0RPR HV XQD QLxD FRQ XQ GRQ PX\ HVSHFLDO VyOR FRQ HVFXFKDU
FRQVLJXH TXH WRGRV VH VLHQWDQ PHMRU 3HUR SURQWR OD OOHJDGD GH ORV
KRPEUHVJULVHVYDDFDPELDUVXYLGD3URPHWHQTXHDKRUUDUWLHPSR
HVORPHMRUTXHVHSXHGHKDFHU\SRFRDSRFRQDGLHWLHQHWLHPSRQL
SDUDMXJDUFRQORVQLxRV0RPRHVOD~QLFDTXHQRVHGHMDHQJDxDU
\ FRQ OD D\XGD GH OD WRUWXJD &DVLRSHD \ GHO PDHVWUR +RUD
HPSUHQGHUiXQDDYHQWXUDIDQWiVWLFDFRQWUDORVODGURQHVGHWLHPSR
8QD QRYHOD ~QLFD FRQ OD TXH UHGHVFXEULU OD LPSRUWDQFLD GH OD
DPLVWDG OD ERQGDG \ HO YDORU GH ODV FRVDV VHQFLOODV (Q GHILQLWLYD
VREUHORTXHGHYHUGDGQRVKDFHIHOLFHV

1/120
 (QODQRFKHEULOODWXOX]
'HGµQGHQRORV«
7DQFHUFDSDUHFH\WDQOHMRV
&µPRWHOODPDVQRORV«
/RTXHTXLHUDTXHVHDV
cOXFHSHTXH³DHVWUHOOD

6HJ¼QXQDYLHMDFDQFLµQLQIDQWLOGH,UODQGD

2/120
 35,0(5$3$57( 8QDFLXGDGJUDQGH
0RPR\VXVDPLJRV \XQDQL³DSHTXH³D

(
Q ORV YLHMRV YLHMRV WLHPSRV FXDQGR ORV KRPEUHV KDEODEDQ
WRGDY¯DPXFKDVRWUDVOHQJXDV\DKDE¯DHQORVSD¯VHVFLXGDGHV
JUDQGHV \ VXQWXRVDV 6H DO]DEDQ DOO¯ ORV SDODFLRV GH UH\HV \
HPSHUDGRUHV KDE¯D HQ HOODV FDOOHV DQFKDV FDOOHMDV HVWUHFKDV \
FDOOHMXHODV LQWULQFDGDV PDJQ¯ILFRV WHPSORV FRQ HVWDWXDV GH RUR \
P£UPRO GHGLFDGDV D ORV GLRVHV KDE¯D PHUFDGRV PXOWLFRORUHV GRQGH
VHRIUHF¯DQPHUFDGHU¯DVGHWRGRVORVSD¯VHV\SOD]DVDPSOLDVGRQGHOD
JHQWH VH UHXQ¯D SDUD FRPHQWDU ODV QRYHGDGHV \ KDFHU R HVFXFKDU
GLVFXUVRV6REUHWRGRKDE¯DDOO¯JUDQGHVWHDWURV7HQ¯DQHODVSHFWRGH
QXHVWURV FLUFRV DFWXDOHV VµOR TXH HVWDEDQ KHFKRV WRWDOPHQWH GH
VLOODUHVGHSLHGUD/DVILODVGHDVLHQWRVSDUDORVHVSHFWDGRUHVHVWDEDQ
HVFDORQDGDV FRPR HQ XQ JUDQ HPEXGR 9LVWRV GHVGH DUULED DOJXQRV
GH HVWRV HGLILFLRV HUDQ WRWDOPHQWH UHGRQGRV RWURV P£V RYDODGRV \
DOJXQRVKDF¯DQXQDQFKRVHPLF¯UFXOR6HOHVOODPDEDDQILWHDWURV
+DE¯D DOJXQRV TXH HUDQ WDQ JUDQGHV FRPR XQ FDPSR GH I¼WERO \
RWURV P£V SHTXH³RV HQ ORV TXH VµOR FDE¯DQ XQRV FLHQWRV GH
HVSHFWDGRUHV$OJXQRVHUDQPX\VXQWXRVRVDGRUQDGRVFRQFROXPQDV
\HVWDWXDV\RWURVHUDQVHQFLOORVVLQGHFRUDFLµQ(VRVDQILWHDWURVQR

3/120
WHQ¯DQ WHMDGR WRGR VH KDF¯D DO DLUH OLEUH 3RU HVR HQ ORV WHDWURV
VXQWXRVRVVHWHQG¯DQVREUHODVILODVGHDVLHQWRVWDSLFHVERUGDGRVGH
RUR SDUD SURWHJHU DO S¼EOLFR GHO DUGRU GHO VRO R GH XQ FKDSDUUµQ
UHSHQWLQR (Q ORV WHDWURV P£V KXPLOGHV FXPSO¯DQ OD PLVPD IXQFLµQ
FD³L]RVGHPLPEUHRSDMD(QXQDSDODEUDORVWHDWURVHUDQWDOFRPROD
JHQWHVHORVSRG¯DSHUPLWLU3HURWRGRVTXHU¯DQWHQHUXQRSRUTXHHUDQ
R\HQWHV\PLURQHVDSDVLRQDGRV
< FXDQGR HVFXFKDEDQ ORV DFRQWHFLPLHQWRV FRQPRYHGRUHV R
FµPLFRV TXH VH UHSUHVHQWDEDQ HQ OD HVFHQD OHV SDUHF¯D TXH OD YLGD
UHSUHVHQWDGDHUDGHPRGRPLVWHULRVRP£VUHDOTXHVXYLGDFRWLGLDQD
<OHVJXVWDEDFRQWHPSODUHVDRWUDUHDOLGDG
+DQ SDVDGR PLOHQLRV GHVGH HQWRQFHV /DV JUDQGHV FLXGDGHV GH
DTXHOWLHPSRKDQGHFD¯GRORVWHPSORV\SDODFLRVVHKDQGHUUXPEDGR
(OYLHQWR\ODOOXYLDHOIU¯R\HOFDORUKDQOLPDGR\H[FDYDGRODVSLHGUDV
GH ORV JUDQGHV WHDWURV QR TXHGDQ P£V TXH UXLQDV (Q ORV DJULHWDGRV
PXURVODVFLJDUUDVFDQWDQVXPRQµWRQDFDQFLµQ\HVFRPRVLODWLHUUD
UHVSLUDUDHQVXH³RV
3HURDOJXQDVGHHVDVYLHMDV\JUDQGHVFLXGDGHVVLJXHQVLHQGRHQ
ODDFWXDOLGDGJUDQGHV&ODURTXHODYLGDHQHOODVHVGLIHUHQWH/DJHQWH
YDHQFRFKHRWUDQY¯DWLHQHWHO«IRQR\HOHFWULFLGDG3HURSRUDTX¯RSRU
DOO¯ HQWUH ORV HGLILFLRV QXHYRV TXHGDQ WRGDY¯D XQ SDU GH FROXPQDV
XQD SXHUWD XQ WUR]R GH PXUDOOD R LQFOXVR XQ DQILWHDWUR GH DTXHOORV
OHMDQRVG¯DV
(QXQDGHHVDVFLXGDGHVWUDQVFXUULµODKLVWRULDGH0RPR
)XHUDHQHOH[WUHPRVXUGHHVDJUDQFLXGDGDOO¯GRQGHFRPLHQ]DQORV
SULPHURV FDPSRV \ ODV FKR]DV \ FKDERODV VRQ FDGD YH] P£V
PLVHUDEOHV TXHGDQ RFXOWDV HQ XQ SLQDU ODV UXLQDV GH XQ SHTXH³R
DQILWHDWUR1LVLTXLHUDHQORVYLHMRVWLHPSRVIXHXQRGHORVVXQWXRVRV GLIHUHQWHV FRORUHV \ OH OOHJDED KDVWD ORV WRELOORV (QFLPD OOHYDED XQ
\DSRUDTXHOHQWRQFHVHUDGLJDPRVXQWHDWURSDUDJHQWHKXPLOGH(Q
QXHVWURV G¯DV HV GHFLU HQ OD «SRFD HQ TXH VH LQLFLµ OD KLVWRULD GH
0RPR ODV UXLQDV HVWDEDQ FDVL ROYLGDGDV 6µOR XQRV SRFRV
FDWHGU£WLFRVGHDUTXHRORJ¯DVDE¯DQTXHH[LVW¯DQSHURQRVHRFXSDEDQ
GH HOODV SRUTXH \D QR KDE¯D QDGD TXH LQYHVWLJDU 7DPSRFR HUD XQ
PRQXPHQWR TXH VH SXGLHUD FRPSDUDU FRQ ORV RWURV TXH KDE¯D HQ OD
JUDQ FLXGDG 'H PRGR TXH VµOR GH YH] HQ FXDQGR VH SHUG¯DQ SRU DOO¯
XQRVWXULVWDVVDOWDEDQSRUODVILODVGHDVLHQWRVFXELHUWDVGHKLHUEDV
KDF¯DQUXLGRKDF¯DQDOJXQDIRWR\VHLEDQGHQXHYR(QWRQFHVYROY¯DHO
VLOHQFLRDOF¯UFXORGHSLHGUD\ODVFLJDUUDVFDQWDEDQODVLJXLHQWHHVWURID
GH VX LQWHUPLQDEOH FDQFLµQ TXH SRU OR GHP£V QR VH GLIHUHQFLDED HQ
QDGDGHODVHVWURIDVDQWHULRUHV
(QUHDOLGDGVµORODVJHQWHVGHORVDOUHGHGRUHVFRQRF¯DHOFXULRVR
HGLILFLR UHGRQGR $SDFHQWDEDQ HQ «O VXV FDEUDV ORV QL³RV XVDEDQ OD
SOD]DUHGRQGDSDUDMXJDUDODSHORWD\DYHFHVVHHQFRQWUDEDQDK¯GH
QRFKHDOJXQDVSDUHMLWDV
3HUR XQ G¯D FRUULµ OD YR] HQWUH OD JHQWH GH TXH ¼OWLPDPHQWH YLY¯D
DOJXLHQHQODVUXLQDV6HWUDWDEDDOSDUHFHUGHXQDQL³D1RORSRG¯DQ
GHFLU H[DFWDPHQWH SRUTXH LED YHVWLGD GH XQ PRGR PX\ FXULRVR
3DUHF¯DTXHVHOODPDED0RPRRDOJRDV¯
(ODVSHFWRH[WHUQRGH0RPRFLHUWDPHQWHHUDXQWDQWRGHVXVDGR\
DFDVRSRG¯DDVXVWDUDOJRDODJHQWHTXHGDPXFKDLPSRUWDQFLDDODVHR
\DORUGHQ(UDSHTXH³D\EDVWDQWHIODFDGHPRGRTXHQLFRQODPHMRU
YROXQWDGVHSRG¯DGHFLUVLWHQ¯DRFKRD³RVVµORR\DWHQ¯DGRFH7HQ¯D
HOSHORPX\HQVRUWLMDGRQHJURFRPRODSH]\FRQWRGRHODVSHFWRGH
QR KDEHUVH HQIUHQWDGR MDP£V D XQ SHLQH R XQDV WLMHUDV 7HQ¯D XQRV
RMRV PX\ JUDQGHV PX\ KHUPRVRV \ WDPEL«Q QHJURV FRPR OD SH] \
XQRV SLHV GHO PLVPR FRORU SXHV FDVL VLHPSUH LED GHVFDO]D 6µOR HQ
LQYLHUQROOHYDED]DSDWRVGHYH]HQFXDQGRSHURVRO¯DQVHUGLIHUHQWHV
GHVFDEDODGRV \ DGHP£V OH TXHGDEDQ GHPDVLDGR JUDQGHV (VR HUD
SRUTXH0RPRQRSRVH¯DQDGDP£VTXHORTXHHQFRQWUDEDSRUDK¯ROR
TXH OH UHJDODEDQ 6X IDOGD HVWDED KHFKD GH PXFKRV UHPLHQGRV GH
FKDTXHWµQ GH KRPEUH YLHMR GHPDVLDGR JUDQGH FX\DV PDQJDV VH
DUUHPDQJDED DOUHGHGRU GH OD PX³HFD 0RPR QR TXHU¯D FRUWDUODV
SRUTXH UHFRUGDED SUHYLVRUDPHQWH TXH WRGDY¯D WHQ¯D TXH FUHFHU <
4/120
TXL«Q VDEH VL DOJXQD YH] YROYHU¯D D HQFRQWUDU XQ FKDTXHWµQ WDQ
JUDQGHWDQSU£FWLFR\FRQWDQWRVEROVLOORV
'HEDMRGHOHVFHQDULRGHODVUXLQDVFXELHUWRGHKLHUEDKDE¯DXQDV
F£PDUDVPHGLRGHUUXLGDVDODVTXHVHSRG¯DOOHJDUSRUXQDJXMHURHQ
OD SDUHG $OO¯ VH KDE¯D LQVWDODGR 0RPR FRPR HQ VX FDVD 8QD WDUGH
OOHJDURQ XQRV FXDQWRV KRPEUHV \ PXMHUHV GH ORV DOUHGHGRUHV TXH
WUDWDURQGHLQWHUURJDUOD0RPRORVPLUDEDDVXVWDGDSRUTXHWHP¯DTXH
ODHFKDUDQ3HURSURQWRVHGLRFXHQWDGHTXHHUDQJHQWHDPDEOH(OORV
WDPEL«QHUDQSREUHV\FRQRF¯DQODYLGD
౱<ELHQ౱GLMRXQRGHORVKRPEUHV౱SDUHFHTXHWHJXVWDHVWR
౱6¯౱FRQWHVWµ0RPR
౱<TXLHUHVTXHGDUWHDTX¯"
౱6¯VLSXHGR
౱3HURQRWHHVSHUDQDGLH"
౱1R
౱4XLHURGHFLUQRWLHQHVTXHYROYHUDFDVD"
౱‹VWDHVPLFDVD
౱'HGµQGHYLHQHVSHTXH³D"
0RPRKL]RFRQODPDQRXQPRYLPLHQWRLQGHILQLGRVH³DODQGRDOJ¼Q
OXJDUFXDOTXLHUDDOROHMRV
౱<TXL«QHVVRQWXVSDGUHV"౱VLJXLµSUHJXQWDQGRHOKRPEUH
/D QL³D OR PLUµ SHUSOHMD WDPEL«Q D ORV GHP£V \ VH HQFRJLµ XQ
SRFRGHKRPEURV/DJHQWHVHPLUµ\VXVSLUµ
౱1R WHQJDV PLHGR ౱VLJXLµ HO KRPEUH౱ 1R TXHUHPRV HFKDUWH
4XHUHPRVD\XGDUWH
0RPRDVLQWLµPXGDQRGHOWRGRFRQYHQFLGD
౱'LFHVTXHWHOODPDV0RPRQRHVDV¯"
౱6¯
౱(V XQ QRPEUH ERQLWR SHUR QR OR KH R¯GR QXQFD 4XL«Q WH KD
OODPDGRDV¯"
౱<R౱GLMR0RPR
౱7¼PLVPDWHKDVOODPDGRDV¯"
౱6¯
౱<FX£QGRQDFLVWH"
0RPRSHQVµXQUDWR\GLMRSRUILQ
౱3RUORTXHSXHGRUHFRUGDUVLHPSUHKHH[LVWLGR
౱(V TXH QR WLHQHV QLQJXQD W¯D QLQJ¼Q W¯R QLQJXQD DEXHOD QL
IDPLOLDFRQTXLHQSXHGDVLU"
0RPRPLUµDOKRPEUH\FDOOµXQUDWR$OILQPXUPXUµ
౱‹VWDHVPLFDVD
౱%LHQ ELHQ ౱GLMR HO KRPEUH౱ 3HUR WRGDY¯D HUHV XQD QL³D
&X£QWRVD³RVWLHQHV"
౱&LHQ౱GLMR0RPRFRPRGXGRVD
/DJHQWHVHULµSXHVORFRQVLGHUDEDXQFKLVWH
౱%XHQRHQVHULRFX£QWRVD³RVWLHQHV"
౱&LHQWRGRV౱FRQWHVWµ0RPRXQSRFRP£VGXGRVDWRGDY¯D
/DJHQWHWDUGµXQSRFRHQGDUVHFXHQWDGHTXHODQL³DVµORFRQRF¯D
XQ SDU GH Q¼PHURV TXH KDE¯D R¯GR SRU DK¯ SHUR TXH QR VLJQLILFDEDQ
QDGDSRUTXHQDGLHOHKDE¯DHQVH³DGRDFRQWDU
౱(VFXFKD౱GLMRHOKRPEUHGHVSX«VGHKDEHUFRQVXOWDGRFRQORV
GHP£V౱7HSDUHFHELHQTXHOHGLJDPRVDODSROLF¯DTXHHVW£VDTX¯"
(QWRQFHVWHOOHYDU¯DQDXQKRVSLFLRGRQGHWHQGU¯DVFRPLGD\XQDFDPD
\GRQGHSRGU¯DVDSUHQGHUDFRQWDU\DOHHU\DHVFULELU\PXFKDVFRVDV
P£V4X«WHSDUHFHHK"
౱1R ౱PXUPXUµ౱ 1R TXLHUR LU DOO¯ <D HVWXYH DOO¯ XQD YH]
7DPEL«QKDE¯DRWURVQL³RV+DE¯DUHMDVHQODVYHQWDQDV+DE¯DD]RWHV
FDGDG¯D\PX\LQMXVWRV(QWRQFHVGHQRFKHHVFDO«ODSDUHG\PHIXL
1RTXLHURYROYHUDOO¯
౱/RHQWLHQGR౱GLMRXQKRPEUHYLHMR\DVLQWLµ
<ORVGHP£VWDPEL«QORHQWHQG¯DQ\DVLQWLHURQ
౱(VW£ ELHQ ౱GLMR XQD PXMHU౱ 3HUR WRGDY¯D HUHV PX\ SHTXH³D
$OJXLHQKDGHFXLGDUGHWL
౱<R౱FRQWHVWµ0RPRDOLYLDGD
౱<DVDEHVKDFHUOR"౱SUHJXQWµODPXMHU
0RPRFDOOµXQUDWR\GLMRHQYR]EDMD
౱1RQHFHVLWRPXFKR
5/120
 /DJHQWHYROYLµDLQWHUFDPELDUPLUDGDVDVXVSLUDU\DDVHQWLU
౱6DEHV 0RPR ౱YROYLµ D WRPDU OD SDODEUD HO KRPEUH TXH KDE¯D
KDEODGR SULPHUR౱ FUHHPRV TXH TXL]£ SRGU¯DV TXHGDUWH FRQ DOJXQR
GHQRVRWURV(VYHUGDGTXHWRGRVWHQHPRVSRFRVLWLR\ODPD\RUSDUWH
\DWHQHPRVXQPRQWµQGHQL³RVTXHDOLPHQWDUSHURSRUHVRFUHHPRV
TXHXQRP£VQRLPSRUWD4X«WHSDUHFHHVRHK"
౱*UDFLDV ౱GLMR 0RPR \ VRQULµ SRU SULPHUD YH]౱ 0XFKDV
JUDFLDV3HURSRUTX«QRPHGHM£LVYLYLUDTX¯"
/D JHQWH HVWXYR GLVFXWLHQGR PXFKR UDWR \ DO ILQDO HVWXYR GH
DFXHUGR3RUTXHDTX¯SHQVDEDQ0RPRSRG¯DYLYLULJXDOGHELHQ TXH 8QDFXDOLGDGSRFRFRP¼Q
FRQ FXDOTXLHUD GH HOORV \ WRGRV MXQWRV FXLGDU¯DQ GH HOOD SRUTXH GH \XQDSHOHDPX\FRP¼Q
WRGRVPRGRVVHU¯DPXFKRP£VI£FLOKDFHUORWRGRVMXQWRVTXHXQRVROR
(PSH]DURQ HQ VHJXLGD OLPSLDURQ \ DUUHJODURQ OD F£PDUD PHGLR
GHUUXLGDHQODTXHYLY¯D0RPRWRGRORELHQTXHSXGLHURQ8QRGHHOORV

'
TXH HUD DOED³LO FRQVWUX\µ LQFOXVR XQ SHTXH³R KRJDU 7DPEL«Q
HVGH HQWRQFHV 0RPR YLYLµ PX\ ELHQ SRU OR PHQRV HVR OH
HQFRQWUDURQ XQ WXER GH FKLPHQHD R[LGDGR 8Q YLHMR FDUSLQWHUR
SDUHF¯D D HOOD 6LHPSUH WHQ¯D DOJR TXH FRPHU XQDV YHFHV
FRQVWUX\µ FRQ XQDV FDMDV XQD PHVD \ GRV VLOODV 3RU ILQ ODV PXMHUHV
P£V RWUDV PHQRV VHJ¼Q IXHVHQ ODV FRVDV \ VHJ¼Q OD JHQWH
WUDMHURQ XQD YLHMD FDPD GH KLHUUR IXHUD GH XVR FRQ DGRUQRV GH
SXGLHUDSUHVFLQGLUGHHOODV7HQ¯DXQWHFKRVREUHVXFDEH]DWHQ¯DXQD
PDGHUD XQ FROFKµQ TXH VµOR HVWDED XQ SRFR URWR \ GRV PDQWDV /D
FDPD \ FXDQGR WHQ¯D IU¯R SRG¯D HQFHQGHU HO IXHJR < OR P£V
FXHYD GH SLHGUD GHEDMR GHO HVFHQDULR VH KDE¯D FRQYHUWLGR HQ XQD
LPSRUWDQWHWHQ¯DPXFKRV\EXHQRVDPLJRV
DFRJHGRUD KDELWDFLµQ (O DOED³LO TXH WHQ¯D DSWLWXGHV DUW¯VWLFDV SLQWµ
6H SRG¯D SHQVDU TXH 0RPR KDE¯D WHQLGR PXFKD VXHUWH DO KDEHU
XQERQLWRFXDGURGHIORUHVHQODSDUHG,QFOXVRSLQWµHOPDUFR\HOFODYR
HQFRQWUDGRJHQWHWDQDPDEOH\ODSURSLD0RPRORSHQVDEDDV¯3HUR
GHOTXHFROJDEDHOFXDGUR
WDPEL«Q OD JHQWH VH GLR SURQWR FXHQWD GH TXH KDE¯D WHQLGR PXFKD
(QWRQFHVYLQLHURQORVQL³RV\ORVPD\RUHV\WUDMHURQODFRPLGDTXH
VXHUWH 1HFHVLWDEDQ D 0RPR \ VH SUHJXQWDEDQ FµPR KDE¯DQ SRGLGR
OHV VREUDED XQR XQ SHGDFLWR GH TXHVR HO RWUR XQ SHGD]R GH SDQ HO
SDVDU VLQ HOOD DQWHV < FXDQWR P£V WLHPSR VH TXHGDED FRQ HOORV OD
WHUFHURXQSRFRGHIUXWD\DV¯ORVGHP£V<FRPRHUDQPXFKRVQL³RV
QL³DWDQWRP£VLPSUHVFLQGLEOHVHKDF¯DWDQLPSUHVFLQGLEOHTXHWRGRV
VH UHXQLµ HVD QRFKH HQ HO DQILWHDWUR XQ QXWULGR JUXSR H KLFLHURQ XQD
WHP¯DQTXHDOJ¼QG¯DSXGLHUDPDUFKDUVH
SHTXH³DILHVWDHQKRQRUGHODLQVWDODFLµQGH0RPR)XHXQDILHVWDPX\
$HVRVHGHEHTXH0RPRWXYLHUDPXFKDVYLVLWDV&DVLVLHPSUHVH
GLYHUWLGDFRPRVµORVDEHQFHOHEUDUODVODJHQWHPRGHVWD
YH¯DDDOJXLHQVHQWDGRFRQHOODTXHOHKDEODEDVRO¯FLWDPHQWH<HOTXH
$V¯FRPHQ]µODDPLVWDGHQWUHODSHTXH³D0RPR\ODJHQWHGHORV
ODQHFHVLWDED\QRSRG¯DLUODPDQGDEDEXVFDU<DTXLHQWRGDY¯DQR
DOUHGHGRUHV
VHKDE¯DGDGRFXHQWDGHTXHODQHFHVLWDEDOHGHF¯DQORVGHP£V
౱c9HWHFRQ0RPR

6/120
 (VWDVSDODEUDVVHFRQYLUWLHURQHQXQDIUDVHKHFKDHQWUHODJHQWHGH
ODV FHUFDQ¯DV ,JXDO TXH VH GLFH mc%XHQD VXHUWH} R mc4XH
DSURYHFKH}Rmc<TX«V«\R}VHGHF¯DHQWRGDFODVHGHRFDVLRQHV YLGDHVWDEDWRWDOPHQWHSHUGLGD\TXHHUDLQVLJQLILFDQWH\TXH«OPLVPR
mc9HWHFRQ0RPR}
3HUR SRU TX«" (V TXH 0RPR HUD WDQ LQFUH¯EOHPHQWH OLVWD TXH
WHQ¯D XQ EXHQ FRQVHMR SDUD FXDOTXLHUD" (QFRQWUDED VLHPSUH ODV
SDODEUDV DSURSLDGDV FXDQGR DOJXLHQ QHFHVLWDED FRQVXHOR" 6DE¯D
KDFHUMXLFLRVVDELRV\MXVWRV"
1R0RPRFRPRFXDOTXLHURWURQL³RQRVDE¯DKDFHUQDGDGHWRGR
HVR
(QWRQFHVHVTXH0RPRVDE¯DDOJRTXHSRQ¯DDODJHQWHGHEXHQ
KXPRU"6DE¯DFDQWDUPX\ELHQ"2VDE¯DWRFDUXQLQVWUXPHQWR"2
HVTXH౱\DTXHYLY¯DHQXQDHVSHFLHGHFLUFR౱VDE¯DEDLODURKDFHU
DFUREDFLDV"
1RWDPSRFRHUDHVR
$FDVRVDE¯DPDJLD"&RQRF¯DDOJ¼QHQFDQWDPLHQWRFRQHOTXHVH
SXGLHUD DKX\HQWDU WRGDV ODV PLVHULDV \ SUHRFXSDFLRQHV" 6DE¯D OHHU
HQODVO¯QHDVGHODPDQRRSUHGHFLUHOIXWXURGHFXDOTXLHURWURPRGR"
1DGDGHHVR
/R TXH OD SHTXH³D 0RPR VDE¯D KDFHU FRPR QDGLH HUD HVFXFKDU
(VR QR HV QDGD HVSHFLDO GLU£ TXL]£V DOJ¼Q OHFWRU FXDOTXLHUD VDEH
HVFXFKDU
3XHV HVR HV XQ HUURU 0X\ SRFDV SHUVRQDV VDEHQ HVFXFKDU GH
YHUGDG<ODPDQHUDHQTXHVDE¯DHVFXFKDU0RPRHUD¼QLFD
0RPR VDE¯D HVFXFKDU GH WDO PDQHUD TXH D OD JHQWH WRQWD VH OH
RFXUU¯DQ GH UHSHQWH LGHDV PX\ LQWHOLJHQWHV 1R SRUTXH GLMHUD R
SUHJXQWDUD DOJR TXH OOHYDUD D ORV GHP£V D SHQVDU HVDV LGHDV QR QRFKH QR EHE¯DQ P£V TXH XQ VROR YDVR GH YLQR \ KDEODEDQ GH VXV
VLPSOHPHQWH HVWDED DOO¯ \ HVFXFKDED FRQ WRGD VX DWHQFLµQ \ WRGD
VLPSDW¯D0LHQWUDVWDQWRPLUDEDDORWURFRQVXVJUDQGHVRMRVQHJURV\
HO RWUR HQ FXHVWLµQ QRWDED GH LQPHGLDWR FµPR VH OH RFXUU¯DQ
SHQVDPLHQWRVTXHQXQFDKXELHUDFUH¯GRTXHHVWDEDQHQ«O
6DE¯D HVFXFKDU GH WDO PDQHUD TXH OD JHQWH SHUSOHMD R LQGHFLVD
VDE¯D PX\ ELHQ GH UHSHQWH TX« HUD OR TXH TXHU¯D 2 ORV W¯PLGRV VH
VHQW¯DQ GH V¼ELWR PX\ OLEUHV \ YDOHURVRV 2 ORV GHVJUDFLDGRV \
DJRELDGRV VH YROY¯DQ FRQILDGRV \ DOHJUHV < VL DOJXLHQ FUH¯D TXH VX
QRHUDP£VTXHXQRHQWUHPLOORQHV\TXHQRLPSRUWDEDQDGD\TXHVH
SRG¯D VXVWLWXLU FRQ OD PLVPD IDFLOLGDG TXH XQD PDFHWD URWD LED \ OH
FRQWDED WRGR HVR D OD SHTXH³D 0RPR \ OH UHVXOWDED FODUR GH PRGR
PLVWHULRVR PLHQWUDV KDEODED TXH WDO FRPR HUD VµOR KDE¯D XQR HQWUH
WRGRVORVKRPEUHV\TXHSRUHVRHUDLPSRUWDQWHDVXPDQHUDSDUDHO
PXQGR
c$V¯VDE¯DHVFXFKDU0RPR
8QD YH] IXHURQ D YHUOD DO DQILWHDWUR GRV KRPEUHV TXH VH KDE¯DQ
SHOHDGR D PXHUWH \ TXH \D QR VH TXHU¯DQ KDEODU D SHVDU GH VHU
YHFLQRV/RVGHP£VOHVKDE¯DQDFRQVHMDGRTXHIXHUDQDYHUD0RPR
SRUTXHQRHVWDEDELHQTXHORVYHFLQRVYLYLHUDQHQHPLVWDGRV/RVGRV
KRPEUHVDOSULQFLSLRVHKDE¯DQQHJDGRSHURDOILQDOKDE¯DQDFFHGLGR
DUHJD³DGLHQWHV
$K¯HVWDEDQORVGRVHQHODQILWHDWURPXGRV\KRVWLOHVFDGDXQRHQ
XQODGRGHODVILODVGHDVLHQWRVGHSLHGUDPLUDQGRVRPEU¯RVDQWHV¯
8QRHUDHODOED³LOTXHKDE¯DKHFKRHOKRJDU\HOERQLWRFXDGURGH
IORUHV TXH KDE¯D HQ OD mVDOLWD} GH 0RPR 6H OODPDED 1LFROD \ HUD XQ
WLSR IXHUWH FRQ XQ PRVWDFKR QHJUR H KLUVXWR (O RWUR VH OODPDED 1LQR
(UD GHOJDGR \ VLHPSUH SDUHF¯D XQ SRFR FDQVDGR 1LQR HUD HO
DUUHQGDWDULRGHXQSHTXH³RHVWDEOHFLPLHQWRDOERUGHGHODFLXGDGHQ
HO TXH SRU OR JHQHUDO VµOR KDE¯D XQRV SRFRV YLHMRV TXH HQ WRGD OD
UHFXHUGRV 7DPEL«Q 1LQR \ VX JRUGD PXMHU HVWDEDQ HQWUH ORV DPLJRV
GH0RPR\PXFKDVYHFHVOHKDE¯DQWUD¯GRFRVDVEXHQDVTXHFRPHU
&RPR0RPRVHGLRFXHQWDGHTXHORVGRVHVWDEDQHQIDGDGRVQR
VXSR DO SULQFLSLR FRQ TXL«Q VHQWDUVH SULPHUR 3DUD QR RIHQGHU D
QLQJXQRVHVHQWµSRUILQHQHOERUGHGHSLHGUDGHODHVFHQDDODPLVPD
GLVWDQFLD GH XQR \ GH RWUR \ PLUDED DOWHUQDWLYDPHQWH D XQR \ D RWUR
7/120
6LPSOHPHQWHHVSHUDEDDYHUTX«RFXUU¯D$OJXQDVFRVDVQHFHVLWDQVX
WLHPSR\WLHPSRHUDOR¼QLFRTXH0RPRWHQ¯DGHVREUD
'HVSX«V GH TXH ORV KRPEUHV KXELHUDQ HVWDGR DV¯ XQ EXHQ UDWR
1LFRODVHOHYDQWµGHUHSHQWH\GLMR TXH \R QR HUD FDSD] GH FRQVWUXLU XQD SDUHG GHUHFKD SRUTXH HVWDED
౱<R PH YR\ +H GHPRVWUDGR TXH WHQ¯D EXHQD YROXQWDG DO YHQLU
DTX¯3HURW¼YHV0RPRORREVWLQDGRTXHHV«O$TX«HVSHUDUP£V"
<HIHFWLYDPHQWHVHYROYLµSDUDLUVH
౱6¯ cO£UJDWH ౱OH JULWµ 1LQR౱ 1R KDF¯D QLQJXQD IDOWD TXH
YLQLHUDV<RQRPHUHFRQFLOLRFRQXQFULPLQDO
1LFRODJLUµHQUHGRQGR6XFDUDHVWDEDURMDGHLUD
౱4XL«QHVXQFULPLQDO"౱SUHJXQWµHQWRQRDPHQD]DGRU\YROYLµ
DVXVLWLR౱c5HS¯WHOR
౱c/RUHSHWLU«FXDQWDVYHFHVTXLHUDV౱JULWµ1LQR౱7¼WHFUHHV
TXHSRUTXHHUHVJUDQGH\IXHUWHQDGLHVHDWUHYHDGHFLUWHODVYHUGDGHV
DODFDUD"<RPHDWUHYR\WHODVFDQWDU«DWL\DFXDOTXLHUDTXHTXLHUD
HVFXFKDUODV $GHODQWH YHQ \ P£WDPH FRPR \D GLMLVWH XQD YH] TXH
KDU¯DV
౱c2MDO£ORKXELHVHKHFKR౱FKLOOµ1LFROD\DSUHWµORVSX³RV౱<D
YHV 0RPR FµPR PLHQWH \ FDOXPQLD 6µOR OR DJDUU« XQD YH] SRU HO
FXHOOR\ORWLU«DOFKDUFRTXHKD\GHWU£VGHVXFRYDFKD$OO¯QRVHDKRJD
QL XQD UDWD ౱YROYL«QGRVH GH QXHYR D 1LQR JULWµ౱ 3RU GHVJUDFLD
YLYHVWRGDY¯DFRPRVHSXHGHYHU
'XUDQWHXQUDWRYRODURQHQXQD\RWUDGLUHFFLµQORVSHRUHVLQVXOWRV
\0RPRQRSRG¯DHQWHQGHUGHTX«LEDODFRVD\SRUTX«HVWDEDQWDQ
HQIDGDGRV ORV GRV 3HUR SRFR D SRFR IXH VDELHQGR TXH 1LFROD VµOR
KDE¯D FRPHWLGR DTXHOOD VDOYDMDGD SRUTXH 1LQR DQWHV OH KDE¯D GDGR
XQD ERIHWDGD GHODQWH GH DOJXQRV GH VXV SDUURTXLDQRV $ HVR SRU VX
SDUWHOHKDE¯DDQWHFHGLGRHOLQWHQWRGH1LFRODGHKDFHUD³LFRVWRGDOD
YDMLOODGH1LQR
౱c1RHVYHUGDG౱VHGHIHQGLµDPDUJDPHQWH1LFROD౱6µORWLU«D
ODSDUHGXQDVRODMDUUDTXHDGHP£V\DWHQ¯DXQDJULHWD
౱3HURODMDUUDHUDP¯DVDEHV"౱UHVSRQGLµ1LQR౱<DGHP£V
QRWLHQHVGHUHFKRDHVR
1LFROD SHQVDED TXH V¯ WHQ¯D GHUHFKR D HVR SRUTXH 1LQR OR KDE¯D
RIHQGLGRHQVXKRQRUGHDOED³LO
౱6DEHV OR TXH GLMR GH P¯" ౱JULWµ GLULJL«QGRVH D 0RPR౱ 'LMR
ERUUDFKR G¯D \ QRFKH 4XH HUD LJXDO TXH PL WDWDUDEXHOR TXH KDE¯D
WUDEDMDGRHQODWRUUHLQFOLQDGDGH3LVD
౱3HUR1LFROD౱FRQWHVWµ1LQR౱VLHVRHUDXQDEURPD
౱c%RQLWDEURPD౱SURWHVWµ1LFROD౱1RWLHQHQLQJXQDJUDFLD
5HVXOWµTXH1LQRVµORKDE¯DGHYXHOWRXQDEURPDDQWHULRUGH1LFROD
3RUTXHXQDPD³DQDVHKDE¯DHQFRQWUDGRFRQTXHHQVXSXHUWDKDE¯DQ
HVFULWRFRQJUDQGHVOHWUDVURMDV
*$726<9(17(52672'265$7(526
<HVRDVXYH]QROHKDE¯DKHFKRQLQJXQDJUDFLDD1LQR
'XUDQWH XQ UDWR VH SHOHDURQ PX\ HQ VHULR VREUH FX£O GH ODV GRV
EURPDV HUD SHRU \ YROYLHURQ D HQFROHUL]DUVH 3HUR GH UHSHQWH VH
TXHGDURQFRUWDGRV
0RPR ORV PLUDED FRQ JUDQGHV RMRV \ QLQJXQR GH ORV GRV SRG¯D
H[SOLFDUVHELHQELHQVXPLUDGD(VTXHSRUGHQWURVHHVWDEDULHQGR
GH HOORV" 2 HVWDED WULVWH" 6X FDUD QR VH OR GHF¯D 3HUR D ORV GRV
KRPEUHV OHV SDUHFLµ GH UHSHQWH TXH VH YH¯DQ D V¯ PLVPRV HQ XQ
HVSHMR\FRPHQ]DURQDVHQWLUYHUJ¾HQ]D
౱%LHQ ౱GLMR 1LFROD౱ SXHGH VHU TXH QR GHELHUD KDEHU HVFULWR
DTXHOOR HQ WX SXHUWD 1LQR 1R OR KXELHUD KHFKR VL W¼ QR WH KXELHUDV
QHJDGRDVHUYLUPHXQYDVRGHYLQRP£V(VRLEDFRQWUDODOH\VDEHV"
3RUTXHVLHPSUHWHKHSDJDGR\QRWHQ¯DVQLQJXQDUD]µQSDUDWUDWDUPH
DV¯
౱c<D OR FUHR TXH OD WHQ¯D ౱FRQWHVWµ 1LQR౱ (V TXH \D QR WH
DFXHUGDV GH DTXHO DVXQWR GHO VDQ $QWRQLR" c$K DKRUD WH KDV SXHVWR
EODQFR 3RUTXH PH HVWDIDVWH FRQ WRGDV ODV GH OD OH\ \ QR WHQJR SRU
TX«DJXDQW£UWHOR
8/120
 ౱4XH \R WH HVWDI« D WL" ౱JULWµ 1LFROD౱ c$O UHY«V 7¼ TXHU¯DV
HQJD³DUPHDP¯VµORTXHQRORFRQVHJXLVWH
(O DVXQWR HUD HO VLJXLHQWH HQ HO SHTXH³R HVWDEOHFLPLHQWR GH 1LQR
FROJDEDGHODSDUHGXQDSHTXH³DLPDJHQGHVDQ$QWRQLR(UDXQDIRWR
HQFRORUTXH1LQRKDE¯DUHFRUWDGRXQDYH]GHXQDUHYLVWD
8QG¯D1LFRODOHTXLVRFRPSUDUHVDLPDJHQVHJ¼QGHF¯DSRUTXHOH
JXVWDED PXFKR 5HJDWHDQGR K£ELOPHQWH 1LQR KDE¯D FRQVHJXLGR TXH
1LFROD OH GLHUD D FDPELR VX YLHMD UDGLR 1LQR VH FUH\µ PX\ OLVWR
SRUTXH1LFRODKDF¯DPX\PDOQHJRFLR6HSXVLHURQGHDFXHUGR
3HUR GHVSX«V UHVXOWµ TXH HQWUH OD LPDJHQ \ HO PDUFR GH FDUWµQ
KDE¯DXQELOOHWHGHEDQFRGHOTXH1LQRQRVDE¯DQDGD'HUHSHQWHHUD
«OHOTXHKDF¯DXQPDOQHJRFLR\HVROHPROHVWDED([LJLµTXH1LFRODOH
GHYROYLHUDHOGLQHURSRUTXH«VWHQRIRUPDEDSDUWHGHOWUDWR1LFRODVH
QHJµ \ HQWRQFHV 1LQR QR OH TXLVR VHUYLU QDGD P£V $V¯ KDE¯D
FRPHQ]DGRODSHOHD
&XDQGR ORV GRV OOHJDURQ DO SULQFLSLR GHO DVXQWR TXH ORV KDE¯D
HQHPLVWDGRFDOODURQXQUDWR
(QWRQFHVSUHJXQWµ1LQR HVFXFK£QGROR WRGD XQD VHPDQD KDVWD TXH SRU ILQ YROYLµ D FDQWDU \
౱'LPHDKRUDFRQWRGDKRQUDGH]1LFROD\DVDE¯DVGHHVHGLQHUR
DQWHVGHOFDPELRRQR"
౱&ODURTXHV¯VLQRQRKXELHUDKHFKRHOFDPELR
౱(QWRQFHVHVWDU£VGHDFXHUGRHQTXHPHKDVHVWDIDGR
౱3RUTX«"(QVHULRTXHW¼QRVDE¯DVQDGDGHHVHGLQHUR"
౱1RSDODEUDGHKRQRU
౱c/R YHV (UDV W¼ TXLHQ TXHU¯DV HVWDIDUPH D P¯ 3RUTXH FµPR
SRG¯DVSHGLUPHPLUDGLRDFDPELRGHXQWUR]RGHSDSHOGHSHULµGLFR"
౱<FµPRWHHQWHUDVWHW¼GHORGHOGLQHUR"
౱'RVQRFKHVDQWHVKDE¯DYLVWRFµPRXQFOLHQWHORPHW¯DDOO¯FRPR
RIUHQGDDVDQ$QWRQLR
1LQRVHPRUGLµORVODELRV DODOPD
౱(UDPXFKR"
౱1LP£VQLPHQRVTXHORTXHYDO¯DPLUDGLR౱FRQWHVWµ1LFROD
౱(QWRQFHV WRGD QXHVWUD SHOHD ౱GLMR 1LQR SHQVDWLYDPHQWH౱
VRODPHQWHHVSRUHOVDQ$QWRQLRTXHUHFRUW«GHXQDUHYLVWD
1LFRODVHUDVFµODFDEH]D
౱(QUHDOLGDGV¯6LTXLHUHVWHORGHYXHOYR1LQR
౱c4X«YD౱FRQWHVWµ1LQRFRQPXFKDGLJQLGDG౱/RTXHVHGD
QRVHTXLWD8QDSUHWµQGHPDQRVYDOHHQWUHFDEDOOHURV
< GH UHSHQWH DPERV VH HFKDURQ D UH¯U %DMDURQ ORV HVFDORQHV GH
SLHGUDVHHQFRQWUDURQHQPHGLRGHODSOD]ROHWDFHQWUDOVHDEUD]DURQ
G£QGRVHSDOPDGDVHQODHVSDOGD'HVSX«VDPERVDEUD]DURQD0RPR
\OHGLMHURQ
౱c0XFKDVJUDFLDV
&XDQGR DO FDER GH XQ UDWR VH IXHURQ 0RPR VLJXLµ GLFL«QGROHV
DGLµV FRQ OD PDQR GXUDQWH PXFKR UDWR (VWDED PX\ FRQWHQWD GH TXH
VXVDPLJRVYROYLHUDQDHVWDUGHEXHQDV
2WUD YH] XQ FKLFR OH WUDMR VX FDQDULR TXH QR TXHU¯D FDQWDU (VR HUD
XQD WDUHD PXFKR P£V GLI¯FLO SDUD 0RPR 7XYR TXH HVWDUVH
VLOEDU
0RPR HVFXFKDED D WRGRV D SHUURV \ JDWRV D JULOORV \ UDQDV
LQFOXVRDODOOXYLD\DOYLHQWRHQORV£UEROHV<WRGRVOHKDEODEDQHQVX
SURSLDOHQJXD
$OJXQDV QRFKHV FXDQGR \D VH KDE¯DQ LGR D VXV FDVDV WRGRV VXV
DPLJRV VH TXHGDED VROD HQ HO JUDQ F¯UFXOR GH SLHGUD GHO YLHMR WHDWUR
VREUHHOTXHVHDO]DEDODJUDQF¼SXODHVWUHOODGDGHOFLHOR\HVFXFKDED
HOHQRUPHVLOHQFLR
(QWRQFHVOHSDUHF¯DTXHHVWDEDHQHOFHQWURGHXQDJUDQRUHMDTXH
HVFXFKDED HO XQLYHUVR GH HVWUHOODV < WDPEL«Q TXH R¯D XQD P¼VLFD
FDOODGDSHURDXQDV¯PX\LPSUHVLRQDQWHTXHOHOOHJDEDPX\DGHQWUR
(QHVDVQRFKHVVRO¯DVR³DUFRVDVHVSHFLDOPHQWHKHUPRVDV
< TXLHQ DKRUD VLJD FUH\HQGR TXH HO HVFXFKDU QR WLHQH QDGD GH
HVSHFLDOTXHSUXHEHDYHUVLVDEHKDFHUORWDQELHQ
9/120
 ౱< HQ FDVD" ౱SUHJXQWµ XQ QL³R TXH OOHYDED JDIDV౱ (V TXH
HQFDVDQRWHGDQPLHGR"
౱6¯౱GLMRODQL³D
౱(QWRQFHVLJXDOWHSXHGHVTXHGDUDTX¯౱UHVSRQGLµHOQL³R
/DQL³DVHHQFRJLµGHKRPEURV\DVLQWLµ$OFDERGHXQUDWRGLMR
౱$ORPHMRU0RPRQLVLTXLHUDYLHQH
౱< TX«" ౱VH PH]FOµ HQ OD FRQYHUVDFLµQ XQ FKLFR FRQ DVSHFWR
XQ WDQWR GHVFXLGDGR౱ $XQ DV¯ SRGHPRV MXJDU D FXDOTXLHU FRVD VLQ
0RPR
8QDWHPSHVWDGGHMXHJR ౱%LHQSHURDTX«"
\XQDWRUPHQWDGHYHUGDG ౱1RORV«$FXDOTXLHUFRVD
౱&XDOTXLHUFRVDQRHVQDGD$OJXLHQWLHQHXQDLGHD"
౱<R V« XQD FRVD ౱GLMR XQ FKLFR FRQ XQD DJXGD YR] GH QL³D౱
SRGU¯DPRVMXJDUDTXHODVUXLQDVVRQXQJUDQEDUFR\QDYHJDPRVSRU

6
PDUHVGHVFRQRFLGRV\YLYLPRVDYHQWXUDV<RVR\HOFDSLW£QW¼HUHVHO
HHQWLHQGHTXHDOHVFXFKDU0RPRQRKDF¯DQLQJXQDGLIHUHQFLD
SULPHU RILFLDO \ W¼ HUHV XQ LQYHVWLJDGRU SRUTXH HV XQ YLDMH GH
HQWUHDGXOWRV\QL³RVSHURORVQL³RVWHQ¯DQRWUDUD]µQP£VSDUD
H[SORUDFLµQVDE«LV"<ORVGHP£VVRLVPDULQHURV
TXH OHV JXVWDUD WDQWR LU DO YLHMR DQILWHDWUR 'HVGH TXH 0RPR
౱<QRVRWUDVODVQL³DVTX«VRPRV"
HVWDEDDOO¯VDE¯DQMXJDUFRPRQXQFDKDE¯DQMXJDGR1ROHVTXHGDEDQL
౱9RVRWUDVVRLVPDULQHUDVVHWUDWDGHXQEDUFRGHOIXWXUR
XQ VROR PRPHQWR SDUD DEXUULUVH < HVR QR VH GHE¯D D TXH 0RPR
c(VR HUD XQ EXHQ SODQ ,QWHQWDURQ MXJDU SHUR QR FRQVHJX¯DQ
KLFLHUD EXHQDV VXJHUHQFLDV 1R 0RPR VLPSOHPHQWH HVWDED DOO¯ \
SRQHUVHGHDFXHUGR\HOMXHJRQRIXQFLRQDED$OUDWRWRGRVYROY¯DQD
SDUWLFLSDED HQ HO MXHJR < SRU HVR ౱QR VH VDEH FµPR౱ ORV SURSLRV
HVWDUVHQWDGRVHQODVJUDGDV\HVSHUDEDQ
QL³RV WHQ¯DQ ODV PHMRUHV LGHDV &DGD G¯D LQYHQWDEDQ XQ MXHJR QXHYR
(QWRQFHVOOHJµ0RPR
P£VGLYHUWLGRTXHHODQWHULRU

/D HVSXPD VDOWDED IXULRVD FXDQGR OD SURD FRUWDED HO DJXD (O EXTXH
8QD YH] HUD XQ G¯D SHVDGR \ ERFKRUQRVR KDE¯D XQRV GLH] X RQFH
RFHDQRJU£ILFR$UJRFDEHFHDEDPDMHVWXRVDPHQWHHQHOROHDMHPLHQWUDV
QL³RV VHQWDGRV HQ ODV JUDGDV GH SLHGUD HVSHUDQGR D 0RPR TXH VH
DYDQ]DED WUDQTXLODPHQWH D WRGD P£TXLQD SRU HO PDU GHO &RUDO GHO
KDE¯D LGR D GDU XQD YXHOWD VHJ¼Q VRO¯D KDFHU DOJXQD YH] (O FLHOR
6XU1DGLHUHFRUGDEDTXHXQEDUFRVHKXELHVHDWUHYLGRDQDYHJDUSRU
HVWDED HQFDSRWDGR FRQ XQDV QXEHV SORPL]DV 3UREDEOHPHQWH KDEU¯D
HVWRV PDUHV SHOLJURVRV OOHQRV GH EDM¯RV DUUHFLIHV GH FRUDO \
SURQWRXQDWRUPHQWD
PRQVWUXRV PDULQRV GHVFRQRFLGRV +DE¯D DTX¯ VREUH WRGR OR TXH
౱<R PH YR\ D FDVD ౱GLMR XQD QL³D TXH OOHYDED XQ KHUPDQLWR
OODPDEDQHOmWLIµQHWHUQR}XQFLFOµQTXHQXQFDGHVFDQVDED5HFRUU¯D
SHTXH³R౱(OUD\R\HOWUXHQRPHGDQPLHGR
LQFDQVDEOH HVRV PDUHV EXVFDQGR Y¯FWLPDV FRPR VL IXHUD XQ VHU YLYR

10/120
LQFOXVRDVWXWR6XFDPLQRHUDLPSUHGHFLEOH<WRGRORTXHFD¯DHQODV
JDUUDV GH HVH KXUDF£Q QR YROY¯D D DSDUHFHU KDVWD TXH TXHGDED
UHGXFLGRDDVWLOODV
%LHQ HV FLHUWR TXH OD QDYH H[SHGLFLRQDULD $UJR HVWDED PX\ ELHQ
SUHSDUDGD SDUD XQ HQFXHQWUR FRQ HO mFLFOµQ DQGDU¯Q} (VWDED KHFKD
HQWHUDPHQWH GH DFHUR HVSHFLDO D]XO HO£VWLFR H LUURPSLEOH FRPR XQD
HVSDGD WROHGDQD < PHUFHG D XQ VLVWHPD GH FRQVWUXFFLµQ HVSHFLDO
HVWDEDIXQGLGRHQWHUDPHQWHGHXQDSLH]DVLQQLQJXQDVROGDGXUD
$¼QDV¯HVGLI¯FLOTXHRWURFDSLW£Q\RWUDWULSXODFLµQKXELHUDQWHQLGR
HO YDORU GH H[SRQHUVH D HVWRV SHOLJURV 3HUR HO FDSLW£Q *RUGRQ WHQ¯D
PXFKR YDORU 'HVGH HO SXHQWH GH PDQGR PLUDED RUJXOORVR D VXV
PDULQHURV \ PDULQHUDV WRGRV HOORV JUDQGHV HVSHFLDOLVWDV HQ VXV
UHVSHFWLYRVFDPSRV
$O ODGR GHO FDSLW£Q HVWDED VX SULPHU RILFLDO GRQ 0HO¼ XQ ORER GH
PDU GH ORV TXH TXHGDQ SRFRV KDE¯D VREUHYLYLGR D FLHQWR YHLQWLVLHWH
KXUDFDQHV
8Q SRFR P£V DWU£V HQ OD WROGLOOD VH SRG¯D YHU DO SURIHVRU
4XDGUDGRGLUHFWRUFLHQW¯ILFRGHODH[SHGLFLµQFRQVXVGRVDX[LOLDUHV
0RUD\6DUDTXHPHUFHGDVXSURGLJLRVDPHPRULDVXSO¯DQELEOLRWHFDV
HQWHUDV /RV WUHV HVWDEDQ LQFOLQDGRV VREUH VXV LQVWUXPHQWRV GH
SUHFLVLµQ\VHFRQVXOWDEDQHQVXFRPSOLFDGDMHUJDFLHQW¯ILFD
8QSRFRP£VDOO£HVWDEDHQFXFOLOODVODEHOODQDWLYD0RPRVDQ'H
YH] HQ FXDQGR HO SURIHVRU OH SUHJXQWDED DFHUFD GH DOJ¼Q GHWDOOH GH
HVRVPDUHV\HOODOHUHVSRQG¯DHQVXKHUPRVRGLDOHFWRKXODTXHVµORHO
SURIHVRUHQWHQG¯D
(O REMHWLYR GH OD H[SHGLFLµQ HUD KDOODU ODV FDXVDV GHO mFLFOµQ
DQGDU¯Q}\GHVHUSRVLEOHHOLPLQDUORSDUDTXHHVRVPDUHVYROYLHUDQD
VHUQDYHJDEOHVSDUDORVGHP£VEDUFRV3HURGHPRPHQWRWRGRVHJX¯D
WUDQTXLOR\QRKDE¯DLQGLFLRGHWHPSHVWDG
'H UHSHQWH XQ JULWR GHO YLJ¯D DUUDQFµ DO FDSLW£Q GH VXV
SHQVDPLHQWRV
౱c&DSLW£Q ౱JULWµ GHVGH OD FRID KDFLHQGR ERFLQD FRQ ODV PDQRV
౱6LQRHVWR\ORFRYHRDK¯GHODQWHXQDLVODGHFULVWDO
(O FDSLW£Q \ GRQ 0HO¼ PLUDURQ LQPHGLDWDPHQWH D WUDY«V GH VXV
FDWDOHMRV 7DPEL«Q HO SURIHVRU 4XDGUDGR \ VXV DX[LOLDUHV VH
DFHUFDURQ LQWHUHVDGRV 6µOR OD EHOOD QDWLYD VH TXHGµ WUDQTXLODPHQWH
VHQWDGD /DV PLVWHULRVDV FRVWXPEUHV GH VX SXHEOR OH SURKLE¯DQ
PRVWUDUFXULRVLGDG
3URQWR OOHJDURQ D OD LVOD GH FULVWDO (O SURIHVRU EDMµ GHO EDUFR SRU
XQD HVFDOD GH FXHUGD \ SLVµ HO VXHOR WUDQVSDUHQWH ‹VWH HUD
HQRUPHPHQWH UHVEDODGL]R \ DO SURIHVRU 4XDGUDGR OH FRVWDED PXFKR
PDQWHQHUVHHQSLH
/DLVODHUDWRWDOPHQWHUHGRQGD\WHQ¯DXQGL£PHWURGHXQRVYHLQWH
PHWURV +DFLD HO FHQWUR VH OHYDQWDED FRPR XQD F¼SXOD &XDQGR HO
SURIHVRU KXER DOFDQ]DGR HO OXJDUP£V DOWR SXGRGLVWLQJXLU FODUDPHQWH
XQDOX]WLWLODQWHHQVXLQWHULRU
&RPXQLFµ VXV REVHUYDFLRQHV D ORV GHP£V TXH HVSHUDEDQ
DWHQWRVDSR\DGRVHQODERUGD
౱6HJ¼Q HVR ౱GLMR OD DX[LOLDU 0RUD౱ GHEH GH WUDWDUVH GH XQD
&HVWDSXQWLDEULVFDWUHVLD
౱3XHGH VHU ౱GLMR OD DX[LOLDU 6DUD౱ SHUR WDPEL«Q SXHGH VHU XQ
&µGXOROHSRU¯IHUR
(OSURIHVRU4XDGUDGRVHHQGHUH]µVHDMXVWµODVJDIDV\JULWµKDFLD
HOSXHQWH
౱(Q PL RSLQLµQ WHQHPRV TXH Y«UQRVODV FRQ XQD YDULHGDG GHO
&RPRGXVLQWDUVLFXVFRP¼Q3HURQRSRGUHPRVHVWDUVHJXURVKDVWDQR
KDEHUORYLVWRSRUGHEDMR
$O LQVWDQWH VH HFKDURQ DO DJXD WUHV GH ODV PDULQHUDV TXH HUDQ
DGHP£V VXEPDULQLVWDV GH IDPD PXQGLDO \ TXH PLHQWUDV WDQWR \D VH
KDE¯DQYHVWLGRFRQVXVWUDMHVGHLQPHUVLµQ
'XUDQWH XQ UDWR QR VH YLHURQ HQ OD VXSHUILFLH GHO PDU P£V TXH
PRQWRQHVGHEXUEXMDVSHURGHUHSHQWHVDFµODFDEH]DGHODJXDXQD
GHODVQL³DVGHQRPEUH6DQGUDTXHJULWµFRQYR]HQWUHFRUWDGD
౱(V XQD PHGXVD JLJDQWH /DV RWUDV GRV VXEPDULQLVWDV HVW£Q
DWUDSDGDV HQWUH ORV WHQW£FXORV \ QR SXHGHQ VROWDUVH 7HQHPRV TXH
D\XGDUODVDQWHVGHTXHVHDGHPDVLDGRWDUGH
11/120
 'LFKRHVWRYROYLµDVXPHUJLUVH
,QPHGLDWDPHQWHVHODQ]DURQDODJXDFLHQH[SHUWRVKRPEUHVUDQDD
ODVµUGHQHVGHOFDSLW£Q%ODQFRFRQRFLGRSRUHODSRGRGHmHO'HOI¯Q}
%DMR HO DJXD FRPHQ]µ XQ FRPEDWH LQFUH¯EOH \ HO PDU VH FXEULµ GH
HVSXPD3HURQLVLTXLHUDHVRVYDOHURVRVPDULQHURVFRQVLJXLHURQOLEUDU
DODVGRVFKLFDVGHORVWHUULEOHVWHQW£FXORV/DIXHU]DGHODJLJDQWHVFD
PHGXVDHUDGHPDVLDGRJUDQGH
౱+D\ HQ HVH PDU DOJXQD FRVD ౱GLMR HO SURIHVRU FRQ OD IUHQWH
DUUXJDGD D VXV GRV DX[LOLDUHV౱ TXH SURYRFD HO JLJDQWLVPR HQ ORV
VHUHVYLYRV(VWRHVVXPDPHQWHLQWHUHVDQWH
0LHQWUDVWDQWRHOFDSLW£Q*RUGRQ\VXSULPHURILFLDOGRQ0HO¼TXH
KDE¯DQHVWDGRFRQIHUHQFLDQGRKDE¯DQWRPDGRXQDGHFLVLµQ
౱c$WU£V౱JULWµGRQ0HO¼౱c7RGRHOPXQGRDERUGR3DUWLUHPRV
DOPRQVWUXRHQGRVVLQRQRSRGUHPRVOLEUDUDODVGRVPDULQHUDV
(O 'HOI¯Q \ VXV KRPEUHV YROYLHURQ D VXELU D ERUGR (O $UJR
UHWURFHGLµ XQ SRFR \ VH ODQ]µ GHVSX«V FRQ WRGD VX SRWHQFLD DYDQWH
KDFLD OD PHGXVD JLJDQWH /D SURD GHO EXTXH HUD DJXGD FRPR XQD
FXFKLOODGHDIHLWDU&RUWµODPHGXVDHQGRVPLWDGHVVLQTXHDERUGRVH
QRWDUDDSHQDVXQSHTXH³RWHPEORU/DPDQLREUDQRFDUHF¯DGHSHOLJUR
SDUDODVGRVVXEPDULQLVWDVSUHVDVHQWUHORVWHQW£FXORVSHURHOSULPHU
RILFLDO KDE¯D FDOFXODGR VX SRVLFLµQ FRQ OD PD\RU H[DFWLWXG \ SDVµ SRU
PHGLR GH ODV GRV $O LQVWDQWH ORV WHQW£FXORV GHO PRQVWUXR SHUGLHURQ
WRGDVXIXHU]D\ODVGRVSULVLRQHUDVSXGLHURQOLEUDUVHGHHOORV
)XHURQ UHFLELGDV MXELORVDPHQWH D ERUGR (O SURIHVRU 4XDGUDGR VH
DFHUFµDODVGRVPXFKDFKDV\OHVGLMR (O SULPHU UD\R FD\µ VREUH HO EXTXH GH DFHUR TXH TXHGµ FDUJDGR
౱+D VLGR FXOSD P¯D 1R GHEHU¯D KDEHURV HQYLDGR 3HUGRQDGPH
SRUKDEHURVSXHVWRHQSHOLJUR
౱1R KD\ QDGD TXH SHUGRQDU SURIHVRU ౱UHVSRQGLµ XQD GH ODV
FKLFDV FRQ XQD ULVD DOHJUH౱ $O ILQ \ DO FDER QRV KHPRV HPEDUFDGR
SDUDHVR
$ORTXHODRWUDFKLFDD³DGLµ ILODPHQWR GH XQD ERPELOOD \ HVR GLILFXOWDED XQ SRFR HO WUDEDMR GH OD
౱(OSHOLJURHVQXHVWUDSURIHVLµQ
<DQRTXHGDEDWLHPSRSDUDP£VSDODEUDV'XUDQWHORVWUDEDMRVGH
UHVFDWH HO FDSLW£Q \ OD WULSXODFLµQ VH KDE¯DQ ROYLGDGR GH REVHUYDU HO
PDU'HPRGRTXHVµORDKRUDHQHO¼OWLPRLQVWDQWHVHGLHURQFXHQWD
GH TXH SRU HO KRUL]RQWH KDE¯D DSDUHFLGR HO mFLFOµQ DQGDU¯Q} TXH VH
GLULJ¯DDWRGDYHORFLGDGKDFLDHO$UJR
/OHJµDOEDUFRXQDSULPHUDRODLPSUHVLRQDQWHORDO]µHQVXFUHVWD
\ OR ODQ]µ SRU XQD VLPD DFXRVD GH FLQFXHQWD PHWURV GH SURIXQGLGDG
SRUORPHQRV'HKDEHUVHWUDWDGRGHXQDWULSXODFLµQPHQRVH[SHUWD\
YDOHURVDTXHODGHO$UJR HQ HVWH SULPHU HPEDWH OD PLWDG KDEU¯D VLGR
DUUDVWUDGD SRU OD ERUGD PLHQWUDV TXH OD RWUD PLWDG VH KDEU¯D
GHVPD\DGR 3HUR HO FDSLW£Q *RUGRQ HVWDED ELHQ SODQWDGR VREUH HO
SXHQWH GH PDQGR FRPR VL QR KXELHUD SDVDGR QDGD \ WRGD OD
WULSXODFLµQ KDE¯D DJXDQWDGR GHO PLVPR PRGR 6µOR OD KHUPRVD
LQG¯JHQD0RPRVDQQRDFRVWXPEUDGDDORVSHOLJURVGHOPDUVHKDE¯D
UHIXJLDGRHQXQERWHVDOYDYLGDV
(Q SRFRV VHJXQGRV VH RVFXUHFLµ WRGR HO FLHOR (O WRUEHOOLQR VH
ODQ]µXOXODQWHVREUHHOEDUFRDOTXHKDF¯DVDOWDUVREUHODVRODVFRPR
XQ FRUFKR 6X IXULD SDUHF¯D FUHFHU GH PLQXWR HQ PLQXWR SRU QR SRGHU
URPSHUOR
(OFDSLW£QGDEDVXVµUGHQHVFRQYR]VRVHJDGD\VXSULPHURILFLDO
ODV UHSHW¯D HQ YR] DOWD ,QFOXVR HO SURIHVRU 4XDGUDGR \ VXV DX[LOLDUHV
VHJX¯DQ MXQWR D VXV LQVWUXPHQWRV &DOFXODEDQ GµQGH GHE¯D HVWDU HO
FHQWURGHOWLIµQSXHVKDFLDDOO¯WHQ¯DTXHLUHOEDUFR(OFDSLW£Q*RUGRQ
DGPLUDED HQ VLOHQFLR OD VDQJUH IU¯D GH ORV FLHQW¯ILFRV TXH DO ILQ \ DO
FDERQRFRQRF¯DQHOPDUFRPR«O\VXVKRPEUHV
HO«FWULFDPHQWH +DFLD FXDOTXLHU SDUWH TXH VH H[WHQGLHUD OD PDQR
VDOWDEDQ FKLVSDV 3HUR WRGRV D ERUGR GHO $UJR VH KDE¯DQ HQWUHQDGR
GXUDQWHPHVHVSDUDHOOR$QDGLHOHLPSRUWDED\D
/R ¼QLFR PDOR HUD TXH ODV SDUWHV P£V GHOJDGDV GHO EDUFR FDEOHV
GH DFHUR \ EDUUDV GH KLHUUR VH SRQ¯DQ LQFDQGHVFHQWHV FRPR HO
WULSXODFLµQDXQTXHWRGRVOOHYDEDQJXDQWHVGHDPLDQWR4XLVRODVXHUWH
TXH HVD LQFDQGHVFHQFLD VH DSDJDUD SURQWR SRUTXH FRPHQ]µ D FDHU
12/120
XQD OOXYLD WDO FRPR QDGLH GH D ERUGR ౱D H[FHSFLµQ GH GRQ 0HO¼౱
KDE¯D YLVWR MDP£V XQD OOXYLD WDQ HVSHVD TXH SURQWR GHVSOD]µ WRGR HO
DLUHUHVSLUDEOH/DWULSXODFLµQWXYRTXHSRQHUVHJDIDV\HVFDIDQGUDVGH
VXEPDULQLVWD
8Q UHO£PSDJR VXFHG¯D D RWUR XQ WUXHQR D RWUR /D WHPSHVWDG
XOXODED6HOHYDQWDEDQRODVHQRUPHV\EODQFDHVSXPD
(O$UJRFRQORVPRWRUHVDWRGDP£TXLQDDYDQ]DEDPHWURDPHWUR
FRQWUDODIXHU]DLQFRQWHQLEOHGHOWLIµQ/RVPDTXLQLVWDV\IRJRQHURVHQ
HOYLHQWUHGHOEDUFRKDF¯DQHVIXHU]RVVREUHKXPDQRV6HKDE¯DQDWDGR
FRQJUXHVDVVRJDVSDUDTXHORVEUXVFRVPRYLPLHQWRVGHOEDUFRQRORV
ODQ]DUDQKDFLDODVIDXFHVDELHUWDVGHODVFDOGHUDV
3RUILQOOHJDURQDOFHQWURGHOWLIµQc4X«HVSHFW£FXORVHOHVRIUHFLµ
DOO¯
6REUHODVXSHUILFLHGHOPDUOLVRFRPRXQHVSHMRSRUTXHODSURSLD
IXHU]D GHO KXUDF£Q EDUU¯D ODV RODV EDLODED XQ VHU JLJDQWHVFR 6H
VRVWHQ¯D VREUH XQD SDWD VH HQVDQFKDED SRU DUULED \ SDUHF¯D
UHDOPHQWHXQWURPSRGHOWDPD³RGHXQDPRQWD³D'DEDYXHOWDVFRQWDO
UDSLGH]TXHQRVHSRG¯DQGLVWLQJXLUORVGHWDOOHV
౱c8Q 6XPVXP JRPDODVWLFXP ౱H[FODPµ HQWXVLDVPDGR HO
SURIHVRU 4XDGUDGR PLHQWUDV VH VXMHWDED ODV JDIDV TXH OD OOXYLD OH
KDF¯DUHVEDODUXQD\RWUDYH]
౱3XHGHH[SOLFDUQRVHVWRXQSRFRP£V"౱UHIXQIX³µGRQ0HO¼౱
6RPRVVLPSOHVPDULQRV\ಃ
౱1R PROHVWH DKRUD DO SURIHVRU FRQ VXV REVHUYDFLRQHV ౱OH
LQWHUUXPSLµ OD DX[LOLDU 6DUD౱ (V XQD RFDVLµQ ¼QLFD (VD HVSHFLH GH
WURPSRDQLPDOSURFHGHSUREDEOHPHQWHGHODVSULPHUDVHWDSDVGHOD
HYROXFLµQ'HEHGHWHQHUP£VGHPLOPLOORQHVGHD³RV+R\QRTXHGD
P£V TXH XQD YDULHGDG PLFURVFµSLFD TXH D YHFHV VH HQFXHQWUD HQ OD
VDOVDGHWRPDWH\H[FHSFLRQDOPHQWHHQODWLQWDYHUGH8QHMHPSODUGH
HVHWDPD³RHVVHJXUDPHQWHHO¼QLFRVXSHUYLYLHQWHGHVXHVSHFLH
౱3HURQRVRWURVHVWDPRVDTX¯౱JULWµDWUDY«VGHOXOXODUGHOYLHQWR
HO FDSLW£Q౱ SDUD HOLPLQDU ODV FDXVDV GHO mWLIµQ HWHUQR} $V¯ TXH HO
SURIHVRUKDGHGHFLUQRVFµPRVHSXHGHKDFHUSDUDUHVDFRVD
౱1R OR V« ౱GLMR HO SURIHVRU౱ /D FLHQFLD QR KD WHQLGR WRGDY¯D
QLQJXQDRFDVLµQGHLQYHVWLJDUOR
౱(VW£ ELHQ ౱GLMR HO FDSLW£Q౱ 3ULPHUR OH GLVSDUDUHPRV \ \D
YHUHPRVTX«SDVD
౱(V XQD SHQD ౱VH TXHMµ HO SURIHVRU౱ GLVSDUDU VREUH HO ¼QLFR
HMHPSODUGH6XPVXPJRPDODVWLFXP
3HURHOFD³µQFRQWUDILFFLµQ\DDSXQWDEDDOWURPSRJLJDQWHVFR
౱c)XHJR౱RUGHQµHOFDSLW£Q
'HODERFDGHOFD³µQVDOLµXQDOODPDUDGDD]XOGHXQNLOµPHWURGH
ORQJLWXG1RVHR\µQDGDSRUTXHFRPRWRGRHOPXQGRVDEHHOFD³µQ
FRQWUDILFFLµQGLVSDUDSURWH¯QDV
(O SUR\HFWLO OXPLQRVR YROµ KDFLD HO 6XPVXP SHUR FD\µ EDMR HO
HIHFWR GHO WURPSR VH GHVYLµ GLR YDULDV YXHOWDV DO PRQVWUXR \ IXH
DUUDVWUDGRKDFLDORDOWRGRQGHGHVDSDUHFLµHQWUHODVQHJUDVQXEHV
౱c(VLQ¼WLO౱JULWµHOFDSLW£Q*RUGRQ౱7HQHPRVTXHDFHUFDUQRV
P£V
౱(V LPSRVLEOH DFHUFDUQRV P£V ౱UHVSRQGLµ GRQ 0HO¼౱ /DV
P£TXLQDVWUDEDMDQDWRGDSRWHQFLD\OR¼QLFRTXHORJUDPRVHVTXHOD
WHPSHVWDGQRQRVHPSXMHP£VOHMRV
౱7LHQHDOJXQDLGHDSURIHVRU"౱SUHJXQWµHOFDSLW£Q
3HURHOSURIHVRUVHHQFRJLµGHKRPEURVDOLJXDOTXHVXVDX[LOLDUHV
TXH WDPSRFR VDE¯DQ TX« DFRQVHMDU 3DUHF¯D TXH OD H[SHGLFLµQ KDE¯D
IUDFDVDGR
(QHVHPRPHQWRDOJXLHQWLUµGHODPDQJDGHOSURIHVRU(UDODEHOOD
LQG¯JHQD
౱c0DOXPED ౱GLMR FRQ JHVWR HOHJDQWH౱ 0DOXPED RLVLWX VRQR
(UELQLVDPEDLQVDOWXORORELQGUD&UDPXQDKHXEHQLEHQLVDGRJDX
౱%DEDOX" ౱SUHJXQWµ VRUSUHQGLGR HO SURIHVRU౱ 'LGL PDKD
IHLQRVLLQWXJHGRLQHQPDOXPED"
/DEHOODLQG¯JHQDDVLQWLµUHSHWLGDPHQWH\FRQWHVWµ
౱'RGRXPDXIXVXODPDWYDIDGD
౱2L RL ౱UHVSRQGLµ HO SURIHVRU PLHQWUDV VH DFDULFLDED
SHQVDWLYDPHQWHHOPHQWµQ
13/120
 ౱4X«HVORTXHGLFH"౱TXLVRVDEHUHOSULPHURILFLDO
౱'LFH ౱H[SOLFµ HO SURIHVRU౱ TXH HQ VX SXHEOR KD\ XQD FDQFLµQ
DQWLTX¯VLPD FRQ OD TXH VH SXHGH KDFHU GRUPLU DO mFLFOµQ DQGDU¯Q} VL
HVTXHDOJXLHQVHDWUHYHDFDQWDUOD
౱c4X«ULG¯FXOR౱UHIXQIX³µGRQ0HO¼౱8QDQDQDSDUDXQWLIµQ
౱4X« RSLQD XVWHG SURIHVRU" ౱SUHJXQWµ OD DX[LOLDU 6DUD౱ (V
SRVLEOHXQDFRVDDV¯"
౱1RKD\TXHWHQHUSUHMXLFLRV౱GLMRHOSURIHVRU౱0XFKDVYHFHV
KD\ XQ IRQGR GH YHUGDG HQ ODV WUDGLFLRQHV GH ORV LQG¯JHQDV 4XL]£
KD\D XQDV YLEUDFLRQHV VRQRUDV GHWHUPLQDGDV TXH WLHQHQ DOJXQD
LQIOXHQFLDVREUHHO6XPVXPJRPDODVWLFXP1RVDEHPRVQDGDDFHUFD
GHVXVFRQGLFLRQHVGHYLGD
౱1R SXHGH SHUMXGLFDUQRV ౱GHFLGLµ HO FDSLW£Q౱ 7HQHPRV TXH
SUREDUOR'¯JDOHTXHFDQWH
(OSURIHVRUVHGLULJLµDODEHOODLQG¯JHQD\GLMR YLYLGRSDUDV¯(QWRQFHVVHVHSDUDURQSDUDLUDFDVD\VHFDUVH
౱0DOXPEDGLGLRLVDIDOKXQDKXQDYDIDGX"
0RPRVDQDVLQWLµ\FRPHQ]µDHQWRQDUXQDFDQWLQHODPX\SHFXOLDU
TXHVHFRPSRQ¯DGHXQDVSRFDVQRWDVTXHVHUHSHW¯DQFDGDYH] ౱(Q HO IRQGR HV XQD O£VWLPD TXH KD\DPRV KXQGLGR HO 6XPVXP
(QLPHQLDOOXEHQL
ZDQQDWDLVXVXUDWHQL
6HDFRPSD³DEDFRQSDOPDGDV\VDOWDEDDOFRPS£V
/DVHQFLOODPHORG¯D\ODOHWUDHUDQI£FLOHVGHUHFRUGDU3RFRDSRFR
RWURVIXHURQKDFL«QGROHFRURGHPRGRTXHSURQWRWRGDODWULSXODFLµQ
FDQWDEDEDW¯DSDOPDV\VDOWDEDDOFRPS£VVLJXLHQGRHOULWPR(UDXQ
HVSHFW£FXOR EDVWDQWH VRUSUHQGHQWH YHU FDQWDU \ EDLODU FRPR QL³RV DO
YLHMRORERGHPDUGRQ0HO¼\DOSURIHVRU4XDGUDGR
<VXFHGLµORTXHQDGLHKDE¯DFUH¯GR(OWURPSRJLJDQWHVFRHPSH]µ
DGDUYXHOWDVP£V\P£VOHQWDPHQWHVHSDUµILQDOPHQWH\FRPHQ]µD
KXQGLUVH &RQ HO UXLGR GH XQ WUXHQR VH FHUUDURQ ODV RODV VREUH «O /D
WHPSHVWDGDFDEµGHUHSHQWHHOFLHORVHYROYLµWUDQVSDUHQWH\D]XO\ODV
RODV GHO PDU VH FDOPDURQ (O $UJR VH PHF¯D SO£FLGDPHQWH VREUH ODV
WUDQTXLODVDJXDVFRPRVLMDP£VKXELHUDH[LVWLGRXQDWRUPHQWD
౱c+RPEUHV ౱GLMR HO FDSLW£Q *RUGRQ PLHQWUDV ORV PLUDED D OD
FDUD XQR D XQR౱ c/R KHPRV FRQVHJXLGR ౱QXQFD KDEODED PXFKR
WRGRV OR VDE¯DQ SRU HVR SHVDED WDQWR P£V HO TXH DKRUD D³DGLHUD౱
(VWR\RUJXOORVRGHYRVRWURV
౱&UHR౱GLMRODFKLFDTXHOOHYDEDDVXKHUPDQLWR౱TXHKDOORYLGR
GHYHUGDG<RSRUORPHQRVHVWR\FDODGD
(V YHUGDG TXH PLHQWUDV WDQWR KDE¯D GHVFDUJDGR OD WRUPHQWD <
VREUH WRGR OD QL³D FRQ VX KHUPDQLWR VH VRUSUHQG¯D GH TXH KDE¯D
ROYLGDGR WHQHU PLHGR DO UD\R \ DO WUXHQR PLHQWUDV KDE¯D HVWDGR HQ HO
EDUFRGHDFHUR
6LJXLHURQ KDEODQGR GXUDQWH XQ UDWR VREUH OD DYHQWXUD \ VH
H[SOLFDEDQ GHWDOOHV ORV XQRV D ORV RWURV TXH FDGD XQR KDE¯D YLVWR \
6µORKDE¯DXQRTXHQRHVWDEDGHOWRGRVDWLVIHFKRFRQHOFXUVRGHO
MXHJRHOQL³RGHODVJDIDV$OGHVSHGLUVHOHGLMRD0RPR
JRPDODVWLFXPc(O¼OWLPRHMHPSODUGHVXHVSHFLH0HKXELHUDJXVWDGR
SRGHUHVWXGLDUORXQSRFRP£VGHFHUFD
3HURHQXQSXQWRHVWDEDQWRGRVGHDFXHUGRHQQLQJ¼QRWURODGRVH
SRG¯DMXJDUFRPRFRQ0RPR
14/120
 8QYLHMRFDOODGR
\XQMRYHQSDUODQFK¯Q

$
XQ FXDQGR DOJXLHQ WLHQH PXFKRV DPLJRV VXHOH KDEHU HQWUH
HOORV XQRV SRFRV D ORV TXH VH TXLHUH WRGDY¯D P£V TXH D ORV
GHP£V7DPEL«QHQHOFDVRGH0RPRHUDDV¯
7HQ¯D GRV JUDQGHV DPLJRV TXH LEDQ D YHUOD FDGD G¯D \ TXH
FRPSDUW¯DQFRQHOODWRGRORTXHWHQ¯DQ8QRHUDMRYHQ\RWURYLHMR
0RPRQRKDEU¯DVDELGRGHFLUDTXL«QGHORVGRVTXHU¯DP£V

(OYLHMRVHOODPDED%HSSR%DUUHQGHUR6HJXURTXHHQUHDOLGDGWHQGU¯D
RWUR DSHOOLGR SHUR FRPR HUD EDUUHQGHUR GH SURIHVLµQ \ WRGRV OH
OODPDEDQDV¯«OWDPEL«QGHF¯DTXH«VHHUDVXQRPEUH
%HSSR %DUUHQGHUR YLY¯D HQ XQD FKR]D TXH «O PLVPR VH KDE¯D
FRQVWUXLGR FHUFD GHO DQILWHDWUR D EDVH GH ODGULOORV ODWDV \ FDUWµQ
HPEUHDGR (UD H[WUDRUGLQDULDPHQWH EDMR H LED VLHPSUH XQ SRFR
HQFRUYDGRSRUORTXHDSHQDVVREUHSDVDEDD0RPR6LHPSUHOOHYDED
VXJUDQFDEH]DVREUHODTXHVHHUJX¯DXQPHFKµQGHSHORVFDQRVRV
XQSRFRWRUFLGD\VREUHODQDUL]OOHYDEDXQDVSHTXH³DVJDIDV
$OJXQRVRSLQDEDQTXHD%HSSR%DUUHQGHUROHIDOWDEDDOJ¼QWRUQLOOR

15/120
/R GHF¯DQ SRUTXH DQWH ODV SUHJXQWDV VH OLPLWDED D VRQUH¯U
DPDEOHPHQWH \ QR FRQWHVWDED 3HQVDED < FXDQGR FUH¯D TXH XQD
UHVSXHVWDHUDLQQHFHVDULDVHFDOODED3HURFXDQGRODFUH¯DQHFHVDULD
SHQVDED VREUH HOOD $ YHFHV WDUGDED GRV KRUDV HQ FRQWHVWDU SHUR
RWUDV WDUGDED WRGR XQ G¯D 0LHQWUDV WDQWR HO RWUR FODUR HVW£ KDE¯D
ROYLGDGR TX« KDE¯D SUHJXQWDGR SRU OR TXH OD UHVSXHVWD GH %HSSR OH
VRUSUHQG¯D
6µOR0RPRVDE¯DHVSHUDUWDQWR\HQWHQG¯DORTXHGHF¯D6DE¯DTXH
VHWRPDEDWDQWRWLHPSRSDUDQRGHFLUQXQFDQDGDTXHQRIXHUDYHUGDG
3XHV HQ VX RSLQLµQ WRGDV ODV GHVJUDFLDV GHO PXQGR QDF¯DQ GH ODV
PXFKDV PHQWLUDV ODV GLFKDV D SURSµVLWR SHUR WDPEL«Q ODV
LQYROXQWDULDVFDXVDGDVSRUODSULVDRODLPSUHFLVLµQ
&DGD PD³DQD LED DQWHV GHO DPDQHFHU HQ VX YLHMD \ FKLUULDQWH
ELFLFOHWDKDFLDHOFHQWURGHODFLXGDGDXQJUDQHGLILFLR$OO¯HVSHUDED
FRQVXVFRPSD³HURVHQXQSDWLRKDVWDTXHOHGDEDQXQDHVFRED\OH
VH³DODEDQXQDFDOOHTXHWHQ¯DTXHEDUUHU
$ %HSSR OH JXVWDEDQ HVWDV KRUDV DQWHV GHO DPDQHFHU FXDQGR OD
FLXGDG WRGDY¯D GRUP¯D /H JXVWDED VX WUDEDMR \ OR KDF¯D ELHQ 6DE¯D
TXHHUDXQWUDEDMRPX\QHFHVDULR
&XDQGR EDUU¯D ODV FDOOHV OR KDF¯D GHVSDFLRVDPHQWH SHUR FRQ
FRQVWDQFLD D FDGD SDVR XQD LQVSLUDFLµQ \ D FDGD LQVSLUDFLµQ XQD
EDUULGD3DVRLQVSLUDFLµQEDUULGD3DVRLQVSLUDFLµQEDUULGD'HYH]HQ
FXDQGR VH SDUDED XQ PRPHQWR \ PLUDED SHQVDWLYDPHQWH DQWH V¯
'HVSX«VSURVHJX¯DSDVRLQVSLUDFLµQEDUULGD
0LHQWUDV VH LED PRYLHQGR FRQ OD FDOOH VXFLD DQWH V¯ \ OD OLPSLD
GHWU£V VH OH RFXUU¯DQ SHQVDPLHQWRV 3HUR HUDQ SHQVDPLHQWRV VLQ
SDODEUDV SHQVDPLHQWRV WDQ GLI¯FLOHV GH FRPXQLFDU FRPR XQ RORU GHO
TXHXQRDGXUDVSHQDVVHDFXHUGDRFRPRXQFRORUTXHVHKDVR³DGR
'HVSX«VGHOWUDEDMRFXDQGRVHVHQWDEDFRQ0RPROHH[SOLFDEDVXV
SHQVDPLHQWRV < FRPR HOOD OH HVFXFKDED D VX PRGR WDQ SHFXOLDU VX
OHQJXDVHVROWDED\KDOODEDODVSDODEUDVDGHFXDGDV
౱9HV0RPR౱OHGHF¯DSRUHMHPSOR౱ODVFRVDVVRQDV¯DYHFHV
WLHQHV DQWH WL XQD FDOOH ODUJX¯VLPD 7H SDUHFH WDQ WHUULEOHPHQWH ODUJD
TXHQXQFDFUHHVTXHSRGU£VDFDEDUOD
0LUµXQUDWRHQVLOHQFLRDVXDOUHGHGRUHQWRQFHVVLJXLµ
౱< HQWRQFHV WH HPSLH]DV D GDU SULVD FDGD YH] P£V SULVD &DGD
YH]TXHOHYDQWDVODYLVWDYHVTXHODFDOOHQRVHKDFHP£VFRUWD<WH
HVIXHU]DV P£V WRGDY¯D HPSLH]DV D WHQHU PLHGR DO ILQDO HVW£V VLQ
DOLHQWR<ODFDOOHVLJXHHVWDQGRSRUGHODQWH$V¯QRVHGHEHKDFHU
3HQVµGXUDQWHXQUDWR(QWRQFHVVLJXLµKDEODQGR
౱1XQFDVHKDGHSHQVDUHQWRGDODFDOOHGHXQDYH]HQWLHQGHV"
6µORKD\TXHSHQVDUHQHOSDVRVLJXLHQWHHQODLQVSLUDFLµQVLJXLHQWH
HQODVLJXLHQWHEDUULGD1XQFDQDGDP£VTXHHQHOVLJXLHQWH
9ROYLµDFDOODU\UHIOH[LRQDUDQWHVGHD³DGLU
౱(QWRQFHV HV GLYHUWLGR HVR HV LPSRUWDQWH SRUTXH HQWRQFHV VH
KDFHELHQODWDUHD<DV¯KDGHVHU
'HVSX«VGHXQDQXHYD\ODUJDLQWHUUXSFLµQVLJXLµ
౱'HUHSHQWHVHGDXQRFXHQWDGHTXHSDVRDSDVRVHKDEDUULGR
WRGD OD FDOOH 8QR QR VH GD FXHQWD FµPR KD VLGR \ QR VH HVW£ VLQ
DOLHQWR
$VLQWLµHQVLOHQFLR\GLMRSRQLHQGRSXQWRILQDO
౱(VRHVLPSRUWDQWH
2WUDYH]VHVHQWµDOODGRGH0RPRFDOODGR\HOODYLRTXHHVWDED
SHQVDQGR\TXHTXHU¯DGHFLUDOJRPX\HVSHFLDO'HUHSHQWH«OODPLUµ
DORVRMRV\OHGLMR
౱1RVKHUHFRQRFLGR
3DVµPXFKRUDWRDQWHVGHTXHFRQWLQXDUDFRQYR]EDMD
౱(VR RFXUUH D YHFHVಃ D PHGLRG¯Dಃ FXDQGR WRGR GXHUPH HQ HO
FDORUಃ(OPXQGRVHYXHOYHWUDQVSDUHQWHಃ&RPRXQU¯RHQWLHQGHV"ಃ
6HSXHGHYHUHOIRQGR
$VLQWLµ\FDOOµXQUDWRSDUDGHFLUHQYR]P£VEDMD
౱+D\DOO¯RWURVWLHPSRVDOO¯DOIRQGR
9ROYLµ D SHQVDU XQ EXHQ UDWR EXVFDQGR ODV SDODEUDV DGHFXDGDV
3HURSDUHFLµQRHQFRQWUDUODVSXHVGHUHSHQWHGLMRFRQYR]WRWDOPHQWH
QRUPDO
౱+R\ HVWXYH EDUULHQGR MXQWR D ODV YLHMDV PXUDOODV +D\ DOO¯ FLQFR
16/120
VLOODUHVGHRWURFRORU$V¯HQWLHQGHV"
<FRQHOGHGRGLEXMµXQDJUDQ7HQHOVXHOR/DPLUµFRQODFDEH]D
WRUFLGD\GHUHSHQWHPXUPXUµ GH&DOOHMD3XQWHDEDVXUHODWRGHDFRQWHFLPLHQWRVQRPEUHV\IHFKDV
౱/DVKHUHFRQRFLGRODVSLHGUDV
'HVSX«VGHRWUDLQWHUUXSFLµQVLJXLµDHPSHOORQHV WRWDOPHQWH FRQIXVRV $OJXQRV VH GDEDQ FXHQWD \ VH PDUFKDEDQ
౱(VRV HUDQ RWURV WLHPSRV FXDQGR VH FRQVWUX\µ OD PXUDOODಃ
7UDEDMDURQPXFKRVHQHOODಃ3HURKDE¯DGRVHQWUHHOORVTXHFRORFDURQ
HVRVVLOODUHVಃ(UDXQDVH³DOFRPSUHQGHV"ಃ/DKHUHFRQRFLGR
6HSDVµODVPDQRVSRUORVRMRV3DUHF¯DFRVWDUOHXQJUDQHVIXHU]R
ORTXHLQWHQWDEDGHFLUSRUTXHDOVHJXLUKDEODQGRODVSDODEUDVVDO¯DQ
FRQHVIXHU]R LQYHQWDGR
౱7HQ¯DQRWURDVSHFWRHVRVGRVHQDTXHOHQWRQFHV
<HQHVHPRPHQWRGLMRHQWRQRGHILQLWLYR\FDVLFRO«ULFR
౱3HURQRVKHUHFRQRFLGRDWL\P¯c1RVKHUHFRQRFLGR
1RVHOHSXHGHWRPDUDPDODODJHQWHHOTXHVRQULHUDFXDQGRR¯D
KDEODU D %HSSR %DUUHQGHUR GH HVH PRGR \ D VXV HVSDOGDV DOJXQRV
VH³DODEDQODVLHQFRQHOGHGR3HUR0RPRORTXHU¯D\JXDUGDEDWRGDV
VXVSDODEUDVHQVXFRUD]µQ
(O RWUR DPLJR GH 0RPR HUD MRYHQ \ HQ WRGRV ORV DVSHFWRV OR P£V
RSXHVWR D %HSSR %DUUHQGHUR (UD XQ JXDSR PXFKDFKR GH RMRV
VR³DGRUHV SHUR XQD OHQJXD LQFUH¯EOH 6LHPSUH HVWDED UHSOHWR GH
EURPDV\FKLVWHV\VDE¯DUH¯UFRQWDOOLJHUH]DTXHKDE¯DTXHUH¯UFRQ
«OVHTXLVLHUDRQR6HOODPDED*LURODPRSHURWRGRVOROODPDEDQ*LJL
&RPR DO YLHMR %HSSR OR KHPRV OODPDGR VHJ¼Q VX SURIHVLµQ
KDUHPRV OR PLVPR FRQ *LJL DXQTXH QR WHQ¯D QLQJXQD SURIHVLµQ
SUHFLVD/RYDPRVDOODPDUSXHV*LJL&LFHURQH3HUR\DTXHGDGLFKR
TXHODGHFLFHURQHVµORHUDXQDGHODVPXFKDVSURIHVLRQHVTXHHMHUF¯D
VHJ¼QODRFDVLµQ\QRORHUDQLPXFKRPHQRVGHPRGRRILFLDO
(O¼QLFRUHTXLVLWRTXHWHQ¯DSDUDHMHUFHUHVDDFWLYLGDGHUDXQDJRUUD
GHSODWR6HODSRQ¯DHQFXDQWRYH¯DDSDUHFHUGHWDUGHHQWDUGHDOJ¼Q
JUXSRGHYLDMHURVTXHVHKDE¯DSHUGLGRSRUHVHEDUULR6HDFHUFDEDD
HOORVFRQODFDUDVHULD\VHRIUHF¯DDJXLDUORV\H[SOLFDUOHVWRGR6LORV
IRUDVWHURVHVWDEDQGHDFXHUGRVHGLVSDUDED\OHVFRQWDEDORVFXHQWRV
LQYHQWDGRV GH WDO PDQHUD TXH ORV SREUHV R\HQWHV TXHGDEDQ
HQIDGDGRV 3HUR OD PD\RU¯D VH OR FUH¯D \ VH OR UHWULEX¯DQ FXDQGR *LJL
SDVDEDODJRUUDDOILQDO
/D JHQWH GH ORV DOUHGHGRUHV VH UH¯D GH ODV LQYHQFLRQHV GH *LJL
SHUR DOJXQRV SRQ¯DQ FDUDV FHQVRUDV \ RSLQDEDQ TXH QR HVWDED ELHQ
TXHDFHSWDUDGLQHURDFDPELRGHKLVWRULDVTXHDOILQ\DOFDERKDE¯D
౱(VRORKDFHQWRGRVORVSRHWDV౱GHF¯DDHVR*LJL౱<DFDVROD
JHQWHQRKDUHFLELGRQDGDDFDPELRGHVXGLQHUR"<RRVGLJRTXHKDQ
UHFLELGR H[DFWDPHQWH OR TXH TXHU¯DQ < TX« LPSRUWD TXH OR TXH \R
FXHQWH HVW« R QR HVFULWR HQ DOJ¼Q OLEUR PX\ VDELR" 4XL«Q RV GLFH D
YRVRWURV TXH ODV KLVWRULDV TXH SRQHQ HQ ORV OLEURV VDELRV QR VHDQ
LQYHQWDGDVVµORTXHQDGLHVHDFXHUGD\D"
2WUDYH]GHF¯D
౱4XL«QVDEHORTXHHVFLHUWR\ORTXHQR"4XL«QSXHGHVDEHUOR
TXHKDRFXUULGRDTX¯KDFHPLORGRVPLOD³RV"/RVDE«LVYRVRWURV"
౱1R౱UHFRQRF¯DQORVGHP£V
౱c/R YHLV ౱H[FODPDED *LJL &LFHURQH౱ c&µPR SRG«LV GHFLU
YRVRWURV TXH ODV KLVWRULDV TXH \R FXHQWR QR VRQ YHUGDG 3XHGH VHU
TXH FDVXDOPHQWH KD\D RFXUULGR WDO FRPR \R OR FXHQWR (QWRQFHV KH
GLFKRODSXUDYHUGDG
$HVRHUDGLI¯FLORSRQHUQDGD6¯HQORTXHVHUHILHUHDORFXDFLGDG
*LJLI£FLOPHQWHSRG¯DFRQWRGRVHOORV
/DPHQWDEOHPHQWHYHQ¯DQPX\SRFRVIRUDVWHURVTXHTXLVLHUDQYHUHO
DQILWHDWURSRUORTXH*LJLWHQ¯DTXHSUDFWLFDURWUDVSURIHVLRQHV6HJ¼Q
ODRFDVLµQHUDJXDUGDGHXQDSDUFDPLHQWRWHVWLJRGHERGDSDVHDGRU
GH SHUURV FDUWHUR GH DPRU SDUWLFLSDQWH HQ XQ IXQHUDO WUDILFDQWH GH
UHFXHUGRV\PXFKDVRWUDVFRVDVP£V
3HUR *LJL VR³DED FRQ YROYHUVH ULFR \ IDPRVR 9LYLU¯D HQ XQD FDVD
17/120
GHI£EXODURGHDGDGHXQSDUTXHFRPHU¯DHQSODWRVGRUDGRV\GRUPLU¯D
VREUHDOPRKDGDVGHVHGD<VHYH¯DDV¯PLVPRHQHOHVSOHQGRUGHOD
IDPDFRPRXQVROFX\RVUD\RV\DORFDOHQWDEDQDKRUDHQVXPLVHULD
౱c/R FRQVHJXLU« ౱H[FODPDED FXDQGR ORV RWURV VH UH¯DQ GH VXV
VXH³RV౱7RGRVRVDFRUGDU«LVGHPLVSDODEUDV
3HUR QL «O PLVPR KXELHUD SRGLGR GHFLU FµPR SHQVDED DOFDQ]DU OD
IDPD3RUTXHQROHDWUD¯DQGHPDVLDGRHOHVIXHU]R\HOWUDEDMR
౱(VR QR WLHQH P«ULWR ౱OH GHF¯D D 0RPR౱ DV¯ VH SXHGH KDFHU
ULFRFXDOTXLHUD0¯UDORVORTXHSDUHFHQORVTXHKDQYHQGLGRODYLGD\
HO DOPD SRU XQ SRFR GH ELHQHVWDU 1R D HVR QR MXHJR \R < DXQTXH
PXFKDV YHFHV QR WHQJD GLQHUR QL VLTXLHUD SDUD SDJDU XQD WD]D GH
FDI«*LJLVHJXLU£VLHQGR*LJL
6H SHQVDU¯D TXH HUD WRWDOPHQWH LPSRVLEOH TXH GRV SHUVRQDV GH
LGHDVWDQGLIHUHQWHVDFHUFDGHOPXQGR\ODYLGDFRPR*LJL&LFHURQH\
%HSSR %DUUHQGHUR VH KLFLHUDQ DPLJRV 6LQ HPEDUJR DV¯ HUD 'D OD
FDVXDOLGDGTXHHO¼QLFRTXHQXQFDFHQVXUDEDD*LJLVXOLJHUH]DHUDHO
YLHMR %HSSR < SRU OD PLVPD FDVXDOLGDG HUD SUHFLVDPHQWH HO ORFXD]
*LJLHO¼QLFRTXHQXQFDVHUH¯DGHOVRUSUHQGHQWH\YLHMR%HSSR
3UREDEOHPHQWH IXHUD D FDXVD GHO PRGR HQ TXH 0RPR ORV
HVFXFKDEDDDPERV
1LQJXQRGHORVWUHVLQWX¯DTXHSURQWRFDHU¯DXQDVRPEUDVREUHVX
DPLVWDG < QR VµOR VREUH VX DPLVWDG VLQR VREUH WRGD OD UHJLµQ XQD
VRPEUD TXH FUHF¯D \ FUHF¯D \ TXH DKRUD PLVPR RVFXUD \ IU¯D VH
H[WHQG¯D\DVREUHODJUDQFLXGDG
6HWUDWDEDGHXQDFRQTXLVWDFDOODGDHLQVHQVLEOHTXHDYDQ]DEDG¯D
DG¯D\FRQWUDODTXHQDGLHVHUHVLVW¯DSRUTXHQDGLHFRQVHJX¯DGDUVH
FXHQWDGHHOOD<ORVFRQTXLVWDGRUHVTXL«QHVHUDQ"
1LVLTXLHUDHOYLHMR%HSSRTXHVHGDEDFXHQWDGHWDQWDVFRVDVTXH
ORV GHP£V QR YH¯DQ REVHUYDED ORV KRPEUHV JULVHV TXH UHFRUU¯DQ
LQFDQVDEOHVODFLXGDG\SDUHF¯DQHVWDUVLHPSUHRFXSDGRV<HVRTXH
QR HUDQ LQYLVLEOHV 6H OHV YH¯D \ QR VH OHV YH¯D 'H DOJ¼Q PLVWHULRVR
PRGRHUDQFDSDFHVGHSDVDUGHVDSHUFLELGRVGHPDQHUDTXHQRVHOHV
REVHUYDED R VH YROY¯D D ROYLGDU HQ VHJXLGD VX DVSHFWR $V¯ SRG¯DQ
RSHUDU HQ OD FODQGHVWLQLGDG SUHFLVDPHQWH SRUTXH QR VH RFXOWDEDQ <
FRPRQDGLHUHSDUDEDHQHOORVQDGLHOHVSUHJXQWDEDGHGµQGHKDE¯DQ
VDOLGR\GHGµQGHVDO¯DQSRUTXHFDGDG¯DHUDQP£V
&LUFXODEDQSRUODVFDOOHVHQHOHJDQWHVFRFKHVJULVHVHQWUDEDQHQ
WRGDVODVFDVDVVHVHQWDEDQHQWRGRVORVUHVWDXUDQWHV0XFKDVYHFHV
KDF¯DQDQRWDFLRQHVHQVXVDJHQGDV
(UDQ XQRV KRPEUHV YHVWLGRV FRQ WUDMHV GH XQ FRORU JULV WHODUD³D
,QFOXVR VXV FDUDV SDUHF¯DQ VHU GH FHQL]D JULV /OHYDEDQ ERPELQHV \
IXPDEDQSHTXH³RVSXURVJULVHV&DGDXQROOHYDEDVLHPSUHXQPDOHW¯Q
JULVSORPR
7DPSRFR *LJL &LFHURQH KDE¯D QRWDGR TXH YDULDV YHFHV DOJXQR GH
HVRV KRPEUHV JULVHV KDE¯DQ HVWDGR FHUFD GHO DQILWHDWUR \ KDE¯DQ
DSXQWDGRPXFKDVFRVDVHQVXVDJHQGDV
6µOR 0RPR KDE¯D REVHUYDGR TXH XQD WDUGH KDE¯DQ DSDUHFLGR VXV
RVFXUDVVLOXHWDVSRUHOERUGHVXSHULRUGHODQILWHDWUR6HKDE¯DQKHFKR
VH³DVORVXQRVDORVRWURV\GHVSX«VVHKDE¯DQUHXQLGRDGLVFXWLU1R
VHKDE¯DR¯GRQDGDSHUR0RPRGHUHSHQWHKDE¯DVHQWLGRXQIU¯RPX\
HVSHFLDO FRPR QR OR KDE¯D QRWDGR QXQFD DQWHV 1R OH VLUYLµ GH QDGD
TXH VH DUUHEXMDUD P£V HVWUHFKDPHQWH HQ VX JUDQ FKDTXHWµQ SRUTXH
QRHUDXQIU¯RQRUPDO
'HVSX«V ORV KRPEUHV JULVHV VH KDE¯DQ LGR GH QXHYR \ QR KDE¯DQ
YXHOWRDDSDUHFHU
(VDQRFKH0RPRQRKDE¯DSRGLGRR¯UFRPRRWUDVYHFHVODP¼VLFD
FDOODGD \ SRGHURVD 3HUR DO G¯D VLJXLHQWH OD YLGD KDE¯D FRQWLQXDGR
FRPR VLHPSUH \ 0RPR QR YROYLµ D SHQVDU HQ ORV FXULRVRV YLVLWDQWHV
7DPEL«QHOODORVKDE¯DROYLGDGR
18/120
 8QDYH]TXHOOHJDURQXQRVYLDMHURVTXHTXHU¯DQYLVLWDUHODQILWHDWUR
0RPR HVWDED VHQWDGD DOJR DSDUWDGD HQ ODV JUDGDV GH SLHGUD 
FRPHQ]µGHOPRGRVLJXLHQWH
౱c(VWLPDGDV VH³RUDV \ FDEDOOHURV &RPR DFDVR WRGRV XVWHGHV
VHSDQODHPSHUDWUL]%DVLOLVFD$JXVWLQDHPSUHQGLµLQFRQWDEOHVJXHUUDV
SDUD GHIHQGHU VX LPSHULR GH ORV FRQVWDQWHV DWDTXHV GH ORV SLWRV \
IODXWDV
}7UDVVRPHWHUXQDYH]P£VHVRVSXHEORVHVWDEDWDQLUULWDGDSRUOD
LQFDQVDEOH PROHVWLD TXH DPHQD]µ FRQ H[WHUPLQDU D WRGRV ORV
&XHQWRVSDUDPXFKRV DWDFDQWHVDPHQRVTXHVXUH\;D[RWUD[ROXVOHFHGLHUDFRPRFDVWLJR
\FXHQWRVSDUDXQD VXFDUSDGRUDGD
}3XHV HQ DTXHOOD «SRFD GDPDV \ FDEDOOHURV ODV FDUSDV GRUDGDV
WRGDY¯D HUDQ GHVFRQRFLGDV DTX¯ 3HUR OD HPSHUDWUL] %DVLOLVFD KDE¯D
R¯GRGHERFDGHXQYLDMHURTXHHOUH\;D[RWUD[ROXVSRVH¯DXQSHFHFLWR

3
TXH HQ FXDQWR TXH KXELHUD DFDEDGR GH FUHFHU VH FRQYHUWLU¯D HQ RUR
RFR D SRFR 0RPR VH KDE¯D YXHOWR WRWDOPHQWH LPSUHVFLQGLEOH
SXUR < HVD UDUH]D TXHU¯D SRVHHUOD D FXDOTXLHU SUHFLR OD HPSHUDWUL]
SDUD*LJL&LFHURQH(QODPHGLGDHQTXHVHSXHGHDILUPDUHVR
%DVLOLVFD
GHXQWLSRWDQLQFRQVWDQWHFRPR«OKDE¯DFREUDGRXQSURIXQGR
}(OUH\;D[RWUD[ROXVVHULµSDUDVXVDGHQWURV2FXOWµGHEDMRGHOD
FDUL³RSRUODQL³D\KXELHUDTXHULGROOHYDUODFRQVLJRDWRGDVSDUWHV
FDPDODFDUSDGRUDGDTXHHIHFWLYDPHQWHSRVH¯DHKL]RHQWUHJDUDOD
(O FRQWDU KLVWRULDV HUD FRPR \D VDEHPRV VX SDVLµQ <
HPSHUDWUL] HQ XQD VRSHUD LQFUXVWDGD GH GLDPDQWHV XQD EDOOHQD
SUHFLVDPHQWHHQHVWHSXQWRVHKDE¯DRSHUDGRXQFDPELRHQ«O$QWHV
SHTXH³LWD
VXVKLVWRULDVKDE¯DQUHVXOWDGRGHYH]HQFXDQGRXQWDQWRSREUHVQR
}%LHQHVFLHUWRTXHODHPSHUDWUL]TXHGµXQWDQWRVRUSUHQGLGDSRUHO
VH OH RFXUU¯D QDGD LQWHUHVDQWH UHSHW¯D DOJXQDV FRVDV R UHFXUU¯D D
WDPD³RGHODQLPDOSXHVVHKDE¯DLPDJLQDGRODFDUSDGRUDGDXQSRFR
DOJXQD SHO¯FXOD TXH KDE¯D YLVWR R DOJXQD QRWLFLD TXH KDE¯D OH¯GR 3RU
P£V SHTXH³D 3HUR SHQVµ TXH FXDQWR PD\RU PHMRU SXHV WDQWR P£V
GHFLUOR DV¯ VXV KLVWRULDV KDE¯DQ LGR D SLH SHUR GHVGH TXH FRQRF¯D D
RURSURGXFLU¯DDOILQDOHOSH]3HURSRURWURODGRHVHSH]QRSDUHF¯D
0RPROHKDE¯DQFUHFLGRDODV
GRUDGR\HVRODLQWUDQTXLOL]DED3HURHOHPLVDULRGHOUH\;D[RWUD[ROXV
(VSHFLDOPHQWH FXDQGR 0RPR HVWDED FRQ «O \ OH HVFXFKDED VX
OHGHFODUµTXHHOSH]QRVHFRQYHUWLU¯DHQRURKDVWDKDEHUDFDEDGRGH
IDQWDV¯D IORUHF¯D FRPR XQ SUDGR HQ SULPDYHUD 1L³RV \ PD\RUHV VH
FUHFHUQRDQWHV3RUHVRHUDPX\LPSRUWDQWHTXHQRVHOHHVWRUEDUDHQ
DSL³DEDQ D VX DOUHGHGRU $KRUD HUD FDSD] GH FRQWDU KLVWRULDV TXH VH
VXFUHFLPLHQWR&RQHVRODHPSHUDWUL]%DVLOLVFDVHGLRSRUVDWLVIHFKD
HVWLUDEDQHQPXFKRVFDS¯WXORVDORODUJRGHG¯DV\VHPDQDV\QXQFD
}(OSHFHFLWRFUHF¯DGHG¯DHQG¯D\FRQVXP¯DHQRUPHVFDQWLGDGHV
VH OH DJRWDEDQ ODV RFXUUHQFLDV ‹O PLVPR SRU FLHUWR WDPEL«Q VH
GHFRPLGD3HURODHPSHUDWUL]QRHUDSREUH\HOSH]UHFLE¯DWRGRORTXH
HVFXFKDED FRQ OD P£[LPD DWHQFLµQ SRUTXH QR WHQ¯D OD P£V P¯QLPD
SRG¯D WUDJDU FRQ OR TXH VH KL]R JUDQGH \ JRUGR 3URQWR OD VRSHUD VH
LGHDGHDGµQGHOHFRQGXFLU¯DVXIDQWDV¯D
TXHGµSHTXH³D

19/120
 }౹&XDQWR PD\RU PHMRU౺ GLMR OD HPSHUDWUL] %DVLOLVFD \ OR KL]R
WUDVODGDUDVXED³HUD3HURDOSRFRWLHPSR\DQRFDE¯DWDPSRFRHQOD
ED³HUD&UHF¯D\FUHF¯D(QWRQFHVIXHWUDVODGDGRDODSLVFLQDLPSHULDO
(VR \D HUD XQ WUDQVSRUWH EDVWDQWH FRPSOLFDGR SRUTXH HO SH] \D
SHVDED WDQWR FRPR XQ EXH\ 8QR GH ORV HVFODYRV TXH WHQ¯D TXH
DUUDVWUDUORUHVEDOµ\ODHPSHUDWUL]ORPDQGµWLUDUDORVOHRQHVSRUTXHHO
SH]ORHUDWRGRSDUDHOOD
}7RGRV ORV G¯DV VH SDVDED PXFKDV KRUDV VHQWDGD DO ERUGH GH OD
SLVFLQD\ORYH¯DFUHFHU1RSHQVDEDP£VTXHHQHORURSXHVHVVDELGR
TXHOOHYDEDXQDYLGDPX\HVSO«QGLGD\QXQFDWHQ¯DRURVXILFLHQWH
}౹&XDQWRPD\RUPHMRU౺PXUPXUDEDSDUDV¯(VDIUDVHVHFRQYLUWLµ
HQHOOHPDGHOLPSHULR\VHJUDEµHQOHWUDVGHRURHQWRGRVORVHGLILFLRV
HVWDWDOHV
}3HURKDVWDODSLVFLQDLPSHULDOUHVXOWµGHPDVLDGRSHTXH³DSDUDHO
SH] (QWRQFHV %DVLOLVFD PDQGµ FRQVWUXLU HVWH HGLILFLR FX\DV UXLQDV
VH³RUDV \ VH³RUHV WLHQHQ DQWH V¯ (UD XQ HQRUPH DFXDULR WRWDOPHQWH
FLUFXODUOOHQRKDVWDHOERUGHGHDJXDHQHOTXHHOSH]SRUILQSRG¯D
HVWLUDUVHDJXVWR
}/DHPSHUDWUL]FRPR\DKHPRVGLFKRSDVDEDG¯D\QRFKHHQHVWH
OXJDU \ HVSHUDED TXH HO SH] JLJDQWH VH FRQYLUWLHUD HQ RUR <D QR VH
ILDEDGHQDGLHQLGHVXVHVFODYRVQLGHVXVSDULHQWHV\WHP¯DTXHOH
IXHUDQDUREDUHOSH]'HPRGRTXHDK¯HVWDEDDGHOJD]DEDP£V\P£V
SRU HO PLHGR \ OD SUHRFXSDFLµQ QR SHJDED RMR \ YLJLODED HO SH] TXH
QDGDED GLYHUWLGR \ QR SHQVDED VLTXLHUD HQ FRQYHUWLUVH HQ RUR <
%DVLOLVFDVHGHVSUHRFXSDEDP£V\P£VGHORVDVXQWRVGHOJRELHUQR
}(VR SUHFLVDPHQWH KDE¯DQ HVSHUDGR ORV SLWRV \ IODXWDV %DMR OD
GLUHFFLµQGHVXUH\;D[RWUD[ROXVHPSUHQGLHURQXQD¼OWLPDFDPSD³D\
FRQTXLVWDURQ WRGR HO LPSHULR HQ XQ SDVHR PLOLWDU 1R VH HQFRQWUDURQ
FRQQLQJ¼QVROGDGR\DOSXHEORWDQWROHGDEDTXL«QORJREHUQDUD
}&XDQGR OD HPSHUDWUL] %DVLOLVFD VH HQWHUµ SRU ILQ GHO DVXQWR
SURQXQFLµ ODV IDPRVDV SDODEUDV ౹c$\ GH P¯ 2MDO£ಃ౺ (O UHVWR SRU
GHVJUDFLDQRKDOOHJDGRKDVWDQRVRWURV/RTXHV¯VHVDEHFRQFHUWH]D
HV TXH VH ODQ]µ D HVWH DFXDULR \ VH DKRJµ DO ODGR GHO SH] WXPED GH
WRGDV VXV HVSHUDQ]DV 3DUD FHOHEUDU OD YLFWRULD HO UH\ ;D[RWUD[ROXV
PDQGµPDWDUODEDOOHQDGHPRGRTXHWRGRHOSXHEORUHFLELµGXUDQWH
RFKRG¯DVILOHWHGHSHVFDGRDVDGR
}$V¯ SXHGHQ YHU VH³RUDV \ VH³RUHV DGµQGH FRQGXFH OD
FUHGXOLGDG
&RQHVWDVSDODEUDVFRQFOX\µ*LJLVXUHODWR\ORVR\HQWHVHVWDEDQ
YLVLEOHPHQWHLPSUHVLRQDGRV0LUDEDQODVUXLQDVFRQWRGRUHVSHWR6µOR
XQRGHHOORVGHVFRQILDEDXQSRFR\SUHJXQWµ
౱<FX£QGRGLFHTXHRFXUULµWRGRHVR"
*LJLQXQFDGHMDEDXQDSUHJXQWDVLQFRQWHVWDU\GLMR
౱&RPR WRGR HO PXQGR VDEH OD HPSHUDWUL] %DVLOLVFD IXH
FRQWHPSRU£QHDGHOILOµVRIR6¯QDFDHO9LHMR
(O GHVFRQILDGR FODUR HVW£ QR TXHU¯D UHFRQRFHU TXH QR VDE¯D
FX£QGRKDE¯DYLYLGRHOILOµVRIR6¯QDFDHO9LHMRSRUORTXHVµORGLMR
౱$KPXFKDVJUDFLDV
7RGRV ORV R\HQWHV HVWDEDQ VXPDPHQWH VDWLVIHFKRV \ GHF¯DQ TXH
HVD YLVLWD UHDOPHQWH KDE¯D PHUHFLGR OD SHQD \ TXH QDGLH OHV KDE¯D
H[SOLFDGR QXQFD WDQ FRPSUHQVLEOHPHQWH ORV KHFKRV GH OD KLVWRULD
(QWRQFHV*LJLSUHVHQWµPRGHVWDPHQWHVXJRUUD\ODJHQWHVHPRVWUµ
JHQHURVD,QFOXVRHOGHVFRQILDGRHFKµXQDVPRQHGDVHQHOOD$GHP£V
GHVGH TXH KDE¯D OOHJDGR 0RPR *LJL QR FRQWDED QXQFD GRV YHFHV OD
PLVPD KLVWRULD /H KDEU¯D UHVXOWDGR GHPDVLDGR DEXUULGR 6L 0RPR
HVWDEDHQWUHORVR\HQWHVOHSDUHF¯DTXHHQVXLQWHULRUVHDEU¯DQXQDV
FRPSXHUWDVSRUODVTXHIOX¯DQP£V\P£VRFXUUHQFLDVVLQTXHWXYLHUD
QHFHVLGDGGHSDUDUDSHQV£UVHODV
$OFRQWUDULRPXFKDVYHFHVWHQ¯DTXHLQWHQWDUUHIUHQDUVHSDUDQRLU
GHPDVLDGR OHMRV FRPR DTXHOOD YH] HQ TXH GRV GDPDV DPHULFDQDV
PD\RUHVGLVWLQJXLGDVKDE¯DQDFHSWDGRVXVVHUYLFLRV3XHVOHVKDE¯D
GDGRXQEXHQVXVWRFXDQGROHVUHODWµORVLJXLHQWH
౱&ODUR HVW£ TXH LQFOXVR HQ VX EHOOD \ OLEUH $P«ULFD HVWLPDGDV
VH³RUDV VDEU£Q TXH HO FUXHO WLUDQR 0DUMHQFLR &RPPXQR KDE¯D
FRQFHELGRXQSODQGHFDPELDUHOPXQGRVHJ¼QVXVLGHDV3HURKLFLHUD
OR TXH KLFLHUD OD JHQWH VHJX¯D VLHQGR P£V R PHQRV LJXDO \ QR VH
20/120
GHMDEDFDPELDU(QWRQFHVHQVXYHMH]0DUMHQFLR&RPPXQRVHYROYLµ
ORFR &RPR XVWHGHV VDEHQ HVWLPDGDV VH³RUDV HQ DTXHO WLHPSR QR
KDE¯DWRGDY¯DSVLTXLDWUDVTXHVXSLHUDQFXUDUHVDVHQIHUPHGDGHV&RQ
ORTXHKDE¯DTXHGHMDUTXHORVWLUDQRVKLFLHUDQHOORFRFRPRTXLVLHUDQ
(QVXORFXUDD0DUMHQFLR&RPPXQRVHOHRFXUULµODLGHDGHGHMDUTXH
HO PXQGR VLJXLHUD VLHQGR FRPR TXLVLHUD \ KDFHUVH RWUR QXHYR D VX
JXVWR
}$V¯TXHRUGHQµTXHVHFRQVWUX\HUDXQJORERTXHWHQ¯DTXHWHQHUHO
PLVPR WDPD³R TXH OD YLHMD 7LHUUD \ HQ HO TXH KDE¯D TXH UHSURGXFLU
FRQ WRGD ILGHOLGDG FDGD GHWDOOH FDGD FDVD FDGD £UERO WRGDV ODV
PRQWD³DVU¯RV\PDUHV7RGDODKXPDQLGDGIXHREOLJDGDEDMRSHQDGH
PXHUWHDWUDEDMDUHQODLQJHQWHREUD
}(Q SULPHU OXJDU FRQVWUX\HURQ XQ SHGHVWDO VREUH HO TXH GHE¯D
DSR\DUVH HVH JORER JLJDQWHVFR /D UXLQD GH HVH SHGHVWDO HVWLPDGDV
VH³RUDVHVODTXHWLHQHQXVWHGHVDQWHV¯
}(QWRQFHV VH FRPHQ]µ D FRQVWUXLU HO SURSLR JORER WHUU£TXHR XQD
HVIHUDJLJDQWHVFDGHOPLVPRWDPD³RTXHOD7LHUUD&XDQGRVHDFDEµ
GH FRQVWUXLU OD HVIHUD VH UHSURGXMR FRQ FXLGDGR WRGR OR TXH KDE¯D
VREUHOD7LHUUD
}&ODUR HVW£ TXH VH QHFHVLWDED PXFKR PDWHULDO SDUD HVH JORER
WHUU£TXHR\HVHPDWHULDOQRVHSRG¯DWRPDUGHQLQJ¼QODGRP£VTXHGH
OD SURSLD 7LHUUD $V¯ OD 7LHUUD VH KDF¯D FDGD YH] P£V SHTXH³D
PLHQWUDVHOJORERVHKDF¯DPD\RU
}<FXDQGRVHKXERWHUPLQDGRGHKDFHUHOQXHYRPXQGRKXERTXH
DSURYHFKDU SDUD HOOR SUHFLVDPHQWH OD ¼OWLPD SLHGUHFLWD TXH TXHGDED
GHOD7LHUUD&ODURHVW£TXHWDPEL«QWRGRVORVKDELWDQWHVVHKDE¯DQLGR
GH OD YLHMD 7LHUUD DO QXHYR JORER WHUU£TXHR SRUTXH OD YLHMD VH KDE¯D
DFDEDGR &XDQGR 0DUMHQFLR &RPPXQR VH GLR FXHQWD GH TXH WRGR
VHJX¯DLJXDOTXHDQWHVVHFXEULµODFDEH]DFRQODWRJD\VHIXH1DGLH
VDEHDGµQGH
}9HQ XVWHGHV HVWLPDGDV VH³RUDV HVWH KXHFR HQ IRUPD GH
HPEXGR TXH SHUPLWH GLVWLQJXLU ODV UXLQDV HQ OD DFWXDOLGDG HV HO
SHGHVWDO TXH VH DSR\DED HQ OD VXSHUILFLH GH OD YLHMD 7LHUUD $V¯ TXH
GHEHQLPDJLQ£UVHORWRGRDOUHY«V
/DV GRV GLVWLQJXLGDV GDPDV GH $P«ULFD SDOLGHFLHURQ \ XQD
SUHJXQWµ
౱<GµQGHKDTXHGDGRHOJORERWHUU£TXHR"
౱(VW£QXVWHGHVHQ«O౱FRQWHVWµ*LJL౱(OPXQGRDFWXDOVH³RUDV
P¯DVHVHOJORERWHUU£TXHR
/DVGRVGDPDVFKLOODURQKRUURUL]DGDV\KX\HURQ*LJLSUHVHQWµHQ
YDQRODJRUUD
3HURORTXHP£VOHJXVWDEDD*LJLHUDFRQWDUOHFXHQWRVVµORD0RPR
FXDQGR QR HVFXFKDED QDGLH P£V &DVL VLHPSUH HUDQ FXHQWRV TXH
WUDWDEDQGHORVSURSLRV*LJL\0RPR<VµORHVWDEDQGHVWLQDGRVDHOORV
GRV \ HUDQ WRWDOPHQWH GLIHUHQWHV D ORV TXH *LJL FRQWDED HQ RWUDV
RFDVLRQHV
8QDQRFKHKHUPRVD\F£OLGDORVGRVHVWDEDQVHQWDGRVFDOODGRVHQ
ORVHVFDORQHVGHSLHGUD(QHOFLHOREULOODEDQ\DODVSULPHUDVHVWUHOODV\
ODOXQDVHSHUILODEDJUDQGH\SODWHDGDVREUHODVVLOXHWDVQHJUDVGHORV
SLQRV
౱0HFXHQWDVXQFXHQWR"౱SLGLµ0RPR
౱(VW£ELHQ౱GLMR*LJL౱'HTXL«Q"
౱'H0RPR\*LURODPRVLSXHGHVHU౱FRQWHVWµ0RPR
*LJLUHIOH[LRQµXQPRPHQWR\SUHJXQWµ
౱<FµPRKDGHOODPDUVH"
౱4XL]£ಃ(OFXHQWRGHOHVSHMRP£JLFR"
*LJLDVLQWLµSHQVDWLYR
౱(VRVXHQDELHQ9HDPRVTX«SDVD
3XVRXQEUD]RDOUHGHGRUGHORVKRPEURVGH0RPR\FRPHQ]µ
౱‹UDVHXQDYH]XQDKHUPRVDSULQFHVDOODPDGD0RPRTXHYHVW¯D
GHVHGD\WHUFLRSHOR\YLY¯DPX\SRUHQFLPDGHOPXQGRVREUHODFLPD
GHXQDPRQWD³DFXELHUWDGHQLHYHHQXQFDVWLOORGHFULVWDO
}7HQ¯D WRGR OR TXH VH SXHGH GHVHDU QR FRP¯D P£V TXH ORV
PDQMDUHV P£V ILQRV \ QR EHE¯D P£V TXH HO YLQR P£V GXOFH 'RUP¯D
21/120
VREUH DOPRKDGDV GH VHGD \ VH VHQWDED HQ VLOODV GH PDUILO /R WHQ¯D
WRGRSHURHVWDEDFRPSOHWDPHQWHVROD
}7RGR OR TXH OD URGHDED OD VHUYLGXPEUH ODV FDPDUHUDV JDWRV
SHUURV\S£MDURVHLQFOXVRODVIORUHVWRGRQRHUDQP£VTXHUHIOHMRVGH
XQHVSHMR
}3RUTXH UHVXOWD TXH OD SULQFHVD 0RPR WHQ¯D XQ HVSHMR P£JLFR
JUDQGH UHGRQGR \ GH OD P£V SXUD SODWD /R HQYLDED FDGD G¯D \ FDGD
QRFKH SRU WRGR HO PXQGR < HO JUDQ HVSHMR IORWDED VREUH SD¯VHV \
PDUHV VREUH FLXGDGHV \ FDPSRV /D JHQWH TXH OR YH¯D QR VH
VRUSUHQG¯DVLQRTXHGHF¯D౹(VODOXQD౺
}< FDGD YH] TXH HO HVSHMR YROY¯D SRQ¯D GHODQWH GH OD SULQFHVD
WRGRV ORV UHIOHMRV TXH KDE¯D UHFRJLGR GXUDQWH VX YLDMH /RV KDE¯D
ERQLWRV\IHRVLQWHUHVDQWHV\DEXUULGRVVHJ¼QFRPRVDO¯D/DSULQFHVD
HVFRJ¯D ORV TXH OH JXVWDEDQ PLHQWUDV TXH ORV RWURV ORV WLUDED
VLPSOHPHQWHDXQDUUR\R<ORVUHIOHMRVOLEHUDGRVYROY¯DQDVXVGXH³RV
DWUDY«VGHODJXDPXFKRP£VGHSULVDGHORTXHWHLPDJLQDV$HVRVH
GHEHTXHYHDVWXSURSLDLPDJHQUHIOHMDGDFXDQGRWHLQFOLQDVVREUHXQ
SR]RRXQFKDUFRGHDJXD
}$WRGRHVWRKHROYLGDGRGHFLUTXHODSULQFHVD0RPRHUDLQPRUWDO
3RUTXHQXQFDVHKDE¯DPLUDGRDV¯PLVPDHQHOHVSHMRP£JLFR3RUTXH
TXLHQ YH¯D HQ «O VX SURSLD LPDJHQ VH YROY¯D SRU HOOR PRUWDO (VR OR
VDE¯D PX\ ELHQ OD SULQFHVD 0RPR \ SRU OR WDQWR QR OR KDF¯D 'H HVH
PRGR YLY¯D FRQ WRGDV VXV LP£JHQHV MXJDED FRQ HOODV \ HVWDED
EDVWDQWHFRQWHQWD
}3HURXQG¯DHOHVSHMRP£JLFROHWUDMRXQDLPDJHQTXHOHLQWHUHVµ
P£VTXHWRGDVODVRWUDV(UDODLPDJHQGHXQMRYHQSU¯QFLSH&XDQGROR
KXERYLVWROHHQWUµWDOQRVWDOJLDTXHTXHU¯DOOHJDUKDVWD«OFRPRIXHUD
3HURFµPR"1RVDE¯DGµQGHYLY¯DQLTXL«QHUDQRVDE¯DQLVLTXLHUD
FµPRVHOODPDED
}&RPR QR HQFRQWUDED RWUD VROXFLµQ GHFLGLµ PLUDUVH SRU ILQ HQ HO
HVSHMR3RUTXHSHQVDED౹$ORPHMRUHOHVSHMROOHYDU£PLLPDJHQKDVWD
HOSU¯QFLSH3XHGHTXHPLUHFDVXDOPHQWHKDFLDHOFLHORFXDQGRSDVHHO
HVSHMR \ YHU£ PL LPDJHQ $FDVR VLJD HO FDPLQR GHO HVSHMR \ PH
HQFXHQWUHDTX¯౺
}$V¯TXHVHPLUµODUJDPHQWHHQHOHVSHMR\ORHQYLµSRUHOPXQGR
FRQVXUHIOHMR3HURDV¯FODURHVW£VHKDE¯DYXHOWRPRUWDO
}(Q VHJXLGD RLU£V FµPR VLJXH HVWD KLVWRULD SHUR SULPHUR KH GH
KDEODUWHGHOSU¯QFLSH
}(VWH SU¯QFLSH VH OODPDED *LURODPR \ YLY¯D HQ XQ UHLQR IDEXORVR
7RGRVORVTXHYLY¯DQHQ«ODPDEDQ\DGPLUDEDQDOSU¯QFLSH8QEXHQ
G¯D ORV PLQLVWURV GLMHURQ DO SU¯QFLSH ౹0DMHVWDG GHE«LV FDVDURV
SRUTXHDV¯HVFRPRGHEHVHU౺
}(O SU¯QFLSH *LURODPR QR WHQ¯D QDGD TXH RSRQHU GH PRGR TXH
OOHJDURQDOSDODFLRODVP£VEHOODVVH³RULWDVGHOSD¯VSDUDTXHSXGLHUD
HOHJLU XQD 7RGDV VH KDE¯DQ SXHVWR OR P£V JXDSDV SRVLEOH SRUTXH
WRGDVTXHU¯DQFDVDUVHFRQ«O
}3HURHQWUHODVPXFKDFKDVWDPEL«QVHKDE¯DFRODGRHQHOSDODFLR
XQ KDGD PDOD TXH QR WHQ¯D HQ ODV YHQDV VDQJUH URMD \ F£OLGD VLQR
VDQJUH YHUGH \ IU¯D &ODUR TXH HVR QR VH OH QRWDED SRUTXH VH KDE¯D
PDTXLOODGRFRQPXFKRFXLGDGR
}&XDQGR HO SU¯QFLSH HQWUµ HQ HO JUDQ VDOµQ GRUDGR GHO WURQR SDUD
KDFHU VX HOHFFLµQ HOOD SURQXQFLµ U£SLGDPHQWH XQ FRQMXUR GH PRGR
TXH *LURODPR QR YLR D QDGLH P£V TXH HOOD < DGHP£V OH SDUHFLµ WDQ
KHUPRVDTXHDOPRPHQWROHSUHJXQWµVLTXHU¯DVHUVXHVSRVD
}౱&RQ PXFKR JXVWR ౱GLMR HO KDGD PDOD౱ SHUR SRQJR XQD
FRQGLFLµQ
}౱/DFXPSOLU«౱UHVSRQGLµ*LURODPRLUUHIOH[LYR
}౱(VW£ELHQ౱FRQWHVWµHOKDGDPDOD\VRQULµFRQWDOGXO]XUDTXH
HO GHVJUDFLDGR SU¯QFLSH FDVL VH PDUHD౱ GXUDQWH XQ D³R QR SRGU£V
PLUDUHOIORWDQWHHVSHMRGHSODWD6LORKDFHVROYLGDU£VDOLQVWDQWHWRGR
OR TXH HV WX\R 2OYLGDU£V OR TXH HUHV HQ UHDOLGDG \ WHQGU£V TXH LU DO
SD¯V GH +R\ GRQGH QDGLH WH FRQRFH \ DOO¯ YLYLU£V FRPR XQ SREUH
GLDEOR(VW£VGHDFXHUGR"
}౱6L QR HV P£V TXH HVR ౱H[FODPµ HO SU¯QFLSH *LURODPR౱ OD
FRQGLFLµQHVI£FLO
}4X«KDRFXUULGRPLHQWUDVWDQWRFRQODSULQFHVD0RPR"
22/120
 }+DE¯D HVSHUDGR \ HVSHUDGR SHUR HO SU¯QFLSH QR KDE¯D YHQLGR
(QWRQFHV GHFLGLµ VDOLU D EXVFDUOH HOOD PLVPD 'HYROYLµ OD OLEHUWDG D
WRGDV ODV LP£JHQHV TXH WHQ¯D D VX DOUHGHGRU (QWRQFHV EDMµ
WRWDOPHQWHVROD\HQVXVVXDYHV]DSDWLOODVGHVGHVXSDODFLRGHFULVWDO
DWUDY«VGHODVPRQWD³DVQHYDGDVKDFLDHOPXQGR5HFRUULµWRGRVORV
SD¯VHV KDVWD TXH OOHJµ DO SD¯V GH +R\ $ HVWDV DOWXUDV VXV ]DSDWLOODV
HVWDEDQJDVWDGDV\WHQ¯DTXHLUGHVFDO]D3HURHOHVSHMRP£JLFRFRQ
VXLPDJHQVHJX¯DIORWDQGRSRUHOFLHOR
}8QDQRFKHHOSU¯QFLSH*LURODPRHVWDEDVHQWDGRHQHOWHMDGRGHVX
SDODFLRGRUDGR\MXJDEDDODVGDPDVFRQHOKDGDGHODVDQJUHYHUGH\
IU¯D'HUHSHQWHFD\µXQDJRWDGLPLQXWDVREUHODPDQRGHOSU¯QFLSH
}౱(PSLH]DDOORYHU౱GLMRHOKDGDGHODVDQJUHYHUGH
}౱1R౱FRQWHVWµHOSU¯QFLSH౱QRSXHGHVHUSRUTXHQRKD\QLXQD
VRODQXEHHQHOFLHOR
}< PLUµ KDFLD OR DOWR GLUHFWDPHQWH DO JUDQ HVSHMR P£JLFR
SODWHDGRTXHIORWDEDDOO¯DUULED(QWRQFHVYLRODLPDJHQGHODSULQFHVD
0RPR\REVHUYµTXHOORUDED\TXHXQDGHVXVO£JULPDVOHKDE¯DFD¯GR
VREUHODPDQR(QHOPLVPRPRPHQWRVHGLRFXHQWDGHTXHHOKDGDOH
KDE¯D HQJD³DGR TXH QR HUD KHUPRVD \ TXH HQ VXV YHQDV VµOR WHQ¯D
VDQJUHYHUGH\IU¯D(UDDODSULQFHVD0RPRDODTXHDPDEDHQYHUGDG
}౱$FDEDV GH URPSHU WX SURPHVD ౱GLMR HO KDGD YHUGH \ VX FDUD
VHFULVSµKDVWDSDUHFHUODGHXQDVHUSLHQWH౱\DKRUDKDVGHSDJDUOR
},QWURGXMR VXV ODUJRV GHGRV YHUGHV HQ HO SHFKR GH *LURODPR TXH
VHTXHGµVHQWDGRFRPRSDUDOL]DGR\OHKL]RXQQXGRHQHOFRUD]µQ(Q
HVH PLVPR LQVWDQWH ROYLGµ TXH HUD HO SU¯QFLSH *LURODPR 6DOLµ GH VX
SDODFLR \ GH VX UHLQR FRPR XQ ODGUµQ IXUWLYR &DPLQµ SRU WRGR HO
PXQGRKDVWDTXHOOHJµDOSD¯VGH+R\GRQGHYLYLµHQDGHODQWHFRPR
XQ SREUH LQ¼WLO GHVFRQRFLGR \ VH OODPDED VLPSOHPHQWH *LJL /R ¼QLFR
TXHKDE¯DOOHYDGRFRQVLJRHUDODLPDJHQGHOHVSHMRP£JLFRTXHGHVGH
HQWRQFHVTXHGµYDF¯R
}0LHQWUDV WDQWR ORV YHVWLGRV GH VHGD \ WHUFLRSHOR GH OD SULQFHVD
0RPR VH KDE¯DQ JDVWDGR $KRUD OOHYDED XQ FKDTXHWµQ GH KRPEUH
YLHMR GHPDVLDGR JUDQGH \ XQD IDOGD GH UHPLHQGRV GH WRGRV ORV
FRORUHV<YLY¯DHQXQDVUXLQDV
}$TX¯ VH HQFXHQWUDQ XQ EXHQ G¯D 3HUR OD SULQFHVD 0RPR QR
UHFRQRFH DO SU¯QFLSH *LURODPR SRUTXH DKRUD HV XQ SREUH GLDEOR
7DPSRFR *LJL UHFRQRFLµ D OD SULQFHVD SRUTXH \D QR WHQ¯D QLQJ¼Q
DVSHFWRGHSULQFHVD3HURHQODGHVJUDFLDFRP¼QORVGRVVHKLFLHURQ
DPLJRV\VHFRQVRODEDQPXWXDPHQWH
}8QDQRFKHFXDQGRYROY¯DDIORWDUHQHOFLHORHOHVSHMRP£JLFRTXH
DKRUD HVWDED YDF¯R *LJL VDFµ GHO EROVLOOR OD LPDJHQ \ VH OD HQVH³µ D
0RPR(VWDED\DPX\DUUXJDGD\GHVYD¯GDSHURD¼QDV¯ODSULQFHVD
VH GLR FXHQWD HQ VHJXLGD TXH VH WUDWDED GH VX SURSLD LPDJHQ <
HQWRQFHV WDPEL«Q UHFRQRFLµ EDMR OD P£VFDUD GH SREUH GLDEOR DO
SU¯QFLSH*LURODPRDOTXHVLHPSUHKDE¯DEXVFDGR\SRUTXLHQVHKDE¯D
YXHOWRPRUWDO<VHORFRQWµWRGR
}3HUR*LJLPRYLµWULVWHODFDEH]D\GLMR
}౱1RSXHGRHQWHQGHUQDGDGHORTXHGLFHVSRUTXHWHQJRXQQXGR
HQHOFRUD]µQ\QRSXHGRDFRUGDUPHGHQDGD
}(QWRQFHVODSULQFHVD0RPRPHWLµODPDQRHQVXSHFKR\GHVDWµ
FRQ WRGD IDFLOLGDG HO QXGR TXH WHQ¯D HQ HO FRUD]µQ < GH UHSHQWH HO
SU¯QFLSH *LURODPR YROYLµ D VDEHU TXL«Q HUD 7RPµ D OD SULQFHVD GH OD
PDQR\VHIXHFRQHOODPX\OHMRVDVXSD¯V
8QD YH] TXH *LJL KXER FRQFOXLGR DPERV FDOODURQ XQ UDWLWR GHVSX«V
0RPRSUHJXQWµ
౱<GHVSX«VKDQVLGRPDULGR\PXMHU"
౱&UHRTXHV¯౱GLMR*LJL౱P£VWDUGH
౱<KDQPXHUWRPLHQWUDVWDQWR"
౱1R౱GLMR*LJLFRQGHFLVLµQ౱(VRORV«H[DFWDPHQWH(OHVSHMR
P£JLFR VµOR KDF¯D D DOJXLHQ PRUWDO FXDQGR VH PLUDED HQ «O D VRODV
3HUR VL VH PLUDQ GRV YXHOYHQ D VHU LQPRUWDOHV < HVR KLFLHURQ HVWRV
GRV
/D OXQD VH YH¯D JUDQGH \ SODWHDGD VREUH ORV SLQRV QHJURV \ KDF¯D
EULOODU PLVWHULRVDPHQWH ODV YLHMDV SLHGUDV GH ODV UXLQDV 0RPR \ *LJL
23/120
HVWDEDQ VHQWDGRV HQ VLOHQFLR HO XQR DO ODGR GHO RWUR \ VH PLUDURQ
ODUJDPHQWH HQ HOOD VLQWLHURQ FRQ WRGD FODULGDG TXH GXUDQWH HVH
LQVWDQWHDPERVHUDQLQPRUWDOHV

6(*81'$3$57(
/RVKRPEUHVJULVHV

24/120

/DFXHQWDHVW£HTXLYRFDGD
SHURFXDGUD
(
[LVWH XQD FRVD PX\ PLVWHULRVD SHUR PX\ FRWLGLDQD 7RGR HO
PXQGR SDUWLFLSD GH HOOD WRGR HO PXQGR OD FRQRFH SHUR PX\
SRFRVVHSDUDQDSHQVDUHOHOOD&DVLWRGRVVHOLPLWDQDWRPDUOD
FRPRYLHQHVLQKDFHUSUHJXQWDV(VWDFRVDHVHOWLHPSR
+D\ FDOHQGDULRV \ UHORMHV SDUD PHGLUOR SHUR HVR VLJQLILFD SRFR
SRUTXHWRGRVVDEHPRVTXHDYHFHVXQDKRUDSXHGHSDUHFHUQRVXQD
HWHUQLGDG\RWUDHQFDPELRSDVDHQXQLQVWDQWHGHSHQGHGHORTXH
KDJDPRVGXUDQWHHVDKRUD
3RUTXHHOWLHPSRHVYLGD<ODYLGDUHVLGHHQHOFRUD]µQ
< QDGLH OR VDEH WDQ ELHQ SUHFLVDPHQWH FRPR ORV KRPEUHV JULVHV
1DGLHVDE¯DDSUHFLDUWDQELHQHOYDORUGHXQDKRUDGHXQPLQXWRGHXQ
VHJXQGR GH YLGD LQFOXVR FRPR HOORV &ODUR TXH OR DSUHFLDEDQ D VX
PDQHUDFRPRODVVDQJXLMXHODVDSUHFLDQODVDQJUH\DV¯DFWXDEDQ
(OORV VH KDE¯DQ KHFKR VXV SODQHV FRQ HO WLHPSR GH ORV KRPEUHV
(UDQ SODQHV WUD]DGRV PX\ FXLGDGRVDPHQWH \ FRQ JUDQ SUHYLVLµQ /R
P£VLPSRUWDQWHHUDTXHQDGLHSUHVWDUDDWHQFLµQDVXVDFWLYLGDGHV6H
KDE¯DQLQFUXVWDGRHQODYLGDGHODJUDQFLXGDG\GHVXVKDELWDQWHVVLQ
OODPDU OD DWHQFLµQ 3DVR D SDVR VLQ TXH QDGLH VH GLHUD FXHQWD
FRQWLQXDEDQVXLQYDVLµQ\WRPDEDQSRVHVLµQGHORVKRPEUHV
&RQRF¯DQ D FXDOTXLHUD TXH SDUHF¯D DSWR SDUD VXV SODQHV PXFKR
DQWHV GH TXH «VWH VH GLHUD FXHQWD 1R KDF¯DQ P£V TXH HVSHUDU HO
PRPHQWR DGHFXDGR SDUD DWUDSDUOH $XQTXH KLFLHUDQ WRGR OR SRVLEOH
SDUDTXHHVHPRPHQWROOHJDUDSURQWR
7RPHPRVSRUHMHPSORDOVH³RU)XVLHOEDUEHUR(VFLHUWRTXHQR
VH WUDWDED GH XQ SHOXTXHUR IDPRVR SHUR HUD DSUHFLDGR HQ VX EDUULR
1RHUDQLSREUHQLULFR6XWLHQGDVLWXDGDHQHOFHQWURGHODFLXGDGHUD
SHTXH³D\RFXSDEDDXQDSUHQGL]
8Q G¯D HO VH³RU )XVL HVWDED D OD SXHUWD GH VX HVWDEOHFLPLHQWR \
HVSHUDED D OD FOLHQWHOD (O DSUHQGL] OLEUDED DTXHO G¯D \ HO VH³RU )XVL
HVWDEDVROR0LUDEDFµPRODOOXYLDFD¯DVREUHODFDOOHSXHVHUDXQG¯D
JULV\WDPEL«QHQHOHVS¯ULWXGHOVH³RU)XVLKDF¯DXQG¯DSORPL]R
m0LYLGDYDSDVDQGR}SHQVDEDmHQWUHHOFKDVTXLGRGHODVWLMHUDV
HOSDUORWHR\ODHVSXPDGHMDEµQ4X«HVWR\KDFLHQGRGHPLYLGD"(O
G¯DTXHPHPXHUDVHU£FRPRVLQXQFDKXELHUDH[LVWLGR}
$ WRGR HVR QR KD\ TXH FUHHU TXH HO VH³RU )XVL WXYLHUD DOJR TXH
RSRQHU D XQD FKDUOD 7RGR OR FRQWUDULR OH HQFDQWDED H[SOLFDU D ORV
FOLHQWHVFRQWRGDDPSOLWXGVXVRSLQLRQHV\R¯UORTXHHOORVSHQVDEDQ
GHHOODV7DPSRFROHPROHVWDEDHQDEVROXWRHOFKDVTXLGRGHODVWLMHUDV
R OD HVSXPD GH MDEµQ 6X WUDEDMR OH JXVWDED PXFKR \ VDE¯D TXH OR
KDF¯DELHQ(VSHFLDOPHQWHVXKDELOLGDGHQDIHLWDUDFRQWUDSHOREDMROD
EDUELOODHUDGLI¯FLOGHVXSHUDU3HURKD\PRPHQWRVHQTXHXQRVHROYLGD
GHWRGRHVR/HSDVDDWRGRHOPXQGR
mc7RGDPLYLGDHVXQHUURU}SHQVDEDHOVH³RU)XVLm4X«VHKD
KHFKR GH P¯" 8Q LQVLJQLILFDQWH EDUEHUR HVR HV WRGR OR TXH KH
FRQVHJXLGR VHU 3HUR VL SXGLHUD YLYLU GH YHUGDG VHU¯D RWUD FRVD
GLVWLQWD}
&ODURTXHHOVH³RU)XVLQRWHQ¯DODPHQRULGHDGHFµPRKDEU¯DGH
25/120
VHU HVR GH YLYLU GH YHUGDG 6µOR VH LPDJLQDED DOJR LPSRUWDQWH DOJR
PX\OXMRVRWDOFRPRYH¯DHQODVUHYLVWDV
m3HUR} SHQVDED FRQ SHVLPLVPR mPL WUDEDMR QR PH GHMD WLHPSR
SDUDHOOR3RUTXHSDUDYLYLUGHYHUGDGKD\TXHWHQHUWLHPSR+D\TXH
VHU OLEUH 3HUR \R VHJXLU« WRGD PL YLGD SUHVR GHO FKDVTXLGR GH ODV
WLMHUDVHOSDUORWHR\ODHVSXPDGHMDEµQ}
(Q HVH PRPHQWR VH DFHUFµ XQ FRFKH OXMRVR JULV TXH VH GHWXYR
H[DFWDPHQWHGHODQWHGHODEDUEHU¯DGHOVH³RU)XVL6HDSHµXQVH³RU
JULVTXHHQWUµHQHOHVWDEOHFLPLHQWR3XVRVXFDUWHUDJULVHQODPHVD
GHODQWHGHOHVSHMRFROJµVXERPE¯QGHOSHUFKHUR\VHQW£QGRVHHQHO
VLOOµQ VDFµ GHO EROVLOOR XQ FXDGHUQR GH QRWDV TXH FRPHQ]µ D KRMHDU
PLHQWUDVIXPDEDVXSHTXH³RFLJDUURJULV
(OVH³RU)XVLFHUUµODSXHUWDGHODEDUEHU¯DSRUTXHOHSDUHFLµTXH
GHUHSHQWHKDF¯DPXFKRIU¯RDOO¯
౱(Q TX« SXHGR VHUYLUOH" ౱SUHJXQWµ WUDVWRUQDGR౱ $IHLWDU R
FRUWDU HO SHOR" ౱\ HQ HO PLVPR LQVWDQWH VH PDOGLMR SRU VX IDOWD GH
WDFWRSXHVHOVH³RUFOLHQWHSRVH¯DXQDFDOYDUHOXFLHQWH
౱1LORXQRQLORRWUR౱GLMRHOKRPEUHJULVVLQVRQUH¯UFRQXQDYR]
£WRQD TXH SRGU¯DPRV OODPDU JULV FHQL]D౱ 9HQJR GH OD FDMD GH
DKRUURVGHWLHPSR6R\HODJHQWHQ|;<4E6DEHPRVTXHTXLHUH
DEULUXQDFXHQWDGHDKRUURVHQQXHVWUDHQWLGDG
౱(VR PH UHVXOWD QXHYR ౱FRQWHVWµ HO VH³RU )XVL P£V
GHVFRQFHUWDGRWRGDY¯D౱6LKHGHVHUOHIUDQFRQRVDE¯DTXHH[LVWLHUD
XQDLQVWLWXFLµQDV¯
౱3XHVELHQDKRUDORVDEH౱UHVSRQGLµWDMDQWHHODJHQWH9ROYLµ
DOJXQDVKRMDVGHVXFXDGHUQR\SURVLJXLµ౱8VWHGHVHOVH³RU)XVLHO
EDUEHURQRHVDV¯"
౱3XHVV¯«VHVR\\R౱FRQWHVWµHOVH³RU)XVL
౱(QWRQFHV QR PH KH HTXLYRFDGR GH GLUHFFLµQ ౱GLMR HO KRPEUH
JULVPLHQWUDVFHUUDEDVXFXDGHUQRGHQRWDV౱(VXVWHGFDQGLGDWRGH
QXHVWUDLQVWLWXFLµQ
౱&µPRFµPR"౱SUHJXQWµHOVH³RU)XVLVRUSUHQGLGRWRGDY¯D
౱9HU£XVWHGTXHULGRVH³RU)XVL౱GLMRHODJHQWH౱VHJDVWDXVWHG
OD YLGD HQWUH HO FKDVTXLGR GH ODV WLMHUDV HO SDUORWHR \ OD HVSXPD GH
MDEµQ&XDQGRXVWHGVHPXHUDVHU£FRPRVLQXQFDKXELHUDH[LVWLGR6L
WXYLHUD WLHPSR SDUD YLYLU GH YHUGDG VHU¯D RWUD FRVD 7RGR OR TXH
QHFHVLWDHVWLHPSR7HQJRUD]µQ"
౱(QHVRSUHFLVDPHQWHHVWDEDSHQVDQGR౱PXUPXUµHOVH³RU)XVL
FRQXQHVFDORIU¯RSRUTXHDSHVDUGHKDEHUFHUUDGRODSXHUWDFDGDYH]
KDF¯DP£VIU¯R
౱c/R YH ౱UHSXVR HO KRPEUH JULV FKXSDQGR FRQ VDWLVIDFFLµQ VX
SHTXH³R FLJDUUR౱ 3HUR GH GµQGH VDFDU HO WLHPSR" +D\ TXH
DKRUUDUOR 8VWHG VH³RU )XVL JDVWD HO WLHPSR GH PRGR WRWDOPHQWH
LUUHVSRQVDEOH 6H OR GHPRVWUDU« FRQ XQD SHTXH³D FXHQWD 8Q PLQXWR
WLHQH VHVHQWD VHJXQGRV < XQD KRUD WLHQH VHVHQWD PLQXWRV 0H
VLJXH"
౱&ODUR౱GLMRHOVH³RU)XVL
(ODJHQWHQ|;<4EFRPHQ]µDHVFULELUODVFLIUDVFRQXQO£SL]
JULVHQHOHVSHMR
౱6HVHQWDSRUVHVHQWDVRQWUHVPLOVHLVFLHQWRV'HPRGRTXHXQD
KRUD WLHQH WUHV PLO VHLVFLHQWRV VHJXQGRV 8Q G¯D WLHQH YHLQWLFXDWUR
KRUDVHVGHFLUWUHVPLOVHLVFLHQWRVSRUYHLQWLFXDWURORTXHGDRFKHQWD
\ VHLV PLO FXDWURFLHQWRV VHJXQGRV SRU G¯D 8Q D³R WLHQH FRPR VDEH
WRGRHOPXQGRWUHVFLHQWRVVHVHQWD\FLQFRG¯DV/RTXHQRVGDWUHLQWD
\ XQ PLOORQHV TXLQLHQWRV WUHLQWD \ VHLV PLO VHJXQGRV SRU D³R 2
WUHVFLHQWRV TXLQFH PLOORQHV WUHVFLHQWRV VHVHQWD PLO VHJXQGRV HQ GLH]
D³RV(QFX£QWRHVWLPDXVWHGVH³RU)XVLODGXUDFLµQGHVXYLGD"
౱%XHQR౱WDUWDPXGHµHOVH³RU)XVLWUDVWRUQDGR౱HVSHUROOHJDUD
ORVVHWHQWDXRFKHQWDD³RV
౱(VW£ ELHQ ౱SURVLJXLµ HO KRPEUH JULV౱ SRU SUHFDXFLµQ
FRQWDUHPRV FRQ VHWHQWD D³RV (VR VHU¯D SXHV WUHVFLHQWRV TXLQFH
PLOORQHV WUHVFLHQWRV VHVHQWD PLO SRU VLHWH /R TXH GD GRV PLO
GRVFLHQWRVVLHWHPLOORQHVTXLQLHQWRVYHLQWHPLOVHJXQGRV
<HVFULELµHVDFLIUDFRQJUDQGHVQ¼PHURVHQHOHVSHMR
VHJXQGRV
26/120
 'HVSX«VODVXEUD\µYDULDVYHFHV\GHFODUµ KDEODDSHVDUGHTXHHVW£WDQVRUGDTXHDSHQDVSXHGHR¯UOH(VRHV
౱‹VWDHVSXHVVH³RU)XVLODIRUWXQDGHTXHGLVSRQH
(OVH³RU)XVLWUDJµVDOLYD\VHSDVµODPDQRSRUODIUHQWH/DFLIUDOH
GDEDPDUHRV1XQFDKDE¯DSHQVDGRTXHIXHUDWDQULFR
౱6¯ ౱GLMR HO DJHQWH DVLQWLHQGR FRQ OD FDEH]D PLHQWUDV YROY¯D D
DVSLUDU VX SHTXH³R FLJDUUR JULV౱ HV XQD FLIUD LPSUHVLRQDQWH
YHUGDG" 3HUR WRGDY¯D KHPRV GH FRQWLQXDU &X£QWRV D³RV WLHQH
XVWHGVH³RU)XVL"
౱&XDUHQWD\GRV౱IDUIXOOµ«VWHPLHQWUDVGHUHSHQWHVHVHQW¯DWDQ
FXOSDEOHFRPRVLKXELHUDFRPHWLGRXQGHVIDOFR
౱&X£QWDV KRUDV VXHOH GRUPLU XVWHG GH SURPHGLR FDGD QRFKH"
౱VLJXLµLQTXLULHQGRHOKRPEUHJULV
౱8QDVRFKRKRUDV౱FRQIHVµHOVH³RU)XVL
(O DJHQWH FDOFXOµ D OD YHORFLGDG GHO UD\R (O O£SL] YRODED FRQ WDO
UDSLGH]VREUHHOHVSHMRTXHDOVH³RU)XVLVHOHHUL]DEDHOFDEHOOR
౱&XDUHQWD \ GRV D³RV ౱RFKR KRUDV GLDULDV౱ HVR GD
FXDWURFLHQWRV FXDUHQWD \ XQ PLOORQHV TXLQLHQWRV FXDWUR PLO (VD VXPD
SRGHPRV GDUOD \D SRU SHUGLGD &X£QWR WLHPSR WLHQH TXH VDFULILFDU
GLDULDPHQWHSDUDHOWUDEDMRVH³RU)XVL"
౱2FKR KRUDV P£V R PHQRV WDPEL«Q ౱UHFRQRFLµ HO VH³RU )XVL
FRQKXPLOGDG
౱(QWRQFHV KHPRV GH DVHQWDU XQD YH] P£V OD PLVPD VXPD HQ HO
VDOGR QHJDWLYR ౱SURVLJXLµ HO DJHQWH LQIOH[LEOH౱ 3HUR UHVXOWD TXH
WDPEL«Q VH OH JDVWD DOJ¼Q WLHPSR GHELGR D OD QHFHVLGDG GH
DOLPHQWDUVH&X£QWRWLHPSRQHFHVLWDHQWRWDOSDUDWRGDVODVFRPLGDV
GHOG¯D"
౱1R OR V« H[DFWDPHQWH ౱GLMR HO VH³RU )XVL PLHGRVR౱ GRV
KRUDVTXL]£"
౱(VR PH SDUHFH GHPDVLDGR SRFR ౱GLMR HO DJHQWH౱ SHUR
DGPLW£PRVOR(VRGDHQFXDUHQWD\GRVD³RVHOLPSRUWHGHFLHQWRGLH]
PLOORQHV WUHVFLHQWRV VHWHQWD \ VHLV PLO 3URVLJDPRV 9LYH XVWHG VROR
FRQVXDQFLDQDPDGUHVHJ¼QVDEHPRV&DGDG¯DOHGHGLFDDODEXHQD
VH³RUD XQD KRUD HQWHUD OR TXH VLJQLILFD TXH VH VLHQWD FRQ HOOD \ OH
WLHPSR SHUGLGR GD FLQFXHQWD \ FLQFR PLOORQHV FLHQWR RFKHQWD \ RFKR
PLO $GHP£V WLHQH XVWHG VLQ QLQJXQD QHFHVLGDG XQ SHULTXLWR FX\R
FXLGDGR OH FXHVWD GLDULDPHQWH XQ FXDUWR GH KRUD OR TXH DO FDPELR
GDWUHFHPLOORQHVVHWHFLHQWRVQRYHQWD\VHLVPLO
౱3HURಃ౱LQWHUYLQRVXSOLFDQWHHOVH³RU)XVL
౱c1RPHLQWHUUXPSD౱JUX³µHODJHQWHTXHFRQWDEDP£VGHSULVD
FDGD YH]౱ &RPR VX PDGUH HVW£ LPSHGLGD XVWHG VH³RU )XVL WLHQH
TXH KDFHU SDUWH GH ODV WDUHDV GH OD FDVD 7LHQH TXH LU D KDFHU OD
FRPSUDOXVWUDUORV]DSDWRV\RWUDVFRVDVPROHVWDV&X£QWRWLHPSROH
OOHYDHVRGLDULDPHQWH"
౱$FDVRXQDKRUDSHURಃ
౱(VR GD RWURV FLQFXHQWD \ FLQFR PLOORQHV FLHQWR RFKHQWD \ RFKR
PLO TXH SLHUGH 6DEHPRV DGHP£V TXH YD XQD YH] D OD VHPDQD DO
FLQHTXHXQDYH]DODVHPDQDFDQWDHQXQRUIHµQTXHWLHQHXQJUXSR
GHDPLJRVFRQORVTXHVHUH¼QHGRVYHFHVSRUVHPDQD\TXHDYHFHV
LQFOXVR OHH XQ OLEUR (Q UHVXPHQ TXH PDWD XVWHG HO WLHPSR FRQ
DFWLYLGDGHV LQ¼WLOHV \ HVR GXUDQWH XQDV WUHV KRUDV GLDULDV OR TXH GD
FLHQWRVHVHQWD\FLQFRPLOORQHVTXLQLHQWRVVHVHQWD\FXDWURPLO1RVH
HQFXHQWUDELHQVH³RU)XVL"
౱1R౱FRQWHVWµHOVH³RU)XVL౱SHUGRQHSRUIDYRUಃ
౱(QVHJXLGDDFDEDPRV౱GLMRHOKRPEUHJULV౱3HURWHQHPRVTXH
KDEODUWRGDY¯DGHXQFDS¯WXORHVSHFLDOGHVXYLGD3RUTXHWLHQHXVWHG
XQSHTXH³RVHFUHWRಃ8VWHG\DVDEHಃ
$OVH³RU)XVLFRPHQ]DURQDFDVWD³HWHDUOHORVGLHQWHVGHWDQWRIU¯R
TXHWHQ¯D
౱(VRWDPEL«QORVDEH"౱PXUPXUµDJRWDGR౱&UH¯DTXHDSDUWH
GHP¯\ODVH³RULWD'DULDಃ
౱(Q QXHVWUR PXQGR PRGHUQR ౱OH LQWHUUXPSLµ HO DJHQWH Q|
;<4E౱ QR KD\ VLWLR SDUD VHFUHWLWRV 9HD XVWHG ODV FRVDV FRQ
UHDOLVPR VH³RU )XVL &RQW«VWHPH D XQD SUHJXQWD TXLHUH XVWHG
FDVDUVHFRQODVH³RULWD'DULD"
౱1R౱GLMRHOVH³RU)XVL౱HVRQRYDಃ
27/120
 ౱3UHFLVDPHQWH ౱SURVLJXLµ HO KRPEUH JULV౱ SRUTXH OD VH³RULWD $O VH³RU )XVL QR OH SDUHF¯D QDGD 6H VHQWµ HQ XQD VLOOD HQ XQ
'DULD HVWDU£ WRGD VX YLGD HQFDGHQDGD D OD VLOOD GH UXHGDV SRUTXH ULQFµQ \ VH VHFµ OD IUHQWH FRQ HO SD³XHOR SRUTXH D SHVDU GHO IU¯R
WLHQH SDUDOL]DGDV ODV SLHUQDV $ SHVDU GH HVR XVWHG YD D YHUOD FDGD HVWDEDVXGDQGR
G¯DGXUDQWHPHGLDKRUDSDUDOOHYDUOHXQDIORU$TX«YLHQHHVR" (OKRPEUHJULVDVLQWLµVHULR
౱6H DOHJUD WDQWR VLHPSUH ౱FRQWHVWµ HO VH³RU )XVL D SXQWR GH ౱6¯VHHVW£GDQGRH[DFWDFXHQWD౱GLMR౱<DHVP£VGHODPLWDG
OORUDU GH VX IRUWXQD LQLFLDO VH³RU )XVL 3HUR DKRUD YDPRV D YHU TX« OH KD
౱3HUR YLVWR IU¯DPHQWH ౱UHSXVR HO DJHQWH౱ HV WLHPSR SHUGLGR TXHGDGRGHVXVFXDUHQWD\GRVD³RV8QD³RVRQWUHLQWD\XQPLOORQHV
SDUD XVWHG ([DFWDPHQWH YHLQWLVLHWH PLOORQHV TXLQLHQWRV QRYHQWD \ TXLQLHQWRVWUHLQWD\VHLVPLOVHJXQGRVFRPRVDEH<HVRPXOWLSOLFDGR
FXDWURPLOVHJXQGRVKDVWDDKRUD<VLDHOORD³DGLPRVTXHWLHQHXVWHG SRU FXDUHQWD \ GRV GD PLO WUHVFLHQWRV YHLQWLFXDWUR PLOORQHV TXLQLHQWRV
ODFRVWXPEUHGHVHQWDUVHFDGDQRFKHDQWHVGHDFRVWDUVHMXQWRDOD GRFHPLO
YHQWDQD GXUDQWH XQ FXDUWR GH KRUD SDUD UHIOH[LRQDU VREUH HO G¯D (VFULELµHVDFLIUDGHEDMRGHOWLHPSRSHUGLGR
WUDQVFXUULGRSRGHPRVUHVWDUXQDYH]P£VODVXPDGHWUHFHPLOORQHV
VHWHFLHQWRV QRYHQWD \ VLHWH PLO 9HDPRV DKRUD OR TXH TXHGD VH³RU  VHJXQGRV
)XVL
 
(QHOHVSHMRKDE¯DDKRUDODVLJXLHQWHVXPD
727$/  VHJXQGRV

VXH³R  VHJXQGRV

6H JXDUGµ HO O£SL] H KL]R XQD ODUJD SDXVD SDUD TXH OD YLVWD GH OD
WUDEDMR  
ODUJDVHULHGHFHURVKLFLHUDVXHIHFWRVREUHHOVH³RU)XVL
DOLPHQWDFLµQ   m‹VWHHVSXHV}SHQVDEDHOVH³RU)XVLDQRQDGDGRmHOEDODQFHGH
PDGUH   WRGDPLYLGDKDVWDDKRUD}
SHULTXLWR   (VWDED WDQ LPSUHVLRQDGR SRU OD FXHQWD TXH FXDGUDED FRQ WDO
FRPSUDHWF   SUHFLVLµQ TXH OR DFHSWµ WRGR VLQ FRQWUDGLFFLµQ < OD FXHQWD HQ V¯ HUD
DPLJRVRUIHµQHWF   FRUUHFWD ‹VWH HUD XQR GH ORV WUXFRV FRQ ORV TXH ORV KRPEUHV JULVHV
HVWDIDEDQDORVKRPEUHVHQPLORFDVLRQHV
VHFUHWR  
౱1RFUHHXVWHG౱UHWRPµODSDODEUDHQWRQRVXDYHHODJHQWHQ|
YHQWDQD   ;<4E౱ TXH QR SXHGH VHJXLU FRQ HVWH GHVSLOIDUUR" 1R VHU¯D
727$/  VHJXQGRV KRUDVH³RU)XVLGHHPSH]DUDDKRUUDU"
(OVH³RU)XVLDVLQWLµPXGRFRQORVODELRVPRUDGRVGHIU¯R
౱(VWDVXPD౱GLMRHOKRPEUHJULVPLHQWUDVJROSHDEDYDULDVYHFHV ౱6LSRUHMHPSOR౱SURVHJX¯DODYR]FHQLFLHQWDGHODJHQWHMXQWRDO
HO HVSHMR FRQ VX O£SL] FRQ WDO IXHU]D TXH VRQDED FRPR WLURV GH R¯GR GHO VH³RU )XVL౱ KXELHUD HPSH]DGR D DKRUUDU XQD KRUD GLDULD
UHYµOYHU౱HVWDVXPDHVSXHVHOWLHPSRTXHKDSHUGLGRKDVWDDKRUD KDFH YHLQWH D³RV WHQGU¯D DKRUD XQ VDOGR GH YHLQWLV«LV PLOORQHV
VH³RU)XVL4X«OHSDUHFH" GRVFLHQWRVRFKHQWDPLOVHJXQGRV'HDKRUUDUGLDULDPHQWHGRVKRUDVHO

28/120
VDOGR FODUR HVW£ VHU¯D GREOH HV GHFLU FLQFXHQWD \ GRV PLOORQHV
TXLQLHQWRV VHVHQWD PLO < SRU IDYRU VH³RU )XVL TX« VRQ GRV
PLVHUDEOHVKRULWDVDODYLVWDGHHVWDVXPD"
౱c1DGD౱H[FODPµHOVH³RU)XVL౱c8QDSHTXH³H]
౱0HDOHJUDTXHVHG«XVWHGFXHQWD౱SURVLJXLµHODJHQWH౱<VL
FDOFXODPRV OR TXH KDEU¯D DKRUUDGR HQ ODV PLVPDV FRQGLFLRQHV HQ
YHLQWH D³RV P£V QRV GDU¯D OD VH³RULDO FLIUD GH FLHQWR FLQFR PLOORQHV
FLHQWR YHLQWH PLO VHJXQGRV 7RGR HVWH FDSLWDO HVWDU¯D D VX OLEUH
GLVSRVLFLµQDODOFDQ]DUORVVHVHQWD\GRVD³RV
౱c0DJQ¯ILFR౱IDUIXOOµHOVH³RU)XVLSRQLHQGRRMRVFRPRSODWRV
౱(VSHUH ౱SURVLJXLµ HO KRPEUH JULV౱ TXH WRGDY¯D KD\ P£V
1RVRWURV ORV GH OD FDMD GH DKRUURV GH WLHPSR QR QRV OLPLWDPRV D
JXDUGDUOH HO WLHPSR TXH XVWHG KD DKRUUDGR VLQR TXH OH SDJDPRV
LQWHUHVHV/RTXHVLJQLILFDTXHHQUHDOLGDGWHQGU¯DXVWHGPXFKRP£V
౱&X£QWRP£V"౱SUHJXQWµHOVH³RU)XVLVLQDOLHQWR
౱(VRGHSHQGHU£GHXVWHG౱DFODUµHODJHQWH౱VHJ¼QODFDQWLGDG
TXHDKRUUDUD\HOSOD]RHQTXHGHMDUDILMRVVXVDKRUURV
౱3OD]RILMR"౱VHLQIRUPµHOVH³RU)XVL౱4X«VLJQLILFDHVR"
౱(VPX\VHQFLOOR౱GLMRHOKRPEUHJULV౱6LXVWHGQRQRVH[LJHOD
GHYROXFLµQ GHO WLHPSR DKRUUDGR DQWHV GH FLQFR D³RV QRVRWURV VH OR
GREODPRV6XIRUWXQDSXHVVHGREODFDGDFLQFRD³RVHQWLHQGH"$
ORV GLH] D³RV VHU¯D FXDWUR YHFHV OD VXPD RULJLQDO D ORV TXLQFH D³RV
RFKRYHFHV\DV¯VXFHVLYDPHQWH6LKXELHUDHPSH]DGRDDKRUUDUVµOR
GRVKRUDVGLDULDVKDFHYHLQWHD³RVDORVVHVHQWD\GRVD³RVHVGHFLU
GHVSX«VGHXQWRWDOGHFXDUHQWDD³RVGLVSRQGU¯DGHOWLHPSRDKRUUDGR
KDVWDHQWRQFHVSRUXVWHGPXOWLSOLFDGRSRUGRVFLHQWRVFLQFXHQWD\VHLV
6HU¯DQYHLQWLV«LVPLOQRYHFLHQWRVGLH]PLOORQHVVHWHFLHQWRVYHLQWHPLO
7RPµXQDYH]P£VVXO£SL]JULV\HVFULELµWDPEL«QHVDFLIUDHQHO
HVSHMR VHJXURGHTXHQRVHSHUGHU£QDGDGHOWLHPSRTXHXVWHGDKRUUH<DVH
VHJXQGRV
౱&RPR SXHGH YHU XVWHG VH³RU )XVL ౱GLMR HQWRQFHV PLHQWUDV
VRQUH¯DSRUSULPHUDYH]౱VHU¯DP£VGHOG«FXSORGHWRGRHOWLHPSRGH
VXYLGDRULJLQDO<HVRDKRUUDQGRVµORGRVKRUDVGLDULDV3LHQVHVLQR
PHUHFHODSHQDHVWDRIHUWD
౱c<WDQWR౱GLMRHOVH³RU)XVLDJRWDGR౱6LQGXGDTXHV¯6R\XQ
LQIHOL] SRU QR KDEHU HPSH]DGR D DKRUUDU KDFH WLHPSR $KRUD PH GR\
FXHQWD\KHGHFRQIHVDUTXHHVWR\GHVHVSHUDGR
౱3DUD HVR QR KD\ QLQJ¼Q PRWLYR ౱GLMR HO KRPEUH JULV FRQ
VXDYLGDG౱ 1XQFD HV GHPDVLDGR WDUGH 6L XVWHG TXLHUH SXHGH
HPSH]DUKR\PLVPR9HU£XVWHGTXHPHUHFHODSHQD
౱c<WDQWRTXHTXLHUR౱JULWµHOVH³RU)XVL౱4X«KHGHKDFHU"
౱4XHULGRDPLJR౱FRQWHVWµHODJHQWHDO]DQGRODVFHMDV౱XVWHG
VDEU£FµPRVHDKRUUDWLHPSR6HWUDWDVLPSOHPHQWHGHWUDEDMDUP£V
GHSULVD\GHMDUGHODGRWRGRORLQ¼WLO(QOXJDUGHPHGLDKRUDGHGLTXH
XQ FXDUWR GH KRUD D FDGD FOLHQWH (YLWH ODV FKDUODV LQQHFHVDULDV /D
KRUDTXHSDVDFRQVXPDGUHODUHGXFHDPHGLD/RPHMRUVHU¯DTXHOD
GHMDUDHQXQEXHQDVLORSHUREDUDWRGRQGHFXLGDUDQGHHOOD\FRQHVR
\DKDEU£DKRUUDGRXQDKRUD4X¯WHVHGHHQFLPDHOSHULTXLWR1RYLVLWHD
OD VH³RULWD 'DULD P£V TXH XQD YH] FDGD TXLQFH G¯DV VL HV TXH QR
SXHGH GHMDUOR GHO WRGR 'HMH HO FXDUWR GH KRUD GLDULR GH UHIOH[LµQ QR
SLHUGDVXWLHPSRSUHFLRVRHQFDQWDUOHHURFRQVXVVXSXHVWRVDPLJRV
3RUORGHP£VOHUHFRPLHQGRTXHFXHOJXHHQVXEDUEHU¯DXQEXHQUHORM
PX\H[DFWRSDUDSRGHUFRQWURODUPHMRUHOWUDEDMRGHVXDSUHQGL]
౱(VW£ ELHQ ౱GLMR HO VH³RU )XVL౱ SXHGR KDFHU WRGR HVR 3HUR
TX« KDU« FRQ HO WLHPSR TXH PH VREUH" 7HQJR TXH GHSRVLWDUOR"
'µQGH"2WHQJRTXHJXDUGDUOR"&µPRIXQFLRQDWRGRHVR"
౱1R VH SUHRFXSH ౱GLMR HO KRPEUH JULV PLHQWUDV VRQUH¯D SRU
VHJXQGD YH]౱ 'H HVR QRV RFXSDPRV QRVRWURV 3XHGH HVWDU XVWHG
GDU£FXHQWDGHTXHQROHVREUDQDGD
౱(VW£ ELHQ ౱UHVSRQGLµ HO VH³RU )XVL DQRQDGDGR౱ PH I¯R GH
XVWHGHV
౱+£JDOR WUDQTXLOR TXHULGR DPLJR ౱GLMR HO DJHQWH PLHQWUDV VH
29/120
OHYDQWDED౱3XHGRGDUOHSXHVODELHQYHQLGDDODJUDQFRPXQLGDGGH
ORV DKRUUDGRUHV GH WLHPSR $KRUD WDPEL«Q XVWHG VH³RU )XVL HV XQ
KRPEUHUHDOPHQWHPRGHUQR\SURJUHVLVWDc/HIHOLFLWR
&RQHVWDVSDODEUDVWRPµHOVRPEUHUR\ODFDUWHUD
౱c8Q PRPHQWR SRU IDYRU ౱OH OODPµ HO VH³RU )XVL౱ 1R
WHQHPRVTXHILUPDUDOJ¼QFRQWUDWR"1RPHGDDOJ¼QSDSHO"
(O DJHQWH Q| ;<4E VH YROYLµ HQ OD SXHUWD \ PLUµ DO VH³RU
)XVLFRQFLHUWDGHVJDQD
౱3DUD TX«" ౱SUHJXQWµ౱ (O DKRUUR GH WLHPSR QR VH SXHGH
FRPSDUDUFRQQLQJ¼QRWURWLSRGHDKRUUR(VXQDFXHVWLµQGHFRQILDQ]D
DEVROXWDSRUDPEDVSDUWHV$QRVRWURVQRVEDVWDVXDVHQWLPLHQWR(V
LUUHYRFDEOH 1RVRWURV QRV RFXSDPRV GH VXV DKRUURV &X£QWR YD D
DKRUUDU HV FRVD VX\D 1R OH REOLJDPRV D QDGD 8VWHG OR SDVH ELHQ
VH³RU)XVL
&RQ HVWDV SDODEUDV HO DJHQWH VH PRQWµ HQ VX HOHJDQWH FRFKH \
VDOLµGLVSDUDGR
(O VH³RU )XVL OH VLJXLµ FRQ OD PLUDGD \ VH IURWµ OD IUHQWH 3RFR D
SRFRYROY¯DDHQWUDUHQFDORUSHURVHVHQW¯DHQIHUPR(OKXPRD]XOGHO
SHTXH³RFLJDUURGHODJHQWHVLJXLµIORWDQGRGXUDQWHPXFKRWLHPSRSRU
ODEDUEHU¯DVLQTXHUHUGLVROYHUVH
6µOR FXDQGR HO KXPR KXER GHVDSDUHFLGR FRPHQ]µ D VHQWLUVH
PHMRUHOVH³RU)XVL3HURGHOPLVPRPRGRTXHGHVDSDUHF¯DHOKXPR
SDOLGHF¯DQ WDPEL«Q ODV FLIUDV GHO HVSHMR < FXDQGR VH ERUUDURQ GHO
WRGRVHERUUµWDPEL«QGHODPHPRULDGHOVH³RU)XVLHOUHFXHUGRGHVX
YLVLWDQWH JULV HO UHFXHUGR GHO YLVLWDQWH QR HO GH OD GHFLVLµQ ‹VWD OD
FRQVLGHUµ DKRUD FRPR SURSLD (O SURSµVLWR GH DKRUUDU WLHPSR SDUD
SRGHU HPSH]DU RWUD FODVH GH YLGD HQ DOJ¼Q PRPHQWR GHO IXWXUR VH
KDE¯DFODYDGRHQVXDOPDFRPRXQDQ]XHOR
<HQWRQFHVOOHJµHOSULPHUFOLHQWHGHOG¯D(OVH³RU)XVLOHDWHQGLµ
UHIXQIX³DQGR GHMµ GH ODGR WRGR OR VXSHUIOXR VH HVWXYR FDOODGR \
HIHFWLYDPHQWHHQOXJDUGHHQPHGLDKRUDDFDEµHQYHLQWHPLQXWRV
/RPLVPRKL]RGHVGHHQWRQFHVFRQWRGRVORVFOLHQWHV6XWUDEDMR
KHFKRGHHVWDPDQHUDQROHJXVWDEDQDGDSHURHVR\DQRLPSRUWDED
$GHP£V GHO DSUHQGL] FRQWUDWµ GRV RILFLDOHV \ YLJLODED TXH QR
SHUGLHUDQQLXQVRORVHJXQGR&DGDPRYLPLHQWRVHUHDOL]DEDVHJ¼QXQ
SODQGHWLHPSRVH[DFWDPHQWHFDOFXODGR(QODEDUEHU¯DGHOVH³RU)XVL
FROJDEDDKRUDXQFDUWHOTXHGHF¯D
(OWLHPSRDKRUUDGRYDOHHOGREOH
(VFULELµ XQD FDUWLWD EUHYH REMHWLYD D OD VH³RULWD 'DULD HQ OD TXH
GHF¯DTXHSRUIDOWDGHWLHPSRQRSRGU¯DLUDYHUOD9HQGLµVXSHULTXLWRD
XQDSDMDUHU¯D(QYLµDVXPDGUHDXQDVLOREXHQRSHUREDUDWRDGRQGH
OD LED D YHU XQD YH] DO PHV 7DPEL«Q HQ WRGR OR GHP£V VLJXLµ ORV
FRQVHMRVGHOKRPEUHJULVSXHVORVWRPDEDSRUGHFLVLRQHVSURSLDV
&DGDYH]VHYROY¯DP£VQHUYLRVRHLQWUDQTXLORSRUTXHRFXUU¯DXQD
FRVD FXULRVD GH WRGR HO WLHPSR TXH DKRUUDED QR OH TXHGDED QXQFD
QDGD'HVDSDUHF¯DGHPRGRPLVWHULRVR\\DQRHVWDED$OSULQFLSLRGH
PRGR DSHQDV VHQVLEOH SHUR GHVSX«V P£V \ P£V VH LEDQ DFRUWDQGR
VXVG¯DV$QWHVGHTXHVHGLHUDFXHQWD\DKDE¯DSDVDGRXQDVHPDQD
XQPHVXQD³R\RWUR
&RPR \D QR VH DFRUGDED GH OD YLVLWD GHO KRPEUH JULV GHEHU¯D
KDEHUVHSUHJXQWDGRHQVHULRDGµQGHLEDDSDUDUVXWLHPSR3HURHVD
SUHJXQWDQXQFDVHODKDF¯DDOLJXDOTXHWRGRVORVGHP£VDKRUUDGRUHV
GH WLHPSR +DE¯D FD¯GR VREUH «O XQD HVSHFLH GH REVHVLµQ FLHJD < VL
DOJXQD YH] VH GDED FXHQWD GH TXH VXV G¯DV VH YROY¯DQ P£V \ P£V
FRUWRVDKRUUDEDFRQPD\RUREVHVLµQ
$O LJXDO TXH DO VH³RU )XVL OH RFXUU¯D D PXFKD JHQWH GH OD JUDQ
FLXGDG < FDGD G¯D HUDQ P£V ORV TXH VH GHGLFDEDQ D OR TXH HOORV
OODPDEDQ ౹DKRUUDU WLHPSR౺ < FXDQWRV P£V HUDQ P£V ORV LPLWDEDQ H
LQFOXVR DTXHOORV TXH HQ UHDOLGDG QR TXHU¯DQ KDFHUOR QR WHQ¯DQ P£V
UHPHGLRTXHVHJXLUHOMXHJR
'LDULDPHQWHVHH[SOLFDEDQSRUUDGLRWHOHYLVLµQ\HQORVSHULµGLFRV
ODV YHQWDMDV GH QXHYRV LQYHQWRV TXH DKRUUDEDQ WLHPSR TXH XQ G¯D
UHJDODU¯DQ D ORV KRPEUHV OD OLEHUWDG SDUD OD YLGD ౹GH YHUGDG౺ (Q ODV
30/120
SDUHGHVVHSHJDEDQFDUWHOHVHQORVTXHVHYH¯DQWRGDVODVLP£JHQHV
SRVLEOHVGHODIHOLFLGDG'HEDMRSRQ¯DHQOHWUDVOXPLQRVDV (OWLHPSRHVRURDKµUUDOR
/RVDKRUUDGRUHVGHWLHPSRYLYHQPHMRU
/RVDKRUUDGRUHVGHWLHPSRVRQGXH³RVGHOIXWXUR
&DPELDWXYLGDDKRUUDWLHPSR
3HUR OD UHDOLGDG HUD PX\ RWUD (V FLHUWR TXH ORV DKRUUDGRUHV GH
WLHPSRLEDQPHMRUYHVWLGRVTXHORVTXHYLY¯DQFHUFDGHOYLHMRDQILWHDWUR
*DQDEDQ P£V GLQHUR \ SRG¯DQ JDVWDU P£V 3HUR WHQ¯DQ FDUDV
GHVDJUDGDEOHVFDQVDGDVRDPDUJDGDV\RMRVDQWLS£WLFRV(OORVFODUR
HVW£ GHVFRQRF¯DQ OD IUDVH ౹c9H FRQ 0RPR౺ 1R WHQ¯DQ D QDGLH TXH
SXGLHUD HVFXFKDUOHV \ OHV D\XGDUD D YROYHUVH OLVWRV DPLVWRVRV R
FRQWHQWRV 3HUR LQFOXVR VL KXELHUDQ WHQLGR D DOJXLHQ DV¯ HV P£V TXH
GXGRVR TXH MDP£V KXELHUDQ LGR D YHUOH D PHQRV TXH VH KXELHUD
SRGLGR UHVROYHU OD FXHVWLµQ HQ FLQFR PLQXWRV 6L QR OR KDEU¯DQ
FRQVLGHUDGR WLHPSR SHUGLGR 6HJ¼Q GHF¯DQ WHQ¯DQ TXH DSURYHFKDU
LQFOXVRORVUDWRVOLEUHVFRQORTXHWHQ¯DQTXHFRQVHJXLUFRPRIXHUD\D
WRGDSULVDGLYHUVLµQ\UHODMDFLµQ
$V¯ TXH \D QR SRG¯DQ FHOHEUDU ILHVWDV GH YHUGDG QL DOHJUHV QL
VHULDV (O VR³DU VH FRQVLGHUDED HQWUH HOORV FDVL XQ FULPHQ 3HUR OR
TXHP£VOHVFRVWDEDVRSRUWDUHUDHOVLOHQFLR3RUTXHHQHOVLOHQFLROHV
VREUHYHQ¯D HO PLHGR SRUTXH LQWX¯DQ OR TXH HQ UHDOLGDG HVWDED
RFXUULHQGR FRQ VX YLGD 3RU HVR KDF¯DQ UXLGR VLHPSUH TXH ORV
DPHQD]DEDHOVLOHQFLR3HURHVW£FODURTXHQRVHWUDWDEDGHXQUXLGR
GLYHUWLGR FRPR HO TXH UHLQD DOO¯ GRQGH MXHJDQ ORV QL³RV VLQR GH XQR
DLUDGR\SHVLPLVWDTXHGHG¯DHQG¯DKDF¯DP£VUXLGRVDODFLXGDG
(O TXH D XQR OH JXVWDUD VX WUDEDMR \ OR KLFLHUD FRQ DPRU QR
LPSRUWDED DO FRQWUDULR HVR VµOR HQWUHWHQ¯D /R ¼QLFR LPSRUWDQWH HUD
TXHKLFLHUDHOP£[LPRWUDEDMRHQHOP¯QLPRGHWLHPSR
(QWRGRVORVOXJDUHVGHWUDEDMRGHODVJUDQGHVI£EULFDV\RILFLQDV
FROJDEDQFDUWHOHVTXHGHF¯DQ
(OWLHPSRHVSUHFLRVRQRORSLHUGDV
+DE¯D FDUWHOHV SDUHFLGRV HQ ORV HVFULWRULRV GH ORV MHIHV VREUH ORV
VLOORQHVGHORVGLUHFWRUHVHQODVVDODVGHFRQVXOWDGHORVP«GLFRVHQ
ODV WLHQGDV UHVWDXUDQWHV \ DOPDFHQHV H LQFOXVR HQ ODV HVFXHODV \
SDUYXODULRV1RVHOLEUDEDQDGLH
$O ILQDO LQFOXVR OD SURSLD FLXGDG KDE¯D FDPELDGR P£V \ P£V VX
DVSHFWR /RV YLHMRV EDUULRV VH GHUULEDEDQ \ VH FRQVWUX¯DQ FDVDV
QXHYDVHQODVTXHVHGHMDEDGHODGRWRGRORTXHSDUHF¯DVXSHUIOXR6H
HYLWDEDHOHVIXHU]RGHFRQVWUXLUODVFDVDVHQIXQFLµQGHODJHQWHTXH
WHQ¯D TXH YLYLU HQ HOODV SRUTXH HQWRQFHV VH WHQGU¯DQ TXH FRQVWUXLU
PXFKDV FDVDV GLIHUHQWHV 5HVXOWDED P£V EDUDWR \ VREUH WRGR
DKRUUDEDWLHPSRFRQVWUXLUODVFDVDVWRGDVLJXDOHV
$OQRUWHGHODFLXGDGVHH[WHQG¯DQ\DLQPHQVRVEDUULRVQXHYRV6H
DO]DEDQDOO¯HQILODVLQWHUPLQDEOHVODVFDVDVGHYHFLQGDGGH PXFKRV
SLVRV TXH VH SDUHF¯DQ HQWUH V¯ FRPR XQ KXHYR D RWUR < FRPR WRGDV
ODVFDVDVHUDQLJXDOHVWDPEL«QODVFDOOHVHUDQLJXDOHV<HVWDVFDOOHV
PRQµWRQDV FUHF¯DQ \ FUHF¯DQ \ VH H[WHQG¯DQ KDVWD HO KRUL]RQWH XQ
GHVLHUWR GH PRQRWRQ¯D 'HO PLVPR PRGR GLVFXUU¯D OD YLGD GH ORV
KRPEUHVTXHYLY¯DQHQHOODVGHUHFKDVKDVWDHOKRUL]RQWH3RUTXHDTX¯
WRGR HVWDED FDOFXODGR \ SODQLILFDGR FRQ H[DFWLWXG FDGD FHQW¯PHWUR \
FDGDLQVWDQWH
1DGLH VH GDED FXHQWD GH TXH DO DKRUUDU WLHPSR HQ UHDOLGDG
DKRUUDED RWUD FRVD 1DGLH TXHU¯D GDUVH FXHQWD GH TXH VX YLGD VH
YROY¯DFDGDYH]P£VSREUHP£VPRQµWRQD\P£VIU¯D
/RV TXH OR VHQW¯DQ FRQ FODULGDG HUDQ ORV QL³RV SXHV SDUD HOORV
QDGLHWHQ¯DWLHPSR
3HURHOWLHPSRHVYLGD\ODYLGDUHVLGHHQHOFRUD]µQ<FXDQWRP£V
DKRUUDEDGHHVWRODJHQWHPHQRVWHQ¯D
31/120
 0RPREXVFDDVXVDPLJRV
\VHHQFXHQWUDFRQXQ
HQHPLJR

1
R V« ౱GLMR 0RPR XQ G¯D౱ PH GD OD LPSUHVLµQ GH TXH
QXHVWURV YLHMRV DPLJRV YLHQHQ FDGD YH] PHQRV D YHUPH $
DOJXQRVKDFHWLHPSRTXHQRORVKHYLVWR
*LJL&LFHURQH\%HSSR%DUUHQGHURHVWDEDQVHQWDGRVDVXODGRHQ
ORV HVFDORQHV GH SLHGUD FXELHUWRV GH KLHUED \ PLUDEDQ OD SXHVWD GH
VRO
౱6¯౱RSLQµ*LJLSHQVDWLYR౱DP¯PHRFXUUHORPLVPR&DGDYH]
VRQPHQRVORVTXHHVFXFKDQPLVKLVWRULDV<DQRHVFRPRDQWHV3DVD
DOJR
౱3HURTX«"౱SUHJXQWµ0RPR
*LJL VH HQFRJLµ GH KRPEURV \ ERUUµ FRQ VDOLYD SHQVDWLYR XQDV
OHWUDV TXH KDE¯D HVFULWR HQ XQD YLHMD SL]DUUD (O YLHMR %HSSR KDE¯D
HQFRQWUDGRODSL]DUUDKDF¯DDOJXQDVVHPDQDVHQXQFXERGHODEDVXUD
\VHODKDE¯DWUD¯GRD0RPR&ODURTXH\DQRHUDGHPDVLDGRQXHYD\
WHQ¯D XQD JUDQ UDMD HQ HO PHGLR SHUR WRGDY¯D VH SRG¯D DSURYHFKDU
'HVGHHQWRQFHV*LJLOHHQVH³DEDD0RPRFDGDG¯DFµPRVHHVFULE¯D
«VWDRDTXHOODOHWUD<FRPR0RPRWHQ¯DPX\EXHQDPHPRULDDHVDV

32/120
DOWXUDV\DVDE¯DOHHUEDVWDQWHELHQ6µORIDOODEDXQSRFRWRGDY¯DHQOD D WHQHU VXV SURSLDV LGHDV \ D MXJDU FRQ HQWXVLDVPR 3HUR FDGD G¯D
HVFULWXUD KDE¯D QL³RV QXHYRV TXH YHQ¯DQ LQFOXVR GH EDUULRV OHMDQRV 'H PRGR
%HSSR %DUUHQGHUR TXH KDE¯D UHIOH[LRQDGR VREUH OD SUHJXQWD GH TXHWRGRYROY¯DDHPSH]DUGHQXHYRSRUTXHFRPRHVVDELGRPXFKDV
0RPRDVLQWLµOHQWDPHQWH\GLMR YHFHVEDVWDFRQXQVRORDJXDILHVWDVSDUDHVWURSHDUORWRGR
౱6¯HVYHUGDG6HDFHUFD(QODFLXGDGHVW£\DHQWRGRVODGRV<D <KDE¯DXQDFRVDP£VTXH0RPRQRDFDEDEDGHHQWHQGHU+DE¯D
KDFHWLHPSRTXHYHQJRREVHUY£QGROR HPSH]DGRKDF¯DPX\SRFR&DGDYH]HUDP£VIUHFXHQWHTXHORVQL³RV
౱(OTX«"౱SUHJXQWµ0RPR WUDMHUDQ WRGD FODVH GH MXJXHWHV FRQ ORV TXH QR VH SRG¯D MXJDU GH
%HSSRSHQVµXQUDWRSDUDUHVSRQGHUHQWRQFHV YHUGDG FRPR SRU HMHPSOR XQ WDQTXH GH PDQGR D GLVWDQFLD TXH VH
౱1DGDEXHQR SRG¯D KDFHU GDU YXHOWDV SHUR TXH QR VHUY¯D SDUD QDGD P£V 2 XQ
$OFDERGHRWURUDWRD³DGLµ FRKHWHHVSDFLDOTXHGDEDYXHOWDVDOUHGHGRUGHXQDWRUUHSHURFRQHO
౱(PSLH]DDKDFHUIU¯R TXH QR VH SRG¯D KDFHU QDGD P£V 2 XQ SHTXH³R URERW TXH VH
౱c4X« YD ౱GLMR *LJL \ URGHµ FRQ VX EUD]R FRQVRODGRU ORV SDVHDEDFRQORVRMRVHQFHQGLGRV\JLUDEDODFDEH]DDXQR\RWURODGR
KRPEURVGH0RPR౱&DGDYH]YLHQHQP£VQL³RV SHURTXHQRVHSRG¯DDSURYHFKDUSDUDQDGDP£V
౱3UHFLVDPHQWHSRUHVR౱GLMR%HSSR౱3UHFLVDPHQWH (VW£ FODUR TXH HUDQ MXJXHWHV PX\ FDURV FRPR QXQFD ORV KDE¯DQ
౱4X«TXLHUHVGHFLU"౱SUHJXQWµ0RPR WHQLGRORVDPLJRVGH0RPR\QRGLJDPRVODSURSLD0RPR6REUHWRGR
%HSSRUHIOH[LRQµODUJRUDWR\FRQWHVWµILQDOPHQWH HVDV FRVDV HUDQ WDQ SHUIHFWDV KDVWD HO PHQRU GHWDOOH TXH XQR QR VH
౱1RYLHQHQSRUQRVRWURV6µOREXVFDQXQUHIXJLR SRG¯D LPDJLQDU QDGD 'H PRGR TXH ORV QL³RV VH VHQWDEDQ GXUDQWH
/RV WUHV EDMDURQ OD PLUDGD DO FHQWUR GHO DQILWHDWUR FXELHUWR GH KRUDV \ PLUDEDQ DWHQWRV \ DO PLVPR WLHPSR DEXUULGRV XQD GH HVDV
KLHUEDGRQGHYDULRVQL³RVMXJDEDQDXQQXHYRMXHJRGHSHORWDTXHVH FRVDV TXH FRUU¯D SRU DK¯ GDED YXHOWDV R VH SDVHDED SHUR QR VH OHV
DFDEDEDQGHLQYHQWDUHVDWDUGH RFXUU¯DQDGD3RUHVRDFDEDEDQYROYLHQGRDVXVYLHMRVMXHJRVSDUDORV
+DE¯DHQWUHHOORVDOJXQRVGHORVYLHMRVDPLJRVGH0RPRHOFKLFR TXH OHV EDVWDEDQ XQ SDU GH FDMDV XQ PDQWHO URWR R XQ SX³DGR GH
GH ODV JDIDV TXH VH OODPDED 3DROR OD QL³D 0DU¯D FRQ VX KHUPDQR JXLMDUURV(QWRQFHVSRG¯DQLPDJLQ£UVHORWRGR
'HG«HOQL³RJRUGRGHODYR]DJXGDFX\RQRPEUHHUD0DVVLPR\HO +DE¯D DOJR TXH LPSHG¯D TXH HVD WDUGH HO MXHJR VDOLHUD ELHQ /RV
RWURFKLFRTXHVLHPSUHSDUHF¯DXQSRFRGHMDGR\VHOODPDED%ODQFR QL³RV GHMDEDQ GH MXJDU XQR D XQR KDVWD TXH DO ILQDO WRGRV HVWDEDQ
3HUR KDE¯D DGHP£V RWURV QL³RV TXH KDF¯D SRFRV G¯DV TXH YHQ¯DQ \ VHQWDGRV DOUHGHGRU GH *LJL %HSSR \ 0RPR (VSHUDEDQ TXH FRQ XQ
XQQL³RP£VSHTXH³RTXHKR\KDE¯DYHQLGRSRUSULPHUDYH]3DUHF¯D SRFRGHVXHUWH*LJLFRPHQ]DUDDFRQWDUXQDKLVWRULD3RUTXHHOQL³R
YHUGDGORTXHKDE¯DGLFKR*LJLFDGDG¯DHUDQP£V SHTXH³R TXH KR\ KDE¯D YHQLGR SRU SULPHUD YH] VH KDE¯D WUD¯GR XQD
(Q HO IRQGR D 0RPR OH KDEU¯D JXVWDGR SRGHU DOHJUDUVH SRU HOOR UDGLR SRUW£WLO (VWDED VHQWDGR XQ SRFR DSDUWH GH ORV GHP£V \ KDE¯D
3HUR OD PD\RU¯D GH HVRV QL³RV VLPSOHPHQWH QR VDE¯DQ MXJDU 6H SXHVWRHODSDUDWRDWRGRYROXPHQ(UDXQDHPLVLµQGHSXEOLFLGDG
OLPLWDEDQ D VHQWDUVH DEXUULGRV \ PLUDEDQ D 0RPR \ VXV DPLJRV $ ౱1RSRG¯DVSRQHUHVDWRQWHU¯DXQSRFRP£VEDMR"౱SUHJXQWµHO
YHFHVPROHVWDEDQSRUTXHV¯\ORHVWURSHDEDQWRGR1RSRFDVYHFHV QL³RXQSRFRGHMDGRTXHVHOODPDED%ODQFRHQWRQRDPHQD]DGRU
KDE¯DJULWRV\SHOHDV(VRQRGXUDEDPXFKRUDWRSRUTXHODSUHVHQFLD ౱1RWHHQWLHQGR౱GLMRHOQL³RH[WUD³RFRQXQDPXHFD౱PLUDGLR
GH0RPRWDPEL«QKDF¯DHIHFWRHQHVWRVQL³RVTXHSURQWRHPSH]DEDQ HVW£GHPDVLDGRDOWD

33/120
 ౱c%£MDODHQVHJXLGD౱GLMR%ODQFRPLHQWUDVVHOHYDQWDED
(ORWURQL³RVHSXVRXQWDQWRS£OLGRSHURFRQWHVWµWR]XGR 'HVSX«VGHXQDEUHYHSDXVDD³DGLµ
౱1L W¼ QL QDGLH WLHQH TXH PDQGDUPH QDGD 3XHGR SRQHU PL UDGLR
WDQDOWRFRPRTXLHUD
౱7LHQH UD]µQ ౱GLMR HO YLHMR %HSSR౱ 1R SRGHPRV SURKLE¯UVHOR
(QWRGRFDVRVHORSRGHPRVSHGLU
%ODQFRYROYLµDVHQWDUVH
౱4XHVHYD\DDRWURVLWLR౱GLMRDPDUJDGR౱/OHYDWRGDODWDUGH
HVWURSHDQGRWRGR
౱6X UD]µQ WHQGU£ ౱FRQWHVWµ %HSSR PLHQWUDV PLUDED DO QL³R
QXHYR FRQ DPDELOLGDG \ DWHQFLµQ D WUDY«V GH VXV SHTXH³DV JDIDV౱
6HJXURTXHODWLHQH
(OQL³RQXHYRFDOOµ'HVSX«VGHXQLQVWDQWHEDMµVXUDGLR\PLUµD
RWURODGR
0RPRIXHKDFLD«O\VHVHQWµFDOODGDDVXODGR(OQL³RDSDJµOD
UDGLR
'XUDQWHXQUDWLWRKXERVLOHQFLR
౱&X«QWDQRVDOJR*LJL౱SLGLµXQRGHORVQL³RVQXHYRV
౱c6¯SRUIDYRU౱JULWDURQORVGHP£V౱8QFXHQWRGLYHUWLGR
౱1RXQDKLVWRULDGHDYHQWXUDV
౱1RXQDKLVWRULDGHULVD
3HUR*LJLQRTXHU¯D(UDODSULPHUDYH]TXHSDVDED
౱3UHIHULU¯D ౱GLMR ILQDOPHQWH౱ TXH YRVRWURV PH FRQWDVHLV DOJR D
P¯ VREUH YRVRWURV \ YXHVWUDV FDVDV OR TXH KDF«LV \ SRU TX« YHQ¯V
DTX¯
/RVQL³RVVHTXHGDURQFDOODGRV6XVFDUDVGHUHSHQWHVHKDE¯DQ
SXHVWRWULVWHV
౱$KRUD WHQHPRV XQ FRFKH PX\ ERQLWR ౱GLMR SRU ILQ XQR GH HOORV
౱(OV£EDGRFXDQGRPLPDP£\PLSDS£WLHQHQWLHPSRORODYDQ6L
KHVLGREXHQRWDPEL«QPHGHMDQD\XGDUORV0£VDGHODQWH\RWDPEL«Q
TXLHURWHQHUXQFRFKHDV¯
౱<R౱GLMRXQDQL³DSHTXH³D౱\RSXHGRLUFDGDG¯DDOFLQHVROD
VLTXLHUR$OO¯SLHQVDQTXHHVWR\ELHQJXDUGDGDSRUTXHHOORVQRWLHQHQ
WLHPSRSDUDRFXSDUVHGHP¯

౱3HUR QR TXLHUR HVWDU JXDUGDGD 3RU HVR YHQJR DTX¯ D
HVFRQGLGDV\PHJXDUGRHOGLQHUR&XDQGRWHQJDEDVWDQWHGLQHURPH
FRPSUDU«XQELOOHWHSDUDLUDOSD¯VGHORVVLHWHHQDQLWRV
౱c(UHVWRQWD౱GLMRRWURQL³R౱6LQRH[LVWHQ
౱c6¯TXHH[LVWHQ౱GLMRWR]XGDODQL³D౱/RKHYLVWRLQFOXVRHQ
XQIROOHWRGHYLDMHV
౱<R\DWHQJRRQFHGLVFRVGHFXHQWRV౱GLMRXQFKLFRSHTXH³R౱
TXHSXHGRHVFXFKDUFXDQWDVYHFHVTXLHUD$QWHVPHFRQWDEDFXHQWRV
PLSDS£SRUODQRFKHFXDQGRYROY¯DGHWUDEDMDU(VRV¯TXHHUDERQLWR
3HURDKRUDQRHVW£QXQFD2HVW£FDQVDGR\QRWLHQHJDQDV
౱<WXPDP£"౱SUHJXQWµ0DU¯D
౱7DPEL«QHVW£IXHUDWRGRHOG¯D
౱6¯౱GLMR0DU¯D౱HQPLFDVDSDVDLJXDO3HURSRUVXHUWHWHQJRD
'HG«౱\OHGLRXQEHVRDVXKHUPDQLWRTXHHVWDEDVREUHVXIDOGD౱
&XDQGR YXHOYR GHO FROHJLR FDOLHQWR OD FRPLGD TXH QRV KDQ GHMDGR
(QWRQFHVKDJRPLVGHEHUHV<HQWRQFHVಃ౱VHHQFRJLµGHKRPEURV౱
EXHQR HQWRQFHV QRV YDPRV D SDVHDU KDVWD TXH RVFXUHFH &DVL
VLHPSUHYHQLPRVDTX¯
7RGRV ORV QL³RV DVLQWLHURQ SRUTXH P£V R PHQRV OHV RFXUU¯D OR
PLVPRDWRGRV
౱(Q UHDOLGDG PH DOHJUR ౱GLMR %ODQFR DXQTXH QR SDUHF¯D QDGD
DOHJUH౱GHTXHPLVSDGUHVQRWHQJDQWLHPSRSDUDP¯3RUTXHVLQR
HPSLH]DQDSHOHDUVH\PHSHJDQ
'HUHSHQWHVHGLULJLµKDFLDHOORVHOQL³RGHODUDGLR\GLMR
౱3XHVDP¯PHGDQPXFKRP£VGLQHURTXHDQWHV
౱c&ODUR౱FRQWHVWµ%ODQFR౱/RKDFHQSDUDOLEUDUVHGHQRVRWURV
<D QR QRV TXLHUHQ 3HUR WDPSRFR VH TXLHUHQ D V¯ PLVPRV 1DGD OHV
JXVWD\D(VRFUHR
౱c(VR QR HV YHUGDG౱JULWµ DLUDGR HOQL³R QXHYR౱ 0LV SDGUHV
PHTXLHUHQPXFKR1RHVFXOSDGHHOORVTXH\DQRWHQJDQWLHPSR3RU
HVRPHKDQUHJDODGRODUDGLRSRUW£WLO(VPX\FDUD(VRHVXQDSUXHED
34/120
QRHVYHUGDG"
7RGRVFDOODURQ
< GH SURQWR HVWH QL³R TXH GXUDQWH WRGD OD WDUGH KDE¯D VLGR XQ
DJXDILHVWDVHPSH]µDOORUDU,QWHQWµRFXOWDUOR\VHIURWµORVRMRVFRQORV
SX³RVVXFLRVSHURODVO£JULPDVFRUU¯DQHQUD\DVFODUDVSRUVXVPHMLOODV
PDQFKDGDV
/RVGHP£VQL³RVOHPLUDEDQFRPSUHQVLYDPHQWHRPLUDEDQDOVXHOR
$KRUD OR HQWHQG¯DQ (Q UHDOLGDG WRGRV HVWDEDQ HQ HO PLVPR FDVR
7RGRVVHVHQW¯DQGHMDGRVHQODHVWDFDGD
౱6¯౱YROYLµDGHFLUHOYLHMR%HSSRGHVSX«VGHXQUDWR౱HPSLH]D
DKDFHUIU¯R
౱3XHGHTXHSURQWR\DQRPHGHMHQYHQLU౱GLMR3DRORHOQL³RGH
ODVJDIDV
౱<SRUTX«"౱SUHJXQWµ0RPRVRUSUHQGLGD
౱0LV SDGUHV GLFHQ ౱H[SOLFµ 3DROR౱ TXH QR VRLV P£V TXH
JDQGXOHV \ YDJRV TXH SHUG«LV HO WLHPSR < SRU HVR WHQ«LV WDQWR <
SRUTXH KD\ GHPDVLDGRV FRPR YRVRWURV ORV GHP£V WLHQHQ FDGD YH]
PHQRV WLHPSR < \R QR WHQJR TXH YROYHU SRU DTX¯ SRUTXH VL QR PH
YROYHU«FRPRYRVRWURV
9ROYLHURQDDVHQWLUDOJXQRVQL³RVDORVTXHWDPEL«QKDE¯DQGLFKR
\DFRVDVSDUHFLGDV
*LJLPLUµDORVQL³RVGHXQRHQXQR
౱$FDVRFUH«LVHVRGHQRVRWURV"2SRUTX«YHQ¯V"
'HVSX«VGHXQFRUWRVLOHQFLRGLMR%ODQFR TXHVHPLUDVHYHJHQWHLJXDO<FDGDYH]VRQP£V$KRUDOHVWRFDD
౱$ P¯ PH GD LJXDO &XDQGR VHD PD\RU VHU« XQ EDQGLGR GLFH
VLHPSUHPLSDGUH<RHVWR\GHYXHVWURODGR
౱$KV¯"౱SUHJXQWµ*LJLDO]DQGRODVFHMDV౱$V¯TXHYRVRWURV
WDPEL«QQRVWHQ«LVSRUYDJRV\PDOHDQWHV"
/RV QL³RV PLUDURQ DO VXHOR FRQIXVRV )LQDOPHQWH 3DROR PLUµ D
%HSSRDODFDUD
౱0LVSDS£VQRGLFHQPHQWLUDV౱GLMRHQYR]EDMD<SUHJXQWµHQ
YR]P£VEDMDWRGDY¯D౱1RORVRLV"
(QWRQFHV HO EDUUHQGHUR VH HVWLUµ HQ WRGD VX DOWXUD QR GHPDVLDGR
JUDQGHOHYDQWµWUHVGHGRV\GLMR
౱1XQFD MDP£V HQ PL YLGD OH KH KHFKR SHUGHU D QDGLH QL XQ
SRTXLWRGHWLHPSRc/RMXUR
౱<RWDPSRFR౱D³DGLµ0RPR
౱<\RWDPSRFR౱GLMR*LJLVHULR
/RVQL³RVFDOODURQLPSUHVLRQDGRV1LQJXQRGHHOORVGXGDEDGHODV
SDODEUDVGHORVWUHVDPLJRV
౱9R\ D GHFLURV DOJR P£V ౱SURVLJXLµ *LJL౱ $QWHV D OD JHQWH
WDPEL«Q OH JXVWDED YHQLU D YHU D 0RPR SDUD TXH OHV HVFXFKDUD 6H
HQFRQWUDEDQDV¯PLVPRVHQWHQG«LVORTXHTXLHURGHFLU"3HURDKRUD
HVR\DQROHVLPSRUWD$QWHVDODJHQWHOHJXVWDEDYHQLUDHVFXFKDUPH
6HROYLGDEDQGHV¯PLVPRV(VRWDPSRFROHVLPSRUWDPXFKR\D'LFHQ
TXH \D QR WLHQHQ WLHPSR SDUD HVDV FRVDV 3DUD YRVRWURV WDPSRFR
WLHQHQ WLHPSR \D 2V GDLV FXHQWD" 5HVXOWD FXULRVR YHU SDUD TX« QR
WLHQHQWLHPSR\D
(QWUHFHUUµORVRMRV\DVLQWLµFRQODFDEH]D
౱+DFH SRFR PH HQFRQWU« HQ OD FLXGDG FRQ XQ YLHMR FRQRFLGR XQ
EDUEHUR 6H OODPD )XVL +DF¯D WLHPSR TXH QR OH YH¯D \D \ FDVL QR OH
UHFRQRF¯GHWDQFDPELDGRTXHHVWDEDQHUYLRVRJUX³µQ$QWHVHUDXQ
WLSRDJUDGDEOHFDQWDEDPX\ELHQ\WHQ¯DVXVSURSLDVLGHDVVREUHODV
FRVDV3HURGHUHSHQWH\DQRWLHQHWLHPSRSDUDHOOR(OKRPEUH\DQR
HVP£VTXHODVRPEUDGHV¯PLVPR\DQRHV)XVLHQWHQG«LV"6LVµOR
IXHUD«OSHQVDU¯DTXHVHKDE¯DYXHOWRXQSRFRORFR3HURGRQGHTXLHUD
QXHVWURVYLHMRVDPLJRV0HSUHJXQWRVLKD\XQDORFXUDFRQWDJLRVD
౱6HJXUR౱DVLQWLµHOYLHMR%HSSR౱WLHQHTXHVHUXQDHVSHFLHGH
FRQWDJLR
౱(QWRQFHV ౱GLMR 0RPR DVXVWDGD౱ WHQHPRV TXH D\XGDU D
QXHVWURVDPLJRV
(VD QRFKH HVWXYLHURQ WRGRV MXQWRV GLVFXWLHQGR PXFKR UDWR TX«
SRGU¯DQ KDFHU 3HUR QR VDE¯DQ QDGD GH ORV KRPEUHV JULVHV \ VX
LQFDQVDEOHDFWLYLGDG
35/120

'XUDQWH ORV G¯DV VLJXLHQWHV 0RPR VH GHGLFµ D EXVFDU D VXV YLHMRV
DPLJRVSDUDVDEHUTX«SDVDEDFRQHOORV\SRUTX«\DQRLEDQDYHUOD
(Q SULPHU OXJDU IXH D YHU D 1LFROD HO DOED³LO &RQRF¯D ELHQ OD
SHTXH³D EXKDUGLOOD HQ OD TXH YLY¯D 3HUR QR HVWDED /RV GHP£V
KDELWDQWHV GH OD FDVD VµOR VDE¯DQ TXH DKRUD WUDEDMDED HQ XQR GH ORV
EDUULRVQXHYRVDORWURODGRGHODFLXGDG\TXHJDQDEDXQPRQWµQGH
GLQHUR 3RFDV YHFHV YROY¯D D FDVD \ FXDQGR YROY¯D VRO¯D VHU PX\
WDUGH&RQIUHFXHQFLDQRHVWDEDGHOWRGRVHUHQR\UHVXOWDEDEDVWDQWH
GLI¯FLOHQWHQGHUVHFRQ«O
0RPR GHFLGLµ HVSHUDUOH 6H VHQWµ HQ OD HVFDOHUD GHODQWH GH OD
SXHUWDGHVXKDELWDFLµQ,EDRVFXUHFLHQGR\0RPRVHGXUPLµ
'HE¯DGHVHUPX\WDUGHFXDQGRODGHVSHUWDURQXQRVUXLGRVRVSDVRV
YDFLODQWHV\XQFDQWRWXUELR(UD1LFRODTXHRVFLODEDHVFDOHUDVDUULED
&XDQGRYLRDODQL³DVHSDUµVRUSUHQGLGR
౱c(K0RPR౱GLMR\HVWDEDFODURTXHOHWXUEDEDHOTXHORYLHUD
HQHVHHVWDGR౱7RGDY¯DYLYHV"4X«KDFHVSRUDTX¯"
౱7HHVSHURDWL
౱c0LUD TX« FKLFD ౱GLMR 1LFROD PLHQWUDV DJLWDED VRQULHQWH OD
FDEH]D౱9LHQHDTX¯HQPHGLRGHODQRFKHSDUDYHUDVXYLHMRDPLJR
1LFROD 6¯ KDFH WLHPSR TXH WHQ¯D JDQDV GH LU D YHUWH SHUR QR WHQ¯D
WLHPSRSDUDHVRVDVXQWRVಃSDUWLFXODUHV
6HVHQWµSHVDGDPHQWHDOODGRGH0RPRHQODVHVFDOHUDV
౱1RVDEHVWRGRORTXHHVW£SDVDQGRQL³D<DQRHVFRPRDQWHV
/RVWLHPSRVFDPELDQ$OO¯GRQGHHVWR\DKRUDVHWUDEDMDDRWURULWPR
'H WRGRV ORV GLDEORV &DGD G¯D OHYDQWDPRV XQ SLVR HQWHUR XQR
GHVSX«V GH RWUR (V GLVWLQWR GH DQWHV 7RGR HVW£ SHUIHFWDPHQWH
RUJDQL]DGRVDEHV"+DVWDHO¼OWLPRGHWDOOHಃ
6LJXLµKDEODQGR\0RPROHHVFXFKDEDDWHQWDPHQWH&XDQWRP£V
ORKDF¯DPHQRVHQWXVLDVPDGRKDEODED'HUHSHQWHFDOOµ\VHSDVµODV
FDOORVDVPDQRVSRUODFDUD
౱1R HVWR\ GLFLHQGR P£V TXH WRQWHU¯DV ౱GLMR WULVWH GH SURQWR౱
9HV 0RPR RWUD YH] KH EHELGR GHPDVLDGR /R FRQILHVR 0XFKDV
YHFHVEHERGHPDVLDGRDKRUD6LQRQRSXHGRVRSRUWDUOR9DFRQWUDOD
FRQFLHQFLD GH XQ DOED³LO KRQUDGR 'HPDVLDGD DUHQD HQ HO PRUWHUR
HQWLHQGHV" $TXHOOR DJXDQWDU£ FXDWUR FLQFR D³RV \ GHVSX«V VH
GHUUXPEDU£ FRQ VµOR TXH DOJXLHQ WRVD &KDSX]DV QR VRQ P£V TXH
FKDSX]DV(VRQRHVORSHRU/RSHRUVRQODVFDVDVTXHKDFHPRV(VR
QRVRQFDVDVHVRVRQಃHVRVRQಃDOPDFHQHVGHJHQWH6HOHUHYXHOYH
DXQRHOHVWµPDJR3HURDP¯TXHPHLPSRUWD"$P¯PHSDJDQ\\D
HVW£/RVWLHPSRVFDPELDQ$QWHVHUDGLIHUHQWH\PHVHQW¯DRUJXOORVR
FXDQGR KDF¯DPRV XQ WUDEDMR ELHQ KHFKR 3HUR DKRUDಃ $OJ¼Q G¯D
FXDQGRKD\DJDQDGREDVWDQWHGHMDU«PLWUDEDMR\PHGHGLFDU«DRWUD
FRVD
'HMµ FROJDU OD FDEH]D \ PLUµ WULVWH DQWH V¯ 0RPR QR GLMR QDGD
VµOROHHVFXFKDED
౱4XL]£ VHU¯D EXHQR ౱VLJXLµ 1LFROD DO FDER GH XQ UDWLWR౱ TXH
IXHUD D YHUWH \ WH OR FRQWDUD WRGR 'H YHUGDG TXH GHEHU¯D KDFHUOR
'LJDPRVPD³DQDPLVPRYDOH"2SDVDGRPD³DQD"%XHQR\DYHU«
FµPRPHODVDUUHJOR3HURVHJXURTXHLU«'HDFXHUGR"
౱'HDFXHUGR౱FRQWHVWµ0RPRFRQWHQWD
<HQWRQFHVVHVHSDUDURQSRUTXHDPERVHVWDEDQPX\FDQVDGRV
3HUR1LFRODQRIXHQLDOG¯DVLJXLHQWHQLDORWUR1RIXH3XHGHVHU
TXHUHDOPHQWHQRWXYLHUDWLHPSRQXQFD
$FRQWLQXDFLµQ0RPRIXHDYHUDOWDEHUQHUR1LQR\DVXJRUGDPXMHU
/D YLHMD FDVLWD FRQ HO HQFDODGR VXFLR SRU OD OOXYLD \ HO HPSDUUDGR
GHODQWH GH OD SXHUWD HVWDED HQ HO O¯PLWH GH OD FLXGDG &RPR DQWHV
0RPRSDVµSRUGHWU£VSRUODSXHUWDGHODFRFLQD(VWDEDDELHUWDGH
PRGR TXH 0RPR SXGR R¯U GHVGH OHMRV TXH 1LQR \ VX PXMHU /LOLDQD
HVWDEDQ HQ PHGLR GH XQD DJULD GLVFXVLµQ /LOLDQD HVWDED PDQHMDQGR
ODV ROODV \ FDFHURODV VREUH HO IRJµQ 6X JRUGD FDUD UHOXF¯D GH VXGRU
1LQRKDEODEDJHVWLFXODQGRPXFKRDVXPXMHU(QXQULQFµQHVWDEDHO
EHE«HQXQFDSD]R\OORUDED
0RPR VH VHQWµ HQ VLOHQFLR DO ODGR GHO EHE« /R WRPµ VREUH VXV
36/120
URGLOODV\OHDFXQµKDVWDTXHVHFDOOµ/RVHVSRVRVLQWHUUXPSLHURQVX
GLVFXVLµQ\PLUDURQDOULQFµQ
౱$K 0RPR HUHV W¼ ౱GLMR 1LQR FRQ XQD EUHYH VRQULVD౱ 4X«
DJUDGDEOHHVYROYHUDYHUWH
౱4XLHUHVDOJRGHFRPHU"౱SUHJXQWµ/LOLDQDXQWDQWREUXVFD
0RPRQHJµFRQODFDEH]D
౱(QWRQFHVTX«HVORTXHTXLHUHV"౱SUHJXQWµ1LQRQHUYLRVR౱
'HYHUGDGTXHDKRUDQRWHQHPRVWLHPSRSDUDWL
౱6µORTXHU¯DSUHJXQWDU౱FRQWHVWµ0RPRHQYR]EDMD౱SRUTX«
KDFHWDQWRWLHPSRTXHQRYHQ¯VDYHUPH
౱1R OR V« ౱GLMR 1LQR LUULWDGR౱ 7HQHPRV RWUDV SUHRFXSDFLRQHV
DKRUD
౱6¯ ౱GLMR /LOLDQD KDFLHQGR UHSLTXHWHDU ODV ROODV౱ DKRUD WLHQH
RWUDV SUHRFXSDFLRQHV 7H DFXHUGDV GH DTXHOORV YLHMRV 0RPR TXH
DQWHVVLHPSUHVHVHQWDEDQHQODPHVDGHODHVTXLQD"c/RVKDHFKDGR
c/RVKDHFKDGRDODFDOOH
౱c(VR QR HV YHUGDG ౱VH GHIHQGLµ 1LQR౱ /HV KH SHGLGR
DPDEOHPHQWH TXH VH EXVFDUDQ RWUD WDEHUQD &RPR WDEHUQHUR WHQJR
GHUHFKRDKDFHUOR
౱c(OGHUHFKRHOGHUHFKR౱UHSOLFµ/LOLDQDH[FLWDGD౱1RVHKDFH
XQD FRVD DV¯ (V LQKXPDQR \ FUXHO 6DEHV H[DFWDPHQWH TXH QR
HQFRQWUDU£QRWUDWDEHUQD$TX¯QRPROHVWDEDQDQDGLH
౱&ODUR TXH QR PROHVWDEDQ D QDGLH ౱JULWµ 1LQR౱ 3RUTXH QR
YHQ¯DQ SDUURTXLDQRV GHFHQWHV \ SDJDGRUHV PLHQWUDV HVWDEDQ DTX¯
HVRV W¯RV VXFLRV \ EDUEXGRV &UHHV TXH D OD JHQWH OH JXVWD YHU DOJR
DV¯" < FRQ HO ¼QLFR YDVR GH YLQR WLQWR TXH FDGD XQR GH HOORV SRG¯D
SHUPLWLUVH FDGD QRFKH QR SRG¯DPRV JDQDU QDGD $V¯ QR KXEL«UDPRV
OOHJDGRDQLQJ¼QODGR
౱+DVWD DKRUD QRV ODV KDE¯DPRV DUUHJODGR EDVWDQWH ELHQ ౱
FRQWHVWµ/LOLDQD
౱c+DVWDDKRUDV¯౱FRQWHVWµ1LQRFRQYHKHPHQFLD౱3HURVDEHV
PX\ ELHQ TXH QR SRGHPRV VHJXLU DV¯ (O SURSLHWDULR PH KD VXELGR HO
DOTXLOHU 7HQJR TXH SDJDU XQ WHUFLR P£V TXH DQWHV 7RGR VXEH c'H
GµQGHTXLHUHVTXHVDTXHHOGLQHURVLFRQYLHUWRPLWDEHUQDHQXQDVLOR
SDUDYLHMRVFKRFKRV"3RUTX«WHQJRTXHFXLGDUGHORVGHP£V"$P¯
WDPSRFRPHFXLGDQDGLH
/DJRUGD/LOLDQDSXVRXQDROODHQHOIRJµQFRQWDOYHKHPHQFLDTXH
UHVRQµFRPRXQWUXHQR
౱7HYR\DGHFLUXQDFRVD౱JULWµPLHQWUDVDSR\DEDODVPDQRVHQ
VXVDQFKDVFDGHUDV౱(QWUHHVRVYLHMRVFKRFKRVFRPRW¼ORVOODPDV
HVW£ WDPEL«Q PL W¯R (WWRUH < QR WROHUR TXH LQVXOWHV D QDGLH GH PL
IDPLOLD (V XQ KRPEUH EXHQR \ KRQUDGR DXQ FXDQGR QR WHQJD GLQHUR
FRPRWXVRWURVSDUURTXLDQRV
౱(WWRUH SXHGH YROYHU ౱UHSOLFµ 1LQR FRQ JHVWR PDJQ£QLPR౱ 6H
ORGLMH/HGLMHTXHSRG¯DTXHGDUVHVLTXHU¯D3HURQRTXLVR
౱&ODUR TXH QR TXLHUH VLQ VXV YLHMRV DPLJRV 7¼ TX« WH FUHHV"
$FDVRKDGHTXHGDUVHVRORDOO¯HQXQULQFµQ"
౱<TX«OHYR\DKDFHU"౱JULWµ1LQR౱1RWHQJRJDQDVGHJDVWDU
PLYLGDFRPRP¯VHURWDEHUQHURVµORSRUFXLGDUDWXYLHMRW¯R(WWRUH<R
WDPEL«QTXLHURVHUDOJXLHQ(VXQFULPHQHVR"4XLHURGDUOHXQSRFR
GHPRYLPLHQWRDHVWHORFDO<QRORKDJRVµORSRUP¯7DPEL«QORKDJR
SRUWL\SRUQXHVWURKLMR(VTXHQRSXHGHVHQWHQGHUOR/LOLDQD"
౱1R౱GLMR/LOLDQDFRQGXUH]D౱VLKDGHVHUFRQFUXHOGDGVL\D
HPSLH]DDV¯QR(QWRQFHVPHLU«FXDOTXLHUG¯D+D]ORTXHTXLHUDV
7RPµHOEHE«GHEUD]RVGH0RPR\VDOLµGHODFRFLQD
1LQRQRGLMRQDGDGXUDQWHXQEXHQUDWR(QFHQGLµXQFLJDUULOOR\OH
GDEDYXHOWDVHQWUHORVGHGRV
0RPROHPLUDED
౱(VW£ELHQ౱GLMRILQDOPHQWH౱HUDQWLSRVDPDEOHV0HJXVWDEDQ
6DEHV0RPR"DP¯PLVPRPHVDEHPDOTXHಃSHURTX«TXLHUHVTXH
KDJD"/RVWLHPSRVFDPELDQ
}3XHGH TXH /LOLDQD WHQJD UD]µQ ౱SURVLJXLµ DO FDER GH XQ
PRPHQWR౱ 'HVGH TXH QR HVW£Q ORV YLHMRV HO ORFDO VH PH KDFH
H[WUD³R )U¯R HQWLHQGHV" 1L \R PLVPR OR DJXDQWR \D /D YHUGDG HV
TXH QR V« TX« GHER KDFHU 7RGRV OR KDFHQ DV¯ KR\ HQ G¯D 3RU TX«
WHQJRTXHVHUGLIHUHQWH\R"2FUHHVTXHGHERVHUOR"
37/120
 0RPRDVLQWLµLPSHUFHSWLEOHPHQWH
1LQRODPLUµ\WDPEL«QDVLQWLµ(QWRQFHVDPERVVRQULHURQ
౱4X«ELHQTXHKD\DVYHQLGR౱GLMR1LQR౱<DKDE¯DROYLGDGROR
TXH GHF¯DPRV DQWHV HQ FDVRV FRPR «VWH ౹c9H FRQ 0RPR౺ $KRUD
YROYHU« FRQ /LOLDQD 3DVDGR PD³DQD HV QXHVWUR G¯D GH GHVFDQVR H
LUHPRVDYHUWH'HDFXHUGR"
౱'HDFXHUGR౱FRQWHVWµ0RPR
'HVSX«V 1LQR OH GLR XQD EROVD OOHQD GH PDQ]DQDV \ QDUDQMDV \
0RPRVHIXHDVXFDVD
<1LQR\VXJRUGDPXMHUHIHFWLYDPHQWHIXHURQ7DPEL«QOOHYDURQDO
EHE«\XQDFHVWDOOHQDGHFRVDVULFDV
౱,PDJ¯QDWH0RPR౱GLMR/LOLDQDUDGLDQWH౱1LQRKDLGRDYHUDO
W¯R (WWRUH \ D ORV GHP£V YLHMRV XQR D XQR VH KD GLVFXOSDGR \ OHV KD
SHGLGRTXHYXHOYDQ
౱6¯౱GLMR1LQRVRQULHQWHPLHQWUDVVHUDVFDEDODRUHMD౱YXHOYHQ
DHVWDUWRGRV6XSRQJRTXHPLWDEHUQDQRVHFRQYHUWLU£HQJUDQFRVD
SHURYXHOYHDJXVWDUPH
5Lµ\VXPXMHUGLMR ౱+ROD6R\%HEHQ¯QODPX³HFDSHUIHFWD
౱<DVREUHYLYLUHPRV1LQR
)XHXQDWDUGHPX\ERQLWD\FXDQGRDOILQDOVHIXHURQSURPHWLHURQ
YROYHUSURQWR
<DV¯0RPRIXHDYHUXQRWUDVRWURDVXVYLHMRVDPLJRV)XHDYHUDO
FDUSLQWHUR HO TXH XQD YH] OH KL]R OD PHVD \ ODV VLOODV GH XQDV FDMDV
)XHDYHUDODVPXMHUHVTXHOHKDE¯DQUHJDODGRODFDPD(QUHVXPHQ
YLR D WRGRV D ORV TXH DQWHV KDE¯D HVFXFKDGR \ SRU HOOR VH KDE¯DQ
YXHOWR VDELRV GHFLGLGRV R FRQWHQWRV 7RGRV SURPHWLHURQ YROYHU
$OJXQRVQRFXPSOLHURQVXSURPHVDRQRSXGLHURQFXPSOLUODSRUTXHQR
WHQ¯DQWLHPSR3HURPXFKRVDPLJRVUHDOPHQWHYROYLHURQ\FDVLYROYLµ
DVHUFRPRDQWHV
6LQVDEHUOR0RPRVHKDE¯DFUX]DGRHQHOFDPLQRGHORVKRPEUHV
JULVHV<HVWRQRSRG¯DQSHUPLWLUOR
3RFR WLHPSR GHVSX«V ౱HUD XQD WDUGH HVSHFLDOPHQWH FDOXURVD౱
0RPRHQFRQWUµXQDPX³HFDHQODVHVFDOHUDVODWHUDOHVGHODQILWHDWUR
<D KDE¯D SDVDGR YDULDV YHFHV TXH ORV QL³RV ROYLGDEDQ \ GHMDEDQ
WLUDGRDOJXQRGHDTXHOORVMXJXHWHVFDURVFRQORVTXHQRVHSRG¯DMXJDU
GH YHUGDG 3HUR 0RPR QR UHFRUGDED KDEHU YLVWR HVD PX³HFD D
QLQJXQRGHORVQL³RV<VHJXURTXHVHKXELHUDILMDGRSRUTXHHUDXQD
PX³HFDPX\HVSHFLDO
(UD FDVL WDQ JUDQGH FRPR OD SURSLD 0RPR \ UHSURGXFLGD FRQ WDO
YHULVPRTXHVHODKXELHUDWRPDGRSRUXQDSHUVRQDSHTXH³D3HURQR
SDUHF¯DXQQL³RRXQEHE«VLQRXQDGDPLVHODHOHJDQWHRXQPDQLTX¯GH
HVFDSDUDWH /OHYDED XQ YHVWLGR URMR GH IDOGD FRUWD \ ]DSDWLWRV GH
WDFµQ
0RPRODPLUDEDIDVFLQDGD&XDQGRDOFDERGHXQUDWRODWRFµFRQ
ODPDQRODPX³HFDDJLWµXQSDUGHYHFHVORVS£USDGRVPRYLµODERFD
\GLMRFRQYR]UDUDFRPRVLVDOLHUDGHXQWHO«IRQR
0RPRVHUHWLUµDVXVWDGDSHURHQWRQFHVFRQWHVWµFDVLVLQTXHUHU
౱+ROD\RVR\0RPR
'HQXHYRODPX³HFDPRYLµORVODELRV\GLMR
౱7HSHUWHQH]FR3RUHVRWHHQYLGLDQWRGRV
౱1RFUHRTXHVHDVP¯D౱GLMR0RPR౱0£VELHQFUHRTXHDOJXLHQ
WHKDEU£ROYLGDGR
7RPµODPX³HFD\ODOHYDQWµ(QWRQFHVVHPRYLHURQGHQXHYRVXV
ODELRV\GLMR
౱4XLHURWHQHUP£VFRVDV
౱$K V¯" ౱FRQWHVWµ 0RPR \ UHIOH[LRQµ౱ 1R V« VL WHQGU« DOJR
TXH WH YD\D ELHQ 3HUR HVSHUD TXH WH HQVH³DU« PLV FRVDV \ SRGU£V
GHFLUTX«WHJXVWD
7RPµODPX³HFD\SDVµFRQHOODSRUHODJXMHURGHODSDUHGKDVWDVX
KDELWDFLµQ 'H GHEDMR GH OD FDPD VDFµ XQD FDMD FRQ WRGD VXHUWH GH
WHVRURV\ODSXVRGHODQWHGH%HEHQ¯Q
38/120
 ౱7RPD౱GLMR౱HVWRGRORTXHWHQJR6LKD\DOJRTXHWHJXVWDQR
WLHQHVP£VTXHGHFLUOR
< OH HQVH³µ XQD ERQLWD SOXPD GH S£MDUR XQD SLHGUD GH PXFKRV
FRORUHVXQERWµQGRUDGR\XQWURFLWRGHYLGULRGHFRORU
/DPX³HFDQRGLMRQDGD\0RPRODHPSXMµ
౱+ROD౱VRQµODPX³HFD౱6R\%HEHQ¯QODPX³HFDSHUIHFWD
౱6¯ ౱GLMR 0RPR౱ \D OR V« 3HUR TXHU¯DV HVFRJHU DOJR $TX¯
WHQJRXQDERQLWDFDVDGHFDUDFRO7HJXVWD"
౱7H SHUWHQH]FR ౱FRQWHVWµ OD PX³HFD౱ 3RU HVR WH HQYLGLDQ
WRGRV
౱(VR\DORKDVGLFKR౱GLMR0RPR౱6LQRTXLHUHVQLQJXQDGHPLV
FRVDVSRGU¯DPRVMXJDUYDOH"
౱4XLHURWHQHUP£VFRVDV౱UHSLWLµODPX³HFD
౱1RWHQJRQDGDP£V౱GLMR0RPR
7RPµODPX³HFD\YROYLµDVDOLUDODLUHOLEUH$OO¯VHQWµDODSHUIHFWD
%HEHQ¯QHQHOVXHOR\VHFRORFµHQIUHQWH
౱9DPRVDMXJDUDTXHYLHQHVGHYLVLWD౱SURSXVR0RPR
౱+ROD౱GLMRODPX³HFD౱VR\%HEHQ¯QODPX³HFDSHUIHFWD
౱4X« DPDEOH GH YHQLU D YHUPH ౱FRQWHVWµ 0RPR౱ 'H GµQGH
YLHQHXVWHGVH³RUDP¯D"
౱7HSHUWHQH]FR౱SURVLJXLµ%HEHQ¯Q౱3RUHVRWHHQYLGLDQWRGRV
౱(VFXFKD౱GLMR0RPR౱DV¯QRSRGHPRVMXJDUVLVLHPSUHGLFHV
ORPLVPR
౱4XLHUR WHQHU P£V FRVDV ౱FRQWHVWµ OD PX³HFD PLHQWUDV
SHVWD³HDED
0RPRORLQWHQWµFRQRWURMXHJR\FXDQGR«VWHWDPEL«QIUDFDVµFRQ
RWUR\RWUR\RWURP£V3HURQRVDO¯DELHQ6LODPX³HFDSRUORPHQRV
QR KXELHUD GLFKR QDGD 0RPR KDEU¯D SRGLGR FRQWHVWDU SRU HOOD \
KDEU¯D UHVXOWDGR OD FRQYHUVDFLµQ P£V ERQLWD 3HUR SUHFLVDPHQWH SRU
KDEODU%HEHQ¯QLPSHG¯DFXDOTXLHUGL£ORJR
$OFDERGHXQUDWR0RPRWXYRXQDVHQVDFLµQTXHQRKDE¯DVHQWLGR
QXQFD DQWHV < SRUTXH OH HUD FRPSOHWDPHQWH QXHYD WDUGµ HQ GDUVH
FXHQWDGHTXHHUDDEXUULPLHQWR
0RPR QR VDE¯D TX« KDFHU /H KDEU¯D JXVWDGR GHMDU WLUDGD OD
PX³HFD SHUIHFWD \ MXJDU D RWUD FRVD SHUR SRU DOJXQD UD]µQ
GHVFRQRFLGDQRSRG¯DVHSDUDUVHGHHOOD
$V¯ TXH DO ILQDO 0RPR HVWDED VHQWDGD \ PLUDED ILMDPHQWH OD
PX³HFDTXHDVXYH]PLUDEDD0RPRFRQVXVRMRVD]XOHVYLGULRVRV
FRPRVLVHKXELHUDQKLSQRWL]DGRPXWXDPHQWH
0RPR SRU ILQ DSDUWµ OD YLVWD GH OD PX³HFD \ VH DVXVWµ XQ SRFR
3RUTXH PX\ FHUFD KDE¯D XQ HOHJDQWH FRFKH JULV FHQL]D GH FX\D
OOHJDGDQRVHKDE¯DGDGRFXHQWD'HQWURGHOFRFKHKDE¯DVHQWDGRXQ
KRPEUH TXH OOHYDED XQ WUDMH GH FRORU WHODUD³D XQ ERPE¯Q JULV HQ OD
FDEH]D \ TXH IXPDED XQ SHTXH³R FLJDUUR JULV 7DPEL«Q VX FDUD HUD
FHQLFLHQWD
(O KRPEUH GHE¯D KDEHUOD REVHUYDGR GXUDQWH XQ EXHQ UDWR SRUTXH
PLUµ D 0RPR FRQ XQD VRQULVD < DXQTXH HVD WDUGH HUD WDQ FDOXURVD
TXH HO DLUH RQGXODED EDMR HO VRO 0RPR GH UHSHQWH VLQWLµ XQRV
HVFDORIU¯RV
(Q HVWR HO KRPEUH DEULµ OD SRUWH]XHOD GHO FRFKH VH DSHµ \ IXH
KDFLD0RPR(QODPDQROOHYDEDXQDFDUWHUDGHFRORUJULVSORPR
౱4X« PX³HFD WDQ ERQLWD WLHQHV ౱GLMR FRQ XQD YR]
VRUSUHQGHQWHPHQWHPRQµWRQD౱7RGRVWXVDPLJXLWRVWHODHQYLGLDU£Q
0RPRVµORVHHQFRJLµGHKRPEURV\VHFDOOµ
౱6HJXURTXHKDVLGRPX\FDUDQR"౱FRQWLQXµHOKRPEUHJULV
౱1RORV«౱PXUPXUµ0RPRFRQWLPLGH]౱ODKHHQFRQWUDGR
౱c4X«FRVDV౱UHVSRQGLµHOKRPEUHJULV౱0HSDUHFHTXHHUHV
PX\DIRUWXQDGD
0RPR YROYLµ D FDOODU \ VH DUUHEXMµ P£V HQ VX FKDTXHWµQ
GHPDVLDGRJUDQGH(OIU¯RDXPHQWDED
౱3HUR QR WHQJR OD LPSUHVLµQ ౱GLMR HO KRPEUH JULV FRQ XQD
PLQ¼VFXODVRQULVD౱GHTXHHVW«VGHPDVLDGRFRQWHQWDSHTXH³D
0RPR DJLWµ XQ SRFR OD FDEH]D /H SDUHF¯D TXH GH SURQWR KDE¯D
GHVDSDUHFLGR WRGD OD DOHJU¯D GHO PXQGR FRPR VL MDP£V KXELHUD
H[LVWLGR<WRGRORTXHKDE¯DWRPDGRSRUDOHJU¯DQRKXELHUDQVLGRP£V
TXHLPDJLQDFLRQHV3HURDOPLVPRWLHPSRVLQWLµTXHDOJRODDYLVDED
39/120
 ౱7HKHHVWDGRREVHUYDQGRWRGRXQUDWR౱FRQWLQXµHOKRPEUHJULV
౱ \ PH SDUHFH TXH QR VDEHV FµPR KD\ TXH MXJDU FRQ XQD PX³HFD
WDQIDEXORVD4XLHUHVTXHWHHQVH³H"
0RPRPLUµVRUSUHQGLGDDOKRPEUH\DVLQWLµ
౱4XLHURWHQHUP£VFRVDV౱VRQµGHUHSHQWHODPX³HFD
౱/R YHV SHTXH³D" ౱GLMR HO KRPEUH JULV౱ HOOD PLVPD OR HVW£
GLFLHQGR &RQ XQD PX³HFD WDQ IDEXORVD QR VH SXHGH MXJDU LJXDO TXH
FRQ RWUD FXDOTXLHUD HVWR HVW£ FODUR 7DPSRFR HVW£ KHFKD SDUD HVR
+D\ TXH RIUHFHUOH DOJR VL XQR QR TXLHUH DEXUULUVH FRQ HOOD )¯MDWH
SHTXH³D
)XHKDFLDVXFRFKH\DEULµHOPDOHWHUR
౱(Q SULPHU OXJDU ౱GLMR౱ QHFHVLWD PXFKRV YHVWLGRV $TX¯
WHQHPRVSRUHMHPSORXQSUHFLRVRYHVWLGRGHQRFKH
/RVDFµGHOFRFKH\ORWLUµKDFLD0RPR
౱< DTX¯ KD\ XQ DEULJR GH SLHOHV GH YLVµQ DXW«QWLFR < DTX¯ XQD
EDWDGHVHGD<XQWUDMHGHWHQLV<XQHTXLSRGHHVTX¯<XQWUDMHGH
ED³R<XQWUDMHGHPRQWDU8QSLMDPD8QFDPLVµQ8QYHVWLGR<RWUR
<RWUR<RWURಃ
,ED WLUDQGR WRGDV HVWDV FRVDV HQWUH 0RPR \ OD PX³HFD GRQGH
SRFRDSRFRVHIRUPDEDXQDPRQWD³D
౱%XHQR ౱GLMR \ YROYLµ D VRQUH¯U P¯QLPDPHQWH౱ FRQ HVWR \D
SRGU£VMXJDUXQEXHQUDWRQRHVYHUGDGSHTXH³D"3HURDOFDERGH
XQRV G¯DV WDPEL«Q HVWR VH YXHOYH DEXUULGR QR FUHHV" 3XHV ELHQ
HQWRQFHVWHQGU£VTXHWHQHUP£VFRVDVSDUDWXPX³HFD
'HQXHYRVHLQFOLQµVREUHHOPDOHWHUR\WLUµFRVDVKDFLD0RPR
౱$TX¯ KD\ SRU HMHPSOR XQ EROVR SHTXH³LWR GH SLHO GH VHUSLHQWH
FRQXQO£SL]GHODELRVSHTXH³LWR\XQDSROYHUDGHYHUGDGGHQWUR$TX¯
KD\XQDSHTXH³DF£PDUDIRWRJU£ILFD$TX¯XQDUDTXHWDGHWHQLV$TX¯
XQWHOHYLVRUGHPX³HFDVTXHIXQFLRQDGHYHUGDG$TX¯XQDSXOVHUDXQ
FROODU SHQGLHQWHV XQ UHYµOYHU GH PX³HFDV PHGLDV GH VHGD XQ
VRPEUHUR GH SOXPDV XQ VRPEUHUR GH SDMD XQ VRPEUHULWR GH
SULPDYHUD SDORV GH JROI IUDVTXLWRV GH SHUIXPH VDOHV GH ED³R
GHVRGRUDQWHVಃ
+L]RXQDSDXVD\PLUµH[SHFWDQWHD0RPRTXHHVWDEDVHQWDGDHQ
HOVXHORHQWUHWRGDVHVDVFRVDVFRPRSDUDOL]DGD
౱&RPR YHV ౱SURVLJXLµ HO KRPEUH JULV౱ HV PX\ VHQFLOOR 6µOR
KDFH IDOWD WHQHU P£V \ P£V FDGD YH] HQWRQFHV QR WH DEXUUHV QXQFD
3HUR D OR PHMRU SLHQVDV TXH DOJ¼Q G¯D OD SHUIHFWD %HEHQ¯Q SRGU¯D
WHQHUOR WRGR \ TXH HQWRQFHV YROYHU¯D D VHU DEXUULGR 3XHV QR WH
SUHRFXSHV SHTXH³D 3RUTXH WHQHPRV HO FRPSD³HUR DGHFXDGR SDUD
%HEHQ¯Q
&RQHVWRVDFµGHOPDOHWHURRWUDPX³HFD(UDLJXDOGHJUDQGHTXH
%HEHQ¯QLJXDOGHSHUIHFWDVµORTXHVHWUDWDEDGHXQMRYHQFDEDOOHUR
(OKRPEUHJULVORVHQWµDOODGRGH%HEHQ¯QODSHUIHFWD\H[SOLFµ
౱‹VWHHV%HEHQ«Q3DUD«OWDPEL«QKD\LQWHUPLQDEOHVDFFHVRULRV
<VLWRGRHVRVHKDYXHOWRDEXUULGRKD\WRGDY¯DXQDDPLJDGH%HEHQ¯Q
TXHWDPEL«QWLHQHXQHTXLSRFRPSOHWRTXHVµOROHYDELHQDHOOD<SDUD
%HEHQ«QKD\WDPEL«QHODPLJRDGHFXDGR\«VWHDVXYH]WLHQHDPLJRV
\DPLJDV&RPRYHVQRKDFHIDOWDDEXUULUVHSRUTXHVHSXHGHVHJXLU
DV¯ LQWHUPLQDEOHPHQWH \ VLHPSUH VLJXH KDELHQGR DOJR TXH WRGDY¯D
SXHGHVGHVHDU
0LHQWUDVKDEODEDLEDVDFDQGRXQDPX³HFDWUDVRWUDGHOPDOHWHUR
GHO FRFKH FX\R FRQWHQLGR SDUHF¯D VHU LQDJRWDEOH \ ODV FRORFDED
DOUHGHGRUGH0RPRTXHVHJX¯DLQPµYLO\PLUDEDDOKRPEUHP£VELHQ
DVXVWDGD
౱< ELHQ ౱GLMR HO KRPEUH SRU ILQ PLHQWUDV H[SXOVDED GHQVDV
QXEHVGHKXPR౱FRPSUHQGHVDKRUDFµPRVHKDGHMXJDUFRQXQD
DPLJDDV¯"
౱6¯౱FRQWHVWµ0RPR(PSH]DEDDWLULWDUGHIU¯R
(OKRPEUHJULVDVLQWLµVDWLVIHFKR\DVSLUµVXFLJDUUR
౱$KRUD WH JXVWDU¯D TXHGDUWH FRQ WRGDV HVWDV FRVDV QR HV
YHUGDG" 3XHV ELHQ SHTXH³D WH ODV UHJDOR 5HFLELU£V WRGR HVWR ౱QR
HQ VHJXLGD VLQR XQD FRVD WUDV RWUD౱ \ PXFKDV PXFKDV P£V 6µOR
KDVGHMXJDUFRQHOODVWDOFRPRWHKHH[SOLFDGR4X«WHSDUHFH"
(OKRPEUHJULVVRQULµHVSHUDQ]DGRD0RPRSHURFRPRHOODQRGLMR
QDGDVLQRTXHVµORUHVSRQGLµFRQXQDPLUDGDVHULDD³DGLµ
40/120
 ౱(QWRQFHV\DQRQHFHVLWDU£VDWXVDPLJRVHQWLHQGHV"$KRUD\D
WHQGU£VEDVWDQWHVGLYHUVLRQHVSXHVWHQGU£VWRGDVHVDVFRVDVERQLWDV
\ UHFLELU£V FDGD YH] P£V QR HV YHUGDG" < HVR HV OR TXH TXLHUHV
YHUGDG" 7¼ TXLHUHV WHQHU HVWD IDEXORVD PX³HFD QR" /D TXLHUHV
YHUGDG"
0RPR SUHVHQW¯D RVFXUDPHQWH TXH KDEU¯D GH PDQWHQHU XQ GXUR
FRPEDWH\TXH\DHVWDEDPHWLGDHQ«O3HURQRVDE¯DSRUTX«LEDDVHU
ODOXFKDQLFRQWUDTXL«Q3XHVFXDQWRP£VHVFXFKDEDDHVHYLVLWDQWH
P£V OH RFXUU¯D OR TXH DQWHV OH KDE¯D SDVDGR FRQ OD PX³HFD R¯D XQD
YR]TXHKDEODEDR¯DSDODEUDVSHURQRR¯DDOTXHUHDOPHQWHKDEODED
0RYLµODFDEH]D
౱4X« TX« SDVD" ౱GLMR HO KRPEUH JULV HQDUFDQGR ODV FHMDV౱
7RGDY¯D QR HVW£V FRQWHQWD" 9RVRWURV ORV QL³RV GH KR\ V¯ TXH VRLV
H[LJHQWHV4XLHUHVGHFLUPHTX«OHIDOWDDHVDPX³HFDSHUIHFWD"
0RPRPLUµDOVXHOR\UHIOH[LRQµ
౱&UHR౱GLMRHQYR]EDMD౱TXHQRVHODSXHGHTXHUHU
'XUDQWHXQEXHQUDWRHOKRPEUHJULVQRGLMRQDGD0LUDEDDQWHV¯
FRQODPLUDGDYLGULRVDGHODVPX³HFDV)LQDOPHQWHKL]RXQHVIXHU]R
౱1RHVHVRORTXHLPSRUWD౱GLMRFRQYR]J«OLGD
0RPROHPLUµDORVRMRV(OKRPEUHOHGDEDPLHGRVREUHWRGRSRU
HO IU¯R TXH VDO¯D GH VX PLUDGD 3RU FXULRVR TXH SDUH]FD WDPEL«Q OH
GDEDSHQDDXQTXHQRKXELHUDSRGLGRGHFLUSRUTX«
౱3HURDPLVDPLJRV౱GLMR౱ORVTXLHUR
(OKRPEUHJULVKL]RXQDPXHFDFRPRVLGHSURQWRWXYLHUDGRORUGH
PXHODV(QVHJXLGDVHUHFXSHUµ\VRQULµFRPRXQFXFKLOOR
౱&UHR ౱UHSOLFµ FRQ VXDYLGDG౱ TXH YDOH OD SHQD TXH KDEOHPRV
XQUDWRHQVHULRSHTXH³DSDUDTXHHPSLHFHVDGDUWHFXHQWDGHTX«
HVORLPSRUWDQWHUHDOPHQWH
6DFµGHVXEROVLOORXQSHTXH³RFXDGHUQLWRGHQRWDVJULVHQHOTXH
KRMHµKDVWDHQFRQWUDUORTXHEXVFDED
౱7¼WHOODPDV0RPRQRHVDV¯"
0RPRDVLQWLµ(OKRPEUHJULVFHUUµHOFXDGHUQLOORGHQRWDVORYROYLµ
DJXDUGDU\VHVHQWµHQHOVXHORDOODGRGH0RPR'XUDQWHXQUDWRQR
GLMRQDGDVLQRTXHVHOLPLWDEDDFKXSDUVXSHTXH³RFLJDUURJULV
౱3XHVELHQ0RPRHVF¼FKDPHELHQ౱FRPHQ]µSRUILQ
0RPROOHYDEDLQWHQW£QGRORWRGRHOUDWR3HURUHVXOWDEDPXFKRP£V
GLI¯FLO HVFXFKDUOH D «O TXH D WRGRV ORV GHP£V D ORV TXH KDE¯D
HVFXFKDGR KDVWD HQWRQFHV (Q RWUDV RFDVLRQHV SRG¯D VLPSOHPHQWH
LQWURGXFLUVH HQ HO RWUR \ HQWHQGHU OR TXH TXHU¯D GHFLU \ OR TXH HUD
UHDOPHQWH 3HUR FRQ HVH YLVLWDQWH QR OR FRQVHJX¯D &XDQWDV YHFHV OR
LQWHQWDEDWHQ¯DODVHQVDFLµQGHFDHUHQODRVFXULGDG\HOYDF¯RFRPRVL
QRKXELHUDQDGLH(VRQROHKDE¯DRFXUULGRQXQFD
౱/R ¼QLFR TXH LPSRUWD HQ OD YLGD ౱SURVLJXLµ HO KRPEUH౱ HV
OOHJDU D VHU DOJXLHQ OOHJDU D WHQHU DOJR 4XLHQ OOHJD P£V OHMRV TXLHQ
WLHQHP£VTXHORVGHP£VUHFLEHORGHP£VSRUD³DGLGXUDODDPLVWDGHO
DPRUHOKRQRUHWF«WHUD7¼FUHHVTXHTXLHUHVDWXVDPLJRV9DPRVD
DQDOL]DUHVWRREMHWLYDPHQWH
(O KRPEUH JULV H[SXOVµ XQRV FXDQWRV DQLOORV GH KXPR 0RPR
HVFRQGLµ VXV SLHV GHVQXGRV GHEDMR GH OD IDOGD \ VH DUUHEXMµ WRGR OR
TXHSXGRHQVXJUDQFKDTXHWµQ
౱6XUJH HQ SULPHU OXJDU OD SUHJXQWD VLJXLHQWH ౱SURVLJXLµ HO
KRPEUHJULV౱'HTX«OHVVLUYHDWXVDPLJRVHOTXHW¼H[LVWDV"/HV
VLUYHSDUDDOJR"1R/HVD\XGDDKDFHUFDUUHUDDJDQDUP£VGLQHUR
D KDFHU DOJR HQ OD YLGD" 'HFLGLGDPHQWH QR /RV DSR\DV HQ VXV
HVIXHU]RVSRUDKRUUDUWLHPSR"$OFRQWUDULR/RVIUHQDVHUHVFRPRXQ
FHSR HQ VXV SLHV DUUXLQDV VX IXWXUR 3XHGH TXH KDVWD DKRUD QR WH
KD\DV GDGR FXHQWD GH HOOR 0RPR SHUR OR FLHUWR HV TXH SRU HO PHUR
KHFKRGHH[LVWLUGD³DVDWXVDPLJRV(QUHDOLGDG\VLQTXHUHUORHUHV
VXHQHPLJD<DHVROHOODPDVW¼TXHUHUORV"
0RPR QR VDE¯D TX« FRQWHVWDU 1XQFD DQWHV KDE¯D YLVWR ODV FRVDV
GHHVWHPRGR'XUDQWHXQLQVWDQWHWXYRODGXGDGHVLQRWHQGU¯DUD]µQ
HOKRPEUHJULV
౱<SRUHVWR౱SURVLJXLµHOKRPEUHJULV౱TXHUHPRVSURWHJHUDWXV
DPLJRV GH WL < VL UHDOPHQWH ORV TXLHUHV QRV D\XGDU£V 1R SRGHPRV
HVWDUQRV FRQ ORV EUD]RV FUX]DGRV YLHQGR FµPR ORV DSDUWDV GH WRGDV
ODV FRVDV LPSRUWDQWHV 4XHUHPRV TXH OOHJXHQ D VHU DOJR 4XHUHPRV
41/120
ORJUDUTXHORVGHMHVHQSD]<SRUHVRWHUHJDODPRVWRGDVHVWDVFRVDV
ERQLWDV
౱4XL«QHV VRLV ౹QRVRWURV౺" ౱SUHJXQWµ 0RPR D TXLHQ OH
WHPEODEDQORVODELRV
౱1RVRWURV ORV GH OD FDMD GH DKRUURV GH WLHPSR ౱UHVSRQGLµ HO
KRPEUH JULV౱ <R VR\ HO DJHQWH Q| %/:F 3HUVRQDOPHQWH QR
TXLHURP£VTXHWXELHQSRUTXHODFDMDGHDKRUURVGHWLHPSRQR HVW£
SDUDEURPDV
(QHVHPRPHQWR0RPRVHDFRUGµGHORTXHOHKDE¯DQGLFKR*LJL\
%HSSR VREUH DKRUUDU WLHPSR \ FRQWDJLR /H VREUHYLQR OD RVFXUD
LQWXLFLµQ GH TXH DTXHO KRPEUH JULV WHQ¯D DOJR TXH YHU FRQ HO DVXQWR
'HVHDEDGHVHVSHUDGDPHQWHTXHVXVGRVDPLJRVHVWXYLHUDQDVXODGR
1XQFD DQWHV VH KDE¯D VHQWLGR WDQ VROD 3HUR GHFLGLµ QR GHMDUVH
LQWLPLGDU 5HXQLµ WRGD VX IXHU]D \ WRGR VX YDORU \ VH ODQ]µ D OD
RVFXULGDG\DOYDF¯RWUDVHOTXHVHRFXOWDEDHOKRPEUHJULV
‹VWH KDE¯D REVHUYDGR D 0RPR SRU HO UDELOOR GHO RMR 1R OH KDE¯DQ
SDVDGR GHVDSHUFLELGRV ORV FDPELRV HQ OD FDUD GH HOOD 6RQULµ FRQ
LURQ¯DPLHQWUDVHQFHQG¯DXQQXHYRFLJDUURFRQODFROLOODGHODQWHULRU
౱1RWHHVIXHUFHV౱GLMR౱FRQQRVRWURVQRSXHGHV
0RPRQRFHGLµ
౱(VTXHDWLQRWHTXLHUHQDGLH"౱SUHJXQWµFRQXQVXVXUUR
(OKRPEUHJULVVHGREOµ\VHKXQGLµXQWDQWRHQV¯PLVPR(QWRQFHV
FRQWHVWµFRQYR]FHQLFLHQWD 7RPµ D 0RPR SRU ORV KRPEURV \ OD DJLWµ (OOD PRYLµ ORV ODELRV
౱7HQJRTXHUHFRQRFHUTXHQRPHKHHQFRQWUDGRFRQPXFKDJHQWH
FRPR W¼ < FRQR]FR D PXFKD JHQWH 6L KXELHUD P£V FRPR W¼ SURQWR
SRGU¯DPRV FHUUDU OD FDMD GH DKRUURV GH WLHPSR \ GLVROYHUQRV HQ OD
QDGDSRUTXHGHTX«YLYLU¯DPRVHQWRQFHV"
(O DJHQWH VH LQWHUUXPSLµ 0LUµ ILMDPHQWH D 0RPR \ SDUHFLµ OXFKDU
FRQWUD DOJR TXH QR SRG¯D HQWHQGHU 6X FDUD VH YROYLµ XQ SRFR P£V
FHQLFLHQWDWRGDY¯D
&XDQGR YROYLµ D KDEODU IXH FRPR VL OR KLFLHUD FRQWUD VX YROXQWDG
FRPR VL ODV SDODEUDV OH VDOLHUDQ VRODV \ «O QR SXGLHUD LPSHGLUOR
0LHQWUDVWDQWRVXFDUDVHDJLWDEDP£V\P£VDQWHHOWHUURUGHORTXHOH
HVWDED RFXUULHQGR < GH UHSHQWH 0RPR HPSH]µ D R¯U VX YHUGDGHUD
YR]
౱7HQHPRV TXH SHUPDQHFHU GHVFRQRFLGRV ౱R\µ FRPR GH PX\
OHMRV౱ QDGLH KD GH VDEHU TXH H[LVWLPRV \ TX« HVWDPRV KDFLHQGRಃ
1RVRWURV QRV RFXSDPRV GH TXH QDGLH SXHGD UHWHQHUQRV HQ OD
PHPRULDಃ 6µOR PLHQWUDV QRV PDQWHQJDPRV GHVFRQRFLGRV SRGUHPRV
KDFHU QXHVWUR QHJRFLRಃ 8Q QHJRFLR GLI¯FLO VDQJUDUOHV HO WLHPSR D ORV
KRPEUHV KRUD D KRUD PLQXWR D PLQXWR VHJXQGR D VHJXQGRಃ 3RUTXH
WRGRHOWLHPSRTXHDKRUUDQORSLHUGHQಃ1RVRWURVQRVORTXHGDPRVಃ/R
DOPDFHQDPRVಃ/RQHFHVLWDPRVಃ/RDQVLDPRVಃc$KQRVDE«LVORTXH
VLJQLILFDYXHVWURWLHPSRಃ3HURQRVRWURVORVDEHPRV\RVORFKXSDPRV
KDVWDODSLHOಃ<QHFHVLWDPRVP£Vಃ&DGDYH]P£Vಃ3RUTXHQRVRWURV
WDPEL«QVRPRVP£Vಃ&DGDYH]P£Vಃ&DGDYH]P£Vಃ
/DV ¼OWLPDV SDODEUDV ODV KDE¯D GLFKR HO KRPEUH JULV FDVL FRQ XQ
HVWHUWRUSHURDKRUDVHWDSµODERFDFRQODVGRVPDQRV/RVRMRVVHOH
VDO¯DQGHODVµUELWDV\PLUDEDILMDPHQWHD0RPR$OFDERGHXQUDWRIXH
FRPRVLVDOLHUDGHVXHVWXSRU
౱4X«ಃTX«IXHHVR"౱WDUWDPXGHµ౱0HKDVVRQVDFDGRc(VWR\
HQIHUPR c7¼ PH KDV HQIHUPDGR W¼ ౱\ SURVLJXLµ HQ WRQR FDVL
VXSOLFDQWH౱1RKHGLFKRP£VTXHWRQWHU¯DVTXHULGDQL³D7LHQHVTXH
ROYLGDUPHWDOFRPRQRVROYLGDQWRGRVORVRWURVc7LHQHVTXHROYLGDUPH
c7LHQHVTXHಃ
SHURQRSXGRGHFLUQDGD
(QWRQFHVHOKRPEUHJULVVHOHYDQWµGHXQVDOWRPLUµDVXDOUHGHGRU
FRPRVLOHSHUVLJXLHUDQDJDUUµVXPDOHW¯QJULV\FRUULµKDFLDVXFRFKH
'HSURQWRRFXUULµDOJRQRWDEOHFRPRHQXQDH[SORVLµQDOUHY«VWRGDV
ODV PX³HFDV \ ODV GHP£V FRVDV WLUDGDV SRU HO VXHOR YRODURQ KDFLD HO
PDOHWHURTXHVHFHUUµGHXQJROSH'HVSX«VHOFRFKHVDOLµGLVSDUDGR
GHWDOPRGRTXHORVJXLMDUURVVDOLHURQYRODQGR
0RPR VLJXLµ VHQWDGD GXUDQWH XQ EXHQ UDWR LQWHQWDQGR HQWHQGHU
TX« HUD OR TXH KDE¯D R¯GR 3RFR D SRFR KX\µ GH VX FXHUSR HO IU¯R
WHUULEOH\DOPLVPRWLHPSRIXHHQWHQGLHQGRWRGRP£V\P£V1RROYLGµ
42/120
QDGDSRUTXHKDE¯DR¯GRODYHUGDGHUDYR]GHXQKRPEUHJULV
$QWH HOOD HQWUH ODV UDODV KLHUEDV VXE¯D XQD SHTXH³D FROXPQD GH
KXPR $OO¯ KXPHDED OD FROLOOD GHO SHTXH³R FLJDUUR PLHQWUDV VH
FRQYHUW¯DHQFHQL]D

8QPRQWµQGHVXH³RV
\XQRVSRFRVUHSDURV

$
¼OWLPD KRUD GH OD WDUGH OOHJDURQ *LJL \ %HSSR (QFRQWUDURQ D
0RPRVHQWDGDDODVRPEUDGHOPXURWRGDY¯DXQSRFRS£OLGD\
WXUEDGD 6H VHQWDURQ MXQWR D HOOD \ OH SUHJXQWDURQ
SUHRFXSDGRV TX« OH RFXUU¯D 0RPR FRPHQ]µ D LQIRUPDUOHV D
WURPSLFRQHV GH OR TXH KDE¯D YLYLGR < ILQDOPHQWH UHSLWLµ SDODEUD SRU
SDODEUDWRGDODFRQYHUVDFLµQFRQHOKRPEUHJULV
'XUDQWHWRGRHOUHODWR%HSSRWXYRXQDVSHFWRPX\VHULR\UHIOH[LYR
/DV DUUXJDV GH VX IUHQWH VH KLFLHURQ P£V SURIXQGDV 6LJXLµ FDOODGR
FXDQGR0RPRKXERDFDEDGR
*LJLSRUHOFRQWUDULRKDE¯DHVFXFKDGRFRQFUHFLHQWHH[FLWDFLµQ/H
FRPHQ]DURQ D EULOODU ORV RMRV FRPR OR KDF¯DQ FXDQGR «O PLVPR VH
HQWXVLDVPDEDFRQXQRGHVXVSURSLRVUHODWRV
౱c$KRUD0RPR౱GLMRPLHQWUDVOHFRORFDEDODPDQRHQHOKRPEUR
౱ KD VRQDGR QXHVWUD KRUD +DV GHVFXELHUWR OR TXH QDGLH VDE¯D <
DKRUD VDOYDUHPRV QR VµOR D QXHVWURV YLHMRV DPLJRV VLQR D WRGD OD
FLXGDG1RVRWURVWUHV\R%HSSR\W¼0RPR
6H KDE¯D SXHVWR HQ SLH GH XQ VDOWR \ KDE¯D H[WHQGLGR DPEDV
PDQRV (Q VX LPDJLQDFLµQ VH YH¯D DQWH XQD LQPHQVD PXFKHGXPEUH

43/120
TXHORFHOHEUDEDD«OVXVDOYDGRU
౱(VW£ PX\ ELHQ ౱GLMR 0RPR XQ WDQWR GHVRULHQWDGD౱ SHUR
FµPRORKDUHPRV"
౱4X«TXLHUHVGHFLU"౱SUHJXQWµ*LJLPROHVWR
౱4XLHUR GHFLU ౱DFODUµ 0RPR౱ FµPR YHQFHUHPRV D ORV
KRPEUHVJULVHV"
౱%XHQR ౱GLMR *LJL౱ \R WDPSRFR OR V« H[DFWDPHQWH HQ HVWH
PRPHQWR 7HQGUHPRV TXH SHQVDUOR 3HUR XQD FRVD HVW£ FODUD DKRUD
TXH VDEHPRV TXH H[LVWHQ \ TX« KDFHQ WHQHPRV TXH HQWDEODU EDWDOOD
FRQWUDHOORVRHVTXHWLHQHVPLHGR"
0RPRDVLQWLµFRQIXVD KRUPLJµQ/RHVWR\YLHQGR&XDQGRORKD\DPRVHQFRQWUDGRHQWUDPRV
౱&UHR TXH QR VRQ SHUVRQDV QRUPDOHV (O TXH HVWXYR FRQPLJR
WHQ¯D RWUR DVSHFWR < HO IU¯R HV WHUULEOH < VL VRQ PXFKRV VHJXUR TXH
VRQPX\SHOLJURVRV6¯TXHWHQJRPLHGR
౱c4X«YD౱JULWµ*LJLHQWXVLDVPDGR౱/DFRVDHVPX\VHQFLOOD
/RVKRPEUHVJULVHVVµORSXHGHQKDFHUVXRVFXURQHJRFLRVLQDGLHORV
UHFRQRFH7XYLVLWDQWHPLVPRORKDGLFKRc3XHVOR¼QLFRTXHWHQHPRV
TXHKDFHUHVFXLGDUQRVGHTXHUHVXOWHQYLVLEOHV3RUTXHHOTXHORVKD
UHFRQRFLGRXQDYH]ORVUHFXHUGD\HOTXHORVUHFXHUGDORVUHFRQRFH
HQ VHJXLGD 'H PRGR TXH QR SXHGHQ KDFHUQRV QDGD VRPRV
LQDWDFDEOHV
౱7¼FUHHV"౱SUHJXQWµ0RPRXQWDQWRGXGRVD
౱c1DWXUDOPHQWH౱VLJXLµ*LJLFRQORVRMRVUHOXFLHQWHV౱6LQRWX
YLVLWDQWHQRKXELHUDKXLGRWDQDODHVFDSDGDc7LHPEODQDQWHQRVRWURV
౱3HURHQWRQFHV౱GLMR0RPR౱TXL]£QRORVHQFRQWUHPRV3XHGH
TXHVHHVFRQGDQGHQRVRWURV
౱(VR SXHGH VHU ౱FRQFHGLµ *LJL౱ (QWRQFHV WHQGUHPRV TXH
KDFHUOHVVDOLUGHVXVHVFRQGLWHV
౱&µPR"౱SUHJXQWµ0RPR౱&UHRTXHVRQPX\OLVWRV
౱1DGD P£V I£FLO ౱JULWµ *LJL ULHQGR౱ /RV DWUDSDUHPRV FRQ VX
SURSLDFRGLFLD/RVUDWRQHVVHFD]DQFRQTXHVRDV¯TXHDORVODGURQHV
GHWLHPSRVHOHVFD]DFRQWLHPSR1RVRWURVWHQHPRVGHVREUD7¼SRU
HMHPSORWHQGU¯DVTXHVHQWDUWHFRPRFHER\DWUDHUORV<HQWRQFHVVL
YLHQHQ %HSSR \ \R VDOGUHPRV GH QXHVWURV HVFRQGLWHV \ ORV
YHQFHUHPRV
౱3HURDP¯\DPHFRQRFHQ౱RSXVR0RPR౱1RFUHRTXHFDLJDQ
HQHVDWUDPSD
౱(VW£ ELHQ ౱GLMR *LJL D TXLHQ HPSH]DEDQ D RFXUU¯UVHOH LGHDV D
PRQWRQHV౱ SXHV KDUHPRV RWUD FRVD (O KRPEUH JULV WH GLMR DOJR GH
XQDFDMDGHDKRUURVGHWLHPSR(VRWLHQHTXHVHUXQHGLILFLR(VWDU£HQ
DOJ¼Q OXJDU GH OD FLXGDG 6µOR IDOWD HQFRQWUDUOR < VHJXUR TXH OR
HQFRQWUDPRVSRUTXHHVWR\VHJXURTXHVHWUDWDGHXQHGLILFLRHVSHFLDO
JULV PLVWHULRVR VLQ YHQWDQDV XQD LQPHQVD FDMD GH FDXGDOHV GH
FDGDXQROOHYDXQDSLVWRODHQFDGDPDQRm(QWUHJDGQRVDOLQVWDQWHHO
WLHPSRUREDGR}OHVGLJRಃ
౱3HURQRWHQHPRVSLVWRODV౱OHLQWHUUXPSLµ0RPRSUHRFXSDGD
౱3XHVORKDFHPRVVLQSLVWRODV౱UHSOLFµ*LJLPDJQ£QLPR౱(VR
LQFOXVR ORV DVXVWDU£ P£V 1XHVWUD PHUD SUHVHQFLD EDVWDU£ SDUD
KDFHUOHVKXLUSUHVRVGHS£QLFR
౱4XL]£IXHUDEXHQRTXHIX«UDPRVXQRVSRFRVP£V\QRQRVRWURV
WUHV VRORV 4XLHUR GHFLU TXH VL RWURV QRV D\XGDUDQ TXL]£V
HQFRQWU£UDPRVDQWHVODFDMDGHDKRUURVGHWLHPSR
౱0X\ EXHQD LGHD ౱UHSXVR *LJL౱ 7HQGU¯DPRV TXH PRYLOL]DU D
WRGRVQXHVWURVYLHMRVDPLJRV<DORVQL³RVTXHDKRUDYLHQHQVLHPSUH
3URSRQJR TXH QRV YD\DPRV DKRUD PLVPR SDUD LQIRUPDU D WRGRV ORV
TXH SRGDPRV HQFRQWUDU < TXH «VRV VH OR GLJDQ D ORV GHP£V 1RV
HQFRQWUDUHPRVWRGRVDTX¯PD³DQDDODVWUHVGHODWDUGHSDUDXQDJUDQ
DVDPEOHD
'H PRGR TXH WRGRV VH SXVLHURQ HQ FDPLQR 0RPR HQ XQD
GLUHFFLµQ%HSSR\*LJLHQRWUD
/RV GRV KRPEUHV OOHYDEDQ \D XQ UDWR FDPLQDQGR FXDQGR %HSSR
TXHKDVWDHQWRQFHVKDE¯DFDOODGRVHSDUµUHSHQWLQDPHQWH
౱(VFXFKD*LJL౱GLMR౱HVWR\SUHRFXSDGR
*LJLVHYROYLµKDFLD«ODVRPEUDGR
౱3RUTX«"
44/120
 %HSSRPLUµGXUDQWHXQWLHPSRDVXDPLJR\GLMRHQWRQFHV &XDQWR P£V SHQVDED P£V FODUR VH OH DSDUHF¯D HO SHOLJUR GH OD
౱&UHRD0RPR
౱<TX«"
౱4XLHUR GHFLU ౱VLJXLµ %HSSR౱ TXH FUHR TXH HV YHUGDG OR TXH
QRVKDFRQWDGR0RPR
౱%LHQ \ TX« P£V" ౱SUHJXQWµ *LJL TXH QR HQWHQG¯D OR TXH
%HSSRTXHU¯DGHFLU
౱6DEHV" ౱H[SOLFµ %HSSR౱ VL HV YHUGDG OR TXH 0RPR KD
FRQWDGR WHQHPRV TXH SHQVDU ELHQ OR TXH KDFHPRV 6L GH YHUGDG VH
WUDWD GH XQD WHUULEOH EDQGD GH FULPLQDOHV XQR QR VH HQ]DU]D SRU ODV
EXHQDVFRQHOORVHQWLHQGHV"6LQRVOLPLWDPRVDUHWDUORVHVRSXHGH
SRQHU HQ SHOLJUR D 0RPR < QR TXLHUR KDEODU GH QRVRWURV SHUR VL
PHWHPRV HQ HO DVXQWR D ORV QL³RV TXL]£ ORV SRQJDPRV HQ SHOLJUR D
WRGRV'HYHUGDGTXHWHQHPRVTXHSHQVDUELHQTX«KDFHPRV
౱c4X« YD ౱GLMR *LJL ULHQGR౱ c1R WH SUHRFXSHV &XDQWRV P£V
VHDPRVPHMRU
౱0H SDUHFH ౱UHVSRQGLµ %HSSR VHULR౱ TXH QR FUHHV TXH VHD
YHUGDGORTXHGLMR0RPR
౱c< TX« VLJQLILFD YHUGDG ౱FRQWHVWµ *LJL౱ 1R WLHQHV IDQWDV¯D
%HSSR7RGRHOPXQGRHVXQJUDQFXHQWR\QRVRWURVDFWXDPRVHQ«O
6¯%HSSRV¯FUHRWRGRORTXHKDFRQWDGR0RPRLJXDOTXHW¼
$HVWR%HSSRQRVXSRTX«FRQWHVWDUSHURODUHVSXHVWDGH*LJLQR
OHKDE¯DGHMDGRPHQRVSUHRFXSDGR
(QWRQFHV VH VHSDUDURQ \ FDGD XQR WRPµ XQD GLUHFFLµQ SDUD
LQIRUPDUDORVDPLJRV\DORVQL³RVGHODUHXQLµQGHOG¯DVLJXLHQWH*LJL
LEDFRQHOFRUD]µQDOHJUH%HSSRSUHRFXSDGR
'XUDQWHHVDQRFKH*LJLVR³µFRQVXIXWXUDIDPDFRPRVDOYDGRUGH
ODFLXGDG6HYH¯DYHVWLGRGHIUDFD%HSSRGHOHYLWD\D0RPRFRQXQ
YHVWLGR GH VHGD EODQFD < D ORV WUHV OHV SRQ¯DQ FROODUHV GH RUR \ OHV
GDEDQ FRURQDV GH ODXUHO 6RQDED XQD P¼VLFD PDJQ¯ILFD \ OD FLXGDG
RUJDQL]DEDHQVXKRQRUXQGHVILOHGHDQWRUFKDVWDQODUJR\PDUDYLOORVR
FRPRQRVHKDE¯DYLVWRQXQFDDQWHV
$O PLVPR WLHPSR %HSSR HVWDED HQ VX FDPD VLQ SRGHU GRUPLU
HPSUHVD(VW£FODURTXHQRGHMDU¯DTXH*LJL\0RPRFD\HUDQVRORVHQ
OD GHVJUDFLD «O ORV D\XGDU¯D SDVDUD OR TXH SDVDUD 3HUR WHQ¯D TXH
LQWHQWDUSRUORPHQRVUHWHQHUORV
$O G¯D VLJXLHQWH D ODV WUHV GH OD WDUGH ODV YLHMDV UXLQDV GHO DQILWHDWUR
UHVRQDEDQ FRQ HO SDUORWHR H[FLWDGR GH PXFKDV YRFHV
/DPHQWDEOHPHQWH QR KDE¯DQ YHQLGR ORV DPLJRV DGXOWRV DSDUWH GH
%HSSR\*LJLFODURHVW£ SHURV¯XQRVFLQFXHQWDRVHVHQWDQL³RVGH
FHUFD \ GH OHMRV SREUHV \ ULFRV ELHQ \ PDO HGXFDGRV PD\RUHV \
PHQRUHV$OJXQRVFRPRODQL³D0DU¯DOOHYDEDQDVXVKHUPDQLWRVGHOD
PDQRRHQEUD]RVTXHPLUDEDQODVRUSUHQGHQWHHVFHQDFRQRMRVPX\
DELHUWRV\FRQXQGHGRHQODERFD(VW£FODURTXHHVWDEDQDOO¯%ODQFR
3DROR\0DVVLPRPLHQWUDVTXHORVGHP£VQL³RVHUDQFDVLWRGRVGHORV
TXH KDE¯DQ LGR YLQLHQGR HQ ORV ¼OWLPRV WLHPSRV ‹VWRV FODUR VH
LQWHUHVDEDQ HVSHFLDOPHQWH SRU HO DVXQWR TXH VH LED D WUDWDU HQ
DVDPEOHD 3RU FLHUWR TXH VH KDE¯D SUHVHQWDGR WDPEL«Q HO FKLFR GH OD
UDGLRSRUW£WLODXQTXHVLQUDGLR(VWDEDVHQWDGRDOODGRGH0RPRDOD
TXH KDE¯D GLFKR DQWHV TXH QDGD TXH VH OODPDED &ODXGLR \ TXH OH
KDF¯DPXFKDLOXVLµQTXHOHGHMDUDQSDUWLFLSDU
&XDQGR SRU ILQ VH YLR TXH QR OOHJDU¯DQ P£V UHWUDVDGRV *LJL VH
OHYDQWµHLPSXVRVLOHQFLRFRQXQJUDQJHVWR/DVFRQYHUVDFLRQHV\HO
SDUORWHR FHVDURQ \ HQ HO JUDQ F¯UFXOR GH SLHGUD VH KL]R XQ VLOHQFLR
H[SHFWDQWH
౱4XHULGRV DPLJRV ౱FRPHQ]µ *LJL FRQ YR] VRQRUD౱ WRGRV
VDE«LV P£V R PHQRV GH TX« VH WUDWD (VR \D VH RV KD GLFKR HQ OD
FRQYRFDWRULDGHHVWDDVDPEOHDVHFUHWD+DVWDKR\ODFXHVWLµQHUDTXH
FDGDYH]P£VJHQWHWHQ¯DPHQRVWLHPSRDXQTXHWRGRVVHGHGLFDEDQ
DDKRUUDUWLHPSRSRUWRGRVORVPHGLRV3HURSUHFLVDPHQWHHVHWLHPSR
TXHDKRUUDEDQODJHQWHORSHUG¯D3RUTX«"c0RPRORKDGHVFXELHUWR
(O WLHPSR HV UREDGR OLWHUDOPHQWH SRU XQD EDQGD GH ODGURQHV 3DUD
GHVHQPDVFDUDU D HVD IU¯D RUJDQL]DFLµQ GHO FULPHQ QHFHVLWDPRV
45/120
SUHFLVDPHQWH YXHVWUD D\XGD 6L WRGRV HVW£LV GLVSXHVWRV D FRODERUDU
WRGD HVD PLVHULD TXH KD FD¯GR VREUH OD JHQWH VH DFDEDU£ GH JROSH
1RFUH«LVTXHPHUHFHODSHQDOXFKDU"
+L]RXQDSDXVD\ORVQL³RVDSODXGLHURQ
౱'HVSX«V GLVFXWLUHPRV ౱FRQWLQXµ *LJL౱ VREUH OR TXH KDUHPRV
3HURDQWHV0RPRKDGHFRQWDURVFµPRVHHQFRQWUµFRQXQRGHHVRV
WLSRV\FµPR«VWHVHWUDLFLRQµ
౱8Q PRPHQWR ౱GLMR OHYDQW£QGRVH HO YLHMR %HSSR౱ HVFXFKDG
XQPRPHQWRQL³RV<RPHRSRQJRDTXH0RPRKDEOH(VRQRSXHGH
VHU6L0RPRKDEODVHSRQHHQSHOLJURHOOD\WRGRVYRVRWURVಃ
౱c6¯౱JULWDURQDOJXQRVQL³RV౱c4XHKDEOH0RPR
2WURVORVDSR\DURQ\DFDEDURQJULWDQGRWRGRVDFRUR DSXQWR
౱c0RPRc0RPRc0RPR
(O YLHMR %HSSR VH VHQWµ VH TXLWµ ODV SHTXH³DV JDIDV \ VH IURWµ
FDQVDGRORVRMRV
0RPRVHOHYDQWµWUDVWRUQDGD1RVDE¯DELHQDTX«GHVHRDFFHGHU
VL DO GH %HSSR R DO GH ORV QL³RV )LQDOPHQWH FRPHQ]µ D KDEODU /RV
QL³RV HVFXFKDEDQ WHQVRV &XDQGR KXER DFDEDGR VLJXLµ XQ ODUJR
VLOHQFLR
'XUDQWH HO UHODWR GH 0RPR WRGRV KDE¯DQ FREUDGR XQ SRFR GH
PLHGR1RVHKDE¯DQLPDJLQDGRWDQWHUULEOHVDORVODGURQHVGHOWLHPSR
8QDQL³DSHTXH³DFRPHQ]µDOORUDUDJULWRVSHURSURQWRODFRQVRODURQ
౱< ELHQ" ౱SUHJXQWµ *LJL HQ PHGLR GHO VLOHQFLR౱ 4XL«Q GH
YRVRWURVVHDWUHYHDOXFKDUFRQQRVRWURVFRQWUDHVRVKRPEUHVJULVHV"
౱3RU TX« QR TXLVR %HSSR ౱SUHJXQWµ %ODQFR౱ TXH 0RPR QRV
FRQWDUDVXKLVWRULD"
౱‹O FUHH ౱H[SOLFµ *LJL PLHQWUDV VRQUH¯D DQLPDGRU౱ TXH ORV
KRPEUHV JULVHV FRQVLGHUDQ XQ HQHPLJR D WRGR DTX«O TXH FRQRFH VX
VHFUHWR SRU OR TXH OH SHUVHJXLU£Q 3HUR HVWR\ VHJXUR GH TXH HV
H[DFWDPHQWH DO UHY«V TXH WRGR DTXHO TXH FRQRFH VX VHFUHWR HVW£
LQPXQL]DGRFRQWUDHOORV\TXH\DQROHSXHGHQKDFHUQDGD(VWRHVW£
FODURUHFRQµFHOR%HSSR
3HUR«VWHVµORPRYLµODFDEH]D
/RVQL³RVFDOODURQ
౱8QD FRVD HVW£ FODUD ౱YROYLµ D WRPDU OD SDODEUD *LJL౱ $KRUD
WHQHPRV TXH PDQWHQHUQRV XQLGRV SDVH OR TXH SDVH 7HQHPRV TXH
WHQHUFXLGDGRSHURVLQSHUPLWLUTXHQRVGHQPLHGR3RUHVRRVYXHOYR
DSUHJXQWDU4XL«QTXLHUHXQLUVHDQRVRWURV"
౱c<R౱JULWµ&ODXGLROHYDQW£QGRVH(VWDEDXQSRFRS£OLGR
8QRV SRFRV VLJXLHURQ VX HMHPSOR W¯PLGDPHQWH GHVSX«V RWURV \
P£V\P£VKDVWDTXHDOILQDOVHSUHVHQWDURQWRGRV
౱<ELHQ%HSSR౱GLMR*LJLVH³DODQGRDORVQL³RV౱TX«GLFHVD
HVWR"
౱(VW£ ELHQ ౱GLMR %HSSR \ DVLQWLµ FRQ WULVWH]D౱ \R WDPEL«Q PH
౱$V¯ TXH ౱*LJL VH YROYLµ GH QXHYR D ORV QL³RV౱ DKRUD
GLVFXWLUHPRVORTXHWHQHPRVTXHKDFHU4XL«QWLHQHXQDLGHD"
7RGRVSHQVDURQ3RUILQSUHJXQWµ3DRORHOQL³RGHODVJDIDV
౱3HUR FµPR OR KDFHQ" 4XLHUR GHFLU FµPR VH SXHGH UREDU HO
WLHPSRGHYHUGDG"&µPRVHKDFHHVWR"
౱6¯౱JULWµ&ODXGLR౱TX«HVHOWLHPSR"
(Q HO RWUR ODGR GHO UXHGR GH SLHGUD VH OHYDQWµ 0DU¯D FRQ VX
KHUPDQLWR'HG«\GLMR
౱$FDVR VHD DOJR DV¯ FRPR ORV £WRPRV ‹VWRV WDPEL«Q SXHGHQ
DSXQWDUODVLGHDVTXHVµORHVW£QHQODFDEH]DGHXQR/RKHYLVWRSRU
WHOHYLVLµQ+R\KD\HVSHFLDOLVWDVSDUDWRGR
౱7HQJRXQDLGHD౱JULWµHOJRUGR0DVVLPRFRQVXYR]GHQL³D౱
&XDQGR VH WRPDQ LP£JHQHV FRQ XQD ILOPDGRUD WRGR TXHGD HQ OD
SHO¯FXOD < HQ ODV FLQWDV PDJQHWRIµQLFDV WDPEL«Q WRGR TXHGD HQ OD
FLQWD 3XHGH TXH WHQJDQ XQ DSDUDWR FRQ HO TXH VH SXHGH UHJLVWUDU HO
WLHPSR 6L VXSL«UDPRV GµQGH HVW£ JUDEDGR VLPSOHPHQWH SRGU¯DPRV
SDVDUGHQXHYRHOWLHPSR\YROYHU¯DDHVWDU
౱(Q FXDOTXLHU FDVR ౱GLMR 3DROR HPSXM£QGRVH ODV JDIDV QDUL]
DUULED౱WHQHPRVTXHHQFRQWUDUHQSULPHUOXJDUXQFLHQW¯ILFRTXHQRV
D\XGH6LQRQRSRGHPRVKDFHUQDGD
౱c<DQRVVDOHVW¼FRQWXVFLHQW¯ILFRV౱JULWµ%ODQFR౱'H«VRVQR
46/120
VH SXHGH ILDU QDGLH 6XSRQWH TXH HQFRQWUDPRV XQR TXH VDEH GH TX« DQILWHDWUR D WRGD OD FLXGDG SDUD H[SOLF£UVHOR WRGR /D JHQWH VH
YDODFRVDFµPRVDEU£VTXHQRWUDEDMDFRQORVODGURQHVGHWLHPSR" HQWXVLDVPDU£ 9HQGU£Q DTX¯ D PLOHV < FXDQGR VH KD\D UHXQLGR DTX¯
(QWRQFHVV¯TXHHVWDU¯DPRVIDVWLGLDGRV XQDPXOWLWXGLQFUH¯EOHGHVYHODUHPRVHOWHUULEOHVHFUHWR<HQWRQFHVHO
‹VWHHUDXQDUJXPHQWRGHSHVR PXQGR FDPELDU£ GH JROSH <D QR OH SRGU£Q UREDU HO WLHPSR D QDGLH
(QWRQFHV VH OHYDQWµ XQD QL³D D OD TXH VH YH¯D TXH HVWDED ELHQ &DGD XQR WHQGU£ WDQWR WLHPSR FRPR TXLHUD SRUTXH YROYHU£ D KDEHU
HGXFDGDTXHGLMR EDVWDQWH<HVRPLVTXHULGRVDPLJRVORSRGHPRVKDFHUWRGRVMXQWRV
౱<VLVHORFRQWDPRVWRGRDODSROLF¯D" VLTXHUHPRV4XHUHPRV"
౱c/RTXHQRVIDOWDED౱SURWHVWµ%ODQFR౱4X«SXHGHKDFHUOD /DUHVSXHVWDIXHXQXQ£QLPHJULWRGHM¼ELOR
SROLF¯D" 6L «VRV QR VRQ ODGURQHV FRUULHQWHV 2 ELHQ OD SROLF¯D KDFH ౱&RPSUXHER SXHV ౱FRQFOX\µ *LJL VX GLVFXUVR౱ TXH KHPRV
WLHPSR TXH HVW£ HQWHUDGD GHO DVXQWR \ QR SXHGH KDFHU QDGD R ELHQ GHFLGLGR SRU XQDQLPLGDG LQYLWDU D WRGD OD FLXGDG DO DQILWHDWUR HO
WRGDY¯DQRVHKDGDGRFXHQWDGHQDGD\HQWRQFHVQRPHUHFHODSHQD SUµ[LPRGRPLQJRSRUODWDUGH3HURKDVWDHQWRQFHVQXHVWURSODQGHEH
GHFLUOHQDGD‹VWDHVPLRSLQLµQ TXHGDU HQ HO P£V HVWULFWR VHFUHWR HQWHQGLGR" < DKRUD DPLJRV
/HVLJXLµXQVLOHQFLRGHGHVDVRVLHJR cPDQRVDODREUD
౱3HURWHQHPRVTXHKDFHUXQDFRVDXRWUD౱GLMR3DRORDOILQ౱< 'XUDQWH HVWH G¯D \ ORV VLJXLHQWHV UHLQµ XQD IHEULO DFWLYLGDG HQ ODV
OR DQWHV SRVLEOH DQWHV GH TXH ORV ODGURQHV GH WLHPSR VH HQWHUHQ GH YLHMDVUXLQDV6HWUDMR PHMRUQRSUHJXQWHPRVFµPRQLGHGµQGH SDSHO
QXHVWUDFRQMXUD \WDUURVGHSLQWXUD\SLQFHOHV\FROD\WDEORQHV\FDUWµQ\WRGRORGHP£V
(QWRQFHVVHOHYDQWµ*LJL&LFHURQH TXHQHFHVLWDEDQ<PLHQWUDVORVXQRVIDEULFDEDQSDQFDUWDV\FDUWHOHV
౱4XHULGRV DPLJRV ౱FRPHQ]µ౱ KH SHQVDGR D IRQGR WRGD OD ORV RWURV TXH VDE¯DQ HVFULELU ELHQ VH SHQVDEDQ IUDVHV LPSRQHQWHV \
FXHVWLµQ+HFRQFHELGR\GHVHFKDGRFLHQWRVGHSODQHVKDVWDTXHSRU ODVSLQWDEDQHQHOORV
ILQ KH HQFRQWUDGR XQR TXH QRV OOHYDU£ FRQ VHJXULGDG D QXHVWUR
REMHWLYRc6LWRGRVRVDSXQW£LV6µORTXHDQWHVTXHU¯DHVFXFKDUSRUVL
DOJXQRGHYRVRWURVWHQ¯DXQSODQPHMRU$V¯TXHRVYR\DGHFLUORTXH
YDPRVDKDFHU
+L]R XQD SDXVD \ PLUµ OHQWDPHQWH D VX DOUHGHGRU 0£V GH
FLQFXHQWDFDUDVGHQL³RVHVWDEDQGLULJLGDVD«O+DF¯DPXFKRTXHQR
WHQ¯DWDQWRVR\HQWHV
౱(O SRGHU GH ORV KRPEUHV JULVHV ౱FRQWLQXµ౱ FRQVLVWH FRPR
YRVRWURV VDE«LV DKRUD HQ SDVDU GHVDSHUFLELGRV \ SRGHU WUDEDMDU HQ
VHFUHWR$V¯TXHHOPRGRP£VVHQFLOOR\HILFD]GHDQLTXLODUORVHVTXHOD
JHQWH VHSD OD YHUGDG VREUH HOORV < FµPR FRQVHJXLU HVWR"
2UJDQL]DUHPRV XQD JUDQ PDQLIHVWDFLµQ GH QL³RV 3LQWDUHPRV
SDQFDUWDV \ FDUWHOHV H LUHPRV FRQ HOODV SRU WRGDV ODV FDOOHV $V¯
DWUDHUHPRV OD DWHQFLµQ VREUH QRVRWURV ( LQYLWDUHPRV DTX¯ DO

47/120
 2¯GWRGRVTX«GHFLPRV
QRRVGHM«LVHQJD³DUP£V
HOGRPLQJRDODVWUHV
QRVH£LVWRQWRVDFXGLG

&ODURTXHODFDQFLµQWHQ¯DP£VHVWURIDVYHLQWLRFKRHQWRWDOSHURQR
KDFHIDOWDSRQHUODVDTX¯WRGDV
8Q SDU GH YHFHV LQWHUYLQR OD SROLF¯D \ GLVROYLµ D ORV QL³RV FXDQGR
HQWRUSHF¯DQ HO WU£ILFR 3HUR ORV QL³RV QR VH DVXVWDEDQ 9ROY¯DQ D
UHXQLUVH HQ RWUR VLWLR \ HPSH]DEDQ GH QXHYR 3RU OR GHP£V QR SDVµ
QDGD\DSHVDUGHWRGDVXDWHQFLµQQRSXGLHURQYHUDQLQJXQRGHORV
KRPEUHVJULVHV
3HUR PXFKRV RWURV QL³RV TXH YLHURQ OD PDQLIHVWDFLµQ \ TXH KDVWD
HQWRQFHVQRKDE¯DQVDELGRQDGDGHODVXQWRVHXQLHURQDHOODGHPRGR
TXH GHVSX«V IXHURQ PXFKRV FLHQWRV \ DO ILQDO P£V GH PLO 3RU WRGRV
ODGRVGHODFLXGDGORVQL³RVLEDQSRUODFDOOHHQODUJDVSURFHVLRQHVH
LQYLWDEDQDORVDGXOWRVDODDVDPEOHDTXHFDPELDU¯DHOPXQGR

6H WUDWDED GH IUDVHV TXH GHF¯DQ SRU HMHPSOR OR TXH HVDV
SDQFDUWDV
<HQWRGDVHOODVSRQ¯DDGHP£VHOOXJDU\ODIHFKDGHODLQYLWDFLµQ
&XDQGRWRGRHVWXYROLVWRORVQL³RVVHGLVSXVLHURQHQHODQILWHDWUR
FRQ*LJL%HSSR\0RPRDODFDEH]D\IXHURQHQXQODUJRGHVILOHKDFLD
ODFLXGDGFRQVXVFDUWHOHV\SDQFDUWDV$OPLVPRWLHPSRKDF¯DQUXLGR
FRQSODQFKDVGHKRMDODWD\VLOEDWRVUHFLWDEDQVXVIUDVHV\FDQWDEDQOD
VLJXLHQWHFDQFLµQTXH*LJLKDE¯DFRPSXHVWRH[SUHVDPHQWHSDUDHVWD
RFDVLµQ

2¯GWRGRVTX«GHFLPRV
FDVLHVWDUGHYLJLODG
TXHRVUREDQYXHVWURWLHPSR
QRVH£LVWRQWRVGHVSHUWDG

48/120

8QDEXHQDDVDPEOHDTXHQR
WLHQHOXJDU\XQDPDOD
DVDPEOHDTXHV¯WLHQHOXJDU
/
DJUDQKRUDKDE¯DSDVDGR
+DE¯D SDVDGR \ QR KDE¯D YHQLGR QLQJXQR GH ORV LQYLWDGRV
3UHFLVDPHQWH DTXHOORV DGXOWRV D TXLHQHV P£V LPSRUWDED
DSHQDVVHKDE¯DQGDGRFXHQWDGHODPDQLIHVWDFLµQGHORVQL³RV
$V¯TXHWRGRKDE¯DVLGRHQYDQR
(OVRO\DVHDFHUFDEDDOKRUL]RQWH\VHSRQ¯DJUDQGH\URMRHQXQ
PDU GH QXEHV 6XV UD\RV VµOR UR]DEDQ ORV HVFDORQHV VXSHULRUHV GHO
YLHMRDQILWHDWURHQHOTXHORVQL³RVVHQWDGRVHVSHUDEDQGHVGHKDF¯D
KRUDV1RVHR¯D\DQLQJXQDFKDUOD7RGRVHVWDEDQWULVWHV\FDOODGRV
/DVVRPEUDVVHDODUJDEDQFRQUDSLGH]SURQWRVHU¯DGHQRFKH/RV
QL³RV HPSH]DEDQ D WLULWDU SRUTXH KDF¯D IUHVFR 8QD FDPSDQD D OR
OHMRV VRQµ RFKR YHFHV <D QR FDE¯D GXGD GH TXH WRGR KDE¯D VLGR XQ
JUDQIUDFDVR
/RVSULPHURVQL³RVVHOHYDQWDURQ\VHIXHURQHQVLOHQFLRRWURVORV
VLJXLHURQ 1DGLH GHF¯D XQD SDODEUD /D GHFHSFLµQ HUD GHPDVLDGR
JUDQGH
)LQDOPHQWH3DRORVHDFHUFµD0RPR\OHGLMR VDOLGR WDQ ELHQ FRPR HVSHU£EDPRV 'H WRGRV PRGRV QRV KHPRV
౱1R YDOH OD SHQD VHJXLU HVSHUDQGR 0RPR <D QR YHQGU£ QDGLH
%XHQDVQRFKHV0RPR
<VHIXH
(QWRQFHVVHDFHUFµDHOOD%ODQFR\OHGLMR
౱1RKD\QDGDTXHKDFHU1RSRGHPRVFRQWDU\DFRQORVDGXOWRV
\DORKHPRVYLVWR<RVLHPSUHKDE¯DGHVFRQILDGRXQWDQWRSHURDKRUD
QRTXLHURVDEHUQDGDP£VGHHOORV
7DPEL«Q VH IXH \ RWURV OH VLJXLHURQ 3RU ILQ FXDQGR \D VH KL]R
RVFXURKDVWDORV¼OWLPRVQL³RVSHUGLHURQODHVSHUDQ]D\VHPDUFKDURQ
0RPRVHTXHGµVRODFRQ%HSSR\*LJL
$OFDERGHXQUDWRVHOHYDQWµWDPEL«QHOYLHMREDUUHQGHUR
౱7DPEL«QWHYDV"౱SUHJXQWµ0RPR
౱7HQJRTXHLUPH౱FRQWHVWµ%HSSR౱WHQJRKRUDVH[WUDV
౱'HQRFKH"
౱6¯ FRPR FRVD H[FHSFLRQDO QRV HQY¯DQ D GHVFDUJDU EDVXUD
7HQJRTXHLUDOO¯
౱3HURVLHVGRPLQJR<DGHP£VQXQFDDQWHVWHKDQKHFKRKDFHU
HVR
౱1R SHUR DKRUD QRV PDQGDQ KDFHUOR H[FHSFLRQDOPHQWH GLFHQ
3RUTXHVLQRQRFRQVLJXHQDFDEDU)DOWDGHSHUVRQDO\WRGRHVR
౱/£VWLPD౱GLMR0RPR౱KR\PHKDEU¯DJXVWDGRTXHWHTXHGDUDV
FRQPLJR
౱$ P¯ WDPSRFR PH JXVWD WHQHU TXH LUPH DKRUD ౱GLMR %HSSR౱
+DVWDPD³DQD
0RQWµHQVXELFLFOHWDFKLUULDQWH\GHVDSDUHFLµHQODRVFXULGDG
*LJL VLOEDED XQD PHORG¯D PHODQFµOLFD 6DE¯D VLOEDU PX\ ELHQ \
0RPROHHVFXFKDED3HURGHUHSHQWHVHLQWHUUXPSLµ
౱c6L \R WDPEL«Q WHQJR TXH LUPH ౱GLMR౱ +R\ HV GRPLQJR \
WHQJRTXHKDFHUGHYLJLODQWHQRFWXUQR7HKDE¯DGLFKR\DTXH«VWDHV
PL¼OWLPDSURIHVLµQ"&DVLPHKDE¯DROYLGDGR
0RPROHPLUµFRQORVRMRVPX\DELHUWRV\QRGLMRQDGD
౱1R HVW«V WULVWH ౱FRQWLQXµ *LJL౱ SRUTXH QXHVWUR SODQ QR KD\D
49/120
GLYHUWLGR+DVLGRHVWXSHQGR
&RPR 0RPR VHJX¯D FDOODQGR OH DFDULFLµ FRQVRODGRU HO FDEHOOR \
D³DGLµ YDPRVDFDVD9LHQHV"
౱1RWHHQWULVWH]FDVWDQWR0RPR0D³DQDWRGRSDUHFHU£GLIHUHQWH
1RVLQYHQWDUHPRVDOJRQXHYRRWUDKLVWRULDYDOH"
౱(VRQRHUDXQDKLVWRULD౱GLMR0RPRHQYR]EDMD
*LJLVHOHYDQWµ
౱<DWHHQWLHQGRSHURPD³DQDVHJXLUHPRVKDEODQGRGHHOORGH
DFXHUGR" $KRUD WHQJR TXH LUPH \D VH PH KDFH WDUGH 7¼ GHEHU¯DV
DFRVWDUWH\D
<VHIXHPLHQWUDVVLOEDEDVXFDQFLµQPHODQFµOLFD
$V¯TXH0RPRVHTXHGµVRODHQHOJUDQUXHGRGHSLHGUD/DQRFKH
FDUHF¯DGHHVWUHOODV(OFLHORVHKDE¯DFXELHUWRGHQXEHV6HOHYDQWµXQ
YLHQWR FXULRVR 1R HUD IXHUWH SHUR LQFHVDQWH \ GH XQD IULDOGDG
VRUSUHQGHQWH6HSRGU¯DGHFLUTXHHUDXQIU¯RFHQLFLHQWR
$OO£ OHMRV GHODQWH GH OD JUDQ FLXGDG VH DO]DEDQ ORV JUDQGHV
YHUWHGHURV (UDQ YHUGDGHUDV PRQWD³DV GH FHQL]D FDVFRWHV ODWDV
FROFKRQHV YLHMRV UHVLGXRV GH SO£VWLFR FDMDV GH FDUWµQ \ WRGDV ODV
RWUDVFRVDVTXHFDGDG¯DVHWLUDQHQXQDJUDQFLXGDG\TXHHVSHUDEDQ
DTX¯GHVDSDUHFHUGHQWURGHORVJUDQGHVKRUQRVGHEDVXUDV
+DVWD ELHQ HQWUDGD OD QRFKH D\XGµ %HSSR MXQWR FRQ VXV
FRPSD³HURV D VDFDU D SDOHWDGDV OD EDVXUD GH ORV FDPLRQHV TXH
HVSHUDEDQ HQ XQD ODUJD ILOD FRQ ORV IRFRV HQFHQGLGRV D TXH ORV
GHVFDUJDUDQ &XDQWRV P£V YDFLDEDQ P£V VH D³DG¯DQ D OD FROD GH
HVSHUD
౱c'DRV SULVD ౱JULWDEDQ WRGR HO UDWR౱ c9DPRV YDPRV 2 QR
DFDEDUHPRVQXQFD
%HSSR KDE¯D SDOHWHDGR \ SDOHWHDGR KDVWD TXH OD FDPLVD VH OH
TXHGµSHJDGDDOFXHUSR+DFLDPHGLDQRFKHKDE¯DQDFDEDGR
&RPR%HSSR\DHUDYLHMR\QRGHPDVLDGRIXHUWHHVWDEDVHQWDGR
DJRWDGR \ VXGRURVR HQ XQD YLHMD ED³HUD DJXMHUHDGD \ YROFDGD
LQWHQWDQGRUHFXSHUDUHODOLHQWR
౱c(K %HSSR ౱JULWµ XQR GH VXV FRPSD³HURV౱ 1RVRWURV QRV
౱c8Q PRPHQWR ౱JULWµ %HSSR SRQL«QGRVH OD PDQR VREUH HO
FRUD]µQTXHOHGRO¯D
౱1RHVW£VELHQYLHMR"౱SUHJXQWµRWUR
౱(VWR\ ELHQ ౱UHVSRQGLµ %HSSR౱ PDUFKDRV <R PH TXHGR XQ
UDWLWRGHVFDQVDQGR
౱'HDFXHUGR౱GLMHURQORVGHP£V౱cEXHQDVQRFKHV
<VHIXHURQ6HKL]RHOVLOHQFLR6µORODVUDWDVFRUUHWHDEDQSRUORV
HVFRPEURV \ VLOEDEDQ GH YH] HQ FXDQGR %HSSR VH GXUPLµ FRQ OD
FDEH]DDSR\DGDHQORVEUD]RV
1R VDE¯D FX£QWR WLHPSR KDE¯D GRUPLGR FXDQGR GH UHSHQWH OH
GHVSHUWµ XQ JROSH GH DLUH IU¯R 0LUµ D VX DOUHGHGRU \ TXHGµ DO
LQVWDQWHWRWDOPHQWHGHVSHMDGR
(Q WRGD OD JLJDQWHVFD PRQWD³D GH HVFRPEURV KDE¯D KRPEUHV
JULVHVYHVWLGRVFRQHOHJDQWHVWUDMHVJULVHVERPELQHVJULVHVVREUHOD
FDEH]DFDUWHUDVJULVSORPRHQODVPDQRV\SHTXH³RVFLJDUURVJULVHV
HQWUHORVODELRV7RGRVFDOODEDQ\PLUDEDQILMDPHQWHDOSXQWRP£VDOWR
GHO YHUWHGHUR GRQGH VH KDE¯D PRQWDGR XQD HVSHFLH GH WULEXQDO OR
IRUPDEDQWUHVVH³RUHVTXHQRVHGLVWLQJX¯DQHQQDGDGHORVGHP£V
'XUDQWH HO SULPHU PRPHQWR %HSSR WXYR PLHGR 7HP¯D VHU
GHVFXELHUWR 1R OH SHUPLWLU¯DQ HVWDU DTX¯ HVR HVWDED FODUR VLQ TXH
WXYLHUDTXHSHQVDUPXFKRVREUHHOOR3HURSURQWRVHGLRFXHQWDGHTXH
ORVKRPEUHVPLUDEDQFRPRHPEUXMDGRVKDFLDODPHVD3RG¯DVHUTXH
QL VLTXLHUD OH YLHUDQ DXQTXH WDPEL«Q HUD SRVLEOH TXH OR WRPDUDQ SRU
DOJXQD SLH]D GH EDVXUD WLUDGD 'H FXDOTXLHU PRGR %HSSR GHFLGLµ
TXHGDUVHELHQTXLHWHFLWR
౱c3UHV«QWHVHDQWHHODOWRWULEXQDOHODJHQWH%/:F౱VHR\µ
HQPHGLRGHOVLOHQFLRODYR]WRQDQWHGHOKRPEUHTXHRFXSDEDHOOXJDU
FHQWUDOHQODPHVD
/DOODPDGDVHUHSLWLµP£VDEDMR\UHVRQµGHQXHYRFRPRXQHFR
SRU HO RWUR ODGR (QWRQFHV VH DEULµ XQ FDOOHMµQ HQWUH OD PXOWLWXG \ XQ
50/120
KRPEUH JULV VXELµ OHQWDPHQWH KDFLD OD FLPD GHO YHUWHGHUR /R ¼QLFR
TXHOHGLVWLQJX¯DGHORVGHP£VHUDTXHHOFRORUFHQLFLHQWRGHVXFDUD
HUDFDVLEODQFR
)LQDOPHQWHVHGHWXYRDQWHODPHVDGHOWULEXQDO
౱(VXVWHGHODJHQWH%/:F"౱OHSUHJXQWµHOGHHQPHGLR
౱6¯VH³RU
౱'HVGHFX£QGRWUDEDMDXVWHGSDUDODFDMDGHDKRUURVGHWLHPSR"
౱'HVGHPLRULJHQ
౱(VRVHVREUHHQWLHQGH*X£UGHVHHVDVREVHUYDFLRQHVVXSHUIOXDV
&X£QGRIXH"
౱+DFHRQFHD³RVWUHVPHVHVVHLVG¯DVRFKRKRUDVWUHLQWD\GRV
PLQXWRV\DKRUDH[DFWDPHQWHGLHFLRFKRVHJXQGRV
$XQTXHHVWHGL£ORJRVHOOHYDEDHQYR]EDMD\DGHP£VWHQ¯DOXJDU
EDVWDQWHOHMRVHOYLHMR%HSSRSRG¯DHQWHQGHUORSDODEUDSRUSDODEUD
౱6DEHXVWHG౱SURVLJXLµHOLQWHUURJDWRULRHOKRPEUHGHHQPHGLR
౱TXHKD\HQHVWDFLXGDGXQQ¼PHURQRGHVGH³DEOHGHQL³RVTXHKR\
KDQ SDVHDGR SRU WRGD OD FLXGDG FDUWHOHV \ SDQFDUWDV \ TXH HQFLPD
WHQ¯DQHOWHUULEOHSODQGHLQYLWDUDWRGDODFLXGDGSDUDLQIRUPDUODDFHUFD
GHQRVRWURV"
౱/RV«౱UHVSRQGLµHODJHQWH
౱&µPRVHH[SOLFDXVWHG౱VLJXLµLPSHUW«UULWRHOMXH]౱TXHHVRV
QL³RVWXYLHUDQQRWLFLDGHQRVRWURV\QXHVWUDVDFWLYLGDGHV"
౱1R PH OR H[SOLFR ౱FRQWHVWµ HO DJHQWH౱ 3HUR VL SXHGR
SHUPLWLUPH XQD REVHUYDFLµQ D HVWH UHVSHFWR TXLVLHUD UHFRPHQGDU DO
DOWRWULEXQDOTXHQRVHWRPDUDGHPDVLDGRHQVHULRWRGRHODVXQWR8QD
QL³HU¯DVLQLPSRUWDQFLDQDGDP£V$GHP£VUXHJRDODOWRWULEXQDOTXH
WHQJD HQ FXHQWD TXH QR QRV KD FRVWDGR QDGD LPSHGLU OD DVDPEOHD
SUHYLVWD DO QR GHMDUOHV WLHPSR D ORV DGXOWRV 3HUR DXQ FXDQGR QR OR
KXEL«UDPRV FRQVHJXLGR ORV QL³RV QR KDEU¯DQ SRGLGR FRQWDU P£V TXH
XQDLQVLJQLILFDQWHKLVWRULDGHODGURQHV(QPLRSLQLµQSRGU¯DPRVKDEHU
SHUPLWLGRTXHODDVDPEOHDVHFHOHEUDUDSDUDDV¯ಃ
౱c$FXVDGR౱OHLQWHUUXPSLµFRQVHYHULGDGHOKRPEUHGHHQPHGLR
౱6HKDGDGRFXHQWDGHGµQGHVHHQFXHQWUD"
(ODJHQWHVHHQFRUYµXQWDQWR
౱6¯VH³RU౱GLMRFRQXQKLORGHYR]
౱1R VH HQFXHQWUD DQWH XQ WULEXQDO KXPDQR ౱FRQWLQXµ HO MXH]౱
VLQR DQWH XQ WULEXQDO GH VXV VHPHMDQWHV 6DEH H[DFWDPHQWH TXH D
QRVRWURVQRSXHGHPHQWLUQRV3RUTX«ORLQWHQWD"
౱(VXQDಃGHIRUPDFLµQSURIHVLRQDO౱WDUWDPXGHµHODFXVDGR
౱/D LPSRUWDQFLD TXH VH OH KD GH GDU D OD PDQLIHVWDFLµQ GH ORV
QL³RV ౱GLMR HO MXH]౱ KDU£ HO IDYRU GH GHMDU TXH OD GHWHUPLQH OD
SUHVLGHQFLD 3HUR LQFOXVR XVWHG DFXVDGR VDEH TXH QDGLH UHVXOWD WDQ
SHOLJURVRSDUDQXHVWURWUDEDMRFRPRORVQL³RV
౱/RV«౱FRQILUPµWHQXHPHQWHHODFXVDGR
౱/RV QL³RV ౱H[SOLFµ HO MXH]౱ VRQ QXHVWURV HQHPLJRV QDWXUDOHV
6L QR H[LVWLHUDQ KDFH WLHPSR TXH OD +XPDQLGDG HVWDU¯D HQ QXHVWUDV
PDQRV /RV QL³RV VRQ PXFKR P£V GLI¯FLOHV GH HPSXMDU DO DKRUUR GH
WLHPSRTXHWRGRVORVGHP£VKRPEUHV3RUHVRXQDGHQXHVWUDVOH\HV
P£VVHYHUDVGLFHDORVQL³RVOHVWRFDDOILQDO&RQRF¯DXVWHGHVDOH\
DFXVDGR"
౱0X\ELHQDOWRWULEXQDO౱VXVXUUµ«VWH
౱1R REVWDQWH WHQHPRV SUXHEDV LUUHIXWDEOHV ౱FRQWLQXµ HO MXH]౱
GHTXHXQRGHQRVRWURVUHSLWR౹XQRGHQRVRWURV౺KDKDEODGRFRQXQ
QL³R\HQFLPDOHKDGLFKRODYHUGDGDFHUFDGHQRVRWURV6DEHXVWHG
DFXVDGRTXL«QIXHHVH౹XQRGHQRVRWURV౺"
౱)XL\R౱UHSXVRGHVWUR]DGRHODJHQWH%/:F
౱<SRUTX«KDFRQWUDYHQLGRQXHVWUDP£VVHYHUDOH\"౱LQWHUURJµ
HOMXH]
౱3RUTXH HVD QL³D ౱VH GHIHQGLµ HO DFXVDGR౱ HQWRUSHF¯D
HQRUPHPHQWH QXHVWUD ODERU FRQ OD JHQWH SRU VX LQIOXHQFLD VREUH ODV
SHUVRQDV +H DFWXDGR FRQ OD PHMRU LQWHQFLµQ GH FDUD D OD FDMD GH
DKRUURVGHWLHPSR
౱6XV LQWHQFLRQHV QR QRV LPSRUWDQ ౱UHSXVR HO MXH]౱ 6µOR QRV
LPSRUWDQORVUHVXOWDGRV<ORVUHVXOWDGRVREWHQLGRVSRUXVWHGHQHVWH
FDVR DFXVDGR QR VLJQLILFDQ QLQJXQD JDQDQFLD GH WLHPSR SDUD
QRVRWURV VLQR TXH DGHP£V KD WUDLFLRQDGR DQWH HVD QL³D DOJXQRV GH
51/120
QXHVWURVP£VLPSRUWDQWHVVHFUHWRV/RFRQILHVDDFXVDGR"
౱/RFRQILHVR౱VXVXUUµHODJHQWHFDEL]EDMR
౱$V¯SXHVVHUHFRQRFHFXOSDEOH"
౱6¯SHURUXHJRTXHHODOWRWULEXQDOFRQVLGHUHFRPRFLUFXQVWDQFLD
DWHQXDQWHTXHTXHG«OLWHUDOPHQWHHPEUXMDGR3RUHOPRGRHQTXHHVD
QL³D PH HVFXFKDED PH IXH VRQVDFDQGR WRGR 1L \R PLVPR SXHGR
H[SOLFDUPHFµPRSXGRRFXUULUSHURMXURTXHDV¯IXH
౱6XVH[FXVDVQRPHLQWHUHVDQ1RDFHSWDPRVODVFLUFXQVWDQFLDV
DWHQXDQWHV 1XHVWUD OH\ HV LQWUDQVLJHQWH \ QR SHUPLWH QLQJXQD
H[FHSFLµQ'HWRGRVPRGRVQRVRFXSDUHPRVDWHQWDPHQWHGHHVDQL³D
WDQQRWDEOH&µPRVHOODPD"
౱0RPR
౱9LYHHQಃ"
౱/DVUXLQDVGHODQILWHDWUR
౱(VW£ ELHQ ౱UHSXVR HO MXH] TXH KDE¯D DSXQWDGR WRGR HQ VX
OLEUHWLWDGHQRWDV౱3XHGHXVWHGHVWDUVHJXURDFXVDGRTXHHVDQL³D
QR YROYHU£ D PROHVWDUQRV 1RV RFXSDUHPRV GH HOOR FRQ WRGRV ORV
PHGLRV D QXHVWUR DOFDQFH 4XH HVWR OH VLUYD GH FRQVXHOR PLHQWUDV
SDVDPRVGHLQPHGLDWRDODHMHFXFLµQGHODVHQWHQFLD
(ODFXVDGRFRPHQ]µDWHPEODU
౱&X£OHVODVHQWHQFLD"౱VXVXUUµ
/RV WUHV KRPEUHV GH GHWU£V GH OD PHVD MXQWDURQ ODV FDEH]DV
PXUPXUDURQDOJR\DVLQWLHURQ
(QWRQFHV HO TXH HVWDED HQ PHGLR VH YROYLµ KDFLD HO DFXVDGR \
SURFODPµ ౱+RODTXL«QHUHVW¼"౱SUHJXQWµHQYR]EDMD౱(VPX\DPDEOH
౱3RU XQDQLPLGDG OD VHQWHQFLD FRQWUD HO DJHQWH %/:F HV HO
DFXVDGR KD VLGR KDOODGR FXOSDEOH GH DOWD WUDLFLµQ +D FRQIHVDGR VX
FXOSD1XHVWUDOH\SUHVFULEHTXHFRPRFDVWLJROHVHDFRQILVFDGRGH
LQPHGLDWRWRGRVXWLHPSR
౱c3LHGDGc3LHGDG౱JULWµHODFXVDGR
3HUR GRV KRPEUHV JULVHV TXH HVWDEDQ D VX ODGR \D OH KDE¯DQ
DUUDQFDGRODFDUWHUDSORPL]D\HOSHTXH³RFLJDUUR
(QWRQFHVRFXUULµDOJRVRUSUHQGHQWH(QHOPLVPRPRPHQWRHQTXH
HO DFXVDGR VH YLR VLQ FLJDUUR FRPHQ]µ D YROYHUVH P£V \ P£V
WUDQVSDUHQWH 7DPEL«Q VXV JULWRV VH YROYLHURQ P£V DSDJDGRV $K¯
HVWDED WDS£QGRVH OD FDUD FRQ ODV PDQRV PLHQWUDV VH GLVROY¯D
OLWHUDOPHQWHHQODQDGD$OILQDOHUDFRPRVLHOYLHQWRKLFLHUDUHYRORWHDU
VXVFHQL]DVKDVWDTXHWDPEL«Q«VWDVGHVDSDUHFLHURQ
/RVKRPEUHVJULVHVVHIXHURQHQVLOHQFLR/RVTXHKDE¯DQPLUDGROD
HVFHQD\ORVTXHKDE¯DQMX]JDGR6HORVWUDJµODRVFXULGDG\VµOR HO
YLHQWRJULVVLOEDEDVREUHHOYHUWHGHURGHVLHUWR
%HSSR %DUUHQGHUR VHJX¯D VHQWDGR LQPµYLO HQ VX OXJDU \ PLUDED
KDFLDHOVLWLRGRQGHKDE¯DGHVDSDUHFLGRHODFXVDGR/HSDUHF¯DTXHVH
KDE¯D FRQJHODGR \ FRPHQ]DED D GHVKHODUVH HQ HVH PRPHQWR $KRUD
VDE¯DSRUH[SHULHQFLDSURSLDTXHORVKRPEUHVJULVHVH[LVW¯DQ
+DFLDODPLVPDKRUD HOFDPSDQDULROHMDQRKDE¯DWRFDGRODVGRFH OD
SHTXH³D 0RPR VHJX¯D VHQWDGD HQ ORV HVFDORQHV GH SLHGUD GH ODV
UXLQDV (VSHUDED 1R KDEU¯D SRGLGR GHFLU TX« 3HUR GH DOJ¼Q PRGR
VHQW¯D TXH GHE¯D HVSHUDU 'H PRGR TXH KDVWD HQWRQFHV QR KDE¯D
SRGLGRGHFLGLUVHDDFRVWDUVH'HUHSHQWHVLQWLµTXHDOJRWRFDEDVXSLH
GHVFDO]R 6H LQFOLQµ KDFLD GHODQWH SRUTXH HUD PX\ RVFXUR \ YLR XQD
JUDQ WRUWXJD TXH OD PLUDED FRQ OD FDEH]D OHYDQWDGD \ XQD ERFD
H[WUD³DPHQWHVRQULHQWH6XVLQWHOLJHQWHVRMRVQHJURVEULOODEDQFRQWDO
DPDELOLGDGFRPRVLGHXQPRPHQWRDRWURIXHUDDFRPHQ]DUDKDEODU
0RPRVHLQFOLQµKDFLDHOOD\OHUDVFµODEDUELOOD
TXHW¼SRUORPHQRVYHQJDVDYLVLWDUPHWRUWXJD4X«TXLHUHV"
0RPRQRVDE¯DVLHVTXHDOSULQFLSLRQRVHKDE¯DGDGRFXHQWDRVL
QRHPSH]DEDDKDFHUVHYLVLEOHKDVWDDTXHOPRPHQWRSHURHOFDVRHV
TXH GH SURQWR HPSH]DURQ D UHOXFLU HQ OD WRUWXJD XQDV OHWUDV TXH
SDUHF¯DQVDOLUGHOGLEXMRGHOFDSDUD]µQ
m9HQ}GHOHWUHµ0RPRFRQGLILFXOWDG
6RUSUHQGLGDVHLUJXLµ
౱7HUHILHUHVDP¯"
52/120
 3HUR OD WRUWXJD \D KDE¯D HPSH]DGR D PRYHUVH $O FDER GH XQRV
SDVRVVHGHWXYR\VHYROYLµDPLUDUDODQL³D
౱6¯TXHVHUHILHUHDP¯౱VHGLMR0RPR
6HOHYDQWµ\FRPHQ]µDFDPLQDUWUDVHODQLPDO
౱9H౱GLMRHQYR]EDMD౱\RWHVLJR
3DVLWRDSDVLWRIXHVLJXLHQGRDODWRUWXJDTXHODVDFµOHQWDPHQWH
PX\ OHQWDPHQWH GHO UXHGR GH SLHGUD \ WRPµ OD GLUHFFLµQ GH OD JUDQ
FLXGDG

8QDSHUVHFXFLµQDORFDGD
\XQDKXLGDWUDQTXLOD

(
O YLHMR %HSSR SHGDOHDED VREUH VX FKLUULDQWH ELFLFOHWD SRU OD
QRFKH 6H DSUHVXUDED WRGR OR TXH SRG¯D 8QD \ RWUD YH]
UHVRQDEDQ HQ VXV R¯GRV ODV SDODEUDV GHO MXH] m(VD QL³D QR
YROYHU£ D PROHVWDUQRVಃ 3XHGH HVWDU VHJXUR DFXVDGRಃ 1RV
RFXSDUHPRVGHHOORFRQWRGRVORVPHGLRVDQXHVWURDOFDQFHಃ}
1RFDE¯DGXGD0RPRHVWDEDHQSHOLJUR7HQ¯DTXHLUHQVHJXLGDD
YHUODDSUHYHQLUODGHORVJULVHVWHQ¯DTXHSURWHJHUODGHHOORVDXQTXH
WRGDY¯D QR VXSLHUD FµPR 3HUR \D OR GHVFXEULU¯D %HSSR SLVDED ORV
SHGDOHV FRQ IXHU]D 6XV EODQFRV FDEHOORV RQGHDEDQ DO YLHQWR (O
DQILWHDWURTXHGDEDOHMRV

7RGDV ODV UXLQDV HVWDEDQ EULOODQWHPHQWH LOXPLQDGDV SRU ORV IDURV GH

PXFKRV FRFKHV OXMRVRV JULVHV TXH ODV KDE¯DQ URGHDGR SRU WRGRV
ODGRV'RFHQDVGHKRPEUHVJULVHVFRUU¯DQSRUORVHVFDORQHVGHSLHGUD
DUULED \ DEDMR \ UHJLVWUDEDQ WRGRV ORV ULQFRQHV $O ILQDO GHVFXEULHURQ
WDPEL«QHODJXMHURHQODSDUHGWUDVHOTXHVHKDOODEDODKDELWDFLµQGH
0RPR $OJXQRV GH HOORV VH PHWLHURQ HQ HOOD \ PLUDURQ GHEDMR GH OD

53/120
FDPD H LQFOXVR HQ HO KRJDU 9ROYLHURQ D VDOLU VH FHSLOODURQ ORV
HOHJDQWHVWUDMHVJULVHV\VHHQFRJLHURQGHKRPEURV
౱(OS£MDURKDYRODGR౱GLMRXQR
౱(V XQ HVF£QGDOR ౱GLMR RWUR౱ TXH ORV QL³RV HVW«Q SRU DK¯ GH
QRFKHHQOXJDUGHHVWDUHQODFDPDFRPRGHEHQ
౱(VWRQRPHJXVWDQDGD౱GLMRXQWHUFHUR౱3DUHFHTXH$OJXLHQ
ODKXELHUDDYLVDGR
౱c,PSRVLEOH ౱GLMR HO SULPHUR౱ (VR VLJQLILFDU¯D TXH $OJXLHQ
FRQRF¯DQXHVWUDGHFLVLµQDQWHVTXHQRVRWURVPLVPRV
/RVKRPEUHVJULVHVVHPLUDURQDODUPDGRV
౱6LHIHFWLYDPHQWHKDVLGRDYLVDGDSRU$OJXLHQ ౱RSLQµ HO WHUFHUR
౱ VHJXUR TXH \D QR HVW£ SRU DTX¯ (O VHJXLU EXVFDQGR SRU ORV
DOUHGHGRUHVVHU¯DSHUGHUHOWLHPSRLQ¼WLOPHQWH
౱7LHQHDOJXQDVXJHUHQFLD"
౱(QPLRSLQLµQGHEHU¯DPRVGDUSDUWHLQPHGLDWDPHQWHDODFHQWUDO
SDUDTXHGLHUDODRUGHQGHPRYLOL]DFLµQJHQHUDO
౱/R SULPHUR TXH KDU£ OD FHQWUDO VHU£ SUHJXQWDUQRV VL KHPRV
UHJLVWUDGRFRPSOHWDPHQWHORVDOUHGHGRUHV<KDU£PX\ELHQ
౱(VW£ELHQ౱GLMRHOSULPHUKRPEUHJULV౱5HJLVWUDUHPRVSULPHUR
ORV DOUHGHGRUHV 3HUR VL PLHQWUDV WDQWR OD QL³D KD UHFLELGR D\XGD GH
$OJXLHQFRPHWHPRVXQJUDQHUURU
౱c(VR HV ULG¯FXOR ౱OH HVSHWµ HQIDGDGR HO RWUR౱ $XQ DV¯ OD
FHQWUDOSXHGHRUGHQDUXQDPRYLOL]DFLµQJHQHUDO(QWRQFHVSDUWLFLSDU£Q
HQ OD FD]D WRGRV ORV DJHQWHV GLVSRQLEOHV /D QL³D QR WLHQH OD PHQRU
SRVLELOLGDG GH HVFDSDU < DKRUD PDQRV D OD REUD VH³RUHV 6DEHQ
XVWHGHVORTXHQRVMXJDPRV
(VDQRFKHPXFKDJHQWHGHORVDOUHGHGRUHVVHVRUSUHQGLµSRUTXH
HO UXLGR GH ORV FRFKHV ODQ]DGRV D WRGD YHORFLGDG SDUHF¯D QR TXHUHU
DFDEDU ,QFOXVR ODV FDOOHV ODWHUDOHV \ ORV FDPLQRV P£V SHGUHJRVRV
HVWXYLHURQOOHQRVKDVWDHODPDQHFHUGHXQWU£ILFRTXHSRUORJHQHUDO
VµORVHYH¯DHQODVFDOOHVSULQFLSDOHV1DGLHSXGRFHUUDUXQRMR
$ HVD PLVPD KRUD 0RPR FRQGXFLGD SRU OD WRUWXJD FDPLQDED
OHQWDPHQWHSRUODJUDQFLXGDGTXH\DQXQFDGRUP¯DQLVLTXLHUDDHVD
WDUG¯DKRUDGHODQRFKH
/D JHQWH FRUU¯D HQ JUDQGHV PDVDV SRU ODV FDOOHV VH HPSXMDED
YLROHQWDPHQWHRPDUFKDEDHQLQWHUPLQDEOHVFROXPQDV(QODVFDO]DGDV
VHHPERWHOODEDQORVFRFKHVHQWUHHOORVUXJ¯DQORVDXWREXVHVVLHPSUH
UHSOHWRV(QODVIDFKDGDVGHODVFDVDVUHOXF¯DQORVUµWXORVOXPLQRVRV
LQXQGDEDQODPXFKHGXPEUHFRQVXOX]PXOWLFRORU\YROY¯DQDDSDJDUVH
0RPRTXHQXQFDKDE¯DYLVWRHVRFDPLQDEDWUDVODWRUWXJDFRQORV
RMRV ELHQ DELHUWRV FRPR VL VR³DUD $WUDYHVDURQ JUDQGHV SOD]DV \
FDOOHVEULOODQWHPHQWHLOXPLQDGDVORVFRFKHVODVUR]DEDQSRUGHODQWH\
SRU GHWU£V OD JHQWH SRU OD FDOOH ODV DSUHWXMDED SHUR QDGLH SUHVWDED
DWHQFLµQDODQL³DFRQODWRUWXJD
1LQJXQDGHODVGRVWXYRTXHDSDUWDUVHQLXQDYH]DQWHQDGLHQDGLH
ODVHPSXMµQLQJ¼QFRFKHWXYRTXHIUHQDUSRUVXFDXVD(UDFRPRVLOD
WRUWXJD VXSLHUD SRU DGHODQWDGR FRQ WRGD VHJXULGDG GµQGH \ HQ TX«
PRPHQWRQRSDVDU¯DXQFRFKHQRKDEU¯DXQSHDWµQ'HDK¯UHVXOWDTXH
QXQFDWXYLHURQTXHFRUUHUQLQXQFDWXYLHURQTXHGHWHQHUVHDHVSHUDU
0RPRFRPHQ]µDVRUSUHQGHUVHTXHVHSXGLHUDDQGDUWDQOHQWDPHQWH\
DYDQ]DUWDQGHSULVD
&XDQGR %HSSR %DUUHQGHUR OOHJµ SRU ILQ DO YLHMR DQILWHDWUR GHVFXEULµ
DQWHVGHDSHDUVHGHVXELFLFOHWDDODG«ELOOX]GHVXIDURODVPXFKDV
KXHOODV GH QHXP£WLFRV DOUHGHGRU GH ODV UXLQDV 'HMµ FDHU VX ELFLFOHWD
HQODKLHUED\FRUULµKDFLDHODJXMHURHQODSDUHG
౱c0RPR౱GLMRHQXQVXVSLURSDUDUHSHWLUP£VDOWR౱c0RPR
1RWXYRUHVSXHVWD
%HSSR WUDJµ VDOLYD 7HQ¯D OD JDUJDQWD VHFD $WUDYHVµ HO DJXMHUR
KDFLD OD RVFXUD KDELWDFLµQ WURSH]µ \ VH WRUFLµ XQ WRELOOR &RQ GHGRV
WHPEORURVRVHQFHQGLµXQDFHULOOD\PLUµDVXDOUHGHGRU
54/120
 /DPHVLWD\ODVGRVVLOOLWDVKHFKDVGHFDMDHVWDEDQWXPEDGDVODV
PDQWDV\HOFROFKµQHVWDEDQWLUDGRVSRUHOVXHOR<0RPRQRHVWDED
%HSSRVHPRUGLµORVODELRV\UHSULPLµXQVROOR]RURQFRTXHSRUXQ
PRPHQWRTXLVRUDVJDUOHHOSHFKR
౱c'LRV P¯R ౱PXUPXUµ౱ c'LRV P¯R <D VH OD KDQ OOHYDGR +H
OOHJDGRGHPDVLDGRWDUGH4X«GHERKDFHUDKRUD"4X«KDJR"
(QWRQFHVODFHULOODOHTXHPµORVGHGRV/DWLUµ\VHYROYLµDTXHGDU
DRVFXUDV
7RGR OR GH SULVD TXH SXGR YROYLµ D VDOLU DO H[WHULRU \ FDPLQµ D
WURPSLFRQHVFRQHOSLHWRUFLGRKDFLDVXELFLFOHWD6HPRQWµHQHOOD\
FRPHQ]µDSHGDOHDU
౱$KRUDOHWRFDD*LJL౱VHUHSHW¯DXQD\RWUDYH]౱DKRUDOHWRFD
D*LJL2MDO£HQFXHQWUHHOFREHUWL]RGRQGHGXHUPH
%HSSRVDE¯DTXH*LJLVHJDQDED¼OWLPDPHQWHXQRVSRFRVF«QWLPRV
DGLFLRQDOHVGXUPLHQGRWRGRVORVGRPLQJRVSRUODQRFKHHQHOFREHUWL]R
GH ODV KHUUDPLHQWDV GH XQ SHTXH³R FHPHQWHULR GH FRFKHV $OO¯ GHE¯D
FXLGDU GH TXH QR YROYLHUDQ D HVIXPDUVH FRPR DQWHV UHSXHVWRV
WRGDY¯DXWLOL]DEOHV
&XDQGR%HSSRKXERDOFDQ]DGRSRUILQHOFREHUWL]R\OODPDEDFRQHO
SX³RHQODSXHUWD*LJLVHPDQWXYRDOSULQFLSLRELHQFDOODGLWRSRUWHPHU
TXHVHWUDWDUDGHORVODGURQHVGHUHSXHVWRVGHFRFKH3HURHQWRQFHV
UHFRQRFLµODYR]GH%HSSR\DEULµ
౱3HUR TX« SDVD" ౱JLPLµ DVXVWDGR౱ 1R VRSRUWR TXH VH PH
GHVSLHUWHGHHVHPRGRWDQEUXVFR
౱c0RPRಃ ౱WDUWDPXGHµ %HSSR౱ c$ 0RPR OH KD SDVDGR DOJR
WHUULEOH
౱4X«GLFHV"౱SUHJXQWµ*LJLVHQW£QGRVHDWµQLWRHQVXMHUJµQ
౱0RPR"4X«OHKDSDVDGR"
౱1L\RPLVPRORV«౱PXUPXUµ%HSSR౱$OJRWHUULEOH
(QWRQFHV FRPHQ]µ D FRQWDU WRGR OR TXH KDE¯D YLYLGR OR GHO DOWR
WULEXQDOHQHOYHUWHGHURODVKXHOODVGHQHXP£WLFRVMXQWRDODUXLQD\OR
GHTXH0RPRQRHVWDED\D&ODURTXHWDUGµXQUDWRHQH[SOLFDUORWRGR
SXHV D SHVDU GH WRGR HO PLHGR \ WRGD OD SUHRFXSDFLµQ SRU 0RPR QR
SRG¯DKDEODUP£VGHSULVD
౱0HORWHP¯DGHVGHHOSULQFLSLR౱DFDEµVXLQIRUPH౱6DE¯DTXH
QR DFDEDU¯D ELHQ $KRUD VH KDQ YHQJDGR +DQ VHFXHVWUDGR D 0RPR
c*LJLWHQHPRVTXHD\XGDUOD3HURFµPR"4X«KHPRVGHKDFHU"
'XUDQWH HO UHODWR GH %HSSR OD FDUD GH *LJL VH KDE¯D TXHGDGR
S£OLGD 3DUHF¯D TXH HO VXHOR VH KXELHUD DELHUWR EDMR VXV SLHV +DVWD
HQWRQFHV WRGR KDE¯D VLGR SDUD «O FRPR XQ JUDQ MXHJR 6H OR KDE¯D
WRPDGR WDQ HQ VHULR FRPR VH WRPDED FXDOTXLHU MXHJR \ FXDOTXLHU
FXHQWRVLQSHQVDUHQODVFRQVHFXHQFLDV3RUSULPHUDYH]HQVXYLGD
XQD KLVWRULD FRQWLQXDED VLQ «O VH KDF¯D LQGHSHQGLHQWH \ QL WRGD OD
IDQWDV¯D GHO PXQGR SRG¯D KDFHUOD GDU PDUFKD DWU£V 6H VHQW¯D
SDUDOL]DGR
౱6DEHV %HSSR" ౱GLMR DO FDER GH XQ UDWLWR౱ SRGU¯D VHU TXH
0RPRVµORVHKXELHUDLGRDSDVHDUXQSRFR$YHFHVORKDFH8QDYH]
LQFOXVR HVWXYR IXHUD WUHV G¯DV \ WUHV QRFKHV &UHR TXH SRU DKRUD QR
WHQHPRVQLQJ¼QPRWLYRGHDODUPD
౱< ODV KXHOODV GH ORV QHXP£WLFRV" ౱SUHJXQWµ %HSSR H[FLWDGR
౱<HOFROFKµQWLUDGR"
౱(VW£ ELHQ ౱UHVSRQGLµ HYDVLYDPHQWH *LJL౱ DGPLWDPRV TXH
DOJXLHQ KD\D HVWDGR DOO¯ 4XL«Q QRV DVHJXUD TXH KD\D HQFRQWUDGR D
0RPR" 3XHGH TXH \D VH KXELHUD LGR DQWHV 6L QR QR HVWDU¯D WRGR
UHYXHOWR\UHJLVWUDGR
౱3HUR \ VL OD KDQ HQFRQWUDGR" ౱JULWµ %HSSR౱ (QWRQFHV
TX«"౱DJDUUµDVXDPLJRP£VMRYHQSRUODVVRODSDV\ORVDFXGLµ౱
c*LJLc1RVHDVORFR/RVKRPEUHVJULVHVH[LVWHQGHYHUGDG7HQHPRV
TXHKDFHUDOJRHQVHJXLGD
౱7UDQTXLO¯]DWH %HSSR ౱WDUWDPXGHµ *LJL DVXVWDGR౱ &ODUR TXH
WHQHPRV TXH KDFHU DOJR 3HUR DQWHV KD\ TXH SHQV£UVHOR ELHQ 3RU
DKRUDQRVDEHPRVVLTXLHUDGµQGHGHEHPRVEXVFDUD0RPR
%HSSRVROWµD*LJL
౱<RYR\DODSROLF¯D౱H[FODPµ
౱6«UD]RQDEOH౱H[FODPµ*LJLDWHUUDGR౱1RSXHGHVKDFHUHVR
6XSRQWH TXH OD SROLF¯D VH SRQH D EXVFDU D 0RPR \ OD HQFXHQWUD
55/120
6DEHV OR TXH KDU£Q FRQ HOOD" /R VDEHV %HSSR" 6DEHV D GµQGH
OOHYDQ D ORV KX«UIDQRV DEDQGRQDGRV" /RV OOHYDQ D XQD FDVD GH HVDV
HQTXHKD\UHMDVHQODVYHQWDQDV4XLHUHVKDFHUOHHVRD0RPR"
౱1R ౱PXUPXUµ %HSSR PLUDQGR ILMR DQWH V¯౱ QR HVR QR OR
TXLHUR3HUR\VLHVW£HQSHOLJUR"
౱< VL QR OR HVW£" ౱SURVLJXLµ *LJL౱ 6L VµOR HVW£ SDVHDQGR XQ
SRFR\W¼OHHFKDVHQFLPDWRGDODSROLF¯D1RTXLVLHUDHVWDUHQWXOXJDU
FXDQGRWHPLUDUDSRU¼OWLPDYH]
%HSSR VH KXQGLµ VREUH XQD VLOOD MXQWR D OD PHVD \ DSR\µ OD
FDEH]DVREUHORVEUD]RV
౱1RV«TX«KDFHU౱VXVSLUµ౱QRV«TX«KDFHU
౱<RFUHR౱GLMR*LJL౱TXHHQFXDOTXLHUFDVRGHEHU¯DPRVHVSHUDU
KDVWDPD³DQDRSDVDGRDQWHVGHKDFHUQDGD6LSDUDHQWRQFHVQRKD
YXHOWRSRGHPRVLUDODSROLF¯D3HURORP£VVHJXURHVTXHDQWHVWRGR
VHKDEU£DUUHJODGR\ORVWUHVQRVUHLUHPRVGHWRGDVHVWDVWRQWHU¯DV
౱7¼ FUHHV" ౱PXUPXUµ %HSSR DO TXH GH UHSHQWH VREUHYLQR XQ
FDQVDQFLRSORPL]R
+DE¯DQVLGRGHPDVLDGDVFRVDVHQXQG¯DSDUDHOYLHMR
౱6HJXUR ౱FRQWHVWµ *LJL PLHQWUDV OH TXLWDED HO ]DSDWR GHO SLH
WRUFLGR
/H D\XGµ D FDPLQDU KDVWD HO MHUJµQ \ HQYROYLµ HO SLH HQ XQ SD³R
K¼PHGR
౱<DVHDUUHJODU£౱GLMRVXDYHPHQWH౱WRGRVHDUUHJODU£
&XDQGRYLRTXH%HSSRVHKDE¯DGRUPLGRVXVSLUµ\VHWHQGLµHQHO
VXHOR XVDQGR VX FKDTXHWD FRPR DOPRKDGD 3HUR QR SXGR GRUPLU
(VWXYRWRGDODQRFKHSHQVDQGRHQORVKRPEUHVJULVHV<SRUSULPHUD
YH]HQVXGHVSUHRFXSDGDYLGDWXYRPLHGR
'HODFHQWUDOGHODFDMDGHDKRUURVGHWLHPSRKDE¯DSDUWLGRODRUGHQGH
PRYLOL]DFLµQ JHQHUDO 7RGRV ORV DJHQWHV HQ OD JUDQ FLXGDG KDE¯DQ
UHFLELGR OD RUGHQ GH LQWHUUXPSLU FXDOTXLHU DFWLYLGDG \ RFXSDUVH
H[FOXVLYDPHQWHGHODE¼VTXHGDGH0RPR
7RGDVODVFDOOHVHVWDEDQOOHQDVGHILJXUDVJULVHVHVWDEDQVREUHORV
WHMDGRV \ HQ ODV FORDFDV FRQWURODEDQ ODV HVWDFLRQHV \ HO DHURSXHUWR
ORVDXWREXVHV\WUDQY¯DVHVWDEDQHQWRGRVODGRV
3HURQRHQFRQWUDURQD0RPR
౱2\HWRUWXJD౱SUHJXQWµ0RPR౱DGµQGHPHOOHYDV"
/DVGRVDWUDYHVDEDQHQHVHPRPHQWRXQSDWLRRVFXUR
m1RWHPDV}DSDUHFLµHQHOFDSDUD]µQGHODWRUWXJD
౱6LQRWHQJRPLHGR౱GLMR0RPRGHVSX«VGHKDEHUORGHOHWUHDGR
3HUR VH OR GHF¯D P£V ELHQ D V¯ PLVPD SDUD DUPDUVH GH YDORU
SRUTXHV¯WHQ¯DXQSRFRGHPLHGR(OFDPLQRSRUHOTXHODFRQGXF¯DOD
WRUWXJDVHYROY¯DFDGDYH]P£VH[WUD³R\UHFµQGLWR+DE¯DQDWUDYHVDGR
MDUGLQHV SXHQWHV SDVRV VXEWHUU£QHRV SRUWDOHV H LQFOXVR DOJXQRV
VµWDQRV
'HKDEHUVDELGRTXHWRGRXQHM«UFLWRGHKRPEUHVJULVHVODEXVFDED
\SHUVHJX¯D0RPRKDEU¯DWHQLGRPXFKRP£VPLHGR3HURQRWHQ¯D OD
PHQRULGHDGHHOOR\SRUHVRVHJX¯DSDVLWRDSDVLWRDODWRUWXJDHQVX
FDPLQRDSDUHQWHPHQWHWDQHQUHYHVDGR
< HVWDED ELHQ DV¯ 'HO PLVPR PRGR TXH DQWHV OD WRUWXJD KDE¯D
KDOODGR VX FDPLQR D WUDY«V GHO WU£ILFR XUEDQR DKRUD SDUHF¯D SUHYHU
GµQGH\FX£QGRDSDUHFHU¯DQORVSHUVHJXLGRUHV$YHFHVORVKRPEUHV
JULVHV DSDUHF¯DQ XQRV PRPHQWRV GHVSX«V SRU HO OXJDU HQ TXH HOODV
KDE¯DQHVWDGRSHURQRVHHQFRQWUDURQQXQFD
౱4X«VXHUWHTXH\DV«OHHUWDQELHQ౱GLMR0RPRF£QGLGD౱QR
FUHHV"
6REUHHOFDSDUD]µQGHODWRUWXJDDSDUHFLµFRPRXQDYLVRm&DOOD}
0RPR QR HQWHQG¯D SRU TX« SHUR KL]R FDVR $ SRFD GLVWDQFLD
SDVDURQWUHVSHUVRQDVRVFXUDV
/DVFDVDVGHODSDUWHGHODFLXGDGSRUODTXHLEDQDKRUDHUDQFDGD
YH]P£VPLVHUDEOHV*UDQGHVFDVDVGHYHFLQGDGGHODVTXHVHFD¯DHO
HQMDOEHJDGR RULOODEDQ FDOOHV OOHQDV GH EDFKHV HQ ORV TXH VH
DFXPXODEDHODJXD7RGRHVWDEDRVFXUR\GHVLHUWR
56/120

$ODFHQWUDOGHODFDMDGHDKRUURVGHWLHPSROOHJµODQRWLFLDGHTXHOD
QL³D0RPRKDE¯DVLGRYLVWD
౱(VW£ELHQ౱IXHODUHVSXHVWD౱ODKDE«LVGHWHQLGR"
౱1R3DUHFLµTXHHOVXHORVHODWUDJDUDGHUHSHQWH+HPRVYXHOWR
DSHUGHUVXUDVWUR
౱&µPRSXHGHVHUHVR"
౱7DPEL«QQRVORSUHJXQWDPRV$OJRIDOOD
౱'µQGHHVWDEDFXDQGRODYLVWHLV"
౱‹VH HV HO DVXQWR 6H WUDWD GH XQ EDUULR TXH QRV HV WRWDOPHQWH
GHVFRQRFLGR
౱(VHEDUULRQRH[LVWH౱UHSXVRODFHQWUDO
౱3DUHFHTXHV¯(VFµPRGHFLUOR"FRPRVLHVHEDUULRHVWXYLHUD
DOERUGHGHOWLHPSR<ODQL³DVHGLULJ¯DKDFLDHVHERUGH
౱4X«"౱JULWµODFHQWUDO౱3URVHJXLUODSHUVHFXFLµQ7HQ«LVTXH
GHWHQHUODcDFXDOTXLHUSUHFLR(QWHQGLGR"
౱(QWHQGLGR౱IXHODUHVSXHVWDFHQLFLHQWD
$OSULQFLSLR0RPRSHQVµTXHVHWUDWDEDGHODOEDSHURHVDFXULRVDOX]
KDE¯DOOHJDGRWDQUHSHQWLQDPHQWHSDUDVHUH[DFWRVHQHOPRPHQWRHQ
TXH KDE¯D HQWUDGR HQ HVD FDOOH $TX¯ \D QR HUD GH QRFKH SHUR
WDPSRFRHUDGHG¯D<ODSHQXPEUDQRVHSDUHF¯DQLDODPD³DQDQLDOD
QRFKH (UD XQD OX] TXH KDF¯D DSDUHFHU FRQ JUDQ SUHFLVLµQ ORV
FRQWRUQRV GH ODV FRVDV SHUR TXH QR SDUHF¯D YHQLU GH QLQJ¼Q ODGR R
SRU HO FRQWUDULR SURYHQLU GH WRGRV ODGRV 3RUTXH ODV ODUJDV VRPEUDV
QHJUDV TXH SUR\HFWDEDQ VREUH OD FDOOH LQFOXVR HO P£V PLQ¼VFXOR
JXLMDUURLEDQHQWRGDVGLUHFFLRQHVFRPRVLDTXHO£UEROIXHUDLOXPLQDGR
GHVGHODGHUHFKDDTXHOODFDVDGHVGHODL]TXLHUGD\HOPRQXPHQWRGH
P£VDOO£GHVGHHQIUHQWH
3RU FLHUWR TXH HVH PRQXPHQWR WDPEL«Q HUD EDVWDQWH H[WUD³R
6REUHXQDJUDQEDVHHQIRUPDGHFXERGHSLHGUDQHJUDVHDSR\DED
XQJLJDQWHVFRKXHYREODQFR(VRHUDWRGR
3HUR WDPEL«Q ODV FDVDV HUDQ GLIHUHQWHV D WRGDV ODV TXH 0RPR
KDE¯D YLVWR VLHPSUH (UDQ GH XQ EODQFR FDVL FHJDGRU 'HWU£V GH ODV
YHQWDQDV KDE¯D VRPEUDV QHJUDV GH PRGR TXH QR SRG¯D YHU VL YLY¯D
DOJXLHQHQHOODV3HURSRUDOJXQDUD]µQD0RPROHSDUHF¯DTXHHVDV
FDVDVQRKDE¯DQVLGRKHFKDVSDUDTXHDOJXLHQODVKDELWDUDVLQRSDUD
VHUYLUDDOJ¼QRWURREMHWLYRPLVWHULRVR
/DVFDOOHVHVWDEDQFRPSOHWDPHQWHGHVLHUWDVQRVµORGHSHUVRQDV
VLQR WDPEL«Q GH SHUURV S£MDURV \ FRFKHV 7RGR HVWDED LQPµYLO \
SDUHF¯D FRPR VL HVWXYLHVH URGHDGR GH XQ FULVWDO 1R VH QRWDED HO
PHQRUVRSORGHDLUH
0RPR VH VRUSUHQG¯D GH OR GHSULVD TXH DYDQ]DEDQ DXQTXH OD
WRUWXJDIXHUDP£VOHQWDPHQWHWRGDY¯DTXHDQWHV
)XHUD GH HVH EDUULR H[WUD³R DOO¯ GRQGH WRGDY¯D HUD GH QRFKH WUHV
FRFKHV GH OXMR FRQ ORV IDURV HQFHQGLGRV FRUU¯DQ D OR ODUJR GH OD FDOOH
LUUHJXODU(QFDGDXQRGHHOORVKDE¯DYDULRVKRPEUHVJULVHV8QRTXH
LEDHQHOSULPHUFRFKHKDE¯DYLVWRD0RPRFXDQGRHQWUDEDHQODFDOOH
GHODVFDVDVEODQFDVDOO¯GRQGHHPSH]DEDDTXHOODFXULRVDOX]
3HUR FXDQGR OOHJDURQ D OD HVTXLQD RFXUULµ DOJR PX\ QRWDEOH 'H
UHSHQWH ORV FRFKHV \D QR DYDQ]DEDQ /RV FRQGXFWRUHV SLVDEDQ HO
DFHOHUDGRU ODV UXHGDV FKLUULDEDQ SHUR ORV FRFKHV QR VH PRY¯DQ GHO
VLWLRFRPRVLHVWXYLHUDQVREUHXQDFLQWDPµYLOTXHFRUULHUDKDFLDDWU£V
DODPLVPDYHORFLGDGTXHORVFRFKHV&XDQWRP£VDFHOHUDEDQPHQRV
DYDQ]DEDQ &XDQGR ORV KRPEUHV JULVHV VH GLHURQ FXHQWD VDOWDURQ
MXUDQGR GH ORV FRFKHV H LQWHQWDURQ DOFDQ]DU D SLH D 0RPR D OD TXH
DSHQDVYH¯DQHQODOHMDQ¯D&RUU¯DQFRQODVFDUDVWHQVDV\FXDQGRDO
ILQDO VH GHWXYLHURQ DJRWDGRV KDE¯DQ DGHODQWDGR XQD GHFHQD GH
PHWURVHQWRWDO<ODQL³D0RPRKDE¯DGHVDSDUHFLGRHQDOJ¼QOXJDUDOR
OHMRVHQWUHODVFDVDVEODQFDV
౱c6HDFDEµ౱GLMRXQRGHORVKRPEUHV౱<DQRODDOFDQ]DPRV
౱1RHQWLHQGR౱GLMRRWUR౱SRUTX«QRDGHODQWDPRV
57/120
 ౱<R WDPSRFR ౱FRQWHVWµ HO SULPHUR౱ /D FXHVWLµQ HV VL QRV OR
DGPLWLU£QFRPRFLUFXQVWDQFLDVDWHQXDQWHVGHQXHVWURIUDFDVR
౱&UHHXVWHGTXHQRVMX]JDU£Q"
౱1RQRVYDQDIHOLFLWDUVHJXUR
7RGRVORVKRPEUHVJULVHVSUHVHQWHVDJDFKDURQODFDEH]D\IXHURQ
DVHQWDUVHHQORVSDUDFKRTXHVGHVXVFRFKHV<DQRWHQ¯DQSULVD
0X\OHMRVHQDOJ¼QOXJDUGHOODEHULQWRGHFDOOHV\SOD]DVEODQFDVFRPR
OD QLHYH 0RPR FDPLQDED WUDV OD WRUWXJD < SUHFLVDPHQWH SRU LU WDQ
OHQWDV HUD FRPR VL OD FDOOH VH GHVOL]DUD EDMR VXV SLHV FRPR VL ORV
HGLILFLRV SDVDUDQ YRODQGR SRU VX ODGR /D WRUWXJD YROYLµ D GREODU XQD
HVTXLQD 0RPR OD VLJXLµಃ \ VH SDUµ VRUSUHQGLGD (VWD FDOOH HUD GH
DVSHFWRWRWDOPHQWHGLIHUHQWHDWRGDVODVDQWHULRUHV
(QUHDOLGDGVHWUDWDEDGHXQDFDOOHMXHODHVWUHFKD/DVFDVDVTXHVH
DOLQHDEDQ D GHUHFKD H L]TXLHUGD SDUHF¯DQ SHTXH³RV SDODFLRV GH
FULVWDO OOHQRV GH WRUUHFLWDV JDOHU¯DV \ WHUUD]DV TXH KXELHUDQ SDVDGR
PXFK¯VLPRWLHPSRHQHOIRQGRGHOPDU\GHSURQWRKXELHUDQVDOLGRDOD
VXSHUILFLHFXELHUWRVGHDOJDVPROXVFRV\FRUDOHV<WRGRVGHFRORUHV
VXDYHVQDFDUDGRV
/DFDOOHMXHODVHHQFDPLQDEDDXQDVRODFDVDTXHODFHUUDED\TXH
IRUPDED XQ £QJXOR UHFWR FRQ WRGDV ODV RWUDV 7HQ¯D XQ JUDQ SRUWDO
YHUGHFXELHUWRGHILJXUDVDUW¯VWLFDV
0RPRPLUµHOFDUWHOGHODFDOOHTXHVHKDOODEDHQODSDUHGHQFLPD
GHGRQGHHOODHVWDED(UDGHP£UPROEODQFR\SRQ¯DHQ«OFRQOHWUDV
GRUDGDV KDE¯DGHVFXELHUWRRWURFDUWHO/ROOHYDEDXQXQLFRUQLREODQFR\HQ«OVH
&DOOHGH-DP£V
$O PLUDU \ GHOHWUHDU 0RPR QR KDE¯D SHUGLGR P£V TXH XQRV
LQVWDQWHVSHURDXQDV¯ODWRUWXJD\DHVWDEDPX\OHMRVFDVLDOILQDOGH
ODFDOOHMXHODGHODQWHGHOD¼OWLPDFDVD
౱c(VS«UDPH WRUWXJD ౱JULWµ 0RPR SHUR FXULRVDPHQWH QR SXGR
R¯UVXSURSLDYR]
/D WRUWXJD HQ FDPELR SDUHFLµ KDEHUOD R¯GR SRUTXH VH SDUµ \ VH
YROYLµ D PLUDUOD 0RPR TXLVR VHJXLUOD SHUR DO HQWUDU HQ OD FDOOH GH
-DP£V IXH FRPR VL GH UHSHQWH FDPLQDUD GHEDMR GHO DJXD \ WXYLHUD
TXHDYDQ]DUFRQWUDODFRUULHQWHRFRPRVLWXYLHUDTXHDYDQ]DUFRQWUD
XQ YLHQWR PX\ IXHUWH SHUR LQVHQVLEOH TXH OD HFKDUD KDFLD DWU£V 6H
LQFOLQµ FRQWUD OD SUHVLµQ HQLJP£WLFD VH DJDUUµ D ORV VDOLHQWHV GH ODV
SDUHGHV\DYDQ]µDUDWRVDFXDWURSDWDV
౱c1R SXHGR FRQWUD HOOD ౱JULWµ ILQDOPHQWH D OD WRUWXJD D OD TXH
YH¯DSHTXH³LWDDOH[WUHPRGHODFDOOH౱c$\¼GDPH
/DWRUWXJDYROYLµOHQWDPHQWH&XDQGRILQDOPHQWHHVWXYRGHODQWHGH
0RPRDSDUHFLµHQVXFDSDUD]µQHOFRQVHMRGHm$QGDGHHVSDOGDV}
0RPR OR LQWHQWµ VH GLR OD YXHOWD \ FDPLQµ KDFLD DWU£V 'H SURQWR
ORJUµ DYDQ]DU VLQ QLQJ¼Q HVIXHU]R 3HUR HUD PX\ H[WUD³R OR TXH OH
RFXUU¯D3XHVPLHQWUDVFDPLQDEDKDFLDDWU£VWDPEL«QSHQVDEDKDFLD
DWU£V UHVSLUDED KDFLD DWU£V VHQW¯D KDFLD DWU£V HQ UHVXPHQ YLY¯D
KDFLDDWU£V
3RUILQVHWRSµFRQDOJRGXUR6HGLRODYXHOWD\VHYLRDQWHOD¼OWLPD
FDVDODTXHFHUUDEDODFDOOH6HDVXVWµXQWDQWRSRUTXHYLVWDGHVGH
DTX¯ OD SXHUWD GH PHWDO YHUGH FXELHUWD GH ILJXUDV OH SDUHFLµ
JLJDQWHVFD
m3RGU«DEULUOD"}SHQVµ0RPRGXGRVD
3HUR HQ HO PLVPR PRPHQWR VH DEULHURQ VRORV ORV GRV JUDQGHV
EDWLHQWHV
0RPRVHTXHGµSDUDGDXQPRPHQWRSRUTXHHQFLPDGHODSXHUWD
OH¯D
/D&DVDGH1LQJXQD3DUWH
&RPR 0RPR QR VDE¯D OHHU GHPDVLDGR DSULVD ORV GRV JUDQGHV
EDWLHQWHV\DHVWDEDQFHUU£QGRVHFXDQGRDFDEDEDGHGHOHWUHDUOR7XYR
58/120
HOWLHPSRMXVWRSDUDSDVDUDQWHVGHTXHORVEDWLHQWHVVHFHUUDUDQWUDV
HOODFRQXQVXDYHWUXHQR
6H KDOODED DKRUD HQ XQ SDVLOOR DOWR PX\ ODUJR $ L]TXLHUGD \
GHUHFKD KDE¯D D WUDPRV UHJXODUHV KRPEUHV \ PXMHUHV GH SLHGUD
GHVQXGRV TXH SDUHF¯DQ VRSRUWDU HO WHFKR $TX¯ QR VH QRWDED OD
PLVWHULRVDFRUULHQWHFRQWUDULD
0RPRVLJXLµDODWRUWXJDDWUDY«VGHOODUJRSDVLOOR(QHOH[WUHPRHO
DQLPDO VH SDUµ DQWH XQD SXHUWHFLWD MXVWR OR VXILFLHQWHPHQWH JUDQGH
FRPRSDUDTXH0RPRSXGLHVHSDVDUSRUHOODDJDFKDGD
m+HPRVOOHJDGR}SRQ¯DHQHOFDSDUD]µQGHODWRUWXJD
0RPRVHDJDFKµ\YLRMXVWRGHODQWHGHVXQDUL]XQFDUWHOLWRHQOD
SHTXH³DSXHUWD
0DHVWUR6HJXQGR0LQXFLR+RUD
0RPR LQVSLUµ SURIXQGDPHQWH \ JLUµ GHFLGLGD HO SRPR GH OD
SXHUWHFLWD&XDQGRVHDEULµVHSXGRR¯UXQWLFWDF\XQURQTXLGR\XQ
VXVXUUR\XQUHSLTXHWHRPXVLFDODPXFKDVYRFHV/DQL³DVLJXLµDOD
WRUWXJD\ODSXHUWHFLWDVHFHUUµWUDVHOODV
&XDQGRORVPDORVWUDWDQGH
KDFHUGHORPDORORPHMRUࡑ
$
OD OX] FHQLFLHQWD GH LQWHUPLQDEOHV SDVLOORV ORV DJHQWHV GH OD
FDMD GH DKRUURV GH WLHPSR FRUU¯DQ \ VH VXVXUUDEDQ XQRV D
RWURV H[FLWDGRV OD ¼OWLPD QRWLFLD WRGRV ORV VH³RUHV GHO
FRQVHMR GH DGPLQLVWUDFLµQ VH KDE¯DQ UHXQLGR HQ XQD VHVLµQ
H[WUDRUGLQDULD
(VR VµOR SRG¯D VLJQLILFDU TXH VH DYHFLQDED XQ JUDQ SHOLJUR
GHGXF¯DQ XQRV (VR VµOR SRG¯D TXHUHU GHFLU TXH VH KDE¯DQ SODQWHDGR
SRVLELOLGDGHVQXHYDVGHVFRQRFLGDVGHJDQDUWLHPSRFRQFOX¯DQRWURV
(Q OD JUDQ VDOD GH VHVLRQHV HVWDEDQ UHXQLGRV ORV VH³RUHV JULVHV
GHOFRQVHMRGHDGPLQLVWUDFLµQ(VWDEDQVHQWDGRVXQRDOODGRGHRWUR
DOUHGHGRU GH XQD PHVD FDVL LQWHUPLQDEOH &DGD XQR GH HOORV OOHYDED
FRPRVLHPSUHVXFDUWHUDJULVSORPR\FDGDXQRIXPDEDVXSHTXH³R
FLJDUUR JULV 6µOR VH KDE¯DQ TXLWDGR ORV ERPELQHV SRU OR TXH VH YH¯D
TXHWRGRVHUDQWRWDOPHQWHFDOYRV
(O DPELHQWH HQ OD PHGLGD HQ TXH HQWUH HVRV KRPEUHV VH SXHGH
KDEODUGHDPELHQWHHUDEDVWDQWHSHVDGR
(O SUHVLGHQWH HQ OD FDEHFHUD GH OD ODUJD PHVD VH OHYDQWµ 6H
DFDEDURQ ORV PXUPXOORV \ GRV ILODV LQWHUPLQDEOHV GH FDUDV JULVHV VH
59/120
YROYLHURQKDFLD«O
౱6H³RUHV౱FRPHQ]µ౱ODVLWXDFLµQHVVHULD0HYHRREOLJDGRD
SRQHUORV D WRGRV HQ FRQRFLPLHQWR GH ORV KHFKRV DPDUJRV SHUR
LUUHPHGLDEOHV
}'XUDQWHODFD]DGH0RPRKHPRVHPSOHDGRDFDVLWRGRVQXHVWURV
DJHQWHV GLVSRQLEOHV (Q WRWDO OD SHUVHFXFLµQ GXUµ VHLV KRUDV WUHFH
PLQXWRV \ RFKR VHJXQGRV 0LHQWUDV WDQWR WRGRV ORV DJHQWHV
SDUWLFLSDQWHV WXYLHURQ TXH DEDQGRQDU QHFHVDULDPHQWH VX UD]µQ GH
VHUHVGHFLUDSRUWDUWLHPSR$HVDS«UGLGDKD\TXHD³DGLUHOWLHPSR
FRQVXPLGR SRU QXHVWURV DJHQWHV GXUDQWH OD E¼VTXHGD 'H HVRV GRV
SXQWRV QHJDWLYRV UHVXOWD XQD S«UGLGD GH WLHPSR FDOFXODGD PX\
H[DFWDPHQWHHQWUHVPLOVHWHFLHQWRVWUHLQWD\RFKRPLOORQHVGRVFLHQWRV
FLQFXHQWD\QXHYHPLOFLHQWRFDWRUFHVHJXQGRV
}6H³RUHV HVR HV P£V TXH WRGD XQD YLGD KXPDQD &UHR TXH QR
KDFHIDOWDTXHH[SOLTXHORTXHHOORVLJQLILFDSDUDQRVRWURV
6H LQWHUUXPSLµ \ VH³DOµ FRQ JHVWR PDMHVWXRVR KDFLD XQD JUDQ
SXHUWDGHDFHURFRQQXPHURVRVFHUURMRV\FRPELQDFLRQHVHQODSDUHG
IURQWDOGHODVDOD
౱1XHVWURVDOPDFHQHVGHWLHPSRVH³RUHV౱GLMRDO]DQGRODYR]౱
QR VRQ LQDJRWDEOHV c6L OD SHUVHFXFLµQ SRU OR PHQRV KXELHUD VLGR
IUXFWXRVD3HURVHWUDWDGHWLHPSRSHUGLGRFRQWRGDLQXWLOLGDG/DQL³D
0RPRVHQRVKDHVFDSDGR
}6H³RUHVQRSXHGHYROYHUDSDVDUSRUVHJXQGDYH]XQDVXQWRGH
HVWD ¯QGROH 0H RSRQGU« FRQ WRGDV PLV IXHU]DV D FXDOTXLHU RWUD
HPSUHVD GH SURSRUFLRQHV WDQ FRVWRVDV 7HQHPRV TXH DKRUUDU
VH³RUHVQRPDOYHUVDU3RUHVROHVUXHJRTXHKDJDQWRGRVORVSODQHV
IXWXURVHQHVWHVHQWLGR1RWHQJRP£VTXHGHFLU0XFKDVJUDFLDV
6HVHQWµ\H[SHOLµGHQVDVQXEHVGHKXPR5HFRUULHURQODVDODXQRV
H[FLWDGRVPXUPXOORV
$ORWURH[WUHPRGHODPHVDVHOHYDQWµXQVHJXQGRRUDGRU\WRGDV
ODVFDUDVVHYROYLHURQD«O
౱6H³RUHV ౱GLMR౱ D WRGRV QRV LPSRUWD SRU LJXDO HO EXHQ
IXQFLRQDPLHQWRGHQXHVWUDFDMDGHDKRUURVGHWLHPSR3HURPHSDUHFH
WRWDOPHQWH LQQHFHVDULR TXH QRV LQWUDQTXLOLFHPRV SRU HVWH DVXQWR R
WUDWHPRVGHFRQYHUWLUORHQXQDHVSHFLHGHFDW£VWURIH1DGDHVPHQRV
FLHUWR7RGRVVDEHPRVTXHQXHVWURVDOPDFHQHVGHWLHPSRDOEHUJDQ\D
WDO FDQWLGDG GH UHVHUYDV TXH LQFOXVR XQ P¼OWLSOR GH OD S«UGLGD GH OD
TXH VH WUDWD QR QRV SRQGU¯D HQ SHOLJUR VHULR 4X« HV XQD YLGD
KXPDQD"c8QDSHTXH³H]
}1RREVWDQWHHVWR\GHDFXHUGRFRQQXHVWURSUHVLGHQWHHQTXHQR
GHEHU¯DUHSHWLUVHXQDVXQWRDV¯3HURXQVXFHVRFRPRHORFXUULGRFRQ
ODQL³D0RPRHVWRWDOPHQWHLUUHSHWLEOH1XQFDDQWHVKDRFXUULGRQDGD
SDUHFLGR\HVDOWDPHQWHLPSUREDEOHTXHYXHOYDDRFXUULU
}(O VH³RU SUHVLGHQWH KD FHQVXUDGR FRQ UD]µQ TXH OD QL³D 0RPR
VH QRV KD\D HVFDSDGR 3HUR TX« RWUD FRVD TXHU¯DPRV VLQR
GHVKDFHUQRV GH OD QL³D" < HVR OR KHPRV FRQVHJXLGR /D QL³D KD
GHVDSDUHFLGRKDKXLGRGHODOFDQFHGHOWLHPSR1RVKHPRVOLEUDGRGH
HOODFUHRTXHSRGHPRVHVWDUVDWLVIHFKRVFRQHVWHUHVXOWDGR
(O RUDGRU VH VHQWµ VRQULHQGR FRQ DXWRVXILFLHQFLD 'HVGH DOJXQRV
ODGRVVHR\HURQG«ELOHVDSODXVRV
(QWRQFHVVHOHYDQWµXQWHUFHURUDGRUGHHQPHGLRGHODODUJDPHVD
౱6HU«EUHYH౱FRPHQ]µ౱&RQVLGHURLUUHVSRQVDEOHVODVSDODEUDV
WUDQTXLOL]DGRUDV TXH DFDEDPRV GH R¯U (VD QL³D QR HV XQD QL³D
FRUULHQWH 7RGRV VDEHPRV TXH GLVSRQH GH IDFXOWDGHV TXH SXHGHQ
OOHJDU D VHU PX\ SHOLJURVDV SDUD QRVRWURV (O TXH HO VXFHVR QR KD\D
RFXUULGRDQWHVGHDKRUDQRVLJQLILFDTXHQRSXHGDUHSHWLUVH'HEHPRV
HVWDUYLJLODQWHV1RSRGHPRVGDUQRVSRUVDWLVIHFKRVDQWHVGHWHQHUD
HVDQL³DUHDOPHQWHHQQXHVWURSRGHU6µORDV¯SRGUHPRVHVWDUVHJXURV
GH TXH QR QRV YROYHU£ D GD³DU 3RUTXH VL KD DEDQGRQDGR HO DOFDQFH
GHOWLHPSRSXHGHYROYHUD«OHQFXDOTXLHUPRPHQWRc<YROYHU£
6H VHQWµ /RV GHP£V VH³RUHV GHO FRQVHMR GH DGPLQLVWUDFLµQ
DJDFKDURQODFDEH]D\TXHGDURQHQFRJLGRV
౱6H³RUHV ౱WRPµ OD SDODEUD XQ FXDUWR RUDGRU VHQWDGR HQIUHQWH
GHO TXH KDE¯D KDEODGR DQWHV౱ HVSHUR TXH PH SHUGRQHQ SHUR GHER
GHFLUORFRQWRGDFODULGDGQRVHVWDPRV\HQGRSRUODVUDPDV7HQHPRV
TXH HQIUHQWDUQRV DO KHFKR GH TXH XQD SRWHQFLD H[WUD³D VH KD
60/120
LQPLVFXLGRHQQXHVWURVDVXQWRV+HFDOFXODGRFRQH[DFWLWXGWRGDVODV
SRVLELOLGDGHV /D SUREDELOLGDG GH TXH XQ VHU KXPDQR SXHGD
DEDQGRQDU YLYR \ SRU VXV SURSLDV IXHU]DV HO DOFDQFH GHO WLHPSR HV
H[DFWDPHQWHGHXQRDFXDUHQWD\GRVPLOORQHV'LFKRGHRWURPRGRHV
SU£FWLFDPHQWHLPSRVLEOH
8Q PXUPXOOR H[SHFWDQWH UHFRUULµ ODV ILODV GH ORV PLHPEURV GHO
FRQVHMRGHDGPLQLVWUDFLµQ
౱7RGR DSXQWD ౱SURVLJXLµ HO RUDGRU FXDQGR ORV PXUPXOORV VH
KXELHURQ DFDOODGR౱ D TXH OD QL³D 0RPR KD VLGR D\XGDGD D HVFDSDU
GHQXHVWUDGHWHQFLµQ7RGRVVDEHQGHTXL«QHVWR\KDEODQGR6HWUDWD
GHDTXHOPDHVWUR+RUD
$O R¯U HVWH QRPEUH OD PD\RU SDUWH GH ORV KRPEUHV JULVHV VH
HQFRJLHURQ FRPR VL ORV KXELHUDQ SHJDGR RWURV VH OHYDQWDURQ \
HPSH]DURQDJULWDUDODYH]FRPRHQHUJ¼PHQRV
౱c3RU IDYRU VH³RUHV ౱JULWµ HO FXDUWR RUDGRU FRQ ORV EUD]RV
H[WHQGLGRV౱ /HV UXHJR HQFDUHFLGDPHQWH TXH VH GRPLQHQ 6«
SHUIHFWDPHQWHFRPRWRGRVXVWHGHVTXHODPHQFLµQGHHVHQRPEUHQR
HVGHOWRGRGHFHQWH<RPLVPRKHWHQLGRTXHYHQFHUPHSHURWHQHPRV
TXH YHU ODV FRVDV FRQ FODULGDG 6L DTX«Oಃ $OJXLHQ KD D\XGDGR D
0RPRWHQGU£VXVUD]RQHV<HVDVUD]RQHVPHSDUHFHHYLGHQWHHVW£Q
GLULJLGDV FRQWUD QRVRWURV (Q UHVXPHQ VH³RUHV WHQHPRV TXH SUHYHU
TXH DTXHO $OJXLHQ QR GHYROYHU£ VLPSOHPHQWH D OD QL³D VLQR TXH OD
DUPDU£ FRQWUD QRVRWURV (QWRQFHV VH QRV FRQYHUWLU£ HQ XQ SHOLJUR
PRUWDO /R TXH VLJQLILFD TXH QR VµOR GHEHPRV HVWDU GLVSXHVWRV D
VDFULILFDUHOWLHPSRGHXQDYLGDKXPDQDXQDYH]P£VRXQP¼OWLSORGH
HOOR QR VH³RUHV VL HV QHFHVDULR WHQHPRV TXH HVWDU GLVSXHVWRV D
DUULHVJDUOR WRGR UHSLWR WRGR 3RUTXH HQ HVH FDVR FXDOTXLHU DKRUUR
SRGU¯DFRVWDUQRVPX\FDUR&UHRTXHHQWLHQGHQDTX«PHUHILHUR
/DH[FLWDFLµQFUHFLµHQWUHORVKRPEUHVJULVHVWRGRVKDEODEDQDOD
YH] 8Q TXLQWR RUDGRU VH SXVR GH SLH HQFLPD GH VX VLOOD \ DJLWµ
YHKHPHQWHPHQWHODVPDQRV
౱c2UGHQ c2UGHQ ౱JULWDED౱ (O RUDGRU DQWHULRU VH OLPLWD
ODPHQWDEOHPHQWH D LQVLQXDU WRGD FODVH GH HYHQWXDOLGDGHV
FDWDVWUµILFDV3HURSDUHFHVHUTXHQL«OPLVPRVDEHTX«KDFHUFRQWUD
HOODV 'LFH TXH GHEHPRV HVWDU SUHSDUDGRV SDUD FXDOTXLHU VDFULILFLR
c(VW£ELHQ'HEHPRVHVWDUGHFLGLGRVDWRGRc(VW£ELHQ1RGHEHPRV
VHU GHPDVLDGR WDFD³RV FRQ QXHVWUDV UHVHUYDV c(VW£ ELHQ 3HUR WRGR
HVR QR VRQ P£V TXH SDODEUDV YDF¯DV 4XH QRV GLJD TX« SRGHPRV
KDFHU 1DGLH GH HQWUH QRVRWURV VDEH FµPR DUPDU£ $OJXLHQ D OD QL³D
0RPR1RVHQIUHQWDPRVDXQSHOLJURWRWDOPHQWHGHVFRQRFLGRc‹VHHV
HOSUREOHPDTXHKD\TXHUHVROYHU
(O UXLGR LPSHUDQWH HQ OD VDOD FUHFLµ KDVWD VHU WXPXOWXRVR 7RGRV
FKLOODEDQ D OD YH] DOJXQRV GDEDQ SX³HWD]RV HQ OD PHVD RWURV VH
HVFRQG¯DQODFDUDHQWUHODVPDQRV+DE¯DHVWDOODGRHOS£QLFR
&RQPXFKDVGLILFXOWDGHVSXGRKDFHUVHR¯UXQVH[WRRUDGRU
౱c3HURVH³RUHV౱UHSHW¯DXQD\RWUDYH]DSDFLJXDGRUKDVWDTXH
VHKL]RHOVLOHQFLR౱c3HURVH³RUHV'HERURJDUOHVHQFDUHFLGDPHQWH
TXH PDQWHQJDQ OD FDOPD (VR HV OR P£V LPSRUWDQWH DKRUD
6XSRQJDPRV TXH OD QL³D 0RPR YXHOYH DUPDGD FRQ OR TXH VHD GH
DTXHO $OJXLHQ QR WHQHPRV TXH HQIUHQWDUQRV SHUVRQDOPHQWH DO
FRPEDWH1RVRWURVQRHVWDPRVGHPDVLDGRELHQSUHSDUDGRVSDUDHVH
HQIUHQWDPLHQWRFRPRORSUXHEDHOWULVWHGHVWLQRGHODJHQWH%/:F
DFWXDOPHQWHGLVXHOWR3HURWDPSRFRHVQHFHVDULR7HQHPRVD\XGDQWHV
P£V TXH VXILFLHQWHV HQWUH ORV KRPEUHV 6L XVDPRV D «VWRV GH PRGR
GLVFUHWRVH³RUHVSRGHPRVHOLPLQDUDODQL³D0RPR\HOSHOLJURTXH
VLJQLILFD VLQ DUULHVJDUQRV SHUVRQDOPHQWH $FWXDU DV¯ UHVXOWDU¯D
DKRUUDWLYR QR VXSRQGU¯D QLQJ¼Q SHOLJUR SDUD QRVRWURV \ UHVXOWDU¯D D
WRGDVOXFHVHIHFWLYR
/RVPLHPEURVGHOFRQVHMRGHDGPLQLVWUDFLµQGLHURQXQVXVSLURGH
DOLYLR (VWD SURSXHVWD OHV SDUHF¯D FODUD 3RVLEOHPHQWH KXELHUD VLGR
DFHSWDGD GH LQPHGLDWR VL HQ HO H[WUHPR VXSHULRU GH OD PHVD QR
KXELHUDWRPDGRODSDODEUDXQV«SWLPRRUDGRU
౱6H³RUHV౱FRPHQ]µ౱HVWDPRVSHQVDQGRWRGRHOUDWRHQFµPR
OLEUDUQRVGHODQL³D0RPR&RQIHV«PRVORHOPLHGRQRVLPSXOVDDHOOR
3HUR HO PLHGR HV PDO FRQVHMHUR 3RUTXH FUHR TXH QRV HVWDPRV
GHMDQGR HVFDSDU XQD JUDQ RSRUWXQLGDG 1R KD\ XQ UHIU£Q TXH GLFH
61/120
TXHDOTXHQRVHSXHGHYHQFHUFRQYLHQHKDFHUORDPLJR"3RUTX«QR
LQWHQWDPRVSRQHUDODQL³D0RPRGHQXHVWUREDQGR"
౱c2¯GR¯G౱JULWDURQDOJXQDVYRFHV౱([SO¯TXHVHPHMRU
౱(VHYLGHQWH౱SURVLJXLµHORUDGRU౱TXHHVDQL³DKDHQFRQWUDGR
HIHFWLYDPHQWHHOFDPLQRTXHFRQGXFHKDFLD$OJXLHQHOPLVPRFDPLQR
TXHQRVRWURVKHPRVEXVFDGRHQYDQRGHVGHHOSULQFLSLR6HJXURTXH
ODQL³DVDEU¯DUHFRUUHUHQFXDOTXLHURFDVLµQHOPLVPRFDPLQRDV¯TXH
SRGU¯D JXLDUQRV (QWRQFHV QRVRWURV SRGU¯DPRV GLVFXWLU FRQ $OJXLHQ
(VWR\ VHJXUR GH TXH SURQWR QRV DUUHJODU¯DPRV FRQ «O < XQD YH]
SXHVWRVHQVXOXJDU\DQRWHQGU¯DPRVTXHUHXQLUSHQRVDPHQWHKRUDV
PLQXWRV VHJXQGRV VLQR TXH GH XQ VROR JROSH VHU¯DPRV GXH³RV GH
WRGR HO WLHPSR GH WRGRV ORV KRPEUHV < TXLHQ SRVHH HO WLHPSR GH ORV
KRPEUHV WLHQH XQ SRGHU LOLPLWDGR 3DUD HVR SRGU¯D D\XGDUQRV OD QL³D
0RPRDTXLHQWRGRVXVWHGHVTXLHUHQHOLPLQDU
3RUODVDODVHKDE¯DH[WHQGLGRXQVLOHQFLRWRWDO
౱3HUR XVWHG VDEH ౱JULWµ XQR౱ TXH QR VH OH SXHGH PHQWLU D OD
QL³D 0RPR c$FX«UGHVH GHO DJHQWH %/:F $ FXDOTXLHUD GH
QRVRWURVOHRFXUULU¯DORPLVPR
౱4XLHQKDKDEODGRGHPHQWLU"౱FRQWHVWµHORUDGRU౱&ODURTXH
DHOODOHH[SOLFDU¯DPRVDELHUWDPHQWHQXHVWURSODQ
౱3HUR HOOD QXQFD QRV D\XGDU¯D ౱JULWµ RWUR JHVWLFXODQGR౱ (V
WRWDOPHQWHLPSHQVDEOH
౱<R QR HVWDU¯D WDQ VHJXUR ౱VH PH]FOµ HQ HO GHEDWH XQ QRYHQR
RUDGRU౱ 6µOR TXH WHQGU¯DPRV TXH RIUHFHUOH DOJR TXH OH UHVXOWDUD
YDOLRVR3LHQVRSRUHMHPSORHQSURPHWHUOHWDQWRWLHPSRFRPRTXLHUDಃ
౱3URPHVD TXH ౱LQWHUUXPSLµ RWUR౱ QDWXUDOPHQWH QR
FXPSOLU¯DPRV
౱1DWXUDOPHQWH TXH V¯ ౱UHSOLFµ HO QRYHQR RUDGRU VRQULHQGR
JODFLDOPHQWH౱3RUTXHVLQRVRPRVKRQUDGRVFRQHOODHOODORRLU¯D
౱c1Rc1R౱JULWµHOSUHVLGHQWHJROSHDQGRODPHVD౱1RSXHGR
SHUPLWLUOR 6L HIHFWLYDPHQWH OH GDPRV WDQWR WLHPSR FRPR TXLHUD QRV
FRVWDU¯DXQDIRUWXQD
౱1R OR FUHR ౱OH DSDFLJXµ HO RUDGRU౱ &X£QWR WLHPSR SXHGH
JDVWDU XQ QL³R" (V FLHUWR TXH VHU¯D XQD SHTXH³D S«UGLGD FRQVWDQWH
SHURSLHQVHHQORTXHREWHQGU¯DPRVDFDPELRc(OWLHPSRGHWRGRVORV
KRPEUHV/DSHTXH³DSDUWHTXH0RPRJDVWDU¯DGH«OWHQGU¯DPRVTXH
DQRWDUODHQFRQFHSWRGHGLHWDVHQODFXHQWDGHJDVWRV3LHQVHQHQODV
HQRUPHVYHQWDMDVVH³RUHV
(ORUDGRUVHVHQWµ\WRGRVSHQVDURQHQODVYHQWDMDV
౱1RREVWDQWH౱GLMRILQDOPHQWHHOVH[WRRUDGRU౱QRIXQFLRQD
౱3RUTX«"
౱3RUODVHQFLOODUD]µQGHTXHODQL³DGHVJUDFLDGDPHQWH\DWLHQH
WDQWR WLHPSR FRPR TXLHUH (V LQ¼WLO WUDWDU GH VRERUQDUOD FRQ DOJR TXH
WLHQH\DHQDEXQGDQFLD
౱(QWRQFHV WHQGUHPRV TXH TXLW£UVHOR DQWHV ౱UHSOLFµ HO QRYHQR
RUDGRU
౱0L TXHULGR DPLJR ౱GLMR FDQVLQR HO SUHVLGHQWH౱ HVWDPRV
G£QGROH YXHOWDV 1R SRGHPRV OOHJDU KDVWD OD QL³D ‹VWH HV
SUHFLVDPHQWHHOSUREOHPD
8Q VXVSLUR GH GHFHSFLµQ UHFRUULµ ODV ODUJDV ILODV GH ORV PLHPEURV
GHOFRQVHMRGHDGPLQLVWUDFLµQ
౱7HQJR XQD VXJHUHQFLD ౱GLMR XQ G«FLPR RUDGRU౱ &RQ VX
SHUPLVR"
౱7LHQHXVWHGODSDODEUD౱GLMRHOSUHVLGHQWH
(O KRPEUH KL]R XQD SHTXH³D UHYHUHQFLD KDFLD HO SUHVLGHQWH \
FRQWLQXµ
౱(VDQL³LWDGHSHQGHGHVXVDPLJRV/HJXVWDUHJDODUVXWLHPSRD
ORV GHP£V 3HUR SHQVHPRV SRU XQ PRPHQWR TX« RFXUULU¯D VL \D QR
KXELHVHQDGLHFRQTXLHQSXGLHUDFRPSDUWLUVXWLHPSR&RPRODQL³DQR
DSR\DU£ YROXQWDULDPHQWH QXHVWURV SODQHV WRPDUHPRV D VXV DPLJRV
FRPRUHKHQHV
6DFµXQDFDUSHWDGHVXFDUWHUD\ODDEULµ
౱6H WUDWD VREUH WRGR GH XQ WDO %HSSR %DUUHQGHUR \ XQ *LJL
&LFHURQH < DGHP£V KD\ XQD OLVWD DOJR P£V ODUJD GH QL³RV TXH OD
YLVLWDQ FRQ UHJXODULGDG &RPR YHQ VH³RUHV QDGD GHPDVLDGR
LPSRUWDQWH
62/120
 }1RVOLPLWDUHPRVDDSDUWDUGHHOODDWRGDVHVDVSHUVRQDVGHPRGR
TXH \D QR SXHGD HQFRQWUDUODV (QWRQFHV OD QL³D 0RPR HVWDU£
FRPSOHWDPHQWHVROD'HTX«OHVHUYLU£HQWRQFHVHOWLHPSR"6HU£XQD
FDUJDLQFOXVRXQDPDOGLFLµQ$ODFRUWDRDODODUJD\DQRORVRSRUWDU£
<HQWRQFHVVH³RUHVHQHVHPRPHQWRQRVSUHVHQWDUHPRVQRVRWURVH
LPSRQGUHPRV QXHVWUDV FRQGLFLRQHV 0H DSXHVWR PLO D³RV FRQWUD XQD
G«FLPD GH VHJXQGR D TXH QRV HQVH³DU£ HO FDPLQR HQ FXHVWLµQ VµOR
SDUDSRGHUYROYHUDYHUDVXVDPLJRV
/RV KRPEUHV JULVHV TXH XQ UDWLWR DQWHV WHQ¯DQ XQ DVSHFWR WDQ
GHFD¯GR OHYDQWDURQ ODV FDEH]DV (Q VXV ODELRV KDE¯D XQD GHOJDGD 0RPROOHJDDOOXJDU
VRQULVD GH WULXQIR $SODXGLHURQ \ HO UXLGR VH UHSHW¯D HQ ORV GHGRQGHYLHQHHOWLHPSR
LQWHUPLQDEOHVSDVLOORVGHWDOPDQHUDTXHSDUHF¯DXQDOXGGHSLHGUDV

0
RPRVHKDOODEDHQODPD\RUVDODTXHMDP£VKXELHUDYLVWR
(UD P£V DOWD TXH OD P£V H[WHQVD GH ODV LJOHVLDV \ P£V
DPSOLD TXH OD PD\RU GH ODV HVWDFLRQHV GH IHUURFDUULO
,QPHQVDVFROXPQDVVRSRUWDEDQXQWHFKRTXHVHDGLYLQDEDP£VTXHVH
YH¯DDOO¯DUULEDHQODVHPLRVFXULGDG1RKDE¯DYHQWDQDV/DOX]GRUDGD
TXH WUDPDED WRGD HVD LQFRQPHQVXUDEOH VDOD SURYHQ¯D GH LQFRQWDEOHV
YHODV TXH DUG¯DQ SRU WRGRV ODGRV \ FX\DV OODPDV TXHPDEDQ FRQ WDO
LQPRYLOLGDG FRPR VL KXELHUDQ HVWDGR SLQWDGDV GH FRORUHV \ QR
QHFHVLWDUDQFRQVXPLUFHUDSDUDDUGHU
7RGRV ORV UXLGRV TXH 0RPR KDE¯D R¯GR DO HQWUDU SURYHQ¯DQ GH
LQQXPHUDEOHVUHORMHVGHWRGRVORVWDPD³RV\IRUPDV(VWDEDQGHSLH\
WHQGLGRV VREUH ODUJDV PHVDV HQ YLWULQDV GH FULVWDO HQ FRQVRODV
GRUDGDV\HQLQWHUPLQDEOHVHVWDQWHV
+DE¯D UHORMHV GH EROVLOOR LQFUXVWDGRV GH SHGUHU¯D YXOJDUHV
GHVSHUWDGRUHVGHKRMDODWDUHORMHVGHDUHQDFDULOORQHVFRQILJXULWDVGH
EDLODULQHV HQFLPD UHORMHV GH VRO UHORMHV GH PDGHUD GH SLHGUD GH
FULVWDO \ UHORMHV LPSXOVDGRV SRU XQ VDOWR GH DJXD FDQWDU¯Q 'H ODV
SDUHGHV FROJDEDQ WRGD FODVH GH UHORMHV GH FXFR \ RWURV FRQ SHVDV \

63/120
S«QGXORVDOJXQRVGHORVFXDOHVRVFLODEDQOHQWD\PDMHVWXRVDPHQWH\
RWURV TXH EDLODEDQ DJLWDGRV GH XQ ODGR D RWUR $ OD DOWXUD GHO SULPHU
SLVR KDE¯D SRU WRGD OD VDOD XQD JDOHU¯D D OD TXH FRQGXF¯D XQD
HVFDOHUDGHFDUDFRO0£VDUULEDRWUDJDOHU¯DHQFLPDRWUD\RWUD<HQ
WRGRV ODGRV KDE¯D UHORMHV 5HORMHV PXQGLDOHV HQ IRUPD GH JORER
WHUU£TXHR TXH LQGLFDEDQ OD KRUD GH WRGRV ORV SXQWRV GH OD 7LHUUD \
SODQHWDULRVJUDQGHV\SHTXH³RVFRQHOVROODOXQD\ODVHVWUHOODV(Q
HOFHQWURGHODVDODVHDO]DEDWRGRXQERVTXHGHUHORMHVGHSLH
&RQWLQXDPHQWHHVWDEDVRQDQGRODKRUDHQXQRXRWURUHORMSRUTXH
FDGDUHORMPDUFDEDXQDKRUDGLIHUHQWH
3HUR QR HUD XQ UXLGR GHVDJUDGDEOH VLQR XQ VXVXUUR FRQVWDQWH
FRPRHQXQERVTXHHQYHUDQR
0RPR GDED YXHOWDV \ PLUDED FRQ JUDQGHV RMRV WRGDV HVDV
UDUH]DV 3UHFLVDPHQWH HVWDED DQWH XQ UHORM GH SDUHG PX\ GHFRUDGR
HQ HO TXH GRV ILJXULWDV XQD GH KRPEUH \ RWUD GH PXMHU VH GDEDQ OD
PDQRSDUDHOEDLOH,EDDGDUOHVXQJROSHFLWRFRQHOGHGRSDUDYHUVL
DV¯VHPRY¯DQFXDQGRGHUHSHQWHR\µGHFLUDXQDYR]GHVFRQRFLGD VµOR GRV ILQDV HVSLUDOHV VXSHUSXHVWDV TXH JLUDEDQ HQ GLUHFFLRQHV
౱c$K &DVLRSHD <D HVW£V DTX¯" (V TXH QR PH KDV WUD¯GR D OD
SHTXH³D0RPR"
/DQL³DVHYROYLµ\YLRHQXQFDOOHMµQHQWUHORVJUDQGHVUHORMHVGH
SLHDXQGHOLFDGRDQFLDQRGHSHORSODWHDGRTXHVHDJDFKDED\PLUDED
D OD WRUWXJD TXH HVWDED HQ HO VXHOR GHODQWH GH «O /OHYDED XQD ODUJD
FDVDFD ERUGDGD GH SODWD FDO]RQHV GH VHGD D]XO PHGLDV EODQFDV \
]DSDWRV FRQ JUDQGHV KHELOODV GH RUR 3RU ORV SX³RV \ HO FXHOOR
VREUHVDO¯DQ GH OD FDVDFD XQDV SXQWLOODV \ VX SHOR SODWHDGR HVWDED
WUHQ]DGRHQXQDSHTXH³DFROHWD0RPRQRKDE¯DYLVWRQXQFDXQWUDMH
DV¯SHURDOJXLHQPHQRVLJQRUDQWHKDEU¯DGHVFXELHUWRHQVHJXLGDTXH
VHWUDWDEDGHODPRGDGHKDF¯DGRVFLHQWRVD³RV
౱4X« GLFHV" ౱SURVLJXLµ HO DQFLDQR GLULJL«QGRVH WRGDY¯D D OD
WRUWXJD౱<DHVW£DTX¯"'µQGHHVW£SXHV"
6DFµGHOEROVLOORXQDVJDILWDVSDUHFLGDVDODVTXHOOHYDED%HSSR
VµORTXH«VWDVHUDQGHRUR\PLUµDVXDOUHGHGRUEXVFDQGR
౱c(VWR\DTX¯౱JULWµ0RPR
(ODQFLDQRVHGLULJLµKDFLDHOODFRQXQDDOHJUHVRQULVD\ODVPDQRV
H[WHQGLGDV0LHQWUDVVHDFHUFDEDOHSDUHFLµD0RPRTXHDFDGDSDVR
VHYROY¯DP£VMRYHQ&XDQGRVHSDUµDQWHHOODOHWRPµODVGRVPDQRV\
VH ODV HVWUHFKµ FRUGLDOPHQWH DSHQDV SDUHF¯D PD\RU TXH OD SURSLD
0RPR
౱c%LHQYHQLGD ౱H[FODPµ FRQ DOHJU¯D౱ c&RUGLDOPHQWH
ELHQYHQLGD D OD FDVD GH 1LQJXQD 3DUWH 3HUP¯WHPH SHTXH³D 0RPR
TXHPHSUHVHQWH6R\HOPDHVWUR+RUD6HJXQGR0LQXFLR+RUD
౱'HYHUDVTXHPHHVSHUDEDV"౱SUHJXQWµ0RPRVRUSUHQGLGD
౱c3XHVFODUR6LKHHQYLDGRHVSHFLDOPHQWHDPLWRUWXJD&DVLRSHD
SDUDTXHWHUHFRJLHUD
6DFµ GH VX FKDOHFR XQ SHTXH³R UHORM GH EROVLOOR LQFUXVWDGR GH
GLDPDQWHV\OHYDQWµODWDSD
౱,QFOXVR KDV OOHJDGR PX\ SXQWXDO ౱FRPHQWµ PLHQWUDV OH
HQVH³DEDHOUHORM
0RPR YLR TXH HQ OD HVIHUD QR KDE¯D QL FLIUDV QL PDQHFLOODV VLQR
FRQWUDULDV (Q ORV OXJDUHV GRQGH VH FUX]DEDQ ODV UD\DV DSDUHF¯DQ GH
YH]HQFXDQGRPLQ¼VFXORVSXQWRVOXPLQRVRV
౱(VWR ౱GLMR HO PDHVWUR +RUD౱ HV XQ UHORM GH KRUDV DVWURVDV
0XHVWUD FRQ JUDQ SUHFLVLµQ ODV KRUDV DVWURVDV \ DKRUD DFDED GH
FRPHQ]DUXQD
౱4X«HVXQDKRUDDVWURVD"౱SUHJXQWµ0RPR
౱(Q HO FXUVR GHO PXQGR KD\ GH YH] HQ FXDQGR PRPHQWRV ౱
H[SOLFµHOPDHVWUR+RUD౱HQTXHODVFRVDV\ORVVHUHVKDVWDORDOWRGH
ORV DVWURV FRODERUDQ GH XQ PRGR PX\ HVSHFLDO GH PRGR TXH SXHGH
RFXUULU DOJR TXH QR KDEU¯D VLGR SRVLEOH QL DQWHV QL GHVSX«V 3RU
GHVJUDFLD ORV KRPEUHV QR VRQ GHPDVLDGR DIRUWXQDGRV DO XVDUODV GH
PRGRTXHODVKRUDVDVWURVDVSDVDQPXFKDVYHFHVVLQTXHQDGLHVH
G«FXHQWD3HURVLKD\DOJXLHQTXHODUHFRQRFHSDVDQJUDQGHVFRVDV
HQHOPXQGR
౱3XHGH VHU ౱RSLQµ 0RPR౱ TXH SDUD HOOR VH QHFHVLWH XQ UHORM
DV¯
64/120
 (OPDHVWUR+RUDQHJµVRQULHQWHFRQODFDEH]D SODWRV FXFKDULOODV \ FXFKLOORV WRGR GH RUR SXUR (Q XQD FHVWLWD KDE¯D
౱(O UHORM VROR QR VHUYLU¯D GH QDGD 7DPEL«Q KDEU¯D TXH VDEHU
OHHUOR
9ROYLµ D FHUUDUOR \ VH OR JXDUGµ HQ HO EROVLOOR GHO FKDOHFR &XDQGR
YLR OD VRUSUHQGLGD PLUDGD GH 0RPR DO HVWXGLDU VX WUDMH VH PLUµ
SHQVDWLYDPHQWHDUUXJµODIUHQWH\GLMR 0RPR QR VH OR KL]R UHSHWLU +DVWD HQWRQFHV QXQFD KDE¯D VDELGR
౱c2K &UHR TXH \R V¯ PH KH UHWUDVDGR XQ SRFR HQ FXDQWR D OD
PRGDTXLHURGHFLUc4X«GLVWUDFFLµQ/RDUUHJODU«HQVHJXLGD
&KDVTXHµORVGHGRV\DOLQVWDQWHDSDUHFLµYHVWLGRFRQXQDOHYLWD\
XQGXURDO]DFXHOORV
౱(VW£PHMRUDV¯"౱SUHJXQWµGXGRVR3HURDOYHUODFDUDDWµQLWD
GH 0RPR FRQWLQXµ HQ VHJXLGD౱ c&ODUR TXH QR c(Q TX« HVWDU¯D
SHQVDQGR
9ROYLµ D FKDVTXHDU ORV GHGRV \ DSDUHFLµ FRQ XQ WUDMH FRPR QL
0RPRQLQDGLHORKDE¯DYLVWRMDP£VSRUTXHHUDODPRGDGHGHQWURGH
FLHQD³RV
౱7DPSRFR" ౱SUHJXQWµ D 0RPR౱ 3RU 2ULµQ TXH KH GH
GHVFXEULUOR(VSHUDORLQWHQWDU«RWUDYH]
&KDVTXHµORVGHGRVSRUWHUFHUDYH]\SRUILQDSDUHFLµFRQXQWUDMH
QRUPDOFRPRVHOOHYDKR\
౱$V¯HVW£ELHQYHUGDG"౱SUHJXQWµPLHQWUDVJXL³DEDXQRMR౱
6µORHVSHURTXHQRWHKD\DVDVXVWDGR1RHUDP£VTXHXQDSHTXH³D
EURPD3HURDQWHVTXHQDGDWHFRQGXFLU«DODPHVDTXHULGD0RPR
(OGHVD\XQRHVW£VHUYLGR+DVKHFKRXQODUJRFDPLQR\HVSHURTXHWH
JXVWDU£
/DWRPµGHODPDQR\ODFRQGXMRDOFHQWURGHOERVTXHGHUHORMHV/D
WRUWXJD ORV VLJXLµ \ TXHGµ XQ WDQWR UH]DJDGD /D VHQGD GDED WRGD
FODVH GH YXHOWDV \ UHYXHOWDV \ FRQGXMR SRU ILQ D XQD SHTXH³D
KDELWDFLµQ IRUPDGD SRU ODV SDUHGHV SRVWHULRUHV GH XQRV FXDQWRV
UHORMHVHQRUPHV(QXQULQFµQKDE¯DXQDPHVLWD\XQOLQGRVRI£FRQODV
VLOODV DGHFXDGDV 7DPEL«Q DTX¯ WRGR HVWDED LOXPLQDGR SRU OD OX]
GRUDGDGHODVOODPDVLQPµYLOHVGHODVYHODV
6REUH OD PHVLWD KDE¯D XQD MDUUD GRUDGD SDQ]RQD GRV WDFLWDV
SDQHFLOORV IUHVFRV WRVWDGLWRV \ FUXMLHQWHV \ HQ RWUD KDE¯D PLHO TXH
UHDOPHQWH SDUHF¯D RUR O¯TXLGR 'H OD MDUUD HO PDHVWUR +RUD YHUWLµ
FKRFRODWHHQODVGRVWDFLWDV\GLMRFRQJHVWRLQYLWDGRU
౱c3RUIDYRUPLSHTXH³RKX«VSHGV¯UYHWH
TXHH[LVWLHUDFKRFRODWHTXHVHSXGLHUDEHEHU7DPEL«QORVSDQHFLOORV
XQWDGRV GH PDQWHTXLOOD \ PLHO VH FRQWDEDQ HQWUH ODV FRVDV P£V
GHOLFLRVDV GH OD YLGD < QXQFD VH KDE¯D HQFRQWUDGR FRQ XQD PLHO WDQ
GHOLFLRVDFRPR«VWD'HHOORUHVXOWDTXHDOSULQFLSLRHVWDEDWRWDOPHQWH
RFXSDGD HQ VX GHVD\XQR \ FRP¯D D GRV FDUULOORV VLQ SHQVDU HQ RWUD
FRVD/RP£VVRUSUHQGHQWHHVTXHFRQHVDFRPLGDLEDDEDQGRQDQGR
WRGR HO FDQVDQFLR VH YROY¯D D VHQWLU GHVFDQVDGD DXQTXH QR KDE¯D
SHJDGRRMRHQWRGDODQRFKH&XDQWRP£VFRP¯DP£VOHJXVWDED/H
SDUHF¯DTXHSRGU¯DVHJXLUFRPLHQGRG¯DV\G¯DV
(OPDHVWUR+RUDODPLUDEDFRQDPDELOLGDG\WXYRHOVXILFLHQWHWDFWR
FRPR SDUD QR LQWHUUXPSLUOD FRQ FRQYHUVDFLRQHV HO SULPHU UDWR
(QWHQG¯DTXHVXKX«VSHGWHQ¯DTXHVDFLDUHOKDPEUHGHPXFKRVD³RV
3XHGHTXH«VWDIXHUDODUD]µQGHTXHPLHQWUDVODPLUDEDSDUHF¯DGH
QXHYR P£V \ P£V YLHMR KDVWD YROYHU D VHU HO DQFLDQR GH FDEHOORV
FDQRVRV &XDQGR VH GLR FXHQWD GH TXH 0RPR QR VH ODV DUUHJODED
GHPDVLDGRELHQFRQHOFXFKLOOROHIXHXQWDQGRORVSDQHFLOORV\VHORV
GHMDED HQ HO SODWR ‹O PLVPR DSHQDV FRP¯D VL OR KDF¯D HUD P£V TXH
QDGDSDUDDFRPSD³DU
3HUR ILQDOPHQWH 0RPR TXHGµ DK¯WD 0LHQWUDV VH DFDEDED VX
FKRFRODWH PLUµ FRQ DWHQFLµQ D VX DQILWULµQ SRU HQFLPD GH OD WDFLWD
GRUDGD \ VH SUHJXQWDED TXL«Q \ TX« SRGU¯D VHU <D VH KDE¯D GDGR
FXHQWDGHTXHQRHUDQDGLHFXDOTXLHUDSHURKDVWDDKRUDQRVDE¯DGH«O
QDGDP£VTXHVXQRPEUH
౱3RUTX«౱SUHJXQWµ౱PHKDVKHFKREXVFDUSRUODWRUWXJD"
౱3DUD SURWHJHUWH GH ORV KRPEUHV JULVHV ౱FRQWHVWµ VHULR HO
PDHVWUR+RUD౱7HHVW£QEXVFDQGRSRUWRGDVSDUWHV\VµORDTX¯HVW£V
DVDOYRGHHOORV
65/120
 ౱0HTXLHUHQKDFHUGD³R"౱SUHJXQWµ0RPRDVXVWDGD
౱6¯TXHULGD౱VXVSLUµHOPDHVWUR+RUD౱ELHQVHSXHGHGHFLU
౱3RUTX«"౱SUHJXQWµ0RPR
౱7HWHPHQ౱H[SOLFµHOPDHVWUR+RUD౱SRUTXHOHVKDVKHFKROR
SHRUTXHH[LVWHSDUDHOORV
౱<RQROHVKHKHFKRQDGD౱GLMR0RPR
౱6¯ 7¼ KDV KHFKR TXH XQR GH HOORV VH WUDLFLRQDUD < VH OR KDV
FRQWDGR D WXV DPLJRV ,QFOXVR OHV TXHU¯DV GHFLU D WRGRV OD YHUGDG
DFHUFD GH ORV KRPEUHV JULVHV &UHHV TXH HVR QR EDVWD SDUD
FRQYHUWLUORVHQWXVHQHPLJRVPRUWDOHV"
౱3HURKHPRVDWUDYHVDGRODFLXGDGODWRUWXJD\\R౱GLMR0RPR౱
6L PH EXVFDEDQ SRU WRGDV SDUWHV SRGU¯DQ KDEHUPH HQFRQWUDGR FRQ
PXFKDIDFLOLGDG<KHPRVLGRPX\SRTXLWRDSRFR
(OPDHVWUR+RUDVHSXVRODWRUWXJDTXHVHKDE¯DDFXUUXFDGRDVXV
SLHVVREUHODVURGLOODV\ODDFDULFLµHOFXHOOR
౱7¼TX«GLFHV&DVLRSHD"౱SUHJXQWµVRQULHQGR౱2VKDEU¯DQ
HQFRQWUDGR"
6REUHHOFDSDUD]µQDSDUHFLµODSDODEUDm1XQFD}TXHEULOODEDFRQ
WDODOHJU¯DTXHVHFUHHU¯DHVFXFKDUXQDULVLWD
౱&DVLRSHD౱H[SOLFµHOPDHVWUR+RUD౱WLHQHODIDFXOWDGGHYHUXQ
SRTXLWRHOIXWXUR&RVDGHPHGLDKRUD
m([DFWR}DSDUHFLµHQHOFDSDUD]µQ
౱3HUGµQ ౱VH FRUULJLµ HO PDHVWUR +RUD౱ H[DFWDPHQWH PHGLD
KRUD 6DEH VLHPSUH FRQ PHGLD KRUD GH DQWHODFLµQ TX« HV OR TXH
RFXUULU£FRQH[DFWLWXG3RUHVRWDPEL«QVDE¯DVLVHHQFRQWUDU¯DRQR
FRQORVKRPEUHVJULVHV
౱c$K ౱GLMR 0RPR VRUSUHQGLGD౱ < VL VDEH TXH DTX¯ R DOO£ VH
HQFRQWUDU£ FRQ ORV KRPEUHV JULVHV QR WLHQH P£V TXH WRPDU RWUR
FDPLQR
౱1R ౱UHSOLFµ HO PDHVWUR +RUD౱ QR HV WDQ VHQFLOOR 1R SXHGH
FDPELDUQDGDGHORTXHVDEHFRQDQWHODFLµQSRUTXHVµORVDEHORTXH
UHDOPHQWH RFXUULU£ 6L VXSLHUD TXH DTX¯ R DOO¯ VH HQFXHQWUD FRQ ORV
KRPEUHVJULVHVVHORVHQFRQWUDU¯D1RSXHGHFDPELDUQDGD
౱(VR QR OR HQWLHQGR ౱GLMR 0RPR XQ WDQWR GHFHSFLRQDGD౱
HQWRQFHVQROHVLUYHGHQDGDVDEHUDOJRSRUDGHODQWDGR
౱$ YHFHV V¯ ౱FRQWHVWµ HO PDHVWUR +RUD౱ (Q WX FDVR SRU
HMHPSORVDE¯DTXHVLWRPDEDHVWHRDTXHOFDPLQRQRVHHQFRQWUDU¯D
FRQORVKRPEUHVJULVHV<HVR\DYDOHDOJRQR"
0RPRFDOOµ6XVSHQVDPLHQWRVVHHPEUROODEDQFRPRHQXQRYLOOR
౱3HURYROYLHQGRDWL\DWXVDPLJRV౱SURVLJXLµHOPDHVWUR+RUD౱
WHQJRTXHIHOLFLWDURV9XHVWUDVSDQFDUWDVPHLPSUHVLRQDURQPXFKR
౱$FDVRODVKDVYLVWR"౱SUHJXQWµ0RPRFRQWHQWD
౱7RGDV౱GLMRHOPDHVWUR+RUD౱SDODEUDSRUSDODEUD
౱3RU GHVJUDFLD ౱VLJXLµ 0RPR౱ QR ODV KD OH¯GR QDGLH P£V
VHJ¼QSDUHFH
(OPDHVWUR+RUDDVLQWLµWULVWH
౱6¯SRUGHVJUDFLD'HHVRVHRFXSDURQORVKRPEUHVJULVHV
౱/RVFRQRFHV"౱LQTXLULµ0RPR
(OPDHVWUR+RUDYROYLµDDVHQWLU\DVXVSLUDU
౱<RORVFRQR]FRDHOORV\HOORVPHFRQRFHQDP¯
0RPRQRVDE¯DELHQFµPRHQWHQGHUHVWDUHVSXHVWD
౱+DVHVWDGRPXFKDVYHFHVFRQHOORV"
౱1RQXQFD1XQFDDEDQGRQRODFDVDGH1LQJXQD3DUWH
౱3HURORVKRPEUHVJULVHVWHYLVLWDQDYHFHV"
(OPDHVWUR+RUDVRQULµ
౱1RWHSUHRFXSHVSHTXH³D0RPR1RSXHGHQOOHJDUKDVWDDTX¯
1LDXQTXHVXSLHUDQHOFDPLQRKDVWDODFDOOHGH-DP£V
0RPR UHIOH[LRQµ XQ UDWR /D H[SOLFDFLµQ GHO PDHVWUR +RUD OD
WUDQTXLOL]µXQWDQWRSHURWRGDY¯DTXHU¯DVDEHUDOJXQDVFRVDVP£V
౱&µPR HV TXH VDEHV WRGR HVR ౱SUHJXQWµ GH QXHYR౱ OR GH
QXHVWUDVSDQFDUWDV\ORGHORVKRPEUHVJULVHV"
౱/RV REVHUYR FRQVWDQWHPHQWH D HOORV \ WRGR OR TXH VH UHILHUH D
HOORV౱OHH[SOLFµHOPDHVWUR+RUD౱'HPRGRTXHWDPEL«QRVREVHUY«
DWL\DWXVDPLJRV
౱3HURVLQXQFDVDOHVGHFDVD
౱1R HV QHFHVDULR ౱GLMR HO PDHVWUR +RUD PLHQWUDV GH QXHYR VH
66/120
YROY¯DFDGDYH]P£VMRYHQ౱SDUDHVRWHQJRPLVJDIDVGHYLVLµQWRWDO
6HTXLWµODVJDIDV\VHODVSDVµD0RPR
౱1RTXLHUHVPLUDUXQSRFR"
0RPRVHODVSXVRSHVWD³Hµ\GLMR ౱<VLQRSXGLHUDQUREDUP£VWLHPSR"
౱1RYHRQDGDGHQDGD
3RUTXH VµOR YH¯D XQ WRUEHOOLQR GH FRORUHV OXFHV \ VRPEUDV
GLIXPLQDGRVTXHOHGDEDQPDUHRV
౱6¯ ౱R\µ OD YR] GHO PDHVWUR +RUD౱ VLHPSUH FXHVWD XQ SRFR DO
SULQFLSLR(QVHJXLGDWHDFRVWXPEUDU£VDPLUDUFRQODVJDIDVGHYLVLµQ
WRWDO
6H OHYDQWµ VH FRORFµ WUDV OD VLOOD GH 0RPR \ SXVR FRQ VXDYLGDG
DPEDV PDQRV VREUH HO SXHQWH GH ODV JDIDV HQ OD QDUL] GH 0RPR /D
LPDJHQVHDFODUµHQVHJXLGD
$O SULQFLSLR 0RPR YLR HO JUXSR GH KRPEUHV JULVHV FRQ ORV WUHV
FRFKHV DO ERUGH GH DTXHO EDUULR GH H[WUD³D OXPLQRVLGDG (Q DTXHO
PRPHQWRHVWDEDQHPSXMDQGRORVFRFKHVKDFLDDWU£V
'HVSX«VPLUµP£VDOO£\YLRRWURVJUXSRVHQODVFDOOHVGHODFLXGDG
TXH KDEODEDQ DJLWDGRV HQWUH V¯ JHVWLFXODQGR DPSOLDPHQWH FRQ ODV
PDQRV\TXHVHSDUHF¯DQWUDQVPLWLUXQDQRWLFLD
౱(VW£Q KDEODQGR GH WL ౱GLMR HO PDHVWUR +RUD౱ 1R SXHGHQ
H[SOLFDUVHWRGDY¯DFµPRSXHGHVKDEHUWHHVFDSDGR
౱3RU TX« WLHQHQ OD FDUD WDQ JULV" ౱SUHJXQWµ 0RPR PLHQWUDV
VHJX¯DPLUDQGR
౱3RUTXH YLYHQ GH DOJR PXHUWR ౱FRQWHVWµ HO PDHVWUR +RUD౱ 7¼
VDEHV TXH YLYHQ GHO WLHPSR GH ORV KRPEUHV 3HUR HVH WLHPSR PXHUH
OLWHUDOPHQWHFXDQGRVHORDUUDQFDQDVXYHUGDGHURSURSLHWDULR3RUTXH
FDGDKRPEUHWLHQHVXSURSLRWLHPSR<VµORPLHQWUDVVLJDVLHQGRVX\R
VHPDQWLHQHYLYR
౱$V¯SXHVORVKRPEUHVJULVHVQRVRQKRPEUHVGHYHUGDG"
౱1R6µORKDQDGRSWDGRIRUPDKXPDQD
౱4X«VRQHQWRQFHV"
౱(QUHDOLGDGQRVRQQDGD
౱'HGµQGHYLHQHQ"
౱1DFHQSRUTXHORVKRPEUHVOHVGDQSRVLELOLGDGGHQDFHU&RQHVR
EDVWD SDUD TXH H[LVWDQ < DKRUD ORV KRPEUHV OHV GDQ HQFLPD OD
SRVLELOLGDGGHGRPLQDUORV<WDPEL«QHVREDVWDSDUDTXHRFXUUD
౱7HQGU¯DQTXHYROYHUDODQDGDGHODTXHKDQQDFLGR
(OPDHVWUR+RUDOHTXLWµD0RPRODVJDIDV\VHODVJXDUGµ
౱3HUR SRU GHVJUDFLD \D WLHQHQ PXFKRV D\XGDQWHV HQWUH ORV
KRPEUHV౱FRQWLQXµDODFDERGHXQUDWLWR౱(VRHVORSHRU
౱<R ౱GLMR 0RPR GHFLGLGD౱ QR GHMDU« TXH QDGLH PH UREH PL
WLHPSR
౱$V¯ OR HVSHUR ౱FRQWHVWµ HO PDHVWUR +RUD౱ 9HQ 0RPR WH
HQVH³DU«PLFROHFFLµQ
'HUHSHQWHYROY¯DDSDUHFHUXQDQFLDQR
7RPµD0RPRGHODPDQR\ODOOHYµDODJUDQVDOD$OO¯OHPRVWUµVXV
UHORMHV KL]R VRQDU ORV FDULOORQHV OH H[SOLFµ ORV SODQHWDULRV \ IXH
UHMXYHQHFLHQGRDODYLVWDGHODDOHJU¯DTXHPRVWUDEDODQL³DDQWHWRGDV
HVDVPDUDYLOODV
౱7HJXVWDQORVDFHUWLMRV"౱OHSUHJXQWµFRPRTXLHQQRTXLHUHOD
FRVDPLHQWUDVVHJX¯DVXFDPLQR
౱c6¯c0XFKR౱FRQWHVWµ0RPR౱6DEHVDOJXQR"
౱6¯౱GLMRHOPDHVWUR+RUDPLUDQGRVRQULHQWHD0RPR౱SHURHV
PX\GLI¯FLO0X\SRFRVVDEHQUHVROYHUOR
౱(VR HVW£ ELHQ ౱GLMR 0RPR౱ DV¯ PH OR DSUHQGHU« P£V WDUGH \
VHORUHSHWLU«DPLVDPLJRV
౱$YHUVLORDGLYLQDV౱FRQWHVWµHOPDHVWUR+RUD౱$WLHQGH
7UHVKHUPDQRVYLYHQHQXQDFDVD
VRQGHYHUDVGLIHUHQWHV
VLTXLHUHVGLVWLQJXLUORV
ORVWUHVVHSDUHFHQ
(OSULPHURQRHVW£KDGHYHQLU
(OVHJXQGRQRHVW£\DVHIXH
6µORHVW£HOWHUFHURPHQRUGHWRGRV
67/120
 VLQ«OQRH[LVWLU¯DQORVRWURV
$XQDV¯HOWHUFHURVµORH[LVWHSRUTXH
HQHOVHJXQGRVHFRQYLHUWHHOSULPHUR
6LTXLHUHVPLUDUOR
QRYHVP£VTXHRWURGHVXVKHUPDQRV
'LPHSXHVORVWUHVVRQXQR"
RVµORGRV"RQLQJXQR"
6LVDEHVFµPRVHOODPDQ
UHFRQRFHU£VWUHVVREHUDQRV
-XQWRVUHLQDQHQXQSD¯V
TXHHOORVVRQ(QHVRVRQLJXDOHV
(OPDHVWUR+RUDPLUµD0RPR\DJLWµODFDEH]DG£QGROH£QLPRV
+DE¯D HVFXFKDGR FRQ PXFKD DWHQFLµQ &RPR WHQ¯D PX\ EXHQD
PHPRULDUHSLWLµHODFHUWLMRSDODEUDSRUSDODEUD
౱c8\౱H[FODPµHQWRQFHV౱6¯TXHHVGLI¯FLO1RWHQJRQLLGHDGH
ORTXHSRGU¯DVHU1LVLTXLHUDV«SRUGµQGHHPSH]DU
౱c,QW«QWDOR౱GLMRHOPDHVWUR+RUD
0RPRYROYLµDPXUPXUDUHODFHUWLMRGHVGHHOSULQFLSLRKDVWDHOILQ
(QWRQFHVPRYLµODFDEH]D
౱1RSXHGR౱VHUHVLJQµ
0LHQWUDV WDQWR VH KDE¯D DFHUFDGR OD WRUWXJD (VWDED DO ODGR GHO
PDHVWUR+RUD\PLUDEDDWHQWDPHQWHD0RPR
౱< ELHQ &DVLRSHD ౱OH SUHJXQWµ HO PDHVWUR +RUD౱ W¼ OR VDEHV
WRGRPHGLDKRUDDQWHV6DEU£0RPRUHVROYHUHODFHUWLMR"
m6DEU£}DSDUHFLµHQHOFDSDUD]µQGH&DVLRSHD
౱c/R YHV ౱OH GLMR HO PDHVWUR +RUD D 0RPR౱ /R UHVROYHU£V
&DVLRSHDQRVHHTXLYRFDQXQFD
0RPRDUUXJµODIUHQWH\YROYLµDSHQVDUHVIRU]DGDPHQWH4X«WUHV
KHUPDQRVKDE¯DTXHYLYLHUDQMXQWRVHQXQDFDVD"(VWDEDFODURTXHQR
VH WUDWDED GH KRPEUHV (Q ORV DFHUWLMRV ORV KHUPDQRV VLHPSUH HUDQ
VHPLOODVGHPDQ]DQDRGLHQWHVRFRVDVDV¯SHURVLHPSUHFRVDVGHOD
PLVPDHVSHFLH3HURDTX¯VHWUDWDEDGHWUHVKHUPDQRVTXHGHDOJXQD
PDQHUD VH FRQYHUW¯DQ HO XQR HQ HO RWUR 4X« FRVDV KDE¯D TXH VH
FRQYLUWLHUDQ OD XQD HQ OD RWUD" 0RPR PLUµ DOUHGHGRU $OO¯ KDE¯D SRU
HMHPSOR ODV YHODV FRQ VXV OODPDV LQPµYLOHV (Q HOODV OD FHUD VH
WUDQVIRUPDEDHQOX]DWUDY«VGHODOODPD6¯HVRHUDQWUHVKHUPDQRV
3HURQRQRYDO¯DSRUTXHORVWUHVHVWDEDQDOO¯<GRVGHHOORVQRGHE¯DQ
HVWDU 4XL]£ SRG¯D VHU DOJR DV¯ FRPR IORU IUXWR \ VHPLOOD (UD YHUGDG
KDE¯DPXFKDVFRVDVTXHFRQFRUGDEDQ/DVHPLOODHUDHOPHQRUGHORV
WUHV < FXDQGR HOOD HVWDED ORV RWURV GRV QR HVWDEDQ < VLQ HOOD QR
H[LVWLU¯DQORVRWURV3HURQRYDO¯D3RUTXHDODVHPLOODVHODSRG¯DPLUDU
SHUIHFWDPHQWHELHQ<HODFHUWLMRGHF¯DTXHGHTXHUHUPLUDUDOPHQRU
VµORVHYH¯DDOJXQRGHORVRWURVGRV
/RVSHQVDPLHQWRVGH0RPRUHYRORWHDEDQORFRV1RHQFRQWUDEDOD
PHQRU SLVWD 3HUR &DVLRSHD KDE¯D GLFKR TXH HQFRQWUDU¯D OD VROXFLµQ
'HPRGRTXHYROYLµDHPSH]DUSRUHOSULQFLSLR\UHSLWLµOHQWDPHQWHODV
SDODEUDVGHODFHUWLMR
&XDQGROOHJµDOOXJDUTXHGHF¯Dm(OSULPHURQRHVW£KDGHYHQLUಃ}
YLRTXHODWRUWXJDOHJXL³DEDXQRMR6REUHVXFDSDUD]µQDSDUHFLHURQ
ODVSDODEUDVm/RTXHV«}SDUDGHVDSDUHFHUGHQXHYRDOLQVWDQWH
౱c&DOOD &DVLRSHD ౱GLMR VRQULHQWH HO PDHVWUR +RUD TXH QR OD
KDE¯DPLUDGR౱1RVHORVRSOHV0RPRVDEHKDFHUORVROD
&ODUR TXH 0RPR KDE¯D YLVWR ODV SDODEUDV HQ HO FDSDUD]µQ GH OD
WRUWXJD\HPSH]µDSHQVDUTX«TXHU¯DQGHFLU4X«HUDORTXHVDE¯D
&DVLRSHD"6DE¯DTXH0RPRUHVROYHU¯DHODFHUWLMR3HURHVRQRUHVROY¯D
QDGD
4X«P£VVDE¯D"6LHPSUHVDE¯DTX«LEDDRFXUULU6DE¯Dಃ
౱c(OIXWXUR౱JULWµ0RPR౱(OSULPHURQRHVW£KDGHYHQLUಃ(VHO
IXWXUR
(OPDHVWUR+RUDDVLQWLµ
౱< HO VHJXQGR ౱SURVLJXLµ 0RPR౱ QR HVW£ \D VH IXHಃ (V HO
SDVDGR
(OPDHVWUR+RUDDVLQWLµ\VRQULµHQFDQWDGR
౱3HUR DKRUD ౱GLMR 0RPR SHQVDWLYD౱ DKRUD VH YXHOYH GLI¯FLO
4XL«Q HV HO WHUFHUR" (V HO PHQRU GH WRGRV VLQ «O QR H[LVWLU¯DQ ORV
68/120
RWURVGLFH3HURHVHO¼QLFRTXHHVW£
5HIOH[LRQµ\H[FODPµGHUHSHQWH KDVGDGRXQDJUDQDOHJU¯D
౱c(VDKRUDc(VWHLQVWDQWH(OSDVDGRVRQORVLQVWDQWHVTXH\DKDQ
VLGR\HOIXWXURVRQORVTXHKDQGHYHQLU$V¯TXHORVGRVQRH[LVWLU¯DQVL
QRKXELHUDSUHVHQWH(VRHVYHUGDG
$ 0RPR HPSH]DEDQ D HQFHQG«UVHOH ODV PHMLOODV SRU HO HVIXHU]R
&RQWLQXµ HQVH³DQGR P£V FRVDV WRGDY¯D SHUR 0RPR WRGDY¯D HVWDED SHQVDQGR
౱3HURTX«VLJQLILFDORTXHYLHQHDKRUD"m$XQDV¯HOWHUFHURVµOR
H[LVWH SRUTXH HQ HO VHJXQGR VH FRQYLHUWH HO SULPHURಃ} (VR TXLHUH
GHFLU TXH HO SUHVHQWH VµOR H[LVWH SRUTXH HO IXWXUR VH FRQYLHUWH HQ
SDVDGR
0LUµVRUSUHQGLGDDOPDHVWUR+RUD
౱c(V YHUGDG 1XQFD VH PH KDE¯D RFXUULGR 3HUR HQWRQFHV HQ
UHDOLGDGQRH[LVWHHOLQVWDQWHVµORHOSDVDGRRHOIXWXUR3RUTXHDKRUD
SRU HMHPSOR HVWH LQVWDQWHಃ FXDQGR KDEOR GH «O \D KD SDVDGR $KRUD
HQWLHQGRORTXHTXLHUHGHFLUm6LTXLHUHVPLUDUORQRYHVP£VTXHRWUR
GH VXV KHUPDQRV} < DKRUD HQWLHQGR WDPEL«Q OR GHP£V SRUTXH VH
SXHGHSHQVDUTXHVµORH[LVWHXQRGHORVWUHVKHUPDQRVRHOSUHVHQWH
RHOIXWXURRHOSDVDGR2QLQJXQRSRUTXHFDGDXQRGHHOORVGHEHVX
H[LVWHQFLDDODGHORVGHP£V6HOHUHYXHOYHDXQRODFDEH]D
౱3HUR HO DFHUWLMR QR KD WHUPLQDGR WRGDY¯D ౱GLMR HO PDHVWUR +RUD
౱ &X£O HV HO SD¯V HQ TXH ORV WUHV UHLQDQ MXQWRV \ TXH HOORV PLVPRV
VRQ"
0RPROHPLUµSHUSOHMD4X«SRGU¯DVHUHVR"4X«HUDQMXQWRVHO
SDVDGRHOSUHVHQWH\HOIXWXUR"
3DVHµ OD YLVWD SRU OD LQPHQVD VDOD D OR ODUJR GH ORV PLOODUHV GH
UHORMHV\GHUHSHQWHFUX]µVXVRMRVXQUHO£PSDJR
౱c(O WLHPSR ౱H[FODPµ PLHQWUDV EDW¯D SDOPDV౱ c6¯ HV HO
WLHPSRc(VHOWLHPSR
౱'LPHWRGDY¯DFX£OHVODFDVDHQODTXHYLYHQORVWUHVKHUPDQRV
౱OHH[LJLµHOPDHVWUR+RUD
౱(VHOPXQGR౱FRQWHVWµ0RPR
౱c%UDYR ౱H[FODPµ HO PDHVWUR +RUD PLHQWUDV WDPEL«Q GDED
SDOPDGDV౱7HIHOLFLWR0RPR7¼V¯TXHVDEHVUHVROYHUDFHUWLMRV0H
౱$ P¯ WDPEL«Q ౱FRQWHVWµ 0RPR TXH VH VRUSUHQG¯D XQ SRFR GH
SRU TX« OH GDED WDQWD DOHJU¯D DO PDHVWUR +RUD HO TXH HOOD VXSLHUD
UHVROYHUHODFHUWLMR
6LJXLHURQ SDVHDQGR SRU OD JUDQ VDOD \ HO PDHVWUR +RUD OH IXH
HQHODFHUWLMR
౱'LPH౱GLMRDOILQDO౱TX«HVHOWLHPSRGHYHUGDG"
౱6L DFDEDV GH GHVFXEULUOR W¼ PLVPD ౱OH FRQWHVWµ HO PDHVWUR
+RUD
౱1R౱GLMR0RPR౱TXLHURGHFLUHOWLHPSRPLVPR7LHQHTXHVHU
XQDFRVDXRWUD([LVWH4X«HVHQUHDOLGDG"
౱6HU¯D ERQLWR ౱FRQWHVWµ HO PDHVWUR +RUD౱ TXH WDPEL«Q D HVWR
SXGLHUDVFRQWHVWDUW¼PLVPD
0RPRUHIOH[LRQµODUJRUDWR
౱(VW£DK¯౱GLMRKXQGLGDHQVXVSHQVDPLHQWRV౱HVRHVVHJXUR
3HURQRVHOHSXHGHWRFDU1LUHWHQHU$FDVRVHDDOJRSDUHFLGRDXQ
RORU"3HURWDPEL«QHVDOJRTXHVLHPSUHSDVD$V¯TXHWLHQHTXHYHQLU
GH DOJ¼Q OXJDU $FDVR HV DOJR DV¯ FRPR HO YLHQWR" 2 QR <D OR V«
4XL]£ VHD XQD HVSHFLH GH P¼VLFD TXH QR VH R\H SRUTXH VXHQD
VLHPSUH$XQTXHFUHRTXH\RODKHR¯GRDOJXQDYH]PX\EDMLWR
౱/R V« ౱DVLQWLµ HO PDHVWUR +RUD౱ SRU HVR SXGH KDFHUWH YHQLU
KDVWDDTX¯
౱3HUR D¼Q WLHQH TXH VHU DOJR P£V ౱FRQWLQXµ 0RPR TXH VHJX¯D
SHUVLJXLHQGR VXV SHQVDPLHQWRV౱ SRUTXH OD P¼VLFD YHQ¯D GH PX\
OHMRVSHURVRQDEDPX\GHQWURGHP¯3XHGHTXHFRQHOWLHPSRRFXUUD
ORPLVPR౱FDOOµWUDVWRUQDGD\D³DGLµSHUSOHMD౱4XLHURGHFLUFRPR
ODV RODV VH RULJLQDQ HQ HO DJXD SRU HO YLHQWR %DK QR HVWR\ GLFLHQGR
P£VTXHWRQWHU¯DV
౱&UHR౱GLMRHOPDHVWUR+RUD౱TXHORKDVGLFKRGHXQPRGRPX\
ERQLWR 3RU HVR WH YR\ D FRQILDU XQ VHFUHWR GH DTX¯ GH OD FDVD GH
1LQJXQD 3DUWH HQ OD FDOOH GH -DP£V YLHQH HO WLHPSR GH WRGRV ORV
69/120
KRPEUHV
0RPROHPLUµDGPLUDGD
౱c2K౱GLMRHQYR]EDMD౱/RKDFHVW¼PLVPR"
(OPDHVWUR+RUDYROYLµDVRQUH¯U
౱1RTXHULGDQL³D<RVµORVR\HODGPLQLVWUDGRU0LREOLJDFLµQHV
GDUDFDGDKRPEUHHOWLHPSRTXHOHHVW£GHVWLQDGR
౱1RSRGU¯DVRUJDQL]DUORGHWDOPDQHUD౱SUHJXQWµ0RPR౱TXH
ORVODGURQHVGHWLHPSRQRSXGLHUDQUREDUP£VDORVKRPEUHV"
౱1RHVRQRSXHGRKDFHUOR౱FRQWHVWµHOPDHVWUR+RUD౱SRUTXH
OR TXH ORV KRPEUHV KDFHQ FRQ VX WLHPSR WLHQHQ TXH GHFLGLUOR HOORV
PLVPRV7DPEL«QVRQHOORVTXLHQHVKDQGHGHIHQGHUOR<RVµORSXHGR
DGMXGLF£UVHOR
0RPRUHFRUULµFRQODPLUDGDODVDOD\SUHJXQWµ 3UHILHUHQ FUHHU D DTXHOORV TXH OHV GDQ PLHGR (VR WDPEL«Q HV XQ
౱3DUDHVRWLHQHVWDQWRVUHORMHVQR"8QRSDUDFDGDKRPEUH"
౱1R 0RPR ౱FRQWHVWµ HO PDHVWUR +RUD౱ (VRV UHORMHV QR VRQ
P£VTXHXQDDILFLµQP¯D6µORVRQUHSURGXFFLRQHVPX\LPSHUIHFWDVGH
DOJR TXH WRGR KRPEUH OOHYD HQ VX SHFKR 3RUTXH DO LJXDO TXH WHQ«LV
RMRVSDUDYHUODOX]R¯GRVSDUDR¯UORVVRQLGRVWHQ«LVXQFRUD]µQSDUD
SHUFLELU FRQ «O HO WLHPSR < WRGR HO WLHPSR TXH QR VH SHUFLEH FRQ HO
FRUD]µQHVW£WDQSHUGLGRFRPRORVFRORUHVGHODUFRLULVSDUDXQFLHJRR
HO FDQWR GH XQ S£MDUR SDUD XQ VRUGR 3HUR SRU GHVJUDFLD KD\
FRUD]RQHVFLHJRV\VRUGRVTXHQRSHUFLEHQQDGDDSHVDUGHODWLU
౱<VLXQG¯DPLFRUD]µQGHMDUDGHODWLU"౱SUHJXQWµ0RPR
౱(QWRQFHV ౱UHSOLFµ HO PDHVWUR +RUD౱ HO WLHPSR VH KDEU£
DFDEDGR SDUD WL PL QL³D 7DPEL«Q VH SRGU¯D GHFLU TXH HUHV W¼ TXLHQ
YXHOYH D WUDY«V GHO WLHPSR D WUDY«V GH WRGRV WXV G¯DV \ QRFKHV WXV
PHVHV\D³RV5HJUHVDVDWUDY«VGHWXYLGDKDVWDOOHJDUDOJUDQSRUWDO
GHSODWDSRUHOTXHXQDYH]HQWUDVWH3RUDOO¯YXHOYHVDVDOLU
౱<TX«KD\DORWURODGR"
౱(QWRQFHVKDVOOHJDGRDOOXJDUGHGRQGHSURFHGHODP¼VLFDTXH
PX\EDMLWR\DKDVR¯GRDOJXQDYH]3HURHQWRQFHVW¼IRUPDVSDUWHGH
HOODHUHVXQVRQLGRGHQWURGHHOOD
0LUµLQTXLVLWLYRD0RPR
౱3HURHVRQRSRGU£VHQWHQGHUORWRGDY¯DYHUGDG"
౱6¯౱FRQWHVWµ0RPR౱FUHRTXHV¯
5HFRUGµ VX FDPLQR D WUDY«V GH OD FDOOH GH -DP£V HQ OD TXH OR
KDE¯DYLYLGRWRGRDOUHY«V\SUHJXQWµ
౱(UHVW¼ODPXHUWH"
(OPDHVWUR+RUDVRQULµ\FDOOµXQUDWRDQWHVGHFRQWHVWDU
౱6L ORV KRPEUHV VXSLHVHQ OR TXH HV OD PXHUWH \D QR OH WHQGU¯DQ
PLHGR<VL\DQROHWXYLHUDQPLHGRQDGLHSRGU¯DUREDUOHVQXQFDP£V
VXWLHPSRGHYLGD
౱1RKDFHIDOWDP£VTXHGHF¯UVHOR౱SURSXVR0RPR
౱7¼ FUHHV" ౱SUHJXQWµ HO PDHVWUR +RUD౱ <R VH OR GLJR FRQ
FDGD KRUD TXH OHV DGMXGLFR 3HUR FUHR TXH QR TXLHUHQ HVFXFKDUOR
HQLJPD
౱<RQRWHQJRPLHGR౱GLMR0RPR
(O PDHVWUR +RUD DVLQWLµ OHQWDPHQWH 0LUµ ODUJR UDWR D 0RPR SDUD
SUHJXQWDUOH
౱4XLHUHVYHUGHGµQGHSURFHGHHOWLHPSR"
౱6¯౱PXUPXUµ
౱<R WH FRQGXFLU« ౱GLMR HO PDHVWUR +RUD౱ 3HUR HQ DTXHO OXJDU
KD\TXHFDOODU1RVHSXHGHSUHJXQWDUQLGHFLUQDGD0HORSURPHWHV"
0RPRDVLQWLµPXGD
(O PDHVWUR +RUD VH DJDFKµ KDFLD HOOD OD OHYDQWµ \ OD UHWXYR
IXHUWHPHQWH HQ VXV EUD]RV 'H UHSHQWH OH SDUHFLµ PX\ JUDQGH H
LQGHILQLEOHPHQWH YLHMR SHUR QR FRPR XQ DQFLDQR VLQR FRPR XQ £UERO
FHQWHQDULRRXQDURFD/HFXEULµORVRMRVFRQODPDQR\OHSDUHFLµTXH
FD¯DVREUHVXFDUDQLHYHOHY¯VLPD\IUHVFD
$0RPROHSDUHFLµTXHHOPDHVWUR+RUDFDPLQDEDFRQHOODSRUXQ
ODUJR SDVLOOR RVFXUR 3HUR VH VHQW¯D WRWDOPHQWH SURWHJLGD \ QR WHQ¯D
PLHGR $O SULQFLSLR FUH\µ R¯U ORV ODWLGRV GH VX SURSLR FRUD]µQ SHUR
GHVSX«VOHSDUHFLµTXHHUDP£VELHQHOHFRGHORVSDVRVGHOPDHVWUR
+RUD
(UDXQODUJRFDPLQRSHURILQDOPHQWHGHMµD0RPRHQHOVXHOR6X
70/120
FDUDHVWDEDFHUFDGHODGHHOODODPLUµFRQILMH]D\SXVRXQGHGRHQ
VXVODELRV6HHQGHUH]µ\GLRXQRVSDVRVDWU£V
/DURGHDEDXQDSHQXPEUDGRUDGD
3RFR D SRFR 0RPR VH IXH GDQGR FXHQWD GH TXH VH KDOODED EDMR
XQD F¼SXOD LQPHQVD WRWDOPHQWH UHGRQGD TXH OH SDUHFLµ WDQ JUDQGH
FRPRWRGRHOILUPDPHQWR<HVDLQPHQVDF¼SXODHUDGHRURSXUR
(QHOFHQWURHQHOSXQWRP£VDOWRKDE¯DXQDDEHUWXUDFLUFXODUSRUOD
TXH FD¯D YHUWLFDO XQD FROXPQD GH OX] VREUH XQ HVWDQTXH LJXDOPHQWH
FLUFXODUFX\DDJXDQHJUDHVWDEDOLVDHLQPµYLOFRPRXQHVSHMRRVFXUR
0X\SRFRSRUHQFLPDGHODJXDWLWLODEDHQODFROXPQDGHOX]DOJRDV¯
FRPR XQD HVWUHOOD OXPLQRVD 6H PRY¯D FRQ OHQWLWXG PDMHVWXRVD \
0RPR YLR XQ S«QGXOR LQFUH¯EOH TXH RVFLODED VREUH HO HVSHMR RVFXUR
)ORWDED\SDUHF¯DFDUHFHUGHSHVR
&XDQGR HO S«QGXOR HVWHODU VH DFHUFDED OHQWDPHQWH D XQ H[WUHPR
GHO HVWDQTXH VDO¯D GHO DJXD HQ DTXHO SXQWR XQ JUDQ FDSXOOR IORUDO
&XDQWR P£V VH DFHUFDED HO S«QGXOR P£V VH DEU¯D KDVWD TXH SRU ILQ
TXHGDEDWRWDOPHQWHDELHUWRVREUHODVDJXDV
(UD XQD IORU GH EHOOH]D WDO TXH 0RPR QR OD KDE¯D YLVWR QXQFD
3DUHF¯D FRPSRQHUVH VRODPHQWH GH FRORUHV OXPLQRVRV 0RPR QXQFD
KDE¯DVRVSHFKDGRTXHHVRVFRORUHVVLTXLHUDH[LVWLHUDQ(OS«QGXORVH
GHWXYRXQPRPHQWRVREUHODIORU\0RPRVHHQVLPLVPµWRWDOPHQWHHQ
VX YLVLµQ ROYLGDQGR WRGR OR GHP£V (O DURPD OH SDUHF¯D DOJR TXH
VLHPSUHKDE¯DGHVHDGRVLQVDEHUGHTX«VHWUDWDED
3HURHQWRQFHVPX\OHQWDPHQWHHOS«QGXORYROYLµDRVFLODUKDFLDHO
RWUR ODGR < PLHQWUDV PX\ SRFR D SRFR VH DOHMDED 0RPR YLR
FRQVWHUQDGD TXH OD PDUDYLOORVD IORU FRPHQ]DED D PDUFKLWDUVH 8QD
KRMDWUDVRWUDFD¯D\VHKXQG¯DHQODQHJUDSURIXQGLGDG0RPRORVHQW¯D
FRQ WDO GRORU FRPR VL GHVDSDUHFLHUD SDUD VLHPSUH GH HOOD DOJR
WRWDOPHQWHLUUHSHWLEOH
&XDQGR HO S«QGXOR KXER OOHJDGR DO FHQWUR GHO HVWDQTXH OD
H[WUDRUGLQDULDIORUKDE¯DGHVDSDUHFLGRGHOWRGR3HURDOPLVPRWLHPSR
FRPHQ]DED D VDOLU DO RWUR ODGR GHO HVWDQTXH GHO DJXD QHJUD RWUR
FDSXOOR<PLHQWUDVHOS«QGXORVHDFHUFDEDOHQWDPHQWHD«O0RPRYLR
TXH HO FDSXOOR TXH FRPHQ]DED D DEULUVH HUD PXFKR P£V KHUPRVR
WRGDY¯D/DQL³DGLRODYXHOWDDOHVWDQTXHSDUDYHUORGHFHUFD
(UD WRWDOPHQWHGLIHUHQWH D OD IORU DQWHULRU 7DPSRFR ORV FRORUHVGH
«VWDORVKDE¯DYLVWRMDP£V0RPRSHUROHSDUHFLµTXHHUDWRGDY¯DP£V
ULFD\SUHFLRVDTXHODDQWHULRU7HQ¯DXQRORUFRPSOHWDPHQWHGLIHUHQWH
P£V PDUDYLOORVR \ FXDQWR P£V OD PLUDED 0RPR P£V GHWDOOHV
H[WUDRUGLQDULRVGHVFXEU¯D
3HUR GH QXHYR YROYLµ HO S«QGXOR HVWHODU \ WRGD HVD PDUDYLOOD VH
GLVROYLµ \ VH KXQGLµ KRMD D KRMD HQ ODV LQHVFUXWDEOHV SURIXQGLGDGHV
GHOHVWDQTXHRVFXUR
/HQWDPHQWHPX\OHQWDPHQWHHOS«QGXORYROYLµDORWURODGRSHURQR
DOFDQ]µ H[DFWDPHQWH HO OXJDU DQWHULRU VLQR TXH KDE¯D DYDQ]DGR XQ
FRUWRWUHFKR<DOO¯DXQSDVRGHOSXQWRDQWHULRUFRPHQ]DEDDHPHUJHU
\DEULUVHQXHYDPHQWHXQFDSXOOR
(VDIORUHUDUHDOPHQWHODP£VKHUPRVDVHJ¼QOHSDUHFLµD0RPR
(UDODIORUGHODVIORUHVXQPLODJUR
0RPRKXELHUDTXHULGROORUDUFXDQGRWXYRTXHYHUTXHWDPEL«QHVD
SHUIHFFLµQ FRPHQ]DED D PDUFKLWDUVH \ D KXQGLUVH HQ ODV RVFXUDV
SURIXQGLGDGHV3HURUHFRUGµODSURPHVDTXHOHKDE¯DKHFKRDOPDHVWUR
+RUD\FDOOµ
7DPEL«QDORWURODGRKDE¯DDYDQ]DGRXQSDVRHOS«QGXOR\GHODV
QHJUDVDJXDVFRPHQ]DEDDVXUJLUXQDQXHYDIORU
0RPRVHIXHGDQGRFXHQWDGHTXHFDGDQXHYDIORUHUDWRWDOPHQWH
GLIHUHQWHDODDQWHULRU\TXHODTXHHVWDEDIORUHFLHQGROHSDUHF¯DFDGD
YH]ODP£VKHUPRVD
3DVHDQGRWRGRHOUDWRDOUHGHGRUGHOHVWDQTXHPLUDEDFµPRQDF¯D\
VHPDUFKLWDEDXQDIORUWUDVRWUD<OHSDUHF¯DTXHQXQFDVHFDQVDU¯DGH
HVWHHVSHFW£FXOR'HSURQWRVHGLRFXHQWDGHTXHDGHP£VDOPLVPR
WLHPSR HVWDED SDVDQGR RWUD FRVD DOJR TXH QR KDE¯D QRWDGR KDVWD
HQWRQFHV
/D FROXPQD GH OX] TXH LUUDGLDED GHVGH HO FHQWUR GH OD F¼SXOD QR
VµORHUDYLVLEOH0RPRHVWDEDHPSH]DQGRDR¯UOD
$OSULQFLSLRHUDFRPRXQVXVXUURFRPRHOTXHGHOHMRVSURGXFHHO
71/120
YLHQWR HQ ODV FRSDV GH ORV £UEROHV SHUR GHVSX«V HO EUDPLGR VH KL]R
P£VSRWHQWHKDVWDTXHVHSDUHFLµDOGHXQDFDWDUDWDRDOWURQDUGHODV
RODVGHOPDUFRQWUDXQDFRVWDURFRVD
<0RPRHVFXFKµFDGDYH]FRQPD\RUFODULGDGTXHHVHHVWUXHQGR
VH FRPSRQ¯D GH LQFRQWDEOHV VRQLGRV TXH FDGD YH] VH RUGHQDEDQ GH
QXHYR HQWUH V¯ VH WUDQVIRUPDEDQ \ IRUPDEDQ FDGD YH] QXHYDV
DUPRQ¯DV (UD P¼VLFD \ DO PLVPR WLHPSR RWUD FRVD < GH SURQWR
0RPRORUHFRQRFLµHUDODP¼VLFDTXHDYHFHVR¯DPX\EDMLWR\FRPR
GHPX\OHMRVPLHQWUDVHVFXFKDEDHOVLOHQFLRGHODQRFKHHVWUHOODGD
3HUR DKRUD ORV VRQLGRV VH YROY¯DQ P£V \ P£V FODURV \ EULOODQWHV
0RPR LQWX\µ TXH HUD HVD OX] VRQRUD OD TXH KDF¯D QDFHU GH ODV
SURIXQGLGDGHV GHO DJXD QHJUD FDGD XQD GH ODV IORUHV GH IRUPD FDGD
YH]GLIHUHQWH¼QLFDHLUUHSHWLEOH
&XDQWR P£V HVFXFKDED P£V FODUDPHQWH SRG¯D GLVWLQJXLU YRFHV
VLQJXODUHV 3HUR QR HUDQ YRFHV KXPDQDV VLQR TXH VRQDED FRPR VL
FDQWDUDQ HO RUR OD SODWD \ WRGRV ORV GHP£V PHWDOHV < HQWRQFHV
DSDUHFLHURQ FRPR HQ VHJXQGR W«UPLQR YRFHV GH ¯QGROH WRWDOPHQWH
GLIHUHQWHVYRFHVGHOHMDQ¯DVLPSHQVDEOHV\GHSRWHQFLDLQGHVFULSWLEOH
6HKDF¯DQFDGDYH]P£VFODUDVGHPRGRTXH0RPRLEDHQWHQGLHQGR
SRFR D SRFR ODV SDODEUDV SDODEUDV GH XQD OHQJXD TXH QXQFD KDE¯D
R¯GR \ TXH QR REVWDQWH HQWHQG¯D (UDQ HO VRO \ OD OXQD \ WRGRV ORV
SODQHWDV \ ODV HVWUHOODV TXH UHYHODEDQ VXV SURSLRV QRPEUHV ORV
YHUGDGHURV<HQHVRVQRPEUHVHVWDEDGHFLGLGRORTXHKDFHQ\FµPR
FRODERUDQ WRGRV SDUD KDFHU QDFHU \ PDUFKLWDUVH FDGD XQD GH HVDV
IORUHVKRUDULDV
< GH SURQWR 0RPR FRPSUHQGLµ TXH WRGDV HVDV SDODEUDV LEDQ
GLULJLGDVDHOOD7RGRHOPXQGRKDVWDODVP£VOHMDQDVHVWUHOODVHVWDED
GLULJLGRDHOODFRPRXQDVRODFDUDGHWDPD³RLPSHQVDEOHTXHODPLUDED
\OHKDEODED
<OHVREUHYLQRDOJRP£VJUDQGHTXHHOPLHGR
(Q HVH PRPHQWR YLR DO PDHVWUR +RUD TXH OH KDF¯D VH³DV FRQ OD
PDQR6HODQ]µKDFLD«OTXHODWRPµHQVXVEUD]RV\RFXOWµODFDUDHQ
VXSHFKR'HQXHYRVXVPDQRVVHSRVDURQFRQODOHQWLWXGGHODQLHYH
VREUHVXVRMRVVHKL]RRVFXULGDG\VLOHQFLR\VHVLQWLµSURWHJLGD9ROYLµ
DUHFRUUHUGHUHJUHVRWRGRHOODUJRSDVLOOR
&XDQGR YROYLHURQ D HVWDU HQ OD SHTXH³D KDELWDFLµQ HQWUH ORV
UHORMHVODWHQGLµHQHOVRI£
౱0DHVWUR +RUD ౱PXUPXUµ౱ QXQFD SHQV« TXH HO WLHPSR GH
WRGRVORVKRPEUHVHVಃ౱EXVFµODSDODEUDDGHFXDGDVLQHQFRQWUDUOD
౱ಃWDQJUDQGH౱GLMRSRUILQ
౱/R TXH KDV YLVWR \ R¯GR 0RPR ౱UHVSRQGLµ HO PDHVWUR +RUD౱
QRHUDHOWLHPSRGHWRGRVORVKRPEUHV6µORHUDWXSURSLRWLHPSR(Q
FDGD KRPEUH H[LVWH HVH OXJDU HQ HO TXH DFDEDV GH HVWDU 3HUR VµOR
SXHGH OOHJDU D «O TXLHQ VH GHMD OOHYDU SRU P¯ < QR VH SXHGH YHU FRQ
RMRVFRUULHQWHV
౱'µQGHHVWXYHSXHV"
౱(Q WX SURSLR FRUD]µQ ౱GLMR HO PDHVWUR +RUD \ OH DFDULFLµ HO
UHYXHOWRSHOR
౱0DHVWUR +RUD ౱YROYLµ D PXUPXUDU 0RPR౱ SXHGR WUDHUWH
WDPEL«QDPLVDPLJRV"
౱1R౱FRQWHVWµ౱QRSXHGHVHUWRGDY¯D
౱&X£QWRWLHPSRSXHGRTXHGDUPHFRQWLJR"
౱+DVWDTXHW¼PLVPDTXLHUDVYROYHUFRQWXVDPLJRV
౱3HURSXHGRFRQWDUOHVORTXHKDQGLFKRODVHVWUHOODV"
౱3XHGHVSHURQRVHU£VFDSD]
౱3RUTX«QR"
౱3RUTXHWRGDY¯DKDQGHFUHFHUHQWLODVSDODEUDV
౱3HURTXLHURKDEODUOHVGHHVRDWRGRV4XLHURSRGHUFDQWDUOHVODV
YRFHV&UHRTXHHQWRQFHVWRGRYROYHU¯DDHVWDUELHQ
౱6LGHYHUGDGORTXLHUHV0RPRWHQGU£VTXHVDEHUHVSHUDU
౱1RPHLPSRUWDHVSHUDU
౱(VSHUDUPLQL³DFRPRXQDVHPLOODTXHGXHUPHWRGDXQDYXHOWD
VRODUHQODWLHUUDDQWHVGHSRGHUJHUPLQDU7DQWRWDUGDU£QODVSDODEUDV
HQFUHFHUHQWL4XLHUHVHVR"
౱6¯౱PXUPXUµ0RPR
౱3XHVGXHUPH౱GLMRHOPDHVWUR+RUDSDV£QGROHODPDQRSRUORV
72/120
RMRV౱GXHUPH
<0RPRWRPµDOLHQWRSURIXQGDPHQWHIHOL]\VHGXUPLµ

73/120
7(5&(5$3$57( $OO¯XQG¯D\DTX¯XQD³R
/DVIORUHVKRUDULDV

0
RPRGHVSHUWµ\DEULµORVRMRV
7DUGµ XQ SRFR HQ GDUVH FXHQWD GH GµQGH HVWDED /H
WUDVWRUQµ XQ SRFR HQFRQWUDUVH HQ ODV JUDGDV GH SLHGUD
FXELHUWDV GH KLHUED GHO YLHMR DQILWHDWUR 1R DFDEDED GH HVWDU KDF¯D
XQRV PRPHQWRV HQ OD FDVD GH 1LQJXQD 3DUWH FRQ HO PDHVWUR +RUD"
&µPRKDE¯DYHQLGRDSDUDUDTX¯"
(VWDEDRVFXUR\KDF¯DIUHVFR6REUHHOKRUL]RQWHRULHQWDOHPSH]DED
DDOERUHDUHOG¯D0RPRWLULWµ\VHDSUHWµP£VVXFKDTXHWµQGHPDVLDGR
JUDQGH
5HFRUGDED FRQ WRGD FODULGDG WRGR OR TXH KDE¯D YLYLGR OD PDUFKD
QRFWXUQDDWUDY«VGHODFLXGDGGHWU£VGHODWRUWXJDHOEDUULRFRQODOX]
VRUSUHQGHQWH \ ODV FDVDV EODQFDV UHOXFLHQWHV OD FDOOH GH -DP£V OD
VDOD FRQ ORV LQFRQWURODEOHV UHORMHV HO FKRFRODWH \ ORV SDQHFLOORV FRQ
PLHO FDGD XQD GH ODV SDODEUDV GH VX FRQYHUVDFLµQ FRQ HO PDHVWUR
+RUD\HODFHUWLMR3HURVREUHWRGRVHDFRUGDEDGHVXH[SHULHQFLDEDMR
OD F¼SXOD GRUDGD 1R WHQ¯D P£V TXH FHUUDU ORV RMRV SDUD YROYHU D YHU
DQWHV¯ODPDUDYLOODGHFRORUQXQFDYLVWDGHODVIORUHV<ODVYRFHVGHO
VRO OD OXQD \ ODV HVWUHOODV VHJX¯DQ UHVRQDQGR HQ VX R¯GR FRQ WDO
FODULGDGTXHLQFOXVRSRG¯DFDQWXUUHDUODPHORG¯D
0LHQWUDVKDF¯DHVRVHIRUPDEDQHQHOODODVSDODEUDVSDODEUDVTXH

74/120
UHDOPHQWH H[SUHVDEDQ HO RORU GH ODV IORUHV \ ORV FRORUHV QXQFD YLVWRV
(UDQ ODV YRFHV GHO UHFXHUGR GH 0RPR ODV TXH GHF¯DQ HVDV SDODEUDV
SHURFRQHOSURSLRUHFXHUGRKDE¯DRFXUULGRDOJRH[WUDRUGLQDULR0RPR
QR VµOR HQFRQWUµ HQ «O OR TXH KDE¯D YLVWR \ R¯GR VLQR P£V \ P£V \
FDGD YH] P£V &RPR GH XQ SR]R P£JLFR LQDJRWDEOH VXUJ¯DQ PLO
LP£JHQHVGHIORUHVKRUDULDV<FRQFDGDIORUVRQDEDQQXHYDVSDODEUDV
0RPR QR WHQ¯D P£V TXH HVFXFKDU FRQ DWHQFLµQ KDFLD DGHQWUR SDUD
SRGHUUHSHWLUODVLQFOXVRFDQWDUODV6HKDEODEDGHFRVDVPLVWHULRVDV\
PDUDYLOORVDV SHUR PLHQWUDV 0RPR UHSHW¯D ODV SDODEUDV HQWHQG¯D VX
VLJQLILFDGR
(VRHVORTXHKDE¯DTXHULGRGHFLUHOPDHVWUR+RUDFXDQGRGLMRTXH
ODVSDODEUDVWHQ¯DQTXHFUHFHUHQHOOD
2 HV TXH DO ILQ WRGR KDE¯D VLGR XQ VXH³R" 1R KDE¯D RFXUULGR
QDGDGHYHUGDG"
0LHQWUDV 0RPR SHQVDED HVWR YLR PRYHUVH DOJR HQ OD SOD]XHOD
UHGRQGDGHOIRQGR(UDODWRUWXJDTXHEXVFDEDFRQWRGDWUDQTXLOLGDG
KLHUEDVFRPHVWLEOHV
0RPRGHVFHQGLµDWRGDSULVDKDVWDHOOD\VHDFXUUXFµHQHOVXHORD
VXODGR/DWRUWXJDVµOROHYDQWµODFDEH]DPLUµDODQL³DFRQVXVRMRV
QHJURVDQWLTX¯VLPRV\VLJXLµFRPLHQGRWUDQTXLODPHQWH
౱%XHQRVG¯DVWRUWXJD౱GLMR0RPR
1RDSDUHFLµQLQJXQDUHVSXHVWDHQHOFDSDUD]µQ
౱)XLVWHW¼౱SUHJXQWµ0RPR౱TXLHQPHOOHYµHVWDQRFKHDFDVD
GHOPDHVWUR+RUD"
1RKXERUHVSXHVWD0RPRVXVSLUµGHVHQFDQWDGD
౱/£VWLPD౱PXUPXUµ౱$V¯TXHVµORHUHVXQDWRUWXJDQRUPDO\QR
ODಃ c$\ +H ROYLGDGR VX QRPEUH (UD XQ QRPEUH ERQLWR SHUR ODUJR \
UDUR1RORKDE¯DR¯GRQXQFDDQWHV
m&DVLRSHD} UHOXFLµ G«ELOPHQWH GH SURQWR HQ HO FDSDUD]µQ GH OD
WRUWXJD0RPRORGHVFLIUµHQFDQWDGD
౱c6¯౱EDWLµSDOPDV౱c‹VWHHUDHOQRPEUH$V¯TXHV¯HUHVW¼"
(UHVODWRUWXJDGHOPDHVWUR+RUDYHUGDG"
m4XL«QVLQR}
౱3HURSRUTX«QRPHFRQWHVWDVWHDQWHV"
m'HVD\XQR}VHSXGROHHUHQHOFDSDUD]µQ
౱c3HUGRQD౱VHGLVFXOSµ0RPR౱1RWHTXHU¯DLQWHUUXPSLU6µOR
TXLVLHUDVDEHUFµPRHVTXHYXHOYRDHVWDUDTX¯
m7XGHVHR}DSDUHFLµFRPRUHVSXHVWD
౱(VFXULRVR౱PXUPXUµ0RPR౱QRSXHGRDFRUGDUPHGHHVR<
W¼ &DVLRSHD SRU TX« QR WH KDV TXHGDGR FRQ HO PDHVWUR +RUD VLQR
TXHKDVYHQLGRFRQPLJR"
m0LGHVHR}UH]DEDHOFDSDUD]µQ
౱0XFKDVJUDFLDV౱GLMR0RPR౱HVPX\DPDEOHSRUWXSDUWH
m'H QDGD} IXH OD UHVSXHVWD &RQ HVR OD FRQYHUVDFLµQ SDUHF¯D
KDEHU WHUPLQDGR SDUD OD WRUWXJD SRUTXH VLJXLµ VX FDPLQR SDUD
SURVHJXLUFRQVXGHVD\XQRLQWHUUXPSLGR
0RPRVHVHQWµVREUHODVJUDGDVGHSLHGUD\VHDOHJUµSRUHVSHUDU
D%HSSR*LJL\ORVQL³RV9ROYLµDHVFXFKDUODP¼VLFDTXHQRGHMDED
GH VRQDU HQ VX LQWHULRU < DXQTXH HVWDED VROD \ QDGLH OD HVFXFKDED
FDQWµ HQ YR] FDGD YH] P£V DOWD \ FRQ P£V £QLPR ODV PHORG¯DV \
SDODEUDV GLUHFWDPHQWH KDFLD HO VRO QDFLHQWH < OH SDUHFLµ TXH ORV
S£MDURV \ ORV JULOORV \ ORV £UEROHV H LQFOXVR ODV YLHMDV SLHGUDV OD
HVFXFKDEDQHVWDYH]
1RVDE¯DTXHGXUDQWHPXFKRWLHPSRQRWHQGU¯DRWURVR\HQWHV1R
SRG¯D VDEHU TXH HVSHUDED HQ YDQR D VXV DPLJRV TXH KDE¯D HVWDGR
IXHUDPXFKRWLHPSR\TXHPLHQWUDVWDQWRHOPXQGRKDE¯DFDPELDGR
&RQ*LJL&LFHURQHDORVKRPEUHVJULVHVOHVKDE¯DUHVXOWDGRPX\I£FLO
/D FRVD KDE¯D HPSH]DGR FXDQGR KDF¯D FRVD GH XQ D³R SRFR
GHVSX«VGHTXH0RPRKXELHUDGHVDSDUHFLGRVLQGHMDUUDVWURDSDUHFLµ
HQ XQ SHULµGLFR XQ ODUJR DUW¯FXOR VREUH *LJL m(O ¼OWLPR QDUUDGRU
DXW«QWLFR}DILUPDEDHOWLWXODU$GHP£VVHGHF¯DGµQGH\FX£QGRVHOH
SRG¯D HQFRQWUDU \ TXH HUD XQD DWUDFFLµQ TXH QR VH GHE¯D SDVDU SRU
DOWR
&RPR UHVXOWDGR GH HOOR FDGD YH] YHQ¯D P£V JHQWH DO YLHMR
75/120
DQILWHDWUR SDUD YHU \ R¯U D *LJL *LJL FODUR HVW£ QR WHQ¯D QDGD TXH
RSRQHU&RPRVLHPSUHFRQWDEDORTXHVHOHRFXUU¯D\GHVSX«VSDVDED
OD JRUUD TXH FDGD YH] TXHGDED P£V OOHQD GH PRQHGDV \ ELOOHWHV
3URQWROHFRQWUDWµXQDDJHQFLDGHYLDMHVTXHOHSDJDEDDGHP£VXQD
EXHQDVXPDSRUHOGHUHFKRGHSRGHUHQVH³DUOHFRPRXQPRQXPHQWR
/RVWXULVWDVOOHJDEDQHQDXWRFDUHV\*LJLWXYRTXHDWHQHUVHSURQWRD
XQ KRUDULR HVWULFWR SDUD TXH WRGRV ORV TXH KDE¯DQ SDJDGR SRU HOOR
SXGLHUDQR¯UOH
<D HQWRQFHV FRPHQ]µ D HFKDU GH PHQRV D 0RPR SRUTXH VXV
FXHQWRV \D QR WHQ¯DQ DODV DXQTXH VHJX¯D QHJ£QGRVH ILUPHPHQWH D
FRQWDU GRV YHFHV OD PLVPD KLVWRULD LQFOXVR FXDQGR VH OH RIUHF¯D SRU
HOORHOGREOHGHGLQHUR
$ORVSRFRVPHVHV\DQRQHFHVLWDEDDFWXDUHQHOYLHMRDQILWHDWUR\
SDVDUODJRUUD/HFRQWUDWµODUDGLR\GHVSX«VODWHOHYLVLµQ$OO¯FRQWDED
DKRUDVXVKLVWRULDVWUHVYHFHVSRUVHPDQDDQWHPLOORQHVGHR\HQWHV\
JDQDEDPRQWRQHVGHGLQHUR
3RU HVD «SRFD \D QR YLY¯D FHUFD GHO YLHMR DQILWHDWUR VLQR HQ RWUR
EDUULR GRQGH YLY¯D WRGD OD JHQWH ULFD \ IDPRVD +DE¯D DOTXLODGR XQD
JUDQFDVDPRGHUQDVLWXDGDHQPHGLRGHXQJUDQSDUTXH7DPSRFRVH
OODPDED*LJLVLQR*LURODPR
&ODURTXHKDF¯DWLHPSRTXHKDE¯DGHMDGRGHLQYHQWDUFRPRDQWHV
KLVWRULDVQXHYDV<DQRWHQ¯DWLHPSR
(PSH]µDVHUSDUFRHQHOJDVWRGHVXVRFXUUHQFLDV'HXQDVRODGH
HOODVDKRUDKDF¯DDYHFHVFLQFRKLVWRULDVGLIHUHQWHV
< FXDQGR HVR \D QR EDVWµ SDUD VDWLVIDFHU D OD GHPDQGD VLHPSUH
FUHFLHQWHXQG¯DKL]RDOJRTXHQXQFDGHEHU¯DKDEHUKHFKRFRQWµXQR
GHORVFXHQWRVTXHHUDH[FOXVLYDPHQWHGH0RPR
$TXHOODKLVWRULDIXHGHYRUDGDFRQODPLVPDXUJHQFLDTXHWRGDVODV
RWUDV\ROYLGDGDFRQODPLVPDUDSLGH]6HOHH[LJ¯DQP£VKLVWRULDV*LJL
HVWDEDWDQDWXUGLGRSRUHVDYHORFLGDGTXHXQDWUDVRWUDGHMµHVFDSDU
WRGDVODVKLVWRULDVTXHKDE¯DQHVWDGRGHVWLQDGDV¼QLFDPHQWHD0RPR
<FXDQGRKXERFRQWDGROD¼OWLPDVLQWLµGHUHSHQWHTXHHVWDEDYDF¯R\
KXHFR\TXHQRSRG¯DLQYHQWDUQDGDP£V
/OHYDGRSRUHOPLHGRGHTXHHO«[LWRSXGLHUDDEDQGRQDUORHPSH]µ
D FRQWDU GH QXHYR WRGRV VXV FXHQWRV VµOR TXH FRQ RWURV QRPEUHV \
DOJXQRVFDPELRV/RVRUSUHQGHQWHIXHTXHQDGLHSDUHFLµGDUVHFXHQWD
3RUORPHQRVQRLQIOX\µHQODGHPDQGD
*LJLVHDJDUUµDHOORFRPRXQQ£XIUDJRDXQDSODQFKDGHPDGHUD
3RUTXH DKRUD HUD ULFR \ IDPRVR \ DFDVR QR HUD HVR OR TXH KDE¯D
VR³DGRWRGDVXYLGD"
3HURDYHFHVGHQRFKHEDMRVXFROFKDGHVHGDHQODFDPDVHQW¯D
QRVWDOJLDGHVXRWUDYLGDFXDQGRSRG¯DHVWDUMXQWRFRQ0RPR\HOYLHMR
%HSSR\ORVQL³RV\FXDQGRUHDOPHQWHKDE¯DVDELGRFRQWDUFXHQWRV
3HURQRKDE¯DQLQJ¼QFDPLQRGHUHWRUQRSRUTXH0RPRVHJX¯DVLQ
DSDUHFHU $O SULQFLSLR *LJL KDE¯D KHFKR DOJXQRV LQWHQWRV VHULRV GH
HQFRQWUDUODSHURP£VWDUGH\DQLKDE¯DWHQLGRWLHPSRSDUDHOOR$KRUD
WHQ¯D WUHV VHFUHWDULDV HILFLHQWHV TXH KDF¯DQ ORV FRQWUDWRV SRU «O D ODV
TXHGLFWDEDVXVKLVWRULDVTXHOHKDF¯DQODSXEOLFLGDG\UHJXODEDQVXV
FLWDV<DQROHTXHGµQLQJ¼QPRPHQWRSDUDEXVFDUD0RPR
4XHGDEDSRFRGHOYLHMR*LJL3HURXQG¯DKL]RGHWULSDVFRUD]µQ\
GHFLGLµ WRPDU FRQFLHQFLD GH V¯ PLVPR $KRUD HUD DOJXLHQ VH GHF¯D
FX\D YR] WHQ¯D SHVR \ DO TXH HVFXFKDEDQ PLOORQHV 4XL«Q VLQR «O
SRG¯DGHFLUOHVODYHUGDGDORVKRPEUHV‹OOHVKDEODU¯DGHORVKRPEUHV
JULVHV<GHSDVROHVGLU¯DTXH«VWDQRHUDXQDKLVWRULDLQYHQWDGD\TXH
SHG¯DDWRGRVVXVR\HQWHVTXHOHD\XGDUDQDEXVFDUD0RPR
+DE¯D WRPDGR HVD GHFLVLµQ XQD GH ODV QRFKHV HQ TXH HFKDED GH
PHQRV D VXV DPLJRV &XDQGR OOHJµ HO DPDQHFHU \D HVWDED VHQWDGR
DQWHVXJUDQHVFULWRULRSDUDWRPDUQRWDVVREUHVXSODQ3HURDQWHVGH
KDEHUHVFULWRODSULPHUDSDODEUDVRQµHOWHO«IRQR/HYDQWµHODXULFXODU
HVFXFKµ\TXHGµU¯JLGRGHWHUURU
/HKDEODEDXQDYR]FXULRVDPHQWH£WRQDVHSRGU¯DGHFLUFHQLFLHQWD
\DOPLVPRWLHPSRVLQWLµTXHOHLQYDG¯DXQIU¯RWHUULEOHTXHOHFRQJHODED
KDVWDODP«GXOD
౱c'«MDORHVWDU౱GLMRODYR]౱7HORDFRQVHMDPRVSRUWXELHQ
౱4XL«QHVW£DK¯"
౱/R VDEHV PX\ ELHQ ౱FRQWHVWµ OD YR]౱ 1R KDFH IDOWD TXH QRV
76/120
SUHVHQWHPRV6LELHQHVFLHUWRTXHWRGDY¯DQRKDVWHQLGRHOSODFHUGH
FRQRFHUQRV QRV SHUWHQHFHV GHVGH KDFH WLHPSR 1R GLJDV TXH QR OR
VDE¯DV
౱4X«TXHU«LVGHP¯"
౱(VR TXH WH KDV SURSXHVWR QR QRV JXVWD QDGD 6« EXHQ FKLFR \
G«MDORHVWDUHK"
*LJLUHXQLµWRGRVXYDORU
౱1R౱GLMR౱QRORGHMR<DQRVR\HOSHTXH³R*LJL&LFHURQHHO
GHVFRQRFLGR$KRUDVR\XQJUDQKRPEUHc9HUHPRVVLSRG«LVFRQPLJR
/DYR]ULµVLQDOHJU¯D\GHSURQWRFRPHQ]DURQDFDVWD³HWHDUOHORV
GLHQWHVD*LJL
౱7¼QRHUHVQDGLH౱GLMRODYR]౱1RVRWURVWHKHPRVKHFKR7¼
HUHV XQ PX³HFR GH JRPD 1RVRWURV WH KHPRV KLQFKDGR 3HUR VL QRV
PROHVWDV WH KDUHPRV GHVKLQFKDU $FDVR FUHHV HQ VHULR TXH OR TXH
HUHVDKRUDORGHEHVDWXLQVLJQLILFDQWHWDOHQWR"
౱6¯ORFUHR౱FRQWHVWµ*LJLURQFR
౱3REUH SHTXH³R *LJL ౱GLMR OD YR]౱ (UHV \ VHJXLU£V VLHQGR XQ
LOXVR$QWHVHUDVHOSU¯QFLSH*LURODPRGLVIUD]DGRGHSREUH*LJL<TX«
HUHV DKRUD" (O SREUH *LJL GLVIUD]DGR GH SU¯QFLSH *LURODPR $XQ DV¯
GHEHU¯DV HVWDUQRV DJUDGHFLGR SRUTXH DO ILQ \ DO FDER KHPRV VLGR
QRVRWURVORVTXHKHPRVKHFKRUHDOLGDGWRGRVWXVVXH³RV
౱c(VRQRHVYHUGDG౱UHSOLFµ*LJL౱౱c(VPHQWLUD
౱c3RUPLVWLHPSRV౱FRQWHVWµODYR]YROYLHQGRDUH¯UVLQDOHJU¯D
౱3UHFLVDPHQWHW¼TXLHUHVYHQLUQRVDQRVRWURVFRQODYHUGDG$QWHV
JDVWDEDV WDQWDV SDODEUDV VREUH OR TXH HV \ QR HV OD YHUGDG 3REUH
*LJLQRVDFDU£VQDGDEXHQRVLWUDWDVGHUHPLWLUWHDODYHUGDG7HKDV
KHFKRIDPRVRFRQQXHVWUDD\XGDSRUWXVHPEXVWHV1RHUHVQLQJXQD
DXWRULGDGHQFXDQWRDODYHUGDG3RUHVRcG«MDORHVWDU
౱4X«KDE«LVKHFKRFRQ0RPR"౱PXUPXUµ*LJL
౱1RWHURPSDVWXFDEHFLWDSRUHVR$HOODQRSXHGHVD\XGDUOD\D
\PHQRVVLHPSLH]DVDFRQWDUHVHFXHQWRDFHUFDGHQRVRWURV/R¼QLFR
TXH FRQVHJXLU£V HV TXH WX «[LWR VH YD\D WDQ U£SLGDPHQWH FRPR YLQR
&ODUR TXH HVR KDV GH GHFLGLUOR SRU WL PLVPR 1RVRWURV QR TXHUHPRV
LPSHGLUWH TXH MXHJXHV D VHU HO K«URH VL WDQWR WH LPSRUWD 3HUR QR
SXHGHV HVSHUDU TXH VLJDPRV SURWHJL«QGRWH VL W¼ HUHV WDQ
GHVDJUDGHFLGR $FDVR QR HV PXFKR P£V DJUDGDEOH VHU ULFR \
IDPRVR"
౱6¯౱UHFRQRFLµ*LJLFRQYR]DKRJDGD
౱c/R YHV $ QRVRWURV QRV GHMDV IXHUD GHO MXHJR 0HMRU TXH OH
FXHQWHVDODJHQWHORTXHTXLHUHR¯U
౱&µPRKHGHKDFHUORDKRUDTXHORV«WRGR"
౱7HYR\DGDUXQFRQVHMR1RWHWRPHVWDQHQVHULRDWLPLVPR(Q
HOIRQGRW¼QRLPSRUWDV9LVWRDV¯ELHQSXHGHVFRQWLQXDUFRPRKDVWD
DKRUD
౱6¯౱GLMR*LJLPLUDQGRILMDPHQWHDQWHV¯౱YLVWRDV¯ಃ
6H LQWHUUXPSLµ OD FRPXQLFDFLµQ \ *LJL FROJµ HO WHO«IRQR &D\µ
VREUH OD VXSHUILFLH GH VX JUDQ HVFULWRULR \ RFXOWµ OD FDUD HQWUH ORV
EUD]RV8QVROOR]RVRUGROHDJLWµ
$SDUWLUGHHVHG¯D*LJLKDE¯DSHUGLGRWRGRHOUHVSHWRSRUV¯PLVPR
5HQXQFLµ D VX SODQ \ VLJXLµ FRPR KDVWD HQWRQFHV SHUR VH VHQW¯D XQ
HVWDIDGRU < OR HUD $QWHV VX IDQWDV¯D OH KDE¯D OOHYDGR SRU FDPLQRV
DODGRV\«OODKDE¯DVHJXLGR3HURDKRUDPHQW¯D
6H FRQYLUWLµ HQ HO SD\DVR HQ HO SHOHOH GH VX S¼EOLFR \ OR VDE¯D
&RPHQ]µDRGLDUVXDFWLYLGDG<DV¯VXVFXHQWRVVHYROY¯DQFDGDYH]
P£V HVW¼SLGRV R VHQWLPHQWDORLGHV 3HUR HVR QR GD³DED VX «[LWR DO
FRQWUDULR VH GHF¯D TXH HUD XQ QXHYR HVWLOR \ PXFKRV WUDWDEDQ GH
LPLWDUOR 6H FRQYLUWLµ HQ OD JUDQ PRGD 3HUR D *LJL QR OH FDXVDED
DOHJU¯D $KRUD VDE¯D D TXL«Q VH OR GHE¯D 1R KDE¯D JDQDGR QDGD /R
KDE¯DSHUGLGRWRGR
3HURVHJX¯DFRUULHQGRFRQHOFRFKHGHXQDFLWDDRWUDYRODEDHQORV
DYLRQHV P£V U£SLGRV \ GLFWDED LQLQWHUUXPSLGDPHQWH HVWXYLHUD GRQGH
HVWXYLHUDVXVYLHMDVKLVWRULDVFRQURSDMHVQXHYRVDVXVVHFUHWDULDV
6HJ¼QWRGRVORVSHULµGLFRVHUDmVRUSUHQGHQWHPHQWHIUXFW¯IHUR}
$V¯*LJLHOVR³DGRUVHKDE¯DFRQYHUWLGRHQ*LURODPRHOHPEXVWHUR
77/120

$ORVKRPEUHVJULVHVOHVKDE¯DUHVXOWDGRPXFKRP£VGLI¯FLOFRQ%HSSR
%DUUHQGHUR
'HVGHDTXHOODQRFKHHQTXH0RPRGHVDSDUHFLµHVWDEDVHQWDGR
VLHPSUHTXHVXWUDEDMRVHORSHUPLW¯DHQHOYLHMRDQILWHDWUR\HVSHUDED
6XSUHRFXSDFLµQHLQWUDQTXLOLGDGFUHF¯DGHG¯DHQG¯D&XDQGRSRUILQ
QR SXGR DJXDQWDU P£V GHFLGLµ LU D SHVDU GH WRGDV ODV MXVWLILFDGDV
REMHFLRQHVGH*LJLDODSROLF¯D
m(V PHMRU} VH GHF¯D mTXH YXHOYDQ D PHWHU D 0RPR HQ XQR GH
HVRV KRVSLFLRV FRQ UHMDV HQ ODV YHQWDQDV D TXH OD WHQJDQ SULVLRQHUD
ORVKRPEUHVJULVHV6LHVTXHWRGDY¯DYLYH<DVHKDHVFDSDGRXQDYH]
GHXQRGHHVRVKRVSLFLRV\SRGU¯DKDFHUORGHQXHYR$FDVR\RSXHGD
RFXSDUPHGHTXHQRODPHWDQ3HURSULPHURKD\TXHHQFRQWUDUOD}
6H IXH SXHV D OD FRPLVDU¯D P£V FHUFDQD TXH HVWDED DO H[WUHPR
GHODFLXGDG7RGDY¯DHVWXYRXQUDWRDQWHODSXHUWDGDQGRYXHOWDVDVX
VRPEUHURHQWUHODVPDQRVSHURDOILQDOVHGHFLGLµ\HQWUµ
౱4X« GHVHD" ౱OH SUHJXQWµ XQ SROLF¯D TXH HVWDED RFXSDGR HQ
UHOOHQDUXQLPSUHVRODUJR\GLI¯FLO
%HSSRQHFHVLWµXQUDWRDQWHVGHFRPHQ]DU ౱4X«P£V"
౱7LHQHTXHKDEHUSDVDGRDOJRWHUULEOH
౱$K V¯" ౱SUHJXQWµ HO SROLF¯D PLHQWUDV VHJX¯D HVFULELHQGR౱
'HTX«VHWUDWD"
౱6HWUDWD౱FRQWHVWµ%HSSR౱GHQXHVWUD0RPR
౱8QQL³R"
౱8QDQL³DSHTXH³D
౱(VVX\DHVDQL³D"
౱1R౱FRQWHVWµ%HSSRWUDVWRUQDGR౱TXLHURGHFLUV¯SHURQRVR\
HOSDGUH
౱1R TXLHUR GHFLU V¯ ౱UHSLWLµ LUULWDGR HO SROLF¯D౱ 'H TXL«Q HV
HVDQL³D"4XL«QHVVRQVXVSDGUHV"
౱1RORVDEHQDGLH౱FRQWHVWµ%HSSR
౱'µQGHHVW£UHJLVWUDGDHVDQL³D"
౱5HJLVWUDGD"౱SUHJXQWµ%HSSR౱6XSRQJRTXHHQWUHQRVRWURV
7RGRVODFRQRFHPRV
౱$V¯TXHQRHVW£UHJLVWUDGD౱FRQWHVWµHOSROLF¯DFRQXQVXVSLUR౱
6DEHTXHHVRHVW£SURKLELGR"c$GµQGHLU¯DPRVDSDUDU'µQGHYLYH
ODQL³D"
౱(QVXFDVD౱GLMR%HSSR౱TXLHURGHFLUHQHODQILWHDWUR3HUR\D
QRYLYHDOO¯+DGHVDSDUHFLGR
౱c8QPRPHQWR౱GLMRHOSROLF¯D౱6LORHQWLHQGRELHQYLY¯DKDVWD
DKRUD HQ ODV UXLQDV GH DOO£ DIXHUD XQD SHTXH³D QL³D TXH VH OODPDಃ
FµPRGHF¯DTXHVHOODPD"
౱0RPR౱FRQWHVWµ%HSSR
(OSROLF¯DHPSH]µDDSXQWDUORWRGR
౱ಃTXHVHOODPD0RPR0RPR\TX«P£V"c(OQRPEUHFRPSOHWR
SRUIDYRU
౱0RPR\QDGDP£V౱GLMR%HSSR
(OSROLF¯DVHUDVFµODEDUELOOD\PLUµDSHVDGXPEUDGRD%HSSR
౱(VRQRSXHGHVHUVH³RUP¯R<RTXLHURD\XGDUOHSHURDV¯QRVH
SXHGHIRUPXODUXQDGHQXQFLD'¯JDPHSULPHURFµPRVHOODPDXVWHG
౱%HSSR
౱%HSSR%DUUHQGHUR
౱4XLHURVDEHUHODSHOOLGRQRODSURIHVLµQ
౱(VDPEDVFRVDV౱H[SOLFµ%HSSRSDFLHQWH
(OSROLF¯DGHMµFDHUODSOXPD\HQWHUUµODFDUDHQODVPDQRV
౱c'LRV VDQWR ౱PXUPXUµ GHVHVSHUDGR౱ c3RU TX« WHQ¯D TXH
HVWDUGHVHUYLFLRSUHFLVDPHQWH\R
6HHQGHUH]µHFKµORVKRPEURVKDFLDDWU£VVRQULµDQLPRVRDOYLHMR
\GLMRFRQODVXDYLGDGGHXQHQIHUPHUR
౱3RGHPRV WRPDU ORV GDWRV SHUVRQDOHV P£V WDUGH &X«QWHPH
DKRUDSRURUGHQTX«RFXUULµ
౱7RGR"౱SUHJXQWµ%HSSRGXGRVR
౱7RGR OR TXH LPSRUWD ౱FRQWHVWµ HO SROLF¯D౱ 6L ELHQ QR WHQJR
WLHPSR DQWHV GHO PHGLRG¯D WHQJR TXH UHOOHQDU WRGD HVD PRQWD³D GH
78/120
LPSUHVRV \ \D QR SXHGR P£V WµPHVH VX WLHPSR \ FX«QWHPH TX« OH
RFXUUH
6H HFKµ DWU£V HQ VX DVLHQWR FRQ OD H[SUHVLµQ GH XQ P£UWLU DO TXH
HVWXYLHUDQDVDQGRDODSDUULOOD(OYLHMR%HSSRFRPHQ]µDFRQWDUDVX
PRGROHQWRWRGDODKLVWRULDHPSH]DQGRSRUODDSDULFLµQGH0RPR\VX
FXDOLGDG H[WUDRUGLQDULD KDVWD ORV KRPEUHV JULVHV GHO YHUWHGHUR D ORV
TXH«OPLVPRKDE¯DHVSLDGR
౱<HVDPLVPDQRFKH౱FRQFOX\µ౱GHVDSDUHFLµ0RPR
(OSROLF¯DOHPLUµSHVDURVRODUJRUDWR
౱'LFKRGHRWURPRGR౱GLMRSRUILQ౱TXHKDE¯DXQDYH]XQDQL³D
PX\ LQYHURV¯PLO FX\D H[LVWHQFLD QR VH SXHGH GHPRVWUDU TXH KD VLGR
UDSWDGD SRU XQD HVSHFLH GH IDQWDVPDV TXH FRPR WRGR HO PXQGR
VDEH QR H[LVWHQ KDFLD TXL«Q VDEH GµQGH 3HUR QL VLTXLHUD HVR HV
VHJXUR<GHHVRVHKDGHRFXSDUODSROLF¯D"
౱6¯SRUIDYRU౱GLMR%HSSR
(OSROLF¯DVHLQFOLQµKDFLDDGHODQWH\GLMRFRQUXGH]D $TX¯VHOHUHYLVµDIRQGR(OP«GLFR\ORVHQIHUPHURVHUDQDPDEOHV
౱c‹FKHPHHODOLHQWR
%HSSR QR HQWHQGLµ HO SRU TX« GH HVD RUGHQ VH HQFRJLµ GH
KRPEURVSHUROHHFKµHODOLHQWRDOSROLF¯D
‹VWHROLVTXHµ\GLMR FUH\HUDQ1RVDE¯DORTXHTXHU¯DQGH«OSHURQROHGHMDEDQPDUFKDU
౱(VW£FODURTXHQRHVW£ERUUDFKR
౱1R౱GLMR%HSSRURMRGHYHUJ¾HQ]D౱QRORKHHVWDGRQXQFD
౱(QWRQFHV SRU TX« PH FXHQWD WRGDV HVDV LQVHQVDWHFHV" ౱
SUHJXQWµ HO SROLF¯D౱ 6H FUHH TXH OD SROLF¯D HV WDQ HVW¼SLGD FRPR
SDUDFUHHUVHWRGRVHVRVFXHQWRV"
౱6¯౱GLMR%HSSRF£QGLGR
$K¯ VH DFDEµ OD SDFLHQFLD GHO SROLF¯D 6DOWµ GH VX VLOOD \ SHJµ XQ
SX³HWD]RHQODPHVD ODOX]GHODWHQXHLOXPLQDFLµQQRFWXUQDTXHKDE¯DDOJXLHQDOODGRGHVX
౱c<DEDVWD౱JULWµURMRGHLUD౱c/£UJXHVHLQPHGLDWDPHQWHVLQR
TXLHUHTXHOHHQFLHUUHSRULQVXOWRVDODIXHU]DS¼EOLFD
౱3HUGµQ౱GLMR%HSSRDVXVWDGR౱TXHU¯DGHFLURWUDFRVD4XHU¯D
GHFLUTXHಃ
౱c)XHUD౱FKLOOµHOSROLF¯D
%HSSRVHYROYLµ\VDOLµ
'XUDQWH ORV G¯DV VLJXLHQWHV DSDUHFLµ HQ ODV GLYHUVDV FRPLVDU¯DV
/DV HVFHQDV TXH WHQ¯DQ OXJDU HQ HOODV DSHQDV VH GLIHUHQFLDEDQ GH OD
SULPHUD 6H OH HFKDED VH OH HQYLDED DPDEOHPHQWH D FDVD R VH OH
FRQVRODED SDUD OLEUDUVH GH «O 3HUR XQD YH] %HSSR FD\µ HQ PDQRV
GH XQ MHIH GH SROLF¯D TXH WHQ¯D PHQRV VHQWLGR GHO KXPRU TXH VXV
FRPSD³HURV 6LQ XQ JHVWR VH KL]R UHODWDU WRGD OD KLVWRULD SDUD GHFLU
IU¯DPHQWH
౱(VWH YLHMR HVW£ ORFR +DEU£ TXH FRPSUREDU TXH QR VHD XQ ORFR
SHOLJURVR/O«YHQORDODFHOGD
(Q OD FHOGD %HSSR WXYR TXH HVSHUDU PHGLR G¯D KDVWD TXH GRV
SROLF¯DV OH PHWLHURQ HQ XQ FRFKH /H OOHYDURQ D WUDY«V GH WRGD OD
FLXGDG KDVWD XQ JUDQ HGLILFLR EODQFR FRQ EDUURWHV HQ ODV YHQWDQDV
3HUR QR HUD XQD SULVLµQ QL QDGD SDUHFLGR VHJ¼Q SHQVDED %HSSR DO
SULQFLSLRVLQRXQKRVSLWDOSDUDHQIHUPHGDGHVQHUYLRVDV
FRQ«OQRVHUH¯DQGH«OQLVHHQIDGDEDQLQFOXVRSDUHF¯DQLQWHUHVDUVH
SRU VX KLVWRULD SRUTXH WHQ¯D TXH FRQWDUOD XQD \ RWUD YH] $XQTXH
QXQFD OH FRQWUDGLMHUDQ %HSSR QXQFD WXYR OD VHQVDFLµQ GH TXH OH
&DGDYH]TXHSUHJXQWDEDFX£QGROHGHMDU¯DQPDUFKDUVHOHGHF¯D
౱3URQWR 3HUR WRGDY¯D OH QHFHVLWDPRV 'HEH HQWHQGHUOR /DV
LQYHVWLJDFLRQHVQRHVW£QWHUPLQDGDVWRGDY¯DSHURDYDQ]DPRV
<%HSSRTXHFUH¯DTXHODVLQYHVWLJDFLRQHVHUDQSRUHOSDUDGHURGH
0RPRVHFDUJDEDGHSDFLHQFLD
6H OH KDE¯D VH³DODGR XQD FDPD HQ XQ JUDQ GRUPLWRULR GRQGH
WDPEL«QGRUP¯DQPXFKRVRWURVSDFLHQWHV8QDQRFKHGHVSHUWµ\YLRD
FDPD 3ULPHUR VµOR YLR HO SHTXH³R SXQWR OXPLQRVR GH XQ FLJDUUR
HQFHQGLGR SHUR GHVSX«V GLVWLQJXLµ HO ERPE¯Q \ OD FDUWHUD
&RPSUHQGLµTXHVHWUDWDEDGHDOJXQRGHORVKRPEUHVJULVHVVLQWLµIU¯R
KDVWDHQORVKXHVRV\TXLVRSHGLUDX[LOLR
౱c6LOHQFLR ౱GLMR HQ OD RVFXULGDG OD YR] FHQLFLHQWD౱ 7HQJR OD
79/120
PLVLµQGHKDFHUOHXQDRIHUWD(VF¼FKHPH\QRFRQWHVWHKDVWDTXH\R
VHORGLJD+DEU£SRGLGRGDUVHFXHQWDXQSRFRGHKDVWDGµQGHOOHJD
QXHVWURSRGHU'HSHQGHGHXVWHGHOTXHWHQJDTXHGDUVHP£VFXHQWD
WRGDY¯D (V FLHUWR TXH QR QRV SXHGH GD³DU OR P£V P¯QLPR DO FRQWDU
HVWDKLVWRULDTXHYDFRQWDQGRSHURQRQRVJXVWD&ODURTXHWLHQHWRGD
OD UD]µQ DO SHQVDU TXH QRVRWURV WHQHPRV SUHVD D 0RPR 3HUR QR VH
KDJDLOXVLRQHVGHTXHMDP£VVHODHQFXHQWUH(VRQRRFXUULU£MDP£V<
FRQVXVHVIXHU]RVQROHKDFHODVLWXDFLµQP£VI£FLODHOOD&DGDXQRGH
VXV LQWHQWRV PL TXHULGR DPLJR OR KD GH SDJDU HOOD $V¯ TXH HQ HO
IXWXURSLHQVHELHQORTXHKDFH\GLFH
(O KRPEUH JULV VRSOµ DOJXQRV DQLOORV GH KXPR \ REVHUYµ FRQ
VDWLVIDFFLµQHOHIHFWRTXHVXGLVFXUVRKDF¯DHQHOYLHMR%HSSR
౱3DUDGHFLUORGHOPRGRP£VUHVXPLGRSRVLEOHSRUTXHWDPEL«QPL
WLHPSR HV SUHFLRVR ౱FRQWLQXµ HO KRPEUH JULV౱ OH KDJR OD VLJXLHQWH
RIHUWDQRVRWURVOHGHYROYHPRVDODQL³DFRQODFRQGLFLµQGHTXHXVWHG
QR YXHOYD D GHFLU QXQFD QL XQD VROD SDODEUD VREUH QXHVWUD DFWLYLGDG
$GHP£VOHH[LJLPRVDPRGRGHUHVFDWHODVXPDGHFLHQPLOKRUDVGH
WLHPSRDKRUUDGR8VWHGQRVHSUHRFXSHGHFµPRQRVDSURSLDPRVGHO
WLHPSR HVR HV FRVD QXHVWUD 8VWHG OLP¯WHVH D DKRUUDUOR &µPR OR
FRQVLJD HV FRVD VX\D 6L HVW£ GH DFXHUGR QRVRWURV QRV HQFDUJDPRV
GH TXH GHQWUR GH XQRV G¯DV OH VXHOWHQ GH DTX¯ 6L QR XVWHG VH
TXHGDU£VLHPSUHDTX¯\0RPRVHTXHGDU£SDUDVLHPSUHFRQQRVRWURV
3L«QVHOR6µOROHKDUHPRVXQDYH]HVDJHQHURVDRIHUWD4X«GLFH"
%HSSRWUDJµVDOLYDGRVYHFHV\GLMRHQWRQFHV /OHJµ OD SULPDYHUD \ YROYLµ HO YHUDQR %HSSR DSHQDV VH GDED
౱'HDFXHUGR
౱0X\UD]RQDEOH౱GLMRVDWLVIHFKRHOKRPEUHJULV౱5HFX«UGHOR /D JHQWH GH OD JUDQ FLXGDG DSHQDV WHQ¯D WLHPSR SDUD SUHVWDU
VLOHQFLR DEVROXWR \ FLHQ PLO KRUDV (Q FXDQWR ODV WHQJDPRV OH
GHYROYHPRV D OD SHTXH³D 0RPR 8VWHG OR SDVH ELHQ PL TXHULGR
DPLJR
&RQ HVR HO KRPEUH JULV DEDQGRQµ OD VDOD /D QXEH GH KXPR TXH
GHMµ WUDV GH V¯ SDUHF¯D EULOODU HQ OD RVFXULGDG FRPR XQ WHQXH IXHJR
IDWXR
$SDUWLUGHHVDQRFKH%HSSRQRYROYLµDFRQWDUVXKLVWRULD<VLOH
SUHJXQWDEDQ SRU TX« OD KDE¯D FRQWDGR DQWHV VH HQFRJ¯D WULVWH GH
KRPEURV$ORVSRFRVG¯DVOHHQYLDURQDVXFDVD
3HUR %HSSR QR IXH D VX FDVD VLQR TXH VH PDUFKµ GLUHFWDPHQWH
KDFLD DTXHOOD JUDQ FDVD FRQ HO SDWLR GRQGH «O \ VXV FRPSD³HURV
VLHPSUH UHFLE¯DQ ODV HVFREDV \ ORV FDUULWRV 7RPµ VX HVFRED VH
DGHQWUµFRQHOODHQODJUDQFLXGDG\FRPHQ]µDEDUUHU
3HURDKRUD\DQREDUU¯DFRPRDQWHVDFDGDSDVRXQDLQVSLUDFLµQ\
DFDGDLQVSLUDFLµQXQDEDUULGDVLQRTXHDKRUDORKDF¯DGHSULVD\VLQ
DPRUSRUVXWUDEDMRVLQRVµORSRUDKRUUDUWLHPSR6HQW¯DFRQGRORURVD
FODULGDG TXH FRQ HOOR UHQXQFLDED \ WUDLFLRQDED VX P£V SURIXQGD
FRQYLFFLµQ P£V D¼Q WRGD VX YLGD DQWHULRU \ HVR OH HQIHUPDED \ OH
OOHQDEDGHRGLRSRUORTXHKDF¯D
6L KXELHUD VLGR SRU «O KDEU¯D SUHIHULGR PRULUVH GH KDPEUH DQWHV
TXHVHUWDQLQILHODV¯PLVPR3HURVHWUDWDEDGH0RPRDODTXHWHQ¯D
TXHUHVFDWDU\«VHHUDHO¼QLFRPRGRGHDKRUUDUWLHPSRTXHFRQRF¯D
%DUU¯D GH G¯D \ GH QRFKH VLQ LU QXQFD D VX FDVD &XDQGR OH
VREUHYHQ¯DHODJRWDPLHQWRVHVHQWDEDHQHOEDQFRGHDOJ¼QSDUTXHR
VREUH HO ERUGLOOR GH OD DFHUD \ GRUP¯D XQ SRFR $O SRFR YROY¯D D
OHYDQWDUVH \ VHJX¯D EDUULHQGR /R PLVPR KDF¯D FXDQGR DOJXQD YH]
WHQ¯DTXHGHWHQHUVHDFRPHUDOJXQDFRVD1RYROYLµDVXFDED³DFHUFD
GHOYLHMRDQILWHDWUR
%DUULµGXUDQWHVHPDQDV\PHVHV/OHJµHORWR³R\OOHJµHOLQYLHUQR
\%HSSREDUU¯D
FXHQWDEDUU¯D\EDUU¯DSDUDDKRUUDUODVFLHQPLOKRUDVGHOUHVFDWH
DWHQFLµQ DO SHTXH³R YLHMR < ORV SRFRV TXH OR KDF¯DQ VH OOHYDEDQ HO
GHGR D OD VLHQ WUDV VXV HVSDOGDV FXDQGR SDVDED D VX ODGR D WRGD
SULVDEODQGLHQGRODHVFREDFRPRVLOHIXHUDHQHOORODYLGD3HURTXH
VHOHWRPDUDSRUORFRQRHUDQLQJXQDQRYHGDGSDUD%HSSRSRUORTXH
DSHQDV OH SUHVWDED DWHQFLµQ 6µOR FXDQGR DOJXLHQ DOJXQD YH] OH
SUHJXQWDED SRU TX« WHQ¯D WDQWD SULVD LQWHUUXPS¯D VX WUDEDMR SRU XQ
PRPHQWRPLUDEDDOSUHJXQWµQFRQPLHGR\OOHQRGHWULVWH]DVHOOHYDED
80/120
XQGHGRDORVODELRV
/D WDUHD P£V GLI¯FLO SDUD ORV KRPEUHV JULVHV IXH JXLDU VHJ¼Q VXV
SODQHV D ORV QL³RV DPLJRV GH 0RPR 'HVSX«V GH TXH 0RPR KXER
GHVDSDUHFLGRORVQL³RVVHUHXQ¯DQVLHPSUHTXHOHVHUDSRVLEOHHQHO
YLHMRDQILWHDWUR+DE¯DQLQYHQWDGRFDGDYH]MXHJRVQXHYRV\XQSDUGH
FDMDVYLHMDVOHVEDVWDEDQSDUDHPSUHQGHUODUJRVYLDMHVGHH[SORUDFLµQ
RFRQVWUXLUFDVWLOORV\IRUWDOH]DV+DE¯DQVHJXLGRWUD]DQGRVXVSODQHV\
FRQW£QGRVH VXV FXHQWRV HQ UHVXPHQ KDE¯DQ KHFKR FRPR VL 0RPR
HVWXYLHUDWRGDY¯DFRQHOORV<VRUSUHQGHQWHPHQWHKDE¯DUHVXOWDGRTXH
SDUHF¯DTXHHQYHUGDGHVWXYLHUDFRQHOORV
/RV QL³RV DGHP£V QR KDE¯DQ GXGDGR QL SRU XQ PRPHQWR GH TXH
0RPR YROYHU¯D 6L ELHQ QXQFD VH KDE¯D KDEODGR GH HOOR WDPSRFR HUD
QHFHVDULR/DFDOODGDFHUWLGXPEUHXQ¯DDORVQL³RVHQWUHV¯0RPROHV
SHUWHQHF¯D\HUDVXFHQWURVHFUHWRHVWXYLHUDDOO¯RQR
&RQWUDHOORVQRKDE¯DQSRGLGRORVKRPEUHVJULVHV
6L QR SRG¯DQ KDFHUVH FRQ ORV QL³RV GLUHFWDPHQWH SDUD DSDUWDUORV
GH0RPRWHQGU¯DQTXHKDFHUORDWUDY«VGHXQURGHR<HVHURGHRHUDQ
ORVDGXOWRVTXHPDQGDEDQVREUHORVQL³RV1RWRGRVORVDGXOWRVFODUR
HVW£VLQRDTXHOORVTXHVHUY¯DQFRPRDX[LOLDUHVGHORVKRPEUHVJULVHV
TXH SRU GHVJUDFLD QR HUDQ SRFRV $GHP£V ORV KRPEUHV JULVHV
XVDURQFRQWUDORVQL³RVVXVSURSLDVDUPDV
3RUTXHGHUHSHQWHDOJXQRVVHDFRUGDURQGHODVPDQLIHVWDFLRQHV
GHODVSDQFDUWDV\ORVOHWUHURVGHORVQL³RV
౱7HQHPRV TXH HPSUHQGHU DOJXQD FRVD ౱VH GHF¯D౱ SRUTXH QR
SXHGH VHU TXH KD\D FDGD YH] P£V QL³RV TXH HVW«Q VRORV VLQ TXH
QDGLHVHRFXSHGHHOORV1RVHOHVSXHGHKDFHUQLQJ¼QUHSURFKHDORV
SDGUHV SRUTXH OD YLGD PRGHUQD QR OHV GHMD WLHPSR SDUD FXLGDU
VXILFLHQWHPHQWHDVXVKLMRV3HURHOD\XQWDPLHQWRGHEHU¯DRFXSDUVHGH
HOOR
౱1RSXHGHVHU౱GHF¯DQRWURV౱TXHVHSRQJDHQSHOLJURODIOXLGH]
GHOWU£ILFRSRUFXOSDGHQL³RVYDJDEXQGRV(ODXPHQWRGHDFFLGHQWHV
FDXVDGRVSRUORVQL³RVHQODVFDOOHVFXHVWDFDGDYH]P£VGLQHURTXH
VHSRGU¯DHPSOHDUPHMRUHQRWURVXVRV
౱/RV QL³RV VLQ YLJLODQFLD ౱H[SOLFDEDQ RWURV౱ VH HVWURSHDQ
PRUDOPHQWH \ VH FRQYLHUWHQ HQ GHOLQFXHQWHV (O D\XQWDPLHQWR KD GH
FXLGDU GH TXH VH UHJLVWUH D WRGRV ORV QL³RV +D\ TXH FRQVWUXLU
LQVWDODFLRQHV GRQGH VH OHV HGXTXH SDUD TXH VHDQ PLHPEURV ¼WLOHV \
HILFLHQWHVGHODVRFLHGDG
2WURVGHF¯DQ
౱/RV QL³RV VRQ HO PDWHULDO KXPDQR GHO IXWXUR (O IXWXUR VHU£ XQD
«SRFDGHP£TXLQDVDUHDFFLµQ\FHUHEURVHOHFWUµQLFRV6HQHFHVLWDU£
XQ HM«UFLWR GH HVSHFLDOLVWDV \ W«FQLFRV SDUD PDQHMDU WRGDV HVDV
P£TXLQDV3HURHQOXJDUGHSUHSDUDUDQXHVWURVKLMRVSDUDHVHPXQGR
GHPD³DQDSHUPLWLPRVWRGDY¯DTXHPXFKRVGHHOORVSLHUGDQJUDQSDUWH
GH VX SUHFLRVR WLHPSR HQ MXHJRV LQ¼WLOHV (V XQD YHUJ¾HQ]D SDUD
QXHVWUDFLYLOL]DFLµQ\XQFULPHQDQWHODKXPDQLGDGIXWXUD
7RGR HVR OHV UHVXOWDED HQRUPHPHQWH FRQYLQFHQWH D ORV
DKRUUDGRUHV GH WLHPSR < FRPR \D KDE¯D PXFKRV DKRUUDGRUHV GH
WLHPSR HQ OD JUDQ FLXGDG SURQWR FRQVLJXLHURQ FRQYHQFHU DO
D\XQWDPLHQWR GH OD QHFHVLGDG GH KDFHU DOJR SRU WRGRV HVRV QL³RV
GHVFXLGDGRV
&RPR FRQVHFXHQFLD HQ WRGRV ORV EDUULRV VH FRQVWUX\HURQ ORV
OODPDGRVmGHSµVLWRVGHQL³RV}6HWUDWDEDGHJUDQGHVHGLILFLRVHQORV
TXHKDE¯DTXHHQWUHJDU\UHFRJHUVLHUDSRVLEOHDWRGRVORVQL³RVGH
ORVTXHQDGLHVHSRG¯DRFXSDU6HSURKLELµVHYHUDPHQWHTXHORVQL³RV
MXJDUDQSRUODVFDOOHVHQORVSDUTXHVRHQFXDOTXLHURWUROXJDU6LVH
HQFRQWUDED D DOJ¼Q QL³R HQ HVRV OXJDUHV VLHPSUH KDE¯D DOJXLHQ TXH
ORV OOHYDED DO GHSµVLWR GH QL³RV P£V FHUFDQR < D ORV SDGUHV VH OHV
FDVWLJDEDFRQXQDEXHQDPXOWD
7DPSRFRORVDPLJRVGH0RPRHVFDSDURQDHVDQXHYDQRUPDWLYD
)XHURQVHSDUDGRVVHJ¼QHOEDUULRGHOTXHSURYHQ¯DQ\ORVPHWLHURQHQ
GHSµVLWRV GH QL³RV GLYHUVRV 6H DFDEµ OR GH LQYHQWDUVH HOORV PLVPRV
VXV MXHJRV /RV YLJLODQWHV SUHVFULE¯DQ ORV MXHJRV TXH VµOR HUDQ GH
DTXHOORV FRQ ORV TXH WDPEL«Q DSUHQG¯DQ DOJXQD FRVD ¼WLO 0LHQWUDV
81/120
WDQWR ROYLGDURQ RWUD FRVD FODUR HVW£ OD FDSDFLGDG GH DOHJUDUVH GH
HQWXVLDVPDUVH\GHVR³DU
&RQ HO WLHPSR ORV QL³RV WXYLHURQ OD PLVPD FDUD TXH ORV
DKRUUDGRUHVGHWLHPSR'HVHQFDQWDGRVDEXUULGRV\KRVWLOHVKDF¯DQOR
TXH VH OHV H[LJ¯D < VL DOJXQD YH] ORV GHMDEDQ TXH VH HQWUHWXYLHUDQ
VRORV\DQRVHOHVRFXUU¯DQDGD
/R¼QLFRTXHWRGDY¯DVDE¯DQKDFHUHUDPHWHUUXLGRSHUR\DQRHUD
XQUXLGRDOHJUHVLQRHQIDGDGRHLUDFXQGR
/RVKRPEUHVJULVHVQRVHDFHUFDURQDQLQJXQRGHORVQL³RV/DUHG
TXHVHKDE¯DWHQGLGRVREUHODFLXGDGHUDGHQVD\౱VHJ¼QSDUHF¯D౱
LQGHVWUXFWLEOH1LVLTXLHUDORVQL³RVP£VOLVWRVVXSLHURQHVFDSDUGHVXV
PDOODV6HKDE¯DFXPSOLGRHOSODQGHORVKRPEUHVJULVHV
'HVGHHQWRQFHVHODQILWHDWURKDE¯DTXHGDGRWULVWH\VROR
'H PRGR TXH 0RPR HVWDED DKRUD VHQWDGD HQ ORV HVFDORQHV GH
SLHGUD \ HVSHUDED D VXV DPLJRV +DE¯D HVWDGR VHQWDGD \ HVSHUDQGR
DV¯WRGRHOG¯D3HURQRKDE¯DYHQLGRQDGLH1DGLH
(O VRO VH HQFDPLQDED KDFLD HO KRUL]RQWH RFFLGHQWDO &UHF¯DQ ODV
VRPEUDV\HPSH]DEDDUHIUHVFDU
3RU ILQ 0RPR VH OHYDQWµ 7HQ¯D KDPEUH SRUTXH QDGLH OH KDE¯D
OOHYDGRQDGDTXHFRPHU(VRQRKDE¯DRFXUULGRQXQFD,QFOXVR%HSSR\
*LJLSDUHF¯DQKDEHUODROYLGDGRKR\3HURVHJXURSHQVDED0RPRTXH
HVRGHE¯DVHUDOJ¼QGHVFXLGRWRQWRTXHPD³DQDVHDFODUDU¯D
%DMµKDFLDODWRUWXJDTXH\DVHKDE¯DUHWLUDGRDGRUPLUGHQWURGH
VXFDSDUD]µQ0RPRVHDFXUUXFµMXQWRDHOOD\OODPµW¯PLGDPHQWHFRQ
ORVQXGLOORVHQHOFDSDUD]µQ/DWRUWXJDVDFµODFDEH]D\PLUµD0RPR
౱3HUGµQDPHVLWHKHGHVSHUWDGRORVLHQWRSHURSXHGHVGHFLUPH
SRUTX«QRKDYHQLGRKR\QLQJXQRGHPLVDPLJRV"
6REUHHOFDSDUD]µQDSDUHFLHURQODVSDODEUDV $OFDERGHXQUDWRVHGLRFXHQWDGHTXHODWRUWXJDOHWRFDEDHOSLH
m1RKD\QDGLH}
0RPRODVOH\µSHURQRHQWHQGLµORTXHVLJQLILFDEDQ
౱%XHQR ౱GLMR FRQILDGD౱ PD³DQD VH DFODUDU£ 6HJXUR TXH
PD³DQDYLHQHQPLVDPLJRV
m1XQFDP£V}IXHODUHVSXHVWD
0RPRPLUµFRQILMH]DGXUDQWHXQUDWRODVOHWUDVGHEULOORDSDJDGR
౱4X«TXLHUHVGHFLU"౱SUHJXQWµWHPHURVDSRUILQ౱4X«SDVD
FRQPLVDPLJRV"
m6HKDQLGR}OH\µ
0RYLµODFDEH]D
౱1R౱GLMRHQYR]EDMD౱QRSXHGHVHU6HJXURTXHWHHTXLYRFDV
&DVLRSHD $\HU WRGDY¯D HVWXYLHURQ WRGRV SDUD OD JUDQ DVDPEOHD TXH
IUDFDVµ
m+DVGRUPLGR}IXHODUHVSXHVWDGH&DVLRSHD
0RPRVHDFRUGµGHTXHHOPDHVWUR+RUDOHKDE¯DGLFKRTXHWHQGU¯D
TXH GRUPLU WRGD XQD YXHOWD VRODU FRPR XQD VHPLOOD HQ OD WLHUUD 1R
KDE¯D SHQVDGR FX£QWR WLHPSR SRGU¯D VHU HVR FXDQGR HVWXYR GH
DFXHUGR$KRUDHPSH]DEDDLQWXLUOR
౱&X£QWR"౱SUHJXQWµFRQXQVXVSLUR
m8QD³R}
0RPRQHFHVLWµXQUDWRSDUDHQWHQGHUOR
౱3HUR %HSSR \*LJL ౱WDUWDPXGHµ DO ILQ౱ HVWRV GRV VHJXUR TXH
PHHVSHUDQ
m1RKD\QDGLH}SRQ¯DHQHOFDSDUD]µQ
౱&µPR SXHGH VHU" ౱ORV ODELRV GH 0RPR WHPEODEDQ౱ 1R
SXHGHKDEHUGHVDSDUHFLGRWRGRWRGRORTXHKDE¯Dಃ
/HQWDPHQWHDSDUHFLµHQODHVSDOGDGH&DVLRSHD
m6HIXH}
3RUSULPHUDYH]HQVXYLGD0RPRHQWHQG¯DORTXHHVRVLJQLILFDED
6HVLQWLµP£VWULVWHTXHQXQFD
౱3HUR\R౱PXUPXUµDWµQLWD౱HVWR\\R
+DEU¯DOORUDGRSHURQRSRG¯D
GHVFDO]R
m<RHVWR\FRQWLJR}SRQ¯DHQHOFDSDUD]µQ
౱6¯ ౱GLMR 0RPR \ VRQULµ YDOHURVD౱ W¼ HVW£V FRQPLJR
&DVLRSHD<PHDOHJURGHHOOR9HQY£PRQRVDGRUPLU
/HYDQWµDODWRUWXJD\ODOOHYµDWUDY«VGHODJXMHURGHODSDUHGDVX
82/120
KDELWDFLµQ$ODOX]GHOVROSRQLHQWH0RPRYLRTXHWRGRHVWDEDFRPR
ORKDE¯DGHMDGR %HSSRKDE¯DYXHOWRDRUGHQDUORWRGR 3HURSRUWRGRV
ODGRVKDE¯DXQDJUXHVDFDSDGHSROYR\WHODUD³DV
6REUH OD PHVLWD DSR\DGD HQ XQD ODWD KDE¯D XQD FDUWD 7DPEL«Q
HVWDEDFXELHUWDGHWHODUD³DV
m3DUD0RPR}SRQ¯DHQFLPD
(O FRUD]µQ GH 0RPR HPSH]µ D ODWLU P£V GH SULVD 1XQFD KDE¯D
UHFLELGR XQD FDUWD /D WRPµ HQ OD PDQR \ OD PLUµ SRU WRGRV ODGRV
GHVSX«VODDEULµ\VDFµGHOVREUHXQDKRMD/H\µ
'HPDVLDGDFRPLGD
4XHULGD0RPR \PX\SRFDVUHVSXHVWDV
0HKHPXGDGR6LYXHOYHVYHQWHHQVHJXLGDDPLFDVD0H
SUHRFXSRPXFKRSRUWL7HHFKRPXFKRGHPHQRV(VSHURTXH
QR WH KD\D RFXUULGR QDGD 6L WLHQHV KDPEUH YH SRU IDYRU D

FDVDGH1LQR‹OPHHQYLDU£ODFXHQWD\RORSDJRWRGR&RPH
SXHVWDQWRFRPRTXLHUDV7RGRORGHP£VWHORGLU£1LQR
4XL«UHPH<RWDPEL«QWHTXLHUR
6LHPSUHWX\R
*LJL
0RPRWDUGµPXFKRHQGHOHWUHDUWRGDODFDUWDDXQTXH*LJLVHKDE¯D
HVIRU]DGRPXFKRHQHVFULELUFRQOHWUDERQLWD\FODUD&XDQGRDFDEµVH
DSDJDEDHO¼OWLPRUHVWRGHOX]GLXUQD
3HUR0RPRHVWDEDFRQVRODGD
/HYDQWµ D OD WRUWXJD \ OD SXVR HQFLPD GH VX FDPD 0LHQWUDV VH
HQYROY¯DHQODPDQWDSROYRULHQWDGLMRHQYR]EDMD GH*LJLTXHOOHYDEDHQHOEROVLOORGHVXFKDTXHWµQ/DWRUWXJDVµOROD
౱9HV&DVLRSHDTXHQRHVWR\VROD"
3HUR OD WRUWXJD SDUHF¯D GRUPLU \D < 0RPR TXH DO OHHU OD FDUWD
KDE¯DYLVWRD*LJLDQWHV¯QRFD\µHQODFXHQWDGHTXHKDF¯DFDVLXQ
D³RTXHHVWDFDUWDODHVSHUDED
3XVRVXPHMLOODVREUHHOSDSHO<DQRWHQ¯DIU¯R
$
OPHGLRG¯DVLJXLHQWH0RPRWRPµODWRUWXJDEDMRHOEUD]R\VH
SXVRHQFDPLQRKDFLDHOSHTXH³RORFDOGH1LQR
౱9HU£V&DVLRSHD౱GLMR౱FRPRDKRUDVHDFODUDU£WRGR
1LQRVDEHGµQGHHVW£Q*LJL\%HSSR<HQWRQFHVLUHPRVDEXVFDUDORV
QL³RV \ YROYHUHPRV D HVWDU WRGRV MXQWRV 3XHGH TXH YHQJDQ WDPEL«Q
1LQR\VXPXMHU\WRGRVORVGHP£V6HJXURTXHWHJXVWDQPLVDPLJRV
3RGU¯DVHUTXHKLFL«VHPRVXQDSHTXH³DILHVWDHVWDQRFKH/HVKDEODU«
GHODVIORUHV\GHODP¼VLFD\GHOPDHVWUR+RUD\GHWRGRORGHP£V<D
WHQJR JDQDV GH YROYHU D YHUORV D WRGRV 3HUR GH OR TXH P£V JDQDV
WHQJRDKRUDHVGHXQDEXHQDFRPLGD7HQJRKDPEUHVDEHV"
$V¯VLJXLµSDUORWHDQGR8QD\RWUDYH]VHOOHYDEDODPDQRDODFDUWD
PLUDEDFRQVXVRMRVDQWLTX¯VLPRVSHURQRGHF¯DQDGD
0RPR FRPHQ]µ D FDQWXUUHDU PLHQWUDV FDPLQDED SDUD SRU ILQ
FDQWDUDYR]HQJULWR(UDQGHQXHYRODVPHORG¯DV\ODVSDODEUDVGHODV
YRFHVTXHVHJX¯DQVRQDQGRHQVXPHPRULDFRQODPLVPDFODULGDGTXH
HOG¯DDQWHV0RPRVDE¯DTXHQXQFDP£VODVSHUGHU¯D
3HUR GH UHSHQWH FDOOµ $QWH HOOD HVWDED HO ORFDO GH 1LQR (Q XQ

83/120
SULPHUPRPHQWR0RPRFUH\µTXHVHKDE¯DHTXLYRFDGRGHFDPLQR(Q
OXJDUGHODYLHMDFDVDFRQHOHQMDOEHJDGRGHVFRORULGRSRUODOOXYLD\HO
HPSDUUDGR DQWH OD SXHUWD VH HQFRQWUµ FRQ XQ FDMµQ DODUJDGR GH
KRUPLJµQ FRQ JUDQGHV YHQWDQDOHV TXH FXEU¯DQ WRGD OD IDFKDGD /D
FDOOHPLVPDHVWDEDDVIDOWDGD\FLUFXODEDQSRUHOODPXFKRVFRFKHV(Q
OD DFHUD GH HQIUHQWH KDE¯D XQD JUDQ JDVROLQHUD \ PX\ FHUFD XQ
HQRUPHHGLILFLRGHRILFLQDV+DE¯DPXFKRVFRFKHVDSDUFDGRVGHODQWH
GHOQXHYRORFDOVREUHFX\DSXHUWDGHHQWUDGDXQJUDQFDUWHOGHF¯D GH OD FHUFD GH PHWDO QDGLH SRG¯D OOHJDU KDVWD ODV PHVDV VLQ KDEHU
5(67$85$17($8726(59,&,25È3,'2'(1,12
0RPR HQWUµ \ GH PRPHQWR OH FRVWµ RULHQWDUVH $ OR ODUJR GH ODV
YHQWDQDV KDE¯D PXFKDV PHVDV GH PLQ¼VFXOD VXSHUILFLH \ HQRUPHV
SDWDV GH PRGR TXH SDUHF¯DQ VHWDV GHIRUPHV (UDQ WDQ DOWDV TXH ORV
DGXOWRVSRG¯DQFRPHUHQHOODVGHSLH<DQRKDE¯DVLOODV
(Q HO RWUR ODGR KDE¯D XQD ODUJD EDUUHUD GH UHOXFLHQWHV EDUUDV GH
PHWDOXQDHVSHFLHGHFHUFDGR'HWU£VGH«VWHXQDILODGHSHTXH³RV
DUPDULRV GH YLGULR HQ ORV TXH KDE¯D ERFDGLOORV GH TXHVR \ MDPµQ
SODWRVGHHQVDODGDIODQSDVWHOHV\PXFKDVRWUDVFRVDVTXH0RPRQR
FRQRF¯D
3HURGHHVR0RPRQRSXGRGDUVHFXHQWDKDVWDDOFDERGHXQUDWR
SRUTXH OD VDOD HVWDED UHSOHWD GH JHQWH D OD TXH VLHPSUH SDUHF¯D
PROHVWDU GRQGHTXLHUD TXH VH SXVLHUD OD HPSXMDEDQ D XQ ODGR /D
PD\RU SDUWH GH OD JHQWH OOHYDED EDQGHMDV FRQ SODWRV \ ERWHOODV H
LQWHQWDEDFRQVHJXLUXQVLWLRHQXQDGHODVPHVLWDV'HWU£VGHORVTXH
HVWDEDQ HQ ODV PHVDV \ FRP¯DQ D WRGD SULVD \D KDE¯D RWURV TXH
HVSHUDEDQ VX VLWLR $TX¯ \ DOO£ ORV FRPHQVDOHV \ ORV TXH HVSHUDEDQ
LQWHUFDPELDEDQ SDODEUDV SRFR DPDEOHV 'H KHFKR WRGRV SDUHF¯DQ
HVWDUPX\GHVFRQWHQWRV
(QWUH OD EDUUHUD GH PHWDO \ ORV DUPDULRV GH YLGULR DYDQ]DED
OHQWDPHQWHXQDFROD&DGDXQRVDFDEDGHORVDUPDULRVDTX¯XQSODWR
DOO¯XQDERWHOODRXQYDVRGHFDUWµQ
0RPRHVWDEDDVRPEUDGDc$V¯TXHDTX¯WRGRHOPXQGRSRG¯DFRJHU
FXDQWRTXHU¯D1RYLRDQDGLHTXHORLPSLGLHUDRTXHH[LJLHUDGLQHURD
FDPELR<VLWRGRHUDJUDWLV"(VRKDEU¯DH[SOLFDGRODVDSUHWXUDV
$O FDER GH XQ UDWR 0RPR ORJUµ GHVFXEULU D 1LQR (VWDED WDSDGR
SRU PXFKD JHQWH DO ILQDO GH OD ILOD GH DUPDULRV VHQWDGR GHWU£V GH OD
FDMD UHJLVWUDGRUD HQ OD TXH FRQWLQXDPHQWH PDUFDED DOJR FREUDED \
GHYROY¯DHOFDPELRc$V¯TXHHUDDOO¯GRQGHODJHQWHSDJDED<DFDXVD
SDVDGRSRUGHODQWHGH1LQR
౱c1LQR ౱JULWµ 0RPR PLHQWUDV LQWHQWDED DEULUVH SDVR HQWUH OD
JHQWH
+DF¯DVH³DVFRQODFDUWDGH*LJLSHUR1LQRQRODR¯D/DFDMDKDF¯D
GHPDVLDGRUXLGR\H[LJ¯DWRGDVXDWHQFLµQ
0RPRWRPµ£QLPRVWUHSµSRUHQFLPDGHODEDUUHUD\DGHODQWµDOD
FROD KDFLD 1LQR ‹VWH DO]µ OD FDEH]D SRUTXH OD JHQWH HPSH]DED D
PXUPXUDUFRQGHVDJUDGR
&XDQGR YLR D 0RPR GHVDSDUHFLµ GH VX FDUD DO LQVWDQWH OD
H[SUHVLµQGHPDOKXPRU
౱c0RPR ౱JULWµ UDGLDQWH FRPR DQWHV౱ c(VW£V DTX¯ RWUD YH]
c4X«VRUSUHVD
౱c$WU£V౱JULWDEDODJHQWHGHODFROD౱c4XHODQL³DVHSRQJDDOD
FRODFRPRWRGRVORVGHP£Vc(VRGHFRODUVHHVXQDGHVYHUJ¾HQ]D
౱c8Q PRPHQWR ౱JULWµ 1LQR PLHQWUDV KDF¯D JHVWRV
DSDFLJXDGRUHVFRQODPDQR౱c8QSRFRGHSDFLHQFLDSRUIDYRU
౱c$V¯ FXDOTXLHUD ౱JULWµ XQR GH ORV TXH HVSHUDEDQ HQ OD FROD౱
c$ODFRODDODFROD/DQL³DWLHQHP£VWLHPSRTXHQRVRWURV
౱c*LJLORSDJDWRGRSRUWL0RPR౱OHVXVXUUµDODQL³D౱$V¯TXH
SXHGHV FRPHU WRGR OR TXH TXLHUDV 3HUR SRQWH D OD FROD FRPR ORV
GHP£V<DR\HVFµPRFKLOODQ
$QWHV GH TXH 0RPR KXELHUD SRGLGR SUHJXQWDU QDGD P£V OD
HPSXMDURQ IXHUD GH PRGR TXH QR OH TXHGµ RWUD VROXFLµQ TXH KDFHU
LJXDO TXH ORV GHP£V 6H SXVR HQ HO H[WUHPR GH OD FROD \ VDFµ GH XQ
HVWDQWHXQDEDQGHMD\GHXQFDMµQFXFKLOORWHQHGRU\FXFKDUD&RPR
84/120
QHFHVLWDED DPEDV PDQRV SDUD OD EDQGHMD SXVR D &DVLRSHD HQ HOOD
0LHQWUDVSDVDEDSRUGHODQWHGHORVDUPDULRVVDFDEDDOJXQDFRVDGH
HOORV\ORSRQ¯DHQODEDQGHMDDOUHGHGRUGH&DVLRSHD
0RPR HVWDED XQ SRFR WUDVWRUQDGD SRU OR TXH VH FRPSXVR XQD
PH]FODEDVWDQWHFXULRVDXQWUR]RGHSHVFDGRDVDGRXQSDQHFLOORFRQ
PHUPHODGD XQD VDOFKLFKD XQ SDVWHOLOOR \ XQ YDVR GH QDUDQMDGD
&DVLRSHD FRORFDGD HQ PHGLR GH WRGR HVR SUHILULµ UHWLUDUVH
HQWHUDPHQWHDOLQWHULRUGHVXFDSDUD]µQ\QRGHFLUQDGD
&XDQGR 0RPR OOHJµ SRU ILQ D OD FDMD OH SUHJXQWµ U£SLGDPHQWH D
1LQR YHUVXSODWR3HURFRPRWHQ¯DPXFKDKDPEUHVHORFRPLµWRGR
౱6DEHVGµQGHHVW£*LJL"
౱6¯ ౱GLMR 1LQR౱ 1XHVWUR *LJL VH KD KHFKR IDPRVR 7RGRV
HVWDPRV PX\ RUJXOORVRV GH «O SRUTXH DO ILQ \ DO FDER HV XQR GH ORV
QXHVWURV 6H OH SXHGH YHU PXFKDV YHFHV HQ OD WHOHYLVLµQ \ WDPEL«Q
KDEODSRUUDGLR<ORVSHULµGLFRVVLHPSUHGLFHQXQDXRWUDFRVDGH«O
+DFHSRFRYLQLHURQDYHUPHGRVSHULRGLVWDVSDUDFRQRFHUVXYLGDGH
DQWHV<ROHVFRQW«ODKLVWRULDGHFXDQGR*LJLಃ
౱c0£V GHSULVD ORV GH GHODQWH ౱JULWDURQ DOJXQDV YRFHV GH OD
FROD
౱3HURSRUTX«\DQRYLHQH"౱SUHJXQWµ0RPR
౱6DEHV" ౱GLMR 1LQR TXH \D HVWDED XQ SRFR QHUYLRVR౱ \D QR
WLHQHWLHPSR7LHQHFRVDVP£VLPSRUWDQWHVTXHKDFHU\HQHODQILWHDWUR
\DQRSDVDQDGDDKRUD
౱4X«SDVDFRQYRVRWURV"౱JULWµXQDYR]HQIDGDGDHQODFROD౱
&UH«LVTXHWHQHPRVJDQDVGHTXHGDUQRVDTX¯SDUDVLHPSUH"
౱<GµQGHYLYHDKRUD"౱SUHJXQWµ0RPRWHQD]
౱(QDOJ¼QOXJDUGHODFROLQDYHUGH౱FRQWHVWµ1LQR౱3DUHFHTXH
WLHQHXQDYLOODPX\ERQLWDFRQXQJUDQSDUTXH3HURDKRUDVLJXHSRU
IDYRU
(QUHDOLGDG0RPRQRTXHU¯DLUVHSRUTXHD¼QOHTXHGDEDQPXFKDV
SUHJXQWDVSRUKDFHUSHURODHPSXMDURQ6HIXHFRQVXEDQGHMDKDFLD
ODV PHVLWDV GRQGH HIHFWLYDPHQWH HQFRQWUµ GHVSX«V GH KDEHU
HVSHUDGRXQSRTXLWRXQVLWLR$XQTXHWDPEL«QHVYHUGDGTXHODPHVLWD
HUD GHPDVLDGR DOWD SDUD HOOD GH PRGR TXH DSHQDV SRG¯D DVRPDU OD
QDUL]
&XDQGRSXVRVXEDQGHMDHQODPHVDORVGHP£VPLUDURQFRQFDUD
GHDVFRODWRUWXJD
౱c4X« FRVDV ౱OH GLMR XQR D VX YHFLQR౱ c/R TXH KD\ TXH
VRSRUWDUKR\HQG¯D
౱c4X«TXLHUHXVWHG౱JUX³µHORWUR౱c/DMXYHQWXGGHKR\
3HURQRGLMHURQQDGDP£VQLVHRFXSDURQGH0RPR$XQTXH\DGH
SRUV¯UHVXOWDEDVXILFLHQWHPHQWHGLI¯FLOODFRPLGDSRUTXHDSHQDVSRG¯D
$KRUD\DQRWHQ¯DP£VDSHWLWRSHURWRGDY¯DTXHU¯DVDEHUTX«KDE¯D
VLGRGH%HSSR$V¯TXHYROYLµDSRQHUVHHQODFROD<FRPRWHP¯DTXH
ODJHQWHYROYLHUDDHQIDGDUVHVLVHOLPLWDEDDHVWDUVHDK¯HQPHGLRRWUD
YH]FRORFµHQVXEDQGHMDXQDVHULHGHFRVDV
&XDQGRSRUILQYROYLµDHVWDUDQWH1LQRSUHJXQWµ
౱<GµQGHHVW£%HSSR%DUUHQGHUR"
౱7HKDHVSHUDGRPXFKRWLHPSR౱H[SOLFµ1LQRDWRGDSULVDSXHV
WHP¯D XQ QXHYR HQIDGR GH VX FOLHQWHOD౱ 3HQVDED TXH WH KDE¯D
RFXUULGR DOJR WHUULEOH 6LHPSUH FRQWDED QR V« TX« GH XQRV KRPEUHV
JULVHV<DVDEHVVLHPSUHIXHXQSRFRUDUR
౱c(KHVRVGRV౱JULWµXQRHQODFROD౱2VKDE«LVGRUPLGR"
౱c(QVHJXLGDVH³RU౱OHJULWµ1LQR
౱<HQWRQFHV"౱SUHJXQWµ0RPR
౱(QWRQFHV KL]R HQIDGDU D OD SROLF¯D ౱FRQWLQXµ 1LQR SDV£QGRVH
QHUYLRVRODPDQRSRUODFDUD౱4XHU¯DDWRGDFRVWDTXHWHEXVFDUDQ
3RU OR TXH V« OR HQFHUUDURQ ILQDOPHQWH HQ XQD HVSHFLH GH VDQDWRULR
1RV«QDGDP£V
౱c0DOGLWD VHD ౱JULWµ XQR FRO«ULFR౱ 4X« HV HVWR XQ
DXWRVHUYLFLR U£SLGR R XQD VDOD GH HVSHUD" 7HQ«LV XQD UHXQLµQ GH
IDPLOLDYRVRWURVGRV"
౱c8QLQVWDQWH౱JULWµ1LQRVXSOLFDQWH
౱7RGDY¯DVLJXHDOO¯"౱SUHJXQWµ0RPR
౱&UHRTXHQR౱FRQWHVWµ1LQR౱'LFHQTXHORVROWDURQSRUTXHHUD
85/120
LQRIHQVLYR
౱(QWRQFHVGµQGHHVW£DKRUD"
౱1LLGHDGHYHUGDG0RPR3HURDKRUDSRUIDYRUVLJXHDGHODQWH
8QDYH]P£VODJHQWHGHODFRODDSDUWµD0RPRDHPSXMRQHV8QD
YH]P£VVHIXHDXQDGHODVPHVDVHVSHUµKDVWDTXHOHGHMDURQXQ
VLWLR \ WUDJµ OD FRPLGD OR PHMRU TXH SXGR (VWD YH] \D OH JXVWµ
EDVWDQWH PHQRV (VW£ FODUR TXH D 0RPR QR VH OH RFXUULµ VLTXLHUD
GHMDUVHODFRPLGDHQHOSODWR
7RGDY¯D OH TXHGDED SRU VDEHU TX« KDE¯D VLGR GH ORV QL³RV TXH
DQWHVVLHPSUHLEDQDYHUOD1RKDE¯DRWURUHPHGLRWHQ¯DTXHSRQHUVH
GH QXHYR HQ OD FROD GH ORV TXH HVSHUDEDQ SDVDU SRU GHODQWH GH ORV
DUPDULRV \ OOHQDU OD EDQGHMD GH DOLPHQWRV SDUD TXH OD JHQWH QR VH
HQIDGDUDFRQHOOD
3RUILQYROY¯DDHVWDUDQWHODFDMDFRQ1LQR
౱<ORVQL³RV"౱SUHJXQWµ౱4X«HVGHHOORV"
౱7RGRHVRKDFDPELDGRDKRUD౱H[SOLFµ1LQRDTXLHQDOYHUGH
QXHYRD0RPRVHOHFXEULµODFDUDGHVXGRU౱1RWHORSXHGRH[SOLFDU
DKRUD\DYHVFµPRYDQODVFRVDVDTX¯
౱3HUR SRU TX« QR YLHQHQ \D" ౱LQVLVWLµ 0RPR WR]XGD HQ VX
SUHJXQWD
౱7RGRV ORV QL³RV GH ORV TXH QR SXHGH RFXSDUVH QDGLH HVW£Q
DORMDGRV DKRUD HQ GHSµVLWRV GH QL³RV 1R VH OHV SXHGH GHMDU VRORV
SRUTXHಃ%XHQRDKRUDFXLGDQGHHOORV
౱c(KYRVRWURVFKDUODWDQHV౱YROY¯DQDJULWDUODVYRFHVGHODFROD
౱ c$ YHU VL RV GDLV XQ SRFR GH SULVD c1RVRWURV WDPEL«Q TXHUHPRV
FRPHU
౱0LV DPLJRV" ౱SUHJXQWµ 0RPR LQFU«GXOD౱ 'H YHUGDG TXH
HOORVKDQTXHULGRHVR"
౱1R OHV KDQ SUHJXQWDGR ౱UHSOLFµ 1LQR PLHQWUDV SDVDED
QHUYLRVRFRQODVPDQRVVREUHODVWHFODVGHODFDMDUHJLVWUDGRUD౱1R
VH SXHGH GHMDU TXH ORV QL³RV GHFLGDQ VREUH XQD FRVD DV¯ 6H KD
SURFXUDGRTXHGHVDSDUH]FDQGHODFDOOH<HVRHVORLPSRUWDQWHQR"
0RPRQRFRQWHVWµVLQRTXHVHOLPLWµDPLUDUD1LQR<HVWRDFDEµ
GHFRQIXQGLUOH
౱c3RU WRGRV ORV GLDEORV ౱YROYLµ D JULWDU GHVGH OD FROD XQD YR]
LUDFXQGD౱ c4X« PRGR GH SHUGHU HO WLHPSR 7HQ¯DLV TXH KDFHU
YXHVWUDWHUWXOLDSUHFLVDPHQWHDKRUD"
౱<TX«YR\DKDFHU\RDKRUD౱SUHJXQWµ0RPRHQYR]EDMD౱
VLQPLVDPLJRV"
1LQRVHHQFRJLµGHKRPEURV\VHHVWUXMµORVGHGRV
౱0RPR౱GLMRWRPDQGRDOLHQWRSURIXQGDPHQWHFRPRDOJXLHQTXH
KDGHKDFHUXQJUDQHVIXHU]RSDUDFRQVHUYDUODFDOPD౱V«UD]RQDEOH
\ YXHOYH HQ FXDOTXLHU RWUR PRPHQWR HQ VHULR TXH DKRUD QR WHQJR
WLHPSR SDUD GLVFXWLU FRQWLJR OR TXH KDV GH KDFHU 6LHPSUH SRGU£V
FRPHU\DORVDEHV3HUR\RHQWXOXJDULU¯DDXQRGHHVRVGHSµVLWRV
GHQL³RVGRQGHHVWDU£VRFXSDGD\GRQGHLQFOXVRDSUHQGHU£VDOJR'H
WRGRVPRGRVWHOOHYDU£QDOO¯VLYDVSDVHDQGRVRODSRUODFDOOH
0RPRYROYLµDTXHGDUVHFDOODGD\VµORPLUµD1LQR/DJHQWHTXH
HVSHUDED OD DSDUWµ )XH D XQD GH ODV PHVDV \ VH FRPLµ
DXWRP£WLFDPHQWHVXWHUFHUDFRPLGDDXQTXHDSHQDVOHFDE¯D\VDE¯DD
ODQD\SDSHO'HVSX«VVHVLQWLµPDO
7RPµD&DVLRSHDEDMRHOEUD]R\VDOLµVLQYROYHUDPLUDUDWU£V
౱c(K 0RPR ౱OH JULWµ 1LQR TXH OD YLR HQ HO ¼OWLPR PRPHQWR౱
7RGDY¯DQRPHKDVGLFKRGµQGHKDVHVWDGRWRGRHVWHWLHPSR(VSHUD
XQSRFR
3HUR\DOOHJDEDQORVFOLHQWHVVLJXLHQWHV\YROYLµDWHFOHDUVREUHOD
FDMDDUHFLELUGLQHUR\DGDUHOFDPELR+DF¯DUDWRTXHKDE¯DYXHOWRD
GHVDSDUHFHUODVRQULVDGHVXFDUD
౱&RPLGDV¯౱OHGLMR0RPRD&DVLRSHDFXDQGRYROYLHURQDHVWDUHQHO
YLHMRDQILWHDWUR౱FRPLGDV¯TXHPHKDQGDGRSHURDXQDV¯PHGDOD
VHQVDFLµQGHQRHVWDUVDWLVIHFKD౱\DOFDERGHXQUDWRD³DGLµ౱1R
KDEU¯DSRGLGRKDEODUOHD1LQRGHODP¼VLFD\GHODVIORUHV
$OFDERGHXQUDWLWRP£VYROYLµDD³DGLU
౱3HUR PD³DQD LUHPRV D EXVFDU D *LJL 6HJXUR TXH WH JXVWD
86/120
&DVLRSHD<DYHU£V
3HUR HQ HO FDSDUD]µQ GH OD WRUWXJD QR DSDUHFLµ P£V TXH XQ JUDQ
LQWHUURJDQWH

87/120

(QFRQWUDGR\SHUGLGR
$
OG¯DVLJXLHQWH0RPRVHSXVRHQFDPLQRELHQWHPSUDQRSDUD
EXVFDUODFDVDGH*LJL&ODURTXHYROYLµDOOHYDUVHODWRUWXJD
0RPR VDE¯D GµQGH HVWDED OD FROLQD YHUGH (UD XQ EDUULR
UHVLGHQFLDOPX\OHMRVGHOD]RQDGHOYLHMRDQILWHDWUR(VWDEDFHUFDGH
ORVEDUULRVQXHYRVHVGHFLUDORWURODGRGHODJUDQFLXGDG
(UDXQODUJRFDPLQR(VFLHUWRTXH0RPRHVWDEDDFRVWXPEUDGDD
FDPLQDUGHVFDO]DSHURFXDQGRSRUILQOOHJµDODFROLQDYHUGHOHGRO¯DQ
ORVSLHV
6HVHQWµHQHOERUGLOORSDUDGHVFDQVDUXQSRTXLWR
(UD UHDOPHQWH XQ EDUULR PX\ GLVWLQJXLGR /DV FDOOHV HUDQ PX\
DQFKDVHVWDEDQPX\OLPSLDV\FDVLGHVLHUWDV(QORVMDUGLQHVGHWU£V
GHORVPXURV\GHODVUHMDVGHKLHUUR£UEROHVVHFXODUHVDO]DEDQDOFLHOR
VXV FRSDV /DV FDVDV HQ ORV MDUGLQHV HUDQ SRU OR JHQHUDO HGLILFLRV
DODUJDGRVFKDWRVGHKRUPLJµQ\FULVWDO(OF«VSHGDIHLWDGRGHODQWHGH
ODVFDVDVHUDMXJRVRHLQYLWDEDDGDUYROWHUHWDVHQ«O3HURSRUQLQJ¼Q
ODGR VH YH¯D SDVHDU D QDGLH SRU ORV MDUGLQHV QL MXJDU HQ HO F«VSHG
3XHGHTXHVXVKDELWDQWHVQRWXYLHUDQWLHPSR
౱6L VXSLHUD FµPR GHVFXEULU GµQGH YLYH *LJL ౱OH GLMR 0RPR D OD
WRUWXJD
m/RVDEU£V}DSDUHFLµHVFULWRHQODHVSDOGDGH&DVLRSHD
౱7¼FUHHV"౱SUHJXQWµ0RPRHVSHUDQ]DGD
౱c(K W¼ FRFKLQD ౱GLMR GH UHSHQWH XQD YR] GHWU£V GH HOOD౱
4X«KDFHVDTX¯"
0RPR VH YROYLµ +DE¯D DOO¯ XQ KRPEUH TXH OOHYDED XQ FXULRVR
FKDOHFR D UD\DV 0RPR QR VDE¯D TXH ORV FULDGRV GH OD JHQWH ULFD
OOHYDEDQFKDOHFRVDV¯6HOHYDQWµ\GLMR
౱%XHQRVG¯DV%XVFRODFDVDGH*LJL1LQRPHKDGLFKRTXHDKRUD
YLYHDTX¯
౱4XHEXVFDVODFDVDGHTXL«Q"
౱'H*LJL&LFHURQH(VPLDPLJR
(O KRPEUH GHO FKDOHFR D UD\DV PLUµ D 0RPR FRQ GHVFRQILDQ]D
'HWU£VGH«OODSXHUWDGHKLHUURKDE¯DTXHGDGRDOJRDELHUWD\0RPR
SXGR HFKDU XQD PLUDGD DO MDUG¯Q 9LR XQ DPSOLR F«VSHG HQ HO TXH
MXJDEDQXQRVJDOJRV\FKDSRWHDEDXQDIXHQWH6REUHXQ£UEROHQIORU
HVWDEDSRVDGDXQDSDUHMDGHSDYRVUHDOHV
౱c2K౱JULWµ0RPRDGPLUDGD౱c4X«S£MDURVWDQERQLWRV
4XLVRHQWUDUSDUDYHUORVP£VGHFHUFDSHURHOKRPEUHGHOFKDOHFR
ODUHWXYRSRUHOFXHOOR
౱c4XLHWD౱GLMR౱c4X«WHKDVFUH¯GRFRFKLQD
6ROWµD0RPR\VHOLPSLµODPDQRFRQVXSD³XHORFRPRVLKXELHUD
WRFDGRDOJRPX\DVTXHURVR
౱(VWX\RWRGRHVWR"౱SUHJXQWµ0RPRVH³DODQGRDWUDY«VGHOD
SXHUWDDELHUWD
౱1R ౱GLMR HO KRPEUH PHQRV DPDEOH WRGDY¯D౱ c/£UJDWH 1R VH
WHKDSHUGLGRQDGDSRUDTX¯
౱6¯౱FRQWHVWµ0RPRFRQWHVµQ౱KHGHEXVFDUD*LJL&LFHURQH
0HHVSHUD1RORFRQRFHV"
౱3RU DTX¯ QR KD\FLFHURQHV ౱UHSOLFµ HO KRPEUH GHO FKDOHFR \VH
YROYLµ
(QWUµ HQ HO MDUG¯Q \ TXHU¯D FHUUDU OD SXHUWD FXDQGR HQ HO ¼OWLPR
PRPHQWRVHOHRFXUULµDOJR
౱1RWHUHIHULU£VDFDVRD*LURODPRHOIDPRVRQDUUDGRU"
౱3XHV FODUR *LJL &LFHURQH ౱FRQWHVWµ 0RPR DOHJUH౱ DV¯ VH
88/120
OODPD6DEHVGµQGHHVW£VXFDVD"
౱'HYHUGDGTXHWHHVSHUD"౱TXLVRVDEHUHOKRPEUH
౱6¯౱GLMR0RPR౱GHYHUGDG(VPLDPLJR\PHSDJDWRGRORTXH
FRPRHQFDVDGH1LQR
(OKRPEUHGHOFKDOHFRDUTXHµODVFHMDV\PRYLµODFDEH]D
౱(VRV DUWLVWDV ౱GLMR DJULR౱ TX« FDSULFKRV WDQ WRQWRV WLHQHQ
3HURVLGHYHUGDGFUHHVTXHDSUHFLDU£WXYLVLWDVXFDVDHVOD¼OWLPDGH
DOO¯DUULEDHQHVWDFDOOH
<FHUUµODSXHUWD
m/DFD\R} SRQ¯D HQ HO FDSDUD]µQ GH &DVLRSHD SHUR ODV OHWUDV
GHVDSDUHFLHURQHQVHJXLGD
/D¼OWLPDFDVDHQORDOWRGHODFDOOHHVWDEDURGHDGDGHXQPXURGH
DOWXUDVXSHULRUDXQKRPEUH<ODSXHUWDGHOMDUG¯QDOLJXDOTXHODGHO
KRPEUH GHO FKDOHFR HUD GH SODQFKDV GH KLHUUR GH PRGR TXH QR VH
SRG¯D PLUDU DO LQWHULRU 1R VH YH¯D SRU QLQJXQD SDUWH XQ WLPEUH R XQD
SODFDFRQXQQRPEUH
౱0H JXVWDU¯D VDEHU ౱GLMR 0RPR౱ VL «VWD HV GH YHUGDG OD FDVD
GH*LJL1RVHOHSDUHFH
m/RHV}SRQ¯DHQHOFDSDUD]µQGHODWRUWXJD
౱3RU TX« HVW£ WRGR WDQ FHUUDGR" ౱SUHJXQWµ 0RPR౱ $V¯ QR
SXHGRHQWUDU
m(VSHUD}DSDUHFLµFRPRUHVSXHVWD
౱(VW£ELHQ౱GLMR0RPRFRQXQVXVSLUR౱3HURSXHGHTXHWHQJD
TXHHVSHUDUPXFKR&µPRKDGHVDEHU*LJLTXHHVWR\DTX¯IXHUDಃVL
HVTXHHVW£GHQWUR
m<DYLHQH}VHSRG¯DOHHUHQHOFDSDUD]µQ
$V¯ TXH 0RPR VH VHQWµ MXVWR GHODQWH GH OD SXHUWD \ HVSHUµ
SDFLHQWHPHQWH'XUDQWHPXFKRUDWRQRSDVµQDGD\0RPRFRPHQ]µD
SHQVDUVL&DVLRSHDQRVHKDEU¯DHTXLYRFDGRHVWD¼QLFDYH]
౱(VW£VELHQVHJXUD"౱SUHJXQWµDOUDWR
(Q OXJDU GH OD UHVSXHVWD HVSHUDGD DSDUHFLµ HQ HO FDSDUD]µQ OD
SDODEUDm$GLµV}
0RPRVHDVXVWµ
౱4X«TXLHUHVGHFLU&DVLRSHD"<DTXLHUHVGHMDUPH"4X«YDV
DKDFHU"
m%XVFDUWH} IXH OD UHVSXHVWD P£V HQLJP£WLFD WRGDY¯D GH
&DVLRSHD
(Q HVH PRPHQWR VH DEULµ GH UHSHQWH OD SXHUWD \ VDOLµ D WRGD
PDUFKDXQJUDQFRFKHGHOXMR0RPRWXYRHOWLHPSRMXVWRGHVDOYDUVH
FRQXQVDOWRKDFLDDWU£V\FD\µ
(O FRFKH VLJXLµ VX FDPLQR XQ SRFR SDUD IUHQDU GHVSX«V FRQ JUDQ
FKLUULGRGHQHXP£WLFRV6HDEULµODSRUWH]XHOD\*LJLVDOWµDOVXHOR
౱c0RPR ౱JULWµ FRQ ORV EUD]RV H[WHQGLGRV౱ (V 0RPR HQ
SHUVRQDPLSHTXH³D0RPR
0RPR VH KDE¯D OHYDQWDGR GH XQ VDOWR \ FRUULµ KDFLD «O *LJL OD
UHFRJLµ\ODOHYDQWµHQVXVEUD]RVOHGLRFLHQEHVRV\EDLOµFRQHOODSRU
ODFDOOH
౱7HKDVKHFKRGD³R"౱SUHJXQWµVLQDOLHQWRSHURQRHVSHUµOR
TXH HOOD SXGLHUD GHFLU VLQR TXH VLJXLµ KDEODQGR H[FLWDG¯VLPR౱ 0H
VDEHPDOKDEHUWHDVXVWDGRSHURWHQJRXQDSULVDHQRUPHHQWLHQGHV"
<DYXHOYRDOOHJDUWDUGH'µQGHKDVHVWDGRWRGRHVWHWLHPSR"7LHQHV
TXH FRQW£UPHOR WRGR <D QR FUH¯D TXH YROYLHUDV +DV HQFRQWUDGR PL
FDUWD" 6¯" (VWDED WRGDY¯D" < KDV LGR D FRPHU D FDVD GH 1LQR"
7H KD JXVWDGR" 7HQHPRV TXH FRQWDUQRV WDQWDV FRVDV 0RPR KDQ
SDVDGR WDQWDV FRVDV PLHQWUDV WDQWR &RPR WH YD" c3HUR KDEOD < HO
YLHMR %HSSR TX« KDFH" +DFH VLJORV TXH QR OH YHR < ORV QL³RV"
6DEHV 0RPR" PXFKDV YHFHV SLHQVR HQ OD «SRFD HQ TXH WRGDY¯D
HVW£EDPRV WRGRV MXQWRV \ \R RV FRQWDED KLVWRULDV c4X« WLHPSRV WDQ
ERQLWRV3HURDKRUDWRGRWRGRHVGLIHUHQWH
0RPR KDE¯D LQWHQWDGR YDULDV YHFHV FRQWHVWDU D ODV SUHJXQWDV GH
*LJL3HUR«OQRLQWHUUXPS¯DVXWRUUHQWHGHSDODEUDVVHOLPLWµDHVSHUDU
\ PLUDUOH 7HQ¯D XQ DVSHFWR GLVWLQWR GH DQWHV WDQ FXLGDGR \ RO¯D WDQ
ELHQ3HURGHDOJXQDPDQHUDOHUHVXOWDEDPX\H[WUD³R
0LHQWUDVWDQWRVHKDE¯DQDSHDGRGHOFRFKHFXDWURSHUVRQDVP£V
XQKRPEUHFRQXQXQLIRUPHGHFXHURGHFKµIHU\WUHVVH³RUDVGHFDUDV
VHYHUDV\PX\PDTXLOODGDV
89/120
 ౱6H KD KHFKR GD³R" ౱SUHJXQWµ XQD P£V UHSURFKDGRUD TXH
SUHRFXSDGD
౱1RQRQDGD౱DVHJXUµ*LJL౱VµORVHKDDVXVWDGR
౱3RU TX« YDJDEXQGHD GHODQWH GH OD SXHUWD" ౱GLMR OD VHJXQGD
VH³RUD
౱c3HUR VL HV 0RPR ౱JULWµ *LJL UL«QGRVH౱ c(V PL YLHMD DPLJD
0RPR
౱$V¯ TXH HVD QL³D H[LVWH GH YHUGDG" ౱SUHJXQWµ VRUSUHQGLGD OD
WHUFHUD VH³RUD౱ <R VLHPSUH OD KDE¯D WHQLGR SRU XQD GH VXV
LQYHQFLRQHV3RG¯DPRVSDVDUORHQVHJXLGDDODSUHQVDm5HHQFXHQWUR
FRQODSULQFHVDGHORVFXHQWRV}RDOJRDV¯HVRKDU£PXFKRHIHFWR/R
RUJDQL]DU«LQPHGLDWDPHQWHc4X«KLVWRULD
౱1R౱GLMR*LJL౱QRPHJXVWDU¯DHVR
౱3HUR D WL SHTXH³D ౱OD SULPHUD VH³RUD VH YROYLµ VRQULHQGR
DKRUDD0RPR౱DWLV¯WHJXVWDU¯DVDOLUHQORVSHULµGLFRVYHUGDG"
౱'HMHHQSD]DODQL³D౱GLMR*LJLPROHVWR
/DVHJXQGDVH³RUDHFKµXQDPLUDGDDVXUHORM
౱6LQRYDPRVDWRGDYHORFLGDGHODYLµQVHQRVLU£GHODQWHGHODV
QDULFHV<XVWHGVDEHORTXHHVWRVLJQLILFDU¯D
౱'LRVP¯R౱FRQWHVWµ*LJLQHUYLRVR౱HVTXH\DQRSXHGRKDEODU
XQDV SDODEUDV FRQ WUDQTXLOLGDG FRQ 0RPR GHVSX«V GH WDQWR WLHPSR
<DORYHV0RPRTXHHVRVQHJUHURVQRPHGHMDQ
౱$ QRVRWUDV QRV HV LJXDO ౱UHSOLFµ SXQWLOORVD OD VHJXQGD VH³RUD
౱1RVRWUDVVµORKDFHPRVQXHVWURWUDEDMR8VWHGQRVSDJDSDUDTXH
OHRUJDQLFHPRVVXVFLWDVHVWLPDGRMHIH
౱6¯FODURFODUR౱FRQFHGLµ*LJL౱9£PRQRVSXHV6DEHVTX«
0RPR"7HYLHQHVFRQQRVRWURVDODHURSXHUWR$V¯SRGUHPRVKDEODUSRU
HOFDPLQR<GHVSX«VPLFKµIHUWHOOHYDU£DFDVD'HDFXHUGR"
1R HVSHUµ D TXH 0RPR FRQWHVWDUD VLQR TXH OD OOHYµ GH OD PDQR
KDFLD HO FRFKH /DV WUHV VH³RUDV VH VHQWDURQ HQ HO DVLHQWR SRVWHULRU
*LJL VH VHQWµ DO ODGR GHO FKµIHU \ VHQWµ D 0RPR HQ VXV URGLOODV 6H
SXVLHURQHQPDUFKD
౱%LHQ ౱GLMR *LJL౱ DKRUD FXHQWD 0RPR 3HUR WRGR SRU RUGHQ
&µPRGHVDSDUHFLVWHWDQGHUHSHQWH"
3UHFLVDPHQWHFXDQGR0RPRTXHU¯DHPSH]DUDKDEODUGHOPDHVWUR
+RUD \ VXV IORUHV KRUDULDV IXH FXDQGR XQD GH ODV VH³RUDV VH LQFOLQµ
KDFLDDGHODQWH
౱3HUGµQ౱GLMR౱SHURVHPHDFDEDGHRFXUULUXQDLGHDIDEXORVD
'HEHU¯DPRVSUHVHQWDUD0RPRDOD3XEOLF)LOP6HU¯DH[DFWDPHQWHOD
QXHYD HVWUHOOD LQIDQWLO TXH QHFHVLWDPRV SDUD VX KLVWRULD GH
YDJDEXQGRV TXH SURQWR VH HPSH]DU£ D URGDU ,PDJ¯QHVH TX«
VHQVDFLµQ0RPRLQWHUSUHWDD0RPR
౱(V TXH QR PH KDV HQWHQGLGR" ౱SUHJXQWµ *LJL FRQ GXUH]D౱
1RTXLHURTXHEDMRQLQJ¼QFRQFHSWRPH]FOHDODQL³DHQHVR
౱/D YHUGDG QR V« OR TXHTXLHUH ౱UHVSRQGLµ ODVH³RUD RIHQGLGD
౱&XDOTXLHURWURVHFKXSDU¯DORVGHGRVSRUXQDRFDVLµQDV¯
౱c<RQRVR\FXDOTXLHURWUR౱JULWµ*LJLHQFROHUL]DGR9XHOWRKDFLD
0RPRD³DGLµ౱3HUGRQD0RPRSXHGHTXHQRORHQWLHQGDVSHURQR
TXLHURTXHHVDMDXU¯DWDPEL«QWHDJDUUHDWL
$KRUDHVWDEDQRIHQGLGDVODVWUHVVH³RUDV
*LJL VXVSLUµ VH OOHYµ ODV PDQRV D OD FDEH]D GHVSX«V VDFµ GHO
EROVLOORGHVXFKDOHFRXQDFDMLWDGHSODWDH[WUDMRGHHOODXQDS¯OGRUD\
VHODWRPµ
'XUDQWHXQRVPLQXWRVQDGLHGLMRQDGD
3RUILQ*LJLVHYROYLµKDFLDODVVH³RUDV
౱3HUGRQHQ౱GLMRDJRWDGR౱QRPHUHIHU¯DDXVWHGHV7HQJRORV
QHUYLRVGHVWUR]DGRV
౱(VW£ELHQ\DHVWDPRVDFRVWXPEUDGDV౱GLMRODSULPHUDVH³RUD
౱< DKRUD ౱SURVLJXLµ *LJL GHGLF£QGROH D 0RPR XQD VRQULVD XQ
WDQWRWRUFLGD౱VµORKDEODUHPRVGHQRVRWURV0RPR
౱8QD SUHJXQWD P£V DQWHV GH TXH VHD GHPDVLDGR WDUGH ౱
LQWHUUXPSLµ OD VHJXQGD VH³RUD౱ (V TXH HVWDPRV D SXQWR GH OOHJDU
1R PH SRGU¯D GHMDU TXH OH KLFLHUD U£SLGDPHQWH XQD HQWUHYLVWD D OD
QL³D"
౱c%DVWD ౱FKLOOµ *LJL LUDFXQGR౱ <R TXLHUR KDEODU DKRUD FRQ
0RPR\HQSULYDGR(VLPSRUWDQWHSDUDP¯&X£QWDVYHFHVKDEU«GH
90/120
GHFLUOR"
౱8VWHGPLVPRVLHPSUHQRVUHSURFKD౱UHSOLFµLUDFXQGDWDPEL«Q
ODVH³RUD౱TXHQROHKDJRODVXILFLHQWHSXEOLFLGDG
౱(VYHUGDG౱VROOR]µ*LJL౱3HURQRDKRUDc$KRUDQR
౱(V XQD YHUGDGHUD O£VWLPD ౱RSLQµ OD VH³RUD౱ +DU¯D OORUDU D OD
JHQWH 3HUR FRPR XVWHG TXLHUD 3RGHPRV GHMDUOR SDUD P£V DGHODQWH
VLಃ
౱c1R౱ODLQWHUUXPSLµ*LJL౱1LDKRUDQLP£VDGHODQWH<DKRUD
F£OOHVHSRUIDYRUPLHQWUDVKDEORFRQ0RPR
౱8Q PRPHQWR ౱FRQWHVWµ OD VH³RUD FRQ LJXDO YHKHPHQFLD౱ VH
WUDWD GH VX SXEOLFLGDG QR GH OD P¯D < GHEHU¯D UHIOH[LRQDU VL HQ ORV
PRPHQWRVDFWXDOHVSXHGHSHUPLWLUVHHOGHMDUHVFDSDUXQDRFDVLµQDV¯
౱c1R౱JULWµ*LJLGHVHVSHUDGR౱1RPHORSXHGRSHUPLWLU3HUR
GHMDUHPRVD0RPRIXHUDGHOMXHJR<DKRUDVHORVXSOLFRG«MHQQRVHQ
SD]DORVGRVGXUDQWHFLQFRPLQXWRV
/DV VH³RUDV VH FDOODURQ *LJL VH SDVµ OD PDQR DJRWDGR SRU ORV
RMRV
౱<D OR YHV $ HVR KHPRV OOHJDGR ౱GHMµ R¯U XQD ULVLWD DPDUJD౱
1RSXHGRYROYHUPHDWU£VQLDXQTXHTXLVLHUD6HDFDEµ8QDFRVDWH
SXHGR GHFLU 0RPR OR P£V SHOLJURVR TXH H[LVWH HQ OD YLGD VRQ ODV
LOXVLRQHV TXH VH FXPSOHQ 3RU OR PHQRV FXDQGR RFXUUH FRPR HQ PL
FDVR<DQRPHTXHGDQDGDFRQTX«VR³DU1LVLTXLHUDHQWUHYRVRWURV
SRGU¯DYROYHUDDSUHQGHUOR(VWR\WDQKDUWRGHWRGR
0LUµSRUODYHQWDQLOODWULVWH
౱/R¼QLFRTXHWRGDY¯DSRGU¯DKDFHUVHU¯DFHUUDUODERFDQRFRQWDU
QDGD P£V HQPXGHFHU TXL]£ KDVWD HO ILQ GH PL YLGD SRU OR PHQRV
KDVWD TXH VH PH KXELHUD ROYLGDGR \ YROYLHUD D VHU XQ SREUH GLDEOR
GHVFRQRFLGR 3HUR SREUH \ VLQ LOXVLRQHVಃ 1R 0RPR HVR VHU£ HO
LQILHUQR 3RU HVR SUHILHUR TXHGDUPH GRQGH HVWR\ 7DPEL«Q HV XQ
LQILHUQRSHURSRUORPHQRVHVFµPRGRಃc4X«WRQWHU¯DVHVWR\GLFLHQGR
1RSRGU£VHQWHQGHUOR
0RPRVµOROHPLUDED\HQWHQG¯DTXHHVWDEDHQIHUPRPRUWDOPHQWH
HQIHUPR,QWX¯DTXHORVKRPEUHVJULVHVQRHUDQDMHQRVDHOOR3HURQR
VDE¯DFµPRD\XGDUOHFXDQGR«OPLVPRQRORTXHU¯D
౱1RSDURGHKDEODUGHP¯PLVPR౱GLMR*LJL౱&XHQWDDKRUDSRU
ILQTX«WHKDRFXUULGRDWLPLHQWUDVWDQWR0RPR
(QHVHPRPHQWRHOFRFKHSDUµDQWHHODHURSXHUWR
7RGRVVHDSHDURQ\FRUULHURQKDFLDODWHUPLQDO$OO¯\DHVSHUDEDQD
*LJLDOJXQDVD]DIDWDVXQLIRUPDGDV8QRVSHULRGLVWDVOHIRWRJUDILDEDQ\
OHKDF¯DQSUHJXQWDV3HURODVD]DIDWDVOHGDEDQSULVDSRUTXHHODYLµQ
WHQ¯DTXHGHVSHJDUHQSRFRVPLQXWRV
*LJLVHLQFOLQµKDFLD0RPR\ODPLUµ'HUHSHQWHVHOHOOHQDURQORV
RMRVGHO£JULPDV
౱(VF¼FKDPH 0RPR ౱GLMR HQ YR] WDQ EDMD TXH ORV GHP£V QR
SXGLHUDQR¯UOR౱TX«GDWHFRQPLJR7HOOHYRFRQPLJRHQHVWHYLDMH\D
WRGDVSDUWHV9LYLU£VFRQPLJRHQPLKHUPRVDFDVD\YHVWLU£VGHVHGD\
WHUFLRSHOR FRPR XQD SULQFHVD GH YHUGDG 6µOR WHQGU£V TXH
HVFXFKDUPH3XHGHTXHHQWRQFHVVHPHYXHOYDQDRFXUULUFXHQWRVGH
YHUGDGFRPRORVGHDQWHVWHDFXHUGDV"6µORWLHQHVTXHGHFLUTXHV¯
0RPR\WRGRVHDUUHJODU£3RUIDYRUD\¼GDPH
$ 0RPR OH KDEU¯D JXVWDGR D\XGDU D *LJL /H GRO¯D HO FRUD]µQ SRU
HOOR 3HUR VHQW¯D TXH «VH QR HUD HO EXHQ FDPLQR TXH *LJL WHQ¯D TXH
YROYHUDVHU*LJL\TXHQROHVHUYLU¯DGHQDGDHOTXHHOODGHMDUDGHVHU
0RPR7DPEL«QVXVRMRVVHOOHQDURQGHO£JULPDV0RYLµODFDEH]D<
*LJLODHQWHQGLµ$VLQWLµWULVWHPLHQWUDVTXHODVVH³RUDVDODVTXH«O
PLVPRSDJDEDSDUDHVRVHOHOOHYDURQ9ROYLµDVDOXGDUFRQODPDQR
GHVGHOHMRV0RPROHGHYROYLµHOVDOXGR\\DKDE¯DGHVDSDUHFLGR
'XUDQWHVXHQFXHQWURFRQ*LJL0RPRQRKDE¯DSRGLGRGHFLUQLXQD
VRODSDODEUD<KDEU¯DWHQLGRWDQWRTXHGHFLUOH/HSDUHF¯DTXHDKRUD
FXDQGROHKDE¯DHQFRQWUDGROHKDE¯DSHUGLGRGHYHUGDG
6H YROYLµ OHQWDPHQWH \ VH GLULJLµ D OD VDOLGD GH OD WHUPLQDO 'H
SURQWR OH UHFRUULµ XQ VXVWR WUHPHQGR cWDPEL«Q KDE¯D SHUGLGR D
&DVLRSHD
91/120

0LVHULDHQODDEXQGDQFLD
¢
<ELHQ"$GµQGH"౱SUHJXQWµHOFKµIHUFXDQGR0RPRYROYLµD
VHQWDUVHDVXODGRHQHOJUDQFRFKHGH*LJL
/DQL³DPLUDEDDQWHV¯FRQVWHUQDGD4X«GHE¯DGHFLUOH"$
GµQGHTXHU¯DLU"7HQ¯DTXHEXVFDUD&DVLRSHD3HURGµQGH"'µQGH
\FX£QGRODKDE¯DSHUGLGR"'XUDQWHWRGRHOYLDMHFRQ*LJL\DQRHVWDED
FRQHOODGHHVWRHVWDEDVHJXUD0RPR$V¯TXHGHODQWHGHODFDVDGH
*LJL<HQWRQFHVUHFRUGµTXHHQHOFDSDUD]µQKDE¯DDSDUHFLGRm$GLµV}
\ m%XVFDUWH} (VWDED FODUR TXH &DVLRSHD KDE¯D VDELGR GH DQWHPDQR
TXH VH LEDQ D SHUGHU 'H PRGR TXH LU¯D D EXVFDU D 0RPR 3HUR
GµQGHGHE¯DEXVFDU0RPRD&DVLRSHD"
౱4X« QR WH DFODUDV" ౱SUHJXQWµ HO FKµIHU PLHQWUDV
WDPERULOHDEDFRQORVGHGRVVREUHHOYRODQWH౱7HQJRRWUDVFRVDVTXH
KDFHUTXHOOHYDUWHDWLGHSDVHR
౱$FDVDGH*LJLSRUIDYRU౱FRQWHVWµ0RPR
(OFKµIHUODPLUµXQWDQWRVRUSUHQGLGR
౱&UH¯DTXHWHQ¯DTXHOOHYDUWHDWXFDVD2DFDVRYDVDYLYLUFRQ
QRVRWURV"
౱1R౱FRQWHVWµ0RPR౱+HROYLGDGRDOJRHQODFDOOH\DKRUDKH
GHEXVFDUOR
$OFKµIHUOHSDUHFLµELHQSRUTXHGHWRGRVPRGRVWHQ¯DTXHLUDOO¯
&XDQGROOHJDURQDQWHODYLOODGH*LJL0RPRVHDSHµ\HPSH]µHQ
VHJXLGDDEXVFDUSRUORVDOUHGHGRUHV
౱&DVLRSHD౱OODPDEDXQD\RWUDYH]HQYR]EDMD౱&DVLRSHD
౱4X« HV OR TXH EXVFDV" ౱OH SUHJXQWµ HO FKµIHU GHVGH OD
YHQWDQLOODGHOFRFKH
౱/D WRUWXJD GHO PDHVWUR +RUD ౱OH UHVSRQGLµ 0RPR౱ 6H OODPD
&DVLRSHD \ VLHPSUH VDEH HO IXWXUR FRQ PHGLD KRUD GH DQWHODFLµQ <
HVFULEH HQ VX FDSDUD]µQ 7HQJR TXH HQFRQWUDUOD 0H D\XGDV SRU
IDYRU"
౱1R WHQJR WLHPSR SDUD HVWDV EURPDV HVW¼SLGDV ౱JUX³µ \
DWUDYHVµODSXHUWDTXHVHFHUUµGHWU£VGHOFRFKH
$V¯TXH0RPRVLJXLµEXVFDQGRVROD5HJLVWUµWRGDODFDOOHSHURQR
YLRD&DVLRSHD
m3RGU¯D VHU} SHQVµ 0RPR mTXH \D VH KXELHUD LGR KDFLD HO
DQILWHDWUR}
$V¯ SXHV 0RPR KL]R HO PLVPR FDPLQR TXH KDE¯D KHFKR DO YHQLU
FDPLQDQGROHQWDPHQWH0LHQWUDVWDQWRPLUDEDHQWRGRVORVULQFRQHV\
EXVFDEDHQWRGDVODVFXQHWDV8QD\RWUDYH]OODPDEDDODWRUWXJD(Q
YDQR
0RPRQROOHJµDODQILWHDWURKDVWDELHQHQWUDGDODQRFKH7DPEL«Q
DTX¯ OR UHJLVWUµ WRGR PHWLFXORVDPHQWH HQ OD PHGLGD HQ TXH OH IXH
SRVLEOH HQ OD RVFXULGDG $OLPHQWDED OD WHQXH HVSHUDQ]D GH TXH OD
WRUWXJDKXELHUDOOHJDGRDODQILWHDWURDQWHVTXHHOOD3HURFRQ OR OHQWD
TXHHUDHVRHUDLPSRVLEOH
0RPRVHPHWLµHQODFDPD<DKRUDV¯TXHSRUSULPHUDYH]HVWDED
FRPSOHWDPHQWHVROD
/DV SUµ[LPDV VHPDQDV ODV HPSOHµ 0RPR HQ UHFRUUHU OD FLXGDG VLQ
PHWD ILMD SDUD EXVFDU D %HSSR &RPR QDGLH OH SRG¯D GHFLU GµQGH
HVWDEDQROHTXHGDEDP£VTXHODHVSHUDQ]DGHVHVSHUDGDGHTXHVXV
FDPLQRVVHFUX]DUDQSRUFDVXDOLGDG3HURFODURHVW£HQHVDHQRUPH
FLXGDG OD SRVLELOLGDG GH TXH GRV SHUVRQDV VH HQFRQWUDUDQ SRU
92/120
FDVXDOLGDG HUD PHQRU TXH XQD EDUFD GH SHVFD HQFRQWUDUD DQWH OD
FRVWDODERWHOODTXHXQRVQ£XIUDJRVKDE¯DQHFKDGRDODJXDHQPHGLR
GHORF«DQR
< QR REVWDQWH VH GHF¯D 0RPR SRG¯D VHU TXH HVWXYLHUDQ PX\
FHUFD 4XL«Q VDEH FX£QWDV YHFHV HOOD SDVDED SRU XQ OXJDU HQ HO TXH
%HSSRKDE¯DHVWDGRKDF¯DXQDKRUDXQPLQXWRTXL]£XQVRORLQVWDQWH
2DOUHY«VFX£QWDVYHFHVSRGU¯DRFXUULUTXH%HSSRSDVDU¯DDODFRUWD
RDODODUJDSRUHVDSOD]DRDTXHOODHVTXLQD3RUHVR0RPRHVSHUDED
DYHFHVPXFKDVKRUDVHQXQPLVPRVLWLR3HURDXQDKRUDXRWUDWHQ¯D
TXHVHJXLU<DV¯YROY¯DDVHUSRVLEOHTXHVHSHUGLHUDQ
4X«ELHQOHKXELHUDLGRDKRUDWHQHUD&DVLRSHD6LWRGDY¯DKXELHUD
HVWDGR FRQ HOOD OH KXELHUD DFRQVHMDGR m(VSHUD} R m6LJXH} SHUR DV¯
0RPR QR VDE¯D QXQFD TX« GHE¯D KDFHU 7HP¯D SHUGHU D %HSSR SRU
HVSHUDUOH\WHP¯DSHUGHUOHSRUQRHVSHUDUOH
7DPEL«QEXVFDEDDORVQL³RVTXHDQWHVVLHPSUHKDE¯DQLGRDYHUOD
3HURQRYLRDQLQJXQR'HKHFKRQRYLRQLQJ¼QQL³RSRUODFDOOH\VH
DFRUGµGHODVSDODEUDVGH1LQRGHTXHDKRUDVHFXLGDEDGHORVQL³RV
(O TXH OD SURSLD 0RPR QXQFD IXHUD UHFRJLGD SRU XQ SROLF¯D R XQ
DGXOWR SDUD VHU OOHYDGD D XQ GHSµVLWR GH QL³RV HUD SRU OD YLJLODQFLD
VHFUHWDLQLQWHUUXPSLGDSRUSDUWHGHORVKRPEUHVJULVHV3RUTXHHVRQR
KXELHUDFRQYHQLGRDVXVSODQHV3HURGHHVRQRVDE¯DQDGD0RPR
&DGDG¯DLEDXQDYH]DFRPHUDFDVDGH1LQR3HURQRSRG¯DKDEODU
FRQ «O P£V TXH HO SULPHU G¯D 1LQR VLHPSUH WHQ¯D OD PLVPD SULVD \
QXQFDWHQ¯DWLHPSR
<ODVVHPDQDVVHFRQYLUWLHURQHQPHVHV<0RPRVLHPSUHHVWDED
VROD
8QDYH]VHQWDGDDODQRFKHFHUHQODEDUDQGLOODGHXQSXHQWHYLRD
OR OHMRV VREUH RWUR SXHQWH XQD SHTXH³D ILJXUD HQFRUYDGD TXH
PDQHMDED XQD HVFRED FRPR VL OH IXHUD HQ HOOR OD YLGD 0RPR FUH\µ
UHFRQRFHU D %HSSR \ JULWµ \ DJLWµ ORV EUD]RV SHUR OD ILJXUD QR
LQWHUUXPSLµVXDFWLYLGDGQLSRUXQLQVWDQWH0RPRHFKµDFRUUHUSHUR
FXDQGROOHJµDORWURODGR\DQRSXGRYHUDQDGLH
౱1R KDEU£ VLGR %HSSR ౱VH GLMR 0RPR SDUD FRQVRODUVH౱ QR
SXHGHKDEHUVLGR%HSSR<RV«FµPREDUUH%HSSR
$OJXQRVG¯DVVHTXHGDEDHQFDVDHQHOYLHMRDQILWHDWURSRUTXHGH
UHSHQWH SHQVDED TXH %HSSR SRGU¯D SDVDU SDUD YHU VL HOOD \D KDE¯D
YXHOWR6LHOODQRHVWDEDHQDTXHOPRPHQWR«OFUHHU¯DTXHHOODVHJX¯D
GHVDSDUHFLGD 7DPEL«Q DTX¯ OD DWRUPHQWDED OD LGHD GH TXH HVR \D
KXELHUD SDVDGR D OR PHMRU D\HU R KDF¯D XQD VHPDQD $V¯ TXH
HVSHUDED VLHPSUH HQ YDQR FODUR )LQDOPHQWH SLQWµ FRQ JUDQGHV
OHWUDVHQODSDUHGm+HYXHOWR}3HURQXQFDOROH\µQDGLHP£VTXHHOOD
PLVPD
+XER XQD FRVD TXH QR OD DEDQGRQµ HQ WRGR HVH WLHPSR HO YLYR
UHFXHUGRGHORTXHKDE¯DYLYLGRMXQWRDOPDHVWUR+RUDGHODVIORUHV\
GH OD P¼VLFD 6µOR WHQ¯D TXH FHUUDU ORV RMRV \ HVFXFKDU GHQWUR GH V¯
SDUDYHUODUHOXFLHQWHPDJQLILFHQFLDGHFRORUHVGHODVIORUHV\ODP¼VLFD
GH ODV YRFHV ( LJXDO TXH HO SULPHU G¯D SRG¯D UHSHWLU ODV SDODEUDV \
FDQWDU ODV PHORG¯DV DXQTXH «VWDV QDF¯DQ FDGD YH] QXHYDV \ QXQFD
HUDQODVPLVPDV
(VWXYR G¯DV HQWHURV VHQWDGD HQ ODV JUDGDV GH SLHGUD KDEODQGR \
FDQWDQGRVROD1RKDE¯DQDGLHSDUDHVFXFKDUODVDOYRORV£UEROHVORV
S£MDURV\ODVYLHMDVSLHGUDV
+D\ PXFKDV FODVHV GH VROHGDG SHUR 0RPR YLY¯D XQD TXH PX\
SRFRVKRPEUHVFRQRFHQ\PHQRVFRQWDQWDIXHU]D
/H SDUHF¯D HVWDU HQFHUUDGD HQ XQD FDYHUQD URGHDGD GH ULTXH]DV
LQFRQWDEOHV TXH VH KDF¯DQ FDGD YH] P£V \ PD\RUHV \ DPHQD]DEDQ
DVIL[LDUOD<QRKDE¯DVDOLGD1DGLHSRG¯DOOHJDUKDVWDHOOD\HOODQRVH
SRG¯DKDFHUQRWDUDQDGLHWDQDSODVWDGDHVWDEDEDMRXQDPRQWD³DGH
WLHPSR
,QFOXVR OOHJDURQ KRUDV HQ TXH GHVHDED QR KDEHU R¯GR QXQFD OD
P¼VLFDQLKDEHUYLVWRORVFRORUHV1RREVWDQWHVLODKXELHVHQ GDGRD
HOHJLU QR KDEU¯D UHQXQFLDGR D HVH UHFXHUGR SRU QDGD GHO PXQGR
$XQTXH VH KXELHUD PXHUWR SRU HOOR 3XHV HVR HUD OR TXH YLY¯D DKRUD
TXHKD\ULTXH]DVTXHORPDWDQDXQRVLQRSXHGHFRPSDUWLUODV
93/120

&DGDSRFRVG¯DV0RPRLEDDODYLOODGH*LJL\HVSHUDEDPXFKRWLHPSR
GHODQWH GH OD SXHUWDGHOMDUG¯Q (VSHUDED YROYHU D YHUOH XQD YH]P£V
0LHQWUDVWDQWRHVWDEDGHDFXHUGRFRQWRGR4XHU¯DTXHGDUVHFRQ«O
HVFXFKDUOH\KDEODUOHDXQTXHQRIXHUDFRPRDQWHV3HURODSXHUWDQR
YROYLµDDEULUVHQXQFDP£V
)XHURQ SRFRV PHVHV ORV TXH SDVDURQ DV¯ \ QR REVWDQWH IXH OD
WHPSRUDGD P£V ODUJD TXH 0RPR H[SHULPHQWµ MDP£V 3RUTXH HO
YHUGDGHURWLHPSRQRVHSXHGHPHGLUSRUHOUHORMRHOFDOHQGDULR
3RFRVHSXHGHH[SOLFDUGHXQDVROHGDGDV¯4XL]£EDVWHFRQGHFLU
OR VLJXLHQWH VL 0RPR KXELHUD VDELGR HQFRQWUDU HO FDPLQR KDVWD HO
PDHVWUR +RUD ౱\ OR LQWHQWµ PXFKDV YHFHV౱ KDEU¯D LGR \ OH KDEU¯D
SHGLGRTXHQROHFRQFHGLHUDP£VWLHPSRRTXHOHGHMDUDTXHGDUVHFRQ
«OHQODFDVDGH1LQJXQD3DUWHSDUDVLHPSUH
3HUR VLQ &DVLRSHD QR VDE¯D HQFRQWUDU HO FDPLQR < &DVLRSHD
VHJX¯D SHUGLGD $FDVR KDE¯D YXHOWR KDF¯D WLHPSR MXQWR DO PDHVWUR
+RUD2VHKDE¯DSHUGLGRHQDOJ¼QOXJDUGHOPXQGR(OFDVRHVTXHQR
YROYLµ
(QOXJDUGHHVRRFXUULµRWUDFRVDPX\GLVWLQWD
8QG¯D0RPRVHHQFRQWUµHQODFLXGDGFRQWUHVGHORVQL³RVTXH
DQWHVVLHPSUHLEDQDYHUOD6HWUDWDEDGH3DROR%ODQFR\0DU¯DTXH
HQWRQFHV VLHPSUH OOHYDED D VX KHUPDQLWR 'HG« /RV WUHV WHQ¯DQ XQ
DVSHFWR PX\ GLIHUHQWH /OHYDEDQ XQD HVSHFLH GH XQLIRUPH JULV \ VXV
FDUDVSDUHF¯DQQRWDEOHPHQWHU¯JLGDV\VLQYLGD
,QFOXVRFXDQGR0RPRORVVDOXGµMXELORVDPHQWHDSHQDVVRQULHURQ
౱2V KH EXVFDGR WDQWR ౱GLMR 0RPR VLQ DOLHQWR౱ 9ROYHU«LV
FRQPLJRDKRUD"
/RV WUHV LQWHUFDPELDURQ XQD PLUDGD GHVSX«V PRYLHURQ OD FDEH]D
QHJDWLYDPHQWH
౱0D³DQDTXL]£"౱SUHJXQWµ0RPR౱2SDVDGR"
/RVWUHVYROYLHURQDPRYHUODFDEH]D
౱c9ROYHG౱OHVSLGLµ0RPR౱6LDQWHVVLHPSUHYHQ¯DLV
౱c$QWHV౱FRQWHVWµ3DROR౱3HURDKRUDWRGRHVGLIHUHQWH1RQRV
GHMDQSHUGHUHOWLHPSRLQ¼WLOPHQWH
౱3HURVLHVRQRORKHPRVKHFKRQXQFD౱GLMR0RPR
౱6¯HUDERQLWR౱GLMR0DU¯D౱SHURHVRQRLPSRUWD
/RVWUHVQL³RVVLJXLHURQDGHODQWHDWRGDSULVD0RPRFDPLQµDVX
ODGR
౱$GµQGHYDLVDKRUD"౱TXLVRVDEHU
౱$ OD FODVH GH MXHJRV ౱FRQWHVWµ %ODQFR౱ $OO¯ DSUHQGHPRV D
MXJDU
౱$TX«"౱SUHJXQWµ0RPR
౱+R\ MXJDPRV D WDUMHWDV SHUIRUDGDV ౱H[SOLFµ 3DROR౱ (V PX\
¼WLOSHURKD\TXHSUHVWDUPXFKDDWHQFLµQ
౱<FµPRIXQFLRQD"
౱&DGD XQR GH QRVRWURV UHSUHVHQWD XQD WDUMHWD SHUIRUDGD &DGD
WDUMHWD SHUIRUDGD FRQWLHQH JUDQ Q¼PHUR GH LQGLFDFLRQHV OD WDOOD OD
HGDG HO SHVR \ DV¯ 3HUR FODUR QR OR TXH VH HV HQ UHDOLGDG SRUTXH
VHU¯DGHPDVLDGRVHQFLOOR$YHFHVQRVRQP£VTXHQ¼PHURVODUJRVSRU
HMHPSOR08;\(QWRQFHVQRVPH]FODQ\QRVPHWHQHQXQDUFKLYR
<HQWRQFHVXQRGHQRVRWURVKDGHHQFRQWUDUXQDILFKDGHWHUPLQDGD
7LHQHTXHKDFHUSUHJXQWDVGHWDOPDQHUDTXHHOLPLQHWRGDVODVGHP£V
WDUMHWDV \ VH TXHGH FRQ XQD VROD (O TXH OR KDFH P£V GHSULVD KD
JDQDGR
౱<HVRHVGLYHUWLGR"౱SUHJXQWµ0RPRXQWDQWRGXGRVD
౱(VR QR LPSRUWD ౱GLMR 0DU¯D XQ SRFR PLHGRVD౱ QR VH SXHGH
KDEODUDV¯
౱<TX«HVORTXHLPSRUWD"౱TXLVRVDEHU0RPR
౱(OTXHVHD¼WLOSDUDHOIXWXUR౱FRQWHVWµ3DROR
0LHQWUDV WDQWR KDE¯DQ OOHJDGR GHODQWH GH OD SXHUWD GH XQD FDVD
JUDQGHJULVm'HSµVLWRGHQL³RV}SRQ¯DHQFLPDGHODSXHUWD
౱7HQJRWDQWDVFRVDVTXHFRQWDURV౱GLMR0RPR
౱3XHGHTXHDOJ¼QG¯DYROYDPRVDYHUQRV౱FRQWHVWµ0DU¯DWULVWH
94/120
 $VXDOUHGHGRUKDE¯DP£VQL³RVTXHHQWUDEDQWRGRVSRUODSXHUWD 0RPR VH³DOµ FRQ HO GHGR KDFLD HO KRPEUH JULV \ TXLVR JULWDU
7RGRVWHQ¯DQHOPLVPRDVSHFWRTXHORVDPLJRVGH0RPR SLGLHQGRDX[LOLRSHURQRSXGRSURGXFLUQLQJ¼QVRQLGR
౱$WXODGRHUDP£VGLYHUWLGR౱GLMR%ODQFRGHSURQWR౱6LHPSUH ౱c'«MDOR HVWDU ౱GLMR HO KRPEUH JULV PLHQWUDV VROWDED XQD ULVD
VH QRV RFXUU¯D DOJR D QRVRWURV PLVPRV 3HUR FRQ HVR QR VH DSUHQGH FHQLFLHQWDVLQDOHJU¯D౱7DQSRFRQRVFRQRFHVWRGDY¯D"1RVDEHV
QDGDGLFHQ WRGDY¯DORSRGHURVRVTXHVRPRV"7HKHPRVTXLWDGRWRGRVWXVDPLJRV
౱(VTXHQRSRG«LVHVFDSDURV"౱SURSXVR0RPR 1DGLHSXHGHD\XGDUWH<WDPEL«QQRVRWURVSRGHPRVKDFHUFRQWLJROR
/RVWUHVPRYLHURQODFDEH]D\PLUDURQDOUHGHGRUSRUVLDOJXLHQOR TXHTXHUDPRV3HURWRGDY¯DWHSHUGRQDPRVFRPRSXHGHVYHU
KDE¯DR¯GR ౱3RUTX«"౱SXGRSUHJXQWDU0RPRFRQHVIXHU]R
౱<R OR LQWHQW« XQ SDU GH YHFHV DO SULQFLSLR ౱VXVXUUµ %ODQFR౱ ౱3RUTXHTXHUHPRVTXHQRVKDJDVXQSHTXH³RIDYRU౱UHVSRQGLµ
SHURQRPHUHFHODSHQD6LHPSUHYXHOYHQDSHVFDUWH HO KRPEUH JULV౱ 6L HUHV UD]RQDEOH SXHGHV JDQDU PXFKR SDUD WL \
౱1R VH SXHGH KDEODU DV¯ ౱GLMR 0DU¯D౱ DO ILQ \ DO FDER DKRUD SDUDWXVDPLJRV4X«WHSDUHFH"
FXLGDQGHQRVRWURV ౱%LHQ౱VXVXUUµ
7RGRV FDOODURQ \ PLUDURQ DQWH V¯ 3RU ILQ 0RPR WRPµ £QLPRV \ (OKRPEUHJULVVRQULµ
SUHJXQWµ ౱(QWRQFHVQRVHQFRQWUDUHPRVDPHGLDQRFKHSDUDXQDGLVFXVLµQ
౱1RPHSRGU¯DLVOOHYDUFRQYRVRWURV"$KRUDHVWR\VLHPSUHVROD 0RPR DVLQWLµ PXGD 3HUR HO KRPEUH JULV \D QR HVWDED 6µOR
3HUR HQWRQFHV RFXUULµ DOJR QRWDEOH DQWHV GH TXH ORV QL³RV TXHGDEDHQHODLUHHOKXPRGHVXFLJDUUR
SXGLHUDQ FRQWHVWDU XQD IXHU]D HQRUPH FRPR XQ LP£Q ORV DUUDVWUµ 1RKDE¯DGLFKRGµQGHWHQ¯DQTXHHQFRQWUDUVH
GHQWURGHODFDVD/DSXHUWDVHFHUUµFRQXQHVWDOOLGRWUDVHOORV
0RPR OR KDE¯D REVHUYDGR DVXVWDGD 1R REVWDQWH DO FDER GH XQ
UDWLWRVHDFHUFµDODSXHUWDSDUDOODPDURWRFDUHOWLPEUH4XHU¯DSHGLU
XQDYH]P£VTXHWDPEL«QODGHMDUDQMXJDUDHOODIXHUDQORVMXHJRVTXH
IXHUDQ 3HUR DSHQDV KDE¯D GDGR XQ SDVR KDFLD OD SXHUWD FXDQGR
TXHGµ SDUDOL]DGD SRU HO VXVWR (QWUH HOOD \ OD SDUHG DSDUHFLµ GH
UHSHQWHXQKRPEUHJULV
౱1RYDOHODSHQD౱GLMRFRQXQDGHOJDGDVRQULVDFRQHOFLJDUURHQ
OD FRPLVXUD GH OD ERFD౱ 1L OR LQWHQWHV 1R QRV LQWHUHVD TXH HQWUHV
DTX¯
౱3RUTX«"౱SUHJXQWµ0RPR
9ROY¯DDQRWDUFµPRVXE¯DSRUHOODXQIU¯RJODFLDO
౱3RUTXH FRQWLJR KHPRV SUHYLVWR RWUD FRVD ౱H[SOLFµ HO KRPEUH
JULV H[KDODQGR XQ DQLOOR GH KXPR TXH VH FRORFµ FRPR XQ OD]R
DOUHGHGRUGHOFXHOORGH0RPRGRQGHWDUGµPXFKRHQGHVDSDUHFHU
3DVDEDODJHQWHSHURWRGRVWHQ¯DQPXFKDSULVD

95/120

0XFKRPLHGR\P£VYDORU
0
RPR WHQ¯D PLHGR GH YROYHU DO YLHMR DQILWHDWUR /H SDUHF¯D
VHJXUR TXH HO KRPEUH JULV TXH OD KDE¯D FLWDGR SDUD
PHGLDQRFKHLU¯DDOO¯
< 0RPR WHQ¯D XQ S£QLFR WHUULEOH FXDQGR SHQVDED TXH HVWDU¯D DOO¯
WRWDOPHQWHVRODFRQ«O
1R QR TXHU¯D YROYHU D YHUOH QXQFD P£V QL DOO¯ QL HQ QLQJ¼Q RWUR
VLWLR&XDOTXLHUDTXHIXHUDODSURSXHVWDTXHWHQ¯DTXHKDFHUOHHVWDED
PX\ FODUR TXH QR VLJQLILFDU¯D QDGD EXHQR QL SDUD HOOD QL SDUD VXV
DPLJRV
3HURGµQGHSRGU¯DHVFRQGHUVHGH«O"
(O VLWLR P£V VHJXUR OH SDUHF¯D VHU HQ PHGLR GH OD PXFKHGXPEUH
&LHUWRTXHKDE¯DYLVWRTXHQDGLHOHKDE¯DSUHVWDGRDWHQFLµQQLDHOODQL
DOKRPEUHJULVSHURVLGHYHUGDGOHKDF¯DDOJR\HOODSHG¯DDX[LOLROD
JHQWH OD DWHQGHU¯D \ OD VDOYDU¯D $GHP£V VH GHF¯D HQ PHGLR GH XQD
PXFKHGXPEUHHUDP£VGLI¯FLOGHHQFRQWUDU
$V¯ TXH GXUDQWH WRGR HO UHVWR GH OD WDUGH KDVWD ELHQ HQWUDGD OD
QRFKH 0RPR FDPLQµ HQWUH OD JHQWH SRU ODV FDOOHV \ SOD]DV P£V
WUDQVLWDGDVKDVWDTXHKDELHQGRGDGRXQDJUDQYXHOWDYROYLµDOPLVPR
SXQWR HQ TXH KDE¯D FRPHQ]DGR VX FDPLQR /R KL]R RWUD YH] \ XQD
WHUFHUDVHGHMDEDOOHYDUSRUODFRUULHQWHGHJHQWHVLHPSUHFRQSULVDV
3HUR \D KDE¯D FDPLQDGR WRGR HO G¯D \ OH GRO¯DQ ORV SLHV GH
FDQVDQFLR6HKL]RWDUGH\0RPRDQGDEDPHGLRGRUPLGD\DQGDED\
DQGDEDಃ
m1R GHVFDQVDU« P£V TXH XQ PRPHQWR} SHQVµ SRU ILQ mVµOR XQ
SHTXH³RLQVWDQWH\HQWRQFHVSRGU«YLJLODUPHMRUಃ}
-XQWR DO ERUGLOOR KDE¯D HQ DTXHO OXJDU XQ WULFLFOR GH UHSDUWR
FDUJDGR FRQ WRGD FODVH GH VDFRV \ FDMDV 0RPR VH VXELµ D «O \ VH
DSR\µFRQWUDXQVDFRDJUDGDEOHPHQWHEODQGR$O]µORVFDQVDGRVSLHV
\ ORV UHFRJLµ GHEDMR GH VX IDOGD c$K TX« ELHQ VH HVWDED 6XVSLUµ
DOLYLDGDVHDUUHEXMµFRQWUDHOVDFR\VHGXUPLµGHDJRWDPLHQWRDQWHV
GHTXHVHKXELHUDGDGRFXHQWD
/D DJLWDURQ VXH³RV FRQIXVRV 9LR DO YLHMR %HSSR TXH XVDED VX
HVFRED FRQ WLHQWR PLHQWUDV VH EDODQFHDED VREUH XQD FXHUGD SRU
HQFLPDGHXQDELVPRWHQHEURVR
౱'µQGH HVW£ HO ILQDO" ౱OH R¯D JULWDU XQD \ RWUD YH]౱ 1R
HQFXHQWURHOILQDOಃ
< OD FXHUGD SDUHF¯D HIHFWLYDPHQWH LQWHUPLQDEOH 'HVDSDUHF¯D HQ
ODRVFXULGDGSRUDPERVH[WUHPRV
0RPR KDEU¯D TXHULGR D\XGDU D %HSSR SHUR QL VLTXLHUD FRQVLJXLµ
TXHODYLHUD(VWDEDGHPDVLDGROHMRVGHPDVLDGRDUULED
'HVSX«VYLRD*LJLTXHVHVDFDEDGHODERFDXQDLQWHUPLQDEOHWLUD
GH SDSHO 7LUDED \ WLUDED SHUR OD FLQWD GH SDSHO QL VH DFDEDED QL VH
URPS¯D *LJL HVWDED \D HQFLPD GH XQD PRQWD³D GH WLUDV GH SDSHO $
0RPR OH SDUHFLµ TXH OD PLUDED VXSOLFDQWH FRPR VL \D QR SXGLHUD
UHVSLUDUVLHOODQROHD\XGDED
4XLVRFRUUHUHQVXD\XGDSHURVXVSLHVVHHQUHGDURQHQODVWLUDV
GHSDSHO&XDQWRP£VLQWHQWDEDOLEUDUVHGHHOODVP£VVHHQUHGDED
(QWRQFHVYLRDORVQL³RV(UDQSODQRVFRPRQDLSHV(QFDGDFDUWD
VH KDE¯DQ SHUIRUDGR PXFKRV DJXMHURV 6H EDUDMDEDQ ODV FDUWDV TXH
WHQ¯DQ TXH RUGHQDUVH GH QXHYR \ OHV SHUIRUDEDQ P£V DJXMHURV /RV
QL³RVQDLSHVOORUDEDQHQVLOHQFLRSHURYROY¯DQDEDUDMDUORVFRQORTXH
KDF¯DQXQUXLGRWUHSLGDQWH
mc$OWR}TXHU¯DJULWDU0RPRmc3DUHQ}
96/120
 3HUR OD WUHSLGDFLµQ HUD P£V IXHUWH TXH VX G«ELO YR] < VH KDF¯D
FDGDYH]P£VIXHUWHKDVWDTXHVHGHVSHUWµ
(QXQSULPHUPRPHQWRQRVXSRGµQGHVHHQFRQWUDEDSRUTXHWRGR
HVWDED RVFXUR 3HUR HQWRQFHV UHFRUGµ TXH VH KDE¯D PRQWDGR HQ XQ
WULFLFOR<HOWULFLFORHVWDEDDKRUDPRYL«QGRVH\VXPRWRUKDF¯DUXLGR
0RPRVHVHFµODVPHMLOODVK¼PHGDVGHO£JULPDV'µQGHHVWDED"
(OWULFLFORGHE¯DKDEHUFLUFXODGRXQEXHQUDWRVLQTXHHOODVHGLHUD
FXHQWDSRUTXH\DHVWDEDHQDTXHOODSDUWHGHODFLXGDGTXHGHQRFKH
SDUHF¯DGHVKDELWDGD/DVFDOOHVHVWDEDQGHVLHUWDV\ODVFDVDVRVFXUDV
(O WULFLFOR QR LED DSULVD \ 0RPR VDOWµ GH «O DQWHV GH SHQV£UVHOR
GRVYHFHV4XHU¯DYROYHUDODVFDOOHVDQLPDGDVGRQGHVHFUH¯DVHJXUD
GHORVKRPEUHVJULVHV3HURGHUHSHQWHUHFRUGµORTXHKDE¯DVR³DGR\
VHSDUµ
(OUXLGRGHOPRWRUVHSHUGLµOHQWDPHQWHHQODVFDOOHVRVFXUDV\VH
KL]RHOVLOHQFLR
0RPR \D QR TXHU¯D KXLU 6H KDE¯D LGR FRQ OD HVSHUDQ]D GH
VDOYDUVH7RGRHOWLHPSRKDE¯DSHQVDGRVµORHQV¯PLVPDHQVXSURSLR
DEDQGRQRHQVXPLHGR&XDQGRHQUHDOLGDGHUDQVXVDPLJRVORVTXH
HVWDEDQ HQ SHOLJUR 6L KDE¯D DOJXLHQ TXH SRG¯D D\XGDUORV WRGDY¯D HUD
HOOD 3RU SHTXH³D TXH IXHUD OD SRVLELOLGDG GH TXH ORV KRPEUHV JULVHV
VROWDUDQDVXVDPLJRVKDE¯DTXHLQWHQWDUOR
'HVSX«VGHSHQVDUHVWRVLQWLµGHSURQWRXQFDPELRGHQWURGHV¯
(OVHQWLPLHQWRGHPLHGR\GHVDPSDURVHKDE¯DKHFKRWDQJUDQGHTXH
UHSHQWLQDPHQWHVHYROYLµHQVXFRQWUDULR/RKDE¯DVXSHUDGR$KRUDVH
VHQW¯D WDQ YDOHURVD \ FRQILDGD FRPR VL QLQJXQD IXHU]D GHO PXQGR
SXGLHUDKDFHUOHQDGDRPHMRUGLFKR\DQROHLPSRUWDEDQDGDORTXHOH
SXGLHUDRFXUULU
$KRUD TXHU¯D HQFRQWUDUVH FRQ ORV KRPEUHV JULVHV /R TXHU¯D D
FXDOTXLHUSUHFLR
m7HQJRTXHYROYHUHQVHJXLGDDODQILWHDWUR}VHGLMRmSXHGHTXHQR
VHDGHPDVLDGRWDUGHSXHGHTXHPHHVSHUHWRGDY¯D}
3HURHVRHUDP£VI£FLOGHFLUORTXHKDFHUOR1RVDE¯DGµQGHHVWDED
\QRWHQ¯DODPHQRULGHDGHKDFLDGµQGHWHQ¯DTXHLU$XQDV¯VHSXVRD
FDPLQDUHQXQDGLUHFFLµQFXDOTXLHUD
6LJXLµDQGDQGR\DQGDQGRDWUDY«VGHODVFDOOHVRVFXUDVPXHUWDV
< FRPR LED GHVFDO]D QR R¯D VLTXLHUD HO UXLGR GH VXV SURSLRV SDVRV
&DGDYH]TXHHQWUDEDHQXQDFDOOHQXHYDHVSHUDEDHQFRQWUDUDOJRTXH
OHGLMHUDDGµQGHWHQ¯DTXHLUHVSHUDEDUHFRQRFHUDOJXQDVH³DO3HUR
QRHQFRQWUµQLQJXQD1LVLTXLHUDSRG¯DSUHJXQWDUOHHOFDPLQRDQDGLH
SRUTXHHO¼QLFRVHUYLYRFRQHOTXHVHFUX]µIXHXQSHUURIODFRVXFLR
TXH EXVFDED DOJR FRPHVWLEOH HQ XQ PRQWµQ GH EDVXUD \ TXH KX\µ
PLHGRVRHQFXDQWRVHDFHUFµ
3RU ILQ 0RPR OOHJµ D XQD SOD]D LQPHQVD YDF¯D 1R HUD XQD GH
HVDV SOD]DV ERQLWDV FRQ £UEROHV R IXHQWHV VLQR VµOR XQD JUDQ
VXSHUILFLH YDF¯D 6µOR HQ VX H[WUHPR VH GHVWDFDEDQ FRQWUD HO FLHOR
QRFWXUQRORVSHUILOHVGHODVFDVDV
0RPR DWUDYHVµ OD SOD]D &XDQGR DFDEDED GH OOHJDU D VX FHQWUR
FRPHQ]µ D VRQDU FHUFD XQ FDPSDQDULR 6RQµ PXFKDV YHFHV GH
PRGRTXHSRG¯DVHUPHGLDQRFKH6LHOKRPEUHJULVODHVSHUDEDHQHO
DQILWHDWURSHQVµ0RPR\DQROOHJDU¯DDWLHPSRSDUDHQFRQWUDUVHFRQ
«O 6H LU¯D VLQ KDEHU UHVXHOWR QDGD +DEU¯D SHUGLGR OD RSRUWXQLGDG GH
D\XGDUDVXVDPLJRVTXL]£SDUDVLHPSUH
0RPR VH PRUGLµ HO SX³R 4X« GHE¯D TX« SRG¯D KDFHU" 1R OR
VDE¯D
౱c(VWR\DTX¯౱JULWµWRGRORIXHUWHTXHSXGRKDFLDODRVFXULGDG
1RWHQ¯DODPHQRUHVSHUDQ]DGHTXHHOKRPEUHJULVODSXGLHUDR¯U
3HURHQHVRVHHTXLYRFDED
$SHQDVVHKDE¯DDFDEDGRHOHFRGHOD¼OWLPDFDPSDQDGDFXDQGR
VHKL]RQRWDUHQWRGDVODVFDOOHVTXHOOHYDEDQDODSOD]DDODYH]XQ
WHQXH EULOOR OXPLQRVR TXH DXPHQWDED U£SLGDPHQWH 0RPR VH GLR
FXHQWD GH TXH HUDQ ORV IDURV GH PXFKRV FRFKHV TXH VH DFHUFDEDQ
GHVGHWRGRVORVODGRVKDFLDHOFHQWURGHODSOD]D+DFLDFXDOTXLHUODGR
TXHVHYROYLHUDVLHPSUHVHHQFRQWUDEDFRQXQFKRUURGHOX]GHPRGR
TXHWXYRTXHSURWHJHUVHORVRMRVFRQODPDQRc<DYHQ¯DQ
0RPR QR KDE¯D FRQWDGR FRQ XQD PRYLOL]DFLµQ WDO 3RU XQ LQVWDQWH
VLQWLµTXHODDEDQGRQDEDHOYDORU<FRPRHVWDEDURGHDGD\QRSRG¯D
97/120
KXLUVHHVFRQGLµORTXHSXGRHQVXFKDTXHWµQGHKRPEUHGHPDVLDGR
JUDQGH
3HURGHVSX«VSHQVµHQODVIORUHV\HQODVYRFHVGHODJUDQP¼VLFD
\HQVHJXLGDVHVLQWLµFRQVRODGD\FRQIRUWDGD
&RQORVPRWRUHVURQURQHDQGRORVFRFKHVVHKDE¯DQDFHUFDGRP£V
\ P£V )LQDOPHQWH VH SDUDURQ XQR MXQWR D RWUR IRUPDQGR XQ JUDQ
F¯UFXORFX\RFHQWURHUD0RPR
(QWRQFHV VH DSHDURQ ORV KRPEUHV JULVHV 0RPR QR SRG¯D YHU
FX£QWRVHUDQSRUTXHVHTXHGDURQHQODRVFXULGDGGHWU£VGHORVIDURV
3HUR VLQWLµ TXH PXFKDV PLUDGDV VH SRVDEDQ HQ HOOD PLUDGDV TXH QR
FRQWHQ¯DQQDGDEXHQR7XYRIU¯R
'XUDQWH XQ UDWR QDGLH GLMR QDGD QL 0RPR QL QLQJXQR GH ORV
KRPEUHVJULVHV
౱$V¯TXH«VWD౱R\µSRUILQTXHGHF¯DXQDYR]FHQLFLHQWD౱HVOD
QL³D 0RPR TXH FUH¯D SRGHU HQIUHQWDUVH D QRVRWURV 0LUDGOD TX«
SRTXLWDFRVD
$ HVDV SDODEUDV VLJXLµ XQ UXLGR FDVWD³HDQWH TXH GHVGH OHMRV
SRG¯DSDUHFHUVHDXQDULVDDPXFKDVYRFHV
౱c&XLGDGR ౱GLMR UHWHQLGD RWUD YR] FHQLFLHQWD౱ 6DEHQ OR
SHOLJURVD TXH SXHGH OOHJDU D VHU HVD QL³D 1R YDOH OD SHQD WUDWDU GH
HQJD³DUOD
0RPRVHDYLYµ
౱(VW£ ELHQ ౱GLMR GHVGH OD RVFXULGDG P£V DOO£ GH ORV IDURV OD
SULPHUDYR]౱YDPRVDLQWHQWDUORSXHVFRQODYHUGDGSRUGHODQWH
'H QXHYR KXER XQ ODUJR VLOHQFLR 0RPR VLQWLµ TXH ORV KRPEUHV
JULVHVWHP¯DQGHFLUODYHUGDG3DUHF¯DFRVWDUOHVXQHVIXHU]RLQFUH¯EOH
0RPRR\µDOJRTXHSDUHF¯DXQMDGHRGHPXFKDVJDUJDQWDV
3RU ILQ YROYLµ D KDEODU XQR /D YR] OOHJDED GH RWUD GLUHFFLµQ SHUR
LJXDOGHFHQLFLHQWD 0RPRDVLQWLµRWUDYH]
౱+DEOHPRV SXHV FRQ IUDQTXH]D (VW£V VROD TXHULGD QL³D 7XV
DPLJRVHVW£QIXHUDGHWXDOFDQFH<DQRKD\QDGLHFRQTXLHQSXHGDV
FRPSDUWLU WX WLHPSR 7RGR HVR OR SODQHDPRV QRVRWURV <D YHV OR
SRGHURVRV TXH VRPRV 1R YDOH OD SHQD UHVLVWLUVH D QRVRWURV 7RGDV
HVDVKRUDVVROLWDULDVTX«VRQDKRUDSDUDWL"8QDPDOGLFLµQTXHWH
DSODVWDXQSHVRTXHWHDVIL[LDXQPDUTXHWHDKRJDXQDWRUWXUDTXH
WHTXHPD(VW£VPDUJLQDGDGHWRGRVORVGHP£VKRPEUHV
0RPRHVFXFKDED\VHJX¯DFDOODQGR
౱/OHJDU£ XQ PRPHQWR ౱FRQWLQXµ OD YR]౱ HQ TXH QR OR
VRSRUWDU£VDFDVRPD³DQDGHQWURGHXQDVHPDQDGHQWURGHXQD³R
$QRVRWURVQRVHVLJXDOQRVOLPLWDPRVDHVSHUDU3RUTXHVDEHPRVTXH
WDUGH R WHPSUDQR YHQGU£V DUUDVWU£QGRWH \ GLU£V m(VWR\ GLVSXHVWD D
WRGR SHUR OLEUDGPH GH HVWD FDUJD} 2 \D KDV OOHJDGR D HVH SXQWR"
1RWLHQHVP£VTXHGHFLUOR
0RPRPRYLµODFDEH]D
౱1RTXLHUHVTXHWHD\XGHPRV"౱SUHJXQWµJODFLDOODYR]
'HVGH WRGRV ODGRV FD\µ VREUH 0RPR XQD ROD GH IU¯R SHUR HOOD
DSUHWµORVGLHQWHV\YROYLµDPRYHUODFDEH]D
౱6DEHVORTXHHVHOWLHPSR౱PXUPXUµRWUDYR]
౱(VRGHPXHVWUDTXHUHDOPHQWHKDHVWDGRFRQ$OJXLHQ౱FRQWHVWµ
HQ HO PLVPR WRQR OD SULPHUD YR] SDUD SUHJXQWDU౱ &RQRFHV DO
PDHVWUR+RUD"
0RPRDVLQWLµ
౱+DVHVWDGRFRQ«OGHYHUGDG"
0RPRDVLQWLµGHQXHYR
౱$V¯TXHFRQRFHVODVIORUHVKRUDULDV"
0RPRDVLQWLµSRUWHUFHUDYH]c<WDQWRTXHODVFRQRF¯D
9ROYLµ D KDFHUVH XQ ODUJR VLOHQFLR &XDQGR OD YR] YROYLµ D KDEODU
YLQRGHRWUDGLUHFFLµQ
౱4XLHUHVDWXVDPLJRVYHUGDG"
0RPRDVLQWLµ
౱<WHJXVWDU¯DOLEUDUORVGHQXHVWURSRGHU"
౱3RGU¯DVKDFHUORVµORFRQTXHTXLVLHUDV
0RPRVHDSUHWµP£VD¼QHOFKDTXHWµQSRUTXHWLULWDEDGHIU¯RGHOD
FDEH]DDORVSLHV
౱1R WH FRVWDU¯D P£V TXH XQD SHTXH³H] OLEUDU D WXV DPLJRV
98/120
1RVRWURVWHD\XGDPRV\W¼QRVD\XGDV0HSDUHFHTXHHVMXVWR
0RPRPLUµDWHQWDPHQWHKDFLDOD]RQDGHGRQGHSURYHQ¯DODYR]
౱$ QRVRWURV WDPEL«Q QRV JXVWDU¯D FRQRFHU SHUVRQDOPHQWH D HVH
WDO PDHVWUR +RUD VDEHV" 3HUR QR VDEHPRV GµQGH YLYH 6µOR
TXHUHPRV GH WL TXH QRV OOHYHV KDVWD «O (VR HV WRGR 6¯ 0RPR
HVFXFKD ELHQ SDUD FRQYHQFHUWH GH TXH KDEODPRV FRQWLJR FRQ WRWDO
IUDQTXH]D\KRQUDGH]DFDPELRWHGHYROYHPRVDWXVDPLJRV\SRGU«LV
YLYLUYXHVWUDYLHMDYLGDDOHJUH\GLYHUWLGD0HSDUHFHTXHHVXQEXHQ
WUDWR
0RPRDEULµODERFDSRUSULPHUDYH]/HFRVWDEDKDEODUSRUTXHOH
SDUHF¯DWHQHUORVODELRVFRQJHODGRV
౱4X«TXHU«LVGHOPDHVWUR+RUD"౱SUHJXQWµOHQWDPHQWH
౱4XHUHPRV FRQRFHUOH ౱UHSOLFµ OD YR] FRQ GXUH]D \ HO IU¯R
DXPHQWµ౱(VRWHKDGHEDVWDU
0RPR FDOOµ \ HVSHUµ &RUULµ FLHUWR PRYLPLHQWR HQWUH ORV KRPEUHV
JULVHV3DUHF¯DQSRQHUVHLQWUDQTXLORV
౱1RWHHQWLHQGR౱GLMRODYR]౱3LHQVDHQWL\HQWXVDPLJRV3RU
TX« WH RFXSDV GHO PDHVWUR +RUD" (V OR VXILFLHQWHPHQWH PD\RU FRPR
SDUD RFXSDUVH GH V¯ PLVPR < DGHP£V VL HV UD]RQDEOH \ OOHJD D XQ
DFXHUGR DPLVWRVR FRQ QRVRWURV QR OH WRFDUHPRV VLTXLHUD XQ FDEHOOR
(QFDVRFRQWUDULRWHQHPRVQXHVWURVPHGLRVSDUDREOLJDUOH
౱$TX«"౱SUHJXQWµ0RPRFRQORVODELRVPRUDGRV
'HUHSHQWHODYR]VRQµFKLOORQD\DJRWDGDFXDQGRFRQWHVWµ ౱c$ODUPD JHQHUDO ౱R\µ JULWDU౱ +D\ TXH HQFRQWUDU OD WRUWXJD
౱(VWDPRVKDUWRVGHUHXQLUSHQRVDPHQWHXQDDXQDODVKRUDVORV
PLQXWRV\ORVVHJXQGRVGHORVKRPEUHV4XHUHPRVWRGRHOWLHPSRGH
WRGRVORVKRPEUHV<WLHQHTXHG£UQRVOR+RUD
0RPRPLUµKRUURUL]DGDHQODGLUHFFLµQGHODTXHYHQ¯DODYR]
౱<ORVKRPEUHV"౱SUHJXQWµ౱4X«VHU£GHHOORV"
౱/RV KRPEUHV ౱JULWµ OD YR] HQ IDOVHWH౱ KDFH WLHPSR TXH VRQ
LQ¼WLOHV (OORV PLVPRV KDQ FRQYHUWLGR HO PXQGR HQ XQ OXJDU GRQGH \D
QRKD\VLWLRSDUDHOORV1RVRWURVGRPLQDUHPRVHOPXQGR
(OIU¯RDKRUDHUDWDQWHUULEOHTXH0RPRVµORSRG¯DPRYHUORVODELRV
FRQGLILFXOWDGSHURQRSRG¯DGHFLUSDODEUD
౱3HURQRWHSUHRFXSHVSHTXH³D0RPR౱SURVLJXLµODYR]DKRUD
EDMD \ KDODJDGRUD౱ W¼ \ WXV DPLJRV YRVRWURV TXHG£LV H[FOXLGRV
6HU«LVORV¼OWLPRVKRPEUHVTXHMXHJXHQ\VHFXHQWHQKLVWRULDV1RRV
PH]FODU«LVP£VHQQXHVWURVDVXQWRV\QRVRWURVRVGHMDUHPRVHQSD]
/DYR]FDOOµSHURFRPHQ]µDKDEODUGHQXHYRDOSRFRGHVGHRWUD
GLUHFFLµQ
౱6DEHV TXH KHPRV GLFKR OD YHUGDG 0DQWHQGUHPRV QXHVWUD
SURPHVD<DKRUDOO«YDQRVDFDVDGH+RUD
0RPRLQWHQWµKDEODU&DVLKDE¯DSHUGLGRHOFRQRFLPLHQWRSRUHOIU¯R
'HVSX«VGHYDULRVLQWHQWRVFRQVLJXLµGHFLU
౱1LDXQTXHSXGLHUDORKDU¯D
'HVGHDOJ¼QOXJDUOOHJµXQDYR]DPHQD]DGRUD
౱4X«VLJQLILFDHVRGHTXHVLSXGLHUDV"6¯SXHGHV+DVHVWDGRHQ
FDVDGH+RUDRVHDTXHVDEHVHOFDPLQR
౱1R OR HQFRQWUDU¯D GH QXHYR ౱VXVXUUµ 0RPR౱ OR KH LQWHQWDGR
6µOR&DVLRSHDORVDEH
౱4XL«QHV«VD"
౱/DWRUWXJDGHOPDHVWUR+RUD
౱'µQGHHVW£DKRUD"
0RPRDSHQDVFRQVFLHQWHWDUWDPXGHµ
౱9ROYLµಃFRQPLJRಃSHURಃODKHಃSHUGLGR
&RPRGHPX\OHMRVVHR\µXQDJUDQFRQIXVLµQGHYRFHVH[FLWDGDV
+D\TXHUHJLVWUDUWRGDVODVWRUWXJDVc+D\TXHHQFRQWUDUD&DVLRSHD
/DV YRFHV VH GLIXPLQDURQ 6H KL]R HO VLOHQFLR 0RPR VH UHFXSHUµ
SRFRDSRFR(VWDEDVRODHQPHGLRGHODJUDQSOD]DVREUHODTXHVµOR
VRSODED XQD UDFKD GH YLHQWR JULV XQ YLHQWR TXH SDUHF¯D QR YHQLU GH
QLQJ¼QODGRXQYLHQWRKHODGR
99/120
 m<DHVWR\DTX¯}
6LQSHQV£UVHOR0RPRODUHFRJLµ\ODRFXOWµGHEDMRGHOFKDTXHWµQ
(QWRQFHVVHHQGHUH]µ\HVFXFKµ\PLUµHQODRVFXULGDGSRUTXHWHP¯D
TXHORVKRPEUHVJULVHVSXGLHUDQHVWDUFHUFDWRGDY¯D
3HURWRGRHVWDEDVLOHQFLRVR
&DVLRSHD SDWDOHDED FRQ IXHU]D EDMR HO FKDTXHWµQ H LQWHQWDED
VROWDUVH0RPRODVXMHWDEDFRQIXHU]DSHURPLUµKDFLDHOOD\VXVXUUµ
౱c3RUIDYRUHVWDWHTXLHWD
m$TX«YLHQHQHVWDVWRQWHU¯DV"}SRQ¯DHQHOFDSDUD]µQ
&XDQGRVHSUHY« ౱1RWLHQHQTXHYHUWH౱VXVXUUµ0RPR
VLQPLUDUDWU£V $KRUD DSDUHFLHURQ HQ HO FDSDUD]µQ ODV SDODEUDV m1R HVW£V
FRQWHQWD"}
౱c&ODUR౱GLMR0RPR\FDVLVROOR]µ౱c&ODUR&DVLRSHD\WDQWR
<ODEHVµUHSHWLGDPHQWHHQODQDUL]

0
/DVOHWUDVHQHOFDSDUD]µQGHODWRUWXJDHQURMHFLHURQYLVLEOHPHQWH
RPR QR VDE¯D FX£QWR WLHPSR KDE¯D SDVDGR (O FDPSDQDULR
FXDQGRFRQWHVWµmc3RUIDYRU}
VRQDED GH YH] HQ FXDQGR SHUR 0RPR DSHQDV OR R¯D 0X\
0RPRVRQULµ
OHQWDPHQWHYROY¯DDVXFXHUSRHQWXPHFLGRHOFDORU6HVHQW¯D
౱0HKDVEXVFDGRWRGRHOWLHPSR"
FRPRSDUDOL]DGD\QRVDE¯DGHFLGLUVHDQDGD
m&LHUWR}
7HQ¯D TXH LU DO YLHMR DQILWHDWUR \ SRQHUVH D GRUPLU" $KRUD
౱< FµPR KDV YHQLGR D HQFRQWUDUPH SUHFLVDPHQWH DTX¯ \ MXVWR
FXDQGR KDE¯DQ GHVDSDUHFLGR WRGDV ODV HVSHUDQ]DV SDUD HOOD \ VXV
DKRUD"
DPLJRV" 3RUTXH DKRUD VDE¯D TXH QXQFD YROYHU¯D D VHU LJXDO TXH
m/RSUHYH¯D}
DQWHVಃ
$V¯TXHODWRUWXJDKDE¯DHVWDGREXVFDQGRWRGRHOWLHPSRD0RPR
$ HOOR VH D³DG¯D HO PLHGR SRU &DVLRSHD 4X« RFXUULU¯D VL ORV
DXQ VDELHQGR TXH QR OD HQFRQWUDU¯D (QWRQFHV QR KDEU¯D KHFKR IDOWD
KRPEUHV JULVHV OD HQFRQWUDEDQ" 0RPR HPSH]µ D KDFHUVH DPDUJRV
TXH OD EXVFDUD (VR HUD RWUR GH ORV HQLJPDV GH &DVLRSHD TXH KDF¯D
UHSURFKHV SRU KDEHU PHQFLRQDGR D OD WRUWXJD 3HUR KDE¯D HVWDGR WDQ
TXHXQRVHYROYLHUDORFRVLORSHQVDEDGHPDVLDGRWLHPSR3HURDKRUD
DWRQWDGDTXHQRKDE¯DWHQLGRRSRUWXQLGDGGHUHIOH[LRQDU
SRUORPHQRVQRHUDHOPRPHQWRP£VDSURSLDGRSDUDUHIOH[LRQDUVREUH
౱<SXHGHVHU౱WUDWDEDGHFRQVRODUVH0RPR౱TXH&DVLRSHD\D
HVDFXHVWLµQ
HVW«GHYXHOWDFRQHOPDHVWUR+RUD6¯c2MDO£\DQRPHEXVTXH6HU¯D
0RPR OH FRQWµ HQ VXVXUURV D OD WRUWXJD OR TXH KDE¯D RFXUULGR
XQDVXHUWHWDQWRSDUDHOODFRPRSDUDP¯ಃ
PLHQWUDVWDQWR
(QHVHPRPHQWRDOJRWRFµFRQVXDYLGDGVXSLH0RPRVHDVXVWµ\
౱4X«KHPRVGHKDFHUDKRUD"౱SUHJXQWµDOILQ
VHDJDFKµOHQWDPHQWH
&DVLRSHDKDE¯DHVFXFKDGRDWHQWDPHQWH$KRUDDSDUHFLHURQHQVX
c$QWH HOOD HVWDED OD WRUWXJD (Q OD RVFXULGDG UHOXF¯DQ ODV SDODEUDV
FDSDUD]µQODVSDODEUDVm9DPRVDYHUD+RUD}

100/120
 ౱$KRUD" ౱SUHJXQWµ 0RPR DWHUUDGD౱ c3HUR VL WH HVW£Q
EXVFDQGRSRUWRGDVSDUWHV6µORDTX¯QRHVW£QDKRUD1RVHU¯DPHMRU
TXHGDUVHDTX¯"
3HURHQODWRUWXJDVµORSRQ¯Dm<RV«QRVYDPRV}
౱(QWRQFHV ౱GLMR 0RPR౱ LUHPRV D SDUDU GLUHFWDPHQWH D VXV
PDQRV
m1RHQFRQWUDUHPRVDQDGLH}HUDODUHVSXHVWDGH&DVLRSHD
3XHV ELHQ VL OR VDE¯D FRQ WRGD VHJXULGDG VH SRG¯D ILDU GH HOOD
0RPRGHMµD&DVLRSHDHQHOVXHOR3HURHQWRQFHVSHQVµHQHOODUJR\
SHQRVRFDPLQRTXHKDE¯DUHFRUULGRODRWUDYH]\VLQWLµGHSURQWRTXH
QRWHQGU¯DODVIXHU]DVQHFHVDULDV
౱9H VROD &DVLRSHD ౱GLMR HQ YR] EDMD౱ \R QR SXHGR P£V 9H
VROD\GDOHUHFXHUGRVDOPDHVWUR+RUD
m(VPX\FHUFD}SRQ¯DHQODHVSDOGDGH&DVLRSHD
0RPROROH\µ\VHYROYLµDVRPEUDGD3RFRDSRFRVHGLRFXHQWDGH
TXH HVWDED HQ DTXHO EDUULR P¯VHUR \ FRPR GHVLHUWR GHO TXH KDE¯D
SDVDGR OD YH] DQWHULRU D OD ]RQD GH ODV FDVDV EODQFDV \ DTXHOOD OX]
WDQ FXULRVD 6L HUD DV¯ DFDVR SRGU¯D OOHJDU WRGDY¯D KDVWD OD FDOOH GH
-DP£V\ODFDVDGH1LQJXQD3DUWH
౱(VW£ELHQ౱GLMR0RPR౱YR\FRQWLJR3HURQRSRGU¯DOOHYDUWH
SDUDLUXQSRFRP£VGHSULVD"
m1R}SRQ¯DHQHOFDSDUD]µQGH&DVLRSHD
౱3RUTX«WLHQHVTXHDUUDVWUDUWHW¼PLVPD"౱SUHJXQWµ0RPR
$HVWRYLQRODHQLJP£WLFDUHVSXHVWDm(OFDPLQRHVW£HQP¯}
&RQHVWRODWRUWXJDVHSXVRHQPDUFKD\0RPRODVLJXLµSRFRD
SRFR\SDVLWRDSDVLWR
$SHQDV OD QL³D \ OD WRUWXJD KDE¯DQ GHVDSDUHFLGR SRU XQD GH ODV
FDOOHMXHODV ODV VRPEUDV GH ODV FDVDV DOUHGHGRU GH OD JUDQ SOD]D
FREUDURQYLGD5HFRUULµODSOD]DXQDULVLWDFHQLFLHQWD6HWUDWDEDGHORV
KRPEUHVJULVHVTXHKDE¯DQHVSLDGRWRGDODHVFHQD8QDSDUWHGHHOORV
VHKDE¯DTXHGDGRDWU£VSDUDREVHUYDUVHFUHWDPHQWHDODQL³D+DE¯DQ
WHQLGRTXHHVSHUDUPXFKRSHURQLHOORVPLVPRVKDE¯DQSHQVDGRTXH
ODODUJDHVSHUDWHQGU¯DWDQWR«[LWR
౱c$OO£YDQ౱VXVXUUµXQDYR]FHQLFLHQWD౱/DVFRJHPRV"
౱&ODURTXHQR౱PXUPXUµRWUD౱/DVGHMDPRVPDUFKDU
౱3RUTX«"౱SUHJXQWµODSULPHUDYR]౱6LWHQHPRVTXHFD]DUOD
WRUWXJDQRVKDQGLFKR$FXDOTXLHUSUHFLR
౱(VYHUGDG<SDUDTX«ODTXHUHPRV"
౱3DUDTXHQRVOOHYHDFDVDGH+RUD
౱([DFWR < HV MXVWR OR TXH HVW£ KDFLHQGR < QL VLTXLHUD WHQHPRV
TXHREOLJDUOD/RKDFHYROXQWDULDPHQWHಃDXQTXHVLQTXHUHU
9ROYLµDUHFRUUHUODVVRPEUDVGHODSOD]DXQDULVLWD£WRQD
౱3DVHQ HQ VHJXLGD OD QRWLFLD D WRGRV ORV DJHQWHV GH OD FLXGDG
3XHGHLQWHUUXPSLUVHODE¼VTXHGD4XHWRGRVVHXQDQDQRVRWURV3HUR
FXLGDGR VH³RUHV 1LQJXQR GH QRVRWURV KD GH LQWHUSRQHUVH HQ VX
FDPLQR4XHOHVGHMHQODY¯DOLEUH1RKDQGHHQFRQWUDUVHFRQQLQJXQR
GHQRVRWURV<DKRUDVH³RUHVVLJDPRVDQXHVWURVF£QGLGRVJX¯DV
'H DK¯ TXH 0RPR \ &DVLRSHD QR VH HQFRQWUDUDQ HIHFWLYDPHQWH
FRQ QLQJXQR GH VXV SHUVHJXLGRUHV 3RUTXH IXHUDQ GRQGH IXHUDQ ORV
SHUVHJXLGRUHVODVHVTXLYDEDQ\GHVDSDUHF¯DQDWLHPSRSDUDMXQWDUVH
D VXV FRPSD³HURV TXH LEDQ GHWU£V GH OD QL³D \ OD WRUWXJD 8QD
SURFHVLµQGHKRPEUHVJULVHVFDGDYH]P£VODUJDVHJX¯DHQVLOHQFLRD
ODV GRV IXJLWLYDV PDQWHQL«QGRVH VLHPSUH RFXOWD GHWU£V GH XQD
HVTXLQD
0RPRHVWDEDWDQFDQVDGDFRPRQRORKDE¯DHVWDGRQXQFDHQWRGDVX
YLGD$YHFHVFUH¯DTXHDOLQVWDQWHVLJXLHQWHLEDDFDHUVH\TXHGDUVH
GRUPLGD3HURVHREOLJDEDDGDUHOSDVRVLJXLHQWH\HOVLJXLHQWHD«VWH
<GXUDQWHXQEUHYHUDWLWRSDUHF¯DLUPHMRU
c6LODWRUWXJDQRKXELHUDLGRWDQOHQWD3HURQRSRG¯DKDFHUOHQDGD
0RPR\DQRPLUDEDQLDGHUHFKDQLDL]TXLHUGDVLQRVµORVXVSURSLRV
SLHV\D&DVLRSHD
'HVSX«VGHORTXHOHSDUHFLµXQDHWHUQLGDGVHGLRFXHQWDGHTXHOD
101/120
FDOOH VH LED KDFLHQGR P£V FODUD 0RPR DO]µ ORV S£USDGRV TXH OH
SDUHF¯DQSHVDUFRPRSORPR\PLUµDOUHGHGRU
c6¯3RUILQKDE¯DQOOHJDGRDDTXHOEDUULRHQTXHKDE¯DDTXHOODOX]
TXH QR HUD HO DPDQHFHU QL HO DWDUGHFHU \ GRQGH ODV VRPEUDV VH
SUR\HFWDEDQ HQ WRGDV GLUHFFLRQHV /DV FDVDV HUDQ GH XQ EODQFR
UHVSODQGHFLHQWHFRQVXVYHQWDQDVQHJUDV<DK¯HVWDEDWDPEL«QDTXHO
FXULRVR PRQXPHQWR TXH QR UHSUHVHQWDED QDGD P£V TXH XQ KXHYR
JLJDQWHVFRVREUHXQVLOODUGHSLHGUDQHJUD
0RPR FREUµ £QLPRV SRUTXH \D QR SRG¯D IDOWDU GHPDVLDGR SDUD
OOHJDUDFDVDGHOPDHVWUR+RUD
౱3RUIDYRU౱OHGLMRD&DVLRSHD౱QRSRGU¯DPRVLUXQSRFRP£V
GHSULVD"
m&XDQWRP£VOHQWRP£VDSULVD}IXHODUHVSXHVWDGHODWRUWXJD
6LJXLµ DUUDVWU£QGRVH DFDVR P£V OHQWDPHQWH TXH DQWHV < 0RPR
QRWµ౱FRPRODSULPHUDYH]౱TXHSUHFLVDPHQWHSRUHVRDYDQ]DEDQ
P£V GH SULVD (UD FRPR VL OD FDOOH VH GHVOL]DUD GHEDMR GH VXV SLHV
WDQWRP£VGHSULVDFXDQWRP£VOHQWDPHQWHFDPLQDEDQ
‹VWH HUD HO VHFUHWR GH DTXHO EDUULR FXDQWR P£V OHQWDPHQWH
FDPLQDEDQ WDQWR P£V GH SULVD DYDQ]DEDQ < FXDQWR P£V VH
DSUHVXUDEDQ PHQRV VH DGHODQWDED (VR QR OR KDE¯DQ VDELGR OD RWUD
YH] FXDQGR SHUVHJX¯DQ D 0RPR HQ WUHV FRFKHV ORV KRPEUHV JULVHV
$V¯VHOHVKDE¯DHVFDSDGR0RPR
c/DRWUDYH]
3HURDKRUDODVFRVDVHUDQGHRWURPRGR3RUTXHDKRUDQRTXHU¯DQ
DOFDQ]DUDODQL³DQLDODWRUWXJD$KRUDODVVHJX¯DQWDQSRTXLWRDSRFR
FRPR FDPLQDEDQ DTX«OODV < DV¯ WDPEL«Q HOORV GHVFXEULHURQ HVWH
VHFUHWR/HQWDPHQWHODVFDOOHVEODQFDVGHWU£VGHODVGRVVHOOHQDURQ
FRQ XQ HM«UFLWR GH KRPEUHV JULVHV < FRPR «VWRV VDE¯DQ DKRUD FµPR
KDE¯D TXH PRYHUVH LEDQ LQFOXVR P£V OHQWDPHQWH WRGDY¯D TXH OD
WRUWXJDSRUORTXHLEDQDOFDQ]£QGROD(UDFRPRXQDFDUUHUDDOUHY«V
XQDFDUUHUDGHOHQWLWXG
(OFDPLQRLEDHQ]LJ]DJDWUDY«VGHDTXHOODVFDOOHVGHVXH³RP£V
\P£VSURIXQGDPHQWHGHQWURGHOEDUULREODQFR(QWRQFHVOOHJDURQDOD
HVTXLQD GH OD FDOOH GH -DP£V &DVLRSHD \D KDE¯D HQWUDGR HQ HOOD \
PDUFKDEDKDFLDODFDVDGH1LQJXQD3DUWH0RPRVHDFRUGµGHTXHHQ
HVDFDOOHQRKDE¯DSRGLGRDYDQ]DUKDVWDTXHVHKDE¯DGDGRODYXHOWD\
FDPLQDEDKDFLDDWU£V3RUHVRORYROYLµDKDFHUDKRUD
(OFRUD]µQFDVLVHOHSDUµGHOVXVWR
/RV ODGURQHV GH WLHPSR VH DFHUFDEDQ FRPR XQ PXUR JULV PµYLO
XQR DO ODGR GHO RWUR OOHQDQGR WRGD OD DQFKXUD GH OD FDOOH KLOHUD WUDV
KLOHUDKDVWDGRQGHDOFDQ]DEDODYLVWD
0RPRJULWµSHURQRSXGRR¯UVXSURSLDYR]$QGXYRKDFLDDWU£VSRU
ODFDOOHGH-DP£V\PLUµFRQRMRVFRPRSODWRVHOHM«UFLWRGHKRPEUHV
JULVHVTXHODVHJX¯D
3HUR GH QXHYR RFXUULµ DOJR QRWDEOH FXDQGR ORV SULPHURV
SHUVHJXLGRUHV LQWHQWDURQ HQWUDU HQ OD FDOOH GH -DP£V VH GLVROYLHURQ
DQWH ORV RMRV GH 0RPR OLWHUDOPHQWH HQ OD QDGD 3ULPHUR
GHVDSDUHFLHURQ VXV PDQRV DGHODQWDGDV OXHJR ODV SLHUQDV \ ORV
FXHUSRV \ ILQDOPHQWH ODV FDUDV HQ ODV TXH KDE¯D XQD H[SUHVLµQ GH
VRUSUHVD\WHUURU
3HUR0RPRQRHUDOD¼QLFDTXHREVHUYµHVWHVXFHVRVLQRWDPEL«Q
ORV KRPEUHV JULVHV TXH YHQ¯DQ GHWU£V /RV SULPHURV VH DSUHWDURQ
FRQWUDODPDVDGHORVTXHHPSXMDEDQSRUGHWU£VSRUORTXHGXUDQWH
XQ UDWR KXER FRPR XQD SHOHD HQWUH HOORV 0RPR YLR ODV FDUDV
LUDFXQGDV \ VXV SX³RV DPHQD]DGRUHV 3HUR QLQJXQR VH DWUHYLµ D
VHJXLUODP£VDOO£
3RUILQ0RPROOHJµDODFDVDGH1LQJXQD3DUWH
6H DEULµ HO JUDQ SRUWDO GH PHWDO YHUGH 0RPR VH ODQ]µ SRU «O
DWUDYHVµ FRUULHQGR HO SDVLOOR FRQ ODV HVWDWXDV GH SLHGUD DEULµ OD
SXHUWHFLWD GHO RWUR H[WUHPR SDVµ SRU HOOD UHFRUULµ OD VDOD FRQ ORV
LQQXPHUDEOHV UHORMHV KDFLD OD VDOLWD HQ HO FHQWUR HQWUH ORV UHORMHV GH
SLHVHHFKµHQHOVRI£\HVFRQGLµODFDUDHQXQFRM¯QSDUDQRYHUQLR¯U
QDGDP£V
102/120
 /RVHQFHUUDGRVKDQ
GHGHFLGLUVH

+
DEODEDXQDYR]VXDYH
0RPRVDOLµOHQWDPHQWHGHODSURIXQGLGDGGHVXVXH³R6H
VHQW¯DUHIUHVFDGD\GHVFDQVDGDGHPRGRPDUDYLOORVR
౱/D QL³D QR WLHQH OD FXOSD ౱R\µ GHFLU D OD YR]౱ SHUR W¼
&DVLRSHDSRUTX«ORKDVKHFKR"
0RPR DEULµ ORV RMRV -XQWR D OD PHVLWD GHODQWH GHO VRI£ HVWDED
VHQWDGR HO PDHVWUR +RUD 0LUDED FRQ FDUD DSHVDGXPEUDGD KDFLD HO
VXHORGRQGHHVWDEDODWRUWXJD
౱1RSRG¯DVLPDJLQDUWHTXHORVKRPEUHVJULVHVRVVHJXLU¯DQ"
m6µOR SUHYHR} DSDUHFLµ HQ HO FDSDUD]µQ GH OD WRUWXJD mQR
PHGLWR}
(OPDHVWUR+RUDPRYLµODFDEH]DVXVSLUDQGR
౱c$\&DVLRSHD$YHFHVHUHVXQHQLJPDLQFOXVRSDUDP¯
0RPRVHVHQWµ
౱c$M£ 1XHVWUD SHTXH³D 0RPR KD GHVSHUWDGR ౱GLMR
DPDEOHPHQWHHOPDHVWUR+RUD౱(VSHURTXHWHHQFXHQWUHVELHQ
౱0X\ ELHQ JUDFLDV ౱FRQWHVWµ 0RPR౱ 3HUGRQD TXH PH KD\D
GRUPLGRDTX¯

103/120
 ౱1R WH SUHRFXSHV ౱FRQWHVWµ HO PDHVWUR +RUD౱ (VW£ ELHQ 1R
KDFH IDOWD TXH PH GLJDV QDGD (Q OD PHGLGD HQ TXH QR OR KD\D
REVHUYDGR\RPLVPRSRUODVJDIDVGHYLVLµQWRWDO&DVLRSHDPHORKD
FRQWDGRWRGR
౱<TX«KD\GHORVKRPEUHVJULVHV"౱SUHJXQWµ0RPR
(OPDHVWUR+RUDVDFµGHOEROVLOORXQJUDQSD³XHORD]XO
౱1RV VLWLDQ +DQ URGHDGR WRWDOPHQWH OD FDVD GH 1LQJXQD 3DUWH
+DVWDGRQGHSXHGHQDFHUFDUVHFODUR
౱1RSXHGHQHQWUDUDTX¯YHUGDG"౱SUHJXQWµ0RPR
(OPDHVWUR+RUDVHVRQµ
౱1R7¼PLVPDKDVYLVWRFµPRVHGLVXHOYHQHQODQDGDHQFXDQWR
SLVDQODFDOOHGH-DP£V
౱<FµPRHVHVR"౱TXLVRVDEHU0RPR
౱(V SRU OD DVSLUDFLµQ GHO WLHPSR ౱FRQWHVWµ HO PDHVWUR +RUD౱
6DEHVTXHDOO¯KD\TXHKDFHUORWRGRDOUHY«VQR"<HVTXHDOUHGHGRU
GHODFDVDGH1LQJXQD3DUWHHOWLHPSRFRUUHDOUHY«V1RUPDOPHQWHHO
WLHPSR HQWUD HQ WL 3RU WHQHU FDGD YH] P£V WLHPSR GHQWUR GH WL
HQYHMHFHV 3HUR HQ OD FDOOH GH -DP£V HO WLHPSR VDOH GH WL 6H SXHGH
GHFLU TXH WH KDV YXHOWR P£V MRYHQ PLHQWUDV OD UHFRUU¯DV 1R PXFKR
VµORHOWLHPSRTXHWDUGDEDVHQUHFRUUHUOD
౱1RPHKHGDGRFXHQWDGHQDGD౱GLMR0RPRVRUSUHQGLGD
౱&ODUR ౱H[SOLFµ HO PDHVWUR +RUD VRQULHQGR౱ SDUD XQ KRPEUH
DSHQDV VLJQLILFD QDGD SRUTXH HV PXFKDV FRVDV P£V DGHP£V GHO
WLHPSRTXHKD\HQ«O3HURFRQORVKRPEUHVJULVHVHVRWUDFRVD6µOR
VHFRPSRQHQGHOWLHPSRUREDGR<«VWHVHOHVHVFDSDHQXQLQVWDQWHVL
HQWUDQ HQ OD DVSLUDFLµQ GHO WLHPSR LJXDO TXH HO DLUH GH XQ JORER
SLQFKDGR3HURGHOJORERTXHGDSRUORPHQRVODIXQGDGHHOORVQDGD
0RPRSHQVDEDFRQFHQWUDGDPHQWH$OFDERGHXQUDWRSUHJXQWµ ౱1R 0RPR ౱FRQWHVWµ HO PDHVWUR +RUD౱ QR OR KDU« QXQFD (O
౱1RVHSRGU¯DKDFHUFRUUHUDOUHY«VWRGRHOWLHPSR"6µORSRUXQ
UDWLWRFODUR7RGRVORVKRPEUHVVHU¯DQXQSRFRP£VMµYHQHVSHURHVR
QRLPSRUWDU¯D3HURORVODGURQHVGHWLHPSRVHGLVROYHU¯DQHQODQDGD
(OPDHVWUR+RUDVRQULµ
౱6HU¯D ERQLWR 3HUR QR IXQFLRQDU¯D /DV GRV FRUULHQWHV VH
PDQWLHQHQ HQ HTXLOLEULR 6L VH HOLPLQD OD XQD GHVDSDUHFH OD RWUD
(QWRQFHVQRKDEU¯DWLHPSRಃ
&DOOµ\VHVXELµDODIUHQWHODVJDIDVGHYLVLµQWRWDO
౱(VWR TXLHUH GHFLUಃ ౱PXUPXUµ VH OHYDQWµ \ UHFRUULµ DOJXQDV
YHFHVSHQVDWLYRODVDOLWD
0RPR OH REVHUYDED WHQVD \ WDPEL«Q &DVLRSHD OH VHJX¯D FRQ OD
YLVWD
)LQDOPHQWHVHVHQWµGHQXHYR\PLUµDWHQWRD0RPR
౱0HKDVGDGRXQDLGHD౱GLMR౱SHURHOOOHYDUODDODSU£FWLFDQR
GHSHQGHVµORGHP¯
6HGLULJLµDODWRUWXJDTXHVHJX¯DDVXVSLHV
౱&DVLRSHD TXHULGD TX« FUHHV TXH HV OR PHMRU TXH VH SXHGH
KDFHUGXUDQWHHODVHGLR"
m'HVD\XQDU}IXHODUHVSXHVWDTXHDSDUHFLµHQHOFDSDUD]µQ
౱6¯౱GLMRHOPDHVWUR+RUD౱QRHVPDODLGHD
$O PRPHQWR HVWDED SXHVWD OD PHVD 2 DFDVR \D OR KDE¯D HVWDGR
WRGR HO WLHPSR VLQ TXH 0RPR VH KXELHUD GDGR FXHQWD" (Q FXDOTXLHU
FDVRDK¯YROY¯DQDHVWDUODVWDFLWDVGHRUR\WRGRHOUHVWRGHOGHVD\XQR
OD MDUULWD GHO FKRFRODWH KXPHDQWH OD PLHO OD PDQWHTXLOOD \ ORV
SDQHFLOORVWLHUQRV
(Q HO WLHPSR WUDQVFXUULGR 0RPR KDE¯D UHFRUGDGR FRQ IUHFXHQFLD
HVWDVGHOLFLRVDVFRVDV\FRPHQ]µHQVHJXLGDDFRPHUDGRVFDUULOORV
< HVWD YH] OH JXVWµ P£V D¼Q TXH OD SULPHUD 3RU FLHUWR TXH HVWD YH]
WDPEL«QHOPDHVWUR+RUDFRPLµFRQDSHWLWR
౱4XLHUHQ౱GLMR0RPRDOUDWLWRPDVWLFDQGRFRQHQWXVLDVPR౱TXH
OHV GHV WRGR HO WLHPSR GH WRGRV ORV KRPEUHV 3HUR QR OR KDU£V
YHUGDG"
WLHPSRKDFRPHQ]DGRXQDYH]\DFDEDU£XQDYH]FXDQGRORVKRPEUHV
QR OR QHFHVLWHQ P£V 'H P¯ ORV KRPEUHV JULVHV QR UHFLELU£Q HO P£V
EUHYHLQVWDQWH
౱3HURGLFHQ౱SURVLJXLµ0RPR౱TXHSXHGHQREOLJDUWH
౱$QWHVGHTXHVLJDPRVKDEODQGRGHHOOR౱GLMRVHULR౱TXLVLHUD
104/120
TXHORVYLHUDVW¼PLVPD
6HTXLWµODVJDIDVGHRUR\VHODVSDVµD0RPRTXHVHODVSXVR
$OSULQFLSLRYLRGHQXHYRORVWRUEHOOLQRVGHIRUPDV\FRORUHVTXHOH
GDEDQ PDUHRV FRPR OD SULPHUD YH] 3HUR HVWD YH] SDVµ SURQWR $O
FDERGHXQPRPHQWRVXVRMRV\DVHKDE¯DQDGDSWDGRDODYLVLµQWRWDO
c<DKRUDYLRHOHM«UFLWRGHVLWLDGRUHV
/RV KRPEUHV JULVHV HVWDEDQ FRGR FRQ FRGR HQ XQD KLOHUD
LQWHUPLQDEOH1RVµORHVWDEDQDQWHODFDOOHGH-DP£VVLQRHQXQJUDQ
F¯UFXOR TXH VH WHQG¯D D WUDY«V GHO EDUULR GH ODV FDVDV EODQFDV \ FX\R
FHQWURHUDODFDVDGH1LQJXQD3DUWH(VWDEDQWRWDOPHQWHURGHDGRV
3HUR HQWRQFHV 0RPR VH GLR FXHQWD GH RWUD FRVD P£V DOJR UDUR
3ULPHUR FUH\µ TXH ORV FULVWDOHV GH ODV JDIDV GH YLVLµQ WRWDO HVWDEDQ
DOJRHPSD³DGRVRTXHWRGDY¯DQRVDE¯DPLUDUELHQSRUTXHXQDQLHEOD
JULV KDF¯D TXH ORV KRPEUHV JULVHV VH YLHUDQ FRPR GHVYD¯GRV 3HUR
HQWRQFHV FRPSUHQGLµ TXH HVD QLHEOD QR WHQ¯D QDGD TXH YHU FRQ ODV
JDIDV QL FRQ VXV RMRV VLQR TXH QDF¯D DOO¯ HQ OD FDOOH (Q DOJXQRV
OXJDUHV\DHUDGHQVD\RSDFDHQRWURVVµORHPSH]DEDDIRUPDUVH
/RV KRPEUHV JULVHV HVWDEDQ LQPµYLOHV &DGD XQR OOHYDED FRPR
VLHPSUH VX ERPE¯Q VX FDUWHUD \ HQ OD ERFD KXPHDED HO SHTXH³R
FLJDUUR JULV 3HUR ODV QXEHV GH KXPR QR VH GLIXPLQDEDQ WDO FRPR OR
KDF¯DQHQHODLUHQRUPDO$TX¯GRQGHQRVHPRY¯DHOP£VOHYHYLHQWR
HQ HVWH DLUH Y¯WUHR HO KXPR VH WHQG¯D FRPR HVSHVDV WHODUD³DV VH
DUUDVWUDEDSRUODVFDOOHVVXE¯DSRUODVIDFKDGDVGHODVFDVDVEODQFDV
\ VH WHQG¯D HQ ODUJDV EDQGHUDV GH EDOFµQ D EDOFµQ 6H UHXQ¯D HQ
MLURQHVUHSXJQDQWHVD]XOYHUGRVRVTXHVHDSLODEDQFDGDYH]DPD\RU
DOWXUD\URGHDEDQODFDVDGH1LQJXQD3DUWHFRQXQDPXUDOODTXHFUHF¯D
VLQSDUDU
0RPRYLRWDPEL«QTXHGHYH]HQFXDQGROOHJDEDQKRPEUHVJULVHV
QXHYRVTXHVHFRORFDEDQHQODKLOHUD\UHOHYDEDQDRWURV3HURSRU
TX«KDF¯DQHVR"4X«SODQWHQ¯DQORVODGURQHVGHWLHPSR"6HTXLWµODV
JDIDV\PLUµLQWHUURJDGRUDDOPDHVWUR+RUD
౱+DVYLVWREDVWDQWH"౱SUHJXQWµ«VWH౱(QWRQFHVGHYX«OYHPH
ODVJDIDV
0LHQWUDV«OVHODVSRQ¯DSURVLJXLµ
౱+DV SUHJXQWDGR VL PH SXHGHQ REOLJDU $ P¯ QR SXHGHQ
DOFDQ]DUPH3HURSXHGHQFDXVDUOHVDORVKRPEUHVXQGD³RPD\RUTXH
WRGR OR TXH KDQ KHFKR KDVWD DKRUD &RQ HVR LQWHQWDQ KDFHUPH
FKDQWDMH
౱$OJRSHRU"౱SUHJXQWµ0RPRDVXVWDGD
(OPDHVWUR+RUDDVLQWLµ
౱<R DGMXGLFR VX WLHPSR D FDGD KRPEUH &RQWUD HVR QR SXHGHQ
KDFHU QDGD ORV KRPEUHV JULVHV 7DPSRFR SXHGHQ GHWHQHU HO WLHPSR
TXH\RHQY¯R3HURSXHGHQHQYHQHQDUOR
౱(QYHQHQDUHOWLHPSR"౱SUHJXQWµ0RPRHVSDQWDGD
౱&RQ HO KXPR GH VXV FLJDUURV ౱H[SOLFµ HO PDHVWUR +RUD౱ 7H
GLMH XQD YH] TXH FDGD KRPEUH SRVHH XQ WHPSOR GRUDGR GHO WLHPSR
SRUTXHWLHQHFRUD]µQ6LORVKRPEUHVSHUPLWHQODHQWUDGDHQ«OGHORV
KRPEUHVJULVHV«VWRVFRQVLJXHQKDFHUVHFRQP£V\P£VGHDTXHOODV
IORUHV 3HUR ODV IORUHV KRUDULDV DUUDQFDGDV GHO FRUD]µQ GH XQ KRPEUH
QR SXHGHQ PRULU SRUTXH QR VH KDQ PDUFKLWDGR GH YHUGDG 3HUR
WDPSRFR SXHGHQ YLYLU SRUTXH HVW£Q VHSDUDGDV GH VX YHUGDGHUR
SURSLHWDULR&RQWRGDVODVILEUDVGHVXVHUWLHQGHQDYROYHUDOKRPEUHDO
TXHSHUWHQHFHQ
0RPRHVFXFKDEDVLQDOLHQWR
౱+DVGHVDEHU0RPRTXHWDPEL«QHOPDOWLHQHVXVHFUHWR1RV«
GµQGHJXDUGDQORVKRPEUHVJULVHVODVIORUHVKRUDULDVUREDGDV6µORV«
TXH ODV FRQJHODQ PHGLDQWH VX SURSLR IU¯R KDVWD TXH ODV IORUHV VH
TXHGDQU¯JLGDVFRPRFRSDVGHFULVWDO(VWROHVLPSLGHYROYHU(QDOJ¼Q
OXJDU EDMR VXHOR GHEH KDEHU XQRV DOPDFHQHV HQRUPHV GRQGH HVW£
WRGRHOWLHPSRFRQJHODGR3HURQLDXQDV¯PXHUHQODVIORUHVKRUDULDV
/DVPHMLOODVGH0RPRHPSH]DURQDEULOODUGHHQIDGR
౱/RV KRPEUHV JULVHV VH DSURYLVLRQDQ HQ HVWRV DOPDFHQHV /HV
DUUDQFDQORVS«WDORVDODVIORUHVKRUDULDVKDVWDTXHVHYXHOYHQJULVHV
\ GXUDV &RQ HVR VH KDFHQ VXV SHTXH³RV FLJDUURV 3HUR KDVWD HVWH
PRPHQWR WRGDY¯D TXHGD XQ SRFR GH YLGD HQ ORV S«WDORV < HO WLHPSR
YLYR HV LQGLJHULEOH SDUD ORV KRPEUHV JULVHV 3RU HVR HQFLHQGHQ ORV
105/120
FLJDUURV \ VH ORV IXPDQ 3RUTXH VµOR HQ HO KXPR HVW£ WRWDOPHQWH
PXHUWRHOWLHPSR<GHHVHWLHPSRPXHUWRYLYHQ
0RPRVHKDE¯DOHYDQWDGR
౱c$K౱H[FODPµ౱7RGRHVHWLHPSRPXHUWRಃ
౱6¯(VDPXUDOODGHKXPRTXHHVW£QKDFLHQGRFUHFHUDOUHGHGRUGH
OD FDVD GH 1LQJXQD 3DUWH VH FRPSRQH GH WLHPSR PXHUWR 7RGDY¯D
TXHGD FLHOR DELHUWR VXILFLHQWH WRGDY¯D SXHGR KDFHUOHV OOHJDU D ORV
KRPEUHV VX WLHPSR QR FRQWDPLQDGR 3HUR FXDQGR OD FDPSDQD GH
KXPR VH KD\D FHUUDGR D QXHVWUR DOUHGHGRU \ HQFLPD GH QRVRWURV HQ
FDGD KRUD TXH \R HQY¯H VH PH]FODU£ XQ SRFR GHO WLHPSR PXHUWR
IDQWDVPDO GH ORV KRPEUHV JULVHV < FXDQGR ORV KRPEUHV OR UHFLEDQ
HQIHUPDU£QGHPXHUWH
0RPRPLUDEDILMDPHQWHDOPDHVWUR+RUD(QYR]EDMDSUHJXQWµ ౱6¯౱UHSLWLµ0RPR\HVWDYH]VXYR]VRQµILUPH
౱4X«HQIHUPHGDGHV«VD"
౱$O SULQFLSLR DSHQDV VH QRWD 8Q G¯D \D QR VH WLHQH JDQDV GH
KDFHU QDGD 1DGD OH LQWHUHVD D XQR VH DEXUUH < HVD GHVJDQD QR
GHVDSDUHFH VLQR TXH DXPHQWD OHQWDPHQWH 6H KDFH SHRU GH G¯D HQ
G¯DGHVHPDQDHQVHPDQD8QRVHVLHQWHFDGDYH]P£VGHVFRQWHQWR
P£VYDF¯RP£VLQVDWLVIHFKRFRQXQRPLVPR\FRQHOPXQGR'HVSX«V
GHVDSDUHFH LQFOXVR HVWH VHQWLPLHQWR \ \D QR VH VLHQWH QDGD 8QR VH
YXHOYHWRWDOPHQWHLQGLIHUHQWH\JULVWRGRHOPXQGRSDUHFHH[WUD³R\\D
QR LPSRUWD QDGD <D QR KD\ LUD QL HQWXVLDVPR XQR \D QR SXHGH
DOHJUDUVH QL HQWULVWHFHUVH VH ROYLGD GH UH¯U \ OORUDU (QWRQFHV VH KD
KHFKRHOIU¯RGHQWURGHXQR\\DQRVHSXHGHTXHUHUDQDGLH&XDQGR
VH KD OOHJDGR D HVWH SXQWR OD HQIHUPHGDG HV LQFXUDEOH <D QR KD\
UHWRUQR 6H FRUUH GH XQ ODGR D RWUR FRQ OD FDUD YDF¯D JULV \ VH KD
YXHOWR XQR LJXDO TXH ORV SURSLRV KRPEUHV JULVHV 6H HV XQR GH HOORV
(VWDHQIHUPHGDGVHOODPDDEXUULPLHQWRPRUWDO
0RPRVLQWLµXQHVFDORIU¯R
౱< VL QR OH GDV HO WLHPSR GH WRGRV ORV KRPEUHV ౱SUHJXQWµ౱
KDU£QTXHWRGRVORVKRPEUHVVHYXHOYDQFRPRHOORV"
౱6¯౱FRQWHVWµHOPDHVWUR+RUD౱&RQHVRTXLHUHQFKDQWDMHDUPH
6HOHYDQWµ\VHYROYLµ
౱+DVWDDKRUDKHHVSHUDGRTXHORVKRPEUHVKLFLHUDQDOJXQDFRVD
SRUVXSURSLDFXHQWDSDUDOLEUDUVHGHHVWRVSDU£VLWRV+DEU¯DQSRGLGR
KDFHUORSRUTXHHOORVPLVPRVKDQD\XGDGRDGDUOHVODH[LVWHQFLD3HUR
DKRUD QR SXHGR HVSHUDU P£V 7HQJR TXH KDFHU DOJR 3HUR QR SXHGR
KDFHUORVROR
0LUµD0RPR
౱4XLHUHVD\XGDUPH"
౱6¯౱VXVXUUµ0RPR
౱7HQJR TXH HQYLDUWH D XQ SHOLJUR TXH QR VH SXHGH FDOLEUDU
VLTXLHUD౱GLMRHOPDHVWUR+RUD౱\GHSHQGHU£GHWL0RPRHOTXHHO
PXQGR VH TXHGH SDUDGR SDUD VLHPSUH R YXHOYD D FREUDU YLGD
4XHUU£VDWUHYHUWH"
౱(QWRQFHV ౱GLMR HO PDHVWUR +RUD౱ SUHVWD PXFKD DWHQFLµQ D OR
TXH WH GLJR SRUTXH HVWDU£V WRWDOPHPWH VROD \ \R QR SRGU« D\XGDUWH
P£V1L\RQLQDGLH
0RPRDVLQWLµ\PLUµDOPDHVWUR+RUDFRQJUDQDWHQFLµQ
౱+DVGHVDEHU౱HPSH]µ౱TXH\RQXQFDGXHUPR6L\RGXUPLHUD
VHDFDEDU¯DHQHOPLVPRLQVWDQWHWRGRHOWLHPSR(OPXQGRVHSDUDU¯D
3HURVLQRKD\WLHPSRORVKRPEUHVJULVHV\DQRSXHGHQUREDUDQDGLH
&LHUWR TXH SXHGHQ VHJXLU H[LVWLHQGR XQ UDWR SRUTXH WLHQHQ JUDQGHV
UHVHUYDV GH WLHPSR 3HUR FXDQGR «VWDV VH KD\DQ FRQVXPLGR VH
GLVROYHU£QHQODQDGD
౱3HURHQWRQFHV౱RSLQµ0RPR౱HVPX\VHQFLOOR
౱3RUGHVJUDFLDQRHVWDQVHQFLOORSRUHVRQHFHVLWRWXD\XGDPL
QL³D 3RUTXH VL QR KD\ P£V WLHPSR \R WDPSRFR SXHGR YROYHU D
GHVSHUWDU &RQ HVR HO PXQGR VH TXHGDU¯D TXLHWR \ U¯JLGR SRU WRGD OD
HWHUQLGDG3HURWHQJRODIDFXOWDG0RPRGHGDUWHDWLVµORDWLXQDIORU
KRUDULD 3HUR VµOR XQD SRUTXH VµOR IORUHFH XQD FDGD YH] $V¯ TXH
FXDQGR VH KXELHUD DFDEDGR WRGR HO WLHPSR GHO PXQGR W¼ WRGDY¯D
WHQGU¯DVXQDKRUD
౱3HURHQWRQFHVSRGU¯DGHVSHUWDUWH౱GLMR0RPR
౱&RQ HVR VµOR ౱RSXVR HO PDHVWUR +RUD౱ QR KDEU¯DPRV
106/120
FRQVHJXLGR QDGD SRUTXH ODV SURYLVLRQHV GH ORV KRPEUHV JULVHV VRQ
PXFKRPD\RUHV(QXQDVRODKRUDQRKDEU¯DQJDVWDGRDSHQDVQDGDGH
HOODV 7RGDY¯D H[LVWLU¯DQ /RV SUREOHPDV TXH KDV GH UHVROYHU VRQ
PXFKRPD\RUHV(QFXDQWRORVKRPEUHVJULVHVVHGHQFXHQWDGHTXH
VH KD DFDEDGR HO WLHPSR ౱\ VH GDU£Q FXHQWD SURQWR SRUTXH VH
TXHGDU£Q VLQ DSURYLVLRQDPLHQWR GH FLJDUURV౱ OHYDQWDU£Q HO VLWLR \
FRUUHU£Q KDFLD VXV SURYLVLRQHV < W¼ WHQGU£V TXH VHJXLUORV KDFLD DOO¯
0RPR &XDQGR KD\DV HQFRQWUDGR VX HVFRQGLWH WHQGU£V TXH
LPSHGLUOHV TXH SXHGDQ DFFHGHU D VXV SURYLVLRQHV (Q FXDQWR VH
DFDEHQ VXV FLJDUURV WDPEL«Q VH DFDEDU£Q HOORV 3HUR HQWRQFHV
WRGDY¯D WH TXHGDU£ XQD FRVD SRU KDFHU TXH SRGU¯D VHU OD P£V GLI¯FLO
&XDQGR KD\D GHVDSDUHFLGR HO ¼OWLPR ODGUµQ GH WLHPSR WHQGU£V TXH
GHMDU HQ OLEHUWDG WRGR HO WLHPSR UREDGR 3RUTXH VµOR VL YXHOYH D ORV
KRPEUHV HO PXQGR GHMDU£ GH HVWDU GHWHQLGR \ \R SRGU« YROYHU D
GHVSHUWDUPH<SDUDWRGRHVRQRWLHQHVP£VTXHXQDVRODKRUD
0RPR PLUµ SHUSOHMD DO PDHVWUR +RUD 1R KDE¯D FRQWDGR FRQ WDO
PRQWD³DGHGLILFXOWDGHV\SHOLJURV
౱$XQ DV¯ TXLHUHV LQWHQWDUOR" ౱SUHJXQWµ HO PDHVWUR +RUD౱ (V
OD¼QLFD\¼OWLPDSRVLELOLGDG
0RPRFDOOµ/HSDUHF¯DLPSRVLEOHSRGHUKDFHUWRGRDTXHOOR
m9R\FRQWLJR}OH\µGHSURQWRHQODFRUD]DGH&DVLRSHD
c'H TX« OH VHUYLU¯D OD WRUWXJD < QR REVWDQWH HUD XQ UD\R GH
HVSHUDQ]DSDUD0RPR/DLGHDGHQRHVWDUGHOWRGRVRODOHGDEDYDORU
&LHUWRTXHHUDXQYDORUVLQQLQJ¼QPRWLYRUD]RQDEOHSHURKL]RTXHGH
SURQWRSXGLHUDGHFLGLUVH
౱/RLQWHQWDU«౱GLMRGHFLGLGD
(OPDHVWUR+RUDODPLUµODUJRUDWR\FRPHQ]µDVRQUH¯U
౱0XFKDVFRVDVVHU£QP£VVHQFLOODVGHORTXHSDUHFHQDKRUD+DV
R¯GRODYR]GHODVHVWUHOODV1RKDVGHWHQHUPLHGR
(QWRQFHVVHYROYLµDODWRUWXJD\SUHJXQWµ DOHVFXFKDUPHWDPEL«QDP¯
౱$V¯TXHW¼&DVLRSHDTXLHUHVLUFRQHOOD"
m&ODUR} DSDUHFLµ HQ HO FDSDUD]µQ /D SDODEUD GHVDSDUHFLµ \ VH
IRUPµODIUDVHm$OJXLHQKDGHFXLGDUGHHOOD}
(OPDHVWUR+RUD\0RPRVHVRQULHURQ
౱7DPEL«QOHGDU£VXQDIORUKRUDULD"౱SUHJXQWµ0RPR
౱&DVLRSHD QR OD QHFHVLWD ౱H[SOLFµ HO PDHVWUR +RUD PLHQWUDV OH
UDVFDED OD FDEH]D౱ HV XQ VHU GH IXHUD GHO WLHPSR (OOD OOHYD VX
WLHPSR HQ V¯ PLVPD 3RGU¯D VHJXLU DUUDVWU£QGRVH SRU HO PXQGR DXQ
FXDQGRWRGRVHKXELHUDGHWHQLGRSDUDVLHPSUH
౱%LHQ౱GLMR0RPRHQTXLHQGHVSHUWDEDHOGHVHRGHODDFFLµQ౱
TX«KD\TXHKDFHUDKRUD"
౱$KRUD౱FRQWHVWµHOPDHVWUR+RUD౱YDPRVDGHVSHGLUQRV
0RPRWUDJµVDOLYDSDUDSUHJXQWDUHQYR]EDMD
౱(VTXHQRQRVYHUHPRVP£V"
౱9ROYHUHPRV D YHUQRV 0RPR ౱UHSXVR HO PDHVWUR +RUD౱ \
KDVWDHQWRQFHVFDGDKRUDGHWXYLGDWHWUDHU£XQVDOXGRP¯R3RUTXH
VHJXLUHPRVVLHQGRDPLJRVQR"
౱6¯౱GLMR0RPR\DVLQWLµ
౱$KRUD PH YR\ ౱SURVLJXLµ HO PDHVWUR +RUD౱ \ QR GHEHV
VHJXLUPH QL SUHJXQWDUPH D GµQGH YR\ 3RUTXH PL VXH³R QR HV XQ
VXH³R QRUPDO \ HV PHMRU TXH QR HVW«V SUHVHQWH 8QD FRVD P£V HQ
FXDQWRPHKD\DLGRWLHQHVTXHDEULUHQVHJXLGDODVGRVSXHUWDVWDQWR
ODSHTXH³DHQODTXHHVW£PLQRPEUHFRPRODJUDQGHGHPHWDOYHUGH
TXHFRQGXFHDODFDOOHGH-DP£V3RUTXHHQFXDQWRVHSDUHHOWLHPSR
WRGR VH GHWHQGU£ \ QLQJXQD IXHU]D GHO PXQGR SRGU¯D DEULU HVDV
SXHUWDV/RKDVHQWHQGLGRWRGRPLQL³D"
౱6¯ ౱GLMR 0RPR౱ SHUR FµPR VDEU« TXH VH KD GHWHQLGR HO
WLHPSR"
౱1RWHSUHRFXSHVWHGDU£VFXHQWD
(O PDHVWUR +RUD VH OHYDQWµ \ WDPEL«Q 0RPR VH SXVR HQ SLH /H
SDVµVXDYHPHQWHODPDQRSRUODFUHVSDFDEHOOHUD
౱$GLµVPLTXHULGD0RPR౱GLMR౱PHKDVGDGRXQDJUDQDOHJU¯D
౱/HVKDEODU«DWRGRVGHWL౱FRQWHVWµ0RPR౱P£VWDUGH
<GHUHSHQWHHOPDHVWUR+RUDYROYLµDSDUHFHULQH[SOLFDEOHPHQWH
YLHMRFRPRDTXHOG¯DHQTXHODOOHYµDOWHPSORGRUDGRYLHMRFRPRXQD
107/120
URFDRFRPRXQ£UEROVHFXODU
6H YROYLµ \ VDOLµ U£SLGDPHQWH GH OD KDELWDFLµQ IRUPDGD SRU ODV
SDUHGHV SRVWHULRUHV GH ORV UHORMHV 0RPR R\µ VXV SDVRV FDGD YH]
P£V OHMRV KDVWD TXH \D QR VH SXGLHURQ GLVWLQJXLU GHO WLFWDF GH ORV
PXFKRVUHORMHV$FDVRVHKDE¯DKXQGLGRHQHVHWLFWDF
0RPR OHYDQWµ D &DVLRSHD \ OD DSUHWµ FRQWUD VX FXHUSR +DE¯D
HPSH]DGRLUUHYRFDEOHPHQWHVXPD\RUDYHQWXUD

108/120
 PXQGR6HKDE¯DGHWHQLGRHOWLHPSR
<0RPRVHGLRFXHQWDGHTXHOOHYDEDHQODPDQRXQDIORUKRUDULD
PDUDYLOORVDPX\JUDQGH1RKDE¯DQRWDGRFX£QGRKDE¯DOOHJDGRDVX
PDQR HVD IORU 6LPSOHPHQWH HVWDED DK¯ FRPR VL VLHPSUH KXELHUD
HVWDGR
&RQ FXLGDGR 0RPR GLR XQ SDVR (IHFWLYDPHQWH SRG¯D PRYHUVH
FRQODPLVPDIDFLOLGDGGHVLHPSUH6REUHODPHVLWDHVWDEDQWRGDY¯DORV
UHVWRV GHO GHVD\XQR 0RPR VH VHQWµ VREUH XQR GH ORV VLOORQHV
WDSL]DGRVSHURORVDOPRKDGRQHVHUDQDKRUDGXURVFRPRHOP£UPRO\
/DSHUVHFXFLµQ \DQRFHG¯DQ(QVXWD]DTXHGDEDWRGDY¯DXQVRUERGHFKRFRODWHSHUR
GHORVSHUVHJXLGRUHV QRVHSRG¯DPRYHUODWDFLWD0RPRTXLVRKXQGLUHOGHGRHQHOO¯TXLGR
SHURHVWDEDGXURFRPRHOYLGULR/RPLVPRRFXUU¯DFRQODPLHO,QFOXVR
ODVPLJDVTXHKDE¯DVREUHHOSODWRHUDQWRWDOPHQWHLQDPRYLEOHV1DGD
QLODP£VPLQ¼VFXODSHTXH³H]SRG¯DFDPELDUVH\DDKRUDTXHQLKDE¯D

/
WLHPSR&DVLRSHDSDWDOHµ\0RPRODPLUµ
R SULPHUR TXH KL]R 0RPR IXH DEULU OD SHTXH³D SXHUWD LQWHULRU
mc3LHUGHVHOWLHPSR}SRQ¯DHQHOFDSDUD]µQ
HQODTXHHVWDEDHOQRPEUHGHOPDHVWUR+RUD'HVSX«VUHFRUULµ
c< WDQWR 0RPR VH HQGHUH]µ $WUDYHVµ OD VDOD SDVµ SRU OD
GHSULVDHOSDVLOORFRQODVHVWDWXDVGHSLHGUD\DEULµWDPEL«QOD
SXHUWHFLWDVLJXLµSRUHOSDVLOOR\HVSLµSRUHOJUDQSRUWDOSDUDHFKDUVH
JUDQ SXHUWD H[WHULRU GH PHWDO YHUGH 7XYR TXH HPSOHDU WRGDV VXV
DWU£V HQ VHJXLGD 6X FRUD]µQ HPSH]µ D ODWLU P£V GH SULVD c/RV
IXHU]DVSRUTXHHUDPX\SHVDGD
ODGURQHVGHWLHPSRQRVHLEDQ$OFRQWUDULRYHQ¯DQDWUDY«VGHODFDOOH
&XDQGRKXERDFDEDGRYROYLµDODVDODGHORVLQFRQWDEOHVUHORMHV\
GH-DP£VHQODTXHWDPEL«QKDE¯DGHMDGRGHFRUUHUHOWLHPSRDOUHY«V
HVSHUµFRQ&DVLRSHDHQORVEUD]RVORTXHRFXUULU¯D
KDFLDODFDVDGH1LQJXQD3DUWH(VWRQRORKDE¯DQSUHYLVWR
<HQWRQFHVRFXUULµ
0RPRFRUULµKDFLDDWU£VDODJUDQVDOD\VHHVFRQGLµFRQ&DVLRSHD
+XERGHUHSHQWHXQDVDFXGLGDTXHQRKL]RWHPEODUHOHVSDFLRVLQR
HQEUD]RVGHWU£VGHXQJUDQUHORM
HO WLHPSR GLJDPRV XQ WHPEORU GH WLHPSR 1R KD\ SDODEUDV SDUD
౱c(PSH]DPRVELHQ౱PXUPXUµ
H[SOLFDUFµPRVHVHQW¯D(VWHVXFHVRVHYLRDFRPSD³DGRGHXQVRQLGR
(QWRQFHVR\µUHVRQDUIXHUDHQHOSDVLOORORVSDVRVGHORVKRPEUHV
FRPRQRORKDE¯DR¯GRQXQFDQLQJ¼QKRPEUH(UDFRPRXQVXVSLURTXH
JULVHV8QRWUDVRWURVHDUUDVWUDURQDWUDY«VGHODSXHUWHFLOODKDVWDTXH
VXUJ¯DGHODSURIXQGLGDGGHORVVLJORV
KXERHQODVDODWRGRXQJUXSR0LUDURQDVXDOUHGHGRU
<WRGRKDE¯DSDVDGR
౱,PSUHVLRQDQWH ౱GLMR XQR GH HOORV౱ $V¯ TXH HVWD HV QXHVWUD
(Q HO PLVPR LQVWDQWH VH GHWXYR HO P¼OWLSOH UHSLFDU GH ORV
QXHYDFDVD
LQFRQWDEOHV UHORMHV /RV S«QGXORV RVFLODQWHV VH GHWXYLHURQ GRQGH
౱/DQL³D0RPRKDDELHUWRODSXHUWD౱GLMRRWUDYR]FHQLFLHQWD౱
HVWDEDQ HQ DTXHO PRPHQWR 1R VH PRY¯D QDGD < VH H[WHQGLµ XQ
ORKHYLVWRH[DFWDPHQWH8QDQL³DUD]RQDEOH0HJXVWDU¯DVDEHUFµPR
VLOHQFLR WDQ DEVROXWR FRPR QR OR KDE¯D KDELGR QXQFD DQWHV HQ HO
VHODVKDDUUHJODGRSDUDSHUVXDGLUDOYLHMR

109/120
 <XQDWHUFHUDYR]PX\VHPHMDQWHFRQWHVWµ ౱6LQFRFKH"c1ROOHJDUHPRVDWLHPSR
౱(QPLRSLQLµQKDEU£FHGLGRHOSURSLR$OJXLHQ3RUTXHHOTXHQR ౱c6µORWHQJRFLJDUURVSDUDYHLQWLVLHWHPLQXWRV
H[LVWD OD DVSLUDFLµQ GHO WLHPSR HQ OD FDOOH GH -DP£V VµOR SXHGH ౱c<\RSDUDFXDUHQWD\RFKR
VLJQLILFDUTXH«OPLVPRODKDGHWHQLGR6HKDEU£GDGRFXHQWDGHTXH ౱c'«PH
WLHQHTXHVRPHWHUVHDQRVRWURV$KRUDORDUUHJODUHPRV'µQGHHVWDU£ ౱(VW£ORFR"
PHWLGR" ౱c6£OYHVHTXLHQSXHGD
/RV KRPEUHV JULVHV PLUDURQ DOUHGHGRU EXVFDQGR FXDQGR GH 7RGRVKDE¯DQFRUULGRKDFLDODSXHUWHFLWD\SUHWHQG¯DQVDOLUDOPLVPR
SURQWRGLMRXQRGHHOORVFRQXQDYR]P£VFHQLFLHQWDD¼QVLFDEH WLHPSR 'HVGH VX HVFRQGULMR 0RPR SRG¯D YHU FµPR HQ VX S£QLFR
౱$OJR IDOOD VH³RUHV c/RV UHORMHV 0LUHQ ORV UHORMHV (VW£Q WRGRV WRGRV VH JROSHDEDQ WLUDEDQ \ HPSXMDEDQ \ VH HPEUROODEDQ HQ XQD
SDUDGRV,QFOXVRHVWHUHORMGHDUHQD SHOHDWHUULEOH7RGRVTXHU¯DQVDOLUDQWHVTXHORVGHP£V\SHOHDEDQSRU
౱/RVKDEU£SDUDGR౱GLMRRWURLQVHJXUR VXYLGDJULV6HWLUDEDQORVVRPEUHURVGHODFDEH]DVHDUUDQFDEDQGH
౱1R VH SXHGH SDUDU XQ UHORM GH DUHQD ౱GLMR HO SULPHUR౱ < VLQ OD ERFD PXWXDPHQWH ORV SHTXH³RV FLJDUURV $ TXLHQ HVWR OH RFXUU¯D
HPEDUJR P¯UHQOR VH³RUHV OD DUHQD VH KD GHWHQLGR HQ PHGLR GH OD SDUHF¯D SHUGHU DO PRPHQWR WRGD VX IXHU]D 6H TXHGDED FRQ ODV
FD¯GD1LVHSXHGHPRYHUHOUHORM4X«VLJQLILFDHVR" PDQRVH[WHQGLGDVXQDH[SUHVLµQOORURVD\DWHUURUL]DGDHQODFDUDVH
7RGDY¯D KDEODED FXDQGR VH R\HURQ SDVRV SRU HO SDVLOOR \ RWUR YROY¯DWUDQVSDUHQWH\GHVDSDUHF¯D1RTXHGDEDQDGDGH«OQLVLTXLHUD
KRPEUHJULVVHLQWURGXMRSHQRVDPHQWHSRUODSXHUWHFLWDJHVWLFXODQGR HOERPE¯Q
VDOYDMHPHQWH $O ILQDO QR TXHGDURQ P£V TXH WUHV KRPEUHV JULVHV HQ OD VDOD TXH
౱$FDEDQGHOOHJDUQRWLFLDVGHQXHVWURVDJHQWHVGHODFLXGDG6H FRQVLJXLHURQLUVDOLHQGRXQRWUDVRWUR
KDQ GHWHQLGR VXV FRFKHV 7RGR HVW£ SDUDGR (V LPSRVLEOH VDFDU GH 0RPRFRQODWRUWXJDHQXQEUD]R\ODIORUKRUDULDHQODRWUDPDQR
QLQJ¼Q KRPEUH QL OD P£V SHTXH³D FDQWLGDG GH WLHPSR 6H KD ORV VLJXLµ $KRUD WRGR GHSHQG¯D GH TXH QR SHUGLHUD GH YLVWD D ORV
GHVPRURQDGRWRGRQXHVWURVHUYLFLRGHDSURYLVLRQDPLHQWRc<DQRKD\ KRPEUHVJULVHV
WLHPSRc+RUDKDGHWHQLGRHOWLHPSR &XDQGR VDOLµ GHO JUDQ SRUWDO YLR TXH ORV ODGURQHV GH WLHPSR \D
'XUDQWH XQ LQVWDQWH UHLQµ XQ VLOHQFLR VHSXOFUDO (QWRQFHV XQR KDE¯DQFRUULGRKDVWDHOH[WUHPRGHODFDOOHGH-DP£V$OO¯HVWDEDQHQ
SUHJXQWµ PHGLR GH QXEHV GH KXPR RWURV JUXSRV GH KRPEUHV JULVHV TXH
౱4X« GLFH" 4XH VH KD GHVPRURQDGR HO VHUYLFLR GH GLVFXW¯DQFRQJHVWRVDLUDGRV&XDQGRYLHURQFRUUHUDORVTXHVDO¯DQGH
DSURYLVLRQDPLHQWR" < TX« VHU£ GH QRVRWURV FXDQGR VH KD\DQ OD FDVD GH 1LQJXQD 3DUWH WDPEL«Q HPSH]DURQ D FRUUHU RWURV VH
FRQVXPLGRORVFLJDUURVTXHOOHYDPRV" VXPDURQDORVTXHKX¯DQ\DOSRFRUDWRWRGRHOHM«UFLWRVHKDOODEDHQ
౱8VWHG VDEH SHUIHFWDPHQWH TX« VHU£ GH QRVRWURV ౱JULWµ RWUR౱ XQD UHWLUDGD D OD GHVEDQGDGD 8QD FDUDYDQD FDVL LQWHUPLQDEOH GH
c(VXQDFDW£VWURIHVH³RUHV KRPEUHV JULVHV FRUU¯D KDFLD HO FHQWUR GH OD FLXGDG D WUDY«V GHO
<GHUHSHQWHWRGRVHPSH]DURQDJULWDUDODYH] PLVWHULRVREDUULRGHVXH³RVFRQVXVFDVDVEODQFDVFRPRODQLHYH\ODV
౱c+RUDTXLHUHGHVWUXLUQRV VRPEUDV TXH FD¯DQ HQ GLVWLQWDV GLUHFFLRQHV $ FDXVD GH OD
౱c7HQHPRVTXHOHYDQWDUHQVHJXLGDHODVHGLR GHVDSDULFLµQ GHO WLHPSR WDPEL«Q KDE¯D GHVDSDUHFLGR DTX¯ OD FXULRVD
౱7HQHPRVTXHOOHJDUDQXHVWURVDOPDFHQHVGHWLHPSR LQYHUVLµQ GH SULVD \ OHQWLWXG /D FRPLWLYD GH KRPEUHV JULVHV SDVµ DO

110/120
ODGR GHO PRQXPHQWR GHO KXHYR \ OOHJµ KDVWD GRQGH HVWDEDQ DTXHOODV
FDVDVGHYHFLQGDGJULVHVWULVWHVHQODVTXHPRUDEDODJHQWHTXHYLY¯D
DOERUGHGHOWLHPSR3HURWDPEL«QDTX¯WRGRHVWDEDU¯JLGR
0RPR VHJX¯D D XQD GLVWDQFLD SUXGHQFLDO GHWU£V GH ORV ¼OWLPRV
UH]DJDGRV$V¯FRPHQ]µXQDSHUVHFXFLµQDOUHY«VDWUDY«VGHODJUDQ
FLXGDGXQDSHUVHFXFLµQHQODTXHXQJUXSRHQRUPHGHKRPEUHVJULVHV
KX¯D\XQDQL³DFRQXQDIORUHQXQDPDQR\XQDWRUWXJDHQODRWUDORV
SHUVHJX¯D
c3HUR TX« DVSHFWR WDQ PLVWHULRVR WHQ¯D OD JUDQ FLXGDG (Q OD
FDO]DGD ORV FRFKHV HVWDEDQ SDUDGRV XQR DO ODGR GHO RWUR GHWU£V GHO
YRODQWH ORV FRQGXFWRUHV HVWDEDQ LQPµYLOHV FRQ ODV PDQRV HQ HO
FDPELR GH PDUFKDV R HQ OD ERFLQD XQR WHQ¯D XQ GHGR HQ OD VLHQ \
PLUDED PX\ HQIDGDGR D VX YHFLQR  ORV FLFOLVWDV WHQ¯DQ XQ EUD]R
OHYDQWDGRFRPRVH³DOGHTXHLEDQDJLUDU\HQODVDFHUDVWRGRVORV
SHDWRQHV KRPEUHV PXMHUHV QL³RV SHUURV \ JDWRV WRWDOPHQWH
LQPµYLOHVLQFOXVRORVJDVHVGHORVWXERVGHHVFDSH
(QORVFUXFHVHVWDEDQORVJXDUGLDVGHWU£ILFRFRQORVVLOEDWRVHQOD
ERFD GHWHQLGRV PLHQWUDV KDF¯DQ VH³DOHV 8QD EDQGDGD GH SDORPDV
IORWDEDHQHODLUHHQFLPDGHXQDSOD]D(QORDOWRKDE¯DXQDYLµQTXH
SDUHF¯D SLQWDGR HQ HO FLHOR (O DJXD GH ODV IXHQWHV SDUHF¯D KLHOR /DV
KRMDV TXH FD¯DQ GH ORV £UEROHV VH PDQWHQ¯DQ LQPµYLOHV D PHGLR
FDPLQR < XQ SHUULWR TXH SUHFLVDPHQWH OHYDQWDED OD SDWD MXQWR D XQ
IDUROSDUHF¯DGLVHFDGR
3RU HVD FLXGDG PXHUWD FRPR XQD IRWRJUDI¯D FRUU¯DQ ORV KRPEUHV
JULVHV < 0RPR GHWU£V VLHPSUH FXLGDQGR TXH QR OD YLHUDQ 3HUR
DTX«OORV\DQRSUHVWDEDQDWHQFLµQDQDGDSRUTXHGHWRGRVPRGRVVX
KXLGDUHVXOWDEDFDGDYH]P£VGLI¯FLO\DJRWDGRUD
1R HVWDEDQ DFRVWXPEUDGRV D UHFRUUHU WUHFKRV WDQ ODUJRV
-DGHDEDQ\UHVSLUDEDQDQKHORVDPHQWH$GHP£VWHQ¯DQTXHPDQWHQHU
HQWUH ORV ODELRV VXV SHTXH³RV FLJDUURV VLQ ORV FXDOHV HVWDEDQ
SHUGLGRV $ P£V GH XQR VH OH HVFDSDED HQ OD FDUUHUD \ DQWHV GH
KDEHUORSRGLGRUHFRJHUGHOVXHOR\DVHGLVROY¯D
3HUR QR HUDQ VµOR HVWDV FLUFXQVWDQFLDV H[WHUQDV ODV TXH
GLILFXOWDEDQVXKXLGDVLQRTXHFDGDYH]VHKDF¯DQP£VSHOLJURVRVORV
SURSLRV FRPSD³HURV GH LQIRUWXQLR 3RUTXH DOJXQRV FX\RV ¼OWLPRV
FLJDUURV VH DFDEDEDQ VH OR DUUDQFDEDQ D RWUR GH OD ERFD 'H HVWH
PRGRVXQ¼PHURVHUHGXF¯DOHQWDSHURFRQVWDQWHPHQWH
$TXHOORV TXH WRGDY¯D OOHYDEDQ XQD SHTXH³D UHVHUYD HQ VXV
FDUWHUDV WHQ¯DQ TXH LU FRQ PXFKR FXLGDGR SDUD TXH ORV GHP£V QR VH
GLHUDQ FXHQWD SRUTXH VL QR ORV TXH \D QR WHQ¯DQ VH DEDODQ]DEDQ
VREUH ORV P£V ULFRV H LQWHQWDEDQ DSRGHUDUVH GH VXV ULTXH]DV
0RQWRQHVHQWHURVVHODQ]DEDQORVXQRVVREUHORVRWURVSDUDFRQVHJXLU
DOJ¼QIUDJPHQWRGHODVUHVHUYDV(QHVWRORVFLJDUURVURGDEDQSRUOD
FDOOH \ HUDQ SLVRWHDGRV HQ HO WXPXOWR (O PLHGR D WHQHU TXH
GHVDSDUHFHU GHO PXQGR KDE¯D KHFKR SHUGHU OD FDEH]D D ORV KRPEUHV
JULVHV
+DE¯DRWUDFRVDTXHOHVGHSDUDEDP£VGLILFXOWDGHVFXDQWRP£VVH
DFHUFDEDQDOFHQWURGHODFLXGDG(QDOJXQRVSXQWRVGHODJUDQFLXGDG
OD JHQWH HVWDED WDQ DSUHWDGD TXH ORV KRPEUHV JULVHV DSHQDV SRG¯DQ
SDVDU HQWUH ODV SHUVRQDV LQPµYLOHV FRPR £UEROHV HQ HO ERVTXH $
0RPRTXHHUDSHTXH³D\GHOJDGDOHUHVXOWDEDPXFKRP£VI£FLO3HUR
LQFOXVR XQD SOXPD TXH IORWDED HQ HO DLUH HVWDED WDQ LQPµYLO TXH ORV
KRPEUHV FDVL VH KXQG¯DQ OD FDEH]D FXDQGR VLQ TXHUHU WRSDEDQ FRQ
HOOD
(UDXQODUJRFDPLQR\0RPRQRWHQ¯DQLLGHDGHFX£QWRTXHGDED
SRUUHFRUUHU3UHRFXSDGDPLUµVXIORUKRUDULD3HUR«VWDVµORDFDEDED
GHDEULUVHGHOWRGR7RGDY¯DQRKDE¯DPRWLYRGHSUHRFXSDFLµQ
(QWRQFHV RFXUULµ DOJR TXH KL]R TXH 0RPR ROYLGDVH GH LQPHGLDWR
WRGRORGHP£VHQXQDFDOOHODWHUDOYLRD%HSSR%DUUHQGHUR
౱c%HSSR ౱JULWµ IXHUD GH V¯ GH DOHJU¯D \ FRUULµ KDFLD «O౱
c%HSSRWHKHEXVFDGRSRUWRGDVSDUWHV'µQGHKDVHVWDGRWRGRHVWH
WLHPSR"c%HSSR%HSSRTXHULGR
4XLVR VDOWDUOH DO FXHOOR SHUR VDOLµ UHFKD]DGD FRPR VL IXHUD GH
KLHUUR 0RPR VH KL]R EDVWDQWH GD³R \ VH OH OOHQDURQ ORV RMRV GH
O£JULPDV6HTXHGµVROOR]DQGRDQWH«O\OHPLUµ
6X FXHUSR SHTXH³R SDUHF¯D P£V HQFRUYDGR TXH DQWHV 6X FDUD
111/120
ERQGDGRVD HVWDED GHOJDGD \ KXQGLGD \ PX\ S£OLGD $OUHGHGRU GH OD XQSHTXH³RFLJDUURJULV
EDUELOODOHKDE¯DFUHFLGRXQDEDUEDEODQFDSRUTXH\DQRWHQ¯DWLHPSR 0RPR OH VLJXLµ KDVWD XQ SXQWR HQ TXH HQ OD LQWHUPLQDEOH ILOD GH
GHDIHLWDUVH(QWUHODVPDQRVVRVWHQ¯DXQDYLHMDHVFREDJDVWDGD\DGH FDVDVIDOWDEDXQD(QVXOXJDUKDE¯DXQDJUDQYDOODTXHURGHDEDXQ
WDQWR EDUUHU $V¯ HVWDED LQPµYLO FRPR WRGR OR GHP£V \ PLUDED D DPSOLR VRODU (Q OD YDOOD KDE¯D XQD SXHUWD HQWUHDELHUWD SRU OD TXH VH
WUDY«VGHVXVYLHMDVJDIDVODSRUTXHU¯DGHODFDOOH FROµHO¼OWLPRKRPEUHJULVUH]DJDGR
$KRUD SRU ILQ OH KDE¯D HQFRQWUDGR 0RPR DKRUD FXDQGR \D QR 6REUHODSXHUWDKDE¯DXQFDUWHO\0RPRVHSDUµSDUDGHVFLIUDUOR
VHUY¯D GH QDGD SRUTXH \D QR SRG¯D ORJUDU TXH «O OD YLHUD 3RGU¯D VHU
TXHIXHUDOD¼OWLPDYH]TXHOHYH¯D4XL«QVDEHFµPRDFDEDU¯DWRGR6L c$7(1&,•1
WRGRDFDEDEDPDO%HSSRHVWDU¯DSDUDGRDTX¯SRUWRGDODHWHUQLGDG 3(/,*52'(08(57(
/DWRUWXJDVHDJLWDEDHQHOEUD]RGH0RPR 352+,%,'$/$(175$'$
m6LJXH}SRQ¯DHQVXFDSDUD]µQ $72'$3(5621$(;75$“$
0RPR YROYLµ FRUULHQGR D OD FDOOH SULQFLSDO \ VH DVXVWµ <D QR VH 352+,%,'2
YH¯D QLQJXQR GH ORV ODGURQHV GH WLHPSR 0RPR FRUULµ XQ WUHFKR HQ OD
GLUHFFLµQHQTXHKDE¯DQKXLGRDQWHVORVKRPEUHVJULVHVSHURHQYDQR
c+DE¯DSHUGLGRODSLVWD
6H TXHGµ TXLHWD SHUSOHMD 4X« KDFHU" 0LUµ LQWHUURJDGRUD D
&DVLRSHD
m/RVHQFXHQWUDVVLJXH}IXHHOFRQVHMRGHODWRUWXJD
6L&DVLRSHDVDE¯DGHDQWHPDQRTXHHQFRQWUDU¯DDORVODGURQHVGH
WLHPSR HVR RFXUULU¯D WRPDUD HO FDPLQR TXH WRPDUD $V¯ TXH VLJXLµ
FRUULHQGR FRPR OH SDUHF¯D D YHFHV D OD GHUHFKD D YHFHV D OD
L]TXLHUGDDYHFHVVHJX¯DUHFWR
0LHQWUDVWDQWRKDE¯DOOHJDGRDDTXHOODSDUWHHQHOH[WUHPRQRUWHGH
ODJUDQFLXGDGGRQGHHVWDEDQORVEDUULRVQXHYRVFRQVXVFDVDVWRGDV
LJXDOHV \ ODV FDOOHV WLUDGDV D FRUGHO KDVWD HO KRUL]RQWH 0RPR VLJXLµ
FRUULHQGR SHUR FRPR WRGDV ODV FDVDV \ FDOOHV HUDQ H[DFWDPHQWH
LJXDOHV SURQWR OH SDUHFLµ TXH QR VH PRY¯D TXH HVWDED FRUULHQGR
VLHPSUH HQ HO PLVPR VLWLR (UD XQ YHUGDGHUR ODEHULQWR SHUR XQ
ODEHULQWRGHUHJXODULGDGHLJXDOGDG
0RPR \D FDVL KDE¯D SHUGLGR HO £QLPR FXDQGR GH UHSHQWH YLR
YROYHU OD HVTXLQD D XQR GH ORV KRPEUHV JULVHV &RMHDED VXV
SDQWDORQHVHVWDEDQGHVJDUUDGRVOHIDOWDEDHOERPE¯Q\ODFDUWHUDVµOR
HQVXERFDYROXQWDULRVDPHQWHDSUHWDGDKXPHDEDWRGDY¯DODFROLOODGH

112/120
 GHO IRQGR GH OD IRVD D VX ODGR < UHVXOWµ TXH SDUHF¯D PLUDU
GLUHFWDPHQWHD0RPR
‹VWD QR OR SHQVµ PXFKR VLQR TXH OR WRPµ FRPR XQD VH³DO \ VH
PHWLµHQHOWXER$SHQDVHVWXYRGHQWURHPSH]µDUHVEDODUSRUTXHHO
WXER FRQGXF¯D GHUHFKR DEDMR 'DED WRGD FODVH GH YXHOWDV GH PRGR
TXHGDEDWXPERVGHXQODGRDRWURFRPRHQXQWRERJ£Q/DEDMDGDHQ
XQD RVFXULGDG FDGD YH] P£V HVSHVD VH KL]R YHUWLJLQRVD $ YHFHV
GDED XQD YROWHUHWD GH PRGR TXH EDMDED FRQ OD FDEH]D SRU GHODQWH
3HURQRVROWµODWRUWXJDQLODIORU&XDQWRP£VEDMDEDP£VIU¯RKDF¯D
8QILQFRQHOTXHFRPLHQ]D 'XUDQWH XQ PRPHQWR SHQVµ WDPEL«Q VL MDP£V YROYHU¯D D VDOLU GH
DOJRQXHYR DOO¯ SHUR DQWHV GH SRGHU DVXVWDUVH HO WXER DFDEµ GH UHSHQWH HQ XQ
SDVLOOR VXEWHUU£QHR <D QR HVWDED RVFXUR 5HLQDED XQD PHGLD OX]
FHQLFLHQWDTXHSDUHF¯DVXUJLUGHODVSURSLDVSDUHGHV
0RPRVHOHYDQWµ\VLJXLµDQGDQGR&RPRLEDGHVFDO]DVXVSDVRV

0
QRKDF¯DQUXLGRSHURV¯ORVGHOKRPEUHJULVTXHYROY¯DDR¯UGHODQWHGH
RPR VH KDE¯D HQWUHWHQLGR DO GHOHWUHDU HO DYLVR &XDQGR
HOOD6LJXLµHVHUXLGR
DWUDYHVµ OD SXHUWD \D QR VH YH¯D QDGD GHO ¼OWLPR KRPEUH
'HO SDVLOOR TXH UHFRUU¯D VH ELIXUFDEDQ RWURV KDFLD WRGRV ODGRV
JULV
FRPR XQ ODEHULQWR VXEWHUU£QHR TXH SDUHF¯D H[WHQGHUVH SRU WRGR HO
$QWH HOOD VH H[WHQG¯D XQD IRVD GH REUD TXH SRGU¯D WHQHU YHLQWH R
EDUULRGHUHFLHQWHFRQVWUXFFLµQ
WUHLQWDPHWURVGHSURIXQGLGDG+DE¯DH[FDYDGRUDV\RWUDVP£TXLQDVGH
(QWRQFHVR\µXQUHYROWLMRGHYRFHV6HJXLµKDFLD«O\HVSLµSRUXQD
ODFRQVWUXFFLµQ(QXQDUDPSDTXHFRQGXF¯DDOIRQGRGHODIRVDXQRV
HVTXLQD
FXDQWRVFDPLRQHVVHKDE¯DQSDUDGRHQPHGLRGHVXUHFRUULGR$F£\
$QWH VXV RMRV KDE¯D XQD VDOD LQPHQVD FRQ XQD PHVD FDVL
DOO£ KDE¯D REUHURV GH OD FRQVWUXFFLµQ SDUDOL]DGRV HQ VXV SRVWXUDV
LQWHUPLQDEOH HQ VX FHQWUR $OUHGHGRU GH HVD PHVD HVWDEDQ VHQWDGRV
UHVSHFWLYDV
HQ GRV ODUJDV ILODV ORV KRPEUHV JULVHV R PHMRU GLFKR ORV SRFRV TXH
$ GµQGH LU" 0RPR QR SRG¯D GHVFXEULU QLQJXQD HQWUDGD TXH
TXHGDEDQ c4X« P¯VHUR DVSHFWR WHQ¯DQ DKRUD HVRV ODGURQHV GH
SXGLHUD KDEHU XVDGR HO KRPEUH JULV 0LUµ D &DVLRSHD SHUR «VWD
WLHPSR6XVWUDMHVHVWDEDQGHVWUR]DGRVWHQ¯DQDUD³D]RV\FKLFKRQHV
WDPSRFRSDUHF¯DVDEHUQDGDP£V1RDSDUHFLµQDGDHQVXFDSDUD]µQ
HQ VXV FDOYDV FDEH]DV \ VXV FDUDV HVWDEDQ GLVWRUVLRQDGDV SRU HO
0RPREDMµDOIRQGRGHODIRVD\PLUµDOUHGHGRU<DV¯YROYLµDYHU
PLHGR
XQDFDUDFRQRFLGD$OO¯HVWDED1LFRODHODOED³LOTXHOHKDE¯DSLQWDGRVX
6µORVXVFLJDUURVKXPHDEDQWRGDY¯D
ERQLWR FXDGUR GH IORUHV HQ OD SDUHG &ODUR TXH «O WDPEL«Q HVWDED
0RPR YLR TXH HQ OD OHMDQD SDUHG GHO IRQGR GH OD VDOD KDE¯D DOJR
LQPµYLOFRPRWRGRVORVGHP£VSHURHQVXSRVWXUDKDE¯DDOJRFXULRVR
HQWUHDELHUWD XQD SXHUWD DFRUD]DGD HQRUPH 6DO¯D GH OD VDOD XQ IU¯R
7HQ¯DXQDPDQRDOODGRGHODERFDFRPRVLOHJULWDUDDOJRDDOJXLHQ\
JODFLDO$XQTXH0RPRVDE¯DTXHQRVHUY¯DGHQDGDVHDFXUUXFµHQHO
FRQODRWUDPDQRVH³DODEDODDEHUWXUDGHXQWXERJLJDQWHVFRTXHVDO¯D
VXHOR\VHWDSµORVSLHVFRQODIDOGD

113/120
 ౱7HQHPRV TXH VHU DKRUUDWLYRV FRQ QXHVWUDV SURYLVLRQHV ౱R\µ
TXH GHF¯D HO KRPEUH JULV TXH HVWDED HQ HO H[WUHPR VXSHULRU GH OD
PHVD DQWH OD SXHUWD DFRUD]DGD౱ SRUTXH QR VDEHPRV FX£QWR
WHQGUHPRVTXHUHVLVWLUFRQHOODV7HQHPRVTXHOLPLWDUQRV
౱c6L VµOR VRPRV XQRV SRFRV ౱JULWµ RWUR౱ /DV SURYLVLRQHV
EDVWDQSDUDPXFKRVD³RV
౱&XDQWR DQWHV HPSHFHPRV D DKRUUDU ౱FRQWLQXµ LPSHUW«UULWR HO
RUDGRU౱ P£V DJXDQWDUHPRV < XVWHGHV VH³RUHV VDEHQ D TX« PH
UHILHUR FXDQGR GLJR DKRUUDU %DVWD TXH XQRV SRFRV GH QRVRWURV
VREUHYLYDQDODFDW£VWURIH7HQHPRVTXHYHUODVFRVDVREMHWLYDPHQWH
/RV TXH HVWDPRV DTX¯ VH³RUHV P¯RV VRPRV GHPDVLDGRV 7HQHPRV
TXH UHGXFLU QRWDEOHPHQWH QXHVWUR Q¼PHUR (V XQ LPSHUDWLYR GH OD
UD]µQ6HU¯DQWDQDPDEOHVVH³RUHVGHQXPHUDUVH"
/RVKRPEUHVJULVHVVHQXPHUDURQ'HVSX«VHOSUHVLGHQWHVDFµGHO
EROVLOORXQDPRQHGD\GLMR YXHOYDQDOO¯GHGRQGHKDQYHQLGR
౱9DPRVDVRUWHDUOR&DUDTXLHUHGHFLUTXHVHTXHGDQORVVH³RUHV
FRQORVQ¼PHURVSDUHVFUX]TXHVHTXHGDQORVLPSDUHV
(FKµODPRQHGDDODLUH\ODUHFRJLµ
౱c&DUD౱JULWµ౱/RVVH³RUHVFRQORVQ¼PHURVSDUHVVHTXHGDQ
DORVRWURVVHOHVUXHJDTXHVHGLVXHOYDQLQPHGLDWDPHQWH
8Q JHPLGR £WRQR UHFRUULµ OD ILOD GH ORV SHUGHGRUHV SHUR QDGLH
SURWHVWµ/RVODGURQHVGHWLHPSRFRQORVQ¼PHURVSDUHVOHVDUUDQFDURQ
DORVRWURVVXVFLJDUURV\«VWRVVHGLVROYLHURQHQODQDGD
౱$KRUD ౱GLMR HQ PHGLR GHO VLOHQFLR HO SUHVLGHQWH౱ YDPRV D
UHSHWLUORSRUIDYRU
(OPLVPRWHUULEOHSURFHGLPLHQWRVHUHSLWLµXQDVHJXQGDXQDWHUFHUD
H LQFOXVR XQD FXDUWD YH] $O ILQDO QR TXHGDURQ P£V TXH VHLV GH ORV
KRPEUHVJULVHV(VWDEDQVHQWDGRVWUHVDFDGDODGRIUHQWHDIUHQWHHQ
HOH[WUHPRVXSHULRUGHODPHVD\VHPLUDEDQJODFLDOPHQWH
0RPRKDE¯DREVHUYDGRHOHVSHFW£FXORWHPEORURVD1RWµTXHFDGD
YH] TXH VH UHGXF¯D HO Q¼PHUR GH ORV KRPEUHV JULVHV GLVPLQX¯D
VHQVLEOHPHQWHHOIU¯R$KRUDFDVLHUDVRSRUWDEOH
౱6HLV౱GLMRXQRGHORVKRPEUHVJULVHV౱HVXQQ¼PHURIHR
౱<DEDVWD౱GLMRRWURGHVGHHORWURODGRGHODPHVD౱1RYDOHOD
SHQD UHGXFLU WRGDY¯D P£V QXHVWUR Q¼PHUR 6L QRVRWURV VHLV QR
FRQVHJXLPRVVREUHYLYLUDODFDW£VWURIHWDPSRFRORFRQVHJXLU¯DQWUHV
౱(VR HVW£ SRU YHU ౱RSLQµ RWUR౱ SHUR HQ FDVR QHFHVDULR VH
SXHGHGLVFXWLUWRGDY¯DP£VDGHODQWH
&DOOµGXUDQWHXQUDWRSDUDGHFLU
౱4X« ELHQ TXH OD SXHUWD GH ORV DOPDFHQHV HVWXYLHUD DELHUWD
FXDQGR FRPHQ]µ OD FDW£VWURIH 6L HQ HVH PRPHQWR KXELHUD HVWDGR
FHUUDGD QLQJXQD IXHU]D GHO PXQGR VHU¯D FDSD] GH DEULUOD DKRUD
+DEU¯DPRVHVWDGRSHUGLGRV
౱3RUGHVJUDFLDQRWLHQHWRGDODUD]µQVH³RUP¯R౱FRQWHVWµRWUR
౱ $O HVWDU DELHUWD OD SXHUWD VH HVFDSD HO IU¯R GH ORV DOPDFHQHV
FRQJHODGRUHV3RFRDSRFRODVIORUHVKRUDULDVVHLU£QGHVFRQJHODQGR
< WRGRV XVWHGHV VDEHQ TXH HQWRQFHV QR SRGUHPRV LPSHGLUOHV TXH
౱4XLHUH XVWHG GHFLU ౱UHSXVR HO VHJXQGR KRPEUH JULV౱ TXH
QXHVWURIU¯R\DQREDVWDSDUDPDQWHQHUODVSURYLVLRQHVFRQJHODGDV"
౱6µOR VRPRV VHLV ౱UHVSRQGLµ HO RWUR౱ ODPHQWDEOHPHQWH \ \D
PH GLU£ XVWHG TX« SRGHPRV KDFHU 0H SDUHFH TXH QRV DSUHVXUDPRV
GHPDVLDGR HQ OLPLWDU WDQ ULJXURVDPHQWH QXHVWUR Q¼PHUR 1R
JDQDUHPRVQDGD
౱7HQ¯DPRVTXHGHFLGLUQRVSRUXQDGHODVGRVSRVLELOLGDGHV౱GLMR
HOSULPHUKRPEUHJULV౱\QRVKHPRVGHFLGLGR
'HQXHYRVHKL]RHOVLOHQFLR
౱$V¯ TXH SXHGH VHU TXH GXUDQWH PXFKRV D³RV QR KDJDPRV RWUD
FRVD TXH HVWDU VHQWDGRV DTX¯ \ YLJLODUQRV PXWXDPHQWH ౱GLMR XQR౱
7HQJR TXH GHFLU TXH QR PH SDUHFH XQD SHUVSHFWLYD GHPDVLDGR
DJUDGDEOH
0RPRUHIOH[LRQDED1RWHQ¯DVHQWLGRHVWDUVHDOO¯\HVSHUDU$V¯TXH
VL \D QR KDE¯D P£V KRPEUHV JULVHV ODV IORUHV KRUDULDV VH
GHVFRQJHODU¯DQ SRU V¯ PLVPDV 3HUR WRGDY¯D KDE¯D KRPEUHV JULVHV <
FRQWLQXDU¯DKDEL«QGRORVVLHOODQRKDF¯DQDGD3HURTX«SRG¯DKDFHU
FXDQGR OD SXHUWD GHO DOPDF«Q HVWDED DELHUWD \ ORV KRPEUHV JULVHV
114/120
SRG¯DQDSURYLVLRQDUVHFXDQGRTXLVLHUDQ"
&DVLRSHDSDWDOHDED\0RPRODPLUµ
m&LHUUDVODSXHUWD}SRQ¯DHQVXFDSDUD]µQ
౱1RVHU¯DSRVLEOH౱VXVXUUµ0RPR౱(VW£LQPRYLOL]DGD
m7RFDUODFRQODIORU}HUDODUHVSXHVWD
౱3XHGRPRYHUODVLODWRFRFRQODIORUKRUDULD"౱SUHJXQWµ0RPR
HQXQPXUPXOOR
m/RKDU£V}DSDUHFLµHQHOFDSDUD]µQ
6L &DVLRSHD OR SUHYH¯D VHU¯D DV¯ 0RPR GHMµ OD WRUWXJD
FXLGDGRVDPHQWH HQ HO VXHOR (QWRQFHV RFXOWµ OD IORU KRUDULD TXH \D
HVWDED EDVWDQWH PDUFKLWD \ VµOR WHQ¯D PX\ SRFRV S«WDORV EDMR VX
FKDTXHWµQ
&RQVLJXLµ DUUDVWUDUVH EDMR OD ODUJD PHVD VLQ TXH ORV KRPEUHV
JULVHV OD YLHUDQ *DWHµ EDMR OD PHVD KDVWD TXH OOHJµ DO RWUR H[WUHPR
$KRUD VH HQFRQWUDED HQWUH ORV SLHV GH ORV ODGURQHV GH WLHPSR (O
FRUD]µQOHODW¯DFRPRVLTXLVLHUDUHYHQWDU
0X\PX\GHVSDFLRVDFµODIORUKRUDULDVHODSXVRHQWUHORVGLHQWHV
\JDWHµHQWUHODVVLOODVVLQTXHQLQJ¼QKRPEUHJULVVHGLHUDFXHQWD
/OHJµDODSXHUWDDELHUWD\ODWRFµFRQODIORUHPSXM£QGRODDOPLVPR
WLHPSRFRQODPDQR/DSXHUWDJLUµVLOHQFLRVDPHQWHVREUHVXVJR]QHV
\VHFHUUµFRQHVWU«SLWR(OJROSHKL]RQDFHUXQHFRFHQWXSOLFDGRHQOD
VDOD\HQWRGRVORVFRUUHGRUHVVXEWHUU£QHRV
0RPR VH OHYDQWµ GH XQ VDOWR /RV KRPEUHV JULVHV TXH QL SRU
FDVXDOLGDG KDE¯DQ SHQVDGR HQ TXH SRG¯D KDEHU DOJXLHQ DGHP£V GH
HOORVH[FHSWXDQGRODLQPRYLOLGDGWRWDOTXHGDURQU¯JLGRVSRUHOHVSDQWR
\FODYDURQODYLVWDHQODQL³D
6LQSHQVDUORGRVYHFHV0RPRFRUULµSRUVXODGRKDFLDODVDOLGDGH
OD VDOD (QWRQFHV WDPEL«Q VH UHFREUDURQ ORV KRPEUHV JULVHV TXH VH
ODQ]DURQHQVXSHUVHFXFLµQ
౱c(VDQL³DWHUULEOH౱R\µTXHJULWDEDXQR౱c(V0RPR
౱c1RSXHGHVHU౱JULWµRWUR౱&µPRSXHGHPRYHUVH"
౱7LHQHXQDIORUKRUDULD౱JULWµXQWHUFHUR
౱<FRQHVR౱SUHJXQWµHOFXDUWR౱SXGRPRYHUODSXHUWD"
(OTXLQWRVHGLRXQJROSHHQODIUHQWH
౱7DPEL«QKDEU¯DPRVSRGLGRKDFHUORQRVRWURV7HQHPRVGHVREUD
౱c7HQ¯DPRVc7HQ¯DPRV౱FKLOOµHOVH[WR౱$KRUDODSXHUWDHVW£
FHUUDGD 6µOR KD\ XQ UHPHGLR WHQHPRV TXH TXLWDUOH OD IORU 6L QR VH
DFDEµ
0LHQWUDVWDQWR0RPR\DKDE¯DGHVDSDUHFLGRSRUORVSDVLOORVTXH
VH ELIXUFDEDQ XQD \ RWUD YH] 3HUR ORV KRPEUHV JULVHV OH OOHYDEDQ
YHQWDMD SRUTXH FRQRF¯DQ ORV FRUUHGRUHV 0RPR FRUU¯D GH XQ ODGR D
RWUR DOJXQD YH] LED FDVL GLUHFWDPHQWH D ORV EUD]RV GH DOJ¼Q
SHUVHJXLGRUSHURVLHPSUHFRQVLJXLµHVTXLYDUORV
7DPEL«Q &DVLRSHD SDUWLFLSDED D VX PDQHUD HQ HVD OXFKD &LHUWR
TXHVµORSRG¯DDUUDVWUDUVHOHQWDPHQWHSHURFRPRVDE¯DGHDQWHPDQR
SRUGµQGHLEDQDSDVDUORVSHUVHJXLGRUHVOOHJDEDDWLHPSRDHVHVLWLR
\VHSRQ¯DGHWDOPDQHUDTXHORVKRPEUHVJULVHVWURSH]DUDQFRQHOOD\
FD\HUDQDOVXHORGDQGRWXPERV/RVTXHYHQ¯DQGHWU£VFD¯DQVREUHHO
FD¯GR \ GH HVH PRGR OD WRUWXJD VDOYµ YDULDV YHFHV D OD QL³D GH VHU
DWUDSDGD&ODURHVW£TXHHOODWDPEL«QIXHDSDUDUYDULDVYHFHVFRQWUD
ODSDUHGGHXQDSDWDGD3HURHVRQROHLPSHG¯DVHJXLUKDFLHQGRORTXH
VDE¯DGHDQWHPDQRTXHLEDDKDFHU
'XUDQWHODSHUVHFXFLµQYDULRVKRPEUHVJULVHVSHUGLHURQSRUSXUR
DI£QGHDOFDQ]DUODIORUKRUDULDVXVFLJDUURVSRUORTXHVHGLVROYLHURQ
XQRWUDVRWURHQODQDGD$OILQDOQRTXHGDURQP£VTXHGRV
0RPR KDE¯D YXHOWR HQ VX KXLGD D OD JUDQ VDOD FRQ OD PHVD /RV
GRV ODGURQHV GH WLHPSR OD SHUVHJX¯DQ DOUHGHGRU GH OD PHVD SHUR QR
FRQVLJXLHURQ DOFDQ]DUOD (QWRQFHV VH VHSDUDURQ FRUULHURQ HQ
GLUHFFLRQHVRSXHVWDV<DQRTXHGDEDHVFDSDWRULDSDUD0RPR(VWDED
UHIXJLDGDHQXQRGHORVULQFRQHVGHODVDOD\PLUDEDOOHQDGHPLHGRD
VXV GRV SHUVHJXLGRUHV $SUHWDED OD IORU FRQWUD VX FXHUSR 6µOR OH
TXHGDEDQWUHVS«WDORV
-XVWR FXDQGR HO SULPHU SHUVHJXLGRU H[WHQG¯D OD PDQR SDUD
DUUHEDWDUOHODIORUHOVHJXQGROHWLUµSDUDDWU£V
౱c1R౱FKLOODED౱c/DIORUHVP¯Dc0¯D
/RV GRV FRPHQ]DURQ D SHOHDUVH HQWUH V¯ (O SULPHUR DUUDQFµ HO
115/120
FLJDUURGHODERFDGHOVHJXQGRTXHFRQXQJULWRIDQWDVPDOJLUµVREUH
V¯PLVPRVHYROYLµWUDQVSDUHQWH\GHVDSDUHFLµ(QWRQFHVHO¼OWLPRGH
ORV KRPEUHV JULVHV VH GLULJLµ KDFLD 0RPR (QWUH VXV ODELRV KXPHDED
XQDPLQ¼VFXODFROLOOD
౱c'DPHHVDIORU౱GLMRHQWUHFRUWDGDPHQWH
(QHVRVHOHFD\µURGDQGRODFROLOOD(OKRPEUHJULVVHODQ]µKDFLD
HOVXHOR\WUDWµGHDWUDSDUODSHUR\DQRODDOFDQ]µ9ROYLµKDFLD0RPR
VX FDUD FHQLFLHQWD VH HQGHUH]µ GLILFXOWRVDPHQWH \ DO]µ XQD PDQR
WHPEORURVD
౱3RUIDYRU౱VXVXUUµ౱SRUIDYRUTXHULGDQL³DGDPHODIORU
0RPR VHJX¯D DSUHWDGD HQ VX ULQFµQ DSUHWDED OD IORU FRQWUD VX
FXHUSR\PRYLµLQFDSD]GHKDEODUODFDEH]D
(OKRPEUHJULVDVLQWLµOHQWDPHQWH SDORPDVYRODEDQ\HOSHUULWRKL]RVXSLVMXQWRDOIDURO/RVKRPEUHVQR
౱(VW£ELHQಃHVW£ELHQಃTXHWRGRKD\DWHUPLQDGRಃ
<\DKDE¯DGHVDSDUHFLGR
0RPR PLUDED DWµQLWD HO OXJDU HQ TXH KDE¯D HVWDGR 3HUR DOO¯
HVWDEDDKRUD&DVLRSHDHQFX\DHVSDOGDSRQ¯Dm$EUHODSXHUWD}
0RPRIXHKDFLDODSXHUWDODWRFµFRQVXIORUKRUDULDHQODTXH\D
QRKDE¯DP£VTXHXQVRORS«WDOR\ODDEULµGHSDUHQSDU
&RQ OD GHVDSDULFLµQ GHO ¼OWLPR ODGUµQ GH WLHPSR KDE¯D
GHVDSDUHFLGRWDPEL«QHOIU¯R
0RPRHQWUµFRQORVRMRVDGPLUDGRVHQORVLQPHQVRVDOPDFHQHV
+DE¯DLQFRQWDEOHVIORUHVKRUDULDVFRPRFRSDVGHFULVWDODOLQHDGDVHQ
HVWDQWHU¯DVVLQILQODXQDP£VKHUPRVDTXHODRWUD\WRGDVGLIHUHQWHV cDOO¯HVWDED(VWDEDYXHOWRGHHVSDOGDVDHOODDSR\DGRHQVXHVFRED\
FLHQWRVPLOHVPLOORQHVGHKRUDVGHYLGD+DF¯DP£V\P£VFDORUFRPR
HQXQLQYHUQDGHUR
0LHQWUDV FD¯D OD ¼OWLPD KRMD GH OD IORU GH 0RPR FRPHQ]µ XQD
HVSHFLHGHWHPSHVWDG1XEHVGHIORUHVKRUDULDVSDVDURQHQWRUEHOOLQRV
SRU VX ODGR (UD FRPR XQD F£OLGD WHPSHVWDG GH SULPDYHUD SHUR XQD
WHPSHVWDGGHWLHPSROLEHUDGR
0RPRPLUDEDDVXDOUHGHGRUFRPRHQVXH³RV\YLRD&DVLRSHDHQ
HOVXHORGHODQWHGHHOOD(QVXFDSDUD]µQSRQ¯DFRQOHWUDVOXPLQRVDV 3UREDEOHPHQWHQRH[LVWDQSDODEUDVSDUDGHILQLUODIHOLFLGDGGHHVWH
m9XHODDFDVDSHTXH³D0RPRYXHODDFDVD}
< HVR IXH OR ¼OWLPR TXH 0RPR YLR GH &DVLRSHD 3RUTXH OD
WHPSHVWDG GH IORUHV VH DFUHFHQWµ GH PRGR LQGHVFULSWLEOH VH KL]R WDQ
SRWHQWHTXHOHYDQWµD0RPRFRPRVLHOODWDPEL«QIXHUDXQDIORU\OD
OOHYµDIXHUDP£VDOO£GHORVFRUUHGRUHVWHQHEURVRVKDFLDODWLHUUD\OD
JUDQFLXGDG9RODEDVREUHORVWHMDGRV\WRUUHVHQXQDLQPHQVDQXEHGH
IORUHVTXHVHKDF¯DFDGDYH]PD\RU
(QWRQFHVODQXEHGHIORUHVVHSRVµOHQWD\VXDYHPHQWH\ODVIORUHV
FD¯DQ VREUH HO PXQGR GHWHQLGR FRPR FRSRV GH QLHYH < DO LJXDO TXH
ORVFRSRVGHQLHYHVHIXQG¯DQ\VHYROY¯DQLQYLVLEOHVSDUDUHJUHVDUDOO¯
GRQGHGHE¯DQHVWDUHQHOFRUD]µQGHORVKRPEUHV
(QHOPLVPRPRPHQWRFRPHQ]µGHQXHYRHOWLHPSR\WRGRYROYLµD
PRYHUVH /RV FRFKHV FRUU¯DQ ORV JXDUGLDV GH WU£ILFR VLOEDEDQ ODV
VHKDE¯DQGDGRFXHQWDVLTXLHUDGHTXHHOPXQGRHVWXYRGHWHQLGRXQD
KRUD3RUTXHHIHFWLYDPHQWHQRKDE¯DSDVDGRWLHPSRGHVGHHOILQDO\
HO QXHYR FRPLHQ]R 3DUD HOORV KDE¯D WUDQVFXUULGR FRPR XQ DEULU \
FHUUDUGHRMRV
1RREVWDQWHKDE¯DFDPELDGRDOJR'HSURQWRWRGRHOPXQGRWHQ¯D
WLHPSR GH VREUD &ODUR TXH WRGR HO PXQGR HVWDED PX\ FRQWHQWR SRU
HOORSHURQDGLHVDE¯DTXHHQUHDOLGDGHUDVXSURSLRWLHPSRDKRUUDGR
TXHYROY¯DD«OGHPRGRPDUDYLOORVR
&XDQGR0RPRYROYLµDGDUVHFXHQWDGHGµQGHHVWDEDYLRTXHHUD
ODFDOOHHQODTXHDQWHVKDE¯DHQFRQWUDGRD%HSSR<HIHFWLYDPHQWH
PLUDED SHQVDWLYDPHQWH DQWH V¯ FRPR DQWHV 'H UHSHQWH \D QR WHQ¯D
QLQJXQDSULVD\QRSRG¯DH[SOLFDUVHSRUTX«VHVHQW¯DWDQFRQVRODGR\
OOHQRGHHVSHUDQ]D
m3XHGHVHU}SHQVDEDmTXH\DKHDKRUUDGRODVFLHQPLOKRUDVSDUD
UHVFDWDUD0RPR}
< HQ HVWH PLVPR PRPHQWR DOJXLHQ WLUµ GH OD PDQJD GH VX
FKDTXHWDVHYROYLµ\WXYRDQWHV¯D0RPR
UHHQFXHQWUR$PERVUH¯DQ\OORUDEDQDOWHUQDWLYDPHQWH\KDEODEDQDOD
116/120
YH] VLQ GHFLU P£V TXH WRQWHU¯DV FRPR RFXUUH FXDQGR VH HVW£ FRPR
HEULRGHDOHJU¯D6HDEUD]DEDQXQD\RWUDYH]\ODJHQWHTXHSDVDEDVH
SDUDED \ VH UH¯D \ OORUDED FRQ HOORV SRUTXH DKRUD DO ILQ \ DO FDER
WHQ¯DQWLHPSRVXILFLHQWHSDUDHOOR
3RUILQ%HSSRVHSXVRODHVFREDDOKRPEURSRUTXHHVW£FODURTXH
QR SHQVDED WUDEDMDU P£V DTXHO G¯D $V¯ TXH ORV GRV DWUDYHVDURQ OD
FLXGDG FRJLGRV GHO EUD]R KDFLD HO DQILWHDWUR < FDGD XQR WHQ¯D
LQILQLGDGGHFRVDVTXHFRQWDUOHDORWUR
(QODJUDQFLXGDGVHYH¯DORTXHKDF¯DWLHPSRTXH\DQRVHKDE¯D
YLVWRORVQL³RVMXJDEDQHQPHGLRGHODFDOOH\ORVDXWRPRYLOLVWDVTXH
WHQ¯DQTXHSDUDUORVPLUDEDQVRQULHQGRRVHDSHDEDQSDUDMXJDUFRQ
HOORV 3RU WRGRV ODGRV KDE¯D FRUULOORV GH SHUVRQDV TXH FKDUODEDQ
DPLJDEOHPHQWH\VHLQIRUPDEDQODUJDPHQWHVREUHHOHVWDGRGHVDOXG
GHORVGHP£V4XLHQLEDDOWUDEDMRWHQ¯DWLHPSRSDUDDGPLUDUODVIORUHV
GH XQ EDOFµQ R GDU GH FRPHU D ORV S£MDURV < ORV P«GLFRV WHQ¯DQ
WLHPSR SDUD GHGLFDUVH H[WHQVDPHQWH D VXV HQIHUPRV /RV
WUDEDMDGRUHV WHQ¯DQ WLHPSR SDUD WUDEDMDU FRQ WUDQTXLOLGDG \ DPRU SRU
VX WUDEDMR SRUTXH \D QR LPSRUWDED KDFHU HO PD\RU Q¼PHUR GH FRVDV
HQ HO PHQRU WLHPSR SRVLEOH 7RGRV SRG¯DQ GHGLFDU D FXDOTXLHU FRVD
WRGRHOWLHPSRTXHQHFHVLWDEDQRTXHU¯DQSRUTXHYROY¯DDKDEHUORHQ
FDQWLGDG
3HURPXFKDJHQWHQRVHKDHQWHUDGRQXQFDGHDTXL«QVHORGHE¯D
\ TX« RFXUULµ UHDOPHQWH GXUDQWH DTXHO LQVWDQWH TXH OHV SDUHFLµ TXH
SDVDED HQ XQ DEULU \ FHUUDU GH RMRV /D PD\RU¯D QR OR KDEU¯D FUH¯GR
6µORORKDQVDELGR\FUH¯GRORVDPLJRVGH0RPR
3RUTXHFXDQGRODSHTXH³D0RPR\HOYLHMR%HSSRYROYLHURQDTXHO
G¯D DO DQILWHDWUR \D HVWDEDQ DOO¯ HVSHU£QGRORV WRGRV *LJL &LFHURQH
3DROR0DVVLPR%ODQFRODQL³D0DU¯D\VXKHUPDQLWR'HG«&ODXGLR\
WRGRVORVGHP£VQL³RV1LQRHOWDEHUQHURFRQ/LOLDQDVXJRUGDPXMHU
\ HO EHE« 1LFROD HO DOED³LO \ WRGD OD JHQWH GH ORV DOUHGHGRUHV TXH
DQWHVVLHPSUHKDE¯DYHQLGR\DORVTXH0RPRKDE¯DHVFXFKDGR
(QWRQFHV VH FHOHEUµ XQD ILHVWD WDQ GLYHUWLGD FRPR VµOR VDE¯DQ
FHOHEUDUOD ORV DPLJRV GH 0RPR \ GXUµ KDVWD TXH HO FLHOR HVWXYR
FXELHUWRGHHVWUHOODV
<FXDQGRKXELHURQDFDEDGRHOM¼ELOR\ORVDEUD]RV\ORVDSUHWRQHV
GHPDQRV\ODVULVDV\ORVJULWRVWRGRVVHVHQWDURQHQODVJUDGDVGH
SLHGUDFXELHUWDVGHKLHUED6HKL]RXQJUDQVLOHQFLR
0RPRVHSXVRHQHOFHQWURGHODSOD]ROHWDFLUFXODU3HQVDEDHQODV
YRFHVGHODVHVWUHOODV\ODVIORUHVKRUDULDV
<HPSH]µDFDQWDUFRQYR]FODUD
(Q OD FDVD GH 1LQJXQD 3DUWH HO PDHVWUR +RUD D TXLHQ HO WLHPSR
GHYXHOWRKDE¯DGHVSHUWDGRGHVXSULPHU\¼QLFRVXH³RHVWDEDVHQWDGR
HQVXVLOOµQ\PLUDEDVRQULHQWHD0RPR\VXVDPLJRVDWUDY«VGHVXV
JDIDVGHYLVLµQWRWDO7RGDY¯DHVWDEDS£OLGR\SDUHF¯DTXHDFDEDUDGH
VDQDUGHXQDHQIHUPHGDGJUDYH3HURVXVRMRVUDGLDEDQ
(QWRQFHV QRWµ TXH DOJR OH WRFDED HO SLH 6H TXLWµ ODV JDIDV \ VH
LQFOLQµ$QWH«OHVWDEDODWRUWXJD
౱&DVLRSHD౱GLMRFRQWHUQXUDPLHQWUDVOHUDVFDEDHOFXHOOR౱/R
KDE«LVKHFKRPX\ELHQODVGRV7LHQHVTXHFRQW£UPHORWRGRSRUTXH
HVWDYH]QRKHYLVWRQDGD
m0£V WDUGH} SRQ¯D HQ HO FDSDUD]µQ (QWRQFHV &DVLRSHD
HVWRUQXGµ
౱1RPHYDVDGHFLUTXHWHKDVUHVIULDGR"౱SUHJXQWµHOPDHVWUR
+RUDSUHRFXSDGR
mc<WDQWR}IXHODUHVSXHVWDGH&DVLRSHD
౱+DEU£ VLGR SRU HO IU¯R GH ORV KRPEUHV JULVHV ౱GLMR HO PDHVWUR
+RUD౱ 3XHGR LPDJLQDUPH TXH HVW«V PX\ DJRWDGD \ TXH SULPHUR
TXLHUDVGHVFDQVDU5HW¯UDWHSXHV
m*UDFLDV}SRQ¯DHQHOFDSDUD]µQ
&DVLRSHD IXH DUUDVWU£QGRVH KDVWD XQ ULQFµQ WUDQTXLOR \ RVFXUR
5HFRJLµGHQWURGHVXFDSDUD]µQODFDEH]D\ODVFXDWURH[WUHPLGDGHV
\ HQ VX HVSDOGD DSDUHFLHURQ VµOR YLVLEOHV SDUD TXLHQ KD OH¯GR HVWD
KLVWRULDODVOHWUDV
117/120
m(1'(}

%UHYHHS¯ORJRGHODXWRU

3
XHGHTXHDOJXQRGHPLVOHFWRUHVWHQJDDKRUDPXFKDVSUHJXQWDV
SUHSDUDGDV3HURWHPRQRSRGHUD\XGDUOH+HGHFRQIHVDUTXH
HVFULE¯WRGDHVWDKLVWRULDGHPHPRULDWDOFRPRPHIXHFRQWDGD
3HUVRQDOPHQWH QR KH FRQRFLGR D 0RPR QL D QLQJXQR GH VXV DPLJRV
1RV«TX«KDVLGRGHHOORVQLTX«KDFHQKR\(QORTXHVHUHILHUHDOD
JUDQFLXGDGQRSXHGRKDFHUP£VTXHVXSRVLFLRQHV
/R¼QLFRTXHSXHGRD³DGLUHVORVLJXLHQWH
(VWDEDHQXQODUJRYLDMH WRGDY¯DORHVWR\ FXDQGRSDV«XQDQRFKH
HQ HO FRPSDUWLPHQWR GHO WUHQ FRQ XQ SDVDMHUR FXULRVR (UD FXULRVR
SRUTXH PH UHVXOWDED WRWDOPHQWH LPSRVLEOH GHWHUPLQDU VX HGDG $O
SULQFLSLR FUH¯ HVWDU VHQWDGR IUHQWH D XQ DQFLDQR SHUR SURQWR YL TXH
GHE¯D KDEHUPH HTXLYRFDGR SRUTXH PL FRPSD³HUR GH YLDMH SDUHF¯D
PX\MRYHQ3HURWDPEL«QHVDLPSUHVLµQUHVXOWµVHUXQHUURU
/RFLHUWRHVTXHGXUDQWHHOODUJRUHFRUULGRQRFWXUQRPHFRQWµWRGD
HVWDKLVWRULD
&XDQGR KXER WHUPLQDGR ORV GRV FDOODPRV XQ UDWR (QWRQFHV HO
HQLJP£WLFR SDVDMHUR D³DGLµ WRGDY¯D XQD IUDVH TXH QR SXHGR
HVFDWLPDUOHDOOHFWRU
౱/H KH FRQWDGR WRGR HVWR ౱GLMR౱ FRPR VL \D KXELHUD RFXUULGR
7DPEL«Q KXELHUD SRGLGR FRQWDUOR FRPR VL IXHUD D RFXUULU HQ HO IXWXUR

118/120
3DUDP¯QRKD\GHPDVLDGDGLIHUHQFLD
6XSRQJR TXH VH DSHµ GHO WUHQ D OD SDUDGD VLJXLHQWH SRUTXH DO
FDERGHXQUDWRPHGLFXHQWDGHTXHHVWDEDVRORHQHOFRPSDUWLPHQWR
3RUGHVJUDFLDQRPHKHYXHOWRDHQFRQWUDUQXQFDP£VFRQHOQDUUDGRU
3HUR VL DOJ¼Q G¯D SRU FDVXDOLGDG YXHOYR D HQFRQWU£UPHOR SLHQVR
KDFHUOHPXFKDVSUHJXQWDV

0,&+$(/ (1'( QDFLGR HQ *DUPLVFK3DUWHQNLUFKHQ

$OHPDQLD  HO  GH QRYLHPEUH GH  KD VLGR XQR GH ORV
HVFULWRUHVP£VLPSRUWDQWHVGHOLWHUDWXUDMXYHQLOGHOVLJOR;;6X
SDGUH (GJDU (QGH HUD XQ UHFRQRFLGR SLQWRU VXUUHDOLVWD
SURKLELGRSRUHOSDUWLGR1D]L/DREUDGHVXSDGUHDV¯FRPRHO
EDUULR GH 0XQLFK GRQGH VH FULµ OOHQR GH SLQWRUHV \ RWURV
DUWLVWDVGHWHUPLQµHOULFRHVWLORTXHP£VWDUGHGHVDUUROODU¯D
'HVHUWµ GHO HM«UFLWR QD]L \ OXFKµ HQ XQ JUXSR DQWLIDVFLVWD

119/120
GXUDQWH OD 6HJXQGD *XHUUD 0XQGLDO 7UDV OD JXHUUD SHVH D
TXHUHU VHUGUDPDWXUJR (QGH DFDED HVWXGLDQGRDUWH GUDP£WLFR
HQ0XQLFK
&RPHQ]µDHVFULELUUHODWRVGHFRUWHLQIDQWLO\MXYHQLODSULQFLSLRV
GHORVD³RV7UDEDMµFRPRDFWRUJXLRQLVWDGHHVSHFW£FXORV
GHFDEDUHW\FRPRHVFULWRUGHFU¯WLFDVFLQHPDWRJU£ILFDV
(O «[LWR OH OOHJD FRQ -LP %RWµQ \ /XFDV HO PDTXLQLVWD  
XQD QRYHOD IDQW£VWLFD TXH OH PHUHFLµ HO 3UHPLR GH /LWHUDWXUD
,QIDQWLOGH$OHPDQLDGHOD³R
3RVWHULRUPHQWH (QGH VH PXGD D *HQ]DQR D ODV DIXHUDV GH
5RPDGRQGHHVFULEHREUDVFRPR0RPR  JDQDGRUDGHO
3UHPLR GH /LWHUDWXUD -XYHQLO HQ $OHPDQLD \ TXH VXSRQH XQ
HVSDOGDUD]R SDUD VX FDUUHUD (Q  SXEOLFD /D KLVWRULD
LQWHUPLQDEOH XQD REUD WDPEL«Q MXYHQLO TXH VXSHUD WRGDV ODV
H[SHFWDWLYDV HGLWRULDOHV \ VH WUDGXFH D P£V GH FXDUHQWD
LGLRPDV
(V XQR GH ORV HVFULWRUHV DOHPDQHV GH P£V «[LWR \ FXHQWD FRQ
XQ S¼EOLFR OHFWRU TXH DEDUFD WRGDV ODV HGDGHV +D HVFULWR
FXHQWRVQRYHODVSRHV¯D\WHDWUR
0XFKDV GH VXV REUDV KDQ PHUHFLGR LPSRUWDQWHV JDODUGRQHV
WDQWRHQVXSD¯VFRPRDQLYHOLQWHUQDFLRQDO(QWUHHOORVGHVWDFDQ
HO-DQXV].RUF]DNHO/RUHQ]RLO0DJQLILFR\HO3UHPLRDO0HMRU
/LEUR -XYHQLO $OHP£Q 6XV OLEURV 0RPR \ /D KLVWRULD
LQWHUPLQDEOHKDQVLGROOHYDGRVDOFLQH
6XV REUDV VH KDQ WUDGXFLGR D P£V GH WUHLQWD OHQJXDV \ HO
FRQMXQWRGHVXSURGXFFLµQOLWHUDULDVXPDXQDFDQWLGDGGHP£V
GHFLQFRPLOORQHVGHHMHPSODUHV
0LFKDHO(QGHPXULµHQ6WXWWJDUW $OHPDQLD HOGHDJRVWRHQ


120/120