“semillas de libertad republicana”.

³6(0,//$6'(/,%(57$'5(38%/,&$1$´
5HODWRVGHVX+LVWRULDUHFXSHUDGD
3RU/XLV&DOYR5HQJHO
8Q HPRFLRQDGR +RPHQDMH GH UHFXHUGR SDUD WRGDV ODV YtFWLPDV TXH SRU
FUHHU HQ OD /LEHUWDG \ HQ OD -XVWLFLD IXHURQ SHUVHJXLGRV GHWHQLGRV
WRUWXUDGRV HQFDUFHODGRV ³MX]JDGRV´ R ³QR MX]JDGRV´ \ DVHVLQDGRV SRU
)UDQFR\VXVFyPSOLFHVVHFXDFHV࣡
࣡
HQOD
*XHUUD&LYLO(VSDxRODGH
$*5$'(&,0,(1726
$O ௙
*RELHUQR 6RFLDOLVWD GH (VSDxD௙
TXH JUDFLDV D pO \ D OD /H\ GH OD 0HPRULD
+LVWyULFD KD FRQVHJXLGR UHYLWDOL]DU HO UHFXHUGR KLVWyULFR GH QXHVWURV VHUHV TXHULGRV D
ORVTXHOHVIXHDUUHEDWDGDOR~QLFRTXHSRVHtDQVXSUHFLRVDYLGD
$ OD $VRFLDFLyQ ௙
³6DODPDQFD 0HPRULD \ -XVWLFLD´ HQ UHFRQRFLPLHQWR D VX WUDEDMR \
ODERUGHLQYHVWLJDFLyQ\UHFXSHUDFLyQKLVWyULFD
(VWH OLEUR QR KDEUtD VLGR SRVLEOH VLQ OD D\XGD \ DSR\R PRUDO GH PXFKDV SHUVRQDV TXH
FRQ HO DXWRU KDQ FRODERUDGRIDFLOLWiQGROHLQIRUPDFLyQGHDTXHOORVWHUULEOHVKHFKRVTXH
VXFHGLHURQ HQ QXHVWUD FDSLWDO \ SURYLQFLD HQ PLV KRUDV ³EDMDV´ ORV PHQFLRQDGRV
HVWLPXODURQ LQFHQWLYDURQ \ DSR\DURQ OD LOXVLyQ GHO DXWRU SDUD VX UHDOL]DFLyQ
D\XGiQGROH D VXSHUDU ORV LQILQLWRV SUREOHPDV TXH VH IXHURQ SUHVHQWDQGR HQ HO
WUDQVFXUVR GHO WLHPSR GHGLFDGR D LQIRUPDUVH GH OR TXH VXFHGLy GH OD UHGDFFLyQ \
HODERUDFLyQ HQ GHILQLWLYD VLQ OD SDUWLFLSDFLyQ GH OD IDPLOLD FRPSDxHURV \ DPLJRV QR
KXELHUDVLGRSRVLEOHHVWHHQWUDxDEOHUHODWRGHORVXFHGLGR
$ PL HVSRVD /XLVD H KLMRV 0DUL1LHYHV -XDQ )DXVWR 0DULD /XLVD 3DTXLWD \ /XLV
0LJXHO TXH VRSRUWDURQ PLV GHVSOD]DPLHQWRV D RWURV OXJDUHV GH OD SURYLQFLD \ D OD
LQWHQVDGHGLFDFLyQDOOLEUR
$ PLV DPLJRV \ FRPSDxHURV (PLOLR 0HOHUR 0DUFRV 0LJXHO 0LxDQD %DUURVR
)UDQFLVFR 0DUWtQ GHO 0ROLQR )UDQFLVFR 0DUWtQ &DVDV -RVH $QWRQLR *DODQWH 3DWLxR
)HOLSH 6DQFKH] +HUUHUR /XLVD 9LFHQWH 0DUWtQ -RVH 0DUtD &ROODGRV \ RWURV PXFKRV
PiV FX\D UHODFLyQ VH KDUtD LQWHUPLQDEOH GH IDPLOLDUHV R DPLJRV GH ODV YtFWLPDV TXH
XQRV FRQ UHWLFHQFLDV \ RWURV VLQ HO PDV PtQLPRUHSDURPHLQIRUPDURQGHWDOODGDPHQWH
GHVXVLQROYLGDEOHV\WULVWHVUHFXHUGRV
$ WRGRV HOORV HO DXWRU GH HVWRV UHODWRV OHV WUDQVPLWH HO WHVWLPRQLR GH VX
UHFRQRFLPLHQWRSHUVRQDO\JUDWLWXG
+LVWRULDGHODUHSUHVLyQIUDQTXLVWDHQ6DODPDQFD
³(OHVStULWXGHQXHVWURVPXHUWRVVREUHYLYHHQODPHPRULDGHORVTXHYLYLPRV´
(O JORULRVR GtD GH $EULO GHO DxR WUDMR FRQVLJR OD SURFODPDFLyQ GH OD
5HS~EOLFD (VSDxROD OD DQVLDGD DEROLFLyQ GH OD 0RQDUTXtD \ ORV SULYLOHJLRV TXH
KLVWyULFDPHQWHKDEtDQHVTXLOPDGRDODEDVHVRFLDOGHQXHVWURSXHEOR
(O RPQtPRGRSRGHUGHOD,JOHVLD&DWyOLFDMXQWRDOD³QREOH]DWUDGLFLRQDO´SULQFLSDOHV
³EHQHIDFWRUHV´ GHO DEXVR\H[SROLRKXPDQRWXYLHURQTXHDFHSWDUSRULPSRVLFLyQOHJDO
OD HVWULFWDDSOLFDFLyQGHOD&RQVWLWXFLyQ'HPRFUiWLFD\ODVOH\HVTXHLQPHGLDWDPHQWHVH
IXHURQ DSUREDQGR SRU HO 3DUODPHQWR 5HSXEOLFDQR WRGR HOOR KDEUtD GH WUDHU DO SXHEOR
HVSDxROODVGRORURVDV\WUiJLFDVFRQVHFXHQFLDVTXHDFRQWLQXDFLyQGHVFULELUHPRV
&RQVHFXHQFLDV TXH FRPHQ]DURQ FRQ HO OHYDQWDPLHQWR PLOLWDU SUHSDUDGR\HODERUDGR
SRU XQ JUXSR GH JHQHUDOHV UHEHOGHV D ODV OH\HV LPSHUDQWHV XQ DXWpQWLFR JROSH GH
(VWDGR DPSDUDGRV HQ OD ,JOHVLD RILFLDO \ HQ OD PD\RUtD DEVROXWD GH OD ³QREOH]D´
PRQiUTXLFD FDSLWDOLVWDV IDODQJLVWDV WUDGLFLRQDOLVWDV \ WRGD OD GHUHFKD SROtWLFD QR
GHPRFUiWLFD GHWHUPLQDURQ GDU XQ JROSH FULPLQDO FRQWUD HO SRGHU GHO (VWDGR
5HSXEOLFDQROHJDOPHQWHFRQVWLWXLGR
/RV UHEHOGHV JROSLVWDV QR SDUDURQ HQ FRQVLGHUDU ODV /H\HV GH OD 6RFLHGDG GH
1DFLRQHV TXH VDQFLRQDED WDOHV FRPSRUWDPLHQWRV WDPSRFR RWURV SDLVHV VH LQWHUHVDURQ
HQ HO SUREOHPD HVSDxRO HO RUGHQ GHO PXQGR RFFLGHQWDO WHQtDHQWRQFHVRWURVSUREOHPDV
TXH OHV LPSRUWDEDQ PiV HQ 3RUWXJDO JREHUQDED OD GHUHFKD ILORIDVFLVWD GH 6DOD]DU HQ
)UDQFLD XQ JRELHUQR GHPRFUiWLFR FRQ /HyQ %OXP HQ ,QJODWHUUD HO JRELHUQR
FRQVHUYDGRU GH &KDPEHUODLQ HQ$OHPDQLDHOQDFLRQDOVRFLDOLVPRGH+LWOHUHQ,WDOLDHO
IDVFLVPR GH 0XVVROLQL \ HQ 5XVLD HO FRPXQLVPRVRFLDOLVWD GH 6WDOLQ 8QD YHUGDGHUD
SUREOHPiWLFD VH FHUQtD VREUH (XURSD OD GLVSDULGDG GH LGHRORJtDV \ODLQFRPSDWLELOLGDG
HQWUHHOODVKDEUtDGHSURYRFDUSRFRVDxRVGHVSXpVOD,,*XHUUDPXQGLDO
/RV VLJXLHQWHV UHODWRV H LQIRUPDFLRQHV UHFRJLGRV GLUHFWDPHQWH GH SHUVRQDV TXH
IXHURQ IDPLOLDUHV \ WHVWLJRV GH QXHVWUD WUDJHGLD QDFLRQDO FRQ HOOR SUHWHQGHPRV KDFHU
XQD FUyQLFD GH XQD EXHQD SDUWH GH OD WUDJHGLD GH WRGR XQ 3XHEOR HVSDxRO TXH VH
GHVDUUROOyHQODFDSLWDO\SURYLQFLDGH6DODPDQFD
/R TXH DFRQWHFLy HQ OD *XHUUD &LYLO GHVGH HO OHYDQWDPLHQWR HQ DUPDV GH
ORV JHQHUDOHV UHEHOGHV DO IUHQWH GH ORV FXDOHV GHVWDFDEDQ HO JHQHUDO)UDQFRHQODV,VODV
&DQDULDV \ HQ OD 3HQtQVXOD ORV JHQHUDOHV 6DQMXUMR 0ROD \ RWURV JHQHUDOHV (O GH
-XOLR GH VH LQLFLy HO JROSH GH (VWDGR pVWH FRPHQ]y FRQ HO YLDMH HQ DYLyQ GHO
JHQHUDO )UDQFR GHVGH OD ,VODV &DQDULDV D 0DUUXHFRV SDUD SRQHUVH DO IUHQWH GH OD
UHEHOLyQ GH DOOt VH WUDVODGy HO GH -XOLR D 7HWXiQ \ &HXWD HQ WRGR HO WHUULWRULR
QDFLRQDOSURQWRHQFRQWUDUtDQODFRODERUDFLyQGHODVMHUDUTXLDVGHOD,JOHVLD&DWyOLFDORV
IDODQJLVWDV \ UHTXHWpV MXQWR D OD GHUHFKD HVSDxROD PDV UHFDOFLWUDQWH \UHWUyJUDGDKDVWD
TXH HQ HO WUDQFXUVR GH ORV SULPHURV HQIUHQWDPLHQWRV \ EDWDOODV OD $OHPDQLD QD]L GH
+LWOHU \ OD ,WDOLD IDVFLVWD GH 0XVROLQL DFXGLHURQ HQ D\XGD GH ORV UHEHOGHV PLOLWDUHV
VHFXQGDGRV SRU ORV IDODQJLVWDV FX\D LGHRORJtD WHQtD VX IXHQWH HQ HO IDVFLVPR ODJXHUUD
GXUy KDVWD HO GH $EULO GH FXDQGR ILQDOL]y OD FRQWLHQGD FRQ HO WULXQIR GH ORV
JROSLVWDVUHEHOGHV
/D (VSDxD 5HSXEOLFDQD FRQ ORV PLOLWDUHV ILHOHV GHIHQVRUHV GH OD OHJDOLGDG OHV KL]R
IUHQWH DSR\DGRV SRU PLOLFLDV SRSXODUHV HQ GHIHQVD GH OD OHJDOLGDG &RQVWLWXFLRQDO
PLHQWUDV TXHHQODV]RQDVGRQGHWULXQIyOD5HEHOLyQIXHURQPXFKRVPLOHVORVHVSDxROHV
\ HVSDxRODV GH L]TXLHUGDV TXH VH YLHURQ VRPHWLGRV D OD PDV FUXHO SHUVHFXFLyQ
VXIULHQGR HQ PXOWLWXG GH FDVRV YHMDFLRQHV WRUWXUDV \ HQ LQFRQWDEOHV FDVRV OD PXHUWH
LQLFLiQGRVH ORV FULPLQDOHV ³SDVHRV´ SDVHRV TXH VH UHPDWDEDQ FRQ HODOHYRVRDVHVLQDWR
GH SHUVRQDV TXH HQVXPD\RUtDVLQMXLFLRDOJXQRHQFXQHWDVPRQWHV\FDPSRVGHMDURQ
WUXQFDGDV PLOHV GH YLGDV GH UHSXEOLFDQRV \ JHQWHVGHL]TXLHUGDVTXHDORODUJR\DQFKR
GH QXHVWUR 3DtV IXHURQ VHPEUDGRV 0LHQWUDV VLPXOWiQHDPHQWH FRPHQ]DED XQD JXHUUD
IUDWLFLGD SDUD GHUURFDU OD 5HS~EOLFD (VSDxROD \ TXH GHVSXpV GH ORV FHUFD GH WUHV DxRV
TXH GXUy OD JXHUUD DUURMDUtD HO PDFDEUR VDOGR GH DSUy[LPDGDPHQWH XQ PLOOyQ GH
PXHUWRV
/RV GHWHQLGRV \ DVHVLQDGRV OR IXHURQ SRU VX SHUWHQHQFLD D 3DUWLGRV \ 6LQGLFDWRV GH
L]TXLHUGDV R SRU HO VLPSOH KHFKR GH DVLVWLU D PtWLQHV RIUHFXHQWDUODV&DVDVGHO3XHEOR
VHU 0DVRQHV R 5HSXEOLFDQRV R VLPSDWL]DU FRQ HVWRV EDVWDED VLPSOHPHQWH OD PHQRU
GHODFLyQ SDUD TXH IXHUDQ VRPHWLGRV D SHQRVRV LQWHUURJDWRULRV WRUWXUDGRV \
SRVWHULRUPHQWH FRQGXFLGRV D SULVLyQ D ORV PHQRV VH OHV DEUtD XQ SURFHVR \ GHVSXpV
³MX]JDGRV´ SRU WULEXQDOHV GH JXHUUD UHVXOWD REYLR UHFRQRFHU OD ௙
LOHJDOLGDG ௙
GH HVWRV
³WULEXQDOHV´ IRUPDGRV SRU MHIHV \ RILFLDOHV JROSLVWDV GHO (MpUFLWR (VSDxRO HQ OD
PD\RUtD GH ORV FDVRV \ ³FDXVDV´ GH OD GHIHQVD GH OD SHUVRQD ³MX]JDGD´ HQFDUJDEDQ D
DOIpUHFHV GH FRPSOHPHQWR FDUHQWHV GH FRQRFLPLHQWRV MXUtGLFRV \ TXH WDPELpQ KDEtDQ
TXHEUDQWDGR\WUDLFLRQDGRVXMXUDPHQWRDODEDQGHUD\DOD&RQVWLWXFLyQ(VSDxROD
,PSXHVWRV SRU ODV DUPDV \ HO WHUURU ³MX]JDEDQ´ \ FRQGHQDEDQ SRU ³DX[LOLR D OD
UHEHOLyQ´ ³DGKHVLyQ D OD UHEHOLyQ´ R ³UHEHOLyQ´ WULVWH LURQtD GHO GHVWLQR ORV UHEHOGHV
DFXVDEDQ GH UHEHOGtD KDVWD OD VDFLHGDG \ FRQGHQDEDQ D TXLHQHV HUDQ ILHOHV \ OHDOHV DO
RUGHQ &RQVWLWXFLRQDO HVWDEOHFLGR GHPRFUiWLFDPHQWH ODV VHQWHQFLDV RVFLODEDQ D SHQDV
GHVGH OD SULYDFLyQ GH OLEHUWDG௙
KDVWD OD SHQD GH ࣡
PXHUWH TXH GHVGLFKDGDPHQWH VH
SURGXMR HQ XQD JUDQ FDQWLGDG GH FDVRV D~Q KR\ GtD VH GHVFRQRFH OD WRWDOLGDG GH ORV
FDVRVVXFHGLGRV
/DV SHQDV GH PXHUWH ³OHJDOHV´ HUDQ HMHFXWDGDV SRU IXVLODPLHQWR PLOLWDU D HVWDV
YtFWLPDV GH OD ³VLQ UD]yQ´ VH XQtD XQD LQILQLGDG HQ Q~PHUR GHVFRQRFLGR ORV TXH
IXHURQ DVHVLQDGRV HQ ORV ³SDVHRV´ SRU JUXSRV GH YHUGXJRV VHOHFFLRQDGRV IDODQJLVWDV
DFRPSDxDGRV SRU DOJ~Q JXDUGLD FLYLO SDUD GDUOH D OD GHWHQFLyQ OD DSDULHQFLD GH FLHUWD
DXWRULGDG 7RGDV ODV YtFWLPDV OR IXHURQ SRU VHU ILHOHV DO VLVWHPD OHJDO GH OLEHUWDGHV S~EOLFDV
LQVWDXUDGR GHPRFUiWLFDPHQWH HQ (VSDxD FRQ OD SURFODPDFLyQ GH OD 5HS~EOLFD HO GH
$EULO GH \ TXH IXH UDWLILFDGD HO GH 'LFLHPEUH GH SRU OD &RQVWLWXFLyQ
(VSDxROD
$~Q KR\ GtD GHVSXpV GH PDV GH VHWHQWD DxRV WUDQVFXUULGRV UHVXOWD PX\ GLItFLO
FDOFXODU HO Q~PHUR H[DFWR GH YtFWLPDV FLIUDV DWHUUDGRUDV TXH VXSHUDQ OD FHQWHQD GH
PLOHV GH HVSDxROHV \ HVSDxRODV WRGRV HOORV GH LGHRORJtDGHL]TXLHUGDVUHSXEOLFDQRV\
PDVRQHV D ORV TXH IXH DUUHEDWDGD VX GLJQLGDG \ VX YLGD FRPR VHUHV KXPDQRV ODV
FRQVHFXHQFLDV GHDTXHOORVKRUUHQGRVFUtPHQHVFRPHWLGRVSRUORVIDVFLVWDVSHUPDQHFHQ
HQ QXHVWUR UHFXHUGR \ OD KHULGD GHO JHQRFLGLR VLJXH DELHUWD D SHVDU GHO WLHPSR
WUDQVFXUULGR
'XUDQWH \ GHVSXpV GHDTXHOODJXHUUDIUDWLFLGDTXHGXUyFDVLWUHVDxRVHOWHUURUVHGHMy
VHQWLU HQ HO SXHEOR HVSDxRO TXH VXIULy XQD SRVWJXHUUD GH PLVHULD LPSXHVWD \
HVWDEOHFLGD HO KDPEUH ItVLFD \ PRUDO VH DGXHxy GH OD PD\RUtD GHO SXHEOR HVSDxRO
WHQLHQGR TXH VRSRUWDU EDMR HO WHUURU OD DEROLFLyQ GH ODV OLEHUWDGHV S~EOLFDV TXH OD
5HS~EOLFD KDEtD RWRUJDGR SDUD WRGRV ORV HVSDxROHV WRGR HOOR IXH IUXWR \ FRQVHFXHQFLD
GH OD EDUEDULH JHQRFLGD FRPHWLGD IXLPRV XQD LQJHQWH FDQWLGDG HO Q~PHUR GH IDPLOLDV
HVSDxRODV D ODV TXH GHVWUX\HURQ QXHVWURIXWXUR\TXHGDPRVPDUFDGRVSDUDWRGDQXHVWUD
YLGD FRQ HO VREUHQRPEUH GH³URMRV´VREUHYLYLPRVQRVLQJUDQGHVGLILFXOWDGHVHOGUDPD
QDFLRQDO TXH SRUODYLROHQFLDGHOKRUURULPSXHVWRSRUORVIDVFLVWDVDQXOyQXHVUDVYLGDV
\FRQFLHQFLDV
(O FRQWURO TXH VREUH ORV IDPLOLDUHV VREUHYLYLHQWHV HMHUFLy OD GLFWDGXUD QRV WXYR
VRMX]JDGRV GXUDQWH ODUJRV DxRV ORV GHVFHQGLHQWHV GH DTXHOODV YtFWLPDV LQRFHQWHV
IXLPRVSDUDORVJROSLVWDVREMHWRGHDWHQFLyQ\GHVSUHFLR
$ SHVDU GHO HOHYDGR LQWHUpV TXH SRQH HO DXWRU GHO SUHVHQWH UHODWR HQ WUDQVFULELU OD
UHDOLGDG GH OR VXFHGLGR HQ DTXHOOD QHIDVWD KLVWRULD GH QXHVWUR SXHEOR HV LPSRVLEOH OD
WUDQVFULSFLyQ UHDO GH OD WUDJHGLD QDFLRQDO \ VXV GLPHQVLRQHV QXPpULFDV FLHUWR HV TXH
KDQSDVDGRPXFKRVDxRVSHURODKHULGDVLJXHDELHUWD\QRFLFDWUL]DUiKDVWDQRGHYROYHU
ODGLJQLGDGLQKHUHQWHDOUHVSHWRTXHPHUHFHQORVUHVWRVGHPLOHVGHYLGDVLQRFHQWHV
3DUD QXHVWURV PXHUWRV LJXDO TXH SDUD WRGRV ORV KRPEUHV \ PXMHUHV TXH PXHUHQ GH
FDXVD QDWXUDO HO WLHPSR QR H[LVWH VX UHFXHUGR HV \ VHUi LPSHUHFHGHUR HOORV HVWiQ HQ
QXHVWUD PHPRULD \ VH VXFHGHUiQ QXHYDV JHQHUDFLRQHV GH HVSDxROHV VHQVLEOHV FRQ
VHQWLPLHQWRV KXPDQRV TXH PDQWHQJDQ HQFHQGLGDODDQWRUFKDGHOUHFXHUGRGHODGHXGD
TXH HO SXHEOR HVSDxRO WLHQH FRQWUDtGD FRQ WDQWRV PLOHV GH LQRFHQWHV GH QXHVWUD PLVPD
VDQJUH \ TXH IXHURQ DVHVLQDGRV SRU FUHHU HQ OD /LEHUWDG \ 'HPRFUDFLD GH QXHVWUR
3XHEOR 0XFKRV PLOHV GH VHUHV D~Q WRGDYtD VH HQFXHQWUDQ SHUGLGRV TXH QR ROYLGDGRV
HOORV VRQ YHUGDGHUDV UDtFHV GH /LEHUWDG D OR ODUJR\DQFKRGHQXHVWUR3DtV0LHQWUDVQR
VHDQUHVFDWDGRVGHOROYLGRVHUiQXQDGHXGDGHOD-XVWLFLDTXHVHPHUHFHQ
/DUHFXSHUDFLyQGHOD0HPRULD+LVWzULFD
(QWUH ORV HVSDxROHV TXH IRUPDPRV OD JHQHUDFLyQ GH ORV ³QLxRV GH OD *XHUUD´ QR
SRGHPRV KDEODU GH QXHVWUD YLGD GH QXHVWUD QLxH] VLQ DOXGLU QXHVWUR WULVWH UHFXHUGR GH
OD *XHUUD &LYLO \ OD ODUJD GLFWDGXUD TXH WXYLPRV TXH VRSRUWDU HQ HVWH 3DtV \ HQ WRGD
(XURSD LPSXHVWR SRU HO WHUURU \ OD YLROHQFLD GH ORV IDVFLVWDV SDUD MX]JDU HQ QXHVWUR
LQWHULRU OR VXFHGLGR HV FRQYHQLHQWH UHIOH[LRQDU \ FRQWUDVWDU OD VLWXDFLyQ DFWXDO FRQ OD
'HPRFUDFLD FRQVROLGDGD HQ (VSDxD \ HQ WRGD (XURSD SDUD VLWXDUQRV HQ OD UHDOLGDG
DFXGLHQGR D OR TXH VXFHGLy D SDUWLU GHO GH -XOLR GH FXDQGR HO SXHEOR HVSDxRO
VH YLR REOLJDGR DOXFKDUFRQWUDHOUpJtPHQWRWDOLWDULRTXHDTXHOORVPLVHUDEOHVJROSLVWDV
LPSXVLHURQSRUODIXHU]D\ODEUXWDOLGDGGHVXVFULPLQDOHVSURFHGLPLHQWRV
(XURSD VH ORV TXLWy GH HQFLPD SHUR D QRVRWURV QRV FD\HURQ FDVL FXDUHQWD DxRV GH
VLOHQFLR \ RVFXUDQWLVPR LPSRVLEOHV GH ROYLGDU GHVGLFKDGDPHQWH OD GHVPHPRULD HQ
DOJXQRV FDVRV HVWXYR IRPHQWDGD SRU HO PLHGR \ HO KRUURU TXH D~Q KR\ GtD HQ PXFKRV
FDVRVWRGDYtDSHUPDQHFH )XHURQ FXDUHQWD ODUJRV DxRV GH ³SURKLELFLyQ GH OD PHPRULD´ (Q QXHVWUR DFWXDO
(VWDGR GH 'HUHFKR \ HQ XQ UpJLPHQ GH OLEHUWDGHV S~EOLFDV HVWDPRV REOLJDGRV SRU
LPSRVLFLyQ PRUDO QDWXUDO D QR ROYLGDU OR TXH VXFHGLy \ VXIULPRV OD WRWDOLGDG GH ORV
GHPyFUDWDV HVSDxROHV EDMR HO LPSHULRGHOWHUURUFRQODILQDOLGDGGHTXHMDPiVVHUHSLWD
HQ OD KLVWRULD GH QXHVWUR 3DtV RWUR GHVDVWUH VHPHMDQWH SRU WRGRHOORKHPRVDGRSWDGROD
GHFLVLyQ GH DFRPHWHU HO LUUHQXQFLDEOH FRPSURPLVR GH WUDEDMDU SDUD ´௙
/D UHFXSHUDFLyQ
KLVWyULFD GH OD PHPRULD KDEODGD \ GRFXPHQWDO VREUH ORV KHFKRV DFDHFLGRV FRPR
FRQVHFXHQFLDGHOD*XHUUD&LYLO࣡
௙
\࣡
D࣡
xRV࣡
S௙
RVWHULRUHV´
/DV $VRFLDFLRQHV TXH KDQ VXUJLGR HQ QXHVWUR 3DtV FRQ HVD ILQDOLGDG KHPRVVXVFULWR
HO FLWDGR FRPSURPLVR \ VRPRV UHTXHULGRVSDUDODH[KXPDFLyQ\UHFXSHUDFLyQGHUHVWRV
KXPDQRVGHXQDJUDQFDQWLGDGGHYtFWLPDVGHOIDVFLVPRIUDQTXLVWDUHVSRQVDELOLGDGTXH
DVXPLPRV \ TXH UHDOL]DPRV EDMR PpWRGRV FLHQWtILFRV DUTXHROyJLFRV OOHJDQGR LQFOXVR
FXDQGR DOJ~Q IDPLOLDU HVWp LQWHUHVDGR HQ OD LGHQWLILFDFLyQ GH ORV UHVWRV KXPDQRV
H[KXPDGRV DQDOL]DQGR ORV $'1 VLHPSUH TXH ORV IDPLOLDUHV VREUHYLYLHQWHV OR
GHPDQGDUDQ
6RODPHQWH LQWHUYLHQH OD $VRFLDFLyQ FXDQGR OD LQLFLDWLYD GH OD LQYHVWLJDFLyQ SURFHGH
GHO UHTXHULPLHQWR GH IDPLOLDUHV GHVFHQGLHQWHV GH ODV YtFWLPDV GH OD EDUEDULH IDVFLVWD \
TXH SUHWHQGDQ UHFREUDU OD GLJQLGDG DUUHEDWDGD SRU OD IXHU]D \ UHVFDWDUORV GHO ROYLGR
UHVWRV KXPDQRV SHUWHQHFLHQWHV D SHUVRQDVGHL]TXLHUGDVTXHIXHURQDVHVLQDGRV\TXHVH
KDQ H[KXPDGR GH ORV OXJDUHV GRQGH IXHURQ HQWHUUDGRV SRU VXV YHUGXJRV IDVFLVWDV HQ
/HyQ FRQFUHWDPHQWH SUHYLD LGHQWLILFDFLyQ GH ODV YtFWLPDV FRQ SUXHEDV GH ODERUDWRULR
GHO $'1 WRGRV SRVWHULRUPHQWH IXHURQ LQKXPDGRV FRQ WRGD GLJQLGDG HQ ORV
FHPHQWHULRVGHVXVORFDOLGDGHVUHVSHFWLYDV
(Q 6DODPDQFD VH FRQVWLWX\y HQ HO DxR OD $VRFLDFLyQ ³6DODPDQFD 0HPRULD \
-XVWLFLD´ FRQ ORV REMHWLYRV DQWHV UHVHxDGRV GLFKD $VRFLDFLyQ KD OOHJDGR SRU ILQ DVHU
XQD UHDOLGDG DxRV GHVSXpV GH TXH HO DXWRU GH HVWDV OHWUDV VRFLDOLVWD TXH KDEtDVXIULGR
HQ VXV SURSLDV FDUQHV ORV HIHFWRV GH OD GLFWDGXUD WRPDUD OD LQLFLDWLYD HQ QDGD
PDV UHFXSHUDGD OD GHPRFUDFLD KDQ SDVDGR PDV TXH WUHLQWD DxRV \ VH LQWHUHVDUD HQ OD
UHFXSHUDFLyQ GH OD PHPRULD VREUH ORV FLHQWRV GH FDVRVTXH HQ 6DODPDQFD KDELDQ
VXFHGLGRHQDTXHOORVFRQYXOVRVWLHPSRVGHOD*XHUUD&LYLO
'HVGH DTXHOORV SULPHURV DxRV GH OD OOHJDGD GH OD 'HPRFUDFLD FRQ HO GHFLGLGR DSR\R
GH OD 8*7 \ 362( HQ HO DxR D SHVDU GH TXH PXFKRV VRFLDOLVWD \ SHUVRQDV GH
L]TXLHUGDV SXVLHURQ PXFKRV ³UHSDURV´ \D TXH WRGDYtD H[LVWtD EDVWDQWH PLHGR QR
REVWDQWH \ D SHVDU GH ODV GLILFXOWDGHV SURPRYL \ SDUWLFLSH SHUVRQDOPHQWH HQ OD
H[KXPDFLyQ GH ORV UHVWRV GH GRFH FRPSDxHURV GH %DUEDGLOOR \ XQD MRYHQPDHVWUDTXH
IXHURQ YtFWLPDV LQRFHQWHV GH 8*7 \D DVHVLQDG ORVFULPLQDOHVIDODQJLVWDVHQODILQFDGH
/D3LQLOODDWUHVNLOyPHWURVGH6DODPDQFD\TXHQDUUDUpGHWDOODGDPHQWHDFRQWLQXDFLyQ
(Q OD DFWXDOLGDGFXDQGRVHHVFULEHHVWHOLEURHQHODxRQRVHQFRQWUDPRVFRQXQ
SDQRUDPD PX\ GLVWLQWR FRQ OD $VRFLDFLyQ ³6DODPDQFD 0HPRULD\-XVWLFLD´HQQXHVWUD
FLXGDG FRQ XQ *RELHUQR GH (VSDxD VRFLDOLVWD \ GLVSXHVWR D ³UHFXSHUDU QXHVWUD
PHPRULD´ LQLFLDPRV XQD HWDSD KLVWyULFD SDUD TXH DO ItQ VHDPRV FDSDFHV GHFHUUDUXQD
KHULGD VLQ FLFDWUL]DU GHVSXpV GH ORV ODUJRV PDV GH VHWHQWD DxRV GH DTXHO QHIDVWR
HSLVRGLR GH QXHVWUD +LVWRULD WRGR HOOR KD VLJQLILFDGR XQ PRWLYR PDV TXH MXVWLILFDGR
SRUTXH DXQTXH D ODV YtFWLPDV QR SRGDPRV GHYROYHUOHV VXV YLGDV QL MX]JDU WDQ
KRUUHQGRV FUtPHQHV DO PHQRV SDUD TXH KLVWyULFDPHQWH TXHGH FDGD FXDO HQ HO VLWLR TXH
OH FRUUHVSRQGD \ DO PHQRV UHFREUDU OD ௙
'LJQLGDG TXH OHV IXH DUUHEDWDGD D ODVYtFWLPDV
SRUDOJRWDQVLPSOHFRPRIXHFUHHUHQOD'HPRFUDFLD\HQOD/LEHUWDG
)XHURQ PXFKRV PLOHV ORV EXHQRV HVSDxROHV ILHOHV D OD 5HS~EOLFD TXH SDJDURQ FRQOD
SULVLyQ \ OD PXHUWH VXV LGHDOHV TXH HUDQ SDUD WRGRV ௙
3D] /LEHUWDG 'HPRFUDFLD \
-XVWLFLD ࣡
KR\ GtD HV LPSRVLEOH FDOFXODU HO Q~PHUR H[DFWR \ OD LGHQWLGDG GH DTXHOORV
HVSDxROHV D ORV TXH OHV IXH DUUHEDWDGD VX H[LVWHQFLD SRU HO RGLR FULPLQDO GH ORV
IDVFLVWDV TXH GHVGH HO SULQFLSLR HVWXYR DPSDUDGR HQ OD WUDLFLyQ PLOLWDU \ FULPLQDO GHO
JROSLVWD )UDQFR \ VXV FRPSLQFKHV OD ,JOHVLD FDWyOLFD OD )DODQJH OD 5HQRYDFLyQ
HVSDxROD \ HO 5HTXHWp 7UDGLFLRQDOLVWDORV TXH FRQWULEX\HURQ D OD WHUULEOH WUDJHGLD
JHQRFLGDVRPHWLHQGRDXQDLQILQLGDGGHIDPLOLDV\KRJDUHVHVSDxROHV
$ ODV YtFWLPDV HQ OD WRWDOLGDG GH ORV FDVRV OHV DWULEX\HURQ HO ³GHOLWR´ GHVHUURMRVOR
TXH MXVWLILFDEDQ SRU VX OHJDO DILOLDFLyQ \ PXFKDV YHFHV LQFOXVR VLQ HVWDU DILOLDGRVSRU
VX DVLVWHQFLD D ODV &DVDV GHO 3XHEOR WRGDV VRFLDOLVWDV GH OD 8QLyQ *HQHUDO GH
7UDEDMDGRUHV /D DILOLDFLyQ D OD 8*7 HQ OD SURYLQFLDGH6DODPDQFDHQHODxRSDVyGHORVGLH]
PLO DILOLDGRV GH FXRWD /RV DILOLDGRV D OD 8*7 ௙
DVLGXRV D OD &DVD GHO ௙
3XHEOR \ ORV
PLOLWDQWHV GHO 362( ௙
IXHURQ IXQGDPHQWDOPHQWH ORV TXH PDV VXIULHURQ OD UHSUHVLyQ
IDVFLVWD WDQWR HO 3&( FRPR OD &17 ௙
HQ 6DODPDQFD FDSLWDO WHQtDQ VRODPHQWH HO
WHVWLPRQLR GH VX SUHVHQFLD \ DFWLYLGDGHV SROtWLFDV SRFR PDV GH XQD YHLQWHQD GH
DILOLDGRV HO 3DUWLGR &RPXQLVWD (VSDxRO \ OD &HQWUDO 1DFLRQDO GH 7UDEDMDGRUHV ௙
SRFRV
PiV HQ VX PD\RUtD HVWXGLDQWHV DILOLDGRV D OD )$, VX IRUPDFLyQ DQDUTXLVWD \DFWLYLVWD
WXYR PX\ SRFDLPSODQWDFLyQHQODFLXGDGDXQTXHXQMRYHQDQDUTXLVWDIXHHOTXHDWHQWy
FRQWUDORVIDODQJLVWDVKHUPDQRV3pUH]$OPHLGDFRQHOUHVXOWDGRGHODPXHUWHGH-XDQ (O JUXSR PDV VLJQLILFDWLYR \ FRPEDWLYR GH OD L]TXLHUGD VDOPDQWLQD HVWXYR
UHSUHVHQWDGR SRU ODV -XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV -68௙
௙
FRQVHFXHQFLD GH OD XQLyQ
HQWUH ORV MyYHQHV VRFLDOLVWDV \ FRPXQLVWDV TXH WXYLHURQ VX VHGH HQ OD FDOOH GH 6DQ
3DEOR Qž \ HQ OD &DVD GHO 3XHEORHQWUHODV-XYHQWXGHV8QLILFDGDVH[LVWtDXQDEXHQD
UHSUHVHQWDFLyQ GH HVWXGLDQWHV VDOPDQWLQRV \ GH RWUDV ORFDOLGDGHV FRQ HOORV VH
HQVDxDURQ ORV FULPLQDOHV IDVFLVWDV \ IXHURQ SRFRV ORV TXH VH VDOYDURQ GH VX EUXWDOLGDG
DVHVLQD WDPELpQ VXIULHURQ OD UHSUHVLyQ IUDQTXLVWD R VLPSOHPHQWH SRUTXH FXDOTXLHUD
SHUVRQDIXHUDGHQXQFLDGDSRUVXLGHRORJtDGHURMRPDU[LVWDPDVyQRFRPXQLVWD
/RV PDWRQHV \ DVHVLQRV IDODQJLVWDV GHO UpJLPHQ IDVFLVWD VXV SDWUXOODV DVHVLQDV ODV
IRUPDEDQ FRQ HVTXLUROHV TXH D~Q VLHQGR REUHURV HUDQ WUDLGRUHV D OD FODVH REUHUD \
DGXODGRUHV GH ORV ³VHxRULWRV´ HVWXGLDQWHV GH OD GHUHFKD UDGLFDO GLVSXHVWRV ௙
³D WRGR´
LQFOXVR DO FULPHQ௙
LQVWLJDGRV OD PD\RUtD GH ODV YHFHV SRU DOJXQRV QR WRGRV VLQLHVWURV
HOHPHQWRV GH OD GHUHFKD WUDGLFLRQDOPHQWH FDWyOLFD TXH VHxDODEDQ \ GHVGH VXV ILQFDV \
PDQVLRQHV LQGLFDEDQ D ORV YHUGXJRV D TXLHQHV KDELD TXH ௙
³HOLPLQDU´ ࣡
WDPELpQ
SDUWLFLSDURQ HQ OD PDVDFUH DOJXQRV PLHPEURV GH OD GHQRPLQDGD ³JXDUGLD FtYLFD´ TXH
GHVGH ORV WLHPSRV GHODGLFWDGXUDGH3ULPRGH5LYHUDVHFXQGDGRVSRUSRFRVSHURPX\
VDQJXLQDULRV HOHPHQWRV GH OD JXDUGLD FLYLO ³RSHUDEDQ´ GHLQPHGLDWR\DPXFKDVGHODV
YtFWLPDV ODV OOHYDEDQ GLUHFWDPHQWH D PRQWHV\FDPSRVGRQGHSUHYLDPHQWHDDOJXQRGH
HOORVOHVKLFLHURQFDYDUVXVSURSLDVWXPEDVRWURVTXHGDEDQDEDQGRQDGRVHQFXQHWDVGH
FDUUHWHUDV \ HQ RWURV OXJDUHV HQ OD PD\RUtD GH ORV FDVRV QR IDOWy DOJ~Q FLXGDGDQR FRQ
VHQWLPLHQWRV KXPDQLWDULRV TXH HQWHUUDUD D ODV YtFWLPDV HQ OD SUR[LPLGDG GHO OXJDU
GRQGH IXHURQ HMHFXWDGRV HQ RWURV FDVRV KXER DOJXQRV DOFDOGHV TXH UHFRJLHURQ ORV
FDGiYHUHV\ORVLQKXPDURQHQORVFHPHQWHULRVGHOSXHEORHQIRVDVFRPXQHV
(O RFXOWLVPR SURGXFLGR SRU HO WHUURU GH OD GLFWDGXUD PLOLWDU D OD TXH HVWXYLPRV
VRPHWLGRV ORV HVSDxROHV GXUDQWH FDVL FXDUHQWD DxRV GH QXHVWUD KLVWRULD QRV SULYy GH
UHSDUDU WDQWRGDxRFRPRHOTXHKLFLHURQDTXHOORVFULPLQDOHVIDVFLVWDV&RQODWUDQVLFLyQ
D OD GHPRFUDFLD\SHVHDORVDxRVWUDQVFXUULGRVHOUHFXHUGRSHUGXUD\ODKHULGDKXPDQD
SURGXFLGD WRGDYtD SHUPDQHFH VRQ LQFRQWDEOHV ORV UHVWRV GH FRPSDxHURV TXH
³VLHPEUDQ´QXHVWUR3DtVDORODUJR\DQFKRGHOWHUULWRULRQDFLRQDO
(Q DOJXQDV SURYLQFLDV \ SRU FRQVLJXLHQWH HQ 6DODPDQFD HQ DO FRPLHQ]R GH OD
GHPRFUDFLD \ DQWH OD SHWLFLyQ GH DOJXQRV KLMRV R IDPLOLDUHV TXH SXGLHUDQ HVWDU
LQWHUHVDGRV HQ ODUHFXSHUDFLyQGHORVUHVWRVGHVXVGHXGRVGHVSXpVGHODFRPSUREDFLyQ
GHO OXJDU ODV JHQWHV GH L]TXLHUGD D VX UHTXHULPLHQWR DWHQGLPRV \ FRODERUDPRV
FRQVLJXLHQGR ODV DXWRUL]DFLRQHV RSRUWXQDV \ SDUWLFLSDPRV FRPR XQR PiV HQ ORV
WUDEDMRV GH H[KXPDFLyQ \ WUDVODGR D ORV FHPHQWHULRV UHVSHFWLYRV GH WDQ HQWUDxDEOHV
GHVSRMRV KXPDQRV SHUWHQHFLHQWHV D ORV PiUWLUHV TXH GLHURQ VX YLGD SRU FUHHU HQ OD
/LEHUWDG
(Q DOJXQR GH ORV FDVRV TXH SDUWLFLSDPRV D LQVWDQFLDV QXHVWUDV FRQVHJXLPRV TXH ORV
PHGLRV GH FRPXQLFDFLyQ KLFLHUDQ DOJ~Q HFR GH QXHVWUR KXPDQLWDULRJHVWRQRWLFLDTXH
VLHPSUH IXH SXEOLFDGD HQ HVSDFLR SHTXHxR \ OD GLYXOJDFLyQ GHO KHFKR TXH
SUHWHQGtDPRV VRODPHQWH TXHGy SDUD ORV TXHLQWHUYLQLPRVQXHVWURGHVHRHUDLQFHQWLYDU
D TXH ORV IDPLOLDUHV GHVFHQGLHQWHV GH ORV FLHQWRV GH YtFWLPDV TXH KXER HQ 6DODPDQFD
OHV OOHJDUDDVXFRQRFLPLHQWRTXHORVVRFLDOLVWDVGHVGHVLHPSUHKHPRVHVWDGR\HVWDPRV
GLVSXHVWRV D H[DOWDU \ FRQWULEXLU D OD GLJQLILFDFLyQGHOUHFXHUGRGHORVFRPSDxHURVTXH
GLHURQVXYLGDSRUGHIHQGHUQXHVWURVPLVPRVLGHDOHV
3HUR HQ HO WUDQVFXUVR GHO WLHPSR KDQ WHQLGR TXH SDVDU PiV GH YHLQWLFLQFR DxRV GH
'HPRFUDFLD SDUD DOFDQ]DU HO JUDGR GH VHQVLELOLGDG QHFHVDULR SDUD FRQWLQXDU HVD WDUHD
KXPDQLWDULD \ VRPRV ORV SULPHURV HQ UHFRQRFHUHLQFOXVRDJUDGHFHUODLQLFLDWLYDTXHVH
FRQVWLWX\yHQ3ULDUDQ]DGHO%LHU]R/HyQ
1DGD PiV HQWHUDUPH SRU ³(O 3DtV´ HQ HO DxR GH VX H[LVWHQFLD LQPHGLDWDPHQWH
PH SXVH HQ FRQWDFWR FRQ VX FRIXQGDGRU 6DQWLDJR 0DFLDV MRYHQ KLVWRULDGRU QLHWR GH
IXVLODGR HO FXDO PH PDQLIHVWyVREUHXQYLDMHTXHLEDDUHDOL]DUD6DODPDQFDDO$UFKLYR
+LVWyULFR 1DFLRQDO ௙
³6HFFLyQ GH OD *XHUUD&LYLO´SDUDEXVFDULQIRUPDFLyQ\TXHGDPRV
HQYHUQRVSDUDFRPHQWDUHOWHPD
(Q OD 'LSXWDFLyQ HQ HO GHVSDFKR GHO JUXSR VRFLDOLVWD QRV HQWUHYLVWDPRV \
FRPHQWDPRV WRGR OR TXH HOORV KDFtDQ \ OR TXH HQ 6DODPDQFD KDEtDPRV UHDOL]DGR HQ OD
H[KXPDFLyQ GH UHVWRV KXPDQRV 6DQWLDJR PH KDEOy GH OD HVWUXFWXUD TXH HVWDEDQ
FUHDQGR HQ HO %LHU]R FRQ HO PLVPR REMHWLYR TXH QRVRWURV KDEtDPRV KHFKRDxRVDQWHV
QR REVWDQWH OH PDQLIHVWp PL RSLQLyQ \ PH SXVH D VX GLVSRVLFLyQ LQFOXVR OH KDEOp GH
KDFHUDOJRVHPHMDQWHHQQXHVWUDSURYLQFLD
4XHGDPRV HQ HVWDEOHFHU FRQWDFWR PXWXR FXDQGR WXYLpUDPRV QHFHVLGDG XQRV GH RWURV
\ QRV GHVSHGLPRV DPLVWRVDPHQWH 'HVGH HQWRQFHV QRV KHPRV YXHOWR D HQFRQWUDU HQ
YDULDVRFDVLRQHV\KHPRVLQWHUFDPELDGRLQIRUPDFLyQWHOHIyQLFDPHQWH
&URQRORJtDGHO3DUWLGR6RFLDOLVWD2EUHUR(VSDxRO362(
(O ௙
GH 0D\R GH VH IXQGy HO 362( HQ OD WDEHUQD &DVD /DEUD ࣡
GH 0DGULG HQ
WRUQRDXQQ~FOHRGHLQWHOHFWXDOHV\REUHURVIXQGDPHQWDOPHQWHWLSyJUDIRVHQFDEH]DGRV
SRU ௙
3DEOR ,JOHVLDV ௙
WLSyJUDIR௙
௙
HQWUH HO UHGXFLGR JUXSR GH DVLVWHQWHV VH HQFRQWUDED HO
PpGLFRSVLTXLDWUDVDOPDQWLQR௙
-DLPH9HUD (O SULPHU SURJUDPD GHO QXHYR SDUWLGR SROtWLFR IXH DSUREDGR HQ XQD $VDPEOHDGH
SHUVRQDV HO ௙
GH -XOLR GH௙
&RPRSDUWLGRREUHUR\GHFODVHHO362(VHDGKLULyD
OD ,, ,QWHUQDFLRQDO TXH DJUXSDED D ORV SDUWLGRV VRFLDOLVWDV PDU[LVWDV KDVWD VX FRODSVR
DQWHOD,*XHUUD0XQGLDO
௙
(O362(௙
IXHHOVHJXQGRSDUWLGRSROtWLFRVRFLDOLVWD\REUHURTXHVHIXQGyHQHOPXQGR
VRODPHQWH HO 3DUWLGR 6RFLDOGHPyFUDWD GH $OHPDQLD 63' VH KDEtD IXQGDGR FRQ
DQWHULRULGDG
(O ,&RQJUHVRGHO362( VHFHOHEUyHQ%DUFHORQDHQHODxR௙
௙
(QGLFKR&RQJUHVR
VH DSUREDURQ ODV EDVHV \ UHJODPHQWR LQWHUQR GHO IXQFLRQDPLHQWR GHO 3DUWLGR \ VX
3URJUDPD Pi[LPR D GHVDUUROODU HQ OD DFWLYLGDG SROtWLFD GH VXV PLOLWDQWHV DXQTXH QR
KDEUtD GH ORJUDU UHSUHVHQWDFLyQ SDUODPHQWDULD KDVWD HO ௙
GH 0D\R GH ௙
FXDQGR OD
&RQMXQFLyQ 5HSXEOLFDQR6RFLDOLVWD SHUPLWLy D ௙
3DEOR ,JOHVLDV ௙
REWHQHU VXIUDJLRV \ HO WtWXOR GH GLSXWDGR D &RUWHV )XH UHHOHJLGR HQ HQ YtVSHUDV GHO
DVHVLQDWR GH -HDQ -DXUpV FRQ VXIUDJLRV HVWD YH] SUHVHQWiQGRVH SRU 2YLHGR (O
GH $EULO GH UHSLWLy HVFDxR FRQ VXIUDJLRV (O ௙
GH )HEUHUR GH ௙
,JOHVLDV REWXYR YRWRV \ SRU SULPHUD YH] HVWXYR DFRPSDxDGR SRU RWURV
VRFLDOLVWDV -XOLiQ %HVWHLUR $QGUpV 6DERULW )UDQFLVFR /DUJR &DEDOOHUR 'DQLHO
$QJXLDQR H ,QGDOHFLR 3ULHWR SHUVHJXLGRV HQ ௙
௙
SRU VX SDUWLFLSDFLyQ HQ XQD KXHOJD
JHQHUDOUHYROXFLRQDULD
(O 362( HVWXYR SUHVHQWH HQ OD YLGD S~EOLFD HVSDxROD GHVGH VXV LQLFLRV FRQ XQD
SDUWLFLSDFLyQ GLUHFWD HQ OD OXFKD UHYROXFLRQDULD FRQWUD HO 5pJLPHQ GH OD 5HVWDXUDFLyQ
FDVR GH OD KXHOJDUHYROXFLRQDULDGHIHUURYLDULRVGH௙
DKRJDGDHQ9L]FD\D$VWXULDV
\0DGULG
/DFULVLVGHODV,QWHUQDFLRQDOHV
&RPR WRGRV ORV SDUWLGRV VRFLDOLVWDV HXURSHRV HO 362( VH YLR VDFXGLGR SRU OD OODPDGD
FULVLV GH ODV LQWHUQDFLRQDOHV TXH VHSDUy D FRPXQLVWDV \ VRFLDOLVWDV HQ SDUWLGRV
GLIHUHQWHV\HQIUHQWDGRVHQWUHVt
(Q ௙
HO &RQJUHVR GHO 362( HVWXGLy OD SRVLELOLGDG GH DEDQGRQDU OD ,,
,QWHUQDFLRQDO VRFLDOLVWD H LQWHJUDUVH HQ QXHYD ,QWHUQDFLRQDO &RPXQLVWD R ,,,
,QWHUQDFLRQDOOLGHUDGDSRUHO3DUWLGR&RPXQLVWDGHOD8QLyQ6RYLpWLFD
$QWH OD GLYLVLyQ H[LVWHQWH HQWUH ORV GHOHJDGRV HO &RQJUHVR DFRUGy HVSHUDU D OD
VLJXLHQWH UHXQLyQ GH OD ,, ,QWHUQDFLRQDO SDUD WRPDU XQD GHFLVLyQ 'LVFRQIRUPHV FRQ OD
GHFLVLyQ OD )HGHUDFLyQ GH -XYHQWXGHV 6RFLDOLVWDV UDPD MXYHQLO TXH DJOXWLQDED D ORV
HOHPHQWRV PDV UDGLFDOHV GHO SDUWLGR GHFLGLy HVFLQGLUVH GHO 362( DGKHULUVH D OD ,,,
,QWHUQDFLRQDO \ FRQVWLWXLU VX VHFFLyQ HVSDxROD FRQ HO QRPEUH GH 3DUWLGR &RPXQLVWD
(VSDxROHQ௙
(VH PLVPR DxR XQQXHYR&RQJUHVR([WUDRUGLQDULRDSUREDEDHOLQJUHVRFRQGLFLRQDGR
GHO 362( HQ OD ,,, ,QWHUQDFLRQDO \ UHVROYtD HQYLDU XQD GHOHJDFLyQ IRUPDGD SRU
)HUQDQGR GH ORV 5tRV \ 'DQLHO $QJXLDQR D OD 8QLyQ 6RYLpWLFD SDUD WDQWHDU HO WHUUHQR
$ VX YXHOWD 'H ORV 5tRV GHVDFRQVHMy HO VRPHWLPLHQWR GHO362(DODyUELWDFRPXQLVWD
PLHQWUDV $QJXLDQR VH SURQXQFLy D IDYRU /D SURSLD ,QWHUQDFLRQDO &RPXQLVWD SRU VX
SDUWH UHFKD]y ODV FRQGLFLRQHV GHO 362( SDUD VX LQJUHVR \ OH XUJLy D DFHSWDU ODV FRQGLFLRQHV HVWiQGDU (Q HVWH FRQWH[WR HO SDUWLGR 6RFLDOLVWD DFRUGy HQ XQ WHUFHU
&RQJUHVR([WUDRUGLQDULRPDQWHQHUVHDOPDUJHQGHOD,,,,QWHUQDFLRQDO
(O VHFWRU PLQRULWDULR HQ HO TXH VH HQFRQWUDED OD QXHYD )HGHUDFLyQ 1DFLRQDO GH
-XYHQWXGHV 6RFLDOLVWDV ௙
SDUWLGDULR GH LQJUHVDU VLQ GLODFLRQHV HQ HO .RPLQWHUQ DQXQFLy
VX HVFLVLyQ GHO 362( \ OD IXQGDFLyQ GHO 3DUWLGR &RPXQLVWD 2EUHUR (VSDxRO TXH VH
XQLy FRQ HO 3DUWLGR &RPXQLVWD (VSDxRO HQ HO 3DUWLGR &RPXQLVWD GH (VSDxD ~QLFR
SDUWLGRHVSDxRODGKHULGRDO.RPLQWHUQHQ௙
/D'LFWDGXUDGH3ULPRGH5LYHUD
(O 362( IXH HO ~QLFR SDUWLGR DO TXH VH OH SHUPLWLy SHUPDQHFHU HQ OD OHJDOLGDGGXUDQWH
OD GLFWDGXUD GHO *HQHUDO 3ULPR GH 5LYHUD SXHV DXQTXH 3DEOR ,JOHVLDV ILUPy HO ௙
GH
6HSWLHPEUH GH ௙
HO PDQLILHVWR FRQWUD OD GLFWDGXUD FRPR SUHVLGHQWH GHO 3DUWLGR \
GH OD 8QLyQ*HQHUDOGHWUDEDMDGRUHVVHSURGXMRXQDGLYLVLyQHQHOVHQRGHOPLVPRDQWH
OD DFWLWXG TXH GHEtD PDQWHQHUVH IUHQWH DO UpJLPHQ PLOLWDU 3RUXQODGR/DUJR&DEDOOHUR
\ 6DERULW HUDQ SDUWLGDULRV GH XQD FLHUWD FRODERUDFLyQ SDUD SHUPLWLU HO IXQFLRQDPLHQWR
GHO VLQGLFDWR PLHQWUDV TXH ,QGDOHFLR 3ULHWR \ )HUQDQGR GH ORV 5tRV HUDQ FRQWUDULRV D
HVD FRODERUDFLyQ /D FULVLV ILQDOL]yFRQODGLPLVLyQGHOD&RPLVLyQ(MHFXWLYDGH3ULHWR
WUDV HO QRPEUDPLHQWR GH /DUJR &DEDOOHUR FRPR &RQVHMHUR GH (VWDGR GH 3ULPR GH
5LYHUD
7UDV HO IUDFDVR GH OD GLFWDGXUD GH 3ULPR GH 5LYHUD HO 362( DFRUGy QR VLQ JUDYHV
WHQVLRQHV HQ VX VHQR FRODERUDU FRQ ORV JUXSRV UHSXEOLFDQRV EXUJXHVHV HQ OD
FRQVSLUDFLyQ FRQWUD OD GHVDFUHGLWDGD 0RQDUTXtD GH $OIRQVR ;,,, (VD FRODERUDFLyQ VH
FRQFUHWy FRQ OD SDUWLFLSDFLyQ GHO VRFLDOLVWD /DUJR &DEDOOHUR HQ HO 3DFWR GH 6DQ
6HEDVWLiQ HQ HO TXH ORV JUXSRV GH OD RSRVLFLyQ EXUJXHVD D OD FRURQD UHSXEOLFDQRV
UDGLFDOHV $FFLyQ 5HSXEOLFDQD UDGLFDOHV VRFLDOLVWDV UHSXEOLFDQRV IHGHUDOHV
FDWDODQLVWDV DFRUGDURQ XQ SURJUDPD FRP~Q SDUD GHUURFDU DO UH\ H LQVWDXUDU HQ
(VSDxDXQUpJLPHQGHPRFUiWLFR\UHSXEOLFDQR
7UDV OD HOHFFLRQHV PXQLFLSDOHV GHO ௙
GH $EULO GH ௙
HQ ODV TXH ODV FDQGLGDWXUDV
UHSXEOLFDQDV REWXYLHURQ WULXQIRV FRQWXQGHQWHV HQ ORV SULQFLSDOHV Q~FOHRV XUEDQRV GHO
3DtV 0DGULG %DUFHORQD 9DOHQFLD =DUDJR]D *XDGDODMDUD 7HUXHO &XHQFD
6DODPDQFD ³HQ XQD SDODEUD HQ WRGDV ODV GHPiV ࣡
FLXGDGHV HVSDxRODV VDOYR FXDWUR´ ࣡
HQ
H[SUHVLyQ GHO ࣡
FRQGH GH 5RPDQRQHV OD &RURQD TXHGy PX\ GHELOLWDGD \ FUHFLy OD
SUHVLyQ SRSXODU D IDYRU GH OD 5HS~EOLFD (OOR SURYRFy OD KXtGD GHO UH\ D )UDQFLD \ OD
SURFODPDFLyQ GH OD ,, 5HS~EOLFD HQ WRGR HO 3DtV HO &RPLWp 3URYLVLRQDO UHSXEOLFDQR VH
KL]RFDUJRGHO*RELHUQR\FRQYRFyHOHFFLRQHVD&RUWHV&RQVWLWX\HQWHV
(Q DTXHOODV &RUWHV HO 362( REWXYR GLSXWDGRV VLWXiQGRVH DVt FRPR OD SULPHUD
PLQRUtD GH OD &iPDUD \ SDUWLFLSy UHJXODUPHQWH HQ ORV JRELHUQRV UHSXEOLFDQRV GH
0DQXHO $]DxD SULPHUR HQ HO JRELHUQR GHFRQFHQWUDFLyQ\SRVWHULRUPHQWHHQFRDOLFLyQ
FRQORVUHSXEOLFDQRVGHL]TXLHUGDGH$FFLyQ5HSXEOLFDQD\RWURVJUXSRVPLQRULWDULRV
(VWD VLWXDFLyQ VH PDQWXYR D OR ODUJR GHO ௙
3ULPHU %LHQLR 7UDV ODV
HOHFFLRQHV GH ௙
ODV IXHU]DV GH OD L]TXLHUGD DEDQGRQDURQ HO JRELHUQR \ IXHURQ
VXVWLWXLGDV SRU XQ JRELHUQR PLQRULWDULR UDGLFDO DSR\DGR SRU OD &('$௙
௙
$ OR ODUJR GH
HVWD HWDSD FRQRFLGD FRPR %LHQLR 5DGLFDOFHGLVWD R %LHQLR 1HJUR HO 362( VH DOHMy
SDXODWLQDPHQWH GH ODV LQVWLWXFLRQHV GHPRFUiWLFDV \ QXPHURVRV H LQIOX\HQWHV GLULJHQWHV
GHO 3DUWLGR FRPR /DUJR &DEDOOHUR R ,QGDOHFLR 3ULHWR TXLHQ PDV WDUGH FRQVLGHUDUtD
DTXHO HSLVRGLR XQR GH ORV PDV JUDYHV HUURUHV GHO VRFLDOLVPR \ GH Vt PLVPR VH
HPEDUFDURQ HQ XQ PRYLPLHQWR KXHOJXtVWLFRLQVXUUHFFLRQDO TXH GHVHPERFy HQ OD
OODPDGD 5HYROXFLyQ GH ௙
2FWXEUH GH ௙
௙
IUDFDVDGD HQ SUiFWLFDPHQWH WRGR HO SDtV
VDOYR HQ &DWDOXxD GRQGH HO SUHVLGHQWH GH OD *HQHUDOLGDG /OXLV &RPSDQ\V GHVDILy HO
RUGHQ FRQVWLWXFLRQDO DO SURFODPDU HO (VWDGR FDWDOiQ ࣡
GHQWUR GH OD LQH[LVWHQWH 5HS~EOLFD
)HGHUDO (VSDxROD ࣡
OR TXH ࣡
VXSXVR VX LQPHGLDWD GHWHQFLyQ SRU SDUWH GH ODV )XHU]DV
$UPDGDV GH OD 5HS~EOLFD \ OD VXVSHQVLyQ GH OD DXWRQRPtD FDWDODQD SRU SDUWH GHO
*RELHUQR UDGLFDO \ HQ $VWXULDV GRQGH OD H[SHULHQFLD UHYROXFLRQDULD VREUHYLYLy YDULRV
PHVHV DQWHV GH VHU DSODVWDGDV SRU ODV WURSDV JXEHUQDPHQWDOHV GLULJLGDV SRU HOJHQHUDO
)UDQFR
$ODUHSUHVLyQJXEHUQDPHQWDOGHODKXHOJDVLJXLyXQLQFUHPHQWRHQODFULVSDFLyQVRFLDO
\ OD SRODUL]DFLyQ GHODVGHUHFKDV\ODVL]TXLHUGDVTXH\DQRVHGHWXYRKDVWDHOHVWDOOLGR
GH OD *XHUUD &LYLO (QPHGLRGHHVDHVSLUDOGHDJLWDFLyQ\FUHFLHQWHYLROHQFLDHO362(
VH LQWHJUy HQ OD FRDOLFLyQ GHO )UHQWH 3RSXODU TXH DJUXSy D WRGDV ODV L]TXLHUGDV
VRFLDOLVWDV UDGLFDOVRFLDOLVWDV UHSXEOLFDQRV GH L]TXLHUGD FRPXQLVWDV DQDUTXLVWDV
UHSXEOLFDQRV FDWDODQHV \ TXH REWXYR HQ ODV HOHFFLRQHV GH ௙
)HEUHUR GH ௙
XQD
DMXVWDGD YLFWRULD IUHQWH D ODV IXHU]DV GH OD GHUHFKD /D YXHOWD GHO VRFLDOLVPR DO
JRELHUQR VLQ HPEDUJRQRVHSURGXMRKDVWDGHVSXpVGHO$O]DPLHQWR1DFLRQDOGHO௙
GH
-XOLR GH ௙
FXDQGR /DUJR &DEDOOHUR IXH QRPEUDGR SUHVLGHQWH GHO JRELHUQR HQ
VXVWLWXFLyQGH6DQWLDJR&DVDUHV4XLURJD
(O362(GXUDQWHOD*XHUUD&LYLO
(O 362( IXH LOHJDOL]DGR SRUHOEDQGRQDFLRQDOGXUDQWHOD*XHUUD&LYLOFRPRORIXHURQ
ORV GHPiV SDUWLGRV \ RUJDQL]DFLRQHV SROtWLFDV D H[FHSFLyQ GH ODV SHUWHQHFLHQWHV DO
GHQRPLQDGR 0RYLPLHQWR 1DFLRQDOHOSDUWLGR~QLFR)DODQJH(VSDxROD\GHODV-216\
VXVLQGLFDWRYHUWLFDOOD&HQWUDO1DFLRQDO6LQGLFDOLVWD
(Q௙
HO362(VHUHRUJDQL]yHQHOLQWHULRUFRQFRPLWpVORFDOHVHQORVSHQDOHV\
FDPSRV GH FRQFHQWUDFLyQ (Q ௙
௙
VH IRUPy OD SULPHUD &RPLVLyQ (MHFXWLYD HQ HO
LQWHULRU GHWHQLGD FXDWUR PHVHV GHVSXpV +DVWD ௙
ODV VHLV HMHFXWLYDV GHO LQWHULRU
IXHURQ GHVPDQWHODGDV SRU OD SROLFtD \ HQFDUFHODGRV VXV GLULJHQWHV DxR HQ HO TXH IXH
DVHVLQDGR HO 3UHVLGHQWH GHO 362( 7RPiV &HQWHQR HQ OD VHGHGHOD'LUHFFLyQ*HQHUDO
GH6HJXULGDGKR\VHGHGHO*RELHUQRGHOD&RPXQLGDGGH0DGULG
&DStWXORWUDQVFULWRGH³:LNLSHGLDODHQFLFORSHGLDOLEUH௙́
1RWDGHODXWRU
'XUDQWH OD *XHUUD &LYLO \ D VX WHUPLQDFLyQ IXHURQ ORV HVSDxROHV GH LGHRORJtD
L]TXLHUGLVWD ORV GHIHQVRUHV GH OD OLEHUWDG \ OD GHPRFUDFLD VREUH TXLHQHV VH HQVDxDURQ
ORVIDVFLVWDVYHQFHGRUHVGHODIUDWLFLGDFRQWLHQGD
(QODSRVWJXHUUDWRGRVORVHVSDxROHVGHL]TXLHUGDVVXIULHURQODVFRQVHFXHQFLDVGHXQD
UHSUHVLyQ OOHYDGD KDVWD OtPLWHV LQFRQFHELEOHV SHUR VREUH WRGDV ODV LGHRORJtDV IXHURQ
ORV VRFLDOLVWDV VREUH TXLHQHV UHFD\y HO Pi[LPR IXURU SHUVHFXWRULR \ KRPLFLGD GH ORV
IUDQTXLVWDVIDODQJLVWDV TXH KLFLHURQ GH HOORV YtFWLPDV LQRFHQWHV \ TXH VXIULHURQ
PDUJLQDFLyQ SHUVHFXFLyQ SULVLyQ \ HQ XQD LQFRQWDEOH FDQWLGDG GH FDVRV DOHYRVR
DVHVLQDWR R MXLFLR PLOLWDU VXPDUtVLPR \ HO IXVLODPLHQWR (Q ODV FDSLWDOHV HVSDxRODV TXH
IXHURQ ODV ~OWLPDV HQ FDHU FRQTXLVWDGDV SRU ORV UHEHOGHV IUDQTXLVWDV HO HQVDxDPLHQWR
IXH GH XQDV GLPHQVLRQHV LQKXPDQDV LQFRQFHELEOHV HQ QXHVWURV GtDV \GHVSXpVGHFHUFD
GH YHLQWLFLQFR DxRV GH GHPRFUDFLD VH GHVFRQRFH OD UHDOLGDG GH OR VXIULGR SRU WRGRV
DTXHOORV HVSDxROHV TXH FUHtDQ HQ XQ (VWDGR GH 'HUHFKR \ HQ OD /LEHUWDG GH QXHVWUR
3XHEOR $SHVDUGHORVPXFKRVDxRVWUDQVFXUULGRVH[LVWHQPXFKDVGLILFXOWDGHVHQFRQVHJXLUOD
LQIRUPDFLyQ TXH VH DMXVWH D OD UHDOLGDG GH ORVXFHGLGRHQDTXHOORVOHMDQRVWLHPSRVSRU
HVR \ SDUD VDOGDU OD GHXGD TXH OD VRFLHGDG WLHQH FRQWUDtGD FRQ DTXHOODV YtFWLPDV
LQRFHQWHV HVWDPRV WUDEDMDQGR HQ VX ࣡
LQYHVWLJDFLyQ SDUD UHFREUDU OD ௙
GLJQLGDG TXH FRQ
OD YLGD OHV IXH DUUHEDWDGD FRQ HO FRQVHQWLPLHQWR GH XQD ,JOHVLD &DWyOLFD LQTXLVLWRULDO
TXH DPSDUy HO JHQRFLGLR XQD GHXGD KLVWyULFD DOUHFXHUGRGHOVDFULILFLRTXHVXIULHURQ\
XQDGHXGDTXHSUHWHQGHPRVVDOGDUKRQRUDEOHPHQWH
%UHYH+LVWRULDGHOD8QLyQ*HQHUDOGH7UDEDMDGRUHV8*7
/D 8QLyQ *HQHUDO GH 7UDEDMDGRUHV IXH IXQGDGD SRU 3DEOR ,JOHVLDV HQ %DUFHORQD HO ௙
GH $JRVWR ௙
GH ௙
FRLQFLGLHQGR FRQ OD FHOHEUDFLyQ GH OD ([SRVLFLyQ 8QLYHUVDO GH
%DUFHORQD GH TXH KDEtD HPSOHDGR DPLOHVGHSHUVRQDVHQWDUHDVGHFRQVWUXFFLyQ
WUDEDMDQGR HQ GXUDV FRQGLFLRQHV TXH OHV KDEtD FRQFLHQFLDGR GH OD QHFHVLGDG GH
RUJDQL]DUVHSDUDGHIHQGHUVXVLQWHUHVHV
/D 8*7 QDFLy HQ tQWLPD UHODFLyQ FRQ HO VRFLDOLVPR PDU[LVWD D SHVDU GH VX
DSROLWLFLVPRHVWDWXWDULR
+DVWD VX௙
;,9&RQJUHVRGH௙
QRDVXPLyODOXFKDGHFODVHVFRPRSULQFLSLREiVLFR
GH OD DFFLyQ XJHWLVWD DXQTXH QXQFD OOHJy D HVWDEOHFHU XQ yUJDQR PL[WR GH FRQH[LyQ
LQVWLWXFLRQDO FRQ HO 3DUWLGR 6RFLDOLVWD 2EUHUR (VSDxRO 362( HO VLQGLFDWR VLQ
HPEDUJR HVWXYR UHODFLRQDGR FRQ HO SDUWLGR GHVGH VX QDFLPLHQWR \D TXH KDVWD OD
GpFDGDGHORVODVLQGLFDFLyQD8*7VXSRQtDODDILOLDFLyQDO362(\YLFHYHUVD
(Q HO SHULRGR GH OD , *XHUUD 0XQGLDO VH SURGXMHURQ WiFWLFDV GH DFHUFDPLHQWR \
XQLGDG GH DFFLyQ FRQ ORV DQDUFRVLQGLFDOLVWDVGHOD&RQIHGHUDFLyQ1DFLRQDOGHO7UDEDMR
&17 \ORVFRPXQLVWDVLQWHUUXPSLGDVEUXVFDPHQWHDODGYHQLPLHQWRGHODGLFWDGXUDGH
0LJXHO 3ULPR GH 5LYHUD \ VX UpJLPHQ GH PRQRSROLR VLQGLFDO FXDQGROD&17RSWDSRU
HO HQIUHQWDPLHQWR UDGLFDO FRQ HO UpJLPHQ VLHQGR SRU OR WDQWR SURKLELGD PLHQWUDV OD
8*7 DXQTXH GLVFRQIRUPH FRQ OD GLFWDGXUD DGRSWD XQD SRVWXUD GHFLHUWDFRODERUDFLyQ
SDUD SRGHU VHJXLU IXQFLRQDQGR /D UDGLFDOL]DFLyQGHODODGH/DUJR&DEDOOHURGXUDQWHOD
pSRFD GH OD ,, 5HS~EOLFD FXDQGR OD 8*7 UHEDVy HO PLOOyQ GH DILOLDGRV \ HO FUXHQWR
HVWDOOLGR GH OD *XHUUD &LYLO DKRQGDURQ ODV ILVXUDV LQWHUQDV \ SURYRFDURQ OD VDOLGD GH
/DUJR&DEDOOHURGHOD6HFUHWDULD*HQHUDOHQ௙
௙
(O H[LOLR GHULYDGR GH OD YLFWRULD IUDQTXLVWD FHUUy PHGLR VLJOR GH KLVWRULD GH OD 8*7
FHQWUDO VLQGLFDO GH FODVH \ VRFLDOLVWD FX\RV DILOLDGRV KDEtDQ VXIULGR SHUVHFXFLyQ
HQFDUFHODPLHQWRV \ XQ Q~PHUR LPSRVLEOH GH FDOFXODU SRU VXV GLPHQVLRQHV GH
DVHVLQDGRV (O UpJLPHQ GLFWDWRULDO LPSXVR OD &HQWUDO 1DFLRQDO 6LQGLFDOLVWD &16 VLQGLFDWR
YHUWLFDO FRQ SRVWXODGRV DVXPLGRV GH VRPHWLPLHQWR GH OD FODVH WUDEDMDGRUD D ORV
HPSUHVDULRV XQD LGHD GHO IDODQJLVWD 5DPLUR/HGHVPDFX\DLGHRORJtDHVWDEDLQVSLUDGD
HQ HO PDV SURIXQGR VHQWLPLHQWR SROtWLFR GHO IDVFLVPR 1R PHUHFH OD SHQD H[WHQGHUVH
FRQ PiV GHWDOOHV VREUH ODV ³FRQTXLVWDV´ GH OD FODVH WUDEDMDGRUD FRQ HVWH VLQGLFDWR GH
LQIHOL]PHPRULD\TXHHVPHMRUROYLGDU
7DUGDURQ XQRV DxRV HQ UHVXUJLU ORV VLQGLFDWRV GH FODVH HQ ODV HPSUHVDV PiV
LPSRUWDQWHV GHO 3DtV WXYLHURQ VXV FRPLHQ]RV HQ SOHQD FODQGHVWLQLGDG HQ ORV DxRV FRQ DOJXQRV PLOHV GH WUDEDMDGRUHV DILOLDGRV HQ ODV HPSUHVDV PiV LPSRUWDQWHV (VSDxD
VXUJLHURQ FRQ YHUGDGHUD SXMDQ]D 6HDW 6LHPHQV %DUUHLURV HQ 0DGUG +8126$ HQ
$VWXULDV %DEFRN:LOFR[ $OWRV +RUQRV HQ 9L]FD\D 6($7 HQ %DUFHORQD \ )RUG HQ
9DOHQFLD IXHURQ ODV SULPHUDV HPSUHVDV GRQGH VXUJLy FRQ IXHU]D ODV SULPHUDV
UHLYLQGLFDFLRQHV \ FRQ HOODV ODV SULPHUDV KXHOJDV SURGXFWR GH ODV SULPHUDV DVDPEOHDV
VROLGDULDV VLJXLHQGR HO FDPLQR WUD]DGR SRU HO QXHYR VLQGLFDWRGH&RPLVLRQHV2EUHUDV
&&22 TXH SURFHGtD GH PLHPEURV GH ILOLDFLyQ FRPXQLVWD \ TXH VXUJLy GHVGH ORV
PRYLPLHQWRV GH L]TXLHUGDV VLQGLFDOHV DPSDUDGRV HQ RUJDQL]DFLRQHV GH OD ,JOHVLD
SHUWHQHFLHQWHV D ORV PRYLPLHQWRV DSRVWyOLFRV GH OD -XYHQWXG 2EUHUD &DWyOLFD -2& \
OD +HUPDQGDG 2EUHUD GH $FFLyQ &DWyOLFD +2$&ODKLVWyULFDRUJDQL]DFLyQGH8*7
WDPELpQ UHVXUJLy FRQ SXMDQ]D HQ DTXHOORV DxRV \ XWLOL]y VX LPSODQWDFLyQ H LQLFLDWLYDV
KDVWD ORV LQLFLRV GH OD WUDQVLFLyQ GHPRFUiWLFD FRQ ORV PLVPRV R SDUHFLGRV
SODQWHDPLHQWRV VLQGLFDOHV GH &RPLVLRQHV 2EUHUDV &&22 FRQ OD OOHJDGD GH OD
GHPRFUDFLD VXUJLHURQ RWURV VLQGLFDWRV FRQ PHQRU LPSODQWDFLyQ HO KLVWyULFR &17 \
862 TXH FRODERUDURQ \DSHVDUGHODFRPSHWHQFLDSURSLDGHODVGLVWLQWDVFRQFHSFLRQHV
GHO PXQGR GHO WUDEDMR \ GH ORV WUDEDMDGRUHV FRQ WRGRV HOORV VH IRUMy OD QXHYD GRFWULQD
VLQGLFDO DMXVWDGD D ORV SULQFLSLRV GHPRFUiWLFRV TXHWUDMRDWRGRVORVHVSDxROHVODQXHYD
&RQVWLWXFLyQ(VSDxRODGHGH'LFLHPEUHGH
/D QXHYD HWDSD GHPRFUiWLFD WUDMR FRPR HORJLDEOH FRQVHFXHQFLD OD UHFXSHUDFLyQ GHO
SDWULPRQLR VLQGLFDO GH OD 8*7 TXH KDEtD VLGR H[SURSLDGR IUDXGXOHQWDPHQWH SRU HO
JRELHUQR GHO GLFWDGRU )UDQFR WRGR HOOR IUXWR GH OD UDSLxD GH ORV IDVFLVWDV TXH QR
UHVSHWDURQ DTXHOODV &DVDV GHO 3XHEOR TXH FRQ WDQWR VDFULILFLR IXHURQ FDSDFHV GH
FRQVWUXLUORVREUHURVVLQGLFDOLVWDVVRFLDOLVWDV
&XDQGR OD GHPRFUDFLD VH UHVWDEOHFH HQ QXHVWUR 3DtV ODV UHODFLRQHV HQWUH 362( \
8*7 VH HVWDEOHFLHURQ FRPR VLHPSUH IXHURQ RUJDQL]DFLRQHV KHUPDQDV EDVDGDV HQ ORV
SULQFLSLRV 6RFLDOLVWDV IXQGDGDV DPEDV SRU 3DEOR ,JOHVLDV 8QDGHODVREOLJDFLRQHVTXH
FRQWUDtD FXDOTXLHU DVSLUDQWH D PLOLWDQWH GHO 362( SRU HO(VWDWXWRGHO3DUWLGRHUDHVWDU
DILOLDGRV D OD 8*7 SRVWHULRUPHQWH VH YLR TXH ORV WLHPSRV KDEtDQ HYROXFLRQDGR \ TXH
VXUJtDQ QXHYDV DILOLDFLRQHV DO 3DUWLGR GH FRPSDxHURV GH SURIHVLRQHV OLEHUDOHV ORV
FXDOHV VLHPSUH SRQtDQ UHSDURV D OD DILOLDFLyQ SROtWLFD GHO 6LQGLFDWR HVWR WUDMR FRPR
FRQVHFXHQFLD TXH HQ ORV &RQJUHVRV UHVSHFWLYRV VH OOHJDUD D XQD VHSDUDFLyQ DPLVWRVD \
D XQD LQGHSHQGHQFLDWRWDOVLQDEDQGRQDUQLPXFKRPHQRVODLGHRORJtD\HOFRQFHSWRGH
RUJDQL]DFLyQKHUPDQD
(Q OD DFWXDOLGDG VH PDQWLHQHQ H[FHOHQWHV UHODFLRQHV HQWUH 362( \ 8*7 FDGD
RUJDQL]DFLyQ YD SRU VX VLWLR \QRTXLWDTXHLQFOXVRFXDQGRJRELHUQDHO362(QRIDOWHQ
ODV MXVWDV UHLYLQGLFDFLRQHV TXH SODQWHD HO VLQGLFDWR \ FXDQGR HO JRELHUQR VRFLDOLVWD
HODERUD ORV 3UHVXSXHVWRV GHO (VWDGR ORV DYDQFHV TXH HQ PDWHULD VRFLDO VH FRQVLJXHQ
DQWHV GH VX DSUREDFLyQ SDVDQ SRU OD GLVFXVLyQ GH ORV DFXHUGRV \ GH ODV QXHYDV
SROtWLFDVHQWUHORV6LQGLFDWRVPD\RULWDULRVGH8*7&&22\HO*RELHUQRGH(VSDxD
(O PRWLYR TXH QRV OOHYD D WUD]DU HVWDV EUHYHV OtQHDV VREUH HO VLQGLFDWR 8*7 VH EDVD
IXQGDPHQWDOPHQWH HQ HO UHODWR GH HVWH WUDEDMR TXH SUHWHQGH OD UHFXSHUDFLyQ GH OD
PHPRULD KLVWyULFD HQ XQ HPRFLRQDGR UHFXHUGR D WRGRV DTXHOORV WUDEDMDGRUHV D VXV
OXFKDV \ DO VDFULILFLR GH VXV YLGDV TXH SRU SHUWHQHFHU D ODV &DVDV GHO 3XHEOR \ D OD
8*7 VXIULHURQ SHUVHFXFLyQ FiUFHOHV \ SHQDOHV \ SRVLEOHPHQWH ORV FRPSDxHURV PDV
IHUYLHQWHV OXFKDGRUHV GH XQD FDXVD WDQ MXVWD IXHURQ HOLPLQDGRV \ DVHVLQDGRV SRU ORV
IDODQJLVWDV FRPR WUDQVFULELUHPRV FRQ WRGD OD ILGHOLGDG D SHVDU GH ORV PXFKRV DxRV
WUDQVFXUULGRV \ HO RVFXUDQWLVPR GH OD GLFWDGXUD QRV GLVSRQHPRV D UHFXSHUDU VX
0HPRULD \ FRQ HOOR GHGLFDPRV D WRGRV D DTXHOORVFRPSDxHURVQXHVWURKRPHQDMHPDV
VHQWLGRSRUTXHVXVDFULILFLRGHVSXpVGHWDQODUJRVDxRVKDGDGRHOIUXWRSUHWHQGLGR
&URQRORJtDGHOD,,5HS~EOLFD(VSDxROD
$ OD JR]RVD SURFODPDFLyQ GH OD 5HS~EOLFD HQ WRGR HO 3DtV HO ௙
GtD GH $EULO GH
௙
OH VLJXLy XQD HWDSD GH OLEHUWDG GHPRFUiWLFD FRPR QXQFD DQWHV SXGR GLVIUXWDU HO
SXHEOR HVSDxRO HO 5pJLPHQ SROtWLFR TXH GHEXWDED HQ HO (VWDGR HUD OD DQWtWHVLV GH ORV
*RELHUQRVTXHKDEtDQJREHUQDGR(VSDxD
/D 5HS~EOLFD QR IXH SURFODPDGD WUDV XQDV HOHFFLRQHV JHQHUDOHV VLQR WUDV XQDV
HOHFFLRQHV PXQLFLSDOHV HQ ODV TXH JDQDURQ PD\RULWDULDPHQWH ORV SDUWLGRV
UHSXEOLFDQRV GH L]TXLHUGD 6REUH WRGR HQ ODV SULQFLSDOHV FDSLWDOHV GH (VSDxD 7UDV OD
FULVLV SURGXFLGD SRU HVWD YLFWRULD HO UH\ $OIRQVR ;,,, VH H[LOLD \ VH SURFODPD OD
5HS~EOLFD FRQ $OFDOi=DPRUD FRPR SUHVLGHQWH SURYLVLRQDO \ 0LJXHO 0DXUD FRPR
SULPHUPLQLVWURGHODJREHUQDFLyQ
(VWD HV XQD UHS~EOLFD GH OD LQWHOHFWXDOLGDG ODV FODVHV PHGLDV \ HO SUROHWDULDGR HQ OD
TXH OD ROLJDUTXtD WUDGLFLRQDO TXH YHQtD GRPLQDQGR HO SDtV TXHGD IXHUD GHO SRGHU
SROtWLFRHLQFOXVRGHOHFRQyPLFR
1DGD PiV SURFODPDUVH OD 5HS~EOLFD VH SURGXFHQ GRV FULVLV XQD HQ 2FWXEUH FXDQGR
GLPLWHQ $OFDOi=DPRUD \ 0DXUD GHELGR DO H[SOtFLWR ODLFLVPR FRQVWLWXFLRQDO \ XQD
VHJXQGD FULVLV TXH WLHQH FRPR SURWDJRQLVWDV D ORV UDGLFDOHV GH $OHMDQGUR /HUURX[ \ D
ORV VRFLDOLVWDV GH /DUJR &DEDOOHUR TXH VH HQIUHQWDQ SRU HO SRGHU (V OD pSRFD
VRFLDOD]DxLVWDHQODTXHORVVRFLDOLVWDVHQWUDQHQHOSRGHU
3HUR QR WRGR VRQFDPELRVHQODUHS~EOLFDODFRQWLQXLGDGSHUVLVWHHQPXFKRViPELWRV
FRPR HQ HO (MpUFLWRODDGPLQLVWUDFLyQSHULIpULFDOD,JOHVLDHWF$SHVDUGHODVPHGLGDV
FRQWUDHOORVQRVHFXPSOHODH[SXOVLyQGHORVMHVXLWDVTXHVHGHFUHWDHQ
(O*RELHUQR&RQVWLWX\HQWH
3ULPHUDV࣡
H࣡
OHFFLRQHVJHQHUDOHVD&RUWHV&RQVWLWX\HQWHVGH-XQLRGH
$SUREDFLyQ SRU ODV &RUWHV GH OD &RQVWLWXFLyQ 5HSXEOLFDQD GH 'LFLHPEUH GH
࣡
*RELHUQR GH FRDOLFLyQ UHSXEOLFDQRVRFLDOLVWD ࣡
SUHVLGLGR SRU $]DxD ࣡
GH
'LFLHPEUHGH
3UREOHPDV FRQ OD ,JOHVLD࣡
࣡
D OD TXH QR OH JXVWDED OD FRQFHSFLyQODLFDGHO(VWDGROD
FRQILVFDFLyQ ࣡
GHELHQHVGHGHWHUPLQDGDVyUGHQHVUHOLJLRVDVSURKLELFLyQGHOD&RPSDxtD
GH -HV~VVXSUHVLyQGHODHQVHxDQ]DLPSDUWLGDSRUORVUHOLJLRVRVODVXSUHVLyQGHD\XGDV
\RWUDVPHGLGDVFRQWHQLGDVHQHODUWtFXORGHOD&RQVWLWXFLyQ
3UREOHPDV FRQ HO (MpUFLWR ࣡
FX\D RILFLDOLGDG HQ VX PD\RUtD FRQVHUYDGRUD \
PRQiUTXLFD QR HVWDED GH DFXHUGR FRQ ODV PHGLGDV GH UDFLRQDOL]DFLyQHPSUHQGLGDVSRU
$]DxDFRPRPLQLVWURGHOD*XHUUD௙
*ROSH GH HVWDGR ࣡
IUDFDVDGR GHO JHQHUDO 6DQMXUMR TXH KX\y D 3RUWXJDO HO GH
$JRVWRGH
3UREOHPDUHJLRQDO࣡
$SUREDFLyQGHO(VWDWXWR&DWDOiQ௙
GH6HSWLHPEUHGH
3UREOHPDV VRFLDOHV࣡
࣡
YLQFXODGRV FRQ OD /H\ GH OD 5HIRUPD $JUDULD ࣡
6X IUDFDVR
HQWUH RWUDV FRVDV ࣡
SRU IDOWD GH SUHVXSXHVWR SDUD OOHYDUOD D EXHQ ILQ GLR OXJDU D
GLVWXUELRV IXHUWHPHQWH UHSULPLGRV &DVDV 9LHMDV &DVWLOEODQFR \ RWURV 0LHQWUDV SRU
RWUD SDUWH DODUPDED D ORV JUDQGHV WHUUDWHQLHQWHV FRQ OR TXH QR VROR QR VH FRQVHJXtDQ
ORV ILQHVSURSXHVWRVVLQRTXHDGHPiVVHFUHDEDQPDVHQHPLJRVDOUpJLPHQUHSXEOLFDQR
HQWUHODVFODVHVSRGHURVDV௙
2SRVLFLyQ REUHUD ࣡
SULQFLSDOPHQWH DQDUTXLVWDV LQWHJUDGRV HQ OD )$, )HGHUDFLyQ
$QDUTXLVWD௙
,࣡
EpULFD\OD&17&RQIHGHUDFLyQ1DFLRQDOGHO7UDEDMR
'LVROXFLyQGH&RUWHV࣡
\&RQYRFDWRULDGHQXHYDVHOHFFLRQHV௙
௙
GH2FWXEUHGH
࣡
)XQGDFLyQ GH )DODQJH (VSDxROD࣡
࣡
SRU -RVp $QWRQLR 3ULPR GH 5LYHUD ࣡
GH
2FWXEUHGH ࣡
(OHFFLRQHV JHQHUDOHV࣡
࣡
JDQDGDV SRU ORV UDGLFDOHV GH $OHMDQGUR /HUURX[ \ OD &('$
&RQIHGHUDFLyQ (VSDxROD GH'HUHFKDV$XWyQRPDVOLGHUDGDSRU-RVp0DULD*LO5REOHV
GH࣡
1
࣡RYLHPEUHGH࣡
(O%LHQLR5DGLFDO&HGLVWDR1HJUR௙
7UDV OD HXIRULD L]TXLHUGLVWD GH ORV SULPHURVPRPHQWRVODUHS~EOLFDVHGHUHFKL]D\VH
SDUDQ WRGDV ODV UHIRUPDV TXH VH KDEtDQ SXHVWR HQ PDUFKD /D &('$ FRDOLFLyQ GH
SDUWLGRV UHSXEOLFDQRV GH GHUHFKD DO IUHQWH GH OD FXDO HVWi -RVp 0DULD*LO5REOHVJDQD
ODV HOHFFLRQHV GH $OFDOi =DPRUD OH HQFDUJD D $OHMDQGUR /HUURX[ IRUPDU
JRELHUQR OtGHU GHO 3DUWLGR 5DGLFDO XQR GH ORV SDUWLGRV TXH LQWHJUDQ OD &('$ $OFDOi
=DPRUD FRQVLGHUD TXH /HUURX[ HVWi PiV FRPSURPHWLGR FRQ OD 5HS~EOLFD TXH FRQ *LO
5REOHV
3HUR QR VHUi SRU OD GHUHFKD SRUGRQGHODUHS~EOLFDVHVLHQWDPDVDPHQD]DGDVLQRSRU
OD ࣡
L]TXLHUGD ࣡
(V HQ HVWD pSRFD FXDQGR VH SURGXFH OD ࣡
5HYROXFLyQ GH 2FWXEUH GH HQ $VWXULDV \ &DWDOXxD࣡
࣡
HV HQ HVWH SHULRGR FXDQGR 9LFWRULD .HQW WLHQH XQ FDUJR
LPSRUWDQWH'LUHFWRUD*HQHUDOGH3ULVLRQHV
࣡
*RELHUQR GH ORV FRQVHUYDGRUHV GH /HUURX[࣡
࣡
SUHVLRQDGR SRU OD GHUHFKD GH *LO
5REOHV
(QWUDQ D IRUPDU SDUWH GHO JRELHUQR WUHV PLQLVWURV GH OD &('$ ࣡
GH 2FWXEUH GH
࣡
$XPHQWRGHODDJLWDFLyQVRFLDO࣡
࣡
'HVFRQWHQWR FDPSHVLQR࣡
DO VHUOHV TXLWDGDV ODV WLHUUDV TXH UHFLELHURQ GH OD UHIRUPD
DJUDULD
࣡
5HYROXFLRQHV GH $VWXULDV \ &DWDOXxD ࣡
VRIRFDGDV SRUIXHU]DVGHOHMpUFLWRWUDtGDVGH
0DUUXHFRVHO
࣡
GH࣡
2
࣡FWXEUHGH
࣡
'HIODFLyQPRQHWDULD
࣡
0HGLGDVUHDFFLRQDULDVGHOJRELHUQR
࣡
'HELOLWDPLHQWR GHO FHQWUR࣡
FRPR FRQVHFXHQFLD GH OD FRUUXSFLyQ GH GLULJHQWHV GHO
3DUWLGR 5DGLFDO OLGHUDGR SRU /HUURX[ (O FDVR PDV IDPRVR HV HO HVFiQGDOR GHO
HVWUDSHUOR
࣡
௙
8QLyQGHVRFLDOLVWDV\௙
U௙
HSXEOLFDQRV௙
GHL]TXLHUGDVHQXQEORTXHHOGHQRPLQDGR
³)UHQWH3RSXODU´࣡
࣡
DQWHHOWHPRUJHQHUDOL]DGRGHODVL]TXLHUGDVHXURSHDVDOD
H[SDQVLyQGHODVSRWHQFLDV௙
I࣡
DVFLVWDV
(O7ULXQIRGHO)UHQWH3RSXODU)HEUHUR-XOLR
(O JRELHUQR GH ODV GHUHFKDV QR HV HVWDEOH࣡
\ FRQYRFD QXHYDV HOHFFLRQHV ࣡
HQ ࣡
SDUD FRQVROLGDUVH ࣡
3HUR ODV HOHFFLRQHV VRQ JDQDGDV SRU XQD FRDOLFLyQ GH L]TXLHUGDV HO
)UHQWH3RSXODU
(O QXHYR JRELHUQRSRQHHQPDUFKDUiSLGDPHQWHODVUHIRUPDVTXHKDEtDQTXHGDGRHQ
VXVSHQVR \ ODV TXH HUDQ GHPDQGDGDV SRUODVRFLHGDG8QDGHODVSULPHUDVPHGLGDVTXH
WRPD HV OD OLEHUDFLyQ GH ORV SUHVRV SROtWLFRV 3HUR VXV UHIRUPDV QR VRQ WDQ UiSLGDV
FRPR HO SXHEOR TXLHUH DO PHQRV ORV DQDUTXLVWDV (O SXHEOR VH ODQ]D D UHDOL]DU ODV
UHIRUPDV SRU VX FXHQWDRFXSDQGRWLHUUDV\HOJRELHUQRVHOLPLWDDOHJDOL]DUVLWXDFLRQHV
GH KHFKR /D ROLJDUTXtD WUDGLFLRQDOLVWD VH VLHQWH PDV DPHQD]DGD TXH QXQFD $GHPiV
GHVGHKDFHWLHPSRYLHQHFRQVSLUDQGRHQVHFUHWRFRQWUDODUHS~EOLFD
࣡
௙
'LVROXFLyQ GH ODV &RUWHV࣡
\ FRQYRFDWRULD GH HOHFFLRQHV JHQHUDOHV HOGH(QHURGH
7ULXQIR GH OD $JUXSDFLyQ GH L]TXLHUGDV ࣡
HQ ODV HOHFFLRQHV FHOHEUDGDV HO ࣡
GH
)HEUHURGH
࣡
࣡
0DQXHO $]DxD ࣡
HV QRPEUDGR HO ࣡
GH )HEUHUR GH ࣡
࣡
3UHVLGHQWH GHO *RELHUQR
IUHQWHSRSXOLVWD௙
G࣡
HOTXHQRIRUPDQSDUWHORVVRFLDOLVWDV
࣡
࣡
'HVWLWXFLyQ GH 1LFHWR $OFDOi =DPRUD࣡
࣡
FRPR 3UHVLGHQWH GH OD 5HS~EOLFD HO ࣡
GH
$EULOGH
࣡
࣡
&ULVLV GHJRELHUQR࣡
0DQXHO$]DxDGLPLWH\HVQRPEUDGR3UHVLGHQWHGHOD5HS~EOLFD
HO௙
࣡
GH0D\RGH࣡
࣡
࣡
࣡
)RUPDJRELHUQR࣡
࣡
6DQWLDJR&DVDUHV4XLURJDHO௙
࣡
GH0D\RGH
࣡
࣡
$XPHQWR GH OD FRQIURQWDFLyQ࣡
HQWUH HOHPHQWRV UDGLFDOHV GH GHUHFKDHL]TXLHUGD(O
GH -XOLR GH ࣡
࣡
HV DVHVLQDGR GHODQWH GH VX FDVD SRU XQRV SLVWROHURV YLQFXODGRV D
HOHPHQWRV UDGLFDOHV GH ࣡
GHUHFKD HO WHQLHQWH -RVp &DVWLOOR UHFLpQ FDVDGR(UDPLHPEUR
GH OD 805$ RUJDQL]DFLyQ PLOLWDU DQWLIDVFLVWD \WDPELpQWUDEDMDEDFRQODV-XYHQWXGHV
6RFLDOLVWDV 8QDV SRFDV KRUDV GHVSXpV GHO DVHVLQDWR GHO WHQLHQWH -RVp &DVWLOOR XQD GH
VXV PHMRUHV DPLJRV HO FDSLWiQ)HUQDQGR&RQGHV\RWURVRILFLDOHVGHSROLFtDDUUHVWDURQ
SRU SURSLD LQLFLDWLYD D &DOYR 6RWHOR HQ VX FDVD VREUH ODV WUHV GH OD PDxDQD OR
LQWURGXMHURQ HQ XQ FRFKH GH OD *XDUGLD GH $VDOWR \ HO RILFLDO /XLV &XHQFD OH GLVSDUy
XQ WLUR HQ OD QXFD 6X FXHUSR IXH OOHYDGR D OD IXQHUDULD PXQLFLSDO &DOYR 6RWHOR HUD
GLULJHQWH GHO SDUWLGR PRQiUTXLFR 5HQRYDFLyQ (VSDxROD \ DQWHULRU PLQLVWUR GH
+DFLHQGDGXUDQWHODPRQDUTXtDGH$OIRQVR;,,,
࣡
6XEOHYDFLyQ ࣡
HQ OD WDUGH GHO ௙
GH -XOLR GH ࣡
GHO HMpUFLWR GH 0DUUXHFRV \ GH
GLYHUVDV௙
J࣡
XDUQLFLRQHVSHQLQVXODUHVGDQGRFRPLHQ]ROD௙
*
࣡XHUUD&LYLO(VSDxROD
/D *XHUUD &LYLO DFDED HO GH $EULO GH ࣡
࣡
IHFKD TXH PDUFD HO ILQDO GH OD
,,5HS~EOLFD(VRDxROD
(O3DUWLGR6RFLDOLVWD2EUHUR(VSDxRO
(QODDFWXDO'HPRFUDFLD(VSDxROD
8Q3DUWLGRSDUDJREHUQDU(VSDxD
࣡
0XFKR WLHPSR D WUDQVFXUULGRGHVGH TXHHQ$JRVWRGH࣡
GXUDQWHHO,&RQJUHVRGHO
362( HQ %DUFHORQD 3DEOR ,JOHVLDV IXH HOHJLGR SUHVLGHQWH GHO &RPLWp 1DFLRQDO KDVWD
TXH HQ QXHVWURV GLDV -RVH /XLV 5RGUtJXH] =DSDWHUR SRU VHJXQGD YH] VHD UDWLILFDGR
FRPR OtGHU \ 6HFUHWDULR *HQHUDO /D IXQGDFLyQ GHO 3DUWLGR6RFLOVWDIXHXQDFRQMXQFLyQ
UHSXEOLFDQR௙
V࣡
RFLDOLVWD OD FULVLV GH ODV ,QWHUQDFLRQDOHV SRVWHULRUPHQWH OD GLFWDGXUD GH
3ULPR GH 5LYHUD \ OD *XHUUD &LYLO FX\R GHVHQODFH GLFWDWRULDO OOHYy DO VRFLDOLVPR DO
H[LOLR HQ HO PHMRU GH ORV FDVRV KDELHQGR VXIULGR GXUDQWH OD EiUEDUD FRQWLHQGD OD
SpUGLGDFUXHOGHVXVLQRFHQWHV\PHMRUHVPLOLWDQWHV
6HUtDHQHO;;9,&RQJUHVRGHFLPRWHUFHURHQHOH[LOLRFXDQGRODOX]DSDUHFLyDOILQDO
GH XQWXQHORVFXURGHPDVGHWUHLQWDDxRVGHUHFRUULGR\QRH[HQWRGHFRPSOLFDFLRQHV\
GHVHRV DOJXQRV FRQVXPDGRV GH DEDQGRQDU HO EDUFR &RQ HOOHPD´£3RUHO6RFLDOLVPR
£3RU OD /LEHUWDG´ HO 362( UHXQLGR HQ 6XUHVQHV)UDQFLDHQ2FWXEUHGHHOLJLyD
XQ PLOLWDQWH MRYHQ VHYLOODQR DERJDGR EULOODQWH \ FDULVPiWLFR )HOLSH *RQ]iOH] SDUD
TXH FUX]DVH OD IURQWHUD WUDQVStUHQDLFD \ OOHYDVH HO 362( D (VSDxD D XQD GHPRFUDFLD
WRGDYtDHQSDxDOHV\DXQJRELHUQRTXHLQLFLDEDODWUDQVLFLyQ
$QWHV VH KDEtD SURGXFLGR HQ HO 3DUWLGR XQD HVFLVLyQ FODYHSDUDHO;;9&RQJUHVRGH
HQ 7RORXVH HO 362( 5HQRYDGR GH 1LFROiV 5HGRQGR 3DEOR &DVWHOODQR \ )HOLSH
*RQ]iOH] TXH VH VHSDUDURQ GHO 362( +LVWyULFR GH 5RGROIR /ORSLV TXH WUDMR OD
FRQVHFXHQFLD GHO VXUJLPLHQWR GH XQ QXHYR SDUWLGR HO 3DUWLGR GH $FFLyQ 6RFLDOLVWD
3DVRF \ OD QHJDWLYD GHO DEDQGRQR GH /ORSLV D DEDQGRQDU OD 6HFUHWDULD *HQHUDO TXH
RVWHQWDEDGHVGH\TXHSURYRFyFRQVXDFWLWXGODIUDFWXUD
/D KLVWRULD GHO 362( FRQVWLWX\H XQ YLDMH HQ GLVWLQWRV WUHQHV TXH HQ HO SHULRGR
GHPRFUiWLFR VH UHVXPH DVt GRV YLDMHVHQSULPHUDFODVHFRQ*RQ]iOH]\=DSDWHUR\RWUR
PDV EUHYH GH WXULVWDFRQ-RDTXtQ$OPXQLDHQODORFRPRWRUDSXHVDXQTXH-RVHS%RUUHOO
LQWHQWy FRPSDUWLU OD FRQGXFFLyQ FRQ࣡
)HOLSHIXHGHVDORMDGRHQVHJXLGD¢FRQGXFtDPDO"
&XDQGRVHIXHKXERRSLQLRQHVSDUDWRGRVORVJXVWRV
(ODxRDxRPDOGLWRSDUDHO362(࣡
(Q (VSDxD QXQFD KXER XQ SROtWLFR FRQ WDQWR FDULVPD FRPR )HOLSH*RQ]iOH]DOJRTXH
UHFRQRFHQ LQFOXVR VXV GHWUDFWRUHV 3RU OR PLVPR TXL]iV VX FDLGD WUDV FDVL FDWRUFH
DxRV HQ HO SRGHU IXH DSDUDWRVD \ URGHDGD GHHVFiQGDORVSRWHQFLDGRVSRUXQDRSHUDFLyQ
SROtWLFRPHGLiWLFDVHJ~QFRQIHVDURQS~EOLFDPHQWHDOJXQRGHVXVSURPRWRUHV
*RQ]iOH] SHUGLy ODV HOHFFLRQHV GH DEDQGRQy HO OLGHUD]JR GHO 362( \ XQJLy D
$OPXQLD FRPR VX VXVWLWXWR HQ OD 6HFUHWDUtD *HQHUDO DO TXH VH XQLUtD %RUUHOO GH
FDQGLGDWR D OD 3UHVLGHQFLD GHO *RELHUQR 3URQWRVHUHWLUyGHOD~QLFDHWDSDHQODTXHXQ
362( HQ GHPRFUDFLD YLYLy R VXIULy OD ELFHIDOLD 1R REVWDQWH $OPXQLD TXHFRQFXUULy
D ODV HOHFFLRQHV GHO DxR FRQWUD $]QDU HQ DOLDQ]D FRQ OD ,]TXLHUGD 8QLGD ,8 GH
)UDQFLVFR )UXWRV VXIULy XQD GHUURWD HVWUHSLWRVD TXH GLy DO 3DUWLGR 3RSXODU 33 OD
PD\RUtD DEVROXWD \ DEDQGRQy HO OLGHUD]JR GHO 362( (Q HO ;;;9 &RQJUHVR GHO DxR
OOHJy HO FDPELR GH YHUGDG XQDV SULPDULDV HQWUH -RVp %RQR =DSDWHUR 0DWLOGH
)HUQiQGH] \ 5RVD 'tH] HQ ODV TXH HO PDQFKHJR SDUWtD FRPQR IDYRULWR GLHURQ OD
YLFWRULD DO KR\ SUHVLGHQWH GHO *RELHUQR TXH QR WUDGy QL FXDWUR DxRV HQ OOHJDU D OD
0RQFORD
3HUR HVH WLHPSR GH WUiQVLWR KDFLD OD UHQRYDFLyQ DEVROXWD GHO 3DUWLGR QR IXH IiFLO
=DSDWHUR QRPEUy XQD (MHFXWLYD D VX LPDJHQ \ VHPHMDQ]D DXQTXH LQWHJUy D DOJXQRV
SDUWLGDULRV GH %RQR FRPR &KDYHV3UHVLGHQWH GHO 362( R 5XEDOFDED \ WXYR TXH
VRSRUWDU HO FXHVWLRQDPLHQWR LQWHUQR GH XQD YLHMD JXDUGLD TXH VH QHJDED D DGPLWLU VX
OLGHUD]JR
/D YLFWRULD HOHFWRUDO VRFLDOLVWD GH IXH GHFLVLYD \ VLOHQFLy D ORV GHWUDFWRUHV GHO
MRYHQ VHFUHWDULR JHQHUDO TXH KR\ UHFRQRFHQ WUDV VX VHJXQGR WULXQIR HO0GHO
TXH =DSDWHUR ³%DPEL´ FRPR OH EDXWL]y $OIRQVR *XHUUD DO SRFR GH DO]DUVH HO OHRQpV
FRQ OD YLFWRULD LQWHUQD \D TXH DO OtGHU VRFLDOLVWD VH OH DWULEXtD FLHUWD GXO]XUD HQ VX
DSDULHQFLD
7UDV HO ³IHOLSLVPR´ KD OOHJDGR HO ³]DSDWHULVPR´ (OOR H[SOLFD TXH HO 362( KD\D
RUJDQL]DGR GHVGH HO SRGHU OD PD\RUtD GH ORV GLH] &RQJUHVRV RUGLQDULRVFRQYRFDGRVHQ
ORV ~OWLPRV WUHLQWD DxRV$UWtFXOR GHRSLQLyQHVFULWRSR$QD3DUGRGH9HUDHQHOGLDULR
3Ò%/,&2
/DUHDOLGDGVRFLDOGH6DODPDQFDGXUDQWHOD5HS~EOLFD௙
/D FLXGDG \ SURYLQFLD GH 6DODPDQFD VH FDUDFWHUL]DEDQ SRUTXH VX IRUPD GH YLGD
HFRQyPLFD \ ODERUDO VH GHVDUUROODED HQ WRUQR D VXV PHGLRV QDWXUDOHVPDVLPSRUWDQWHV
OD DJULFXOWXUD \ JDQDGHUtD /D LQGXVWULD WHQtD VX IRFR SULQFLSDO HQ %pMDU FRQ XQD
DSUHFLDEOH FDQWLGDG GH LQGXVWULDV WH[WLOHV IiEULFDV GH KLODWXUDV \ WHMLGRV GH SDxRV GH
ODQD PX\ DFUHGLWDGRV IXHUD GH QXHVWUDV IURQWHUDV GHELGRDVXH[FHOHQWHFDOLGDGTXHVH
FRPSOHPHQWDED FRQ OD ILMH]D GHO WLQWH FXDOLGDG TXH VH DFKDFDED D OD SXUH]D GHO DJXD
TXH HPSOHDEDQ OR TXH FRQWULEX\y SRGHURVDPHQWH SDUD OD FHOHEULGDG GH VXV SDxRV GH
DKt VH GHVSUHQGH HO LPSRUWDQWH Q~PHUR GH REUHURV WH[WLOHV GH OD FLXGDG EHMDUDQD \ VX
FRPDUFD
(Q 6DODPDQFD FDSLWDO GH OD SURYLQFLD HO SUHVWLJLR GH VX 8QLYHUVLGDG \ HO HOHYDGR
Q~PHUR GH VXV DOXPQRV HUD OD ³LQGXVWULD´ FXOWXUDO OD TXH GHVWDFDED VREUH ODV SRFDV
IDEULOHV H[LVWHQWHV FRQ VX SURIHVRUDGR \ HO SHUVRQDO DGPLQLVWUDWLYR \ DX[LOLDU HUD HO
~QLFR FHQWUR RILFLDO TXH VH FDUDFWHUL]DED SRU GDU WUDEDMR D XQ Q~PHUR VLJQLILFDWLYR GH
IXQFLRQDULRVGHOD&XOWXUD\(QVHxDQ]DV8QLYHUVLWDULDV
7DPELpQ ORV 6HPLQDULRV 0D\RU \ 0HQRU FRQ XQ HOHYDGR Q~PHUR GH DOXPQRV
DVSLUDQWHV D FXUDV ௙
³ORV SDYLWRV´ GHVDUUROODEDQ XQD LPSRUWDQWH ODERU UHOLJLRVD HQ HO
PLVPRiPELWRFXOWXUDO 3DUD XQD FLXGDG GH DSUR[LPDGDPHQWH KDELWDQWHV OD SURSRUFLyQ GH ORV
UHOLJLRVRV TXH OD KDELWDEDQ HUD PX\ HOHYDGD QR KHPRV HQFRQWUDGR GDWRV VREUH HO
Q~PHUR GH VHPLQDULVWDV HO 6HPLQDULR 'LRFHVDQR GH OD FDOOH GH OD &RPSDxtD HUD
GRQGH VH DORMDEDQ \ UHDOL]DEDQ ORV HVWXGLRV GH EDFKLOOHUHV HQ HO 6HPLQDULR 0HQRU ORV
HVWXGLRV VXSHULRUHV HUD HQ HO 6HPLQDULR 0D\RU TXH HVWDED HQ HO &ROHJLR GH &DODWUDYD
GRQGH DORMDEDQ D ORV HVWXGLDQWHV GH 7HRORJLD D ORV ௙
-HVXLWDV ࣡
OD 5HS~EOLFD OHV KDEtD
VXVSHQGLGR VX DFWLYLGDG IRUPDWLYD \ UHOLJLRVD TXH GHVGH ORV FRPLHQ]RV GHO 6LJOR ;;
GHVDUUROODEDQ HQ HO 1RYLFLDGR5HVLGHQFLD GHO 3DVHR GH 6DQ $QWRQLR \ HQ OD FDOOH
6HUUDQRV Qž HQ HO DQHMR D OD &OHUHFtD ORV FRQYHQWRV GH 6DQ (VWHEDQ GH ௙
'RPLQLFRV࣡
&RQYHQWR GH ௙
)UDQFLVFDQRV HQ 6DQ )UDQFLVFR &RQYHQWRV GH ௙
&DUPHOLWDV ௙
³FDO]DGRV GH
DUULED´ HQ OD FDOOH GH =DPRUD \ ௙
³G࣡
HVFDO]RV GH DEDMR࣡
´ ࣡
VLWR FHUFD GH OD 3XHUWD GH 6DQ
3DEOR &RQYHQWR GH $JXVWLQRV ࣡
HQ HO FROHJLR &DODWUDYD ௙
6DOHVLDQRV ௙
GHO &ROHJLR GH OD
FDOOH &RPSDxtD \ HQ OD FDOOH 0DULD $X[LOLDGRUD HQ OD $YHQLGD GH )HGHULFR $QD\D
,UODQGHVHV HQ HO &ROHJLR 0D\RU )RQVHFD௙
0DURQLWDV ࣡
HQ OD ࣡
FDOOH 5DPyQ \ &DMDO
SUy[LPD DO &DPSR 6DQ )UDQFLVFR (UDQ ORV PDV LPSRUWDQWHV SRU HO Q~PHUR GH VXV
DOXPQRV
7DPELpQ H[LVWtDQ XQ EXHQ Q~PHUR GH PRQMDV HQ XQD UHVSHWDEOH FDQWLGDG GH
FRQYHQWRV ௙
$JXVWLQDV ௙
MXQWR D OD LJOHVLD GH OD 3XUtVLPD ,VDEHOHV࣡
HQ OD FDOOH GH VX
QRPEUH MXQWR D OD FDOOH GH =DPRUD ௙
7HUHVLDQDV 3DVHR GH 6DOHVDV \ 3OD]D GH $QD\D
DGRVDGR D OD FDWHGUDO ௙
(VFODYDV GHO 6DJUDGR &RUD]yQ GH -HV~VFDOOH$]DIUDQDO\3DVHR
GHO 5ROOR ௙
-HVXLWLQDV FDOOH GH =DPRUD \ 0RVWHQVHV ௙
+HUPDQLWDV GH ORV 3REUHV HQ OD
FDUUHWHUD GH 9DOODGROLG ௙
+HUPDQDV GH OD &DULGDG GH 6DQ 9LFHQWH 3D~O HQ HO +RVSLWDO
3URYLQFLDO \ +RVSLFLRV GH QLxRV YLHMRV \ PDQLFRPLR ௙
$GRUDWULFHV HQ OD FDOOH &UHVSR
5DVFyQ ௙
ÒUVXODV MXQWR DO &DPSR GH 6DQ )UDQFLVFR ௙
%HUQDUGDV ࣡
HQ HO 3DVHR GH
&DQDOHMDV ௙
0DGUHV GH 'LRV ࣡
HQ OD FDOOH &RPSDxtD SUy[LPR D OD ,JOHVLD GH 6DQ%HQLWR
+LMDV GH 0DUtD HQ HO FRQYHQWR GH 6DQ 0LOOiQ FDOOH 9HUDFUX]  ௙
6DOHVLDQDV࣡
HQ OD
5RQGD GH 6DQFWL 6StULWXV ௙
&RUSXV&ULVWL࣡
5RQGD GHO &RUSXV ௙
'RPLQLFDV࣡
HQ OD 3OD]D
&RQFLOLR GH 7UHQWR 3HVH D OD GHVFULSFLyQ UHDOL]DGD HV SRVLEOH TXH IDOWH DOJXQD
FRQJUHJDFLyQ GH UHOLJLRVDV OR QDUUDGR DQWHULRUPHQWH HV SDUD KDFHUVH XQD LGHD GH FXDO
HUD OD UHDOLGDG GH 6DODPDQFD HQ HVWH DVSHFWR UHOLJLRVR TXH WDQWD LQIOXHQFLD WHQtD HQ OD
FLXGDGDQtDHQJHQHUDOHQDTXHOORVWLHPSRVGHOLEHUWDGUHOLJLRVDGHOD5HS~EOLFD
3HUR QR VRODPHQWH GHVDUUROODED VX IXQFLyQ ³SDVWRUDO´ OD ,JOHVLD &DWyOLFD WDQ
SURIXVDPHQWH UHSUHVHQWDGD WDPELpQ FRQ OD OLEHUWDG UHOLJLRVDTXHWUDMROD5HS~EOLFDHQ
OD FLXGDG FKDUUD VH HVWDEOHFLy OD,JOHVLD(YDQJpOLFD$QJOLFDQDTXHGHVGHVXVSULPHURV
GtDV VH LQVWDOy HQ HO 3DVHR GH 6DQ $QWRQLR IUHQWH D OD &DVD1RYLFLDGR -HVXLWD \ HQ HO
HGLILFLR TXH KDFtD HVTXLQD HO SDVHR GH 6DQ $QWRQLR FRQ HO SDVHR GH &DQDOHMDV ORV
3URWHVWDQWH࣡
V UHJHQWDEDQ XQ FROHJLR GH SULPHUD HQVHxDQ]D HQ HO FXDO VH GDED FODVH D
QLxRV GH IDPLOLDV FRQ HVFDVRV UHFXUVRV HFRQyPLFRV GLULJLGR SRU HO MRYHQ 3DVWRU
(YDQJpOLFR $WLODQR &RFR0DUWtQQDWXUDOGHOYHFLQRSXHEORGH*XDUUDWH=DPRUDTXH
GHVGLFKDGDPHQWH SRFRV DxRV LED D GHVDUUROODU VX H[FHOHQWH ODERU GRFHQWH VHUtD XQD
YtFWLPDPDVGHODFULPLQDOLGDGGHVDUUROODGDSRUORVIDVFLVWDVHQODJXHUUDLQFLYLO 'HVSXpV GH FLHQWRV GH DxRV GH H[FOXVLYLGDG GHO FDWROLFLVPR OD ,JOHVLD 3URWHVWDQWH
(YDQJpOLFD QR IXH ELHQ UHFLELGD \ PXFKR PHQRV DFHSWDGD SRU OD LQWUDQVLJHQFLD GH OD
FXULDFDWyOLFDVDOPDQWLQD 5HWRPDPRV OD FRQVLGHUDFLyQ GH OR WUDWDGR HQ HO VHQWLGR GH QDUUDU WDPELpQ HO HVWDGR
GH OD FXHVWLRQ ODERUDO \ HO PXQGR GHO WUDEDMR HQ OD FDSLWDO GH OD SURYLQFLD H[LVWtDQ
SRFDV IiEULFDV VREUHVDOtDQ SRU HO Q~PHUR GH REUHURV OD IiEULFD 0LUDW 6$ GH DERQRV
PLQHUDOHV DOPLGRQHV \ SULPHUDV PDWHULDV HQ ODV FDPSDxDV GH VHPHQWHUD WUDEDMDURQ
KDVWD REUHURV VLWXDGD HQ HO FDPLQR GHO EDUULR GH 6DQWR 7RPiV D OD $OGHKXHOD
0RQHR +LMR 6$ )XQGLFLyQ GH KLHUUR WDOOHUHV GH PHFiQLFD LQGXVWULDO YHQWD \
UHSDUDFLyQ GH DXWRPyYLOHV VLWXDGD HQ OD FDOOH 5DPyQ \ &DMDO IUHQWH DO &DPSR GH 6DQ
)UDQFLVFR \ D OD )DFXOWDG GH 0HGLFLQD HQ HVWRV WDOOHUHV WUDEDMDEDQ REUHURV
0HWDO~UJLFD GHO 7RUPHV 6$ TXH WHQLD IXQGLFLyQ GH PHWDOHV \ WDOOHUHV GH PHFiQLFD
LQGXVWULDO XELFDGD HQ OD SUR[LPLGDG GH OD HVWDFLyQ GHO IHUURFDUULO FRQ REUHURV
IiEULFD GH KDULQDV ³(O 6XU´ TXH DSURYHFKDED HO DJXD GHO UtR 7RUPHV SDUD PROHU
FHUHDOHV SDUD SLHQVRV \ KDULQD SDUD OD HODERUDFLyQ GH SDQ FRQ XQRV REUHURV \ OD
IiEULFDGHKDULQDV³6DQWD(OHQD´VLWDHQODFDOOH9DOHQFLDPROtDQFHUHDOHVSDUDSLHQVRV
\ KDULQD GH WULJR FRQ XQD SODQWLOOD GH WUDEDMDGRUHV ³(OHFWUD GH 6DODPDQFD6$´
HPSUHVD SURGXFWRUD \ GLVWULEXLGRUD GH HQHUJLD HOpFWULFD HQ OD FLXGDG GH 6DODPDQFD \
XQD EXHQD SDUWH GH ORV SXHEORV GH OD SURYLQFLD HVWD HPSUHVDFRQWDEDFRQXQDSODQWLOOD
GH XQRV REUHURV DOJXQDV IiEULFDV GH FXUWLGRV LQVWDODGDVHQODSUR[LPLGDGGHOULR\
RWUDV LQGXVWULDV GH UHODWLYD LPSRUWDQFLD )iEULFD GH SDVWD SDUD VRSD &HUYH]DV
6DQWDQGHU *DVHRVDV 6DORPp \ 6HOLJUDW DOJXQDV FHUiPLFDV HQ 7HMDUHV VHJXtDQ HQ
LPSRUWDQFLD D ODV PHQFLRQDGDV HO UHVWR GH OD SREODFLyQ ODERUDO IRUPDED SDUWH GH ODV
DFWLYLGDGHV SURSLDV GH FXDOTXLHU FLXGDG SHTXHxD GH OD pSRFD \ VXV VHUYLFLRV YDULRV
PDHVWURV GH REUDV FRQ DOEDxLOHV \ FDUSLQWHURV DOJXQDV VHUUHUtDV GH PDGHUD\XQDJUDQ
FDQWLGDG GH SHTXHxDV LQGXVWULDV IDPLOLDUHV WDKRQDV GH SDQ HEDQLVWHUtDV
KRMDODWHUtDVIRQWDQHUtDVKHUUHUtDV\FRPHUFLRHQJHQHUDO
(Q HQ 6DODPDQFD VH SXEOLFDEDQ GRV SHULyGLFRV GLDULRV³(O $GHODQWR´ \ ³/D
*DFHWD 5HJLRQDO´ DPERV VH FDUDFWHUL]DEDQ SRU VXV LQFOLQDFLRQHV SROtWLFDV ³(O
$GHODQWR´ HUD HO GHIHQVRU GH ODV LGHDV OLEHUDOHV \ SURJUHVLVWDV HUD OD YR] GH ORV
VRFLDOLVWDV GH RWURV SDUWLGRV \ VLQGLFDWRV GH L]TXLHUGDV ³/D *DFHWD 5HJLRQDO´௙
GHVGH
VX IXQGDFLyQ IXH HO yUJDQR SHULRGtVWLFR UHSUHVHQWDWLYR GH OD GHUHFKD WUDGLFLRQDO \
FRQVHUYDGRUDPDVLQWUDQVLJHQWHDPSDUDGR\SURWHJLGRSRUOD,JOHVLD&DWyOLFD $O H[LVWLU XQ FHQVR ODERUDO SHTXHxR HQ 6DODPDQFD OD SUREOHPiWLFD VRFLDO HUD SRFR
LPSRUWDQWH QR REVWDQWH HQ OD FLXGDG \ DOJXQRV SXHEORV GH OD SURYLQFLD H[LVWtD GHVGH
SULQFLSLRV GHO VLJOR ;; XQ PRYLPLHQWR REUHUR TXH HVWDED RULJLQDGR \ RUJDQL]DGR
GHVGH OD &DVD GHO 3XHEOR GH OD 8*7 XELFDGD HQWUH OD FDOOH $UFR GH OD /DSD TXH HQ
XQ $OFDOGH GH 6DODPDQFD \ SUHFLVDPHQWH GH GHUHFKDV OH SXVR HO QRPEUH GH
3DEOR ,JOHVLDV3OD]DGH6DQ5RPiQ\5DPRVGHO0DQ]DQRHQODDFWXDOLGDG*UDQ9tD
\ 3HFHOOtQ HVWH HGLILFLR KDEtD VLGR FRQVWUXLGR GHVGH HO DxR DO ž GH 0D\R GH
GtD HQ TXH IXH LQDXJXUDGR )XH FRQVWUXLGD SRU SUHVWDFLyQ SHUVRQDO SRU VXV
DILOLDGRV PLOLWDQWHV \ SDUDGRV TXH DSRUWDURQ VX FRODERUDFLyQ HFRQyPLFD FRQ ERQRVGH
D\XGDGH¶SHVHWDV
$GRVDGR DO QXHYR HGLILFLR VH DGTXLULy XQD KXPLOGH FDVD GRQGH VH LQVWDOy HO 3DUWLGR
6RFLDOLVWD 2EUHUR (VSDxRO 362( GHVGH DOOt IXH GLULJLGR SRU VXV FDUJRV HOHFWRV
DXQTXH DSURYHFKDEDQ SDUD PtWLQHV DFWRV S~EOLFRV\DVDPEOHDVHOVDOyQGH$FWRVGHOD
&DVDGHO3XHEOR
/DV&DVDVGHO3XHEORHQOD3URYLQFLDGH6DODPDQFD௙
$ SDUWLU GH OD FRQVWLWXFLyQ HQ OD FLXGDG GH 6DODPDQFD GH OD 8QLyQ *HQHUDO GH
7UDEDMDGRUHV 8*7 \HO3DUWLGR6RFLDOLVWD2EUHUR(VSDxRO362(DILQDOHVGHOVLJOR
;,; VREUH ORV DxRV ௙
௙
WDQWR HO VLQGLFDWR FRPR HO SDUWLGR SROtWLFR VH
SURSXVLHURQ GLYXOJDU VXV LGHDV DO UHVWR GH OD SURYLQFLD \ FRPHQ]y ODiUGXDWDUHDGHODV
YLVLWDV D ORV REUHURV GH WRGRV ORV SXHEORV FRQ HO REMHWLYR GH FDSWDU DGHSWRV GHVGH HO
FRPLHQ]R GHHVWDODERUGLYXOJDGRUDQRIDOWDURQDOFRPSURPLVRDGTXLULGRXQH[FHOHQWH
JUXSR GH LQWHOHFWXDOHV OLEHUDOHV \ SURJUHVLVWDV PDHVWURV GH HVFXHOD DERJDGRV \
PpGLFRVTXHVHFRQVLGHUDEDQSOHQDPHQWHLGHQWLILFDGRVFRQODFRUULHQWHSURJUHVLVWDTXH
OOHYDED LPSUHVD HO VRFLDOLVPR HOORV IXHURQ HO JpUPHQGHODGLYXOJDFLyQGHODOXFKDSRU
OD LJXDOGDG \ VROLGDULGDG SDUD WRGRV ORV VHUHV KXPDQRV VH LQLFLDED XQD QXHYD PLVLyQ
HO FDPSR GH DFFLyQ HUD LQPHQVR \ HVWDED SHUIHFWDPHQWH ORFDOL]DGR HQ HO PXQGR GHO
WUDEDMR HQ HO SHTXHxR VHFWRULQGXVWULDOGH6DODPDQFDFLXGDG\HQODFRPSOHMDLQGXVWULD
WH[WLO GH %pMDU(QHOUHVWRGHODSURYLQFLDIXQGDPHQWDOPHQWHHUDHOFDPSHVLQDGRUXUDO
VREUH WRGR HQ HO ODWLIXQGLR GH OD JUDQGHV ILQFDV GRQGH OD FODVH REUHUD VH HQFRQWUDED
VRPHWLGD DO SDUR HVWDFLRQDO \ D OD H[SORWDFLyQ GH VXV ³DPRV´ GRQGH OD WLHUUD HVWDED
PX\OHMRVGHFRQWULEXLUDXQDIXQFLyQVRFLDO
&RPHQ]DED XQD QXHYD pSRFD KLVWyULFD SDUD ORV WUDEDMDGRUHV VDOPDQWLQRV VX
HPDQFLSDFLyQ D WUDYpV GHO PHQVDMH GH FRQVHJXLU TXH ODOXFKDGHPRFUiWLFDOOHJDUDDORV
OXJDUHV PDV UHPRWRV GH QXHVWUD SURYLQFLD HVR UHTXHUtD XQ tPSURER WUDEDMR \ ODV
OLPLWDFLRQHV HFRQyPLFDV HUDQ JUDQGHV D HOOR VH XQtD HO VDFULILFLR GH ORV YLDMHV FRQ ORV
HVFDVRV PHGLRV HFRQyPLFRV HQWRQFHV H[LVWHQWHV SRFRV DXWRPyYLOHV ORTXHHQPXFKRV
GH DTXHOORV DGDOLGHV OHV REOLJDED D XWLOL]DU VX ULFD LPDJLQDFLyQ SDUD VXV
GHVSOD]DPLHQWRV ORV FRFKHVGHOtQHDODVFDEDOOHUtDVLQFOXVRODVELFLFOHWDVQRREVWDQWH
ODV GLILFXOWDGHV QR IXHURQ REVWiFXOR DOJXQR SDUD LQLFLDU XQD ODERU HPLQHQWHPHQWH
KXPDQD \ SHGDJyJLFD SDUD FRQVHJXLU OD OLEHUDFLyQ GH OD FODVH WUDEDMDGRUD HOOR HUD
PRWLYRPDVTXHVXILFLHQWHSDUDDUURVWUDUFRQLOXVLyQDTXHOODPLVLyQVLQGLFDO\SROtWLFD
(V GH YHUGDGHUD MXVWLFLD GHMDU FRQVWDQFLD GHO YDORU \ GHGLFDFLyQ GHDTXHOODVSHUVRQDV
TXH UHDOL]DURQ WDQ HQDOWHFHGRUD WDUHD SDUD HOORV QXHVWUR HWHUQR DJUDGHFLPLHQWR \
QXHVWUR PDV FDULxRVR UHFXHUGRDVXPHPRULD(QODV&DVDVGHO3XHEORFUHDGDVHQ
ORFDOLGDGHVVDOPDQWLQDVHUDQODVVLJXLHQWHV
6DODPDQFD $OED GH 7RUPHV %pMDU &LXGDG 5RGULJR /HGHVPD 3HxDUDQGD 6HTXHURV
9LWLJXGLQR $JDOODV $ODUD] $OEHUFD $OEHUJXHULD GH $UJDxDQ $OGHDGiYLOD GH OD
5LEHUD $OGHKXHOD GH OD %yYHGD $OGHDUUXELD $OGHDWHMDGD $UPHQWHURV %DELODIXHQWH
%DxREiUH] %DUEDGLOOR %DUUXHFRSDUGR %RDGD %RGyQ &DO]DGD GH 9DOGXQFLHO
&DQGHODULR &DQWDODSLHGUD &DQWDOSLQR &DPSR GH 3HxDUDQGD &HVSHGRVD GH 7RUPHV
&LSpUH] &ULVWyEDO &XER GH 'RQ 6DQFKR (QFLQDV GH $EDMR (VSHMD (VSLQR GH OD
2UEDGD )UHVQR $OKiQGLJD )UHJHQHGD )XHQWH GH 6DQ (VWHEDQ )XHQWHJXLQDOGR
)XHQWHV GH 2xRUR *DOLQGXVWH *DUFLKHUQiQGH] *DUFLEXH\ *XLMXHOR +LQRMRVD GH
'XHUR -X]EDGR /XPEUDOHV 0DFRWHUD 0DOSDUWLGD 0DWLOOD GH ORV &DxRV GHO 5tR
0DQFHUD GH $EDMR 0D\D /D 0LUDQGD GHO &DVWDxDU 0RJDUUD] 0ROLQLOOR 0RQOHUDV
0R]iUEH] 1DYDVIUtDV 3DODFLRVUXELRV (O 3D\R 3HGURVLOOR GH ORV $LUHV 3HGURVR GH
$UPXxD 3HxD /D /XPEUDOHV 3HxDSDUGD 3HxDUDQGLOOD 3HUHxD GH OD 5LEHUD (O
3XHQWH GHO &RQJRVWR 5HWRUWLOOR 5REOHGD 5ROOiQ 6DHOLFHV HO &KLFR 6DOPRUDO 6DQFWL
6StULWXV 6DQ (VWHEDQ GH OD 6LHUUD 6DQ )HOLFHV GH ORV*DOOHJRV6DQ0XxR]6DQ3HGUR
GHO 9DOOH 6DQWLDJR GH OD 3XHEOD 6DQWLEixH] GH %pMDU /RV 6DQWRV 6RWRVHUUDQR 6LHWH
,JOHVLDV 7DPDPHV 7RSDV 7UDEDQFD 9DOYHUGyQ 9LOODIORUHV 9LOODULQR 9LOODVUXELDV
9LOODYLHMD GH <HOWHV 9LOODU GHO &LHUYR 9LOORULD 9LOORUXHOD =RULWD GH OD )URQWHUD
7RWDO&DVDVGHO3XHEOR௙
(VWRVSXHEORVVDOPDQWLQRVIRUPDQHOFXDGURGHKRQRUGHORVVRFLDOLVWDVHQPXFKRVGH
HOORV VXUJLy HVSRQWiQHDPHQWH HO GHVHR GH GLVSRQHU GH DTXHOORV ³IDURV´GH&XOWXUDTXH
VLHPSUH IXHURQ ODV &DVDV GHO 3XHEOR \ FRPR ODV GLILFXOWDGHV HFRQyPLFDV VH LPSRQtDQ
QR IDOWyLPDJLQDFLyQ\XQJUDQLQWHUpVSDUDORJUDUHOREMHWLYRSUHWHQGLGRVHUHVWDXUDURQ
FDVDV HQ UXLQDV DGTXLULGDV SRU SRFR GLQHUR DSRUWDGR SRU FXRWDV tQILPDV VH
DSURYHFKDEDQ ORV PDWHULDOHV GH GHUULERV LQFOXVR KXER SXHEORV GRQGH VH XWLOL]DED HO
PpWRGR PLOHQDULR GH IDEULFDU DGREHV GH DUFLOOD \ SDMD SDUD OHYDQWDU SDUHGHV \ FRQ XQ
GHUURFKH GH LOXVLyQ H LPDJLQDFLyQ VH KDFtD OD REUD FRQ WUDEDMRGHSUHVWDFLyQSHUVRQDO
KXER SXHEORV GRQGH ORV MRUQDOHURV VH UHXQtDQ HQ SDMDUHV HQ OD FDVD GH DOJXQR GH ORV
DILOLDGRV HQ OD KHUUHUtD R HQ FXDOTXLHU RWUR OXJDU OR LPSRUWDQWH HUD UHXQLUVH FRQ DTXHO
FRPSDxHUR TXH LED GH OD FDSLWDO D H[SOLFDUOHV \ HQVHxDUOHV OR TXH VLJQLILFDED OD
GHPRFUDFLD \ OD OLEHUDFLyQ GH OD H[SORWDFLyQ D OD TXH GHVGH VLHPSUH HVWXYLHURQ
VRPHWLGRV
/DV GLILFXOWDGHV SDUD RUJDQL]DUVH IXHURQ WUHPHQGDV \D TXH ORV TXH DVLVWtDQ D ODV
UHXQLRQHV HQ ODV &DVDV GHO 3XHEOR VH H[SRQtDQ DO HQIUHQWDPLHQWR FRQ VXV ³DPRV´
DTXHOORV TXLHQHV PLVHUDEOHPHQWH H[SORWDEDQ VX WUDEDMR \ TXH DPSDUDGRV HQ HO
LQIOX\HQWH FXUD GHO SXHEOR \D TXH OD PD\RUtD GH HOORV HUDQ IHURFHV DOLDGRV GH ORV
LQWUDQVLJHQWHV ORV ULFRV GH OD ORFDOLGDG WRGR HOOR HUD PRWLYR PDV TXH VXILFLHQWH GH
HQIUHQWDPLHQWRV HQWUH ODV SHUVRQDV GH GLVWLQWD LGHRORJtD \ FODVH VRFLDO OD GHUHFKD
WUDGLFLRQDO IXH OD PD\RU HQHPLJD GHORVDVLVWHQWHVDODVFKDUODV\DFWRVHQODV&DVDVGHO
3XHEOR
3HUR SHVHDWRGDVODVGLILFXOWDGHVTXHWXYLHURQTXHDUURVWUDUODODERUGHVDUUROODGDSRU
ORV FRPSDxHURV VRFLDOLVWDV GH OD FLXGDGFRQVLJXLHURQVXREMHWLYRHQODIRUPDFLyQGHOD
FODVH REUHUD \ VXUJLHURQ XQD LQJHQWH FDQWLGDGGHDILOLDFLRQHVDODV6RFLHGDGHV2EUHUDV
TXH IRUPDEDQ SDUWH GH OD )HGHUDFLyQ GH 7UDEDMDGRUHV GH OD 7LHUUD \ 2ILFLRV 9DULRV GH
OD8QLyQ*HQHUDOGH7UDEDMDGRUHV8*7
3URQWR ORV FRPSDxHURV PDV GHVWDFDGRV GH FDGD ORFDOLGDG VH LPSUHJQDURQ HQ ORV
IXQGDPHQWRV LGHROyJLFRV HQ ORV TXH VH EDVDED OD OXFKD LQLFLDGD \ SUHJXQWDQGR VH
LQWHUHVDEDQSRUODSROtWLFDHUDQ\DXQFDPSRDERQDGRSDUDHOLGHDULRVRFLDOLVWD\FRPR
QR SRGtD VHU PHQRV H[SRQWiQHDPHQWH VXUJLDQ ODV DILOLDFLRQHV DO 3DUWLGR 6RFLDOLVWD
2EUHUR (VSDxRO 362( \ FRQ OD DILOLDFLyQ VX LQFOXVLyQ HQ ODV FDQGLGDWXUDV
PXQLFLSDOHV VRFLDOLVWDV DTXHOODV FDQGLGDWXUDV TXH GHVGH VLHPSUH SHUPLWLHURQ D ORV
MRUQDOHURV HODERUDU XQ SURJUDPD SDUD HO 3URJUHVR GH VX SXHEOR \ DFFHGHU D VX
JRELHUQR FRQ HVD SRVLELOLGDG \ OD SURFODPDFLyQ GH OD 5HS~EOLFD GHVDSDUHFLy HO
GRPLQLR FDFLTXLO TXH GHVGH VLHPSUH KDEtD H[LVWLGR HQ FDGD ORFDOLGDG UXUDO GRQGH
VLHPSUH JREHUQDURQ ORV ULFRV FRQ HO DSR\R GHOFXUDHOERWLFDULRRHOPpGLFRDSR\DGRV
SRUORV³ODPHFXORV´\³SHORWDV´KDELWXDOHV
/D SURFODPDFLyQ GH OD 5HS~EOLFD \ OD ,, &RQVWLWXFLyQ 5HSXEOLFDQD GH WUDMR D
QXHVWUR 3DtV OD LOXVLyQ GH YLYLU HQ 'HPRFUDFLD \ HQ QXHVWURV SXHEORV FRPHQ]y XQD
QXHYD YLGD VH LQLFLDED XQ QXHYR SHULRGR KLVWyULFR TXH SHVH D ODV GLILFXOWDGHV
H[LVWHQWHV HUD XQ DWLVER GH OD /LEHUWDG TXHVHDQVLDED\SRUILQKDEtDOOHJDGRDVHUIHOL]
UHDOLGDG
3HUR WDQWDV LOXVLRQHV VH YLHURQ WUXQFDGDV FRQ OD UHEHOLyQ GH ORV PLOLWDUHV HO ௙
GH
-XOLR GH ௙
DTXHOORV KRPEUHV \ PXMHUHV TXH IXHURQ ILHOHV \ OHDOHV DPDQWHV GH OD
OLEHUWDG IXHURQ HO REMHWLYR D GHVWUXLUSRUORVIDVFLVWDVIDODQJLVWDVXQDFDQDOODFULPLQDO
UHFOXWDGD HQWUH DTXHOORV REUHURV WUDLGRUHV DODYHUGDGHUD³&DXVD2EUHUD´HVTXLUROHVHQ
VX PD\RUtD FX\D PLVLyQ IXH DO SULQFLSLR GH OD FRQWLHQGD OD GH VHU YHUGXJRV GH
DTXHOORV DPLJRV YHFLQRV R FRPSDxHURV GH WUDEDMR TXH KXELHUDQ GHVWDFDGR FRPR
SHUVRQDV GH L]TXLHUGDV HVWXYLHUDQ R QR DILOLDGRV D ORV SDUWLGRV UHSXEOLFDQRV GH
L]TXLHUGDVHOVLPSOHKHFKRGHDVLVWLUDFXDOTXLHUDFWRHQOD&DVDGHO3XHEORHQPXFKRV
FDVRV IXH PRWLYR GH UHSUHVLyQ \ IXHURQ LQFRQWDEOHV ORV FDVRV TXH IXHUDQ YtFWLPDV
LQRFHQWHV GHO IXURU FULPLQDO &RPHQ]DED OD OXFWXRVD JXHUUD TXH WUDMR D QXHVWUR 3DtV OD
PLVHULDGHXQIDVFLVPRFULPLQDOTXHWXYLPRVTXHVXIULUGXUDQWHFHUFDGHFXDUHQWDDxRV
/RVLQQXPHUDEOHVDVHVLQDWRV\GHVDSDULFLRQHV
)XHURQ WDQWDV ODV YtFWLPDV GH OD EDUEDULH IUDQFRIDVFLVWD GHVGH HO FRPLHQ]R GH OD
*XHUUD &LYLO D OR ODUJR \ DQFKR GH QXHVWUR 3DtV TXH HV SUiFWLFDPHQWH LPSRVLEOH
UHFXSHUDU SDUD OD KLVWRULD \ OD YHUGDGHUD GLPHQVLyQ GH ORV KHFKRV TXH VXFHGLHURQ
GXUDQWH OD UHSUHVLyQ IDVFLVWDFDWyOLFRIUDQTXLVWD QXHVWUD SUHWHQVLyQ WLHQH FRPR
ILQDOLGDG GHVYHODU ORV QRPEUHV \ DSHOOLGRV GH DTXHOORV TXH IXHURQ YtFWLPDV LQRFHQWHV
GHO GpVSRWD EiUEDUR \ FULPLQDO IUDQTXLVPRUHFXSHUDUOD௙
'LJQLGDG௙
DUUHEDWDGDGHWRGRV
\ FDGD XQR GH HOORV HUDQ SHUVRQDV FRPR QRVRWURV FRQ ORV PLVPRV VHQWLPLHQWRV
MyYHQHV HQ VX PD\RUtD \ GLJQRV SDGUHVGHIDPLOLDDPDQWHVGHORVVX\RVTXHDVSLUDEDQ
D XQD VRFLHGDG PDV MXVWD \ PDV OLEUH FRQ WRGR HVH EDJDMH GH SURIXQGDKXPDQLGDGOHV
IXH DUUHEDWDGR VXGRQPDVSUHFLDGROR~QLFRTXHSRVHtDQVXVYDOLRVDVYLGDV\KRPEUtD
GH ELHQ TXH IXHURQ GHVWUXLGDV SDUD GRPHxDU D WRGR XQ SXHEORQXHVWURSXHEORHVSDxRO
\ KXQGLUOR HQ OD PLVHULD GH OD ³FXOWXUD SURVWLWXLGD´ GLULJLGD SRU HO IUDQTXLVPR \ HO
KRUURUGHODGXUDUHSUHVLyQ
$Vt SHUPDQHFLPRV GXUDQWH FDVL FXDUHQWD DxRV VRPHWLGRV SRU HO WHUURU \ DQXODGDV ODV
OLEHUWDGHV S~EOLFDV ௙
OD GHPRFUDFLD TXHGy FRPR XQD EUHYH \ KHUPRVD XWRStD࣡
(O IXURU
KRPLFLGD GH ORV UHEHOGHV IUDQTXLVWDV GHMy FRQVWDQFLD KLVWyULFD GH PXFKRV PLOHV GH
DVHVLQDWRV DSUR[LPDGDPHQWH VHJ~Q LQIRUPDFLyQ UHFLHQWHPHQWH UHFLELGD
KXQGLHQGRHQODPLVHULDDXQDLQJHQWHFDQWLGDGGHIDPLOLDVKRQUDGDV\VHQFLOODVTXHQR
VRODPHQWH VXIULHURQ OD SpUGLGD GHO VHU TXHULGR VLQR TXH HVWXYLHURQ GRPLQDGRV \
PDUJLQDGRV SRU ORV IDVFLVWDV HO GUDPD DO TXH IXLPRV VRPHWLGRV GXUyWDQWRFRPRGXUy
HQ QXHVWUR3DtVODGLFWDGXUDTXHGHVGHVXSULQFLSLRHVWXYRDSR\DGDHQHOIXHUWHSLODUGH
OD,JOHVLD&DWyOLFD
6DODPDQFD HUD HQ ORV DxRV GH OD 5HS~EOLFD (VSDxROD XQD SURYLQFLD
FRVWXPEULVWD DUUDLJDGD D VXV WUDGLFLRQHV FDWyOLFDV \ GH HVFDVR QLYHO FXOWXUDOSHVHDVX
KLVWyULFD 8QLYHUVLGDG SURYLQFLDHPLQHQWHPHQWHDJUtFROD\JDQDGHUDGRQGHHQXQEXHQ
Q~PHUR GH VXV SXHEORV SUHGRPLQDED HO ODWLIXQGLVPR GH H[WHQVDV ILQFDV JDQDGHUDV
GRQGH WUDEDMDEDQ GH VRO D VRO FXDQGR KDEtD WUDEDMR H[SORWDGRV PLVHUDEOHPHQWH ORV
MRUQDOHURV XQD LQJHQWH FDQWLGDG GH JHQWHV KXPLOGHV VRPHWLGRV DO RPQtPRGR SRGHU GH
VXV³DPRV´/DEDVHHFRQyPLFDHVWDEDSULQFLSDOPHQWHEDVDGDHQHOJDQDGR\ODWLHUUD
$ HVWD PXOWLWXG GH MRUQDOHURV GHO FDPSR VH OHV DEUtD XQ IXWXUR HVSHUDQ]DGRU FRQ OD
5HIRUPD $JUDULD GH OD 5HS~EOLFDHQ௙
TXHVLJQLILFDEDQDGDPDV\QDGDPHQRVTXH
DFFHGHU D OD SURSLHGDG FRPXQDO GH OD WLHUUD FRQVWLWX\HQGRFRRSHUDWLYDVGHSURGXFFLyQ
FRQ HO REMHWLYRGHFRQVHJXLUODHUUDGLFDFLyQGHODH[SORWDFLyQGHORVREUHURVODVILQFDV
GH ORV WHUUDWHQLHQWHV TXH QR HVWDEDQ ELHQ H[SORWDGDV ODV H[SURSLDUtD HO (VWDGR SRU
SURFHGLPLHQWRV OHJDOHV \ VH DGMXGLFDUtDQ HQ DUULHQGR R HQ IyUPXODV GH SDJR DSOD]DGR
SDUDWHQHUDFFHVRDVXSURSLHGDGpVWHSURJUDPDSURJUHVLVWDGHOD5HS~EOLFDGH௙
௙
6H FRPHQ]y SRU DTXHOORV MRUQDOHURV SDGUHV GH IDPLOLD QXPHURVD \ QXHYRV
PDWULPRQLRV TXH HUDQ ORV TXH PDV SDGHFtDQ OD WHUULEOH SHUVSHFWLYD GH XQ IXWXUR
PLVHUDEOH SDUD HOORV \ VXV KLMRV SRTXH HO PD\RU SUREOHPD TXH WHQtDQ HUD HO SDUR \ OD
H[SORWDFLyQFRQVWDQWH (Q OD FDSLWDO VDOPDQWLQD H[LVWtDQ SRFDV LQGXVWULDV GH PDV GH FLHQ WUDEDMDGRUHV \ OD
PD\RUtD GH ORV WUDEDMDGRUHV VH RFXSDEDQ HQ SHTXHxDV LQGXVWULDV DUWHVDQDOHV
WUDGLFLRQDOHV \ GH VHUYLFLRV GRQGH OD &RQVWLWXFLyQ 5HSXEOLFDQD WDPELpQ DSRUWy OD
LOXVLyQ GH XQ IXWXUR PDV MXVWR PHMRUDQGR ODV FRQGLFLRQHV GH WUDEDMR \ FRPR
FRQVHFXHQFLD GH VX YLGD ORV REUHURV TXH VLHPSUH IXHURQ REMHWR GH H[SORWDFLyQ HQ
EHQHILFLR GH ORV SRGHURVRV DFRJLHURQ OD 5HS~EOLFD FRQ OD LOXVLyQ GH HQWHQGHU TXH VH
FRPHQ]DED XQD QXHYDHWDSDGRQGHODMXVWLFLDVRFLDOGHVHUXQDKHUPRVDXWRStDSDVDUtD
DVHUXQDJR]RVDUHDOLGDG
7RGR HOOR \ FRQ PRWLYR GH GHVWUXLU HO QXHYR PXQGR FRQVHJXLGR GHPRFUiWLFDPHQWH
GHVHPERFDUtD HQ XQD WUDJHGLD QDFLRQDO FRQ HO OHYDQWDPLHQWR PLOLWDU \ ODDQXODFLyQSRU
ORV JROSLVWDV GHORVGHUHFKRV\OLEHUWDGHVFLXGDGDQDVVHLPSXVRHOFULPHQ\HOWHUURUGH
OD WUDJHGLD LQLFLDGD SRU ORV PLOLWDUHV \ VHFXQGDGD SRU ORV FULPLQDOHV IDODQJLVWDV \
DOJXQRV FXUDV HOHPHQWRV VHUYLOHV GH OD GHUHFKD HVSDxROD HQ QXHVWUR3DtVVHHVWDEOHFLy
XQ HVWDGR LQTXLVLWRULDO GLFWDWRULDO \ UHSUHVLYR TXH EDMR OD ERWD GHO GLFWDGRU WXYR
VRPHWLGRDWRGRHOSXHEORHVSDxROKDVWDODPXHUWHGHOViWUDSDJROSLVWD
&XDQGR VH HVFULEHQ HVWDV OHWUDV OOHYDPRV FHUFD GH YHLQWLFLQFR DxRV GH 'HPRFUDFLD \
HQ 6DODPDQFD KHPRV IXQGDGR OD $VRFLDFLyQ ³6DODPDQFD SRU OD0HPRULD\OD-XVWLFLD´
SUHFLVDPHQWH FRQ OD ILQDOLGDG GH UHFXSHUDU OD GLJQLGDG GHWRGDVODVLQRFHQWHVYtFWLPDV
D ODV TXH DUUHEDWDURQ VXV YLGDV FULPLQDOPHQWH \ FX\RV UHVWRV VH HQFXHQWUDQ SHUGLGRV
TXH QR ROYLGDGRV HQ IRVDV FRPXQHV PRQWHV\FXQHWDVGHVYHODUORVFUtPHQHV\KHFKRV
FRPHWLGRV SRU ORV JHQRFLGDV IUDQFRIDVFLVWDV HQ XQD EXHQD SDUWHGHQXHVWURVSXHEORV\
UHVWDxDU OD KHULGD QR FLFDWUL]DGD TXH VLJXH DELHUWD HQ ORV KLMRV QLHWRV \ GHVFHQGLHQWHV
GH QXHVWUDV LQRFHQWHV YtFWLPDV XQD GHXGD KLVWyULFD GHO SXHEORGHPyFUDWDHVSDxROTXH
VH UHSDUDUi UHFXSHUDQGR OD 'LJQLGDG TXH FRQ VXV YLGDV OHV IXH DUUHEDWDGD
FULPLQDOPHQWH
(O LQWHUpV GH OD $60-௙
VH EDVD IXQGDPHQWDOPHQWH HQ OD UHFXSHUDFLyQ GH ORV UHVWRV
KXPDQRV GH DTXHOODV YtFWLPDV TXH VH KDOODQ HQ PRQWHV \ FDPSRV SDUD WUDVODGDUORV
GLJQDPHQWH D VXV FHPHQWHULRV UHVSHFWLYRV UHVDOWDU \ ௙
JUDEDU HQ SLHGUD QREOH VXV
QRPEUHV \ DSHOOLGRV SDUD TXH IRUPHQ SDUWH GH ODYHUGDGHUD+LVWRULDGHQXHVWURSXHEOR
UHSDUDU FRQ KRPHQDMHV OD GLJQLGDG TXH OHV IXH DUUHEDWDGD FRQ VXV YLGDV \ DEULU OD
LQYHVWLJDFLyQ GH ORV GRFXPHQWRV UHODFLRQDGRV FRQ OD JXHUUD \ VREUH WRGR ORV
SHUWHQHFLHQWHV D WRGDV \ FDGD XQD GH ODV SHUVRQDV TXH VXIULHURQ VDQFLRQHV SHQDV GH
SULVLyQ \ VHQWHQFLDV GH ORV LOHJDOHV WULEXQDOHV VXPDUtVLPRV TXH VHQWHQFLDURQ HQ
LQQXPHUDEOHV ³MXLFLRV´ FRQGHQDV D SHQD GH PXHUWH \ SULYDFLyQ GH OLEHUWDG 3HUR QR
VyOR IXHURQ IXVLODGRV ³OHJDOPHQWH´ XQD FRQVLGHUDEOH FDQWLGDG GH SHUVRQDV SRU FUHHUVH
TXH HUDQ KRPEUHV OLEUHV HQ OD FDSLWDO \ SURYLQFLD GH 6DODPDQFD IXHURQ FLHQWRV GH
VDOPDQWLQRV ORV TXH IXHURQ DUUHEDWDGRVGHVXVGRPLFLOLRV\VLQSDVDUWDQVLTXLHUDSRUOD
FiUFHO IXHURQ LJXDOPHQWH DVHVLQDGRV HQ HO FXDUWHO GH OD IDODQJH FDPSRV PRQWHV \
FXQHWDV
3HVH DO WLHPSR WUDQVFXUULGR TXHGD D~Q HO PLVPR WHUURU ODWHQWH TXH VH SHUFLEH DO
FRPXQLFDUQRV FRQ ORV KLMRV KLMDV R GHVFHQGLHQWHV TXH KDQ VREUHYLYLGRODPD\RUSDUWH
GH HOORV VRQ UHPLVRV D FRQWDU VXV SURSLDV WUDJHGLDV OR TXH KDFH OD LQYHVWLJDFLyQ
GLILFXOWRVD DIRUWXQDGDPHQWH KD UHVXUJLGR OD DFWLWXG UHLYLQGLFDWLYD GH OD VHJXQGD
JHQHUDFLyQ ORV QLHWRV \ QLHWDV GH ODV YtFWLPDV TXH VROR DVSLUDQ HQ DOJXQRV FDVRV D
UHFXSHUDU ORV UHVWRV GH VXV VHUHV TXHULGRV \ HQWHUUDUORV HQ XQ OXJDU GLJQR GH ORV
FHPHQWHULRV MXQWR D VXV IDPLOLDV \ TXH QRFRQWLQ~HQHQHODQRQLPDWRSDUDTXHDTXHOORV
FUtPHQHV FRQWUD OD +XPDQLGDG VLJDQ HQ OD LPSXQLGDG TXH D~Q SHVH D ORV PDV GH DxRV WUDQVFXUULGRV HQ OD DFWXDOLGDG QR KDQ SUHVFULWR SDUD OD /H\ VHDQ MX]JDGRV \
FRQGHQDGRV WRGRV ORV TXH FRPHWLHURQ HQ QRPEUH GH VX H[FOXVLYR ³GLRV´ DTXHO
+RORFDXVWRGHVHUHVLQRFHQWHVDPDQWHVGHOD/LEHUWDG
/DV FRQVHFXHQFLDV D ODV TXH IXLPRV VRPHWLGRV XQD LQJHQWH FDQWLGDG GH HVSDxROHV
FRPR FDXVD GHO DVHVLQDWR GH QXHVWURV SDGUHV HO VXIULPLHQWR GH HVSRVDV H KLMRV IXH
LQFRQPHQVXUDEOH HV PDWHULDOPHQWH LPSRVLEOH KDFHU XQD YDORUDFLyQ REMHWLYD DKRUD
ELHQ DTXHO JHQRFLGLR QR SXHGH TXHGDU LPSXQH SDUD OD +LVWRULD GH QXHVWUR 3DtV \ SDUD
ODV JHQHUDFLRQHV GH HVSDxROHV TXH KHPRV VREUHYLYLGR \ TXH QRV UHPSODFHQ HQ HO
IXWXUR HODEDQGRQRGHWDQHQDOWHFHGRUDODERUVHUtDXQDYHUJHQ]DKLVWyULFD\XQEDOGyQ
LPSHUGRQDEOHSDUD(VSDxD
3RUTXH VL IXH LPSRUWDQWH KLVWyULFDPHQWH KDEODQGR OD SpUGLGD GH WDQWDV YLGDV
KXPDQDV GH MyYHQHV HVSDxROHV HQ VX PD\RUtD SRU XQD FDXVD D OD TXH QR OOHJDURQ WDQ
VLTXLHUD D GHIHQGHU ORV JHQRFLGDV IUDQTXLVWDV DO KDFHUVH FRQ HO SRGHU SROtWLFR GH
QXHVWUR 3DtV FRQWLQXDURQ VX SHUVHFXFLyQ D ODV IDPLOLDV GH ODV YtFWLPDV DVHVLQDGDV
HVSRVDV KHUPDQRV H KLMRV GH ODV YtFWLPDV IXLPRV PDUJLQDGRV H LQFOXVR REMHWR GH
DWHQFLyQ SDUD ORV DVHVLQRV GH ORV QXHVWURV ORV IDVFLVWDV WUDWDURQ FRQ WRGRV VXV PHGLRV
TXH ORHUDQWRGRVGHTXHQRWXYLpUDPRVDFFHVRDFXDOTXLHUWUDEDMRGHODDGPLQLVWUDFLyQ
S~EOLFD pUDPRV ORV ³URMRV´ \ WHQtDPRV YHGDGD OD SRVLELOLGDG GH EXVFDU XQ IXWXUR SDUD
QXHVWUDV YLGDV (UDQ FRQVFLHQWHV GH ODV EDUEDULGDGHV FRPHWLGDV GXUDQWH OD JXHUUD
LQFOXVR OOHJDPRV D HVFXFKDU KRUURUL]DGRV OD WHUULEOH RSLQLyQ GH DOJXQR GH DTXHOORV
VDOYDMHV ௙
³T࣡
XH SDUD VX WUDQTXLOLGDG´ ³GHEHUtDQ KDEHU WHUPLQDGR FRQ
WRGRVLQFOXLGRV VXV GHVFHQGLHQWHV´ \D TXH HVSHUDEDQ TXH DOJ~Q GtD YROYLpUDPRV D
KDFHU UHDOLGDG FRPR DVt IXH UHFXSHUDU OD 'HPRFUDFLD \ FRQVHJXLU OD UHYLVLyQ GH ORV
KHFKRVTXHKXELHUDQVXFHGLGR
/D WUDQVLFLyQ D OD 'HPRFUDFLD LQLFLDGD GHVSXpV GH OD PXHUWH GHO GLFWDGRU QRV WUDMR
XQD QXHYD &RQVWLWXFLyQ (VSDxROD HQ \ FRQ HOOD XQ UpJLPHQ GHPRFUiWLFR GH
OLEHUWDGHV S~EOLFDV SHUR TXHGDURQ SDUD DWUiV HO UHFXHUGR GH OD WUDJHGLD VXIULGD \ OD
SpUGLGD GH WDQWRV PLOHV GH EXHQRVHVSDxROHVKXERDOJXQDSHTXHxDFRPSHQVDFLyQDODV
YLXGDV VREUHYLYLHQWHV \ KXpUIDQRV GLVPLQXLGRV LJXDOPHQWH FRPSHQVDFLRQHV
HFRQyPLFDV D ORV TXH KXELHUDQ VXIULGR PDV GH XQ DxR GH SULVLyQ \ OD UHSRVLFLyQ HQ HO
JUDGR GH PDQGR TXH WXYLHUDQ ORV PLOLWDUHV GHVWLWXLGRV SRU HO GLFWDGRU \ TXH KXELHUDQ
OXFKDGR SRU OD 5HS~EOLFD WRGR HVWR SDUHFtD TXH VLJQLILFDED DOJR FRQ ORV ³QXHYRV
WLHPSRV´ XQD UHFXSHUDFLyQ KLVWyULFD GH OD 'LJQLGDG GH QXHVWURVPXHUWRVHQODIUDWLFLGD
FRQWLHQGD \ TXH WUDHUtD FRPR FRQVHFXHQFLD VX UHKDELOLWDFLyQ HQ OD VRFLHGDG DXQTXH
VRODPHQWH IXHUD WHVWLPRQLDO SHUR OD IUtD UHDOLGDG VH LPSXVR \ QXHVWURV SULPHURV
JRELHUQRVGHPRFUiWLFRVQRVHDWUHYLHURQDUHVROYHUODGHXGDKLVWyULFDH[LVWHQWH +DVWD OD VDFLHGDG QR QRV FDQVDPRV GH UHSHWLUOR QR GHVHDPRV ௙
YHQJDQ]D ௙
\ VL ௙
-XVWLFLD
QXHVWUD DVSLUDFLyQ GHQWUR GH OD PDV SXUD OyJLFD HV UHFXSHUDU OD GLJQLGDG ௙
TXH OHV
DUUHEDWDURQMXQWRDOR~QLFRTXHSRVHtDQVXVYDOLRVDV௙
YLGDV\KDFHUWRGRORSRVLEOHSDUD
TXH QXHVWUD WDUHD VH YHD UHFRPSHQVDGD FRQ TXH DOJ~Q GtD VXUMD XQ -XH] TXH
YHUGDGHUDPHQWH VHD ILHO H[SRQHQWH GH OD -XVWLFLD LQLFLH XQ SURFHVR MXGLFLDO \ FRQGHQH
DXQTXH VRODPHQWH VHD VLPEyOLFDPHQWH SDUD OD +LVWRULD D ORV JHQRFLGDV IDVFLVWDV ORV
TXH IXHURQ UHVSRQVDEOHV GH OD PDILRVD WURSD TXH ORV VHFXQGDURQ \ HMHFXWDURQ DTXHOORV
KRUUHQGRV௙
FUtPHQHVFRQWUDOD+XPDQLGDG࣡
/D JHQHUDFLyQ GH KLMRV GH KRPEUHV \ PXMHUHV GH L]TXLHUGDV DVHVLQDGRV SRU
UD]RQHV GH QXHVWUD SURSLD QDWXUDOH]D KXPDQD HVWDPRV SUy[LPRV D GHVDSDUHFHU SHUR
WRGDYtD D SHVDU GH QXHVWURV DxRV WHQHPRV OD HVSHUDQ]D SXHVWD HQ HO DFWXDO *RELHUQR
GH (VSDxD \ GHO 3UHVLGHQWH -RVp /XLV 5RGUtJXH] =DSDWHUR SUHFLVDPHQWH QLHWR GHO
FDSLWiQ 5RGUtJXH] /R]DQR TXH SRU ILGHOLGDG \ OHDOWDG DO *RELHUQR OHJDO GH OD
5HS~EOLFDWDPELpQIXHIXVLODGR
0LWRWDOFRQILDQ]DODGHSRVLWRHQWRGRVORVFRODERUDGRUHV\FRODERUDGRUDVGHO362(
TXH PH D\XGDQ \ DSR\DQ HQ WDQ HQDOWHFHGRUD WDUHD HVSHUR TXH OOHJXH HO GtD HQ TXH
SRU ILQ WULXQIH OD -XVWLFLD \ ODV FXHQWDV SHQGLHQWHV TXHGHQ VDOGDGDV $Vt FRQItR \ OR
HVSHUR࣡
3iUUDIRHVFULWRHQ-XQLRGHODxR
$VLHUDODYLGDHQ6DODPDQFD
(Q HO DxR 6DODPDQFD HUD XQD FLXGDG SDFtILFD \D KHPRV QDUUDGRDQWHULRUPHQWH
HO DPELHQWH VRFLDO TXH VH UHVSLUDEDHQQXHVWUDFLXGDGHPLQHQWHPHQWHSURYLQFLDQD\GH
VHUYLFLRV SDUD VXV KDELWDQWHV TXH HQ OD PD\RUtD GH ORV FDVRV HVWDEDQ UHODFLRQDGRV FRQ
ORV YLDMHV GH JHQWHV GH ODV ]RQDV UXUDOHV D ORV PpGLFRV GH ODV GLVWLQWDV HVSHFLDOLGDGHV
PpGLFDV HQ OD FDSLWDO GH OD SURYLQFLD FLUXJtD XURORJtD RIWDOPRORJtD SHGLDWUtD \
RGRQWRORJtD HUDQ ODV PDV IUHFXHQWHV HQ PXFKDV VLWXDFLRQHV HUD LQHYLWDEOH HO LQJUHVR
GHO HQIHUPR HQ HO +RVSLWDO 3URYLQFLDO R HQ ORV 6DQDWRULRV SULYDGRV GH ORV GRFWRUHV
'tH] 3REODFLyQ \ +HUHGLDSRUDOOtSDVDURQFDQWLGDGHVLQJHQWHVGHHQIHUPRVGRQGHODV
RSHUDFLRQHVTXLU~UJLFDVPDVIUHFXHQWHVHUDQDSHQGLFLWLVKHUQLDVFDWDUDWDVHWFHWF
+DEtD RWUD WUDGLFLRQDO FRQYRFDWRULD SURYLQFLDO TXH VH FHOHEUDED WRGRVORVDxRVHOGtD
GH -XQLR ILHVWD GH 6DQ 3HGUR FXDQGR EDMR ORV VRSRUWDOHV GH 6DQ $QWRQLR VH
FRQJUHJDED XQ VLQ Q~PHUR GH DJULFXOWRUHV OD PD\RUtD DUPXxHVHV ORVPDVLPSRUWDQWHV
SRU VXV KHFWiUHDV VHPEUDGDV GH FHUHDOHV \ OHJXPLQRVDV YHQtDQ D FRQWUDWDU D ORV
VHJDGRUHV
3RU OD RWUD SDUWH OD GH PD\RU FRQFXUUHQFLD OyJLFDPHQWH HUD OD GH ORV VHJDGRUHV TXH
SURFHGtDQ GH RWUDV FRPDUFDV GH OD SURYLQFLD ODV VLHUUDV GH )UDQFLD \ *DWD HO &DPSR
&KDUUR R GH ODV $UULEHV HWF WDPSRFR IDOWDEDQ D OD FLWD DOJXQRV JDOOHJRV\H[WUHPHxRV
FDVL WRGRV HQ VX PD\RUtD HUDQ SDGUHV GH IDPLOLDV QXPHURVDV ORVGHPD\RUHGDGWUDtDQ
D VXV KLMRV DOJXQRV GH FRUWD HGDG SDUD KDFHU ORV WUDEDMRV DX[LOLDUHV GH OD VLHJD R ELHQ
DWDU ORV KDFHV GH FHEDGD R WULJR XRWUDVRFXSDFLRQHVFRPRDWHQGHUHODJXDSDUDEHEHUR
LUDEXVFDUODFRPLGDSDUDORVVHJDGRUHVDODFDVDGHO³DPR´
(O SULQFLSDO REMHWR GH LU D OD VLHJD HVWDED IXQGDPHQWDGR HQ OD IDOWD GH WUDEDMR HQ VXV
SXHEORV \ VREUH WRGR HQ OD LPSHULRVD QHFHVLGDG GH OOHYDU D VX FDVD HO GLQHUR TXH
SHUFLEtDQ GH OD VLHJD SDUD FRQWULEXLU FRQ DTXHOODV SHVHWDV GXUDPHQWH JDQDGDV ³QXQFD
PHMRU GLFKR FRQ HO VXGRU GH VX FXHUSR´ D OD DGTXLVLFLyQ GHO FHUGR SDUD HQJRUGDUOR \
KDFHU OD PDWDQ]D TXH OHV D\XGDUD D SDVDU HO LQYLHUQR R DGTXLULU DOJXQD URSD HQ ORV
FRPHUFLRVGH6DODPDQFD\DTXHDOJXQRVWHQtDQHVD³HVSHFLDOLGDG´GHODVFRQIHFFLRQHV
GHEDMRSUHFLR
/D FLXGDG HQ DTXHOODV IHFKDV DGTXLUtD XQ DPELHQWH HVSHFLDO HUD PX\ IUHFXHQWH YHU
JUXSRV GH VHJDGRUHV TXH SRUWDEDQVXVKDWRVGHURSDDWDGRVFRQFXHUGDV\FROJDGRVGHO
KRPEUR MXQWR D ODV KRFHV OD SLHGUD GH DILODU ODKR]\GHGLOHVGHFXHURTXHOHVHYLWDUtDQ
ORVFRUWHVGHODKR]
(O WUDEDMR TXH LEDQ D DIURQWDU HUD GH XQD GXUH]D LQLPDJLQDEOH KD\TXHSRQHUVHHQVX
VLWXDFLyQ \ YHU HO GXUR WUDEDMR DO TXHSRUQHFHVLGDGVHVRPHWtDQWUDEDMDUGHVGHFXDQGR
DPDQHFtD KDVWD TXH HO VRO GHFOLQDED SRU HO KRUL]RQWH VRSRUWDQGR HO DUGLHQWH VRO GHO
YHUDQR HQ ODV DPSOLDV EHVDQDV GH OD PHVHWD WRGR HO GtD GREODGR VX FXHUSR \ FRUWDQGR
ODV PLHVHV D UDV GH VXHOR ORV SLQFKD]RV GH JDWXxDV \ DEURMRV OD FRPLGD D SOHQR VRO
FRQ DO DJXD FDOLHQWH GH ORV EDUULOHV GH EDUUR HO EUHYH GHVFDQVR GH XQD FRUWD VLHVWD GH
PHGLD KRUD D OD VRPEUD GH ORV KDFHV \ OD IDWLJD TXH VH DFXPXODED HQ HO WUDEDMR SRU OD
WDUGH SRFR VH KD HVFULWR VREUH ODV FDODPLGDGHV GH ORV VHJDGRUHV QL VREUH OD KXPDQD\
GUDPiWLFD VLWXDFLyQ SRU OD TXH SDVDEDQ HUDQ ODV FLUFXQVWDQFLDV GH DTXHOOD pSRFD SHUR
DTXHOORV KRPEUHV \ PXMHUHV TXH WDPELpQ YHQLDQ D OD VLHJD HQ OD 5HS~EOLFD YLHURQ XQ
HVSHUDQ]DGRUIXWXURTXHKDEUtDGHFDPELDUVXPLVHUDEOHIRUPDGHYLGD 3HUR FDPELHPRV GH UXPER \ YD\DPRV D RWUR DVSHFWR GH OD YLGD HQ QXHVWUD FLXGDGHQ
DTXHOORV DxRV HQ OR TXH VH UHILHUH DO GLVIUXWH O~GLFR GH ODV ILHVWDV HO PD\RU DWUDFWLYR
TXHRIUHFtD6DODPDQFDHUDQVXV)HULDVJDQDGHUDVGH³%RWLMHURV´HQODVHPDQDSRVWHULRU
D OD 3DVFXD GH 5HVXUUHFLyQ \ ODV PDV LPSRUWDQWHV \ FRQFXUULGDV GH 6HSWLHPEUH GHVGH
HOGtDKDVWDHOGLDGHOD)HULDGH6DQ0DWHR
$ ODVIHULDVGHQXHVWUDFLXGDGFX\RVPHUFDGRVVHHVWDEOHFtDQHQHO7HVRGHOD)HULD\
HQ HO $UUDEDO GHO 3XHQWHHQOD3OD]DGHO3RQLHQWH\DODRULOODGHQXHVWURUtR7RUPHVHO
3XHQWH 5RPDQR HUD WHVWLJR SHUPDQHQWH GH ODV WUDQVDFLRQHV GH JDQDGRV SRUFLQR
YDFXQR FDEDOODU \ PXODU D OD FLWD DFXGtDQ JUDQGHV FDQWLGDGHV GH DJULFXOWRUHV \
JDQDGHURV QR IDOWDEDQ FXULRVRV FDSLWDOLQRV TXH SDUWLFLSDEDQ FRPR HVSHFWDGRUHV GHO
HVSHFWiFXOR GH ODV GLVFXVLRQHV \ WUDQVDFLRQHV GH ORV ³WLUD \ DIORMD´ GH FyPR VH
HVWDEOHFtDQ ODV RIHUWDV \ FRPR VH GLVFXWtD HO SUHFLR GHO SDJR GH ODVUHVHVRFDEDOORVHQ
GLQHUR³FRQWDQWH\VRQDQWH´VLHPSUHVHFHUUDEDODRSHUDFLyQFRQXQDSUHWyQGHPDQRV
3DUD KDFHU JUDWDV ODV )HULDV D QXHVWURV YLVLWDQWHV HO SULQFLSDO IHVWHMR VLHPSUH IXHURQ
ODV FRUULGDV GH WRURV SRU OD SOD]D GH ³/D *ORULHWD´ SDVDURQ ODV PDV DFUHGLWDGDV
JDQDGHULDV GHO WRUR EUDYR \ ORV PHMRUHV HVSDGDV GHO HOHQFR WDXULQR HVWRV IHVWHMRV
TXHGDEDQ UHVHUYDGRV SRU VX SUHFLR SDUD ORV FLXGDGDQRV³SXGLHQWHV´ORVSHUWHQHFLHQWHV
D OD FODVHREUHUDVHFRQIRUPDEDQFRQLUDYHUFRPRPXFKRHOGHVHQMDXOHGHORVWRURV\
D ORV WRUHURV D OD VDOLGD GHO KRWHO FXDQGR FRQ VX FXDGULOOD LEDQ HQ FRFKH KDVWD OD SOD]D
GH WRURV WDPELHQ IRUPDED SDUWH GH OD ILHVWD LU D YHU OD VDOLGD DO DFDEDU OD FRUULGD HO
ODUJR GHVILOH GH FRFKHV XQLGR D ORV HVSHFWDGRUHV TXH HQ PXOWLWXG GHVILODEDQ SRU ODV
DFHUDV GH OD $YHQLGD 7RUUHV 9LOODUURHO \ FDOOH GH =DPRUD \ TXH WDPELpQ IRUPDEDQ
SDUWHGHOHVSHFWiFXORWDXULQRSURORQJDGRKDVWDOD3OD]D0D\RU
(O FLUFR FRQ VXVILHUDVSD\DVRVHTXLOLEULVWDV\IRQDQEXOLVWDVDVLFRPRORVFDUUXVHOHV
HUDQ ODV SDUWHV PDV SUy[LPDV DO SXHEOR LQIDQWLO ORV ³FDEDOOLWRV´ OD ³ROD´ HO ³WUHQ´
IDQWDVPD ODV VLOODV YRODQGHUDV ODV FDVHWDV GH WLUR ODV WyPERODV FKXUUHULDV SXHVWRVGH
EDUDWLMDV KHODGRV \ FKXFKHUtDV KDFLDQ ODV GHOLFLDV GHOSXHEORHQJHQHUDOVREUHWRGRVD
ODVQLxDV\QLxRV
$ 6DODPDQFD YHQtDQ DWUDLGRV SRU ODV )HULDV DSUR[LPDGDPHQWH XQD GRFHQD GH
FKDUODWDQHV GH YHUER IiFLO TXH VH UHSDUWtDQ SRU ORV OXJDUHV PDV FRQFXUULGRV GH OD
FLXGDG OD SUR[LPLGDG GHO PHUFDGR GH JDQDGRV HO IHULDO GH DWUDFFLRQHV \ OD 3OD]D GHO
0HUFDGR VXV LQWHUYHQFLRQHV H[SUHVDGDV SRU XQ YHUER IiFLO \ DWUHYLGDV RFXUUHQFLDV
YHQGtDQ GLUHFWDPHQWH ORV SURGXFWRV PDV LQLPDJLQDEOHV HO³%iOVDPRGH)LHUDEUiV´TXH
WRGRV ORV PDOHV FXUDED ORV TXLWDPDQFKDV PDV HILFDFHV ODV PHMRUHV KRMDV GH DIHLWDU
ODV LQVXSHUDEOHV FUHPDV SDUD OD SLHO HWF R FXDOTXLHU RWUD QRYHGDG TXH DXQTXH OD
UHDOLGDG VH LPSXVLHUD HV TXH QR VHUYLUtDQ SDUD QDGD HO SRGHU GH FRQYLFFLyQ ODV
³JUDFLDV´ \ FKDVFDUULOORV GHO FKDUODWiQ FRQWULEXtDQ SRGHURVDPHQWH D OD YHQWD GH VXV
SURGXFWRV ORV ³VDFDSHUUDV´ HUDQ XQ HVSHFWiFXOR JUDWXLWR \ OD FRQFXUUHQFLD GH ORV
FXULRVRVPX\QXPHURVD 3RU ODV QRFKHV HQ OD SUR[LPLGDG GH OD 3OD]D 0D\RU HQ OD 3OD]D GHO 0HUFDGR GH
$EDVWRV HUDQ ORV VRQHV GH OD GXO]DLQD \ HO UHGREODQWH GHO WLR ³5HVLVWH´ OD JDLWD \ HO
WDPERULO ORV TXH DPHQL]DEDQ XQDV YHUEHQDV SRSXODUHV D ODV TXH DFXGtD HO SXHEOR
OODQR
0LHQWUDV OD DOWD VRFLHGDG GH OD FLXGDG HUD HQ HO FDVLQR GRQGH FHOHEUDEDQ ODV )LHVWDV
FRQVXVVDUDRVFHQDV\EDLOHVGHJDOD
3RU ORV WHDWURV %UHWyQ \ /LFHR SDVDEDQ ODV PHMRUHVFRPSDxtDVGH7HDWUR\5HYLVWDV\
HQ ORV FLQHV &ROLVHXP 0RGHUQR \ 7DUDPRQD VH HVWUHQDEDQ ODV SHOtFXODV GH DTXHOOD
pSRFD IXHURQ ORVWLHPSRVHQTXHGHVWDFDEDQORVDUWLVWDVHVSDxROHVGHODpSRFD,PSHULR
$UJHQWLQD &RQFKD 3LTXHU (VWUHOOLWD &DVWUR 0LJXHO /LJHUR 0LJXHO GH 0ROLQD \
5DIDHO5LEHOOHVHWFHWF /DV QRWLFLDV HQ 6DODPDQFD VH SXEOLFDEDQ HQ ORV GRV ~QLFRV SHULyGLFR ORFDOHV ³(O
$GHODQWR´ \³/D*DFHWD5HJLRQDO´TXHWHQLDQXQSUHFLRGHFpQWLPRVGHSHVHWDFDGD
HMHPSODU \ TXH D SHVDU GH VX H[LJXR YDORU HFRQyPLFR QR HVWDEDQ DO DOFDQFH GH WRGDV
ODVHFRQRPtDVGRPpVWLFDVORVGRVSHULyGLFRVHUDQGHWHQGHQFLDVSROtWLFDVGLIHUHQWHV
³(O $GHODQWR´ GHVGH VX IXQGDFLyQ VLHPSUH IXH XQ SHULyGLFR OLEHUDO ODLFR \ GH
WHQGHQFLD SURJUHVLVWD HUD HO SHULyGLFR GHPRFUiWLFR GH ODV L]TXLHUGDV \ HQ VXV ´IXHQWHV
LQIRUPDWLYDV´ EHEtDQ \ SDUWLFLSDEDQ HQ VXV DUWtFXORV GH RSLQLyQ LQWHOHFWXDOHV \
SROtWLFRV SURIHVRUHV PDHVWURV GH HVFXHOD PDHVWURV GH RILFLR \ SHTXHxRV LQGXVWULDOHV
HVWXGLDQWHV HPSOHDGRV \ REUHURV HWF (Q SRFDV SDODEUDV OR OHtDQ FLXGDGDQDV \
FLXGDGDQRV TXH KDEtDQ UHFLELGR DOERUR]DGDPHQWH OD OOHJDGD GH OD 5HS~EOLFD FRQ OD
HVSHUDQ]D GH XQ FDPELR SURIXQGR HQ OD VRFLHGDG \ FHOHEUDEDQ KDEHU DOFDQ]DGR FRQ
LOXVLyQ HO WULXQIR GHPRFUiWLFR GH DOJR D OR TXH VLHPSUHKDEtDQDVSLUDGROD/LEHUWDGGH
QXHVWUR3XHEOR
³/D *DFHWD5HJLRQDO´HUDODDQWtWHVLVGH ³(O$GHODQWR´VXOHFWXUDWUDQVPLWtDORVPDV
UDQFLRV VHQWLPLHQWRV FRQVHUYDGRUHV ILHO VHUYLGRUD GH ORV PDQGDWRV GH VXV DPRV OD
GHUHFKD FDWyOLFD LPSHUDQWH LQWUDQVLJHQWH \ FRQVHUYDGRUD GH WUDGLFLRQHV UHOLJLRVDV \
SULYLOHJLRV DFpUULPRV MHUDUFDV FRPR YHUHPRV PDV DGHODQWHHQHPLJRVGHWRGRFDPELR
GH OD VRFLHGDG \ GLVSXHVWRV D WRGR EDMR HVRV SURQXQFLDPLHQWRV VXV OHFWRUHV
VXVFULSWRUHV \ FRODERUDGRUHV WRGRV VH DJOXWLQDEDQ EDMR ODV LGHDV FRQVHUYDGRUDVGHODV
WUDGLFLRQHVPDVDUUDLJDGDVSURSLDVGHODUHOLJLyQ\ODPRQDUTXtD
/D GHVDSDULFLyQ GH OD PRQDUTXLD \ OD SURFODPDFLyQ GH OD 5HS~EOLFD WUDMR OD
IUXVWUDFLyQ D VXV YLGDV \ HO SHOLJUR GH OD DEROLFLyQ GH VXV SULYLOHJLRV GHVGH VLHPSUH
YLYLHURQ HVSOpQGLGDPHQWH GHO ³FXHQWR´ H[SORWDQGR GH IRUPD LQPLVHULFRUGH D OD FODVH
REUHUD
(VH DPELHQWH WUDVQRFKDGR \ FRVWXPEULVWD HV HO TXH H[LVWtD HQ OD 6DODPDQFDGHDTXHO
IDWtGLFRDxRGH
/DUHSUHVLyQIDVFLVWDHQOD3OD]D0D\RUGH6DODPDQFD
(Q-XOLRGHHUDXQSHTXHxRQLxRGHFLQFRDxRVGHHGDG
+LMR \ KHUPDQR HO PLHPEUR PDV SHTXHxR GH XQD MRYHQ IDPLOLD REUHUD KRQUDGD \
VHQFLOODQRREVWDQWHRUJXOORVDGHSHUWHQHFHUDGLFKDFODVHVRFLDO
9LYtD IHOL] MXQWR D VXV SDGUHV \ KHUPDQR HQ 6DODPDQFD HQ OD SOD]D GH 6DQ -XDQ
%DXWLVWD Qž DO ODGR GH OD LJOHVLD URPiQLFD GHO PLVPR QRPEUH WRGDYtD QR LED DO
FROHJLRDXQTXHWRGRVORVQLxRVPD\RUHVGLVIUXWDEDQ\DODVYDFDFLRQHVGHOYHUDQR
(O SDGUH -XDQ HUD XQ MRYHQ GH WUHLQWD \ VHLV DxRV H[FHOHQWH FKRIHUPHFiQLFR EXHQ
WUDEDMDGRU LQWHULQR GHOVHUYLFLRPXQLFLSDOGHLQFHQGLRVFRQGXFtDHOFRFKHGHERPEHURV
\ XQ FDPLyQ PXQLFLSDO VRFLDOLVWD GH LGHRORJtD PLOLWDQWH \ DFWLYR OXFKDGRU VLQGLFDO
DILOLDGR D OD 8*7 GHVGH HO DxR௙
௙
DOOOHJDUGH&XEDUHFLpQFDVDGR\DO362(GHVGH
௙
/DPDGUH5HPHGLRVGHDxRVHUDXQDFOiVLFDDPDGHFDVDGHVXWLHPSRGHGLFDGDD
VXV ODERUHV GRPpVWLFDV JXDSD \ VHQFLOOD KLMD GH SDGUHV ODEUDGRUHV \ JDQDGHURV HQ
UHJXODU SRVLFLyQ HFRQyPLFD FUH\HQWH \ SUDFWLFDQWH FDWyOLFD QR REVWDQWH GHVGH TXH VH
FDVyVLHPSUHDGPLWLy\UHVSHWyODLGHRORJtD\DJQRVWLFLVPRGHVXPDULGR
(O ~QLFR KHUPDQR GH QXHVWUR SHTXHxR QLxR 0LJXHO GH GRFH DxRV GH HGDG KDEtD
HVWXGLDGR VXVSULPHUDVOHWUDVHQHOFROHJLRGHORV6DOHVLDQRVGHODFDOOH&RPSDxtDSHUR
VX SDGUH OH KDEtD PDWULFXODGR HO FXUVR TXH WHUPLQy HQ -XQLR HQ OD HVFXHOD S~EOLFD GHO
+RVSLFLR GRQGH VX PDHVWUR 2FWDYLR 5LYDV PLOLWDQWH VRFLDOLVWD TXH WDPELpQ VHUtD
IXVLODGR OH SUHSDUDED SDUD HO LQJUHVR HQ EDFKLOOHUDWR TXH KDEtD GH HPSH]DU HQ HO
FXUVR ௙
௙
HO KHUPDQR GH QXHVWUR DPLJXLWR HVWDEDSHQGLHQWHGHPDWULFXODUVHHQHO
,QVWLWXWR SDUDFRPHQ]DUHOEDFKLOOHUHQ6HSWLHPEUH3HURGHVJUDFLDGDPHQWHQRVHLEDQD
FXPSOLUWDOHVSUHYLVLRQHV\GHVHRV
6H WUDWDED GH XQD IDPLOLD REUHUD QRUPDO URGHDGD GH DPLJRV \ YHFLQRV GH OD PLVPD
FODVH VRFLDO EXHQDV JHQWHV WRGRV HOORV VHQFLOORV \ DOHJUHV TXH FRPSDUWtDQ FRQ VXV
YHFLQRV \ DPLJRV ODV ILHVWDV ORFDOHV \ ODV VDOLGDV DO FDPSR HQ ODV HVWDFLRQHV GH
SULPDYHUD\YHUDQR
3HUR VLWXpPRQRV HQ DTXHO WLHPSR HUD GRPLQJR HO GtD ௙
GH -XOLR GH DTXHO IDWtGLFR
DxR HO GtD DQWHULRU ViEDGR SRU WRGD 6DODPDQFD FRUULyODQRWLFLDGHOWUDLGRUDO]DPLHQWR
PLOLWDU FRQWUD OD 5HS~EOLFD OD UHEHOGtD PLOLWDU HVWDED JHVWDQGR XQ FRPSORW HQ ODV
JXDUQLFLRQHV PLOLWDUHV GH ODV ,VODV &DQDULDV &HXWD \ 0HOLOOD VHFXQGDGRV SRU DOJXQDV
RWUDVGH$QGDOXFtD\&DVWLOOD\/HyQ
/RV FRPHQWDULRV HQ ODV WHUWXOLDV QRFWXUQDVGH6DODPDQFDTXHHQODVFDOXURVDVQRFKHV
GHO YHUDQR VH IRUPDEDQ HQ ORV EDUULRV REUHURV D ODV SXHUWDV GH ODV FDVDV VHQWDGRV HQ
EDMDV VLOODV FRQ DVLHQWRV GH ED\yQ \ HQFRUURVTXHVHIRUPDEDQDO³IUHVFR´GHODQRFKH
FRPR HV GH VXSRQHU HUDQ XQiQLPHV HUDHOWHPDGHDFWXDOLGDG\H[LVWtDODSUHRFXSDFLyQ
JHQHUDO GH FyPR LED D DFWXDU OD JXDUQLFLyQ PLOLWDU GH 6DODPDQFD QR IDOWDEDQ ORV
SHVLPLVWDV \ FXDQGR VH UHWLUDURQ D GHVFDQVDU DTXHOOD QRFKH PXFKRV GH HOORV OD
PD\RUtDWDUGDUtDQHQFRQFLOLDUHOVXHxR«"
(O GRPLQJR GtD DPDQHFLy FRPR FXDOTXLHU RWUR GtD GH DTXHO VRIRFDQWH YHUDQR
FXULRVDPHQWH SRFD R QLQJXQD JHQWH VDOLy GH PHULHQGD DO FDPSR VHJXtDQ ORV
FRPHQWDULRV \ WRGR HO PXQGR SHQGLHQWH GH ODV QRWLFLDV TXH D WUDYpV GH ODV HVFDVDV
UDGLRV H[LVWHQWHV OOHJDEDQ ORV SHULyGLFRV ORFDOHV ³(O $GHODQWR´ \ OD ³*DFHWD
5HJLRQDO´ IXHURQ EDUULGRV GHORVNLRVFRVOD3OD]D0D\RUGH6DODPDQFDIXHHOiJRUDHO
OXJDUGHHQFXHQWURGHORVVDOPDQWLQRVFRQHOVDQRREMHWR\ODOyJLFDSUHWHQVLyQGHHVWDU
LQIRUPDGRV\VHJXLUORVDFRQWHFLPLHQWRVTXHVHDYHFLQDEDQ
(O QLxR GH HVWH SHFXOLDU UHODWR HVD PDxDQD OR DUUHJOy VX PDGUH LJXDO TXH D VX
KHUPDQR SRUTXH HO SDGUH LED D OOHYDU D VXV KLMRV D FRPHU D OD FDOOH GH /LEUHURV Qž GRQGH YLYtDQ ORV DEXHORV SDWHUQRV HUDQ ODVGRFHPHQRVFXDUWRGHODPDxDQDFXDQGRVH
GHVSLGLHURQ GH OD PDGUH HO SHTXHxR DJDUUDGR GH OD PDQR GH VX SDGUH PDUFKDURQ
DQGDQGR DO OOHJDU D OD 3OD]D GH ORV %DQGRV FXDQGR SDVDEDQ IUHQWH D OD 7HOHIyQLFD
DQWHV GH GREODU OD HVTXLQD D OD FDOOH 3pUH] 3XMRO KR\ &RQFHMR HO SDGUH \ ORV GRV
QLxRV VH YLHURQ VRUSUHQGLGRV SRU HO WURWDU GH XQ HVFXDGUyQ GH PLOLWDUHV PRQWDGRV D
FDEDOOR TXH FRQ FDVFRV GH DFHUR HQ VXV FDEH]DV \ IXVLOHV HQ EDQGHUROD EDMDEDQ SRUOD
FDOOH =DPRUD HQ GLUHFFLyQ D OD 3OD]D 0D\RU GHWUiV GHO HVFXDGUyQ GH &DEDOOHUtD YHQtD
XQD &RPSDxtD GH VROGDGRV GH LQIDQWHUtD DSLHTXHDOOOHJDUDOD3OD]DGHORV%DQGRVVH
GLULJLy D OD FDOOH 3HUH] 3XMRO PLHQWUDV ORV PLOLWDUHV PRQWDGRV D FDEDOOR VH KDEtDQ
GLULJLGR SRU OD FDOOH GH =DPRUD HQGLUHFFLyQDOD3OD]D0D\RUDOOOHJDUDODFRQIOXHQFLD
FRQ OD FDOOH (VSHFLDV OD WRPDURQ FRQ HO REMHWR GH D WUDYpV GH OD 3OD]D GHO /LFHR \ HO
SHTXHxR WUDPR GH OD FDOOH GH 7RUR SHQHWUDU SRU HO $UFR GH GLFKD FDOOH HQ OD 3OD]D
0D\RU
(O QXPHURVR S~EOLFR TXH OHV REVHUYDED VH TXHGDEDQ HVWXSHIDFWRV QR VDEtDQ TXpHUD
OR TXH PRWLYDED WDO GHVSOLHJXH GH IXHU]D PLOLWDU DXQTXH HO SDGUH GHQXHVWURDPLJXLWR
FRQ PX\ EXHQ FULWHULR SUHVDJLDQGR OR TXH SRGUtD VXFHGHU WRPy GH LQPHGLDWR OD
GHWHUPLQDFLyQGHFRJHUDOSHTXHxRHQEUD]RV\FRQSDVRUiSLGRUHJUHVDUDVXFDVD
(VWR HYLWy TXH HO SDGUH GH QXHVWUR QLxR VX KHUPDQR \ pO PLVPR VL KXELHUDQ
FRQWLQXDGR VX FDPLQR VH KDEUtDQ HQFRQWUDGR FRQ WRGD VHJXULGDG HQ HO VXFHVR TXH
HVWDED D SXQWR GH SURGXFLUVH SRFR GHVSXpV HQ OD 3OD]D 0D\RU VDOPDQWLQD \ TXH
UHODWDPRVDFRQWLQXDFLyQ
$SUR[LPDGDPHQWH D ODV GRFH GH OD PDxDQD OD 3OD]D 0D\RU HVWDED PDV FRQFXUULGD
TXH GH FRVWXPEUH FRQ SHUVRQDV GH DPERV VH[RV ODV WHUUD]DV GH ORV FDIpV D WRSH ORV
FRPHQWDULRV ORV PLVPRV ³௙
OD VLWXDFLyQ GHO 3DtV࣡
"´ WRGRV SHQGLHQWHV GH ORV
DFRQWHFLPLHQWRV TXH VXFHGtDQ HQ RWUDV SURYLQFLDV &XDQGR VH YLHURQ VRUSUHQGLGRV SRU
OD LUUXSFLyQ HQ OD SOD]D SRU HO DUFR GH OD FDOOH 7RUR GH XQ HVFXDGUyQ GH FDEDOOHUtD DO
PDQGR GH XQ WHQLHQWH FX\R QRPEUH UHVSRQGtD D 0DUFHOLQR 9HODVFR VH GLULJLHURQ
GLUHFWDPHQWH DO FtUFXOR GHO FHQWUR GH OD SOD]D GRQGH ORV VROGDGRV UHFLELHURQ OD RUGHQ
GH GHVFDEDOJDU \VLWXDUVHFRQORVIXVLOHVHQODPDQRHQFXDGURIUHQWHDORVVRUSUHQGLGRV
FLXGDGDQRV VLPXOWiQHDPHQWH SRU HO DUFR GH OD FDOOH 3HUH] 3XMRO KR\ &RQFHMR VH
LQWURGXMR HQ OD 3OD]D XQD &RPSDxtD GH VROGDGRV GH ,QIDQWHUtD LJXDO TXH ORV GH
&DEDOOHULD FRQ FDVFRV GH DFHUR HQ OD FDEH]D \ VXV IXVLOHV HQ EDQGHUROD PLHQWUDV HO
WHQLHQWH 9HODVFR GH VX JXHUUHUD H[WUDMR XQ GRFXPHQWR TXH VH SXVR D OHHU HQ YR] DOWD
HUD HO %DQGR GH *XHUUD GHO TXHKHPRVSRGLGRFRQVHJXLUXQDFRSLDTXHDFRQWLQXDFLyQ
WUDQVFULELPRVFRQWRGDILGHOLGDGVXWH[WR
³/D -XQWD GH 'HIHQVD 1DFLRQDO GH (VSDxD \ HQ VX QRPEUH \ UHSUHVHQWDFLyQ HO
3UHVLGHQWHGHHOODHOJHQHUDO&DEDQHOODV +DJR VDEHU /DV FLUFXQVWDQFLDV SRU TXH DWUDYLHVD (VSDxD ௙
H[LJHQ D WRGR FLXGDGDQR
HVSDxRO HO FXPSOLPLHQWR HVWULFWR GH ODV OH\HV \ SRU VL DOJXQR FHJDGR SRU XQ
VHFWDULVPR LQFRPSUHQVLEOH FRPHWLHUD DFWRV X RPLVLRQHVTXHFDXVDUDQSHUMXLFLRVDORV
ILQHV TXH SHUVLJXH HVWH PRYLPLHQWR UHGHQWRU GH QXHVWUD SDWULD HVWD -XQWD GH 'HIHQVD
1DFLRQDO FHORVD GH FXDQWR FRQVWLWX\HQ VXV GHEHUHV HQ PRPHQWRV WDQ VROHPQHV KD
GHFLGLGR UDWLILFDU OD GHFODUDFLyQ GHO (VWDGR GH JXHUUD \ HQ FRQVHFXHQFLD HQ
FXPSOLPLHQWR GH OR GLVSXHVWR HQ HO GHFUHWR GH HVWDIHFKD\FRQHOILQGHHVWDEOHFHUXQD
XQLGDGGHFULWHULRWDQQHFHVDULDHQHVWRVLQVWDQWHVKDFHS~EOLFRHQHOVLJXLHQWH
%DQGRGHJXHUUD௙
$UWtFXOR SULPHUR௙
(O (VWDGR GH *XHUUD GHFODUDGR \D HQ GHWHUPLQDGDV SURYLQFLDV VH
KDFHH[WHQVLYRDWRGRHOWHUULWRULRQDFLRQDO
௙
$UWtFXOR VHJXQGR௙
/RV LQVXOWRV \ DJUHVLRQHV D WRGR PLOLWDU IXQFLRQDULR S~EOLFR R
LQGLYLGXR SHUWHQHFLHQWH D ODV PLOLFLDV TXH KDQ WRPDGR ODV DUPDV SDUD GHIHQGHU OD
1DFLyQ VH FRQVLGHUDUDQFRPRLQVXOWRDODIXHU]DDUPDGD\࣡
VHUiQSHUVHJXLGRVHQMXLFLR
VXPDUtVLPR ࣡
DXQ FXDQGR HQHOPRPHQWRGH࣡
ODDJUHVLyQRLQVXOWRQRHVWXYLHUDQDTXHOORV
GHVHPSHxDQGRVHUYLFLRDOJXQR
௙
$UWtFXOR WHUFHUR௙
/RV )XQFLRQDULRV DXWRULGDGHV R FRUSRUDFLRQHV TXH QR SUHVWHQ HO
LQPHGLDWR DX[LOLR TXH SRU PL DXWRULGDG R SRU PLV VXERUGLQDGRV VHD UHFODPDGR SDUD HO
UHVWDEOHFLPLHQWR GHO RUGHQ VH KDUi HMHFXFLyQ GH OR PDQGDGR HQ HVWH %DQGR VHUiQ
VXVSHQGLGRV LQPHGLDWDPHQWH GH VX FDUJR VLQ SHUMXLFLR GH OD FRUUHVSRQGLHQWH
UHVSRQVDELOLGDGFULPLQDOTXHOHVHUiH[LJLGDSRUODMXULVGLFFLyQGHJXHUUD
࣡
$UWtFXOR FXDUWR௙
6HUiQ ࣡
MX]JDGRV SRU SURFHGLPLHQWRV VXPDUtVLPRV ࣡
WRGRV ORV GHOLWRV
FRPSUHQGLGRV ࣡
HQ ORV WtWXORV TXLQWR VH[WR VpSWLPR \ RFWDYR GHO WUDWDGR VHJXQGR GHO
&yGLJRGH-XVWLFLDPLOLWDU
௙
$UWtFXOR TXLQWR௙
4XHGDQ WDPELpQ VRPHWLGRV D OD -XULVGLFFLyQ GH *XHUUD \ VHUiQ
VDQFLRQDGRV GHO ࣡
PLVPR PRGR SRU ࣡
SURFHGLPLHQWRV VXPDUtVLPRV࣡
௙
$SDUWDGR $௙
/RV
GHOLWRV GH UHEHOGtD VHGLFLyQ \ VXV ࣡
FRQH[RV DWHQWDGRV UHVLVWHQFLD \ GHVREHGLHQFLD D OD
DXWRULGDG \ VXV DJHQWHV \ GHPiV FRPSUHQGLGRV HQ HO WtWXOR WHUFHUR GHO &yGLJR 3HQDO
RUGLQDULR EDMR HO HStJUDIH GH ³GHOLWRV FRQWUD HO RUGHQ S~EOLFR´ ௙
$SDUWDGR %௙
/RV GH
DWHQWDGRV FRQWUD WRGD FODVH GH YtDVRPHGLRVGHFRPXQLFDFLyQVHUYLFLRVGHSHQGHQFLDV
R HGLILFLRV GH FDUiFWHU S~EOLFR ௙
$SDUWDGR &௙
/RV FRPHWLGRV FRQWUD ODV SHUVRQDV GH OD
SURSLHGDG SRU PyYLOHV SROtWLFRVRVRFLDOHV௙
$SDUWDGR'௙
/RVUHDOL]DGRVSRUPHGLRGH
ODLPSUHQWDXRWURPHGLRFXDOTXLHUDGHSXEOLFLGDG ௙
$UWtFXOR VH[WR௙
௙
6H FRQVLGHUDUiQ FRPR UHEHOGHV ࣡
D ORV HIHFWRV GHO &yGLJR GH -XVWLFLD
0LOLWDU\௙
V࣡
HUiQMX]JDGRV࣡
H࣡
QODIRUPDH[SXHVWD
$ /RV TXH SURSDOHQ QRWLFLDV IDOVDV R WHQGHQFLRVDV FRQ HO ILQ GH TXHEUDQWDU HO
SUHVWLJLR GH ODV IXHU]DV PLOLWDUHV \ GH ORV HOHPHQWRV TXH SUHVWDQ VHUYLFLR GH
FRRSHUDFLyQDOHMpUFLWR
% /RV SRVHHGRUHV GH DUPDV GH IXHJR VXVWDQFLDV LQIODPDEOHV R H[SORVLYRV
HQWHQGLpQGRVH FDGXFDGDV WRGDV ODV OLFHQFLDV GH DUPDV TXH QR KXELHVHQ VLGR RWRUJDGDV
SRU HVWD -XQWD GH 'HIHQVD 1DFLRQDO R VXV OHJtWLPRV UHSUHVHQWDQWHV /RV SRVHHGRUHV GH
DUPDV FRQ R VLQ OLFHQFLD TXHGDQ REOLJDGRV D HQWUHJDUODV HQ HO SOD]R Pi[LPR GH GRFH
KRUDV VLQ H[FXVD DOJXQD HQ HO SXHVWR GH OD *XDUGLD &LYLO UHVSHFWLYR GRQGH HQ FDGD
FDVR SRGUi FRQYDOLGDUVH OD DXWRUL]DFLyQ SDUD VX XVR D GLVFUHFLyQ GHO &RPDQGDQWH GH
DTXHO
& /RV TXH FHOHEUHQ FXDOTXLHU UHXQLyQ FRQIHUHQFLD R PDQLIHVWDFLyQ S~EOLFD VLQ
SUHYLRSHUPLVRGHOD$XWRULGDGVROLFLWDGRHQODIRUPDUHJODPHQWDULD\ORVTXHDVLVWDQD
HOOD
' /RV TXH FRPHWDQ GHOLWRV GH ORV FRPSUHQGLGRV HQ ORV DSDUWDGRV % & \ ' GHO
DUWtFXORDQWHULRU
( /RV TXH WLHQGDQ D LPSHGLU R GLILFXOWDU HO DEDVWHFLPLHQWR GH DUWtFXORV GH SULPHUD
QHFHVLGDG HOHYHQ LQMXVWLILFDGDPHQWH ORV SUHFLRV GH ORV PLVPRV R GH DOJXQD PDQHUD
FRQWULEX\DQDVXHQFDUHFLPLHQWR
) /RV TXH FRDUWHQ OD OLEHUWDG GH FRQWUDWDFLyQ R GH WUDEDMR R DEDQGRQHQ pVWH \D VH
WUDWHGHHPSOHDGRVSDWURQRVXREUHURV
௙
$UWtFXOR VpSWLPR௙
6HUiQ VRPHWLGRV D OD SUHYLD FHQVXUD GRV HMHPSODUHV GH WRGR
LPSUHVRRGRFXPHQWRGHVWLQDGRDSXEOLFLGDG
௙
$UWtFXOR RFWDYR௙
6H GHFODUDQ LQFDXWDGRV \ D PL GLVSRVLFLyQ WRGRV ORV YHKtFXORV \
PHGLRVGHFRPXQLFDFLyQGHFXDOTXLHUFODVH
௙
$UWtFXOR QRYHQR௙
4XHGD SURKLELGR KDVWD QXHYD RUGHQ HO IXQFLRQDPLHQWRV GH WRGDV
ODV HVWDFLRQHVUDGLRHPLVRUDVSDUWLFXODUHVGHRQGDFRUWDRH[WUDFRUWDFRQVLGHUiQGRVHD
ORVLQIUDFWRUHVFRPR௙
UHEHOGHV௙
DORVILQHVGHO&yGLJRGH-XVWLFLD0LOLWDU
௙
$UWtFXOR GpFLPR௙
(O (VWDGR GH *XHUUD SRGUi GHMDU GH FRQRFHU UHPLWLpQGRODV D OD
MXULVGLFFLyQ PLOLWDU GH ODV FDXVDV LQFRDGDV TXH KDOOiQGRVH FRPSUHQGLGDV HQ HVWH
EDQGRFRQSHUMXLFLRVDODVDXWRULGDGHVPLOLWDUHV\HQUHODFLyQGLUHFWDFRQHORUGHQ ௙
$UWtFXOR XQGpFLPR௙
/DV $XWRULGDGHV FLYLOHV PLOLWDUHV \ MXGLFLDOHV VHJXLUiQ
GHVHPSHxDQGRVXVIXQFLRQHVHQWRGRORTXHQRVHRSRQJDDORSUHFHSWXDGR
௙
$UWtFXOR GXRGpFLPR (O SUHVHQWH %DQGR HPSH]DUi DFXPSOLUVHDSDUWLUGHODIHFKDGH
VXSXEOLFDFLyQ
%XUJRVDYHLQWLXQRGH-XOLRGHPLOQRYHFLHQWRVWUHLQWD\VHLV
(O3UHVLGHQWHGHOD-XQWD*HQHUDO&DEDQHOODV
(VFRSLDYHLQWLXQRGH-XOLRGHPLOQRYHFLHQWRVWUHLQWD\VHLVSRUHO&RPDQGDQWH
VHFUHWDULR
-XDQ/XLV9R]PHGLDQR8UXxXHOD
(OWH[WRtQWHJURGHHVWHEDQGRIXHHOGHILQLWLYRIHFKDGRGtDVGHVSXpVSRVLEOHPHQWH
HVHOTXHVHOH\yRLQWHQWDURQOHHUHQOD3OD]D0D\RUGH6DODPDQFD
(V PDWHULDOPHQWH LPSRVLEOH TXH HQ HO HVWDGR GH DOERURWR HQ TXH VH HQFRQWUDED OD
3OD]D VH R\HUD HO PHQFLRQDGR EDQGR PDV ELHQ HV PDV TXH SUREDEOH VH KLFLHUD XQD
HVSHFLH GH HVFHQLILFDFLyQ \D TXH HO PXUPXOOR H[LVWHQWH QR SRGtD GHMDU RtU VX OHFWXUD
SHUR OR TXH VL VH R\y IXH HO JULWR SRWHQWH \ GHVJDUUDGR GH XQ ௙
££9LYD OD 5HS~EOLFD
VHJ~Q GHVSXpV VH FRPHQWy OR KHPRV FRPSUREDGR GRFXPHQWDOPHQWH TXLHQ OR
SURILULy IXH $UFDGLR /XFDV 9HODVFR ³(O (VWUHFKR´HOPHQFLRQDGRVHHQFRQWUDEDHQOD
SUR[LPLGDG GH OD WHUUD]D GHO FDIp $VWRULD GRQGH WUDEDMDED GH FDPDUHUR DXQTXH DTXHO
GtD FDVXDOPHQWH GHVFDQVDED VH HQFRQWUDED SRU DOOt \ GLFKR JULWR IXH VHFXQGDGR SRU
RWURV YLYDV ௙
££9LYD OD 5HYROXFLyQ 6RFLDO࣡
௙
££9LYD /D 5HS~EOLFD ࣡
0LHQWUDV VH
HVFXFKDEDXQYRFHUtRLQLQWHOLJLEOHHLPSUHVLRQDQWH
6LPXOWiQHDPHQWH HO WHQLHQWH 9HODVFR GH &DEDOOHUtD PDQGy FDUJDU ORV IXVLOHV D ORV
VROGDGRV \ GLVSDUDQGR XQ WLUR GH SLVWROD GLy OD RUGHQ GH ௙
³ IXHJR D ௙
GLVFUHFLyQ´࣡
IXH
HVWUXHQGRVR HO WURQDU GH ODV VXFHVLYDV GHVFDUJDV OR TXH PRWLYR TXH HO SiQLFR VH
DSRGHUDUD GH OD SOD]D HO S~EOLFR KXtD GHVSDYRULGR WRGRV FRUUtDQ DORFDGDPHQWH
JULWDQGR ௙
³QRV PDWDQ´³QRV PDWDQ´ ࣡
HQ VHJXQGRV ORV RFKR DUFRV GH VDOLGD GH OD
3OD]D VH YLHURQ DWDVFDGRV SRU OD PXOWLWXG TXH HVFDSDED FRUULHQGR DWURSHOODGDPHQWH
KRUURUL]DGD IXH PX\ EUHYH HO WLHPSR TXH GXUy HO WRWDO YDFLDPLHQWR KXPDQR GH OD
3OD]D HO WHUURU TXHGy LPSUHVR HQ ODV SLHGUDV GH VXV IDFKDGDV \ HQ ODV UHWLQDV \
FRQFLHQFLDV GH XQD LQJHQWH FDQWLGDG GH VDOPDQWLQRV GH DPERV VH[RV TXH SRU DOOt VH
HQFRQWUDEDQ VREUH HO VXHOR GH OD SOD]D TXHGy HO UHVXOWDGR GHO EiUEDUR \
GHVSURSRUFLRQDGR DWDTXH VHLV IXHURQ ORV PXHUWRV VHLV SHUVRQDV TXH IXHURQ ODV
SULPHUDV YtFWLPDV LQRFHQWHV D ODV TXH FULPLQDOPHQWH DUUHEDWDURQ VXV YLGDV HUD HO
SUHiPEXOR GH OD WUDJHGLD GH WRGR XQ SXHEOR ODV YtFWLPDV TXH GHVJUDFLDGDPHQWH
VXFXPELHURQ TXHGDURQ GHVSDUUDPDGDV SRU HO VXHOR DFRPSDxDGRV GH RWUR QXPHURVR
JUXSR GH KHULGRV SRU ORV GLVSDURV VXV TXHMLGRV \ ODPHQWRV VXUJLHURQ DO VHQWLU OD
WDUGDQ]D HQ TXH IXHURQ DWHQGLGRVVDQLWDULDPHQWHDOJXQRVPLQXWRVGHVSXpVVHSUHVHQWy
HQ OD 3OD]D OD ~QLFD DPEXODQFLD GH OD &UX] 5RMD H[LVWHQWHHQODFLXGDGVHHQFDUJyGHO
WUDVODGR GH ORV KHULGRV PDV JUDYHV D ORV KRVSLWDOHV PLHQWUDV VDQLWDULRV \PpGLFRVTXH
YROXQWDULDPHQWH DWHQGLHURQ HQ HO VXHOR GH OD SOD]D D OD JUDQ FDQWLGDG GH KHULGRV TXH
TXHGDURQ VREUH HO SDYLPHQWR IXH ODUJRPX\ ODUJRHO WLHPSR TXH WUDQVFXUULy TXH
SDUD ORV KHULGRV VH KDUtD LQWHUPLQDEOH KDVWD TXH SRVWHULRUPHQWH IXHUDQ WUDVODGDGRV HQ
FRFKHV D ORV KRVSLWDOHV \ D OD&DVDGH6RFRUUR3RFRVGtDVGHVSXpVDOVDOGRGHYtFWLPDV
PRUWDOHV VH VXPDURQ RWUDV VHLV HQ WRWDO ௙
IXHURQ GRFH ODV SHUVRQDV LQRFHQWHV TXH
IDOOHFLHURQ D FRQVHFXHQFLD GHO EUXWDO GHVSURSRUFLRQDGR FULPLQDO \ FREDUGH DWDTXH D
ORV SDFtILFRV FLXGDGDQRV \ FLXGDGDQDV VDOPDQWLQRV MDPiV HQ OD ODUJD KLVWRULD GH OD
3OD]D0D\RUKXERRWURFDVRWDQOXFWXRVR\GHWDQWHUULEOHV\WUiJLFDVFRQVHFXHQFLDV
(O FDRV TXH H[LVWLy GHMy XQD KXHOOD LPERUUDEOH D TXLHQHV SUHVHQFLDURQ HO H[HFUDEOH
DWDTXH GH XQDV IXHU]DV PLOLWDUHV TXH HPSH]DEDQ D LPSRQHU OD PDUFD GHO WHUURU \ HO
FRPLHQ]R GH OD WUDJHGLD D WRGR XQ SXHEOR SDFtILFR GH XQD VDQJULHQWD JXHUUD TXH
FRPHQ]DED WLHPSRV GH KRUURU \ VXIULPLHQWR SDUD XQRV \ RWURV SDUD WRGRV HQ JHQHUDO
ORV JROSLVWDV \ ORV OHJDOHV VLQ H[FHSFLyQ OD3D]SDUDORVHVSDxROHVIXHTXHEUDQWDGDSRU
OD EUXWDOLGDG GH ORV JROSLVWDV \ OD IXHU]D GH ODV DUPDV XWLOL]DGDV FRQWUD XQ SXHEOR
LQHUPHTXHQLWDQVLTXLHUDVHGHIHQGLy
/D UHODFLyQ TXH WUDQVFULELPRV GH ODV YtFWLPDV FRPR FRQVHFXHQFLD GH OD OHFWXUD GHO
³EDQGR GH JXHUUD´ KD VLGR WRPDGD OLWHUDOPHQWH GHO OLEUR GH DFWDV GH GHIXQFLyQ
H[LVWHQWH HQ HO 5HJLVWUR &LYLO GHO -X]JDGR GH 6DODPDQFD FX\DV FRSLDV REUDQ HQ
QXHVWURSRGHU 5HODFLyQGHODVYtFWLPDVDVHVLQDGDVHOGtDGH-XOLRGH
+(/,2'252%(1,72/Ï3(=௙
GHDxRVGHHGDGDOEDxLOGH9LOODOEDGHORV/ODQRV
$%(/6È1&+(='(/*$'2
GHDxRVGHHGDGPpGLFRGH6DQ3HGURGHO9DOOH
)5$1&,6&2&2&$<&2&$
GHDxRVGHHGDGLQGXVWULDOGH6DQ3HGURGH$WDUFH6HJRYLD
02'(6729$5$6*$%5,(/௙
GHDxRVGHHGDGLQGXVWULDOGH1DUURVGH0DWDOD\HJXD
&(/(67,1$6,(55$32/2
GHDxRVGHHGDGFROHJLDOGH6DODPDQFD )5$1&,6&2,*/(6,$6)5$,/(
GHDxRVGHHGDGPLOLWDUGH%DUEDGLOOR
9tFWLPDVIDOOHFLGDVSRFRVGtDVGHVSXpVGHUHVXOWDVGHODVKHULGDVSURGXFLGDVSRUDUPDV
GHIXHJRHQHOVXFHVRGHOD3OD]D0D\RU
$1'5e6/25(1=2&$1'(/$5,2௙
GHDxRV
/8&,$126È1&+(=0$7(26௙
GHDxRV
720È6'(/$6+(5$60$57Ë1௙
GHDxRV
$/(-$1'5$0(',(520(',1$௙
GHDxRV
)(/,&,$123e5(=',e*8(=௙
GHDxRV
6(5$3,2(6&5,%$123e5(=௙
GHDxRV
/DV GRFH YtFWLPDV IDOOHFLGDV TXH HQ HVWDV UHODFLRQHV FRQVWDQ VRQ GH ODV TXHWHQHPRV
SUXHED GRFXPHQWDO DXQTXH HQ GtDV SRVWHULRUHV KXER DOJXQD GHIXQFLyQ PDV
GHVFRQRFHPRVVXLGHQWLGDG
/DV FRQVHFXHQFLDV TXH VH GHULYDURQ GHO EUXWDO DWDTXH DODSDFtILFDFLXGDGVRQIiFLOHV
GH HQWHQGHU \ FRPSUHQGHU HQ DTXHO IDWtGLFR GRPLQJR YHUDQLHJR GHVDSDUHFLyODJHQWH
GH ODV FDOOHV VDOPDQWLQDV TXH TXHGDURQ GHVLHUWDV WRGRV ORV VDOPDQWLQRV VH UHFOX\HURQ
HQ VXV GRPLFLOLRV DWHPRUL]DGRV VRODPHQWH DOJXQRV ORV PDV YDOLHQWHV FRPSURPHWLGRV
\ GHFLGLGRV FLXGDGDQRV PLOLWDQWHV GH ORV SDUWLGRV \ VLQGLFDWRV GH L]TXLHUGDV 362(
8*7 3&( \ &17 VH GLULJLHURQ D OD &DVDGHO3XHEORVRFLDOLVWDDOOtVHFRQJUHJDURQHQ
WRUQR D VXV GLULJHQWHV TXH VH VHQWtDQ LPSRWHQWHV SDUD DIURQWDU ORV DFRQWHFLPLHQWRV
HQFDEH]DGRV SRU 0DQVR SHUPDQHFLHURQ ILHOHV \ OHDOHV D VX FRPSURPLVR SROtWLFR \
VLQGLFDO SHUSOHMRV H LQGLJQDGRV SRU WRGR OR VXFHGLGR DOOtVHFRPHQWyLQFOXVRVXEXHQD
GLVSRVLFLyQ SDUD LQWHUYHQLU SHUR FDUHFtDQ GH DUPDV QR HUDQ SHUVRQDV YLROHQWDV \
PXFKR PHQRV SUHSDUDGRV SDUD UHSHOHU OD DJUHVLyQ VRODPHQWH KXER WUHV R FXDWUR
PLOLWDQWHV GH ODV -XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV TXH GLVSRQtDQ GH WUHV SLVWRODV DVt
HVWXYLHURQ SHQGLHQWHV GH OD PDUFKD GH ORV DFRQWHFLPLHQWRV D WUDYpV GH XQD UDGLR \ GHO
WHOpIRQRODVQRWLFLDVTXHOOHJDEDQGH0DGULGTXHHUDQHVSHUDQ]DGRUDVQRFRQWULEXtDQD
WUDQTXLOL]DU ORV iQLPRV PDV ELHQ QR IDOWDURQ ORV FRPHQWDULRV SHVLPLVWDV HQ HOVHQWLGR
GH TXH OD VDQJULHQWD LQWHUYHQFLyQ GH ORV PLOLWDUHV WUDHUtD FRPR DVt IXH PX\ JUDYHV
FRQVHFXHQFLDVSDUDPXFKDVEXHQDVJHQWHV\TXHYHUHPRVDFRQWLQXDFLyQ (O HVFXDGUyQ \ OD &RPSDxtD GH ,QIDQWHULD GHVGH OD 3OD]D 0D\RU VH GLULJLHURQ SRU OD
FDOOH GH 6DQ 3DEOR KDVWD ORV SXHQWHV GH (QULTXH (VWHYDQ \ 5RPDQR FRQ HO REMHWR GH
³JXDUGDU´ ODV HQWUDGDV SRU HO VXU D OD FLXGDG MXQWR D ORV ILHODWRV IXHURQ FUHDQGR XQRV
SXHVWRV GH JXDUGLD SDUD FRQWURODU ODV HQWUDGDV \ VDOLGDV HQ FDGD SXHVWR LQVWDODURQ XQD
DPHWUDOODGRUD HVWDQGR IRUPDGR SRU XQ JUXSR GH PLOLWDUHV GH LQIDQWHULD VH FRPHQWDED
TXHGH%pMDU\&LXGDG5RGULJRYHQtDDOJ~QFDPLyQFDUJDGRGHPLOLFLDQRVFRQHOREMHWR
GH GHIHQGHU OD 5HS~EOLFD WRGR HUD XQ EXOR \ OD UHDOLGDG IXH TXH HQ HVDV ORFDOLGDGHV
VDOPDQWLQDV IXHURQ FRQWDGRV ORV UHSXEOLFDQRV TXH DIURQWDURQ OD VLWXDFLyQ \ TXH QR
REVWDQWH IXH GRPLQDGD SRU OD JXDUGLD FLYLO TXH QR GXGy HQ FRQWULEXLU D OD WUDLFLyQ GH
ORVPLOLWDUHV\TXHDVtPLVPRVHUHEHODURQFRQWUDHO*RELHUQROHJDOGHOD5HS~EOLFD
$TXHO GRPLQJR௙
GtD ௙
FDUHFHPRV GH OD QRWLFLD GH TXH VH SUDFWLFDUDQ GHWHQFLRQHV
TXH KDEUtDQ GH LQLFLDUVH DO GtD VLJXLHQWH PLHQWUDV OOHJDED OD UHSUHVLyQ IDVFLVWD KHPRV
SRGLGR LQIRUPDUQRV SRU WUDQVPLVLyQ RUDO FyPR VH SUHSDUDED HO EDQGR JROSLVWD VXV
GLULJHQWHV \ SURPRWRUHV HUDQ SHUVRQDMHV GH OD GHUHFKD VDOPDQWLQD GH OD &iPDUD GH
&RPHUFLR \ IDODQJLVWDV FDSLWDQHDGRV SRU VX MHIH )UDQFLVFR %UDYR DPLJR GH -RVp
$QWRQLR 3ULPR GH 5LYHUD \ FRIXQGDGRU GHO SDUWLGR IDVFLVWD TXH LQPHGLDWDPHQWH VH
SXVLHURQ D OD GLVSRVLFLyQ GHO *REHUQDGRU PLOLWDU \ HQ HO FXDUWHO GH ,QIDQWHUtD -XOLiQ
6iQFKH] ³(O &KDUUR´ SUHSDUDURQVXSDUWLFLSDFLyQ\ODJHVWDFLyQGHODVGHWHQFLRQHVTXH
HPSH]DURQ HOOXQHVGtD௙
HVHGtDXQRDXQR\HQVXVGRPLFLOLRVIXHURQGHWHQLGRVFDVL
WRGRV ORV SHUVRQDMHV UHVSRQVDEOHV GHO $\XQWDPLHQWR \ 'LSXWDFLyQ SHUWHQHFLHQWHV DO
362( H ,]TXLHUGD 5HSXEOLFDQD ௙
&DVWR 3ULHWR &DUUDVFR DOFDOGH GH 6DODPDQFD
&DWHGUiWLFR GH 3DWRORJtD +XPDQD GH ,]TXLHUGD 5HSXEOLFDQD ௙
-RVp $QGUpV 0DQVR
GLSXWDGR QDFLRQDO HQ HO &RQJUHVR \ FRQFHMDO DERJDGR \ SURIHVRU GH 0DJLVWHULR OtGHU
GHO 362( ௙
0DQXHO $OED 5DWHUR FRQFHMDO \ GLSXWDGR SURYLQFLDO IHUURYLDULR
VRFLDOLVWD ௙
&DVLPLUR 3DUHGHV 0LHU FRQFHMDO HPSOHDGR VRFLDOLVWD ௙
/XLV 0DOGRQDGR
%RPDWL௙
FRQFHMDO \ GLSXWDGR SURYLQFLDO SHULRGLVWD UHSXEOLFDQR ௙
-XOLR 6iQFKH]
6DOFHGR௙
FRQFHMDOPHGLFRUHSXEOLFDQRHWFHWF )XH D SDUWLU GHO VLJXLHQWH PDUWHV ௙
GtD ௙
FXDQGR HPSH]DURQ ODV GHWHQFLRQHVPDVLYDV
VLHPSUH OLPLWDGDV D OD FDSDFLGDG GH ORV FDODER]RV GHOD&RPLVDUtDGH3ROLFtDHQWRQFHV
GRPLFLOLDGD HQ ODFDOOHGHO3UDGRDOOtVHOHVLQWHUURJDEDDORVGHWHQLGRV\VHOHVVRPHWtD
D WUHPHQGDV WRUWXUDV \ KXPLOODFLRQHVVLQRGHODWDEDQDRWURVFRPSDxHURVFRQVHJXLUODV
GHODFLRQHV HUDREVHVLyQHQORVJROSLVWDVFRQHOPDOVDQRSURSyVLWRGHVHJXLUGHWHQLHQGR
D PiV SHUVRQDV ODV GHWHQFLRQHV OOHJDURQ D OtPLWHV LQVRVSHFKDGRV ([LVWHQ UHIHUHQFLDV
GRFXPHQWDOHV GH TXH HO GtD IXHURQ GHWHQLGRV PDVGHGRVFLHQWDVSHUVRQDVGHDPERV
VH[RV
8QD YH] LQWHUURJDGRV ORV GHWHQLGRV HUDQ WUDVODGDGRV D OD 3ULVLyQ 3URYLQFLDO R DO
FXDUWHO GH OD )DODQJH TXHHVWDEOHFLHURQHQHO1RYLFLDGRGHORV-HVXLWDVORVGRVFHQWURV
GH UHFOXVLyQ HQ GtDV VXFHVLYRV IXHURQ OOHQiQGRVH GH SUHVRV SRU HO VLPSOH ³GHOLWR´ GH
VHU UHSXEOLFDQRV \ VRFLDOLVWDV SRUTXH DTXt HQ 6DODPDQFD QR VH OHV SXGR DWULEXLU D
QLQJXQR GH HOORV QLQJ~Q RWUR GHOLWR SHQDO ௙
6DODPDQFD KDEtD VLGR XQ FLXGDG
UHODWLYDPHQWH SDFtILFD GXUDQWH HO ௙
SHULRGR 5HSXEOLFDQR HQ HO DxR VRODPHQWH
KXER XQ DVHVLQDWR \ XQ KHULGR HO ௙
IDOOHFLGR IXH HO IDODQJLVWD -XDQ 3pUH] $OPHLGD TXH
LED DFRPSDxDGR SRU XQD KHUPDQD TXH ௙
WDPELpQ UHVXOWy KHULGD DXQTXH D ORV SRFRV
GtDV VDQy TXLpQ GLVSDUy FRQWUD HOORV IXH XQ ௙
DQDUTXLVWD GH OD &17 HO FXDO
GHVDSDUHFLy GH 6DODPDQFD VHJ~Q UHIHUHQFLDV GH TXLpQ OR ௙
FRQRFLy VH IXHD%DUFHORQD
\ QR YROYLy SRU 6DODPDQFD HO KHFKR VH SURGXMR HQ OD SUR[LPLGDG GHO 3DUTXH GH OD
$ODPHGLOOD ௙
HQ OD FRQIOXHQFLD GH ODVFDOOHVTXHHQOD௙
DFWXDOLGDGVHGHQRPLQDQ$YHQLGD
GHORV&RPXQHURVHVTXLQDD3pUH]*DOGyV࣡
$XQTXHHQ6DODPDQFDVHKXELHUDYLYLGRHOSHULRGRGHVGHHO௙
$EULOGHKDVWDHO
௙
GH -XOLR GH HQ XQ UpJLPHQ GH OLEHUWDGHV S~EOLFDV GHPRFUiWLFDV \ VH KXELHUDQ
RUJDQL]DGR KXHOJDV OHJDOHV HQ GHIHQVD GH ORV LQWHUHVHV GH ORV WUDEDMDGRUHV
FRPSDUDWLYDPHQWH D RWUDV FLXGDGHV HUD XQD FLXGDG WUDQTXLOD 1DGLH SRGUi GHPRVWUDU
TXH HQ6DODPDQFDVHTXHPDUDQLJOHVLDVPXFKRPHQRVVHPDWDUDQFXUDVRUHOLJLRVRVQL
VH DWDFDUD D QDGLH SRU VXV FUHHQFLDV UHOLJLRVDV PDQLILHVWDFLyQ GH OD PDV HVFUXSXORVD
YHUGDGTXHKDFHUHDOLGDGODWUDQTXLOLGDGGHQXHVWUDFLXGDGHQDTXHOORVWLHPSRV
3HURYROYDPRVDODKLVWRULDGHQXHVWURQLxRGHFLQFRDxRV
(O SDGUH UHJUHVyFRQVXVKLMRVDODFDVDIDPLOLDUGHVSXpVGHSUHVHQFLDUVRUSUHQGLGRHO
SDVR GHO HVFXDGUyQ GH FDEDOOHUtDEDMDQGRSRUODFDOOHGH=DPRUDDVXPXMHUOHFRQWyOR
VXFHGLGR \ SRFR GHVSXpV OOHJy OD QRWLFLD GHO FREDUGH DWDTXH PLOLWDU D ORV SDFtILFRV
FLXGDGDQRV HQ OD 3OD]D 0D\RU HQ HO TXH HVWXYLHURQ PX\ FHUFD GH YHUVH DOOt 0DQROR
XQ MRYHQ YHFLQR GH SURIHVLyQ ]DSDWHUR TXH WHQtD VX SHTXHxR WDOOHU HQ HO SRUWDO GH OD
FDVD GRQGH YLYtDQ IXH HO TXH OOHJy FRUULHQGR GHVSDYRULGR FRQWy OR VXFHGLGR D XQ
QXPHURVR JUXSR GH YHFLQRV TXH OH HVFXFKDURQ DWyQLWRV \ KRUURUL]DGRV (O SDGUH GH
QXHVWUR QLxR UHFRPHQGyDWRGRVVHUHWLUDUDQDVXVFDVDV\QRVDOLHUDQKDVWDYHUFDOPDGD
ODVLWXDFLyQ
$TXHO GRPLQJR QXHVWUD IDPLOLDVHTXHGyHQFDVDQRKXERFRPLGDFRQORVDEXHORVHQ
FDVD WDPSRFR VLHVWD WRGRV H[SHFWDQWHV SRU OR VXFHGLGR VRODPHQWH VH FRPHQWDED
WHPHURVDPHQWH OR TXH KDEUtD GH VXFHGHU WDO \ FRPR VH SUHVHQWtD GHO EUXWDO DWDTXH VH
PDVFDED OD WUDJHGLD HQ HO DPELHQWH QR KXER SDVHR FRQ ORV QLxRV D OD $ODPHGLOOD
PXFKR PHQRV LU GH PHULHQGD D OD $OGHKXHOD R D ORV DOUHGHGRUHV GHO 3XHQWH 5RPDQR
IXH SRU LPSRVLFLyQ GH OD YLROHQFLD XQD WDUGH FDOXURVD GH YHUDQR VRPHWLGD DO GUDPD
LPSUHYLVWR
$ ODV QXHYH \ PHGLD GH OD WDUGH \ GHVSXpV GH FHQDU HO SDGUH PDUFKy GH VHUYLFLR DO
SDUTXH GH ERPEHURV \D TXH WHQtD JXDUGLD QRFWXUQD FRPR FRQGXFWRU GHO FRFKH GH
LQFHQGLRV DTXHOOD QRFKH QXHVWUR SHTXHxR GXUPLy HQ OD FDPD FRQ VX PDGUH HQ OD
OHMDQtD VH RtDQ GLVSDURV DVt TXH IXH GLItFLO FRQFLOLDU HO VXHxR DO GtD VLJXLHQWH XQ SRFR
PDV WDUGH TXH GH FRVWXPEUH \D TXH HO SDGUH FXDQGR WUDEDMDED GH QRFKH OOHJDED D ODV
VHLV\PHGLDGHODPDxDQDSHURDTXHOGtDVHUHWUDVy\FXDQGROOHJyHUDQODVQXHYHGHOD
PDxDQD D VX PXMHU OH H[SOLFy HO UHWUDVR DO DFDEDU VX VHUYLFLR VH KDEtD GLULJLGR D OD
&DVD GHO 3XHEOR GH DOOt YLQR GLUHFWDPHQWH D VX GRPLFLOLR SHVDURVR \ DQJXVWLDGR
SRUTXH OD VLWXDFLyQ HVWDED PX\ WHQVD VH HVSHUDEDQ GHWHQFLRQHV GH OD JHQWH GH
L]TXLHUGDV \ HO SDGUH GH QXHVWUR QLxR HUD PLOLWDQWH VRFLDOLVWD VH DFRVWy \GXUPLyKDVWD
ODKRUDGHODFRPLGD
&XDQGR WHUPLQy GH FRPHU GLMR D VX PXMHU TXHVHLEDDOD&DVDGHO3XHEORSRUTXHVX
VLWLR HVWDED DOOt VH GHVSLGLy GH VX PXMHU \ GH ORV QLxRV FRPR GH FRVWXPEUH \ VH IXH
KDVWD ODV RFKR GH OD WDUGH QR UHJUHVy FXDQGR HQWUy HQ VX FDVD YHQtD DQRQDGDGR \FRQ
pO OD WUHPHQGD QRWLFLD GH OD GHWHQFLyQ GH VXV DPLJRV \ FRPSDxHURV GHO 3DUWLGR
6RFLDOLVWD 3HSH 0DQVR &DVLPLUR 3DUHGHV 0DQROR $OED HWF KDEtDQ GHWHQLGR D ORV
PDV VLJQLILFDGRV VRFLDOLVWDV LJXDOPHQWH VXSR GHODGHWHQFLyQGHO$OFDOGH&DVWR3ULHWR
&DUUDVFR \ GH ORV PDV FDOLILFDGRV UHSXEOLFDQRV \ FRPXQLVWDV GH OD FLXGDGQRREVWDQWH
FHQy \ QXHYDPHQWH VH IXH D VX WUDEDMR QRFWXUQR GRQGH SDVy OD QRFKH DO GtD VLJXLHQWH
GtD ௙
GH -XOLR UHJUHVy D OD KRUD GH FRVWXPEUH GHO WUDEDMR \ VH DFRVWy D ODV VLHWH GHOD
PDxDQD
6HUtDQ ODV GLH] GH OD PDxDQD FXDQGR D OD SXHUWD GH OD FDVD OODPDQ GRV LQGLYLGXRV
SUHJXQWDQGR SRU -XDQ &DOYR 0RURQWD HO SDGUH GH QXHVWUR SHTXHxR OD PDGUH OHV
SUHJXQWDTXLHQHVVRQGLFKRVSHUVRQDMHVVHLGHQWLILFDQHQVHxiQGROHODSODFDGHSROLFtDV
XQR GH HOORV GLFH VHU DPLJR GHO SDGUH TXH \DVDEtDQTXHKDEtDHVWDGRGHVHUYLFLRHQHO
SDUTXH GH ERPEHURV DXQTXH VHQWtDQ PROHVWDUOH OHV KDEtDQ PDQGDGR TXH OHV
DFRPSDxDUD SDUD WRPDUOH GHFODUDFLyQ VREUH ௙
GyQGH \ FyPR KDEtD SDVDGR HO GRPLQJR࣡
HO SDGUH GH QXHVWUR DPLJXLWR VH OHYDQWy VDOXGy D ORV DJHQWHV VH ODYy \ YLVWLy VX KLMR
PD\RU HVWDED MXJDQGR HQ OD FDOOH FRQ VXV DPLJRV \ QRHVWDEDHQFDVD-XDQVHGHVSLGLy
FRQ XQ EHVR D VX PXMHU \ D QXHVWUR QLxR GLFLpQGROHV௙
´QR ௙
SUHRFXSDURV SRU PL QR KH
KHFKR QDGD PDOR \ QDGD WHPR YROYHUp D OD KRUD GH FRPHU´ ࣡
6DOLHURQ DGHVSHGLUORD
OD ࣡
SXHUWD GH OD FDVD OD PDGUH \ HO SHTXHxR QLxR YLHURQ D -XDQ DFRPSDxDGR GH ORV
SROLFtDV TXH DO GREODU OD HVTXLQD GH OD SOD]D GH 6DQ -XDQ GH %DUEDORV FRQ OD FDOOH GH
6DQWD 7HUHVD VH YROYLy \ FRQ OD PDQR OHV GLMR DGLyV 8Q JHVWR TXH GXUDQWH WRGD VX
YLGDQXQFDROYLGyQXHVWURQLxR
7UDQVFXUULHURQ ODV KRUDV \ D ODV WUHV GH OD WDUGH FRPRQRUHJUHVDED-XDQODPDGUHVH
IXH FRUULHQGR D FDVD GHO KHUPDQR GH -XDQ %HQLJQR TXH YLYtD FHUFD SRUWDED XQRV
ERFDGLOORV SDUD TXH VH ORV OOHYDUD D VX PDULGR D OD &RPLVDUtD GRQGH VH KDOODED
GHWHQLGR %HQLJQR QR VDEtD QDGD GH OD GHWHQFLyQ \ HO VH HQFDUJy GLUHFWDPHQWH GH
DWHQGHU DO KHUPDQRHQVXVQHFHVLGDGHVPLHQWUDVHVWXYLHUDSUHVRHQOD&RPLVDUtD" $O
ILQDOL]DU OD WDUGH LJXDOPHQWH OH OOHYy OD FHQD QR OH GHMDURQ YHU D VX KHUPDQR SHUR OH
WUDQTXLOL]DURQ\OHGLMHURQTXHDOGtDVLJXLHQWHOHVROWDUtDQ
/OHJy HO GtD VLJXLHQWH \ QXHYDPHQWH%HQLJQROHOOHYyHOGHVD\XQRSLGLyXQDYH]PDV
YHUOR \ QXHYDPHQWH UHFLELy OD QHJDWLYD SRU UHVSXHVWD LQFOXVR KXER XQ SROLFtD TXH OH
DPHQD]y GH TXH VL VHJXtD LQVLVWLHQGR OH GHWHQGUtDQ D HO PLVPR KXER XQ FUXFH GH
SDODEUDV \ VDOLy HO FRPLVDULR HO FXDO OH PDQLIHVWy TXH HVWDEDQ HVSHUDQGR OD RUGHQ
MXGLFLDO SDUD WUDVODGDU DO GHWHQLGRDOD3ULVLyQ3URYLQFLDO$TXHOPLVPRGtDDOPHGLRGtD
OR WUDVODGDURQ HQ FRPSDxtD GH RWURV TXLQFH GHWHQLGRV D OD 3ULVLyQ 3URYLQFLDO GH
6DODPDQFD
(Q GLFKD FiUFHO HVWDUtD HO WLHPSR TXHOHTXHGDEDGHYLGDH[DFWDPHQWHFDWRUFHPHVHV
\ WUHFH GtDV WRGRV ORV GtDV VX PXMHU DFRPSDxDGD GH QXHVWUR SHTXHxR OH OOHYDED OD
FRPLGD OD TXH GDEDQ HQ OD FiUFHOHUDED]RILDSXUDUDQFKRFXDUWHOHURGHtQILPDFDOLGDG
\ GXGRVD HODERUDFLyQ D QXHVWUR DPLJR QXQFD OH IDOWy HO DOPXHU]R OD FHQD \ HO
GHVD\XQR HO FDIp HQ XQ WHUPR SDUD TXHFRQVHUYDUD HOFDORUKDVWDODPDxDQDWRGRHOOR
GHQWUR GH ODV GLILFXOWDGHV HFRQyPLFDV TXH DWUDYHVDED QXHVWUD IDPLOLD QR IXH PRWLYR
SDUDTXHOHIDOWDUDQDGDGHORLPSUHVFLQGLEOH
0LHQWUDV WDQWR OOHJy SULPHUR OD DSHUWXUD H LQVWUXFFLyQ GHO SURFHVR GHVSXpV HO MXLFLR
DQWH HO 7ULEXQDO GH JXHUUD HO GtD ௙
GH -XQLR GH ௙
OD FRQGHQD D SHQD GH PXHUWH
SRU OD FDXVD GH ௙
$X[LOLR D OD ³UHEHOLyQ´࣡
\ OD EDWDOOD TXH GHVDUUROOy WRGD OD IDPLOLD
SDGUHV \ KHUPDQRV UHFDEDQGR PDV GH GRVFLHQWDV ILUPDV GHSHUVRQDVVLJQLILFDGDVGHOD
GHUHFKD VDOPDQWLQD VROLFLWDQGR HO LQGXOWR GH -XDQ DO MHIH JROSLVWD GHO (VWDGR FRPR OD
HMHFXFLyQ GH OD VHQWHQFLD VH UHWUDVDED WRGD OD IDPLOLD YLYLy OD HVSHUDQ]D GHO LQGXOWR
KDVWD TXH XQ QHIDVWR GtD HO ௙
GH 2FWXEUH GH ௙
HVWDQGR OD IDPLOLD GH -XDQ
FRPSDUWLHQGRODYLYLHQGDGH%HQLJQR\VXIDPLOLDHQODFDOOH/D/DQ]DQžFHUFDGH
OD 3XHUWD GH =DPRUD OOHJy OD IDWtGLFD QRWLFLD OH DFDEDEDQ GH VDFDU \ PRQWDU HQ HO
FRFKH GH ³/RV &DULWDV´ SDUD IXVLODUOR MXQWR D RWURV WUHV FRPSDxHURV HQ HO FDPSR GHO
0DUtQMXQWRDODWDSLDGHO&HPHQWHULR
(O SDGUH GH -XDQ %HUQDEp \ HO KHUPDQR %HQLJQR SUHYLDPHQWH WHQtDQ UHFODPDGR HO
FDGiYHU QR GHVHDEDQ TXH IXHUD D SDUDU D OD IRVD FRP~Q \ %HQLJQR QDGD PDV OOHJDU OD
QRWLFLD FRQ HO FRFKH GH XQ DPLJR TXH OH DFRPSDxy \ VX FXxDGR 0RLVpV ³YRODURQ´
KDVWD HO JDUDMH ³0RGHUQR´ GH OD SXHUWD GH =DPRUD GRQGH HVWDED HO FRFKH \ D WRGD
YHORFLGDG IXHURQ DO FHPHQWHULR OOHJDURQ D WLHPSR DQWHV GH TXH OR HQWHUUDUDQ
DGTXLULHURQ XQ DWD~G EDUDWR TXH FRVWySHVHWDVGHODVGHHQWRQFHV\DOOtORFRORFDURQ
HQWHUUiQGRORHQODVHSXOWXUDGHOFDPSR&Qž
0HUHFH OD SHQD FRQVLGHUDU HO HVWDGR GH iQLPRGH%HQLJQR-XDQHUDHOKHUPDQRPDV
TXHULGR SRUpOKLMRVGHOPLVPRSDGUH\PDGUHFRPSDxHURVLQVHSDUDEOHVGHHPLJUDFLyQ
D &XED -XDQ KDEtD VLGR VX PDHVWUR GHO RILFLR GH FKRIHU \ QR VRODPHQWH HUDQ HVRV
DVSHFWRV LPSRUWDQWHV HQ FXDOTXLHU YLGD VLQR TXH DPERV KHUPDQRV WHQtDQ OD PLVPD
LGHRORJtD VRFLDOLVWD DXQTXH %HQLJQR QXQFD HVWXYLHUD DILOLDGR D OD 8*7 QL DO 362(
-XDQ GHVWDFy SRU VX HOHYDGR VHQWLGR GH OD UHVSRQVDELOLGDG \ SRU HVWDU SOHQDPHQWH
LGHQWLILFDGRFRQOD5HS~EOLFD
$FDEHPRV HO UHODWR FRQ TXLHQ OR HPSH]DPRV DTXHO QLxR DO TXH D ORV VHLV DxRV ORV
EiUEDURVIDVFLVWDVGHMDURQKXpUIDQRHVHOPLVPRQLxRTXHUHGDFWDHVWHWHUULEOHUHFXHUGR
\ TXH GXUDQWHWRGDVXYLGDVLHPSUHGHVHyVHJXLUHOFDPLQRTXHVXTXHULGRSDGUHOHGHMy
HVFULWR FRQ OHWUDV GH VDQJUH \D TXH-XDQDOGHVSHGLUVHGHVXPXMHUHKLMRVHVFULELyXQD
FDUWD EUHYH TXH KDEtD GH SDVDU SRU OD FHQVXUD QR REVWDQWH HQ DTXHOORV WHUULEOHV \
WUDVFHQGHQWDOHVPRPHQWRVIXHFDSD]GHGHMDUORVVLJXLHQWHVPHQVDMHVHVFULWRV
$PLHVSRVD5HPHGLRV5HQJHO6iQFKH]
&DOOHGH/D/DQ]DQž6DODPDQFD
(VSRVDGH-XDQ&DOYR0RURQWD
³4XHULGtVLPD HVSRVD H KLMRV (VWR\ HQ FDSLOOD GHVGH ODV RQFH GH OD QRFKH HVWR\
WUDQTXLOR SRU TXH PH YR\ FRQ OD FRQFLHQFLD WUDQTXLOD VROR OOHYR HO VHQWLPLHQWR GH QR
KDEHU VREUHYLYLGR SDUD GLVIUXWDU GH YXHVWUR FDULxR ࣡
QDGD WHQJR TXH UHFRPHQGDURV
SRUTXH Vp TXH YXHVWURV VHQWLPLHQWRV ࣡
VRQ ORV TXH \R G௙
HVHR௙
%LHQ VDEtD \R TXH PL
~OWLPR PRPHQWR HVWDED FHUFD \D VH DFDEy HO WUDMtQ GH OD FRPLGD TXH WX KDV OOHYDGR \
VXIULGR FRPR XQD PiUWLU SHUGyQDPH 5HPHGLRV GH PL FRUD]yQ \ OOHYD DO TXH WDQWR WH
KD TXHULGR 1R PH FDQVR GH GHFLUWH TXH GHV PXFKRV EHVRV \ DEUD]RV D QXHVWURV KLMRV
TXHDWRGRVRVOOHYRHQHOFRUD]yQ
&XDQGRUHFLEDVpVWD\DQRH[LVWLUiWX-XDQDGLyVSDUDVLHPSUH
-XDQ&DOYR0RURQWD
࣡
7H HQYtR ODV UHOLTXLDV TXH KH FRQVHUYDGR GHVGH TXH HQWUp HQ OD FiUFHO OD URSD \ ORV
]DSDWRV WH ORV HQWUHJDUiQ PDxDQD R FXDQGR ORV UHFODPHV FROFKyQ PDQWD WUDSHUD
RWUDPDQWDViEDQDDOPRKDGDXQSDUGH]DSDWRV\XQWDSDERFDV
$GLyVSDUDVLHPSUH
$ OD DQWHULRU FDUWD DGMXQWDED XQD IRWRJUDItD SRVWDO KHFKD FXDQGR \D HVWDED GHWHQLGR
MXQWR DO 3DUTXH GH /D $ODPHGLOOD GH OD HVSRVD H KLMRV GH QXHVWUR DPLJR -XDQ GLFKD
IRWRJUDItD HVWDED WRWDOPHQWH DUUXJDGD GDQGR OD LPSUHVLyQ GH TXH OD ~OWLPD QRFKH \
KDVWD HO ~OWLPRPRPHQWRGHVXHVWDQFLDHQODFiUFHOODWXYRIXHUWHPHQWHDSULVLRQDGDHQ
VXPDQRHQHOGRUVRGHGLFKDSRVWDOKDEtDHVFULWRORVLJXLHQWH
௙
³4XHULGtVLPD HVSRVD H KLMRV KDVWD ODV ~OWLPDV KRUDV GH PL YLGD KH FRQVHUYDGR HVWH
UHFXHUGR TXHULGR FRQVHUYDUOR VLHPSUH FRPR UHFXHUGR GHO TXH HV VDQJUH GH YXHVWUD
VDQJUH \ FDUQH GH YXHVWUD FDUQH \ QR PH ROYLGHLV QXQFD TXH \R KDVWD HO ~OWLPR
PRPHQWR RV WHQGUp JUDEDGRV HQ PL FRUD]yQ DGLyV SDUD VLHPSUH HVSRVD PtD DGLyV
SDUD VLHPSUH PLV KLMRV \D QR YROYHUHLV D YHU D YXHVWUR HVSRVR \ SDGUH´ $GLyV SDUD
VLHPSUH࣡
-XDQ࣡
࣡
(VWDV PLVLYDV OOHJDURQ D ODV PDQRV GHO TXH HVWR HVFULEH DO IDOOHFLPLHQWR GH OD PDGUH
\D TXH HOOD ODV WXYR JXDUGDGDV ࣡
GHVGH FXDQGR ODV UHFLELy SRFRGHVSXpVGHOIXVLODPLHQWR
GH VX PDULGR QXQFD ODV HQVHxy D VXVKLMRVGHWDOPDQHUDTXHFXDQGRPXULy0LJXHOHO
KLMR PD\RU EDMR OD LPSUHVLyQ HPRWLYD GHO WLHPSR WUDQVFXUULGR QRIXHFDSD]GHOHHUODV
\ VLQ HPEDUJR QXHVWUR QLxR GH FLQFR DxRV DO FRPLHQ]R GHO SUHVHQWH FDStWXOR HQ HO
PRPHQWR TXH UHFLELy OD FDUWD GH VX SDGUH GH OD PDQR GH VX ~QLFR KHUPDQR WHQtD
VHVHQWD \ XQ DxRV IXH XQD GRORURVD VRUSUHVD FRQ SURIXQGD HPRFLyQ \ DPRU ILOLDO
SURFHGLy D VXOHFWXUDFRQHOURVWUREDxDGRHQOiJULPDVHUDXQEUHYHUHFXHUGRVHQFLOOR\
HQWUDxDEOH GH GHVSHGLGD\FDULxRSDUDVXHVSRVDHKLMRVTXHHVFULELySRFDVKRUDVDQWHV
GH TXH OR VLWXDUDQ IUHQWH DO SHORWyQ GH IXVLODPLHQWR HUD VX ~QLFR WHVWDPHQWR YLWDO HO
SRVWUHU YtQFXOR DQWHV GH VX SDVR D OD QDGD DEVROXWD GH OD HWHUQLGDG ORV WUD]RV GH VX
HVFULWXUD HUDQ ILUPHV QR OH WHPEOy DOSXOVRDSHVDUGHODVXEOLPHGHVSHGLGDHQHOWH[WR
QRV GHMDED OD PiV KHUPRVD KHUHQFLD OD ~QLFDULTXH]DTXHSRVHtDODOHFFLyQGHVXYLGD
GH VX HQWHUH]D GH VX KRQUDGH] GH VX OHDOWDG D OD OHJDOLGDG \ VX YDORU DQWH OD IDWDO
GHVJUDFLD SHURQRREVWDQWHHQXQDGHODVPLVLYDVOOHJDEDXQPHQVDMHSDUDVXVKLMRVHQ
XQD VHQFLOOD \ VROD IUDVH ௙
³QR WHQJR QDGD TXH UHFRPHQGDURV VROR Vp TXH SHQVDUHLV
FRPR\RGHVHR࣡
³
6LQ VDEHU FXDO KDEtD VLGR OD ~OWLPD YROXQWDG GH PL SDGUH GHVGH VLHPSUH GHVGH PX\
QLxR OR UHYHUHQFLp FRQ YHUGDGHUD SDVLyQ\IXHPLTXHULGRSDGUHHOPRGHORDVHJXLUVXV
SDVRV GHVGH PX\ MRYHQ HQODSXEHUWDGFRPHQ]yPLPDVSURIXQGRGHVHRGHIRUPDUPH
HQ HO 6RFLDOLVPR HQ pO EDVp PLV LGHDV SROtWLFDV GH ODV TXH PH VLHQWR RUJXOORVR KDEHU
SRVHtGR \ GHIHQGLGR GXUDQWH WRGD PL YLGD IRUPDGR HQ HVD LGHRORJtD PL OtQHD GH
FRQGXFWD \ FRPSRUWDPLHQWRV HQ PL UHODFLyQ FRQ OD VRFLHGDG \ ODV SHUVRQDV VLHPSUH
HVWXYLHURQ FRQGLFLRQDGRV D OD pWLFD VRFLDOLVWD GH OD TXH VLHPSUH PH VHQWt RUJXOORVR \
KRQUDGR
$ OR ODUJR GH PL YLGD ORV ~OWLPRV GHVHRV GH PL SDGUH IXHURQ SDUD PL VLHPSUH XQD
LQFyJQLWD GH pO QXQFD PH KDEODURQ GH QLxR VRODPHQWH D SDUWLU GH PL SULPHUD
MXYHQWXG WXYH DOJXQDV UHIHUHQFLDV EUHYHV GH OR VXFHGLGR PH GHFtDQ ³௙
4XH IXH XQD
PDV GH WDQWDV YtFWLPDV LQRFHQWHV´࣡
ODYHUGDGHUDWUDJHGLDGHVXPXHUWHWXYHODVXHUWH
PH OD UHILULHUDQ HQ VX PDV FUXGD UHDOLGDG XQRV HQWUDxDEOHV DPLJRV GH PL SDGUH
SURSLHWDULRV GH OD FDVD GRQGH \R QDFt 0LOOiQ 0DUWLQ \ /XLVD &DVWHOODQRV QR WHQtDQ
KLMRV 0LOOiQ HUD XQ H[FHOHQWH DUWHVDQR ]DSDWHUR \ /XLVD XQD PXMHU SURJUHVLVWD SRU
DQWRQRPDVLD HVWDEDQ PX\ DJUDGHFLGRV SRUTXH D0LOOiQWDPELpQORGHWXYLHURQSRUURMR
SRFRV GLDV GHVSXpV TXH D PL SDGUH \ HQ OD FiUFHO FRPSDUWLHURQ VX YLGD KDVWD TXH PL
SURSLR SDGUH FRQVLJXLy TXH D WUDYpV GH XQ SULPR /XLV /ySH] 2FKRD TXH HUD FDSLWDQ
GH OD JXDUGLD FLYLO MHIH GHO 6HUYLFLR GH ,QIRUPDFLyQ GHO &XDUWHO *HQHUDO GH )UDQFRVH
LQWHUHVy SRU PL SDGUH FXDQGR \D HVWDED ³MX]JDGR´ \ FRQGHQDGR D PXHUWH D PLV
DEXHORV WLRV \ PDGUH OHV GLMR TXH QR SRGtD KDFHU QDGD SRU -XDQ HQWRQFHVPLSDGUHHQ
XQD YLVLWD TXH /XLV OH KL]R D OD FiUFHO OH URJy TXH LQWHUFHGLHUD SRU 0LOOiQ TXH QR OH
KDEtDQ LQLFLDGR HO SURFHVR \ HUD PDV IiFLO H[FDUFHODUOR /XLV OR KL]R GH LQPHGLDWR \
DTXHO PLVPR GLD OLEHUy D 0LOOiQ HYLWiQGROH ORVDFDUDQDO³SDVHR´FRPRHUDFRUULHQWHD
ORVTXHQRSURFHVDEDQHQDTXHOORVGtDV
(VWRVDPLJRV0LOOiQ\/XLVDHVWXYLHURQKDVWDVXPXHUWHDJUDGHFLGRVDVXLQROYLGDEOH
DPLJR -XDQ \ HQ VX SHTXHxR KLMR SXVLHURQ WRGR VX DIiQ HQ KDFHUPH JUDWD OD YLGD GH
QLxR KXpUIDQR QR VRODPHQWH PH GHPRVWUDURQ VX FDULxR VL QR TXH HOORV IXHURQ ORV TXH
PHMRU PH FRQWDURQ DQpFGRWDV GH OD YLGD GH PL SURSLR SDGUH DO TXH WDPELpQ 0LOOiQ \
/XLVD PLV LQROYLGDEOHV SURWHFWRUHV UHFRUGDURQ FRQ HO PD\RU GH VXV DIHFWRV PLHQWUDV
YLYLHURQ VXV OHFFLRQHV VH KDEtDQJUDEDGRSURIXQGDPHQWHHQPLPHQWHD~QVLQFRQRFHU
OD FDUWD GH GHVSHGLGD DKRUD FXDQGR HVFULER HVWDV OHWUDV VR\ \R HO TXH HVWi SUy[LPR D
HQFRQWUDUPH FRQ HOORV HQ OD LQVRQGDEOH GLPHQVLyQ GH OD HWHUQLGDG PH LUp FRQ OD
FRQFLHQFLDWUDQTXLODGHKDEHUVHJXLGRVXVSDVRVFRQWRGDILGHOLGDGKRQUDGH]\OHDOWDG
/D3ULVLyQ3URYLQFLDOGH6DODPDQFD
/D FiUFHO 3URYLQFLDO GH 6DODPDQFD HQ ௙
HVWDED XELFDGD HQ OD $YHQLGD GH OD
$OGHKXHOD GH ORV *X]PDQHV IUHQWH DODIiEULFDGH$ERQRV³0LUDW´OOHYDEDSRFRVDxRV
GH IXQFLRQDPLHQWR \D TXH IXH FRQVWUXLGD HQ ௙
VXV GLPHQVLRQHV VH FRUUHVSRQGtDQ
FRQ ODV QHFHVLGDGHV GH OD SURYLQFLD HQ HVWH WLSR GH LQVWLWXFLRQHV SHQLWHQFLDULDV OD
XELFDFLyQ GH OD SODQWD HUDUHFWDQJXODUGHXQDVGLPHQVLRQHVDSUR[LPDGDVGHPHWURV
GHO ODGR GH OD IDFKDGD SRU GH IRQGR VX REUD GH IiEULFD H[WHULRU XQD EXHQD SDUWH
GH VXV PXURV SHUPDQHFHQ HQ OD DFWXDOLGDG DVt FRPR SDUWH GH VX HVWUXFWXUD LQWHUQD
FRPR FRQVHFXHQFLD GH VX WUDQVIRUPDFLyQ HV OD DQWtWHVLV GH OR TXH IXH \D TXH KD VLGR
WUDQVIRUPDGR HO HGLILFLR GH VHU XQ LPSRUWDQWH OXJDU GH UHSUHVLyQ IUDQTXLVWD D VHU HQ
QXHVWURVGtDVXQ&HQWURH[SRVLWLYR&XOWXUDO /D FLUFXQGDED XQ VyOLGR PXUR FRPELQDGR GH ODGULOOR FDUD YLVWD \ PDPSXHVWR GH
SLHGUD EDViOWLFD GH FXDWUR PHWURV GHDOWXUDHQODVFXDWURHVTXLQDVFRURQDEDQVXDOWXUD
FXDWUR JDULWDV GH REVHUYDFLyQ SDUD ORV FHQWLQHODV FDGD XQD FRQ XQD HVFDOHUD GHDFFHVR
HQ OD SDUWH LQWHULRU GH OD WDSLD HQ OD SDUWH VXU HVWDED FRQVWUXLGR XQ HGLILFLR GH GRV
SODQWDV TXHRFXSDED DSUR[LPDGDPHQWHHORFKHQWDSRUFLHQWRGHOODGRIURQWDOHQGLFKR
HGLILFLR VH HQFRQWUDEDQ HO FXDUWHOLOOR GHO UHWpQ GH JXDUGLD ODV RILFLQDV GHO FHQWUR HO
DUFKLYR \ ORV GHVSDFKRV GHO GLUHFWRU \VXEGLUHFWRU&RQSXHUWDDOH[WHULRUDOD$YHQLGD
GH OD $OGHKXHOD ODV YLYLHQGDV GHOGLUHFWRU\VXEGLUHFWRUWHQtDQDFFHVRGLUHFWRGHVGHOD
YtD S~EOLFD \ RFXSDEDQ OD SODQWD VXSHULRU SDUD HO DFFHVR DO LQWHULRU VRODPHQWH XQD
SXHUWD GH JUDQGHV GLPHQVLRQHV EDMR XQ DUFR GH PHGLR SXQWR KHFKDGHFKDSDGHDFHUR
SDUD HO DFFHVR GH FDPLRQHV R DXWRFDUHV XQ SRUWDOyQ GH JUDQGHV GLPHQVLRQHV \ RWUD
SXHUWD GH DFHUR GHO PLVPR WDPDxR TXH OD DQWHULRU HQ HO LQWHULRU ODV GRV SXHUWDV
PHWiOLFDV WHQtDQ XQD SXHUWD SHTXHxLWD SDUDHOSDVRGHXQDVRODSHUVRQDHQFDGDSXHUWD
KDEtD XQ FHQWLQHOD FRQWURODQGR ODV HQWUDGDV \ VDOLGDV ~QLFR DFFHVR DO LQWHULRU GHVGH HO
SRUWDOyQ H[WHULRU D OD L]TXLHUGD VH GDED HQWUDGD DO FXHUSR GH JXDUGLD \ D OD GHUHFKD D
ODVRILFLQDVGHO&HQWUR\DORVGHVSDFKRVGHO'LUHFWRU\VXEGLUHFWRU
/D SULVLyQ SURSLDPHQWH GLFKD HVWDED HQ HO LQWHULRU RFXSDQGR VX EDVH RWUR FXDGUDGR
LQVFULWR HQ HO H[WHULRU URGHDGR WRGR VX SHUtPHWUR GH XQD FDOOH GH XQRV VLHWH PHWURV GH
DQFKDGRQGHHVWDEDQODVHVFDOHUDVSDUDDFFHGHUDODVJDULWDVGHJXDUGLD
6RODPHQWH H[LVWtD HO DFFHVR DO LQWHULRU GH OD SULVLyQ SRU XQ DPSOLR KDOO GRQGH KDEtD
RWUD HVFDOHUD DQFKD TXH GDED HQ HO FHQWUR D RWUD SXHUWD IUHQWH D OD HVFDOHUDFRQVWUXLGD
GH DFHUR LJXDOPHQWH SDUD HO SDVR GH XQD SHUVRQD (Q HVWH SRUWDO LQWHULRU KDEtD XQD
SXHUWD D OD L]TXLHUGD SRU HOOD VH HQWUDED DO ORFXWRULR GRQGH VH FHOHEUDEDQ ODV YLVLWDV D
ORV SUHVRV GH VXV IDPLOLDUHV IXQGDPHQWDOPHQWHVRODPHQWHGRVSHUVRQDV\XQQLxRSRU
SUHVR
(O ORFXWRULR HUD XQD KDELWDFLyQ GH XQDV GLPHQVLRQHV DSUR[LPDGDV GH SRU PHWURV GLYLGLGR SRU GRV UHMDV GH JUXHVRV EDUURWHV GH DFHUR GHVGH HO VXHOR DO WHFKR
VHSDUDGDV SRU XQD GLVWDQFLD DSUR[LPDGD GH PHWURV KDFLHQGR XQ SDVLOOR GRQGH
GXUDQWH ORV TXLQFH PLQXWRV TXH GXUDEDQ ODV YLVLWDV SDVHDEDQ GRV IXQFLRQDULRV &DGD
WXUQR GH YLVLWDV VH DXWRUL]DED D GLH] SUHVRV \ ODV YHLQWH SHUVRQDV YLVLWDQWHV TXLHQ
HVFULEH HVWDV UHIHUHQFLDV HUD XQ SHTXHxR QLxR GH FLQFR DxRV TXH DFRPSDxDQGR D VX
PDGUH IXH HQ PXFKDV RFDVLRQHV D YLVLWDU D VX SDGUH SHVH D ORV PDV GH VHVHQWD DxRV
WUDQVFXUULGRV WRGDYtD UHVXHQD HQ VXV RtGRV HO WUHPHQGR ³JXLULJD\´ TXH VH IRUPDED HQ
HO ORFXWRULR FRQ OD LPSRVLELOLGDG GH HQWHQGHUVH D JULWRV FRQ VXV VHUHV TXHULGRV WRGRV
LQWHQWDQGR FRPSUHQGHUVH SHUR VLQ HQWHQGHUVH WRGRV VXEtDQ HO WRQR GH YR] \ OD
UHVRQDQFLD GHO ORFDO OR KDFtD LPSRVLEOH QXHVWUR SHTXHxR YLR FRPR DOJXQRV YLVLWDQWHV
FRQ ODV PDQRV KDFtDQ SDQWDOOD HQ VXV RtGRV \ DO SDGUH OH KL]R JUDFLD YHU D VX SHTXHxR
HVIRU]DUVH SDUD RtUOH FRORFDQGR VXV PDQLWDV FRPR SDQWDOOD HO WLHPSR VH KDFtD PX\
FRUWR \ OD LOXVLyQ GH LU DYHUDOVHUTXHULGRVHGHUUXPEDEDFXDQGRVHRtDODSRWHQWHYR]
GHO YLJLODQWH TXH VLQ QLQJXQD FRQWHPSODFLyQ GHFtD ௙
³OD YLVLWD KD WHUPLQDGR³ IXHUD
IXHUDIXHUD YiPRQRV \D ´ 6LPXOWiQHDPHQWH ORV GHWHQLGRV LJXDOPHQWH HUDQ
REOLJDGRVDUHWLUDUVHKDFLDHOLQWHULRUGHODSULVLyQ (V IiFLO LPDJLQDU OD GHVLOXVLyQ GH OD VDOLGD GH ORV YLVLWDQWHV ORV OODQWRV GH QLxRV \
PXMHUHV TXH GHMiEDPRV SDUD DWUiV HQFHUUDGR D VX HVSRVR \ FDGDXQRDQXHVWURSDGUH\
WRGR HVWR ¢SRUTXp" HQWRQFHV HUD XQD LQFyJQLWD LQFRPSUHQVLEOH \ TXH VRODPHQWH HO
WLHPSR GHVYHODUtD DXQTXH HQ DTXHOORV PRPHQWRV OD VLWXDFLyQ YHUGDGHUDPHQWH HUD
GUDPiWLFDKDEUtDQGHOOHJDUVLWXDFLRQHVD~QSHRUHV
/RVGRPLQJRVHQXQVRODUTXHH[LVWtDHQORVDOHGDxRVSUy[LPRDOD3ULVLyQ\GHVGHXQ
DOWR]DQR GHELGR D ODLQFOLQDFLyQGHOWHUUHQRVHYHtDDXQDGLVWDQFLDGHXQRVWUHVFLHQWRV
PHWURV DSUR[LPDGDPHQWH XQD FXDUWD SDUWH GHO SDWLR GH ODFiUFHODOOtORVGRPLQJRVSRU
OD WDUGH QRV MXQWiEDPRV XQ JUXSR GH HVSRVDV H KLMRV GH ORV SUHVRV \ WUDWiEDPRV
GLVWLQJXLU D QXHVWURV VHUHV TXHULGRV TXH FXDQGR ORV ORFDOL]iEDPRV QRV HVIRU]iEDPRV
HQ KDFHUQRV YHU JULWDQGR FRQ WRGD OD IXHU]D GH QXHVWURV SXOPRQHV \ FXDQGR OR
GLYLViEDPRV SHVH D OD GLVWDQFLD QRV OOHQDED GH VDWLVIDFFLyQ HO UHJUHVR D QXHVWUDV
FDVDV GHVSXpV GH DTXHOOD GHVJDUUDGRUD YLVLWD HQ OD GLVWDQFLD VLHPSUH LED DFRPSDxDGD
GH ODV OiJULPDV GH QXHVWUDV PDGUHV TXH GHMDEDQ D VXV HVSRVRV SULYDGRV GHVXOLEHUWDG
ORV QLxRV HUD FRPSOHWDPHQWH QRUPDO DFRPSDxDU ORV OODQWRVGHQXHVWUDVPDGUHV\WRGR
HVWR¢SRUTXp" $TXHOODV SDUHGHV IXHURQ PXGR WHVWLJR GH OD WUDJHGLD GH FLHQWRV GH IDPLOLDV
VDOPDQWLQDV HQ VX PD\RUtD GH OD FLXGDG \ GH ORV SXHEORV GH OD SURYLQFLD \D TXH DOOt
WHQtDQ GHWHQLGRV D VXV IDPLOLDUHV WDPELpQ YHQtDQ GH RWUDV SURYLQFLDV ORV IDPLOLDUHV GH
XQ EXHQ Q~PHUR GH GHWHQLGRV UHSXEOLFDQRV TXH WUDtDQ WUDVODGDGRV D OD FiUFHO GH
6DODPDQFD HQ WRGRV VH GDED OD PLVPD FLUFXQVWDQFLD VX ௙
ILGHOLGDG DO (VWDGR GH
'HUHFKR 'HPRFUiWLFR GH OD 5HS~EOLFD HOOR SDUD ORV JROSLVWDV HUD PRWLYR PDV TXH
VXILFLHQWH SDUD SULYDUOHV GH VX OLEHUWDG VRPHWLGRV D VDOYDMHV LQWHUURJDWRULRV \ D OD
LQVWUXFFLyQ GH XQ SURFHVR MXGLFLDO DO QRPEUDPLHQWR GH XQ ³GHIHQVRU´ TXH OD WRWDOLGDG
GH WRGRV HOORV HUDQ PLOLWDUHV LQH[SHUWRV HQ PDWHULD MXUtGLFD OR TXH OOHYDED DO 7ULEXQDO
GH *XHUUD OD LQFRKHUHQFLD HQ ODV DFXVDFLRQHV GHO ILVFDO \ D VHQWHQFLDV SUHYLDPHQWH
GHWHUPLQDGDV
6HMX]JDEDDXQJUXSRGHGHWHQLGRVEDMRDFXVDFLRQHVWRWDOPHQWHFDUHQWHVGHSUXHEDV\
EDVDGDV HQ OD ³GHODFLyQ´ R VRVSHFKD FRPR SUXHED DFXVDFLRQHV TXH KLFLHURQ GH HOODV
XVR \ DEXVR FRPR WySLFR HO UHVXOWDGR UHEHOGtD DX[LOLR D OD UHEHOLyQ \ DGKHVLyQ D OD
UHEHOLyQ SUHFLVDPHQWH HOORV ORV PLOLWDUHV JROSLVWDV DFXVDEDQ D ORV TXH FUHtDQ HQ OD
OHJDOLGDG GH OD5HS~EOLFDTXHHUDQHOORVORV³UHEHOGHV´SRUORTXHOHVKDFtDQFXOSDEOHV
D ORV TXH QR OOHJDURQ WDQ VLTXLHUD QL D GHIHQGHU OD 5HS~EOLFD SRUTXH HQ6DODPDQFDQR
KXER QL XQ VROR UHSXEOLFDQR TXH IXHUD DFXVDGR GH KRPLFLGLR R OHVLRQHV D RWUDV
SHUVRQDV
$ SHVDU GH WRGR OR H[SXHVWR VREUH HOORV UHFDtDQ ODV SHQDV FRUUHVSRQGLHQWHV HQ
WRGRV ORVMXLFLRVQRIDOWDURQODVSHQDVGHPXHUWHFRQGHQDVTXHFXDQGRVHFRPXQLFDEDQ
ODV VHQWHQFLDV DO GtD VLJXLHQWH VHPEUDED OD GHVHVSHUDFLyQ HQ DTXHOORV SUHVRV VREUHORV
TXH UHFDtD OD IDWDO FRQGHQD VH OHV UHFOXtD HQ FHOGDV DSDUWH VH OHV SURKLEtDQ ODV YLVLWDV
ODV VDOLGDV DO SDWLR \ TXH OD IDPLOLD OHV OOHYDUD OD FRPLGD KDELWXDO WHQtDQ TXH FRPHU HO
³UDQFKR´ OD ED]RILD TXH GDEDQ D WRGRV ORV SUHVRV OD ~QLFD FRPXQLFDFLyQ TXH
PDQWHQtDQFRQVXVIDPLOLDVHUDXQDFDUWDVHPDQDOORTXHOHVKDFtDVXYLGDHQODSULVLyQ
XQ YHUGDGHUR VXSOLFLR \ PXFKR PDV GXUD H LQVRSRUWDEOH KXPDQDPHQWH HVSHUDQGR OD
IDWtGLFDQRWLFLDGHODQXQFLRGHOIXVLODPLHQWR
7XYLHURQ TXH WUDQVFXUULU FXDUHQWD \ VLHWH DxRV SDUD TXH ODV FLUFXQVWDQFLDV GH PL
DFWLYLGDG SROtWLFD PH OOHYDUD D UHVXOWDUHOHJLGRFRQFHMDOVRFLDOLVWDGHO$\XQWDPLHQWRGH
6DODPDQFD \ YLFHSUHVLGHQWH GH OD 'LSXWDFLyQ 3URYLQFLDO OR TXH PH SHUPLWLy YLVLWDU OD
3ULVLyQ 3URYLQFLDO \ FRQRFHU DO 'LUHFWRU (GXDUGR &DUUDVFR 3LxD HO FXDO PH PDQLIHVWy
VX DJUDGHFLPLHQWR SRU HO LQWHUpV GH PL YLVLWD D LQVWDQFLDV PtDV PH LQIRUPy GH VXV
QHFHVLGDGHV \ GH ODV FDUHQFLDV GH ORV SUHVRVODEDQGHUD(VSDxDGHODSXHUWDHUDYLHMD\
HVWDED FRPR XQ WUDSDMR FROJDGD QR WHQtDQ EDORQHV SDUD MXJDU HQ HO SDWLR ORV SUHVRV
FDUHFtDQ GH OLEURV HQ OD %LEOLRWHFD QR WHQtDQ UDGLR QL WHOHYLVLyQ \ PH SLGLy VL SRGtD
KDFHU DOJR PH OR DJUDGHFHUtD SRUTXH DQWHULRUPHQWH QLQJ~Q SROtWLFRVHKDEtDLQWHUHVDGR
HQ GLFKDV QHFHVLGDGHV ,QIRUPp DO 3UHVLGHQWH GH ODV QHFHVLGDGHV H[SXHVWDV \ HQ XQD
UHXQLyQ GH WRGRV ORV GLSXWDGRV VRFLDOLVWDV GHWHUPLQDPRV SRU XQDQLPLGDG DWHQGHU
WRGDVODVFDUHQFLDVVXEVDQDEOHV /RV FRQGHQDGRV DSULVLyQFXDQGRSDVDEDODFRQGHQDGHYHLQWHDxRVORVWUDVODGDEDQD
SHQDOHV OHMRV GH 6DODPDQFD D SULVLRQHV HQ DTXpO HQWRQFHV GHQRPLQDGRV ³3HQDOHV GH
ODUJD FRQGHQD´´3ULVLyQ &HQWUDO´ GH %XUJRV ³/D 6DQWD (VSLQD´ HQ 9DOODGROLG (O
³)XHUWH GH 6DQ &ULVWyEDO´ HQ 3DPSORQD \ ³6DWXUUDUiQ´ HQ *XLS~]FRD GRQGH
WUDVODGDEDQDODVPXMHUHV (Q HVWRV SHQDOHV ORV UHFOXVRV TXH OOHJDEDQ DOOt VH HQFRQWUDEDQ FRQ XQD YHUGDGHUD
PDVLILFDFLyQ KXPDQD \ XQDV FRQGLFLRQHV GH YLGD FDUHQWHV GH OR PDV LPSUHVFLQGLEOH
SDUD VREUHYLYLU ORV UHFOXtDQ HQ ORV VyWDQRV GH YLHMtVLPRV HGLILFLRV ORV FDODER]RV GH
GtD XQD HVFDVtVLPD OX] TXH SHQHWUDED SRU XQDV YHQWDQDV SHTXHxDV WRGD OD QRFKH
SHUPDQHFtD HQFHQGLGD XQD SHTXHxD OiPSDUD GH ZDWLRV VLQ DSHQDV YHQWLODFLyQ \ HO
RORU SHVWLOHQWH TXH GHVWLODEDQ ORV FXHUSRV FDUHQWHV GH XQDV PtQLPDV FRQGLFLRQHV GH
DVHR H KLJLHQH GH VXV SURSLRV FXHUSRV FRQ XQD KXPHGDG LQVRSRUWDEOH DWLERUUDGRV GH
RWURV FRPSDxHURV HO UDQFKR TXH OHV GDEDQ GH DOLPHQWR HUD LQVXILFLHQWH \ GH SpVLPD
FDOLGDG HVWD VLWXDFLyQ IXH PDV TXH VXILFLHQWH PRWLYR GH HQIHUPHGDGHV \
IDOOHFLPLHQWRV GH XQD LPSRUWDQWH FDQWLGDG GH UHFOXVRV OD GHVFULWD VLWXDFLyQ GDQWHVFD D
PDV GH XQR OHV OOHYy D DGRSWDU DFWLWXGHV GHVHVSHUDGDV SDUD DOJXQRV HO VXLFLGLR IXHVX
OLEHUDFLyQ KDVWD TXH HVD GHVHVSHUDFLyQ DXQTXH OHV FRVWDUD OD YLGD OHV OOHYy HQ HO
)XHUWHGH6DQ&ULVWyEDO௙
G௙
H3DPSORQDDSUHSDUDUXQDIXJDPDVLYD
(QDTXHO3HQDODOOtVRODPHQWHXQDYHLQWHQDGHYDOLHQWHVUHGXMHURQDODJXDUGLD\VH
KLFLHURQ FRQ HO FRQWURO GHO )XHUWH GH 6DQ &ULVWyEDO GRQGH PDOYLYtDQ FHUFD GH SUHVRV HQ OD UHYXHOWD SUHSDUDGD PLQXFLRVDPHQWH DEULHURQ OD SXHUWD D OD HVSHUDQ]D GH
VXV FRPSDxHURV HO GtD GH 0D\R ௙
GH SUHVRV GH HOORV PXULHURQ HQ OD
IXJD \ QXHYDPHQWH GHWHQLGRV VRODPHQWH WUHV OOHJDURQ D )UDQFLD D ORV SRFRV GtDV
GH ORV GHWHQLGRV IXHURQ MX]JDGRV \ IXVLODGRV LQPHGLDWDPHQWH SRVWHULRUPHQWH OD
WUDVFHQGHQFLD GH OD KXtGD IXH UHSULPLGD FRQ PDV GH VHWHQWD FRPSDxHURV \ HQWUH HOORV
DOJXQR GH 6DODPDQFD MX]JDGRV SRU HO PLVPR PRWLYR \ IXVLODGRV (V XQ FDVR SHFXOLDU
GRQGH ORV SUHVRV FXPSOLHURQ FRQ VX REOLJDFLyQ OD GH HVFDSDU EXVFDQGR VX DQVLDGD \
PHUHFLGDOLEHUWDG
(Q HO LQWHULRU GH OD SULVLyQ GH 6DODPDQFD KDEtD GRV VHFFLRQHV XQD GH KRPEUHV \
RWUD SDUD PXMHUHV OD VHFFLyQ GH KRPEUHV WHQtD WUHV HQRUPHV JDOHUtDV XQD GH HOODV GH
EDVH UHFWDQJXODU \ XQ ODGR VHPLFLUFXODU RUODGR SRU YHLQWLFXDWUR FHOGDV GH SHTXHxDV
GLPHQVLRQHV HQ GRV SLVRV TXH HVWDEDQ GHVWLQDGDV SDUD TXH HQ HOODV SHUPDQHFLHUDQ ORV
SUHVRV³SHOLJURVRV´\ORVFRQGHQDGRVDSHQDGHPXHUWHPLHQWUDVHVWDEDQDOOtHQGLFKDV
FHOGDV SUHYLVWDV SDUD GRV SUHVRV IXHURQ GXUDQWH ORV PHVHV GH 6HSWLHPEUH GH D
)HEUHUR GH ORV SHULRGRV PDV YLUXOHQWRV HQ GHWHQFLRQHV \ FRQGHQDV SRU DTXHO
HQWRQFHV OOHJDURQ D FRPSDUWLU ODV FHOGDV KDVWD GLH] SUHVRV FRQGHQDGRV KD\ TXH
LPDJLQDUVH OD VLWXDFLyQ GH DTXHOODV SHUVRQDV \ OR TXH VXIULUtDQ HQ DTXHO HVSDFLR WDQ
UHGXFLGR HQ HO TXH VH HQFRQWUDED XQD FDPD OLWHUD PHWiOLFD SDUD GRV SHUVRQDV \ HQ XQ
ULQFyQ XQ UHWUHWH WXUFR \ XQ JULIR GH DJXD HQFLPD OD FRQYLYHQFLD HQ DTXHOODV
FRQGLFLRQHV VH KDFtD PX\ GLItFLO \ ORV GtDV LQWHUPLQDEOHV KDVWD TXH D ODV RQFH GH OD
QRFKH VH DQXQFLDED SRU ORV DOWDYRFHV OD UHODFLyQ GH FRQGHQDGRV D SHQD GH PXHUWH
³TXHVHSUHSDUHQSDUDHQWUDUHQFDSLOOD´
%LHQ VDEtDQ OR TXH HVR VLJQLILFDED ORV OOHYDEDQ D OD FDSLOOD GH OD 3ULVLyQ GRQGH ORV
UHFLEtD HO GLUHFWRU GH OD FiUFHO \ HO FXUDFDSHOOiQ HO GLUHFWRU OHVFRPXQLFDEDTXHDOGtD
VLJXLHQWH D ODV VHLV GH OD PDxDQD VHUtDQ ³SDVDGRV SRU ODV DUPDV´ TXLHQHV GHVHDUDQ
FRQIHVDUVH OR GLMHUDQ SRUTXH SDUD HOOR VH HQFRQWUDED HO VDFHUGRWH HO FXUD WRPDED OD
SDODEUD \ OHV OHtD ௙
³/DV UHFRPHQGDFLRQHV GHO DOPD´ ࣡
LQFLWiQGROHV D FRQIHVDUVH \
FRPXOJDU HQODPLVDTXHFHOHEUDUtDDFRQWLQXDFLyQQRWRGRVORVFRQGHQDGRVHUDQDWHRV
ORV KDEtD WDPELpQ DJQyVWLFRV H LQFOXVR FULVWLDQRV FDWyOLFRV GHVGH OXHJR OD LQPHQVD
PD\RUtD EDXWL]DGRV DVt TXH QR OHV H[WUDxDED OD SUHVHQFLD GHO FXUD KXER FDVRV SDUD
WRGRV ORV SODQWHDPLHQWRV ORV KXER TXH FRQIHVDURQ \ FRPXOJDURQ \ RWURV TXL]i OD
PD\RUtD UHFKD]DURQ ³௙
WDQ JHQHURVD RIHUWD SDUD OD VDOYDFLyQ GH VX DOPD"´ ࣡
(O
GLUHFWRU D FRQWLQXDFLyQ OHV WUDQVPLWtD TXH D OR ODUJR GH OD QRFKH QR OHV IDOWDUtD FDIp
DVt FRPR TXH VH OHV IDFLOLWDUtD SDSHO \ ODSLFHUR SDUD GHVSHGLUVH SRU FDUWD GH VXV
IDPLOLDUHV \ DPLJRV KD\ TXH KDFHU XQ UHWR D OD LPDJLQDFLyQ \ SRQHUVH XQR HQ HOOXJDU
GH FXDOTXLHUD GH HOORV SDUD LQWHUSUHWDU OD GLPHQVLyQ GH ODV GLVWLQWDV WUDJHGLDV TXH HQ
DTXHOORVPRPHQWRVLEDQDSDVDUSRUVXVPHQWHVHQOD~OWLPDQRFKHGHVXYLGD
(UD LQHYLWDEOH TXH VH VLQWLHUDQ HPEDUJDGRV GH HPRFLyQ££TXp QRFKH PDV
ODUJD££TXH QRFKH WDQ WULVWH HQ DTXHOOD QRFKH FXDQGR HVFULER HVWH UHDOLVWD \
YHUtGLFR UHODWR PH SRQJR HQ SULPHUD SHUVRQD SDUD YHU FRQ OD PD\RU REMHWLYLGDG HVWDU
HQ DTXHOOD KRUURURVD VLWXDFLyQ VLHQGR LQRFHQWH HQHPLJR GH OD YLROHQFLD QR KDEHU
FRPHWLGR QLQJ~Q GHOLWR SHQDGR SRU ODV OH\HV \ SHQVDU TXH HUD PL ~OWLPD QRFKH ODV
~OWLPDV KRUDV GH PL YLGD ¢TXH LGHDV SDVDUtDQ SRU VXV FHUHEURV" ¢D TXLpQ LUtDQ
GLULJLGRV VXV SHQVDPLHQWRV"VXV UHFXHUGRV ¢D VXV SDGUHV" ¢D VXV HVSRVDV" ¢D
VXV KLMRV"¢D VXV DPLJRV" VHJXUDPHQWH FUHHUtDQ TXH HUD XQD SHVDGLOOD TXH
HVWDEDQ VRxDQGROHV SDUHFHUtD PHQWLUD TXH VXV YLGDV IXHUDQ WDQ YXOQHUDEOHV D SHVDU
GH ORV ODUJRV LQVRSRUWDEOHV H LQWHUPLQDEOHV GtDV GH SULVLyQ GH ORV VXFHVLYRV
LQWHUURJDWRULRV LQTXLVLWRULDOHV GH ODV WRUWXUDV VXIULGDV ORV FDVWLJRV VLQ HVFXFKDU QDGD
PDVTXHORVRSURELRVTXHOHVGLULJtDQDTXHOORVVD\RQHVIDVFLVWDV
(V FDVL VHJXUR TXH OD PD\RUtD VH VHQWLUtDQ WRWDOPHQWH GHUURWDGRV LQFOXVR KDEUtD
DOJXQR TXH UHQHJDUtD GHO UHVWR GH OD +XPDQLGDG TXH SHUPLWtD DTXHOORV KRUUHQGRV
FUtPHQHV QR KDEtDQ KHFKR QDGD PDOR \ OR PHQRV TXH SRGtDQ HVSHUDU SRU SHQVDU \
FUHHU HQ XQD KHUPRVD XWRStD OD -XVWLFLD 6RFLDO \ DPDU OD /LEHUWDG KDELpQGRODV
GHIHQGLGR GLDOpFWLFDPHQWH VLQ FRQVHJXLUODV OHV KDEtD OOHYDGR D WDQ WUiJLFDV
FRQVHFXHQFLDV£7ULVWHHLQFRPSUHQVLEOHFRQWUDVHQWLGR
&XDQGR GHVSXpV GH OD YLJLOLD QRFWXUQD OOHJDED OD RUGHQ GH GLVSRQHUVH D VDOLU GH OD
FiUFHO ORV HVSRVDEDQ GH GRV HQ GRV \ HVWUHFKDPHQWH URGHDGRV GH YLJLODQWHV DUPDGRV
ORV VDFDEDQKDFLDODFDOOHDWUDYHVDQGRODVJDOHUtDV\HOSDWLRHOUHVWRGHORVUHFOXVRVOHV
ODQ]DEDQ SDODEUDV GH iQLPR \ GHVSHGLGD DO VDOLU DO SDWLR GHVGH ODV YHQWDQDV GH OD
HQIHUPHUtD ORV UHFOXVRV HQIHUPRV VH ODQ]DEDQ GH OD FDPD \ VH DJROSDEDQ HQ ODV
YHQWDQDV HQUHMDGDV TXH GDEDQ DO SDWLR SDUD YHUORV SRU ~OWLPD YH] QR IDOWDURQJULWRVGH
iQLPR DO VDOLU SRU OD SXHUWD SULQFLSDO WDPSRFR IDOWy DOJ~Q IDPLOLDU TXH DOOt VH KDOODED
KDFLHQGR FROD SDUD OOHYDUOH HO GHVD\XQR D VX GHXGR \ TXH DFRQJRMDGRV YHtDQ VXELU DO
FRFKH GHO ³&DULWD´DORVFRQGHQDGRVDSHVDGXPEUDGRV\URGHDGRVGHYLJLODQWHVKDVWDOD
VDOLGD D OD FDOOH HVFROWDGRV SRU HO SHORWyQ TXH ORV LED D IXVLODU ¢TXp SDVDUtD HQWRQFHV
SRU VXV FDEH]DV" HQ HO WUDVODGR KDVWD HO &DPSR GHO 0DUtQ VHQWDGRV HQ HO SHTXHxR
yPQLEXVHVSRVDGRV\URGHDGRVGHORVVROGDGRV
(O IDWtGLFR WUD\HFWR 3OD]D GH OD ³-XVWLFLD´ DQDFUyQLFR \ SDUDGyMLFR QRPEUH 3DVHR
GH &DQDOHMDV $YHQLGD GH 0LUDW 3XHUWD GH =DPRUD \ 3DVHR GH &DUPHOLWDVKDVWDFRJHU
HO FDPLQR GHO FHPHQWHULR DWUDYHVDU HOSDVRDQLYHOGHODYtDGHOIHUURFDUULOD3RUWXJDO\
EDMDUVH GHO FRFKH MXQWR D XQD SHTXHxD WLHUUD GH ODERU \ DWUDYHVDUOD DQGDQGR ௙
³W௙
LHUUD
GRQGH KL]R FDPLQR HO DQGDU´ \HQGR DFRQJRMDGRV DO HQFXHQWUR FRQ OD PXHUWH
IXHUWHPHQWH HVFROWDGRV SDUD GLULJLUVH DQGDQGR KDVWD OD HVTXLQD GHO FHPHQWHULR TXH GD
YLVWD DO 7HVR GH 3L]DUUDOHV FRPR D XQRVFLQFXHQWDPHWURVGHHVDHVTXLQDDOOt\MXQWRD
OD WDSLD GHO FHPHQWHULR HUD HO OXJDU GH ODV HMHFXFLRQHV ORV VLWXDEDQ GH HVSDOGDV D OD
WDSLD \ OHV RIUHFtD HO RILFLDOTXHGLULJtDODHMHFXFLyQGHODVLQRFHQWHVYtFWLPDVFXEULUOHV
ORV RMRV FRQ XQD YHQGD FDVL OD WRWDOLGDG UHFKD]DURQ DTXHO ³SULYLOHJLR´ 1R IDOWy OD
DQpFGRWD GH DOJXQRV YDOLHQWHV TXH PXULHURQ ODQ]DQGR XQ HVWHQWyUHR ௙
£9LYD OD
5HSXEOLFD LQFOXVR KXER RWURV FRPSDxHURV TXH DUPDGRV FRQ ODV XQLFDV DUPDV TXH
WHQtDQ HO YDORU GH ODV SHUVRQDV KRQUDGDV DO EDMDU GHO FRFKH TXH ORV KDEtD OOHYDGR
FDPLQDURQ DO HQFXHQWUR FRQODPXHUWHFDQWDQGROD,QWHUQDFLRQDOKDVWDOOHJDUDOIDWtGLFR
OXJDU GH OD HMHFXFLyQ (VWH UHFXHUGR PH OR WUDQVPLWLy KDFH PXFKRV DxRV
SHUVRQDOPHQWH HO VHxRU 0RLVpV GH OD ,JOHVLD SDGUH GH PL EXHQ DPLJR GH WRGD OD YLGD
0DQROR HO VHxRU 0RLVpV WUDEDMDED HQ HO WDOOHU GH VX SURSLHGDG TXH VLJXH HVWDQGR D OD
SXHUWDGHOFHPHQWHULR
&XDQGR HO RILFLDO GDED ODV yUGHQHV DO SHORWyQ VLWXDGR \ IRUPDGR D XQRV GLH] PHWURV
GH ODV YtFWLPDV GH ௙
£SUHSDUDUVH£IXHJR࣡
OD GHVFDUJD GH IXVLODUtD VH HVFXFKDED HQ ORV
EDUULRV GH 3L]DUUDOHV \ OOHJDED KDVWD HO GH 6DQ 9LFHQWH EDUULRV REUHURV TXH
DFRQJRMDGRV \ GRORULGRV FRPHQWDEDQ HQWUH Vt \ ODPHQWDEDQ HQWUH HOORVODGHVJUDFLDGH
DTXHOORV VHUHV LQRFHQWHV \ VXVIDPLOLDVGHVSXpVGHODGHVFDUJDVHHVFXFKDEDQORV³WLURV
GHJUDFLD´$VtVHHQWHUDEDQFXiQWDVHUDQODVYtFWLPDVDTXHOGtDGHODEDUEDULHIDVFLVWD
8QD YH] TXH WHUPLQDEDQ ODV HMHFXFLRQHV QR IDOWDURQ ORV IDVFLVWDVTXHVHGHVSOD]DEDQ
DQGDQGR D SUHVHQFLDU OR TXH SDUD HOORV HUD XQ ³HVSHFWiFXOR´ ¢" VRODPHQWH ORV
GHMDEDQ VLWXDUVH MXQWR D OD YtD GHO IHUURFDUULO GHVGH DOOt FHOHEUDEDQ \ VH FRQJUDWXODEDQ
GHO WHUULEOH DFWRFULPLQDODFLHUWDGLVWDQFLDGHOOXJDUGHODVDOYDMHHMHFXFLyQGHVSXpVVH
DFHUFDEDQ DO RILFLDO \ D ORV PLOLWDUHV GHO SHORWyQ D RIUHFHUOHV SDVWDV \ OLFRUHV D ORV
VROGDGRVTXHKDEtDQUHDOL]DGRVXIXQFLyQGHYHUGXJRV
+DVWD DTXt TXLHQ HVWR HVFULEH KD TXHULGR GHMDU FRQVWDQFLD GH DTXHOOD KRUURURVD
WUDJHGLD TXH DFDEy HQ DTXHO VLQLHVWUR OXJDU FRQ OD YLGD GH PDV GH UHSXEOLFDQRV
LQRFHQWHV¢" D PDQRV GH PLOLWDUHV UHEHOGHV \ WUDLGRUHV DO RUGHQ OHJDO LPSXVLHURQ VX
IXHU]D FULPLQDO \ TXHEUDQWDQGR WRGDV ODV OH\HV KXPDQDV \ GLYLQDV FRQ XQ REMHWLYR HO
GHLPSRQHUDORVHVSDxROHVHOLPSHULRGHOWHUURU
&RQ PRWLYRGHTXHTXLHQHVOHDQHOSUHVHQWHUHODWRVDTXHQVXVSURSLDVFRQFOXVLRQHVD
FRQWLQXDFLyQ KH UHDOL]DGR XQDGHWDOODGD\HVFUXSXORVDGHVFULSFLyQGHXQRVGRFXPHQWRV
TXH IRUPDQ SDUWH GHO VXPDULR MXGLFLDO GH OD FDXVD HQ OD TXH HO SDGUH GHTXLHQ
HVFULEH HVWH UHODWR HV MX]JDGR SRU XQ 7ULEXQDO GH *XHUUD IRUPDGR SRU PLOLWDUHV
WUDLGRUHV DO OHJDO 2UGHQ &RQVWLWXFLRQDO GH OD 5HSXEOLFD (VSDxROD OD IRWRFRSLD GH
GLFKRVGRFXPHQWRVKDVLGRREWHQLGDHQHO$UFKLYR0LOLWDUGH(O)HUUROGRQGHVHKDOODQ
ORV VXPDULRV MXGLFLDOHV GH WRGDV ODV FDXVDV MX]JDGDV HQ 6DODPDQFD ௙
$Vt IXH OD -XVWLFLD
LPSXHVWDSRUODYLROHFLD\ODIXHU]DGH)UDQFRVXSULQFLSDOFXOSDEOH
$FWDGHFHOHEUDFLyQGHO&RQVHMRGH*XHUUD
&DXVD
,QVWUXLGDFRQWUD௙
³$UFDGLR/XFDV9HODVFR\RWURV´
'2152%867,$125$026*8,-2&$3,7$1'(,1)$17(5Ë$5(7,5$'2
-8(=,16758&725'(/$35(6(17(&$86$(1&803/,0,(172'(/2
35(&(378$'2(1(/$57Ë&8/2'(/&Ï',*2'(-867,&,$0,/,7$5
&(57,),&2 4XH HQFXPSOLPLHQWRGHORGLVSXHVWRHQODVyUGHQHVGHODSOD]DGH\
GHO DFWXDO HQ HO GtD GH OD IHFKD VH KD UHXQLGR HQ OD VDOD GH -XVWLFLD GHO &XDUWHO GH
'RQ -XOLiQ 6iQFKH] ³(O &KDUUR´ HO &RQVHMR GH *XHUUD GH 3OD]D SDUD YHU \ IDOODU OD
SUHVHQWH FDXVD KDELpQGRVH FRQVWLWXLGR GHO VLJXLHQWH PRGR 35(6,'(17( 7HQLHQWH
&RURQHO GH ,QIDQWHUtD 'RQ -XDQ 0DUFR %RUUHJR 92&$/(6 &DSLWiQ GH ,QJHQLHURV
'RQ 0DULDQR *yPH] +HUUHUR \ &DSLWDQHV GH ,QIDQWHUtD 'RQ 0LJXHO )HUUHU ÈOYDUH]
'RQ &pVDU *RQ]iOH] 3pUH] 'RQ ,QRFHQFLR %DUUXHFR %DMR \ 'RQ 5XILQR *DU]yQ
6iQFKH] 683/(17(6 &DSLWDQHV GH ,QIDQWHUtD 'RQ -RVp 6iQFKH] 5DPRV \ 'RQ
3HGUR 0DUWtQ 0LHOJR 92&$/ 321(17( 7HQLHQWH $XGLWRU GH 3ULPHUD 'RQ
*XLOOHUPR *LO GH 5HEROHxR $VLVWHHO)LVFDO-XUtGLFR0LOLWDUGHO&XHUSRGH(MHUFLWRGHO
&HQWUR \ FRPR 'HIHQVRU HO 7HQLHQWH GH &RPSOHPHQWR GH ,QIDQWHUtD 'RQ 3HGUR
&DEUHUD$UQR]
'DGDFXHQWDGHODFDXVDSRUHO6HxRU3UHVLGHQWHHQ$XGLHQFLDS~EOLFD\FRQDVLVWHQFLD
GHORVSURFHVDGRVVHSURFHGHDODOHFWXUDGHODSXQWDPLHQWRSRUHO-XH],QVWUXFWRU
(O 6HxRU 3RQHQWH KDFH XQDV SUHJXQWDV D ORV SURFHVDGRV \ HVWRV VXFHVLYDPHQWH
FRQWHVWDQ OR VLJXLHQWH௙
$UFDGLR/XFDV4XHVHDSRGD(O(VWUHFKRTXHKDVLGRYRFDOGH
FDPDUHURV FXDWUR PHVHV DQWHV GHO 0RYLPLHQWR OH RFXSDURQ XQ DUPD TXH VH OD GLR HO
GLH] \ VLHWH SRU OD QRFKH $QWHUR 3pUH] \ TXH OD YLJLODQFLD OD SUHVWy VROR FRQ
0DQFKDGR *HPLQR 6DQWD (XIHPLD ࣡
4XH QR KD RFXSDGR QLQJ~Q FDUJR HQ QLQJXQD
6RFLHGDG TXH QR WHQtD DUPDV \ TXH QR KL]R YLJLODQFLD OD QRFKH GHO GLH] \ RFKR)pOL[
3DORPHUR +D VLGR 3UHVLGHQWH XQ SRFR WLHPSR GHO &RPLWp GH HQODFH QRWHQtDSLVWROD
\ OD QRFKH GHO GLH] \ RFKR OD SDVy HQ FDVD -XDQ &DOYR (Q HO DxR WUHLQWD \ GRV IXH
GHOHJDGR SURYLQFLDO GH FKyIHUHV \ SRVWHULRUPHQWH SUHVLGHQWH GH GLFKD VRFLHGDG 1R
WHQLDDUPDVDOSURQXQFLDUVHHO0RYLPLHQWRHOGLH]\RFKRGH-XOLRSRUODQRFKHHVWXYR
HQ VX FDVD \ QR VDOLy SRU OD &DSLWDO KDVWD HO GtD YHLQWH࣡
࣡
-RVp +HUQiQGH] 1R KL]R
YLJLODQFLD QL RVWHQWDGR QLQJ~Q FDUJR 0DQXHO =RULWD -RVp +HUQiQGH] HVWXYR FRQ HO
KDFLHQGR JXDUGLD )HGHULFR /R]DQR 2FXOWy DO (VWUHFKR SRU FRPSDGHFHUVH GH HO 1R
WHQtD DUPD \ KD SHUPDQHFLGR HQ 6DODPDQFD GHVGH TXH VH LQLFLy HO 0RYLPLHQWR KDVWD
VX GHWHQFLyQ $QWRQLR 0DWHRV 1R HVWXYR HQ FDVD GH 0DQVRODQRFKHGHOGLH]\RFKR\
DVt OR UHFWLILFy HQ XQD GHFODUDFLyQ SHUWHQHFtD D ODV -XYHQWXGHV 0DU[LVWDV VLQ
GHVHPSHxDU FDUJR DOJXQR QR KDFLHQGR JXDUGLD OD QRFKH GHO GLH] \ RFKR WHQtD XQ
DUPD TXH RFXOWy HQ OD FXHYD GH OD )XQHUDULD GH )pOL[ ÈOYDUH] VLQ FRQRFLPLHQWR GH
pVWH࣡
࣡
)pOL[ ÈOYDUH] ࣡
6H OH RFXSy XQ UHYyOYHU TXH WHQtD WLUDGR FRPR FRVD LQVHUYLEOH
,JQRUDEDTXH$QWRQLR0DWHRVRFXOWDUDXQDUPDHQODFXHYDGHVX)XQHUDULD
&RQFHGLGD OD SDODEUD DO )LVFDO UHODWD ORV KHFKRV GH DXWRV VHxDODQGR OD SDUWLFLSDFLyQ
GH FDGD XQR GH ORV SURFHVDGRV HQ ORV KHFKRV GH RSRVLFLyQ DO 0RYLPLHQWR 1DFLRQDO
HOHYiQGRVH D GHILQLWLYD ORV FRQFOXVLRQHVSURYLVLRQDOHV$$UFDGLR/XFDV9HODVFR-XDQ
&DOYR 0RURQWD )pOL[ 3DORPHUR ௙
5LYDV \ $QWRQLR 0DWHRV &KLFR ORV FRQVLGHUD DXWRUHV
GH XQ GHOLWR GH DGKHVLyQ D OD UHEHOLyQ FRQ OD DJUDYDQWH GH OD SHOLJURVLGDG GH HVWRV
SURFHVDGRV \ SURFHGHQFLD GH ORV KHFKRV VROLFLWD SDUD HOORVOD௙
SHQDGHPXHUWH࣡
0DQXHO
=RULWD ,JOHVLDV -RVp +HUQiQGH] &XHVWD \ *pPLQR 6DQWD (XIHPLD VRQ DXWRUHV GHO
PLVPR GHOLWR FRQ OD DWHQXDQWH GH VX PHQRU SHUYHUVLGDG VROLFLWD SDUD ORV PLVPRV OD
SHQD GH ௙
WUHLQWD DxRV GH UHFOXVLyQ࣡
)HGHULFR /R]DQR &LIXHQWHV ௙
HV HQFXEULGRU GH
$UFDGLR /XFDV \ FRPR DXWRU GH WDO GHOLWR SLGH SDUD HO PLVPR ௙
QXHYH DxRV GH SULVLyQ
PD\RU࣡
)pOL[ ÈOYDUH] *RQ]iOH] HV DXWRU GH ௙
XQ GHOLWR GH WHQHQFLD LOtFLWD GH DUPDV
FRPSUHQGLGR HQ OD /H\ GH GH 1RYLHPEUH GH \ XQ GHOLWR GH GHVREHGLHQFLD
JUDYH FRPSUHQGLGR HQ HO DUWtFXOR GHO&yGLJR3HQDO2UGLQDULR\HQHO%DQGRGH
GH -XOLR SDVDGR SRU HO SULPHU GHOLWR SURFHGH LPSRQHUOH OD SHQD GH ௙
XQ DxR FXDWUR
PHVHV \ XQ GtD GH SULVLyQ PHQRU \ SRU HO VHJXQGR GHOLWR ௙
VHLVPHVHVGHDUUHVWRPD\RU
\PXOWDGHPLOSHVHWDV
&RQFHGLGD OD SDODEUD DO GHIHQVRU pVWH GLFH 4XH $UFDGLR /XFDV QR KD GHFODUDGR TXH
KLFLHUD YLJLODQFLD SHUR VH RIUHFLy D VXV MHIHV SDUD DSR\DU DO *RELHUQR TXH HO FUHtD
OHJtWLPR QR FRPHWLy QLQJ~Q DFWR GH DJUHVLyQ SXHV VH DXVHQWy GH OD &DSLWDO \ DO
UHJUHVDU IXH RFXOWDGR SRU )HGHULFR /RUHQ]R QR VLHQGR pVWH DXWRUGHHQFXEULPLHQWR\D
TXH UHDOL]y XQ DFWR GH FDULGDG )pOL[ 3DORPHUR RFXSy FDUJRV GLUHFWLYRV HQ
$VRFLDFLRQHV TXH pO FUHtD OHJDOHV -XDQ &DOYR WXYR HQ WLHPSRV XQ DUPD SDUD VX
VHJXULGDG SHUVRQDO FRPR FKRIHU GH 'RQ )UDQFLVFR 'tH] /RV UHVWDQWHV SURFHVDGRV
~QLFDPHQWH VH OLPLWDEDQ D FXPSOLU ODV LQVWUXFFLRQHV GH ORV GLULJHQWHV TXH VRQ ORV
YHUGDGHURV FXOSDEOHV GH TXH VH DSOLTXHQ ODV SHQDV FDSLWDOHV VROLFLWDGDV \ TXH ODV
UHVWDQWHVSHQDVVHVXDYLFHQ
)pOL[3DORPHURDSUHJXQWDVGHO3UHVLGHQWHPDQLILHVWDTXHVLILUPyHOHVFULWRGHOTXHVH
OH DFXVD FRPR DXWRU OR KL]R HQ )HEUHUR GHO SDVDGR DxR\KDELHQGRVLGRVRUSUHQGLGDVX
EXHQDIHSRUHOLQGLYLGXRTXHOHGLRDILUPDUHOGRFXPHQWR
/RVUHVWDQWHVSURFHVDGRVQRWLHQHQQDGDTXHDOHJDU
&RQORFXDOVHGLRSRUWHUPLQDGRHODFWRFRQVWLWX\pQGRVHHO&RQVHMRHQVHVLyQVHFUHWD
SDUDGHOLEHUDU
< SDUD TXH FRQVWH H[WLHQGR OD SUHVHQWH FRQ HO YLVWR EXHQR GHO 6HxRU 3UHVLGHQWH HQ
6DODPDQFDDYHLQWLFXDWURGH-XQLRGHPLOQRYHFLHQWRVWUHLQWD\VLHWH
9ž%ž
(O7HQLHQWH&RURQHO3UHVLGHQWH
)LUPD\UXEULFD-0DUFR)LUPD\UXEULFD5REXVWLDQR5DPRV
6HQWHQFLD
௙
(Q6DODPDQFDDYHLQWLFXDWURGHMXQLRGHPLOQRYHFLHQWRVWUHLQWD\VLHWH
5HXQLGR HO &RQVHMR GH *XHUUD RUGLQDULR GH 3OD]D SDUDYHU\IDOODUODFDXVDTXHSRUHO
VXSXHVWR GHOLWR GH UHEHOLyQ VH VLJXH FRQWUD $UFDGLR /XFDV 9HODVFR \ RWURV SDLVDQRV
PDVYHFLQRVGHHVWD&LXGDG\RtGDVODDFXVDFLyQ)LVFDO\OD'HIHQVD
5(68/7$1'2 ࣡
4XH HQ ORV VXFHVRV UHYROXFLRQDULRV RFXUULGRV HQ HVWD &DSLWDO HQ OD
QRFKH GHO GLH] ࣡
\ RFKRGH-XOLR~OWLPRWRPDURQSDUWHGHVWDFDGDORVHOHPHQWRVPDU[LVWDV
\ MXYHQWXGHV VRFLDOLVWDV XQLILFDGDV SDUD RSRQHUVH DO 0RYLPLHQWR 1DFLRQDO \ HQ GLFKD
RSRVLFLyQ VH GHVWDFD OD LQWHUYHQFLyQ GH ORV VLJXLHQWHV SURFHVDGRV ࣡
$UFDGLR /XFDV
9HODVFR ࣡
FDPDUHUR TXH SHUWHQHFLy D OD GLUHFWLYD GHO ࣡
*UHPLR FRPR 9RFDO HUD XQ
VLJQLILFDGR HOHPHQWR GH OD FDVD GHO 3XHEOR D ODV yUGHQHVGHO\DFRQGHQDGR\HMHFXWDGR
$QWHUR 3pUH] \ DPLJR GHO 'LSXWDGR 0DQVR WDPELpQ IXVLODGR HQ OD QRFKH GH DXWRV
SHUPDQHFLy HQ ODV FDOOHV GH OD FLXGDG KDFLHQGR VHUYLFLR GH YLJLODQFLD FRQ XQD SLVWROD
SUDFWLFDQGR VHUYLFLR GH HQODFH \ OOHJDQGR D GLVSDUDU VX DUPD FRQWUD ODV IXHU]DV GHO
(MpUFLWR SHUPDQHFLy RFXOWR HQHOFDPSRGXUDQWHPDVGHXQPHV\GHVSXpVVHRFXOWyHQ
FDVD GHO RWUR SURFHVDGR)HGHULFR/RUHQ]R&LIXHQWHVHOPLVPRFRQIHVyWHQHUXQDUPD\
GRQGH OD KDEtD RFXOWDGR ࣡
OD TXH IXH HQFRQWUDGD ࣡
-XDQ&DOYR0RURQWD࣡
3UHVLGHQWHGHOD
6RFLHGDG GH &KyIHUHV GH OD &DVD GHO ࣡
3XHEOR DILOLDGR DO 6RFRUUR 5RMR ,QWHUQDFLRQDO
H[FLWDGRU GH KXHOJDV \ IRUPDQGR SDUWH GHO &RPLWp UHYROXFLRQDULR D ODV yUGHQHV GH
0DQVR HQ OD QRFKH GH DXWRV HVWXYR FDSLWDQHDQGR XQJUXSRDUPDGRKDFLHQGRGLVSDURV
FRQWUD ODV IXHU]DV 1DFLRQDOHV WDPELpQ DSDUHFH FRPR FRPSOLFDGR HQ XQ DWHQWDGR
FRPHWLGR FRQWUD XQ IDODQJLVWD FRQDQWHULRULGDGDOGLH]\RFKRGH-XOLR࣡
)pOL[3DORPHUR
5LYDV ࣡
7LSyJUDIR 3UHVLGHQWH GHO &RPLWp GH HQODFH FUHDGR SDUD RSRQHUVH DO
0RYLPLHQWR ௙
1DFLRQDO ILUPy XQ HVFULWR HQ HO TXH VH GLFH ࣡
³VH H[LJH D WRGDV ODV
RUJDQL]DFLRQHV REUHUDV VLQGLFDOHV \ SROtWLFDV OD UiSLGD DFWXDFLyQ XQLGD \ DSR\DGD SRU
ODV PDVDV SRSXODUHV´ HV XQ GHVWDFDGR HOHPHQWR HQ KXHOJDV UHYROXFLRQDULDV \ HQ OD
QRFKH GH DXWRV HVWXYR GH YLJLODQFLD FRQ XQD SLVWROD DXQ FXDQGR QR VH KD SUREDGR VL
GLVSDUy R QR ௙
$QWRQLR 0DWHRV &KLFR࣡
௙
DILOLDGRDODV-XYHQWXGHVPDU[LVWDVXQLILFDGDVHQ
FX\R ORFDO ௙
VH HQFRQWUDED HQ ODQRFKHGHOGLH]\RFKRGH-XOLR\VHWUDVODGyDOGRPLFLOLR
GHO GLSXWDGR 0DQVR SDUD UHFLELU yUGHQHV XQLpQGRVH DO JUXSR GHO $UFDGLR /XFDV
SUHVWDQGR VHUYLFLR GH JXDUGLD FRQ XQD SLVWROD TXH HO PLVPR FRQILHVD OOHYDED \ TXH
GHVSXpVHVFRQGLyVLHQGRHQFRQWUDGDGRQGHLQGLFy\HVWDQGRHODUPDHQSHUIHFWRHVWDGR
GHIXQFLRQDPLHQWR
5(68/7$1'2 4XH HO SURFHVDGR ௙
0DQXHO =RULWD ,JOHVLDV ௙
DILOLDGR D OD FDVD GHO
3XHEOR \ FRPR HO DQWHULRU SUHVWy VHUYLFLR GH YLJLODQFLD SHUR VLQ DUPDV \ HO PLVPR
DFXVD DO WDPELpQ SURFHVDGR -RVp +HUQiQGH] &XHVWD ௙
WDPELpQ DILOLDGR D OD FDVD GHO
3XHEOR \ FRPR HO DQWHULRU SUHVWy VHUYLFLR GH YLJLODQFLD SHUR VLQ DUPDV HQ HO PLVPR
FDVR VH HQFXHQWUD HO SURFHVDGR *pPLQR 6DQWD (XIHPLD ௙
$QFLRQHV WDPELpQ DILOLDGR D OD
8*7 \ TXH VLQ DUPDV SUHVWy VHUYLFLR GH YLJLODQFLD QR SUHVHQWiQGRVH DO WUDEDMR KDVWD
TXH IXH REOLJDGR SRV ODV GLVSRVLFLRQHV GH ORV %DQGRV \ QR WHQLHQGR HVWRV WUHV
SURFHVDGRVPDORVDQWHFHGHQWHV
5(68/7$1'2 4XH HO SURFHVDGR )HGHULFR /RUHQ]R &LIXHQWHV DPLJR GHO $UFDGLR
/XFDV RFXOWy D pVWH HQ VX KRVSHGHUtD HQJDxDQGRDOGXHxRGHODPLVPD\HQFX\ROXJDU
IXH GHWHQLGR HO UHIHULGR $UFDGLR < HQ FXDQWR DO SURFHVDGR )pOL[ ÈOYDUH] *RQ]iOH]
GXHxR GH XQD IXQHUDULD \ HQ FX\R OXJDU VH HQFRQWUy OD SLVWROD GH $QWRQLR 0DWHRVDXQ
FXDQGR HVWH SURFHVDGR LJQRUDVH WRWDOPHQWH WDO RFXOWDFLyQ HQ HO UHJLVWUR OOHYDGR D FDER
VH OH HQFRQWUy XQ UHYyOYHU GH VX SHUWHQHQFLD HQ SHUIHFWR HVWDGR GH IXQFLRQDPLHQWR \
TXH QR HQWUHJy D SHVDU GH ODV yUGHQHV GDGDV DO HIHFWR QR FRQVWDQGR DQWHFHGHQWHV HQ
FRQWUDGHHVWHSURFHVDGR
+(&+26352%$'26௙
&216,'(5$1'2 4XH ORV KHFKRV DQWHULRUPHQWH UHODWDGRV VRQ FRQVWLWXWLYRV GH XQ
GHOLWRGHDGKHVLyQDODUHEHOLyQPLOLWDUSUHYLVWR\SHQDGRHQHOQžGHO$UWtFXORHQ
UHODFLyQ FRQ HODPERVGHO&yGLJRGH-XVWLFLD0LOLWDU\GHRWURVGRVGHOLWRVXQRGH
WHQHQFLD LOtFLWD GH DUPDV GH IXHJR FRPSUHQGLGR HQ OD /H\ GH GH 1RYLHPEUH GH
$SDUWDGR ž GHO $UWtFXOR ž \ MXQWDPHQWH FRQ HVWH RWUR GHOLWR GH GHVREHGLHQFLD
JUDYH D OD $XWRULGDGSUHYLVWD\SHQDGRHQHO$UWtFXORGHO&yGLJR3HQDOHQUHODFLyQ
FRQHO%DQGRGHGH-XOLRDQWHULRU
&216,'(5$1'2 4XH GHO GHOLWR GH UHEHOLyQ DSDUHFHQ UHVSRQVDEOHV HQ FRQFHSWR GH
DXWRUHV ORV SURFHVDGRV $UFDGLR /XFDV 9HODVFR )pOL[ 3DORPHUR 5LYDV -XDQ &DOYR
0RURQWD $QWRQLR 0DWHRV &KLFR 0DQXHO =RULWD ,JOHVLDV *pPLQR 6DQWD (XIHPLD \
-RVp +HUQiQGH] &XHVWD \ HQ FRQFHSWR GH HQFXEULGRU GHO PLVPR GHOLWR HO SURFHVDGR
)HGHULFR /RUHQ]R &LIXHQWHV \ GH ORV GRV ~OWLPRV GHOLWRV GLFWDGRV DSDUHFH WDPELpQ
FRPR UHVSRQVDEOH WDPELpQ HQ FRQFHSWR GH DXWRU HO SURFHVDGR )pOL[ÈOYDUH]*RQ]iOH]
FRQFXUULHQGR HQ ORV FXDWUR SULPHUR FLWDGRV ODV DJUDYDQWHV GH VX QRWRULD SHUYHUVLGDG \
OD WUDVFHQGHQFLD GH ORV KHFKRV DVt FRPR OD FDOLGDG GH ORV GLULJHQWHV QR FRQFXUULHQGR
FLUFXQVWDQFLDVPRGLILFDWLYDVHQORVRWURFLQFRSURFHVDGRV
(O &RQVHMR )$//$ TXH GHEH FRQGHQDU \ FRQGHQD D ORV SURFHVDGRV $UFDGLR /XFDV
9HODVFR D HO (VWUHFKR )pOL[ 3DORPHUR 5LYDV -XDQ&DOYR0RURQWD\$QWRQLR0DWHRV
&KLFRDOD௙
SHQDGHPXHUWH࣡
$ ORV SURFHVDGRV 0DQXHO =RULWD ,JOHVLDV *pPLQR 6DQWD (XIHPLD $QFLRQHV \ -RVp
+HUQiQGH] &XHVWD D OD SHQD SDUD FDGD XQR GH HOORV GH ௙
YHLQWH DxRV \ XQ GtD GH
UHFOXVLyQ PD\RU FRQ OD DFFHVRULD GH LQKDELOLWDFLyQ DEVROXWD H LQWHUGLFFLyQ FLYLO $O
SURFHVDGR )HGHULFR /RUHQ]R &LIXHQWHV D OD SHQD GH ࣡
QXHYH DxRV GH SULVLyQ PD\RU FRQ
ODV DFFHVRULDV GH VXVSHQVLyQ GH WRGR FDUJR \ GHO GHUHFKR GH VXIUDJLR GXUDQWH OD
FRQGHQD \ DO SURFHVDGR )pOL[ ÈOYDUH] *RQ]iOH] D ODV SHQDV GH ௙
XQ DxR GH SULVLyQ
PHQRU SRU HOGHOLWRGHWHQHQFLDLOtFLWDGHDUPDV\WUHVPHVHVGHDUUHVWRPD\RU\GRVPLO
SHVHWDV GH PXOWD SRU HO GH GHVREHGLHQFLD JUDYH FRQ OD PLVPDV DFFHVRULDV TXH HO
DQWHULRU \ VLHQGR GH DERQR SDUD WRGRV ORV FRQGHQDGRV D SHQDV GH SULYDFLyQGHOLEHUWDG
ODSULVLyQSUHYHQWLYDVXIULGD
)LUPDQ\UXEULFDQOD6HQWHQFLDORVVLHWHPLHPEURVGHO7ULEXQDO
1RWLILFDFLyQ\HQWUDGDHQ&DSLOOD
$ODVYHLQWLGyVKRUDVGHOGtDWUHVGH2FWXEUHGHPLOQRYHFLHQWRVWUHLQWD\VLHWH
6H FRQVWLWX\y HO -X]JDGR HQ OD 3ULVLyQ 3URYLQFLDO \ DQWH HO FRPSDUHFLHURQ ORV
GHWHQLGRVHQODPLVPD\FRQGHQDGRVDOD~OWLPDSHQD$5&$',2/8&$6௙
9(/$6&2
)e/,; 3$/20(52 5,9$6 < -8$1 &$/92 025217$ D TXLHQHV SRU Pt HO
6HFUHWDULR VH GLR OHFWXUD D OD VHQWHQFLD GLFWDPHQ GHO 6HxRU $XGLWRU 'HFUHWR GH
DSUREDFLyQ GH OD $XWRULGDG -XGLFLDO GH HVWH &XHUSR GH (MpUFLWR FRPXQLFDFLyQ GH OD
6HFUHWDULDGH*XHUUD\'HFUHWRVXEVLJXLHQWHGHO6U$XGLWRU
$FWRVHJXLGRIXHURQFRQGXFLGRVDODVDODGHVWLQDGDD&DSLOODGRQGHVHOHVDGYLUWLyTXH
SRGtDQ SHGLU FXDQWRV DX[LOLRV PDWHULDOHV \ HVSLULWXDOHV QHFHVLWDVHQ HQ ORV ~OWLPRV
PRPHQWRV
< SDUD TXH FRQVWH VH H[WLHQGH OD SUHVHQWH GLOLJHQFLD ௙
TXH QR ILUPDQ ORV UHRV SRU
KDEHUVHQHJDGRDHOOR௙
KDFLpQGRORFRQPLJRHOVHFUHWDULR
)LUPDQ\UXEULFDQHO-XH]0LOLWDU\HOVHFUHWDULR
3ULVLyQ3URYLQFLDOGH6DODPDQFD௙
7HQJR HO KRQRU GHSDUWLFLSDUD964XHHQHOGtDGHKR\\HQYLUWXGGHOD2UGHQGHHVH
-X]JDGR IHFKD GH D\HU KDQ VLGR HQWUHJDGRV DO MHIH GHO SLTXHWH TXH OHV GLR JXDUGLD ORV
VHQWHQFLDGRVDODSHQDFDSLWDOHQ&RQVHMRGHJXHUUD
-8$1&$/92025217$
)e/,;3$/20(525,9$6
$5&$',2/8&$69(/$6&2௙
SDUDVHUFRQGXFLGRVDOOXJDUGHVLJQDGRSDUDVXHMHFXFLyQ
'LRVJXDUGHD96PXFKRVDxRV
6DODPDQFDGH2FWXEUH,,$xR7ULXQIDO
(O'LUHFWRUGHOD3ULVLyQ
)LUPD\U~EULFD
6U-XH],QVWUXFWRUGHO-X]JDGR0LOLWDUQž3/$=$'5REXVWLDQR5DPRV
1RWD GHO DXWRU /RV WUHV ³VHQWHQFLDGRV´ IXHURQ HMHFXWDGRV HQ FRPSDxtD GH RWUR
FRPSDxHUR GH GLH] \ QXHYH DxRV TXH QR FRQVWD HQ OD ³yUGHQ´ DQWHULRU ௙
,6$$&
9,f$/6 -,0e1(=௙
GHFX\R³MXLFLR´FXDQGRKHPRVSRGLGRUHVFDWDULQIRUPDFLyQGHO
$UFKLYR PLOLWDU GH (O )HUURO HVWi LQFXUVR HQ OD &DXVD Qž DOOt FRQVWD HO MXLFLR \ VX
FRQGHQDDSHQDGHPXHUWH
,VDDF KDEtD VLGR VHFUHWDULR JHQHUDO GH ODV -XYHQWXGHV 6RFLDOLVWDV DQWHV GH IXVLRQDUVH
FRQ ORV FRPXQLVWDV \ FUHDU OD -XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV IXH XQR PDV GH ORV
DVHVLQDWRV ³LOHJDOHV´ VLQ SUXHEDDOJXQDGHTXHKXELHUDFRPHWLGRGHOLWRDOJXQRDXQTXH
WHQHPRV UHIHUHQFLD GH VX ILGHOLGDG D OD FDXVD VRFLDOLVWD \ UHSXEOLFDQD VX QREOH]D
YDOHQWtD \ EUDYXUD IXHURQ PDV TXH VXILFLHQWHV SDUD GHVWUXLU RWUD YLGD PiV MRYHQ \
SURPHWHGRUD /D UHODFLyQ QRPLQDO GH ORV HMHFXWDGRV´OHJDOHV´VHKDSRGLGRREWHQHUGHODVDFWDVGH
³IDOOHFLPLHQWRā HQ HO DUFKLYR GHO 5HJLVWUR &LYLO GHO -X]JDGR GH 6DODPDQFD FX\DV
IRWRFRSLDVREUDQHQQXHVWURSRGHU 2WURV FDVRV GH ORV TXH HO DXWRU GH HVWD 0HPRULD WLHQH FRQRFLPLHQWR YDQ D UHODWDUVH
HVWXYLHURQ GXUDQWH ODUJRV DxRV ³GRUPLGRV´ SHUR QXQFD ROYLGDGRV WRGDV \FDGDXQDGH
ODV YtFWLPDV VXIULHURQ SDUHFLGDV VLWXDFLRQHV SHUR KD OOHJDGR OD RSRUWXQLGDG \ HO
PRPHQWR GH VDFDUORV D OD OX] S~EOLFD FRQ HO REMHWR GH GHMDU SDUD OD KLVWRULD OD SUXHED
GH OR VXFHGLGR FRQ HO iQLPR OR PHMRU GLVSXHVWR SDUD TXH DTXHOORV KHFKRV TXH
VXFHGLHURQMDPiVYXHOYDQDUHSHWLUVH
2WURVUHODWRVGHOD*XHUUD&LYLO
0DQXHO$OED5DWHUR 0DQROR ௙
GH DxRV GH HGDG HUD KLMR GH 3HOD\R \ 7HUHVD QDWXUDO GH 6DODPDQFD GH
HVWDGR YLXGR \ SDGUH GH GRV QLxDV 7HUHVD \ (XODOLD KDELWDED MXQWR D VXV KLMDV \ OD
PDGUHGHVXGLIXQWDHVSRVDODVHxRUD,QpVHQHOQžGHOD&XHVWDGHOD5DTXHWD
0DQROR $OED 5DWHUR HUD PLOLWDQWH GH OD 8*7 \ GHO 362( KRQUDGR D FDUWD FDEDO
VRFLDOLVWDUHSXEOLFDQR GH IXHUWHV FRQYLFFLRQHV WUDEDMDGRU IHUURYLDULR HVWDED
FRQVLGHUDGRFRPROtGHUVLQGLFDOLVWDGHVXVFRPSDxHURVGHWUDEDMR (Q ODV (OHFFLRQHV 0XQLFLSDOHV GH )HEUHUR GH $OED UHVXOWy HOHJLGR FRQFHMDO GH
6DODPDQFD SRU HO )UHQWH 3RSXODU \ GHVLJQDGR JHVWRU SDUD OD 'LSXWDFLyQ 3URYLQFLDO
WHQHPRV FRQVWDQFLD GRFXPHQWDOGHVXWUDEDMRSROtWLFRGHVDUUROODGRHQOD'LSXWDFLyQHQ
HO EUHYH SHULRGR GH WLHPSR GH VX UHVSRQVDELOLGDG SROtWLFD HQ OD ,QVWLWXFLyQSURYLQFLDO
HVWXYR GHGLFDGR D JHVWLRQDU ORV FHQWURV DVLVWHQFLDOHV +RVSLFLR +RVSLWDO 3URYLQFLDO \
$VLOR GH $QFLDQRV (Q HOORV GHMy FRQVWDQFLD GH VX EXHQ KDFHU OH FDUDFWHUL]y VX
HOHYDGD VHQVLELOLGDG HQ HO WUDWR KXPDQR FRQ ORV DVLODGRV H LQFOXVR FRQ ODV PRQMDV \
SHUVRQDO IXQFLRQDULR GH DTXHOORV VHUYLFLRV IXH FRQVWDQWH VX SURFHGHU HQ FRQVHJXLU ODV
SRFDVPHMRUDVTXHSRGtDDOFDQ]DUGDGRORH[LJXRGHOSUHVXSXHVWRSURYLQFLDO 6X SDUWLFLSDFLyQ HQ OD &DVD GHO 3XHEOR HQ ORV VXFHVRV GHO GH -XOLR QR SDVy GH OR
WHVWLPRQLDO GH VX SUHVHQFLD SUy[LPR D 0DQVR \ ORV GHPiV FRPSDxHURV VROLGDULR HQ
DTXHOORV GLItFLOHV PRPHQWRV FRQ OD VLWXDFLyQ TXH VH DYHFLQDED FRQWULEX\y D HVWDU
SUHVHQWH\QRDEDQGRQDUVXFRPSURPLVRSROtWLFR
'HWHQLGR HO GtD GH -XOLR HQ VX GRPLFLOLR IXH OOHYDGR D GHFODUDU FRPR WRGRV D OD
&RPLVDUtDGH3ROLFLDVLWDHQODFDOOHGHO3UDGRSRVWHULRUPHQWHFRQGXFLGRDODFiUFHOGH
6DODPDQFDLJXDOTXHRWURVFLHQWRVGHFRPSDxHURV(QODFiUFHOFRPSDUWLyHQODPLVPD
FHOGD PRPHQWRV LQROYLGDEOHV FRQ 0DQVR \ 3ULHWR &DUUDVFR SUHFLVDPHQWH HQ HO EUHYH
GLDULR TXH3ULHWRHVFULELyHQVXV SRFRVGtDVGHSULVLyQPHQFLRQDDQXHVWURDPLJR$OED
\ D OD DPLVWDG HQWUDxDEOH TXH HO DOFDOGH UHSXEOLFDQR SURIHVDED D 0DQROR $OED (V
OyJLFR HO GRORU TXH $OED WXYR TXH SDVDU FXDQGR VH HQWHUDUD GHO DVHVLQDWR GH 3ULHWR
&DUUDVFR\0DQVRDORVSRFRVGtDVGHVXGHWHQFLyQ
0DQROR $OED IXH SURFHVDGR HO GH 0DU]R DVLVWLy D &RQVHMR GH *XHUUD FRQ RWURV
FRPSDxHURV \ FRQGHQDGR SRU ³5HEHOLyQ´ D SHQD GH PXHUWH SRFRV GtDV GHVSXpV
HMHFXWDGR MXQWRDODWDSLDGHO&HPHQWHULRGH6DODPDQFDHOGH-XQLRGHMXQWRD
ORV FRPSDxHURV GH LQIRUWXQLR /HDQGUR 6DQFKH] *yPH] 0DQXHO )L] )RQVHFD -XDQ
,JOHVLDV3HUDO\$JXVWtQ)URXIH&DUORV
$ QXHVWUR SRGHU KDQ OOHJDGR GRV FDUWDV TXH GHMy HVFULWDV SDUD VXV KLMDV 7HUHVD \
(XODOLD ³<D\L´ \ VX PDGUH SROtWLFD OD VHxRUD ,QpV FX\R WH[WR WUDQVFULELPRV
OLWHUDOPHQWH
4XHULGD DEXHOD H KLMDV 3REUHV PtDV FyPR RV KDQ HQJDxDGR /OHJy HO WUiJLFR
PRPHQWRPXHURWUDQTXLORSRUTXHQRKHKHFKRQDGDTXHSXHGDDYHUJRQ]DURVTXHULGDV
KLMDVPtDV
(QFDUWDDSDUWHRVGR\GHWDOOHVGHORTXHGHEHUpLVKDFHU
2V GHMR XQ DSHOOLGR TXH SXHGH RUJXOOHFHURV SXHV QR KH UHDOL]DGR QLQJ~Q DFWR TXH
SXHGDDYHUJRQ]DURV
4XHUHU D HVD DQFLDQD D HVD DEXHOD TXH HV YXHVWUD PDGUH \D TXH FRQ PDGUH YR\ D
XQLUPHPX\SURQWR
£+LMDVGHPLDOPD2VGHMRDKRUDTXHPDVTXHQXQFDSUHFLVDEDLVGHPt
0LV ~OWLPRV PRPHQWRV VRQ SDUD YRVRWUDV D PL KHUPDQR HVFULER SDUD TXH QR RV
DEDQGRQHQ
1R SXHGR HVFULELU SRUTXH PH DKRJD WDQWD SHQD £&yPR RV KDQ HQJDxDGR 6HU
EXHQDV PX\ GHFHQWHV PX\ KRQHVWDV TXH HVD HV OD YLGD GH YXHVWURV SDGUHV <R Vp
FXDQWRYDLVDVXIULUHQHVWHPXQGR
$EXHOD TXH JROSH PDV UXGR &XDQGR HVD YHMH] SDUHFtD OD VRQUHtD WUDQTXLOD YLHQH
HVWD GHVJUDFLD 'HFLU GHFLU PX\ DOWR TXH YXHVWUR SDGUH IXH XQD YHUGDGHUD YtFWLPD
LQRFHQWH TXH QDGLH SXHGH FRQ UD]yQ WLOGDUPH GH QDGD SXHV QDGD KLFH QL GH QDGD
SXHGHQDFXVDUPHTXHORTXHVHGHULYDGHHVWDGHVJUDFLDHVXQDLQLTXLGDG
(VSHURFRQHOGRORUHOVHQWLPLHQWRSRUQRSRGHUGDURVPLV~OWLPRVDEUD]RV
< QDGD PDV UHFLELU PL ~OWLPR VXVSLUR DO SDU TXH ORV DEUD]RV FDULxRVRV GH TXLHQ
VLHPSUHRVDGRUy\SDUDVLHPSUHRVHQYtDWRGRHOVHQWLPLHQWR\FDULxR
£1RPHROYLGHtVKLMDVPtDV£SREUHDEXHOD
&XDQWR YDLV D VXIULU TXH QR RV DEDQGRQHQ VHU PX\ EXHQDV RV OR SLGH HQ VX ~OWLPR
LQVWDQWHYXHVWURSDGUHHKLMRSROtWLFR
)LUPDGD0DQXHO$OED5DWHUR
/DQRFKHGHODOGH-XQLRGH
$ ' ÈQJHO 9i]TXH] GH 3DUJD OH HQWUHJR  SWV \ ORV GRFXPHQWRV TXH PHQFLRQR
HQODRWUDFDUWD
1R PH KH PXGDGR \ WRGR ORTXHHQYLDVWHLVKR\HVWiFRQPLJRUUD\FHVWDHQODFHOGD
SDVDUDUHFRJHUODV
/DRWUDFDUWD
4XHULGtVLPDV DEXHOD H KLMDV &RQ HO GRORU LQWHQVR TXH HQ HVWRV WUiJLFRV PRPHQWRV
YLYLPRV HQ ORV ~OWLPRV LQVWDQWHV TXH PH TXHGDQ TXHULGDV DEXHOD H KLMDV GH PL DOPD
HQYLDURVFRQHVWDVOtQHDVWRGRHOFDULxRTXHPLFRUD]yQRVSURIHVDFDULxRQDFLGRHQHO
VHQWLPLHQWR LQWHUQR GH PL DIHFWR DO WHQHUPH VHSDUDGR GH YRVRWUDV ODV TXH VLHPSUH
IXtVWHLVPLFRQVWDQWHSUHRFXSDFLyQ
2V GHMR KLMDV GH PL DOPD PLV SHTXHxDV FXDQGR D~Q WDQWR GH Pt SUHFLViLV \ HVD
VLWXDFLyQ YLGDV PtDV PH HQORTXHFH SHQVDQGR TXH \D QR RV TXHGD TXLHQ D IDOWD GH
YXHVWUD TXHULGD PDGUH SHUVRQD TXH FRPSDUWLy VX YLGD FRQPLJR \ TXH D~QHQHVWHGLD
WDQ WHUULEOH VX UHFXHUGR VLJXH VLHQGR WDQ VDJUDGR FRPR FXDQGR OD SHUGt \R SURFXUp
HQGXO]DURV OD YLGD DO ODGR GH HVD YLHMD TXH SDUD Pt IXHFRPRXQDPDGUH\DODTXHDO
WpUPLQR GH VX YLGD VXIUH HVWH JROSH WUDQ UXGR SHUGRQDUPH YLGDV PtDV SHUGRQDUPH
SRUTXH QXQFD SHQVp HQ OR TXH KDEUtD GH DFDUUHDUPH OXFKDU SRU OD 9HUGDG \ OD
-XVWLFLD
2V GHMR XQ DSHOOLGR OLPSLR \ KRQUDGR QDGD QL QDGLH SXHGH VHxDODURV FRQ HO GHGR
FRPR SDGUH \ FRPR SHUVRQD KRQUDGD D FDUWD FDEDO SURFXUp OHJDURV OR ~QLFR TXH
QDGLHSXHGHDUUHEDWDUQRVODERULRVLGDG\KRQUDGH]
(O GtD GHO PHV GH 0D\R KDFH QXHYH DxRV PXULy YXHVWUD TXHULGD PDGUH DTXHOOD
TXHIXHWDQEXHQD\VDQWDSDUDWRGRV£TXHFRLQFLGHQFLD
3HUR QR PH FDQVDUtD GH HVFULELU HVWR\ DKRJDGR \ QR TXLHUR DEODQGDUPH HQ HVWD
VLWXDFLyQ WDQ GXUD KD\ TXH WHQHU VHQWLGR SDUD QR FDHU HQ HO IDQJR \ HQ HO GHVKRQRU
UHVSHWDU D YXHVWUD WtD $JXVWLQD \ D *UHJRULR TXHUHURV YRVRWUDV LJXDO TXH D ORV
SULPLWRV VREUH -RVp TXLHUR FUHHU RV ࣡
PLUDUi FRQ HO ࣡
FDULxR TXH D pO OH FRUUHVSRQGH
5HVSHWDUORORPLVPRTXHDVXHVSRVDTXHULGtVLPR3HStQ
'HEHtV UHFODPDU D OD &RRSHUDWLYD ODV DFFLRQHV TXH DOOt WHQHPRV DO PRULU \RVHJXLU
ODV LQGLFDFLRQHV TXH RV WUDQVPLWDQ HO FRPSDxHUR TXH RV DVHVRUH VL HV KRPEUH
REHGLHQWH \ KRQUDGR RV D\XGDUiSDUDTXHWHQJiLVXQDPHMRUVLWXDFLyQ\SDJXHQORTXH
PH GHEH OD $VRFLDFLyQ *HQHUDO FUHR QR WHQHU GHUHFKR D~Q D SHQVLyQ \ VL D OD
GHYROXFLyQ GH ODV FXRWDV HQWUHJDGDV DKRJDGR RV GHMR QR PH ROYLGHLV QXQFD TXH PLV
~OWLPRVPRPHQWRVVRQSDUDYRVRWUDV
2V GHMR DTXt XQD HVWLORJUiILFD HO UHORM HO FDUQHW FRQ PL UHWUDWR \ YXHVWUDV ~OWLPDV
FDUWDV \ GRV ODSLFHURV VLQ EDUUD \ OD ~OWLPD JRUUD TXHPHHQYLDVWHLVSDUDYRVRWUDVOD
JRPDODSHUGt
(V PL GHVHR VL HV SRVLEOH UHSRVDU FRQ -XOLD \ VL DVL QR IXHVH SRU OR GHO DEXHOR FRQ
PLV TXHULGRV SDGUHV 3RU ODVFLUFXQVWDQFLDVGHPLPXHUWHFXDQGRVHSXHGDQWUDVODGDU
PLVUHVWRVOOHYDGPHMXQWRDHOOD
8Q VLQ ILQ GH DEUD]RV SDUD WRGRV KDFLpQGRORV H[WHQVLYRV D PL TXHULGR KHUPDQR DVL
FRPR SDUD VX HVSRVD $JXVWLQD \ *UHJRULR \ SDUD HVRV iQJHOHV GH VREULQRV TXH ORV
TXLHURPXFKRFRQWRGRHODOPD
3DUD WRGRV SDUD WRGR PX\ DJUDGHFLGR SRU TXLHQHV SRU PLVHKDQSUHRFXSDGRGDUOHV
ODVJUDFLDV
+LMDV KLMDV DGLyV DEXHODDGLyVSDUDVLHPSUHGHTXLHQODVTXLHUHGHWRGRFRUD]yQ\
VLHPSUHRVTXLVRHQVXV~OWLPRVPRPHQWRVRVDGRUDYXHVWURSDGUHHKLMR
0DQXHO$OED5DWHUR
*XDUGDU HVWD FDUWDFRPR~OWLPRUHFXHUGRGHTXLHQWDQWRKDVXIULGRSHQVDQGRVLHPSUH
HQYRVRWUDV$GLyV
$Vt FRQFOXtD RWUD YDOLRVD YLGD HQ SOHQD MXYHQWXG OD HVWHOD GH VX FRPSRUWDPLHQWR
TXHGDED LPSUHVD HQ ORV FRUD]RQHV GH TXLHQHV OH FRQRFLHURQ \ WUDWDURQ VX WUDJHGLD
FRQFOXtD \ OD GH VX PDGUH SROtWLFD H KLMLWDV FRPHQ]DED /D VHxRUD ,QpV GH DYDQ]DGD
HGDG VHxRUD GH IXHUWH FDUiFWHU \ DFXVDGD SHUVRQDOLGDG VH UHEHOy H KL]R LQQXPHUDEOHV
GHPRVWUDFLRQHV FRQWUD ORV EiUEDURV FULPLQDOHV TXH WDQWR GDxR KLFLHURQ \ DVHVLQDURQ D
VX KLMR FXDQGR YHtD SRU OD FDOOH DOJ~Q IDODQJLVWD ORV OOHQDED GHLPSURSHULRVKDVWDTXH
XQRV GtDV GHVSXpV GHO IXVLODPLHQWR GH 0DQROD IXH GHWHQLGD H LQJUHVDGD HQ OD FiUFHO
GRQGH HVWXYR GHWHQLGD \ SURFHVDGD OR TXH SXGR KDEHU VLGR XQ FULPHQ D~Q PD\RU
TXHGy SDUD ODV QLxDV TXH VH YLHURQ VRODV VLQ HO DPSDUR GH OD DEXHOD KDVWD TXH IXH
SXHVWD HQ OLEHUWDG /D WUDJHGLD IDPLOLDU GH ODV QLxDV $OED KD VLGR XQ SHUPDQHQWH
UHFXHUGR HQ OD PHPRULDGHPXFKRVVDOPDQWLQRVTXHFRQRFLPRVVXGUDPDIDPLOLDUHQHO
WUDQVFXUVRGHQXHVWUDH[LVWHQFLD
)DXVWR6iQFKH]0DUWtQ௙
)DXVWR ௙
KDEtD QDFLGR HQ 3HxDUDQGD ௙
HQ VX SDGUH HUD XQ PRGHVWR LQGXVWULDO
SDQDGHUR DO PRULU HO SDGUH )DXVWR \ VXV KHUPDQRV GHWHUPLQDURQ GHMDU HO SXHEOR GH
3HxDUDQGD \ FRQ VX PDGUH VH YLQLHURQ D 6DODPDQFD D WUDEDMDU \ DSUHQGHU XQ RILFLR D
)DXVWR OH HQWXVLDVPDEDODSLQWXUD\GHVGHSHTXHxRVHFRORFyGHDSUHQGL]HQORVWDOOHUHV
GH SLQWXUD GH FRFKHV ³%DLOyQ´ DSUHQGLy HO RILFLR \ XQD YH] DOFDQ]DGD OD RILFLDOtD \
WHQLHQGR SRU QRYLD D ,QpV XQD MRYHQ \ JXDSD VLUYLHQWD QDWXUDO GH 9LOORUtD VH FDVDURQ
HQ \ VH IXHURQ D YLYLU D XQD PRGHVWD FDVD HQ HO Qž GHOD&XHVWDGHOD5DTXHWD
(Q OD FDVD GH DO ODGR WHQtD SRU YHFLQR D 0DQROR $OED 5DWHUR \ VX IDPLOLD FRQ HO TXH
SURQWR )DXVWR HVWDEOHFLy XQRV H[FHOHQWHV OD]RV GH DPLVWDG \ 0DQROR $OED IXH TXLHQ
LQWURGXMRD)DXVWRHQHOLQWHUpVSRUODOXFKDREUHUD
)DXVWR DFRPSDxy D 0DQROR $OED D OD &DVD GHO 3XHEOR \ SURQWR VH DILOLy D OD 8*7
DOOt FRQRFLy D RWURV FRPSDxHURV TXH HQ OD )HGHUDFLyQ GH 2ILFLRV 9DULRV WHQtDQ VX
SODWDIRUPD SDUD DOFDQ]DU XQD PHMRUDEOH VLWXDFLyQ HQ VX WUDEDMR VX REVHVLyQ HUD SLQWDU
FRQ PiVFDUDV TXH OHV SURWHJLHUD OD VDOXG FXDQGR SLQWDEDQ DXWRPyYLOHV DO ³'XFR´
SUHFLVDPHQWH HVH WUDEDMR OH FRQGXMR DXQDHQIHUPHGDGSXOPRQDUHQHODxR(OGtD
GH -XOLRGHGHVGHODFDPDVLJXLyORVDFRQWHFLPLHQWRVGHORVKHFKRVVXFHGLGRV
HQ OD 3OD]D 0D\RU KDVWD TXH GRV GtDV GHVSXpV HQVHJXLGD VH HQWHUy GH OD GHWHQFLyQGH
VX DPLJR \ YHFLQR 0DQROR $OED )DXVWR VH VDOYy GH DTXHO GHVDVWUH GHELGR D VX
LUUHYHUVLEOH HQIHUPHGDG QR KD IDOWDGR DOJ~Q FRPSDxHUR GHWUDEDMRWHVWLJRGHDTXHOORV
WLHPSRV TXH QRV PDQLIHVWy TXH HO HVWDU HQIHUPR OH SULYy GH OD GHWHQFLyQ \
SRVLEOHPHQWHGHVXHQFDUFHODPLHQWR\GHVSXpVHOPLVPRILQDOGHVXFRPSDxHUR"
)DXVWR FRQ HO FRQVLJXLHQWH GLVJXVWR VLJXLy PX\ GH FHUFD GHVGH VX FDPD ORV
VXIULPLHQWRV GH OD IDPLOLD $OED \ HO WUiJLFR GHVHQODFH GHO IXVLODPLHQWR GH VX
FRPSDxHUR YHFLQR \ DPLJR 0DQROR HO OXFWXRVR KHFKR GH VX FULPLQDO DVHVLQDWR \
PXHUWH WDQ LQMXVWD IXH XQ GXUR JROSH SDUD )DXVWR TXH YLQR D IDOOHFHU SRFR WLHPSR
GHVSXpV
(QULTXH9LFHQWH,]D\VXKLMR(QULTXH9LFHQWH%DOGLyQ³/RV0H]TXLWDV´ /D IDPLOLD 0H]TXLWD HVWDED FRPSXHVWD SRU HO PDWULPRQLR \ QXHYH KLMRV XQD FOiVLFD
IDPLOLD GH WUDEDMDGRUHV VHQFLOOD \ KRQHVWD TXH VL HQ DOJR VH VLJQLILFDEDQ HUD SRU ODV
H[FHOHQWHV UHODFLRQHV TXH PDQWHQtDQ FRQ VXVYHFLQRV\DPLJRV9LYtDQHQXQDPRGHVWD
FDVD GH OD FDOOH &iUFHO 9LHMD Qž SUy[LPDDOD5RQGDGH6DQFWL6SLULWXV\DODDFWXDO
*UDQ 9tD GLFKD FDVD HVWDED KDELWDGD SRU RQFH IDPLOLDV XQD GH HOODV OD IRUPDGD SRU
0DWHR'HOJDGR\VXHVSRVD
(QULTXH TXH HUD XQ KRQUDGR \ UHVSHWDGR HPSOHDGR GH (OHFWUD GH 6DODPDQFD 6$ HQ
FX\D (PSUHVD HQFRQWUy WUDEDMR SDUD VXV KLMRV (QULTXH 0DULR \ /XLV OD QRYHGRVD
SURIHVLyQ GHODHOHFWULFLGDGQRWHQtDVHFUHWRDOJXQRSDUDODIDPLOLDHUDQPX\FRQRFLGRV
\ DSUHFLDGRV HQ 6DODPDQFD HO SDGUH (QULTXH HUD KLMR GHO PDHVWUR 0H]TXLWD P~VLFR
DPLJR \ FRQGLVFtSXOR GHO PDHVWUR FRPSRVLWRU 7RPiV %UHWyQ HO PDHVWUR 0H]TXLWD
WDPELpQ FRPSXVR DOJXQD REUD PXVLFDO D VXV GHVFHQGLHQWHV HQ 6DODPDQFD VLHPSUH VH
OHVFRQRFtyFRPROD³IDPLOLD0H]TXLWD´ (Q DTXHOORV WLHPSRV HUDQ SRFRVORVMyYHQHVTXHOHVGLHUDSRUHOGHSRUWHVLQHPEDUJR
D ORV KLMRV PD\RUHV (QULTXH 0DULR \ /XLV GHVWDFDEDQ SRU VX DILFLyQ DO FLFOLVPR \
DWOHWLVPR HO SDGUH VLQ HPEDUJR HUD WRGR XQSURIHVLRQDOTXHDVXVRFXSDFLRQHVXQtDXQ
GHVRUELWDGR LQWHUpV SRU HO PXQGR GH OD FXOWXUD DPLJR GH DVLVWLU D FRQIHUHQFLDV \
PtWLQHV HUD IUHFXHQWH YHUOR HQ DTXHOORV OXJDUHV FDIpV EDUHV FDVLQR HWF GRQGH GH ODV
WHUWXOLDV VH KDFtD DUWH GH OD FRPXQLFDFLyQ RWUR LQWHUHVDQWH DVSHFWR TXH IRUPDED SDUWH
GH VX YLGD IXHURQ VXVVHQWLPLHQWRVUHSXEOLFDQRVYLYLyODLOXVLyQGHOD3URFODPDFLyQHO
GH $EULO GH VHJ~Q UHIHUHQFLDV RUDOHV DOJXQD YH] VH OH YLy SRU OD &DVD GHO
3XHEOR GH OD 8*7 DXQTXH VL HQ DOJR GHVWDFDED HUD HQ VX DIiQ FXOWXUDO HQ HO TXH
VXSXHVWDPHQWH FRQ VX KLMR (QULTXH GHSRVLWDURQ VX HOHYDGR VHQWLGR GH OD ILGHOLGDG HQ
ODV XWySLFDV LGHDV VRFLDOLVWDV HO VLQGLFDWR 8*7 HUD OD SODWDIRUPD TXH KDEtDQ HOHJLGR
SDUD FRQVHJXLU ODV UHLYLQGLFDFLRQHV D ODV TXH DVSLUDEDQ FRQ WRGD MXVWLFLD ORV
WUDEDMDGRUHV GH OD HOHFWULFLGDG /D SURFODPDFLyQ GH OD 5HS~EOLFD WUDMR XQ HQRUPH
FDXGDO GH HVSHUDQ]D D OD FODVH REUHUD QXHVWURV DPLJRV HQVLQWRQtDFRQODOyJLFDVRFLDO
GH DOJXQD PDQHUD LQWHQVLILFDURQ VX LQWHUpV FXOWXUDO \ SROtWLFR HQ OD &DVD GHO 3XHEOR
VRFLDOLVWD
3HUR HO GHVWLQR OHV WHQtDUHVHUYDGDXQDWUiJLFDSUXHEDHOOHYDQWDPLHQWRUHEHOGHGHORV
PLOLWDUHV TXH HQ 6DODPDQFD VH SURGXMR HO GH -XOLR GH DTXHO GRORURVR H
LQROYLGDEOH GtD VH VLQWLHURQ FRPR WRGRV ORV VDOPDQWLQRV GH ELHQ WUHPHQGDPHQWH
SUHRFXSDGRV SRU OD VLWXDFLyQ TXH SUHVHQWtDQVHDYHFLQDEDHUDQYHFLQRV\DPLJRVGHXQ
VLJQLILFDGR L]TXLHUGLVWD TXH YLYtD HQ OD PLVPD FDVD 0DWHR 'HOJDGR HO FXDO SDUWLFLSy
GLUHFWDPHQWH HQ OD GHIHQVD GH OD 5HS~EOLFD ORV GtDV \ GH -XOLR 0DWHR GH
ILOLDFLyQ FRPXQLVWD SDUWLFLSy MXQWR D ORV VRFLDOLVWDV PDV FRPSURPHWLGRVGHVGHOD&DVD
GHO 3XHEOR D LQWHQWDU DERUWDU HO OHYDQWDPLHQWR PLOLWDU DUPDGR GH XQD SLVWROD GH ODV
FXDWUR R FLQFR DUPDV TXHSRVHtDQIRUPySDUWHFRQORVFRPSDxHURVGHODV--6688GH
FDFKHRV D SHUVRQDV HQ OD QRFKH GHO DO VHPEUDU GH WHPRU OD FLXGDG GLVSDUDQGR
VXVDUPDVDODLUHVLQTXHDTXHOODQRFKHKXELHUDQLXQDVRODYtFWLPDHQODFLXGDG
$O GtD VLJXLHQWH GRPLQJR GtD D ODV GRFH GHO PHGLRGLD VH SURGXMR HQ OD 3OD]D
0D\RU HO DWDTXH DO SXHEOR GH ORV PLOLWDUHV TXHGDQGR GH IDFWR VRPHWLGD OD FLXGDG DO
WHUURU GH ORV UHEHOGHV JROSLVWDV \ IDODQJLVWDV HPSH]DURQ ODV GHODFLRQHV \ GHWHQFLRQHV
GHWRGDVDTXHOODVSHUVRQDVDIHFWDVDOD5HS~EOLFD
/D IDPLOLD 0H]TXLWD FRPR WRGDV ODV IDPLOLDV VDOPDQWLQDV GHVSXpV GHOOHYDQWDPLHQWR
PLOLWDUYLYLHURQODSHVDGLOODGHORTXHVXFHGtDHQ6DODPDQFDVHKDEODEDGLVFUHWDPHQWH
PX\ HQ VHFUHWR \ QR FRQ WRGR HO PXQGR GH ODV OXFWXRVDV QRWLFLDV TXH WRGRV ORV GLDV
VXUJtDQ GHWHQFLRQHV ORV SULPHURV DVHVLQDWRV TXH VH FRQRFHQ VRQ ORV GH 3ULHWR
&DUUDVFR \ 0DQVR PLHQWUDV WDQWR HQ OD FLXGDG VH REVHUYD OD FKXOHUtD HIHUYHVFHQWH
IDVFLVWD GH ORV IDODQJLVWDV TXH YHQ HQJURVDU VXV ILODV FRQ OR PDV UXtQ GH OD VRFLHGDG
REUHUD YDJRV \ PDOHDQWHV GH OD ³DULVWRFUDFLD´ \ ³FXHUQRFUDFLD´ HVTXLUROHV \
PDQJDQWHV GH OD FODVH REUHUD VXUJHQ SUHGLVSXHVWRV DO FULPHQ \ D DFDEDU FRQ WRGR OR
TXHSXHGDVLJQLILFDUODOLEHUWDG\GHPRFUDFLDGHQXHVWUR3XHEOR
$O SULQFLSLR IXHURQ ODV GHWHQFLRQHV GH ORV KRPEUHV \ PXMHUHV GH L]TXLHUGDV TXH PDV
KDEtDQ GHVWDFDGR SDVDURQ DOJXQRV GtDV \ HQ HO GRPLFLOLR GH QXHVWURV DPLJRV HO GtD GH 6HSWLHPEUH VH SUHVHQWDQ GRV KRPEUHV MyYHQHV OODPDGRV )UDQFLVFR0DUWLQ%LHOVD\
-XDQ 6DQFKH] LEDQ SUHJXQWDQGR SRU HO YHFLQR 0DWHR 'HOJDGR GLFHQ TXH YLHQHQ GH
9DOODGROLG \ TXH SHUWHQHFHQ DO SDUWLGR FRPXQLVWD TXH YLHQHQ EXVFDQGR LQIRUPDFLyQ\
TXH GHVHDQ HQFRQWUDU D 0DWHR 'HOJDGR SUHJXQWDEDQ SRU OD PXMHU GH0DWHR\DTXHVX
GRPLFLOLR KDEtD VLGR UHJLVWUDGR YDULDV YHFHV SRUODSROLFtDORVIDODQJLVWDVHLQFOXVRSRU
PLHPEURV GH OD JXDUGLD FtYLFD \D TXH 0DWHR KDEtD GHVDSDUHFLGR FDVXDOPHQWH QR VH
KDOODEDHQVXFDVDODHVSRVDGH0DWHRVHHQFRQWUDURQFDVXDOPHQWHFRQ(QULTXHSDGUH\
OHSLGLHURQOHVFRQWDUDFyPRHVWDEDQODVFRVDVSRU6DODPDQFD
(QULTXH KRPEUH GH FRQYLFFLRQHV GH L]TXLHUGDV QR VRVSHFKy GH TXLHQHV VH WUDWDEDQ
DTXHOORV ³DPDEOHV´ YLVLWDQWHV \ HQ XQ H[FHVR GH FRQILDQ]D LPSURSLD GH OD VLWXDFLyQ
TXH DWUDYHVDED QXHVWUR 3DtV ODUJy \ YD\DVLVHH[SOD\yDJXVWROHMRVPX\OHMRVHVWXYR
GH VRVSHFKDU WDQ VLTXLHUD TXH HUDQ GRV SROLFLDV VHFUHWDV IDVFLVWDV VXV LQWHUORFXWRUHV
GHQRVWy D ORV JROSLVWDV FRPHQWy OD VDOYDMH UHSUHVLyQ TXH VXIUtD QXHVWUR SXHEOR \ GLy
SUXHEDV PDV TXH VXILFLHQWHV GH VXV VHQWLPLHQWRV UHSXEOLFDQRV GH L]TXLHUGD HO FDVR HV
TXH DTXt VXUJLy HO PRWLYR SRU HO TXH IXHURQ GHWHQLGRV SRFR GHVSXpV (QULTXH \ VX KLMR
GHO PLVPR QRPEUH TXH HQ DTXHOORV GtDV HVWDED FRPR HO SDGUH WUDEDMDQGR GH
HOHFWULFLVWD HQ HO FDPSR GH DYLDFLyQ XQD YH] GHWHQLGRV OHV WRPDURQ VXFHVLYDV
GHFODUDFLRQHV VRPHWLGRV FRPR D WDQWRV RWURV D OD YLOH]D GH OD WRUWXUD OHV DFXVDURQ GH
HVSLRQDMH DO VHUYLFLR GH OD 5HS~EOLFD ORV VDEXHVRV LQTXLVLGRUHV IXQGDPHQWDURQ VXV
DFXVDFLRQHV VLHPSUH SDUD HQFRQWUDU RWURV ³URMRV´ \ VRPHWHUORV DO PLVPR ³WUiPLWH´
PLOLWDUL]DGR )XHURQ GHWHQLGRV HO GtD GH 6HSWLHPEUH SURFHVDGRV HO GH6HSWLHPEUH\MX]JDGRV
HO GHOPLVPRPHVUHVXOWDURQFRQGHQDGRVDSHQDGHPXHUWH\HMHFXWDGRVHOGtDGH
2FWXEUH GH D ODV VHLV WUHLQWD GH OD PDxDQDHQHOFDPSRGHO0DUtQMXQWRDODWDSLD
GHO FHPHQWHULR (O GRORU GH OD SpUGLGD GH ORV GRV VHUHV TXHULGRV DQRQDGy D WRGD OD
IDPLOLD /D WUHPHQGD H LUUHSDUDEOH GHVJUDFLD FD\y FRPR XQD ORVD VREUH OD IDPLOLD
9LFHQWH%DOGLyQ
&DUWDGH(QULTXH9LFHQWH%DOGLyQTXHHVFULELySRFDVKRUDVDQWHVGHVXIXVLODPLHQWR
³4XHULGD PDGUH 0H DOHJUDUp TXH HVWpLV ELHQ HVWD HV SDUD GHVSHGLUPH GH WL HQ HO
~OWLPR PRPHQWR GH OR SRFR TXH PH TXHGD GH YLGD SXHV HQ HVWRV PRPHQWRV HVWR\ HQ
FDSLOOD HVSHUDQGR GH TXH OOHJXH HO PRPHQWR IDWtGLFR \ GH TXH QRV YHQJDQ D EXVFDU
SDUD WHUPLQDU HVWD YLGD TXH SRFR KH ࣡
SRGLGR GLVIUXWDU GH HOOD VLHQGR FRPR VR\ XQ
LQRFHQWH SHUR HQ ItQ TXH VH OH YD D KDFHU SDFLHQFLD \ D PLUDU SRU OR TXH TXHGD D WX
ODGR HV OR ~QLFR TXH PH TXHGD SRU GHFLUOH \ D WHQHU UHVLJQDFLyQ TXH QRVRWURV
GHVFDQVDPRV SDUD VLHPSUH £iQLPR PDGUH TXH HV OR ~QLFR TXH WH SLGR HQ HVWRV
PRPHQWRV TXH WHQJDV UHVLJQDFLyQ TXH HV OR ~QLFR TXH WLHQH XQ KLMR TXH TXLHUH D VX
PDGUH FRQ WRGD VX DOPD QR WH DIOLMDV PDGUH SRU ORV RFKR KHUPDQRV TXH TXHGDQ D WX
ODGR QR Vp QL FyPR WHQJR IXHU]DV SDUD HVFULELUWH HQ HVWRV PRPHQWRVSHURHQILQ'LRV
GD IXHU]DV SDUD WRGR ELHQ ࣡
LQRFHQWH PXHUR VLQ VDEHUSRUTXpHVWRHVKRUULEOH\DPHOR
HVSHUDED YHQLUDXQTXHQRSHUGtODHVSHUDQ]DSRUVHULQRFHQWHSHURHVODIDWDOLGDGQR
KD\ VROXFLyQ« 4XH TXHGH iQLPR \ QDGD PiV D PLUDU SRU OR TXH TXHGD D WXODGRORV
RFKR KHUPDQLWRV GH PL DOPD TXH PXFKR ORV TXHUtD SHUR \D QR ORVYROYHUpDYHUPiV
£QL D WL PDGUH GH PL YLGD SRU HVR HV HO GHVSHGLUPH \D QR RV SXHGR YROYHU D YHURV
SHUR PLV OiJULPDV VL RV YHUiQ TXH ELHQ JUDEDGDV TXHGDQ HQ HVWH FDFKR GH SDSHO
£JXiUGDOR PDGUH TXH HV HO ~QLFR UHFXHUGR £ELHQ EDxDGS YD HQOiJULPDV6HGHVSLGH
WXKLMRSDUDVLHPSUH´
³£$GLyVPDGUHSDUDVLHPSUH£HO~OWLPRDGLyV0DULRVRORWHSLGRXQDFRVDTXHHVOR
~OWLPR TXH WH SLGH WX KHUPDQR TXH PLUHV SRU WRGRV PLV KHUPDQRV TXH VRQ PXFKRV \
TXHGDQ ELHQ GHVDPSDUDGRV VLQ SDGUH \ VLQ KHUPDQR ELHQ LQRFHQWH PXHUR SRU HVR HV
OR ~QLFR TXH SLGR GHVSLGLpQGRVH SDUD VLHPSUH $GLyV KHUPDQRV 0DULR (YD (OHQD
3HSD /XLV )LGHO 3HSH \ 0DUXMLWD£$GLyV SDUD VLHPSUH £$GLyV PDGUH GH PL YLGD
£$GLyV«
/XJDUHVGHGHVWLQRGHORVSUHVRV5HSXEOLFDQRV
'HOWUDEDMRKLVWyULFR³'RVIRUPDVGHYLROHQFLDGXUDQWHODJXHUUDFLYLO´VXVDXWRUDV
$GRUDFLyQ0DUWtQ%DUULR0DULDGHORVÈQJHOHV6DQSHGUR7DODEiQ\0DULD-HV~V
9HODVFR0DUFRV6DODPDQFD
³8QD SHUIHFWD UHG GH FHQWURV GH UHFOXVLyQ VHUYtDQ DO QDFLHQWH (VWDGR SDUDDSDUWDUGHOD
YLGD FtYLFD D DTXHOORV TXH VH OH KDEtDQ RSXHVWR R VLPSOHPHQWH VH KDEtDQ PRVWUDGR
LQGLIHUHQWHV (VWRV FHQWURV WHQtDQ XQ FDUiFWHU GREOH D 3ULVLRQHV FHQWUDOHV \
SURYLQFLDOHV GRQGH ORV SUHVRV HUDQ FRQGXFLGRV D FXPSOLU OD FRQGHQD LPSXHVWD HQ
&RQVHMR GH *XHUUD \ E &DPSRV GH FRQFHQWUDFLyQ TXH DFRJHQ D SULVLRQHURV SRU XQ
SHULRGR GH WLHPSR GLYHUVR GXUDQWH OD JXHUUD \ XQ ODSVR QRUPDOPHQWH EUHYH GH OD
SRVWJXHUUDHQODPD\RUtDGHORVFDVRVVLQTXHKD\DQDVLVWLGRDMXLFLR´
³'H ORV SUHVRV GH OD FiUFHO VDOPDQWLQD TXH IXHURQ FRQGHQDGRV D GLIHUHQWHV SHQDV XQ
SRUFHQWDMH LPSRUWDQWH SRU FXPSOtDQ OD PLVPD HQ SULVLRQHV TXH VH KDOODEDQ
IXHUD GH OD SURYLQFLD (Q OD PD\RUtD GH ORV FDVRV VH UHODFLRQD OD SHQD LPSXHVWD FRQ HO
GHVWLQR \ DXQTXHODKHWHURJHQHLGDGGHORVSUHVRVWUDVODGDGRVHVWRWDOODDEXQGDQFLDGH
MRUQDOHURV HQFDUFHODGRV YD D GDU OXJDU D TXH VHD HVWH JUXSR HO GH PD\RU Q~PHUR GH
WUDVODGRV´
³/DV SULVLRQHV GH GHVWLQR GH ORV SUHVRV VDOPDQWLQRV VHUiQ OD 3ULVLyQ &HQWUDO GH
%XUJRV VLWXDGD HQ SOHQR FHQWUR GH SRGHU \ XQD GH ODV PDV GXUDV D HVWH FHQWUR LEDQ
GHVWLQDGRV DTXHOORV TXH VXV SHQDV VXSHUDEDQ ORV DxRV \ OD 3ULVLyQ &HQWUDO GH
3DPSORQD TXH DFRJtD WDPELpQ XQ LPSRUWDQWH Q~PHUR GH SUHVRV VDOPDQWLQRV TXH
FXPSOHQSHQDVODUJDV´
³2WUDV SULVLRQHV PHQRV LPSRUWDQWHV HQ FXDQWR DO Q~PHUR GH GHVWLQDGRV HUDQ
&HODQRYD HQ 2UHQVH 3XHUWR GH 6DQWD 0DUtD HQ &iGL] 6DWXUUDUiQ HQ 0RWULFRVyOR
PXMHUHV0XQJXtDHQÈODYD\3ULVLRQHV0LOLWDUHV´
³(O UpJLPHQ FDUFHODULR HQ WRGDV HOODV QR HUD PX\ GLVWLQWR DO TXH VH KD GHVFULWR FRQ
UHVSHFWR D OD SULVLyQ GH 6DODPDQFD GLVFLSOLQD FDVWLJRV PDOD DOLPHQWDFLyQ
DGRFWULQDPLHQWRIDVFLVWD\UHOLJLRVRHWF´
³3RUORTXHVHUHILHUH DORVFDPSRVGHFRQFHQWUDFLyQDORVTXHVRQGHVWLQDGRVDOJXQRV
SULVLRQHURV HOSRUHVWRVYLHQHQGHWHUPLQDGRVSRUODSUR[LPLGDGD6DODPDQFD'H
XQD PDQHUD JHQHUDO SRGUHPRV DILUPDUTXHHOGHOD6DQWD(VSLQDGHORVGHVWLQDGRV
\ 0HGLQD GH 5LRVHFR DPERV HQ 9DOODGROLG VRQ ORV PDV LPSRUWDQWHV (Q 6DODPDQFD
H[LVWtD XQ FDPSR GH FRQFHQWUDFLyQ HQ 0LUDQGDGHO&DVWDxDUDOTXHVRORVHGHVWLQDQXQ
SHTXHxR SRUFHQWDMH GH ORV SULVLRQHURV TXH VH KDOODQ HQ HVWD VLWXDFLyQ FXDGUR
VLJXLHQWH´
³ /D YLGD FRWLGLDQD HQ ORV FDPSRV HVWDED FDUDFWHUL]DGD SRU HO FRQVWDQWH
DGRFWULQDPLHQWR LGHROyJLFR ORV PDORV WUDWDRV KDFLQDPLHQWR \ WUDEDMRV GXURV TXH VH
XQtDQ D OD PDOD DOLPHQWDFLyQ 7RGR HOOR XQLGR D ODV PDODV FRQGLFLRQHV VDQLWDULDVKL]R
TXHODPRUWDOLGDGIXHUDPX\HOHYDGD´ 3ULVLyQGH%XUJRV3ULVLRQHURV
3ULVLyQGH3DPSORQD³
&HODQRYD2UHQVH³
3XHUWRGH6DQWD0DUtD³
6DWXUUDUiQ0RWULFR³
(O'XHVR&DQWDEULD³
3ULVLRQHV0LOLWDUHV³
0XQJXtDÈODYD³
6DQ6LPyQ3RQWHYHGUD³
6DQWD(VSLQD9DOODGROLG³
0HGLQDGH5LRVHFR9DOODGROLG³
&DPSRVGH6DODPDQFD³
2WURV&HQWURV௙
௙
³
7RWDO ௙
SULVLRQHURV
7DPELpQ VH GLHURQ PXFKRV FDVRV TXH KHPRV FRPSUREDGR GRFXPHQWDOPHQWH GH ODV
³VDFDV´ LOHJDOHV \ TXH VH SURGXMHURQ FRQ DOJXQRV SUHVRV D OD FDtGD GH OD WDUGH ORV
OODPDEDQ SRU ORV DOWDYRFHV SDUD TXH UHFRJLHUDQ VXV SHUWHQHQFLDV \ VH GLVSXVLHUDQ DO
WUDVODGR D RWUD 3ULVLyQ OD GHVSHGLGD GH ORV VHOHFFLRQDGRV GH VXV FRPSDxHURV HUD
GXELWDWLYD QR VDEtDQ HO IXWXUR TXH ORV HVSHUDED" (Q OD DFWXDOLGDG KHPRV SRGLGR
UHFRJHU SRU WUDQVPLVLyQ RUDO \ FRQILUPDU SRUODGRFXPHQWDFLyQTXHKHPRVHQFRQWUDGR
ODGLPHQVLyQGHODOFDQFHTXHWXYRODUHSUHVLyQHQ6DODPDQFD
3XHV QR IXH VRODPHQWH OD FiUFHO GHVWLQR GH ORV GHWHQLGRV UHSXEOLFDQRV ORV SULPHURV
GtDV GH OD JXHUUD HPSH]DURQ D IXQFLRQDUORVJUXSRVDUPDGRVIDVFLVWDVTXHRUJDQL]DURQ
JUXSRV GH DVHVLQRV HQ 6DODPDQFD FDSLWDQHDGRV SRU ORV IDODQJLVWDV )UDQFLVFR %UDYR
$EHO 0D\RUJD *LO 5HPLUH] HWF \ TXH DSR\DGRV SRU HO TXH VH KDEtDGHKDFHUFpOHEUH
HO VDQJXLQDULR VDUJHQWR 9i]TXH] GH OD JXDUGLD FLYLOHVWDJHQWHURGHDGDGHXQDVHULHGH
SLVWROHURV TXH KDEUtDQ GH HMHUFHU GH YHUGXJRV ORV SLVWROHURV\DVHVLQRVORVHQFDEH]DED
$EHO 0D\RUJD TXH LED DO IUHQWH GH OD UHSUHVLyQ FRQ JHQWX]D FRPR HO ³&RURQR´
³%HRQ]D´ ³0LJXHOyQ´HWF TXH GHVWDFDEDQ SRU VX XQLIRUPH GH SDQWDOyQ QHJUR \
FDPLVD D]XO FRQ HO HPEOHPD HQ URMR GHO \XJR \ ODV IOHFKDV FRQ FRUUHDMH SLVWROD DO
FLQWR \ ERWDV DOWDV QHJUDV GHVGH ODV SULPHUDV IHFKDV D SDUWLU GHO GH -XOLR VH
DSURSLDURQ GHO 1RYLFLDGR5HVLGHQFLD GHORV-HVXLWDVVLWRHQHO3DVHRGH6DQ$QWRQLR\
DOOt HVWDEOHFLHURQ HO FXDUWHO GH OD )DODQJH $OOt SURJUDPDUtDQ VXV VDOLGDV D ORV SXHEORV
SDUD GHWHQHU \ DVHVLQDU D URMRV GHVGH DOOt WDPELpQ LUtDQ D GHWHQHU D FLXGDGDQRV \
FLXGDGDQDV GH OD FLXGDG D ORV TXH FRQRFtDQ SRU VXVLGHDVUHSXEOLFDQDVRGHL]TXLHUGDV
\ D ORV TXH GHODWDEDQ SRU VX OHDOWDG D OD5HS~EOLFD0XFKRVGHHOORVVHUtDQFRQGXFLGRV
D VX FXDUWHO GH ORV FXDOHV QXQFD PiV VHVXSRFXDOIXHVXILQDO"DOOtHQDTXHOVLQLHVWUR
FXDUWHOWHUPLQy OD SLVWD GH VXV YLGDV GHVSXpV GHO JUDQ Q~PHUR GH LQIRUPDFLRQHV
UHFLELGDV VRODPHQWH KHPRV HQFRQWUDGR XQR TXH GLR SUXHEDV GH OD YHUDFLGDG GH VXV
GHVFULSFLRQHV DPLJR \ FRPSDxHUR -XDQ 6iH] &DVDGR \ TXH VREUHYLYLy D OR TXH DOOt
VXFHGLyPDVDGHODQWHVHUHFRJHVXLQIRUPDFLyQ
/RV GHODWRUHVVLHPSUHSURFHGtDQGHODGHUHFKDDYHFHVORTXHOHVPRYtDDODGHODFLyQ
QR WHQtD QDGD TXH YHU FRQ OD SROtWLFD HO VLPSOH KHFKR GH DVLVWLU D ORV DFWRV TXH VH
FHOHEUDEDQ HQ ODV PDV GH FLHQ &DVDV GHO 3XHEOR GH 6DODPDQFD \ ORV SXHEORV GH OD
SURYLQFLD HUD PRWLYR PDV TXH VXILFLHQWH SDUD TXH D PXFKRV GH HOORV OHV FRVWDUD OD
DFXVDFLyQ\GHVSXpVODYLGD
(Q DTXHOORV SXHEORV ORV PHQRV GRQGH KDEtD XQ DXWpQWLFR VDFHUGRWH R XQ DOFDOGH
UHFLHQWHPHQWH QRPEUDGR SRU ORV UHEHOGHV IUDQTXLVWDV TXH VH RSRQtDQ D TXH HQ VX
SXHEOR VH DVHVLQDUD D DOJ~Q YHFLQR HUD VXILFLHQWH SDUD HYLWDU OD WUDJHGLD TXH
HPSH]DEDQ D VXIULU OD PD\RU SDUWH GH ORV FLXGDGDQRV TXH DVSLUDURQ D OD-XVWLFLD6RFLDO
\DXQ*RELHUQRGHPRFUiWLFR
/RV FUtPHQHV VH VXFHGtDQ XQRV D RWURV \ WRGRV ORV GtDV ORV FRPHQWDULRV HQ ODV FDOOHV
GH 6DODPDQFD FRUUtDQ FRPRODSyOYRUDODVQRWLFLDVGHORTXHVXFHGtDORVSHULyGLFRVQR
GHFtDQ QDGD \ OD JHQWH KRUURUL]DGD VLHPSUH KDEODQGRHQYR]EDMD\VRODPHQWHFXDQGR
HUDQ SHUVRQDV GH FRQILDQ]D FXDOTXLHU FRPHQWDULR TXH OOHJDED D ORV GHODWRUHV HUD
PRWLYR GH GHWHQFLyQ ORV SULPHURV HQ FDHU HQ 6DODPDQFD IXHURQ HO $OFDOGH GH OD
FLXGDG &DVWR 3ULHWR &DUUDVFR \ -RVp $QGUpV 0DQVR GLSXWDGR \ OtGHU VRFLDOLVWD DOJ~Q
GtD DQWHV \D VH VDEtD TXH KDEtDQ DVHVLQDGR D ORV $OFDOGHV GH 7HMDUHV \ $OGHDWHMDGD
SHUR HO IXURU DVHVLQR GH ORV IDVFLVWDV HQ HO WUDQVFXUVR GH ORV GtDV VH KDEUtD GH
LQFUHPHQWDUKDVWDQLYHOHVLQVRVSHFKDGRV\GHVGHOXHJRQXQFDSUHYLVWRV
0LHQWUDV D OD FiUFHO OD PD\RUtD GH ORV GHWHQLGRV GH ORV SXHEORV HUDQ FRQGXFLGRV SRU
OD JXDUGLD FLYLO \ IDODQJLVWDV TXH ORV WUDtDQ HVSRVDGRV OD FiUFHO VH IXH OOHQDQGR KDVWD
WHQHU XQD SREODFLyQ UHFOXVD TXH SDVDED GH ORV GRV PLO SUHVRV SURQWR HPSH]DUtDQ ODV
³VDFDV´ GH DTXHOORV SUHVRV FX\D ³FDXVD´QRHVWDEDFODUDOHVGDEDQODOLEHUWDG\FXDQGR
VDOtDQ OHV HVWDED HVSHUDQGR XQ FDPLyQ D OD SXHUWD GRQGH ORV KDFtDQVXELUXQJUXSRGH
IDODQJLVWDV DUPDGRV GH IXVLOHV \ ORV WUDVODGDEDQ D PRQWHV FHUFDQRV GRQGH ORV
DVHVLQDEDQ ORV PRQWHV GH OD 2UEDGD *DUJDEHWH $UD~]R 9DOFXHYR /D 3LQLOOD \
3RUWHURV IXHURQ WHVWLJRV PXGRV GHO ILQDO GH OD YLGD GH XQD LQJHQWH FDQWLGDG GH
LQRFHQWHV SHUVRQDV OD PD\RUtD MyYHQHV D ORV TXH OHV DUUHEDWDURQ OD YLGD ORVEiUEDURV
DVHVLQRVIDVFLVWDV
%pMDUFLXGDGLQGXVWULDO
'HVGHILQDOHVGHOVLJOR,;;ODFLXGDGGH%pMDUKDEtDGHVWDFDGRHQODSURYLQFLDSRUVX
GHVDUUROOR LQGXVWULDO FRQWULEX\y D HOOR VHJ~Q FRPHQWDULRV GH LOXVWUHV HVWXGLRVRV
EHMDUDQRV OD FDOLGDG GH ODV DJXDV GH VX UtR &XHUSR GH KRPEUH TXH FRQWULEXtDQ
SRGHURVDPHQWH HQ OD HODERUDFLyQ GH ORV WLQWHV SDUD OD KLODWXUD GH ODQD GiQGROH PD\RU
ILMH]D XQLGR HVWH DVSHFWR D OD ODERULRVLGDG SURSLD GH OD LGLRVLQFUDVLDTXHFDUDFWHUL]DED
D ORV EHMDUDQRV \ D VX FDUiFWHU HPSUHQGHGRU JHQHUDOL]DGR SURSLFLDURQ HO GHVDUUROOR GH
OD LQGXVWULD WH[WLO /RV FDOLGDG GH VXV SDxRV GH ODQD IDEULFDGRV HQ %pMDU SURQWR
DGTXLULHURQ IDPD OR TXH VLJQLILFy ODSUROLIHUDFLyQHQHOGHVDUUROORGHXQDLQGXVWULDTXH
GLR WUDEDMR D XQD JUDQ FDQWLGDG GH SHUVRQDV GH WRGD OD FRPDUFD GLULJLGRV SRU WpFQLFRV
TXH GHVWDFDURQ HQ OD LQVWDODFLyQ IDEULO SURFHGHQWHV GH 6DEDGHOO \ 7DUUDVD GH &DWDOXxD
GRQGHODLQGXVWULDWH[WLOHQDTXHOSHULRGRGHGHVDUUROOLVPRLQGXVWULDODOFDQ]DEDXQQLYHO
SXQWHUR HQ OD QDFLyQ HVSDxROD %pMDU SURQWR VH DFUHGLWy FRPR OD SREODFLyQ PiV
LQGXVWULRVDGHWRGDODSURYLQFLD
/D LPSRUWDQFLD TXH DGTXLULy FRPR SULQFLSDO IRFR LQGXVWULDO HQ OD SURYLQFLD
VDOPDQWLQD WUDMR XQD LQpGLWD H LPSRUWDQWH RIHUWD GH HPSOHR SDUD WRGD OD ]RQD RHVWH GH
ODUHJLyQOHRQHVD
%pMDU WHQGUtD TXH VRSRUWDU XQ LPSRUWDQWH LQFUHPHQWR GH VX SREODFLyQ OD FLXGDG
WH[WLOKDEUtDGHVHUXQH[FHOHQWH³FDOGRGHFXOWLYR´SDUDODLQFLSLHQWH³OXFKDGHFODVHV´
TXH VH RULJLQDED HQ OD GHIHQVD GH ORV LQWHUHVHV GH ORV WUDEDMDGRUHV IUHQWH D ORV
SRGHURVRV SDWURQRV HQ VX WRWDO PD\RUtD SHUWHQHFLHQWHV DIDPLOLDVULFDVTXHYLHURQFRQ
FODULGDG ORV QXHYRV WLHPSRV TXH DOXPEUDED XQ IXWXUR LQGXVWULDO SURPHWHGRU HQ GLFKR
SUR\HFWR HUDQ LPSUHVFLQGLEOHV ORVWUDEDMDGRUHVVHLQLFLDEDXQDpSRFDGLVWLQWDXQSOHQR
GHVDUUROOR HFRQyPLFR H LQGXVWULDO TXH WUDHUtD FRPRFRQVHFXHQFLDHOHQIUHQWDPLHQWRGH
LQWHUHVHVHQWUHODVFODVHVVRFLDOHVSUHGRPLQDQWHVGHSDWURQRV\ORVH[SORWDGRVREUHURV (Q %pMDU ODV LGHDV VRFLDOLVWDV \ SURJUHVLVWDV GHO LGHDULR PDU[LVWD FXDMDURQ FRQ WDO
IXHU]D TXH OD FODVH REUHUD SURQWR DVXPLy OD UHDOLGDG GHO SULQFLSLR EDVDGR HQ OD IXHU]D
GH OD XQLyQ GH ORV REUHURV OR TXH WUDHUtD FRPR FRQVHFXHQFLD HQ HO WUDQVFXUVR GHO
WLHPSR \ GHVSXpV GH GLYHUVRV DYDWDUHV XQLUODSREODFLyQGHWUDEDMDGRUHVHQVRFLHGDGHV
REUHUDV HOOR OOHYDED FRQVLJR OD LOXVLyQ D OD SREODFLyQ REUHUD FRQ OD IXQGDFLyQ GH OD
$JUXSDFLyQ 6RFLDOLVWD %HMDUDQD FX\R DFWD IXQGDFLRQDO WLHQH IHFKD GHO GH )HEUHUR
GH GHQWUR GH GLFKD $JUXSDFLyQ HVWXYLHURQ IXQFLRQDQGR VLPXOWiQHDPHQWH OD
8QLyQ *HQHUDO GH 7UDEDMDGRUHV 8*7 6LQGLFDWR VRFLDOLVWD \ HO 3DUWLGR 6RFLDOLVWD
2EUHUR (VSDxRO 362( 3DUWLGR SROtWLFR RUJDQL]DFLRQHV KHUPDQDV FX\R LGHDULR HUD
FRP~Q\EDVDGRIXQGDPHQWDOPHQWHHQODGHIHQVDGHORVLQWHUHVHVGHODVFODVHVREUHUDV
(Q OD FLXGDG WH[WLO WRGR OR H[SUHVDGR DQWHULRUPHQWH KDEUtD GH WUDHUODFRQVHFXHQFLD
GHOSURIXQGRDUUDLJRGHOD8*7\HO3DUWLGR6RFLDOLVWD2EUHUR(VSDxRO
/DUHSUHVLyQIUDQTXLVWDHQ%pMDU௙
3RU0LJXHO0LxDQD%DUURVR
(VWH WUDEDMR TXH YR\ D UHDOL]DU HV XQ KRPHQDMH GH FDULxR \ DGPLUDFLyQ D WRGRV ORV
EHMDUDQRV TXH VXIULHURQ OD GHVSLDGDGD UHSUHVLyQ HQ OD PDO GHQRPLQDGD *XHUUD &LYLO
(VSDxROD
0XFKR VH KD HVFULWR VREUH GLFKD JXHUUD \ OD 5HS~EOLFD UtRV GH WLQWD VH KDQ YHUWLGR
VREUH GLFKRV VXFHVRV TXH VH LQLFLDQ HO GH $EULO GH FRQ OD SURFODPDFLyQ GH OD
5(3Ò%/,&$ < (/ž'($EULOGHHQTXHILQDOL]DODWUDJHGLDPDVJUDQGHVXIULGD
SRU (VSDxD HQ ORV ~OWLPRV VLJORV ([LVWHQ OLEURV SDUD WRGRV ORV JXVWRV D IDYRU GH OD
5HS~EOLFD R D IDYRU GHO UpJLPHQ IUDQTXLVWD XQRV WUDWDQ GH VHU PDV HFXiQLPHV H
LPSDUFLDOHV RWURV LQWHQWDQ FRQ VXV IDODFHV WHRUtDV FDPELDU OD KLVWRULD (Q HVWRV
PRPHQWRV FXDQGR HVFULER HVWRV IROLRV 0DU]R GH VH TXLHUH GHPRVWUDU
PDFKDFDQGR FRQWLQXDPHQWH FRQ DUJXPHQWRV UHWRUFLGRV H LQIDPHV TXH HO DWHQWDGR GHO
GH 0DU]R GHO IXH GLVWLQWR D OR VXFHGLGR UHDOPHQWH \ D OR TXH HO SURFHVR
MXGLFLDO HVWi GLFWDPLQDQGR FRQ OD HODERUDFLyQGHPLOHVGHIROLRV\HOSDVRGHWHVWLJRV\
DFXVDGRV SRUHOPLVPR6LHVWRVXFHGHFRQXQDGLIHUHQFLDWDQVRORGHWUHVDxRV¢&yPR
QRVHYDDHVSHFXODU\FDPELDUFRQORTXHSDVyKDFHDxRV"
6H KD HVFULWR PXFKR FRPR GLJR DQWHULRUPHQWH VREUH OD WUiJLFD FRQWLHQGD VLQ
HPEDUJR VREUH OR VXFHGLGR HQ %pMDU QR VH KD HVFULWR DSHQDV QDGD \ OR TXHKD\HVFULWR
QR UHIOHMD D PL MXLFLR OR TXH UHDOPHQWH SDVy HQ QXHVWUD FLXGDG ([LVWH XQ OLEUR HVFULWR
SRU GRQ -RVp /XLV 0DMDGD TXH ODPHQWR QR KDEHUOH OHtGR DQWHVSDUDUHEDWLUOHDOJXQDGH
VXV DILUPDFLRQHV /D OHFWXUD GH GLFKR OLEUR OD HIHFWXp PHVHV SDVDGRV \D TXH TXLVH
FRQWUDVWDU VX WH[WR FRQ ODV LQYHVWLJDFLRQHV TXH HVWDED UHDOL]DQGR SRU VXJHUHQFLD GH OD
³$VRFLDFLyQ 0HPRULD \ -XVWLFLD´GH6DODPDQFD(VWD$VRFLDFLyQGHVFRQRFtDFDVLWRGR
OR DFDHFLGR HQ %pMDU VREUH WRGR FRQ ORV PXHUWRV TXH VH KDEtDQ SURGXFLGR FRQ OD
UHSUHVLyQIUDQTXLVWD
<R HPSHFp OD LQYHVWLJDFLyQ SUHJXQWDQGR D IDPLOLDUHV GH YtFWLPDV \ FRPR
FRQVHFXHQFLD GH HOOR OD SULPHUD YLVLWD OD UHDOLFp DO -X]JDGR GH %pMDU SDUD FHUFLRUDUPH
GH ODV GHIXQFLRQHV TXH ILJXUDEDQ LQVFULWDV HQ HO 5HJLVWUR &LYLO0LSULPHUDVRUSUHVDVH
SURGXFH DO FRPSUREDU TXH ORV GDWRV TXH PH IDFLOLWDED DPDEOHPHQWH 0DUL 6RO VH
UHIHUtDQ VRODPHQWHDVHLVPXHUWHVYLROHQWDVSRUDUPDGHIXHJR6LHPSUHKDEtDRtGRTXH
ORV DVHVLQDWRV HQ %pMDU MXQWR D ORV TXH VH SURGXMHURQ HQ 6DODPDQFD HO ž GH (QHUR GH
DVFHQGtDQ D XQD FLIUDV DSUR[LPDGDV GH D SHUVRQDV ¢'yQGH HVWDEDQ ORV
UHVWDQWHV" \R FUHtD TXH ORV PXHUWRV HQ ODV FXQHWDV GH ODV FDUUHWHUDV GH OD &RPDUFD
HVWDUtDQ UHJLVWUDGRV HQ %pMDU SHUR QR HUD DVt 3RU WDQWR PH GHVSODFp DFRPSDxDGR GH
DOJXQRV FRPSDxHURV D SXHEORV GH OD &RPDUFD \ SXHEORV GHO 1RUWH GH ([WUHPDGXUD
GRQGH HQORVUHVSHFWLYRVD\XQWDPLHQWRVQRVIDFLOLWDURQDPDEOHPHQWHIRWRFRSLDVGHODV
DFWDV GHGHIXQFLyQFX\RVQRPEUHVIDFLOLWDUpPDVDGHODQWHLQGLFDQGRODVFLUFXQVWDQFLDV
GHVXPXHUWH
/RV SXHEORV YLVLWDGRV IXHURQ ORV VLJXLHQWHV $OGHDQXHYD GHO &DPLQR %DxRV GH
0RQWHPD\RU &DEH]D GH %pMDU &DQGHODULR &DQWDJDOOR &DVDV GHO 0RQWH *UDQMD GH
*UDQDGLOOD +HUYiV -DULOOD /D *DUJDQWD /D +R\D 0ROLQLOOR 1DYD GH %pMDU
1DYDOPRUDO GH %pMDU 3XHQWH GHO &RQJRVWR 3XHUWR GH %pMDU 6DQWLEixH] GH %pMDU
6DQWLEixH] GH OD 6LHUUD 6DQ (VWHEDQ GH OD 6LHUUD 6RULKXHOD 9DOOHMHUD 9LOODU GH
3ODVHQFLD\=DU]DGH*UDQDGLOOD
(Q ODV FHUFDQtDV GH GLFKRV SXHEORV HQ ODV FXQHWDV GH ODV FDUUHWHUDV FRPHQ]DURQ D
DSDUHFHU FDGiYHUHV GH ORV UHSXEOLFDQRV EHMDUDQRV TXH VRQ DVHVLQDGRV DO DPDQHFHU D
SDUWLUGHOGH-XOLRGHTXHHVFXDQGROOHJDQD%pMDUSURFHGHQWHVGH6DODPDQFD
OD GHQRPLQDGD 3ULPHUD )DODQJH FRQRFLGRV HQ %pMDU FRPR ORV ³IDODQJLVWDV GH
&DQWDODSLHGUD´ /RV PXHUWRV QRUPDOPHQWH HUDQ GHVFXELHUWRV SRU ORV OHFKHURV \
FDUERQHURV TXH D SULPHUD KRUD VH GHVSOD]DEDQ D %pMDU /RV VREUHVDOWRV \ HO PLHGR
FXQGLD HQ DTXHOOD SREUH JHQWH TXH GXGDED FRPR HV OyJLFR FRQ OR TXHGHEHUtDQKDFHU
6L FRPXQLFDU HO KDOOD]JR GH ORV PXHUWRV D ODV DXWRULGDGHV GH ORVUHVSHFWLYRVSXHEORVR
LQIRUPDU D ODFOLHQWHODTXHWHQtDQHQ%pMDU/RKLFLHUDQGHXQDIRUPDXRWUDORFLHUWRHV
TXH JUDFLDV D VX FRODERUDFLyQ VH SXGLHURQ LGHQWLILFDU D EDVWDQWHVEHMDUDQRVDVHVLQDGRV
WDQWUiJLFDPHQWH
&RPR GLJR DQWHULRUPHQWH ORV IDODQJLVWDV VH LQVWDODQ HQ HO OODPDGR &XDUWHO DQWHV
3DODFLR 'XFDO \ PRQWDQ VX FiPDUD GH WRUWXUDRGHWHUURU\FRPLHQ]DQVXGHVSLDGDGD\
IUHQpWLFD DFWLYLGDG GH PDGUXJDGD VH GHGLFDQ D ORVPDOOODPDGRV³SDVHRV´\DSDUWLUGH
ODV R GH OD PDxDQD D GHWHQHU D FLHQWRV GH EHMDUDQDV \ EHMDUDQRV DILQHV D OD
UHS~EOLFD D ORV ³URMRV´ FRPR HOORV GHQRPLQDEDQ D ORV TXH QR SHQVDEDQ GH LJXDO
IRUPD /DV GHWHQFLRQHV VH HIHFWXDEDQ GH DFXHUGR FRQ XQD OLVWD TXH SUHYLDPHQWH KDEtD
UHGDFWDGRODIDPRVDFRPLVLyQGHEHMDUDQRVDGLFWRVDORVVXEOHYDGRV
௙
1RWD GHO ௙
DXWRU ³6HJ~Q KHPRV SRGLGR DSUHFLDU SRU LQIRUPDFLRQHV RUDOHV UHFLELGDV GH
GLVWLQWDV SHUVRQDV HQ DYDQ]DGD HGDG OD IRUPDEDQ GLH] R GRFH LQGLYLGXRV FX\RV
QRPEUHV QLQJXQR GH ORV LQIRUPDQWHV VH DWUHYLy D UHYHODU HUDQ DOJXQRV MHUDUFDV
LQGXVWULDOHV \ GRV R WUHV REUHURV HVTXLUROHV WUDLGRUHV D OD FODVH REUHUD SRVLEOHPHQWH
DILOLDGRV D OD )DODQJH GLFKD ³FRPLVLyQ´ VH UHXQtD HQ HO FXDUWHO GH OD )DODQJH FRQ OD
ILQDOLGDG GH IDFLOLWDU DORMDPLHQWR D ORV YHUGXJRV OOHJDGRV GH 6DODPDQFDOOHQiQGROHVGH
DWHQFLRQHV \ VLPXOWiQHDPHQWH HODERUDU OD OLVWD GH ORV URMRV TXH HOORV FRQVLGHUDEDQ
SHOLJURVRV \ TXH FRQVLGHUDQ KDEtD TXH ³HOLPLQDU´ GHODWDEDQ D ORV UHSXEOLFDQRV \
JHQWHV GH L]TXLHUGD D ORV FXDOHV FRQ HO SUHWH[WR GHTXHWHQtDQDUPDVWRUWXUDEDQ\DORV
TXH VH UHEHODEDQ R ORV TXH FRQVLGHUDEDQ PDV SHOLJURVRV IXHURQ DVHVLQDGRV IXHURQ
DOJXQFHQWHQDUORVEHMDUDQRV\EHMDUDQDVTXHSDVDURQSRUODPHQFLRQDGDSUXHED´ (Q OD OODPDGD ³FiPDUD GH WRUWXUD´ VH SURFHGtD D GDU SDOL]DV TXH HQ DOJXQRV FDVRV
IXHURQ PRUWDOHV D FRUWHV GH ³SHOR DO FHUR´ \ D SXUJDV GH DFHLWH GH ULFLQR TXH
SURYRFDEDQXQDVGHVFRPSRVLFLRQHVWUHPHQGDV7DQWRPXMHUHVFRPRKRPEUHVHQDOJ~Q
FDVR QR HQ WRGRVVHOHVPDQGDEDDFDVDHQXQHVWDGRODPHQWDEOH\VXSRQtDXQFDOYDULR
HO SRGHU OOHJDU D VX GRPLFLOLR $ PXFKRV GH ORV TXH HUDQ WDQ EUXWDOPHQWH WRUWXUDGRV
FXDQGR SDVDEDQ DOJXQRV GtDV VH OHV YROYtD D GHWHQHU \ VH OHV GDED HO ³SDVHR´
DVHVLQiQGROHVGHODIRUPDGHVFULWDDQWHULRUPHQWH
(VWRV EHMDUDQRV TXH IXHURQ UHJDQGR FRQ VX VDQJUH ODV FXQHWDV GH ODV FDUUHWHUDV GH OD
FRPDUFD \ QRUWH GH ([WUHPDGXUD WLHQHQ QRPEUHV \ DSHOOLGRV TXH VHUiQ GHVFULWRV PDV
DGHODQWH FRQ ODV FLUFXQVWDQFLDV GH VX PXHUWH \ HQ OD PD\RUtD GH ORV FDVRV FRQ OD
GHQRPLQDFLyQGHOOXJDUGHODHMHFXFLyQ
$O PLVPR WLHPSR TXH ORV IDODQJLVWDV LQLFLDQ VX GHYDVWDGRUD \ VDQJULHQWD WDUHD OD
*XDUGLD &LYLO DO PDQGR GHO FDSLWiQ )DOFy TXH WUDLFLRQy DO *RELHUQR OHJDOPHQWH
HVWDEOHFLGR \ VH XQH D ORV UHEHOGHV FRPLHQ]DQ D GHWHQHU D RWUR JUXSR GH EHMDUDQRV
HQWUH HOORV DO DOFDOGH (OR\*RQ]iOH]%HQLWRDOFRQFHMDO\SURFXUDGRU9DOHQWtQ*DUULGR
0XxR] DO VHFUHWDULR GHO $\XQWDPLHQWR 3HGUR 0LxDQD 5HJDGHUD PL SDGUH \ DVt KDVWD
SHUVRQDV TXH IXHURQ WUDVODGDGRV D OD 3ULVLyQ 3URYLQFLDO GH 6DODPDQFD \ PDV
DGHODQWH MX]JDGRV HQ XQ VLPXODFUR GH MXLFLR \ VRQ FRQGHQDGRV SRU ³UHEHOLyQ PLOLWDU´
£4XH VDUFDVPR /RV TXH GHIHQGtDQ OD OHJDOLGDGGHO*RELHUQR5HSXEOLFDQRHOHJLGRSRU
ORV HVSDxROHV HQ ODV XUQDV HO GH )HEUHUR GH HUDQ ORV ³UHEHOGHV´ \ ORV TXH
WUDLFLRQDURQ D GLFKR *RELHUQR VH HULJLHURQ HQ ORV VDOYDGRUHV GH OD SDWULD \ SRUWDGRUHV
GH XQD OHJDOLGDG TXH QXQFD WXYLHURQ \ TXH FRQVLJXLHURQ SRU ODV DUPDV VHPEUDQGR HO
WHUURU
6REUHGLFKRVLPXODFURGHMXLFLRHQHOTXHIXHURQFRQGHQDGRVDPXHUWHEHMDUDQRV\
RWURV FX\RV QRPEUHV PHQFLRQDUHPRV PDV DGHODQWH IXHURQ FRQGHQDGRV D SHQDV GH
FiUFHOTXHRVFLODEDQHQWUH\DxRV
'HVSXpV GH OR GHVFULWR DQWHULRUPHQWH TXLHUR UHIHULUPH D DOJXQDV GH ODVFRQFOXVLRQHV
D ODV TXH OOHJD HO 6U 0DMDGDVHQVXOLEUR'LFHHVWHVHxRUWH[WXDOPHQWH´/DGHVEDQGDGD
IXH FROHFWLYD 9HPRV D PXFKRV HVFDSDU D UHIXJLDUVH HQ HO FDPSR 2WURV SUHIHULUiQ
VXPHUJLUVH HQ HO DQRQLPDWR GH OD JUDQ FLXGDG DVt IXH GHWHQLGR XQ GtD GH DTXHOORV HQ
6DODPDQFD GRQ 3HGUR 0LxDQD VHJ~Q FRQVWD HQ OD VHVLyQ GHO GH $JRVWR GH $UFKLYR0XQLFLSDOGH%pMDUOLEURGH6HVLRQHVVHJ~QIHFKD´
(Q SULPHU OXJDU QR HV FLHUWR TXH OD GHVEDQGDGD IXHUD FROHFWLYD SXHV OD PD\RUtD GH
ORV EHMDUDQRV SHUPDQHFLHURQ HQ VXV GRPLFLOLRV\VyORXQDPLQRUtDPX\UHGXFLGDVHIXH
DO FDPSR 3RU HMHPSOR /RV TXHIXHURQDEDWLGRVQRHQHO³&DQFKRGHOD0XHOD´FRPR
QRUPDOPHQWH VH KD YHQLGR GLFLHQGR VLQR HQ XQD FXHYD UHIXJLR GH SDVWRUHV TXH H[LVWH
HQWUH OD 3HxD GH OD &UX] \ 3HxD 1HJUD (Q VHJXQGR OXJDU \ HVWR PH GXHOH PiV SRU
UHIHULUVH D PL SURSLR SDGUH 1R HV FLHUWR TXH IXHUD GHWHQLGR HQ 6DODPDQFD GLFKR DVt
FXDOTXLHUD SXHGH SHQVDU TXH HVWDED SDVHDQGR SRU OD 3OD]D 0D\RU R TXH HVWDED
KRVSHGDGR HQ DOJ~Q KRWHO 0L SDGUH HVWDED HQ 6DODPDQFD Vt SHUR HQ OD 3ULVLyQ
3URYLQFLDO FRQORVRWURVEHMDUDQRV(VWUDVODGDGRD%pMDUSRURUGHQGHO&RPDQGDQWH
GH OD *XDUGLD &LYLO SDUD HIHFWXDU HO WUDVSDVR GH OD VHFUHWDUtD \ XQD YH] UHDOL]DGR HVWH
WUiPLWH HV GH QXHYR UHPLWLGR D OD 3ULVLyQ 3URYLQFLDO /DPHQWR PXFKR TXH HO 6U
0DMDGDV\DQRHVWpHQWUHQRVRWURV\WDPELpQODPHQWRQRKDEHUOHtGRDQWHVVXOLEURSDUD
SRGHUUHEDWLUOHGLFKDDILUPDFLyQ
(Q HO &DVLQR 2EUHUR GH %pMDU GLR XQD FRQIHUHQFLD VREUH VX OLEUR \ KXELHUD VLGR HO
OXJDU LGyQHR SDUD DFODUDU UHDOPHQWH OR VXFHGLGR 1R TXLHUR SHQVDU QL PXFKR PHQRV
TXHHVWDIDOVHGDGIXHUDLQWHQFLRQDGDSHURVLPHH[WUDxDTXHQRVXSLHUDORVXFHGLGRFRQ
OD GHWHQFLyQ \ WUDVODGR D 6DODPDQFD GH HVWH JUXSR GH EHMDUDQRV ¢HV TXH QR OH
LQIRUPDURQ VREUH HOOR"6LKXELHUDKDEODGRFRQPLJR\GDGDODDPLVWDGTXHFRQpOWHQtD
KXELHUD VLGR OR PiV QRUPDO \ KDEUtDPRV DFODUDGR OR VXFHGLGR (O 6U 0DMDGD KDFH
UHIHUHQFLD D OD 6HVLyQ GHO GH $JRVWR GH (O $FWD GH GLFKD 6HVLyQ GLFH
OLWHUDOPHQWH ³$FXHUGR´ 6XVSHQVLyQ GH HPSOHR \ VXHOGR DO ௙
6HFUHWDULR 6U 0LxDQD ௙
(O
DOFDOGH ௙
SRQH HQ FRQRFLPLHQWR GH OD &RUSRUDFLyQ OD GHWHQFLyQ H ࣡
LQJUHVR HQ OD FiUFHO
FRPR DVt PLVPR GH VX WUDVODGR D OD GH OD FDSLWDO GHO 6HFUHWDULR GHO $\XQWDPLHQWR GH
'RQ 3HGUR 0LxDQD 5HJDGHUD ³SRU VX VXSXHVWD LQWHUYHQFLyQ HQ ORV VXFHVRV
UHYROXFLRQDULRVDFWXDOHV´
¢&yPR GHGXFH HO 6U 0DMDGD TXH PL SDGUH IXH GHWHQLGR HQ 6DODPDQFD" QR OR
HQWLHQGR 3RU VL H[LVWH DOJXQD GXGD PH SHUPLWR WUDQVFULELU D FRQWLQXDFLyQHOHVFULWRQž
GHIHFKDGH$JRVWRGHTXHOD&RPDQGDQFLD0LOLWDUGH6DODPDQFDGLULJH
DO DOFDOGH GH %pMDU \ TXH GLFH DVt ³&RQ HVWD IHFKD ࣡
RUGHQR D OD &RPDQGDQFLD GH OD
*XDUGLD &LYLO 'LVSRQJD OR FRQYHQLHQWH SDUD TXHVHDFRQGXFLGRDHVD3OD]DHOTXHIXH
VHFUHWDULR GHO $\XQWDPLHQWR 'RQ 3HGUR 0LxDQD 5HJDGHUD FRQ HO ILQ GH TXH KDJD
HQWUHJD GHODVHFUHWDUtDUiSLGDPHQWH\XQDYH]HIHFWXDGRVHUiFRQGXFLGRQXHYDPHQWHD
OD ࣡
FLWDGD ࣡
SULVLyQ´ 6DODPDQFD GH $JRVWR GH (O *HQHUDO &RPDQGDQWH /XLV
9DOOpV6U$OFDOGHGHO$\XQWDPLHQWRGH%pMDU௙
&UHR TXH TXHGD PHULGLDQDPHQWH FODUR TXH PL SDGUH IXH GHWHQLGR HQ %pMDU TXH
HVWXYR HQ OD SULVLyQ GH pVWD FLXGDG XQDV KRUDV R XQ GtD \ WUDVODGDGR D OD SULVLyQ
3URYLQFLDO GH 6DODPDQFD MXQWR D SDLVDQRV PDV \ TXH IXH WUDVODGDGR GHVGH GLFKD
SULVLyQ DO $\XQWDPLHQWR GH %pMDU SDUD HIHFWXDU HO WUDVSDVR GH OD 6HFUHWDUtD \
VHJXLGDPHQWH YROYHU D LQJUHVDU HQ OD 3ULVLyQ 3URYLQFLDO GRQGH SHUPDQHFLy KDVWD OD
PDGUXJDGD GHO ž GH (QHUR GH IHFKD HQ OD TXH IXH DVHVLQDGR MXQWR D RWURV GLH]
EHMDUDQRV
3LGR SHUGyQ SRU KDEHUPH H[WHQGLGR HQ HVWH DVXQWR WDQ SHUVRQDO \ HPRWLYR SDUD Pt
SHURHQKRPHQDMHDPLSDGUHTXHUtDTXHVHVXSLHUDORTXHUHDOPHQWHRFXUULy
'HVSXpV GH WRGR OR GHVFULWR DQWHULRUPHQWH PHKDJRXQDSUHJXQWD¢4XpVXFHGLyHQOD
%pMDU UHSXEOLFDQD GHVGH HO GH )HEUHURGHKDVWDHO*ROSHGH(VWDGRHOIDPRVR
GH -XOLR GHO PLVPR DxR" ¢IXHURQ WDQ JUDYHV ORV DFRQWHFLPLHQWRV HQ HO WUDQVFXUVR
GHGLFKRWLHPSRSDUDTXHVHSURGXMHUDODWHUULEOH\VDQJULHQWDUHSUHVLyQIUDQTXLVWD"
<R WHQtD DxRV HQ DTXHOOD IHFKD \ DXQTXH WHQJR DOJXQRV UHFXHUGRV LPERUUDEOHV OR
TXH Vp HV SRUTXH PH OR KDQFRQWDGRORVPD\RUHV\ORVDFRQWHFLPLHQWRVPDVUHOHYDQWHV
GH DTXHO SHULRGR UHSXEOLFDQR IXHURQ OD TXHPD GH OD LJOHVLD GHO 6DOYDGRU HQ OD QRFKH
GHO DO GH )HEUHURSRUXQJUXSRUDGLFDO\H[DOWDGRVGHL]TXLHUGDV\ODPXHUWHGHO
IDODQJLVWD,JQDFLR6iQFKH]&REDOHGD
'HpVWH~OWLPRVXFHVRVHKDQHVFULWRPXFKDVYHUVLRQHV/OHJyD%pMDUHQFRFKHMXQWRD
VX FRPSDxHUR ÈQJHO *RQ]iOH] 6iQFKH] \ FRQ HO FRQGXFWRU GHO YHKtFXOR HO GtD GH
-XOLR /HV GDQ HO DOWR ORV EHMDUDQRV TXH VH HQFRQWUDEDQ HQ ODV EDUULFDGDV GHO 3XHQWH
1XHYR 6H EDMDURQ GHO FRFKH \ VH LQLFLy XQ WLURWHR SRU DPEDV SDUWHV GHO TXH UHVXOWy
PXHUWR HO EHMDUDQR )DXVWLQR &DUUHWHUR +HUQiQGH] \ KHULGR HO IDODQJLVWD TXH
DFRPSDxDED D ,JQDFLR (VWR HV OR TXH GLFHQ DOJXQRV RWURV GLFHQ TXH )DXVWLQR
&DUUHWHUR PXHUH HQ XQ WLURWHR FRQWUDODVWURSDVUHEHOGHVTXHSDVDEDQGH([WUHPDGXUDD
6DODPDQFD /R FLHUWR HV TXH ,JQDFLR 6 &REDOHGD KX\H \ HQ VX GHVHVSHUDGD FDUUHUD
OOHJD D OD 3XHUWD GH OD9LOOD\WUDWDGHHVFDSDUSRUHOULQFyQGRQGHYLYtDHO6U5HTXHQD
SHQVDQGR TXH WHQtD VDOLGD $OOt OH GLVSDUDURQ KDVWD RFDVLRQDUOH OD PXHUWH )XH
ODPHQWDEOH OR VXFHGLGR\DTXHOORWUDMRJUDYHVFRQVHFXHQFLDVSDUDORVEHMDUDQRVDGLFWRV
DO*RELHUQR5HSXEOLFDQR
/R TXH QXQFD KH HQWHQGLGR HV FRPR ,JQDFLR 6iQFKH] &REDOHGD DO OOHJDU FRQ VX
FRFKH DO 3XHQWH 1XHYR \ YHUODVEDUULFDGDVQRRUGHQyDVXFKRIHUTXHGLHUDODYXHOWD\
UHJUHVDUD D6DODPDQFD¢(VTXHSUHWHQGtDRFXSDU%pMDUHOVyOR"&UHRVLQFHUDPHQWHTXH
IXHXQLQVHQVDWR\HOOROHFRVWyODPXHUWH
$GHPiV GH HVWRV GRV VXFHVRV TXH FUHR IXHURQ ORV PiV UHOHYDQWHV VH GHFODUy XQD
KXHOJD JHQHUDO TXH VHFXQGDURQ WRGDVODVIiEULFDVWH[WLOHV\ODPD\RUtDGHOFRPHUFLRHQ
SURWHVWD SRU HO JROSH GH (VWDGR KXHOJDTXHGXUyKDVWDHOGH-XOLR7DPELpQH[LVWtDQ
JUXSRV OODPDGRV ³PXUJDV´ TXH SRU ODV QRFKHV PROHVWDEDQ FRQ VXV FDQFLRQHVREVFHQDV
D DOJXQRV HPSUHVDULRV WH[WLOHV R GHVWDFDGRV KRPEUHV GH GHUHFKDV LJXDOPHQWH VH
SURKLELyHOWRTXHGHFDPSDQDV
3XHGH TXH H[LVWLHUDQ DOJXQDV FRVDV PiV TXH PROHVWDUDQ D SDUWH GH ODSREODFLyQSHUR
TXH \R GHVFRQR]FR 6LQHPEDUJRORTXHVLSXHGRDILUPDUHVTXHGHVGHHOGH)HEUHUR
HQ TXH FHOHEUDURQ HOHFFLRQHV\VREUHWRGRHQORVGtDVTXHWUDQVFXUUHQGHVGHHOJROSHGH
(VWDGR GHO GH -XOLR KDVWD TXH OOHJD OD )DODQJH D %pMDU QR VH GHWLHQH D QDGLH QL VH
WRUWXUD QL VH FRUWD HO SHOR QL VH SXUJD FRQ DFHLWH GH ULFLQR \ VREUH WRGR QR VH PDWD D
QDGLH H[FHSWR HO FDVR GH ,JQDFLR 6iQFKH] &REDOHGD 7RGR OR DQWHULRUPHQWH FLWDGR VL
TXH OR KDFHQ EUXWDO FUXHO \ GHVSLDGDGDPHQWH ORV IDODQJLVWDV GH &DQWDODSLHGUD HQ
FRODERUDFLyQ FRQ ORV IDODQJLVWDV GH %pMDU GLULJLGRV \ JXLDGRV SRU OD FRPLVLyQ GH
EHMDUDQRV QRPEUDGD D WDO HIHFWR &XHQWDQ TXH D ILQDOHV GH $JRVWR HQ HO &DVLQR
LQGXVWULDO XQ HPSUHVDULR WH[WLO VH GLULJH D $EHO 0D\RUJD MHIH GH ORV IDODQJLVWDV
³KRPEUH 0D\RUJD FRPR VLJDtV DVt PDWDQGR D QXHVWURV WUDEDMDGRUHV YDPRV D WHQHU
TXH FHUUDU ODV IiEULFDV´ ࣡
HO IDODQJLVWD ࣡
LQGLJQDGR OH FRJH SRU OD VRODSD DO WDO
HPSUHVDULR \ OH GLFH ³VLQYHUJHQ]DV KLSyFULWDV VL ࣡
VRLV ࣡
YRVRWURV ORV TXHQRVGDLVVXV
QRPEUHV\GRPLFLOLRV´
(VRV QRPEUHV \ ODV FLUFXQVWDQFLDV GH VXV PXHUWHV HV OR TXH YR\ D UHODWDU D
FRQWLQXDFLyQ +H FRQVHJXLGR EDVWDQWHV DFWDV GH GHIXQFLyQ SHUR ODPHQWDEOHPHQWH QR
WRGRV ORV EHMDUDQRV DVHVLQDGRV ILJXUDQ LGHQWLILFDGRV SRU OR TXH KDQ GLFKR VXV
IDPLOLDUHV VREUH HO OXJDU GH VX PXHUWH VH SXHGH GHGXFLUHOSDUDGHURGHDOJXQRGHHOORV
SXHV H[LVWHQ DFWDV GH GHIXQFLyQ GH SHUVRQDV VLQ LGHQWLILFDU HQ ORV SXHEORV SUy[LPRVDO
OXJDU GH VX DVHVLQDWR 3URFXUDUp HQ WRGR OR SRVLEOH HYLWDU ORV DSRGRV GH ODV SHUVRQDV
PXHUWDV SRU UHVSHWR D VX PHPRULD \ IDPLOLDUHV WHQJR VXV QRPEUHV \ DSHOOLGRV VX
SURIHVLyQ VX HGDG \ VX FDUJR VLQGLFDO R SROtWLFRRVXFDUJRS~EOLFR&UHRTXHFRQWRGR
HOORHVVXILFLHQWHSDUDSRGHULGHQWLILFDUDGLFKDVSHUVRQDV
$ SHVDU GH WRGR TXHGDQ DOJXQRV EHMDUDQRV TXH Vp IXHURQ DVHVLQDGRV SRU OR TXH PH
GLFHQ SHUVRQDV PD\RUHV TXH \R \ SRU VXV IDPLOLDUHV SHUR TXH QR KH FRQVHJXLGR
HQFRQWUDU HQ QLQJ~Q 5HJLVWUR &LYLO GH -X]JDGRV \ $\XQWDPLHQWRV 'HVDSDUHFLHURQ VLQ
GHMDUKXHOOD£(VWRVLTXHHVODPHQWDEOH\SHQRVR\QRORGHODV³PXUJDV´
+H SURFXUDGR VHU WRWDOPHQWH ULJXURVR FRQ WRGRV ORV GDWRV GH ORV IDOOHFLGRV 3RU XQD
SDUWH WUDQVFULELHQGR ORTXHVHGLFHHQODV$FWDVGHGHIXQFLyQ\SRURWUDORVTXHPHKDQ
VLGR IDFLOLWDGRV SRU OD $VRFLDFLyQ ³6DODPDQFD 0HPRULD \ -XVWLFLD´ TXH D VX YH] ORV
KDQ UHFRJLGR GHO 5HJLVWUR &LYLO GH GLFKD FDSLWDO GRQGH ILJXUDQ EHMDUDQRVIXVLODGRV
MXQWRDODWDSLDGHOFHPHQWHULRLQFOXLGRVORVDVHVLQDGRVHOžGH(QHURGH
(VH ULJRU HV HO TXH KHFKR GH PHQRV HQ HO OLEUR GHO 6U 0DMDGD SXHV FLWD VRODPHQWH
DSRGRV HQ DOJXQRV FDVRV (Q RWURV LQGLFD QRPEUHV TXH QR DSDUHFHQ HQ QLQJ~QUHJLVWUR
\ HQ FDPELR OH IDOWDQRWURVPXFKRVDVtFRPRRPLWHHQFDVLWRGRVODVFLUFXQVWDQFLDVGH
VXPXHUWH
3UHFLVDPHQWH SRU HVD IDOWD GH GDWRV HV SRU OR TXH PH GHFLGR D SXEOLFDU HVWH WUDEDMR
TXH VRODPHQWH VH UHILHUH D ORV ³IDOOHFLGRV´ HQ %pMDU \ VX &RPDUFD HQ HO 1RUWH GH
([WUHPDGXUD \ 6DODPDQFD EDMR OD UHSUHVLyQ IUDQTXLVWD PHMRUGLFKRORVDVHVLQDGRV\D
TXH RPLWR DOJXQDV PXHUWHV TXH VH SURGXFHQ HO ORV PHVHV GH -XOLR $JRVWR \
6HSWLHPEUH SRU VXLFLGLRV TXH VLQ GXGD HVWiQ UHODFLRQDGRV FRQ WRGR OR TXH HVWDED
VXFHGLHQGR 7DPSRFR PHQFLRQR ORV PXHUWRV HQODJXHUUDGHXQEDQGRXRWUR9XHOYRD
LQVLVWLU TXH VRODPHQWH KH TXHULGR UHQGLU KRPHQDMH D ORV EHMDUDQRV ௙
DVHVLQDGRV SRU OD
UHSUHVLyQIUDQTXLVWD
+HFKDV HVWDV DFODUDFLRQHV SDVR D FRQWLQXDFLyQ D UHODFLRQDU ORV QRPEUHV \ VXV
FLUFXQVWDQFLDV GH ORV EHMDUDQRV DVHVLQDGRV OR FXDO UHDOL]DUp SRU RUGHQ FURQROyJLFR (O
SULPHUPXHUWREHMDUDQR\DKDVLGRPHQFLRQDGR
)$867,12 &$55(7(52 +(51È1'(=௙
'H DxRV DOEDxLO VROWHUR PXHUWR HO
GH -XOLR GH ௙
VHJ~Q XQD YHUVLyQ HQ XQ WLURWHR FRQ ,JQDFLR 6iQFKH] &REDOHGD
2WUD YHUVLyQ HV HQ XQ WLURWHR FRQ ODV WURSDV VXEOHYDGDVTXHSDVDEDQSDUD6DODPDQFD\
RWUD PiV GH TXH OH H[SORWy XQD ERPED HQ ODV PDQRV (Q HO $FWD GH GHIXQFLyQ ILJXUD
³TXHPXULySRUOHVLRQHVFDXVDGDVSRUGLVSDUR࣡
GHHVFRSHWDFRQSHUGLJRQHV"´(OOXJDU
GHODPXHUWHODFDUUHWHUD&iFHUHV6DODPDQFD
*(1$52*5(*25,2 *21=È/(= *$5&Ë$ ௙
³*HQDUtQ´ 'H DxRV WHMHGRU
VROWHUR DVHVLQDGR HQ ODV DIXHUDV GH HVWH WpUPLQR SRU XQ GLVSDUR GH DUPD GH IXHJR HO
GtDGH-XOLRGH௙
௙
௙
D௙
~OWLPDVKRUDVGHODWDUGH
0$57Ë1 %/È=48(= -,0e1(= ௙
DxRVQRVHLQGLFDSURIHVLyQIXHDVHVLQDGRHQ
OD FDUUHWHUD GH %pMDU D %DUFR GH ÈYLOD DOVLWLR)XHQWHGH3UDGRV/LQDUHVHOGH-XOLR
GH FRPR FRQVHFXHQFLD GH P~OWLSOHV KHULGDV GH DUPD GH IXHJR FRQVLJQiQGRVH
FRVDUDUDTXHIXHPXHUWRSRUODVIXHU]DVGHOD)DODQJH(VSDxROD
$1$67$6,2 52'5Ë*8(= /Ï3(=௙
DxRV FDVDGR QR VH LQGLFD SURIHVLyQ IXH
DVHVLQDGR HQ HO WpUPLQR GH &DEH]D GH %pMDU HOGH$JRVWRGHHQODFDUUHWHUDGH
6DODPDQFD D &iFHUHV SRU OHVLRQHV SURGXFLGDV HQ OD PDVD HQFHIiOLFD SRU GLVSDURV GH
DUPDGHIXHJR
$1721,252'5Ë*8(=/Ï3(=KHUPDQRGHODQWHULRU6HJ~QFRQVWDHQHO$FWDGH
GHIXQFLyQ ³XQ KRPEUH GHVFRQRFLGR´ SHUR FRPR OD IDPLOLD VLHPSUH GLMR ³TXH ORV
DVHVLQDURQ MXQWRV´ ࣡
VXSXHVWDPHQWH VH UHILHUHQ D $QWRQLR GLFH HO $FWD TXH IXH
³KDOODGR HO ௙
GH $JRVWR GH HQ OD FXQHWDGHODFDUUHWHUD6DODPDQFDD&iFHUHVGH
pVWH WpUPLQR PXQLFLSDO &DEH]D GH %pMDU´ \ OR PLVPR TXH VX KHUPDQR PXHUH SRU
OHVLRQHVSURGXFLGDVHQPDVDHQFHIiOLFDSRUGLVSDURGHDUPDGHIXHJR
-26e 1$5$1-2 ௙
GH DxRV 2ILFLDO GH 3ULVLRQHV DVHVLQDGR HQ OD PDGUXJDGD GHO GH $JRVWR GH ௙
HQ %DxRV GH 0RQWHPD\RU &iFHUHV (Q HO VLWLR OODPDGR
³5HWDPDU´.P
$1721,2 '85È1 27(,=$ DxRV 2ILFLDO GH 3ULVLRQHV DVHVLQDGR HO GH
$JRVWRGHHQ%DxRVGH0RQWHPD\RU&iFHUHVVLWLRGH³5HWDPDU´.P
(VWDV GRV SHUVRQDV HUDQ ORV RILFLDOHV GH OD 3ULVLyQ GH %pMDU TXH FXVWRGLDURQ DO
FRPSDxHUR \ DO FKRIHU GH &REDOHGD £9D\D GHOLWR 4Xp SULVD VHGLHURQORVIDODQJLVWDV
SDUD DVHVLQDUORV OOHJDURQ ORV GH &DQWDODSLHGUD D %pMDU HO GH -XOLR \ HMHFXWDURQ VX
SDUWLFXODU³VHQWHQFLDGHVDQJUH´HOGH$JRVWR
)5$1&,6&2 %5812 0$57Ë1௙
DxRV DOEDxLO VROWHUR௙
௙
DVHVLQDGR HO ௙
GH
$JRVWRGHHQHOWpUPLQRPXQLFLSDOGH&DQGHODULROXJDU´3XHQWH1XHYD´
&,35,$12 %5812 0$57Ë1 ௙
DxRVWLQWRUHURFDVDGRWUHVKLMRVDVHVLQDGRHO
GH $JRVWR GH HQ HO WpUPLQR 0XQLFLSDO GH OD *DUJDQWD &iFHUHV DO VLWLR GHO
³3XHUWHFLWR´SRUKHULGDGHDUPDGHIXHJR
-26e &$67(//$12 ,%Èf(= ௙
DxRV VROWHUR GH SURIHVLyQ SDQDGHUR DVHVLQDGR
HO ௙
GH ௙
$JRVWR GH ௙
HQ HO WpUPLQR ௙
PXQLFLSDO GH &DQGHODULR DO VLWLR GH ³3XHQWH
1XHYD´SRUKHULGDV௙
S௙
URGXFLGDVSRUDUPDGHIXHJR
(VWRV WUHV EHMDUDQRV HVWDEDQ KXLGRV \ HVFRQGLGRV MXQWR D RWURV GRVKHUPDQRV%UXQR
\ DOJXQRV PDV HQ OD FXHYD HQWUH OD 3HxD GH OD &UX]\3HxD1HJUD\GRQGHVHSURGXFH
VX PXHUWHVHJ~QODV$FWDVGHGHIXQFLyQTXHREUDQHQPLSRGHUSRQHQHQHQWUHGLFKROD
YHUVLyQ IDFLOLWDGD SRU OD )DODQJH SXHV DILUPDEDQ HQWUH RWUDV FRVDV ³1RV YLPRV
SUHFLVDGRV D DVDOWDU OD FXHYD DQWHODWHQD]࣡
UHVLVWHQFLDGHOHQHPLJR'HVSXpVGHLQWHQVR
WLURWHR \DOJULWRGH£9LYD(VSDxDORJUDPRVGDUPXHUWHDWUHVLQGLYLGXRVHQWUHHOORVHO
FpOHEUH ³(O /HJLRQDULR´ FDSWXUDU D RWUR \ KHULU YLVLEOHPHQWH D GRV PDV DSUHFLiQGROR
SRU HO UHJXHUR GH VDQJUH TXH GHMDEDQ D VX SDVR QR WXYLPRV QLQJXQD EDMD SRU QXHVWUD
SDUWH´
࣡
(V PX\ H[WUDxR TXH ORV TXH HVWiQ SURWHJLGRV \ SDUDSHWDGRV VXIUDQ WUHV PXHUWHV GRV
KHULGRV \ GHWHQJDQ D RWUR \ HQ FDPELR ORV TXH OOHJDQ D³SHFKRGHVFXELHUWR´QRVXIUDQ
QL VLTXLHUD XQ UDVJXxR 1R SDUHFH YHURVtPLO GLFKR UHODWR 3RU RWUD SDUWH GLFHQ TXH GH
ORV WUHV TXH PDWDURQ HQ OD FXHYD XQR HUD ³(O /HJLRQDULR´ 6L GH DFXHUGR FRQ OR TXH
PH LQIRUPDQ ³(O /HJLRQDULR´ HUD )UDQFLVFR %UXQR ¢&yPR HV SRVLEOH TXH HO OXJDU GH
VX PXHUWH IXHUD 3XHQWH 1XHYD" $Vt VH LQGLFD HQ HO $FWD GH GHIXQFLyQ ,JXDOPHQWH
VXFHGH FRQ HO KHUPDQR GHO DQWHULRU &LSULDQR %UXQR TXH PXHUH DVHVLQDGR HQ HO
3XHUWHFLWR \ -RVp &DVWHOODQR HQ 3XHQWH 1XHYD ¢(VWRV VRQ ORV WUHV PXHUWRV TXH
DOXGHQ" 6L HV DVt QLQJXQR PXHUH FRPR HOORV DILUPDQ HQ OD FXHYD PHQFLRQDGD ¢2 HV
TXH H[LVWHQ RWURV WUHV PXHUWRV" VL DVt IXHUD OR FLHUWR HV TXH QR DSDUHFHQ SRU QLQJXQD
SDUWHQR HVWiQ UHJLVWUDGRV HQ QLQJXQR GH ORV SXHEORV GHO DOUHGHGRU QL WDPSRFR HQ
%pMDU¢HVTXHGHVDSDUHFLHURQ"
(O TXH WDPSRFR DSDUHFH SRU QLQJ~Q VLWLR HV 6LPyQ%UXQRTXHWDPELpQPXULyHQHVWH
WUiJLFR VXFHVRQRVHVDEHVLOHPDWDURQHQVXKXLGDRIXHXQRGHORVTXHPXULHURQHQOD
PHQFLRQDGD FXHYD ¢(V WRGD XQD IDUVD HO UHODWR GH ORV IDODQJLVWDV GH &DQWDODSLHGUD"
TXLHQOHDHVWHUHODWRTXHVDTXHVXVSURSLDVFRQFOXVLRQHV
5$0Ï1 *$55,'2 /2%2 ௙
DxRV DERJDGR VROWHUR /H GHWLHQHQ ORV IDODQJLVWDV
FRPR FRQVHFXHQFLD GH XQD FRQYHUVDFLyQ TXH PDQWLHQH SRU WHOpIRQR HO FXDO GHEHUtD
HVWDU SLQFKDGR OH GLFHQ ³+RPEUH 5DPyQ ¢&yPR QR HVWiV HQ HO HMpUFLWR" $ OR TXH
UHVSRQGH ࣡
¢4XLHQ" ¢<R D VHUYLU D ࣡
HVWRV FDQDOODV" ࣡
)XH VXILFLHQWH SDUD ILUPDU VX
VHQWHQFLD GH PXHUWH £\ TXH PXHUWH PDV KRUULEOH /RV IDODQJLVWDV OH OOHYDQ GHWHQLGR DO
FXDUWHO D OD FiPDUD GHOWHUURU\OHSURSLQDQWDOSDOL]DTXHDFDEDQFRQVXMRYHQYLGD(Q
HO $FWD GH GHIXQFLyQ ILJXUD FRPR IDOOHFLGR HQ HO DQWLJXR &XDUWHO PLOLWDU HO GtD GH
$JRVWR GH D OD XQD KRUD D FRQVHFXHQFLD GH ³FRODSVR SRU LQKLELFLyQ QHUYLRVD
HVSRQWiQHD´£4XH GHVIDFKDWH] (O PpGLFR IRUHQVH FHUWLILFD HVWD PXHUWH FRQ WpUPLQRV
PX\ FRQIXVRV ¢FyPR YD D FHUWLILFDU FODUDPHQWH TXH KD PXHUWR GH XQDEUXWDOSDOL]D"
£KRUULEOH £HVSDQWRVR 'HVSXpV GH ORV DxRV WUDQVFXUULGRV QRV SUHJXQWDPRV ¢(VWR
WLHQHDOJXQDFRPSDUDFLyQFRQORVTXHVXFHGLyHQOD%pMDUUHSXEOLFDQD"
58),12 0$57Ë1 6È1&+(= ௙
DxRV WHMHGRU FDVDGR PLOLWDQWH 6RFLDOLVWD
FRQFHMDO GHO $\XQWDPLHQWRGH%pMDUHQYDULDVOHJLVODWXUDV)XHFRPSDxHURHQODVWDUHDV
PXQLFLSDOHV GHO SULPHU 3UHVLGHQWH GHO 3DUWLGR 6RFLDOLVWD (PLOLR *RQ]iOH] *RViOYH]
)XH DVHVLQDGR HQ 1DYDOPRUDO GH %pMDU HQ OD QRFKH GHO௙
௙
DOGH$JRVWRGH6X
PXHUWHVHSURGXMRSRU³GLVSDURGHDUPDGHIXHJR´
&(6È5(2 08f2= '( /$ 3(f$ ௙
DxRV LQGXVWULDO FDUERQHUR FDVDGR GHMy
YLXGD \ VHLV KLMRV HUD PLOLWDQWH GHO 3DUWLGR 6RFLDOLVWD IXHDVHVLQDGRHQ1DYDOPRUDOGH
%pMDUGHGRVGLVSDURVGHDUPDGHIXHJRHQODQRFKHGHODOGH$JRVWRGH
&$<(7$12 257,= '(/*$'2 ௙
DxRV DOEDxLO VROWHUR PLOLWDQWH GHO 3DUWLGR
6RFLDOLVWD (Q FX\R 3DUWLGR OOHJy D VHU 3UHVLGHQWH WDPELpQ IXH 3UHVLGHQWH GH OD &DVD
GHO 3XHEOR DVt PLVPR FRQFHMDO SRU HO 3DUWLGR 6RFLDOLVWD HQ HO $\XQWDPLHQWR GH %pMDU
)XH DVHVLQDGR MXQWR D RWURV FXDWUR SDLVDQRV HQ HO WpUPLQR PXQLFLSDO GH 6RULKXHOD \
VLWLR ³0DUWLQD´ FDUUHWHUD GH 6DODPDQFD D &iFHUHV D OD XQD GH OD PDGUXJDGD
DSUR[LPDGDPHQWH GHO GtD GH$JRVWRGHPXHUHFRPRFRQVHFXHQFLDGHKHULGDV
SURGXFLGDVSRUDUPDGHIXHJR
6$1726 *21=È/(= 0$57Ë1 ௙
DxRV ]DSDWHUR FDVDGR GHMy YLXGD \ FLQFR
KLMRV )XH ௙
PLOLWDQWH GHO 3DUWLGR 6RFLDOLVWD )XH DVHVLQDGR HO PLVPR GtD \ D OD PLVPD
KRUD TXH &D\HWDQR HQ HO WpUPLQR PXQLFLSDO GH 6RULKXHOD VLWLR ³0DUWLQD´ GH KHULGDV
SURGXFLGDVSRUDUPDGHIXHJR
)e/,; $/)2162 *$5&Ë$ ௙
DxRV SHyQ GH REUDV FDVDGR GHMy YLXGD \ FXDWUR
KLMRV VHJ~Q FRQVWD HQ HO $FWD GH GHIXQFLyQ D OD PLVPD KRUD IHFKD GH $JRVWR GH
\ VLWLR TXH ORV GRV DQWHULRUHV \ WDPELpQ FRPR FRQVHFXHQFLD GH KHULGDV
SURGXFLGDVSRUDUPDGHIXHJR
-8$1 +(51È1'(= +(51È1'(= ௙
DxRV WHMHGRU FDVDGR GHMy YLXGD \ VLHWH
KLMRV 6HJ~Q FRQVWD HQ HO DFWD GH GHIXQFLyQ ORV KLMRV GH DxRV \ HO
SHTXHxR GH PHVHV GH HGDG (VWD WUHPHQGD FLUFXQVWDQFLD QR IXH VXILFLHQWH SDUD
UHIOH[LRQDU D ORV FULPLQDOHV IDODQJLVWDV GH &DQWDODSLHGUD \ D VXV DVHVRUHV )XH
DVHVLQDGR FRPR ORV DQWHULRUHV HO GtD GH $JRVWR GH HQ HO WpUPLQR GH
6RULKXHODHQHOPLVPROXJDU\FRPRFRQVHFXHQFLDGHKHULGDVSRUDUPDGHIXHJR
-8$1 '( ',26 52'5Ë*8(= *21=È/(= ௙
DxRV YLXGR GHMy WUHV KLMRV )XH
DVHVLQDGR HQ HO WpUPLQR PXQLFLSDO GH 6RULKXHOD \ VLWLR ³0DUWLQD´ MXQWR D ORV
FRPSDxHURV GHVFULWRV DQWHULRUPHQWH HO GtD GH $JRVWR GH ௙
\ PXHUH FRPR
FRQVHFXHQFLD GH KHULGDV SURGXFLGDV SRU DUPD GH IXHJR VHJ~Q FRQVWD HQ HO $FWD GH
GHIXQFLyQ
720È6 52'5Ë*8(= $<$/$ ௙
DxRV DOEDxLO VROWHUR $VHVLQDGR HQ HO WpUPLQR
GH ௙
&DQWDJDOOR ([WUDPXURV FDUUHWHUD HQWUH OD QRFKH GHO DO GH$JRVWRGH
VH LJQRUD OD KRUD D FRQVHFXHQFLD GH KHULGDV DO SDUHFHU GH DUPD GH IXHJR VHJ~Q
FRQVWDHQHO$FWDGHGHIXQFLyQ
0$5&(/,12 $/2162 /$5$ ௙
DxRV KLODQGHUR FDVDGR GHMy YLXGD \ QXHYH
KLMRV GH VXV GRV PDWULPRQLRV OD YLXGD HQ YtVSHUDV GH GDU D OX] 7DPSRFR H[LVWLy
SLHGDG GH ORV FULPLQDOHV DQWH OD WUHPHQGD VLWXDFLyQ IDPLOLDU TXH GHMDED DWUiV IXH
DVHVLQDGRMXQWRD7RPiVHQHOWpUPLQRGH&DQWDJDOOR([WUDPXURV FDUUHWHUDHQWUHOD
QRFKH GHO DO GH$JRVWRGHDFRQVHFXHQFLDGHKHULGDVDOSDUHFHUGHDUPDGH
IXHJR
0$18(/ '( $55,%$ 52'5Ë*8(= ௙
DxRV FDUERQHUR FDVDGR GHMy YLXGD \
FXDWUR QLxRV GH FRUWD HGDG HUD PLOLWDQWH GHO 3DUWLGR 6RFLDOLVWD (Q DOJXQD RFDVLyQ
IRUPy SDUWH GH OD (MHFXWLYD GHO PLVPR )XH DVHVLQDGR HQ OD QRFKH GHO DO GH
$JRVWR GH HQ HO PLVPR VLWLR \ HQ ODV PLVPDV FLUFXQVWDQFLDV TXH ORV GRV
DQWHULRUHV
)HFKD GH OXWR SDUD OD IDPLOLD UHSXEOLFDQD GH %pMDU &RPR KH FLWDGR DQWHULRUPHQWH
HQWUH OD QRFKH GHO GtD \ OD PDGUXJDGD GHO GH $JRVWR GH IXHURQ DVHVLQDGRV
EHMDUDQRV \ GHMDGRV DEDQGRQDGRV HQ ORV WpUPLQRV PXQLFLSDOHV \ HQ ORV VLWLRV
PHQFLRQDGRV < GH WRGR HVWR HOPDVDEVROXWRVLOHQFLRHQORVPHGLRVGHFRPXQLFDFLyQ
WDQWR ORFDOHV ³%HMDU HQ 0DGULG´ \ORVSURYLQFLDOHV(QODPDOOODPDGD³]RQDQDFLRQDO´
\R GLJR 5(%(/'( HQ OD FDSLWDO \ OD SURYLQFLD SDUD HOORVORVDVHVLQRVIDODQJLVWDVORV
UHSUHVRUHVVLQFRQFLHQFLDWRGRHUDSD]\IHOLFLGDG
6HJXLPRV \ OHV SXHGR DGHODQWDU TXH OR VXFHGLGR HQ HO PHV GH 6HSWLHPEUH GH FRQ GLH] \ RFKRPXHUWRVIXHKRUULEOH/RVQRPEUHV\ODVFLUFXQVWDQFLDVGHVXVPXHUWHV
VLHPSUHEDVDGRVHQODV$FWDVGHGHIXQFLyQYDQGHWDOODGRVDFRQWLQXDFLyQ
3$%/2 08f2= *$5&Ë$ ௙
DxRV ௙
MRUQDOHUR VROWHUR PXHUH HQ HO WpUPLQR
PXQLFLSDO GH +HUYiV &iFHUHV VLWLR GH ODV &DxDGDV VH VXSRQH HO GtD ž GH
6HSWLHPEUH \ HO $FWD GH GHIXQFLyQ LQGLFD FDXVD GH TXH SRU ³DFFLyQ GH JXHUUD´ /D
YHUVLyQ IDPLOLDU HV PX\ GLVWLQWD௙
࣡
\D TXH QRV GLFHQ ³TXH ࣡
3DEOR IXH DWDGR HQ OD
&RUUHGHUD DQWLJXR ILHODWR D XQ FRFKH \ OR OOHYDURQ DUUDVWUDQGR KDVWD ODV &DxDGDV´6X
KHUPDQR )pOL[ LGHQWLILFy HO FDGiYHUSRUORVUHVWRVGHVXVURSDVSRUTXHHOURVWURHVWDED
WRWDOPHQWH GHVILJXUDGR 6L YHUGDGHUDPHQWH VXFHGLy DVt HV OR PDV VLQLHVWUR \ FUXHOTXH
\R KH RtGR \ ORV TXH UHDOL]DURQ HVWD EDUEDULGDG IXHURQ XQRVVHUHVGHLQFRQPHQVXUDEOH
SHUYHUVLGDGVXKRUULEOHFULPHQVXSHUyVXVPHQWHVUHWRUFLGDV\VDQJXLQDULDV
*(50È1 *$66$1(7 58%,2 ௙
DxRV MDUGLQHUR GHMy YLXGD \ VHLV KLMRV IXH
DVHVLQDGR HQ HO ௙
WpUPLQR GH 3XHQWH GHO &RQJRVWR \ VHJ~Q FRQVWD HQ HO $FWD GH
GHIXQFLyQ ³IDOOHFLy HQ HO FDPSR ࣡
FRQVHFXHQFLD GH GLVSDURV GH DUPD GH IXHJR´ ࣡
(O
GtDGH6HSWLHPEUHGH
(15,48( -,0e1(= &$/$%,$ ௙
GH DxRV ௙
UHORMHUR FDVDGR GHMy YLXGD \ WUHV
KLMRV PLOLWDQWH VRFLDOLVWD 3HUWHQHFLy D OD (MHFXWLYD GH OD $JUXSDFLyQ 6RFLDOLVWD
%HMDUDQD )XH DVHVLQDGR HO GtD GH 6HSWLHPEUH GH ௙
HQ HO WpUPLQR GH 3XHQWH GHO
&RQJRVWR௙
࣡
³FRPRFRQVHFXHQFLDGHGLVSDURVGH௙
I࣡
XHJR´
*(1$52 6È1&+(= 0$57Ë1 ௙
DxRV DOEDxLO FDVDGR GHMy YLXGD \ VLHWH KLMRV
2WUD WUDJHGLD IDPLOLDU TXH D SHVDUGHVXVFLUFXQVWDQFLDVQRPRYLyODFRQFLHQFLDGHORV
DVHVLQRV HQ HO FDVR GH TXH WXYLHUDQ FRQFLHQFLD" 6HJ~Q HO $FWD GH GHIXQFLyQ HV
DVHVLQDGR HO GtD GH 6HSWLHPEUH GH HQ HO WpUPLQR GH *UDQMD GH *UDQDGLOOD
&iFHUHV HQ HO VLWLR .P GH OD FDUUHWHUD 6DODPDQFD&iFHUHV \ VX PXHUWH ³VH
SURGXFHSRUGLVSDURVGHIXVLO´
-8672 0$57Ë1 ³&RORUtQ´௙
DxRVODYDGRUGHODQDVVROWHUR(VDVHVLQDGRHOGtD
GH௙
6
௙HSWLHPEUHGHHQHOPLVPRVLWLRTXHHODQWHULRU\SRU³GLVSDURVGHIXVLO´
$1721,2 52'5Ë*8(= /Ï3(=௙
DxRV VROWHUR QR VH LQGLFD VX SURIHVLyQ )XH
DVHVLQDGR HQ HO WpUPLQR GH 6RULKXHOD HO GtD GH 6HSWLHPEUH GH D OD XQD GH OD
PDGUXJDGD HQ HO VLWLR ௙
³%
࣡DOEDQHGD´ ࣡
FDUUHWHUD6RULKXHODDÈYLODNP\³VXPXHUWH
VH SURGXFH FRPR FRQVHFXHQFLD GH ࣡
KHULGDV SURGXFLGDV SRU DUPD GH IXHJR´ (Q HO $FWD
GH GHIXQFLyQ LQLFLDO VH LQGLFDED XQ QRPEUH GHVFRQRFLGR SHUR DSHWLFLyQGHVXVSDGUHV
\ SRUDXWRGLFWDGRSRUHO-XH]GH,QVWUXFFLyQGH%pMDUVHLQVFULEHVXGHIXQFLyQHOGH
$EULOGH£DxRVGHVSXpVGHVXPXHUWH
%(51$5'2 &8572 %5,=௙
DxRV ]DSDWHUR FDVDGR VLQ KLMRV 6HJ~Q HO $FWDGH
GHIXQFLyQ IDOOHFLy HQ OD YtD S~EOLFD D ODV KRUDV GHO GtD GH 6HSWLHPEUH GH GtD GH OD 9LUJHQ GHO &DVWDxDU FRPR ³FRQVHFXHQFLD GH FRQPRFLyQ FHUHEUDO SRU FDtGD
GH JUDQ DOWXUD"´/D YHUVLyQGHORVEHMDUDQRVTXHYLYtDQHQODFDOOHGHOD/LEHUWDGTXH
HV GRQGH VH SURGXMR OD PXHUWH GLILHUH EDVWDQWH GH OR TXH VH UHODWD HQ HO $FWD GH
GHIXQFLyQ $ %HUQDUGR OH KDEtDQ GDGR XQD SDOL]D WHUULEOH ORV SULPHURV GtDV GH
6HSWLHPEUH GH OD TXH VH HVWDED UHSRQLHQGR HQ VX GRPLFLOLR GH OD FDOOHGH/D/LEHUWDG
(O GtD SRUODQRFKHOHDYLVDQD%HUQDUGRGHTXHVHDFHUFDQWUHVIDODQJLVWDVDVXFDVD
\ %HUQDUGR GLFH ³4XH D pO QR OHVRPHWHQDRWURFDOYDULRFRPRHOSDVDGR«´\VHVXEH
DO WHMDGR VX FDVD WUDWDQGR GH KXLU (O SREUH QR VH GD FXHQWD TXH GHVGH OD FDOOH GH
*HURQD TXH HVWi D XQD DOWXUD VXSHULRU D OD FDOOH /LEHUWDG VH GLYLVD SHUIHFWDPHQWH HO
WHMDGR GH VX FDVD /RV IDODQJLVWDV OH GLVSDUDQ \ %HUQDUGR FDH PDOKHULGR D OD FDOOH
GRQGH VHJ~Q FXHQWDQ OH GLHURQ HO WLUR GH JUDFLD (VWH DVHVLQDWR OR FRPHWLHURQ WUHV
IDODQJLVWDV FRQRFLGRV GH %pMDU \ FX\RV QRPEUHV HVWiQ HQ OD PHQWH GH WRGRV (VWRV
EHMDUDQRV MXQWR D RWURV IDODQJLVWDV GH HVWD FLXGDG FRODERUDURQ FRQWtQXDPHQWH FRQ ORV
GH &DQWDODSLHGUD HQ ODV ³FDFHUtDV KXPDQDV´ TXH VH HVWDEDQ SURGXFLHQGR HQ HVWRV
PHVHVGH
)5$1&,6&2 625,$ )58726௙
DxRV YLJLODQWH PXQLFLSDO YLXGR GHMD XQD KLMD
)XH DVHVLQDGR HQ &DVDV GHO 0RQWH &iFHUHV HO GtD GH 6HSWLHPEUH GH HQ HO
VLWLR FDUUHWHUD JHQHUDO 6DODPDQFD&iFHUHV ³$ FRQVHFXHQFLD GH GLVSDURV GH DUPD GH
IXHJR´
-(5Ï1,02 6È1&+(= &$67,//2௙
DxRV WHMHGRU FDVDGR FXDWUR KLMRV \ OD
YLXGD HPEDUD]DGD HV DVHVLQDGR HQ HO WpUPLQR GH -DULOOD&iFHUHVHQGHVSREODGRDODV
GRV GH OD PDxDQD DSUR[LPDGDPHQWH GHO GtD GH 6HSWLHPEUH GH FRPR
³FRQVHFXHQFLD GH KHULGDV SURGXFLGDV ࣡
SRU DUPD GH IXHJR´ /R TXHQRFXHQWDHO$FWDGH
GHIXQFLyQ HV TXH D -HUyQLPR OH GDQ WDO SDOL]D TXH OH IUDFWXUDQ XQ EUD]R\DVtOHOOHYDQ
KDVWDHOOXJDUGRQGHGHILQLWLYDPHQWHORDVHVLQDQ
$/%(572 *8,6$'2௙
DxRV IHUURYLDULR VROWHUR (V DVHVLQDGR D OD PLVPD KRUD\
HO PLVPR TXH -HUyQLPR HO GtD GH 6HSWLHPEUH GH \ VH UHSLWHQ ODV ~OWLPDV
FLUFXQVWDQFLDVGHVXPXHUWHGHVFRQR]FRVLD$OEHUWROHGLHURQSDUHFLGDSDOL]D
,6,'252 &5(*2 1Òf(=௙
DxRV WHMHGRU FDVDGR GHMy YLXGD \ FXDWUR KLMRV (V
DVHVLQDGR HO GtD GH6HSWLHPEUHGHHQHOWpUPLQRGH&DVDVGHO0RQWH&iFHUHV
VLWLR GH FDUUHWHUD JHQHUDO GH 6DODPDQFD ±&iFHUHV \ VX PXHUWH VH SURGXFH SRU ³KHULGDV
HIHFWXDGDV SRU GLVSDUR GH DUPD GH ࣡
IXHJR´ ࣡
+D\ XQD GLOLJHQFLD HQ HO$FWDGHGHIXQFLyQ
HQ OD TXH VH LQGLFD TXH D SHWLFLyQ IDPLOLDU VH UHFWLILFD HO HUURU VXIULGR HQ GLFKD
LQVFULSFLyQ GH GHIXQFLyQ \D TXH HO QRPEUH HV 7RPDV &UHJR 1~xH] HQ OXJDU GH
,VLGRURHVWDGLOLJHQFLDWLHQHIHFKDGH0DU]RGH
0$5,$12 *Ï0(= &È&(5(6௙
DxRVDOEDxLOVROWHUR(VDVHVLQDGRHQODPLVPD
KRUD IHFKD ௙
HO GH 6HSWLHPEUH GH \ VLWLR TXH ,VLGRUR \ HQ ODV PLVPDV
FLUFXQVWDQFLDV
1,&2/È6 &8$'5$'2 35,(72௙
DxRVREUHURIHUURYLDULRVROWHUR(VDVHVLQDGR
WDPELp HQ &DVDV GHO 0RQWH HO GtD GH 6HSWLHPEUH GH HQ HO VLWLR FDUUHWHUD
JHQHUDO6DODPDQFD&iFHUHVSRUKHULGDVSURGXFLGDVSRUDUPDGHIXHJR
)5$1&,6&2 &2/25$'2 *21=È/(=௙
DxRV FDUGDGRU FDVDGR GHMD GRV
KLMRV (V DVHVLQDGR HQ HO WpUPLQR PXQLFLSDO GH -DULOOD &iFHUHV HO ௙
GtD GH
6HSWLHPEUH GH D OD XQD GH OD PDGUXJDGDDSUR[LPDGDPHQWH³HQVLWLRGHVSREODGR
\FRPRFRQVHFXHQFLDGHGLVSDURV௙
G࣡
HDUPDGHIXHJR´
0$5Ë$ 3$55$ *$5&Ë$௙
DxRV YLXGD QR VH LQGLFD SURIHVLyQ )XH DVHVLQDGD HO
GtD GH 6HSWLHPEUH GH HQ HO WpUPLQR GH *UDQMD GH *UDQDGLOOD &iFHUHV HQ HO
VLWLR FDUUHWHUD JHQHUDO GH 6DODPDQFD&iFHUHV NP \ ³FRPR FRQVHFXHQFLD GH XQ
GLVSDUR GH SLVWROD´ /D IDPLOLDGH0DUtDIXHPX\FDVWLJDGDSRUODUHSUHVLyQIUDQTXLVWD
\D TXH DVHVLQDURV D VX KLMR6DWXUQLQR\DVXSULPR,JQDFLRFX\RVFUtPHQHVQDUUDUHPRV
GHWDOODGDPHQWHPDVDGHODQWH
,*1$&,2 3$55$ *$5&Ë$௙
DxRV MRUQDOHURLQGXVWULDOFDVDGRGHMyYLXGD\VHLV
KLMRV 6HJ~Q HO $FWD GH GHIXQFLyQ IXH DVHVLQDGR HQ HO VLWLR GH OD &DOOHMD 0DOD
DFWXDOPHQWH FRQRFLGD SRU &DOOHMD GH +RQWDQLOOD HO GtD GH 6HSWLHPEUH GH ³FRQVHFXHQFLD GH KHULGD SRU DUPD GH IXHJR HQ HO ࣡
KLSRFRQGULR GHUHFKR FRQ OHVLyQ GH
KtJDGR \ KHPRUUDJLD LQWHUQD´ ࣡
VHJ~QFHUWLILFDFLyQIDFXOWDWLYD(VORTXHGLFHDO$FWDGH
GHIXQFLyQ /R TXHPHUHILHUHQVXVIDPLOLDUHV\WHVWLJRVGHODPXHUWHHVDOJRSDUHFLGRD
OR TXH VXFHGLy FRQ %HUQDUGR &XUWR HQ OD FDOOH GH /D /LEHUWDG $ ,JQDFLR OH GLFHQ TXH
YLHQHQ D EXVFDUOH VH VXEH DO WHMDGR GH VX FDVD \ FRQ ODV QDWXUDOHV GLILFXOWDGHV VH
WUDVODGD SRU ORV WHMDGRV GH ODV FDVDV D OD VX\D FROLQGDQWHV KDVWD HO ERUGHGHODOODPDGD
&DOOHMD 0DOD LQWHQWD VDOWDU DOWHMDGRGHODV(VFXHODVGHOD$QWLJXD\ORVIDODQJLVWDVTXH
OH YHtDQ GHVGH OD FDOOH OH WLURWHDURQ FXDQGRLEDSRUHODLUHHQVXVDOWROHFD]DURQFRPR
VL IXHUD XQD DOLPDxD \D TXH GHVGH OD DOWXUD FD\y PDOKHULGR D OD FDOOH XQD YH] HQ HO
VXHOR OH GLHURQ HO ³WLUR GH JUDFLD´ FRQ OD D\XGD GH YDULRV PXFKDFKRV TXH HVWDEDQ
MXJDQGR HQ HO <H]JDO UHFRJLHURQ \ VXELHURQ HO FDGiYHU D XQD FDPLRQHWD GH XQ
FRQRFLGR LQGXVWULDO EHMDUDQR \ OH WUDVODGDURQ DO FHPHQWHULR (Q HVWH WUiJLFR VXFHVR
WDPSRFR H[LVWLy SLHGDG GH DTXHOORV FULPLQDOHV DKtWRV GH VDQJUH LQRFHQWH /R TXH
PHQRV SDVy SRU OD FDEH]D GH ORV GHSUHGDGRUHV IDODQJLVWDV TXH DTXHO FRPR PXFKRV
RWURV GH VXV FRPSDxHURV DVHVLQDGRV GHMDEDQ YLXGDV H ,JQDFLR WDPELpQ VHLV SHTXHxRV
KLMRV +,3Ï/,72 0$57Ë1 '( $5*(17$ 9$48(52௙
DxRV HQFDUJDGR GH VRUWHR
GH ODQDV FDVDGRGHMDYLXGD\GRVKLMDV$VHVLQDGRHOGtDGH6HSWLHPEUHGHHQ
/RV 6DQWRV $ SHVDU GH WRGDV ODV LQGDJDFLRQHV UHDOL]DGDV WDQWRHQHO$\XQWDPLHQWRGH
GLFKRSXHEORFRPRHQODLJOHVLDSDUURTXLDOQRDSDUHFHHO$FWDGHGHIXQFLyQ
)(/,3( 6È1&+(= %$5%(52௙
DxRV WHMHGRU FDVDGR GHMyYLXGD\FXDWURKLMRV
$VHVLQDGR LJXDO TXH +LSyOLWR HO GtD GH 6HSWLHPEUH GH HQ /RV 6DQWRV
7DPSRFR DSDUHFLy HO $FWD GH GHIXQFLyQ HQ GLFKR SXHEOR SHUR VL HQ HO -X]JDGR GH
%pMDU TXH VH UHDOL]D HOGH2FWXEUHGHHQODTXHVHLQGLFDTXHDSDUHFLyPXHUWR
HQ HO WpUPLQR GH /RV 6DQWRV (Q OD IHFKD FLWDGD ³TXH ࣡
IDOOHFLy SRU DUPD GH IXHJR
FRQVHFXHQFLD GH PXHUWH YLROHQWD´ \ VX FDGiYHU UHFLELy VHSXOWXUD HQHOFHPHQWHULRGH
/RV6DQWRVHQSUHVHQFLDGHYDULRVWHVWLJRV
6H GLFH TXH HO GtD GH 6HSWLHPEUH \ HQ GLFKR SXHEOR GH /RV 6DQWRV VH DVHVLQDURQ D
FLQFR SHUVRQDV ORV GRV UHODFLRQDGRV GH %pMDU XQD GH OD &DO]DGD GH %pMDU \ RWURV GRV
TXH QR KH FRQVHJXLGR TXH QDGLH PH ORV LGHQWLILTXH 'H +LSyOLWR \ GH )HOLSH KD\ GRV
YHUVLRQHV FRQWDGDV SRU ORV IDPLOLDUHV 8QD TXH ORV IXHURQ D GHWHQHU FXDQGR HVWDEDQ
MXJDQGR OD ³SDUWLGD´ HQ HO &DVLQR 2EUHUR GH %pMDU RWUD TXH ORV PDWDURQ FHUFD GH OD
IiEULFDWH[WLO1DYD]R\ORVOOHYDURQDHQWHUUDUD/RV6DQWRV
6LJXLHQGR HO RUGHQ FURQROyJLFR GH HVWD UHODFLyQ GH ORV FUtPHQHV GHO IUDQTXLVPR HQ
%pMDU OOHJDPRV DO žžGH(QHURGH2WURGtDGHOXWRSDUDODIDPLOLDUHSXEOLFDQDGH
OD FLXGDG WH[WLO \D TXH DO DPDQHFHU GH GLFKR GtD HQ 6DODPDQFD MXQWR D OD WDSLD GHO
FHPHQWHULR IXHURQ IXVLODGRV RQFH EHMDUDQRV \ HQFDUFHODGRV HQ %pMDU RWURV
YHLQWLFXDWURGHVSXpVGHXQVLPXODFURGHMXLFLR
&RPR FRQVHFXHQFLD SULQFLSDOPHQWH GH ORV VXFHVRV QDUUDGRV DQWHULRUPHQWH VREUH OD
PXHUWH GH ,JQDFLR 6iQFKH] &REDOHGD IXHURQ GHWHQLGRV HQ VXV UHVSHFWLYRV GRPLFLOLRV
HQFDUFHODGRV HQ %pMDU \ WUDVODGDGRV SRVWHULRUPHQWH D OD 3ULVLyQ 3URYLQFLDO GH
6DODPDQFD HQ ORV ~OWLPRV GtDV GHO PHV GH -XOLR GH ORV WUHLQWD \ FLQFR EHMDUDQRVTXHGHWDOORDFRQWLQXDFLyQ
ÈQJHO *DUFtD -LPpQH] $OIRQVR *yPH] &iFHUHV $QWRQLR *XWLpUUH] 6iQFKH] $GROIR
,]FDUD\ &HEULDQR $OIRQVR 5RGUtJXH] *RQ]iOH] %HQLWR 1LHWR 1LHWR %DOWDVDU $ORQVR
$SUHD &iQGLGR 5R]DV *XWLpUUH] &HOHVWLQR *DUFtD 0DUWtQ (QULTXH&DVWUR3pUH](OR\
*RQ]iOH] %HQLWR $GROIR 3pUH] (VSLQD]D )HUPtQ /ySH] *DUFtD (PLJGLR &UHVSR
1LHWR )UDQFLVFR%DUURVR*RQ]iOH])HOLSH*RQ]iOH]+R\D)pOL[&DUUHWHUR+HUQiQGH]
)pOL[ 9DOOHMR*DUFtD*UHJRULR1LHWR0XxR]-RDTXLQ&DVWHOODQR,]FDUD\-RVp6iQFKH]
0RQWHUR -RVp -XDQ 0DUFRV /XLV )UDLOH 3DUUD 0LJXHO &DUSLQWHUR *XLMR 0DUFRV
0DUWtQ 0DWDV 0LJXHO 6DQWRV 6DQWRV 0LJXHO *RQ]iOH] 5XELR 0LJXHO 9i]TXH]
6iQFKH] 0DUFHOLQR $SDULFLR 9LOODJyPH] 3HGUR (OLFHV 0RQWHUR 3HGUR 0LxDQD
5HJDGHUD 5XILQR /ySH] *DUFtD 7RPiV &RUUDOHV 6iQFKH] 9LFHQWH *DUFLD
0DUWtQ0DWHRV(XJHQLR9DOHQWtQ*DUULGR6iQFKH]\9DOHQWtQ*DUULGR0XxR]
(Q VHQWHQFLD GH GH 'LFLHPEUH GH UHXQLGR HQ &RQVHMR GH *XHUUD GH
6DODPDQFD IDOOy HQ HO MXLFLR VXPDUtVLPR OD FDXVD VHJXLGD FRQWUD ORV EHMDUDQRVFLWDGRV
DQWHULRUPHQWH \ SURFHVDGRV SRU HO GHOLWR GH ³UHEHOLyQ PLOLWDU´ ࣡
£4XH EDUEDULGDG /RV
TXH VH VXEOHYDURQ FRQWUD HO 2UGHQ &RQVWLWXFLRQDO GH OD OHJDO 5HS~EOLFD (VSDxROD ORV
WUDLGRUHV IUDQTXLVWDV FRQGHQDQ D ORV TXH GHIHQGtDQ DO *RELHUQR HOHJLGR
GHPRFUiWLFDPHQWH HQ ODV XUQDV /RV IUDQTXLVWDV VH HULJHQ HQ JRELHUQR VLQ KDEHU VLGR
HOHJLGRV SRU ORV FLXGDGDQRVQRPEUDQVXV³WULEXQDOHVGHJXHUUD´\GHFLGHQTXLHQHVVRQ
ORV PDORV \ TXLHQHV ORV EXHQRV &RQVHFXHQFLD GH WRGR OD DQWHULRU FRQGHQDQ D
LQRFHQWHV SRU QR SHQVDU FRPRHOORVSRUVHUILHOHVDVXVSURSLDVFRQYLFFLRQHVSROtWLFDV
SRU VHU OHDOHV D OD 'HPRFUDFLD SDUD FRQGHQDU ODV YLUWXGHV FLXGDGDQDV GH PXFKDV
SHUVRQDV GH DFULVRODGD KRQUDGH] EXVFDQ ORV SHUHJULQRV SUHWH[WRV GH ³DX[LOLR D OD
UHEHOLyQ´ ³GHVDFDWR D OD DXWRULGDG´ \ ³UHEHOLRQHV PLOLWDUHV´ (Q HO FDVR FRQFUHWR GH
HVWD VHQWHQFLD 6H FRQGHQD D PXHUWH D RQFH GH ORV EHMDUDQRV FLWDGRV
DQWHULRUPHQWH \ D YHLQWLFXDWUR SHQDV GH UHFOXVLyQ PD\RU TXH RVFLOD GHVGH ORV DxRV SDUD GLH] \ VLHWH GH HOORV DxRV \ XQ GtD SDUD RWUR DxRV GH UHFOXVLyQ
PHQRUSDUDFXDWURPDV\DxRV\XQGtDSDUDRWURVGRV
/D VHQWHQFLD PHQFLRQDGD DQWHULRUPHQWH ³QR WLHQH GHVSHUGLFLR´SXHV VH SURGXFHXQD
FDGHQD GH GHVSURSyVLWRV GH LQMXULDV \ IDOVHGDGHV TXH D~Q D SHVDU GH ORV PXFKRV DxRV
WUDQVFXUULGRV PH SURGXFHQ QDXVHDV GH LQGLJQDFLyQ FDGD YH] TXH OD OHR 3RU VHU PX\
H[WHQVD GLFKD VHQWHQFLD QR FRQVLGHUR SUXGHQWH VX WUDQVFULSFLyQ QR REVWDQWH VL DOJXLHQ
GH ORV TXH OHDQ HVWH WUDEDMR HVWi LQWHUHVDGR HQ FRQRFHUOD QR WHQJR LQFRQYHQLHQWH HQ
SURSRUFLRQiUVHOD
(O DVHVLQDWR GH HVWRV RQFH EHMDUDQRVVHSURGXFHHQODPDGUXJDGDGHOGH(QHUR
GH ௙
8QD IHFKD HOHJLGD SUHFLVDPHQWH SRU ORV FUXHOHV JROSLVWDV SDUD TXH ORV
IDPLOLDUHV OD WXYLpUDPRV SUHVHQWH GXUDQWH WRGD QXHVWUD YLGD \ DVt KD VLGR )XHURQ
DVHVLQDGRV MXQWR D OD WDSLD GHO FHPHQWHULRGH6DODPDQFDSHURSUHYLDPHQWH\VHJ~QPH
FRQWDURQ WHVWLJRV SUHVHQFLDOHV IXHURQ WUDVODGDGRV GHVGH OD SULVLyQ HQ XQD FDPLRQHWD
SRU HO FHQWUR GH 6DODPDQFD GHODQWH GH HVWD FDPLRQHWD LED RWUD SRUWDQGR ORV IpUHWURV
TXH KDEtDQ VLGRLPSURYLVDGRVFRQWDEODVGHFDMDVGHVDUGLQDV$OSDVDUSRUODVFDOOHVGH
OD FDSLWDO ORV VDOPDQWLQRV FHOHEUDEDQ HO DxR QXHYR DOJXQRV VH SHUFDWDURQ GHO FRUWHMR
I~QHEUH H LGHQWLILFDURQ OD FRPSRVLFLyQ GHO PLVPR ELHQ SRU ORV JXDUGLDV FLYLOHV R
IDODQJLVWDV TXH OH FXVWRGLDEDQ \ FRPHQ]DURQ D JULWDU³URMRVDOSDUHGyQ´/DERUUDFKD
FKXVPD IDVFLVWD DVt GHVSHGtD D DTXHOORV TXH IXHURQ KRQUDGRV ILHOHV \ OHDOHV D OD
UHS~EOLFD KDVWD ORV ~OWLPRV PRPHQWRV GH VX YDOLRVD \ EUHYH YLGD £3DWpWLFD \ IDWtGLFD
GHVSHGLGD VREUDEDQ HVWDV PDQLIHVWDFLRQHV FUXHQWDV SXHV SUHFLVDPHQWH DO ³SDUHGyQ´
HVWDEDQFRQGHQDGRVGHVGHHOGtDGH'LFLHPEUH /DUHODFLyQGHORVDVHVLQDGRVSRUIXVLODPLHQWR³OHJDO´HVODVLJXLHQWH
(15,48(&$67523e5(=௙
௙
௙
DxRVFDPDUHURFDVDGR\XQKLMR
&(/(67,12*$5&Ë$0$57Ë1௙
DxRVPDTXLQLVWDVROWHUR
9$/(17Ë1 *$55,'2 08f2=௙
DxRV FDVDGR GHMy YLXGD \ RFKR KLMRV PDV HO
TXH PXULy GH OD SDOL]D TXH OH SURSLQDURQ ORV IDODQJLVWDV HQ OD FiPDUD GHO WHUURU \ DO
TXH KDJR PHQFLyQ HQ HVWH WUDEDMR (O 6U *DUULGR HUD 3URFXUDGRU GH ORV 7ULEXQDOHV
FRQFHMDO GHO $\XQWDPLHQWR GH %pMDU \ GLSXWDGR SURYLQFLDO SHUWHQHFtD DO 3DUWLGR
,]TXLHUGD5HSXEOLFDQD
9$/(17Ë1 *$55,'2 6È1&+(=௙
DxRV VREULQR GHO DQWHULRU HPSOHDGR GH
EDQFDFDVDGR\GHMyYLXGD\GRVKLMDV
(/2< *21=È/(=%(1,72௙
DxRVFRPHUFLDQWHFDVDGRPLOLWDQWHVRFLDOLVWDIXH
$OFDOGH GH %pMDU SULPHUR HQ HO DxR \ SRVWHULRUPHQWH HQ KDVWD HO GH
-XOLRGHHQTXHIXHGHWHQLGRHLQJUHVDGRHQSULVLyQ
$1721,2 *87,(55(= 6È1&+(=௙
DxRV FKRIHU FDVDGR GHMy YLXGD \ FXDWUR
KLMRV 6X SDGUH 3DFR IXH SURSLHWDULR GHO &DIp ³*XUXJ~´ DFWXDOPHQWH &DIp%DU
³(VSDxRO´
$'2/)2,=&$5$<&(%5,$12௙
DxRVWLSyJUDIRVROWHUR
-26e-8$10$5&26௙
DxRVWHOHJUDILVWDIHUURYLDULRVROWHUR
3('52 0,f$1$ 5(*$'(5$௙
DxRV 6HFUHWDULR GHO $\XQWDPLHQWR GH %pMDU
FDVDGR GHMy YLXGD \ GRV KLMRV SUHFLVDPHQWH TXLHQ UHODWD HO SUHVHQWH WUDEDMRKLVWyULFR
GH%pMDUHUDHOKLMRPDVSHTXHxRHQWRQFHVGHFLQFRDxRVGHHGDGGH3HGUR0LxDQD
*5(*25,2 1,(72 08f2=௙
DxRV FDVDGR SURSLHWDULR GHO 9HQWRUUR ³(O
&DQGLO´GHMyYLXGD\FLQFRKLMRV
)e/,;9$//(-2*$5&Ë$௙
DxRVWHMHGRUFDVDGRGHMyYLXGD\VLHWHKLMRV
௙
6LJXLHQGR HO RUGHQ FURQROyJLFR GH ORV DVHVLQDWRV GHO IUDQTXLVPR D FRQWLQXDFLyQ
PHQFLRQR ORV TXH VH SURGXMHURQ HQ 6DODPDQFD MXQWR D OD WDSLD GHO FHPHQWHULR VHJ~Q
ORVGDWRVIDFLOLWDGRVSRUOD$VRFLDFLyQ³6DODPDQFD0HPRULD\-XVWLFLD´
0$18(/ )5$1&,6&2 &5(632௙
DxRV PDHVWUR VROWHUR PLOLWDQWH VRFLDOLVWD
IXH $OFDOGH GH %pMDU GHVGH HO GH $EULO GH HQ FX\D IHFKD IXH HOHJLGR SRU ORV
FLXGDGDQRV GH HVWD FLXGDG HQ ODV (OHFFLRQHV 0XQLFLSDOHV KDVWD HO GH'LFLHPEUHGH
TXH GLPLWLy SRU GLVFUHSDQFLDV FRQ HO 3DUWLGR 6RFLDOLVWD)XHDVHVLQDGRHQHOVLWLR
LQGLFDGR HQ OD PDGUXJDGD GHO GtD GH $EULO GH 6H FRPHQWD TXHHO6U&UHVSR
HVWXYR HVFRQGLGR GHVGH ORV SULPHURV GtDV GH OD VXEOHYDFLyQ IUDQTXLVWD HQ XQD FDVD GH
OD ]RQD GH &DPSR 3DUGR )XHGHQXQFLDGRSRUXQDPXMHUTXHWHQtDDVXPDULGRSUHVR\
OR TXH SUHWHQGtDHVWDVHxRUDHVTXHGHMDUDQDVXPDULGRHQOLEHUWDGDFDPELRGHLQGLFDU
D )DODQJH HO VLWLR GRQGH VH RFXOWDED GLFKR 6U (O 6U &UHVSR IXH GHWHQLGR \ VHJ~Q PH
FXHQWDQHOSUHVRPDULGRGHODGHQXQFLDQWHQRIXHSXHVWRHQOLEHUWDG
3('529$/(1&,$025(12௙
DxRVMRUQDOHUR
3$8/,12 6$7851,12 ,f,*8(= 3$55$௙
DxRV SHLQDGRU GH ODQDV GHMy
FXDWURRFLQFRKLMRV
48,7(5,2 *$5&Ë$ 3$5('(52௙
DxRV EDUUHQGHUR FDVDGR GHMy YLXGD \ GRV
KLMRV
(VWRVWUHVFRPSDxHURVIXHURQDVHVLQDGRVHQODPDGUXJDGDGHOGtDGH0D\RGH
0$18(/ *21=È/(= &$67(//$12௙
DxRV KLODGRU $VHVLQDGR HQ OD
PDGUXJDGDGHOGtDGH0D\RGHHQHOPLVPRVLWLRTXHORVDQWHULRUHV
6(5$)Ë1 +2<$ '( $55,%$௙
DxRV SUHQVHUR FDVDGR GHMy YLXGD \ WUHV KLMRV
IXH DVHVLQDGR HQ OD PLVPD IHFKD HO GtD GH 0D\R GH \ HQ HO PLVPR VLWLR TXH HO
DQWHULRU
9,&(17( %/È=48(= 9$48(52௙
DxRV WHMHGRU FDVDGR 7DPELpQ DVHVLQDGR
HQODPDGUXJDGDGHO௙
GtDGH0D\RGH௙
\HQHOPLVPRVLWLRTXHHODQWHULRU
-8672 52'5Ë*8(= +(51È1'(=௙
DxRV FDUGDGRU FDVDGR GHMy YLXGD \
FXDWUR KLMRV 7DPELpQ IXH DVHVLQDGR HQ OD PDGUXJDGD GHO GtD GH 6HSWLHPEUH GH
HQHOOXJDUFLWDGRDQWHULRUPHQWH
0$7(2 :+,7( 3e5(=௙
DxRV KHUUHUR FDVDGR GHMy YLXGD \ FLQFR KLMRV
0LOLWDQWH VRFLDOLVWD FRQFHMDO GH GLFKR 3DUWLGRHQHO$\XQWDPLHQWRGH%pMDU)DOOHFLyHO
GH(QHURGH௙
H௙
QODSULVLyQGH%pMDU³SRULQVXILFLHQFLDUHQDO´௙
¢࣡
"
'(0(75,23$5('(52*$5&Ë$௙
DxRVVDVWUHFDVDGRGHMyYLXGD\VHLVKLMRV
)XH DVHVLQDGR HQ OD PDGUXJDGD GHO GH (QHUR GH MXQWR D OD WDSLD GHO
FHPHQWHULR GH 6DODPDQFD 3UHYLDPHQWH KDEtD VLGRWRUWXUDGRHQODFiPDUDGHOWHUURUGHO
FXDUWHOGHORVIDODQJLVWDVHQ%pMDU
$/)2162 52'5Ë*8(= *21=È/(=௙
DxRV FDUSLQWHUR FDVDGR GHMy YLXGD \
WUHV KLMRV )XH XQR GH ORVFRQGHQDGRVHQ6DODPDQFDSRUVHQWHQFLDGHOGH'LFLHPEUH
MXQWR D RWURV EHMDUDQRV 0XHUH HQ HO 3HQDO GH 6DQ &ULVWyEDO GH 3DPSORQD HO GtD GH 2FWXEUH GH $FWXDOPHQWH VH HVWiSHQGLHQWHGHTXHDXWRULFHQODH[KXPDFLyQGH
VXFDGiYHU
&/(72 0$-$'$ '(/$,*/(6,$௙
DxRVMRUQDOHUR6HJ~QGDWRVIDFLOLWDGRVSRU
OD $VRFLDFLyQ ³6DODPDQFD 0HPRULD \ -XVWLFLD´ IDOOHFLy HO GH 1RYLHPEUH GH ௙
HQOD3ULVLyQGH6DODPDQFDSRUHQIHUPHGDG
$TXt WHUPLQD OD UHODFLyQ TXHKHPRVSRGLGRREWHQHUGHORVFUtPHQHVGHOIUDQTXLVPRHQ
OD FLXGDG GH %pMDU0HUHILHURDORVTXHHVWiDYDODGRVSRU$FWDGHGHIXQFLyQRELHQSRU
OD LQIRUPDFLyQ IDFLOLWDGD SRU OD $VRFLDFLyQ ³6DODPDQFD 0HPRULD \ -XVWLFLD´ TXH D VX
YH] REWXYLHURQ WDPELpQ ODV $FWDV GHO 5HJLVWUR &LYLO GH 6DODPDQFD \ GHO DUFKLYR GHO
FHPHQWHULR <D TXH SRUGHVJUDFLDODOLVWDGHODVYtFWLPDVGHOWHUURUIUDQTXLVWDHVPD\RU
DXQTXHQRGRFXPHQWDGDFRPRORVH[SUHVDGRVDQWHULRUPHQWH
([LVWH DOJXQR PDV UHVSDOGDGD OD LQIRUPDFLyQ SRU ORV IDPLOLDUHV VREUHYLYLHQWHV \ TXH
VRQORVVLJXLHQWHV
$/)2162 *21=$/(= $7,(1=$ ௙
³*DWLOOR´ DxRV WHMHGRU GH OD (PSUHVD
*yPH] 5RGXOIR VROWHUR VHJ~Q PH GLFHQ HUD XQ JUDQ WHMHGRU +DEtD HVWDGR HQ )UDQFLD
SHUIHFFLRQDQGR VX RILFLR )XH DVHVLQDGR HQ ORV SULPHURV GtDV GH OD VXEOHYDFLyQ
IUDQTXLVWD HQ XQ SDMDU GH ³/D 3DUDGD GH 6LQIRULDQR´ 7UDVODGDURQ VX FDGiYHU DO
&HPHQWHULR GH %pMDU GRQGH HO VHSXOWXUHUR WXYR TXH LPSURYLVDU XQD FDMD FRQ XQDV
WDEODV TXH HQFRQWUy HQ HO UHFLQWR GHO &DPSRVDQWR \OHGLHURQVHSXOWXUDHQSUHVHQFLDGH
XQRV VREULQRV $ SHVDU GH KDEHU VLGR HQWHUUDGR HQ HO FHPHQWHULR GH %pMDU QR ILJXUD
LQVFULWD VX GHIXQFLyQ QL HQ HO5HJLVWUR&LYLOGHHVWDFLXGDGQLHQHO3XHUWRGH%pMDUHQ
FX\RWpUPLQRPXQLFLSDOIXHDVHVLQDGR
&$<(7$12 &2/25$'2 6È1&+(=௙
DxRV REUHUR WH[WLO FDVDGRGHMyYLXGD\
WUHVKLMRV
9LYtD HQ OD WUDVHUD GHO <H]JDO \ VXV YHFLQRV PHLQGLFDQTXHOHGLHURQYDULDVSDOL]DV\
VH OR OOHYDURQ GHWHQLGR HO GH 6HSWLHPEUH GH6XVREULQDFUHHTXHOHDVHVLQDURQ
FHUFD GH 6DQWLEixH] GH OD 6LHUUD 3HUR HQ HO $\XQWDPLHQWR GH pVWH SXHEOR QR DSDUHFH
LQVFULWD VX GHIXQFLyQ FRPRWDPSRFRHQHOLQPHGLDWRGH6DQ(VWHEDQGHOD6LHUUDQLHQ
&ULVWyEDO QL HQ 0ROLQLOOR 1R DSDUHFH SRU QLQJ~Q VLWLR 7DPELpQ DFXGt DO 5HJLVWUR GH
%pMDU SRU VL HVWDED LQVFULWR HQ pVWD FLXGDGSHURWRGRIXHLQIUXFWXRVR&D\HWDQRVHUiXQ
GH ORV FDGiYHUHV TXH ILJXUDQ HQ YDULRV SXHEORV FRQ OD LGHQWLILFDFLyQ GH ³YDUyQ VLQ
LGHQWLILFDU´
6,0Ï1 %58120$57Ë1௙
$xRVWLQWRUHURFDVDGRGHMDYLXGD\WUHVKLMRV&RPR
\D KH UHIHULGR HQ HO DVDOWR D OD &XHYD GH OD 3HxD GH OD &UX] HV SRVLEOH TXH IXHUD XQR
GH ORV PXHUWRV HQ HO WLURWHR R TXH PXULHUD HQ VX KXtGD SHUR QR HQFXHQWUR HO $FWD GH
GHIXQFLyQ 1L HQ &DQGHODULR 1L HQ OD *DUJDQWD SHUR HQ OD +R\D H[LVWHQ YDULDV
LQVFULSFLRQHVGHYDURQHVVLQLGHQWLILFDU¢3RUTXHQRSXHGHVHUXQRGHHOORV"
,6,'52 7(-$'2 0$57Ë1௙
VROWHUR VDVWUH &RQ VX VREULQR IXL D $OGHDQXHYD GHO
&DPLQRTXHHVGRQGHVHSHQVDEDORKDEtDQDVHVLQDGR(QHO5HJLVWURGHHVWHSXHEORQR
ILJXUDED \ SRU HVWH PRWLYR IXLPRV D 3XHUWR GH %pMDU GRQGH QRV HQFRQWUDPRV FRQ WUHV
LQVFULSFLRQHV TXH FRPR HQ RWUDV RFDVLRQHV VH LGHQWLILFDED ³YDURQHV VLQ LGHQWLILFDU´
¢3XHGH VHU DOJXQR GH HOORV" $Kt TXHGD OD LQFyJQLWD 6HJ~Q HO $FWD GH GHIXQFLyQ HO
DVHVLQDWRVHSURGXMRHOGH6HSWLHPEUHGH
6,0Ï1 7(-$'2 0$57Ë1௙
FDPDUHUR VROWHUR 6LWXDFLyQ LGpQWLFD D VX KHUPDQR
,VLGUR ¢6HULD pVWH RWUR PDV GH ORV PXHUWRV TXH ILJXUDQ ³VLQ LGHQWLILFDU´" /DV GXGDV
KDQ VLGR HQ HO WUDQVFXUVR GH ORVVHWHQWDDxRVSDVDGRVSDUDVXVIDPLOLDUHVPDVFHUFDQRV
OR WHUULEOH GH VXVLWXDFLyQ7HDVHVLQDEDQDORVVHUHVTXHULGRV\SDUDPD\RULQGLJQDFLyQ
\ GHVJUDFLD D SHVDU GHO ODUJR WLHPSR GLVFXUULGR D~Q HQ OD DFWXDOLGDG VH GHVFRQRFH OR
VXFHGLGRGyQGHORVDVHVLQDURQ\GyQGHORVHQWHUUDURQ
)5$1&,6&2 &$032 '8&725௙
DxRV HPSOHDGRPXQLFLSDOFDVDGRGHMyYLXGD
\ WUHV KLMRV $VHVLQDGR HQ *LMyQ HO GtD GH $JRVWR GH ௙
\ HQWHUUDGR HQ OD IRVD
FRP~Q GHO ³6XFX´ )UDQFLVFR HVWDED HQ *LMyQ GRQGH RVWHQWy FDUJRV HQ HO 3DUWLGR
6RFLDOLVWD \ HQ 8*7 GXUDQWH OD JXHUUD IXH QRPEUDGR &RPDQGDQWH GHO (MpUFLWR
5HSXEOLFDQR HQ HO EDWDOOyQ 8QD YH] WHUPLQDGD D JXHUUD YLHQH DQGDQGR D %pMDU
GHVGH *LMyQ SXHV HUD SHUVHJXLGR SRU ORV IUDQTXLVWDV \ VH UHIXJLD HQ FDVD GHVXPDGUH
eVWD FUHH TXH QR HVWi VHJXUR HQ VX FDVD SXHV VHUtD HO SULPHU OXJDU GRQGH UHJLVWUDUtDQ
VXV SHUVHJXLGRUHV OR OOHYD D FDVD GH ' %HQLWR 6iQFKH]TXHHVGRQGHODPDGUHVHUYtD
VLQ TXH HVWH VHxRU OR VXSLHUD OR HVFRQGH HQ HO GHVYiQ SHUR XQ GtD TXH OD PDGUH KDEtD
VDOLGR GH FRPSUDV OOHJD XQFDUERQHUR\DOVXELUDOGHVYiQSDUDGHVFDUJDUODPHUFDQFtD
YLR D )UDQFLVFR \ ORWRPySRUXQODGUyQ$VtVHORFRPXQLFDD'%HQLWRHVWHOODPDDOD
SROLFtD \ )UDQFLVFR WUDWD GH KXLU SRU OD WUDVHUD GH ODYLYLHQGDTXHGDEDDOPXUDOOyQ6H
URPSH XQD SLHUQD DO VDOWDU GH OD FDVD \ GH HVWD IRUPD OH SXHGHQ GHWHQHU /H OOHYDQ D
*LMyQ \ DOOt VXSRQJR GHVSXpV GH XQ MXLFLR VXPDUtVLPR HV FRQGHQDGR D PXHUWH \
GHVSXpVHMHFXWDGRSRUIXVLODPLHQWR
$GHPiV GHWRGRVORVEHMDUDQRVUHODFLRQDGRVDQWHULRUPHQWHPHKDQFRPXQLFDGRRWURV
YDULRV QRPEUHV TXH PDV DGHODQWH FLWDUp \ GH ORV TXH QR VH WLHQHQ GDWRV ILGHGLJQRV
SHUVRQDOHV QL GH ODV FLUFXQVWDQFLDV GH VX PXHUWH 0H KH UHVLVWLGR D LQFOXLUORV SXHV
FRPR KH GLFKR DO SULQFLSLR TXLHUR TXH VHD HVWH UHODWR XQ GRFXPHQWR VHULR\ULJXURVR
1R REVWDQWH KH UHIOH[LRQDGR VREUH HOOR \ PH KHGHFLGLGRDSRQHUORVSRUVLHVWHWUDEDMR
VH GLYXOJD FRPR \R HVSHUR HQWUH ORV GHVFHQGLHQWHV GH ORV TXH IXHURQ DGLFWRV \ OHDOHV
FRQ OD 5HS~EOLFD \ DOJXLHQ DO OHHU VXV QRPEUHV PH SXHGD DPSOLDU GDWRV VREUH ORV
PLVPRV6XVQRPEUHVVRQORVVLJXLHQWHV
%(1,72*21=È/(=
&$<(7$126$$9('5$
-(52027(-('$
9$/&È5&(/
³(/%8f8(/,72´
³6$/7$35$26´
1RWD GHO DXWRU௙
&RPR SRGUiQ DSUHFLDU DSHQDV KH FLWDGR DSRGRV SRU UHVSHWR D ORV
³GHVDSDUHFLGRV´ \ D VXV IDPLOLDUHV SHUR GH pVWRV GRV ~OWLPRV QR TXHGD PDV UHPHGLR
TXHKDFHUORSRUTXHQLVpQLQDGLHPHSXGRLQIRUPDUGHVXVQRPEUHV\DSHOOLGRV
/D $VRFLDFLyQ ³6DODPDQFD 0HPRULD \ -XVWLFLD´ PH GLR XQ GtD OD UHODFLyQ GH ORV
PXHUWRV TXH RFDVLRQy HO IUDQTXLVPR HQ %pMDU 'HVSXpV GH PHVHV GH LQYHVWLJDFLyQ KH
OOHJDGR D ODV FRQFOXVLRQHV TXH KH PHQFLRQDGR HQ HVWH WUDEDMR 0H KD VLGR LPSRVLEOH
FRQVHJXLU FRQ H[DFWLWXG WRGRV ORVQRPEUHVGHORVDVHVLQDGRVSRUTXHFRPRKHGLFKRHQ
YDULDV RFDVLRQHV KD\ SHUVRQDV VLQ LGHQWLILFDU 3RU HVWH PRWLYR HV SRVLEOH TXH IDOWHQ
QRPEUHV HQ HVWD WUiJLFDOLVWDVLHVDVtPHJXVWDUtDTXHORVIDPLOLDUHVGHHVWDVSHUVRQDV
PH IDFLOLWDUDQ VX LGHQWLGDG \ GH HVWD IRUPD SRGHU FRPSOHWDU HVWH WUDEDMR TXH
GHEHUtDPRV KDEHU UHDOL]DGR KDFH PXFKRV DxRV FRPR KRPHQDMH D QXHVWURV VHUHV
TXHULGRV
/D UHSUHVLyQ IUDQTXLVWD SRU GHVJUDFLD QR VH OLPLWy VRODPHQWH D ORV DVHVLQDWRV (VWR
IXH GHVGH OXHJR OR PiV JUDYH SHUR VH SURGXMHURQ PXFKDV DWURFLGDGHV &LHQWRV GH
EHMDUDQDV \ EHMDUDQRV SDVDURQ SRU OD ³FiPDUD GHO WHUURU´ LQVWDODGD HQ HO &XDUWHOGHOD
)DODQJH DVHVLQD DQWLJXR3DODFLR'XFDO$OOtVHWRUWXUy\VHSXUJyFRQDFHLWHGHULFLQR
D PXFKRV KRPEUHV \ WDPELpQ VH SXUJy \ FRUWy HO SHOR ³DO FHUR´ D EDVWDQWHV PXMHUHV
TXH IXHURQ YHMDGDV \ KXPLOODGDV GXUDQWH ORVGHVILOHVTXHODVREOLJDEDQDUHDOL]DUSRUOD
FDOOH 0D\RU 6H HQFDUFHOy D PXFKRV TXH SDVDURQ SRU GLFKR &XDUWHO LQFOXVRDDOJXQDV
PXMHUHV
6H GHJUDGy \ VH VXVSHQGLy GH HPSOHR \ VXHOGR D GRFH HPSOHDGRV PXQLFLSDOHV VH
FRQILVFDURQ ELHQHV D SDUWLFXODUHV FRPR DVt PLVPR DO VLQGLFDWR 8*7 D ORV TXH VH OHV
XVXUSD OD &DVD GHO 3XHEOR SURSLHGDG GH ODV VRFLHGDGHV REUHUDV TXH FRQVWLWXtDQ GLFKR
VLQGLFDWR 7DPELpQ VH FRQILVFDURQ ODV OLEUHWDV GH DKRUUR GRQGH LQJUHVDEDQ ODV FXRWDV
GHGLFKDVVRFLHGDGHV
6H PDUJLQD GXUDQWH PXFKRV DxRV ODERUDO \ VRFLDOPHQWH D OD JHQWH GH L]TXLHUGDV D
ORV ³URMRV´ FRPR ORV IUDQTXLVWDV QRV GHILQtDQ VREUH WRGR ORV RUJDQLVPRV RILFLDOHV
GRQGH QRV H[LJtDQ HO MXUDPHQWR D ORV SULQFLSLRV DO ³*ORULRVR 0RYLPLHQWR´ \ HO
MXUDPHQWRGHOHDOWDG\DGKHVLyQDOPLVPR
+DEtD TXH WHQHU SRFD R QLQJXQD GLJQLGDG SDUD SUHVWDUQRV ODV YtFWLPDV GHO FULPLQDO
IUDQTXLVPRDGLFKDH[LJHQFLD
< DQWH WRGDV HVWDV EDUEDULGDGHV ¢&yPR UHDFFLRQDURQ ODV ,QVWLWXFLRQHV SXEOLFDV HO
$\XQWDPLHQWR OD *XDUGLD &LYLO HO -X]JDGR OD ,JOHVLD OD 3UHQVD \ OD VRFLHGDG GH
GHUHFKDV GH %pMDU" 3RU XQD SDUWH HQ HO $\XQWDPLHQWR OD &RPLVLyQ *HVWRUD IXH
QRPEUDGDSRUHOFDSLWiQGHOD*XDUGLD&LYLO6U)DOFyTXHDXWRUL]DED\FRQVHQWtDWRGRV
ORV GHVPDQHV GHVFULWRV DQWHULRUPHQWH PDV ORV TXH GHVFRQRFHPRV GH WRGDVIRUPDVTXH
VL QR OR KXELHUD FRQVHQWLGR HO PLVPR SRGUtD KDEHU VLGR YtFWLPD GH ORV FULPLQDOHV
IDODQJLVWDV KDVWD DKt OOHJy HO IXURU KRPLFLGD GH ORV JROSLVWDV /D ,JOHVLD EHQGHFtD OR
TXH VXFHGtD \ VR\ EDVWDQWH SUXGHQWH HQ HVWH FDVR /D SUHQVD FRQFUHWDPHQWH HO ³%pMDU
HQ 0DGULG´VLOHQFLyFDVLWRGRHVRVLSXEOLFyODQRWDTXHOHVIDFLOLWy)DODQJH(VSDxROD
VREUH HO DVDOWR ³KHURLFR´ DO ³&DQFKR GH OD 0XHOD´ VREUH FX\R UHODWR \D KH PRVWUDGR
PLV GLVFUHSDQFLDV6DOYRHVWRSRFRPiV<ODGHUHFKDGH%pMDUHQVXPD\RUtDDSODXGtD
\ MDOHDED WRGDV ODV DWURFLGDGHV PHQFLRQDGDV 'LJR OD PD\RUtD SRUTXH VXSRQJR TXH
KDEUtD WDPELHQ EDVWDQWH JHQWH VHQVDWD TXH QR HVWXYLHUD GH DFXHUGR FRQ OR TXH
GHVJUDFLDGDPHQWHHVWDEDVXFHGLHQGR
3DUD WHUPLQDU HO SUHVHQWH \ YHUtGLFR UHODWR OOHJD HO HQWUDxDEOH FDStWXOR GH
DJUDGHFLPLHQWRV
0XFKDV JUDFLDV D ORV $OFDOGHV \ 6HFUHWDULRV GH ORV $\XQWDPLHQWRV GHORVSXHEORVTXH
KH PHQFLRQDGR UHSHWLGDV YHFHV SRUTXH KDQ FRODERUDGR DPDEOHPHQWH FRQPLJR
IDFLOLWiQGRPH IRWRFRSLDV GH ODV $FWDV GH GHIXQFLyQ FX\RV GDWRV SUHYLDPHQWH OHV
LQGLFDED
0XFKDV JUDFLDV SDUD0DUL6ROODHQFDUJDGDGHO5HJLVWUR&LYLOGH%pMDUSRUKDEHUPH
VRSRUWDGR GXUDQWH ODV UHLWHUDGDV YLVLWDV TXH OHWXYHTXHHIHFWXDU0HIDFLOLWyIRWRFRSLDV
GH YDULRV IDOOHFLPLHQWRV SHUR GHVJUDFLDGDPHQWH QR PH SXGR HQFRQWUDU PXFKRV GH ORV
QRPEUHV TXH \R OOHYDED 1R REVWDQWHWXYRODSDFLHQFLDGHPLUDU\UHPLUDUHQORVWRPRV
GHORVDxRVGHODWUiJLFDFRQWLHQGD
*UDFLDV WDPELpQ D ORV DPLJRV TXH PH DFRPSDxDURQ D ORV SXHEORV GH OD &RPDUFD \
1RUWH GH ([WUHPDGXUD HVSHFLDOPHQWH D 3HGUR &DPSR TXH IXH HO TXH PDV YHFHV YLDMy
FRQPLJR 3HUR WDPELpQ H[WLHQGR PL DJUDGHFLPLHQWR D 3HGUR 7HMDGR 6HUJLR -DYL
<XVWH 0L DJUDGHFLPLHQWR D ORV IDPLOLDUHV GH ODVYtFWLPDV\DPLVDPLJRVPD\RUHVTXH
\R VREUH WRGR TXH FRQ VX LQDSUHFLDEOH LQIRUPDFLyQ PH OOHYDURQ D ORV UHVSHFWLYRV
SXHEORVSDUDFRQVHJXLUODV$FWDVGHGHIXQFLyQ
1R SXHGH IDOWDU PL DJUDGHFLPLHQWR D PL DPLJR 0DULDQR %Oi]TXH] TXH PH KD
SUHVWDGR VXV PDQRV \ VX RUGHQDGRU GXUDQWH YDULDV WDUGHV SDUD SRQHU HQ OLPSLR ORV
IROLRV TXH \R KDEtD HVFULWR HQ OD PiTXLQD SRUWiWLO < SDUD WHUPLQDU HVWR\ PX\
DJUDGHFLGR D OD $VRFLDFLyQ SDUD OD UHFXSHUDFLyQ GH OD PHPRULD KLVWyULFD ³6DODPDQFD
0HPRULD \ -XVWLFLD´ \ PX\ HVSHFLDOPHQWH D VX SUHVLGHQWH GH +RQRU PL DPLJR /XLV
&DOYR 5HQJHO SRU KDEHUPH VXJHULGR \ DQLPDGR D UHDOL]DU pVWH WUDEDMR 4XH XQD YH]
HIHFWXDGRVORVDJUDGHFLPLHQWRVTXHGDFRQFOXLGR௙
0LJXHO0LxDQD%DUURVR
&LXGDG5RGULJRDJUtFROD\JDQDGHUR
/DFUXHOUHSUHVLyQIUDQTXLVWD
(Q &LXGDG 5RGULJR \ VX FRPDUFD H[LVWLy XQ LQWHUHVDQWH GHVDUUROOR UHSXEOLFDQR \ XQ
LQXVLWDGR DIiQ UHLYLQGLFDWLYR GH OD FODVH REUHUD FRPR FRQVHFXHQFLD GH OD ODERU
VRFLDOLVWD IRUPDWLYD GH ODV FODVHV GHVSURWHJLGDV OD PHQFLRQDGD WDUHD FXOWXUDO IXH
GHVDUUROODGD GHVGH SULQFLSLRV GH VLJOR D WUDYpV GH ODV &DVDV GHO 3XHEOR VRFLDOLVWDV D
&LXGDG 5RGULJR OOHJy HO PHQVDMH VRFLDOLVWD GH 3DEOR ,JOHVLDV DWUDYpVGHVXHQWUDxDEOH
DPLJR ' -RVp &DVFyQ FRQ HO TXH PDQWXYR H[FHOHQWHV UHODFLRQHVGHODVTXHQRVTXHGD
HO UHFXHUGR GH XQD FDUWD IHFKDGD HO GH -XOLR GH \ TXH HQ HOOD PDQLILHVWDQ
DPERV VX LQWHUpV HQ UHVROYHU HO SUREOHPD GH OD OOHJDGD GH ODV PiTXLQDV DO FDPSR \ OD
RSRVLFLyQGHORVREUHURVSRUTXHYHtDQHOSHOLJURGHSHUGHUVXVSXHVWRVGHWUDEDMR
/D SUREOHPiWLFD ODERUDO DJUtFROD HUD FRQVWDQWH GXUDQWH ORV SULPHURV DxRV GHO VLJOR
;; HO SDUR HUD XQD ODFUD \ ODV FODVHV PDV KXPLOGHV VH YHtDQ LPSRVLELOLWDGDV SDUD
FRQVHJXLU WUDEDMR\PDQWHQHUVXVHQWRQFHVQXPHURVDVSUROHVORTXHVLJQLILFDEDDYHFHV
HO HQIUHQWDPLHQWR FRQ ORV SRGHURVRV WHUUDWHQLHQWHV TXH OD PD\RUtD GH HOORV OOHJDEDQ D
OD FRQVLGHUDFLRQHV GH QDWRV \ QHWRV H[SORWDGRUHV GH OD FODVH REUHUD\FRQWUDHVHHVWDGR
GH OD VLWXDFLyQ GH OD VRFLHGDG OOHJy HO VRFLDOLVPR SDUD SODQWHDU EDWDOOD \ DOFDQ]DU OD
KXPDQL]DFLyQ GHO WUDEDMR \ OD GLVWULEXFLyQ GH OD ULTXH]D TXH VHUtD FRQVHFXHQFLD GH OD
LQWHUYHQFLyQ VLQGLFDO \ SROtWLFD VXUJLHURQ ODV &DVDV GH 3XHEOR TXH HUDQ IDURV GH
RULHQWDFLyQ FROHFWLYD \ OD SURFODPDFLyQGHOD5HS~EOLFDSURQWRGHMyHQWUHYHUHOFDPELR
TXHVHLEDDSURGXFLUHQQXHVWUR3DtV
)XH PX\ EUHYHOD,,5HS~EOLFD(VSDxROD$EULO-XOLR\QRPXFKRV
ORV DYDQFHV FRQVHJXLGRV QR REVWDQWH HO FDPELR SURJUHVLVWD RSHUDGR IXH LPSRUWDQWH
FRQ HO GLVJXVWR GH OD ROLJDUTXtD FDSLWDOLVWD OD ,JOHVLD \ XQ LPSRUWDQWH VHFWRU GH ORV
PLOLWDUHV /D GHUHFKD SDUODPHQWDULD UHSXEOLFDQDVHYLyGHVERUGDGDSRU ODXOWUDGHUHFKD
TXH UHSUHVHQWDEDQ ODV LGHDV GHO IDVFLR LWDOLDQR\TXHHQVXVSULQFLSLRVIXQGyOD)DODQJH
(VSDxROD7UDGLFLRQDOLVWD\GHODV-216 /D SURYLQFLD GH 6DODPDQFD YLYtD H[SHFWDQWH ODV QRWLFLDV TXH OOHJDEDQ D ORV SXHEORV
SRU PHGLR GH ODV SRFDV UDGLRV H[LVWHQWHV GRQGH PDV VH SRGtDSHUFLELUODUHDOLGDGGHOR
TXH VXFHGtD HQ HO 3DtV HUD HQ ODV FDEH]DV GH 3DUWLGR -XGLFLDO $OED GH 7RUPHV %pMDU
&LXGDG 5RGULJR /HGHVPD 3HxDUDQGD 6HTXHURV \ 9LWLJXGLQR HQ GLFKDV ³FDEH]DV GH
3DUWLGR´ VH SHUFLEtDQ LQGHWHUPLQDGRV PRYLPLHQWRV OD PD\RU SDUWH WRPDURQ OD
LQLFLDWLYD PLHPEURV GH OD GHUHFKD PDV PRQWDUD] VDOPDQWLQD TXH LQPHGLDWDPHQWH
DFRJtDQ D TXLHQHV VH SXVLHUDQ GH VX ODGR LQFRQGLFLRQDOPHQWH HUD XQ ³EDQGHUtQ GH
HQJDQFKH´ SDUD OD )DODQJH WUDGLFLRQDO \ HQ HVWRV SHUVRQDMHV LEDQ D HQFRQWUDU ORV
PHMRUHV FRODERUDGRUHV SDUD FRPHWHU ODV EDUEDULGDGHV GH ODV TXH VH VDOYDURQ SRFRV
SXHEORV
8QD YH] LQLFLDGD OD JXHUUD FLYLO FRQ OD OHFWXUD GHO EDQGR GH *XHUUD DQWHULRUPHQWH DO
VXFHVR VDQJULHQWR TXH SURGXMHURQ ORV UHEHOGHV HQ OD 3OD]D 0D\RU GH OD FDSLWDO
VDOPDQWLQD GH LQPHGLDWR HO PLVPR EDQGR IXH HQYLDGR D ODV FDEHFHUDV GH SDUWLGR
MXGLFLDO D &LXGDG 5RGULJR OOHJy GLFKR %DQGR HO PLVPR GtD SRU OD WDUGH \ IXH
HQWUHJDGR DO FDSLWiQ GH OD JXDUGLDFLYLOHOFXDOQRORKL]RS~EOLFRKDVWDHOGtDSRUOD
PDxDQD
(O ViEDGR GtD ORV FRQFHMDOHV \ HO $OFDOGH PLHPEURV GH OD *HVWRUD 0XQLFLSDO
HVWXYLHURQ EXHQD SDUWH GHO GtD UHXQLGRV HQ HO$\XQWDPLHQWRHVFXFKDQGRODHPLVRUDGH
UDGLR 0DGULG KDVWD DOWDV KRUDV GH OD PDGUXJDGD GHO GRPLQJR GtD DO FRPHQ]DU OD
PDxDQD VH HQFRQWUDURQ HQ HO $\XQWDPLHQWR FRQ HO VHFUHWDULR SURYLQFLDO GH ODV
-XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV $QWHUR 3pUH] 5RGUtJXH] GLFKR FRPSDxHUR OOHJy D
&LXGDG 5RGULJR HQYLDGR SRU HO 6HFUHWDULR JHQHUDO GHO 362( -RVp $QGUpV 0DQVR
OOHYDED LQVWUXFFLRQHV FRQFUHWDV SDUD DSR\DU OD GHIHQVD GHO RUGHQ FRQVWLWXFLRQDO GH OD
5HS~EOLFD $QWHUR VH VXPy DO JUXSR GH ORV GLULJHQWHV TXH ORV HQFDEH]DED HO $OFDOGH
0DQXHO 0DUWtQ *DVFyQ GH 8QLyQ 5HSXEOLFDQD SHUWHQHFLHQWH DO )UHQWH 3RSXODU \ XQ
JUXSRQXPHURVRGHFRQFHMDOHV\DILOLDGRVDOD&DVDGHO3XHEOR
3URQWR HO $OFDOGH WRPy OD GHFLVLyQ GH HODERUDU XQ GHFUHWR GH OD $OFDOGtD SDUD
³UHTXLVDU´ DXWRPyYLOHV \ FDPLRQHV FRQ HO ILQ GH GHVSOD]DUVH SRU WRGD OD FRPDUFD \
WUDHU JHQWH MRYHQ GH ORV SXHEORV TXH HVWXYLHUDQ HQ GLVSRVLFLyQ GH GHIHQGHU OD
5HS~EOLFD DVt PLVPR XQ SHTXHxR JUXSR DO IUHQWH GHO FXDO LED $QWHUR 3pUH] VH
GHVSOD]y DO FXDUWHO GH OD *XDUGLD &LYLO SDUD VROLFLWDUOHV OD HQWUHJD GH DUPDV FRQ HO
REMHWR GH GHIHQGHU HO RUGHQ \ OD OHJDOLGDG &RQVWLWXFLRQDO REWHQLHQGR OD QHJDWLYD SRU
UHVSXHVWD 3RVLEOHPHQWH WRGDYtD QR KDEtDQ UHFLELGR HO %DQGR GH *XHUUD TXH
VXSXHVWDPHQWH HVWDUtD HQ SRGHU GHO &DSLWiQ &RPDQGDQWH GHO SXHVWR DOJXQD KRUD
GHVSXpV DXQTXH QR OR KLFLHUD S~EOLFR KDVWD HO GtD VLJXLHQWH OXQHV D SDUWLU GH HVH GtD
FRPHQ]DURQ ODV GHWHQFLRQHV VXUJLHQGR SDWUXOODV IDODQJLVWDV TXH FRPHQ]DURQ D
LQWHUYHQLU GHODWDQGR D WRGRV ORV FLXGDGDQRV TXH GH DOJXQD IRUPD KDEtDQ GHVWDFDGR HQ
OD SROtWLFD ORFDO VLHPSUH DFRPSDxDGRV SRU XQD SDUHMD GH OD JXDUGLD FLYLO TXH VH
OLPLWDED D UHVSDOGDU ODV GHWHQFLRQHV GiQGROHVXQYLVRGHFLHUWD³OHJDOLGDG´DVXVDFWRV
UHSUHVLYRV
6LPXOWiQHDPHQWH D ODV GHWHQFLRQHV H LQWHUURJDWRULRV HQ &LXGDG 5RGULJR IXHURQ
OOHJDQGR D ORV FDODER]RV SUHYLVWRV HQ HO &XDUWHO GH OD JXDUGLD &LYLO \ HQ HO
$\XQWDPLHQWR ORV GHWHQLGRV GH ORV SXHEORV GH OD &RPDUFD PLUREULJHQVH SURQWR
HPSH]DURQ D OOHJDU VLHPSUH DWDGRV R HVSRVDGRV HVWUHFKDPHQWH YLJLODGRV \ VRPHWLGRV
D ODV YHMDFLRQHV FRQVLJXLHQWHV GH SDOL]DV \ WRUWXUDV FRQ HO REMHWR GH TXH GHODWDUDQ D
WRGRV ORV TXH HOORV FRQRFLHUDQ \ TXH FRPSDUWLHUDQ VXV LGHDV GH VRFLDOLVWDV R GH
L]TXLHUGDV HUDQ XQRV JUXSRV UHSUHVRUHV VHGLHQWRV GH VDQJUH \ YLROHQFLD KDEUtDQ GH
FRPHQ]DU VXV FUtPHQHV VLPXOWiQHDPHQWH FRQ OR TXH VXFHGtD HQ OD FDSLWDO GH OD
SURYLQFLD 9LHQGR ORV FULPLQDOHV IDVFLVWDV TXH ORV FDODER]RV VH TXHGDEDQ FKLFRV
FXDQGR HVWXYLHURQ OOHQRV GH GHWHQLGRV KDELOLWDURQ HO 0RQDVWHULR GH OD &DULGDG GRQGH
HVWDEOHFLHURQ XQD FiUFHO HVWUHFKDPHQWH YLJLODGD SRU XQD &RPSDxtD GH PLOLWDUHV\
IDODQJLVWDV
(OVRFLDOLVWD7RPiV)UDLOH\)UDLOH௙
IXHDVHVLQDGR³GRV´YHFHVHQ&LXGDG5RGULJR
/D VLQJXODULGDG GH OD WUDJHGLD VXFHGLGD \ VXIULGD SRU OD IDPLOLD )UDLOH ÈYLOD PXHYH DO
DXWRU GH HVWRV WULVWHV \ GRORURVRV UHODWRV LJXDO TXH WRGRV ORVVXFHGLGRVDWUDQVFULELUHO
WHUULEOHKHFKRGHODVHVLQDWRGHOSDGUHGHODIDPLOLDPHQFLRQDGD
+DQWHQLGRTXHWUDQVFXUULUPDVGHVHWHQWDDxRVGHVGHTXHDTXHOORVVLFDULRVFULPLQDOHV
IDODQJLVWDV FRPHWLHUDQ HVWH WHUULEOH KHFKR SDUD UHFLELU OD LQIRUPDFLyQ TXH D
FRQWLQXDFLyQYDPRVDWUDQVFULELUFRQWRGDILGHOLGDG
3RFRV GtDV DQWHV GH UHFLELU HO HVFULWR TXH PH HQWUHJDUD 3OiFLGR HO KLMR PDV SHTXHxR
GH 7RPiV TXH DO SHUGHU D VX SDGUH VH HQFRQWUDED HQJHQGUDGR HQ HO YLHQWUH GH VX
PDGUH HQ FRPSDxtD GH VX KHUPDQR PD\RU 9DOHQWtQ HQ OD DFWXDOLGDGGHRFKHQWDDxRV
GH HGDG HO FXDO VH KD GHVSOD]DGR GHVGH 0iODJD SDUD LQWHQWDU UHFREUDU ORV UHVWRV GH VX
SDGUH VL HOOR IXHUD SRVLEOH"FRQHOHQWUDxDEOH\QREOHGHVHRGHTXHUHSRVHQMXQWRD
VXHVSRVD-RVHIDODPDGUHGHQXHVWURVDPLJRV'LFKRHVFULWRHVHOVLJXLHQWH
௙
$VXQWR$VHVLQDWRGH7RPiV)UDLOH\)UDLOH
/XJDU&LXGDG5RGULJR6DODPDQFD
)HFKDV
³௙
௙
³6HFXHQFLD GH ORV KHFKRV (Q ORV SULPHURV GtDV GH $JRVWR VREUH OD PHGLD QRFKH
PLHQWUDV SHUQRFWDED HQ VX GRPLFLOLR 7RPiV )UDLOH \ )UDLOH HQ FRPSDxtD GH VX HVSRVD
-RVHID $YLOD *yPH] HQ FRPSDxtD GH VX HVSRVD -RVHID ÈYLOD *yPH] HQ HVWDGR GH
JHVWDFLyQ \ GH VXV WUHV KLMRV PHQRUHV OODPDURQDODSXHUWDGRVLQGLYLGXRVYHVWLGRVFRQ
SDQWDOyQ QHJUR \ FDPLVD D]XO FRQ OD LQVLJQLD GH IDODQJH HQ XQR GH ORV EROVLOORV
VXSHULRUHV FRUUHDMH \ SLVWROD DO FLQWR H[LJLHQGR \ FRQPLQDQGR D 7RPiV SDUD TXH OHV
DFRPSDxDUD D FRPLVDUtD D ILQ GH VHU LQWHUURJDGR VREUH VXV DFWLYLGDGHV SROtWLFDV \
VLQGLFDOHVWRGDYH]TXHQRHUDQFRQIRUPHVDOQXHYRUpJLPHQQDFLGRHOGH-XOLR´
³/D VLWXDFLyQ HQ OD TXH GHELHURQ TXHGDU VX PXMHU -RVHID \ VXV WUHV KLMRV PHQRUHV DO
YHU TXH VX PDULGR \ SDGUH HUD GHWHQLGR GHEL| VHU OR EDVWDQWH GUDPiWLFD FRPR SDUD
VHFDUVHODVIXHQWHVGHVXVRMRV´
³$O GtD VLJXLHQWH D VX GHWHQFLyQ -RVHID IXH D OD FRPLVDUtD SDUD VROLFLWDU LQIRUPDFLyQ
UHODFLRQDGD FRQ OD GHWHQFLyQ GH VX PDULGR WHQLHQGR TXH YROYHU D FDVD HQYXHOWD HQ XQ
PDUGHGXGDV\OiJULPDVSXHVWRTXHQDGLHOHGLRFDXVDVQLUD]RQHVGHVXGHWHQFLyQHVR
Vt IXHURQ WDQ JHQHURVRV TXH OD DXWRUL]DURQSDUDTXHOOHYDUDXQFROFKyQPDQWDVURSD\
DOLPHQWRVSXHVWRTXHODGHWHQFLyQVHSURORQJDUtDGXUDQWHGtDV´
³(O GtD GH $JRVWR FRPR WRGRV ORV GtDV -RVHID VH DFHUFy D OD FRPLVDUtDDOOHYDUOHHO
GHVD\XQR D VX PDULGR SHUR pO \D QR VH HQFRQWUDED DOOt 1DGLH OH GLR UD]RQHV QL GLMR
GRQGH VH HQFRQWUDED (Q YLVWD GHHOOR\GDGDVODVFLUFXQVWDQFLDV\HYLGHQFLDVGHTXHHQ
&LXGDG 5RGULJR HQ DTXHOORV PRPHQWRV HUD KDUWR IUHFXHQWH YHU FDGiYHUHV SRU ODV
FXQHWDV WDSLDV GH FHPHQWHULR \ RWURVOXJDUHVSRFRKDELWXDOHV-RVHIDLQWX\yORSHRU$O
UHJUHVDU D VX GRPLFLOLR GHELy KDFHUOR HQYXHOWD HQ ORV PDV WULVWHV SUHVHQWLPLHQWRV \
WHQLHQGR FDVL OD VHJXULGDG GH TXH VX PDULGR KDEtD FRUULGR OD VXHUWH GH RWURV
FRPSDxHURV(VGHFLU«௙
ORKDELDQDVHVLQDGR࣡
³¢&yPR SXHGH XQD PXMHU HPEDUD]DGD VRSRUWDU WDQWR GRORU" ¢GH GyQGH VDFDUtD ODV
IXHU]DV QHFHVDULDV SDUD WUDQVPLWLUDVXWUHVKLMRVSHTXHxLWRVHOPD\RUWHQtDGLH]DxRV
OD SHQD \ DQJXVWLD TXH HOOD PLVPD HVWDED VXIULHQGR" ¢FyPR SRGUtD H[SOLFDU D XQRV
QLxRV TXH VX SDGUH KDEtD VLGR DVHVLQDGR" ¢TXp UD]RQHV SRGtD GDUOHV SDUD TXH VXV
PHQWHVEODQFDVSXGLHUDQFRPSUHQGHUHVWDVLQUD]yQ"´
³'RV RWUHVGtDVGHVSXpVHORVKHFKRVUHODWDGRV\FXDQGRD~QGHHQFRQWUDEDUHFLELHQGR
ODV FRQGROHQFLDV GHFRQRFLGRVYHFLQRV\DPLJRVDSDUHFLyXQDYHFLQDTXHFRQJHVWRV\
SDODEUDV DOHJUHV OH FRPXQLFDED D -RVHID³௙
6XPDULGRKDDSDUHFLGR\HVWiYLYR࣡
´$QWH
HVWDQRWLFLDHOGRORU\GHVHVSHUDFLyQUHLQDQWHVHWRUQyHQDOHJULD\HVSHUDQ]D´
³&RPR ODV KRUDV SDVDEDQ \ 7RPiV QR DSDUHFtD SRU VX GRPLFLOLR OD DOHJULD \
HVSHUDQ]D LQLFLDOHV GDQ SDVR QXHYDPHQWH D ODV GXGDV \ VRVSHFKDV GH TXH DOJXQD
LQFLGHQFLD HVWDED LPSLGLHQGR HO DQVLDGR UHJUHVR 3RU HOOR HQWUH HO HQWRUQR GH TXLHQHV
DFRPSDxDEDQ D -RVHID VH LQLFLDQ JHVWLRQHV SDUD FRQRFHU ODV FDXVDV GHO UHWUDVR
FRQVWDWDQGR TXH 7RPiV KDEtD VLGR QXHYDPHQWH GHWHQLGR \ FRQGXFLGR QR D OD
&RPLVDUtD QL DO KRVSLWDO GDGR ODV KHULGDV TXH SUHVHQWDED VLQR DO FXDUWHO PLOLWDU GH
6DQFWL6StULWXV´
³(Q HVWH HVWDEOHFLOLHQWR PLOLWDU OH HV SUHVWDGDGHGHHOSULPHUPRPHQWRGHVXLQJUHVR
ODVLVWHQFLDPpGLFDTXHSUHFLVDED´
³1XHYDPHQWH -RVHID HV DXWRUL]DGD D YLVLWDU D VX PDULGR SRU ODV WDUGHV GXUDQWH ODV
FXDOHV pO IXH QDUUiQGROH WRGR OR VXFHGLGR GHVGH OD GHVDSDULFLyQ GH OD FRPLVDUtD KDVWD
VXQXHYDGHWHQFLyQ\TXHHQVtQWHVLVIXHORVLJXLHQWH´
௙
³(Q ODV SULPHUDV KRUDV GHO GtD GH $JRVWR PH VDFDURQ GHO FDODER]R FRQ RWUD
PHGLD GRFHQD GH GHWHQLGRV REOLJiQGRQRV D VXELU D XQD FDPLRQHWD \ OOHYDUQRV SRU OD
FDUUHWHUD GHO SDQWDQR /OHJDGRV DO SXHQWH GH =DPDUUD HQ HO DUUR\RGH6HUUDGLOODQRV
PDQGDURQ EDMDU SDUD D FRQWLQXDFLyQ GLVSDUDUQRV YDULRV WLURV \ DUURMDUQRV SRU HO
SXHQWH $ PL IXH DO SULPHUR TXH GLVSDUDURQ \ DUURMDURQ SRU HO SXHQWH WHQLHQGR OD
VXHUWH R GHVJUDFLD GH TXH ORV GLVSDURV QR PH DIHFWDUDQ QLQJ~Q yUJDQR YLWDO7UDV GH
Pt IXVLODURQ DO UHVWR GH PLV FRPSDxHURV FX\RV FXHUSRV IXHURQ DUURMDGRV VREUH Pt
7UDQVFXUULGR HO WLHPSR \ VXSHUDGR HO GRORU \ HO TXHEUDQWR SRU ORV WLURV UHFLELGRV \OD
FDLGD GHVGH HO SXHQWH H[KDXVWR \ KRUURUL]DGR SXGH TXLWDUPH GH HQFLPD ORV FXHUSRV
PXHUWRV GH PLV FRPSDxHURV KDPEULHQWR GHELOLWDGR SRU OD SpUGLGD GH VDQJUH \
TXHEUDQWDGR SRU ORV GRORUHV TXH HVWDED VXIULHQGR DQVLDED OOHJDU D FDVD SDUD TXH W~
PH DWHQGLHUDV \ DEUD]DUWH MXQWR D QXHVWURV KLMRVQR FRQVLJXLpQGROR DO VHU GHWHQLGR
QXHYDPHQWH\VHUFRQGXFLGRDHVWHFXDUWHOGRQGHPHYpV´
³࣡
&RQ HO SDVR GHO WLHPSR \ ODV DWHQFLRQHV PpGLFDV UHFLELGDV OD VDOXG GH 7RPiV IXH
PHMRUDQGR HQ HO FXDUWHO PLOLWDU HQ HO TXH VH HQFRQWUDED WUDV VX VHJXQGD GHWHQFLyQ
OOHJDQGR OD IDPLOLD D FRQFHELU FLHUWDVHVSHUDQ]DVTXHVHGLVLSDURQSURQWRSXHVWRTXHHO
GtD GH6HSWLHPEUHFXDQGR-RVHIDFRPRGHFRVWXPEUHYDDYLVLWDUOR7RPiV\DQRVH
HQFRQWUDED HQ HO FXDUWHO 1DGLH OH GLy H[SOLFDFLRQHV 1XHYDPHQWH ௙
³OR KDELDQ
SDVHDGR´ \ SUREDEOHPHQWH FRQ OD RUGHQGH³UHPDWDUORELHQ´SDUDTXHQRVXFHGLHUDOR
TXHODYH]DQWHULRU´
³(VWRV KHFKRV TXH GH QR KDEHUORV VXIULGR SDUHFHQ GH ILFFLyQ VRQ WDQ UHDOHV FRPR HO
VRO TXH QRV DOXPEUD 0iV D~Q -RVHID VH VLQWLy DPHQD]DGD DQWH IUDVHVFRPRpVWD௙
³GH
pVWRV TXH QR TXHGH QL ௙
UDOHD´ ௙
5D]yQ SRU OD FXDO WXYR TXH OHYDQWDU OD FDVD GH
&LXGDG 5RGULJR \ FRPHQ]DU OD KXLGD \ XQ FDOYDULR FRQ VXV WUHV KLMRV SHTXHxRV \ FRQ
HO JHVWDQWH GHQWUR GH VX FXHUSR < WRGR HVWR ¢3RUTXp"3RUTXH ௙
7RPiV )UDLOH \
)UDLOH௙
H௙
UDXQGHVWDFDGR6RFLDOLVWD\GHOD8*7௙
³$ SDUWLU GH HQWRQFHV -RVHID VH UHIXJLy FRQ VXV KLMRV HQ HO SXHEOR GRQGH KDEtDQ
QDFLGR HOOD \ 7RPiV WHQLHQGR HQ PXFKDV RFDVLRQHV TXH GHSHQGHU GH OD FDULGDGRFXOWD
GH IDPLOLDUHV YHFLQRV \ DPLJRV QHJiQGROH ORV SRFRV WUDEDMRV TXH HQ XQ SXHEOR
SHTXHxR H[LVWtDQ SRU WHPRU D TXH HOOR SXGLHUD SHUMXGLFDUOHV GDGR TXH PL SDGUH KDEtD
VLGRDVHVLQDGRSRUQRVHUGHOUpJLPHQIUDQTXLVWD´
³$ SHVDU GHO PLHGR D ODV UHSUHVDOLDV FXDQGR HQ YDULDV RFDVLRQHV -RVHID VROLFLWy
LQIRUPDFLyQ UHODFLRQDGD FRQ VX PDULGR 7RPiV WRGDV ODV SXHUWDV VHFHUUDURQ\QXQFD
MDPiVVXSRGyQGHVHHQFRQWUDEDQVXVUHVWRV´
³$ OD YLVWD GH FXDQWR DQWHFHGH FUHR TXH VHUi IiFLOPHQWH FRPSUHQVLEOH HO GRORU \ OD
PLVHULD PDWHULDO GH XQD PDGUH SDUD VDFDU DGHODQWH D VX FXDWUR KLMRV KXpUIDQRV \ OR
PDV LPSRUWDQWH ௙
OD HVWLJPDWL]DFLyQ PRUDO TXH KD VXSXHVWR SDUD -RVHID \ WRGRV HOORV
WHQHU TXH YLYLU HQ XQD VRFLHGDG RVFXUDQWLVWD FRPR OD VXEVLJXLHQWH DO DxR \ VHU
VHxDODGRV FRPR OD HVSRVD H KLMRV GH XQ URMR FX\R ~QLFR GHOLWR IXH YLYLU \ GHIHQGHU
XQDVLGHDVQRFRLQFLGHQWHVFRQODVGHOUpJLPHQUHFLpQSURFODPDGR´
³3RU WRGR HOOR OD IDPLOLD )UDLOH $YLOD KD GHFLGLGR TXH VDOJDQ D OD OX] HVWRV DEHUUDQWHV
KHFKRV SRU VL H[LVWH OD SRVLELOLGDG GH TXH DOJXQD SHUVRQD DSRUWH DOJ~Q GDWR
FRQGXFHQWH D HQFRQWUDU ORV UHVWRV GH VX SDGUH ௙
720È6 ௙
D\XGD TXH DJUDGHFHUiQ
SURIXQGDPHQWH
8QYDOLHQWHJDOOHJRVRFLDOLVWDFRPHUFLDQWH\WUDWDQWHHQ&LXGDG5RGULJR
௙
$QJHO /RSH] 'HOJDGR HUD XQ JDOOHJR QDFLGR HQ &RUUHMDQHV 2UHQVH TXH HQ VX
MXYHQWXG FRPR WDQWRV RWURV HVSDxROHV HPLJUy D &XED DOOt FRQRFLy D XQD EHOOD SULPD
KLMD GH XQRV WtRV SULPRV GH VX PDGUH TXH IXHURQ TXLHQHV OHDFRJLHURQDVXOOHJDGDHO
URFH KDFH HO FDULxR \ VH HQDPRUy GH VX SULPD 5RVDULR &DUUDFHGR /ySH] FRQ OD TXH
FRQWUDMR PDWULPRQLR HQ 6DQWLDJR GH &XED DOOt HO MRYHQ PDWULPRQLR WXYR VX SULPHUD
KLMD DFRQWHFLPLHQWR IDPLOLDU TXHOHVKL]RSHQVDU\GHFLGLUVHSRUHOUHJUHVRD(VSDxDHQ
HO DxRFRPRFRQVHFXHQFLDGHOD3URFODPDFLyQGHOD5HS~EOLFD\FRQODLOXVLyQGH
VDOLU DGHODQWH OXFKDQGR SRU OD YLGD HQ XQ DPELHQWH GHOLEHUWDGPX\GLVWLQWRDOFXEDQR
\ TXH $QJHO FRQRFtD VXILFLHQWHPHQWH DO UHJUHVR VH LQVWDODURQ HQ VX SXHEOR QDWDO
&RUUHMDQHV GRQGH YLYtD HO UHVWR GH OD IDPLOLD GH DPERV SRFR WLHPSR GHVSXpV OD
SHTXHxD QLxD TXH WHQtDQ HQIHUPy GH GLVHQWHUtD \ D ORV GRV DxRV GH HGDG IDOOHFLy )XH
XQ GXUR JROSH SDUD HO MRYHQ PDWULPRQLR OR TXH VLJQLILFy HO TXHGHFLGLHUDQEXVFDUVHOD
YLGDGLVWDQWHVGHVXSXHEOR
'HVSXpV GH PXFKDV FDYLODFLRQHV GHFLGLHURQ LQVWDODUVH HQ &LXGDG 5RGULJR GRQGH
GHVSXpV GH WUDEDMDU HQ HO FDPSR FRPSUREDQGR SRU VL PLVPRHOSRFRWUDEDMRH[LVWHQWH
ODV ODUJDV MRUQDGDV HQ HO SDUR \ HO VRPHWLPLHQWR D OD H[SORWDFLyQ D TXH HVWDEDQ
FRQGHQDGRV ORV MRUQDOHURV RSWy FRQ EXHQ FULWHULR SRFR WLHPSR GHVSXpV GHGLFDU VX
DFWLYLGDG DO FRPHUFLR DPEXODQWH SRU ORV SXHEORV GH OD FRPDUFD PLUREULJHQVH FRQ XQ
FDUUR \ XQD PXOD YLVLWDED SXHEOR D SXHEOR RIUHFLHQGR GLVWLQWRV SURGXFWRV OR TXH OH
SHUPLWLD GHVDUUROODU XQ WUDEDMR FRPHUFLDO TXH OH UHSRUWDED XQRV PHGLRV SDUD YLYLU FRQ
FLHUWD KROJXUD HFRQyPLFD VX IDPLOLD OR TXH PRWLYy TXH WXYLHUDQ RWUR KLMR DO TXH
SXVLHURQ HO QRPEUH GH 1LFROiVDKRUDIXHXQQLxRHOTXHXQDYH]PDVWUDMRFRQVXYLGD
OD UHQRYDGDLOXVLyQSDUDODSDUHMD\VXPHMRUFRPSOHPHQWRGHIHOLFLGDGTXHHQFRQWUDED
HQHOQLxRXQDOLFLHQWHSDUDODOXFKD\HOWUDEDMR
3HUR ÈQJHO HUD XQD SHUVRQD GHFLGLGD H LQTXLHWD SRU OD VLWXDFLyQ GH LQMXVWLFLD TXH
VXIUtDQ ORV WUDEDMDGRUHV\pOTXHKDEtDSDVDGRODVPLVPDVSHQXULDVHQFRQWUyHQOD&DVD
GHO 3XHEOR VX DILQLGDG GH VHQWLPLHQWRV HQ ORV FRPSDxHURV TXH DOOt DFXGtDQ 3URQWR VH
DILOLy \ IXH XQ H[FHOHQWH SRUWDYR] VRFLDOLVWD SRU WRGD OD FRPDUFD PLUREULJHQVH \ ORV
SXHEORVGHOD6LHUUDGH*DWDGH6DODPDQFD\&iFHUHV
6X DFWLYLGDG SROtWLFD HQ HO 3DUWLGR 6RFLDOLVWD \ HQ OD &DVD GHO 3XHEOR GH &LXGDG
5RGULJR OH KL]R DFUHHGRU DO UHVSHWR \ DODFRQILDQ]DTXHLQVSLUDEDVXFDUiFWHUORFXD]\
DELHUWR GHELGR D HOOR IXH HOHJLGR VHFUHWDULR GH OD $JUXSDFLyQ ORFDO OR TXH VLJQLILFy
TXH DO HVWDOODU HO JROSH GH (VWDGR HQ &LXGDG 5RGULJR \ YHU OD LPSRVLELOLGDG GH OXFKDU
HQ GHIHQVD GH OD 5HS~EOLFD \ HO RUGHQ HVWDEOHFLGR VX YLGD FRUUtD SHOLJUR \ WRPy OD
LQLFLDWLYD GH GHVDSDUHFHU GH &LXGDG 5RGULJR KXtGD HQFXELHUWD HQ VX SURIHVLyQ GH
LPSHQLWHQWH YLDMHUR SRU ORV SXHEORV VLKXELHUDVLGRGHWHQLGRGXUDQWHORVSULPHURVGtDV
KDEUtDFRUULGRODPLVPDVXHUWHGHWDQWRVFRPSDxHURVTXHIXHURQDVHVLQDGRVYtFWLPDVGH
OD³RUJtD´FULPLQDOTXHDQLPDEDDORVIDVFLVWDVGHODFLXGDG
&RQRFHGRU GH WRGD ODVLHUUDGH*DWDVHGHVSOD]yDODFRPDUFDGHODV+XUGHVGRQGHVH
OH FRQRFLD SRU VX DFWLYLGDG FRPHUFLDO \ GRQGH WHQtD DPLJRV TXH OH SRGUtDQ GDU DVLOR
FRPR DVt IXH HQ HO SXHEORGH&DGDOVRSHURSRUDTXHOORVSXHEORVKXUGDQRVODVLWXDFLyQ
GH SHOLJUR HUD VHPHMDQWH D OD GH &LXGDG 5RGULJR HVWXYRXQRVGtDVRFXOWRHQODFDVDGH
XQ DPLJR SHUR FRQ HO REMHWR GH QR FRPSURPHWHU DO DPLJR \ D VX IDPLOLD WRPy OD
LQLFLDWLYD GH PDUFKDU D RWUR OXJDU DQGDQGRVHGHVSOD]yDORVDOUHGHGRUHVGH5REOHGLOOR
GH *DWD \ SRU DTXHOORV OXJDUHV VH YLy VRUSUHQGLGR SRU XQD SDWUXOOD GH JXDUGLDVFLYLOHV
\ IDODQJLVWDV TXH OR GHWXYLHURQ VRPHWLGR D ODV FRQVLJXLHQWHV WRUWXUDV H LQWHUURJDWRULR
QR FRQVLJXLHURQ QLQJXQD GHODFLyQ GH pO KDVWD TXH HQ XQ GHVFXLGR GHVXVDSUHKHQVRUHV
SXGRHVFDSDUFRUULHQGRKDVWDORPiVLQWULQFDGRGHODVLHUUD
ÈQJHO GHDPEXOy FRPR SXGR HQWUH ULVFRV \ PRQWDxDV DOLPHQWiQGRVH GH IUXWRV
QDWXUDOHV HUD HO PHV GH 6HSWLHPEUH \ OD VLHUUD HVWDED UHSOHWD GH IUXWDOHV HQ VD]yQ
PLHQWUDV TXH SRU SDUWH GH VXV SHUVHJXLGRUHV HVWDEOHFLHURQ XQ GLVSRVLWLYR GH EXVFD \
FDSWXUD TXH GHVSXpV GH TXLQFH GtDV DO ItQ GHVGLFKDGDPHQWH XQD YH]PiVIXHGHWHQLGR
SRUXQJUXSRGHJXDUGLDVFLYLOHV\IDODQJLVWDVPLHQWUDVVHDVHDEDHQXQDUUR\R
$O VHQWLUVH RWUD YH] SUHVR VX PRUDO VH YLQR D ORV VXHORV \ VHJ~Q SRVWHULRUHV
QDUUDFLRQHV VX\DV HVSHUDED TXH HQ FXDOTXLHU UHFRGR OR DVHVLQDUDQ FRPR
DFRVWXPEUDEDQ D KDFHU TXH YD\D VL OR LQWHQWDURQ SHUR TXH JUDFLDV DO WHQLHQWH GH OD
JXDUGLD FLYLO TXH ORV PDQGDED pVWH OR LQWURGXMR HVSRVDGR HQ VX FRFKH TXH ORWUDODGyD
ODFiUFHOGH+HUYiV
(VWXYR YDULRV GtDV GHWHQLGR HQ ODFiUFHOGH+HUYiVGRQGHEDMRWRUWXUDIXHLQWHUURJDGR
YDULDV YHFHV \VLHPSUHVHOLPLWyDPDQLIHVWDUODYHUGDG\DQRGHODWDUDQDGLHKDVWDTXH
XQ GtD OH RUGHQDURQ UHFRJLHUD VXV FRVDV SRUTXH OR WUDVODGDEDQ D OD 3ULVLyQ GH
6DODPDQFD GRQGH VH OH LED D DEULU XQ SURFHVR MXGLFLDO QXHVWUR DPLJR QR VLQ FLHUWD
GHFRQILDQ]D \ FRQ OD HVSHUDQ]D GH TXH OH KLFLHUDQ XQ MXLFLR MXVWR \D TXH HVWDED
WUDQTXLOR SRUTXH QXQFD KDEtD FRPHWLGR QLQJ~Q GHOLWR QL WDQ VLTXLHUD SRVHHU DUPD
DOJXQD PDV TXH XQD HVFRSHWD GH FD]D TXH OH DFRPSDxDED HQ VXV YLDMHV \TXHDOJXQDV
YHFHVOHUHVROYLyODFHQD
(Q OD 3ULVLyQ GH 6DODPDQFD VH UHSLWLHURQ ORV LQWHUURJDWRULRV UHDOL]DGRV SRU HOILVFDO
TXH HVWDED REVHVLRQDGR SRU TXH GHODWDUD H LQIRUPDUD GH RWURV FRPSDxHURV GH &LXGDG
5RGULJR DORTXHLJXDOPHQWHVHQHJyURWXQGDPHQWH³௙
pOQRVDEtDQDGD࣡
´HVWDDFWLWXGOH
FRQGHQy VLQ SLHGDG DOJXQD LQVWUX\HURQ OD FDXVD \ DO ILQ OR ³௙
MX]JDURQ࣡
´ HO GHIHQVRU
DSHQDV FXPSOLy VX PLVLyQ \ IXH FRQGHQDGR D PXHUWH ௙
$1*(/ '(/*$'2 /Ï3(=
GH DxRV GH HGDG IXH HMHFXWDGR HO GtD GH -XQLR GH SRU IXVLODPLHQWR HQ HO
OXJDUGHFRVWXPEUHHOFDPSRGHO0DUtQMXQWRDODWDSLDGHOFHPHQWHULR
6X HVSRVD 5RVDULR QDGD PDV OR WUDVODGDURQ D 6DODPDQFD HVWXYR YLVLWiQGROH HQ OD
FiUFHO \ HVWDED HQWHUDGD GH WRGDV ODV YLFLVLWXGDV SRU ODV TXH SDVDED VX HVSRVR FXDQGR
VH HQWHUy TXH OR KDEtDQ HMHFXWDGR VH SUHVHQWy D UHFODPDU HO FDGiYHU VHJ~Q WHVWLPRLR
GH 5RVDULR &DUUDFHGR HVFULWR HQ HO DxR D OD HGDG GH DxRV HQ 6DQWLDJR GH
&XED 0DQLILHVWD TXH ODYy HO FDGiYHU ³௙
VLQ GHUUDPDU XQD ௙
VROD OiJULPD࣡
´ \ HVWXYR
SUHVHQWHHQHOHQWHUUDPLHQWRHQXQDWXPEDGHOFHPHQWHULR&LYLOGH6DODPDQFD
³YLXGD FRQ XQ KLMR GH XQ DxR FDVL ORFD DEDQGRQp OD FDVD \ WRGRV ORV ELHQHV PH
UHIXJLp HQ *DOLFLD GRQGH HUDQ PLV VXHJURV \ PLV WLRV DOOt VHUYt GH ODYDQGHUD D ORV
VROGDGRV TXH SDJDEDQ FRQ PXQLFLRQHV \ JUDQDGDV WDPELpQ FRVtD HO ELHQ TXH
UHDOPHQWH UHFXSHUp XQD PiTXLQD GH FRVHU GH ODQ]DGHUDTXH\ROOHYDEDDWRGRVODGRV
\ IXH FRQ OD TXH VREUHYLYt HQ DTXHOORV GXURV DxRV FXDQGR WHQtDDOJXQDVPXQLFLRQHV\
JUDQDGDV SUHSDUDED HO YHVWLGR \ GHEDMR GH OD DPSOLD IDOGD VXEtD D OD PRQWDxD \ VH
ODV KDFtD OOHJDU D ORV 5HSXEOLFDQRV VLHPSUH KDEtD XQ OXJDU GRQGH GHSRVLWDU OD
FDUJD࣡
´
³8Q GtD LED FRQ RWUDV PXMHUHV D OD IXHQWH HQ EXVFD GH DJXDPLKLMRGHSRFRPDVGH
XQ DxR VXMHWR D PL IDOGD ORV JXDUGLDV YLQLHURQ D SUHQGHUPH SRU TXH HUD YLXGD GHXQ
FRPXQLVWD\HUDFXEDQDURMD࣡
´
³/DV YHFLQDV FXDQGR VH GLHURQ FXHQWD DSDUWDURQ D PL KLMR \ VH OR HQWUHJDURQ D PL
VXHJUD QXQFD KDELD VHQWLGR WDQWD DQJXVWLD QR SRU Pt VLQR SRU HO KLMR TXHHPSH]DED
D EDOEXFHDU ODV SULPHUDV SDODEUDV HQ FDVWHOODQR FRPR KDEOiEDPRV QRVRWURV \ PL
VXHJUDVyORKDEODEDHQJDOOHJR࣡
´
³&UHtD TXH KDEtD SDVDGRORSHRU\HVWRIXHORSHRUGHWRGRODVHSDUDFLyQGHPLKLMR
OD FiUFHO QR HUD QDGD FRPSDUDGR FRQ HVWH VXIULPLHQWR HVWXYH HQ YDULDV FiUFHOHV \ HQ
HO &DPSR GH FRQFHQWUDFLyQ GH )LJXHUDV GH &DVWURSRO HQ $VWXULDV GRQGH QRV
PDQGDEDQ VDFDU SLHGUDV GHO PDU \ VXELUODV SRU OD ODGHUD GH XQD PRQWDxDXQR R GRV
NLOyPHWURV QRV PHWtDPRV HQ HO PDU KDVWD ODV URGLOODV FRQ HO IUtR WUHPHQGR GHO DJXD
SHUR DSURYHFKiEDPRV SDUD FRPHU PROXVFRV DVt PHMRUiEDPRV QXHVWUD DOLPHQWDFLyQ
HVDV PLVPDV SLHGUDV DO RWUR GtD ODV WUDVODGiEDPRV D RWUR OXJDU DGRVNLOyPHWURVPDV
GHVSXpVODVUHJUHViEDPRVDOPDU´
³'HFtDQORVJXDUGDVTXHWHQtDPRVTXHWUDEDMDUSDUDQRSHQVDUHQKXLU´
³7DPELpQ PH WUDVODGDURQ DO &DVWLOOR GH 9LDQD GHO %ROOR XQ FDVWLOOR DEDQGRQDGR
GRUPtDPRV HQ HO VXHOR KRPEUHV \ PXMHUHV /RV KRPEUHV VH DSDUWDEDQ D XQ ODGR \ ODV
PXMHUHVDRWURSRUSURSLDLQLFLDWLYD´
³(Q 9LOOD 0DUWtQ QR KDEtDORFDOSDUDWHQHUQRVSUHVRV\QRVPHWLHURQHQXQDERGHJD
GH YLQR TXH HV XQ W~QHO FRPR VH YH HQ ODV SHOtFXODV DO IRQGR GHO W~QHO KDFtDPRV
QXHVWUDV QHFHVLGDGHV QR KDEtD YHQWLODFLyQ DOJXQD QR VH YHtD KDFLD DIXHUD QDGD
GRUPtDPRV HQ HO VXHOR DOJXQRV KRPEUHV SLGLHURQ VDOLU SDUD EXVFDU XQD UDPDV GH
SDUUD \ VREUH HOODV WHQGLPRV ODV PDQWDV VRODPHQWH ORV TXH OD WHQtDQ TXH QR pUDPRV
WRGRV
³0LV SDGUHV HQ &XED FRPHQ]DURQ D KDFHU JHVWLRQHV SDUD PLUHSDWULDFLyQ\DKDEtD
UHODFLRQHV GHO JRELHUQR FXEDQR FRQ HOGHORVJROSLVWDVGHDTXtHQWUH(VSDxD\&XEDD
SHVDU GH DTXHOORV PRPHQWRV TXH OD VLWXDFLyQ SROtWLFD HUD GLItFLO HO FyQVXO GH %ROLYLD
HUD HO TXH VH RFXSDED GH ORV DVXQWRV GH &XED \ ODV JHVWLRQHV GH PLV SDGUHV GLHURQ
UHVXOWDGR DO FDER GH DOJ~Q WLHPSR PH VDFDURQ OLEUH FRQ OD FRQGLFLyQ GH DEDQGRQDU
(VSDxD HQ HO WLHPSR PDV EUHYH SRVLEOH PH HQWUHJDURQ XQ GRFXPHQWR FRPR
H[SXOVDGD WHQtD TXH SUHVHQWDUPH DQWH HO FyQVXO GH %ROLYLDUHFRJt D PL KLMR TXH \D
WHQtD FXDWUR DxRV YHVWLGD GH QHJUR FRPR YLXGD PH GLULJt DOFRQVXODGRSUHVHQWiQGROH
OD GRFXPHQWDFLyQ DO 6U &yQVXO 0LHQWUDV OHtD ORV LQIRUPHV OH FDPELDEDQ ORV FRORUHV
GH OD FDUD \PHGLFH³VHxRUDXVWHGQRSXHGHLUVHFRPRH[SXOVDGDXVWHGHVXQDYLXGD
\PDGUH´VHJXLGDPHQWHPHGLyODFDWHJRUtDGHUHSDWULDGD´
࣡
(VWH IUDJPHQWR GHO WHVWLPRQLR GH 5RVDULR &DUUDFHGR XQR PDV GH WDQWRV \ WDQWRV HV
SDUD WRPDUYHUGDGHUDFRQFLHQFLDTXHGHWUiVGHFDGDFDVRKXERXQDWUDJHGLDIDPLOLDUGH
JUDQGHV GLPHQVRQHV KXPDQDPHQWH HVLPSRVLEOHYDORUDUHOGRORUGHDTXHOORVHVSDxROHV
LQRFHQWHVTXHIXHURQIRU]DGRVSRUXQDYLROHQFLDVLQOtPLWHVDVXIULUWDQWR
(VWH KHUPRVR \ GRORURVR WHVWLPRQLR IDPLOLDU PH IXH FRQILDGR SRU HO EXHQ DPLJR
1LFROiV \ VX HVSRVD +HOJD KLMR \ QXHUD GH $QJHO \ 5RVDULR D ORV TXH PDQLIHVWp PL
GHVHR GH WUDQVFULELUOR SDUD TXH TXHGH XQD FRQVWDQFLD PDV GH OR VXIULGR SRU WDQWRV
EXHQRVHVSDxROHVSRUFUHHUHQOD'HPRFUDFLD\HQOD/LEHUWDGGHQXHVWUR3XHEOR
*XLMXHOR
/DWUDJHGLDIDPLOLDUGHOVHFUHWDULRGHO-X]JDGR
࣡
&ULVDQWRV 5RGULJXH] (VWHEDQ GH DxRV GH HGDG DERJDGR \ VHFUHWDULR GHO -X]JDGR
GH *XLMXHOR \ VX HVSRVD -HVXVD )HUQiQGH] 3RVDGD GH DxRV HUDQ SDGUHV GH GRV
QLxDV &RQFHSFLyQ \(PLOLDGHRQFH\QXHYHDxRVUHVSHFWLYDPHQWHYLYtDQIHOLFHVHQOD
ORFDOLGDGVDOPDQWLQD³PDWDQFHUD´
(O PDWULPRQLR VH FDUDFWHUL]DED VREUH WRGR SRU VX UHODFLyQ GH HQWUDxDEOH DPLVWDG FRQ
OD FODVH REUHUD GH OD ORFDOLGDG FRQ HO DGYHQLPLHQWR GH OD 5HS~EOLFD OOHJy XQD QXHYD
HWDSD OOHQD GH LOXVLyQ HQ VX YLGD -HVXVD SURQWR KDEUtD GH LQWHJUDUVH \³FDSLWDQHDU´XQ
JUXSR GHVWDFDGR GH PXMHUHV TXH UHLYLQGLFDEDQ FRQ HQWXVLDVPR OD ³OLEHUDFLyQ GH OD
PXMHU´ &ULVDQWRV OLFHQFLDGR HQ 'HUHFKR KRPEUH FXOWR \ FRQ GHVWDFDGDSHUVRQDOLGDG
PDQWHQtD HVWUHFKD UHODFLyQ GH DPLVWDG FRQ ORVUHSXEOLFDQRVGHODYLOODFKDFLQHUD\FRQ
ORV OtGHUHV UHSXEOLFDQRV GH OD FLXGDG GH 6DODPDQFD HUDQ IUHFXHQWHV VXV FRQWDFWRV FRQ
&DVWR 3ULHWR &DUUDVFR GH 8QLyQ 5HSXEOLFDQD \ -RVH $QGUpV 0DQVR GHO 3DUWLGR
6RFLDOLVWDDPERVOtGHUHVGHO)UHQWH3RSXODU
&ULVDQWRV TXH VH VHSD QL TXH UHFXHUGH VX KLMD (PLOLD QR PLOLWDED HQ QLQJXQR GH ORV
GRV SDUWLGRV SROtWLFRV QR REVWDQWH HUD FRQVLGHUDGR HQ *XLMXHOR \ VX FRPDUFD FRPR
SURER IXQFLRQDULR FRQ SURIXQGDV FRQYLFFLRQHV UHSXEOLFDQDV GH L]TXLHUGDV VX HVSRVD
-HVXVD VH FDUDFWHUL]DED SRU VX VHQFLOOH] HQ HO WUDWR VX LQWHOLJHQFLD QDWXUDO \ GRQ GH
JHQWHVFRQHODGYHQLPLHQWRGHOD5HS~EOLFDSURQWRDVXPLyVXGHVHRGHOLEHUDFLyQSDUD
ODV PXMHUHV OR TXH FRQWULEX\y SRGHURVDPHQWH HQ ODV VXFHVLYDV (OHFFLRQHV SDUD
FRQVHJXLUHOWULXQIRGHO)UHQWH3RSXODUHQHOSXHEORGH*XLMXHOR\SDUWHGHODFRPDUFD
/D IDPLOLD )HUQiQGH] 5RGUtJXH] FRPSXHVWD GHO PDWULPRQLR \ VXV GRV KLMDV YLYtDQ
IHOLFHV HQ OD YLOOD FKDFLQHUD VXV DPSOLDV UHODFLRQHV \ DPLVWDGHV FRQWULEXtDQ
SRGHURVDPHQWHDVXELHQHVWDU
4XLHQ SULPHUR KDEUtD GH VXIULU ODV FRQVHFXHQFLDV GHO PRYLPLHQWR UHYROXFLRQDULR
IDVFLVWD KDEtD GH VHU -HVXVD HO GtD GH $JRVWR GH QR VLQ OD LQWHUYHQFLyQ GH
&ULVDQWRV TXH H[SXVR VXV FRQRFLPLHQWRV GH 'HUHFKR \ SUHWHQGLy DFRPSDxDUOD SHUR
DOJXLHQ OH FRQYHQFLy GH TXH QR IXHUD ௙
³VH WUDWD GH TXH -HVXVD ௙
KDJD XQD EUHYH
GHFODUDFLyQ \ SURQWR YROYHUi"´ IXH GHWHQLGD HQ VX GRPLFLOLR SRU GRV JXDUGLDV
FLYLOHV \ XQ SHTXHxR JUXSR DUPDGR GH IDODQJLVWDV \ WUDVODGDGD DO FXDUWHO GH OD JXDUGLD
FLYLO DOOt SUHWHQGLHURQ GHODWDUD D VXV DPLJDV GH FRQILDQ]D D OR TXH VH RSXVR
UDGLFDOPHQWH DOOt DQWH DTXHOORV VLFDULRV GHMy FRQVWDQFLD GH VX EUDYXUD \ YDOHQWtD
VRPHWLGDDYHMDFLRQHV\WRUWXUDVODWXYLHURQGRVGtDV
$QWH OD LPSRVLELOLGDG GH QRFRQVHJXLUQLQJXQDGHODFLyQGHODGHWHQLGDSUHSDUDURQVX
WUDVODGR D 6DODPDQFD HO GtD ௙
௙
GH $JRVWR DODFDtGDGHODWDUGHQRVHYROYLyDVDEHUGH
HOOD DO OOHJDU HO FRFKH HQ TXH OD WUDVODGDEDQ D 6DODPDQFD D XQ OXJDU GHQRPLQDGR
³$OGHDUULFD´ GHO WpUPLQR GH 0LUDQGD GH $]iQ OD PDQGDURQ EDMDU \ DTXHOORV
PLVHUDEOHV FULPLQDOHV DFDEDURQ FRQ VX YDOLRVD \ HVSHUDQ]DGRUD YLGD $O GtD VLJXLHQWH
IXH UHFRJLGR HO FDGiYHU \ HQWHUUDGR HQ IRVD FRP~Q HQ HO &HPHQWHULR GH 0LUDQGD GH
$]iQGHGLFKRHQWHUUDPLHQWRH[LVWH$FWDGHOVHFUHWDULRGHO-X]JDGR0XQLFLSDO
3HURODWUDJHGLDIDPLOLDUQRKDEtDWHUPLQDGRGRVGtDVGHVSXpVGHOFULPHQHOGtDGH
$JRVWR GHWXYLHURQ D VX HVSRVR &ULVDQWRV LJXDOPHQWH OH OOHYDURQ DO FDODER]R GH
*XLMXHOR QXQFD VH VXSR ODV EDUEDULGDGHV TXH FRQ pO FRPHWLHURQ IXHURQ FDWRUFHODUJRV
GtDV GH GHWHQFLyQ \ GH VXIULPLHQWRFRQWLQXRKDVWDVXWUDVODGRDODFiUFHOGH6DODPDQFD
HO GtD GH $JRVWR MXQWR D RWURV GRV FRPSDxHURV GH LQIRUWXQLR DO OOHJDU ORV FRFKHV
TXH OHV DFRPSDxDEDQ D ³&XDWUR &DO]DGDV´ WpUPLQR PXQLFLSDO GH 0DUWLQDPRU ORV
PDQGDURQ EDMDU \ DOOt DVHVLQDGRV EUXWDOPHQWH ORV WUHV FDGiYHUHV IXHURQ UHFRJLGRV DO
GtDVLJXLHQWH\HQWHUUDGRVHQIRVDFRP~QHQHOFHPHQWHULRGHGLFKRSXHEOR
/D GHVWUXFFLyQ GH OD IDPLOLD )HUQiQGH] 5RGULJXH] WUDMR XQD LQROYLGDEOH GHVJUDFLD
SDUD ODV GRV SHTXHxDV QLxDV TXH LQLFLDEDQ XQ ODUJR FDOYDULR TXH KDEUtD GH GHMDUODV
PDUFDGDV SDUD WRGD VX YLGD \ VX IXWXUR SRUYHQLU ¢«" OHMRV XQD KHUPDQD GH OD RWUD HQ
PDQRV GH IDPLOLDUHV TXH VH KLFLHURQ FDUJR GH VX WUDJHGLD \ XQ IXWXUR LQFLHUWR FRPR
FRQVHFXHQFLDGHOEiUEDUR\KRUULSLODQWHGHVWLQRGHVXVTXHULGRVSDGUH\PDGUH
%DUEDGLOOR
/RVGRFH&RPSDxHURV\XQDMRYHQDVHVLQDGRVHQ³/D3LQLOOD´
(Q 6DODPDQFD ORV SULPHURV UHVWRV KXPDQRV TXH UHVFDWDPRV GHO FDPSRIXHURQORVGH
GRFH FRPSDxHURV VRFLDOLVWDV \ XJHWLVWDV GH %DUEDGLOOR \ GH XQD MRYHQ PDHVWUD
FRPSDxHUD GH -XYHQWXGHV6RFLDOLVWDVTXHIXHURQDVHVLQDGRVHQODILQFDGH/D3LQLOODD
GRV NLOyPHWURV GH OD VDOLGD GH OD FLXGDG D XQRV GRVFLHQWRVPHWURVGHOODGRRHVWHGHOD
FDUUHWHUDTXHYDD&iFHUHV1
$OOi SRU HO DxR IDOOHFLy HO FRPSDxHUR 9LFWRULDQR 3DUHGHV GH LQROYLGDEOH
UHFXHUGR \D TXH pO \ SRFRV PiV IXLPRVORVTXHPDQWXYLPRVHQ6DODPDQFD\SHVHDOD
GLFWDGXUDODWHQWHODLGHRORJtDGHOVRFLDOLVPR
(Q WRUQR D VX SHUVRQD QRV DJOXWLQDPRV ORV TXH VHQWtDPRV VHU SRUWDGRUHV GH OD LGHD
VRFLDOLVWD 6X PXHUWHIXHPX\VHQWLGDSRUWRGRVORVFRPSDxHURV\PXFKDVGHODVJHQWHV
GH L]TXLHUGD SDUD WRGRV QXHVWUR SRVWUHU KRPHQDMH IXH DFRPSDxDUOH D VX ~OWLPD
PRUDGDDOOtORGHVSHGLPRVFDQWDQGR/D,QWHUQDFLRQDO
$O ILQDOL]DU HO DFWR FRPR GH FRVWXPEUH KLFLPRV XQD YLVLWD D OD IRVD FRP~Q ULQFyQ
WHVWLPRQLDO TXH H[LVWH HQ HOFHPHQWHULRGH6DODPDQFDGLFKDIRVDIXHHOOXJDUGRQGHVH
HQWHUUDED D ORV FRPSDxHURV TXH VXV IDPLOLDV QR KDEtDQ UHFODPDGR SUHYLDPHQWH D OD
HMHFXFLyQHOFDGiYHUGHVXVSDGUHVRKHUPDQRV
/RV FRPHQWDULRV TXH DOOt VH VXVFLWDURQIXHURQXQiQLPHVHOHVWDGRGHDTXpOULQFyQGHO
FHPHQWHULR HUD GHSORUDEOH VX DEDQGRQR HUD WRWDO \DEVROXWRHQWRGDVXH[WHQVLyQXQRV
VHVHQWD PHWURV FXDGUDGRV TXH HVWDEDQ FXELHUWR GH FDUGRVKLHUEDMRV\VXFLHGDGGHWRGR
WLSRDOOtPLVPRSUHFLVDPHQWH\RKLFHXQFRPHQWDULRVREUHORDEDQGRQDGRGHOOXJDU\D
ORV FRPSDxHURV SUHVHQWHV SURSXVH XQD LQLFLDWLYD EDVDGD IXQGDPHQWDOPHQWH HQ HO
UHFXHUGR GH ORV TXH SDJDURQ FRQ VX YLGD HO VLPSOH KHFKR GH WHQHU QXHVWUD PLVPD
LGHRORJtD \ FRPSURPHWHUQRV D ௙
GLJQLILFDU DTXHO VDJUDGR OXJDU࣡
TXH GXUDQWH PXFKRV
DxRV KDEtD VLGR XQ VtPEROR SHUHQQH QR VROR SDUD ORV VRFLDOLVWDV VLQR SDUD WRGRV ORV
FLXGDGDQRV\FLXGDGDQDVGHL]TXLHUGDV
3RFRV GtDV GHVSXpV FRQ PLV KLMRV -XDQ )DXVWR \ /XLV 0LJXHO FRQ KHUUDPLHQWDV
DSURSLDGDV DOODQDPRV OLPSLDPRV \ UDVWULOODPRV HO OXJDU HQ OD IiEULFD SUHSDUp XQRV
DQJXODUHV GH KLHUUR TXH FODYp HQ HO VXHOR FRQ XQRV WDODGURV SDUD FRORFDU XQRV
DODPEUHV JDOYDQL]DGRV TXH OR XQtDQ WRGR SULYDQGR HO DFFHVR GLUHFWR D SLVDU HO
HQWHUUDPLHQWR LJXDOPHQWH PL KLMR -XDQ )DXVWR SLQWy HQ XQ SDQHO GH XQ PHWUR YHLQWH
SRU VHVHQWD FHQWtPHWURV XQ WHVWLPRQLDO FDUWHO EODQFR FRQ OD VLJXLHQWH LQVFULSFLyQ HQ
OHWUDVURMDV³௙
0XHUWRVHQODOXFKDUHQDFHQDOD/LEHUWDG´࣡
௙
(VFULEt \ PDQGp XQ DUWtFXOR D ³(O 6RFLDOLVWD´ KDFLHQGR XQ OODPDPLHQWR D WRGRV ORV
FRPSDxHURV SDUD TXH VH LQWHUHVDUDQ HQ OR TXH KDEtDPRV KHFKR HQ 6DODPDQFD \ PLV
GHVHRV GH TXH HQ WRGR HO 3DtV QRV HQFDUJiUDPRV GHO DGHFHQWDPLHQWR GH HVRV SDUD
QRVRWURV VDJUDGRV OXJDUHV HUD XQ DFWR GH MXVWLFLD SDUD ORV QXHVWURV \ QR SRGtDPRV
IDOWDUOHV HUD XQD REOLJDFLyQ FRQWUDtGD FRQ OD KLVWRULD TXH WHQtDPRV TXH DVXPLU 3RFRV
GtDV GHVSXpVWXYHODVDWLVIDFFLyQGHYHUORSXEOLFDGR\DOJXQRVGtDVGHVSXpVWDPELpQHQ
OD VHGH GHO 3DUWLGR FRPHQFp D UHFLELU FDUWDV DJUDGHFLHQGR PL DUWtFXOR \ HQ DOJXQRV
FDVRV FRPSURPHWLpQGRVH D GLFKR DGHFHQWDPLHQWR XQD GHVWDFDED GH WRGDV SRUTXH
YHQtDGH)UDQFLDUHODFLRQDGDFRQ6DODPDQFDSURFHGtDGH6DLQW3ULHVWFHUFDGH/\yQ
/D FDUWD PH OD GLULJtD XQ FRPSDxHUR VRFLDOLVWD QDWXUDO GH %DUEDGLOOR GH QRPEUH
$QWRQLR 9DUDV &KDYHV HO FXDO HQ VX PLVLYD PH IHOLFLWDED SRU PL DUWtFXOR GH (O
6RFLDOLVWD \ PH LQIRUPDED TXH FHUFD GH 6DODPDQFD HQ /D 3LQLOOD VH KDOODED XQ
HQWHUUDPLHQWR GH GRFH VRFLDOLVWDV GH %DUEDGLOOR XQR GH HOORV HUD VX SDGUH TXH WRGRV
ORV DxRV FXDQGR YHQtD D 6DODPDQFD LED D GHSRVLWDU XQUDPRGHIORUHVDOHQWHUUDPLHQWR
\ TXH GHVGH VLHPSUH DVXPLy HO FRPSURPLVR SHUVRQDO GH UHVFDWDU GH DTXHO OXJDU ORV
UHVWRV \ OOHYDUORVDOFHPHQWHULRPHDQXQFLDEDODSUR[LPLGDGGHVXYLDMHD6DODPDQFD\
TXHWUDWDUtDGHYHUPHSDUDFRPHQWDUWRGR
&RQWHVWp LQPHGLDWDPHQWH VX FDUWD SRQLpQGRPH D VX GLVSRVLFLyQ \ GiQGROH PL
GRPLFLOLR \ WHOpIRQR SRFRV GtDV GHVSXpV HVWDEDQ HQ 6DODPDQFD $QWRQLR 9DUDV \
0DUWLQD VX PXMHU HQ PL FDVD \ SHUVRQDOPHQWH HO FRPSDxHUR $QWRQLRPHGHVFULELyVX
YHUVLyQ GH OR TXHKDEtDVXFHGLGRHQ/D3LQLOODHO'LFLHPEUHGH\PHIDFLOLWyORV
QRPEUHVGHODVYtFWLPDVDVHVLQDGDVTXHHUDQORVVLJXLHQWHV
/(Ï1,'(69$5$66,(55$௙
SDGUHGH$QWRQLR
0$18(/6È1&+(=/8&$6
9,&725,$120$1*$65,9$6
$85(/,2',(=*855,21(52
0$18(/6È1&+(=0$1*$6
('8$5'252'5Ë*8(=
È1*(/%$55$'2
%$6,/,2*$5&Ë$0$57Ë1
)(50,1³(O&KDUDQJR´
,60$(/*21=È/(=
-8$1-26(0$1*$60$57Ë1
$9(/,120$1*$652'5Ë*8(=
7RGRVYHFLQRV௙
G௙
H%DUEDGLOOR௙
81$-29(10$(675$௙
QDWXUDOGH=DUDJR]D
$QWRQLR 9DUDV VHHQFDUJyGHFRQYRFDUDORVIDPLOLDUHVGHVFHQGLHQWHVRKHUPDQRVGHO
UHVWR GH ORV FRPSDxHURV D XQD UHXQLyQ HQ %DUEDGLOOR PLHQWUDV WDQWR \R TXH HQWRQFHV
VRODPHQWH HUD PLOLWDQWH GH OD 8*7 \ SUHFLVDPHQWH VHFUHWDULR JHQHUDO GH OD 8QLyQ
/RFDO GL FXHQWD D ORV &RPLWpV /RFDO \ 3URYLQFLDO GH PL GHVHR GH FRODERUDU HQ OD
H[KXPDFLyQ GH ORV UHVWRV OR TXH IXH DFHSWDGR SRU XQDQLPLGDG \ FRQ HO PHMRU DJUDGR
SRU WRGRV ORV FRPSDxHURV OD 8*7 WRPy OD LQLFLDWLYD \ HO 362( OD VHFXQGy VLHQGR
ELHQ DFRJLGDSRUHOHQWRQFHV6HFUHWDULR*HQHUDO-RVp/XLV*RQ]iOH]\TXHWUDVODGyDOD
(MHFXWLYDSURYLQFLDOQRREVWDQWHVXFRODERUDFLyQQRSDVyGHORWHVWLPRQLDO
/RV KLMRV \ KHUPDQRVGHORVFRPSDxHURVDVHVLQDGRVPHUHFLELHURQHQ%DUEDGLOORFRQ
ORV EUD]RV DELHUWRV VRODPHQWH KXER XQ FDVR HUD XQ KHUPDQR GH XQD GH ODV YtFWLPDV
TXH GHVLVWLyGHDFRPSDxDUQRVHOUHVWRVHSXVLHURQDPLGLVSRVLFLyQ\$QWRQLR9DUDVVH
HQFDUJy GH FRRUGLQDU WRGR OR UHODFLRQDGR FRQ HVWDEOHFHU HO GtD \ OD KRUD GH OD
H[KXPDFLyQSDUDRWURYLDMHTXHKLFLHUDD6DODPDQFD
<R FRPR VLHPSUH LQWHUYLQH HQ UHSUHVHQWDFLyQ GH OD 8*7 \362(PHFRPSURPHWtD
OD JHVWLyQ GH ODV DXWRUL]DFLRQHV GHO *RELHUQR &LYLO 'HOHJDGR GH 6DQLGDG -X]JDGR \
GHO GXHxR GH OD ILQFD DVt PLVPR FRPSURPHWt QXHVWUD FRODERUDFLyQ \ DVLVWHQFLD GH
QXHVWURVGLULJHQWHVVLQGLFDOHV\SROtWLFRVDODH[KXPDFLyQ\WUDVODGR
3HUVRQDOPHQWH PH HQFDUJXp GH FRQVHJXLU OD DXWRUL]DFLyQ GHO GXHxR GH OD ILQFD /D
3LQLOOD HO VHxRU )DELiQ *DUFtD D GLFKR FLXGDGDQR \R OR FRQRFtD SRUTXH SRFRV DxRV
DQWHV PL DPLJR *DEULHO /RUD FDVL ³OOHJD D ODV PDQRV´ FRQ pO \D TXH XQD WDUGH
HVWiEDPRV FRQ QXHVWURV SHTXHxRV KLMRV MXJDQGR DO EDOyQ GHQWUR GH OD ILQFD QRV YLR
GHVGH HO FDVHUtR \ VH DFHUFy D QRVRWURV SDUD DUURMDUQRV GH VX ILQFD D FDMDV
GHVWHPSODGDV H LQFOXVRQRVDPHQD]yFRQOODPDUDOD*XDUGLD&LYLO/RUDVHSXVRFRPR
XQ HQHUJ~PHQR FRQ pO \ SRFR IDOWy SDUD TXH VH DJUHGLHUDQ ILVtFDPQHWH JUDFLDV D TXH
PH LQWHUSXVH ODFRVDQROOHJyDPDV\QRVIXLPRVGHDOOtQRVLQTXHDQWHV*DEULHO/RUD
LQFOXVRDPHQD]DUDDOVHxRU)DELiQFRQOOHYDUOHDORV7ULEXQDOHV
/R TXH VXFHGLy IXH XQD FDVXDOLGDG SHUR GH )DELiQ PH OOHYp OD LPSUHVLyQ GH TXH HUD
XQSHUVRQDMHGHDUPDVWRPDU\SUHFLVDPHQWHGHHVH³VHxRU´WHQtDTXHFRQVHJXLUTXHHQ
VXTXHULGDILQFDQRVSHUPLWLHUDUHDOL]DUXQDH[FDYDFLyQ
$ GLFKR VHxRU )DELiQ OH OODPp SRU WHOpIRQR \ OH GLMH TXH HUD HO VHFUHWDULR JHQHUDO
ORFDO GH 8*7 \ TXH HQ QRPEUH GH 8*7 \ 362( GHVHDED WHQHU FRQ pO XQD HQWUHYLVWD
TXH PH GLHUD OXJDU GtD \ KRUD SRU WHOpIRQR TXHGDPRV \ SRFRV GtDV GHVSXpV PH
DFHUTXp D VX FDVD GH /D 3LQLOOD DFRPSDxDGR GH -RVp 3HUDOWD FRPSDxHUR GHO FRPLWp
ORFDOGH6DODPDQFD
(Q OD VDOD GH XQD PRGHVWD FDVD GH ODERU QRV UHFLELy )DELiQ HGXFDGDPHQWH FRQ WRGD
FRUWHVtD HUD OD DQWtWHVLVGHO)DELiQTXHFRQRFtSRFRWLHPSRDQWHVOHFRQWpHOPRWLYRGH
OD HQWUHYLVWD \ PH DJUDGHFLy LQFOXVR QXHVWUD LQLFLDWLYD pO GHVGH PDV GH FXDUHQWD DxRV
DQWHV UHVSHWy HO HQWHUUDPLHQWR GH QXHVWURV FRPSDxHURV DTXHO OXJDU IXH SDUD pO \ VX
IDPLOLD XQ OXJDU VDJUDGR \ PH UHILULy FyPR VH HQWHUy GHO VXFHVR TXH DOOt DFDHFLy H
LQFOXVRR\yORVGLVSDURVGHOKRUURURVRFULPHQ
(O GtD GH 'LFLHPEUH GH DO DWDUGHFHU GHVSXpV GH HQFHUUDU HQ HO DSULVFR ODV
RYHMDV HO SDVWRU GH OD ILQFD VH DFHUFy D OD FDVD \ OH GLMR DO ³DPR´ )DELiQ ³TXH HQ HO
OXJDU GH OD ³IXHQWH VHFD´ DSUR[LPDGDPHQWH D XQRV TXLQLHQWRV PHWURV GH GLVWDQFLD GHO
FDVHUtR GH OD ILQFD KDEtD OOHJDGR XQ FRFKH \ TXH GH pO EDMDURQ FLQFR LQGLYLGXRV FRQ
FDPLVDV D]XOHV \ FRUUHDMHV TXH VDFDURQ XQDV SDODV \ FRPR HUD XQ OXJDU GH WHUUHQR
EODQGR VH SXVLHURQ D H[FDYDU HQ HO VXHOR´HOSDVWRUGHMyODVRYHMDVVHDFHUFyDHOORV\
OHV SUHJXQWy TXp KDFtDQ XQR GH HOORV OH FRQWHVWy FRQ PDORV PRGDOHV TXH WHQtDQ
DXWRUL]DFLyQSDUDKDFHUORTXHKDFtDQTXHORVGHMDUDHQSD]\TXHVHIXHUDDVXWUDEDMR
)DELiQ *DUFtD DTXHOOD QRFKH FRQ VXV WUDEDMDGRUHV FDPELy LPSUHVLRQHV VREUH HO
KHFKR VXFHGLGR \ HQWUH WRGRV VH FUH\HURQ TXH GDGD OD SUR[LPLGDG GHO OXJDU D OD
FDUUHWHUD OR PLVPR VH WUDWDED GH TXH FRPR \D HVWiEDPRV HQ JXHUUD LEDQ D KDFHU XQD
WULQFKHUD R HPSOD]DU XQD DPHWUDOODGRUD R LQFOXVR XQ FDxyQ ¢" HO FDVR HV TXH OD
QRWLFLDVHPEUyODSUHRFXSDFLyQHQWRGRVHOORV
(Q ODV ILQFDV DJUDULDV HO SHUVRQDO PDGUXJDED PXFKR VH OHYDQWDEDQ DQWHV GH
DPDQHFHU \ HVWDEDQ GHVD\XQDQGR FXDQGR VH YLHURQ VRUSUHQGLGRV SRU OD VXFHVLyQ GH
XQD JUDQ FDQWLGDG GH GLVSDURV TXH VH R\HURQ HQ OD OHMDQtD WRGRV DVXVWDGRV FUH\HURQ
TXH OD JXHUUD KDEtD OOHJDGR D 6DODPDQFD FDEL]EDMRV \ HQ VLOHQFLR PLUiQGRVH XQRV D
RWURV VLQ VDEHU TXH GHFLU QL KDFHU HVSHUDURQ XQ EXHQ UDWR WRPy OD SDODEUD )DELiQ
FRPR OH FRUUHVSRQGtD VH KL]R FDUJR GH OD LQLFLDWLYD \ PDQGy DO SDVWRU TXH OH
DFRPSDxDUD \ PHGLR HVFRQGLpQGRVH FRQ WRGR HO FXLGDGR SDUD QR VHU YLVWRV VH
DFHUFDURQDYHUODVRYHMDVDODSULVFR\GHSDVRGHVGHOHMRVYHUTXHVXFHGtD
$O DSUR[LPDUVH DO OXJDU GRQGH OD WDUGH DQWHULRU H[FDYDEDQ OD IRVD YLHURQ VDOLU GH
DTXHOOD ]RQD HO PLVPR FRFKH GH OD WDUGH DQWHULRU \ XQD FDPLRQHWD TXH WRPDEDQ OD
GLUHFFLyQ GH 6DODPDQFD &RQ WRGDV SUHFDXFLRQHV VH DFHUFDURQ DO DSULVFR GHODVRYHMDV
TXH QR GHMDEDQ GH EDODU HVWDEDQ DOERURWDGDV VHJXUDPHQWH SRU HO HVWUXHQGR GH ORV
GLVSDURVTXHKDEtDQTXHEUDQWDGRODSD]\WUDQTXLOLGDGGHOOXJDU &RPR SRU DOOt QR TXHGDED QDGLH FRUULHURQ KDVWD HO OXJDU GH OD IRVD \ VH HQFRQWUDURQ
TXH HQ VX OXJDU KDEtD XQ PRQWyQ GH WLHUUD OD KDEtDQ FXELHUWR DO DFHUFDUVH REVHUYDURQ
FRQ HVWXSRU TXH XQ EUD]R KXPDQR VREUHVDOtD GHO PRQWyQ GH WLHUUD R QR OR KDEtDQ
FXELHUWR ELHQ R SRVLEOHPHQWH ODSHUVRQDHQWHUUDGDQRHVWDEDVXILFLHQWHPHQWHPXHUWD\
OR VDFy LQWHQWDQGR VDOLU GH OD IRVD KRUURUL]DGRV \ DVXVWDGRV GHVFRQRFtDQ FXDQWDVHUDQ
ODV YtFWLPDV SHUR HQVHJXLGD HQWHQGLHURQ OR TXH KDEtD VXFHGLGR \ TXLHQHV KDEtDQ VLGR
ORVDXWRUHV
$PERVHOSDVWRU\HO³DPR´FRUULHURQKDFLDODFDVDGDQGRYRFHVOODPDQGRDOUHVWRGH
ORV REUHURV LQPHGLDWDPHQWH XQDV FLQFR SHUVRQDV \ HO VHxRU)DELiQDOIUHQWHYROYLHURQ
FRUULHQGR WDPELpQ KDVWD HO IDWtGLFR OXJDU FRQ XQD FXULRVLGDG WUpPXOD SRU HO KRUURU GH
OR TXH DOOt VXSRQtDQKDEtDVXFHGLGRDSUR[LPDGDPHQWHXQDKRUDDQWHVHQODSUR[LPLGDG
GHO OXJDU KDEtDFKDUFRV\UDVWURVGHVDQJUHLQFOXVRKXERDOJXLHQTXHYLRDOJ~QUHVWRGH
PDVD HQFHIiOLFD IXHURQ D EXVFDU KHUUDPLHQWDV SDUD DXPHQWDU HO PRQWyQ \ WDSDU WRGR
ELHQ
3RU HO VXHOR VH HQFRQWUDURQ DOJXQRV REMHWRV WUHV RFXDWURFpGXODVGHLGHQWLGDGDOJ~Q
SHLQH GRV R WUHV FXFKDUDV GRV ERLQDV \ XQD JRUUD GH YLVHUD XQD JUDQ FDQWLGDG GH
YiLQDVGHEDODVGHIXVLO\YDULDVGHSLVWRODDFRQGLFLRQDURQODWXPEDFRP~Q\DODFDEDU
WUHPHQGDPHQWH LPSUHVLRQDGRV \ GRORULGRV DOOt PLVPR )DELiQ SLGLy TXH UH]DUDQ XQDV
RUDFLRQHV HQ UHVSHWXRVR \ WHPHURVR VLOHQFLR DVt OR KLFLHURQ ORV FLQFR MRUQDOHURV \ HO
³DPR´
5HJUHVDURQ D OD FDVD \ SRU ODV FpGXODV VH HQWHUy GH ODLGHQWLGDG\SURFHGHQFLDGHORV
PXHUWRV HUDQ GH %DUEDGLOOR SUHFLVDPHQWH ODV WUHV R FXDWUR QR UHFRUGDED FXDQWDV
UHFRJLy )DELiQ OR SULPHUR TXH KL]R IXH OODPDU DO WHOpIRQR S~EOLFR GH %DUEDGLOOR \
GDUOHV FXHQWD GH ORV QRPEUHV TXH VH OHtDQ HQ ODV FpGXODV \ TXH OHV FRPXQLFDUDQ D ORV
IDPLOLDUHV OR VXFHGLGR VLQ DVHJXUDUOHV TXH IXHUDQ HOORVORVPXHUWRVDXQTXHODUHDOLGDG
HUD SDOSDEOH HUD WDQ VDOYDMH OD QRWLFLD TXH D SHVDU GH WRGR QR VH SRGtD PDWDU OD
HVSHUDQ]D
3Uy[LPD OD KRUD GHO PHGLRGtD VH SUHVHQWy XQ FRFKH GH DOTXLOHU GH %DUEDGLOOR HQ OD
FDVD GH /D 3LQLOOD FRQ DOJXQRV IDPLOLDUHV GH ODV GRFH YtFWLPDV YHQtDQ GH OD 3ULVLyQ
3URYLQFLDO DGRQGH VH KDEtDQ GLULJLGR SULPHUR SDUD SUHJXQWDU SRU ORV GHWHQLGRV GHO
SXHEOR 'RV GH ORV PDV GHFLGLGRV VH GLULJLHURQ DO RILFLDOGHJXDUGLDSUHJXQWDQGR SRU
HO GLUHFWRU HO FXDO QR ORV UHFLELy XQ RILFLDO GH OD SULVLyQ OHV LQGLFy TXH ORV GRFH GH
%DUEDGLOOR KDEtDQ VLGR WUDVODGDGRV HVD PLVPD PDxDQD GH PDGUXJDGD D OD SULVLyQ GH
%XUJRVTXHpOQRSRGtDGDUOHVPDVGHWDOOHVGHOWUDVODGR
&RQ pVWD QRWLFLD HO FtUFXOR GH OD WUDJHGLD VH FHUUy EUXWDOPHQWH DQWH OD SDVPRVD
UHDOLGDG GH ORV KHFKRV GH DOOt VH GLULJLHURQ D /D 3LQLOOD D OD OOHJDGD GHO FRFKH \
UHFLELUORV )DELiQ VH DFODUy TXH HQ OD IRVD KDEtDQ DO PHQRV GLH] FDGiYHUHV
SRVWHULRUPHQWHVHDFODUyTXHIXHURQWUHFH
'HVGH OD FDVD VH GLULJLHURQ DO OXJDU GHO HQWHUUDPLHQWR \ ODV HVFHQDV TXH DOOt VH
SURGXMHURQ QR VRQ SDUD GHVFULWDV OODQWRV \ GHVJDUUDGRUHV ODPHQWRV GH ORV IDPLOLDUHV
SUHVHQWHV HQWUH ORV YHFLQRV GH %DUEDGLOOR LEDQ GRV FKLFRV FRPR GH GLH] DxRVHUDQORV
KLMRV PD\RUHV GH GRV GH ODV YtFWLPDV XQR GH HOORV SUHFLVDPHQWH $QWRQLR 9DUDV PL
FRPSDxHUR \ DPLJR $ ORV IDPLOLDUHV TXH YLQLHURQ GH %DUEDGLOOR )DELiQ OHV SURPHWLy
UHVSHWDU OD VHSXOWXUD FRP~Q KDVWD TXH DOJ~Q GtD IXHUDQ WUDVODGDGRV DO
FHPHQWHULR¢" 6HJ~Q )DELiQ PH UHODWy D Pt HQWRQFHV HVWDED UHFLHQWHPHQWH FDVDGR FXDQGR VH FDVy
WHQtD WUHLQWD\RFKRDxRVSHURFXDQGRPHORUHILULyKDEtDQWUDQVFXUULGRFXDUHQWDDxRV\
)DELiQ SDVDED GH ORV RFKHQWD PH MXUy VROHPQHPHQWH TXH HQ VX YLGD HO KRUURURVR
FULPHQ GH OD ³௙
)XHQWH VHFD࣡
´ VLHPSUH OR WXYR WUDXPDWL]DGR GH WDOIRUPDTXHSDUDpOVX
PXMHU \ VX KLMR 3HSH TXH FRQ pO FRPSDUWtD VX YLGD HO OXJDU GHO HQWHUUDPLHQWR IXH
³WDE~´ UHVSHWDURQ HO OXJDU LQFOXVR FRPR GHVSXpV FRPSUREDPRV GHMDURQ GH ODEUDU XQ
DPSOLRHVSDFLRFRQVHUYDQGR\UHVSHWDQGRDTXHOOXJDUFRPRVDJUDGR
'HVSXpV GH XQD ODUJD FRQYHUVDFLyQ FRQ )DELiQ \ VX KLMR 3HSH VHQWDGRV HQ OD
VDODFRPHGRU DOUHGHGRU GH XQD PHVD FDPLOOD FRQ OD WD]DV YDFtDV GH VX FRQWHQLGR
GHVSXpV GH WRPDU XQ FDIp GH SXFKHUR \ XQD FRSD GH FRxDF REVHTXLR GH OD FDVD HO
WUDWDPLHQWRTXHQRVRWRUJyOOHQRGHFRUWHVtD\DPDELOLGDGHVMXVWRUHVHxDUOR
&RQ WRGR OXMR GH GHWDOOHV QRV KDEtD H[SOLFDGR OR VXFHGLGR GDED OD VHQVDFLyQ GH TXH
GHVHDED GH DOJXQD IRUPD H[SUHVDU HO KRUURU TXH DTXHO VDOYDMH DFWR FULPLQDO OR PDUFy
GXUDQWH FDVL WRGD VX YLGD TXH QR OR KDEtD ROYLGDGR \ TXH SDUHFtD DQVLRVR GH MXVWLILFDU
VX FRPSRUWDPLHQWR \ UHVSHWR SDUD ODV LQRFHQWHV YtFWLPDV FRQ OD H[KXPDFLyQ GH ORV
UHVWRV GH QXHVWURV FRPSDxHURV OOHJDED SDUD pO OD OLEHUDFLyQ GH XQ KHFKR TXH OH PDUFy
KDFtD PiV GH FXDUHQWD DxRV \ TXH D pO OH WRFy VRSRUWDU LQFOXVR WXYR HO GHWDOOH GH
PDOGHFLU D ORV VDOYDMHV DVHVLQRV pVWH )DELiQ HVWDED PX\ OHMRV GHO TXH FRQRFt
SHUVRQDOPHQWH SRU SULPHUD YH] HUD HO PLVPR SURWDJRQLVWD GH OD DQpFGRWD TXH KH
UHIHULGR\HQODTXHIXLWHVWLJRGHO³HQFXHQWUR´FRQPLDPLJR*DEULHO/RUD
1R PH SXGH FRQWHQHU \ OH UHFRUGp OR VXFHGLGR FRQ PL DPLJR DTXHOOD WDUGH GH
SULPDYHUD D OR TXH PH FRQWHVWy TXH DTXpO GtD FXDQGR QRV YLR DOOt MXJDQGR FRQ ORV
QLxRV DO I~WERO HQ ODV SUR[LPLGDGHV GHO HQWHUUDPLHQWR VL VH LQVROHQWy FRQQRVRWURVHV
SRUTXH VLHPSUH OHPROHVWyTXHQDGLHVHDFHUFDUDDODVFHUFDQtDVGHOD³)XHQWHVHFD´WDO
HUD HO UHVSHWR TXH VLHPSUH WXYR DO OXJDU LQFOXVR DO HQWRUQR SHVH D TXH GH XQ VLWLR D
RWURKDEUtDXQRVFLQFXHQWDPHWURVGHGLVWDQFLDOHMRVHVWiEDPRVPLDPLJR/RUD\\RGH
VRVSHFKDU WDQ VLTXLHUD HO GUDPD GHO TXH DTXHO OXJDU KDEtD VLGR WHVWLJR
DSUR[LPDGDPHQWHFXDUHQWDDxRVDQWHV
$ )DELiQ OH SUHJXQWp VL GHQXQFLy HO KHFKR GH ORV DVHVLQDWRV \ WRGR OR VXFHGLGR D OD
*XDUGLD &LYLO GH HQWRQFHV \ PHORFRQILUPyGHVSXpVGHODVOiJULPDV\ODPHQWRVGHORV
IDPLOLDUHV GXUDQWH ODUJDV KRUDV FXDQGR UHJUHVDURQ D %DUEDGLOOR FRJLy XQD ELFLFOHWD \
VH YLQR DO FXDUWHO GH OD *XDUGLD &LYLO GHO $UUDEDO DOOt OH WRPy GHFODUDFLyQ HO
VDUJHQWRFRPDQGDQWH GHO SXHVWR \ OH RFXOWy OR GHO DYLVR D %DUEDGLOOR \ ODSUHVHQFLDGH
ORV IDPLOLDUHV QR VH DUUHGUy OR PiV PtQLPR HQ UHFRQRFHU VX PLHGR SRU ODV
FRQVHFXHQFLDV TXH OH SRGUtDQ DFDUUHDU VDEtD PX\ ELHQ FRPR HVWDEDQODVFRVDV\WHPLy
VHU LQYROXFUDGR (O HUD XQ VHQFLOOR ODEUDGRU \ GHVHDED HVWDU DO PDUJHQ GH WRGR OR
SROtWLFR JR]DED GH HVWLPD FRQ HO FXUD GHO OXJDU HO SiUURFR GH $UDSLOHV SRUTXH HUDXQ
FDWyOLFR WUDGLFLRQDO \ OR UHVSHWDURQ HO VDUJHQWROHUHFRPHQGyTXHQRKDEODUDFRQQDGLH
VREUH OR TXH KDEtD SUHVHQFLDGR TXH PDQWXYLHUDQ HO VLOHQFLR VL QR TXHUtDQ VXIULU ODV
FRQVHFXHQFLDV\TXHDVtVHORFRPXQLFDUDDVXVREUHURV\DVXPXMHU
$O GtD VLJXLHQWH XQD SDUHMD GH OD *XDUGLD &LYLO DFRPSDxDGRV GHO FRPDQGDQWH GHO
SXHVWR GHO $UUDEDO VH DFHUFy DO OXJDU \ HQ VX SUHVHQFLD OHYDQWDURQ DFWD DOOt QXQFDIXH
MXH] DOJXQR QL D QDGLH VH YLR GHDPEXODU SRU HO OXJDU PDV TXH HO GtD GH 7RGRV ORV
6DQWRV HO GH 1RYLHPEUH YDULRV IDPLOLDUHV GH ODV YtFWLPDV OOHYDURQIORUHVDODWXPED
'HVGH DTXHOODV OHMDQDV IHFKDVQLQJ~QDxRIDOWDURQDXQTXHVyORIXHUDXQUDPRIORUHVHQ
ODIRVD
&RQ VXPR JXVWR QR H[HQWR GH FLHUWD VDWLVIDFFLyQ DFFHGLy SDUD TXHH[KXPiUDPRVORV
UHVWRV \ PH SLGLy OH GLVFXOSDUD D ORV KLMRV \GHVFHQGLHQWHVGHODVYtFWLPDVTXHpOQRVH
VHQWtD FRQ IXHU]D SDUD DFRPSDxDUQRV &RQ OD PLVPD FRUWHVtD \ DPDELOLGDG FRQ TXH
IXLPRV WUDWDGRV QRV GHVSHGLPRV GH pO DJUDGHFLpQGROH HO WUDWR TXH QRV GLVSHQVy
&XDQGRUHFRSLORHVWRVUHFXHUGRVKDFHXQRVRFKRDxRV)DELiQIDOOHFLy\IXHSDUDPLXQD
REOLJDFLyQ PRUDO ODPHQWDU \ VHQWLU VX IDOOHFLPLHQWRDVLFRPRDFRPSDxDUDODIDPLOLDDO
VHSHOLR SDVDED GH ORV QRYHQWD DxRV GH HGDG \ GHVGH DTXHOOD OHMDQD WDUGHQRORYROYtD
YHUSHURDVXPHPRULDGHGLFRHVWHUHFXHUGR
(QUHDOLGDGIXHURQLQFRQWDEOHVORVFUtPHQHVTXHVHSURGXMHURQGHXQDXRWUDIRUPDHO
FDVR HV TXH DTXHO FRPLHQ]R GH OD JXHUUD IXH HVSHOX]QDQWH IXHURQ PXFKDV ODV
EDUEDULGDGHV TXH VH FRPHWLHURQ VLHPSUH KXER TXLHQ GLMR ³TXH HVRV KHFKRV VH GLHURQ
HQ ODV GRV ]RQDV OD 5HSXEOLFDQD \ OD 1DFLRQDO´ FRPR WUDWDQGR GH MXVWLILFDU ORV
KRUURUHV GHDTXtVLQHPEDUJRORVKHFKRVTXHQDUURWXYLHURQOXJDUHQQXHVWUDSURYLQFLD
\DGRVNLOyPHWURVGHODFLXGDGGH6DODPDQFD
8QDSURYLQFLDODGH6DODPDQFDWUDGLFLRQDOPHQWHFDWyOLFDDTXtQLQJ~QURMRTXHPyQL
XQD VROD HUPLWD QL LJOHVLDQLPDWDURQDQLQJ~QFXUDPRQMDRIUDLOHHQWRGRFDVRHQOD
6DODPDQFD XQLYHUVLWDULD DJUDULD \ UXUDO SUHGRPLQDEDQ ODV KXHVWHV GH OD GHUHFKD \SRU
OyJLFD GHVGH HO SULQFLSLR GH OD JXHUUD HVWXYR HQ HO ODGR GH ORV ³QDFLRQDOHV´ ORV GH OD
PRUDO FDWyOLFD DPSDUDGRV HQ VXV FUtPHQHV SRU ORV PLVPRV FXUDV \ ORV IDVFLVWDV
FDXVDQWHV GH WDQWDV WUDJHGLDV GDxLQRV \ VDQJXLQDULRV OR IXHURQ KDVWD OtPLWHV
LQVRVSHFKDGRV SHVH DO WLHPSR WUDQVFXUULGR VX LQKXPDQD \ GHSUHGDGRUD EHVWLDOLGDGQR
KDVLGRROYLGDGD /DH[KXPDFLyQGHORVUHVWRV
2EWHQLGDODDXWRUL]DFLyQGHOSURSLHWDULRGHODVWLHUUDV)DELiQ*DUFtDSURFHGLPRVDOD
RUJDQL]DFLyQ GH OD H[KXPDFLyQ GH ODV JHVWLRQHV \ DXWRUL]DFLRQHV RILFLDOHV VH
HQFDUJDURQ ORV FRPSDxHURV \D IDOOHFLGRV -RVp 0RQWHMR PpGLFR \ /XLV 3LQHGR
YHWHULQDULR PXQLFLSDO /RV IDPLOLDUHV GH ODV YtFWLPDV HQFDEH]DGRV SRU $QWRQLR
9DUDV HO FXDO VH HQFDUJy GH ODV JHVWLRQHV TXH OH DWULEXLPRVDGTXLULHURQXQDWXPEDHQ
HO FHPHQWHULR GH 6DODPDQFD \ XQ IpUHWUR SDUD GHSRVLWDU HQ pO ORV UHVWRV ILMDPRV FRQ
HOORVODIHFKD\ODKRUDQRVGLPRVFLWDHQHOOXJDUXQGRPLQJRGHODSULPDYHUDGH
DODVQXHYHGHODPDxDQD
$OOt QRV FRQFHQWUDPRV XQ QXPHURVR JUXSR GH FRPSDxHURV TXH UHSUHVHQWiEDPRV D OD
8*7 \ DO 362( DFRPSDxDGRV GH DOJXQR GH QXHVWURV GLULJHQWHV SRU RWUD SDUWH HO
JUXSR GH IDPLOLDUHV GHVFHQGLHQWHV HQ WRWDO HVWiEDPRV DOOt XQDV FXDUHQWD SHUVRQDV
WRGRV GLVSXHVWRV D FRODERUDU HQ OD H[FDYDFLyQ WHPSODGR HO iQLPR SDUD UHVFDWDU WDQ
TXHULGRVGHVSRMRVDORVTXHSRUILQ\JUDFLDVDODGHPRFUDFLDDUUDQFDUtDPRVGHOROYLGR
\ WUDVODGDUtDPRV DO FHPHQWHULR FRQ WRGD OD GLJQLGDG TXH OHV IXH SULYDGD SRU VXV
PLVHUDEOHVDVHVLQRV
3RFR HVIXHU]R UHTXLULy HO WUDEDMR HUD XQ OXJDUPX\K~PHGR\ODWLHUUDHVWDEDVXHOWD\
SHJDGL]D SURQWR DSDUHFLHURQ LQGLFLRV GHQXHVWUDE~VTXHGDPHUHFHUHVDOWDUTXHFXDQGR
IXLPRV UHWLUDQGR HOEDUURODIRVDH[KDODEDXQDJUDGDEOHDURPDGXO]yQTXHUHFRUGDEDD
OD YDLQLOOD FRVD TXH VH FRPHQWy \ VRUSUHQGLy D WRGRV HPSH]DURQ D DSDUHFHU UHVWRV
KXPDQRV VREUH WRGR ORV KXHVRV GH PD\RU WDPDxR IpPXUHV WLELDV PXFKDV YpUWHEUDV
YDULDV FRVWLOODV DOJXQD PDQGtEXOD SHUR EyYHGDV FUDQHDOHV QLQJXQD HVWDEDQWRWDOPHQWH
GHVKHFKDV +DEtDQ SDVDGR PXFKRV DxRV HQ XQD ]RQD PX\ K~PHGD GRQGH HQ WLHPSRV KXER XQD
IXHQWH\ORVKXHVRVHVWDEDQSUiFWLFDPHQWHGHVKHFKRVSRVLEOHPHQWHFRPRFRQVHFXHQFLD
GHO HOHYDGR SRUFHQWDMH GH PDWHULD KXPDQD TXHODFRPSRQtDHQWUHQRVRWURVKDEtDGRVR
WUHV PpGLFRV GHO 3DUWLGR \ HOORV QRV H[SOLFDURQ OR VXFHGLGR QR REVWDQWH UHEXVFDPRV
ELHQ HQ WRGD OD ]RQD \ VHOHFFLRQDPRV OR HQFRQWUDGRDSDUHFLHURQXQRVFXDQWRVREMHWRV
DOJ~Q SHLQH KHELOODV GH FRUUHDV FDUWXFKRV GH IXVLO FXFKDUDV \ WHQHGRUHV PHWiOLFRV
WRGR FDVL GHVKHFKR OR TXH IXH PDV LGHQWLILFDEOH IXHURQ ORV SLVRV GHO FDO]DGR WUHFH
SDUHV HQ WRWDO XQ SDU GH WDPDxR PDV SHTXHxR FRQ WDFyQ DOWR \ SRU HO PDWHULDOVHYHtD
TXHSHUWHQHFtDDXQRVERWLQHVIHPHQLQRV
)XH XQD LQHVSHUDGD VRUSUHVD SRUTXH QR VDEtDPRV TXH FRQ ORV GRFH FRPSDxHURV GH
%DUEDGLOOR KXELHUDQ DVHVLQDGR XQD PXMHU HO UHVWR GH ORV SLVRV VH FRUUHVSRQGtDQ FRQ
ORV FLWDGRV FRPSDxHURV WUHV SDUHV GH DOEDUFDV YDULRV SLVRV GH JRPD GH ]DSDWLOODV
EDUDWDVRWURVGHERWDV\DOJXQRGH]DSDWRV
7RGRV ORV UHVWRV KXPDQRV VHOHFFLRQDGRV IXHURQ GHSRVLWDGRV HQ HO DWD~G TXH
WUDQVSRUWy XQ FRFKH I~QHEUH \ IRUPDQGR FRUWHMR GHO DFRPSDxDPLHQWR GLH] R GRFH
FRFKHV GHWUiV QRV WUDVODGDPRV DO FHPHQWHULR GH 6DODPDQFD $ OD SXHUWD QRV UHFLELy HO
FDSHOOiQ HO DPLJR ,VLGUR DOOt UH]y XQ UHVSRQVR \ ORV UHVWRV KXPDQRV GH QXHVWURV
FRPSDxHURV TXHGDURQ GHSRVLWDGRV HQ OD WXPED TXH HVWDED SUHSDUDGD DO HIHFWR DO
FRORFDUODOiSLGDFRQORVQRPEUHVGHODVYLFWLPDVHQWRQDPRV/D,QWHUQDFLRQDO
'XUDQWH HO DFWR GH OD LQKXPDFLyQ VHGLMHURQXQDVSDODEUDV$QWRQLR9DUDV³DJUDGHFLy
D ORV ࣡
FRPSDxHURVGH8*7\GHO362(ODH[KXPDFLyQSUDFWLFDGD\GHGLFyXQDSDUWHGH
VX LQWHUYHQFLyQ D ࣡
WRGRV ORV TXH GLHURQ VX YLGD SRU OD /LEHUWDG ࣡
FRQ HO FRPSURPLVR GH
FRQWLQXDU OD ODERU HPSUHQGLGD ࣡
SHVH D TXH KDEtDQ WUDQVFXUULGR PXFKRV DxRV VLHPSUH
ORV WHQGUtDPRV SUHVHQWHV HQ QXHVWUR UHFXHUGR´ 6REUH OD OiSLGD TXHGy XQD LQVFULSFLyQ
FRQ ORV QRPEUHV \ DSHOOLGRV GH ORV GRFH VRFLDOLVWDV GH %DUEDGLOOR \ OD DOHJRUtD ³௙
TXH
GLHURQVXYLGDSRUOD/LEHUWDG࣡
´
࣡
(O DVXQWR GH OD PXMHU TXH KDEtDQ DVHVLQDGR MXQWR D ORV FRPSDxHURV GH %DUEDGLOOR
QDGLH VDEtD GH TXLHQ VH WUDWDED \ OR GHMp SHQGLHQWH SHUR VLQ ROYLGDUOR ³HO FDVR GH OD
PXMHU DVHVLQDGD´ FRQWLQXDED VLHQGR XQ PLVWHULR DVt FRPR OD LGHQWLGDG GH OD
FRPSDxHUD $SUR[LPDGDPHQWH FLQFR R VHLV DxRV GHVSXpV FXDQGR JDQDPRV HO JRELHUQR GH OD
'LSXWDFLyQ VH PH RFXUULy DFHUFDUPH XQGtDDOD3ULVLyQ3URYLQFLDOFRQODDXWRUL]DFLyQ
GHO 3UHVLGHQWH VDOXGDU DO 'LUHFWRU HQ QRPEUH GHO JUXSR VRFLDOLVWD GH GLSXWDGRV
SRQHUPH D VX GLVSRVLFLyQ SDUD TXH FRPR VH WUDWDED GH OD 3ULVLyQ ³3URYLQFLDO´ PH
LQGLFDUDGHODVQHFHVLGDGHVGHO&HQWUR
&RQRFt SHUVRQDOPHQWHDO'LUHFWRU(GXDUGR&DUUDVFRHOFXDOPHUHFLELyFRUGLDOPHQWH
\ PH HQVHxy SRU GHQWUR HO &HQWUR SHQLWHQFLDULR \ VHJ~Q PH H[SOLFy ODV QHFHVLGDGHV
TXH WHQtDQ TXH VREUH WRGR HVWDEDQ UHODFLRQDGDVFRQODHVFDVH]GHPHGLRVFXOWXUDOHVOH
GLMH TXH QRV KLFLHUD XQ HVFULWR VROLFLWDQGR OR TXH SUHFLVDUD SDUD OD ODERU TXH GHVHDED
GHVDUUROODUHQODSULVLyQ
5HFLELGD OD SHWLFLyQ OD 'LSXWDFLyQ OH HQWUHJy XQ WHOHYLVRU FRQ SDQWDOOD GH JUDQGHV
GLPHQVLRQHV XQ YtGHR XQ ORWH GH SHOtFXODV HQ YtGHR XQ LPSRUWDQWHORWHGHOLEURVSDUD
OD %LEOLRWHFD XQD EDQGHUD &RQVWLWXFLRQDO \ RWUD GRV GH &DVWLOOD \ /HyQXQDVSRUWHUtDV
GH I~WERO VDOD \ XQDV FDQDVWDV GH EDORQFHVWR FDPLVHWDV \ EDORQHV SDUD ORV MXJDGRUHV
7DPELpQSURJUDPDPRV\UHDOL]DPRVDOJXQDDFWXDFLyQWHDWUDO\YDULDVVHVLRQHVGHFLQH
8Q GtD VH DFHUFy D OD SULVLyQ FRQPLJR -XDQ -RVp 0HOHUR FRPR 3UHVLGHQWH GH OD
'LSXWDFLyQ \ OH KL]R OD HQWUHJD GHO WHOHYLVRU \HOYtGHRHQQRPEUHGHOD'LSXWDFLyQHO
UHVWR GHO PDWHULDO \ ODV DFWXDFLRQHV FXOWXUDOHV \R PH HQFDUJXp TXH HO GLSXWDGR GH
&XOWXUD-XDQ7RPiV0DUWtQOHDWHQGLHUDFRPRDVtVHKL]R
([FXVR GHFLU TXH HO 'LUHFWRU (GXDUGR&DUUDVFRDOXFLQDEDDOYHUKHFKRUHDOLGDGWRGR
OR SURPHWLGR HUD OD SULPHUD YH] TXH XQD LQVWLWXFLyQ SURYLQFLDO UHDOL]DED XQD GRWDFLyQ
FXOWXUDO D OD SULVLyQ PH UHFRQRFLy ORV ³HIHFWRV GH OD GHPRFUDFLD´ \R UHDOLFp YDULDV
YLVLWDV \ GH HVD UHODFLyQ DPLVWRVD FRQVHJXt GH pO OD LQIRUPDFLyQ TXH GHVHDED REMHWLYR
TXH GHVGH VLHPSUH WXYH HQ OD PHQWH \ UHODFLRQDGD FRQ PL SURSLR SDGUH \ DOJXQRV
FRPSDxHURVPiV
$ SDUWLU GH DTXHOODV IHFKDV HO DUFKLYR GH OD 3ULVLyQ HVWXYR D PL DOFDQFH \ IXHURQ
PXFKRV ORV FDVRV TXH LQYHVWLJXp XQR GH HOORV SUHFLVDPHQWH HO ³RILFLR GHWUDVODGR´GH
ORV GRFH FRPSDxHURV GH %DUEDGLOOR \ HO GH XQD MRYHQ TXH OHV DFRPSDxDED 3RU HO
PHQFLRQDGR RILFLR SXGH LGHQWLILFDU D TXLHQHV SHUWHQHFtDQ ORV UHVWRV HQFRQWUDGRV HQ OD
3LQLOOD VH WUDWDEDGHXQDMRYHQPDHVWUDSHURHOQRPEUHTXHPHGLRGHVSXpVGHPXFKRV
DxRV KHPRV SRGLGR FRPSUREDU QR VH FRUUHVSRQGtD FRQODDVHVLQDGDLQYHVWLJDFLyQTXH
KD KHFKR -RVp &DVWUR 5DEDGiQ \ TXH HV XQ WHPD TXH TXHGD DFODUDGR 5HVXOWD
YHUGDGHUDPHQWH GRORURVR REVHUYDU GLUHFWDPHQWH HO DOFDQFH GHO GDxR TXH D WDQWDV
IDPLOLDV KRQHVWDV LQIULQJLy OD EDUEDULH IDVFLVWD HVR Vt DPSDUDGRV SRU DOJXQRV FXUDV
³WUDEXFDLUHV LQTXLVLGRUHV´ )XHURQ ORV PDHVWURV \ PDHVWUDV GH HVFXHOD SUHFLVDPHQWH
XQR GH ORV FROHFWLYRV PDV GDxDGRV SRU OD VDxD GH ORV GHSUHGDGRUHV GH OD &XOWXUD \ OD
/LEHUWDG
&RQVHUYR FRPR XQD UHOLTXLD XQD FRSLD GH OD RUOD GH OD SURPRFLyQ GH PDHVWURV GH
$OOt VH HQFXHQWUDQ ODV IRWRJUDItDV GH ORV FRPSDxHURV -RVp $QGUpV 0DQVR
SURIHVRU GH OD (VFXHOD 1RUPDO GH 0DJLVWHULR \ ORV QXHYRV PDHVWURV HQWUH HOORV
8UEDQR $QGUpV *DUFtD \)HOLFtVLPR&DUUHxRGH$QWD\VXSXHVWDPHQWHODFRPSDxHUDGH
-- 66 DVHVLQDGRV SRU OD QREOH SUHWHQVLyQ GH FRQVHJXLU XQD VRFLHGDG PDV OLEUH PDV
MXVWD\PDVFXOWDSDUDQRVRWURVQRVTXHGDHOUHFXHUGRLPSHUHFHGHURGHVXVDFULILFLR
&RPR DQWHV KH H[SUHVDGR OD FLUFXQVWDQFLD GH QXHVWUD LQWHUYHQFLyQ IXH FRQVHFXHQFLD
GH OD FDVXDOLGDG SULPHUR SRU OD SXEOLFDFLyQ GH PL DUWtFXOR HQ (O 6RFLDOLVWD VHJXQGR
SRU VX OHFWXUD HQ )UDQFLD HQ 6DLQW 3ULHVW /\yQ SRU HO FRPSDxHUR $QWRQLR 9DUDV \
GHVSXpV SRU ODVXJHUHQFLDKHFKDSRUHOPLVPRFRPSDxHURWRGRHOORFRQWULEX\yDSRQHU
HQ PDUFKD XQD ODERU LPSRUWDQWH HQ HO UHVFDWH GHO ROYLGR GH ORV UHVWRV GH DTXHOORV
HQWUDxDEOHV FRPSDxHURV \ FRQVHJXLU HO LQLFLR GH XQD VHULH GH H[KXPDFLRQHV GH ODV
FXDOHV GHVSXpV GH ORV DxRV WUDQVFXUULGRV QR SRGHPRV PDV TXH VHQWLUQRV SOHQD \
KXPDQDPHQWHVDWLVIHFKRV
&RQ HO WUDEDMR UHDOL]DGR HQ /D 3LQLOOD FRPHQ]DED OD VHULH GH H[KXPDFLRQHV TXH
VXFHVLYDPHQWH HQ DTXHOORV ORV SULPHURV DxRV GH 'HPRFUDFLD KDEUtDPRV GH UHDOL]DU D
LQLFLDWLYD GH ORV IDPLOLDUHV GH ORV DVHVLQDGRV FRQ OD HQWXVLDVWD FRODERUDFLyQ GH ORV
6RFLDOLVWDV
+RQRUDORVGRFHFRPSDxHURV
GH%DUEDGLOOR\ODMRYHQ]DUDJR]DQD
3RUTXHIXLVWHLVYtFWLPDVLQRFHQWHVGHODVLQUD]yQ
3RUYXHVWUDOHDOWDGDOD5HS~EOLFD
3RUYXHVWUDHQWUHJDDOD-XVWLFLD6RFLDO
YXHVWURVDFULILFLRORWHQHPRVSUHVHQWH
+DUHQDFLGRHQQRVRWURV
ODSD]TXHYXHVWURHMHPSORQRVGHMy
3HGURVRGHOD$UPXxD
6XIUHODEDUEDULHIDVFLVWD
3RFR WLHPSR WXYLHURQ TXH HVSHUDU ORV YLVFHUDOHV JROSLVWDV \ UHSUHVRUHV IDVFLVWDV
GHVSXpV GHO GH -XOLR GH SDUD LQLFLDU VX RUJtDFULPLQDO6DODPDQFDODFDSLWDOGH
OD SURYLQFLD GHVGH HO GH -XOLR VH YLR VRPHWLGD D OD YRUiJLQH VDQJULHQWD GH ORV
IDFFLRVRV TXH SRFR D SRFR IXHURQ DPSOLDQGR VXV UHSXJQDQWHV FUtPHQHV D ORV SXHEORV
GH OD SURYLQFLD HPSH]DURQ ODV UHSUHViOLDV H KLFLHURQ FRUUHU UtRV GH VDQJUH LQRFHQWH GH
KRPEUHV \ DOJXQD PXMHU SHUVRQDV KRQUDGDV WRGRV HOORVODPD\RUtDFXUWLGRVHQHOGXUR
WUDEDMR GH OD WLHUUD ௙
&RPSURPHWLGRV FRQ HO RUGHQ &RQVWLWXFLRQDO \ OD ௙
OHJDOLGDG
GHPRFUiWLFDGHOD5HS~EOLFD(VSDxROD
$ILOLDGRV D RUJDQL]DFLRQHV VLQGLFDOHV \ SROtWLFDV GH L]TXLHUGDV OD PD\RUtD GH HOORV
SHUWHQHFLHQWHV D OD FODVH WUDEDMDGRUD DXQTXH WDPELpQ KXER XQD EXHQD UHSUHVHQWDFLyQ
GH SHUVRQDV UHODFLRQDGDV FRQ OD FXOWXUD DOJ~Q PpGLFR SURIHVLRQHV OLEHUDOHV \ VREUH
WRGR PDHVWURVGHHVFXHODTXHVXIULHURQSHUVHFXFLyQ\PXFKRVGHHOORVSDJDURQFRQVXV
YLGDV VLPSOHPHQWH SRU VHU SRUWDGRUHV GH WDQ QREOHV LGHDOHV KRPEUHV \ PXMHUHV
SURJUHVLVWDV TXH DVSLUDEDQDXQDVRFLHGDGPiVMXVWD\PDVFXOWDTXHSRQtDQpQIDVLVHQ
VX OXFKD GLDOpFWLFD \ UHLYLQGLFDWLYD FRQWUD OD H[SORWDFLyQ GHO KRPEUH SRU HO KRPEUH \
HQ OD GHIHQVD GH OD KXPDQL]DFLyQ GH OD FODVH REUHUD/D LQFXOWXUD \ OD LQMXVWD PLVHULD
TXH VXIUtDQ ODV FODVHVVRFLDOHVPiVGHVSURWHJLGDVHVWDEDSURSLFLDGDSDUDODH[SORWDFLyQ
D TXH HVWDEDQ VRPHWLGRV SRU ORV ULFRV HPSUHVDULRV KDFHQGDGRV \ WHUUDWHQLHQWHV OD
FRQVHUYDGRUDGHUHFKDWUDGLFLRQDO\OD,JOHVLD&DWyOLFDTXHORVDPSDUDED\EHQGHFtD
(Q 3HGURVR GH OD $UPXxD HQ OD &DVD GHO 3XHEOR H[LVWtD XQ Q~FOHR GH VRFLDOLVWDV \
DOJ~Q FRPXQLVWD TXHVHUHXQtDQHQWRUQRDOPpGLFR\DOPDHVWURGHOSXHEORGRQ-RVp\
GRQ *LQpV DPERV GH LGHDV SURJUHVLVWDV \ GH L]TXLHUGDV DPLJRV SHUVRQDOHV GH -RVp
$QGUpV 0DQVR OtGHU HQ 6DODPDQFD GH ORV VRFLDOLVWDV HO $\XQWDPLHQWR HVWDED
JREHUQDGR SRU HO )UHQWH 3RSXODU VRFLDOLVWDV HQ VX PD\RUtD TXH GHQWUR GH ODV HVFDVDV
SRVLELOLGDGHV HFRQyPLFDV GH DTXHOORV WLHPSRV HVWDEDQ GHVDUUROODQGR HQ HO SXHEOR XQ
QXHYR \ PRGHUDGR WDODQWH \ HVWLOR SURSLRV GH VX LGHRORJtD SURJUHVLVWD UHLYLQGLFDWLYRV
DQWH ODV LQMXVWLFLDV TXH SDGHFtDQ ORV REUHURV DJUtFRODV WROHUDQWHV \UHVSHWXRVRVFRQODV
FRVWXPEUHVDQFHVWUDOHVGHORVFLXGDGDQRV\FLXGDGDQDVGHODORFDOLGDG
&RQ OD FRODERUDFLyQ GH GRQ *LQpV \ GRQ -RVp 'HOJDGR LPSXOVDEDQ OD FXOWXUD SURSLD
GH DTXHOOD pSRFD KDFtDQ VX SURVHOLWLVPR VLQ UHSDUR QR REVWDQWH HUDQ UHVSHWDGRV \
TXHULGRVSRUODPD\RUtDGHFLXGDGDQDV\FLXGDGDQRVGHOSXHEOR
$ SHVDU GH HVWDU DFRVDGRV \ DPHQD]DGRV SRU ORV HVFDVRV UHDFFLRQDULRV IDVFLVWDV
LQWROHUDQWHV HOHPHQWRV GH OD GHUHFKD UHWUyJUDGD \ UDGLFDO FOiVLFD HQ QXHVWURV SXHEORV
VLHPSUH DFRPSDxDGRV GH DOJ~Q FRULIHR REUHUR SHORWD \ ³ODPHFXORV´ WUDLGRUHV D OD
FDXVDREUHUDDOIUHQWHGHHOORVVHHQFRQWUDEDHOVHFUHWDULRPXQLFLSDO
)UDQFLVFR 0DUWtQH] VHFUHWDULR PXQLFLSDO IDODQJLVWD DPLJR GH ORV SLVWROHURV
IDODQJLVWDV GH OD FDSLWDO GLFKR VLQLHVWUR SHUVRQDMH FRQ OD FRODERUDFLyQ GH =yVLPR GH
'LRV XQ LQGLYLGXR SRFR WUDEDMDGRU FRQ SRFR RILFLR GH SHyQ \ HVFDVR EHQHILFLR
VLQLHVWUR SHUVRQDMHTXHSDUWLFLSyFRQHOVHFUHWDULRPXQLFLSDOHQODGHQXQFLDGHORVURMRV
GHO SXHEOR 3RVLEOHPHQWH VLQ OD LQLFLDWLYD GH WDQ LPSUHVHQWDEOHV HOHPHQWRVQR VH
KDEUtD SURGXFLGR HO GUDPD GHO 3HGURVR DO LJXDO TXH HQ OD WUDJHGLD GH &ULVWR QR
IDOWDURQ ORV MXGDV GH WXUQR LQVWLJDGRUHV DO VHUYLFLR GH ORVULFRVVXVDPRV\ ³VHxRUHV´
YDVDOORVTXHGHODDGXODFLyQDORVSRGHURVRVKDFtDQVXYHUGDGHUDGRFWULQD
(VWRV GHVSUHFLDEOHV GHVHFKRV KXPDQRV VH FRUUHVSRQGtDQ FRQ HO WLSR GH HOHPHQWRV
FDSDFHV GH HVWDU GLVSXHVWRV D WRGR LQFOXVR DO FULPHQ FRQ WDO GH GDU VDWLVIDFFLyQ D VXV
SURWHFWRUHV HVWRV GHSUHGDGRUHV KXPDQRV VH FRUUHVSRQGHQ FRQ HO SHUILO GH ORV
PLVHUDEOHV\FULPLQDOHVLQVWLJDGRUHVGHODWRUHV
(O FXUD 0DQXHO 5RGUtJXH] )HUQiQGH] KLMR \ KHUPDQR GH PLOLWDUHV IUDQTXLVWDV IXH
RWUR FRODERUDGRU HQ OD VRPEUD GH ORV KHFKRV VDQJULHQWRV VXFHGLGRV HQ OD ORFDOLGDG
DUPXxHVD FRQ VX DFWLWXG GH ³IDULVHR´ WXYR HO GHVFDUR \ GHVYHUJHQ]DGHSURWDJRQL]DU
OD IDUVD GH FRQIHVDU \ ³DEVROYHU´ D ODV YtFWLPDV DUURJiQGRVH OD DXWRUtD GHO SHUGyQ GH
'LRV FXDQGR HQ OD FRPSDxtD GHO PpGLFR GRQ -RVp 'HOJDGR DQWHV GH TXH IXHUDQ
VHOHFFLRQDGDV ODV VLHWH YtFWLPDV GH OD VLQUD]yQ \ REOLJDGRV D VXELUVH D OD FDMD GH OD
FDPLRQHWD TXH ORV WUDQVSRUWDUtD D 6DODPDQFD PLHQWUDV HO UHVWR GH ORV GHWHQLGRV VH
HQFRQWUDEDQHQHOVDOyQGHO&RQFHMR
8QFRQVLGHUDEOHQ~PHURGHVRFLDOLVWDV\DOJ~QFRPXQLVWDWRGRVHOORVSHUWHQHFLHQWHVD
OD )HGHUDFLyQ GH OD 7LHUUD GH OD 8*7 \ D OD &DVD GHO 3XHEOR VRPHWLGRV D ORV JROSHVH
LQIDPHV YHMDFLRQHV TXH VyOR IXHURQ FDSDFHV GH FRPHWHU DTXHOORV LQGLYLGXRV IDVFLVWDV
FRQ ORV LQVWLQWRV FULPLQDOHV TXH FDUDFWHUL]DED VX FDYHUQtFROD LGHRORJtD GRQ *LQpV HO
PDHVWUR WDPELpQ IXH REMHWR GH OD FREDUGtD \ OD YLROHQFLD GHVDWDGD GH JROSHV \ EXUODV
MXQWRDODKXPLOODFLyQGHYHUVHDJUHGLGR\SLVRWHDGDVVXVJDIDV
$OOt HQ HO VDOyQ GHO &RQFHMR WXYLHURQ GHWHQLGR HO QXPHURVR JUXSR GH KRPEUHV GH
L]TXLHUGD IUHQWH D OD DPHQD]D FRQVWDQWH GH ODV SLVWRODV \ IXVLOHV GH ORV PDWRQHV
IDODQJLVWDV ORV REOLJDURQ D FDQWDU HO ³FDUD DO VRO´ D JROSHV VRPHWLGRV KXPLOODGRV \
SHUPDQHQWHPHQWH LQVXOWDGRV GXUDQWH HO WLHPSR TXHGXUyODEXVFD\FDSWXUDGHORVTXH
D MXLFLR GH ORV LQVWLJDGRUHVGHQXQFLDQWHV HVWDEDQVHOHFFLRQDGRV\FRQGHQDGRVDPXHUWH
SRUVXFRQGLFLyQGHURMRV\PDU[LVWDV
/D WUiJLFD UHODFLyQ GHORVFRPSDxHURVTXHIXHURQVHOHFFLRQDGRVSDUDHODVHVLQDWRIXH
ODVLJXLHQWH
9$/(17,1329('$*$//(*2$OFDOGH
3$8/,12329('$*$//(*2
6$/9$'25*21=È/(=
$*867Ë1*21=È/(=
-26(&$%$//(52
6,0Ï152'5Ë*8(=
0$18(/0$57Ë1)58726
0$18(/+(55(52/8&$6
8QR D XQR ORV IXHURQ GHWHQLHQGR HQ VXV UHVSHFWLYRV GRPLFLOLRV GHVGH SULPHUDV KRUDV
GH OD PDxDQD GHO GRPLQJR GH $JRVWR GH SRU HO JUXSR GH FDQDOODV \ DVHVLQRV
IDODQJLVWDV TXH DUPDGRV GH IXVLOHV \ SLVWRODV OOHJDURQ GH 6DODPDQFD VHGLHQWRV GH
VDQJUH\GLVSXHVWRVDVHPEUDUHOWHUURUHQHOWUDQTXLORSXHEORGH(O3HGURVR
(O PRWLYR TXH PDQLIHVWDEDQ GH VX SUHVHQFLD HUD TXH HO GtD DQWHULRU HQ OD ORFDOLGDG
DUPXxHVD VH KDEtDQ HVFXFKDGR DOJXQRV GLVSDURV QDGD PDV OHMRV GH OD YHUGDG \ OD
UHDOLGDG VHJ~Q PDQLIHVWDFLRQHV GH WHVWLJRV TXH D~Q YLYHQ VRODPHQWH VH HVFXFKy XQ
GLVSDUR HO FXDO VH VXSRQH TXH IXHUHDOL]DGRSRUXQRGHORVSURSLRVIDVFLVWDVGHOSXHEOR
FRQ HO REMHWR GH SURYRFDU OD YLROHQWD UHDFFLyQ ¢ &XDQGR VH HVFULEH HVWH UHODWR OD
ODERU LQYHVWLJDGRUD TXH KDFH DxRV YLHQH UHDOL]DQGR $JXVWtQ 6DOJDGR D GDGR VX IUXWR \
HO DXWRU GH /D *UDPD HQ VX ~OWLPD \ WHUFHUD HGLFLyQ WUDQVFULEH TXLHQ \ SRUTXH HIHFWXy
DOJXQ GLVSDUR FRQ XQD SLVWROD TXH XQ WLHPSR DQWHV KDEtD HQWUHJDGR D OD JXDUGLD FLYLO
TXLHQHV DO GHYROYpUVHOD OH LQGLFDURQ TXH OD SUREDUD FXDQGR VDOLHUD GHO SXHEORFXDQGR
UHJUHVDED D VXGRPLFLOLR\DTXHHUDYHFLQRGHOSXHEORGH$UDED\RQDSDUHFHVHUTXHHV
HO TXH VRODPHQWH VH OLPLWy D SUREDU HO DUPD TXH KDEtD HVWDGR LQFDXWDGD /DV
GHWRQDFLRQHV IXHURQ HO PRWLYR TXH DOWHUy HO DPELHQWH GHO 3HGURVR \ HO VHFUHWDULR IXH
TXLHQSUHVHQWyGHQXQFLDGHHOOR
$TXHO GRPLQJR \ GXUDQWH OD PDxDQD \ SDUWH GH OD WDUGH EXVFDURQ LQVLVWHQWHPHQWH D
0DQXHO ௙
+HUUHUR /XFDV ௙
XQR GH ORV SRFRV FRPXQLVWDV GHO SXHEOR TXH KiELOPHQWH VH
HVFDSy \ RFXOWy HQ ODV FHUFDQtDV GH ODORFDOLGDGFRQRFHGRUGHTXHVHUtDXQRGHORVTXH
VLQOXJDUDGXGDVSDJDUtDFRQVXYLGDODLGHRORJtD\PLOLWDQFLDGHL]TXLHUGDV
7RGR HO GtD OD SOD]D GHO SXHEOR IXH WHVWLJR PXGR GHO MROJRULR GH ORV IDVFLVWDV TXH
DKtWRV GH FRPLGD \ YLQR GDEDQ HO FRQWUD SXQWR GH ORV VROOR]RV \ ODPHQWRV GH ORV
IDPLOLDUHV GH ORV GHWHQLGRV TXH DWHUURUL]DGRV SUHVHQFLDEDQ LPSRWHQWHV OD YLROHQFLD
GHVDWDGD GH ORV VLFDULRV \ FULPLQDOHV IDODQJLVWDV DQWH OD SDVLYLGDG SURORQJDGD GHO FXUD
DQWHULRUPHQWHPHQFLRQDGRSiUURFRGHOSXHEOR
)XH XQ GRPLQJR LQROYLGDEOH SDUD WRGR XQ SXHEOR TXH SUHVHQFLy XQR PDV GH ORV
KRUURURVRV \ IDWtGLFRV KHFKRV TXH OD LQRFHQWH \ YLOLSHQGLDGD FODVH REUHUD WXYR TXH
VRSRUWDU SRU OD IXHU]D EUXWD GH ODV DUPDV \ HO IXURU DVHVLQR GXUDQWH ODUJR WLHPSR HQ OD
]RQDQDFLRQDO
&RPR OD SDWUXOOD GH ORV DVHVLQRV \ FULPLQDOHV QR HUDQFDSDFHVGHHQFRQWUDUD0DQXHO
+HUUHUR VH ULQGLHURQ DQWH OD HYLGHQFLD \ HQWUH XQ HQVRUGHFHGRU DPELHQWH GH JULWRV
OORURV\ODPHQWRVHPSUHQGLHURQODPDUFKDFRQGLUHFFLyQD6DODPDQFD
$O OOHJDUDOSXHEORGH(VSLQRGHOD2UEDGDSDVyHOFDPLyQMXVWRDOODGRGHOIURQWyQGH
SHORWD GRQGH HQ DTXHO PRPHQWR VH MXJDED XQ SDUWLGR HQWUH MXJDGRUHV GH OD ORFDOLGDG
FDVL WRGR HO SXHEOR OR HVWDED SUHVHQFLDQGR \D TXH HUD OD ~QLFD GLYHUVLyQ GH ODV JHQWHV
VHQFLOODV GH QXHVWUD WLHUUD HQ DTXHOORV DxRV +RUURUL]DGRV REVHUYDURQ HO SDVR GH OD
FRPLWLYD GH OD PXHUWH \ GH VXV DPLJRV GH (O 3HGURVR \D VH FRUUtDQ UXPRUHV GH ORV
FUtPHQHV TXH VH HVWDEDQ FRPHWLHQGR SRU WRGD OD SURYLQFLD \ HQ WRGRV TXHGy JUDEDGR
DTXHOLQVWDQWHTXHQRKDQROYLGDGRGHVSXpVGHORVPXFKRVDxRVWUDQVFXUULGRV
(OFDPLyQWRPyODGLUHFFLyQGH3DUDGDGH5XELDOHVSDUDOOHJDUDODFDUUHWHUD1DO
OOHJDU DO FUXFH VH GLULJLy HQ GLUHFFLyQ D 6DODPDQFD \ D ORV SRFRVNLOyPHWURVHPSH]DED
HO IDWtGLFR OXJDU GHO PRQWH GH OD 2UEDGD XQ PRQWH FXDMDGR GH HQFLQDV TXH IXH WHVWLJR
GH LQILQLGDG GH FUtPHQHV \ EDUEDULGDGHV FRPHWLGDV SRU ORV GHSUHGDGRUHV KXPDQRV
IDVFLVWDV $O OOHJDU DO PRQWH HO YHKtFXOR VDOLy GH OD FDUUHWHUD \ VH LQWURGXMRHQHOPRQWHSRUXQ
FDPLQR GH WLHUUD \ D SRFRV PHWURV GH OD FDUUHWHUD QDFLRQDO KLFLHURQ EDMDU D FXDWUR GH
ORV GHWHQLGRV 9DOHQWtQ ௙
3DXOLQR 6DOYDGRU \ $JXVWtQ ௙
GHMDQGR HQ HO FDPLyQ D ORV WUHV
UHVWDQWHV GHODQWH GHHOORVJROSHDURQDODVYtFWLPDVTXHLEDQDLQPRODUDXQRGHHOORVOH
IUDFWXUDURQ XQD SLHUQD \ FRQ OD LQKXPDQD PDOGDG TXH OHVFDUDFWHUL]DEDVHGLVWDQFLDURQ
GHO JUXSR GH ORV FXDWUR \ VREUH HOORV OHV GLVSDUDURQ FRQ ORV IXVLOHV \ UHPDWDQGR
SRVWHULRUPHQWHFRQWLURVGHSLVWRODHQODFDEH]D
$ OD OyJLFD UHIOH[LyQ GHO UHFKD]R TXH VXVFLWD HO UHFXHUGR GH OR VXFHGLGR KD\ TXH
DxDGLU OD VLWXDFLyQ GH ORV UHVWDQWHV FRPSDxHURV TXH IXHURQ WHVWLJRV IRU]RVRV \
SUHVHQFLDURQ HO KRUURURVR ILQDO GH VX DPLJRV \ FRPSDxHURV GH YLGD \ GH LQIRUWXQLR
¢TXp SDVDUtD SRU VXV FDEH]DV VREUH HO GHVWLQR TXH OHV HVSHUDED" SRVLEOHPHQWH VLQ
KDFHU HOXFXEUDFLRQHV VREUH OR VXFHGLGR HO WHUURU PH]FODGR D OD UHPRWD HVSHUDQ]D GH
VDOYDU VXV YLGDVDQJXVWLDGRVWXYLHURQTXHFRQWHPSODUHODGLyVGHILQLWLYR\HODEDQGRQR
HQ TXH TXHGDURQ GHVSDUUDPDGRV SRU HO VXHOR FXDWUR YLGDV GHVKHFKDV FXDWUR FXHUSRV
GHVWUR]DGRVSRUORVVDOYDMHVDVHVLQRVHOUHFXHUGRGHVXVIDPLOLDV\ODVVX\DVSURSLDV
$O SDVDU SRU HO SXHEOR GH /D 2UEDGD ORV FULPLQDOHV SDUDURQ XQRV PRPHQWRV SDUD
RUGHQDU DO $OFDOGH VH HQFDUJDUD GH HQWHUUDU ORV FDGiYHUHV FRVD TXHDOSDUHFHUKLFLHURQ
DOGtDVLJXLHQWH
$xRV GHVSXpV WXYH OD RFDVLyQ GH FRQRFHU SHUVRQDOPHQWH DO VHxRU -XDQ $QWRQLR XQ
FDUDFWHUtVWLFR ODEUDGRU GH /D 2UEDGD HQ DTXHO HQWRQFHV \D MXELODGR \ GH HGDG
DYDQ]DGD HO FXDO PH UHILULy VX SDUWLFLSDFLyQ HQ OD UHFRJLGD \FDULWDWLYDLQKXPDFLyQGH
PXFKRV GH ORV FDGiYHUHV TXH SRU HO PRQWH GHMDURQ DEDQGRQDGRV SHUR D PL PH KDEOy
VREUH WRGR GH ORV GH &DVWR 3ULHWR &DUUDVFR \ -RVp $QGUpV 0DQVR TXH SRU WUDWDUVH GH
TXLHQHV HUDQ ORV WUDVODGy HQ XQ FDUUR GH EXH\HV DO FHPHQWHULR GH /D 2UEDGD GRQGH
HVWXYLHURQ HQWHUUDGRV KDVWD TXH VXV IDPLOLDUHV DxRV GHVSXpV ORV UHVFDWDURQ (Q OD
QRYHOD KLVWyULFD ³/D *UDPD´ FX\R DXWRU $JXVWtQ 6DOJDGR QDUUD FRQ ULJRU ORV KHFKRV
DFDHFLGRV WDPELpQ FLWD D -XDQ $QWRQLR FRPR LQIRUPDQWH D ORV IDPLOLDUHV GH ODV
YtFWLPDVGH(O3HGURVRGHOOXJDUGHOHQWHUUDPLHQWRGRQGHIXHURQDVHVLQDGRV
5HLQLFLDGD OD PDUFKD GH OD FRPLWLYD DVHVLQD HQ GLUHFFLyQ D 6DODPDQFD DO OOHJDU D OD
FLXGDG VH GLULJLHURQ \ GHWXYLHURQ HQ HO FXDUWHO GH ,QJHQLHURV TXH H[LVWH HQ ODV
SUR[LPLGDGHVGHODSOD]DGHWRURV
,EDQ EXVFDQGR D XQ FDSLWiQ GH DSHOOLGR &HQWHOODV KDEODURQ FRQ pO \VHVXSRQHTXHOH
KDEODUtDQ GH OD ³KD]DxD´ TXH KDEtDQ HPSUHQGLGR HQ (O 3HGURVR \ ORV WUHV URMRV
SULVLRQHURV TXH OOHYDEDQ SXHGHHQWUDUHQHOWHUUHQRGHODVXSRVLFLyQTXLHQOHVGLUtDTXH
ORV HMHFXWDUDQ \D TXH GHVGH DOOt PLVPR VH GLULJLHURQ DO FHPHQWHULR GH 6DODPDQFD SRU
7RUUHV 9LOODUURHO \ HO 3DVHR GH&DUPHOLWDVWRPDURQODGLUHFFLyQGHOFHPHQWHULRGRQGH
MXQWR D OD WDSLD HQ HO OXJDU TXH VH HVWDED KDFLHQGR KDELWXDO HUDQ LQPRODGDV ODV
YtFWLPDV GH ORV DVHVLQRV IUDQTXLVWDV DOOt VLQ PiV ORV EDMDURQ D OD IXHU]D GHO FDPLyQ \
XQD YH] PiV WUDWDURQ GH OD KDFHU UHDOLGDG XQD YH] PDV OD DQLPDOLGDG VDQJULHQWD
IDFFLRVD \ -RVp &DEDOOHUR 6LPyQ 5RGUtJXH] \ 0DQXHO 0DUWtQ )UXWRV VH HQIUHQWDURQD
OD VLWXDFLyQTXHVHOHVDYHFLQDEDGLVFXWLHURQHQWUHHOORVORVFULPLQDOHVIDODQJLVWDV \QR
OOHJDURQ D FRQVXPDU HO FULPHQ GHVGH DOOt ORV WUDVODGDURQDODSULVLyQSURYLQFLDOFXDWUR
GtDV GHVSXpV HO GtD GH $JRVWR GH ORV VDFDURQ GH OD FiUFHO \ ORV YROYLHURQ D
OOHYDU D OD WDSLD GHO FHPHQWHULR GRQGH ORV IXVLODURQ ORV IDODQJLVWDV DOOt TXHGDURQ VXV
FXHUSRV TXH IXHURQ HQWHUUDGRV HQODIRVDFRP~QHQHOOLEURGHHQWHUUDPLHQWRVGHGLFKR
FHPHQWHULR LQVFULWRV FRPR ³GHVFRQRFLGRV´ TXH YLQLHURQ D HQJURVDU OD ODUJD OLVWD GH
YtFWLPDVLQRFHQWHVSRUGHIHQGHUHOSURJUHVR\OD/LEHUWDG
(O ௙
SXHEOR GH(O3HGURVRGHOD$UPXxDGHVSXpVGHTXHHOFDPLyQSDUWLyHQGLUHFFLyQD
6DODPDQFD FRQ VX FDUJD KXPDQD GH YtFWLPDV \ YHUGXJRV TXHGy VXPLGR HQHOGRORUGH
ODGXGDVREUHHOIXWXURTXHOHVHVSHUDEDDORVVLHWHYHFLQRVVHxDODGRV
/RVOODQWRV\ODPHQWRVGHIDPLOLDUHV\DPLJRVQRFHVDEDQ\DTXHHVWDEDEDVWDQWHFODUR
HO GHVWLQR TXH OHV HVSHUDED QR REVWDQWH QR IDOWDURQ DOJXQRV FRPHQWDULRV OLJHUDPHQWH
RSWLPLVWDV \D TXH QR IDOWy TXLHQ PDQLIHVWDUD OD FDUHQFLD GH DOJ~Q GHOLWR SXQLEOH HQ
QLQJXQR GH ORV GHWHQLGRV VLHPSUH TXHGDED OD UHPRWD HVSHUDQ]D GH TXH IXHUDQ
WUDVODGDGRVGLUHFWDPHQWHDODFiUFHOSURYLQFLDO
4XH HQ VX PRPHQWR IXHUDQ VRPHWLGRV D XQ MXLFLRMXVWR\REWXYLHUDQXQDVHQWHQFLDHQ
FRQVRQDQFLD FRQ OD UHDOLGDG GH ORV GHOLWRV TXH OHV DWULEX\HUDQ OR TXH KDFtD DEULJDU OD
HVSHUDQ]D GH TXH WRGR SDUHFtD DOJR PX\ GLVWDQWH GH OD UHDOLGDG ORV DJUDYLRV \
KXPLOODFLRQHV D TXH VH YLHURQ VRPHWLGRV ORV GHWHQLGRV HQ OD PLVPD 3OD]D GHO SXHEOR
TXH IXHURQ REVHUYDGRV SRU XQ EXHQ Q~PHUR GH YHFLQRV TXHSUHVDJLDEDQORSHRU\FDGD
XQRHQVXLQWHULRUWHQtDODVGXGDVFRQVLJXLHQWHV
1R WDUGy HQ OOHJDU OD IDWtGLFD QRWLFLD GHO DVHVLQDWR GHO PRQWH GH OD 2UEDGD H[LVWHQ
DOJXQDV UHIHUHQFLDV TXH IXH HO PHQFLRQDGR VHxRU -XDQ$QWRQLRGHOSXHEORYHFLQRGHOD
2UEDGD HO TXH ODV WUDQVPLWLy H LQFOXVR LQIRUPy GHO OXJDU GRQGH VH KDOODEDQ VHSXOWDGDV
ODV FXDWUR SULPHUDV YtFWLPDV (O EDOGyQ GH ORV KRUURUHV UHODWDGRV KDELDQ GH GHMDU XQD
KXHOODLPERUUDEOHHQHOSXHEORDUPXxpV
3HUR TXHGDED WRGDYtD XQ FDVRHOGH0DQXHO+HUUHUR௙
\DTXHOyJLFDPHQWHHQWHUDGRGH
ORV VDQJULHQWRV VXFHVRV SDGHFLGRV SRU VXV FRPSDxHURV GH LQIRUWXQLR DXQTXH QR GH
LGHRORJtD pO HUD FRPXQLVWD \ FRPR EXHQ FRPXQLVWD HO PDV UHYROXFLRQDULR H LQFOXVR
SDUD ORV IDVFLVWDV HO PDV SHOLJURVR VHJXtD HVFRQGLGR WHPHURVR GH ODV UHSUHVDOLDV TXH
SRGUtD VXIULU OR TXH QR WLHQH VHQWLGR HV TXH GHVSXpV GH HVWDU YDULRV GtDV HVFRQGLGR VH
HQWUHJDUD FRPR XQ FRUGHUR TXH YD DO VDFULILFLR D OD JXDUGLDFLYLODTXHOODJXDUGLDFLYLO
TXH WUDLFLRQy DO 2UGHQ /HJDO GHO (VWDGR \ TXH GH GHIHQVRUHV GHO RUGHQ &RQVWLWXFLRQDO
VH FRQYLUWLHURQ QR WRGRV HQ FyPSOLFHV GHO DVHVLQDWR OD LJQRPLQLD \ HQ DOJXQD
RFDVLyQHQYHUGXJRV
&XDWURPHVHVGHVSXpVHOGH'LFLHPEUHGH0DQXHO+HUUHUR/XFDV௙
GHDxRV
GH HGDG ௙
HUD IXVLODGR MXQWR D ODV WDSLDV GHO FHPHQWHULR GH 6DODPDQFD (O WHUULEOH
HSLVRGLR VXFHGLGR HQ pVWH SDFtILFR SXHEOR DUPXxpV PDUFy D VXV VHQFLOODV JHQWHV \ ODV
RFKR IDPLOLDV GH ORV FRPSDxHURV YtFWLPDV LQRFHQWHV KDQ SHUPDQHFLGR ILHOHV D VX
HPRFLRQDGRUHFXHUGRSHVHDORVPXFKRVDxRVWUDQVFXUULGRV
&XDUHQWD \GRVDxRVGHVSXpVHQDLQLFLDWLYDGHO PLOLWDQWHVRFLDOLVWDGHO3HGURVR
GH OD $UPXxD /XLV *RQ]iOH] KLMR SyVWXPR GH 6DOYDGRU *RQ]iOH] XQDGHODVYtFWLPDV
GH OD EDUEDULH IDVFLVWD FRQ OD FRODERUDFLyQ GH XQ QXPHURVR JUXSR GH FRPSDxHURV
PLOLWDQWHV VRFLDOLVWDV GH OD ORFDOLGDG HOORV VRORV JHVWLRQDURQ ODV SHUWLQHQWHV
DXWRUL]DFLRQHV \ UHDOL]DURQ OD H[KXPDFLyQ GH ORV FXDWUR DVHVLQDGRV HQ HO PRQWH GH /D
2UEDGD9DOHQWtQ3DXOLQR6DOYDGRU\$JXVWtQ
௙
/D SXEOLFDFLyQ GH OD VHJXQGD HGLFLyQ DXPHQWDGD \ FRUUHJLGD HQ VXV GHWDOOHV
KLVWyULFRVGHODSULPHUDHGLFLyQGHODQRYHOD³/D*UDPD´HGLWDGDSRU³$OFD\XHOD´GHO
*UXSR (GLWRULDO $0%26 081'26 \ FX\R DXWRU $JXVWtQ 6DOJDGR &DOYR KDFH HQ OD
PLVPD XQD SHUIHFWD QDUUDFLyQ QRYHODGD TXH WUDWD GHWDOODGDPHQWH HO WUiJLFR \ VDOYDMH
VXFHVR FRQ XQD VHQVLELOLGDG SURSLDGHXQDXWRUOOHQRGHUDVJRVKXPDQRVFRVWXPEULVWDV
D VLJQLILFDGR HQ HVWDV IHFKDV XQ UHYXOVLYR PiV SDUD HO UHFKD]R GHO KRUURU TXH ORV
IDVFLVWDV LQIULQJLHURQ HQ OD FLXGDG \ HQ XQ EXHQ Q~PHUR GH ORVSXHEORVGHODSURYLQFLD
GH6DODPDQFD
/D GLVWDQFLDHQHOWLHPSRQRDQXODORVFUtPHQHVGHDTXHOORVVLQLHVWURVPRQVWUXRVPDV
ELHQ FRQWULEX\H D TXH QR VH ROYLGHQ ODV YtFWLPDV LQRFHQWHV D ORV TXH OHV IXHURQ
DUUHEDWDGDV VXV YLGDV VRODPHQWH SRUTXH TXHUtDQ SDUD QXHVWUR 3DtV XQD VRFLHGDG PDV
MXVWD \ PDV OLEUH VX UHFXHUGRSHUPDQHFHHQQXHVWUDVPHQWHVSUHFLVDPHQWHSDUDTXHVX
VDQJUH VHD HO PDV LGHDO H[SRQHQWH GH OD PHMRU³6HPLOODGH/LEHUWDG´/LEHUWDGDODTXH
WRGRV ORV HVSDxROHV GH WRGRV ORV FRORUHV SROtWLFRV QRV VHQWLPRV FRQ HO GHUHFKR D
GLVIUXWDU
&RPSDxHURVGHO3HGURVRGHOD$UPXxD
'HVGHODGLVWDQFLDHQHOWLHPSR
QRVXQLPRVVROLGDULDPHQWHDYRVRWURV
(OYDORUGHYXHVWUDVDQJUH
QRVOHJyORVPHMRUHVIUXWRVGHPRFUiWLFRV
GHVGHVLHPSUHHVWXYLVWHLVSUHVHQWHVHQQRVRWURV
%DELODIXHQWH
(QIUHQWDPLHQWRDOSULPHUWUHQPLOLWDUTXHLEDDOIUHQWHGHJXHUUD
௙
/D ³$VRFLDFLyQ 6DODPDQFD 0HPRULD \ -XVWLFLD´ D LQVWDQFLDV GH VX SUHVLGHQWH
6DQWLDJR /ySH] HQWRQFHV YLFHUUHFWRU GH OD ,QVWLWXFLyQ 8QLYHUVLWDULD FRQVLJXLy XQ
DFXHUGR GH FRODERUDFLyQ FRQ OD 8QLYHUVLGDG GH 6DODPDQFD HO DXWRU GH HVWH WUDEDMR
WXYR OD VDWLVIDFFLyQ GH TXH FRPR SUHVLGHQWH GH +RQRUGHGLFKD$VRFLDFLyQORILUPDUD
\R FRQMXQWDPHQWH FRQ HO HQWRQFHV 5HFWRU (QULTXH %DWDQHU GLFKR DFXHUGR FRQVLVWH
HQWUH RWUDV FRVDV FRPSURPHWHU D OD 8QLYHUVLGDG HQ ORV WUDEDMRV GH LQYHVWLJDFLyQ
GRFXPHQWDO GH OR VXFHGLGR HQ OD *XHUUD &LYLO GH \ SHUPLWLU D OD $VRFLDFLyQ
VHOHFFLRQDU DOXPQRV \ OLFHQFLDGRV XQLYHUVLWDULRV EHFDULRV SDUD UHDOL]DU ORV WUDEDMRV GH
GLJLWDOL]DU ORV VXPDULRV MXGLFLDOHV H[LVWHQWHV HQ HO $UFKLYR PLOLWDU GH (O )HUURO
&RUXxD LJXDOPHQWH UHFRUUHU WRGRV ORV UHJLVWURV FLYLOHV GH ORV MX]JDGRV PXQLFLSDOHV
GH OD SURYLQFLD GH 6DODPDQFD HVWH WUDEDMR LQYHVWLJDGRU KD GDGR ySWLPRV IUXWRV \ OD
$VRFLDFLyQ HVWi REWHQLHQGR YDOLRVD LQIRUPDFLyQ TXH QRV DFHUFD D OD UHDOLGDG GH OR
VXFHGLGR
$ OD $60- KDQ OOHJDGR XQD FDQWLGDG FRQVLGHUDEOH GH IRWRJUDItDV GRFXPHQWDOHV
GLJLWDOL]DGDV DSUR[LPDGDPHQWH TXH IRUPDEDQ SDUWH LPSRUWDQWH GH ORV
SURFHGLPLHQWRV ³MXGLFLDOHV´ VXPDUtVLPRV SUDFWLFDGRV SRU ORV ³7ULEXQDOHV GH *XHUUD´
IUDQTXLVWDV $IRUWXQDGDPHQWH GHVSXpV GH DxRV VX ODERULRVD OHFWXUD QRV SRGUi
DFHUFDU D OD UHDOLGDG GH ORV KHFKRV DFDHFLGRV HQ DTXHOOD GRORURVD HWDSD GH QXHVWUD
KLVWRULD KHFKRV VXFHGLGRV GH ORVTXHQXQFDVHVXSRQDGDQLVHHVFULELyVREUHDTXHOODV
EDUEDULGDGHV LOHJDOHV FRPHWLGDV TXH HVWXYLHURQ VRPHWLGDV DO RVFXUDQWLVPR PDV FUXHO
FRPR FRQVHFXHQFLD GH OD GLFWDGXUD VXIULGD GXUDQWH FXDUHQWD LQWHUPLQDEOHV DxRV \ TXH
IXHREMHWRGHVXIULPLHQWRSDUDORDIDPLOLDUHVGHDTXHOODVYtFWLPDVLQRFHQWHV (O VXFHVR TXH HQ HVWH FDSLWXOR QRV RFXSD RFXUULy HQ OD HVWDFLyQ GHO IHUURFDUULO GH
%DELODIXHQWH HO OXQHVGH-XOLRGHH[DFWDPHQWHRFKRGtDVGHVSXpVGHODWUiJLFD
\ VDQJULHQWD GHFODUDFLyQ GH JXHUUD HQ OD 3OD]D 0D\RU GH 6DODPDQFD (VSDxD HVWDED\D
HQ JXHUUD GHFODUDGD SRU ORV PLOLWDUHV WUDLGRUHV DO *RELHUQR OHJDO GH OD 5HS~EOLFD \ GH
VXV,QVWLWXFLRQHVGHPRFUiWLFDV
(Q %DELODIXHQWH LJXDO TXH HQHOUHVWRGHORVSXHEORVGHQXHVWUDSURYLQFLDH[LVWtDXQD
JUDQ SUHRFXSDFLyQ SRU OR TXH KDEUtD TXH VXFHGHU HQ DTXHOORV GtDV OD VLWXDFLyQ SRU HO
SHOLJUR TXH VH DYHFLQDED HUD XQD FRQVWDQWH JHQHUDOL]DGD QR REVWDQWH OD SREODFLyQ
HVWDED RFXSDGD HQ VXV WUDEDMRV FRWLGLDQRV ORV DJULFXOWRUHV UHPDWDQGR VXV IDHQDV GH
UHFROHFFLyQ GH OD FRVHFKD GH FHUHDOHV \ HO UHVWR GH WUDEDMDGRUHV HQWUH HOORV ORV GH OD
IiEULFD GH FHUiPLFD SUy[LPD D OD HVWDFLyQ GHO IHUURFDUULO \ ORV GHPiV RILFLRV
FRQWLQXDURQ FRQ VXV ODERUHV UHVSHFWLYDV VRODPHQWH XQRV SRFRV FRQFLHQFLDGRV FRQ OD
VLWXDFLyQ GHO 3DtV HVWDEDQ WRGDYtD HQ KXHOJD JHQHUDO ORV~QLFRVFRPHQWDULRVTXHKDEtD
LJXDOTXHHQWRGRVORVOXJDUHVVHUHIHUtDQDORTXHVXFHGtDHQQXHVWUR3DtV
$ ODV RQFH KRUDV GH OD PDxDQD FRUULHURQ UXPRUHV SRU HO SXHEOR VREUH WRGR HQ OD
SUR[LPLGDG GH OD HVWDFLyQ GHO IHUURFDUULO \ HQ OD IiEULFD GH FHUiPLFD SUy[LPD TXH
VHJ~Q GHFODUDFLRQHV GH DOJXQR GH ORV GHWHQLGRV ODLQIRUPDFLyQGHODOOHJDGDGHOWUHQ\
TXH OOHJy D WUDYpV GHO JXDUGDJXMDV GH OD (VWDFLyQ 9tFWRU 3HUDOWD %RUUHJR ³TXH
DSUR[LPDGDPHQWH D ODV GRFH KRUDV GHO PHGLRGtD´ VHJ~Q QRWLFLDV UHFLELGDV ³SDVDUtD
XQ WUHQ GH YLDMHURV TXH WUDQVSRUWDED FLQFR YDJRQHV OOHQRV GH PLOLWDUHV ࣡
HQ GLUHFFLyQ D
ÈYLOD´OyJLFDPHQWHDLQFRUSRUDUVHDOIUHQWHGH0DGULG
$ QXHVWUR FRQRFLPLHQWR KD OOHJDGR VXILFLHQWH LQIRUPDFLyQ HVFULWD UHODFLRQDGDFRQHO
SURFHGLPLHQWR MXGLFLDO PLOLWDU TXH GHVSXpV IXH LQFRDGR HQ pO IXHURQ MX]JDGRV ORV
YHFLQRV GH %DELODIXHQWH TXH VXSXHVWDPHQWH SDUWLFLSDURQ HQ ORV VXFHVRV \ TXH VH
FRQVHUYDQ HQOD&DXVDFX\RV GRFXPHQWRVRULJLQDOHVVHHQFXHQWUDQHQHO$UFKLYR
0LOLWDUGH(O)HUURO
¢ &XDOHV IXHURQ HVWRV VXFHVRV"1R WHQHPRV PDV UHPHGLR FRQ OD ILQDOLGDG GH TXH
UHVSODQGH]FD OD YHUGDG TXH UHFRQVWUXLU ORV KHFKRV DFDHFLGRV DSOLFDQGR OD OyJLFD PDV
HOHPHQWDO \ KDFLHQGR XQ SHTXHxR HVIXHU]R GH LPDJLQDFLyQ SDUD WUDQVFULELU OD UHDOLGDG
GHORVXFHGLGR
(O WUHQ SURFHGHQWH GH 6DODPDQFD WHQtD TXH DSDUWDUVH D OD YtD GH GLUHFWR DFFHVR DO
DSHDGHUR GH OD (VWDFLyQ SDUD HVSHUDU RWUD FRPSRVLFLyQ GH YDJRQHV GH PHUFDQFtDV TXH
HQ GLUHFFLyQ FRQWUDULD SURFHGtD GH 1DUURV GHO &DVWLOOR HVWDFLyQ SUy[LPD HQ OD
SURYLQFLDGHÈYLODHQ%DELODIXHQWHKDEUtDQGHFUX]DUVHORVGRVWUHQHV
0LHQWUDV WDQWR HO WUHQSURFHGHQWHGH6DODPDQFDWHQtDTXHHVSHUDUXQRVPLQXWRVKDVWD
HO SDVR GHO TXH YHQtD HQ GLUHFFLyQ FRQWUDULD HO JXDUGD DJXMDV 9LFWRU 3HUDOWD
FXPSOLHQGR FRQ VX FRPHWLGR SURIHVLRQDO UHDOL]y OD RSHUDFLyQ GH OD HQWUDGD GHO
SURFHGHQWH GH 6DODPDQFD FDUJDGRGHPLOLWDUHV HQODYtDSUy[LPDDOHPEDUFDGHURGHOD
HVWDFLyQ GRQGH VH HQFRQWUDED HO MHIH GHODHVWDFLyQFRQVXUHJODPHQWDULDEDQGHULWD\XQ
SHTXHxRJUXSRWUHVKRPEUHV\XQDPXMHUMRYHQWHVWLJRVSUHVHQFLDOHVGHORVXFHGLGR
1DGD PDV SDUDU HO WUHQ GHVGH OD IiEULFD TXH HVWi VLWXDGD D XQRVFLQFXHQWDPHWURVGH
OD (VWDFLyQ VXUJLHURQ JULWRV GH LPSURSHULR FRQWUD ORV PLOLWDUHVHUDXQQXPHURVRJUXSR
GH WUDEDMDGRUHV GH ORV FXDUHQWD TXH WUDEDMDEDQ DOOt \ DOJXQRV DJULFXOWRUHV TXH GHVGH OD
HUD SUy[LPD VH DFHUFDURQ \ VHFXQGDURQ D ORV REUHURV GH OD IiEULFD ³PLVHUDEOHV´
³WUDLGRUHV´ ³FDEURQHV´ ³PDULFRQHV´ ࣡
³LUpLV \ QR YROYHUpLV´ ³IDVFLVWDV GH
PLHUGD´³£9LYD OD 5HS~EOLFD´VHJ~Q WUDQVFULSFLyQ OLWHUDO GH ODV GHFODUDFLRQHV
WHVWLILFDGDV
(O FRPDQGDQWH TXH LED DO PDQGR GH ORV PLOLWDUHV PDQGy PRQWDU ORV IXVLOHV \ DO
DUUDQFDU HO WUHQ VH R\yXQGLVSDURGHSLVWRODVHJ~QLQIRUPDFLyQHQQXHVWURVGtDVGHXQ
PLOLWDU UHWLUDGR GHO FDUJR GH FRURQHO PH PDQLIHVWy TXH DTXHO GLVSDUR HUD OD VHxDO GHO
MHIH PLOLWDU SDUD TXH LQPHGLDWDPHQWH GHVGH ORV YDJRQHV VDOLHUD XQD GHVFDUJD FHUUDGD
IXHURQ ORV GLVSDURV GH IXVLOTXHORVVROGDGRVODQ]DURQFRQWUDORVYRFHDGRUHVGHOSXHEOR
GH %DELODIXHQWH $IRUWXQDGDPHQWH QLQJ~Q GLVSDUR DOFDQ]y D QDGLH SRVLEOHPHQWH OD
LQWHQFLyQQRIXHPDVTXHLQWLPLGDWRULD\HOWUHQGHVDSDUHFLyHQODOHMDQtD
(Q %DELODIXHQWH HO SXHEOR HQ JHQHUDO DVXVWDGR VH FRELMy HQ VXV FDVDV ORV
YRFLIHUDQWHV LJXDOPHQWH GHVSXpV GH FRPHQWDU OR VXFHGLGR KXER DOJXQR TXH VH
UHLQWHJUy D VX WUDEDMR OD PD\RUtD GH HOORV FRPHQWDEDQ OR TXH SRGUtDVXFHGHUGHVSXpV
1R KDEtDQ WUDQVFXUULGR GRV KRUDV FXDQGR HO SXHEOR VH YLy LQYDGLGR SRU XQ QXPHURVR
JUXSR GH JXDUGLDV FLYLOHV DFRPSDxDGRV SRU DOJXQRV IDODQJLVWDV DUPDGRV LQFOXVR
DFRPSDxDGRV GH DOJXQRGHOSXHEORTXHOHVLQIRUPDEDGHORVTXHKDEtDQSDUWLFLSDGRHQ
OD DOJDUDGD \ FRPHQ]DURQ ODV GHWHQFLRQHV FDVD SRU FDVDIXHURQGHWHQLHQGRDSHUVRQDV
DOJXQR GH HOORV QL KDEtD HVWDGR HQHOOXJDUGHOVXFHVR\PXFKRPHQRVSDUWLFLSDGRHQHO
DVXQWR
(Q DOJ~Q FDVR HO GH )UDQFLVFR *DUFtD 'tD]KRUQHURGHODIiEULFDGHFHUiPLFDDOTXH
LQMXVWDPHQWH VH OH DFXVy GH GLVSDUDU FRQWUD ORV PLOLWDUHV DXQTXH HQ ODV GHFODUDFLRQHV
VRODPHQWH VH OH DFXVD GH OHYDQWDU HO SXxR \ JULWDUOHV KX\y KDFLD HO FDPSR DQWHV GH OD
OOHJDGD GH ORV JXDUGLDV RWUR JUXSR GH FXDWUR R FLQFR VH ODQ]DURQ D OD FDUUHUDWUDYpVGH
ODV WLHUUDV SDUD QR VHU GHWHQLGRV XQR GH HOORV &D\HWDQR 9LFHQWH 0RUR SUHFLVDPHQWH
SHUWHQHFLHQWH D OD &DVD GHO 3XHEOR OHV SHUVHJXtD OD JXDUGLD FLYLO \ XQ SHTXHxR JUXSR
GH DILOLDGRV D OD )DODQJH \ DO %ORTXH $JUDULR QR FRQVWD HQ HO VXPDULR GH OD FDXVD
TXLHQHV GLVSDUDURQ VREUH HOORV SHUR HO WULVWH UHVXOWDGR IXH OD PXHUWH GH &D\HWDQR
9LFHQWH௙
0
௙RUR\KHULGRVGHEDOD'LRQLVLR%DUEHUR6iQFKH]\ÈQJHO*RQ]iOH]ÈYLOD
)XHURQ GLH] \ QXHYH REUHURV HQ VX PD\RUtD MyYHQHV ORV GHWHQLGRV )UDQFLVFR *DUFtD
'tD] 9LFHSUHVLGHQWH GH ODV -68 7HRGRUR 3DORPHUR &UX] VHFUHWDULR GH OD &DVD GHO
3XHEOR 3OiFLGR 9LFHQWH 3pUH] 0LJXHO *RQ]iOH] 0HVRQHUR )UDQFLVFR 0DUWtQ
+HUQiQGH] 6HEDVWLiQ 9LFHQWH 0DQMyQ (GXDUGR %DUEHUR 2OLYDUHV $OIRQVR &RQGH
3ULHWR ,JQDFLR 0DHV %HQLWR &DVLDQR 3ULHWR 2OLYDUHV 0DQXHO 5RGUtJXH] <HUUR
0RLVpV 9LFHQWH 3RVDGDV $OHMR *DUFtD *RQ]iOH] -XDQ *RQ]iOH] 3RVDGD -XOLiQ
%DUEHUR 6iQFKH] /XFLDQR 5RGUtJXH] ÈYLOD 9tFWRU 3HUDOWD %RUUHJR 'LRQLVLR %DUEHUR
6iQFKH] \ ÈQJHO *RQ]iOH] ÈYLOD ௙
7RWDO GLH] \ QXHYH GHWHQLGRV ௙
ORV GRV ~OWLPRV HQ HO
+RVSLWDO௙
F௙
XUiQGRVHGHODVKHULGDVUHFLELGDVFRPRDQWHULRUPHQWHKHPRVQDUUDGR
(Q OD 3ULVLyQ 3URYLQFLDO GH 6DODPDQFD VH OHV DEULy 3URFHVR 3HQDO 0LOLWDUWRGRVHOORV
SURFHVDGRV \ VRPHWLGRV D MXLFLR VXPDUtVLPR HO GtD GH 6HSWLHPEUH GH DQWH XQ
7ULEXQDO GH *XHUUD FRPSXHVWR GH PLOLWDUHV SUHVLGLGR SRU HO FRURQHO 6DQWD 3DX
UHVXOWDURQ FRQGHQDGRV )UDQFLVFR *DUFtD 'tD] GH DxRV GH HGDG D ௙
SHQD GH PXHUWH \
ORV VHQWHQFLDGRV UHVWDQWHV 7HRGRUR 3DORPHUR &UX] GH DxRV 3OiFLGR 9LFHQWH 3pUH]
GH DxRV 6HEDVWLiQ 9LFHQWH 0DQMyQ GH DxRV 0DQXHO ௙
5RGUtJXH] <HUUR GH DxRV 0RLVpV 9LFHQWH 3RVDGDV GH DxRV )UDQFLVFR 0DUWtQ +HUQiQGH] GH DxRV
$OHMR *DUFtD *RQ]iOH] GH DxRV -XDQ *RQ]iOH] 3RVDGD GH DxRV 'LRQLVLR
%DUEHUR 6iQFKH] GH DxRV ÈQJHO *RQ]iOH] ÈYLOD GH DxRV 9LFWRU 3HUDOWD
%RUUHJR GH DxRV /XFLDQR 5RGUtJXH] $YLOD DxRV \ -XOLDQ %DUEHUR 6iQFKH] GH
DxRVD௙
WUHLQWDDxRVGHUHFOXVLyQPD\RU
)XHURQ ௙
DEVXHOWRV࣡
&DVLDQR 3ULHWR 2OLYDUHV $OIRQVR &RQGH 3ULHWR 0LJXHO *RQ]iOH]
0HVRQHUR(GXDUGR%DUEHUR2OLYDUHVH,JQDFLR0DHV%HQLWR
/D HMHFXFLyQ GHO FRQGHQDGR )UDQFLVFR *DUFtD 'tD] IXH OOHYDGD D FDER HQ HO FDPSR
GHO 0DUtQ MXQWR D OD WDSLD GHO &HPHQWHULR GH 6DODPDQFD HO GtD GH 6HSWLHPEUH GH
D ODV VHLV KRUDV \ GLH]PLQXWRVDORVWUHFHGtDVGHKDEHUVLGR³MX]JDGR´"$OOt
HQ HO VLQLHVWUR OXJDUTXHIXHWHVWLJRGHLQQXPHUDEOHVHMHFXFLRQHVGHLQRFHQWHVWHUPLQy
XQD YLGD MRYHQ GH DxRVFX\R³GHOLWR´QRIXHRWURPDVTXHVHUYLFHSUHVLGHQWHGHODV
-XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV \ HVFDSDU GHO DOERURWR SRU HOOR TXHGy PDUFDGR
FRPR ³HMHPSOR´ SDUD HO UHVWR GH ORV GHWHQLGRV \ MX]JDGRV 3HUR OD WUDJHGLD GH
%DELODIXHQWH QR KDEtD WHUPLQDGR SRFR WLHPSR GHVSXpV LED D FRQWLQXDU HO ULHJR GH
VDQJUHLQRFHQWH
&RPR ³FRQWUDSXQWR´ D OD HMHFXFLyQ GH )UDQFLVFR FXDWUR GtDV GHVSXpV HO GH
6HSWLHPEUH IXHURQ SXHVWRV HQ OLEHUWDG ORV SULVLRQHURV DEVXHOWRV SRU HO WULEXQDO¢"
,JQDFLR 0DHV %HQLWR &DVLDQR 3ULHWR 2OLYDUHV 0LJXHO *RQ]iOH] 0HVRQHUR (GXDUGR
%DUEHUR 2OLYDUHV $OIRQVR &RQGH 3ULHWR \ -HV~V 3DORPHUR &UX] TXHGHVSXpVGHKDEHU
VXIULGR ORV LQWHUURJDWRULRV SHUWLQHQWHV ODV YHMDFLRQHV GH ³ULJRU´ \ OD LQFHUWLGXPEUH GH
VX VLWXDFLyQ YROYLHURQ DO SXHEOR DSHVDGXPEUDGRV SRU OD PXHUWH GH )UDQFLVFR \ ORV
WUHLQWD DxRV GH SULVLyQ GH ORV WUHFH FRPSDxHURV \ DPLJRV UHVWDQWHV TXH TXHGDEDQ
SULVLRQHURV (O UHVWR GH ORV WUHFH FRQGHQDGRV VHJXtDQ HQ OD 3ULVLyQ 3URYLQFLDO \ FRPRHUDOyJLFR
SHQGLHQWHV GH VX SRVLEOH WUDVODGR D RWUD SULVLyQ SDUD FXPSOLU OD FRQGHQD TXH OHV IXH
LPSXHVWD HQWUH HOORV HQ ORV PRPHQWRV HQ TXH VH YLHUDQ HQ HO SDWLR GH OD SULVLyQ
ODPHQWDUtDQ HQ VXV FRPHQWDULRV OD VXHUWH VXIULGD SRU VX FRPSDxHUR GH LQIRUWXQLR HQ
DTXHOORV GtDV HVWDEDQ PX\ OHMRV GH VRVSHFKDU OD WUDJHGLD TXH WHQGUtDQ TXH VRSRUWDU \
TXHOHVUHVHUYDEDVXFUXHOGHVWLQR"
/D YLGD GHO JUXSR HQ OD FiUFHO HUD LQVRSRUWDEOH OD PDVLILFDFLyQ KXPDQD \D TXH XQD
SULVLyQ TXH HVWDED FRQVWUXLGDSDUDGRVFLHQWRVUHFOXVRVHQDTXHOORVGtDVSDVDEDQGHGRV
PLO OD SREODFLyQ UHFOXVD VH HQFRQWUDEDQ KDFLQDGRV HQ ODV JDOHUtDV GRUPtD XQR MXQWR D
RWUR OD DOLPHQWDFLyQ TXH OHV GDEDQ HUD ED]RILD SXUD XQ LQPXQGRUDQFKRTXHDTXHOORV
SUHVRVTXHQROHVOOHYDUDFRPLGDVXIDPLOLDWHQtDQTXHFRQVXPLUVLTXHUtDQVXEVLVWLUODV
FRQGLFLRQHV KLJLpQLFDV QR SRGtDQ VHU PDV GHSORUDEOHV ODV OHWULQDV FDVL VLHPSUH
DWDVFDGDV \ OD FRPXQLFDFLyQ FRQ VX IDPLOLD HUD PtQLPD SRGtDQ HVFULELUVH FRQ VXV
IDPLOLDUHV \ DVt OR KDFtDQ SDVDQGR VXV FDUWDV \ WDUMHWDV SRU OD FHQVXUD \£RMRDOTXHVH
OH RFXUULHUD FRQWDU OD YHUGDG GH VX VLWXDFLyQ ORV FDVWLJRV HUDQ HMHPSODUHV SRU VX
GXUH]D
/D SUHFDULHGDG GH OD YLGD GH ORV UHFOXVRV FRQWULEXtD D VRxDU FRQ OD OLEHUWDG R HO
WUDVODGR D RWUD 3ULVLyQ SDUD YHU VL DOOt HVWXYLHUDQ PHMRU YLYLHQGR HVD LQFHUWLGXPEUH \
SRU VX VLWXDFLyQ QXHVWURV WUHFH DPLJRV GH %DELODIXHQWH DO ILQ HO GtD GH 'LFLHPEUH
OHV FRPXQLFDURQ TXH UHFRJLHUDQ VXV SHUWHQHQFLDV \ VH SUHSDUDUDQ SDUD VX WUDVODGR DOD
3ULVLyQ &HQWUDO GH %XUJRV OHV OOHJy OD QRWLFLD \ DSHVDGXPEUDGRVSRUHODOHMDPLHQWRGH
VXV IDPLOLDV VHGLVSXVLHURQSDUDODPDUFKD"QRKHPRVSRGLGRDYHULJXDUDTXpKRUD
VH LQLFLy HO YLDMH QL HQ TXH PHGLR VXSXHVWDPHQWH HQ DOJ~Q FDPLyQ GH ORV TXH
XWLOL]DEDQSDUDHVRV³ILQHV´PDVELHQ³VDFDV´
(O FDVR HV TXH DKt HQ HO WUDVODGR VH SHUGLy OD SLVWD GHO PHQFLRQDGR JUXSR ORV
IDPLOLDUHV QXQFD MDPiV YROYLHURQ D VDEHU GH HOORV SDGUHV \ PDGUHV HVSRVDV H KLMRV \
KHUPDQRV YLYLHURQ VHWHQWD DxRV OD PD\RUtD GH HOORV VLQ VDEHU FXDO KDEtD VLGR HO
GHVWLQR GH VX VHU TXHULGR WRGD OD YLGD VRxDQGR FRQ TXH KDEUtDQ HVFDSDGR \ KXELHUDQ
VREUHYLYLGRHQDOJ~QULQFyQGHDTXHOPXQGRHQJXHUUDWDQFUXHO /RV IDPLOLDUHV PDV UHDOLVWDV FRQ VHQWLPLHQWRV HQFRQWUDGRV OHV GDEDQ SRU
³GHVDSDUHFLGRV´࣡
\DTXHQRKDEtDFRQVWDQFLDRUDOQLGRFXPHQWDOGHVXDVHVLQDWR
1XQFD MDPiV VH VXSR TXHKDEtDVXFHGLGRFRQDTXHOODVYLGDVGHMyYHQHVLQRFHQWHVGH
KRPEUHV YDOLHQWHV ORV ~QLFRV TXH VX WUiJLFR GHVWLQR OHV OOHYy D GHIHQGHU FRQ ILUPH]D
VXV FRQYLFFLRQHV GH /LEHUWDG \ 'HPRFUDFLD VX ~QLFR GHOLWR IXH GHIHQGHU VLQDUPDVOD
5HS~EOLFDVX5HS~EOLFD\ODGHWRGRVORVHVSDxROHVGHPyFUDWDV\OLEUHV
6X FULPHQ \ OD SpUGLGD GH VXV YLGDV LJXDO TXH OD GH WDQWRV RWURV PLOHV GH HVSDxROHV
TXHGDURQ LPSXQHV SDUD OD KLVWRULD XQD ³KLVWRULD´ PDOYDGDTXHQRVFRQVWUX\y)UDQFR\
XQD JUDQ FDQWLGDG GH VHFXDFHV FULPLQDOHV DPSDUDGRV HQ XQD ,JOHVLD LQTXLVLWRULDOTXH
QR GXGDURQORPDVPtQLPRHQGHVWUXLUYLGDV\IDPLOLDVIXHURQYtFWLPDVTXHHQQXHVWUR
GtDV WLHQHQ XQD GHQRPLQDFLyQ FRP~Q GH TXH VX DVHVLQDWR VH SXHGHQ FRQVLGHUDU FRPR
³&UtPHQHV࣡
F௙
RQWUDOD+XPDQLGDG´
࣡
3HUR DO ILQ OD $VRFLDFLyQ 6DODPDQFD 0HPRULD \ -XVWLFLD KD GHVYHODGR OD WUDJHGLD
VXFHGLGDSDUDTXHGHWRGRHOORVDTXHPRVQXHVWUDVSURSLDVFRQVHFXHQFLDV
(Q HO $UFKLYR0LOLWDUGH)HUUROQXHVWURVEHFDULRVKDQGLJLWDOL]DGRDSUR[LPDGDPHQWH
FLQFR PLO WUHVFLHQWRV H[SHGLHQWHV PLOLWDUHV MXGLFLDOHV FHUFD GHO PLOOyQGHGRFXPHQWRV
FDGDXQRGHHOORVSHUWHQHFLHQWHDOVXPDULRMXGLFLDOGHOVXFHVRMX]JDGRFRPRHMHPSOR
/D &DXVD UHODFLRQDGD FRQ FLXGDGDQRV GHO SXHEOR GH %DELODIXHQWH FRQVWD GH
WUHVFLHQWRV VHWHQWD \ FLQFR GRFXPHQWRV GRQGH VH QDUUD OR VXFHGLGR HQ HO ³DWDTXH´ DO
WUHQ GH PLOLWDUHV DOOt KHPRV FRPSUREDGR OR VXFHGLGR HQ OD LQWHUYHQFLyQ GH OD JXDUGLD
FLYLO FRQ OD PXHUWH GH &D\HWDQR 9LFHQWH\ORVGRVKHULGRVODVGHWHQFLRQHVSUDFWLFDGDV
ODV GHFODUDFLRQHV GH DFXVDGRV \ WHVWLJRV HO LQIRUPH GHO DOFDOGH TXH FDOLILFD D FDGD
GHWHQLGR \ TXH WDQWD LQIOXHQFLD KDEUtD TXH WHQHU HQ OD VHQWHQFLD \ SRVWHULRUHV
DVHVLQDWRV WRGRV ORV GRFXPHQWRV LQGLYLGXDOL]DGRV GHO SURFHVDPLHQWR MXGLFLDO MXLFLR
VXPDUtVLPR VHQWHQFLD \ FRQGHQDV HMHFXFLyQ GH OD SHQD GH PXHUWH D)UDQFLVFR*DUFLD
'LD] \ HO WUDVODGR D %XUJRV GH ORV WUHFH FRQGHQDGRV D WUHLQWD DxRV GH SULVLyQ PD\RU
DTXt SUHFLVDPHQWH HPSLH]D OD WUDJHGLD TXH VH SXHGH FDOLILFDU FRPR ௙
³DVHVLQDWR
PDVLYR´GHWUHFHLQRFHQWHV
௙
(O YLDMH SRU VXSXHVWR TXH VH LQLFLy \ KDEUtD GH WHUPLQDU HQ HO WUiJLFR ³PRQWH GH OD
2UEDGD´ ௙
D ௙
GLH] \ RFKR NLOyPHWURV GH 6DODPDQFD HQ OD FDUUHWHUD D 9DOODGROLG 1
OXJDU HVFRJLGR SDUD HO DVHVLQDWR GH WDQWRV LQRFHQWHV SRU ORV DVHVLQRV \ YHUGXJRV
IDODQJLVWDV
+DFH XQRVGRVDxRVGHFXDQGRHVWRVHHVFULEHVROLFLWpDPLHQWUDxDEOHFRODERUDGRUHO
FRPSDxHUR -RVH 0DULD &ROODGRV KLVWRULDGRU \ DUTXHyORJR OD REWHQFLyQ HQ HO UHJLVWUR
FLYLO GH /D 2UEDGD GH IRWRFRSLDV GH ODV DFWDV GH HQWHUUDPLHQWR GHODOFDOGHUHSXEOLFDQR
GH 6DODPDQFD &DVWR 3ULHWR &DUUDVFR \ HO OtGHU VRFLDOLVWD -RVp $QGUpV 0DQVR SHUR PL
VRUSUHVD IXH FXDQGR FRQ ODV UHIHULGDV DFWDV PH WUDMR RWUDV WUHV DFWDV GRV GH HOODV
SHUWHQHFtDQ D ODV YtFWLPDV GH %DELODIXHQWH 9tFWRU 3HUDOWD %RUUHJR \ $OHMR *DUFtD
*RQ]iOH] OHMRV HVWDED \R WDQ VLTXLHUD GH VRVSHFKDU TXH GLFKDV DFWDV HQ HO WUDQVFXUVR
GHO WLHPSR QRVLEDQDUHYHODUORVXFHGLGRFRQQXHVWURVWUHFHFRPSDxHURV³WUDVODGDGRV´
D%XUJRV
$SOLFDQGR OD OyJLFD PDV HOHPHQWDO SDUD GHVYHODU DTXHOORV FUtPHQHV UHVXOWy
VRUSUHQGHQWH YHU TXH HVRV GRV QRPEUHV VH FRUUHVSRQGtDQ FRPR LQWHJUDQWHV GH DTXHO
JUXSR GH %DELODIXHQWH HVWD FRQVWDWDFLyQ QRV OOHYD VLHPSUH GHQWUR GH OD OyJLFD PDV
ULJXURVD D TXH GHVSXpV GH VHWHQWD \ XQ DxRVIXHHQHVHOXJDUGRQGHIXHURQDVHVLQDGRV
\GRQGHFRQWRGDFHUWH]DVHKDOODQVXVUHVWRV
&$<(7$129,&(17(0252
$VHVLQDGRFXDQGRKXtDDWUDYpVGHOFDPSRSRUORVIDODQJLVWDV\ODJXDUGLDFLYLO
)5$1&,6&2*$5&,$'Ë$=
&RQGHQDGRDSHQDGHPXHUWH\IXVLODGRMXQWRDODVWDSLDVGHO&HPHQWHULRGH
6DODPDQFD
-8$1*21=$/(=326$'$
3/È&,'29,&(17(3e5(=
6(%$67,$19,&(17(0$1-Ï1
0$18(/52'5,*8(=<(552
02,6(69,&(17(326$'$
7(2'2523$/20(52&58=
)5$1&,6&20$57Ë1+(51È1'(=
$/(-2*$5&Ë$*21=È/(=
/8&,$1252'5,*8(=È9,/$
-8/,$1%$5%(526$1726
',21,6,20$57Ë16È1&+(=
È1*(/*21=È/(=È9,/$
9Ë&7253(5$/7$%255(*2
$VHVLQDGRVHQHOPRQWHGH/D2UEDGD
$WRGRVHOORVTXHUHPRVUHQGLUQXHVWURPDVVLQFHUR+RPHQDMH
9XHVWURUHFXHUGRSHUPDQHFHLPERUUDEOH
QXQFDIXLVWHLVROYLGDGRV
ODKHULGDTXHSURGXMRYXHVWUDPXHUWH
QXQFDIXHFLFDWUL]DGD
$KRUDVLTXHGHVFDQVDUHLVHQ3D]
&XDQGROD'HPRFUDFLD\/LEHUWDGTXHDPDEDLV
UHVWLWX\HDTXHOOD',*1,'$'
TXHFRQYXHVWUDYLGDRVIXHDUUHEDWDGD
(QOD0HPRULDGHYXHVWUDVIDPLOLDV\FRPSDxHURV
HVWDUHLVVLHPSUHSUHVHQWHV
9LOORUXHOD
/RVRFKR&RPSDxHURVYtFWLPDV
'HVSXpV GH OD UHFXSHUDFLyQ GH ORV UHVWRV GH /D 3LQLOOD FRUULy SRU 6DODPDQFD OD
QRWLFLD GH OR TXH DOOt VXFHGLy LQFOXVR HQ DOJ~Q SHULyGLFR VH SXEOLFDURQ DUWtFXORV VREUH
OD VLWXDFLyQ GH DEDQGRQR GH WDQWRV \ WDQWRV GHVSRMRV KXPDQRV YtFWLPDV GHO KRUURU\OD
EDUEDULH TXH HO IDVFLVPR FULPLQDO VHPEUy SRU WRGD OD SURYLQFLD VREUH WRGR HQ ODV
SUR[LPLGDGHVGHODFDSLWDO
$ PHGLDGRV GH $EULO GH VH SUHVHQWDQ HQ QXHVWUR GRPLFLOLR XQ PDWULPRQLR GH
DYDQ]DGD HGDG FHUFDQD D ORV RFKHQWD DxRV HUDQ QDWXUDOHV GH 9LOORUXHOD \ VHJ~Q PH
GLMHURQ HUDQ PX\ DPLJRV GH QXHVWUD IDPLOLD GH 9LOORUtD VH KDEtDQ HQWHUDGR GH PLV
LQWHQFLRQHVGHUHFXSHUDUORVUHVWRVGHFRPSDxHURV\PHFRQWDURQVXKLVWRULD
(O PDULGR HUDKHUPDQRGHXQRGHORVVRFLDOLVWDVTXHHQ9LOORUXHODIXHURQGHWHQLGRV\
DVHVLQDGRV HQ OD ORFDOLGDG DEXOHQVH GH 6DOYDGLRV HO GtD GH$JRVWRGHHVHGtD
VH SUHVHQWDURQ HQ VXV FDVDV FLQFR R VHLV IDODQJLVWDV DFRPSDxDGRV GH XQ JUXSR GH
YHFLQRV GHO SXHEOR ORV IDODQJLVWDV DUPDGRV GH SLVWRODV XQR D XQR GHWXYLHURQ D GRFH
GHVWDFDGRV PLOLWDQWHV VRFLDOLVWDV GH OD &DVD GHO 3XHEOR GH 9LOORUXHOD HQWUH HOORV DO
$OFDOGH ORV WUDVODGDURQ D OD &DVD &RQVLVWRULDO \ DOOt IXHURQ WRUWXUDGRV VXSXHVWDPHQWH
SUHWHQGLHQGR OHV LQIRUPDUDQ GRQGH WHQtDQ ODV DUPDV FyPR HVWDEDQ RUJDQL]DGRV \
TXLHQHVOHVVHFXQGDEDQHQODVXSXHVWDGHIHQVDGDOD5HS~EOLFD
/RV GHWHQLGRV IXHURQ ORV VLJXLHQWHV FRPSDxHURV /HRQDUGR &RUWpV $OFDOGH VX
KHUPDQR /HRQFLR &RUWpV (XVWDVLR 5DPRV 'DQLHO 6iQFKH] )UDQFLVFR *DUFtD (OtDV
5LYDV (VWHEDQ +HUQiQGH] )pOL[ 6iQFKH] %HQLJQR +LGDOJR $QWRQLR -RUJH 6DORPyQ
6iQFKH] \ 6HUDSLR /i]DUR $ ORV RFKR SULPHURV ORV IDODQJLVWDV PDQLIHVWDURQ TXH
TXHGDEDQ GHWHQLGRV \ GHVSXpV GH GHOLEHUDU FRQ ORV VHFXDFHV GHO SXHEOR VH PDUFKDURQ
HQ HO PLVPR FRFKH TXH ORV KDEtD WUDtGR GHMDQGR D ORV SULVLRQHURV DWDGRV GH PDQRV \
SLHV FRQ FXHUGDV EDMR OD FXVWRGLD GHO JUXSR GH YHFLQRV ORV IDVFLVWDV GHO SXHEOR HVWRV
IXHURQ ORV TXH OHV LQIRUPDURQ \ VHFXQGDURQ HQ OD GHWHQFLyQ SRVLEOHPHQWH HQWUH HOORV
DFRUGDURQ HO IDWDO GHVWLQRTXHOHVHVSHUDEDDODVLQRFHQWHVYtFWLPDVGHVXIXURUFULPLQDO
\KRPLFLGD
'HVGHODGHWHQFLyQKDVWDTXHORVFULPLQDOHVGHWHUPLQDQODHMHFXFLyQGHORVGHWHQLGRV
ORV IDPLOLDUHV DVXVWDGRV \ KRUURUL]DGRV DFRPSDxDGRV SRU RWUDV SHUVRQDV DPLJDV GHO
SXHEOR SUHYLHQGR ODWUDJHGLDTXHVHDFHUFDEDIXHURQGHVHVSHUDGRVDYHU\HQGHPDQGD
GH D\XGD D ORV FXUDV GHO SXHEOR pVWRV KLFLHURQ FDVR RPLVR GHD\XGDUORPiVPtQLPRD
HYLWDU ORV DVHVLQDWRV TXH \D VH GHWHFWDEDQLJXDOPHQWHYDULDVPXMHUHVIXHURQDYHUDODV
PRQMDV GHO FRQYHQWRGHODORFDOLGDGDOOtIXHURQGHVGLFKDGDPHQWHPDVH[SUHVLYDV³TXH
VL ORV GHWHQLGRV QR KDEtDQ KHFKR QDGD ¢SRUTXp KDEtDQ HVWDGR KX\HQGR" WDPELpQ VH
H[FOX\HURQGHHYLWDUHOP~OWLSOHFULPHQ
/D VLWXDFLyQ TXH DOOt VH SURGXMR YLQR D GHPRVWUDU TXH HOFDVRGHORVRFKRDVHVLQDGRV
GH 9LOORUXHOD IXH SURPRYLGR \ HMHFXWDGRV SRU XQ JUXSR GH YHFLQRV GHOSURSLRSXHEOR
ODPD\RUSDUWHSHUWHQHFLHQWHVDOD³JXDUGLDFtYLFD´\FX\RVQRPEUHV\DSHOOLGRVILJXUDQ
HQ OD UHYLVWD ³௙
,QWHUYL~௙́
GHO GH 2FWXEUH GH DOJXQRV DxRV GHVSXpV LJXDOPHQWH
SXEOLFDGRV HQ OD UHYLVWD FXOWXUDO GH 9LOORUXHOD ³$JRUD R QXQFD´ HQ HO DUWtFXOR
³9LOORUXHOD /R TXH XQRV WUDWDQ GH ROYLGDU RWURVQRORROYLGDUHPRVQXQFD´HVFULWRSRU
-DLPH&RUWpVKLMRGHO$OFDOGHDVHVLQDGR
/D OLVWD GH ORV DVHVLQRV FDVXDOPHQWH WDPELpQ HV GH RFKR LQGLYLGXRVTXHDUPDGRVGH
SLVWRODV \ HVFRSHWDV GH FD]D FRPHWLHURQODVDOYDMDGDGHFDXVDUODPXHUWHGHRWURVRFKR
LQRFHQWHVFRQYHFLQRV\SRVLEOHPHQWHDPLJRVGHLQIDQFLD\FROHJLR /(21$5'2&257e65$026௙
$
௙OFDOGH
/(21&,2&257e65$026
(867$6,25$026'(/$7255(
(/,$65,9$60,*8(/
'$1,(/6È1&+(=3$5$',1$6
(67(%$1+(51È1'(=+(51È1'(=
)5$1&,6&2*$5&Ë$/2=$12
%(1,*12+,'$/*2+(51È1'(=
/R DQWHULRUPHQWH QDUUDGR VXFHGLy HO GtD GH $JRVWR GH D DOWDV KRUDV GH OD
QRFKH ORV YLUWXDOHV DVHVLQRV IXHURQ D 9LOORULD SDUD SHGLU OD FRODERUDFLyQ GH 6DQWRV
6iQFKH] SURSLHWDULR GH XQD FDPLRQHWD TXH GHGLFDED DO WUDQVSRUWH 6DQWRVPDQGyDVX
KLMR -XOLiQ TXH OD FRQGXMHUD <D HQ 9LOORUXHODKLFLHURQVXELUDOYHKtFXORD~QDWDGRVGH
SLHV \ PDQRV D ORV GHWHQLGRV \ ORV WUDVODGDURQ KDVWDHOWpUPLQRPXQLFLSDOGH6DOYDGLRV
ÈYLOD
௙
'XUDQWH XQRV GtDV ORV IDPLOLDUHV OHV EXVFDURQ LQFDQVDEOHPHQWH SRU 6DODPDQFDHQOD
FiUFHO \ HQ ORV OXJDUHV GRQGH VROtDQ OOHYDUORV FRPR HO &RQYHQWR1RYLFLDGR GH ORV
MHVXLWDV GHO 3DVHR GH 6DQ $QWRQLR GRQGH HVWDED HO FXDUWHO GH OD )DODQJH QDGLH VDEtD
QDGD\QDGLHOHVGDEDUD]yQGHORTXHOHVKDEtDVXFHGLGRDVXVVHUHVTXHULGRV
5HJUHVDURQ D 9LOORUXHOD \ DOOt FRUUtDQ\DORVUXPRUHVGHTXHORVKDEtDQOOHYDGRKDFLD
ÈYLOD SRVWHULRUPHQWH TXH ORV KDEtDQ DVHVLQDGRDXQRVGRVDWUHVNLOyPHWURVGHOSXHEOR
GH 6DOYDGLyV \ TXH DO ODGR GH OD FDUUHWHUD FHUFD GHO FUXFH TXH YD D &UHVSRV HQ OD
FXQHWD HQ SOHQD QRFKH EDMR ODV HVWUHOODV \ ORV IDURV GHO FDPLyQ IXHURQ DVHVLQDGRV
DTXHOORV KRPEUHV DOJXQRV GH HOORV KRQUDGRV SDGUHV GHIDPLOLDWRGRVHOORVKRQHVWRV\
OHDOHV DPDQWHV GH OD /LEHUWDG \ OD -XVWLFLD TXH SDJDEDQ FRQ OR PDV YDOLRVR TXH
SRVHtDQ VX YLGD HO VHU ORV SRUWDGRUHV GH ODV ~QLFDV LGHDVSURJUHVLVWDVTXHHUDQEiVLFDV
GHO LGHDULR GH OD OHJDO 5HS~EOLFD DO GtD VLJXLHQWH QR IDOWDURQ HQ HO SXHEOR DEXOHQVH
EXHQDVJHQWHVTXHHQHOPLVPROXJDUGRQGHVHKDOODEDQDOOtIXHURQHQWHUUDGRV
1R IDOWDURQ IDPLOLDUHV YDOLHQWHV GH ODV YtFWLPDV TXH FXDQGR VH HQWHUDURQ GRQGH VH
KDOODEDQ LQKXPDGRV VH GHVSOD]DURQ DO OXJDU \ FRQILUPDURQ ORV UXPRUHV LQWHQWDURQ
WUDVODGDU D VX SXHEOR ORV FDGiYHUHV \ QR UHFLELHURQ GH ODV DXWRULGDGHV GHO SXHEOR
IDVFLVWDV FRPR ORV FUXHOHV DVHVLQRV PDV TXH DPHQD]DV \ TXH VL LQWHQWDEDQ DOJR OHV
SRGUtD SDVDU OR PLVPR TXH D VXV IDPLOLDUHV 'HVLVWLHURQ GHO LQWHQWR GH WUDVODGR \ DVt
HVWXYLHURQ ORV KLMRV \ KHUPDQRV GXUDQWH ORV FXDUHQWD DxRV GH GLFWDGXUD
FRQIRUPiQGRVHFRQOOHYDUDODIRVDIORUHVHQVXUHFXHUGR
(O DPLJR TXH PH LQIRUPy GHO WUiJLFR VXFHVR SLGLy PL FRODERUDFLyQ SDUD ORJUDU OD
H[KXPDFLyQ GH ORV UHVWRV VREUHWRGRSDUDODREWHQFLyQGHORVSHUPLVRVQHFHVDULRVTXH
HOORV VH HQFDUJDUtDQ GHO UHVWR HQPLQRPEUHSURSLR\HQUHSUHVHQWDFLyQGHOD8*7PH
RIUHFt LQFRQGLFLRQDOPHQWH \ OHV PDQLIHVWp TXH GHVHDED UHXQLUPHFRQORVGHVFHQGLHQWHV
DIHFWDGRV pO PLVPR VH HQFDUJy GH DYLVDUPH HO GtD HO OXJDU \ TXH SHUVRQDOPHQWH PH
LQIRUPDUtD FRPR DVt OR KL]R 3RFRV GtDV GHVSXpV PL PXMHU \ \R QRV DFHUFDPRV D
9LOORUXHOD DO GRPLFLOLR GH (XULFR KLMR GH XQD GH ODV YtFWLPDV DOOt QRV HVSHUDED HO
KHUPDQR GH (XULFR -DLPH \ RWUR JUXSR GH SHUVRQDV WRGRV HOORV KLMRV R KHUPDQRV GH
ORVFRPSDxHURVDVHVLQDGRV
&DPELDPRV LPSUHVLRQHV VREUH VXV SUHWHQVLRQHV \ FRQFUHWDPRV KDVWD OD IHFKD GH OD
H[KXPDFLyQ GHVHDEDQ RUJDQL]DU XQ DFWR UHLYLQGLFDWLYR D OD OOHJDGD FRQ ORV UHVWRV DO
SXHEOR \D TXH WRGDYtD YLYtDQ GH HGDG OyJLFDPHQWH DYDQ]DGD WUHV R FXDWUR GH ORV
FUXHOHVDVHVLQRVGHODORFDOLGDG\TXHSDUWLFLSDURQHQODRUJtDGHVDQJUH
'HVHDEDQ GHVFDUJDU HO IpUHWUR D OD HQWUDGD GHO SXHEOR \ WUDVODGDUOR DO FHPHQWHULR D
KRPEURV GH KLMRV \ IDPLOLDUHV D SLp \ HQ FRUWHMR TXH KDEUtD GH SDVDU IUHQWH D ODV
UHVSHFWLYDV FDVDV GRQGH YLYtDDOJXQRGHORVFULPLQDOHVQRPHUHFDWpORPiVPtQLPRHQ
PDQLIHVWDUOHV PL RSLQLyQ DPLPHSDUHFtDTXHVHGHEHUtDHYLWDUXQDSURYRFDFLyQLQ~WLO
VX LGHDQRHVWDEDH[HQWDGHFLHUWDOyJLFDTXH\DKDEtDQWUDQVFXUULGRGHPDVLDGRVDxRV\
ODV YHQJDQ]DV QR SXHGHQ WUDHU EXHQDV FRQVHFXHQFLDV PL RSLQLyQ HUD OOHYDUORV KDVWD HO
FHPHQWHULR D KRPEURV FRQ HO Pi[LPR UHVSHWR \ HQ VLOHQFLR TXH DOOtHQHOFHPHQWHULR
DOJXQD SHUVRQD GLMHUD XQDV SDODEUDV HQUHFXHUGRGHODVYtFWLPDV\TXHHODFWRILQDOL]DUD
HQ UHVSHWXRVR VLOHQFLR 3RU PL SDUWH QR REVWDQWH DFHSWDED OR TXH HOORV GHWHUPLQDUDQ
\RQROHVGDEDPDVTXHPLRSLQLyQ
)LMDPRV OD IHFKD GH OD H[KXPDFLyQ \ HO WUDVODGRGHORVUHVWRV\QRVGHVSHGLPRVKDVWD
HO FLWDGR GtD TXH FUHR UHFRUGDU VH FRQFUHWy IXHUD HO GH 0D\R GH WRGR VH
RUJDQL]y \ UHVXOWy VHJ~Q OR SUHYLVWR FRQ UHODFLyQ D OD IHFKD VRODPHQWH TXH FRLQFLGLy
FRQ HO QDFLPLHQWR GH QXHVWUD SULPHUD QLHWD HQ $OHPDQLD TXH UHVXOWy VHU HO GtD GH
HVH PLVPR PHV \ \R TXH WHQtD SUHYLVWR HO YLDMH FRQ PL PXMHU SDUD FRQRFHU D QXHVWUD
SULPHUD QLHWD &ODXGLD UHFLHQWHPHQWH QDFLGD \ D QXHVWUD KLMD GHMp SUHYLVWD OD SUHVHQFLD
GH RWURV FRPSDxHURV FRQ UHVSRQVDELOLGDGHV HQ OD 8*7 \ 362( SDUD TXH OHV
DFRPSDxDUDQHQHODFWR
$O UHJUHVR GH $OHPDQLD PH LQIRUPp FyPR KDEtD UHVXOWDGR WRGRHQ9LOORUXHOD(OGtD
GH 0D\RFRPRHVWDEDSUHYLVWRDODVQXHYHGHODPDxDQDVHFRQJUHJDURQHQOD3OD]D
GHO SXHEOR SDUD SDUWLU KDVWD 6DOYDGLRV DOOt VH SUHVHQWDURQ XQ QXPHURVR JUXSR GH
SHUVRQDV WRGDV HOODV GHVHDEDQ DVLVWLU D OD H[KXPDFLyQ VRODPHQWH KDEtD XQRV VHLV R
VLHWH FRFKHV TXH HUDQ LQVXILFLHQWHV SDUD HO WUDVODGR GH WDQWDV SHUVRQDV SHUR WDUGDURQ
SRFRV PLQXWRV HQ DSDUHFHU RWURV WDQWRV DXWRPyYLOHV R TXL]i PDV HO FDVR HV TXH VH
IRUPy XQD FDUDYDQD QXPHURVD GH FRFKHV WRGRV HPSUHQGLHURQ OD PDUFKD WRFDQGR
UXLGRVDPHQWHORVFOD[RQKDVWDODVDOLGDGHOSXHEOR
/D H[KXPDFLyQ VH UHDOL]y GHQWUR GH OD PD\RU QRUPDOLGDG DQWH OD SUHVHQFLD GH XQ
JUXSR GH DSUR[LPDGDPHQWH FLHQ SHUVRQDV TXH WRGDV UHVSHWXRVDPHQWH \ HQ VLOHQFLR VL
KDEtD DOJ~Q FRPHQWDULR HUDFRPRXQVXVXUURIXHURQDSDUHFLHQGRWRGRVORVUHVWRVHQXQ
SHUIHFWR HVWDGR GH FRQVHUYDFLyQ LQFOXVR ODV FDODYHUDVFRPSOHWDVWRGDVFRQHOWLURHQOD
EyYHGD FUDQHDO LQFOXVRDOJXQDIXHLGHQWLILFDGDSRUODGHQWDGXUDWDPELpQKDEtDREMHWRV
SHUVRQDOHV GHODVYtFWLPDVWRGRVHVWDEDQVRUSUHQGLGRVGHOEXHQHVWDGRGHFRQVHUYDFLyQ
LQFOXVR GHO FDO]DGR 'HSRVLWDURQ ORV UHVWRV HQ XQ DWD~G TXH LQWURGXMHURQ HQ XQD
IXUJRQHWD\HPSUHQGLHURQHOUHJUHVRD9LOORUXHOD
(UD SRU OD WDUGH \ DOJXLHQ GH ORV IDPLOLDUHV VH OH RFXUULy TXH GHEHUtDQ SHUQRFWDU HQ
6DOYDGLRV YHODU ORV UHVWRV WRGD OD QRFKH \ DODPDxDQDVLJXLHQWHSDUWLUSDUD9LOORUXHOD
VH KLFLHURQ ODV JHVWLRQHV RSRUWXQDV FRQ HO $OFDOGH TXH DOOt HVWDED SUHVHQWH HO FXDO VH
SXVR D GLVSRVLFLyQ GH WRGRV VXJLULHQGR TXH SHGLUtD GHO FXUD GHO SXHEOR OD OODYH GH OD
LJOHVLD SDUD YHODUORV DOOt \ TXH VX EDU HUD HO DOFDOGH HO SURSLHWDULR OR WHQGUtD DELHUWR
WRGD OD QRFKH DVt IXH FRPRXQQXPHURVRJUXSRGHIDPLOLDUHVVLOHQFLRVDPHQWH\FRQHO
PD\RU GH ORV UHVSHWRV ORV UHVWRV IXHURQYHODGRVWRGDODQRFKHSRUIDPLOLDUHVDPLJRV\
YHFLQRV GH 9LOORUXHOD QDGD PDV \ QDGD PHQRV GHVSXpV GH DxRV VH OHV UHVWLWXtD D
WUDYpV GH OD FRQFLHQFLD S~EOLFD GH XQD QXHYD (VSDxD ORV PHUHFLGRV KRQRUHV ORV
PHMRUHV ORV TXH VXUJHQ GH OD YHUGDGHUD HQWUDxD SURIXQGD GH ORV SXHEORV D DTXHOORV
PiUWLUHVSRUOD/LEHUWDG
$O GtD VLJXLHQWH \ DO SDVR GHO FRUWHMR SRU ODV FDOOHV SXHEOR GH 6DOYDGLRV HVWDEDQ ODV
FDOOHV OOHQDV GH S~EOLFR D DPERV ODGRV /RVYHFLQRVGHODORFDOLGDGDEXOHQVHVHKDEtDQ
HQWHUDGRGHODH[KXPDFLyQ\HQVLOHQFLRFRQWHPSODEDQHOSDVRFRQWRGRUHVSHWR
$O OOHJDU D 9LOORUXHOD VXUJLy OD VRUSUHVD D OD HQWUDGD GHO SXHEOR OHV HVSHUDED XQ
FRFKH -HHS GH OD *XDUGLD &LYLO GRV SDUHMDV \ XQ FDSLWiQ FRQ HOORV PDQGDURQ SDUDU OD
FDUDYDQD \ OHV H[SOLFDURQ TXH FRQORVFRFKHVVLJXLHUDQOHQWDPHQWHKDVWDHOFHPHQWHULR
HOORV LUtDQ GHODQWH TXH DOOt FHOHEUDUDQ HO DFWR \D TXH HO SXHEORHVWDED³WRPDGR´SRUOD
IXHU]DV ³GHO RUGHQ´ HQ HO WUD\HFWR TXH LED KDVWD HO FHPHQWHULR FDGD XQRV FLQFXHQWD
PHWURV KDEtD XQD SDUHMD GH JXDUGLDV TXH XQD YH] TXH SDVDED OD FDUDYDQD VH
LQFRUSRUDEDQDOFRUWHMRGHWUiVKDVWDHOFHPHQWHULR
7RGR HO SXHEOR HVSHUDED D OD SXHUWD GHOFDPSRVDQWRXQDPLJRGHODVIDPLOLDVHQWRQy
HO UH]R GH XQ SDGUH QXHVWUR DQWH OD WXPED TXH HVWDED \D SUHSDUDGD DOOt IXHURQ
GHSRVLWDGRV DO ILQDOL]DU VX FLHUUH WRPDURQ OD SDODEUD H LQWHUYLQLHURQ XQR GH ORV
IDPLOLDUHV QR IDOWDURQ UHSUHVHQWDQWHV VLQGLFDOHV \ SROtWLFRV GH 8*7 && 22362(\
3&(
$O VDOLU GHO FHPHQWHULR VH HQFRQWUDEDQ IXHUD OD SUiFWLFD WRWDOLGDG GHO DXWRFDU GH
JXDUGLDV FLYLOHV TXH KDEtDQ FXELHUWR HO UHFRUULGR 5HFRPHQGDQGR D ORV DVLVWHQWHV TXH
FDGD XQR VH IXHUD D VX FDVD OR TXH LQIOX\y SDUD OD SURWHVWD GH ORV UHVSRQVDEOHV GH ORV
3DUWLGRV 3ROtWLFRV TXH IRUPDOL]DURQ GHVSXpV GLULJLGD DO *REHUQDGRU &LYLO GH OD8&'
/XLV(VFREDUGHOD6HUQD
)XH OD VHJXQGD H[KXPDFLyQ GH UHVWRV KXPDQRV SHUWHQHFLHQWHV D ORV PiUWLUHV SRU OD
/LEHUWDG GH QXHVWUR 3XHEOR TXHVHUHDOL]yHQODSURYLQFLDGH6DODPDQFDHOEUHYHUHODWR
TXH OHV GHGLFR HV FRQVHFXHQWH GH XQRGHPLVPDVIHUYLHQWHVGHVHRVGHGHMDUFRQVWDQFLD
KLVWyULFD D OD SDU GH UHPHPRUDU VX UHFXHUGR SRUTXH D SHVDU GH ORV PXFKRV DxRV
WUDQVFXUULGRV \ GH OD LPSXQLGDG GHO LQKXPDQR VDFULILFLR GH VXV YLGDV ORV DXWRUHV GH
DTXHOJHQRFLGLRQXQFDIXHURQMX]JDGRV
3HUR HO FDVR GH ORV RFKR FRPSDxHURV GH 9LOORUXHOD IXH LQVyOLWR SRU OD FLUFXQVWDQFLD
GH SDVDU VXV UHVWRV SRU OD SXHUWD GH DOJXQR GH ORV FULPLQDOHV TXHORVKDEtDQDVHVLQDGR
QR VH SUHWHQGLy YHQJDQ]D GH QLQJ~Q WLSR VH GD OD HORJLDEOH VLWXDFLyQ GH TXH QL XQR
VROR GH ORV KLMRV GH ORV QREOHV OHDOHV \ H[FHOHQWHV FRPSDxHURV DVHVLQDGRV QR VH
PRVWUy YHQJDWLYR HVR VRODPHQWH VH TXHGD SDUD ORV IDVFLVWDV \ ORV PHDSLODV QRVRWURV
ORV KLMRV ORV ³QLxRV GH OD *XHUUD´DOR~QLFRTXHDVSLUDPRVHVDTXHVHKDJD-XVWLFLD\
ORVFULPLQDOHVDXWRUHVGHOJHQRFLGLRVHDQMX]JDGRV\FRQGHQDGRVFRQWRGRHOULJRUGHOD
QRUPDMXGLFLDO
0LHQWUDV OOHJD HVH GtD HVWH UHODWR HV XQ KRPHQDMH PDV D DTXHOORV D ORV TXH
FULPLQDOPHQWH OHV IXH DUUHEDWDGD VX YLGD SRU FUHHU HQ OD /LEHUWDG \ XQD 6RFLHGDGPDV
MXVWDHLJXDOLWDULD
3RUVXOHDOWDGDOD5HS~EOLFD
3RUVHUSRUWDGRUHVGHXQDLGHRORJtDVXEOLPHHO6RFLDOLVPR
3RUFUHHUHQXQD(VSDxDPDVMXVWDHLJXDOLWDULD
3RUOXFKDUGHIHQGLHQGROD/LEHUWDG\ORVYDORUHVGHPRFUiWLFRV
SRUVHUOHVDUUHEDWDGRHOELHQPDVSUHFLDGRTXHSRVHtDQ
VXYDOLRVDYLGD
7RGRVHOORVVRQDFUHHGRUHV
DQXHVWURHWHUQR5HFXHUGR\+RPHQDMH
9XHVWUR VDFULILFLR D SHVDU GH ORV PXFKRV DxRVWUDQVFXUULGRVVLJXHSUHVHQWHHQQXHVWUD
0HPRULD VHJXLPRV ILHOHV D ORV SULQFLSLRV GH DGRUQDURQ YXHVWUD YLGD SRUTXH YXHVWUR
HMHPSOR VLJXH YLJHQWH\VHJXLUHPRVOXFKDQGR\WUDEDMDQGRSRUOD/LEHUWDGOD-XVWLFLD\
OD6ROLGDULGDG
+XHOPRV
%~VTXHGDIDOOLGD
6REUH OD H[KXPDFLyQ GHVFULWD DQWHULRUPHQWH VH SXEOLFy XQD DPSOtD UHIHUHQFLD HQ OD
SUHQVD ORFDO \ FRPHQ]DURQ ORV FRPHQWDULRV HQ OD FLXGDG OR TXH SURYRFy TXH XQ
LPSRUWDQWH Q~PHUR GH FRPSDxHURV KDELpQGRVH HQWHUDGR TXH \R IRUPDED SDUWH GH ORV
VRFLDOLVWDV LQWHUHVDGRV HQ OD UHFXSHUDFLyQ GH UHVWRV KXPDQRV SHUWHQHFLHQWHV D
FRPSDxHURV DVHVLQDGRV SRU ORV IDVFLVWDV YDULRV GH HOORV FRQFHUWDURQ XQD HQWUHYLVWD
FRQPLJR HQ OD VHGH GHO 3DUWLGR $OOt VXUJLHURQ PXOWLWXG GH VXJHUHQFLDV SDUD FRQWLQXDU
WDQ HQFRPLDEOH ODERU HUD \D HO DxR SRFR GHVSXpV GH JDQDU ODV (OHFFLRQHV
0XQLFLSDOHV\JREHUQDQGRHO$\XQWDPLHQWRFRQHO3&(
5DIDHO 9HJDV 3DUHGHV FRPHQWy TXH DxRV DWUiV HO KDEtD DVLVWLGR D XQ OXJDU SUy[LPR D
OD HVWDFLyQ GHO IHUURFDUULO GH +XHOPRVHQXQSUDGRSUy[LPRDODUUR\RDOOHYDUIORUHVHQ
SOHQD FODQGHVWLQLGDG D XQVLWLRGRQGHHVWDEDQHQWHUUDGRVXQEXHQQ~PHURVLQSUHFLVDU
GHFRPSDxHURV
8Q GRPLQJR SRU OD PDxDQD QRV GHVSOD]DPRV YDULRV FRFKHV \ XQRV YHLQWH
FRPSDxHURV FRQ SLFRV \ SDODV GLVSXHVWRV D UHVFDWDU GLFKRV UHVWRV HOHJLGR \
GHWHUPLQDGR HO OXJDU VH SUDFWLFDURQ GXUDQWH WRGD OD PDxDQD YDULDV FDWDV \ QR
HQFRQWUDPRV QDGD 3RVLEOHPHQWH QR DFHUWDPRV FRQ HO OXJDU GRQGH QRV OOHYy 5DID
KDEtDQ WUDQVFXUULGR PXFKRV DxRV \ HQ XQ H[WHQVR SUDGR HUD PX\ GLItFLO SUHFLVDU HO
OXJDUH[DFWR
'HO LQWHQWR IDOOLGR VDFDPRV XQD FRQFOXVLyQ TXH DQWHV GH DFRPHWHU XQD H[FDYDFLyQ
KDEtD TXH WHQHU WRGDV ODV VHJXULGDGHV SRVLEOHVGHODXELFDFLyQGHORVHQWHUUDPLHQWRVHO
Q~PHUR GH YtFWLPDV \ VX LGHQWLGDG SRUTXH VH KDFtD LPSUHVFLQGLEOH FRPXQLFDU D ORV
IDPLOLDUHV GHVFHQGLHQWHV SDUD TXH HVWXYLHUDQ SUHVHQWHV HQ HO DFWR FRPR KDEtD
VXFHGLGR HQ /D 3LQLOOD FRQ ORV FRPSDxHURV GH %DUEDGLOOR \ HQ 6DOYDGLRV FRQ ORV GH
9LOORUXHOD
1R REVWDQWH HO WHVWLPRQLR GHO GHVHR GH OD WRWDOLGDGGHORVFRPSDxHURVVRFLDOLVWDVHUD
HO WUDEDMDU SRU UHFXSHUDU HO UHFXHUGR GH ORV TXH GLHURQ VX YLGD SRU OD /LEHUWDG \ OD
-XVWLFLD \ TXH SHVH D ORV DxRV WUDQVFXUULGRV SHUPDQHFtDQ LQDOWHUDEOHV HQ QXHVWUD
UHFXHUGR
/RV FRPHQWDULRV HQ OD VHGH GHO 3DUWLGR 6RFLDOLVWD TXH HQWRQFHV HVWDED HQ OD $YHQLGD
GH 3RUWXJDO VH VXFHGtDQ HQWUH WRGRV ORV FRPSDxHURV HUD XQiQLPH OD RSLQLyQ WRGRV
GHVHiEDPRV UHVFDWDU GHO ROYLGR D WRGRV ORV TXH OHV IXH DUUHEDWDGDVXYLGDSRUGHIHQGHU
QXHVWURV PLVPRV LGHDOHV \R \DOOHYDEDPDVGHXQDxRDILOLDGRDO3DUWLGR\WUDVODGpPLV
GHVHRV HQ pVWH WHPD DODIDPLOLDVRFLDOLVWDGRQGHHQFRQWUpWRGDODFRODERUDFLyQ\DSR\R
TXHGHVHDED
3HUR XQD FRVD HUDQ PLV GHVHRV \ RWUD OD FUXGD UHDOLGDG GHO WHUURU TXH WRGDYtD H[LVWtD
HQ ORV IDPLOLDUHV TXH KDEtDQ VXIULGR OD GHVJUDFLD GH KDEHU SHUGLGR DOJ~Q VHU TXHULGR
DVHVLQDGR SRU ODV KXHVWHV FULPLQDOHV IDVFLVWDV \ IXHURQ SRFRV ORV TXH DFXGLHURQ D
IDFLOLWDUQRV LQIRUPDFLyQ GH FDGD FDVR DVt TXH VHJXLPRV GHVHDQGR KDFHU DOJR \ QR
VHQWLUQRV RSHUDQWHV KDVWD TXH SRFR D SRFR IXHURQ VXUJLHQGR LQLFLDWLYDV TXH WRGDV
IXHURQ DWHQGLGDV $ FRQWLQXDFLyQ KH HODERUDGR XQRV UHODWRV GH ORV TXH QRV WRFy
SDUWLFLSDUHQGLVWLQWDVORFDOLGDGHVGHODSURYLQFLD
$xRV GHVSXpV HQHODxRVHKDYXHOWRDODUHFXSHUDFLyQGHOD0HPRULD+LVWyULFD
\ FXDQGR HVFULER HVWDV OHWUDV HQ HO HV XQD UHDOLGDG SDUD HOOR KH SDUWLFLSDGR HQ OD
FRQVWLWXFLyQHQ6DODPDQFDGHOD$VRFLDFLyQ³6DODPDQFDSRUOD0HPRULD\OD-XVWLFLD´
/D2UEDGD
(OPRQWHTXHIXHWUiJLFRWHVWLJR
)XHURQ LQFRQWDEOHV ORV FUtPHQHV TXH HO IXURU KRPLFLGD GH ORV YHUGXJRV IDODQJLVWDV
DOOt HQ DTXHO WUDQTXLOR OXJDU FRPHWLHURQ HVWH H[WHQVR PRQWH GH HQFLQDV VH HQFXHQWUD
HQ HO WpUPLQR PXQLFLSDO GHO SXHEOR DUPXxpV GH /D 2UEDGD DSUR[LPDGDPHQWH D
YHLQWLWUpV NLOyPHWURV GH OD FDSLWDO DTXHOODV YLHMDV HQFLQDV IXHURQ PXGRVWHVWLJRVGHXQ
Q~PHUR GH DVHVLQDWRV LPSUHFLVRTXHVHSURGXMHURQGXUDQWHORVPHVHVGH-XOLR$JRVWR
6HSWLHPEUH\2FWXEUHGHDTXHOIDWtGLFRDxRGH
'HVGH VLHPSUH GHVGH PL PDV WHPSUDQD HGDG PL YLGD HVWXYR PDUFDGD SRUODSpUGLGD
GH PL SURSLR SDGUH \ GHO TXH GHQWUR GH OD GHVJUDFLD SURGXFLGD SRU VX FUXHO
IXVLODPLHQWR SDUD Pt VDJUDGRV GHVSRMRV UHSRVDQ HQ XQD WXPED IDPLOLDU GRQGH PH
MXQWDUp D VXV TXHULGRV UHVWRV DO ILQDO GH PL H[LVWHQFLD 3HURUHSLWRGHVGHVLHPSUHWXYH
XQD IXHUWH VHQVLELOLGDG FLPHQWDGD SRU HO D~Q PDV WULVWH GHVWLQR GH WRGRV ORV
FRPSDxHURV TXH VH HQFXHQWUDQ GLVHPLQDGRV SRU FXQHWDV PRQWHV \ FDPSRV GH WDO
PDQHUD TXHGHVGHTXHWXYHPLSULPHUFRFKHXQ6HDWDOOiSRUHODxRHPSH]y
PLLQWHUpVHQDYHULJXDUGyQGH VHSRGtDQHQFRQWUDUDOJXQRGHHOORV\HOHJtSUHFLVDPHQWH
HO PRQWH GH /D 2UEDGD SRUTXH D PL FRQRFLPLHQWR KDEtD OOHJDGR PXFKRV DxRV DQWHV
TXH IXH XQ OXJDU GRQGH DVHVLQDURQ XQ Q~PHUR LQGHWHUPLQDGR GH FRPSDxHURV HQWUH
RWURV0DQVR\3ULHWR&DUUDVFR
< HOHJt HVWH OXJDU SDUD FRPHQ]DU PLV DYHULJXDFLRQHV \D TXH \HQGR KDFLD 9DOODGROLG
SRU OD FDUUHWHUD1DOODGRGHUHFKRGHODFDUUHWHUDSRUDTXHOHQWRQFHVFRQVWUX\HURQ
DOFRPLHQ]RGHOPRQWHXQEDUUHVWDXUDQWHHQVXSUR[LPLGDGKD\XQDSUDGHUDFRQEXHQD
KLHUED \ HUD XQ OXJDU PX\ DSURSLDGR SDUD OOHYDU HQ SULPDYHUD D PLV SHTXHxRV KLMRV D
MXJDU DO I~WERO MXQWR D PLV DPLJRV GHO %DUULR GH OD 9HJD \ VX KLMRV GRQGH DO ILQDO
WHUPLQDEDODILHVWDFRPSDUWLHQGRQXHVWUDVPHULHQGDV
௙
&RQ HO GXHxR GHO EDU KLFLPRV DPLVWDG GH FOLHQWHV \ SURQWRFRQRFtDXQWtRGHOGXHxR
HO VHxRU -XDQ $QWRQLR GH DYDQ]DGD HGDG XQRV RFKHQWD DxRV \ TXH HQ VXV UDWRVOLEUHV
TXH HUDQ WRGRV VH GHGLFDED D WDOODU UDtFHV GH ODV HQFLQDV GH ODV GXUDV \ UXJRVDV
PDGHUDV FRQVHJXtD HODERUDU VXJHUHQWHV ILJXUDV GH DQLPDOHV DVLHQWRV GH PDFHWHURV
WDEXUHWHV HWF (UDQ YHUGDGHURV SULPRUHV GH WDOOD DUWHVDQDOFRQpOPHSDVpPX\EXHQRV
UDWRV HUD XQD SHUVRQD DIDEOH \PX\FRQYHUVDGRUKDVWDTXHXQGtDDFHSWyPLLQYLWDFLyQ
D WRPDUQRV XQD ERWHOOLWD GH YLQR FRQ JDVHRVD \ XQDV DFHLWXQDV VHQWDGRV MXQWR D XQD
PHVD GH PiUPRO \ FRQWDUPH DOJR GH VX YLGD TXH \R LQWXtD FRPR DVt IXH ULFD HQ
DQpFGRWDV
(Q RWUDV GRV R WUHV RFDVLRQHV UHSHWt OD LQYLWDFLyQ \D TXH \RORTXHSUHWHQGtDHUDTXH
PH KDEODUD GH ODJXHUUDKDVWDOOHJDUDGLFKRWHPDWXYHTXHVRSRUWDUGHTXHPHFRQWDUD
VXV H[SHULHQFLDV FRPR ODEUDGRU ODV ODUJDV MRUQDGDV GHODDUDGDVLHPEUD\DERQDGRGHO
FHUHDO OD VLHJD \ OD REWHQFLyQ GHO JUDQR SDVDQGR SRU OD WULOOD \ HODYHQWDPLHQWRHUDVX
WHPD SUHIHULGR KDVWD OOHJDU D ODV KDPEUHV SURGXFLGDV SRU OD JXHUUD FLYLO ODHVFDVH]GH
DOLPHQWRV \ WRGRV ORV SUREOHPDV TXH DFDUUHDURQ HQ WRGDV ODV SDUWHV QR VyOR HQ OD
FDSLWDO WDPELpQ HQ ORV SXHEORV DXQTXH QR OHV IDOWDUD HO SDQ \ ODV OHJXPEUHV WXYLHURQ
TXHYHUVHSULYDGRVGHRWURVDOLPHQWRVTXHHOORVQRSURGXFtDQ
(O VHxRU -XDQ $QWRQLR KDEtD VLGR DJULFXOWRU \ YD\D VL PH GHPRVWUy VXV
FRQRFLPLHQWRV HQ OD PDWHULD SHUR OR TXH \R EXVFDED HUDRWUDFRVDDOILQOHSUHJXQWpVL
VDEtD DOJR GH OR VXFHGLGR HQ OD FRPDUFD GXUDQWH OD JXHUUD FLYLO D OR FXDO PH DVLQWLy
SHURVLTXHOHREVHUYpGXELWDWLYRHQFRQWDUPHDOJR+DVWDTXHDOJ~QGtDGHVSXpVIXHpO
HO TXH PH OODPy SDUD FRQWDUPH HQ OR TXH SDUWLFLSy \ DOJXQR GH ORV KHFKRV HQ ORV TXH
LQWHUYLQR QR UHFRUGDED OD IHFKD H[DFWD VL TXH IXH D ILQDOHV GH -XOLR GH ௙
-XOLR FXDQGR XQ GtD HO DOFDOGH \ HO MXH] GH SD] GHO SXHEOR OHPDQGDURQTXH
SUHSDUDUD HO FDUUR FRQ ORV EXH\HV SRUTXH KDEtD TXH LU D UHFRJHU GRV FDGiYHUHV TXH
KDEtDQ VLGR HQFRQWUDGRV HQ HO PRQWH QR OH GLMHURQ GH TXLHQHV VH WUDWDED DO OOHJDU DO
OXJDU GHO FULPHQ HVWDEDQ ORV FXHUSRV XQR MXQWR DO RWUR D XQRV YHLQWH PHWURV GH OD
FDUUHWHUD MXQWR D XQ FDPLQR LQWHUQR XQR SHUWHQHFtD D XQD SHUVRQD MRYHQ\HORWURDXQ
VHxRU GH HQWUH FLQFXHQWD \ VHVHQWD DxRV \DFtDQ VREUH XQ HQRUPH FKDUFR GH VDQJUH HO
MRYHQ ERFD DEDMR \ HO PD\RU VREUH VX ODGR GHUHFKR DQWHV GH VXELUORV DO FDUUR IXH HO
MXH] HO TXH UHJLVWUy ORV EROVLOORV GH ORV PXHUWRV GRQGH HQFRQWUy TXH WHQtDQ ORV GRV
FDGD XQR GH HOORV XQD SOXPD HVWLORJUiILFD \ HO PD\RU GH HOORV XQ UHORM GH EROVLOOR FRQ
FDGHQD DO SDUHFHU GH SODWD HQ ORV EROVLOORV WHQtDQ DOJXQRV SDSHOHV GREODGRV TXH QR
IXHURQ OHtGRV HQ DTXHO PRPHQWR FRPR FRQVHFXHQFLD GH ORV FRPHQWDULRV TXH KDFtDQ
HQWUH HO MXH] \ HO DOFDOGH QXHVWUR DPLJR -XDQ $QWRQLR SXGR HQWHUDUVH GH TXLHQHV VH
WUDWDED HUDQ HO $OFDOGH GH 6DODPDQFD &DVWR 3ULHWR &DUUDVFR FDWHGUiWLFR GH 3DWRORJtD
+XPDQD OtGHU GH OD ,]TXLHUGD 5HSXEOLFDQD \ -RVp $QGUpV 0DQVR DERJDGR \ SURIHVRU
GH OD (VFXHOD GHO 0DJLVWHULR OtGHU VRFLDOLVWD \ GLSXWDGR D ODV &RUWHV *HQHUDOHV SRU
6DODPDQFD
'LFKRV FXHUSRV IXHURQ WUDVODGDGRV DO FHPHQWHULR GH OD ORFDOLGDG GRQGH VLQ PDV
FRQVLGHUDFLRQHV IXHURQ HQWHUUDGRV DSUR[LPDGDPHQWHDODVWUHVGHODWDUGHGHDTXHOGtD
FDGD XQR HQ XQD WXPED QXPHUDGD GH GRQGH DxRV GHVSXpV IXHURQ UHVFDWDGRV SRU VXV
IDPLOLDV \ WUDVODGDGRV VXV UHVWRV ORV GH 3ULHWR &DUUDVFR D 9DOYHUGH GHO )UHVQR
&iFHUHV\ORVGH0DQVRD6DODPDQFD
3HUR HO VHxRU -XDQ $QWRQLR PH KDEtD GH QDUUDU WDPELpQ VX SDUWLFLSDFLyQ SRFRV GtDV
GHVSXpV HQ WUDVODGDU OD WULVWH QRWLFLDD(VSLQRGHOD2UEDGD\DO3HGURVRGHOD$UPXxD
GHO OXJDU GRQGH KDEtDQ VLGR DVHVLQDGRV \ HQWHUUDGRV FXDWUR SHUVRQDV GH 3HGURVR
GRQGH XQD YH] PDV ODV DXWRULGDGHV GH /D 2UEDGD UHFODPDURQ OD D\XGD GH QXHVWUR
DPLJRHQHVWHFDVRSDUDHQWHUUDUORVDOOtPLVPRGRQGHVHHQFRQWUDURQ
8QD YH] TXH PH FRQWy HO FDVR DQWHULRU PH GLMR GH PXFKRV RWURV FDVRV HQ TXH
DSDUHFLHURQ FDGiYHUHV DVHVLQDGRV HQ HO PRQWH SHURIXHURQSRFRVORVTXHVHWUDVODGDURQ
\ HQWHUUDURQ HQ HO FHPHQWHULR KDVWD TXH DOJXLHQ GHELy GH RUGHQDU TXH ORV HQWHUUDUDQ
DOOtGRQGHDSDUHFLHUDQ
7DPELpQ PH FRQWy TXH pO IXH TXLHQ DYLVy DVXVDPLJRVGH3HGURVRGHOD$UPXxDGH
TXH DOOt HQ HO PRQWH KDEtDQ DVHVLQDGRRWURGtDHOGH$JRVWRGHDODOFDOGHDVX
KHUPDQR \ D RWURV GRV FRPSDxHURV -XDQ $QWRQLR FRQRFtD D WRGRV HOORV \ DOJXQR HUD
LQFOXVR DPLJR HQODVILHVWDVGHVXVUHVSHFWLYRVSXHEORV\QXHYDPHQWHDKRUDFRQPD\RU
GRORUSDUWLFLSyHQHOHQWHUUDPLHQWRQXHYDPHQWHDLQVWDQFLDVGHODOFDOGH\MXH]
$xRV GHVSXpV GH OD H[SHULHQFLDTXHQDUURPHOOHYpODVRUSUHVDGHYHUD-XDQ$QWRQLR
FLWDGR VREUH pVWH WHPD HQ HO OLEUR GH $JXVWtQ 6DOJDGR ³*UDPD´ \ GH KDEHU VLGR pO
TXLHQWUDQVPLWLyODWULVWHQRWLFLDDOSXHEORGH3HGURVRGHOD$UPXxD
(Q HO UHODWR DQWHULRU \ UHODFLRQDGR FRQ ODV YtFWLPDV GHO 3HGURVR VH FLWD HVWH PLVPR
PRQWH GyQGH IXHURQ DVHVLQDGRV \ HQWHUUDGRV HO GtD GH $JRVWR GH FXDWUR
SHUVRQDV 9DOHQWtQ3RYHGDDOFDOGHGH3HGURVRVXKHUPDQR3DXOLQR6DOYDGRU*RQ]iOH]
\ $JXVWtQ *RQ]iOH] TXH IRUPDEDQ SDUWH GH ORV VLHWH FRPSDxHURV TXH OOHYDEDQ
GHWHQLGRV D 6DODPDQFD ORV FULPLQDOHV IDODQJLVWDV GRQGH ORV WUHV UHVWDQWHV VHUtDQ
IXVLODGRVSRFRVGtDVGHVSXpVMXQWRDODVWDSLDVGHOFHPHQWHULRGH6DODPDQFD
(O DPLJR -XDQ $QWRQLR PH KDEOy GH DOJXQR PDV GH ORV FDVRV TXH HO VDEtD GH
DVHVLQDWRV FRPHWLGRV HQ HO PRQWH SHUR VREUH WRGRV PH FRPHQWy OD EDUEDULGDG GHO
FULPHQ GH XQ JUXSR QXPHURVR GH SUHVRV TXH SURFHGtD GH 9DOODGROLG \ TXH YHQtDQ
DWDGRV HQWUH Vt HQ XQ FDPLyQ pO PH PDQLIHVWy TXH FRQRFtD HO OXJDU GRQGH HVWDEDQ
HQWHUUDGRV QR VDEtD FXDQWDV SHUVRQDV IDOOHFLHURQ \ \D PHGLMR³TXHDOJ~QGtDGHEHUtDQ
VHU UHFXSHUDGRV DTXHOORV UHVWRV KXPDQRV \ GHSRVLWDUORVHQXQFDPSRVDQWR´࣡
OHDQLPpD
TXH PH ࣡
DFRPSDxDUD DO VLWLR H[DFWR \ VLQ UHSDUR DOJXQR DFHSWyGHVGHHOOXJDUGRQGHVH
HQFXHQWUD HO DQWHV PHQFLRQDGR EDU QRV GLULJLPRV D XQD ]RQD SUy[LPD GH GRQGH VDOtD
XQ FDPLQR UXUDO HQWUH ODV HQFLQDV HQ XQ SHTXHxR FODUR GHO PRQWH VH REVHUYDED FLHUWR
KXQGLPLHQWR FRPR GH XQRV YHLQWH PHWURV FXDGUDGRV VXSXHVWDPHQWH DOOt HVWDEDQ
HQWHUUDGRVORVPHQFLRQDGRVSUHVRVSROtWLFRVSURFHGHQWHVGH9DOODGROLG
+DVWD DTXt OOHJD OD ODERULQIRUPDWLYDTXHPHWUDQVPLWLyHOUHSHWLGDPHQWHPHQFLRQDGR
VHxRU-XDQ$QWRQLRGH/D2UEDGDKDFHDSUR[LPDGDPHQWHXQRVWUHLQWD\VLHWHDxRV
,JXDOPHQWH HO KLMR GH OD PDHVWUD GH $OGHDOHQJXD (O MRYHQ PDHVWUR )HOLFtVLPR
&DUUHxR GH $QWD TXH FRQ OD FDUUHUD UHFLHQWHPHQWH DFDEDGD IXH DVHVLQDGR XQ GtD GH
$JRVWR GH GH OD UHFXSHUDFLyQ GH VXV UHVWRV \ GH VX LGHQWLILFDFLyQ IXL DXWRU \
WHVWLJRGLUHFWRFRPRH[SRQJRDFRQWLQXDFLyQ
$OGHDOHQJXD
(UDHOKLMRGHODPDHVWUD
<R \D HUD FRQFHMDO GHO $\XQWDPLHQWR GH 6DODPDQFD \ GLSXWDGR SURYLQFLDO WRGR
6DODPDQFD FRQRFtD PL SUREDGR LQWHUpV HQ HO WHPD GHO UHVFDWH GH UHVWRV KXPDQRV
SHUWHQHFLHQWHV D FRPSDxHURV D ORV TXH OHV IXH DUUHEDWDGD OD YLGD HQ ORV VDQJULHQWRV
VXFHVRV GH OD EiUEDUD JXHUUD LQFLYLO 8Q DVXQWR TXH FXDQGR LQWHUYLQH VLHPSUH OR
FRQVLGHUp GHQWUR GH PLV VHQWLPLHQWRV PDV SURIXQGRV FRPR XQD GHXGD TXH WHQtDPRV
FRQ DTXHOORV TXH OHV DUUHEDWDURQ OR PDV SUHFLDGR TXH WHQtDQ VXV SURSLDV YLGDV
VLPSOHPHQWH SRU VHU TXLHQHV HUDQ DPDQWHV GH OD OLEHUWDG OD MXVWLFLD \ HO SURJUHVR
7RGRVHOORVYtFWLPDVLQRFHQWHVGHODYLROHQFLDKRPLFLGD\ODFUXHOGDGIUDQTXLVWD
'HVJUDFLDGDPHQWH QRWXYLHURQWDQVLTXLHUDODSRVLELOLGDGGHGHIHQGHUVHHOORVPLVPRV
WRGRV VLQ H[FHSFLyQ DOJXQD IXHURQ FREDUGHPHQWH GHWHQLGRV FRQ HQJDxRV \ D WUDLFLyQ
LQPRODGRV (OORV PDV TXH QDGLH VRQ PHUHFHGRUHV GHO UHFXHUGR PDV UHVSHWXRVR \ HO
FRPSURPLVR GH TXH VX VDQJUH YHUWLGD QXQFD IXH HVWpULO QL ROYLGDGD PDV ELHQ IXH
VHPLOOD GH OLEHUWDGGHMXVWLFLD\GHSURJUHVR$WRGRVHOORVOHVGHEHPRVORTXHVRPRV\
ODGHPRFUDFLDTXHGLVIUXWDPRV (UD HQ HO YHUDQR GH XQD WDUGH UHFLER XQD OODPDGD WHOHIyQLFD HQ PL FDVD VH
WUDWDED GH XQD VHxRUD PD\RU GH QRPEUH $QWRQLD $QGUpV *DUFtD PH UHILHUH TXH
GHVHDED HQWUHYLVWDUVH FRQPLJR \D TXH VH VHQWtD HQ HGDG DYDQ]DGD \ QRTXHUtDPRULUVH
VLQ UHVFDWDU ORV UHVWRV GH XQ KHUPDQR VX\R TXH VHJ~Q OD QRWLFLD TXH VLHPSUH WXYR
JXDUGDGDIXHDVHVLQDGRHQHOPRQWHGH/D2UEDGD
4XHGDPRV HQ YHUQRV DO GtD VLJXLHQWH HQ XQ EDU SUy[LPR D VX FDVD HQ OD FDOOH /RV
2YDOOH GHO EDUULR *DUULGR DOOtQRVFRQRFLPRVDPLPHDFRPSDxDED/XLVD\D$QWRQLD
VX KLMR WRPiQGRQRV XQ FDIp QRV UHODWy WRGR OR TXH VDEtD 6X KHUPDQR WHQtD SRU
QRPEUH8UEDQR$QGUpV*DUFtD0DHVWUR1DFLRQDOGHYHLQWLGyVDxRV௙
+DEtD WHUPLQDGR ODFDUUHUDGHPDHVWURDILOLDGRD-XYHQWXGHV6RFLDOLVWDVIXHGHWHQLGR
DO HVWDOODU OD JXHUUD \ FRPR D RWURV FRPSDxHURV GHVSXpV GH WHQHUOR XQRV GtDV HQ OD
FiUFHO GH 6DODPDQFD D ODIDPLOLDOHLQGLFDURQTXHORKDEtDQWUDVODGDGRD%XUJRVSRFDV
IHFKDV GHVSXpV OHV OOHJy OD QRWLFLD GH TXH 8UEDQR MXQWR D RWURV FRPSDxHURV OR KDEtDQ
OOHYDGR D DVHVLQDUOR HQ XQD GH ODV ³VDFDV´ TXH GHVJUDFLDGDPHQWH VH SURGXFtDQ FRQ
IUHFXHQFLD\ORVKDEtDQDVHVLQDGRHQHOPRQWHGH/D2UEDGD
'XUDQWH PXFKRV DxRV VXV IDPLOLDUHV WUDWDURQ GH LQGDJDU GRQGH HVWDEDQ ORV UHVWRV GH
VX VHU TXHULGR VLQ QLQJ~Q UHVXOWDGR VRODPHQWH OHV LQGLFDURQ GRQGH KDEtD XQR
HQWHUUDGR \ OD EXHQD VHxRUD GHVGH TXH OR VXSR DOJXQRV DxRV OOHYy IORUHV DO
PHQFLRQDGROXJDU
&RQ HO DGYHQLPLHQWR GH OD GHPRFUDFLD QRV FRQWy TXH GHVGH ORV SULPHURV PRPHQWRV
YLYLy FRQ HO Pi[LPR LQWHUpV OD PDUFKD GH ORV DFRQWHFLPLHQWRV HQWHUDGD SRU OD SUHQVD
GH ODVH[KXPDFLRQHVTXHHVWiEDPRVUHDOL]DGRODDQLPyDSRQHUVHHQFRQWDFWRFRQPLJR
1RV UHXQLPRV PL PXMHU \ \R HQ XQ EDU SUy[LPR D VX FDVD HQ OD FDOOH GH /RV 2YDOOH
FRQ OD VHxRUD $QWRQLD $QGUpV \ VX KLMR DOOt PLVPR FRQFUHWDPRV OD IHFKD \ODKRUD\R
PH HQFDUJDED GH ODV JHVWLRQHV FRPR GH FRVWXPEUH \ QR GLYXOJDUtD QXHVWUR WUDEDMR
LUtDPRVORVFXDWURTXHDOOtHVWiEDPRV\ODH[FDYDFLyQODKDUtDPRVVXKLMR\\R
$O GtD VLJXLHQWH FRQWDFWp WHOHIyQLFDPHQWH FRQ HO $OFDOGH GH /D 2UEDGD HQWRQFHV GH
OD 8&' OH H[SOLTXp QXHVWUDV SUHWHQVLRQHV \ HO OXJDU D OR TXH PDQLIHVWy VX
FRPSODFHQFLDHQTXHVH௙
³KLFLHUDQ௙
HVDVFRVDV´LJXDOPHQWHQRVUHILULyTXHHQOD]RQD
GRQGH tEDPRV VH KDEtD URWXUDGR HO PRQWH DxRV DWUiV \ TXH DO PHWHU ORV DUDGRV VH
HQFRQWUDURQ JUDQ FDQWLGDG GH UHVWRVTXHIXHURQGHSRVLWDGRVHQHORVDULRGHOSXHEORPH
GLR WRGD FODVH GH IDFLOLGDGHV LQGLFiQGRPH TXH SURFHGLpUDPRV VLQ PiV GLODFLyQ TXHVL
GHVHiEDPRV XQD WXPED HQ HO FHPHQWHULR GH OD ORFDOLGDG QRV OD IDFLOLWDUtD < TXHHOGtD
TXH WHQtDPRV SUHYLVWR LU HO HVWDED DUDQGR \ VHPEUDQGR TXH OH GLVFXOSDUD D ORV
DVLVWHQWHVSHURTXHGHKDEHUSRGLGRQRVDFRPSDxDUtDFRQPXFKRJXVWR
&RQ PL FRFKH \ ODV KHUUDPLHQWDV SUHFLVDV IXLPRV DUHFRJHUD$QWRQLD\VXKLMRDODV
VHLV GH OD WDUGH GHO GtD VLJXLHQWH \ QRV GHVSOD]DPRV DO PRQWH GH /D 2UEDGD QXHVWURV
DPLJRV QRV LQGLFDURQ HO OXJDUSUHFLVR\QRVOOHYDPRVODVRUSUHVDGHYHUTXHDXQRV
PHWURV GH OD FDUUHWHUD 1 HQWUH ODV HQFLQDV VDOtD XQ FDPLQR HQODPDUJHQL]TXLHUGD
\HQGR KDFtD 9DOODGROLG HQ HO FHQWUR GHO FDPLQR KDEtD XQ PRQWyQ GH WLHUUD FDOL]D VH
REVHUYDED FODUDPHQWH TXH HVH PRQWyQ VLHPSUH HVWXYR UHVSHWDGR \D TXH HO FDPLQR VH
WRUFtD KDFtD XQ ODGR \ FRQWLQXDED UHFWR DOOt EDMR HO PRQWyQ HVWDUtDQ ORV UHVWRV TXH
EXVFiEDPRVIXHXQDH[SHULHQFLDPX\FXULRVD\GHVGHOXHJRLQVyOLWD
6DTXp GHO PDOHWHUR GHO FRFKH XQ SLFR \ XQD SDOD SHUR QR KLFLHURQ QLQJXQD IDOWD \D
TXH FRQ ODV PDQRV VRODPHQWH KXER TXH UHWLUDU OD WLHUUD TXH QR HVWDED DSHOPD]DGD \
SURQWR HPSH]DURQ D VDOLU WRGRV ORV KXHVRV GH XQ HVTXHOHWR \ HO FUiQHR HQ SHUIHFWDV
FRQGLFLRQHV GH WDO PDQHUD TXH OD GHQWDGXUD VH HQFRQWUDED FRPSOHWD DVt FRPR OD
EyYHGD FUDQHDO GRQGH VH REVHUYDED XQ RULILFLR HQ HO KXHVR IURQWDO \ HQ OD QXFD XQ
DPSOLR GHVWUR]R SUREDEOHPHQWH OD VDOLGD GHO SUR\HFWLO $QWRQLD DO YHU OD GHQWDGXUD \
TXH QR OH IDOWDED QL XQD VROD SLH]D GHQWDO \D GXGy TXH IXHUD VX KHUPDQR SXHV HOOD
SUHFLVDPHQWH UHFRUGDED TXH OH DFRPSDxy D KDFHUVH XQD H[WUDFFLyQ GH PXHOD \ TXH
FUHtD TXH OH IDOWDED WDPELpQXQGLHQWH6RODPHQWHKDEtDXQHVTXHOHWR\DVXKHUPDQROR
DVHVLQDURQFRQRWURVFRPSDxHURVQXQFDSXGRVDEHUFRQFXDQWRV
7DPELpQ IXHURQ DSDUHFLHQGR GLYHUVRV REMHWRV SHUVRQDOHV XQDV PRQHGDV GH FREUH GH
FXUVR HQ DTXHOOD pSRFD GH XQDV KHELOODV GH WLUDQWHV GH SDQWDOyQ XQ PHFKHUR GH
JDVROLQD WLSR ³5ROOV´ FRQ XQD FKDSLWD GH SODWD HQ XQ ODWHUDO GRQGH VH SHUFLEtDQ GRV
OHWUDV LQLFLDOHV HQWUHOD]DGDV )& \ XQD FDUWHULWD SDUD JXDUGDU HO SDSHO GH IXPDUWRGR
SHUIHFWDPHQWH FRQVHUYDGR LQFOXVR HQ OD FDUWHULWD VH OHtDHOQRPEUHGH6DVWUHUtD5DPRV
GH =DPRUD HO PDWHULDO HUD GH FHOXORLGH \D TXH ORV SOiVWLFRV WRGDYtD QR VH KDEtDQ
GHVFXELHUWR (VWRV REMHWRV YLQLHURQ D FRQILUPDU TXH QR VH WUDWDED GHO KHUPDQR GH
$QWRQLD\DTXHVXKHUPDQRQRIXPDEDQLXVDEDWLUDQWHVSDUDVXMHWDUORVSDQWDORQHV
/HVHQWUHJXpDHOORVODVPRQHGDVHQFRQWUDGDV\\RPHTXHGpFRQHOUHVWRGHODVFRVDV
UHFRJLPRV WRGRV ORV KXHVRV GHO HVTXHOHWR \ ORV LQWURGXFLPRV HQ XQ VDFR QXHYR GH
SOiVWLFR SDViQGRQRV D FRQWLQXDFLyQ D YHU DO $OFDOGHGHOSXHEORSDUDHQWUHJiUVHORVHUD
DQRFKHFLGR FXDQGR OODPiEDPRV D VX SXHUWD QRV UHFLELyDPDEOHPHQWH\QRVDFRPSDxy
D HQWUHJDU ORV UHVWRV DO DOJXDFLOSDUDTXHDOGtDVLJXLHQWHORVGHSRVLWDUDHQHORVDULRGHO
SXHEOR 3HQVDQGR HQ XQD SRVWHULRU \ SRVLEOH LGHQWLILFDFLyQ OH SHGt TXH HQ HO RVDULR
LQWURGXMHUDQ HO VDFR WDO FRPR VH OR HQWUHJiEDPRV \ OR GHMDUDQ DVt TXL]i DOJ~Q GLD
LUtDPRVDEXVFDUORV
$O UHJUHVRGHMDPRVD$QWRQLD\VXKLMRHQVXGRPLFLOLRORVFXDOHVPHDJUDGHFLHURQHO
LQWHUpV TXH WRPp HQ HO DVXQWR SHURODPHQWDQGRTXHQRIXHUDVXKHUPDQRHOHQFRQWUDGR
QRV GHVSHGLPRV DIHFWXRVDPHQWH \ QR ORV YROYt D YHU VRODPHQWH UHFXHUGR TXH FXDQGR
JDQDPRVODV(OHFFLRQHV$QWRQLDPHOODPyDOJXQDYH]SDUDIHOLFLWDUQRV
/OHJDUtDPRVDQXHVWUDFDVDSDVDGDVODVGLH]GHODQRFKH\TXLVRODFDVXDOLGDGR¢TXL]i
HO GHVWLQR" TXH HQ HO SRUWDO QRV HQFRQWUiUDPRV FRQ HO YHFLQR DPLJR \ FRPSDxHUR
$QWRQLR *RQ]iOH]$QWRQLROOHYDEDSRFRWLHPSRYLYLHQGRHQ6DODPDQFDHUDQDWXUDOGH
$OGHDOHQJXD \ WUDEDMDED HQ OD EDQFD OR KDEtDQ WUDVODGDGR D 6DODPDQFD HO GHFtD TXH
FRPR UHSUHVDOLD GH OD GLUHFFLyQ GHO EDQFR \D TXH HUD WHQLHQWHDOFDOGH VRFLDOLVWD HQ
9LOODYLFLRVD GH 2GyQ 0DGULG \ HVR OHV KL]R ³SRFD JUDFLD´ D VXV MHIHV 7UDVODGy VX
DILOLDFLyQ D OD $JUXSDFLyQ GH 6DODPDQFD \ HQWDEODPRV XQD H[FHOHQWH DPLVWDG SRU VX
WULSOHFRQGLFLyQGHDPLJRYHFLQR\FRPSDxHURGH3DUWLGR
$O HQFRQWUDUQRV PH SUHJXQWy GH GyQGH YHQtDPRV \ OH UHIHUt GHWDOODGDPHQWH FyPR
KDEtDPRV SDVDGR OD WDUGH \ OR TXH KDEtDPRV HQFRQWUDGR OH HQVHxp ODV KHELOODV GH ORV
WLUDQWHV HO PHFKHUR \ OD FDUWHULWD UHIHULGD 6H TXHGySHQVDWLYR\PHLQYLWyDWRPDUXQD
FHUYH]D HQ VX FDVD VHQWDGRV HQ HO WUHVLOOR GHO VDOyQ PH FRQWy XQD KLVWRULD TXH HVWDED
HQ UHODFLyQ FRQ VX PDGUH OD FXDO FXDQGR HVWDOOy OD JXHUUD HUD QRYLD GHO KLMR GH OD
PDHVWUD GH $OGHDOHQJXD \ FX\R QRPEUH HUD )HOLFtVLPR &DUUHxR GH ௙
$QWDSUHFLVDPHQWH
KDEtD WHUPLQDGR OD FDUUHUD GH PDHVWUR HQ HO FXUVR GH HUD DILOLDGR \ PLOLWDQWH GH
ODV -XYHQWXGHV 6RFLDOLVWDV \ HQ ORV SULPHURV GtDV GHO FRQIOLFWR DUPDGR OR IXHURQ D
EXVFDU D VX FDVD ORV IDODQJLVWDV QDGD PiV VH VXSR GH pO VX PDGUH $JXVWLQD GH $QWD
+HUQiQGH] HUD OD PDHVWUD GH $OGHDOHQJXD \ TXH DGHPiV HVWDED YLXGD GHVHVSHUDGD \
DFRPSDxDGD GH GRV YHFLQRV DPLJRV GHO SXHEOR EXVFDURQ D VX KLMR SRU WRGRV ORV
OXJDUHV GRQGH OR SRGtDQ WHQHU FRPLVDUtD GH 3ROLFtD FXDUWHOHV GH OD *XDUGLD&LYLO\GH
OD )DODQJH HQ 6DODPDQFD QDGLH OHV GLR VHxDOHV QL OD PHQRU QRWLFLD UHODFLRQDGD FRQ OD
GHVDSDULFLyQ GtDV GHVSXpV DOJXLHQ OHVLQIRUPyTXHORKDELDQDVHVLQDGRHQHOPRQWHGH
/D2UEDGD
+D\ TXH VXSRQHUVH HO GLVJXVWR \ GRORU GH OD PDGUH GH PL DPLJR $QWRQLR TXH HQ
DTXHO HQWRQFHV OOHYDEDQ XQD UHODFLyQ GH QRYLD]JR DYDQ]DGR H LQFOXVR HVSHUDEDQ HO
GHVWLQR GHO QXHYR PDHVWUR SDUD OD ERGD 3RVWHULRUPHQWH D OD GHVDSDULFLyQ GHO QRYLR
DOJ~QDxRGHVSXpVVHFDVyFRQHOTXHKDEUtDGHVHUSDGUHGH$QWRQLR
/D PDHVWUD GH $OGHDOHQJXD $JXVWLQD GH $QWD +HUQiQGH] GH DxRV GH HGDG OD
GHWXYLHURQ HQ VX FDVD GHO SXHEOR HO GH 6HSWLHPEUH GH \ OD LQJUHVDURQ HQ OD
FiUFHO HVWDED GHVHVSHUDGD SRU OD SpUGLGD GH VX ~QLFR KLMR HO PRWLYR GH VX GHWHQFLyQ
IXH FRPR FRQVHFXHQFLD GH TXH DOJXLHQ GH $OGHDOHQJXD OD GHQXQFLDUD SRU ORV
LPSURSHULRV TXH S~EOLFDPHQWH ODQ]DED FRQWUD ORV FULPLQDOHV TXH KDEtDQ DVHVLQDGR D
)HOLFtVLPR VX ~QLFR KLMR HVWXYR GHWHQLGD HQ OD 3ULVLyQ 3URYLQFLDO GH 6DODPDQFD KDVWD
HO GtD GH )HEUHUR GH VHJ~Q FRQVWD HQ OD ILFKD GH OD FiUFHO GXUDQWH HO WLHPSR
TXH HVWXYR GHWHQLGD HVWXYR D GLVSRVLFLyQ GHO ௙
-X]JDGR 0LOLWDU Qž SRU FDXVD Qž
TXLHQ FRQIHFKDGHOGH1RYLHPEUHGHFRPXQLFDTXHLQVWUX\HWDPELHQ
OD FDXVDHOGH0DU]RGHGLFKR-X]JDGRFRPXQLFDTXHGDDGLVSRVLFLyQ
GHO *RELHUQR &LYLO HO GH 'LFLHPEUH GH SDVD DO 'HOHJDGR GH 23 GHO TXH
FRQVWD࣡
TXHOHGLHURQOD³௙
OLEHUWDG´࣡
QXQFDMDPiVVHYROYLyDVDEHU௙
G࣡
HHOOD"
'HVSXpV GHO WUiJLFR UHODWR GHO GHVGLFKDGR ILQDO GHO QRYLR GH VX PDGUH $QWRQLR
*RQ]iOH] YLVLEOHPHQWH HPRFLRQDGR PH GLMR TXH WHQtD HO SUHVHQWLPLHQWR GH TXH ORV
UHVWRV HQFRQWUDGRV SRGUtDQ VHU ORV GHO KLMR GH OD PDHVWUD GH VX SXHEOR PH SLGLy OH
GHMDUD ORV REMHWRV HQFRQWUDGRV \D TXH FRPR GH FRVWXPEUH DO GtD VLJXLHQWH LED D
$OGHDOHQJXD LUtD D YHU DVXPDGUH\OHFRQWDUtDORTXH\ROHKDEtDUHIHULGRTXHLQFOXVR
OH HQVHxDUtD ORV REMHWRV HQFRQWUDGRV SRU VL ORV UHFRUGDED \R LQFOXVR OH DGYHUWt TXH VX
LGHD HUD DUULHVJDGD GHSHQGtD GHFyPRVHORWRPDUDVXPDGUHSHURLQVLVWLy\OHGHMpORV
REMHWRV HQ HO IRQGR \R GHVHDED VDEHU TXLHQ SXGR VHU OD SHUVRQD FX\RV UHVWRV
HQFRQWUDPRV \ SRU VXSXHVWR TXH PH DOHJUpGHODGHFLVLyQGH$QWRQLR/HMRVHVWiEDPRV
QRVRWURVWDQVLTXLHUDGHVRVSHFKDUHODOFDQFHGHORTXHLEDDUHSUHVHQWDUWDOPHGLGD
$O VLJXLHQWH GtD \R QR VDOt GH FDVD HVSHUDQGR HO UHVXOWDGR GH OD LQIRUPDFLyQ TXH PH
WUDMHUD GH$OGHDOHQJXDHOFRPSDxHUR$QWRQLRKRUDVDQWHVGHODFDtGDGHODWDUGHTXHHV
FXDQGR DFRVWXPEUDED D UHJUHVDU GHO SXHEOR $QWRQLR DFRPSDxDGR GH (QFDUQD VX
PXMHU VH SUHVHQWy HQ PL FDVD WUHPHQGDPHQWH SUHRFXSDGR VX URVWUR GHQRWDED OR
DIHFWDGR TXH HVWDED D VX PDGUH OH H[SOLFy HO KDOOD]JR \ OH HQVHxy ORV REMHWRV TXH ORV
UHFRQRFLy QDGD PiV YHUORV FDVXDOLGDGHV GH ODYLGD\DTXHSUHFLVDPHQWHHOPHFKHUR
VH OR KDEtD UHJDODGR HOOD PLVPD FRQ ODV LQLFLDOHV GH VX QRPEUH \ DSHOOLGR OD FDUWHULWD
GHO SDSHO GH IXPDU SURFHGtD GH XQ REVHTXLR GH XQD VDVWUHUtD GH =DPRUD GRQGH SRFRV
GtDV DQWHV GH VX PXHUWH KDEtDQ LGR D EXVFDU XQ WUDMH TXH OH FRQIHFFLRQDURQ DOOt ODV
KHELOODVGHORVWLUDQWHVWDPELpQFRLQFLGtDQFRQpO\DTXHQRXVDEDFRUUHD\VtWLUDQWHV
7DQWRV UHFXHUGRV DIHFWDURQ GH WDOPDQHUDDODSREUHVHxRUDODPDGUHGH$QWRQLRTXH
LQFOXVR OH GLR XQD HVSHFLH GH VRSRQFLR R GHVPD\R DOOt HVWDED SUHVHQWH HO SDGUH GH
$QWRQLR HO FXDO VH VROLYLDQWy FRQ VX KLMR \ OH UHFULPLQy GXUDPHQWH KDEHUOH GDGR WDO
GLVJXVWR D VX SURSLD PDGUH $QWRQLR QR PH H[SOLFy PiV SHUR VX GLVJXVWR HUD YLVLEOH
SRVWHULRUPHQWH \ FRPR FRQVHFXHQFLD GH pVWH KHFKR ODV UHODFLRQHV FRQ VX SDGUH VH
URPSLHURQ \FRQVXPDGUHVHGLVWDQFLDURQDOJXLHQGHOSXHEORLQFOXVRPHOOHJyDFRQWDU
TXH IXH GHVKHUHGDGR SRU HO SDGUH DXQTXH GHVSXpV HQ DOJXQD RFDVLyQ VH OR SUHJXQWpD
$QWRQLR QXQFD PDV PH KDEOy GHO VXFHVR IDPLOLDU\\RUHVSHWXRVDPHQWHQRLQVLVWtSHVH
DODDPLVWDGH[LVWHQWHHQWUHQRVRWURV
&LQFR DxRVGHVSXpV$QWRQLRHQIHUPyGHFiQFHUpOPLVPRPHFRQWyTXHVXSDGUHOD
PDGUH KDEtD IDOOHFLGR DQWHV IXH D YHUOR DO+RVSLWDOFXDQGR$QWRQLRVHHQFRQWUDEDHQ
VXV ~OWLPRV PRPHQWRV WDPELpQ HQ HO IXQHUDO GH $QWRQLR PH GLMHURQ TXH VX SDGUH
KDEtD DVLVWLGR $Vt DFDEy OD KLVWRULD GH ORV UHVWRV HQFRQWUDGRV VXSXHVWDPHQWH
SHUWHQHFLHQWHVD)HOLFtVLPR&DUUHxRGH$QWD௙
~௙
QLFRKLMRGHODPDHVWUDGH$OGHDOHQJXD
(O SUHVHQWH UHODWR PHUHFH OD SHQD UHIHULUOR SDUD TXH VLUYD FRPR XQR PiV GH ORV
WHVWLPRQLRV WUDVFHQGHQWDOHV GH ODV EDUEDULGDGHV TXH DTXHOORV SHUURV VDQJXLQDULRV
IDVFLVWDV FRPHWLHURQ FRQ WDQWRV LQRFHQWHV GHWUiV GH FDGD FDVR VLHPSUH KXER XQD
WUDJHGLD KXPDQD WUHPHQGDPHQWH GRORURVD VLHPSUH HQ FRQVRQDQFLD FRQ ODV
FLUFXQVWDQFLDVIDPLOLDUHV
(Q HVWH FDVR TXH QRV RFXSD SHVH D TXH OD IDPLOLD GH $QWRQLR QR FRQWDUDORVXFHGLGR
HQWUH HOORV VLQ HPEDUJR QR IDOWDURQ ORV FRPHQWDULRV TXH KXER SRU $OGHDOHQJXD
UHODFLRQDGRV FRQ ³HO KLMR GH OD PDHVWUD´ IXHURQYDULRVORVFRPSDxHURVGHODORFDOLGDG
TXH PH DERUGDURQ \ SUHJXQWDURQ VREUH OD H[KXPDFLyQ \ PH DJUDGHFLHURQ OR TXH
KDEtDPRVKHFKR\ODWUDVFHQGHQFLDGHWDOODERU
(VWDVOHWUDVODVKHHVFULWRHQKRPHQDMHDODPHPRULDGHOFRPSDxHUR
)(/,&Ë6,02&$55(f2'($17$
0LOLWDQWHGH-XYHQWXGHV6RFLDOLVWDV
MRYHQ0DHVWUR1DFLRQDO
DOTXHOHIXHDUUHEDWDGDVXYLGD
SRUVRxDUFRQXQ3DtVGRQGHOD&XOWXUD\OD/LEHUWDG
IXHUDQSDWULPRQLRGHO3XHEOR
<VXDEQHJDGD\VXIULGDPDGUH
WDPELpQDVHVLQDGDSRVWHULRUPHQWH
SRUEXVFDUDVXKLMR
$*867,1$'($17$+(51È1'(=
(O VDFULILFLR GH VXV YLGDV FRPR HO GH WRGRV ORV FRPSDxHURV TXH VXIULHURQ HOKRUURUGH
VX DVHVLQDWR QXQFD IXHURQ QL VHUiQ ROYLGDGRV HOORV IXHURQ ODV SULPHUDV ³6HPLOODV GH
/LEHUWDG´\TXHHQHOWUDQVFXUVRGHOWLHPSRHVWiQGDQGRVXVIUXWRV
*UDFLDVDODLQIRUPDFLyQORJUDGDSRUPHGLRGHOD$VRFLDFLyQ³6DODPDQFD0HPRULD\
-XVWLFLD´ KHPRV SRGLGR DFODUDU OR UHDOPHQWH VXFHGLGR HQ UHDOLGDG D $JXVWLQD GH $QWD
ODPDHVWUD\PDGUHGHOMRYHQPDHVWURDVHVLQDGR
$OJXQRV GtDV GHVSXpV GH OD FUXHO PXHUWH GH VX KLMR FRPR $QWRQLR *RQ]iOH] PH
LQIRUPy IXH GHWHQLGD $JXVWLQD VLWXDFLyQ TXH WHQHPRV GRFXPHQWDGD SRU OD ILFKDGHOD
FiUFHO QR OOHJy D VHU MX]JDGD OD SREUH VHxRUD GHVDSDUHFLy FRPR WDQWRV \ WDQWRV RWURV
TXH DXQTXH HQ OD ILFKD SRQJD ௙
³OLEHUWDG´ ࣡
VX WULVWH GHVWLQR \ VX ILQDO IXH HO ³SDVHR´ \
FRQHOORVXDVHVLQDWR
6REUH OD PHQFLRQDGD PDHVWUD \ PDGUH QDGLH KD LQIRUPDGR GH TXH SHUWHQHFLHUD D
QLQJ~Q SDUWLGR GH L]TXLHUGDV OR TXH SDUD DTXHOORV HQHUJ~PHQRV FULPLQDOHV IXH OR
PLVPR\DTXHODUHDOLGDGHVTXHVXGHVDSDULFLyQYDOLJDGDDRWUDV³GHVDSDULFLRQHV´
0iVLQIRUPDFLyQVREUHHOPRQWHGH/D2UEDGD
3HUR HQ HO GHYHQLU GHO WLHPSR ODV FLUFXQVWDQFLDV GH OD YLGD KDEUtDQ GH FRQWULEXLU D OD
DFODUDFLyQ GH OR VXFHGLGR FRQ HO FDPLyQ GH SUHVRV DVHVLQDGRV \ SURFHGHQWHV GH
9DOODGROLGFRQFUHWDPHQWHGHOFDPSRGHFRQFHQWUDFLyQ\FiUFHOGHOD6DQWD(VSLQD
3RU GLVWLQWRV FRQGXFWRV KD OOHJDGR D PL FRQRFLPLHQWR GH FyPR IXH DTXHOOR
HPSH]DQGR SRU XQD FRQVXOWD OOHJDGD GH 3DPSORQD UHTXLULHQGR LQIRUPDFLyQ VREUH HO
OXJDU GRQGH VH HQFXHQWUDQ ORV UHVWRV GH ORV DVHVLQDGRV HUDQ SUHVRV QDYDUURV TXH DO
HVWDU OD 6DQWD (VSLQD DWLERUUDGD GH SUHVRV ORV WUDVODGDEDQ D OD FiUFHO GH 6DODPDQFD
SHUR ORV FRQVXOWDQWHV QDYDUURV SUHJXQWDEDQ SRU ORV TXH YHQtDQ HQ XQ FDPLyQ DXQTXH
IXHURQ GRV ORV FDPLRQHV TXH VDOLHURQ GH 9DOODGROLG SDUD WUDVODGDU ORV GHWHQLGRV D OD
FiUFHOGH6DODPDQFDGRQGHDOSDUHFHUVRODPHQWHOOHJyXQFDPLyQ
4XLHQ PH DFODUy ORVXFHGLGRKDEUtDGHVHUSUHFLVDPHQWHXQEXHQDPLJR\FRPSDxHUR
GH (VSLQR GH OD 2UEDGD ,VLGRUR )HUQiQGH] 0DUWtQ HV XQ YHWHUDQR FRPSDxHUR PX\
DSUHFLDGR SRU Pt OtGHU VRFLDOLVWD HQ /D $UPXxD DOTXHFRQRFt\HQWDEOpXQDH[FHOHQWH
DPLVWDG FRQpO\VXIDPLOLDHQORV\DOHMDQRVWLHPSRVGHODWUDQVLFLyQDODGHPRFUDFLD\
GHVGH TXH pO VLHQGR QLxR SXGR HQWHUDUVH GH PXFKR GH OR VXFHGLGR HQ HO PRQWH GH /D
2UEDGD
'HVGH TXH VXSR GH DTXHOOD WUDJHGLD D SRFRV NLOyPHWURV GH VX SXHEOR HVWXYR
LQIOXHQFLDGR SRU OR DFDHFLGR HQ HO PRQWH VX LQGLJQDFLyQ KD SHUGXUDGR D SHVDU GH ORV
DxRV WUDQVFXUULGRV \ TXH D~Q VLHQGR VRFLDOLVWDV DOJXQR PDV GH ORV PLHPEURV GH VX
IDPLOLD HOORV QR VXIULHURQ OD WHUULEOH UHSUHVLyQ GHVGH VLHPSUH HVWXYR LQIOXHQFLDGR HQ
VXV VHQWLPLHQWRV GH DTXHOORV FUtPHQHV GH ORV FRPSLQFKHV GH )UDQFR ORV IDODQJLVWDV
3HUR QR KDFH PXFKR WLHPSR D SHVDU GH QXHVWUDDPLVWDGGHVGHPDVGHYHLQWLFLQFRDxRV
VDOLy HVWH WHPD D FRPHQWDULR OH SHGt PH FRQWDUD OR TXH pO KDEtD SHUFLELGR GHO FDVR GH
ORVGRVFDPLRQHVTXHYHQtDQGH9DOODGROLG
6HJ~Q UHIHUHQFLDV FRQVHJXLGDV SRU ,VLGRUR GH SHUVRQDV PD\RUHV GH OD FRPDUFD HO
SDGUH GH DOJXQR GH ORV LQIRUPDQWHV FXDQGR VXFHGLy HO KHFKR FULPLQDO QR SXGR
SUHFLVDU OD IHFKD VH HQFRQWUDED DUDQGR HQ OD SUR[LPLGDG \ FXDQGR OOHJDURQ ORV
YHKtFXORV GHMy ORV EXH\HV \ VH HVFRQGLy HQWUH FDUUDVFRV VLQ TXH OR YLHUDQ GH OR TXH
FRPHQWyDxRVGHVSXpVDVXKLMRIXHORTXHD,VLGRUROHFRQWyHODPLJRHIHFWLYDPHQWHVH
UDWLILFDURQHQTXHHUDQGRVORVFDPLRQHV\FXDWURFRFKHVTXHOHVDFRPSDxDEDQORVTXH
WUDtDQ XQ Q~PHUR GH SUHVRV GHVGH OD 6DQWD (VSLQD DODFiUFHOGH6DODPDQFDXQRGHORV
FDPLRQHV YHQtD DFRPSDxDGR SRU IDODQJLVWDV \ HO RWUR SRU UHTXHWpV DO OOHJDU DO PRQWH
SDUDURQ \ GLVFXWLHURQ SRUTXH ORV IDODQJLVWDV HUDQ SDUWLGDULRV GH ³OLTXLGDUORV´ DOOt
PLVPR \ ORV UHTXHWpV PDQLIHVWDEDQ TXH HOORV WUDtDQ OD RUGHQ GH WUDVODGR D OD FiUFHO GH
6DODPDQFD \ODFXPSOLUtDQGHODGLVFXVLyQSDVDURQDODDFFLyQOOHJDQGRDLQWHUFDPELDU
DOJ~Q GLVSDUR HQWUH HOORV UHVXOWDQGR XQR GH ORV UHTXHWpV FRQ XQDKHULGDHQXQDSLHUQD
HO FDVR HV TXH ORV UHTXHWpV SXVLHURQ VX YHKtFXOR HQ PDUFKD \ VLJXLHURQ VX UXWD KDFLD
6DODPDQFD
/RV IDODQJLVWDVXQDYH]PDVGDQGRSUXHEDGHVXIXURUKRPLFLGDSURFHGLHURQFRQORV
SUHVRV \ OHV KLFLHURQ FDYDU VX SURSLD IRVD DVHVLQiQGRORV GHVSXpV \ WDSDQGR
VRPHUDPHQWH GLFKD IRVD \D TXH SRFR GHVSXpV WXYLHURQTXHUHOOHQDUODFRQWLHUUDJHQWHV
GHO SXHEOR \D TXH DOJXQD H[WUHPLGDG DVRPDED IXHUD GH OD WLHUUD HQ DTXHOORV WLHPSRV
QXQFD VH VXSR OD SURFHGHQFLD GH ODVYtFWLPDVSHURHQODDFWXDOLGDGKDFHXQRVWUHVDxRV
VH KD VDELGR TXH HUDQ SUHVRV HQ VX SURFHGHQFLD OD PD\RUtD QDYDUURV \D TXH H[LVWHQ
FRQWDFWRV FRQ 1DYDUUD GHVGH GRQGH VH KDQ LQWHUHVDGR SRU HO PHQFLRQDGR OXJDU GRQGH
HVWiQHQWHUUDGRV\GHVHDQUHFXSHUDUGLFKRVUHVWRV
&RQ OD LQIRUPDFLyQ DSRUWDGD SRU ,VLGRUR )HUQiQGH] TXH PDQLIHVWy FRQRFHU HO OXJDU
GRQGH VH HQFXHQWUDQ HQWHUUDGRV QRV GHVSOD]DPRV D GLFKR OXJDU DFRPSDxDGRV GHO
DUTXHyORJR -RVp 0DULD &ROODGRV OOHYiQGRPH OD VRUSUHVD GH TXH HUD XQ VLWLR GLVWDQWH
GHOTXHPHVHxDOyDxRVDQWHVHOVHxRU-XDQ$QWRQLRQRREVWDQWHGLFKRVOXJDUHVORV
WHQHPRVUHFRJLGRVHQIRWRJUDItDKDVWDODFRQILUPDFLyQGHILQLWLYDGHVXYHUDFLGDG
$TXHODGLRV«
6LQRVPDWDQ
GHMDGOLEUHODYHQWDQD
VLFRUWDVHQQXHVWURVYXHORV
FRQWDGDOPXQGRODFDXVD
6LQRVKXQGHQ
IORWDUHPRVVREUHHODJXD«
TXHHOQLxRUHFRMDHVSLJDV
W~PXMHUQRYLHUWDVOiJULPDV
(OODEUDGRUVLHPEUDJUDQRV
TXHQRSLHUGDODHVSHUDQ]D
VLWHQpLVQHJUDVQRWLFLDV
FRQJUDQSDFLHQFLDDJXDQWDUODV
4XHODIHGHFDGDPXHUWR
UHVXUJLUiHQWUHODJUDPD
VLHVSHUiLVQXHVWURUHJUHVR
FDQWDUOHDODOX]GHODOED
7RGRHOVHQWLUGHOHVStULWX
TXHDKRJXHODSHQDDPDUJD
£6LQRVPDWDQ
GHMDGOLEUHODYHQWDQD
3RHPDLQpGLWR³5XWDGHPiUWLUHV´VX$XWRU$OHMDQGUR7HMHGRU
9LOODIiILOD=$025$
0DWLOODGHORV&DxRVGHO5tR
(O$OFDOGH\VHLV&RPSDxHURV
(O OXJDU GH /D 5DG VH HQFXHQWUD HQ HO WpUPLQR PXQLFLSDO GH *DOLQGR \ 3HUDKX\ D
GLH] NLOyPHWURV GH 6DODPDQFD HQ OD FDUUHWHUD D 3RUWXJDO 1 3Uy[LPD D SRFRV
PHWURV GH OD FDUUHWHUD KDEtD XQD SHTXHxD HUPLWD FRQ XQ UHGXFLGR UHFLQWR DGRVDGR
FHUUDGR SRU XQD WDSLD DOWD HQGLFKRUHFLQWRVHKDOODEDQORVHQWHUUDPLHQWRVGHODIDPLOLD
SURSLHWDULD GH ODILQFD\GHXQJUXSRGHGHVWDFDGRV VRFLDOLVWDVGHOSXHEORGH0DWLOODGH
ORV&DxRVGHO5tRTXHIXHURQDVHVLQDGRVSRUORVYHUGXJRV\DVHVLQRVIDVFLVWDV
(VWiEDPRV HQ SULPDYHUD GHO DxR SRU ILQ \ JUDFLDV D ODV JHVWLRQHV GHO
JREHUQDGRU FLYLO )-DYLHU 5RGUtJXH] 5XL] VH FRQVLJXLy GHO 0LQLVWHULR GH 2EUDV
3~EOLFDV VLHQGR PLQLVWUR 6iHQ] GH &RVFXOOXHOD OD DPSOLDFLyQ GH GLFKD FDUUHWHUD PWV GH FDO]DGD \ GH DUFpQ HQ HO SUR\HFWR JHQHUDO GH OD REUD YHQtD ODFRUUHFFLyQGH
PXFKDV FXUYDV HQWUH RWUDV OD GHO WUDPR TXH SDVDED DO PLVPR ODGR GH OD PHQFLRQDGD
HUPLWD TXH FRUUHVSRQGtD DO WUDVODGR GH OD HUPLWD D FLHQ PHWURV GHO HMH GH OD FDO]DGD
GRQGHVHXELFy\VHKDOODHQODDFWXDOLGDG
$O KDEODU ORV WpFQLFRV GHO 0238 FRQ ORV GXHxRV GH OD ILQFD OHV LQIRUPDURQTXHFRQ
UHVSHFWR D ORV HQWHUUDPLHQWRV GH OD IDPLOLD QR KDEtD QLQJ~Q SUREOHPD SRUTXH ORV
WUDVODGDUtDQDXQSDQWHyQTXHWHQtDQHQ6DODPDQFDSHURTXHVDEtDQTXHHQXQULQFyQVH
HQFRQWUDED XQ HQWHUUDPLHQWR GH XQ JUXSR GHSHUVRQDVYHFLQRVGH0DWLOODGHORV&DxRV
TXH HQ ORV VXFHVRV GH OD JXHUUD LQFLYLO IXHURQ DVHVLQDGRV HQ ODVSUR[LPLGDGHVGHGLFKD
ILQFD \ HQ VX GtD DOOt IXHURQ DFRJLGRV HQWHUUDGRV \ UHVSHWDGR HO OXJDU GXUDQWH ORV DxRVWUDQVFXUULGRV
&RPR HO JREHUQDGRU FRQRFtD PLV WUDEDMRV GH UHFXSHUDFLyQ GH RWURV UHVWRV GH
FRPSDxHURV XQ GtD PH FLWy D VX GHVSDFKR HQ HO *RELHUQR &LYLO DOOt PH LQIRUPyGHOR
TXH VH SUHWHQGtD KDFHU FRQ OD HUPLWD\TXHHUDQHFHVDULREXVFDUHQHOSXHEORGH0DWLOOD
D ORV IDPLOLDUHV GHVFHQGLHQWHV GH ORV FRPSDxHURV DOOt HQWHUUDGRV OH PDQLIHVWp TXH \D
FRQRFtD D DOJXQR GH HOORV \ TXH LQPHGLDWDPHQWH KDUtD OD JHVWLyQ SDUD TXH HQ HO SOD]R
PiV EUHYH SRVLEOH WUDVODGDUORV D VX SXHEOR \ HQWHUUDUORV FRQ OD GLJQLGDG TXH VH
PHUHFtDQ
/ODPp SRU WHOpIRQR D PL DPLJR $OIUHGR &XUWR 6iQFKH] D 0DWLOOD \ OH FRQWp OR TXH
SUHWHQGtDPRV KDFHU $OIUHGR HV XQ SLQWRU DXWRGLGDFWD DXWRU GH FXDGURV TXH H[SUHVDQ
PDJLVWUDOPHQWH HO SDLVDMH QDWXUDO GHO FDPSR FKDUUR VX WHPiWLFD HO SDLVDMH FKDUUR HO
JDQDGR \ ORV HQFLQDUHV OR KDEtD FRQRFLGR XQRV DxRV DQWHV FXDQGR FRQ PRWLYR GH XQD
H[SRVLFLyQ GH VXV FXDGURV HQ OD ORQMD GHO 0HUFDGR GH JDQDGRV OH IDFLOLWDPRV GLFKD
H[SRVLFLyQ SUHFLVDPHQWH pO HUD XQR GH ORV KLMRV \ IXp TXLHQ WUDVODGy OD QRWLFLD DO
SXHEOR \ VH HQFDUJy GH ORFDOL]DUPH DO UHVWR GH IDPLOLDUHV 3RFRV GtDV GHVSXpV QRV
UHXQtDPRV HQ OD FDVD GH $OIUHGR HQ 0DWLOOD GH ORV &DxRV ORV GLH] R GRFH KLMRV \
KHUPDQRV LQWHUHVDGRV HQ HO WUDVODGR $OOt IXL DFRJLGR FRQ HO Pi[LPR LQWHUpV \ DIHFWR
SRU WRGRV PH FRQWDURQ FRPR IXH OR GHO WHUULEOHDVHVLQDWRGHVXVIDPLOLDUHV(UDQWRGRV
HOORV SHUWHQHFLHQWHV D OD &DVD GHO 3XHEOR XQR HUD HO $OFDOGH GH OD ORFDOLGDG \ DOJXQR
GH HOORV PLOLWDQWH GH 8*7 VHLV GH HOORV FDVDGRV \ XQR VROWHUR HO PDV MRYHQ GH VROR
YHLQWHDxRVGHHGDG
/RVQRPEUHVGHQXHVWURVLQROYLGDEOHVFRPSDxHURVHUDQORVVLJXLHQWHV
*(5$5'23(6&$'253(6&$'25$OFDOGH
$%'Ï1&85726È1&+(=
-8$1025È1*$%5,(/
-26(0$18(/%(552&$//Ï3(=
$/)21626È1&+(=0$5&26
,*1$&,25202)(51È1'(=
+25$&,2*Ï0(=
(O VXFHVR VH SURGXMR ORV SULPHURV GtDV GH OD JXHUUD HQ 0DWLOOD VH SUHVHQWDURQ XQD
WDUGH GH LQYLHUQR FXDQGR HO VRO GHFOLQDED XQD FDPLRQHWD \ XQ FRFKH FRQ ORV
³SDWUXOOHURV FULPLQDOHV´ DUPDGRV GH IXVLOHV \ SLVWRODV DO FLQWR VH VXSRQH TXH
IDODQJLVWDV \ DOJXQRV JXDUGLD FLYLOHV GHO SXHVWR DO IUHQWH XQ VDUJHQWR GH OD *XDUGLD
&LYLO VH VXSRQH TXH HUD HO WULVWHPHQWH FpOHEUH SRU VXV FUtPHQHV ³VDUJHQWR 9i]TXH]´
VH GLULJLHURQ D XQD ILQFD GH OD ORFDOLGDG"DOOtVHFRPHQWy\OHVLQIRUPDURQDTXLHQHV
WHQtDQ TXHGHWHQHUGHVGHODRVFXULGDGGHODQRFKHDOJXLHQGHODILQFDOHVDFRPSDxDEDH
LQIRUPDEDGyQGHYLYtDFDGDFXDO
(Q FDGD FDVR \ HQ FDGD FDVD VH YLYLy HO GUDPD GH OD GHVSHGLGD DXQTXH D WRGRV OHV
GHFtDQ TXH ³ORV WUDVODGDEDQ D 6DODPDQFD D WRPDUOHV GHFODUDFLyQ"´ ORV WHPRUHVHUDQ
IXQGDGRV SXHV ELHQ VH VDEtD FRPR DFWXDEDQ DTXHOORV VDOYDMHV FULPLQDOHV IDVFLVWDV HO
ILQDO OR WHQtDQ WDQ SUy[LPR FRPR OD GLVWDQFLD TXH KD\ GHVGH 0DWLOOD DO PRQWH GH /D
5DG DSUR[LPDGDPHQWH XQRV YHLQWH NLOyPHWURV DO OOHJDU DO ILQDO GHO PRQWH GHHQFLQDV
D XQRV GRVFLHQWRV PHWURV GHO FDVHUtR GH /D 5DG IXHURQ EDMDGRV GHO FDPLyQ \
DVHVLQDGRVVDOYDMHPHQWHSRUVXVFDSWRUHV\YHUGXJRV
(Q HO FDVHUtR GH /D 5DG R\HURQ ORV GLVSDURV YRFHV \ JULWRV HQ OD OHMDQtD SHUR HO
WHPRU QR ORV GHMy VDOLU HVD PLVPD QRFKH DXQTXH R\HUDQ WDPELpQ HO UXLGR GH ORV
PRWRUHV GHO FRFKH \ FDPLRQHWD TXH VH DOHMDEDQ $ OD PDxDQD VLJXLHQWH DO UD\DU HO GtD
XQ JUXSR GH KRPEUHV GH /D 5DG D FX\R IUHQWH LED HO DOFDOGH GH *DOLQGR \ 3HUDKX\VH
DSUR[LPDURQDOOXJDU\VHHQFRQWUDURQFRQORVFDGiYHUHVHVSDUFLGRVSRUHOVXHORFRQODV
HQFLQDV GH WHVWLJRV DOJXQR ORV UHFRQRFLy FRPR TXH HUDQ GH 0DWLOOD \ HO GXHxR GH OD
ILQFD DFRPSDxDGR GHO DOFDOGH VH GHVSOD]DURQ DOFXDUWHOGHODJXDUGLDFLYLOGH0DWLOODD
GHQXQFLDU HO KHFKR \ OD WUDJHGLD TXH KDEtDQ HVFXFKDGR \ SUHVHQWLGR 3RFR WDUGDURQ HQ
UHJUHVDU DFRPSDxDGRV GHO MXH] GH ³SD]´ XQD SDUHMD GH OD JXDUGLD FLYLO \ HO
VDUJHQWRFRPDQGDQWH GHO SXHVWR $OJXQR GH ORV IDPLOLDUHV TXH VH HQWHUy WDPELpQ OHV
DFRPSDxy
(O VDUJHQWRFRPDQGDQWH GHO SXHVWR GH OD *XDUGLD &LYLO RUGHQyTXHOOHYDUDQXQFDUUR
\ ORV HQWHUUDUDQ HQ /D 5DG DOOt QR VH WRPy QLQJXQD QRWD QL OHYDQWy DWHVWDGR DOJXQR
DVt IXQFLRQDED OD MXVWLFLD GH ORV IDVFLVWDV VRODPHQWH LGHQWLILFDURQ ODV YtFWLPDV SDUD
FRPXQLFiUVHOR D ORV IDPLOLDUHV TXH GH VREUD VDEtDQ TXLHQ VH KDEtD OOHYDGR D VXV VHUHV
TXHULGRV 'HVGH 2FWXEUH GH KDVWD GXUDQWH HVRV DxRV QXQFD IDOWDURQ
IORUHV HO GtD GH 7RGRV ORV 6DQWRV HQ OD IRVD FRP~Q GHO ULQFyQ GHO FHPHQWHULR FLYLO
GRQGH HVWXYLHURQ UHFRJLGRV +XER DOJXQR GH ORV IDPLOLDUHV TXH DxRV DQWHV LQWHQWy HO
WUDVODGR GH ORV UHVWRV SHUR QR WRGRV VH SXVLHURQ GH DFXHUGR DVt TXH GHELGR D OD
FLUFXQVWDQFLD GH ODV REUDV GH OD FDUUHWHUD DOILQFRQVHJXLPRVHOREMHWLYRTXHDOJXQRGH
HOORVVLHPSUHSUHWHQGLy
/RVIDPLOLDUHVGHVFHQGLHQWHVVHHQFDUJDURQGHDGTXLULUXQDWXPEDHQHOFHPHQWHULRGH
0DWLOOD \ DYLVDGR HO JREHUQDGRU FLYLO pVWH DO LQJHQLHURGLUHFWRU GH OD REUD OH GLR ODV
yUGHQHV RSRUWXQDV SDUD TXH QRV IDFLOLWDUD ORV PHGLRV SDUD H[KXPDU ORV UHVWRV
TXHGDPRV HQHOGtD\ODKRUD\DOOtQRVGHVSOD]DPRVXQDVFXDUHQWDSHUVRQDVODPD\RUtD
GH HOORV IDPLOLDUHV HQ HO OXJDU VH HQFRQWUDED XQD SDOD UHWURH[FDYDGRUD \ GRV
WUDEDMDGRUHV FRQ SDODV GH PDQR ORV FXDOHV FRQ OD GHOLFDGH]D TXH HO FDVR UHTXHUtD VH
HQFDUJDURQ GHO WUDEDMR ORV IDPLOLDUHV FRQ XQ FDULxR H[FHSFLRQDOXQRDXQRUHFRJLHURQ
ORV UHVWRV VLQ GHMDUQLXQRVRORIXHURQPRPHQWRVPX\HPRWLYRVYHUKRPEUHVKHFKRV\
GHUHFKRV DOJXQR GH HOORV HQ HGDG DYDQ]DGD UHVEDOiQGROHV VLOHQFLRVDPHQWH ODV
ODJULPDV SRU HO URVWUR HQ VLOHQFLRWUDWDQGRGHLGHQWLILFDUFDGDXQRDVXVHUTXHULGRODV
FDODYHUDV \ HO HVWDGR GH ODV GHQWDGXUDVIXHOD~QLFDSUXHEDTXHOHVD\XGyHQODSUHFDULD
LGHQWLILFDFLyQ
6H GHSRVLWDURQ WRGRV ORV UHVWRV KXPDQRV HQ XQ DWD~G TXH WHQtDQ SUHYLVWR HQ HOFRFKH
I~QHEUH \ ORV WUDVODGDPRV GLUHFWDPHQWH DO FHPHQWHULRGH0DWLOODGHORV&DxRVVHJXLGR
GLFKR FRFKH GH XQD FDUDYDQD GH RWURV GLH] R GRFH FRFKHV DOOt QRV HVSHUDED XQ
QXPHURVR JUXSR GH SHUVRQDV DPLJRV \ IDPLOLDUHV GH ODV YtFWLPDV HQ UHVSHWXRVR
VLOHQFLR
1R DVLVWLy HO $OFDOGH QL OD *XDUGLD &LYLO DOJXQDV FKLFDV MyYHQHV \ PXMHUHVOOHYDEDQ
XQRV UDPRV GH IORUHV URMDV \ FRQ HO PLVPR VLOHQFLR VH FXEULy GH WLHUUD HO IpUHWUR DO
ILQDOL]DU VH FXEULy OD WXPED FRQ XQD OiSLGD FRQ ORV QRPEUHV \ DSHOOLGRV GH ORV
FRPSDxHURVYtFWLPDV\ODIHFKDGHOH[HFUDEOHFULPHQ
8QR GH ORV KLMRV PL EXHQ DPLJR $OIUHGR &XUWR GLULJLy XQDV SDODEUDV GH
DJUDGHFLPLHQWR D ORV DVLVWHQWHV \ D ORV TXH KDEtDPRV KHFKR SRVLEOH ODUHFXSHUDFLyQGH
ORV GHVSRMRV GH QXHVWURV IDPLOLDUHV \ FRPSDxHURV <R HQ QRPEUH GHO 362( WDPELpQ
OHV GLULJt XQDV EUHYHV SDODEUDV UHVDOWDQGR VREUH WRGR ³$ ORV TXH HQ FDVL WRGRV ORV
SXHEORV GH (VSDxD IXHURQ YtFWLPDV GH OD VLQUD]yQ OD EDUEDULH \ OD ࣡
LQWROHUDQFLD GH ORV
IDVFLVWDV D ORV TXH QXQFD ROYLGDUHPRV \ TXH HVSHUDPRV TXH HVRV KHFKRV QR YXHOYDQ D
UHSHWLUVH SDUD HOOR HVWDPRV DPSDUDGRV SRU XQD &RQVWLWXFLyQ TXH JDUDQWL]D QXHVWUDV
OLEHUWDGHV \ GHUHFKRV´ ࣡
$FDEDPRV HO DFWR FRQHOVLOHQFLRPDVH[SUHVLYRGHOUHVSHWR\
GH OD WUDVFHQGHQFLD GHO DFWR TXH QRV XQtD D WRGRV ORV SUHVHQWHV QR IDOWy DOJXLHQ TXH
VXJLULyTXHVHHQWRQDUDOD,QWHUQDFLRQDOHQKRPHQDMHDOUHFXHUGRGHODVYtFWLPDV
)XH PX\ VLJQLILFDWLYR HO UHFXHUGR GH OR VXFHGLGR PHUHFH OD SHQD FRQVLGHUDU TXH HO
SXHEOR GH 0DWLOOD GH ORV &DxRV GHO 5tR VH HQFXHQWUD HQ SOHQR FRUD]yQ GHO &DPSR
&KDUUR TXH ORV FRPSDxHURV YtFWLPDV GH ORV IDVFLVWDV HUDQ WUDEDMDGRUHV HQ VX PD\RUtD
GH ODV JDQDGHUtDV GH UHVHV EUDYDV \ TXH VHJ~Q UHIHUHQFLDV GH DOJXQR GH ORV KLMRV
GHVFHQGLHQWHV GH ODV YtFWLPDV DOJXQR GH DTXHOORV JDQDGHUHURV IXH HO LQVWLJDGRU GH OD
PRQVWUXRVLGDG FRPHWLGD QR HQ YDQR HQ OD ILQFD GH XQR GH HOORV HQ ³6DQ )HUQDQGR´
HQWUH XQ JUXSR GH JHQHUDOHV UHEHOGHV HV GRQGH KLFLHURQ D )UDQFR MHIH GH OD UHEHOLyQ \
³FDXGLOOR´GHORVUHEHOGHV
< \D TXH OD FLUFXQVWDQFLD GH HVFULELU VREUH pVWRV HQWUDxDEOHV UHFXHUGRV HQ ORV TXH
SDUWLFLSp UHLYLQGLFDQGR OD PHPRULD GH ORV PXHUWRV SRU OD OLEHUWDG \ OD MXVWLFLD GH
QXHVWUR SXHEOR PHUHFH OD SHQD UHVHxDUDOJRTXHHVWiHQUHODFLyQGLUHFWDFRQ0DWLOODGH
ORV &DxRV \ OD SUHVXQFLyQ GH FXOSDELOLGDG GH XQD GH ODV IDPLOLDV TXH FRODERUDURQ
FRPR LQVWLJDGRUHV GHO JROSH GH (VWDGR HQ 6DODPDQFD ORV KHFKRV QDUUDGRV GH OD
H[KXPDFLyQWXYLHURQOXJDUVLHQGR\RYLFHSUHVLGHQWHGHOD'LSXWDFLyQ3URYLQFLDO
$HVWRVFRPSDxHURV
DORVTXHOHVIXHDUUHEDWDGDVXYLGD
SRUVHUOHDOHVDO(VWDGRGH'HUHFKRGHOD5HS~EOLFD
&RQHVWDVOHWUDV
OHVGHGLFDPRVQXHVWURPDVVHQWLGR
+RPHQDMHDVX0HPRULD
6XVDFULILFLRQRIXHHVWpULO௙
£3HUPDQHFHPRVILHOHVDYXHVWURUHFXHUGR &DQWDOSLQR
௙
/DWUiJLFD\RFXOWDKLVWRULDOXFWXRVD
&DQWDOSLQR HV XQ SXHEOR VDOPDQWLQR TXH GLVWD GH OD FDSLWDO .PWV SHUWHQHFLHQWHDO
SDUWLGR MXGLFLDO GH 3HxDUDQGD FRQ XQD SREODFLyQ HQ OD DFWXDOLGDG FHQVR GH GH
KDELWDQWHV\TXHHQORVDxRVURQGDEDORVKDELWDQWHV
3RU ORV DxRV \ FXDQGR HQ RWURV SXHEORV HVWiEDPRV UHFXSHUDQGR UHVWRVGH
FRPSDxHURV DVHVLQDGRV SRU OD LUD GH ORV IDVFLVWDV D WUDYpV GH OD 8*7 FRQWDFWp FRQ HO
FRPSDxHUR GH &DQWDOSLQR /DXUHDQR D WUDYpV GH OD LQIRUPDFLyQ TXH PH GLR SXGH
HQWHUDUPH GH ORV FUtPHQHV TXH HQ ORV DxRV WHUULEOHV GH OD UHSUHVLyQ IUDQTXLVWD
FRPHWLHURQ DOJXQD GH ODV MDXUtDV GH DVHVLQRV IDODQJLVWDV HQ OD PHQFLRQDGD ORFDOLGDG
VDOPDQWLQD FRPHQWp FRQHOFRPSDxHURPLGHVHRGHTXHDORVIDPLOLDUHVGHODVYtFWLPDV
OHV WUDVODGDUD QXHVWUR LQWHUpV HQ UHFXSHUDU ORV UHVWRV GH ORV FRPSDxHURV LQFOXVRXQGtD
PH GHVSODFp DO SXHEOR \ FRQ /DXUHDQR FRQWDFWDPRV FRQ DOJXQR GH ORV PHQFLRQDGRV
IDPLOLDUHV VHJ~QSXGHREVHUYDUSHVHDORVDxRVWUDQVFXUULGRVVHJXtDQDEUXPDGRVSRUHO
WHPRU \ HO PLHGR DXQTXH HVWUHQiUDPRV GHPRFUDFLD \ OLEHUWDG HUD WDQ SHVDGD OD ORVD
GHO WHUURU TXH VREUH HO SXHEOR FD\y TXH QR VH DWUHYLHURQ D IDFLOLWDUQRV OD LQLFLDWLYD
LQFOXVRHVWXYLHURQUHPLVRVHQIDFLOLWDUPHORVQRPEUHV\GHWDOOHVGHORVDVHVLQDWRV
7XYLHURQ TXH WUDQVFXUULU RWURV YHLQWLGyV DxRV SDUD TXH ODV FLUFXQVWDQFLDV SROtWLFDV
FDPELDUDQ HQ &DQWDOSLQR \ DFFHGLHUD D OD $OFDOGtD GHO SXHEOR HO FRPSDxHUR /RUHQ]R
0DUWtQ HO FXDO D PL UHLWHUDGR UHTXHULPLHQWR SRU ILQ PH IDFLOLWy OD UHODFLyQ GH ORV
QRPEUHV \ DSHOOLGRV GiQGRVH OD FDVXDOLGDG GH TXH VX DEXHOR SDWHUQR IXHUD
SUHFLVDPHQWHXQDGHODYtFWLPDV
0,*8(/(6&5,%$123e5(=
-8/,$1(6&5,%$123e5(=
(/$',$(6&5,%$120$5&26
*8,//(502&È&(5(6(6&5,%$12
-8/,2%$5%(52)(51È1'(=
-8/,2%$5%(520$57Ë1
&/2'2$/'2(67(%$13$6&8$/
-867,1,$120$5&26*$5&,$
-26e0$57Ë1$/2162
)5$1&,6&20$57Ë1$/2162
*5(*25,20$57Ë10$57Ë1
&,35,$121,(726È(=
)(/,3(6È1&+(=6È1&+(=
',21,6,20$5&26*$5&Ë$
$'2/)252'5,*8(=52'5,*8(=
(/,$6&$f$'$6È1&+(=
',0$60$57Ë1/$*$5
6,;72*$5&Ë$%8,75$*2
$'5,È1*21=È/(=6,(55$
&$6,0,52*$5&Ë$$/2162
6(9(5,$12&+$02552'(/$7255(
*$%5,(/35$'2*,/
$/)2162&$%$//(5208/$6
$/(-$1'52&$%$//(523,172
9,&(17(*$5&Ë$6È1&+(=௙
0LOLWDU)XVLODGRHQ&HXWD
3RVLEOHPHQWHIDOWHDOJXQR\DTXHPLLQIRUPDQWHDVtPHORPDQLIHVWy
8QD YH] PiV H[SOLTXp D /RUHQ]R PL GLVSRVLFLyQ LQFRQGLFLRQDO SDUD FRODERUDU DO
UHVFDWH GH ORV UHVWRV\XQDYH]PDVSXGHREVHUYDUODSRFDGLVSRVLFLyQGHORVIDPLOLDUHV
\ KHUHGHURV \D TXH PH PDQLILHVWDQ VX GHVFRQRFLPLHQWR GH ORV OXJDUHV GRQGH ORV
DVHVLQDURQ \ HVWXYLHUDQ HQWHUUDGRV &DQWDOSLQR PDUFy WRGR XQ KLWR FRPR SXHEOR TXH
IXH XQR GH ORV SXHEORV PiV FDVWLJDGRV GH OD SURYLQFLD \ VREUH VXV JHQWHV GXUDQWH HO
IUDQTXLVPR SHVy FRPR XQD JUDQ ORVD HO WHPRU GH OD UHSUHVLyQVXVKDELWDQWHVKRPEUHV
\ PXMHUHV GH L]TXLHUGDV QR VRQ QL PiVQLPHQRVYDOLHQWHV\GHFLGLGRVTXHORVGHRWURV
SXHEORV VLPSOHPHQWH HV TXH ODV FLUFXQVWDQFLDV GH VX WUDJHGLD IXHURQ SURPRYLGDV SRU
ORV ULFRV GH OD FRPDUFD \ HV SRVLEOH TXH WRGDYtD TXHGH DOJXQR GH ORV LQVWLJDGRUHV \
DXWRUHV GH OD VDOYDMDGD FRPHWLGD GHVGH OXHJR VXV GHVFHQGLHQWHV VL TXH H[LVWHQ \ VRQ
FRQRFLGRV
$OKRQRU\GLJQLGDG
GHODFRPSDxHUD\FRPSDxHURVGH&DQWDOSLQR
SRUHODOWRSUHFLRKXPDQR
TXHHVWHSXHEORVDOPDQWLQR
WXYRTXHSDJDUSRUGHIHQGHUOD5HS~EOLFD
6XVYDOLRVDVYLGDVTXHOHVDUUHEDWDURQ
SHUPDQHFHQHQQXHVWUD0HPRULD
/DGHXGDTXHWHQHPRVFRQHOORVQRKDSUHVFULWR
<HQ-XVWLFLDPHUHFHQQXHVWURUHFXHUGR\+RPHQDMH
3HGUD]DGH$OED\0DOSDUWLGD
³/DWUDJHGLDGHVYHODGD´ 7HQtDPRV TXH JDQDU ODV (OHFFLRQHV 0XQLFLSDOHV GHO DxRHQ3HGUD]DGH$OED\
WHQHU DOOt XQ $OFDOGH VRFLDOLVWD FRPR -RVp %HUQDO &DUDELDV SDUD HQWHUDUPH GH OR
VXFHGLGR HQ VX SXHEOR HQ +DQ VLGR PXFKDV ODV YHFHV TXH KH LGR D HVH SXHEOR
SUHFLVDPHQWH DOOt \R OD FRPSDxHUDV $VXQ \ PL PXMHU IXQGDPRV OD $JUXSDFLyQ
6RFLDOLVWDHQ
$QWHV WXYLPRV GRV $OFDOGHV HO SULPHU VRFLDOLVWD $OFDOGH GH 3HGUD]D IXH 5LFDUGR
³&DGtQ´ HO ³3RHWD 2EUHUR´ IDOOHFLGRGHVSXpV,VLGURTXHKDFHXQRVGRVDxRVIDOOHFLyGH
UHSHQWH \TXHIXHXQH[FHOHQWH$OFDOGHHQGRVOHJLVODWXUDVSHURHQHVHODUJRHVSDFLRGH
WLHPSR QXQFD PH LQIRUPDURQ GH OR TXH \R VLHPSUH SUHJXQWDED \ HUDQ ORV KRUURUHV GH
OD JXHUUD LQFLYLO VLQ HPEDUJR -RVp %HUQDO HQ FXDQWR OH SUHJXQWH SRU DOJ~Q DVHVLQDGR
HQ 3HGUD]D LQPHGLDWDPHQWH VH LQIRUPy \ PH WUDVODGy UiSLGDPHQWH OD LQIRUPDFLyQ GH
TXH HQ HO FHPHQWHULR GHO SXHEOR HQ XQ ULQFyQ HVWDEDQ HQWHUUDGRV MXQWRV FLQFR
FRPSDxHURV GH 0DOSDUWLGD FX\R H[HFUDEOH FULPHQ VH SURGXMR HQ HO WpUPLQRPXQLFLSDO
GHOSXHEOR
,QPHGLDWDPHQWHSXVRPDQRVDODREUD\WHOHIyQLFDPHQWHVROLFLWyLQIRUPDFLyQDODFWXDO
VHFUHWDULR PXQLFLSDO GH 0DOSDUWLGD )HUQDQGR 3HyQ TXH KD FRODERUDGR GLOLJHQWH \
GLJQDPHQWH FRQ QXHVWUDV SUHWHQVLRQHV GH UHFXSHUDU ORV UHVWRV GH ODV YtFWLPDV GHO
IDVFLVPRIUDQTXLVWD
³(O GtD GH $JRVWR GH HQ HO OXJDU GH ORV &XDWUR &DPLQRV GHO &XDUWR GH
3HODEDUEDV GHKHVD GH *yPH] 9HODVFR WpUPLQR PXQLFLSDO GH 3HGUD]D GH $OED
DSDUHFLHURQ ORV FDGiYHUHV GH FLQFR SHUVRQDV DVHVLQDGRV SRU DUPD GH IXHJR (O JXDUGD
MXUDGR GH OD PHQFLRQDGD ILQFD $QWROLQ *DUFtD 0DUWtQ SXVR HQ FRQRFLPLHQWR GHO
VXFHVR DO -XH] GH 3D] GH QRPEUH 7REtDV +HUQiQGH] HO FXDO RUGHQy HO OHYDQWDPLHQWR
GH ORV FDGiYHUHV \ VX WUDVODGR DO FHPHQWHULRGH3HGUD]DFRQHOREMHWRGHSURFHGHUDVX
LGHQWLILFDFLyQ\GDUOHVVHSXOWXUD
6HJ~Q FRQVWD HQ ODV DFWDVGHGHIXQFLyQTXHHVWiQDUFKLYDGDVHQHO-X]JDGR0XQLFLSDO
GH 3HGUD]D GH $OED HQ HO /LEUR GH GHIXQFLRQHV IROLRV Qž \ < Qž GH
UHJLVWUR \ 1R FRQVWDQ OD SURFHGHQFLD QL ORV
QRPEUHV\DSHOOLGRVGHODVFLQFRSHUVRQDVDVHVLQDGDV
(Q HO PDUJHQ L]TXLHUGR GH WRGRV \ FDGD XQR GH ORV GRFXPHQWRV VH GLFH 1RPEUH \
DSHOOLGRV GHEDMR HQ OHWUD SHUIHFWDPHQWH OHJLEOH௙
࣡
SRQH ࣡
³'HVFRQRFLGR SRU QR SRGHUVH
LGHQWLILFDU´ ࣡
GHEDMR ³6HxDV SHUVRQDOHV´ ࣡
\ D FRQWLQXDFLyQ 8QD GHVFULSFLyQ GHWDOODGD
VREUH OD SURIHVLyQ GH FDGD XQRWRGRVMRUQDOHURVODWDOODDSUR[LPDGDGHVXDOWXUDFRORU
GH VX SLHO UDVJRV IDFLDOHV FRUSXOHQFLD SHOR \ EDUED $ FRQWLQXDFLyQ VH GHVFULEH
PLQXFLRVDPHQWH OD YHVWLPHQWD \ HO FDO]DGR GH FDGD FDGiYHU \ WHUPLQD HO LQIRUPH FRQ
XQD YHUVLyQ IDFXOWDWLYD GH ODV KHULGDV GH DUPD GH IXHJR TXH OHV FDXVDURQ ODPXHUWHHQ
XQRGHHOORVVHREVHUYDHOHQVDxDPLHQWRHQORVVHLVGLVSDURVTXHUHFLELy
)LUPDQ \ UXEULFDQ HQ FDGD GRFXPHQWR OD REVHUYDFLyQ UHDOL]DGD /RV VHxRUHV 3HGUR
'RPtQJXH] \ ÈOYDUR %Oi]TXH] OD PLQXFLRVLGDG GH ORV LQIRUPHV GDQ OD LPSUHVLyQ GH
TXH DOJXQR GH ORV ILUPDQWHV HUD HO PpGLFR GHO SXHEOR 6X HQWRQFHV DUULHVJDGD
FRODERUDFLyQ SDUD TXH ORV PHQFLRQDGRV FDGiYHUHV IXHUDQ HQWHUUDGRV VLQ QLQJXQD RWUD
GLOLJHQFLD DO PHQRV VLUYH SDUD GHMDU FRQVWDQFLD GRFXPHQWDO XQD PDV GH ORV PLOHV GH
FDVRV TXH HQ (VSDxD VXFHGLHURQ \ TXH HV XQD SUXHED SDUD TXH HO KRUURURVR FULPHQ QR
SDVHDOROYLGRGHILQLWLYR
7DPELpQ PHUHFHQ XQ DJUDGHFLGR UHFXHUGR WRGRV DTXHOORV YHFLQRV GH OD ORFDOLGDG GH
3HGUD]D GH $OED TXH FRODERUDURQ D GDU VHSXOWXUD HQ VX SXHEOR D ODV FLQFR LQRFHQWHV
YtFWLPDVGHODVLQUD]yQ\HOIXURUKRPLFLGDGHORVIDVFLVWDV
+DVWD DTXt OD LQIRUPDFLyQ GLUHFWD GH ORV GRFXPHQWRV IDFLOLWDGRV JUDFLDV D OD
FRODERUDFLyQ SUHVWDGD GHO $OFDOGH VRFLDOLVWD HQ ODDFWXDOLGDG-RVp%HUQDO&DUDELDVTXH
DO LJXDO TXH HO $OFDOGHGH0DOSDUWLGDHVWiQLQWHUHVDGRVSHUVRQDOPHQWHHQODDFODUDFLyQ
GHOOXFWXRVR\FULPLQDOVXFHVR
3RVWHULRUPHQWH DFRPSDxDGR GHO $OFDOGH GH 3HGUD]D -RVp %HUQDO \ PL PXMHU QRV
HQWUHYLVWDPRV FRQ XQD KLMDGHXQDGHODVYtFWLPDVHQ0DOSDUWLGDHVWDVHxRUDYLYHHQ(O
+DYUH )UDQFLD OD FXDO D VLGR OD ~QLFD GHVFHQGLHQWH LQWHUHVDGD HQUHFXSHUDUORVUHVWRV
GH VX SDGUH QRV SDUWLFLSy GH VX LQWHUpV SHUR UHFRQRFLHQGR ODV GLILFXOWDGHV SDUD VX
LGHQWLILFDFLyQ DGPLWLy GHMDUORV HQ HO GLJQROXJDUGRQGHORVHQWHUUDURQ\OHSLGLySUHFLR
GH OD WXPED DO $OFDOGH GH 3HGUD]D pVWH OH PDQLIHVWy TXH OH SRQGUtDQ XQ SUHFLR
DVHTXLEOHVHJ~QHOUHVWRGHOD&RUSRUDFLyQDFRUGDUD
/RV QRPEUHV GH ORV FLXGDGDQRV GH 0DOSDUWLGD FX\RV UHVWRV KXPDQRV VH HQFXHQWUDQ
HQ XQD VHSXOWXUD FRP~Q HQ VX GtD DELHUWD D WDO HIHFWR HQ HO FHPHQWHULR GH 3HGUD]D GH
$OEDVRQORVVLJXLHQWHV
$*867Ë10$5&26/26$'$
6$/9$'25*$5&Ë$$/%$55$1
-867,126$/,1(52;
$1'5e6%$55,26;
È1*(/6È1&+(='Ë$=௙
(QHOSULPHU3OHQR0XQLFLSDOFHOHEUDGRGtDVGHVSXpVGHOHQFXHQWURFRQODVHxRUD
,VLGUDKLMDGHXQDGHODVYtFWLPDVHQ0DOSDUWLGD(O$OFDOGHSURSXVRDOUHVWRGHORV
FRQFHMDOHVODGRQDFLyQDORVGHVFHQGLHQWHVGHODWXPEDGRQDFLyQTXHIXHDSUREDGDSRU
XQDQLPLGDG
8QD SUXHED PiV GH OD KXPDQLGDG KLGDOJXtD \ JHQHURVLGDG GH ODV DXWRULGDGHV GH
3HGUD]D GH $OED TXH \D TXHGy UHFRQRFLGD FRQ OD UHFRJLGD GH ORV FDGiYHUHVVHVHQWD\
VLHWHDxRVDQWHV
4XHGH SDUD HO SXHEOR \ VXV GLJQDV DXWRULGDGHV QXHVWUR UHFRQRFLPLHQWR \
DJUDGHFLPLHQWRHQSUXHEDGHVXVKXPDQLWDULRVVHQWLPLHQWRV
$ORVTXHOHVIXHDUUHEDWDGDVXYLGD
SRUVRxDUHQXQ0XQGRPHQRVFUXHO\PDV-XVWR
6LUYDQHVWDVOHWUDVFRPRWRGDVODVDQWHULRUHV
GHVLQFHURKRPHQDMHDVXUHFXHUGR
3HODEUDYR
/DIRVDFRP~QUHVSHWDGD\UHFXSHUDGRVORVUHVWRVKXPDQRV
$ VLHWH NLOyPHWURV GH 6DODPDQFD VH HQFXHQWUD OD ORFDOLGDG GH 3HODEUDYR HQ OD
DFWXDOLGDG FRQ XQD SREODFLyQ GH KDELWDQWHV (Q HO DxR HUD XQD SHTXHxD
ORFDOLGDG DJUtFROD TXH WHQGUtD DSUR[LPDGDPHQWH XQRV KDELWDQWHV HQ ORV DxRV
HO ,QVWLWXWR 1DFLRQDO GH &RORQL]DFLyQ FUHy XQ SXHEOR DQHMR DO TXH VH
GHQRPLQy 1XHYR 1DKDUURV HQ ODV SUR[LPLGDGHV GHO DQHMR 1DKDUURV GHO 5tR ]RQD GH
EXHQ WHUUHQR GH ODERU TXH HVWDED SRFR DSURYHFKDGR HQ ORV WHUUHQRV SUy[LPRV DO UtR
7RUPHV \ GRQGH IXHURQ XELFDGDV XQDV FLHQ IDPLOLDV D ODV TXH VH GLVWULEX\HURQ D FDGD
XQLGDG IDPLOLDU XQD SDUFHOD SDUD FXOWLYRV GH UHJDGtR (VWD SROtWLFD FRORQL]DGRUD \ GH
DFFHVR D OD SURSLHGDG GH OD WLHUUD HUD HO SUR\HFWR GH OD 5HIRUPD $JUDULD GH OD
5HS~EOLFD TXH LQLFLDGRSRU,QGDOHFLR3ULHWRODJXHUUDORWXYRSDUDOL]DGRKDVWDTXHFRQ
EXHQ FULWHULR SDVy D VHUUHDOLGDGGXUDQWHORVSULPHURVDxRVGHODGLFWDGXUD(VWRVXSXVR
XQ LQFUHPHQWR QRWDEOH GH OD SREODFLyQ LJXDOPHQWH OD HYROXFLyQ GHO WLHPSR D
FRQWULEXLGR HQ 3HODEUDYR D VX GHVDUUROOR XUEDQR GRQGH HQ VX WpUPLQR PXQLFLSDO GH
KHFWiUHDVHVWiQVXUJLHQGRQXHYDVXUEDQL]DFLRQHV
(Q HO ௙
DxR ௙
ORV WUiJLFRV DVHVLQDWRV SURGXFLGRV SRU ORV FULPLQDOHV IDVFLVWDV GH OD
)DODQJH ILMDURQ VX LQWHUpV LJXDO TXH HQ RWURV OXJDUHV GH OD SURYLQFLD HQ HO PRQWH GH
*DUJDEHWH XQ OXJDU SUy[LPR D 6DODPDQFD DO TXHVHOOHJDEDSRUODFDUUHWHUDGH$OEDHQ
HO .PW ILMDURQ HO OXJDU GH ORV DVHVLQDWRV GH YtFWLPDV LQRFHQWHV GLFKR PRQWH
SHUWHQHFtD\SHUWHQHFHDOWpUPLQRPXQLFLSDOGH3HODEUDYR
'HVGH VLHPSUH VH VXSR HO GHVWLQR VDQJULHQWR DO TXH VH VRPHWLyGLFKROXJDULJXDOTXH
/D 3LQLOOD /D 2UEDGD 9DOFXHYR $UD~]R HWF SHURKDQWHQLGRTXHSDVDUPXFKRVDxRV
TXL]i GHPDVLDGRV SDUD TXH VH IXHUDQ DWDQGR FDERV \ UHFLELU LQIRUPDFLyQ VREUH ORV
FUtPHQHVDOOtFRPHWLGRV
'HVFRQRFHPRV OD LGHQWLGDG GH WRGDV ODV YtFWLPDV VXSXHVWDPHQWH TXLQFH VRODPHQWH
KHPRV FRQWDFWDGR FRQ XQD KLMD \ XQ KLMR GH GRV GH ORV FRPSDxHURV TXH DOOt IXHURQ
DVHVLQDGRV HOORV VRQ ORV TXH VH LQWHUHVDQ SRU OD UHFXSHUDFLyQ GH ORV UHVWRV GH VXV
SDGUHV \ KDQ HIHFWXDGR VXV DYHULJXDFLRQHV SHUVRQDOHV VX LQIRUPDFLyQ FRQWULEXLUi D
GHVHQWUDxDUODWHUULEOHKLVWRULD
(Q 3HODEUDYR VH GLR XQD FLUFXQVWDQFLDGLVWLQWDDRWUDVORFDOLGDGHVGHQWURGHDTXHOORV
FULPLQDOHV VXFHVRV TXLVR OD FDVXDOLGDG TXH KXELHUD HQ HO SXHEOR XQ DOFDOGH TXH GLR
SUXHEDV GH VX DOWR VHQWLGR GH +XPDQLGDG VHJ~Q UHIHUHQFLDV HQ 3HODEUDYR KDEtD
VRFLDOLVWDVFRPRHQFDVLWRGRVORVSXHEORVGHODSURYLQFLDSHURHO$OFDOGHGHOD&('$
SDUWLGR GH GHUHFKDV 0DWHR 0DUFRV VH SODQWy DQWH ODV YLVLWDV GH ODV SDWUXOODV GH
DVHVLQRV IDODQJLVWDV TXH QR IDOWDURQ HQ XQD PDV GH VXV DVHVLQDV YLVLWDV D SXHEORV\HO
6U 0DWHR PDQLIHVWy YDULDV YHFHV³TXHHQ3HODEUDYRQRKDEtDQLQJ~QURMRTXHpOHUDHO
$OFDOGH \ UHVSRQGtD SRU WRGRV VXV YHFLQRV´ ࣡
DVt ࣡
IXH FRPR OLEUy DO SXHEOR GH ORV
FULPLQDOHV LQVWLQWRV GH ORV IDVFLVWDV KDVWD TXH HO GtD GH$JRVWR࣡
FDWRUFHGtDVGHVSXpV
GHO FRPLHQ]R GH OD JXHUUD DOJXLHQ OH DYLVy GH TXH HQ OD FXQHWD GH OD FDUUHWHUD
6DODPDQFD$OED HQ HO NLOyPHWUR VH HQFRQWUDED HO FDGiYHU GH XQD SHUVRQD
DVHVLQDGD LQPHGLDWDPHQWH UHTXLULy XQ FDUUR GH EXH\HV \ FRQ HO IXHURQ D UHFRJHU HO
FDGiYHU DFRPSDxDGRV GHO MXH] GH SD] GHOPXQLFLSLRORWUDQVSRUWDURQKDVWDHOSXHEOR\
GHWHUPLQy VH OH GLHUD VHSXOWXUD HQ XQD IRVD FRP~Q HQ HO FHPHQWHULR GHO SXHEOR TXH
HVWDED DGRVDGR D OD LJOHVLD GHO SXHEOR QR VLQ DQWHV HODERUDU HO DFWD GH GHIXQFLyQ HQHO
UHJLVWUR&LYLO
6HJ~Q OD WUDQVPLVLyQ RUDO GH WHVWLJRV TXH SDUWLFLSDURQ HQ DTXHOOD VLWXDFLyQ
LQIRUPDFLyQ FRQVHJXLGD SRU 3LODU 0DQMyQ 9LFHQWH \ -RVp 0DWHRV 3DVFXDO KLMRV GH
YtFWLPDV VXSXHVWDPHQWH IXHURQ TXLQFH ORV FRPSDxHURV TXH IXHURQ LQKXPDGRV HQ
GLFKDIRVD
/RV QRPEUHV UHFRJLGRV GH DOJXQRV GH QXHVWURV FRPSDxHURVYtFWLPDV VRQ ORV
VLJXLHQWHV
'tDGH$JRVWRGH
81&$'È9(56,1,'(17,),&$5
'tDGH$JRVWRGH
5$)$(/52'5Ë*8(=3e5(=
$*867Ë152'5Ë*8(=3e5(=
'$9,'$/2162%/$1&2
/8,6&5(6325(*$/$'2
&$<(7$12+(55(52'Ë(=
%$/'20(523e5(=3e5(=
'tDGH$JRVWRGH
('8$5'20$7(2652'5Ë*8(=
)5$1&,6&2*21=$/(=
'tDGH$JRVWRGH
81&$'È9(56,1,'(17,),&$5
'tDGH$JRVWRGH
-8$10HO0$1-Ï1+(51È1'(=
*$%5,(/0$57Ë10$57Ë1
*5(*25,202f,7$0$57Ë1
'tDGH$JRVWRGH
8126&$'È9(5(66,1,'(17,),&$5
6HJ~Q QRV LQIRUPD -RVp 0DWHRV KLMR GH (GXDUGR 0DWHRV HQ HO PLVPR SXHEOR OH
LQIRUPDURQ GH RWURV VHLV FRPSDxHURV GHO SXHEOR GH 5ROOiQ TXH WDPELpQ IXHURQ
DVHVLQDGRV HQ HO PRQWH GH *DUJDEHWH \ HQWHUUDGRV HQ OD PLVPD IRVD GHO FHPHQWHULRGH
3HODEUDYR D SDUWLU GH KR\ PLVPR VH LQLFLD XQD LQYHVWLJDFLyQ SDUD ORFDOL]DU D ORV
IDPLOLDUHVTXHOHVVREUHYLYLHUDQHQHOSXHEORGH5ROOiQ
(Q3HODEUDYRKHPRVHQFRQWUDGRWRGDVODVIDFLOLGDGHVSDUDGHVHQWUDxDUORVXFHGLGRHO
-XH] GH 3D] HQ OD DFWXDOLGDG -DFLQWR 9LFHQWH QRV KD IDFLOLWDGR ODV DFWDV GHGHIXQFLyQ
GH ORV TXLQFH FRPSDxHURV DVHVLQDGRV HQ HO WpUPLQR PXQLFLSDO GH 3HODEUDYR \ HOMRYHQ
TXH HQWHUUy D ORV VHLV FRPSDxHURV GH 5ROOiQ WRGDYtD YLYH FRQ DxRV VH OODPD
6DQWLDJR 5DPRV +HUQiQGH] HO SDUWLFLSy HQ HO HQWHUUDPLHQWR GH ORV VHLV GH 5ROOiQHUD
6DQWLDJR XQ MRYHQ TXH IXH UHTXHULGR SDUD FRODERUDU D GLFKRHQWHUUDPLHQWR௙
࣡
³HODOFDOGH
HO VHxRU 0DWHRV GLULJLy OD RSHUDFLyQ GHVFDUJDPRV ORV FDGiYHUHV \ QRVRUGHQyTXHOHV
TXLWiUDPRV ODV URSDV \ HO FDO]DGR GHVQXGiQGRORV FRPSOHWDPHQWH KLFLPRV XQD IRVD
SRFR SURIXQGD D OD HQWUDGD GHO FHPHQWHULRFHUFDGHODSXHUWD\DODL]TXLHUGDVHJ~QVH
HQWUDED ࣡
HQ HO UHFLQWR XQR D XQR ORV IXLPRV GHSRVLWDQGR HQ HOOD ORV HQWHUUDPRV ERFD
DEDMR SRU HO SXGRU GH GHMDUORV HQVHxDQGR VXV SDUWHVORVFXEULPRVGHWLHUUD\ODVURSDV
HPSDSDGDV GH VDQJUH \ FDO]DGRV VH OHV SUHQGLy IXHJR´HO DPLJR 6DQWLDJR QRV UHILULy
OR TXHUHFRUGDEDDSHVDUGHORVPXFKRVDxRVWUDQVFXUULGRVLJXDOPHQWHQRVUHILULyWRGDV
ODV FLUFXQVWDQFLDV GH OD UHFRJLGDHLQKXPDFLyQGHORVFDGiYHUHVGHGLFKRVFRPSDxHURV
TXHHQDTXHOORVGtDVSRFRWDUGDURQHQVDEHUVXSURFHGHQFLDGHOSXHEORGH5ROOiQ
8QRV WUHLQWD DxRV GHVSXpV OD &RUSRUDFLyQ 0XQLFLSDOGH3HODEUDYRDFRUGyHOWUDVODGR
GHO FHPHQWHULR D XQRV TXLQLHQWRV PHWURV GHOSXHEOR\DTXHGHVGHVLHPSUHKDEtDHVWDGR
VLWXDGR DGRVDGR D OD LJOHVLD SDUURTXLDO D ODHQWUDGDGHOSXHEORUD]RQHVGHVDQLGDG\GH
LPDJHQ GHO SXHEOR PLVPR OR H[LJtDQSXHVORSULPHURTXHVHHQFRQWUDEDQORVYLVLWDQWHV
DOOOHJDUDODORFDOLGDGVDOPDQWLQDHUDODHQWUDGDGHOFHPHQWHULR
6HDQXQFLyDORVYHFLQRVGHODORFDOLGDGTXHWRGRVDTXHOORVTXHGHVHDUDQWUDVODGDUORV
UHVWRV GH VXV IDPLOLDUHV H[SXVLHUDQ VX GHVHR \ DVt OR KLFLHURQ OD FDVL WRWDOLGDG GHO
YHFLQGDULR XQD YH] TXH WUDVODGDURQ WRGRV ORV UHVWRVGHODVWXPEDVDOJXLHQSUHJXQWyOR
TXHVHKDUtDFRQORVUHVWRVKXPDQRVGHODIRVDFRP~Q
3RFRV PHVHV DQWHV GHO WUDVODGR GHO FHPHQWHULR HQ OD PLVPD IRVD PHQFLRQDGD KDEtD
VLGR HQWHUUDGD XQD MRYHQ LQGLJHQWH TXH IDOOHFLy HQ HO SXHEOR D OD TXH XQD YH]
SUDFWLFDGD ODDXWRSVLDOHJDOQDGLHUHFODPyHOFDGiYHUGHODIDOOHFLGD\VHGHWHUPLQySRU
OD DXWRULGDG FRPSHWHQWH HQWHUUDUOD HQ OD IRVD FLWDGDMXQWRFRQORVUHVWRVGHODVYtFWLPDV
LQRFHQWHVGH*DUJDEHWH
(Q HO PRPHQWR GH SURFHGHU DO WUDVODGR GH OD WRWDOLGDGGHORVUHVWRVKXPDQRVDOSLFDU
\ OOHJDU HQVHJXLGD DO GH OD FKLFD HVWDEDQ GLFKRV UHVWRV UHFLHQWHV HQ HVWDGR GH
SXWUHIDFFLyQ OR TXH PRWLYy HO TXH VH DFRUGDUD SRU OD DXWRULGDG FRPSHWHQWH TXH VH
GHMDUDQWRGRVHQHOOXJDUTXHHVWDEDQ
3RFR WLHPSR GHVSXpV WRGD OD ]RQD GRQGH HVWXYR HO FHPHQWHULR IXH XUEDQL]DGD \ DO
ODGR GH OD LJOHVLD VH FRQVWUX\y XQ MDUGtQ HQ HO FXDO \ GHQWUR GH VX SDUWHUUH TXHGy OD
IRVD GRQGH VXSRQHPRV TXH HQ ODDFWXDOLGDGFRQWLQ~DQORVUHVWRVGHORVTXLQFHRGLH]\
VHLVFRPSDxHURVYtFWLPDVLQRFHQWHVDORVTXHOHVIXHDUUHEDWDGDVXYLGD
(VWRV FRPSDxHURV VRQXQRVPDVGHORVPXFKRVPLOHVGHKRPEUHV\PXMHUHVKRQUDGRV
\OHDOHVDODOHJDOLGDGGHOD5HS~EOLFD\TXH
3RUGHIHQGHUOD,JXDOGDGOD-XVWLFLD\OD/LEHUWDG
OHVIXHDUUHEDWDGDLQMXVWD\FULPLQDOPHQWHVXYLGD
HOELHQPDVSUHFLDGRTXHSRVHtDQQXQFDORV௙
K
௙HPRVROYLGDGR
KDOOHJDGRODKRUDGHUHFXSHUDUVXGLJQLGDG
DTXHOORVFUtPHQHVTXHKDVWDODDFWXDOLGDGSDUHFtDQLPSXQHV
VHUiQUHFRQRFLGDV\KRQUDGDVVXVYtFWLPDV
HQMXVWDUHFRPSHQVDDVXVDFULILFLR
(VXQSHUGXUDEOHGHVHR
TXHWHQHPRVVXVKLMRV\QLHWRV
\WRGRVORVHVSDxROHVGHELHQ
GHPyFUDWDV\SURJUHVLVWDV
DPDQWHVGHOD-XVWLFLD
5ROOiQ
8QSXHEORHPEOHPDGH-XVWLFLD6RFLDO
$ YHLQWLFLQFR NLOyPHWURV GH 6DODPDQFD HQ OD FDUUHWHUD TXH XQH OD FDUUHWHUD GH
9LWLJXGLQR \ OD 1 HQWUH *ROSHMDV \ %DUEDGLOOR HQ HO FRUD]yQ GHO &DPSR &KDUUR
VH HQFXHQWUD HVWD ORFDOLGDG VDOPDQWLQD VXV KDELWDQWHV HQ OD DFWXDOLGDG OD PD\RUtD VH
GHGLFDQ D OD FRQVWUXFFLyQ SHUR HQ DTXHOORV DxRV DQWHV \ GXUDQWH OD 5HS~EOLFD VX
SREODFLyQ URQGDED ORV PLO KDELWDQWHV TXH GHSHQGtDQ IXQGDPHQWDOPHQWH GHO WUDEDMR
DJUDULR WUDEDMR FX\D FDUHQFLD VH GHMDED VHQWLU HQ OD FDSD VRFLDO GH ODV IDPLOLDV PDV
KXPLOGHV GHO SXHEOR TXH HUDQ FDVL WRGRV \ TXH GHSHQGtDQ VREUH WRGR GH ODV ILQFDV
³&RMRV GH 5ROOiQ´ \ ³*DUFLJUDQGH´ SURSLHGDGHV GH ORV WHUUDWHQLHQWHV /XLV 3DWLxR
0DUTXpV GH &DVWHODU \ 3LODU 0XUJD 0XUJD UHVSHFWLYDPHQWH LPSRUWDQWHV SDUD HO
SXHEOR SRUTXHVXSURGXFFLyQHVWDEDIXQGDPHQWDOPHQWHGHGLFDGDDOFXOWLYRFHUHDOLVWD\
HUDQ XQ EXHQ VHxXHOR TXH SRGUtD DOLYLDU ORV GHVHTXLOLEULRV VRFLDOHV GH OD ORFDOLGDG
FKDUUD
(Q FRQ OD OOHJDGD GH OD5HS~EOLFDD5ROOiQOOHJyODHVSHUDQ]DGHXQIXWXURSDUD
ORV REUHURV UROODQHMRV GHVGH DxRV DQWHV\DVHSHUFLEtDHOLQWHUpVGHXQLUODVIXHU]DVGHO
SUROHWDULDGR SDUD GHIHQGHU ORV LQWHUHVHV GH WRGRV ORV MRUQDOHURV GHO SXHEOR HUD XQD
QHFHVLGDG LQKHUHQWH D ODV GLILFXOWDGHV HQ TXH VH GHVDUUROODEDVXYLGDIDPLOLDU\ODERUDO
FRQWURODU ODV MRUQDGDV GH WUDEDMR \ IRPHQWDU OD FUHDFLyQ GH HPSOHR UHSDUWLHQGR ODV
MRUQDGDV HQWUH ORV REUHURV HQ SDUR (UD OD ~QLFD VROXFLyQ SDUD ORV TXH TXHUtDQ YLYLU HQ
HO SXHEOR \ QR GHVHDEDQ HPLJUDU FRQ VXV IDPLOLDV \ FRUUHU OD DYHQWXUD GH DEULUVH
FDPLQRHQRWURVOXJDUHVGHODJHRJUDItDHVSDxRODLQFOXVRGHOH[WUDQMHUR
(Q HO 5HJLVWURGH$VRFLDFLRQHVGHO$\XQWDPLHQWRGH5ROOiQHOžGH-XOLRGHVH
LQVFULEH OD ³6RFLHGDG GH 7UDEDMDGRUHV GH OD 7LHUUD \ 2ILFLRV 9DULRV´ GHO 6LQGLFDWR
6RFLDOLVWD 8QLyQ *HQHUDO GH 7UDEDMDGRUHV 8*7 6X SULQFLSDO REMHWLYR FRQWURODU
OHJDOPHQWH \ GLVWULEXLU ODV ODERUHV DJUDULDV IXQGDPHQWDOPHQWH GH ORV ODWLIXQGLRV
ORFDOHV\DOJXQRGHVDSURYHFKDGRGHRWURVSXHEORVOLPtWURIHV
,QPHGLDWDPHQWH SXVLHURQ PDQRV D OD REUD HPSH]DQGR SRU FRQVWUXLU OD &DVD GHO
3XHEOR FRQ OD D\XGD GH WRGRV GLFKD &DVD KD VREUHYLYLGR ORV ODUJRV DxRV GH OD
GLFWDGXUD FXPSOLHQGR OD ILQDOLGDG SDUD OD TXH IXH FUHDGD IXQGDPHQWDOPHQWH
DFWLYLGDGHV VLQGLFDOHV \ FXOWXUDOHV HQ HOOD VH REVHUYDQ DFWXDOPHQWH HQ VX SXHUWD GH
HQWUDGD FRPR WHVWLPRQLR LQKHUHQWH D VX FRPHWLGR ORV VtPERORV GHO WUDEDMRHVFXOSLGRV
HQSLHGUD
/D 6RFLHGDG GH 7UDEDMDGRUHV GH OD 7LHUUD \ 2ILFLRV 9DULRV IXH XQDXWpQWLFR JHUPHQ
GH LGHDV VRFLDOLVWDV DOOt VH JHVWDURQ OOHYiQGRODVDFDERODV/H\HVGHOD5HS~EOLFDGHOD
5HIRUPD $JUDULD MRUQDOHURV WRGRV HOORV GH OD H[WUDFFLyQ PDV KXPLOGH GHO SXHEOR
SDUWLFLSDURQHQODJHVWLyQGHODWLHUUDGHODERUGHORVODWLIXQGLRVGHODORFDOLGDG
(O VHFUHWDULR GHO $\XQWDPLHQWR 3DWULFLR ÈQJHO 3DQDGHUR 'RPtQJXH] IXH HO PDV
HQWXVLDVWD FRODERUDGRU TXH FRPR LPSXOVRU GH OD /H\ OOHYy OD SDUWH OHJDO \
DGPLQLVWUDWLYD KDVWD TXH OD 5HIRUPD VH KL]R XQD UHDOLGDG HQ 5ROOiQ /D SULPHUD -XQWD
'LUHFWLYD HOLJLy FRPR 3UHVLGHQWH D $UWXUR *RQ]iOH] *DUFtD \ (PLOLR 7RUUHV *DUFtD
VHFUHWDULR < OD ~OWLPD TXH UHVXOWy HOHJLGD SUHFLVDPHQWH HO PLVPRGtDGH-XOLRSRFR
DQWHV GH TXH IXHUD OD *XDUGLD &LYLO D KDFHUVH FDUJR GHO SXHEOR /D ~OWLPD 'LUHFWLYD
HVWXYR SUHVLGLGD SRU )UDQFLVFR *DUFtD ³0HOLOOD´ 6HFUHWDULR (PLOLR 7RUUHV *DUFtD
9LFHVHFUHWDULR -XDQ -RVp *DUULGR *RQ]iOH] \ WHVRUHUR -RVH 0DQXHO +HUQiQGH]
³0DFROODV´
'DWRV TXH KDQ VLGR WRPDGRV GHO OLEUR ௙
/D ,, 5HS~EOLFD \ OD 5HIRUPD $JUDULD HQ
5ROOiQ ࣡
HVFULWR SRU 0DWHR 0DUWtQ ࣡
%HUURFDO \ HGLWDGR SRU &DMD 'XHUR HQ OD FROHFFLyQ
7HPDV /RFDOHVFRQPRWLYRGH³6DODPDQFD&LXGDG(XURSHDGHOD&XOWXUD´௙
HVXQ
SURIXQGR \ GHWDOODGRHVWXGLRTXHH[SUHVDFRQWRGRGHWDOOH\SXOFULWXGODWUDVFHQGHQFLD
TXHSDUD5ROOiQ\VXVYHFLQRVWXYROD,,5HS~EOLFD\OD5HIRUPD$JUDULD ௙
(Q ௙
FRQ HO OHYDQWDPLHQWR GHORVPLOLWDUHVUHEHOGHVDOD5HS~EOLFDHOGH-XOLR
WUDHUtD FRPR FRQVHFXHQFLD HO DUUXPEDPLHQWR \ GHVWUXFFLyQ GH WRGR OR TXH HO SXHEOR
KDEtD LQLFLDGR UHODFLRQDGR FRQ OD QXHYD 3ROtWLFD $JUDULD TXH HQ HO SXHEOR VH KDEtD
LQLFLDGR\HVWDED\DHQSOHQDYLJHQFLD
/DV FRQVHFXHQFLDV TXH GH OD 5HIRUPD $JUDULD WHQGUtDQTXHVXIULUHO6HFUHWDULR\VHLV
MRUQDOHURV IXHURQ WUiJLFDV WDQ WUiJLFDV FRPR TXHOHVFRVWyORPDVLPSRUWDQWHOR~QLFR
TXHSRVHtDQODYLGDTXHOHVIXHDUUHEDWDGD
8QVHFUHWDULRPXQLFLSDOVRFLDOLVWD
௙
(OVHFUHWDULR0XQLFLSDO3DWULFLRÈQJHO3DQDGHUR'RPtQJXH](PLOLR7RUUHV*DUFtD\
9HQWXUD3pUH]³0DWDFULVWRV´IXHURQGHWHQLGRVSRUIXHU]DVGHOD*XDUGLD&LYLOHQOD
FDUUHWHUDTXHYDD%DUEDGLOORFXDQGRHQFRFKH\YLVWRHOFDUL]TXHWRPDEDQORV
DFRQWHFLPLHQWRVKXtDQGHODUHSUHVLyQTXHVHDYHFLQDEDFRQHODQXQFLRGHODOOHJDGDGH
UHIXHU]RVGHJXDUGLDVFLYLOHVD5ROOiQ
,QJUHVDGRV HQ OD &iUFHO 3URYLQFLDO3DWULFLRÈQJHO3DQDGHUR'RPtQJXH]IXHIXVLODGR
HO GH $JRVWR GH MXQWR D ODV WDSLDV GHO&HPHQWHULRGH6DODPDQFDHQFRPSDxtD
GHO $OFDOGH GH %DUEDGLOOR $PDGRU 6RODQR 6RODQR \ 0DQXHO GH &DPLxDV *DUFtD
WDPELpQGH%DUEDGLOOR
(Q ORV SULPHURV GtDV GH OD VXEOHYDFLyQ FRQWUD OD 5HS~EOLFD GH ORV UHEHOGHV PLOLWDUHV
HO GtD GH $JRVWR HQ 5ROOiQ \ SRU XQ JUXSR GH IDODQJLVWDVGHXQLIRUPHFDSLWDQHDGRV
SRU XQ VDUJHQWR GH OD *XDUGLD &LYLO FDVD SRU FDVD IXHURQ GHWHQLGRV ORV VHLV MyYHQHV
MRUQDOHURV TXH FRUWDURQ HO SXHQWH GHO ³3DVDGHUR´ HQ OD FDUUHWHUD GH 5ROOiQ GLUHFFLyQD
*ROSHMDV
6LQ GDUOHV QLQJXQD H[SOLFDFLyQ D ORV IDPLOLDUHV VRODPHQWH TXH ORV OOHYDEDQ D
6DODPDQFD ௙
³SDUD WRPDUOHV GHFODUDFLyQ´ ORV PRQWDURQ HQ XQD SHTXHxD FDPLRQHWD D
SHVDU GH ORV UXHJRV OORURV \ ODPHQWRV GH ODV PDGUHV \ IDPLOLDUHV TXH VH DWUHYLHURQ D
SURFODPDU OD LQRFHQFLD GH ORV GHWHQLGRV HVSRVDGRV GH GRV HQ GRV ORV HPSXMDURQ D
JROSHV GH FXODWD GH IXVLO KDVWD VXELU D OD FDMD GHO YHKtFXOR TXH LQPHGLDWDPHQWH \ HQ
FRPSDxtD GH XQ DXWRPyYLO VDOLy GHO SXHEOR FRQ GLUHFFLyQ D 6DODPDQFD DXQTXH WRGD
DTXHOOD SHUVRQD TXH HUD DUUHEDWDGD GH VX FDVD \ GH VX SXHEOR HQVHJXLGD VRVSHFKDEDQ
TXH QDGD EXHQRSRGtDHVSHUDUGHVXVFDSWRUHVQRREVWDQWHQRVRVSHFKDUtDQTXHVXILQDO
HVWDED WDQ FHUFD ILQDO TXH ORV HVELUURV IDVFLVWDV \D WHQtDQ SUHYLVWR HO GHVWLQR TXH OHV
HVSHUDEDDVXVLQHUPHVSULVLRQHURV
¢&XiO HUD VX GHVWLQR" 1R VH SXGR VDEHU QXQFD VL ORV SDVDURQ SUHYLDPHQWH SRU ODV
WRUWXUDV TXH LQIOLJtDQ HQ HO FXDUWHO GH OD )DODQJH <D HUD QRFKH FHUUDGD FXDQGR ORV
GHWXYLHURQ
3URQWR OOHJy OD QRWLFLD GHO EiUEDUR DVHVLQDWR FRPHWLGR FRQ DTXHOORV LQIHOLFHV
OXFKDGRUHVSRUODMXVWLFLDVRFLDOIXHWHVWLJRHOPRQWHGH*DUJDEHWHHQHO.PWGH
OD FDUUHWHUD 6DODPDQFD$OED DOOt IXHURQ LQPRODGRV SRU OXFKDU \ FUHHU TXH SRGtD
FRQVHJXLUVHXQPXQGRPDVMXVWRHLJXDOLWDULR
/DVYtFWLPDVIXHURQ
$*867Ë152'5Ë*8(=3e5(=
5$)$(/52'5Ë*8(=3e5(=
%$/'20(523e5(=3e5(=
&$<(7$12+(55(52'Ë(=
'$9,'$/2162%/$1&2
/8,6&5(6325(*$/$'2
(O PRQWH GH *DUJDEHWH HVWi GHQWUR GHO WpUPLQR PXQLFLSDO GH 3HODEUDYR HQ DTXHOORV
DFLDJRV GtDV HUD VX $OFDOGH XQ VHxRU GH QRPEUH 0DWHR GLFKR$OFDOGHQXQFDSHUPLWLy
TXH VH OOHYDUDQ XQ VROR FLXGDGDQR GH VX SXHEOR ORV FULPLQDOHV IDVFLVWDV SHUR VLQ
HPEDUJR FXDQGR OH DYLVDEDQ TXH HQ VX WpUPLQR PXQLFLSDO KDEtD DOJ~Q FDGiYHU
LQPHGLDWDPHQWH RUGHQDED VX UHFRJLGD \ WUDVODGR DO FHPHQWHULR GH OD ORFDOLGDG GRQGH
KDELOLWy XQD IRVD FRP~Q \ GRQGH VH HQWHUUDURQ GLH] \ VHLV SHUVRQDV VHJ~Q PH KD
LQIRUPDGR HO VHxRU TXH HQWHUUy D ORV VHLV FRPSDxHURV GH 5ROOiQ TXH D~Q YLYH HQ OD
DFWXDOLGDG
'H ORV FDWRUFH FRPSDxHURV TXH VH HQFXHQWUDQ HQWHUUDGRV HQ OD IRVD VRODPHQWH
SDUWLFLSy HQ HO HQWHUUDPLHQWR GH ORV VHLV GH 5ROOiQ HQ XQ FDUUR GH ODERU IXHURQ D
OHYDQWDU ORV FDGiYHUHV DO PRQWH *DUJDEHWH \ WUDVODGDUORV DO FHPHQWHULR GHO SXHEOR HO
DOFDOGH OHV RUGHQy TXHYDFLDUDQVXVEROVLOORV\FRJLHUDQORVREMHWRVTXHSXGLHUDQSRUWDU
SRU VL DOJ~Q GtD SRGtDQ VHU ~WLOH 'RV GH HOORV DSDUHQWDEDQ VHU PX\ MyYHQHV GH HGDG
PHQRUHV GHYHLQWH DxRVWXYLHURQTXHWUDQVFXUULUPXFKRVDxRV\SHVHDHOORHOUHFXHUGR
GH HVWD WULVWH KLVWRULD SHUPDQHFH HQ 5ROOiQ HO SRHWD UROODQHMR -XDQ 6HEDVWLiQ /XFDV
+HUQiQGH] DXWRU GH ³9HUVRV 1RVWiOJLFRV 5ROOiQ HQ HO UHFXHUGR´ ࣡
%XUJRV /HV
GHGLFDXQRGHVXVVHQWLGRVYHUVRV
(QHODxRWUHLQWD\VHLV
KXERHQ(VSDxDXQUHYXHOR
\DVHVLQDGRVPXULHURQ
VHLVPR]RVGHQXHVWURSXHEOR
GHHVSHFLDOQRKLFLHURQQDGD
3HURHQWLHPSRVGHEDUEDULH
ODLQMXVWLFLD\ODFUXHOGDG
QXQFDUHVSHWDQDQDGLH௙
0ROLQLOOR
$VHVLQDGRVSRUFUHHUHQOD/LEHUWDG
0ROLQLOOR HV XQ SHTXHxR SXHEOR VHUUDQR TXH VH HQFXHQWUD D NLOyPHWURV GH
6DODPDQFD \ DO TXH OH FDUDFWHUL]y OD FDOLGDG GH VX SURGXFFLyQ YLWLYLQtFROD \ OD
ERQKRPtDGHVXVJHQWHVVHQFLOODV\ODERULRVDV
(Q ORV DxRV GH OD 5HS~EOLFD GHVWDFDED SRUTXH ORV WUDQTXLORV KDELWDQWHV GHO SXHEOR
VXSLHURQ LQWHUSUHWDU D OD SHUIHFFLyQ ORV GHVHRV GH SD] \ SURJUHVR TXH WUDtD D QXHVWURV
SXHEORV HO 5pJLPHQ UHSXEOLFDQR \ QR IDOWDURQ SHUVRQDV GLJQDV TXH KLFLHURQ FDXVD
FRP~QFRQODL]TXLHUGD
$O FRPHQ]DU OD JXHUUD FLYLO SURQWR VXIULy ODV FRQVHFXHQFLDV GH OD UHSUHVLyQ
VDQJXLQDULD GH ORV IDVFLVWDV QR KDEtD WUDQVFXUULGR WRGDYtD XQ PHV GHO JROSH GH (VWDGR
FXDQGR HO GH $JRVWR GH ௙
VH SUHVHQWy HQ HO SXHEOR XQ FRFKH \ XQ FDPLyQ FRQ
XQD SDWUXOOD GH FULPLQDOHV IDVFLVWDV SUHJXQWDQGR SRU ORV PDV VLJQLILFDGRV GHIHQVRUHV
GH OD /LEHUWDG QR IDOWDUtDQ FRPR HQ RWURV KHFKRV OXFWXRVRV \ VDQJXLQDULRV GH DTXHOOD
WHUULEOH KLVWRULD ORV MXGDV GH WXUQR TXH OHV LQIRUPDURQ D TXLHQHV WHQtDQ TXH OOHYDUVH
FRPRDVtORKLFLHURQ
(QHOGRPLFLOLRGHXQDQXPHURVDIDPLOLDODGH6DQWLDJR/ySH]\6LQIRURVD/ySH]VH
KDEtD FRQVWLWXLGR OD &DVD GHO 3XHEOR SDUD HOOR KDELOLWDURQ XQD KDELWDFLyQ D OD TXH VH
HQWUDED SRU HO HVWDEOR \ DOOt VH UHXQtDQ ORV VRFLDOLVWDV GHO SXHEOR FXDQGR ORV
FRPSDxHURV GH %pMDU R 6DODPDQFD LEDQ D KDEODUOHV GH /LEHUWDG \ 'HPRFUDFLD (VWD
FLUFXQVWDQFLD KDEUtD GH VHU OD FDXVD SRU OD TXH IXHURQ GHWHQLGRV HQ ODV SULPHUDV KRUDV
GHODQRFKHGHOGtDGH$JRVWR
6,1)2526$/Ï3(=*Ï0(=
6$17,$*2/Ï3(=;
6$17,$*2*Ï0(=*Ï0(=
0,*8(//Ï3(=52'5,*8(=
+,3Ï/,72(6&8'(52(;3Ï6,72
&È1','$%(1,72+(51È1'(=
/RV WUDVODGDURQ HQ HOFDPLyQKDVWDHOSXHEORGH0RQIRUWH\DOOtIXHURQDVHVLQDGRVHQ
ODV SUR[LPLGDGHV GHO UtR TXH SDVD SRU HO WpUPLQR PXQLFLSDO GH 0RQIRUWH
6XSXHVWDPHQWH IXHURQ HQWHUUDGRV HQ HO FHPHQWHULR HQ IRVD FRP~Q HVWi HQPDUFKDXQD
LQYHVWLJDFLyQVREUHHVWDSRVLELOLGDG
6HJ~Q WUDQVPLVLyQ RUDO UHFLELGD GHO DFWXDO $OFDOGH GH 0ROLQLOOR 7RPiV +HUQiQGH]
WDPELpQ IXHURQ DVHVLQDGRV RWURV GRV YHFLQRV GH OD ORFDOLGDG KLMRV GHO PDWULPRQLR
YtFWLPDVHQ0RQIRUWH
9DOGHPLHUTXH
9tFWLPDVLQRFHQWHVGHOIXURUKRPLFLGD
/RVKLMRVGH6LQIRURVD/ySH]*yPH]\6DQWLDJR/ySH]GH0ROLQLOORTXHKDEtDQVLGR
DVHVLQDGRV HQ 0RQIRUWH HO GtD GH $JRVWR GH 6DQWLDJR \ 'LRQLVLR KDEtDQ
DMXVWDGR OD VLHJD HQ OD ILQFD GH ³0DWDPDOD´ VLWD HQ HO WpUPLQR PXQLFLSDO GH
0DUWLQDPRU HVWDEDQ UHPDWDQGR ODV ODERUHV SURSLDV GHO WUDEDMR SRVWHULRU D OD VLHJD
FXDQGR OHV OOHJy OD KRUURURVD QRWLFLD GHO DVHVLQDWR GH VXV SDGUHV RFKR GtDV DQWHV HQ
0RQIRUWH GH OD6LHUUDORVIDODQJLVWDVORVKDEtDQVDFDGRGHVXFDVDHQ0ROLQLOORMXQWRD
RWURVFXDWURYHFLQRVORVKDEtDQOOHYDGRHQXQFDPLyQ\DVHVLQDGRHQ0RQIRUWH
(V IiFLO VXSRQHU TXH FXDQGR OHV OOHJD XQD FDUWD GH RWUR KHUPDQR X KHUPDQD \D TXH
WHQtDQ VLHWH KLMRV ORV DVHVLQDGRV FRPXQLFDQGR ODIDWDOQRWLFLDHUDHOGtDGH$JRVWR
GH HO GXHxR GH OD ILQFD D SHWLFLyQ GH ORV MRUQDOHURVOHVKL]RODFXHQWDGHOVDODULR
DFRUGDGR QR VLQ DGYHUWLUOHV GHO SHOLJUR TXH FRUUtDQ VL ORV FRJtDQ SRU DKt
SRVLEOHPHQWH HOORV PLVPRV OH LQIRUPDURQ DO DPR GH OD ILQFD GHO WHUULEOH DVHVLQDWR TXH
VXV SDGUHV KDEtDQ VXIULGR SRFRV GtDV DQWHV OR TXH GHWHUPLQDED VX GHVHR GH UHJUHVDU
UiSLGDPHQWH D 0ROLQLOOR VX SXHEOR SDUD KDFHUVH FDUJR GH VXV KHUPDQRV GHVSXpV GH
GHVSHGLUVH VH IXHURQ DQGDQGR KDVWD OD HVWDFLyQ GH $OED GH 7RUPHV SDUD FRJHU HO WUHQ
KDVWD*XLMXHOR
&XDQGRHQODHVWDFLyQHVWDEDQHVSHUDQGRHOWUHQIXHURQGHWHQLGRVSRUXQDSDUHMDGHOD
JXDUGLD FLYLO \ XQ JUXSR GH IDODQJLVWDV TXH HVWDEDQ DO DFHFKR \ WUDVODGDGRV D $OED GH
7RUPHV VH GHVFRQRFH GRQGH ORV LQWHUURJDURQ QL TXLHQ OR KL]R QL OR TXH DOOt VXFHGLy
VRODPHQWH TXH GRV GtDV GHVSXpV HOGH௙
$JRVWRGHDSDUHFLHURQDVHVLQDGRVFHUFD
GHO SXHEOR GH 9DOGHPLHUTXH GRQGH KHPRV FRQVHJXLGR HO LQIRUPH GHO PpGLFR TXH
GHWDOOD ODV KHULGDV TXH UHFLELHURQ \ ODVDFWDVGHOOHYDQWDPLHQWRGHORVFDGiYHUHV\GHOD
GHIXQFLyQ HQ GLFKRV GRFXPHQWRV FRQVWDTXHORVGRVFDGiYHUHVGHJUDQSDUHFLGRItVLFR
WHQtDQ DO FXHOOR ௙
GRV HVFDSXODULRV QXHYRV࣡
FXULRVR ¢YHUGDG" (VR HV XQD SUXHED GH TXH
DOJ~QUHOLJLRVRHVWXYRFHUFDGHOKRUURURVRFULPHQ
1R REVWDQWH DO SXHEOR GH 0ROLQLOOR OOHJy OD QRWLFLD GH VX DVHVLQDWR SRU ORV IDVFLVWDV
HQ ODV FHUFDQtDV GHO SXHEOR GH 9DOGHPLHUTXH GHVSXpV GH DxRV HO DFWXDO $OFDOGH
0i[LPR 7HMHGRU 6iQFKH] QRV KD IDFLOLWDGR HO $FWD GH GHIXQFLyQ XQLGD DO LQIRUPHGHO
PpGLFR GH OD ORFDOLGDG VREUH ODV KHULGDV UHFLELGDV SRU ODV YtFWLPDV \ VX HQWHUUDPLHQWR
HQHOFHPHQWHULRGH9DOGHPLHUTXHHQIRVDFRP~Q
6$17,$*2/Ï3(=/Ï3(=
',21,6,2/Ï3(=/Ï3(=
3HUVRQDVKRQUDGDVREUHURV\KXPLOGHV
TXHVXIULHURQODFUXHOUHSUHVLyQIDVFLVWD
/HVDUUHEDWDURQFULPLQDOPHQWH
VXVHQFLOOD\YDOLRVDYLGDOR~QLFRTXHSRVHtDQ«
9LOODYLHMDGH<HOWHV
8QSXHEORRUJXOORGHO6RFLDOLVPR
௙
9LOODYLHMD GH <HOWHV 'HVGH VLHPSUH VH FDUDFWHUL]y SRU VHU XQ SXHEOR HPEOHPiWLFR
SDUD ORV VRFLDOLVWDV VDOPDQWLQRV \DHQORVSULPHURVGtDVGHOD'HPRFUDFLDVLQQDGLHGH
6DODPDQFD TXH HVWLPXODUD HO KHFKR \ D LQLFLDWLYD GH XQ VHOHFWR JUXSR GH YHFLQRV
FRQRFHGRUHV GH TXH XQD URFD GH JUDQLWR GH WDPDxR FRQVLGHUDEOH TXH FRPR
PRQXPHQWR GH H[DOWDFLyQ DO ž GH 0D\R ³)LHVWD GHO7UDEDMR´IXHHULJLGDQDGDPHQRV
TXH HQ \ HVWXYR LQVWDODGD HQ XQD SOD]D GHO SXHEOR FRQ XQD LQVFULSFLyQ GH
³$OHJRUtD DO ž GH 0D\R´KDEtDHVWDGRRFXOWDHQWHUUDGDFODQGHVWLQDPHQWHHQXQSUDGR
GHVGHORVFRPLHQ]RVGHODGLFWDGXUDIUDQTXLVWD
+DEtDQ SDVDGR PDV GH FXDUHQWD DxRV \ OD PHPRULD GHO SXHEOR XQLGD DO LQHIDEOH H
LPSHUHFHGHUR UHFXHUGR GH VX SURSLD KLVWRULD PRWLYDURQ VX UHVFDWH \ GLJQR
HPSOD]DPLHQWR HQ HO SUDGR GRQGH GHVGH VLHPSUH VH FHOHEUy HO ž GH 0D\R LQFOXVR HQ
HOODUJRSHULRGRGHODRSURELRVDGLFWDGXUD
$ VX UHLQDXJXUDFLyQ DFXGLy FDVLWRGRHOSXHEORIXHURQLQYLWDGRVOD8QLyQ*HQHUDOGH
7UDEDMDGRUHV 8*7 \ HO 3DUWLGR 6RFLDOLVWD 2EUHUR (VSDxRO 362( SUHFLVDPHQWH
TXLHQ HVWR HVFULEH DFRPSDxDGR GHO LQROYLGDEOH FRPSDxHUR -RVp /XLV *RQ]iOH]
0DUFRV HQWRQFHV 6HFUHWDULR *HQHUDO GH OD SURYLQFLD LQWHUYLQLPRV HQ HO DFWR FRQ XQDV
SDODEUDV GH H[DOWDFLyQ D ORV WUDEDMDGRUHV GH 9LOODYLHMD HQ UHSUHVHQWDFLyQ GH OD 8*7 \
362(UHVSHFWLYDPHQWH +DQ WUDQVFXUULGR GHVGH HO PHQFLRQDGR DFWR KLVWyULFR DSUR[LPDGDPHQWH DxRV GH
'HPRFUDFLD \ HQ OD DFWXDOLGDG H[LVWH XQD GHXGD KLVWyULFD ௙
FRQ ODV YtFWLPDV ௙
GHO
IUDQTXLVPR FRQ XQ QXPHURVR JUXSR GH IDPLOLDV GH ODV YtFWLPDV \ FRQ HO SXHEOR GH
9LOODYLHMD HVWDPRV REOLJDGRV D SURFODPDU D ORV FXDWUR YLHQWRV D SHVDU GH ORV DxRV
WUDQVFXUULGRV VX LQRFHQFLD KRQUDGRV WUDEDMDGRUHV DPDQWHV GH VXV IDPLOLDV \ OHDOHV
OXFKDGRUHV SRU XQD FDXVD MXVWD \ OD LJXDOGDG HQWUH WRGRV KRPEUHV \ PXMHUHV
GHIHQVRUHV GH OD /LEHUWDG \ SDUWLGDULRV GH OD MXVWLFLD GLVWULEXWLYDWRGRHOORSURGXFWRGH
XQ (VWDGRGH'HUHFKRTXHQRVGLPRVORVHVSDxROHVGHPRFUiWLFDPHQWHFRQOD5HS~EOLFD
(VSDxRODGH $ YHLQWH GH HOORV D ORV PHMRUHV OHV IXH DUUHEDWDGD PLVHUDEOH \ FULPLQDOPHQWH OR
~QLFR TXH SRVHtDQ VXV KHUPRVDV YLGDV GHVWUX\HQGR FUXHOPHQWH HO IXWXUR GH PXFKDV
IDPLOLDV RWUR FRQVLGHUDEOH Q~PHUR GH FRPSDxHURV YLOODYLHMHQVHV VXIULHURQ WDPELpQ
SHUVHFXFLyQ
WRUWXUDV \ HQ DOJ~Q FDVR XQD ODUJD FRQGHQD D SULVLyQ WUD\HQGR FRPR FRQVHFXHQFLD DO
SXHEOR GH 9LOODYLHMD GH <HOWHV HO GRORU \ OD WUDJHGLD GH SHUGHU D ORV TXH VH
FDUDFWHUL]DURQ SRU VHU ORV PDV \ PHMRUHV GHIHQVRUHV GH ODV LGHDV VRFLDOLVWDV HQ OD
ORFDOLGDGVDOPDQWLQD
&RPR FRORIyQ DO EUHYH UHODWR DQWHULRU HV LQHYLWDEOH UHFRUGDU DO LQROYLGDEOH ௙
-RVp
$QGUpV \0DQVR6HFUHWDULR*HQHUDOGHO362(HQODSURYLQFLD'LSXWDGRHQODV&RUWHV
DERJDGR \ SURIHVRU OtGHU VRFLDOLVWD WDPELpQ DVHVLQDGR HQ HO PRQWH GH /D 2UEDGD
MXQWRDO$OFDOGHGH6DODPDQFD&DVWR3ULHWR&DUUDVFR&DWHGUiWLFR
0DQVR HVWDED FDVDGR FRQ )p *DUFtD (QFLQDV ௙
TXH HUD QDWXUDO GH 9LOODYLHMDGH<HOWHV
OR TXH FRPR FRQVHFXHQFLD QRV WUDMR HO LQWHUpV GHO &RPSDxHUR 6HFUHWDULR *HQHUDO HQ
GDUOH XQ WUDWDPLHQWR HVSHFLDO D ORV FRPSDxHURV GH 9LOODYLHMD HQ DTXHOORV WLHPSRV \R
HUD XQ SHTXHxR QLxR GH FLQFR DxRV GH HGDG PH YLHQH D OD PHPRULD ODV PXFKDVYHFHV
TXH PL SURSLR SDGUH OH DFRPSDxy FRQGXFLHQGRHOFRFKHSDUDKDEODUHQ9LOODYLHMDFRQ
ORVFRPSDxHURVGHOSXHEOR
/D ODERU SROtWLFD \VLQGLFDOGH0DQVRLQIOX\yHQHOLPSXOVRVRFLDOLVWDGHODORFDOLGDG
DXQTXH 9LOODYLHMD GH <HOWHV \ GHVGH VLHPSUH VH FDUDFWHUL]y FRPR OR GHPXHVWUD HO
PRQXPHQWR PHQFLRQDGR DQWHULRUPHQWH GHVGH PXFKRV DxRV DQWHV TXH HO DUUDLJR
VRFLDOLVWD GHVGH ORV WLHPSRV KLVWyULFRV GH QXHVWUR IXQGDGRU 3DEOR ,JOHVLDV \ -DLPH
9HUD PpGLFR VDOPDQWLQR VLHPSUH WXYLHURQ FRQ ORV REUHURV GH 9LOODYLHMD GH <HOWHV
GHVGHIXQGDFLyQGHO362(HQ0DGULGHOGH0D\RGH
0LV UHODFLRQHV GH DPLVWDG HQ 9LOODYLHMD GH<HOWHVFRQPXFKRVFLXGDGDQRVGHOSXHEOR
VRQ LQFRQWDEOHV VHUtD SUROLMR HQXPHUDUORV D OR ODUJR GH ORV DxRV GH GHPRFUDFLD \ HQ
ODV FRQIURQWDFLRQHV HOHFWRUDOHV9LOODYLHMDGH<HOWHVGHVGHVLHPSUHKDSHUPDQHFLGRILHO
DO VRFLDOLVPR OR TXH HV GLJQR UHFRQRFHU \ UHVDOWDU ODV WUDJHGLDV TXH VXIULHURQQXHVWURV
FRPSDxHURV IXH OD PHMRU ³6HPLOOD GH ௙
/LEHUWDG \ 'HPRFUDFLD´TXHWXYR9LOODYLHMD\HV
IiFLOUHFRQRFHUVXVIUXWRVPRWLYRGHVDQRRUJXOORSDUDWRGRVORVEXHQRVVRFLDOLVWDV
0$18(/9$48(5258%,2௙
$
௙OFDOGH
-26(0$18(/)(51È1'(=5Ë26௙
3('52)(51È1'(=6È1&+(=௙
)5$1&,6&25$%$=$6=Òf,*$
$1,%$/0$7(26/Ï3(=௙
/8&$6$&267$0(5,12௙
0$57Ë19È=48(=0$57Ë1௙
/$85($12+(51È1'(=+(51È1'(=
6$17,$*2$,5(6$/2162௙
(67(%$19(/$6&20252௙
720È60$1=$1(5$35,(72௙
*21=$/2$/21620$1=$1(5$௙
$1721,235,(720$7(26௙
(3,)$1,26È1&+(=5Ë26௙
)(/,3(6(9,//$12$5,$6௙
'(&25262$/2162*$5&Ë$௙
)5$1&,6&29(/$6&20252௙
3('52*$5&Ë$0$57Ë1
6$17,$*2%$5&25$026௙
)5$1&,6&23(5(f$0(/*$5௙
/DSUHVHQWHLQIRUPDFLyQHVFRQVHFXHQFLDGHTXHKDFHDSUR[LPDGDPHQWHWUHVRFXDWUR
PHVHVPLEXHQDPLJRHOSHULRGLVWD,JQDFLR)UDQFLDPHFRPXQLFyTXHWUHVVHxRUDVGH
9LOODYLHMD/XLVDÈQJHOD\0DJGDOHQDHVWDEDQRUJDQL]DQGRDWUDYpVGHOD$VRFLDFLyQ
&XOWXUDO³$PLJRVGH9LOODYLHMDGH<HOWHV´
8QD ([SRVLFLyQ VREUH OD KLVWRULD GHO SXHEOR SDUD ODV )LHVWDV GH 9LOODYLHMD GHVHDEDQ
OHV LQIRUPDUD GH OR TXH \R SXGLHUD VDEHU VREUH -RVp $QGUpV \ 0DQVR OHV IDFLOLWp XQD
IRWRFRSLD GH OD RUOD GH OD (VFXHOD GH 0DJLVWHULR GHO FXUVR GH HQ OD TXH DSDUHFH
FRPRSURIHVRUPL&RPSDxHUR0DQVR
+DEODQGR FRQ HOODV OHV VXJHUt PL GHVHR GH VDOGDU OD GHXGD KLVWyULFD H[LVWHQWH VREUH
DTXHOORV FLXGDGDQRV GHO SXHEOR D TXLHQHV OHV IXH DUUHEDWDGD VX YLGD SRVWHULRUPHQWH
IXHURQ HOODV ODV TXH PH SXVLHURQ HQ FRQWDFWR FRQ 9tFWRU 9HODVFR *DODFKH HO FXDO PH
KD IDFLOLWDGR OD UHODFLyQ TXH SUHFHGH D pVWH DUWtFXOR TXLHUR GHMDU FRQVWDQFLD GH PL
UHFRQRFLPLHQWR \ DJUDGHFLPLHQWR DO FDULxR H LQWHUpV TXH 9LFWRU KD SXHVWR HQ OD
UHFRSLODFLyQ GH ORV GDWRV TXHGDQGR QR REVWDQWH GLVSXHVWR D VXEVDQDU DTXHOODV
GHILFLHQFLDVTXHKD\DHQVXWUDEDMR\TXHSXGLHUDQVXUJLUFXDQGRVHKDJDS~EOLFR
(Q 6DODPDQFD FRPR HQ WRGDV ODV SURYLQFLDV GHO (VWDGR (VSDxRO HVWi FRQVWLWXLGD OD
$VRFLDFLyQ ³6DODPDQFD 0HPRULD \ -XVWLFLD´ ௙
FX\D ILQDOLGDG HV UHFXSHUDU OD PHPRULD
KLVWyULFD \ FRQ HOOR HO UHVSHWR\HOUHFXHUGR\DKLVWyULFRDGHWRGRVDTXHOORVHVSDxROHV
\HVSDxRODVTXHIXHURQFUXHO\VDOYDMHPHQWHDVHVLQDGRVSRUORVIUDQTXLVWDV
3DUD DOFDQ]DU GLFKRV REMHWLYRV HQ HOPHVGH)HEUHURGHOSUHVHQWHDxRDLQVWDQFLDVGHO
3UHVLGHQWH 5RGULJXH] =DSDWHUR VH FRQVWLWX\y XQD &RPLVLyQ ,QWHUPLQLVWHULDO SUHVLGLGD
SRU OD 9LFHSUHVLGHQWD GHO *RELHUQR 0DULD 7HUHVD )HUQiQGH] GH OD 9HJD TXH HQ OD
DFWXDOLGDG HVWi WUDEDMDQGR HQ HODERUDU OD 1RUPDWLYD SDUD UHVFDWDU GHO ROYLGR \ UHSDUDU
OD 'LJQLGDG GH PLOHV GH YtFWLPDV DSUR[LPDGDPHQWH HQ HO PHV $EULO IXH FLWDGD HQ HO
3DODFLR GH OD 0RQFORD OD$VRFLDFLyQGH6DODPDQFD0HPRULD\-XVWLFLDODFXDOUHFLELy
HO HQFDUJR GHIDFLOLWDUWRGDODLQIRUPDFLyQTXHSXGLHUDUHFDEDUGHORVVXFHVRVRFXUULGRV
HQODSURYLQFLD
(QODDFWXDOLGDGHVWDPRVHVSHUDQGRVHKDJDS~EOLFDODPHQFLRQDGD1RUPDWLYDHQHOOD
VH HVWDEOHFHUiQ ODV SDXWDV D VHJXLU HQ OD UHFXSHUDFLyQ GH ORV UHVWRV KXPDQRV TXH
WRGDYtD GHVSXpV GH VHVHQWD \ RFKR DxRV VH HQFXHQWUDQ GHVSHUGLJDGRV HQ PRQWHV \
FXQHWDV ,JXDOPHQWH VH GLFWDUiQ ORV DFWRVGHUHFRQRFLPLHQWRDODVYtFWLPDVHQORVOXJDUHVTXH
GHFLGDOD&RPLVLyQ,QWHUPLQLVWHULDOTXHFRQWRGDVHJXULGDGVHUiFRPRFRQVHFXHQFLDGH
XQ 'HFUHWR/H\ TXH VHUi DSUREDGR SRU HO &RQJUHVR GH 'LSXWDGRV \ ILUPDUi HO
3UHVLGHQWH GHO *RELHUQR ORV KRPHQDMHV SRGUiQ FHOHEUDUVH HQ ORV SXHEORV UHVSHFWLYRV
SURYLQFLDOPHQWH RDQLYHOQDFLRQDOSDUDHOORQHFHVLWDPRVORFDOL]DUDORVIDPLOLDUHVTXH
KD\DQVREUHYLYLGRGHVSXpVGHWDQWRVDxRVGH$JRVWR
³*ORULDDORV&RPSDxHURVGH9LOODYLHMDGH<HOWHV´
(QWRQFHVDOFDQ]DUtDQODOXQD
YHLQWHKRPEUHVFRQVXVDODV
ORVPDWDURQSRU9LOODYLHMD
SRUVHUSXHEOR\HVSHUDQ]D
<SDUHFHTXHIXHD\HU
0DVVHVHQWD\RFKRDxRVSDVDQ
7RGRVHQOtQHDQRVPLUDQ
GHVGHXQSHGHVWDOGHSODWD
YHLQWHHQJDUFHVHQXQSDFWR
GHXQDHQWUDxDEOHDOLDQ]D
(QWUHWHMLGRVORVYHLQWH
HQODSRHVtDWUiJLFD
9HLQWHDEUD]RVSDOSLWDQWHV
YHLQWHFDQFLRQHVGHPDJLD
TXHKR\VXHxDQFODYHOHVURMRV
IUHQWHDORVLULVGHOiPEDU
'HDOOtUHVXUJHQGHVWHOORV
FRQODEULOODQWH]GHOQiFDU
/RVYHLQWHSHWULILFDGRV
GHEHQHVWDUHQOD3OD]D
FRQODPDVEHOODLQVFULSFLyQ
HQVXEDVHFLQFHODGD
TXHUHPHPRUHHOPDUWLULR
\DQXQFLHDOEXUDDODOED
$OHMDQGUR7HMHGRU9LOODIiILOD=DPRUDGHOOLEURLQpGLWR௙
³5XWDVGHPiUWLUHV´
0DQFHUDGH$EDMR
9tFWLPDVGHOWHUURUIUDQTXLVWD
௙
(O SXHEOR GH 0DQFHUD GH $EDMR HV XQR GH ORV SXHEORV VDOPDQWLQRV GRQGH OD
5HS~EOLFD OOHYy D ORV MRUQDOHURV GHO FDPSR OD HVSHUDQ]D GHPHMRUDUVXFDOLGDGGHYLGD
HO LPSRUWDQWH Q~FOHR GH MRUQDOHURVFDPSHVLQRVGHVGH௙
FRQOD5HIRUPD$JUDULDGH
OD 5HS~EOLFD YLHURQ FODUDPHQWHORVQXHYRVWLHPSRVTXHVHDYHFLQDEDQSDUDORVREUHURV
DJUDULRV \ XQD QXHYD IRUPD GH VREUHYLYLU OD TXH GHVGH PXFKRV DxRV DQWHV VH SRGtD
SUHVDJLDU \ TXH FRQ OD XQLyQ GH ORV FDPSHVLQRV HQ WRUQR D VRFLHGDGHV REUHUDV GH OD
&DVD GHO 3XHEOR IXHURQ Q~FOHRV KXPDQRV TXH UHLYLQGLFDEDQ HO PDV MXVWR UHSDUWRGHOD
WLHUUD GHVDSURYHFKDGDHODPELHQWHTXHH[LVWtDHQODORFDOLGDGWUDMRFRPRFRQVHFXHQFLD
ODUHSUHVLyQIUDQTXLVWDGHVGHHOLQLFLRGHOD*XHUUDFLYLO
$/(-$1'526È1&+(=௙
௙
;௙
*5$&,$126È1&+(=&$%$//2
-26e6È1&+(=&$%$//2
0$5&26$/%$55È16(55$12
5$,081'2%1,(72521&2
0$5&,$12'85È1³(O5RMLOOR´
5(*,12&(0%(//Ë1$/%$55È1
7UHVPLHPEURVGHODIDPLOLD௙
³6LPRQDFDV´௙
'RVPLHPEURVPiVGHODIDPLOLD௙
1LHWR5RQFR
+DQ WHQLGR TXH WUDQVFXUULU PXFKRV TXL]i GHPDVLDGRV DxRV SDUD GHVYHODU VROR
PHGLDQDPHQWH ORV WUiJLFRV KHFKRV VXFHGLGRV HQ HVWD ORFDOLGDG GHO &DPSR GH
3HxDUDQGD KD\ XQ DVSHFWRHQHOVLHPSUHHQFRQWUpFLHUWDUHIOH[LyQHVVLQOXJDUDGXGDV
VLQWRPiWLFD OD WHQGHQFLD HOHFWRUDO GH 0DQFHUD \D TXH GHVGH TXH HQ QXHVWUR 3DtV KD\
GHPRFUDFLD HQ WRGDV ODV HOHFFLRQHV 0XQLFLSDOHV FHOHEUDGDV VLHPSUH JDQy OD
FDQGLGDWXUDVRFLDOLVWD
3HUR HQ 0DQFHUD KH SRGLGR REVHUYDU TXH HV XQ SXHEOR GRQGH WRGDYtD SHUVLVWH HO
JHQHUDOL]DGR WHUURU HQ ORV GHVFHQGLHQWHV GH ODV YtFWLPDV SDUHFH PHQWLUD OD KXHOOD TXH
GHMy PDUFDGD WDQ SURIXQGDPHQWH HO DVHVLQDWR GH DTXHOORV LQRFHQWHV OD JHQHUDFLyQ GH
ORV KLMRV GH ODV YtFWLPDV HQWUD GHQWUR GH OD FRQVLGHUDFLyQ OyJLFD HO WHPRU D OR TXH
SRGUtD VXFHGHUOHV WRGDYtD TXHGDPRV DOJXQRV KLMRV GH DTXHOODV YtFWLPDV SHUR D SHVDU
GH ORV PDV GH YHLQWLFLQFR DxRV GH 'HPRFUDFLD \ GH XQ (VWDGR GH 'HUHFKR FRQ XQD
FDQWLGDG UHVSHWDEOH GH KLMRV FRQ ORV TXH KH WUDWDGR GH LQIRUPDUPH HVWDGtVWLFDPHQWH
VRODPHQWH KH WHQLGR DFFHVR D XQR SRU OR TXH OD LQIRUPDFLyQ VHJ~Q VXV UHIHUHQFLDV HV
XQDSHTXHxDSDUWHGHORUHDOPHQWHVXFHGLGR
(/&DER5LFR
&RQpOSXGRFDPELDUOD+LVWRULD£4XHOiVWLPD
/HMRVPX\OHMRVHVWDED\RGHVRVSHFKDUODLPSRUWDQFLDGHODOODPDGDSRUWHOpIRQRTXH
XQ GtD \D OHMDQR GHO PHV GH 1RYLHPEUH GHO UHFLEt HQ OD 'LSXWDFLyQ GHVGH HO
SXHEOR ]DPRUDQR GH 5RHORV GH 6D\DJR TXLHQ VH SXVR HQ FRPXQLFDFLyQ FRQPLJR PH
GLMR OODPDUVH $QWRQLR 5LFR \ GHVHDED LQIRUPDUPH GH ORV KHFKRV UHODFLRQDGRV FRQ VX
KHUPDQR ³-RVp 5LFR TXH HUD FDER GHO HMHUFLWR HQ ࣡
&HXWD HQ HO DxR HO FXDO HQ
FRPSDxtD GH RWURV FRPSDxHURV PLOLWDUHV VH RUJDQL]DURQ SDUD GHIHQGHU HO RUGHQ OHJDO
HVWDEOHFLGR IUHQWH D ORV RILFLDOHV \ JHQHUDOHV VXEOHYDGRV IXHURQ GHQXQFLDGRV SRU XQ
³MXGDV´ GHO FRPSORW GHWHQLGRV WRUWXUDGRV VRPHWLGRV D WUDEDMRVIRU]DGRV\GHVSXpVGH
QXHYH PHVHV MX]JDGRV SRU XQ 7ULEXQDO GH JXHUUD FRQGHQDGRV D SHQD GH PXHUWH \
IXVLODGRV´
࣡
(QVHJXLGD FRPSUHQGtODLPSRUWDQFLDGHORTXHPHPDQLIHVWDED$QWRQLRSRUWHOpIRQR
GH WDO PDQHUD TXH TXHGp DTXHO PLVPR GtD HQ GHVSOD]DUPH D 5RHORV FRQRFHUQRV H
LQIRUPDUPH GH DTXHO KHFKR KLVWyULFR D SHVDU GH TXH HQ DTXHO GtD UHLQDED XQD
FOLPDWRORJtDDGYHUVD\DTXHOOHYiEDPRVYDULRVGtDVGHQLHEODVSHUVLVWHQWHV
$QLPp D /XLVD PL PXMHU SDUD TXH PH DFRPSDxDUD \ QR VLQDOJXQDVUHWLFHQFLDVDODV
VLHWH GH OD WDUGH VDOLPRV KDFtD 5RHORV DO OOHJDU D /HGHVPD QR VH YHtD DSHQDV OR TXH
GLILFXOWDED OD FRQGXFFLyQ WHQWDGRV HVWXYLPRV GH YROYHUQRV D 6DODPDQFD SHUR D SHVDU
GH OD RSRVLFLyQ GH /XLVD XQD YH] PDV PL WR]XGH] VH LPSXVR \ DO ILQ OOHJDPRV D
5RHORV QR VH YHtD XQ DOPD SRU VXV FDOOHV OODPDPRV HQ YDULDV SXHUWDV KDVWD TXH DO ILQ
QRV DEULHURQ XQD \ DPDEOHPHQWH QRV DFRPSDxDURQ DO GRPLFLOLR GH $QWRQLR DO
VDOXGDUQRVQRVDODEy\DJUDGHFLyHOLQWHUpVTXHPHKDEtDWRPDGRHQHOFDVRQRVPDQGy
HQWUDU \ OD SULPHUD VRUSUHVD QRV OD HQFRQWUDPRV DO YHU D VX HVSRVD 5RVDULR OD FXDO
HQIHUPD GH DO]HKLPHU HVWDED VHQWDGDHQXQDPHVDFDPLOODMXQWRDOEUDVHURHOpFWULFROD
SREUHVHxRUDQLVHHQWHUyGHTXHHVWiEDPRVDOOt
/R SULPHUR TXH PH PDQLIHVWy $QWRQLR IXH TXH ³WRGD OD YLGD WXYR SUHVHQWH HQ VXV
VHQWLPLHQWRV HO ࣡
UHFXHUGR GH VX KHUPDQR -RVp TXH HUD HO PD\RU GH ORV VLHWH KHUPDQRV
5LFR \ $QWRQLR HO PDV SHTXHxR HQ HO TXH -RVp ORV SRFRV DxRV TXH FRQYLYLHURQ HQ
0RQOHUDV GHSRVLWy VX FDULxR GH XQD PDQHUD HVSHFLDO MXJDED FRQ HO SHTXHxtQ \ OR
FDUJDED VREUH VXV KRPEURV FRUULHQGR FRQ pO HUD HO KHUPDQR SUHIHULGR KDVWD TXH
FXDQGR $QWRQLR WHQtD VRODPHQWH WUHV DxRV GH GDG HQ HO DxR -RVp VH PDUFKy
YROXQWDULRDÈIULFDFRQFUHWDPHQWHDO%DWDOOyQGH&D]DGRUHVQž³(O6HUUDOOR´௙
$QWRQLR PH KL]R XQ UHODWR GH OD EUHYH YLGD GH VX KHUPDQR GH FyPR \ SRUTXp VHIXH
YROXQWDULR D &HXWD D OD PLOLFLD D ORV GLH] \ RFKR DxRV ³-RVp GHVGHSHTXHxRVREUHVDOLy
SRU VX LQWHOLJHQFLD \ FRPSRUWDPLHQWR HQ OD HVFXHODVS~EOLFDVGH9LOODULQR\ 0RQOHUDV
GRQGH GHELGR D VX LQWHUpV HQ DSUHQGHU \ VX DSOLFDFLyQ DO HVWXGLR JR]y GHO DSUHFLR GH
VXV PDHVWURV FXDQGR DFDEy VX SULPHUD HQVHxDQ]D D ORV FDWRUFH DxRV VX PDHVWUR OH
SURSXVRSDUDFRUUHVSRQVDOGHOSHULyGLFR³(O$GHODQWR´FRQHOREMHWRGHPDQGDUDOJXQD
FUyQLFD FRQ ORV VXFHVRV TXH GHVWDFDUDQ HQ OD ORFDOLGDG VDOPDQWLQD QR FREUDED VDODULR
DOJXQR SRU OD FRUUHVSRQVDOtD SHUR D FDPELR UHFLEtD HO SHULyGLFR JUDWXLWDPHQWH HVWD
FLUFXQVWDQFLD OH VLUYLy SDUD VHJXLU UHODFLRQDGR FRQ ODV OHWUDV \ WRGRV ORV
DFRQWHFLPLHQWRV TXH VH SURGXFtDQ HQ HO 3DtV OR TXH VLJQLILFy SDUD DTXHO MRYHQ
DGROHVFHQWH FDVL XQ QLxR TXH HVWXYLHUD ELHQ LQIRUPDGR GH OR TXH SDVDED
SROtWLFDPHQWHHQ(VSDxD´
࣡
(Q OD IDPLOLD VX WUDEDMR FRQVLVWtD HQ D\XGDU D VXV SDGUHV HQ ODV ODERUHV SURSLDV GHO
FDPSR \ GHO QHJRFLR GH FRPHUFLR UXUDO GH OD IDPLOLD QR REVWDQWH SURQWR HPSH]y D
KDEODU GH VX GHVHR GH KDFHU FDUUHUD PLOLWDU FXDQGR FXPSOLHUD ORV GLH] \ RFKR DxRV VH
KDEtD FULDGR MXQWR D VXV SDGUHV \ KHUPDQRV HQ 0RQOHUDV VX WUDEDMR QR UHPXQHUDGR \
VLQIXWXURDOJXQROHDQLPySDUDDEULUVHFDPLQRSRURWURVGHUURWHURVGHODYLGD
0H UHILULy $QWRQLR ORV VXFHVRV GHO OHYDQWDPLHQWR PLOLWDU GH HQ &HXWD OD
GHWHQFLyQ GH -RVp \ WRGR OR DFRQWHFLGR PH PDQLIHVWy TXH HQ VX SRGHU WHQtD
LQIRUPDFLyQ IRWRFRSLDGD GHO MXLFLR GHO &RQVHMR GH *XHUUD TXH FHOHEUDURQ ORV RILFLDOHV
JROSLVWDV GRQGH OR FRQGHQDURQ D PXHUWH MXQWR D RWURV FRPSDxHURV \ TXH OH IXH
UHPLWLGD HQ FRQWHVWDFLyQ D XQD FDUWD TXH GLULJLy HQ DO HQWRQFHV 3UHVLGHQWH GHO
*RELHUQR )HOLSH *RQ]iOH] GDGR HO LQWHUpV TXH PH WRPp HQ HO DVXQWR $QWRQLR PH
RIUHFLy GHMiUPHOD SDUD TXH \R OD HVWXGLDUD GHWHQLGDPHQWH \ TXH OyJLFDPHQWH VH OD
GHYROYLHUD FRPR DVt OR KLFH GH LQPHGLDWR XQD YH] IRWRFRSLDGD WRGD OD GRFXPHQWDFLyQ
TXHPHGHMy
0H GHVSHGt GH $QWRQLR \ UHJUHVDPRV D 6DODPDQFD DUURVWUDQGRHQHOUHJUHVRXQDYH]
PiVODHVSHVDQLHEODKDVWD6DODPDQFD
(OKpURHUHSXEOLFDQR
+DEtD QDFLGR HQ 9LOODULQRGHORV$LUHVHOGtDYHLQWLFXDWURGH)HEUHURGHVLHQGR
XQ SHTXHxR QLxR WXYRODGHVJUDFLDGHSHUGHUDVXSDGUH\VXPDGUHUHJUHVyD0RQOHUDV
GH GyQGH HUD QDWXUDO (Q 0RQOHUDV SDVDGR HO WLHPSR GH OXWR GHO SDGUH GH -RVp VX
PDGUH FRQWUDMR PDWULPRQLR HQ VHJXQGDV QXSFLDV FRQXQKHUPDQRGHVXSULPHUPDULGR
HO SDGUH GH -RVp WDPELpQ GH 0RQOHUDV $QWRQLR 5LFR 0DWtDV GH pVWH PDWULPRQLR
QDFLHURQ RWURV VHLV KLMRV 6DQWLDJR ÈQJHO 1LFROiV 9DOHQWtQ %DOELQD \ $QWRQLR HO
DPLJR LQIRUPDGRU -RVp FRPR KHUPDQRPD\RUGHXQDIDPLOLDWDQQXPHURVDSDUWLFLSy
GLUHFWDPHQWH HQ WRGRV ORV DFRQWHFLPLHQWRV IDPLOLDUHV \ FRQWULEX\y D OD FULDQ]D GH VXV
KHUPDQRV PDV SHTXHxRV HO FRQVWDQWH FRQWDFWR FRQ VXV KHUPDQRV OH DSRUWy XQD
VHQVLELOLGDG KXPDQD PX\ SHFXOLDU DVSHFWR TXH FRQWULEX\y SRGHURVDPHQWH D VX
IRUPDFLyQ VRFLDO TXH WDPELpQ VH YLR HQULTXHFLGD FRQ HO FRQWDFWR SHUVRQDO FRQ RWUDV
SHUVRQDV (O SDGUH VH GHGLFDED DO FRPHUFLR FRQ XQ FDUUR GH PXODV WUDQVSRUWDED GH
SXHEOR HQ SXHEOR DTXHOORV SURGXFWRV GH ORV TXH FDUHFtDQ \pQGRORV D EXVFDU D
6DODPDQFD
-RVp HQ VX HWDSD HVFRODU IXH XQ FKLFR UHVSRQVDEOH \ DSOLFDGR OR TXH D VXV PDHVWURV
SULPHUR HQ 9LOODULQR GHVSXpV HQ 0RQOHUDV DPERV GH IHOL] UHFXHUGR VH HVWLPXODURQ
FRQODFRODERUDFLyQGHOQLxR
SDUD LQWHUHVDUVH HQ VX IRUPDFLyQ DTXHO SHTXHxR DOXPQR QLxR UHXQtD H[FHOHQWHV
FRQGLFLRQHV SDUD FRQVHJXLU GH pO XQ ³KRPEUH GH SURYHFKR´ OR TXH OH KDEUtD GH VHUYLU
SDUDXQIXWXURSURPHWHGRU
$ -RVp EXHQ REVHUYDGRU GH OD FDOLGDG GH YLGD GH VXV FRQYHFLQRV \ IDPLOLDUHV GHVGH
PX\ SHTXHxR \D SHQVy PDUFKDUVH GHO SXHEOR \ DEULUVH FDPLQR HQ OD YLGD KDFLHQGR OD
FDUUHUDPLOLWDU
(Q FXDQGRQXHVWURDPLJR-RVpWHQtDGLH]\VHLVDxRVGHHGDGVHYLRJUDWDPHQWH
VRUSUHQGLGR FRQ OD SURFODPDFLyQ GH OD 5HS~EOLFD HO GH $EULO FRPR FDVL WRGR HO
SXHEOR HVSDxRO YLYLy OD LOXVLyQ GH ORV QXHYRV WLHPSRV TXH VH DYHFLQDEDQ SURQWR
FRPSUHQGLy HO VLJQLILFDGR GHO DFRQWHFLPLHQWR \D TXH QR HQ YDQR VX SDGUH HVWDED
FRQVLGHUDGR FRPR GH LGHDV GHPyFUDWDV \ SURJUHVLVWDV SRU OD FDVD IDPLOLDU SDVDURQHQ
DOJXQD RFDVLyQ ORV OtGHUHV 5HSXEOLFDQRV GH 6DODPDQFD &DVWR 3ULHWR &DUUDVFR \ -RVp
$QGUpV0DQVRTXHHQ0RQOHUDVGLHURQDOJXQRVPtWLQHVHQHOSXHEOR
'XUDQWH HO WUDQVFXUVR GH ORV DxRV \ YLYLy HQ SULPHUD SHUVRQD ORV
DFRQWHFLPLHQWRV SROtWLFRV GH 0RQOHUDV FRPR MRYHQ FRUUHVSRQVDO GHO SHULyGLFR ³(O
$GHODQWR´ TXH HQ DTXHOORV WLHPSRV VH FDUDFWHUL]DED SRU VX OtQHD OLEHUDO \ SURJUHVLVWD
6X WUDEDMR SHULRGtVWLFR FRQWULEX\y SRGHURVDPHQWH SDUD LQFUHPHQWDU VX IRUPDFLyQ
KXPDQD \ SROtWLFD HQ VXV GHVHRV GH SURJUHVR VX VHQVLELOLGDG KXPDQD FDSWy OR
QHFHVDULR TXH HUD OOHYDU XQD pWLFD HQ VXV FRPSRUWDPLHQWRV \ FRPRFRQVHFXHQFLDHQpO
EURWy XQ GHVHR SRFR FRUULHQWH GH FDPELR HQ OD VRFLHGDG \ VLJXLy SHQVDQGR HQ VX
IXWXUR $ OD HGDG GH GLH] \ RFKR DxRV HQ ௙
HO ௙
DxR VROLFLWy VX LQJUHVR YROXQWDULR HQ HO
(MpUFLWR HQ DTXHOORV DxRV HO VLPSOH KHFKR GH TXH D XQ VROGDGR OH FD\HUD HQ VXHUWH HO
GHVWLQR GH ÈIULFD SDUD PXFKRV HUD FRPR XQD GHVJUDFLD SHUR SDUD -RVp IXH VX GHVHR
VROLFLWDU ÈIULFD SRUTXH HO GHVHDED KDFHU FDUUHUD PLOLWDU \ DOOt KDEtD PiV SRVLELOLGDGHV
HQ VX VROLFLWXG LED OD SHWLFLyQ GH LQJUHVDU HQ HO %DWDOOyQ 6HUUDOOR Qž GH &HXWD GH
VROGDGR FRPR HVWDED DIHUUDGR D OD LGHD GH SURIHVLRQDOL]DUVH XQD YH] VXSHUDGR HO
SHULRGR GH LQVWUXFFLyQ HQ OD SULPHUD RSRUWXQLGDG TXH WXYR VH SUHVHQWy DO FXUVR GH
FDER TXH VXSHUy FRQ EXHQ DSURYHFKDPLHQWR VXV DQWHFHGHQWHV HQ OR TXH D
FRPSRUWDPLHQWR VH UHILHUH GHQRWDEDQ OD LOXVLyQ GHO MRYHQ GH KDFHUXQDFDUUHUDPLOLWDU
GLJQD DSR\DGR HQVXHVWLOR\GLVFLSOLQDTXHHUDQLQKHUHQWHVDOGHVHRGHODFRQVHFXFLyQ
GH ODSURIHVLyQPLOLWDUTXHKDEtDHOHJLGR\FRQHOORFRQVHJXLUHO IXWXURDOTXHDVSLUDED
KDEtD MXUDGR FRPR WRGRV ORV PLOLWDUHV GDU VX YLGD VL IXHUD SUHFLVR SRU GHIHQGHU OD
&RQVWLWXFLyQ 5HSXEOLFDQD GH \ OD EDQGHUD WULFRORU ௙
³\ GDU KDVWD OD ~OWLPD JRWD
GH VX VDQJUH VL IXHUD SUHFLVR´ \ YD\D VL FXPSOLy HVFUXSXORVDPHQWH FRQ VX
MXUDPHQWR
3RFR WLHPSR GHVSXpV FXDQGR OOHYDED SRFR PDV GH WUHV DxRV HQ OD PLOLFLD QR SRGtD
VRVSHFKDU TXH LED D SDVDU SRU XQD SUXHED YLWDO SDUD VX H[LVWHQFLD DO HQWHUDUVH SRFRV
GtDV DQWHV GHO OHYDQWDPLHQWR UHEHOGH GHO GH -XOLR GH TXH )UDQFR \ ORV
JHQHUDOHV VHFXDFHV SUHSDUDEDQ XQ JROSH GH (VWDGR \ HQ HO DPELHQWH GH OD FLXGDG GH
&HXWD VH UHVSLUDED FLHUWD LQTXLHWXG \D TXH HQ XQ VHUYLFLR GH FDOOH SRU OD FLXGDG GH
&HXWD SXGLHURQ REVHUYDU FyPR GHWHUPLQDGDV SDWUXOODV GH IDODQJLVWDV LPSRQtDQ HO
WHUURU DWDFDQGR OD &DVD GHO 3XHEOR GHO VLQGLFDWR 8*7 \ SDUWLGR SROtWLFR 362(
QXHVWURV DPLJRV PLOLWDUHV SXGLHURQ REVHUYDU SRU VXV SURSLRV RMRV OD YLROHQFLD TXH VH
DYHFLQDED FRQ HO EHQHSOiFLWR GH VXV MHIHV \ RILFLDOHV OR TXH PRWLYy TXH HQWUH HOORV
KLFLHUDQORVFRPHQWDULRVFUtWLFRVFRQVLJXLHQWHVFRQODVLWXDFLyQTXHVHDYHFLQDED
&XDQGR VH UHLQWHJUDURQ DO FXDUWHO ORV FDERV 5LFR \ 9HLQWHPLOODV VHUHXQLHURQFRQOD
Pi[LPD GLVFUHFLyQ FRQ DOJ~Q VDUJHQWR RWURV FDERV \ VROGDGRV DTXHOORV TXH OHV
LQVSLUDEDQ PDV FRQILDQ]D KDEODURQ VREUH OD VLWXDFLyQ TXH VH YHtD YHQLU\GHMDURQPX\
FODUD OD LOHJDOLGDG GHO JROSH GH (VWDGR TXH VH SUHVHQWtD DFRUGDQGR FXDO LED D VHU VX
GLVSRVLFLyQ SDUD GHIHQGHU OD 5HS~EOLFD \ D OD OHJDOLGDG GHO (VWDGR GH 'HUHFKR
KDFLHQGRWRGRORTXHHVWXYLHUDGHQWURGHVXVSRVLELOLGDGHVSDUDHYLWDUHOGHVDVWUHTXHVH
DYHFLQDED
5HVXOWD YHUGDGHUDPHQWH HPRFLRQDQWH SDUD WRGR DTXHO HVSDxRO TXH VH HQWHUH GHO
HSLVRGLR KLVWyULFR \ SRU VXSXHVWR SDUD HO TXH HVFULEHHVWHHQWUDxDEOHUHFXHUGRSRQHUVH
HQ OD VLWXDFLyQ GH DTXHOORV MyYHQHV PLOLWDUHV FRQ FRUWD H[SHULHQFLD GH OD PLOLFLD SHUR
VLQ HPEDUJR SHUVRQDV TXH GHPRVWUDURQXQDPDGXUH]LPSURSLDGHVXVDxRVSOHQDPHQWH
FRQVFLHQWHV GH VXV UHVSRQVDELOLGDGHV \ OR PDV LPSRUWDQWH ILHOHV DO FRPSURPLVR TXH
KDEtDQ VXVFULWR FRQ HO (VWDGR HVSDxRO HOORVIXHURQXQRVDXWpQWLFRVKpURHVVDFULILFDQGR
VX SURSLD YLGD HQ XQ LQWHQWR TXH OHV LPSRQtD VX SURSLD FRQFLHQFLD SDUD HYLWDU OD
WUDJHGLDDTXHVHYHUtDVRPHWLGDSRVWHULRUPHQWHODQDFLyQHVSDxROD
+DQ WHQLGR TXH WUDQVFXUULU PXFKRV DxRV TXL]i GHPDVLDGRV SDUD TXH OD JHVWD TXH
LQWHQWDURQ QR TXHGH HQ HO ROYLGR \ VXV QRPEUHV VH LPSULPDQ HQ OHWUDV GH RUR SDUD OD
+LVWRULD FRPR XQ HMHPSOR GLJQR GHO PHMRU UHFXHUGR GH XQD JXHUUD TXH QXQFD GHELy
VXFHGHU HOORV WUDWDURQGHHYLWDUOD\IXHURQYtFWLPDVLQRFHQWHVGHVXGHIHQVDGHOD/H\\
OD-XVWLFLD
3UHSDUDURQ HO FRPSORW TXH VH WUDWDED ³ TXH FXDQGR VH HQWHUDURQ HO GtD GH-XOLR
GH ࣡
SRUTXH HUD QRWLFLD VXILFLHQWHPHQWH GLYXOJDGD TXH DO IUHQWH GH OD UHEHOLyQ
HVWDED HO JHQHUDO )UDQFR GLFKRJHQHUDOVHHQFRQWUDEDYLDMDQGRGHVGHODV,VODV&DQDULDV
KDVWD 7HWXiQ \ GHVGH DOOt LED D &HXWD GRQGH VH HVSHUDED VX OOHJDGD DO FXDUWHO GHO
6HUUDOOR D ODV GRFH GHO PHGLRGtD GHO GtD &RQ OD Pi[LPD GLVFUHFLyQ SRUTXH HQ HOOR
OHV LED OD YLGD ORV &DERV 5LFR \ 9HLQWHPLOODV FRQYRFDURQ D ORV FRPSDxHURV GH VX
FRQILDQ]D \ GHWHUPLQDURQ GHIHQGHU OD 5HS~EOLFD IUHQWH D ORV JROSLVWDV FDPELDUtDQ OD
JXDUGLD \ SUHFLVDPHQWH HO FDER 5LFR VH FRPSURPHWLy D VHU pO PLVPR HO FDER GH
JXDUGLD HO UHVWR GH FRPSDxHURV HVWDUtDQ HQ VXV SXHVWRV GH JXDUGLD HO FDER 5LFR
GLVSDUDUtD FRQ VX SLVWROD D )UDQFR HQ HO PRPHQWR GH GDUOH OD QRYHGDG PLHQWUDV HO
UHVWR GH FRPSDxHURV VH KDUtDQ FRQ OD VLWXDFLyQ SDUDOL]DQGR \ HQIUHQWiQGRVH D MHIHV \
RILFLDOHV (O SODQ HVWDED SHUIHFWDPHQWH GLVHxDGR HOORV KDEtDQ MXUDGR YHUWHU VL IXHUD
SUHFLVR KDVWDOD~OWLPDJRWDGHVXVDQJUHSRUOD3DWULD௙
\HVWDEDQGLVSXHVWRVDHOOR SHUR
QR FRQWDEDQ GH TXH HQWUH HOORV KXELHUD XQ ³MXGDV´ TXH ORV GHQXQFLDUD DQWHV GH
FRQVHJXLU HO REMHWLYR SUHWHQGLGR௙́࣡
ODV FRQVHFXHQFLDV IXHURQ FRPR KHPRV FRPSUREDGR
GRFXPHQWDOPHQWH OD LQPHGLDWD GHWHQFLyQ GHO JUXSR LQYROXFUDGR SRVWHULRUPHQWH OD
GXUD UHSUHVLyQ GHO FDVWLJR GH QXHYH PHVHV VRPHWLGRV D WUDEDMRV IRU]DGRV HO MXLFLR
VXPDUtVLPR\ODLQMXVWDFRQGHQDDPXHUWH௙
L௙
PSXHVWDSRUHO7ULEXQDOIDFFLRVR
/D HMHFXFLyQ GH ORV FLQFR PLOLWDUHV³FRQGHQDGRV´WXYROXJDUMXQWRDODSXHUWD0iODJD
GH OD IRUWDOH]D GHO +DFKR HO GH $EULO GH OHtGD OD RUGHQ GH OD HMHFXFLyQ TXH
WHQHPRV IRWRFRSLDGD VH REVHUYD HO GHWDOOH GH ORV UHVSRQVDEOHV OR PLOLWDUHV JROSLVWDV
TXH DSURYHFKDURQ WDQ H[HFUDEOH DFWR SDUD ³HMHPSODUL]DU´ D OD JXDUQLFLyQ PLOLWDU GH
&HXWD \D TXH D WRGRV ORV &XHUSRV PLOLWDUHV ORV KLFLHURQIRUPDU\SUHVHQFLDUHOWHUULEOH
PRPHQWR\SRVWHULRUPHQWHGHVILODUDQWHORVFDGiYHUHV
/RV SHTXHxRV UHWD]RV KLVWyULFRV TXH KDQ OOHJDGR D QXHVWUR FRQRFLPLHQWR GHO
FRPSRUWDPLHQWR GHO FDER 5LFR DQWH OD PXHUWH TXH VH OH DSUR[LPDED HVWiQ
SHUIHFWDPHQWH UHVHxDGRV HQ OD FDUWDTXHHOGHIHQVRUGHODFDXVD'LHJR1DYDUURRILFLDO
GHO &XHUSR GH ,QWHQGHQFLD OH HQYtD D VXV SDGUHV GHVSXpV GH VX IXVLODPLHQWR 'HVSXpV
GH GLVFXOSDUVH SRU OR GLItFLO TXH WXYR OD GHIHQVD SHVH D OD D\XGD TXH UHFLELy GH '
)UDQFLVFR 9LFHQWH *HMR GH ORV 5H\HV 6DODPDQFD LOXVWUH MXULVWDPDQLILHVWD³4XHDO
FDER 5LFR KDEtD OOHJDGR D FRQRFHUOR D IRQGR \ D HVWLPDUOH SRU VXV EXHQDVFXDOLGDGHV
\ FDUiFWHU HQ H[WUHPR VHQFLOOR \ FDULxRVR SRU ORTXHVHKDEtDJUDQMHDGRHODSUHFLR\OD
FRQVLGHUDFLyQ GH FXDQWRV OH WUDWDEDQ DGHPiV VDEtDPRV GH OD UHFLHGXPEUH GH VX
FDUiFWHU SRU KDEHUOR YLVWR VLQ LQPXWDUVH HQ ORVGLIHUHQWHVDFWRVGHODSUXHED\DSHUWXUD
GHORVFDUJRVGHODFDXVD´
³7DPELpQ TXLHUR GHFLUOH TXH FRQVHUYy VX VHUHQLGDG \ VDQJUH IUtD HQ WRGRPRPHQWR\
TXH PXULy FRPR XQ KRPEUH SURGXFLHQGR HVD VHUHQLGDG OD DGPLUDFLyQ GH FXDQWRV
SUHVHQFLDURQWDQWULVWtVLPRDFWR´
࣡
/D SUXHED GRFXPHQWDO GHODFDUWDUHDILUPDVROHPQHPHQWHODYDOtDKXPDQDGHQXHVWUR
HQWUDxDEOH SHUVRQDMH DO FXDO ODV FLUFXQVWDQFLDV GH VX YLGD OH RULHQWDURQ KDFLD OR TXH
FRQ WRGD VX KRQUDGH] \ KRPEUtD OHFDUDFWHUL]DEDGHIHQGHUDFRVWDGHVXSURSLDYLGDOD
OHJDOLGDG PDQFLOODGD SRU ORV JROSLVWDV FRPR DVt IXH OR HVFULELPRV SDUD GHMDU
FRQVWDQFLD GHO RUJXOOR TXH FRPR VDOPDQWLQRV HQ QXHVWUR UHFXHUGR OOHYD LPSOtFLWR
QXHVWUD LPSHUHFHGHUD DGPLUDFLyQ \ UHVSHWR D VX VDFULILFLR VLUYD HVWD UHIHUHQFLD D
DTXHOORVKHFKRVQXHVWURPDVHQWUDxDEOH
(QUHFXHUGRDVX0HPRULD
$-26(5,&20$57Ë1
/DILGHOLGDGFRPRWHVWLPRQLRGHWXYLGD
)XLVWHSDUDGLJPDGHO+RQRU
WXMXUDPHQWRDOD&RQVWLWXFLyQ5HSXEOLFDQD
\HOEHVRDODEDQGHUDWULFRORUOOHQRGH*UDQGH]DWXDOPD
(OVXEOLPHDFWRGHGHUUDPDUOD~OWLPDJRWDGHWXVDQJUH
HQGHIHQVDGHODYHUGDGTXHVRxDEDV
VLQVRVSHFKDUWDQVLTXLHUDTXHWXILQDOVHDFHUFDED
7HHQWUHJDVWHFRPRDSUHQGLVWHDUHVWDxDUODFUXHQWDKHULGD
TXHDWX3XHEORGHVJDUUDED\TXHHORGLRDPHQD]DED
GHYLOHV\SHUMXURVPLOLWDUHVWUDLGRUHVDVXSDWULD
/DVIDXFHVGHOIDVFLVPRVDQJULHQWRWHDWHQD]DURQ
GHYRUDQGRWXVQREOHVGHVHRV
WXKRQHVWDHMHFXWRULDPLOLWDU
WXYDOHQWtD\ODJUDQGH]DGHWXDOPD
5LFRGHDSHOOLGRSUHPRQLWRULR
WHKL]RULFRHQQREOH]DYDOHQWtD
KRQUDGH]\HQWUHJDDOLGHDO
GHXQD(VSDxDMXVWDOLEUH\KXPDQD
+R\KDUHQDFLGRODYHUGDG\WXUHFXHUGR
UHQDFHDODHVSHUDQ]D
HQUHFRQRFHUS~EOLFDPHQWHWXHQRUPHGLPHQVLyQKXPDQD
(QHOOLEURGHOD+LVWRULDGH(VSDxD
KD\XQKXHFRGRQGHORVKpURHVFRPRWX
GHEHUiQILJXUDUDSHVDUGHOWLHPSRWUDQVFXUULGR
WXJHVWDMDPiVVHUiROYLGDGD
WXYLVWHODSUXHEDTXHHOGHVWLQRWHGHSDUy
HVWXYLVWHDODDOWXUDGHODVFLUFXQVWDQFLDV
7XMXYHQWXGQRIXHUHSDUR
WDPSRFRWXVMXVWDVDQVLDVGHYLGD
SDUDHQVDxDUVHFRQWLJRODLQWUDQVLJHQFLD
HORGLRGHORVPDOGLWRVIDULVHRVTXHHOFULPHQDPSDUDEDQ
£-RVp5LFR0DUWtQKRQUDVDODWLHUUDTXHWHKL]R+20%5( BBBBBBBBBBBBBBB
+RPHQDMHDOD0HPRULDGH-RVp5LFR0DUWtQ
/D $VRFLDFLyQ ³6DODPDQFD 0HPRULD \ -XVWLFLD´ HQWUH ODV DFWLYLGDGHV TXH UHDOL]D
VLJXLHQGR ORV ILQHV SDUD ORV TXH IXH FRQVWLWXLGD \ TXH HVWDEOHFHQ VXV (VWDWXWRV KD
LQLFLDGR VX SURJUDPD GH +RPHQDMHV D WRGDVODVYtFWLPDVGHOIUDQTXLVPRIDVFLVWDHOGtD
GH$EULOGHHQHOSXHEORGH0RQOHUDV
$QWHULRUPHQWH \D OD $60- FRODERUy DFWLYDPHQWH DO KRPHQDMH TXH HQ HO SXHEOR GH
9LOODYLHMD GH <HOWHV VH FHOHEUy HO 'tD GH OD &RQVWLWXFLyQ GH 'LFLHPEUH GH DTXHOHQWUDxDEOHDFWRVLJQLILFyODSULPHUDSUHVHQFLDS~EOLFDGHOD$60-
/D VLJQLILFDFLyQ GH OD KLVWRULD GH VX SURWDJRQLVWD \D TXH HQ pO VH FRQFLWDURQ
GHWHUPLQDGDVFLUFXQVWDQFLDVHQHOWLHPSR\HQORVXFHGLGRTXHIXHURQODVVLJXLHQWHV
(O &DER 5LFR DO LQLFLDUVH HO JROSH GH (VWDGR GH )UDQFR \ VXV PDV LQPHGLDWRV
VHFXDFHV FRQWULEX\y GLUHFWDPHQWH D OD RUJDQL]DFLyQ GH XQ FRPSORW SDUD HYLWDUOR 6X
REMHWLYR HVWXYR EDVDGR HQ OD GHIHQVD GHO (VWDGR GH 'HUHFKR 3RU HVWH KHFKR SXGR
FDPELDUOD+LVWRULDGHQXHVWUR3DtV"
(O &DER 5LFR \VXVFRPSDxHURVIXHURQORVSULPHURVGHWHQLGRV\WRUWXUDGRVHOGtD
GH-XOLRGHSRFRDQWHVGHLQLFLDUVHOD*XHUUD&LYLOSRUVHUILHOHVDVXMXUDPHQWR
6RSRUWDURQ GXUDQWH ODUJRV QXHYH PHVHV VRPHWLGRV D WRUWXUDV \ WUDEDMRV IRU]DGRV
SULVLRQHURVHQODVRVFXUDVPD]PRUUDVGHODIRUWDOH]DGHO0RQWH+DFKRHQ&HXWD
-X]JDGRVHOGH0DU]RGHHO&DER5LFRGXUDQWHHOMXLFLRIXHURQFRQGHQDGRV
D SHQD GH PXHUWH \ HMHFXWDGRV SRU IXVLODPLHQWR HQ OD H[SODQDGD MXQWR D OD SXHUWD
0iODJDHOGtDGH$EULOGH
(Q6DOPDQFDHOFXDUWHOGHOD)DODQJH
¢4XpVXFHGLyHQOD&DVD1RYLFLDGRGHORV-HVXLWDV"
&RQ OD LOHJDOL]DFLyQ GH ORV -HVXLWDV SRU OD 5HS~EOLFD HQ HO PDJQtILFR HGLILFLR
GH OD &DVD1RYLFLDGR TXH HQ KDEtDQ FRPHQ]DGR VX HGLILFDFLyQ ORV MHVXLWDV HQ
6DODPDQFD HO FXDO IXH LQDXJXUDGR HQ pVWHIRUPDEDSDUWHGHXQDH[WHQVDSDUFHOD
GH XQDV GLPHQVLRQHV DSUR[LPDGDV D ODV FDWRUFH KHFWiUHDV GH VXSHUILFLH UHFWDQJXODU
RULHQWDGD VX IDFKDGD DO QRUWH FRQ HO 3DVHR GH 6DQ $QWRQLR DO VXU FRQ OD 3OD]D GH OD
-XVWLFLD \ ³&RUGHO GH PHULQDV´ DO HVWH FRQ OD FDOOH 9HUJDUD GHO EDUULR GH OD
3URVSHULGDG \ DO RHVWH FRQ OD OtQHD GHO IHUURFDUULO 7RGR HO UHFLQWR OR FHUUDURQ FRQ XQD
VyOLGD WDSLD GH PDPSXHVWR GH WUHV PHWURV GH DOWXUD \ GRV SXHUWDV FDUUHWHUDV GH DFFHVR
XQD HQ OD WDSLD GHO VXU TXH GDED D OD 3OD]D GH OD -XVWLFLD \ RWUD DO HVWH HQ OD FDOOH
9HUJDUDSRUHVWDSXHUWDVHDFFHGtDDODYDTXHUtD\]RQDGHODH[WHQVDKXHUWD
³(O GH $EULO GH HO 3UHVLGHQWH GH OD5HS~EOLFDILUPDEDXQGHFUHWRSRUHOTXH
FRQFHGtD DO 0LQLVWHULR GH ,QVWUXFFLyQ 3~EOLFD HO HGLILFLR TXH KDEtD VLGR
&DVD1RYLFLDGRGHOD&RPSDxtDGH-HV~VHQ6DODPDQFDGHVGHVXLQDXJXUDFLyQ´
³(Q HO FXUVR HO ,QVWLWXUR GH 6HJXQGD (QVHxDQ]D KDEtD RFXSDGR GRV SLVRV
GHO 1RYLFLDGR SDUD ORV GRV SULPHURV FXUVRV SRVWHULRUPHQWH WRGD OD FDVD IXHRFXSDGD
SRU WRGRV ORVFXUVRVGH%DFKLOOHUDWR´³(QHOFXUVRVHGHVWLQDQODVOODPDGDV
3HUPDQHFHQFLDV R ,QWHUQDGRV DO WHUFHU SLVR GHO SDEHOOyQ FHQWUDO HO WHUFHUR \ FXDUWR
GHO1RYLFLDGRHOUHIHFWRULR\ODFRFLQD´
³(Q $JRVWR GH OD )DODQJH RFXSD HO SDEHOOyQ RULHQWDO 3DUD PDV
LQGHSHQGHQFLD DEUH XQDSXHUWDHQHOSULPHUSLVRFRQXQDHVFDOHUDH[WHULRU\HQWUDGD
SRU XQD YHQWDQD FRQYHUWLGD HQ SXHUWD VHJ~Q XQD FUyQLFD DQWLJXD SRU HVWD HVFDOHUD
SDVDURQ PDVGHXQRDODOODPDGDFDSLOODGHORVFRQGHQDGRVDPXHUWHLQVWDODGDHQOD
DFWXDO VDOD GH WHOHYLVLyQ (V pVWD XQD KXHOOD WULVWH GH HVWD FDVD HQ VX SDVDGR࣡
࣡
2WUD
KXHOOD DO YROYHU ORV MHVXLWDV HQ VHSWLHPEUHRFWXEUH GH HQFRQWUDPRV D OD
HQWUDGDGHUHFKD GHO FHPHQWHULR XQD WXPED DELHUWD 3DUHFH VHU TXHHVWDEDGHVWLQDGD
SDUD DOJXQRV GH ORV VHQWHFLDGRV D PXHUWH DUULED LQGLFDGRV 3HUR DOJXLHQ LQWHUYLQR
SDUD TXH QR IXHUDQ VHSXOWDGRV HQ QXHVWUR FHPHQWHULR VLQR HQ HO GH OD FLXGDG´
¢" 7UDQVFULSFLyQ OLWHUDO GHO OLEUR ௙
&ROHJLR GH ࣡
6DQ (VWDQLVODR 6HWHQWD \ FLQFR
DxRV௙
࣡
$OHMDQGUR%DUFHQLOOD0HQD6-
(Q FRQ PRWLYR GHODVXVSHQVLyQGHORVUHOLJLRVRVHOHGLILFLRYHQtDSUHVWDQGRVX
PLVLyQ FRPR ,QVWLWXWR RILFLDO HQ OD IRUPDFLyQ GH EDFKLOOHUHV OD KXHUWD \ YDTXHUtD
VRODPHQWH ODV RFXSDEDQ XQ MHVXLWD GH SDLVDQR DGPLQLVWUDGRU GH OD SURSLHGDG \ ORV
WUDEDMDGRUHV GH OD KXHUWD \ YDTXHUtD TXH HQ ORVWUDEDMRVORVGLULJLDXQHQFDUJDGREXHQ
FRQRFHGRU GHO RILFLR GH KRUWHODQR\OHD\XGDEDQHQODWDUHDXQJUXSRGHFKLFRVMyYHQHV
SURFHGHQWHVGHO+RVSLFLR3URYLQFLDOGHOD'LSXWDFLyQ
3HURSURQWRFRQHOWULXQIRGHORVUHEHOGHVHQ6DODPDQFDHOGH-XOLRGHKDEUtD
GH VHU UHTXLVDGR GLFKR HGLILFLR SDUD HVWDEOHFHU HQ pO HO ³FXDUWHO´ GH OD ³PLOLFLD´
IDODQJLVWD VRODPHQWH VH FRQRFH DOJXQR GH ORV KHFKRV TXH DOOt VH SURGXMHURQ JUDFLDV D
OD WUDQVPLVLyQ RUDO GH IDPLOLDUHV \ FRPSDxHURV GH WUDEDMR TXH YLYtDQ HQHOEDUULRGHOD
3URVSHULGDG \ TXH IXHURQ FRQRFHGRUHV GHXQQ~PHURLQGHWHUPLQDGRGHGHVDSDULFLRQHV
TXH KDQ VLGR HYLGHQWHPHQWH FRPSUREDGDV \ FRQWUDVWDGDV DOOt IXHURQ OOHYDGRV D
GHFODUDU XQD FDQWLGDG LQJHQWH GH SHUVRQDV GH PXFKRV GHHOORV QXQFDVHYROYLyDWHQHU
QRWLFLD VX\D DOOt VH SHUGLy VX SLVWD" OR TXH GHVGH VLHPSUH QRV DEULy OD KLSyWHVLV GH
ODFHUWH]DTXHDOOtPLVPRHQDTXHOHGLILFLRWHUPLQDURQFRQVXYLGD«
(V XQD WULVWH VLWXDFLyQODTXHSXGLHURQDWUDYHVDUORVGHWHQLGRVGHORVFDVRVTXHKHPRV
LQYHVWLJDGR DOJXQR GH ORV SUHVRV IXHURQ OOHYDGRV DOOt GHVGH OD FRPLVDUtD GH 3ROLFtD
RWURV GHWHQLGRV HQ VXV FDVDV ORV OOHYDURQ GLUHFWDPHQWH LQFOXVR RWURV GHVGH OD PLVPD
FDOOH SHUR GHVSXpV GH ORV FDVRV TXH DQRVRWURVKDQOOHJDGRQRKHPRVFRQRFLGRQLXQR
VROR TXH QR VH DMXVWH D OD UHDOLGDG GH OR VXFHGLGR LQIRUPDGRV SRU IDPLOLDUHV RDPLJRV
GH DOJXLHQ TXH OR OOHYDUDQ D VX FXDUWHO ODV SDWUXOODV IDFFLRVDV ORV KLFLHUDQ GHFODUDU \
GHVSXpV QR YROYLHURQ D VXV FDVDVORTXHQRVFRQILUPDTXHDTXHOODSHUVRQDTXHHQWUDUD
\ QR VDOLHUD HV SRUTXH DOOt PLVPR GHVSXpV GH ODV WRUWXUDV FRQVLJXLHQWHV IXHUDQ
DVHVLQDGRV\GHVSXpVVHGHVFRQRFHORTXHKLFLHUDQFRQORVFDGiYHUHV
/D LQIRUPDFLyQ TXH SRVHHPRV GLUHFWD GH IDPLOLDUHV GH YtFWLPDV HV HVFDVD SHUR
VLQWRPiWLFD GH ORVXFHGLGRODSURSRUFLRQDGDSRURWUDVSHUVRQDVGHODTXHQRVFRQVWDVX
YHUDFLGDG WDPELpQ OD WUDQVFULELPRV KD\ RWUD LQIRUPDFLyQ TXH QR KHPRV SRGLGR
FRPSUREDU \ QR KHPRV UHODFLRQDGR TXH IXH HO SHULRGR GH WLHPSR HQ TXH OD
&DVD1RYLFLDGR IXH ³PDWDGHUR´ GH LQRFHQWHV VXSXHVWDPHQWH \ SRU ODV IHFKDV
LQIRUPDGDV YD GHVGH ORV SULPHURV GtDV GH $JRVWR KDVWD 'LFLHPEUH D SDUWLU GH
HQWRQFHV ODV VDFDV FULPLQDOHV VH LQFUHPHQWDURQ HQ ORV PRQWHV GH ³/D 2UEDGD´
´$UD~]R´ ´3RUWHURV´ ³*DUJDEHWH´ \ FXQHWDV GH FDUUHWHUDV TXH IXHURQ OXJDUHV \
WHVWLJRVVLOHQFLRVRVGHOIXURUKRPLFLGDGHORVIDODQJLVWDV
'HVGH VLHPSUH HO GHVFRQRFLPLHQWR GH OR TXH UHDOPHQWH VXFHGLy HQ DTXHO DQWUR
DVHVLQR PH WXYR LQWULJDGR \ SRU VXSXHVWR QXQFD SHUGt OD UHIHUHQFLD KDVWD TXH KDFH
PX\ SRFRV GtDV HVWR OR HVFULER HQ 2FWXEUH GHO 8Q HQWUDxDEOH FRPSDxHUR
)HOLSH 6iQFKH] +HUUHUR PH LQIRUPy TXH DFWXDOPHQWH YLYtD XQ WtR FDUQDO VX\R TXH
DXQTXH VLHPSUH WXYR JXDUGDGR SDUD VXV DGHQWURV \ VREUH HO WHPDLQFOXVRUHKXtDKDEODU
OR SDGHFLGR HQ DTXHOORV LQROYLGDEOHVGtDV\DTXHIXHURQGHWHQLGRV\OOHYDGRVDOFXDUWHO
GH OD )DODQJH VX SDGUH XQ KHUPDQR \ pO PLVPR VLPSOHPHQWH SRUSHUWHQHFHUVXSDGUH
D OD &DVD GHO 3XHEOR VX KHUPDQR \ pO PLVPR HVWDEDQ DILOLDGRV D ODV -XYHQWXGHV
6RFLDOLVWDV 0L DPLJR \ FRPSDxHUR )HOLSH FRQFHUWy FRQ VX WtR XQD HQWUHYLVWD \
TXHGDPRV HQ YHUQRV pO QRV FRQWDUtD OR VXFHGLGR SRFRV GtDV GHVSXpV OR IXLPRV D
EXVFDUDVXFDVD)HOLSHVXHVSRVD/XLVD9LFHQWH\\R
3UHFLVDPHQWHVXWtR$QGUpV+HUUHURGHO5H\KDEtDVLGRFRPSDxHURPLRGHWUDEDMRHQ
OD PLVPD (PSUHVD GXUDQWH YDULRV DxRV IXLPRV DPLJRV \ FRPSDxHURV QR REVWDQWH
QXQFD PH KDEOyGHORTXHKDEtDSDVDGRHQDTXHOORVWLHPSRVKDFtDPXFKRVDxRVTXHQR
QRVYHtDPRV\HOVDOXGRTXHQRVKLFLPRVIXHGHORPDVFRUGLDO\DIHFWXRVR
1RV GLULJLPRV D XQ FDIp SUy[LPR D VX FDVD \ DOOt QRV FRQWy OR VXFHGLGR XQ GtD GH OD
)HULD GH 6HSWLHPEUH GH D OD FDLGD GH OD WDUGH IXHURQ GHWHQLGRV HQ VX FDVD HO
SDGUH \ ORV GRV KLMRV SRU XQ JUXSR GH FXDWUR IDODQJLVWDV YHVWLGRV GH XQLIRUPH FRQ
FRUUHDMH \ SLVWRODV GRV GH HOORV SRUWDEDQ IXVLOHV FXDQGRDQGDQGRVHGLULJtDQDOFXDUWHO
GHOD)DODQJHVLWXDGRHQHO1RYLFLDGRGHORVMHVXLWDVVHHQFRQWUDURQFRQHOKLMRGHOMHIH
GHO SDGUH HQ VX WUDEDMR FRPR FRQGXFWRU GHO FDPLyQ GH ORV $OPDFHQHV GH 0DQXHO
$PEURVLR VH DFHUFy \ SUHJXQWy D ORV IDODQJLVWDV ¢TXp KDELDQ KHFKR SDUD TXH ORV
OOHYDUDQ GHWHQLGRV" PDQLIHVWDQGR D ORV VLFDULRV TXH ORV GHWHQLGRV QR KDELDQ KHFKR
QDGD ௙
³TXH HUDQ EXHQD ௙
JHQWH \QRHUDQURMRV´GLULJLpQGRVHDORVSUHVRVOHVGLMRTXHQR
VH SUHRFXSDUDQ TXH HVWR VH DUUHJODUtD \ VH IXH HQ EXVFD GH VX SDGUH FRPR YHUHPRV
GHVSXpV GXUDQWH HO WUDQVFXUVR GHO ³SDVHR´ LQFOXVR SRU ODV FDOOHV ORV LEDQ OOHQDQGR GH
LPSURSHULRV\DPHQD]iQGROHVFRQVWDQWHPHQWHVREUHORTXHWHQGUtDQTXHSDVDU
$ OD HQWUDGD HQHOFXDUWHOORVHQWUHJDURQDRWURVIDODQJLVWDVTXHUHJLVWUDURQVXVURSDV
\ EROVLOORV VH RtDQ YRFHV GH XQD VDOD GH LQWHUURJDWRULRV DO SDGUH \ ORV GRV KHUPDQRV
VLQ LQWHUURJDUOHV ORV EDMDURQ DO VyWDQR GRQGH HVWDEDQ ORV FDODER]RV SpVLPDPHQWH
DOXPEUDGRV FRQ XQD OiPSDUD GH Z HQ HO FDODER]R GRQGH ORV LQWURGXMHURQ KDEtD XQ
GHWHQLGR TXH HVWDED WXPEDGR HQ HO VXHOR \ TXH QR KDFtD PDV TXH TXHMDUVH QR OHV
GLHURQ QDGD GH FRPHU \ FRPHQWDQGR OR GLItFLO GH OD VLWXDFLyQ TXH DWUDYHVDEDQHOSDGUH
FRQ ORV KLMRVVHVHQWDURQHQHOVXHORHVSHUDQGRHOGtDVLJXLHQWHODVRUSUHVDYLQRFXDQGR
VHUtDQ DSUR[LPDGDPHQWH ORV GRV R WUHVGHODPDGUXJDGDFXDQGRVLQWLHURQTXHDEUtDQHO
FHUURMR GH OD SXHUWD \ GRV IDODQJLVWDV GLMHURQ TXH VDOLHUDQ GHO FXDUWHO \ VH GLULJLHUDQ
GHUHFKRV D VX FDVD TXH QR KDEODUDQ QDGD GH OR VXFHGLGR \ YLVWR SRU HOORV TXH HQ VX
VLOHQFLROHVLEDODYLGD
(O MHIH GH OD (PSUHVD 0DQXHO $PEURVLR IXH TXLHQ VDOYy DOSDGUH\DORVGRVKLMRVGH
XQD PXHUWH FLHUWD SRUTXH HO FDVR TXH KH QDUUDGR HV HO ~QLFR TXH D PL FRQRFLPLHQWR
KD\D OOHJDGR GH WUHV SHUVRQDV TXH HQWUDURQ \ VDOLHURQ HQ HO FXDUWHO GH ORV KRUURUHV
IDODQJLVWDV XQD VLWXDFLyQ LQpGLWD SHUR FLHUWD UDWLILFDGD SRU HO ~QLFR SURWDJRQLVWD \
WHVWLJR SUHVHQFLDO $QGUpV +HUUHUR GHO 5H\ TXH DIRUWXQDGDPHQWH WRGDYtD YLYH \ D
SRGLGRGLVIUXWDUPDVGHWUHLQWDDxRVHQ/LEHUWDG\'HPRFUDFLD -XDQ6iH]&DVDGR
(Q ORV SULPHURV GtDV GHO DxR PH SXVH HQ FRQWDFWR FODQGHVWLQDPHQWH FRQ XQ
JUXSR GH VRFLDOLVWDV TXH VH UHXQtDQ HQ HO SLVR SULPHUR GH XQD YLHMD FDVD GH OD FDOOH
3R]R $PDULOOR HQWUH RWURV FRPSDxHURV DOOt FRQRFt D -XDQ 6iH] &DVDGR XQ GtD PH
SUHJXQWy TXLHQ HUD \R DO GHFLUOH TXH HUD KLMR GHO FKRIHU GH ' 3DFR 'LH] QR VH SXGR
FRQWHQHU \ PH GLR XQ DEUD]R GLFLpQGRPH ௙
³WX SDGUH VH OODPDED -XDQ&DOYR0RURQWD
WX SDGUH PL FRPSDxHUR -XDQLWR IXH XQ JUDQ DPLJR VRFLDOLVWD GH OD &DVD GHO 3XHEOR
GHVGH PXFKR DQWHV GH HQWUDU HQODFiUFHO\HQYDULDVRFDVLRQHVSDUWLFLSDPRVMXQWRVHQ
DFFLRQHV GHO SDUWLGR \ GH OD 8*7 QR IXH SDUD PL XQD VRUSUHVD HQFRQWUDUOR GHWHQLGR
DOOt FXDQGR \R OOHJXp SRUTXH YHQtD WUDVODGDGR GHO ³WDOHJR´ GH ÈYLOD DO GH
6DODPDQFD࣡
´
³&RPSDUWLPRV EULJDGD FRQ PXFKRV FRPSDxHURV \ DPLJRV HQWUH HOORV WX SDGUH PL
KHUPDQR \ \R GXUDQWH HO ODUJR WLHPSR TXH YD GHVGH HO GH$JRVWRGHKDVWDHO
GH -XQLR HQ TXHQRVOOHYDURQDOFXDUWHOGHLQIDQWHUtDSDUDMX]JDUQRVDWXSDGUHOR
MX]JDURQ FRQ RWURV FRPSDxHURV \ \R IRUPp SDUWH GH RWUD FDXVD \ RWUR MXLFLR DTXHOOD
PDxDQD HO UHVXOWDGR IXH OD FRQGHQD D SHQD GH PXHUWH GH RFKR FRPSDxHURV XQD YH]
TXH HQ OD FiUFHO QRV OH\HURQ OD VHQWHQFLD QRV VDFDURQ GH OD JDOHUtD \ QRV OOHYDURQ D
ODV FHOGDV GH ORV FRQGHQDGRV D SHQD GH PXHUWH IXH XQD FDVXDOLGDG TXH
FRPSDUWLpUDPRV OD PLVPD FHOGD OD Qž WX SDGUH -XDQ &DOYR 0DUWtQ 9DOOHMR
$OEHUWR 0DUWtQ ,VDDF 9LxDOV )pOL[ 3DORPHUR$UFDGLR/XFDVHO³(VWUHFKR´\\RWRWDO
VLHWH SHUVRQDV HQ XQD FHOGD GH GRV $OOt HVWUHFKD \ DPLVWRVDPHQWH FRQYLYLPRV
H[DFWDPHQWH GHVGH HO GtD GH -XQLR KDVWD HO GH 2FWXEUH \ YD\D VL WXYLPRV WLHPSR
SDUDFRQRFHUQRVELHQWRGRV࣡
«´
³(O GtD GH2FWXEUHDODVGLH]GHODQRFKHVRQyHOSLWLGRTXHDQXQFLDEDODDSHUWXUD
GH ORV DOWDYRFHV TXH DQXQFLDEDQ OR VLJXLHQWH ³ORV UHFOXVRV )pOL[ 3DORPHUR 5LYDV
-XDQ &DOYR 0RURQWD,VDDF9LxDOV-LPpQH]\$UFDGLR/XFDV9HODVFRTXHSUHSDUHQVXV
FRVDVDODVRQFHGHODQRFKHHQWUDQHQFDSLOOD´
௙
/D GHVSHGLGD IXH HPRFLRQDQWH \-XDQ6iH]PHFRQWyTXHQXQFDVHOHKDEtDROYLGDGR
OD IUDVH TXH OHV GHGLFy DWRGRVPLSURSLRSDGUHFXDQGRVDOtDSRUODSXHUWDGHODFHOGD\
TXHIXHODVLJXLHQWH௙
࣡
³
࣡&RPSDxHURV«KDVWDODHWHUQLGDG«´
࣡
$O VLJXLHQWH GtD GH 2FWXEUH D ODV VHLV GH OD PDxDQD IXHURQ IXVLODGRV VXV
FRPSDxHURV
3RFDV KRUDV KDEtDQ WUDQVFXUULGR GHO GHVHQODFH GHODGHVSHGLGDFXDQGRVHSUHVHQWDHQ
OD FHOGD Qž HO 'LUHFWRU GHOD3ULVLyQVHGLULJLyDORVWUHVTXHDOOtTXHGiEDPRV\QRV
GLMR ௙
³-XDQ ௙
6iH] &DVDGR $OEHUWR 0DUWtQ 3ULHWR \ 0DUWtQ 9DOOHMR &DVDGR UHFRJHG
YXHVWUDV FRVDV TXH RV LQFRUSRUDLV D YXHVWUD EULJDGD YXHVWUD SHQD GH PXHUWH RV KD
VLGR FRQPXWDGD SRU WUHLQWD DxRV GH SULVLyQ PD\RU࣡
´ -XDQ $OEHUWR \ 0DUWtQ VH
TXHGDURQ GH SLHGUD DTXHOOD PLVPD PDxDQD WXYLHURQ OD GREOH H[SHULHQFLD GH YHU
PDUFKDUVH D ORV FRPSDxHURV KDFLD OD PXHUWH \ SRFR GHVSXpV OD LQHVSHUDGD QRWLFLD TXH
OHVKDFtDUHFREUDUVXSURSLD\YLWDOHVSHUDQ]D
(VWRVDFRQWHFLPLHQWRVIXHURQORVTXHSULPHURPHFRQWyHOFRPSDxHUR-XDQGHVSXpV\
FRPR FRQVHFXHQFLD GHO ODUJR WLHPSR GH UHODFLyQ HQWUDxDEOH \ DPLVWRVD PH KDEUtD GH
QDUUDU PXFKDV FRVDV PDV GH WRGDV WRPp EXHQDV QRWDV \ HQ YDULDV RFDVLRQHV TXH IXH D
FRPSDUWLU PHVD D PL FDVD HO DPLJR -XDQ ELHQ VDEtD OR TXH PH DJUDGDED PH FRQWDUD
DQpFGRWDV VX\DV GH DTXHOOD pSRFD \D OHMDQD ³TXH HO ELHQ FRPSUHQGtD TXH OR TXH PH
FRQWDUD QR VH LED D SHUGHU TXH \R OR UHFRJHUtD \ \D KDEUtD DOJXLHQ TXH DOJ~Q GtD OR
SXEOLFDUD SDUD TXH WRGR HO PXQGR VXSLHUD OH YHUGDG GH OR VXFHGLGR HQ DTXHOORV
WHUULEOHVWLHPSRV«´
࣡
1RWD GHO DXWRU௙
࣡
0X\ OHMRVHVWiEDPRVHO\\R࣡
PLVPR௙
࣡
GHVRVSHFKDU࣡
TXHHQHOWUDQVFXUVR
GHO WLHPSR \ XQ DxR GHVSXpV GH VX PXHUWH VX DPLJR \ FRPSDxHUR /XLVHVFULELUtDFRQ
HO Pi[LPR UHVSHWR SDUD GHMDU HO WHVWLPRQLR GLUHFWR \ RFXOWR TXH pO PH GHVYHOy GH OR
VXFHGLGR PXFKRV DxRV DQWHV HQ DTXHOOD WUiJLFD KLVWRULD QXHVWUD ࣡
DOJXQD GH DTXHOODV
LQWHUHVDQWHV YLYHQFLDV ODV UHSURGXFLUp D FRQWLQXDFLyQ FRQ WRGD OD ILGHOLGDG TXH OD
PHPRULDPHSHUPLWD (QWUH RWUDV OD RSRUWXQLGDG TXH WXYR GH HQFRQWUDUVH FRQ RWUR DPLJR GH OD LQIDQFLD
DPLJR YHFLQR \ FRPSDxHUR ,QRFHQFLR *DUFtD 0DUWtQ ³&KHQFKR´ GRQGH PHQRV OR
HVSHUDED«HQHOFXDUWHOGHOD)DODQJH«
¢4XHWUDWRGDEDQDORVGHWHQLGRVHQGLFKR³FXDUWHO´R³FKHFDIDVFLVWD´
௙
([LVWtDQ GRV DFFHVRV D VX LQWHULRUODSXHUWDSULQFLSDOHQODIDFKDGDTXHFRPXQLFDFRQ
HO 3DVHR GH 6DQ $QWRQLR HVWD SXHUWD HVWDED UHVHUYDGD SDUD ODV YLVLWDVGHDXWRULGDGHVR
SHUVRQDV LQIOX\HQWHV LPSRUWDQWHV HVWDED YLJLODGD FRQ GRV IDODQJLVWDV XQLIRUPDGRV \
DUPDGRV GH IXVLO D OD SXHUWD RWUDSXHUWDFRFKHUD\XQDSXHUWDSHTXHxDDOODGRWDPELpQ
YLJLODGD SRU RWURVGRVFHQWLQHODVIDODQJLVWDVLJXDOPHQWHDUPDGRVFRQIXVLOHVHVWDEDQ\
D~Q HQ OD DFWXDOLGDG WRGDYtD H[LVWHQ HQ HO SDVHR GH 6DQ $QWRQLR SRU DOOt VH DFFHGtD D
OD KXHUWD YDTXHUtD \ DOPDFHQHV FRFLQD \ FDOGHUD GH FDOHIDFFLyQ JHQHUDO GHO HGLILFLR
SRVWHULRUPHQWH FRQ OD FRQVWUXFFLyQ GHO FROHJLR ³6DQ (VWDQLVODR GH .RVWND´\ OD LJOHVLD
³0LODJURGH6DQ-RVp´
(Q OD SXHUWD FRFKHUD VH DSURYHFKy HO KXHFR \ HQ QXHVWURV GtDV H[LVWH XQD SXHUWD GH
DFFHVR DO SDWLR GHO &ROHJLR OD RWUD SXHUWD SHTXHxD H[LVWH LJXDO TXH KDFH VHWHQWD DxRV
SRU pVWDVSXHUWDVHQWUDURQDOJXQRVFLHQWRVGHSHUVRQDVPXFKRVGHORVFXDOHVHQWUDURQ\
MDPiV YROYLHURQ D VDOLU &XDQGR OOHYDEDQ D SLp ORV GHWHQLGRV SHQHWUDEDQ SRU OD SXHUWD
SHTXHxD FXDQGR VH WUDWDED GH DOJ~Q FRFKH FDPLyQ X yPQLEXV DEUtDQ HO SRUWyQ \
HQWUDEDQ ORV YHKtFXORV HO FXDUWHO GH ORV IDODQJLVWDV VH HQFRQWUDED HQ OD SODQWD EDMD GHO
DOD (VWH GHO HGLILFLR DOOt KDEtD XQ DFFHVR GLUHFWR SRU XQD YHQWDQD D OD TXH DEULHURQ
SXHUWD \ FRQVWUX\HURQ XQD HVFDOHUD GH SLHGUD GH DFFHVR GLUHFWR D OD SODQWD EDMD TXH
HVWDED RFXSDGD FRPR FXDUWHO \ GHVSDFKRV SRU ORV IDODQJLVWDV 7DPELpQ RFXSDURQ OD
SDUWH GHO VyWDQR GHO PLVPR DOD GHO HGLILFLR DOOt HVWDEOHFLHURQ ORV FDODER]RV \ WUHV
SHTXHxDV VDODV GRQGH VH LQWHUURJDED D ORV GHWHQLGRV SDUD WRPDUVXVGHFODUDFLRQHVDOOt
HUDQVRPHWLGRVDWRGRWLSRGHKXPLOODFLRQHVYHMDFLRQHV\WRUWXUDV 3XGLPRV HQWHUDUQRV GH FyPR HUD \ IXQFLRQDED DTXHO DQWUR JUDFLDV D OD LQIRUPDFLyQ
UHFLELGD KDFH \D DOJXQRV DxRV GH PL LQROYLGDEOH FRPSDxHUR -XDQ 6iH] &DVDGR
³%DUWROR´ UHFLHQWHPHQWH IDOOHFLGR HO GH -XOLR GH HQ OD 5HVLGHQFLD³6DQ-XDQ
GH 6DKDJ~Q´ D OD HGDG GH QRYHQWD \ WUHV DxRV HO FXDO KDFH DxRV PH UHILULy FyPR IXH
VX GHWHQFLyQ \ RWUDV FLUFXQVWDQFLDV FRQYHUVDFLyQ TXH JUDEp TXH FRQVHUYR \ SDVR D
WUDQVFULELUDFRQWLQXDFLyQ
-XDQ 6iH] &DVDGR \ VX KHUPDQR PD\RU %DUWRORPp PDV TXH SRU VXV QRPEUHV VH OHV
FRQRFtD SRU VX DSRGR GH ³%DUWRORV´ KDELWDEDQ HQ XQD PRGHVWD FDVD TXH KDEtDQ
FRQVWUXLGR FRQ VX SDGUH HQ OD FDOOH $UWXUR 'tH] Qž GHO EDUULR REUHUR GH OD
3URVSHULGDG HQ HUDQ XQRV MyYHQHV \ YDOLHQWHV DFWLYLVWDV SHUWHQHFLHQWHV D OD
-XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV -68 HO GRPLQJR GtD GH -XOLR GH DTXHO DxR
DPERV KHUPDQRV VH OHYDQWDURQ DYDQ]DGD OD PDxDQD \D TXH OD QRFKH DQWHULRU KDEtDQ
HVWDGR SDWUXOODQGR \ FDFKHDQGR SRU ODV FDOOHV GHO EDUULR SRU HOOR QR VH YLHURQ HQ ORV
VXFHVRV GH OD 3OD]D 0D\RU D ODV GRFH GH OD PDxDQD QR REVWDQWH SURQWR OHV OOHJy OD
QRWLFLD GH OR VXFHGLGR \ FRQ WRGD UDSLGH]FDVLFRUULHQGRVHIXHURQORVGRVKHUPDQRVD
ODVHGHGHODV-XYHQWXGHV6RFLDOLVWDV8QLILFDGDV
6HGH TXH VH HQFRQWUDED XELFDGD HQ XQD FDVD VLQJXODU HO Qž GH OD FDOOH GH 6DQ
3DEOR HVTXLQD D OD &XHVWD GH &DUYDMDO OD VLQJXODULGDG KLVWyULFD GH DTXHOOD FDVD HUD
FRQVHFXHQFLD GH TXH DOOt VH FHOHEUy HQ HO VLJOR ;9 OD ILUPD GH OD 3DFLILFDFLyQ GH ORV
%DQGRVDLQVWDQFLDVGH6DQ-XDQGH6DKDJ~Q
(Q HO GHYHQLU GH ORV WLHPSRV OD DOTXLODURQ ORV MyYHQHV VRFLDOLVWDV GH OD FLXGDG \ DOOt
WHQLDQ VX OXJDU GH UHIHUHQFLD $OOt VH GLULJLHURQ ORV GRV KHUPDQRV %DUWRORV \ DOOt VH
HQFRQWUDED XQQ~PHURLPSRUWDQWHGHFRPSDxHURV\DOJXQDFRPSDxHUDORVFRPHQWDULRV
HUDQ XQiQLPHV WUHPHQGDPHQWH SUHRFXSDGRV SRU OD VLWXDFLyQ TXH VH DYHFLQDED KDEtD
TXH KDFHU IUHQWH D OD VLWXDFLyQ SRU HO JROSH GH (VWDGRGHORVPLOLWDUHV\VXSXHVWDPHQWH
GH OD GHUHFKD SHUR QHFHVLWDEDQ DUPDV \ HQWUH WRGRV QR MXQWDEDQ PDV GH WUHV R FXDWUR
SLVWRODV FRQ HOODV KDEtD TXH KDFHU IUHQWH QDGD PDV \ QDGD PHQRV TXH DO HMpUFLWR ORV
MyYHQHV HVWDEDQ LQGLJQDGRV SRU ORV FUtPHQHV GH OD 3OD]D 0D\RU\ORPDOTXHVHYHtDOD
VLWXDFLyQHQ6DODPDQFD
$QWHUR 3HUH] 5RGUtJXH] VHFUHWDULR SHUVRQDO GH 0DQVR DVXPLy OD GLUHFFLyQ GHO
FROHFWLYR MXYHQLO \ DFRUGDURQ UHFRJHUVH HQ VXV FDVDV VHFXQGDU OD KXHOJD JHQHUDO TXH
FRPHQ]DUtD HO GtD VLJXLHQWH \ TXHGDURQ HQ YHUVH DTXHOOD PLVPD WDUGH GHO GRPLQJR HQ
OD FDVD GHO JXDUGD GH OD $OGHKXHOD GH ORV *X]PDQHV OXJDU GLVFUHWR SDUD LQLFLDU GHVGH
DOOt VXV DFWXDFLRQHV DVt OR KLFLHURQ XQ EXHQ Q~PHUR GH FRPSDxHURV\HQOD$OGHKXHOD
FRPHQWDURQ OD UHDOLGDG GH OD GLItFLO VLWXDFLyQ TXH VH REVHUYDED VH KDEOy WDPELpQ GH
TXH QR VHUtD PDOD FRVD KXLU GH 6DODPDQFD WDO FRPR VH YHtD OD VLWXDFLyQ H LQWHJUDUVH DO
HMpUFLWR UHSXEOLFDQR HQ 0DGULG KDEtD RSLQLRQHV SDUD WRGRV ORV JXVWRV D DOJXQR OH
SDUHFtD ELHQ LQWHJUDUVH DO HMHUFLWR OHDO D OD 5HS~EOLFD RWURV HVFRQGHUVH GRQGH QR ORV
FRJLHUDQ \ RWURV ORV PHQRV OXFKDU EXVFDQGR HVFRSHWDV GH FD]D \ PDV DUPDV SRUTXH
FRQ ODV TXH WHQtDQ HUD LPSRVLEOH SUHVHQWDU FDUD D ORV IDODQJLVWDV VROGDGRV \ JXDUGLD
FLYLO VRODPHQWH FRQILDEDQ HQ OD *XDUGLD GH $VDOWR SHUR D HOORV QR OHV KDEtD OOHJDGR
QLQJ~QVLJQRGHTXHSHUPDQHFLHUDQILHOHVDO*RELHUQR
/D GHVSHGLGD GHVGH OD $OGHKXHOD IXH GHVHiQGRVH VXHUWH XQRV D RWURV \ FDGD XQR VH
UHWLUy\DGHQRFKHSURFXUDQGRQRORVYLHUDQDOOOHJDUDVXVFDVDV
$O GtD VLJXLHQWH QR IXHURQ DO WUDEDMR SHUR VHJ~Q PH FRQWy -XDQ VH YLHURQ HQ HO EDU
TXH WHQtD HO SDGUH GH ,VDDF 9LxDOV HQ HO Qž GHO 3DVHR GHO 5ROOR DOOt HQ XQ SHTXHxR
FXDUWR UHVHUYDGR IUDJXDURQ OD KXLGD KDFLD 0DGULG FXDWURFRPSDxHURV\DPLJRV,VDDF
9LxDOV -LPpQH] $OEHUWR 0DUWtQ 3ULHWR -XDQ 6iH] &DVDGR \ 0DUWLQ 9DOOHMR &DVDGR
WRPDURQ OD GHWHUPLQDFLyQ GH HVFDSDU GH 6DODPDQFD \ PDUFKDUVH D 0DGULG \ DOOt
LQWHJUDUVHDOHMHUFLWROHDODOD5HS~EOLFD
,VDDF OHV KDEOy GH TXH DTXHOOD PDxDQD VH KDEtD HQFRQWUDGR HQ HO $UUDEDO FRQ XQ
DPLJR GH 6DQWD 0DUWD OODPDGR 5XEpQ1XxRHOFXDODOGLDVLJXLHQWHVDOtDGHYLDMHDXQ
SXHEORGHÈYLODDODVVLHWHGHODPDxDQD\SRGtDOOHYDUDFXDWURSHUVRQDVKDVWD$YHLQWH
TXH GHVGH DOOt VRODPHQWH WHQtDQTXHDQGDUYHLQWHNLOyPHWURVKDVWDÈYLOD\TXHHQÈYLOD
SRGUtDQ HQFRQWUDU DOJ~Q PHGLR SDUD LU D 0DGULG £TXH IiFLO OHV SDUHFLy ODSURSXHVWD
/RTXHOHVVXFHGLyIXHPX\GLIHUHQWH
(UD XQD DYHQWXUD SHUR KDEtD TXH LQWHQWDUOR %DUWRORPp HO KHUPDQR GH -XDQ D~Q
HQWHUDGR GHO SODQ QR VH DWUHYLy D PDUFKDUVH ORV FXDWUR FRPSDxHURV TXHGDURQ SDUD HO
GtD VLJXLHQWH PDUWHV HQ &XDWUR &DPLQRV D ODV VHLV GH OD PDxDQD TXH OOHYDUD FDGD
XQR VX FpGXOD GH LGHQWLILFDFLyQ \ VL VH HQFRQWUDEDQFRQDOJXQDSDUHMDGHVROGDGRVTXH
GLMHUDQ TXH LEDQ D WUDEDMDU D XQD REUD D6DQWD0DUWDTXHDXQTXHKDEtDKXHOJDJHQHUDO
HOORV QR TXHUtDQ KXHOJD \ WUDEDMDEDQ HQ XQD REUD VDOLHURQ DQGDQGR ORV FXDWUR
GLULJLpQGRVH D OD $OGHKXHOD HUD YHUDQR \ HO UtR HVWDED PHGLR VHFR SDVDURQ SRU OD LVOD
GHO VRWR D 6DQWD 0DUWD DOOt KDELDQ TXHGDGR FRQ 1XxR HQ YHUVH IUHQWH D OD LJOHVLD GH
6DQWD0DUWDDODVVLHWH
&RQ SRFRV PLQXWRV GH UHWUDVR OOHJDURQ D OD FLWD FRQ 1XxR VLQ KDEHUVH HQFRQWUDGR
FRQ VROGDGRV R IDODQJLVWDV 9DOOHMR ,VDDF $OEHUWR \ -XDQ VXELHURQ DO FRFKH ,VDDF
GHODQWH FRQ HO FRQGXFWRU \ ORV RWURV WUHVGHWUiVGXUDQWHHOYLDMHQDGLHOHVSDUyDOSDVDU
SRU3HxDUDQGDHUDQODVKRUDVORTXHVLOHVOODPyVXDWHQFLyQTXHDSHQDVVHYHtDD
QDGLH SRU ODV FDOOHV SDUDURQ HQ XQ YHQWRUUR D OD VDOLGD GHO SXHEOR D WRPDU XQ FDIp GH
UHFXHOR DOOt HVWDED XQD SDUHMD GH OD JXDUGLD FLYLO TXH SLGLy VH LGHQWLILFDUDQ OR TXH
KLFLHURQ FRQ WRGD QRUPDOLGDG \ OHV SUHJXQWDURQ GyQGH LEDQ 5XEpQ OHV GLMR D ORV
JXDUGLDV ௙
³TXH HUD PDHVWUR GH REUDV \ HVWDED FRQVWUX\HQGR XQD FDVD HQ $YHLQWH TXH
OOHYDED D VXV ௙
FXDWUR REUHURV XQ RILFLDO XQ D\XGDQWH \ GRV SHRQHV D WUDEDMDU SRUTXH
HVWRV FKLFRV QR TXHUtDQ VDEHU QDGD GH KXHOJDV HUDQ HVTXLUROHV \ DIHFWRV DO
0RYLPLHQWR«"´ ORV JXDUGLDV UHFRPHQGDURQ D 5XEpQ ௙
³TXH OD SUy[LPDYH]SLGLHUDHQ
6DODPDQFD HQ OD FRPDQGDQFLD GH OD 3OD]D GH &ROyQ XQ VDOYRFRQGXFWR \ QR WHQGUtDQ
QLQJ~Q SUREOHPD´ HO WHPRU D ODV GHWHQFLRQHV WHQtD VRMX]JDGDV D ODV JHQWHV OD KXHOJD
JHQHUDO WDPELpQ LQIOXtD SHUR FXULRVDPHQWH HQ WRGR HO YLDMHQRWXYLHURQPDVLQFLGHQWHV
TXH HO QDUUDGR QL VH HQFRQWUDURQ FRQ OD SROLFtD YLJLODQWH GH FDUUHWHUDV QL PDV JXDUGLD
FLYLO D ODV  K OOHJDEDQ D $YHLQWH DOOt VH GHVSLGLHURQ GH 5XEpQ TXH QR TXLVR
FREUDUOHV QDGD \ FRQWLQXDURQ D SLH ORV YHLQWH NLOyPHWURV KDVWD ÈYLOD HUD XQD SDOL]D
SHUR OD LOXVLyQ GH OOHJDU D 0DGULG \ OD MXYHQWXG GH ORV FXDWUR SRGtD FRQ WRGR FXDQGR
REVHUYDURQ D OR OHMRVODVPXUDOODVGHÈYLODDXQRVRFKRNLOyPHWURVSDUDURQMXQWRDXQD
IXHQWH DEHEHUDJXD\GHVFDQVDUDOOtKLFLHURQDUTXHRGHOGLQHURTXHOOHYDEDQ\MXQWDURQ
FXDUHQWD \ WUHV SHVHWDV TXH FRPR EXHQRV DPLJRV UHSDUWLHURQ D SDUWHV LJXDOHV
QXHYDPHQWH UHHPSUHQGLHURQ OD PDUFKD FRPHQWDQGR \ HVSHUDQGR TXH OD VXHUWHVLJXLHUD
D\XGiQGROHV DO OOHJDU DO OXJDU GH ODV &XDWUR &ROXPQDVOHVVRUSUHQGLyXQDSDUHMDGHOD
JXDUGLD FLYLO TXH OHV SUHJXQWy TXLHQHV HUDQ \ TXH VH LGHQWLILFDUDQ OR TXH KLFLHURQ GH
LQPHGLDWR OHV GLMHURQ OR FRQVDELGR TXH LEDQ EXVFDQGR WUDEDMR SHUR ORVJXDUGLDVQRVH
ILDEDQ \ PLUDEDQ KDFLD HO YHQWRUUR TXH KDEtD HQIUHQWH GH GLFKR EDU VDOLHURQ FXDWUR R
FLQFR MyYHQHV YHVWLGRV FRQ FDPLVDV D]XOHV WUHV GH HOORV OOHYDEDQIXVLOHVWRGRHOJUXSR
FRQ FRUUHDMH \ SLVWROD DO FLQWR TXH FRQWULEX\HURQ D VROLYLDQWDU HO WHPD GLFLHQGR TXH
HUDQ ³௙
URMRV TXH KXtDQ GH ௙
6DODPDQFD«࣡
´࣡
TXH ORV GHWXYLHUDQ \ ORV HQWUHJDUDQ HQ OD
&RPLVDUtD GH 3ROLFtD R HQ HO FXDUWHO GH OD JXDUGLD FLYLO FRPR DVt OR KLFLHURQ
$FRPSDxDGRV ORV JXDUGLDV FLYLOHV SRU ORV GHODWRUHV IXHURQ FRQGXFLGRV D OD&RPLVDUtD
GRQGH ORV HQFHUUDURQ HQ XQ FDODER]R DOOt GXUPLHURQ DTXHOOD QRFKH KDVWD DO GtD
VLJXLHQWH QR OHV WRPDEDQ GHFODUDFLyQ DTXHO GtD \D KDEtD PDV GHWHQLGRV FRPR HOORV
HUDQ DEXOHQVDVSHURDOGtDVLJXLHQWHPLpUFROHVGtDDSDUWLUGHODVGLH]GHODPDxDQD
HPSH]DURQ D OOHJDU GHWHQLGRV KDVWD VDWXUDU ORV FDODER]RV HUDQ VRFLDOLVWDV DEXOHQVHV
TXH LEDQ FD\HQGR HQ ODV JDUUDV GH ORV JROSLVWDV HVD HUD XQD SUXHED FRQWXQGHQWH FRQ
UHVSHFWR D FyPR HVWDED OD VLWXDFLyQ HQ ÈYLOD FDSLWDO 0LHQWUDV WDQWR QXHVWURV DPLJRV
QR VDEtDQ TXH LED D VHUGHHOORVQRWHQtDQQDGDSDUDFRPHUDJXDVRODPHQWH\JUDFLDVD
XQERWLMRGHEDUURTXHOHVIDFLOLWDURQ
(O GtD WDPSRFR VH RFXSDURQ GH HOORV DOOt OOHJDEDQ PDV GHWHQLGRV GH ORV SXHEORV
SUy[LPRV D ÈYLOD JUDFLDV D OD VROLGDULGDG GH ORV GHWHQLGRV SXGLHURQ FRPHU DOJR
RIUHFLGRSRUORVTXHHUDQGHODFDSLWDOVXVIDPLOLDVOHVOOHYDEDQODFRPLGD
3RU ILQ HO GtD XQR D XQR SULPHUR \ GHVSXpV HQ XQ FDUHR DO JUXSR OHV WRPDURQ
GHFODUDFLyQ XQD YH] FRQFOXLGD HQ XQD FDPLRQHWD \ HVWUHFKDPHQWH YLJLODGRV ORV
WUDVODGDURQDOD3ULVLyQ3URYLQFLDOGHÈYLODSHQGLHQWHVGHVXWUDVODGRD6DODPDQFD
0HQRV PDO TXH OOHJDURQ D OD SULVLyQ D OD KRUD GH FRPHU OR TXH VLJQLILFy VX SULPHUD
FRPLGD GH UDQFKR HUD WDQWD HO KDPEUH TXH OOHYDEDQ TXH HO VRSLFDOGR TXH OHV GLHURQ
OHV VXSR D JORULD LJXDO TXH XQDV DOEyQGLJDV FRQ XQ VDERU PX\ UDUR TXH SHVH D WRGR
HQJXOOHURQ HVWH IXH HO SULPHU PHQ~ FDUFHOHUR TXH GHJXVWDURQ $OOt FRPHQ]DED RWUD
SDUWH GH OD RGLVHD TXH KDEtDQ GH SDVDU SHUR TXH DOJ~Q WLHPSR GHVSXpV FRQWLQXDUtD HQ
6DODPDQFD HQ OD FiUFHO QXHYDPHQWH WXYLHURQ TXH LGHQWLILFDUVH DQWH XQ IXQFLRQDULRHQ
OD HQWUDGD D OD SULVLyQ DVLPLVPR OHV DQXQFLDURQ TXH VHUtDQ UHJUHVDGRV D VX OXJDU GH
RULJHQ
-XVWDPHQWH KDFtD XQ PHV GH FXDQGR ORV GHWXYLHURQ \ SUHFLVDPHQWH HO GtD GH
$JRVWR D ODV GLH] GH OD PDxDQD OHV DQXQFLDURQ TXH VH SUHSDUDUDQ ,VDDF 9LxDOV -XDQ
6iH] \ 0DUWtQ 9DOOHMR SRUTXH PHGLD KRUD GHVSXpV ORV WUDVODGDUtDQ D OD FiUFHO GH
6DODPDQFD D $OEHUWR 0DUWtQ OR WUDVODGDUtDQ D RWUR VLWLR XQFDPLyQFRQFLQFRJXDUGLDV
FLYLOHV ORV HVSHUDED D OD SXHUWD GH OD FiUFHO FRQ JULOOHWHV HQ ODVPXxHFDVHQHOFDPLyQ
OHV SXVLHURQ RWURV HQ ORV WRELOORV \ VHQWDGRV HQ HO VXHOR GH OD FDMD KLFLHURQ HO YLDMHXQ
YLDMH TXH VH OHV KL]R FRUWR WDO HUD HO GHVHR TXH ORV FXDWUR WHQtDQ GH UHJUHVDU D
6DODPDQFD SUHFLVDPHQWH IXH XQD FDVXDOLGDG TXHOOHJDUDQDODFiUFHOGH6DODPDQFDDOD
KRUD GH OD FRPLGD GHO UDQFKR HO SULPHUR TXH -XDQ YLy DO HQWUDU DO SDWLR IXH D VX
KHUPDQR %DUWROR DO FXDO VH DEUD]y HIXVLYDPHQWH HQ OD JDOHUtD GRQGH ORV XELFDURQ VH
HQFRQWUDURQ FRQ PXOWLWXG GH FRPSDxHURV \ DPLJRV ORV TXH LQPHGLDWDPHQWH OHV
IDFLOLWDURQ VX D\XGD \ DSR\R QR FDUHQWH GH LQIRUPDFLyQ GH ORV KRUURUHV VXIULGRV SRU
XQRV \ RWURV OD GHVDSDULFLyQ GH DOJXQRV DPLJRV HQWUH HOORV 0DQVR\3ULHWR&DUUDVFR
HUDQORVPDVVLJQLILFDGRV\\DVHFRPHQWDEDTXHORVKDEtDQDVHVLQDGR
/OHYDEDQDOJXQRV GtDV-XDQMXQWRDVXKHUPDQR%DUWRORHQODSULVLyQGH6DODPDQFD\
FyPR DPERV HUDQ YHFLQRV \ DPLJRV GH ,QRFHQFLR *DUFtD ³&KHQFKR´ VH YLHURQ
VRUSUHQGLGRV SRU OD OODPDGD D ³FRQVXOWD´ GH OD SROLFtD GRV SROLFtDV DFRPSDxDGRV SRU
GRV IDODQJLVWDV XQLIRUPDGRV D ORV TXH QR FRQRFtDQ GH QDGD OHV HVSHUDEDQ HQ XQD
KDELWDFLyQ GH OD SULVLyQ D OD IXHU]D WHQtDQ TXH VDEHU \ GHFLUOHV GyQGH VH KDOODED
HVFRQGLGR HO &KHQFKR RVLVDEtDQTXHKXELHUDHVFDSDGRGH6DODPDQFD\DGRQGHKDEUtD
LGR ௙
³QR VDEHPRV QDGD´´QR VDEHPRV QDGD´࣡
HUDODPDVDEVROXWDYHUGDGQLQJXQRGH
ORV GRV KHUPDQRV VDEtD QDGD GH OD UHDOLGDG GH GyQGHHVWDUtDHODPLJR\FRPSDxHURQL
HQ TXH VLWXDFLyQ VH HQFRQWUDUtD VX DPLJR HO OtGHUVRFLDOLVWDGHORVREUHURVHQODIiEULFD
0LUDW OR FRQRFtDQ PX\ ELHQ HUDQ YHFLQRV DPLJRV \ FRPSDxHURV KDEtDQ FRPSDUWLGR
VX MRYHQ YLGD LQFOXVR LGR MXQWRV D OD HVFXHOD GH OD 3URVSHULGDG \ VH KDEtDQ KHFKR
KRPEUHV DO PLVPR WLHPSR DXQTXH GH HGDG HUD FLQFR DxRV PD\RU SHQVDEDQ LJXDO TXH
pO \ HUDQ PLOLWDQWHV GH MXYHQWXGHV VRFLDOLVWDV FRVD TXH QR QHJDURQSHURHUDFLHUWRTXH
QR VDEtDQ QDGD GH pO \ VL OR KXELHUDQ VDELGR WDPSRFR OH KDEUtDQ GHODWDGR OHV
JROSHDURQ D ORV GRV KHUPDQRV GiQGROHV JXDQWD]RV HQHOURVWUROHVWLUDEDQIXHUWHPHQWH
GH ODV RUHMDV \ GH OD FDEH]D OHV DUUDQFDEDQ PHFKRQHV GH FDEHOOR QR IDOWDURQ YLROHQWRV
SXxHWD]RV DO FXHUSR KDVWD TXH DO YHU HO HVFDVR UHVXOWDGR GH VXV SUHJXQWDV ORV
GHUULEDURQ DO VXHOR \ FRPHQ]DURQ FRQ XQD VHULH GH SDWDGDV KDVWD TXH SRU OD SXHUWD GH
OD KDELWDFLyQ GRQGH VH KDOODEDQ VH SUHVHQWy RWUR YHUGXJR SRVLEOHPHQWH WDPELpQ
SROLFtDTXHGLMR௙
³
௙YHUpLV௙
FyPRFDQWDQHVWRVFDEURQHVURMRV´࣡
(QVXPDQROOHYDEDXQD
YHUJD GH WRUR \ HPSH]y D JROSHDUOHV FRQ IXULD FDQVDGRV SRU HO HVIXHU]R ItVLFR ORV
YLROHQWRV DJHQWHV GLHURQ SRU WHUPLQDGR HO LQWHUURJDWRULR VDQJUDQGR WUHPHQGDPHQWH
PDOWUHFKRV \ GRORULGRV ORV DUUDVWUDURQ KDVWD OD HQIHUPHUtD GH OD SULVLyQ DOOt ODYDURQ \
FXUDURQ D ORV GRV KHUPDQRV RWURV FRPSDxHURV GH LQIRUWXQLR OHV D\XGDURQ GXUDQWH ORV
GtDV TXH HVWXYLHURQ DPERV HQ OD HQIHUPHUtD SHVH D ORV GRORUHV VXIULGRV OHV YDOLy SDUD
UHFXSHUDUIXHU]DV
3DUD ORV KHUPDQRV ³%DUWROR´ FRPHQ]DED VX WUDJHGLD SHUVRQDO FXUDGRV GH VXV
OHVLRQHV ORV LQFRUSRUDURQ D OD JDOHUtD FRUUHVSRQGLHQWH \ DOOt VH UHHQFRQWUDURQ FRQ XQD
JUDQ FDQWLGDG GH FRPSDxHURV WRGRV XQRV WUHVFLHQWRV SUHVRV VHDFHUFDURQDDEUD]DUOHV
\ VH DOHJUDURQ GHVXUHJUHVRSRUTXHDOOtKXERUXPRUHVTXHORVKDEtDQ³VDFDGR´\QRHQ
OLEHUWDG SUHFLVDPHQWH VX FRQYLYHQFLD FRQ HO UHVWR GH ORV GHWHQLGRV DQWHV \D HUD PX\
EXHQD SHUR FXDQGR VH HQWHUDURQ GH OR TXH KDEtDQ SDVDGR HQ HO LQWHUURJDWRULR D~Q IXH
PHMRU FRPSDUWtDQ SDUWH GH VX FRPLGD TXH WRGRV ORV GtDV OHV OOHYDED VX PDGUH FRQ
RWURV FRPSDxHURV TXH QR WHQtDQ OD PLVPD VXHUWH \D TXH HO UDQFKR TXH UHFLEtDQ HUD
LQFRPHVWLEOH ORV FRPHQWDULRV TXH WHQtDQ HQWUH ORV SUHVRV FDVL VLHPSUH HUD GH OR
PLVPR OD PDUFKD GH OD JXHUUD \ OD SURSLD VLWXDFLyQ GH FDGD XQR HQ WRGR FRLQFLGtDQ
UHFRQRFtDQ TXH QR KDEtDQ SDUWLFLSDGR HQ KHFKRV YLROHQWRV LQFOXVR TXH DXQ
UHFRQRFLpQGRVH UHSXEOLFDQRV \ VRFLDOLVWDV HOOR QR HUD PRWLYR SDUD SUHRFXSDUVH
GHPDVLDGR QL VHQWLUVH FXOSDGRVGHQDGDHUDHOFRQYHQFLPLHQWRGHVXSURSLDLQRFHQFLD
SHUR SHVH D HVDV SURSLDV FRQVLGHUDFLRQHV VH IXHURQ HQWHUDQGR D WUDYpV GHORVUXPRUHV
FLUFXODQWHV GH ORV DVHVLQDWRV LQFRQWURODGRV TXH VH YHQtDQ SURGXFLHQGR GHODVVDFDVGH
PXFKRV FRPSDxHURV \ DPLJRV LQFOXVLYH LJXDOHV R PX\ SDUHFLGRV D HOORV TXH QR
YROYLHURQDYHU
3RU OD QRFKH DQWHV GH WRFDU VLOHQFLR ORV DOWDYRFHV QRPEUDEDQ D ORV TXH HQWUDEDQ HQ
FDSLOOD SDUD TXH DOOt GHQWUR WXYLHUDQ TXH VRSRUWDU HO FRQWUDGLFWRULR WHPD TXH SRU
LPSRVLFLyQ WHQHU TXH RtU OD SHURUDWD GHO FXUD EULQGiQGROHV ODVDOYDFLyQGHODOPDHUDQ
SRFRV ORV TXH OD DFHSWDEDQ OD PD\RUtD ORV UHFKD]DEDQ UHVXOWDED YHUGDGHUDPHQWH
SDUDGyMLFR \ SDWpWLFR TXH SHUVRQDV TXH QR KDEtDQ FRPHWLGR PDV GHOLWR TXH FUHHU HQ OD
,JXDOGDG 'HPRFUDFLD \ /LEHUWDG WXYLHUDQ TXH DJXDQWDU TXH OHV KDEODUDQ GH OD YLGD
HWHUQD" FXDQGR OD ~QLFD YLGD TXH WHQtDQ WDQ DGYHUVD OHV KDEtD UHVXOWDGR KDELHQGR
VXIULGR \ WUDEDMDGR H[SORWDGRV PLVHUDEOHPHQWH OHV HUD DUUHEDWDGD WDQ LQMXVWD \
FUXHOPHQWH XQD QRFKH OD ~OWLPD GH VXV YLGDV VLQ GRUPLU VLQ JDQDV WDQ VLTXLHUD GH
UHSRVDU VDEtDQ TXH D OD PDGUXJDGD XQRV D OD VHLV GH OD PDxDQD RWURV D ODV VHLV \
WUHLQWD HO SHORWyQ GH IXVLODPLHQWR DFDEDUtD FRQ VXV YLGDV DOOt TXHGDUtDQ WRGRV VX
UHFXHUGRV \ DIHFWRV ORV GH VXV SDGUHV GH VXV KHUPDQRV VXV QRYLDV VXV PXMHUHV VXV
KLMRV«YD\D VL VDEtDQ OR TXH OHV HVSHUDED \ WRGR DTXHOOR OR TXH VLJQLILFDULD SDUD VXV
YLGDV \ SDUD HO IXWXUR GH VXV IDPLOLDV DVt TXH HV PX\ KXPDQR TXH HO WHPRU LQXQGDUD
VXV FHUHEURV HUD OD QRFKH TXH VDEtDQ ORV OOHYDED D OD QRFKH HWHUQD« OD PHQRV
SHQVDGD FRQ WRGD VHJXULGDG GHVGH TXH R\HUDQ VXQRPEUHSRUHODOWDYR]VHUtDSDUDVX
FHUHEUR XQ YHUGDGHUR ³PD]D]R´ TXH WHUULEOHPHQWH DQXODED VX VHQVLELOLGDG KDFLD
FXDOTXLHU IXWXUR \ TXH ORV LED D WUDQVSRUWDU D OD GHILQLWLYD VLWXDFLyQ LUUHYHUVLEOH GH OD
HWHUQLGDG
$Vt TXH GH SODFLGH] QDGD HUD LPSRVLEOH OD WUDQTXLOLGDG VREUH WRGRV ORV PHVHV GH
$JRVWR \ 6HSWLHPEUH IXHURQ XQRV PHVHV PDOGLWRV WRGRV ORV GtDV XQRV DQWH HOSHORWyQ
GH IXVLODPLHQWR \ RWURV ³SDVHDGRV´ VH KL]R KDELWXDO HO FRPHQWDULR \D TXH QR WRGRV
SDVDEDQ SRU ODFDSLOODDRWURVOHVDQXQFLDEDQHOWUDVODGRD%XUJRVRD3DPSORQD\HQOD
SULVLyQ QR WDUGDURQ HQ FRQRFHU TXH QXQFD OOHJDEDQ D VX GHVWLQR LQFOXVR KXER FDVRV
TXH OHV DQXQFLDEDQ OD OLEHUWDG \ DO VDOLU D OD FDOOH ORV HVSHUDEDQ GRV FDPLRQHV XQR
FDUJDGR GH IDODQJLVWDV TXH VH UHSDUWtDQ ORV SUHVRV \ ORV OOHYDEDQ D ORV PDWDGHURV
SUHYLVWRV /D 2UEDGD $UD~]R *DUJDEHWH HWF $ SHVDU GH OR LQIRUPDGR SRU -XDQ
6iH] HVWRV KHFKRV ORV KHPRV SRGLGR FRQVWDWDU GRFXPHQWDOPHQWH HQYDULRVFDVRVSHUR
YR\DUHODWDUXQKHFKRHQHOTXH-XDQVHYLRLQYROXFUDGR
1R PH SXGR SUHFLVDU OD IHFKD VRODPHQWH UHFRUGDED TXH HUD XQR GH ORV ~OWLPRV GtDV
GHO PHV GH2FWXEUHGHOOHYDEDQYDULRVGtDVGHOOXYLDLQWHQVD\VHGHMDEDVHQWLUXQ
IUtR TXH SHQHWUDED HQ ORV KXHVRV D ODV VHLV GH OD PDxDQD WRFDEDQ GLDQD KDEtD TXH
OHYDQWDUVH \ DVHDUVH SURQWRFRUULHQGRDSLxDGRVMXQWRDO³DEUHYDGHUR´DVLGHQRPLQDEDQ
OD ODUJD ILOD GH JULIRV GH DJXD SDVDU OLVWD IRUPDGRV HQ HO SDWLR \ D ODV RFKR OHV GDEDQ
DOJR TXH VH SDUHFtD DO FDIp QHJUR SHURDTXHOGtDXQIXQFLRQDULRGHSULVLRQHVVHDFHUFy
D -XDQ FXDQGR HVWDED D OD ³FROD GHO FDIp´ MXQWR D VX KHUPDQR VH GLULJLy D pO \ OH
FRPXQLFy ³¢WX HUHV -XDQ 6iH]"9HQWH FRQPLJR TXH WHQHPRV TXH KDFHU XQDV
GLOLJHQFLDV´ VX KHUPDQR %DUWROR SLGLy DFRPSDxDU D VX KHUPDQR SHUR GLFKR
IXQFLRQDULR OH GLMR TXH HO GLUHFWRUOHKDEtDRUGHQDGRTXHOOHYDUDD-XDQVRODPHQWHTXH
HVWXYLHUDWUDQTXLORTXHSURQWRYROYHUtD
(Q OD DQWHVDOD DQWHULRU DO GHVSDFKR GHO GLUHFWRU GH OD 3ULVLyQ OHV HVSHUDEDpVWH\GRV
SROLFtDV GH SDLVDQR OH KLFLHURQ ILUPDU OD VDOLGD FRORFDURQ XQRV JULOOHWHV HQ ODV
PXxHFDV GH -XDQ \ GHVGH DOOt VDOLHURQ KDVWD HO FRFKH TXH ORV HVSHUDED HQ HO SRUWDO \D
TXHLEDQDKDFHUXQDV³GLOLJHQFLDVGH௙
U࣡
HFRQRFLPLHQWR´ ࣡
3HVH D OD ࣡
OOXYLD \ HO IUtR TXH KDFtD ࣡
OD VDOLGD D OD FDOOH HQ HO FRFKH GRQGH VXELHURQ
GHQWUR GHO SRUWDOyQ LQWHULRU GH OD FiUFHO D QXHVWUR DPLJR -XDQ OH HPRFLRQy \ OH KL]R
FRQFHELU GHQWUR GH VXV VHQWLPLHQWRV HQFRQWUDGRVXQDHPRFLRQDGD\H[WUDxDVHQVDFLyQ
LQH[SOLFDEOHDSHVDUGHHVWDUGHVSLHUWR\ELHQGHVSLHUWRVRxyFRQODOLEHUWDG (O FRFKH WRPy OD GLUHFFLyQ GH OD FLXGDG ³%DUWROR´ SUHJXQWy GRQGH LEDQ OH
FRQWHVWDURQ TXH SURQWR OR VDEUtD DO OOHJDU DO 3DVHR GH &DQDOHMDV WRPDURQ OD GLUHFFLyQ
GHO 3DVHR GH 6DQ $QWRQLR \ SURQWR SXGR FRPSUREDU TXH VH GLULJtDQ DO FXDUWHO GH OD
IDODQJH HQWUDURQ FRQ HO FRFKH SRU OD SXHUWDGHORVFDUURVGRQGHKDEtDXQDJDULWD\GRV
FHQWLQHODV IDODQJLVWDV FRQ FDSRWHV \ XQLIRUPDGRV DUPDGRV GH IXVLOHV %DMDURQ GHO
FRFKH \ OH LQWURGXMHURQ SRU OD HVFDOHUD H[WHULRU HQ OD SODQWD EDMD GHO HGLILFLR DOOt ORV
HVSHUDED XQ IDODQJLVWD TXH -XDQ FRQRFtDGHYLVWDHUDXQMHIHGHORVIDODQJLVWDVOODPDGR
$EHO 0D\RUJD ORV SROLFtDV KDEODURQ DSDUWH FRQ pO \ -XDQ SXGR REVHUYDU TXH DO WDO
0D\RUJD QR OH JXVWy OD ³GLOLJHQFLD´ TXH ORV SROLFtDV SUHWHQGtDQ KDFHU DXQTXH
KDEODEDQ HQWUH HOORV -XDQ REVHUYy TXH XQR GHORVSROLFtDVKL]RYDULDVYHFHVDOXVLyQDO
-XH] FRPDQGDQWH PLOLWDU TXH ORV HQYLDED \DOILQHOPLVPR0D\RUJDGLMR³2VDVHJXUR
TXH TXLHQ EXVFiLV HV HO TXH YDLV D UHFRQRFHUSHUR DOOi YRVRWURVKDFHU OR TXH RV KDQ
PDQGDGRYDPRV´
࣡
6H GLULJLHURQ DO SDVLOOR \ EDMDURQ SRU XQDV HVFDOHUDV DO VyWDQR RWUR DPSOLR \ ODUJR
SDVLOOR GRQGH VH HQFRQWUDED XQ QXPHURVR JUXSR GH IDODQJLVWDV TXH FXULRVRV ORV
PLUDEDQ FRQ H[WUDxH]D (O 0D\RUJD IXH GLUHFWR D XQ FDODER]R \ FRQ XQ PDQRMR GH
OODYHVDEULyXQFDQGDGR\XQDFHUUDGXUD
3XOVy HO LQWHUUXSWRU GH OD OX] XQD OiPSDUDPRUWHFLQDGHHVFDVDYLVLELOLGDGDOXPEUDED
WpWULFDPHQWH OD HVWDQFLD \ VH HQFRQWUDURQ XQD WHUULEOH VRUSUHVD DOOtHQDTXHOODHVWDQFLD
HQ XQ ULQFyQ DOODGRGHODYHQWDQDTXHGDEDDOSDWLRWLUDGRHQHOVXHORVREUHXQDVXFLD
FROFKRQHWD HVWDED HO FXHUSR HQFRJLGR GH XQD SHUVRQD HVWDED YXHOWR VREUH HO ODGR
GHUHFKR GH FDUD D OD SDUHG \ VH TXHMDED GH ORV GRORUHV TXH SDGHFtD HO 0D\RUJD VH
DFHUFy \ FRQ XQ SLp FDO]DGR FRQ ERWDV DOWDV UHOXFLHQWHV OH JROSHy OHYHPHQWH DO QR
UHVSRQGHU HO KHULGR FRQ EUXVTXHGDG \ IXURU FRQ OD PLVPD SLHUQD TXH OH JROSHy OH
YROYLyEUXVFDPHQWHGHFDUDDORVYLVLWDQWHV
(O SROLFtD TXH OOHYDED OD YR] FDQWDQWH VH GLULJH D -XDQ \ OH GLFH ௙
³6iH] QR QRV
HQJDxHV \ GLQRV ³¢pVWH KRPEUH HV ,QRFHQFLR *DUFtD ³(O &KDQFKR´"´ -XDQ
WHPHURVR VH DFHUFy \ OR PLUy GHWHQLGDPHQWH DOOt WXPEDGR FRQ HO URVWUR LQIODPDGR \
OOHQR GH VDQJUH HO KHULGR PXVLWDED DOJR LQLQWHOLJLEOH DSHQDV VH OH YHtDQ ORV RMRV HUD
GLItFLO OD LGHQWLILFDFLyQ DTXHOOD SREUH YtFWLPDORKDEtDQGHMDGRLUUHFRQRFLEOH-XDQOH
OODPy \ VRODPHQWH IXH FDSD] GH GHFLUOH HQWUHFRUWDGR SRU OD HPRFLyQ \ HO
VHQWLPLHQWR௙
³&KHQFKR DPLJR PtR¢QR PH FRQRFHV" VR\ -XDQ HO %DUWROR QR WH
SUHRFXSHV TXHHVSHURTXHWHFXUDUiQ´࣡
VRODPHQWHOHFRQWHVWyXQJUXxLGRTXH-XDQ
FRQ GLILFXOWDG HQWHQGLy FRPR௙
³DPLJRRR«´ ࣡
/DV OiJULPDV LQXQGDEDQ HOURVWURGH-XDQ
FXDQGR ORV GRV SROLFtDV \ HO 0D\RUJD WLUDQGR GH pO \ DJDUUDGR SRU ORV EUD]RV OR
VDFDURQ GH OD FHOGD \ VXELHURQ DO FXDUWHO DOOt OH KLFLHURQ ILUPDU XQ SDSHO \ OH
UHFRPHQGy SUHFLVDPHQWH HO 0D\RUJD ௙
³URMD]R FDEUyQ HO VHUYLFLR TXH ௙
KDV KHFKRVHWH
DJUDGHFH \ VRODPHQWH SDUDTXHVDTXHVDOJ~QEHQHILFLRQRVHWHRFXUULUiKDEODUFRQWX
KHUPDQR QL FRQ QDGLH DEVROXWDPHQWH QDGD GH OR TXH KDV YLVWR WRPD EXHQD QRWD HQ
HOORWHYDODYLGD´
$ FRQWLQXDFLyQ OH UHJUHVDURQ D OD 3ULVLyQ \ QXHYDPHQWH WXYR TXH ILUPDU RWUR SDSHO
TXH OH SUHVHQWy HO GLUHFWRU GH OD 3ULVLyQ DOOt OH YROYLHURQ D LQVLVWLU GHO VHFUHWR GH OD
³GLOLJHQFLD´ \ TXH D VX KHUPDQR \ D TXLHQ OH SUHJXQWDUD VRODPHQWH GLMHUD TXH KDEtD
VDOLGR D ILUPDU XQRV SDSHOHV HQ HO MX]JDGR PLOLWDU (Q HOOR OH LED ODYLGD\-XDQDVtOR
KL]R KDVWD TXH FXDQGR OR MX]JDURQ GH OD WUiJLFD DQpFGRWD D QDGLH FRQWy QDGD QL
REWXYR QLQJ~Q EHQHILFLR GH OD ³FRODERUDFLyQ´ VL VH YLR VRUSUHQGLGR GH TXH D VX
KHUPDQR OR OLEHUDUDQ SRFRV GtDV GHVSXpV \ DQWHV TXH D pO QR OR KDEtDQ SURFHVDGR
PLHQWUDV D -XDQ LQFRDURQ VX SURFHVR GHVGH HO GtD VLJXLHQWH GH VX OOHJDGD GH ÈYLOD
VLJXLHURQ ORV WUiPLWHV VXPDULDOHV KDVWD TXH IXH MX]JDGR HQ HO &XDUWHO GH ,QIDQWHUtD HO
GH -XQLR GH VHQWHQFLDGR \ FRQGHQDGR D SHQD GH PXHUWH LJXDO TXH ORV
FRPSDxHURV TXH OH DFRPSDxDEDQ HQ OD PLVPD FDXVD -XDQ PH PDQLIHVWy TXH
SUREDEOHPHQWH HQ OD FRQPXWDFLyQ GHVXSHQDGHPXHUWHWXYRDOJRTXHYHUFRQHOKHFKR
QDUUDGR
)XHURQ XQD LPSUHFLVD FDQWLGDG GH KRPEUHV \ PXMHUHV ORV TXH SDVDURQ SRU DTXHO
³DQWUR´ GHO FXDUWHO GH OD )DODQJH HQ OD DFWXDOLGDG LPSRVLEOH GH VDEHU MyYHQHV HQ VX
PD\RUtD WRGDV \ WRGRV HOORV FRQ XQD FRQVLGHUDFLyQ FRP~QHUDQGHWHQLGRVGHVSXpVGH
VHU GHQXQFLDGRV SRU VX LGHRORJtD GH L]TXLHUGDV R PDVRQHV HQORVLQWHUURJDWRULRVDTXH
HUDQ VRPHWLGRV OHV SUHJXQWDEDQ D WRGRV SRU VX SDUWLFLSDFLyQ HQ SROtWLFD R DO 3DUWLGR R
6LQGLFDWR TXH HVWDEDQ DILOLDGRV RTXHVLPSOHPHQWHOHVWXYLHUDQVLPSDWtDODPD\RUtDOR
QHJDEDQ FXDQGR ORV FUHtDQ QR VH OLEUDEDQ GH UHFLELU XQD SDOL]D FRQ ODV FRQVLJXLHQWHV
WRUWXUDVORVKRPEUHV
/DV PXMHUHV HUDQ KXPLOODGDV KDVWD H[WUHPRV LQFRQFHELEOHV ODV FRUWDEDQ HO SHOR DO
FHUR \ ODV KDFtDQ WRPDU XQ YDVR JUDQGH GH DFHLWH GH ULFLQR FXDQGR HPSH]DEDDRSHUDU
HO SXUJDQWH ODV VROWDEDQ \ DOJXQD GH HOODV FXDQGRUHJUHVDEDQDVXVFDVDVLEDQDQGDQGR
KDFLpQGRVH VXV QHFHVLGDGHV ILVLROyJLFDV FRQ OD FRQVLJXLHQWH YHUJHQ]D GH TXH OD
YLHUDQ 1R REVWDQWH TXHGDEDQ ILFKDGDV \ VRPHWLGDV D FLHUWD YLJLODQFLD QR VLQ
DGYHUWLUODVGHTXHVLYROYtDQDGHWHQHUODVSDVDUtDQSRURWUDVVLWXDFLRQHVD~QSHRUHV $TXHOOD SHUVRQD HQ HVWH FDVR PDV KRPEUHV TXH PXMHUHV TXH WXYLHUDQ OD VXILFLHQWH
YDOHQWtD SDUD PDQLIHVWDUVH UHSXEOLFDQR VRFLDOLVWD FRPXQLVWD DQDUTXLVWD PDVyQ R
SURWHVWDQWH OR SRQtDQDSDUWH\HUDVRPHWLGRDRWURLQWHUURJDWRULRFRQWRUWXUDVLQFOXLGDV
OHV SUHJXQWDEDQ FXDO HUD VX JUDGR GH SDUWLFLSDFLyQ HQ SROtWLFD GyQGH VH KDOODEDQ OD
QRFKH GH DO GH -XOLR \ HO GRPLQJR VL VH HQFRQWUDEDQ HQ OD 3OD]D 0D\RU D ODV
GRFH GHO PHGLRGtD GH FXDOTXLHU PDQHUD ORV KRPEUHV UHFLEtDQ XQ WUDWR PXFKR PDV
FUXHO XWLOL]DEDQ ODV WRUWXUDV PDV LQLPDJLQDEOHV DO GHWHQLGR TXH YHtDQ PDV UHDFLR HQ
VXV H[SUHVLRQHV GHODQWH GH RWURV FRPSDxHURV OH DWDEDQORVSLHVDXQDVRJDTXHSHQGtD
GH XQD DUJROOD ILMDGD HQ HO WHFKR D XQD YLJD GHVQXGRV GH PHGLR FXHUSR ORV L]DEDQ
TXHGDQGR ERFD DEDMR \ FRQ IXULD GHVFDUJDEDQ VX LUD FRQ JROSHV GH OiWLJR XQD R GRV
YHUJDV GH WRUR KDVWD TXH SHUGtDQ HO FRQRFLPLHQWR ORV FRPSDxHURV TXH DWDGRV
SUHVHQFLDEDQ DTXHOOD EDUEDULGDG PXFKRV GH HOORV VHUHQGtDQ\GHFODUDEDQORTXHVHOHV
RFXUUtD SDUD VDWLVIDFHU D VXV YHUGXJRV HO FDVRHUDOLEUDUVHGHOVXSOLFLR8QDLPSRUWDQWH
FDQWLGDG GH GHWHQLGRV QR VH VDEH FXDQWRV DOOt PLVPR DFDEDURQ FRQ VX YLGD QXQFD VH
VXSR TXH KLFLHURQ FRQ ORV FDGiYHUHV VREUH HOOR VLHPSUHHVWXYLPRVLQWHUHVDGRVSHUROD
UHDOLGDGVHKDLPSXHVWR\QDGLHVDEHGyQGHIXHURQHQWHUUDGRV 5HSLWR TXH WRGR OR HVFULWR PH IXH LQIRUPDGR SRU -XDQ 6iH] HQ YDULDV RFDVLRQHV HO
FXDO SXGR HQWHUDUVH ELHQ GH DTXHOORV LQKXPDQRV SURFHGLPLHQWRV HPSOHDGRV DTXHOOD
FDQDOOD IDVFLVWD FDUHQWH GHO PDV PtQLPR HVFU~SXOR \ VHQWLGR GH KXPDQLGDG IXHURQ
VDQJXLQDULRV YHUGXJRVFDSDFHVGHDVHVLQDUDFXDOTXLHUDSRUORTXHGHVGHDTXHOIDWtGLFR
OXJDU HO FXDUWHO GH OD )DODQJH SDUWLHURQ ORV JUXSRV VHOHFFLRQDGRV GH FULPLQDOHV
IDVFLVWDV TXH SURWDJRQL]DUtDQ ORV ³௙
SDVHRV࣡
´ \ TXH GHVGH ORV SULPHURV GtDV GHO JROSHGH
HVWDGRHPSH]DURQDSURGXFLUVH
(OSDUTXHGHORV-HVXLWDV 8Q VXFHVR TXH SDVR D QDUUDU IUXWR GH OD FDVXDOLGDG YLQR GH DOJXQD PDQHUD D
FRUURERUDU ODV VRVSHFKDV TXH GHVGH PXFKRV DxRV DQWHV WXYLPRV GHODWHULEOHLQFyJQLWD
GHORVXFHGLGR
(Q HO DxR VH FHOHEUDURQ ODV SULPHUDV HOHFFLRQHV 0XQLFLSDOHV GHPRFUiWLFDV HQ
(VSDxD HQ 6DODPDQFD FRQ HO DSR\R GH WUHV FRQFHMDOHV GHO 3&( JREHUQDPRV ORV
VRFLDOLVWDV \ HO TXH HVWR HVFULEH TXH LED WHUFHUR GH OD FDQGLGDWXUD GHO 362( VH YLR
HOHJLGR FRQFHMDO \ FRPR FRQVHFXHQFLD GHOHJDGR GHO $OFDOGHGHOD3ROLFtD0XQLFLSDO\
GH 3DUTXHV \ -DUGLQHV XQ GtD D SULPHUD KRUD GH OD PDxDQD FUHR UHFRUGDU GHO PHV GH
0D\R GH FXDQGR OOHYiEDPRV JREHUQDQGR XQ DxR PH OODPD SRU WHOpIRQR D PL
WUDEDMR GH OD IiEULFD HO $OFDOGH -HV~V 0iODJD TXH PH GLFH SHUVRQDOPHQWH SRU HO
PLVPR WHOpIRQR TXH WLHQH XQD SURSXHVWD GH YHQWD GH OD KXHUWD GH ORV MHVXLWDV \ TXH
SDUD KDEODU GH GLFKD YHQWD QRV HVSHUD D ODV GRFH GHODPDxDQDHO6XSHULRU*HQHUDOGH
OD 2UGHQ GH OD SURYLQFLD MHVXLWD GH OD TXHIRUPDSDUWH6DODPDQFD-HV~VPHGLFHTXHOH
HVSHUH D OD SXHUWD GHO 1RYLFLDGR D ODV GRFH PHQRV FLQFR FRPR DVt OR KLFH OOHJy HO
$OFDOGH DFRPSDxDGR SRU HO ,QWHUYHQWRU GHO $\XQWDPLHQWR H LQPHGLDWDPHQWH SDVDPRV
DO LQWHULRU GHOHGLILFLRDODSXHUWDQRVHVSHUDEDHODGPLQLVWUDGRUHO+*RQ]iOH]HOFXDO
SDVy D DYLVDU DO 3 (ORVXD GH QXHVWUD OOHJDGD GHVSXpV GH ORV VDOXGRV \ SUHVHQWDFLRQHV
GHULJRUQRVPDQGySDVDUDVXGHVSDFKRDOOtQRVKDEOyGHODVFRQGLFLRQHVGHODYHQWD\
VX LQWHUpV GH TXH DTXHO WHUUHQR IXHUD WUDQVIRUPDGR HQ XQ 3DUTXH SDUD GLVIUXWH GH ORV
FLXGDGDQRVGH6DODPDQFD 1R QRV YHQGtD OD WRWDOLGDG GH OD KXHUWD TXH HUDQ DSUR[LPDGDPHQWH P
VRODPHQWH QRV YHQGHUtDQ XQRV P \D TXH GHVHDEDQ GHMDU XQRV FLHQ PHWURV
GHVGH OD IDFKDGD WUDVHUD GHO HGLILFLR XQRV P SDUD GHMDU XQD SDUWH GH MDUGtQ
SDUD OD 5HVLGHQFLD GH VDFHUGRWHV \ &DVD GH (MHUFLFLRV 'HVSXpV GH KDEODU GHO SUHFLR
PX\ EXHQ SUHFLR \ ODV FRQGLFLRQHV GH SDJR DSOD]DGR HQ GLH] DQXDOLGDGHV PX\
EXHQDV FRQGLFLRQHV QRV LQYLWy D TXH FRQRFLpUDPRVODKXHUWDFRVDTXHDFHSWDPRVFRQ
VXPR DJUDGR pO PLVPR QRV DFRPSDxy MXQWRDO+*RQ]iOH]VHJ~QtEDPRVSRUHOSDVHR
FHQWUDO QRV IXH UHILULHQGR \ HQVHxiQGRQRV HO VLVWHPD GH ULHJR \ HO HQRUPH GHSyVLWR GH
DJXD EDMR WLHUUD OD YDTXHUtD \ OD PDJQtILFD SODQWDFLyQ GH IUXWDOHV DO OOHJDU DO
FHPHQWHULR H[LVWHQWH OH SUHJXQWp VL DOOt VRODPHQWH HVWDEDQ HQWHUUDGRV UHOLJLRVRV
MHVXLWDV OR TXH FRQILUPy SHUR TXH QR REVWDQWH HOORV VH HQFDUJDUtDQ GHO WUDVODGR GH ORV
UHVWRVDOSDQWHyQTXHWLHQHQHQHOFHPHQWHULRGH6DODPDQFD
+DVWD DOOt WRGR LED ELHQ \ VHJXLPRV DQGDQGR DOOt GHVGH GRQGH QRV KDOOiEDPRV VH
SRGtD REVHUYDU SHUIHFWDPHQWH OD HPLVLyQGHYDSRUHVGHODVFKLPHQHDVGHODIiEULFDGH
0LUDW \ VLQ QRVRWURV GHFLU QDGD VREUH VX SUR[LPLGDG D ODKXHUWDIXHHO3(ORVXDHOTXH
VH SDUy \ GLULJLpQGRVH D QRVRWURV QRV GLFH ௙
³OHV YR\ D GDU XQ FRQVHMR VL PH OR
SHUPLWHQ OR SULPHUR TXH GHEHUiQ KDFHUHVSRQHUXQD´ERPED࣡
´DHVDIiEULFD\KDFHUOD
GHVDSDUHFHU´ ࣡
QR OH GHMp FRQWLQXDU FRPR VL PH KXELHUD SLFDGR XQD YtERUD
LQPHGLDWDPHQWH OH FRUWp OD SDODEUD \ GLMH OR VLJXLHQWH DQWH HO HVWXSRU GH QXHVWURV
DFRPSDxDQWHV ௙
³0LUH 3 (ORVXD GRQGH KDEUtD TXH SRQHU XQD ERPED \ KDFHUOR
GHVDSDUHFHU HV HQ HO ௙
HGLILFLR GH XVWHGHV HQ pO IXH GRQGH PXFKRV GH QXHVWURV
FRPSDxHURV DO SULQFLSLR GH OD JXHUUD FLYLO DOOt ORV HQFHUUDURQ \ MDPiV VDOLHURQ
SRUTXH DOOt IXHURQ WRUWXUDGRV \ DVHVLQDGRV FULPLQDOPHQWH VRFLDOLVWDV \ KRPEUHV \
PXMHUHV GH L]TXLHUGDV LJXDO TXHHVWH$OFDOGH\\RPLVPRPLHQWUDVTXHHQHVDIiEULFD
VH KDQ JDQDGR FRQ VX WUDEDMR KRQUDGR OD YLGD XQD JUDQ FDQWLGDG GH IDPLOLDV
VDOPDQWLQDV´ HO $OFDOGH GH LQPHGLDWR LQWHUYLQR SDUD GHFLU ³௙
3DGUH (ORVXD GLVFXOSH
XVWHG D /XLV SRUTXH GHVGH QLxR WUDEDMy HQ HVD IiEULFD \ HQ OD DFWXDOLGDG HV HO
FRQWUDPDHVWUH GH ODPLVPD࣡
´(O3(ORVXDVRUSUHQGLGRUHSOLFy³௙
$GPLWRVXGRORUSRUOR
TXH HQ QXHVWUD FDVD SXGR VXFHGHUSHURWHQJD௙
HQFXHQWDTXHGHOD&RPSDxtDGH-HV~V
QR KDEtD QDGLH \D TXH OD 5HS~EOLFD FHUUy WRGDV QXHVWUDV &DVDV࣡
´ ࣡
HQ HO ࣡
UHJUHVR \ OD
GHVSHGLGD QR VH KDEOy PDV GHO DVXQWR HO $OFDOGH \ HO ,QWHUYHQWRU FRQWLQXDURQ
KDEODQGR FRQ HO 3(ORVXD \ \R VHJXt KDEODQGR FRQ HO DGPLQLVWUDGRU HO +*RQ]iOH]DO
TXH OH IXL FRQWDQGR OR TXH \R VDEtD GHO FDVR GH ,QRFHQFLR *DUFtD 0DUWtQ \ TXH KH
UHODWDGR DQWHULRUPHQWH OOHJXp LQFOXVR D SUHJXQWDUOH VL pO VDEtD GyQGH SRGUtDQ HVWDU
HQWHUUDGDV DTXHOODV YtFWLPDV D OR TXHPHFRQWHVWyQRVDEHUQDGDGHORTXHDOOtSXGLHUD
KDEHU VXFHGLGR TXH OR ~QLFR TXH VDEtD HV TXH DTXHOOD FDVD ORV SULPHURV PHVHV GH OD
JXHUUD KDEtD SDVDGR D VHU FXDUWHO GH OD )DODQJH KDVWD HQ TXH ORV UHOLJLRVRV
UHJUHVDURQ \ VH KLFLHURQ FDUJR SDUD HVWDEOHFHU HQ GLFKR HGLILFLR HO 1RYLFLDGR \
5HVLGHQFLD
1R SDUWLFLSp HQ HO UHVWR GH ODV GLOLJHQFLDV SDUD OD DGTXLVLFLyQ GH OD KXHUWD TXLHQ
UHDOL]y WRGDV ODV JHVWLRQHV IXHURQ ORV FRQFHMDOHV GH +DFLHQGD \2EUDV$JXVWtQ0XxR]
\ 0i[LPR *yPH] QR REVWDQWH HO $OFDOGH PH GHOHJy SDUD FRQWURODU ODV REUDV GHO
3DUTXH \ OOHYp PL VHJXLPLHQWR HQODUHWLUDGDGHDOJXQRViUEROHVIUXWDOHV\ODSODQWDFLyQ
GH XQD JUDQ FDQWLGDG GH iUEROHV GH GLVWLQWDV YDULHGDGHV SURSLRV GH ORV SDUTXHV D ORV
RSHUDULRV TXH KDFtDQ ORV KR\RV OHV DGYHUWt TXH VL HQFRQWUDEDQ DOJ~Q KXHVR PH
DYLVDUDQ HVWXYH SHQGLHQWH GH HVH WHPD \ IXHURQ PXFKRV ORV GtDV TXHGHGLTXpDYLJLODU
ORVDOFRUTXHVGRQGHVHSODQWDURQORVQXHYRV
$O ILQDOL]DU ORV WUDEDMRV OOHJXp D OD FRQFOXVLyQ GH TXH HQ OD KXHUWD QR KDEtD QLQJXQD
IRVD FRP~Q QR REVWDQWH VLHPSUH KH WHQLGR OD VRVSHFKD GH TXH GLFKD IRVD HVWp HQ HO
WHUUHQR TXH VH UHVHUYDURQ SDUD MDUGtQ \ TXH OD IRVD SXHGD HVWDU HQ OD SUR[LPLGDG GHO
HGLILFLR $XQTXH WDPELpQ SXHGH HVWDEOHFHUVH XQD KLSyWHVLV WRGD OD HGLILFDFLyQ GH
HQRUPHV GLPHQVLRQHV HQ DTXHOORV WLHPSRV \D WHQtDQ FDOHIDFFLyQ XQD FDOGHUD GH
JUDQGHV GLPHQVLRQHV GH FDUEyQ FDVL QR PH DWUHYR D PDQLIHVWDU VX LQFLQHUDFLyQ¢"
SRU OR TXH PH VLHQWR REOLJDGR D PDQLIHVWDU PL RSLQLyQ D SHVDU GH TXH DOJXLHQ SXHGD
WLOGDU GHDYHQWXUDGDPLDSUHFLDFLyQVLHQHOFXDUWHOGHOD)DODQJHHQWUDURQXQDFDQWLGDG
LPSUHFLVD GH SHUVRQDV VXSXHVWDPHQWH PDV GH FLHQ \ D QLQJXQD VH OD YROYLy D YHU
¢GyQGH IXHURQ D SDUDU VXV FDGiYHUHV" ¢TXp KLFLHURQ ORV FULPLQDOHV FRQ HOORV" ¢ORV
OOHYDURQ D PRQWHV \ FXQHWDV" ¢OOHYDURQDWRGRV"/RWULVWHPHQWHFLHUWRHVTXHH[LVWHXQD
LQFyJQLWDTXHVHUiPX\GLItFLOGHVYHODU
$OItQODLQFyJQLWDGHVYHODGD
7HQtD TXH SDVDU PXFKR WLHPSR SDUD TXH D SHVDU D OD LPSXQLGDG GH ORV FUtPHQHV
QDUUDGRV \ PXFKRV PDV TXH GHVFRQRFHPRV ODV FLUFXQVWDQFLDV SURSLDV GH OD YLGD
KDEUtDQ GH WUDHU D PL SUHFLVDPHQWH OD DFODUDFLyQ GH DOJR WHUULEOH TXH YLHQH UHYHODU OR
VXFHGLGR JUDFLDV D PL GHVRUELWDGR LQWHUpV HQ OD E~VTXHGD GH UHVWRV KXPDQRV HQ OD
KXHUWDGHORVMHVXLWDV
)XpWDQVDOYDMHHO³௙
IXQFLRQDPLHQWR࣡
´GHDTXHOODVPHQWHVFULPLQDOHVTXHDGRSWDURQXQD
VROXFLyQ SDUD PL LPSHQVDEOH \ TXH VHUYLUtD SDUD QR GHMDU QL UDVWUR GH ODV YtFWLPDV
LQPRODGDV +H WDUGDGR DSUR[LPDGDPHQWH FLQFR R VHLV DxRV HQ WRPDU OD GHWHUPLQDFLyQ
GH HVFULELU OD LQIRUPDFLyQ TXH OOHJy D PL QR FDVXDOPHQWH VLQR FRPR FRQVHFXHQFLD GH
PL SEOLFD SDUWLFLSDFLyQ HQ UHFXSHUDU OR VXFHGLGR HQ DTXHOOD KLVWRULD TXH DEULy HQ PLV
VHQWLPLHQWRV WDQ SURIXQGD KXHOOD \ SDVR D UHODWDU OD LQIRUPDFLyQ D PL OOHJDGD \ TXH
FXPSOLHQGR ULJXURVDPHQWH HO FRPSURPLVR FRQWUDLGR FRQ PL LQIRUPDQWH GH QR UHYHODU
VXQRPEUHPHYHRHQODUHVSRQVDELOLGDGPRUDOGHHVFULELUORTXHPHIXHQDUUDGR
06VRQODVLQLFLDOHVSHUVRQDOHVGHXQVHxRUTXHQRTXLVRPRULUVHVLQFRQWDUPHDQWHV
GH PDUFKDUVH GH HVWD YLGD DOJR TXH pO KDEtD REVHUYDGR FXDQGR WHQLD OD HGDG GH DxRVHQOD&DVDGHORV-HVXLWDV\TXHSDVRDGHVFULELUDFRQWLQXDFLyQ
(UD VREUH ODV VLHWH GH OD WDUGH FXDQGR XQ GLD TXH HVWDED HVSHUDQGR HO DXWRE~V HQ OD
SDUDGD IUHQWH D PL GRPLFLOLR SUHFLVDPHQWH PH GLULJtD D XQD UHXQLyQ TXH WHQtD FRQ
UHODFLyQ D HVWRV WHPDV FXDQGR VH PH DFHUFD XQ DPLJR GH WRGD OD YLGDOODPDGR3DFR\
PH GLFH ௙
³/XLV WHQJR XQ FRPSDxHUR GH UHVLGHQFLD ௙
TXH PH KD SUHJXQWDGR SRU WL \
GHVHDFRQWDUWHDOJRGHORVWLHPSRVGHODJXHUUDSDUHFHVHUTXHWHFRQRFH\OH\HQGRORV
SHULyGLFRV VH KD HQWHUDGR TXH HVWiV WUDWDQGR GH UHFRJHU ORV WHUULEOHV VXFHVRV GH OD
JXHUUD FLYLO HQ 6DODPDQFD HVWi IDVWLGLDGR \ OH WLHQHQ HQWXEDGR FRQ XQD ERWHOOD GH
y[tJHQR DOODGRORVFRPHQWDULRVTXHHQOD5HVLGHQFLD KD\HVTXHYDDGXUDUSRFR\pO
PH KD GLFKR TXH QR VH TXLHUH PRULU VLQ FRQWDUWH D WL SUHFLVDPHQWHORTXHpOYLYLy´
\R OH ࣡
SUHJXQWp FXDO HUD HO WHPD \ 3DFR PH GLFH TXH QR OR VDEtD SHUR TXH VXSRQtD TXH
HUD VREUH OD KXHUWDGHORVMHVXLWDV\DTXHHVWHVHxRUWUDEDMyWRGDVXYLGDHQODKXHUWDDO
FXLGDGR GH OD YDFDV FHUGRV \ JDOOLQDV FRQ RWURV WUHV FRPSDxHURV TXH FRPR pO
SURFHGtDQGHO+RVSLFLR
$OPHQFLRQDUPHHOOXJDUGHOTXHTXHUtDKDEODUPHLQPHGLDWDPHQWHPHROYLGpDGyQGH
LED \ SUHVWR OH GLMH D 3DFR TXH PH DFRPSDxDUD IXH XQD OiVWLPD QR DFHUFDUPH D FDVDD
EXVFDU OD JUDEDGRUD OD YHUGDG HV TXH QR PH HVSHUDED OR TXH PH LED D GHFLU \ OD
LPSRUWDQFLDGHOGHVFXEULPLHQWR
1RV GLULJLPRV D OD 5HVLGHQFLD GH0D\RUHV\VLQQLQJ~QSUREOHPD3DFRHVWDEDDOOtGH
UHVLGHQWH \ OH FRQRFLD HO SRUWHUR DO FXDO OH GLMR D TXLHQ tEDPRV D YHU VXELPRV D VX
SHTXHxDKDELWDFLyQ\QXHVWURLQIRUPDGRUHIHFWLYDPHQWHVHKDOODEDVHQWDGRHQXQEDMR\
FyPRGR VLOOyQ HQ XQD DOPRKDGD DSR\DED OD FDEH]D \ XQD ERWHOOD GHy[LJHQRDVXYHUD
FRQ HO PDQyPHWUR FRUUHVSRQGLHQWH \ XQ WXER GH SOiVWLFR TXH VH ELIXUFDED HQRWURVGRV
GHPHQRUJURVRU\TXHSHQHWUDEDQSRUVXQDUL]
'HVSXpV GHO VDOXGR FRUUHVSRQGLHQWH PH GLULJt D pO GLFLpQGROH VL VH HQFRQWUDED ELHQ
SDUD FRQWDUQRV OR TXH GHVHDED GHFLUQRV D OR TXH FRQWHVWy TXH D SHVDU GH ORV
³DUUXPDFRV´ TXH OH KDELiQ SXHVWR TXH VL³௙
TXHQRVFRQWDUtDDOJRTXHGXUDQWHWRGDVX
YLGD MDPiV FRQWy D QDGLH TXH OOHYDED PXFKR WLHPSR WUDWDQGR GH TXH \R OH YLHUD
DXQTXH QR VROR PH FRQRFtD GH OHHU ORV SHULyGLFRV VLQR TXH PH UHFRUGDED GHVGH PL
MXYHQWXG\VDEtDTXH\RKDEtDWUDEDMDGRHQ0LUDWPXFKRVDxRV´
࣡
)XHURQ PDV GH WUHV KRUDV HO WLHPSRTXHGXUyVXH[SOLFDFLyQLQFOXVRDODVQXHYHGHOD
WDUGH FXDQGROHOOHYDURQODFHQDPLDPLJR3DFRVHIXHDFHQDU\\RPHTXHGpFRQpOHO
VHxRU 0 &RQWLQXy KDEODQGR D SHVDU GH VX LQVXILFLHQFLD UHVSLUDWRULD VH OH HQWHQGtD
PX\ ELHQ \ DXQTXH HQ HO WUDQVFXUVR GH OD FRQYHUVDFLyQ YDULDV YHFHV OH SHGtDSOD]DUOD
HQWUHYLVWD pO PH GLMR ௙
³/XLV KHPRV WHQLGR VXHUWH SRUTXH KR\ SXHGR KDEODU PDxDQD
SRVLEOHPHQWH HVWp SHRU SRU OR TXH TXLHUR TXLWDUPHHVWDORVDTXHPHSHVDWDQWRHQPLV
UHFXHUGRV«´
࣡
<R PLHQWUDVKDEODEDHOVHxRU0UHFRJt DOJXQRVDSXQWHVTXHSRVWHULRUPHQWHPHKDQ
VHUYLGRSDUDHODERUDUHOVLJXLHQWHUHODWR
࣡
'HVFRQRFtD VXV RUtJHQHV QL TXLHQHV IXHURQ VXV SDGUHV QL VX IDPLOLD SRUTXH HVWXYR
DVLODGRGHVGHUHFLpQQDFLGRHQHO+RVSLFLR3URYLQFLDO
$ OD HGDG GH FDWRUFH DxRV HQ ODV PRQMDV GHO KRVSLFLR \ HO DGPLQLVWUDGRU
GHWHUPLQDURQ TXH UHFRJLHUD VXV FRVDV TXH OR OOHYDEDQDWUDEDMDUGHDSUHQGL]DODKXHUWD
\ YDTXHULD GH ORV MHVXLWDV OH SDJDUtDQ XQ MRUQDO GH SWV GLDULDV DORMDPLHQWR \
FRPLGD DVL TXH VH SRUWDUD ELHQ \ DOOt SRGUtD TXHGDUVH D WUDEDMDU WRGD VXYLGDFRPRHQ
UHDOLGDGDVtIXH
(O QLxR QR REMHWy QDGD SRUTXH QR WHQtD QDGD PDV TXH KDFHUTXHREHGHFHUKDEtDVLGR
XQ FKLFR SRFR DSOLFDGR SDUD ORV OLEURV SHUR VL REHGLHQWH DVL TXH D~Q WDQ MRYHQ
HPSH]y OR TXH SDUD pO VHUtD XQD QXHYD YLGD HO DORMDPLHQWR HVWDED HQ XQD FDVLWD
DGRVDGD D ORV FRUUDOHV \ HVWDEORV XQD SHTXHxD FRFLQD GH FDUEyQ XQD KDELWDFLyQ FRQ
FXDWUR OLWHUDV RWUD KDELWDFLyQ FRQ XQD PHVD FDPLOOD FXDWURVLOODV\XQEUDVHURGHFLVFR
\ XQ UHWUHWH FRQ XQ ODYDER OR LPSUHVFLQGLEOH SDUD KDFHU VX YLGD /RV MHVXLWDV OHV
IDFLOLWDEDQ HOSDQODOHFKHpVWDFRPRRUGHxDEDQODVYDFDVEHEtDQODTXHTXHUtDQ\ORV
DOLPHQWRV DOJXQRV SURFHGHQWHV GH OD KXHUWD /D YHUGDG HV TXH QR SDVDEDQ KDPEUH
DOJXQD (QODKXHUWDHOWUDEDMRHUDOOHYDGHURSRUTXHDOSULQFLSLROHWRFDEDKDFHUORVUHFDGRV\
SUHSDUDU ORV XWHQVLOLRV GHO WUDEDMR FRQ HO YLYLDQ HQ OD YDTXHUtD RWURV WUHV FRPSDxHURV
PD\RUHV TXH pO WRGRV SURFHGtDQ GHO PLVPR KRVSLFLR XQR DO FRPLHQ]R GH OD JXHUUD VH
WXYR TXH LQFRUSRUDU D ILODV \ VRODPHQWH TXHGDURQ WUHV - \ / 0DV GRV R WUHV KHUPDQRV
OHJRV TXH DOJXQDV YHFHV OHV D\XGDEDQ HQ VXV WDUHDV GH OD YDTXHUtD OD FRFKLQHUD HO
JDOOLQHUR \ OD KXHUWD ORVOHJRVYLYtDQHQOD&DVD\FRQHOSDGUHMHVXLWDDGPLQLVWUDGRUOD
JXDUGDEDQ
06 WHQtD DxRV UHFLpQFXPSOLGRV\\DWUDEDMDEDQRUPDOPHQWHFRQORVFRPSDxHURV
HQODVWDUHDVSURSLDVGHVX³RILFLR´
+DVWD TXH FXDQGR FRPHQ]y ODJXHUUDHQ6DODPDQFDHOGH-XOLRGHDOOtGHQWUR
GH OD YDTXHUtD YLYLy MXQWR D VXV FRPSDxHURV OD LQFHUWLGXPEUH\ORVWHPRUHVSRUORTXH
VXFHGtD HQ OD FDOOH VH RtDQ GLVSDURV HO SDGUH MHVXLWD DGPLQLVWUDGRU TXH GHVGH TXH
SURKLELy OD 5HS~EOLFD D OD 2UGHQ MHVXLWD VXV DFWLYLGDGHV UHOLJLRVDV YHVWtD GHSDLVDQR\
HUD HO TXH KDFtD GH MHIH GH WRGRV OHV UHFRPHQGy TXH QR VDOLHUDQDODFDOOHHQVXVKRUDV
OLEUHV KDVWD TXH VHDFODUDUDQODVFRVDVDVtHVWXYLHURQYDULRVGtDVUHFOXLGRVVLQVDOLUDOD
FDOOH \ DWHQGLHQGR VXV RFXSDFLRQHV SURQWR OHV OOHJy OD LQIRUPDFLyQ GHTXHKDEtDQLGR
DOJXQRV MHIHV GH IDODQJH D YHU OD &DVD \ TXH D ORVSRFRVGtDVYLHURQGHVGHODGLVWDQFLD
TXH HQ HO SDEHOOyQ PDV FHUFDQR D OD YDTXHUtD HPSH]DURQ D YHUVH WUDEDMDU DOJXQRV
DOEDxLOHV HVWDEDQ FRQVWUX\HQGR XQD HVFDOHUD GH SuHGUD \ ODGULOOR HQ HO H[WHULRU GHO
HGLILFLR UDVJDURQ OD YHQWDQD \ SXVLHURQ XQD SXHUWD GHQWUR OHYDQWDEDQ DOJXQRV
WDELTXHV LJXDO TXH HQ OD SDUWH EDMD GHO VyWDQR HQ OD SXHUWD TXH GDED DO 3DVHR GH 6DQ
$QWRQLR SXVLHURQ GRV JDULWDV SDUD ORV FHQWLQHODV KDVWD PHGLDGRV GH $JRVWR QR
HPSH]DURQ D OOHJDU IDODQJLVWDV HQ XQ Q~PHUR FRQVLGHUDEOH TXH GHQWUR GHO SDWLR
IRUPDEDQPLOLWDUPHQWHFRQVXVIXVLOHV\KDFtDQLQVWUXFFLyQPLOLWDU
³3RFR WLHPSR WDUGDURQ ORV MHIHV IDODQJLVWDV HQ LU D OD YDTXHUtD D YHUQRV \ DFKDUODU
FRQ QRVRWURV HO SDGUH DGPLQLVWUDGRU QRV WHQtD DGYHUWLGR TXH KDEOiUDPRV SRFR FRQ
HOORV TXH QRVRWURV VLJXLpUDPRV FRQ QXHVWURVWUDEDMRV\VLQRVSHGtDQOHFKHRYHUGXUDV
VHODVGLpUDPRVDOJRTXHSURQWRHPSH]DURQDKDFHUWRGRVORVGtDVKDEtDTXHOOHYDUOHV
GRV R WUHVFiQWDURVGHOHFKHQXQFDQRVSUHJXQWDURQQDGDVREUHSROtWLFDSDUDHOORVQR
pUDPRVVRVSHFKRVRVGHQDGD´
³'HVGH QXHVWUR GRUPLWRULR TXH HVWDED DO ODGR GH OD YDTXHUtD VH YHtD HO PRYLPLHQWR
GH SHUVRQDV GRQGH WHQtDQ HO FXDUWHO ORV IDODQJLVWDV HQWUDGD \ VDOLGD GH FRFKHV \
DOJXQD FDPLRQHWD LQFOXVR OOHJDPRV D YHU TXH OOHYDEDQ KRPEUHV \ PXMHUHV MyYHQHV
GHWHQLGRV DOJXQDV YHFHV GH QRFKH QRV OOHJy HO UXLGR GH YRFHV KDVWD TXH XQ GtD
HPSH]DURQDRLUVH³GLVSDULWRV´
³&RQ PLV WUHV FRPSDxHURV \ DPLJRV VLHPSUH PDQWXYH XQD H[FHOHQWH UHODFLyQ \ PDV
HQ DTXHOORV GtDV VLQFHUDPHQWH HVWiEDPRV ³DFRMRQDGRV´ \ HQWUH QRVRWURV
FRPHQWiEDPRV TXH ORV GLVSDURV TXH RtDPRV HUDQ GH SLVWROD OOHJDPRV D RLU HQ HO
VLOHQFLR GH OD QRFKHTXHMLGRV\ODPHQWRVHLQFOXVROOHYiEDPRVSRUFXHQWDHOQ~PHURGH
GLVSDURV WUHV FLQFR VHLV R VLHWH KDVWD TXH XQD QRFKH SHUGLPRV OD FXHQWD FXDQGR
OOHYiEDPRVGRFHFRQWDGRVRLPRVYDULRVPDV´
³$O SULQFLSLR VREUH ODV GRFH GH OD QRFKH RtDPRVOOHJDUDOJ~QYHKtFXORFDVLVLHPSUH
OD PLVPD FDPLRQHWD \ DOJXQD YH] OD DPEXODQFLD GH OD &UX] 5RMD )XHSXUDOyJLFDOD
TXH QRV DEULy ORV RMRV GH OR TXH VXFHGtD HQ OD &DVD HQ OD SDUWHTXHOODPDEDQFXDUWHO
ORVIDODQJLVWDVHVWDEDQPDWDQGRJHQWH\SRUODQRFKHGHEtDQOOHYDUVHORVFDGiYHUHV´
³6HUtD D ILQDOHV GH $JRVWR FXDQGR XQD PDxDQD XQ IDODQJLVWD TXH VH OODPDED $EHO
0D\RUJD TXH DO SDUHFHU HUD HO´PDQGDPiV´ VH DFHUFy D OD YDTXHUtD FRQ HO SDGUH
DGPLQLVWUDGRU HO FXDO QRV GLMR TXH FRJLpUDPRV SDODV \ SLFRV TXH tEDPRV DKDFHUXQD
IRVD QRV OOHYDURQ DO FHPHQWHULR GH ORV MHVXLWDV GRQGH HQWHUUDEDQ D ORV SDGUHV TXH
PRULDQ \ HQ HO H[WHULRU MXQWR D OD WDSLD WUDVHUD QRV LQGLFDURQ TXH KDEtD TXH KDFHUXQ
KR\R GH FXDWUR SRU FXDWUR PHWURVGH PHWUR \ PHGLR GH SURIXQGLGDG 6RODPHQWH
SLFDPRV FRPR GRV R WUHV KRUDV SRUTXH RWUD YH] VH SUHVHQWDURQ DOOt \ QRV GLMHURQ TXH
SDUiUDPRVTXHQRVLJXLpUDPRVFRQHOWUDEDMR´
³3RFRV GtDV GHVSXpV QRV HQWHUDPRV TXH KDEtDQ HQFHQGLGR OD FDOGHUD GH OD
FDOHIDFFLyQ GH WRGR DTXHO HQRUPH HGLILFLR HUDQ ORV SULPHURV GtDV GH 6HSWLHPEUH \
KDFtD XQD WHPSHUDWXUD WRGDYtD GH YHUDQRDTXHOOR QRV H[WUDxy PXFKR/RV SULPHURV
GtDV SDUHFtD TXH HUDQ SUXHEDV OR TXH KDFtDQ KDVWD TXH SRFRV GtDV GHVSXpV D ODVGLH]
GH OD PDxDQD OD HQFHQGtDQ \ HVWDED IXQFLRQDQGR KDVWD ODV GLH] GH OD QRFKH DOJXQDV
YHFHV QRV OODPDEDQ SRU HO PHGLRGtD SDUD TXH IXpUDPRVGRVGHQRVRWURVDDWL]DUODGH
WDO PDQHUD VH DFRVWXPEUDURQ D QXHVWUD D\XGD TXH QRV SXVLHURQ HVD REOLJDFLyQ
VLHPSUH QRV LED D EXVFDU D QXHVWUR DORMDPLHQWR XQ IDODQJLVWD SRUWDQGR VX IXVLO TXH
REVHUYDED FRPR KDFtDPRV QXHVWUR WUDEDMR PLHQWUDV QRV KDEODED GH TXH ³tEDPRV D
JDQDUODJXHUUD\QRLEDDTXHGDUQLXQVRORURMRHQ(VSDxD´
³+DVWD TXH XQ GtD PLHQWUDV DWL]iEDPRV OD FDOGHUD IXHURQ D EXVFDU DO TXH QRV
DFRPSDxDED SRUTXH OHV XUJtD IXHUD D HVWDQSDU XQD ILUPD \ QRV GHMy VRORV XQ EXHQ
UDWR VLUYLy SDUDTXHFRPHQWiUDPRVTXHHQODHVWDQFLDGHODHQRUPHFDOGHUDDSHQDVVH
YLVOXPEUDED QDGD \ PL FRPSDxHUR - HPSH]y D REVHUYDU FRQ GHWHQLPLHQWR QXHVWUR
HQWRUQR KDVWD TXH HQFRQWUy HQ HO VXHOR QHJUR PDQFKDGR SRU HO FDUEyQ XQ SHTXHxR
FKDUFR GH OtTXLGR VH LQFOLQy \ PRMy VX PDQR DO YHUOD FDVL VH GHVPD\D OD WHQtD URMD
PDQFKDGDGHVDQJUH´
³$TXHO GHVFXEULPLHQWR QRV FRQILUPy HQ OD VRVSHFKD GH TXH SRU DTXHOOD ERFD GH OD
FDOGHUDSRUODQRFKHGHVSXpVGHDVHVLQDUORVLQWURGXFtDQORVFDGiYHUHVSRUODERFDGH
FDUJD \ ORV LQFLQHUDEDQ SRU HVR VXVSHQGLHURQ OD DSHUWXUDGHODIRVDTXHFRPHQ]DPRV
\SRUODQRFKHLJXDOPHQWHQRYROYLPRVDRLUODHQWUDGD\VDOLGDGHFDPLRQHV´
³+DVWD ILQDOHV GHO PHV GH GLFLHPEUH GH VHJXLPRV WRGRV ORV GtDV DWL]DQGR OD
FDOGHUD DXQTXH QR WRGRV ORV GtDV HVFXFKiEDPRV ORV GLVSDURV HQ OD QRFKH SHUR VL
EDVWDQWHVGHHOORV1XQFDVXSHHQUHDOLGDGFXDQWRVDVHVLQDURQDOOtDOJXQDVYHFHVDxRV
GHVSXpV OR FRPHQWp FRQ DOJXQR GH PLV GRV FRPSDxHURV - \ / TXH FRPSDUWLHURQ VX
YLGD \ SUREOHPDV FRQPLJR HOORV RSLQDEDQ TXH DO PHQRV IXHURQ YDULRV FHQWHQDUHV ORV
GLVSDURVTXHRLPRV´
$ SDUWLU GH (QHUR GH HO FXDUWHOGHODIDODQJHORWUDVODGDURQD7ULOLQJXHFRLQFLGLy
FRQ OD OOHJDGD GH DOJXQRV SDGUHV MHVXLWDV GH DYDQ]DGD HGDG D OD FDVD \ HPSH]DURQ SRU
KDFHU REUDV HQ HO SDEHOOyQ GRQGH KDEtD HVWDGR HO VLQLHVWUR FXDUWHO OD FDOGHUD GH OD
FDOHIDFFLyQ VLJXLy FXPSOLHQGR FRQ VX PLVLyQ DKRUD \D H[FOXVLYDPHQWH FDOHIDFWRUD D
ORV WUDEDMDGRUHV GH OD YDTXHUtD QR QRV YROYLHURQ D OODPDU SDUD D\XGDU D ORV OHJRV TXH
YLQLHURQ\VHRFXSDURQGHORVPHQHVWHUHVGHOD&DVD
$O ILQDOL]DU OD H[SOLFDFLyQ GH ORQDUUDGRHOVHxRU06PHSUHJXQWyPLRSLQLyQVREUH
OR TXH PH KDEtD UHIHULGR VLQFHUDPHQWH OH PDQLIHVWp TXH \R VHJ~Q OH HVFXFKDED \
UHFRJLD PLV QRWDV௙
´PL FHUHEUR ௙
HVWi FRQIXVR´࣡
³௙
SRUTXH PH SDUHFtD WDQ JUDYH OD
UHYHODFLyQ GH VX VHFUHWR \ OD WUDVFHQGHQFLD GH OR ௙
TXHPHDFDEDEDGHFRQWDUTXHVLQR
KXELHUD VLGR SRU HO OXJDU \ OD SHUVRQD HQ DYDQ]DGD HGDG TXH PH OR FXHQWD FRQ VX
SURSLD YR] \ FRQ OD PHQWH PX\ FODUD QR OH KDEUtD KHFKR FDVR \ KDEUtD GHMDGR OR TXH
DFDEDED GH FRQRFHU HQ HO ROYLGR 3HUR OD WUDVFHQGHQFLD KXPDQD GH OR UHDOPHQWH
VXFHGLGR PH HPSXMD D RUGHQDUOR \ UHFRJHUOR FRPR XQ DSpQGLFH GH XQD +LVWRULDTXH
QXQFDGHELyVXFHGHU࣡
´
3RFRPDVRPHQRVDVtOHFRQWHVWpFRQPLDJUDGHFLPLHQWRPDVVLQFHUROHGtXQDEUD]R
\PHGHVSHGtGHpORIUHFLpQGROHTXHORYLVLWDUtDVLHPSUHTXHSXGLHUD
$ ORV SRFRV GtDV GLH] R GRFH DSUR[LPDGDPHQWH PL DPLJR 3DFRPHOODPyDFDVDSRU
WHOpIRQR \ PH GLR OD QRWLFLD GH TXH QXHVWUR FRP~Q DPLJR 06 D ORV DxRV KDEtD
IDOOHFLGR HO GtD DQWHV GHVGLFKDGDPHQWH QR OR YROYt D YHU SHUR VX DPDEOH UHFXHUGR
SHUPDQHFHUiHQPLSHUVRQDPLHQWUDVYLYD
+H WDUGDGR DOJ~Q WLHPSR HQ GHFLGLU VX LQFRUSRUDFLyQ D HVWH OLEUR SRUTXH SDUHFH
LQFUHtEOH TXH GHQWUR GH ORV KRUURUHV TXH HPSOHDURQ DTXHOORV FULPLQDOHV PH SDUHFH XQ
H[FHVR LQDXGLWR HQ SDUWHSUHPRQLWRULRGHORVSURFHGLPLHQWRVQD]LVSRUTXHHOKHFKRGH
OD LQFLQHUDFLyQ FRQWUDYHQtD OD FXOWXUD FDWyOLFD GH DTXHOOD pSRFD \ HQ EXHQD OyJLFD
DOJXQR GH ORV MHULIDOWHV GHODUHEHOLyQPLOLWDUDVHVLQRVVLQGXGDFRQRFHUtDORTXHHVWDED
VXFHGLHQGR &ODUR TXH WDPELpQ DVt QR GHMDEDQ UDVWUR DOJXQR GH VXV KRUUHQGRV
DVHVLQDWRV
7RGR OR HVFULWR IRUPD SDUWH GHO FRQWH[WR JHQHUDOGHOOLEUR\HVXQDDFODUDFLyQPDVTXH
D SHVDU GH ORV PXFKRV DxRV WUDQVFXUULGRV KD\ TXH UHFRQRFHU HO YDORU GH OD PHPRULD
H[SUHVDGD RUDOPHQWH GH DTXHOORV TXH WRGDYtD YLYLPRV \ GH DOJXQD PDQHUD QRV WRFy
YLYLUDTXHOODKRUURURVDWUDJHGLD
/D EUHYH UHODFLyQ GH YtFWLPDV GH ODV TXH QRV KD OOHJDGR LQIRUPDFLyQ HV OD
VLJXLHQWH
GH$JRVWRGH௙
&(6È5(2025(120$57Ë1௙
DxRV.LRVTXHUR
௙
&HViUHR DSRGDGR ³HO 0DQTXLWR´ OH IDOWDED HO EUD]R L]TXLHUGR TXHKDEtDSHUGLGRHQ
DFFLGHQWH GH WUDEDMR DxRV DQWHV HQ HO NLRVFR XELFDGR HQ OD (VFDOHULOOD 3LQWR MXQWR D OD
3OD]D 0D\RU KRQUDGDPHQWH VH JDQDED OD YLGD YHQGLHQGR JRORVLQDV D ORV QLxRV \ OD
SUHQVD GH 6DODPDQFD MXQWR D OD TXHOOHJDEDGH0DGULG(UDXQSHUVRQDMHPX\SRSXODU
GH LGHDV VRFLDOLVWDV \ KDELWXDO SUHJRQHUR SRU OD 3OD]D 0D\RU GH ORV SHULyGLFRV GH
L]TXLHUGDV ³(O 6RFLDOLVWD´ JR]DED GH VXV SUHIHUHQFLDV YRFHiQGROR SRU OD 3OD]D \ ODV
WHUUD]DV GH ORV FDIpV 9LYtD HQ XQD KXPLOGH FDVLWD MXQWR D VX HVSRVD \ QXPHURVD SUROH
HQ OD FDOOH ' -XOLiQ 6iQFKH] SUy[LPD D /D $ODPHGLOOD DOOt OD QRFKH GHO GtD GH
$JRVWR DSUR[LPDGDPHQWH ODV KRUDV FXDQGR VH HQFRQWUDED VHQWDGR DODSXHUWDGHVX
FDVD GH WHUWXOLD FRQ RWURV YHFLQRVIXHGHWHQLGRSRUWUHVIDODQJLVWDVDUPDGRVGHIXVLOHV
OR OOHYDURQ FRQWUD VX YROXQWDG \ OD GH VX HVSRVD D OD TXH SUHWHQGLHURQ VH FDOPDUD
GLFLpQGROHTXHODOOHYDEDQWDPELpQTXHD&HViUHROROOHYDEDQSDUDTXHGHFODUDUDGyQGH
HVWXYR OD QRFKH GHO DO GH -XOLR TXH SURQWR UHJUHVDUtDOR OOHYDURQ QXQFD MDPiV
VXSR VXIDPLOLDGyQGHOROOHYDURQOREXVFDURQLQVLVWHQWHPHQWHSUHJXQWDQGRSRUpOHQOD
&RPLVDUtD HQ OD *XDUGLD &LYLO HQ OD FiUFHO \ HQ HO FXDUWHO GH OD IDODQJH GH ORV
-HVXLWDV DOJXLHQ GHELy RULHQWDUORV TXH DOOt SUHFLVDPHQWH OR KDEtDQ YLVWR ORV HFKDURQ
GHODQWURFULPLQDODPHQD]iQGRORV\QRYROYLHURQDVDEHUGHpO GH$JRVWRGH௙
$1'5(6%$-20217(52௙
DxRV0ROLQHUR
(Q HO SXHEOR GH $OGHDUUXELD YLYtD FRQ VX IDPLOLD VXHVSRVD\WUHVKLMRVGRVYDURQHV
\ XQD KHPEUD VX WUDEDMR FRQVLVWtD HQ OD PROLHQGD GHO WULJR SDUD OD REWHQFLyQ GH OD
KDULQD GHO WULJR \ RWUDV JUDPtQHDV SDUD SLHQVR GHO JDQDGR $QGUpV HUD HO PDHVWUR
PROLQHUR WRGR XQ SHUVRQDMH HQ DTXHOOD pSRFD DOOt HQ HO PROLQR HUD XQ OXJDU TXH VH
FDUDFWHUL]DED SRU ODV WHUWXOLDV TXH VH RULJLQDEDQ PLHQWUDV $QGUpV SLFDED ODV UXHGDV R
HVSHUDED SDFLHQWHPHQWH HO OOHQDGR GH ORV VDFRV ORV FRPHQWDULRV KDELWXDOHV VH
FHQWUDEDQ FRQ ORV DFRQWHFLPLHQWRV GHOSDtVTXHOOHJDEDQDVXFRQRFLPLHQWRHUDQRWRULD
OD LGHRORJtD GH QXHVWUR PROLQHUR VRFLDOLVWD \ UHSXEOLFDQR FRQYHQFLGR HVWDEDDILOLDGRD
OD &DVD GHO 3XHEOR \ QR HOXGtD QXQFD OD GLVFXVLyQ \ HO GHEDWH R OD GLVFXVLyQ FRQ OD
GHUHFKDGHOSXHEORDODYH]FOLHQWHVGHOPROLQR
&XDQGR OOHJy OD QRWLFLD DO GtD VLJXLHQWH GH SURGXFLUVHHQ6DODPDQFDHOOHYDQWDPLHQWR
FRQWUDHO(VWDGR5HSXEOLFDQROOHJyODLQWUDQTXLOLGDGDODVSHUVRQDVPDVVLJQLILFDGDVGH
LGHRORJtD GH L]TXLHUGDV QXHVWUR DPLJR $QGUpV MDPiV KL]R GDxR D QDGLH UHVSHWDED D
WRGR HO PXQGR SHUR EXHQ FRQYHUVDGRU TXH HUD QXQFD HVWXYR UHPLVR D SURFODPDU VXV
FULWHULRV SDVDURQ YHLQWH GtDV GH WHPRUHV VREUH WRGR FXDQGR OOHJy OD QRWLFLD GHO
DVHVLQDWR GH 0DQVR \ 3ULHWR &DUUDVFR HQ HO PRQWH GH /D 2UEDGD FXDQGR HO GtD GH
$JRVWR VH SUHVHQWDURQ GRV FRFKHV HQ HO PROLQR \ OR GHWXYLHURQ DOOt PLVPR QR OR
GHMDURQ GHVSHGLUVH GH VX PXMHU H KLMRV \D TXH D ORV TXH HVWDEDQ WUDEDMDQGR FRQpOOHV
GLMHURQ TXH VROR OR OOHYDEDQ D 6DODPDQFD SDUD WRPDUOH GHFODUDFLyQ \ SURQWR HVWDUtD GH
UHJUHVR HO SUHVHQWLPLHQWR GH ORV TXHFRQpOWUDEDMDEDQOHVKL]RVDOLUFRUULHQGRDDYLVDU
D VX IDPLOLD TXH GH LQPHGLDWR VH SXVR HQ PDUFKD SDUD YLDMDU D 6DODPDQFD \ WUDWDU GH
ORFDOL]DUOR IXHURQ SUHJXQWDQGR SRU HO FXDUWHO GHOD*XDUGLD&LYLOGHDOOtORVPDQGDURQ
D SUHJXQWDU D OD FiUFHO HQ OD FiUFHO WDPSRFR VDEtDQ QDGD \ HV DOOt GRQGHOHVVXJLULHURQ
TXHSUHJXQWDUDQHQHOFXDUWHOGHODIDODQJH
6H GLULJLHURQ D ORVMHVXLWDV\ORVIDODQJLVWDVTXHHVWDEDQGHJXDUGLDDODSXHUWDQRORV
GHMDURQ SDVDU QR VyOR HVR D ODV WUHV SHUVRQDV TXH EXVFDEDQ D $QGUpV OHV DPHQD]DURQ
FRQ GHWHQHUORV DOOt PLVPR DVt TXH WHPHURVRV UHJUHVDURQ DO SXHEORGHQXHVWURDPLJR\
FRPSDxHUR$QGUpVQXQFDPDVVHVXSR
GH6HSWLHPEUHGH
3$%/25(%2//2È9,/$௙
DxRV(OHFWULFLVWD
௙
3DEOR 5HEROOR $YLOD HUD XQ DYHQWDMDGR HOHFWULFLVWD HPSOHDGR HQ (OHFWUD GH
6DODPDQFD DILOLDGR D ODV -XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDVHQORVGtDVGHOLQLFLRGHOD
JXHUUD VH HQFRQWUDED WUDEDMDQGR HQ OD LQVWDODFLyQ GH QXHYDV OtQHDV HQ SXHEORV GH OD
FRPDUFD GH 9LWLJXGLQR DOOt OH VRUSUHQGLy HO DO]DPLHQWR UHEHOGH HO GRPLFLOLR GRQGH
KDELWDED KDELWXDOPHQWH GXUDQWH VX HVWDQFLD HQ 6DODPDQFD HQ FRPSDxtD GH VX HVSRVD H
KLMDV HQ OD $FHUD GHO -HV~V Qž GHO 3DVHR GH &DQDOHMDV DO ODGR GHO FRQYHQWR GH ODV
%HUQDUGDV DOOt IXHURQ D EXVFDUOR GRV R WUHV YHFHV ORV IDODQJLVWDV VX HVSRVD OHV
PDQLIHVWy TXH GHVFRQRFtD HO SXHEOR GRQGH WUDEDMDED KDVWD TXH XQ ILQ GH VHPDQD VH
YLQR D 6DODPDQFD D SDVDUOR FRQ OD IDPLOLD QDGD PDV OOHJDU DOJXLHQ TXH GHEtD HVWDU DO
DFHFKR GHQXQFLy VX SUHVHQFLD HQ 6DODPDQFD D ORV IDODQJLVWDV TXH SRFR GHVSXpV VH
SUHVHQWDURQ D GHWHQHUOH \ FRPR D WRGRV ORV TXH GHWHQtDQ OR OOHYDEDQ ³௙
SDUD WRPDUOH
GHFODUDFLyQ\UHJUHVDUtDSURQWR´FRPROHVGLMHURQDVXSDGUHVHOROOHYDURQGHWHQLGR
D OD &RPLVDUtD GRQGH OR WXYLHURQ XQRV GtDV \ GHVGH DOOt IXH WUDVODGDGR DO FXDUWHO GH OD
)DODQJH D ORV -HVXLWDV H LJXDOTXHRWURVFRPSDxHURVGHpOQXQFDPDVVHYROYLyDVDEHU
VX SDGUH ÈQJHO LQPHGLDWDPHQWH GH VX GHWHQFLyQ VH SXVR HQPDUFKDSDUDWUDWDUGHTXH
SHUVRQDV LQIOX\HQWHV GH 6DODPDQFD TXH FRQRFtD OH D\XGDUDQ HQFRQWUDQGR VLHPSUH OD
GLVFXOSD GH TXH HOORV QR SRGtDQ R QR VHDWUHYtDQDLQWHUFHGHUSRUpOMRYHQVRFLDOLVWDHO
GUDPD IDPLOLDU QR VH YLR DPSDUDGR SRU QDGLH DSHVDUGHODLQVLVWHQFLD\GHVHVSHUDFLyQ
GHO SDGUH HQ DFXGLU DO FXDUWHO GH ORV IDODQJLVWDV \ VXSOLFDU OH GHYROYLHUDQ DO KLMR KDVWD
TXH D ORV SRFRV GtDV OH GLMHURQ ௙
³TXH DOOt \D QR VH ௙
HQFRQWUDED TXH OR KDEtDQ
WUDVODGDGR´ SHUR QR OH GLMHURQ GyQGH ௙
³TXH QR YROYLHUD SRU DOOt SRUTXH VL YROYtD OR
OOHYDUtDQ FRQ pO´࣡
SURQWR LQWHUSUHWy HO SDGUH HO WUiJLFR GHVWLQR GH VX KLMR 3DEOR QR
YROYLHURQ D VDEHU VREUH VX PXHUWH HV PiV VLHPSUH YLYLHURQ VX HVSRVD KLMDV \ ORV
SDGUHVHQODHVSHUDQ]DTXHKXELHUDGHVDSDUHFLGR\HQFRQWUDUORDOJ~QGtD«¢"
GH6HSWLHPEUHGH௙
'$9,'&5,$'21Òf(=௙
DxRV(VFD\ROLVWD
'DYLG WUDEDMDED HQ HO WDOOHU GH (URWHLGHV &DVFDMR VHJ~Q OD LQIRUPDFLyQ TXH PH GLR VX
QLHWR GHO PLVPR QRPEUH VX DEXHOR VH FDUDFWHUL]DED SRU VHU XQD SHUVRQD PX\
FRQFLHQFLDGD GHO PRYLPLHQWR REUHUR HUD XQR PDV \ QR VDELDTXHWXYLHUDQLQJ~QFDUJR
VLQGLFDO QL SROtWLFR SHVH D VHU XQ DVLGXR D OD &DVD GHO 3XHEOR D OD TXH SHUWHQHFtD HUD
XQD SHUVRQD GH YHUER IiFLO OXFKDGRU FRQWUD ODV LQMXVWLFLDV \ QXQFD OH LPSRUWy ³GDU OD
FDUD´ DQWH ORV DEXVRV GH ORVSDWURQRVHPSH]DQGRSRUHOVX\RVLHPSUHVHPRVWUyFRPR
HQHPLJR GH OD YLROHQFLD VRODPHQWH SUHWHQGtD UHVROYHU ORV SUREOHPDV D WUDYpV GHO
GLiORJRORTXHHQWUHORVFRPSDxHURVOHDFUHGLWy\OHGLRFLHUWRFDUiFWHUGHOLGHUD]JR
$ SDUWLU GHO GtD GH -XOLR HVWXYR WHPHURVR GH TXH VH DFRUGDUDQ GH pO \ OR
GHWXYLHUDQ SHUR FRPR WDQWRV RWURV FRPSDxHURV D VX IDPLOLD OHV PDQLIHVWDED TXH QR
WHPtDQDGDSRUTXHpOQRKDEtDKHFKRQDGDDVtTXHHVWXYLHUDQWUDQTXLORV
(O GtD GH 6HSWLHPEUH D ODV GRFH \ PHGLD FXDQGR LED KDFLD VX FDVD D FRPHU IXH
GHWHQLGR QXQFD VH VXSR SRU TXLHQ VXSXHVWDPHQWH SRU IDODQJLVWDV HQ OD FDOOH GH OD
5RQGD GH 6DQFWL6StULWXV \ QR VHYROYLyDVDEHUTXHVXFHGLyFRQpOVXIDPLOLDOREXVFy
SRU WRGDV ODV SDUWHV VH GHQXQFLy VX GHVDSDULFLyQ HQ OD &RPLVDUtD GRQGH OHV KLFLHURQ
SRFR FDVR \ VH DEULy OD LQFyJQLWD GH VX GHVWLQR TXH D QR GXGDU IXH OD PXHUWH DxRV
GHVSXpV KXER DOJXLHQ TXH FRPHQWy TXH YLHURQ FRPR OR LQWURGXMHURQ D HPSHOORQHVHQ
HOFXDUWHOGHODIDODQJHHQORV-HVXLWDV
GH6HSWLHPEUHGH௙
$1721,2*21=È/(=9$//e6௙
«DxRV$OEDxLO
&2167$17,12*$5&Ë$7255(6௙
DxRV0DUPROLVWD
௙
(O FDVR TXH YR\ D QDUUDU IRUPD SDUWH GH PL SURSLD YLGD \ FRQVLGHUR VXILFLHQWHPHQWH
LOXVWUDWLYR HO KHFKR GH OD WUDJHGLD KXPDQD GH XQ HQWUDxDEOH \ TXHULGR DPLJR
&RQVWDQWLQR *DUFtD 0XxR] DO TXH FRQRFt JUDFLDV D ODFRODERUDFLyQGHRWURVDOPDQWLQR
VLQJXODU \ PX\ FRQRFLGR HQ 6DODPDQFD \D TXH WXYR HO EDU ³0XQGR´ PXFKRV DxRV HQ
ORV 3RUWDOHV GH 6DQ $QWRQLR MXQWR D OD 3OD]D 0D\RU VX QRPEUH )LGHO ,JOHVLDV FXDQGR
HVFULER HVWH UHODWR UHFLHQWHPHQWH IDOOHFLGR VLQ VX FRODERUDFLyQ QR KDEUtD FRQRFLGR
QXQFD D &RQVWDQWLQRDSHVDUGHTXH7LQRIXHDOPLVPRFROHJLRTXH\RVHKDEtDFULDGR
PX\ FHUFD GH GRQGH \R YLYt PL QLxH] \ D~Q UHFXHUGR DTXHO QLxRWUDYLHVRLQWHOLJHQWH\
YDOLHQWH TXHHUD7LQRGHSHTXHxR\DTXHLQFOXVRIXLPRVDPERVD~QGHGLVWLQWDHGDGDO
PLVPR FROHJLR QDFLRQDO DQHMR D OD (VFXHOD $QHMD D OD 1RUPDO GH 0DHVWURV GH OD
3OD]DGH$QD\D
$ SHVDU GH OD GLIHUHQFLD GHHGDG\RWHQtDGRFHDxRVFXDQGROHFRQRFtPLLQROYLGDEOH
PDHVWUR \ GLUHFWRU GHO FROHJLR ''HVLGHULR 0DUWtQ $QJXOR FRPR FRQVHFXHQFLD GH PL
DSOLFDFLyQ DO HVWXGLR PH HVWDED SUHSDUDQGR FRQ RWURV FRPSDxHURV SDUD HO LQJUHVR HQ
OD (VFXHOD 1RUPDO GH 0DHVWURV \ VH GLR OD FDVXDOLGDG GH TXH HO PDHVWUR '7RPiVGHO
SULPHUJUDGRGHQLxRVSHTXHxRVHQIHUPDUD
''HVLGHULRPHOODPyDSDUWH\PHGLMR³௙
/XLVGXUDQWHXQRVGtDVYDVDKDFHUWHFDUJR
GH ORV SHTXHxRV GHO SULPHU JUDGR HVSHUR TXH WH OR WRPHV HQ VHULR \ HQ ORV GtDV TXH
HVWpV FRQItR TXH VHUiV XQ EXHQ GH PDHVWUR GH ORV SiUYXORV´ < YD\D VL PH WRPp HQ
VHULR OD FRQILDQ]D TXH PH GDED PL PDHVWUR \ SURWHFWRU HUD OD SULPHUD RSRUWXQLGDG GH
PL YLGD SDUD GHPRVWUDU PL SURSLD YDOtD DVt TXH ODVGRVVHPDQDVTXHWDUGDURQHQOOHYDU
XQ PDHVWUR GH FDUUHUD HQVHxp ODV SULPHUDV OHWUDV D XQRV FXDUHQWD FKLFRV HQWUH HOORV
GHVWDFDED XQR GH HOORV SUHFLVDPHQWH 7LQR DTXHO QLxR WUDYLHVR WHQtD DOJR HVSHFLDO HUD
GLIHUHQWH D ORV GHPiV VL SRU DOJR OODPy PL DWHQFLyQ HUD SRU OD WULVWH]D GH VX PLUDGD
MXQWR D OD UHEHOGtDTXHHQHOVHDGLYLQDEDDSHVDUGHWRGRHOORODVHULHGDGGHHVFXFKDU\
VXV JDQDV GH DSUHQGHU D OHHU HUD GLVWLQWR D VXV FRPSDxHURV WDQ HV DVt TXH VLHPSUH OH
UHFRUGp DXQTXH HQ HO UHVWR GH PL YLGD SHUGt VX SLVWD KDVWD HO GtD TXH )LGHO ,JOHVLDV
PHIXHDYHUDPLWUDEDMR\DFRQWDUPHODWUDJHGLDGHQXHVWURQLxR ³$QWRQLR *RQ]iOH] 9DOOpV SDGUH GH &DUORV*RQ]iOH]7RUUHVGHDxRVHVWDEDFDVDGR
FRQ )UDQFLVFD OD VHxRUD 3DFD HQ VHJXQGDV QXSFLDV HUD OD PDGUH GH &RQVWDQWLQR
*DUFtD 7RUUHV SDGUH GH 7LQR OR TXH OH KL]R SDGUDVWUR GH &RQVWDQWLQR HVWH VH KDEtD
FDVDGR XQRV PHVHV DQWHV FRQ 0LFDHOD 0XxR] \ FRQYLYtDQ FRQ VX HVSRVD HPEDUD]DGD
GH GRV PHVHV 7LQR $QWRQLR VX PXMHU3DFD\HO~QLFRKLMRGHOPDWULPRQLR&DUORVHQ
VX GRPLFLOLR GH OD FDOOH *LEUDOWDU Qž XQD FDVD PX\ YLHMD \ HVSDFLRVD TXH PXFKRV
DxRV DQWHV GHELy VHU SRVDGD R UHVLGHQFLD GH HVWXGLDQWHV \DTXHHVWDEDHQDTXHOORVDxRV
KDELWDGDSRURQFHIDPLOLDV´
³7DQWR $QWRQLR FRPR &RQVWDQWLQR HUDQ DILOLDGRV D OD 8*7 \ DO 362( PX\
KDELWXDOHV D SDUWLFLSDU HQ ODV UHXQLRQHV GHO VLQGLFDWR HQ OD &DVD GHO 3XHEOR DPERV
DILOLDGRV \ PLOLWDQWHV DFWLYRV GH OD )HGHUDFLyQ GH OD FRQVWUXFFLyQ QR REVWDQWH PX\
UHODFLRQDGRVFRQHOVHFUHWDULRJHQHUDOHQ6DODPDQFDGHO362(-RVp$QGUpV0DQVR´ ³&XDQGR HVWDOOy OD JXHUUD HQ 6DODPDQFD FRPR RWURV PXFKRV GH ORV DILOLDGRV
HVWXYLHURQ DPERV HQ OD &DVD GHO 3XHEOR SDUD VHJXLU ORV DFRQWHFLPLHQWRV \ HVSHUDU ODV
QRWLFLDV TXH DOOt OOHJDEDQ QR SDUWLFLSDURQ HQ QLQJ~Q WLSR GH DFWR GH GHIHQVD QL
DOJDUDGD DOJXQD SRUTXH SURQWR VH UHWLUDURQDVXFDVDDHVSHUDUORVDFRQWHFLPLHQWRVORV
GtDV VLJXLHQWHV KDVWD VX GHWHQFLyQ VLJXLHURQDVLVWLHQGRDVXKDELWXDOWUDEDMR$QWRQLRD
OD REUD GRQGH WUDEDMDED\&RQVWDQWLQRDOWDOOHUGHPDUPROLVWDGH6DPXHO6HVHxDGRQGH
VXODERUFRQVLVWtDHQFRQVWUXLUSLH]DVGHPiUPRO´
³1R VH YLHURQ VRUSUHQGLGRV GH VX GHWHQFLyQ SRUTXH FRQRFtDQ ELHQ TXH GHVGH HO
VDQJULHQWR VXFHVR GH OD 3OD]D0D\RUORTXHHVWDEDVXFHGLHQGRHQ6DODPDQFDFRQRWURV
FRPSDxHURV GH OD 8*7 \GHO3DUWLGRODVGHWHQFLRQHV\GHVDSDULFLRQHVHUDQFRQVWDQWHV
GHVGH HO GH -XOLR KDEtDQ HVWDGR XQRV GtDV GH KXHOJD SRFDV SHUVRQDV DFXGLHURQ DO
WUDEDMR $QWRQLR \ &RQVWDQWLQR WDPSRFR VDOLHURQ SRFR SRU OD FDOOH D SHVDU GHO IXHUWH
FDORU TXH HQ 6DODPDQFD KDFtD \ TXH SRU HVDV IHFKDV GHO YHUDQR VRSRUWDQ ORV
VDOPDQWLQRV QR OHV IDOWDURQ FRQVHMRV \ SURSRVLFLRQHVGHDPLJRV\YHFLQRVSDUDKXLUGH
6DODPDQFD OR PLVPR TXH RWURV FRPSDxHURV GH VLQGLFDWR VH UHFRQRFtDQ LQRFHQWHV QR
KDEtDQ UHDOL]DGR QLQJ~Q DFWR YLROHQWR VRODPHQWH TXH HUDQ VRFLDOLVWDV \ HVWDEDQ
LOXVLRQDGRV FRQ OD 5HS~EOLFD TXH WDQWR VLJQLILFDED SDUD ORV REUHURV LJXDO TXH SDUD OD
WRWDOLGDGGHTXLHQHVHUDQGHWHQLGRV\GHVDSDUHFtDQDTXHOORVGtDV´
³(O GtD GH 6HSWLHPEUH FXDQGR HVWDEDQ HQVXFDVDGHVSXpVGHVXWUDEDMROOHJDURQD
VX FDVDGRVSROLFtDVGHSDLVDQRTXHSUHJXQWDEDQDODVYHFLQDVSRUHOORVOHVGLMHURQTXH
ORV DFRPSDxDUDQ SRUTXH OHV LEDQ D WRPDU GHFODUDFLyQHQOD&RPLVDUtDHQWRQFHVVLWDHQ
OD FDOOH GHO 3UDGR \ TXH ࣡
UHJUHVDUtDQ ࣡
SURQWR 6HGHVSLGLHURQGHVXVPXMHUHV\GH&DUORV
GH GLH] \ VLHWH DxRV GH HGDG KLMR GH $QWRQLR \ ࣡
KHUPDQR GH PDGUHGH&RQVWDQWLQRORV
FXDOHV TXHGDURQ HQ OD FDVD HVWXSHIDFWRV \ GRORULGRV ODV PXMHUHV OORUDQGR \ &DUORV
WUDWDQGR GH FRQVRODUODV QRREVWDQWHHVWDEDQPX\OHMRVGHVRVSHFKDUTXHODVPXMHUHVQR
YROYHUtDQDYHUDVXVVHUHVTXHULGRV´
³$O OOHJDU OD KRUD GH OD FHQD DO MRYHQ &DUORV OH SUHSDUDURQ XQRV ERFDGLOORV \ GRV
PDQWDV TXH OyJLFDPHQWH QHFHVLWDEDQ VLFRQWLQXDEDQGHWHQLGRVDOOtDTXHOODQRFKHFRPR
VH SUHVHQWtD VH IXH D OD &RPLVDUtD GRQGH OH WUDWDURQ FRQ GHVSUHFLR DOOt QR OH
LQIRUPDURQ QDGD VRODPHQWH TXH HVWDEDQ HQDTXHOPRPHQWRWRPiQGROHVGHFODUDFLyQHO
JXDUGLD GH $VDOWR GH OD SXHUWD HO PLVPR TXH OH FRJLy ORV ERFDGLOORV \ ODV PDQWDV OH
UHFRPHQGy TXH SRU OD PDxDQD OHV OOHYDUD D ORV GHWHQLGRV HO GHVD\XQR \D TXH DOOt
VRODPHQWHOHVGDUtDQXQYDVRGHFDIpQHJUR´
³$SDUWLUGHDTXHOORVPRPHQWRV&DUORVHVWXYRRFXSDGRHQLUWRGRVORVGtDVDOOHYDUOHV
OD FRPLGD \ OR TXH QHFHVLWDEDQ OOHJiQGROHV D YHU HQ HO FDODER]R DWUDYpVGHODVUHMDV\
FUX]DUVH DOJXQDV SDODEUDV VRODPHQWH UHFRPHQGDQGR D &DUORV WDQWR VX SDGUH FRPR VX
KHUPDQR TXH DJUDGHFLGRV SRU OD D\XGD TXH OHV SUHVWDEDQ VXV PXMHUHV OH
UHFRPHQGDURQ ³TXH ODV WUDQTXLOL]DUD \D TXH QR VH VHQWtDQ FXOSDEOHV GH QLQJ~QGHOLWR
DPERV HUDQ LQRFHQWHV \ VHUtDQ SXHVWRV HQ OLEHUWDG´ VLHPSUH FRQ ORV JXDUGLDV GH
$VDOWR SRU PHGLR GH WHVWLJRV IXHURQ FDWRUFH ODUJRV GtDV HQ ORV TXH HO MRYHQ FXPSOLy
FRQFDULxRULJRU\SXQWXDOLGDGVXFRPHWLGR´
´+DVWD TXH HO GtD GH 6HSWLHPEUH DO LU FRPR GH FRVWXPEUH DOOHYDUOHVODFRPLGDHO
JXDUGLD GH OD SXHUWD OHGLMRTXHVXSDGUHDTXHOODPDxDQDORKDEtDQWUDVODGDGR\TXHQR
VDEtD GyQGHDSHVDUGHODLQVLVWHQFLDGH&DUORVHQVDEHUGyQGHHVWDUtDVXSDGUHGHMyOD
FRPLGD GH VX KHUPDQR \ VH GLULJLy GH LQPHGLDWR D OD FiUFHO SRU VL DOOt OR KXELHUDQ
LQJUHVDGRDORILFLDOGHODSXHUWDOHSUHJXQWyGiQGROHODVVHxDVGHVXSDGUHVLORKDEtDQ
LQJUHVDGR DOOt D OR TXH OH FRQWHVWDURQ TXH HVH GtD SUHFLVDPHQWH QR KDEtD LQJUHVDGR
QDGLH &DUORV VLJXLy LQVLVWLHQGR \ SUHJXQWDQGR GyQGH HVWDUtD௙
SHUR QDGLH OH D\XGy OR
PDV PtQLPR GHVRODGR VH TXHGy HQWUH XQD FRQVLGHUDEOH FDQWLGDG GH SHUVRQDV TXH HQ
ILOD HVSHUDEDQ OHV UHFRJLHUDQ OD FHVWD GRQGH OHV OOHYDEDQ OD FRPLGD D VXV IDPLOLDUHV
SUHVRV XQD VHxRUD TXH SRU HGDG SRGtD VHU VX PDGUH DO YHU DO MRYHQ &DUORV OORUDQGR
DPDEOHPHQWH WUDWy GH FRQVRODUOR \ OH VXJLULy VL KDEtD SUHJXQWDGR HQ HO FXDUWHO GH OD
)DODQJH DOOt FHUFDHQHO1RYLFLDGRGHORVMHVXLWDV<&DUORVUHFREUDQGRODIXHU]DPRUDO
GH EXVFDU D VX SDGUH FRUULHQGR VH IXH D GLFKR ³FXDUWHO´ DOOt HO IDODQJLVWD GH OD SXHUWD
QROHKL]RQLFDVR´
3HUR REUD HQ QXHVWUR SRGHU HVFULWD GH VX SXxR \ OHWUD OD SUXHED GRFXPHQWDO GH OR
VXFHGLGR \ TXH HVFULELy &DUORV TXH HVWDGHFODUDFLyQODHVFULELyHQ8WUHUDDSHWLFLyQGH
VX VREULQR 7LQR KLMR SyVWXPR GH VX KHUPDQR &RQVWDQWLQR HQ -XQLR GHFXDUHQWD
\RFKRDxRVGHVSXpV\TXHYDPRVDWUDQVFULELUOLWHUDOPHQWH
௙
³(
࣡Q6DODPDQFDDODWDUGHFHUGHOGtDGH6HSWLHPEUHGHIXHURQGHWHQLGRVSRUOD
3ROLFtD HQ VX GRPLFLOLR GH OD FDOOH GH *LEUDOWDU Qž $QWRQLR *RQ]iOH] 9DOOpV \
&RQVWDQWLQR *DUFtD 7RUUHV WUDVODGDGRV D OD &RPLVDUtD GH 3ROLFtD VLWD HQ DTXHOODV
IHFKDVHQODFDOOHGHO3UDGR´
³'LDULDPHQWH IXHURQ YLVWRV SRU VXV IDPLOLDUHV \D TXH VH OHV OOHYDED OD FRPLGD \ OD
FHQD \ VH OHV YHtD D WUDYpV GH ODV UHMDV GHODSXHUWDGHXQFDODER]RPHGLDQGRHQWUHOD
IDPLOLD \ ORV GHWHQLGRV XQD KDELWDFLyQ FXDOTXLHUD SDODEUD TXH VH FUX]DUDQ HQWUH
DPERVIRU]RVDPHQWHWHQtDTXHVHUHVFXFKDGDSRUHOJXDUGLDGHVHUYLFLR´
³(O GtD GHO PLVPR PHV GH 6HSWLHPEUH DO OOHYDUOHV OD FRPLGD QRV GLMHURQ TXH
$QWRQLR *RQ]iOH] 9DOOpV QR HVWDED DOOt VLQ GHFLUQRV GyQGH OR KDEtDQ OOHYDGR
PDUFKDPRV VHJXLGDPHQWH D OD 3ULVLyQ 3URYLQFLDO \ QRV LQGLFDURQ ³TXH QR KDEtD
QLQJ~Q LQJUHVR´ 3RU UHIHUHQFLDV QRV WUDVODGDPRV DO FXDUWHO GH OD IDODQJH VLWXDGRHQ
ORV -HVXLWDV SRU PHGLDFLyQ GHO IDODQJLVWD GH JXDUGLD HQ OD SXHUWD SULQFLSDO VXSLPRV
TXH HVD PDxDQD KDEtD OOHJDGR XQ FDPLyQ GH GHWHQLGRV SUHJXQWDPRV SRU $EHO
0D\RUJD TXH HUD XQR GH ORV MHIHV GH )DODQJH \ TXH KDEtD YLYLGR GH VROWHUR HQ OD
PLVPD FDVD \D ࣡
TXH ࣡
pUDPRV XQDV RQFH IDPLOLDV ODV TXH DOOt YLYtDPRV pVWH LQGLYLGXR
IXH XQR GH ORV SULQFLSDOHV SLVWROHURV TXH KXER HQ 6DODPDQFD UHVSRQVDEOH \ HMHFXWRU
GH LQQXPHUDEOHV DVHVLQDWRV GLFKR LQGLYLGXR QRV FRQILUPy OD SUHVHQFLD GH $QWRQLR
*RQ]iOH]PLSDGUH\QRQRVGLMRQDGDPDV´
³$O VLJXLHQWH GtD GH 6HSWLHPEUH DO OOHYDU OD FRPLGD D &RQVWDQWLQR *DUFtD QRV
PDQLIHVWDURQ TXH QR HVWDED DOOt QRV WUDVODGDPRV DO FLWDGR FXDUWHO GH OD )DODQJH \ HO
WDO0D\RUJDVHQHJyDUHFLELUQRVSHURHOFHQWLQHODGHJXDUGLDQRVFRQILUPyTXHHQWUH
ORV GHWHQLGRV KDEtD OOHJDGR &RQVWDQWLQR *DUFtD 7RUUHV \D TXH QRV GLR WRGD FODVH GH
GHWDOOHV VREUH OD URSD TXH OOHYDED DVt FRPR XQD VRUWLMD GH FDXFKR FRQ OD IRWR GH VX
HVSRVD (VWH GHWDOOH QRV KL]R VXSRQHU TXH \D KDEtDQ VLGR DVHVLQDGRV \D TXH QR QRV
GHMDURQ YROYHU SRU DOOt QL GDUQRV QLQJXQD QRWLFLD´³6HJ~Q UHIHUHQFLDV VLQ FRQILUPDU
HQ ORV FDODER]RV GH GLFKR FXDUWHO GH)DODQJHIXHURQDVHVLQDGRVXQLQFRQWDEOHQ~PHUR
GHSHUVRQDV´
³&RQVWDQWLQR*DUFtD0XxR]HVKLMRGH&RQVWDQWLQR*RQ]iOH]7RUUHV
³(O TXH VXVFULEH &DUORV *RQ]iOH] 7RUUHV HV KLMR GH $QWRQLR *RQ]iOH] 9DOOpV \
KHUPDQRGHPDGUHGHOUHIHULGR&RQVWDQWLQR*DUFtD7RUUHV´
3DUD TXH DVt FRQVWH ILUPR HO SUHVHQWH GRFXPHQWR HQ 8WUHUD 6HYLOOD D YHLQWLXQR GH
-XQLRGHPLOQRYHFLHQWRVRFKHQWD\FXDWUR)LUPD\UXEULFD&DUORV*RQ]iOH]7RUUHV´
࣡
(VWD QRWD HV XQD SUXHED PDV OR VXILFLHQWHPHQWH HVFODUHFHGRUD GH ORV OXFWXRVRV
KHFKRVTXHHQDTXHOODVIHFKDVVHFRPHWtDQHQHOFXDUWHOGHOD)DODQJH
2FWXEUHGH௙
,12&(1&,2*$5&Ë$&$/92௙
DxRV2EUHUR0LUDW௙
௙
/D IiEULFD GH 0LUDWGXUDQWHORVSRFRVDxRVTXH(VSDxDJR]yGHODV/H\HVSURSLDVGH
XQ (VWDGR 'HPRFUiWLFR GH 'HUHFKR FRQ OD 5HS~EOLFD IXH XQ KHUYLGHUR GH FRQTXLVWDV
VRFLDOHV HQ DTXHO HQWRQFHV WRGRV ORV WUDEDMRV QHFHVDULRV SDUD OD IDEULFDFLyQ GHO
VXSHUIRVIDWR GH FDO VH UHDOL]DEDQ D PDQR HQ GLFKD IiEULFD WDPELpQ VH REWHQtD iFLGR
VXOI~ULFR D WUDYpV GH OD WRVWDFLyQ HQ KRUQRV GH SLULWD GH KLHUUR HO JDV GH DQKtGULGR
VXOIXURVR TXH VH GHVSUHQGtD HQ OD WRVWDFLyQ HUD DVSLUDGR \ FRQGXFLGRDODVFiPDUDVGH
SORPR GRQGH SRU HO SURFHVR GH R[LGDFLyQ FRQ DJXD VH DOFDQ]DED HO iFLGR VXOI~ULFRGH
ž %RPp (O iFLGR VXOI~ULFR PH]FODGR D IRVIDWRV SURFHGHQWHV GH $UJHOLD HQ IRVDV GH
GLVJUHJDFLyQ UHDFFLRQDEDQ \ GDEDQ SRU UHVXOWDGR HO VXSHUIRVIDWR GH FDO FRQ HO \
GH iFLGR IRVIyULFR VROXEOH DO DJXD \ DO FLWUDWR HQ SRFDV SDODEUDV HUD XQ DERQR
PLQHUDO FRQVHJXLGR TXtPLFDPHQWH SDUD IHUWLOL]DU ORV FDPSRV VDOPDQWLQRV \
]DPRUDQRV
(Q OD IiEULFD WUDEDMDEDQ HQ SOHQD WHPSRUDGD GH SURGXFFLyQ VHLVFLHQWRV WUDEDMDGRUHV
XQRVGRVFLHQWRVILMRV\HOUHVWRHYHQWXDOHV
$SUR[LPDGDPHQWH HOGHORVWUDEDMDGRUHVILMRVHVWDEDQDILOLDGRVDOD8*7GHORV
HYHQWXDOHV OD PD\RUtD QR SHUWHQHFtDQ D VLQGLFDWR DOJXQR VRODPHQWH DOJXQR VH DILOLy D
LQVWDQFLDV GH VXV FRPSDxHURV VLQGLFDGRV /D IiEULFD HUD XQ KHUYLGHUR GH
UHLYLQGLFDFLRQHV OR TXH PRWLYy XQD VHULH GH KXHOJDV FRQ ODV TXH FRQVLJXLHURQ
LPSRUWDQWHV DYDQFHV HQ VXV FRQGLFLRQHV GH WUDEDMR 6RODPHQWH KXER XQD KXHOJD GH
VROLGDULGDG FRQ ORV PLQHURV GH $VWXULDV HQ 2FWXEUH GH FRQHVHPRWLYRVXUJLyXQ
FRPLWp GH D\XGD D ORV DVWXULDQRV D ORV TXH HQ DOJ~Q FDVR DFRJLHURQ HQ VXV FDVDV 1R
REVWDQWH OD UHODFLyQ FRQ ORV MHIHV GH OD (PSUHVD QR HUD PDOD DXQTXH KXELHUD D YHFHV
DOJ~Q HQIUHQWDPLHQWR YHUEDO SHUR VL DOJR WXYR OD GLUHFFLyQ GH OD (PSUHVD IXH XQ
GLiORJR DELHUWR FRQ VXV REUHURV/D(PSUHVDODGLULJtDQORV+HUPDQRV0LUDW*UHJRULR
-XDQ \ 0DQXHO VLHQGR LQJHQLHUR XQ VREULQR FDUQDO KLMR GH VX KHUPDQD $QD HO MRYHQ
LQJHQLHUR-HUyQLPR2UWL]GH8UELQD
&RPR HQ WRGDV SDUWHV HQ OD IiEULFD 0LUDW WUDEDMDED XQ MRYHQ OtGHU HQ OD (PSUHVD
SRUWDYR] GH VXV FRPSDxHURV TXHIXHHOHJLGRGHOHJDGRGHOD8*7WDPELpQPLOLWDEDHQ
HO 362( VX QRPEUH ,QRFHQFLR ௙
*DUFtD &DOYR GH VREUHQRPEUH ³(O &KHQFKR´ VROWHUR
GH YHLQWLFXDWUR DxRV TXH D ORV GRFHDxRVKDEtDLQJUHVDGRHQODIiEULFDFRQODFDWHJRUtD
GH SLQFKH \ FRPR HUD XQ FKLFR DYLVSDGR \ WUDEDMDGRU HQ HUD HVSHFLDOLVWD HQ OD
VHFFLyQ GH ÈFLGRV 6REUH pO UHFD\y GHVGH OD 3URFODPDFLyQ GH OD 5HS~EOLFD OD
RUJDQL]DFLyQ VLQGLFDOLVWD HQ OD (PSUHVD \ OyJLFDPHQWH OD SURPRFLyQ \ RUJDQL]DFLyQ
VLQGLFDO LQWHUQD VX ODERU IXH IXQGDPHQWDO HQ ODV UHLYLQGLFDFLRQHV TXH SODQWHDEDQ D OD
GLUHFFLyQ GLVIUXWDQGR GHO DSR\R \ FRQILDQ]D GH VXV FRPSDxHURV OR TXH OH RWRUJy HO
UHVSHWR GH VXV MHIHV \ OD FRQVLGHUDFLyQ SURSLD GH XQ YHUGDGHUR \ H[FHOHQWH OtGHU GH OD
FODVHREUHUD
(O OXQHV GtD GH -XOLR GH GHVSXpV GH ODSURFODPDFLyQGHOHVWDGRGHJXHUUDHQ
OD 3OD]D 0D\RU GH 6DODPDQFD DO &KHQFKR VH OH YLR HQ OD &DVD GHO 3XHEOR GRQGH
HVWXYR FRPR DOJXQR PDV GH DSUR[LPDGDPHQWH FLHQ PLOLWDQWHV \ DILODGRVHVSHUDQGRODV
QRWLFLDV TXH OOHJDEDQ GH 0DGULG SRU OD UDGLR (VH PLVPR GtD SRU OD WDUGHTXHGDURQHQ
YHUVH HQ OD $OGHKXHOD HQ OD SUR[LPLGDG GH OD FDVD GHO JXDUGD SDUD GHWHUPLQDU VXV
DFFLRQHV H LQLFLDU OD OXFKD IUHQWH D ORV PLOLWDUHV VH GHVFRQRFH FXDQWRV IXHURQ \ OR TXH
DOOt VH WUDWDUD \ VXFHGHUtD HO FDVR HV TXH GHVGH DTXHOOD WDUGH DOJXQR GH ORV DVLVWHQWHV
GHVDSDUHFLy$OOtVHSHUGLyODSLVWDGHO&KHQFKRQRVHOHYROYLyDYHU
1R KHPRV SRGLGR VDEHU FXDQGR IXHURQ D EXVFDUOR D VX FDVD GH OD FDOOH $OPDQVD GHO
EDUULR GH OD 3URVSHULGDG GRQGH KDELWDED FRQ VX PDGUH YLXGD \ XQD KHUPDQD VROWHUD
3HUR GH OD LQIRUPDFLyQ ORJUDGD RUDOPHQWH SRU DOJ~Q YHFLQR \ FRPSDxHUR IXHURQ D
GHWHQHUOR ORV IDODQJLVWDV HQ UHLWHUDGDV RFDVLRQHV \ D ODV KRUDV PDV LQWHPSHVWLYDV
UHJLVWUDURQ OD FDVD SDOPR D SDOPR VX PDGUH \ KHUPDQD DO OOHJDU ORV DFRVDGRUHV
OORUDEDQ GHVFRQVRODGDPHQWH \ ODPHQWDEDQ FRQ GRORU ³GH ILFFLyQ´௙
࣡
³T௙
XH OR EXVFDUDQ
DXQTXH HOODV FUHtDQ TXH KDEtD HVFDSDGR GH 6DODPDQFD \ TXH VROR 'LRV VDEUtD GRQGH
VHHQFRQWUDUtDVXKLMR\KHUPDQR´
࣡
&KHQFKR HO GtD GH -XOLR GHVSXpV GH ORV VXFHVRV GH OD3OD]D0D\RUHOGtDDQWHULRU
\ OD UHXQLyQ HQ OD $OGHKXHOD DO OOHJDU SRU OD QRFKH FXDQGR YLR FRPR SHOLJUDED VX
LQWHJULGDG OH FRQWy D VX KHUPDQD \ PDGUH TXH WHQtDQ TXH FRODERUDU FRQ pO SDUD
HVFRQGHUVH SRU OD JUDYH VLWXDFLyQ HQ TXH VH HQFRQWUDED \ SUHVHQWtD DTXHOOD PLVPD
QRFKH VXELy DO GHVYiQ GH VX FDVD \ SUDFWLFy XQ DJXMHUR HQ OD SDUHG PHGLDQHUD FRQ OD
FDVD GH DO ODGR TXH VH KDOODED GHVKDELWDGD \ PX\ GHWHULRUDGD \ SHQHWUy HQ HO ࣡
GHVYiQ
YHFLQR DOOt HQFLPD GHO WHFKR \ DSR\DGDV HQ ORV SHQGRORQHV GH OD DUPDGXUD GHO WHMDGR
SXVR XQD WDEODV TXH WHQtD HQ VX SDWLR DOOt VH SUHSDUy XQ FDPDVWUR \ HVWDEOHFLy VX
HVWDQFLD KDVWD TXH VH VROXFLRQDUD HO SUREOHPD pO FRQILDED TXH HQ SRFRV GtDV OD
5HS~EOLFDJDQDUtDODJXHUUDTXHKDEtDFRPHQ]DGR
/D PDGUH \ KHUPDQD D SDUWLU GHO GtD VLJXLHQWH FRPHQ]DURQ D GHFLU D ODV YHFLQDV
FXDQGR ODV SUHJXQWDEDQ TXH VH KDEtD HVFDSDGR FRQ HO SRFR GLQHUR TXH WHQtDQ \ QR
VDEtDQ GyQGH KDEUtD LGR OD QRWLFLD OOHJy D OD IiEULFD OD PD\RUtD GH ORVFRPSDxHURVGH
OD IiEULFD VH DOHJUDURQ GH VX KXtGD \D TXH VDEtDQ ELHQ GH OR SHOLJURVR TXH SDUD pO
VXSRQGUtD KDEHUVH TXHGDGR \ HPSH]DURQ ODV HOXFXEUDFLRQHV GHDGyQGHVHKDEUtDLGR
KD\ TXLHQ GHFtD TXH VHJXUDPHQWH D 3RUWXJDO RWURV TXHD0DGULGKXERFRPHQWDULRVGH
WRGR WLSR SHUR QL XQR VyOR VRVSHFKy WDQ VLTXLHUD TXH HVWXYLHUD HVFRQGLGR HVSHUDQGR
TXHSDVDUDWRGR
/OHYDUtD FHUFD GH WUHV PHVHV HVFRQGLGR FXDQGR XQD QRFKH RWRxDO VHUtDQFHUFDGHODV
GRFH QRFKH GH OOXYLD \ IUtR GHILQDOHVGHOPHVGH2FWXEUHFDQVDGRGHHVWDUHVFRQGLGR
OH GLMR D VX PDGUH TXH OHVDFDUDODSHOOL]D\XQSDUDJXDVTXHVHLEDDGDUXQDYXHOWDVH
DFHUFDUtD D OD HVWDFLyQ \ VL SRGtD VH PDUFKDUtD GH 6DODPDQFD VX PDGUH \ KHUPDQD QR
TXHUtDQ TXH VH DUULHVJDUD \ D SHVDU GH ODV UD]RQHV TXH OH GLHURQ GHFLGLGR D GDUVH XQ
SDVHR VLQ GHVSHGLUVH VH PDUFKy SRFR OH LEDQ D GXUDU VXV DQVLDV GH OLEHUWDG VXELy OD
FDOOH $OPDQVD KDVWD OD FDOOH 9HUJDUD \ WRPy OD GLUHFFLyQ GH &XDWUR &DPLQRV FRQ
LQWHQFLyQ GH GLULJLUVH DO 3DVHR GHO 5ROOR \ OOHJDU KDVWDODVSUR[LPLGDGHVGHOD(VWDFLyQ
GHO WUHQ HVD HUD VX LQWHQFLyQ SHUR DO OOHJDU D &XDWUR &DPLQRV HVTXLQD FRQ OD FDOOH
9HUJDUD GH XQ SRUWDO VDOLHURQ WUHV IDODQJLVWDV FRQ FDSRWH PLOLWDU \ OH SUHJXQWDURQ
TXLHQ HUD \ D GyQGH LED GLMR TXH LED D EXVFDU XQ PpGLFR SRUTXH VX PDGUH VH KDEtD
SXHVWR HQIHUPD FXDQGR HVWDEDQ KDEODQGR VH DFHUFy XQ SHUVRQDMH GHO EDUULR TXH OOHJy
HQ DTXHO PRPHQWR VH WUDWDED GH ³0LJXHOyQ´ XQ IDODQJLVWD YHFLQR TXH YLYtD FHUFD GH
&KHQFKR \ OR FRQRFtD ELHQ DVtTXHLQPHGLDWDPHQWHPDQLIHVWyTXHOROOHYDUDQGHWHQLGR
DOFXDUWHOGHOD)DODQJHDSRFRVPHWURVGHOOXJDUGHODGHWHQFLyQ
/D PDGUH \ KHUPDQD YLHURQ TXH QR UHJUHVDED &KHQFKR \ DODUPDGDV VLQ VDEHU TXH
KDFHU WRGD OD QRFKH HVWXYLHURQ GH YHODHVSHUDQGRHOUHJUHVR+DVWDTXHSRUODPDxDQD
XQD YHFLQD VH KDEtD HQWHUDGR SRU RWUD GH TXH 0LJXHOyQ OR KDEtD HQFRQWUDGR \ HVWDED
GHWHQLGRHQHO1RYLFLDGR
,JXDOPHQWH ORV UXPRUHV VH KLFLHURQ QRWLFLD UHFLHQWH HQ OD )iEULFD D ODV RFKR GH OD
PDxDQDDOOtVHVDEtDORGHODGHWHQFLyQGHO&KHQFKR
(Q OD )iEULFD GH 0LUDW VH KDEtD GDGR DIRUWXQDGDPHQWH XQD VLWXDFLyQ GLVWLQWD D RWURV
FHQWURV GH WUDEDMR GHVGH HO SULPHU GtD GH OD JXHUUD VREUHWRGRVORVMHIHVHQFDEH]DGRV
SRU '*UHJRULR \ '-XDQ VH LQWHUHVDURQSHUVRQDOPHQWHGHODSURWHFFLyQGHVXVREUHURV
OyJLFDPHQWH ORV TXH PDV VHKDEtDQGHVWDFDGRSRUVXLGHRORJtDGHL]TXLHUGDV\DILOLDGRV
D OD 8*7 GHVGHDTXHOORVSULPHURVGtDVGHODJXHUUDHVRVPLVPRVMHIHVLQPHGLDWDPHQWH
VH SXVLHURQ D GLVSRVLFLyQ GH ORV UHEHOGHV PLOLWDUHV \ IDODQJLVWDV D FDPELR GH TXH QR
TXHUtDQ TXH XQR VyOR GH VXV WUDEDMDGRUHV IXHUDQ SHUVHJXLGRV \ FDVWLJDGRV FRPR DVt
DIRUWXQDGDPHQWH SDVy VL QR VDOHQ HQ GHIHQVD GH VXV REUHURV SRVLEOHPHQWH KXELHUDQ
DVHVLQDGR D XQ EXHQ Q~PHUR GH HOORV FRPR FRQVHFXHQFLD GHO LPSRUWDQWH Q~PHUR GH
WUDEDMDGRUHV GH OD (PSUHVD DILOLDGRV D OD 8*7 OR TXH SDUD ORV IDODQJLVWDV VLJQLILFDED
³PpULWR´PDVTXHVXILFLHQWHSDUDDVHVLQDUORV
&RQ UHODFLyQ D OR VXFHGLGR SRU HO &KHQFKR KDFH DxRV DSUR[LPDGDPHQWH SRU HO DxR
R \R \D HUD HQFDUJDGR GH OD VHFFLyQ GH OD )iEULFD GH $ERQR &RPSOHMR
)RUWHUUD \ OD GLUHFFLyQ GH PL (PSUHVD 0LUDW 6$ PH PDQGy D &iFHUHV D UHDOL]DU
FLHUWDV JHVWLRQHV '-HUyQLPR PL MHIH PDQGy TXHPHOOHYDUDHOFRFKHGHOD(PSUHVDHO
VHxRU 'LHJR %UDYR KDELWXDO FKRIHU GHO MHIH 'LHJR HUD XQ EXHQ DPLJR PtR OOHYDED
PXFKRV DxRV GH FRQGXFWRU FRQ ' *UHJRULR \ QR UHFXHUGR ELHQ FRPR HPSH]y HO
DVXQWR HO FDVR HV TXH GXUDQWH HO YLDMH VXUJLy XQ FRPHQWDULR VREUH OD JXHUUD \ GHO
SHOLJUR GHO TXH ORV VDOYy '*UHJRULR TXH IXH HO PDV LQWHUHVDGR HQ TXH QR VXIULHUD OD
UHSUHVLyQ QLQJ~Q REUHUR 6HJ~Q 'LHJR VRODPHQWH DVHVLQDURQ DO &KHQFKR \ 'LHJR PH
FRPHQWy FRQRFHU pO ELHQ OR VXFHGLGR TXH XQD PDxDQD DO OOHJDU DO WUDEDMR XQ GtD GHO
PHV GH 2FWXEUH GH ௙
³HUDQ XQiQLPHV ORV FRPHQWDULRV GH ORV REUHURV GH TXH HO
&KHQFKR ௙
KDEtD DSDUHFLGR OR KDEtDQ GHWHQLGR \ OR WHQtDQ HQ HO FXDUWHO GH OD )DODQJH
HQ ORV -HVXLWDV QDGD PiV EDMDU GH VX FDVD DOWUDEDMRDODKRUDTXHDFRVWXPEUDGDODV
QXHYH GH OD PDxDQD '*UHJRULR UHFLELy OD QRWLFLD \ GH LQPHGLDWR PH PDQGy
SUHSDUDUD HO FRFKH TXHUtD LU SHUVRQDOPHQWH D EXVFDUOR DOOOHJDUDODSXHUWDSULQFLSDO
GHO 1RYLFLDGR࣡
௙
PH GLMR TXH OH HVSHUDUD D OD SXHUWD YL TXH HO FHQWLQHOD GH OD SXHUWD OH
GHMy SDVDU DO OOHJDU D OD HVFDOHULOOD TXH GD DFFHVR DO HGLILFLR GHVGH OD FDOOH REVHUYp
TXH VDOtD XQ MHIH GH ORV IDODQJLVWDV \ KDEODED FRQ '*UHJRULR GHVSXpV GH
LQWHUFDPELDU XQDV SDODEUDV DPERVSHQHWUDURQGHQWURQRUHFXHUGRELHQHOWLHPSRTXH
HVWXYR '*UHJRULR DOOt QR IXH PXFKR WLHPSR SHUR OR TXH QXQFD KH ROYLGDGR OR
VXFHGLGR D FRQWLQXDFLyQ 6DOt D DEULUOH OD SXHUWD GHO FRFKH FRPR GH FRVWXPEUH \ OR
SULPHURTXHPHGLFH'*UHJRULR´'LHJRQRSXHGHVHU´\DGHQWURGHOFRFKH´6RQ
XQRV VDOYDMHV´ ³VRQ XQD FDQDOOD FULPLQDO´ ³'XUDQWH HO EUHYH WUD\HFWR TXH KD\
KDVWD OD )iEULFD SXGH HVFXFKDU DOJ~Q VROOR]R GH PL MHIH 1R PH DWUHYt QL D
SUHJXQWDUOH SRU &KHQFKR࣡
௙
DTXHOOD PLVPD PDxDQDHVWXYLHURQWRGDODPDxDQD௙
UHXQLGRV
ORV MHIHV '*UHJRULR '-XDQ \ '-HUyQLPR HQ HO GHVSDFKR GH '*UHJRULR \ DTXHOOD
PDxDQD PLVPR FRUULHURQ FRPR SyOYRUD OD WRUWXUD \ DVHVLQDWR GHO PHMRU FRPSDxHUR
TXHKDEtDPRVWHQLGR«´࣡
$OJ~Q WLHPSR GHVSXpV SRU OD IiEULFD FRUULy HO UXPRUGHTXHFXDQGRD'*UHJRULROR
LQWURGXMHURQ KDVWD ORV FDODER]RV OH HQVHxDURQ HO FDGiYHU SDUD TXH OR LGHQWLILFDUD \ D
pVWH OD IDOWDEDQ ORV RMRV¢YHUGDG"¢OH\HQGD" HO FDVR HV TXH QDGLH VXSR QXQFD
GyQGH IXH D SDUDU VX FDGiYHU XQ FDVR PDV SDUD FUHHU TXH QR VDOLy GH DTXHO UHFLQWR \
ORV UHVWRV GH ODV LQRFHQWHV YtFWLPDV TXH SDVDURQ SRU DTXHOORV FDODER]RV VHHQFXHQWUHQ
HQODSUR[LPLGDGGHOHGLILFLR¢«"
'HVSXpV GH FRQRFHU HVWDV FLUFXQVWDQFLDV SXGH REVHUYDU OD FRLQFLGHQFLD FRQ OR
PDQLIHVWDGR SRU -XDQ 6iH] &DVDGR FRQ UHVSHFWR DO UHFRQRFLPLHQWR GHO &KHQFKR TXH
SRVLEOHPHQWH IXH HO PLVPR GtD R HO GtDVLJXLHQWHFXDQGRIXH'*UHJRULRSDUDLQWHQWDU
VDOYDUOR
(O FDVR GH ,QRFHQFLR 0DUWtQ VLUYLy SDUD TXH HO WUDEDMDU HQ OD IiEULFD 0LUDW IXHUD HO
PHMRU VDOYRFRQGXFWR SDUD XQD DSUHFLDEOH FDQWLGDGGHREUHURVGHGLFKD(PSUHVDGHORV
FXDOHVQXQFDVXSHTXHDOJXQRIXHUDWDQVLTXLHUDGHWHQLGR (/UHVWRGHORVDVHVLQDGRVHQHOFXDUWHOGHO1RYLFLDGR¢"
'LVSRQHPRV XQD UHODFLyQ GH SHUVRQDV DVHVLQDGDV HQ OHWUDV LQLFLDOHV IHFKDHGDG
\ SURIHVLyQ TXH KD OOHJDGR D QRVRWURV SXEOLFDGD HQ XQ WUDEDMR UHDOL]DGR HQ HO
OLEUR ³/D 5HSUHVLyQ HQ 6DODPDQFD´ HVFULWR SRU WUHV MyYHQHV OLFHQFLDGDV HQ +LVWRULD
$GRUDFLyQ 0DUWtQH] %DUULR 0DULD GH ORV ÈQJHOHV 6DQ 3HGUR 7DODEiQ \ 0DULD -HV~V
9HODVFR0RUR
+HPRV ORFDOL]DGR D GRV GH ODV DXWRUDVGHOOLEURSUHJXQWDGDVGyQGHFRQVLJXLHURQHVH
OLVWDGR QRV KDQ PDQLIHVWDGR QR UHFRUGDU GyQGH OR REWXYLHURQ SUHFLVDPHQWHDOJXQRGH
ORVQRPEUHV\GDWRVUHFRJLGRVGHIDPLOLDUHVGHGHVDSDUHFLGRVGHVSXpVGHVXSDVRSRUHO
PHQFLRQDGR ³FXDUWHO´ FRLQFLGH FRQ RWURV OR TXH QRV GD OD LPSUHVLyQ GH TXH ORV
KXELHUDQ HQFRQWUDGR HQ HO $UFKLYR 3URYLQFLDO R HQ HO 0XQLFLSDO GRQGH VL TXH DOOt
WUDEDMDURQ VX LQYHVWLJDFLyQ (V LQFXHVWLRQDEOH OD JUDQ FDQWLGDG GH GHWHQLGRV TXH
SDVDURQ SRU ORV FDODER]RV KDELOLWDGRV HQ ORV -HVXLWDV \ OD GHVDSDULFLyQ GH XQ Q~PHUR
LPSRUWDQWHGHSHUVRQDVWRGRHOORFRLQFLGHFRQHOIXQFLRQDPLHQWRFULPLQDOHQHVHOXJDU 0HVGH$JRVWRGH
'tD'tD
(6/HOHFWULFLVWDDxRV%$*WHMHGRUDxRV
'65PRQWDGRUDxRV(60WHMHGRUDxRV
'tD௙
௙
'tD
0-0FDUURFHURDxRV)*3WRUHURDxRV
0*&FDUURFHURDxRV&*5SLQWRU«««
/+/DxRV0*0FKDSLVWDDxRV
=*$IRJRQHURDxRV-5&IHUURYLDULRDxRV
+5)FDUURFHURDxRV௙
௙
'6-IHUURYLDULRDxRV
*$5SDQDGHURDxRV(''HEDQLVWDDxRV
&%0FRQWDEOHDxRV0$5PR]RDOPDFHQDxRV
3&3IRJRQHURDxRV)&*MRUQDOHURDxRV
)5%PDTXLQLVWDDxRV௙
௙
%&3MRUQDOHURDxRV
,96IHUURYLDULRDxRV0*0LQGXVWULDODxRV
9=0MRUQDOHURDxRV-,0WHQHGRUGHOLEURVDxRV
-'5PpGLFRDxRV7&3DOEDxLODxRV
'tD௙
&3$YLDMDQWHDxRV
-*0PRVDLVWDDxRV
0&7IDFWRUDxRV
$+*DOEDxLODxRV
&*3FDPLQHURDxRV
5*0IDUPDFpXWLFRDxRV
$/0IHUURYLDULRDxRV
()3FHUUDMHURDxRV
30$PRVDtVWDDxRV
,6*SDQDGHURDxRV
0HVGH6HSWLHPEUHGH
'tD௙
࣡
௙
࣡
'
௙tD
(80DOEDxLODxRV35/SROLFtDDxRV
%-6MRUQDOHUR/0$SROLFtDDxRV
626SROLFtDDxRV
)&5DJHQWHYLJDxRV
-63FDUSLQWHURDxRV
0HVGH2FWXEUHGH
'tD'tD
3/0FRPHUFLDQWHDxRV753HOHFWULFLVWDDxRV ௙
65=ODEUDGRU
'tD
-*'PDHVWURDxRV
-*0UHORMHURDxRV
-*5«1F«1F
/50MRUQDOHURDxRV
))&ODEUDGRUDxRV
0HVGH'LFLHPEUHGH
'tD'tD
/&&DERJDGRDxRV)'9LQGXVWULDODxRV $WLODQR&RFR0DUWLQSDVWRUHYDQJDxRV0)&IHUURYLDULRDxRV '%%FDPDUHURDxRV-30PHGLFRDxRV
-*3FDPDUHURDxRV
(50FRPHUFLRDxRV
&*0MRUQDOHURDxRV
%*&MRUQDOHURDxRV
'tD'tD
$$&PDULQHURDxRV0%3IHUURYLDULRDxRV
%$'MRUQDOHURDxRV,+0REUHURDxRV
/XLV&DPSR5HGRQGRLQVSHQVHxDxRV+*3DOEDxLODxRV
-*5IHUURYLDULRDxRV6+)ODEUDGRUDxRV
0-0MRUQDOHURDxRV6&*IRJRQHURDxRV
-%5HPSOHDGRDxRV75%IHUURYLDULRDxRV
36%IHUURYLDULRDxRV0*$(PS$XGLDxRV
$$$PDHVWURDxRV
'tD'tD
,66PDHVWURDxRV-RVp6iQFKH]
*yPH]SHULRGLVWDDxRV
-5&PDHVWURDxRV)*5PHFiQLFRDxRV
6(9]DSDWHURDxRV-66PpGLFRDxRV
0$5MDUGLQHURDxRV-*'DOEDxLODxRV
5$(MRUQDOHURDxRV**5MRUQDOHURDxRV
9$*PDHVWURDxRV-*(MRUQDOHURDxRV
(67YHWHULQDULRDxRV$*0MRUQDOHURDxRV &*&MRUQDOHURDxRV(*9MRUQDOHURDxRV
-0*MRUQDOHURDxRV$=7MRUQDOHURDxRV
&3*MRUQDOHURDxRV
௙
-0$MRUQDOHURDxRV௙
'tD
0(3MRUQDOHURDxRV-&7PHFiQLFRDxRV
%%*MRUQDOHURDxRV06/HPSO0DxRV
-00MRUQDOHURDxRV6/HPSO0DxRV
5&%KHUUHURDxRV061MRUQDOHURDxRV
$%0MRUQDOHURDxRV07%FDUSLQWDxRV
/%0SHULRGLVWDDxRV$&3HVFULEDxRV
(/0DJULFDxRV
(O³=XOR´GH6L[WR
6L[WR9LFHQWH0HVRQHUR
(Q6DODPDQFD\HQHO3DVHRGHO5HFWRU(VSHUDEpH[LVWtDODWDEHUQD௙
³/RVWUHV࣡
S௙
DVRV´
HVWD WDEHUQD GH EDUULR HVWDED VLWXDGD IRUPDQGR XQD OtQHD GH GLH] FRQVWUXFFLRQHV
DGRVDGDV D OD SULPHUD PXUDOOD TXH HQ OD pSRFD URPDQD HGLILFDURQ ORV SULPHURV
SREODGRUHV GH OD FLXGDG HQ HO DxR HO FDSULFKR GHO $\XQWDPLHQWR ³JREHUQDGR´
SRU HO 33 GHUULEDU ODV HGLILFDFLRQHV DGRVDGDV D OD PXUDOOD SDUD GHVFXEULU OD PLVPD
SUHWHQGLDQ KDFHU XQ HQWUDGD DODFLXGDG\PHMRUDUODSURSLDYLVWDGHODVFDWHGUDOHVSHUR
HO UHVXOWDGR QR SXGR VHU PDV GHSULPHQWH XQD YH] GHVFXELHUWD OD ]RQD DPXUDOODGD
HQVHJXLGD VHSXGRREVHUYDUHQODSDUWHGRQGHVHFRQVWUX\zDSULQFLSLRVGHOVLJOR;;OD
FDVD \ WDEHUQD GH ORV ³7UHV 3DVRV´TXHHQODSULPHUDSODQWDH[LVWtDXQKXHFRVHPHMDQWH
D XQD SHTXHxD FXHYD GH PWV GH DOWXUD PWV GH IRQGR \ GH ODUJR HVWDED
VLWXDGD HQ OD VDOD GH OD SULPHUD SODQWD GHODFDVD\TXHODIDPLOLDXWLOL]DEDGHFRPHGRU
OD FXHYD WHQtD XQD SXHUWHFLWD SRU GRQGH SHQHWUDEDQ HQ OD PLVPD \ HQ HO YHUDQR OD
XVDEDQ SDUD ³IUHVTXHUD´ VHxDOR HVWD FXHYD SRUTXH LED DVLJQLILFDUPXFKRSDUDVDOYDUD
6L[WR HQ OD FRQYXOVLyQ DVHVLQD GH ORV SULPHURV GtDV GH OD UHEHOLyQ GH )UDQFR \ VXV
VHFXDFHV
'LFKD WDEHUQD HVWXYR UHJHQWDGD SRU ODVHxRUD0DUtD\VXHVSRVRFXDQGR\RORVFRQRFt
DPERV HUDQ GH DYDQ]DGD HGDG QR REVWDQWH SURQWR VXSH TXH HUD XQD IDPLOLD
VLPSDWL]DQWH GH ODV L]TXLHUGDV OR TXH PH LPSXOVy SDUD TXHHQDOJXQDVRFDVLRQHVIXHUD
FRQ PLV DPLJRV D WRPDU DOJ~Q YLQR \ VREUH OR DOOt VXFHGLGR HV PHUHFHGRU GHMDU
FRQVWDQFLDHVFULWD
(VWR VXFHGHUtD VREUH HO DxR FXDQGR PL KHUPDQR 0LJXHO WUDEDMDED HQ HO WDOOHU
PHFiQLFR GH DXWRPyYLOHV ³%HUPHMR´ TXH VH KDOODED HQIUHQWH PLVPR HQ HO 3DVHR GHO
5HFWRU (VSHUDEp FXDQGR PL KHUPDQR VH VDFy HO FDUQHW GH  GH FRQGXFLU 5HYLOOD
\HUQR GH OD VHxRUD 0DULD FDVDGR FRQ XQD GH VXV KLMDV pVWH OH SLGLy D PLKHUPDQRTXH
ORV GRPLQJRV SRU OD PDxDQDVHIXHUDFRQpORFRQVXFXxDGR%HUQDUGRDFRPSUDUWULSDV
SDUDODVPDWDQ]DVGHFHUGRVDDOJXQRVSXHEORVGHODVLHUUD
8Q GRPLQJR TXH QR LED 5HYLOOD H LED VROR %HUQDUGR FRQ PL KHUPDQR pVWH PH LQYLWy
SDUD TXH OHV DFRPSDxDUD OR TXH LQPHGLDWDPHQWH DFHSWp DVt FRQRFt \ KDEOq FRQ
%HUQDUGR HO FXDO PH UHYHOy OR TXH \R LQWXtD TXH VXV SDGUHV HUDQ DSROtWLFRV DVt FRPR
VXV KHUPDQDV SHUR TXH pO \ VREUHWRGR VX KHUPDQR 6L[WR HUDQ VRFLDOLVWDV QXQFD
VRVSHFKpORTXHSRFRVGLDVGHVSXpVPHFRQWDUtD%HUQDUGR
<R D 6L[WR FODUR TXH OR FRQRFtD SHUR QXQFD KDEOp FRQ pO KDVWD TXH XQ GtD HVWDQGR \R
GH EDMD SRU DFFLGHQWH ODERUDO FRLQFLGLPRV HQ ௙
³/RV WUHV SDVRV´ ࣡
FRQ %HUQDUGR \ 6L[WR
VHQWDGRV HQ XQD PHVD GHO EDU HQ HO SHTXHxR UHVHUYDGR TXH WHQtDQ \ GRQGH MXJDEDQ ODV
SDUWLGDVGHFDUWDVODFOLHQWHOD
)XH %HUQDUGR HO TXH PH SUHJXQWy FRQ 6L[WR GHODQWH TXH OHV FRQWDUD OR TXH VXFHGLy D
PL SURSLR SDGUH HQ OD JXHUUD \D TXH D PLKHUPDQRVHORKDEtDQSUHJXQWDGR\QXQFDVH
ORUHILULyPHGLMRTXH\RHUDGLIHUHQWH\TXHVHJXURVHORFRQWDUtDFRPRDVtIXH
'HVSXpV GH PL UHODWR DPERV KHUPDQRV VH VLQFHUDURQ FRQPLJR \ PH UHODWDURQ VXV
GUDPiWLFDVFLUFXQVWDQFLDVHQDTXHOORVWUHPHQGRVVXFHVRVGHOLQLFLRGHODJXHUUDLQFLYLO
%HUQDUGR PH UHILULy TXH pO IXH PLOLWDQWH VRFLDOLVWD SHUR PX\ SRFR DFWLYR \ SRU WDQWR
SRFR VLJQLILFDGR SROtWLFDPHQWH VLQ HPEDUJR 6L[WR D ORV FDWRUFH DxRV LQJUHVy HQ ODV
-XYHQWXGHV 6RFLDOLVWDV TXH HQWRQFHV WHQLDQ VX VHGHHQODFDOOHGH6DQ3DEORQž$OOL
FRQRFLy H KL]R DPLVWDG FRQ RWURV FRPSDxHURV ORV FXDOHV DO WHUPLQDU VXV UHXQLRQHV OD
PD\RU SDUWH GH ORV GtDV VH SDVDEDQ SRU /RV 7UHV 3DVRV \ DOOt ORV VRFLDOLVWDV HUDQ
FRQVLGHUDGRV FRPR GH OD IDPLOLD SURQWR ORV PDV FXDOLILFDGRV GH --66 LQWLPDURQ FRQ
6L[WR \ DOJXQDV YHFHV OH HQFDUJDEDQ UHFDGRV \ FRODERUDFLRQHV 6L[WR VLHPSUH OR KDFtD
FRQ JXVWR \ VDWLVIDFFLyQ DOJXQR GH ORV PDV UHVSRQVDEOHV FRPSDxHURV YHtDQ HQ HO
MRYHQ PLOLWDQWH DSWLWXGHV SDUD DXJXUDUOH XQ IXWXUR SROtWLFR HQ 6L[WR GHSRVLWDURQ VX
FRQILDQ]D GH WDO IRUPD TXH IXH SURSXHVWR SDUD IRUPDU SDUWH GHO &RPLWp GH GLUHFFLyQ
FRPR YRFDO \ OH HQFDUJDURQ VH KLFLHUD FDUJR GH ORV QLxRV DILOLDGRV D SLRQHURV FRPR
GHOHJDGRGHOFRPLWpORFDO
3UHFLVDPHQWH D PLV FXDWUR DxRV GH HGDG HO ž GH 0D\R GH PL PDGUH PH YLVWLy
GH SLRQHUR HO XQLIRUPH HUD GH FDPLVD D]XOLQD \ XQSDxXHORURMRDOFXHOORPLKHUPDQR
TXH HUD SLRQHUR PH OOHYy D OD PDQLIHVWDFLyQ TXH UHFXHUGR FRPRDOJRLPSRUWDQWHGHPL
YLGD $TXHO PLVPR GLD SRU OD WDUGH IXLPRV D FHOHEUDU HO ž GH 0D\R GH PHULHQGD D OD
$OGHKXHODPLVSDGUHVPLKHUPDQR\\R
(Q OD SUR[LPLGDG GH OD WDEHUQD ³/RV WUHV SDVRV´ HQ OD PLVPD DFHUD \ HQODHVTXLQDGH
OD &DOOH 6DQ 3DEOR KDEtD XQD JDVROLQHUD TXH WHQtDHQVXORFDOXQVHUYLFLRGHWDEHUQD\
HVWDQFR 6X SURSLHWDULR HUD $QWRQLR 5HQJHO HUDQ FDOLILFDGRV GH GHUHFKDV \ HQ VX ORFDO
H[LEtDORVFDUWHOHVGHOD&('$GH*LO5REOHV
1R IDOWDURQ DOXVLRQHV GH HVD JHQWH D TXH ORV MyYHQHV VRFLDOLVWDV QR VDOtDQ GH /RV 7UHV
3DVRV \D TXH OD KLMD PD\RU GH $QWRQLR 5HQJHO HUD QRYLD GH XQ JXDUGLD GH $VDOWR
WDPELHQGHUHFKRVR
3DUD HOORV QR HUD XQ VHFUHWR OD IUHFXHQFLD GH ORV MyYHQHV VRFLDOLVWDV TXH YLVLWDEDQ OD
WDEHUQDYHFLQD³/RV7UHV3DVRV´
(O GtD GH -XOLR GH HUD GRPLQJR \ HQ 6DODPDQFD DO LQLFLDUVH HO GtD H[LVWtDXQD
JUDQ SUHRFXSDFLyQ SRUODVQRWLFLDVTXHOOHJDEDQGH&HXWD\0HOLOODSXHVHOGtDDQWHULRU
ViEDGR OD UHEHOLyQ KDEtD WULXQIDGR HQ ODV JXDUQLFLRQHV GH &HXWD 0HOLOOD \ DOJXQDV
FLXGDGHVGH$QGDOXFLD
(Q 6DODPDQFD QR VH VDEtD QDGD \ HQODWDEHUQD/RV7UHV3DVRVVXFHGLyDOJRLQXVLWDGR
VHUtDQDSUR[LPDGDPHQWHODVRFKRGHODPDxDQD FXDQGRDOOtVHSUHVHQWDURQDWRPDUFDIp
\ XQD FRSD GH DJXDUGLHQWH YDULRV MyYHQHV VRFLDOLVWDV HQWUH HOORV $UFDGLR /XFDV
2FWDYLR 5LYDV \ $QWHUR 3pUH] \ RWURV GRV PDV FRPHQWDEDQ ORV VXFHVRV GHO
OHYDQWDPLHQWR HQ HO VXU GH (VSDxD SHUR SDUHFLDQ WUDQTXLORV SRUTXH GH 6DODPDQFD QR
VH VDEtD QDGD SRU HVR KDEtDQFRQYRFDGRHQVXVHGHDORVFRPSDxHURVPDVVLJQLILFDGRV
GHODV-XYHQWXGHV
6H PDUFKDURQ D VX VHGH \ DOOt VHUtDQ DSUR[LPDGDPHQWH ODV GRFH \ FXDUWR GHO PHGLRGLD
FXDQGR OHV VRUSUHQGLy OD QRWLFLDTXHOOHJyDWUDYHVGHOFRPSDxHUR-XDQ6DH]³%DUWROR´
TXH OOHJDED FRUULHQGR MDGHDQWH \ QHUYLRVR SXHV KDELD SUHVHQFLGR HO KRUURU GH OD
DJUHVLyQ GH ORV PLOLWDUHV HQ OD 3OD]D VHJ~Q OHV PDQLIHVWy D VXV FRPSDxHURV௙
³KDEtD
PXHUWRV࣡
Q௙
RVDEtD࣡
F௙
XiQWRV«\PXFKRVKHULGRV´
&RPLHQ]DODWUDJHGLDGHODIDPLOLD9LFHQWH0HVRQHUR
$OOt PLVPR HQ OD VHGHGHODV--66 DFRUGDURQTXHKDEtDTXHJDUDQWL]DUODVHJXULGDGGH
WRGRV SXHV SRU OyJLFD SXUD QR SRGtDQ UHSHOHU OD DJUHVLyQ PLOLWDU \D TXH HQ OD VHGH
MXQWDEDQ VRODPHQWH FXDWUR SLVWRODV \ FRQ HVH DUPDPHQWR QR SRGtDQ HQIUHQWDUVH D OD
IXHU]D PLOLWDU TXHGDURQ HQ YHUVH SRU OD WDUGH HQ OD $OGHKXHOD HQ OD WDVFD GHO JXDUGD \
DOOtGHWHUPLQDUtDQORTXHGHEHUtDQKDFHU
0LHQWUDV WDQWR DO OOHJDUODWHUULEOHQRWLFLDGHODWDTXHUHEHOGHGHOD3OD]D0D\RUD³/RV
7UHV 3DVRV´ WRGD OD IDPLOLD VH VLQWLy SUHRFXSDGD \DTXHOODQRFKHDFRUGDURQTXH6L[WR
HUD HO PDV FRQRFLGR SRU VXV DFWLYLGDGHV VRFLDOLVWDV TXH QR VDOLHUD GH FDVD \ QR VH
GHMDUDYHUSRUODVFDOOHV
$ OD IDPLOLD 9LFHQWH 0HVRQHUR IXHURQ OOHJDQGR QRWLFLDV GH OD WUDJHGLD TXH HVWDED
VXFHGLHQGR HO OXQHV GLD GH -XOLR IXHURQ GHWHQLGRV HO $OFDOGH GH 6DODPDQFD 'RQ
&DVWR 3ULHWR &DUUDVFR HO SUHVLGHQWH GH OD 'LSXWDFLyQ $QWROtQ 1XxH] HO 'LSXWDGR HQ
ODV &RUWHV -RVp $QGUpV 0DQVR \ ORV FRQFHMDOHV \ GLSXWDGRV SURYLQFLDOHV UHSXEOLFDQRV
\VRFLDOLVWDV
$O VLJXLHQWH GtD FRPHQ]DURQ ODV GHWHQFLRQHV PDVLYDV GH PLOLWDQWHV VRFLDOLVWDV GHO
362(\--66FRPXQLVWDVGHO3&(\FHQHWLVWDVGHOD&17
$O OOHJDU OD QRWLFLD GH ODV PDVLYDV GHWHQFLRQHV D ³/RV 7UHV 3DVRV´ HQWUH OD IDPLOLD
DFRUGDURQ LQWHQWDU HYLWDU OD GHWHQFLyQ GH 6L[WR TXH HUD HO PDV VLJQLILFDGR \ SDUD HOOR
DTXHOOD QRFKH DFRQGLFLRQDURQ HO KXHFR GH OD IUHVTXHUDGHODFXHYDGHODVDODIDPLOLDU\
DOOt OH SUHSDUDURQ XQD FDPD D 6L[WR OD SXHUWD HUD XQ PXHEOH DSDUDGRU DO TXH HQ OD
HVTXLQDGHODSDUWHWUDVHUDSXVLHURQXQDELVDJUDVSDUDTXHVHDEULHUDFRPRXQDSXHUWD
$OOt 6L[WR SDVy FHUFD GH XQ PHV HVFRQGLGR FRPR FRQVHFXHQFLD GH ODV LQIRUPDFLRQHV
TXH OOHJDEDQ D OD IDPLOLD ORV VRFLDOLVWDV HQ JHQHUDO HUDQ GHWHQLGRV \ HPSH]DURQ ORV
UXPRUHV GH ORV WHUULEOHV DVHVLQDWRV HQ OD SURYLQFLD \ FDSLWDO HQ HO EDU GH OD IDPLOLD VH
KDEODED GH OD WUDJHGLD TXH VXIUtDQ WDQWRV \ WDQWRV VRFLDOLVWDV \ SHUVRQDV GH L]TXLHUGDV
PXFKRVGHHOORVDPLJRV\YDULRVFOLHQWHV
+DVWD TXH XQ GtD VH SUHVHQWDURQ HQ HOEDUXQJXDUGLDFLYLO\WUHVMyYHQHVDFRPSDxDQWHV
YHVWtDQ OD FDPLVD D]XO FRQ HO \XJR \ ODV IOHFKDV SUHJXQWDQGR SRU 6L[WR TXH LEDQ D
EXVFDUOR SDUD TXH OHV DFRPSDxDUD D SUHVWDU GHFODUDFLyQ VHUtD UiSLGR \ YROYHULD
SURQWR«" OD VHxRUD 0DULD VX PDGUH VH HQFRQWUDED HQ OD EDUUD GHO EDU GHVSDFKDQGR
OHV FRPHQWy FRQ VXEOLPH HQWHUH]D TXH VX KLMR KDFtD PDV GH TXLQFH GLDV VH KDEtD
PDUFKDGR GH 6DODPDQFD TXH QR VDEtD QDGD GyQGH VH HQFRQWUDUtD TXH WHQtD XQD JUDQ
SHQDSRUTXHQRVDEtDQDGDGHpO
8QR GH ORV VLFDULRV VH LQVROHQWy FRQ HOOD \ PDQLIHVWy TXH VLQR OH HQFRQWUDEDQ OH
FHUUDUtDQ HO EDU \ TXH DUURVWUDUD ODV FRQVHFXHQFLDV SLGLHURQ TXH VH SUHVHQWDUD HO VHxRU
9LFHQWH SDUD SUHJXQWDUOHDpOHOSDGUHGH6L[WRHQWRQFHVVDOLy\OHKLFLHURQODVPLVPDV
SUHJXQWDVPDQLIHVWDQGRODSUHRFXSDFLyQTXHWHQtDGHQRVDEHUGRQGHHVWDUtDVXKLMR
(O IDODQJLVWD TXH SDUHFtD PDQGDU D ORV RWURV GRV GLMR TXH FRQ ODSUHVHQFLDGHOFDERGH
ODJXDUGLDFLYLOLEDQDSURFHGHUDUHJLVWUDUODYLYLHQGDORTXHKLFLHURQLQPHGLDWDPHQWH
SLGLHQGR OHV DEULHUDQ OD SXHUWD GHO SLVR VXSHULRU VXELHURQ SRU OD HVFDOHUD \ VH IXHURQ
GLUHFWRV DO SHTXHxR VDOyQ GRQGH VH KDOODED HO DSDUDGRU TXH RFXOWDED OD SHTXHxD FXHYD
GH OD PXUDOOD GRQGH 6L[WR VH HQFRQWUDED VLQ RSRQHU UHVLVWHQFLD DOJXQD 6L[WR VH
HQWUHJy DOOt PLVPR OR HVSRVDURQ \ DPHQD]iQGROHFRQXQDSLVWRODORWXYLHURQTXHVDFDU
GHVXFDVDDODIXHU]D\VHOROOHYDURQGHWHQLGRDOD&RPLVDUtD
(O UHVXOWDGR GH OD GHWHQFLyQ GHVSXpV GH XQ LQWHUURJDWRULR D EDVH GH JXDQWD]RV H
LPSURSHULRV 6L[WR QR SXGR GHFLU PDV TXH OR TXH VDEtD GH -XYHQWXGHV VLQ GHODWDU D
QLQJ~Q FRPSDxHUR /R WUDVODGDURQ D OD FiUFHO GH 6DODPDQFDGRQGH LQJUHVy HQ SULVLyQ
KDVWD TXH VLQ MX]JDUOR GRV PHHV GHVSXpV OR WUDVODGDURQ DO 3HQDO GH 3DPSORQD /R
QDUUDGR DQWHULRUPHQWH PH OR FRQWy VX KHUPDQR %HUQDUGR DxRV GHVSXpV WXYH XQD
PDJQtILFD DPLVWDG FRQ 6L[WR \R HQ YDULDV RFDVLRQHV TXLVH TXH PH FRQWDUD VX YHUVLyQ
QXQFDPHGLMRTXHQRSHURWDPSRFRSHVHDPLLQVLVWHQFLDQXQFDPHFRQWyQDGD
6L[WR VLJXLy FRQ HO QHJRFLR GHO YLQR \ODVEHELGDVDOFRKyOLFDVHQXQDERGHJDTXHDEULy
HQXQDGHODVFDOOHVGHO%DUULRGHO2HVWHKDVWDVXIDOOHFLPLHQWR
5HODFLyQ+LVWyULFDGHODVYtFWLPDVGHOIDVFLVPRHQOD&DSLWDO\
3URYLQFLD
5HODFLyQ GH DVHVLQDGRV HQ RUGHQ FURQROyJLFR WRPDGD GHO WRPR 9 GH OD +LVWRULD GH
6DODPDQFD FRPSOHPHQWDGD HVWD OLVWD REWHQLGD GHO OLEUR GH HQWHUUDPLHQWRV GHO
FHPHQWHULR GH 6DODPDQFD \ HO OLEUR GH GHIXFLRQHV GHO 5HJLVWUR &LYLO FRQ RWUDV
LQIRUPDFLRQHV FRQVHJXLGDV GHVSXpV GH PDV GH YHLQWLFLQFR DxRV GH DYHULJXDFLRQHV
KDEODQGR FRQ IDPLOLDUHV \ DPLJRV GH ODV YtFWLPDV \ OD LQDSUHFLDEOH LQIRUPDFLyQ
REWHQLGD SRU OD $60- HQ HO $UFKLYR PLOLWDU GH (O )HUURO \ HQ HO WUDEDMR GH
LQYHVWLJDFLyQ SXHEOR SRU SXHEOR GH WRGD OD SURYLQFLD UHDOL]DGR SRU HO PDWULPRQLR
)HOLSH+HUUHUR\/XLVD9LFHQWHPLHPEURVGHOD$60- /D PD\RUtD GH ORV FRPSDxHURV DVHVLQDGRV HUDQ SHUWHQHFLHQWHV D ODV&DVDVGHO3XHEOR
VRFLDOLVWDV GH OD 8*7 \ 362(TXHHQDTXHOORVWLHPSRVGHOD5HS~EOLFD(VSDxRODHQOD
SURYLQFLD GH 6DODPDQFD WHQtDQ XQD JUDQ LPSODQWDFLyQ \ H[LVWtDQ DSUR[LPDGDPHQWH
HQWUHRFKHQWD\FLHQ³&DVDVGHO3XHEOR´UHSDUWLGDVSRUODJHRJUDItDSURYLQFLDO
/DV ³&DVDV GHO 3XHEOR´ ௙
VXUJLHURQ D SULQFLSLRV GHO VLJOR ;; FRPR LQLFLDWLYD GH OD
8*7 \ GHO 362( HUDQ XQ YHUGDGHUR ³IDUR GH FXOWXUD H LQIRUPDFLyQ´ ௙
DO VHUYLFLR GH
WRGRV ORV REUHURV VX IXQFLRQDPLHQWR HUD HPLQHQWHPHQWH GHPRFUiWLFR GRQGH VH
DGRSWDEDQ DFXHUGRV \ VH YRWDEDQ SHUVRQDO \ OLEUHPHQWH (VWDEDQ GLULJLGDV SRU XQD
-XQWD'LUHFWLYD\XQ3UHVLGHQWHTXHHUDQHOHJLGRVHQ$VDPEOHD
7RGDV HOODV VH DGTXLULHURQ R DOTXLODEDQ FRQ ODV KXPLOGHV DSRUWDFLRQHV GH ORV
DILOLDGRV \ DOJXQD IXH FRQVWUXLGD SRU HOORV PLVPRV 5HVXOWD HQWHUQHFHGRU \ FDXVD
YHUGDGHUD DGPLUDFLyQ UHFRUGDU ORV VDFULILFLRV TXH WHQGUtDQ TXH KDFHU SDUD TXH HQ
DTXHOORV WLHPSRV WDQ GLItFLOHV \ GH WDQWDV SULYDFLRQHV FRQ PX\ HVFDVRV VDODULRV \
H[SORWDGRV PLVHUDEOHPHQWH DOJXQR GH DTXHOORV DGPLUDEOHV FRPSDxHURV WXYR FRQ WRGD
VHJXULGDG TXH SULYDUVH GH DOJR SDUD WHQHU XQ VLWLR GRQGH DSUHQGHU \ FXOWLYDUVH HQ OD
OXFKD FRQWUD OD RSUHVLyQ GH ORV H[SORWDGRUHV \ FDFLTXHV UXUDOHV HQ GHIHQVD GH VXV
LQWHUHVHVORVGHODFODVHWUDEDMDGRUD
/DPD\RUtDGHHOORVDILOLDGRVDORVVLQGLFDWRV)HGHUDFLyQGH7UDEDMDGRUHVGHOD7LHUUD
)77 \ 6RFLHGDG 2EUHUD SHUWHQHFLHQWHV D OD 8QLyQ *HQHUDO GH 7UDEDMDGRUHV 8*7
DOJXQRV SRFRV D OD &17 \ D ORV 3DUWLGRV 3ROtWLFRV 3DUWLGR 6RFLDOLVWD 2EUHUR (VSDxRO
362( (O 3DUWLGR &RPXQLVWD (VSDxRO 3&( WDPELpQ WHQtD XQ HVFDVR Q~PHUR GH
DILOLDGRV OD KHJHPRQtD GHXQDPD\RUtDFRQVROLGDGDGHO0RYLPLHQWR2EUHURHUDGHORV
VRFLDOLVWDV
7RGRV HOORV DPSDUDGRV HQ OD SROtWLFD DJUDULD GH OD 5HS~EOLFD (VSDxROD \ OLJDGRV D OD
KLVWyULFD UHLYLQGLFDFLyQ GH OD 5HIRUPD $JUDULD XQD SROtWLFD TXH YHQtD D UHVROYHU OD
DXWpQWLFD PLVHULD TXH DVRODED HO FDPSR GRQGH JUDQGHV H[WHQVLRQHV GH WHUUHQR HVWDEDQ
SRFRH[SORWDGRV\HQPDQRVGHXQRVSRFRVWHUUDWHQLHQWHV
6DODPDQFD HUD HPLQHQWHPHQWH DJUDULD \ VREUH ORV ODWLIXQGLRV GHVDSURYHFKDGRV
H[LVWHQWHV FRQ OD 5HIRUPD $JUDULD VH DEUtD OD HVSHUDQ]D GH OD VRFLDOL]DFLyQ GH OD
WLHUUD GH DKt VH GHULYD TXH DO SURGXFLUVH HOOHYDQWDPLHQWRGHORVPLOLWDUHVIDVFLVWDVORV
SURSLHWDULRV ³DPRV´ \ ³VHxRUHV´ VH DSURYHFKDURQ GH ORV YHUGXJRV IDODQJLVWDV FRQ
YRFDFLyQ FULPLQDO \ DVHVLQDUDQ D XQD PXOWLWXG GH WUDEDMDGRUHV KRQUDGRV \ FRQ OD
VXILFLHQWH SHUVRQDOLGDG \ FDSDFLGDG SDUD UHFODPDU OR TXH SRU MXVWLFLD QDWXUDO \ OD
5HIRUPD$JUDULDGHOD5HS~EOLFDOHVFRUUHVSRQGtD
(O UHVXOWDGR GH OD EDUEDULH TXHGD UHIOHMDGR SDUD OD KLVWRULD GHO SXHEOR HVSDxRO HQ OD
WULVWH UHODFLyQ TXH KHPRVFRQVHJXLGRQRVLQPXFKDVGLILFXOWDGHV\TXHWUDQVFULELPRVD
FRQWLQXDFLyQ
$f2
0HGLRGtDGHOGRPLQJRGH-XOLR
(Q OD ௙
3OD]D 0D\RU GH 6DODPDQFD ௙
0XHUWRV SRU DUPDV GH IXHJR D PDQRV GH XQ
HVFXDGUyQGHO$UPDGH&DEDOOHUtD௙
(QWHUUDGRV௙
HQHOFHPHQWHULRGH6DODPDQFD
+(/,2'252%(1,72/Ï3(=௙
DxRV9LOODOEDGHORV/ODQRV$OEDxLO
$%(/6È1&+(='(/*$'2௙
³´6DQ3HGURGHO9DOOH0pGLFR
)5$1&,6&2&2&$<&2&$௙
««´´63HGUR$WDUFH6*,QGXVWULDO
02'(6729$5$6*$%5,(/௙
³´1DUURVGH0««,QGXVWULDO
&(/(67,1$6,(55$32/2௙
«´´6DODPDQFD&ROHJLDOD
)5$1&,6&2,*/(6,$6)5$,/(௙
´´%DUEDGLOOR0LOLWDU௙
+HULGRV \ IDOOHFLGRV ௙
FRPR FRQVHFXHQFLD GH OD DJUHVLyQ GH ORV PLOWDUHV HO GtD GH
-XOLR\௙
(QWHUUDGRV௙
HQHOFHPHQWHULRGH6DODPDQFD
'tDGH-XOLR
$1'5e6/25(1=2&$1'(/$5,2௙
DxRV6DODPDQFD6DVWUH
'ËDGH-XOLR
/8&,$126È1&+(=0$7(26௙
DxRV$OGHDWHMDGD-RUQDOHUR
720È6'(/$6+(5$60$57Ë1௙
´´6DODPDQFD««0LOLWDU
'tDGH-XOLR
$/(-$1'5$0(',(520(',1$௙
«DxRV)UHVQR99$««6XVODERUHV
'tDGH-XOLR
)(/,&,$123e5(=',e*8(=௙
«DxRV/DJXQDGH'9$«0LOLWDU
'tDGH-XOLR௙
6(5$3,2(6&5,%$123e5(=௙
«DxRV3DUDGLQDVGH6--RUQDOHUR
&RPLHQ]DQORVDVHVLQDWRVHQOD&DSLWDO\3URYLQFLD
GH-XOLR௙
0XHUWR HQ HO WLURWHR FRQWUD ORV IDODQJLVWDV TXH LEDQ D ௙
%pMDU௙
(VWi ௙
(QWHUUDGR HQ HO
FHPHQWHULRGH%pMDU௙
)$867,12&$55(7(52+(51È1'(=௙
«DxRV%pMDU$OEDxLO
GH-XOLR
(UDQ DSUR[LPDGDPHQWH ODV VHLV GH OD WDUGH HQ OD SUR[LPLGDG GHO SXHEOR ௙
3XHUWR GH
%pMDU௙
FXDQGR HQ FRPSDxtD GHXQDPLJRSDHDEDMXQWRDODFDUUHWHUDGHXQFRFKHGRQGH
LEDQPLOLWDUHVGLVSDUDURQVREUHHOORV\UHVXOWRPXHUWR௙
(QWHUUDGR௙
HQ3XHUWRGH%pMDU
520È152'5,*8(=6È1&+(=௙
«««DxRV3XHUWRGH%pMDU«-RUQDOHUR
GH-XOLR
)XH GHWHQLGR HQ VX FDVD HQ HO SXHEOR GH ௙
%DUEDGLOOR \ HQ OD )XHQWH GH ³/D
*ROSHMHUD´&DUUDVFDO GH %DUUHJDV IXH DVHVLQDGR \ ௙
(QWHUUDGR HQ HO FHPHQWHULR GH
pVWHSXHEOR
)$%,$1*$5&Ë$0(',(52௙
DxRV%DUEDGLOOR-RUQDOHUR
GH-XOLR௙
'HWHQLGRHQGRPLFLOLR\HQVXSXHEOR௙
7HMDUHV௙
6HGHVFRQRFHGRQGHIXHDVHVLQDGR
௙
'HVDSDUHFLGR௙
$57852'(6,/9$*Ï0(=௙
DxRV7HMDUHV-RUQDOHUR
GH-XOLR
$VHVLQDGRHQODVDIXHUDVGH௙
%pMDU௙
௙
'HVDSDUHFLGR௙
*(1$52**21=È/(=*$5&Ë$௙
´*HQDUtQ´DxRV%pMDU7HMHGRU
GH-XOLR
$VHVLQDGRHQORVVXFHVRVGH௙
%DELODIXHQWH௙
௙
(QWHUUDGR௙
HQHOSXHEOR
&$<(7$129,&(17(0252௙
««««DxRV%DELODIXHQWH-RUQDOHUR
DOGH-XOLR௙
'HWHQLGRV HQ HO SXHEOR GH ௙
/D )UHJHQHGD௙
)XHURQ DVHVLQDGRV MXQWR D OD FXQHWD HQ OD
FDUUHWHUD/D)UHJHQHGD6DODPDQFDFUXFHD6REUDGLOOR௙
'HVDSDUHFLGRV௙
&È1','2È/9$5(=௙
&
௙$55$6&2௙
DxRV/D)UHJHQHGD6HFUHWPXQLFLSDO
%$/'20(52௙
*
௙21=È/(=6(*29,$௙
´´´««´««««$OJXDFLO
)XHGHWHQLGRHQ௙
%pMDU௙
\DVHVLQDGRHQODFDUUHWHUDD%DUFRGH$YLOD௙
'HVDSDUHFLGR
0$57Ë1%/È=48(=-,0e1(=௙
DxRV%pMDU««««1RFRQVWD
GH-XOLR
'HWHQLGRV HQ ௙
6DODPDQFD௙
(Q HO PRQWH GH /D 2UEDGD IXHURQ DVHVLQDGRV ௙
(QWHUUDGRV
HQ HO FHPHQWHULR GH /D 2UEDGD SRVWHULRUPHQWH WUDVODGDGRV D ORV FHPHQWHULRV GH
6DODPDQFD\9DOYHUGHGHO)UHVQR&iFHUHV
-26e$1'5e60$162௙
«DxRV6DODPDQFD««362($ERJ'LSXWDGR
&$67235,(72&$55$6&2௙
³³´«´«,5&DWHG$OFDOGH
(QORVSULPHURVGtDVGH$JRVWR
(Q HO SXHEOR GH ௙
3XHUWR GH %pMDU௙
IXHURQ GHWHQLGRV XQR D XQR HQ VXV GRPLFLOLRV R HQ
VXV WUDEDMRV SRU XQD SDUHMD GH OD JXDUGLDFLYLO\FLQFRRVHLVIDODQJLVWDVXQLIRUPDGRV\
DUPDGRV GH IXVLOHV ORV VLHWH PLHPEURV GH OD &RUSRUDFLyQ PXQLFLSDO WRGRV HOORV
SHUWHQHFLHQWHV DO )UHQWH 3RSXODU ORV LQWURGXMHURQ HQ XQD FDPLRQHWD FRQ XQ WROGR \ VH
ORV OOHYDURQ GHO SXHEOR MDPiV VH YROYLy D VDEHU GH HOORV QL HO OXJDU GRQGH IXHURQ
DVHVLQDGRV"௙
'HVDSDUHFLGRV௙
-8/,$16È1&+(=025(12௙
1RFRQVWD3XHUWRGH%pMDU$OFDOGH
*5(*25,20$57Ë1&+$3$6௙
´´&DQWDODSLHGUD1RFRQVWD
1,&$12529,//(,52;௙
´´´´´´
(8*(1,26È1&+(=025(12௙
´´´´««´´
3('52*21=$/(=;௙
´´´«´««´´
(67(%$1*$//(*2+(55(52௙
´´´«´´´
85%$120$1&+$'252'5Ë*8(=௙
´´´´«´´
(Q ODV FHUFDQLDV D ௙
6DQ)HOLFHVGHORV*DOOHJRV௙
)XHGHWHQLGR\DVHVLQDGR\௙
(QWHUUDGR
HQHOFHPHQWHULRGHODORFDOLGDG
3$75,&,2௙
௙
;௙
௙
;௙
´(O%UDVLOHxR´1RFRQVWD6DQ)HOLFHVGHORV*-RUQDOHUR
'HWHQLGR HQ ௙
$OGHDOHQJXD௙
IXH DVHVLQDGR SRU VLFDULRV IDODQJLVWDV HQ HO PRQWH GH /D
2UEDGD HO KLMR GH OD PDHVWUD GHO FLWDGR SXHEOR 5HFXSHUDGRV VXV UHVWRV HQ HO FLWDGR
PRQWHIXHURQ௙
'HSRVLWDGRVHQ௙
H௙
ORVDULR௙
GHOFHPHQWHULRGH/D2UEDGD
)(/,&Ë6,02&$55(f2'($17$௙
DxRV$OGHDOHQJXD««0DHVWUR௙
6XSXHVWDPHQWH GH QRFKH R PDGUXJDGD IXHURQ GHWHQLGRV HQ VXV GRPLFLOLRV GH
$OGHKXHOD GH OD ௙
%yYHGD \ DVHVLQDGRV HQ ORV &DPSRV GHO +RVSLFLR ORV VLJXLHQWHV
FRPSDxHURV௙
'HVDSDUHFLGRV௙
$9(/,12&257,1$௙
௙
;௙
1RFRQVWD$OGHKXHODGHOD%yYHGD«1RFRQVWD
6(5$)Ë152'5Ë*8(=௙
௙
;௙
´«´«««´«««´´««´´
0$18(/)FR6$17260$7,//$௙
DxRV&DUUDVFDOGHO2«««-RUQDOHUR
$5Ë67,'(6௙
7
௙255(6$3$5,&,2௙
1RFRQVWD$OGHKXHOD%yYHGD«««&DUWHUR
<࣡
2752&203$f(52௙
࣡
VLQLGHQWLILFDU௙
´«´«««´«««´«««࣡
-RUQDOHUR௙
)XH GHWHQLGR HQ ௙
6DODPDQFD \ HQ VX GRPLFLOLR GH ODFDOOH'-XOLiQ6iQFKH]SUy[LPDD
OD $ODPHGLOOD SRU XQ JUXSR GH IDODQJLVWDV 6XSXHVWDPHQWH OOHYDGR DO FXDUWHO GH ODV
IDODQJHV DVHVLQDV HQ HO 1RYLFLDGR GH ORV -HVXLWDV DOOt DVHVLQDGR \ SRVLEOHPHQWH FRPR
PXFKRV RWURV HQWHUUDGR HQ OD KXHUWD ¢" (UD GXHxR GHO NLRVFR GH OD HVFDOHULOOD GH
3LQWR YHQGHGRU \ YRFHUR HQ OD3OD]D0D\RUGHOSHULyGLFR³(O6RFLDOLVWD´/HIDOWDEDHO
EUD]RL]TXLHUGR௙
'HVDSDUHFLGR௙
&(6È5(2025(120$57Ë1௙
««DxRV6DODPDQFD.LRVNHUR
(Q௙
3HxDSDUGD௙
KXERXQDVHULHGHDVHVLQDWRVFRPHWLGRVSRUORV௙
I௙
DODQJLVWDVGHDTXHO
SXHEORDFRPSDxDGRVSRUORVTXHVHGHVSOD]DURQGHVGH&LXGDG5RGULJR
'HVDSDUHFLGRV௙
0(/48,$'(6௙
««௙
;௙
௙
;«
௙««1RFRQVWD&ROPHQDUGH0««0DHVWUR
)(/,3(%(1,72௙
௙
;௙
´«´«3HxDSDUGD1RFRQVWD
)5$1&,6&26È1&+(=7255(6௙
´«´««´«´«´«´
+(50(1(*,/'26È1&+(=7255(6௙
´«´´«´«««««´«´
/8,6'20Ë1*8(=0$162௙
௙
;௙
´«´«´«´««««««´«´
6$17,$*2'20Ë1*8(=௙
௙
;௙
´«´«´«´«««««««´´
)e/,;+8(62௙
«««௙
;«
௙«««´«´«´«´«««««««´«´
-26e௙
«௙
;௙
««««௙
;௙
D³+LQFDSLp࣡
´«´«´«´«´««««««««´«´
9,&(17(7255(6௙
«««௙
;«
௙«««´«´«´´««««««´«´
)5$1&,6&$3$6&8$/௙
௙
;௙
´«´«´´««««´«´
(Q-X]EDGR௙
IXHGHWHQLGRFRQRWURVFRPSDxHURVGHOD&DVDGHO3XHEORSRUXQJUXSRGH
IDODQJLVWDVFRQHOREMHWRGHOOHYDUORVGH³YROXQWDULRVDODJXHUUD´/XLVDORVSRFRVGtDV
GH OOHYiUVHOR OH OOHYDURQ VXV URSDV D OD PDGUH D OD TXH OH GLMHURQ TXH KDEtD KXLGR
FXDQGR OR FRQGXFtDQ \ VH DUURMy D ³XQ UtR´ GRQGH OH GLVSDUDURQ \QRVHYROYLyDVDEHU
GHpO
/8,60(621(52+(51È1'(=௙
««DxRV-X]EDGR««««««+HUUHUR
GH$JRVWR
'HWHQLGRV HQ ௙
6DODPDQFD௙
(Q ODV SUR[LPLGDGHV GHO &XER GHO 9LQR =DPRUD IXHURQ
DVHVLQDGRV &DVLPLUR \ RWUR FRPSDxHUR VLQ LGHQWLILFDU IXHURQ UHVFDWDGRV VXV UHVWRV \
,QKXPDGR௙
HQHOFHPHQWHULRGH6DODPDQFD
&$6,0,523$5('(60,(5௙
DxRV6DODPDQFD«0ROLQHUR\&RQFHMDO
;;;௙
1RFRQVWD´««´'HVDSDUHFLGR1RFRQVWD
GH$JRVWR௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH௙
'HVDSDUHFLGRV௙
(67(%$106È1&+(=/8,6௙
DxRV6DODPDQFD««)HUURYLDULR
/+/௙
´´´´1RFRQVWD
'(0(75,26È1&+(=52$/(6௙
´´0HGLQD+$9(OHFWULFLVWD
&e6$53,f(,52/8&$6௙
³´0DGULG«««)HUURYLDULR
0$18(/0$57Ë1'(/2/02௙
´´0HGLQD+$9)HUURYLDULR
GH$JRVWR௙
'HWHQLGRHQ௙
6DODPDQFD௙
'
௙HVDSDUHFLGR௙
%(1,72)(51È1'(=3e5(=௙
«DxRV6DODPDQFD««&DQWHUR
GH$JRVWR
'HWHQLGR HQ ௙
7HMDUHV \ DVHVLQDGR HQ ODV SUR[LPLGDGHV GH $OGHDWHMDGD 6X FDGiYHU
(QWHUUDGR௙
HQODIRVDFRP~QGHGLFKRSXHEOR
0$;,0,/,$129,&,262௙
/
௙25(1=௙
DxRV7HMDUHV0ROLQHUR\$OFDOGH௙
'HWHQLGRV HQ ௙
5ROOiQ௙
IXHURQ DVHVLQDGRV HQ HO PRQWH GH *DUJDEHWH H ௙
LQKXPDGRV HQ OD
IRVD FRP~Q GH 3HODEUDYR ORV VLJXLHQWHV FRPSDxHURV GH 5ROOiQ 5HVFDWDGRV H
LQKXPDGRVHQXQQLFKRHVSHUDQLGHQWLILFDFLyQ$'1
5$)$(/52'5Ë*8(=3e5(=௙
DxRV5ROOiQ-RUQDOHUR
$*867Ë152'5Ë*8(=3e5(=௙
«´´´«´««´´
/8,6&5(6325(*$/$'2௙
´´´«´´«´
'$9,'$/2162%/$1&2௙
«´´´«´$OEDxLO
&$<(7$12+(55(52'Ë(=௙
´´´«´-RUQDOHUR
%$/'20(523e5(=3e5(=௙
´´´«´«´«´«
'HWHQLGRVHQ௙
%pMDU௙
\DVHVLQDGRVHQ&DEH]DGH%pMDU௙
'HVDSDUHFLGRV௙
$1$67$6,252'5Ë*8(=/Ï3(=௙
DxRV%pMDU1RFRQVWD
$1721,252'5Ë*8(=/Ï3(=௙
1RFRQVWD´´«´«´
GH$JRVWR௙
'HWHQLGRVHQ௙
%pMDU௙
\SUHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH
'HVDSDUHFLGRV௙
(/2<6È1&+(=0$57Ë1௙
DxRV&KDJDUFLD0HG7HMHUR
%(1-$0Ë1'(/$5&2*$5&Ë$௙
´´7HMDUHV«7HMHUR
(0,/,26È1&+(=08/$6௙
´´%pMDU7HMHGRU
'HWHQLGR HQ OD ILQFD GH 0DWDPDOD 0DUWLQDPRU GRQGH WUDEDMDED GH SDVWRU IXH
DVHVLQDGRHQODSUR[LPLGDGGH0DUWLQDPRU\HQHOPLVPROXJDUGHOFULPHQHQWHUUDGR
$1721,2&$55(7(52*$5&,$௙
««««³³)UHVQR$OKiQGLJD«3DVWRU
GH $JRVWR )XHURQ VDFDGRV GH VXV GRPLFLOLRV HQ HO SXHEOR GH ௙
6DQGR௙
SRU XQ JUXSR
GH PDWRQHV IDODQJLVWDV GH /HGHVPD DVHVLQDGRV HQ HO PRQWH GH OD 5DG \ HQWHUUDGRV HQ
HOPLVPROXJDU(QODSUR[LPLGDGGHODFDUUHWHUD1௙
'HVDSDUHFLGRV௙
-26(0$5,$'(7$3,$9,&(17(௙
DxRV6DQGR«««%RWLFDULR
-2$48,1'(7$3,$9,&(17(௙
³´«´´$GP0DWLOODGHORV&
0$18(/0,5$1'$௙
1RFRQVWD´´0DQFHER)DUP
'HWHQLGR HQ ௙
9LOODVHFR GH ORV *DPLWRV \ HQ OD GHKHVD GH 3RUWHURV WpUPLQR PXQLFLSDO
GH&DUUDVFDOGH%DUUHJDVIXHDVHVLQDGR\௙
(QWHUUDGR௙
HQHOFHPHQWHULRGHGLFKRSXHEOR
*$%5,(/+(51È1'(=9,&(17(௙
DxRV9LOODVHFRGHORV*-RUQDOHUR
&$<(7$1202/,1$2/,9$௙
´´$UUR\RGHO3&&)HUURYLDULR
GH$JRVWR
'HWHQLGRVHQ௙
%pMDU௙
IXHURQDVHVLQDGRVHQ%DxRVGH0RQWHPD\RU&iFHUHV
'HVDSDUHFLGRV௙
-26e1$5$1-2௙
DxRV%pMDU«««2ILFLDOGH3ULVLRQHV
$1721,2'85È127(,=$௙
««««DxRV«´´«««´««´««´«
(Q HO WHUPLQR PXQLFLSDO GH ௙
6DHOLFHV HO &KLFR௙
IXHURQ DVHVLQDGRV \ ௙
(QWHUUDGRV HQ HO
FHPHQWHULRGHOSXHEOR
$48,/,120$7(26%/$1&2௙
DxRV6DHOLFHVHO&KLFR-RUQDOHUR
6$17,$*26È1&+(=3(,1$'2௙
³³´´´´«
GH$JRVWR
'HWHQLGR\DVHVLQDGRHQ௙
&DVLOODVGH)ORUHV௙
௙
(QWHUUDGR௙
HQHOFHPHQWHULRGHOSXHEOR
-26(0$5Ë$025(,525,26௙
1RFRQVWD&DVLOODVGH)ORUHV1RFRQVWD
(Q %RFDFDUD ௙
IXHURQ HQFRQWUDGRV GRV FDGiYHUHV SURGXFLGRV SRU DUPDV GH IXHJR GH
KRPEUHVGHVFRQRFLGRV\HQHOFHPHQWHULRIXHURQHQWHUUDGRVHQIRVDFRP~Q
'HVDSDUHFLGRV௙
௙
;௙
௙
;௙
௙
;௙
1RFRQVWD1RFRQVWD
௙
;௙
௙
;௙
௙
;«
௙««««««««««««««««ª«ª
(Q HO WpUPLQR GH ௙
0DUWtQ GH <HOWHV \ HQ OD GHKHVD GH &DVWLOOHMR GH <HOWHV VH
UHFRJLHURQ GRV FDGiYHUHV GH KRPEUHV DVHVLQDGRV SRU DUPDV GH IXHJR TXH IXHURQ
HQWHUUDGRVHQIRVDFRP~QHQHOFHPHQWHULRGHODORFDOLGDG௙
'HVDSDUHFLGRV௙
$$௙
6XVLQLFLDOHVERUGDGDVHQODFDPLVDDxRV¢"1RFRQVWD
)(50,1;;««௙
௙
௙
´´¢"««««««´´௙
(Q VX SXHEOR ௙
/D &DEH]D GH %pMDU IXH GHWHQLGR SRU XQ JUXSR GH IDODPJLVWDV HUD
DILOLDGR D OD &17 TXH KDEtD SDUWLFLSDGR HQ ORV VXFHVRV GH %pMDU SDUD UHSHOHU D ORV
PLOLWDUHVJROSLVWDVWRUWXUDGRKDVWDOtPLWHVLQFRQFHELEOHV\SRVWHULRUPHQWHDVHVLQDGRVH
GHVFRQRFHHOOXJDUGHODVHVLQDWR\HQWHUUDPLHQWR௙
'HVDSDUHFLGR௙
$'2/)23e5(=(63,1$=$௙
DxRV/D&DEH]DGH%pMDU-RUQDOHUR
GH$JRVWR௙
'HWHQLGR HQ 6DODPDQFD ௙
IXHDVHVLQDGRDPHWURVGHODFDUUHWHUDGH$OEDGHKHVDGH
3HODJDUFtD\௙
(QWHUUDGR௙
HQHOFHPHQWHULRGH&DUEDMRVDGHOD6DJUDGD௙
-(5Ï1,025,9(5232/2௙
DxRV6DODPDQFD-RUQDOHUR
)XH GHWHQLGR HQ ௙
(O %RGyQ ௙
\ DVHVLQDGR HQ HO WpUPLQR GH 0DUWtQ GH <HOWHV
'HVDSDUHFLGR
$1*(/$&267$%$55$*8e6௙
1RFRQVWD(O%RGyQ1RFRQVWD
'HWHQLGRV OD PDxDQD GH HVH GtD HQ ௙
3HGURVR GH OD $UPXxD௙
SRU XQ JUXSR GH
IDODQJLVWDV GH 6DODPDQFDPRQWDGRVHQXQDFDPLRQHWDDOOOHJDUDOPRQWHGH/D2UEDGD
)XHURQ VHOHFFLRQDGRV GH ORV VLHWH GHWHQLGRV \ DVHVLQDGRV ORV VLJXLHQWHV FRPSDxHURV
5HVFDWDGRV HQ ORV UHVWRV IXHURQ ௙
LQKXPDGRV ௙
HQ HO FHPHQWHULR GH 3HGURVR GH
$UPXxD
9$/(17,1329('$*$//(*2௙
DxRV3HGURVRGH$UPXxD$OFDOGH
3$8/,12329('$*$//(*2௙
«´´´««´«´«9LDMDQWH
6$/9$'25
*21=È/(=
*Ï0(=௙
´´´««´«´««««/DEUDGRU
$*867Ë1*21=È/(=௙
+
௙(55(52௙
´´´««´«´«-RUQDOHUR
'HWHQLGR HQ VX FDVD GH ௙
$OGHDUUXELD௙
SRU IDODQJLVWDV \ WUDVODGDGR D 6DODPDQFD DO
FXDUWHO GH GLFKRV DVHVLQRV HQ HO 1RYLFLDGR GH ORV MHVXLWDV GHO 3DVHR GH 6DQ $QWRQLR
$OOtVHSHUGLyODSLVWD\SUREDEOHPHQWHDVHVLQDGRDOOt\HQWHUUDGRHQODKXHUWD
'HVDSDUHFLGR
$1'5e6%$-20217(52௙
««DxRV$OGHDUUXELD0DHVWURPROLQHUR
)XHURQ GHWHQLGRV HQ ௙
$UPHQWHURV \ DVHVLQDGRV HQ HO PRQWH GH *DUJDEHWH HQWHUUDGRV
HQ OD IRVD FRP~Q GHO FHPHQWHULR GH 3HODEUDYR 5HVFDWDGRV VXVUHVWRVH௙
,QKXPDGRVHQ
QLFKRHVSHUDQLGHQWLILFDFLyQGHO$'1
('8$5'20$7(2652'5Ë*8(=௙
«DxRV$UPHQWHURV«««(OHFWULFLVWD
)5$1&,6&2*21=È/(=³0DUFR´௙
³³5HYDOERV«««&RPHUFLDQWH௙
'HWHQLGRV HQ VXV GRPLFLOLRV GH ௙
$QD\D GH $OED ௙
VXSXHVWDPHQWH ௙
IXHURQ DVHVLQDGRV HQ
VXWUDVODGRD6DODPDQFDHQODSUR[LPLGDGGH7HUUDGLOORV௙
'HVDSDUHFLGRV ,60$(/-,0e1(=-8$1௙
1RFRQVWD$QD\DGH$OED1RFRQVWD
0$18(/9,&(17(5$026௙
«DxRV´´´=DSDWHUR
/RV GHWXYLHURQ HQ VX GRPLFLOLR HQ ௙
5HWRUWLOOR SRU XQ JUXSRGHIDODQJLVWDVDUPDGRVGH
SLVWRODV \ IXVLOHV D VXV IDPLOLDUHV OHV PDQLIHVWDURQ TXH ORV WUDVODGDEDQ D WRPDUOHV
GHFODUDFLyQ HQ 6DODPDQFD\IXHURQDVHVLQDGRVHQODFDUUHWHUDGH&DVWLOOHMRGH+XHEUD\
VXVFDGiYHUHV௙
(QWHUUDGRV௙
HQIRVDFRP~QHQHOFHPHQWHULRGH0XxR]
9,&725,12*$5&,$&$/=$'$௙
DxRV5HWRUWLOOR«««-RUQDOHUR
+(/,2'2526È1&+(=0252௙
³³´´´´
$1721,20$57Ë10252௙
$xRV6DQWL]-RUQDOHUR
$ ODV VHLV GH OD WDUGH GHO PLVPR GtD GH $JRVWR HQ OD SOD]D GHO SXHEOR GH ௙
6DQWL] VH
SUHVHQWy XQ FDPLyQDOFRQGXFWRUOHDFRPSDxDEDQHQODFDELQDGRVIDODQJLVWDVDUPDGRV
GH IXVLOHV DFRQWLQXDFLyQOOHJDURQGHLQPHGLDWRRWURVGRVDXWRPyYLOHVFRQXQJUXSRGH
IDODQJLVWDV \ XQ VDUJHQWR GH OD JXDUGLD FLYLO DO EDMDU GHOFDPLyQVHGLULJLHURQDODFDVD
GH XQR GH ORV ULFRV GHO SXHEOR GRQGH OHV DJDVDMDURQ \ GH DOOt VDOLHURQ D GHWHQHU FDVD
SRU FDVD D ORV YHFLQRV TXH IUHFXHQWDEDQ OD &DVD GHO 3XHEOR FRQ ODV FRQVLJXLHQWHV
HVFHQDV GH WHUURU \ ODPHQWRV IDPLOLDUHV IXHURQ OOHQDQGR OD FDPLRQHWD XQR GH ORV
~OWLPRV GHWHQLGRV IXH $QWRQLR 0DUWtQ 0RUR ௙
3HOD\R࣡
KRPEUH VROWHUR GH DxRV TXH
YLYtD FRQ VXV DQFLDQRV SDGUHV 3HOD\R FRPR WRGR HO SXHEOR OR LGHQWLILFDED HUD PX\
DSUHFLDGR HQ HO SXHEOR SRU VX ERQGDG \ YDOHQWtD DO LU D GHWHQDUOR VH HQIUHQWy D VXV
FDSWRUHV \ HQXQGHVFXLGRVHGHVSUHQGLyGHHOORV\VDOLyFRUULHQGREXVFyHODPSDURGHO
FXUD GHO SXHEOR FRUULHQGR KDFLD OD LJOHVLD DO HVWDU FHUUDGD VDOWy OD WDSLD GH OD
FRUWLQDKXHUWD GHO FXUDDGRVDGDDOWHPSORDOOLORURGHDURQVXVSHUVHJXLGRUHV\VREUHpO
GHVFDUJDURQ VXVX IXVLOHV PDWiQGROR HQ HO DFWR GH HVWH KHFKR IXHURQ WHVWLJRV ORV
GHWHQLGRV HQ Q~PHUR GH YHLQWH TXH KRUURUL]DGRV FRQWHPSODURQ HO DVHVLQDWR GHO DPLJR
\FRPSDxHURWUDVODGDGRVDVDODPDQFDIXHURQLQJUHVDGRVHQOD3ULVLyQ3URYLQFLDOGRQGH
OD PD\RUtD HVWXYLHURQ PHVHV GHWHQLGRV $QWRQLR IXH ௙
(QWHUUDGR HQ VHSXOWXUD GHO
FHPHQWHULR GH OD ORFDOLGDG (O UHODWR GH ODV FLUFXQVWDQFLDV GHO KHFKR PH ODV IDFLOLWy HO
-XH] GH 3D] GH 6DQWL] 7RPiV 0D\RU TXH SUHFLVDPHQWH VX SDGUH IXH XQR GH ORV
GHWHQLGRV TXH HVWXYR HQ OD FiUFHO GLH] ODUJRV PHVHV VLQ TXH OH HQFRQWUDUDQ FDXVD
DOJXQD
GH$JRVWR௙
/D HVSRVD GHO 6HFUHWDULR GHO -X]JDGR GH ௙
*XLMXHOR௙
IXHGHWHQLGDHQVXKRJDUHOGtDGH
$JRVWR SRU GRV JXDUGLDV FLYLOHV \ IDODQJLVWDV VRPHWLGD HQ *XLMXHOR D YHMDFLRQHV \
WRUWXUDV GXUDQWH GRV GtDV FRPHQWDURQ ORV ³VLFDULRV´ \ DVHVLQRV IDVFLVWDV TXH OD
WUDVODGDEDQ D 6DODPDQFD SDUD TXH ³GHFODUDUD´ DVHVLQDGD HQ HO WUD\HFWR HQ HO WpUPLQR
PXQLFLSDO GH 0LUDQGD GH $]iQ HQ OD ILQFD GH $OGHDUULFD MXQWR D OD FXQHWD GH OD
FDUUHWHUD 1 6DODPDQFD&iFHUHV OHYDQWDGR VX FDGiYHU SRU HO MXH] GH 3D] GH
0LUDQGDGH$]iQIXH௙
(QWHUUDGD௙
HQHOFHPHQWHULRGHGLFKRSXHEORHQIRVDFRP~Q
-(686$)(51$1'(=326$'$௙
«DxRV*XLMXHOR6XVODERUHV
$SDUHFLHURQ HQ OD FXQHWD GH OD FDUUHWHUD6DODPDQFD±9LWLJXGLQR.PORVFDGiYHUHV
GH WUHV KRPEUHV MyYHQHV DVHVLQDGRV SRU DUPDV GH IXHJR )XHURQ ௙
(QWHUUDGRV HQ IRVD
FRP~QGHOFHPHQWHULRGH௙
*ROSHMDV
6(%$67,È132/2&2/0(1$5௙
DxRV6DODPDQFD«««1RFRQVWD
;%$6$%(;௙
1RFRQVWD´««´«««1RFRQVWD
««;««««;«««;௙
«««««««³«´««´««´««««³«³
)XHURQ GHWHQLGRV HQ VX SXHEOR *DOOHJRV GH 6ROPLUyQ௙
HO $OFDOGH \ HO 6HFUHWDULR VH
GHVFRQRFHHOOXJDUGHVXDVHVLQDWR\HQWHUUDPLHQWR௙
'HVDSDUHFLGRV௙
È1*(/3(5$/3(5$/௙
1RFRQVWD*DOOHJRVGH6«$OFDOGH
/$',6/$23(5$/;௙
´´´´6HFUHWDULR௙
GH$JRVWR
)DOOHFLy HQ VX FDVD SRU KHULGD GH DUPD GH IXHJR VH GHVFRQRFHQ ORV PRWLYRV QR
REVWDQWHIXHXQDYtFWLPDLQRFHQWHPDVGHODJXHUUDFLYLO
0$18(/9,&(17('(/9$//(௙
DxRV7DPDPHV«(VWXGLDQWH )XHURQ GHWHQLGRV SRU XQ JUXSR GH VLFDULRV XQLIRUPDGRV FRQ FDPLVD D]XO DUPDGRV GH
IXVLOHV \ SLVWRODV HQ VX SXHEOR ௙
0ROLQLOOR \ WUDVODGDGRV D 0RQIRUWH GH OD 6LHUUD HQ VXV
SUR[LPLGDGHV IXHURQ DVHVLQDGRV ORV VLJXLHQWHV FRPSDxHUDV \ FRPSDxHURV
'HVDSDUHFLGRV 6H KD\DQ VXV UHVWRV VXSXHVWDPHQWH HQ 0RQIRUWH \ /D $OEHUFD
௙
'HVDSDUHFLGRV௙
6,1)2526$/Ï3(=*Ï0(=௙
«DxRV0ROLQLOOR6XVODERUHV
6$17,$*2/Ï3(=௙
«´´´«´«-RUQDOHUR
&È1','$%(1,72+(51È1'(=௙
«´´´«´6XVODERUHV
+,3Ï/,72(6&8'(52(;3Ï6,72௙
1RFRQVWD´´KRVSLFLDQR-RUQDOHUR
6$17,$*2*Ï0(=*Ï0(=௙
«DxRV«´«´´«´
0,*8(//Ï3(=௙
5
௙2'5Ë*8(=௙
«´´´´´«´«
$SDUHFLy HO FDGiYHU HQ HO .P +P HQ OD FXQHWD GH OD FDUUHWHUD 6DODPDQFD
9LWLJXGLQR WHQtD WUHV KHULGDVSURGXFLGDVSRUDUPDGHIXHJR௙
(QWHUUDGRHQIRVDFRP~Q
GHOFHPHQWHULRGH௙
&DUUDVFDOGH%DUUHJDV
0$18(/52'5Ë*8(=6È1&+(=௙
DxRV6DODPDQFD$OEDxLO
(Q VX ILFKD GH OD FiUFHO GH 6DODPDQFD FRPR RWURV PXFKRV ILJXUD VX EDMD FRPR
OLEHUWDG ¢" $SDUHFLy PXHUWR HQ HO WpUPLQR GH ௙
3HODEUDYR FRQ KHULGDV PRUWDOHV
SURGXFLGDVSRUDUPDVGHIXHJR\HQWHUUDGRHQHOFHPHQWHULRGHOSXHEOR௙
'HVDSDUHFLGR௙
=2,/2*21=$/(=$/&21$'$௙
DxRV&DQWDODSLHGUD)RJRQHUR
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH௙
'HVDSDUHFLGRV௙
+5)௙
DxRV««7HMHGRU
*$%5,(/$/9$5(=5(*8(5$6௙
´´9LOODUGH3&&3DQDGHUR
9$/(5,$12=$025$12+(50262௙
´´)XHQWHVD~FR-RUQDOHUR
0$18(/-8$1(60217È1&+(=௙
´´6DODPDQFD««&DUURFHUR
0$18(/*$5&,$&$&+2௙
´´&LXGDG5RGULJR«´«´
)5$1&,6&25(32//2%5,(*$௙
´´6DQ9LFHQWH&&0DTXLQLVWD
&$5/26%(1,72025(7Ï1௙
´´9DOODGROLG&RQWDEOH
,6,'529$/9(5'(6(55$12௙
´´3HxDUDQGD««)HUURYLDULR
3('52&5,$'23$/$&,26௙
´´´´´«´
(8*(1,23e5(=3e5(=௙
´´/HGHVPD1RFRQVWD
)/25(1&,2526$'2&$3,//$௙
³´0DOSDUWLGD&&«)RJRQHUR
/8&$61,(720$57Ë1௙
³´9LOODPD\RU-RUQDOHUR
3$752&,1,208f2=6(1'Ë1௙
´´6DODPDQFD&DUURFHUR
5$02152*(/,2526$'2௙
´´6DQ9LFHQWH&&)RJRQHUR
(Q &DUSLR GH $]DED ௙
HQ HO VLWLR GHQRPLQDGR ³&DQWR KLQFDR´ H OD 'HKHVD (O
0DQ]DQR GH HVWH WpUPLQR PXQLFLSDO HQWUH HO .P \ GH OD FDUUHWHUD GH &LXGDG
5RGULJRD/D$OEHUJXHULDVHHQFRQWUyXQFDGiYHUGHXQKRPEUHFRQFXDWURGLVSDURVGH
DUPD GH IXHJR &RQ PXHVWUDV GH HQVDxDPLHQWR VHJ~Q FRQVWDHQHODFWDPXQLFLSDO)XH
HQWHUUDGRHQHOFHPHQWHULRGHOSXHEOR
௙
;௙
௙
;௙
DxRV¢"1RFRQVWD௙
௙
;
GH$JRVWR
'HWHQLGRV HQ /D $OEHUFD ௙
SRU XQ JUXSR GH DVHVLQRV IDODQJLVWDV \ WUDVODGDGRV DO
WpUPLQR PXQLFLSDO GH ௙
/D 1DYD GH )UDQFLD௙
GRQGHIXHURQDVHVLQDGRV\SRVWHULRUPHQWH
HQWHUUDGRVHQIRVDFRP~QHQHOFHPHQWHULRGH/D1DYDORVVLJXLHQWHVFRPSDxHURV
-(686+(51È1'(=&,//(526௙
««DxRV«««««««-RUQDOHUR
9,&7250$57,1/Ï3(=௙
«««««««««´«««««««««´«´«
-26(0HO6$1&+(=*$5&,$௙
««««««´«««««««««´«´
1,&2/$66,0Ï1+(51$1'(=௙
««««««´«««««««««´«´
3$8/,12%(&(552*$5&,$௙
´«««««««««´«´
/(21&,252'5,*8(=0$57,1௙
«««««´«««««««««´«´
0$18(/*8,1$/'20$1&(%2௙
«««««´«««««««««´«´
6$17,$*208f2=%$5(6௙
««««««««´«««««««««´«´
*5(*25,2&,//(5266$1=௙
«««««««´««««««««´«´
$1*(/%(&(5520$57Ë1௙
««««««««´««««««««´«´
58),12'(/$5Ò$&257e6௙
«««««««´««««««««´«´
08-(56,1,'(17,),&$5௙
««««««««´«««««1RFRQVWD
'HWHQLGRVHQ௙
&LXGDG5RGULJR௙
VHGHVFRQRFHHOOXJDUGHVXDVHVLQDWR௙
'HVDSDUHFLGRV
/8,6 +(51È1'(= 52'5Ë*8(=௙
DxRV1R
FRQVWD
(8*(1,2&(5(=2+(51È1'(=௙
´´&RQFHMDOGH,5
-26e/Ï3(=52'5,*8(=௙
´´1RFRQVWD
$1'5e6*25-Ï1*21=È/(=௙
´´´««´
'HWHQLGR HQ ௙
+HUYiV௙
$ OD HQWUDGD GHO SXHEOR 3XHQWH GHO &RQJRVWR௙
IXH DVHVLQDGR HVWH
FRPSDxHUR௙
'HVDSDUHFLGR௙
3$%/2+(51È1'(=1(,/$௙
«DxRV+HUYiV&DPLQHUR
'HWHQLGRVHQ௙
%pMDU௙
\DVHVLQDGRVHQ&DQGHODULRHQHOOXJDUGHOD3XHQWH1XHYD
'HVDSDUHFLGRV௙
)5$1&,6&2%58120$57Ë1௙
DxRV%pMDU$OEDxLO
&,35,$12%58120$57Ë1௙
´´´«´7LQWRUHUR
-26e&$67(//$12,%Èf(=௙
´´´«´3DQDGHUR
'HWHQLGRV HQ ௙
7HMDUHV \ DVHVLQDGRV HQ HOPRQWHGH*DUJDEHWHNPGHODFDUUHWHUD
6DODPDQFD$OED GH 7RUPHV ௙
(QWHUUDGRV HQ OD IRVD FRP~Q GH 3HODEUDYR UHVFDWDGRV
VXVUHVWRVHVSHUDQLGHQWLILFDFLyQGHO$'1
-8$100$1-21+(51$1'(=௙
«««««DxRV7HMDUHV-RUQDOHUR
*5(*25,202f,7$0$57,1௙
«««´´«´«´«&DUSLQWHUR
*$%5,(/0$57,10$57,1௙
«««««««´´´«´0ROLQHUR
'HWHQLGRV HQ VX SXHEOR GH 0DFRWHUD ௙
VH GHVFRQRFH GyQGH IXHURQ DVHVLQDGRV \
$1721,26È1&+(=*$5&Ë$௙
´´´´-RUQDOHUR
$1721,2=$%$//26-,0e1(=௙
´´´´´´
1,&2/È60$57Ë1+(51È1'(=௙
´´´´´´
)5$1&,6&20$'5,'+(51È1'(=௙
´´´´´´
'HWHQLGR HQ ௙
0DUWLDJR \ DVHVLQDGR HQ OD ILQFD GH 9DOGHVSLQR HQHOWpUPLQRPXQLFLSDO
GH3DVWRUHV௙
'HVDSDUHFLGR
&,35,$12+(51È1'(=9(*$6௙
1RFRQVWD0DUWLDJR1RFRQVWD
'HWHQLGRV HQ HO SXHEOR GH *XLMXHOR௙
ORVWUDVODGDEDQD6DODPDQFD\ORVDVHVLQDURQHQHO
WpUPLQR GH ௙
0DUWLQDPRU HQ OD SUR[LPLGDG D OD FDUUHWHUD GH 6DODPDQFD D &iFHUHV
'HVDSDUHFLGRV௙
+,3Ï/,726È1&+(=(/(1$௙
1RFRQVWD*XLMXHOR«««1RFRQVWD
$9(/,12*21=È/(=)5$,/(௙
´´3HGURVLOOR&DVWLOOHMR´´(QWHUUDGRV
'HVDSDUHFLGRV
$1'5(66È1&+(=*$5&,$௙
««««««««DxRV0DFRWHUD-RUQDOHUR
(86(%,2%Ï9('$0$57,1௙
³´´´´´
*(50È1%$87,67$0$57Ë1௙
´´´´´´
3('52&8(67$0$57Ë1(=௙
´´´´3UDFWLFDQWH
GH$JRVWR௙
)XHURQ GHWHQLGRV HO GH $JRVWR HQ VX SXHEOR ௙
3HGURVR GH $UPXxD௙
MXQWR D RWURV
FXDWUR FRPSDxHURV TXH HQ VX SUHVHQFLD IXHURQ DVHVLQDGRV SRU ORV IDODQJLVWDV HQ HO
PRQWH GH /D 2UEDGD VRODPHQWH FXDWUR GtDV GHVSXpV IXHURQ VDFDGRV HOORV GH OD FiUFHO
GH 6DODPDQFD \ DVHVLQDGRV MXQWR D ODV WDSLDV GHO FHPHQWHULR ௙
'HVDSDUHFLGRV௙
1R
FRQVWDQVXVDFWDVGHHQWHUUDPLHQWR
-26(&$%$//(52௙
+
௙(55(52௙
«1RFRQVWD3HGURVRGH$UPXxD-RUQDOHUR
6,02152'5,*8(=௙
5
௙2'5,*8(=௙
´««´«««´««««´««´«´«
0$18(/0$57Ë1)58726௙
«´««´««´««««´««´«´
(Q ௙
&DVLOODV GH )ORUHV IXH DVHVLQDGR HQ VX GRPLFLOLR VXSXHVWDPHQWH ௙
(QWHUUDGR HQ HO
FHPHQWHULRGHOSXHEOR
)(/,3(5$675(52$17Ò1(=௙
1RFRQVWD&DVLOODVGH)ORUHV1R௙
F௙
RQVWD
)XHURQ GHWHQLGRV HQ VXV GRPLFLOLRV GH 5REOHGD ௙
PRQWDGRV HQ XQD FDPLRQHWD \
DVHVLQDGRV HQ %RDGLOOD GRQGH IXHURQ ௙
(QWHUUDGRV HQ HO FHPHQWHULR GHO SXHEORHQIRVD
FRP~Q
6(%$67,È1%21,//$;௙
௙
'HVDSDUHFLGR௙
«5REOHGD1RFRQVWD
-8/,$1%(1,720217(526È1&+(=௙
௙
'HVDSDUHFLGR௙
´´«««´´
-8/,2&$/=$'$%/$6&2௙
´´´´´´
(0,/,2*87,(55(=3$6&8$/௙
´´´´´´
-8$1*$5&Ë$0,/È1௙
௙
௙
´´´´´´
(67(%$10$7(260$7(26௙
´´´´´´
7,%85&,20$7(260$7(26௙
´´´´´´
6$17,$*20217(526È1&+(=௙
'HVDSDUHFLGR««´´´´
GH$JRVWR
$ SRFRV PHWURV GH OD FDUUHWHUD GH௙
9HFLQRV௙
HQODHQWUDGDDODILQFDGH&RQWLQRVIXHURQ
DVHVLQDGRV\DOOtPLVPR௙
(QWHUUDGRV
)5$1&,6&2%È5(=0252௙
DxRV9HFLQRV-RUQDOHUR
)$%,È10217(6+(51È1'(=௙
´´´´´´
-8$1-26(6$1+(50Ï*(1(6*$5&,$௙
³³´´´´
6(5$)Ë1*$5&Ë$6È1&+(=௙
´´´´´´
(Q )XHQWHJXLQDOGR ௙
IXH GHWHQLGR DVHVLQDGR HQ OD SUR[LPLGDG GH OD ORFDOLGDG \
(QWHUUDGR௙
HQHOFHPHQWHULR
(67(%$1&$55(f27(1'(52௙
1RFRQVWD)XHQWHJXLQDOGR1RFRQVWD
$NPGH௙
9LWLJXGLQR௙
VHGHVFRQRFHODFDUUHWHUDIXHURQDVHVLQDGRV\HQWHUUDGRV
MXQWRDODFXQHWDGRQGHVHHQFRQWUDEDQORVFDGiYHUHV௙
'HVDSDUHFLGRV௙
-26(0$/2162*2<$௙
1RFRQVWD6DQWLDJRGH&XED1RFRQVWD
6(%$67,È132/2&2/0(1$5௙
DxRV1RFRQVWD«««$OEDxLO
(Q HO VLWLR GH OD ³&KDUFD 7HMD´ GH OD )LQFD³3HGUR/OpQ´GHOWpUPLQRPXQLFLSDOGH௙
/DV
9HJXLOODV ௙
IXHURQ DVHVLQDGRV SUHVXQWDPHQWH ௙
(QWHUUDGRV HQ HO FHPHQWHULR GH /DV
9HJXLOODV
%,(19(1,'25,9$6,f,*2௙
DxRV/DV9HJXLOODV-RUQDOHUR
%,(19(1,'2*$5&Ë$0$7(26௙
³´0HPELEUH´´
$1721,20$18(/6$1726௙
´´/DV9HJXLOODV´´
-8/,2*$5&Ë$&$5$%,$6௙
´´$OFRQDGD0pGLFR
*8,//(502,*/(6,$6/26$'$௙
´´3HUDOHMRVGH$UU«6HFUHWDULR
0$18(/$1'5e65,9$6௙
´´/DV9HJXLOODV-RUQDOHUR
$5*,0,52&È&(5(6%$55,*$௙
´´´´/DEUDGRU
0$18(/,*/(6,$66È1&+(=௙
´´´´´´
-26e*21=È/(=$3$5,&,2௙
´´´´-RUQDOHUR
)(/,&,$12=$3$7$52'5Ë*8(=௙
´´´´´´
)5$1&,6&252'5Ë*8(=&58=௙
´´1DUURVGH0DW«««´´
(/(87(5,2$*Ò16È1&+(=௙
´´/DV9HJXLOODV´´
()5e1*21=È/(=6È1&+(=௙
´´´´´´
GH$JRVWR
)XH DVHVLQDGR HQ ௙
%pMDU௙
FUXHOPHQWH DSDOHDGR\DVHVLQDGRSRUORVIDVFLVWDV௙
(QWHUUDGR
HQ%pMDU
5$0Ï1*$55,'2/2%2௙
DxRV%pMDU/FGR'HUHFKR
GH$JRVWR
'HWHQLGR HQ VX GRPLFLOLR GH ௙
(O %RGyQ \ DVHVLQDGR HQ HO WpUPLQR PXQLFLSDO GH /D
)XHQWHGH6DQ(VWHEDQVHLJQRUDGyQGHORHQWHUUDURQ௙
'HVDSDUHFLGR௙
)(/,&,$12*$/È152'5Ë*8(=௙
1RFRQVWD(O%RGyQ«1RFRQVWD
GH$JRVWR
'HWHQLGRHQ6DODPDQFD\IXVLODGRMXQWRDODWDSLDGHOFHPHQWHULR௙
'HVDSDUHFLGR௙
7(/(6)2529$5$6*Ï0(=௙
DxRV6HJR\XHOD««+HUUHUR
(Q௙
(O0DLOOR௙
HQHOVLWLRGHQRPLQDGR³/RV'DWRV´DODRULOODGHOFDPLQRYHFLQDOGH³(O
&DVHULWR´ VH HQFXHQWUDQ WUHV FDGiYHUHV WHQGLGRV HQ WLHUUD XQR GH HVSDOGDV \ ORVRWURV
ERFD DEDMR FRQORVSLHVHQGLUHFFLyQQRURHVWHFRQYDULDVKHULGDVFDXVDGDSRUDUPDVGH
IXHJR HQFRQWUiQGRVH FHUFD GH ORV FDGiYHUHV VLHWH FDVTXLOORV GH IXVLO 0DXVHU (UDQ
QDWXUDOHV GH 0RJDUUD] \ IXHURQ ௙
(QWHUUDGRV HQ IRVD FRP~Q HQ HO FHPHQWHULR GH (O
0DLOOR
0$18(/%$55$'20$57,1௙
DxRV0RJDUUD]1RFRQVWD
$1$67$6,252'5,*8(=««;௙
«««««´«´«´«««´«´«
$/)2162+(51$1'(=;௙
´³«³«´««³«³
$PHGLDGRVGHOPHVGH$JRVWR
'HWHQLGRV HQ ௙
5REOHGD \ DVHVLQDGRV 6LQ KDEHU SRGLGR SUHFLVDU OD IHFKD H[DFWD
'HVDSDUHFLGRV௙
È1*(/29(-(52*$5&Ë$௙
DxRV5REOHGD-RUQDOHUR
௙
;௙
௙
;௙
௙
;௙
1RFRQVWD´«³«´«´
-8$129(-(52*$5&Ë$௙
´««´«´«´´«´
GH$JRVWR
(Q HO WpUPLQR GH *DOOHJRV GH $UJDxiQ\HQODSUR[LPLGDGGHODFDUUHWHUD1DFLRQDOIXH
HQFRQWUDGRHOFDGiYHU\௙
(QWHUUDGR௙
HQODIRVDFRP~QGHGLFKRSXHEOR
%(1,72
*21=È/(=
*Ï0(=௙
³3HUQDOHV´
DxRV%pMDU&5«/LPSLDERWDV
6HGHVFRQRFHVXRULJHQVXGHWHQFLyQ\DVHVLQDWR
-8$1*$/È10$1=$12௙
«DxRV1RFRQVWD0LOLWDU
'HWHQLGRVHQ௙
5ROOiQ\%DUEDGLOOR௙
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULR
(QWHUUDGRV௙
HQHOFHPHQWHULRGH6DODPDQFD
$0$'2562/$1262/$12௙
««««DxRV%DUEDGLOOR$OFDOGH\=DSDWHUR
0$18(/&$0,f$6*$5&Ë$௙
««««´´«´««´&DUERQHUR
3È1*(/3$1$'(52'20Ë1*8(=௙
«DxRV1XxRPRUDO&&«6HFU0SDO
GH$JRVWR
(QGHWHQLGRV\DVHVLQDGRVHQ௙
&LXGDG5RGULJR௙
௙
'HVDSDUHFLGRV
,6,'526È1&+(=0$7(26௙
DxRV&LXGDG5RGULJR«1RFRQVWD
-8$19,&(17(6È1&+(=௙
³´«´´´«´
)5$1&,6&22/,9$3$6725௙
DxRV0DOSDUWLGD&&&RQFHMDOGHO)3
GH$JRVWR
'HWHQLGRVHQ௙
6DQ)HOLFHVGHORV*DOOHJRV௙
(QHOSXHEORGH=DIUyQFHUFDGHOFUXFHGH
ODFDUUHWHUDTXHYDD'RxLQRVGH/HGHVPDIXHURQDVHVLQDGRVORVFRPSDxHURV
'HVDSDUHFLGRV௙
)e/,;0$57Ë1758-,///2௙
«««DxRV6DQ)HOLFHVGHORV*$OFDOGH
$,6,'52758-,//2(6&8'(52௙
«´´««´««´««´«-RUQDOHUR
$'2/)27(7,//$',(*2௙
««««³´««´««´««´««´«´
'HWHQLGRHQHOSDUDMH³-XHQWL0HULQD´GH5REOHGDVXSXHEORHQWUHJDGRDO&WH0LOLWDU
GH&LXGDG5RGULJRVHGHVFRQRFHGyQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR௙
-8$1&2//$'20$7(26௙
1RFRQVWD5REOHGD«««1RFRQVWD
'HWHQLGRV HQ OD HVWDFLyQ GHO IHUURFDUULO GH $OED GH 7RUPHV(Q OD SUR[LPLGDG GHO
SXHEORGH9DOGHPLHUTXHIXHURQDVHVLQDGRVORVKHUPDQRVQDWXUDOHVGH௙
0ROLQLOOR௙
(QWHUUDGRV௙
HQ9DOGHPLHUTXHHQODIRVDFRP~QGHOFHPHQWHULR
6$17,$*2/Ï3(=/Ï3(=௙
«««DxRV0ROLQLOOR««««-RUQDOHUR
',21,6,2/Ï3(=/Ï3(=௙
«´´´«´«´«´«
GH$JRVWR௙
)XH GHWHQLGR SRU XQ JUXSR GH IDODQJLVWDV DUPDGRV GH IXVLOHV HQ ௙
1DYDVIUtDV GRQGH
WUDEDMDEDGH௙
D௙
OEDxLOWUDVODGDGRDODVSUR[LPLGDGHVGH5REOHGDDOOtIXHDVHVLQDGR
3UHVXQWDPHQWH ௙
(QWHUUDGR HQ OD SXHUWD GHO FHPHQWHULR GH 5REOHGD SRU GHVHR GH ORV
FULPLQDOHVSDUDTXHIXHUDSLVDGRSRUWRGRVORVTXHHQWUHQDOFHPHQWHULR
,*1$&,26,(55$%255(*2௙
««DxRV&5RGULJR5REOHGD«$OEDxLO
'HWHQLGR HQ ௙
$OGHD GHO 2ELVSR௙
HQFRQWUDGR VX FDGiYHU KHULGR SRU DUPDV GH IXHJR HQ
%RFDFDUD\௙
(QWHUUDGR௙
HQHOFHPHQWHULRGHHVWHSXHEOR
-26(+(51È1'(=/$0$6௙
DxRV$OGHDGHO2ELVSR1RFRQVWD௙
GH$JRVWR
(Q HO WpUPLQR PXQLFLSDO GH ௙
3HxDSDUGD௙
HQ HO .P GH OD FDUUHWHUD GHO ³3XHQWH GH
*XDVDQJLO´ D &LXGDG 5RGULJR VH HQFXHQWUD HO FDGiYHU GH XQ KRPEUH PXHUWR SRU WUHV
GLVSDURVGHDUPDGHIXHJR)XH௙
(QWHUUDGR௙
HQHOFHPHQWHULRGHOSXHEOR
௙
;௙
௙
;௙
௙
;௙
1R
FRQVWD1R
FRQVWD«««1R
FRQVWD
GH$JRVWR
'HWHQLGRHQVXSXHEORQRVHYROYLyDVDEHUGHpO'HVDSDUHFLGR
&(/(67,12௙
6
௙È1&+(=௙
+
௙(51È1'(=௙
DxRV0HPEULEH$OJXDFLO
GH$JRVWR
'HWHQLGR HQVXGRPLFLOLRHQ௙
6DODPDQFD\IXVLODGRMXQWRDODWDSLDGHOFHPHQWHULRGHOD
FLXGDG௙
\௙
(QWHUUDGR௙
HQHOPLVPR
0,*8(/-&$675,//22/,9(5$௙
DxRV6DODPDQFD)HUURYLDULR
'HWHQLGRV HQ ௙
5REOHGD \ ³%DWiQ´ UHVSHFWLYDPHQWH \ DVHVLQDGRV HQ 3XHUWR 3HUDOHV
-26e0$7(26*$5&Ë$௙
DxRV5REOHGD««&DEUHUR
-8$10$7(26&$5%$//2௙
«««««1RFRQVWD´«´«-RUQDOHUR
)XHURQ DVHVLQDGRV GRV FRPSDxHURV GH ௙
6RWRVHUUDQRHQ3HxDFDEDOOHUD\௙
(QWHUUDGRVHQ
IRVDFRP~QHQHOFHPHQWHULRGHOSXHEOR
6$17,$*20$57Ë1520(52௙
«««DxRV6RWRVHUUDQR««/DEUDGRU
2752&203$f(52௙
1RFRQVWD´«´1RFRQVWD
(Q ௙
6DOYDGLRV ÈYLOD௙
)XHURQ DVHVLQDGRV ORV FRPSDxHURV GH ௙
9LOORUXHOD௙
5HFXSHUDGRV
VXV UHVWRV SRU KLMRV \ IDPLOLDUHV GH XQD FXQHWD GH OD FDUUHWHUD \ WUDVODGDGRV D
9LOORUXHOD HO GH 0D\R GH GHILQLWLYDPHQWH HQ HO FHPHQWHULRGHOSXHEORIXHURQ
LQKXPDGRV௙
(867$48,25$026'(/$7255(௙
«««DxRV9LOORUXHOD-RUQDOHUR
(/,$65,9$60,*8(/௙
´´´««´´««´
/(21$5'2&257e65$026௙
´´´««´«$OFDOGH
/(21&,2&257e65$026௙
KHUPDQRV´´´««´-RUQDOHUR
'$1,(/6È1&+(=3$5$',1$6௙
««´´«´««´´´«
(67(%$1+(51È1'(=+(51È1'(=௙
«´´´««´«««´«´
)5$1&,6&2*$5&Ë$/2=$12௙
´´´««´««««´´
%(1,*12+,'$/*2+(51È1'(=௙
´´´««´««««´´
(Q ௙
6DOYDGLRV $YLOD ௙
GHWHQLGR HQ VX SXHEOR 0DQFHUD IXH DVHVLQDGR HOPLVPRGtD
LJXDOTXHORVDQWHULRUHVFRPSDxHURVGH9LOORUXHOD௙
'HVDSDUHFLGR
5(*,12&(0%(//Ë1$/%$55È1௙
1RFRQVWD0DQFHUDGH$E´´
IXHURQ௙
(QWHUUDGRV௙
HQODPLVPDWXPEDHQHOFHPHQWHULRGH5REOHGD
GH$JRVWR௙
)XH GHWHQLGR HQ 0RUDOHMD &iFHUHV HO \ DVHVLQDGR HQ HO SDUDMH GH ODV
³&XHVWDV GH 0tQJXH]´ GLUHFFLyQ 7RUUHMRQFLOOR \ HQWHUUDGR HQ DTXHO SDUDMH
'HVDSDUHFLGR௙
9$/(17,1'&$%$//(52'(9(6$௙
௙
D௙
xRV1DYDVIUtDV/DEUDGRU
GH$JRVWR
'HWHQLGRV HQ 6DODPDQFD 3UHVXQWDPHQWH DVHVLQDGRV HQ HO FXDUWHO GH )DODQJH
'HVDSDUHFLGRV
%(51$5',12'(/$&$//(3$5('(52௙
DxRV6DQ&ULVWyEDO-RUQDOHUR
)5$1&,6&2௙
*
௙21=È/(=3e5(=௙
´´6DODPDQFD7RUHUR
-5&௙
´´)HUURYLDULR
0$18(/*87,(55(=0$57Ë1௙
´´6DODPDQFD«&KDSLVWD
0$18(/$/9$5(=5$026௙
´´««´«´0R]RGHDOP
7&3௙
´´$OEDxLO
0$18(/È/9$5(=5$026௙
´´,QGXVWULDO
)(/,&,$12&È&(5(6*8,-2௙
´´%pMDU-RUQDOHUR
-8672,=48,(5'2021-(௙
´´-DHQ«7HQHGRUGHOLEURV
1,&2/$6'20Ë1*8(=6$1-8$1௙
´´6DODPDQFD)HUURYLDULR
(0,/,2'85È1'Ë(=௙
´´´´«(EDQLVWD
*(1(5262*/(=5*8(=௙
1RFRQVWD´´«3LQWRU
6H GHVFRQRFHQ GHWDOOHV GH ORV DVHVLQDWRV /D LQIRUPDFLyQ SURFHGH GH ODV ILFKDV GH OD
FiUFHO \ GH OD OLEHUWDG ¢"TXHFRQVWDHQODVILFKDVSHURH[LVWHQSUXHEDVRUDOHVGHTXH
DO VDOLU ORV OOHYDEDQ D ORV ³PDWDGHURV´ GH OD 2UEDGD 9DOFXHYR *DUJDEHWH \
$UD~]RHWF௙
'HVDSDUHFLGRV௙
(86(%,2&$//(0$57Ë1௙
DxRV9LOORULD&KRIHU
0$18(/02/,1(52&$187௙
´´ÈYLOD«««3HULWR$JUtFROD
/8',9,120217(66,//(52௙
³´$UGRQVLOOHUR)HUURYLDULR
-26(0$5,$5(&,2*Ï0(=௙
³´6DODPDQFD««´´
$/)21625,9$69$6&2௙
³´$OGHDWHMDGD-RUQDOHUR
(8/2*,258,=/2=$12௙
³´&DUSLR9$+RMDODWHUR௙
GH$JRVWR௙
'HWHQLGRV HQ ௙
%pMDU \ DVHVLQDGRV HQ &DQWDJDOOR (Q HO VLWLR GH ([WUDPXURV
'HVDSDUHFLGRV
0$18(/'($55,%$52'5,*8(=௙
DxRV%pMDU««&DUERQHUR
0$5&(/,12$/2162/$5$௙
´´´«´+LODQGHUR
720È652'5Ë*8(=$<$/$௙
´´´´$OEDxLO
'HWHQLGRVHQ௙
%pMDU௙
IXHURQDVHVLQDGRVHQODFDUUHWHUDD1DYDOPRUDOGH%pMDU
'HVDSDUHFLGRV
&(6È5(208f2='(/$3(f$6È1&+(=௙
DxRV%pMDU«,QGXVWULDO
58),120$57Ë16È1&+(=௙
´´´«´7HMHGRU
'HWHQLGRV HQ ௙
%pMDU௙
IXHURQ DVHVLQDGRV HQ HO WpUPLQR PXQLFLSDO GH 6RULKXHOD MXQWR D
ODFDUUHWHUDGH6DODPDQFDD&iFHUHV௙
'HVDSDUHFLGRV
&$<(7$12257,='(/*$'2௙
DxRV%pMDU$OEDxLO
6$1726*21=È/(=0$57Ë1௙
´´´«´=DSDWHUR
)e/,;$/)2162*$5&Ë$௙
´´´«´«3HyQGHREUDV
-8$1+(51È1'(=+(51È1'(=௙
´´´«´7HMHGRU
-8$1'(',265*8(=*/(=௙
´´´«´1RFRQVWD
(Q HO WpUPLQR GH ௙
)XHQWHJXLQDOGR௙
HQWUH ORV .PWV \ GH OD FDUUHWHUD GH &LXGDG
5RGULJR DO 3XHQWH GH *XDGDQJLO HQ GHVSREODGR DO VLWLRGH³9DGR&DUURV´VHHQFRQWUy
HO FDGiYHU GH XQ YDUyQ DVHVLQDGR SRU GRV KHULGDV GH DUPD GH IXHJR UHFRJLGR \
WUDVODGDGR DO FHPHQWHULR GH )XHQWHJXLQDOGR GRQGH IXH HQWHUUDGR HQ IRVD
FRP~Q௙
'HVDSDUHFLGR௙
௙
;௙
௙
;௙
௙
;௙
DxRV1RFRQVWD1RFRQVWD
$ODVGHODPDxDQDVHHQFXHQWUDQWUHVFDGiYHUHVHQHO.P+PHQODFXQHWD
L]TXLHUGDGHODFDUUHWHUD6DODPDQFD&iFHUHVHQHOWpUPLQRGH௙
&DQWDJDOOR௙
DVHVLQDGRV
SRUDUPDVGHIXHJR௙
'HVDSDUHFLGRV௙
720È652'5Ë*8(=$<$/$௙
DxRV%pMDU$OEDxLO
0$18(/'($55,%$52'5Ë*8(=௙
´´´´&DUERQHUR
0$5&(/,12$/2162/$5$௙
³´´´+LODQGHUR
GH$JRVWR
(UD HO 6HFUHWDULR GHO -X]JDGR GH ௙
*XLMXHOR௙
IXH GHWHQLGR HQ VX GRPLFLOLR HO GtD GH
$JRVWR GRV GtDV GHVSXpV GHO DVHVLQDWR GH VX HVSRVD -HVXVD )HUQiQGH] 3RVDGDV D OD
FXDO ³WUDVODGDEDQ´ D 6DODPDQFD \ FUXHOPHQWH DVHVLQDGD HO GtD HQ HO WpUPLQR
PXQLFLSDO GH 0LUDQGD GD $]iQ WDPELHQ WUDVODGDGR D 6DODPDQFD GRQGH QXQFD OOHJy
FREDUGH \ YLOPHQWH IXp DVHVLQDGR HQ FRPSDxtD GHRWURVGRVFRPSDxHURVHQHOWpUPLQR
PXQLFLSDO GH 0DUWLQDPRU HQ OD SUR[LPLGDG GH &XDWUR &DO]DGDV OHYDQWDGR HO FDGiYHU
SRU HO MXH] GH 3D] GH 0DUWLQDPRU GRQGH IXH ௙
(QWHUUDGR HQ OD IRVD FRP~Q GH GLFKR
SXHEOR
&5,6$1726 52'5,*8(= (67(%$1௙
««« DxRV0DUWLQDPRU6HFUHWDULR
-X]JDGR
'HWHQLGRV HQ ௙
YDULRV SXHEORV \ HQ ௙
6DODPDQFD௙
3UHVXQWDPHQWH DVHVLQDGRVHQHOFXDUWHO
GH)DODQJHRHQORVPRQWHVFHUFDQRVDODFDSLWDO௙
'HVDSDUHFLGRV
(86(%,2)(51È1'(=3(51$6௙
DxRV/XJR&HUUDMHUR
-26(*$5&,$0,*8(/௙
´´6DODPDQFD«««0RVDLVWD
352&23,20$57,1$3$5,&,2௙
´´&DQWDODSLHGUD««-RUQDOHUR
$1*(/+(51$1'(=*$0,72௙
´´&LXGDG5RGULJR««$OEDxLO
,6$$&6È1&+(=*$5&,$௙
´´3HGUD]DGH$OED3DQDGHUR
$1721,2/(%5Ï10(/e1'(=௙
´´0RQWiQFKH]&&)HUURYLDULR
$1*(/*Ï0(='(/38/*$5௙
««´´'DLPLHO&5«««9LDMDQWH
0,*8(/&$17267255(6௙
´´0DGULG)HUURYLDULR
5$,081'2*$5&Ë$%$572/20e௙
´´/HGHVPD««)DUPDFpXWLFR
&2167$17,12*$5&,$)(51È1'(=௙
´´3HGURVRGH$3ROLFtD&DUUHW
5$)$(/35,(72(67e9(=௙
³³6DODPDQFD$OEDxLO
6(9(5,$1$1$9È,6)(55(,5$௙
«««³´1DYDVIUtDV««6XVODERUHV
&,5,/26$1-8$1)5$1&2௙
´´6DODPDQFD«««7LSyJUDIR
0$5,$126$1-8$1)5$1&2௙
³´´´$OEDxLO
5$)$(/6È1&+(=*21=È/(=௙
³´(QGULQDO«««)HUURYLDULR
'HWHQLGRV HQ ௙
0DOSDUWLGD௙
(Q HO WpUPLQR PXQLFLSDOGH3HGUD]DGH$OED(QHOOXJDUGH
³&XDWUR &DPLQRV´ GH³3HODEDUEDV´HQODILQFD³*yPH]9HODVFR´SURSLHGDGGHO'XTXH
GH$OEDIXHURQ௙
D௙
VHVLQDGRV\௙
(QWHUUDGRV௙
HQHOFHPHQWHULRGH3HGUD]DGH$OED
È1*(/6È1&+(='Ë$=௙
1RFRQVWD3HGUD]D0DOSDUWLGD-RUQDOHUR
$*867Ë10$5&26/26$'$௙
´«´««´«´««´««´«´«´«
6$/9$'25*$5&Ë$௙
$
௙/%$55$1௙
´««´««´«´««´««´«´«´«
-867,126$/,1(52;௙
´««´««´«´««´««´«´«´«
$1'5e6௙
%
௙$55,26«;௙
´««´««´«´««´«´«´«´«
'HWHQLGRHQ6DODPDQFDSUHVXQWDPHQWHDVHVLQDGR\௙
'HVDSDUHFLGR௙
3('526È1&+(=*$5&Ë$௙
DxRV6DODPDQFD-RUQDOHUR
GH$JRVWR௙
'HWHQLGRV HQ ௙
&LXGDG 5RGULJR௙
HO GtD GH -XOLR GH WUDVODGDGRV D OD FiUFHO GH
6DODPDQFD \ VRPHWLGRV D MXLFLR VXPDUtVLPR )XVLODGRVMXQWRDODWDSLDGHO&HPHQWHULR
(QWHUUDGRV௙
HQHOFHPHQWHULRGH6DODPDQFD
(86(%,2*$5'8f2$/2162௙
«DxRV6DHOLFHV-RUQDOHUR
0$57Ë1&(1,=2&$/'(5(52௙
´´«´«´«««´´
/8,66È1&+(=5,9(52௙
«´´3HxDUDQGD$JHQWH3ROLFLD
$17(523e5(=52'5Ë*8(=௙
´´0DGULJDO«$ERJDGR
9,&(17(5(3,/$7(7,//$௙
´´&LXGDG5RGULJR&DUUHWHUR
0$18(/0$57Ë1&$6&Ï1௙
«´´´««´$ERJDGR$OFDOGH
'20,1*2+857$'20$57Ë1௙
´´´´1RFRQVWD
$5,67Ï7(/(6*21=È/(=5,(6&2௙
´´«´«´««'LSXWDGR3URY
$48,/,120252/('(60$௙
´´´««´6DVWUH
-2$48Ë1*$,7(9(/262௙
´´´««´«'LUHFWRU,QVWLWXWR
'HWHQLGR HQ ௙
6DODPDQFD௙
HQ HO PRQWH GH /D2UEDGDIXHDVHVLQDGR௙
(QWHUUDGRHQIRVD
FRP~QGHOFHPHQWHULRGHOSXHEOR
,6$$&52-2*$5&Ë$௙
««DxRV/D2UEDGD4XLQWDQLOOD9$-RUQDOHUR
6XSXHVWDPHQWH DVHVLQDGR HQ HO WpUPLQR GH (O %RGyQ VLQ FRQVWDQFLD GHO OXJDU GH
HQWHUUDPLHQWR௙
'HVDSDUHFLGR௙
('8$5'2 *87,e55(= 521&(52௙
1R FRQVWD1R FRQVWD«««1R
FRQVWD
'HWHQLGRV HQ ௙
5REOHGD \ DVHVLQDGRV HQ ³/RV &DUEDMDOHV´ 6H GHVFRQRFH GyQGH IXHURQ
HQWHUUDGRV௙
'HVDSDUHFLGRV௙
-26(0$7(26&$5%$//2௙
1RFRQVWD1RFRQVWD1RFRQVWD
-26(0$18(/6&+(=6&+(=௙
«´´«««%RDGD´«³«
GH$JRVWR
)XH GHWHQLGR HQ ௙
3HxDSDUGD \ DVHVLQDGRHQODILQFDGH³/RV&DUEDMDOHV´HQHOWpUPLQR
PXQLFLSDOGH(O3D\R\HQWHUUDGRHQDTXHOSDUDMH௙
'HVDSDUHFLGR௙
+(50(1(*,/'26&+(=7255(6௙
1RFRQVWD«3HxDSDUGD1RFRQVWD
)XH GHWHQLGD HQ ௙
3HxDSDUGD ௙
\ DVHVLQDGD VHJ~Q UXPRUHV HQ XQ SXHEOR GH &iFHUHV (V
PDVSUREDEOHTXHIXHUDHQ/RV&DUEDMDOHV\HQWHUUDGDHQDTXHOOXJDU௙
'HVDSDUHFLGD௙
-8$1$7255(6*21=È/(=௙
1RFRQVWD3HxDSDUGD1RFRQVWD
(QORV~OWLPRVGtDVGHOPHVGH$JRVWR௙
(Q HO SXHEOR GH ௙
%HUURFDOGH6DOYDWLHUUD௙
)XHGHWHQLGD\GHVSXpVDVHVLQDGDQRVHVDEH
GyQGH OD VLJXLHQWH FRPSDxHUD KLMD GHO PDHVWUR GH ODPHQFLRQDGDORFDOLGDG'RQ-HV~V
*LUyQ௙
'HVDSDUHFLGD
(63(5$1=$*,5Ï1௙
௙
;௙
DxRV%HUURFDOGH6DOYDWLHUUD0DHVWUD
)XHURQ GHWHQLGRV HQ ௙
$UPHQWHURV \ ௙
$QD\D GH $OED VH GHVFRQRFH HO OXJDU GH VX
DVHVLQDWR௙
'HVDSDUHFLGRV
*(5$5'2*21=$/(=6$1&+(=௙
DxRV$UPHQWHURV5HYDO1RFRQVWD
$/%$12*21=$/(=௙
««««««1RFRQVWD1DYDRPEHOD«´«´«
$0$'256$1&+(=௙
«««««««´««´$QD\D,xLJR%ODVFR«´«´«
52*(/,26$1&+(=௙
«««««««´««´«´«´«««´«´««´«´«
-26(9,&(17(௙
«««««««««´´«´«´««´«´««$OFDOGH
%(51$5',123(58&+2௙
«««««´««´$UPHQWHURV««««1RFRQVWD
(UDQ DFWLYLVWDV GH OD &17 HQ ௙
6DODPDQFD௙
HO GtD GH -XOLR GHVDSDUHFLHURQ GH OD
FLXGDG \ QR VH YROYLy D VDEHU GH HOORV KDVWD TXH IXHURQ GHWHQLGRV HQ 6DODPDQFDQRVH
VDEH GyQGHQLHOSURFHGLPLHQWRGHODGHWHQFLyQQRIXHURQMX]JDGRVSHURVLDVHVLQDGRV
VHLJQRUDHOOXJDU௙
'HVDSDUHFLGRV௙
-26(&2//$17(63e5(=௙
«««««1RFRQVWD6DODPDQFD«1RFRQVWD
6$17,$*20$1&+$'2*Ï0(=௙
«´´´´´´«
*5(*25,2+(5'(=5*8(=௙
««««´´´´$OEDxLO
7UDEDMDED HQ OD LPSUHQWD GH (O $GHODQWR \ HUD P~VLFR GH OD %DQGD 0XQLSDO GH
6DODPDQFD௙
DILOLDGR D OD &DVD GHO 3XHEOR GHWHQLGR HQ VX GRPLFLOLR \ QR VH YROYLy D
VDEHUGHpO௙
'HVDSDUHFLGR௙
-26(9(/$6&2+$52௙
DxRV6DODPDQFD0~VLFR
$ VHLV MyYHQHV DOJXQR GH HOORV SDGUH GH IDPLOLD ORV GHWXYLHURQ HQ VXV GRPLFLOLRV HQ
*DOLVDQFKR௙
SDUD WUDVODGDUORV D 6DODPDQFD HQ OD SUR[LPLGDG GH 7HUUDGLOORV ORV
DVHVLQDURQ
-8$1)+,'$/*20$57Ë1௙
1RFRQVWD*DOLVDQFKR1RFRQVWD
;;;««««³««´««´««´´««´«
«௙
;«
௙«««௙
;«
௙«««௙
;«
௙«««««´´´´´´«
«௙
;«
௙«««௙
;«
௙«««௙
;«
௙«««««´´´´««´´«
«௙
;«
௙«««௙
;«
௙«««௙
;«
௙«««««´´´´´´
«௙
;«
௙«««௙
;«
௙«««௙
;«
௙«««««´´´´´´
GH6HSWLHPEUH௙
G
௙H௙
'HWHQLGR HQ ௙
%pMDU \ DVHVLQDGR HQ HO WpUPLQR PXQLFLSDO GH +HUYiV&iFHUHVVLWLR/DV
&DxDGDVIXHDVHVLQDGR௙
'HVDSDUHFLGR
3$%/208f2=*$5&Ë$௙
DxRV%pMDU«««-RUQDOHUR
)XHURQ GHWHQLGRV HQ $OGHKXHOD GH OD %yYHGD ௙
H LQJUHVDGRV GH ODFiUFHO3URYLQFLDO'H
OD FiUFHO SRU HO SURFHGLPLHQWRGH௙
³VDFD´VHSHUGLyVXSLVWDVHGHVFRQRFHHOOXJDUGHVX
DVHVLQDWR௙
'HVDSDUHFLGRV௙
%(51$5',12'(/*$'2$552<2௙
DxRV$OGHKXHODGHOD%«,QGXVWULDO
(/$',2'(/*$'23e5(=௙
³³´´´´
(Q 3HxDSDUGD ௙
OD QRWLFLD OD GLy &DVLOGD 5DPRV 5RGUtJXH] ³TXH HQ HO VLWLR
GHQRPLQDGR ³5LQFyQGHOD6LHUUD´DNPGH3HxDSDUGDKD\GRVFDGiYHUHVXQKRPEUH
\XQDPXMHU´௙
(QWHUUDGRV௙
HQHOFHPHQWHULRGHOSXHEOR
9,&(17(7255(6*21=È/(=௙
DxRV3HxDSDUGD-RUQDOHUR
)5$1&,6&$5$02652'5Ë*8(=௙
1RFRQVWD´´6XVODERUHV
GH6HSWLHPEUH௙
(Q ௙
&LXGDG 5RGULJR VXIULy WUDJLFDV \ WHUULEOHV FLUFXQVWDQFLDV GHO ILQDO GH VX YLGD
7RPiV VH QDUUDQ HQ XQ FDStWXOR DQWHULRU FRQ GHFODUDFLyQ HVFULWD GH XQ KLMR
'HVDSDUHFLGR௙
720È6)5$,/()5$,/(௙
««««««DxRV&LXGDG5RGULJR&KRIHU
'HWHQLGR HQ ௙
5REOHGD௙
)XH DVHVLQDGR FHUFD GHO UHJDWR -RQDUGLQR D FXDWUR .PWV GH
5REOHGD௙
'HVDSDUHFLGR
-8/,È129(-(52*$5&Ë$௙
DxRV5REOHGD«««-RUQDOHUR
'HWHQLGRVHQ௙
%HMDU௙
\HQ3XHQWHGHO&RQJRVWRIXHURQDVHVLQDGRV௙
'HVDSDUHFLGRV
*(50È1*$66$1(758%,2௙
DxRV%pMDU-DUGLQHUR
(15,48(-,0e1(=&$/$%Ë$௙
´´´«´«5HORMHUR
(Q OD FDUUHWHUD GH 0DFKDFyQ HQ HO WpUPLQR GH &DOYDUUDVD GH $EDMR௙
DSDUHFH XQ
FDGiYHU DVHVLQDGR SRUDUPDVGHIXHJR)XHUHFRJLGR\௙
(QWHUUDGRHQIRVDFRP~QHQHO
FHPHQWHULRGHOSXHEOR
௙
;௙
௙
;௙
௙
;௙
௙
³&RGtQ´௙
DxRV3HxDUDQGD«7UDWDQWH
GH6HSWLHPEUH௙
'HWHQLGRV HQ ௙
%pMDU௙
IXHURQ DVHVLQDGRV HO WpUPLQR GH *UDQMD GH *UDQDGLOOD &iFHUHV
HQHOVLWLRGHO.PGHODFDUUHWHUD6DODPDQFD&iFHUHV௙
'HVDSDUHFLGRV
*(1$526È1&+(=0$57Ë1௙
DxRV%pMDU«««««$OEDxLO
-86720$57Ë1³&RORUtQ´௙
´´´«´/DYDGRUGHODQDV
'HWHQLGR HQ 3HxDSDUGD ௙
HO GtD GH $JRVWR IXJDGR D )XHQWHJXLQDOGR HV GHWHQLGR HQ
HVWH SXHEOR \ DVHVLQDGR HQ 6DQ 0DUWtQ GH 7UHEHMR SRVLEOHPHQWH HQWHUUDGR HQ HO
FHPHQWHULRGHDTXHOSXHEOR௙
'HVDSDUHFLGR௙
)5$1&,6&26È1&+(=7255(6௙
1RFRQVWD3HxDSDUGD1RFRQVWD
GH6HSWLHPEUH
'HWHQLGR HQ ௙
%pMDU௙
IXHDVHVLQDGRHQODSUR[LPLGDGGHOSXHEORGH6RULKXHODHQHOVLWLR
³9DOEDQHGD´FDUUHWHUD6RULKXHODDÈYLOD.P+P௙
'HVDSDUHFLGR
$1721,252'5Ë*8(=/Ï3(=௙
DxRV%pMDU««««««1RFRQVWD
$SDUHFHQ GRV FDGiYHUHV GH YDURQHV DVHVLQDGRV SRU DUPDV GH IXHJR HQ HO WpUPLQR GH
3HxDSDUGD ௙
HQ HO VLWLR GH ³*DWXQRO´ HQ OD PDUJHQL]TXLHUGDGHODFDUUHWHUDGHOSXHQWH
GH *XDGDQJLO D &LXGDG 5RGULJR HQ HO .P UHFRJLGRV IXHURQ HQWHUUDGRV HQ IRVD
FRP~QHQHOFHPHQWHULRGH3HxDSDUGD௙
'HVDSDUHFLGRV௙
௙
;௙
௙
;௙
௙
;௙
DxRV1RFRQVWD1RFRQVWD
௙
;௙
௙
;௙
௙
;«
௙«««««««ª«´´«««««ª´
GH6HSWLHPEUH௙
)XH GHWHQLGR HQ VX FDVD HQ OD ௙
1DYD GH 6RWUREDO SRU XQ JUXSR GH IDODQJLVWDV TXH OR
OOHYDURQ D DVHVLQDU DO SXHEOR GH $YLOD 6DOYDGLRV 6HJ~Q FRPHQWDULRV HQWHUUDGR HQ OD
SUR[LPLGDGGHORVFRPSDxHURVGH9LOORUXHOD௙
'HVDSDUHFLGR
)$%,$1&$%$//(52'Ë$=௙
««««DxRV1DYDGH6RWUREDO«-RUQDOHUR
'HWHQLGR HQ 5REOHGD ௙
HO GH $JRVWR௙
௙
OR LQJUHVDURQ HQ OD FiUFHO GH &LXGDG 5RGULJR
³VDFDGR´ HO GH 6HSWLHPEUH VLQ FRQVWDQFLD GHO OXJDU GHO DVHVLQDWR \ HQWHUUDPLHQWR
'HVDSDUHFLGR௙
6(*81'20$7(26%$=௙
1RFRQVWD5REOHGD1RFRQVWD
GH6HSWLHPEUH
'H ௙
5REOHGD௙
DVHVLQDGR HQ HO SDUDMH GHO ³5HJDWR GH ORV $OLVRV´ GH 5REOHGD \
(QWHUUDGR௙
HQHOFHPHQWHULRPXQLFLSDO
)(50Ë10$7(26&$5%$//2௙
1RFRQVWD5REOHGD«1RFRQVWD
GH6HSWLHPEUH
)XHGHWHQLGRHQ௙
6DODPDQFD\IXVLODGRMXQWRDODWDSLDGHOFHPHQWHULR௙
(QWHUUDGRHQOD
IRVDFRP~QGHOFHPHQWHULRGH6DODPDQFD
)5$1&,6&20$5&260$1&+$'2௙
DxRV)GH2xRUR7HMDUHV7HMHUR
)XH DVHVLQDGR HQ ௙
%pMDU HQ OD YtD S~EOLFD FXDQGR LQWHQWDED KXLU GH ORV ௙
FULPLQDOHV
IDODQJLVWDVTXHOHDFRVDEDQ௙
(QWHUUDGR௙
HQHOFHPHQWHULRGH%pMDU
%(51$5'2&8572%5,=௙
DxRV%pMDU«««=DSDWHUR
'HWHQLGR HQ ௙
%pMDU\DVHVLQDGRHQHOWpUPLQRPXQLFLSDOGH&DVDVGHO0RQWH&iFHUHV
'HVDSDUHFLGR
)5$1&,6&2625,$)58726௙
«««««DxRV%pMDU9LJLODQWHPXQLFLSDO
GH6HSWLHPEUH
'HWHQLGRV HQ ௙
%pMDU \ IXHURQ DVHVLQDGRV HQ HO WpUPLQR GH -DULOOD &iFHUHV௙
'HVDSDUHFLGRV
-(5Ï1,026È1&+(=&$67,//2௙
DxRV%pMDU«7HMHGRU
$/%(572*8,6$'2௙
´´´«´«)HUURYLDULR
'HWHQLGRV HQ ௙
%pMDU \ IXHURQ DVHVLQDGRV HQ HO WpUPLQR GH &DVDV GHO 0RQWH &iFHUHV
-XQWRDODFDUUHWHUD6DODPDQFD&iFHUHV௙
'HVDSDUHFLGRV
720$6&5(*21Òf(=௙
DxRV%pMDU7HMHGRU
0$5,$12*Ï0(=&È&(5(6௙
´´´«´«««$OEDxLO
'HWHQLGRV HQ 3HxDSDUGD ௙
\ DVHVLQDGRV HQ OD ILQFD GH ³/RV &DUYDMDOHV´ GH (O 3D\R
(QWHUUDGRV௙
HQIRVDFRP~Q
/8,6'20Ë1*8(=0$162௙
1RFRQVWD3HxDSDUGD1RFRQVWD
6$17,$*2'20Ë1*8(=3$6&8$/௙
´´´´´´«
'HWHQLGR HQ 3HxDSDUGD ௙
\ DVHVLQDGR HQ HO WpUPLQR GH 5REOHGD ௙
(QWHUUDGR HQ HO
FHPHQWHULRGH5REOHGD௙
)e/,;+8(623$6&8$/௙
1RFRQVWD3HxDSDUGD1RFRQVWD
1DWXUDO GH௙
7UHEHMR&iFHUHVDVHVLQDGRHQHOWpUPLQRGH(O%RGyQ\௙
(QWHUUDGR௙
HQHO
FHPHQWHULRGHHVWHSXHEORHQIRVDFRP~Q௙
(67(%$16È1&+(=+(51È1'(=௙
1RFRQVWD7UHEHMR&&1RFRQVWD
1DWXUDO GH 6DODPDQFD௙
GHWHQLGR HQ OD SURYLQFLD GH &iFHUHV \ SUHVR HQ &RULD
DVHVLQDGRHQ(O%RGyQ\௙
(QWHUUDGR௙
HQHOFHPHQWHULRGHHVWHSXHEORHQIRVDFRP~Q
-26(9,&(17(0$57Ë1௙
1RFRQVWD6DODPDQFD«««1RFRQVWD
GH6HSWLHPEUH
1DWXUDO GH ௙
3HUDOHV GHO 3XHUWR &iFHUHV 'HWHQLGR HQ 3HUDOHV SUHVR HQ OD FiUFHO GH
+R\RV HO GH $JRVWR DVHVLQDGR HQ OD ILQFD GH ³3HURVtQ´ HQ 3HxDSDUGD VLQ
FRQVWDQFLDGHOOXJDUGHHQWHUUDPLHQWR௙
'HVDSDUHFLGR௙
3('529(/20$1*$6௙
1RFRQVWD3HUDOHVGHO3&&1RFRQVWD
1DWXUDOHV GH ௙
6DQ )HOLFHV GH ORV *DOOHJRV௙
6H GHVFRQRFH GyQGH IXHURQ GHWHQLGRV \
DVHVLQDGRV ([LVWH DFWD GH GHIXQFLyQ HQ HO 5HJLVWUR &LYLO GH &LXGDG 5RGULJR
'HVDSDUHFLGRV௙
,6,'2520252)5$1&,6&2௙
1RFRQVWD6)HOLFHVGHORV*«1RFRQVWD
-8$10$57Ë135,(72௙
DxRV´´´´´
GH6HSWLHPEUH
'HWHQLGRV HQ VX SXHEOR ௙
(O %RGyQ \ DVHVLQDGRV HQ OD ILQFD ³0HGLQLOOD´ GH %DxREiUH]
HQWHUUDGRVHQIRVDFRP~Q௙
LQKXPDGRV௙
\WUDVODGDGRVVXVUHVWRVD(O%RGyQHQ
-8$1$*$5&Ë$6,/9$௙
1RFRQVWD(O%RGyQ1RFRQVWD
(/2<$&267$&$67$f2௙
´´´´´´
-26e%$5$+21$0(',1$௙
´´´´´´
,6,'252&(3$35,(72௙
´´´´´´
5$0Ï1*Ï0(=5$0$-2௙
´´´´´´
0$18(/*21=È/(=%(1,72௙
´´´´´´
$/%(5720$18(/*87,e55(=$0$'2௙
´´´´´´
9,&(17(*87,e55(=&$55$6&2௙
´´´´´´
-26(+(51È1'(=1,&2/È6௙
´´´´´´
6(5$3,20217(52*$5&Ë$௙
´´´´´´
/8,66$17,$*21,&2/È6&(3$௙
´´´´´´
$*867Ë13,126È1&+(=௙
´´´´´´
5$)$(/5$0$-20$57Ë1௙
´´´´´´
&,35,$126È1&+(=+(51È1'(=௙
´´´´´´
)(/,3(6È1&+(=*87,(55(=௙
«´«³«௙
³௙
«´«««««´³
1(0(6,2/25(1=2)(55(,5$௙
««´´´´´´
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH௙
'HVDSDUHFLGRV
(0,/,28=$<È108f2=௙
««««DxRV7HMDUHV$OEDxLO
%/È6-$63(6È1&+(=௙
««©ª0DFKDFyQ««-RUQDOHUR
'HWHQLGRHQ௙
%pMDU௙
\DVHVLQDGRHQ&DVDVGHO0RQWH&iFHUHV௙
'HVDSDUHFLGR
1,&2/È6&8$'5$'235,(72௙
DxRV%pMDU««««)HUURYLDULR
GH6HSWLHPEUH
)XHURQ GHWHQLGRV HQODORFDOLGDGGH௙
/XPEUDOHV௙
SRUXQJUXSRGHIDODQJLVWDVDUPDGRV\
WUDVODGDGRV D %HUPLOOR GH 6D\DJR =DPRUD HQ ODV SUR[LPLGDGHV GH GLFKR SXHEOR
IXHURQDVHVLQDGRVORVFRPSDxHURV௙
'HVDSDUHFLGRV
)5$1&,6&2*21=È/(=&20(5Ï1௙
1RFRQVWD/XPEUDOHV«1RFRQVWD
*(50È1+(51È1'(=$552<2௙
´«´««´««´«««´«´
௙
;௙
௙
;௙
௙
;௙
«´««´««³´´´
'HWHQLGR HQ VX SXHEOR GH /DV 9HJXLOODV ௙
WUDVODGDGR D OD FiUFHO GH 6DODPDQFD GtDV
GHVSXpVIXHSXHVWRHQ³OLEHUWDG´SHURQXQFDPiVVHVXSRGHpO௙
'HVDSDUHFLGR௙
0$18(/&$51(526È1&+(=௙
DxRV/DV9HJXLOODV1RFRQVWD
+DELDQ VLGR GHWHQLGRV HQ VXV GRPLFLOLRV HQ HO SXHEOR ௙
6LHWHLJOHVLDV GHO 7RUPHV௙
SRU
XQ JUXSR GH IDODQJLVWDV SURFHGHQWHV GH OD FRPDUFD GH 3HxDUDQGD TXH FRQ XQ FRFKH \
XQD FDPLRQHWD VH SUHVHQWDURQ D OD FDLGD GH OD WDUGH HQ GLFKR SXHEOR VHJ~Q
PDQLIHVWDFLRQHV RUDOHV UHFRJLGDV GLFKD SDWUXOOD FULPLQDO LEDQ HXIyULFRV \ FDQWDQGR
FRQVtQWRPDVGHHPEULDJXH]
/RV GHWHQLGRV ORV DWDURQ H LQWURGXMHURQ HQ OD FDPLRQHWD QR VH YROYLy D VDEHU GH HOORV
KDVWD TXH SRFRV GtDV GHVSXpV OOHJy OD WUiJLFD QRWLFLD GH TXH KDELDQ DSDUHFLGR HQ XQ
FDPLQR SUy[LPR DO SXHEOR GH ௙
3HxDUDQGLOOD ௙
\ TXH KDEtDQ VLGRUHFRJLGRVORVFDGiYHUHV
\௙
(QWHUUDGRV௙
HQHOFHPHQWHULRGHGLFKRSXHEOR 3$%/2%(1,72&$6$'2௙
DxRV6LHWHLJOHVLDV-RUQDOHUR
௙
;௙
௙
;௙
௙
;௙
««««³««³³³«³«
௙
;௙
௙
;௙
௙
;௙
««««1RFRQVWD´³´´«
GH6HSWLHPEUH
)XHURQ GHWHQLGRV HQ VXV GRPLFLOLRV HQ HO SXHEOR GH ௙
/RV ௙
6DQWRV \ VXSXHVWDPHQWH
DVHVLQDGRV SRU XQ JUXSR GH IDODQJLVWDV DFRPSDxDGRV SRU RWURV GHO SXHEOR
'HVDSDUHFLGRV
$1'5e6&$0326*Ï0(=௙
1RFRQVWD/RV6DQWRV6XERILGH&DUDELQHURV
0$18(/*Ï0(=025$72௙
´«´«««´««´««1RFRQVWD
8%$/'2%/$1&2௙
௙
;௙
´«´«««´«´«««««««´«´«
-8$10,*8(/௙
௙
;௙
´«´«««´«´«««««««´«´«
$*867Ë1%21,//$௙
௙
;௙
´«´«««´«´«««««««´«´«
'$1,(/$3$5,&,2௙
௙
;௙
««´«´«««´«´«««««´«´«
(67e%$13e5(=௙
««௙
;«
௙«««´«´«««´«´«««««««´«´«
$1'5e6$3$5,&,2௙
«௙
;«
௙«´³«««³««´«««««««´«´
$*867Ë1$3$5,&,2௙
௙
;௙
´«´«««´««´«««««««´«´
-26e3e5(=<867(௙
««´«´«««´««´«««««««´«´
-26e52'5,*8(=)5(,5(௙
«´«´«««´«´«««««««´«´
'HWHQLGRV HQ ௙
&LXGDG 5RGULJR௙
$VHVLQDGRV HQ OD GHKHVD GH ³/DV $FHxXHODV´
'HVDSDUHFLGRV
È1*(/*5,0$/'260Ò-,&$௙
1RFRQVWD&5RGULJR&RQFHMDOGHO)3
9,&725,$12*Ï0(=+(51È1'(=௙
´«´´´´«´«´
)e/,;0$57Ë10252௙
´«´«´«´««´«´«´
)e/,;*21=È/(=&$%5(5$6௙
´«´´´1RFRQVWD
0$5&(/,120$5&260$57Ë1௙
´«´««´´««´««´
'(6,'(5,2&5,$'2%$5e6௙
´«´««´´««´«´
&2167$17,12'20Ë1*8(=*8(55$௙
´«´«´´«««´««´
(/$',238/,'2*21=È/(=௙
´«´´´([FRQFHMDOGHO)3
6(*81'2/2%$723/$=$௙
´«´««´««´««´««´´
6$17,$*2*/(='(,*/(6,$௙
«««DxRV3HUHxDGHOD5LE«$OEDxLO
'HWHQLGR HQ ௙
%pMDU \ DVHVLQDGR HQ HO WpUPLQR GH -DULOOD &iFHUHV HQ HO .P GH OD
FDUUHWHUD6DODPDQFD&iFHUHV௙
'HVDSDUHFLGR
)5$1&,6&2&2/25$'2*/(=௙
DxRV%pMDU&DUGDGRU
(Q HO VLWLR GH OD ³-DUGD´ HQ HO WpUPLQR PXQLFLSDO GH ௙
/DUURGULJR௙
SUy[LPR D OD
FDUUHWHUD GH $QD\D IXHURQ HQFRQWUDGRV WUHV FDGiYHUHV ³FX\D PXHUWH IXH FDXVDGD SRU
DUPDV GH IXHJR VHJ~Q ODV DFWDV GH HQWHUUDPLHQWR GHO PXQLFLSLR \ HQWHUUDGRV HQ IRVD
FRP~QHQHOFHPHQWHULR௙
'HVDSDUHFLGRV௙
௙
;௙
௙
;௙
௙
;௙
DxRV1RFRQVWD1RFRQVWD
௙
;௙
௙
;௙
௙
;«
௙«««««³´«´««´«««««´«´«
««௙
;«
௙«««௙
;«
௙«««௙
;«
௙«««««³´«´««´«««««´«´«
'HWHQLGRHQ௙
6DODPDQFD௙
\DVHVLQDGRSRUIDODQJLVWDVGHODFLXGDG௙
'HVDSDUHFLGR
1,&2/È6=$0$55$'(/5Ë2௙
DxRV)XHQWHODSHxD=$1RFRQVWD
GH6HSWLHPEUH
(Q VXV UHVSHFWLYRV GRPLFLOLRV GHO SXHEOR GH ௙
3HxDUDQGLOOD IXHURQ GHWHQLGRV SRU XQ
JUXSR GH IDODQJLVWDV XQLIRUPDGRV DFRPSDxDGRV SRU XQ FDER GH OD JXDUGLD FLYLO LEDQ
DFRPSDxDGRV GH XQ WDO *HUPiQ YHFLQR GH 3HxDUDQGLOOD \ HO FXUD GHO PLVPR SXHEOR
DWDGRV GH SLHV \ PDQRV ORV VXELHURQ D XQD FDPLRQHWD \ VH ORV OOHYDURQ SRFR WLHPSR
GHVSXpV HQ HO SXHEOR FRUULHURQ UXPRUHV GH TXH KDEtDQ VLGR DVHVLQDGRVMXQWRDODWDSLD
GHOFHPHQWHULRGHOSXHEOR)XHQWHHO6RO9DOODGROLG௙
'HVDSDUHFLGRV௙
-26e-,0(12/Ï3(=௙
DxRV3HxDUDQGLOOD6HFU8*7-RUQDOHUR
-8/,È158%,2&(59(5$௙
1RFRQVWD«´««´«´«´«
-8/,È1&,)8(17(6௙
´««´«´««´««««´«´«
GH6HSWLHPEUH
'HWHQLGR HQ ௙
6DODPDQFD HQ OD YtD S~EOLFD 5RQGD GH 6DQFWL 6StULWXV SRU XQ JUXSR GH
IDODQJLVWDV 6XSXHVWDPHQWH OOHYDGR DO SUy[LPR FXDUWHO GH OD )DODQJHHQHO1RYLFLDGR\
QRVHYROYLyDVDEHUGHpO6XSXHVWDPHQWHDVHVLQDGRHQGLFKRFXDUWHO௙
'HVDSDUHFLGR௙
'$9,'&5,$'21Òf(=௙
DxRV6DODPDQFD(VFD\ROLVWD
GH6HSWLHPEUH
'HWHQLGRV HQ ௙
6DODPDQFD \ IXVLODGRV MXQWR D OD WDSLD GHO &HPHQWHULR$' \
(QWHUUDGRV௙
HQODIRVDFRP~QGHOFHPHQWHULRGH6DODPDQFD
2&7$9,25,9$6*$5&Ë$௙
DxRV3HGURVLOORGHORV$0DHVWUR
$/%(5726È1&+(=/25(1=2௙
´´0DVXHFR´«´
'HWHQLGD HQ ௙
%pMDU \ DVHVLQDGD HQ HO WpUPLQR PXQLFLSDO GH *UDQMD GH *UDQDGLOOD
&iFHUHV $QWHV KDEtDQ DVHVLQDGR D VX KLMR 6DWXUQLQR \ DO GtD GHVSXpV D VX KHUPDQR
,JQDFLR௙
'HVDSDUHFLGD
0$5,$3$55$*$5&Ë$௙
9LXGDDxRV%pMDU1RFRQVWD
GH6HSWLHPEUH௙
$VHVLQDGR HQ ௙
%pMDU HQ OD YtD S~EOLFD HO GtD DQWHULRU KDEtDQ DVHVLQDGR D VX KHUPDQD
0DUtD௙
'HVDSDUHFLGR
,*1$&,23$55$*$5&Ë$௙
DxRV%pMDU-RUQDOHURLQGXVWULDO
GH6HSWLHPEUH௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH௙
'HVDSDUHFLGRV
)5$1&,6&2&$67(//$12'(/5($/௙
DxRV9DOYHUGHGH06*«3ROLFtD
35,0,7,9252'5Ë*8(=/23(=௙
´´9LOODOXHQJD72´«´
6$17,$*2%(1,726$17,$*2௙
«´´«9LOODVHFRGHORV*´«´
-26(6$1&+(=3$1,$*8$௙
´´´««´«´««&DUSLQWHUR
'HWHQLGRVHQ௙
%pMDU௙
\DVHVLQDGRVHQHOWpUPLQRPXQLFLSDOGH/RV6DQWRV
'HVDSDUHFLGR
+,3Ï/,720$5*(17$9$48(52௙
DxRV%pMDU(QFDUJDGRGHODQDV
)(/,3(6È1&+(=%$5%(52௙
´´´´7HMHGRU
'HWHQLGRHQ௙
%DELODIXHQWH௙
\IXVLODGRMXQWRDODWDSLDGHO&HPHQWHULR
(QWHUUDGR௙
HQHOFHPHQWHULRGH6DODPDQFD
)5$1&,6&2*$5&Ë$'Ë$=௙
««««««DxRV%DELODIXHQWH-RUQDOHUR
GH6HSWLHPEUH
'HWHQLGR HQ 9LOODPLHO&iFHUHVVREUHHOGHpVWHPHVSUHVRHQ+R\RVDVHVLQDGRHQ
HOWpUPLQRPXQLFLSDOGHHVWHSXHEOR\௙
(QWHUUDGR௙
HQVXFHPHQWHULR
*(59$6,2025$0$1*$6௙
1RFRQVWD+R\RV&&1RFRQVWD
1R FRQVWDQ ODV FLUFXQVWDQFLDV GH VX DVHVLQDWR VRODPHQWH ³PXHUWR SRU DUPDV GH
IXHJR´௙
'HVDSDUHFLGR௙
%5$8/,2*20(=0$57Ë1௙
««««««DxRV3HGURVRGHOD$-RUQDOHUR
GH6HSWLHPEUH
(Q VXV GRPLFLOLRV GH ௙
$OGHKXHOD GH OD %yYHGD ௙
)XHURQ GHWHQLGRV \ VH GHVFRQRFH HO
OXJDUGRQGH௙
I௙
XHURQDVHVLQDGRV௙
'HVDSDUHFLGRV
$/,3,2*$5&,$52'5Ë*8(=௙
DxRV$OGHKXHODGHOD%=DSDWHUR
-8$1+(51È1'(=/8&$6௙
1RFRQVWD´´«-RUQDOHUR
'HWHQLGRV HQ ௙
0DWLOODGHORV&DxRV௙
(QODILQFDGH/D5DG*DOLQGR\3HUDKX\)XHURQ
DVHVLQDGRV SRU VLFDULRV GH OD )DODQJH \ HO VDUJHQWR9i]TXH]GHOD*XDUGLD&LYLOHQODV
SUR[LPLGDGHV GH OD (UPLWD GH /D 5DG /RV VLJXLHQWHV FRPSDxHURV GH 0DWLOOD GH ORV
&DxRV ([KXPDGRV HQ VXV UHVWRV IXHURQ ௙
(QWHUUDGRV MXQWRV HQHOFHPHQWHULRGH
0DWLOOD
*(5$5'23(6&$'253(6&$'25௙
««DxRV0DWLOODGHORV&«$OFDOGH
$%'Ï1&85726È1&+(=௙
´´««´««´´«-RUQDOHUR
-8$1025È1*$%5,(/௙
«´´«´««´««´´«´
-26(0$18(/%(552&$//Ï3(=௙
´´«´««´««´´´
$/)21626È1&+(=0$5&26௙
´´««´««´««´«´´
,*1$&,25202)(51È1'(=௙
´´««´««´««´«´´«
+25$&,2*Ï0(=*$5&Ë$௙
««´´«´««´««´«´«´«
*$63$50$57Ë1%(1,72௙
³³´´´´´
(UDQDWXUDOGH௙
$UWHPLVD&XED௙
6HGHVFRQRFHHOOXJDUGHVXGHWHQFLyQDVHVLQDWR\
(QWHUUDPLHQWR௙
SUHVXQWDPHQWHHQ6DODPDQFD
-8$1$1721,23$6&8$5$0Ë5(=௙
DxRV$UWHPLVD(EDQLVWD
GH6HSWLHPEUH
6H GHVFRQRFH HO OXJDU GH VX DVHVLQDWR DFWD GH GHIXQFLyQ HQ HO 5HJLVWUR &LYLO GH
&LXGDG5RGULJR'HVDSDUHFLGR
'(0(75,2-8$16$/,&,2௙
1RFRQVWD3XHEODGH$1RFRQVWD
6X PXHUWH FDXVDGD HQ ௙
/D 5DG௙
FXDUWR ³/RV &DOODQVR´ SRU DUPDV GH IXHJR FRQVWD HQ
HO5HJLVWUR&LYLOGH௙
*DOLQGR\3HUDKX\௙
௙
'HVDSDUHFLGR௙
%21,)$&,2&8(67$6È1&+(=௙
DxRV6WD0GH6«1RFRQVWD
GH6HSWLHPEUH
'HWHQLGRVHQ௙
6DODPDQFD௙
\VXSXHVWDPHQWHIXHURQHMHFXWDGRVHQORVFDODER]RVGHOD
)DODQJHVLWRVHQHO1RYLFLDGRGHORV-HVXLWDVHQ6DODPDQFDORVVLJXLHQWHVFRPSDxHURV
'HVDSDUHFLGRV௙
$1721,2*21=È/(=9$//e6௙
DxRV6DODPDQFD$OEDxLO
&2167$17,12*$5&Ë$7255(6௙
´´«´«0DUPROLVWD
3$%/25(%2//2$9,/$௙
«««««««´««´«´««(OHFWULFLVWD
)XH GHWHQLGR HQ VX FDVD GH 9LOORUXHOD \ DVHVLQDGR HQ 3DMDUHV GH OD /DJXQD HQ
FRPSDxtD GH FRPSDxHURV GH &DQWDOSLQR VXV UHVWRV IXHURQ UHVFDWDGRV HQ FRQ HO
UHVWRGHFRPSDxHURV\௙
(QWHUUDGR௙
HQ&DQWDOSLQR
6(9(5,$12&+$02552'(/$7255(௙
࣡
1RFRQVWD3DMDUHVGH/-RUQDOHUR
GH6HSWLHPEUH
)XHDVHVLQDGRVHJ~QHODFWDGHGHIXQFLyQSRUIUDFWXUDGHOFUiQHR௙
'HVDSDUHFLGR௙
(0,/,29$=48(='(3$5*$*$5&Ë$௙
DxRV6DODPDQFD«0pGLFR
GH6HSWLHPEUH
1DWXUDO GH *DMDWHV WUDEDMDED HQ$OEDGH7RUPHVGRQGHIXHDVHVLQDGR\௙
(QWHUUDGRHQ
IRVDFRP~Q
-8$10,f$0%5(61,(72௙
DxRV$OEDGH7«-RUQDOHUR
8QGLDGHOPHVGH2FWXEUH
)XH GHWHQLGR HQ VX FDVD ௙
GH ௙
6DQGR௙
DVHVLQDGR HQ OD ILQFD GH ³&DPSLOOR´ \ ௙
(QWHUUDGR
SRUVXVIDPLOLDUHVHQHOFHPHQWHULRGH6DQGR
*5$&,/,$123e5(=)5$,/(௙
1RFRQVWD6DQGR=DSDWHUR
GH2FWXEUH௙
'HWHQLGRV HQ ௙
6DODPDQFD \ 3HGURVLOOR GH ORV $LUHV௙
)XVLODGRV MXQWR D OD WDSLD GHO
&HPHQWHULR௙
(QWHUUDGRV௙
HQHOFHPHQWHULRGH6DODPDQFD
)$86720217(521(51$/௙
«DxRV6DQ0XxR]-RUQDOHUR
%(1,72)(51È1'(=3e5(=௙
«´´(QWULPR25«««&DQWHUR
0,*8(/$17Ï1,*/(6,$6௙
««´´3HGURVLOORGHORV$«-RUQDOHUR
5$0Ï1&58=6È1&+(=௙
«´´´«««´«´3DVWRU
-8/,2&2//$17(6)(51È1'(=௙
´´´«««´«´«««-RUQDOHUR
$1*(//8,6)5$,/(௙
«««««´´««´«««´«´««««´«´
9$/(17Ë10$5,$&$%2௙
´³6DODPDQFD9LOORULD1RFRQVWD
0$18(/*21=È/(==$5=8(/2௙
´´7RUGHVLOODV9$«««´´
%,(19(1,'2-25*(*$5&,$௙
´´9LOORULD´´
GH2FWXEUH
'HWHQLGRHQ௙
6DODPDQFD௙
\DVHVLQDGRSRUXQJUXSRGHIDODQJLVWDV௙
'HVDSDUHFLGR
$0$'250$7$&$//(௙
DxRV9DOGHODJHYH1RFRQVWD௙
)XH GHWHQLGR HQ ௙
5REOHGD ௙
\ VHJ~Q WHVWLPRQLRV WHVWLILFDOHV DVHVLQDGR HQ 9LOODVEXHQDV
GH*DWD&iFHUHV\HQWHUUDGRHQHOFDPSR௙
'HVDSDUHFLGR௙
-26(35,(720$57Ë1௙
1RFRQVWD5REOHGD1RFRQVWD
GH2FWXEUH
'HWHQLGRV HQ ௙
&LXGDG 5RGULJR௙
(QODSUR[LPLGDGGHO0RQDVWHULRGHOD&DULGDGIXHURQ
DVHVLQDGRV GRV \ VXSXHVWDPHQWH HQWHUUDGRV HQ HO OXJDU GHO FULPLQDO VXFHVR 3DUWH GH
HOORVKDQVLGRUHVFDWDGRVSRUKLMRV\IDPLOLDUHVH௙
,QKXPDGRV௙
MXQWRVHQVXSXHEOR
(67(%$1&$55(f27(1'(52௙
DxRV)XHQWHJXLQDOGR1RFRQVWD
/(Ï1+(55(52*$/È1௙
´´´«««´««««´«´«
1,&2/È66È1&+(=0$57Ë1௙
´´´«««´«««´«´«
-26e$/)2162*21=È/(=௙
´´´«««´«««´«´«
6,0Ï1025(,52+(55(52௙
´´´«««´«««´«´«
(9$5,672-26e/(Ï1௙
´´´«««´««««´«´«
0$7,$60(1'20$7(26௙
´´´«««´«««´«´«
1,&2/È60$5&26025È1௙
´´´«««´«««´«´«
5$0Ï1&$67$f2'85È1௙
´´´«««´««««´«´«
9$/(17Ë152'2/)2௙
´´´«««´««««´«´«
/(Ï13)/25(6$/'(+8(/2௙
´´´«««´««««´«´«
$/(-$1'52=$726$/,&,2௙
´´´«««´««««´«´«
-8$19$/,(17(6$/9$'25௙
´´´«««´««««´«´«
$*$3,72&$55(f2*21=È/(=௙
´´´«««´«««««´«´«
$/)21626$/,&,26È1&+(=௙
1RFRQVWD«1RFRQVWD1RFRQVWD
(9$5,6726È1&+(=3e5(=௙
´´´´´´
$'5,$19,&(17(+(55(52௙
´´´´´´
%21,)$&,26È1&+(=0e1'(=௙
´´´´´´
1DWXUDO GH ௙
&DVLOODV GH )ORUHV௙
IXH GHWHQLGR HQ VX SXHEOR \ WUDVODGDGR D OD FiUFHO GH
&LXGDG 5RGULJRIXH³VDFDGR´HQHVWDIHFKDGHOGH2FWXEUH\QXQFDVHVXSRGyQGHIXH
DVHVLQDGR\HQWHUUDGR௙
'HVDSDUHFLGR௙
$1721,2$/9$5(=0$57Ë1(=௙
1RFRQVWD&DVLOODVGH)«1RFRQVWD
$VHVLQDGR SRU DUPDV GH IXHJR QRVHKDQSRGLGRDFODUDUODVFLUFXQWDQFLDVGHODPXHUWH
VRODPHQWHVXQRPEUH\DSHOOLGRV\GyQGHQDFLy௙
'HVDSDUHFLGR௙
$1721,2&$129$60(6$௙
1RFRQVWD0D]DUUyQ081RFRQVWD
6H GHVFRQRFH GH GyQGH HUD HVWXYR GHWHQLGR HQ &LXGDG 5RGULJR \ DVHVLQDGR HQ OD
SUR[LPLGDGGHO0RQDVWHULRGHOD&DULGDG௙
H[KXPDGR௙
HQHODxR
7,027(2)0$7(265,26௙
1RFRQVWD&LXGDG5RGULJR"1RFRQVWD
6HGHVFRQRFHGyQGHIXHGHWHQLGR\HOOXJDUGHVXDVHVLQDWR௙
'HVDSDUHFLGR௙
%$572/20e0$7(26$/2162௙
1RFRQVWD(VSRODV%DOHDUHV1RFRQVWD
GH2FWXEUH௙
'HWHQLGR HQ ௙
6DODPDQFD \ IXVLODGR MXQWR D OD WDSLD GHO FHPHQWHULR \ ௙
(QWHUUDGR HQ HO
PLVPR
)5$1&,6&2*21=È/(=&,//(526௙
DxRV(VFXULDO-RUQDOHUR
GH2FWXEUH௙
'HWHQLGRHQ௙
6DODPDQFD௙
1RVHVDEHGyQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR௙
-$&,172%5$92*$/$3(52௙
DxRV&iFHUHV0HFiQLFR
'HWHQLGR HQ VX SXHEOR ௙
&DVLOODV GH )ORUHV௙
OH WUDVODGDQ D OD FiUFHO GH &LXGDG 5RGULJR
GH DOOt OR VDFDURQ \ VH GHVFRQRFH HO OXJDU GH VX DVHVLQDWR \ HQWHUUDPLHQWR
'HVDSDUHFLGR௙
$1721,2+È1'(=5$675(52௙
«««DxRV&DVLOODVGH)O«1RFRQVWD GH2WXEUH
'HWHQLGRHQ௙
6DODPDQFD௙
$VHVLQDGRHQHOFXDUWHOGHOD)DODQJH௙
'HVDSDUHFLGRV௙
3('52/8,608(/$6௙
DxRV=DPRUD&RPHUFLDQWH
$1721,2&58='(/*$'2௙
³´&DQWDUDFLOOR«0DHVWUR
GH2FWXEUH
'HWHQLGRV HQ GLVWLQWRV SXHEORV ௙
6DODPDQFD 9LOODYLHMD \ 9LOODUHV GH <HOWHV %RJDMR
&DEULOODV\&HUUDOER௙
\IXVLODGRVMXQWRDODWDSLDGHOFHPHQWHULR௙
(QWHUUDGRV௙
DOOt௙
&(/62(6&$1,//$6,021௙
«DxRV%RJDMR0DHVWUR
(/,6(20$57,1(67e9(=௙
«´´´«´««´«´«
0$57Ë19$=48(=0$57Ë1௙
´´9LOODYLHMDGH<HOWHV«+HUUHUR
0$18(/9$48(5258%,2௙
«´´´«´««´«´«$OFDOGH
$1,%$/0$7(26/Ï3(=௙
´´´«´´«´««&DQWHUR
)5$1&,6&25$%$=$6=Òf,*$௙
«´´´«´««´«´«-RUQDOHUR
)5$1&,6&23(5(f$0(/*$5௙
«´´´«´«««´«´=DSDWHUR
/$85($12+(51È1'(=)'(=௙
««³´9LOODUHVGH<««-RUQDOHUR
(15,48(9,&(17(,=$௙
SDGUH«´´6DODPDQFD«(OHFWULFLVWD
(15,48(9,&(17(%$/',Ï1௙
KLMR«´´´´«««´«´
0,*8(/0(//$'2'(&$6752௙
«´´´«´$OEDxLO
0$;,0,12%(1,726*8,//(502௙
´´&DEULOODV0LOLWDU
0È;,02085,(/%/$1&2௙
««´´5HWRUWLOOR-RUQDOHUR
&5,67,12%0$57Ë1(=085,(/௙
´´´´«««´«´
&(/620252+(51È1'(=௙
««´´&HUUDOER«´«´
-2$48,15$0263e5(=௙
««««««´´/D)WHGH6(VW(OHFWULFLVWD
(Q*UDQDGD
'HWHQLGR HQ ௙
6DODPDQFD ௙
\ FRQGXFLGR SRU OD JXDUGLD FLYLO D ௙
*UDQDGD௙
(Q HO EDUUDQFR
GH 9t]QDU IXH DVHVLQDGR HO 5HFWRU GH OD 8QLYHUVLGDG GH *UDQDGD HO VDOPDQWLQR
'HVDSDUHFLGR
6$/9$'259,/$+(51È1'(=௙
DxRV9L]QDU*56DODPDQFD5HFWRU௙
GH2FWXEUH
(Q OD ILQFD GH ³&DPSDQLOOD´ GHO WpUPLQR GH&LXGDG5RGULJR௙
IXHDVHVLQDGRSRUDUPDV
GHIXHJR௙
'HVDSDUHFLGR௙
('8$5'2'(/$1$9$*21=È/(=௙
DxRV&LXGDG5RGULJR«&DPDUHUR௙
1R KHPRV SRGLGR SUHFLVDU OD IHFKD ௙
GHO DVHVLQDWR GH ORV VLJXLHQWHV FRPSDxHURV GH
9LOODYLHMDGH<HOWHV௙
'
௙HVDSDUHFLGRV
-26(0$18(/)(51È1'(=5Ë26௙
1RFRQVWD9LOODYLHMDGH<HOWHV-RUQDOHUR
3('52)(51È1'(=6È1&+(=௙
´«´´«´«´««´«««´«´
720È60$1=$1(5$35,(72௙
´«´««´«´«´«´«««´«´
*21=$/2$/21620$1=$1(5$௙
´«´««´«´«´«´«««´«´
$1721,235,(720$7(26௙
´´«´«´«´«´«««´«´
(3,)$1,26È1&+(=5Ë26௙
´«´««´«´«´«´«««´«´
)(/,3(6(9,//$12$5,$6௙
´«´««´«´«´«´«««´«´
'(&25262$/2162*$5&Ë$௙
´«´««´«´«´«´«««´«´
3('52*$5&Ë$0$57Ë1௙
´´´´´´´´
GH2FWXEUH
'HWHQLGRVHQ௙
6DODPDQFD௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH
'HVDSDUHFLGRV
/8,65(3,/$0$57Ë1௙
௙
D௙
xRV9LWLJXGLQR-RUQDOHUR
-8$1*$5&,$+(51È1'(=௙
««««´´+XHUWD5HORMHUR
)(50,1)(51È1'(=&$55$6&2௙
«௙
௙
´´6DXFHOOH«««/DEUDGRU
-*5௙
««««««««««««´´´´«««-RUQDOHUR
-8/,2'85È1*$5&,$௙
«««««««´´9LWLJXGLQR0DHVWUR
8Q GtD GH ORV ~OWLPRV GH 2FWXEUH 'HWHQLGR ௙
6DODPDQFD௙
HQ OD HVTXLQD GH OD FDOOH
9HUJDUD FRQ &XDWUR &DPLQRV OOHYDGR D GHFODUDU DO FXDUWHO SUy[LPR GH ORV IDODQJLVWDV
HQ ORV -HVXLWDV FXDQGR DO GtD VLJXLHQWH IXH D UHVFDWDUOR VX MHIH *UHJRULR 0LUDW OH
KDEtDQDVHVLQDGR௙
'HVDSDUHFLGR
,12&(1&,2*$5&Ë$&$/92௙
DxRV6DODPDQFD/tGHU8*7HQ0LUDW
GH2FWXEUH
(Q HO WpUPLQR PXQLFLSDO GH 3HxDSDUGD௙
HQODSDUWHL]TXLHUGDGHODFDUUHWHUDGH&LXGDG
5RGULJR DO ³&XDUWR GH *XDGDQJLO´ IXH HQFRQWUDGR HO FDGiYHU GH XQDPXMHUMRYHQTXH
IDOOHFLy DVHVLQDGD FRPR FRQVHFXHQFLD GH DUPD GH IXHJR ³WHQtD KHULGD HQ OD UHJLyQ
PDVWRLGHD L]TXLHUGD SHQHWUDQWH HQ OD UHJLyQ FUDQHDQD PRUWDO GH QHFHVLGDG´ )XH
(QWHUUDGD௙
HQHOFHPHQWHULRGHGLFKRSXHEOR
௙
;௙
௙
;௙
௙
;«
௙««««DxRV3HxDSDUGD1RFRQVWD
GH1RYLHPEUH
6H GHVFRQRFHQ ODV FLUFXQVWDQFLDV GHODPXHUWHGHOQLxRVLJXLHQWH௙
௙
OyJLFDPHQWHVXFDXVD
WXYR TXH YHU FRQ OD YLROHQFLD GH ORV WLHPSRV TXH VH YLYtDQ GH ORV KHFKRV QR TXHGy
FRQVWDQFLD" VRODPHQWH TXH PXULy SRU ³KHULGD HQ FUiQHR SRU DUPD GH IXHJR´ OR TXH
SDUD HO DXWRU UHSUHVHQWD OD ௙
YtFWLPD PDV LQRFHQWH GH WRGRV ORV KHFKRV
QDUUDGRV࣡
(
௙QWHUUDGR௙
$*867Ë1%5$92&$%(=$6௙
DxRV9DOYHUGyQ««1LxR
GH1RYLHPEUH
7UDVODGDGR SRU RILFLR D OD 3ULVLyQ &HQWUDO GH %XUJRV D OD TXH QXQFD OOHJy
SUREDEOHPHQWHDVHVLQDGRHQHOPRQWHGHOD2UEDGD௙
'HVDSDUHFLGR௙
,6,'52&$/9,//2+(51È1'(=௙
DxRV6DODPDQFD«&DUSLQWHUR
GH1RYLHPEUH
'HWHQLGRV HQ 1DYDVIUtDV OOHYDGRV SUHVRV D &LXGDG 5RGULJR ³VDFDGRV´ HQ HVWDIHFKD\
HQWHUUDGRVHQODILQFD³/D&DPSDQLOOD´௙
'HVDSDUHFLGRV௙
(/,6$5'2'(/$1$9$*21=È/(=௙
1RFRQVWD1DYDVIUtDV«1RFRQVWD
*$%5,(/&58=+(51È1'(=௙
´´$OGHKXHODGHOD%«´´
)e/,;*21=$/(=$/)2162௙
´´1RFRQVWD´´
GH1RYLHPEUH
'HWHQLGRV HQ 6DODPDQFD௙
IXHURQ DVHVLQDGRV HQ OD SUR[LPLGDG GHO SXHQWH VREUH HO ULR
7UDEDQFRVHQHOWpUPLQRPXQLFLSDOGH6DOYDGLRVÈYLOD௙
'HVDSDUHFLGRV
-26(/,0257,52'5,*8(=௙
««««DxRV6DODPDQFD«««&HUUDMHUR
(',/%(572*21=$/(=*Ï0(=௙
««1RFRQVWD´««´««««0DHVWUR
-26(%$6$%(௙
««௙
;«
௙««««««««´«´«««´««´««0HGLFR
GH'LFLHPEUH
'HWHQLGR HQ 6DODPDQFD DXQTXH YLYtD HQ 0DGULG IDOOHFLy GH WLIXV HQ OD 3ULVLyQ GH
6DODPDQFD
3$6&8$/$/*8$&,/0$57Ë1(=௙
DxRV7DUDYLOOD*82UGHQDQ]DGHO(VW௙
GH'LFLHPEUH
'HWHQLGRV HQ ௙
3HxDUDQGD௙
DVHVLQDGRV \ VXSXHVWDPHQWH HQWHUUDGRV HQ HO FHPHQWHULR GH
&DOYDUUDVDGH$EDMR௙
'HVDSDUHFLGRV
)(/,3($1'5e66È1&+(='Ë$=௙
«DxRV3HxDUDQGD««««-RUQDOHUR
1,&20('(66È1&+(='Ë$=௙
KHU1RFRQVWD´´´«´
-8$1$57$&+2௙
*
௙$/9È1௙
DxRV´´0DHVWUR
௙
;௙
௙
58,3e5(=௙
௙
;௙
1RFRQVWD«´«´«««««,QGXVWULDO
%$6,/,2௙
௙
;௙
௙
;௙
´´´´«««««-RUQDOHUR
GH'LFLHPEUH
'HWHQLGRV HQ ௙
7UDEDQFD \ 6DODPDQFD )XVLODGRV ௙
MXQWR D OD WDSLD GHO FHPHQWHULR GH
6DODPDQFD\௙
(QWHUUDGRV௙
HQHOPLVPRFHPHQWHULR௙
-26e&$67525$026௙
«««««DxRV7UDEDQFD0DHVWUR
%(51$5'20$57Ë13$&+2௙
«««´´´´-RUQDOHUR
%21,)$&,2'*8(=25'/(6௙
««««´´6DODPDQFD1RFRQVWD
GH'LFLHPEUH௙
'HWHQLGRVHQ௙
6DODPDQFD௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH
'HVDSDUHFLGRV
/8,6&/$9,-2&$12௙
«««DxRV$OEDGH7RUPHV«$ERJDGR
',21,6,2%$1&25$%5$92௙
´´+LHQGHODHQFLQD*8«&DPDUHUR
-*3௙
´´«´«´
(/$',25,9(5$+8(57$6௙
«´´&LXGDG5RGULJR&RPHUFLDQWH
&260(*$5&,$&Ë9,&26௙
´´&DQWDODSLHGUD«-RUQDOHUR
%,(19(1,'2*21=$/(=*/(=௙
«´´´´´«´
'HWHQLGRV HQ ௙
%DUEDGLOOR \ SRU RILFLR GHO GLUHFWRU GH OD FiUFHO GH 6DODPDQFD GH VX
WUDVODGR D OD 3ULVLyQ &HQWUDO GH %XUJRV IXHURQ VDFDGRV GH OD FiUFHO \ DVHVLQDGRV D NPWV GH OD FLXGDG HQ OD ILQFD GH OD 3LQLOOD 5HVFDWDGRV VXV UHVWRV HQ IXHURQ
(QWHUUDGRV௙
MXQWRVHQODPLVPDWXPEDHQHOFHPHQWHULRGH6DODPDQFD
/(Ï1,'(69$5$66,(55$௙
1RFRQVWD%DUEDGLOOR-RUQDOHUR
0$18(/6È1&+(=/8&$6௙
««´«´««´«´«««««´«´«
9,&725,$120$1*$65,9$6௙
«´«´´´««´´
$85(/,2'Ë(=*855,21(52௙
«´´´´««´´«
0$18(/6È1&+(=0$1*$6௙
««««´«³«´´´´«
('8$5'252'5Ë*8(=*$5&,$௙
DxRV´´´´«
È1*(/%$55$'26$1726௙
«««´´9HFLQRV«´´
%$6,/,2*$5&Ë$0$57Ë1௙
«««1RFRQVWD%DUEDGLOOR´´
)(50Ë16$1&+(=$/2162௙
«DxRV0RQWHUUXELRGH67HMHUR
,60$(/*21=È/(=/8&$6௙
´´%DUEDGLOOR«-RUQDOHUR
-8$1-26e0$1*$60$57Ë1௙
«1RFRQVWD´´«´´
$9(/,120$1*$652'5,*8(=௙
DxRV´´´´
௙
;௙
௙
;௙
௙
;௙
8QD-RYHQ´´=DUDJR]D««0DHVWUD
GH'LFLHPEUH
)XHURQ GHWHQLGRV HQ VX SXHEOR ௙
&DQWDOSLQR \ DVHVLQDGRV HQ HO WUDVODGR D OD 3ULVLyQ
&HQWUDOGH%XUJRVVHGHVFRQRFHHOOXJDUGHOFULPHQ\HQWHUUDPLHQWR௙
'HVDSDUHFLGRV௙
$/)2162&$%$//(5208/$6௙
DxRV&DQWDOSLQR1RFRQVWD
',21,6,20$5&26+(51È1'(=௙
³´´´´´
'HWHQLGRV HQ ௙
%DELODIXHQWH ௙
IXHURQ MX]JDGRV \ FRQGHQDGRV D DxRV GH
SULVLyQ7HQHPRV GRFXPHQWDGR VX WUDVODGR D OD 3ULVLyQ &HQWUDO GH %XUJRV IXHURQ
DVHVLQDGRVHQHOPRQWHGH/D2UEDGD௙
'HVDSDUHFLGRV
9,&7253(5$/7$%255(*2௙
««DxRV%DELODIXHQWH/D2UEDGD)HUURY
-8$1*21=$/(=326$'$௙
³´´´´-RUQDOHUR
/8&,$1252'5,*8(=È9,/$௙
««´«´««´«««´«´3UDFWLFDQWH
0$18(/52'5,*8(=+,(552௙
««´«´««´«««´«´«-RUQDOHUR
6(%$67,$19,&(17(0$1-Ï1௙
«´««´««´«««´´«´«´
-8/,$1%$5%(526$1&+(=௙
«««´««´«´«««´«´«´´
)5$1&,6&20$57,1+(51$1'(=௙
«´««´««´«««´«´«´«´
3/$&,'29,&(17(3(5(=௙
««««´««´««´««´«´«´«´
02,6e69,&(17(326$'$௙
´´««´«««´««-RUQDOHUR
7(2'2523$/20(52&58=௙
«´´´´´´´
$/(-2*$5&,$*21=$/(=௙
´´´´´´´
',21,6,2%$5%(526È1&+(=௙
««´´´´´«««´«´
$1*(/*21=$/(=$9,/$௙
´´´´´««´´
0$18(/)5$1&,6&2&5(632௙
«««´6DODPDQFD«1RFRQVWD
(0,/,26È1&+(=08/$6௙
³´´3LQWRU
('8$5'23e5(=$1$<$௙
³´´«-RUQDOHUR
'HWHQLGRV HQ ௙
6DODPDQFD 6XSXHVWDPHQWH DVHVLQDGRV HQ HO FXDUWHO GH OD )DODQJH
'HVDSDUHFLGRV
)'9௙
DxRV«,QGXVWULDO
0$18(/)5$1&2&26Ë2௙
´´6DODPDQFD«)HUURYLDULR
&DGD XQR GHWHQLGR HQ VX GRPLFLOLR MX]JDGRV \ FRQGHQDGRV D WUHLQWD DxRV GH SULVLyQ
VRQ WUDVODGDGRV D OD 3ULVLyQ GH %XUJRV D OD TXH QXQFD OOHJDURQ H[LVWHQSUXHEDVGHTXH
IXHURQDVHVLQDGRVHQHOPRQWHGHOD2UEDGD௙
'HVDSDUHFLGRV௙
0$5&260$5&263$5$0È6௙
DxRV1DYDGH)UDQFLD-RUQDOHUR
0,*8(/6$17260$5&26௙
³´´´´´
(3,)$1,2&(-8'2&(-8'2௙
´´7RUGHPDU%8&DUWHUR
(0,/,$12&$/929$//(-2௙
³´&LXGDG5RGULJR$OSDUJDWHUR
-8$1$1'5e608*$+(5('(52௙
³´6&HEULDQGH0=$(PSOHDGR
*5(*25,25(17(5252'5Ë*8(=௙
³´=RULWD&&/DEUDGRU
$1'5(69$//(257(*$௙
³´$OEDOi&&6ROGDGR
GH'LFLHPEUH௙
'HWHQLGR HQ ௙
6DODPDQFD \ IXVLODGR MXQWR D OD WDSLD GHO FHPHQWHULR GH6DODPDQFD\DOOt
(QWHUUDGR௙
9,&(17(*21=È/(=6È1&+(=௙
DxRV6DQ0XxR]-RUQDOHUR
GH'LFLHPEUH
'HWHQLGRV HQ ௙
6DODPDQFD ORV FRPSDxHURV TXH FRQVWDQ FRQ VX QRPEUH FRPSOHWR ௙
\
DSHOOLGRV௙
௙
6HJ~Q UHIHUHQFLDV GH DOJXQRV IDPLOLDUHV HQ OD FiUFHO GH 6DODPDQFD OHV
FRPXQLFDURQ VX OLEHUWDG D OD SXHUWD GH OD PLVPD HVWDED HVSHUiQGROHV XQD FDPLRQHWD
GRQGH ORV LQWURGXMHURQ FRQGXFLGRV D 3HxDUDQGD VXSXHVWDPHQWH IXHURQ DVHVLQDGRV \
HQWHUUDGRVHQHOPRQWHGH$UD~]R௙
'HVDSDUHFLGRV
/8,6&$0325('21'2௙
DxRV6DODPDQFD,QVS(QVHxDQ]D
('8$5'2$/&$/'(/Ï3(=௙
´´)ORULGDGH/LpEDQD&KyIHU
3$8/,126$/9$'25%$558(&2௙
´´6DODPDQFD«)HUURYLDULR
$1721,2$/9$5(=$/9$5(=௙
´´1DYDOPRUDOGH%0DHVWUR
%/$6$5(9$/2'20,1*8(=௙
«´´*DOLQGXVWH««-RUQDOHUR
6$17,$*2$,5(6$/2162௙
1RFRQVWD9LOODYLHMDGH<1RFRQVWD
GH'LFLHPEUH
'HWHQLGRVHQ௙
6DODPDQFD௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGHOD)DODQJH
'HVDSDUHFLGRV
$*867Ë15,68(f2*21=È/(=௙
1RFRQVWD&LXGDG5RGULJR«'WRU%DQFD
6(%$67,È1$3$5,&,2&$/9,//$௙
DxRV$\DPRQWH+80DULQHUR
0$7,$6%5$923,=$552௙
³³0DJDFHOD%$««)HUURYLDULR
,+0௙
«««««««««««««««´´1RFRQVWD«««««2EUHUR
+*3௙
«««««««««««´´´´$OEDxLO
6(5$)Ë1+(51È1'(=)(51È1'(=௙
´´&DVDVGHO&RQGH««/DEUDGRU
-26(6È1&+(='(/&$67,//2௙
´´0DGULG)RJRQHUR
7(2'26,252'5,*8(=%$55$'2௙
«´´/RUFD08)HUURYLDULR
/$85(17,12*21=È/(=$1*262௙
«´´6DODPDQFD«(PSO$XGFLD
-26(*$5&,$52'5Ë*8(=௙
³´6DODPDQFD«)HUURYLDULR
0-0௙
´´´´-RUQDOHUR
-26(%2-52'5Ë*8(=௙
´´60DUWtQ90(PSOHDGR௙
GH'LFLHPEUH௙
(Q ௙
&LXGDG 5RGULJR௙
HQ HO FDPLQR D 6DQMXDQHMRDOERUGHDUDODGHUHFKDHO0RQDVWHULR
GHOD&DULGDGIXHURQDVHVLQDGRV௙
'HVDSDUHFLGRV
(9$5,6723,12&$67$f2௙
DxRV(O%RGyQ(PSOHDGR
$9(/,120$57Ë1&$6&Ï1௙
1RFRQVWD&LXGDG5RGULJR«´´«
2/(*$5,21,f2&$%$//(52௙
DxRV&DUGHQLOOR%89HWHULQDULR
$/)5('20,*8(/3/$=$௙
³´&LXGDG5RGULJR&RPHUFLDQWH
6(5$3,2*$5&Ë$$/$(-26௙
1RFRQVWD´´1RFRQVWD
('8$5'2$3$5,&,2௙
)
௙(51È1'(=௙
DxRV%pMDU'WRU%DQFR
(0,/,$120$5Ë1'21262௙
´´&LXGDG5RGULJR,QGXVWULDO
-26(0$5Ë$6(9,//$123,f(52௙
«³´9LOODUGHOD<)HUURYLDULR
<2752&203$f(52௙
&X\RFDGiYHUIXHUHFRJLGRSRUVXVIDPLOLDUHV«
GH'LFLHPEUH௙
'HWHQLGRVHQ௙
6DODPDQFD௙
\IXVLODGRVMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD
(QWHUUDGRV௙
HQHOPLVPR
0$18(/+(55(52/8&$6௙
DxRV3HGURVRGHOD$UPXxD-RUQDOHUR
-8$1)FR0$57Ë16È1&+(=௙
´´%XHQDYLVWD«'HSHQGLHQWH
,*1$&,2+(51È1'(=/($/௙
««´´&XERGHO9LQR«3DQDGHUR
È1*(/5,9$69,&(17(௙
«´´6DODPDQFD$OEDxLO
5$)$(/**$5&Ë$08f2=௙
««´´´´)HUURYLDULR
GH'LFLHPEUH
'HWHQLGRV ௙
HQ VXV SXHEORV UHVSHFWLYRV \ IXVLODGRV MXQWR D OD WDSLD GHO &HPHQWHULR GH
6DODPDQFD\௙
(QWHUUDGRV௙
HQHOPLVPR௙
0$5&(/,120$57Ë16È1&+(=௙
«DxRV0RQWHMR6JWR$YLDF
0$57Ë1
+,'$/*2
&$55(5$௙
««
´´´´-RUQDOHUR
,*1$&,26È1&+(=6È1&+(=௙
«´´/HGHVPD6HF\0DHVWUR
-2$48Ë152'5Ë*8(=&$67,//2௙
´´9pOH]0$«0DHVWUR
(8*(1,29$/,(17(6$17,$*2௙
´´7LUDGRVGHOD9=DSDWHUR
(/,$66$/*$'2'(/$7255(௙
«´´$OEDGH79HWHULQDULR
-867,1,$120$5&26*$5&Ë$௙
´´&DQWDOSLQR-RUQDOHUR
-26e0$57Ë1$/2162௙
´´´´´´
*$%5,(/35$'2*,/௙
´´´´´´
(/$',$(6&5,%$120$5&26௙
1RFRQVWD´´6XVODERUHV
)5$1&,6&20$57Ë1$/2162௙
´´´´-RUQDOHUR
-8/,$1(6&5,%$123e5(=௙
1RFRQVWD&DQWDOSLQR««««´«´
520È1&Ë9,&26%5$*$'2௙
´´&DQWDODSLHGUD´´
-2$48Ë10$,//20252௙
´´+HUUHUDGHO'%$-RUQDOHUR
0$5&(/,$12$/9$5(=5$026௙
´´6DODPDQFD-DUGLQHUR
58),12$1$<$(;3Ï6,72௙
´´&LXGDG5RGULJR-RUQDOHUR
0,*8(/(6&5,%$123e5(=௙
³´&DQWDOSLQR´´
%(1,72%(1,72*21=È/(=௙
´´&DQWDODSLHGUD«««´´
9,&(17($17Ï1*$5&,$௙
1RFRQVWD6DODPDQFD«0DHVWUR
$ ODV YtFWLPDV DQWHULRUHV \HQODPLVPDIHFKDKD\TXHDxDGLUODVLJXLHQWHFRPSDxHUD\
FRPSDxHURV GH ௙
&DQWDOSLQR௙
TXH GHWHQLGRV HQ VXV KRJDUHV IXHURQ DVHVLQDGRV \ VH
GHVFRQRFHHOOXJDUGHVXHQWHUUDPLHQWR\ODIHFKDGHVXDVHVLQDWR௙
'HVDSDUHFLGRV௙
6,;72*$5&,$%8,75$*2௙
1RFRQVWD&DQWDOSLQR-RUQDOHUR
',0$60$57Ë1/$*$5௙
´´´´´´
$'5,$1*21=È/(=6,(55$௙
´´«´´´´«
*5(*25,20$57Ë10$57Ë1௙
´(O0RUHQR´´´´««´´
6(9(5,$12&+$02552'(/$7255(௙
´´´´´´
'HWHQLGRV HQ 6DODPDQFD 3UHVXQWDPHQWH DVHVLQDGRV HQ HO FXDUWHO GH )DODQJH௙
'HVDSDUHFLGRV
,*1$&,26È1&+(=6È1&+(=௙
««DxRV6WDV0DUWDV/(««0DHVWUR
$/2162%(1,72+(51È1'(=௙
³´9LOODVHFRGH*DPLWRV-RUQDOHUR
&*&௙
««««««««««««««´´´«´
-0$௙
««´´´´
0(3௙
«´´´´
5&%௙
««««««««««««««´´««««««+HUUHUR
GH'LFLHPEUH
'HWHQLGRV HQ ௙
GLVWLQWDV ORFDOLGDGHV௙
(VWRV FRPSDxHURV IXHURQ VDFDGRV GH OD FiUFHO
VHJ~Q KD LQIRUPDGR DOJ~Q IDPLOLDU VXSXHVWDPHQWH DVHVLQDGRV HQ HO PRQWH GH OD
2UEDGD QR REVWDQWH FRQVWDQ HQ HO OLEUR GH ௙
(QWHUUDPLHQWRV GHO FHPHQWHULR GH
6DODPDQFD
85%$12$1'5e6*$5&,$௙
´´6DODPDQFD0DHVWUR
*8,//(502&È&(5(6(6&5,%$12௙
´´&DQWDOSLQR-RUQDOHUR
-8/,2%$5%(52*$5&,$௙
««´´´´´´
/8,60$/'21$'2%20$7,௙
«³´6DODPDQFD3HULRGLVWD\'LS
GH'LFLHPEUH
'HWHQLGRVHQ௙
6DODPDQFD௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH 'HVDSDUHFLGRV
-8/,$1*$-$7((67(9(=௙
DxRV/XPEUDOHV«««-RUQDOHUR
*$%5,(/*$5&,$52'5Ë*8(=௙
´´%HOHxD´´
(8*(1,2*Ï1=$/(=9(/È648(=௙
««´´7DUD]RQDGH*´«´«
720$6*21=$/(='20Ë1*8(=௙
´´6DODPDQFD««$OEDxLO
$1*(/*$5&Ë$+(51È1'(=௙
´´/XPEUDOHV-RUQDOHUR
)5$1&,6&2*$5&,$52'5Ë*8(=௙
´´$VWRUJD/(««0HFiQLFR
*$%5,(/*$5&,$52'5Ë*8(=௙
´´%HOHxD-RUQDOHUR
-8$1=85'27255(6௙
´´+RUF7$9«´´
(8*(1,262/Ë662/Ë6௙
³´&iGL]0pGLFR
(VWH PLVPR GtD HQWUHJDQ HQ OD FiUFHO ORV VLJXLHQWHV GHWHQLGRV DO FDSLWiQ GH
&DUDELQHURV -XH] GH ,QVWUXFFLyQ 0DUFHOLQR ,EHURV DOOt DFDEy HO UDVWUR GH ORV
FRPSDxHURV QXQFD PiV VH VXSR GH HOORV QL GyQGH ORV DVHVLQDURQ \ HQWHUUDURQ
'HVDSDUHFLGRV௙
0$18(/$/9(6*8$32௙
DxRV9DOHQFLDGH$&&)HUURYLDULR
0$18(/%(1,720$57Ë1௙
1RFRQVWD6DODPDQFD1RFRQVWD
-(6Ò60$7(263$%/26௙
´´1DYDOPRUDO0&&´´
GH'LFLHPEUH௙
'HWHQLGRV ௙
HQ VXV SXHEORV \ IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD \
(QWHUUDGRV௙
HQHOPLVPR
-26e*Ï0(=$/2162௙
DxRV(QFLQDVGH$EDMR$OFDOGH
È1*(/1,(72+8(57$௙
´´6DODPDQFD*UDEDGRU
)5$1&,6&25,9$60(1'2௙
´´´´2EUHUR
0$7(2'(/*$'2*21=È/(=௙
«««´´$OGHDWHMDGD0HFGHQWLVWD
0$5&,$1208f2=&$%(=$6௙
«««´´&DO]DGDGH9«(PSOPSDO
GH'LFLHPEUH௙
'HWHQLGR HQ௙
6DODPDQFD\DVHVLQDGRQXQFDVHVXSRGyQGHSUHVXQWDPHQWHHQHOFXDUWHO
GH OD )DODQJH QL HO OXJDU GRQGH HVWiQ VXV UHVWRV 1R REVWDQWH WHQHPRV VX $FWD GH
GHIXQFLyQKHFKDDxRVGHVSXpV௙
'HVDSDUHFLGR
-26e6È1&+(=*Ï0(=௙
´(O7LPEDOHUR³DxRV6DODPDQFD««3HULRGLVWD
GH'LFLHPEUH௙
'HWHQLGRV HQ ௙
6DODPDQFD \ IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD \
(QWHUUDGRV௙
HQHOPLVPR
$1'5e65(<(6+(51È1'(=௙
DxRV)XHQWHVGH%pMDU-RUQDOHUR
6$/9$'253257(-2$/2162௙
´´&DUUDFHGR/(,QGXVWULDO
5$0Ï1021-(*21=È/(=௙
´´6LHWHLJOHVLDVGH7-RUQDOHUR
0$18(//8,63$6&8$/௙
´´/D0D\D-RUQDOHUR
02,6e6/8,63$6&8$/௙
«+HUPDQRV´´«´´´´
358'(17(9(52=*$5&Ë$௙
´´´´$OEDxLO
'HWHQLGRVHQ௙
6DODPDQFD௙
3UHVXQWDPHQWHDVHVLQDGRVHQHOFXDUWHOGH)DODQJH
'HVDSDUHFLGRV
$*867Ë1&255('(5$3e5(=௙
DxRV/D)UHJHQHGD«(VFULELHQWH
-8$1&$%$758-,//2௙
´´0DQ]DQDUHV&5«0HFiQLFR
0$18(/6È1&+(=/20%$5'Ë$௙
´´0HGLQD59$(PSO0XQSDO
0$18(/6È1&+(=1,(72௙
´´)XHQWHUUREOHGH6«-RUQDOHUR
0$5&(/,127e//(=%(&(55$௙
´´%pMDU&DUSLQWHUR
('8$5'26È1&+(=+(51È1'(=௙
««´´63HGURGH5/DEUDGRU
$f2
GH(QHURGH௙
'HWHQLGRV HQ ௙
%pMDU௙
IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD \
(QWHUUDGRV௙
HQHOPLVPR
3('520,f$1$5(*$'(5$௙
DxRV%pMDU6HFUHWDULR0XQLFLSDO
9$/(17Ë1*$55,'208f2=௙
WtR´´´´««'LSXWDGR3URYLQFLDO
9$/(17Ë1*$55,'26È1&+(=௙
«´´´´,QGXVWULDO
&(/(67,12*$5&Ë$0$57Ë1௙
³´´´0DTXLQLVWD
(15,48(&$67523e5(=௙
´´´´&DPDUHUR
$1721,2*87,(55(=6È1&+(=௙
´´´´&KRIHU
)e/,;9$//(-2*$5&Ë$௙
´´´´7HMHGRU
(/2<*21=È/(=%(1,72௙
´´´´$OFDOGH
-26e-8$10$5&26௙
´´´´7HOHJ)HUURY
*5(*25,21,(7208f2=௙
´´)UHVQHGRVR/DEUDGRU
$'2/)2,=&$5$<&(%5,$12௙
´´3XHUWRGH%pMDU7LSyJUDIR
GH(QHUR௙
'HWHQLGRHQ௙
6DODPDQFD௙
QRFRQVWDGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR
$*867Ë1$/21620$5&26௙
DxRV6DODPDQFD1RFRQVWD
GH(QHUR
'HWHQLGRHQ6DODPDQFDQRFRQVWDGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR௙
-26(+(51$1'(=7(-(5,1$௙
1RFRQVWD«QRFRQVWD«««QRFRQVWD
GH(QHUR
'HWHQLGRHQ௙
6DODPDQFD௙
QRFRQVWDGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR
(3,)$1,252'5Ë*8(='Ë$=௙
DxRV6DODPDQFD-XELODGR௙
GH0DU]R
'HWHQLGRV HQ ௙
6DODPDQFD \ IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR \ DOOt
(QWHUUDGRV
',(*208f2=*21=È/(=௙
DxRV%HOHxD$OEDxLO
)(/,;+(51È1'(=0$1=$12௙
´´6DODPDQFD&KRIHU
-26e+8(57$'(/$&58=௙
´´´´)HUURYLDULR
,*1$&,26$1-8$1*8=0È1௙
´´´´&HUYHFHUR
3/È&,'2$/2162'Ë(=௙
´´3HxDUDQGD&DUSLQWHUR
1,&$1256È1&+(=*$5&Ë$௙
+´´&DQGHODULR$OEDxLO
1,&$6,26È1&+(=*$5&Ë$௙
+´´&DQWDJDOOR-RUQDOHUR
$1721,208f2=*21=È/(=௙
´´´´´´
$/)2162-,0e1(=*8,//e1௙
´´*LMyQ$OEDxLO
25/$1'2,*/(6,$6$/9$5௙
´´0DGULG(VWXGLDQWH
02,6e6$9È=48(=62/(5௙
´´/RUFD087RUHUR\YLDMDQWH
GH0DU]R
'HWHQLGRHQ௙
6DODPDQFD௙
1RFRQVWDGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR
-26e%(&(55$7$0$<2௙
DxRV6REUDGLOOR3ROLFtD
GH$EULO
'HWHQLGR HQ ௙
6DODPDQFD )XVLODGR MXQWR D OD WDSLD GHO FHPHQWHULR \ HQ HO PLVPR
(QWHUUDGR
-26e0HO*$5&Ë$6È1&+(=௙
DxRV)GH6(VWHEDQ&DSGH7HOpJ
GH$EULO௙
'HWHQLGRHQ௙
6DODPDQFD௙
6HGHVFRQRFHGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR
(8*(1,26È1&+(=*21=È/(=௙
1RFRQVWD6DODPDQFD«1RFRQVWD
GH$EULO௙
'HWHQLGR HQ ௙
%pMDU )XVLODGR MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD \ HQ HO
PLVPR௙
(QWHUUDGR௙
)5$1&,6&2&5(6320$18(/௙
DxRV%pMDU0DHVWUR
GH0D\R௙
'HWHQLGRVHQ௙
%pMDU௙
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD\HQHO
PLVPR௙
(QWHUUDGRV
3('529$/(1&,$025(12௙
DxRV%pMDU-RUQDOHUR
3$8/,126,f,*8(=3$55$௙
´´´´3HLQDGRU
48,7(5,2*$5&Ë$3$5('(52௙
´´´´%DUUHQGHUR
GH0D\R௙
'HWHQLGRVHQ௙
%pMDU௙
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD<HQHO
PLVPR௙
(QWHUUDGRV௙
0$18(/*21=È/(=&$67(//$12௙
DxRV%pMDU+LODGRU
6(5$)Ë1+2<$'($55,%$௙
´´´´3UHQVHUR
9,&(17(%/È=48(=9$48(52௙
´´´´7HMHGRU
GH0D\R
'HWHQLGRHQ௙
6DODPDQFD௙
6HGHVFRQRFHGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR
,60$(/0$57Ë1+(51È1'(=௙
DxRV$OPHQDUD&DUQLFHUR
GH0D\R௙
'HWHQLGRVHQ௙
6DODPDQFD௙
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULR\௙
(QWHUUDGRV௙
HQHO
PLVPR
)(51$1'2+(55(5$*$5&Ë$௙
DxRV6DODPDQFD)XQGLGRU
3$8/,1252'5Ë*8(=/25(1=2௙
´´&HSHGD-RUQDOHUR
*(5$5'2*21=È/(=7255(6௙
´´&HVSHGRVD0DHVWUR௙
GH0D\R
'HWHQLGRHQ௙
6DODPDQFD௙
6HGHVFRQRFHGRQGHIXHDVHVLQDGR௙
'HVDSDUHFLGR
-8$1/Ï3(=6(55$12௙
DxRV6DODPDQFD«-RUQDOHUR
GH0D\R௙
'HWHQLGRV HQ ௙
7HMDUHV \ 3HxDUDQGD௙
)XVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH
6DODPDQFD\HQHOPLVPR௙
(QWHUUDGRV
$1721,2'(/$+(5$&$/=$'$௙
DxRV7HMDUHV««/DGULOOHUR
-26(03('5$=$'2681$௙
´´3HxDUDQGD-RUQDOHUR
-26e+(51È1'(=0$57Ë1௙
´´´´´´
)25781$7258,3e5(=025$17௙
´´´´(PSOHDGR
&-(6Ò6$50(17(5266$/,*5$7௙
´´´´)HUURYLDULR
6$7851,12*$/,1'2*Ï0(=௙
+´´´´&DUSLQWHUR
0$5&(/,12*$/,1'2*Ï0(=௙
+´´´´´´«
GH-XQLR
'HWHQLGRV HQ VX SXHEOR IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD
(QWHUUDGRV௙
HQHOPLVPR
)5$1&,6&2$9(/$6&20252௙
+DxRV9LOODYLHMDGH<-RUQDOHUR
(67(%$19(/$6&20252௙
+³´´´´´´
GH-XQLR௙
'HWHQLGR HQ ௙
&LXGDG 5RGULJR \ IXVLODGR MXQWR D OD WDSLD GHO FHPHQWHULRGH6DODPDQFD
\௙
(QWHUUDGR௙
HQHOPLVPR௙
È1*(//Ï3(='(/*$'2௙
««««««DxRV&LXGDG5RGU«&RPHUFLR
GH-XQLR௙
'HWHQLGRVHQ௙
6DODPDQFD௙
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULR\௙
(QWHUUDGRV௙
HQHO
PLVPR
/($1'526È1&+(=*Ï0(=௙
DxRV&DEH]XHOD1RFRQVWD
0$18(/),=)216(&$௙
´´6DODPDQFD´´
0$18(/'($/%$5$7(52௙
´´´´)HUURY&RQF\'LS
-8$1,*/(6,$63(5$/௙
´´´´«1RFRQVWD
$*867Ë1)528)(&$5/26௙
´´3XHUWR6HJXUR$ERJDGR
GH-XQLR
'HWHQLGRHQ௙
6DODPDQFD௙
)XVLODGRMXQWRDODWDSLDGHOFHPHQWHULR\௙
(QWHUUDGR௙
HQHO
PLVPR
5$)$(/'(/&$032/Ï3(=௙
DxRV2YLHGR«(VWXGLDQWH
GH-XOLR௙
'HWHQLGRV HQ VXV SXHEORV \ IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD \
(QWHUUDGRV௙
HQHOPLVPR
(/Ë$6*$5&,$+2/*$'2௙
DxRV/XPEUDOHV$J$G'LSXWDGR
0$5,$120$548e69$//(௙
´´1DYDGHO59$&DUDELQHUR
GH-XOLR
'HWHQLGDHQ௙
$OEDGH7RUPHV௙
6HGHVFRQRFHGRQGHIXHDVHVLQDGD௙
'HVDSDUHFLGD
526$5,2+(51È1'(=-,0e1(=௙
DxRV$OEDGH7RUPHV1RFRQVWD
GH-XOLR
)XVLODGRMXQWRDODWDSLDGHOFHPHQWHULR௙
'HVDSDUHFLGR௙
%5$8/,252'5Ë*8(=329('$௙
DxRV0RULVFRV««)HUURYLDULR
GH-XOLR
'HWHQLGRVHQVXVSXHEORV௙
6HGHVFRQRFHGRQGHIXHURQDVHVLQDGRV௙
'HVDSDUHFLGRV
%5$8/,2$17Ï152'5Ë*8(=௙
DxRV3LQRGH7««3LQWRU
0$57Ë1È/9$5(=,*/(6,$6௙
´´3XHUWRGH%«-RUQDOHUR
GH6HSWLHPEUH௙
'HWHQLGRHQ௙
6DODPDQFD௙
VHGHVFRQRFHGRQGHORDVHVLQDURQ௙
'HVDSDUHFLGR
-26e&$55$6&2/($/௙
1RFRQVWD6DODPDQFD0LOLWDU௙
GH6HSWLHPEUH
'HWHQLGRHQ௙
%pMDU௙
$VHVLQDGRHQDTXHOODFRPDUFD௙
'HVDSDUHFLGR
-867252'5Ë*8(=+(51È1'(=௙
DxRV%pMDU-RUQDOHUR௙
0XULyHQODFiUFHOGHHQIHUPHGDG௙
(QWHUUDGR
)('(5,&20$7$66È1&+(=௙
««DxRV1DYDOPGH%«&DQWHUR
GH2FWXEUH 'HWHQLGRV HQ ௙
6DODPDQFD \ IXVLODGRV MXQWR D OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD
(QWHUUDGRV௙
HQHOPLVPR
,6$$&9,f$/6-,0e1(=௙
DxRV6DODPDQFD6HFUW--66
-8$1&$/92025217$௙
0LSDGUH´´´´&KRIHU
)e/,;3$/20(525,9$6௙
´´´´7LSyJUDIR
$5&$',2/8&$69(/$6&2௙
´´´´&DPDUHUR
GH2FWXEUH
'HWHQLGRHQ௙
6DODPDQFD௙
VHGHVFRQRFHGRQGHORDVHVLQDURQ௙
'HVDSDUHFLGR
&$50(/252'(526È1&+(=௙
DxRV=RULWDGHOD)«0LOLWDU
GH1RYLHPEUH௙
௙
'HVDSDUHFLGR
'$9,'*Ï0(=9$5(/$௙
DxRV0DGULG«0LOLWDU
$f2
GH(QHURGH௙
'HVGH 0DGULG WUDVODGDGD D OD FiUFHO GH 6DODPDQFD \ IXVLODGD MXQWR D OD WDSLD GHO
FHPHQWHULR\௙
(QWHUUDGD௙
HQHOPLVPR௙
$181&,$&,Ï1&$6$6&(5(=2௙
DxRV0DGULG'LUHF&iUFHO0XMHUHV
GH(QHUR௙
'HWHQLGRHQ௙
3HxDUDQGD௙
6HGHVFRQRFHGRQGHORDVHVLQDURQ௙
'HVDSDUHFLGR
&È1','2/('(60$$/2162௙
DxRV3HxDUDQGD«,QGXVWULDO
GH(QHUR
)DOOHFLyHQOD3ULVLyQGH&LXGDG5RGULJR௙
(QWHUUDGR௙
HQHOFHPHQWHULRGHODFLXGDG
-8/,$16(55$1252'5Ë*8(=௙
DxRV%RDGLOOD««-RUQDOHUR
GH(QHUR௙
)DOOHFLGRHQOD3ULVLyQ6XFDGiYHUIXHHQWUHJDGRDOD)DFXOWDGGH0HGLFLQD
-8$1'(6$1-8$10$5&26௙
DxRV6DODPDQFD«««-RUQDOHUR
GH(QHUR
)XHGHWHQLGRHQVXFDVDOROOHYDURQDOD&RPLVDUtD\QRVHYROYLyDVDEHUGHpO
'HVDSDUHFLGR௙
,*1$&,26È1&+(=*$5&Ë$௙
DxRV6DODPDQFD«9LJVDQLWDULR
GH(QHUR௙
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD\௙
(QWHUUDGRV௙
HQHOPLVPR௙
-8$1$55,%$60$57Ë1(=௙
DxRV$\OOyQ6*-RUQDOHUR '(0(75,23$5('(52*$5&Ë$௙
DxRV&ULVWyEDO6DVWUH
GH)HEUHUR௙
௙
'HVDSDUHFLGR
(67e%$13e5(=0$&Ë$6௙
DxRV6DODPDQFD-RUQDOHUR
GH0DU]R'HVDSDUHFLGR
9Ë&725$17Ï1*87,e55(=௙
DxRV3DMDUHVGHOD/«-RUQDOHUR௙
GH0DU]R
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULR\௙
(QWHUUDGRV௙
HQHOPLVPR
-8/,È1&2//$'252'5Ë*8(=௙
DxRV3HxDSDUGD-RUQDOHUR
)e/,;52'5Ë*8(=0$57Ë1௙
´´´´(VFULELHQWH
GH0D\R
)XVLODGRVMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD௙
'HVDSDUHFLGRV
-$,0(5$/%$1Ò6௙
«DxRV%DUFHORQD«0HFiQLFR
$*867Ë1*$5&Ë$*8(55$6௙
´´6DODPDQFD$UWLVWDSLQWRU
)5$1&,6&20,1$<$025&,//2௙
´´6$PDOLD%$«*XDU-GR
-8$1)FR&21'(+257(7௙
´´0LDMDGDV&&´´
GH-XQLR
)XVLODGRHQODWDSLDGHOFHPHQWHULRGH6DODPDQFD\௙
(QWHUUDGR௙
HQHOPLVPR
6$/9$'2552'5Ë*8(=&21'(௙
DxRV3HUHxD«)DODQJLVWD
GH-XQLR
)DOOHFLGRHQ3ULVLyQ
)5$1&,6&2/Ï3(=௙
௙
;௙
DxRV*XLMXHOR(3&iQFHU-RUQDOHUR
GH-XOLR
)DOOHFLyHQODFiUFHOFRPRFRQVHFXHQFLDGHPDORVWUDWRV௙
(QWHUUDGR௙
HQHOFHPHQWHULR
9,&7253$&+2&5,$'2௙
DxRV7UDEDQFD(3/DEUDGRU
GH-XOLR
)XVLODGRHQHOFHPHQWHULRGH6DODPDQFD\௙
(QWHUUDGR௙
HQHOPLVPR
-(6Ò60$57Ë152'5Ë*8(=௙
DxRV&LXGDG5RGULJR««%DUEHUR
GH$JRVWR
)XVLODGRMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD\௙
(QWHUUDGR௙
HQHOPLVPR
52*(/,20$57Ë1',(*2௙
DxRV3HODEUDYR«««1RFRQVWD
GH6HSWLHPEUH
$SDUHFLy PXHUWR HQ ௙
0DUWtQ GH <HOWHV௙
HO VLWLR GHQRPLQDGR ³&RQHMHUD´ FRPR
FRQVHFXHQFLD GH ³IUDFWXUD GH OD EDVH GHO FUiQHR \ URWXUD GH OD \XJXODU H[WHUQD´ VH
GHVFRQRFHQODVPRWLYDFLRQHVGHODVHVLQDWRORVVXSXHVWRVPRWLYRVKXERTXLHQFRPHQWy
TXH ³HUD URMR \ HVWRUEDED´ QXQFD VH LQYHVWLJy QL EXVFy D ORV DXWRUHV 6XSXHVWDPHQWH
(QWHUUDGR௙
HQGLFKRSXHEOR
-8/,$158$120$5&26௙
DxRV0DUWtQGH<HOWHV-RUQDOHUR
GH2FWXEUH௙
)XVLODGRMXQWRDODWDSLDGHOFHPHQWHULRGH6DODPDQFD\௙
(QWHUUDGR௙
HQHOPLVPR 9,&725,$12È/9$5(=0$48('$12௙
DxRV«7DODYHUD72-RUQDOHUR௙
GH2FWXEUH
)XVLODGRMXVWRDODWDSLDGHO௙
F௙
HPHQWHULRGH6DODPDQFD\௙
(QWHUUDGR௙
HQHOPLVPR
-26(/0$57Ë1+(55(52௙
DxRV«9LOODOGHORV/O0LOLWDU
1RYLHPEUH
)DOOHFLyHQOD3ULVLyQGH6DODPDQFDFRPRFRQVHFXHQFLDGHOWUDWRTXHUHFLELy
358'(17(*$5&Ë$'(/$,*/(6,$௙
DxRV%HOHxD0DPSRVWHUR
GH1RYLHPEUH
)XVLODGRHQODWDSLDGHOFHPHQWHULR
$%(/0$726*$5&Ë$௙
DxRV2QWDQHGD6«0LOLWDU௙
GH1RYLHPEUH
)DOOHFLyHQOD3ULVLyQ
0$18(/&$%$//(52*$5&Ë$௙
DxRV7RUGLOORV-RUQDOHUR
GH'LFLHPEUH
)XHURQ GHWHQLGRV HQ VX GRPLFLOLR OOHYDGRV D OD &RPLVDULD GH 3ROLFLD \ GHVSXpV QR VH
VXSR QDGDPDVGHHOORVVXSXHVWDPHQWHWUDVODGDGRVDOFXDUWHOGHOD)DODQJH\GHVGHDOOt
VXSXHVWDPHQWHDVHVLQDGRV௙
'HVDSDUHFLGRV
9,&725,$12*8(55$6/8&$6௙
1RFRQVWD6DODPDQFD3ROL0XQSDO
௙
;௙
௙
;௙
௙
;௙
1RFRQVWDQGDWRVVRODPHQWHHODVHVLQDWR
$f2
$ SDUWLU GH HVWDV IHFKDV VH SURGXFH XQ LPSRUWDQWH Q~PHUR GH IDOOHFLPLHQWRV SRU
HQIHUPHGDGSURFHGHQWHVGHODFiUFHO
/DV FRQGLFLRQHV GH DOLPHQWDFLyQ\KDFLQDPLHQWRWDQWRKLJLpQLFDVFRPRVDQLWDULDVHQ
TXH VH HQFRQWUDEDQ QXHVWURV FRPSDxHURV YtFWLPDV GHO IXURU IDVFLVWD FRQWULEX\HURQVLQ
OXJDUDQLQJXQDGXGDDDSRUWDUXQVDOYDMHPpWRGRGHHOLPLQDFLyQKXPDQD
/DFDXVDTXHSURYRFyXQLPSRUWDQWHQ~PHURGHPXHUWHVHQVXPD\RUtDGHKRPEUHV
MyYHQHV\VDQRVFXDQGRHQWUDURQHQSULVLyQIXHODWRUWXUDGHVXVFRQGLFLRQHVGHYLGDD
ODTXHIXHURQVRPHWLGRVGHDKtQXHVWUDFRQVLGHUDFLyQGHFRQVLGHUDUORVHQODSUHVHQWH
UHODFLyQGHYtFWLPDVLQRFHQWHVGHODFULPLQDOUHSUHVLyQIUDQTXLVWD
GH(QHUR
)DOOHFLHURQHQ3ULVLyQ
/25(1=2)(51È1'(=)8(17(6௙
DxRV([WUHP(3ULVLyQ-RUQDOHUR
$/)216252'5Ë*8(=*21=È/(=௙
´´%pMDU´´&DUSLQWHUR
GH(QHUR
)DOOHFLyHQOD3ULVLyQ
-8$1+(51È1'(=(67e9(=௙
DxRV0RUDVYHUGHV-RUQDOHUR
GH(QHUR
)DOOHFLyHQOD3ULVLyQ
0$18(/)(51È1'(=$678',//2௙
DxRV6DODPDQFD-RUQDOHUR
GH(QHUR௙
)XVLODGRVHQODWDSLDGHOFHPHQWHULRGH6DODPDQFD\௙
(QWHUUDGRV௙
HQHOPLVPR
-8/,2%$5%(52)(51È1'(=௙
««DxRV&DQWDOSLQR«««-RUQDOHUR
&$6,0,526È1&+(=6È1&+(=௙
««³³««´´««1RFRQVWD
$'2/)252'5,*8(=52'5Ë*8(=௙
´´´«´´«´«
(/Ë$6&$f$'$6È1&+(=௙
´´´´&KXUUHUR
&,35,$121,(726È(=௙
´´´´-RUQDOHUR
&/2'2$/'2(67(%$13$6&8$/௙
´´´´«0DHVWUR
&$6,0,52*$5&Ë$$/2162௙
´´«´´«/DEUDGRU
GH0DU]R
)DOOHFLyHQOD3ULVLyQ
$1721,2)/25(6520$1௙
DxRV3XHEOD3ULRU%$-RUQDOHUR
GH0DU]R
)XVLODGRHQODWDSLDGHOFHPHQWHULR\௙
(QWHUUDGR௙
HQHOPLVPR
(67(%$1$-$)(51È1'(=௙
DxRV%ULHVJD6*6ROGDGR
GH0DU]R
)DOOHFLyHQOD3ULVLyQ
-26e62/$125Ë8௙
DxRV&DQWDEULD(3&iQFHU/DEUDGRU
GH0D\R
(UDQDWXUDOGH௙
&DQWDOSLQR௙
SUREDEOHPHQWHIXVLODGR௙
M௙
XQWRDODWDSLDGHOFHPHQWHULRGH
6DODPDQFD௙
௙
DXQTXHQRFRQVWDHQHOOLEUR௙
G௙
HHQWHUUDPLHQWRV௙
'HVDSDUHFLGR
-8/,2%$5%(520$57Ë1௙
DxRV6DODPDQFD&DQWDOSLQR$OEDxLO
GH0D\R
)DOOHFLyHQOD3ULVLyQ
$1721,2È/9$5(=52'5Ë*8(=௙
DxRV&DQWDEULD(3-RUQDOHUR
GH-XQLR
)DOOHFLyHQOD3ULVLyQ
-8/,2)$78$57(52'5Ë*8(=௙
DxRV([WUHPDGXUD(3=DSDWHUR
GH-XOLR
)DOOHFLyHQOD3ULVLyQ
-8$15,32//$9(//$1('$௙
DxRV&DWDOXxD(38UHPLD&KRIHU
GH-XOLR
)DOOHFLyHQOD3ULVLyQ
$56(1,202152<+(51È1'(=௙
DxRV0DGULG(3-RUQDOHUR௙
GH6HSWLHPEUH
)DOOHFLyHQOD3ULVLyQ
$1721,2//$85$'Ï6$1$+8-$«௙
DxRV&DWDOXxD*DQJU«/DEUDGRU
GH6HSWLHPEUH
)DOOHFLyHQOD3ULVLyQ
-8$1)5$1&,6&258,=025$*$௙
DxRV&DEH]D5XELD&5-RUQDOHUR
GH6HSWLHPEUH
)DOOHFLyHQOD3ULVLyQ
)5$1&,6&27255(60$6(5$6௙
DxRV&RQVWDQWt7($OEDxLO
GH2FWXEUH
)DOOHFLyHQOD3ULVLyQ
)5$1&,6&2%(1,72%(50Ò'(=௙
DxRV0DGULG(37LIXV(PSOHDGR
GH2FWXEUH
)DOOHFLGRHQOD3ULVLyQ
È1*(/3216*5$8௙
DxRV&DWDOXxD(37LIXV&DUSLQWHUR
GH2FWXEUH
)DOOHFLGRHQOD3ULVLyQ
-8$19$//6)(55(5௙
DxRV&DWDOXxD(37LIXV/DEUDGRU
GH1RYLHPEUH
)DOOHFLGRHQOD3ULVLyQ
$1*(/0È548(=3e5(=௙
DxRV)UHJHQDO%$«&DPDUHUR
GH1RYLHPEUH
)DOOHFLGRVHQOD3ULVLyQ
0$18(/'($5&,1,(*$/Ï3(=௙
DxRV0DGULG(37LIXV0HFiQLFR
6$/9$'25%$5527,1*/e6௙
³´&DWDOXxD(37LIXV«2EUHUR
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
)e/,;6(55$12$*8,/(5$௙
DxRV&DQWDEULD7LIXV3RUWHUR
GH1RYLHPEUH௙
)DOOHFLGRVHQ3ULVLyQ
$/(-$1'52&$%$//(523,172௙
DxRV&DQWDOSLQR7LIXV/DEUDGRU
$'2/)2'(/5Ë2$/&2%(1'$6௙
³´0DGULG7LIXV2UGHQDQ]D௙
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
&È1','2+(55(52'Ë$=௙
DxRV0DGULG7LIXV«(PSOHDGR
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
È1*(/'(/35$'2*Ï0(=௙
DxRV(VWUHOOD-DUD727LIXV$JHQWH
GH1RYLHPEUH௙
)DOOHFLGRHQ3ULVLyQ
(67(%$11$'$/3e5(=௙
DxRV$OPHGLQD&57LIXV-RUQDOHUR
GH1RYLHPEUH௙
)DOOHFLGRVHQ3ULVLyQ
(15,48(0$5&26*21=È/(=௙
DxRV0DGULG7LIXV«)XQFLRQDULR
3('52)25781<&$1(/$௙
DxRV&DWDOXxD7LIXV««/DEUDGRU௙
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
0$18(/*Ï0(=$%(//Ï௙
DxRV0DGULG7LIXV««&RPHUFLDQWH
GH'LFLHPEUH
)DOOHFLGRVHQ3ULVLyQ
3$6&8$/$/*8$&,/0$57Ë1(=௙
DxRV7DUDYLOOD*87LIXV2UGHQDQ]D
/8,60È548(=0$57Ë1௙
³´%pMDU7LIXV«««&HVWHUR
GH'LFLHPEUH
)DOOHFLGRVHQ3ULVLyQ
$1721,2=$3,&20&21'(௙
DxRV%DUUXHOR37LIXV«(PSOHDGR
3('52&5(632*21=È/(=௙
´´0DGULG7LIXV5HORMHUR
6$17,$*20$57Ë1/,1$-(௙
³´$OGHDGHO2(3-RUQDOHUR
0$18(/%(//Ï1*$5&Ë$௙
³´&DQWDEULD(3«/DEUDGRU௙
GH'LFLHPEUH
)DOOHFLGRHQ3ULVLyQ
3('52$<0$1,&217,-2&+௙
DxRV1RFRQVWD/DEUDGRU
GH'LFLHPEUH
)DOOHFLGRHQ3ULVLyQ
0$18(/7251(/&$<8(/$௙
DxRV/LEULOOD08(35HORMHUR
$f2
GH(QHURGH
)DOOHFLGRHQSULVLyQ
9,&725&$/920$57Ë1௙
DxRV$OGHDGHO2ELVSR-RUQDOHUR
GH)HEUHUR
)XVLODGRMXQWRDODWDSLDGHOFHPHQWHULR'HVSDUHFLGR
$/(-$1'52$51$=3e5(=௙
DxRV6DODPDQFD0LOLWDU
GH)HEUHUR
)DOOHFLGRHQSULVLyQ
/(21&,2'Ë$=*$5&Ë$௙
DxRV&DVWLOOD\/HyQ(3&DUWHUR
GH0DU]R
)DOOHFLGRVHQ3ULVLyQ
-26(0$18(/0252*$5&Ë$௙
DxRV%RDGD7LIXV-RUQDOHUR
3('52&5(632*$5&Ë$௙
³´0DGULG(37LIXV)HUURYLDULR
GH$EULO
)DOOHFLGRHQ3ULVLyQ
-8$10$18(/0252*$5&Ë$௙
DxRV%RDGD(3-RUQDOHUR௙
GH0D\R
)DOOHFLGRHQ3ULVLyQ
/$85($126$17266È1&+(=௙
DxRV&DVWLOODOD0(37LQDMHUR
GH0D\R௙
)DOOHFLGRHQ3ULVLyQ
-8$1/Ï3(=025(12௙
DxRV0DGULG(31HXPRQLD-RUQDOHUR
GH0D\R
)DOOHFLGRHQ3ULVLyQGH&RQGH3HxDOYHU0DGULG(O)HUURO([S
9,&(17(6È1&+(=*$5&Ë$௙
DxRV6DQFKRWHOOR3HyQ$OEDxLO
GH-XOLR
)DOOHFLGRHQ3ULVLyQ
5$)$(/58%,26$1&+(=௙
DxRV([WUHPDGXUD(3««-RUQDOHUR௙
GH$JRVWR
)DOOHFLGRHQ3ULVLyQ
$1721,2*$5&Ë$-,0e1(=௙
DxRV0DGULG(3«0DHVWUR
GH6HSWLHPEUH௙
)DOOHFLGRHQ3ULVLyQ
(51(672&5(6320,1*2௙
DxRV0DGULG(3«-RUQDOHUR
GH2FWXEUH
)DOOHFLGRHQ3ULVLyQ
-8$1$%(//Ï//29(7௙
DxRV3UDGHV7(3«&DUWHUR
GH'LFLHPEUH
)DOOHFLGRHQ3ULVLyQ
,12&(17(526(//9,//$0$<25௙
DxRV&DVWLOODOD0(3-RUQDOHUR
$f2
GH$EULOGH
)DOOHFLGRHQ3ULVLyQ
3('521È-$5&$3$55Ï6௙
DxRV&DQWDEULD(31RFRQVWD
GH$EULO௙
)DOOHFLGRHQ3ULVLyQ
-26e6$5',f$)(55È1௙
DxRV&DWDOXxD(30LOLWDU
GH-XOLR
)DOOHFLGRHQ3ULVLyQ
3('52/$1(*$0$57Ë1(=௙
DxRV0DGULG(3$OEDxLO
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
9,&(17()(51È1'(=-,0e1(=௙
«DxRV&DVWLOODOD0(3-RUQDOHUR
$f2
GH)HEUHURGH
)DOOHFLGRHQ3ULVLyQ
$*867Ë1*$5&Ë$27(52௙
DxRV&DVWLOODOD0DQFKD(3-RUQDOHUR
GH)HEUHUR
)DOOHFLGRHQ3ULVLyQ
*5(*25,2)(51È1'(='Ë(=௙
DxRV/HyQ(3««3RUWHUR
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
)5$1&,6&2&8$'5$'235,(72௙
DxRV([WUHP(3««1RFRQVWD
GH1RYLHPEUH
)DOOHFLGRHQ3ULVLyQ
&/(720$-$'$'(/$,*/(6,$௙
DxRV%pMDU(3-RUQDOHUR
GH'LFLHPEUH௙
)DOOHFLGRHQ3ULVLyQ
',(*2*Ï0(=È*8$6௙
DxRV([WUHPDGXUD(3«/DEUDGRU
/RVVDOPDQWLQRVDVHVLQDGRVTXHKDEtDQHPLJUDGR
)XHURQPXFKRVORVVDOPDQWLQRV\VDOPDQWLQDVTXHFRPRFRQVHFXHQFLDGHODVLWXDFLyQ
HFRQyPLFD \ VRFLDO H[LVWHQWH HQ QXHVWUD SURYLQFLD D SDUWLU DSUR[LPDGDPHQWH GHO DxR
IXHURQ LQJHQWHV ODV FDQWLGDGHV TXH HPLJUDURQ \ VH YLHURQ REOLJDGRV D WUDEDMDU D
RWUDV WLHUUDV $UJHQWLQD \ &XED OHV DFRJLHURQ FRQ EHQHSOiFLWR SHUR KXER RWUR
FRQVLGHUDEOH Q~PHUR TXH R ELHQ FDUHFtDQ GHO GLQHUR SDUD SDJDU ORV SDVDMHV R QR
GHVHDEDQ LUVH WDQ OHMRV GHODIDPLOLD\VHGHVSOD]DURQD$VWXULDV0DGULG&DWDOXxDHWF
/RV PDV YDOLRVRV \ GHFLGLGRV SDUD HO WUDEDMR QR VH VRPHWtDQ D OD GXUD H[SORWDFLyQ D
TXHHVWDEDQVRPHWLGRVHQHOWUDEDMRGHOFDPSR
3RU SXUD OyJLFD OD PD\RU SDUWH GH HOORV OOHYDEDQ LPSUHVDV HQ VXV FHUHEURV ODV
FLUFXQVWDQFLDV GH VXV SURSLDV YLGDV \ ODV GHMDEDQ DWUiV HQ VXV SXHEORV FRPR
FRQVHFXHQFLD HUDQ XQ FDPSR KXPDQR SURSLFLR SDUD OXFKDU SRU OD FDXVD GHORVREUHURV
\ GH DKt OD SUROLIHUDFLyQ GH VX PLOLWDQFLD HQ SDUWLGRV GH L]TXLHUGDV PLOLWDQFLD TXH OHV
KDEUtD GH FRVWDU PX\ FDUR \D TXH IXHURQ PXFKRV WDPELpQ ORV TXH SDJDURQ FRQ VX
SURSLDYLGDHOGHVHRGHSURJUHVRTXHDQVLDEDQDOFDQ]DUSDUDWRGRVORVWUDEDMDGRUHV ௙
GH6HSWLHPEUH
9HFLQRGH&HUGLGR/D&RUXxD(PSOHDGRGHOIHUURFDUULO6HFUHWDULRGHOD6RFLHGDG
REUHUD³௙
/RLWDV࣡
/
௙DEUHJDV࣡
´DVHVLQDGRHQ)HUUROSRUOD³IXHU]DS~EOLFD´ORV
IDODQJLVWDV
*5(*25,2&$1$/(-$6+80$1(6௙
DxRV6DODPDQFD)HUURYLDULR
GH2FWXEUH
9HFLQR GH 5LEDGHR IXH OHDO D VX MXUDPHQWR PLOLWDU \ OXFKy FRQ HO (MpUFLWR
5HSXEOLFDQR GHWHQLGR SRU ORV JROSLVWDV IDFFLRVRV \ HQ MXLFLR VXPDUtVLPR FRQGHQDGR
SRU WUDLFLyQ ¢ D SHQD GH PXHUWH FX\D VHQWHQFLD VH FXPSOLy HQ /XJR VXSXHVWDPHQWH
HQWHUUDGRHQIRVDFRP~QHQHOFHPHQWHULRGHGLFKDORFDOLGDG
$1721,2758-,//252'(52௙
DxRV6DODP$OIpUH]GH&DUDELQHURV
GH1RYLHPEUH
0DULQHURGHVHJXQGDHQHOEDUFR³3OXV8OWUD´HQHPLVPRIXHGHWHQLGR\MX]JDGRSRU
UHEHOLyQHQ9LJR&RQGHQDGRDSHQDGHPXHUWHIXVLODGRHQ9LJR\VXSXHVWDPHQWH
(QWHUUDGR௙
HQIRVDFRP~Q
6$17,$*20(',(52)/25(6௙
DxRV6DODPDQFD0DULQHUR
GH'LFLHPEUH
$VHVLQDGRHQ2YLHGR௙
(QWHUUDGR௙
HQODIRVDFRP~QGH2YLHGR
-(6Ò60$57Ë13Ë5,=௙
DxRV$OGHDGiYLODGHOD5LE2EUHUR
+LMRGH3HGUR\0DULD
GH(QHUR
(VWDED GRPLFLOLDGR HQ OD U~D /HSDQWR HQ 9LJR GRQGH HMHUFtD VX SURIHVLyQ GH
0DJLVWHULRFRPR FRQVHFXHQFLD GH VX LGHRORJtD GH L]TXLHUGD IXH DVHVLQDGR
VXSXHVWDPHQWH SRU IDODQJLVWDV JDOOHJRV VX FDGiYHU IXH HQFRQWUDGR FRQ XQ WLUR HQ OD
FDEH]DHQODSUR[LPLGDGGHOFHPHQWHULR3HUHLUR9LJR
%(51$5'2*$5&,$6È1&+(=௙
DxRV6DODPDQFD0DHVWUR
8QGtDGHOPHVGH$JRVWR
(Q HO SXHEOR GH +HUHQFLD &LXGDG 5HDO FXDQGR SDVHDED FRQ VX PXMHU 5LFDUGD IXH
DVHVLQDGR SRU OD HVSDOGD SRU XQ JXDUGLDFLYLOIDVFLVWDDVHVLQR\WUDLGRUDOD5HS~EOLFD
)pOL[ HUD $JHQWH GH OD 'LUHFFLyQ *HQHUDO GH 6HJXULGDG (V HO ~QLFR IUDWLFLGLR TXH
FRQRFHPRV HO DVHVLQR IXH SUHFLVDPHQWH XQ KHUPDQR VX\R HOFXDOXQDYH]FRPHWLGRHO
FULPHQ KX\y \ VH SDVy DO HMpUFLWR UHEHOGH IDVFLVWD GRQGH SDUWFLSy KDVWD HO ILQDO GH OD
JXHUUD $xRV GHVSXpV IXH UHFRPSHQVDGR FRQ LQPHUHFLGRVDVFHQVRVSRUHOPHQFLRQDGR
DVHVLQDWRFRPHWLGRHQVXSURSLRKHUPDQR 3HUR QXHVWUR SURWDJRQLVUD )pOL[ *DOOHJR GHVGH ORV SULPHURV PRPHQWRV GHO JROSH GH
HVWDGR SDUWLFLSy HQ HO DVDOWR DO &XDUWHO GH OD0RQWDxDHQ0DGULG7HQHPRVFRQVWDQFLD
GHO KHFKR SRU XQD IRWRJUDILD GH DTXHO KLVWyULFR VXFHVR HQ OD TXH DSDUHFH H[XOWDQWH
HQDUERODQGR HO IXVLO HQ HO SDWLR GH GLFKR FXDUWHO GHVSXpV GHO WULXQIR REWHQLGR HQ
GHIHQVDGHOD5HS~EOLFD௙
'HVDSDUHFLGR
)e/,;*$//(*2*21=È/(=௙
DxRV6DODP+HUHQFLD&5&DUSLQWHUR
GH2FWXEUH௙
9HFLQR GH 1RLD /D &RUXxDGHWHQLGR\MX]JDGRSRUUHEHOLyQHQ/D&RUXxDFRQGHQDGR
DSHQDGHPXHUWH\HMHFXWDGRHQ/D&RUXxD
*5(*25,2&$5'262)5$1&,6&2௙
1RFRQVWD6DODPDQFD1RFRQVWD
GH1RYLHPEUH௙
&RQGHQDGR D SHQD GH PXHUWH YHFLQR GH 6DQWDQGHU 3DJDGRU KDELOLWDGR GH ௙
ODV PLOLFLDV
GHVWDFDGDV HQ 0DWDSRUTXHUD FRQ OD FDWHJRUtD GH WHQLHQWH GHVSXpV &RPLVDULR SROtWLFR
GHXQD&RPSDxtDIXVLODGRHQ*LMyQ\௙
(QWHUUDGR௙
HQODIRVDFRP~QGH³6XFX´
$1,%$/*21=È/(=9,//$/Ï1௙
DxRV&DUSLRGH$]DED-RUQDOHUR
+LMRGH0LJXHO\6HUDILQD௙
GH'LFLHPEUH௙
&RQGHQDGRDSHQDGHPXHUWHYHFLQRGH&DERUDQDPLQHURGHO620$8*7HVWXYR
GHWHQLGRSRUVXSDUWLFLSDFLyQHQOD5HYROXFLyQGH2FWXEUHGH(QODJXHUUD
YROXQWDULRHQXQDGHODEDWHUtDVGHDUWLOOHUtD)XVLODGR\௙
(QWHUUDGR௙
HQODIRVDFRP~Q
GHO³6XFX´
,/'()2162+(55(52*$6&Ï1௙
DxRV0RJDUUD]0LQHUR
+LMRGH$PEURVLR\0DULD
GH(QHUR௙
&RQGHQDGRDSHQDGHPXHUWHYHFLQRGH2OORQLHJR&RPDQGDQWHGHODGHOD
%ULJDGD0L[WDIXVLODGR\௙
(QWHUUDGR௙
HQODIRVDFRP~QGHO³6XFX´
/8&,2'($*2%8//Ï1௙
DxRV0HPEULEH««-RUQDOHUR
GH)HEUHUR
9HFLQRGH9LOODPD\RU)XVLODGR\௙
(QWHUUDGR௙
HQODIRVDFRP~QGH2YLHGR
-8$1%/$1&2%(50(-2௙
DxRV6DODPDQFD&KRIHU
GH)HEUHUR௙
9HFLQRGH*LMyQIDOOHFLyHQODFiUFHOGH(O&RWRDFRQVHFXHQFLDGH³VtQFRSH
FDUGLDFR´6XSXHVWDPHQWHDVHVLQDGRSRUOD)DODQJHDUHVXOWDVGHODVWRUWXUDVUHFLELGDV
HOWUHVGtDVDQWHV௙
(QWHUUDGR௙
HQODIRVDFRP~QGHO³6XFX´
0,*8(/&8(67$%8(12௙
1RFRQVWD0DFRWHUD««1RFRQVWD
9LXGRGH0DUtD$QGUpV6DQWRVGHMyVHLVKLMRV
GH0DU]R
$VHVLQDGRHQ(O&RQGDGR+XHOYDGRQGHHMHUFtDVXODERUGH0DJLVWHULR6H
GHVFRQRFHGRQGHHVWi௙
(QWHUUDGR
720$63,f$0$1=$12௙
DxRV&LXGDG5RGULJR««0DHVWUR
GH0D\R
$VHVLQDGRHQ௙
3
௙RODGH6LHUR$VWXULDV6HGHVFRQRFHGRQGHHVWi௙
(QWHUUDGR௙
-8/,2*Ï0(=6È1&+(=௙
DxRV&LXGDG5RGULJR$JHQWH-XG
GH0D\R
9HFLQRGH*LMyQ)XVLODGRHQ2YLHGR\௙
(QWHUUDGR௙
HQODIRVDFRP~QGHOFHPHQWHULR
)(51$1'2)5$,/(0$1=$12௙
DxRV6DODPDQFD)XVLODGR
GH0D\R
/D *XHUUD &LYLO HQ HVWDV IHFKDV DPHQD]DED SHUGHUVH \ OD GHVHVSHUDFLyQ GH OD LQJHQWH
FDQWLGDG GH SUHVRV TXH YLYLDQ HQ FRQGLFLRQHV LQIUDKXPDQDV PRWLYy HO TXH XQD
FRQVLGHUDEOH FDQWLGDG GH HOORV UHSXEOLFDQRV ORV PiV GHFLGLGRV \ DUULHVJDGRV
RUJDQL]DUDQ OD IXJD HQ HO 3HQDO GH 3DPSORQD TXH WUDMR FRPR FRQVHFXHQFLD TXHFDVLOD
WRWDOLGDG GH HOORV IXHUDQ GHWHQLGRV GH HVWRV SDVDURQ GH ORV TXH IXHURQ
FRQVLGHUDGRV LQVWLJDGRUHV \ IXVLODGRV DTXHOORV GtDV &RPR FRQVHFXHQFLD GH OD IXJD
IXHURQDVHVLQDGRVORVVLJXLHQWHVVDOPDQWLQRV
$/)216252'5Ë*8(=*21=$/(=௙
DxRV%pMDU««1RFRQVWD
$'2/)20$57Ë1௙
0
௙$5,1௙
´´(O&HUUR«9LDMDQWH
6$17,$*2%$5&25$026௙
´´9LOODYLHMDGH<«-RUQDOHUR
/8&$6$&267$/Ï3(=௙
´´««´´$OEDxLO
-26e$3$5,&,2*$/$&+(௙
´´9LOODUHVGH<«&RPHUFLDQWH
5$0Ï1+$52*Ï0(=௙
´´(QFLQDVGH$E«-RUQDOHUR
*5(*25,2*$5&,$7(-('25௙
´´7HUUDGLOORV´´
3$752&,1,26È1&+(=9,&(17(௙
´´*ROSHMDV3RO0XQLFLSDO
'20,&,$125(<(66È1&+(=௙
´´/D0D\D-RUQDOHUR
È1*(/)5$,/(6È1&+(=௙
´´3HOD\RV«««$JULFXOWRU
È1*(/*$5&Ë$-,0e1(=௙
³´6DODPDQFD«+HUUHUR
)5$1&,6&2*21=$/(=%255(*2௙
³´´´«&RQILWHUR
0$18(/08f2=*21=È/(=௙
³´´´3HOXTXHUR
(0,/,$123,=$5523(5(,5$௙
´´9LOODUGHO&&&«-RUQDOHUR
*$%5,(/*21=È/(=&$55(72௙
´´9LVWDKHUPRVD7LSyJUDIR
GH0D\R
$VHVLQDGRHQ0LHUHV$VWXULDV6HGHFRQRFHGRQGHHVWi௙
(QWHUUDGR
-26e6$1-26e'85È1௙
«««««««DxRV&LXGDG5RGULJR$OEDxLO
GH-XOLR௙
&RQGHQDGR D SHQD GH PXHUWH \ IXVLODGR YHFLQR GH /D )HOJXHUD GH OD &17 HVWXYR
HQFDUFHODGR D FRQVHFXHQFLD GH OD 5HYROXFLyQ GH 2FWXEUH GH IRUPy SDUWH GHO
&RPLWp GH *XHUUD \ GH XQD &RRSHUDWLYD HOpFWULFD YROXQWDULR HQ HO IUHQWH GH JXHUUD \
QRPEUDGRJHVWRUGHO$\XQWDPLHQWRGH/D)HOJXHUD௙
'HVDSDUHFLGR௙
)(50Ë16$/$0$1&$'(/9$//(௙
DxRV&LXGDG50DTXLQLVWD
+LMRGH-RVp\/XFLDQD௙
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$VHVLQDGRHQ1RUHxDVHGHVFRQRFHGyQGHIXH௙
(QWHUUDGR
-26(3(648(52(67e9(=௙
DxRV&LXGDG5(VWXGLDQWH
GH-XOLR௙
&RQGHQDGR D SHQD GH PXHUWH IXVLODGR \ ௙
(QWHUUDGR HQ OD IRVD FRP~Q GHO ³6XFX´
YHFLQR GH 6DPD GRQGH HUD FRQRFLGR SRU VXV LGHDOHV L]TXLHUGLVWDV GHVGH HO SULPHU
PRPHQWR HVWXYR DO ODGR GH ORV UHSXEOLFDQRV QRPEUDGR SROLFtD GH LQYHVWLJDFLyQ \
YLJLODQFLDOOHJyDMHIHGHGLFKRRUJDQLVPR\FDSWXUDGRFXDQGRKXtDSRUHOPDU
-(6Ò60252)8(17(6௙
DxRV/HGHVPD*XDUGLD&LYLO
+LMRGH6HUDItQ\'RPLQLFD GH$JRVWR
&RPEDWLyFRQHO(MpUFLWR5HSXEOLFDQRHQ$VWXULDVIXHFDSWXUDGRSUHVR\MX]JDGRHQ
&DPSRVDQFRV\IXVLODGRHQ9LJR
3('520$57Ë10$57Ë1௙
DxRV6DODPDQFD«0HWDO~UJLFR
GH0DU]R௙
&RQGHQDGR D SHQD GH PXHUWH IXVLODGR \ ௙
(QWHUUDGR HQ OD IRVD FRP~Q GHO ³6XFX´
SDUWLFLSy HQ DO DWDTXH D ORV FXDUWHOHV GH *LMyQ \ HQ HO WUHQ EOLQGDGR TXH DWDFy2YLHGR
SUHVWyVHUYLFLRGHYLJLODQWHGHXQDEULJDGDHQHO3HQDOGH6DQWDQGHU
720È652'5,*2*$5&Ë$௙
DxRV6DODPDQFD(VWXGLDQWH
+LMRGH6DOYDGRUH,VLGUD
GH-XOLR௙
&RQGHQDGR D SHQD GH PXHUWH HMHFXWDGR \ ௙
(QWHUUDGR HQ OD IRVD FRP~Q GHO ³6XFX´
YHFLQR GH /D )HOJXHUD $ILOLDGR D OD )$, KDEtD SDUWLFLSDGR HQ HO DWDTXH D OD *XDUGLD
&LYLOGXUDQWHOD5HYROXFLyQGH
'21$72&$%(=$66$1-8È1௙
DxRV6DQ&ULVWyEDOGHOD&%DUEHUR
+LMRGH%HUQDUGR\0DULD
GH$JRVWR௙
&RQGHQDGR D SHQD GH PXHUWH HMHFXWDGR \ ௙
(QWHUUDGR HQ OD IRVD FRP~Q GHO ³6XFX´
YHFLQR GH *LMyQ (OHPHQWR GHVWDFDGR GHO 362( JUDQ SURSDJDQGLVWD \SUHVLGHQWHGHOD
8*7GXUDQWHODJXHUUDIXHFRPDQGDQWHGHO%DWDOOyQQž
)5$1&,6&2&$032'8&725௙
DxRV%pMDU«(PSOHDGR௙
0
௙XQLFLSDO௙
GH1RYLHPEUH
$VHVLQDGRSRUIDODQJLVWDVHQ9LJRDSDUHFLyVXFDGiYHUHQ6DQ6LPyQ5HGRQGHOD
(QWHUUDGR௙
HQIRVDFRP~Q
720$60$1=$1('$35,(72௙
DxRV9LOODYLHMDGH<1RFRQVWD
GH$EULO
$VHVLQDGRHQ0LHUHV$VWXULDV6HGHVFRQRFHGRQGHIXH௙
(QWHUUDGR௙
$1*(/6$1-26e'85È1௙
DxRV&LXGDG5RGULJR0LQHUR
GH6HSWLHPEUH
3UHVRHQHO&DPSRGH&RQFHQWUDFLyQGHODLVODGH6DQ6LPyQDOOLPXULyDVHVLQDGR\
(QWHUUDGR௙
HQIRVDFRP~Q
È1*(/*87,e55(=6È1&+(=௙
DxRV6DODPDQFD-RUQDOHUR
6HGHVFRQRFHODIHFKD
)XH DVHVLQDGR HQ HO ³SDVHR´ TXH OH GLHURQ ORV FULPLQDOHV IDODQJLVWDV HQ
6DQ[HV9LODRXGUL]$3RQWHQRYD
+(50(1(*,/'2$/21626È1&+(=௙
DxRV6DODPDQFD0DHVWUR௙
GH2FWXEUHGH
)DOOHFLGRHQ3ULVLyQHQHO)XHUWHGH6DQ&ULVWyEDO
'20,1*20$57Ë11,(72௙
DxRV6DODPDQFD-RUQDOHUR
GH2FWXEUHGH
)DOOHFLGRHQOD3ULVLyQGHO)XHUWHGH6DQ&ULVWyEDO௙
$/)216252'5Ë*8(=*21=È/(=௙
DxRV%pMDU1RFRQVWD
GH(QHURGH
)DOOHFLGRHQ3ULVLyQHQHO)XHUWHGH6DQ&ULVWyEDO
)('(5,&25$0,5252'5Ë*8(=௙
DxRV$ODPHGDGH*&DUDELQHUR
1Ò0(52727$/'($6(6,1$'26(16$/$0$1&$
9Ë&7,0$6'(/)5$148,6025(*,675$'$6
௙
௙
௙
(QHUR(QHUR(QHUR(QHUR
)HEU)HEU)HEU)HEU
0DU]R0DU]R0DU]R0DU]R
$EULO$EULO$EULO$EULO
0D\R0D\R0D\R0D\R
-XQLR-XQLR-XQLR-XQLR
-XOLR-XOLR-XOLR-XOLR-XOLR
$JRVW$JRVW$JRVW$JRVW$JRVW
6HSW6HSW6HSW6HSW6HSW
2FW2FW««2FW«2FW««2FW
1RY1RY1RY1RY1RY
'LF௙
'LF'LF'LF'LFB
௙
௙
௙
௙
௙
௙
௙
௙
௙
$VHVLQDGRVHQRWURVOXJDUHVGH(VSDxD«௙
727$/'(9Ë&7,0$6$6(6,1$'$6 &RQVLGHUDGDV WDPELpQ YtFWLPDV WRGDV DTXHOODVSHUVRQDVTXHHVWXYLHURQGHWHQLGDV
\ TXH GHVGH OD FiUFHO R HO +RVSLWDO IXHURQ OOHYDGRV DO FHPHQWHULR FRQVWDQ HQ ORV
OLEURV GH HQWHUUDPLHQWRV GHO &HPHQWHULR GH 6DODPDQFD QR WRGRV SHUR VL XQD
FDQWLGDG DSUHFLDEOH GH SHUVRQDV LQRFHQWHV TXH HQ VXV FDVDV \ FRQ VXV IDPLOLDUHV
SUREDEOHPHQWHQRKDEUtDQHQIHUPDGRQLPXHUWR
BBBBBBBBBBB
727$/'(9Ë&7,0$6 1~PHURWRWDO3529,6,21$/GHODVYtFWLPDVGHOIUDQTXLVPR௙
/D WRWDOLGDG GH VXV QRPEUHV SRU XQ GHEHU GH ௙
-XVWLFLD௙
QR VH SXHGHQ SHUGHU HQ HO
WLHPSR \ HV QXHVWUD REOLJDFLyQ SHUSHWXDUORV 'HVSXpV GH ODUJDV \ DUGXDV
LQYHVWLJDFLRQHV VRQ ORV TXH KDVWD OD IHFKD TXH FRQVWD DO ILQDO GH OD PLVPD KHPRV
UHFRSLODGR 1XHVWUR REMHWLYR HV SDUD TXH QR VH SLHUGDQ HQ XQD +LVWRULD TXH QXQFD
GHELy SURGXFLUVH IXHURQ WRGRV \ WRGDV YtFWLPDV LQRFHQWHV DVHVLQDGRV SRU ORV
FULPLQDOHV
IDVFLVWDV TXH DVRODURQ QXHVWURV SXHEORV \ FLXGDGHV
6DODPDQFD$JRVWR௙
/DUHSUHVLyQIUDQTXLVWDHQODPXMHUHVUHSXEOLFDQDV\VRFLDOLVWDV
³)ORUHV5RMDV´
6REUHQXHVWUDVPXMHUHVPDGUHVHVSRVDVKLMDVKHUPDQDVRQRYLDVWDPELpQKDEUtDGH
UHFDHUODLQKXPDQDUHSUHVLyQHMHUFLGDSRUDTXHOORVFULPLQDOHVIDVFLVWDV
1R SRUTXH WRGDV IXHUDQ DFWLYDV PLOLWDQWHV GH ORV SDUWLGRV R VLQGLFDWRV SURJUHVLVWDV \
GH L]TXLHUGDV PXFKDV GH HOODV OD PD\RUtD HUD SRU VX DILQLGDG DO 5pJLPHQ GH
/LEHUWDGHV GH OD 5HS~EOLFD D SHVDU GH TXH OD UHDOLGDG GH ORV PLOLWDQWHV HQ OD
RUJDQL]DFLRQHV SROtWLFDV \ VLQGLFDOHV HUDQ KRPEUHV DXQTXH H[LVWtD XQ DSUHFLDEOH
Q~PHUR GH PXMHUHV TXH SDUWLFLSDEDQ DFWLYDPHQWH FRPR PLOLWDQWHV YHUGDGHUDV
SLRQHUDV GH OD ௙
³/LEHUDFLyQ GH OD PXMHU࣡
´ \ ࣡
TXH YLYtDQ ࣡
FRQ LOXVLyQ ODV QXHYDV SROtWLFDV
UHSXEOLFDQDV H[SUHVDGDV HQ OD QXHYD &RQVWLWXFLyQ GH \ TXH SRGHURVDPHQWH
FRQWULEX\HURQDOHVWDEOHFLPLHQWRGHOYRWRIHPHQLQRVHYLVOXPEUDEDOD/H\GHOGLYRUFLR
\ \D VH HVSHFXODED FRQ OD OHJLWLPDFLyQ GHO DERUWR FRPHQ]DED D GHWHFWDUVH TXH OD
DQVLDGD OLEHUDFLyQ KLVWyULFD GH OD PXMHU SRGtD VHU XQD KHUPRVD UHDOLGDG HQ XQ (VWDGR
ODLFR \ OLEUH /D 5HS~EOLFD FRQ VXV /H\HV SURJUHVLVWDV WUDMR OD LOXVLyQ HQ JHQHUDO SDUD
ODVFODVHVSRSXODUHVODVPHQRVSXGLHQWHVPLHQWUDVODGHUHFKDUHOLJLRVD\FRQVHUYDGRUD
DOLDGD FRQ OD ,JOHVLD FDWyOLFD VH RSRQtDQ YLVFHUDOPHQWH DOSURJUHVRTXHWUDMRFRQVLJRHO
HVWDGRGHPRFUiWLFR\OLEHUDOGHOD5HS~EOLFD
/D PD\RULD GH ORV GUDPDV GH OD GHWHQFLRQHV GH PXMHUHV HUDQ FRPR FRQVHFXHQFLD GH
XQD VLPSOH GHODFLyQ HO PRWLYR GH OD GHWHQFLyQ FDVL VLHPSUH FRPR FRQVHFXHQFLD GH OD
PDV WULEDO\UHWUyJUDGDHQYLGLDRVLPSOHPHQWHSRUVHUPLOLWDQWHRVLPSDWL]DQWHGHDOJ~Q
SDUWLGR R VLQGLFDWR IDPLOLD GH XQ KRPEUH GH L]TXLHUGDV \ PDV VLPSOHPHQWH D~Q SRU
DVLVWLU D ORV $FWRV TXH VH SURJUDPDEDQ HQ ODV &DVDV GHO 3XHEOR HUDQ PRWLYRVPDVTXH
VXILFLHQWHVSDUDVXGHWHQFLyQ
&(/(67,1$6,(55$32/2௙
DxRVFROHJLDO6DODPDQFD
$/(-$1'5$0(',(520(',1$௙
࣡
DxRVVROWHUD6DODPDQFD
$PEDV IXHURQ ODV SULPHUDV YtFWLPDV IHPHQLQDV XQD QLxD \ XQD MRYHQ VROWHUD VX
DVHVLQDWR IXH FRPR FRQVHFXHQFLD GHO DWDTXH DUPDGR FRQWUD HO SXHEORVDOPDQWLQRSRU
ODV IXHU]DV DUPDGDV PLOLWDUHV UHEHOGHV HO GtD ࣡
GH-XOLRGHGRPLQJRDODVGRFH
GHO PHGLRGLD HQ OD 3OD]D 0D\RU GH 6DODPDQFD GRQGH IXHURQ YtFWLPDV PRUWDOHV RWURV
GLH]YDURQHV
-8$1$7255(6*21=È/(=௙
1RFRQVWDQRWURVGDWRV௙
3
௙HxDSDUGD
)5$1&,6&$3$6&8$/௙
´´´´´´´´³ )5$1&,6&$5$02652'5Ë*8(=௙
´´´´´´´´
(Q HO SXHEORGH3HxDSDUGDVHGHVDWyGHVGHORVFRPLHQ]RVGHODJXHUUDXQKRUURURVR
IXURU KRPLFLGD SURGXFLGR SRU HO H[DUFHEDGR HQIUHQWDPLHQWR HQWUH GRV R WUHV IDPLOLDV
GH GLFKR SXHEOR TXH ULYDOL]DEDQ DYHUFXDOHUDODPDVDGLFWDDORVUHEHOGHV7RGRHOOR
WUDMR FRPR FRQVHFXHQFLD D HVWD ORFDOLGDG GHO 5HEROODU ORV FUtPHQHV \ FRQ HOORV OD
PXHUWHDXQUHVSHWDEOHQ~PHURGHYHFLQRV
0$5,$3$55$*$5&Ë$௙
DxRVYLXGDPDGUHGHGRVKLMRVQDWXUDOGH%pMDU
௙
)XH DVHVLQDGD HO GtD ࣡
GH 6HSWLHPEUH GH ࣡
HQ HO WpUPLQR PXQLFLSDO GH *UDQMD
GH *UDQDGLOOD &iFHUHV HQ HO VLWLR SUR[LPLGDG D OD FXQHWD GH OD FDUUHWHUD .P 6DODPDQFDD&iFHUHV6XIDPLOLDIXHPX\FDVWLJDGDSRUORVFULPLQDOHVIDVFLVWDV\DTXH
DVHVLQDURQWDPELpQDVXKLMR6DWXUQLQR\DVXKHUPDQR,JQDFLR
(UD XQD IDPLOLD FRPSURPHWLGD KDELWXDOPHQWH DVLVWtDQ D ORV DFWRV GH OD &DVD GHO
3XHEORVRFLDOLVWDVGHFRQYLFFLRQHVSURIXQGDV\DFWLYLVWDVGHVXVLGHDVUHSXEOLFDQDV
-(686$)(51È1'(=326$'$௙
DxRVFDVDGDPDGUHGHGRVKLMDV*XLMXHOR௙
(VSRVD GHO VHFUHWDULR GHO -X]JDGR GH *XLMXHORWDPELpQ DVHVLQDGR GtDV GHVSXpV IXH
XQD PXMHU GH L]TXLHUGDV FRPSURPHWLGD FRQ HO PRYLPLHQWR GH PXMHUHV TXH VH
SUR\HFWDED GHVGH OD &DVD GHO 3XHEOR GH *XLMXHORHQ OD OXFKD GLDOpFWLFD SRU ODV
OLEHUWDGHV IHPHQLQDV \ S~EOLFDV )XH DVHVLQDGD HO GtD ࣡
GH $JRVWR GH HQ HO
WpUPLQR PXQLFLSDO GH0LUDQGDGH$]iQMXQWRDODFXQHWDGHODFDUUHWHUDGH6DODPDQFD
D&iFHUHV
6,1)2526$/Ï3(=*Ï0(=௙
DxRVFDVDGDPDGUHGHRFKRKLMRV0ROLQLOOR
&$1','$%(1,72+(51È1'(=௙
DxRVFDVDGDPDGUHGHWUHVKLMRV0ROLQLOOR௙
$PEDV DVHVLQDGDV MXQWR D RWURV FRPSDxHURV HQ HO SXHEOR GH 0RQIRUWH GHOD6LHUUDHO
GtD ࣡
GH ࣡
$JRVWR GH ࣡
/D FDVD TXH KDELWDED OD IDPLOLD GH6LQIRURVDHUDHVSDFLRVD
SURSLD SDUD ODV QHFHVLGDGHV GH VX QXPHURVD IDPLOLD GHVGH PXFKR DQWHV GH OD
3URFODPDFLyQ GH OD 5HS~EOLFD IXH OD &DVD GHO 3XHEOR 3RU DOOt SDVDURQ HQ YDULDV
RFDVLRQHV 0DQVR \ ORV FRPSDxHURV VRFLDOLVWDV GH %pMDU DOOt VH GLHURQ PtWLQHV
VRFLDOLVWDV HQ HO SDMDU \ HQ OD DPSOLD VDOD IDPLOLDU VH GLHURQ FODVHV GH DOIDEHWLVPR
LPSDUWLGDV SRU 2FWDYLR 5LYDV MRYHQ PDHVWUR VRFLDOLVWD QDWXUDO GH 3HGURVLOOR GH ORV
$LUHVSRVWHULRUPHQWH IXVLODGR HQ 6DODPDQFD TXH VH GHVSOD]DED GHVGH VX SXHEOR HQ
ELFLFOHWD GRV GLDV D OD VHPDQD DOOt DSUHQGLHURQ D OHHU \ HVFULELU KRPEUHV \ PXMHUHV
GHO SXHEOR GH 0ROLQLOOR ODERU FXOWXUDO \ SROtWLFDHQODTXHFRODERUDEDWRGDODIDPLOLD
GH6LQIRURVD\TXHWDQFDUROHVKDEUtDGHFRVWDU
(63(5$1=$*,5Ï1௙
DxRVVROWHUDPDHVWUD%HUURFDOGH6DOYDWLHUUD
6X SDGUH GRQ *LQpV HUD HO PDHVWUR GH ௙
%HUURFDO GH 6DOYDWLHUUD YLXGR GH DYDQ]DGD
HGDG $PERV GH L]TXLHUGDV \ GH LGHDV SURJUHVLVWDV \ HQWUDxDEOHV DPLJRV GH -RVp
$QGUpV0DQVR
(VSHUDQ]D HUD DPLJD \ FRODERUDGRUD GH -HVXVD )HUQiQGH] GH *XLMXHOR OD PXMHUTXH
OLGHUDED HQ OD YLOODFKDFLQHUD\ODFRPDUFDJXLMXHOHQVHHOPRYLPLHQWRGHOLEHUDFLyQGH
ODVPXMHUHV
(VSHUDQ]D IXH GHWHQLGD HQ VX FDVD GH %HUURFDO SRU XQ JUXSR GH IDODQJLVWDV \ GRV
JXDUGLDV FLYLOHV FRQ HO SUHWH[WR GH TXH OD WUDVODGDEDQ D 6DODPDQFD SDUD SUHVWDU
GHFODUDFLyQ MDPiV VH YROYLy D VDEHU GH HOOD QL TXHGy UDVWUR DOJXQR GH OD EUDYD
OXFKDGRUD VHJ~Q FRPHQWDULRV TXH OOHJDURQ D VX SXHEOR OD WXYLHURQ TXH DVHVLQDU QR
GHPDVLDGR OHMRV GH %HUURFDO HQ OD SUR[LPLGDG GH OD ³FDO]DGD GH OD SODWD´ HQ HO
WpUPLQRGH)UDGHVGHOD6LHUUD
1R KD VLGR SRVLEOH HQFRQWUDU OD IHFKD GH VX DVHVLQDWR VRODPHQWH KHPRV UHFLELGR OD
UHIHUHQFLDGHTXLHQHVODFRQRFLHURQTXHIXH࣡
XQGtDGHOPHVGH$JRVWRGH࣡
-8$1$*$5&Ë$6,/9$௙
DxRVVROWHUD(O%RGyQ
-RYHQ EHOOD EUDYD H LQWHOLJHQWH UHXQtD WRGDV ODV ௙
FRQGLFLRQHV SDUD OLGHUDU HQ VX
SXHEOR \ ORV SXHEORV FRPDUFDQRV HO ´PRYLPLHQWR GH OLEHUDFLyQ GH OD PXMHU
UXUDO´6HJ~Q UHIHUHQFLDV GH TXLHQHV OD FRQRFLHURQ-XDQD´HUDODPDVJXDSDPR]DGH
WRGD OD FRPDUFD´ SRU VX IDFLOLGDG GH SDODEUD \VLPSDWtDGHVWDFDEDHQWUHODMXYHQWXG
SRU OD IXHU]D PRUDO TXH WUDQVPLWtD HQ VXV LQWHUYHQFLRQHV SROtWLFDV HQ OD &DVD GHO
3XHEOR IXH GHWHQLGD SRU XQ JUXSR GH IDODQJLVWDV GH &LXGDG 5RGULJR DFRPSDxDGRV
SRU XQD SDUHMD GH OD JXDUGLD FLYLO HQ VXFDVDHO࣡
GH6HSWLHPEUHGH࣡
MXQWRDXQ
JUXSR GH VRFLDOLVWDV GH (O %RGyQ ORV KLFLHURQ VXELU D XQ FDPLyQ \ WUDVODGDGRV D ODV
FHUFDQtDV GH 6DQ )HOLFHV GH ORV *DOOHJRV DOOt IXHURQ DVHVLQDGRV \ HQWHUUDGRV MXQWR D
OD FDUUHWHUD WRGRV $O FRPLHQ]R GH OD GHPRFUDFLD XQ JUXSR GH IDPLOLDUHV \
FRPSDxHURVH[KXPDURQORVUHVWRVTXHIXHURQWUDVODGDGRVDVXSXHEORQDWDO(O%RGyQ
(/$',$(6&5,%$12&È&(5(6௙
DxRVFDVDGD\PDGUH&DQWDOSLQR
(O GtD ࣡
GH 'LFLHPEUH GH ࣡
OH KDEtDQ DVHVLQDGR HQ 6DODPDQFD DO PD\RU GH VXV
KLMRV *XLOOHUPR &iFHUHV (VFULEDQR GH DxRV DO OOHJDU OD IXQHVWD QRWLFLD DO SXHEOR
GH &DQWDOSLQR ODVHxRUD(ODGLDVDOLyDODVFDOOHVGHOSXHEORHQEXVFDGHORVGHODWRUHV
OOHQDQGR GH LPSURSHULRV D ORV IDODQJLVWDV GH OD ORFDOLGDG TXH HUDQ ORV FXOSDEOHV GH
ODVGHVDSDULFLRQHV\DVHVLQDWRGHRWURVPXFKRVMyYHQHV\PD\RUHVGHOSXHEOR
,QPHGLDWDPHQWH IXH GHWHQLGD WRUWXUDGD \ GHVDSDUHFLGD SRU ORV GH VLHPSUH /D
SDWUXOOD GH FULPLQDOHV IDODQJLVWDV \ GHUHFKRVRV VH GHVFRQRFH HO OXJDU GRQGH ORV
DVHVLQDURQ \ HQWHUUDURQ SRFRV GLDV GHVSXpV SRU HO SXHEOR FRUULy OD QRWLFLD GH TXH
XQR GHORVDVHVLQRVHOPDVYLROHQWR\FX\RQRPEUHQRQRVKDVLGRIDFLOLWDGRVHMDFWDED
GH TXH OD ~OWLPD TXH HQWHUUDURQ IXH D ³OD (ODGLD´ \ ³TXH FRPR QR KDEtD VLWLR HQ HO
KR\R FRQ XQD SDOD pO PLVPR OH FRUWy OD FDEH]D"´ $ OD EDUEDULH GH ODV PXHUWHV
DxDGtDQ HO HQVDxDPLHQWR XQD SUXHED LQHTXtYRFD GH OD VXSUHPD PDOGDG GH DTXHOORV
LQKXPDQRVGHSUHGDGRUHVGHODHVSHFLHKXPDQD 526$5,2+(51È1'(=-,0e1(=௙
DxRVVROWHUD0DHVWUD1DFLRQDOGH$OED
GH7RUPHV
6RODPHQWH KHPRV FRQVHJXLGR ORV GDWRV VLJXLHQWHV GHO OLEUR GH HQWHUUDPLHQWRV GHO
FHPHQWHULR GH 6DODPDQFD 4XH IXH IXVLODGD HO ௙
GtD GH-XOLRGH௙
MXQWRDODWDSLD
GHO FHPHQWHULR SRVWHULRUPHQWH HQWHUUDGD HQ OD IRVD FRP~Q XQ FRPSDxHUR GH HGDG
DYDQ]DGD GH $OED GH 7RUPHV \ HQODDFWXDOLGDGIDOOHFLGRPHGLMRTXH5RVDULRHUDXQD
H[FHOHQWH PDHVWUD \GHLGHDVVRFLDOLVWDVTXHQRHUDQDWLYDGH$OED\TXHQRVDEtDQDGD
PDVGHHOODQLGHGyQGHHUD
$181&,$&,Ï1&$6$6&(5(=2௙
DxRVQDWXUDOGH/RJURxR\GLUHFWRUDGHOD
&iUFHOGH0XMHUHVGH0DGULG
'HWHQLGD HQ HO IUHQWH GH 0DGULG \ WUDVODGDGD D OD 3ULVLyQ GH 6DODPDQFD GHVGH VX
LQJUHVR OD WXYLHURQ LQFRPXQLFDGD MX]JDGD PLOLWDUPHQWH IXH FRQGHQDGD D SHQD GH
PXHUWH \ HMHFXWDGD HQ OD WDSLD GHO FHPHQWHULR GH 6DODPDQFD HO ௙
GtD GH (QHUR GH
௙
$*867,1$ '( $17$ +(51È1'(= ௙
DxRV 9LXGD 0DHVWUD 1DFLRQDO HQ
$OGHDOHQJXD 6X ~QLFR KLMR )HOLFtVLPR &DUUHxR GH $QWD MRYHQ 0DHVWUR UHFLHQWHPHQWH
DFDEDGD VX FDUUHUD IXH DVHVLQDGR HQ HO PRQWH GH OD 2UEDGD HQ HO PHV GH $JRVWR GH
3RFRV GtDV GHVSXpV VX PDGUH IXH GHWHQLGD HQ VX FDVD GH $OGHDOHQJXD FRPR
FRQVHFXHQFLD GH ORV LPSURSHULRV TXH PDQLIHVWDED EDMR OD GHVHVSHUDFLyQ GH OD SpUGLGD
GHO KLMR GHWHQLGD HO GH 6HSWLHPEUH \ WUDVODGDGD D OD FiUFHO GH 6DODPDQFD GRQGH
HVWXYR UHFOXLGD KDVWD HO GH )HEUHUR GH FXDQGR OD SXVLHURQ HQ PDQRV GHO
GHOHJDGR GH 23 MDPiV VH YROYLy D VDEHU GH HOOD" (O ILQDO GH VX YLGD TXHGy SDUD
VLHPSUH HQ FXDOTXLHUD GH ORV OXJDUHV TXH XWLOL]DEDQ ORV YHUGXJRVIUDQTXLVWDVHQDOJXQD
FXQHWDRPRQWHVSUy[LPRVD6DODPDQFD
5HODFLyQ QRPLQDO GH PXMHUHV HQ RUGHQ DOIDEpWLFR GHO SULPHU DSHOOLGR TXH IXHURQ
GHWHQLGDV \ HQFDUFHODGDV SRU PRWLYRV SROtWLFRV ¢" HQ OD 3ULVLyQ 3URYLQFLDO GH
6DODPDQFD GXUDQWH ORV DxRV \ 5HODFLyQ LQFRPSOHWD REWHQLGD
HQ HO DUFKLYR GH OD 'LUHFFLyQ *HQHUDO GH ,QVWLWXFLRQHV 3HQLWHQFLDULDV HQ 0DGULG HV HO
tQGLFH GH ORV ([SHGLHQWHV 3URFHVDOHV TXH GHVGH HO LQJUHVR HQ OD SULVLyQ VH LQLFLDEDQ \
GRQGHFRQVWDQORVGDWRVSHUVRQDOHV\WRGDVODVGLOLJHQFLDVMXGLFLDOHVSUDFWLFDGDV¢"
,6$%(/'(/È/$02/('(60$௙
(63(5$1=$$/&$/È*87,e55(=௙
&(/(67,1$$/(-$12)216(&$௙
È1*(/(6$/2162$/2162௙
%(1,7$$/2162%$-2௙
,6,'25$$/2162(1&,1$6௙
7(5(6$$/2162*Ï0(=௙
)5$1&,6&$$/2162+(51È1'(=௙
-2$48,1$$/216235,(72௙
-26()$È/9$5(=%(1,72௙
6(*81'$È/9$5(=*5(*25,2௙
,6$%(/È/9$5(=/Ï3(=௙
/25(1=$$0$'256$1726௙
0$5Ë$'(/3,/$5$1$<$௙
È1*(/$$1'5e6&$55,&$-2௙
,1*5$5È1)(/6௙
$*867,1$'($17$+(51È1'(=௙
),/20(1$$172/Ë1'(/*$'2௙
%$/%,1$$17Ï1*21=È/(=௙
&8672',$$5$8-2&$0326௙
0$5,$$5&(1,//$652'5Ë*8(=௙
$'5,$1$'(/$5&2(1&,1$6௙
&$50(1$5e9$/2*21=È/(=௙
'$/0$&,$$5,$6+,'$/*2௙
0$18(/$$5Ë67(*8,)(51È1'(=௙
0$5Ë$$5=È6$/9$'25௙
$*867,1$%$/$*8e6&/(0(17(6௙
0$57,1$%$5%(52$/2162௙
75,1,'%$5&$/$*21=È/(=௙
3$8/,1$%$5',2/*$5&Ë$௙
$'(/$%$55$'23$1$'(52௙
0$5Ë$%$55$'23$1$'(52௙
$*867,1$%$55,(172675,1,'$௙
75,1,'$'%$55,23$1$'(52௙
$03$52%$558(&258$12௙
(8*(1,$%($7275,1,'$'௙
-867$$9(/,1$%($723$1$'(52௙
6$7851,1$%(&(55$È/9$5(=௙
07(5(6$%(/75È112*$/(6௙
75,1,'%(1,72(63(5$1=$௙
75,1,'$'%(1,72*$5&Ë$௙
/(21$5'$%(1,72+(51È1'(=௙
07(5(6$%(50(-2+(51È1'(=௙
9,&(17$%(51$/&$63$57$7(௙
0$5Ë$%(51$/5,9(5$௙
0&21&(3&,Ï1%(57*8,//e1௙
5,&$5'$%/$1&2*21=È/(=௙
$1$%/$1&2+(51È1'(=௙
0$5Ë$%/$1&23e5(=௙
526$/Ë$%/È61Òf(=௙
'(02&5$&,$%25'$//2125$72௙
0$5,$%58*8(5$3e5(=௙
0$;,0,1$%58120$57Ë1௙
9,&(17$&$%(=$%27(௙
)/25$&$%5(5$3$5$',1$6௙
(8*(1,$&$/92$552<2௙
$0$/,$&$/92725,%,2௙
0$5*$5,7$&$02(,5$6%/$1&2௙
62/('$'&$032-8È5(=௙
6$/8'&$1',/(-2-,0e1(=௙
0(/&+25$&$5'262*$5&Ë$௙
6(5$3,$&$5021$'Ë$=௙
)(/,3$&$55$6&20$57Ë1௙
5$021$&$55(,5$/Ï3(=௙
$1721,$&$55,//23(f$௙
0$5Ë$&$6$'2&$5021$௙
(1&$51$&,Ï1&$6$129$*$5&Ë$௙
0$18(/$&$6$/7$025*$'2௙
$*867,1$&($)(51È1'(=௙
-8$1$&(55$-(52%/$1&2௙
%5Ë*,'$&2%$/('$/8,6௙
,6$%(/&2&$%$5%(52௙
&$50(1&2&235,(72௙
%$6,/,$5$026&2//$'2௙
0$5Ë$&2175(5$6/Ï3(=௙
02'(67$&255$/(6+(51È1'(=௙
1,&2/$6$&255('(5$$/2162௙
$0$/,$&258-('2,1&/È1௙
3,/$5&8$'5$'2*$5&Ë$௙
$03$52&8(67$%8(12௙
5(0(',26&8(67$$/&$=$5௙
9$/(17,1$&8(67$/8(1*2௙
È1*(/(6&8<È60$57Ë1(=௙
(0,/(&+236௙
$8525$'Ë$=*$5&,$௙
«««
6$/9$'25$'Ë(=*$5&Ë$௙
(63(5$1=$'Ë(=025(12௙
$*867,1$'($17$+(51È1'(=௙
5,&$5'$'20Ë1*8(=&$1Ï1,*2௙
0$5Ë$'20Ë1*8(=0$*'$/(1$௙
0$5Ë$'85È1&+$3$552௙
-26()$'85È1*21=È/(=௙
$'25$&,Ï1'85È152'5Ë*8(=௙
0$5Ë$(*,'26È1&+(=௙
0$5Ë$(6&8'(5252'5,*8(=௙
75,1,'$'(67(%$1%$,/Ï1௙
&/27,/'((67(%$118f2௙
&2168(/2(67e9(=$*8,/$5௙
-8/,$1$)(51È1'(=*21=È/(=௙
0$5Ë$)(51È1'(=5,9(5$௙
/$85$)(51È1'(=9$5(/$௙
720$6$)(55e,5$0217(52௙
0$5Ë$)(55(5*È/9(=௙
&$50(10$5*$5,7$)(55(5526௙
75,1,'$')/25(6'20Ë1*8(=௙
0$5Ë$)/25(66$/*8(52௙
/25(1=$)216(&$*$5&Ë$௙
0$5Ë$)5$1&,6&20$57Ë1௙
$*867,1$)5$1&2*21=È/(=௙
%5Ë*,'$3)5(,-2&$/'(5Ï1௙
$1721,$*$%,12*21=È/(=௙
+257(16,$*$-$7(6$10$7Ë$6௙
0$5Ë$*$/È16È1&+(=௙
$681&,Ï1*$//(*2*$5&Ë$௙
7(2'25$*$//(*20(/e1'(=௙
$03$52*$0%(53$5('(52௙
%$/7$6$5$*$0(//$0(//$'2௙
0$5Ë$*$fÈ1&257e6௙
385,),&$&,Ï1*$5&Ë$$&(9('2௙
0,&$(/$*$5&Ë$%$55$*È1௙
)(/,&,'$'*$5&Ë$%,e1=2%$6௙
3,/$5*$5&Ë$%,e1=2%$6௙
&$52/,1$*$5&Ë$&$/92௙
0/8,6$*$5&Ë$'25$'26(,58//2௙
$85(/,$*$5&Ë$*$5&Ë$௙
-2$48,1$*$5&Ë$*$5&Ë$௙
/8&Ë$*$5&Ë$*$5&Ë$௙
9,&725,$*$5&Ë$*$5&Ë$௙
62/('$'*$5&Ë$*21(1*(5௙
7(5(6$*$5&Ë$*8,1$/'2௙
-26()$*$5&Ë$/(*5(7௙
&$6,/'$*$5&Ë$0$1=$12௙
$/(-$1'5$*$5&Ë$0$57Ë1௙
$1721,$*$5&Ë$0$57Ë1௙
/,',$*$5&Ë$3e5(=௙
6$17,$*$*$5&Ë$5$026௙
00$*'$/(1$*$5&Ë$6È(=௙
&$50(1*$5&Ë$6È1&+(=௙
7(2'25$*$5&Ë$6È1&+(=௙
-8$1$*$5&Ë$6$1726௙
0$18(/$*$5&,$6$1726௙
0$5Ë$*$5&Ë$68È5(=௙
È1*(/$*$5&Ë$௙
(1&$51$&,Ï1*$5&Ë$௙
0$5Ë$*$5&Ë$௙
526$/Ë$*,/*$7$௙
0$5Ë$*,/0$<25'202௙
07(5(6$*Ï0(=&$6752௙
'$5Ë$*Ï0(='Ë$=௙
$1721,$*Ï0(=(/,&(6௙
+257(16,$*Ï0(=0$'58*$௙
'2/25(6*Ï0(=0(/Ï1௙
$1$*Ï0(=6È1&+(=௙
'2/25(6*Ï0(=6,/9$௙
$8525$*21=È/(=$/2162௙
526$*21=È/(=&21(-2௙
,1e6*21=È/(='20Ë1*8(=௙
9,&(17$*21=È/(=)(51È1'(=௙
)/25$*21=È/(=*$5&Ë$௙
È)5,&$*21=È/(=+8$57(௙
0$5Ë$*21=È/(=,*/(6,$6௙
,6$%(/*21=È/(=/$1&+$6௙
6,021$*21=È/(=0$5&26௙
0$5Ë$*21=È/(=025(12௙
720$6$*21=È/(=08f2=௙
&/$8',$*21=È/(=3$1,$*8$௙
0$57$*21=È/(=3$6725௙
/8,6$*21=È/(=3/$=$௙
)(/,6$*21=È/(=52'5Ë*8(=௙
0$5Ë$*21=È/(=6$17,$*2௙
È1*(/$*25-Ï158('$௙
0$5Ë$'(*5$&,$௙
(15,48(7$*5(*25,2,*/(6,$6௙
$0%52,6(*8(9$/&257e6௙
«««
526$*87,e55(=)/25(6௙
«««
-8$1$+(5026$*$5&Ë$௙
6$%,1$+(51È1'(=%/$6&2௙
-26()$+(51È1'(='(6$17(௙
-8$1$+(51È1'(=(67e9(=௙
&$<(7$1$+(51È1'(=*$/9È1௙
$'(/$+(51È1'(=*$5&Ë$௙
$1721,$+(51È1'(=*21=È/(=௙
0$5Ë$+(51È1'(=*21=È/(=௙
3,/$5+(51È1'(=+(51È1'(=௙
62)Ë$+(51È1'(=+(51È1'(=௙
0$5Ë$+(51È1'(=-$5(52௙
&$7$/,1$+(51È1'(=/(21Ë6௙
385,),&$&,Ï1+(51È1'(=0$57Ë1௙
È1*(/$+(51È1'(=0$7(26௙
,12&(1&,$+(51È1'(=08f2=௙
0$&$5,$+(51È1'(=329('$௙
$0$/,$+(51È1'(=6È1&+(=௙
526$5,2+(55(5$'(/$&$6$௙
&$50(1+(55(5$+(51È1'(=௙
$1721,$+(55(52$/%$௙
9,&725,$+(55(52%(50(-2௙
$1$+(55(52&$6752௙
7(5(6$+(55(52+2/*$'2௙
/8,6$+(55(520$57Ë1௙
0$7,/'(+,'$/*252'5Ë*8(=௙
(7,(11(+2))0$1௙
-26()$+8$57(52'5,*8(=௙
(/(87(5,$+8(%5$-8$1௙
*5(*25,$+80$1(6)5Ë$6௙
07(5(6$'(/$,*/(6,$,*/(6,$6௙
,*1$&,$,*/(6,$6)(51È1'(=௙
0,&$(/$,*/(6,$6,f,*2௙
-8$1$,*/(6,$63$%/2௙
0(5&('(6,*/(6,$66È1&+(=௙
0$5Ë$,*/(6,$66$5'Ï1௙
/8,6$,*/(6,$67$%2$'$௙
$1721,$,*/(6,$69Ë&725௙
.$52/,9$1.$௙
&$50(1-$63(*Ï0(=௙
0$5&(/,1$-$63(*Ï0(=௙
0$5Ë$-$63(*Ï0(=௙
3$752&,1,$-$63(*Ï0(=௙
0$5$9,//$-,0e1(='($0$<$௙
-867$-,0e1(=(6&8'(52௙
/8',9,1$-,0e1(=$0$<$௙
3$752&,1,2-,0e1(=0217$1&+(=௙
0$5Ë$-25*(௙
3(75$-8$16È1&+(=௙
$1721,$/$*81$5,9(52௙
$1$67$6,$5$026025$/(6௙
0$1721,$/(&+Ï1*$55,'2௙
%$/%,1$/('(60$'(3$=௙
%(57/(9Ë௙
(1*5$&,$/2%2%$-2௙
$0(/,$/Ï3(=&26Ë2௙
0$5Ë$/Ï3(=',(*2௙
720$6$/Ï3(=)(51È1'(=௙
),/20(1$/Ï3(=*$5&Ë$௙
-8$1$/Ï3(=-,0e1(=௙
)(/,6$/Ï3(=0$57Ë1௙
-26()$/Ï3(=3(5(,5$௙
0$5Ë$/Ï3(=9,//$௙
0$5Ë$'(/$03$52/Ï3(=௙
$0$/,$/25(17(02/,1$௙
(51(67,1$/25(1=2௙
0$57,1$/8&$69(/$6&2௙
*8,//(50$/8,66È1&+(=௙
«««««
9$/(17,1$//25(17(0$57Ë1௙
«
)/25(17,1$0$&,$6+(51È1'(=௙
-8$1$0$,//2*$5&Ë$௙
&21&(3&,Ï10$1&(%28&(52௙
$*867,1$0$18(/'(/$5&2௙
(1*5$&,$0$5&26&5(632௙
(0e5,7$0$5&26(6&8'(52௙
0&5,67,1$0$5&26+(51È1'(=௙
%21,)$&,$0$57Ë1$/2162௙
(86(%,$0$57Ë1$552-2௙
-26()$0$57Ë1&$9(52௙
5(*,1$0$57Ë1*$5&Ë$௙
526$0$57Ë1*$5&Ë$௙
62/('$'0$57Ë1*$5&Ë$௙
,/80,1$'$0$57Ë1*21=È/(=௙
1$7,9,'$'0$57Ë1*21=È/(=௙
9,&(17$0$57Ë1*21=È/(=௙
$0$/,$0$57Ë1+(51È1'(=௙
0$18(/$0$57Ë1/2681$௙
5(<(60$57Ë10$57Ë1௙
0$5Ë$0$57Ë10$57Ë1(=௙
0$18(/$0$57Ë10$7(26௙
-8$1$0$57Ë13e5(=௙
526$0$57Ë13e5(=௙
%21,)$&,$0$57Ë16$0$1,(*2௙
,6$%(/0$57Ë16È1&+(=௙
/8,6$0$57Ë16È1&+(=௙
0$18(/$0$57Ë16È1&+(=௙
9,&725,$0$57Ë16(,6'('26௙
1$7,9,'$'0$57Ë19,/'25(-2௙
&$6,0,5$0$57Ë19,//$*5$1௙
3,/$50$57Ë1(=0$1*$6௙
3$8/$0$57Ë1(=6$%,12௙
$1721,$0$6$*Ï0(=௙
$/,&,$0$7(26*$5&Ë$௙
-8$1$0$7(260$57Ë1௙
&$50(10$7Ë$60$57Ë1௙
-8$1$0$7,//$5$026௙
(8*(1,$0$72652'5Ë*8(=௙
),/20(1$'(0$<$%25-$௙
0$5Ë$'(0$<$%25-$௙
0&$50(10$<$6$/$=$5௙
&È1','$0(',1$*È0(=௙
-2$48,1$0(/&+256(1'Ë1௙
&2168(/20(/(526È1&+(=௙
-8$1$0(/Ï1*Ï0(=௙
$/)216$'(0(1$&$/92௙
0$18(/$0(5&+È13$&+2௙
-26()$0,*8(/*87,e55(=௙
3$75,&,$0,*8(/38/,'2௙
(8*(1,$0,*8(/52'5Ë*8(=௙
(1*5$&,$0,*8(/6È1&+(=௙
5,&$5'$0,5$%(1,72௙
3(75$02/,1(526È1&+(=௙
7(5(6$0217(526È1&+(=௙
'(/),1$0217(520$57Ë1௙
/25(1=$0217(5252'5Ë*8(=௙
,6$%(/0217(526È1&+(=௙
+(50,1,$0217(52௙
0$5Ë$0217(52௙
-8/,$0217(63(f$௙
)/25$025$/(66(9,//$12௙
-($1'(025(1(௙
««««««««
,6,'25$025Ëf,*2/Ï3(=௙
«
-8$1$,1e60252+(51È1'(=௙
0$5Ë$08/$6%(//2௙
6$%,1$08f2=0$57Ë1(=௙
3$752&,1208f2=6(1'Ë1௙
7(5(6$085,(/%/$1&2௙
0È;,0$1$5$1-2/Ï3(=௙
6(9(5,$1$1$9$,6)(55(,5$௙
6(%$67,$1$1$9$6'(/*$'2௙
3$752&,1,21,&2/È6&$/'(5Ï1௙
,6,'25$1,(726È1&+(=௙
0'(/$61,(9(6*$67$2௙
*$%5,(/$1Òf(=2/,9(5$௙
&$50(13È(=0$5Ë$௙
9,&725,$3$<2025È1௙
$1721,$3e5(=+(51È1'(=௙
0$5Ë$3e5(=3e5(=௙
3$8/$3e5(=52-2௙
««««««««
0$5Ë$3,(5௙
««««««««««««
0&$50(13,/$508f2=௙
«
&(/,$3,1,//$*$//$5'2௙
5(<(63,17$'2/,=&$12௙
%(51$5',1$3,172/Ï3(=௙
-26()$3,172/Ï3(=௙
0$18(/$3,172/Ï3(=௙
&2168(/23,f(,52*21=È/(=௙
('89,*,63/$=$*$5&Ë$௙
0$5Ë$3257$$1721,2௙
&$50(13257(/$0217(52௙
È1*(/(632572$5,$6௙
0$5Ë$328//(7&$0,/$௙
7(5(6$32=2+(51È1'(=௙
$*$3,7$5$026*Ï0(=௙
,*1$&,$5$0265$026௙
7(5(6$5$0265$026௙
*(129(9$5$0266È1&+(=௙
3/È&,'$5('21'2)(51È1'(=௙
0$5Ë$5(<(6$3$5,&,2௙
7(2'25$5Ë$61,(72௙
/8&,/$5,1&Ï1*$/,1'2௙
0216(55$75,9$)$%5$௙
526$5,9(52+(51È1'(=௙
-8/,$1$52'5Ë*8(=(67(%$1௙
0$5Ë$52'5Ë*8(=+(51È1'(=௙
1$7,9,'$'52'5Ë*8(=+(51È1'(=௙
0$5Ë$52'5Ë*8(=0$5&26௙
%5Ë*,'$52'5Ë*8(=0$5Ë1௙
'2/25(652'5Ë*8(=0$5Ë1௙
526$52'5Ë*8(=0$57Ë1025(12௙
62/('$'52'5Ë*8(=0$57Ë1௙
0$5Ë$52'5Ë*8=0(621(52௙
-8/,$52'5Ë*8(=52'5Ë*8(=௙
1,&2/$6$52'5Ë*8(=52'5Ë*8(=௙
0$5Ë$52'5Ë*8(=6È1&+(=௙
(1&$51$&,Ï152'5Ë*8(=9$&$6௙
&21&(3&,Ï152'5Ë*8(=9,//$௙
0$5Ë$520È1520È1௙
6(%$67,$1$520È16È1&+(=௙
$1'5($520(2-,0e1(=௙
«««««
/8&Ë$58%,2+(55(52௙
(1&$51$&,Ï158,3e5(=&5,67Ï%$/௙
/(212558,3e5(=&5,67Ï%$/௙
3,/$558,=&,'௙
3,/$558,=6(60$௙
9,&725,$6$/$=$5-,0e1(=௙
&$50(16$/$=$50$<$௙
02'(67$6$/$=$5=Òf,*$௙
)/25$6$/,1(52/$f8(/2௙
,6$%(/6$1-8$1%/$1&2௙
&$50(16$10$57Ë1&2592௙
$'(/,1$6$10,*8(/*$5&Ë$௙
(0,/,$6È1&+(=È/9$5(=௙
&(6È5($6È1&+(=$552<2௙
(8*(1,$6È1&+(=$552<2௙
9,5*,1,$6È1&+(=&$/=$'$௙
$9(/,1$6È1&+(=*$5&Ë$௙
«««
%$6,/,6$6È1&+(=*$5&Ë$௙
««««
$1721,$6È1&+(=*21=È/(=௙
«
0$5Ë$6È1&+(=,=48,(5'2௙
,6$%(/6È1&+(=-80e1(=௙
«««
$1$06È1&+(=/Ï3(=௙
$1721,$06È1&+(=0$57Ë1௙
&2167$17,1$6È1&+(=0$57Ë1(=௙
0'(/3,/$56È1&+(=32/2௙
$0(/,$6È1&+(=35,(72௙
*/25,$6È1&+(=5,2-$௙
(0(5(1&,$1$6È1&+(=52'5Ë*8(=௙
1,(9(66È1&+(=52'5Ë*8(=௙
%(51$5'$6È1&+(=6$1-8$1௙
/8,6$6È1&+(=6È1&+(=௙
«««««
3(75$6È1&+(=6È1&+(=௙
««««
3$752&,1,26È1&+(=9,&(17(௙
«
,6$%(/6È1&+(=<6È1&+(=௙
«««
'(/),1$6È1&+(=௙
«««««««««
&21&(3&,Ï16$17$0$5Ë$)8(17(௙
0$5Ë$6$1726$0$'2௙
%$/7$6$5$6$1726+(51È1'(=௙
(0,/,$6$17260(',$12௙
5,7$'(/266$1726520(52௙
(15,48(7$6$1=/Ï3(=௙
È1*(/$6$675(0$7$௙
%$6,/,$6(55$12&$/92௙
0$5Ë$6(9(5,12+(51È1'(=௙
$1721,$6(9,//$126È1&+(=௙
5$021$6,0Ï158%,2௙
-(686$6,0Ï16,0Ï1௙
0$5Ë$6272(&+(9$55Ë$௙
0$5Ë$687Ë/9$/'e6௙
9,5*,1,$7(2'2523e5(=௙
720$6$7(55$',//26%$55,26௙
0$*'$/(1$7(55(520$57Ë1௙
0$18(/$7(55Ï10$5,1$௙
/8,6$72/26$/2=$12௙
526$7255(6*Ï0(=௙
0$5Ë$7255(66$1=௙
&$50(1Ò&$5*$5&Ë$௙
(8*(1,$8*(1'2'(/$*8Ë$௙
0&2168(/29$/'(5$*$5&Ë$௙
0$5Ë$9$//(6$௙
%$/%,1$9$5*$6)(51È1'(=௙
3(75$9È=48(=)(51È1'(=௙
385$9È=48(=/(086௙
-8/,$1$09È=48(=9$//(௙
&$50(19(/$6&20$7(8௙
720$6$9(/$6&26È1&+(=௙
È1*(/$9(/È=48(=*21=È/(=௙
1$7$/,$9(/262)(51È1'(=௙
(/$',$9,&(17(6È1&+(=௙
&$7$/,1$9,'$/0(1$௙
0$5Ë$9,//$6$17(3e5(=௙
%È5%$5$9,//25,$6$1726௙
5$)$(/$=$0$55(f2(648,7Ë1௙
0$5Ë$=$0$55(f2*5$1'(௙
0$5Ë$=$0$55(f2/25(1=2௙
(QHOWUDQVFXUVRGHOWLHPSRDODXWRUGHHVWDV0HPRULDVOHWRFyYLYLU
DOJXQRVHSLVRGLRVUHODFLRQDGRVFRQOD*XHUUD&LYLO
/D³(UPLWDGH6DQWLDJR$SyVWRO´
/D TXH KDFH PXFKRV DxRV VH GHQRPLQy FRPR ILQFD GHO ³௙
9LOODU GH ORV ÈODPRV࣡
´ HVWi
VLWXDGD D XQRV WUHLQWD NLOyPHWURV GH 6DODPDQFD HQWUH ORV WpUPLQRV PXQLFLSDOHV GH
$OGHKXHOD GH OD %yYHGD 5REOL]D GH &RMRV \ 0DWLOOD GH ORV &DxRV HQ HVWDED
GLYLGLGD FRQ RWUDV ILQFDV SHUWHQHFLHQWHV D OD IDPLOLD JDQDGHUD 3pUH] 7DEHUQHUR ³௙
6DQ
)HUQDQGR´ ³/RV &DPSRV GHO +RVSLFLR \ ³9LOODU GH ORV ÈODPRV´࣡
HUDQ࣡
SRVLEOHPHQWHHO
FRQMXQWR JDQDGHUR PiV H[WHQVR GH OD SURYLQFLD SURSLHGDGHV TXH IXHURQ KHUHGDGDV SRU
ORV KHUPDQRV $UJLPLUR $QWRQLR $OLSLR \ *UDFLOLDQR 3pUH] 7DEHUQHUR \ TXH WHQtDQ
GHGLFDGDVDODSURGXFFLyQGHUHVHVEUDYDVSDUDODOLGLDWDXULQD
3RFR WDUGDURQ )UDQFR \ VXV VHFXDFHV ORV JHQHUDOHV UHEHOGHV DO RUGHQ OHJDO GH OD
5HS~EOLFD HQ LQVWDODU HO FXDUWHO JHQHUDO HQ 6DODPDQFD \ RIUHFHUVH OD PD\RUtD GH ORV
JDQDGHURV VDODPDQWLQRV LQFRQGLFLRQDOPHQWH DO LQFLSLHQWH GLFWDGRU HV PDV LQFOXVR SDUD
HOORV HUD PRWLYR GH RUJXOOR IDFLOLWDUOHV WRGR OR TXH WHQtDQ \ GH OR TXH KDFtDQ JDOD HQ ODV
WHUWXOLDV GHO &DVLQR GH VX JUDGRGHFRODERUDFLRQLVPRFRQHOUpJLPHQIDVFLVWDSURQWRORV
JHQHUDOHV YLDMDURQ D FRQRFHU ODV ILQFDV \ D FRPHUOHV ORV MDPRQHV \ EHEHUOHV VX PHMRU
YLQR XQD YH] TXH FRQRFLHURQ ODV H[WHQVDV SURSLHGDGHV HOLJLHURQ 6DQ )HUQDQGR SDUD
HVWDEOHFHU HQ HOOD XQ FDPSRGHDYLDFLyQSDUDODEDVHGHORVDYLRQHVERPEDUGHURV\FD]DV
GH OD /HJLyQ &yQGRU DOHPDQD SUHFLVDPHQWH OD KLVWRULD UHFRJH TXH GH DOOt VDOLHURQ ORV
TXHLQWHUYLQLHURQHQWUHRWURVHQHOVDOYDMHERPEDUGHRGH*XHUQLFDHQ9L]FD\D
(O FLWDGR DHUyGURPR PLOLWDU IXH LQVWDODGR HQ ORV &DPSRV GHO +RVSLFLR \ DOOt HQ
GLUHFFLyQ 3RUWXJDO D OD L]TXLHUGDDXQRVGRVNLOyPHWURVGHODFDUUHWHUD1LQVWDODURQ
XQ EDUUDFyQ GH FDPSDxD GH PDGHUD VREUH XQD VROHUD GH KRUPLJyQ OXJDU TXH HVWDED
VHPLRFXOWR HQWUH HQFLQDV \ GRQGH VH UHXQtDQ HQ VHFUHWR ORV JHQHUDOHV JROSLVWDV HQ VX
SUR[LPLGDG FRQVWUX\HURQ XQ VXEWHUUiQHR FRPR UHIXJLR HQ SUHYLVLyQ GH ORV DWDTXHV
DpUHRV TXH SRGtDQ WHQHU DOOt HQ DTXHO OXJDU SUHFLVDPHQWH \ HQ HO EDUUDFyQ PHQFLRQDGR
WXYR OXJDU OD SULPHUD UHXQLyQ GH ORV PDV SULQFLSDOHV JHQHUDOHV JROSLVWDV SDUD HOHJLU \
GHWHUPLQDU D FXDO GH HOORV LQYHVWtDQ FRPR MHIHVXSUHPR DOJHQHUDO)UDQFRORGHFODUDURQ
³FDXGLOOR´ \ FDSLWiQ JHQHUDO GH ORV HMpUFLWRV UHEHOGHV SDUD OD ³KLVWRULD PDQLSXODGD´ \
SDUD HOORV PLVPRV HUDQ ௙
³HO HMpUFLWR TXH KDEUtD OLEHUDU D OD 3DWULD GH ODV KRUGDV
PDU[LVWDV´
$TXHO OXJDU IXH SDUD ORV GXHxRV GH ODV ILQFDV XQ OXJDU UHVSHWDGR \ FDVL YHQHUDGR
FRQVHUYDURQ HO EDUUDFyQ PXFKRV DxRV SHUR DO ILQ HO WUDQVFXUVR GHO WLHPSR \ ORV QXORV
FXLGDGRV GH PDQWHQLPLHQWRDFDEDURQFRQpO9HLQWLFLQFRDxRVGHVSXpVGHOGH-XOLRGH
HQ FXDQGR HO JRELHUQR IUDQTXLVWD SURPRYLy ODFHOHEUDFLyQGHORV ;;9DxRV
GH ³3D]´ D ERPER \ SODWLOOR &RPR SUXHED GH VRPHWLPLHQWR \ DFWLWXG ³SHORWHUD´ GHO
JREHUQDGRU FLYLO \ HO SUHVLGHQWH GH OD 'LSXWDFLyQ DPERV FRPR QR SRGtDQ VHU GH RWUD
IRUPD PDV TXH IUDQTXLVWDV pVWRV PDQGDURQ FRQVWUXLU XQD HUPLWDTXHSDJyOD'LSXWDFLyQ
3URYLQFLDOGHGLFDGDD6DQWLDJR$SyVWRO 'LFKD HUPLWD WHQtD FRPR REMHWR HO SHUSHWXDU OD HIHPpULGHV DO ODGR GHO OXJDU GRQGH
HVWXYR XELFDGR HO EDUUDFyQ GHO TXH TXHGDED VRODPHQWH OD VROHUD GH KRUPLJyQ \R
SHUVRQDOPHQWH QR FRQRFt HO OXJDU SRUTXH QXQFD PH LQWHUHVy SHUR HQHODxRVLHQGR
\RHOFRQFHMDOGHOHJDGRGHOD3ROLFtD0XQLFLSDOGH6DODPDQFDPHYLVRUSUHQGLGRSRUTXH
OD )LHVWD GH OD 3ROLFtD 0XQLFLSDOVHFHOHEUDEDWUDGLFLRQDOPHQWHHQDTXHOOXJDUFRQDTXHO
PRWLYR IXH OD SULPHUD YH] TXH PH Yt REOLJDGR D FRQRFHU DTXHO HPSOD]DPLHQWR \D TXH
FRPR FRQFHMDO GHOHJDGR WXYH TXH DVLVWLU DFRPSDxDQGR DO $OFDOGH -HV~V 0iODJD \
SUHVLGLUFRQpOXQDFRPLGDGHFRQIUDWHUQLGDG
$OOt PLVPR \ GLVFUHWDPHQWH OH FRPHQWp DO $OFDOGH TXH HUD OD ~OWLPD YH] TXH DOOt VH
FHOHEUDED GLFKR DFRQWHFLPLHQWR DQXDO GH OD 3ROLFtD TXH HOFRPSUHQGtDFRPRDVtIXHORV
PRWLYRV SDUD FDPELDU GH OXJDU HQ DxRV SRVWHULRUHV VH FHOHEUy HQ ³5RGDV 9LHMDV´ \ HQ
³&DVWUR (QUtTXH]´ GHVGH TXH WUHV DxRV GHVSXpV JDQDPRV ODV (OHFFLRQHV 0XQLFLSDOHV \
JREHUQDPRV$\XQWDPLHQWR\'LSXWDFLyQ
&XDQGR HQ JDQDPRV ODV (OHFFLRQHV HQ OD SURYLQFLD \ QRV KDFHPRV FDUJR GH OD
'LSXWDFLyQ VR\ QRPEUDGR YLFHSUHVLGHQWH ž GH OD PLVPD KDEtDQ SDVDGR SRFRV GtDV GH
OD LQYHVWLGXUD FXDQGR XQ GtD VROLFLWDDXGLHQFLDDO3UHVLGHQWH-XDQ-RVp0HOHURHOSiUURFR
GH 5REOL]D GH &RMRV GH QRPEUH 0HOLWyQ \ OH KDEOD DO 3UHVLGHQWH GHO DUUHJOR \
PDQWHQLPLHQWR GH OD HUPLWD FRPR SURSLHGDG GH OD 'LSXWDFLyQ FRQ PX\ EXHQ FULWHULR HO
3UHVLGHQWH PHOODPDDVXGHVSDFKRPHSUHVHQWDDOFXUD\GHODQWHGHpOGHOHJDHQPLSDUD
TXH PH GHVSODFH D YHUOD \ OH LQIRUPH GH VX HVWDGR $Vt OR KLFH FLWp HQ HO OXJDU DO
PHQFLRQDGR FXUD 0HOLWyQ TXH FRQ ODV OODYHV TXH pO JXDUGDED \ GLULJLGD OD YLVLWD SRU pO
SXGHFRPSUREDUSHUVRQDOPHQWHHOHVWDGRGHDEDQGRQR\GHWHULRURGHODFLWDGDHUPLWD
(PSH]DQGR SRU ODV SXHUWDV TXH HVWDEDQ ILMDGDV FRQ FODYRV \ QR SXGLPRV HQWUDU OD
REVHUYDPRV SRU IXHUD \ D WUDYpV GH ODV YHQWDQDV HQUHMDGDV FDUHQWHV GH FULVWDOHV \ SRU
GRQGH SHQHWUDEDQ ODV SDORPDV \ JRORQGULQDV TXH WHQtDQ HQ VX LQWHULRU XQ OXJDU LGyQHR
SDUD KDFHU VXV QLGRV (O WHMDGR HVWDED PX\ GHWHULRUDGR \ FRQVHUYDED ODV SRFDV WHMDVTXH
HO YLHQWR QR KDEtDYRODGRORVDOUHGHGRUHVHVWDEDQFXELHUWRVGHIUDJPHQWRVGHWHMDVURWDV
HOWHFKRPHGLRGHUUXLGR\WRGRHUDXQDJRWHUDHOHGLILFLRQHFHVLWDEDXQDFXELHUWDQXHYD
$O FXUD OH SXVH ODV FRVDV GLItFLOHV PDV ELHQ LPSRVLEOHV OD SURYLQFLDWHQtDQHFHVLGDGHV
LPSHULRVDV PDV QHFHVDULDV ODV FDUHQFLDV GH QXHVWURV SXHEORV HUD HYLGHQWHPHQWH
FRQWUDVWDEOHV DEDVWHFLPLHQWRV GH DJXD OX] VDQHDPLHQWRV SDYLPHQWDFLyQ GH FDOOHV
FRQVXOWRULRV PpGLFRV FXOWXUD HWF HWF ODV FDUUHWHUDV SURYLQFLDOHV HVWDEDQ KHFKDV XQ
GHVDVWUH \ PH UHVXOWy IiFLO ࣡
PDQLIHVWDU DO FXUD ODV GLILFXOWDGHV HFRQyPLFDV UHDOPHQWH
H[LVWHQWHV HQ OD 'LSXWDFLyQ 3URYLQFLDO D HVDV GLILFXOWDGHV \ D TXHVDEtDPRVPX\ELHQOR
TXH WHQtDPRV TXH KDFHU HQ OD SURYLQFLD DXQTXH SDUD QRVRWURV ORV VRFLDOLVWDV௙
³DTXHO
OXJDU HUD XQ VtPEROR WHVWLPRQLDO GH OD GLFWDGXUD \ OR SURFHGHQWH VHUtD GHUULEDU OD
HUPLWD OLPSLDU D IRQGR HO OXJDU \ UHFXSHUDU HO HQWRUQR QDWXUDO \ GHMDUVH GH UHFXHUGRV
QHIDVWRV SDUD XQD VRFLHGDG TXH GHWHVWDED D )UDQFR \ D VXV FRUUHOLJLRQDULRV KDEtDTXH
ERUUDU ODV³JORULDVIDVFLVWDVSDVDGDV´"´࣡
HUDPLRSLQLyQQRREVWDQWHPHFRPSURPHWt
DTXHLQIRUPDUtDDO3UHVLGHQWH\DPLVFRPSDxHURVGLSXWDGRV
࣡
(O FXUD ࣡
0HOLWyQ PH PDQLIHVWy VX RSLQLyQ FRQFLHUWDLQVROHQFLD\JHVWRGHHQIDGRSDUD
pO OD HUPLWD ³௙
IRUPD SDUWH GHO ௙
SDWULPRQLR FXOWXUDO GH OD SURYLQFLD \ XVWHGHV WLHQHQ OD
REOLJDFLyQ GH UHVWDXUDUOR´ /H FRQWHVWp FRQ URWXQGLGDG௙
³TXH VL\RKDEtDLGRDOOt\DHVH
WHPD SUHFLVDPHQWH HV ௙
SRUTXH HO 3UHVLGHQWH KDEtD GHOHJDGR HQ PL \ \R HQ DTXHO
PRPHQWR PH SHUPLWtD PDQLIHVWDUOH PL URWXQGD GHFLVLyQ TXH HVSHUDED VHFXQGDUDQ
GHPRFUiWLFDPHQWH PLV FRPSDxHURV GH TXH DTXHO OXJDU GHEHUtD TXHGDU HOLPLQDGR \
SXQWR ILQDO´࣡
VX LQWUDQVLJHQFLD HVWXYR D SXQWR GH VDFDUPH GHTXLFLR\ PDQGDUORD³௙
IUHLU
JiUJDUDV࣡
´ VLQ GHVSHGLUQRV UHJUHVDPRV D 6DODPDQFD D 1DFKR HO FRQGXFWRU TXH IXH
WHVWLJR GHO VXFHVR OH HQWXVLDVPy PL UHDFFLyQ DQWH ORV DXWRULWDULRV PRGRV \ PDQHUDV GHO
PHQFLRQDGRFXUD
'H LQPHGLDWR DO OOHJDU OH LQIRUPp DO 3UHVLGHQWH -XDQMR 0HOHUR GHO HVWDGRGHODHUPLWD
\ TXHWHQGUtDTXHYROYHUFRQDOJ~QREUHURGHOD'LSXWDFLyQGHVFODYDUODSXHUWD\YHUTXH
HUD OR TXH KDEtD GHQWUR DXWRUL]y OD VXJHUHQFLD \ DO GtD VLJXLHQWH YROYLPRV FRQ XQ
FDUSLQWHUR TXH GHVFODYy XQD GH ODV SXHUWDV SRU GRQGH SHQHWUDPRV HQ HO LQWHULRU
VRODPHQWH KDEtD XQD LPDJHQ GH HVFD\ROD GH 6DQWLDJR FRQ XQD HVSDGD HQ OD PDQR
PRQWDGRHQXQFDEDOOREODQFR\TXHSLVDEDDORVPRURV
(Q HOFHQWURGHODOWDUHQFLPDGHXQDPHVDHQODVDFULVWtDHVWDEDQORVDFFHVRULRVSURSLRV
GHO DOWDU XQ OLEUR 0LVDO \ XQDV YLQDMHUDV XQD SDOPDWRULD \ FXDWUR FDQGHODEURV HQ XQ
DUPDULR YDULDV FDVXOODV \ URSDMH GH ODV PLVDV 7RGR OR UHFRJLPRV \ OROOHYDPRVD&DVWUR
(QULTXH] GRQGH TXHGy DTXHO PDWHULDO KDVWD TXH OR WUDMHURQ D 6DODPDQFD \ VH OR
HQWUHJDURQDOFXUDGHO+RVSLWDO3VLTXLiWULFRFRPRRUGHQyHO3UHVLGHQWH
$OJ~QWLHPSRGHVSXpVFDVXDOPHQWHWXYHXQHQFXHQWURFRQHOFXUD0HOLWyQHQHO0HVyQ
GH OD$OGHKXHODGHOD%yYHGDQRFHMyHQVHJXLULQVLVWLHQGRHQHODUUHJORGHODHUPLWD1R
OH YROYt D KDFHU FDVR \ OR HOXGtFRPRSXGH6LJXLyDTXHOOXJDUHQHODEDQGRQRKDVWDTXH
HQ JDQy ODV (OHFFLRQHV HO 3DUWLGR 3RSXODU 3DUWLGR DItQ D ORV GXHxRV GH OD ILQFD
WRGRV HOORV ³GHVFHQGLHQWHV GLUHFWRV´ GHO GLFWDGRU \ VXV FRPSLQFKHV GHWHUPLQDURQ
HQWUHJDU OD HUPLWD D ORV SURSLHWDULRV GH OD ILQFD ORV TXH VHJ~Q PH KDQ LQIRUPDGR ODKDQ
UHKDELOLWDGR \R QXQFD YROYt SRU DTXHO OXJDU GHVSXpV GHO WLHPSR SDVDGR OR TXH ODPHQWR
HV QR KDEHU LQVLVWLGR FRQ PLV FRPSDxHURV \ KDEHUOD GHUULEDGR HUD OR TXH VH PHUHFtDXQ
OXJDU GRQGH VH LQLFLDURQ ORV ODUJRV DxRVGHOGRPLQLRIDVFLVWDUHSUHVRUGHQXHVWURSXHEOR
\HQHPLJRGHOD/LEHUWDG\'HPRFUDFLDHVSDxROD
%DUWRORPp*RQ]iOH]/RUHQWH$OFDOGHGH0yVWROHV\6RFLDOLVWD
(Q HO DxR DSUR[LPDGDPHQWH D OD PLWDG GH OD OHJLVODWXUD HUD \R
FRQFHMDOGHOHJDGRGHOD3ROLFtD0XQLFLSDOXQGtDFX\DIHFKDQRUHFXHUGRPHGDWUDVODGR
HO $OFDOGH GH 6DODPDQFD -HV~V 0iODJD GH XQD FDUWD GHO $\XQWDPLHQWR GH 0DGULG
ILUPDGD SRU HO FRQFHMDOGHOHJDGR GH OD 3ROLFtD 0XQLFLSDO -RVp %DUULRQXHYR HQ GLFKD
FDUWD QRV RIUHFtD OD SDUWLFLSDFLyQ HQ OD JHVWRUD SDUD OD RUJDQL]DFLyQ HQ 0DGULG GH ODV
³3ULPHUDV-RUQDGDVGH6HJXULGDG&LXGDGDQD´௙
DFHOHEUDUVHHQ&DUWDJHQD
(O $OFDOGH PH LQIRUPy GH OD FRQYHQLHQFLD GH DVLVWLU \ OR GHMy D PL HOHFFLyQ \D TXH
FRPR WUDEDMDED HQ OD IiEULFD QR TXHUtD TXH WXYLHUD DOJ~Q SUREOHPD HQ PL WUDEDMR OR
KDEOp FRQ PL MHIH HQ OD HPSUHVD \ PH GLR WRGD FODVH GH IDFLOLGDGHV SDUD TXH IXHUD
GHVFRQWDQGRORVGtDVQHFHVDULRVGHPLVYDFDFLRQHVGHYHUDQR
(Q 0DGULG HQ HO FXDUWHO &RQGH 'XTXH WXYLPRV YDULDV UHXQLRQHV OD FRPLVLyQ
RUJDQL]DGRUD TXH HVWXYR IRUPDGD SRU -RVp %DUULRQXHYR WHQLHQWHDOFDOGH \ GHOHJDGR GH
OD 3ROLFtD 0XQLFLSDO GH 0DGULG 5DIDHO 9HUD WpFQLFR GH OD3ROLFtD0XQLFLSDOGH0DGULG
*XLOOHUPR *XWLpUUH]WHQLHQWHDOFDOGH\GHOHJDGRGHOD3ROLFtD0XQLFLSDOGH6HYLOOD-RVp
*XLUDR FRQFHMDOGHOHJDGR GH OD 3ROLFtD 0XQLFLSDO GH &DUWDJHQD $QWRQLR 0DUWtQH]
FRQFHMDOGHOHJDGR GH OD 3ROLFtD 0XQLFLSDO GH 9DOODGROLG \ \R FRQFHMDOGHOHJDGR GH
6DODPDQFD $OOt FHOHEUDPRV WUHV UHXQLRQHV DOWHUQDV GHWUDEDMRGHXQGtDSDUDSUHSDUDUOD
FRQYRFDWRULD RUJDQL]DU OD -RUQDGDV \ SUHSDUDU ODV 3RQHQFLDV TXH DOOt VH KDEUtDQ GH
GLVFXWLU \ DSUREDU OR TXH VLUYLy SDUD HVWUHFKDU QXHVWUD DPLVWDG HQWUH ORV FLQFR
FRPSRQHQWHVGHODPHQFLRQDGDMXQWDJHVWRUD
$ ODV -RUQDGDV PH KLFH DFRPSDxDU GHO VXEMHIH GH OD 3ROLFtD 0XQLFLSDO GH 6DODPDQFD
)URLOiQ %HUURFDO \ HQ &DUWDJHQD SDUWLFLSDPRV HQ ODV GLVFXVLRQHV GH WHPDV UHODFLRQDGRV
FRQ SODQWHDPLHQWRV GHPRFUiWLFRV \ ODV JDUDQWtDV FRQVWLWXFLRQDOHV SDUD REWHQHU XQD
PD\RU VHJXULGDG GH ORV FLXGDGDQRV HUD XQ WHPD TXHGHVSXpVGHOWUiQVLWRGHODGLFWDGXUD
D OD 'HPRFUDFLD KDEtD TXH WUDWDU FRQ WRGR HO LQWHUpV DGDSWDQGR ORV FRPSRUWDPLHQWRV \
DFWLWXGHVGHODV3ROLFtDVDORVQXHYRVWLHPSRV\DODOLEHUWDGSURSLDGHOD'HPRFUDFLD«
(O SULPHU GtD DO DFDEDU ODV UHXQLRQHV 3HSH %DUULRQXHYR PH OODPy \ PH GLMR TXH
GHVSXpV GH OD FHQD TXHUtD FRQRFHUPH SHUVRQDOPHQWH \ KDEODU FRQPLJR HO $OFDOGH GH
0yVWROHV %DUWRORPp *RQ]iOH] /RUHQWH 0H OR SUHVHQWy \ QRV IXLPRV D XQD FDIHWHUtD
MXQWRD%DUULRQXHYR9HUD%HUURFDO%DUWRORPp\\R
%DUWRORPp PH SUHJXQWy VL HO IXQFLRQDULR %HUURFDO TXH PH DFRPSDxDED HUD GH PL
FRQILDQ]D OH PDQLIHVWp TXH QR WRWDOPHQWH HUD XQD KHUHQFLD GHO SDVDGR \ HVWDED HQ
SHULRGR GH ³DGDSWDFLyQ´ GHPRFUiWLFD (QWRQFHV PH GLMR TXH VHUtD PHMRU FRQWDUPH D PL
VROR OD KLVWRULD VH GLVFXOSy GH ORV FRPSDxHURV \ QRV DSDUWDPRV D RWUD PHVD DOOt PH
FRQWy XQD SHTXHxD SDUWH GH VXV KD]DxDV ODV TXH SRU HO LQWHUpV KLVWyULFR TXH HQFLHUUDQ
YR\ D WUDWDU GHUHSURGXFLUFRQODPD\RUILGHOLGDGTXHODVQRWDVWRPDGDV\ODPHPRULDPH
SHUPLWDQ
%DUWROR PH UHILULy TXH HVWDED FDVDGR FRQ XQD VHxRUD QDWXUDO GHO SXHEORVDOPDQWLQRGH
/RV 6DQWRV TXH ODV FLUFXQVWDQFLDV GH OD YLGD \ODFDVXDOLGDGKLFLHURQTXHVHFRQRFLHUDQ
HQ 0DGULG FXDQGR HOOD WUDEDMDED GH VLUYLHQWD \ pO HQ OD FRQVWUXFFLyQ OOHYDEDQ FDVDGRV
WUHLQWD \ WUHV DxRV \ GHVGH HQWRQFHV QR KDEtD YXHOWR D VX SXHEOR QR WXYLHURQ KLMRV \ HO
PRWLYR HUD QDGD PiV \ QDGD PHQRV SRUTXH %DUWROR HQ HO DxR SDUWLFLSy FRQ XQD
SDWUXOOD GH JXHUULOOHURV DQWLIUDQTXLVWDV ³PDTXLV´ HQ OD PXHUWH GHO DOFDOGH HO MHIH GH OD
)DODQJH \ RWUR SHUVRQDMH IDODQJLVWDV GHO SXHEOR pO HQ UHDOLGDG QXQFD VXSR FXiQWRV
IXHURQORVTXHPXULHURQ
(O WHPRU D VHU UHFRQRFLGR SRU DOJXLHQ OH UHWXYR PXFKRV DxRV GHVHDQGR YROYHU FRQ VX
PXMHU D /RV 6DQWRV \ OD SUXGHQFLD OH DFRQVHMy HVSHUDU HO PRPHQWR DSURSLDGRPRPHQWR
TXH FRQ OD GHPRFUDFLD KDEtDOOHJDGR4XHpOQRSDUWLFLSRGLUHFWDPHQWHHQODPDWDQ]D\D
TXH HVWXYR FRQWURODQGR ODV HQWUDGDV GHO SXHEOR FRQ RWURV FRPSDxHURV \ TXH FUHtD TXH
FRQODGHPRFUDFLDKDEtDOOHJDGRODKRUDGHGDUOHXQDVDWLVIDFFLyQD,QRFHQFLDVXPXMHU
/H PDQLIHVWp OR TXH \R VDEtD GH /RV 6DQWRV HQ DTXHOODV IHFKDV QRVHKDEODEDQDGDGH
OR VXFHGLGR DxRV DWUiV TXH \R SUHFLVDPHQWH HVWDED HQ UHODFLRQHV FRQ XQ JUXSR GH
MyYHQHV GH L]TXLHUGDV SHUWHQHFLHQWHV D OD $VRFLDFLyQ &XOWXUDO GHQRPLQDGD ³/D
7DODQTXHUD´ \ TXH HVWDED VHJXUR TXH HQ ODV VLJXLHQWHV HOHFFLRQHV PXQLFLSDOHV
FRQVHJXLUtDPRV DOFDOGH VRFLDOLVWD HQ HO SXHEOR QR REVWDQWH SHUVRQDOPHQWH \R QR WHQtD
QLQJ~Q LQFRQYHQLHQWH HQ DFRPSDxDUORV FXDQGR GHVHDUDQ HQ VX YLVLWDDOSXHEORVHUUDQR\
TXHTXHGDEDDVXGLVSRVLFLyQ
/RVGtDVSDVDGRVHQ&DUWDJHQDSDVDURQUiSLGRV\HOUHVXOWDGRGHODVFRQFOXVLRQHVGHODV
3ULPHUDV -RUQDGDV GH 6HJXULGDG &LXGDGDQD IXHURQWRGRXQp[LWR\FDGDXQRUHJUHVDPRV
D QXHVWUDV FLXGDGHV GLVSXHVWRV D FXPSOLPHQWDU ODV 5HVROXFLRQHV 7XYR TXH SDVDU DOJ~Q
WLHPSR SDUD TXH YROYLHUD D VDEHU GH %DUWRORPp *RQ]iOH] /RUHQWH $OFDOGH GH0yVWROHV
HQ ODV (OHFFLRQHV JHQHUDOHV GH HO WULXQIR GHO 362( IXH DSRWHyVLFR \ SRFRV GtDV
GHVSXpV HQ HO WHOpIRQR GH PL FDVD UHFLER OD OODPDGD GH %DUWROR TXHUtD IHOLFLWDUPH \
IHOLFLWDUQRV SRU HO p[LWRSROtWLFRREWHQLGR\GHSDVRYROYHUDLQVLVWLUGHVXGHVHRGHYLDMDU
D 6DODPDQFD \ D/RV6DQWRVOHUHLWHUpPLRIUHFLPLHQWRDQWHULRU\RWUDYH]PiVSDVyRWUR
HVSDFLRGHWLHPSR
(Q HO DxR HO 3DUWLGR 6RFLDOLVWD YXHOYH D JDQDU ODV (OHFFLRQHV 0XQLFLSDOHV \
$XWRQyPLFDV FRQ XQ DPSOLR PDUJHQ FRPR FRQVHFXHQFLD GHO WULXQIR YXHOYR D VDOLU
HOHJLGR FRQFHMDO GHO $\XQWDPLHQWR GH 6DODPDQFD \ GLSXWDGR SURYLQFLDO DKRUD HQ OD
'LSXWDFLyQ 3URYLQFLDO VR\ QRPEUDGR SRU HO 3UHVLGHQWH -XDQ -RVp0HOHURYLFHSUHVLGHQWH
ž (Q HO SXHEOR GH /RV 6DQWRV FRODERUp HQ OD HODERUDFLyQ GH OD FDQGLGDWXUD \ JDQDPRV
FRQ FLHUWD KROJXUD OD DOFDOGtD HO $OFDOGH UHVXOWy HOHJLGR SUHFLVDPHQWH XQ MRYHQ GH ³/D
7DODQTXHUD´-DYLHUÈOYDUH]0HULQR
2WUD YH] PiV %DUWRORPp UHVXOWy HOHJLGR $OFDOGH GH 0yVWROHV PH OODPD D FDVD \ PH
YXHOYH D LQVLVWLU VREUH VX YLDMH D 6DODPDQFD DFRPSDxDGR GH VX PXMHU <R FDVL QR PH
FUHtD TXH DOJ~Q GtD VH KLFLHUD UHDOLGDG WDO YLDMH OH SURSXVH TXH SDUD ODV )LHVWDV
3DWURQDOHV GHO SXHEOR HQ HO PHV GH $JRVWR )LHVWDV GH 6DQ %DUWROR VHUtD \R TXLHQ OH
OODPDUtD SDUD TXH YLQLHUDQ DVt OR KLFH\HQHOPHVGH-XOLROHOODPp\DOILQFRQFUHWDPRV
ODIHFKDSDUDODDQWHYtVSHUDGHOGtDJUDQGHGHODILHVWDSDWURQDOGHOSXHEOR
/OHJDGR HO GtD GH VX YLDMH D 6DODPDQFD TXHGDPRV HQ YHUQRV HQ OD 'LSXWDFLyQ DOOt
FRQRFt D ,QRFHQFLD VX PXMHU HUD XQD VHxRUD EDVWDQWH PiV MRYHQ TXH pO JXDSD \ EXHQD
PR]D VHQFLOOD SUXGHQWH \ DPDEOH HQ HO WUDWR LOXVLRQDGDFRQYROYHUDVXSXHEORGHVSXpV
GH WDQWRV DxRV DXQTXH HQ /RV 6DQWRV QR OH TXHGDED QLQJ~Q KHUPDQR R KHUPDQD \ Vt
SULPRV
/HV LQYLWp DO PDWULPRQLR D FRPHU DFRPSDxDGRV SRU /XLVD DO DFDEDU OD FRPLGD QRV
GHVSOD]DPRV DO SXHEOR HQ PL FRFKH ORV FXDWUR HPSH]DED OD ILHVWD \ HQWUH HO EDUXOOR
SDVDUtDPRV GHVDSHUFLELGRV %DUWROR H ,QRFHQFLDYLVLWDURQDVXVIDPLOLDUHVOHVSUHVHQWpD
ORV FRPSDxHURV GH QXHVWUD FDQGLGDWXUD \ HQWUH DOJXQR GH HOORV SDVDPRV OD WDUGH
UHJUHVDPRVD6DODPDQFDDTXHOODPLVPDQRFKHFHQDPRVMXQWRV\HOPDWULPRQLRSHUQRFWy
HQ 6DODPDQFD HQ HO KRWHO 3DVDMH DO GtD VLJXLHQWH UHJUHVDURQ D 0DGULG HQ WUHQ FRPR
KDEtDQYHQLGR
3HUR OR PDV LPSRUWDQWH GH PLV FRQYHUVDFLRQHVFRQ%DUWRORHVWDEDSRUOOHJDU\HUDQODV
UHYHODFLRQHV GH VX KLVWRULD FRPR JXHUULOOHUR SHVH DTXHHQORVPRPHQWRVTXHHVWXYLPRV
VRORV QR IDOWDURQ PLV LQVLQXDFLRQHV VREUH ORV HSLVRGLRV TXH KDEtD SDVDGR GXUDQWH VXV
FRUUHUtDV FRPR JXHUULOOHUR DQWLIUDQTXLVWD SRU QXHVWUD SURYLQFLD pO VLHPSUH PH FRQWHVWy
FRQ DOJXQD HYDVLYD WRGDYtD HVWDED EDMR OD LQIOXHQFLD GHO WHPRU SHVH D ORV DxRV
WUDQVFXUULGRV GHVGH ORV DFRQWHFLPLHQWRV GH /RV 6DQWRV HQ DXQTXH pO QR KXELHUD
WHQLGR XQD SDUWLFLSDFLyQ GLUHFWD HQ ORV VXFHVRV WUiJLFRV TXH VXFHGLHURQ HQ OD ORFDOLGDG
VHUUDQD
$O DxR VLJXLHQWH GXUDQWH HO YHUDQR QXHYDPHQWH PH OODPD GHVGH 0yVWROHV
%DUWROR SDUD LQGLFDUPH TXH LED D SDVDU ODV YDFDFLRQHV HQ /RV 6DQWRV TXH KDEtDQ
DOTXLODGR XQD FDVD HQ (QGULQDO \ TXH OD PD\RUtDGHORVGtDVVHORVSDVDUtDQHQHOSXHEOR
GH ,QRFHQFLD TXH OHV DJUDGDUtDPXFKRTXHQRVYLpUDPRV\ROHRIUHFtPLVFRQRFLPLHQWRV
GH OD 6LHUUD SRU VL TXHUtDQ TXH QRV GHVSOD]iUDPRV D DOJ~Q RWUR SXHEOR OH FLWp /D
$OEHUFD 0RJDUUD] 6DQ 0DUWtQ GHO &DVWDxDU OD 3HxD GH )UDQFLD /DV %DWXHFDV HWF pO
DJUDGHFLy PL RIUHFLPLHQWR \ PH FRQWy TXH FRQ HOORV YHQtD XQD VREULQD FRQ XQDDPLJD\
\D VH DUUHJODUtDQ DVt TXH OLPLWp WRGR D TXHGDU XQ GtD HQ /RV 6DQWRV DOOt YHUQRV \
PHUHQGDUMXQWRV
(VWD VHJXQGD YLVLWD GH %DUWROR \VXPXMHUD/RV6DQWRVSUHFLVDPHQWHFRLQFLGLyFRQODV
YDFDFLRQHV GH ORV -XDQMRV 0HOHUR \ 5HDO FRQ VXV IDPLOLDV \ \R FRPR 3UHVLGHQWH GH OD
'LSXWDFLyQ HQ IXQFLRQHV OR TXH GH DOJXQD PDQHUD PH REOLJDED D DWHQGHU OD JUDQ
FDQWLGDG GH SXHEORV TXH HQ HVDV IHFKDV LQYLWDEDQ DO 3UHVLGHQWH GH OD 'LSXWDFLyQ OR TXH
VLJQLILFy QR SRGHUPH GHGLFDU DO FRPSDxHUR \ \D DPLJR %DUWROR PiV TXH XQD VRODWDUGH
\ TXH SUHFLVDPHQWH FRLQFLGLy FRQ ODV )LHVWDV GH /RV 6DQWRV GtD HQ TXH XQD YH] PiV QR
FRQVHJXt FRQRFHU GH VX PLVPD YR] OD KLVWRULD GHO %DUWROR ³PDTXL´ 7HPD pVWH TXH PH
REVHVLRQDED RWUD YH] PiV HQWUH RWURV FRPHQWDULRV LQVLVWt HQ OD LQVLQXDFLyQ GH VX HWDSD
HQ 6DODPDQFD\XQDYH]PiVQRUHFLEtGHWDOOHDOJXQRSHURPHTXHGpFRQHOWRTXHGHTXH
DO GHVSHGLUQRV PH GLMR GHODQWH GH QXHVWUDV PXMHUHV TXH VRODPHQWH D Pt QDUUDUtD HQ ³VX
PRPHQWR´"WRGRORTXHKDEtDSDVDGRHQODJXHUUDFLYLO\GHVSXpVGHHOOD
'XUDQWH ORV DxRV \ QRV OODPDPRV DOJXQD YH] SRU WHOpIRQR \ SRU FXDOTXLHU
KHFKR LPSRUWDQWH FKDUODPRV YDULDV YHFHV FDPELDQGR LPSUHVLRQHV FUHR WDPELpQ TXH
DOJXQR GH HVRV DxRV YROYLy D /RV 6DQWRV D ODV ILHVWDV SHUR HQ UHDOLGDG \ HQ HO WUDWR
GLUHFWR \ SHUVRQDO SDVDPRV XQR GHO RWUR¢" KDVWD TXH HQ HQ $EULO FXDQGRORGH
PL VHFXHVWUR HQ $OGHDGiYLOD GH OD 5LEHUD IXL QRWLFLD QDFLRQDO \ GHVGH ORV SULPHURV
PRPHQWRV GH PL OLEHUDFLyQ %DUWROR YROYLy D UHODFLRQDUVH FRQPLJR SRU WHOpIRQR
LQWHUHViQGRVH SRU PL \ WRGR OR TXH SDVp PH RIUHFLy PH IXHUD XQRV GtDV D 0yVWROHV FRQ
/XLVD SDUD ROYLGDUWRGRORTXHOHDJUDGHFtDXQTXH\RHPSOHpRWURVPHGLRVSDUDUHVROYHU
DTXHOWHPD
(Q OD (OHFFLRQHV 0XQLFLSDOHV GH RWUD YH] PiV HQ OD 'LSXWDFLyQ JDQDPRV \
QXHYDPHQWH REWXYLPRV OD 3UHVLGHQFLD GH -XDQ -RVp 0HOHUR QR OR IXH SRU PD\RUtD
DEVROXWD \ \RQXHYDPHQWHUHVXOWpHOHJLGRGLSXWDGRSURYLQFLDODXQTXHYLFHSUHVLGHQWHQR
OR IXL SRU GHWHUPLQDGDV FLUFXQVWDQFLDV SROtWLFDV LQWHUQDV GHO 3DUWLGR QR REVWDQWH SDVp D
KDFHUPH FDUJR GH OD GHOHJDFLyQ GH&XOWXUD(Q0yVWROHVXQDYH]PiV%DUWRORUHSLWLyOD
$OFDOGtD QR IDOWy QXHVWUR LQWHUFDPELR GH LPSUHVLRQHV SRU YtD WHOHIyQLFD FRPR GH
FRVWXPEUH
$OJXQRV PHVHV GHVSXpV GH OD WRPD GH SRVHVLyQ HO 3UHVLGHQWH 0HOHUR PH OODPy D VX
GHVSDFKR \ PH GLMR TXH HQ /LVERD VH LEDQ D FHOHEUDU HQ HO PHV GH 6HSWLHPEUH XQDV
-RUQDGDV +LVSDQR/XVDV VREUH 0HGLR $PELHQWH SDUD $\XQWDPLHQWRV \ 'LSXWDFLRQHV
HVWDEDQ RUJDQL]DGDV SRU HO 0LQLVWHULR GH 0HGLR $PELHQWH 3RUWXJXpV \ PH KDEtDQ
LQYLWDGR SDUD LU DOOt VH WUDWDUtDHQWUHRWURVSUREOHPDVGHOWHPDGHODHQHUJtDQXFOHDU\ORV
FpOHEUHV UHVLGXRV GH ODV FHQWUDOHV QXFOHDUHV \R VHUtD XQD SLH]D LPSRUWDQWH SDUD KDEODU
GHO3UR\HFWR,3(6\GHORDFRQWHFLGRXQRVPHVHVDQWHVHQ$OGHDGiYLOD
(Q XQD GH ODV FRQYHUVDFLRQHV WHOHIyQLFDV FRQ %DUWROROHFRQWpTXHVHDQLPDUD\IXHUDD
GLFKDV -RUQDGDV GH /LVERD HUDQ WUHV GtDV \ ORV WHPDV GH VXILFLHQWHLQWHUpVSDUDLUORTXH
IXH DFHSWDGR SRU pO \ TXHGDPRV HQ OOHYDU D ODV PXMHUHV TXH HVWDEDQ LQYLWDGDV SRUTXH
WHQtDQSURJUDPDSDUDHOODV\SDVDUXQRVGtDVMXQWRV
(Q/LVERD\HQHOKDOOGHOPLVPR+RWHO6HUDKWRQQRVHQFRQWUDPRVDQXHVWUDOOHJDGDORV
GRV PDWULPRQLRV GHVSXpV GH XQ ODUJR WLHPSR VLQ YHUQRV DO DEUD]DUPH PH GLMR ௙
³DKRUD
DPLJR /XLV KD OOHJDGR HO PRPHQWR GH FRQWDUWH PL YLGD EXVFDUHPRV OD RSRUWXQLGDG
SDUD QDUUDUWH WRGR´ 'HVSXpV GH OD FHQD VDOLPRV D GDU XQ ODUJR SDVHR SRU /LVERD
DFRPSDxDGRV GH QXHVWUDV PXMHUHV HOODV SRU GHODQWH \ QRVRWURV GHWUiV SDVHDQGR SRU ODV
$YHQLGDV GH /LVERD %DUWROR FRPHQ]y ODQDUUDFLyQGHVXYLGD\VXVKD]DxDVJXHUULOOHUDV
TXHVXFHVLYDPHQWHFRPSOHWyHQGRVFKDUODVSRVWHULRUHV'HWRGRORTXHPHFRQWyWXYHOD
EXHQD LGHD GH WRPDU QRWDV HQ XQD OLEUHWD TXH KH FRQVHUYDGR SHVH D ORV ODUJRV DxRV
WUDQVFXUULGRV
(O*XHUULOOHURUHSXEOLFDQR
%DUWRORPp *RQ]iOH] /RUHQWH HUD QDWXUDO GH 3XUFKHQD $OPHULD KDEtD QDFLGR HQ HO
DxR HQ HO EHOOR SXHEORDQGDOX]KLMRGHXQHPLJUDQWHD0DGULGTXHFRPRWRGRVORV
DQGDOXFHV GHFLGLGRV KX\y GH OD PLVHULD GH DTXHOORV SXHEORV SDUD DEULUVH FDPLQR HQ
0DGULG GRQGH VH DVHQWy VX IDPLOLD VX SDGUH DO QDFHU pO HUD PLOLWDQWH VRFLDOLVWD HQ OD
&DVD GHO 3XHEOR GH 3XUFKHQD VRODPHQWH WXYLHURQ GRV KLMRV %DUWROR \ XQD KHUPDQD TXH
IDOOHFLy GH SHTXHxLWD GHELGR D OD SpUGLGD GH OD QLxD HO PDWULPRQLR VH GHGLFy D
%DUWRORPp FRQ OyJLFD H[FOXVLYLGDG OR TXH VLJQLILFy TXH SXVLHUDQ WRGR HO HPSHxR HQ OD
IRUPDFLyQ GH VX ~QLFR KLMR HVWXGLy%DFKLOOHUDWRHQHO,QVWLWXWR\KDEtDHOHJLGRODFDUUHUD
GH 0HGLFLQD SDUD LQLFLDUOD XQD YH] WHUPLQDGR HO EDFKLOOHU D ODHGDGGHDxRVHQ
VH PDWULFXOy \ HQ HO LQLFLR GH OD JXHUUD \D KDEtD VXSHUDGR HOSULPHUFXUVRHQOD)DFXOWDG
GH0HGLFLQDGHOD&LXGDG8QLYHUVLWDULDGH0DGULG
$ ORV TXLQFH DxRV HQ KDEtD LQJUHVDGR HQ ODV -XYHQWXGHV 6RFLDOLVWDV 8QLILFDGDV
SDUWLFLSDQGR HQ DFWLYLGDGHV FXOWXUDOHV FRQMXQWDV FRQ HO 362( HQ OD &DVD GHO 3XHEOR GH
VX EDUULR (QWUH ORV FRPSDxHURV GHO EDUULR /DYDSLpV VH FDUDFWHUL]y SRU VX DFWLYLGDG
SROtWLFD HQ OD )DFXOWDG VREUH WRGR SRU ORV HQIUHQWDPLHQWRV FRQ ORV IDODQJLVWDV TXH HUDQ
FRQVWDQWHVHQWUHODMXYHQWXGGHL]TXLHUGDV\ODIDFFLRVD
'HVGH HO FRPLHQ]R GH OD JXHUUD FRQ GLH] \ VLHWH DxRV GH HGDG OXFKy FRQ OD PLOLFLD
UHSXEOLFDQD HQ GLVWLQWRV IUHQWHV FRODERUDQGR \ HQYLDQGR UHSRUWDMHV FRPR SHULRGLVWD D
XQD DJHQFLD GH 0DGULG TXH GLVWULEXtD HVRV WUDEDMRV D SHULyGLFRV LQJOHVHV \ IUDQFHVHVHQ
HO IUHQWH GH JXHUUD VH SLGLHURQ YROXQWDULRV SDUD KDFHU XQ FXUVR GH SLORWR GH JXHUUD
VRODPHQWH VH UHTXHUtD TXH IXHUDQ XQLYHUVLWDULRV %DUWROR VH DOLVWy \ IXH WUDVODGDGR DO
FDPSR GH DYLDFLyQ GH $UJDPDVLOOD GH$OED&LXGDG5HDOVHJ~QPHUHILULyHOFXUVRIXH
UiSLGR \ H[FOXVLYDPHQWH SUiFWLFR DO PHV HVWDED FDSDFLWDGR SDUD YRODU FRQ XQD DYLRQHWD
GH FD]D GH IDEULFDFLyQ UXVD TXH GHQRPLQDEDQ ³1DWDFKDV´ VLHQGR GHVWLQDGR D OD
HVFXDGULOOD TXH PDQGDED HO FRPDQGDQWH 5DGD LOXVWUH PHFiQLFR \ DYLDGRU TXH VH KL]R
FpOHEUH FRPR PHFiQLFR GHO FRPDQGDQWH 5DPyQ )UDQFR HQ HO UiLG 3DORV GH
0RJXHU%XHQRV $LUHV DGHPiV 5DGD SLORWDED XQ DYLyQ GH ERPEDUGHR TXH VH KL]R PX\
WHPLGRFRQHOVREUHQRPEUHGH³3iMDURQHJUR´
/D DYLRQHWD 1DWDFKD TXH OH HQWUHJDURQ LED HTXLSDGD FRQ XQD DPHWUDOODGRUD pO
VRODPHQWH OD SLORWDED \ HO FRPSDxHUR TXHOHDFRPSDxDEDHUDHOHQFDUJDGRGHGLVSDUDUOD
SDUWLFLSy HQ LQQXPHUDEOHV RFDVLRQHV HQ DFFLRQHV GH JXHUUD HQ OD GHIHQVD GH ORV
ERPEDUGHRV GH ORV IDVFLVWDV UHEHOGHV D 0DGULG PH FRQWDED TXH SRVLEOHPHQWH QR
GHUULEDUDQ QLQJ~Q DSDUDWR HQHPLJR SHUR VL TXH VH VHQWtD PX\ XIDQR \KRPEUHGHVXHUWH
GH TXH D pO WDPSRFR OR GHUULEDUDQ VHJ~Q PH FRQWy HQ HO DLUH VH GHVHQYROYtD ELHQ RWUD
FRVD HUD DO DWHUUL]DU ORV VXGRUHV TXH OH HQWUDEDQ 0H PDQLIHVWy TXH SRGUtD FRQWDU
LQILQLGDG GH DQpFGRWDV GH VX SRFD SHULFLD \ GH VXV HVFDVDV GRWHV SDUD HO SLORWDMH 1R
REVWDQWHUHFLELyHOJUDGRGHWHQLHQWHDYLDGRU
3UHFLVDPHQWH OD FLUFXQVWDQFLD GH WHQHU XQD DYLRQHWD D VX FDUJR OH IDFLOLWy ODV FRVDV
FXDQGR WHUPLQy OD JXHUUD FRQ OD GHUURWD GHO HMpUFLWR UHSXEOLFDQR (O VH HQFRQWUDED HQ
9DOHQFLD HO GtD GH )HEUHUR GH HQ HODHURSXHUWRPLOLWDUGH0DQLVHVTXHIXHXQR
GH ORV ~OWLPRV UHGXFWRV UHSXEOLFDQRV FXDQGR \D HVWDED SHUGLGR WRGR XQ FRURQHO GH OD
DYLDFLyQ UHSXEOLFDQD QR PHQFLRQy HO QRPEUH GHO FRURQHO OH SLGLy TXH SUHSDUDUD OD
DYLRQHWD OD FDUJDUD GH FRPEXVWLEOH \ PXQLFLyQ TXH D OD PDGUXJDGD VLJXLHQWH VDOGUtDQ
FRQ HO UXPER TXH pO \D WHQtD HVWDEOHFLGR WDPELpQ OH GLMR TXH VH WUDWDED GH XQ ௙
³VHUYLFLR
HVSHFLDO \ VHFUHWR´ $TXHOOD QRFKH QR IXH FDSD] GH FRQFLOLDU HO VXHxR DXQTXH
SUHWHQGLy GRUPLU D LQGLFDFLyQ GHO FRURQHO HQ HO PLVPR DVLHQWR GH OD DYLRQHWD DO
GHVSXQWDU HO GtD HO UXLGR GH XQ FRFKH OH GHVSDELOy DOOt HVWDED HO MHIH TXH OH PDQGy
SDVDUVH DO DVLHQWR GHO DFRPSDxDQWH \DPHWUDOODGRUHOFLWDGRMHIHPLOLWDUVHKL]RFDUJRGH
ORVPDQGRV
'HO DHURSXHUWR PLOLWDUGHVSHJDURQHLQPHGLDWDPHQWHSXGRREVHUYDUTXHLQLFLyHOYXHOR
\HQGR KDFLD HO VXU SRU OD FRVWD KDVWD OD DOWXUD GH &XOOHUD GRQGH JLUy DGHQWUiQGRVH HQHO
PDU \ GHMDQGR ODFRVWDDODGHUHFKDGHODDYLRQHWD\YRODQGRSDUDOHORVDODPLVPDORTXH
OHV VHUYtD GH RULHQWDFLyQ %DUWROR PH FRQWy TXH HVWDED VRUSUHQGLGR \ TXH OR TXH PHQRV
VH LPDJLQDED HUD OD KXLGD DXQTXH PXFKRV \D OD KDEtDQ HPSUHQGLGR DQWHV SHUR OR GH OD
PLVLyQ ௙
³HVSHFLDO\VHFUHWD´࣡
OHWHQtDLQWULJDGRHOFRURQHOQROHKDEtDH[SOLFDGRQDGD\HQ
HO DVLHQWR QRSRGtDQKDEODU\DTXHQRWHQtDQXQLQWHUFRPXQLFDGRUGLUHFWRDOOOHJDUIUHQWH
D OD FRVWD GH $OPHUtD HO FDER GH *DWD OHV VLUYLy GH RULHQWDFLyQ REVHUYy HO JLUR
GHFLGLGDPHQWH KDFLD HO PDU \ HQ GLUHFFLyQ GLUHFWD D $UJHOLD XQD YH] TXHVHYLRODFRVWD
DUJHOLQD QR OH H[WUDxy OR TXH SUHWHQGtD HO FRURQHO OD KXLGD SRUTXH SXVR HO UXPER
GLUHFWDPHQWH KDFLD 2UiQ GRQGH KDEtD XQ DHURSXHUWR PLOLWDU IUDQFpV DOOt DWHUUL]DURQ \ VX
VRUSUHVD IXH DO YHUTXHXQDXWRPyYLOVHDFHUFDEDDHOORVHQpOLEDQDORMDGRVHOFRQGXFWRU
\ XQ DFRPSDxDQWH DUPDGR GH PHWUDOOHWD \ GRV PLOLWDUHV IUDQFHVHV GH JUDGXDFLyQ DO
EDMDUVH XQRV \ RWURV H LU DO HQFXHQWUR HO FRURQHO HVSDxRO ORV VDOXGy PLOLWDUPHQWH \ VH
DEUD]DURQ GHEtDQ FRQRFHUVH \ VH SXVLHURQ D KDEODU HQWUH HOORV %DUWROR HVWDED
SUHRFXSDGRSRUTXHDpOQDGLHOHGHFLDQDGDSRFRGHVSXpVOOHJyRWURFRFKHPLOLWDUTXHHQ
IUDQFpV OH SLGLHURQ TXH OHV DFRPSDxDUD VH DFHUFy D VX FRURQHO D GHFLUOH TXH HV OR TXH
WHQtD TXH KDFHU HVWH OH GLMR ௙
³PLUD FRPSDxHUR OD JXHUUD OD KHPRV SHUGLGR DKRUD QRV
WRFD VDOYDU QXHVWUDV YLGDV \ DTXt WHQHPRV OD SRVLELOLGDG GH LQWHQWDUOR TXH WHQJDV
VXHUWH´ ࣡
GHVSXpV GH GHVSHGLUVH GHO FRURQHO OR OOHYDURQ DO FXDUWHOGHOD/HJLyQ\DOOtOR
PHWLHURQ HQ XQD KDELWDFLyQ DO ODGR GH OD VDOD GH EDQGHUDV GHO FRURQHO FLWDGRQXQFDPDV
VXSRTXHIXHGHVXYLGD
(VWXYR GRV GtDV HQFHUUDGR HQ OD PHQFLRQDGD KDELWDFLyQ VLQ SRGHU VDOLU DO SDWLR QR
REVWDQWH UHFLELHQGR EXHQ WUDWR LQFOXVR OH IDFLOLWDURQ SHULyGLFRV IUDQFHVHV SRU HOORV VH
HQWHUy GH QRWLFLDV GH OD JXHUUD HVSDxROD \ OD GHUURWD UHSXEOLFDQD KDVWDTXHXQDPDxDQD
RWUR HVSDxRO DQGDOX] H[LOLDGR \ PLOLWDU GH OD /HJLyQ )UDQFHVD OH OOHYy WDEDFR \ XQD
ERWHOOD GH YLQR IUDQFpV OH KDEOy GH VL WHQtD GHVHRV GH LQJUHVDU HQ OD /HJLyQ RIHUWD TXH
LQPHGLDWDPHQWH DFHSWy %DUWROR OH HQWUHJy XQRV SDSHOHV TXH UHOOHQy HQ IUDQFpV LGLRPD
GHOTXHVRODPHQWHWHQtDXQDVQRFLRQHVPX\HOHPHQWDOHVDXQTXHHQHOEDFKLOOHUORKXELHUD
HVWXGLDGR 3RFDV KRUDV GHVSXpV GH OOHYDUVH ORV SDSHOHV HO OHJLRQDULR DQGDOX] OR VDFDURQ
GHO FDODER]R \ OR SDVDURQ DO FXDUWHO GH OD OHJLyQ DOOt OH XQLIRUPDURQ \ SDVy D XQD
FRPSDxtD GH OHJLRQDULRV GRQGH VH HQFRQWUy FRQ XQ JUXSR GH HVSDxROHV \ RWURVGHYDULDV
QDFLRQDOLGDGHVSUHGRPLQDEDQORVHVSDxROHVKXLGRVGH(VSDxD
&RQ OD /HJLyQ )UDQFHVD HVWXYR HQ 2UiQ \ VX GLVWULWR GHVGH 0D\R GH FRQ YHLQWH
DxRV GH HGDG KDVWD IXH DVFHQGLGR D FDER \ SRFR GHVSXpV D VDUJHQWR SDUWLFLSy HQ
DOJXQDV HVFDUDPX]DV FRQWUD ORV DOHPDQHV \ SDUWLFLSy HQ OD EDWDOOD GH(O$ODPHLQGRQGH
VX UHJLPLHQWR VH LQFRUSRUy H LQWHUYLQR FRQ ODV WURSDV IUDQFHVDV TXH OXFKDURQ MXQWR DO ž
(MHUFLWR DOLDGR DQJORDPHULFDQR \ TXH GHUURWDURQ DO HMpUFLWR GHO ,,, 5HLFK PDQGDGR SRU
HOPDULVFDO5RPPHO
(QOD/HJLyQ)UDQFHVDSLGLHURQYROXQWDULRVSDUDLQWHJUDUVHDODOXFKDFRQOD5HVLVWHQFLD
HQ )UDQFLD \ %DUWROR FRQ RWUR QXPHURVR JUXSR GH OHJLRQDULRV HQWUH HOORV RWURV GRV
HVSDxROHV VH DOLVWDURQ \ ORV WUDVODGDURQ D 0DUVHOOD GH DOOt D OD ]RQD GH /\yQ GRQGH
OXFKDURQ KDVWD OD ILQDOL]DFLyQ GH OD JXHUUD FRQWUD ORV DOHPDQHV PH FRQWDED TXH
VRODPHQWH GH ORV KHFKRV TXH OH DFRQWHFLHURQ SRGUtD HVFULELU XQ OLEUR SHUR GH OR TXH
QXQFD VH KDEtD ROYLGDGR HV GH ODV EDUEDULGDGHV TXH KDEtDQ FRPHWLGR ORV QD]LV GH WDO
PDQHUD IXHURQ WDQ VDOYDMHV \ HUD WDQWR HO RGLR TXH pVWRV KDEtDQ FUHDGR TXH FXDQGR ORV
IXHURQ DUULQFRQDQGR \ GHWHQLHQGR VROGDGR DOHPiQRJUXSRTXHFRJtDQQRVDOYyQLQJXQR
ODYLGDHUDQHMHFXWDGRVLQPHGLDWDPHQWH
(Q HO JUXSR GH OD 5HVLVWHQFLD DO TXH VH LQWHJUy OR KLFLHURQ FRUHVSRQVDEOH GHO FLWDGR
JUXSRORTXHUHSUHVHQWDEDTXHPLOLWDU\VDUJHQWRFRPRHUDGHOD/HJLyQOHDWULEX\HURQHO
HTXLYDOHQWH GH WHQLHQWH HO Q~PHUR GH ORV PDTXLV TXH FRPSRQtD VX JUXSR HUD GH
FXDUHQWD HQWUH PXMHUHV \ KRPEUHV 'H ORVFXDUHQWDSHUGLHURQODYLGDKDVWDHOILQDOGHOD
JXHUUDDSUR[LPDGDPHQWHODWHUFHUDSDUWHGHVXVFRPSRQHQWHV
&XDQGR WHUPLQy OD JXHUUD FRQ OD UHQGLFLyQ GH $OHPDQLD HO GH 0D\R GH HO
SXHEOR IUDQFpV OHV KRPHQDMHy \ VH YROFy HQ DJDVDMRV VREUH WRGR D ORV PLHPEURV GH OD
5HVLVWHQFLD D %DUWROR OH FRJLy OD ILQDOL]DFLyQ FHUFD GH 3DUtV \ OH DVLJQDURQ XQ VXEVLGLR
GH PDQWHQLPLHQWR UHFRQRFLpQGROH HO JUDGR GH RILFLDO DO DFDEDU OD JXHUUD WHQtD DxRV
GHHGDG\ORTXHGHVHDEDHUDUHJUHVDUD(VSDxD\DFDEDUFRQHOIUDQTXLVPR
$OOt PLVPR HQ 3DUtV HQFRQWUy D PXFKRV RWURV FRPSDxHURV HVSDxROHV H[LOLDGRV TXH
DVSLUDEDQDORPLVPRDGDUILQGHODGLFWDGXUDHQ(VSDxDHQWRQFHVFUHtDQTXHDOJDQDUOD
JXHUUD ORV DOLDGRV WUDHUtD FRPR FRQVHFXHQFLD OD FDtGD GH )UDQFR \ OD GLFWDGXUD SDUD
FRQWULEXLU D HOOR OH LQGLFDURQ TXHHQ7RXORXVHVHHVWDEDQRUJDQL]DQGRJUXSRVGHPDTXLV
FRQ OD ILQDOLGDG GH LQWURGXFLUVH HQ (VSDxD \ XQD YH] HQ HO 3DtV OXFKDU FRQ VDERWDMHV
FRQWUD)UDQFRXQHVWLORDOD5HVLVWHQFLDIUDQFHVD
%DUWROR VH GHVSOD]y D 7RXORXVH TXH HUD OD FLXGDG HVWDEOHFLGD SRU ORV UHSXEOLFDQRV
HVSDxROHV SDUD LQLFLDU OD ³UHFRQTXLVWD´ GH (VSDxD DOOt FRQWDFWy HQ OD VHGH GH ORV
UHSXEOLFDQRV HVSDxROHV HQ HO H[LOLR FRQ XQD FDQWLGDG UHVSHWDEOH GH FRPSDWULRWDV TXH
HVWDEDQ FRQ HO PLVPR GHVHR GH FRQWLQXDU OD OXFKDHQ(VSDxDSURQWRFRQRFLyDXQJUXSR
EDVWDQWH VHOHFWR GH FRPSDxHURV TXH GHVHDEDQ HVWDEOHFHUVH HQ OD ]RQD GH OD VLHUUD GH
)UDQFLD HQ OD SURYLQFLD GH 6DODPDQFD HO SURPRWRU GH HVH JUXSR HUD SUHFLVDPHQWH XQ
VDOPDQWLQR OODPDGR 1LFDVLR DO TXH VX SDGUH OH KDEtDQ DVHVLQDGR ORV IDODQJLVWDV HQ HO
SXHEOR GH /RV6DQWRV\VHPDQLIHVWDEDFRPREXHQFRQRFHGRUGHODVVLHUUDV\ORVSXHEORV
GH 6DODPDQFD GRQGH HOORV VH GHVHQYROYHUtDQ ELHQ GHVGH DOOt VH SRGUtDQ DSUR[LPDU D
0DGULG SDUD VX WUDEDMR GH OXFKD FRQWUD )UDQFR 6H DOLVWDURQ D HVH JUXSR YHLQWH
FRPSDxHURV HQWUH ORV FXDOHV GRV HUDQ VDOPDQWLQRV FXDWUR GH &iFHUHV GRV GH %DGDMR]
GRVGH+XHOYDFLQFRGH0DGULGXQRGHÈYLODXQRGH=DPRUD\WUHVGH2UHQVH
'HO &RPLWp GH RUJDQL]DFLyQ GHO 0DTXLV HVSDxRO HQ 7RORXVH UHFLELHURQ FpGXODV GH
LGHQWLGDG \ SDVDSRUWHV IDOVRVTXHHODERUDEDXQODERUDWRULRHVSHFLDOL]DGRGLULJLGRSRUXQ
IUDQFpV RULJLQDULR GH 5XVLD OODPDGR $GROI .HVLQVN\ SUHFLVDPHQWH %DUWROR PH FRQWy
TXH VH FDPELyHOQRPEUHVRODPHQWH%DUWRORPpORFDPELySRU³௙
5REHUWR࣡
´UHVSHWDQGRORV
DSHOOLGRV \ ORVQRPEUHVGHVXVSDGUHVDVtFRPRHOGRPLFLOLRTXHWXYRHQ0DGULGDUPDV
\ PXQLFLRQHV URSD GH DEULJR DOLPHQWRV SDUD XQD VHPDQD \ XQD GRWDFLyQ HFRQyPLFD GH
WUHV PLO SHVHWDV FDGD XQR HO MHIH GH OD SDWUXOOD HO VDOPDQWLQR 1LFDVLR HUD QDWXUDO GH
%pMDU \ VX PDGUH \ KHUPDQD YLYtDQ HQ /RV 6DQWRV OOHYDED RWUDV YHQWLFLQFR PLO SHVHWDV
SDUD JDVWRV SRVWHULRUHV GHO JUXSR GLQHUR TXH VH UHSDUWLHURQ HVWDEOHFLpQGRVH HQ JUXSRV
GH GRV R WUHV D %DUWRORPp OH DFRPSDxDURQ RWURV GRV FRPSDxHURV GH 0DGULG WRGRV ELHQ
DVHVRUDGRVHLQIRUPDGRVFRQPDSDVGHORVGLVWLQWRVVLWLRVGHSHQHWUDFLyQHQ(VSDxD
6H GHVSLGLHURQ TXHGDQGR HQ MXQWDUVH RFKR GtDV GHVSXpV HQ ODV UXLQDV GH OD &DVD%DMD
GHO SXHEOR GH (O 0DLOOR SUy[LPR D OD 3HxDGH)UDQFLDFDGDXQROOHYDEDXQPDSDFRQHO
OXJDU GHO HQFXHQWUR HUD HO GtD GH'LFLHPEUHGHIHFKDPX\SURSLFLDSDUDHOSDVR
GHODIURQWHUD\HOGtDGHOHQFXHQWURHOGH(QHURGH
$ %DUWRORPp OH WRFy SHQHWUDU HQ (VSDxD FRQ VXV GRV FRPSDxHURV OyJLFDPHQWH SRU ORV
0RQWHV 3LULQHRV HQWUH ORV 3LFRV ³GX 0LGL G¶2VVHX´ ³9LJQHPDOH´ \ ³0RQWH 3HUGLGR´
FDGD FpOXOD GHO JUXSR GH ORV YHLQWH LQLFLDURQ OD PDUFKD SRU UXWDV GLVWLQWDV \
HVSDFLDGDPHQWH GHVGH ODV ORFDOLGDGHV IUDQFHVDV GH 8UGRV *DED\ &DXWHUHWV \ 9LHOOD
7UDWDQGR GH OOHJDU D OD OtQHD IpUUHD GH &DQIUDQF \ UHFRPHQGDQGR WRPDU HO WUHQ HQ
GLUHFFLyQ =DUDJR]D SDUD HQ HVD (VWDFLyQ FRJHU ELOOHWH D 6DODPDQFD SRU 6RULD 0HGLQD
GHO &DPSR \ 6DODPDQFD FRPSDxHURV GHO PDTXLV IUDQFpV OHV IDFLOLWDURQ PDSDV H
LQIRUPDFLyQ GHWDOODGD SDUD FDGD XQR GH ORV FRPSRQHQWHV LJXDO TXH GRFXPHQWDFLyQ
IDOVLILFDGD FRQ QRPEUHV VXSXHVWRV WDPELpQ IXHURQ SUHYLDPHQWH DOHFFLRQDGRV \
DGLHVWUDGRV SDUD HO SDVRSRUODQLHYH\ODODUJDFDPLQDWD%LHQSHUWUHFKDGRVGHYHVWXDULR
DOLPHQWRV \ DUPDPHQWR GHFLGLGDPHQWH WRPDURQ OD VDOLGD (UD XQR GH ORV SULPHURV
JUXSRV GH PDTXLV TXH VH LQWURGXFtDQ HQ (VSDxD \ HO ULHVJR D VHU GHWHQLGRV HQWRQFHV QR
HUDWDQJUDQGHFRPRSRVWHULRUPHQWHIXH
7RGR HVWDED QHYDGR \ KDFtD XQ IUtR WUHPHQGR OR TXH OHV SHUPLWLy HO SDVR FRQ UHODWLYD
IDFLOLGDG SHVH D ODV GLILFXOWDGHV RURJUiILFDV OD QLHYH \ ODV EDMDV WHPSHUDWXUDV IXHURQ
LQFRQYHQLHQWHV TXH VDOYDURQ SHVH DO HVIXHU]R ItVLFR WRGDYtD QR HVWDED DTXHOOD ]RQD
LQYDGLGD GH PLOLWDUHV \ QR WXYLHURQ SUREOHPDV SDUDLQFOXVRGHVSOD]DUVHKDVWD6DODPDQFD
HQ WUHQ HVR VL HYLWDQGR HQ WRGR OR SRVLEOH HO HQFXHQWUR FRQ OD *XDUGLD &LYLO XQD YH]
OOHJDURQ D OD FLXGDG GH 6DODPDQFD DOTXLODURQ XQ WD[L HQ OD SDUDGD GH WD[LV GH OD SOD]D
GHO &RUULOOR TXH ORV WUDVODGy KDVWD (O &DEDFR GHVGH HVHSXHEORVHIXHURQDQGDQGRXQRV
SRFRV NLOyPHWURV KDVWD OD &DVD %DMD FXDQGR DOOt OOHJDURQ \D OHV HVSHUDEDQ RWUR FLQFR
FRPSDxHURV DOOt HVFRQGLGRV HVSHUDURQ DO UHVWR GHO JUXSR SDVDURQ UiSLGRV ORV GtDV \
VRODPHQWH VH MXQWDURQ GLH] \ VLHWH GH ORV YHLQWH TXH IRUPDURQ OD SDWUXOOD HQ 7RXORXVH\
VH GLULJLHURQ DSDVDUODIURQWHUDIDOWDEDSUHFLVDPHQWHHOJUXSRGHORVJDOOHJRVGH2UHQVH
VH VXSXVR TXH VH KDEUtDQ GLULJLGRDOD]RQDGHORVPRQWHVGH/HyQR*DOLFLDGRQGHKDEtD
DOJXQD SDWUXOOD GHVGH OD ILQDOL]DFLyQGHODJXHUUDSUREDEOHPHQWHSDUDHVWDUPiVFHUFDGH
VXVOXJDUHVGHRULJHQ
/D SDWUXOOD VH HVWDEOHFLy HQ OD VLHUUD GH )UDQFLD OR DJUHVWH \ VROLWDULR GH DTXHOORV
OXJDUHV VH SUHVWDEDQ D HOOR HVWXYLHURQ HVFRQGLGRV HQ ODV SUR[LPLGDGHV GH OD 3HxD GH
)UDQFLD HUDQ ORV SULPHURV GtDV GHO DxR \HVWiEDPRVHQSOHQRLQYLHUQRXQLQYLHUQR
ULJXURVR FRQ FRSLRVDV QHYDGDV \ KLHORV OD PD\RU SDUWH GHO WLHPSR OR SDVDEDQ HQ XQD
FXHYD TXH HQFRQWUDURQ DPSOLDURQ \ DFRQGLFLRQDURQ DOJR H[LVWHQWH HQ OD ]RQD SUy[LPD
DO FDPLQR TXH LED GHO 3DVR GH ORV /RERV DO SXHEORGH0RQVDJURRULHQWDGDDOQRURHVWH\
TXH GHVSXpV OHV FRQWDURQ VHODFRQRFtDFRPR³FXHYDGHO3LQDOHMR´WpUPLQRPXQLFLSDOGH
(O 0DLOOR FRQVLJXLHURQ QR VLQ DOJXQRV SUREOHPDV XQ HQODFH TXH OHV YHQGtD ORV
DOLPHQWRV \ OR TXH QHFHVLWDUDQ TXH DGTXLUtD HQ RWURV SXHEORV GH OD FRPDUFD 6HUUDGLOOD
GHO $UUR\R *XDGDSHUR (O 0DLOOR HLQFOXVRRWURVPDVGLVWDQWHVWDPELpQGHOPHUFDGRGH
&LXGDG 5RGULJR GRQGH HO HQODFH DFXGtD FRQ IUHFXHQFLD GLFKR HQODFH TXH OHV
VXPLQLVWUDED WHQtD XQ SHTXHxR FRPHUFLR \ FXDQGR DGTXLUtD OR QHFHVDULR QXQFD QDGLH
VRVSHFKyGHpO
3HVH D ORV DxRV WUDQVFXUULGRV%DUWRORPHLQGLFyTXHQRPHGDUtDQLQJ~QQRPEUHGHODV
SHUVRQDV TXH HVWXYLHURQHQFRQWDFWRFRQHOORV\DTXHQRKDEtDROYLGDGRODD\XGDTXHOHV
SUHVWDURQ HQ DTXHOORV GtDV WDQ GLItFLOHV GH VREUHOOHYDU \ WHQtDQ XQ SDFWR SDUD JXDUGDU HO
VHFUHWRGHVXVHQODFHV
(Q OD FXHYD GRQGH HVWXYLHURQ YLYLHQGR XQRV WUHV PHVHV FRQ UDPDMHV KLFLHURQ XQ
WUDEDMR GH FDPXIODMH GH OD HQWUDGD SUy[LPR D OD FXHYD SDVDED HO DUUR\R 3LQDOHMR SRUOR
TXH HO DJXD QR IXH SUREOHPD \ SRU OD QRFKH VH DOXPEUDEDQ FRQ GRV OiPSDUDV XQD GH
FDUEXUR \ RWUD GH DFHLWH FDQGLO DOOt FRPHQ]DURQ D WUDWDU GH ODV DFWLYLGDGHV TXH WHQtDQ
TXH UHDOL]DU WRGRV ORV GtDV VDOtDQ GRV SDWUXOODV GH GRV FRPSDxHURV FDGD XQD ORV FXDOHV
VH DFHUFDEDQ D ODV SUR[LPLGDGHV GH ORV SXHEORV H LQFOXVR DOJXQR GH HOORV FRQ HO MHIHGH
OD SDWUXOOD 1LFDVLR ³&DVLR´ SDUD HOORV OOHJDURQ D WRPDUVH DOJ~Q YLQR HQ (O &DEDFR (O
0DLOOR H LQFOXVR HQ /D $OEHUFD GRQGH FDXVy H[WUDxH]D VX SUHVHQFLD \QRIDOWyTXLHQOHV
SUHJXQWy TXLHQHV HUDQ \ TXH KDFtDQ SRU DOOt VLHPSUH GHFtDQ TXH LEDQ EXVFDQGR WUDEDMR
HQ ODV PLQDVGHZROIUDQDOJXQRGLMRTXHLEDQDFRPSUDUFRUGHURV\FDEULWRVGHWRGDVODV
PDQHUDV VH VHQWtDQ VRVSHFKRVRV \ HVR VLUYLy SDUD TXH GXUDQWH XQRV GtDV QR YROYLHUDQ D
EDMDU D ORV SXHEORV 6LHPSUH HOXGLHQGR OD SUHVHQFLD GH OD JXDUGLD FLYLO TXH VRODPHQWH
XQD YH] GRV GH HOORV VH HQFRQWUDURQ FRQ XQD SDUHMD HQ HO SXHEOR GH &HUHFHGD OHV
SLGLHURQ GH GyQGH HUDQ \ TXH VH LGHQWLILFDUDQ FRPR DVt OR KLFLHURQ PDQLIHVWDURQ TXH
WUDEDMDEDQEXVFDQGRPLQHUDOHQ(O&DEDFRGRQGHKDEtDXQDPLQDORTXHFRQWULEX\yXQD
YH] PDV D WUDWDU SRU WRGR ORSRVLEOHHYLWDUHVRVHQFXHQWURVXQDYH]KDEtDQWHQLGRVXHUWH
SHURRWUDYH]VHSRGtDYROYHUODPLVPDVXHUWHHQFRQWUD
(O FRPDQGDQWHGHODSDWUXOOD&DVLRILMySDUDHOPHVGH0DU]RHQORVSULPHURVGtDVXQD
VDOLGD KDVWD HO SXHEOR GH /RV 6DQWRV OHV H[SOLFy TXH HVWDED GHVHRVR GH ௙
³GDUOHV XQD
OHFFLyQ࣡
´ D ORV DVHVLQRV GH VX SDGUH \ DOJ~Q TXH RWUR IDVFLVWD PDV TXH HQ HO PHV GH
6HSWLHPEUH GH GHWXYLHURQ DYDULRVFRPSDxHURVTXHDVHVLQDURQHQODVSUR[LPLGDGHV
GH OD FDUUHWHUD D *XLMXHOR DQWHV LUtD XQD QRFKH pO \ RWURV GRV FRPSDxHURV SDUD
LQIRUPDUVH GH OD VLWXDFLyQ \D TXH HQ HO SXHEOR WHQtD IDPLOLD GH WRGD FRQILDQ]D\TXHQR
ORV GHODWDUtDQ 3LGLy GRV YROXQWDULRV SDUD DFRPSDxDUOH VH RIUHFLHURQ WRGRV \ HO HOLJLy D
RWURFRPSDxHURGH&iFHUHV\D%DUWRORSUHFLVDPHQWH
8Q GtD D SULQFLSLRV GH 0DU]R \D VH YLVOXPEUDED OD SULPDYHUD \ GHVSXpV GH FRPHU D
SHVDU GH TXH OORYtD WRUUHQFLDOPHQWH FRJLHURQ DOJR GH DOLPHQWR SDUD HO FDPLQR \ FRQODV
DUPDV GHEDMR GH ODV SHOOL]DV VDOLHURQGHFDPLQRKDVWD/RV6DQWRVEDMDURQKDVWDOD1DYD
GH )UDQFLD \ GHVGH DOOt SRU ODV FHUFDQtDV GH 6DQ 0DUWtQ GHO &DVWDxDU 6HTXHURV
9LOODQXHYD GHO &RQGH \ *DUFLEXH\ OOHJDURQ DO SXHQWH GHO UtR $ODJyQ GRQGH GXUPLHURQ
XQ SRFR DO DEULJR GH OD OOXYLD 'H PDGUXJDGDVDOLHURQKDVWD6DQ(VWHEDQGHOD6LHUUDOD
OOXYLD FRQWLQXDED \ OOHJDURQ D ODV SUR[LPLGDGHV GH /RV 6DQWRV D PHGLD WDUGH HVSHUDURQ
TXH VH KLFLHUD GH QRFKH FRELMDGRV HQ XQ FREHUWL]R SUy[LPR DO SXHEOR \ FHUFDQR D OD
HUPLWDTXHKD\HQODVDIXHUDV
&XDQGR VH FHUUy OD QRFKH VH DSUR[LPDURQDOSXHEORGLULJLpQGRVHDODFDVDGHXQSULPR
FDUQDO GH &DVLR OODPy FRQ JROSHV D OD SXHUWD OH DEULHURQ \ ORV DFRPSDxDQWHV %DUWROR \
HO FRPSDxHUR SXGLHURQ HVFXFKDU OD VRUSUHVD GHO IDPLOLDU GHO ³FRPDQGDQWH´ TXH
LQPHGLDWDPHQWH FHUUy OD SXHUWD WUDV pO /RV GRV DFRPSDxDQWHV HVSHUDURQ HQ XQ FRUUDO
TXH KDEtD HQIUHQWH GH OD FDVD DOOt HVWXYR GRV KRUDV TXH VH OHV KLFLHURQ ODUJXtVLPDV FRQ
pO VDOLy VX SULPR TXH VH DFHUFy D VDOXGDUORV \FDUJDGRVREUHXQKRPEUROOHYDEDXQVDFR
TXH FRQWHQtD XQD ULVWUD GH FKRUL]RV GRV TXHVRV GH RYHMD GRV JUDQGHV SDQHV \ XQD ERWD
GHSLHOFRQGRVOLWURVGHYLQRTXHOHVHQWUHJy\VHGHVSLGLHURQ
&DVLR FXDQGR WRPDURQ HO FDPLQR SDUD HO UHJUHVR OHV FRPHQWy TXH OH KDEtDQ KHFKR
FRPHU HQ OD FDVD HO SULPR HVWDED FDVDGR\WHQtDQGRVSHTXHxRVKLMRVOHLEDELHQSRUTXH
HUD SURSLHWDULR GH XQ UHEDxR GH RYHMDV OH KDEtD KHFKR FRJHU PLO SHVHWDV TXH HQWRQFHV
HUD PXFKR GLQHUR GLFLpQGROH TXH DOJ~Q GtD VH ODV GHYROYHUtD 'HO WHPD TXH OHV OOHYy DO
SXHEOR QDGD PDV OHV LQGLFy TXH VH KDEtD HQWHUDGR ORV GtDV OD KRUD \ HO OXJDU HQ TXH
SRGtD HQFRQWUDU D ORV FDXVDQWHV GH OD PXHUWH GH VX SDGUH ORV PDV LPSRUWDQWHV IDVFLVWDV
GHO SXHEOR TXH RWUD LQIRUPDFLyQ TXH OH KDEtD GDGR VH OD UHVHUYDED SDUD FRQWiUVHOD DO
UHVWRGHFRPSDxHURV1RFRPHQWyQDGDPiV
/D QRFKH VH OD SDVDURQ GH UHJUHVR FDPLQDQGR KDVWDHOSXHQWHGHO$ODJyQGRQGHGHEDMR
GHO DUFR GHVFDQVDURQ KDVWD HO PHGLRGtD GHMy GH OORYHU \ SRU OD WDUGH UHDQXGDURQ HO
UHJUHVR VLJXLHQGR OD PLVPD UXWD GHO GtD DQWHULRU SDVDEDQ DSUR[LPDGDPHQWH GH ODV WUHV
GH OD PDGUXJDGD FXDQGR WUHPHQGDPHQWH IDWLJDGRV \ DJRWDGRV GH OD PDUFKD OOHJDURQ DO
UHIXJLR GH OD SDWUXOOD XQ FRPSDxHUR HVWDED GH JXDUGLD \ ORV LGHQWLILFy SRU PHGLR GHO
VLOELGR TXH FRPR FRQWUDVHxD WHQtDQ WRGRV GRUPtDQ \ FDGD XQR VH WHQGLy DJRWDGR HQ VX
FDPDVWURSUiFWLFDPHQWHHOGtDVLJXLHQWHORSDVDURQWXPEDGRVGHVFDQVDQGR
$ ~OWLPD KRUD GH OD WDUGH UHSXHVWRV GHO HVIXHU]R WRGRV VH UHXQLHURQ SDUD FDPELDU
LPSUHVLRQHV H LQIRUPDU GHO YLDMH D /RV 6DQWRV&DVLRFRPRFRPDQGDQWHGHOJUXSRWRPy
OD SDODEUD \ UHILULy OR TXH KDEtD KDEODGR FRQ VX SULPR௙
³HQ SULPHU OXJDU QDGLH
FRPHQWDED QDGD HQ GLFKR SXHEOR GH OD SUHVHQFLD GHPDTXLVHQODVLHUUDVDOPDQWLQDORV
SHULyGLFRV GH 6DODPDQFD LJXDOPHQWH GHVFRQRFtDQ OD VLWXDFLyQ VL TXH HQ DOJXQD
RFDVLyQ VH HVFULEtD TXH HQ $VWXULDV \ ORV PRQWHV GH /HyQ VH KDEtD GHWHFWDGR OD
SUHVHQFLD GH JXHUULOOHURV LJXDO࣡
PHQWH ௙
TXH D ORV 3LULQHRV VH KDEtD GHVSOD]DGR XQ
LPSRUWDQWH FRQWLQJHQWH GH WURSDV FRQ HO REMHWR GH HYLWDU OD SHQHWUDFLyQGHSDWUXOODVGH
³EDQGROHURV´ \ TXH SRU DOOt KXER DOJ~Q HQIUHQWDPLHQWR FRQ YtFWLPDV LQFOXLGDV /D
DODUPD VH LED H[WHQGLHQGR \ ODV DXWRULGDGHV IUDQTXLVWDV HVWDEDQ WUHPHQGDPHQWH
DIHFWDGDV SRU ORTXHVHOHVYHQtDHQFLPDQRHVFULEtDQ GH³PDTXLV´QLJXHUULOOHURV\Vt
GHDWUDFDGRUHV\EDQGROHURV´
&DVLR FRPHQWy ³4XH \D HUD KRUD GH GHPRVWUDU TXH HOORV HVWDEDQ DOOt SDUD DOJR TXH
OOHJDED OD SULPDYHUD \ HUD KRUD GH GHMDUVH YHU QR KDEtDQ UHDOL]DGR QLQJXQD DFFLyQ
JXHUUHUD QL WHUURULVWD QL WDQ VLTXLHUD KDEtDQ DUUHEDWDGR QDGD SRU OD IXHU]D QL
DOLPHQWRV WDQ VLTXLHUD࣡
´ VH KDEtDQ DUUHJODGR FRQ HO VXPLQLVWUR GH SUHQGDV GH DEULJR
FDO]DGR \ DOLPHQWDFLyQ GH ORV GRV HQODFHV \ DSDUWH GH ORV HQODFHV VRODPHQWH ORV KDEtD
YLVWRXQSDVWRUGHFDEUDVTXHVHLGHQWLILFyFRPRVRFLDOLVWD\GHL]TXLHUGDVTXHORKDEtDQ
WHQLGR HQFHUUDGR GRV DxRV HQ OD FiUFHO GH &RULD \ QR OR IXVLODURQ GH PLODJUR HUD
H[WUHPHxR GHO SXHEOR GH 7RUUHMRQFLOOR YDULDV YHFHV ࣡
KDEODURQ FRQ pO \ OHV SDVDED
LQIRUPDFLyQVREUHORTXHOHSUHJXQWDEDQDSDUWHGHYHQGHUOHVDOJXQDFDEUD\FDEULWRV
࣡
(O ³FRPDQGDQWH´ &DVLR GHVSXpV GH HVH SUHiPEXOR VRPHWLy DO JUXSR XQDLGHDGHODTXH
\D DQWHV KDEtD KDEODGR FRQ DOJXQD UHVHUYD ³&RPR WRGRV VDEtDQ pOHUDQDWXUDOGH%pMDU
SHUR VX SDGUH VH YLQR DYLYLUFRQODIDPLOLDDWUDEDMDUDOSXHEORGH/RV6DQWRVVXSDGUH
HUD VRFLDOLVWD DILOLDGR D OD 8*7 SHUWHQHFtD D OD &DVD GHO 3XHEOR GH OD TXH HUD
VHFUHWDULR DO HVWDOODU HO 0RYLPLHQWR IDVFLVWD XQD WDUGHORGHWXYLHURQHQVXFDVDGHODQWH
GH pO FXDWUR IDODQJLVWDVDUPDGRVGHIXVLOHV\FRQSLVWRODVDOFLQWRGHHOORVGRVHUDQGHO
SXHEOR SHUWHQHFLHQWHV D ODJXDUGLDFtYLFD\TXHFRQWRGDVHJXULGDGIXHURQORVGHODWRUHV
GLMHURQ TXH ORV OOHYDEDQ D*XLMXHORSRUTXHOHVWHQtDQTXHWRPDUGHFODUDFLyQOD*XDUGLD
&LYLO &DVLR HUD HO KLMR PD\RU FRQ YHLQWH DxRV \ WHQtD GRV KHUPDQDV PDV SHTXHxDV
WDQWR ORV KLMRV FRPR OD PDGUH VH RSRQtDQ D TXH VH OOHYDUDQ DO SDGUH GH OD IDPLOLD
LQFOXVR IRUFHMHDURQ FRQ HOORV SHUR D &DVLR OH GLHURQ XQ FXODWD]R FRQ XQ IXVLO HQ OD
FDEH]D \ OR GHMDURQ WLUDGR HQ HO VXHOR LQFRQVFLHQWH OD PDGUH VH DUURMy FRQWUD ORV
IDODQJLVWDV \ UHFLELy RWURV JROSHV KDVWD TXH DO ILQDO PRQWDURQ DO SDGUHHQHOFRFKHTXH
WUDtDQ \ VH IXHURQ HO UHVWR GHO SXHEOR SHVH D ORV OODQWRV \ ODV YRFHV TXH VH RtDQ
SHUPDQHFLHURQHQVXVFDVDVHQFHUUDGRV\WHPHURVRV´
³$O GtD VLJXLHQWHOOHJyODQRWLFLDGHTXHVHKDEtDQHQFRQWUDGRDVHVLQDGRVMXQWRDRWURV
FDGiYHUHV HQ OD FXQHWD GH OD FDUUHWHUD DSUR[LPDGDPHQWH D OD PLWDG GHOWUD\HFWRHQWUH
/RV 6DQWRV \ )XHQWHUUREOH GH 6DOYDWLHUUD ORV IXHURQ D UHFRJHU \ ORV HQWHUUDURQ HQ HO
FHPHQWHULRGH)XHQWHUUREOH´
௙
³3RFRV GtDV GHVSXpV &DVLR IXH REOLJDGR D DOLVWDUVHSDUDLUDODJXHUUDORWUDVODGDURQ
D 6DODPDQFD DO &XDUWHO GH ,QIDQWHUtD DO 5HJLPLHQWR GH OD 9LFWRULD GH DOOt IXH
WUDVODGDGR DO IUHQWH GH 0DGULG \ DO IUHQWH GH EDWDOOD TXH H[LVWtD HQ *XDGDUUDPD DOOt
FRPR HUD KLMR GH URMR OH SXVLHURQ HQ SULPHUD OtQHD SRFRV GtDV HVWXYR GLVSDUDQGR DO
FLHOR MXUy TXH QXQFD MDPiV KDEtD GLVSDUDGR FRQWUD HO ³HQHPLJR´ 8QD QRFKH IUtD \
QHYDQGR VLQ SHQViUVHOR GRV YHFHV VDOWy ODV WULQFKHUDV \ VH SDVy DO (MHUFLWR
UHSXEOLFDQR $OOt GH PRPHQWR IXH UHFLELGR FRQ DOJXQD UHWLFHQFLD KDVWD TXH XQ
FRPLVDULR SROtWLFR OH WRPy GHFODUDFLyQ \ DO TXH UHILULyORVVXFHVRVTXHKDEtDWHQLGRTXH
VRSRUWDU VX IDPLOLD FRPR FRQVHFXHQFLD GHO DVHVLQDWRGHOSDGUHHOFRPLVDULRUHGDFWyXQ
LQIRUPH DFHSWiQGROR \ FRPR FRQVHFXHQFLD VX WUDVODGR DO IUHQWH GH $UDJyQ
SUHFLVDPHQWHVHHVWDEDGHVDUUROODQGRODEDWDOODGHO(EUR´
³(UD D PHGLDGRV GH $JRVWR GH \ HO GHVWLQR IXH 0HTXLQHQ]D =DUDJR]D $OOt
SDUWLFLSy HQ YDULDV DFFLRQHV GH JXHUUD \ GHVWDFy SRU VX DUURMR GH WDO IRUPD TXH DO
RUJDQL]DU OD UHWLUDGD OR KLFLHURQ VDUJHQWR SRU PpULWRV GH JXHUUD HO GH 1RYLHPEUH
FRLQFLGLHQGR FRQ HOGtDTXHFUX]DQHO(EURKDVWDODILQDOL]DFLyQGHODJXHUUDSDUWLFLSy
HQ VXFHVLYDV DFFLRQHV GH JXHUUD HQ ODV SURYLQFLDV GH 7HUXHO\+XHVFDKDVWDHOILQDOGH
ODFRQWLHQGD
&RQ OD VXHUWH GH QR KDEHU VLGR KHULGR PDV TXH FRQ OHVLRQHV OHYHV OR TXHOHSHUPLWLy
QR VLQ SDVDU JUDQGHV YLFLVLWXGHV \ SHOLJURV LQFRUSRUDUVH D OD FROXPQD GH HVSDxROHV GH
WRGDVHGDGHVTXHKX\HURQD)UDQFLDpOFRQRWURVGRVFRPSDxHURV\DHQHO3DtVJDORVH
LGHQWLILFDURQ \ ORV GHVWLQDURQ D XQ FDPSR GH FRQFHQWUDFLyQ D 0DUVHOOD SRFR GHVSXpV
HVFDSDURQ ORV WUHV FRPSDxHURV \ VH FRORFDURQ GH SHRQHV HQ XQD H[SORWDFLyQ JDQDGHUD
KDVWD TXH WLHPSR GHVSXpV \ FRPHQ]DGD OD JXHUUD FRQWUD ORV DOHPDQHV VH LQWHJUDURQ
SURQWR D OD UHVLVWHQFLD DUPDGD GHO 0DTXLV IUDQFpV DO DFDEDU OD JXHUUD PXQGLDO VH
GLULJLHURQ GRV GH ORV DPLJRV D 7RXORXVH SDUD YHQLU D (VSDxD \ FRQWLQXDU OD OXFKD
FRQWUDHOGLFWDGRUIDVFLVWD)UDQFR´
࣡
1XQFD KDEtD KDEODGR WDQWR FRQ OD SDWUXOOD &DVLR FRQ WRGD VHJXULGDG OR TXHOHDQLPyD
FRQWDU VX KLVWRULD HUD HQFRQWUDU HO EHQHSOiFLWR GH WRGRV ORV FRPSDxHURV SDUD TXH
FRODERUDUDQ D VX YHQJDQ]D HQ /RV 6DQWRV 7RGR HO JUXSR HVWDED FDQVDGR GH OD
LQRSHUDQFLD HO LQYLHUQR KDEtD SDVDGR \ SRU DOJXQD SDUWH KDEtD TXH HPSH]DU DVt TXH
WRGRVVLQH[FHSFLyQDOJXQDVHGLVSXVLHURQDODDFFLyQ
(Q XQD KRMD GH SDSHO GLEXMy &DVLR XQ SODQR GHO SXHEOR \ HQ HO GHVWDFy HO OXJDU OD
WDEHUQD GHO SXHEOR \ XQD KDELWDFLyQ UHVHUYDGD HQ OD SULPHUD SODQWD GRQGH VH
HQFRQWUDUtDQ FRPR GH FRVWXPEUH MXJDQGR OD SDUWLGD HO DOFDOGH \ MHIH ORFDO GHO
0RYLPLHQWR HO MXH] GH³SD]´DPERVIDODQJLVWDVHVWRVGRVHOHPHQWRVSDUWLFLSDURQHQHO
FULPHQ GHO SDGUH GH &DVLR SRVLEOHPHQWH HO FXUD \ HO VHFUHWDULR GHO $\XQWDPLHQWR R
FXDOTXLHUDRWUDSHUVRQDGHVGHOXHJRGHFRQILDQ]DGHODOFDOGH
6REUH HO SODQR VH GLVWULEX\HURQ ORV GLH] FRPSDxHURV TXH GHVHDED SDUWLFLSDUDQ GRV
DSUR[LPDGDPHQWH D FLHQ PHWURV GHO SXHEOR HQ OD FDUUHWHUD GH (QGULQDO RWURV GRV HQ OD
HQWUDGD GHO SXHEOR GH OD FDUUHWHUD GH *XLMXHOR \ RWURV GRVHQHOFUXFHGHODFDUUHWHUDTXH
YDD9DOGHODFDVD\6DQ(VWHEDQGHOD6LHUUDDOOtGHWHUPLQyVHTXHGDUD%DUWROR
&DVLR GHVLJQy D ORVWUHVTXHOHDFRPSDxDUtDQDUHDOL]DUODDFFLyQTXHVHLQLFLDUtDGHVGH
HO FREHUWL]R TXH \D FRQRFtDQ FHUFDQR D OD HUPLWD TXH GHVGH DOOt OH DFRPSDxDUtDQ KDVWD
ODV SUR[LPLGDGHV GHO OXJDU GH ORV KHFKRV \ XQR GH HOORV DFRPSDxDQGR D &DVLR SDUD
UHDOL]DU ODDFFLyQVRODPHQWHpOVHUtDTXLHQGLVSDUDUtDHOUHVWRVRODPHQWHORKDUtDQVLHUDQ
DWDFDGRV GHVGH DOOt SRU ORV FRUUDOHV VDOWDUtDQ KDVWD HO SDWLR GH OD WDEHUQD SRU DOOt
DFFHGHUtDQ D OD HVFDOHUD SDUD VXELU D OD SULPHUD SODQWD GRQGH VH KDOODUtD HO REMHWLYR TXH
VH SUHWHQGtD VRODPHQWH VXELUtDQ GRV \ HO UHVWR VH TXHGDUtDQ FXEULHQGR OD UHWLUDGD SRU
GRQGHDFFHGLHURQODHVWUDWHJLDTXHWUD]DURQVREUHHOSDSHOIXHDFHSWDGDSRUWRGRV
(O GHVSOD]DPLHQWR GHEHUtD VHU OR PDV GLVFUHWR \ GHQWUR GH OR SRVLEOH TXH QDGLH ORV
YLHUD VL IXHUDQ SUHJXQWDGRV TXH GLMHUDQ TXH HUDQ SDVWRUHV TXH LEDQ HQ EXVFD GH ODV
RYHMDV R PLQHURV GHO ZROIUDP TXH DTXHOORV GLDV VH H[WUDtD SRU DTXHOORV SXHEORV ODV
DUPDV GHEHUtDQ OOHYDUODVRFXOWDVFROJDGDVODVPHWUDOOHWDVGHEDMRGHODSHOOL]D&DVLWRGRV
OOHYDEDQ XQ EDVWyQ R XQD YDUD GH IUHVQR FDO]DGRV FRQ ERWDVYHVWLGRVFRQSHOOL]DV\FRQ
JRUUD ELOEDtQD OD PD\RUtD DOJXQR OOHYDED JRUUD GH YLVHUD \ FDGD JUXSR OOHYDED VX
PRFKLOD FRQ DOLPHQWRV \ PXQLFLyQ XQR GH HOORV TXH HUD VDQLWDULR SRUWDED XQ SHTXHxR
ERWLTXtQ
(O UHVWR GH ORV FRPSDxHURV VH TXHGDURQ HQ OD FXHYD XQR SRUTXH HVWDED HQIHUPR GH OD
JDUJDQWD \ RWUR FRPR FRQVHFXHQFLD GH XQDVUR]DGXUDVHQXQSLpTXHOHSULYDEDGHDQGDU
RFRUUHUVLIXHUDQHFHVDULRHOUHVWRVHTXHGDURQFRQJDQDVGHSDUWLFLSDUSHURQRKXERXQR
VyOR TXH VH QHJDUD D LU PDV ELHQ ORV TXH VH TXHGDURQ DFHSWDURQ OD GHFLVLyQ HQ OD
VHOHFFLyQGH&DVLR
6H GLYLGLHURQ HQ WUHV JUXSRV GRV GH WUHV \ XQR GH FXDWUR SRU GLVWLQWRV FDPLQRV
SUHYLVWRV HQ HO PDSD ELHQ SHUWUHFKDGRV FRQ VXV PHWUDOOHWDV \ DOLPHQWRV LQFOXVR GHO
SHTXHxR ERWLTXtQ D OD FDtGD GH OD WDUGH HPSUHQGLHURQ OD PDUFKD OD KRUD GH FLWD HQ HO
VLWLR DVLJQDGR D FDGD JUXSR HQ /RV 6DQWRV VH HVWDEOHFLy DO GtD VLJXLHQWH XQD KRUD
GHVSXpVGHODSXHVWDGHOVRO
&RPR VH YHUi SRU OD QDUUDFLyQ OD GHVFULSFLyQ TXH PH KL]R %DUWROR HV EDVWDQWH
GHWDOODGD GH HOOD WRPp XQ EXHQ Q~PHUR GH QRWDV VRODPHQWH PH DGYLUWLy TXH ODV IHFKDV
ODV WHQtD ERUUDGDV GH OD PHPRULD TXH WRGRV HVWRV KHFKRV WXYLHURQ OXJDU D FRPLHQ]RVGH
(QWUH HO GH (QHUR \ OD SULPDYHUD GH HVH DxR /D FUyQLFD GH ORV VXFHVRV HQ ORV
TXH SDUWLFLSy %DUWRORPp TXHGDED LQFRPSOHWD \D TXH D Pt OR TXH PH LQWHUHVDED HUD HO
PyYLO GH ORV KRUURUHV TXH ORV IDVFLVWDV GHVSOHJDURQ HQ HO EHOOR SXHEOR VHUUDQR GH /RV
6DQWRV
$xRV GHVSXpV HQ HO DxR FXDQGR RUGHQR PLV QRWDV \ UHFRSLOR PLV FRQRFLPLHQWRV
VREUH XQD SHTXHxD SDUWH GH WRGR OR VXFHGLGR HQ QXHVWUD SURYLQFLD GH ORV KRUURURVRV
KHFKRV FRPHWLGRV SRU ORV UHEHOGHV \ FULPLQDOHV IDVFLVWDV JUDFLDV D OD FRODERUDFLyQ GHO
$OFDOGH DFWXDO GH /RV 6DQWRV GHVSXpV GH FXDWUR HOHFFLRQHV UHHOHJLGR SRUHOFRPSDxHUR
VRFLDOLVWD -DYLHU ÈOYDUH] 0HULQR KH SRGLGR HQWHUDUPH TXH OD IHFKD H[DFWD GH OD
YHQJDQ]D GH ORV JXHUULOOHURV VH FXPSOLy HO GtD ௙
GH 0DU]R GH ௙
,JXDO TXH ODV
EDUEDULGDGHV TXH FRPHWLHURQ ORV IDODQJLVWDV GH OD FDSLWDO FRQ OD GHODFLyQ FRPR
YHUGDGHURV ³MXGDV´ GH YHFLQRV GH OD PLVPD ORFDOLGDG \ TXH IXHURQ HO UHDO \ YHUGDGHUR
PyYLOTXHLPSXOVyDORVJXHUULOOHURVDOKHFKRDQWHULRUPHQWHUHIHULGRSRU%DUWROR
2EUD HQ PL SRGHU OD IRWRFRSLD GH XQ RILFLR UHPLWLGR GHVGH OD GHOHJDFLyQ GH 2UGHQ
3~EOLFR GH 6DODPDQFD DO $OFDOGH GH /RV 6DQWRV IHFKDGR HO GH 2FWXEUH GH &RPR VH SXHGH REVHUYDU HQ HVH GRFXPHQWR RILFLDO QRV HQFRQWUDPRV FRQ XQD SUXHED
WHVWLPRQLDO GHO WUiJLFR EDODQFH GHO KRUURU IUDQTXLVWD VHPEUDGR SRU QXHVWURV SXHEORV HV
XQ IDWtGLFR UHFXHQWR GH ODV EDUEDULGDGHV FRPHWLGDV SRUODGHUHFKDUHDFFLRQDULDWHQLHQGR
HQ FXHQWD TXH FXDQGR VH SUHWHQGH SRU OD DXWRULGDGHV IDVFLVWDV YDORUDU ORFRQVHJXLGRORV
DEVXUGRV FUtPHQHV FRPHWLGRV LJXDO TXH OD SUHVLyQ ORJUDGD SRU OD LQMXVWD UHSUHVLyQ FRQ
P~OWLSOHV GHWHQFLRQHV H LPSRUWDQWHV VDQFLRQHV HFRQyPLFDVKDEtDQSDVDGRORVDxRVGHOD
Pi[LPD SHUVHFXFLyQ JHQRFLGD DXQTXH HQ HVD IHFKD GH HQ 6DODPDQFD VH
HMHFXWDEDQPHQRVIXVLODPLHQWRVTXHQRGHMDURQGHSURGXFLUVHKDVWD
௙
&RQ HO REMHWR GH FRQVLGHUDU HO PyYLO GHO DWDTXH GH ORV JXHUULOOHURV DQWLIUDQTXLVWDV
DXQTXH %DUWROR VRODPHQWH PH LQGLFy TXH &DVLR HO MHIH GH OD SDWUXOOD UHVSRQGLy FRQ HO
DWDTXH D OR VXFHGLGRDVXSDGUH\DOUHVWRGHFRPSDxHURVTXHVXIULHURQODPLVPDVXHUWH
XQD GH ODV YtFWLPDV GH ORV UHEHOGHV VHJ~Q VH OR UHILULy D VXV FRPSDxHURV HUD SDUD pO XQ
WHVWLPRQLR VXILFLHQWH ORV RQFH DVHVLQDGRV \ VHPEUDGRV SRU ODV FXQHWDV \ HQ ORV PRQWHV
FHUFDQRVLQFOXLGDODPXHUWHGHVXSURSLRSDGUHHUDQSUXHEDVVXILFLHQWHVSDUDHMHUFHUXQD
UpSOLFD GH MXVWLFLD SDUD ORV FDXVDQWHV GHO KRUURU GH DKt HO LQWHUpV TXH HQFLHUUD HO
GRFXPHQWRTXHWUDQVFULERSDUDVXFRQRFLPLHQWR
6RQ PXFKDV GHPDVLDGDV ODV YtFWLPDV LQPRODGDV SRU ORV IDVFLVWDV VX PHPRULD VyOR
SHUPDQHFLy HQ VXV IDPLOLDUHV \ \D YD VLHQGRKRUDGHFRQRFHUHQVXYHUGDGHUDGLPHQVLyQ
HO DOFDQFHGHOWHUURUTXHGRPLQyQXHVWURPDOWUHFKR3DtVHOPLVPRPLHGRVLOHQFLDEDDORV
IDPLOLDUHV GH ODV YtFWLPDV VX GRORU VH OR WUDJDEDQ \ HUD SDUD FDGD IDPLOLD VRODPHQWH
HQWUH HOORV REMHWR GH FRPHQWDULR GRORURVR OD WUDJHGLD VXIULGD ³PHGLR PXQGR´ WHQtD
PLHGR GHO RWUR ³PHGLR´ QDGLH VH ILDED GH QDGLH QL VHUHFRUGDEDS~EOLFDPHQWHDORVTXH
DUUHEDWDURQVXYLGDSRUFUHHUHQOD/LEHUWDG\OD'HPRFUDFLD
3HURHORGLRVLJXLyODWHQWHGXUDQWHPXFKRVDxRVFRPRFRQVHFXHQFLDOyJLFDGHODGXUDH
LQKXPDQD UHSUHVLyQ IDVFLVWD 6HYHUWLyPXFKDGHPDVLDGDVDQJUHLQRFHQWH\HVRVLQOXJDU
D GXGDV GHMD XQD KXHOOD LQGHOHEOH \ SHUGXUDEOHDFRPSDxDGDGHORVFRQVLJXLHQWHVGHVHRV
GHMXVWLFLD\YHQJDQ]D
௙
(V XQ WHPD HQ HO TXHGXUDQWHWRGDPLYLGDKHHVWDGRLQWHUHVDGR\PHKDSUHRFXSDGRHO
VLOHQFLR GH XQ WHPRU FUHDGR SRU LPSRVLFLyQ GHO WHUURU IDVFLVWD HUD XQ DVXQWR UHDO TXH
DOFDQ]y FRQ HO WLHPSR OD FDWHJRUtD GH ³WDE~´ \R FRPR PH LPDJLQR LJXDO TXH ORV
GHVFHQGLHQWHV GH ODV YtFWLPDV DO PHQRV HO UHFRQRFLPLHQWR GH ODVRFLHGDGKDFLDDTXHOORV
TXH SHQVDQGR FRPR QRVRWURV QR WXYLHURQ RWUR GHOLWR PDV TXH FUHHU HQ OD /LEHUWDG \ OD
-XVWLFLD TXH LQFOXVR QR OOHJDURQ D GHIHQGHUVH\TXHSRUHOORVXVYLGDVIXHURQLQPRODGDV
DEVXUGDPHQWHSRUODDQLPDOLGDGIDVFLVWD
௙
6L WUDVODGR D OD OHWUD LPSUHVD VXV QRPEUHV HV SRU PL SDUWH XQ DQKHODGR GHVHR GH GHMDU
FRQVWDQFLD \ XQ HPRFLRQDGR UHFXHUGR XQD HVSHFLH GH KRPHQDMH VLPEyOLFR VLQ PiV
SUHWHQVLyQ TXH OD GH GDU WHVWLPRQLR GH TXH WRGDYtD TXHGDPRV FRPSDxHURV TXH QR ORV
KHPRVROYLGDGRSHVHDORVPXFKRVDxRVWUDQVFXUULGRV
௙
3RU 6DODPDQFD HQ DTXHOODV IHFKDV HQ 0DU]R GH \R WHQtD OD HGDG GH TXLQFHDxRV
FRQ OD UHEHOGtD \ ORV LPSXOVRV SURSLRV GH OD MXYHQWXG PH HQWHUp FRPR WRGRV ORV
VDOPDQWLQRV GH ORV UXPRUHV GH ORV KHFKRV QDUUDGRV \ HQ FRPHQWDULRV FRQ PL KHUPDQR
KDEOp GH OD FRQYHQLHQFLD GH FRQWDFWDU FRQ DOJXQD SDWUXOOD \ D\XGDUOHV ௙
FRPR IXHUD
LQWHJUiQGRQRV D HOOD R SDVDUOHV LQIRUPDFLyQ FRQODOLPLWDGDYLVLyQGHODLQFLSLHQWHHGDG
PH PRYtD HO GHVHR GH YHQJDQ]D \ HQ PL DSUHFLDFLyQ HVWDED PX\OHMRVGHODUHDOLGDGTXH
PL KHUPDQR PiV DFRUGH FRQ OD VLWXDFLyQ PH VXSR DFODUDU FRQ VXILFLHQWH ULJRU HUD XQD
KHUPRVDXWRStDGHVJUDFLDGDPHQWHOHMRVGHODUHDOLGDG
/OHJy OD QRWLFLD GH OD H[LVWHQFLD GH PDTXLV HQ OD VLHUUD \ GHVXLQPHGLDWDDQLTXLODFLyQ
LQPHGLDWDPHQWH GHVSXpV GH ORV KHFKRV DFDHFLGRV \ GHVFULWRV OD JHQWH VH OLPLWDED D
FRPHQWDU FRQ VLJLOR ORV VXFHVRV GH /RV 6DQWRV SHUR OD UHDOLGDG HV TXH QR SDVy OD
LQIRUPDFLyQ PDV TXH GH XQD FLUFXODFLyQ GH EXORV TXH HQ VX PD\RUtD HVWDEDQ OHMRV GH OD
UHDOLGDG GH ORV KHFKRV WXYR TXH VHU OD FDVXDOLGDG TXL]i IXH HO GHVWLQR TXLHQ SXVR HQ HO
FDPLQR GH PL YLGD D %DUWRORPp *RQ]iOH] \ TXH GHVSXpV GH ODERULRVDV VXJHUHQFLDV SRU
PL SDUWH DO ILQ PH QDUUDUD OD WUHPHQGD WUDJHGLD GH OD SpUGLGD GHVXVTXLQFHFRPSDxHURV
\ VX KXtGD DIRUWXQDGDPHQWH SDUD pO VLQ PiV FRQVHFXHQFLDV TXH ODV TXH OH WRFy SDVDU HQ
0DGULGSDUDUHFXSHUDUHLQLFLDUODQRUPDOLGDGHQVXQXHYDYLGD
௙
(Q DTXHO DxR GHVSXpV GH OD ILQDOL]DFLyQ GH OD JXHUUD PXQGLDO HQ HQ ODV
JHQWHV GH L]TXLHUGD UHQDFLy OD HVSHUDQ]D GH TXH OD VLWXDFLyQ HQ (VSDxD FDPELDUD D XQ
(VWDGR 'HPRFUiWLFR \ HO GLFWDGRU )UDQFR TXH IXHUD MX]JDGR SRU VX WUDLFLyQ D OD
5HS~EOLFD \ OD LQILQLGDG GH FUtPHQHV TXH SURPRYLy \ FRQVLQWLy PDV ODV VHQWHQFLDV GH
PXHUWH TXH ILUPy MXQWR DORVFHUFDGHOPLOOyQGHPXHUWRVTXHIXHURQWULEXWRGHODJXHUUD
FLYLO
/RV SDtVHV GHPRFUiWLFRV TXH DFDEDEDQ GH JDQDU OD JXHUUD HVSHUiEDPRV FRQ FLHUWD
DQVLHGDG UHSULPLGD SRU HO WHPRU UHVWDEOHFLHUDQ OD 3D] \ OD 'HPRFUDFLD HQ HO PXQGR
HQWHUR WRGRHOORSDVDUtDSRUHOMXLFLRDORVIDVFLVWDVHVSDxROHVVHPHMDQWHDOTXHVHUHDOL]y
HQ1UHPEHUJDORVMHULIDOWHV1D]LV
௙
3HUR ORV EXHQRV GHVHRV GH OD LQILQLGDG GH HVSDxROHV GH L]TXLHUGD QR IXHURQ KHFKRV
UHDOLGDG \ WXYLPRV TXH VHJXLU VRSRUWDQGR HO JRELHUQRIUDQTXLVWD\RSHUVRQDOPHQWHDORV
TXLQFH DxRV GH HGDG DVXPtD \ WHQLD SHUIHFWDPHQWH LQWHUSUHWDGD PL VLWXDFLyQ \ PLV
OyJLFRV GHVHRV GH YHQJDQ]D ORVOOHYDEDPDUFDGRVLQGHOHEOHPHQWHHQPLLPDJLQDFLyQGH
WDO PDQHUD TXH FXDQGR PH HQWHUp TXH KDEtD JXHUULOOHURV HQ OD VLHUUD YLYt OD LOXVLyQ GHO
GHVHR GH LQWHJUDUPH D HOORV SDUD OXFKDU FRQWUD )UDQFR SHUR IXH EUHYH HO WLHPSR GHVGH
TXH FRUULHURQ ORV UXPRUHV GH VX H[LVWHQFLD \D TXH D 6DODPDQFD SURQWR OOHJy OD QRWLFLD
SUiFWLFDPHQWHVLPXOWiQHDGHVXDSDULFLyQ\DQLTXLODFLyQHQDTXHOORVGtDV
/HMRV HVWDED \R GH LPDJLQDUPH TXH WUDQVFXUULGRV WDQWRV DxRV ORV TXH YDQ GHVGH
DTXHOODV IHFKDV GH KDVWD TXH FRQRFt D %DUWROR HQ VHUtD SHUIHFWDPHQWH
LQIRUPDGR SRU pO GH WRGR OR VXFHGLGR SRU HO IXJD] SDVR GH ORV JXHUULOOHURV
DQWLIUDQTXLVWDVSRUQXHVWUDSURYLQFLD
+H WUDQVFULWR OLWHUDOPHQWH HO GRFXPHQWR TXH PH KD IDFLOLWDGR -DYLHU ÈOYDUH] 0HULQR
$OFDOGHGH/RV6DQWRV
'(/(*$&,Ï1௙
£9,9$(63$f$
௙
GH
25'(13Ò%/,&2
BBBBB
6$/$0$1&$
BBB
3DUDGDUFXPSOLPLHQWRDORGLVSXHVWRSRUHO
0LQLVWHULR GH 2UGHQ 3~EOLFR UXHJR 96 RUGHQH TXH FRQ OD PD\RU UDSLGH] \ SRU HVD
$OFDOGtD VH FRQVLJQHQ HQ HO DGMXQWR HVWDGR TXH GHEHUi GHYROYHUPH XQD YH]
FXPSOLPHQWDGR HO Q~PHUR GH ORV FDVRV KDELGRV HQ VX MXULVGLFFLyQ GH ORVFRQFHSWRVTXH
HQHOPLVPRVHOHLQGLFDQGHELHQGRWHQHUHQFXHQWDSDUDHOORORVLJXLHQWH
)86,/$'26 6H FRQVLGHUDUiQ FRPR WDOHV DTXHOORV D TXLHQHV VH DSOLFy OD /H\ HQ VX
JUDGRPi[LPRSRUQXHVWUDVDXWRULGDGHV\TXHIXHURQYHFLQRVGHHVDSREODFLyQ
'(7(1,'26 '(67(55$'26 < 6$1&,21$'26 )LJXUDUiQORVTXHORKD\DQVLGR
\ WXYLHUDQ VX UHVLGHQFLD HQ HVD ORFDOLGDG HQWHQGLpQGRVH SRU 6$1&,21$'26 ORV TXH
KD\DQ PXOWDGRV JXEHUQDWLYDPHQWH R VXIULHURQ RWUDV VDQFLRQHV HVSHFLDOHV QR
GHWHUPLQDGDVHQHOHQFDVLOODGRGHOHVWDGRTXHVHDFRPSDxD
'(6$3$5(&,'26 (Q pVWH FRQFHSWR VH LQFOXLUiQ WRGDV ODV SHUVRQDV DYHFLQGDGDV HQ
HVH$\XQWDPLHQWRGHODVTXHVHLJQRUDODVXHUWHTXHKD\DQSRGLGRFRUUHU
+8,'26 &RPR WDOHV VH FRQVLJQDUi HO Q~PHUR GH DTXHOORV GH FRQFHSWXDFLyQ ³URMD´ R
³PDU[LVWD´TXHORKLFLHUDQSDUDHOXGLUODDFFLyQGHOD-XVWLFLDGH(VSDxD
'(67,1$'26 $ %$7$//21(6'(75$%$-$'25(6'HEHUiLQGLFDUVHHOQ~PHUR
GHYHFLQRVTXHORKD\DQVLGRGHVGHHOSULPHUPRPHQWRGHO$O]DPLHQWR1DFLRQDO
$6(6,1$'26 325 /26 ³52-26´ (Q HVWH HQFDVLOODGR GHEHUi ILJXUDU HQ Q~PHUR GH
ORVTXHORKD\DQVLGRDOSURGXFLUVHQXHVWUR*ORULRVR$O]DPLHQWR
'LRVJXDUGHD96PXFKRVDxRV
6DODPDQFDGH2FWXEUHGH
9LYD(VSDxD,,,$xR7ULXQIDO
(/'(/(*$'2'(25'(13Ò%/,&2
)LUPDOHJLEOH௙
3DUHMD
6HOORTXHGLFH'HOHJDFLyQGH6HJXULGDG,QWHULRU\GH2UGHQ3~EOLFR6DODPDQFD
6(f25$/&$/'('(/266$1726௙
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(Q HO GRUVR GHO RILFLR WUDQVFULWR OLWHUDOPHQWH HVWiQ UHIHUHQFLDGRV ORV QRPEUHV GH ODV
YtFWLPDV GH ORV IDVFLVWDV HQ HO SXHEOR GH /RV 6DQWRV HVFULWR D PDQR \ UHODWLYDPHQWH
OHJLEOHVXSXHVWDPHQWHSRUHOVHFUHWDULRGHO$\XQWDPLHQWRHQDTXHOODVIHFKDVODVLJXLHQWH
UHODFLyQ )86,/$'26௙
QLQJXQR
'(6$3$5(&,'26௙
௙
௙
௙
0DQXHO 0RUtQ 0DURWR௙
௙
8EDOGR %ODVFR௙
௙
$QGUpV &DPSRV௙
-XDQ ௙
0LJXH௙
O ௙
$JXVWtQ %RQLOOD 'DQLHO $SDULFLR (VWHEDQ 3pUH] $QGUpV $SDULFLR
$JXVWtQ$SDULFLR-RVp3pUH]<XVWH\-RVp5RGUtJXH])UHLUH
'(7(1,'26'(67(55$'26<6$1&,21$'26௙
'(7(1,'26௙
$QWRQLR 0HULQR <XVWH &LSULDQR 0HULQR 6iQFKH] $JXVWtQ
0HULQR 6iQFKH] 3HGUR ÈOYDUH] <XVWH 6HJXQGR 5RGUtJXH] 0HULQR $EXQGLR
*yPH] *yPH] 3DWULFLR *yPH] 0DGUXJD 6HUJLR *yPH] 0DGUXJD 0LJXHO 3pL[
0DUWtQ 0DULDQR 0LJXHO <XVWH $JXVWtQ 0HULQR %RQLOOD -RVp 0HULQR 6iQFKH]
$JXVWtQ0LJXHO*DUFtD)pOL[*yPH]0DGUXJD6HEDVWLiQ<XVWH0HULQR
6$1&,21$'26 &21 08/7$6௙
0DWHR 3pUH] 0DUWtQ (XORJLR +HUPRQHV
)HGHULFR 0HULQR &DPSRV *HQDUD *yPH] &DPSRV 0LJXHO 3pL[ 0DUWtQ < 0DULD
$QWRQLD3pUH]
'(67,1$'26 %$7$//Ï1 '( 75$%$-$'25(6௙
%HOLVDULR 0HULQR
$SDULFLR $JXVWtQ 0LJXHO *DUFtD -RVp 0HULQR 6iQFKH] )UDQFLVFR 3pUH] 0HULQR
0D[LPLQR<XVWH*yPH])pOL[*yPH]0DGUXJD\%DOWDVDU0HULQR6iQFKH]
08(5726FRQWRGDVHJXULGDGIXVLODGR$OEHUWR*yPH]0DGUXJD
௙
(VWH F~PXOR GH DWURFLGDGHV FRPHWLGDV ODV SUXHED HO GRFXPHQWR H[SXHVWR HO TXH KD
DFODUDGR OD YHUGDGHUD FDXVD WUHPHQGDPHQWH UHYHODGRUD GHO DWDTXH GH ORV JXHUULOOHURV \
TXH GHVSXpV GH WDQWRV DxRV QRV DFODUD SHUIHFWDPHQWH HO PLVWHULR GH OD PRWLYDFLyQ GHO
DWHQWDGR FRPHWLGR SRVWHULRUPHQWH SRU HO JUXSR GHORVJXHUULOOHURVUHSXEOLFDQRVHO௙
GH
0DU]R௙
G
௙H௙
௙
௙
/ODPD OD DWHQFLyQ TXH %DUWRORPp QR PH UHODWDUD WRGD OD UHDOLGDG GH OR VXFHGLGR
VHJXUDPHQWH 1LFDVLR HO MHIH GH OD SDWUXOOD VRODPHQWH KDEtD FHQWUDGR WRGR HQ HO FULPHQ
VXFHGLGR D VX SDGUH \ EDVDUD ODDFFLyQGHVXJUXSRHQVXFDVRSHUVRQDOLJXDOPHQWHHQOD
FRQYHUVDFLyQ SUHYLD DO DWDTXH TXH WXYR FRQ VX LQIRUPDQWH HO SULPR DOTXHKDFHDOXVLyQ
QR OH FRQWDUD HO WHUURU D TXH IXH VRPHWLGR HO SXHEOR FRQ ODV EDUEDULGDGHV FRPHWLGDV SRU
ORVIDODQJLVWDV\VLVHORFRQWyDOPHQRVDPL%DUWRORQRPHORUHILULy
3HUR UHDQXGHPRV OD FUyQLFD GH OR VXFHGLGR \ GHMHPRV D OD OLEUH LQWHUSUHWDFLyQ GHO
OHFWRU DOJXQRV DVSHFWRV TXH TXHGDQ IXHUD GH OR QDUUDGR SRU XQR GH VXV SURWDJRQLVWDV
GLUHFWRV
7RGR VH GHVDUUROOy FRQ DUUHJOR D OR SUHYLVWR \ D OD KRUD FLWDGD WRGRV HVWDEDQ HQ VXV
SXHVWRV FRVD TXH FRPSUREy DQWHV GHO DWDTXH ³&DVLR´ \ ORV FRPSDxHURV GHVXJUXSRQR
IDOWDURQ HQ HO GHVSOD]DPLHQWR HQFXHQWURV DFFLGHQWDOHV SHUR WRGR VXFHGLy FRQ EDVWDQWH
QRUPDOLGDG\FRQDUUHJORDORSUHYLVWR
&RPSUREDGD OD FREHUWXUD SDUD OD UHWLUDGD \ OD REVHUYDFLyQ SUHYLD GH OD SRVLEOH H
LQHVSHUDGD SUHVHQFLD GH OD *XDUGLD &LYLO ORV FXDWUR DFWLYLVWDV VH GLULJLHURQ D OD WDEHUQD
SRU OD UXWD TXH WHQtDQ SUHYLVWD D OR OHMRV VH RtDQ ODGULGRV GH SHUURV FRQ DXOOLGRV
ODVWLPHURV TXH GDEDQ OD VHQVDFLyQ TXH SUHVHQWtDQ OR TXH VH DYHFLQDED DO SXHEOR QR
KDEUtD WUDQVFXUULGR PHGLD KRUD TXH VH KL]R PX\ ODUJD FXDQGR VH R\HURQGRVUiIDJDVGH
PHWUDOOHWD GHVSXpV GH XQ VLOHQFLR DWHUUDGRU DUUHFLDURQ ORV ODGULGRV GH ORV SHUURV \
VXUJLHURQ YRFHUtRV D OR OHMRV TXH YHQtDQ GHO SXHEOR HUD OD VHxDO GH LQLFLDU OD UHWLUDGD \
FDGD JUXSR VH SXVR HQ PDUFKD GH UHJUHVR WHQtDQ WRGD OD QRFKH SRU GHODQWH \ VLQ
GHVFDQVDU \D TXH HO DFRQWHFLPLHQWR GH OD DJUHVLyQ OHV GLR ODV IXHU]DV TXH QHFHVLWDEDQ
FXDQGR DPDQHFtD HO JUXSR GH %DUWROR LQLFLDED OD VXELGD KDVWD HO 3DVR GH ORV /RERV D
PHGLD PDxDQD IXHURQ OOHJDQGR HO UHVWR GH ORV FRPSDxHURV \DOPHGLRGtDVHHQFRQWUDEDQ
WRGRVMXQWRVHQODFXHYDVLQQRYHGDG
'XUDQWH OD FRPLGD TXH OHV WHQtDQ SUHSDUDGD ORV TXH VH TXHGDURQ HQ OD EDVH &DVLR
QXHYDPHQWH WRPy OD SDODEUD´3DUD DJUDGHFHUOHV HO FRPSRUWDPLHQWR GH WRGRV XQR D XQR
OHV GLR XQ DEUD]R GHVSXpV UHILULy FRPR VH GHVDUUROOy OR TXH SDUD pO IXH XQ DFWR GH
MXVWLFLD VH KDEtDQ HQFRQWUDGR HQ OD VDOD FRQORVTXHHVSHUDEDQ\&DVLRIXHHOSULPHURHQ
GHVFDUJDU VX PHWUDOOHWD VREUH ORV TXH HO VDEtD ¢" TXH HUDQ ORV FDXVDQWHV GH OD PXHUWH
GH VX SDGUH HO FRPSDxHUR TXH OH VHFXQGy PDQLIHVWy TXH VXV GLVSDURV IXHURQ
LQWLPLGDWRULRV D OD SDUHG HOORV VRODPHQWH FUH\HURQ TXH KDEtDQ PDWDGR D ³WUHV SHUURV
IDVFLVWDV´ \ TXH HO RWUR QR VDEtDQ TXLHQ HUD´ SRVWHULRUPHQWH SRU 6DODPDQFD VH
FRUULHURQ ORV UXPRUHV TXH ORV PXHUWRV IXHURQ ORV FXDWUR TXH HVWDEDQ MXJDQGR OD SDUWLGD
GH QDLSHV 'HWDOOH TXH QXQFD IXL FDSD] GH DFODUDU DXQTXH GHVSXpV GH OR TXH PH FRQWy
%DUWRORORLQWHQWp
2WUD YH] PDV \ JUDFLDV D -DYLHU ÈOYDUH] 0HULQR DOFDOGH VRFLDOLVWD GH /RV 6DQWRV HO
FXDO PH KD IDFLOLWDGR HO QRPEUH GH ORV WUHV IDODQJLVWDV DMXVWLFLDGRV DTXHOOD QRFKH 6H
WUDWDED GHO $OFDOGH GH /RV 6DQWRV HQ DTXHOODV IHFKDV ௙
-XDQ 6LHUUD $SDULFLR௙
GHO
7HQLHQWH GH DOFDOGH௙
$QWRQLR 0DUWtQ &DPSRV௙
< GHO -HIH ORFDO GH OD )DODQJH
3DWURFLQLR5RGUtJXH]0LJXHO
&DVLR OHV PDQLIHVWy ௙
³TXH KDEtDQWHQLGRXQDDFWXDFLyQHILFD]\PX\ELHQOOHYDGDSHUR
TXH DKRUD WHQGUtDQ TXH HVIRU]DUVH WRGRV HQ HVWDU YLJLODQWHV ODV YHLQWLFXDWUR KRUDV GHO
GtD SXHV QR WDUGDUtDQ ODV IXHU]DV GH OD*XDUGLD&LYLOHQGHVSOHJDUVHSRUODVLHUUDSDUD
GHWHQHUORV R DFDEDU FRQ HOORV´ DTXHO PLVPR GtD D ~OWLPD KRUD GH OD WDUGH HO FDEUHUR
VXELy FRQ OD FDEUDV SRU ODV FHUFDQtDV GH OD FXHYD \ OHV LQIRUPy TXH QR YROYHUtD SRU DOOt
pO KDEtD REVHUYDGR TXH QR KDFtDQ PDV TXH OOHJDU DXWRFDUHV \ FDPLRQHV FDUJDGRV GH
JXDUGLDV FLYLOHV SROLFtDV DUPDGDV H LQFOXVR PLOLWDUHV TXH SRU OD ]RQD GH (O 0DLOOR \ (O
&DEDFR HPSH]DEDQ D GHVSOHJDUVH KDFLD OD 3HxD GH )UDQFLD \ TXH OHV UHFRPHQGDED
DEDQGRQDUDQHOUHIXJLRSRUTXHDOOtORVFD]DUtDQDVtPLVPROHVUHFRPHQGyVHIXHUDQDODV
%DWXHFDVRODV+XUGHVDTXHOORVOXJDUHVHUDQPDVDJUHVWHV\DOOtWHQGUtDQPHMRUGHIHQVD
࣡
5HFRJLHURQ WRGR OR TXH SRGtDQ OOHYDU \ VH GLVSXVLHURQ D HPSUHQGHU OD PDUFKD DQWHV
KDEODURQ GH UHSDUWLUVH \ KXLU HQ GLUHFFLyQ D 0DGULG GRQGH OHV VHUtD PDV IiFLO
LQWURGXFLUVH SHUR TXH FRQWLQXDUtDQ MXQWRV SRU VL WXYLHUDQ TXH HQWUDU HQ DFFLyQ FRQ ODV
DUPDV VXELHURQ KDVWD ODV SUR[LPLGDGHV GH OD 3HxD GH )UDQFLD SDUD LQLFLDU OD EDMDGD SRU
ORV DWDMRV TXH EDMDEDQ KDFLD (O &DEDFR SRU OD ]RQD GHO &DVDULWR GHVGH DOOt REVHUYDUtDQ
ORV PRYLPLHQWRV GH ORV DGYHUVDULRV HUD GH QRFKH DSHQDV KDEtDQ GHVFDQVDGR GH OD
PDUFKD GHO GtD DQWHULRU DVt TXH VH FRELMDURQ D GHVFDQVDU WRGRHOJUXSRHQODSUR[LPLGDG
GH OD ³FXHYD GH ORV PRVTXLWRV´ TXHSUHFLVDPHQWHGDDODYHUWLHQWHQRUWHDOOtSDVDURQGRV
GtDV YLHQGR HO SDVR GH ORV FDPLRQHV FDUJDGRV GH PLOLWDUHV TXH OHV KDEtDQ FRQWDGR VH
GLULJtDQKDFLD/D$OEHUFD\OHVFHUUDEDQHOSDVRSDUDLUKDFLD/DV%DWXHFDV
&DQVDGRV GH HVWDU HVFRQGLGRV \ FDVL DJRWDGRV ORV DOLPHQWRV WRPDURQ OD GHFLVLyQ TXH
KDEtDQ FRPHQWDGR GH UHSDUWLUVH REVHUYDURQ TXH SRU OD SDUWH GH OD FXHYD FHUFD GH
0RQVDJUR GRQGH HVWXYLHURQ HVFRQGLGRV WRGR HO LQYLHUQR WDPELpQ VH YHtDQ IXHU]DV
DUPDGDV LQFOXVR HQ HO 3DVR GH ORV /RERV GH OHMRV VH YHtDQ D 3ROLFtDV $UPDGDV DVt TXH
RSWDURQSRUGLYLGLUHOJUXSR%DUWRORPHFRQWyTXHpOFRQXQFRPSDxHUROODPDGR0DQXHO
TXH HUD PDGULOHxR WDPELpQ GHWHUPLQDURQ EDMDU KDFLD OD &DVD %DMD GH (O 0DtOOR SDUD
GHVGH DOOt HPSUHQGHU OD PDUFKD QRFWXUQD HQ GLUHFFLyQ D 0DGULG ORV TXLQFH FRPSDxHURV
UHVWDQWHV DGRSWDURQ RWUD GHFLVLyQ EDMDUKDFtDOD1DYDGH)UDQFLD\GHVGHDOOtGLVROYHUVH
HQ SDUHMDV R FRPR PXFKR HQ JUXSRV GH WUHV H LQLFLDU OD KXLGD KDFtD OD ]RQD FHQWUR GHO
3DtV
$Vt OR KLFLHURQ VH GHVSLGLHURQ \ GHVHDURQ VXHUWH %DUWROR FRQ 0DQXHO EDMDURQ HQ
GLUHFFLyQ GHO UHIXJLR TXH KDEtDQ HOHJLGR FXDQGR OHV IDOWDEDQ XQRV GRV NLOyPHWURV SDUD
OOHJDU HPSH]DURQ D RtU GLVSDURV JUDQ FDQWLGDG GH GLVSDURV \ UiIDJDV GH PHWUDOOHWD VLQ
LQWHUUXSFLyQ DOJXQD OR TXH VLJQLILFDED TXH KDEtDQ ORFDOL]DGRDORVTXLQFHFRPSDxHURV\
VH KDEtD GHVDWDGRXQDYHUGDGHUDEDWDOODORVUXLGRVSURYHQtDQGHODSDUWHHQWUH(O&DEDFR
\ OD 1DYD GH )UDQFLD +DVWD OOHJDU D OD &DVD %DMD IXHURQFRUULHQGRFRQVLGHUDURQDUURMDU
ODV DUPDV D XQ OXJDU LQDFFHVLEOH \ DOOt HVSHUDEDQ TXH OHV DFRPSDxDUD OD VXHUWH \ TXH
QDGLH OHV YLHUD SHVH D TXH FRQ WRGD VHJXULGDG HO SXHEOR GH (O 0DLOOR HVWXYLHUD WRPDGR
SRUORVJXDUGLDV\PLOLWDUHV
%XVFDURQ GRQGH HVFRQGHUVH \ QR HQFRQWUDEDQ GyQGH KDVWD TXHR\HURQXQDFDPLRQHWD
TXH VH DFHUFDED SRVLEOHPHQWH FRQ VROGDGRV R JXDUGLDV \ VLQ SHQVDUOR GDGD OD
SUR[LPLGDG GHO SHOLJUR VH LQWURGXMR XQR GHWUiV GHO RWUR DUUDVWUiQGRVH SRU XQ SDVDGL]R
TXH KD\ HQ ODIXHQWHTXHDSURYLVLRQDEDGHDJXDXQDOMLEHTXHIXHGHOFRQYHQWRDOOtKDEtD
TXH HVWDU WXPEDGRV D ODODUJD\XQRGHWUiVGHRWURVHDUUDVWUDURQKDVWDHOILQDOXQRVGLH]
PHWURV \ DOOt VH TXHGDURQ EDxDGRV SRU HO DJXD TXH LQLQWHUUXPSLGDPHQWH GLVFXUUtD
HPSDSiQGRORV GHVGH DOOt RtDQ ORV FRPHQWDULRV GH TXH ³௙
KHPRV FD]DGR D ORV
EDQGROHURV´ ³ QR KHPRV GHMDGR QL XQR YLYR´ ORV PLOLWDUHV TXH HUDQ VROGDGRV OD
PD\RUtD ORV EXVFDEDQ SRU WRGDV SDUWHV \ FRPHQWDEDQ HQWUH HOORV TXH QR KDEtD TXHGDGR
QL XQ ³URMR EDQGROHUR´ TXH KDEtDQ DFDEDGR FRQ WRGRV LQFOXVR YDULRV GH HOORV VH
DFHUFDURQ HQ ODV KRUDV TXH DOOt DFDPSDURQ D FRJHU DJXD FRQ OD FDQWLPSORUD D OD IXHQWH
DIRUWXQDGDPHQWH D QLQJXQR VH OH RFXUULy PLUDU GHQWUR GHO WXQHOLOOR GH OD IXHQWH
DFDPSDURQHQXQD]RQDSUy[LPDDODIXHQWH\DOOtHVWXYLHURQXQDQRFKH
$O GtD VLJXLHQWH WDQWR 0DQXHO FRPR %DUWROR HVWDEDQ DWHULGRV GH IUtR \ PXHUWRV GH
KDPEUH OHV IXHLPSRVLEOHFRQFLOLDUHOVXHxRSRUORTXHODQRFKHVHOHVKL]RLQWHUPLQDEOH
VXVXUUDQGR FRPHQWDURQ SRU OR EDMR LQFOXVR HQWUHJDUVH SHUR HO PLHGR D TXH QDGD PDV
YHUORV OHV GLVSDUDUDQ OHV GLR IXHU]DV SDUD DJXDQWDU DO GtD VLJXLHQWH ORV PLOLWDUHV
UHFRJLHURQ ODV WLHQGDV GH FDPSDxD \ DPHGLDPDxDQDVHR\yHODUUDQTXHGHODFDPLRQHWD
\ OD PDUFKD GH ORV VROGDGRV $ OD FDtGD GH OD WDUGH \D GH RVFXUHFLGR QRVHRtDPDVTXH
HO FiQWLFR GH ORV SiMDURV HQWXPHFLGRV \ HPSDSDGRV KDVWD ORV KXHVRV VH YLHURQPDOSDUD
VDOLUSHURHODQVLDGHYLYLUOHVGLRIXHU]DV\DOILQVHYLHURQIXHUD
%XVFDURQ DOJR GH FRPHU \DTXHHQODKXLGDVHKDEtDQGHVHPEDUD]DGRGHODVPRFKLODV\
GH ODV DUPDV DOJ~Q PHQGUXJR GH SDQ \ DOJR GH TXHVR TXH DXQTXH SRFR DOJR OHV DOLYLy
HQFRQWUDURQ XQ KXHUWR SHTXHxR HQ HO PLVPR UHFLQWR GHO PRQDVWHULR GHUUXLGR TXH WHQLD
OHFKXJDV \ FHEROODV TXH FRQWULEX\HURQ D UHPHGLDU HO KDPEUH UHVWDXUDGDV DOJR ODV
IXHU]DV \ GHVHQWXPHFLGRV LQLFLDURQ OD PDUFKD KDFLD (O &DEDFR \ GH DOOt SRU &HUHFHGD
KDFLD 6HTXHURVFRQ GLUHFFLyQ DO SXHQWH GHO $ODJyQ TXH \D FRQRFtDQ HQ XQ JDOOLQHUR HQ
ODV DIXHUDV GH 9LOODQXHYD GHO &RQGH SHQHWUDURQ HQ VX LQWHULRU FRJLHURQ XQD JDOOLQD \ OH
UHWRUFLHURQ HO FXHOOR FRQ XQD QDYDMD TXH WHQtD HO FRPSDxHUR 0DQXHO OD GHVSHGD]DURQ \
FDVL VLQ GHVSOXPDUOD VH FRPLHURQ QR VLQ JUDQGHV DVFRV \ UHSDURV OD SHFKXJD \ ORV
PXVORV EXVFDURQ \ QR HQFRQWUDURQ QL XQ KXHYR DVt TXH UHHPSUHQGLHURQ OD PDUFKD FRQ
RWUDVGRVJDOOLQDVDODVTXHUHWRUFLHURQHOFXHOOR
(O QXHYR GtD OHV OOHJy HQ HO SXHQWH GHO $ODJyQ GHVFDQVDQGR GHEDMR GHO SXHQWH VH
YLHURQ VRUSUHQGLGRV FXDQGR VH ODYDEDQ HQ HO UtR $ODJyQ SRU XQD VHxRUD PD\RU TXH
EDMDED D ODYDU URSD DO UtR D OD FXDO OH FRQWDURQ TXHLEDQGHSDVR\QRWHQtDQTXHFRPHU
HUD OD YLXGD GHO PROLQHUR OD FXDO OHV PDQGR SDVDU D VX KXPLOGH FDVD \ OHV KL]R XQD
WRUWLOOD TXH FRPLHURQ FRQ OD PLWDG GH XQ SDQ GXUR WDPELpQ OHV SUHSDUy XQ FDIp FRQ
OHFKH TXH OHV DQLPy \ TXH OHV VXSR D JORULD OH HQWUHJDURQ ODV GRV JDOOLQDV TXH OOHYDEDQ
FRQWiQGROHTXHODVKDEtDQ³FRPSUDGR´HQ6HTXHURV
$ OD EXHQD PXMHU OH KLFLHURQ FRJHU GLH] SHVHWDV GHO GLQHUR TXH WHQtDQ \ VLJXLHURQ OD
PDUFKD D OD FDtGD GH OD WDUGH HVWDEDQ HQ 6RULKXHOD DOOt WXYLHURQ VXHUWH \D TXH HQ HVH
SXHEOR VH HQFRQWUDURQ SRU OD FDOOH XQ FXUD MRYHQ FRQ VRWDQD TXH OHV SUHJXQWy TXLHQHV
HUDQ \ D GyQGH VH GLULJtDQHODVSHFWRTXHWHQtDQFRQEDUEDODUJD\ODURSDFRQVHxDOHVGH
KDEHU HVWDGR HPSDSDGD GHDJXDOHVGDEDVREUHWRGRXQDVSHFWRGHPHQGLJRVPDVTXHGH
JXHUULOOHURV OH FRQWDURQ TXH HUDQ PLQHURV \ TXH UHJUHVDEDQ DQGDQGR DVXFDVDTXHHUDQ
GH 3XHUWROODQR &LXGDG 5HDO \ TXH YROYtDQ D VX WLHUUD TXH OHV KDEtDQ UREDGR VXV
SHUWHQHQFLDV\HOSRFRGLQHURTXHKDEtDQJDQDGR
(OFXUDQRVLQDOJXQDVRVSHFKDOHVGLMRTXHOHDFRPSDxDUDQDODWDEHUQDGHOSXHEORDOOt
OHV FRPSUy GRV ORQJDQL]DV XQ SDQ \ XQD ERWHOOD GH YLQR \ OHV GLR GRV PDQWDV
LQYLWiQGROHV D GRUPLU HQ OD VDFULVWtD GH OD LJOHVLD QR PHQFLRQy SDUD QDGD D OD JXDUGLD
FLYLO DXQTXH HQ HVH SXHEOR QR KDEtD FXDUWHOLOOR DO YHQLU HO GtD VLQ GHVSHGLUVH
HPSUHQGLHURQODPDUFKD
1R PH FRQWy PDV%DUWRORGHFyPROOHJDURQD0DGULGVyORTXHDSDUWLUGH6RULKXHODQR
YROYLHURQ D WHQWDU OD VXHUWH SRU HO GtD VH HVFRQGtDQ \ SRUODQRFKHFDPLQDEDQ\UREDEDQ
WRGR OR TXH SRGtDQ SDUD VXEVLVWLU WDUGDURQ XQRV QXHYH GtDV HQ OOHJDU D 0DGULG HQ ODV
SUR[LPLGDGHV GH OD &DVD GH &DPSR VH VHSDUDURQ ORV GRV FRPSDxHURV \ GHVSLGLHURQ FRQ
XQIXHUWHDEUD]RGHVHiQGRVHVXHUWHFDGDXQRVHGLULJLyHQEXVFDGHVXVIDPLOLDUHV
%DUWRORPHFRQWyTXHXQDSULPDFDUQDOVX\DYLYtDHQ9DOOHFDV\DOOtVHGLULJLyVHKDEtD
FDPELDGR GH GRPLFLOLR HQ HO PLVPR EDUULR \ FRQVLJXLy GDU FRQ HOOD HVWDED FDVDGD \
WHQtDQ GRV KLMRV SHTXHxRV HO PDULGR HUD DOEDxLO DVt TXHpVWDIDPLOLDIXHODTXHOHD\XGy
SDUDDEULUVHFDPLQRHQ0DGULGHOHVSRVRGHODSULPDOHFRORFyFRQpOGHSHyQDOEDxLOXQ
KRPEUH MRYHQ FRQ FXOWXUD FRQ DxRV UHFLpQ FXPSOLGRV HPSH]DED XQD QXHYD YLGD \
SURQWR VH YLR SHJDQGR ODGULOORV FRQ OD FDWHJRUtD GH RILFLDO HQ DTXHOORV DxRV WRGDYtD VH
HVWDEDQ UHSDUDQGR ORV GDxRV GH OD JXHUUD \ OD FRQVWUXFFLyQ HUD XQR GH ORV WUDEDMRV ELHQ
SDJDGRV
7UDEDMy HQ YDULDV HPSUHVDV OOHJDQGR D DOFDQ]DU OD FDWHJRUtD GH HQFDUJDGR KDVWD VX
MXELODFLyQ DQWLFLSDGD FRQ VHVHQWD \ WUHV DxRV GH HGDG \ TXH FRLQFLGLy FRQ ODV IHFKDV GH
ODPXHUWHGHOGLFWDGRUVXJUDQHQHPLJR)UDQFR
%DUWRORPp VH KDEtD FDPELDGR GH QRPEUH \ HQ OD FpGXOD GH LGHQWLGDG TXH OH
SURSRUFLRQy XQ DPLJRVLJXLyFRQHOQRPEUH5REHUWR*RQ]iOH]/RUHQWHDVtVHOHFRQRFLy
PLHQWUDV WUDEDMy GHO DxR D UHVXOWD SDUDGyJLFRREVHUYDUTXHGHVSXpVGHWHQHU
XQ FXUVR GH OD FDUUHUD GH 0HGLFLQD VHU SHULRGLVWD \ SLORWRGHDYLDFLyQWHUPLQDUDVLYLGD
ODERUDOFRPRHQFDUJDGRGHDOEDxLOHV
&XDQGR HQ (VSDxD VH HVWDEOHFLy HO 'RFXPHQWR 1DFLRQDO GH ,GHQWLGDG UHFREUy VX
YHUGDGHUR QRPEUH \ ORV GDWRV IDPLOLDUHV FRUUHFWRV D QDGLH OH FRQWy VX YLGD \ YLYLy DO
PDUJHQGHODSROtWLFDKDVWDTXHXQDPLJROHLQIRUPyHQTXHVHKDEtDFRQVWLWXLGRHQ
0yVWROHV XQD $JUXSDFLyQ ORFDO GHO 362( HQ OD FODQGHVWLQLGDG VH DILOLy \ SURQWR IRUPy
SDUWH GHO &RPLWp /RFDO DOOt \ VROR HQ DOJXQDV RFDVLRQHV KDEOy GH VXV KD]DxDV GH OD
JXHUUD SHUR VLHPSUH VH UHVHUYy VX SDUWLFLSDFLyQ HQ HO 0DTXLV 6X PXMHU ,QRFHQFLD QRV
FRQWy D /XLVD \ D Pt FyPR VH FRQRFLHURQ HQ XQD YHUEHQD IXHURQ QRYLRV GRV DxRV \
DFDEDURQ FDViQGRVH VHJ~Q QRV GLMR OHMRV HVWDED GH VRVSHFKDU WDQ VLTXLHUD ODVDYHQWXUDV
GHVXPDULGR
'HVSXpV GH FRQWDUPH VX YLGD OH SUHJXQWp VLODWHQtDHVFULWDPHGLMRTXHQRVRODPHQWH
TXH FXDQGR VH OD QDUUy D DOJ~Q FRPSDxHUR LPSRUWDQWHGHO3DUWLGRQRPHGLRHOQRPEUH
GH TXLHQ VH WUDWDED GH VX WRWDO FRQILDQ]D VXVH[SHULHQFLDVGHDYLDGRUUHSXEOLFDQRGHOD
/HJLyQ ([WUDQMHUD )UDQFHVD GHO 0DTXLV IUDQFpV \ GH OD GUDPiWLFD H[SHULHQFLD FRQ ORV
JXHUULOOHURV HQ (VSDxD VX GUDPiWLFD HVFDSDWRULD GH OD 3HxD GH )UDQFLD \ VX LQWHJUDFLyQ
HQ OD YLGD QRUPDO HO FLWDGR FRPSDxHUR VH FRPSURPHWLy D EXVFDUOH XQJXLRQLVWDGHFLQH
SDUD KDFHU XQD SHOtFXOD VREUH HO DUJXPHQWR GH VXV KD]DxDV SHUR QXQFD HO FRPSDxHUR OH
YROYLy D KDEODU GHO DVXQWR QL pO VH OR UHFRUGy SRU VXV SDODEUDV GHGXMH TXH SXGR VHU
)HOLSH *RQ]iOH] R TXL]i $OIRQVR *XHUUD PDV ELHQ VXSXVH TXH IXH $OIRQVR GDGDV ODV
UHODFLRQHV TXH VLHPSUH WXYR FRQ SHUVRQDV UHODFLRQDGDV FRQ HO FLQH \ HO PXQGR GH OD
FXOWXUD
/D DJUDGHFt D %DUWROR VX FRQILDQ]D \ OD DPLVWDG TXH PH GHPRVWUy FRQWiQGRPHVXYLGD
GH PLOLWDU \ JXHUULOOHUR UHSXEOLFDQR \ OH SURPHWt TXH HVFULELUtD WRGR SDUD TXH DO PHQRV
QR VH SHUGLHUD HQ HO ROYLGR WDQWR VXIULPLHQWR \ VDFULILFLRV GHUURFKDGRV SRU FRQVHJXLU
SUHFLVDPHQWH OD VLWXDFLyQ GH OD TXH \D GLVIUXWiEDPRV XQD (VSDxD OLEUH GH YHUGDG \
'HPRFUiWLFD 0H FRPSURPHWt FRQ pO TXH FXDQGR HVFULELHUD OR TXH PH KDEtDQDUUDGROH
SDVDUtD DQWHV D pO XQD FRSLD SDUD TXH PH FRUULJLHUD OR TXH GHVHDUD SRU VL KXELHUD DOJR
TXHQRVHDMXVWDUDDODUHDOLGDG
3HUR HO GHVWLQR TXLVR TXH %DUWRORPp *RQ]iOH] WXYLHUD SUREOHPDV FRQ ,QRFHQFLD \D
TXH VHJ~Q PH FRQWy KDFH XQRV DxRV XQ DPLJR \ FRPSDxHUR FRP~Q VDOLHQGR GH OD
3ULVLyQ GH 0yVWROHV GRQGH WHQtD XQ EXHQ DPLJR HO FDSHOOiQ GH OD 3ULVLyQ SUHFLVDPHQWH
FXUD \ VRFLDOLVWD VDOPDQWLQR QDWXUDO GHO SXHEOR GH *DOOHJRV GH 6ROPLUyQ %DUWROR VH
FD\y SRU XQD HVFDOHUD TXH OR GHMy PDOKHULGR GH OR TXH SRFR GHVSXpV OH VREUHYLQR OD
PXHUWH
1R YROYLPRV D YHUQRV WDPSRFR VXSH GHO ILQDO GH VX YLGD OR TXH QR TXLWD SDUD TXH
FXDQGR DO ILQ PHKHGHFLGLGRDHVFULELUORVUHFXHUGRVGHPLYLGDKD\DKHFKRXQHVIXHU]R
GH PHPRULD D\XGDGR SRU OD OLEUHWD GH QRWDV TXHGXUDQWHDxRVKHWHQLGRJXDUGDGD'HVGH
pVWDVFXDUWLOODVGHVHRGHMDUFRQVWDQFLDGH
0LPDVFDULxRVRUHFXHUGR\KRPHQDMHDODPHPRULDGHO&RPSDxHUR6RFLDOLVWD
%$572/20e*21=È/(=/25(17(
(VWXGLDQWH GH 0HGLFLQD FURQLVWD GH JXHUUD \ SLORWR GH FD]D PLOLWDU HQ OD
/HJLyQ ([WUDQMHUD )UDQFHVD 0DTXL FRQ OD 5HVLVWHQFLD )UDQFHVD
*XHUULOOHUR VRFLDOLVWDUHSXEOLFDQR DQWLIUDQTXLVWD \ ௙
$OFDOGH
6RFLDOLVWDGH0yVWROHV௙
3RUTXH UHSUHVHQWD HO YDORU \ VDFULILFLR GH WDQWRV KRPEUHV \ PXMHUHV TXH OXFKDURQ SRU OD
/LEHUWDG\OD'HPRFUDFLDGHQXHVWUR3XHEOR
)XH SDUD Pt XQ KRQRU KDEHU HVWDEOHFLGR XQD FRUGLDO \ HVWUHFKD DPLVWDG FRQ ³%DUWROR´ HO
TXHSDUDPtGHMyXQDPDEOHHLQROYLGDEOHUHFXHUGR
(/(*,$
(1+20(1$-($72'26/26&203$f(526<&203$f(5$6
$/2648($55(%$7$5216869,'$6࣡
POR CREER EN LA JUSTICIA Y EN LA LIBERTAD.
“El espíritu de nuestros muertos sobrevive en la memoria de los que vivimos”.
Sabido es:
Que pasa una generación de seres humanos
y viene otra, despues, otra y otra…
Pero la Tierra…sigue siendo la misma.
_______
Aparece el Sol todos los días,
porque la Tierra gira y gira sin cesar
parece que es el Sol… quien camina,
con el afán de llegar a algún lugar.
Hasta ocultarse allá por la lontananza muerta.
No obstante al día siguiente, con fidelidad a su cita
vuelve a aparecer en un horizonte que presagia
el gozoso alumbramiento de un nuevo día
y la continuidad de la vida.
_______
Los vientos que van al Mediodia,
viran y vuelven hacia el Norte,
siguiendo los giros que la rosa de los vientos ordena,
sin pararse nunca…con mayor o menor fuerza,
giran y giran sin cesar, no reclaman descanso
ni demuestran pereza alguna,
van llenando la Tierra con el aire vivificador
_________
Los ríos , hendiendo la Tierra,
incesantemente caminan hacia el mar…
pero la mar nunca se sacia, ni se llena
Allá de donde vienen… de las nevadas cumbres montañosasy de la profundidad de la
Tierra,
surgen en manantiales, tornando de nuevo al mar,siempre, labrando su cauce sin
desfallecer…
_______
Los ciclos de la Naturaleza son evolutivos,
el estallido de la Primavera revitaliza la vida,
el Verano con su calor,
nos entrega los frutos de la tierra,
el otoño para arar el campo y sembrarlo,
el invierno con sus frías nieves, cierra el ciclo.Un año, tras otro… se continúa haciendo
la Historia
_______
Jamás se sacia el ojo humano de ver,el oido humano de captar sonidos y palabras,por
ininteligibles
que sean las frases que las dicten
y sin embargo, sabido es también,que
es muy poco lo que es nuevo bajo el sol,
que todo es vanidad de vanidades
y disparatado apacentar de vientos.
________
La vida solamente es un hálito, un soplo apenas,
que se nos cede en préstamo,
para alentar con él un tiempo efímero
dichoso aquel que emplea su “resuello” en proclamar
la VERDAD, la JUSTICIA y la LIBERTAD,con el sagrado objetivo de conseguir la
CONCORDIA y la SOLIDARIDAD,entre todos y para todos los seres humanos.
________
Como seres humanos que somos,
nunca hemos olvidado,
ni olvidaremos, vuestro inmenso sacrificio,
seguimos fundidos en la sonrisa a vuestras expresiones,
cuando coronaban las frases que pronuciábais,
inspirando la SOLIDARIDAD HUMANA.
Siempre estais y estareis en nuestra Memoria,
siempre os hemos tenido presentes.
________
Fundidos a vosotros en un abrazo sin fronteras,
Imaginando siempre un proyecto humano al alba,
sin diferencias, ni recelos aún en la distancia,
de vuestro inesperado “vuelo sin retorno”.
Porque quienes tanto atesorásteis
Siempre lo expresasteis
con el misterioso lenguaje escrito,
en la granítica piedra del libro de los hombres.
_________
La vida es cíclica, cíclicos son los días y
la comparecencia insoslayable en sus leales noches,
porque todo tiene su tiempo y todo cuanto nace,
se hace bajo el sol y tiene su hora.
Porque hay un tiempo para herir y otro para curar.
Un tiempo para destruir y otro para edificar.
Un tiempo para reir y un tiempo para llorar.
______
Un tiempo para sufrir y otro para gozar,
un tiempo para nacer y otro para morir,
un tiempo para la guerra y otro para la Paz.
Tambien hay un tiempo para el escarnio,
y un tiempo para la restitución del sosiego
y vuestra dignidad, avasallados por la ira.
Es por lo que hoy, sigue pujante vuestro encuerdo.
______
Junto a vuestros queridos despojos humanos,
unidos a vosotros en la memoria como uno solo.
Aquí, en el mismo lugar, junto a la tierra que os cobijó
y bajo el mismo cielo que miraron vuestros atónitos ojos,
¡tal vez no comprendisteis,que las fauces del odio,
la injusticia y la sin razón, eran feroces e insaciables y
estaban tan hambrientas…!
______
Al fin y después de largos e insoportables años,
todo se concilia en el mismo lugar,
ha vuelto la calma al sitio profanado,
el ciclo de vuestra existencia se cierra una vez mas,
en una espiral con principio y sin fin
igual a vuestro imperecedero recuerdo
impreso en nuestros sentimientos.
_______
¡No os hemos olvidado, Compañeros del “alma”, compañeros…!
Luis Calvo Rengel. Año 2002- 2007.