTXHLQIOXHQFLDGRTXL]iSRUODVLQFRQWDEOHVWUDGLFLRQHVHLPiJHQHVVREUHOD
&UX] EtEOLFD SRU H[FHOHQFLD HQ PL PHQWH VH KDEtD IUDJXDGR XQD HVWDPSD PX\ GLVWLQWD D OD TXH
WHQtDDQWHPLVRMRV$TXHOORQRWHQtDQDGDTXHYHUFRQODVPDMHVWXRVDVSXOLGDV\KDVWDHVPHUDGDV
FUXFHVTXHKDQVLGR\VRQUHSUHVHQWDGDVSRUODVLJOHVLDVRSRUFDVLWRGRVORVPDHVWURVXQLYHUVDOHV
GHODSLQWXUD\GHODLPDJLQHUtD
)UHQWH D Pt HQ HO FHQWUR FDVL GHO ORPR FRQYH[R GHO *yOJRWD VyOR KDEtD VHLV iUEROHV
PXWLODGRV GHVQXGRV PRVWUDQGR DTXt \ DOOi ODV FLFDWULFHV FLUFXODUHV \ EODQTXHFLQDV GRQGH
DQWDxR KDEtDQ IORUHFLGR RWUDV WDQWDV UDPDV $~Q FRQVHUYDEDQ OD FHQLFLHQWD \ iVSHUD FRUWH]D
SURSLDGHODVFRQtIHUDVFRQDOJXQRVUHJXHULOORVUHVLQRVRVVROLGLILFDGRVHQWUHORVYHULFXHWRVGH
VXVVXSHUILFLHV
&DVLWRGRVSUHVHQWDEDQHQVXSDUWHEDMDXQVLQItQGHPXHVFDVTXHSHUPLWtDQYHUODVyOLGDFDUD
GHODPDGHUD3HURHQDTXHOORVLQVWDQWHVQRVXSHDGLYLQDUDTXpVHGHEtDQ
(Q VXV H[WUHPRV ORVVWLSHV FX\DV DOWXUDV RVFLODEDQ HQWUH ORV WUHV \ FXDWUR PHWURV
DSDUHFtDQDILODGRVPX\WRVFDPHQWH&RPRVLORVUHVSRQVDEOHVGHOSDWtEXORKXELHUDQSUHWHQGLGR
VDFDUOHV SXQWD D EDVH GH PDFKHWD]RV (UDQ ODV ~QLFDV ]RQDV FODUDV GH DTXHOORV VLQLHVWURV
IDQWDVPDV DOLQHDGRV HQ GRV ILODV FDVL SDUDOHODV (Q ODV SXQWDV ORV VHLV iUEROHV SUHVHQWDEDQ
VHQGDVKHQGHGXUDVDODPDQHUDGHKRUTXLOODV/DVHSDUDFLyQHQWUHSRVWH\SRVWHHQODSULPHUD
KLOHUDQROOHJDEDDORVWUHVPHWURV(QFXDQWRDORVRWURVSDORVKDEtDQVLGRFODYDGRVFXDWURR
FLQFRPHWURVPiVDWUiV\XQRGHHOORVHOVLWXDGRKDFLDHO2HVWHVHKDOODEDLQFOLQDGR6LQGXGD
ODVFXxDVGHPDGHUDTXHVHUYtDQSDUDHVWDTXLOODUHOiUEROKDEtDQFHGLGR
'RV GH HOORV \ HVWR PH H[WUDxR WDPELpQ KDEtDQ VLGR SHUIRUDGRV FRPR D XQ PHWUR GHO
VXHOR SRU VHQGDV EDUUDV GH KLHUUR TXH TXHGDEDQ DO GHVFXELHUWR SRU XQR \ RWUR ODGR GH ORV
FLOtQGULFRVSRVWHV
/RVVHGLOHVHQFXHVWLyQIXHOD~QLFDLGHQWLILFDFLyQTXHPHYLQRDODPHPRULDKDEtDQVLGR
GLVSXHVWRVHQHOPDGHURFHQWUDOGHODSULPHUDKLOHUD\HQHOTXHVHOHYDQWDEDDODL]TXLHUGDGH
pVWHHVGHFLUHQHOTXHRFXSDEDHOH[WUHPRHVWHGHODFLWDGDSULPHUDILODGHVWLSHV<RQRSRGtD
VDEHUOR HQWRQFHV SHUR OD SUHVHQFLD GH DTXHO ~OWLPR VHGLOH>@ UHVXOWDUtD GH FLHUWD
WUDVFHQGHQFLDHQORTXHSRGUtDFDOLILFDUGHGLiORJRHQWUHHO*DOLOHR\XQRGHORV]HORWDV
'XUDQWH XQRV PLQXWRV TXH PH SDUHFLHURQ LQWHUPLQDEOHV WDQWR ORV EDQGLGRV FRPR -HV~V
SHUPDQHFLHURQFRQODYLVWDILMDHQDTXHOORVWURQFRV(OVLOHQFLRTXHEUDGRSRUODWHPSHVWDGIXH
GUDPiWLFDPHQWHVLJQLILFDWLYR
3HUR DTXHOOD WHQVD VLWXDFLyQ GXUDUtD SRFR 6LHWH GH ORV VROGDGRV WRPDURQ SRVLFLRQHV
URGHDQGR ORV WUHV SULPHURV iUEROHV PLHQWUDV HO TXH KDEtD FDUJDGR FRQ HO VDFR GH FXHUR VH
DSUHVXUDEDDUHYROYHUHQVXLQWHULRUUHVFDWDQGRXQDVHULHGHKHUUDPLHQWDV/DVDQJUHVHPHKHOy
HQODVYHQDVDOYHUXQPDQRMRGHFODYRVFUHRUHFRUGDUTXHFRQWpGRVPDUWLOORVSURYLVWRVGH
JUDQGHV FDEH]DV FXDGUDQJXODUHV GH PDGHUD XQDV WHQD]DV GH PXJULHQWRV PDQJRV GH FXHUR XQD
FDGHQDGHXQPHWURGHORQJLWXG\XQPDFKHWHGHFRUWDVGLPHQVLRQHV\DQFKDKRMD
/RV WHUURULVWDV KLSQRWL]DGRV DO SLH GH ORVVWLSHV VDOLHURQ SURQWR GH VX PXWLVPR 'RV
PLHPEURVGHODSDWUXOODKDEtDQHPSH]DGRDVROWDUODPDURPDTXHDPDUUDEDDOSDWLEXOXPDOPiV
YLHMR GH ORV ]HORWDV $TXHOOD IXH OD FKLVSD TXH HQFHQGLy XQR GH VXV ~OWLPRV DWDTXHV GH
KLVWHULVPR\GHVHVSHUDFLyQ$OLQWXLUTXHpOKDEtDVLGRHOHJLGRFRPRSULPHUDYtFWLPDFRPHQ]yD
DXOODUVDFXGLHQGRHOPDGHURFRQVXVEUD]RV\SURSLQDQGRSDWDGDVDORVOHJLRQDULRV/RQJLQRTXH
SDUHFtDHVSHUDUDTXHOODUHDFFLyQRUGHQyDOJRDXQWHUFHUVROGDGR(VWHVHVLWXySRUGHWUiVGHO
UHR \ DJDUUiQGROH SRU HO SHOR GLR XQ IXHUWH WLUyQ LQPRYLOL]iQGROH 6LQ SHUGHU XQ VHJXQGR HO
FHQWXULyQ VH KL]R FRQ XQD GH ODV ODQ]DV \ WUDV DSXQWDU FRQ OD EDVH GHO IXVWH D OD FDEH]D GHO
SULVLRQHUROHSURSLQyXQJROSHVHFRTXHOHKL]RSHUGHUODFRQFLHQFLD
8QD YH] OLEHUDGR GH ODV DWDGXUDV \ PLHQWUDV HUD VRVWHQLGR SRU ORV GRV LQIDQWHV HO TXH OH
KDEtD LQPRYLOL]DGR WHUPLQy GH GHVJDUUDUOH OD PDOWUHFKD W~QLFD UHVSHWDQGR VLQ HPEDUJR HO
WDSDUUDER &RQ XQD SUHFLVLyQ \ VROWXUD TXH PH GHMy SHUSOHMR DTXHOORV URPDQRV WXPEDURQ ERFD
DUULED DO LQFRQVFLHQWH JXHUULOOHUR H[WHQGLHQGR OD H[SUHVLyQ PiV H[DFWD VHUtD WHQVDQGR VXV
EUD]RV VREUH HO PDGHUR$O WUDWDUVH GH XQSDWLEXOXPSHUIHFWDPHQWHFLOtQGULFRFDGD XQRGH ORV
OHJLRQDULRV HQFDUJDGRV GH WLUDU GH ORV EUD]RV VH DUURGLOOy IUHQWH D DPERV H[WUHPRV GHO OHxR
VXMHWiQGRORFRQVXVURGLOODV\PXVORV'HHVWDIRUPDVHORJUDEDXQDDFHSWDEOHHVWDELOLGDGGXUDQWH
HOSURFHVRGHHQFODYDPLHQWR
&XDQGR ORV YHUGXJRV FRQVLGHUDURQ TXH HOSDWLEXOXP VH KDOODED SHUIHFWDPHQWH UHWHQLGR
KLFLHURQ XQD VHxDO FRQ OD FDEH]D \ HO VROGDGR UHVSRQVDEOH GH OD LPSHGLPHQWD DFXGLy KDVWD OD
FDEHFHUDDUURGLOOiQGRVHWDPELpQVREUHODEODQFDURFD6XVPXVFXORVDVURGLOODVKLFLHURQSUHVDHQ
OD FDEH]D GHO UHR DSODVWDQGR SUiFWLFDPHQWH VXV RtGRV 6LPXOWiQHDPHQWH DXQTXH DTXHOOD ~OWLPD
PHGLGDGHVHJXULGDGQRSDUHFtDQHFHVDULDHQHOFDVRGHOLQHUPHEDQGLGRXQFXDUWROHJLRQDULR
XQLyORVWRELOORVURGHiQGRORVFRQODFDGHQD
(OVROGDGRTXHVHKDEtDDSRVWDGRSRUGHWUiVGHOUHRFRQWURODQGRVXFDEH]DH[WUDMRXQRGH
ORV GRVODUJRVFODYRV TXH KDEtDGLVSXHVWRHQHO LQWHULRUGH VX FLQWXUyQ$VXGHUHFKD VREUHOD

FRVWUDGHO*yOJRWDGHVFDQVDEDXQRGHORVYROXPLQRVRVPD]RV
(O0DHVWURTXHDOYHUVHGHVDVLVWLGRKDEtDFDtGRGHURGLOODVVREUHHO&DOYDULRFRQWLQXDEDHQ
ODPLVPDSRVWXUDGHQWURGHOFtUFXORTXHIRUPDEDHOSHORWyQ\GHIUHQWHDORVVWLSHV6LQHPEDUJR
QR FUHR TXH OOHJDVH D FRQWHPSODU DTXHOOD HVFHQD 6X FDEH]D \ VX YLVWD HVWDEDQ GLULJLGDV KDFLD
WLHUUD\DVtFRQWLQXyKDVWDTXHIXHUHFODPDGRSRUORVKRPEUHVGH/RQJLQR
&RQ XQD PLQXFLRVLGDG SURSLD GH XQ SURIHVLRQDO GH GLODWDGD H[SHULHQFLD HQ DTXHO IXQHVWR
PHQHVWHU HO HMHFXWRU URPDQR WRPy HO FODYR HQ VX PDQR GHUHFKD \ IXH SDOSDQGR FRQ OD DILODGD
SXQWD ORV GLYHUVRV KXHVHFLOORV GHO FDUSR R PXxHFD L]TXLHUGD SRU VX FDUD SDOPDU 1RWp FyPR
ORFDOL]DED ODV DUWHULDV UDGLDO \ FXELWDO SUHVLRQDQGR VXDYHPHQWH OD YHQD TXH OOHYD HVWH ~OWLPR
QRPEUH'HVSXpVXQDYH]VHJXURKL]RXQSHTXHxRUDVJXxRHQODSLHO&DPELyHOFODYRGHPDQR\
ORVLWXyYHUWLFDOPHQWHVREUHHOSXQWRHOHJLGR$FWRVHJXLGRDJDUUyHOPDUWLOOR\OHYDQWyODYLVWD
HVSHUDQGR TXH HO RILFLDO OH DXWRUL]DVH D JROSHDU /RQJLQR DVLQWLy FRQ XQD OHYH LQFOLQDFLyQ GH
FDEH]D \ HO OHJLRQDULR DSUR[LPy OD PD]D KDVWD WRFDU VXDYHPHQWH OD EDVH GH FREUH ,]y D
FRQWLQXDFLyQHOPDUWLOORSRUHQFLPDGHVXRUHMDGHUHFKDODQ]iQGRORFRQIXHU]DVREUHHOFODYR
/D VHFFLyQ FXDGUDGD GH XQRV RFKR PLOtPHWURV SHQHWUy OLPSLDPHQWH DWUDYHVDQGR OD
PXxHFD\DEULHQGRWDPELpQODPDGHUDGHOSDWLEXOXP(OFODYRGHXQRVRFHQWtPHWURVGH
ORQJLWXGVHKDEtDLQFOLQDGROLJHUDPHQWHDOHQWHUUDUVHHQHOFDUSR6XFDEH]DDSDUHFtDDKRUDHQ
GLUHFFLyQDORVGHGRV(QDTXHOPRPHQWRFRQHOFRUD]yQERPEHDQGRDFHOHUDGDPHQWHQRUHSDUp
HQXQGHWDOOHTXHGHFtDPXFKRHQIDYRUGHODSHULFLDGHOYHUGXJR
&RQXQDVHJXQGDGHVFDUJDPXFKRPHQRVYLROHQWDTXHODSULPHUDHOFODYRHQWUyXQSRFR
PiV/DEDVHGHOPLVPRKDEtDTXHGDGRDXQRVFHQWtPHWURVGHODSLHO/DVDQJUHWDUGyGRVR
WUHVVHJXQGRVHQEURWDU
(OJXHUULOOHURTXHVHJXtDLQFRQVFLHQWHQRUHDFFLRQy<HOYHUGXJRVHGLRSULVDHQUHSHWLUOD
RSHUDFLyQVREUHODPXxHFDGHUHFKD(QHVWDRFDVLyQQRPLUyVLTXLHUDDOFHQWXULyQ&RQRWURVGRV
PDUWLOOD]RVIXHVXILFLHQWHSDUDILMDUDOUHRDOPDGHUR&XULRVDPHQWHODEDVHGHOFODYRYROYLyD
VLWXDUVH REOLFXDPHQWH (QWRQFHV FDt HQ OD FXHQWD GH FyPR DPERV SXOJDUHV VH KDEtDQ GREODGR
EUXVFDPHQWHKDFLDHOFHQWURGHODSDOPDGHODVPDQRV/RVUHVWDQWHVGHGRVHQFDPELRDSHQDVVL
KDEtDQTXHGDGRIOH[LRQDGRV$OGLULJLUORVXOWUDVRQLGRVVREUHODVPXxHFDVGHO0DHVWURVHSXGR
IRUPXODUXQDKLSyWHVLVFRQILUPDGDSRUHVWXGLRVDQDWyPLFRVSRVWHULRUHVVREUHODFDXVDGHHVWH
IHQyPHQR
$O SHUIRUDU ODV PXxHFDV GHO ]HORWD GRV ERUERWRQHV GH VDQJUH HPHUJLHURQ OHQWDPHQWH
URGDQGR SRU OD FRUWH]D GHO OHxR \ IRUPDQGR VHQGRV FKDUFRV VREUH OD URFD $XQTXH ODV
KHPRUUDJLDVQRIXHURQSUHRFXSDQWHVODYLVLyQGHODVDQJUH\HOHQFODYDPLHQWRGHVXFRPSDxHUR
SURYRFDURQ HO HVWDOOLGR GHO PHUPDGR VLVWHPD QHUYLRVR GHO MRYHQ WHUURULVWD &RQ HO URVWUR
VXSOLFDQWHORJUyDUUDVWUDUVHGHURGLOODVKDVWD/RQJLQR8QDYH]DVXVSLHVKXQGLyODFDEH]DHQHO
VXHORSLGLHQGRDJULWRVTXHWXYLHUDFRPSDVLyQGHpO'XUDQWHGpFLPDVGHVHJXQGRORVRMRVGHO
FHQWXULyQ VH HPSDxDURQ FRQ XQD VRPEUD GH SLHGDG$O]y ODV PDQRV HQ VHxDO GH LPSRWHQFLD \
SURFXUDQGR TXH HO UHR QR VH SHUFLELHUD GH HOOR SLGLy VXSLOXP DO OHJLRQDULR PiV FHUFDQR
/RQJLQR QR SRGtD HYLWDU OD FUXFLIL[LyQ GHO PXFKDFKR SHUR Vt TXH VXIULHUD ODV GRORURVDV
DFRPHWLGDVGHORVFODYRVHQVXVPXxHFDV<OHYDQWDQGRODODQ]DFRQDPEDVPDQRVVHGLVSXVRD
DSRUUHDUHOFUiQHRGHODWHUURUL]DGRSULVLRQHUR
$OWR4XpEXVFiLVDTXt"
/RVJULWRVGHXQRGHORVFHQWLQHODVVHJyORVSURSyVLWRVGHORILFLDO$OYROYHUVHYLRDXQJUXSR
GHVHLVRVLHWHPXMHUHVTXHDVFHQGtDFRQSDVRGHFLGLGRSRUODJULHWDGHOPRQWtFXOR/RQJLQRVH
ROYLGyGHOUHRDGHODQWiQGRVHKDFLDODVKHEUHDV/DVPXMHUHVLQWHUFDPELDURQDOJXQDVIUDVHVFRQ
HOFHQWXULyQPRVWUiQGROHXQDSHTXHxDFiQWDUDGHEDUURURMR
(OMHIHGHODSDWUXOODWUDQTXLOL]yDVXVKRPEUHVSHUPLWLHQGRTXHODVMXGtDVOOHJDUDQDORDOWR
GHO&DOYDULR8QDYH]DUULEDODTXHFDUJDEDODYDVLMDVHGLULJLyKDFLDHOJXHUULOOHURTXHDFDEDED
GHVHUDWUDYHVDGR/HVLJXLyXQDVHJXQGDPXMHU\HOUHVWRSHUPDQHFLyHQVLOHQFLRHQHOILORGHO
SDWtEXOR SURWHJLpQGRVH GH ODV DFHUDGDV UDFKDV GHO YLHQWR FRQ VXV DPSOLRV PDQWRV QHJURV \
YHUGHV
$O GDUVH FXHQWD TXH DTXHO KRPEUH \DFtD LQFRQVFLHQWH ODV GHFLGLGDV PXMHUHV VH YROYLHURQ
KDFLD /RQJLQR (O FHQWXULyQ DGHODQWiQGRVH D VXV SHQVDPLHQWRV OHV VHxDOy DO VHJXQGR UHR TXH
FRQWLQXDEDEDMRHOSHVRGHOSDWLEXOXPGHVDQJUiQGRVH\OORUDQGRGHVHVSHUDGDPHQWH
3HURDQWHVGHTXHODVKLMDVGH-HUXVDOpQDEULHUDQODFiQWDUD\FXPSOLHUDQFRQHOYLHMRFRQVHMR
GHO OLEUR GH ORV 3URYHUELRV GDG EHELGDV IXHUWHV DO TXH YD D SHUHFHU \ YLQR DO DOPD
DPDUJDGD HO RILFLDO LQGLFy D ORV OHJLRQDULRV TXH FRQFOX\HUDQ HO OHYDQWDPLHQWR GHO SULPHU
EDQGLGR/DHVFDOHUDIXHDSR\DGDFRQWUDXQDGHODVVWLSHVGHODSULPHUDKLOHUDODVLWXDGDDO
2HVWH PLHQWUDV RWURV GRV LQIDQWHV OHYDQWDEDQ QR VLQ GLILFXOWDGHV HO OHxR DO TXH KDEtD VLGR
FODYDGR HO FRQGHQDGR 6LQ SpUGLGD GH WLHPSR HO YHUGXJR UHVSRQVDEOH GH ODV SHUIRUDFLRQHV
DPDUUyXQDPDURPDDOUHGHGRUGHOWyUD[SUDFWLFDQGRDFRQWLQXDFLyQGRVUiSLGRVQXGRVHQFDGD
XQR GH ORV H[WUHPRV GHOSDWLEXOXP 3RU ~OWLPR KDFLHQGR JDOD GH XQD JUDQ GHVWUH]D UHPDWy HO
DPDUUHFRQXQDOD]DGDFHQWUDO
8Q FXDUWR VROGDGR VH VLWXy HQ OR DOWR GH OD HVFDOHUD \ ORV TXH VRVWHQtDQ DO JXHUULOOHUR OR
WUDQVSRUWDURQKDVWDHOSLHGHOPDGHURYHUWLFDO(ODXWRUGHODQFODMHWHQGLyODVRJDDOFRPSDxHUR
VLWXDGRVREUHODHVFDOHUD\pVWHODLQWURGXMRHQODUDQXUDVXSHULRUGHOiUERO,QPHGLDWDPHQWHHO
OHJLRQDULRFRPHQ]yDWLUDUGHODJUXHVDFXHUGDD\XGDGRGHVGHWLHUUDSRUHORSWLR$FDGDWLUyQ
OD PDURPD DO FRQWDFWR FRQ ODVWLSH HPLWLy XQ DJXGR FKLUULGR TXH YLQR D FRQIXQGLUVH FRQ ORV
GHVJDUUDGRUHVDODULGRVGHOVHJXQGR]HORWD
(QFXHVWLyQGHPLQXWR\PHGLRHOSDWLEXOXPIXHL]DGRKDVWDORPiVDOWR(OOXJDUWHQLHQWHGH
/RQJLQR WHQVy DO Pi[LPR OD FXHUGD \ DQWHV GH TXH HO URPDQR TXH VH KDEtD HQFDUDPDGR D OD
HVFDOHUD VROWDVH OD PDURPD ORV WUHV LQIDQWHV TXH YLJLODEDQ OD DVFHQVLyQ GHO UHR DFXGLHURQ HQ
D\XGDGH$UVHQLXVVRVWHQLHQGRHQHODLUHDOSUHVR\VXSDWLEXOXP
$OGHVKDFHUVHGHODVRJDHOOHJLRQDULRGHODSDUWHVXSHULRUKL]RSUHVDHQORVGRVUDPDOHVGH
ODOD]DGDFHQWUDODUUDVWUDQGRHORULILFLRGHOWURQFRKDFLDODSXQWDGHODVWLSH8QDYH]HQVDUWDGR
HOSDWLEXOXPHOLQIDQWHGLRXQJULWR\ORVFXDWURURPDQRVGHMDURQHQOLEHUWDGHOODUJRFDER&RQ
XQFUXMLGRHOOHxRVHGHVOL]yKDFLDDEDMRKDVWDTXHGDUHQFDMDGRHQHOSDORYHUWLFDO
(OFXHUSRGHOEDQGLGRFD\yWDPELpQDSHVRSURGXFLpQGRVHXQHVWLUDPLHQWRPi[LPRGHVXV
EUD]RVTXHTXHGDURQIRUPDQGRXQiQJXORGHJUDGRVFRQODVWLSH(VWHWHUURUtILFRIUHQD]RKL]R
TXH ODV KHULGDV GH ODV PXxHFDV VH GHVERFDUDQ SURYRFDQGR WDPELpQ OD GLVWHQVLyQ GH ORV
OLJDPHQWRVGHODVDUWLFXODFLRQHVGHORVKRPEURV\FRGRV
(O GRORU WXYR TXH VHU WDQ LQVRSRUWDEOH TXH HO LQIHOL] UHDFFLRQy UHFREUDQGR HO VHQWLGR 6XV
RMRV TXHUtDQ VDOLUVH GH ODV yUELWDV 3HUR OR IRU]DGR GH OD SRVLFLyQ KDEtD EORTXHDGR FDVL VX
DSDUDWRUHVSLUDWRULR\ODERFDGHVHQFDMDGDQRDFHUWyDHPLWLUVRQLGRDOJXQR6LQHPEDUJRORV
VROGDGRV QR SDUHFtDQ WHQHU \D XQDV H[FHVLYDV SULVDV $QWHV GH GHVFHQGHU GH OD HVFDOHUD HO
OHJLRQDULRWRPyHOPD]R\DVHVWyYDULRVPDUWLOOD]RVDOSDWLEXOXPDVHJXUiQGROR$FRQWLQXDFLyQ
UHFRJLyGHPDQRVGHORSWLRODWDEOLOODHQODTXHVHOHtDHOQRPEUHGH*LVWDV\SURFHGLyDFODYDUOD
VREUH HO WUDPR VXSHULRU GH OD UHFLpQ IRUPDGD FUX] D XQD FXDUWD SRU HQFLPD GHO PDGHUR
WUDQVYHUVDO
/RV GRVFLHQWRV FXULRVRV TXH KDEtDQ VHJXLGR D OD SDWUXOOD \ TXH DKRUD KDEtDQ LGR WRPDQGR
SRVLFLRQHV DOUHGHGRU GH OD URFD SURUUXPSLHURQ HQ JULWRV \ H[FODPDFLRQHV GH SURWHVWD DO YHU
FyPRHOVROGDGRWHUPLQDEDGHFODYHWHDUHOLQULGHO]HORWD(IHFWLYDPHQWH/RQJLQROOHYDED
UD]yQ6LODFRPLWLYDVHKXELHUDDYHQWXUDGRSRUODVFDOOHVGH-HUXVDOpQFRQORVGRVSDUWLVDQRV
TXLpQVDEHGHORTXHKXELHUDVLGRFDSD]HOSRSXODFKR
3RFR D SRFR HO JUXSR LQLFLDO GH REVHUYDGRUHV MXGtRV IXH PXOWLSOLFiQGRVH FRQ RWURV
SHUHJULQRVTXHLEDQ\YHQtDQSRUODUXWDGH-DIID0X\FHUFDHQSULPHUDILODFRPRDPHWURV
HQOtQHDUHFWDGLVWLQJXtDYDULRVGHORVVDGXFHRV<HQWUHpVWRVD-XGDV,VFDULRWHFRQODFDEH]D
FXELHUWDFRQHOPDQWR,JQRURVLSRUPLHGRDODVSRVLEOHVUHSUHVDOLDVGHORVDPLJRV\VHJXLGRUHV
GHO 0DHVWUR R SDUD SURWHJHUVH FRPR RWURV PXFKRV WHVWLJRV GH ORV WRUEHOOLQRV DUHQRVRV TXH
EDUUtDQDTXHOORVH[WUDPXURVGHODFLXGDG
6LQFHUDPHQWH DO YHU DO WUDLGRU PL GHVHR IXH EDMDU GHO *yOJRWD \ XQLUPH D pO 6X H[WUDxR
VXLFLGLRHUDXQRGHORVVXFHVRVTXHPHKXELHUDJXVWDGRDFODUDU3HURODPLVLyQHVSHFLILFDEDFRQ
FODULGDGTXHQRGHEHUtDVHSDUDUPHGH-HV~VHQDTXHOORVFUtWLFRVPRPHQWRV
(O HQFDUJDGR GHO HQFODYDPLHQWR UHFLELy DO YXHOR HO PDUWLOOR \ VLWXiQGRVH IUHQWH DO
FRQGHQDGRKLQFyODURGLOODGHUHFKDHQWLHUUD([WUDMRRWURFODYRGHVXFLQWRHKL]RXQDVHxDOD
VXV FRPSDxHURV 8QR GH HOORV WRPy HO SLH GHUHFKR GHO UHR HVWLUDQGR OD SLHUQD \ DFRSODQGR OD
SODQWDDODVXSHUILFLHGHODVWLSH(VWDPDQLREUDGHMyDUDVGHSLHOXQRGHORVKXHVRVGHOWDUVR
HODVWUiJDORTXHVLUYLyGHUHIHUHQFLDDOKiELOYHUGXJR6LWXyHOFODYRVREUHGLFKRKXHVR\GH
XQ VROR PDUWLOOD]R OR FRVLy D OD PDGHUD (O GRORU DVFHQGLy SRU HO FXHUSR GH *LVWDV
WUDQVIRUPiQGRVHDOLQVWDQWHHQXQDXOOLGR<DQWHVGHTXHRWURGHORVURPDQRVIOH[LRQDVHODSLHUQD
L]TXLHUGDGHO]HORWDDSODVWDQGRODSODQWDGHOSLHFRQWUDHOSDORYHUWLFDOXQFKRUURGHVDQJUH
DVRPy SRU GHEDMR GHO SLH UHFLpQ FODYDGR SUHFLSLWiQGRVH SRU HO iUERO KDFLD ODV FXxDV TXH OR
DSXQWDODEDQ
$O DXOOLGR VLJXLHURQ XQD VHULH GH EHUUHRV HQWUHFRUWDGRV (O GLDIUDJPD GHO ]HORWD KDEtD
HPSH]DGRDUHVHQWLUVH\VXUHVSLUDFLyQHQWUyHQXQDDQJXVWLRVDGHFDGHQFLD$ORVSRFRVPLQXWRV
HQWUH EHUULGR \ EHUULGR HO GHVHVSHUDGR UHR FRPHQ]y D MDGHDU PXOWLSOLFDQGR VXV FRUWDV \
GUDPiWLFDVLQVSLUDFLRQHVGHDLUH
$TXHOORV JULWRV PH]FOD GH HVSDQWR GRORU \ UDELD VDFDURQ GH VX DLVODPLHQWR DO MRYHQ
WHUURULVWD /HYDQWy SHQRVDPHQWH OD FDEH]D \ DO YHU D VX FRPSDxHUR SDOLGHFLy FRPHQ]DQGR D
VXGDU
/RVOHJLRQDULRVWHUPLQDURQHOHQFODYDPLHQWRGHOSULVLRQHURFX\RSLHL]TXLHUGRTXHGyDXQRV
RFHQWtPHWURVSRUHQFLPDGHOGHUHFKR
/DVDQJUHFRUULHQGRHQDEXQGDQFLDSRUODVWLSHWHUPLQySRUSURYRFDULQWHQVDVDUFDGDVHQHO
VHJXQGRJXHUULOOHURTXHQRWDUGyHQYRPLWDU
/RQJLQRDSUHPLyDVXVKRPEUHVSDUDTXHGHVDWDUDQD'LVPDV(OLQIHOL]DWXUGLGR\WHPEODQGR
GHPLHGRQRRSXVRUHVLVWHQFLD8QDYH]GHVQXGREDxDGRHQXQVXGRUIUtRODVPXMHUHVUHFLELHURQ
GHO FHQWXULyQ OD VHxDO SDUD TXH OH VXPLQLVWUDUDQ DTXHOOD SyFLPD 3HUR DQWHV FXDWUR OHJLRQDULRV
URGHDURQ DO UHR FODYDQGR FDVL ODV SXQWDV GH VXV ODQ]DV HQ VXV ULxRQHV HVSDOGD \ YLHQWUH /RV
WHPEORUHVGHOEDQGLGRIXHURQHQDXPHQWR\VXVURGLOODVFRPHQ]DURQDRVFLODU
&RQWDJLDGDV GHO SDYRU GHO SULVLRQHUR ODV MXGtDV OOHQDURQ FRQ PDQRV WHPEORURVDV XQ KRQGR
WD]yQGHPDGHUDFRQHOOtTXLGRDPDULOOHQWRYHUGRVRFRQWHQLGRHQODFiQWDUD$ODFHUFDUPHOOHJXp
DROHUHOEUHEDMHLGHQWLILFDQGRHQWUHVXVLQJUHGLHQWHVHORORUSDUWLFXODUGHODKLHORELOLVGHWRUR
$OLQWHUHVDUPHSRUODQDWXUDOH]DGHODPH]FODODTXHVRVWHQtDODMDUUDPHLQGLFyFRQFLHUWRWHPRU
FRQIXQGLpQGRPHSRVLEOHPHQWHFRQDOJ~QDOWRSHUVRQDMHH[WUDQMHURTXHFRQVLVWtDEiVLFDPHQWH
HQXQYLQRDJXDUGHQWRVRDOTXHVHOHDxDGtDHOFRQWHQLGRGHXQDRYDULDVYHMLJDVELOLDUHVGHEXH\
UHFLpQVDFULILFDGR/HMRVGHFRQWHQHUDOJ~QWLSRGHGURJDRVRPQtIHURORVKHEUHRVXWLOL]DEDQSDUD
HVWRVPHQHVWHUHVXQSURFHGLPLHQWRPXFKRPiVFRUULHQWH\QDWXUDO3UHSDUDEDQSULPHUDPHQWHXQ
H[WUDFWR GH ODKLHOHFKDQGR VREUHXQ ILOWURGH ED\HWD HOFRQWHQLGR GHODVPHQFLRQDGDV YHMLJDV
'HVSXpVORKDFtDQHYDSRUDUDOEDxRGHPDUtDVLQGHMDUGHDJLWDUOR'HHVWDIRUPDVHREWHQtDHO
H[WUDFWRGHVHDGRTXHSRGtDFRQVHUYDUVHLQGHILQLGDPHQWH&XDQGRDTXHOODSLDGRVDDVRFLDFLyQ
GHPXMHUHVUHFLEtDODQRWLFLDGHXQDHMHFXFLyQYHUWtDQHOH[WUDFWRGHKLHOGHEXH\HQXQYLQRR
DJXDUGLHQWH GH HOHYDGD JUDGXDFLyQ DOFRKyOLFD /D IXOPLQDQWH DFFLyQ PHWDEyOLFD GH OD ELOLV
OLEHUDED HO DOFRKRO GHO YLQR SURYRFDQGR DVt HQ HO UHR XQD UiSLGD \ QRWDEOH HPEULDJXH] TXH
HPERWDED VX FHUHEUR DOLYLDQGR HQ FLHUWD PHGLGD VXV VXIULPLHQWRV \ HQHUYDQGR R GHELOLWDQGR
VREUHWRGRVXFRQVFLHQFLD
0DWHR SRU WDQWR IXH HO ~QLFR DFHUWDGR DO UHODWDU HVWH SDVDMH HYDQJpOLFR0DUFRV
DVHJXUDTXHODVPXMHUHVGLHURQDSUREDUD-HV~VYLQRFRQPLUUD(VWRHVLQH[DFWR(QWUHRWUDV
UD]RQHVSRUTXHODPLUUDSRUVXQDWXUDOH]DH[FLWDQWHWyQLFD\HPHQDJRJDSUREDEOHPHQWHKXELHUD
DFWXDGR GH IRUPD FRQWUDULD DO ILQ GHVHDGR (Q DTXHO WLHPSR HUD HPSOHDGD JHQHUDOPHQWH FRPR
EiOVDPRFRPRSRPDGDSDUDFLHUWRVWXPRUHVDUWLFXODUHVFRPRHOHPHQWRGHQWtIULFR\VREUHWRGR
FRPRSHUIXPH
$TXHOODKHEUHDSXVRODPDQRGHUHFKDVREUHHOFXHQFRGHPDGHUDSURFXUDQGRTXHHOSROYR\
OD WLHUUD DUUDVWUDGRV SRU HO YLHQWR QR FRQWDPLQDVHQ HO YLQR 0LUy D /RQJLQR \ pVWH YROYLy D
VHxDODUDOSULVLRQHURDXWRUL]iQGROHDTXHVHDFHUFDVH/DPXMHUOOHJyKDVWD'LVPDV\OHWHQGLyHO
EUHEDMH$FRVDGRSRUHOWHUURUHOPXFKDFKRQRUHDFFLRQy6XVRMRVHQURMHFLGRVSRUHOOODQWRVH
GHVYLDURQKDFLDHOFHQWXULyQLQWHUURJiQGROHFRQODPLUDGD
%HEHOHRUGHQy/RQJLQR
<HO]HORWDDO]yORVEUD]RVDVLHQGRHOWD]yQ3HURVXVFRQYXOVLRQHVHUDQ\DWDQDFXVDGDV
TXHXQDSDUWHGHOOtTXLGRVHGHUUDPy$OILQFRQVLJXLyOOHYDUHOFXHQFRKDVWDVXVODELRVDSXUDQGR
ORVRFHQWtPHWURVF~ELFRVTXHFRQWHQtD
/DV KHEUHDV VH UHWLUDURQ LQFRUSRUiQGRVH DO UHVWR GHO JUXSR \ HO UHR IXH FRQGXFLGR D
HPSHOORQHVIUHQWHDODVGRVVWLSHVTXHTXHGDEDQOLEUHVHQODSULPHUDKLOHUD\DFX\RVSLHVKDEtD
VLGRWUDQVSRUWDGRHOSDWLEXOXP
'LVPDVIXHFRORFDGRGHHVSDOGDVDORVWUHViUEROHV\PLHQWUDVGRVGHORVOHJLRQDULRVWLUDEDQ
GH VXV EUD]RV KDFLD DWUiV XQ WHUFHUR OH ]DQFDGLOOHy GHUULEiQGROH GH HVSDOGDV (O FHQWXULyQ
VLWXDGR SRU GHWUiV GHO UHR GLVSXVR XQD ODQ]D GLVSXHVWR D JROSHDU HO FUiQHR GHO SULVLRQHUR HQ
FDVRGHQHFHVLGDG/HYDQWyODFRQWHUDGHOSLOXP\HVSHUy
6LQ HPEDUJR HO WHUURULVWD DSHQDV VL RIUHFLy UHVLVWHQFLD $SDUHQWHPHQWH SDUHFtD KDEHU
DVXPLGRVXVXHUWH(OPLHGRDGHPiVKDEtDDJDUURWDGRVXVP~VFXORV$OUHFOLQDUORVREUHHOOHxR
OHYDQWy OD FDEH]D \ FRQ XQ KLOR GH YR] HPSH]y D FODPDU SRU VX PDGUH 3HUR VXV LQFHVDQWHV
OODPDGDVGHVDSDUHFLHURQFXDQGRHOYHUGXJROHDVHVWyHOSULPHUPDUWLOOD]R8QFKLOOLGRVHHOHYy
GHVGHODURFD<ODPXOWLWXGDFRJLyHOQXHYRHQFODYDPLHQWRFRQIXHUWHVSLWLGRV\SURWHVWDV
(OSULVLRQHURFRQORVRMRVGHVHQFDMDGRV\ORVP~VFXORVDQWHULRUHV\SRVWHULRUHVGHOFXHOOR
WHQVRVFRPRFXHUGDVGHYLROtQVHHVWUHPHFLyGHMDQGRFDHUVXFDEH]DSRUGHWUiVGHOWURQFR(Q
HVHLQVWDQWHXQIXHUWHKHGRUIXHDUUDVWUDGRSRUHOYLHQWR(OOHJLRQDULRTXHVXMHWDEDORVSLHVGHO
UHRFRQODFDGHQDHVWDOOyHQPLOLPSUHFDFLRQHVHLQVXOWRVFRQWUDHO]HORWD3UHVDGHXQSiQLFR
LQVXSHUDEOHORVHVItQWHUHVGHOPXFKDFKRVHKDEtDQDELHUWRGHMDQGROLEUHVVXVH[FUHPHQWRV
$OSHUIRUDUVXPXxHFDGHUHFKDHOMRYHQSHUGLyHOVHQWLGR<ORVYHUGXJRVDSURYHFKDURQVX
LQFRQVFLHQFLD SDUD DFHOHUDU VX OHYDQWDPLHQWR VREUH ODVWLSH &XDQGR VH GLVSRQtDQ D L]DU HO
SDWLEXOXP VXUJLy XQD GXGD (Q FXiO GH ORV GRV PDGHURV OLEUHV GHEtDQ FUXFLILFDUOR" /RV
OHJLRQDULRVSUHJXQWDURQDORILFLDO\pVWHVHHQFRJLyGHKRPEURV)XHHOHQFDUJDGRGHORVFODYRV
TXLHQDSRUWyXQDVROXFLyQELHQUHFLELGDSRUWRGRV
'HMHPRVDOUH\HQHOFHQWURFRPHQWyGLYHUWLGR
< DVt VH KL]R )XH pVWD OD UD]yQ SRU OD TXH ORV OODPDGRV ODGURQHV TXHGDURQ D GHUHFKD H
L]TXLHUGDGHO0DHVWUR
&XDQGROHWRFyHOWXUQRDOSLHL]TXLHUGRGHOJXHUULOOHURHOYHUGXJRORDWUDYHVyGHWDOIRUPD
TXHORVGHGRVTXHGDURQVREUHXQRGHORVEUD]RVGHOVHGLOHGHKLHUURTXHFRPRGLMHDWUDYHVDED
HOiUEROGHSDUWHDSDUWH(VWDFLUFXQVWDQFLDSURSRUFLRQDUtDD'LVPDVXQFLHUWRDOLYLRDODKRUDGH
OXFKDUSRUXQDVPiVSURIXQGDVERFDQDGDVGHDLUH(OSLHGHUHFKRHQFDPELRIXHILMDGRDOJRPiV
EDMR\VREUHODFDUDIURQWDOGHODVWLSH(OVHJXQGREUD]RGHOVHGLOHTXHTXHGDUtDSDUDOHORDO
SDWLEXOXP FRPR HQ OD FUX] GH -HV~V QR IXH XWLOL]DGR (V PL RSLQLyQ TXH HVWH UHODWLYR
GHVFDQVR SXGR LQIOXLU GHFLVLYDPHQWH HQ HVWH FUXFLILFDGR KDVWD HO SXQWR TXH OH SHUPLWLy XQD
PHMRUR[LJHQDFLyQ\HQFRQVHFXHQFLDXQDPD\RUFODULGDGGHLGHDV
&RQFOXLGD OD FUXFLIL[LyQ GH 'LVPDV ORV VROGDGRV VXGRURVRV \ PDQFKDGRV GH VDQJUH
UHFXSHUDURQODFXHUGDTXHKDEtDVHUYLGRSDUDHOL]DGRGHOUHR\FODYDURQVXVRMRVHQ-HV~VGH
1D]DUHW0LFRUD]yQYROYLyDHVWUHPHFHUVHDOGLVWLQJXLUXQDVVDUFiVWLFDVVRQULVDVHQDOJXQRVGH
ORVURVWURVGHORVURPDQRV
(UDQODVKRUDV
/DV~ELWDLQWHUYHQFLyQGH(OLVHRPHGLVWUDMRPRPHQWiQHDPHQWH(OPyGXORGHWHFWDEDHORMR
GHO VLURFR D SRFR PiV GH PLQXWRV GH -HUXVDOpQ /D YHORFLGDG GH KDERRE KDEtD
GHVFHQGLGROLJHUDPHQWHSHURHODUUDVWUHGHDUHQDHUDPX\FRQVLGHUDEOHOHYDQWDQGROHQJXDVGH
SDUWtFXODV KDVWD \ PHWURV GHO VXHOR 3DUD PL FRPSDxHUR OR PiV SUHRFXSDQWH GH
DTXHOOD WRUPHQWD VHFD HUD OD SRVLELOLGDG GH TXH HO YLHQWR DUUDVWUDVH DJHQWHV ELROyJLFDPHQWH
DFWLYRVTXHSRGUtDQDIHFWDUPH
6LQFHUDPHQWHODDGYHUWHQFLDGH(OLVHRQRPHSUHRFXSy0LFRUD]yQ\PLVFLQFRVHQWLGRVVH
KDOODEDQDFXDWURPHWURVGHPtPLVPRHQODILJXUDGHDTXHOKRPEUHGHPHWURVGHHVWDWXUD
DKRUDHQFRUYDGR\PDOWUHFKR
(O 0DHVWUR IXH OHYDQWDGR VLQ PiV GLODFLRQHV /H IXH UHWLUDGR HO PDQWR S~USXUD TXH D~Q
FRQVHUYDED VREUH ORV KRPEURV DPDUUDGR D OD DOWXUD GHO FXHOOR WRFiQGROH GHVSXpV HO WXUQR DO
URSyQ$OGHVHQUROODUORTXHGyDOGHVFXELHUWRODSDUWHVXSHULRUGHODW~QLFD<DOYHUODFHUUpORV
RMRV (UD XQD PDQFKD LQIRUPH VDQJXLQROHQWD \ HQFRODGD DO FXHUSR VREUH ODV KHULGDV GH OD
IODJHODFLyQ7UDJXpVDOLYD4XpRFXUULUtDHQHOPRPHQWRGHGHVQXGDUOH"
3HURHVHDQJXVWLRVRWUDQFHVHYLRUHWDUGDGRSRUXQSUREOHPDFRQHOTXHQDGLHKDEtDFRQWDGR
HOFDVFRHVSLQRVR
&XDQGRXQRGHORVVROGDGRVVHGLVSRQtDDUHWLUDUODW~QLFDRWURGHORVJXDUGLDQHVUHSDUyHQ
HOWUHQ]DGRGHS~DVKDFLHQGRQRWDUTXHRGHVJDUUDEDQODSUHQGDRKDEtDTXHUHWLUDUSULPHURHO
\HOPR/RVLQIDQWHVVHHQ]DU]DURQHQXQDGLVFXVLyQ6XSRQJRTXHDTXHOORVHKDEUtDSURORQJDGR
LQGHILQLGDPHQWHGHQRKDEHUVLGRSRUHORSWLR&RQXQVHQWLGRSUiFWLFREDVWDQWHPiVDFXVDGRTXH
HOGHVXVKRPEUHVVHOLPLWyDWRFDUHOWHMLGR\DODSUHFLDUTXHVHWUDWDEDGHXQDW~QLFDLQFRQV~WLO
RVLQFRVWXUDRUGHQyDORVYHUGXJRVTXHOHGHVSRMDUDQGHODFRURQD$OSULQFLSLRPHSDUHFLy
DEVXUGR TXH ORV OHJLRQDULRV GLVFXWLHUDQ SRU DOJR TXH SRGtD KDEHU WHQLGR XQD IiFLO \ GUiVWLFD
VROXFLyQVHQFLOODPHQWHURPSHUODYHVWLGXUD'HVSXpVFRPSUHQGt$OSDUHFHUHUDFRVWXPEUHQR
RILFLDOTXHORVYHUGXJRVVHUHSDUWLHUDQODURSDGHODMXVWLFLDGR>@
$VtTXHXQRGHORVURPDQRVVHVLWXyIUHQWHD-HV~VLQWURGXFLHQGROHQWDPHQWHVXVGHGRVSRU
GRVGHORVKXHFRVGHOFDVFR&XDQGRODVPDQRVKDEtDQDJDUUDGRHOKD]GHMXQFRVDODDOWXUDGHODV
RUHMDVGLRXQYLROHQWRWLUyQKDFLDDUULED
(O*DOLOHRVHHVWUHPHFLy3HURHO\HOPRGHHVSLQDVQRWHUPLQyGHGHVSUHQGHUVH$OJXQDVGH
ODVODUJDV\DILODGDVS~DVHVWDEDQVyOLGDPHQWHLQFUXVWDGDVHQODFDUQH\DTXHOSULPHULQWHQWRVyOR
FRQVLJXLyGHVJDUUDUD~QPiVORVWHMLGRVSURYRFDQGRHOQDFLPLHQWRGHQXHYRVKLORVGHVDQJUH
$UVHQLXVPRYLyODFDEH]DFRQLPSDFLHQFLDUHFRUGDQGRDOLQIDQWHTXHSULPHURGHEHUtDHVWLUDU
KRUL]RQWDOPHQWH\GHVSXpVWLUDUKDFLDORDOWR(O1D]DUHQRDSUHWyORVODELRV\HVSHUyHOVHJXQGR
WLUyQ
$OMDODUKDFLDORVODGRVHQHIHFWRPXFKDVGHODVHVSLQDVGHODViUHDVSDULHWDOHV\IURQWDOVH
GHVSUHQGLHURQ<HOYHUGXJRUHSLWLyODPDQLREUD(OHPSXMHYHUWLFDOIXHWDQYLROHQWRTXHHO\HOPR
VDOWySHURODVS~DVXELFDGDVVREUHODVPHMLOODV\QXFDDUDxDURQODSLHO\GRVGHODVHVSLQDV
FODYDGDV HQ HO WXPHIDFWR SyPXOR GHUHFKR \ HQ HO P~VFXOR HOHYDGRU L]TXLHUGR VH SDUWLHURQ
TXHGDQGRDORMDGDVHQDPEDVUHJLRQHVGHOURVWUR
8Q JHPLGR DFRPSDxy DTXHOOD EUXWDO UHWLUDGD \ ORV VDGXFHRV SHQGLHQWHV GHO 0DHVWUR
DFRJLHURQODPDQLREUDFRQDSODXVRV\DFODPDFLRQHV
$QWHVGHTXHHOUDEtWXYLHUDRFDVLyQGHUHFXSHUDUVHGHORVQXHYRV\DJXGRVGRORUHVGRVGH
ORV VROGDGRV OHYDQWDURQ VXV EUD]RV PLHQWUDV XQ WHUFHUR SURFHGtD D GHVQXGDUOH UHFRJLHQGR OD
W~QLFDGHVGHHOILORLQIHULRU
$O GHVFXEULUODVSLHUQDV VHQWt FyPRPL FRUD]yQDFHOHUDEDVXULWPR 6HKDOODEDQ FUX]DGDV\
UHFRUULGDV HQ WRGRV ORV VHQWLGRV SRU UHJXHURV GH VDQJUH FRiJXORV KHPDWRPDV D]XODGRV R
UHYHQWDGRV \ XQD PLUtDGD GH SHTXHxRV FtUFXORV OD PD\RUtD DELHUWRV SRU ORV FODYRV GH ODV
VDQGDOLDVURPDQDV(QFXDQWRDODVURGLOODVODL]TXLHUGDSUHVHQWDEDXQDFRQVLGHUDEOHKLQFKD]yQ
/D GHUHFKD DXQTXH PHQRV GHIRUPDGD VH KDOODED DELHUWD HQ OD FDUD DQWHULRU GH OD UyWXOD FRQ
GHVJDUURVP~OWLSOHV\SpUGLGDGHOWHMLGRFHOXODUVXEFXWiQHRSXGLHQGRDSUHFLDUVHLQFOXVRSDUWH
GHOSHULRVWLRGHOKXHVR(UDLQFRPSUHQVLEOHFyPRDTXHOVHUKXPDQRKDEtDFRQVHJXLGRFDPLQDU\
DUUDVWUDUVHVREUHVXVURGLOODVKDVWDODPXUDOOD/DVIXHU]DVORFRQILHVRHPSH]DURQDIDOODUPH
GHQXHYR
3HURDTXHOPDUWLULRQRKDEtDHPSH]DGRVLTXLHUD
(OFUXMLGRGHODW~QLFDDOVHUGHVSHJDGDGHOWURQFRGH-HV~VPHKL]RSDOLGHFHU
(OOHJLRQDULRDOFRPSUREDUTXHHOWHMLGRVHKDOODEDSHJDGRDODVEUHFKDVQRORGXGy*LUyOD
FDEH]D\VRQULHQGRPDOLFLRVDPHQWHDVXVFRPSDxHURVIXHHOHYDQGRODW~QLFDFRQOHQWLWXG(OOLQR
IXHGHVJDMiQGRVHGHODVKHULGDVDUUDVWUDQGRJUDQGHVSODVWRQHVGHVDQJUH(QURMHFtGHLUD<PH
DIHUUp D OD YDUD GH 0RLVpV KDVWD FDVL HVWUXMDUOD 8QDV JUXHVDV JRWDV GH VXGRU HPSH]DURQ D
URGDU SRU PLV VLHQHV \ WXYH TXH PRUGHU XQD GH ODV PDQJDV GH PL PDQWR SDUD QR VDOWDU VREUH
DTXHOORVViGLFRV
$O ILQ FXDQGR ODW~QLFD HVWXYR UHSOHJDGDD OD DOWXUD GHOD FDUDGHO 1D]DUHQR ORVVROGDGRV
EDMDURQORVEUD]RV\ODFDEH]DGHOUDEtUHWLUDQGRVX~OWLPDYHVWLPHQWD
<HO+LMRGHO+RPEUHTXHGyWRWDOPHQWHGHVQXGROLJHUDPHQWHLQFOLQDGR\EDxDGRSRUQXHYDV
KHPRUUDJLDV$O YHU DTXHOOD HVSDOGD DEUDVDGD SRU ORV KHPDWRPDV \ GHVJDUURV /RQJLQR TXHGy
SHUSOHMR(OUHILQDGRGHVHQFRODPLHQWRGHODW~QLFDKDEtDDELHUWRPXFKDVGHODVKHULGDVKDFLHQGR
HVWDOODU RWUD DSDUDWRVD VDQJUtD$ SHVDU GH OD LQGXGDEOH SURWHFFLyQ GH ORV GRV PDQWRV \ GH OD
W~QLFD HO PDGHUR KDEtD HURVLRQDGR OD ]RQD VXSHULRU GH OD HVSDOGD XOFHUDQGR ODV iUHDV GH OD
SDOHWLOOD GHUHFKD \ OD SLHO VLWXDGD VREUH HO SDTXHWH PXVFXODU L]TXLHUGR GHO WUDSHFLR (Q HVWD
~OWLPD UHJLyQ REVHUYp XQ DEUDVDPLHQWR GH XQRV QXHYH SRU VHLV FHQWtPHWURV FRQ ERUGHV
LUUHJXODUHV\DUUROODPLHQWRGHODSLHOSURGXFLGRSRVLEOHPHQWHHQDOJXQDGHODVYLROHQWDVFDtGDV
TXL]iVHQODVHJXQGDDOGHVSORPDUVHGHHVSDOGDVHQHOW~QHOGHODIRUWDOH]D$QWRQLD
/RVFRGRVVHKDOODEDQWDPELpQSUiFWLFDPHQWHGHVWUXLGRVSRUORVJROSHV\FDtGDV(QFXDQWRDO
DQWHEUD]R L]TXLHUGR OD IULFFLyQ FRQ OD FRUWH]D GHOSDWLEXOXP KDEtD GHVKLODFKDGR HO SODQR
PXVFXODUFRQSpUGLGDGHVXVWDQFLD\DPSOLDViUHDVDPRUDWDGDV
3HURODYLVLyQPiVWHUURUtILFDODRIUHFtDQORVFRVWDGRV/DVSDWDGDVKDEtDQUHYHQWDGRDOJXQRV
GHORVKHPDWRPDV\PDVDFUDGRPXFKDVGHODVILEUDVPXVFXODUHVYLWDOHVHQODIXQFLyQUHVSLUDWRULD
/DVDQJUHFRUUtDGHQXHYRSRUDTXHOODSLOWUDIDKXPDQDTXHDOVHUGHVSRVHtGDGHVXVURSDV
KDEtDHPSH]DGRDWLULWDUDFXVDQGRORVGXURVHPEDWHVGHOYLHQWR\GHOSROYR
/DLQGHIHQVLyQDEDQGRQR\DPDUJXUDGHDTXHOKRPEUHDOFDQ]DURQHQDTXHOORVLQVWDQWHVXQR
GHVXVSXQWRVFXOPLQDQWHV
/RVFXULRVRV\WUDQVH~QWHVTXHKDEtDQLGRHQJRUGDQGRHOJUXSRLQLFLDOGHWHVWLJRVURPSLHURQ
DTXHOORV GUDPiWLFRV PRPHQWRV EXUOiQGRVH \ DFRJLHQGR FRQ ODUJDV ULVRWDGDV OD GHVQXGH] GHO
*DOLOHR /RV VDFHUGRWHV VREUH WRGR IXHURQ ORV PiV FRUURVLYRV $OJXQRV LQFOXVR OOHJDURQ D
VDOWDUVREUHODVSHxDVLQIHULRUHVGHO*yOJRWDJHVWLFXODQGRHLPLWDQGRD-HV~VTXLHQKXPLOODGR\
FRQODFDEH]DEDMDRFXOWDEDFRQDPEDVPDQRVVXUHJLyQSXELDQD
/LEUHV GH OD WHQD]D GHO \HOPR GH HVSLQDV VXV FDEHOORV HPSH]DURQ D IORWDU DO YLHQWR
GHVFXEULHQGRODVKXHOODVGHORVODWLJD]RVGH/XFLOLRVREUHVXVRUHMDV$SHVDUGHORVJUDGRV
FHQWtJUDGRVTXHUHJLVWUDEDHOPyGXORHQDTXHOODKRUDHQ-HUXVDOpQHO0DHVWURVHJXtDWHPEODQGR
GHIUtR$OTXHGDUVLQODSURWHFFLyQGHVXVURSDVDPSOLDV]RQDVGHVXVEUD]RVWyUD[YLHQWUH\
SLHUQDVRIUHFtDQHO FRQRFLGRDVSHFWRGH SLHO GHJDOOLQD /DILHEUH HQ OXJDUGH FHGHUVHJXtD
DFRViQGROH
4XpOHMRVKDEtDTXHGDGRODPDMHVWXRVDILJXUDGHO*DOLOHR$XQTXHVXVGLVFtSXORV\DPLJRV
QRVHKDOODEDQSUHVHQWHVHVWR\FRQYHQFLGRTXHPX\SRFRVOHKDEUtDQUHFRQRFLGR/RVGRORUHVHO
DJRWDPLHQWR\ODVHGGHEtDQVHULQVXIULEOHVVLQHPEDUJRDOFRQWHPSODUOHDOOtVRORXOWUDMDGR\
VLQHOPiVIXJD]UHVSLURRPXHVWUDGHDPLVWDGRDOLHQWRHVWLPRTXHVXYHUGDGHUD\PiVSURIXQGD
WRUWXUDQRHUDQORVSDGHFLPLHQWRVItVLFRVVLQRFRPRGLJRHVDVHQVDFLyQGHDQLTXLODPLHQWRPRUDO
TXH LQYDGH VLHPSUH D XQ KRPEUH LQMXVWDPHQWH FRQGHQDGR 3HUR pVWDV VyOR VRQ UHIOH[LRQHV
SHUVRQDOHVGHXQPHURREVHUYDGRU4XLpQKXELHUDSRGLGRDGLYLQDUORVSHQVDPLHQWRVGH-HV~VGH
1D]DUHWHQDTXHOODVFLUFXQVWDQFLDV"/RFLHUWRHVTXHVXILQVHKDOODEDPX\SUy[LPR
0LHQWUDVORVVROGDGRVGLVSRQtDQHOSDWLEXOXPFHUFDGHODVWLSHFHQWUDO/RQJLQRVHGLULJLyDO
JUXSR GH PXMHUHV \ OHV LQYLWy D TXH UHSLWLHUDQ FRQ HO UDEt HO VXPLQLVWUR GH KLHO \ YLQR< ODV
PLVPDVKHEUHDVFRQSDVRSUHVXURVRVHGLULJLHURQKDFLDHO0DHVWUR$OGHVSHJDUVHGHOUHVWRGH
VXV FRPSDxHUDV MXVWR GHWUiV GH ODV HQFDUJDGDV GH OD EHELGD KDEtD DSDUHFLGR HO MRYHQ -XDQ
0DUFRV,JQRURFyPRSXGROOHJDUKDVWDDOOtSHURDQWHVGHTXHFRPHWLHUDDOJXQDORFXUDOHKLFH
VHxDVSDUDTXHVHDFHUFDUD
/DV MXGtDV FROPDURQ SRU VHJXQGD YH] OD WD]D GH PDGHUD RIUHFLHQGR D -HV~V HO DSHVWRVR
OtTXLGR(O1D]DUHQROHYDQWyODFDEH]D\PLUyDODVPXMHUHV(VWDVH[WUDxDGDVSRUHOVLOHQFLRGHO
UHR KLFLHURQ XQ OLJHUR PRYLPLHQWR FRQ HO FXHQFR DQLPiQGROH SDUD TXH EHELHUD 3HUR HO
HQFRUYDGRJLJDQWHQRVHGHFLGtD6XVPDQRVQRVHKDEtDQPRYLGRGHVXVJHQLWDOHV<UHVSHWDQGR
HOSXGRUGHO*DOLOHRODTXHVRVWHQtDHOEUHEDMHORVLWXyHQWUHVXVODELRVLQFOLQDQGRHOUHFLSLHQWH
GHIRUPDTXHSXGLHUDDSXUDUORVLQQHFHVLGDGGHXWLOL]DUODVPDQRV(O0DHVWURHQWUHDEULyODERFD
SUREDQGR DSHQDV HO PHMXQMH 1DGD PiV JXVWDUOR \ SHUFDWDUVH GH VX QDWXUDOH]D -HV~V UHWLUy OD
FDUDQHJDQGRFRQODFDEH]D/DDFWLWXGGHOSULVLRQHURGHMyDWyQLWDVDODVKHEUHDV\DOFHQWXULyQ
$TXpOODV PLUDURQ D /RQJLQR \ pVWH YROYLy D HQFRJHUVH GH KRPEURV GDQGR SRU ILQDOL]DGR HO
DVXQWR
$OYHUPHHOURVWURGH-XDQ0DUFRVVHLOXPLQy&UX]yDODFDUUHUDORVHVFDVRVPHWURVTXHOH
VHSDUDEDQ GH Pt DEUD]iQGRPH 7HQtD ODV PHMLOODV PDUFDGDV SRU VHQGRV FKXUUHWHV VHxDO
LQHTXtYRFDGHVXOODQWR(OSHTXHxRJLPRWHDQGR\FRQXQDWDTXHGHKLSRPHURJyTXHVDOYDUDD
VX0DHVWUR1RSXGHKDFHURWUDFRVDTXHVRQUHtUOH&yPRSRGtDH[SOLFDUOHTXLpQHUD\HQTXp
FRQVLVWtDPLPLVLyQ"1RYR\DRFXOWDUORSHURDORODUJRGHDTXHOYLHUQHVOOHJXpDSHQVDUHQHVD
SRVLELOLGDG4XpKXELHUDVXFHGLGRVLHQPLWDGGHDTXHOSURPRQWRULR\RKXELHUDGDGRODRUGHQ
D(OLVHRGHPRYLOL]DUHOPyGXOR\GHTXHSXVLHUDUXPERDO*yOJRWD"+XELHUDVLGRVHQFLOOtVLPR
GHVFHQGHUVREUHODURFD\DUUHEDWDUDO*DOLOHRGHODVJDUUDVGHDTXHOODSDWUXOOD3HURpVWRVVyOR
IXHURQVXHxRVLPSRVLEOHV
$QWHV GH TXH ORV OHJLRQDULRV OODPDUDQ OD DWHQFLyQ GHO PXFKDFKR PH ODV DUUHJOp SDUD
SHUVXDGLUOH GH TXH VH DOHMDUD GH DOOt UHVSRQVDELOL]iQGROH GH XQ WUDEDMR TXH SRFDV KRUDV
GHVSXpVUHVXOWDUtDDOWDPHQWHLPSRUWDQWHSDUDPt-XDQ0DUFRVQRORHQWHQGLySHURREHGHFLy
(ORSWLRDOHUWDGRSRUXQRGHORVVROGDGRVTXHPRQWDEDJXDUGLDDOUHGHGRUGHOSDWtEXORVHDFHUFy
KDVWDQRVRWURVDFRQVHMiQGRPHFRQFRUWHVtDSHURFRQXQDILUPH]DTXHQRGHMDEDOXJDUDGXGDVTXH
HFKDUDGHDOOtDOQLxR1RIXHQHFHVDULRTXHORUHSLWLHUD-XDQ0DUFRVVHHVFDEXOOyPH]FOiQGRVH
HQWUHODVPXMHUHVTXHGHVFHQGtDQ\DGHO*yOJRWD$OSRFROHYLMXQWRD-XGDV,VFDULRWHWDO\FRPR
\ROHKDEtDSHGLGR
$TXHOJHVWRGH-HV~VUHFKD]DQGRHODJXDUGLHQWHELOLRVRPHGHVFRQFHUWy$ODEULUODERFDVX
OHQJXDFRQODVPXFRVDVVHFDVFRPRHVWURSDMRHVWDEDSUHJRQDQGRDJULWRVHODQJXVWLRVRVXSOLFLR
GH OD GHVKLGUDWDFLyQ 6XV ODELRV DJULHWDGRV FRPR HO FDVFR GH XQ YLHMR EDUFR YDUDGR GHEtDQ
VRSRUWDUXQDVHGVRIRFDQWH1RSXGHHQWHQGHUTXHHO0DHVWURYROYLHUDODFDUDDQWHHOFXHQFRGH
YLQR 6L UHDOPHQWH OR KL]R FRPR VRVSHFKR SDUD VRVWHQHU DO Pi[LPR VX DPHQD]DGD OXFLGH]
PHQWDOVyORSXHGRGHVFXEULUPHSRUHQpVLPDYH]DQWHVXFRUDMH
(VODKRUDDGYLUWLyHOFHQWXULyQ
<VXPLVRFRQVXVPDQRVRFXOWDQGRORVWHVWtFXORVHO1D]DUHQRHPSH]yDDUUDVWUDUVHPiV
TXHFDPLQDUHQGLUHFFLyQDODVFUXFHV/RQJLQR\RWUROHJLRQDULROHHVFROWDURQWRPiQGROHSRU
ORVEUD]RV
8Q VXGRU IUtRHPSH]y DHQYROYHUPH (OJXHUULOOHURTXHKDEtD VLGRFODYDGR HQ SULPHUOXJDU
VHJXtDDXOODQGRFRQYXOVLRQiQGRVHDUDWRV3HURORVVROGDGRVQROHSUHVWDEDQODPHQRUDWHQFLyQ
$UURGLOODGRIUHQWHDOSDWLEXOXPHOYHUGXJRUHVSRQVDEOHGHOHQFODYDPLHQWRHVSHUDEDFRQXQRGH
DTXHOORV WHUURUtILFRV FODYRV GH KHUUHUR HQ VX PDQR GHUHFKD (UD SUiFWLFDPHQWH VLPLODU D ORV
XWLOL]DGRVDQWHULRUPHQWHGHXQRVYHLQWHFHQWtPHWURVGHORQJLWXGTXL]iXQSRFRPiV\FRQOD
SXQWDDILODGDDXQTXHQRWDQWRFRPRVXVKHUPDQRV+XERRWURGHWDOOHTXHORGLVWLQJXtDWDPELpQ
GH ORV SUHFHGHQWHV DXQTXH OD VHFFLyQ HUD FXDGUDQJXODU ODV DULVWDV VH KDOODEDQ QRWDEOHPHQWH
GHWHULRUDGDVIRUPDQGROLJHUtVLPDVUHEDEDV\GLHQWHV
/RVVROGDGRVFRORFDURQDO0DHVWURGHHVSDOGDVDOOHxR\VHSDUDQGRVXVEUD]RVOHHPSXMDURQ
KDFLDWLHUUDDOWLHPSRTXHXQWHUFHUOHJLRQDULRUHSHWtDOD]DQFDGLOOD(QHVWDRFDVLyQODH[WUHPD
GHELOLGDGGHOUHRIXHPiVTXHVXILFLHQWHSDUDDFHOHUDUVXFDtGD
8QD YH] FRQ ODV SDOHWLOODV VREUH HO PDGHUR ORV YHUGXJRV DSR\DURQ ORV EUD]RV GHO 0DHVWUR
VREUH HOSDWLEXOXP DO WLHPSR TXH VXMHWDEDQ ORV H[WUHPRV GHO UXJRVR FLOLQGUR FRQ ODV URGLOODV
/DV SDOPDV TXHGDURQ KDFLD DUULED FRQ ODV SXQWDV GH ORV GHGRV OHYHPHQWH IOH[LRQDGDV
WHPEORURVDV\FRPRHOUHVWRGHORVEUD]RV\DQWHEUD]RVVDOSLFDGDVGHVDQJUHUHVHFD
/D SLHUQD L]TXLHUGD LQIODPDGD D OD DOWXUD GH OD URGLOOD KDEtD TXHGDGR GREODGD 3HUR HO
HQFDUJDGR GH OD FDGHQD VH SUHRFXSy GH HVWLUDUOD DEDMiQGROD FRQ XQ VHFR SDOPHWD]R VREUH OD
UyWXOD(O*DOLOHRDFXVyHOGRORUDEULHQGRODERFD3HURQRHPLWLyJHPLGRDOJXQR/RQJLQRHQVX
UXWLQDULRSXHVWRMXQWRDODYHQFLGDFDEH]DGHOUHRTXHWRFDEDODURFDFRQVXVFDEHOORVVH
SUHSDUyDSXQWDQGRFRQHODVWDGHOSLOXPKDFLDODIUHQWHGH-HV~V
/RVD\XGDQWHVGHO YHUGXJRSULQFLSDO WHQVDURQ ORVEUD]RV \ HOTXH VH KDOODEDVREUH ODSXQWD
L]TXLHUGDGHOWURQFRGHVHQYDLQDQGRODHVSDGDDSODVWyODKRMDVREUHORVFXDWURGHGRVODUJRVGHO
0DHVWUR$TXHOODQRYHGDGDOSDUHFHUIDFLOLWDEDODODERUGHILMDFLyQGHODH[WUHPLGDGVXSHULRU
D OSDWLEXOXP 6L HO SULVLRQHUR LQWHQWDED IRUFHMHDU DO DIHUUDUVH DO ILOR VH KXELHUD FRUWDGR
LUUHPLVLEOHPHQWH (O JUDGR GH FUXHOGDG \ SHULFLD GH DTXHOORV OHJLRQDULRV SDUHFtD QR WHQHU
OtPLWHV
/RV QXPHURVRV UHJXHURV GH VDQJUH TXH EDxDEDQ ORV JUXHVRV DQWHEUD]RV GHO 1D]DUHQR
GLILFXOWDURQ HQ FLHUWD PHGLGD OD H[SORUDFLyQ GH ORV YDVRV )LQDOPHQWH HO YHUGXJR SDUHFLy
GLVWLQJXLU ODV OtQHDV D]XODGDV GH ODV DUWHULDV \ YHQDV VHxDODQGR HO SXQWR HVFRJLGR SDUD OD
SHUIRUDFLyQ
$QWHVGHOHYDQWDUODYLVWDKDFLDHOFHQWXULyQHOVROGDGRTXHVHGLVSRQtDDPDUWLOOHDUHOFODYR
VXPDPHQWH H[WUDxDGR DQWH OD GRFLOLGDG GHO UH\ GH ORV MXGtRV PLUy D VXV FRPSDxHURV
UXEULFDQGR VX VRUSUHVD FRQ XQ VLJQLILFDWLYR OHYDQWDPLHQWR GH FHMDV /RV RWURV LJXDOPHQWH
DWyQLWRVUHVSRQGLHURQFRQLGpQWLFDPXHFD
/RQJLQRFDQVDGRGHVRVWHQHUODODQ]DKDEtDEDMDGRHODUPDDXWRUL]DQGRHOSULPHUJROSHFRQ
RWUROHYHPRYLPLHQWRGHFDEH]D
<HOYHUGXJRVRVWHQLHQGRHOFODYRWRWDOPHQWHSHUSHQGLFXODUHQHOFHQWURGHODPXxHFDDOD
DOWXUD GHO FRQJORPHUDGR GH KXHVHFLOORV GHO FDUSR ODQ]y HO PD]R VREUH OD UHGRQGD FDEH]D /D
SXQWDDOJRURPDVHSHUGLyDOLQVWDQWHHQHOLQWHULRUGHORVWHMLGRV/DSLHOTXHURGHDEDHOPHWDO
HVWDOOyFRPRXQDIORUEURWDQGRDOLQVWDQWHXQDGHQVDFRURQDGHVDQJUH
/DSXQWDGHOFODYRDODEULUVHSDVRHQWUHORVWHQGRQHVKXHVRV\YDVRVGHELyUR]DUHOQHUYLR
PHGLDQR XQR GH ORV PiV VHQVLEOHV GHO FXHUSR SURYRFDQGR XQD GHVFDUJD GRORURVD GLItFLO GH
FRPSUHQGHU
,QVWDQWiQHDPHQWH ORV EUD]RV VH FRQWUDMHURQ \ OD FDEH]D GH -HV~V VH GLVSDUy KDFLD OR DOWR
SHUPDQHFLHQGR WHQVD \ RVFLODQWH SDUDOHOD DO VXHOR /RV GLHQWHV DSUHWDGRV GXUDQWH HVFDVRV
VHJXQGRVVHDEULHURQ\HOUHRFXDQGRWRGRVHVSHUiEDPRVXQOyJLFR\DJXGRFKLOOLGRVHOLPLWyD
LQKDODUDLUHFRQXQDUHVSLUDFLyQFRUWD\DQKHODQWH
/RVOHJLRQDULRVTXHHVSHUDEDQXQDUHDFFLyQYLROHQWDQRVDOtDQGHVXDVRPEUR
$OILQGHUURWDGRSRUHOGRORUHO0DHVWURGHMyFDHUVXFDEH]DKDFLDDWUiVJROSHiQGRVHFRQOD
URFD7RGRVFUHtPRVTXHKDEtDSHUGLGRODFRQFLHQFLD3HURDORVSRFRVVHJXQGRVDEULyVXRMR
GHUHFKRDFHOHUDQGRHOULWPRUHVSLUDWRULR
&yPRQRPHKDEtDGDGRFXHQWDPXFKRDQWHV-HV~VVyORWRPDEDDLUHSRUODERFD$TXHOORPH
KL]R VRVSHFKDU TXH VX WDELTXH GHEtD SUHVHQWDU DOJXQD FRPSOLFDFLyQ IUXWR GH ORV JROSHV
GLILFXOWDQGRODLQVSLUDFLyQSRUYtDQDVDO
(O YHUGXJR FDPELy GH SRVLFLyQ LQFOLQiQGRVH HVWD YH] IUHQWH DO EUD]R GHUHFKR 3HUR HVWD
VHJXQGDSHUIRUDFLyQLEDDSUHVHQWDUFRPSOLFDFLRQHV
/D VDQJUH KDEtD HPSH]DGR D EURWDU FRQ H[WUHPD OHQWLWXG IRUPDQGR XQ EUD]DOHWH URML]R
DOUHGHGRUGHODPXxHFDL]TXLHUGDGHO1D]DUHQR(YLGHQWHPHQWHHOFODYRHVWDEDVLUYLHQGRFRPR
WDSyQ GDQGR OXJDU D OD KHPRVWDVLV R HVWDQFDPLHQWR GHO GHUUDPH VDQJXtQHR 3HUR OD HVFDVD
KHPRUUDJLD FRQVWLWXtD XQ DUPD GH GREOH ILOR /RV PpGLFRV VDEHQ TXH HQ HVWDV VLWXDFLRQHV HO
GRORUDXPHQWD
$UVHQLXV\HORILFLDOVHPLUDURQVLQFRPSUHQGHUODDXVHQFLDGHJULWRV\GHOSDWDOHRFOiVLFRGH
WRGRKRPEUHTXHVHVDEHDOERUGHGHODPXHUWH3RUHOFRQWUDULRDTXHOUHROHMRVGHRFDVLRQDU
SUREOHPDV KDEtD HPSH]DGR D GHVSHUWDU XQD SURIXQGD DGPLUDFLyQ HQ /RQJLQR \ HQ VX
OXJDUWHQLHQWH(OFRQWUDVWHFRQDTXHO]HORWDTXHFROJDEDGHODFUX]\TXHGHVJDUUDEDHODLUHFRQ
VXV EHUULGRV \ MXUDPHQWRV HUD WDQ H[WUDRUGLQDULR TXH HO RILFLDO DO FDHU HQ OD FXHQWD TXH D~Q
VRVWHQtD HQWUH VXV PDQRV OD ODQ]D OD DUURMy YLROHQWDPHQWH FRQWUD OD EDVH GH ODV FUXFHV
V~ELWDPHQWHLQGLJQDGRFRQVLJRPLVPR
(O VHJXQGR PD]D]R IXH WDQ SUHFLVR FRPR HO SULPHUR (O FODYR VH LQFOLQy LJXDOPHQWH
DSXQWDQGRFRQVXFDEH]DKDFLDORVGHGRVGHO0DHVWUR3HURHQOXJDUGHSHQHWUDUHQODPDGHUDGHO
SDWLEXOXPVLJXLHQGRODGLUHFFLyQGHOFRGRODSLH]DDSHQDVVLDUDxyHOWURQFR
(QHVWHVHJXQGRHQFODYDPLHQWRHOUDEtQROHYDQWyVLTXLHUDODFDEH]D*UXHVDVJRWDVGHVXGRU
KDEtDQHPSH]DGRDUHVEDODUSRUODVVLHQHVWURSH]DQGRDTXt\DOOiFRQORVFRiJXORV6HOLPLWyD
DEULUODERFDDOPi[LPRHPLWLHQGRXQDKRJDGRHLQGHVFLIUDEOHVRQLGRJXWXUDO
4Xp VXFHGH" SUHJXQWy HO FHQWXULyQ DO YHU FyPR HO FODYR VREUHVDOtD PiV GH
FHQWtPHWURVSRUHQFLPDGHODPXxHFDGHUHFKD
(OYHUGXJRGHVSHJyHOEUD]R\H[DPLQyODFyQFDYDVXSHUILFLHGHOOHxR$OSDVDUODV\HPDVGH
ORVGHGRVVREUHODFRUWH]DPRYLyODFDEH]DFRQWUDULDGR<GLULJLpQGRVHD/RQJLQROHH[SOLFyTXH
KDEtDGDGRFRQXQQXGR
6HQWtFyPRPHDUGtDQODVHQWUDxDV
6LQ SHUGHU OD FDOPD HO OHJLRQDULR GHSRVLWy QXHYDPHQWH OD WDODGUDGD PXxHFD VREUH HO
SDWLEXOXP\VXMHWDQGRODVDULVWDVGHOFODYRHQWUHVXVGHGRVtQGLFH\SXOJDUVHGLVSXVRDYHQFHUOD
UHVLVWHQFLDGHOLQRSRUWXQRREVWiFXORFRQXQQXHYRJROSH
(O LPSDFWR IXH WDQ WHUURUtILFR TXH OD VHFFLyQ SLUDPLGDO GHO FODYR VH TXHEUy D HVFDVRV
FHQWtPHWURVGHODHQVDQJUHQWDGDSLHOGHOUHR
(OQXHYRFRQWUDWLHPSROOHJyDSDUHMDGRFRQXQDVRH]LPSUHFDFLyQGHOOHJLRQDULR
$UURMy HO PD]R D XQ ODGR \ RUGHQy D VXV FRPSDxHURV TXH VXMHWDUDQ HO DQWHEUD]R 'HVSXpV
DSULVLRQDQGRFRPRSXGRHOH[WUHPRGHOPHWDOKL]RIXHU]DLQWHQWDQGRVDFDUORTXHTXHGDEDGHO
FODYR)XHHQYDQR/DSXQWDKDEtDFRQVHJXLGRSHUIRUDUHOQXGR\HOPHWDOVHUHVLVWLy
(QWUH QXHYDV PDOGLFLRQHV HO HQRMDGR LQIDQWH VH LQFRUSRUy 3LVy OD ]RQD F~ELWRUDGLDO GH
-HV~VFRQVXVDQGDOLDL]TXLHUGD\FRPHQ]yDUHPRYHUHOFODYRKDFLpQGRORRVFLODUDXQODGR\D
RWUR +DVWD /RQJLQR SDOLGHFLy D OD YLVWD GH DTXHOOD QXHYD PDVDFUH /RV EUXVFRV WLURQHV GHO
YHUGXJR EXVFDQGR OD OLEHUDFLyQ GHO PHWDO HQVDQFKDURQ HO RULILFLR GH OD PXxHFD GHVJDUUDQGR
WHMLGRVHLQXQGDQGRGHVDQJUHVXVSURSLRVGHGRVHOSDWLEXOXP\ODURFD
(VPX\SUREDEOHTXHHOGRORUVHYLHUDGLIXPLQDGRHQSDUWHSRUODSURIXVDKHPRUUDJLD'HOR
FRQWUDULR QR SXHGR H[SOLFDU HO FRPSRUWDPLHQWR GHO *DOLOHR$ FDGD PRYLPLHQWR SHQGXODU GHO
VROGDGR HQ VX DIiQ SRU H[WUDHU OD SLH]D -HV~V GH 1D]DUHW UHVSRQGLy FRQ XQ ODPHQWR &LQFR
VHLVRFKRVDFXGLGDV\RWURVWDQWRVJHPLGRVDFRPSDxDGRVGHDOJXQRVUHVRSOLGRV\GHYDULRV
PRYLPLHQWRVGHFDEH]D3HURDTXHOJLJDQWHQRHVWDOOyQRSURWHVWy
$O ILQ GHVSXpV GH XQD HWHUQLGDG HO YHUGXJR VHSDUy OD SXQWD GHO WURQFR < WUDV VDFDU OD
HQURMHFLGD \ JRWHDQWH EDUULWD PHWiOLFD GHO FDUSR VH GLULJLy DO VDFR GH FXHUR HQUHGDQGR HQ VX
LQWHULRU$O YROYHU MXQWR DO 1D]DUHQR REVHUYp TXH WUDtD XQD HVSHFLH GH EDUUHQD FRUWD FRQ XQD
PDQLMDGHPDGHUD
5HWLUyHOEUD]RGHO*DOLOHR\WUDVHVFXSLUVREUHODPDQFKDGHVDQJUHTXHFXEUtDHOPDGHUR
OLPSLyFRQODPDQROD]RQDGRQGHVHXELFDEDHOQXGR7RPyODKHUUDPLHQWDHLQWURGXMRODURVFD
HQHVSLUDOHQHORULILFLRSUDFWLFDGRSRUHOFODYR<DSR\DQGRWRGRHOSHVRGHVXFXHUSRVREUHOD
PDQLMD KL]R JLUDU HO YiVWDJR GH KLHUUR WDODGUDQGR OD FDVL SpWUHD UXJRVLGDG FRQ PRYLPLHQWRV
OHQWRVSHURILUPHV
/D RSHUDFLyQ IXH ODERULRVD 0LHQWUDV OD VDQJUH GHO UDEt VLJXLy FRUULHQGR IRUPDQGR XQ
H[WHQVRFKDUFRVREUHODEODQFDVXSHUILFLHGHO*yOJRWD$MX]JDUSRUODYHORFLGDGGHHVFDSHGHO
WRUUHQWH QR FUHR TXH ODV DULVWDV HQ VLHUUD GHO FODYR OOHJDUDQ D UDVJDU QLQJXQD GH ODV DUWHULDV R
YHQDVSULQFLSDOHV6LQHPEDUJRDTXHOODSpUGLGDHPSH]DEDDVHUGUDPiWLFD-HV~VSDOLGHFtDSRU
PLQXWRV\WHPtTXHHQWUDUDHQXQQXHYRHVWDGRGHVKRFN
&XDQGRHOVROGDGRFRQVLGHUyTXHKDEtDEDUUHQDGRHOSDWLEXOXPVXILFLHQWHPHQWHEXVFyHQVX
FLQWR\VHKL]RFRQRWURFODYR$QWHVH[DPLQyODSXQWD\ODFDEH]D8QDYH]VDWLVIHFKROOHYyHO
DQWHEUD]RGHOUHRDODSRVLFLyQLQLFLDO6LQHPEDUJRHQFRQWUDGHORTXHVXSRQtDDQWHVGHWRPDU
HO PD]R DWUDYHVy OD PXxHFD SRU HO KROJDGR RULILFLR &XDQGR OD SXQWD DPDQHFLy SRU OD FDUD
GRUVDO HO YHUGXJR OD LQWURGXMR HQ HO DJXMHUR TXH DFDEDED GH IRUPDU \ VyOR HQWRQFHV UHSLWLy HO
PDUWLOOD]R6DOYDGRHOQXGRHOFODYRLQJUHVyVLQSUREOHPDVHQHOOHxR&RQXQVHJXQGRJROSHHO
EUD]RGHUHFKRGHO 0DHVWUR TXHGyGHILQLWLYDPHQWH ILMDGR/D EDVHGHOFODYR DOLJXDO TXHKDEtD
RFXUULGR FRQ OD GH OD PXxHFD L]TXLHUGD QR OOHJy D WRFDU OD FDUQH $PEDV FDEH]DV KRUDV
GHVSXpVFRPSUHQGHUtDSRUTXpVREUHVDOtDQHQWUH\FHQWtPHWURV
$O LJXDO TXH KDEtD VXFHGLGR FRQ ORV JXHUULOOHURV DO UHJLVWUDUVH HO HQFODYDPLHQWR GH ODV
PXxHFDV ORV SXOJDUHV GHO &ULVWR VH GREODURQ VDOWDQGR \ FRORFiQGRVH KDFLD HO FHQWUR GH ODV
SDOPDVGHODVPDQRVHQGLUHFFLyQRSXHVWDDODGHORVFXDWURGHGRVOLJHUDPHQWHIOH[LRQDGRV
0LHQWUDVODKHULGDGHODPXxHFDL]TXLHUGDGHIRUPDRYDODSHQDVVLDOFDQ]DEDORV[
PLOtPHWURVODGHODGHUHFKDHUDPXFKRPiVHVSHFWDFXODUFRQFDVLPLOtPHWURVGHORQJLWXGHQ
HOVHQWLGRGHOHMHGHODQWHEUD]R
$TXHOOD KROJXUD PH KL]R WHPHU LQFOXVR SRU OD HVWDELOLGDG GHO 0DHVWUR XQD YH] TXH IXHUD
OHYDQWDGRVREUHODVWLSH6HSURGXFLUtDXQGHVJDUUDPLHQWRGHORVWHMLGRV"
/RV VROGDGRV REHGHFLHURQ DO RILFLDO $TXHOOR VH HVWDED GHPRUDQGR HQ H[FHVR $Vt TXH
D\XGDGRVSRUHORSWLRL]DURQHOSDWLEXOXPDOFUXFLILFDGRFRQpODFWXDQGRFRQOLJHUH]DDODKRUD
GHHQURVFDUDOSULVLRQHURHQODVRJDTXHGHEHUtDVHUYLUSDUDDXSDUORKDVWDORDOWRGHOiUERO
$O SDVDU OD PDURPD SRU OD UDQXUD GHO H[WUHPR GH ODVWLSH \ HPSH]DU D WHQVDUtD HO PDGHUR
FRQWURODGR SRU ORV OHJLRQDULRV SDUD TXH QR SHUGLHUD VX SRVLFLyQ KRUL]RQWDO LQLFLy XQ OHQWR \
H[DVSHUDQWHDVFHQVR3HURODVIXHUWHVUiIDJDVGHYLHQWRDFXFKLOODQGRHOFXHUSRGHO1D]DUHQRFRQ
VXFHVLYDVFDUJDVGHSROYR\WLHUUDHPSH]yDSRQHUHQGLILFXOWDGHVHOOHYDQWDPLHQWR
(OFHQWXULyQUHFODPyDJULWRVODSUHVHQFLDGHGRVGHORVKRPEUHVTXHPDQWHQtDQODVHJXULGDG
GHO *yOJRWD GLVWULEX\pQGRORV DO SLH GH OD HVFDOHUD GH PDQR HQ DSR\R GHO VROGDGR TXH WLUDED
GHVGHORDOWR
0LHQWUDV HO *DOLOHR FRQVHUYy VXV SLHV VREUH OD URFD OD SRVLFLyQ GH VXV EUD]RV SXGR
PDQWHQHUVH PiV R PHQRV HQ HO HMH GHOSDWLEXOXP 3RFR D SRFR VX FDEH]D UHFXSHUy OD
YHUWLFDOLGDGFD\HQGRHQRFDVLRQHVVREUHHOPDQJRRH[WUHPRVXSHULRUGHOHVWHUQyQ
(QXQRGHDTXHOORVWLURQHVWUDVLQKDODUXQDIXHUWHERFDQDGDGHDLUH-HV~VOHYDQWyIXJD]PHQWH
ODFDEH]D\GLULJLHQGRODPLUDGDKDFLDHOWXUEXOHQWRFLHORH[FODPy
3DGUH3HUGyQDOHV1RVDEHQORTXHKDFHQ
/RV LQIDQWHV DO HVFXFKDU OD TXHEUDQWDGD YR] VH GHWXYLHURQ (O 0DHVWUR KDEtD KDEODGR HQ
DUDPHR&UHRTXHVDOYRXQRRGRVOHJLRQDULRVHOUHVWRQROHHQWHQGLy3HURODPHQWDEOHPHQWH
SUHJXQWDURQHOVLJQLILFDGR/DSDUHMDTXHVtKDEtDFRPSUHQGLGRVHPLUyGHKLWRHQKLWR\DQWHVGH
TXHWUDGXMHUDQODVIUDVHVGHOUHRXQRGHORVVROGDGRVFUX]yHOURVWURGH-HV~VFRQXQDERIHWDGD
0DOGLWR KHEUHR PDVFXOOy HO TXH OH KDEtD DERIHWHDGR 1L PXHUWRV QL YLYRV VRQ
GLJQRVGHSLHGDG
/D YHUVLyQ GHO WUDGXFWRU IXH FRUUHFWD SHUR ORV LQFXOWRV OHJLRQDULRV LQWHUSUHWDURQ VXV IUDVHV
HUUyQHDPHQWH
$VtTXHQRVDEHPRVORTXHKDFHPRVOHJULWyHOTXHKDEtDSUDFWLFDGRODVSHUIRUDFLRQHV
3XHVHVSHUD\YHUiV
<GLULJLpQGRVHDOFHQWURGHO&DOYDULRUHFRJLyGHOVXHORHO\HOPRGHHVSLQDVUHJUHVDQGRHQHO
DFWRDQWHHO*DOLOHR
(OFHQWXULyQWDPSRFRKDEtDDFHUWDGRDFRPSUHQGHUHOVHQWLGRGHODH[SUHVLyQ\YDFLOyDQWHOD
LUULWDGDSRVWXUDGHVXVKRPEUHV6XSRQJRTXHQRVHDWUHYLyDLQWHUYHQLU(QHOIRQGRpOWDPELpQ
VHVLQWLyRIHQGLGRSRUORTXHSDUHFtDXQDEXUODKDFLDVXSURIHVLRQDOLGDG
(O YHUGXJR VHSDUy HO FUiQHR GHO 0DHVWUR GHOSDWLEXOXP \ GH XQ JROSH OH HQFDVTXHWy HO
FDSDFHWH GH S~DV HQ OD FDEH]D (O DMXVWH TXL]iV SRU WHPRU D KHULUVH FRQ ODV HVSLQDV QR IXH
H[FHVLYDPHQWH YLROHQWR \ OD PDVD HVSLQRVD TXHGy PHGLR EDLODQGR VREUH ODV VLHQHV GHO
SULVLRQHUR
/D PXOWLWXG TXH HQ DTXHOORV PRPHQWRV GHEtD RVFLODU DOUHGHGRU GH ODV R
SHUVRQDVDXOOyGHSODFHUDOYHUHOJHVWRGHOURPDQR
(O 0DHVWUR SHUPDQHFLy FRQ OD FDEH]D EDMD \ VXV WRUWXUDGRUHV FRQWLQXDURQ FRQ HO L]DGR GHO
WURQFR
/DJUDQHVWDWXUD\HOSHVRGH-HV~VSRVLEOHPHQWHDOUHGHGRUGHORVNLORVIXHURQRWUR
KDQGLFDSSDUDORVVXGRURVRVYHUGXJRVTXHQRWDUGDURQHQDQLPDUVHPXWXDPHQWHDFRPSDVDQGR
FDGDWLUyQDRWURVWDQWRV(\
3DOPR D SDOPR OD VRJD IXH MDODQGR GHO FUXFLILFDGR HQ XQ DVFHQVR LQWHUPLQDEOH \
VREUHFRJHGRU3DUDFROPRHOJHQWtRFDGDYH]PiVH[FLWDGRVHXQLyDODVLQWHUMHFFLRQHVGH
ORVOHJLRQDULRVDQLPiQGROHVFRQVXV(\
3HURORVSRGHURVRVEUD]RVGHORVWUHVVROGDGRVTXHWLUDEDQGHVGHHOVXHOR\HQORDOWRGHOD
HVFDOHUD QR HUDQ VXILFLHQWHV 7HPLHQGR TXH UHR \ PDGHUR VH SUHFLSLWDUDQ D WLHUUD /RQJLQR \
$UVHQLXV QR WXYLHURQ RWUD RSFLyQ TXH IRUPDU FRQ ORV VROGDGRV DxDGLHQGR VXV IXHU]DV DO
OHYDQWDPLHQWR
(\(\
(O FXHUSR GHO *DOLOHR VH GHVSHJy ILQDOPHQWH GH OD URFD \ DKt GLR FRPLHQ]R OD GHPROHGRUD
FXHQWDDWUiVKDFLDXQDHVFDORIULDQWHDJRQtD
$OSHUGHUHODSR\RGHVXVSLHVORVEUD]RVGHOJLJDQWHVHWHQVDURQ\ORVFUXMLGRVGHVXVKXHVRV
VHXQLHURQGXUDQWHDOJXQRVVHJXQGRVDOFKLUULDUGHODPDURPDVREUHODKRUTXLOODGHOSDORYHUWLFDO
$O PRPHQWR ODV FODYtFXODV HVWHUQyQ \ FRVWLOODV VH GLEXMDURQ EDMR OD SLHO \ UHJXHURV GH
VDQJUH PLHQWUDV ORV P~VFXORV SHFWRUDOHV GH ORV KRPEURV FXHOOR \ EUD]RV VH HVFXOStDQ
HPEUDYHFLGRVDXQSDVRGHODGLVORFDFLyQ3HURODIRUWDOH]DGHDTXHOORVSDTXHWHVPXVFXODUHVHUD
D~Q JUDQGH \ HYLWDURQ OD OX[DFLyQ GH ORV KRPEURV \ FRGRV /DV ILEUDV GH ORV DQWHEUD]RV
HVSHFLDOPHQWHORVP~VFXORVH[WHQVRUHVGHODVPDQRV\GHORVGHGRVVHDILODURQFRPRVDEOHV\
FHUUpORVRMRVWHPLHQGRTXHVDOWDUDQHQDOJXQRGHDTXHOORVWLURQHV
-HV~VFROJDED\DDPHGLRPHWURGHOVXHOR/DIXHU]DGHODJUDYHGDGKL]RTXHGHVGHHOSULPHU
PRPHQWRGHODVXVSHQVLyQDEVROXWDORVEUD]RVJLUDVHQ\DUUDVWUDGRVSRUHOSHVRGHOFXHUSRVH
GHVOL]DURQKDVWDIRUPDUXQiQJXORGHXQRVJUDGRVFRQODVWLSH>@
(OIRUPLGDEOHSHVRTXHVRSRUWyHO1D]DUHQRHQFDGDXQDGHODVJULHWDVGHODVPXxHFDVXQLGR
DO GHVERFDPLHQWR GH ODV KHULGDV \ D OD VXSUHPD WHQVLyQ GH ORV OLJDPHQWRV GH KRPEURV \ FRGRV
WXYR TXH PXOWLSOLFDU VXV GRORUHV VXSRQLHQGR TXH OH TXHGDUD FDSDFLGDG SDUD HOOR KDVWD HO
HQORTXHFLPLHQWR
(Q YDULDV RFDVLRQHV DFRUUDODGR SRU HO VXIULPLHQWR HFKy OD FDEH]D DWUiV EXVFDQGR DLUH \
VREUH WRGR XQ SXQWR GH DSR\R 3HUR HVRV SXQWRV VyOR SRGtD HQFRQWUDUORV HQ XQ OXJDU 0HMRU
GLFKR HQ GRV HQ ORV FODYRV TXH OH DWUDYHVDEDQ ORV FDUSRV 3HUR FyPR HOHYDUVH VREUH XQDV
SLH]DVGHPHWDOHVWDQGRVXVSHQGLGR"
/DV S~DV HQ FDGD UHWURFHVR GHO FUiQHR VH LQFUXVWDEDQ PiV \ PiV HQ OD UHJLyQ RFFLSLWDO
KDFLHQGRGHVLVWLUDO0DHVWUR(VWDVVXFHVLYDVGHUURWDVSRUJDQDUXQRVJUDPRVGHR[tJHQRIXHURQ
WUDQVIRUPDQGRVXUHVSLUDFLyQHQXQGHVDFRPSDVDGR\DJLWDGRWDEOHWHRGHOWyUD[FDGDYH]PHQRV
HIHFWLYR(OIDQWDVPDGHODDVIL[LDKDEtDHPSH]DGRDSODQHDUVREUHHO+LMRGHO+RPEUH
(\(\
&XDQGR ORV VROGDGRV GHWXYLHURQ HO SHVDGR DYDQFH GH OD FXHUGD HO FXHUSR GH -HV~V VH
EDODQFHDED D XQRV R FHQWtPHWURV GH WLHUUD 6XV SLHV FKRUUHDQGR VDQJUH SDOSDURQ OD
FRUWH]DGHOWURQFRYHUWLFDO\VHSHJDURQDpOGHVHVSHUDGDPHQWH3HURODVKHPRUUDJLDVOHKLFLHURQ
UHVEDODU XQD \ RWUD YH] < HQ FXHVWLyQ GH PLQXWRV OD FDUD IURQWDO GHO iUERO VH WLxy GH URMR
LPSUHJQDGDGHVGHOD]RQDGHORVRPRSODWRVKDVWDORVWDORQHV
(OOHJLRQDULRVLWXDGRHQHOH[WUHPRVXSHULRUGHODVWLSHDSUHWyORVGLHQWHV\FRPHQ]yDMDODU
GHODOD]DGDFHQWUDO3HURHOSDWLEXOXPQRVHPRYLyXQVRORFHQWtPHWUR(OSHVRGHOPDGHUR\GHO
UHRDOJRPiVGHNLORVHUDH[FHVLYRSDUDHODJRWDGRLQIDQWH(OFHQWXULyQ\$UVHQLXVFDVLDO
XQtVRQROHJULWDURQSDUDTXHIRU]DUDHOL]DGRILQDO)XHLQ~WLO(OURPDQRMDGHDQWHKL]RXQDVHxDO
GHLPSRWHQFLDFRQVXPDQRGHUHFKDGHMiQGRVHFDHUVREUHODKRUTXLOODGHODVWLSH
0LUpD-HV~V\FRQWpODIUHFXHQFLDUHVSLUDWRULD7UHLQWD\FLQFRFRUWtVLPDVLQVSLUDFLRQHVSRU
PLQXWR/DVSXQWDVGHVXVGHGRVKDEtDQHPSH]DGRDWRPDUXQDFRORUDFLyQD]XODGD/DFLDQRVLVR
GHILFLHQWHR[LJHQDFLyQGHODVDQJUHKDEtDKHFKRDFWRGHSUHVHQFLD([DPLQpDODUPDGRVXVODELRV
3HURODKLSR[LDGLVPLQXFLyQGHODFDQWLGDGQRUPDOGHR[tJHQRHQVDQJUHQRVHPDQLIHVWDEDD~Q
HQODPXFRVDODELDOQLHQODVRUHMDV
(OERPEHRGHOFDQVDGRFRUD]yQGHO0DHVWURDXPHQWyVXULWPRSHURGXGRTXHIXHUDVXILFLHQWH
SDUD LUULJDU ODV SDUWHV PiV SHULIpULFDV GHO FXHUSR 6L /RQJLQR \ VXV KRPEUHV QR DFWXDEDQ FRQ
UDSLGH]ODIDOWDGHULHJR\HOFRQVLJXLHQWHGpILFLWGHR[tJHQRHQHOFHUHEURSRGtDQGHVHPERFDUHQ
OD SpUGLGD SULPHUR GH OD UD]yQ GH -HV~V \ VX IXOPLQDQWH IDOOHFLPLHQWR < KRQHVWDPHQWH HQ
DOJXQRVGHDTXHOORVFUtWLFRVVHJXQGRVOOHJXpDGHVHDUORFRQWRGDVPLVIXHU]DV$TXHOODKXELHUD
VLGRXQDIRUPDGHVHJDUGHSODQRVXVWRUWXUDV
3HURHORILFLDOVLQSHUGHUORVQHUYLRVRUGHQyDORVTXHSHUPDQHFtDQDOSLHGHODVWLSHTXH
FRODERUDVHQFRQHOOHJLRQDULRHQFDUJDGRGHHQFDMDUHOSDWLEXOXP3HURFyPR"SHQVpVL
VyORKD\XQDHVFDOHUDGHPDQR/DVROXFLyQOOHJyDOPRPHQWR
'RVGHDTXHOORVGLHVWURVVROGDGRViJLOHV\HQWUHQDGRVVHDIHUUDURQFRQVXVPDQRVDOSDOR
YHUWLFDO PLHQWUDV RWURV GRV VH HQFDUDPDEDQ D VXV UHVSHFWLYRV KRPEURV DOFDQ]DQGR DVt ORV
H[WUHPRV GHO PDGHUR WUDQVYHUVDO $ XQD VHxDO GHO TXH KDEtD YXHOWR D VXMHWDU HO QXGR FHQWUDO
HPSXMDURQHOOHxRKDVWDTXHODDILODGDSXQWDGHOiUEROHQWUyHQHODJXMHURFHQWUDOGHOSDWLEXOXP
$KRUDJULWyHOLQIDQWHVLWXDGRHQORDOWRGHODHVFDOHUD/RVVROGDGRVVDOWDURQVREUHOD
URFDDOWLHPSRTXHHOFHQWXULyQ\HOUHVWRGHORVYHUGXJRVVROWDEDQGHJROSHODPDURPD
< HO SDOR KRUL]RQWDO VH SUHFLSLWy KDFLD WLHUUD 3HUR D XQRV FXDUHQWD FHQWtPHWURV GH OD
KRUTXLOODTXHGyHQFDMDGRHQHOJUXHVRSHUtPHWURGHODVWLSH
(O IUHQD]R IXH UHFLELGR SRU OD PXFKHGXPEUH FRQ JUDQGHV YtWRUHV \ DSODXVRV (O 0DHVWUR
DFXVy HO LPSDFWR FRQ XQ ODPHQWR PiV IXHUWH 6X UHVSLUDFLyQ VH GHWXYR DOJXQRV VHJXQGRV \ ODV
EUHFKDVGHODVPXxHFDVVHKLFLHURQRVWHQVLEOHPHQWHPiVJUDQGHV/RVGHGRVDJDUURWDGRVDSHQDV
VLUHDFFLRQDURQDQWHODEiUEDUDWUDFFLyQ
/RQJLQRDODUJyODWDEOLOODDOLQIDQWH\pVWHSURFHGLyDFODYDUODSRUHQFLPDGHOSDWLEXOXP
0LHQWUDV UHPDWDED HO DMXVWH GHO SDOR WUDQVYHUVDO RWUR GH ORV URPDQRV WLUy FRQ IXHU]D GH OD
SLHUQDGHUHFKDGH-HV~VIRU]DQGRHODEDMDPLHQWRGHOKRPEUR\GHWRGDHVDPLWDGGHOFXHUSRGHO
1D]DUHQR-HV~VDOVHQWLUHOWLUyQLQFOLQyD~QPiVODFDEH]DVHSDUDQGRHOWURQFR\ODVQDOJDVGHO
PDGHUR6XURGLOODGHUHFKDVHGREOyLQYROXQWDULDPHQWHSHURHOYHUGXJRTXHVHGLVSRQtDDFODYDU
HOSLHVHODDSODVWyFRQXQV~ELWRPD]D]R(OFRPSDxHURTXHKDEtDMDODGRGHODSLHUQDREOLJyOD
VXSHUILFLHGHODSODQWDKDVWDTXHpVWDFRPSOHWDPHQWHSODQDWRFyODVWLSH<XQWHUFHUFODYR
WDODGUyHOSLHGHO1D]DUHQRHQWUDQGRHQHOGRUVRSRUXQSXQWRSUy[LPRDOSOLHJXHGHIOH[LyQ$O
H[DPLQDU GH FHUFD OD HQWUDGD \ VDOLGD GHO FODYR HVWLPp TXH HO OHJLRQDULR KDEtD SHUIRUDGR HO
OLJDPHQWRDQXODUDQWHULRUGHOWDUVR'HHVWDIRUPDODSLH]DVHGHVOL]yHQWUHHOWHQGyQGHOP~VFXOR
H[WHQVRUSURSLR GHOGHGR JUXHVR \ORV GHOH[WHQVRU FRP~Q GHORVGHGRV SHQHWUDQGRSRUIXHU]D
HQWUHORVKXHVRVFDOFiQHR\FXERLGHV\HODVWUiJDOR\HVFDIRLGHVSRUGHQWUR/RVFXDWURKXHVRV
TXHGDURQ KiELOPHQWH VHSDUDGRV \ HO FODYR VH GLULJLy KDFLD DWUiV \ KDFLD DEDMR TXHGDQGR PiV
FHUFDGHOWDOyQTXHGHORVGHGRV
(Q HVWD RFDVLyQ D SHVDU GH OD GHVWUH]D GHO YHUGXJR OD SXQWD R ODV DULVWDV GHO FODYR
GHVSOD]DURQ R DSODVWDURQ DOJXQRV GH ORV UDPDOHV GH ODV DUWHULDV GLJLWDOHV R GH OD YHQD VDIHQD
H[WHUQD FDXVDQGR XQD KHPRUUDJLD TXH PH DWHPRUL]y /D VDQJUH EURWy D ERUERWRQHV DQHJDQGR
PDWHULDOPHQWHHOPHWURHVFDVRH[LVWHQWHHQWUHHOFLWDGRSLHGHUHFKR\HOVXHORGHO*yOJRWD(VGH
VXSRQHU TXH DTXHO GHVWUR]R SXGR DIHFWDU WDPELpQ DO QHUYLR WLELDO DQWHULRU ODFHUDQGR SLHUQD \
PXVOR \ SURYRFDQGR XQ LQVRSRUWDEOH GRORU UHIOHMR HQ ODV UDPLILFDFLRQHV \ GH ORV QHUYLRV
GHQRPLQDGRVSOH[RVDFUR\OXPEDUHQSOHQRYLHQWUH
$SHVDUGHORVKRUULEOHVGRORUHVHO*DOLOHRVLJXLyFRQVFLHQWH1RSRGtDH[SOLFiUPHOR
(O HQFODYDPLHQWR GHO SLH GHUHFKR DXQTXH SDUH]FD PHQWLUD DOLYLy HO ULWPR UHVSLUDWRULR GHO
1D]DUHQRDOPHQRVGXUDQWHORVSULPHURVPLQXWRVGHVXFUXFLIL[LyQ$ODSR\DUHOSHVRGHOFXHUSR
VREUH HO FODYR UHSDUWLHQGR DVt ORV SXQWRV GH VXVWHQWDFLyQ VXV SXOPRQHV ORJUDURQ FDSWXUDU XQ
YROXPHQ PD\RU GH DLUH YHQWLODQGR DOJR PiV ORV DOYpRORV 3HUR D FRVWD GH TXp tQGLFH GH
VXIULPLHQWRVHFRQVLJXLyHVWDPRPHQWiQHDUHJXODUL]DFLyQUHVSLUDWRULD"
$TXHOODLQVSLUDFLyQPiVSURIXQGDGXUyXQDVGpFLPDVGHVHJXQGR&DVLLQVWDQWiQHDPHQWHHO
FXHUSRGHO*DOLOHRYROYLyDFDHUKXQGLHQGRHOGLDIUDJPD\HQWUDQGRHQXQDQXHYD\DQJXVWLRVD
IDVHGHSURJUHVLYDDVIL[LD6XVLQKDODFLRQHVVLHPSUHSRUODERFDVHKLFLHURQYHUWLJLQRVDVFRUWDV
\DWRGDVOXFHVLQVXILFLHQWHVSDUDOOHQDU\YHQWLODUORVSXOPRQHV
$OJR PiV WUDQTXLOR HO YHUGXJR VLWXy HO FXDUWR FODYR VREUH OD ]RQD GHODQWHUD GHO SLH
L]TXLHUGR (O JROSH HQ ORV OLJDPHQWRV SRVWHULRUHV GH OD URGLOOD FRPR GLMH KDEtD KLQFKDGR \
DPRUDWDGRWRGDODUHJLyQGRQGHVHLQVHUWDQHOIpPXUODWLELD\HOSHURQp<DSHVDUGHODULJLGH]
GHGLFKDSLHUQDHOOHJLRQDULRODGREOyYLROHQWDPHQWHKDFLHQGRFKDVTXHDUODVPDVDVyVHDV
(OFODYRHQWUyVLQSUREOHPDVUHVDOWDQGRFRPRHQHOFDVRGHOSLHGHUHFKRHQWUHFLQFR\
VHLVFHQWtPHWURVSRUHQFLPDGHOGRUVR/DVDQJUHIOX\yHQPHQRUFDQWLGDGELHQSRUTXHHOPHWDO
QR OOHJy D WRFDU YDVRV LPSRUWDQWHV R SRUTXH VHQFLOODPHQWH OD YROHPLD GHO 1D]DUHQR KDEtD
GHVFHQGLGRQRWDEOHPHQWH
/D SLHUQD L]TXLHUGD KDEtD TXHGDGR IOH[LRQDGD IRUPDQGR FRQ HO SDOR YHUWLFDO XQ iQJXOR GH
XQRVJUDGRV\DELHUWDKDFLDODL]TXLHUGDGHODFUX]
$XQTXH HO iUERO GLVSRQtD FRPR \D DGHODQWp GH XQD EDUUD GH KLHUUR RVHGLOH DWUDYHVDGD D
FRVD GH PHWURV GHO H[WUHPR LQIHULRU GH ODVWLSH \ SDUDOHOD DOSDWLEXOXP HQ HVWD RFDVLyQ
UHVXOWyLQHILFD]/DFRQVLGHUDEOHWDOODGHOUHRKL]RTXHORVSLHVGHpVWHTXHGDUDQSRUGHEDMRGHO
DSR\R TXH TXL]i HQ HO VXSXHVWR GH KDEHU FRLQFLGLGR VyOR KXELHUD VHUYLGR SDUD GLODWDU VX
DJRQtD
$OYHUFRQVXPDGDODFUXFLIL[LyQGHOUDEtODPXFKHGXPEUHFRPHQ]yDJHVWLFXODUVXEUD\DQGR
OD PDFDEUD ODERU GH ORV OHJLRQDULRV FRQ XQD FHUUDGD VDOYD GH DSODXVRV /RV VDFHUGRWHV VREUH
WRGRPRVWUDEDQXQDHVSHFLDOVDWLVIDFFLyQ7RGDVXDQWHULRUFyOHUDVHKDEtDFRQYHUWLGRHQM~ELOR
6XYHQJDQ]DHVWDEDFDVLVDFLDGD<GLJRFDVLSRUTXHLQFOXVRGHVSXpVGHPXHUWRHOFDGiYHU
GHO+LMRGHO+RPEUHVHYHUtDDPHQD]DGRSRUDTXHOODSHUWXUEDGDUDOHDVDFHUGRWDO
0L DWHQFLyQ TXHGy ILMD HQ HO ,VFDULRWH 1DGD PiV YHU FyPR DWUDYHVDEDQ HO VHJXQGR SLH GHO
0DHVWUR HO WUDLGRU VH DOHMy GHO JHQWtR SHUGLpQGRVH SRU HO SROYRULHQWR FDPLQR UXPER D
-HUXVDOpQ-XDQ0DUFRVWDPELpQGHVDSDUHFLyGHPLYLVWDSRUORTXHVXSXVHTXHKDEUtDVHJXLGR
ORVSDVRVGH-XGDV
(O WULVWH HVSHFWiFXOR KDEtD HQWUDGR HQ VX ~OWLPR DFWR /RV FXULRVRV FRPHQ]DURQ D GHVILODU
UHWLUiQGRVHKDFLDODFLXGDGVDQWD-HV~VGH1D]DUHW\ORV]HORWDVFODYDGRVHQGLUHFFLyQ6XU
HUDQVyORXQGHVSRMR
$ ODV KRUDV GH DTXHO YLHUQHV GH DEULO FRPXQLTXp D (OLVHR HO ILQDO GHO GXUR
HQFODYDPLHQWR<WDQWRPLKHUPDQRFRPR\RJXDUGDPRVVLOHQFLR8QGRORURVRVLOHQFLR
6LHOWH[WRTXHILJXUDEDHQODWDEOLOODGH-HV~V1D]DUHQRKXELHUDVLGRRWURDJXVWRGHORV
VDFHUGRWHVMXGtRVODPRIDKDFLDHOUHFLpQFUXFLILFDGRTXL]iKXELHVHVLGRPHQRU&XHQWRHVWR
SRUTXH D SDUWLU GH OD HOHYDFLyQ GHO 0DHVWUR VREUH ODVWLSH ODV ULVDV \ VDUFDVPRV GH OD
FRQFXUUHQFLD PHQXGHDURQ GXUDQWH XQ EXHQ UDWR \ DO SDUHFHU VHJ~Q DYHULJXDFLRQHV SRVWHULRUHV
FRPRYHQJDWLYDFRQWUDSDUWLGDSRUHOFRQRFLGRLQUL$OIUDFDVDUDQWH3LODWRORVMXHFHVWXYLHURQ
HVSHFLDO FXLGDGR GH LQWR[LFDU D OD PXOWLWXG ULGLFXOL]DQGR DO 0DHVWUR \ GH HVWD VXWLO IRUPD
TXLWiQGROHVHULHGDGDODVWUHVLQVFULSFLRQHVHYLWDUTXHORVWHVWLJRVSXGLHUDQWRPDUHQVHULRORGH
UH\GHORVMXGtRV
$Vt TXH YROYLpQGRVH KDFLD OD FDGD YH] PHQRV QXPHURVD PDVD KXPDQD DOJXQRV GH ORV
VDGXFHRVFRPHQ]DURQDVHxDODUODFUX]GHO*DOLOHRH[FODPDQGRDYR]HQJULWR
+DVDOYDGRDORVGHPiVSHURQRSXHGHVDOYDUVHDVtPLVPR
< HO JHQWtRDSUREyHVWDQXHYDPDQLIHVWDFLyQGH EXUOD FRQ IXHUWHV\UHSDUWLGRV DSODXVRV$O
SRFRRWUDYR]VHGHVWDFDEDHQWUHODWXUEDSUHJXQWDQGRDO1D]DUHQR
6LHUHVHO+LMRGH'LRV%HQGLWRVHDVXQRPEUHSRUTXpQRGHVFLHQGHVGHWXFUX]"
-HV~VDOLJXDOTXHODSDWUXOOD\TXH\RPLVPRSXGRHVFXFKDUHVWDVH[FODPDFLRQHVWHxLGDVGH
ODPiVFUXHO\PRUGD]LURQtD$OHQFRQWUDUVHDXQPHWURHVFDVRGHOVXHOR\DSRFRPiVGHGLH]GH
ODSULPHUDILODGHMXGtRVQRHUDPX\GLItFLOUHWHQHUHVWRVJULWRVHLQFOXVRODVFRQYHUVDFLRQHVTXH
VRVWHQtDQ ORV OHJLRQDULRV HQ HO PHQJXDGR FtUFXOR GH SLHGUD GHO *yOJRWD (VWRV ILQDOL]DGD OD
ODERULRVDFUXFLIL[LyQVHWRPDURQXQUHVSLUR(ORSWLROHYDQWyHOFRUGyQLQLFLDOGHVHJXULGDGTXH
ERUGHDEDODFLUFXQIHUHQFLDGHOSURPRQWRULRIRUPDGRFRPRGLMHSRUVHLVLQIDQWHVUHGXFLHQGROD
YLJLODQFLD D XQ SULPHU WXUQR GH FXDWUR VROGDGRV &DGD XQR VH VLWXy HQ ORV SXQWRV FDUGLQDOHV
URGHDQGR D ORV WUHV FRQGHQDGRV \ DO UHVWR GHO SHORWyQ /RV GHPiV H[FHSWR GRV VH
DSUHVXUDURQDVHQWDUVHDXQRVWUHVPHWURVGHODVFUXFHV<FRQWHPSODURQFRQGHVJDQDFyPRVXV
GRVFRPSDxHURVSURFHGtDQDUHWLUDUODHVFDOHUDGHPDQRHQUROODQGRPLQXFLRVDPHQWHODPDURPD\
UHFRJLHQGR ODV GLYHUVDV KHUUDPLHQWDV XWLOL]DGDV HQ HO HQFODYDPLHQWR $ OD YLVWD GH DTXHOORV
SUHSDUDWLYRVWRGRDSXQWDEDKDFLDXQDODUJDHVSHUD(VRDOPHQRVFUHtDQ/RQJLQR\VXVKRPEUHV
(QUHDOLGDGVHJ~QPHLQIRUPyHOFHQWXULyQHOUHOHYRQROOHJDUtDKDVWDHORFDVR
'LVWLQJXHV\DGHVGHWXSRVLFLyQORVSULPHURVIUHQWHVGHOKDERRE"
/DV SDODEUDV GH (OLVHR PH UHFRUGDURQ OD LQPLQHQWH SUR[LPLGDG GHO RMR GHO VLURFR
3URWHJtODYLVWDFRQODPDQRL]TXLHUGDHQIRUPDGHYLVHUD\HIHFWLYDPHQWHHQODOHMDQtDSRU
GHWUiVGHO2OLYHWHGHVFXEUtXQDVPDVDVQHJUX]FDV\RVFLODQWHVTXHVHDEDWtDQVREUHXQH[WHQVR
IUHQWH
(ORILFLDOWDPELpQUHSDUyHQDTXHOODVDPHQD]DQWHVQXEHVGHSROYR\FRPREXHQFRQRFHGRUGH
HVWHWLSRGHIHQyPHQRPHWHRUROyJLFRDOHUWyDORVOHJLRQDULRV/DSULPHUDPHGLGDSUHFDXWRULDIXH
FRPSUREDUODHVWDELOLGDGGHODVFUXFHV/DVVWLSHVHQSULQFLSLRSDUHFtDQVyOLGDPHQWHSODQWDGDV
HQ ODV JULHWDV GH OD URFD 6LQ HPEDUJR $UVHQLXV RUGHQy TXH ODV FXxDV GH PDGHUD IXHUDQ
LQFUXVWDGDVDOPi[LPR'HVSXpVORVVROGDGRVUDVJDURQORVUHVWRVGHODVW~QLFDVGHORV]HORWDV
FRQYLUWLpQGRODV HQ HVWUHFKDV WLUDV < VLQ SpUGLGD GH WLHPSR HO RILFLDO IXH GLVWULEX\pQGRODV
HTXLWDWLYDPHQWHHQWUHORVGRFHLQIDQWHV+DVWDTXHQRYLDXQRGHHOORVFXEULpQGRVHODVGHVQXGDV
SLHUQDVFRQDTXHOODVEDQGDVGHWHODQRFRPSUHQGtHOVHQWLGRGHODRSHUDFLyQ3UXGHQWHPHQWHORV
URPDQRV WUDWDEDQ GH SURWHJHU VX SLHO GHO D]RWH GH DTXHO YLHQWR WHUURVR 3RU ~OWLPR OD PHGLD
GRFHQDGHHVFXGRVGHORVKRPEUHVOLEUHVGHOVHUYLFLRGHYLJLODQFLDGHO&DOYDULRIXHWXPEDGDHQ
HOVXHORXQRMXQWRDRWURIRUPDQGRXQDKLOHUD\FRQODFDUDFyQFDYDKDFLDDUULED
$OJXLHQUHFRUGyDOSHORWyQODVYHVWLGXUDVGHO1D]DUHQRTXH\DFtDQD~QHQHOH[WUHPRVXUGHO
JUDQ SHxDVFR 3HUR FXDQGR ORV VROGDGRV ODV UHFRJLHURQ GLVSXHVWRV D WURFHDUtDV ORV FXDWUR
OHJLRQDULRVUHVSRQVDEOHVGHODFXVWRGLD\HQFODYDPLHQWRGH-HV~VSURWHVWDURQDOXGLHQGRFRQ
WRGD UD]yQ TXH DTXHOODV SUHQGDV OHV SHUWHQHFtDQ \ TXH GDGR VX EXHQ HVWDGR ODV UHFODPDEDQ
SDUDVt
(O UHVWR GH OD WURSD FHGLy \ SUHFLSLWDGDPHQWH DQWHV GH TXH OD WHPSHVWDG GH DUHQD FD\HUD
VREUH -HUXVDOpQ HO RILFLDO KL]R LQYHQWDULR UHSDUWLHQGR ODV YHVWLPHQWDV HQWUH HO FXDWHUQLR$
XQROHFRUUHVSRQGtDODFDSDGHS~USXUDTXHOHGLHUD$QWLSDVDRWURHOFLQWR$OWHUFHURHOSDUGH
VDQGDOLDV\HO~OWLPRVHYLRUHFRPSHQVDGRFRQHOHVSOpQGLGRPDQWR3HURTXHGDEDODW~QLFD4Xp
KDFHUFRQHOOD"$OJXQRVLQVLVWLHURQHQODSULPLWLYDLGHDGHURPSHUODSHURHOVXERILFLDOVHRSXVR
$ SHVDU GH VX GHSORUDEOH DVSHFWR FXDMDGD GH VDQJUH VHFD PRMDGD SRU HO DJXD \ OD RULQD GH
/XFLOLR VXFLD GHO SROYR GHO FDPLQR \ FRQ DOJXQRV GHVKLODFKDGRV D OD DOWXUD GH ODV URGLOODV
DTXHOODSUHQGDWHMLGDDPDQRPHUHFtDXQILQDOPiVKRQRUDEOHTXHHOGHIDMDUODVSLHUQDVGHORV
URPDQRV/DVROXFLyQIXHURQORVGDGRV
(O VROGDGR UHVSRQVDEOH GHO VDFR GH FXHUR QR WDUGy HQ UHJUHVDU MXQWR DO JUXSR KDFLHQGR
WDPERULOHDUHQXQDGHVXVPDQRVXQWUtRGHGDGRV)RUPDURQXQFHUUDGRFtUFXOR\XQRWUDVRWUR
IXHURQ DUURMDQGR ORV SHTXHxRV FXERV GH PDGHUD GH GRV FHQWtPHWURV GH ODGR VREUH HO VXHOR GHO
SDWtEXOR'HOXVRODVSLH]DVKDEtDQSHUGLGRVXSULPLWLYRFRORUEODQFRDVtFRPRHOILORGHVXV
DULVWDV/DPXJUHKDEtDWHUPLQDGRSRUGDUOHVXQOXVWUHFDUDFWHUtVWLFR/RVYDORUHVGHFDGDFDUD
SHUIRUDGRVPHGLDQWHDOJXQDKHUUDPLHQWDRLQVWUXPHQWRDOURMRVHKDOODEDQUHSDUWLGRVGHIRUPD
TXH VLHPSUH OD VXPD GH ORV GRV ODGRV RSXHVWRV GLHUD VLHWH < FRPR GLJR VH SURGXMR HO
ODQ]DPLHQWRHQODSULPHUDFDtGDGHORVGDGRVSDUDHOVHJXQGRMXJDGRUHQ
HOWHUFHUR\HQOD~OWLPDMXJDGD>@
(O JDQDGRU SOHJy FXLGDGRVDPHQWH VX W~QLFD PLHQWUDV HQWUH OD PXOWLWXG VH HVFXFKDEDQ
IUDVHVKLULHQWHVFRQWUDHO0DHVWUR
7~TXHTXHUtDVGHVWUXLUHO7HPSOR\UHFRQVWUXLUORHQWUHVGtDV6iOYDWHDWLPLVPR
6LW~HUHVHO5H\GHORV-XGtRVLQWHUURJDEDQRWURVEDMDGHODFUX]\WHFUHHUHPRV
6HKDFRQILDGRD'LRVEHQGLWRVHDSDUDTXHOHOLEHUDUD\KDOOHJDGRDSUHWHQGHUVHUVX
+LMR0LUDGOHDKRUDFUXFLILFDGRHQWUHGRVEDQGLGRV
(ODXWRUGHDTXHOOD~OWLPDIUDVHRWURGHORVVDFHUGRWHVGH&DLIiVQRFRQVLJXLyHOHIHFWR
DSHWHFLGR /D PXFKHGXPEUH SRU VXSXHVWR QR FRQVLGHUDED D *LVWDV \ 'LVPDV FRPR ODGURQHV \
DSHQDVVLFRUHyDOPDOLQWHQFLRQDGRVDGXFHR
0LHQWUDV ORVVROGDGRVJXDUGDEDQ ODV SUHQGDVGHO 0DHVWUR PH DVDOWyXQ SHQVDPLHQWR4Xp
RFXUULUtDFRQDTXHOODVYHVWLGXUDV"'yQGHLUtDQDSDUDU"
'HDOJRVtHVWR\VHJXURTXHORVOHJLRQDULRVQRUHJDODUtDQQLVHGHVSUHQGHUtDQDVtFRPRDVtGH
OR TXH VHJ~Q OD FRVWXPEUH OHV SHUWHQHFtD 3RU RWUR ODGR DGHPiV VHJXLU OD SLVWD GH GLFKRV
YHVWLGRV QR HUD FRVD IiFLO SDUD ORV GLVFtSXORV GH -HV~V /D PD\RUtD GH DTXHOORV URPDQRV
UHJUHVDUtDQSURQWRDVXFDPSDPHQWREDVHHQODFLXGDGGH&HVDUHD\FRQHOSDVRGHORVPHVHV
PXFKRVFDPELDUtDQGHGHVWLQRRVHUtDQOLFHQFLDGRV7RGRHVWRPHKL]RVRVSHFKDUTXHDOFRQWUDULR
GHORTXHRFXUULUtDFRQHOOLHQ]RTXHVLUYLySDUDVXHQWHUUDPLHQWR-HV~VGH1D]DUHWQRHUDPX\
SDUWLGDULRGHTXHVXVGLVFtSXORVJXDUGDUDQHVWDVUHOLTXLDVVXVFHSWLEOHVVLHPSUHGHFRQYHUWLUVHHQ
PRWLYRV GH DGRUDFLyQ VXSHUVWLFLRVD FRQ HO FRQVLJXLHQWH ULHVJR GH ROYLGDU R UHOHJDU D VHJXQGR
SODQRVXYHUGDGHURPHQVDMH>@
&RQFOXLGR HO UHSDUWR GH ODV YHVWLGXUDV /RQJLQR SLGLy D VX OXJDUWHQLHQWH TXH H[DPLQDUD
WDPELpQODVILMDFLRQHVGHORVUHRV(ORSWLRVHDSUR[LPySULPHURDODFUX]GHODGHUHFKD\WRFyOD
FDEH]DGHOFODYRGHOSLHL]TXLHUGRGHOJXHUULOOHUR3DUHFtDVyOLGDPHQWHFODYDGR(O]HORWDFRQ
HOFXHUSRGHVPD\DGR\YLROHQWDPHQWHHQFRUYDGRKDFLDDGHODQWHQRKDEtDSDUDGRXQPRPHQWRGH
DXOODU \ UHWRUFHUVH LQWHQWDQGR VREUHYLYLU 3HUR ODV SHQRVDV FDGD YH] PiV GXUDV FRQGLFLRQHV
SDUD UREDU DOJXQDV ERFDQDGDV GH DLUH VyOR KDEtDQ DxDGLGR QXHYRV GRORUHV \ PD\RUHV
KHPRUUDJLDVDVXRUJDQLVPR
$OYHUD$UVHQLXVDOSLHGHVXFUX]*LVWDVKL]RXQVXSUHPRHVIXHU]R\WHQVDQGRORVP~VFXORV
GHVXVKRPEURVORJUyHOHYDUORVEUD]RV,QVSLUy\DOPRPHQWRPLHQWUDVH[SXOVDEDHOHVFDVRDLUH
FRQVHJXLGRODQ]yXQVDOLYD]RPH]FODGRFRQVDQJUHFRQWUDHOVXERILFLDOLQVXOWiQGROH,QGLJQDGR
HOD\XGDQWHGHOFHQWXULyQVHKL]RFRQXQDODQ]DUHSOLFDQGRFRQHOIXVWHGHPDGHUDHQSOHQDERFD
GHOHVWyPDJRGHO]HORWD(OFDVWLJDGRGLDIUDJPDVHUHVLQWLyD~QPiVKXQGLHQGRDOFRQGHQDGR
HQXQSURFHVRPiVDFHOHUDGRGHDVIL[LD6LQGHMDUGHPLUDUKDFLDDUULEDGHVFRQILDQGRHORSWLR
UHSLWLyODFRPSUREDFLyQHQORVSLHVGH-HV~V\ILQDOPHQWHFRQORVFODYRVGHOWHUFHUFUXFLILFDGR
(VWH KDEtD LGR UHFREUDQGR HO VHQWLGR DXQTXH VX PLUDGD FRQVHFXHQFLD SRVLEOHPHQWH GHO
DJXDUGLHQWHVHKDEtDWRUQDGRRSDFD\H[WUDYLDGD(OGRORUOHKDEtDVDFDGRGHVXLQFRQVFLHQFLD
\ORVJHPLGRVQRFHVDUtDQ\D
'H SURQWR HQWUH EHUULGR \ EHUULGR *LVWDV FRQ HO URVWUR EDxDGR SRU XQ VXGRU IUtR JLUy VX
FDEH]DKDFLDODL]TXLHUGDJULWiQGROHDO0DHVWUR
6LHUHVHO+LMRGH'LRVSRUTXpQRDVHJXUDVWXVDOYDFLyQ\ODQXHVWUD"
$OLQVWDQWHVRIRFDGRSRUHOHVIXHU]RFD\yVREUHORVSXQWRVGHDSR\RLQIHULRUHVMDGHDQWH\
HPSHxDGRHQQXHYDV\UDSLGtVLPDVLQVSLUDFLRQHV
3HURHO0DHVWURQRUHVSRQGLy6tORKL]RHQFDPELRHORWURJXHUULOOHUR$SR\DGRFRPRHVWDED
FRQODSXQWDGHVXSLHL]TXLHUGRVREUHODPLWDGGHOVHGLOHVXPHFiQLFDUHVSLUDWRULDQRUHVXOWDED
WDQIDWLJRVDFRPRODGHVXVFRPSDxHURVGHFUX]<FRQYR]EDOEXFHDQWHOHUHSURFKyDVXDPLJR
1R WHPHV W~ PLVPR D 'LRV" 1R YHV TXH QXHVWURV VXIULPLHQWRV VRQ SRU QXHVWURV
DFWRV"
'LVPDVKL]RXQDSDXVDOXFKDQGRSRUXQDQXHYDLQKDODFLyQ\DOILQFRQWLQXy
3HURHVWHKRPEUHVXIUHLQMXVWDPHQWH1RVHUtDSUHIHULEOHTXHEXVFiUDPRVHOSHUGyQ
GHQXHVWURVSHFDGRV\ODVDOYDFLyQGHQXHVWUDVDOPDV"
/RVP~VFXORVGHVXVEUD]RVVHUHODMDURQ\HOYLHQWUHYROYLyDLQIODUVHFRPRXQJORER
-HV~VGH1D]DUHWTXHKDEtDHVFXFKDGRODVSDODEUDVGHDPERV]HORWDVDEULyORVODELRVXQRV
PLOtPHWURVFRQHYLGHQWHGHVHRGHUHVSRQGHU3HURVXFXHUSRGHVSHJDGRGHODVWLSH\PX\FDtGR
VREUHODVH[WUHPLGDGHVLQIHULRUHVQROHREHGHFLy6LQHPEDUJRHOJLJDQWHQRVHULQGLy$FHOHUy
HO Q~PHUR GH LQVSLUDFLRQHV EXFDOHV OOHJXp D VXPDU SRU PLQXWR FXDQGR HO ULWPR QRUPDO H
LQFRQVFLHQWH GH UHVSLUDFLRQHV GH XQ VHU KXPDQR HV GH H LQWHQWy FRQWUDHU ORV SRWHQWHV
P~VFXORV GH ORV PXVORV HQ VX DIiQ GH HOHYDUVH XQRV FHQWtPHWURV \ KDFHU HQWUDU DLUH HQ ORV
SXOPRQHV6LQHPEDUJRDTXHOORVFLQFRRGLH]SULPHURVPLQXWRVHQODFUX]KDEtDQLGRTXHPDQGR
HOHVFDVRSRWHQFLDOGHWRGRVORVSDTXHWHVPXVFXODUHVGHPXVORV\SLHUQDVXWLOL]DGRVSRUHO6HxRU
HQ HO LPSUHVFLQGLEOH DSR\R VREUH ORV FODYRV GH ORV SLHV SDUD WRPDU R[tJHQR \ ORV EtFHSV
VDUWRULRV UHFWRV DQWHULRUHV YDVWRV \ JHPHORV VH QHJDURQ D IXQFLRQDU /D ULJLGH] GH WRGDV HVWDV
ILEUDV PXVFXODUHV PH OOHYy DO FRQYHQFLPLHQWR GH TXH OD WHPLGD WHWDQL]DFLyQ VH KDEtD LQLFLDGR
DQWHVGHORSUHYLVWR(VWHGRORURVtVLPRFXDGURODWHWDQL]DFLyQVHUHJLVWUDVLHPSUHDOHQWUDU
ORV P~VFXORV HQ XQ SURFHVR DQDHURELR R GH IDOWD GH R[tJHQR (Q HVWDV FRQGLFLRQHV HO iFLGR
OiFWLFRH[LVWHQWHHQODVILEUDVPXVFXODUHVQRSXHGHPHWDEROL]DUVHFULVWDOL]DQGR(ORUJDQLVPRVH
YHVRPHWLGRHQWRQFHVDXQGRORUODFHUDQWHELHQFRQRFLGRSRUORVDWOHWDV
$OFRPSUHQGHUTXHVXVSLHUQDVKDEtDQHPSH]DGRDIDOODUHO0DHVWURSUHVDGHODVSULPHUDV
FRQYXOVLRQHV \ HVSDVPRV PXVFXODUHV SURSLRV GH OD LQFLSLHQWH SHUR LUUHYHUVLEOH WHWDQL]DFLyQ
IRU]y ODV DUWLFXODFLRQHV GH ORV FRGRV DO WLHPSR TXH EXVFDQGR DSR\R HQ ORV FODYRV GH ODV
PXxHFDVSHGtDDODPXVFXODWXUDGHVXVDQWHEUD]RVTXHOHVLUYLHUDGHSXHQWHSDUDHOHYDUDVX
YH]ODGHORVKRPEURV
(QWUH MDGHRV LQVSLUDFLRQHV \ ODPHQWRV HQWUHFRUWDGRV SURYRFDGRV SRU HO URFH R
DSODVWDPLHQWRGHORVQHUYLRVPHGLDQRVGHODVPXxHFDVFRQHOPHWDOTXHSHUIRUDEDVXVFDUSRV
DTXHO HMHPSODU KXPDQR YHQFLy DO ILQ OD IXHU]D GH OD JUDYHGDG L]iQGRVH VREUH Vt PLVPR \
UHODMDQGR HO GLDIUDJPD /RV GHOWRLGHV GXURV FRPR SLHGUDV WUDQVIRUPDURQ VXV KRPEURV HQ
PDQRV \ OD ERFD GHO 1D]DUHQR VH DEULy WHPEORURVD JDQDQGR D PHGLDV OD EDWDOOD GH OD
LQVSLUDFLyQGHODLUHSROYRULHQWRTXHQRVD]RWDED
$O REVHUYDU HO WLWiQLFR HVIXHU]R GH -HV~V HO ]HORWD TXH OH KDEtD GHIHQGLGR YROYLy D
KDEODUOH
6HxRUOHGLMRFRQYR]VXSOLFDQWH$FXpUGDWHGHPtFXDQGRHQWUHVHQWXUHLQR
<DOWLHPSRTXHH[SXOVDEDSDUWHGHODLUHUREDGRHQOD~OWLPDLQKDODFLyQHO*DOLOHRFRQODV
DUWHULDVGHOFXHOORWHQVDVFRPRWDEODVDFHUWyDUHVSRQGHUOH
'H YHUGDG KR\ WH GLJR TXH DOJ~Q GtD HVWDUiV MXQWR D Pt HQ HO SDUDtVR /RV
P~VFXORV GH ORV KRPEURV EUD]RV \ DQWHEUD]RV VH YLQLHURQ DEDMR \ FRQ HOORV WRGD OD PDVD
FRUSRUDOGHO1D]DUHQRTXHTXHGyQXHYDPHQWHGREODGRHQVLHUUD\VLQHVSHUDQ]DVLQPHGLDWDVGH
UHSHWLUVHPHMDQWH\DJRWDGRUWUDEDMR>@
3RUPLSDUWHHQYLVWDGHODDFHOHUDGDGHJUDGDFLyQGHORUJDQLVPRGHOJLJDQWHPHGLVSXVHD
DFRSODUVREUHPLVRMRVODVFUyWDORVHLQLFLDUXQDGHODVPiVGHOLFDGDV\YLWDOHVRSHUDFLRQHVGH
VHJXLPLHQWRPpGLFRGHDTXHOODPLVLyQ
3HURGRVKHFKRVXQRGHHOORVDEVROXWDPHQWHLPSUHYLVWR\GHVFRQFHUWDQWHUHWUDVDUtDQHVWD
QXHYDH[SORUDFLyQGHOFXHUSRGHO*DOLOHR
+DFLD ODV KRUDV OD YR] GH (OLVHR VH HVFXFKy [ HQ PL RtGR &RQ XQD FLHUWD
H[FLWDFLyQPHDGHODQWyDOJRTXHWDQWRORVKHEUHRVFRPRHOSHORWyQGHYLJLODQFLDHQHO*yOJRWD\
\RPLVPRWHQtDPRVDODYLVWD\TXHQRWDUGDUtDHQFRQYHUWLUODFLXGDGVDQWD\DTXHOSDUDMHHQXQ
LQILHUQR(OSULPHUIUHQWHGHOKDERREDFDEDEDGHFDHUFRPRXQDQHJUD\WHQHEURVDQLHEODVREUH
OD IDOGD RULHQWDO GHO PRQWH 2OLYHWH /D FXQD FRPR PHGLGD SUHFDXWRULD KDEtD DFWLYDGR VX
FLQWXUyQGHGHIHQVD/DVUDFKDVGHYLHQWRDVXSDVRVREUHHOPyGXORDOFDQ]DEDQORVQXGRV
(OJHQWtRDOGLVWLQJXLUORVVXFLRVOyEXORVGHODWHPSHVWDGDYDQ]DQGRSRUHO(VWHFRPRXQD
ROD\JLJDQWHVFDHPSH]yDPRYLOL]DUVHKX\HQGRSUHFLSLWDGDPHQWHKDFLDODPXUDOOD0XFKRVGH
HOORV VH SHUGLHURQ SRU OD SXHUWD GH (IUDtP \ RWURV EXHQRV FRQRFHGRUHV GH HVWD HVSHFLH GH
VLURFR EXVFDURQ UHIXJLR DO SLH GHO DOWR PXUR TXH FHUFDED -HUXVDOpQ SRU DTXHO SXQWR (O VRO
VHJXtD EULOODQGR HQ OR DOWR HQ PLWDG GH XQ FLHOR D]XO \ WUDQVSDUHQWH &UHR TXH HVWD PDWL]DFLyQ
UHVXOWDVXPDPHQWHLQWHUHVDQWHHQFRQWUDGHORTXHGLFHQORVHYDQJHOLVWDVDTXHOODPXFKHGXPEUH
QR VH UHWLUy GH ODV SUR[LPLGDGHV GHO &DOYDULR FRPR FRQVHFXHQFLD GH ODV WLQLHEODV D ODV TXH
DOXGHQORVHVFULWRUHVVDJUDGRVeVWDVVHQFLOODPHQWHD~QQRVHKDEtDQSURGXFLGR<KD\PiVHQ
DTXHOORVPRPHQWRVWDPSRFRGHWHFWpPLHGR(OIHQyPHQRQRPHFDQVDUpGHLQVLVWLUHQHOOR
HUDPROHVWRLQFOXVRSHOLJURVRSHURIUHFXHQWHHQDTXHOODVODWLWXGHV/RVMXGtRVSRUWDQWRHVWDEDQ
DFRVWXPEUDGRV D WDOHV WRUPHQWDV GH SROYR \ DUHQD (Q SULQFLSLR QR HUD OyJLFR TXH FXQGLHUD HO
SiQLFR6LQHPEDUJRHVHWHUURUTXHFLWDQ0DWHR0DUFRV\/XFDVVHSURGXMR3HURWDO\FRPR
SDVDUpDQDUUDUVHJXLGDPHQWHHORULJHQGHGLFKRPLHGRQRHVWXYRUHSLWRHQHOVLURFR
$ ORV SRFRV PLQXWRV GH DTXHOORV FLHQWRV GH SHUVRQDV TXH FRQWHPSODEDQ D ORV FUXFLILFDGRV
VyORTXHGyXQPtQLPRFRQWLQJHQWHGHVDFHUGRWHV\FXULRVRV4XL]iPHGLRFHQWHQDU/DPD\RUtD
FRPR VL VH WUDWDVH GH XQD PHGLGD KDELWXDO GH SURWHFFLyQ HPSH]y D VHQWDUVH VREUH HO WHUUHQR
FXEULHQGR VXV FDEH]DV FRQ ORV SHVDGRV \ PXOWLFRORUHV PDQWRV $TXHO SHTXHxR JUXSR HQ
GHILQLWLYDHUDXQDSUXHEDPiVGHORTXHDILUPR6DEtDQTXHVHHFKDEDHQFLPDXQDWHPSHVWDGVHFD
\ VLQ HPEDUJR VH WRPDURQ HO DVXQWR FRQ ILORVRItD 3RU VXSXHVWR HOLJLHURQ \ DSRVWDURQ SRU HO
PDFDEURHVSHFWiFXORGHORVUHRVGHEDWLpQGRVHHQWUHODYLGD\ODPXHUWH
7HQWDGR HVWXYH GH DSURYHFKDU DTXHOORV LQVWDQWHV SDUD H[WUDHU PLV OHQWHV HVSHFLDOHV GH
FRQWDFWR\SURFHGHUDOFKHTXHRGHOFXHUSRGHO0DHVWUR3HURODLQPLQHQWHOOHJDGDGHORVGHQVRV\
QHJUX]FRVSHQDFKRVPHKL]RGHVLVWLU$VHPHMDQWHYHORFLGDGXQRVNLOyPHWURVDODKRUD
ODV SDUWtFXODV GH WLHUUD \ ORV JUiQXORV GH DUHQD KXELHUDQ GDxDGR OD GHOLFDGD VXSHUILFLH GH ODV
FUyWDORV DUUXLQDQGR DTXHOOD IDVH GH OD PLVLyQ H LQFOXVR SRQLHQGR HQ SHOLJUR OD LQWHJULGDG
ItVLFD GH PLV RMRV$Vt TXH RSWp SRU DSOD]DU HO UHJLVWUR XOWUDVyQLFR \ WHOHWHUPRJUiILFR 6HJ~Q
(OLVHR HO KRFLFR GHO KDERRE \ ORV GRV R WUHV OyEXORV TXH FRUUtDQ GHWUiV QR HUDQ PX\
SURIXQGRVHVWLPiQGRVHVXGXUDFLyQHQXQRVDPLQXWRV
1RIXHQHFHVDULRTXHHOFHQWXULyQGLHUDGHPDVLDGDVLQGLFDFLRQHV&DGDKRPEUHVDEtDFyPR
GHEtD FRPSRUWDUVH DQWH DTXHOOD FRQWLQJHQFLD $O FRPSUREDU OD PDVLYD UHWLUDGD GH ORV MXGtRV
/RQJLQRSHUPLWLyDORVFHQWLQHODVTXHVHDJUXSDVHQHQHOH[WUHPRVXUHVWHGHODFLPDGHO*yOJRWD
GHFDUDDODWRUPHQWD-XQWDURQORVFXDWURHVFXGRVIRUPDQGRXQSDUDSHWR\FODYDURQVXVURGLOODV
HQ OD URFD VXMHWDQGR HVWD LPSURYLVDGD GHIHQVD PHGLDQWH ODV DEUD]DGHUDV LQWHULRUHV GH FDGD
HVFXGR (O UHVWR GH OD SDWUXOOD OHYDQWy OD KLOHUD GH HVFXGRV TXH KDEtD VLGR GLVSXHVWD VREUH OD
VXSHUILFLH GHO SDWtEXOR IRUPDQGR XQ VHJXQGR PXUR GHIHQVLYR< OD WRWDOLGDG GHO SHORWyQ
LQFOXLGRVHORILFLDO\$UVHQLXVVHDJD]DSDURQGDQGRODFDUDDOFDGDYH]PiVSUy[LPRWHPSRUDO
/RQJLQRDOYHUPHHQSLHHLQGHFLVRPHKL]RXQDVHxDOFRQODPDQRSDUDTXHEXVFDUDUHIXJLR
MXQWRDODSLxDTXHIRUPDEDQVXVKRPEUHV$VtORKLFHVLQSpUGLGDGHWLHPSR3HURHQOXJDUGH
DFXUUXFDUPHFRPRORVOHJLRQDULRVHQGLUHFFLyQDOVLURFFRPHVHQWpGHHVSDOGDVDODSDWUXOOD
VLQSHUGHUGHYLVWDDORVFUXFLILFDGRV
(OYLHQWRGHSURQWRVHYROYLyPiVFiOLGR\VLOEDQWH(OSULPHUWRUEHOOLQRGHOKDERREVH
SUHFLSLWy VREUH -HUXVDOpQ \ VREUH HO SHxDVFR GRQGH QRV HQFRQWUiEDPRV FRQ XQD HVWLPDEOH
YLROHQFLD(QFXHVWLyQGHVHJXQGRVXQDPDVDGHVKLODFKDGD\EODQTXHFLQDIRUPDGDSRUWRQHODGDV
GH DUHQD \ SROYR HQ VXVSHQVLyQ DUUDVy HO OXJDU UHSLTXHWHDQGR HQ VX FKRTXH FRQWUD ODV SDUWHV
FRQYH[DVGHORVHVFXGRV
$SHVDUGHOPDQWRTXHFXEUtDPLFDEH]DXQDPLQDGDGHJUDQRVGHXQDDUHQDILQDHPSH]yD
DFRVDUPHSHQHWUDQGRSRUWRGRVORVKXHFRVGHPLVYHVWLGXUDVHKLULHQGRODSLHOHVSHFLDOPHQWH
ODVSLHUQDVFRPRDOILOHUHV(OEUDPLGRGHDTXHOWRUQDGRIXHLQFUHPHQWiQGRVHFRQVXYHORFLGDG
$OSRFRWDQWRORVVROGDGRVFRPR\RQRVYLPRVREOLJDGRVFDVLFRQGHVHVSHUDFLyQDFHUUDUORV
RMRV\SURWHJHUODERFDRtGRV\IRVDVQDVDOHVGHDTXHOODDQJXVWLRVDSROYDUHGD
&RQIRUPHHOVLURFRIXHDUUHFLDQGRORVJULWRVGHORV]HORWDVHQFDUDGRVDOYLHQWR\FDVL
GHVQXGRVVHKLFLHURQPiV\PiVHVWHQWyUHRV/DVUDFKDVKDEtDQHPSH]DGRDHQVDxDUVHFRQVXV
FXHUSRVLQGHIHQVRVDVDHWHiQGROHVFRQPLOORQHVGHSDUWtFXODVGHWLHUUDDxDGLHQGRDVtXQQXHYRH
LQVRSRUWDEOHVXSOLFLR/HYDQWpODFDEH]DFRPRSXGH\HQWUHODVFROXPQDVGHSROYRPiVTXHYHU
HVFXFKpDXQRGHORVJXHUULOOHURVSLGLHQGRHQWUHDXOOLGRVTXHOHUHPDWDVHQ(QFXDQWRD-HV~V
FDVLQRSXGHGLVWLQJXLUVXILJXUDSHURLPDJLQpHOVRIRFDQWHWRUPHQWRTXHHVWDEDVRSRUWDQGR
'XGRPXFKRTXHQDGLHHQHO*yOJRWDQLHQVXVDOUHGHGRUHVQLWDPSRFRHQODFLXGDGSXGLHUD
OHYDQWDU OD YLVWD GXUDQWH DTXHOOD SHVDGLOOD /RV VXFHVLYRV IUHQWHV GHO KDERRE FX\R WHFKR
UHVXOWDEDSRFRPHQRVTXHLPSRVLEOHGHILMDUHQVHPHMDQWHVFRQGLFLRQHVVHHOHYDEDQHVRVt
DXQDDOWLWXGVXILFLHQWHFRPRSDUDGLIXPLQDUHOGLVFRVRODUDOPHQRVSDUDFXDOTXLHUREVHUYDGRU
TXH VH HQFRQWUDVH LQPHUVR HQ HO WRUQDGR 6LQ HPEDUJR \R QR DSUHFLp XQD RVFXULGDG R
GHELOLWDPLHQWR GH OD OX] GLXUQD VXILFLHQWH FRPR SDUD FODVLILFDUOR GH WLQLHEODV +XER
QDWXUDOPHQWH XQ GHVFHQVR GH OD YLVLELOLGDG FRPR FRQVHFXHQFLD GHO DUUDVWUH GH DUHQD \ SROYR
SHURQRHVDFHUUDGDQHJUXUDTXHSDUHFHGHVSUHQGHUVHGHORVWH[WRVHYDQJpOLFRV&XDOTXLHUDTXH
KD\D YLYLGR XQD GH HVWDV H[SHULHQFLDV VDEH TXH SRU PX\ HVSHVR TXH VHD HO IHQyPHQR
PHWHRUROyJLFR HQ FXHVWLyQ GLItFLOPHQWH GHVHPERFD HQ WLQLHEODV )XH GHVSXpV FXDQGR RFXUULy
DTXHOORTXHVtRVFXUHFLyXQDPSOLRUDGLR
8QDYH]DOHMDGRVORVWUHVRFXDWUROyEXORVGHFDEH]D(OLVHRDEULyGHQXHYRODFRQH[LyQ
DXGLWLYDDQXQFLiQGRPHTXHODFRODGHOVLURFRPX\GHELOLWDGD\DQHFHVLWDUtDRWURVFLQFRR
GLH]PLQXWRVSDUD FUX]DUOD UHJLyQ /DVPDVDVGH WLHUUDHQ VXVSHQVLyQ HUDQPHQRV FRQVLVWHQWHV
DXQTXHORVYLHQWRVHQVXSHUILFLHPDQWHQtDQYHORFLGDGHVQRLQIHULRUHVDORVyQXGRV
(O FHQWXULyQ DO QRWDU FyPR HO WRUEHOOLQR SULQFLSDO SDUHFtD GHFUHFHU VH LQFRUSRUy
SDUFLDOPHQWH LQVSHFFLRQDQGR D ORV FXDWUR VROGDGRV TXH VH UHVJXDUGDEDQ D HVFDVRV PHWURV GH
QXHVWUDHPSDOL]DGD1RGHELyREVHUYDUGHPDVLDGDVDQRPDOtDVSRUTXHYROYLyDDFXUUXFDUVHGH
LQPHGLDWR HQ HVSHUD GH ORV ~OWLPRV FROHWD]RV GHO KDERRE (OLVHR QR HVWDED HTXLYRFDGR
$OUHGHGRU GH ODV KRUDV OD IXHU]D GHO WRUQDGR GLVPLQX\y DVt FRPR HO SROYHUtR
$IRUWXQDGDPHQWHHOFXHUSRSULQFLSDOGHOVLURFRKDEtDLGRGHVSHGD]iQGRVHGHVGHVXQDFLPLHQWR
HQORVGHVLHUWRVDUiELJRVDOFDQ]DQGRODVWLHUUDVGH3DOHVWLQDFRQXQDFDEH]DFX\DORQJLWXGIXH
YDORUDGD SRU ORV LQVWUXPHQWRV GHO PyGXOR HQ XQRV NLOyPHWURV \ XQ IUHQWH GH FDVL /DV
UiIDJDVVLQHPEDUJRQRFHVDUtDQKDVWDELHQHQWUDGDODWDUGH
&XDQGR OD WRUPHQWD FHVy HO HVSHFWiFXOR TXH VH RIUHFLy D PL DOUHGHGRU HUD VHQFLOODPHQWH
GDQWHVFR7RGRVORVOHJLRQDULRV\\RPLVPRQDWXUDOPHQWHDSDUHFtDPRVFXELHUWRVGHDUHQD(O
SROYRKDEtDEODQTXHDGRODVFHMDVFDEHOORV\URSDMHVGHORVVROGDGRVDVtFRPRORVPDQWRVGHORV
FLQFXHQWDHVFDVRVMXGtRVTXHKDEtDQSUHIHULGRDJXDQWDUHOD]RWHGHOYLHQWRDOSLHGHO*yOJRWD
(QFXDQWRDORVFUXFLILFDGRVDOYHUORVPXGRV\FRQODVFDEH]DVLQPyYLOHVVREUHHOSHFKROR
SULPHURTXHSHQVpHVTXHKDEtDQSHUHFLGRSRUDVIL[LD/RQJLQRGHELyLPDJLQDUORPLVPRSRUTXH
VHSUHFLSLWyKDFLDODVFUXFHVSDOPRWHDQGRVREUHVXVURSDV\VDFXGLpQGRVHODWLHUUDDFXPXODGD
6LQHPEDUJRDOVLWXDUQRVEDMRORVFRQGHQDGRVFRPSUREDPRV\RDOPHQRVFRQDOLYLR
FyPRVHJXtDQYLYRV/DVFRVWLOODVIORWDQWHVGH-HV~VUHJLVWUDEDQHVSRUiGLFDVRVFLODFLRQHVVHxDO
GHXQDGpELOYHQWLODFLyQSXOPRQDU/DVKHULGDV\UHJXHURVGHVDQJUHVHKDOODEDQDFULELOODGRVSRU
LQILQLGDGGHSDUWtFXODVGHWLHUUD\DUHQDOOHJDQGRDWDSRQDUODVSURIXQGDVEUHFKDVGHORVFRVWDGRV
\HOGHVJDUURGHODUyWXOD/RVFDEHOORVGHVXFDEH]DD[LODV\SXELVDVtFRPRHOGHOSHFKRHUDQ
LUUHFRQRFLEOHV6HKDEtDQFRQYHUWLGRHQPDVDVHQFDQHFLGDV6XFDEHOOHUDVREUHWRGRHQFKDUFDGD
SRUODVKHPRUUDJLDVHUDDKRUDFRQHOSROYRXQYLVFRVR\FHQLFLHQWRFROJDMR4XHGpDWXUGLGRDO
YHUVXEDUED\ELJRWHFDUJDGRVGHSROYR\VXVODELRVFRQXQDFRVWUDWHUURVDTXHGHVGLEXMDEDODV
PXFRVDVHLQFOXVRODVSURIXQGDVILVXUDV
/DVKHULGDVGHORVFODYRVWDQWRHQHO0DHVWURFRPRHQORV]HORWDVKDEtDQVLGRSRFRPHQRV
TXHWDSRQDGDVSRUHOKDERRE$TXHOYLHQWRLQIHUQDOTXHDFDEDEDGHDWHQWDUFRQWUDHOKLORGH
YLGD TXH D~Q IORWDED HQ OR DOWR GH DTXHOORV iUEROHV KDEtD ORJUDGR OR TXH SDUHFtD XQ PLODJUR
GHWHQHU OD SpUGLGD GH VDQJUH GHO 1D]DUHQR DXQTXH VLQFHUDPHQWH D DTXHOODV DOWXUDV GH OD
FUXFLIL[LyQ\DQRVpTXpKXELHUDVLGRPHMRU'HWRGDVIRUPDVHOGHVWLQRHVPX\H[WUDxR
/RVJXHUULOOHURV\-HV~VGH1D]DUHWVHKDOODEDQVLQFRQRFLPLHQWR(QHOIRQGRHUDORPHMRU
TXHOHVSRGtDKDEHURFXUULGR
<VXFHGLy$ODVKRUDVPLFRPSDxHURHQHOPyGXORFRQXQDH[FLWDFLyQVLPLODUDOD
TXHKDEtDH[SHULPHQWDGRGXUDQWHPLSHUPDQHQFLDHQODILQFDGH*HWVHPDQtDEULyV~ELWDPHQWH
ODFRQH[LyQDQXQFLiQGRPHDOJRTXHKL]RWDPEDOHDUPLVHVTXHPDVPHQWDOHV
$Kt HVWi RWUD YH] -DVyQ OR WHQJR HQ SDQWDOOD (O UDGDU UHJLVWUD XQ HFR
'LUHFFLyQ"DILUPDWLYRSURFHGHGHO(VWH(VWRHVGHORFRV
0HYROYtKDFLDHOOXJDUSHURXQDYH]PiVQRREVHUYpQDGDDQRUPDO(UDOyJLFR$XQTXHOD
RODGHSROYRVHKDEtDH[WLQJXLGRDTXHOREMHWRVHKDOODEDD~QVHJ~QHO*XQ'LVKGHDERUGR
DPLOODVGHOSXQWRGHFRQWDFWRGRQGHUHSRVDEDODFXQD
1R YLHQH PX\ IXHUWH SURVLJXLy (OLVHR TXH GHEtD WHQHU OD QDUL] SHJDGD D OD SDQWDOOD GHO
UDGDU&DOFXORTXHDXQRVQXGRVRK
/DYR]GHPLKHUPDQRVHFRUWy5RGHDGRFRPRHVWDEDSRUORVOHJLRQDULRV\ORVGRVMHIHV
QRSXGHSXOVDUPLFRQH[LyQ\GLULJLUPHDpO4XpGHPRQLRVSDVDEDHQHOPyGXOR"
-DVyQQXQFDQRVFUHHUiQ(OHFRDFDEDGHKDFHUXQDUXSWXUDGHFDVLJUDGRV/R
WHQJR HQ UXPER 6L VLJXH DVt SDVDUi FDVL VREUH WX YHUWLFDO 3HUR FyPR KD SRGLGR"
TXp FODVH GH FRVD SXHGH KDFHU XQ JLUR DVt" -DVyQ HQWLHQGR TXH QR SXHGHV KDEODUPH
6HJXLUpLQIRUPDQGR5HGXFHDILUPDWLYRUHGXFHVXYHORFLGDG<WDPELpQHOQLYHO$YHU
HQ HIHFWR 5RJHU SDVD GH QXGRV D 1LYHO" \ VLJXH EDMDQGR 7H GR\
SHJHRQV>@ DO PyGXOR PLOODV \ PDQWHQLGR HQ 8Q LQVWDQWH $FHOHUD
$ILUPDWLYRHVWiDFHOHUDQGRQXGRV1RHVSRVLEOH6HKDHVWDELOL]DGR
HQQLYHOFXDWURPLOPHWURV/RWHQGUiVDODYLVWDHQVHJXLGDVLPDQWLHQHHVDYHORFLGDG
(QWLHQGRTXHDODVGRVGHWXSRVLFLyQ
(IHFWLYDPHQWHDORVFLQFRPLQXWRV\VHLVVHJXQGRVODYR]GH(OLVHRLUUXPSLyGHQXHYRHQPL
FDEH]D 3HUR HVWD YH] Vt OR WHQtD D OD YLVWD DO SULQFLSLR FRPR XQ SXQWR EULOODQWH 'HVSXpV
FRQIRUPHIXHDSUR[LPiQGRVHSHUGLyOXPLQRVLGDGFRQYLUWLpQGRVHHQXQDHVSHFLHGHOXQDOOHQD
GHXQFRORUPDWH
/RV VROGDGRV QR WDUGDURQ PXFKR HQ YHUOR < HO FHQWXULyQ OHYDQWDQGR OD YLVWD TXHGy WDQ
SHUSOHMRFRPR\R
-DVyQ OR WLHQHV" <R OR YHR FDVL D PLV \ DOWR 6LJXH D SLHV 6H
GHWLHQH$ILUPDWLYR+DKHFKRHVWDFLRQDULR
/DV~OWLPDVSDODEUDVGHVGHHOPyGXORFDUJDGDVGHHPRFLyQWHUPLQDURQSRUFRQWDJLDUPH0H
UHVWUHJXp ORV RMRV SHQVDQGR HQ XQD SRVLEOH DOXFLQDFLyQ 3HUR SURQWR FDt HQ OD FXHQWD TXH
DTXHOODKLSRWpWLFDH[SOLFDFLyQHUDULGtFXOD/RQJLQRORVOHJLRQDULRV\\RSRGtDPRVVXIULUDOJ~Q
WLSRGHWUDVWRUQRSHUR\HOUDGDU"
$TXHOODFRVDVHJ~Q(OLVHRVHKDEtDHVWDELOL]DGRDXQRVPHWURVVREUHODYHUWLFDOGH
-HUXVDOpQ<DVtSHUPDQHFLySRUHVSDFLRGHGRVRWUHVPLQXWRV$MX]JDUSRUODDOWXUDDODTXHVH
HQFRQWUDED \ SRU VX WDPDxR DSDUHQWH VXSHULRU DO GH GLH] OXQDV VXV GLPHQVLRQHV HUDQ
HQRUPHV
0LHQWUDVREVHUYDEDERTXLDELHUWRDTXHOIHQyPHQRSDVDURQSRUPLPHQWHXQVLQItQGHSRVLEOHV
H[SOLFDFLRQHVTXHSRUVXSXHVWRQRWHUPLQDURQGHVDWLVIDFHUPH(UDHOVHJXQGRREMHWRYRODQWH
TXH YHtD HQ ODV ~OWLPDV KRUDV &yPR SRGtD VHU" 4Xp VLJQLILFDED DTXHOOR"< VREUH WRGR
TXLpQRTXLpQHVORWULSXODEDQ"
3HURPLVHOXFXEUDFLRQHVVHYLHURQGHILQLWLYDPHQWHSXOYHUL]DGDVFXDQGRPLKHUPDQRGHVSXpV
GHYHULILFDUKDVWDWUHVYHFHVHOGLiPHWURGHDTXHODUWHIDFWRPHDQXQFLyVXVGLPHQVLRQHV
PHWURV &DVL XQ NLOyPHWUR \ RFKRFLHQWRV PHWURV (V GHFLU XQD VXSHUILFLH OLJHUDPHQWH
VXSHULRUDODGHWRGDODFLXGDGVDQWD
/D SUHVHQFLD GH DTXHO PRQVWUXRVR GLVFR WRWDOPHQWH VLOHQFLRVR \ IORWDQGR HQ HO FLHOR FRPR
XQD IUiJLO SOXPD KL]R SDVDU D OD HVFROWD \ D ORV KHEUHRV GH OD HVWXSHIDFFLyQ DO PLHGR (Q XQ
PRYLPLHQWR UHIOHMR HO FHQWXULyQ \ DOJXQRV GH VXV KRPEUHV GHVHQIXQGDURQ VXV HVSDGDV
UHSOHJiQGRVHKDFLDODEDVHGHODVFUXFHV3HURQLQJXQRDFHUWyDH[SUHVDUVH8QSiQLFRLUUDFLRQDO
VHKDEtDHQURVFDGRHQVXVFRUD]RQHV\ORPLVPRRFXUUtDHQWUHHOPHGLRFHQWHQDUGHFXULRVRVTXH
SHUPDQHFtDMXQWRDO*yOJRWD/DVPLUDGDVGHWRGRVHVWDEDQILMDVHQDTXHOODOXQDPLVWHULRVD
$ODVKRUDV\PLQXWRVVHJ~QORVFURQyPHWURVGHOPyGXORHOREMHWRRVFLOyOLJHUDPHQWH
FRPRVLWHPEODVH\GHVSDFLRHQXQDVFHQVRTXHPHDWUHYHUtDDFDOLILFDUGHPDMHVWXRVR
VHGLULJLyKDFLDHOVRO$ODOFDQ]DUHOQLYHOSLHVYROYLyDKDFHUHVWDFLRQDULR
8Q DODULGR FROHFWLYR VH HVFDSy GH ODV JDUJDQWDV GH ORV MXGtRV FXDQGR YLHURQ FyPR DTXHO
DUWHIDFWR HPSH]DED D LQWHUSRQHUVH HQWUH HO GLVFR VRODU \ OD 7LHUUD< OR KL]R GH (VWH D 2HVWH
VLHPSUHFRQVLGHUDGDODREVHUYDFLyQGHVGHHO&DOYDULR\VXVLQPHGLDFLRQHV
(QVHJXQGRVFRQXQDSUHFLVLyQTXHPHVHFyODJDUJDQWDHOIRUPLGDEOHREMHWRWDSyHODUGLHQWH
FLUFXOR GDQGR OXJDU D XQ SURJUHVLYR RVFXUHFLPLHQWR GH -HUXVDOpQ \ GH XQ GLODWDGR UDGLR HQ HO
TXHQDWXUDOPHQWHPHHQFRQWUDED
(VWD LQWHUSRVLFLyQ FRQ HO VRO PLOLPpWULFD \ PDJLVWUDOPHQWH GHVDUUROODGD SRU TXLHQHV
JREHUQDEDQ DTXHO LQPHQVR DSDUDWR VH SURGXMR FRQ FLHUWD OHQWLWXG SHUR VLQ WLWXEHRV +R\ DO
UHFRUGDUOR WHQJR OD VHQVDFLyQ GH TXH ORV UHVSRQVDEOHV GH GLFKD RSHUDFLyQ TXLVLHURQ TXH HO
HFOLSVHSXGLHUDVHUREVHUYDGRSDVRDSDVR
(QPHQRVGHVHJXQGRVHODVWURUH\GHVDSDUHFLy\FRQpOODFODULGDG0HMRUGLFKRXQ
RFKHQWDSRUFLHQWRGHODIXHQWHOXPLQRVD2EYLDPHQWHDXQTXHODJUDQPDVDPHWiOLFDFRQILUPDGD
SRU HO UDGDU SUR\HFWy DO LQVWDQWH XQ JLJDQWHVFR FRQR GH VRPEUD VREUH OD FLXGDG VDQWD \ VXV
DOUHGHGRUHV ODV UDGLDFLRQHV VRODUHV VLJXLHURQ SUHVHQWHV IRUPDQGR XQD FRURQD R DXUD
OXPLQRVD TXH DEDUFDED WRGD OD FXUYDWXUD GHO HQLJPiWLFR REMHWR /DV WLQLHEODV HQ HIHFWR VH
KLFLHURQVREUH-HUXVDOpQDXQTXHQRFRQHOFDUiFWHUDEVROXWRGHXQDQRFKHFHUUDGDSRUHMHPSOR
/DFODULGDGH[LVWHQWHDOUHGHGRUGHOGLVFRHUDVXILFLHQWHFRPRSDUDTXHSXGLpUDPRVGLVWLQJXLUHO
HQWRUQRFRQXQtQGLFHGHOXPLQRVLGDGPX\VLPLODUDOTXHVXHOHVHJXLUDXQDSXHVWDGHVRO<DVt
VHPDQWXYRKDVWDTXHOOHJyHOPRPHQWRIDWtGLFR
1RFUHRQHFHVDULRH[WHQGHUPHHQSURIXQGLGDGVREUHHVDLOyJLFDH[SOLFDFLyQFLHQWtILFDTXH
WUDWD GH UHVROYHU HVWH IHQyPHQR GH ODV WLQLHEODV FRQ D\XGD GH XQ HFOLSVH WRWDO GH VRO %DVWD
UHFRUGDUTXHHQDTXHOODVIHFKDVVHUHJLVWUDEDSUHFLVDPHQWHHOSOHQLOXQLR\HQFRQVHFXHQFLDWDO
HFOLSVH GH VRO HUD LPSRVLEOH /D OXQD D ODV KRUDV GHO GH DEULO GHO DxR VH KDOODED D~Q
RFXOWDSRUGHEDMRGHOKRUL]RQWHRULHQWDO/RVDVWUyQRPRVVDEHQDGHPiVTXHXQHFOLSVHGHHVWD
QDWXUDOH]DVLHPSUHVHLQLFLDSRUODFDUD2HVWHGHOGLVFRVRODU$TXtHQFDPELRRFXUULyDOUHYpV
(ORVFXUHFLPLHQWRGHOVROVHLQLFLySRUHO(VWH(OLVHRXQDYH]FRQVXPDGRHORFXOWDPLHQWRVRODU
YHULILFyORVSDUiPHWURVGHDERUGRFRQILUPDQGRTXHDTXHOODHVSHFLHGHVXSHUIRUWDOH]DYRODQWH
KDEtDTXHGDGRDQFODGDDSLHVGHDOWXUDPDQWHQLHQGRXQDYHORFLGDGGHGHVSOD]DPLHQWR
GHNPKRUD(QORVPLQXWRVTXHGXUyHOIHQyPHQRGHODVWLQLHEODVDTXHOREMHWR
FXEULy XQ WRWDO GH NLOyPHWURV VLHPSUH D XQD DOWLWXG GH PHWURV (O GLiPHWUR
VRODUDSDUHQWHFRUUHVSRQGtDDXQDUFRFX\RYDORUDSUR[LPDGRHUDGHPLQXWRV\VHJXQGRV
>@
$O FRQVXPDUVH HO HFOLSVH TXH LQVLVWR VyOR SXGR WHQHU XQD SUR\HFFLyQ SXUDPHQWH ORFDO
PXFKRVGHORVMXGtRVHVSDQWDGRVFD\HURQURVWURHQWLHUUDJROSHiQGRVHHOSHFKRFRQDPEDV
PDQRV \ SURILULHQGR DODULGRV GH WHUURU /RV VDGXFHRV GHVFRQFHUWDGRV QR VDEtDQ FyPR
UHDFFLRQDU $O ILQ OD PD\RUtD GH ORV KHEUHRV HVFDSy KDFLD OD SXHUWD GH (IUDtP PLHQWUDV ORV
GLULJHQWHV MXGtRV QR GHPDVLDGR FRQYHQFLGRV LQWHQWDEDQ UHWHQHUOHV JULWiQGROHV TXH WRGR
DTXHOORVyORSRGtDREHGHFHUDDOJ~QHQFDQWDPLHQWRGHOFUXFLILFDGRRDXQIHQyPHQRFHOHVWH
)XH LQ~WLO /D WXUEDFLyQ GH ORV LQFXOWRV \ VXSHUVWLFLRVRV HQHPLJRV GH -HV~V HUD WDO TXH QL
VLTXLHUD HVFXFKDURQ ORV UD]RQDPLHQWRV GH ORV VDFHUGRWHV < DOOt SHUPDQHFLy HO GHVDPSDUDGR
SXxDGR GH MXHFHV PXFKR PiV SHQGLHQWH GH OR TXH RFXUUtD HQ ORV FLHORV TXH HQ HO SDWtEXOR
6XSRQJR TXH VL VLJXLHURQ DO SLH GHO *yOJRWD QR IXH SRUTXH OHV VREUDUD YDOHQWtD VLQR SRU
REHGLHQFLDD&DLIiV\DOUHVWRGHO&RQVHMR
(ORILFLDOURPDQRWXYRTXHKDFHUXQVXSUHPRHVIXHU]RSDUDFDOPDUVXQHUYLRVLVPR\HOGHVXV
KRPEUHV6LORVKHEUHRVHUDQWHPHURVRVGHHVWHWLSRGHPDQLIHVWDFLRQHVORVURPDQRVD~QORHUDQ
PXFKRPiV$IXHU]DGHLPSHULRVRVJULWRV/RQJLQRORJUyILQDOPHQWHTXHVXVVROGDGRVRFXSDUDQ
ORV SXHVWRVGH YLJLODQFLDDVLJQDGRV SRU HORSWLRDQWHVGHODWRUPHQWDGHDUHQD$MX]JDUSRUHO
YRFHUtRTXHVHOHYDQWDEDPiVDOOiGHODPXUDOODODFRQIXVLyQ\HOPLHGRHQWUHORVSHUHJULQRV\
KDELWDQWHV GH -HUXVDOpQ WHQtDQ TXH VHU H[WUHPRV 0LHQWUDV DTXHOOD iUHD SHUPDQHFLy HQ OD
SHQXPEUDPXFKRVFXULRVRVOOHJDURQDDVRPDUVHEDMRHODUFRGHOSRUWDOyQGH(IUDLPLQWULJDGRV
\ VXSRQJR DQVLRVRV SRU VDEHU VL WRGR DTXHOOR WHQtD DOJXQD YLQFXODFLyQ FRQ HO SURGLJLRVR
0DHVWURGH*DOLOHD3HURQLQJXQRWXYRYDORUSDUDDSUR[LPDUVH0HMRUGLFKRKXERXQJUXSRTXH
VLORKL]R
$ ORV SRFRV PLQXWRV GH LQLFLDUVH ODV WLQLHEODV SRU HO FDPLQR TXH SDUWtD GH -HUXVDOpQ VH
GHVWDFyXQDYHLQWHQDGHSHUVRQDV&RQSDVROLJHUR\GHFLGLGRIXHDFHUFiQGRVHDOILORGHODJUDQ
URFD$ FDXVD GH ODV VRPEUDV QR SXGH GLVWLQJXLU DO MRYHQ DSyVWRO -XDQ KDVWD TXH VH GHWXYR D
HVFDVRVPHWURVGHGRQGHPHHQFRQWUDED$OILQKDEtDYXHOWR/HDFRPSDxDEDRWURKRPEUH\XQDV
PXMHUHV WRGDV HOODV VHPLRFXOWDV SRU VXV URSRQHV 3HUR QR VXSH UHFRQRFHU D QLQJXQR GH ORV
DPLJRVGHO=HEHGHR
(UDVXPDPHQWHH[WUDxR(QUHDOLGDGWRGRORHUDGHVGHODDSUR[LPDFLyQGHDTXHOREMHWRTXH
VHJXtD ILMR H LPSHUWXUEDEOH VREUH QXHVWUDV FDEH]DV 3UHFLVDPHQWH D UDt] GH VX DSDULFLyQ HQ HO
HVSDFLRDXQTXHQRPHSHUFDWpGHHOORKDVWDODOOHJDGDGH-XDQ\VXJUXSRHOYLHQWRKDEtD
FHVDGR < FRQ pO WRGRV ORV VRQLGRV SURSLRV \ QDWXUDOHV GHO FDPSR $O PHQRV ORV TXH
KDELWXDOPHQWHYHQtDSHUFLELHQGR,QFOXVRORVIXJDFHVWULQRVGHODVJRORQGULQDV\GHPiVDYHV\HO
]XPELGR GH ORV LQVHFWRV \GHDTXHOODVQXEHVGH PRVFDVYHUGHV\ JUXHVDVFRPR PRQHGDVGH XQ
FHQWDYRTXHDQWHVGHOSDVRGHOKDERREKDEtDQHPSH]DGRDSRVDUVHDGHFHQDVVREUHODVDQJUH
GHORVFUXFLILFDGRV
&XDQGR HVWDED D SXQWR GH GHVFHQGHU SRU HO FDQDO D ILQ GH UHXQLUPH FRQ -XDQ XQ V~ELWR
JHPLGRGHO*DOLOHRPHGHWXYR(O0DHVWURSDUHFtDKDEHUUHFREUDGRODFRQFLHQFLD(OFHQWXULyQ\
\R FDPLQDPRV XQRV SDVRV \ HIHFWLYDPHQWH FRPSUREDPRV FyPR HO FUXFLILFDGR VH HVIRU]DED
QXHYDPHQWH HQ VRVWHQHU XQ DFHOHUDGR ULWPR UHVSLUDWRULR /D IRU]DGD FDtGD GHO GLDIUDJPD KDEtD
KLQFKDGR VX YLHQWUH \ VX WyUD[ DSDUHFtD UtJLGR FRPR HO PDGHUR GHO TXH FROJDED$ SHVDU GHO
SROYR\ODWLHUUDTXHOHFXEUtDQFDVLFRPRXQIDWtGLFRDGHODQWRGHVXVHSXOWXUDORVVLJQRVGH
ODFLDQRVLVHUDQFDGDYH]PiVSDOSDEOHV/DVHVFDVDVXxDVGHVXVSLHVTXHQRVHKDOODEDQEDxDGDV
SRUODVDQJUHKDEtDQHPSH]DGRDWRUQDUVHGHXQDWtSLFDFRORUDFLyQD]XODGD2WURWDQWRRFXUUtDFRQ
ODV SXQWDV GH VXV GHGRV /D WHWDQL]DFLyQ GH ORV PLHPEURV LQIHULRUHV HUD \D JDORSDQWH /RV
P~VFXORV GH ORV PXVORV \ SLHUQDV VHJXtDQ UHJLVWUDQGR HVSDVPRV DXQTXH FDGD YH] PiV
HVSDFLDGRV/RVGHGRVJUXHVRVGHDPERVSLHVKDEtDQHQWUDGR\DHQDGXFFLyQGHVYLiQGRVHKDFLD
HOSODQRFHQWUDOGHOFXHUSRGHO1D]DUHQR
'H SURQWRXQDPDQRVHSRVy VREUHPL KRPEUR L]TXLHUGR (UD-XDQ &RQ VX FRUDMH KDELWXDO
KDEtDDVFHQGLGRKDVWDORDOWRGHO&DOYDULR9HQtDVROR/DYHUGDGHVTXHQLVLTXLHUDVHHQWUHWXYR
HQFRQWHPSODUDVX0DHVWUR6XVRMRVVHKDOODEDQKXQGLGRV\HOURVWURPDUFDGRSRUODVODUJDV
KRUDVGHLQVRPQLR\VXIULPLHQWR3DUHFtDXQYLHMR
&RQ YR] WHPEORURVD VH GLULJLy D /RQJLQR VXSOLFiQGROH TXH DXQTXH VyOR IXHUD XQ LQVWDQWH
SHUPLWLHUDDODPDGUHGH-HV~VGH1D]DUHWDSUR[LPDUVHDODFUX]\GDUHO~OWLPRDGLyVDVXKLMR
SULPRJpQLWR-XDQDFRPSDxyVXSHWLFLyQGLULJLHQGRVXEUD]RGHUHFKRKDFLDHOUHGXFLGRQ~PHURGH
PXMHUHVTXHHVSHUDEDDHVFDVDGLVWDQFLDGHORVVDGXFHRV
$SHVDUGHFXDQWROOHYDEDYLYLGR\VXIULGRHQDTXHOODPLVLyQDORtUDO=HEHGHRPLVURGLOODV
WHPEODURQ0DUtDHVWDEDDOOt
/RQJLQRQRWXYRYDORUSDUDQHJDUVH<DXWRUL]yDOGLVFtSXORDTXHDFRPSDxDUDDODPDGUHGHO
0DHVWURKDVWDORDOWRGHOSDWtEXORFRQODFRQGLFLyQGHTXHHOUHVWRVLJXLHUDGRQGHHVWDED\GH
TXHODSHUPDQHQFLDDOSLHGHODFUX]IXHUDORPiVEUHYHSRVLEOH
-XDQ DJUDGHFLy HO KXPDQLWDULR JHVWR GHO FHQWXULyQ \ VH DSUHVXUy D YROYHU MXQWR DO JUXSR
,QWHUFDPELyXQDVSDODEUDVFRQODVPXMHUHV\VHJXLGDPHQWHXQDGHODVKHEUHDVFRPHQ]yDVXELU
SRUHQWUHODVURFDVDVLVWLGDSRU-XDQ\HORWURKRPEUH
&RQIRUPHVHDSUR[LPDEDQPLSXOVRVHDFHOHUy$ORVSRFRVVHJXQGRVWXYHDQWHPtDODPDGUH
WHUUHQDOGHDTXHOJLJDQWH
/RV OHJLRQDULRV DOJR PiV WUDQTXLORV KDEtDQ GHVFHQGLGR SRU HO VHJXQGR SHxDVFR
HQWUHJiQGRVH D OD E~VTXHGD GH OHxD VHFD FRQ OD TXH SRGHU HQFHQGHU XQD IRJDWD (OORV
OyJLFDPHQWHQRSRGtDQSUHYHUODGXUDFLyQGHODRVFXULGDG\$UVHQLXVSUXGHQWHPHQWHRUGHQyD
ORVLQIDQWHVTXHVHKLFLHUDQFRQXQDEXHQDSURYLVLyQGHFRPEXVWLEOH)DOWDEDQFXDWURKRUDVSDUD
HORFDVR\ODFXVWRGLDGHORVFRQGHQDGRVSRGtDVHUODUJD
(QHOLQVWDQWHHQTXH0DUtDOOHJDEDDOSLHGHODFUX]FHQWUDOGRVGHORVVROGDGRVGHSRVLWDURQ
VREUH OD URFD VHQGRV KDFHV GH UDPDV GH OD OODPDGD UHWDPD GH HVFREDV PX\ OLJHUD \ GH
H[FHOHQWHFDOLGDGSDUDVXVSURSyVLWRV
$SR\iQGRVH HQ ORV DQWHEUD]RV GH -XDQ \ GHO VHJXQGR KRPEUH TXH UHVXOWy OODPDUVH -XGH R
-XGDV\TXHVHJ~QSXGHDYHULJXDUDOGtDVLJXLHQWHHUDKHUPDQRFDUQDOGH-HV~VDTXHOODKHEUHD
GHURVWURH[WUHPDGDPHQWHSiOLGRVHGHWXYRDXQPHWURGHOiUEROHQHOTXHVHKDOODEDFODYDGRVX
KLMR1RHUDPX\DOWD6XFDEH]DOHYDQWDGDKDFLDHO0DHVWURKDEtDTXHGDGRSRFRPiVRPHQRVD
ODDOWXUDGHODVURGLOODVGHO1D]DUHQR3RVLEOHPHQWHPHGLUtDHQWUH\PHWURV&RQWDED
DOUHGHGRU GH DxRV DXQTXH VX ILJXUD IUiJLO DOJR HQFRUYDGD \ ODV DUUXJDV TXH QDFtDQ GH VXV
KHUPRVRV RMRV DOPHQGUDGRV OD KDFtDQ PiV YHQHUDEOH $ SHVDU GH OD RVFXULGDG PH OODPy OD
DWHQFLyQVXIUHQWHDOWD\GHVSHMDGDUHPDWDQGRXQURVWURRYDODGRHQHOTXHDSHQDVGHVSXQWDEDXQD
QDUL]SHTXHxD\UHFWD&XEUtDVXFDEH]DFRQXQPDQWRPDUUyQFODURTXHQRPHSHUPLWLyYHUVXV
FDEHOORV6LQHPEDUJRiMX]JDUSRUHOFRORUGHVXVFHMDVILQDV\OLJHUDPHQWHDUTXHDGDVGHEtDQ
VHU GH XQ QHJUR D]DEDFKH /D W~QLFD GH XQD WRQDOLGDG VLPLODU D OD GHO PDQWR DXQTXH DOJR PiV
DSDJDGDUR]DEDFDVLODVXSHUILFLHGHO*yOJRWD
1DGLH GLMR QDGD -XDQ URPSLy D OORUDU DIHUUiQGRVH DO EUD]R GH OD 6HxRUD /RQJLQR
FRQPRYLGRVHUHWLUy
6LQHPEDUJRDQWHPLVRUSUHVD0DUtDQRGHUUDPyXQDVRODOiJULPD6yORHOWHPEORUGHVXV
ODUJDV \ HQFDOOHFLGDV PDQRV EDMR FX\D SLHO VHUSHQWHDED XQD PDUDxD GH YHQDV D]XOHV \
SURQXQFLDGDVUHIOHMDEDVXDIOLFFLyQ
0LV SUREOHPDV VH YLHURQ DOLYLDGRV FXDQGR HO RILFLDO HQ RWUR JHVWR TXH GHFtD PXFKR HQ VX
IDYRUUHJUHVyKDVWDQRVRWURVSRUWDQGRXQDWHDUHFLpQHQFHQGLGD
&XDQGR/RQJLQRDSUR[LPyODLPSURYLVDGDDQWRUFKDDOFXHUSRGHO0DHVWURFRQHOILQGHTXH
VX PDGUH SXGLHUD FRQWHPSODUOH PHMRU HO *DOLOHR DOHUWDGR TXL]i SRU HO UHVSODQGRU URML]R GHO
IXHJRGHVSHJyODEDUELOODGHOSHFKRGHVFXEULHQGRDVXIDPLOLD6XUHVSLUDFLyQYROYLyDDJLWDUVH
\VXRMRGHUHFKRVHDEULyDOPi[LPR
/DPXMHUDOLJXDOTXH-XDQ\HOKHUPDQRGH-HV~VQRGHVSHJDURQ\DVXVPLUDGDVGHOURVWURGHO
FUXFLILFDGR
/D ERFD GHO JLJDQWH VH DEULy OLJHUDPHQWH LQWHQWDQGR KDEODU SHUR VXV SXOPRQHV
GLVPLQXLGRVHQVXFDSDFLGDGYLWDOSRUODVP~OWLSOHVOHVLRQHVGHORVP~VFXORVUHVSLUDWRULRV\SRU
OD DQJXVWLRVD IDOWD GH DSR\R VH KDOODEDQ DQWH XQD JUDYtVLPD LQVXILFLHQFLD YHQWLODWRULD
UHVWULFWLYD 3RFRV PLQXWRV PiV WDUGH DO DMXVWDU ORV XOWUDVRQLGRV D VX WyUD[ &DEDOOR GH 7UR\D
UHFLELUtD LQIRUPDFLyQ VREUH HVD GHOLFDGD VLWXDFLyQ FHUWLILFDQGR PLV VRVSHFKDV OD FDSDFLGDG
YLWDOGH-HV~VVHKDOODEDPX\SRUGHEDMRGHOSRUGHOYDORUWHyULFRQRUPDOHVWLPDGR
FRPRVHVDEHHQOLWURV
$SHVDUGHHOORHO1D]DUHQRHQXQWLWiQLFRHVIXHU]RFRQWUDMRORVP~VFXORVDEGRPLQDOHV\
FDVL DO XQtVRQR OD DJRWDGD PXVFXODWXUD GH ORV DQWHEUD]RV \ KRPEURV FRPHQ]y D SDOSLWDU
EXVFDQGR OD HQHUJtD QHFHVDULD SDUD HOHYDU OD SDUWH VXSHULRU GHO FXHUSR HVRV LPSUHVFLQGLEOHV \
NLORPpWULFRVFHQWtPHWURV3HURODVUHVHUYDVGHO&ULVWRHVWDEDQFDVLDJRWDGDV\VXYROXQWDG
QRIXHVXILFLHQWH(QHVRVGUDPiWLFRVPRPHQWRVVXFHGLyDOJRFDVLLQVLJQLILFDQWHSRFRPHQRVTXH
LPSHUFHSWLEOHSDUDORVTXHVHKDOODEDQDOSLHGHODFUX]SHURTXHSDUDPtFRPRPpGLFRPHKHOy
HOFRUD]yQ-HV~VDUTXHyHOGLDIUDJPDSRUVHJXQGDYH]\WHQVyGHQXHYRORVP~VFXORVHOHYDGRUHV
\ H[WHQVRUHV KDFLpQGRORV YLEUDU $O PLVPR WLHPSR VX PXxHFD L]TXLHUGD JLUy DSHQDV XQ
FHQWtPHWUR VREUH HO HMH GHO DQWHEUD]R $TXHO PRYLPLHQWR GHO FDUSR VREUH HO FODYR FRODERUy
GHFLVLYDPHQWHHQODHOHYDFLyQGHORVKRPEURV/DFDEH]DGHOUDEtVHFODYyHQHOSDWLEXOXP\VX
EDUED DSXQWy KDFLD HO FLHOR PLHQWUDV HO YLROHQWR GRORU SURYRFDGR SRU HO PtQLPR JLUR GH OD
PXxHFDL]TXLHUGDKDFtDODWLUFRQSUHFLSLWDFLyQODVSDUHGHVGHODYHQD\XJXODUH[WHUQDPDUFDQGR
ODV IRVDV VXSUDFODYLFXODUHV \ ORV P~VFXORV GHO FXHOOR FRPR MDPiV KH YLVWR HQ VHU KXPDQR$O
LQVWDQWH GH OD VHPLFHJDGD KHULGD GH OD PXxHFD L]TXLHUGD VXUJLHURQ GRV UHJXHULOORV GH VDQJUH
ILQtVLPRV\GLYHUJHQWHVTXHFRUULHURQKDFLDHOFRGR
(O 0DHVWUR D TXp SUHFLR KDEtD ORJUDGR VX SURSyVLWR$O HOHYDUVH VX ERFD VH DEULy DO
Pi[LPR\XQDERFDQDGDGHDLUHIUHVFRSHQHWUyHQVXVSXOPRQHVDOWLHPSRTXHHOKXQGLPLHQWRGHO
YLHQWUHGHMDEDDOGHVFXELHUWRODFUHVWDLOtDFDGHODFDGHUDGHUHFKD
(O FXHUSR GHO FUXFLILFDGR YROYLy D FDHU \ -HV~V EDMDQGR HO URVWUR HVER]y XQD VRQULVD
H[WUDxD$TXHOULFWXVPHDODUPyQRVHWUDWDEDHQUHDOLGDGGHXQDVRQULVDVLQRGHRWURVtQWRPDGH
OD WHWDQL]DFLyQ TXH OH DFRVDED \ TXH HQ 0HGLFLQD VH FRQRFH SRU VRQULVD VDUGyQLFD ODELRV
DSUHWDGRVFRQODVFRPLVXUDVKDFLDDIXHUD\KDFLDDEDMR
0DUtD DO FRQWHPSODU HO GHVHVSHUDGR HVIXHU]R GH VX KLMR EDMy OD FDUD \ VXV SLHUQDV
IODTXHDURQ 3HUR -XDQ \ -XGDV OD VRVWXYLHURQ 6XV ODELRV DSHQDV VRPEUHDGRV SRU OD OX] GH OD
DQWRUFKD HPSH]DURQ D DOHWHDU \ ODV SURIXQGDV RMHUDV TXH FRUUtDQ SRU HQFLPD GH VXV DOWRV \
DILODGRVSyPXORVVHFRQIXQGLHURQFRQODRVFXUDHLQVRQGDEOHDPDUJXUDGHXQRVRMRVTXHDSHVDU
GHWRGRFRQVHUYDEDQXQDVLQJXODUEHOOH]D
0XMHU
/DUHQTXHDQWHYR]GHO0DHVWURKL]RTXH0DUtD\WRGRVORVGHPiVOHYDQWDUDQHOURVWUR<HO
VHPEODQWHGHDTXHOODKHEUHDVHLOXPLQy
0XMHUUHSLWLy-HV~VKHDTXtDWXKLMR
-XDQVHVHFyODVOiJULPDVFRQODSDOPDGHVXPDQRGHUHFKDPLUDQGRDVX0DHVWURVLQDFHUWDU
DFRPSUHQGHU
'HVSXpVGHVYLDQGRHOURVWURKDFLDHODSyVWROH[FODPyFDVLVLQIXHU]DV
+LMRPtRKHDTXtDWXPDGUH
/DPHQJXDGDLQKDODFLyQGHOFUXFLILFDGRHVWDEDFDVLDJRWDGD6XUHVSLUDFLyQHQWUyHQGpILFLW\
DSXUDQGRVXV~OWLPDVSRVLELOLGDGHVRUGHQyHQWUHMDGHRV
'HVHRTXHDEDQGRQpLVHVWHOXJDU
6XDEGRPHQKDEtDYXHOWRDGHIRUPDUVH\VXFDEH]DDOLJXDOTXHORVP~VFXORVGHORVEUD]RV\
KRPEURVVHGHVSORPDURQ
/RV KRPEUHV KLFLHURQ LQWHQFLyQ GH GDU PHGLD YXHOWD \ UHWLUDUVH SHUR 0DUtD VLHPSUH HQ
VLOHQFLR DYDQ]y XQ SDVR KDFLD HO FUXFLILFDGR 6H LQFOLQy PX\ OHQWDPHQWH \ EHVy OD URGLOOD
GHUHFKD GH -HV~V 'HVSXpV RFXOWDQGR VX URVWUR HQWUH ODV PDQRV DEDQGRQy HO SHxDVFR
SUiFWLFDPHQWHVRVWHQLGDSRU-XDQ\VXKLMR
&UHR TXH WDQWR HO FHQWXULyQ FRPR \R TXHGDPRV LPSUHVLRQDGRV SRU OD HQWHUH]D GH DTXHOOD
PXMHU8QDKHEUHDDODTXHWHQGUtDRSRUWXQLGDGGHYROYHUDYHU\GHFX\DFRQYHUVDFLyQREWHQGUtD
XQDPDJQtILFD\VHQVDFLRQDOLQIRUPDFLyQ
/D SHTXHxD FDVL LQVLJQLILFDQWH VRPEUD GH 0DUtD OD PDGUH GHO 0DHVWUR QR WDUGy HQ
GLIXPLQDUVH HQ OD SHQXPEUD -XDQ \ -XGH OD DFRPSDxDURQ HQ VX FDPLQR GH UHJUHVR D -HUXVDOpQ
3HURHOUHVWRGHODVPXMHUHVFRQWLQXyDFRUWDGLVWDQFLDSHQGLHQWHGHODJRQL]DQWHFUXFLILFDGR$OOt
HVWDEDQHQWUHRWUDVVHJXLGRUDV\FUH\HQWHV5XWKWDPELpQKHUPDQDFDUQDOGHO1D]DUHQR6DORPp
ODPDGUHGH-XDQ0LULiQHVSRVDGH&OHRSiV\KHUPDQDGHODPDGUHGH-HV~V5HEHFD\0DUtDOD
GH0DJGDODPiVFRQRFLGDKR\SRU0DJGDOHQD
+DFLD ODV HORSWLR DXWRUL]y DO TXH KDFtD ODV YHFHV GH LQWHQGHQWH D TXH UHSDUWLHUD OD
FHQDHQWUHORVKRPEUHVGHODSDWUXOODFHUGRVDODGRTXHVRSDQ\XQDUDFLyQGHDJXDFRQYLQDJUH
FRQRFLGR SRU HO QRPEUH GH SRVFD 7RGRV ORV VROGDGRV D H[FHSFLyQ GH ORV TXH PRQWDEDQ
JXDUGLDVHUHXQLHURQHQWRUQRDODKRJXHUDGDQGREXHQDFXHQWDGHODVYLDQGDV
'XUDQWHDTXHOORVEUHYHVPRPHQWRVGHGLVWHQVLyQSUHJXQWpDORILFLDOSRUTXpORVOHJLRQDULRV
KDEtDQ DSLODGR VHQGRV PRQWRQHV GH UDPDV HQ OD EDVH GH FDGD XQD GH ODV FUXFHV /RQJLQR
LQYLWiQGRPHDGHJXVWDUDTXHOYLQRIHUPHQWDGRPHH[SOLFyTXHFRQVLVWtDHQXQDVLPSOHPHGLGDGH
JUDFLD(QFDVRQHFHVDULRVLDVtVHRUGHQDEDRVLODDJRQtDGHORVUHRVVHSURORQJDEDHQGHPDVtD
GHEHUtDQSUHQGHUIXHJRDODOHxD(OKXPRUHPDWDEDDORVFUXFLILFDGRVDVIL[LiQGROHVHQFXHVWLyQ
GHPLQXWRV
$OJXQRVGHORVLQIDQWHVWUDWDQGRGHDSDFLJXDUHOPLHGRTXHVLQGXGDD~QOHVDWRUPHQWDED
HPSH]DURQDJDVWDUEURPDVDFXHQWDGHORVSULVLRQHURV8QRGHHOORVPiVRVDGRTXHHOUHVWRVH
YROYLyKDFLD-HV~VEULQGDQGRFRQVXMDUUDGHODWyQ
6DOXG\VXHUWHDOUH\GHORVMXGtRV
/DRFXUUHQFLDFRQWDJLyDOUHVWRTXHWDPELpQOHYDQWyVXSRVFDKDFLDODFUX]GHO*DOLOHR
-HV~VLQWHUUXPSLHQGRVXMDGHDQWHUHVSLUDFLyQH[FODPy
7HQJRVHG
( ORSWLR FRQVXOWy DO FHQWXULyQ \ pVWH OH DXWRUL]y D TXH DFHUFDUD DO *DOLOHR HO WDSyQ TXH
FHUUDEDODFiQWDUDFRQHODJXDDYLQDJUDGD$UVHQLXVWRPyHOFLHUUH\GHVSXpVGHFODYDUORHQOD
SXQWDGHXQDGHODVD]DJD\DVGHODHVFROWDOOHJyDOSLHGHOPDGHUROHYDQWDQGRODODQ]DGHIRUPD
TXHHOWDSyQSUHYLDPHQWHHPSDSDGRHQODSRVFDWRFDUDORVSROYRULHQWRVODELRVGHO0DHVWUR
1DWXUDOPHQWH QR GHVSHUGLFLp DTXHOOD RFDVLyQ -HV~V DEULy OD ERFD PRUGLHQGR DQVLRVDPHQWH HO
FRUFKR(OOtTXLGROLPSLyODWLHUUDSHURDOSHQHWUDUHQODVJULHWDVHOiFLGRKLULyQXHYDPHQWHOD
FDUQHGHO1D]DUHQRTXHUHWLUyHQVHJXLGDODFDEH]D$UVHQLXVEDMyHOSLOXP\DOREVHUYDUTXHHO
SULVLRQHURQRKDFtDLQWHQFLyQGHUHSHWLUHOKXPHGHFLPLHQWRGHVXERFDVHUHWLUy
/RV ODELRV GHO UDEt DFXVDEDQ FRQ VXV WHPEORUHV XQ LQFUHPHQWR GH OD FULVLV IHEULO 7RPp
HQWRQFHVXQDDQWRUFKD\DODSUR[LPDUODDOURVWURGH-HV~VGHVFXEUtFyPRODWHWDQL]DFLyQKDEtD
HPSH]DGR D UHGXFLU HO EULOOR GHO HVPDOWH GHQWDULR DXPHQWDQGR HQ FDPELR OD RSDFLILFDFLyQ GHO
FULVWDOLQR 6X RMR L]TXLHUGR VHJXtD FHUUDGR SRU ORV KHPDWRPDV /D LQVXILFLHQFLD SDUDWLURLGHD
SURYRFDGD SRU OD WHWDQL]DFLyQ GHEtD VHU \D DODUPDQWH FRQ XQ DFXVDGR GHVFHQVR GH OD
FRQFHQWUDFLyQGHFDOFLRHQVDQJUH
1RKDEtDWLHPSRTXHSHUGHU0HDOHMpXQRVSDVRVKDVWDOOHJDUDOILORVXUGHOSURPRQWRULR\
GHHVSDOGDVDORVOHJLRQDULRVDMXVWpODVFUyWDORVDPLVRMRV6HJXQGRVDQWHVFXDQGRH[WUDtDODV
OHQWHV GH FRQWDFWR GH OD EROVD GH KXOH YL FyPR -XDQ \ VX FRPSDxHUR UHJUHVDEDQ GH OD FLXGDG
XQLpQGRVHDODVPXMHUHV
$GYHUWt D (OLVHR GHO LQPLQHQWH FKHTXHR DQXQFLiQGROH TXH VL QR PH HTXLYRFDED -HV~V GH
1D]DUHWHVWDEDHQWUDQGRHQSOHQRSURFHVRSUHDJyQLFR\TXHDILQGHVLQFURQL]DUODH[SORUDFLyQ
PpGLFD FRQ HO WLHPSR UHDO DMXVWDUD ORV FURQyPHWURV GHO PyGXOR FRQ OD DFWLYDFLyQ GHO FLUFXLWR
XOWUDVyQLFRUHFRUGiQGRPHODKRUDFDGDFLQFRPLQXWRV
5HWURFHGt GH QXHYR SODQWiQGRPH D WUHV PHWURV GH OD FUX] FHQWUDO \ DFWLYp ODV RQGDV
XOWUDVyQLFDV
(UDQODVKRUDV
0L SULPHUD SUHRFXSDFLyQ IXH DYHULJXDU OD SpUGLGD JHQHUDO GH VDQJUH /DV FRQVWDQWHV
KHPRUUDJLDVHQHVSHFLDOGHVSXpVGHOHQFODYDPLHQWRPHKDFtDQVRVSHFKDUXQJUDYHGHVFHQVR
GHODYROHPLD/DVRQGDVGH0+=EXVFDURQODVSULQFLSDOHVDUWHULDV\HOHIHFWR'RSSOHUHQ
ODVFDYDV\DRUWDFRQILUPDURQPLVWHPRUHVHQDTXHOORVPRPHQWRVHOYROXPHQWRWDOGHVDQJUHIXH
HVWLPDGRHQXQSRU-HV~VSRUWDQWRDODVKRUDVKDEtDH[SHULPHQWDGRXQDSpUGLGD
GHOLWURV(VWRVGDWRV\RWURVPiVFRPSOHMRVTXHKHSUHIHULGRDKRUUDUHQPLGLDULRIXHURQ
REWHQLGRVFRPR\DDSXQWpHQVXPRPHQWRGHVSXpVGHODFXOPLQDFLyQGHDTXHOODSULPHUDSDUWH
GHOJUDQYLDMH
(O1D]DUHQRSRUWDQWRKDEtDSHUGLGRFDVLODPLWDGGHVXYROHPLD6LVHJXtDGHVDQJUiQGRVH\
VLQSRVLELOLGDGGHUHSRQHUDOPHQRVSDUWHGHOSODVPDSHUGLGRKHFKRpVWHIUDQFDPHQWHGLItFLO
OD DQHPLD JDORSDQWH WHUPLQDUtD SRU SURYRFDU XQ GHVIDOOHFLPLHQWR GHO TXH QR SRGUtD
UHFXSHUDUVH (Q DTXHOORV PRPHQWRV VXSRQLHQGR TXH HVWR KXELHUD VLGR SRVLEOH HO FXHUSR GHO
0DHVWURGHEHUtDKDEHUVLGRFRORFDGRHQSRVLFLyQKRUL]RQWDO
KRUDV
(O LQPHGLDWR UDVWUHR GHO ED]R VyOR YLQR D UDWLILFDU HO SUiFWLFDPHQWH PHUPDGR FLUFXLWR
JHQHUDGRUGHJOyEXORVURMRVRHULWURFLWRV$OGHVFHQGHUpVWRVDODDODUPDQWHFLIUDGH
SRU PLOtPHWUR F~ELFR GH VDQJUH HO ED]R KDEtD LGR OLEHUDQGR VXV UHVHUYDV SHUR SURQWR TXHGy
DJRWDGR(QFXDQWRDODDFHOHUDFLyQGHODHULWURSR\HVLVHQODPpGXODyVHD\ODHVWLPXODFLyQGHOD
VtQWHVLVSURWHLFDKDFtDWLHPSRTXHKDEtDQTXHGDGREDMRPtQLPRV
(VWDV SpUGLGDV HQ HO WRUUHQWH VDQJXtQHR \ OD QR LQJHVWLyQ GH OtTXLGRV FRPSHQVDGRUHV GHVGH
TXHIXHUDL]DGRVREUHHOPDGHURYHUWLFDOHVWDEDQRULJLQDQGRXQDVHGDSODVWDQWHTXL]iXQRGH
ORVSHRUHVVXIULPLHQWRV\FRQVHFXHQWHPHQWHXQGHVPHVXUDGR\FDVLVRVWHQLGRJDVWRFDUGtDFR
/D UXGLPHQWDULD YHQWLODFLyQ SXOPRQDU FDGD YH] PiV GHJUDGDGD KDEtD KHFKR VDOWDU WRGDV ODV
DODUPDV\HOFRUD]yQHQXQHVIXHU]RVXSUHPROXFKDEDSRUERPEHDUVDQJUHDODVPXVFXODWXUDV
GH KRPEURV EUD]RV H LQWHUFRVWDOHV (VWRV ~OWLPRV VREUH WRGR VH KDEtDQ KHFKR FDUJR
SUiFWLFDPHQWHGHO\DYHFHVGHOSRUGHODUHVSRQVDELOLGDGUHVSLUDWRULD
(O P~VFXOR FDUGLDFR HQ GHILQLWLYD TXH HQ XQD SHUVRQD QRUPDO WUDEDMD D UD]yQ GH D
SXOVDFLRQHV SRU PLQXWR JROSHDED OD FDMD WRUiFLFD GH -HV~V D XQ SURPHGLR GH ODWLGRV
DJRELDGR DQWH OD GUDPiWLFD VROLFLWXG GH R[tJHQR \ GH IXHU]D SRU SDUWH GH ODV iUHDV QREOHV GHO
RUJDQLVPR FHUHEUR ULxRQHV \ HQ HVWDV FLUFXQVWDQFLDV GH OD PXVFXODWXUD TXH SHOHDED SRU OD
HQWUDGDGHDLUHHQORVSXOPRQHV(OLQVWLQWRGHVXSHUYLYHQFLDHVWDEDLPSULPLHQGRDOFRUD]yQXQ
JDVWRTXH&DEDOORGH7UR\DHVWLPyHQWUH\OLWURVSRUPLQXWR6LQHPEDUJRFRQIRUPHLED
FRUULHQGRHOWLHPSRODVIRUPLGDEOHVSDOSLWDFLRQHVGHO1D]DUHQRIXHURQRVFLODQGRFRQVHQVLEOHV
GHVFHQVRV FRQVHFXHQFLD GH OD PHQRU DFWLYLGDG GHO EXOER UDTXtGHR TXH HPSH]DED WDPELpQ D
IODTXHDUHQYLDQGRPXFKRVPHQRVLPSXOVRVQHUYLRVRVDOFRUD]yQ(VWRHQVXPDSURYRFDUtDXQ
FLUFXORYLFLRVRGHFDUiFWHULUUHYHUVLEOH
KRUDV
(O 0DHVWUR FRQ ODV FRVWLOODV WHQVDV FRPR EDOOHVWDV \ ODV DUWHULDV SXOVDQGR VLQ GHVFDQVR
GHVSHJy OD EDUELOOD GHO WyUD[ 6X RMR GHUHFKR HPSH]DED D DSXQWDU XQ OLJHUR HVWUDELVPR R
GHVYLDFLyQGLYHUJHQWH)UXQFLyODVFHMDV\FRQXQJHPLGRVXSOLFDQWHH[FODPy
7HQJRVHG
/RQJLQRUHSLWLyODPDQLREUDSHURHQHVWDRFDVLyQORVDSHUJDPLQDGRVODELRVDSHQDVUR]DURQ
HOFLHUUHHVSRQMRVRGHODFiQWDUD(OFHQWXULyQKL]RRVFLODUODDQWRUFKDDODDOWXUDGHODFDUDGHO
*DOLOHRFRQOHQWRVPRYLPLHQWRVGHGHUHFKDDL]TXLHUGD3HURODSXSLODPX\GLODWDGDQROOHJyD
PRYHUVH -HV~V KDEtD HPSH]DGR D SHUGHU YLVLyQ /D PLUDGD YLGULRVD PH KL]R SHQVDU HQ OD
SRVLEOHIRUPDFLyQGHXQHGHPDSDSLODURKLQFKD]yQGHOQHUYLRySWLFRHQHOIRQGRGHDTXHORMR
VHJXUDPHQWHFRPRFRQVHFXHQFLDGHODKLSHUWHQVLyQLQWUDFUDQHDORSRUHOPHQRUIOXMRVDQJXtQHRHQ
DTXHOODUHJLyQGHODFDEH]D
(O RILFLDO H[DPLQy GHWHQLGDPHQWH HO URVWUR GHO UDEt 6X QDUL] D SHVDU GHO KHPDWRPD \ OD
SRVLEOH GHVYLDFLyQ R IUDFWXUD GH ORV KXHVRV SURSLRV KDEtD HPSH]DGR D DGTXLULU XQ VRPEUHDGR
DILODGRVLJQRLQHTXtYRFRGHODIDVHSUHPRUWDO7DPELpQVXVFXHQFDVRUELWDOHVVHKDOODEDQPiV
DFXVDGDVUHJLVWUiQGRVHXQKXQGLPLHQWRGHODEROVDDGLSRVDGHOSyPXORGHUHFKR(OL]TXLHUGRVH
KDOODEDWDQWXPHIDFWR\HQVDQJUHQWDGRTXHUHVXOWDEDLPSRVLEOHGLVWLQJXLUVHxDODOJXQD
(VWHFRPHQWy/RQJLQRHVWiOLVWR<UHWRUQyMXQWRDVXVKRPEUHVPRYLHQGRODFDEH]DFRQ
XQFLHUWRGHVDOLHQWR
0H VLWXp HQ FXFOLOODV \ GLULJt HO ILQtVLPR OiVHU URML]R SRU GHEDMR GHO ~OWLPR VHJPHQWR GHO
HVWHUQyQ R DSpQGLFH [LIRLGHV SURFXUDQGR HYLWDU DVt HO FKRTXH GH ORV XOWUDVRQLGRV FRQ ODV
FRVWLOODV IDOVDV \ IORWDQWHV $O HQFRQWUDU OD PDVD HVSRQMRVD \ HOiVWLFD GH ORV SXOPRQHV OD
FDWiVWURIH UHVSLUDWRULD DSDUHFLy HQ WRGR VX GUDPDWLVPR (O SXOPyQ L]TXLHUGR VH KDOODED FDVL
FRODSVDGR D FDXVD GH XQ GHUUDPH SOHXUDO /RV ODWLJD]RV \ VXFHVLYRV JROSHV \ SDWDGDV HQ ORV
FRVWDGRV \ FRQFUHWDPHQWH HQ HO L]TXLHUGR KDEtDQ RULJLQDGR VLQ GXGD OD DFXPXODFLyQ GH
OtTXLGRHQODSDUWHLQIHULRUGHOVDFRSOHXUDOTXHHQYXHOYHDOSXOPyQ
$O PHGLU ORV PiV LPSRUWDQWHV SDUiPHWURV GH OD UHVSLUDFLyQ>@ GH -HV~V GH 1D]DUHW OD
FRPSXWDGRUD HQFDUJDGD GH ODV YDORUDFLRQHV \ UHJLVWURV XQD 'DWDVSLU VLVWHPD RQ OLQH ('9
HVWLPyTXHHQDTXHOORVPRPHQWRVKRUDVWDO\FRPRVXSRQtDODFDSDFLGDGYLWDO
GHO*DOLOHRVHKDOODEDHQIDVHFUtWLFDFRQXQGpILFLWVXSHULRUDOSRU
(VWDGLVPLQXFLyQJHQHUDOL]DGDGHODVIXQFLRQHVUHVSLUDWRULDVKDEtDRFDVLRQDGRLJXDOPHQWHXQ
GHVFHQVR HQ HO YROXPHQ UHVLGXDO GH DLUH HVWLPDGR HQ FRQGLFLRQHV QRUPDOHV HQ OLWURV (Q
GHILQLWLYD ODV PHUPDVHQOD FDSDFLGDG YLWDO YROXPHQUHVLGXDO \7/&R FDSDFLGDGSXOPRQDU
WRWDOKDEtDQSURYRFDGRHQ-HV~VODIRUPDFLyQGHOOODPDGRSXOPyQSHTXHxR3RUGHVFRQWDGRHO
LQFUHPHQWR GH OD IUHFXHQFLD UHVSLUDWRULD SRU HQFLPD LQFOXVR GH ODV UHVSLUDFLRQHV SRU
PLQXWRVyORSHUPLWtDXQDSREUHDLUHDFLyQGHORVOODPDGRVHVSDFLRVPXHUWRVERFDWUiTXHD
HWFUHVXOWDQGRPX\SRFRHIHFWLYDDODKRUDGHWUDQVSRUWDUR[tJHQRDORVDOYpRORVSXOPRQDUHV<
FRQVHFXHQWHPHQWH OD KLSRYHQWLODFLyQ TXH VH GHULYDED GH OD H[LVWHQFLD GHO SXOPyQ SHTXHxR
DUUDVWUy GH LQPHGLDWR HO LQFUHPHQWR GHO & R DQKtGULGR FDUEyQLFR TXH FRQWULEX\y D XQ
SURJUHVLYRHQYHQHQDPLHQWRHLQWR[LFDFLyQGHOUDEt(VWDDOWDGRVLILFDFLyQGH&QRWDUGDUtDHQ
GHSULPLU HO VLVWHPD QHUYLRVR FHQWUDO &DEDOOR GH 7UR\D HVWLPy TXH HO DXPHQWR GH DQKtGULGR
FDUEyQLFRKDEtDDOFDQ]DGRYDORUHVVXSHULRUHVDORVPPJGHSUHVLyQDORVPLQXWRVGH
KDEHUVLGRFROJDGRHQODFUX](ODXPHQWRGHO3D&2RSUHVLyQDUWHULDOGHODQKtGULGRFDUEyQLFR
WXYR VLQ HPEDUJR XQD UHSHUFXVLyQ TXH SRGUtDPRV FDOLILFDU FRPR UHODWLYDPHQWH EHQHILFLRVD
SDUDHO1D]DUHQRDOPXOWLSOLFDUVHODSUHVHQFLDGHHVWHWy[LFRHORUJDQLVPRGH-HV~VHQWUyHQXQD
IDVHGHDGRUPHFLPLHQWRTXHVLQGXGDKL]RPiVOOHYDGHURHOWRUPHQWR
KRUDV
/D EDMD VDWXUDFLyQ GH R[tJHQR HQ KHPRJORELQD HVWLPXOy XQD YH] PiV HO LQVWLQWR GH
VXSHUYLYHQFLDGHO0DHVWUR(L]iQGRVHGHQXHYRVREUHORVFODYRVGHODVPXxHFDVDVSLUyODTXH
VHUtDVXSHQ~OWLPDERFDQDGDGHDLUH$SDUWLUGHHVRVLQVWDQWHVSUHVDGHXQDWDTXLFDUGLDPXFKR
PiVDJUHVLYDHO*DOLOHRFRQVFLHQWHGHVXVHVFDVRVPLQXWRVGHYLGDFRPHQ]yDUHFLWDUORTXH
PH SDUHFLHURQ SDVDMHV GH ODV 6DJUDGDV (VFULWXUDV (O FHQWXULyQ \ YDULRV OHJLRQDULRV VH
DSUR[LPDURQ LQWULJDGRV 3HUR VX OHQJXDMH HUD FDVL LQLQWHOLJLEOH /DV IXHU]DV VH OH HVFDSDEDQ D
ERUEROORQHV\VyORGHYH]HQFXDQGRVXVSDODEUDVOOHJDEDQFRQXQPtQLPRGHQLWLGH]DPLVRtGRV
$O UHWHQHU DOJXQDV GH DTXHOOD IUDVHV FDt HQ OD FXHQWD GH TXH HO 0DHVWUR QR WUDWDED GH GHFLUQRV
QDGD6LPSOHPHQWH(VWDEDUH]DQGR
$Vt SXGH HVFXFKDU SRU HMHPSOR 6p TXH HO 6HxRU VDOYDUi VX XQFLyQ R 7X PDQR
GHVFXEULUiDWRGRVPLVHQHPLJRV\VREUHWRGRODLPSUHVLRQDQWH\SROpPLFD'LRVPtR'LRV
PtRSRUTXpPHKDVDEDQGRQDGR"
$O UHWRUQDU DO PyGXOR FRQVXOWp HO OLEUR GH ORV 6DOPRV \ HIHFWLYDPHQWH FRPSUREp FyPR HO
0DHVWUR KDEtD HVWDGR UHFLWDQGR DOJXQRV GH ORV SDVDMHV GH HVWH WH[WR VDJUDGR (QWUH ORV TXH \R
DFHUWp D LGHQWLILFDU VH KDOODEDQ SiUUDIRV GH ORV VDOPRV ;; ;;, \ ;;,, (VWH ~OWLPR VDOPR
GLFHH[DFWDPHQWH'LRVPtR'LRVPtR3RUTXpPHKDVGHVDPSDUDGR"/HMRVHVWiQGHOD
VDOYDFLyQPLVUXJLGRV
1RSXGHSRUPHQRVTXHVRQUHtU/RVWHyORJRVH[pJHWDV\PRUDOLVWDVGHWRGDVODV,JOHVLDVKDQ
HVFULWRGXUDQWHVLJORVUtRVGHWLQWDWUDWDQGRGHLQWHUSUHWDU\DFRPRGDUHVWDV~OWLPDVSDODEUDVGH
-HV~V
3DUDDOJXQRVVREUHWRGRSDUDORV3DGUHVODWLQRVHVWHVXSXHVWRODPHQWRGHO1D]DUHQRHUDVyOR
XQDH[SUHVLyQPHWDIyULFD-HV~VGLFHQKDEODHQQRPEUHGHOD+XPDQLGDGSHFDGRUD\HQVX
SHUVRQD ORV SHFDGRUHV VRQ DEDQGRQDGRV GH 'LRV $Vt SHQVDEDQ SRU HMHPSOR 2UtJHQHV
$WDQDVLR*UHJRULR1D]LDQ]HQR&LULORGH$OHMDQGUtD\$JXVWtQHQWUHRWURV
8QDVHJXQGDKLSyWHVLVGHIHQGLGDSRU(XVHELR\(SLIDQLROOHJyDSURSRQHUORVLJXLHQWH
/D QDWXUDOH]D GH -HV~V KDEOD D VX QDWXUDOH]D GLYLQD TXHMiQGRVH DO 9HUER GH TXH YD\D D
DEDQGRQDUDODQDWXUDOH]DKXPDQDHQHOVHSXOFURSRUDOJ~QWLHPSR
3RU ~OWLPR XQD WHUFHUD WHRUtD DSXQWD KDFLD HO KHFKR GH TXH HO &ULVWR OOHJy D VHQWLUVH
YHUGDGHUDPHQWHDEDQGRQDGRSRUHO3DGUH$VtGLFHQDOPHQRVKRPEUHVWDQSUHVWLJLRVRVFRPR
7HUWXOLDQR7HRGRUHWR$PEURVLR-HUyQLPRVDQWR7RPiV\XQVLQItQGHWHyORJRVPRGHUQRV
(Q PL RSLQLyQ HO 0DHVWUR DQJXVWLDGR SRU OD VRPEUD GH OD PXHUWH VH UHIXJLy HQ DOJR TXH
UHVXOWDFRP~QDPXFKRVKXPDQRVFXDQGRVHYHQHQXQWUDQFHVHPHMDQWHODRUDFLyQ
KRUDV
(O IXOPLQDQWH DVFHQVR GH OD DFLGRVLV IXH RWUR DQXQFLR GHO LQPLQHQWH ILQDO GHO 1D]DUHQR$O
UHYLVDU HO WRUUHQWH VDQJXtQHR REVHUYDPRV XQ DODUPDQWH GHVFHQVR GHO S+ 'H HQ HO
PRPHQWR GH OD FUXFLIL[LyQ KDEtD EDMDGR D (O ULxyQ D~Q VHJXtD IDEULFDQGR DQJLRWHQVLQD
OXFKDQGRSRUVXELUODWHQVLyQSHURWRGRHUDSRFRPHQRVTXHLQ~WLO(QUHDOLGDGDTXHOODV~OWLPDV
UHVSLUDFLRQHVGH-HV~VGH1D]DUHWFDGDYH]PiVEUHYHV\DFHOHUDGDVHVWDEDQVRVWHQLGDV\DSRU
OD KLSR[LD R EDMD FDUJD GH R[tJHQR HQ OD KHPRJORELQD GH OD VDQJUH 3HUR HVWH ~OWLPR \ VDELR
HVWtPXORGHODQDWXUDOH]DKXPDQDWHQtDORVPLQXWRVFRQWDGRV
/D FLDQRVLV GRPLQDED \D WRGDV ODV PXFRVDV \ SDUWHV DFUDV SXQWDV GH ORV GHGRV GH ODV
PDQRV\GHORVSLHVOHQJXDODELRVHLQFOXVRDOJXQDViUHDVGHODSLHO
'H SURQWR HO ULWPR JDORSDQWH GHO FRUD]yQ VH HQFUHVSy D~Q PiV SXOVDQGR D UD]yQ GH
ODWLGRV SRU PLQXWR (O &ULVWR FRQ ORV GHGRV DJDUURWDGRV KDEtD LQLFLDGR OD TXH VHUtD VX ~OWLPD
HOHYDFLyQ PXVFXODU /D PXxHFD L]TXLHUGD JLUy SRU VHJXQGD YH] SHUR HQ HVWD RSRUWXQLGDG HO
JROSHGHVDQJUHIXHPXFKRPiVYLVFRVR\DPRUDWDGR$SHVDUGHHOORORVUHJXHURVHVFDSDURQSRU
HODQWHEUD]RJRWHDQGRKDVWDODURFDGHO&DOYDULRFXDQGRWRSDURQFRQHOFRGR(OFXHOORVHKLQFKy
\ORVP~VFXORVLQWHUFRVWDOHVH[SHULPHQWDURQQXHYRVHVSDVPRVPLHQWUDVHOURVWURJDQDEDDOWXUD
PLOtPHWURDPLOtPHWUR&RQHORMR\ODERFDPX\DELHUWRVHO0DHVWURSDUHFtDTXHUHUDWUDSDUOD
YLGDTXH\DVHOHLED
/DFDMDWRUiFLFDDSXQWRGHHVWDOODULQKDOyHODLUHVXILFLHQWHSDUDTXH-HV~VGH1D]DUHWFRQ
XQDSRWHQFLDTXHKL]RYROYHUODFDEH]DDWRGRVORVOHJLRQDULRVH[FODPDVH
+HWHUPLQDGR3DGUHSRQJRHQWXVPDQRVPLHVStULWX
$OLQVWDQWHVXFXHUSRVHGHVSORPyKDFLHQGRFUXMLUWRGDVODVDUWLFXODFLRQHV
/DYR]GH(OLVHRPHDQXQFLyODVKRUDV
$O HVFXFKDU OD UHWXPEDQWH IUDVH GHO UHR HO RILFLDO VH SUHFLSLWy KDFLD HO SLH GH ODVWLSH <
DQWHVGHTXHPHROYLGHGHHOORGHVHRSUHFLVDUTXHWDO\FRPRVHxDOD-XDQHQVX(YDQJHOLR~QLFR
WHVWLJRGHHQWUHORVFXDWURHVFULWRUHVVDJUDGRVQRKXERJULWRHQHOVHQWLGROLWHUDOGHODSDODEUD
6XYR]VHSURSDJyHVWHQWyUHDHVRVt\TXL]iSRUHOORFRQHOSDVRGHORVDxRVODVPXMHUHV\HO
SURSLRFHQWXULyQSXGLHURQFRQIXQGLUHVWDSRVWUHUDPDQLIHVWDFLyQGHO0DHVWURFRQXQJULWR7DO\
FRPRGLFH6DQ-XDQ-HV~VQRSURILULyVHPHMDQWHJULWR'LFKRHVWRSURVLJDPRV/RQJLQRDFHUFy
GHQXHYRODWHDDOURVWURGHO1D]DUHQR7HQtDHORMRDELHUWR\ODSXSLODGLODWDGD(QODUHYLVLyQGH
ODV ILOPDFLRQHV VH SXGR SUHFLVDU FyPR PLQXWRV DQWHV GH HVWD ~OWLPD SpUGLGD GH FRQFLHQFLD OD
FyUQHDGHORMRVHKDEtDYXHOWRRSDFD)XHXQDOiVWLPDTXHHORMRGHUHFKRVHKDOODUDFHUUDGR0X\
SUREDEOHPHQWHORVDQDOLVWDVGH&DEDOORGH7UR\DKDEUtDQGHWHFWDGRHOOODPDGRVLJQRGH/DUFKHU
>@
([WHUQDPHQWHKDEtDFHVDGRWRGDHYLGHQFLDUHVSLUDWRULD(O0DHVWURFRQODEDUELOODKXQGLGD
VREUHHOHVWHUQyQSHUPDQHFtDFRQODERFDHQWUHDELHUWD
0HDSUHVXUpDGLULJLUORVXOWUDVRQLGRVVREUHODUHJLyQFDUGtDFD&DEDOORGH7UR\DHVWLPyTXH
D SDUWLU GH ODV KRUDV FXDQGR HO WDEOHWHR GHO FRUD]yQ OOHYDED XQRV WUHV PLQXWRV
DSUR[LPDGDPHQWH FRQ XQD IUHFXHQFLD YHUWLJLQRVD TXH DOFDQ]y VX SLFR Pi[LPR HQ ODV \D
PHQFLRQDGDVSXOVDFLRQHVPLQXWRHOSXOVREDMyHQSLFDGR(OQyGXORVHQRDXULFXODUTXH
ODWHQRUPDOPHQWHDUD]yQGHYHFHVSRUPLQXWRVHFRORFyPX\SRUGHEDMRGHORVLPSXOVRV
\ HQ FXHVWLyQ GH VHJXQGRV WRGR HO PLRFDUGLR HQWUy HQ XQD ILEULODFLyQ YHQWULFXODU $ ORV
VHJXQGRVGHDUULWPLDHO0DHVWURFD\yIXOPLQDGRDXQTXHODSDUDGDFDUGtDFDILQDOQRVHSURGXMR
KDVWD GRV PLQXWRV \ PHGLR GHVSXpV 6HJ~Q HVWDV DSUHFLDFLRQHV HO IDOOHFLPLHQWR GH -HV~V GH
1D]DUHWSXGRRFXUULUDODVKRUDV\VHJXQGRVDSUR[LPDGDPHQWHGHOYLHUQHVGHDEULO
GHODxR
$ SHVDU GHO JDVWR FDUGtDFR HO ULHJR VDQJXtQHR TXH OOHJDED DO FHUHEUR IXH LQVXILFLHQWH
SURYRFDQGRHQWUHRWURVHIHFWRVHOUHIHULGRGHVPD\RRSpUGLGDGHFRQFLHQFLDGHOTXHQRKDEUtD
UHWRUQR
+DPXHUWR
(OFHQWXULyQSURQXQFLyDTXHOODVGRVSDODEUDVFRQXQDFLHUWDSLHGDG&RPRVLODGHVDSDULFLyQ
GHDTXHODMXVWLFLDGRKXELHUDUHSUHVHQWDGRDOJRSDUDpO(QUHDOLGDGFRPRKHGLFKRODPXHUWH
FOtQLFD GHO 1D]DUHQR QR VH SURGXFLUtD KDVWD SRFRV VHJXQGRV PiV WDUGH 3HUR HVWR QR SRGtD
VDEHUOR/RQJLQR
(O 0DHVWUR QR WDUGDUtD HQ HQWUDU HQ OD PXHUWH ELROyJLFD 6XVSHQGLGR SRU ORV FODYRV GH ODV
PXxHFDV VX YLHQWUH DSDUHFtD PX\ KLQFKDGR (O WyUD[ KDEtD TXHGDGR KXQGLGR \ ORV P~VFXORV
SHFWRUDOHV TXH QR KDEtDQ FHVDGR GH RVFLODU \ FRQYXOVLRQDUVH \DFtDQ UtJLGRV GHVPD\DGRV
(QWUH ODV UDPDV \ S~DV GHO FDVFR VH DSUHFLDED \D FDGD YH] PiV PDUFDGR XQ FtUFXOR YLRODGR
DOUHGHGRUGHODGHIRUPDGDQDUL]/DVVLHQHVVHPLRFXOWDVSRUORVFDEHOORVVHKDOODEDQKXQGLGDV\
ODRUHMDGHUHFKDDOJRYLVLEOHVHKDEtDUHWUDtGR/DSLHOVLWXDGDLQPHGLDWDPHQWHSRUHQFLPDGHOD
EDUEDVHDUUXJy\HOJORERRFXODUVHIXHRVFXUHFLHQGRFRPRVLORFXEULHUDXQDHVSHFLHGHWHOD
YLVFRVD3RUODVKHULGDVGHORVFODYRVHVSHFLDOPHQWHHQODGHOSLHGHUHFKRVHJXtDPDQDQGR
VDQJUH DXQTXH OD FRORUDFLyQ HUD \D PXFKR PiV URVDGD /D YROHPLD HQ HO LQVWDQWH GHO
IDOOHFLPLHQWRKDEtDUHEDVDGRODEDUUHUDGHOSRU(VGHFLUHO&ULVWRKDEtDGHUUDPDGRPiV
GHODPLWDGGHVXYROXPHQVDQJXtQHR
-XVWR HQ DTXHOORV PRPHQWRV VH UHJLVWUy OD UHODMDFLyQ GH VXV HVItQWHUHV TXH DxDGLHURQ DO \D
WpWULFRDVSHFWRGH-HV~VHOIpWLGRRORUGHXQRVH[FUHPHQWRVFDVLOtTXLGRV\DPDULOOHQWRVTXHVH
GHVOL]DURQSRUODVFDUDVLQWHULRUHVGHVXVSLHUQDV
'XGp D OD KRUD GH XWLOL]DU HO FLUFXLWR WHOHWHUPRJUiILFR 6LQ HPEDUJR D SHVDU GH PL
DWXUGLPLHQWR FXPSOt OR HVWDEOHFLGR SRU HO SUR\HFWR 'H DTXHO ~OWLPR \ UiSLGR H[DPHQ SXGR
GHGXFLUVHSRUHMHPSORTXHODDFXPXODFLyQGHVDQJUHHQODVH[WUHPLGDGHVLQIHULRUHVDSHVDU
GH OD UXSWXUD GH XQD GH ODV DUWHULDV GHO SLH GHUHFKR KDEtD VLGR FRQVLGHUDEOH $ ORV SRFRV
VHJXQGRVGHODPXHUWHODWHPSHUDWXUDGHGLFKDVH[WUHPLGDGHVLQIHULRUHVFRPRFRQVHFXHQFLDGHOD
VREUHFDUJDVDQJXtQHDHUDGHXQJUDGRFHQWtJUDGRSRUHQFLPDGHORQRUPDO
$OFKHTXHDUORVWHMLGRVVXSHUILFLDOHVVHFRPSUREyWDPELpQTXHHODJXGR\GHFLVLYRSURFHVR
GH WHWDQL]DFLyQ KDEtD LQXWLOL]DGR ODV SLHUQDV \ PXVORV GHO 1D]DUHQR D ORV PLQXWRV GH VX
HOHYDFLyQ \ HQFODYDPLHQWR HQ HO iUERO (VWR FRQILUPDED PLV LPSUHVLRQHV VREUH ORV WLWiQLFRV
HVIXHU]RVTXHWXYRTXHGHVDUUROODUHOUDEtGH*DOLOHDFDGDYH]TXHOXFKDEDSRUXQDERFDQDGDGH
DLUH $O IDOODU ORV KLSRWpWLFRV SXQWRV GH DSR\R GH ORV FODYRV GH ORV SLHV FRPR GLMH IXH OD
PXVFXODWXUD VXSHULRU KRPEURV DQWHEUD]RV \ P~VFXORV LQWHUFRVWDOHV ORV TXH FRUULHURQ FRQ HO
JDVWR HQHUJpWLFR 3HUR HVWDV ILEUDV VH YHUtDQ EORTXHDGDV WDPELpQ SRU OD WHWDQL]DFLyQ SRFRV
PLQXWRVGHVSXpVDORVORVGHOWRLGHVYDVWRVH[WHUQRVGHORVEUD]RV\VXSLQDGRUHVSDOPDUHV
PD\RUHVFXELWDOHV\DQFyQHRVGHORVDQWHEUD]RV$ORVPLQXWRVDSUR[LPDGDPHQWHTXHGDURQ
GLH]PDGRVORVJUDQGHVSHFWRUDOHV\ODSRWHQWHUHGPXVFXODUGHOD]RQDVXSHULRUGHODHVSDOGDORV
WUDSHFLRV(VWDFDVLFRQJHODFLyQGHODIRUPLGDEOHPXVFXODWXUDGHO*DOLOHRSUHFLSLWyVXPXHUWH
EDMR HO VLJQR SULQFLSDO \ KRUULEOH GH OD DVIL[LD (QWUH OD SOp\DGH GH GpILFLWV FLUFXODWRULRV
YHQWLODWRULRVUHQDOHV\GHOVLVWHPDQHUYLRVRFHQWUDOTXHFRQIOX\HURQ\OHHPSXMDURQKDFLDHOILQ
&DEDOORGH7UR\DFRQVLGHUyVLHPSUHTXHODUDt]\FDXVDEiVLFDGHOyELWRVLHVTXHDHVWDPXHUWH
VHOHSXHGHGDUHOFDOLILFDWLYRGHQDWXUDOGHO0DHVWURIXHODDVIL[LD+DFLDODVKRUDVHO
FHUHEUR GH -HV~V LQJUHVy HQ HO FRPD 'HSDVp FRQ ODV WUiJLFDV FRQVHFXHQFLDV TXH HOOR
VLJQLILFD
/DV iUHDV GH ODV SHUIRUDFLRQHV GH ORV FDUSRV \ SLHV DUURMDURQ XQ FRORU D]XO LQWHQVR VHxDO
HYLGHQWH GHO LPSRUWDQWHSURFHVR LQIODPDWRULRTXH KDEtDQ SDGHFLGR\ FRQVHFXHQWHPHQWHGH XQD

PD\RUWHPSHUDWXUD
3DUDFXDQGRVLWXpHOOiVHUHQHORMRGH-HV~VODGLODWDFLyQGHODSXSLODRIUHFLy~QLFDPHQWH
XQDPDQFKDRVFXUDVLJQRFODURGHXQDSpUGLGDGHYLVLyQ/DWHPSHUDWXUDGHODVHVWUHFKDV]RQDV
SHULIpULFDVGHODFyUQHDVLQHPEDUJRD~QFRQVHUYDEDQFDORU\IXHSRVLEOHUHJLVWUDUXQRVEUHYHV
DQLOORVD]XOHV(OFULVWDOLQRHQGHILQLWLYDDSDUHFtDRSDFLILFDGR\HOLULVDVLPpWULFR
(Q UHDOLGDG SRFR PiV VH SRGtD KDFHU (O JHQHUDO &XUWLVV OXFKy SDUD TXH ORV WpFQLFRV
SHUIHFFLRQDVHQHOVLVWHPDGHUHVRQDQFLDPDJQpWLFDQXFOHDUTXHQRVKXELHUDSHUPLWLGRUDVWUHDU
ORVPRYLPLHQWRVDWyPLFRVGHDOJXQDV]RQDVFODYHVGHOFHUHEURGHO1D]DUHQRSHURORVWUDEDMRV
QROOHJDURQDWLHPSR
7ULVWHPHQWHDTXHO+RPEUHDTXLHQ\RKDEtDHPSH]DGRDDGPLUDU\TXHUHUKDEtDPXHUWR$
SHVDU GH WRGR PL HQWUHQDPLHQWR DO GHVSRMDUPH GH ODV FUyWDORV PH GHMp FDHU VREUH OD GXUD
VXSHUILFLH GHO *yOJRWD /D PHODQFROtD IXH JHUPLQDQGR HQ OR PiV LQWULQFDGR GH PL DOPD \ VHQWt
FyPR SDUWH GH Pt PLVPR VH LED FRQ DTXHO VHU 8QD PHODQFROtD VLQ KRUL]RQWHV TXH OR Vp QR VH
GHVSUHQGHUi GH PL DQJXVWLDGR FRUD]yQ KDVWD TXH OD PXHUWH FLHUUH GHILQLWLYDPHQWH PL SREUH
H[LVWHQFLD0LHQWUDVFRPRDTXHOGtDMXQWRDODVFUXFHVVLJROORUDQGR
1L (OLVHR QL QDGLH GHO SUR\HFWR OR VXSR MDPiV $ SDUWLU GH DTXHO IDWtGLFR PRPHQWR GH OD
PXHUWHGH-HV~VDOJRVHKXQGLyHQORPiVSURIXQGRGHPLVHU0LV~OWLPDVKRUDVHQ3DOHVWLQDQR
WXYLHURQ FDVL VHQWLGR &XPSOt FRQ OR SURJUDPDGR SRU &DEDOOR GH 7UR\D SHUR FDVL FRPR XQ
DXWyPDWD<ORSHRUHVTXHMDPiVSXGHUHKDFHUPH
$ODVKRUDVPLQXWRV\VHJXQGRVMXVWDPHQWHFXDQGRHOFRUD]yQGHO1D]DUHQRVH
GHWXYRSDUDVLHPSUHRFXUULyORLQHVSHUDGR&RQXQDVLQFURQL]DFLyQTXHD~QPHDWHUUD\TXH
VyORSXHGHWHQHUXQDH[SOLFDFLyQDTXHOODOXQDJLJDQWHVFDFRPHQ]yDPRYHUVH<FRQODPLVPD
OHQWLWXG FRQ TXH KDEtD FXELHUWR HO VRO DVt IXH GHVSOD]iQGRVH KDFLD HO (VWH GHYROYLpQGRQRV OD
WUDQVSDUHQWHOXPLQRVLGDGGHDTXHOYLHUQHV
0LFRPSDxHURHQHOPyGXORVHDSUHVXUyDFRQILUPDUORTXH\RHVWDEDYLHQGR3RFRDSRFR
VLQSULVDVFRPRGHMiQGRVHYHUHOREMHWRVHGLULJLyKDFLD/HYDQWHGHVDSDUHFLHQGRSRUGHWUiVGHO
PRQWHGHODV$FHLWXQDV
$TXHOVLQJXODUDPDQHFHUIXHDFRJLGRSRUORVOHJLRQDULRV\SRUHOHVFDVRJUXSRGHPXMHUHV
\ VDGXFHRV TXH VHJXtDQ MXQWR DO SHxDVFR FRQ YLYDV PXHVWUDV GH DOHJUtD \ DVRPEUR 2WUR WDQWR
RFXUULyHQODFLXGDG6XVKDELWDQWHVHVWLPDURQHVWDOLEHUDFLyQGHOVROFRPRXQVLJQRGHEXHQ
DXJXULR
)XH HQWRQFHV PLHQWUDV HO JLJDQWHVFR GLVFR URPStD VX HVWDFLRQDULR DOHMiQGRVH FXDQGR HO
FHQWXULyQYROYLpQGRVHKDFLDODFUX]HQODTXHFROJDEDHO0DHVWURJROSHyODFRUD]DTXHSURWHJtD
VXWyUD[FRQHOSXxRGHUHFKR\VRVWHQLHQGRHVWDDFWLWXGGHVDOXGRVHQWHQFLy
&LHUWDPHQWHHUDXQKRPEUHLQWHJUR5HDOPHQWHKDGHELGRVHUHO+LMRGH'LRV
/RV VROGDGRV LQTXLHWRV SLGLHURQ LQVWUXFFLRQHV DORSWLR \ DO RILFLDO 3HUR QL $UVHQLXV QL
/RQJLQR VXSLHURQ TXp KDFHU 6HQFLOODPHQWH FRPR PHGLGD GH VHJXULGDG GREODURQ OD JXDUGLD
$OJRLQWXtDQDTXHOORVKRPEUHVFXDQGRDFWXDURQDVt<QRVHHTXLYRFDEDQ
$O GHVDSDUHFHU OD SHQXPEUD OD OX] GHO VRO LOXPLQy D ORV FUXFLILFDGRV GHVYHODQGR WRGR HO
KRUURUGHDTXHOORVFXHUSRVGHVDQJUDGRVJURWHVFDPHQWHFRQYXOVLRQDGRV\FXELHUWRVGHDUHQD/RV
]HORWDV FRQWLQXDEDQ LQFRQVFLHQWHV \ DVt VLJXLHURQ DIRUWXQDGDPHQWH SDUD HOORV KDVWD TXH
OOHJDURQDTXHOORVWUHVQXHYRVOHJLRQDULRV
/D SLHO GHO *DOLOHR D SHVDU GH OD JUXHVD SHOtFXOD GH SROYR TXH VH KDEtD DGKHULGR D VXV
GHVJDUURV FDEHOORV FRiJXORV \ PDQFKDV GH VDQJUH SURQWR HPSH]DUOD D UHVDOWDU FRQ OD WtSLFD
WRQDOLGDGPDUPyUHDGHORVFDGiYHUHV(ORORUGHODVKHFHVKDFtDLQVRSRUWDEOHODHVWDQFLDMXQWRD
ODFUX]\ORVLQIDQWHVTXHQRPRQWDEDQJXDUGLDVHUHWLUDURQKDVWDHOILORGHOSDWtEXOR/DVLWXDFLyQ
VHKL]RDOJRPiVOOHYDGHUDFXDQGRQDGDPiVVDOLUHOVROHOYLHQWRYROYLyDVRSODUGHVGHHO
(VWHDXQTXHPXFKRPiVGHELOLWDGRTXHHQODVKRUDVSUHFHGHQWHV(VDKRUDFRQODSHUVSHFWLYDGHO
WLHPSRFXDQGRPHKHKHFKRXQDSUHJXQWDTXHHQWRQFHVQROOHJXpDLQWXLUVLTXLHUD7XYRDOJRTXH
YHU OD SUHVHQFLD GH DTXHO IRUPLGDEOH REMHWR FRQ OD H[WUDxD TXLHWXG TXH VREUHYLQR DO PLVPR
WLHPSRTXHODVWLQLHEODV\FRQHOSRVWHULRUUHFUXGHFLPLHQWRGHOYLHQWR"(OFLHQWtILFRQRWLHQH
UHVSXHVWDSHURHOKRPEUHLQWXLWLYRTXHWDPELpQOOHYRGHQWURPHGLFHTXHVt
1RWp XQD OyJLFD DODUPD HQWUH ODV PXMHUHV \ HQ -XDQ \ HO KHUPDQR GH -HV~V /D DEVROXWD
LQPRYLOLGDGGHVX0DHVWURHPSH]DEDDH[WUDxDUOHV0LHVWDGRGHiQLPRHUDWDQPHQJXDGRTXHPH
YROYt GH HVSDOGDV QR GHVHDQGR WURSH]DU FRQ OD PLUDGD GHO MRYHQ =HEHGHR (QWRQFHV KDFLD HO
2HVWHSHUFLEtXQDFXULRVDDJLWDFLyQHQWUHODVEDQGDGDVGHSiMDURVTXHDQLGDEDQJHQHUDOPHQWHHQ
ORV PXURV GH OD FLXGDG$ SHVDU GHO YLHQWR KDEtDQ UHPRQWDGR HO YXHOR GLVSHUViQGRVH HQ WRWDO
GHVRUGHQ 0H HQFRJt GH KRPEURV 6LQ HPEDUJR FDVL D OD SDU XQD FRQIXVD DOJDUDEtD PH KL]R
YROYHU OD FDEH]D KDFLD OD PXUDOOD /R TXH YL PH GHMy SHUSOHMR 3RU OD SXHUWD GH (IUDtP KDEtD
HPSH]DGR D VDOLU XQ WURSHO GH SHUURV ODGUDQGR ODVWLPHUDPHQWH <R VDEtD TXH KDEtD FDQHV HQ
-HUXVDOpQ SHUR QXQFD FUHt TXH IXHUDQ WDQWRV 3DUHFtDQ QHUYLRVRV PX\ H[FLWDGRV \ VREUH WRGR
DWHPRUL]DGRV&RPRVLDOJRRDOJXLHQOHVKXELHUDSXHVWRHQIXJDUHSHQWLQDPHQWH3HURTXLpQ"
/RQJLQR\\RQRVPLUDPRVVLQFRPSUHQGHUHLJXDOPHQWHDODUPDGRV4XpHVWDEDRFXUULHQGR
HQ-HUXVDOpQ"
/RV FKXFKRV FUX]DURQ D OD FDUUHUD SRU GHODQWH GHO SHxDVFR HQ GLUHFFLyQ D ORV FDPSRV GHO
QRUWH \ QRURHVWH $OJXQRV MDGHDQWHV \ KXVPHDQGR HO WHUUHQR VLQ FHVDU WUHSDURQ D OR DOWR GHO
*yOJRWDSHURIXHURQUiSLGDPHQWHH[SXOVDGRVSRUORVOHJLRQDULRV
$ORVSRFRVVHJXQGRVXQDFRPXQLFDFLyQGHVGHODFXQDPHHVWUHPHFtDH[SOLFDQGRHQSDUWH
HO DQyPDOR FRPSRUWDPLHQWR GH DTXHOORV DQLPDOHV ORV VHQVRUHV GH D ERUGR KDEtDQ HPSH]DGR D
GHWHFWDU XQD VHULH GH JDVHV FRQ DOWR FRQWHQLGR GH D]XIUH DVt FRPR XQ OLJHUR LQFUHPHQWR GH OD
WHPSHUDWXUDDQLYHOGHOVXHOR
(OLVHRQRHVWDEDVHJXURSHURHUDSRVLEOHTXHVHDYHFLQDUDXQPRYLPLHQWRVtVPLFR$TXHOOD
KLSyWHVLVVtSRGtDDFODUDUHQSDUWHODLQTXLHWXGGHODVDYHV\SHUURV/RVDQLPDOHV\WDPELpQHO
KRPEUH DXQTXH HQ XQD SURSRUFLyQ PHQRU WLHQHQ FDSDFLGDG SDUD LQKDODU ORV JDVHV TXH
IUHFXHQWHPHQWHSUHFHGHQDOHVWDOOLGRGHXQWHUUHPRWR$OUHJLVWUDUVHODVSULPHUDVSHUWXUEDFLRQHV
HQHOLQWHULRUGHOD7LHUUDORVJDVHVVRQH[SXOVDGRVDWUDYpVGHODVHVWUHFKDVILVXUDVGHOVXHOR\
ORV DQLPDOHV SXHGHQ LQKDODUORV (VWRV VHJUHJDQ DO LQVWDQWH HQ VXV FHUHEURV XQ YROXPHQ GH
VHURWRQLQDV PX\ VXSHULRU DO QRUPDO \ ODV FLWDGDV KRUPRQDV GLVSDUDQ ORV PHFDQLVPRV GH
H[FLWDELOLGDGGHOLQGLYLGXR(QHOFDVRGHORVSHUURVKDEtDQVDOLGRKX\HQGRUHWLUiQGRVHGHODV
SHOLJURVDViUHDVGHHGLILFLRVGH-HUXVDOpQ
6LQHPEDUJRORVGRVVLVPyJUDIRV7HOHG\QH\*HRWHFKLQVWDODGRVSRU&DEDOORGH7UR\D
SDUD PHGLU \ YDORUDU HO WHUUHPRWR D TXH KDFH DOXVLyQ HO HYDQJHOLVWD 0DWHR HQ VX WH[WR VDJUDGR
\ GHO TXH \R VLQFHUDPHQWH PH KDEtD ROYLGDGR SRU FRPSOHWR QR UHJLVWUDEDQ VHxDO
DOJXQD $PERV HVSHFLDOPHQWH GLVHxDGRV SRU ORV HVSHFLDOLVWDV GHO &HQWUR 1DFLRQDO GH
7HUUHPRWRV \ 0HWHRURORJtD GH 7RNLR \ HQ ORV TXH FRODERUy GHFLVLYDPHQWH HO SURIHVRU
1DJDPXQHMHIHGH,QIRUPDFLyQGH3URQyVWLFRVGH7HUUHPRWRIXHURQXELFDGRVSRUORVH[SHUWRV
HQ GRV GH ORV VRSRUWHV R WUHQHV GH DWHUUL]DMH GH OD FXQD (Q HO GHOLFDGR SURFHVR GH
PLQLDWXUL]DFLyQ \ DGDSWDFLyQ D QXHVWUD QDYH XQR GH ORV DSDUDWRV IXH FRQYHUWLGR HQ VLVPyJUDIR
KRUL]RQWDO \ HO VHJXQGR HQ YHUWLFDO /RV SHVDGRV SpQGXORV IXHURQ VXVWLWXLGRV SRU VHQGRV
KDFHVGHOX]OiVHUFDSDFHVGHUHJLVWUDUODVRQGDVGHVLVPRVSURIXQGRVKDVWDNLOyPHWURV\
QDWXUDOPHQWHODVSURFHGHQWHVGHPRYLPLHQWRVLQWHUPHGLRVRVRPHURVFRQXQDSURIXQGLGDGOtPLWH
GH NLOyPHWURV EDMR OD VXSHUILFLH (Q HO KRUL]RQWDO HVSHFLDOPHQWH SURJUDPDGR SDUD ORV
PRYLPLHQWRV GH YDLYpQ R GH URGLOOR GHO WHUUHQR HO HVSHMR WUDGLFLRQDO TXH VLUYH FRPR
UHJLVWUR IRWRJUiILFR KDEtD VLGR HOLPLQDGR /RV LPSXOVRV GHO OiVHU TXHGDEDQ FRGLILFDGRV DO
LQVWDQWH VREUH XQ SDSHO HVSHFLDO SXGLHQGR DPSOLDU ODV YLEUDFLRQHV SRU HQFLPD GH ODV
YHFHV (Q FXDQWR DO GH SpQGXOROiVHU GH FRQIRUPDFLyQ YHUWLFDO SUHSDUDGR SDUD ORV
PRYLPLHQWRV GH FRPSUHQVLyQ VH KDOODED HQ FRQWDFWR FRQ XQ SDSHO WpUPLFR \ XQ UHJLVWUR
WUDGLFLRQDOGHFLQWDPDJQpWLFD
)XH SRFR GHVSXpV D ODV KRUDV FXDQGR VHQWLPRV DTXHOOD SULPHUD VDFXGLGD
5HFXHUGR XQ SHTXHxR GHWDOOH TXH HQ ODV SULPHUDV GpFLPDV GH VHJXQGR FRQWULEX\y D~Q PiV D
GXSOLFDUPLFRQIXVLyQ8QRGHORVOHJLRQDULRVSRURUGHQGHORSWLRKDEtDWRPDGRHQWUHVXVPDQRV
OD YDVLMD HQFHUUDGD HQ OD PDOOD GH FXHUGDV \ VH GLVSRQtD D DUURMDU SDUWH GHO DJXD GH OD PLVPD
VREUHODVOODPDVGHODKRJXHUD<DVtORKL]R3HURHQHOLQVWDQWHHQTXHYHUWtDHOOtTXLGRVREUHOD
IRJDWDHOSULPHUWLUyQGHOWHUUHQROHGHVHTXLOLEUy\HOFKRUURGHDJXDIXHDHVWUHOODUVHVREUHHO
URVWURGHRWURFRPSDxHURTXHSHUPDQHFtDVHQWDGRPX\FHUFDGHOIXHJR
(OOHJLRQDULRFD\yVREUHODURFD\WDPELpQODFiQWDUDTXHVHTXHEUyHQSHGD]RV
$TXHOOD RVFLODFLyQ GHO VXHOR SURGXMR OD IXOPLQDQWH LQFRUSRUDFLyQ GH ORV VROGDGRV TXH VH
KDOODEDQVHQWDGRVTXLHQHVDWXUGLGRVQRWXYLHURQWLHPSRQLGHPLUDUVHXQRVDRWURV$XQTXHHQ
ODV FRPSUREDFLRQHV SRVWHULRUHV VH HVWLPy TXH OD SULPHUD RQGD VtVPLFD DSHQDV VL WXYR XQD
GXUDFLyQGHVHJXQGRVHOGHVSOD]DPLHQWRKRUL]RQWDOGHORVHVWUDWRVHQIRUPDGHYDLYpQ
OOHYDEDXQDSRWHQFLDVXILFLHQWHFRPRSDUDGHUULEDUDYDULRVGHORVLQIDQWHV(QPLFDVRORTXH
PiV PH FRQVWHUQy HQ DTXHOORV VHJXQGRV LQLFLDOHV IXH HO DJRELDQWH PDUHR TXH HPSHFp D
H[SHULPHQWDU3DUHFtDFRPRVLXQDIXHU]DLQYLVLEOHHVWXYLHUDDJLWDQGRPLFHUHEUR
$O QRWDU OD VDFXGLGD ODV PXMHUHV URPSLHURQ D FKLOODU YtFWLPDV GHO PLVPR SiQLFR TXH QRV
LQXQGDEDDWRGRV
3HURV~ELWDPHQWHGHODPLVPDIRUPDTXHKDEtDOOHJDGRDVtGHVDSDUHFLyDTXHOPRYLPLHQWR
/RQJLQR\HOVXERILFLDOSiOLGRVFRPRODSLHOGH-HV~VHVSHUDURQXQRVVHJXQGRV6XVPLUDGDV
HVWDEDQILMDVHQORVH[WUHPRVVXSHULRUHVGHODVFUXFHV3HURODVVWLSHVDOFHVDUHOWHPEORUKDEtDQ
TXHGDGRWDQLQPyYLOHVFRPRDQWHVGHOVLVPR<HORILFLDOFRQPX\EXHQFULWHULRVHGLULJLyDVXV
KRPEUHVJULWiQGROHV
$EDMR9DPRVWRGRVDEDMR
/DSDWUXOODLQFOXLGRVORVFHQWLQHODVREHGHFLyDOPRPHQWRSUHFLSLWiQGRVHSRUHOFDQDOLOORGH
DFFHVRDO*yOJRWD(QODDWURSHOODGDKXLGDGHOSDWtEXORDOJXQRVGHORVVROGDGRVROYLGDURQVXV
HVFXGRV\FDVFRV&XDQGRHORILFLDOHVWDEDDSXQWRGHGHVFHQGHUKDFLDHOFDPLQRVHGHWXYR\
JLUDQGR VREUH VXV WDORQHV UHJUHVy KDVWD OD KRJXHUD DSDJiQGROD D EDVH GH SLVRWRQHV (Q HVH
PRPHQWRPLFRUD]yQVHDVWLOOySRUHOPLHGRXQEUDPLGRVRUGR\OHMDQRFRPHQ]yDOHYDQWDUVH
SRU HO (VWH &DVL VLPXOWiQHDPHQWH VH GHMy VHQWLU OD VHJXQGD \ PiV YLJRURVD VDFXGLGD 7RGR HO
SHxDVFRWHPEOy\RVFLOyQRHVWR\PX\VHJXURGHVLVyORIXHXQRGHHVWRVPRYLPLHQWRVRORVGRV
DXQPLVPRWLHPSR\PHVHQWtYLROHQWDPHQWHGHVSOD]DGRFD\HQGRVREUHODYLEUDQWHVXSHUILFLH
GHO &DOYDULR (V FXULRVR SHUR DO YHU \ VHQWLU DTXHOODV YLEUDFLRQHV GH OD URFD PH YLQR D OD
PHPRULDODHVFHQDGHORVHVSDVPRVGHODFDUQHGHYDFDUHFLpQVDFULILFDGD
'HVGHHOVXHORLPSRWHQWHSDUDOHYDQWDUPHGLVWLQJXtFyPRHOFHQWXULyQKDEtDFDtGRWDPELpQ\
FyPRODVFUXFHVDFXVDEDQDTXHOODVHJXQGDUpSOLFDFRQXQDHVSHFLHGHWUDTXHWHRUDSLGtVLPRTXH
KL]R HVWUHPHFHU ORV FXHUSRV GH ORV MXGtRV 8QD GH ODVVWLSHV VLWXDGD SRU GHWUiV GH ORV
FUXFLILFDGRVODTXHVHKDOODEDOLJHUDPHQWHLQFOLQDGDVHEDPEROHyFRPRXQMXQFRDJLWDGRSRU
HOYLHQWRGHVSORPiQGRVH
(OSiQLFR\HOVRIRFDQWHPDUHRIXHURQWDOHVTXHDSHVDUGHQHFHVLWDUORQRVXSHRQRSXGH
JULWDUQLSURQXQFLDUSDODEUDDOJXQD7XPEDGRERFDDEDMR\DIHUUDGRDODVLUUHJXODULGDGHVGHOD
URFD VyOR IXL FDSD] GH IRUPXODU XQ SHQVDPLHQWR 6REUHYLYLU /DV VXFHVLYDV FRQYXOVLRQHV GHO
WHUUHQRPHJROSHDEDQVLQFHVDUOOHJDQGRLQFOXVRDOHYDQWDUPHHQYLORDYDULRVFHQWtPHWURVGHO
VXHOR
+R\ GHVSXpV GH OD DPDUJD H[SHULHQFLD UHFXHUGR PX\ ELHQ FyPR ODV SLHGUDV VXHOWDV GHO
SHxDVFR VDOWDEDQ FRPR SHORWDV GH JRPD VH GHVSOD]DEDQ KRUL]RQWDOPHQWH FRPR SUR\HFWLOHV \
FKRFDEDQYLROHQWDPHQWHFRQWUDODVEDVHVGHODVFUXFHV\FRQWUDPLFXHUSR\HOGHORILFLDO
6XPHUJLGR HQ XQ SDYRU LQFRQWURODEOH H LUUDFLRQDO DTXHOORV VHJXQGRV QR WXYLHURQ WLHPSR QL
PHGLGD)XHURQVHQFLOODPHQWHHWHUQRV(OWUXHQRTXHSDUHFtDQDFHUGHFDGDFHQWtPHWURFXDGUDGR
GHO VXHOR \ OD YLROHQWD DJLWDFLyQ GH OD 1DWXUDOH]D WXYLHURQ VLQ HPEDUJR XQD GXUDFLyQ
UHODWLYDPHQWHFRUWDVHJXQGRVVHJ~QHOLQVWUXPHQWDOGHOPyGXOR$PtDTXHOORVVHJXQGRV
VHPHDQWRMDURQVLJORV
$OFDERGHHVHWLHPSRWRGRYROYLyDVHUHQDUVH<XQVLOHQFLRGHPXHUWHFD\yVREUHODSHxD\
VXVDOUHGHGRUHV
&XDQGR DFHUWp D OHYDQWDUPH WXYH TXH DSR\DUPH HQ OD YDUD GH 0RLVpV $KRUD HUD HO
HVWyPDJRHOTXHPHGDEDYXHOWDVFRQXQDDQJXVWLRVDQHFHVLGDGGHDUURMDU8QVXGRUIUtROOHQyPL
FXHUSR FDVL VLPXOWiQHDPHQWH +R\ Vp TXH EXHQD SDUWH GH HVH PDOHVWDU HUD FRQVHFXHQFLD GHO
PLHGR
/RQJLQRSHUPDQHFLyXQRVLQVWDQWHVGHURGLOODVFRQODYLVWDILMDHQHOVXHORGHODURFDFRPR
HVSHUDQGRXQDWHUFHUDVDFXGLGD3HURHOVLVPRQRVHUHSHWLUtD
$O REVHUYDU FyPR HO QXHYR WHPEORU QR WHUPLQDED GH OOHJDU HO RILFLDO VH LQFRUSRUy
KDFLpQGRPH XQ JHVWR FRQ HO EUD]R SDUD TXH OH VLJXLHUD &UHR TXH MDPiV KH REHGHFLGR WDQ
FLHJDPHQWHDXQDSHUVRQD$ORVSRFRVVHJXQGRVHOFHQWXULyQ\\RPiVTXHFRUUHUYROiEDPRV
SRUHOFDOOHMyQGHO&DOYDULRVDOLHQGRDFDPSRDELHUWR\XQLpQGRQRVDOSHORWyQ/DFDVLWRWDOLGDG
GHODVPXMHUHVVHKDOODEDFDtGDHQWLHUUDJLPLHQGR\SURILULHQGRXQRVJULWRVTXHWHUPLQDURQGH
HUL]DUPHORVYHOORV
-XDQ\-XGHWDQDWHUUDGRVFRPRHOUHVWRQRVDEtDQVLFRUUHUKDFLDODFDPSLxDRUHJUHVDUDOD
FLXGDG3HURSRFRDSRFRFRQIRUPHHOWHUUHPRWRVHIXHGLVWDQFLDQGRHQODPHPRULDORViQLPRV
HPSH]DURQ D UHFREUDUVH \ VH LPSXVR HO VHQWLGR FRP~Q $O PHQRV SRU SDUWH GH ORV RILFLDOHV
URPDQRV \ GHO MRYHQ =HEHGHR /D WUiJLFD UHDOLGDG GH ORV FUXFLILFDGRV ROYLGDGD GXUDQWH ORV
WHPEORUHVVHSUHVHQWyHQVHJXLGDDORVRMRVGHORVDPLJRV\IDPLOLDUHVGHO0DHVWUR
3HUR DQWHV GH VHJXLU DGHODQWH TXLHUR UHVHxDU XQ KHFKR DOWDPHQWH PLVWHULRVR GHWHFWDGR
GHVGHHOPyGXOR6HJ~QORVGDWRVUHFRJLGRVHQORVUHJLVWURVSHUPDQHQWHVRVLVPRJUDPDVGHOD
FXQDORVGRVWHPEORUHVKDEtDQVXPDGRXQWRWDOGHVHJXQGRV/DSULPHUDRQGDPXFKRPiV
GpELOTXHODVHJXQGDFRUUHVSRQGtDDOWLSR/WDPELpQOODPDGDVODUJDVRVXSHUILFLDOHV/RV
VLVPyJUDIRVGHWHFWDURQXQSUHGRPLQLRGHODYDULDQWH/RYHPiVGHDFXHUGRFRQODQDWXUDOH]D
XQLIRUPHGHORVHVWUDWRVVXSHUILFLDOHVGHDTXHOOD]RQDJHROyJLFD/DYHORFLGDGHVWLPDGDIXHGH
NLOyPHWURV SRU VHJXQGR 6LQ HPEDUJR HQ HVWH SULPHU VLVPR FX\D PDJQLWXG QR IXH
H[FHVLYDPHQWH LPSRUWDQWH HQ OD HVFDOD GH 5LFKWHU ORV DSDUDWRV QR UHFLELHURQ FRPR
KXELHUDVLGRGHHVSHUDUODVVHULHVGHFXOHEUHRVGHODVRQGDV3RSULPDULDVQLWDPSRFRHO
]L]JDJXHRSRVWHULRUGHODVRQGDV6PiVOHQWDVTXHODV3>@
$QWH HO GHVFRQFLHUWR JHQHUDO VRODPHQWH VXUJLHURQ ODV RQGXODQWHV OHQWDV \ VXSHUILFLDOHV
/RYH TXH GH DPRURVDV QR WXYLHURQ QDGD (Q OD VHJXQGD VDFXGLGD HQ FDPELR Vt
DSDUHFLHURQODVRQGDV3\6\SRU~OWLPRODV//RVFLHQWtILFRVDODYLVWDGHORVGDWRV
DFXPXODGRVSRUORVVLVPyJUDIRVFLIUDURQHVWHVHJXQGR\PiVLQWHQVRVLVPRHQXQDPDJQLWXGGH
>@
+DVWDDTXtWRGRFDVLQRUPDOGHQWURGHORTXHHV\VXSRQHXQFXDGURVtVPLFRH[FHSFLyQ
KHFKDGHOD\DPHQFLRQDGDDXVHQFLDGHODVRQGDVGHHPSXMH\GHODVVHFXQGDULDV3HURHO
GHVFRQFLHUWR GH ORV KRPEUHV GH &DEDOOR GH 7UR\D OOHJy DO OtPLWH FXDQGR PX\ SRU GHWUiV GHO
VHJXQGRWHPEORU\GHORVFRUUHVSRQGLHQWHSDTXHWHVGHRQGDVHOPyGXORHQWHURVHHVWUHPHFLy\
FUXMLySRUWHUFHUDYH](QHVWDRFDVLyQVLQHPEDUJRORVVLVPyJUDIRV\DKDEtDQHQPXGHFLGR/R
TXH KL]R YLEUDU OD FXQD VHJ~Q ORV GDWRV GHO LQVWUXPHQWDO GH D ERUGR IXH 8QD RQGD
H[SDQVLYD<ORPiVLQFUHtEOHHVTXHDTXHOODRQGDH[SDQVLYDYLDMDQGRDUD]yQGHPHWURV
SRUVHJXQGRWHQtDVXQDFLPLHQWRHQODPLVPDiUHDGRQGHORVH[SHUWRVHQ6LVPRORJtDKDEtDQ
XELFDGRHOHSLFHQWURGHOWHUUHPRWRDXQRVNLOyPHWURVDOVXUVXUHVWHGH-HUXVDOpQHQSOHQR
GHVLHUWRPX\FHUFDGHODFWXDOOtPLWHHQWUH-RUGDQLD\$UDELD\DOVXUGHODDFWXDOSREODFLyQGH
6DNDND
&XDQGR VH XOWLPDURQ ODV FRPSUREDFLRQHV HO JHQHUDO &XUWLVV \ WRGRV QRVRWURV QRV YLPRV
GHVERUGDGRV SRU ORV UHVXOWDGRV DTXHO WLSR GH RQGD H[SDQVLYD \ SDUWH GH ODV RQGDV VtVPLFDV
REHGHFtDQ D ORV HIHFWRV GH XQD H[SORVLyQ QXFOHDU VXEWHUUiQHD 6LQFHUDPHQWH TXHGDPRV PXGRV
SRUODVRUSUHVD
$OKHFKRLQFXHVWLRQDEOHGHODHVFDVDVLVPLFLGDGGH3DOHVWLQDPX\LQIHULRUDODVGH*UHFLD
,WDOLD\(VSDxDSRUSRQHUDOJXQDVFRPSDUDFLRQHVHQHOSHUtRGRFRPSUHQGLGRHQWUH\
SRUHMHPSORVHUHJLVWUDURQHQ,VUDHO\]RQDVOLPtWURIHVGHODFWXDO/tEDQR\6LULDXQWRWDOGH
VHtVPRV>@ 6HJ~Q .DUQLN TXH KL]R S~EOLFRV ORV GDWRV HQ GH pVWRV IXHURQ GH XQD
PDJQLWXGFRPSUHQGLGDHQWUH\VLHPSUHVHJ~QODHVFDODGH5LFKWHU'RVRVFLODURQHQWUH
\ \ VyOR XQR UR]y ORV JUDGRV GH LQWHQVLGDG WXYLPRV TXH DxDGLU HVWH QXHYR H
LQHVSHUDGRIDFWRU6L\DUHVXOWDEDLPSUREDEOHTXHXQVHtVPRFRLQFLGLHUDFDVLFRQODPXHUWHGH
-HV~V GH 1D]DUHW HO SUREOHPD VH DJXGL]y FXDQGR FRPR GLJR ORV LQVWUXPHQWRV FDSWDURQ OD
HQLJPiWLFDH[SORVLyQQXFOHDUVXEWHUUiQHD1RTXLHURQLGHERH[WHQGHUPHPiVHQHVWHIDVFLQDQWH
VXFHVR SRU OD VHQFLOOD UD]yQ GH TXH pVWH MXVWDPHQWH IXH RWUR GH ORV PRWLYRV TXH LPSXOVy D
&DEDOORGH7UR\DDSURJUDPDU\HMHFXWDUHOVHJXQGRJUDQYLDMH
$ ORV GLH] R TXLQFH PLQXWRV GHO VHtVPR /RQJLQR \ ORV VROGDGRV UHJUHVDURQ D OR DOWR GHO
*yOJRWD UHDQXGDQGR OD FXVWRGLD GH ORV FUXFLILFDGRV 0LQXWRV DQWHV HO MRYHQ -XDQ VH KDEtD
DSUR[LPDGR DO FHQWXULyQ LQWHUURJiQGROH DFHUFD GH OD VXHUWH GH VX 0DHVWUR$O YHUOH PRYHU OD
FDEH]DQHJDWLYDPHQWH\EDMDUORVRMRVHODSyVWROFRPSUHQGLyTXHQRKDEtDQDGDTXHKDFHU3HUR
HQ VX FRUD]yQ QR TXHGDEDQ OiJULPDV \ VLPSOHPHQWH VH OLPLWy D URJDU D ODV PXMHUHV TXH VH
UHWLUDUDQGHDTXHOOXJDU(QPHGLRGHXQHVWDOOLGRGHGRORUODPD\RUSDUWHGHOJUXSRTXHFUHtD
ILUPHPHQWH TXH -HV~V REUDUtD XQ SURGLJLR \ VH VDOYDUtD REHGHFLy DO =HEHGHR UHWLUiQGRVH HQ
FRPSDxtD GH -XGDV KDFLD OD FDVD GH (OtDV 0DUFRV FXDUWHO JHQHUDO GH ORV PiV DOOHJDGRV DO
0DHVWURGHVGHODGHILQLWLYDGLVSHUVLyQGH'DYLG=HEHGHR\VXVFRUUHRVDQWHODOOHJDGDGHORV
OHYLWDV GHO 7HPSOR 3HUR WUDWDUp GH QR DGHODQWDU DFRQWHFLPLHQWRV DMXVWiQGRPH DO PiV HVWULFWR
RUGHQFURQROyJLFRGHORVKHFKRV
-XDQ VLJXLy D OD VRPEUD GHO *yOJRWD HQ XQLyQ GH FXDWUR R FLQFR KHEUHDV TXH VH QHJDURQ D
UHJUHVDUD-HUXVDOpQ
0LHQWUDVDVFHQGtDQXHYDPHQWHDORDOWRGHOSHxDVFRPHILMpHQORVVDGXFHRV(OSiQLFROHV
KDEtDSDUDOL]DGR3HQVpTXHXQDYH]FRQVXPDGDODPXHUWHGHORGLDGRLPSRVWRUVHUHWLUDUtDQ
4XpHTXLYRFDGRHVWDED
&XDQGR-XGH\ODVPXMHUHVVHDOHMDEDQSRUHOSROYRULHQWRVHQGHUR/RQJLQR\$UVHQLXVTXH
VHRFXSDEDQFRQYDULRVKRPEUHVHQODFRPSUREDFLyQGHGDxRV\HQODHVWDELOLGDGGHODVFUXFHV
VH VREUHVDOWDURQ QXHYDPHQWH /D SXHUWD GH (IUDtP KDEtD HPSH]DGR D YRPLWDU XQ UtR GH JHQWH
HQORTXHFLGD\YRFLIHUDQWHTXHDOSDUHFHUKXtDGHODFLXGDG$QWHODWHUULEOHSRVLELOLGDGGHXQ
QXHYRVHtVPRPLOHVGHFLXGDGDQRV\SHUHJULQRVDTXLHQHVODVGRVVDFXGLGDVKDEtDQVRUSUHQGLGR
HQ-HUXVDOpQHOLJLHURQHOLQPHGLDWRDEDQGRQRGHODVFDOOHMXHODVGHODFLXGDGVDQWDHQEXVFDGH
WHUUHQRDELHUWR&LHQWRVGHKRPEUHVPXMHUHV\QLxRVPXFKRVGHHOORVFDUJDQGRYROXPLQRVRV
EXOWRV R WLUDQGR GH FDEDOOHUtDV \ UHEDxRV HPSH]DURQ D GHVILODU DSUHVXUDGD H
LQLQWHUUXPSLGDPHQWH MXQWR DO &DOYDULR UXPER D ODV FHUFDQDV ORPDV GH *DUHE /RV VROGDGRV
LQWHUUXPSLHURQ VX LQVSHFFLyQ UHIRU]DQGR OD YLJLODQFLD SHULIpULFD GHO SHxDVFR 3HUR D GHFLU
YHUGDG DTXHOORV URVWURV GHVHQFDMDGRV SRU HO PLHGR QR UHSDUDURQ VLTXLHUD HQ -HV~V \ HQ ORV
]HORWDV6XYHUGDGHURSUREOHPDHUDHVFDSDUUHWLUDUVHORPiVUiSLGRSRVLEOHGHORVPXURVGHOD
FLXGDG3RFRDQWHVGHODSXHVWDGHOVROFXDQGRDOILQWXYHRSRUWXQLGDGGHHQWUDUHQ-HUXVDOpQ
FRQVXOWpVREUHORVSRVLEOHVGDxRVRFDVLRQDGRVSRUORVWHPEORUHV6HJ~Q(OtDV0DUFRV\-RVpGH
$ULPDWHD ODV VDFXGLGDV KDEtDQ SURYRFDGR PXFKR PiV PLHGR TXH GHVWUR]RV PDWHULDOHV /DV
HGLILFDFLRQHV FDVL WRGDV GH XQD R GRV SODQWDV \ GH PDWHULDOHV OLJHURV KDEtDQ DJXDQWDGR ODV
DFRPHWLGDV6HSURGXMHURQDOJXQRVSHTXHxRVGHUUXPEHVSHURDIRUWXQDGDPHQWHORVOHVLRQDGRVQR
HUDQPXFKRVQLGHFRQVLGHUDFLyQ8QRGHORVKHFKRVTXHVtSURYRFDUtDXQVLQItQGHFRPHQWDULRV
OOHJDQGR D VHU UHJLVWUDGR LQFOXVR SRU ORV HYDQJHOLVWDV IXH OD UXSWXUD GH XQR GH ORV GRV
JUDQGHV YHORV R FRUWLQDMHV VLWXDGRV IUHQWH DO'HELU R OXJDU VDQWtVLPR WDPELpQ OODPDGR
RUiFXOR\DO+HNDOROXJDUVDQWRTXHSUHFHGtDDOSULPHUR$OKDOODUVHDPERVHQHOLQWHULRU
GHO6DQWXDULRPHIXHLPSRVLEOHYHULILFDUORVUXPRUHVDXQTXHWRGDVODVQRWLFLDVSURQXQFLDGDVSRU
ORVKHEUHRVHQYR]EDMD\FRQXQDDOWDFDUJDGHVXSHUVWLFLyQKDFtDQUHIHUHQFLDDOSULPHUR\PiV
LPSRUWDQWH>@HOTXHFHUUDEDHOSDVRKDFLDODVLHPSUHPLVWHULRVDHVWDQFLDF~ELFDGHPHWURV
GHODGRFRQVLGHUDGDODPRUDGDGH'LRV\HQODTXHVHOHYDQWDEDQORVGRVTXHUXELQHVGH
PHWURVGHDOWXUDEHOODPHQWHHVFXOSLGRVHQPDGHUDGHROLYR\FKDSDGRVHQRUR&XiQWRKXELHUD
GDGR SRU SRGHU SHQHWUDU HQ GLFKR UHFLQWR \ H[DPLQDU HO LQWHULRU GHO DUFD GH OD DOLDQ]D
GHSRVLWDGDHQHOFHQWURGHOSLVR\EDMRODVDODVH[WHQGLGDVGHORViQJHOHV3HURpVWHWDPELpQ
HUDXQVXHxRLPSRVLEOH
&XDQGRODSDWUXOODVHFRQYHQFLyTXHDTXHOODPXOWLWXGVyORLQWHQWDEDSRQHUWLHUUDGHSRUPHGLR
\TXHQLVLTXLHUDVHGHWHQtDDVXSDVRMXQWRDORVMXHFHVHORILFLDO\VXVLQIDQWHVUHDQXGDURQOD
LQVSHFFLyQRFXODUGHOSDWtEXORWUDWDQGRGHKDFHULQYHQWDULRGHORVSRVLEOHVGDxRVRULJLQDGRVSRU
HOWHUUHPRWR
<R PH XQt D HOORV FHQWUDQGR PL DWHQFLyQ HQ ORV FUXFLILFDGRV /DVVWLSHV KDEtDQ VRSRUWDGR
ELHQODVFRQYXOVLRQHVGHODURFDVDOYRODSODQWDGDKDFLDHO2HVWH\SRUGHWUiVGHORVUHRV/RV
OHJLRQDULRVODDSXQWDODURQGHQXHYR$OFRQFOXLUHOTXHVHKDEtDUHVSRQVDELOL]DGRGHODUHFRJLGD
GH ORV WUR]RV GH OD FiQWDUD GH DJXD VH ILMy HQ DOJR \ OODPy D /RQJLQR$ SRFRV SDVRV GH ODV
FUXFHVHQGLUHFFLyQ6XUHOSHxDVFRDSDUHFtDDELHUWR6HWUDWDEDGHXQDKHQGLGXUDQRPX\ODUJD
GHXQRVFHQWtPHWURVSHURVtEDVWDQWHSURIXQGD4XL]iGHGRVRPiVPHWURV1RREVWDQWH
QLQJXQRGHORVVROGDGRVSXGRFHUWLILFDUVLDTXHOODEUHFKDHVWDEDDOOtDQWHVGHOVHtVPRRGHVLSRU
HO FRQWUDULR VH DFDEDED GH DEULU 1L HO FHQWXULyQ QL HO UHVWR GH ORV URPDQRV OH FRQFHGLHURQ
GHPDVLDGDLPSRUWDQFLD<FDGDFXDOYROYLyDORVX\R3RUPLSDUWHWDPSRFRSXHGRGDUIHGHTXH
ODUHVTXHEUDMDGXUDHQORDOWRGHO*yOJRWDIXHUDFRQVHFXHQFLDGHOWHPEORU/RTXHVtHVFLHUWRHV
TXH OD SHTXHxD VLPD QR VHJXtD OD GLUHFFLyQ GH OD HVWUDWLILFDFLyQ QDWXUDO GHO SURPRQWRULR $O
FRQWUDULRFRUWDEDODVXSHUILFLHGHODURFDWUDQVYHUVDOPHQWH
+DFLD ODV OD VDOLGD GH KHEUHRV GH OD FLXGDG VDQWD HPSH]y D PHQJXDU
FRQVLGHUDEOHPHQWH /D FDOPD IXH UHVWDEOHFLpQGRVH \ DTXHOODV JHQWHV DFDPSDGDV HQ ORV
DOUHGHGRUHV GH -HUXVDOpQ HPSH]DURQ D GHDPEXODU LQGHFLVDV \ DFRViQGRVH PXWXDPHQWH D

SUHJXQWDV(QWLHQGRTXHHOSDXODWLQRUHJUHVRGHODVDYHVDODVPXUDOODVGHO7HPSOR\GHODFLXGDG
FRQWULEX\y GHFLVLYDPHQWH D VRVHJDU ORV WHPEORURVRV iQLPRV 0XFKRV UHFLELHURQ FRQ DOERUR]R
HVWH PDVLYR UHWRUQR GH SDORPDV \ JRORQGULQDV D -HUXVDOpQ \ VH DQLPDURQ D FUX]DU GH QXHYR HO
XPEUDO GHO SRUWDOyQ GH (IUDtP (O FHQWXULyQ $UVHQLXV VXV KRPEUHV \ \R PLVPR UHVSLUDPRV
WDPELpQFRQDOLYLRFXDQGRGHUHSHQWHXQSXxDGRGHDTXHOODVSDORPDVJULVD]XODGDVKL]RXQDOWR
HQ VX YXHOR KDFLD OD FLXGDG VDQWD SRViQGRVH HQ ORV PDGHURV WUDQVYHUVDOHV GH ODV FUXFHV 4Xp
WULVWH\VLJQLILFDWLYDPHSDUHFLyDTXHOODLPDJHQ7UHVRFXDWURSDFtILFDVDYHVGHVFDQVDURQVREUH
HOSDWLEXOXPGH-HV~VGH1D]DUHWUHPRQWDQGRHOYXHORVHJXQGRVPiVWDUGH
/DYXHOWDGHODHVSDQWDGDPXFKHGXPEUHD-HUXVDOpQIXHPXFKRPiVWUDQTXLOD(QHVWDRFDVLyQ
VtOOHJDURQDGHWHQHUVHIUHQWHDOSDWtEXORREVHUYDQGRHQVLOHQFLRRLQWHUURJDQGRDORVVDGXFHRV
(VWRVDSURYHFKDURQODRSRUWXQLGDGSDUDDQXQFLDUDORVFXDWURYLHQWRVTXHHO*DOLOHRKDEtDPXHUWR
\TXHFDVLFRQVHJXULGDGHOUHVSRQVDEOHGHDTXHOWHUUHPRWRHUD-HV~VDOLDGRGH%HOFHE~
/DPD\RUtDQRSUHVWyGHPDVLDGDDWHQFLyQDVHPHMDQWHSDODEUHUtDSHURDOJXQRVDUUDVWUDGRVSRU
ODYHKHPHQFLDGHORVVDFHUGRWHVYROYLHURQDLQVXOWDUDO0DHVWURHQJURVDQGRHOQ~PHURGHORV
FXULRVRVTXHSHUPDQHFtDDOERUGHGHODJUDQURFD
/D DWHQFLyQ GHO RILFLDO \ GH ORV OHJLRQDULRV VH YLR V~ELWDPHQWH GHVYLDGD SRU OD OOHJDGD DO
SDWtEXORGHWUHVVROGDGRVSURFHGHQWHVGHODIRUWDOH]D$QWRQLD'HVSXpVGHVDOXGDUD/RQJLQROH
H[SOLFDURQ HO PRWLYR GH VX SUHVHQFLD HQ OD URFD WUDtDQ yUGHQHV H[SUHVDV GHO SURFXUDGRU GH
UHPDWDU D ORV FRQGHQDGRV \ WUDVODGDU ORV FXHUSRV D OD IRVD FRP~Q DELHUWD HQ HO YDOOH GH OD
*pKHQQHDOVXUGHODFLXGDG
(O RILFLDO LQWHUURJyDORV OHJLRQDULRV VREUHOD UD]yQTXHKDEtD LPSXOVDGRD3RQFLRD WRPDU
XQDGHFLVLyQWDQDSDUHQWHPHQWHSUHFLSLWDGD6HJ~QH[SOLFDURQSRFRDQWHVGHOVHtVPRXQJUXSRGH
VDQHGULWDV KDEtD YLVLWDGR GH QXHYR DO JREHUQDGRU H[SRQLpQGROH OR TXH HOORV GHQRPLQDURQ HO
GHVHRGHOSXHEORGH-HUXVDOpQDVDEHUTXHORVFXHUSRVGHORVHMHFXWDGRVIXHUDQGHVFROJDGRV
DQWHVGHODFDtGDGHOVROWDO\FRPRRUGHQDEDOD/H\\DTXHDTXpOFRPRHVVDELGRHUDHOGtDGH
OD 3UHSDUDFLyQ 3LODWR FX\R HVWDGR GH iQLPR VH KDOODED IXHUWHPHQWH LPSDFWDGR SRU ODV
WLQLHEODVDFFHGLy FXUVDQGR ODV yUGHQHV RSRUWXQDV D &LYLOLV SDUD TXH HQYLDUD DOJXQRV
KRPEUHV
/RQJLQR QR GLVLPXOy VX H[WUDxH]D 6L DTXHOORV PHQVDMHURV HQ OXJDU GH VHU OHJLRQDULRV
KXELHUDQ VLGR VDQHGULWDV SUREDEOHPHQWH QR KDEUtD DFHSWDGR$ pO HQ HO IRQGR ODV FRVWXPEUHV
MXGtDV OH WUDtDQ VLQ FXLGDGR 3RU XQ ODGR DTXHO FDPELR GH SODQHV OH PROHVWDED SURIXQGDPHQWH
$SHQDV KDEtDQ WUDQVFXUULGR GRV KRUDV \ PHGLD GHVGH TXH LQLFLDURQ ORV ODERULRVRV WUDEDMRV GH
L]DGR\HQFODYDPLHQWRGHORV]HORWDV\VHOHH[LJtDODQRPHQRVHQJRUURVD\GHVDJUDGDEOHWDUHD
GHGHVFODYDUORV\WUDQVSRUWDUORVDODWXPEDFRP~QGHORVFULPLQDOHV
&ODURTXHSRURWUDSDUWHDTXHOODFRQWUDRUGHQWDPELpQSUHVHQWDEDXQFLHUWRDWUDFWLYR6LODV
RSHUDFLRQHV VH GHVDUUROODEDQ FRQ SUHVWH]D DTXHOOD QRFKH QR WUDQVFXUULUtD DO UDVR H[SXHVWRV D
QXHYDVWRUPHQWDVQLDOULJRUGHODYLJLODQFLD
$VtTXHGLVSXHVWRVDWHUPLQDUFRQHOFDVRHORILFLDO\$UVHQLXVRUGHQDURQHOGHVFHQGLPLHQWR
GHORV]HORWDV\GHO*DOLOHR/RQJLQRDGYLUWLyDORVUHFLpQOOHJDGRVTXHHOSULVLRQHURGHOFHQWUR
\DKDEtDPXHUWR<ORVWUHVOHJLRQDULRVTXHYHQtDQSURYLVWRVGHVHQGRVEDVWRQHVLGpQWLFRVDORV
TXH \R KDEtD YLVWR XWLOL]DU HQ HO DSDOHDPLHQWR GHO VROGDGR URPDQR WRPDURQ SRVLFLRQHV 'RV
IUHQWHD'LVPDV\HOWHUFHURDODGHUHFKDGHOVHJXQGRJXHUULOOHURWDPELpQFRPRVXVFRPSDxHURV
DPHGLRPHWURHVFDVRGHODVH[WUHPLGDGHVLQIHULRUHVGH*LVWDV8QFXDUWROHJLRQDULRHVSDGDHQ
PDQRFRPSOHWyHOFXDGURDSRVWiQGRVHIUHQWHDODSLHUQDL]TXLHUGDGHO]HORWDPiVYLHMR
1RKXERVHxDODOJXQD/RVFXDWURURPDQRVDVHQWDURQELHQVXVVDQGDOLDVHQODGXUDFRVWUDGHOD
URFD\EODQGLHQGRORVEDVWRQHV\ODHVSDGDGHVFDUJDURQFXDWURVHFRV\WUHPHQGRVJROSHVVREUH
ODVSLHUQDVGHORVLQIHOLFHV(OFUXMLGRGHODVWLELDVSXOYHUL]DGDVDODDOWXUDGHOWHUFLRLQIHULRU
IXH VHJXLGR GH XQD VHULH GH FRUWDV \ YLROHQWDV FRQYXOVLRQHV /RV ]HORWDV KDEtDQ VLGR
GHVSHUWDGRV SRU HO GRORU 3UREDEOHPHQWH ORV PD]D]RV KDEtDQ DIHFWDGR WDPELpQ DO SHURQp
SRUTXH DO LQVWDQWH ODV SLHUQDV VH LQIODPDURQ \ ORV FXHUSRV VLQ HO DUGXR FRQVXHOR VLTXLHUD GHO
DSR\R GH ORV FODYRV GH ORV SLHV VH GHVSORPDURQ XQRV FHQWtPHWURV PLHQWUDV ORV GHVJUDFLDGRV
HQWUH DXOOLGRV DEUtDQ VXV ERFDV GHVHVSHUDGDPHQWH HQ SOHQR H LUUHYHUVLEOH SURFHVR GH DVIL[LD
*LVWDVHQHVWDRFDVLyQKDEtDOOHYDGRODSHRUSDUWH/DHVSDGDGHOVROGDGROHKDEtDVHFFLRQDGR
OD SLHUQD (Q FXHVWLyQ GH VHJXQGRV HO VKRFN WUDXPiWLFR \ XQD SRVLEOH HPEROLD DFHOHUDURQ OD
PXHUWHSRUDVIL[LD
$ODVDPERVGHMDEDQGHH[LVWLU
$ SHVDU GH OD DGYHUWHQFLD GHO FHQWXULyQ XQR GH ORV VROGDGRV HQFDUJDGR GH UHPDWDU D ORV
FRQGHQDGRV VH VLWXy EDMR HO FDGiYHU GHO 0DHVWUR H[DPLQiQGROR GHWHQLGDPHQWH /D YHUGDG HV
TXHQL/RQJLQRQLHOUHVWRGHODWURSDVHSHUFDWDURQGHODVLQWHQFLRQHVGHDTXHOLQIDQWH(OJUXHVR
GH ORV URPDQRV VH DIDQDED HQ ORV SUHSDUDWLYRV GHO GHVFHQVR GH ORV DMXVWLFLDGRV 6XSRQJR TXH
WUDWDQGR GH VDOYDU WRGD UHVSRQVDELOLGDG HO URPDQR UHFRJLy XQSLOXP\VLQSHQVDUOR GRVYHFHV
SLFy HO FRVWDGR GHUHFKR GHO 0DHVWUR KXQGLHQGR OD ODQ]D HQWUH \ FHQWtPHWURV 3HUR HO
FXHUSR GHO 1D]DUHQR FRPR HUD GH HVSHUDU QR H[SHULPHQWy UHDFFLyQ DOJXQD (O VROGDGR
FRQYHQFLGRGHOIDOOHFLPLHQWRGHOUHRWUDWyGHUHWLUDUHODUPD6LQHPEDUJRODSXQWDHQIOHFKDGHO
SLOXPWURSH]yRVHHQJDQFKyHQORVWHMLGRVUHVLVWLpQGRVH$OVHJXQGRLQWHQWRHOFRVWDGRFHGLy\
HO HQVDQJUHQWDGR KLHUUR TXHGy OLEUH 3RU OD KHULGD GH XQRV FXDWUR FHQWtPHWURV \ PHGLR GH
ORQJLWXG EURWDURQ PDQVDPHQWH XQRV FHQWtPHWURV F~ELFRV GH VDQJUH \ D FRQWLQXDFLyQ XQD
SHTXHxD FDQWLGDG GH XQ OtTXLGR VHURVR$O DSUR[LPDUPH \ H[DPLQDU OD ODQ]DGD QRWp TXH KDEtD
HQWUDGR HQWUH OD TXLQWD \ VH[WD FRVWLOODV FRQ XQD WUD\HFWRULD OyJLFDPHQWH DVFHQGHQWH \ TXH
SUHVXPLEOHPHQWHKDEtDWUDVSDVDGRHOSODQRPXVFXODULQWHUFRVWDOODVSOHXUDVSDULHWDO\YLVFHUDO
HO SXOPyQ \ HO SHULFDUGLR HQWUDQGR GH OOHQR HQ OD DXUtFXOD GHUHFKD (VWD ]RQD GHO FRUD]yQ
FRQVHUYDSUHFLVDPHQWHXQDFLHUWDFDQWLGDGGHVDQJUHOtTXLGDXQDYH]SURGXFLGRHOyELWR(QPL
RSLQLyQ pVD IXH OD VDQJUH TXH VH GHUUDPy (Q FXDQWR DO DJXD TXH GLFH KDEHU YLVWR -XDQ HO
(YDQJHOLVWD \ TXH VXUJLy LQPHGLDWDPHQWH GHWUiV GHO GHUUDPH VDQJXtQHR HV PX\ SRVLEOH TXH VH
WUDWDVH GHO UHIHULGR OLFRU GH FDUiFWHU VHURVR TXH UHOOHQD OD FDYLGDG YLUWXDO H[LVWHQWH HQWUH ODV
KRMDVGHFDGDXQDGHODVPHQFLRQDGDVSOHXUDVSXOPRQDUHV/DYLVFHUDOFRPRVHVDEHVHDGKLHUH
tQWLPDPHQWHDOSXOPyQ\ODSDULHWDOWDSL]DODVSDUHGHVGHOWyUD[SRUGHEDMRFXEUHHOSXOPyQ\
SRUGHEDMRHOGLDIUDJPDH[FHSWRVXFHQWUR3RUGHQWURSURWHJHODFDUDPHGLDVWtQLFD\SRUIXHUD
ODFDUDLQWHUQDGHODVFRVWLOODV
&XDQGR OD ODQ]D GHVJDUUy HVWDV SOHXUDV HO FLWDGR OtTXLGR DO YDULDU OD SUHVLyQ WHUPLQy SRU
HVFDSDU GHUUDPiQGRVH LQPHGLDWDPHQWH GHWUiV GH OD KHPRUUDJLD VDQJXLQROHQWD$ VX PDQHUD HO
MRYHQ-XDQKDEtDGLFKRODYHUGDG
3HURODVDIUHQWDVDOFXHUSRGH&ULVWRQRKDEtDQFRQFOXLGR
$OFHGHUODRVFXULGDG\HOIXHUWHYLHQWRODVPRVFDV\ORVLQVHFWRVFD\HURQVREUHORVFXHUSRV
GH ORV FUXFLILFDGRV FRQYLUWLHQGR VXV KHULGDV HQ FRURQDV QHJUX]FDV \ SDOSLWDQWHV &RQ XQD
GLODWDGD H[SHULHQFLD HQ HVWH WLSR GH HMHFXFLRQHV HO YHUGXJR HQFDUJDGR GH ORV HQFODYDPLHQWRV
VXJLULy DO RILFLDO TXH VH LQLFLDVH OD RSHUDFLyQ GHO GHVFHQGLPLHQWR SRU HO UHR TXH OOHYDED PiV
WLHPSR PXHUWR /RQJLQR DVLQWLy 7DPELpQ pO VDEtD TXH OD ULJLGH] FDGDYpULFD QR WDUGDUtD HQ
HPSH]DUGLILFXOWDQGRORVWUDEDMRVSURSLRVGHOWUDVODGRDOD*pKHQQH
(UDVHQFLOODPHQWHDVRPEURVR(QDTXHOORVPRPHQWRVFDVLODVFXDWURGHODWDUGHQLQJXQR
GH ORV GLVFtSXORV R DPLJRV GHO 0DHVWUR KDEtD UHFODPDGR D~Q HO FXHUSR GHO 6HxRU /D LGHD GHO
FHQWXULyQWDO\FRPRKDEtDGHMDGRHQWUHYHUHOSURFXUDGRUHUDUHWLUDUORVFXHUSRVGHODVFUXFHV\
WUDQVSRUWDUORVDODIRVDFRP~Q-XDQTXHVHJXtDDWHQWDPHQWHORVPRYLPLHQWRVGHORVVROGDGRVQR
VHKDEtDPRYLGRGHODVSUR[LPLGDGHVGHOSDWtEXOR$WHQGLyGXUDQWHEUHYHVPLQXWRVDRWURGHORV
FRUUHRVGH'DYLG=HEHGHRLQIRUPiQGROHGHOIDOOHFLPLHQWRGHO0DHVWUR\XQDYH]DOHMDGR
HOPHQVDMHURFRQWLQXyDOSLHGHOFDEH]RYLVLEOHPHQWHGHVPRUDOL]DGR
&XDQGR HORILFLDO URPDQRVHVLWXyEDMROD FUX]GH-HV~V VXSHUYLVDQGR ORVSUHSDUDWLYRVGHO
GHVFHQGLPLHQWRUHSDUyHQVHJXLGDHQODQXHYD\DSDUDWRVDKHULGDGHOFRVWDGR/DVDQJUHKDEtD
HPSH]DGRDIRUPDUJUXHVRVJUXPRVVREUHHOGHVIOHFDGRODELRLQIHULRUGHODEUHFKD&RPSUHQGLy
DOPRPHQWRTXHHOFDGiYHUKDEtDVLGRDODQFHDGR\FRQJUDQLUULWDFLyQVHHQIUHQWyDVXVKRPEUHV
UHSUHQGLpQGROHVSRUDTXHOODGHVREHGLHQFLD3HURQLQJXQRGLMRQDGD
(OYHUGXJRVLQSpUGLGDGHWLHPSRHPSH]yDPDQLSXODUODFDEH]DGHOFODYRTXHDWUDYHVDEDHO
SLHGHUHFKRGHO0DHVWURPLHQWUDVRWURVVROGDGRVVLWXDEDQODHVFDOHUDGHPDQRSRUGHWUiVGHOD
VWLSHSUHSDUDQGRGHQXHYRODODUJDVRJDTXHKDEtDQXWLOL]DGRHQORVOHYDQWDPLHQWRV
&RQ XQD HVWXGLDGD SUHFLVLyQ HO OHJLRQDULR DSULVLRQy OD EDVH GHO FODYR FRQ DPEDV PDQRV
KDFLpQGROR RVFLODU DUULED \ DEDMR 6DELDPHQWH HO UHVSRQVDEOH GHO HQFODYDPLHQWR KDEtD GHMDGR
GLFKDFDEH]DDXQRVRFKRRGLH]FHQWtPHWURVSRUHQFLPDGHODSLHO'HHVWDIRUPDGLVSRQtDGH
HVSDFLRVXILFLHQWHSDUDPDQHMDUOR$ORVSRFRVVHJXQGRVFRQXQIXHUWHWLUyQODSXQWDPHWiOLFD
TXHGDEDIXHUDGHODPDGHUD\ODH[WUHPLGDGLQIHULRUGHO*DOLOHRVHUHODMyWRWDOPHQWHRVFLODQGR
OLJHUDPHQWHHQHOYDFtR(OLQIDQWHVXMHWyHQWRQFHVHOWDOyQFRQVXPDQRL]TXLHUGDUHVFDWDQGRHO
FODYR FRQ OD GHUHFKD $O GHVHQWHUUDUOR GHO HPSHLQH OD VDQJUH EURWy GH QXHYR IRUPDQGR XQD
HQRUPHURVDURML]DVREUHODFLWDGDFDUDGHOSLH
$QWHVGHVLWXDUVHIUHQWHDOL]TXLHUGRHOYHUGXJRFRPSUREyVLVXFRPSDxHURHQFDUDPDGRHQ
ORDOWRGHODHVFDOHUDKDEtDDQXGDGRODPDURPDDOSDWLEXOXP(VSHUyDTXHUHPDWDUDODOD]DGD
FHQWUDO \ DFWR VHJXLGR UHSLWLy OD H[WUDFFLyQ GHO VHJXQGR FODYR 7DPSRFR HQ HVWD RFDVLyQ VH
UHJLVWUySUREOHPDDOJXQR(OFXHUSRGHO0DHVWURFROJDED\DLQHUPHHVFXUULHQGRVDQJUHGHVGH
ODVSXQWDVGHORVSLHV
/RV GHGRV JUXHVRV FRPR GLMH VH KDOODEDQ YLVLEOHPHQWH VHSDUDGRV GHO UHVWR PX\ IRU]DGRV
KDFLDHOHMHFHQWUDOGHOFDGiYHU%XHQDSDUWHGHOYROXPHQVDQJXtQHRDFXPXODGRHQODVSLHUQDV\
TXH KDEtD TXHGDGR UHODWLYDPHQWH UHSUHVDGR SRU ORV SURSLRV FODYRV DO GHVDSDUHFHU HO HIHFWR
KHPRVWiWLFRFRPHQ]yDIOXLUFRQYLUWLHQGRDTXHOODSDUWHGHODURFDHQXQH[WHQVRFKDUFRHQHOTXH
ORVOHJLRQDULRVUHVEDODURQYDULDVYHFHV
/LEUHV \D ORV SLHV RWURV GRV VROGDGRV VH DIHUUDURQ D DPERV ODGRV GHO iUERO \ XQ WHUFHU \
FXDUWROHJLRQDULRVVDOWDQGRVREUHORVKRPEURVGHDTXHOORVVHGLVSXVLHURQDUHSHWLUODRSHUDFLyQ
GHL]DGRGHOPDGHURWUDQVYHUVDO
3HQGLHQWHGHDTXHOODVPDQLREUDVQRFDtHQODFXHQWDGHTXHODPLQ~VFXODUHSUHVHQWDFLyQGHO
6DQHGUtQVHKDEtDYLVWRLQFUHPHQWDGDSRURWURJUXSRGHVDFHUGRWHVUHFLpQOOHJDGRVDODEDVHGHO
*yOJRWD$TXHOORVVDQHGULWDVHVWDEDQDSXQWRGHSURWDJRQL]DURWURODPHQWDEOHVXFHVR
$OXQtVRQRORVLQIDQWHVVLWXDGRVSRUGHEDMRGHFDGDXQRGHORVH[WUHPRVGHOSDWLEXOXP\HO
TXHVXMHWDEDODFXHUGDGHVGHORDOWRGHODHVFDOHUDKLFLHURQIXHU]DHOHYDQGRHOOHxRKDVWDTXHOD
DILODGDSXQWDGHODVWLQHTXHGyIXHUDGHORULILFLRFHQWUDOGHOUHIHULGRSDWLEXOXP
(Q HVH SUHFLVR LQVWDQWH HO VROGDGR GH OD HVFDOHUD GLR XQ JULWR DGYLUWLHQGR D ORV TXH
FRQWURODEDQODPDURPDGHVGHHOVXHOR\DHVSDOGDVGHODFUX]TXHSRGtDQLUDIORMDQGR<DVtOR
KLFLHURQ-HV~V\HOPDGHURIXHURQEDMDQGROHQWDPHQWHSDOPRDSDOPR8QRVFHQWtPHWURVDQWHVGH
TXH ORV SLHV WRFDUDQ OD URFD HO YHUGXJR DJDUUy ORV WRELOORV GHO 0DHVWUR HFKiQGRVH DWUiV GH
IRUPDTXHHOFDGiYHUOOHJyDOVXHORWRWDOPHQWHKRUL]RQWDO
$OUHWURFHGHUWURSHFpVLQTXHUHUFRQDOJXLHQ&XDQGRPHGLVSRQtDDGLVFXOSDUPHGHVFXEUtDO
DQFLDQR-RVpHOGH$ULPDWHDDTXLHQDFRPSDxDEDRWURMXGtRGHDSHQDVPHWURVGHHVWDWXUD
-RVpVHDOHJUyDOYHUPH(VER]yXQDWULVWHVRQULVD\PHSUHVHQWyDVXFRPSDxHUR1LFRGHPR
PLHPEUR FRPR pO GHO &RQVHMR GHO 6DQHGUtQ \ GH OD OODPDGD QREOH]D ODLFD GH -HUXVDOpQ
$TXHOORV GRV KRPEUHV FRQ XQ FRUDMH TXH HQ PL KXPLOGH RSLQLyQ QR KD VLGR QXQFD
VXILFLHQWHPHQWHYDORUDGRWUDtDQXQDRUGHQILUPDGDSRUHOSURSLR3RQFLRDXWRUL]DQGRHOWUDVODGR
GHO FDGiYHU GHO 1D]DUHQR D XQD WXPED SULYDGD -RVp FRQRFLHQGR OD WULVWH VXHUWH UHVHUYDGD
VLHPSUH D ORV DMXVWLFLDGRV FX\RV FXHUSRV HUDQ GHYRUDGRV JHQHUDOPHQWH SRU ODV UDWDV \ ODV
DOLPDxDVHQODIRVDGH*pKHQQHVHKDEtDDSUHVXUDGRDYLVLWDUDOSURFXUDGRUVXSOLFiQGROHOD
FXVWRGLDGHVX0DHVWUR3RUORYLVWRHVWHWLSRGHSHWLFLRQHVQRHUDLQIUHFXHQWH0XFKRVGHORV
IDPLOLDUHV \ DPLJRV GH ORV HMHFXWDGRV WHQtDQ SRU FRVWXPEUH UHFXUULU D OD Pi[LPD DXWRULGDG
URPDQD\DFDPELRGHGLQHURRUHJDORVFRQVHJXtDQVXVSURSyVLWRV-RVpWDPELpQKDEtDOOHYDGR
XQD IXHUWH VXPD DO 3UHWRULR 3HUR FXDQGR 3LODWR FRQRFLy ODV LQWHQFLRQHV GH VX YLHMR DPLJR
UHFKD]yHOGLQHURILUPDQGRHQHODFWRODDXWRUL]DFLyQ
/R PDOR IXH TXH -RVp \ 1LFRGHPR OOHJDURQ DO SDWtEXOR SRFR GHVSXpV TXH VXV IDQiWLFRV
FRPSDxHURVGHO6DQHGUtQ
(O FHQWXULyQ GHVHQUROOy HO SDSLUR \ WUDV OHHU DWHQWDPHQWH HO WH[WR DVLQWLy GDQGR VX
FRQIRUPLGDG
3HURODLQHVSHUDGDSUHVHQFLDGHORVGLPLWLGRVPLHPEURVGHO&RQVHMRGH-XVWLFLD-XGtRDOSLH
GHODVFUXFHVPRYLOL]yGHLQPHGLDWRDORVVDGXFHRV/RVVDFHUGRWHVYLHURQSHUIHFWDPHQWHFyPR
-RVp HQWUHJDED HO UROOR DO RILFLDO \ VRVSHFKDURQ TXH ORV GLVFtSXORV GHO *DOLOHR WUDWDEDQ GH
DSRGHUDUVHGHOFDGiYHU
(QWUHWDQWR HO YHUGXJR KDEtD ORJUDGR GHVFODYDU OD PXxHFD L]TXLHUGD GH -HV~V< FXDQGR VH
GLVSRQtDDKDFHURWURWDQWRFRQHO~OWLPRFODYRXQV~ELWRJULWHUtROHGHWXYR/DSDWUXOOD\WRGRV
QRVRWURVYLPRVHQWRQFHVFyPRYDULRVGHORVMXHFHVURMRVGHLUDVHSUHFLSLWDEDQKDFLDORDOWRGHO
*yOJRWDH[LJLHQGRHOGHUHFKRDGLVSRQHUGHORVFXHUSRVGHORVWUHVDMXVWLFLDGRV
/RQJLQR KL]R XQD VHxDO D VXV KRPEUHV \ ORV OHJLRQDULRV FRQ$UVHQLXV HQ SULPHUD ILOD
FXEULHURQHOERUGHHVWHGHODSHxDFHUUDQGRHOSDVRDORVIXULRVRVVDFHUGRWHV(VWRVDODOFDQ]DU
HO ILQDO GHO FDOOHMyQ TXH FRQGXFtD DO SURPRQWRULR VH GHWXYLHURQ HQ VHFR HVWXSHIDFWRV DQWH ORV
UHIOHMRVGHODVDPHQD]DQWHVHVSDGDV
3HUR OHMRV GH UHWURFHGHU VH HQFDUDURQ FRQ OD HVFROWD UHFODPDQGR HO FXHUSR GHO 0DHVWUR
3DUWHGHORVFXULRVRVTXHVHKDEtDQXQLGRDORVMXHFHVLQVWLJDGRV\DOHQWDGRVSRUpVWRVFODPDURQ
WDPELpQ LQVXOWDQGR D ORV URPDQRV \ DUURMiQGROHV SLHGUDV /RV DPRWLQDGRV HPEUDYHFLGRV
HPSH]DURQDDYDQ]DUKDFLDHO&DOYDULR3HURHOFHQWXULyQGHVHQYDLQDQGRVXHVSDGDVHFRORFyD
ODFDEH]DGHORVOHJLRQDULRV\GLRODRUGHQGHFDUJDU(QIRUPDFLyQFHUUDGDSURWHJLpQGRVHGHORV
SUR\HFWLOHVFRQORVHVFXGRVORVURPDQRVFRPHQ]DURQDFDPLQDUFRQSDVRILUPH\GHFLGLGRKDFLD
ORVVDQHGULWDVTXHKDEtDQWUHSDGRKDVWDHOSHxDVFR6XVURVWURVWHQVRVUH]XPDQGRXQDUDELDPDO
FRQWHQLGD PH KLFLHURQ WHPEODU $TXHOORV OHJLRQDULRV SDUHFtDQ GLVSXHVWRV D WRGR 3HUR ORV
VDFHUGRWHVLQWX\HQGRHOSHOLJURGLHURQPHGLDYXHOWDKX\HQGRDWURSHOODGDPHQWH8QRRGRVHQ
VXSUHFLSLWDFLyQURGDURQSRUHOFDQDOVLHQGRSLVRWHDGRVVLQSLHGDGSRUODSDWUXOODTXHHQKLOHUD
FRUUtD\DHQGLUHFFLyQDORVLUULWDGRVKHEUHRV
/DFDUJDQRWDUGyHQVXUWLUHIHFWR&XDQGRHOSRSXODFKRYLRDORVVROGDGRVFRQODVHVSDGDVHQ
DOWR GLVSXHVWRV D PDVDFUDUORV VL IXHUD SUHFLVR UHWURFHGLHURQ GLVSHUViQGRVH HQ WRGDV
GLUHFFLRQHV
8QDYH]UHVWDEOHFLGRHORUGHQHOSHORWyQUHWRUQyDORDOWRGHODURFDIRUPDQGRXQQXHYR\
PiVQXPHURVRFLQWXUyQGHVHJXULGDGHQWRUQRDODVFUXFHV
-XDQ \ ODV PXMHUHV TXH VH KDEtDQ YLVWR REOLJDGRV D FRUUHU KX\HQGR GH OD IXULRVD FDUJD
FRQWHPSODURQGHOHMRVFyPRHOYHUGXJRFRQFOXtDVXODERUGHGHVHQFODYDPLHQWRGH-HV~V(OUHVWR
GHORVVDFHUGRWHV\MXGtRVTXHVHKDEtDUHEHODGRGHVDSDUHFLySRUORVFDPSRVRHQHOLQWHULRUGH
OD FLXGDG 6yOR XQRV SRFRV OHMRV \ GLVSHUVRV VH DWUHYLHURQ D HVSLDU ORV PRYLPLHQWRV GH OD
JXDUGLD 3HUR HQ QLQJ~Q PRPHQWR WXYLHURQ YDORU SDUD DSUR[LPDUVH D PHQRV GH FLHQ PHWURV GHO
SDWtEXOR
$SHVDUGHOIRU]DGRDLVODPLHQWRGHO&DOYDULR/RQJLQRWUDWDQGRGHREUDUVLHPSUHFRQXQ
PtQLPRGHMXVWLFLDVHGHVWDFyKDVWDHOERUGHGHOSURPRQWRULR\OHYDQWDQGRODYR]GLROHFWXUD
DODRUGHQGH3RQFLR'XGRPXFKRTXHORVUDELRVRVMXHFHVOOHJDUDQDHVFXFKDUDORILFLDO
$FRQWLQXDFLyQDYDQ]DQGRKDFLD-RVpGH$ULPDWHDOHFRPXQLFyVROHPQHPHQWH
(VWHFXHUSRWHSHUWHQHFH+D]ORTXHFRQVLGHUHVRSRUWXQR0LVVROGDGRVWHD\XGDUiQSDUD
TXHQDGLHVHRSRQJDDWXGHVHR
(O DQFLDQR SiOLGR D~Q SRU HO VXVWR DJUDGHFLy ODV SDODEUDV GH /RQJLQR \ HQ FRPSDxtD GH
1LFRGHPRVHGLULJLyDOOXJDUGRQGHGHVFDQVDEDHOFDGiYHUGHVX0DHVWUR(OSDWLEXOXP KDEtD
VLGRUHWLUDGR\WDPELpQHO\HOPRHVSLQRVRTXHIXHDUURMDGRFRQIXHU]DSRUHOYHUGXJRKDFLDHO
SHTXHxR SHxDVFR VLWXDGR DO 2HVWH 1L -RVp QL VX DPLJR QL WDPSRFR ORV VROGDGRV SUHVWDURQ OD
PHQRU DWHQFLyQ DO FLWDGR FDVFR GH S~DV 6HQFLOODPHQWH OR YL SHUGHUVH HQWUH ODV UHWDPDV GHO
DFFLGHQWDGRWHUUHQR
0LHQWUDV ORV VROGDGRV LQLFLDEDQ HO VHJXQGR GHVFHQGLPLHQWR HO DQFLDQR -RVp VH DUURGLOOy
MXQWRDODPDOWUHFKDFDEH]DGH-HV~V\WUDVFRQWHPSODUOHHQVLOHQFLRH[WHQGLyVXPDQREDMDQGR
HOSiUSDGRGHUHFKRGHO6HxRU$OFDERGHYHLQWHRWUHLQWDVHJXQGRVUHWLUyORVGHGRVSHURHORMR
GHO*DOLOHRYROYLyDDEULUVH-RVpSDVyGHQXHYRODPDQRVREUHHOSiUSDGRVXMHWiQGRORGXUDQWH
FDVL GRV PLQXWRV (Q HVWH WLHPSR XQD VROLWDULD OiJULPD UHVEDOy SRU OD PHMLOOD GHO DPLJR GHO
1D]DUHQR
$XQTXH HOULJRUPRUWLV TXH VH YHUtD LQGXGDEOHPHQWH DFHOHUDGR SRU OD WHWDQL]DFLyQ QR
HPSH]DUtDKDVWDXQDVVHLVKRUDVGHVSXpVGHOIDOOHFLPLHQWRORFLHUWRHVTXHODFDtGDGHOPD[LODU
LQIHULRUPHKL]RVRVSHFKDUTXHORVP~VFXORVGHODERFDTXHKDEtDTXHGDGRDELHUWDQRWDUGDUtDQ
HQ HQWUDU HQ ULJLGH] 3RU RWUD SDUWH OD SLHUQD L]TXLHUGD GHO 0DHVWUR VH KDOODED IOH[LRQDGD
SRVLEOHPHQWH SRU OD IRU]DGD \ VRVWHQLGD SRVWXUD GH OD FUX] 6XV GHGRV HQ JDUUD \ FRQ ORV
SXOJDUHVGLVSDUDGRVKDFLDHOFHQWURGHODVSDOPDVVHKDEtDQYXHOWRPXFKRPiVD]XODGRV
8QD YH] FHUUDGR HO RMR GH -HV~V 1LFRGHPR GHVFDUJy HQ HO VXHOR HO SDU GH VDTXHWHV TXH
XQLGRVSRUXQFRUGHOFROJDEDQGHVXKRPEURL]TXLHUGR\GHORVTXHQRVHKDEtDGHVHPEDUD]DGR
HQWRGRHOWLHPSR&RQODD\XGDGH-RVpGHVSOHJyVREUHOD]RQDVHFDGHODURFDXQOLHQ]REODQFR
TXHWUDtDSOHJDGREDMRHOEUD]R6HJ~QPHFRQIHVDUtDHVDPLVPDQRFKHHQHOGRPLFLOLRGH(OtDV
0DUFRVHOGH$ULPDWHDKDEtDDGTXLULGRDTXHOODVVHLVYDUDVGHWHODDXQFRPHUFLDQWHGHODYHFLQD
ORFDOLGDGGH3DOPLUDDOQRUWH
([DPLQpHOWHMLGR\FRPSUREpTXHVHWUDWDEDGHXQSDxRGHOLQR/RPHGtGLVLPXODGDPHQWH
FRQODD\XGDGHODYDUDGH0RLVpV\GHGXMHTXHWHQtDXQRVPHWURVGHORQJLWXGSRUDOJR
PiV GH XQ PHWUR (Q QXHVWUD VHJXQGD DYHQWXUD ORV DQiOLVLV YHULILFDGRV HQ HO LQWHULRU GHO
PyGXOR VREUH GLFKR SDxR DUURMDUtDQ DVRPEURVRV \ GHVFRQFHUWDQWHV GDWRV VREUH OR TXH SXGR
DFRQWHFHU HQ HO VHSXOFUR \ TXH VLQ OXJDU D GXGDV FRURQDURQ QXHVWUD PLVLyQ (Q GLFKR DQiOLVLV
FRPSUREDPRVSRUHMHPSORTXHODVGLPHQVLRQHVH[DFWDVGHODWHODHUDQ[PHWURVFRQ
XQ SHVR GH JUDPRV SRU PHWUR FXDGUDGR (V GHFLU HO SHVR WRWDO GH DTXHOORV PHWURV
FXDGUDGRVVHHOHYDEDDJUDPRV/DILEUDHQHIHFWRHUDGHOLQR\HQODVDPSOLDFLRQHVGH
KDVWDYHFHVDSDUHFLyXQDHVWUXFWXUDGHQRPLQDGDHQHVSLJDRHQFRODGHSHVFDGR(VWH
WHMLGR HQ VDUJD WDO \ FRPR PH KDEtD GLFKR 1LFRGHPR SURFHGtD GH ORV WHODUHV GH 3DOPLUD
&XULRVDPHQWHHVWHWLSRGHFRQIHFFLyQQRLUUXPSLUtDHQ(XURSDKDVWDELHQHQWUDGRHOVLJOR;,9
3HUR QR GHVHR H[WHQGHUPH DKRUD VREUH QXHVWURV IDVFLQDQWHV GHVFXEULPLHQWRV HQ OD ViEDQD TXH
FXEULyHOFDGiYHUGHO&ULVWRGXUDQWHDTXHOODVKLVWyULFDVKRUDV
-RVpGH$ULPDWHDFRPSUREyODSRVLFLyQGHOVRO\DSUHPLyD1LFRGHPRSDUDTXHOHD\XGDUDD
WUDVODGDUHOFDGiYHUKDVWDHOUHFLpQH[WHQGLGROLHQ]R(ODQFLDQRVHVLWXyDODFDEH]DGHO0DHVWUR
\ HO DPLJR D VX YH] D ORV SLHV$PERV VH LQFOLQDURQ D XQ PLVPR WLHPSR -RVp LQWURGXMR VXV
PDQRV SRU GHEDMR GH ORV KRPEURV GHO *DOLOHR VXMHWiQGROR SRU ODV D[LODV 1LFRGHPR KL]R RWUR
WDQWR KDFLHQGR SUHVD SRU ORV WRELOORV GHO JLJDQWH ,QWHUFDPELDURQ XQD PLUDGD \ FXDQGR
FRQVLGHUDURQ TXH VH KDOODEDQ GLVSXHVWRV WUDWDURQ GH OHYDQWDU HO SHVDGR FXHUSR < GLJR TXH
WUDWDURQSRUTXHSRUVXSXHVWRVyORHOGH$ULPDWHDFRQVLJXLyOHYDQWDUORXQRVFHQWtPHWURV
/R LQWHQWDURQ SRU VHJXQGD YH] SHUR UHVXOWy LJXDOPHQWH HVWpULO /RV IRUHQVHV \ DTXHOODV
SHUVRQDVTXHVHKDQYLVWRDOJXQDYH]HQODREOLJDFLyQGHPRYHUXQFDGiYHUVDEHQSRUH[SHULHQFLD
TXHQRUHVXOWDQDGDIiFLO<PXFKRPHQRVVLORVSXQWRVGHVXVWHQWDFLyQQRVRQORVDGHFXDGRV
(VWHHUDHOFDVRGH1LFRGHPR
$EVROXWDPHQWHLPSRWHQWHVSDUDOHYDQWDUDO1D]DUHQR-RVpQRWXYRPiVUHPHGLRTXHVROLFLWDU
HOFRQFXUVRGHORILFLDO/RQJLQRFRPSUHQGLHQGRODGHOLFDGDVLWXDFLyQGHORVKHEUHRVVXVSHQGLy
HO GHVFODYDPLHQWR GH 'LVPDV TXH TXHGy FROJDGR GHOSDWLEXOXP 8QR GH ORV OHJLRQDULRV PiV
MRYHQ\UREXVWRTXH-RVpVHKL]RFDUJRGHODSDUWHVXSHULRUGHO0DHVWUR3DVyVXVEUD]RVSRUODV
D[LODVOHYDQWDQGRHOWURQFRGHOFDGiYHU$OPLVPRWLHPSRRWURVROGDGRIOH[LRQyDOPi[LPRODV
URGLOODVGHOUDEtDEUD]DQGRDPEDVSLHUQDVDODDOWXUDGHODVFRUYDV(OFXHUSRGHO*DOLOHRIRUPy
HQWRQFHVXQD9\FRQODD\XGDGHRWURVGRVLQIDQWHVTXHVLWXDURQVXVPDQRVHQORVULxRQHV\
HVSDOGDGH-HV~VORVRFKHQWDXRFKHQWD\GRVNLORVGHO+LMRGHO+RPEUHSXGLHURQVHUL]DGRV\
WUDVYDVDGRVDOOLHQ]R
(OFXHUSRIXHGHSRVLWDGRDXQRVFHQWtPHWURVGHOH[WUHPRGHODViEDQDPiVFHUFDQRDODV
FUXFHVFRQODFDEH]DFDVLHQHOFHQWURGHOOLHQ]R(QDTXHOWUDVODGRGHDSHQDVFLQFRPHWURVOD
LQWHQVD IOH[LyQ GHO WURQFR FRPSULPLy ODV YtVFHUDV WRUiFLFDV \ DEGRPLQDOHV GDQGR OXJDU D XQD
QXHYDKHPRUUDJLD6LQGXGDODSUHVLyQYDFLyXQDGHODVYHQDVFDYDVSRVLEOHPHQWHODLQIHULRU\
XQDQFKRUHJXHURGHVDQJUHEURWySRUODKHULGDGHODODQ]DFKRUUHDQGRSRUHOFRVWDGRGHUHFKR\
GHVOL]iQGRVHDORODUJRGHWRGDODHVSDOGDDODDOWXUDGHODFLQWXUD
1LFRGHPRLQWHQWyEDMDUODURGLOODL]TXLHUGDGHO0DHVWURSHURDXQTXHODKL]RGHVFHQGHUXQRV
FHQWtPHWURV ORV KHPDWRPDV GHVJDUURV GH ODV DUWLFXODFLRQHV \ OD ULJLGH] GH OD SLHUQD KLFLHURQ
LPSRVLEOH VX DEDMDPLHQWR WRWDO (O GH $ULPDWHD SXVR ILQ D ORV HVIXHU]RV GH VX FRPSDxHUR
FXEULHQGRHOFDGiYHUFRQORVGRVPHWURVODUJRVGHOLQRTXHKDEtDQTXHGDGROLEUHV
(ORILFLDOTXHVHJXtDDWHQWDPHQWHODPDQLREUDFRPSUHQGLyGHLQPHGLDWRTXHORVDSXURVGH
DTXHOODYROXQWDULRVDSDUHMDGHVDQHGULWDVQRWHUPLQDEDQDKt1LFRGHPR\-RVpDWXUGLGRVDOGDUVH
FXHQWD TXH HO WUDVODGR GH -HV~V UHTXHUtD OD FRODERUDFLyQ GH DO PHQRV FXDWUR KRPEUHV VH
YROYLHURQLPSORUDQGRKDFLD/RQJLQR<pVWHVRQULHQGRHQFRPHQGyDVXOXJDUWHQLHQWHHOUHPDWH
GHO GHVFHQGLPLHQWR GH ORV ]HORWDV VHxDODQGR VHJXLGDPHQWH D FXDWUR GH VXV KRPEUHV PiV
IRUQLGRVSDUDTXHDFRPSDxDUDQDpO\DORVSURSLHWDULRVGHOFDGiYHUKDVWDODWXPEDHOHJLGD
1LFRGHPR\-RVpURJDURQDORILFLDOTXHOHVSHUPLWLHUDD\XGDUHQHOWUDVODGRGHOLPSURYLVDGR
IpUHWUR<DVtVHKL]R$ODVKRUDVHOSURSLRFHQWXULyQRWUROHJLRQDULR\ORVGRVDPLJRVGH
-HV~VGHVSHJDURQHOOLHQ]RGHOIUtRVXHORGHOSDWtEXORFDUJDQGRORVUHVWRVPRUWDOHVGHO+LMRGHO
+RPEUH'HWUiVORVWUHVVROGDGRVUHVWDQWHVFRQODVHVSDGDVGHVHQYDLQDGDV\\RFRQHODOPDWDQ
GHVFDUQDGDFRPRDTXHOODIXQHVWDURFDTXHQXQFDROYLGDUp
'HEt VXSRQHUOR$XQTXH -XDQ KDEOD HQ VX UHODWR GH XQ VHSXOFUR VLWXDGR HQ HO PLVPR OXJDU
GRQGHVX0DHVWURKDEtDVLGRFUXFLILFDGRSRUPiVTXHPLUpGXUDQWHPLSHUPDQHQFLDHQORDOWRGHO
*yOJRWDQRORJUpGHVFXEULUXQVRORSXQWRSUy[LPRDOSHxDVFRTXHUHXQLHUDODVSULQFLSDOHV
FDUDFWHUtVWLFDVVHxDODGDVSRUORVHYDQJHOLVWDVHVGHFLUXQKXHUWR\DOJXQDSHxDHQODTXHSRGHU
H[FDYDUODWXPED3HURSURQWRTXHGDUtDGHVSHMDGDHVWDQXHYDLQFyJQLWD
1DGDPiVEDMDUGHOPDFL]RURFRVRHOMRYHQ=HEHGHR\ODVPXMHUHVQRVVDOLHURQDOSDVR-RVp
WUDQTXLOL]yDOFHQWXULyQTXLHQDOYHUDSUR[LPDUVHDOUHGXFLGRJUXSRVHSXVRHQJXDUGLD&DVLGH
URGLOODV HO DSyVWRO VXSOLFyDO OHJLRQDULR TXHVXMHWDEDXQR GH ORVH[WUHPRVGH ODViEDQDTXH OH
FHGLHUD VX SXHVWR /RQJLQR UHVSRQGLy D OD GXELWDWLYD PLUDGD GH VX VROGDGR FRQ XQ DILUPDWLYR
PRYLPLHQWRGHFDEH]D\-XDQOHVXVWLWX\yHQHOWUDVODGR
1LQJ~QFUXFLILFDGRSRGtDVHUHQWHUUDGRHQXQFHPHQWHULRMXGtR$VtORHVWDEOHFtDOD/H\-RVp
\ 1LFRGHPR OR VDEtDQ \ DQWHV LQFOXVR GH YLVLWDU D 3RQFLR \D WHQtDQ SUHYLVWR GDU VHSXOWXUD DO
0DHVWUR HQ XQD GH ODV SURSLHGDGHV GHO DQFLDQR GH $ULPDWHD 3HUR HO ILQDO GH DTXHO WUiJLFR
YLHUQHVVHDFHUFDEDDSDVRVDJLJDQWDGRV/DVWURPSHWDVGHO7HPSORQRWDUGDUtDQHQDQXQFLDUHO
RFDVR \ FRQ pO OD HQWUDGD GHO ViEDGR \ GH OD VROHPQH ILHVWD GH OD 3DVFXD (UD SUHFLVR GDUVH
SULVD < ORV H[ PLHPEURV GHO 6DQHGUtQ TXH VRVWHQtDQ OD ViEDQD SRU OD SDUWH GH ORV SLHV
DFHOHUDURQHOSDVR3RUGHWUiVDFXDWURRFLQFRPHWURVQRVVHJXtDQ0DUtDODGH0DJGDOD0DUtD
ODHVSRVDGH&OHRSiV0DUWDRWUDGHODVKHUPDQDVGHODPDGUHGH-HV~V\5HEHFDGH6pIRULV
/RVOHJLRQDULRVDVXYH]VHKDEtDQGLYLGLGRFXEULHQGRORVIODQFRVGHOFDGiYHU
$O FRQWHPSODU DTXHO VLOHQFLRVR \ KXLGL]R FRUWHMR I~QHEUH QR SXGH UHSULPLU XQD WULVWtVLPD
VHQVDFLyQ GH VROHGDG$EDQGRQDGR GH OD PD\RUtD GH VXV DPLJRV \ ILHOHV VHJXLGRUHV XOWUDMDGR
FDVLGHVSXpVGHOGHVFHQGLPLHQWRSRUDTXHOODWXUEDGHIDQiWLFRVDKRUDFDPLQRGHOVHSXOFUR
QLVLTXLHUDSRGtDUHFLELUHQWHUUDPLHQWRFRQXQPtQLPRGHGLJQLGDG\UHSRVR+DVWDHOPiVSREUH
\ PLVHUDEOH GH ORV MXGtRV VHJ~Q OD /H\ WHQtD GHUHFKR FXDQGR PHQRV D XQ VHSHOLR FRQ GRV
P~VLFRVGHIODXWD\XQDSODxLGHUD3DUDHO1D]DUHQRQRTXHGDEDQ\DOiJULPDV/RVFRUD]RQHVGH
ODVPXMHUHV\GHVXVWUHVDPLJRVVHKDEtDQVHFDGR(QFXDQWRDODFRPSDxDPLHQWRHO~QLFRTXH
UHFXHUGR IXH HO GH ORV SUHVXURVRV SDVRV GH OD HVFROWD \ GH ORV TXH FDUJDEDQ VX FDGiYHU
WURQFKDQGRFDUGRV\DEURMRV
(OGH$ULPDWHD\1LFRGHPRGLULJLHURQHOWUDVODGRERUGHDQGRODPXUDOODQRUWHGH-HUXVDOpQ\
VLJXLHQGR SUiFWLFDPHQWH HO PLVPR LWLQHUDULR GH OD YtD GRORURVD &UX]DPRV OD FDUUHWHUD GH
6DPDULD\DORVGLH]RTXLQFHPLQXWRVGHKDEHUDEDQGRQDGRHOSDWtEXORVXGRURVD\FRQORVGHGRV
ODVWLPDGRVSRUHOSHVRGHOFXHUSRODFRPLWLYDVHGHWXYRIUHQWHDXQKXHUWR1RVKDOOiEDPRVDO
QRUWHGHO*yOJRWD\UHODWLYDPHQWHFHUFDGHOD7RUUH$QWRQLDDSUR[LPDGDPHQWHDXQRVR
PHWURV (UD OyJLFR TXH ORV ULFRV KDFHQGDGRV GH -HUXVDOpQ QR GLVSXVLHUDQ VXV ILQFDV \
SODQWDFLRQHV R KXHUWRV GH UHFUHR FHUFD GHO SHxDVFR GRQGH VH DMXVWLFLDED D ORV ODGURQHV \
FULPLQDOHV$TXpOHQFDPELRSDUHFtDXQOXJDUWUDQTXLOR\KHUPRVR
8QD GH ODV PXMHUHV FUHR UHFRUGDU TXH OD 0DJGDOHQD VH DGHODQWy \ VROWy OD FXHUGD TXH D
PDQHUD GH OD]R VXMHWDED XQD SXHUWD GH PDGHUD GH XQ PHWUR GH DOWXUD D XQD FHUFD GH HVWDFDV
PHWLFXORVDPHQWHEODQTXHDGDVFRQFDO$TXHOYDOODGRGHXQDDOWXUDVLPLODUDODGHODFDQFHODGH
HQWUDGDVHSHUGtDDGHUHFKDHL]TXLHUGDHQWUHHOHQUDPDGRGHXQVLQItQGHiUEROHVIUXWDOHV
$OJLUDUORVKHUUDMHVDUWLFXODGRVGHORVJR]QHVFKLUULDURQFRPRXQDQLPDOKHULGR(OJUXSRVH
SUHFLSLWy KDFLD HO LQWHULRU GH OD ILQFD &DPLQDPRV DOUHGHGRU GH FLQFXHQWD SDVRV VLHPSUH HQWUH
XQDIURQGRVDSODQWDFLyQGHSHTXHxRViUEROHVVHOHFWRVKDVWDOOHJDUDXQDELIXUFDFLyQGHOHVWUHFKR
VHQGHUR TXH DUUDQFDED HQ HO XPEUDO PLVPR GH OD SXHUWD GHO KXHUWR 7UDV XQD EUHYH SDXVD
VXILFLHQWH SDUD UHFREUDU HO DOLHQWR SHUGLGR -RVp \ 1LFRGHPR KLFLHURQ XQD LQGLFDFLyQ D ORV
VROGDGRV\WRPDPRVHOUDPDOGHODGHUHFKD(OGHODL]TXLHUGDOOHYDEDDXQDFDVLWDVLWXDGDDFRVD
GH XQ FHQWHQDU GH PHWURV \ TXH D MX]JDU SRU OD FLPEUHDQWH \ HVSLJDGD FROXPQD GH KXPR TXH
HVFDSDED SRU OD FKLPHQHD GHEtD HVWDU KDELWDGD 'RV SHTXHxRV SHUURV VDOLHURQ GH HQWUH ORV
iUEROHVVDOWDQGR\ODGUDQGRDOHJUHPHQWHHQWUHODVSLHUQDVGH-RVpGH$ULPDWHD3HURHODQFLDQR
FRQXQDXWRULWDULRJULWROHVREOLJyDUHWLUDUVH
$FRVDGHPHWURVGHODELIXUFDFLyQDSDUHFLyDQWHPtXQDVXDYHHOHYDFLyQGHOWHUUHQR(UD
XQDIRUPDFLyQFDOFiUHDTXHQRVREUHVDOGUtDPiVDOOiGHPHWUR\PHGLRVREUHHOQLYHOGHOVXHOR
1RVGHWXYLPRV\HOGH$ULPDWHDDQXQFLyDORILFLDOTXH\DSRGtDQGHSRVLWDUHOFXHUSRGH-HV~V
VREUHHOWHUUHQR
$ FRVD GH GRV SDVRV GH GRQGH UHSRVDED HO FDGiYHU GHO 1D]DUHQR HO VXHOR DUFLOORVR TXH
URGHDED DTXHOOD FXxD URFRVD KDEtD VLGR UHPRYLGR -RVp SURSLHWDULR GHO OXJDU KDEtD PDQGDGR
FRQVWUXLUXQDVU~VWLFDVHVFDOHUDVTXHGHVFHQGtDQKDVWDXQHVWUHFKRFDOOHMyQGHDSHQDVGRVPHWURV
GHDQFKXUD$OEDMDUORVFLQFRSHOGDxRVVHHQFRQWUDEDXQRHQODPHQFLRQDGDJDOHUtD\IUHQWHDXQD
IDFKDGD SHUIHFWDPHQWH WUDEDMDGD VREUH OD URFD YLYD*URVRPRGR FDOFXOp OD DOWXUD GH DTXHOOD
SDUHG URFRVD HQ XQRV WUHV PHWURV (Q HO FHQWUR KDEtD XQD GLPLQXWD SXHUWD FXDGUDQJXODU GH
FHQWtPHWURVGHODGR-RVpQRVURJyTXHOHGLVFXOSiUDPRV\VHDOHMyDODFDUUHUDHQGLUHFFLyQDOD
FDVLWD
0LHQWUDV ORV VROGDGRV DSURYHFKDEDQ DTXHO UHVSLUR SDUD VHQWDUVH \ GHVFDQVDU PH DJDFKp \
WUDWpGHHFKDUXQDRMHDGDDOLQWHULRUGHODFULSWD8QDSLHGUDUHGRQGDPX\SDUHFLGDDXQDPXHOD
GHPROLQR\GHXQPHWURGHGLiPHWURUHSRVDEDDODL]TXLHUGDGHODERFDGHHQWUDGDDOVHSXOFUR
$O SLH PLVPR GH OD IDFKDGD KDEtD VLGR SUDFWLFDGR XQ FDQDOLOOR GH XQRV FHQWtPHWURV GH
SURIXQGLGDGSRURWURVGHDQFKXUDTXHFRUUtDDWRGRORDQFKR/DSLHGUDWDQWRVFDPHQWHSXOLGD
FRPRODIDFKDGDFX\RSHVRGHEtDVHUVXSHULRUDORVNLORVVHKDOODEDGLVSXHVWDGHWDOJXLVD
TXHSDUDWDSDUHODQJRVWRRULILFLRTXHKDFtDODVYHFHVGHSXHUWDEDVWDEDFRQKDFHUODURGDU
VREUHHOPHQFLRQDGRFDQDOLOORDOTXHVHDMXVWDEDFDVLPDWHPiWLFDPHQWH$OSDVDUPLPDQRVREUH
DTXHOODPROHUHGRQGDLPDJLQpHOHQRUPHHVIXHU]RTXHWHQtDTXHKDEHUVXSXHVWRDORVRSHUDULRVVX
WUDVODGRKDVWDHOIRQGRGHOFDOOHMyQ\SRUVXSXHVWRHOTXHH[LJLUtDFDGDFLHUUH\DSHUWXUDGHOD
WXPED
3HURDOLQWURGXFLUPLFDEH]DHQHOLQWHULRUGHODFULSWDODRVFXULGDGHUDWDOTXHQRDFHUWpD
GLVWLQJXLUQLVXSURIXQGLGDGQLODDOWXUDGHODVSDUHGHVQLQLQJ~QRWURGHWDOOH
0HLQFRUSRUp\PLHQWUDVDJXDUGDEDD-RVpPHGHGLTXpDPHGLUDTXHOODHVSHFLHGHDQWHVDODR
FDOOHMyQ GHVGH OD IDFKDGD KDVWD HO SHOGDxR PiV EDMR KDEtD PHWURV /DV SDUHGHV GH OD
JDOHUtDDFLHORDELHUWRLEDQGHVFHQGLHQGRGHVGHORVPHWURVDOWXUDPi[LPDTXHFRUUHVSRQGtDD
ODIDFKDGDGHODWXPEDKDVWDSRFRPiVRPHQRVXQPHWURDOQLYHOGHOHVFDOyQPiVDOWR
$TXHOODVPHGLFLRQHVVHYLHURQLQWHUUXPSLGDVSRUODOOHJDGDGHODQFLDQR/HDFRPSDxDEDXQ
KHEUHR GH XQRV FLQFXHQWD DxRV FRQ XQD EDUED FRUWD \ FXLGDGD \ GH XQD FRUSXOHQFLD TXH
LQVWLQWLYDPHQWH PH UHFRUGy DO IDOOHFLGR 0DHVWUR 6H WRFDED FRQ XQ DQFKR VRPEUHUR GH SDMD \
FDUJDEDXQDYROXPLQRVD\SHVDGDiQIRUD-RVpSRUWDEDGRVWHDVGHPDQJRFRUWR\XQDHVSHFLHGH
KDWLOOR
+DFLDODVFLQFRGHODWDUGHHOGXHxRGHOKXHUWRVHDUURGLOOyIUHQWHDODFiPDUDVHSXOFUDO\
FRQVXPRFXLGDGRDODUJyODPDQRL]TXLHUGDGHSRVLWDQGRXQDGHODVDQWRUFKDVHQHOLQWHULRUGHOD
FULSWD$ FRQWLQXDFLyQ HQWUHJy OD VHJXQGD WHD D VX VLHUYR \ MDUGLQHUR TXLHQ KLHUiWLFR \ PXGR
FRPRXQDHVWDWXDQRVHPRYHUtD\DGHOFDOOHMyQ
-RVpVLHPSUHHQDTXHOODIRU]DGDSRVWXUDVHDUUDVWUySHQHWUDQGRHQODFXHYD
(OUHODPSDJXHRURML]RGHOKDFKDGHQWURGHODWXPEDGHVDSDUHFLyDORVSRFRVVHJXQGRV<HO
DQFLDQR DVRPDQGR OD FDEH]D SRU OD DEHUWXUD UHFODPy OD VHJXQGD DQWRUFKD 6X D\XGDQWH VH
DSUHVXUyDHQWUHJiUVHODKDFLHQGRRWURWDQWRFRQHOKDWR
&XDQGR-RVpFRQVLGHUyTXHWRGRHVWDEDGLVSXHVWRVDOLyGHOSDQWHyQLQGLFDQGRD1LFRGHPR
TXHEDMDVHQHOFXHUSRGHO0DHVWUR
/RVVROGDGRVFXPSOLHURQODRUGHQVLWXDQGRORVUHVWRVVREUHODWLHUUDURML]D\DSLVRQDGDGHO
FDOOHMyQ(OFDGiYHUIXHRULHQWDGRGHIRUPDTXHODFDEH]DTXHGDUDIUHQWHDODQJRVWRSRUWLOOR(O
DQFLDQRUHWRUQyHQWRQFHVDOLQWHULRUVHJXLGRGHOFHQWXULyQ8QDYH]GHQWURDPERVFRPHQ]DURQD
WLUDUGHODViEDQDVLHQGRD\XGDGRVGHVGHHOH[WHULRUSRURWURVWUHVOHJLRQDULRV
&XDQGRDOILQHOFXHUSRIXHLQWURGXFLGRHQODWXPED1LFRGHPRIXHSDVDQGRD-RVpODSDUHMD
GH VDFRV TXH D~Q FROJDED GH VX KRPEUR \ HO iQIRUD 6DWLVIHFKD HVWD ~OWLPD SDUWH GHO ODERULRVR
WUDVODGR DTXpO VH LQFOLQy WDPELpQ \ HQ FXFOLOODV VH SHUGLy HQWUH OD PRUWHFLQD FODULGDG GHO
VHSXOFURVHJXLGRGH-XDQ
,JQRUDQGR VL GLVSRQtD GH VLWLR PH DYHQWXUp D VHJXLU D 1LFRGHPR 0L PHWUR \ RFKHQWD
FHQWtPHWURV GH WDOOD PH REOLJDURQ D GREODU HO HVSLQD]R \ DUUDVWUDUPH VREUH XQ SLVR WDQ UXJRVR
FRPRLQJUDWR
$OOHYDQWDUODYLVWDPHHQFRQWUpHQXQDHVWDQFLDFXDGUDGDGHXQRVWUHVPHWURVGHODGR\GH
GH DOWXUD DSUR[LPDGDPHQWH 'H HVWD ~OWLPD FLIUD HVWR\EDVWDQWH VHJXUR SRUTXH GXUDQWH HO
WLHPSRTXHSHUPDQHFtHQHOLQWHULRUGHODFULSWDQRWXYHPiVUHPHGLRTXHLQFOLQDUODFDEH]DSDUD
QRWURSH]DUFRQDTXHOWHFKRURFRVRGXUDPHQWHJDQDGRDEDVHGHHVFRSORGHFDQWHUtDDMX]JDUSRU
ORVFRUWHVDELVHOGHODFLWDGDEyYHGD\GHOUHVWRGHODVSDUHGHV
0L LQWURPLVLyQ IXH ELHQ UHFLELGD &XDQGR PH LQFRUSRUp ORV FXDWUR KRPEUHV SXMDEDQ SRU
OHYDQWDUHOFDGiYHUKDVWDXQVLPXODFURGHEDQFRGHPHWURVGHDOWXUDLJXDOPHQWHUREDGRDOD
PDVD SpWUHD \ XELFDGR HQ HO PXUR GHUHFKR WRPDQGR VLHPSUH FRPR UHIHUHQFLD HO KXHFR GH
HQWUDGD
0HDSUHVXUpDXQLUPHDHOORVFRODERUDQGRHQHOGHILQLWLYR\~OWLPRL]DGRGHO1D]DUHQR6p
TXH DTXHO LQVLJQLILFDQWH \ SREUH JHVWR QR KXELHUD VLGR DSUREDGR SRU HO HVWULFWR FyGLJR GHO
SUR\HFWRSHURHVRTXpSXHGHLPSRUWDU\D
/RVUHVWRVGH-HV~VUHSRVDEDQILQDOPHQWHVREUHXQOHFKRGHSLHGUDGHPHWURVGHODUJR
SRU GH DQFKR$ GHFLU YHUGDG DTXHO SLOyQ SDUHFtD H[FDYDGR D OD PHGLGD GHO JLJDQWHVFR
*DOLOHR
-RVp VH DSUHVXUy D GHVWDSDU HO FDGiYHU PLHQWUDV 1LFRGHPR DEUtD HO KDWLOOR GH WHOD
H[WUD\HQGRHQSULPHUOXJDUGRVSOXPRQHVWRWDOPHQWHEODQFRVTXHDSULPHUDYLVWDSRGUtDQVHUGH
DOJ~QWLSRGHDYHGRPpVWLFD
$ODOX]WDPEDOHDQWHGHODVWHDVUHFOLQDGDVSRU-RVpVREUHFDGDXQDGHODVHVTXLQDVGHODUD
RSR\RGHURFDDSDUHFLyGHQXHYRDQWHWRGRVHOHQVDQJUHQWDGRVXFLR\PDOROLHQWHFXHUSRGHO
KDVWD KDFtD XQDV KRUDV PDMHVWXRVR +LMR GHO +RPEUH /DV FRVWUDV GH H[FUHPHQWRV KDEtDQ
WHUPLQDGR SRU VHFDUVH VREUH OD SLHO GH PXVORV \ SLHUQDV H[KDODQGR XQD IHWLGH] LQVRSRUWDEOH
$XQTXHVyORKDEtDQWUDQVFXUULGRGRVKRUDVGHVGHHOLQVWDQWHGHVXPXHUWHFOtQLFDORVSLHVFRQ
ODV XxDV D]XODGDV SUHVHQWDEDQ \D XQD FRQWUDFWXUD SRVWPRUWHP FRQ SUHGRPLQLR H[WHQVRU GH ORV
GHGRV/DULJLGH]WDO\FRPRPHWHPtDDYDQ]DED\DVLQUHPHGLR/DFDEH]DFDtGDKDFLDHOODGR
GHUHFKRFRQVHUYDEDDELHUWDODERFDSUHVHQWDQGRXQWLQWHOtYLGR\XQDFXVDGRDPRUDWDPLHQWRGH
ORV ODELRV (O WyUD[ WRWDOPHQWH UHODMDGR DSDUHFtD FXELHUWR SRU XQD PH]FOD GH WLHUUD \ VDQJUH
UHVHFDFRQXQDPLQDGDGHFRiJXORVTXHQRREHGHFtD\DODOH\GHODJUDYHGDG\TXHGHVSXQWDED
VREUH WRGD OD FDMD WRUiFLFD 2EVHUYp HO KXQGLPLHQWR GHO HSLJDVWULR \ FRQ pO ORV SOLHJXHV GHO
DEGRPHQHVSHFLDOPHQWHHQVXPLWDGLQIHULRU
3HUR OR TXH PiV PH OODPy OD DWHQFLyQ IXH OD PDQR GHUHFKD 6X GRUVR \ ERUGH FXELWDO VH
KDOODEDQ SUiFWLFDPHQWH RFXOWRV SRU XQD JUDQ PDQFKD GH VDQJUH FRDJXODGD \ ORV FXDWUR GHGRV
ODUJRV FRQ XQD PDUFDGD FLDQRVLV \ XQDV GLPHQVLRQHV OLJHUDPHQWH VXSHULRUHV D ORV GH OD
L]TXLHUGD TXH FRQVHUYDEDQ HO UHIHULGR DJDUURWDPLHQWR HQ IRUPD GH JDUUD $TXHOOD
KLSHUH[WHQVLyQ GH ORV FXDWUR GHGRV ODUJRV GH OD PDQR GHUHFKD HQ PL RSLQLyQ VyOR SRGtD HVWDU
RULJLQDGD SRU DOJXQD GH ODV WHUURUtILFDV OHVLRQHV HQ ORV FRUUHVSRQGLHQWHV P~VFXORV H[WHQVRUHV
GHULYDGDVGHODH[WUDFFLyQGHOFODYR\GHODVHJXQGDSHUIRUDFLyQGHOFDUSR
/DURGLOODL]TXLHUGDVHJXtDGREODGD\DPERVFRGRVUtJLGRV\DPDQWHQtDQORVDQWHEUD]RVHQ
IOH[LyQ
&XDQGR YL FyPR 1LFRGHPR LQWURGXFtD ODV SHTXHxDV SOXPDV HQ ODV IRVDV QDVDOHV GH -HV~V
FRPSUHQGtVXVLQWHQFLRQHV6LHOSUHVXQWRIDOOHFLGRFRQVHUYDEDXQPtQLPRGHYLGDHOURFHGHORV
SOXPRQHVLUULWDEDODVPXFRVDVH[FLWDQGRDVtODUHVSLUDFLyQ(UDWDO\FRPRKDHVFULWRHOUDELQR
$/HY\ODFHUWLILFDFLyQGHODPXHUWH
1L TXp GHFLU WLHQH TXH HO *DOLOHR QR H[SHULPHQWy UHDFFLyQ DOJXQD &XPSOLGR HO WUiPLWH
-RVpYROYLyDDVRPDUVHDODHQWUDGDGHODWXPEDUHWRUQDQGRDOLQVWDQWH
+D\TXHGDUVHSULVDH[SUHVyHQYR]EDMD(OViEDGRQRWDUGDUiHQDSXQWDU
<DEULHQGRHOiQIRUDYHUWLySDUWHGHODJXDHQXQWUR]RGHHVSRQMDFHQLFLHQWR\SHUIRUDGRSRU
FLHQWRV GH PLQ~VFXORV RULILFLRV 1LFRGHPR VH VLWXy D ORV SLHV GHO 0DHVWUR OHYDQWDQGR OD
H[WUHPLGDG LQIHULRUL]TXLHUGDKDVWD GRQGHIXH SRVLEOH(O GH$ULPDWHDVHGHVSRMy GHOPDQWR \
DUUHPDQJiQGRVH OD W~QLFD FRPHQ]y D IURWDU \ OLPSLDU OD FDUD SRVWHULRU GHO PXVOR \ SLHUQD
'HVSXpV UHSLWLy HO ODYDGR HQ OD SLHUQD GHUHFKD FRQFOX\HQGR FRQ XQD VHULH GH GHILFLHQWHV
UHVWUHJRQHVVREUHODVQDOJDVWHVWtFXORV\DQRGH-HV~V
'HMpPRVORDVtSXQWXDOL]y1LFRGHPRFDGDYH]PiVQHUYLRVRDQWHHOFHUFDQRILQDOGHO
YLHUQHV
(O GH$ULPDWHD DUURMy OD HVSRQMD DO VXHOR \ FRPHQ]y D GHVDWDU ORV VDTXHWHV GH KDUSLOOHUD
PLHQWUDVVXFRPSDxHUREXVFDEDHQHOIRQGRGHOKDWLOOR8QDGHODVVDFDVFRQWHQtDHQWUH\
NLORV GH XQ SROYR JUDQXODGR GH XQ FRORU DPDULOORRUR VXPDPHQWH DURPiWLFR \ TXH QDGD PiV
DEULUOR HVSDUFLy XQD GHOLFLRVD IUDJDQFLD SRU WRGD OD FULSWD /RQJLQR \ \R QRV PLUDPRV
DJUDGHFLHQGRDTXHOV~ELWRFDPELRHQHOFHUUDGRDPELHQWHGHODWXPED
(Q HO VHJXQGR VDFy GLVWLQJXt XQ FDPSDQXGR MDUUR GH FREUH SHUIHFWDPHQWH ODFUDGR FRQ XQ
WDSyQ GH WHOD -RVp XQD YH] GHVFXELHUWR VH YROYLy KDFLD 1LFRGHPR UHSUHQGLpQGROH SRU VX
OHQWLWXG$OILQHQWUHODVSHOXGDVPDQRVGHOH[VDQHGULWDYLDSDUHFHUXQRVUHWD]RVGHWHOD(UDQ
XQDV WLUDV HVWUHFKDV GHVIOHFDGDV \ TXH SRU ODV LUUHJXODULGDGHV GH VXV ILORV GHEtDQ KDEHU VLGR
GHVJDMDGDVDPDQR\FRQSULVDVGHDOJ~QYLHMRSDxRGHWHOD
1LFRGHPR VHOHFFLRQy XQD GH DTXHOODV YHQGDV GH DOJR PiV GH XQ PHWUR GH ORQJLWXG \
WLUDQGRGHDPERVH[WUHPRVODWHQVyHVWDELOL]iQGRODDXQSDUGHFXDUWDVSRUHQFLPDGHOVDTXHWH
TXH DOEHUJDED HO GRUDGR SROYLOOR 6LQ SHUGHU XQ LQVWDQWH HO GH $ULPDWHD HQWHUUy VX PDQR
L]TXLHUGDHQODVDFDWRPDQGRXQSXxDGRGHDTXHOODHVSHFLHGHiULGR<ORGHMyHVFDSDUSRUOD
SDUWHLQIHULRUGHOSXxRFXEULHQGRPiVTXHJHQHURVDPHQWHODVXSHUILFLHGHODWHOD(OWHPEORURVR
SXOVRGHODQFLDQRKL]RTXHEXHQDSDUWHGHODFtEDURiORHSRUTXHGHHVWRVHWUDWDEDFD\HUDDO
VDFRRVHGHUUDPDUDVREUHHODEUXSWRSDYLPHQWRGHODFiPDUDPRUWXRULD6LQGHPDVLDGRGLVLPXOR
UHFRJtXQSHOOL]FRGHDTXHOSROYRJXDUGiQGRPHOR8QDYH]GHUHJUHVRDOPyGXOR\VRPHWLGRDO
FRUUHVSRQGLHQWH DQiOLVLV PLFURVFySLFR &DEDOOR GH 7UR\D VXSR TXH DTXHOOD VXVWDQFLD HUD HQ
UHDOLGDGXQDGHODVYDULDQWHVGHODFtEDUHOOODPDGRVXFRWULQRTXHGHEHVXQRPEUHDODLVODGH
6RFRWRUDDODHQWUDGDGHOJROIR$UiELJR*HQHUDOPHQWHVHSUHVHQWDHQPDVDVGHIUDFWXUDEULOODQWH
\FRPRYtWUHDURMDVYHUGRVDVRDPDULOOHQWDV\TXHVRPHWLGDVDSXOYHUL]DFLyQSURSRUFLRQDQXQ
SURGXFWR JUDQXODGR LGpQWLFR DO TXH \R WHQtD DQWH PLV RMRV (Q HO FDVR GHO iORH RULJLQDULR GH
6RFRWRUDVXRULJHQFRPRHQRWURVWLSRVGHDFtEDUKHSiWLFRRGHODV%DUEDGDVFDEDOOXQR
HWF HVWi HQ HO ]XPR TXH VH H[WUDH GH GLIHUHQWHV HVSHFLHV ERWiQLFDV 6H WUDWD GH JUDQGHV \
KHUPRVDV SODQWDV GH OD IDPLOLD GH OD /LOLiFHDV WULEX GH ODV $VIRGHOHDV TXH FUHFHQ HQ ODV
UHJLRQHV FiOLGDV GH $VLD IULFD \ $PpULFD 'HO FHQWUR GH XQ FRQMXQWR GH KRMDV JUDQGHV \
FDUQRVDVFRQERUGHVDUPDGRVGHSXQWDVDUUDQFDXQWDOORRHVFDSRYLJRURVRTXHOOHYDHQVXiSLFH
XQD ODUJD HVSLJD GH IORUHV WXEXORVDV JHQHUDOPHQWH ELODELDGDV \ URMDV (O PHQFLRQDGR ]XPR HV
SURGXFLGRSRUODVKRMDV
-RVpVHLQFRUSRUy\DFHUFiQGRVHDORVSLHVGHO0DHVWURSURFXUyMXQWDUORVOHYDQWiQGRORVGH
IRUPDTXHVXFRPSDxHURSXGLHUDSDVDUODSLH]DGHWHODLPSUHJQDGDGHDFtEDUDODDOWXUDGHORV
WRELOORV$FRQWLQXDFLyQ1LFRGHPRIXHDUURMDQGRVXDOLHQWRVREUHHOiORH\DQWHPLVRUSUHVDVX
SDUWLFXODURORUVHKL]RPiVLQWHQVR\SHQHWUDQWH
$QXGyODYHQGDHQHOQDFLPLHQWRGHORVSLHV\UHJUHVDQGRDODVDFDUHSLWLyODRSHUDFLyQ
FRQ XQD VHJXQGD WLUD (Q HVWD RFDVLyQ DQWHV GH DQXGDU ODV PDQRV GHO *DOLOHR -RVp WXYR OD
SUHFDXFLyQGHGHSRVLWDUtDVUHYHUHQFLDO\S~GLFDPHQWHVREUHHOSXELVGHOFDGiYHU/DL]TXLHUGD
VREUHODGHUHFKD$TXpOODFRPRHVWD~OWLPDPRVWUDEDXQURVHWyQGHVDQJUHFRDJXODGDVREUHOD
SDUWH VXSHULRU GH OD PXxHFD /D IRUPD WULDQJXODU GH OD KHULGD FRQ VXV ERUGHV QHJURV \
GHVFDUQDGRVPHKL]RHVWUHPHFHU
8QDYH]DWDGRWDO\FRPRPDUFDEDOD/H\MXGtDORVDPLJRVGHOUDEtVHLQFOLQDURQQXHYDPHQWH
VREUH ORV VDTXHWHV 1LFRGHPR UHPRYLy HO FRQWHQLGR GHO MDUUR PLHQWUDV -RVp OOHQDED DPEDV
PDQRVFRQXQDSUHFLDEOHYROXPHQGHDFtEDU
(QODSDOPDL]TXLHUGDGHOSULPHURVXUJLyXQDVXVWDQFLDSDVWRVDGHDVSHFWRJRPRUHVLQRVR
TXH GHVWHOOy D OD OX] GH ODV DQWRUFKDV FRPR XQ PLOODU GH OiJULPDV URML]DV (UD PLUUD 6X IXHUWH
RORUPXFKRPHQRVDJUDGDEOHTXHHOGHOiORHVHPH]FOyHQVHJXLGDFRQHOGHOSROYRJUDQXODGR
VRIRFiQGRPH
1LFRGHPR VH SODQWy IUHQWH D OD PLWDG VXSHULRU GHO FDGiYHU PLHQWUDV HO DQFLDQR -RVp KDFtD
RWUR WDQWR MXQWR D ODV H[WUHPLGDGHV LQIHULRUHV GH -HV~V GH 1D]DUHW (O GH$ULPDWHD SHUPDQHFLy
XQRV VHJXQGRV FRQ ODV PDQRV ILUPHPHQWH FHUUDGDV DSULVLRQDQGR HO SROYR GRUDGR &XDQGR ODV
VHSDUyHODFtEDUVHKDEtDWUDQVIRUPDGRHQXQDSDVWDEODQGX]FDFDVLSOiVWLFD
< DPERV D XQ PLVPR WLHPSR VH GHGLFDURQ D SHOOL]FDU ODV PDVDV GH PLUUD \ iORH
HPEDGXUQDQGR\FHJDQGRODVEUHFKDV\RULILFLRVQDWXUDOHVGHOFXHUSR1LFRGHPRVHRFXSyGHODV
IRVDVQDVDOHVRtGRV\GHODVJUDQGHVKHULGDVGHORVFRVWDGRV-RVpGHORVSURIXQGRVGHVJDUURV
GHODVURGLOODVFODYRVGHPDQRV\SLHV\GHODPDUDxDGHDJXMHURVSURYRFDGRVSRUODVWDFKXHODV
GHODVVDQGDOLDVGHORVVROGDGRVSDUDGyMLFDPHQWHGHDTXHOORVPLVPRVTXHOHKDEtDQGHIHQGLGR
GHVSXpVGHPXHUWR
6DOWDED D OD YLVWD OD SUHFLSLWDFLyQ GH DTXHOORV KRPEUHV 'H KDEHU DFWXDGR FRQ PHQRU
SUHPXUDORPiVSUREDEOHHVTXHHOWDSRQDPLHQWRQRKDEUtDVLGRSUDFWLFDGRHQHO~OWLPROXJDU
8QDSUXHEDGHORTXHGLJRVXUJLyFXDQGR-RVpUHFRUGyTXHIDOWDEDHOUHFWR3HURODVH[WUHPLGDGHV
LQIHULRUHV GH -HV~V VH KDOODEDQ DQXGDGDV \ IXH SUHFLVD OD D\XGD GH 1LFRGHPR TXLHQ
UHIXQIXxDQGR OHYDQWy QXHYDPHQWH ODV SLHUQDV GHO *DOLOHR KDFLHQGR SRVLEOH TXH HO DQFLDQR
WDSRQDUD HO DQR /yJLFDPHQWH DO OOHYDU D FDER HVWD PDQLREUD JUDQ SDUWH GHO SROYR GRUDGR
GHSRVLWDGRHQODFLQWDTXHPDQWHQtDXQLGRVORVSLHVVHGHVOL]yFD\HQGRVREUHHOOLHQ]RGHOLQR
$O WHUPLQDU -RVp DJRELDGR SRU OD OOHJDGD GHO FUHS~VFXOR VH GLULJLy QXHYDPHQWH D OD
SXHUWHFLOOD3HURHQVXDWRORQGUDPLHQWRWURSH]yFRQHOiQIRUD\SRFRIDOWySDUDTXHFD\HUDGH
EUXFHV8QDYH]FRPSUREDGDODVLWXDFLyQGHOVROUHWRUQyKDVWDHOEDQFRGHSLHGUDPDVFXOODQGR
DOJRSRUOREDMR
3DUD HQWRQFHV 1LFRGHPR PiV VHUHQR TXH -RVp KDEtD VROWDGR GH VX EUD]R GHUHFKR XQ
ODUJR SDxXHOR JUDQDWH XWLOL]DGR KDELWXDOPHQWH SRU DTXHOODV JHQWHV SDUD HQMXJDU HO VXGRU /R
UHWRUFLyKiELOPHQWHURGHDQGRFRQpOODFDEH]DGH-HV~V(OSDxROyQIXHUWHPHQWHDQXGDGRVREUH
ODFRURQLOODOHYDQWyHOPD[LODULQIHULRUFHUUDQGRDVtODERFDGHO&ULVWR7RGRHVWDEDFRQVXPDGR
HQ DTXHO DFHOHUDGR \ SURYLVLRQDO VHSHOLR $QWHV GH DEDQGRQDU OD FULSWD PLHQWUDV 1LFRGHPR
UHFRJtD\VDFDEDDOH[WHULRUORVGLYHUVRV~WLOHV-RVpHFKyPDQRGHVXEROVD\DOD]DUH[WUDMRXQ
SDUGHPRQHGLWDVGHEURQFHGHXQRVPLOtPHWURVGHGLiPHWURFDGDXQD6LJXLHQGRXQDUHPRWD
FRVWXPEUH HO GH $ULPDWHD ODV GHSRVLWy VREUH ORV SiUSDGRV GHO 1D]DUHQR 3HUR OD JUDQ
LQIODPDFLyQGHORMRL]TXLHUGRKL]RUHVEDODUHOOHSWyQ>@
$XQTXHODFDEH]DGHO0DHVWURKDEtDVLGRDSXQWDODGDDODDOWXUDGHORVRtGRVSRUVHQGRV
PD]DFRWHV GH PLUUD OD WUHPHQGD GHIRUPDFLyQ GH OD UHJLyQ PDODU PDQWHQtD VHSXOWDGR HO RMR
KDFLHQGRGLItFLOHOGHSyVLWRGHODPRQHGDVREUHHOFDVLLUUHFRQRFLEOHSiUSDGR3HUR-RVpLQVLVWLy
FRQVLJXLHQGRXQSUHFDULRHTXLOLEULRGHODPRQHGDVREUHORVKHPDWRPDV
/DV WHDV FRQ VX FHQWHOOHR SXVLHURQ XQD FKLVSD GH YLGD HQ ODV EULOODQWHV VXSHUILFLHV GH ORV
OHSWRQHV
$O LQFOLQDUPH FRPSUREp TXH HO WURTXHODGR GH DPEDV HUD VXPDPHQWH UXGLPHQWDULR FRQ XQD
HILJLH GHVFHQWUDGD \ QXPHURVDV LPSHUIHFFLRQHV /DV GRV SURFHGtDQ VHJXUDPHQWH GH OD PLVPD
HPLVLyQDMX]JDUSRUODVLGpQWLFDVLQVFULSFLRQHV\OLWXXVRFD\DGRFHQWUDO>@\VREUHWRGRSRU
OD PLVPD IDOWD RUWRJUiILFD HQ ODV OHWUDV TXH FHxtDQ HQ FtUFXOR OD UHIHULGD HILJLH GHOOLWXXV R
FD\DGR PiJLFR>@ /D OH\HQGD HQ FXHVWLyQ GHFtD DVt 7,%(3,2< &$,&$32& (V GHFLU
7LEHULRX.DLVDULVRGH7LEHULR&pVDU
/HYDQWp FRQ FXULRVLGDG OD PRQHGLWD GHO SiUSDGR GHUHFKR \ HQ HO UHYHUVR GHVFXEUt OD QR
PHQRV GHVJDVWDGD VLOXHWD GH XQVLPSXOXP R FDWDYLQRV XWLOL]DGR HQ ODV RIUHQGDV ULWXDOHV GH ODV
OLEDFLRQHVSDJDQDV(QHOFHQWURMXQWRDHVWHFD]RRFXFKDUyQVHOHtDHOQ~PHURIRUPDGRSRU
XQD LRWD HTXLYDOHQWH DO \ HO OODPDGR HStVHPRQ TXH FRUUHVSRQGtD DO (Q RWUDV
SDODEUDVODIHFKDDxRGHOUHLQDGRGH7LEHULR&pVDURGHOD(UD&ULVWLDQD
$QWHVGHFXEULUOHGHILQLWLYDPHQWHFRQODPLWDGGHOOLHQ]RHOEXHQDPLJRGH-HV~VVHDUURGLOOy
IUHQWH DO FDGiYHU \ EDMDQGR OD FDEH]D JXDUGy XQRV PLQXWRV GH VLOHQFLR (O =HEHGHR OH LPLWy
)XHURQLQVWDQWHVHVSHFLDOPHQWHLQWHQVRV\HPRWLYRV&RPSUHQGtFRQGHVRODFLyQTXHDTXpOODHUD
OD~OWLPDYH]TXHYHUtDHOFXHUSRVLQYLGDGHO0DHVWUR1RGHERRFXOWDUTXHDOSRVDUPLPLUDGD
HQVXVPDFKDFDGRVUHVWRVPHDVDOWyXQDGXGDGHQVD\DJRELDQWHFRPRDTXHOODFiPDUDIXQHUDULD
UHVXFLWDUtD WDO \ FRPR KDEtD DQXQFLDGR" 3HUR FyPR" $TXHOOD GHYDVWDGRUD FDWiVWURIH KDEtD
UHGXFLGRVXRUJDQLVPRDXQDSLOWUDID
/RFRQILHVRFRQWRGDVLQFHULGDG0LHVStULWXFLHQWtILFRVHUHEHOy1DGLHTXHVHVHSDORKDEtD
ORJUDGR HQ WRGD OD +LVWRULD GH OD +XPDQLGDG 3RU TXp LED D FRQVHJXLUOR DTXHO *DOLOHR WDQ
KXPDQRFRPRORVGHPiV"6LUHDOPHQWHJR]DEDGHSRGHUHVWDQH[WUDRUGLQDULRVSRUTXpQRKDEtD
HYLWDGRWDQWRVXSOLFLR\VREUHWRGRXQDPXHUWHWDQFUXHO\KXPLOODQWH"
1LFRGHPR\ODFDVLWRWDOLGDGGHVXVDPLJRV\GLVFtSXORVWDPSRFRHVWDEDQPX\VHJXURVGHOD
DQXQFLDGDUHVXUUHFFLyQGHVX0DHVWUR-RVpLQFOXVRGXGDED8QVLJQRSDOSDEOHGHORTXHGLJRVH
KDOODEDMXVWDPHQWHHQDTXHOUiSLGR\SURYLVLRQDODGHFHQWDPLHQWRGHOFDGiYHU/DVLQWHQFLRQHVGHO
DQFLDQR GH$ULPDWHD GH VX FRPSDxHUR \ GH ODV PXMHUHV TXH HVSHUDEDQ IXHUD GH OD FULSWD QR
WHQtDQQDGDTXHYHUFRQHVDVXSXHVWDUHVXUUHFFLyQGHOUDEt6LGHYHUGDGKXELHUDQFUHtGRHQXQ
VXFHVR WDQ SURGLJLRVR SRU TXp SRVSRQHU HO GHILQLWLYR HPEDOVDPDPLHQWR GHO FXHUSR GH -HV~V
KDVWDGHVSXpVGHODILHVWDGHOViEDGR"/ROyJLFRKXELHUDVLGRQRWDSRQDUVLTXLHUDVXVKHULGDVQL
FXEULUOH FRQ DTXHOORV SURGXFWRV DURPiWLFRV GHVWLQDGRV ~QLFDPHQWH D FRQWUDUUHVWDU HO FHUFDQR
KHGRUGHODSXWUHIDFFLyQ
(QFRUYDGRDWXUGLGR\H[WUHPDGDPHQWHFDQVDGRSRUWDQWDVHPRFLRQHV\SRUODIDOWDGHVXHxR
QRIXLFDSD]GHIRUPXODUXQVRORSHQVDPLHQWRRXQDIXJD]RUDFLyQDQWHHO+LMRGHO+RPEUH&RQ
JUDQ GHVRODFLyQ SRU PL SDUWH GHVFXEUt TXH QR UHFRUGDED QLQJXQD GH ODV HVFDVDV SOHJDULDV TXH
DSUHQGt HQ PL QLxH] 6LQ HPEDUJR \R WDPELpQ PH XQt VLPEyOLFDPHQWH D -RVp GH $ULPDWHD
FXDQGR LQFRUSRUiQGRVH VH LQFOLQy VREUH OD IUXQFLGD IUHQWH GHO DPLJR GHSRVLWDQGR HQ HOOD XQ
FiOLGR\SURORQJDGREHVR
'HVSXpV FXEULy HO FXHUSR GH -HV~V FRQ OD ViEDQD WRPDQGR ODV DQWRUFKDV 0H DSUHVXUp D
UHFRJHUVXPDQWR\HQHVHPRPHQWRDODJDFKDUPHGHVFXEUtHQXQRGHORVULQFRQHVGHODFiPDUD
VHPLRFXOWRV HQ OD SHQXPEUD XQ SDU GH FDSD]RV GH PLPEUH UHSOHWRV GH HVFRPEURV \ XQ
SHTXHxRSLFR-RVpVHSHUFDWyGHPLREVHUYDFLyQH[FXViQGRVHSRUHOGHVRUGHQGHOOXJDU6HJ~Q
FRPHQWyHOVHSXOFURVHKDOODEDD~QHQREUDV
+DFLD ODV KRUDV -XDQ /RQJLQR -RVp \ \R VDOtDPRV DO FDOOHMyQ (O UHVWR IXH
UHODWLYDPHQWH FyPRGR 0LHQWUDV HO GH $ULPDWHD VRVWHQtD ODV KDFKDV HO FHQWXULyQ VXV FXDWUR
VROGDGRV\HOKRUWHODQRSURFHGLHURQDHPSXMDUODURFDFLUFXODUKDFLpQGRODURGDUSRUODSURIXQGD
UDQXUD KDVWD TXH WDSy WRWDOPHQWH OD SHTXHxD DEHUWXUD GH OD IDFKDGD ( LQVLVWR HQ OR GH
UHODWLYDPHQWH FyPRGR SRUTXH GH QR KDEHU VLGR SRU OD SUHVHQFLD GH ORV VHLV KRPEUHV QR Vp
FyPRVHODVKXELHUDQLQJHQLDGR-RVp\1LFRGHPRSDUDPRYHUDTXHOODPHGLDWRQHODGD
(OFUXMLGRVLQLHVWUR\HVFDORIULDQWHGHODSHxDHQVX~OWLPRURFHFRQODSDUHGSULQFLSDOGHO
SDQWHyQ SXVR SXQWR ILQDO D PXFKDV GH ODV HVSHUDQ]DV GH DTXHOORV KRPEUHV \ PXMHUHV &yPR
SRGtD VXSRQHU HQ VHPHMDQWHV PRPHQWRV TXH GLFKR FLHUUH GHO VHSXOFUR QR HUD RWUD FRVD TXH XQ
FRUWRSDUpQWHVLVHQHVWDLQFUHtEOH\GHVFRQFHUWDQWHKLVWRULD"
$QWHV GH SDUWLU KDFLD -HUXVDOpQ -RVp DJUDGHFLy OD GHFLVLYD H LQHVWLPDEOH D\XGD GH ORV
OHJLRQDULRV HQWUHJDQGR D FDGD XQR GH HOORV XQD JHQHURVD FDQWLGDG GH GLQHUR &UHR QR
HTXLYRFDUPHSHURDSDUWLUGHDTXHOYLHUQHVODDPLVWDGHQWUH/RQJLQR\HOGH$ULPDWHDJHUPLQy
ILUPH\VLQFHUD
$O DEDQGRQDU HO KXHUWR ODV PXMHUHV TXH VH KDEtDQ PDQWHQLGR DOHMDGDV GHO VHSXOFUR WDO \
FRPR HVSHFLILFDED OD /H\ MXGtD VH XQLHURQ DO FDQVLQR SDVR GH -RVp PDQLIHVWDQGR VXV GXGDV
VREUHODSXOFULWXGGHVSOHJDGDHQDTXHOYHUWLJLQRVRHQWHUUDPLHQWRGHO0DHVWUR7DQWR1LFRGHPR
FRPRHODQFLDQRFRLQFLGLHURQHQODVDSUHFLDFLRQHVGHODVKHEUHDVDXWRUL]DQGRDpVWDVSDUDTXH
QDGD PiV GHVSXQWDU HO GRPLQJR SURFHGLHUDQ D XQ HPEDOVDPDPLHQWR PiV FRUUHFWR 1LFRGHPR
LQFOXVROHVHQWUHJyORVUHVWRVGHDFtEDU\PLUUDFRPHQWDQGRTXHDXQTXHHOORVSURFXUDUtDQHVWDU
SUHVHQWHV QR ROYLGDVHQ UHFRUWDU HO SHOR \ OD EDUED GH -HV~V ODYDUOR HVPHUDGDPHQWH \ FRORFDU
VREUHVXFXHUSRODSOXPDRODOODYHVtPERORGHVXFHOLEDWRWDO\FRPRVHKDFtDGHVGHWLHPSR
LQPHPRULDO
)UHQWH D OD SXHUWD GH ORV 3HFHV HO RILFLDO \ VXV KRPEUHV VH GHVSLGLHURQ GLULJLpQGRVH
QXHYDPHQWHKDFLDHO*yOJRWDFRQODH[SUHVDPLVLyQGHWUDVODGDUORVFXHUSRVGHORV]HORWDVDOD
IRVDGHOD*pKHQQH
$ ODV VHLV GH DTXHOOD WDUGH FXDQGR QRV KDOOiEDPRV D SRFRV SDVRV GH OD FDVD GH (OtDV
0DUFRVWUHVFODULQD]RVVHOHYDQWDURQGHVGHODF~SXODGHOWHPSORDQXQFLDQGRDODFLXGDGHOILQDO
GHODMRUQDGD$SDUWLUGHHVRVPRPHQWRVHQSOHQDIHVWLYLGDG\DGHOD3DVFXDODDFWLYLGDGHQ
-HUXVDOpQ IXH GHFUHFLHQGR /DV JHQWHV DOHJUHV \ UHFXSHUDGDV GHO VXVWR SURYRFDGR SRU ORV
WHPEORUHV GH WLHUUD FRUUtDQ SUHVXURVDV KDFLD VXV KRJDUHV GLVSXHVWDV D IHVWHMDU \ GDU FXPSOLGD
FXHQWDGHODFHQDSDVFXDO1RVpSRUTXpSHURDTXHOODH[FLWDFLyQ\ORVFRQVWDQWHVVDOXGRVGHORV
KHEUHRVGHVHiQGRVHSD]FXDQGRVHFUX]DEDQHQODVDQJRVWDVFDOOHMDVPHWUDMRDODPHPRULDHO
DPELHQWH IHVWLYR \ WDQ HVSHFLDO GH ORV DWDUGHFHUHV TXH SUHFHGtDQ D OD 1DYLGDG \ TXH \R KDEtD
YLYLGRHQPLSDtV&XULRVDPHQWHVDOYR1LFRGHPRHOMRYHQ-XDQ-RVp\HOJUXSRGHPXMHUHVTXH
DYDQ]DEDQ FDEL]EDMRV HO UHVWR GH ORV SHUHJULQRV \ KDELWDQWHV GH OD FLXGDG VDQWD QR VH KDOODED
DIOLJLGRQLPXFKtVLPRPHQRVSRUORTXHDFDEDEDGHDFRQWHFHUHQHOSHxDVFRGHOD&DODYHUD
(VWR\FRQYHQFLGRTXHXQDLQPHQVDPD\RUtDLQFOXVRQRFRQRFtDD~QODWUiJLFDPXHUWHGHOSURIHWD
GH*DOLOHD<VLORVDEtDQHYLGHQWHPHQWHORKDEtDQROYLGDGRROHVWUDtDVLQFXLGDGR(VWHHUDHO
WULVWHSHURDXWpQWLFR\UHDOSDQRUDPDGHDTXHOOD-HUXVDOpQHQHOGHDEULOGHODxR8QGtDTXH
GXUDQWH PXFKR WLHPSR VHUtD UHFRUGDGR QR SRU OD FUXFLIL[LyQ GH -HV~V GH 1D]DUHW VLQR SRU HO
QHIDVWRDXJXULRGHORVFXUHFLPLHQWRGHOVRO\HOSRVWHULRUVHtVPR
1LFRGHPR \ -XDQ VH GHVSLGLHURQ D ODV SXHUWDV GHO GRPLFLOLR GH 0DUFRV (O SULPHUR
GLVSXHVWRDUHXQLUVHFRQORVDSyVWROHVTXHVHKDEtDQUHIXJLDGRHQVXFDVD\DFHOHEUDUFRQHOORV
OD REOLJDWRULD 3DVFXD (O MRYHQ =HEHGHR D VX YH] GHVFRUD]RQDGR \ VXPLGR HQ XQD WULVWH]D
LQILQLWDVHDOHMyKDFLDVXUHVLGHQFLDGRQGHDJXDUGDED0DUtDODPDGUHGHO1D]DUHQR
-RVpDFHSWyDFRPSDxDUDODVPXMHUHVKDVWDHOLQWHULRUGHODPDQVLyQGHORV0DUFRVGRQGHVH
KDOODEDQODVFRPSDxHUDVTXH-XGHKDEtDFRQGXFLGRGHVGHHOSDWtEXOR
/D IDPLOLD GHVRODGD SRU ORV DFRQWHFLPLHQWRV DFRJLy DO DQFLDQR \ D ODV KHEUHDV FRQ JUDQ
VROLFLWXGURJiQGROHVTXHOHVSXVLHUDQDOFRUULHQWHGHWRGRORVXFHGLGRDSDUWLUGHODPXHUWHGHO
0DHVWUR(OHILFDFtVLPRVHUYLFLRGHPHQVDMHURVGH'DYLG=HEHGHRKDEtDPDQWHQLGRLQIRUPDGRV
SXQWXDOPHQWH D ORV Q~FOHRV SULQFLSDOHV GH DPLJRV \ VHJXLGRUHV GHO UDEt 3RU PHGLR GH HVWRV
FRUUHRV(OtDV0DUFRV\HOUHVWRGHORVDSyVWROHVUHSDUWLGRVHQ-HUXVDOpQ%HWDQLD\%HWIDJp
VXSLHURQGHOIDOOHFLPLHQWRGHO*DOLOHRHQWUHXQD\GRVKRUDVGHVSXpVGHRFXUULGRHOyELWR
&XDQGRHODQFLDQRKXERFRQFOXLGRVXUHODWRODHVSRVDGH(OtDVYROYLyDOOHQDUQXHVWURVYDVRV
FRQDTXHOYLQRFDOLHQWH\UHFRQIRUWDQWH<DQWHVGHTXH-RVpWRPDUDODGHFLVLyQGHDEDQGRQDUD
ORV0DUFRVOHURJXpPHLQIRUPDUDVREUHORRFXUULGRGHVGHTXHOHYLDOHMDUVHKDFLDHOWHPSORHQ
SOHQRLQFLGHQWHFRQORVMXHFHV\MXGtRVTXHLQWHQWDEDQYDULDUHOWH[WRGHOLQULGHO1D]DUHQR
-RVpPHPLUyFRQXQSURIXQGRFDQVDQFLR
3DUDTXpUHFRUGDUHVDWULVWHKLVWRULD"FRPHQWyVLQHQWXVLDVPR
3HUR\RQHFHVLWDEDDYHULJXDUORVXFHGLGRHQHOLQWHULRUGHO6DQWXDULR4XpKDEtDSDVDGRHQ
OD UHXQLyQ GHO 6DQHGUtQ" 4Xp KDEtD VLGR GH -XGDV ,VFDULRWH" (O KLMR GH (OtDV 0DUFRV QR VH
KDOODEDHQODFDVDRDOPHQRV\RQRKDEtDDFHUWDGRDYHUOH\HVRPHSUHRFXSDED
/HVXSOLTXpFRQXQDDQVLHGDGWDOTXHHOEXHQRGH-RVpWHUPLQySRUFHGHU
'HVGHORVPXURVGHOD7RUUH$QWRQLDFRPHQ]yHODQFLDQRPHGLULJtDO7HPSOR7DO\
FRPR FRPHQWDPRV HQ PL FRUD]yQ KDEtD XQD VRVSHFKD ORV FLHJRV VDGXFHRV OHDOHV DO FODQ GH
&DLIiV\GHVXVXHJURSRGtDQFRQVSLUDUWDPELpQFRQWUDORVtQWLPRVGHO0DHVWUR6XWHPRUDXQ
OHYDQWDPLHQWRSRUSDUWHGHORVVHJXLGRUHV\DPLJRVGH-HV~VQRVHKDEtDGLVLSDGRFRQODFRQGHQD
D PXHUWH DSUREDGD SRU 3LODWR 7RGR OR FRQWUDULR 3UHFLVDPHQWH D SDUWLU GH HVRV PRPHQWRV
VHJ~Q HOORV OD VLWXDFLyQ VH KDFtD PXFKR PiV GHOLFDGD < GH OD PLVPD IRUPD TXH KDEtDQ
LQWHQWDGR FDSWXUDU D /i]DUR DGRSWDURQ ODV PHGLGDV RSRUWXQDV SDUD SUHQGHU \ HQFDUFHODU D ORV
GLVFtSXORV
0HGLGDV"TXpPHGLGDV"OHLQWHUUXPSt
1DGDPiVUHJUHVDUDVXFXDUWHOJHQHUDOHQHO6DQWXDULRORVOHYLWDVVLJXLHQGRLQVWUXFFLRQHV
GHO VXPR VDFHUGRWH IRUPDURQ XQD HVFROWD \ VDOLHURQ KDFLD OD ILQFD GH 6LPyQ HO OHSURVR HQ
*HWVHPDQt*UDFLDVDODERQGDGLQILQLWDGH'LRV%HQGLWRVHDVXQRPEUHSRFRDQWHVGHOD
SDUWLGDSXGHHVWDEOHFHUFRQWDFWRFRQXQRGHORVHPLVDULRVGH'DYLG=HEHGHR$OLQIRUPDUOHGHOR
TXHVHSURSRQtDHO6DQHGUtQFRUULyKDVWDHO2OLYHWHGDQGRODDOHUWD3HURVREUHODVXHUWHGHORV
DOOtDFDPSDGRVQRSXHGRDxDGLUJUDQFRVD6yORVpTXHDVXUHJUHVRHOFDSLWiQGHODJXDUGLDGHO
WHPSOR VH PRVWUy IXULRVR /RV VHJXLGRUHV GHO LPSRVWRU H[SOLFy D &DLIiV KDQ KXLGR FRPR
FREDUGHVSHURKHPRVLQFHQGLDGRVXFDPSDPHQWR
(OVXPRVDFHUGRWH\ODPD\RUtDGHORVPLHPEURVGHO6DQHGUtQVHWUDQTXLOL]DURQHVWLPDQGR
TXH OD GHVEDQGDGD GH ORV KRPEUHV GHO 1D]DUHQR UHGXFtD FRQVLGHUDEOHPHQWH HO ULHVJR GH XQ
PRWtQ < &DLIiV UHXQLGR FRQ HO &RQVHMR HQ OD VDOD GH ODV SLHGUDV WDOODGDV SURVLJXLy VX
LQIRUPH VREUH WRGR OR RFXUULGR HQ OD QRFKH \ PDGUXJDGD KDVWD HO PRPHQWR HQ TXH QXHVWUR
0DHVWURIXHLQWURGXFLGRGHILQLWLYDPHQWHHQHO3UHWRULR
(O F~PXOR GH PHQWLUDV LQMXULDV \ DUELWUDULHGDGHV HVJULPLGDV SRU HO \HUQR GH$QiV IXH WDO
TXHDVTXHDGRPHUHWLUpGHOWULEXQDO
3HURFXDQGRPHGLVSRQtDDVDOLUGHO7HPSORDSDUHFLy-XGDV1RVPLUDPRVHQVLOHQFLR\HO
WUDLGRU HQWUy HQ OD VDOD GHO 6DQHGUtQ 5HJUHVp GH QXHYR DO LQWHULRU GH OD VHGH GHO &RQVHMR
GLVSXHVWR D KXQGLU D DTXHO PLVHUDEOH 3HUR QR IXH SUHFLVR $O YHU DO ,VFDULRWH &DLIiV \ VXV
KRPEUHVFRPHQ]DURQDPXUPXUDUHQWUHVt3HURQLQJXQROHGLULJLyODSDODEUD$OSDUHFHU-XGDV
HVSHUDED XQ UHFLELPLHQWR WULXQIDO 3HQVy HTXLYRFDGDPHQWH TXH DTXHOOD UDOHD OH FROPDUtD GH
KRQRUHVHQVDO]DQGRVXJUDQVHUYLFLRDODQDFLyQ3REUHGHVGLFKDGR
$ XQD VHxDO GHO VXPR VDFHUGRWH XQR GH ORV VHUYLGRUHV VH GLULJLy D -XGDV \ WRFiQGROH OD
HVSDOGDOHLQYLWyDTXHOHVLJXLHUD9LVLEOHPHQWHFRQIXQGLGR\GHFHSFLRQDGRHOWUDLGRUREHGHFLy
\DPERVVDOLHURQGHODVDOD
(QWRQFHVHOVLHUYRHQWUHJiQGROHXQEROVDOHGLMR
-XGDV KH VLGR HQFDUJDGR GH SDJDUWH SRU WUDLFLRQDU D -HV~V HO *DOLOHR +H DTXt WX
UHFRPSHQVD
(O ,VFDULRWH SiOLGR DEULy OD EROVD \ FRQ XQD VDQJUH IUtD TXH D~Q PH DWHUUD FRQWy ODV
PRQHGDV
-RVp KL]R XQD SDXVD \ FXDQGR GDED SRU VHQWDGR TXH DFODUDUtD HO LPSRUWH GH OD FLWDGD
UHFRPSHQVD HVTXLYy HO DVXQWR 0H YL HQ OD REOLJDFLyQ GH LQWHUUXPSLUOH RWUD YH] H LQWHUHVDUPH
SRUODVXPD
7UHLQWDPRQHGDVUHSOLFyHODQFLDQRFRQUHSXJQDQFLD
'HQDULRVGHSODWD"SUHVLRQp
-RVpPROHVWRSRUPLLQVLVWHQFLDDFODUy
1R VHTHO (VWD PRQHGD GH SODWD FRQRFLGD SRSXODUPHQWH FRPR VLFOR GH 7LUR
FRQVWLWXtD FRPR \D GLMH HO GLQHUR KDELWXDO HQ HO SDJR GH ORV WULEXWRV GHO 7HPSOR (UD HQ
GHILQLWLYDXQDSLH]DXVDGDFRP~QPHQWHSRUORVVDFHUGRWHVHQODPD\RUSDUWHGHVXVWUDQVDFFLRQHV
FRPHUFLDOHV 6X HTXLYDOHQFLD HQ DTXHOOD pSRFD HUD GH XQRV FXDWUR GHQDULRV GH SODWD SRU
VHTHO 8QD VXPD SRU WDQWR PRGHUDGD +D\ TXH WHQHU HQ FXHQWD TXH VHJ~Q HO WHVWLPRQLR
HYDQJpOLFR GH0DWHR ORV VDFHUGRWHV FRPSUDURQ XQ FDPSR FRQ HO GLQHUR TXH KDEtD
UHFKD]DGR-XGDV+R\HVRVGHQDULRVGHSODWDSRGUtDQHTXLSDUDUVHDXQRVGyODUHV>@
(OGH$ULPDWHDSURVLJXLy
&XDQGR HO WUDLGRU VH FHUFLRUy GHO YDORU GH OD EROVD OtYLGR \ PXGR GH HVWXSRU VH ODQ]y
KDFLDODSXHUWDGHO&RQVHMRGLVSXHVWRVXSRQJRDSURWHVWDU3HURHOSRUWHUROHFRUWyHOSDVR
SURKLELpQGROHODHQWUDGD
'HUURWDGR-XGDVSDVyGHODFyOHUDDVXKDELWXDOIULDOGDG'HMyFDHUODEROVDHQVXEROVLOOR
DOHMiQGRVHGHODVDODGHODVSLHGUDVWDOODGDV'HVGHHQWRQFHVQRKHYXHOWRDYHUOH
)XH LQ~WLO TXH LQVLVWLHUD -RVp GH $ULPDWHD HQ HIHFWR KDEtD SHUGLGR OD SLVWD GHO WUDLGRU
,JQRUDED VX VXHUWH \ SRU VXSXHVWR QR SRGtD FRQRFHU HO LQFLGHQWH GHO 7HPSOR \ HO JHVWR
GHVHVSHUDGRGHO,VFDULRWHDUURMDQGRODVPRQHGDVDOWHVRURGHO6DQWXDULR<RHVWDEDDOWDQWRGH
HVWD~OWLPDDFFLyQGH-XGDVSRUODOHFWXUDSUHYLDGH0DWHRSHURKDEtDQVXFHGLGRODVFRVDVWDO\
FRPRORGHVFULEHHODXWRUVDJUDGR"
/DIRUWXQDTXLVRTXHSXGLHUDGHVYHODUHVWDLQFyJQLWDSRFRGHVSXpVGHODPDUFKDGHODQFLDQR
GH OD FDVD GH (OtDV 0DUFRV +DEtD GRV DVXQWRV TXH PH REOLJDEDQ D SHUPDQHFHU HQ DTXHO
GRPLFLOLR\TXHVLQSURSRQpUPHORIXHURQXQDPDJQtILFDH[FXVDSDUDDYHULJXDURWURGDWR
&DEDOORGH7UR\DPHKDEtDDVLJQDGRODLQHOXGLEOHPLVLyQGHUHVFDWDUHOPLFUyIRQRTXHKDEtD
FDPXIODGRHQHOIDUROVLWXDGRHQODVDODGRQGHKDEtDWHQLGROXJDUOD~OWLPDFHQDGH-HV~V8QDGH
ODVQRUPDVEiVLFDVGHOSUR\HFWRHVSHFLILFDEDTXHORVDVWURQDXWDVQRSRGtDQGHMDUHQHOiUHDGH
H[SORUDFLyQ QLQJ~Q UHVWR VHxDO R LQGLFLR GH VX SDVR 7DPSRFR HUD OtFLWR WUDVODGDU D QXHVWUR
WLHPSR UHDO QDGD TXH SXGLHUD SHUWHQHFHU D GLFKD pSRFD /D UHFXSHUDFLyQ GH HVWD SLH]D HQ
FRQVHFXHQFLDHUDREOLJDWRULD
3RU RWUD SDUWH UHVXOWDED LPSUHVFLQGLEOH TXH KDEODVH FRQ HO MRYHQ -XDQ 0DUFRV 3HUR HO
DGROHVFHQWH QR WHUPLQDED GH FRPSDUHFHU$Vt TXH LQYRFDQGR XQ VHQWLPHQWDO GHVHR GH YHU SRU
~OWLPDYH]HOFHQiFXORFRQYHQFtDODHVSRVDGH(OtDVSDUDTXHPHDFRPSDxDUDDOSLVRVXSHULRU
&XDQGRHQWUDPRVHQODHVWDQFLDPLFRUD]yQFDVLVHGHWXYR(OIDUROKDEtDGHVDSDUHFLGR
/DKHEUHDQRWyPLSDOLGH]FRQIXQGLHQGRPLDQJXVWLDFRQXQDVXSXHVWD\KRQURVDHPRFLyQDO
SLVDU GH QXHYR HO UHFLQWR GRQGH KDEtD FHQDGR HO 0DHVWUR 7UDWDQGR GH QR SHUGHU ORV QHUYLRV
SDVHp OD PLUDGD SRU OD VDOD EXVFDQGR DIDQRVDPHQWH HO PDOGLWR IDURO 3HUR HYLGHQWHPHQWH
DOJXLHQORKDEtDVDFDGRGHODKDELWDFLyQ
$O ERUGH GHO FRODSVR LQWHUURJXp D OD VHxRUD GH OD FDVD VREUH HO SDUDGHUR GH OD KHUPRVD
SLH]D /D PXMHU GHVFRQFHUWDGD PH H[SOLFy VLQ FRQFHGHU LPSRUWDQFLD DO DVXQWR TXH VH KDEtD
KHFKRDxLFRVGXUDQWHHOWHPEORU8QRGHORVVLUYLHQWHVORKDEtDOOHYDGRDXQWDOOHUGH-HUXVDOpQ
FRQHOSURSyVLWRGHTXHIXHUDUHSDUDGR
$JUDGHFtVXJHQWLOH]DSRUSHUPLWLUPHYHUHOFHQiFXOR\GHVDUERODGRUHJUHVpDODSODQWDEDMD
<RVDEtDTXHDSDUWLUGHOWRTXHGHODVWURPSHWDV\WUDWiQGRVHGHXQDILHVWDWDQVROHPQHFRPR
DTXpOODODVDFWLYLGDGHVDUWHVDQDOHV\GHFXDOTXLHURWURWLSRFHVDEDQDXWRPiWLFDPHQWH<\DQRVH
UHDQXGDUtDQ KDVWD ILQDOL]DGD OD 3DVFXD &yPR SRGtD UHFXSHUDU HO PLFUyIRQR VL HO UHWRUQR GHO
PyGXORKDEtDVLGRHVWDEOHFLGRDODVGHODPDxDQDGHOGRPLQJR"&RPRFUHRKDEHULQVLQXDGR
HVWHFRQWUDWLHPSRYLQRDVXPDUVHDODVHULHGHUD]RQHVTXHDFRQVHMDURQD&DEDOORGH7UR\DOD
UHSHWLFLyQGHOJUDQVDOWRDODxR
$EVRUWRSRUHVWHLQHVSHUDGRLQFLGHQWHFDVLQRPHGLFXHQWDGHOSDVRGHOWLHPSR/DIDPLOLD
GH0DUFRVRFXSDGDHQORVSUHSDUDWLYRVGHODFHQDSDVFXDODSHQDVVLUHSDUyHQPt
+DFLDODVRFKRGHODQRFKHFXDQGRHOVXHxRHPSH]DEDDYHQFHUPHDOJXLHQPHVDFyGHPLV
FRQIXVRV SHQVDPLHQWRV$O OHYDQWDU OD YLVWD HQFRQWUp DQWH PL GRV URVWURV ELHQ FRQRFLGRV 8QR
VRQULHQWHHOGHODFWLYR'DYLG=HEHGHR\RWURSRUHOFRQWUDULRGHPDFUDGR\DIOLJLGRHOGHO
MRYHQKLMRGHPLVKRVSLWDODULRVDQILWULRQHV$TXHOORPHGHVSHMyPRPHQWiQHDPHQWH
'DYLG FRQ XQD DOHJUtD TXH QR WHUPLQDED GH HQWHQGHU SXVR HQ PLV PDQRV HO PDQWR GH OLQR
EODQFRTXH\RKDEtDDGTXLULGRHQODWDUGHGHOSDVDGRMXHYHVHQODWLQWRUHUtDGH0DONL\tDV\GHO
TXHKRQHVWDPHQWHPHKDEtDROYLGDGR
7HVXSRQJRHQWHUDGRGHWRGRORRFXUULGRKDEOyDOILQHOMHIHGHORVHPLVDULRV
$VHQWtHQVLOHQFLR
$O DGYHUWLU PL GHFDLPLHQWR 'DYLG PH ]DUDQGHy FDULxRVDPHQWH H[FODPDQGR FRQ XQ
FRQYHQFLPLHQWRTXHPHGHMyDWyQLWR
5HVXFLWDUi/RSURPHWLy
(VFUXWp ORV FDQVDGRV RMRV GH DTXHO KHEUHR \ TXHGp PDUDYLOODGR 'DYLG =HEHGHR FUHtD
UHDOPHQWH OR TXH HVWDED GLFLHQGR (UD DVRPEURVR 7HQtD DQWH Pt DO ~QLFR TXH FUHtD FLHJD \
ILUPHPHQWH HQ OD SURPHVD GHO 0DHVWUR 1L HQ HO DXGD] -XDQ HO (YDQJHOLVWD QL HQ -RVp GH
$ULPDWHDQLHQQLQJ~QRWURGLVFtSXORRDPLJRGH-HV~VKDEtDREVHUYDGRXQDIHFRPRODGHDTXHO
KRPEUH<SDUDGyMLFDPHQWHDSHQDVVLHVFLWDGRHQORVWH[WRVHYDQJpOLFRV
$KRUDVtHVWDEDFODUDODUD]yQGHVXDOHJUtD
$QWHV GH VX SDUWLGD KDFLD OD FDVD GH 1LFRGHPR GRQGH KDEtD WUDVODGDGR VX FHQWUR GH
FRUUHRV 'DYLG PH LQIRUPy VREUH VXV ~OWLPDV SHULSHFLDV HQ HO FDPSDPHQWR GH *HWVHPDQt
(IHFWLYDPHQWH DO UHFLELU HO DYLVR GH -RVp GHVPRQWy YHOR]PHQWH ODV WLHQGDV GH FDPSDxD
WUDVODGDQGR VX SXHVWR GH PDQGR D OR PiV DOWR GHO 2OLYHWH 'HVGH DOOt XQD YH] VXSHUDGD OD
DPHQD]D GH ORV OHYLWDV VLJXLy HQYLDQGR PHQVDMHURV D WRGRV ORV SXQWRV GRQGH pO VDEtD TXH VH
KDOODEDQORVDSyVWROHVDPLJRV\IDPLOLDUHVGHO1D]DUHQR
1DGD PiV FRQRFHU SRU XQR GH VXV DJHQWHV OD RUGHQ GH FUXFLIL[LyQ RWURV WDQWRV \ YHORFHV
PHQVDMHURV FRUULHURQ KDFLD 3HOOD %HWKVDtGH )LODGHOILD 6LGyQ 'DPDVFR \ $OHMDQGUtD FRQ OD
QRWLFLDGHODLQPLQHQWHPXHUWHGH-HV~VSRURUGHQGHOSURFXUDGRUURPDQR
'XUDQWHEXHQDSDUWHGHDTXHOODMRUQDGD'DYLGQRFHVyGHPDQGDUFRUUHRVD-HUXVDOpQ\D
%HWDQLD LQIRUPDQGR SXQWXDOPHQWH D ORV GLVFtSXORV \ D OD IDPLOLD GH -HV~V GH FXDQWR HVWDED
RFXUULHQGR 'H QR KDEHU VLGR SRU OD SHULFLD \ YDOHQWtD GH HVWH MXGtR OD PD\RU SDUWH GH ORV
DSyVWROHVHVFRQGLGRV\WHPHURVRVKXELHUDQWDUGDGRDOJ~QWLHPSRHQFRQRFHUHOWULVWHILQDOGHVX
0DHVWUR
3RU ~OWLPR FRQ HO RFDVR HVWH =HEHGHR VXVSHQGLy ORV FRUUHRV SHUPLWLHQGR D VXV
PHQVDMHURVTXHVHUHWLUDUDQDGHVFDQVDU\DFHOHEUDUODREOLJDGDILHVWDSDVFXDO6LQHPEDUJRVX
FRQYHQFLPLHQWR VREUH OD UHVXUUHFFLyQ GHO UDEt HUD WDQ VyOLGR TXH DQWHV GH TXH SDUWLHUDQ OHV
FRPXQLFyHQVHFUHWRODREOLJDFLyQGHFRQFHQWUDUVHHQODFDVDGH1LFRGHPRDSULPHUDVKRUDVGH
ODPDxDQDGHOGRPLQJR6XLQWHQFLyQHUDWUDQVPLWLUODEXHQDQXHYDHQFXDQWRVHSURGXMHVH
0LDGPLUDFLyQSRUDTXHOKRPEUHQRWXYROtPLWHV
< DQWHV GH TXH HO KLMR GH ORV 0DUFRV VH XQLHUD D VX IDPLOLD HQ HO EDQTXHWH GH 3DVFXD PL
FXULRVLGDGVHYLRVDWLVIHFKDDOGHVYHODUDOILQODVXHUWHGHO,VFDULRWH
0H FRVWy WUDEDMR SHUVXDGLU DO MRYHQ -XDQ 0DUFRV GH TXH KDEODVH (Q DTXHOODV ~OWLPDV GLH]
KRUDV VX DOPD GH QLxR VH KDEtD FRQVXPLGR HQWUH HO GRORU OD UDELD \ OD LPSRWHQFLD -DPiV
ROYLGDUtDODHQVDQJUHQWDGDILJXUDGHVXtGROR\DPLJR-HV~VGH1D]DUHW&RPRWDPSRFRSRGUtD
ERUUDU OD LPDJHQ GH XQRV VDFHUGRWHV IDQDWL]DGRV \ OD GH XQ SRSXODFKR TXH SRFR DQWHV KDEtD
DFODPDGRODVYDOLHQWHV\O~FLGDVLQWHUYHQFLRQHVGHVX0DHVWURHQODH[SODQDGDGHODWULRGHORV
*HQWLOHV\TXHDKRUDKXELHVHODSLGDGRDO*DOLOHRHQODPLVPtVLPDIDFKDGDGHO3UHWRULRURPDQR
,QWHQWpFDOPDUOHUHFRUGiQGROHODVSDODEUDVTXHDFDEDEDGHSURQXQFLDU'DYLG=HEHGHRVREUH
ODUHVXUUHFFLyQ3HUR-XDQPHPLUyVLQFRPSUHQGHU$TXHOODH[SUHVLyQ\UHVXFLWDUpDOWHUFHU
GtDUHEDVDEDVXFDSDFLGDGLQIDQWLO
7DQWR -XDQ 0DUFRV FRPR VX IDPLOLD VDEtDQ TXH \R KDEtD SHUPDQHFLGR DO SLH GH OD FUX] \
FRPR UHFRQRFLPLHQWR D OR TXH HOORV FRQVLGHUDURQ XQ JHVWR GHDPRU \ YDOHQWtD KDFLD HO UDEt HO
PXFKDFKR WHUPLQy SRU QDUUDUPH OR TXH KDEtD YLVWR \ RtGR GHVGH TXH \R OH HQFRPHQGDVH HO
VHJXLPLHQWRGH-XGDV
(VWHIXHVXHQWUHFRUWDGR\FHxLGRUHODWR
&XDQGRHOWUDLGRUYLRFyPRORVOHJLRQDULRVWHUPLQDEDQGHDWUDYHVDUORVSLHVGH-HV~VFRQ
ODFDEH]DFXELHUWDSRUHOPDQWRVHDOHMyGHOSDWtEXOR7~ORYLVWH
/HDQLPpDFRQWLQXDU
(QWRQFHV -XGDV IXH GLUHFWDPHQWH DO 7HPSOR 1R SXGH YHUOH OD FDUD SRUTXH VLHPSUH IXL
GHWUiV GH pO SHUR YLHQGR VXV JUDQGHV ]DQFDGDV \ ORV HPSXMRQHV FRQ TXH VH DEULy SDVR HQ OD
H[SODQDGDGHO6DQWXDULR\RGLUtDTXHHVWDEDIXULRVR
&DPLQy KDVWD ODV SXHUWDV GH OD 6DOD GHO &RQVHMR GH -XVWLFLD SHUR DO LQWHQWDU DEULUODV HO
SRUWHURVHOHLQWHUSXVR-XGDVFRQXQDPDOGLFLyQTXHQRPHDWUHYRDUHSHWLUOHJROSHyHQSOHQR
URVWURGHUULEiQGROH\GHMiQGROHFRPRPXHUWR
$TXHOOD UHDFFLyQ HQFDMDED GHVGH OXHJR HQ OD YLROHQFLD TXH HQ RFDVLRQHV HVWDOOD HQ ORV
JUDQGHVWtPLGRV<HO,VFDULRWHORHUD
$EULyODJUDQSXHUWDGHODVDODGHODVSLHGUDVWDOODGDV\GHVFXEULpQGRVHLUUXPSLyHQ
HO7ULEXQDO<RQRPHDWUHYtDPRYHUPHGHOTXLFLRGHODSXHUWD6LDOJXLHQPHKXELHUDSXHVWROD
PDQRHQFLPDVHJXURTXHPHD]RWDQ
&RUUHVSRQGtFRQXQDVRQULVDGHJUDWLWXG\-XDQ0DUFRVSURVLJXLy
6yOR SXGH YHU D &DLIiV \ D DOJXQR GH ORV VDGXFHRV HVFULEDV \ IDULVHRV VHQWDGRV HQ VXV
EDQFDVGHPDGHUD&XDQGRHO,VFDULRWHDYDQ]yKDVWDODVJUDGDVORVMXHFHVHQPXGHFLHURQ(QVXV
URVWURVKDEtDVRUSUHVD3RUORYLVWRQRHVSHUDEDQDOWUDLGRU<-XGDVMDGHDQGR\HQXQWRQRTXH
FDVLPHGLROiVWLPDOHVGLMR
+HSHFDGRHQHOVHQWLGRGHKDEHUWUDLFLRQDGRXQDVDQJUHLQRFHQWH0HRIUHFLVWHLVGLQHUR
SRUHVWHVHUYLFLRHOSUHFLRGHXQHVFODYR\FRQHOORPHKDEpLVLQVXOWDGR
/RVVDQHGULWDVDWyQLWRVSDUHFtDQQRGDUFUpGLWRDORTXHHVWDEDQYLHQGR<-XGDVFRQFOX\y
DVt
0HDUUHSLHQWRGHPLDFWR+HDTXtYXHVWURGLQHUR
(QWRQFHV VDFy XQD EROVD GH VX IDMD \ OD PRVWUy DO &RQVHMR 3RU ~OWLPR H[FODPy FRQ YR]
LPSHULRVD
4XLHUROLEHUDUPHGHHVWDFXOSD
/DV FDUFDMDGDV QR WDUGDURQ HQ OOHQDU OD JUDQ VDOD $TXHOORV KLSyFULWDV GDQGR IXHUWHV
SDOPDGDVVREUHORVDVLHQWRVVHPRIDURQ\OHULGLFXOL]DURQFUXHOPHQWH8QRGHORVTXHRFXSDED
XQSXHVWRFHUFDQRD-XGDVVHOHYDQWy\DFHUFiQGRVHDpOOHLQYLWyFRQODPDQRDTXHVHUHWLUDUD
3HURDQWHVPDQLIHVWyHQDOWDYR]
7X0DHVWURKDVLGRFRQGHQDGRSRUORVURPDQRV(QFXDQWRDWXFXOSDELOLGDGHQTXpQRV
FRQFLHUQH"2F~SDWHW~GHHOOR\YHWH
(O ,VFDULRWH GLR PHGLD YXHOWD \ FRQ OD FDEH]D EDMD VH DOHMy GHO 7ULEXQDO PLHQWUDV ODV
ULVRWDGDVHLQVXOWRVDUUHFLDEDQGHQXHYR
&XDQGRSDVyDPLODGRVXFDUDPHGLRPLHGR/OHYDEDODEROVDHQVXPDQRL]TXLHUGD\ORV
RMRVILMRVHQHOVXHOR&UHRTXHQLVLTXLHUDPHYLR
$JUDQGHVSDVRVVHSHUGLyHQGLUHFFLyQDODWULRGHODV0XMHUHVHQWUDQGRHQODVDODGHORV
FHSLOORV&RQJUDQFDOPDWRPyXQSXxDGRGHPRQHGDVODQ]iQGRODVDEROHR'HVSXpVYROYLyD
PHWHU OD PDQR HQ OD EROVD HVWUHOODQGR HO UHVWR GH ORV VLFORV FRQWUD ODV EDOGRVDV &XDQGR
FRPSUREy TXH \D QR TXHGDEDQ PRQHGDV DUURMy OD EROVD VREUH HO SDYLPHQWR SLVRWHiQGROD FRQ
IXULD
(QWRQFHVDEULpQGRVHSDVRYLROHQWDPHQWHHQWUHORVDWyQLWRVKRPEUHVTXHDOOtVHHQFRQWUDEDQ
VDOLyHQGLUHFFLyQDODWULRGHORV*HQWLOHV
(VWLPR TXHHVWD DSDUHQWHPHQWH LQVyOLWDDFFLyQ GH -XGDV,VFDULRWHGHVHPEDUD]iQGRVHGH ODV
PRQHGDVGHSODWDPHUHFHXQFRPHQWDULR/DVSDODEUDVGHOWUDLGRUDQWHHO7ULEXQDOKHDTXt
YXHVWURGLQHUR\TXLHUROLEHUDUPHGHHVWDFXOSDQRIXHURQXQDVLPSOH\KXPDQDUHDFFLyQGH
DUUHSHQWLPLHQWR-XGDVVDEtDFRPRWRGRVORVMXGtRVTXHOD/H\SURWHJtDDORVYHQGHGRUHVGH
DOJRRGHDOJXLHQ/D0LVQiHQVX2UGHQ4XLQWR9RWRVGH(YDOXDFLyQ DUDMLQHVWDEOHFHHQ
XQ WRWDO GH QXHYH FDStWXORV ODV GLVSRVLFLRQHV HQ WRUQR D ORV OODPDGRV YRWRV GH HYDOXDFLyQ HV
GHFLU DTXHOORV SRU ORV TXH XQD SHUVRQD VH FRPSURPHWH D HQWUHJDU DO 7HPSOR HO YDORU GH XQD
GHWHUPLQDGD SHUVRQD WDO \ FRPR YLHQH GHWHUPLQDGR HQ HO/HYtWLFR HQUHODFLyQFRQOD
HGDG\VH[R$GHPiVDEDUFDXQDPLQXFLRVDQRUPDWLYDVREUHODFRPSUD\GHGLFDFLyQGHWLHUUDV
KHUHGDGDV\GHFDVDVFRPRDVLPLVPRVREUHVXUHVFDWH\ORVYRWRVGHH[WHUPLQLR3XHVELHQ
HQYLVWDGHODDFWXDFLyQGHO,VFDULRWHHQWLHQGRTXHpVWHFRQVLGHUyRWUDWyGHFRQVLGHUDUDQWH
ORVVDQHGULWDVTXHODHQWUHJDGHVX0DHVWURHQFDMDEDGHOOHQRHQORTXHSRGUtDPRVGHQRPLQDU
XQD YHQWD R WUDQVDFFLyQ FRPHUFLR SRU OD TXH LQFOXVR KDEtD SHUFLELGR XQD FRPSHQVDFLyQ
HFRQyPLFD(QHVWHVHQWLGRDOPHQRVHQORTXHFRQFLHUQHDELHQHVSXUDPHQWHPDWHULDOHVFDVDV
FDPSRV HWF VL HO YHQGHGRU XQD YH] HIHFWXDGD OD RSHUDFLyQ QR OD FRQVLGHUDED MXVWD R
VHQFLOODPHQWHGHFLGtDHFKDUVHDWUiVSRGtDUHFXUULUGHQWURGHXQSOD]RGHPHVHVDFRQWDUD
SDUWLUGHOGtDGHODYHQWD/DPHQFLRQDGD0LVQiHQHOFDStWXOR,;GHOFLWDGRDSDUWDGRVREUH
9RWRVGH(YDOXDFLyQUH]DWH[WXDOPHQWHHQHVWHVHQWLGR
6LOOHJyHO~OWLPRGtDGHORVGRFHPHVHV\QRKDVLGRUHGLPLGDODFDVDSRUHMHPSORVH
KDFHGHILQLWLYDPHQWHVX\DHVGHFLUGHOFRPSUDGRULQGLIHUHQWHPHQWHTXHODKXELHUDFRPSUDGRR
TXHODKXELHUDUHFLELGRHQUHJDORSXHVWRTXHHVWiHVFULWRHQHO/HYtWLFRDSHUSHWXLGDG
$QWLJXDPHQWHHOFRPSUDGRUVHHVFRQGtDFXDQGROOHJDEDHO~OWLPRGtDGHORVGRFHPHVHVDILQGH
TXHVHKLFLHUDGHILQLWLYDPHQWHVX\DODFDVD3HUR+LOHOHOYLHMRGLVSXVRTXHHOYHQGHGRU
SXGLHUDHFKDUHOGLQHURHQODFiPDUDGHO7HPSORSXGLHUDURPSHUODSXHUWD\HQWUDUHQODFDVD\
TXHHORWURSXGLHUDYHQLUFXDQGRTXLVLHUD\UHFRJHUVXGLQHUR
-XGDV HQ FRQVHFXHQFLD KDEtD REUDGR GH DFXHUGR FRQ OD /H\ 1R HVWDED FRQIRUPH FRQ OD
YHQWD GH -HV~V GH 1D]DUHW H KL]R XVR GH VX GHUHFKR HQ HO PLVPR GtD GHO SDJR GH GLFKD
WUDQVDFFLyQ<DXQTXHHO,VFDULRWHGHEtDVDEHUWDPELpQTXHHQHOFDStWXORSULPHURDSDUWDGR
GHOUHIHULGRDVXQWRGHORV9RWRVVHDFODUDTXHHOPRULEXQGR\HOTXHHVFRQGXFLGRDODPXHUWH
SRUYHUHGLFWRGHXQWULEXQDOMXGtRTXHQRDGPLWHJUDFLDQRSXHGHQVHUREMHWRGHYRWRQLSXHGHQ
VHUHYDOXDGRVIRU]yVXVGHUHFKRVDOPi[LPRFUH\HQGRLQJHQXDPHQWHTXHDTXHOJHVWRDQXODUtD
GLFKD YHQWD +D\ TXH UHFRQRFHU HQ GHVFDUJR GH OD FXOSDELOLGDG GHO ,VFDULRWH TXH SRU OR
PHQRV DSXUy WRGDV ODV SRVLELOLGDGHV MXUtGLFDV HQ EHQHILFLR GHO 0DHVWUR 'H SRFR VLUYLy SRU
VXSXHVWR SHUR FUHR TXH HV GH MXVWLFLD HVFODUHFHU HVWH KHFKR WDQ SDUFDPHQWH FRQWDGR SRU HO
HVFULWRU VDJUDGR 0XFKDV SHUVRQDV SRGUiQ SUHJXQWDUVH \R WDPELpQ OR KLFH SRU TXp -XGDV
DFFHGLyDHVWDYHQWDVLVDEtDTXHVXWUDLFLyQGHVHPERFDUtDHQHODMXVWLFLDPLHQWRGHO1D]DUHQR
3HUVRQDOPHQWHDODYLVWDGHOPHQFLRQDGRFRPSRUWDPLHQWRGHO,VFDULRWHHQODVDODGHO6DQHGUtQ\
SRVWHULRUPHQWH HQ OD GHO WHVRUR FUHR TXH -XGDV MDPiV OOHJy D SHQVDU TXH VX 0DHVWUR VHUtD
FRQGHQDGR D PXHUWH eO OR KDEtD HQWUHJDGR D ORV GLJQDWDULRV GH ODV FDVWDV VDFHUGRWDOHV
FRQYHQFLGRGHTXHpVWRVVHOLPLWDUtDQDFXVWRGLDUOHHLQWHUURJDUOH\DORVXPRHQFDUFHODUOHR
GHVWHUUDUOH 1R WUDWR GH KDFHU XQD GHIHQVD H[WUHPD GHO WUDLGRU SHUR VX IUtD YHQJDQ]D FRQWUD HO
*DOLOHR\VXPRYLPLHQWRVHKXELHUDYLVWRVREUDGDPHQWHFROPDGDFRQODYHUJRQ]RVDFDSWXUD\HO
SRVLEOHGHVPHPEUDPLHQWRGHORVGLVFtSXORV3HURORVDFRQWHFLPLHQWRVFRPRVDEHPRVWRPDURQ
RWURVGHUURWHURV
'HORTXH\DQRSXHGRHVWDUVHJXURHVGHFXiOIXHODUD]yQTXHSHVyPiVHQHODJLWDGRFRUD]yQ
GHO,VFDULRWHODLQPLQHQWHPXHUWHGHOUDEtRHOULGtFXORDTXHVHYLRVRPHWLGRSRUORVVDQHGULWDV
&RPR\DKHUHSHWLGRQRHUDGLQHURORTXHSHUVHJXtD-XGDV6XREVHVLyQHUDHOUHFRQRFLPLHQWR
S~EOLFR\ORVKRQRUHVSURPHWLGRV\VRxDGRV\TXHGHVJUDFLDGDPHQWHSDUDpOMDPiVOOHJDURQ3RU
OyJLFDVLVXVPDTXLQDFLRQHVKXELHUDQWHQLGRFRPREDVH\REMHWLYRILQDOODREWHQFLyQGHGLQHUR
SRUTXpLEDDSUHVFLQGLUGHDTXHOODVPRQHGDVGHSODWD"(QWRGRFDVRVHODVKXELHUDOOHYDGR
DODWXPEDFRQpO/DOXFKDLQWHUQDGHOWUDLGRUHQDTXHOODVKRUDVGHELyVHUWDQDILODGDTXHQRWHQJR
YDORUSDUDMX]JDUOHQLSDUDMX]JDUVXWUiJLFDGHFLVLyQ~OWLPD
(V FXULRVR SHUR VL -HV~V QR KXELHUD VLGR FRQGHQDGR D PXHUWH TXL]i -XGDV KXELHUD WHQLGR
p[LWRHQVXLQWHQWRGHDQXODFLyQGHODYHQWD/D/H\DOPHQRVSUHYHtDXQSOD]RGHXQDxRSDUD
TXHHOFRPSUDGRUHQHVWHFDVRORVVDQHGULWDVVHUHWUDFWDUDQ\GHYROYLHUDQODPHUFDQFtD
-XDQ0DUFRVPHGLRGRUPLGRUHPDWyVXWHVWLPRQLRFRQXQDQRWLFLDTXHFDPELDEDHQSDUWH
ORTXHDILUPD0DWHRHQVXHYDQJHOLR
-XGDVGHVFHQGLySRUHOEDUULREDMR$OSULQFLSLRFUHtTXHVHGLULJtDDPLFDVDRD%HWDQLD
/OHYDEDPXFKDSULVD1RVDOXGDEDDQDGLH6DOLyGHODFLXGDGSRUODSXHUWDGHOD)XHQWH\DQWH
PL GHVFRQFLHUWR WRUFLy D OD GHUHFKD HQ GLUHFFLyQ D OD JDUJDQWD GHO +LQQRP (PSH]y D WUHSDU
HQWUHORVSHxDVFRV\DOOOHJDUDXQDGHODVURFDVPiVDOWDV\SXQWLDJXGDVVHGHVKL]RGHOPDQWR\
GHO FLQWR<R HVWDED WDQ DVXVWDGR TXH PH SHJXp DO WHUUHQR WHPEODQGR GH PLHGR (QWRQFHV YL D
-XGDV DO ERUGH GHO SUHFLSLFLR DPDUUDQGR XQR GH ORV H[WUHPRV GHO FHxLGRU D OD UDPD GH XQD
SHTXHxDKLJXHUDTXHFUHFtDHQWUHODVJULHWDVGHODURFD&XDQGRFRPSUHQGtORTXHTXHUtDKDFHU
PH LQFRUSRUp GLVSXHVWR D SHGLUOH TXH QR OR KLFLHUD 3HUR QR WXYH WLHPSR VLTXLHUD GH DEULU OD
ERFD(O,VFDULRWHKL]RRWURQXGRDOUHGHGRUGHVXFXHOOR\HQVLOHQFLRVHODQ]yDOYDFtR
(OPXFKDFKRFRQXQDH[WUHPDSDOLGH]VHWDSyODFDUDFRQODVPDQRV\FRPHQ]yDVROOR]DU
7XYHTXHHVSHUDUDTXHVHFDOPDUD$OUDWRJLPRWHDQGRFRQFOX\y
)XH HVSDQWRVR -DVyQ &RUUt KDFLD OD KLJXHUD (Q DTXHOORV PRPHQWRV VyOR WXYH XQ
SHQVDPLHQWRFRUWDUPRUGHUDUDxDUHOFLQWR7RGRPHQRVGHMDUTXHVHDKRUFDVH
&XDQGR OOHJXp DO ILOR GHO DELVPR HO FXHUSR GHO SREUH -XGDV VH EDODQFHDED HQ HO DLUH
SDWHDQGR\JLUDQGRVREUHVtPLVPRFRPRXQ]HYLYRQ>@
7HQtDODVPDQRVDIHUUDGDVDOFXHOORFRPRWUDWDQGRGHOXFKDUFRQWUDODDVIL[LD\ORVRMRVPX\
DELHUWRVFDVLIXHUDGHODVyUELWDV
/DV URGLOODV PH WHPEODEDQ \ PL JDUJDQWD VH VHFy FRPR VL KXELHUD WUDJDGR XQ SXxDGR GH
DUHQD3HURFXDQGRPHGLVSRQtDDWUHSDUDODUEROLOOR\TXHEUDUODKLJXHUDHOQXGRGHODUDPDVH
VROWy\-XGDVFD\yDOSUHFLSLFLRHVWUHOOiQGRVHFRQWUDODVSLHGUDV
)XHWRGRWDQUiSLGRTXHQRSXGHKDFHUDEVROXWDPHQWHQDGD0HTXHGpDOOtDUULEDFRPRXQ
SRVWHFRQWHPSODQGRHOFXHUSRLQPyYLOGH-XGDV'HVSXpVVLQIXHU]DVQLSDUDOORUDUUHJUHVpDOD
FLXGDG\FXDQGRWUDWDEDGHYROYHUDO*yOJRWDRFXUULyHOWHPEORU0LWHUURUIXHWDQJUDQGHTXH
YROYt D OD SXHUWD GH OD )XHQWH KX\HQGR KDFLD HO FDPSDPHQWR $OOt IXH GRQGH PH HQFRQWUy
'DYLG
$OSUHJXQWDUOHVLHOFXHUSRGHO,VFDULRWHVHJXtDD~QHQHOIRQGRGHOEDUUDQFR-XDQ0DUFRVVH
HQFRJLyGHKRPEURV$OSDUHFHUQRKDEtDFRPHQWDGRHOVXFHVRFRQQDGLH<RHUDHOSULPHURHQ
VDEHUOR$JUDGHFtVXLQIRUPDFLyQURJiQGROHTXHVHUHWLUDUDDGHVFDQVDU
0DxDQDDSULPHUDKRUDVLQRWLHQHVLQFRQYHQLHQWHOHGLMHTXLHURTXHPHDFRPSDxHV
KDVWDHVDJDUJDQWD
-XDQ0DUFRVDVLQWLyFRPRXQDXWyPDWDGHVDSDUHFLHQGRHQHOSDWLRGRQGHHVWDEDDSXQWRGH
FRPHQ]DUODFHQDSDVFXDO
/D YHUVLyQ GHO PXFKDFKR YDULDED OLJHUDPHQWH OD VLHPSUH WUiJLFD VXHUWH GHO WUDLGRU (UD
SUHFLVR TXH FRQILUPDVH VL -XGDV KDEtD IDOOHFLGR SRU DKRUFDPLHQWR R SRU SUHFLSLWDFLyQ$XQTXH
VXV LQWHQFLRQHV HQ HO IRQGR HVWDEDQ FODUDV VXLFLGDUVH TXL]i OD IRUPD GHILQLWLYD GH VX
PXHUWH VXSRQLHQGR TXH KXELHUD PXHUWR QR KDEtD VLGR OD TXH VLHPSUH KHPRV FRQRFLGR \
DFHSWDGR
< DEXVDQGR GH OD JHQHURVLGDG GH DTXHOOD IDPLOLD HVFRJt XQR GH ORV ULQFRQHV GH OD SODQWD
EDMDHQYROYLpQGRPHHQHOPDQWR$OTXHGDUPHVRORHVWDEOHFtXQD~OWLPDFRQH[LyQFRQHOPyGXOR
DQXQFLDQGR D (OLVHR PL LQWHQFLyQ GH YLVLWDU HO +LQQRP \ VXSRQLHQGR TXH D~Q HVWXYLHVH DOOt
H[DPLQDUHOFDGiYHUGH-XGDV+DFLDODVKRUDVHOVXHxRGLVLSyPLIDWLJD\PLVDQJXVWLDV
0HSDUHFLyH[WUDxRPX\H[WUDxRTXH-HV~VGH1D]DUHWQRHVWXYLHUDYLYR\FHUFDQR6LQTXHUHU
PHKDEtDDFRVWXPEUDGRDVXPDMHVWXRVDSUHVHQFLD
'($%5,/6%$'2
3RFRDQWHVGHODPDQHFHU(OLVHRPHVDFyGHXQSURIXQGRVXHxRSODJDGRGHSHVDGLOODVHQODVTXH
FXULRVDPHQWHVHPH]FODEDQODVPiVDEVXUGDVVLWXDFLRQHV\YLYHQFLDVWDQWRGHOWLHPSRUHDOHQ
TXHPHPRYtDFRPRGHPLYHUGDGHURVLJOR
/D PHWHRURORJtD KDEtD FDPELDGR (O GtD SURPHWtD VHUHQLGDG YLHQWR HQ FDOPD H[FHOHQWH
YLVLELOLGDG EDMD KXPHGDG UHODWLYD \ XQD WHPSHUDWXUD GH JUDGRV FHQWtJUDGRV HQ DVFHQVR
'HVGHHOPyGXORORVUDGDUHVGHODUJRDOFDQFHGLEXMDEDQFRQWRGDQLWLGH]ORVSHUILOHVGHOiULGR
1HJHY
-XDQ0DUFRVQRWDUGyHQSUHVHQWDUVH7UDtDXQJUDQFXHQFRGHOHFKHGHFDEUD\DOJRGHSDQ
IDEULFDGR GXUDQWH OD PDxDQD GHO YLHUQHV 0L DJRWDPLHQWR KDEtD GHVDSDUHFLGR \ GHYRUp
SUiFWLFDPHQWHHOIUXJDOGHVD\XQR
&RQODVSULPHUDVOXFHV\HOWURPSHWHRGHO6DQWXDULRDQXQFLDQGRHOQXHYRGtDPLMRYHQDPLJR
\ \R FUX]DPRV ODV VROLWDULDV FDOOHV GH -HUXVDOpQ (O KDELWXDO UXLGR GH OD PROLHQGD KDEtD
GHVDSDUHFLGR1DGLHSDUHFtDWHQHUSULVDSRUOHYDQWDUVH3RUXQODGRPHDOHJUp6LHOFXHUSRGH
-XGDV FRQWLQXDED HQWUH ODV SHxDV SUHIHUtD TXH QDGLH QRV YLHUD MXQWR D pO$Vt HUD PXFKR PiV
VHJXUR
8QD YH] IXHUD GH OD PXUDOODV HO PXFKDFKR PH FRQGXMR KDFLD HO 2HVWH VLJXLHQGR FDVL HQ
SDUDOHORHOPXURPHULGLRQDOGHODFLXGDG$HVFDVRVPHWURVGHODSXHUWDGHOD)XHQWHSRUODTXH
KDEtDPRV VDOLGR HO WHUUHQR FDPELy (QWUDPRV HQ OR TXH ORV MXGtRV OODPDEDQ OD *pKHQQH R
LQILHUQR6XSRQJRTXHSRUORDWRUPHQWDGRGHODGHSUHVLyQ\SRUODVQXPHURVDVKRJXHUDVTXHVH
OHYDQWDEDQDTXt\DOOiHQXQDSHUPDQHQWHTXHPDGHEDVXUDV(QHIHFWRFRQIRUPHFDPLQiEDPRV
REVHUYp FyPR DTXHO WpWULFR SDUDMH KDEtD VLGR FRQYHUWLGR HQ XQ LQPHQVR HVWHUFROHUR HQ HO TXH
PHURGHDEDQXQVLQItQGHSHUURVYDJDEXQGRV\UDWDVHQRUPHVFRPROLHEUHV
-XDQ0DUFRVVHGHWXYR2EVHUYyHOSDLVDMH\DORVSRFRVVHJXQGRVUHDQXGyODPDUFKD$ORV
FLQFR PLQXWRV GH FDPLQR OD *pKHQQH VH FRQYLUWLy HQ XQ ODEHULQWR GH SHxDVFRV EDUUDQFDV
HVWpULOHV\SHTXHxRVSHURDJXGRVSUHFLSLFLRV'HDFXHUGRFRQODVFRWDVGHQXHVWUDVFDUWDVDTXHO
H[WUHPRVXUGH-HUXVDOpQRVFLODEDHQWUHORV\PHWURVHQODVSUR[LPLGDGHVGHOSRUWDOyQ
GHOD)XHQWH\ORVHQODVFHUFDQtDVGHODSXHUWDGHORV(VHQLRV(QWUHDPERVSXQWRVHOSHUILO
GHOWHUUHQRVXIUtDEUXVFDVYDULDFLRQHVFRQGHVQLYHOHVGH\KDVWDPHWURV
$O LU VDOYDQGR DTXHO LQILHUQR VXSXVH TXH VL HO ,VFDULRWH KDEtD FDtGR GHVGH FXDOTXLHUD GH
DTXHOORVEDUUDQFRVORPiVSUREDEOHHVTXHVHKXELHUDGHVWUR]DGRFRQWUDODVFRUWDQWHVDULVWDVGH
ODVSHxDV
$O ILQ -XDQ 0DUFRV VH GHWXYR 1RV HQFRQWUiEDPRV D XQRV PHWURV HQ OtQHD UHFWD GH OD
PXUDOOD \ VREUH XQR GH DTXHOORV SHODGRV SURPRQWRULRV 0H VHxDOy XQD MRYHQ KLJXHUD QDFLGD
PLODJURVDPHQWHHQWUHORVYHULFXHWRV\ILVXUDVGHODURFD\TXHWDO\FRPRPHKDEtDH[SOLFDGR
FUHFtDFRQODPLWDGGHVXUDPDMHKDFLDHO2HVWH\VREUHHOYDFtR
/HQWDPHQWHPHDSUR[LPpDOILORGHOSUHFLSLFLR(OPXFKDFKRLQTXLHWR\WHPEORURVRVHDIHUUy
D PL EUD]R$O SULQFLSLR QR GLVWLQJXt QDGD DQRUPDO /D EDUUDQFD SUHVHQWDED XQD FDtGD FDVL HQ
YHUWLFDOGHXQRVRPHWURV3HURODVHPLFODULGDGGHODOEDQRHUDVXILFLHQWHSDUDGLVWLQJXLUHO
IRQGRFRQSUHFLVLyQ
7UDVXQSDUGHPLQXWRVGHWHQVDE~VTXHGD-XDQ0DUFRVGLRXQJULWRTXHDSXQWRHVWXYRGH
KDFHUPHSHUGHUHOHTXLOLEULR
$OOt0LUDDOOtHVWi
6HJXt OD GLUHFFLyQ GH VX GHGR \ HQ HIHFWR FRQIXQGLGR HQWUH ODV SLHGUDV DSUHFLp XQ EXOWR
OHFKRVR LQPyYLO \ TXH GHVGH PL SXQWR GH REVHUYDFLyQ SDUHFtD XQ KRPEUH HQYXHOWR HQ DOJR
VLPLODUDXQDW~QLFDRXQDPDQWDEODQFD
2UGHQp D -XDQ 0DUFRV TXH QR VH PRYLHUD \ HOHJt XQR GH ORV WHUUDSOHQHV LQLFLDQGR HO
GHVFHQVR
'HVSXpV GH QR SRFRV URGHRV UDVSRQD]RV \ VREUHVDOWRV HQWUH ODV UHVEDODGL]DV SDUHGHV GHO
SUHFLSLFLRPHYLDOILQHQHOIRQGRGHODEDUUDQFDDSRFRPiVGHFXDWURPHWURVGHOFXHUSR/R
REVHUYpVLQPRYHUXQVRORP~VFXOR3DUHFtDGHVPD\DGRRPXHUWR(YLGHQWHPHQWHHUDXQKRPEUH
HQIXQGDGRHQXQDW~QLFDPDUILOHxDVLPLODUDODTXHXVDED-XGDV6HKDOODEDERFDDEDMRFRQOD
SLHUQDL]TXLHUGDYLROHQWDPHQWHIOH[LRQDGDEDMRHODEGRPHQ
&XDQGR ILQDOPHQWH PH GHFLGt D DYDQ]DU KDFLD pO DOJR QHJUR JUDQGH \ SHOXGR FRPR XQ
FRQHMR VDOLy GH GHEDMR KX\HQGR KDFLD ODV ]DU]DV SUy[LPDV 0H GHWXYH 8Q HVFDORIUtR UHFRUULy
PLVHQWUDxDV/DVUDWDVKDEtDQHPSH]DGRDGHYRUDUOR
0HDSUHVXUpDGDUOHODYXHOWD\HOURVWURLPEHUEHSXQWLDJXGR\SiOLGRGHO,VFDULRWHDSDUHFLy
DQWH Pt 7HQtD ORV RMRV DELHUWRV FRQ HO VHOOR GHO HVSDQWR HQ VXV SXSLODV 8QR GH ORV JORERV
RFXODUHVKDEtDGHVDSDUHFLGRSUiFWLFDPHQWHDQWHODVDFRPHWLGDVGHORVURHGRUHV
3RU PiV TXH UHSDVp VX FXHUSR QR DGYHUWt VHxDO DOJXQD GH VDQJUH 6yOR XQ ILQtVLPR KLOR \D
VHFREURWDEDGHODFRPLVXUDGHUHFKDGHVXERFD
/OHYDED HO FLQWR DQXGDGR DO FXHOOR $O H[DPLQDUOR PH GL FXHQWD TXH QR HVWDED URWR R
GHVJDUUDGR6HQFLOODPHQWHFRPRGLMR-XDQ0DUFRVVHKDEtDGHVDQXGDGR3UHVLRQDEDODJDUJDQWD
GH -XGDV SHUR DQWH PL VRUSUHVD OD FRQMXQWLYD R PHPEUDQD PXFRVD TXH WDSL]D HO GRUVR GH ORV
SiUSDGRV \ OD ]RQD DQWHULRU GHO RMR QR SUHVHQWDED ODV WtSLFDV PDQFKDV URMDV GH ORV DKRUFDGRV
5HWLUpHOSHORQHJUR\ILQRSHURWDPSRFRREVHUYpHVWHWLSRGHURQFKDVSRUGHWUiVGHODVRUHMDV
/D OHQJXD QR VH KDOODED SUHVD HQWUH ORV GLHQWHV QL OXFtD OD KDELWXDO WRQDOLGDG D]XO VLJQRV
FDUDFWHUtVWLFRVHQWUHORVDKRUFDGRV
6L YHUGDGHUDPHQWH VH KXELHUD UHJLVWUDGR HO FLHUUH FRPSOHWR GH WRGR HO ULHJR \ GHVDJH
FHUHEUDO OD FDUD GH -XGDV DSDUHFHUtD HPERWDGD 6LQ HPEDUJR VX DVSHFWR D SHVDU GH ODV
KRUDV WUDQVFXUULGDV GHVGH HO KLSRWpWLFR yELWR HUD FDVL QRUPDO /DV SXSLODV GLODWDGDV HQ XQ
SULQFLSLRKDEtDQHPSH]DGRDHPSHTXHxHFHUHQWUDQGRHQIDVHGHPLRVLVSRVLEOHPHQWHDSDUWLU
GH ODV QXHYH GH OD QRFKH GHO YLHUQHV 3UHVHQWDED WDPELpQ ODV OLYLGHFHV SURSLDV GH XQ HVWDGR
SRVWPRUWHP SHUR LQVLVWR ODV YHQDV \XJXODUHV \ DUWHULDV FDUyWLGDV QR PRVWUDEDQ VHxDOHV GH
HVWUDQJXODPLHQWRKDELWXDOHVHQORVDKRUFDGRV>@
$QWH DTXHO F~PXOR GH SUXHEDV QHJDWLYDV PL LPSUHVLyQ SHUVRQDO IXH OD VLJXLHQWH -XGDV
,VFDULRWHQRKDEtDIDOOHFLGRSRUDKRUFDPLHQWRVLQRSRUSUHFLSLWDFLyQ
(VWDWHRUtDVHYLRIRUWDOHFLGDDOSDOSDUODVH[WUHPLGDGHV\HOUHVWRGHOFXHUSR/DVSLHUQDV\
XQRGHORVEUD]RVVXIUtDQIUDFWXUDVFXiGUXSOHV\ODVURWXUDVLQWHUQDVHUDQJHQHUDOL]DGDV
3HURORTXH WHUPLQy GH FRQYHQFHUPH IXHHO VRQLGRGHO FUiQHR DO DJLWDUOR HQWUHPLVPDQRV
$TXHOUXLGRVLPLODUDOGHXQVDFRGHQXHFHVHUDWtSLFRGHODVSHUVRQDVTXHKDQVXIULGRXQD
GHHVWDVSUHFLSLWDFLRQHVRFDtGDVGHVGHJUDQDOWXUD
$XQTXHUHVXOWDEDYHURVtPLOTXHHOWUDLGRUHQVXGHVHVSHUDFLyQQRDMXVWDUDHOQXGRGHOFLQWR
FRQYHQLHQWHPHQWHFD\HQGRDOYDFtRDQWHVGHSHUHFHUSRUDKRUFDPLHQWRQXQFDSXGHFRPSUHQGHU
FyPRHVWHVXMHWRJHQHUDOPHQWHPHWLFXORVRSXGRFRPHWHUXQHUURUVHPHMDQWH
9ROYt D GHSRVLWDU HO FXHUSR VREUH ODV SLHGUDV \ WUDV FHUUDU VXV RMRV R OR TXH TXHGDED GH
HOORV SHUPDQHFt XQRV PLQXWRV HQ SLH \ HQ VLOHQFLR FRQWHPSODQGR D DTXHO GHVGLFKDGR 0H
SUHJXQWpVLDTXHO,VFDULRWHXKRPEUHGH&DULRWKKLMRGH6LPyQXQKRPEUHLOXVWUH\DGLQHUDGR
GH-XGHDGLVFtSXORGH-XDQHO%DXWLVWD\DWRUPHQWDGREXVFDGRUGHOD9HUGDGPHUHFtDUHDOPHQWH
XQILQWDQGHVRODGRU
5HJUHVpMXQWRDPLDPLJRFRQILUPiQGROHODPXHUWHGH-XGDV-XDQ0DUFRVKDEtDUHFXSHUDGR
HOPDQWRGHOUHQHJDGR\OHQWDPHQWHHQVLOHQFLRYROYLPRVD-HUXVDOpQ
8QDYH]HQODFLXGDGWUDVURJDUOHTXHPHFRQGXMHUDKDVWDODFDVDGH-XDQ=HEHGHROHSHGt
TXHVHSXVLHUDHQFRQWDFWRFRQODIDPLOLDGH-XGDVDILQGHTXHOHYDQWDUDQVXVUHVWRVDQWHVGHTXH
ODVUDWDV\ODVDOLPDxDVGHOD*pKHQQHWHUPLQDUDQSRUGHVILJXUDUOH
&RQ JUDQ GLOLJHQFLD FRPR HUD VX FRVWXPEUH HO KLMR GH ORV 0DUFRV FXPSOLy PL QXHYR
HQFDUJR
-XDQ =HEHGHR QR PH HVSHUDED 3HUR PH UHFLELy FRQ XQ HQWUDxDEOH DEUD]R 'LVSRQtD GH XQD
FDVLWDGHXQDSODQWDPX\KXPLOGH\FDVLYDFtDHQOD]RQDQRUWHGHODFLXGDG(QXQEDUULRTXH
SRUDTXHOHQWRQFHVHPSH]DEDDFUHFHU\TXHHUDFRQRFLGRSRU%H]D
WKD
6RUWHpXQFDOGHURHQHOTXHDUGtDQDOJXQRVSHTXHxRVWURQFRV\TXHVHGHVWLQDEDJHQHUDOPHQWH
SDUD DKX\HQWDU D ORV LQVHFWRV \ PRVTXLWRV \ FUXFp HO XPEUDO GH OD SXHUWD (Q HO LQWHULRU GH OD
~QLFD HVWDQFLD SHQRVDPHQWH DOXPEUDGD SRU XQ OiPSDUD GH DFHLWH GLVWLQJXt HQ VHJXLGD D FXDWUR
PXMHUHV(UDQ0DUtDODPDGUHGH-HV~VVXKHUPDQD0LULiQ6DORPpPDGUHGH-XDQ\ODMRYHQ
5XWKKHUPDQDGHO1D]DUHQR
1RKDEtDVLOODVQLWDEXUHWHV\HO=HEHGHRPHLQYLWyDWRPDUDVLHQWRVREUHXQDGHODVHVWHUDV
HVSDUFLGDVVREUHODWLHUUDDSLVRQDGDTXHIRUPDEDHOSDYLPHQWR0HH[WUDxyODVLQJXODUDXVWHULGDG
GHDTXHOODFDVDFRQXQOLYLDQRWHUUDGRDEDVHGHUDPDVFXELHUWDVGHWLHUUD\DUFLOOD\VLQXQDVROD
YHQWDQDRWURQHUD'HVSXpVVXSHTXHDTXpOODQRHUDODUHVLGHQFLDKDELWXDOGHORV=HEHGHR(VWDVH
KDOODEDDOQRUWHHQ*DOLOHD
-XDQQRPHSUHVHQWyDODVPXMHUHV1RHUDFRVWXPEUHSHURDGHPiVWDPSRFRORQHFHVLWDED
7RGDV ODV KHEUHDV VH PRVWUDEDQ HVSHFLDOPHQWH VROLFLWDV FRQ 0DUtD 8QD GH HOODV DFDEDED GH
RIUHFHUOH XQ FXHQFR GH PDGHUD FRQ OHFKH 3HUR OD PDGUH GHO *DOLOHR VH UHVLVWtD D WRPDUOR
&XDQGRPLVRMRVIXHURQDFRVWXPEUiQGRVHDODSHQXPEUDFRPSUREpTXHOD6HxRUDWHQtDODFDEH]D
GHVFXELHUWD6XVFDEHOORVHUDQPXFKRPiVQHJURVGHORTXHKDEtDVXSXHVWR6HSHLQDEDFRQUD\D
HQHOFHQWURUHFRJLHQGRHQODQXFDXQDVHGRVD\D]DEDFKHPDWDGHSHOR6XVRMHUDVPXFKRPiV
PDUFDGDVTXHHQHOPRPHQWRGHVXHQFXHQWURFRQHOFUXFLILFDGRUHIOHMDEDQXQDQRFKHGHYLJLOLD\
VXIULPLHQWR6HKDOODEDVHQWDGDVREUHXQDGHDTXHOODVJUXHVDVHVWHULOODVGHSDOPD\MXQFRFRQHO
FXHUSR \ OD FDEH]D UHFOLQDGRV VREUH HO PXUR GH DGREH \ ORV RMRV VHPLFHUUDGRV 'H YH] HQ
FXDQGRXQSURIXQGRVXVSLURDJLWDEDWRGRVXVHU\ORVKHUPRVRVRMRVUDVJDGRVVHHQWUHDEUtDQ3RU
XQ PRPHQWR DO FDSWDU OD UHVLJQDGD DPDUJXUD GH DTXHOOD KHEUHD PH VHQWt GHVIDOOHFHU 1R WHQtD
YDORU SDUD LQWHUURJDUOD /DV IXHU]DV \ HO FRUDMH SDUHFtDQ HVFDSDU GH Pt DQRQDGDGR DQWH OD
DQJXVWLD GH XQD PDGUH TXH DFDEDED GH SHUGHU D VX KLMR SULPRJpQLWR &yPR SRGtD LQLFLDU OD
FRQYHUVDFLyQ"&RQTXpYDORUPHHQIUHQWDEDDDTXHOODPXMHUURWDSRUHOGRORUSDUDSHGLUOHTXH
PHKDEODUDGHVX+LMRGHVXLQIDQFLD\GHVXQRPHQRVLJQRUDGDMXYHQWXG"
)XH -XDQ TXLHQ VLQ SURSRQpUVHOR DOLVy WDQ DUGXR WUDEDMR SUHYLVWR SRU &DEDOOR GH 7UR\D
FRPRXQRGHORV~OWLPRVREMHWLYRVGHDTXHOODPLVLyQ
'HVSXpVGHVDFXGLUXQYLHMR\UHQHJULGRSHOOHMRGHFDEUDHOGLVFtSXOROOHQyRWURFXHQFRGH
PDGHUDFRQXQDOHFKHHVSHVD\DJULDURJiQGRPHTXHDFHSWDVHDTXHOKXPLOGHUHIULJHULR
1RWHLQTXLHWHVSRUHORORUPHGLMR6DFLDPHMRUODVHG
1R TXLVH GHVDLUDUOH \ DSXUp HO SHVWLOHQWH FXHQFR SURFXUDQGR FHUUDU ORV RMRV \ FRQWHQHU OD
UHVSLUDFLyQ
$O WHUPLQDU HO =HEHGHR UHFRJLy HO UHFLSLHQWH \ VHxDODQGR HO PDQWR GH OLQR EODQFR TXH
FROJDEDGHPLFHxLGRUH[FODPy
9HRTXHQRKDVROYLGDGRWXUHJDOR
%DMp OD YLVWD \ FRPSUHQGt< DXQTXH DTXHOOD HVSHFLH GH FKDO KDEtD VLGR FRPSUDGR SDUD
0DUWDODKHUPDQDGH/i]DURODJHQLDOVXJHUHQFLDGHOGLVFtSXORKL]RYDULDUPLVSODQHV(QHIHFWR
DTXpOSRGtDVHUHOPHGLRLGHDOSDUDJDQDUPHODHVWLPD\FRQILDQ]DGH0DUtD&yPRQRVHPH
KDEtDRFXUULGRDQWHV"
/RWRPpHQPLVPDQRV\OHYDQWiQGRPHPHDFHUTXpDOULQFyQGRQGHGHVFDQVDEDOD6HxRUD
0HDUURGLOOpIUHQWHDHOOD\H[WHQGLHQGRHOULFRSUHVHQWHOHURJXpTXHVHGLJQDUDDFHSWDUOR
0DUtD\ODVPXMHUHVTXHOHURGHDEDQPHPLUDURQ\VHPLUDURQHQWUHVt3HURDOILQODPDGUH
GHOUDEtDSDUWiQGRVHGHODSDUHGWRPyHOPDQWROOHQiQGRPHFRQXQDPLUDGDLQWHQVD8QDPLUDGD
TXHPHUHFRUGyODGHVX+LMR
-XDQ DWHQWR \ VROtFLWR DSUR[LPy OD OXFHUQD GH EDUUR FRQ HO ILQ GH TXH 0DUtD SXGLHUD
FRQWHPSODUPHMRUODILQtVLPDWH[WXUDGHOOLQR(QWRQFHVDODOX]GHODOiPSDUDGHDFHLWHORVRMRV
GHDTXHOODPXMHUVXUJLHURQDQWHPtHQWRGDVXKHUPRVXUD(UDQYHUGHV
'HVSXpVGHDFDULFLDUHOWHMLGR0DUtDOHYDQWyGHQXHYRVXVRMRVKDFLDPt\PRVWUiQGRPHXQD
GHQWDGXUDEODQFD\SHUIHFWDH[FODPy
*UDFLDVKLMR
(UDODSULPHUDYH]TXHHVFXFKDEDDTXHOODYR]JUXHVD\VLQHPEDUJRFiOLGD\VHJXUD
$ SDUWLU GH DTXHOORV LQVWDQWHV ODV RFKR GH OD PDxDQD DSUR[LPDGDPHQWH \ GHVSXpV TXH
-XDQ=HEHGHROHH[SOLFDUDTXLpQHUD\SRUTXpHVWDEDDOOt0DUtDDFFHGLyJXVWRVDDKDEODUPHGH
-HV~V GH VXV SULPHURV DxRV HQ 1D]DUHW GH VXV YLDMHV SRU HO 0HGLWHUUiQHR \ GH OD PXHUWH HQ
DFFLGHQWH GH WUDEDMR GH VX HVSRVR HO FRQVWUXFWRU \ FDUSLQWHUR OODPDGR -RVp ,QWHQWDQGR SRQHU
RUGHQHQPLVLGHDV\HQORVPLOHVGHWHPDVTXHVHDJLWDEDQHQPLPHQWHHPSHFpSRUSUHJXQWDUOH
VREUHHOQDFLPLHQWRGHOJLJDQWH>@
+DFLD ODV KRUDV QXHVWUD FRQYHUVDFLyQ VH YLR LQWHUUXPSLGD FRQ OD OOHJDGD GH -XGH \
-RVpGH$ULPDWHD7UDtDQQRWLFLDVGH~OWLPDKRUD
8QDYH]ILQDOL]DGDODFHQDGH3DVFXDORVVDQHGULWDVKDEtDQYXHOWRDUHXQLUVHHVWDYH]HQOD
FDVD GH &DLIiV 6HJ~Q HO DQFLDQR HO ~QLFR WHPD GHEDWLGR IXH OD SURIHFtD KHFKD SRU -HV~V GH
UHVXFLWDUDOWHUFHUGtD/RVVDFHUGRWHVHQHVSHFLDOORVVHGXFHRVQRFRQFHGtDQGHPDVLDGRFUpGLWR
DODVSDODEUDVGHODMXVWLFLDGR3HURORVLQWULJDQWHVPLHPEURVGHO6DQHGUtQHVWLPDURQTXHORPiV
SUXGHQWH VHUtD YLJLODU OD WXPED 6HJ~Q DILUPDURQ SURVLJXLy -RVp FDEtD OD SRVLELOLGDG GH
TXH ORV DPLJRV \ FUH\HQWHV GH -HV~V UREDUDQ HO FDGiYHU SURSDJDQGR GHVSXpV OD PHQWLUD GH VX
UHVXUUHFFLyQ &RQ HO ILQ GH DERUWDU FXDOTXLHU LQWHQWR GH URER HO VXPR VDFHUGRWH GHVLJQy XQD
FRPLVLyQHQFDUJDGD GH YLVLWDU DOSURFXUDGRUURPDQR DSULPHUDKRUDGHODPDxDQD GHOViEDGR
3XHVELHQHVHJUXSRGHVDQHGULWDVDFDEDEDGHHQWUHYLVWDUVHFRQ3RQFLR
-RVp DOHUWDGR SRU XQR GH VXV FRQILGHQWHV VH KDEtD DSUHVXUDGR D DFXGLU DO 7HPSOR $OOt
GHVSXpVGHQRSRFDVEXUODVHKLULHQWHVLQGLUHFWDVSRUSDUWHGHHVWDFRPLVLyQFRQRFHGRUDGHVX
YLQFXODFLyQFRQHO1D]DUHQRHOSURSLHWDULRGHOKXHUWRGRQGHKDEtDVLGRVHSXOWDGRHO0DHVWUR
FRQRFLyILQDOPHQWHORVSRUPHQRUHVGHODFRQYHUVDFLyQHQWUHORVVDFHUGRWHV\3LODWR
6HxRUPDQLIHVWDURQORVMXHFHVDOJREHUQDGRUWHUHFRUGDPRVTXH-HV~VGH1D]DUHWHVH
IDOVDULRGLMRHQYLGD3DVDGRVWUHVGtDVUHVXFLWDUp3RUFRQVLJXLHQWHQRVSUHVHQWDPRVDQWHWL
SDUDURJDUWHTXHGHVODVLQVWUXFFLRQHVQHFHVDULDVSDUDTXHHOVHSXOFURVHDGHELGDPHQWHSURWHJLGR
FRQWUD VXV GLVFtSXORV KDVWD TXH KD\DQ WUDQVFXUULGR HVRV WUHV GtDV 1RV WHPHPRV TXH VXV ILHOHV
LQWHQWHQUREDUHOFXHUSRGXUDQWHODQRFKH\DFWRVHJXLGRSURFODPHQDOSXHEORTXHKDUHVXFLWDGR
GHHQWUHORVPXHUWRV6LORFRQVLQWLpUDPRVVHUtDXQDIDOWDPD\RUTXHVLOHKXELpUDPRVGHMDGRFRQ
YLGD
<3RQFLRGHVSXpVGHHVFXFKDUHVWHUXHJRUHVSRQGLy
2VGDUpXQDHVFROWDGHGLH]VROGDGRV9D\DQ\PRQWHQODJXDUGLDDQWHODWXPED
3URVLJXLyHOGH$ULPDWHD
(VD HVFROWD URPDQD \ RWURV GLH] OHYLWDV PiV UHFOXWDGRV GH HQWUH XQD GH ODV VHFFLRQHV
VHPDQDOHVGHO7HPSORVHHQFXHQWUDQ\DIUHQWHDODWXPEDWDO\FRPRKHSRGLGRYHULILFDUDQWHVGH
YHQLU D YHURV (VDV KLSyFULWDV EHVWLDV TXH URGHDQ \ DGXODQ D &DLIiV QR KDQ WHQLGR HO PHQRU
HVFU~SXORGHYLRODUHOVDJUDGRViEDGR\KDQLQYDGLGRPLSURSLHGDG&XDQGRLQWHQWpEDMDUKDVWDOD
FULSWD DOJXQRV GH ORV JXDUGLDQHV GHO 6DQWXDULR PH VDOLHURQ DO SDVR REOLJiQGRPH D VDOLU GHO
KXHUWR(VLQGLJQR
(QWRQFHVLQVLQXpQDGLHSXHGHDFHUFDUVHDODWXPED
1DGLH TXH QR VHD GH OD JXDUQLFLyQ GH$QWRQLD R GHO FXHUSR GH OHYLWDV ,QFOXVR ORV PX\
VDOYDMHVKDQUHWLUDGRODORVDTXHFXEUtDHOSR]RGHOKRUWHODQRXQLpQGRODDODURFDTXHFLHUUDOD
FiPDUDVHSXOFUDO'HVSXpVKDQHVWDPSDGRHOVHOORGH3LODWRSDUDTXHQDGLHSXHGDUHPRYHUODV
$TXHOOD QRWLFLD PH GHMy IUDQFDPHQWH SUHRFXSDGR /RV ~OWLPRV PLQXWRV GH PL PLVLyQ HQ
-HUXVDOpQGHEtDQWUDQVFXUULUSUHFLVDPHQWHORPiVFHUFDSRVLEOHGHOVHSXOFUR&DEDOORGH7UR\D
WHQtDHVSHFLDOLQWHUpVFRPRHVOyJLFRHQDYHULJXDUVLODSUHWHQGLGDUHVXUUHFFLyQGHO0DHVWURGH
*DOLOHD HUD R QR XQD UHDOLGDG REMHWLYD R SRU HO FRQWUDULR XQD OH\HQGD &yPR SRGtD OOHYDU D
FDERPLREVHUYDFLyQVLHOSDVRDOVHSXOFURVHKDOODEDSURKLELGRSRUDTXHOORVFHQWLQHODV"
$~Q TXHGDEDQ PXFKDV KRUDV \ SUHIHUt QR DWRUPHQWDUPH FRQ VHPHMDQWH GLOHPD$OJR VH PH
RFXUULUtD
(OFDPELRGHFRQYHUVDFLyQGH-RVpPHD\XGyDROYLGDUWHPSRUDOPHQWHHODVXQWR
&RQ JUDQ GHVFRQFLHUWR SRU PL SDUWH XQD GH ODV Pi[LPDV SUHRFXSDFLRQHV GHO DQFLDQR MXGtR
HUDDFHUWDUFRQHOHSLWDILRTXHGHEtDJUDEDUVHHQODIDFKDGDURFRVDGHOVHSXOFURGRQGHUHSRVDED
HO FXHUSR GH VX 0DHVWUR -RVp WUDtD HVFULWDV LQFOXVR DOJXQDV IUDVHV TXH GLR D OHHU D -XGH \ D
-XDQUHVSHFWLYDPHQWH
&RQJHVWRJUDYHORVWUHVKRPEUHVGLVFXWLHURQVREUHHOSRVLEOHWH[WROOHJDQGRDODFRQFOXVLyQ
GH TXH OD ~OWLPD HUD TXL]iV OD PiV DGHFXDGD /H URJXp D -XDQ TXH PH SDVDUD HO WUR]R GH
SHUJDPLQR\HQDUDPHROHtORVLJXLHQWH
eVWHHV-HV~VHO0HVtDV
1RKD\DTXtRURQLSODWD
VLQRVXVKXHVRV
0DOGLWRVHDHOKRPEUH
TXHORDEUD
<RVDEtDTXHHOVDTXHRGHWXPEDVHVWDEDDODRUGHQGHOGtDHQ,VUDHOSHURQRSRGtDHQFDMDU
ODIDOWDGHIHGHDTXHOORVtQWLPRVGH-HV~VGH1D]DUHWTXHQRGXGDEDQHQFDOLILFDUDO*DOLOHRGH
0HVtDVUHQXQFLDQGRSRUFRPSOHWRDODLGHDGHVXUHVXUUHFFLyQ(UDWDQWULVWHFRPRDQDFUyQLFR
8QDYH]GHFLGLGRHOHSLWDILR-RVpPRVWUyODIUDVHHOHJLGDDODPDGUHGH-HV~V3HUR0DUtDVH
QHJyDOHHUOR<FODYDQGRVXVRMRVHQFDGDXQRGHORVSUHVHQWHVOHVUHSURFKyVXGHVFRQILDQ]D
FRQXQODSLGDULRFRPHQWDULR
(O0HVtDVHVFULELUiVXHSLWDILRFRQXQDVRODSDODEUD5HVXFLWy
8Q VLOHQFLR YLROHQWR QRV FXEULy D WRGRV GXUDQWH DOJXQRV PLQXWRV (O GH$ULPDWHD PRYLy OD
FDEH]DQHJDWLYDPHQWH\-XGH\-XDQVHOLPLWDURQDEDMDUHOURVWURPDQLIHVWDQGRDVtVXVGXGDV
3HUROD6HxRUDQRLQVLVWLy6HUHFRVWyGHQXHYRVREUHODSDUHG\HQWRUQyORVRMRV
(O GH$ULPDWHD UDVJy OD HPEDUD]RVD VLWXDFLyQ LQWHQWDQGR FRQYHQFHPRV \ FRQYHQFHUVH D Vt
PLVPRGHTXHQRQRVKLFLpUDPRVIDOVDVLOXVLRQHV
/DQRWLFLDGHODSURPHVDGHVXUHVXUUHFFLyQFRPHQWyKDWHUPLQDGRSRUVDOWDUDODFDOOH
\WRGD-HUXVDOpQVHKDFHOHQJXDVVREUHHOSDUWLFXODU6LHO0DHVWURQRFXPSOHORTXHSURPHWLy
HQTXpVLWXDFLyQTXHGDUiQVXVGLVFtSXORV\pOPLVPR"
'HVJUDFLDGDPHQWHDTXHOODSRVWXUDSURSLDGHXQKRPEUHUDFLRQDO\FRQXQSUREDGRVHQWLGR
FRP~QHUDFRPSDUWLGDSRUODFDVLWRWDOLGDGGHVXVDSyVWROHVHQFODXVWUDGRVGHVGHODQRFKHGHO
MXHYHV HQ GLYHUVDV FDVDV GH -HUXVDOpQ \ %HWDQLD PXHUWRV GH PLHGR \ VLQ OD PHQRU HVSHUDQ]D
UHVSHFWRDVXIXWXUR6LDTXHOORVUXGRVJDOLOHRVKXELHUDQGLVIUXWDGRGHODIHGH'DYLG=HEHGHR
SRUSRQHUXQHMHPSORODVFRVDVKDEUtDQVLGRPX\GLVWLQWDV
$XQDULHVJRGHUHSHWLUPHFUHRGHVXPDLPSRUWDQFLDUHFDOFDUHVWDLQJUDWDSHURPX\KXPDQD
GLVSRVLFLyQ GH ORV DSyVWROHV \ VHJXLGRUHV GHO +LMR GHO +RPEUH HQ UHODFLyQ FRQ HO WHPD GH OD
UHVXUUHFFLyQ(VWiQHTXLYRFDGRVTXLHQHVSXHGDQSHQVDUTXHORVGLVFtSXORVHVSHUDEDQLOXVLRQDGRV
HODPDQHFHUGHOWHUFHUGtD1DGLHHQVXVDQRMXLFLRSRGtDDFHSWDUTXHXQFDGiYHUGHVSXpVGH
KRUDV GH VX IDOOHFLPLHQWR IXHUD FDSD] GH OHYDQWDUVH \ YLYLU 3HUR HO VRUSUHQGHQWH UDEt MDPiV
KDEODEDHQYDQR
0HGLD KRUD DQWHV GHO RFDVR KDFLD ODV VHLV -XGH \ VX KHUPDQD 5XWK VH SXVLHURQ HQ
FDPLQRDFRPSDxDQGRDVXPDGUHKDFLDODUHVLGHQFLDGH/i]DURHQ%HWDQLD-XDQREHGHFLHQGROD
FRQVLJQDGDGDSRU$QGUpVDFXGLyKDVWDODFDVDGH(OtDV0DUFRVGRQGHKDEtDVLGRSUHYLVWDXQD
UHXQLyQGHXUJHQFLDGHWRGRVORVGLVFtSXORV\ILHOHVGH-HV~VTXHVHKDOODEDQHQODFLXGDGVDQWD
0H EULQGp D DFRPSDxDU D OD IDPLOLD GHO 1D]DUHQR \ GH HVWD IRUPD SXGH DPSOLDU PLV
FRQRFLPLHQWRVVREUHODYLGDGH-HV~V
$ODVKRUDVODVKHUPDQDVGHOUHVXFLWDGRQRVUHFLELHURQHQVXKRJDUFROPiQGRQRVFRQ
VXVDWHQFLRQHV
3HUR OD QRFKH HPSH]DED D PHQJXDU \ WUDV GHVSHGLUPH GH PLV QXHYRV DPLJRV DJUDGHFt D
0DUWD\D0DUtDVXJHQHURVDKRVSLWDOLGDGDQXQFLiQGROHVTXHGHEtDHPSUHQGHUXQODUJRYLDMH\
TXHFDVLFRQVHJXULGDGUHJUHVDUtDSURQWR$TXHOODSLDGRVDPHQWLUDTXHDOLYLyTXL]iVHODIOLJLGR
FRUD]yQGH0DUWDOOHJDUtDDVHUUHDOLGDG8QDUHDOLGDGTXHFXOPLQyODVDVSLUDFLRQHVGHHVWHFDGD
YH]PHQRVLQFUpGXOR\HVFpSWLFRRILFLDOGHODV)XHU]DV$pUHDV1RUWHDPHULFDQDV
/DKHUPDQDPD\RUGH/i]DURFRQORVRMRVDUUDVDGRVHQOiJULPDVPHFRQILyHQVHFUHWRTXHVX
KHUPDQR KDEtD WHQLGR TXH UHIXJLDUVH HQ )LODGHOILD \ TXH HOODV HQ FXDQWR SXGLHUDQ YHQGHU VXV
WLHUUDV \ KDFLHQGD VHJXLUtDQ VXV SDVRV <R FRQRFtD OD SULPHUD SDUWH GH VX LQIRUPDFLyQ SHUR
7RUSH GH Pt HQ DTXHOORV LQVWDQWHV PLHQWUDV OH GHFtD DGLyV QR VXSH DGLYLQDU OR TXH
YHUGDGHUDPHQWHHQFHUUDEDVXFRQIHVLyQ
3RFRDQWHVGHODVGRFHGHODQRFKHSUHRFXSDGRSRUORDYDQ]DGRGHODKRUD\SRUHQFRQWUDU
DOJXQD IyUPXOD TXH PH SHUPLWLHUD REVHUYDU OD ERFD GHO VHSXOFUR FRQ XQ Pi[LPR GH QLWLGH] \
VHJXULGDG LQLFLp OD DVFHQVLyQ GHO 2OLYHWH 'H YHUGDG VH SURGXFLUtD OD JUDQ KD]DxD" 'H
YHUGDG WHQGUtD OD JUDQGLRVD RSRUWXQLGDG GH FRPSUREDU FRQ PLV SURSLRV RMRV HO DQXQFLDGR
SURGLJLRGHODUHVXUUHFFLyQ"
'($%5,/'20,1*2
+DFLD OD XQD GH OD PDGUXJDGD VLQ DLUH HQ ORV SXOPRQHV \ FKRUUHDQGR VXGRU SRU ORV FXDWUR
FRVWDGRVGLYLVpDOILQODFHUFDGHPDGHUDGHODILQFDGH-RVpGH$ULPDWHD7RGRVHKDOODEDHQ
VLOHQFLR 6ROLWDULR &DPLQp QHUYLRVDPHQWH DUULED \ DEDMR GHO YDOODGR EXVFDQGR DOJXQD IyUPXOD
TXH PH FRQGXMHUD VDQR \ VDOYR DO LQWHULRU GHO KXHUWR 3HUR PL FHUHEUR HQFKDUFDGR SRU ODV
SULVDV VH QHJDED D WUDEDMDU (OLVHR D PL SDVR VREUH OD FLPD GHO 0RQWH GH ODV$FHLWXQDV PH
KDEtDUHFRUGDGRODLPSHULRVDQHFHVLGDGGHFRQWDUFRQPLSUHVHQFLDDQWHVGHODVKRUDV/RV
SUHSDUDWLYRV SDUD HO UHWRUQR H[LJtDQ XQ PtQLPR GH FRPSUREDFLRQHV \ HO GHILQLWLYR DMXVWH GHO
RUGHQDGRU6XSRQJRTXHOHSURPHWtUHJUHVDUPXFKRDQWHVGHHVDKRUD1RORUHFXHUGRELHQ0L
iQLPR VH KDEtD LGR H[FLWDQGR FRQIRUPH FRUUtD ODGHUD DEDMR HQ GLUHFFLyQ D OD ]RQD QRUWH GH OD
FLXGDG
$KRUDFRQODPLVLyQFDVLFRQFOXLGDPHVHQWtDLQFDSD]GHFRURQDUFRQp[LWRODTXHVLQGXGD
SRGtDVHUODIDVHGHFLVLYDGHWRGRHOSUR\HFWR
,QVSLUpSURIXQGDPHQWH\VLQPHGLWDUORPiVEULQTXpDORWURODGRGHODSURSLHGDG3RGtDKDEHU
DELHUWR OD FDQFHOD SHUR OR SHQVp PHMRU $TXHOORV R[LGDGRV H LPSHUWLQHQWHV JR]QHV SRGtDQ
GHODWDUPH
8QD YH] HQWUH ORV iUEROHV IUXWDOHV SHUPDQHFt XQRV PLQXWRV HQ FXFOLOODV SHQGLHQWH GHO PiV
PtQLPRUXLGR7RGRVHJXtDHQFDOPD<DQLPiQGRPHDPtPLVPRIXLDUUDVWUiQGRPHVREUHHOVHFR
WHUUHQR DUFLOORVRD\XGiQGRPH HQFDGDWUDPRFRQORV DQWHEUD]RV\ FRGRV+DEtDVDOWDGR SRU OD
L]TXLHUGDGHODSXHUWDFRQXQDLQWHQFLyQLQLFLDOWUDWDUGHDOFDQ]DUODSDUWHSRVWHULRUGHODFDVLWD
GHOKRUWHODQR
8QDYH]DOOtVLORVJXDUGLDVQRPHGHVFXEUtDQPXFKRDQWHV\DSHQVDUtDDOJR
)XL KDFLHQGR SHTXHxDV SDXVDV RFXOWiQGRPH WUDV ORV HQGHEOHV WURQFRV GH ORV IUXWDOHV H
LQWHQWDQGR SHUIRUDU HO ERVTXHFLOOR FRQ OD YLVWD /D OXQD SUiFWLFDPHQWH OOHQD LUUDGLDED XQD
FODULGDGTXHHQDTXHOORVGHFLVLYRVPLQXWRVSRGtDWUDLFLRQDUPH
8QRVPHWURVPiVPHGLMH\FDVLORKDEUpORJUDGR
5HVRSODQGR \ FRQ OD W~QLFD HQURMHFLGD SRU OD DUFLOOD PH RFXOWp DO ILQ GHWUiV GHO PXUR GH
SLHGUD GHO SR]R VLWXDGR D XQD GHFHQD GH SDVRV GH OD FDVD GHO MDUGLQHUR$VRPp OHQWDPHQWH OD
FDEH]DSRUHQFLPDGHOEURFDO\FRPSUREpFRQDOLYLRTXHODSXHUWDVHKDOODEDFHUUDGD1RKDEtD
OX]DOJXQDHQHOLQWHULRU\ODFKLPHQHDDSDUHFtDLQDFWLYD
4XL]iORVVROGDGRVOHKD\DQREOLJDGRDGHVDORMDUVXYLYLHQGDSHQVp<HQHVHLQVWDQWHXQD
GXGDPRUWDOPHVHFyODJDUJDQWD
< VL KXELHUD OOHJDGR GHPDVLDGR WDUGH" < VL OD VXSXHVWD UHVXUUHFFLyQ KXELHUD RFXUULGR
\D"
(O~QLFRLQGLFLRHQHVWHVHQWLGRDSDUHFHHQHOWH[WRHYDQJpOLFRGH0DWHR6LHODXWRU
VDJUDGR OOHYDED UD]yQ \ HO SURGLJLR WHQtD OXJDU DO DOERUHDU GHO SULPHU GtD HV GHFLU GHO
GRPLQJR WRGR HVWDED SHUGLGR (O RUWR R DSDULFLyQ GHO OLPER VXSHULRU GHO VRO VREUH HO
KRUL]RQWH KDEtD VLGR ILMDGR SRU 6DQWD &ODXV FRQ XQD SUHFLVLyQ PDWHPiWLFD GDGD OD ODWLWXG
DSUR[LPDGDGH-HUXVDOpQJUDGRV1RUWHHVHLQVWDQWHRFXUULUtDDODKRUDV\PLQXWRV
(O RFDVR FRPR \D FLWp HQ VX PRPHQWR VH UHJLVWUDUtD HQ FRQVHFXHQFLD D ODV KRUDV \
PLQXWRV
/RVSODQHVGHOJHQHUDO&XUWLVVDOPHQRVHQHVWHVHQWLGRKXELHUDQIDOODGR0LUHLQJUHVRHQOD
FXQDFRPRPHQFLRQpDQWHULRUPHQWHGHEtDSURGXFLUVHFRPRPX\WDUGHKDFLDODVFLQFRGHHVD
PDGUXJDGD
3HURXQLQHVSHUDGRDFRQWHFLPLHQWRPHVDFyGHHVWDVHOXFXEUDFLRQHVKDFLpQGRPHWHPEODUGH
SLHVDFDEH]D'HSURQWRORVSHUURVGH-RVpGH$ULPDWHDHPSH]DURQDODGUDUIXULRVDPHQWH
1RKDEtDFRQWDGRFRQDTXHOQXHYRSUREOHPD
0HSHJXpDODSDUHGGHOSR]RWUDWDQGRGHDGLYLQDUODSRVLFLyQGHORVFDQHV1RWDUGDUtDHQ
DYHULJXDUOR $ ORV GRV R WUHV PLQXWRV VHQWt D PLV HVSDOGDV ORV JUXxLGRV GH ORV DQLPDOHV 0H
KDEtDQGHWHFWDGRSHUPDQHFLHQGRDGRVRWUHVPHWURVFRQVXVIDXFHVDELHUWDV\DPHQD]DQWHV0H
UHYROYtGLVSXHVWRDJROSHDUOHV\GHMDUOHVIXHUDGHFRPEDWHVLHUDSUHFLVR6HWUDWDEDHQUHDOLGDG
GHGRVSHTXHxRVHMHPSODUHV\VXSXVHTXHQRUHVXOWDUtDGLItFLODPHGUHQWDUOHVRJROSHDUOHVFRQOD
YDUD GH 0RLVpV /R TXH PiV PH SUHRFXSDED HV TXH OD HVFROWD URPDQD R OHYtWLFD SXGLHUD
UHDFFLRQDU\GHVFXEULUPH
0HSUHSDUpHLQFRUSRUiQGRPHPHGLVSXVHDDKX\HQWDUORV3HURODVDQJUHVHFRQJHOyHQPLV
DUWHULDVXQDPDQRUXGD\SHVDGDFD\yVREUHPLKRPEURGHUHFKR
$O YROYHUPH FXDQGR FRQVLGHUDED TXH WRGR VH KDOODED SHUGLGR HQFRQWUp DQWH Pt OD VLOXHWD
LQPHQVDGHOKRUWHODQR
$QWHV GH TXH SXGLHUD H[SOLFDUOH VH OOHYy HO GHGR tQGLFH D ORV ODELRV LQGLFiQGRPH TXH
JXDUGDUDVLOHQFLR
$FWR VHJXLGR PH KL]R VHxDV SDUD TXH OH DFRPSDxDUD 'HVFRQFHUWDGR REHGHFt FRPR XQ
DXWyPDWD/RVSHUURVDOYHUDOLQTXLOLQRGHODFDVDJXDUGDURQVLOHQFLRVLJXLpQGRQRVGyFLOPHQWH
KDVWDHOLQWHULRUGHODYLYLHQGD
8QDYH]DOOtHOKRUWHODQRVXSRGHPLVLQWHQFLRQHV0HKDEtDUHFRQRFLGR\FRPRVHJXLGRUGH
ODVHQVHxDQ]DVGHO0DHVWURVHPRVWUyFRPSODFLGRDQWHPLVXSXHVWDIHSURPHWLHQGRD\XGDUPHD
HQFRQWUDUHOVLWLRDGHFXDGR\VDWLVIDFHUDVtPLDSDUHQWHPHQWHLQVyOLWR\ORFRGHVHR
0X\ GHVSDFLR PLGLHQGR FDGD SDVR DTXHO KRPEUH URGHR OD FDVD HQWUDQGR HQ XQ SHTXHxR
YLxHGRDORHVWHGHODFULSWD\TXH\RKDEtDYLVWRIXJD]PHQWHGXUDQWHPLSULPHUDYLVLWDDOKXHUWR
(Q OD OLQGH PiV SUy[LPD DO VXDYH SURPRQWRULR GRQGH KDEtD VLGR VHSXOWDGR HO FXHUSR GHO
1D]DUHQRVHOHYDQWDEDXQDHVSHFLHGHHQRUPHFDMyQGHXQRVGRVPHWURVGHDOWXUD$TXHOJLJDQWH
VHRFXOWyWUDVXQRGHORVPXURVGHWDEODVGHOPLVWHULRVRFXER\\RKLFHORSURSLR
'HVGHDTXtSRGUiVREVHUYDUVLQSHOLJUR
<DFWRVHJXLGRHQWUHDEULyXQDWUDPSLOODH[LVWHQWHDOSLHGHDTXHOODGRGHOFDMyQKDFLpQGRPH
VHxDVSDUDTXHPHDJDFKDUD\HQWUDUD
6LQ VDEHU OR TXH PH DJXDUGDED PH SXVH GH URGLOODV SHQHWUDQGR HQ HO LQWHULRU (Q PL
SUHFLSLWDFLyQROYLGpODYDUDGH0RLVpVHQHOVXHOR3DUDFXDQGRTXLVHUHWURFHGHUHOKRUWHODQR
KDEtDEDMDGRODWUDPSLOOD(PSXMpSHUR(VWDEDFHUUDGDSRUIXHUD'HVHVSHUDGRHVFXFKpORV
SDVRVGHOMDUGLQHURDOHMiQGRVHHQGLUHFFLyQDODFDVLWD
4Xp SRGtD KDFHU" 6L JULWDED UHFODPDQGR OD SUHVHQFLD GHO JXDUGD ORV VROGDGRV VH GDUtDQ
FXHQWD$GHPiVSHQVpFRQXQQHUYLRVLVPRGHVERFDGRFyPRYR\DVDOLU"
8QD VHULH GH DOHWHRV PH GHYROYLy DO SUHVHQWH /HYDQWp HO URVWUR WUDWDQGR GH LGHQWLILFDU
DTXHOORV VRQLGRV \ DO LQFRUSRUDUPH ODV WLQLHEODV GH DTXHO FDMyQ VH FRQYLUWLHURQ HQ XQ
ERPEDUGHR GH SHTXHxRV FXHUSRV EODQFRV FKRFDQGR HQWUH Vt FRQWUD PL FDEH]D \ FRQWUD ODV
SDUHGHVGHOFXEtFXOR,QVWLQWLYDPHQWHPHFXEUtFRQDPERVEUD]RV3HURHODWHUUDGRU\DWHUUDGRLU
\YHQLUGHDTXHOORVVHUHVSURVLJXLySRUHVSDFLRGHYDULRVPLQXWRV0HDJDFKpGHQXHYR\SRFRD
SRFR WRGR IXH DSDFLJXiQGRVH (O VXHOR GH WLHUUD VH KDOODED DOIRPEUDGR GH SOXPDV $O
H[DPLQDUODVFRPSUHQGt(VWDEDHQXQSDORPDU
$ SHVDU GHO VXVWR QR SXGH HYLWDU XQD DSDJDGD FDUFDMDGD (O EXHQR GHO KRUWHODQR PH KDEtD
PHWLGRHQXQSDORPDU
6L KH GH FRQWDU WRGD OD YHUGDG GXUDQWH PiV GH PHGLD KRUD PL SUHSDUDFLyQ GH DxRV FRPR
DVWURQDXWD PLV HVWXGLRV LQYHVWLJDFLRQHV \ DSUHQGL]DMH SDUD WDQ LPSRUWDQWH SUR\HFWR QR PH
VLUYLHURQGHQDGD6HQFLOODPHQWHHOJHQHUDO&XUWLVVQRKDEtDSUHYLVWRHVWDULGtFXODHVFHQD\SRU
VXSXHVWR\RQRWHQtDQLODPHQRULGHDGHFyPRDSDFLJXDUDXQDWUHLQWHQDGHSDORPDV\SDORPRV
OyJLFDPHQWHDVXVWDGRVDQWHODV~ELWDLUUXSFLyQGHXQLQWUXVRHQVXPRUDGD
6LQRDFHUWDEDDWUDQTXLOL]DUODVVHUtDPX\GLItFLODVRPDUVHDODUHMLOODPHWiOLFDH[LVWHQWHHQOD
]RQDVXSHULRUGHOFDMyQ
3RU GRV YHFHV OR LQWHQWp SHUR HO UHVXOWDGR IXH LJXDOPHQWH FDyWLFR$ SHVDU GH PLV GXOFHV
VLOELGRVGHODWLHUQDVSDODEUDV\GHPLVJHVWRVDSDFLJXDGRUHVODVLQTXLHWDVDYHVVHDOERURWDURQ
HQDPEDVRFDVLRQHV
5HQGLGRPHGHMpFDHUHQHOIRQGRGHOSDORPDU/OHJXpDSHQVDUHQPDWDUODV3HURODVRODLGHD
PHUHSXJQy'XUDQWHYDULRVPLQXWRVFRQODFDEH]DKXQGLGDVREUHODVURGLOODVLQWHQWpUHFRUGDU
FXDQWRVDEtDRKDEtDYLVWRHQUHODFLyQFRQDTXHOORVDQLPDOHV(QHOHVFDVRFDXGDOGHUHFXHUGRV
PH YLQR D OD PHPRULD OD ILJXUD GH PL DEXHOR YLHMR FD]DGRU GH SDWRV HQ ODV ODJXQDV GH %DWRQ
5RXJH HQ /RXLVLDQD 5HPHPRUp DOJXQRV DPDQHFHUHV HQ VX FRPSDxtD GXUDQWH PLV DxRUDGDV
YDFDFLRQHVGHMXYHQWXGHQODVRULOODVGH/DNH3RQWFKDUWUDLQ5HFRUGpODVJDU]DV\&LHORVDQWR
GHSURQWRFRPRXQPLODJURHQPLFHUHEURVXUJLyODFDUDGHPLDEXHORFRQXQDUDPLWDHQWUH
ORV GLHQWHV FKDVTXHDQGR ODV PDQGtEXODV \ PRYLHQGR OD FDEH]D GH DUULED DEDMR LPLWDQGR D ODV
JDU]DVHQFHOR$TXHOODHVFHQDTXHVLHPSUHPHKDEtDGLYHUWLGRSRGtDHQFHUUDUODVROXFLyQ
%XVTXpSHURQRKDOOpXQDVRODUDPD6LQGHVDQLPDUPHWRPpODSOXPDPiVODUJDTXHKDEtDHQ
HOVXHORGHOFDMyQ\FRORFiQGRODHQWUHPLVGLHQWHVHPSHFpDRVFLODUODFDEH]DDUD]yQGHRFKRD
GLH] YHFHV SRU PLQXWR 0X\ GHVSDFLR FRQ XQD OHQWLWXG TXH VH PH DQWRMy GHVHVSHUDQWH IXL
HOHYiQGRPHKDFLDORVWUDYHVDxRV\FHOGLOODVSURFXUDQGRHPLWLUDOJRSDUHFLGRDXQDUUXOOR
$PHGLRFDPLQRPHGHWXYHREVHUYiQGRODVVLQGHMDUGHPRYHUODFDEH]D$TXHOYLHMRVLVWHPD
SDUD DWUDHU OD DWHQFLyQ GH ODV JDU]DV KHPEUDV HQ $PpULFD SDUHFtD EXHQR $OJXQDV DOHWHDURQ
LQTXLHWDV SHUR OD PD\RUtD VLJXLy LPSDVLEOH ,JQRUR VL DEVRUWDV R GHVFRQFHUWDGDV R DPEDV
FRVDVDXQPLVPRWLHPSRDQWHDTXHOSREUHHVW~SLGRTXHSUHWHQGtDKDFHUVHSDVDUSRUXQSDORPR
PiV
$ ORV GLH] R TXLQFH PLQXWRV &DEDOOR GH 7UR\D HQWUDED HQ GHXGD FRQ PL GHVDSDUHFLGR \
RFXUUHQWH DEXHOR OD SDORPDV VRVHJDGDV WHUPLQDURQ SRU DFHSWDUPH X ROYLGDUPH 3RUTXH HVWH
GHWDOOHQXQFDORKHWHQLGRPX\FODUR
6LQGHMDUGHPRYHUODFDEH]DFRQHOFDxyQGHODSOXPDHQWUHORVGLHQWHVPHDVRPpDOILQDOD
UHGGHPHWDO
0LSRVLFLyQWDO\FRPRKDEtDVHQWHQFLDGRHOKRUWHODQRHUDSULYLOHJLDGD0HKDOODEDDXQRV
RFKRRGLH]PHWURVGHOILQDOGHOHVWUHFKRVHQGHURTXHFRQGXFtDDODVHVFDOLQDWDVGHOVHSXOFUR/D
OXQDLOXPLQDEDVREUDGDPHQWHODSDUWHVXSHULRUGHODSHxDDVtFRPRDORVVROGDGRVTXHPRQWDEDQ
JXDUGLD HQ HO ILOR PLVPR GHO FDOOHMyQ R DQWHVDOD GH OD FULSWD +DEtDQ HQFHQGLGR XQD KRJXHUD
IRUPDQGR GRV JUXSRV SHUIHFWDPHQWH GLIHUHQFLDGRV \ GLVWDQFLDGRV HQWUH Vt XQRV WUHV R FXDWUR
PHWURV3RFRDSRFRIXLUHFRQRFLHQGRDORVFHQWLQHODV/RVTXHVHUHXQtDQDOUHGHGRUGHODIRJDWD
HUDQ OHJLRQDULRV URPDQRV 3HUR QR YL D QLQJ~Q RILFLDO (O VHJXQGR SHORWyQ WDPELpQ GH
KRPEUHVHVWDEDLQWHJUDGR SRU OHYLWDV(UD FXULRVRGXUDQWH PiV GHPHGLD KRUDQLQJXQRGH ORV
JXDUGLDQHV GHO 7HPSOR VH GLULJLy D VXV VXSXHVWRV FRPSDxHURV GH VHUYLFLR 2 PXFKR PH
HTXLYRFDEDRVHLJQRUDEDQPXWXDPHQWH$TXHOODVLWXDFLyQHUDSHUIHFWDPHQWHYHURVtPLOWHQLHQGR
HQFXHQWDHORGLRFRPSDUWLGRGHDPERVSXHEORV
$ SHVDU GH PL SUR[LPLGDG OD ERFD GH OD FiPDUD IXQHUDULD QR HUD YLVLEOH GHVGH DTXHO
LPSURYLVDGRREVHUYDWRULR$OHQFRQWUDUVHSRUGHEDMRGHOQLYHOGHOWHUUHQRUHVXOWDEDSRFRPHQRV
TXHLPSRVLEOHGLYLVDUOD$ORVXPRHLQFRUSRUiQGRPHKDVWDHOWHFKRGHOSDORPDUDOFDQ]DEDD
YHUXQWUHFKRGHOD]RQDVXSHULRUGHODIDFKDGDVHSXOFUDO
$TXHOOR PH LQTXLHWy 3HUR RSWp SRU VHUHQDUPH 'HVSXpV GH WRGR VL RFXUUtD DOJR ORV
SULPHURVHQDGYHUWLUORVHUtDQORVSURSLRVJXDUGLDQHV%DVWDEDFRQQRSHUGHUOHVGHYLVWD(OKHFKR
GHTXHHVWXYLHUDQDOOtDSDFLEOHPHQWHVHQWDGRVRWXPEDGRVVREUHHOWHUUHQRHUDVHxDOGHTXHGH
PRPHQWRQDGDH[WUDxRKDEtDRFXUULGR
< D ODV KRUDV WDO \ FRPR KDEtD SURJUDPDGR &DEDOOR GH 7UR\D (OLVHR HIHFWXy OD
SULPHUD GH ODV OODPDGDV FRQH[LRQHV HQ FDGHQD +DVWD ODV KRUDV GH HVD PDGUXJDGD PL
FRPSDxHURHQHOPyGXORLUtDUHFRUGiQGRPHHOKRUDULRFDGDPHGLDKRUD$SDUWLUGHHVHPRPHQWR
\ KDVWD ODV KRUDV ODV OODPDGDV SRUTXH GH HVR VH WUDWDED VH HIHFWXDUtDQ FDGD
PLQXWRV(OSUR\HFWRKDEtDSUHYLVWR\DVtIXHDFHSWDGRSRUWRGRVORVFRPSRQHQWHVGHODPLVLyQ
TXH HQ FDVR GH DOWD HPHUJHQFLD HO PyGXOR GHVSHJDUtD LQFOXVR FRQ XQR VROR GH ORV
DVWURQDXWDV$HVWDVDOWXUDVGHODRSHUDFLyQDOWDHPHUJHQFLDVyORVLJQLILFDEDXQDFRVDTXH\R
QRKXELHUDSRGLGRDFXGLUDODFLWDFRQODFXQDDQWHVGHOGHVSHJXHDXWRPiWLFR
3RUVXSXHVWRQRTXLVHLQWUDQTXLOL]DUDPLKHUPDQRH[SOLFiQGROHTXHPHKDOODEDHQFHUUDGRHQ
XQSDORPDU
<DODVKRUDVRFXUULyORLQH[SOLFDEOH
&XDQGRYLJLODEDORVPRYLPLHQWRVGHODJXDUGLDQRWpDOJRUDUR1RVDEUtDFyPRH[SOLFDUOR
)XHFRPRXQDVDFXGLGD1RTXL]iODSDODEUDPiVH[DFWDVHUtDYLEUDFLyQ3HURXQDYLEUDFLyQ
VHFD&DVLLQVWDQWiQHD6LQUXLGR
&HVyHQFXHVWLyQGHGpFLPDVGHVHJXQGR
0L SULPHUD LPSUHVLyQ IXH FRQIXVD 3HQVp TXH TXL]i HO SDORPDU KDEtD RVFLODGR FRPR
FRQVHFXHQFLD GH DOJXQD UDFKD GH YLHQWR 3HUR HQ VHJXLGD FDt HQ OD FXHQWD GH GRV KHFKRV
LPSRUWDQWHV(QSULPHUOXJDUQRKDEtDYLHQWR<VHJXQGRODVSDORPDVWDPELpQKDEtDQDFXVDGR
DTXHOODHVSHFLHGHGHVFDUJDHOpFWULFDSRUOODPDUORGHDOJXQDPDQHUD(VWDYH]HVWR\VHJXUR
QRIXL\RHOFDXVDQWHGHOUHYXHORGHODVSDORPDVTXHDEULHURQVXVDODV\HPSH]DURQDHPLWLUXQ
VRQLGRSDUHFLGRDOJO~WHRGHORVSDYRV
6L VH WUDWDED GH XQ QXHYR VHtVPR (OLVHR OR UHJLVWUDUtD DO LQVWDQWH \ PH GDUtD DYLVR GH
LQPHGLDWR3HURODYR]GHPLFRPSDxHURVLJXLyPXGD
0HDIHUUpFRQIXHU]DDODUHMDPHWiOLFD\FRQFHQWUpPLVFLQFRVHQWLGRVHQORVVROGDGRV'RVR
WUHVGHORVOHJLRQDULRVVHKDEtDQOHYDQWDGRSHURDH[FHSFLyQGHHVWRWRGRSDUHFtDWUDQTXLOR
1R KDEtDQ WUDQVFXUULGR QL GRV PLQXWRV FXDQGR XQD QXHYD VDFXGLGD R YLEUDFLyQ R GHVFDUJD
MXUR TXH QR Vp FyPR FDOLILFDUOD D]RWy HO SDORPDU \ D MX]JDU SRU HO GHVFRQFLHUWR GH ORV
FHQWLQHODVHOHQWRUQRGHOVHSXOFUR/DVDYHVFRPHQ]DURQDUHYRORWHDU/DVYLEUDFLRQHVSDUHFtDQ
HQFDGHQDGDV 6H VXFHGtDQ FDVL VLQ LQWHUUXSFLyQ \ FRQ XQD IXHU]D TXH KL]R WHPEODU OD IUiJLO
HVWUXFWXUD GH WDEODV HQ OD TXH PH KDOODED SULVLRQHUR$O PLVPR WLHPSR \ FUHR TXH HVWR IXH OR
SHRUXQ]XPELGRDJXGtVLPRLQILQLWDPHQWHPiVSRWHQWH\DILODGRTXHHOGHXQJHQHUDGRUPH
WDODGUyORVRtGRVSHUIRUDQGRPLVWtPSDQRV
&UHt HQORTXHFHU 7UDWp GH SURWHJHU ORV RtGRV FRQ ODV PDQRV SHUR IXH LQ~WLO $TXHO SLWLGR
VHJXtDFODYDGRHQPLFHUHEURFRQXQDIUHFXHQFLDPX\SUy[LPDDORV+HU]
&DtDOVXHORPHGLRLQFRQVFLHQWH\FXDQGRSHQVDEDTXHPLFDEH]DLEDDHVWDOODUWRGRFHVy
/DV YLEUDFLRQHV \ HO ]XPELGR GHVDSDUHFLHURQ GUiVWLFDPHQWH $O OHYDQWDU HO URVWUR YL DOJXQDV
SDORPDVHQHOVXHORPXHUWDVRFRQORVHVSDVPRVGHODDJRQtD
0HLQFRUSRUpFRPRLPSXOVDGRSRUXQUHVRUWH4XpHUDDTXHOOR"4XpHVWDEDSDVDQGR"
$ODVRPDUPHDOH[WHULRUYLDORVVROGDGRVPHGLRWXPEDGRVHQWLHUUDJULWDQGR\VXMHWiQGRVH
HOFUiQHRFRQODVPDQRV(O]XPELGRLQGXGDEOHPHQWHWDPELpQOHVKDEtDDIHFWDGR
/ODPp D (OLVHR SLGLpQGROH LQIRUPDFLyQ VREUH OD KRUD \ XQ SRVLEOH UHJLVWUR HQ ORV
VLVPyJUDIRV(UDQORV<WDO\FRPRVRVSHFKDEDHOLQVWUXPHQWDOGHDERUGRQRGHWHFWDED
RVFLODFLyQDOJXQDGHOWHUUHQR6LQSRGHUFRQWHQHUPHUHODWpD(OLVHRORRFXUULGRPDQLIHVWiQGROH
PLSUHRFXSDFLyQSRUORTXHHVWDEDVXFHGLHQGR
'XUDQWH ORV PLQXWRV VLJXLHQWHV OD FDOPD IXH FRPSOHWD /RV VROGDGRV IXHURQ UHFXSHUiQGRVH
HQWDEODQGRXQDHQFHQGLGDSROpPLFDVREUHORRFXUULGR8QRVORVDWULEXtDQDXQQXHYRWHUUHPRWR
2WURV HQ FDPELR KDEODURQ GH XQD WRUPHQWD HOpFWULFD 7RUPHQWD" PH SUHJXQWp D Pt PLVPR
2EVHUYpHOFLHORSHURVHJXtDWUDQVSDUHQWHVLQHOPHQRUDVRPRGHQXEHV,PSRVLEOHFRPHQWp
SDUD Pt 1R FRQR]FR XQD WRUPHQWD TXH VHD FDSD] GH GHVDUUROODU XQ ]XPELGR FRPR DTXpO
$GHPiVFyPRH[SOLFDUODVVDFXGLGDV"
$OJXQRV OHYLWDV LQVLQXDURQ TXH GHEtDQ DYLVDU D VXV MHIHV SHUR ILQDOPHQWH DQWH OD IDOWD GH
DUJXPHQWRVGHVLVWLHURQ\YROYLHURQDVHQWDUVH
$ODVKRUDV(OLVHRHIHFWXyODVHJXQGDOODPDGD0HSUHJXQWyVLWRGRVHJXtDHQRUGHQ\
DO UHVSRQGHUOH DILUPDWLYDPHQWH PH VXJLULy TXH QR PH GHVFXLGDUD $ ODV FLQFR FRPHQWy
WRPDUHPRVHOWp
$JUDGHFtODEURPDGHPLKHUPDQR/RQHFHVLWDED$TXHOODWHQVLyQPHHVWDEDGHVWUR]DQGR
&XDQGR HPSH]DED D FUHHU TXH WRGR DTXHOOR SRGtD KDEHU VLGR IUXWR GH PL LPDJLQDFLyQ XQ
QXHYRVXFHVRYLQRDHPSDxDUHVWHSDUpQWHVLV
$ ORV VLHWH X RFKR PLQXWRV GHVGH OD ~OWLPD FRQH[LyQ FRQ HO PyGXOR XQ VLOHQFLR H[WUDxR \
DQRUPDOPX\VLPLODUDOTXH\DKDEtDVHQWLGRHQ*HWVHPDQtFD\yVREUHOD]RQD2EVHUYpDODV
SDORPDV ,QH[SOLFDEOHPHQWH VH KDEtDQ DFXUUXFDGR HQ HO IRQGR GH ODV SHTXHxDV FHOGDV GHO
SDORPDUYLVLEOHPHQWHDVXVWDGDV
$JXFpORVRtGRV1DGD1RVHSHUFLEtDQLHOPiVOHYHUXLGR
/RVVROGDGRVURPDQRVLQWULJDGRVSRUHOVLOHQFLRVHKDEtDQSXHVWRHQSLH
$ ODV KRUDV HQ PLWDG GH DTXHO HVSHVR VLOHQFLR XQ FDODPEUH PH UHFRUULy GH SLHV D
FDEH]D&RPRXQUXJLGRFRPRXQDPDQRGHKLHUURTXHVHDUUDVWUDVHVREUHXQDURFDDVtHPSHFpD
RtUHOOHQWRPX\OHQWRGHVOL]DPLHQWRGHXQDSLHGUDVREUHRWUD
'H QR KDEHU DVLVWLGR DO FLHUUH GH OD HQRUPH ORVD TXH WDSRQDED OD WXPED GHO 1D]DUHQR
VXSRQJRTXHQRKDEUtDDVRFLDGRDTXHOEUDPLGRFRQHOUXLGRGHODPXHODDOURGDUSRUHOIRQGRGH
ODUDQXUD0LSUHVHQWLPLHQWRVHYLRFRQILUPDGRFXDQGRV~ELWDPHQWHXQRGHORVOHYLWDVVHDVRPy
DO FDOOHMyQ GHO VHSXOFUR ODQ]DQGR XQ DODULGR HVWUHPHFHGRU 6XV FRPSDxHURV \ WDPELpQ ORV
OHJLRQDULRV DFXGLHURQ D VX ODGR $ ORV SRFRV VHJXQGRV HPSH]DURQ D UHWURFHGHU JLPLHQGR \
WURSH]DQGRORVXQRVFRQORVRWURV
/DV SLHGUDV JULWDEDQ HQ SOHQD FRQIXVLyQ /DV SLHGUDV VH HVWiQ PRYLHQGR VRODV
/DVSLHGUDV
/RVJXDUGLDQHVGHO7HPSORVREUHFRJLGRVSRUXQSiQLFRLQGHVFULSWLEOHVDOLHURQKX\HQGRHQ
WRGDV GLUHFFLRQHV DXOODQGR \ FKRFDQGR FRQWUD ODV UDPDV PiV EDMDV GH ORV iUEROHV IUXWDOHV (Q
FXDQWR D OD HVFROWD URPDQD DOJXQRV UHWURFHGLHURQ KDVWD OD IRJDWD GHVHQIXQGDQGR ODV HVSDGDV
'RVGHHOORVQRVpVLSDUDOL]DGRVSRUHOWHUURURPiVDXGDFHVTXHVXVFRPSDxHURVDJXDQWDURQDO
ERUGHGHORVHVFDORQHVTXHFRQGXFtDQDOSDQWHyQ'XUDQWHVHJXQGRVTXHPHSDUHFLHURQVLJORVHO
UXJLGR GH OD SLHGUD FLUFXODU URGDQGR \ DUDxDQGR OD IDFKDGD GHO VHSXOFUR OR OOHQy WRGR /RV
OHYLWDV KDEtDQ GHVDSDUHFLGR GHO KXHUWR (Q FXDQWR D ORV OHJLRQDULRV DXQTXH VHJXtDQ D HVFDVRV
PHWURVGHODERFDGHODWXPEDVXVURVWURVVHKDOODEDQEDxDGRVSRUXQVXGRUIUtR
'HSURQWRHOUXLGRGHODORVDFHVy<FDVLVLPXOWiQHDPHQWHGHOFDOOHMyQEURWyXQDOODPDUDGD
GHOX]1RIXHIXHJR<WDPSRFRSRGUtDGHILQLUORFRPRXQDH[SORVLyQ(QWUHRWUDVUD]RQHVSRUTXH
QR HVFXFKp HVWDPSLGR DOJXQR 6yOR SXHGR GHFLU TXH VH WUDWy GH OX] 8QD OHQJXD R EXUEXMD R
UDGLDFLyQOXPLQRVDGHXQEODQFRD]XODGRLQHQDUUDEOH
$TXHOODH[SORVLyQOXPtQLFDQRHQFXHQWURSDODEUDVSDUDGHVFULELUORVDOLyGHOVHSXOFUR
'HHVRVtHVWR\VHJXUR<VHSURORQJyLQVWDQWiQHDPHQWHKDVWDORViUEROHVPiVFHUFDQRVVLWXDGRV
DSRFRPiVGHFXDWURPHWURVGHORVSHOGDxRVGHDFFHVRDOSDQWHyQ6XWUD\HFWRULDIXHREOLFXD
VLJXLHQGR XQD OyJLFD YtD GH HVFDSH (Q FLHUWR PRGR PH UHFRUGy XQD RQGD H[SDQVLYD SHUR
OXPLQRVD
(QGpFLPDVGHVHJXQGRGHVDSDUHFLy\WRGRTXHGyHQHOPiVDEVROXWRVLOHQFLR/RVVROGDGRV
\DFtDQSRUWLHUUDFRPRPXHUWRV
0HUHYROYtLQTXLHWRLQWHQWDQGRYHUDDOJXLHQ$OOtSRUVXSXHVWRKDEtDRFXUULGRDOJRDQRUPDO
HLQH[SOLFDEOHDODOX]GHWRGDUD]yQ3HURSRUPiVTXHUDVWUHpHOOXJDUFRQODYLVWDHOVHSXOFUR\
VXHQWRUQRVHJXtDQVROLWDULRV/DKRJXHUDFRQWLQXDEDIODPHDQGR\GHODWXPEDGHHVRGR\IH
QRVDOLySHUVRQDDOJXQD3HURTXLpQSRGtDDSDUHFHUSRUDTXHOORVHVFDORQHVGHQRKDEHUVLGRHO
SURSLR-HV~VGH1D]DUHW"
-HV~VGH1D]DUHW"
6LQ VDEHU FyPR QL SRU TXp PH VHQWp HQ HO VXHOR GHO SDORPDU SDWHDQGR IXULRVDPHQWH OD
WUDPSLOOD 7HQtD TXH VDOLU 7HQtD TXH HQWUDU HQ HO VHSXOFUR \ GHVYHODU OD WUHPHQGD GXGD TXH
DFDEDEDGHDVDOWDUPH
6HJXtDDOOtHOFDGiYHUGH-HV~VGH1D]DUHW"
0DOGLWDSXHUWDEUHWH
<HQXQRGHDTXHOORVYLROHQWRVSXQWDSLpVODWUDPSLOODVDOWySRUORVDLUHV
0HGHVOLFpFRPRXQORFRSRUODSRUWH]XHODVHJXLGRGHXQQRPHQRVHQORTXHFLGRWRUEHOOLQR
GH SDORPDV 5HFXSHUp PL YDUD \ FRUUt FRUUt VLQ DOLHQWR KDVWD HO ERUGH GH ORV HVFDORQHV /RV
OHJLRQDULRVFRQORVRMRVPX\DELHUWRVFRQWLQXDEDQHQWLHUUD
< FRPHQFp D EDMDU ORV SHOGDxRV 3HUR KDFLD OD PLWDG GH SURQWR VHQWt PLHGR 8Q SiQLFR
LUUDFLRQDOTXHPHHUL]yORVFDEHOORV'LPHGLDYXHOWD\VDOtGHDOOtDODFDUUHUDVRIRFDGR\FRQOD
OHQJXDHQGXUHFLGDFRPRHOFDUWyQ
3HUR FXDQGR PH GLVSRQtD D DYHQWXUDUPH SRU HQWUH ORV iUEROHV VLQ UXPER ILMR DOJR PH
GHWXYR (V SRVLEOH TXH IXHUD HO EDPEROHR GH PL FRUD]yQ DFHOHUDGR SRU HQFLPD GH ODV
SXOVDFLRQHVSRUPLQXWR7RPpDOLHQWRPHUHFOLQpVREUHHOWURQFRGHXQRGHORVIUXWDOHV\WUDWpGH
SHQVDU7HQtDTXHYROYHU(UDSUHFLVR
3XOVpODFRQH[LyQDXGLWLYD\OHURJXpD(OLVHRTXHQRSUHJXQWDUDQDGD
6yORKiEODPHKiEODPHVLQSDUDUKDVWDTXH\RWHDYLVH
(OLVHREHQGLWRVHDQRKL]RSUHJXQWDVSHURFRQVFLHQWHGHTXHDOJRJUDYHPHVXFHGtDWUDWyGH
DQLPDUPH
7HQJRXQOLEURHQWUHPLVPDQRVFRPHQ]y\TXLHUROHHUWHDOJR0LUDDO2ULHQWH0LUD
DORULHQWHGHWXFRUD]yQ(VWiVDOLHQGRXQQXHYRVRO
0LHQWUDVDTXHOORVYHUVRV VRQDEDQHQPLFHUHEURFRPR XQD PDQR PiJLFD QXQFD VXSH TXLpQ
HUDHODXWRUGHVDQGpHOFDPLQRDFHUFiQGRPHHQWUHWHPEORUHVDOIRVRGHODFULSWD
'LFHQ TXH GHMD HVWHODV GH OLEHUWDG 'LFHQ TXH HV OD HVSHUDQ]D /D HVSHUDQ]D
GRUPLGDKDVWDKR\HQODRWUDRULOOD
8QRGRVWUHVFXDWURHVFDORQHV6yORPHIDOWDEDXQR,QVSLUpYDULDVYHFHV\DODOX]GHOD
OXQD PH DSUR[LPp D OD IDFKDGD GH OD WXPED /DV GRV SLHGUDV HIHFWLYDPHQWH KDEtDQ VLGR
UHPRYLGDVKDFLDODL]TXLHUGDGHMDQGRDOGHVFXELHUWRHORVFXURKXHFRGHODFXHYD3HURVLORV
JXDUGLDQHVHVWDEDQDOOtDUULEDPHGLMHTXLpQKDKHFKRURGDUHVWDVPROHV"(OSHVRWRWDO
GHODVPLVPDVWHQtDTXHVHUVXSHULRUDORVNLORV
/RV VHOORV GHO SURFXUDGRU DSDUHFtDQ GHVJDMDGRV \ WLUDGRV HQ HO FDOOHMyQ (PSHFp D VXGDU
0HDVRPDED"<VLQRHVWXYLHUD"
0LUDDO2ULHQWH+DFLDHORULHQWHGHWLPLVPR
7HQJRTXHKDFHUOR<FRORFiQGRPHHQFXFOLOODVDVRPpODFDEH]D3HURODRVFXULGDGHQHO
LQWHULRUGHODFULSWDHUDWRWDOFHUUDGDFRPRERFDGHORER
(VLPSRVLEOHPHGLMH1HFHVLWRXQDDQWRUFKD
5HJUHVp D OR DOWR WRPDQGR XQR GH ORV OHxRV OODPHDQWHV GH OD IRJDWD /RV VROGDGRV DXQTXH
SDUDOL]DGRVYLYtDQ6XSXOVRQRRIUHFtDGXGDV
(VWiDPDQHFLHQGRHQODFRVWDGHWXPLUDGD<DEULOODXQDQXHYDHVWUHOOD
%DMpODVHVFDOLQDWDV\FRQHOFRUD]yQDOERUGHGHODILEULODFLyQLQWURGXMHODWHDSRUHOKXHFR
GHHQWUDGD/DOX]URML]DGHOKDFKDLQXQGyDOLQVWDQWHODFiPDUDVHSXOFUDO*DWHpXQSRFRPiV\DO
OHYDQWDU OD PLUDGD XQD VDFXGLGD GHVLQWHJUy PL DOPD /D WHD FD\y DO VXHOR \ \R TXHGp DOOt GH
URGLOODVFRQODERFDDELHUWD\ORVRMRVILMRVHQDTXHOEDQFRGHSLHGUD9DFtR
<DOOHJD<DWLHQHVPLVHxDOHQWUHWXVPDQRV
< VLQ SRGHU FRQWHQHUPH ODV OiJULPDV HPSH]DURQ D URGDU SRU PLV PHMLOODV (O PLHGR KDEtD
GHVDSDUHFLGR-HV~V GH 1D]DUHWQR HVWDED 3HUR HQPLV RtGRV VHJXtDQ UHSLFDQGRORV ~OWLPRV
YHUVRVGH(OLVHR
<DOOHJD<DWLHQHVPLVHxDO
'HMpTXHHOOODQWRFD\HUDVREUHHOVXHORGHDTXHOOXJDUPLHQWUDVXQDSD]LQILQLWDDOLYLDEDPL
WRUWXUDGRFRUD]yQ
6LQSHVWDxHDUVLQPRYHUPHH[DPLQpORVOLHQ]RV/DViEDQDPRUWXRULDHVWDEDHQHOOXJDUTXH
KDEtDRFXSDGRHO1D]DUHQR<HQWUHDPEDVFDUDVGHOOLHQ]RHQHOOXJDUGRQGHKDEtDUHSRVDGROD
FDEH]D GHO 0DHVWUR VH GLVWLQJXtD HO EXOWR GHO VXGDULR R SDxROyQ FRQ HO TXH 1LFRGHPR KDEtD
VXMHWDGRVXPD[LODULQIHULRU(UDFRPRVLHOFDGiYHUKXELHUDVLGRDEVRUELGRFRQXQDMHULQJXLOOD
&RPR VL DTXHO FXHUSR GH PHWURV VH KXELHUD HYDSRUDGR /D SRVLFLyQ GH OD ViEDQD
GHVKLQFKDGD VREUH Vt PLVPD QR DGPLWtD OXJDU D GXGDV 6L DOJXLHQ KXELHUD UREDGR R
WUDVODGDGR HO FDGiYHU ORV OLHQ]RV MDPiV KXELHUDQ TXHGDGR HQ DTXHOOD LPSUHVLRQDQWH SRVLFLyQ
3HURFyPR"FyPR"PHUHSHWtDVLQGHVFDQVR3ULPHURIXHURQODVWUHSLGDFLRQHV'HVSXpV
ODV SLHGUDV TXH UXHGDQ HPSXMDGDV SRU XQD IXHU]D LQYLVLEOH \ SRU ~OWLPR DTXHO IXHJR
OXPLQRVR
&yPR"
<DKRUDFRPRHOPiVJUDQGHSURGLJLRGHWRGRVORVWLHPSRVXQDWXPEDYDFtD
6HUtD SUHFLVR HVSHUDU D PL VHJXQGR JUDQ YLDMH D OD 3DOHVWLQD GHO DxR SDUD HPSH]DU D
LQWXLUORTXHKDEtDVXFHGLGRHQHOLQWHULRUGHDTXHOVHSXOFUR)XHHODQiOLVLVGHDTXHOORVOLHQ]RV
ORTXHQRVGLRXQDSLVWD&RPRDQWLFLSRSXHGRGHFLUTXHODUHVXUUHFFLyQGHO*DOLOHRHOKHFKR
ItVLFR\PLODJURVRGHVXUHVXUUHFFLyQVHSURGXMRSRFRVPLQXWRV$17(6GHODGHVLQWHJUDFLyQ
GHVXVUHVWRVPRUWDOHV1DGDWXYRTXHYHUXQDFRVDFRQODRWUD(OFDGiYHUVHKDEtDHVIXPDGRVt
SHUR$17(6LQVLVWR-HV~VKDEtDKHFKRHOJUDQSURGLJLR
)LQDOPHQWHDGYHUWtDPLFRPSDxHURTXHPHGLVSRQtDDHPSUHQGHUHOFDPLQRGHUHWRUQRDOD
QDYH
< D ODV KRUDV GHVSXpV GH EHVDU HO VXHOR URFRVR GH OD FULSWD DEDQGRQp HO KXHUWR GH
-RVp GH $ULPDWHD /RV VROGDGRV GH OD IRUWDOH]D $QWRQLD FRQWLQXDEDQ DOOt GHVPD\DGRV FRPR
PXGRVWHVWLJRVGHODPiVVHQVDFLRQDOQRWLFLDODUHVXUUHFFLyQGHO+LMRGHO+RPEUH
<DODVKRUDVGHDTXHOGRPLQJRGHJORULDGHDEULOGHODxRGHQXHVWUD(UDHO
PyGXORGHVSHJyFRQHOVRO<DOHOHYDUQRVKDFLDHOIXWXURXQDSDUWHGHPLFRUD]yQTXHGySDUD
VLHPSUHHQDTXHOWLHPSR\HQDTXHO+RPEUHDTXLHQOODPDQ-HV~VGH1D]DUHW
(QHURGH
,PDJHQ
,VUDHOHQHODxRGHQXHVWUD(UD
,PDJHQ
6HxDODGR FRQ XQD HVWUHOOD HO SXQWR GH FRQWDFWR GRQGH VH SRVy HO PyGXOR HQ OD FXPEUH GHO
0RQWH GH ORV 2OLYRV (O FtUFXOR TXH DSDUHFH DOJR PiV DO VXU PDUFD HO SXQWR GH OD IDOGD GHO
2OLYHWHGRQGHIXHLQVWDODGRHOFDPSDPHQWRGH-HV~V\VXVGLVFtSXORVHQ*HWVHPDQt
--%(17(=Q3DPSORQDGHVHSWLHPEUHGHHVXQSHULRGLVWDHVSDxROFRQRFLGRSRU

VXVWUDEDMRVHQXIRORJtD\VXVHULHGHQRYHODV&DEDOORGH7UR\D
(QLQJUHVyHQOD8QLYHUVLGDGGH1DYDUUDHQODFDUUHUDGH3HULRGLVPRFRQVLJXLHQGROD
OLFHQFLDWXUD HQ &RPHQ]y D WUDEDMDU SDUD HO SHULyGLFR /D 9HUGDG GH 0XUFLD HQ HQHUR GH
'HVSXpVHPSH]yDWUDEDMDUHQHOSHULyGLFR+HUDOGRGH$UDJyQ5HFRUULyHOPXQGRFRPR
HQYLDGR HVSHFLDO \ IXH SHULRGLVWD HQ YDULRV GLDULRV UHJLRQDOHV HVSDxROHV FRPR ORV \D
PHQFLRQDGRV\/D*DFHWDGHO1RUWH
0iVWDUGHVHWUDVODGDD%LOEDRGRQGHFRQWLQ~DFRPRSHULRGLVWDSDUD/D*DFHWDGHO1RUWH$
SDUWLU GH VH HVSHFLDOL]D HQ HO WHPD RYQL \ FXEUH WRGDV ODV QRWLFLDV UHODFLRQDGDV FRQ HVWD
PDWHULDSDUDVXSHULyGLFRVLHQGRODVSULPHUDVVREUHOD)XHU]D$pUHD(VSDxROD(QUHDOL]D
LQYHVWLJDFLRQHVVREUHHOVXGDULRGH7XUtQKHFKRTXHPDUFyVXYLGDDOGDURULJHQDODVHULHGH
QRYHODV&DEDOORGH7UR\DVREUHODYLVLyQGH%HQtWH]DFHUFDGHODYLGDGH-HV~VGH1D]DUHW(Q
HO HStORJR GH OD SULPHUD QRYHOD DILUPD TXH HV HO SULPHU OLEUR GRQGH LQWURGXFH ILFFLyQ
UHILULpQGRVHDOYLDMHHQHOWLHPSRHQXQDREUDTXHUHIOHMDVXVLQYHVWLJDFLRQHV
+DUHDOL]DGRWUDEDMRVSDUDODWHOHYLVLyQFRQIHUHQFLDVDUWtFXORVGHSUHQVD\HQWUHYLVWDVFRQ
WHVWLJRVGHVXSXHVWRVIHQyPHQRVRYQL&RQIUHFXHQFLDHVWDVREUDVKDQUHFLELGRFUtWLFDVQHJDWLYDV
SRU SDUWH GH GLYHUVRV VHFWRUHV FRPR HO FDVR GH ORV HVFpSWLFRV DXQTXH VHJ~Q VXV SDODEUDV OD
GXGDVXSULQFLSDOREMHWLYRGHEHVLHPSUHHVWDUSUHVHQWH
(QUHFLELyGHODPDQRGHO7HQLHQWH*HQHUDO)HOLSH*DODU]D-HIHGHO(VWDGR0D\RUGHO
(MpUFLWR GHO $LUH (VSDxRO H[SHGLHQWHV 291, FODVLILFDGRV TXH %HQtWH] SXEOLFDUtD
tQWHJUDPHQWH HQ VX OLEUR 291,V 'RFXPHQWRV 2ILFLDOHV GHO *RELHUQR (VSDxRO TXH
SRVWHULRUPHQWHVHUHHGLWDUtDFRQHOWtWXOR291,DOWRVHFUHWR)XHODSULPHUDGHVFODVLILFDFLRQ
GHDUFKLYRV291,HQ(VSDxDGHVSXpVTXHHQGLFLHPEUHGHIXHUDGHFODUDGRHOWHPD291,
FRPR0DWHULD5HVHUYDGD
(Q GHMy HO SHULRGLVPR DFWLYR \ VH GHGLFy D OD LQYHVWLJDFLyQ SRU FRPSOHWR 'HVGH
HQWRQFHVKDLGRFRPSDJLQDQGRVXVLQYHVWLJDFLRQHVVREUHORVRYQLV\ORVQRLGHQWLILFDGRVFRQ
ODGHODYLGDGH-HV~VGH1D]DUHW
(QLQWHUYLQRHQORVFXUVRVGHYHUDQRGHOD8QLYHUVLGDG&RPSOXWHQVHHQ(O(VFRULDOHQ
HOTXHGLVHUWyVREUHODSUREOHPiWLFDGHOWHPD291,TXHGLROXJDUDFUtWLFDVGHVIDYRUDEOHVSRU
SDUWHGHODFRPXQLGDGFLHQWtILFDHVSDxROD
(Q HVWH PLVPR DxR FRPHQ]y HO SURFHVR GH OD OODPDGD GHVFODVLILFDFLyQ GH DUFKLYRV 291,
UHFRJLGRVSRUHO(MpUFLWRGHO$LUHHQ(VSDxDTXHGXUyKDVWD%HQtWH]PDQWXYRVLHPSUHXQD
SRVWXUD PX\ FUtWLFD D HVD GHVFODVLILFDFLyQ GHVFULELpQGROD FRPR XQD PDQLSXODFLyQ HQ WRGD
UHJOD $FXVy D XQ JUXSR GH FLYLOHV FRPDQGDGRV SRU HO LQYHVWLJDGRU 9LFHQWH-XDQ %DOOHVWHU
2OPRVGHFRODERUDUFRQHODQWLJXR02$0DQGR2SHUDWLYR$pUHRDFWXDO0$&0DQGR$pUHR
GH &RPEDWH SDUD GHVSUHVWLJLDU HO WHPD 291, GDQGR VHJ~Q %HQtWH] FRQFOXVLRQHV UDFLRQDOHV
LQWHUHVDGDV\HQPXFKRVFDVRVFRQHUURUHVWpFQLFRV
(QRFWXEUHGHVHSXEOLFyODRFWDYDSDUWHGHODVHULH&DEDOORGH7UR\D-RUGiQ
(Q \ SHVH D TXH QR VXHOH SURORJDU QLQJ~Q OLEUR HVFULELy HO SUyORJR D 291,V$OWR
6HFUHWRHOSULPHUOLEURGHVXDPLJR0DUFHOLQR5HTXHMR
+DVLGRHQ1RYLHPEUHGHFXDQGRKDSXEOLFDGRVX~OWLPROLEUR&DEDOORGH7UR\D
&DQiHO~OWLPRGHODVDJD&DEDOORGH7UR\D
1RWDV
>@ (VWRV WUHVFLHQWRV IROLRV IRUPDQ SDUWH GH GRFH LQYHVWLJDFLRQHV VHFUHWDV GH OD )XHU]D $pUHD
(VSDxRODVREUH RWURV WDQWRV FDVRVGH RYQLVHQ(VSDxD +DQ VLGRSXEOLFDGRV HQ HOOLEUR 2YQLV
'RFXPHQWRVRILFLDOHVGHO*RELHUQRHVSDxRO9ROYHU
>@/D2$5HVOD2ILFLQDGH,QYHVWLJDFLyQ$HURHVSDFLDO1RWDGHOWUDGXFWRU9ROYHU
>@$)26,\$)256VRQODVVLJODVGHOD$LU)RUFH2IILFHRI6SHFLDO,QYHVWLJDWLRQV2ILFLQDGH
,QYHVWLJDFLRQHV(VSDFLDOHVGHOD)XHU]D$pUHD\GHOD$LU)RUFH2IILFHRI6FLHQWLILF5HVHDUFK
2ILFLQDGH,QYHVWLJDFLyQ&LHQWtILFDGHOD)XHU]D$pUHDUHVSHFWLYDPHQWH1GHOW9ROYHU
>@$XWRUL]DFLyQSDUDWHQHUDFFHVRDGHWHUPLQDGRVVHFUHWRVTXHDIHFWDQDODGHIHQVDQDFLRQDOHQ
ORV(VWDGRV8QLGDV1GHOW9ROYHU
>@ 6LVWHPD GH (QHUJtD 1XFOHDU$X[LOLDU )XHURQ XWLOL]DGRV HQ HIHFWR SRU OD 1$6$ \ HO$(&
SDUD XVRVHVSDFLDOHV(VWDVEDWHUtDV GHLVyWRSRVUDGLDFWLYRVSXHGHQSURGXFLU YDULRV FHQWHQDUHV

GHYDWLRVGHHOHFWULFLGDGGXUDQWHSHUtRGRVVXSHULRUHVDXQDxR1GHOW9ROYHU
>@$~Q KR\ \ SXHVWR TXH HVWH VHQVDFLRQDO KDOOD]JR QR KD VLGR GDGR D FRQRFHU D OD FRPXQLGDG
FLHQWtILFDGHOPXQGRQXPHURVRVLQYHVWLJDGRUHV\H[SHUWRVHQItVLFDFXiQWLFDVLJXHQGHVFXEULHQGR
\ GHWHFWDQGR LQILQLGDG GH VXESDUWtFXODV QHXWULQRV PHVRQHV DQWLSURWRQHV HWF TXH VyOR
FRQWULEX\HQDRVFXUHFHUHOLQWULQFDGRFDPSRGHODItVLFD(OGtDTXHORVFLHQWtILFRVWHQJDQDFFHVR
DHVWDLQIRUPDFLyQFRPSUHQGHUiQTXHWRGDVHVDVSDUWtFXODVHOHPHQWDOHVTXHFRQIRUPDQODPDWHULD
QR VRQ RWUD FRVD TXH GLIHUHQWHV FDGHQDV GH VZLYHO FDGD XQR GH HOORV RULHQWDGR HQ XQD IRUPD
SHFXOLDUUHVSHFWRDORVGHPiV7DQWRORVHVSHFLDOLVWDVTXHWUDEDMDURQHQHVWDRSHUDFLyQFRPR\R
PLVPRWXYLPRVTXHGREOHJDUQXHVWUDVYLHMDVFRQFHSFLRQHVGHOHVSDFLRHXFOLGHRFRQVXWUDPDGH
SXQWRV\UHFWDVSDUDDVLPLODUTXHXQVZLYHOHVWiIRUPDGRSRUXQKD]GHHMHVRUWRJRQDOHVTXHQR
SXHGHQ FRUWDUVH HQWUH Vt (VWD DSDUHQWH FRQWUDGLFFLyQ TXHGy H[SOLFDGD FXDQGR QXHVWURV
FLHQWtILFRV FRPSUREDURQ TXH QR VH WUDWDED GH HMHV SURSLDPHQWH GLFKRV VLQR GH iQJXORV 'H
DKt TXH KD\D HQWUHFRPLOODGR OD SDODEUD HMH \ PH KD\D UHIHULGR D KLSRWpWLFRV HMHV /D FODYH
HVWDEDSRUWDQWRHQDWULEXLUDORViQJXORVXQDQXHYDSURSLHGDGRFDUiFWHUHOGLPHQVLRQDO1RWD
GHOPD\RU9ROYHU
>@ 0H H[WHQGHUp SRFR VREUH QXHVWUR ELRFRVPRV R FRVPRV JHPHOR SHUR PH UHVLVWR D RFXOWDU
DOJXQDVGHODVFDUDFWHUtVWLFDVEiVLFDVGHOPLVPR$TXHOORVDQiOLVLVKXPLOODURQD~QPiVVLFDEH
QXHVWUD VREHUELD FLHQWtILFD (Q UHDOLGDG QR H[LVWH XQ ~QLFR FRVPRV FRPR VLHPSUH KDEtDPRV
FUHtGRVLQRLQILQLWRQ~PHURGHSDUHVGH&RVPRV/DGLIHUHQFLDIXQGDPHQWDOGHWHFWDGDHQWUHORV
HOHPHQWRV GH XQR \ RWUR ORV QXHVWURV SRU HMHPSOR HVWULED HQ TXH VXV HVWUXFWXUDV DWyPLFDV
UHVSHFWLYDV GLILHUHQ HQ HO VLJQR GH OD FDUJD HOpFWULFD \ TXH QXHVWURV FLHQWtILFRV KDQ OODPDGR \
VLJXHQOODPDQGRLQFRUUHFWDPHQWHPDWHULD\DQWLPDWHULD1XHVWURFRVPRVJHPHORSRUHMHPSOR
SUHVHQWDODVVLJXLHQWHVGLIHUHQFLDV
(Q VXV iWRPRV OD FRUWH]D HVWi IRUPDGD SRU HOHFWURQHV SRVLWLYRV RUELWDOHV \ VX Q~FOHR SRU
DQWLSURWRQHVSURWRQHVQHJDWLYRV
-DPiVSRGUiQSRQHUVHHQFRQWDFWRDPERVFRVPRV7DPSRFRWLHQHVHQWLGRSHQVDUTXHSXHGDQ
VXSHUSRQHUVH \D TXH QR ORV VHSDUDQ UHODFLRQHV GLPHQVLRQDOHV 1R KD\ GLVWDQFLDV QL
VLPXOWDQHLGDGHQHOWLHPSR
$PERVFRVPRVSRVHHQODPLVPDPDVD\HOPLVPRUDGLRFRUUHVSRQGLHQWHDXQDKLSHUHVIHUDGH
FXUYDWXUDQHJDWLYD
&DGD XQR JR]D GH VLQJXODULGDGHV GLVWLQWDV HV GHFLU HQ QXHVWUR FRVPRV JHPHOR QR KD\ HO
PLVPRQ~PHURGHJDOD[LDVQLDTXpOODVSRVHHQODPLVPDHVWUXFWXUDTXHODVQXHVWUDV1RKD\SRU
WDQWRRWURSODQHWD7LHUUDJHPHOR
$PERVFRVPRVIXHURQFUHDGRVVLPXOWiQHDPHQWHSHURVXVIOHFKDVGHOWLHPSRQRWLHQHQSRU
TXp HVWDU RULHQWDGDV HQ HO PLVPR VHQWLGR 1R SRGHPRV KDEODU HQ FRQVHFXHQFLD GH TXH GLFKR
FRVPRV FRH[LVWH FRQ HO QXHVWUR HQ HO WLHPSR R GH TXH H[LVWLy DQWHV R GH TXH H[LVWLUi GHVSXpV
QLFDPHQWHSRGHPRVDILUPDUTXHH[LVWH
3HUR TXL]i OR TXH PiV LPSUHVLRQy D QXHVWUR HTXLSR GH LQYHVWLJDGRUHV IXH YHULILFDU TXH HVH
FRVPRV JHPHOR HMHUFH XQD GHWHUPLQDGD LQIOXHQFLD VREUH HO QXHVWUR \ SUHVXPLEOHPHQWH
SRUTXH HVWR QR KD VLGR FRPSUREDGR D~Q HO QXHVWUR DFW~D WDPELpQ VREUH DTXpO 1 GHO P
9ROYHU
>@/DVVXFHVLYDVYHULILFDFLRQHVGHPRVWUDURQSRUHMHPSORTXHHOWLHPSRSXHGHDVLPLODUVHDXQD
VHULH GHVZLYHOVFX\RVHMHVHVWiQRULHQWDGRVRUWRJRQDOPHQWHFRQUHVSHFWRDORVUDGLRVYHFWRUHV
TXHLPSOLFDQGLVWDQFLDV6HJ~QHVWRGHVFXEULPRVTXHSXHGHGDUVHHOFDVRVLODLQYHUVLyQGH
HMHV HV OD DGHFXDGD TXH XQ REVHUYDGRU HQ VX QXHYR PDUFR GH UHIHUHQFLD DSUHFLH FRPR
GLVWDQFLDORTXHHQHODQWLJXRVLVWHPDUHIHUHQFLDOHUDYDORUDGRFRPRLQWHUYDORGHWLHPSR(V
IiFLO FRPSUHQGHU HQWRQFHV SRU TXp XQ VXFHVR RFXUULGR OHMRV GH OD 7LHUUD SRU HMHPSOR HQ XQ
SODQHWD GHO FXPXOR JOREXODU 0 VLWXDGR D DxRV OX] QR SXHGH VHU MDPiV VLPXOWiQHR D
RWUR TXH VH UHJLVWUH HQ QXHVWUR PXQGR (VWR QRV GLR OD H[SOLFDFLyQ GH SRU TXp XQ REMHWR TXH
SXGLHUD YLDMDU D OD YHORFLGDG GH OD OX] DFRUWDUtD VX GLVWDQFLD VREUH HO HMH GH WUDVODFLyQ KDVWD
UHGXFLUVH DXQD SDUHMDGHVZLYHOV'LVWDQFLDTXHDXQTXHWLHQGHDFHURQRHVQXODFRPRDSXQWD
HUUyQHDPHQWH XQD GH ODV WUDQVIRUPDFLRQHV GHO PDWHPiWLFR /RUHQW] 4XL]i SXHGD UHIHULUPH HQ
RWURDSDUWDGRGHHVWHUHODWRDORTXHGHVFXEULPRVHQWRUQRDODYHORFLGDGOLPLWHRGHODOX]DO
LQYHUWLUORVHMHVGHORVVZLYHOV\SDVDUSRUWDQWRDRWURVPDUFRVGLPHQVLRQDOHV
< \D TXH KH PHQFLRQDGR HO SURFHVR GH LQYHUVLyQ GH HMHV GH ORV VZLYHOV GHER VHxDODU TXH DO
SULQFLSLRPXFKRVGHORVLQWHQWRVGHLQYHUVLyQGHODPDWHULDUHVXOWDURQIDOOLGRVSUHFLVDPHQWHSRU
XQD IDOWD GH SUHFLVLyQ HQ GLFKD RSHUDFLyQ $O QR ORJUDU XQD LQYHUVLyQ DEVROXWD HO FXHUSR HQ
FXHVWLyQSRUHMHPSORXQiWRPRGHPROLEGHQRVXIUtDHOFRQRFLGRIHQyPHQRGHODFRQYHUVLyQ
GHODPDVDHQHQHUJtD$OGHVRULHQWDUHQHOVHQRGHOiWRPRGH0RXQVRORQXFOHyQXQSURWyQ
SRU HMHPSOR REWHQtDPRV XQ LVyWRSR GHO 1LRELR &XDQGR HVD LQYHUVLyQ IXH DEVROXWD HO
SURWyQSDUHFtDDQLTXLODGRSHURVLQTXHEUDUHOSULQFLSLRXQLYHUVDOGHODFRQVHUYDFLyQGHODPDVD
\GHODHQHUJtD1GHOP9ROYHU
>@$XQTXH\DKHKHFKRXQDOLJHUDDOXVLyQDHVWHWUDVFHQGHQWDOGHVFXEULPLHQWRWUDWDUpGHVHxDODU
DOJXQDV GH ODV OtQHDV EiVLFDV HQ OR TXH D HVWD QXHYD GHILQLFLyQ GH LQWHUYDOR GH WLHPSR VH
UHILHUH &RPR KH GLFKR QXHVWURV FLHQWtILFRV HQWLHQGHQ XQ LQWHUYDOR GH WLHPSR 7 FRPR XQD
VXFHVLyQ GH ]ZLYHOV FX\RV iQJXORV GLILHUHQ HQWUH FDQWLGDGHV FRQVWDQWHV (V GHFLU
FRQVLGHUHPRV HQ XQ VZLYHO ORV FXDWUR HMHV TXH QR VRQ RWUD FRVD TXH XQD UHSUHVHQWDFLyQ GHO
PDUFRWULGLPHQVLRQDOGHUHIHUHQFLD\TXHQRH[LVWHQHQUHDOLGDGHQRWUDVSDODEUDVTXHVRQWDQ
FRQYHQFLRQDOHVFRPRXQVtPERORDXQTXHVLUYHQDOPDWHPiWLFRSDUDILMDUODSRVLFLyQGHOiQJXOR
UHDO 6L GHQWUR GH HVH PDUFR LGHDO RVFLOD HO iQJXOR UHDO LPDJLQHPRV DKRUD XQ QXHYR VLVWHPD
UHIHUHQFLDOGHORViQJXORVFDGDXQRGHORVFXDOHVIRUPDJUDGRVFRQORVFXDWURDQWHULRUHV(VWH
QXHYR PDUFR GH DFFLyQ GH XQ iQJXOR UHDO \ HO DQWHULRUPHQWH GHILQLGR GHILQHQ UHVSHFWLYDPHQWH
HVSDFLR \ WLHPSR 2EVHUYHPRV TXH ORV HMHV UHFWRUHV TXH GHILQHQ HVSDFLR \ WLHPSR SRVHHQ
JUDGRV GH OLEHUWDG GLVWLQWRV (O SULPHUR SXHGH UHFRUUHU iQJXORVHVSDFLR HQ WUHV RULHQWDFLRQHV
GLVWLQWDV TXH FRUUHVSRQGHQ D ODV WUHV GLPHQVLRQHV WtSLFDV GHO HVSDFLR HO VHJXQGR HVWi
FRQGHQDGRDGHVSOD]DUVHHQXQVRORSODQR(VWRQRVOOHYDDFUHHUTXHGRVVZLYHOVFX\RVHMHV
GLILHUDQHQXQiQJXORWDOTXHQRH[LVWDHQHOXQLYHUVRRWURVZLYHOFX\RiQJXORHVWpVLWXDGRHQWUH
DPERVGHILQLUiQHOPtQLPRLQWHUYDORGHWLHPSR$HVWHLQWHUYDORUHSLWROROODPDPRVLQVWDQWH
1GHOP9ROYHU
>@&RPRKHH[SUHVDGRDQWHULRUPHQWHQRSXHGRVXJHULUVLTXLHUDODEDVHWpFQLFDTXHFRQGXFHDOD
PHQFLRQDGDLQYHUVLyQGHWRGRV\FDGDXQRGHORVHMHVGHORVVZLYHOVSHURSXHGRDGHODQWDUTXH
HOSURFHVRHVLQVWDQWiQHR\TXHODDSRUWDFLyQGHHQHUJtDQHFHVDULDSDUDHVWDWUDQVIRUPDFLyQItVLFD
HV PX\ FRQVLGHUDEOH (VD HQHUJtD QHFHVDULD SXHVWD HQ MXHJR KDVWD HO LQVWDQWH HQ TXH WRGDV ODV
VXESDUWtFXODVVXIUHQVXLQYHUVLyQHVUHVWLWXLGDtQWHJUDPHQWH6LQSpUGLGDVUHWUDQVIRUPiQGRVH
HQHOQXHYRPDUFRWULGLPHQVLRQDOHQIRUPDGHPDVD/RVH[SHULPHQWRVSUHYLRVGHPRVWUDURQTXH
LQPHGLDWDPHQWH GHVSXpV GH HVH VDOWR GH PDUFR WULGLPHQVLRQDO HO PyGXOR VH GHVSOD]DED D XQD
YHORFLGDGVXSHULRUVLQTXHHOFDPELREUXVFRGHODYHORFLGDGDFHOHUDFLyQLQILQLWDHQHOLQVWDQWH
GHODLQYHUVLyQIXHUDDFXVDGRSRUHOYHKtFXOR(VWHSURFHGLPLHQWRGHYLDMHFRPRHVIiFLODGLYLQDU
KDFH LQ~WLOHV ORV UHVWDQWHV HVIXHU]RV GH ORV LQJHQLHURV \ HVSHFLDOLVWDV HQ FRKHWHUtD HVSDFLDO
HPSHxDGRV D~Q HQ ORJUDU DSDUDWRV FDGD YH] PiV VRILVWLFDGRV \ SRGHURVRV SHUR VLHPSUH
LPSXOVDGRVSRUODIXHU]DEUXWDGHODFRPEXVWLyQRGHODILVLyQQXFOHDU4XL]iDKRUDVHHPSLHFHD
HQWHQGHU SRU TXp QR SXHGR QL GHER H[WHQGHUPH HQ ORV SRUPHQRUHV WpFQLFRV GH VHPHMDQWH
GHVFXEULPLHQWR $O OOHYDU D FDER HVWRV VDOWRV R FDPELRV GH PDUFR WULGLPHQVLRQDOHV
REVHUYDPRVFRQGHVFRQFLHUWRTXHHQHOQXHYRPDUFRODYHORFLGDGOtPLWHRYHORFLGDGGHOD
OX]PiVPHQRVNLOyPHWURVSRUVHJXQGRFDPELDEDQRWDEOHPHQWH+DVWDHO
SXQWRTXHOD~QLFDUHIHUHQFLDTXHSXHGHUHIOHMDUHOFDPELRGHHMHVHVSUHFLVDPHQWHODPHGLGDGH
HVDYHORFLGDGRFRQVWDQWH&7HQGUHPRVDVtXQDIDPLOLDGHYDORUHV& &&&&Q TXHVH
H[WLHQGH GHVGH & YHORFLGDG GH OD OX] QXOD D &Q LQILQLWR FDGD XQD UHSUHVHQWDQGR D XQ
VLVWHPDUHIHUHQFLDOGHILQLGR1GHOP9ROYHU
>@eVWHQRHUDRWUDFRVDTXHXQPRWRUDSURSXOVLyQDFKRUUR-DOTXHVHOHKDEtDDFRSODGRXQ
YHQWLODGRUHQODSRSDDXPHQWDQGRDVtVXHPSXMHGHYHORFLGDGFHURGHVGHDOLEUDV
)XH PRQWDGR HQ XQ DQLOOR FDUGDQ \ PDQWHQLGR JLURVFySLFDPHQWH DSXQWDQGR UHFWR KDFLD DEDMR
LQFOXVRHQHOFDVRGHSRVLEOHLQFOLQDFLyQGHODFXQD(QODVH[SHULHQFLDVSUHYLDVGHDWHUUL]DMH
VXHPSXMHHUDUHJXODGRH[DFWDPHQWHDFLQFRVH[WRVGHOSHVRGHOPyGXOR
/D UHVWDQWH VH[WD SDUWH GHO SHVR GHO KDELWiFXOR FRPSOHWR IXH VRVWHQLGR SRU RWURV GRV FRKHWHV
DX[LOLDUHV DVFHQVLRQDOHV UHJXODEOHV GH SHUy[LGR GH KLGUyJHQR GH TXLQLHQWDV OLEUDV GH HPSXMH
Pi[LPRFDGDXQR)XHURQPRQWDGRVHQODHVWUXFWXUDSULQFLSDOGHODFXQDSXGLHQGRLQFOLQDUVH
FRQHOYHKtFXOR2FKRSHTXHxRVPRWRUHVFRKHWHWDPELpQSURSXOVDGRVSRUSHUy[LGRGHKLGUyJHQR
FRQWURODEDQ OD SRVLFLyQ GH OD FXQD &DGD FRKHWH GH 3RVLFLyQ SRGtD VHU DFFLRQDGR SRU XQD
YiOYXODVHOHQRLGDOLQGLYLGXDOGHOWLSRGHLQWHUYDORV&RPRVLVHWUDWDVHGHXQSHTXHxRDYLyQHO
SLORWR SRGtD FRQWURODU HO FDEHFHR SRU PHGLR GHO PRYLPLHQWR SURDSRSD \ HO EDPEROHR SRU HO
PRYLPLHQWRGHUHFKDL]TXLHUGDGHXQDSDODQFD/DFXQDLEDSURYLVWDLQFOXVRGHSHGDOHVTXH
SURSRUFLRQDEDQ HO FRQWURO GH JXLxDGD 7DQWR OD SDODQFD FRPR ORV SHGDOHV IXHURQ FRQHFWDGRV
HOpFWULFDPHQWHFRQODVYiOYXODVVHOHQRLGDOHV1GHOP9ROYHU
>@
$XQTXH WDPSRFR FRQVLGHUR RSRUWXQR GHVYHODU OD QDWXUDOH]D tQWLPD GH HVWH IRUPLGDEOH
FRQMXQWR GH RUGHQDGRUHV Vt SXHGR DFODUDU TXH D GLIHUHQFLD GH ORV VLVWHPDV WUDGLFLRQDOHV GH
FRPSXWDGRUHVORVXWLOL]DGRVHQOD2SHUDFLyQ&DEDOORGH7UR\DQRHVWiQLQWHJUDGRVSRUFLUFXLWRV
HOHFWUyQLFRV(VGHFLUSRUWXERVGHYDFtRFRPSRQHQWHVEDVDGRVHQHOHVWDGRVyOLGRWDOHVFRPR
WUDQVLVWRUHV R GLRGRV VyOLGRV FRQGXFWRUHV \ VHPLFRQGXFWRUHV LQGXFWDQFLDV HWF VLQR SRU XQRV
yUJDQRV LQWHJUDGRV WRSROyJLFDPHQWH HQ FULVWDOHV HVWDEOHV OODPDGRV DPSOLILFDGRUHV QXFOHLFRV
6XFDUDFWHUtVWLFDSULQFLSDOHVTXHHQHOORVQRVHDPSOLILFDQODVWHQVLRQHVRLQWHQVLGDGHVHOpFWULFDV
FRPR HQ ORV DPSOLILFDGRUHV FRPXQHV VLQR OD SRWHQFLD 8QD IXQFLyQ HQHUJpWLFD GH HQWUDGD
LQ\HFWDGD DO DPSOLILFDGRU QXFOHLFR HV UHIOHMDGD HQ OD VDOLGD HQ RWUD IXQFLyQ DQDOtWLFDPHQWH PiV
HOHYDGD /D OLEHUDFLyQ FRQWURODGD GH HQHUJtD VH UHDOL]D D H[SHQVDV GH OD PDVD LQWHJUDGD HQ HO
DPSOLILFDGRU \ HO IHQyPHQR VH YHULILFD GLPHQVLRQDOPHQWH D HVFDOD PROHFXODU (Q HO SURFHVR
LQWHUYLHQHQORVVXILFLHQWHViWRPRVSDUDTXHODIXQFLyQSXHGDVHUFRQVLGHUDGDPDFURVFySLFDPHQWH
FRPRFRQWLQXD
(QFXDQWRDODHVWUXFWXUDEiVLFDGHHVWRVVXSHURUGHQDGRUHV\WDPELpQFRQFDUiFWHUSXUDPHQWH
GHVFULSWLYRSXHGRGHFLUORVLJXLHQWH
/RVFRPSXWDGRUHVGLJLWDOHVXVDGRVFRUULHQWHPHQWHXWLOL]DQJHQHUDOPHQWHXQDPHPRULDFHQWUDOGH
Q~FOHRV PDJQpWLFRV GH IHUULWD \ GLYHUVDV XQLGDGHV GH PHPRULD SHULIpULFD GH FLQWD PDJQpWLFD
GLVFRV WDPERUHV YDULOODV FRQ EDQGD KHOLFRLGDO HWF 7RGDV HOODV VRQ FDSDFHV GH DFXPXODU
FRGLILFDGRVPDJQpWLFDPHQWHXQQ~PHURPX\OLPLWDGRGHELWVDXQTXHVLHPSUHVHKDEOHGHFLIUDV
GHPLOORQHVGHGtJLWRV/DVEDVHVWpFQLFDVHQFDPELRGHORVRUGHQDGRUHVGHOSUR\HFWR&DEDOOR
GH7UR\DEDVDGRVHQHOWLWDQLRVRQGLVWLQWDV6DEHPRVTXHODFRUWH]DHOHFWUyQLFDGHXQiWRPR
SXHGH H[FLWDUVH DOFDQ]DQGR ORV HOHFWURQHV GLYHUVRV QLYHOHV HQHUJpWLFRV TXH OODPDPRV
FXiQWLFRV(OSDVRGHXQHVWDGRDRWURORUHDOL]DOLEHUDQGRRDEVRUELHQGRHQHUJtDFXDQWLILFDGD
TXHOOHYDDVRFLDGDXQDIUHFXHQFLDFDUDFWHUtVWLFD$VtXQHOHFWUyQGHXQiWRPRGHWLWDQLRSXHGH
FDPELDUGHHVWDGRHQODFRUWH]DOLEHUDQGRXQIRWyQSHURHQHOiWRPRGHWLWDQLRFRPRHQRWURV
HOHPHQWRV TXtPLFRV ORV HOHFWURQHV SXHGHQ SDVDU D YDULRV HVWDGRV HPLWLHQGR GLYHUVDV
IUHFXHQFLDV $ HVWH IHQyPHQR OR GHQRPLQDPRV HVSHFWUR GH HPLVLyQ FDUDFWHUtVWLFR GH HVWH
HOHPHQWR TXtPLFR TXH SHUPLWH LGHQWLILFDUOR SRU YDORUDFLyQ HVSHFWURVFySLFD 3XHV ELHQ VL
ORJUDPRV DOWHUDU D YROXQWDG HO HVWDGR FXiQWLFR GH HVWD FRUWH]D HOHFWUyQLFD GHO WLWDQLR SRGHPRV
FRQYHUWLUOR HQ SRUWDGRU DOPDFHQDGRU R DFXPXODGRU GH XQ PHQVDMH HOHPHQWDO XQ Q~PHUR 6L HO
iWRPR HV FDSD] GH DOFDQ]DU SRU HMHPSOR GRFH R PiV HVWDGRV FDGD XQR GH HVRV QLYHOHV
VLPEROL]DUiRFRGLILFDUiXQJXDULVPRGHOFHURDOGRFH3HURXQDVLPSOHSDVWLOODGHWLWDQLRFRQVWD
GH ELOORQHV GH iWRPRV 3RGHPRV LPDJLQDU SXHV OD LQIRUPDFLyQ FRGLILFDGD TXH VHUi FDSD] GH
DFXPXODU1LQJXQDRWUDEDVHPDFURItVLFDGHPHPRULDSXHGHFRPSDUiUVHOH
'H PRPHQWR QR PH HV OtFLWR H[SOLFDU FyPR FRQVHJXLPRV OD H[FLWDFLyQ GH HVRV iWRPRV GHO
WLWDQLR1GHOP9ROYHU
>@7RPDQGRFRPRUHIHUHQFLDPiVTXHSUREDEOHODIHFKDGHSDUDHODVHQWDPLHQWRGH
&ULVWyEDO&ROyQHQODLVODGH0DGHUDGRQGHVXVXHJUDUHJHQWDEDXQDWDEHUQD\GHDFXHUGRFRQ
ORV WHVWLPRQLRV GH /DV &DVDV \ GH OD OH\HQGD WDLQD HUD PX\ SRVLEOH TXH ORV PLVWHULRVRV
SUHGHVFXEULGRUHV GH $PpULFD KXELHUDQ YLVLWDGR ODV LVODV GHO &DULEH HVSHFLDOPHQWH /D
(VSDxRODHQORVPHVHVLQPHGLDWDPHQWHDQWHULRUHVDGLFKDIHFKD4XL]iHQR+XELHUD
VLGR SRU WDQWR HQ HVH DxR GH FXDQGR SXGR SURGXFLUVH HO UHWRUQR GH ORV LQYROXQWDULRV
GHVFXEULGRUHVKDFLD(XURSDFRQXQDIRUWXLWDHVFDODHQODUHIHULGDLVODSRUWXJXHVD1GHOP
9ROYHU
>@ &RPR LQIRUPDFLyQ FRPSOHPHQWDULD SXHGR DxDGLU TXH HO DFFHVR D OD DOGHD GH 0D
OXOD DO
PHQRV HQ ORV DxRV \ SRGtD HIHFWXDUVH SRU OD FDUUHWHUD GH 'DPDVFR D +RPV$O
DOFDQ]DU HO NLOyPHWUR FLQFXHQWD KD\ TXH WRPDU XQ GHVYtR D OD L]TXLHUGD 7UDV UHPRQWDU QXHYH
NLOyPHWURVGHSHQGLHQWHDSDUHFHDQWHODYLVWDXQPRQDVWHULRFDWyOLFRGHPRQMHVEDVLOLRV$OSLH
GH HVH PRQDVWHULR VH HQFXHQWUD 0D
OXOD FRQ VXV HVFDVRV PLO KDELWDQWHV 7RGD OD SREODFLyQ HUD
FDWyOLFD /D LJOHVLD HVWi D FDUJR GH XQ VDFHUGRWH OLEDQpV TXH KDEOD iUDEH (Q HVWD OHQJXD
SUHFLVDPHQWH VH GHVDUUROOD OD OLWXUJLD DXQTXH HO OHQJXDMH GHO SXHEOR HV HO DUDPHR RFFLGHQWDO
PX\PH]FODGR\DSRUHOSURSLRiUDEH\RWUDVSDODEUDV\H[SUHVLRQHVWXUFDVSHUVDV\HXURSHDV
1GHOP9ROYHU
>@/DVHULHGHVDWpOLWHVDUWLILFLDOHV%LJ%LUGR*UDQ3iMDUR\HQHVSHFLDOHOSURWRWLSR.+,,
SXHGHQYRODUDXQDYHORFLGDGGHNLOyPHWURVSRUKRUDQHFHVLWDQGRXQWRWDOGHPLQXWRV
SDUD GDU XQD YXHOWD FRPSOHWD DO SODQHWD &RPR pVWD RVFLOD OLJHUDPHQWH GXUDQWH HVH ODSVR GH
WLHPSR JUDGRV PLQXWRV HO %LJ %LUG VREUHYXHOD GXUDQWH OD YXHOWD VLJXLHQWH XQD EDQGD
GLIHUHQWH GH OD 7LHUUD \ YXHOYH D VX WUD\HFWRULD RULJLQDO DO FDER GH KRUDV 6L HO 3HQWiJRQR
GHVFXEUH DOJR GH LQWHUpV HO VDWpOLWH SXHGH PRGLILFDU VX yUELWD DODUJDQGR HO WLHPSR GH
UHYROXFLyQGXUDQWHDOJXQRVPLQXWRV\KDFLpQGRORGHVFHQGHUDyUELWDVGHKDVWDNLOyPHWURVGH
DOWLWXG8QDGLIHUHQFLDGHXQJUDGR\WUHLQWDPLQXWRVSRUHMHPSORFDGDGtDSHUPLWHFXEULUFDGD
GLH] GtDV XQD ]RQD FRQIOLFWLYD VREUHYRODQGR WRGDV VXV FLXGDGHV \ ]RQDV GH LQWHUpV PLOLWDU
3RVWHULRUPHQWHHO%LJ%LUGHVLPSXOVDGRKDVWDXQDyUELWDVXSHULRU1GHOP9ROYHU
>@,QVWUXFFLRQHVGH&RPXQLFDFLyQSDUD,QIRUPDU$YLVWDPLHQWRV9LWDOHVGH,QWHOLJHQFLD1GHO
W9ROYHU
>@$JHQFLDGH,QWHOLJHQFLDGHOD'HIHQVD1GHOW9ROYHU
>@&RPRLQIRUPDFLyQSXUDPHQWHGHVFULSWLYDSXHGRGHFLUTXHGLFKDPHPEUDQDRFXELHUWDGHOD
FXQD SRVHH XQDV SURSLHGDGHV GH UHVLVWHQFLD HVWUXFWXUDO PX\ HVSHFLDOHV 8QD ILQtVLPD UHG
YDVFXODU SRU FX\RV FRQGXFWRV IOX\H XQD DOHDFLyQ OLFXDEOH PDQWLHQH DFWLYD OD PHPEUDQD
$OJXQRV GH VXV HOHPHQWRV SDUD TXH VH KDJDQ XQD LGHD QR RFXSDQ YRO~PHQHV VXSHULRUHV D
PLOtPHWURV F~ELFRV HVWDQGR FRPSXHVWRV D VX YH] SRU PLFURGLVSRVLWLYRV IDEULFDGRV D
HVFDODFHOXODU
(VWHUHFXEULPLHQWRSRURVRGHODFXQDGHFRPSRVLFLyQFHUiPLFDJR]DGHXQHOHYDGRSXQWRGH
IXVLyQJUDGRVFHQWtJUDGRVVLHQGRVX3RGHUGHHPLVLyQH[WHUQDLJXDOPHQWHPX\DOWR6X
FRQGXFWLYLGDG WpUPLFD HQ FDPELR UHVXOWD PX\ EDMD &RO&PVR& 3DUD HVWD
PHPEUDQDHVPX\LPSRUWDQWHTXHODDEODFLyQVHPDQWHQJDGHQWURGHXQPDUJHQGHWROHUDQFLDPX\
DPSOLR3DUDHOORVHXWLOL]DXQVLVWHPDGHHQIULDPLHQWRSRUWUDQVSLUDFLyQHQEDVHDOOLWLROLFXDGR
$GHPiV IXH SURYLVWD GH XQD ILQD FDSD GH SODWLQR FRORLGDO VLWXDGD D PHWURV GH OD
VXSHUILFLHH[WHUQD1GHOP9ROYHU
>@ 3DUD XQ KLSRWpWLFR REVHUYDGRU TXH VH HQFRQWUDVH D FRUWD GLVWDQFLD GH QXHVWUR PyGXOR \
VXSRQLHQGRTXHKXELHUDQVLGRGHVDFWLYDGRVORVVLVWHPDVLQIUDUURMRVGHFDPXIODMHHQHOLQVWDQWH
GH OD GHQRPLQDGD LQYHUVLyQ GH PDVD DTXpO WHQGUtD OD VHQVDFLyQ GH TXH OD QDYH KDEtD VLGR
DQLTXLODGD1DGDPiVOHMRVGHODUHDOLGDG&RPR\DKHUHLWHUDGRHQRWUDVRSRUWXQLGDGHVHQHO
LQVWDQWHHQTXHWRGRVORVVZLYHOVFRUUHVSRQGLHQWHVDOUHFLQWROLPLWDGRSRUODPHPEUDQDFDPELDQ
ORVHMHVHQHOPDUFRWULGLPHQVLRQDOHQTXHHVWiVLWXDGRHOREVHUYDGRUWRGDODPDVDLQWHJUDGDHQ
GLFKR UHFLQWR GHMD GH SRVHHU H[LVWHQFLD ItVLFD 1R HV TXH GLFKD PDVD VHD DQLTXLODGD SXHVWR
TXH HO VXEVWUDWR GH WDO PDVD OD FRQVWLWX\HQ ORV VZLYHOV 'LFKR GH RWUR PRGR OD PDVD GHEHUi
LQWHUSUHWDUVH FRPR XQD HVSHFLH GH SOHJDPLHQWR GH OD XUGLPEUH GH ORV 6ZLYHOV 1XHVWURV
FLHQWtILFRVLQWHUSUHWDQHVWHIHQyPHQRFRPRVLODRULHQWDFLyQGHHVWDGHSUHVLyQRSOLHJXHGH
ODVHQWLGDGHVFRQVWLWXWLYDVGHOHVSDFLRFDPELDVHGHVHQWLGRGHPRGRTXHORVyUJDQRVVHQVRULDOHV
RORVLQVWUXPHQWRVItVLFRVGHOREVHUYDGRUQRVRQFDSDFHVGHFDSWDUWDOFDPELR
(QHVHLQVWDQWHTXHSRGHPRVOODPDU7HOYDFtRHQHOUHFLQWRHVDEVROXWR1R\DXQDVROD
PROpFXOD JDVHRVD \ SRU VXSXHVWR FXDOTXLHU SDUWtFXOD VyOLGD R OtTXLGD VLQR QL VLTXLHUD XQD
SDUWtFXOD VXEDWyPLFD SURWyQ QHXWULQR IRWyQ HWF SXHGHQ ORFDOL]DUVH SUREDELOtVWLFDPHQWH HQ
GLFKRUHFLQWRRPyGXOR'LFKRFRQRWUDVSDODEUDVODIXQFLyQGHSUREDELOLGDGHVQXODHQ76LQ
HPEDUJR WDO VLWXDFLyQ LQHVWDEOH GXUD XQD IUDFFLyQ LQILQLWHVLPDO GH WLHPSR (O UHFLQWR VH YH
LQYDGLGRFRQVHFXWLYDPHQWHSRUFXDQWXPVHQHUJpWLFRV(VGHFLUVHSURSDJDQHQVXVHQRFDPSRV
HOHFWURPDJQpWLFRV \ JUDYLWDWRULRV GH GLVWLQWDV IUHFXHQFLDV ,QPHGLDWDPHQWH HV DWUDYHVDGR SRU
UDGLDFLRQHV LyQLFDV \ DO ILQDO VH SURGXFH XQD LPSORVLyQ DO SUHFLSLWDUVH HO JDV H[WHULRU HQ HO
YDFtRGHMDGRSRUODHVWUXFWXUDGHVDSDUHFLGD1GHOP9ROYHU
>@(OJUDQYLDMHDODxRGHQXHVWUD(UDFRPRKHFLWDGRRSRUWXQDPHQWHQRVXSRQtDXQ
WUDVODGR ItVLFR SRU HO HVSDFLR R SRU RWURV PDUFRV WULGLPHQVLRQDOHV WDO \ FRPR ORV KXPDQRV
FRQFHELPRVKDELWXDOPHQWHORVYLDMHV6LQHPEDUJRHQH[SHGLFLRQHVLQPHGLDWDPHQWHSRVWHULRUHVD
OD QXHVWUD FRPR IXH HO FDVR GH 0DUFR 3ROR ORV DVWURQDXWDV VL VH YLHURQ VRPHWLGRV D OD
GLQiPLFD GH HVWDV IRUWtVLPDV DFHOHUDFLRQHV DOFDQ]DQGR HQ DOJXQRV PRPHQWRV KDVWD PHWURV
SRUVHJXQGRFDGDVHJXQGR<DXQTXHHVWRVSLFRVGHJUDGLHQWHVHQODIXQFLyQYHORFLGDGGXUDURQ
IUDFFLRQHV GH VHJXQGR WDQWR OD QDYH FRPR HO JUXSR GH SLORWRV WXYLHURQ TXH VHU GHELGDPHQWH
SURWHJLGRV1RYR\DHQWUDUDKRUDHQORVSRUPHQRUHVGHGLFKDDYHQWXUDSHURVtUHVXPLUpDWtWXOR
SXUDPHQWH GHVFULSWLYR DOJXQDV GH ODV H[WUDRUGLQDULDV FDUDFWHUtVWLFDV GH ORV WUDMHV HVSDFLDOHV
SUREDGRVSRUPLFRPSDxHUR\\R\TXHKDEtDQVLGRGLVHxDGRV\GHVDUUROODGRVHQSDUWHSRUOD
+DPLOWRQ6WDQGDUG'LYLVLyQGHOD8QLWHG$LUFUDIWHQ:LQGVRQ/RFNV&RQQHFWLFXW
(VWHWUDMHFRQVWDGHXQDPHPEUDQDVXPDPHQWHFRPSOHMDTXHURGHDSHULIpULFDPHQWHHOFXHUSRGHO
DVWURQDXWDVLQHVWDEOHFHUFRQWDFWRPHFiQLFRDOJXQRFRQODSLHOGHOSLORWR(VHHVSDFLRTXHPHGLD
HQWUHODVXSHUILFLHLQWHUQDGHOWUDMHHVSDFLDO\ODHSLGHUPLVKXPDQDHVWiULJXURVDPHQWHFRQWURODGR
HQIXQFLyQGHOJUDGRGHYDVRGLODWDFLyQFDSLODUGHGLFKDSLHODVtFRPRGHVXWUDQVSLUDFLyQ'H
HVWHPRGRODWHPSHUDWXUDFRUSRUDOPDQWLHQHVXYDORUQRUPDOSHUPLWLHQGRDOYLDMHURGHVDUUROODU
VX DFWLYLGDG ItVLFD /RV FRPSRQHQWHV GHO PHGLR LQWHUQR VRQ UHJXODGRV HQ IXQFLyQ GH OD
LQIRUPDFLyQ TXH EULQGDQ GHWHFWRUHV GH OD DFWLYLGDG ILVLROyJLFD GH ORV DSDUDWRV UHVSLUDWRULR \
FLUFXODWRULRDVtFRPRGHODHSLGHUPLV/RVHTXLSRVGHFRQWUROILVLROyJLFRKDQVLGRGRWDGRVGH
VRQGDVTXHYHULILFDQFDVLWRGDVODVIXQFLRQHVRUJiQLFDVVLQQHFHVLGDGGHLQWURGXFLUGLVSRVLWLYRV
DFFHVRULRVHQHOLQWHULRUGHORVWHMLGRVRUJiQLFRV'HVGHODDFWLYLGDGPXVFXODU\ODYDORUDFLyQGH
ORV QLYHOHV GH JOXFRVD \ iFLGR OiFWLFR KDVWD HO FRQWURO GH OD DFWLYLGDG QHXURFRUWLFDO TXH
VXPLQLVWUD GDWRV SUHFLVRV VREUH HO HVWDGR SVtTXLFR GHO VXMHWR DVt FRPR WRGD OD JDPD GH
GLQDPLVPRV ELROyJLFRV VRQ UHJLVWUDGRV \ FDQDOL]DGRV D WUDYpV GH FDVL W~QHOHV R
UHGHV LQIRUPDWLYRV 8Q FRPSXWDGRU FHQWUDO ODV FRPSDUD FRQ SDWURQHV HVWiQGDU GLFWDQGR ODV
UHVSXHVWDVPRWULFHVFRUUHVSRQGLHQWHV(VWHWUDMHYDSURYLVWRHQHOURVWURGHODVWURQDXWDGHXQD
DPSOLDFLyQ HQ IRUPD WURQFRFyQLFD TXH SHUPLWH XQD YLVLyQ QDWXUDO R DUWLILFLDO /D EDVH GH
GLFKRWURQFRDEDUFDEOHGHVGHHORMRFRQXQiQJXORGHJUDGRVVH[DJHVLPDOHVVHHQFXHQWUDD
XQD GLVWDQFLD GH FHQWtPHWURV 6H WUDWD HQ UHDOLGDG GH XQD SDQWDOOD TXH SHUPLWH OD YLVLyQ
DUWLILFLDOHQFDVRVFRQFUHWRVGHOYLDMH9DSURYLVWDHQWRGDVXVXSHUILFLHGHXQRV FHQWURV
H[FLWDEOHV FDSDFHV GH UDGLDU LQGLYLGXDOPHQWH \ FRQ GLVWLQWRV QLYHOHV GH LQWHQVLGDG WRGR HO
HVSHFWURPDJQpWLFRHQWUHFLFORVSRUVHJXQGR/DYLVLyQELQRFXODUVHFRQVLJXHJUDFLDVD
ODGLVSRVLFLyQSULVPiWLFDGHFDGDQ~FOHRHPLVRU/DH[FLWDFLyQGHFDUDVRSXHVWDVGHPRGRTXH
FXDOTXLHUDGHORVRMRVQRWHQJDDFFHVRDODLPDJHQRPRVDLFRGHORWURVHFRQVLJXHSRUXQPpWRGR
PX\FRPSOHMR8QDVRQGDUHJLVWUDORVFDPSRVHOpFWULFRVJHQHUDGRVSRUORVP~VFXORVRFXODUHVGH
DPERVRMRVDXWpQWLFRVHOHFWURPLRJUDPDV\HORUGHQDGRUFHQWUDOGHOPyGXORFRQRFHDVtHQFDGD
LQVWDQWH OD RULHQWDFLyQ GHO HMH SXSLODU 3RU RWUD SDUWH ORV SULVPDV H[FLWDEOHV TXH LQWHJUDQ OD
SDQWDOOD GH GLPHQVLRQHV PLFURVFySLFDV HVWiQ VLWXDGRV HQ OD VXSHUILFLH GH XQD FDSD GH
HPXOVLyQYLVFRVDTXHOHVSHUPLWHHOOLEUHJLUR(VWRVSULVPDVHVWiQFRQWURODGRVPHFiQLFDPHQWH
SRU PHGLR GH XQ FDPSR PDJQpWLFR GREOH GH PRGR TXH OD PLWDG REHGHFH D XQD FRPSRQHQWH
KRUL]RQWDO GHO FDPSR \ ORV UHVWDQWHV D OD WUDQVYHUVDO$Vt XQR \ RWUR JUXSR RULHQWDQ VXV FDUDV
LQGHSHQGLHQWHPHQWHDOLJXDOTXHGRVSHUVLDQDVRULHQWDQVXVOiPLQDVFXDQGRVHWLUDGHODVFXHUGDV
TXHUHJXODQHOiQJXORSDUDODHQWUDGDGHODOX](QHVWHFDVRODVFXHUGDVVHUtDQDPERVFDPSRV
PDJQpWLFRV \ HO IDFWRU PRWRU OD UHVSXHVWD GHO FRPSXWDGRU FHQWUDO D ORV PLFURPRYLPLHQWRV
PXVFXODUHVGHOJORERRFXODU
/DSHUFHSFLyQELQRFXODURIUHFHLPiJHQHVGHUHOLHYHQRUPDOGHPRGRTXHHODVWURQDXWDFUHHHVWDU
YLYLHQGR XQ PXQGR UHDO OHMRV GH OD HQYROWXUD \ OD PDVD JHODWLQRVD TXH OR HQYXHOYH HQ
GHWHUPLQDGRV PRPHQWRV GHO YLDMH (Q GHWHUPLQDGDV IDVHV GHO YXHOR HQ TXH OD QDYH VH YH
REOLJDGD D H[SHULPHQWDU JUDQGHV SHQGLHQWHV HQ OD IXQFLyQ YHORFLGDG HO LQWHULRU GHO PyGXOR VH
OOHQDSUHYLDPHQWHGHXQDPDVDYLVFRVDHQHVWDGRGHJHO6HWUDWDGHXQFRPSXHVWRGHEDMRSXQWR
GH JHOLILFDFLyQ HQ VXVSHQVLyQ KLGURVRO 6X FRDJXODFLyQ HQ XQRV FDVRV \ UHJUHVLyQ XOWHULRU DO
HVWDGRVROFRORLGDOVHHIHFW~DJUDFLDVDODVFDUDFWHUtVWLFDVGHOGLVROYHQWHHPSOHDGRSXHVWRTXH
SDUDXQDWHPSHUDWXUDXPEUDOGHJUDGRVFHQWtJUDGRVSDVDDFRQYHUWLUVHHQXQHOHFWUROLWRGH
HOHYDGD FRQGXFWLYLGDG 6XV SURSLHGDGHV WL[RWUySLFDV VRQ QXODV GH IRUPD TXH FXDOTXLHU HIHFWR
GLQiPLFR HQ VX VHQR DJLWDFLyQ SRU HMHPSOR QR SURYRFD VX WUDQVIRUPDFLyQ HQ VRO (QWUH
RWUDV IXQFLRQHV HVWD MDOHD YLVFRVD DFW~D FRPR SURWHFWRU R DPRUWLJXDGRU IUHQWH D ORV HOHYDGRV
SLFRV GH DFHOHUDFLyQ TXH H[SHULPHQWD HO PyGXOR HQ GHWHUPLQDGDV RFDVLRQHV 8QD YH]
GHVDSDUHFLGDV HVWDV FLUFXQVWDQFLDV OD PDVD JHOLILFDGD HV OOHYDGD PHGLDQWH XQ GREOH HIHFWR GH
FDPELRWpUPLFRHLRQL]DFLyQFRQWURODGDDOHVWDGRGHKLGURVROVLHQGRERPEHDGDDOH[WHULRUGHOD
FDELQDGHPDQGR1GHOP9ROYHU
>@ $KRUUDUp DO KLSRWpWLFR OHFWRU GH HVWH GLDULR OD FRPSOHMD RSHUUDFLyQ TXH GHQRPLQiEDPRV
DQFODMH\TXHHORUGHQDGRUHMHFXWDEDVLPXOWiQHDPHQWHDOSURFHVRGHLQYHUVLyQD[LDO-XVWRHQ
HVD IUDFFLyQ GH WLHPSR ORV VZLYHOV HUDQ UHPRYLGRV KDVWD TXH VXV iQJXORV IRUPDEDQ SDUWH
DFWLYD GH ODV QXHYDV FRRUGHQDGDV EDULFpQWULFDV YLWDOHV SDUD DQFODU OD FXQD HQ HO HVSDFLR
FRUUHFWR FRPSOHPHQWDULR GHO DKRUD HQ HO TXH VH GHVHDED DFWXDU (VWH SURGLJLRVR VLVWHPD GH
WUDVODFLyQ TXH QR HVWR\ DXWRUL]DGR D GHVFULELU FRQVWLWXLUi HQ HO IXWXUR XQ PHGLR SDUD
VDOYDUODVLQPHQVDVGLVWDQFLDVHVWHODUHVVLQQHFHVLGDGGHDUUDVWUDUVHItVLFDPHQWHSRUHOHVSDFLR
(QQXHVWURFDVRFRQFUHWRODFXQDDOUHWURFHGHUDODVKRUDVGHOGHPDU]RGHODxRGH
QXHVWUD HUD IXH XELFDGD \ DQFODGD HQ ODV VLJXLHQWHV FRRUGHQDGDV EDULFpQWULFDV UHIHULGDV DO
HFXDGRU \ HTXLQRFFLR PHGLRV \
6LHQGRHO6ROREYLDPHQWHHOSXQWRGHOTXHSDUWHQORVHMHVGHGLFKDV
FRRUGHQDGDV\HVWLPDQGRODXQLGDGDVWURQyPLFDGHGLVWDQFLDHQ;PHWURV1
GHOP9ROYHU
>@ /D WRWDOLGDG GH ODV PHGLGDV TXH RIUHFH HO PD\RU HQ VX GLDULR SXHGHQ FRQYHUWLUVH D PHWURV
GLYLGLpQGRODVSRUWUHV1GHOW9ROYHU
>@3XHUWD'REOH\SXHUWD7ULSOH1GHOP9ROYHU
>@+HURGHVOODPyDHVWDVWRUUHV+tSLFD)DVDHO\0DULDPPHUHVSHFWLYDPHQWH1GHOP9ROYHU
>@ (O UHFLQWR H[WHULRU PHGtD SRU WDQWR PHWURV DSUR[LPDGDPHQWH /D PXUDOOD LQWHULRU
HUDGHPHWURV1GHOP9ROYHU
>@$XQTXHSRGtDUHFLELUD(OLVHRGLUHFWDPHQWHVLHPSUHTXHpOORHVWLPDVHRSRUWXQRFXDQGR
\RGHVHDEDDEULUPLFRPXQLFDFLyQDXGLWLYDFRQHOPyGXORHUDLPSUHVFLQGLEOHTXHSUHVLRQDUDFRQ
ORVGHGRVVREUHODSDUWHH[WHUQDGHPLRtGRGHUHFKR&RQHOILQGHHYLWDUVXVSLFDFLDVRSRVLEOHV
PDODVLQWHUSUHWDFLRQHVSRUSDUWHGHORVKDELWDQWHVGH-HUXVDOpQ&DEDOORGH7UR\DKDEtDHVWLPDGR
TXHILQJLHUDXQDOHYHVRUGHUDSRUHOUHIHULGRRtGR'HHVWDIRUPD\DXQTXHODFRPXQLFDFLyQFRQ
(OLVHRGHEHUtDOOHYDUVHDHIHFWROHMRVGHWHVWLJRVHOJHVWRGHDSHUWXUDGHOFDQDOGHWUDQVPLVLyQ
VLHPSUHSRGtDTXHGDUMXVWLILFDGR9ROYHU
>@/DOLEUDURPDQDHTXLYDOHDXQRVJUDPRVDSUR[LPDGDPHQWH1GHOW9ROYHU
>@ 6HJ~Q QXHVWURV HVWXGLRV HQ DTXHOOD pSRFD HO HVWDWHU iWLFR R SDWUyQ RUR JULHJR GH
JUDPRVSRGtDJXDUGDUXQDUHODFLyQRHTXLYDOHQFLDGHDUHVSHFWRDOGHQDULRGHSODWDGHXVR
OHJDO HQ -HUXVDOpQ$TXHOOD SHTXHxD FDQWLGDG GH RUR SXUR VXSRQtD DOUHGHGRU GH GHQDULRV
GLQHURPiVTXHVXILFLHQWHSDUDPLVQHFHVLGDGHVGXUDQWHORVRQFHGtDVGHSHUPDQHQFLDHQOD]RQD
VLWHQHPRVHQFXHQWDSRUHMHPSORTXHHOSUHFLRGHWRGRXQFDPSRRVFLODEDDOUHGHGRUGHORV
GHQDULRV&DGDGHQDULRGHSODWD6HGLYLGtDHQDVHV&RQXQDVHUDSRVLEOHFRPSUDUXQSDUGH
SiMDURV1GHOP9ROYHU
>@8QRVPHWURVPiVRPHQRV1GHOW9ROYHU
>@$VtOODPiEDPRVIDPLOLDUPHQWHDORUGHQDGRUFHQWUDOGHOPyGXOR1GHOP9ROYHU
>@/RVJHQWLOHVQRSRGtDQFHOHEUDUODWUDGLFLRQDORIUHQGDGHOD3DVFXDMXGtD1GHOP9ROYHU
>@ 6HJ~Q ODV OH\HV KHEUHDV WRGRV HVWDEDQ REOLJDGRV D FRPSDUHFHU GHODQWH GH 'LRV HQ HO
WHPSOR D QR VHU VRUGR LGLRWD PHQRU GH HGDG KRPEUH GH yUJDQRV WDSDGRV VH[R GXGRVR
DQGUyJLQRPXMHUHVFODYRQRHPDQFLSDGRFLHJRWXOOLGRHQIHUPRDQFLDQRRQRSRGHUVXELUDSLH
KDVWDODPRQWDxDGHOWHPSOR/DHVFXHODGH6KDPPD\GHILQtDDOPHQRUGHHGDGFRPRDTXHOTXH
QR SXHGH D~Q SRQHUVH D FDEDOOR VREUH ORV KRPEURV GH VX SDGUH SDUD VXELU D -HUXVDOpQ D OD
PRQWDxDGHOWHPSOR1GHOP9ROYHU
>@0HGLGDHTXLYDOHQWHDXQRVYHLQWLGyVOLWURV1GHOP9ROYHU
>@ $TXHOOD QRFKH HQ PL ~OWLPR FRQWDFWR FRQ HO PyGXOR (OLVHR PH DFODUy HO VLJQLILFDGR GH
DUFKLHUHLV6HWUDWDEDGHXQQXWULGRJUXSRGHVDFHUGRWHVMHIHVTXHRFXSDEDQFDUJRVSHUPDQHQWHV
HQ HO WHPSOR \ TXH HQ YLUWXG GH GLFKR FDUJR WHQtDQ YR] HQ HO 6DQHGUtQ 6DQWD &ODXV DSRUWy
GRFXPHQWDFLyQFRPSOHPHQWDULD+HFKRVGHORV$SyVWROHV\$QWLJHGDGHVGH-RVHIR;;
VVHQODTXHVHHVSHFLILFDTXHHOMHIHVXSUHPRGHOWHPSOR\XQWHVRUHURGHOPLVPRHUDQ
PLHPEURV GHO PHQFLRQDGR 6DQHGUtQ (O Q~PHUR PtQLPR GH HVWH JUXSR HUD GH XQR VXPR
VDFHUGRWHPiVXQRMHIHVXSUHPRGHOWHPSORPiVXQRJXDUGLiQGHOWHPSORVDFHUGRWHPiVWUHV
WHVRUHURV(VGHFLUVHLV$HVWHQ~PHURPtQLPRKDEtDTXHDxDGLUORVVXPRVVDFHUGRWHVFHVDQWHV
\ORVVDFHUGRWHVJXDUGLDQHV\WHVRUHURV(O6DQHGUtQSRUWDQWRHVWDEDIRUPDGRSRUPLHPEURV
9ROYHU
>@(ORUGHQDGRUFHQWUDOGHOPyGXORFRQILUPyHOQRPEUHGH%HQ%HED\FRPRXQRGHORVMHIHV
GHO WHPSOR FRQ HO FDUJR FRQFUHWR GH HVELUUR (VFULWR UDEtQLFR 6KHTDOLP 9 (VWH
SHUVRQDMHHVWDEDHQFDUJDGRHQWUHRWURVPHQHVWHUHVGHD]RWDUSRUHMHPSORDORVVDFHUGRWHVTXH
LQWHQWDEDQ KDFHU WUDPSDV HQ HO VRUWHR GH ODV IXQFLRQHV GHO FXOWR 2WUD GH VXV IXQFLRQHV HUD OD
IDEULFDFLyQ \ FRORFDFLyQ GH OD PHFKDV TXH VH FRQIHFFLRQDEDQ FRQ ORV &DO]RQHV \ FLQWXURQHV
YLHMRVGHORVVDFHUGRWHV1GHOP9ROYHU
>@(QPLVLQGDJDFLRQHVGXUDQWHDTXHOORVGtDVHQ3DOHVWLQDYHULILTXpTXHDXQTXHPXFKDVGHHVWDV
SODQWDVTXHVHUYtDQGHEDVHSDUDODIDEULFDFLyQGHSHUIXPHVVHFXOWLYDEDQHQVXHORLVUDHOLWDOD
PD\RUtDSURFHGtDRULJLQDULDPHQWHGHRWURVSDtVHV(OLQFLHQVRSRUHMHPSORTXHVHREWHQtDGHOD
ERVYHOLD KDEtD SHUHJULQDGR GHVGH $UDELD \ 6RPDOLODQGLD < OR PLVPR KDEtD RFXUULGR FRQ OD
FRPPLSKRUD P\UUKD R iUERO GH OD PLUUD (O iORH SRU VX SDUWH KDEtD OOHJDGR GHVGH OD LVOD GH
6RFRWRUDHQODERFDGHOPDU5RMR(QFXDQWRDOSUHFLDGREiOVDPRFX\DKLHUEDHVFRQRFLGDHQWUH
ORVERWiQLFRVFRPRFRPPLSKRUDRSREDOVDPXPSDUHFHUVHUTXHHQXQSULQFLSLRIXHRULJLQDULDGH
$UDELD 6LQ HPEDUJR FRPR PX\ ELHQ DILUPD (]HTXLHO -XGHD H ,VUDHO VXPLQLVWUDEDQ D
7LUR SHUIXPHV PLHO DFHLWH \ EiOVDPR /D H[SOLFDFLyQ HVWDED HQ XQR GH ORV OLEURV GHO
KLVWRULDGRU MXGtR URPDQL]DGR )ODYLR -RVHIR /DV VHPLOODV GH OD KLHUED GHO EiOVDPR KDEtDQ
OOHJDGR KDVWD 3DOHVWLQD HQ WLHPSRV GHO UH\ 6DORPyQ \ IXHURQ VHJ~Q -RVHIR XQR GH ORV PXFKRV
UHJDORVGHODPtWLFDUHLQDGH6DEDDOFLWDGR6DORPyQ$OGtDVLJXLHQWHYLHUQHVGHPDU]R\R
PLVPR WHQGUtD OD RFDVLyQ GH FRPSUREDU FyPR -HV~V HQWUHJDED D 0DUWD \ D 0DUtD XQ SUHFLDGR
REVHTXLR KLHUEDV GH EiOVDPR SURFHGHQWH GH ODV IpUWLOHV OODQXUDV GH -HULFy 6DQWD &ODXV PH
FRQILUPDUtDLJXDOPHQWHTXHHQHODxR7LWR9HVSDVLDQRRUGHQDUtDSURWHJHUHVWDVSODQWDFLRQHV
GHEiOVDPRGH-HULFyFRQXQDJXDUGLDHVSHFLDO0LODxRVPiVWDUGHORVFUX]DGRVTXHHQWUDURQHQ
,VUDHOQRKDOODURQUDVWURDOJXQRGHWDQYDOLRVDSODQWD/RVWXUFRVKDEtDQWDODGRJUDQSDUWHGHORV
iUEROHV GHVFXLGDQGR WDPELpQ ORV DUEXVWRV TXH VH KDEtDQ FXOWLYDGR HQ ODV SUR[LPLGDGHV GHO UtR
-RUGiQ1GHOP9ROYHU
>@(OLVHRPHFRQILUPDUtDKRUDVGHVSXpVTXHVHJ~QXQDGHODVGRVOLVWDVFRQWHQLGDVHQHOHVFULWR
UDEtQLFR6KHTDOLP9HOQRPEUHGH%HQ$MtDHQHIHFWRFRUUHVSRQGtDDXQRGHORVMHIHV
GHO 7HPSOR FRQ HO FDUJR HVSHFtILFR GH PpGLFR /D FRPSXWDGRUD DUURMy OD VLJXLHQWH OHFWXUD
(QFDUJDGR GH ORV HQIHUPRV GHO YLHQWUH /D DOLPHQWDFLyQ GH ORV VDFHUGRWHV HUD
H[WUDRUGLQDULDPHQWHDEXQGDQWHHQFDUQHVQRSXGLHQGREHEHUPiVTXHDJXD7RGRHOORRFDVLRQDED
IUHFXHQWHVGROHQFLDVHVWRPDFDOHV6DQWD&ODXVQRVUHPLWtDSDUDXQDPiVFRPSOHWDLQIRUPDFLyQ
DOPDQXVFULWRGH(UIXUWDFWXDOPHQWHHQ%HUOtQ'RVGtDVGHVSXpVDODVLVWLUDODGHVFRQFHUWDQWH
HQWUDGD WULXQIDO GHO &ULVWR HQ -HUXVDOpQ WXYH OD RSRUWXQLGDG GH FRPSUREDU FyPR HQ OD OODPDGD
SDUWHEDMDGHODFLXGDGXQDGHODVSURIHVLRQHVDUWHVDQDOHVHUDSUHFLVDPHQWHODGHPpGLFR/RV
VDQJUDGRUHVDTXHVHUHIHUtDQORVFRPSDxHURVGH/i]DURVHKDOODEDQFRQFHQWUDGRVHQXQDGHODV
FDOOHV DO LJXDO TXH HO UHVWR GH ORV PPDQ R DUWHVDQRV \ DOOt GHVHPSHxDEDQ VX RILFLR TXH
DEDUFDED GHVGH OD FLUXJtD D OD FLUFXQFLVLyQ SDVDQGR SRU OD UHFHWD GH KLHUEDV PHGLFLQDOHV
H[WUDFFLyQGHGLHQWHVHLQFOXVRHOUDVXUDGR\FRUWHGHOSHOR1GHOP9ROYHU
>@(QHVWDFLXGDGHQODSDUWHRULHQWDOGHO-RUGiQWXYROXJDUHOEDXWLVPRGH-HVXFULVWRSRU-XDQ
1GHOP9ROYHU
>@/D0LVQiHQVXFDStWXORWHUFHURGHILHVWDVPHQRUHVPRHGTDWDQHVWDEOHFHTXHORVPXHUWRV
GHEtDQ VHU OORUDGRV GXUDQWH ORV WUHV SULPHURV GtDV 'XUDQWH ORV VLHWH SULPHURV GtDV HO ULWXDO
HVWDEOHFtDODVODPHQWDFLRQHV\DORODUJRGHOSULPHUPHVORVIDPLOLDUHVGHEtDQOOHYDUODVVHxDOHV
SURSLDVGHOOXWR1GHOP9ROYHU
>@0LVLQIRUPDQWHVVHUHILULHURQVLHPSUHDOQRPEUHGH3DGUHFRQODSDODEUD$EED6HJ~Q
PLV HVWXGLRV HVWH WtWXOR VH RWRUJDED WDPELpQ D PXFKRV PDHVWURV GHO 7DOPXG FRPR PXHVWUD GH
YHQHUDFLyQ\DIHFWR1GHOP9ROYHU
>@/D0LVQiODPiVULFD\DQWLJXDWUDGLFLyQRUDOMXGtDHVWDEOHFHHQVX2UGHQ6H[WRGHGLFDGRD
ODV 3XUH]DV FDStWXOR SULPHUR GH 7LHQGDV RKDORW ODV GLYHUVDV OH\HV FRQFHUQLHQWHV D OD
WUDQVPLVLyQ GH OD LPSXUH]D GH FDGiYHUHV 6L XQ KRPEUH WRFDED XQ FDGiYHU GHFtD OD OH\
FRQWUDtDLPSXUH]DSRUVLHWHGtDV\VLRWURKRPEUHWRFDDpVWHSHUPDQHFHLPSXURKDVWDSRQHUVHHO
VRO (Q HO VXSXHVWR GH TXH IXHUDQ XQRV REMHWRV FDVR GH ORV OLHQ]RV ORV TXH WRFDVHQ XQ
FDGiYHUHOKRPEUHTXHWRFDGLFKRVREMHWRV\WRGRVORVHQVHUHVTXHSXHGDWRFDUDVXYH]GLFKR
KRPEUHTXHGDQLPSXURVSRUVLHWHGtDV1GHOP9ROYHU
>@
'XUDQWH HO VLJOR , DQWHV GH &ULVWR \ HO , GH QXHVWUD HUD KDEtD IDPLOLDV VDFHUGRWDOHV
GHVFHQGLHQWHVGHODUDPDVDGRTXLWDOHJtWLPD(OSULPHUR\HO~OWLPRGHORVVXPRVVDFHUGRWHVHQ
IXQFLRQHVHQWUHORVDxRVD&\HOG&IXHURQGHRULJHQVDGRTXLWDHOEDELORQLR$QDQHO
GHODODQWHVGH&ULVWR\DSDUWLUGHOSRUVHJXQGDYH]\3LQMiVGH-DEWDHOFDQWHURTXH
ORIXHGHODOGHVSXpVGH&ULVWR8QWHUFHUVXPRVDFHUGRWHOHJtWLPRRFXSyHVWHFDUJRHQHO
DxRD&VHWUDWDEDGH$ULVWyEXOR/RVRWURVYHLQWLFLQFRVXPRVVDFHUGRWHVTXHFXEULHURQHVRV
DxRV SURFHGtDQ HQ VX WRWDOLGDG GH IDPLOLDV VDFHUGRWDOHV RUGLQDULDV &DVL WRGDV WHQtDQ VX
RULJHQ IXHUD GH ,VUDHO R GH OD SURYLQFLD GH -XGHD SHUR SURQWR IRUPDURQ XQD QXHYD MHUDUTXtD
VXPDPHQWH SRGHURVD H LQIOX\HQWH 'HVWDFDURQ HVSHFLDOPHQWH FXDWUR VDJDV R FODQHV TXH
SXJQDURQHQFDUQL]DGDPHQWHSRUFRORFDUDVXVKRPEUHVHQHOSRQWLILFDGR(QWUHHVRVVXPRV
VDFHUGRWHV LOHJtWLPRV GH OD pSRFD KHURGLDQD \ URPDQD QR PHQRV GH SHUWHQHFHUtDQ D HVDV
FXDWUR IDPLOLDV (UDQ ODV VDJDV GH %RHWRV FRQ RFKR VXPRV VDFHUGRWHV HQ VX KDEHU$QiV
FRQRWURVRFKR3KLDELFRQWUHV\.DPLWKFRQRWURVWUHVVXPRVVDFHUGRWHV/DPiVSRGHURVD
DOPHQRVHQORVFRPLHQ]RVIXHODIDPLOLDGHORV%RHWRV(UDRULJLQDULDGH$OHMDQGUtD\VX
SULPHU UHSUHVHQWDQWH IXH HO VDFHUGRWH 6LPyQ VXHJUR GH +HURGHV HO *UDQGH D& 'H OD
H[WUHPDGXUH]DGHHVWHFODQSURFHGtDODGHQRPLQDFLyQGHEHWXVLDQRRERHWXVLDQRGHODTXH\D
PH KDEtDQ KDEODGR ORV DPLJRV GH /i]DUR 0iV WDUGH OD IDPLOLD GH$QiV ORJUy OD VXSUHPDFtD
(VWHSHUPDQHFLyHQHOFDUJRGXUDQWHQXHYHDxRVGHVGHHODOG&'HVSXpVOHVXFHGLHURQ
VXVFLQFRKLMRVVX\HUQR&DLIiVGHVGHHODOG&DSUR[LPDGDPHQWH\VXQLHWR0DWtDVDxR
G&1GHOP9ROYHU
>@$SHVDUGHKDEHUVROLFLWDGRYDULDVDFODUDFLRQHVD/i]DURDVXVKHUPDQDV\DOSURSLRJUXSR
GH-HV~VVREUHODFLXGDGDODTXHVHWUDVODGyHO0DHVWURGHVSXpVGHODUHVXUUHFFLyQGHVXDPLJR
WRGRVFRLQFLGLHURQHQ3HOOD(VWRPHGHVFRQFHUWy\DTXHHQHOWH[WRHYDQJpOLFRGH-XDQ
VH KDEOD GH RWUD ORFDOLGDG (IUHP OD DFWXDO HW7DL\EH VLWXDGD D XQRV GLHFLQXHYH
NLOyPHWURV HQ OtQHD UHFWD DO QRUGHVWH GH -HUXVDOpQ (O GHVLHUWR SURSLDPHQWH GLFKR VH H[WHQGtD
HQWUHGLFKDFLXGDG\HOUtR-RUGiQ(VWD]RQDPRQWDxRVDUHFLEHKR\HOQRPEUHGHHOEDUUL\HKR
GHVLHUWR/DFLXGDGGH3HOODR3HODHVFLWDGDSRU)ODYLR-RVHIRHQVXREUD*XHUUDVGHORVMXGtRV
OLEUR ,,, FRPR XQD GH ODV SREODFLRQHV VLWXDGDV DO QRUWH GH OD UHJLyQ GH OD 3HUHD D RULOOD GHO
-RUGiQ\UHODWLYDPHQWHSUy[LPDD)LODGHOILDPiVDOHVWHGRQGHWHUPLQySRUUHIXJLDUVH/i]DUR
KX\HQGRGHODSHUVHFXFLyQGHORVMXGtRV1GHOP9ROYHU
>@(OQRPEUHGH/i]DURSDUDFROPRVLJQLILFDEDHWLPROyJLFDPHQWH'LRVKDVRFRUULGR(VWR
IXHWRUQDGRHQWUHPXFKRVMXGtRVFRPRXQDQXHYDVHxDOHQ)DYRUGH-HV~V1GHOP9ROYHU
>@6DQWD&ODXVFRQILUPDUtDHVWDFRVWXPEUHHQEDVHDORVWH[WRVVDJUDGRVGHO/HYtWLFR
\GHO'HXWHURQRPLR8QWUDWDGRFRPSOHWRFRQRFKRFDStWXORVHVUHFRJLGRSDU

/D0LVQi1GHOP9ROYHU
>@6LPyQ3HGURHQFDMDEDWDPELpQHQHOWLSRStFQLFRTXHFLWD.UHWVFKPHUFDUDDQFKDEODQGD\
UHGRQGHDGD6XURVWURYLVWRGHIUHQWHUHFRUGDEDXQHVFXGR6XIUHQWHHUDDPSOLDFRQVHUYDQGR
DOJRGHSHORHQODV]RQDVWHPSRUDOHV
6LQ HPEDUJR 3HGUR QR SUHVHQWDED XQD H[FHVLYD REHVLGDG 6X FDMD WRUiFLFD DVt FRPR ORV
KRPEURV\EUD]RVHUDQIXHUWHV\PXVFXORVRVPX\SURSLRVGHXQDYLGDFRQVDJUDGDDOUXGRWUDEDMR
GHODSHVFD
(QORTXHVLFRLQFLGtDFRQODFODVLILFDFLyQGH.UHWVFKPHUHUDHQVXWHPSHUDPHQWRFLFORWtPLFR
DELHUWRHVSRQWiQHRGHDPLVWDGUiSLGD\FRQJUDQGHVRVFLODFLRQHVHQVXHVWDGRGHKXPRU3RUVX
JUDQFDSDFLGDGGHVLQWRQL]DFLyQDIHFWLYDHUDIiFLOGHFRQWDJLDUGHODDOHJUtDRGHODWULVWH]D<
WXYHRSRUWXQLGDGHVVREUDGDVSDUDFRQILUPDUOR(QVXPD3HGURHUDPX\VRFLDEOH\ELHQDFHSWDGR
SRUHOUHVWRGHOJUXSR1GHOP9ROYHU
>@/DVHVWUHFKDVOH\HVGHOGHVFDQVRVDEiWLFROOHJDEDQDWDOH[WUHPRTXHGHORVDOLPHQWRVTXH
KDEtDQGHVHULQJHULGRVKDEtDTXHDSDUWDUHOGLH]PRDQWHVGHOViEDGR'XUDQWHHVWHWLHPSRQRVH
SRGtDKDFHUWDORSHUDFLyQ1GHOP9ROYHU
>@$GLIHUHQFLDGHOFRGRURPDQRFXELWXVGHPLOtPHWURVHVGHFLUODORQJLWXGGHXQDPDQR
HOFRGRMXGtRWDPELpQOODPDGRILOHWpULFRSRUHODSRGRGHORVUH\HVGH3pUJDPR3KLOHWDLURV
HVWXYRYLJHQWHHQHORULHQWHGHO,PSHULRURPDQRGHVGHODFRQVWLWXFLyQGHODSURYLQFLDGH$VLDHQ
HO DxR DQWHV GH &ULVWR 7HQtD FHQWtPHWURV GH ORQJLWXG (VWD PHGLGD VH HPSOHDED
FRUULHQWHPHQWHHQ3DOHVWLQD\(JLSWR(QXQDFRQH[LyQUXWLQDULDFRQHOPyGXORQXHVWURRUGHQDGRU
FHQWUDOFRQILUPyTXHVHJ~Q'tGLPRGH$OHMDQGUtDILQDOGHOVLJOR,DQWHVGHQXHVWUDHUDHOFRGR
HJLSFLR GH OD pSRFD URPDQD HTXLYDOtD D SLH \ PHGLR GHO VLVWHPD WROHPDLFR (V GHFLU
PLOtPHWURV 7DPELpQ ORV HVFULWRV GH -RVHIR GDEDQ HVWD PHGLGD FRPR OD GHVFULWD HQ OD OLWHUDWXUD
UDEtQLFD1GHOP9ROYHU
>@ (O PLVPR UHFXUVR VH XWLOL]DED HQWUH YDULRV YHFLQRV FRORFDQGR ORV DOLPHQWRV HQ XQ SDWLR \
FUHDQGRDVtODSUHVXQFLyQGHTXHVHWUDWDEDGHXQDVRODFDVD'HHVWHPRGRTXHGDEDSHUPLWLGRHO
WUDQVSRUWHGHREMHWRVHQVXLQWHULRU1GHOP9ROYHU
>@/RVLVUDHOLWDVVHGHVHQYROYtDQPHMRUFRQODPDQRL]TXLHUGDTXHFRQODGHUHFKD9ROYHU
>@(VDQRFKHXQDYH]HQODFDVDGH/i]DUR0DUtDPHPRVWUyHOUHFLSLHQWHHUDHQHIHFWRXQD
HVSHFLH GH MDUULWD EHOODPHQWH WUDEDMDGD FRQ XQD FDSDFLGDG VXSHULRU D ORV WUHVFLHQWRV JUDPRV
$OJRPiVJUDQGHTXHXQDWUDGLFLRQDOERWHOODGHFRFDFROD/HURJXpTXHPHSHUPLWLHUDPRMDUXQ
SHTXHxROLHQ]RHQORVUHVWRVGHOSHUIXPH\DORVSRFRVGtDVHQPLREOLJDGDHQWUDGDHQHOPyGXOR
FRQHOILQGHSUHSDUDUODVHJXQGDIDVHGHPLH[SORUDFLyQORVVLVWHPDVGHDERUGRDQDOL]DURQ
ODHVHQFLDFRQILUPDQGRVXRULJHQFRPRXQDSODQWDKHUEiFHDFXOWLYDGDHQMDUGLQHVGHODIDPLOLD
GH ODV YDOHULDQiFHDV 6H SUHVHQWDED KR\ DSHQDV VL HV WUDEDMDGD FRPR HVHQFLD SXUD HQ
IUDJPHQWRVGHUDt]FRUWRVJUXHVRVFRPRHOGHGRPHxLTXH\GHFRORUJULVQHJUX]FR7HUPLQDQHQ
XQSDTXHWHGHILEUDVURML]DVGHIRUPDGHHVSLJD(VGHRORUIXHUWH\DJUDGDEOH\GHVDERUDPDUJR
\DURPiWLFR7DPELpQHVFRQRFLGRFRPRQDUGR,QGLFRGHO*DQJHV(VWDTXLGH\(VSLFDQDUGR6X
GHQVLGDGHUDOLJHUDPHQWHVXSHULRUDODQRUPDO1GHOP9ROYHU
>@ /RV LVUDHOLWDV IDEULFDEDQ HVWH FRVPpWLFR FRQ OD FRUWH]D \ KRMDV GHO DUEXVWR OODPDGR MXQFLD
KHQQDSDUDORViUDEHV1GHOP9ROYHU
>@(OFRQWHQLGRGHOMDUULWRHUDGHXQRVWUHVFLHQWRVJUDPRVGHHVHQFLDGHQDUGRtQGLFR6XYDORU
RVFLODED DOUHGHGRU GH ORV WUHVFLHQWRV GHQDULRV &RQ GRVFLHQWRV VH SRGtD GDU GH FRPHU D XQDV
FLQFRPLOSHUVRQDV1GHOP9ROYHU
>@8QDYH]TXHVHDSDUWDED\VHHQWUHJDEDDOVDFHUGRWHODRIUHQGDWHUXPDJHGRODTXHVHJ~QOD
GLVSRVLFLyQUDEtQLFDGHEtDVHUSRUWpUPLQRPHGLRHOXQRSRUFLQFXHQWDGHODSURGXFFLyQREWHQLGD
HQHOFDPSRGHOUHVWRKDEtDTXHVHSDUDUXQGLH]PRTXHHUDGHVWLQDGRDORVOHYLWDVSROLFtDVGHO
WHPSOR\TXHHUDOODPDGRSULPHUGLH]PRRGLH]PRGHORVOHYLWDV(O3HQWDWHXFRORUHILHUH
HQYDULRVSDVDMHV7RGDGpFLPDSDUWHGHODWLHUUDWDQWRGHODVVHPLOODVGHODWLHUUDFRPRGHORV
IUXWRVGHORViUEROHVHVGHO6HxRUHVFRVDVDJUDGDDO6HxRU/HYtWLFR<GR\FRPR
KHUHGDG D ORV KLMRV GH /HYt WRGRV ORV GLH]PRV SRU HO VHUYLFLR TXH SUHVWDQ SRU HO VHUYLFLR DO
WDEHUQiFXOR GH OD UHXQLyQ 1~PHURV /D 0LVQi GHGLFD RWURV FLQFR FDStWXORV D ORV
SRUPHQRUHVGHHVWHSULPHUGLH]PR4XpIUXWRVHVWiQVXMHWRVDOGLH]PRHQTXpPRPHQWRKDGH
KDFHUVH HQ TXp FDVRV SXHGHQ FRPHUVH IUXWRV VLQ KDEHU VHSDUDGR HO GLH]PR \ DSOLFDFLyQ GHO
GLH]PRHQFDVRVGHUHSODQWDFLyQYHQWDDSURYHFKDPLHQWRGHVXESURGXFWR\SODQWDVOLEUHVGHOD
REOLJDFLyQGHOSDJRGHOGLH]PR1GHOP9ROYHU
>@/DLQFOXVLyQGHORVIDPLOLDUHV+RVDQQDDOKLMRGH'DYLGTXHDSDUHFHQHQORVHYDQJHOLRV
FDQyQLFRVSDUHFHVHUXQDFRQFHVLyQSRVWHULRUGHOD,JOHVLDSULPLWLYDHQEDVHDOVDOPR\
TXHVHUYtDFRPRSURIHVLyQGHIHWDO\FRPRDSXQWyPX\DFHUWDGDPHQWH/HRQDUGR%RII1GHO
P9ROYHU
>@1XHVWURRUGHQDGRUFHQWUDOHQEDVHDORVFiOFXORVHVWLPDGRVHQOD0LVQiQRVKDEtDSUHYHQLGR
VREUH OD DIOXHQFLD GH KHEUHRV TXH SRGUtDPRV HQFRQWUDU HQ DTXHOORV GtDV HQ OD 3DVFXD HQ
-HUXVDOpQ'HDFXHUGRFRQODVPHGLGDVGHORVGLIHUHQWHVDWULRVGHOWHPSOR6DQWD&ODXVILMDEDHQ
XQRVGLHFLRFKRPLOORVLVUDHOLWDVTXHSRGtDQWHQHUDFFHVRDOUHFLQWRVDJUDGRHQWUHVWXUQRV\TXH
UHSUHVHQWDED HO VDFULILFLR GH RWURV WDQWRV FRUGHURV SDVFXDOHV 7HQLHQGR HQ FXHQWD TXH FDGD
YtFWLPDSRGtDVHUFRQVXPLGDSRUXQSURPHGLRDSUR[LPDGRGHGLH]SHUVRQDVHOORVLJQLILFDEDXQ
YROXPHQGHXQRVFLHQWRRFKHQWDPLODVLVWHQWHVDODILHVWD'HpVWRVXQRVYHLQWHPLOHUDQYHFLQRV
GH OD SURSLD FLXGDG GH -HUXVDOpQ \ TXL]i RWURV FLQFR R GLH] PLO PiV DFDPSDEDQ IXHUD GH ODV
PXUDOODV(QVXPDORVSHUHJULQRVOOHJDGRVHQDTXHOORVGtDVKDVWDODFLXGDGVDQWDSRGtDQRVFLODU
DOUHGHGRUGHORVFLHQPLORFLHQWRYHLQWLFLQFRPLO(VWRQRVGDXQDLGHDEDVWDQWHDSUR[LPDGDGH
ORTXHUHDOPHQWHFRQVWLWX\yODDJORPHUDFLyQDOSDVRGH-HV~V\GHVXVGLVFtSXORVHQDTXHOODWDUGH
GHOGRPLQJRGHDEULO1GHOP9ROYHU
>@ (O DUFKLYR FRQWHQLGR HQ HO RUGHQDGRU FHQWUDO GHO PyGXOR SRQtD GH PDQLILHVWR VHJ~Q HO
HVFULWR UDEtQLFR 0LGGRW ,, TXH OD FLWDGD SXHUWD GH 1LFDQRU VLWXDGD HQWUH HO DWULR GH ODV
PXMHUHV\HOGHORVLVUDHOLWDVWRGRHQHOLQWHULRUGHOWHPSORHUDGHEURQFHGH&RULQWR6HJ~Q
GDWRV HVFULWRV SRU -RVHIR QXHYH SXHUWDV GHO WHPSOR MXQWR FRQ GLQWHOHV \ MDPEDV HVWDEDQ
FRPSOHWDPHQWHUHYHVWLGDVGHRUR\SODWD8QDVRODHUDGHEURQFHGH&RULQWRODFXDOVXSHUDEDFRQ
PXFKR D ODV RWUDV HQ YDORU $O LQFHQGLDU ODV SXHUWDV SDUD WRPDU HO WHPSOR VH IXQGLy HO
UHYHVWLPLHQWR\ODVOODPDVDOFDQ]DURQDVtODVSDUWHVGHPDGHUD6LJXLHQGRFRQHVWDVXQWXRVLGDG
)ODYLR-RVHIRDVHJXUDEDTXHHOYHVWtEXORHVWDEDHQWHUDPHQWHUHFXELHUWRGHSODFDVGHRURGHFLHQ
FRGRVFXDGUDGRV\GHOJURVRUGHXQGHQDULRGHRUR'HODVYLJDVGHOYHVWtEXORFROJDEDQFDGHQDV
GHRUR$OOtPLVPRKDEtDGRVPHVDVXQDGHPiUPRO\RWUDGHRURHVWD~OWLPDHUDGHRURPDFL]R
6REUH OD HQWUDGD TXH FRQGXFtD GHO YHVWtEXOR DO 6DQWR VH H[WHQGtD XQD SDUUD WDPELpQ GH RUR OD
FXDO FUHFtD FRQWLQXDPHQWH FRQ ODV GRQDFLRQHV GH VDUPLHQWRV GH RUR TXH ORV VDFHUGRWHV VH
HQFDUJDEDQ GH FROJDU $GHPiV VREUH HVWD HQWUDGD SHQGtD XQ HVSHMR GH RUR TXH UHIOHMDED ORV
UD\RV GHO VRO QDFLHQWH D WUDYpV GH OD SXHUWD SULQFLSDO TXH QR WHQtD KRMDV +DEtD VLGR XQD
GRQDFLyQGHODUHLQD+HOHQDGH$GLDEHQH(QHO6DQWRVLWXDGRGHWUiVGHOYHVWtEXORVHKDOODEDQ
VLQJXODUHVREUDVGHDUWHTXHFRQVWLWX\HURQORVWURIHRVGH7LWRDVXHQWUDGDWULXQIDOHQ5RPDHO
FDQGHODEURPDFL]RGHVLHWHEUD]RVGHGRVWDOHQWRVGHSHVRFDGDWDOHQWRHTXLYDOtDDNLORV\
JUDPRV \ OD PHVD PDFL]D GH ORV SDQHV GH OD SURSRVLFLyQ WDPELpQ GH YDULRV WDOHQWRV GH
SHVR (O VDQFWDVDQFWyUXP ILQDOPHQWH GHEtD GH KDOODUVH YDFtR \ VXV SDUHGHV WRWDOPHQWH
UHFXELHUWDVGHRUR
8QD YH] GHQWUR GHO DWULR GH ODV PXMHUHV HO RUR UHVSODQGHFtD WDPELpQ SRU GRTXLHU +DEtD
FDQGHODEURV GH RUR FRQ FXDWUR FRSDV HQ VXV YpUWLFHV /DV WHVRUHUtDV GHO WHPSOR HVWDEDQ
DEDUURWDGDV GH REMHWRV GH SODWD \ RUR 6HJ~Q FXHQWD -RVHIR DO UHJLVWUDUVH OD GHVWUXFFLyQ GHO
WHPSORSRUORVURPDQRVOD3URYLQFLDGH6LULDVHYLRLQXQGDGDSRUXQDJLJDQWHVFDRIHUWDGHRUR
TXHWUDMRFRPRFRQVHFXHQFLDODFDtGDGHODOLEUDGHRUR1GHOP9ROYHU
>@8QRVPHWURVDSUR[LPDGDPHQWH1GHOW9ROYHU
>@&DGDDXUHXVRGHQDULRGHRURHUDHTXLYDOHQWHDWUHLQWDGHQDULRVGHSODWDDSUR[LPDGDPHQWH
1GHOP9ROYHU
>@&XDQGRLQWHUURJXpD$QGUpVVREUHODFDQWLGDGGHGLQHURTXHKDEtDGHSRVLWDGRODYLXGDHQHO
FHSLOOR GHO WHPSOR pVWH PH VHxDOy TXH FUH\y YHU XQ WRWDO GH GRV OHSWD R GH DV (Q RWUDV
SDODEUDVSXUDFDOGHULOOD8QDQDFLyQGLDULDGHSDQYHQtDFRVWDQGRHQ-HUXVDOpQXQSDUGHDVHV
/RQRUPDOHVTXHFRQXQDVSXGLHUDQFRPSUDUVHGRVSiMDURV1GHOP9ROYHU
>@eVWDFRUUHVSRQGHDODDFWXDOFDOOHHO:DG1GHOP9ROYHU
>@/DJUDQGLIHUHQFLDHQWUHORVHVFULEDV\HOUHVWRGHOVDFHUGRFLRIDULVHRVOHYLWDVMHIHVGHO
WHPSORHWFVHEDVDEDHQHOVDEHU/RVHVFULEDVYHQtDQDVHUORVGHSRVLWDULRVGHODFLHQFLD\GH
OD LQLFLDFLyQ 3DUD OOHJDU D IRUPDU SDUWH GH ODV OODPDGDV FRUSRUDFLRQHV GH HVFULEDV HO
DVSLUDQWHVHYHtDREOLJDGRDFXUVDUQXPHURVRVHVWXGLRVTXHHPSH]DEDQHQVXVDxRVGHMXYHQWXG
&XDQGR HO WDOPvG R DOXPQR KDEtD OOHJDGR D GRPLQDU OD PDWHULD WUDGLFLRQDO \ HO PpWRGR GH OD
KDODMDGHWHUPLQDGDVVHFFLRQHVGHODOLWHUDWXUDUDEtQLFDGHDUJXPHQWROHJDOKDVWDHOSXQWRGHVHU
FRQVLGHUDGR FRPR SHUVRQD FDSDFLWDGD SDUD WRPDU GHFLVLRQHV SHUVRQDOHV HQ ODV FXHVWLRQHV GH
OHJLVODFLyQUHOLJLRVD\GHGHUHFKRSHQDOHQWRQFHV\VyORHQWRQFHVHUDGHVLJQDGRFRPRGRFWRU
QR RUGHQDGR R WDOPvG KDNDP 'HVSXpV FXDQGR KDEtD OOHJDGR D ORV FXDUHQWD DxRV HGDG
FDQyQLFD SDUD OD RUGHQDFLyQ HO DVSLUDQWH D HVFULED SRGtD HQWUDU HQ OD FRUSRUDFLyQ FRPR
PLHPEURGHSOHQRGHUHFKRRKDNDP'HVGHHVHPRPHQWRHOQXHYRHVFULEDHVWDEDDXWRUL]DGRD
]DQMDU SRU VL PLVPR ODV FXHVWLRQHV GH OHJLVODFLyQ UHOLJLRVD R ULWXDO D VHU MXH] HQ ORV SURFHVRV
FULPLQDOHV\DWRPDUGHFLVLRQHVHQORVMXLFLRVGHFDUiFWHUFLYLOELHQFRPRPLHPEURGHXQDFRUWH
GHMXVWLFLDRELHQLQGLYLGXDOPHQWH7HQtDGHUHFKRDVHUOODPDGRUDEt6XVGHFLVLRQHVWHQtDQHO
SRGHUGHDWDU\GHVDWDUSDUDVLHPSUHDORVMXGtRVGHOPXQGRHQWHUR1LFRGHPRSRUHMHPSOR
DPLJRGH-HV~VHUDXQRGHHVWRVSUHVWLJLRVRVHVFULEDVDFX\RSDVRGHEtDQOHYDQWDUVHWRGRVORV
KLMRVGH,VUDHOH[FHSFLyQKHFKDGHGHWHUPLQDGDVSURIHVLRQHVDUWHVDQDOHV3HURORTXHPiVSRGHU
H LQIOXHQFLD OHV SURSRUFLRQy HQWUH VXV SDLVDQRV IXH HO KHFKR GH VHU SRUWDGRUHV GH OD FLHQFLD
VHFUHWDODWUDGLFLyQHVRWpULFD8QRGHVXVWH[WRVGHFtD1RVHGHEHQH[SOLFDUS~EOLFDPHQWHODV
OH\HVVREUHHOLQFHVWRGHODQWHGHWUHVR\HQWHVQLODKLVWRULDGHODFUHDFLyQGHOPXQGRGHODQWHGH
GRVQLODYLVLyQGHOFDUURGHIXHJRGHODQWHGHXQRVRORDQRVHUTXHpVWHVHDSUXGHQWH\GHEXHQ
VHQWLGR$TXLHQFRQVLGHUHFXDWURFRVDVPiVOHYDOLHUDQRKDEHUYHQLGRDOPXQGRDVDEHUHQ
SULPHUOXJDUORTXHHVWiDUULEDHQVHJXQGROXJDUORTXHHVWiDEDMRHQWHUFHUOXJDUORTXHHUD
DQWHV HQ FXDUWR OXJDU OR TXH VHUi GHVSXpV (VFULWR UDEtQLFR +DJLJD ,, \ (V IiFLO
FRPSUHQGHU OD DXGDFLD GH -HV~V FXDQGR HQ PXFKDV GH VXV SUHGLFDFLRQHV S~EOLFDV DUUHPHWLy
FRQWUDORVHVFULEDVDFXViQGROHVGHKDEHUWRPDGRSDUDVLODVOODYHVGHODFLHQFLDFHUUDQGRDORV
KRPEUHV HO DFFHVR DO UHLQR GH 'LRV $TXHOOR IXH PRUWDO /RV HVFULEDV MDPiV OH SHUGRQDUtDQ
VHPHMDQWHULGLFXOL]DFLyQ1GHOP9ROYHU
>@(QDTXHOORVWLHPSRVHO6DQHGUtQVHKDOODEDEiVLFDPHQWHGLYLGLGRHQGRVJUDQGHVJUXSRVORV
IDULVHRV\VDGXFHRV(VWRV~OWLPRVIRUPDEDQXQSDUWLGRRUJDQL]DGRLQWHJUDGRIXQGDPHQWDOPHQWH
SRUODQREOH]DODLFD\VDFHUGRWDOSRUORVDQFLDQRVRQRWDEOHVGHOSXHEOR\SRUORVVDFHUGRWHV
MHIHV(OVXPRVDFHUGRWHHQIXQFLRQHVHQDTXHOORVGtDV-RVpDSRGDGR&DLIiVHUDVDGXFHR6X
WHRORJtDHUDGLVWLQWDDODGHORVIDULVHRV6HDWHQtDHVWULFWDPHQWHDOWH[WRGHOD7RUiHQHVSHFLDO
HQ OR TXH VH UHIHUtD D ODV SUHVFULSFLRQHV UHODWLYDV DO FXOWR \ DO VDFHUGRFLR 6X RSRVLFLyQ D ORV
IDULVHRV \ D VX KDODNi R WUDGLFLyQ RUDO HUD WRWDO \ KDVWD HQFRQDGD 'LVSRQtDQ DGHPiV GH VX
SURSLR FyGLJR SHQDO GH XQD H[WUHPD VHYHULGDG 3RU VXSXHVWR KXER PXFKRV HVFULEDV TXH
SUDFWLFDEDQODGRFWULQDVDGXFHD1GHOP9ROYHU
>@(OUHPDWHGHOFD\DGRRYDUDGH0RLVpVHQIRUPDGHDVDFXUYDGDKDEtDVLGRHVWXGLDGR
PHWLFXORVDPHQWHSRUHOSUR\HFWR&DEDOORGH7UR\DHQEDVHDXQDGHPLVPLVLRQHVHQODTXHWHQtD
TXHGHVHPSHxDUHOSDSHOGHDXJXURDGLYLQR(VWRVDVWUyORJRVVHGLVWLQJXtDQSUHFLVDPHQWH
SRU VX OLWXXV XQD SHTXHxD YDUD FRQ OD SDUWH VXSHULRU HQURVFDGD R GREODGD HQ IRUPD GH DVD
FXUYDGDRPHQJXDGDHVSLUDOWDO\FRPRKDEtDPRVREVHUYDGRHQXQIDPRVREDMRUUHOLHYHH[LVWHQWH
HQHOPXVHRGH)ORUHQFLDHQ,WDOLD
(OKHFKRGHKDEHUHOHJLGRSUHFLVDPHQWHODPDGHUDGHSLQVDSRSDUDODIDEULFDFLyQGHODYDUDGH
0RLVpV WXYR XQD MXVWLILFDFLyQ SXUDPHQWH VHQWLPHQWDO GH HVWD PDGHUD UH]D OD OH\HQGD VH
FRQVWUX\ySUHFLVDPHQWHHOFDEDOORGH7UR\DTXHHOHMpUFLWRKHOHQRVLWXyIUHQWHDODVSXHUWDVGH
7UR\D1GHOP9ROYHU
>@$XQTXHLQWHQWDUpQRH[WHQGHUPHHQODOHJLyQGHIDFWRUHVWpFQLFRVTXHIRUPDEDQHOQRYtVLPR
VLVWHPDGHODVOHQWHVJDVHRVDVVtTXLHURRIUHFHUDOJXQDVGHVXVFDUDFWHUtVWLFDVPiVJHQHUDOHV
FRQVFLHQWHGHTXHTXL]iSXHGDVHUYLUGHSLVWDDORVLQYHVWLJDGRUHV\SURIHVLRQDOHVGHOPXQGR
GH OD IRWRJUDItD \D TXH FRPR WHPR HVWH PDJQtILFR SURFHGLPLHQWR QR VHUi GDGR D FRQRFHU DO
PXQGRGHIRUPDLQPHGLDWD/DFODYHRIXQGDPHQWRVHHQFXHQWUDHQHOIHQyPHQRGHUHIUDFFLyQGH
ODOX]7RGRHOPXQGRVDEHTXHFXDQGRXQUD\RGHOX]SDVDGHXQPHGLRWUDQVSDUHQWHDRWURGH
GLVWLQWD QDWXUDOH]D R GHQVLGDG VXIUH XQ FDPELR GH GLUHFFLyQ 7RGD OD WHRUtD ySWLFD JHRPpWULFD
WLHQGH DO DQiOLVLV GH HVWRV FDPELRV HQ HO FDVR GH GLySWULFRV \ OHQWHV R GLVWLQWRV WLSRV GH
VXSHUILFLHV UHIOHFWDQWHV R HVSHMRV (Q RWUDV SDODEUDV ORV WpFQLFRV FRQVLJXHQ LQWHJUDU OD LPDJHQ
YLVXDOGHXQREMHWROXPLQRVRFXDOTXLHUDUHIUDFWDQGRORVUD\RVGHOX]SRUPHGLRGHXQREMHWRGH
SHUILOHVWXGLDGRFXLGDGRVDPHQWH\FRPSRVLFLyQTXtPLFDGHILQLGDDOTXHOODPDQOHQWHDXQTXH
GH HVWUXFWXUD UtJLGD 6LQ HPEDUJR HO IHQyPHQR GH UHIUDFFLyQ VH SURYRFD WDPELpQ HQ XQ PHGLR
HOiVWLFRFRPRHVHOFDVRGHXQJDV/DVOHQWHVJDVHRVDVSDUWHQHQVXPDGHHVWHSULQFLSLRTXH
UHFXHUGDHQSDUWHDOPHFDQLVPRILVLROyJLFRGHORMRHQHOTXHODOHQWHHOFULVWDOLQRQRHV
UtJLGDVLQRHOiVWLFD3XHVELHQ QXHVWUDV FiPDUDVVXVWLWX\HURQHVWRV PHGLRVUtJLGR YLGULRR
VHPLHOiVWLFRJHODWLQDSRUXQPHGLRJDVHRVRGHUHIULQJHQFLDYDULDEOH
&RPHQWHPRV RWUR HMHPSOR HQ XQ UHFLSLHQWH OOHQR GH DLUH FDOHQWDGR SRU VX SDUWH LQIHULRU \
UHIULJHUDGRSRUODVXSHULRUODVFDSDVLQIHULRUHVVHUiQPHQRVGHQVDVTXHODVVXSHULRUHV(QHVWH
FDVR \ GHELGR D OD GLODWDFLyQ WpUPLFD GHO JDV XQ UD\R GH OX] VXIULUi VXFHVLYDV UHIUDFFLRQHV
FXUYiQGRVH KDFLD DUULED 6L LQYHUWLPRV HO SURFHVR HO UD\R VH FXUYDUi KDFLD DEDMR &DEDOOR GH
7UR\D HQ EDVH D HVWRV SULQFLSLRV FRQVLJXLy XQ FRQWURO GH WHPSHUDWXUDV PX\ H[DFWR HQ ORV
GLYHUVRVSXQWRVGHXQDPDVDVyOLGDOtTXLGDJDVHRVDRGHWUDQVLFLyQ(OORVHORJUyHPLWLHQGRGRV
KDFHVGHRQGDVXOWUDFRUWDVTXHYDFLDURQHOJUDGLHQWHGHWHPSHUDWXUDHQXQSXQWRFRQFUHWR3GH
XQDPDVDGHJDVHVGHFLUVHREWXYRHOFDOHQWDPLHQWRGHXQSHTXHxRHQWRUQRGHJDVHQHVD]RQD
3RUHVWHSURFHGLPLHQWRVHSXGRFDOGHDUSRUHMHPSORODWRWDOLGDGGHXQUHFLSLHQWHGHMDQGRHQHO
LQWHULRUXQDPDVDGHJDVIUtRTXHDGRSWDXQDIRUPDOHQWLFXODU\TXHDVXYH]SXHGHVHUDOWHUDGD
ORJUiQGRVHXQFDPELRHQVXHVSHVRU\IRUPDySWLFD/DOX]TXHDWUDYLHVDHVDPDVDSUHYLDPHQWH
WUDEDMDGD GH JDV IUtR VHJXLUi GLUHFFLRQHV GHILQLGDV GH DFXHUGR FRQ ODV OH\HV ySWLFDV
XQLYHUVDOHV(VWDIXHODFODYHSDUDVXVWLWXLUGHILQLWLYDPHQWHODVOHQWHVWUDGLFLRQDOHVGHYLGULRSRU
ODVGHQDWXUDOH]DJDVHRVD(VWDVOHQWHVUHYROXFLRQDULDVVRQFUHDGDVHQHOLQWHULRUGHXQFLOLQGUR
WUDQVSDUHQWH GH SDUHGHV PX\ GHOJDGDV OOHQR GH JDV QLWUyJHQR 8QD VHULH GH UDGLDGRUHV GH
XOWUDIUHFXHQFLD HQ Q~PHUR GH GLVWULEXLGRV SHULIpULFDPHQWH FDOLHQWDQ D YROXQWDG \ D
GLVWLQWDV WHPSHUDWXUDV ORV GLYHUVRV SXQWRV GH OD PDVD JDVHRVD FRQVLJXLpQGRVH DVt GHVGH XQ
VLPSOH PHQLVFR OHQWLFXODU GH OXPLQRVLGDG I KDVWD XQ FRPSOHMR VLVWHPD HTXLYDOHQWH SRU
HMHPSOR D XQ WHOHREMHWLYR R XQ JUDQ DQJXODU GH JUDGRV (VWDV FiPDUDV QR GLVSRQHQ GH
GLDIUDJPD SXHVWR TXH OD OXPLQRVLGDG GH OD ySWLFD YDUtD D YROXQWDG (O ILOP GH VHOHQLR
FDUJDGR HOHFWURVWiWLFDPHQWH ILMD HQ pO XQD LPDJHQ HOpFWULFD TXH VXVWLWX\H D OD LPDJHQ TXtPLFD
(VWDSHOtFXODHVWiIRUPDGDSRUFLQFROiPLQDVVXSHUSXHVWDVWUDQVSDUHQWHVFX\DVHQVLWRPHWUtDHVWi
FDOFXODGD SDUD ILMDU RWUDV WDQWDV LPiJHQHV GH GLVWLQWDV ORQJLWXGHV GH RQGD $GHPiV GH XQD
VHJXQGD FiPDUD GH JDV [HQyQ SDUD XQ QXHYR \ FRPSOLFDGR WUDWDPLHQWR ySWLFR GH ODV LPiJHQHV
FUHDQGR LQVWDQWiQHDPHQWH XQD HVSHFLH GH SULVPD GH UHIOH[LyQ QXHVWUDV FiPDUDV GH OHQWHV
JDVHRVDVVRQDOLPHQWDGDVSRUXQPLQ~VFXORFRPSXWDGRUQXFOHDUTXHFRQVWLWX\HHOFHUHEURGHO
DSDUDWR(VWHPLFURRUGHQDGRUSURYLVWRWDPELpQGHPHPRULDGHWLWDQLRULJHHOIXQFLRQDPLHQWRGH
WRGDV VXV SDUWHV SURJUDPDQGR ORV GLYHUVRV WLSRV GH VLVWHPDV ySWLFRV HQ HO FLOLQGUR GH JDV \
WHQLHQGR HQ FXHQWD WRGRV ORV IDFWRUHV ItVLFRV TXH LQWHUYLHQHQ LQWHQVLGDG \ EULOOR GH OD LPDJHQ
GLVWDQFLDVIRFDOHVGLVWDQFLDGHOREMHWRSDUDVXFRUUHVSRQGLHQWHHQIRTXHSURIXQGLGDGGHOFDPSR
ILOWUDMHFURPiWLFRiQJXORGHOFDPSRYLVXDOHWF1GHOP9ROYHU
>@ (V SRVLEOH TXH PXFKDV SHUVRQDV VH SUHJXQWHQ FyPR SXHGH ORJUDUVH XQ PLFURFRPSXWDGRU
QXFOHDUGHGLPHQVLRQHVWDQUHGXFLGDVFRPRSDUDVLWXDUORHQHOLQWHULRUGHXQDYDUDGHSLQVDSRGH
WUHLQWDPLOtPHWURVGHGLiPHWUR$XQTXHQRHVWR\DXWRUL]DGRDGHVFULELUORVtQWHJUDPHQWHWUDWDUpGH
HVER]DUDOJXQDVGHVXVFDUDFWHUtVWLFDVHVHQFLDOHV(QJHQHUDOORVGLVSRVLWLYRVDPSOLILFDGRUHVGH
YROWDMH R GH LQWHQVLGDG GH ORV RUGHQDGRUHV DFWXDOHV HVWiQ EDVDGRV HQ ODV SURSLHGDGHV GH OD
HPLVLyQ FDWyGLFD HQ HO YDFtR FRQWURODGD SRU XQ HOHFWUyQ DX[LOLDU R HQ ODV FDUDFWHUtVWLFDV GHO
HVWDGRVyOLGRFRPRHQHOFDVRGHORVGLRGRV\WUDQVLVWRUHVGHJHUPDQLR\VLOLFLR3HURGLFKRV
FLUFXLWRV QR DPSOLILFDQ OD HQHUJtD (V PiV OD SRWHQFLD GH VDOLGD HV VLHPSUH PHQRU TXH OD GH
HQWUDGD UHQGLPLHQWR PHQRU TXH OD XQLGDG 7DQ VyOR DPSOLILFDQ OD WHQVLyQ D FRVWD GH HQHUJtD
JHQHUDGD HQ XQD IXHQWH HQHUJpWLFD DX[LOLDU SLOD R UHFWLILFDGRU GH FRUULHQWH DOWHUQD 3RU HO
FRQWUDULR ORV HOHPHQWRV GH ORV RUGHQDGRUHV GH &DEDOOR GH 7UR\D DPSOLILFDGRUHV QXFOHLFRV
WLHQHQ XQDV FDUDFWHUtVWLFDV GLVWLQWDV (Q SULPHU OXJDU OD EDVH QR HV HOHFWUyQLFD WDPSRFR GH
YDFtR R GH HVWDGR VyOLGR FULVWDO VLQR QXFOHLFD 8QD GpELO HQHUJtD GH HQWUDGD QHXWURQHV R
SURWRQHVXQLWDULRVLQFLGLHQGRVREUHXQRVSRFRViWRPRVSURYRFDQSRUILVLyQGHOQ~FOHRXQDJUDQ
HQHUJtD(OUHQGLPLHQWRSRUWDQWRHVPXFKRPD\RUTXHODXQLGDG$ODVDOLGDGHODPSOLILFDGRU
HOHPHQWDO REWHQHPRV HVWD HQHUJtD HQ IRUPD QR HOpFWULFD VLQR WpUPLFD DXQTXH HQ XQ SURFHVR
SRVWHULRU HVWH FDORU VH WUDQVIRUPH HQ HQHUJtD HOpFWULFD < VLHQGR OD EDVH GH HVWRV HOHPHQWRV
SXUDPHQWHDWyPLFD\HQWUDQGRHQMXHJRQRWULOORQHVGHiWRPRVVLQRXQDVSRFDVXQLGDGHVHO
JUDGRGH PLQLDWXUL]DFLyQ HV H[WUDRUGLQDULR FRQVLJXLHQGR DOPDFHQDU FRPSOHMtVLPRVFLUFXLWRV HQ
YRO~PHQHVUHGXFLGtVLPRV1GHOP9ROYHU
>@ (Q XQD SRVWHULRU FRQH[LyQ FRQ (OLVHR QXHVWUR RUGHQDGRU FHQWUDO FRQILUPy TXH ORV KLJRV
MXQWDPHQWH FRQ ORV GiWLOHV SURSRUFLRQDEDQ DO SXHEOR MXGtR HO PD\RU tQGLFH GH D]~FDU
*HQHUDOPHQWHVHSRQtDQDVHFDUVLHQGRDOPDFHQDGRVHQIRUPDGHWRUWDV(VWHSDQGHKLJRVVH
XWLOL]DED LQFOXVR FRPR IiUPDFR SDUD VDQDU ~OFHUDV 6DQWD &ODXV DPSOLy PL LQIRUPDFLyQ
H[SRQLHQGRTXHDTXHOODWRUWDGHKLJRVTXHKDEtDVLGRRIUHFLGDD-HV~VSRGtDHVWDUIRUPDGDSRUOD
YDULHGDGOODPDGDKLJRGHOVLFyPRURPX\IUHFXHQWHHQOD3DOHVWLQDGHOVLJOR,(VWHDOLPHQWR
GHEDMtVLPDFDOLGDGVXIUtDXQDSXQFLyQFXDQGRWRGDYtDVHKDOODEDHQHOiUEROORJUDQGRDVtXQD
PiVUiSLGDPDGXUDFLyQ1GHOP9ROYHU
>@$TXHO JUXSR HUD SDUWLGDULR GH OD GLQDVWtD GH +HURGHV \ HQWUH RWUDV PLVLRQHV WHQtDQ OD GH
GHQXQFLDU D OD DXWRULGDG URPDQD FXDOTXLHU PRYLPLHQWR R DWDTXH LQFOXVR YHUEDO FRQWUD HO
&pVDU1GHOP9ROYHU
>@ (O GHQDULR GH SODWD HUD XQD PRQHGD GH FXUVR OHJDO HQ DTXHO WLHPSR 6HJ~Q 6DQWD &ODXV
HTXLYDOtDDDOJRPHQRVGHOVXHOGRGHGRVGtDVGHXQOHJLRQDULRURPDQR(QWLHPSRVGH&pVDUHO
HVWLSHQGLRDQXDOGHXQVROGDGRURPDQROHJLRQDULRHUDGHGHQDULRV$XJXVWROHDxDGLUtDXQ
QXHYRVREUHVXHOGRDOFDQ]DQGRODFLIUDGHGHQDULRVGHSODWDRDVHV(VWDFDQWLGDGIXH
FRQILUPDGDSRU7iFLWRHQWLHPSRVGH7LEHULR$QQGHQLVLQGLHPDVVLEXVDQLPDQHWFRUSXV
DHVWLPDUL /RV FHQWXULRQHV SRU VX SDUWH FREUDEDQ GHQDULRVDxR \ ORV OODPDGRV SULPL
RUGLQHV1GHOP9ROYHU
>@
6XPR 3RQWtILFH \ 6DOYH 'LYLQR 7LEHULR &pVDU $XJXVWR UHVSHFWLYDPHQWH /DV

LQVFULSFLRQHV DSDUHFtDQ DEUHYLDGDV (Q UHDOLGDG GHEHUtDQ GHFLU 3RQWLIH[ 0D[LPXV \ $YH
$XJXVWRV7LEHULXV&DHVDU'LYLQXV1GHOP9ROYHU
>@
(O RUGHQDGRU FHQWUDO GHO PyGXOR PH SURSRUFLRQy DTXHOOD PLVPD QRFKH XQD H[WHQVD \
H[KDXVWLYD LQIRUPDFLyQ VREUH HVWH FXULRVR WLSR GH PDWULPRQLR /D WUDGLFLyQ RUDO KHEUHD
UHFRJLGD HQ OD 0LVQi 2UGHQ 7HUFHUR GHGLFDGR D ODV \HEDPRW R FXxDGDV \ VHJ~Q ODV OH\HV
FRQWHQLGDVHQHO'HXWHURQRPLRHVWDEOHFtDTXHFXDQGRGRVKHUPDQRVKDELWDEDQXQR
MXQWR DO RWUR \ XQR GH HOORV PXHUH VLQ GHMDU KLMRV OD PXMHU GHO PXHUWR QR VH FDVDUi FRQ XQ
H[WUDxR6XFXxDGRLUiDHOOD\ODWRPDUiSRUPXMHU(OSULPRJpQLWRTXHGHHOODWHQJDOOHYDUiHO
QRPEUHGHOKHUPDQRPXHUWRSDUDTXHVXQRPEUHQRGHVDSDUH]FDGH,VUDHO3HURVLHOKHUPDQR
VHQHJDVHDWRPDUSRUPXMHUDVXFXxDGDVXELUipVWDDODSXHUWDDORVDQFLDQRV\OHVGLUi0L
FXxDGRVHQLHJDDVXVFLWDUHQ,VUDHOHOQRPEUHGHVXKHUPDQRQRTXLHUHFXPSOLUVXREOLJDFLyQGH
FXxDGR WRPiQGRPH SRU PXMHU /RV DQFLDQRV GH OD FLXGDG OH KDUiQ YHQLU \ OH KDEODUiQ 6L
SHUVLVWHHQODQHJDWLYDVXFXxDGDVHDFHUFDUiDpOHQSUHVHQFLDGHORVDQFLDQRVOHTXLWDUiGHOSLH
XQ]DSDWR\OHHVFXSLUiHQODFDUDGLFLHQGR(VWRVHKDFHFRQHOKRPEUHTXHQRVRVWLHQHDOD
FDVDGHVXKHUPDQR<VXFDVDVHUiOODPDGDHQ,VUDHOODFDVDGHOGHVFDO]DGR(VWHPDWULPRQLR
TXH HV REOLJDWRULR VH GHQRPLQD \LEEXP HV GHFLU GH OHYLUDWR GH OHYLU FXxDGR &XDQGR OD
FXxDGD TXHGDED FRQ VXFHVLyQ HVWH PDWULPRQLR HVWDED SURKLELGR $ SDUWLU GH OD OODPDGD
FHUHPRQLDGHO]DSDWRODFXxDGDTXHGDEDOLEUHSDUDFRQWUDHUPDWULPRQLRFRQFXDOTXLHUD
&RQ HO SDVR GH ORV VLJORV HVWD QRUPD IXH SHUGLpQGRVH \ HQ WLHPSRV GH -HV~V DSHQDV VL HUD
SUDFWLFDGDHQFHUUDQGRHQHOPHMRUGHORVFDVRVXQFDUiFWHUSXUDPHQWHVLPEyOLFRRGHWUiPLWH
OHJDO1GHOP9ROYHU
>@'LFHDVtHOFLWDGRWH[WREtEOLFR+DEOy<DYpD0RLVpVGLFLHQGR+DEODDORVKLMRVGH,VUDHO
\GLOHV6LODPXMHUGHXQRIRUQLFDUD\OHIXHVHLQILHOGXUPLHQGRFRQRWURHQFRQF~ELWRGHVHPHQ
VLQTXHKD\DSRGLGRYHUORHOPDULGRQLKD\DWHVWLJRVSRUQRKDEHUVLGRKDOODGDHQHOOHFKR\VH
DSRGHUDVHGHOPDULGRHOHVStULWXGHORVFHORV\WXYLHVHFHORVGHHOODKi\DVHHOODPDQFKDGRHQ
UHDOLGDGRQRVHKD\DPDQFKDGRODOOHYDUiDOVDFHUGRWH\RIUHFHUiSRUHOODXQDREODFLyQGHOD
GpFLPD SDUWH GH XQ HIi GH KDULQD GH FHEDGD VLQ GHUUDPDU DFHLWH VREUH HOOD QL SRQHU HQFLPD
LQFLHQVR SRUTXH HV PLQMi GH FHORV PLQMi GH PHPRULD SDUD WUDHU HO SHFDGR D OD PHPRULD (O
VDFHUGRWHKDUiTXHVHDFHUTXH\VHHVWpDQWH<DYpWRPDUiGHODJXDVDQWDHQXQDYDVLMDGHEDUUR\
FRJLHQGRXQSRFRGHODWLHUUDGHOVXHORGHOWDEHUQiFXORORHFKDUiHQHODJXD/XHJRHOVDFHUGRWH
KDFLHQGRHVWDUDODPXMHUDQWH<DYpOHGHVFXEULUiODFDEH]D\OHSRQGUiHQODVPDQRVODPLQMiGH
PHPRULD OD PLQMi GH ORV FHORV WHQLHQGR pO HQ OD PDQR HO DJXD DPDUJD GH OD PDOGLFLyQ \ OD
FRQMXUDUi GLFLHQGR 6L QR KD GRUPLGR FRQWLJR QLQJXQR \ VL QR WH KDV GHVFDUULDGR
FRQWDPLQiQGRWH\VLHQGRLQILHODWXPDULGRLQGHPQHVHDVGHODJXDDPDUJDGHODPDOGLFLyQSHUR
VLWHGHVFDUULDVWH\IRUQLFDVWHLQILHODWXPDULGRFRQWDPLQiQGRWH\GXUPLHQGRFRQRWURDTXtHO
VDFHUGRWH OD FRQMXUDUi FRQ HO MXUDPHQWR GH H[HFUDFLyQ GLFLHQGR +iJDWH <DYp PDOGLFLyQ \
H[HFUDFLyQHQPHGLRGHWXSXHEOR\VpTXHQVHWXVPXVORVHKtQFKHVHWXYLHQWUHHQWUHHVWDDJXDGH
PDOGLFLyQHQWXVHQWUDxDVSDUDKDFHUTXHWXYLHQWUHVHKLQFKH\VHSXGUDQWXVP~VFXORV/DPXMHU
FRQWHVWDUi$PpQDPpQ(OVDFHUGRWHHVFULELUiHVWDVPDOGLFLRQHVHQXQDKRMD\ODVGLOXLUiHQ
HODJXDDPDUJD\KDUiEHEHUDODPXMHUHODJXDDPDUJDGHODPDOGLFLyQ/XHJRWRPDUiGHODPDQR
GHODPXMHUODPLQMiGHORVFHORV\ODDJLWDUiDQWH<DYp\ODOOHYDUiDODOWDU\WRPDQGRXQSXxDGR
GHODRIUHQGDGHODPHPRULDORTXHPDUiHQHODOWDUKDFLHQGRGHVSXpVEHEHUHODJXDDODPXMHU
'iUDOH D EHEHU HO DJXD \ Vt VH KXELHVH FRQWDPLQDGR VLHQGR LQILHO D VX PDULGR HO DJXD GH
PDOGLFLyQHQWUDUiHQHOODFRQVXDPDUJXUDVHOHKLQFKDUiHOYLHQWUHVHOHVHFDUiQORVPXVORV\
VHUiPDOGLFLyQHQPHGLRGHVXSXHEOR6tSRUHOFRQWUDULRQRVHFRQWDPLQy\HVSXUDTXHGDUi
LOHVD \ VHUi IHFXQGD $Vt HO PDULGR TXHGDUi OLEUH GH FXOSD \ OD PXMHU OOHYDUi VREUH VL VX
SHFDGR1GHOP9ROYHU
>@
6DQWD &ODXV QXHVWUR RUGHQDGRU FRPSOHWy PL LQIRUPDFLyQ VREUH ODV DJXDV DPDUJDV
DxDGLHQGR TXH \D HQ HO &yGLJR GH +DPPXUDEL H[LVWtD XQ SUHFHGHQWH VLPLODU 6t XQD PXMHU
UHVXOWDEDVRVSHFKRVDGHDGXOWHULRHUDDUURMDGDDODFRUULHQWHGHOeXIUDWHV6tVDOtDFRQYLGDHUD
FRQVLGHUDGDLQRFHQWH6tSHUHFtDVXFXOSDELOLGDGHUDPDQLILHVWD1GHOP9ROYHU
>@/DPXMHUMXGtDVyORWHQtDGHUHFKRDSHGLUHOGLYRUFLRVLVXPDULGRHMHUFtDXQDGHHVWDVWUHV
SURIHVLRQHVUHFRJHGRUGHLQPXQGLFLDVGHSHUUREDVXUHURIXQGLGRUGHFREUHRFXUWLGRU/LVWD

UHFRJLGD HQ HO HVFULWR UDEtQLFR .HWXERW 9,, < HOOR VH GHEtD ~QLFDPHQWH DO PDO RORU
SURGXFLGR SRU GLFKDV DFWLYLGDGHV /D /H\ HVWLSXODED WDPELpQ TXH OD HVSRVD SRGtD VROLFLWDU HO
GLYRUFLR VL D SDUWLU GH ORV DxRV HO PDULGR OD REOLJDED D KDFHU YRWRV DEXVDQGR GH VX
GLJQLGDGRVLDTXpOSDGHFtDGHOHSUDRSyOLSRV1GHOP9ROYHU
>@
8Q ORJ PHGLGD XWLOL]DGD SDUD OtTXLGRV \ iULGRV HTXLYDOtD D PHGLR OLWUR
DSUR[LPDGDPHQWH1GHOP9ROYHU
>@ 8QD HIi PHGLGD MXGtD GH FDSDFLGDG HTXLYDOtD D ORJ (Q HVWH FDVR OD %LEOLD
HVWLPDEDTXHGHEtDRIUHQGDUVHXQDGpFLPDGHHIiHVGHFLUORJRORTXHHVORPLVPR
XQRVNLORV\JUDPRVDSUR[LPDGDPHQWH1GHOP9ROYHU
>@
(VWH VXOIXUR D GLIHUHQFLD GHO OODPDGR VXOIXUR URMR GH DUVpQLFR TXH VH KDOOD HQ
DEXQGDQFLDHQ%RKHPLDHVIiFLOGHHQFRQWUDUHQ3HUVLD'HDKtTXHORVLVUDHOLWDVSXGLHUDQWHQHU
XQPHMRUDFFHVRDODPDULOOR$PERVVLQHPEDUJRUH~QHQFDUDFWHUtVWLFDVSDUHFLGDVHQFXDQWR
DOKHFKRGHTXHVRQVROXEOHVHQVROXFLRQHVDOFDOLQDV(ODPDULOORQRREVWDQWHDOFRQWHQHUHO
FLWDGR iFLGR DUVHQLRVR UHVXOWD PXFKR PiV Wy[LFR TXH HO URMR (UD WDPELpQ PXFKR PiV
DEXQGDQWHHQHOFRPHUFLRGHDTXHOODpSRFDVLHQGRFRQRFLGRLQFOXVRSRU7KHRSKUDVWRTXHYLYLy
DxRVDQWHVGH&ULVWR1GHOP9ROYHU
>@(OFDUERQDWRSRWiVLFRHQHVSHFLDOHVIXHUWHPHQWHDOFDOLQRDOFRQWDFWRFRQHODJXDJR]DQGR
DGHPiVGHXQIXHUWHSRGHUFiXVWLFRRFRUURVLYRTXHSRGUtDFRQWULEXLUDXQDPHMRUGHVLQWHJUDFLyQ
GHODVOiPLQDVGHVXOIXURGHDUVpQLFR\DODGLVROXFLyQGHODWLQWD1GHOP9ROYHU
>@
(Q FRQWUD GH OD FUHHQFLD SRSXODU HO iFLGR DUVHQLRVR QR WLHQH XQ VDERU DPDUJR VLQR
OLJHUDPHQWHD]XFDUDGR1GHOP9ROYHU
>@$XQTXHORVJULHJRV\ORVURPDQRVFRQRFtDQORVVXOIXURVGHDUVpQLFRQDWLYRVSDUHFHVHUTXH
QRVHWXYRFRQRFLPLHQWRGHOiFLGRDUVHQLRVRDOPHQRVHQ(XURSDDQWHVGHODpSRFDGH*HEHU
VLJOR ,; (O PLVPR PHWDO DXQTXH FLWDGR \D SRU 3DUDFHOVR QR IXH ELHQ GHILQLGR HQ VXV
SURSLHGDGHV\QDWXUDOH]DKDVWDSRUHOIDPRVRDOTXLPLVWD%UDQG1GHOP9ROYHU
>@
(O SURIHVRU ( .RFKYD GHO 'HSDUWDPHQWR GH =RRORJtD GH OD 8QLYHUVLGDG GH 7HO$YLY
,VUDHOVHPDQLIHVWyWDPELpQGHDFXHUGRFRQHVWD~OWLPDKLSyWHVLV6LODVPXFRVDVTXHSURWHJHQ
ODVSDUHGHVLQWHUQDVGHOSDTXHWHLQWHVWLQDOVRQUDVJDGDVODVDJXDVDPDUJDVSXHGHQFRQYHUWLUVH
HQXQYHQHQRDFWLYR1GHOP9ROYHU
>@(QVXREUD*XHUUDVGHORV-XGtRV)ODYLR-RVHIRHIHFWLYDPHQWHKDEODGHHVWHDFXHGXFWRTXH
FRQVWLWX\yRWURGHORVJUDYHVHUURUHVGH3LODWR6LQHOPHQRUWDFWRSROtWLFRHOSURFXUDGRUPDQGy
XWLOL]DUHOWHVRURTXHORVMXGtRVOODPDEDQ&RUERQDQSDUDWUDHUHODJXD$TXHOORSURYRFyXQD
UHYXHOWD SHUR 3LODWR DFWXy FRQ HQHUJtD RUGHQDQGR TXH VXV VROGDGRV JROSHDUDQ D ORV
PDQLIHVWDQWHVFRQSRUUDV\SDORVGDQGROXJDUDXQDJUDQPRUWDQGDG5HFLHQWHVGHVFXEULPLHQWRV
DUTXHROyJLFRVKDQGHPRVWUDGRTXHHODFXHGXFWRHQFXHVWLyQLEDKDVWDHOPRQWHGHORV)UDQFRVHQ
ODVFHUFDQtDVGH%HOpQVREUHHOTXHVHDVHQWDEDODIRUWDOH]DGHO+HURGLXP1GHOP9ROYHU
>@ 8Q WDOHQWR HTXLYDOtD D GHQDULRV /RV RFKR WDOHQWRV SRU WDQWR HUDQ XQD FRQVLGHUDEOH
IRUWXQD1GHOP9ROYHU
>@$TXHOOtTXLGRDFHLWRVRVHJ~QPHH[SOLFyXQDGHODVGLVFtSXODVHUDIDEULFDGRHQ-HUXVDOpQ
SDUWLHQGRSUHFLVDPHQWHGHDTXHOODVXVWDQFLDSDUGRURML]DTXH\RKDEtDYLVWRH[XGDUDORVROLYRV
6DQWD &ODXV FRQILUPDUtD TXH GLFKD PDWHULD GHQRPLQDGD JRPD OHFD HVWi IRUPDGD SRU XQD
VXVWDQFLDEODQFD\FULVWDOLQDTXHVHGLVWLQJXHFRQHOQRPEUHGH2OLYLOD1GHOP9ROYHU
>@ 'XUDQWH PL SUHSDUDFLyQ SDUD HVWD PLVLyQ &DEDOOR GH 7UR\D PH KDEtD SURSRUFLRQDGR XQD
UpSOLFDGHOSODQRGH0DGDEDXQPRVDLFRGHOVLJOR9,GHQXHVWUD(UD\TXHD~QVHFRQVHUYDHQOD
LJOHVLD JULHJD GHO PLVPR QRPEUH (Q GLFKR PDSD DSDUHFtDQ HVWDV GRV FDOOHV SULQFLSDOHV \
SURYLVWDV GH FROXPQDWDV DXWpQWLFDV FROXPQDV YHUWHEUDOHV GH ORV GRV EDUULRV R ]RQDV GH
-HUXVDOpQ1GHOP9ROYHU
>@(QVXREUD*XHUUDGHORV-XGtRVOLEUR6H[WR-RVHIRDVHJXUDTXHWUHVGHODVWRUUHVWHQtDQ
FRGRV PHWURV \ OD FXDUWD OD TXH VH KDOODED DGRVDGD DO WHPSOR FRGRV
PHWURV(VWRVGDWRVVHDSUR[LPDQEDVWDQWHDQXHVWUDVPHGLFLRQHVGHVGHHOPyGXOR1GHOP
9ROYHU
>@ 0L GRFXPHQWDFLyQ VREUH 7LEHULR VH EDVy IXQGDPHQWDOPHQWH HQ FXDWUR IXHQWHV EiVLFDV ORV
$QDOHVGH7iFLWRHOOLEURGH/RV'RFH&pVDUHVGH6XHWRQLR\ODV+LVWRULDVGH5RPDGH
'LyQ&DVLR\9HOHLR3DWpUFXOR$HVWDELEOLRJUDItDVREUHODYLGDS~EOLFD\SULYDGDGH7LEHULR
KXERTXHDxDGLUXQVLQItQGHGRFXPHQWRVGDWRV\OLEURVGH)-RVHIR)LOyQ-XYHQDO2YLGLRGH
ORV 3OLQLRV 6pQHFD +HQWLQJ %HUQRXLOOL %DUEDJDOOR %DULQJ*RXOG )HUUHUR 0DUVK &LDFHUL
0RPPVHQ0DUDxyQ+RPR3LSSLGW$[HO0XQWKH5DPVD\7DUEHU7X[HQ\XQODUJRHWF 1GHO
P9ROYHU
>@
3DUD FXDOTXLHU PpGLFR DTXHOORV RMRV VDOWRQHV DVt FRPR HO FRQMXQWR GH ODV UHVWDQWHV
FDUDFWHUtVWLFDV GH 3LODWR REHVLGDG HVFDVD HVWDWXUD KLQFKD]yQ GH OD FDUD HWF OH KXELHUDQ
KHFKRVRVSHFKDUXQDDOWHUDFLyQGHODJOiQGXODWLURLGHVSRVLEOHPHQWHXQKLSHUWLURLGLVPR1GHO
P9ROYHU
>@(QFRQWUDGHORTXHKDQOOHJDGRDRSLQDUDOJXQRVLQYHVWLJDGRUHVHOSURFXUDGRU3RQFLR3LODWR
QR IXH MDPiV XQ HVFODYR OLEHUWR 3URFHGtD GH XQD IDPLOLD QRELOtVLPD \ PX\ DQWLJXD HQWURQFDGD
GHVGHFXDWURVLJORVDQWHVGH&ULVWRFRQHORUGHQHFXHVWUHURPDQR8QDQWHSDVDGRVX\R3RQFLR
&RPLQLRWRPySDUWHHQODJXHUUDGH&DPLORFRQWUDORVJDORV&RQJUDQDUURMRHVWHDQWHSDVDGRGH
3LODWRFRQVLJXLySHQHWUDUHQ5RPDHVFRQGLGRHQXQDEDUTXLFKXHODGHFRUWH]DVGHiUERO(ORULJHQ
GH&RPLQLRFRPRQRVVHxDODVXSURSLRQRPEUHHUDVDPQLWD'RVFLHQWRVDxRVPiVWDUGHVXUJHQ
HQOD+LVWRULD GH5RPD RWURV GRV3RQFLRV IDPRVRV &D\R 3RQFLR7HOHVLQR\VXSDGUH&D\R
3RQFLR+HUHQLRDPLJRGH3ODWyQ/DIDPLOLDGH3RQFLR3LODWRVHJ~QWRGRVORVKLVWRULDGRUHVVH
GLYLGtDHQFXDWURJUDQGHVUDPDVORVWHOHVLQRVORVFRPLQLDQRVORVIUHJHODQRV\ORVDQILGLDQRV
7RGRV HOORV WRPDEDQ HO QRPEUH GHO OXJDU GH SURFHGHQFLD GH VX IDPLOLD /D UDPD PiV
GLVWLQJXLGD \ QREOH IXH VLQ GXGD OD GH ORV WHOHVLQRV GH OD TXH SURFHGtD &D\R +HUHQLR
OXJDUWHQLHQWH GH 0DULR HQ OD JXHUUD GH (VSDxD HQ WLHPSRV GH 6LOD 3HUR PiV IDPRVR IXH D~Q
3RQFLR7HOHVLQRTXHSXVRD6LODHQJUDQGtVLPRDSULHWR\FX\DPXHUWHIXHSDUD0DULRODVHxDO
GHVXGHUURWD'HVGHHQWRQFHVORV3RQFLR7HOHVLQRVGHVDSDUHFHQGHODKLVWRULDGH5RPDDXQTXH
GRVLPSRUWDQWHVSRHWDV0DUFLDO\-XYHQDOKDEODQGHHOORV8QRSDUDPDO\HOVHJXQGRTXH
ORVWHQtDHQJUDQDSUHFLRSDUDELHQ(VGLItFLOSUHFLVDUDFXiOHVGHODVGRVUDPDVLPSRUWDQWHV
SXGRSHUWHQHFHU3RQFLR3LODWRDXQTXHWRGRKDFHVXSRQHUGDGRVXUDQJR\FDUJRTXHDODGH
ORVWHOHVLQRV3LODWRQRHUDRWUDFRVDTXHXQVREUHQRPEUHRDSRGRFRPRRFXUUtDFRQRWURV
SHUVRQDMHV LOXVWUHV &LFHUyQ 7RUFXDWR &RUYLQR HWF 6LJQLILFDED KRPEUH GH ODQ]D \
SUHVXPLEOHPHQWH WHQtD UHODFLyQ FRQ DOJ~Q LPSRUWDQWH KHFKR GH DUPDV RFXUULGR HQ OD IDPLOLD GH
ORV3RQFLR(QODJXHUUDFLYLOGH&pVDU\3RPSH\RSRUHMHPSORORV3RQFLRIXHURQSDUWLGDULRV
GHOSULPHURFRQWiQGRVHGHHOORVDOJXQRVUDVJRVKHURLFRVTXHOHVYDOLHURQXQDJUDQDPLVWDGFRQ
&pVDU2WURVPLHPEURVGHODIDPLOLDVLQHPEDUJRSHUPDQHFLHURQILHOHVDOD5HS~EOLFDFRPRIXH
HOFDVRGH/XFLR3RQFLR$TXLODDPLJRGH&LFHUyQ(QWLHPSRVGH7LEHULRDSDUHFHQORVIDVFHV
FRQVXODUHVHQPDQRVGHXQWDO&D\R3RQFLR1LJULQR\HQORVEDQFRVGHO6HQDGRWHQHPRVDRWUR
3RQFLR)UHJHODQRFDtGRPiVWDUGHHQGHVJUDFLDDOXQLUVHDOWHPLGRJHQHUDO6HMDQR3HURQLQJXQD
GH HVWDV FLUFXQVWDQFLDV KL]R SHUGHU SUHVWLJLR D OD IDPLOLD GH ORV 3RQFLR< EDMR HO LPSHULR GH
1HUyQHQFRQWUDPRVDRWUR3RQFLR7HOHVLQRHMHUFLHQGRHO&RQVXODGRFRQ6XHWRQLR3DXOLQR
3RQFLR 3LODWR SHUWHQHFtD HQ UHVXPHQ DO RUGHQ HFXHVWUH URPDQR HV GHFLU D OD QREOH]D GH
VHJXQGRJUDGR1GHOP9ROYHU
>@/DSURIXVLyQGHIDORVHQDTXHOORVWLHPSRVOOHJyDWDOHVH[WUHPRVTXHSRGtDQHQFRQWUDUVHHQ
ODV SXHUWDV GH ODV FDVDV R GH ORV GRUPLWRULRV &XDQGR HUDQ VLWXDGRV HQ ORV MDUGLQHV \ HQ ORV
FDPSRVGHEtDQSURWHJHUFRQWUDODVVRPEUDVQRFLYDV6LORVVLWXDEDQHQODVHQFUXFLMDGDVHOIDOR
VHxDODED DO FDPLQDQWH HO UXPER DGHFXDGR 7DPELpQ SHQGtDQ GH ORV FDUURV YLFWRULRVRV GH ORV
HPSHUDGRUHV IDVFLQXV \ GH ORV FXHOORV GH ODV PXMHUHV HPEDUD]DGDV TXH GHVHDEDQ XQ SDUWR
IiFLO/RVURPDQRVOOHJDURQDFUHHUTXHVXSRGHUDXPHQWDEDVLGDEDQDOIDORXQDIRUPDGHDQLPDO
GRWDGRGHJDUUDVRDODV7DPELpQKDQVLGRHQFRQWUDGRVEDGDMRVFRQIRUPDIiOLFD/DVXSHUVWLFLyQ
URPDQDFUHtDTXHGHHVWDIRUPDHOVRQLGRGHODVFDPSDQDVDKX\HQWDEDORVHPEUXMRV\WRGRWLSR
GH VHUHV IDQWDVPDOHV 6yOR FXDQGR HO ,PSHULR GHFD\y GHJUDGiQGRVH VXV FRVWXPEUHV HO IDOR VH
FRQYHUWLUtD HQ XQ VtPEROR GH SODFHU 0LHQWUDV HQ ORV SULPHURV WLHPSRV GH 5RPD ODV MyYHQHV
GHVSRVDGDV RIUHFtDQ VX YLUJLQLGDG DO +HUPHV SUtDSR FRPR PXHVWUD GH VXV GHYRWDV LQWHQFLRQHV
PiVWDUGHHOIDORGHOGLRVVLUYLyGHFRQVRODGRUDPXFKDVPXMHUHVYLFLRVDV1GHOP9ROYHU
>@)LOyQHVFULEHVREUH3LODWR'HFDUiFWHULQIOH[LEOH\GXURVLQQLQJXQDFRQVLGHUDFLyQ6HJ~Q
HO HVFULWRU GH$OHMDQGUtD OD SURFXUDGXUtD GH 3RQFLR VH FDUDFWHUL]DED SRU VX FRUUXSWLELOLGDG
URERV YLROHQFLDV RIHQVDV EUXWDOLGDGHV FRQGHQDV FRQWLQXDV VLQ SURFHVR SUHYLR \ XQD FUXHOGDG
VLQOLPLWHV1GHOP9ROYHU
>@ 0iV DGHODQWHD UDt] GH QXHVWURVHJXQGR VDOWRHQHO WLHPSR PH YHUtD HQ ODQHFHVLGDGGH
PRGLILFDUODPiVTXHVXDYHGHILQLFLyQGHLQHVWDEOHHPRFLRQDOPHQWH3RQFLRHQUHDOLGDGHUD
XQGHPHQWH1GHOP9ROYHU
>@ &DEDOOR GH 7UR\D FRPSUREy HVWH H[WUHPR HQFRQWUDQGR HQ HIHFWR OD LPDJHQ GH 6HMDQR HQ
PRQHGDV DSDUHFLGDV HQ OD FLXGDG HVSDxROD GH %LOELOLV DFWXDO &DODWD\XG HQ OD SURYLQFLD GH
=DUDJR]D 6HJ~Q 6XHWRQLR DOJXQDV OHJLRQHV HVWDFLRQDGDV HQ 6LULD QR DFHSWDURQ HVWD
JORULILFDFLyQ GH 6HMDQR &XDQGR FD\y HO KRPEUH IXHUWH 7LEHULR ODV UHFRPSHQVy D SHVDU GH
KDEHU VLGR pO PLVPR TXLHQ KDEtD RUGHQDGR HVWD JORULILFDFLyQ GH VX OXJDUWHQLHQWH 1 GHO P
9ROYHU
>@7LEHULRHQHIHFWRDQXQFLyHOQRPEUDPLHQWRGH6HMDQRFRPRFyQVXOHQDTXHOPLVPRDxR
3HUR DO SDUHFHU ODV QRWLFLDV QHFHVLWDEDQ PiV GH WUHV PHVHV SDUD OOHJDU GHVGH 5RPD KDVWD
3DOHVWLQD /D GHVLJQDFLyQ KDEtD VLGR SUHYLVWD SDUD HO DxR VLJXLHQWH DXQTXH HO KRPEUH
GXURGHO&pVDUPRULUtDDQWHVGHRVWHQWDUGLFKRSXHVWR(QDTXHOORVPRPHQWRV3LODWRLJQRUDED
WRGRHVWR'HDKtVXVRUSUHVD1GHOP9ROYHU
>@$TXHOFHQWXULyQVHJ~QODGHILQLFLyQXWLOL]DGDSRU3LODWRHUDHOSULPHURGHORVGHTXH
FRQVWDEDXQDOHJLyQ(QHVWDSHUIHFWDMHUDUTXL]DFLyQGHOHMpUFLWRURPDQRORVOODPDGRVSULPRUXP
RUGLQXPFHQWXULRQHVRDEUHYLDGDPHQWHSULPLRUGLQHVHUDQORVFHQWXULRQHVGHPiVDOWDFDWHJRUtD
GHXQDOHJLyQ(OSULPLSLOXVRHOHJLGRHQSULPHUOXJDUGHHQWUHODVVHVHQWDFHQWXULDVSDUWLFLSDED
LQFOXVRHQORVFRQVHMRVGHJXHUUD1GHOP9ROYHU
>@ (O SURFXUDGRU HVWDED DO WDQWR GH ODV DUJXFLDV HPSOHDGDV SRU ORV FRODERUDGRUHV GHO WHPLGR
6HMDQRSDUDDFXVDUD7LWR6DELQRKRPEUHOHDOD$JULSLQD\HMHFXWDGRFRPR\DGLMHHQHODxR
&XDWURSUHWRUHVTXHDVSLUDEDQDOFRQVXODGRSODQHDURQFRQHOILQGHFRQJUDFLDUVHDQWH6HMDQR
FyPR FDSWXUDU LQ IUDJDQWL D 6DELQR 6H WUDWDED GH /DWLQR /DFLDQR )RUFLR &DWR 3HWHOLR 5XIR \
2SVLR (O SULPHUR GH HOORV VH ILQJLy DPLJR \ FRQILGHQWH GHO LQIHOL] 6DELQR \ H[FLWy FRQ VXV
FUtWLFDVD6HMDQR\D7LEHULRODSURIXQGDDYHUVLyQTXHVHQWtDHODPLJRGH*HUPiQLFRPDULGRGH
$JULSLQDKDFLDHO&pVDU\KDFLDVXPLQLVWUR<HOGtDFRQYHQLGR/DFLDQROOHYyDODYtFWLPDDVX
FDVDSURYRFDQGRVXORFXDFLGDGFRQWUDHO&pVDU\VXIDYRULWR6DELQRLJQRUDEDTXHORVRWURVWUHV
FyPSOLFHV OH HVWDEDQ HVFXFKDQGR GHVGH HO GHVYiQ D WUDYpV GH XQRV DJXMHURV SUDFWLFDGRV HQ HO
VXHOR 3RFR GHVSXpV ODV YLROHQWDV PDQLIHVWDFLRQHV GH 6DELQR HVWDEDQ HQ SRGHU GH 7LEHULR \
6HMDQRTXHRUGHQDURQVXHMHFXFLyQ1GHOP9ROYHU
>@5HFRQR]FRTXHDTXHOODH[FODPDFLyQ\ODDFWLWXGHQJHQHUDOGHOSURFXUDGRUUHVSHFWRD6HMDQR
QRV FRQIXQGLy 7DQWR (OLVHR FRPR \R VDEtDPRV TXH 3RQFLR 3LODWR KDEtD VLGR GHVLJQDGR
SRVLEOHPHQWHSRUHOJHQHUDO\IDYRULWRGH7LEHULRFRQODLQWHQFLyQSUHPHGLWDGDGHSURYRFDUDO
SXHEOR MXGtR 6HMDQR KDEtD VLGR XQR GH ORV KRPEUHV TXH PiV VH KDEtD GLVWLQJXLGR SRU VX RGLR
FRQWUD ORV KHEUHRV TXH KDELWDEDQ HQ 5RPD 3RFR WLHPSR DQWHV GH OD PXHUWH GH &ULVWR HO
HPSHUDGRURUGHQyODH[SXOVLyQGHMXGtRVTXHIXHURQFRQGXFLGRVDODLVODGH&HUGHxDFRQ
OD PLVLyQ GH HOLPLQDU ODV EDQGDV GH EDQGLGRV TXH WHQtDQ DOOt VXV FXDUWHOHV JHQHUDOHV (VWH
GHVWLHUUR PDVLYR HVWXYR SURSLFLDGR HQ EXHQD PHGLGD SRU FRQVHMR GH 6HMDQR \ D UDt] GH XQD
PDOYHUVDFLyQ GH IRQGRV SRU SDUWH GH FXDWUR KHEUHRV TXH KDEtDQ VLGR HQFDUJDGRV SRU )XOYLD
HVSRVDGHOVHQDGRU6DWXUQLQR\UHFLpQFRQYHUWLGDDOMXGDtVPRGHOWUDVODGRGHYDOLRVRVUHJDORVDO
WHPSORGH-HUXVDOpQ3HURHVWRVMXGtRVVHTXHGDURQFRQORVUHJDORV\HOFRPDQGDQWHGHODJXDUGLD
SUHWRULDQD6HMDQRDSURYHFKyHVWHVXFHVRLQIRUPDQGRD7LEHULR(VWHVHHQIXUHFLy\FRPRGLJR
RUGHQyTXHWRGRVORVMXGtRV\SURVpOLWRVIXHUDQH[SXOVDGRVGH5RPD(VWDIXHSUHFLVDPHQWHOD
SULPHUDSHUVHFXFLyQGHORVMXGtRVHQ2FFLGHQWH1GHOP9ROYHU
>@ &DEDOOR GH 7UR\D KDEtD IDEULFDGR DTXHO SHUJDPLQR VLJXLHQGR ODV DQWLJXDV WpFQLFDV GH ORV
HVSHFLDOLVWDV GH 3pUJDPR HQ HO QRURHVWH GH $VLD 0HQRU 6H XWLOL]y XQD SRUFLyQ GH SLHO GH
FRUGHUR 'HVSXpV GH HOLPLQDU HO SHOR IXH UDVSDGD \ PDFHUDGD HQ DJXD GH FDO SDUD HOLPLQDU OD
JUDVD'HVSXpVGHOVHFDGR\VLQXOWHULRUFXUWLGRVHIURWyFRQSROYRGH\HVRSXOLpQGRODDEDVHGH
SLHGUDSyPH]/DHVFULWXUDHQODWtQIXHUHDOL]DGDVLJXLHQGRODWpFQLFDOODPDGDFDSLWDOLVUXVWLFDD
EDVHGHOHWUDVHVEHOWDV\HOHJDQWHV1GHOP9ROYHU
>@ 3DUD SRGHU FRPSUHQGHU PHMRU HVWDV OXFKDV LQWHVWLQDV TXH D]RWDURQ VREUH WRGR DTXHOORV
~OWLPRV DxRV GHO LPSHULR GH 7LEHULR TXLHUR UHFRUGDU D ORV SULQFLSDOHV FRPSRQHQWHV GH OD
OODPDGDIDPLOLDGHORV&ODXGLRV
3ULPHUD JHQHUDFLyQ 7LEHULR &ODXGLR 1HUyQ FDVDGR FRQ /LYLD GH OD TXH WXYR D 7LEHULR
HPSHUDGRU\D'UXVR,VRVSHFKRVRGHVHUKLMRGH/LYLD\HOHPSHUDGRU$XJXVWR
6HJXQGD JHQHUDFLyQ KLMRV GH 7LEHULR &ODXGLR 1HUyQ \ /LYLD KLMDVWURV GH $XJXVWR 7LEHULR
HPSHUDGRUTXHVHFDVyFRQ9LSVDQLD\GHODTXHWXYRD'UXVR,,'HVSXpVVHFDVDUtDFRQ-XOLD,
TXHOHGLRXQKLMRPXHUWR'UXVR,VHFDVyFRQ$QWRQLD,,GHODTXHWXYRD*HUPiQLFR&ODXGLR
TXHIXHHPSHUDGRU\D/LYLOD
7HUFHUDJHQHUDFLyQKLMRVGH7LEHULR\9LSVDQLD'UXVR,,VHFDVyFRQ/LYLODGHODTXHWXYRD
-XOLD,,,*HUPiQLFR*HPHOR\7LEHULR*HPHOR
7HUFHUD JHQHUDFLyQ ,, KLMRV GH 'UXVR , \ $QWRQLD ,, \ SRU WDQWR VREULQRV GH 7LEHULR \
VREULQRVQLHWRVGH$XJXVWR*HUPiQLFR&ODXGLRHPSHUDGRU\/LYLOD
&XDUWDJHQHUDFLyQKLMRVGH'UXVR,,\/LYLOD\SRUWDQWRQLHWRVGH7LEHULR\VREULQRVELVQLHWRV
GH$XJXVWR-XOLD,,,*HUPiQLFR*HPHOR\7LEHULR*HPHOR
&XDUWDJHQHUDFLyQ,,KLMRVGH*HUPiQLFR\$JULSLQD,\SRUWDQWRVREULQRVQLHWRVGH7LEHULR\
ELVQLHWRVGH$XJXVWR1HUyQ,'UXVR,,,&DLRPiVFRQRFLGRSRU&DOtJXOD$JULSLQD,,'UXVLOD
\-XOLD/LYLOD
$QWRQLD,,HQFRQVHFXHQFLDHUDPDGUHGH*HUPiQLFR\DEXHODGH&DOtJXOD1GHOP9ROYHU
>@$VtOODPDEDQIDPLOLDUPHQWHD&DOtJXODORVVROGDGRVFRQORVTXHVHFULyHQOD*HUPDQLDSRU
HOFDO]DGRTXHXVDEDGHWLSRPLOLWDU1GHOQL9ROYHU
>@'HERGHMDUFRQVWDQFLDTXHORVKRPEUHVGH&DEDOORGH7UR\DWUDWDURQSRUWRGRVORVPHGLRV
GHFRQVHJXLUODVHVPHUDOGDVHQORV\DFLPLHQWRVGHORV8UDOHVHQWHUULWRULRVRYLpWLFR(VWDVPLQDV
IXHURQFLWDGDV\DSRUHOKLVWRULDGRU3OLQLRHO9LHMRTXHYLYLyGHODxRDOGHQXHVWUD(UDHQ
VXREUD7UDWDGRVREUHODVSLHGUDVSUHFLRVDV(OORKXELHUDSURSRUFLRQDGRDODDFFLyQXQFDUiFWHU
PiV SXUR \ REMHWLYR 3HUR ORV REVWiFXORV OHYDQWDGRV SRU ORV UXVRV IXHURQ WDOHV TXH HO JHQHUDO
&XUWLVV GHFLGLy FDPELDU HO RULJHQ GH ODV HVPHUDOGDV UHFXUULHQGR HQWRQFHV D ODV QR PHQRV
IDPRVDVPLQDVFRORPELDQDVGH0X]RDXQRVNLOyPHWURVDOQRUWHGHODFLXGDGGH6DQWD)HGH
%RJRWi(OFRORUGHHVWDVHVPHUDOGDVHVPiVVHGRVRJUDVR\DWHUFLRSHODGRTXHODVUXVDVFRQXQD
ELUUHIULJHQFLD\XQDGHQVLGDGPHQRUHVTXHODVGHORV8UDOHV&DEDOORGH7UR\D
DGTXLULySRUWDQWRGRVSLH]DVHQIRUPDGHSULVPDKH[DJRQDOGHJUDPRVGHSHVRFDGDXQD\GH
XQEHOOtVLPRFRORUYHUGH(OSUR\HFWRHVWLPyTXHDXQTXHODVSLHGUDVSURFHGtDQGHXQFRQWLQHQWH
QRGHVFXELHUWRD~QHQHODxRODVSHUVRQDVDODVTXHLEDQGLULJLGDVQRGLVSRQtDQGHORVPHGLRV
WpFQLFRVSUHFLVRVSDUDDYHULJXDUOR1GHOP9ROYHU
>@ 6RVSHFKDQGR HO DOWR JUDGR GH VXSHUVWLFLyQ GHO SXHEOR URPDQR &DEDOOR GH 7UR\D TXLVR
UHJDODU SUHFLVDPHQWH HVPHUDOGDV \D TXH HVWD JHPD JR]DED HQ OD DQWLJHGDG GH XQ FDULVPD
HVSHFLDO6HOHDWULEXtDQSURSLHGDGHVFXUDWLYDVFRQWUDODVILHEUHVSHUQLFLRVDV\ODVSLFDGXUDVGH
DQLPDOHVYHQHQRVRVWDQFRPXQHVHQORVERVTXHV\GHVLHUWRVGH3DOHVWLQDHQDTXHOODVIHFKDV1
GHOP9ROYHU
>@$OJXQDV GH HVWDV DQpFGRWDV IXHURQ LQWURGXFLGDV HQ HO RUGHQDGRU GHO PyGXOR VLJXLHQGR ORV
WH[WRVGH6XHWRQLR/RVGRFH&pVDUHV7iFLWR7LEpUH RX OHVVL[ SUHPLHUV OLYUHV GHV $QQDOHV
3DUtV\&DVLR'LyQ+LVWRULDGH5RPD/9,1GHOP9ROYHU
>@
(Q HO DUJRW SRSXODU HO KHFKR GH YLYLU R SHUPDQHFHU HQ XQ FDPSDPHQWR GH HVWDV
FDUDFWHUtVWLFDVFRQWLHQGDVGHSLHOGHFDEUDHUDFRQRFLGRHQWUHORVVROGDGRVURPDQRVFRPR
VXESHOOLEXVHVVHHVWDUEDMRODVSLHOHV1GHOP9ROYHU
>@/DH[SUHVLyQFHGRDOWHUDPYLHQHDVLJQLILFDUSDVRDODRWUD9ROYHU
>@ (O DSDOHDPLHQWR R FDVWLJDWLR HUD XQD HMHFXFLyQ VROHPQH TXH VH DSOLFDED LQFOXVR D ORV
RILFLDOHV ,QFXUUtDQ HQ HOOD WRGRV DTXHOORV TXH DEDQGRQDEDQ VX SXHVWR GH JXDUGLD ORV TXH VH
GDEDQDOSLOODMHHQODVFDVDV\SXHEORVSRUGRQGHSDVDEDODOHJLyQORVTXHVHUHEHODEDQFRQWUD
VXVMHIHVORVKRPLFLGDVODGURQHVORVTXHSHUGtDQVXVDUPDVORVTXHUHLQFLGtDQSRUWHUFHUDYH]
HQODPLVPDIDOWDORVTXHDWHQWDEDQFRQWUDHOSXGRURORVTXHHUDQUHVSRQVDEOHVGHQHJOLJHQFLDHQ
ODVLPDJLQDULDVGHODQRFKH1GHOP9ROYHU
>@ 6LPyQ KLMR GH %RHWRV IXH VXPR VDFHUGRWH HQ -HUXVDOpQ HQWUH ORV DxRV DO DQWHV GH
&ULVWR 8Q KHUPDQR GH ,VPDHO WDPELpQ GHO SRGHURVR \ DFDXGDODGR JUXSR GH ORV VDGXFHRV
VHUtDVXPRVDFHUGRWHKDFLDHODxRGHVSXpVGH&ULVWR1GHOP9ROYHU
>@ <R VDEtD SRU OD GRFXPHQWDFLyQ GH )ODYLR -RVHIR $QWLJHGDGHV ;,,, TXH ORV VDGXFHRV
XWLOL]DEDQ\FRPtDQHQXWHQVLOLRVGHRUR\SODWD\DTXHQHJDEDQODUHVXUUHFFLyQGHORVPXHUWRV
SURFXUDQGR JR]DU DO Pi[LPR GH OD YLGD WHUUHQD (Q HVWD SRVWXUD VH QRWDED XQD FODUD LQIOXHQFLD
KHOHQtVWLFD3RUVXSDUWH&DLIiVHUDRFRPSDUWtDODVLGHDVGHORVVDGXFHRV1GHOP9ROYHU
>@4XLHUROODPDUODDWHQFLyQVREUHHVDSDODEUDFRPSUDSRUTXHWDO\FRPRYHUHPRVPiV
DGHODQWH VX VLJQLILFDGR SXGR KDEHU DELHUWR XQD YtD GH VROXFLyQ DO SUREOHPD GH OD FDSWXUD GH
-HV~V\DODGHVHVSHUDFLyQGH-XGDV1GHOP9ROYHU
>@&DEDOORGH7UR\DKDEtDGRWDGRQXHVWURPyGXORHQWUHRWURVDSDUDWRVGHWLSRPHWHRUROyJLFR
FRQXQUDZLQWLSROiVHUGHEDMDHQHUJtDFRQUHWRUQRLQWHUQR\GHWDQDOWDVHQVLELOLGDG

TXHSXHGHPHGLUODIXHU]D\GLUHFFLyQGHOYLHQWRFRQHVFDVRVPHWURVSRUVHJXQGRGHHUURU1
GHOP9ROYHU
>@(QHVWDH[SORUDFLyQPHOODPySRGHURVDPHQWHODDWHQFLyQODJUDQVXSHUILFLHTXHGHEtDRFXSDU
OD OiPLQD DSRQHXUyWLFD URPERLGDO HQ WRGD OD UHJLyQ OXPEDU \ TXH PDUFDED LJXDOPHQWH OD
WUHPHQGDIRUWDOH]DGHDTXHOKRPEUH1GHOP9ROYHU
>@ /RV QXHYH SULPHURV Q~PHURV FRUUHVSRQGLHQWHV D FDGD XQR GH ORV FHQWtPHWURV IXHURQ
DVRFLDGRVDODVQXHYHSULPHUDVOHWUDVGHODOIDEHWRJULHJRDOIDSDUDHOEHWDSDUDHOJDPPD
SDUDHOGHOWDSDUDHOHSVLOyQSDUDHOGVHWDSDUDHOHWDSDUDHO]HWDSDUDHOHLRWD
SDUDHO1GHOP9ROYHU
>@/DVOyJLFDVGLILFXOWDGHVSDUDSURFHGHUDXQDPHGLFLyQDQWURSROyJLFDULJXURVDTXHKXELHUD
H[LJLGRODXWLOL]DFLyQGHXQLQVWUXPHQWDOPiVLGyQHRIXHURQVXEVDQDGDVHQSDUWHHQHOPyGXOR
PHGLDQWHXQHVWXGLRFRPSXWDUL]DGRGHODVFLIUDVTXHIXHURQWUDQVPLWLGDVSRUPtGHDFXHUGRFRQ
SDWURQHVHVWiQGDU(VWDVPHGLFLRQHVDQDWyPLFDVXQDYH]SURFHVDGDVDUURMDURQORVVLJXLHQWHV
UHVXOWDGRV
([WUHPLGDGHV VXSHULRUHV WRWDO FHQWtPHWURV EUD]R FP \ DQWHEUD]R FP 'H HVWRV
~OWLPRVFRUUHVSRQGtDQDODPDQR
/RQJLWXGGHODVH[WUHPLGDGHVLQIHULRUHVWRWDOFPPHGLGDVGHVGHHOWDOyQDODDUWLFXODFLyQ
GHODFDGHUD0XVORFP\SLHUQDFP
$QFKXUDGHORVKRPEURVPHGLGDHQWUHORVSXQWRVDFURPLDOHVFP
7URQFRGHVGHHOPDQXEULRR]RQDVXSHULRUGHOHVWHUQyQDOSXQWRWURFDQWpUHRRVDOLHQWHGHOIpPXU
DQLYHOGHDUWLFXODFLyQFP
'LiPHWURWRUiFLFRSRUODHVSDOGDFP
3HUtPHWURGHODFDMDWRUiFLFDPHGLGDDODDOWXUDGHOJUDQSHFWRUDOFP
/RQJLWXGPi[LPDGHODFDEH]DGHVGHHOSXQWRRSLVWRFUDQHDQRDODJDEHODFP
$QFKXUDPi[LPDGHODFDEH]DHQWUHSDULHWDOHVFP
$QFKXUDELFLJRPiWLFDGHVGHODDSyILVLVFLJRPiWLFDGHSyPXORDSyPXORFP
$OWXUDWRWDOGHODFDUDGHVGHHOJRQLRQKDVWDHOSXQWRDOYHRODURSURVWLRQFP
3HUtPHWURGHODFDEH]DFP
3HUtPHWURPi[LPRGHORVEUD]RVFP3HUtPHWURPi[LPRGHDQWHEUD]RVFP
3HUtPHWURPi[LPRGHPXVORVFP3HUtPHWURPi[LPRGHSLHUQDVFP
5RGLOODVSHUtPHWURPi[LPRFP
(VWDWXUDWRWDOPHWURV
/DOtQHDPHGLDRD[LDOGHVGHODQXFDDOFDQDOLQWHUJO~WHRSXQWRVXSHULRUGHOSOLHJXHLQWHUJO~WHR
DSDUHFtDUHFWDVLQGHVYLDFLyQ
/RQJLWXGPi[LPDGHOSLHFPSODQRVGHSULPHUJUDGR
6HJ~Q ORV tQGLFHV GH 'HFRXUW \ 3HQGH HO PRUIRWLSR VRPiWLFR GH -HVXFULVWR UHVXOWy
IXQGDPHQWDOPHQWH PDFURVyPLFR SDUWLFLSDQGR GHO WLSR DWOpWLFR \ HQ FLHUWD PHGLGD GHO
StFQLFR/RVtQGLFHVUHVXOWDQWHVGHODPXOWLSOLFDFLyQGHVXVPHGLGDVUHDOHVSRUORVIDFWRUHV
KDOODGRVSRUORVPHQFLRQDGRVFLHQWtILFRVSDUDHOFDVRGHORVKRPEUHVIXHURQORVVLJXLHQWHV
7DOOD FHQWtPHWURV [ IDFWRU DOWXUD WURFiQWHU FP [
ELWURFDQWpUHRFP ELKXPHUDOFP RFFLSLWRPHQWyQ
FP[ SHUtPHWURWRUiFLFRFP[ \ELPD[LODUFP[
(QFXDQWRDOtQGLFHGH3LJQHW&DEDOORGH7UR\DFRPSUREyTXHHO0DHVWURFRUUHVSRQGtDD
OD GHVFULSFLyQ GH 08< )8(57( tQGLFH GH 3LJQHW DOWXUD HQ FHQWtPHWURV SHUtPHWUR
WRUiFLFRHQHVSLUDFLyQPi[LPDPiVVXSHVRHQNLORV PiV 1DWXUDOPHQWHODV
~OWLPDVGRVFLIUDVSHUtPHWURWRUiFLFRHQPi[LPDHVSLUDFLyQ\SHVRVRQDSUR[LPDWLYDV(O
UHIHULGRtQGLFHGH3LJQHWHVWDEOHFHODVLJXLHQWHFODVLILFDFLyQPHGtD,3 SHUVRQDPX\IXHUWH
,3D SHUVRQDIXHUWH,3D SHUVRQDPHGLDQD,3D SHUVRQDGpELOH,3
SHUVRQDPX\GpELO
(Q UHODFLyQ FRQ HO tQGLFH FUDQHDO R FHIiOLFR ORV H[SHUWRV GH &DEDOOR GH 7UR\D VLHPSUH GH
DFXHUGRFRQODVPHGLGDVREWHQLGDVGHGXMHURQTXH-HV~VGH1D]DUHWHUDPHVRFpIDORFRQXQD
OLJHUtVLPD GROLFRFHIDOLD (VWH tQGLFH VH REWXYR GH DFXHUGR FRQ OD IyUPXOD
FRQYHQFLRQDO
'7PHGLGRHQWUHDPERVHXULyQ[[
,&
'$3PHGLGRHQWUHRSLVWLyQ\JDEHOD
(Q OD YDORUDFLyQ ODWHUDO HO tQGLFH FUDQHDO DUURMy (V GHFLU KLSVRFpIDOR (Q RWUDV
SDODEUDVFRQXQDDOWXUDFUDQHDOFODUDPHQWHVXSHULRUDOGLiPHWURORQJLWXGLQDO
3RU~OWLPRDOH[DPLQDUHOFUiQHRIURQWDOPHQWHHOtQGLFHGHO*DOLOHRUHVXOWyGH(VGHFLU
FRQXQDOLJHUDWHQGHQFLDDODHVWHQRFHIDOLDFUiQHRHVWUHFKR1GHOP9ROYHU
>@
(O FLODQWUR R&RULDQGUXP VDWLYXP GH ODV XPEHOtIHUDV HV HO IUXWR PiV FRQRFLGR HQ
2FFLGHQWH SRU FRULDQGUR D FDXVD GHO IXHUWH RORU D FKLQFKHV TXH GHVSUHQGH FXDQGR HVWi UHFLpQ
FRJLGR 8QD YH] GHVHFDGR VH YXHOYH PX\ DURPiWLFR (O XWLOL]DGR SRU ODV LVUDHOLWDV HUD
DPDULOOHQWR \ GHO WDPDxR GH XQ JUDQR GH SLPLHQWD (V PHQRV H[FLWDQWH \ DIURGLVtDFR TXH HO
FRPLQR 6HJ~Q SXGH FRPSUREDU PXFKRV KHEUHRV PH]FODEDQ HVWH ~OWLPR FRQ PLHO \ SLPLHQWD
WRPiQGRORGRVYHFHVDOGtD(VWRVHJ~QPHGLMHURQOHVH[FLWDEDVH[XDOPHQWH1GHOP9ROYHU
>@
/D UXWD XWLOL]DGD KDELWXDOPHQWH HQ DTXHOOD pSRFD GHVGH OD ORFDOLGDG GH %HWK6DLGD
%HWKVDwGH-XOLDVKDVWD-HUXVDOpQREOLJDEDDSDVDUSRUODVSREODFLRQHVGH.XUVLH+LSSRVHQOD
RULOODRULHQWDOGHOODJRGH*pQpVDUHWK*DGDUD\3HOOD\GHVGHDOOtVLJXLHQGRODPDUJHQGHOUtR
-RUGiQ VH DOFDQ]DED %HWKDEDUD HQ OD UHJLyQ GH OD 3HUHD \ SRU ~OWLPR -HULFy %HWDQLD \
-HUXVDOpQ/DRWUDUXWDODTXHFUX]DEDSRUHOFHQWURGH6DPDULDQRHUDPX\UHFRPHQGDEOH
GDGRVORVFRQWLQXRVFKRTXHVHQWUHORVKDELWDQWHVGH-XGHD\*DOLOHD\ORVVDPDULWDQRV1GHOP
9ROYHU
>@
/D FRVWXPEUH MXGtD GH DTXHOOD pSRFD HVWDEOHFtD TXH SDUD FXPSOLU SOHQDPHQWH FRQ HO
SUHFHSWRGHHVWDUDOHJUHVHQOD3DVFXDHUDDFRQVHMDEOHKDFHUUHJDORVWDQWRDORVDPLJRVFRPRD
ORVIDPLOLDUHV\VREUHWRGRDODVPXMHUHV<DXQTXHpVWHQRHUDPLFDVRGDGDPLFRQGLFLyQGH
JHQWLOFRQVLGHUpDTXHOSUHWH[WRPX\DGHFXDGRSDUDPLVILQHV1GHOP9ROYHU
>@$MX]JDUSRUVXFRORUD]XO\SRUVXIRUPDHQSDQHVFXDGUDGRVGHXQRVJUDPRVGHSHVR
FDGD XQR DTXHOOD SDVWD WLQWyUHD GHEtD VHU XQD GH ODV HVSHFLHV GH tQGLJR GH OD ,QGLD PX\
DSUHFLDGDHQHODUWHGHOWLQWH1GHOP9ROYHU
>@/DILHVWDGHOD3DVFXDMXGtDWDPELpQOODPDGDKDJKDPDVVRWRILHVWDGHORViFLPRVVH
FHOHEUDED DQXDOPHQWH HO GH 1LViQ FRUUHVSRQGLHQGR FRQ HO SOHQLOXQLR R OXQD OOHQD GH OD
SULPDYHUD (Q DTXHO DxR HVWD IHFKD GH 1LViQ FD\y HQ ViEDGR GH DEULO (O FRUGHUR
SDVFXDO VH VDFULILFDED OD YtVSHUD GH 1LViQ \ VH FRPtD HQ IDPLOLD XQD YH] RVFXUHFLGR HV
GHFLUHQHVWDRFDVLyQHOYLHUQHVGHDEULO(O*DOLOHRFHOHEUySRUWDQWROD~OWLPDFHQDHO
GH1LViQRMXHYHVGHDEULO(OPHVGH1LViQHUDHOSULPHURGHODxRMXGtRFRUUHVSRQGLHQGRD
QXHVWURVPDU]RRDEULO1GHOP9ROYHU
>@ (VWD H[SUHVLyQ HV IUHFXHQWHPHQWH XWLOL]DGD HQ HO DUJRW DHURQiXWLFR SDUD FRPXQLFDU TXH VH
UHFLEHHOVRQLGRGHIRUPDQtWLGD1GHOW9ROYHU
>@(OLQWHUHVDQWHFRQWHQLGRGHODVSDODEUDV\HQVHxDQ]DVGH-HV~VGH1D]DUHWGXUDQWHOD~OWLPD
FHQD DSDUHFHUiQ HQ XQ VLJXLHQWH YROXPHQ HQ HO TXH VH UHODWDQ ODV YLYHQFLDV GHO PD\RU
QRUWHDPHULFDQRGXUDQWHVXVHJXQGRJUDQYLDMHDODxR1GH--%HQtWH]9ROYHU
>@ (O YROXPHQ GH FDGD FRSD IXH FDOFXODGR HQ FHQWtPHWURV F~ELFRV GH ORV FXDOHV
FRUUHVSRQGtDQDDJXDXQOLWURGHYLQRUHSUHVHQWDXQDSRUWHGHFDORUtDVDSUR[LPDGDPHQWH
1GHOP9ROYHU
>@ 0HWDEROLVPR EDVDO GH -HV~V [ PHWURV FXDGUDGRV GH VXSHUILFLH WRWDO [ KRUDV
FDORUtDVFXDQGRPHUHILHURDFDORUtDVVHVREUHHQWLHQGHODH[SUHVLyQNLORFDORUtDV1
GHOP9ROYHU
>@&DEDOORGH7UR\DJUDFLDVDXQHVSOpQGLGRVHUYLFLRGHOD,QWHOLJHQFLDQRUWHDPHULFDQDKDEtD
REWHQLGRDILQDOHVGHORVSODQRVGHOUDGDU*XQ'LVKTXHVHUtDXWLOL]DGRPHVHVGHVSXpV
SRUORVHJLSFLRVHQODJXHUUDGHO<RP.LSSXURFWXEUHGH\FX\DIUHFXHQFLDHUDGHXQRV
*+] (V GHFLU 0FV (VWH FRPSOHMR UDGDU KDEtD VLGR GLVSXHVWR D ERUGR GHO PyGXOR
9ROYHU
>@/DVLWXDFLyQGHOREMHWRHUDGHJUDGRVDO1RUWH\DPLOODVGHGLVWDQFLDGHOSXQWR
GRQGHVHKDOODEDSRVDGRHOPyGXOR1GHOP9ROYHU
>@ (O REMHWR TXH KDEtD VHJXLGR XQD WUD\HFWRULD 1RUWH HPSH]DED D GHVSOD]DUVH HQ GLUHFFLyQ
2HVWH6XURHVWH-XVWDPHQWHKDFLDHOiUHDGH-HUXVDOpQ9ROYHU
>@(VGHFLUKDEtDSHUPDQHFLGRHVWiWLFRRLQPyYLO1GHOP9ROYHU
>@'DGRTXHQRSRGtDPRVWRFDUD-HV~V&DEDOORGH7UR\DVLWXyHQHOLQWHULRUGHODYDUDGH
0RLVpVXQFRPSOHMRHQWUDPDGRGHHTXLSRVPLQLDWXUL]DGRVGHVWLQDGRVDH[SORUDUHOFXHUSRGHO
0DHVWURWDQWRHQHOVLQJXODUIHQyPHQRGHOVXGRUVDQJXLQROHQWRGHOKXHUWRGH*HWVHPDQtFRPRHQ
OD IODJHODFLyQ \ HQ ODV ODUJDV KRUDV GH OD FUXFLIL[LyQ (VWRV VLVWHPDV TXH LUp GHWDOODQGR
SDXODWLQDPHQWH FRQVLVWtDQ IXQGDPHQWDOPHQWH HQ XQ HTXLSR GH WHOHWHUPRJUDItD \ HQ HO \D
UHIHULGRGHXOWUDVRQLGRV
(VWH~OWLPRIXHVHOHFFLRQDGRSRUORVH[SHUWRVGH&DEDOORGH7UR\DSRUVXQDWXUDOH]DLQRIHQVLYD\
SRU VXV FDUDFWHUtVWLFDV TXH OHV KDFtDQ LGyQHR SDUD OD H[SORUDFLyQ \ SRVWHULRU FRQYHUVLyQ HQ
LPiJHQHV GH yUJDQRV LQWHUQRV WDQ LPSRUWDQWHV FRPR SiQFUHDV YHMLJD KtJDGR \ DEGRPHQ HQ
JHQHUDO DVt FRPR HQ HO FRQWURO GHO WRUUHQWH VDQJXtQHR D WUDYpV GH ODV JUDQGHV DUWHULDV \ YDVRV
LQWHUPHGLRV FRUD]yQ RMRV \ WHMLGRV EODQGRV HQ JHQHUDO &DEDOOR GH 7UR\D HQ EDVH DO OODPDGR
HIHFWRSLH]RHOpFWULFRGHVFULWR\DSRUORVKHUPDQRV&XULH\VHJ~QHOFXDOODFRPSUHVLyQGHOD
VXSHUILFLH GH XQ FULVWDO GH FXDU]R FUHD HQ pO XQD FRUULHQWH XOWUDVRQLGRV GLVSXVR HQ OD FDEH]D
HPLVRUDXQDSODFDGHFULVWDOSLH]RHOpFWULFRIRUPDGDSRUWLWDQDWRGHEDULR8QJHQHUDGRUGHDOWD
IUHFXHQFLDDOLPHQWDEDGLFKDSODFDSURGXFLHQGRDVtODVRQGDVXOWUDVyQLFDVHQXQDIUHFXHQFLDTXH
RVFLODED HQWUH ORV \ ORV +HU] (VWRV XOWUDVRQLGRV FRQ XQD YHORFLGDG GH
SURSDJDFLyQ HQ HO FXHUSR KXPDQR GH D PHWURV SRU VHJXQGR FRQ H[FHSFLyQ GH ORV
KXHVRV SHUPLWHQ FRPR GLJR XQD H[FHOHQWH H[SORUDFLyQ \ SRVWHULRU YLVXDOL]DFLyQ GH ORV
yUJDQRVGHVHDGRVORJUiQGRVHLQFOXVRODFDSWDFLyQGHOVRQLGRFDUGLDFR\GHOIOXMRVDQJXtQHRD
WUDYpVGHXQVLVWHPDGHDGDSWDFLyQGHQRPLQDGRHIHFWR'RSSOHU&RQLQWHQVLGDGHVTXHRVFLODQ
HQWUHORV\ORVPLOLZDWLRVSRUFHQWtPHWURFXDGUDGR\FRQIUHFXHQFLDVDSUR[LPDGDVDORV
PHJDFLFORVHOGLVSRVLWLYRGHXOWUDVRQLGRVWUDQVIRUPDODVRQGDVLQLFLDOHVHQRWUDVDXGLEOHV
PHGLDQWHXQDFRPSOHMDUHGGHDPSOLILFDGRUHVFRQWUROHVGHVHQVLELOLGDGPRGXODGRUHV\ILOWURVGH
EDQGDV
&RQ HO ILQ GH VROYHQWDU HODUGXRSUREOHPDGHO DLUHHQHPLJR YLWDO GHORVXOWUDVRQLGRV\\D
TXH ODV PHGLFLRQHV \ UDVWUHRV VyOR SRGtDQ HIHFWXDUVH D XQD FLHUWD GLVWDQFLD GH -HV~V ORV
HVSHFLDOLVWDVGHOSUR\HFWRLGHDURQXQUHYROXFLRQDULRVLVWHPDFDSD]GHHQFDUFHODU\JXLDUORV
FLWDGRVXOWUDVRQLGRVDWUDYpVGHXQILQtVLPRFLOLQGURGHOX]OiVHUGHEDMDHQHUJtDFX\RIOXMRGH
HOHFWURQHVOLEUHVTXHGDEDFRQJHODGRHQHOPLVPtVLPRLQVWDQWHGHVXHPLVLyQ(OSURFHGLPLHQWR
SDUD FRQJHODU HO OiVHU GDQGR OXJDU D OR TXH SRGUtDPRV FDOLILFDU FRPR OX] VyOLGD FX\DV
DSOLFDFLRQHVHQHOIXWXURVHUiQLQLPDJLQDEOHVQRPHHVWiSHUPLWLGRGHVYHODU3RUVXSXHVWRDO
FRQVHUYDUXQDORQJLWXG GHRQGDVXSHULRUD DUPVWURQJPLFUDVHO WXEROiVHU VHJXtD
GLVIUXWDQGRGHODSURSLHGDGHVHQFLDOGHOLQIUDUURMRFRQORTXHVyORSRGtDVHUYLVWRPHGLDQWHODV
OHQWHV HVSHFLDOHV GH FRQWDFWR TXH PH KDEtD VXPLQLVWUDGR &DEDOOR GH 7UR\D 'H HVWD IRUPD ODV
RQGDVXOWUDVyQLFDVSRGtDQGHVOL]DUVHSRUHOLQWHULRUGHODWXEHUtDIRUPDGDSRUODOX]VyOLGDR
FRKHUHQWH SXGLHQGR VHU ODQ]DGDV D GLVWDQFLDV TXH RVFLODEDQ HQWUH ORV FLQFR \ YHLQWLFLQFR
PHWURV1GHOP9ROYHU
>@3UHFLVDPHQWHSRUVXUHODWLYDVHPHMDQ]DFRQODVIRVDVLQIUDUURMDVGHHVWDVVHUSLHQWHVTXH
OHV SHUPLWHQ OD FD]D GH VXV SUHVDV D WUDYpV GH ODV HPLVLRQHV GH UDGLDFLyQ LQIUDUURMD GH ORV
FXHUSRVGHODVYtFWLPDV9ROYHU
>@
*HQHUDOPHQWH ODV OHQWHV GH FRQWDFWR GHO WLSR GXUR VH EDVDQ HQ XQ SURGXFWR OODPDGR
SROLPHWLOPHWDFULODWR 300$ TXH FRQVWLWX\H HQ UHDOLGDG OD EDVH IXQGDPHQWDO GH OD OHQWLOOD
9ROYHU
>@ &RPR HV VDELGR FXDOTXLHU FXHUSR FX\D WHPSHUDWXUD VHD VXSHULRU DO FHUR DEVROXWR PHQRV
JUDGRV FHQWtJUDGRV HPLWH HQHUJtD ,5 R LQIUDUURMD (VWD HPLVLyQ GH UD\RV LQIUDUURMRV
LQYLVLEOHVSDUDHORMRKXPDQRHVWiSURYRFDGDSRUODVRVFLODFLRQHVDWyPLFDVHQHOLQWHULRUGH
ODVPROpFXODV\HQFRQVHFXHQFLDVHKDOODHVWUHFKDPHQWHOLJDGDDODWHPSHUDWXUDGHFDGDFXHUSR
3XHVELHQHORMRGHOKRPEUHFRPRHVWiGHPRVWUDGRVyORYHXQDSHTXHxDSDUFHODGHOHVSHFWUR
HOHFWURPDJQpWLFRGHODOX]ODTXHVHH[WLHQGHGHVGHORVDORVQDQyPHWURV3RUHQFLPDGH
HVWD ~OWLPD DSDUHFHQ ODV JDPDV GHO LQIUDUURMR 3HUR PHGLDQWH HO XVR GH JDIDV HVSHFLDOHV
DGHFXDGDVDODHPLVLyQGHOLQIUDUURMRHOKRPEUHSXHGHYHUWDPELpQHQHVDIUHFXHQFLD$VX
YH]HVWDUHJLyQGHOLQIUDUURMRHVWiVXEGLYLGLGDHQLQIUDUURMRSUy[LPRPHGLROHMDQR\H[WUHPR
/RV VHQVRUHV ,5 R LQIUDUURMRV GH ODV VHUSLHQWHV DPHULFDQDV FUyWDORV HVWiQ IRUPDGRV
SUHFLVDPHQWHSRUXQDPHPEUDQDGRWDGDGHDEXQGDQWHVWHUPLQDFLRQHVQHUYLRVDVTXHOHVSHUPLWHQ
GHWHFWDUYDULDFLRQHVGHWHPSHUDWXUDGHORUGHQGHXQDPLOpVLPDGHJUDGR1GHOP9ROYHU
>@
/RV HVSHFLDOLVWDV GHO SUR\HFWR KDEtDQ ORJUDGR HVWDV FDVL PLODJURVDV OHQWHV GH FRQWDFWR
LQIUDUURMDV LQFRUSRUDQGR XQD VHULH GH EDQGDV SHULIpULFDV D OD VXSHUILFLH EiVLFD PRQRFXUYD
GRWDGDVGHFLHQWRVGHPLFURFHOGLOODVTXHQRKHUDQRWUDFRVDTXHRWURVWDQWRVILOWURV:UDWWHQ
%TXHVyORGHMDEDQSDVDUODUDGLDFLyQLQIUDUURMD(OSHVRHVSHFtILFRORJUDGRIXHGH6X
IXHU]DIOH[LRQDOSSLHUDGH\ODGXUH]D5RFNZHOOGH009ROYHU
>@$XQTXHUHVXOWDEDUHPRWDODSRVLELOLGDGGHWURSH]DUFRQXQDIXHQWHHQHUJpWLFDQDWXUDOGHJUDQ
LQWHQVLGDGFDVRGHKDEHUPLUDGRDOVROSRGUtDKDEHUSURYRFDGRJUDYHVOHVLRQHVHQPLVRMRV<

DXQTXH QDGD GH HVWR VXFHGLHUD HO FRQWDFWR GLUHFWR GH OD FyUQHD FRQ ODV FUyWDORV QR KDFtD
DFRQVHMDEOHXQXVRH[FHVLYR9ROYHU
>@(QHOFDVRGHORVXOWUDVRQLGRVODFDEH]DGHFREUHGHFRORUEODQFRSRGtDDGRSWDUGRV
SRVLFLRQHVSHUIHFWDPHQWHGLIHUHQFLDGDVODSULPHUDSDUDDFWLYDUHOODQ]DPLHQWRGHRQGDVFRQXQD
IUHFXHQFLDGH0+=VXILFLHQWHSDUDH[SORUDUyUJDQRVLQWHUQRV\ODVHJXQGDGHD0+=
SDUDHOUDVWUHRGHVXSHUILFLH\WHMLGRVEODQGRV1GHOP9ROYHU
>@$XQTXHHQXQSULQFLSLRVHSHQVyTXHTXL]iODKHPDWRKLGURVLVKDEtDVLGRSURYRFDGDSRUXQ
H[FHVR GH KLVWDPLQD OLEHUDGD SRU HO VLVWHPD QHUYLRVR FRPR FRQVHFXHQFLD GH OD JUDQ WHQVLyQ
HPRFLRQDO\ODQ]DGDDOWRUUHQWHVDQJXtQHRTXHEUDQGRDVtORVFDSLODUHVODVLQYHVWLJDFLRQHVVREUH
HOSiQFUHDVLQFOLQDURQDORVH[SHUWRVKDFLDODKLSyWHVLVGHODOODPDGDILEULQROLVLVFRQVLVWHQWHHQ
ODDFWLYDFLyQSDWROyJLFDGHXQPHFDQLVPRQRUPDO8QV~ELWRDXPHQWRGHSODVPLQDOLVRTXLQDVDV
SXGRRULJLQDUXQGHUUDPDPLHQWRJHQHUDOL]DGRHQVDQJUHGLOX\HQGRHOFHPHQWRHQGRWHOLDOTXH
GDUtDFRPRUHVXOWDGRHOSDVRGHODVDQJUHDOH[WHULRU1GHOP9ROYHU
>@1LYHOSLHVXQRVPLOPHWURV9ROYHU
>@ 5DGLDO HO REMHWR VH DSUR[LPDED FRQ UXPER JUDGRV DSUR[LPDGDPHQWH GLUHFFLyQ
(VWH6XUHVWH9ROYHU
>@$HVDDOWXUDHOYLHQWROOHYDEDGLUHFFLyQJUDGRV6XUHVWH\XQRVQXGRVGHYHORFLGDG
DOUHGHGRUGHNLOyPHWURVSRUKRUD1GHOP9ROYHU
>@(QHODUJRWDHURQiXWLFRDODL]TXLHUGDGHOREVHUYDGRUWRPDQGRVLHPSUHODVKRUDVGHXQ
UHORMFRPRHOSXQWRIURQWDOGHREVHUYDFLyQ$ODVWUHVVHUtDSRUHMHPSORDODGHUHFKD9ROYHU
>@&ROLPDGR(OLVHRKDEtDORFDOL]DGR\FHQWUDGRHOREMHWRHQVXSDQHOGHLQVWUXPHQWRV9ROYHU
>@ (O UDGDU GHO PyGXOR HVWDED VLHQGR VLOHQFLDGR R LQXWLOL]DGR SRU RWUD SRVLEOH HPLVLyQ GH
UDGDURSRUDOJXQDLQWHUIHUHQFLDHOHFWUyQLFDSURFHGHQWHGHOREMHWR1GHOP9ROYHU
>@&RPRPLHPEURGHODV)XHU]DV$pUHDVVpKDVWDGyQGHOOHJDKR\ODUHVLVWHQFLDKXPDQDIUHQWHD
OD JUDYHGDG$OJXQRV DVWURQDXWDV \ FRQ WUDMHV PX\ HVSHFLDOHV KDQ VRSRUWDGR KDVWD J HO
YDORUQRUPDOGHODDFHOHUDFLyQGHODJUDYHGDGHVGHFLUGHXQDJHVGHPHWURV
SRU VHJXQGR FDGD VHJXQGR < VHJ~Q PL HVWLPDFLyQ DTXHO REMHWR SUDFWLFy XQD FDtGD \ XQ
SRVWHULRU GHVSHJXH TXH GHELy VRPHWHU D ORV SRVLEOHV SLORWRV D R J 1 GHO P
9ROYHU
>@/DILJXUDGHORSWLRUHSUHVHQWDEDDXQVXERILFLDOGLUHFWDPHQWHEDMRHOPDQGRGHXQFHQWXULyQ
*HQHUDOPHQWH PDQGDED SHTXHxRV JUXSRV GH WURSD GHVFDUJDQGR DO RILFLDO GH VXV IXQFLRQHV
DGPLQLVWUDWLYDV GLVSRVLFLyQ GH ODV JXDUGLDV LQVWUXFFLyQ PLOLWDU HWF 6H OHV GLR HO QRPEUH GH
RSWLRQHV VHJ~Q )HVWR SRUTXH GHVGH HO WLHPSR HQ TXH VH SHUPLWLy D ORV FHQWXULRQHV HOHJLU X
RSWDUHDOTXHGHVHDEDQVHOHVDSOLFyWDPELpQHOQRPEUHGHRSWLRSRUHOKHFKRGHODHOHFFLyQ
1GHOP9ROYHU
>@$OJXQRVHVSHFLDOLVWDVDSXQWDURQODSRVLELOLGDGGHTXHGLFKDOH\VHWUDWDUDHQUHDOLGDGGH
XQDDGDSWDFLyQPX\SDUWLFXODUGHOUpJLPHQGHODJDUDQWtDGHSUHVHQWDFLyQDQWHHOMXH]PHGLDQWH
ORV OODPDGRVSUDHGHVYDGHVTXHVHUYtDSUHFLVDPHQWHSDUDHYLWDUODSULVLyQSUHYHQWLYDGHOUHR
WDO\FRPRVHKDFHHQODDFWXDOLGDGFRQODDEXVLYDPHQWHOODPDGDILDQ]DpVWDQRHVXQDJDUDQWtD
SHUVRQDOVLQRXQGHSyVLWRGHGLQHUR1GHOP9ROYHU
>@ (O DUJXPHQWR GH DTXHO OHYLWD HUD FRUUHFWR /D SURIXQGD VXSHUVWLFLyQ GH DTXHOODV JHQWHV
FRQVLGHUDED TXH ORV GHPRQLRV DWDFDEDQ SULQFLSDOPHQWH D ORV OLVLDGRV D ORV QRYLRV \ D ORV
PXFKDFKRVGHKRQRUVHJ~QLQIRUPDFLyQTXHPHSURSRUFLRQy6DQWD&ODXV1RHUDOyJLFRSXHV
TXHXQVXSXHVWRGHPRQLR-HV~VFXUDVHDORVOLVLDGRV1GHOP9ROYHU
>@&RPRFUHRTXH\DKHH[SOLFDGRDQWHULRUPHQWHORVOHYLWDVXQRVHVWDEDQUHSDUWLGRV
DO LJXDO TXH ORV VDFHUGRWHV HQ VHFFLRQHVVHPDQDOHV(VWDVVHUHOHYDEDQFDGDVHPDQD &DGD

VHFFLyQ WHQtD XQ MHIH $GHPiV GH ORV VHUYLFLRV LQIHULRUHV P~VLFD \ DOJR VLPLODU D ORV
DFWXDOHVVDFULVWDQHVORVOHYLWDVVHHQFDUJDEDQGHODYLJLODQFLDGHO7HPSOR)LOyQGHVFULEH
VXVIXQFLRQHVGHWDOODGDPHQWH8QRVORVSRUWHURVHVWDEDQDODVSXHUWDV2WURVHQHOLQWHULRUGH
OD H[SODQDGD GHO 7HPSOR HQ HO SURQDRV R WHUUD]D \ HO UHVWR SDWUXOODQGR DOUHGHGRU +DEtD
QDWXUDOPHQWHGRVJXDUGLDVODGHGtD\ODQRFWXUQD/DYLJLODQFLDSRUWDQWRHVWDEDGLYLGLGDHQ
WUHVJUXSRVORVSRUWHURVGHODVSXHUWDVH[WHULRUHVGHO7HPSORORVJXDUGLDQHVGHODWHUUD]DTXH
VHSDUDEDODH[SODQDGDGHORV*HQWLOHVGHOUHFLQWRVDJUDGRGHO6DQWXDULR\ODVSDWUXOODVGHOFLWDGR
DWULRGHORV*HQWLOHV'XUDQWHHOGtDYLJLODEDQWDPELpQHODWULRGHODV0XMHUHV8QDYH]FHUUDGDV
ODVSXHUWDVGHO6DQWXDULRDODFDtGDGHOVROORVSROLFtDVQRFWXUQRVRFXSDEDQVXVSXHVWRVHQ
WRWDO/D]RQDVDJUDGDDODTXHQRWHQtDQDFFHVRORVOHYLWDVHUDFXVWRGLDGDSRUORVSURSLRV
VDFHUGRWHV/RVMHIHVGHHVWRVOHYLWDVHUDQOODPDGRVVWUDWHJRLWDO\FRPRFLWD6DQ/XFDV
9DULRVGHHOORVHQHIHFWRHVWDEDQSUHVHQWHVHQODFDSWXUDGH-HV~V1GHOP9ROYHU
>@&XDQGRFRQVXOWpFRQHOPyGXORVREUHORV]HORWHVR]HORWDV6DQWD&ODXVPHIDFLOLWyOD
VLJXLHQWH LQIRUPDFLyQ (VWH PRYLPLHQWR UHYROXFLRQDULR \ FODQGHVWLQR VLPLODU HQ DOJXQD

PHGLGDDORVDFWXDOHVJUXSRVWHUURULVWDVGH(XURSD\$PpULFDHPSH]yDGHVSOHJDUVXDFWLYLGDG
JXHUULOOHUD\GHDFRVRDOHMpUFLWRURPDQRHQODpSRFDGH$XJXVWR\DFDXGLOODGRVHQXQSULQFLSLR
SRUXQWDO-XGDVEHQ(]HTXtDVGH*DOLOHDTXH\DVHKDEtDGHVWDFDGRHQWLHPSRVGH+HURGHVSRU
HODVDOWRDXQDUVHQDOGHOHMpUFLWRUHDO\SRUVXVGHVPDQHVHLQFHQGLRV$OWHQHUQRWLFLDGHHVWDV
EDQGDVTXHDVRODEDQDOSDtV9DURVHDSUHVXUDDOOHJDUGHVGH$QWLRTXtDFRQGRVOHJLRQHV$UUDVD
ODVFLXGDGHVGH=LSSRUD6pIRULV\(PPD~V\ORVKDELWDQWHVSDUWLGDULRVGHOUHEHOGH-XGDVEHQ
(]HTXtDV VRQ YHQGLGRV FRPR HVFODYRV 9DUR RUGHQD OD FDSWXUD \ HMHFXFLyQ GH WRGRV ORV
SDUWLVDQRVGHOJDOLOHRFUXFLILFDQGRDPiVGHJXHUULOOHURV3HURHOMHIH-XGDV*DOLOHR
ORJUDHVFDSDU\FRQODD\XGDGHRWURH[WUHPLVWDXQIDULVHROODPDGR=DGRNLQLFLDWDQOHQWR
SHURSURIXQGRPRYLPLHQWRGHOXFKDFODQGHVWLQDFRQWUDHO,PSHULRURPDQR<DHQWLHPSRVGHOD
LQIDQFLD\MXYHQWXGGH-HV~VGH1D]DUHWHVWHPRYLPLHQWRTXHDGRSWDHOQRPEUHGH]HORWDVR
FHODGRUHV HPSLH]D D JDQDU DGHSWRV H[WHQGLpQGRVH FRPR XQD PDQFKD GH DFHLWH SRU WRGR
,VUDHO*DOLOHDXQDYH]PiVIXHODFXQD\FRUD]yQGHHVWRVSDWULRWDVH[WUHPLVWDVTXHQRFHVDQHQ
VXVKRVWLJDPLHQWRVFRQWUDODOHJLyQURPDQDDVHQWDGDHQ&HViUHD\HQHOUHVWRGHODQDFLyQMXGtD
&DPXIODGRVEDMRXQDUGLHQWHHVStULWXUHOLJLRVRHVWRVWHUURULVWDVGHOVLJOR,HPSXxDQODVDUPDV
EDMRXQDGRFWULQDTXHSRGUtDVLQWHWL]DUVHHQORVVLJXLHQWHVSULQFLSLRV
(O5HLQDGRGH'LRVVREUH,VUDHOHVLQFRPSDWLEOHFRQFXDOTXLHUGRPLQDFLyQH[WUDQMHUD$FHSWDU
DO&pVDUGH5RPDFRPRUH\HVYLRODUODOH\GLYLQD'LRVHVHO~QLFRUH\GHOSXHEOR
(OFXOWRDOHPSHUDGRUHQFXDOTXLHUDGHVXVIRUPDVHVDERPLQDEOH(OFHORGHPXFKRVGHHVWRV
]HORWDVOOHJDEDDOH[WUHPRGHQRWRFDUVLTXLHUDODVPRQHGDVURPDQDVTXHOOHYDVHQODHILJLHGHO
&pVDU(OSDJRGHORVLPSXHVWRVD5RPDHUDXQDLGRODWUtD\XQDDSRVWDVtD\DTXHLPSOLFDEDXQ
VRPHWLPLHQWRD5RPD\DO(PSHUDGRU3UHFLVDPHQWHHOQDFLRQDOLVPR]HORWDVXUJHFRQ-XGDV
EHQ (]HTXtDV D UDt] GH OD RUGHQ GH$XJXVWR GH TXH WRGD OD QDFLyQ KHEUHD VH HPSDGURQH (VWD
RSHUDFLyQGHFHQVRWHQtDHQUHDOLGDGXQDPRWLYDFLyQHFRQyPLFDPiVTXHGHHVWDGtVWLFD<HOOR
LQGLJQyDORVMXGtRV
/RV MXGtRV QR GHEtDQ HVSHUDU SDVLYDPHQWH OD OOHJDGD GHO 5HLQR GH 'LRV (UD QHFHVDULD OD
FRODERUDFLyQFRQ'LRVPHGLDQWHODUHYROXFLyQ\ODJXHUUDVDQWD&UHtDQHQORVPLODJURVGH'LRV
\FRQVLGHUDEDQTXHpVWRVGHEtDQHVWDUVLHPSUHDOVHUYLFLRGHHVDLGHDOLEHUDGRUD
(OREMHWLYRSULQFLSDOGHVXOXFKDDUPDGDHUDFRQVHJXLUODOLEHUWDGHLQGHSHQGHQFLDSROtWLFDGH
,VUDHO/RV]HORWDVKDEtDQWRPDGRODOLEHUDFLyQGH(JLSWRSRU<DYpFRPRXQVtPEROR\PRGHOR
DLPLWDU
6HJ~QODILORVRItD]HORWDODFRQYHUVLyQD'LRVH[LJtDQHFHVDULDPHQWHODGHVREHGLHQFLDDOD
DXWRULGDG URPDQD \ HVWDU GLVSXHVWR D VDFULILFDU HO GLQHUR OD WUDQTXLOLGDG \ KDVWD OD YLGD HQ
EHQHILFLRGHHVWRVSULQFLSLRVVDOYDGRUHV
$ODYLVWDGHWRGRHVWRHVIiFLOHQWHQGHUODFRQIXVLyQGHDOJXQRVGHORVGLVFtSXORV\DSyVWROHVGH
-HV~V FDVR GH 6LPyQ HO =HORWHV \ GHO SURSLR -XGDV ,VFDULRWH TXH FUH\HURQ GHVGH XQ
SULQFLSLRTXHODGRFWULQDGHO*DOLOHRWHQtDPXFKRTXHYHUFRQWRGRHVWHPRYLPLHQWRGHOLEHUDFLyQ
QDFLRQDO
/RV]HORWDVIXHURQORVFDXVDQWHVGLUHFWRVGHODVVDQJULHQWDVUHYXHOWDVFRQWUD5RPDHQORVDxRV
DOGHQXHVWUD(UDDVtFRPRGHODUHJLVWUDGDHQHODxR1GHOP9ROYHU
>@(QODSULPHUDRSRUWXQLGDGTXHWXYHVROLFLWpGH6DQWD&ODXVLQIRUPDFLyQVREUHODVSULQFLSDOHV
VXSHUVWLFLRQHV GH ORV MXGtRV GH DTXHOOD pSRFD < HQWUH RWUDV ILJXUDED HQ HIHFWR OD GH QR
HPSUHQGHUYLDMHDOJXQRSRUFRUWRTXHIXHVHVLQDQWHVKDEHUFRORFDGRHVDFRODGH]RUURRXQ
WUDSR URMR HQWUH ORV RMRV GH OD FDEDOOHUtD 6L GRV FRQYLGDGRV D XQ EDQTXHWH SRU HMHPSOR VH
DUURMDEDQ VHQGDV EROLWDV GH SDQ HUD VHJXUR TXH FDtDQ HQIHUPRV 2WUD GH ODV VXSHUVWLFLRQHV
UHODFLRQDGDFRQODSUHVHQFLDGHORVGHPRQLRVHQODVOHWULQDVOOHJDEDDVXJHULUTXHVHDFXGLHUDD
GLFKROXJDUHQFRPSDxtDGHXQFRUGHUR'HHVWDIRUPDHOMXGtRSRGtDKDFHUVXVQHFHVLGDGHVVLQ
SUREOHPDV1GHOP9ROYHU
>@/DOH\MXGtDSHUPLWtDHVWHWLSRGHPDOGLFLRQHVFRQWUDHOSDGUH\ODPDGUHHQWDQWROD
PDOGLFLyQQRIXHUDQRPLQDO(QHVWHVHQWLGR3HGURWXYRHVSHFLDOFXLGDGRGHQRFLWDUORVQRPEUHV
GHSLODGHVXVSURJHQLWRUHV1GHOP9ROYHU
>@&DEDOORGH7UR\DGRWyDOPyGXORGHXQVLVWHPDP~OWLSOHGHUHORMHVFX\RIXQGDPHQWRQRHUD
\D HO VLVWHPD WUDGLFLRQDO GH UDGLDFLyQ GHO &HVLR GH ORV UHORMHV DWyPLFRV VLQR OD
PDQLSXODFLyQRDSULVLRQDPLHQWRGHXQLRQXQVRORLRQHQXQFDPSRPDJQpWLFRPHGLDQWH
HO XVR GH XQ ILQtVLPR KD] GH OX] OiVHU (V FDVL VHJXUR TXH HVWH QXHYR VLVWHPD GH PHGLFLyQ GHO
WLHPSRFRQXQDSUHFLVLyQYHFHVVXSHULRUDODGHORVUHORMHVDWyPLFRVVHLQFRUSRUH
GHILQLWLYDPHQWHDODYLGDGHOKRPEUHHQORVSUy[LPRVDxRV0HUFHGDHVWHGHOLFDGRLQVWUXPHQWDO
HO RUWR R DSDULFLyQ VREUH HO KRUL]RQWH GHO OLPER VXSHULRU GHO 6RO SDUD -HUXVDOpQ ODWLWXG
DSUR[LPDGDJUDGRV1IXHHVWLPDGRDODVKRUDV\PLQXWRVHQDTXHOGHDEULOGHODxR
VLHPSUH WLHPSR ORFDO (Q FXDQWR DO RFDVR R GHVDSDULFLyQ EDMR HO KRUL]RQWH GHO FLWDGR OLPER
VXSHULRUGHO6ROIXHFDOFXODGRDODVKRUDV\PLQXWRVVHWXYRHQFXHQWDODUHIUDFFLyQTXHHQ
GLFKRVDFRQWHFLPLHQWRVHOHYDDODVWURDSUR[LPDGDPHQWHVHJXQGRVGHDUFR3DUDHVWDODWLWXG
ODYDULDFLyQGHODVKRUDVGHRUWR\RFDVRHVDSUR[LPDGDPHQWHGHFXDWURPLQXWRVSRUFDGDFLQFR
JUDGRVGHVHSDUDFLyQHQODWLWXG1GHOP9ROYHU
>@1RHUDFLHUWRFRPRKDQSUHWHQGLGRDOJXQRVH[pJHWDVTXHVHDSR\DQHQORVHVFULWRVUDEtQLFRV
%DEDJDPPD9,,9,,,\ETXHODFUtDGHJDOOLQDVHVWXYLHVHSURKLELGDHQ-HUXVDOpQ

6H SHQVDED TXH DO HVFDUEDU SRGtDQ VDFDU FRVDV LPSXUDV 6HJ~Q OD 0LVQi HO FDQWR GHO JDOOR
VHUYtDSUHFLVDPHQWHFRPRVHxDOSDUDHOWRTXHGHODVWURPSHWDV$VtORFRQILUPDQORVWH[WRVGHOD
6XNND9HO7DPLG\HO<RPD(QWUHODVLQIRUPDFLRQHVIDFLOLWDGDVSRUHORUGHQDGRUGHO
PyGXORVHDVHJXUDEDTXHODUHIHULGD0LVQiPHQFLRQDXQJDOORGH-HUXVDOpQTXHVHJ~Q<XGDEHQ
%DED KDEtD VLGR ODSLGDGR SRU KDEHU PDWDGR D XQ KRPEUH $O SDUHFHU GLFKR JDOOR KDEtD
WUDVSDVDGRFRQVXSLFRHOFUiQHRGHXQQLxR7DPELpQHQ7RV%49,,,VHGLFHTXH
OD FUtD GH HVWDV DYHV GRPpVWLFDV HVWDED SHUPLWLGD HQ OD FLXGDG VDQWD VLHPSUH \ FXDQGR VH
GLVSXVLHUDGHXQKXHUWRRHVWHUFROHURGRQGHSXGLHUDQHVFDUEDU1GHOP9ROYHU
>@7DQWR-RVHIRHQVXREUD*XHUUDVGHORV-XGtRV9\9,FRPROD0LVQi0LG9
6DQE;,\7DPLG,,HQWUHRWURVGRFXPHQWRVDVHJXUDQGHIRUPDPX\SUHFLVDTXHHO6DQHGUtQ
VHWUDVODGyDxRVDQWHVGHODGHVWUXFFLyQGHOWHPSORGHODVDODGHODVSLHGUDVWDOODGDVD
XQD HVSHFLH GH ED]DU DGRVDGR SUiFWLFDPHQWH DO VDQWXDULR SRU VX FDUD RHVWH $Vt OR GHMD
HQWUHYHUWDPELpQ+HFKRV1GHOP9ROYHU
>@
6DQWD &ODXV DSRUWy ORV VLJXLHQWHV GDWRV VREUH OD FRPSRVLFLyQ RILFLDO GHO 6DQHGUtQ HQ
DTXHOORVWLHPSRVXQDLQVWLWXFLyQVXSHULRUR6DQHGUtQPD\RUIRUPDGRSRUPLHPEURV\XQ
6DQHGUtQ PHQRU FRQVWLWXLGR SRU PLHPEURV$PERV WULEXQDOHV HUDQ FRPSHWHQWHV HQ FDVRV
FULPLQDOHV/RVGRVPLHPEURVPiVGHVWDFDGRVGHOJUDQ6DQHGUtQHUDQHOQDVtRSUHVLGHQWH\HO
DEEHWGLQRSDGUHGHOWULEXQDOWtWXORVDOSDUHFHUSXUDPHQWHKRQRUtILFRV/DVWUHVKLOHUDVGH
EDQFRV GHO 6DQHGUtQ PHQRU HUDQ GHVWLQDGDV D ORV GLVFtSXORV GH ORV VDELRV 'DGDV ODV
FDUDFWHUtVWLFDVGHDTXHOMXLFLR\ORLUUHJXODUGHODKRUDHUDOyJLFRTXHORVDOXPQRVGHORV
MXHFHVQRHVWXYLHUDQSUHVHQWHV1GHOP9ROYHU
>@7UDVODGHVWUXFFLyQGHO7HPSORDOJXQRVQRFRPtDQFDUQHDVDGDSDUDHYLWDUODDSDULHQFLDGH
TXHIXHUDFDUQHGHVDFULILFLRSDVFXDOSURKLELGRWUDVODUHIHULGDGHVWUXFFLyQ1GHOP9ROYHU
>@
/D DVWURORJtD HVWDED HQWRQFHV VHYHUDPHQWH SHQDGD 5RSV DVHJXUD TXH HUD XQD FLHQFLD
IXQHVWDTXHHQJHQGUDEDWRGDVODVPDOGDGHV1GH--%HQtWH]9ROYHU
>@(QDTXHOWLHPSRQLORVKRPEUHVQLODVPXMHUHVXVDEDQERWRQHV(Q,VUDHOQRHUDQFRQRFLGRV
(QVXOXJDUXWLOL]DEDQSDVDGRUHVXQDHVSHFLHGHDJXMDJUDQGHFRQXQRULILFLRHQHOFHQWURDOTXH
VH DVHJXUDED XQ FRUGyQ 6H XVDED LQVHUWiQGROR HQ OD WHOD \ SDVDQGR HO FRUGyQ SRU GHWUiV GH OD
SXQWD\ODFDEH]D1GHOP9ROYHU
>@(QORVDQWLJXRVWH[WRVJULHJRVVHGHVFULEHXQMXHJRGHQRPLQDGRPXwQGDTXHFRQVLVWtDHQ
WDSDU ORV RMRV GH XQR GH ORV MXJDGRUHV ELHQ FRQ XQ OLHQ]R R FRQ OD SURSLD PDQR (VWH GHEtD
DGLYLQDU HO REMHWR TXH VH OH SUHVHQWDED R D OD SHUVRQD TXH OH WRFDED 6L DFHUWDED RFXSDED VX
SXHVWRDTXHOTXHKDEtDSHUGLGR9ROYHU
>@(OEDVWDUGRDXQTXHH[LVWtDQGLIHUHQWHVLQWHUSUHWDFLRQHVHUDHQOtQHDVJHQHUDOHVHOKLMR
QDFLGRGHODGXOWHULR1RHUDQDGPLWLGRVHQODDVDPEOHDGH,VUDHO\WDPSRFRVXVGHVFHQGLHQWHV
KDVWDODGpFLPDJHQHUDFLyQ1RSRGtDQFRQWUDHUPDWULPRQLRFRQQLQJ~QPLHPEUROHJtWLPRGHOD
FRPXQLGDG MXGtD GLVFXWLpQGRVH YLYDPHQWH LQFOXVR VL ODV IDPLOLDV GH EDVWDUGRV SRGUtDQ
SDUWLFLSDUHQODOLEHUDFLyQILQDOGH,VUDHO(VWHLQVXOWRHUDFRQVLGHUDGRFRPRXQDGHODVSHRUHV
LQMXULDV$TXHOTXHORHPSOHDEDSRGtDVHUFRQGHQDGRDD]RWHV1GHOP9ROYHU
>@ *UDFLDV D DTXHO JHVWR &DEDOOR GH 7UR\D SXGR KDFHUVH FRQ XQD ,QHVWLPDEOH PXHVWUD GH OD
VDQJUHGH-HV~VGH1D]DUHW<DXQTXHORVDQiOLVLVSUDFWLFDGRVVREUHORVFRiJXORVTXHSDVDURQDO
WUR]RGHPLW~QLFDQRSXGLHURQHIHFWXDUVHFRQODYHORFLGDGDFRQVHMDGDHQHVWRVFDVRVVLSXGLPRV
DYHULJXDU HQWUH RWUDV FRVDV TXH HO YROXPHQ GH HULWURFLWRV SRU PLOtPHWUR F~ELFR GH VDQJUH HQ
DTXHOORVPRPHQWRVVLHWHGHODPDxDQDHUDDSUR[LPDGDPHQWHGHDOJRPHQRVGHOR
QRUPDO SRVLEOHPHQWH FRPR FRQVHFXHQFLD GH ODV SpUGLGDV TXH KDEtD HPSH]DGR D UHJLVWUDU
7DPELpQ REVHUYDPRV DOJXQRV OHXFRFLWRV PX\ SRFRV $ WUDYpV GH DQiOLVLV FRPSDUDWLYRV VH
HVWDEOHFLy TXH WDQWR HO Q~PHUR GH HVWDV FpOXODV SRU PLOtPHWUR F~ELFR FRPR ORV WLSRV
H[DPLQDGRV QHXWUyILORV HRVLQyILORV EDVyILORV OLQIRFLWRV \ PRQRFLWRV FRUUHVSRQGtDQ D OR
QRUPDOPHQWHH[LJLGRHQXQLQGLYLGXRVDQR<DXQTXHHOSULPHUDQiOLVLVIXHKHFKRDQWHVGHODV
KRUDV QR IXH SRVLEOH HQFRQWUDU SODTXHWDV 7RGDV KDEtDQ GHVDSDUHFLGR 6LQ HPEDUJR Vt
HQFRQWUDPRVUHVWRVGHWURPELQD\DOJXQRVSURGXFWRVSURSLRVGHODGHJUDGDFLyQGHODILEULQD(Q
XQRGHORVFRiJXORVTXHFRQVHUYDEDOHYHVUHVWRVGHKXPHGDGIXHSRVLEOHGHWHFWDUDOJXQDV
SURWHtQDV GHO SODVPD IXQGDPHQWDOPHQWH DOE~PLQDV \ JOREXOLQDV DVt FRPR OLJHURV LQGLFLRV GH
JOXFRVD YLWDPLQDV KRUPRQDV \ GLYHUVRV DPLQRiFLGRV 1R SXGLPRV GHVFXEULU UHVWRV GH
FROHVWHURO(QFXDQWRDODFRDJXODFLyQ\VyORDWUDYpVGHODREVHUYDFLyQSHUVRQDOGHODVKHULGDV
SXGLPRVHVWDEOHFHUTXHHUDQRUPDO(VWDGHGXFFLyQVHYLRUHIRU]DGDSRUHODQiOLVLVGHXQDGHODV
SURWHtQDV GHO SODVPD HO ILEULQyJHQR TXH WUDV FRQYHUWLUVH HQ ILEULQD KDEtD TXHGDGR
GHJUDGDGD1GHOP9ROYHU
>@$VtORGLFHODOH\0LVFKWUDWDGR6DQHGUtQFDStWXOR,9Q1GHOP9ROYHU
>@ $Vt SLHQVDQ \ HVFULEHQ HQWUH RWURV DXWRUHV FRPR % =HLWOLQ 7KH
FUXFLIL[LRQ RI -HVXV

UHH[DPLQHG + 0DQWHO 6WXGLHV LQ WKH 6WRU\ RI WKH 6DQKHGULQ 3 :LQWHU 2Q WKH WULDO RI
-HVXV - &DUPLFKDHO 7KH GHDWK RI -HVXV ' )OXVVHU - ,VDDF + &RKQ : 5 :LOVRQ
&DWFKSROH\XQODUJRHWFpWHUD1GHOP9ROYHU
>@(QWUHORVGHIHQVRUHVGHHVWDVHJXQGDKLSyWHVLVVHKDOODQSRUHMHPSOR%OLQ]OHU(OSURFHVR
GH-HV~V-HUHPtDV(/RKVH6XQHGULRQ6WUDFN%LOOHUEHFN0RPPVHQ5|PLVFKH6WUDIUHFKW

6KHUZLQ:KLWH5RPDQ6RFLHW\DQG5RPDQ/DZLQWKH1HZ7HVWDPHQW$6WUREHO'LH6WXQGH
GHU:KDUKHLW(6FKXUHUHWFpWHUD1GHOP9ROYHU
>@(QVX2UGHQ6HJXQGROD0LVQiHVWDEOHFHTXHHQODQRFKHGHOGHOPHVGH1LViQYLJLOLD
GHODILHVWDGH3DVFXDGHEtDUHEXVFDUVHWRGDVXVWDQFLDFRQOHYDGXUDJHQHUDOPHQWHFHUHDOHVD

ODOX]GHXQDYHOD1GHOP9ROYHU
>@$QWHVGHLQLFLDUODPLVLyQ\RKDEtDUHFLELGRXQDFRPSOHWDLQIRUPDFLyQVREUHTXLpQHUDHVWH
WHWUDUFDRJREHUQDGRUGH*DOLOHD+HURGHVSRUVREUHQRPEUH$QWLSDVRLJXDODVXSDGUH<OD
YHUGDG HV TXH GLFKR DSRGR HQFDMDED D OD SHUIHFFLyQ +HURGHV $QWLSDV KDEtD KHUHGDGR HO
JRELHUQRGHODVWLHUUDVGHOQRUWH*DOLOHDDODPXHUWHGHVXIXQHVWRSDGUH+HURGHVHO*UDQGHHQ
HODxRPHQRVGHQXHVWUD(UD7HQtDDxRV6HJ~QHOSULPHUWHVWDPHQWRGHVXSDGUH$QWLSDV
GHEHUtDGHKDEHUUHFLELGRHOUHLQRGH-XGHD3HUR+HURGHVHO*UDQGHFDPELyGHLGHD\VXVWLWX\y
D$QWLSDVSRUVXRWURKLMR$UTXHODRTXHVHKL]RFDUJRGHOFLWDGRUHLQRGHOD-XGHD<+HURGHV
$QWLSDVUHFLELyFRPRGLJR*DOLOHD8QWHUFHUKLMR)LOLSRIXHGHVLJQDGRWDPELpQWHWUDUFDGHOD
3HUHD)XHSUHFLVDPHQWHDHVWH~OWLPRDTXLHQ+HURGHV$QWLSDVOHTXLWDUtDVXPXMHUODQRPHQRV
FpOHEUH+HURGtDVUHVSRQVDEOHDOSDUHFHUGHODVHVLQDWRGHOSULPRKHUPDQRGH-HV~VGH1D]DUHW
-XDQHO%DXWLVWD1GHOP9ROYHU
>@$OFRQVXOWDUORVDUFKLYRVGH6DQWD&ODXVHORUGHQDGRUFHQWUDOFRQILUPyTXHHOQRPEUHGH
%DUUDEiV HUD GH RULJHQ VHPtWLFR PiV H[DFWDPHQWH DUDPHR 3RGtD WHQHU YDULRV VLJQLILFDGRV
%DUTXHVLJQLILFDKLMRHQDUDPHR\5DEEDRPDHVWUR\UDEt7DPELpQFDEtDODH[SOLFDFLyQ
GH %DU $EED R KLMR GH VX SDGUH TXH HUD XQ PRGR GH OODPDU D FXDOTXLHUD FX\R SDGUH
UHVXOWDEDGHVFRQRFLGR1GHOP9ROYHU
>@$OJXQRVGHDTXHOORVJDORVKDEtDQIRUPDGRSDUWHGHODJXDUGLDGH&OHRSDWUDUHLQDGH(JLSWR
FLIUiQGRVHVXQ~PHURHQPiVGH1GHOP9ROYHU
>@3OLQLRHO9LHMRHQVX+LVWRULD1DWXUDOGHVFULEHHVWDHQIHUPHGDGDVHJXUDQGRTXHODVFLWDGDV
~OFHUDV HPSH]DEDQ VLHPSUH SRU HO PHQWyQ 'H DKt HO QRPEUH GH PHQWDJUD 6HJ~Q QXHVWUR
FRPSXWDGRUDTXHOODGROHQFLDIXHLPSRUWDGDGHVGH$VLDSRUXQFLXGDGDQRGH3HUXVD 1GHOP
9ROYHU
>@&XDQGR+HURGHV$QWLSDVVHHQDPRUyGHODPXMHUGHVXKHUPDQR)LOLSRWHWUDUFDFRPRpOGH
OD UHJLyQ GH 3HUHD DO HVWH GHO -RUGiQ DSURYHFKy XQ YLDMH D 5RPD SDUD XQLUVH D +HURGtDV 6X
HVSRVDOHJtWLPDKLMDGHOMHTXHiUDEH$UHWDFXDUWRUH\GHORVQDEDWHRVWXYRTXHVDOLUGH,VUDHO
UHJUHVDQGR FRQ VX IDPLOLD 'HVGH HQWRQFHV -XDQ HO %DXWLVWD DSURYHFKy FXDQWDV RSRUWXQLGDGHV
WXYRSDUDUHSURFKDUD+HURGHV\DVXDPDQWH+HURGtDVVXDGXOWHULRSHUPDQHQWH/DVFUtWLFDVGHO
SULPR KHUPDQR GH -HV~V IXHURQ WDQ GXUDV TXH$QWLSDV SRVLEOHPHQWH SRU FRQVHMR GH +HURGtDV
PDQGy HQFDUFHODU DO %DXWLVWD HQ XQD DSDUWDGD IRUWDOH]D VLWXDGD HQ OD RULOOD RULHQWDO GHO 0DU
0XHUWR\TXHORVEHGXLQRVOODPDQD~QHO0DVKQDNDR3DODFLR&ROJDGR$OOtVHUtDGHFDSLWDGR
SRFRGHVSXpV'HVGHHQWRQFHV$QWLSDVYLYLyFRQVXPLGRSRUHOPLHGRFUH\HQGRTXHHOIDQWDVPD
GH-XDQHO%DXWLVWDUHJUHVDUtDDOJ~QGtDSDUDKDFHUMXVWLFLD6HJ~QQXHVWUDVLQYHVWLJDFLRQHVHUD
PX\LPSUREDEOHTXH$QWtSDVKXELHUDDFFHGLGRDGHJROODUDO%DXWLVWDDUDt]GHODIDPRVDGDQ]DGH
6DORPpODKLMDGH+HURGtDV(QDTXHOODpSRFD6DORPpGHEtDVHUXQDDGROHVFHQWH(OYHUGDGHUR
QRPEUH GH OD KLMDVWUD GH +HURGHV QRV HV FRQRFLGR JUDFLDV DO WHVWLPRQLR GH ) -RVHIR \ D OD
LQVFULSFLyQ GH XQD PRQHGD HQ OD TXH DSDUHFH MXQWR D VX PDULGR $ULVWyEXOR 6HJ~Q ORV
KLVWRULDGRUHV OD YHUVLyQ PiV UDFLRQDO \ YHURVtPLO HV TXH -XDQ HO %DXWLVWD IXHUD HQFDUFHODGR \
HMHFXWDGR FRPR FRQVHFXHQFLD GH VXV DJULDV FUtWLFDV FRQWUD HO WHWUDUFD \ FRQWUD OD HVSRVD GH
)LOLSR1GHOP9ROYHU
>@/DOH\HQGDJULHJDUHODWDTXHH[LVWtDQWUHVKHUPDQDVODV*RUJRQDVTXHGLVSRQtDQGHXQ
VRORRMR\GHXQVRORGLHQWHSDUDODVWUHVSDViQGRVHORXQDDRWUDVFXDQGRTXHUtDQYHURFRPHU
(VWRVHJ~QODOH\HQGDVLPEROL]DEDTXHODHQYLGLDODFDOXPQLD\HORGLRYHtDQFRQXQVRORRMR\
VHDOLPHQWDEDQFRQHOPLVPRGLHQWH8QDGHHVWDVWHUULEOHVKHUPDQDVYLHMDVFRPROD+XPDQLGDG
\FRQVHUSLHQWHVHQOXJDUGHFDEHOORV0HGXVDWHQtDHOSRGHUGHFRQYHUWLUHQSLHGUDWRGRORTXH
PLUDED3HURIXHPXHUWDSRU7HVHRTXHOHFRUWyODFDEH]D<VHJ~QODPLWRORJtDXQDSDUWHGHVX
VDQJUHIXHDFDHUDOPDUFRQYLUWLpQGRVHHQFRUDO'HDKtTXHHOFRUDOKD\DWHQLGRVLHPSUHXQD
JUDQDFHSWDFLyQHQWUHHVWRVSXHEORVFRPRYDOLRVRVDPXOHWRVFRQWUDHOPDOGHRMR\ODHQYLGLD
1GHOP9ROYHU
>@(VWDIXOPLQDQWHDILUPDFLyQGHOPD\RUPHOOHYyDUHYLVDUFXDQWRVGRFXPHQWRVPHIXHSRVLEOH
HQEXVFDGHOGHVJUDFLDGRILQDOGH+HURGHV$QWLSDV&RQJUDQVRUSUHVDSRUPtSDUWHGHVFXEUtTXH
HOKLMRGH+HURGHVHO*UDQGHKDEtDVLGRYtFWLPDILQDOPHQWHGHODDPELFLyQ\GHOGRPLQLRGHVX
DPDQWH +HURGtDV 7UDV OD PXHUWH GHO HPSHUDGRU 7LEHULR HQ HO DxR GH QXHVWUD (UD RWUR
PLHPEURGHODQXPHURVDIDPLOLDGHORV+HURGHVKHUPDQRSUHFLVDPHQWHGH+HURGtDVIXHVDFDGR
GH OD FiUFHO GH 5RPD SRU HO QXHYR &pVDU &D\R DOLDV &DOtJXOD R %RWLWD < DQWH OD
GHVHVSHUDFLyQ GH $QWLSDV \ GH VX DPDQWH +HURGHV $JULSD IXH GHVLJQDGR UH\ GH WRGR ,VUDHO
$QWLSDVVHGHMyLQIOXLUSRU+HURGtDV\DFXGLyD5RPDGLVSXHVWRDSHGLUSDUDVtHOWtWXORGHUH\
3HUR &DOtJXOD TXH VH HQFRQWUDED HQ DTXHOODV IHFKDV DxR GH QXHVWUD (UD HQ SOHQD
FDPSDxDPLOLWDUHQODV*DOLDVQRVyORQRDFFHGLyDORVGHVHRVGHOWHWUDUFDGH*DOLOHDVLQRTXH
DQWHHOGHVFRQFLHUWRGHOYLHMR]RUUROHGHVSRVH\yGHVXWtWXORGHVWHUUiQGROH)ODYLR-RVHIR\
7LOHPRQW FRLQFLGHQ HQ TXH +HURGHV $QWLSDV \ VX PXMHU +HURGtDV VH YLHURQ REOLJDGRV D
SHUHJULQDUD(VSDxDGRQGHSRVLEOHPHQWHVHHVWDEOHFLHURQ\PXULHURQ(QDTXHOODVIHFKDVKDEtD
\DHQODSHQtQVXODLEpULFDVLHWHFLXGDGHVPHGLWHUUiQHDVFRQLPSRUWDQWHVFRORQLDVMXGtDVDVtFRPR
RWUDV]RQDVGH$QGDOXFtDGRQGH+HURGHVSXGRILMDUVXUHVLGHQFLD1GH--%HQtWH]9ROYHU
>@ $XQTXH HQ HO DTXHO SULPHU JUDQ YLDMH GH &DEDOOR GH 7UR\D QR OOHJXp D FRLQFLGLU FRQ
&ODXGLD3UyFXODR3URFODWRGDVQXHVWUDVLQIRUPDFLRQHVVHxDODEDQHORULJHQGHHVWDPXMHUFRPR
GLVWLQJXLGR \ SRVLEOHPHQWH HQWURQFDGR VHJ~Q 7iFLWR HQ OD UDPD GH ORV 3UyFXORV
SHUWHQHFLHQWHV FRPR 3RQFLR DO RUGHQ HFXHVWUH )XHURQ PX\ FRQRFLGRV 7LFLR 3UyFXOR DPLJR GH
6LOD&HUYDULR3UyFXORTXHFRQVSLUyFRQWUD1HUyQ/LFLQLR3UyFXORVHUYLGRUGH2WyQ\SUHIHFWR
GHO 3UHWRULR \ 9ROXVLR 3UyFXOR TXH PDQGy OD IORWD GH 0HVLQD 8QD GH ODV WUDGLFLRQHV KDFtD D
3UyFXODGHVFHQGLHQWHGH ORV &ODXGLRVRULXQGRVDVXYH]GH ODV *DOLDV\TXL]i HPSDUHQWDGD
OHMDQDPHQWHFRQ7LEHULR6LHVWRIXHUDFLHUWRTXL]iSXGLHUDH[SOLFDUVHSRUTXp3RQFLR3LODWRIXH
GHVWHUUDGRDODV*DOLDVSRU&DOtJXODGHVSXpVGHOIDOOHFLPLHQWRGH7LEHULR1GHOP9ROYHU
>@/DOH\MXGtDHVWDEOHFtDSDUDHOFDVWLJRGHODIODJHODFLyQXQWRWDOGHD]RWHVPHQRVXQR$Vt
HVWDEDHVFULWRHQQ~PHURGHFXDUHQWD(ODxDGLGRVHJ~Q5<HKXGiVHUtDHOFXDUHQWD(OUHR

HUD D]RWDGR FRQ ODV PDQRV DWDGDV D XQD FROXPQD (O VHUYLGRU GH OD VLQDJRJD OH DJDUUDED ORV
YHVWLGRV \ VL VH GHVJDUUDEDQ VH GHVJDUUDEDQ \ VL VH GHVWUR]DEDQ VH GHVWUR]DEDQ KDVWD TXH OH
TXHGDED HO SHFKR GHVFXELHUWR 7UDV pO KDEtD FRORFDGD XQD SLHGUD \ VREUH HOOD VH VXEtD HO
VHUYLGRU GH OD VLQDJRJD WHQLHQGR HQ VX PDQR XQD FRUUHD GH WHUQHUR eVWD HVWDED SULPHUDPHQWH
GREODGDHQGRV\ODVGRVHQFXDWURRWUDVGRVFRUUHDVVXEtDQ\EDMDEDQHQHOOD1GHOP9ROYHU
>@ 8Q DXPHQWR HQ OD LQWHQVLGDG GH XQ HVWtPXOR TXH RULJLQD XQD GLIHUHQFLD SHUFHSWLEOH HQ HO
JUDGR GH GRORU UHFLEH OD GHVLJQDFLyQ GH GLIHUHQFLD DSHQDV SHUFHSWLEOH R MXVW QRWLFHDEOH
GLIIHUHQFH -1'$SOLFDQGR WRGDV ODV LQWHQVLGDGHV GH HVWtPXORV HQWUH HO QLYHO HQ TXH QR KD\
GRORU\HOQLYHOGHOGRORUPiVLQWHQVRVHKDFRPSUREDGRTXHHOSDFLHQWHPHGLRSXHGHGLVWLQJXLU
XQRV-1'1GHOP9ROYHU
>@/DGHWHFFLyQGHODWHPSHUDWXUDFXWiQHDDGLVWDQFLDEDVHGHQXHVWUDVH[SHULHQFLDVGHWHOH
WHUPRJUDItD VH UHDOL]DURQ JUDFLDV D OD SURSLHGDG GH OD SLHO KXPDQD FDSD] GH FRPSRUWDUVH
FRPRXQHPLVRUQDWXUDOGHUDGLDFLyQLQIUDUURMDR5,7DO\FRPRVHVDEHSRUODIyUPXODGHOD
OH\GH6WHSKDQ%ROW]PDQQ: (-7ODHPLVLyQHVSURSRUFLRQDODODWHPSHUDWXUDFXWiQHD\
GHELGRDTXH7VHKDOODHOHYDGDDODFXDUWDSRWHQFLDSHTXHxDVYDULDFLRQHVHQVXYDORUSURYRFDQ
DXPHQWRVRGLVPLQXFLRQHVPDUFDGRVHQODHPLVLyQLQIUDUURMD:HQHUJtDHPLWLGDSRUXQLGDGGH
VXSHUILFLH(IDFWRUGHHPLVLyQGHOFXHUSRFRQVLGHUDGR-FRQVWDQWHGH6WHSKDQ%ROW]PDQQ\7
WHPSHUDWXUDDEVROXWD
(QQXPHURVDVH[SHULHQFLDVLQLFLDGDVSRU+DUG\HQVHKDEtDSRGLGRFRPSUREDUTXHODSLHO
KXPDQDVHFRPSRUWDFRPRXQHPLVRULQIUDUURMRVLPLODUDOFXHUSRQHJUR\HQFRQVHFXHQFLDQR
HPLWH UDGLDFLyQ LQIUDUURMD UHIOHMDGD GHO HQWRUQR (VWH HVSHFWUR GH UDGLDFLyQ LQIUDUURMD HPLWLGR
SRUODSLHOKXPDQDHVDPSOLRFRQXQSLFRPi[LPRGHLQWHQVLGDGILMDGRHQX
1XHVWUR GLVSRVLWLYR GH WHOHWHUPRJUDItD FRQVLVWtD SRU WDQWR HQ XQ DSDUDWR FDSD] GH GHWHFWDU D
GLVWDQFLD PtQLPDV LQWHQVLGDGHV GH UDGLDFLyQ LQIUDUURMD %iVLFDPHQWH FRQVWDED GH XQ VLVWHPD
ySWLFR TXH IRFDOL]DED OD 5, VREUH XQ GHWHFWRU (VWH VH KDOODED IRUPDGR SRU VXVWDQFLDV
VHPLFRQGXFWRUDV SULQFLSDOPHQWH 6E,Q \ *H+J FDSDFHV GH HPLWLU XQD PtQLPD VHxDO HOpFWULFD
FDGDYH]TXHXQIRWyQLQIUDUURMRGHXQLQWHUYDORGHORQJLWXGHVGHRQGDGHWHUPLQDGRLQFLGtDHQVX
VXSHUILFLH<DXQTXHHOGHWHFWRUHUDGHWLSRSXQWXDOFDSD]GHGHWHFWDUOD5,SURFHGHQWHGH
XQ ~QLFR SXQWR JHRPpWULFR &DEDOOR GH 7UR\D KDEtD ORJUDGR DPSOLDU VX UDGLR GH DFFLyQ
PHGLDQWH XQ FRPSOHMR VLVWHPD GH EDUULGR IRUPDGR SRU PLQLHVSHMRV URWDWRULRV \ RVFLODQWHV /D
DOWD YHORFLGDG GHO EDUULGR SHUPLWtD DQDOL]DU OD WRWDOLGDG GHO FXHUSR GH -HV~V YDULDV YHFHV SRU
VHJXQGR(VWRDVXYH]SRVLELOLWDEDODREWHQFLyQGHLPiJHQHVGLQiPLFDVGHDKtHOQRPEUHGH
WHOHWHUPRJUDItD GLQiPLFD 6HJXLGDPHQWH D OD HPLVLyQ OD VHxDO HOpFWULFD FRUUHVSRQGLHQWH D OD
SUHVHQFLDGHIRWRQHVLQIUDUURMRVHUDDPSOLILFDGD\ILOWUDGDVLHQGRFRQGXFLGDSRVWHULRUPHQWHDXQ
RVFLORVFRSLRPLQLDWXUL]DGR(QpOJUDFLDVDODOWRYROWDMHH[LVWHQWH\DXQEDUULGRVLQFUyQLFRFRQ
HOGHOGHWHFWRUVHREWHQtDODLPDJHQFRUUHVSRQGLHQWHTXHTXHGDEDDOPDFHQDGDHQODPHPRULDGH
FULVWDOGHWLWDQLRGHORUGHQDGRU3RUVXSXHVWRQXHVWURWHOHWHUPyJUDIRGLVSRQtDGHXQDHVFDODGH
VHQVLELOLGDG WpUPLFD R JUDGRV FHQWtJUDGRV HWF \ GH XQD VHULH GH GLVSRVLWLYRV
WpFQLFRV DGLFLRQDOHVTXHIDFLOLWDEDQOD PHGLGDGH JUDGLHQWHV WpUPLFRVGLIHUHQFLDOHV HQWUH ]RQDV
GHOWHUPRJUDPDLVRWHUPDVDQiOLVLVOLQHDOHWF
/DVLPiJHQHVDVtREWHQLGDVSRGtDQVHUGHGRVWLSRV
(QHVFDODGHJULVHVPX\DGHFXDGDVSDUDHOHVWXGLRPRUIROyJLFRGHORVYDVRV
<HQHVFDODGHFRORUHQWUHRFKR\GLHFLVpLVFRORUHVPX\~WLOSDUDHIHFWXDUPHGLFLRQHVWpUPLFDV
GLIHUHQFLDOHVFRQSUHFLVLyQ
$PERV VLVWHPDVQDWXUDOPHQWHSRGtDQVHUXVDGRVGHIRUPDFRPSOHPHQWDULD&DEDOORGH 7UR\D
GHVSXpVGHQXPHURVDVSUXHEDVVHOHFFLRQyORVHTXLSRV$*$DVtFRPRXQDDVRFLDFLyQGHO
%DUQHV3\URVFDQ\ORVGHOVLVWHPD&6),5FRPRORVPiVDGHFXDGRVSDUDQXHVWUDPLVLyQ1
GHOP9ROYHU
>@ (Q XQ SULPHU H[DPHQ RFXODU FUHt LGHQWLILFDU DTXHOODV ]DU]DV FRQ ODV SODQWDV GHQRPLQDGDV
3RWHULXPVSLQRVXPPX\FRP~QHQ3DOHVWLQD\XVDGDKDELWXDOPHQWHFRPRSURYLVLyQSDUDHOIXHJR
(OOR UDWLILFDED OD KLSyWHVLV GHO GRFWRU +D 5HXEHQt GLUHFWRU GHO 0XVHR %RWiQLFR GH OD
8QLYHUVLGDG+HEUHDGH-HUXVDOpQGHVFDOLILFDQGRRWUDVPXFKDVWHRUtDVVREUHHOSRVLEOHRULJHQGH
ODSODQWDXWLOL]DGDSDUDHOWUHQ]DGRGHOFDVFRGHHVSLQDV/DPiVFRQRFLGD\SRSXODUVHxDODED
DO]L]LSKXVR6SLQD&KULVWL3DOLQXUXV$FXOHDWXVFRPROD]DU]DXWLOL]DGDHQHVWDFRURQDFLyQ
1GHOP9ROYHU
>@3RFRVDxRVGHVSXpVGHODPXHUWHGH&ULVWRQXPHURVRVVDPDULWDQRVVHFRQJUHJDURQHQWRUQR
DXQVXSXHVWR0HVtDVTXHOHVSURPHWLyGHVFXEULUORVYDVRVVDJUDGRVHQWHUUDGRVSRU0RLVpVHQ
XQR GH ORV PRQWHV GH 6DPDULD 3LODWR VXSR GH HVWD PXOWLWXGLQDULD PDQLIHVWDFLyQ HQ HO PRQWH
*DUL]LP\URGHDQGRFRQVXVWURSDVDORVVDPDULWDQRVGLRODRUGHQGHFDUJDUVREUHHOORVGDQGR
OXJDU D XQD JUDQ PRUWDQGDG 6DPDULWDQRV \ MXGtRV VH GLULJLHURQ HQWRQFHV D 9LWHOLR VXSUHPR
JREHUQDGRU GH OD SURYLQFLD GH 6LULD DFXVDQGR D 3LODWR GHO KRUULEOH DVHVLQDWR GH PLOHV GH
VDPDULWDQRV9LWHOLRQRWHQtDDXWRULGDGSDUDMX]JDUDOSURFXUDGRUGH,VUDHO\OHHQYLyD5RPDFRQ
HOILQGHTXHFRPSDUHFLHVHDQWHHOHPSHUDGRU3HURGXUDQWHHOYLDMH7LEHULRPXULyKDFLpQGRVH
FDUJRGHOLPSHULR&D\RDOLDV&DOtJXODeVWHDOFRQRFHUORVKHFKRVGHVWHUUyD3RQFLR\DVX
IDPLOLDDODV*DOLDVGRQGHDOSDUHFHUPXULy$OJXQDVWUDGLFLRQHVDSXQWDQKDFLDHOKHFKRGHTXH
3LODWRWHUPLQySRUUHIXJLDUVHHQORTXHKR\FRQRFHPRVSRU/DXVDQQHHQ6XL]DVXLFLGiQGRVH1
GHOP9ROYHU
>@
(O IDPRVR JREHUQDGRU &LULQR FRPR VH OH FRQRFH D WUDYpV GH ORV HVFULWRV URPDQRV
GHVHPSHxyXQSDSHOGHVWDFDGRDODVyUGHQHVGH$XJXVWRVLHQGRHOUHVSRQVDEOHGHORVGRVFHQVRV
HIHFWXDGRV EDMR HO PDQGDWR GHO FLWDGR &pVDU HQ OD HQWRQFHV SURYLQFLD URPDQD GH 6LULD (O
SULPHURGHHVWRVFHQVRVWXYROXJDUHQWUHORVDxRV\DQWHVGH&ULVWR\IXHSUHFLVDPHQWHHO
TXHPRYLOL]yD-RVp\0DULDHQGLUHFFLyQD%HOpQ(OVHJXQGRFHQVRRFXUULyHQWUHORVDxRV\
GHQXHVWUD(UD(QHVWDVHJXQGDRFDVLyQ6XOSLFLXV4XLULQLXVR&LULQRIXHHQYLDGRSRU5RPDHQ
FRPSDxtDGH&RSRQLRSULPHUSURFXUDGRUGH-XGHD1GHOP9ROYHU
>@ $IRUWXQDGDPHQWH SDUD Pt \R KDEtD VLGR LQVWUXLGR HQ HO DUWH GH ORV DQWLJXRV DXJXUHV \
DU~VSLFHVJULHJRV\URPDQRV8QDYH]HQHOWHPSOXPRHVSDFLRGHOFLHORTXHGHEtDREVHUYDUVHHO
DXJXUWRPDEDVXOLWXXV\VHYROYtDKDFLDHOVXUWUD]DQGRXQDOtQHDVREUHHOFLHORGHQRUWHDVXU
OODPDGD FDUGR 'HVSXpV KDFLD RWUR WDQWR GH HVWH D 2HVWH GHFXPDQXV UHSDUWLHQGR DVt HQ
FXDWURiUHDVODSDUWHYLVLEOHGHOFLHOR(QVHJXLGDWLUDQGRGRVOtQHDVSDUDOHODVDODVGRVWUD]DGDV
DQWHULRUPHQWHIRUPDEDXQFXDGUDGRTXHSUR\HFWDGRVREUHODWLHUUDFRQVWLWXtDHOFLWDGRSULVPDR
WHPSOXP /D ]RQD TXH TXHGDED GHODQWH GH pO VH GHQRPLQDED DQWLFD \ OD TXH TXHGDED DWUiV
SRVWLFD1GHOP9ROYHU
>@(ORULJHQGHOSDWLEXOXPVHUHPRQWDDODYLJDTXHVHUYtDSDUDDWUDQFDUODVSXHUWDVHQ5RPD
$OTXLWDUVHVHDEUtDGLFKDSXHUWD'HDKtHOQRPEUH1GHOP9ROYHU
>@6HGHQRPLQDKDERREHQWpUPLQRVPHWHRUROyJLFRVDXQDWHPSHVWDGGHSROYRTXHVHIRUPD
VREUH ORV GHVLHUWRV GXUDQWH XQ SHULRGR GH LQHVWDELOLGDG FRQYHFWLYD (O WpUPLQR KDERRE VH
GHULYDGHRWURiUDEHTXHVLJQLILFDYLHQWRYLROHQWR6RQQRWDEOHV\IDPRVRVORVKDERREVGHO
6XGiQFRQYHORFLGDGHVGHKDVWDNLOyPHWURVSRUKRUD1GHOP9ROYHU
>@(OWpUPLQR*XOJXOWKDHVODIRUPDDUDPHDGHOKHEUHR*XOJROHWKTXHTXLHUHGHFLUFUiQHR
3RUHOLPLQDFLyQGHXQDGHODVDSDUHFHODH[SUHVLyQJULHJD*yOJRWKD\ODVLUtDFD*XJXOWKD/D
YHUVLyQODWLQDVHOHH&DOYDULXP'HDKtODGHQRPLQDFLyQILQDOGH&DOYDULR1GHOP9ROYHU
>@ 'H ODV GLYHUVDV LQWHUSUHWDFLRQHV TXH \R KDEtD HVWXGLDGR GXUDQWH PL HQWUHQDPLHQWR SDUD OD
PLVLyQ &DEDOOR GH 7UR\D VREUH HVWH OXJDU VyOR OD TXH DVRFLDED OD IRUPD GHO SHxDVFR FRQ OD
SDODEUDFUiQHRPHSDUHFLyODPiVYHURVtPLO<QRHVWDEDHTXLYRFDGR3DUDDOJXQRVHQWUHORV
TXHVHHQFRQWUDED6DQ-HUyQLPRHO*yOJRWDWRPDEDDTXHOQRPEUHSRUVHUpVWHHOOXJDUGRQGHVH
DMXVWLFLDED \ VHSXOWDED D ORV FULPLQDOHV &UDVR HUURU \D TXH ORV MXGtRV WHQtDQ SRU FRVWXPEUH
HQWHUUDUDORVHMHFXWDGRVHQXQDIRVDFRP~QRLQFOXVRDUURMDUORVDODVEDUUDQFDVGHOD*HKHQQHR
+LQQRPDOVXUGH-HUXVDOpQGRQGHHUDQGHYRUDGRVSRUORVSHUURVUDWDV\RWURVDQLPDOHV8QD
VHJXQGDWHRUtDPiVSHUHJULQDTXHODDQWHULRUDOXGHDXQDYLHMDOH\HQGDVHJ~QODFXDODTXHO
SURPRQWRULR IXH GHQRPLQDGR DVt SRUTXH HQ XQD FDYHUQD LQIHULRU VH KDOODED HO FUiQHR GH$GiQ
$Vt OR FUH\HURQ SRU HMHPSOR SHUVRQDMHV WDQ UHOHYDQWHV FRPR 2UtJHQHV VDQ $WDQDVLR VDQ
$PEURVLRVDQWD3DXODHWF(QHVWHVHQWLGRXQDYLGHQWHOODPDGD$QD(PPHULFKOOHJyDHVFULELU
ORVLJXLHQWHHQVXREUD/DGRORURVD3DVLyQGH1XHVWUR6HxRU-HVXFULVWR(QFXDQWRDORULJHQGHO
QRPEUHFDOYDULRKHDTXtORTXHVp/DPRQWDxDTXHWLHQHHVHQRPEUHVHPHDSDUHFLyHQWLHPSR
GHO SURIHWD (OLVHR (QWRQFHV QR HVWDED FRPR HQ HO WLHPSR GH -HV~V HUD XQD DOWXUD FRQ PXFKDV
PXUDOODV\JUXWDVTXHSDUHFtDQVHSXOFURV9LDOSURIHWD(OLVHREDMDUDHVDVJUXWDVQRVpVLORKL]R
UHDOPHQWH R VL HUD VLPSOHPHQWH XQD YLVLyQ /R YL VDFDU XQ FUiQHR GH XQ VHSXOFUR GH SLHGUD
GRQGH UHSRVDEDQ KXHVRV 8QR TXH HVWDED D VX ODGR \R FUHR TXH HUD XQ iQJHO OH GLMR (V HO
FUiQHR GH$GDP (O SURIHWD TXLVR OOHYiUVHOR PDV HO TXH HVWDED FRQ pO QR VH OR SHUPLWLy 9L
VREUHHOFUiQHRDOJXQRVSHORVUXELRVHVSDUFLGRV6XSHWDPELpQTXHHOSURIHWDKDELHQGRFRQWDGR
ORTXHOHKDEtDVXFHGLGRHOVLWLRUHFLELyHOQRPEUHGH&DOYDULR(QILQ\RYLTXHODFUX]GH
-HV~V HVWDED SXHVWD YHUWLFDOPHQWH VREUH HO FUiQHR GH$GDP &RQ WRGRV PLV UHVSHWRV SDUD OD
FLWDGD YLGHQWH VXV LQIRUPDFLRQHV QR FRQFXHUGDQ FRQ ORV HVWXGLRV DUTXHROyJLFRV QL FRQ OD
SURSLDQDWXUDOH]DGHODKXPLOGHURFD1GHOP9ROYHU
>@(OVHGLOHYHQtDDVHUXQDSLH]DGHPDGHUDRGHPHWDOJHQHUDOPHQWHGHKLHUURTXHVH
FRORFDEDHQRFDVLRQHVHQODV]RQDVEDMDVGHODVWLSH(UDXVDGRFXDQGRVHGHVHDEDSURORQJDUOD
DJRQtD GHO FUXFLILFDGR (Q HVWD SLH]D TXH DGRSWDED IRUPDV GLYHUVDV GHVGH XQD VLPSOH EDUUD
KDVWDXQWDFRGHPDGHUDSDVDQGRSRUXQDHVWUXFWXUDVLPLODUDXQFXHUQRHOUHRSRGtDDSR\DU
ORVSLHV\HQFRQVHFXHQFLDHOSHVRGHVXFXHUSR7HUWXOLDQRORFLWDHQXQDRFDVLyQOODPiQGROR
VHGLOLVH[FHOVXVRDVLHQWRHOHYDGR1GHOP9ROYHU
>@ $ SDUWLU GHO HPSHUDGRU $GULDQR VH KDFH RILFLDO HVWD FRVWXPEUH GHQRPLQDGD
SDQQLFXODULDRSURSLQDSRUGHFUHWRUHFRJLGRHQHO'LJHVWR1GHOP9ROYHU
>@8QVHQFLOORFiOFXORPDWHPiWLFRQRVSURSRUFLRQDODWHUURUtILFDLPDJHQGHOSHVRTXHWXYRTXH
VRSRUWDU -HV~V GH 1D]DUHW GXUDQWH HVWH DQJXVWLRVR HOHYDPLHQWR 5HSDUWLHQGR HO SHVR WRWDO GHO
0DHVWURHQWUHDPERVEUD]RVXQRVNLORVSDUDFDGDXQRODIXHU]DGHWUDFFLyQHMHUFLGDVREUH
FDGDXQRGHHOORVHVLJXDODFRVHQRGH NLORVDSUR[LPDGDPHQWH1GHO
P9ROYHU
>@$XQTXHQRVR\HQWHQGLGRHQORVPLVWHULRVGHODOODPDGD&iEDODR4DEEDODKYRFDEORKHEUHR
HTXLYDOHQWHDFRQRFLPLHQWRRWUDGLFLyQLQYLWRDTXLHQSXHGDOHHUHVWHGLDULRDVRPHWHUODV
VXFHVLYDV QXPHUDFLRQHV DSDUHFLGDV HQ ORV GDGRV DO PpWRGR GH FRQYHUVLyQ XWLOL]DGR SRU
&DJOLRVWUR\TXHVXSRQHXQDSUHWHQGLGDFRUUHVSRQGHQFLDHQWUHORVQ~PHURV\ODVOHWUDVVHJ~QORV
DOIDEHWRVKHEUHR\ODWLQR<RORKHKHFKR\KHTXHGDGRVRUSUHQGLGRDQWHODVSDODEUDVTXHSDUHFHQ
IRUPDU ORV Q~PHURV 1R VyOR DSDUHFH HO QRPEUH FyVPLFR GH -HV~V
VLHPSUH VHJ~Q HO (VRWHULVPR VLQR TXH VREUH WRGR FXDQGR HVD VHFXHQFLD QXPpULFD HV
WUDGXFLGD R FRQYHUWLGD HQ OHWUDV ODV GHO DOIDEHWR KHEUHR ORV H[SHUWRV HQ &iEDOD
GHVFXEULHURQFRQDVRPEURWRGRXQPHQVDMH$WUDYpVGHHVWHVLVWHPDFRQRFLGRHQODFLHQFLD
FDEDOtVWLFD FRPR JXHHPDWULD HVWRV Q~PHURV HQ HO PLVPR RUGHQ TXH DSDUHFHQ HQ HO WH[WR
IXHURQGHVFLIUDGRVHLQWHUSUHWDGRVREWHQLHQGRFRPRGLJRXQPHQVDMHP~OWLSOH1RYR\D
GHVYHODU DTXt \ DKRUD HVWH LQFUHtEOH PHQVDMH 3UHILHUR TXH VHD HO OHFWRU TXLHQ WUDEDMH VREUH
HVWHDSDVLRQDQWHHQLJPD\GHVFXEUDSRUVtPLVPRHOVHFUHWRGHGLFKDQXPHUDFLyQ6yORDxDGLUp
DOJR HQ PL GHVHR GH FRPSUREDU \ DQDOL]DU FXDQWRV GDWRV DSDUHFHQ HQ HVWH 'LDULR VRPHWt ODV
UHIHULGDVWLUDGDVGHORVGDGRVDXQIUtR\ULJXURVRH[DPHQSRUSDUWHGHOFDWHGUiWLFRGH&LHQFLDV
0DWHPiWLFDV \ (VWDGtVWLFDV - $ 9LHGPD \ GH XQ JUXSR GH HVSHFLDOLVWDV HQ ,QIRUPiWLFD
HQFDEH]DGRVSRUPLEXHQDPLJR-RVp0RUDWRGRVHOORVUHVLGHQWHVHQ3DOPDGH0DOORUFD3XHV
ELHQ VHJ~Q HVWRV H[SHUWRV HO FiOFXOR GH SUREDELOLGDG PDWHPiWLFD GH TXH SXHGDQ VDOLU GLFKRV
Q~PHURV \ HQ HVH RUGHQ HV GH (V GHFLU OD SUREDELOLGDG
UHVXOWDEDEDMtVLPD1GHOP9ROYHU
>@&RPRVDEHQELHQORVVHJXLGRUHVGHODVLJOHVLDVHVSHFLDOPHQWHGHOD&DWyOLFDHOQ~PHUR
DFWXDOGHUHOLTXLDVVXSXHVWDPHQWHUHODFLRQDGDVRSHUWHQHFLHQWHVDOD3DVLyQGHO*DOLOHRVXSHUD
HOPLOODU(VWRGHVGHXQSXQWRGHYLVWDREMHWLYRDUTXHROyJLFR\FLHQWtILFRHVWDQDEVXUGRFRPR
LPSRVLEOH (Q OD EDVtOLFD GH 6DLQW'HQLV HQ $UJHQWHXLO DO QRUWH GH 3DULV VH FRQVHUYD SRU
HMHPSORXQDVXSXHVWDW~QLFDVDJUDGD<2WURWDQWRRFXUUHHQODFDWHGUDOGH7UpYHULV&RQORV
GHELGRVUHVSHWRVDORVTXHFUHHQHQDPEDVW~QLFDVQLQJXQDGHODVGRVSXHGHVHUODTXHOXFLyHO
0DHVWURGH*DOLOHD(QODSULPHUDDXQTXHODVGLPHQVLRQHVVRQDSUR[LPDGDVDODVUHDOHV
PHWURVGHORQJLWXGSRUGHDQFKXUDFDUHFLHQGRLQFOXVRGHFRVWXUDVHOWHMLGRHQFDPELROR
FRQVWLWX\H XQ EXUGR HQWUDPDGR GH KLORV GH HVWRSD GH FixDPR TXH QDGD WLHQH TXH YHU FRQ OD
QDWXUDOH]D GH ODV SUHQGDV XWLOL]DGDV KDELWXDOPHQWH SRU ORV KHEUHRV HQ DTXHOOD pSRFD DOJRGyQ
ODQD\OLQR3RUXQDW~QLFDFRQIHFFLRQDGDFRQXQDWHODWDQUDtGDFRPRWRVFDORVOHJLRQDULRVQR
KXELHUDQ SHUGLGR HO WLHPSR VRUWHiQGROD (Q FXDQWR D OD VHJXQGD D~Q UHVXOWD PiV GLItFLO GH
LGHQWLILFDU 6H WUDWD GH XQD VHULH GH WUR]RV GH XQ WHMLGR PX\ ILQR \ SDUGX]FR HQYXHOWRV \
SURWHJLGRV FRQWUD OD SROLOOD HQWUH GRV WHODV 8QD GH pVWDV HV GH VHGD DGDPDVFDGD IDEULFDGD
SRVLEOHPHQWHHQ2ULHQWHHQWUHORVVLJORV9,\,;&RQORVFODYRV\ODFUX]GH&ULVWRRFXUUHDOJR
SDUHFLGR 6HJ~Q OD WUDGLFLyQ OD SLDGRVD HPSHUDWUL] VDQWD (OHQD ORV GHVHQWHUUy HQ HO VLJOR ,9
3DUD HPSH]DU GXGR TXH ODV IXHU]DV URPDQDV SHUGLHUDQ HO WLHPSR \ HO GLQHUR VHSXOWDQGR ODV
VWLSHV \ SDWLEXOXP DVt FRPR ORV FODYRV GHVSXpV GH FDGD HMHFXFLyQ FRPR SUHWHQGHQ DOJXQRV
H[pJHWDVHQGHIHQVDGHODWUDGLFLyQGHODPHQFLRQDGDPDGUHGHOHPSHUDGRU&RQVWDQWLQR6HJ~Q
HVWDVPLVPDVOH\HQGDVVDQWD(OHQDPDQGyKDFHUXQIUHQRFRQXQRGHORVFODYRVSDUDHOFDEDOOR
GH VX KLMR KR\ VH FRQVHUYD HQ &DUSHQWUDV &RQ RWUR IRUPy XQ FLUFXOR SDUD HO FDVFR GH
&RQVWDQWLQR \ VH GLFH TXH DTXHO FtUFXOR IRUPD DKRUD SDUWH GH OD FRURQD GH KLHUUR GH ORV UH\HV
ORPEDUGRV FRQVHUYDGD HQ 0RQ]D &RQ HO WHUFHU FODYR GtFHVH TXH VLUYLy SDUD DSDFLJXDU XQD
WHPSHVWDG HQ HO$GULiWLFR (O FDVR HV TXH HQ OD DFWXDOLGDG HQ YDULDV LJOHVLDV GH (XURSD VH
YHQHUDQVXSXHVWRVFODYRVGHOD3DVLyQKDVWDXQWRWDOGH'LH]GRVHQ5RPDXQRHQ6DQWD&UX]
GH-HUXVDOpQHQ6DQWD0DUtDGHO&DSLWROLRHQ9HQHFLDHQ7UpYHULVHQ)ORUHQFLDHQ6HQDHQ
3DUtV\HQ$UUDV
5HVSHFWRDORVPDGHURVGHODFUX]GH-HV~VHODVXQWRVHFRPSOLFDPXFKRPiV(OPXQGRGHORV
FULVWLDQRV HVWi PDWHULDOPHQWH VHPEUDGR GH DVWLOODV GH WRGRV ORV WDPDxRV WRGDV HOODV
VXSXHVWDPHQWH H[WUDtGDV GH OD YHUGDGHUD &UX] &RPR GHFtDQ %UHFNKHQULGJH \ 6DOPDVLR HQWUH
RWURV Vt VH MXQWDVHQ HVWDV UHOLTXLDV SRGUtDPRV SODQWDU XQ ERVTXH 4XL]i HO WUR]R PiV
YROXPLQRVRHVHOTXHVHYHQHUDHQ(VSDxDHQ6DQWR7RULELRGH/LpEDQDHQODSURYLQFLDQRUWHxD
GH 6DQWDQGHU /D WUDGLFLyQ DVHJXUD TXH HVWH OLJQXP FUXFLV IXH WUDtGR GHVGH -HUXVDOpQ SRU VDQWR
7RULELR RELVSR GH$VWRUJD HQ (VSDxD \ FRQWHPSRUiQHR GH VDQ /HyQ , HO *UDQGH 8QR GH ORV
GDWRV D IDYRU GH HVWH VXSXHVWR UHVWR GH OD FUX] HQ OD TXH IXH FROJDGR HO 0DHVWUR HV HO WLSR GH
PDGHUDSLQR3HURGHVGHXQSXQWRGHYLVWDFLHQWtILFRODVGXGDVVLJXHQHQYROYLHQGRVXRULJHQ
1GHOP9ROYHU
>@/RVKRPEUHVGH&DEDOORGH7UR\DHQXQLQIRUPHSRVWHULRUDHVWHSULPHUJUDQYLDMH\HQ
EDVHDOSHVRGH-HV~VDODVORQJLWXGHVGHVXVEUD]RVDODVGLVWDQFLDVKRPEURFODYR\DOiQJXOR
GH JUDGRV TXHIRUPDEDQ VXVPLHPEURVVXSHULRUHV FRQ OD KRUL]RQWDOH[SXVLHURQ HQWUHRWUDV
ODVVLJXLHQWHVFRQVLGHUDFLRQHVWHyULFDVODGLVWDQFLDHQWUHORVFODYRVGHODVPXxHFDV\XQDOtQHD
KRUL]RQWDOLPDJLQDULDTXHSDVDUDSRUHOFHQWURGHDPEDVDUWLFXODFLRQHVGHORVKRPEURVHUDGH
FHQWtPHWURV DSUR[LPDGDPHQWH (VWD HUD HQ VXPD OD HVFDORIULDQWH DOWXUD D OD TXH GHEtD
HOHYDUVH HO 0DHVWUR FDGD YH] TXH SUDFWLFDED XQD GH HVWDV LQVSLUDFLRQHV DOJR PiV SURIXQGDV
3HQVDQGRTXHHOP~VFXORGHOWRLGHVTXHVHH[WLHQGHGHVGHODFODYtFXOD\HORPRSODWRDOK~PHUR
HVWiGLVHxDGRSDUDHOHYDUHOFLWDGRPLHPEURVXSHULRUFX\RSHVRHVGHXQNLOR\SLFRHOHVIXHU]R
DTXHVHYLRVRPHWLGRHQHOFDVRGHO*DOLOHRHVVHQFLOODPHQWHH[FHSFLRQDO6LKDFHPRVDFWXDUHO
FLWDGR GHOWRLGHV HQ IRUPD LQYHUVD KDFLHQGR ILMDV VXV LQVHUFLRQHV HQ HO K~PHUR WLUDQGR KDFLD
DUULEDGHORVKRPEURVSDUDHOHYDUHOSHVRGHOFXHUSRFRPSUREDUHPRVODVHQRUPHVGLILFXOWDGHV
TXHHOORVXSRQHSHUIHFWDPHQWHSDWHQWHVHQHVHHMHUFLFLRJLPQiVWLFR~QLFRTXHVHOOHYDDFDER
FRQ ODV DQLOODV \ TXH SRSXODUPHQWH HV FRQRFLGR FRPR KDFHU HO &ULVWR$O QR FRQWDU FRQ OD
D\XGDGHORVP~VFXORVGHODVH[WUHPLGDGHVLQIHULRUHVODPXVFXODWXUDGHOKRPEURWHQtDTXHHOHYDU
HOSHVRFRUUHVSRQGLHQWHDODFDEH]DWURQFR\YLHQWUHKDVWDODUDt]GHORVPLHPEURVLQIHULRUHV(V
GHFLUVXSRQLHQGRTXHODPDVDWRWDOGH&ULVWRIXHUDGHXQRVNLORVODPHQFLRQDGDPXVFXODWXUD
GHEtD FRUUHU FRQ OD HOHYDFLyQ GH ORV GHO SHVR FRUSRUDO (Q RWUDV SDODEUDV FRQ XQRV
NLORV'HDFXHUGRFRQODH[SUHVLyQSHVR PDVD[JUDYHGDGVHREWXYRTXH[
MXOLRV $O FURQRPHWUDU HO UHIHULGR DVFHQVR GH FHQWtPHWURV PHWURV HQ XQRV
VHJXQGRV &DEDOOR GH 7UR\D GHGXMR TXH OD DFHOHUDFLyQ VXIULGD SRU -HV~V GH 1D]DUHW IXH GH
DSUR[LPDGDPHQWHPHWURVSRUVHJXQGRHQFDGDVHJXQGR6HWXYRHQFXHQWDREYLDPHQWH
ORVVLJXLHQWHVSDUiPHWURVH HVSDFLRRGLVWDQFLDUHFRUULGD9 YHORFLGDGLQLFLDOHQHVWH
FDVRFHURD DFHOHUDFLyQ\W WLHPSRLQYHUWLGR2ORTXHHVORPLVPRH 9DW
(VWRVLJQLILFDEDORVLJXLHQWH D7DPELpQIXHFDOFXODGDODIXHU]DTXHWXYRTXH
KDFHUHO0DHVWURHQFDGDXQDGHHVWDVYLROHQWDVHOHYDFLRQHVHQYHUWLFDOSHVRIXHU]D PDVD
DFHOHUDFLyQ (V GHFLU ) [ (O UHVXOWDGR IXH GH ) MXOLRV (Q
FXDQWRDOWUDEDMRGHVDUUROODGRKHDTXtODHVFDORIULDQWHFLIUDWUDEDMR IXHU]D[GLVWDQFLD7
[ QHZWRQV (OOR DUURMy XQD SRWHQFLD GH ZDWLRV SRWHQFLD
WUDEDMRWLHPSR R 6L FRPSDUDPRV HVRV ZDWLRV FRQ ORV TXH QRUPDOPHQWH
UHDOL]D OD PLVPD PXVFXODWXUD SDUD HOHYDU VLPSOHPHQWH HO EUD]R HPSH]DUHPRV D LQWXLU HO
JLJDQWHVFR\GRORURVtVLPRHVIXHU]RTXHFRPRGLJRGHVDUUROOy-HV~VGH1D]DUHWHQODFUX]1
GHOP9ROYHU
>@3HJHRQVHQWUHSLORWRV\DVWURQDXWDVSURSRUFLRQDUGLVWDQFLD\UXPER1GHOP9ROYHU
>@ 1R SXHGR UHVLVWLU OD WHQWDFLyQ GH UHFRUGDU DO OHFWRU RWUR VXFHVR TXH SDUHFH JXDUGDU XQD
HVWUHFKD UHODFLyQ FRQ pVWH HO VRO TXH EDLOy HQ )iWLPD HQ (Q FXDQWR DO REMHWR TXH
SURYRFy ODV WLQLHEODV VREUH -HUXVDOpQ \ VX HQWRUQR HO FRPSXWDGRU GHO PyGXOR HVWLPy TXH
JLUDED JHRVLQFUyQLFDPHQWH VREUH OD FLXGDG VDQWD SDUDOHOR HVWLPDGR SDUD -HUXVDOpQ
NLOyPHWURV1GHOP9ROYHU
>@8WLOL]DQGRHOOODPDGR6LVWHPDEDVDGRHQWDEODVIUDQFHVDVHODERUDGDVHQ1DQF\IXHURQ
GHVDUUROODGRV DOUHGHGRU GH SDUiPHWURV 3RU HMHPSOR OD 9& R FDSDFLGDG YLWDO 97 R
YROXPHQ FRUULHQWH 59 R YROXPHQ UHVLGXDO 7/& R FDSDFLGDG SXOPRQDU WRWDO 09 R
YROXPHQ PLQXWR WUDQVIHUHQFLD R GLIXVLyQ SXOPRQDU GHO R[tJHQR 5$: R UHVLVWHQFLD GH YtDV
DpUHDVGLVWHQVLELOLGDGSXOPRQDU\WRUiFLFD\367RSUHVLyQGHUHWUDFFLyQHOiVWLFRSXOPRQDU
1GHOP9ROYHU
>@
(VWD VHxDO TXH VXHOH SUHFHGHU D OD PXHUWH ELHQ FRQRFLGD GH ORV PpGLFRV SUHVHQWD
JHQHUDOPHQWH HQ HO RMR GHUHFKR XQD RSDFLGDG GH OD HVFOHUyWLFD DOJR PiV SiOLGD TXH HQ OD GHO
L]TXLHUGR&DVLVLHPSUHVHUHJLVWUDHVWDPDQFKDRFXODUFRQFLHUWDDQWHODFLyQHQXQRMRTXHHQ
HORWUR1GHOP9ROYHU
>@/DHQHUJtDOLEHUDGDHQXQWHUUHPRWRVHGHVSOD]DSRUODURFDHQIRUPDGHRQGDV'LFKDURFD
DFW~DFRPRXQFXHUSRHOiVWLFR/DVSDUWtFXODVLQGLYLGXDOHVHQORVHVWUDWRVURFRVRVYLEUDQGHXQD
SDUWHDRWUDFRQJUDQUDSLGH]DPHGLGDTXHVHWUDQVPLWHHOPRYLPLHQWRRQGXODWRULR$XQTXHVXV
SDWURQHV UHVXOWDQ VXPDPHQWH FRPSOHMRV FRQVWDQWHPHQWH PRGLILFDGRV SRU ODV SURSLHGDGHV GH
UHIOH[LyQGLIUDFFLyQUHIUDFFLyQ\GLVSHUVLyQGHODVRQGDVLQWHUQDFLRQDOPHQWHKDQVLGRGLYLGLGDV
HQWUHVJUDQGHVJUXSRV2QGD3RSULPDULDGHHPSXMHFRPSUHVLRQDORORQJLWXGLQDO
TXHYLDMDSRUHOLQWHULRUGHOD7LHUUDDJUDQYHORFLGDGHQWUH\NLOyPHWURVSRUVHJXQGR
VLHQGRODSULPHUDHQOOHJDUDODHVWDFLyQUHJLVWUDGRUD6HWUDQVPLWHFRPRODVRQGDVVRQRUDVSRU
FRPSUHVLyQ\H[SDQVLyQDOWHUQDVGHOYROXPHQGHODURFDDORODUJRGHODGLUHFFLyQGHYLDMHGHODV
RQGDV3XHGHDWUDYHVDUVyOLGRVOtTXLGRV\JDVHV2QGD6RVHFXQGDULDGHVDFXGLGDGH
HVIXHU]RFRUWDQWHGLVWRUVLRQDOHVRWUDQVYHUVDOHV)RUPDQXQFXHUSRGHRQGDVPiVOHQWRTXH
ODV 3YLDMDQGR HQWUH \ NLOyPHWURV SRU VHJXQGR 6RQ ODV VHJXQGDV HQ OOHJDU D ORV
VLVPyJUDIRV9LDMDQWDPELpQDWUDYpVGHOLQWHULRUGHOD7LHUUDVLHQGRWUDQVPLWLGDVDOLJXDOTXH
ODVRQGDVGHOX]SRUYLEUDFLRQHVSHUSHQGLFXODUHVDODWUD\HFWRULDHQTXHYLDMDQODVRQGDVHQODV
URFDV6XYHORFLGDGHVSURSRUFLRQDODODULJLGH]GHOPDWHULDOTXHDWUDYLHVDQQRSXGLHQGRFUX]DU
ORVOtTXLGRV
3RU~OWLPRODVRQGDV/WDPELpQFRQRFLGDVSRUORVQRPEUHVGHODUJDVRVXSHUILFLDOHV6RQ
OHQWDV DOUHGHGRU GH NLOyPHWURV SRU VHJXQGR YDULDQGR VX GHVSOD]DPLHQWR FRQ OD
HODVWLFLGDG GH OD URFD 7LHQHQ XQD QDWXUDOH]D RQGXODQWH PRYLpQGRVH IXQGDPHQWDOPHQWH EDMR OD
VXSHUILFLHWHUUHVWUH6HFRQRFHQGRVFODVHVSULQFLSDOHVODVRQGDV/RYHHQVyOLGRVXQLIRUPHV
\ODV5DOHLJKHQVyOLGRVQRXQLIRUPHV1GHOP9ROYHU
>@&RPREDVHSXUDPHQWHFRPSDUDWLYDHOIDPRVRWHUUHPRWRGHHQ/LVERDFX\DPDJQLWXG
IXH HVWLPDGD HQ SURYRFy XQD ROD VtVPLFD R PDUHPRWR GHQRPLQDGD WVXQDPL TXH DUUDVy OD
FDSLWDOSRUWXJXHVD\VXVDOUHGHGRUHVRFDVLRQDQGRPXHUWRV6HWUDWDGHOVHtVPRPiVIXHUWH
GHOD+LVWRULD0RGHUQD+DVWDODJR/RPRQG(VFRFLDVHEDODQFHyDFDXVDGHOWHPEORU1 GHO
P9ROYHU
>@ 8QR GH ORV WHVWLPRQLRV PiV DQWLJXRV GH TXH VH GLVSRQH HQ OD DFWXDOLGDG VREUH VHtVPRV HQ
,VUDHOSURFHGHGH)ODYLR-RVHIR(QVXOLEUR,FDStWXOR;,9GHOD*XHUUDGHORV-XGtRV\EDMRHO
WtWXOR 'H ODV DVHFKDQ]DV GH &OHRSDWUD FRQWUD +HURGHV \ GH OD JXHUUD GH +HURGHV FRQWUD ORV
UDEHV\XQPX\JUDQGHWHPEORUGHODWLHUUDTXHHQWRQFHVDFRQWHFLyHOKLVWRULDGRUGLFH
3HUVLJXLHQGR+HURGHVHO*UDQGHDORVHQHPLJRVOHVXFHGLySRUYROXQWDGGH'LRVRWUDGHVGLFKD
DORVVLHWHDxRVGHVXUHLQDGR\HQWLHPSRTXHKHUYtDODJXHUUD$FFLDFDSRUTXHDOSULQFLSLRGH
ODSULPDYHUDKXERXQWHPEORUGHWLHUUDFRQHOFXDOPXULyLQILQLWRJDQDGR\SHUHFLHURQWUHLQWDPLO
KRPEUHV TXHGDQGR VDOYR \ HQWHUR WRGR VX HMpUFLWR SRUTXH HVWDED HQ HO FDPSR (O WHUUHPRWR
RFXUULySRUWDQWRKDFLDHODxRDQWHVGH&ULVWRMXVWDPHQWHRDxRVDQWHVGHOVHtVPRTXH
PHQFLRQDQORV(YDQJHOLRV1GHOP9ROYHU
>@ 'H ODV GLPHQVLRQHV GH HVWH JUDQ YDFtR QRV GD LGHD HO VLJXLHQWH GDWR GHO HVFULWR UDEtQLFR
0LGGRW ,,, VL HO YHOR GHO 7HPSOR KD VLGR PDQFKDGR VH GHEH DUURMDU HQ XQ EDxR TXH
QHFHVLWDODSUHVHQFLDGHVDFHUGRWHV1GHOP9ROYHU
>@
(VWD PRQHGD VLPLODU D OD SHUXWDK GH $JULSD , HUD DFXxDGD HQ -HUXVDOpQ 6H KDQ
HQFRQWUDGRHMHPSODUHVHPLWLGRVEDMR&RSRQLR9DOHULR*UDWR3RQFLR3LODWR\$QWRQLR)pOL[6X
YDORUHUDPtQLPRXQGHQDULRGHSODWDHTXLYDOtDDSHUXWDKDSUR[LPDGDPHQWH1GHOP
9ROYHU
>@$OFRQVXOWDUORVSULQFLSDOHVFDWiORJRVPXQGLDOHVGHPRQHGDVMXGtDVGHOWLHPSRGH&ULVWR
HVSHFLDOPHQWHHOGHPRQHGDVDQWLJXDVGHO0XVHR%ULWiQLFR\HOOLEURGH0DGGHQVREUHPRQHGDV
MXGtDV SXEOLFDGR HQ \ UHLPSUHVR HQ ORV HVSHFLDOLVWDV GH &DEDOOR GH 7UR\D
FRPSUREDURQ TXH OD PD\RU SDUWH GH ODV PRQHGDV DFXxDGDV SRU 3RQFLR 3LODWR GHO DO GH
QXHVWUD (UD VH GLVWLQJXtDQ SUHFLVDPHQWH SRU VLJQRV FRPR HO OLWXXV VLPSXOXP HWF TXH SRU VX
FDUiFWHUSDJDQRRIHQGtDQORVVHQWLPLHQWRVUHOLJLRVRVGHOSXHEORKHEUHR(QHOFDVRGHOOLWXXVR
FD\DGRGHODXJXURDGLYLQRHVGHVXSRQHUTXHHVWDRVDGtDGH3RQFLR~QLFRJREHUQDGRUURPDQR
TXH VH DWUHYLy D KHULU DVt OD ILEUD UHOLJLRVD GH -XGHD HQFHUUDVH WDPELpQ XQ DOWR JUDGR GH
DGXODFLyQ KDFLD 7LEHULR JUDQ HQWXVLDVWD FRPR \D KHPRV YLVWR GH ORV DVWUyORJRV 1 GHO P
9ROYHU
>@
8QD GH ODV IDOWDV GH RUWRJUDItD PiV OODPDWLYDV HUD OD & LQLFLDO GH OD SDODEUD
&$,&$32&/ROyJLFRHVTXHHOUHVSRQVDEOHGHOWURTXHODGRKXELHUDDFXxDGRGLFKRWtWXORFRQ
OD . JULHJD .$,&$32& R .iLVDULV GH &pVDU 3HUR SRU RWUD SDUWH FRQRFLGD OD
SpVLPD UHSXWDFLyQ GHO SURFXUDGRU URPDQR FRPR DFXxDGRU GH PRQHGDV WDPSRFR PH H[WUDxy
H[FHVLYDPHQWH2WURGHORVHUURUHVFRQVHFXHQFLDGHODFRPRGLGDGGHORVDFXxDGRUHVDSDUHFH
HQODVGRV~OWLPDV&GH&$,&$32&(QUHDOLGDGODPHQFLRQDGDSDODEUDJULHJDGHEHUtDGH
KDEHU VLGR HVFULWD FRQ VHQGDV OHWUD VLJPD 3UREDEOHPHQWH ORV DUWHVDQRV SUHILULHURQ
DKRUUDUVHHOHQJRUURVRVLJQRGHMiQGRORUHGXFLGRDVXPLWDGR&1GHOP9ROYHU
>@'RVFLHQWRVGyODUHVGHFODUR1GH--%HQtWH]9ROYHU
>@(QORVUHODWRVWUDGLFLRQDOHVGHODIHVWLYLGDGMXGtDGHODVOXPLQDULDVR-DQXNiTXHVXHOH
FRLQFLGLU FRQ ODV 1DYLGDGHV VH FXHQWD TXH GXUDQWH OD RFXSDFLyQ URPDQD HQ HO VLJOR , HVWDED
SURKLELGR UHXQLUVH HQ JUXSRV SDUD HVWXGLDU OD 7RUi &XDQGR XQ YLJtD DOHUWDED DO JUXSR GH
HVWXGLRVRVVREUHODSUR[LPLGDGGHORVOHJLRQDULRVDOJXLHQVDFDEDXQ]HYLYRQRSHTXHxRGDGR
FRQ XQD EDVH SXQWLDJXGD \ XQ DVD VXSHULRU SDUD KDFHUOR JLUDU 'H HVWD IRUPD GLVLPXODEDQ
DSRVWDQGRVREUHTXpFDUDGHOGDGRFDHUtDKDFLDDUULED,QFOXVRHQODDFWXDOLGDGHVIUHFXHQWHYHUD
ORVQLxRVLVUDHOLWDVMXJDQGRFRQXQRGHHVWRV]HYLYRQGXUDQWHORVGtDVGHOD-DQXNi1 GHO
P9ROYHU
>@ (Q 0HGLFLQD /HJDO HVWi SHUIHFWDPHQWH HVWXGLDGR TXH SDUD SURGXFLU HO FLHUUH WRWDO GH ODV
\XJXODUHVVHQHFHVLWDQXQRVFLQFRNLORVGHIXHU]D(QHOFDVRGHODVFDUyWLGDVHQWUHGLH]\TXLQFH
NLORV1GHOP9ROYHU
>@1RWDGH--%HQtWH](OH[WHQVRUHODWRGHOPD\RUVREUHHVWDDSDVLRQDQWHFRQYHUVDFLyQFRQOD
PDGUHGH-HV~VGH1D]DUHWHQODTXHDSDUHFHQLQILQLGDGGHGDWRVQXHYRV\IDVFLQDQWHVVREUHOD
LQIDQFLDMXYHQWXG\HGDGDGXOWDGHO*DOLOHRKDVLGRGHVJDMDGRGHOPHQFLRQDGRGLDULRHLQFOXLGR
SRUUD]RQHVGHVXH[WHQVLyQHQXQSUy[LPRYROXPHQ6LHQWRGHYHUGDGGHMDUDOOHFWRUFRQOD
PLHOHQORVODELRV9ROYHU
QGLFH
&DEDOORGH7UR\D
:DVKLQJWRQ
0[LFR')
7DEDVFR
<XFDWQ
(VSDD
:DVKLQJWRQ
(O'LDULR
GH0DU]R-XHYHV
GH0DU]R9LHUQHV
GH$EULO6EDGR
GH$EULO'RPLQJR
GH$EULO/XQHV
GH$EULO0DUWHV
GH$EULO0LUFROHV
GH$EULO-XHYHV
GH$EULO9LHUQHV
GH$EULO6EDGR
GH$EULO'RPLQJR
$XWRU
1RWDV

Caballo de Troya - 1

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Caballo de Troya - 1

Încărcat de

Drepturi de autor:

Formate disponibile

8QD KRUD GHVSXpVFRQHOPLVPRDLUH GHGHVSUHRFXSDFLyQ HPSXMDED ODSXHUWDJLUDWRULD GHO

\ P~VLFRV FRQWUDWDGRV SRU 6LPyQ FRPHQ]DURQ D WDxHU VXV LQVWUXPHQWRV IXQGDPHQWDOPHQWH

QRSRGtD HQWUDU XQJHQWLO (OVDQWXDULRHUD VDJUDGR$OOtQR FDEtD HVWUDWDJHPD DOJXQD< PXFKR

TXHIRUPiEDPRV -RVp HOGH$ULPDWHD ,VPDHOEHQ 3KLDEL\ \R\FRQ JUDQVLJLOR QRV FRPXQLFy

XQDFXELHUWDGHSLHGUDSUHVHQWDEDXQSHTXHxRRULILFLRRERFDFHQWUDO GHXQRVFHQWtPHWURV HQ

(QHVRVPRPHQWRVLQHVSHUDGDPHQWH-XGDV ,VFDULRWHVHGHVOLJyGHOD WXUEDTXH HQFDEH]DED

ORV GRVODUJRVFODYRV TXH KDEtDGLVSXHVWRHQHO LQWHULRUGH VX FLQWXUyQ$VXGHUHFKD VREUHOD

HYLGHQWH GHO LPSRUWDQWHSURFHVR LQIODPDWRULRTXH KDEtDQ SDGHFLGR\ FRQVHFXHQWHPHQWHGH XQD

DOUHGHGRUHV GH -HUXVDOpQ HPSH]DURQ D GHDPEXODU LQGHFLVDV \ DFRViQGRVH PXWXDPHQWH D

--%(17(= Q3DPSORQDGHVHSWLHPEUHGH HVXQSHULRGLVWDHVSDxROFRQRFLGRSRU

>@/D2$5HVOD2ILFLQDGH,QYHVWLJDFLyQ$HURHVSDFLDO 1RWDGHOWUDGXFWRU 9ROYHU

ORV(VWDGRV8QLGDV 1GHOW 9ROYHU

SDUD XVRVHVSDFLDOHV(VWDVEDWHUtDV GHLVyWRSRVUDGLDFWLYRVSXHGHQSURGXFLU YDULRV FHQWHQDUHV

>@$JHQFLDGH,QWHOLJHQFLDGHOD'HIHQVD 1GHOW 9ROYHU

GLYLGLpQGRODVSRUWUHV 1GHOW 9ROYHU

>@3XHUWD'REOH\SXHUWD7ULSOH 1GHOP 9ROYHU

>@+HURGHVOODPyDHVWDVWRUUHV+tSLFD)DVDHO\0DULDPPHUHVSHFWLYDPHQWH 1GHOP 9ROYHU

HUDGHPHWURV 1GHOP 9ROYHU

>@/DOLEUDURPDQDHTXLYDOHDXQRVJUDPRVDSUR[LPDGDPHQWH 1GHOW 9ROYHU

>@8QRVPHWURVPiVRPHQRV 1GHOW 9ROYHU

>@$VtOODPiEDPRVIDPLOLDUPHQWHDORUGHQDGRUFHQWUDOGHOPyGXOR 1GHOP 9ROYHU

>@/RVJHQWLOHVQRSRGtDQFHOHEUDUODWUDGLFLRQDORIUHQGDGHOD3DVFXDMXGtD 1GHOP 9ROYHU

>@0HGLGDHTXLYDOHQWHDXQRVYHLQWLGyVOLWURV 1GHOP 9ROYHU

>@/D0LVQiHQVXFDStWXORWHUFHURGHILHVWDVPHQRUHV PRHGTDWDQ HVWDEOHFHTXHORVPXHUWRV

IXHWRUQDGRHQWUHPXFKRVMXGtRVFRPRXQDQXHYDVHxDOHQ)DYRUGH-HV~V 1GHOP 9ROYHU

 \GHO'HXWHURQRPLR  8QWUDWDGRFRPSOHWRFRQRFKRFDStWXORVHVUHFRJLGRSDU

>@$GLIHUHQFLDGHOFRGRURPDQR FXELWXV GHPLOtPHWURV HVGHFLUODORQJLWXGGHXQDPDQR 

KHQQDSDUDORViUDEHV  1GHOP 9ROYHU

>@8QDYH]TXHVHDSDUWDED\VHHQWUHJDEDDOVDFHUGRWHODRIUHQGD WHUXPDJHGROD TXHVHJ~QOD

>@8QRVPHWURVDSUR[LPDGDPHQWH 1GHOW 9ROYHU

>@eVWDFRUUHVSRQGHDODDFWXDOFDOOHHO:DG 1GHOP 9ROYHU

6XPR 3RQWtILFH \ 6DOYH 'LYLQR 7LEHULR &pVDU $XJXVWR UHVSHFWLYDPHQWH /DV

SURIHVLRQHVUHFRJHGRUGHLQPXQGLFLDVGHSHUUR EDVXUHUR IXQGLGRUGHFREUHRFXUWLGRU /LVWD

IRUWXQD 1GHOP 9ROYHU

>@(QVXREUD*XHUUDGHORV-XGtRV OLEUR6H[WR -RVHIRDVHJXUDTXHWUHVGHODVWRUUHVWHQtDQ

HOFDO]DGRTXHXVDEDGHWLSRPLOLWDU 1GHOQL 9ROYHU

FRQXQUDZLQ WLSROiVHUGHEDMDHQHUJtD FRQUHWRUQRLQWHUQR\GHWDQDOWDVHQVLELOLGDG

UHFLEHHOVRQLGRGHIRUPDQtWLGD 1GHOW 9ROYHU

>@/DVLWXDFLyQGHOREMHWRHUDGHJUDGRV DO1RUWH \DPLOODVGHGLVWDQFLDGHOSXQWR

GRQGHVHKDOODEDSRVDGRHOPyGXOR 1GHOP 9ROYHU

>@(VGHFLUKDEtDSHUPDQHFLGRHVWiWLFRRLQPyYLO 1GHOP 9ROYHU

PHWURV 1GHOP 9ROYHU

LQWHQVLGDG FDVRGHKDEHUPLUDGRDOVRO SRGUtDKDEHUSURYRFDGRJUDYHVOHVLRQHVHQPLVRMRV<

>@1LYHOSLHV XQRVPLOPHWURV 9ROYHU

>@$HVDDOWXUDHOYLHQWROOHYDEDGLUHFFLyQJUDGRV 6XUHVWH \XQRVQXGRVGHYHORFLGDG

DOUHGHGRUGHNLOyPHWURVSRUKRUD 1GHOP 9ROYHU

UDGDURSRUDOJXQDLQWHUIHUHQFLDHOHFWUyQLFDSURFHGHQWHGHOREMHWR 1GHOP 9ROYHU

>@&RPRFUHRTXH\DKHH[SOLFDGRDQWHULRUPHQWHORVOHYLWDV XQRV HVWDEDQUHSDUWLGRV

DO LJXDO TXH ORV VDFHUGRWHV HQ VHFFLRQHVVHPDQDOHV(VWDVVHUHOHYDEDQFDGDVHPDQD &DGD

VLJXLHQWH LQIRUPDFLyQ (VWH PRYLPLHQWR UHYROXFLRQDULR \ FODQGHVWLQR VLPLODU HQ DOJXQD

%DEDJDPPD 9,,9,,,\E TXHODFUtDGHJDOOLQDVHVWXYLHVHSURKLELGDHQ-HUXVDOpQ

>@7DQWR-RVHIRHQVXREUD*XHUUDVGHORV-XGtRV 9\9, FRPROD0LVQi 0LG9

TXHIXHUDFDUQHGHVDFULILFLRSDVFXDOSURKLELGRWUDVODUHIHULGDGHVWUXFFLyQ 1GHOP 9ROYHU

>@$VtORGLFHODOH\ 0LVFKWUDWDGR6DQHGUtQFDStWXOR,9Q  1GHOP 9ROYHU

FUXFLIL[LRQ RI -HVXV

GH-HV~V -HUHPtDV(/RKVH 6XQHGULRQ 6WUDFN%LOOHUEHFN0RPPVHQ 5|PLVFKH6WUDIUHFKW 

GHODILHVWDGH3DVFXD GHEtDUHEXVFDUVHWRGDVXVWDQFLDFRQOHYDGXUD JHQHUDOPHQWHFHUHDOHV D

FLIUiQGRVHVXQ~PHURHQPiVGH 1GHOP 9ROYHU

HVWDEDHVFULWRHQQ~PHURGHFXDUHQWD (ODxDGLGRVHJ~Q5<HKXGiVHUtDHOFXDUHQWD (OUHR

$OTXLWDUVHVHDEUtDGLFKDSXHUWD'HDKtHOQRPEUH 1GHOP 9ROYHU

SDQQLFXODULDRSURSLQDSRUGHFUHWRUHFRJLGRHQHO'LJHVWR 1GHOP 9ROYHU

>@3HJHRQVHQWUHSLORWRV\DVWURQDXWDVSURSRUFLRQDUGLVWDQFLD\UXPER 1GHOP 9ROYHU

>@'RVFLHQWRVGyODUHVGHFODUR 1GH--%HQtWH] 9ROYHU

8QD KRUD GHVSXpVFRQHOPLVPRDLUH GHGHVSUHRFXSDFLyQ HPSXMDED ODSXHUWDJLUDWRULD GHO

QRSRGtD HQWUDU XQJHQWLO (OVDQWXDULRHUD VDJUDGR$OOtQR FDEtD HVWUDWDJHPD DOJXQD< PXFKR

TXHIRUPiEDPRV -RVp HOGH$ULPDWHD ,VPDHOEHQ 3KLDEL\ \R\FRQ JUDQVLJLOR QRV FRPXQLFy

XQDFXELHUWDGHSLHGUDSUHVHQWDEDXQSHTXHxRRULILFLRRERFDFHQWUDOGHXQRVFHQWtPHWURVHQ

(QHVRVPRPHQWRVLQHVSHUDGDPHQWH-XGDV ,VFDULRWHVHGHVOLJyGHOD WXUEDTXH HQFDEH]DED

ORV GRVODUJRVFODYRV TXH KDEtDGLVSXHVWRHQHO LQWHULRUGH VX FLQWXUyQ$VXGHUHFKD VREUHOD

HYLGHQWH GHO LPSRUWDQWHSURFHVR LQIODPDWRULRTXH KDEtDQ SDGHFLGR\ FRQVHFXHQWHPHQWHGH XQD

DOUHGHGRUHV GH -HUXVDOpQ HPSH]DURQ D GHDPEXODU LQGHFLVDV \ DFRViQGRVH PXWXDPHQWH D

--%(17(=Q3DPSORQDGHVHSWLHPEUHGHHVXQSHULRGLVWDHVSDxROFRQRFLGRSRU

>@/D2$5HVOD2ILFLQDGH,QYHVWLJDFLyQ$HURHVSDFLDO1RWDGHOWUDGXFWRU9ROYHU

ORV(VWDGRV8QLGDV1GHOW9ROYHU

SDUD XVRVHVSDFLDOHV(VWDVEDWHUtDV GHLVyWRSRVUDGLDFWLYRVSXHGHQSURGXFLU YDULRV FHQWHQDUHV

>@$JHQFLDGH,QWHOLJHQFLDGHOD'HIHQVD1GHOW9ROYHU

GLYLGLpQGRODVSRUWUHV1GHOW9ROYHU

>@3XHUWD'REOH\SXHUWD7ULSOH1GHOP9ROYHU

>@+HURGHVOODPyDHVWDVWRUUHV+tSLFD)DVDHO\0DULDPPHUHVSHFWLYDPHQWH1GHOP9ROYHU

HUDGHPHWURV1GHOP9ROYHU

>@/DOLEUDURPDQDHTXLYDOHDXQRVJUDPRVDSUR[LPDGDPHQWH1GHOW9ROYHU

>@8QRVPHWURVPiVRPHQRV1GHOW9ROYHU

>@$VtOODPiEDPRVIDPLOLDUPHQWHDORUGHQDGRUFHQWUDOGHOPyGXOR1GHOP9ROYHU

>@/RVJHQWLOHVQRSRGtDQFHOHEUDUODWUDGLFLRQDORIUHQGDGHOD3DVFXDMXGtD1GHOP9ROYHU

>@0HGLGDHTXLYDOHQWHDXQRVYHLQWLGyVOLWURV1GHOP9ROYHU

>@/D0LVQiHQVXFDStWXORWHUFHURGHILHVWDVPHQRUHVPRHGTDWDQHVWDEOHFHTXHORVPXHUWRV

IXHWRUQDGRHQWUHPXFKRVMXGtRVFRPRXQDQXHYDVHxDOHQ)DYRUGH-HV~V1GHOP9ROYHU

\GHO'HXWHURQRPLR8QWUDWDGRFRPSOHWRFRQRFKRFDStWXORVHVUHFRJLGRSDU

>@$GLIHUHQFLDGHOFRGRURPDQRFXELWXVGHPLOtPHWURVHVGHFLUODORQJLWXGGHXQDPDQR

KHQQDSDUDORViUDEHV1GHOP9ROYHU

>@8QDYH]TXHVHDSDUWDED\VHHQWUHJDEDDOVDFHUGRWHODRIUHQGDWHUXPDJHGRODTXHVHJ~QOD

>@8QRVPHWURVDSUR[LPDGDPHQWH1GHOW9ROYHU

>@eVWDFRUUHVSRQGHDODDFWXDOFDOOHHO:DG1GHOP9ROYHU

6XPR 3RQWtILFH \ 6DOYH 'LYLQR 7LEHULR &pVDU $XJXVWR UHVSHFWLYDPHQWH /DV

SURIHVLRQHVUHFRJHGRUGHLQPXQGLFLDVGHSHUUREDVXUHURIXQGLGRUGHFREUHRFXUWLGRU/LVWD

IRUWXQD1GHOP9ROYHU

>@(QVXREUD*XHUUDGHORV-XGtRVOLEUR6H[WR-RVHIRDVHJXUDTXHWUHVGHODVWRUUHVWHQtDQ

HOFDO]DGRTXHXVDEDGHWLSRPLOLWDU1GHOQL9ROYHU

FRQXQUDZLQWLSROiVHUGHEDMDHQHUJtDFRQUHWRUQRLQWHUQR\GHWDQDOWDVHQVLELOLGDG

UHFLEHHOVRQLGRGHIRUPDQtWLGD1GHOW9ROYHU

>@/DVLWXDFLyQGHOREMHWRHUDGHJUDGRVDO1RUWH\DPLOODVGHGLVWDQFLDGHOSXQWR

GRQGHVHKDOODEDSRVDGRHOPyGXOR1GHOP9ROYHU

>@(VGHFLUKDEtDSHUPDQHFLGRHVWiWLFRRLQPyYLO1GHOP9ROYHU

PHWURV1GHOP9ROYHU

LQWHQVLGDGFDVRGHKDEHUPLUDGRDOVROSRGUtDKDEHUSURYRFDGRJUDYHVOHVLRQHVHQPLVRMRV<

>@1LYHOSLHVXQRVPLOPHWURV9ROYHU

>@$HVDDOWXUDHOYLHQWROOHYDEDGLUHFFLyQJUDGRV6XUHVWH\XQRVQXGRVGHYHORFLGDG

DOUHGHGRUGHNLOyPHWURVSRUKRUD1GHOP9ROYHU

UDGDURSRUDOJXQDLQWHUIHUHQFLDHOHFWUyQLFDSURFHGHQWHGHOREMHWR1GHOP9ROYHU

>@&RPRFUHRTXH\DKHH[SOLFDGRDQWHULRUPHQWHORVOHYLWDVXQRVHVWDEDQUHSDUWLGRV

DO LJXDO TXH ORV VDFHUGRWHV HQ VHFFLRQHVVHPDQDOHV(VWDVVHUHOHYDEDQFDGDVHPDQD &DGD

VLJXLHQWH LQIRUPDFLyQ (VWH PRYLPLHQWR UHYROXFLRQDULR \ FODQGHVWLQR VLPLODU HQ DOJXQD

%DEDJDPPD9,,9,,,\ETXHODFUtDGHJDOOLQDVHVWXYLHVHSURKLELGDHQ-HUXVDOpQ

>@7DQWR-RVHIRHQVXREUD*XHUUDVGHORV-XGtRV9\9,FRPROD0LVQi0LG9

TXHIXHUDFDUQHGHVDFULILFLRSDVFXDOSURKLELGRWUDVODUHIHULGDGHVWUXFFLyQ1GHOP9ROYHU

>@$VtORGLFHODOH\0LVFKWUDWDGR6DQHGUtQFDStWXOR,9Q1GHOP9ROYHU

GH-HV~V-HUHPtDV(/RKVH6XQHGULRQ6WUDFN%LOOHUEHFN0RPPVHQ5|PLVFKH6WUDIUHFKW

GHODILHVWDGH3DVFXDGHEtDUHEXVFDUVHWRGDVXVWDQFLDFRQOHYDGXUDJHQHUDOPHQWHFHUHDOHVD

FLIUiQGRVHVXQ~PHURHQPiVGH1GHOP9ROYHU

HVWDEDHVFULWRHQQ~PHURGHFXDUHQWD(ODxDGLGRVHJ~Q5<HKXGiVHUtDHOFXDUHQWD(OUHR

$OTXLWDUVHVHDEUtDGLFKDSXHUWD'HDKtHOQRPEUH1GHOP9ROYHU

SDQQLFXODULDRSURSLQDSRUGHFUHWRUHFRJLGRHQHO'LJHVWR1GHOP9ROYHU

>@3HJHRQVHQWUHSLORWRV\DVWURQDXWDVSURSRUFLRQDUGLVWDQFLD\UXPER1GHOP9ROYHU

>@'RVFLHQWRVGyODUHVGHFODUR1GH--%HQtWH]9ROYHU