merche - SEFCARM.ES

Anuncio
(1(529,(51(66$/$³1$5&,62<(3(6´±¶+
$UWLVWDLQYLWDGR
6$/9$'25%(/75È1
0(5&+(
'LH] DxRV KDQ SDVDGR \D GHVGH TXH
DTXHOOD FKLFD FRQ XQ VXHxR EDMR HO
EUD]R VH GLR D FRQRFHU SRFR D SRFR
FDQFLyQDFDQFLyQ7RGDVFRPSXHVWDV
SRU HOOD FRPR WDPELpQ HQ HVWD
RFDVLyQ0HUFKHXQDGHHVDVHVFDVDV
ILJXUDV TXH FRQ FDGD GLVFR VLJXH
\HQGRDPiV<HQpVWHQRORGXGHQ
DPXFKRPiV0HUFKHDOFDQ]DHQ³8Q
PXQGR GH FRORUHV´ VX SOHQLWXG
DUWtVWLFD FRPR FDQWDQWH \ DXWRUD
FRPR SHUVRQDMH FHUFDQR GRQGH ORV
KD\D GH HPRFLRQHV WUDQVSDUHQWHV H
LQPHGLDWDVFDQFLRQHV
³8Q PXQGR GH FRORUHV´ 8Q FULVRO GH YDULRSLQWRV HVWLORV DUURSDQGR VX
LQFRQIXQGLEOH SHUVRQDOLGDG &RPR HQ HO DQWHULRU KD YLDMDGR D ((88 SDUD
JUDEDUORMXQWRDOFRWL]DGRSURGXFWRU6HEDVWLDQ.U\VSHURVLDTXHO³$FRUGHV GH
PL GLDULR´ PLUDED D VX LQWHULRU DKRUD VH DEUH DO PXQGR GHVWLOD RSWLPLVPR \
HQHUJtD SRVLWLYD LQFOXVR HQ VX PDQHUD GH HQIUHQWDUVH DO GHVDPRU R ODV
FRQWUDULHGDGHVTXHLQHYLWDEOHPHQWHUHODWDWDPELpQHQDOJXQDOHWUD³1XQFDPH
KDEtDLGHQWLILFDGRWDQWRFRQORTXHFDQWR´GLFHHOOD³8QPXQGRGHFRORUHVHVHO
GLVFRTXHVLHPSUHKDEtDVRxDGRKDFHU´
'LH]DxRV\FRQpVWHVHLVGLVFRV\D8QDUFRLULVVRQRURHQFODYHGHSRS'LH]
FDQFLRQHVHQWUHODVTXHHOVLQJOHGHDGHODQWR³/XQD´PXHVWUDFRPRQLQJXQDVX
DPSOLWXG GH LQIOXHQFLDV XQ KRPHQDMH D ODV PXMHUHV TXH OXFKDQ SRU VDFDU
DGHODQWH D VX IDPLOLD GRQGH FRQMXJD OR YDQJXDUGLVWD FRQ OR FOiVLFR &RQ HVH
³(VWR\ IDWDO´ D PRGR GH ORRS FRPELQD VDERU DQWLOODQR \ UHJXVWR DQGDOX]
PHWDOHVMD]]tVWLFRV\SURJUDPDFLRQHVHOHFWUyQLFDV7RGRHQXQGLVFRHQHOTXHVH
DWUHYHFRQFDVLWRGRVLQGHMDUGHVHUQXQFD0HUFKH
3DUD HOOR KD VLGR IXQGDPHQWDO VX HQFXHQWUR SURIHVLRQDO FRQ HO DPHULFDQR
6HEDVWLDQ .U\V TXH KD SURGXFLGR D 5LFN\ 0DUWLQ (QULTXH ,JOHVLDV *ORULD
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
(VWHIDQ6KDNLUD\PXFKtVLPRVPiVeOOHKDEULQGDGRORTXHHOODEXVFDEDXQ
VRQLGRGHEDQGDRUJiQLFR\DWHPSRUDO4XHPLUDWDQWRDOIXWXUR\DOSUHVHQWH
FRPRDOSDVDGR$OJRTXHODSURSLD0HUFKH OOHYD\DHQHODGQGHVXGXOFHYR]
$KRUD TXH WDQWR DUUDVDQ ODV FDQWDQWHV TXH PRGXODQ FRPR HQ ORV DxRV WHQGUtDPRVTXHUHFRUGDUTXHHOODVLHPSUHORKL]R0HUFKHFDQWDGHVGHHOSULPHU
GtDHYRFDQGRYLHMRVWLHPSRVHQXQFRQWH[WRDFWXDO
0HUFKH 7UXMLOOR VH DSHOOLGD 'H &iGL] SDUD PiV VHxDV (PSUHQGLy HO YXHOR HQ
XQRV DxRV GLItFLOHV SDUD TXLHQ QR HVWXYLHUD YLQFXODGR D QLQJ~Q SURJUDPD
WHOHYLVLYR \ PXFKR DQWHV GH TXH OD JHQWH OH SXVLHUD FDUD \D UHFRQRFtDQ VXV
FDQFLRQHV0HUFKHHVFRQRFLGDSRUVXP~VLFD\QRDOUHYpV0LHQWUDVKD\TXLHQ
GD TXH KDEODU HOOD LQYLWD D FDQWDU ¢TXLpQ QR KD WDWDUHDGR DOJXQD YH] SLH]DV
FRPR³6LWHPDUFKDV´³(UDVW~´³&DO\DUHQD´R³$EUHWXPHQWH´"'HHVWD~OWLPD
LQFOXVRKL]RXQDYHUVLyQXQRGHVXVPiVDYHQLGRVIDQVGHVGHVLHPSUHHOVLPSDU
0DULR9DTXHUL]RDOIUHQWHGHVXV1DQF\V5XELDV
¢<TXLpQQRKDHVFXFKDGR\DODQXHYD³9HQGUpSRUWL´"6HJXQGRVLQJOHTXHKDEOD
GHODVYHFHVTXHQRVYHPRVREOLJDGRVDDQWHSRQHUHOWUDEDMRDHVWDUFRQTXLHQHV
TXHUHPRV³3RUHVRFXtGDWH\QRWHROYLGHVQXQFDTXHVLWLHQHVXQGtDJULV
PHORGLFHV\YHQGUpSRUWL´&LHQSRUFLHQDXWRELRJUiILFD7UDVODQRPLQDFLyQD
ORV*UDPP\/DWLQRODGHPDQGDHQ$PpULFDQRKDGHMDGRGHFUHFHU(VWH~OWLPR
PHGLRDxRORSDVyFDVLHQWHURDOOtGHSDtVHQSDtV$XQTXHDTXtKDVHJXLGRPX\
SUHVHQWH \D VHD HQ ODV FRQVWDQWHV UHSRVLFLRQHV GHO FRQFXUVR ³7~ VL TXH YDOHV´
HQHOTXHHOODHQFDUQDHOODGRPiVKXPDQDGHOMXUDGRRHQHVHH[SORVLYRG~R
TXHUHFLHQWHPHQWHKDJUDEDGRMXQWRDOSXHUWRUULTXHxR/XLV)RQVL
³8QPXQGRGHFRORUHV´GHVSUHQGHODPLVPD QDWXUDOLGDGTXHODSURSLD0HUFKH
HQFDGDFDQFLyQ/DTXHOHGDWtWXORIXQGHHOYLHMRVRQLGRGH1XHYD2UOHDQVFRQ
PDULDFKLV SDUD QDUUDU XQD GLYHUWLGD KLVWRULD GH DPRU YHUtGLFD HQWUH XQ
ERKHPLR\XQDQLxDELHQ³'pMDOR´DEUHHOGLVFRHQXSWHPSRVREUHXQSRGHURVR
ULWPR GH EDWHUtD JODP URFN \ OD LQWLPLVWD ³6LQ PiV´ OR FLHUUD FRQ H[SOtFLWD \
HQFHQGLGDGHGLFDWRULDDVXPDGUH(QWUHXQD\RWUDWRGRXQFRORULGRDEDQLFRGH
HQWUHOD]DGRVJpQHURV'HODPHORGUDPiWLFDEDODGD³3UHILHURYHUWHGHQRFKH´DOD
IHVWLYDOHUDGH³7RGRHVWiFODUR´'HODF~VWLFR\VXWLOPHGLRWLHPSRGH³&RQHOOD´
DO SRSSLH SHJDGL]R GH ³4XH WH SDVy´ SDVDQGR SRU OD LQWHQVLGDG ³PDGH LQ
0HUFKH´GH³6ROHGDG´6XGLVFRPiVYHUViWLO8QUHFRUULGRHQTXHFDGDFDQFLyQ
HVXQSXQWR\DSDUWHFRPRXQDQXHYDHVWDFLyQGHXQYLDMHHQWUHQUXPERD³8Q
PXQGRGHFRORUHV´
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
)(%5(52'20,1*26DOD³0LJXHOÈQJHO&ODUHV´±¶K
$1$0285$
1R KD\ RWUD YR] HQ HO IDGR
FRPR OD GH $QD 0RXUD
8QD YR] TXH VH SDVHD
OLEUHPHQWHSRUODWUDGLFLyQ
SHUR
TXH
IOLUWHD
HOHJDQWHPHQWH FRQ OD
P~VLFD SRS DPSOLDQGR HO
HVSHFWUR GHO IDGR WDQ
WtSLFR GH /LVERD GH XQD
PDQHUD PX\ SHUVRQDO
3HUR OR TXH OD VLW~D DSDUWH
HV QR VyOR HO WLPEUH JUDYH \ VHQVXDO WDQ ~QLFR $QD 0RXUD WUDQVIRUPD
LQVWDQWiQHDPHQWH FXDOTXLHU PHORGtD D OD TXH SUHVWD VX YR] \ OD FRQYLHUWH HQ
IDGR (V XQD FKLVSD LQPHGLDWD XQD H[SORVLyQ HPRFLRQDO GLULJLGD
LPSODFDEOHPHQWHDOFRUD]yQGHOR\HQWH
)DXVWR -RVp $IRQVR 5X\ 0LQJDV P~VLFD GH $QJROD \ IDGR (VDV HUDQ ODV
PHORGtDV TXH VH FDQWDEDQ SRU ODV WDUGHV HQ FDVD GH OD IDPLOLD 0RXUD HQ
&RUXFKHFXDQGR$QD0RXUDHUDXQDQLxDSHTXHxD±QDFLyHQRWUDFLXGDGGHOD
SURYLQFLD GH 5LEDWHMR 6DQWDUpP HQ ± \ VLQ HPEDUJR \D VH PRVWUDED
HQWXVLDVPDGDFRQODP~VLFD/RVGRVSDGUHVFDQWDEDQWRGDVXIDPLOLDPDWHUQD
FDQWDED \ FXDOTXLHU UHXQLyQ IDPLOLDU VROtD DFDEDU FRQ XQ FRQFXUVR GH FDQWR
$XQTXHFDQWDEDQXQSRFRGHWRGR$QDHPSH]yDVHQWLUTXHSRUDOJ~QPRWLYR
HOODVHQWtDXQHVSHFLDOFDULxRSRUHOIDGR$ORVVHLVDxRVFDQWyVXSULPHUIDGR
³&DYDOR 5XoR´ \ R\y D VX PDGUH WDUDUHDU ³2 ;DLOH GD 0LQKD 0mH´ <D HQ VX
DGROHVFHQFLDGHMyDXQODGRHOIDGR\SDVyDLQWHUHVDUVHHQRWURVJpQHURVPiVHQ
FRQVRQDQFLDFRQVXHGDG\FRQODVSUHIHUHQFLDVGHVXVDPLJRVGHOLQVWLWXWR
(VFRQHVDFXULRVLGDGSRURWURVWLSRVGHP~VLFDHQHVRVDxRVGHODDGROHVFHQFLD
±XQD pSRFD GH GHVFXEULPLHQWR \ UHEHOLyQ± FXDQGR $QD 0RXUD OOHJy D
&DUFDYHORVHQODVDIXHUDVGH/LVERDDORVFDWRUFHDxRVSDUDDFDEDUVXVHVWXGLRV
HQHOLQVWLWXWR1RIXHDFDQWDUVLQRDHVWXGLDUPDWULFXOiQGRVHHQOD$FDGHPLD
GRV$PDGRUHVGH0~VLFD$TXtIRUPyVXSULPHUJUXSRFRQDOJXQRVDPLJRVGHO
FROHJLR $XQTXH FDQWDED WDPELpQ RWURV JpQHURV OD YR] GH $QD OH LPSULPtD
UiSLGDPHQWH XQ WRTXH QDWXUDO GH IDGR \ DXQ FRQ XQ JUXSR GH URFN FRQVLJXLy
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
LQFOXLUXQIDGRRGRVHQVXUHSHUWRULRJHQHUDOPHQWH³3RYRTXH/DYDVQR5LR´GH
$PiOLDTXHSRUHQWRQFHVHUDVXSULQFLSDOLQIOXHQFLDFRPRFDQWDQWH
6X H[SHULHQFLD FRQ HO JUXSR FRQ TXH KDFtD ODV YHUVLRQHV 6H[WR 6HQWLGR DFDEy
SRU GDU OXJDU D OD SURGXFFLyQ GH XQ GLVFR GH SRSURFN FRQ HO P~VLFR /XtV
2OLYLHUD HQ XQ VHOOR GH 8QLYHUVDO 3HUR HO GLVFR QXQFD DFDEy GH WHUPLQDUVH (O
GHVWLQR GHVHPSHxyHQWRQFHVXQSDSHOLPSRUWDQWHOOHYDQGRD$QD DXQEDUHQ
&DUFDYHORV HQ HO TXH HOOD VH GHMy LU \ FDQWy XQ IDGR (QWUH HO S~EOLFR VH
HQFRQWUDEDHOJXLWDUULVWD$QWyQLR3DUUHLUDTXHPX\LPSUHVLRQDGRODFRJLyGH
OD PDQR \ OD SUHVHQWy HQ YDULDV FDVDV GH IDGR /XHJR HQ XQD ILHVWD QDYLGHxD
SDUD P~VLFRV \ FDQWDQWHV GH IDGR $QD 0RXUD FRQRFLy D ODV GLYHUVDV SHUVRQDV
TXHSREODUtDQVXVQRFKHVDSDUWLUGHHVHPRPHQWR\IXHLQYLWDGDDFDQWDU(Q
HVWDRFDVLyQIXH0DULDGD)pFRSURSLHWDULDGHODSUHVWLJLRVDFDVDGHIDGR6HQKRU
9LQKRODTXHVHTXHGyLPSUHVLRQDGDSRUVXWDOHQWRHQHVWDGRSXUR$GHPiVGH
DSODXGLUOD0DULDGD)pWDPELpQODLQYLWyDFDQWDUHQVXORFDOGHIDGR
)XHFRQHVDYLGDQRFWXUQDHQ6HQKRU9LQKR\RWUDVFDVDVGHIDGRFRPRPDGXUy
VX FDQWR $QWHULRUPHQWH $QD 0RXUD VROtD FDQWDU IDGRV GHELGR D OD VHQGD
QDWXUDOGHVXYR]VLJXLHQGRVXLQWXLFLyQ$KRUDKDFLHQGRFDVRGHORVFRQVHMRV
GH SHUVRQDV FRQ PiV H[SHULHQFLD ±SULQFLSDOPHQWH 0DULD GD )p \ -RUJH
)HUQDQGR± FRQWDED \D FRQ RWUDV UD]RQHV SDUD FDQWDUOR VLQ PDWDU VX
HVSRQWDQHLGDG
(VD SDVLyQ VH UHYHOy GH WDO PRGR TXH UiSLGDPHQWH SUHQGLy OD DWHQFLyQ GHO
SHULRGLVWD0LJXHO(VWHYHV&DUGRVR$QWHVGHTXHVXQRPEUHIXHUDFRQRFLGRSRU
ORV VHOORV GLVFRJUiILFRV IXHURQ ORV DUWtFXORV GH (VWHYHV &DUGRVR ORV TXH
DPSOLILFDURQHOWDOHQWRGHODQXHYDFDQWDQWHGHIDGReOODYLRSRUSULPHUDYH]HQ
XQSURJUDPDGHWHOHYLVLyQOODPDGR)DGRVGH3RUWXJDO<IXHGHVSXpVGHOHHUVX
HQFHQGLGR DUWtFXOR HQ ,QGHSHQGHQWH FXDQGR 7R]p %ULWR GLUHFWRU JHQHUDO GH
8QLYHUVDOHVFULELy6HQKRU9LQKRSDUDH[SHULPHQWDUGHFHUFDODYR]TXHFRQRFtD
VyOR GH 6H[WR 6HQWLGR 1R SDVy PXFKR WLHPSR DQWHV GH TXH 7R]p OD LQYLWDUD
JUDEDUVXSULPHUGLVFR
-RUJH)HUQDQGRUHFLELyODLQYLWDFLyQGHFRQYHUWLUVHHQHOSURGXFWRUGHVXGLVFR
GH SUHVHQWDFLyQ *XDUGDPH D 9LGD QD 0mR $GHPiV GH OD GLUHFFLyQ
DUWtVWLFDHOP~VLFRIXHWDPELpQUHVSRQVDEOHGHVHLVGHODVTXLQFHFDQFLRQHVGHO
GLVFRXQDGHODVFXDOHVIXHHOHJLGDSRU$QDFRPRVXWHPDGHUHIHUHQFLD³6RXGR
)DGR6RX)DGLVWD´6R\GHOIDGRVR\IDGLVWD/DFRODERUDFLyQHQWUHORVGRVVH
DPSOLyDORVGLVFRVVXFHVLYRV'HVGHHOSULQFLSLRHVWDEDFODURTXHHOIDGRGH$QD
0RXUD SRVHtD XQ HVSHFWUR LQXVXDOPHQWH DPSOLR FRQWDQGR FRQ P~VLFRV FRPR
&LJDQRV G¶2XUR \ 3HGUR -yLD H LQVWUXPHQWRV FRPR HO FDMyQ \ OD JXLWDUUD
IODPHQFD 3HUR OD HVHQFLD SHUPDQHFH LQDOWHUDGD OD WUDGLFLyQ UHYLVWH XQD
LPSRUWDQFLDIXQGDPHQWDO/DUHDFFLyQGHOS~EOLFR\ORVFUtWLFRVD*XDUGDPHD
9LGD QD 0mR IXH XQiQLPHPHQWH HQWXVLDVWD \ $QD 0RXUD SDVy D VHU GH
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
LQPHGLDWR XQD SUHVHQFLD KDELWXDO HQ ORV FRQFLHUWRV SRUWXJXHVHV \ FRQ HO
WLHPSRWDPELpQHQHOH[WUDQMHUR
$FRQWHFHX DSDUHFLGR HQ IXH OD VHFXHOD OyJLFD GH VX iOEXP GH
SUHVHQWDFLyQ$OWUDWDUVHGHXQGREOHGLVFRUHYHODEDODH[WUDRUGLQDULDDPELFLyQ
GHODFDQWDQWH\PRVWUDEDODDVRPEURVDILUPH]DGHOFDPLQRTXHKDEtDHOHJLGRHO
KHUPDQDPLHQWR QDWXUDO HQWUH HO IDGR PiV WUDGLFLRQDO \ XQD PDQHUD PX\
SHUVRQDOGHGDUOHXQDLUHGHFRQWHPSRUDQHLGDG
/DFDUUHUDGH$QD0RXUDHPSH]yDH[SHULPHQWDUXQLPSXOVRWDOTXHDEDQGRQy
6HQKRU 9LQKR D ILQ GH SRGHU KDFHU IUHQWH D ODV LQYLWDFLRQHV SDUD FDQWDU HQ HO
H[WUDQMHUR0iVWDUGHHQWUyDIRUPDUSDUWHGHODSODQWLOODKDELWXDOGHRWUDFDVD
GHIDGROD&DVDGH/LQKDUHV±%DFDOKDXGH0ROKR6Xp[LWRHQHOH[WUDQMHUROH
OOHYyDDFWXDUHQHOSUHVWLJLRVR&DUQHJLH+DOOGH1XHYD<RUNHQIHEUHURGH
(QWUHWDQWR DO RWUR ODGR GHO PXQGR 7LP 5LHV HO VD[RIRQLVWD GH ORV 5ROLQJ
6WRQHVHQWUyHQODWLHQGD7RZHU5HFRUGVGH7RNLRSDUDEXVFDUGLVFRVGHIDGR
6X LGHD HUD LQFOXLU D XQ FDQWDQWH GH IDGR HQ HO VHJXQGR GLVFR GH VX 3UR\HFWR
5ROOLQJ6WRQHVHQHOTXHVHLQYLWDEDDP~VLFRVGHRWURVJpQHURVDWRFDUDOJXQRV
GH ORV WHPDV GH OD EDQGD FRQ pO PLVPR &RPSUy WUHV GLVFRV HOHJLGRV DO D]DU
JXLDGR ~QLFDPHQWH SRU VX LQVWLQWR \ IXH DPRU D SULPHUD HVFXFKD 3DUD HO
SUR\HFWR $QD FDQWy ³%URZQ 6XJDU´ \ ³1R ([SHFWDWLRQV´ 0iV WDUGH LQWHUSUHWy
³1R([SHFWDWLRQV´HQGLUHFWRFRQORV6WRQHVHQHOHVWDGLR$OYDODGH;;,$SDUWLU
GH HQWRQFHV HQ YDULDV RFDVLRQHV FRLQFLGLHURQ ODV JLUDV GH $QD 0RXUD \ ORV
5ROOLQJ6WRQHV(QXQDGHHVWDVRFDVLRQHVHQ6DQ)UDQFLVFR5LHVOODPyD$QD
0RXUD \ OH HQVHxy XQD FDQFLyQ TXH KDEtD FRPSXHVWR SHQVDQGR HQ VX WLSR GH
YR] ³9HOKR $QMR´ DSDUHFHUtD LQFOXLGD PiV WDUGH HQ VX VLJXLHQWH GLVFR 3DUD
$OpP GD 6DXGDGH GHVSXpV GH TXH -RUJH )HUQDQGR OH LPSULPLHUD XQ
VHVJRPiVIDGtVWLFR
8QD GH ODV HVSHFLDOHV FDUDFWHUtVWLFDV GH 3DUD $OpP GD 6DXGDGH HUD OD
LQIUHFXHQWH SDUWLFLSDFLyQ GHO P~VLFR )DXVWR HQ XQ GLVFR GH RWUR DUWLVWD $QD
TXH KDEtD FUHFLGR HVFXFKDQGR OD IDPRVD FDQFLyQ 3RU (VWH 5LR $FLPD GH HVWH
P~VLFRVHDUPyGHYDORUSDUDSHGLUOHTXHFRPSXVLHUDXQQXHYRWHPDSDUDHOOD
2WUD LQYLWDGD HVSHFLDO TXH FRPSXVR HVSHFLDOPHQWH SDUD HOOD IXH $PpOLD 0XJH
/D PH]FOD GH FXOWXUDV HVWDED SUHVHQWH HQ IRUPD GH XQ G~R FRQ HO IDPRVR
FDQWDQWHHVSDxRO3DW[L$QGLyQ7LP5LHVDGHPiVGHVHUHODXWRUGHXQDGHODV
FDQFLRQHV WDPELpQ WRFDED HO VD[R HQ GRV WHPDV ³9HOKR $QMR´ \ ³$ 6yV FRP D
1RLWH´
*UDFLDVDODFDQFLyQ³2V%~]LRV´GH-RUJH)HUQDQGRHOp[LWRGH3DUD$OpPGD
6DXGDGH DOFDQ]y QXHYRV QLYHOHV HQ OD FDUUHUD GH $QD 0RXUD \ DFDEy GDQGR
OXJDU DO SULYLOHJLR GH FDQWDU HQ ORV GRV SULQFLSDOHV HVFHQDULRV GH 3RUWXJDO ORV
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
&ROLVHXPV GH /LVERD \ 2SRUWR (O GLVFR WDPELpQ JDQy HO SUHPLR $PiOLD
5RGULJXHV
'HVSXpV GHO HQRUPH p[LWR GH 3DUD $OpP GD 6DXGDGH ±TXH VH KD PDQWHQLGR
GXUDQWHVHWHQWDVHPDQDVHQORPiVDOWRGHODVOLVWDV±VHSXEOLFyHOFXDUWRiOEXP
/HYDPH DRV )DGRV TXH VH FRQYLUWLy UiSLGDPHQWH HQ GLVFR GH SODWLQR
)XH SURGXFLGR FRPR GH FRVWXPEUH SRU -RUJH )HUQDQGR FRQ OHWUDV GH 7R]p
%ULWR0DQXHODGH)UHLWDV0iULR5DLQKR\1XQR0LJXHO*XHGHVDVtFRPRXQD
RULJLQDOGH-RVp0iULR%UDQFR(OiOEXPLQFOX\HGHQXHYRRWUDFRPSRVLFLyQGH
$PpOLD0XJH³1mRpXP)DGR1RUPDO´1RHVXQIDGRQRUPDOFXHQWDFRQOD
SDUWLFLSDFLyQGHORV*DLWHLURVGH/LVERD\FRQILUPyHOFDPLQR~QLFRHOHJLGRSRU
ODFDQWDQWHTXHTXHGD\DH[SUHVDGRHQHOSURSLRWtWXOR
(Q PD\R GH GHVSXpV GH XQD FRQYHUVDFLyQ WHOHIyQLFD 3ULQFH YROy
HVSHFLDOPHQWHD3DUtVSDUDDVLVWLUDODGHOLFLRVDDFWXDFLyQGH$QD0RXUDHQ/D
&LJDOH (O GH MXOLR GH $QD 0RXUD YROYLy D OOHYDU HO IDGR D XQ JUDQ
FRQFLHUWR GH SRSURFN FDQWDQGR FRQ 3ULQFH HQ OD SURSLQD GH VX HVSHFWiFXOR
RIUHFLGRHQHO)HVWLYDO6XSHU%RFN6XSHU5RFN,QWHUSUHWDURQMXQWRVXQDYHUVLyQ
SRUWXJXHVDGH³:DONLQ6DQG´DVtFRPRHOIDGRWUDGLFLRQDO³9RX'DUGH%HEHUj
'RU´
(Q VHSWLHPEUH GH $QD 0RXUD DFHSWy OD LQYLWDFLyQ GH OD %LJ %DQG GH OD
5DGLRGH)UiQFIRUWSDUDFDQWDUHQGRVFRQFLHUWRVHQODFLXGDGDOHPDQD(QDEULO
GHSRULQYLWDFLyQYROYLyDFDQWDUFRQODRUTXHVWDGHMD]]HQ VXUHJUHVRD
ORV&ROLVHXPVGH/LVERD\2SRUWR3DUD$QD0RXUDVHWUDWDEDGHODFHOHEUDFLyQ
GHODxRTXHKDEtDYLVWRFyPRVHDO]DEDYLFWRULRVDHQORV3UHPLRV*ROGHQ*OREH
SRUWXJXHVHV VX DVFHQVR D OR PiV DOWR GH ODV OLVWDV GH %LOOERDUG \ $PD]RQ \ OD
QRPLQDFLyQFRPR$UWLVWDGHO$xRHQODUHYLVWDLQJOHVD6RQJOLQHV$OJXQRVPHVHV
GHVSXpVHQDJRVWRFDQWyHQHO)HVWLYDO%DFN%DFNGH5LRGH-DQHLURMXQWRFRQ
*LOEHUWR*LOLQWHUSUHWDQGR³)DGR7URSLFDO´GH&KLFR%XDUTXH
3DUD HO DxR GH VX DSDULFLyQ HVSHFLDO HQ HO GLVFR GH KRPHQDMH D &DHWDQR
9HORVR FRQ XQD YHUVLyQ GH ³-DQHODV $EHUWDV Qž ´ SURGXFLGD SRU -RVp 0iULR
%UDQFRODFDQWDQWHWLHQHUHVHUYDGRXQSHTXHxRFDPELRGHWRQRPXVLFDO7RGR
OR TXH VDEHPRV HV TXH VX PDQHUD GH FDQWDU WLHQH VXV UDtFHV HQ HO IDGR SHUR
QXQFDVDEHPRVDGyQGHDFDEDUiFRQGXFLpQGRODDFRQWLQXDFLyQ
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
)(%5(526$%$'26DOD³1DUFLVR<HSHV´K
,1',$0$57Ë1(=
/D GH ,QGLD 0DUWtQH] HV XQD
FDUUHUD PDUFDGD SRU OD
SUHFRFLGDG &RQ DxRV
DFWXDED
HQ
HVFHQDULRV
IODPHQFRV FRQ HO VHXGyQLPR
/D 1LxD GHO 3XHUWR D ORV ODQ]DED VX SULPHU iOEXP
$]XOHMRVGHOXQDUHV\HQ
FRQ DSHQDV OH OOHJDED OD
FRQVDJUDFLyQ DUWtVWLFD FRQ
7UHFH YHUGDGHV \ OD FDQFLyQ
9HQFHU
HO
DPRU
TXH
SHUPDQHFLy GXUDQWH PiV GH
VHPDQDV HQ OD OLVWD GH ORV
PiV YHQGLGRV HQ (VSDxD 8QD
YR]DUUHEDWDGRUD\XQDVXWLOPH]FODGHIODPHQFRFRQRWUDVP~VLFDVKDQWHQLGROD
FXOSD
PDUFD OD KRUD GH VX UHJUHVR 7UDV OD UHFRSLODFLyQ GH YHUVLRQHV 2WUDV
YHUGDGHV TXH GLVSDUy VX SUR\HFFLyQ LQWHUQDFLRQDO HQ YXHOYH OD ,QGLD
0DUWtQH] PiV SHUVRQDO H tQWLPD OD FDQWDQWH TXH QR VROR VH GHMD OD SLHO HQ ODV
LQWHUSUHWDFLRQHVVLQRTXHSRQHXQHQRUPHSHGD]RGHVtPLVPDHQXQiOEXPHQ
HO TXH UHFXSHUD HO SURWDJRQLVPR HQ OD FRPSRVLFLyQ 6H WUDWD GH &DPLQR GH OD
EXHQD VXHUWH XQ WUDEDMR TXH YHUi OD OX] HO SUy[LPR GH RFWXEUH \ HQ HO TXH
,QGLDKDWUDWDGRGHSUHQGHUODPHFKDGHOIXHJR
³0HGHMRJXLDUSRUORVHOHPHQWRVGHODQDWXUDOH]DHODJXDHOYLHQWRODWLHUUD(V
HVWD RFDVLyQ HO FXHUSR PH SHGtD IXHJR´ H[SOLFD OD DUWLVWD FRUGREHVD TXH HO
SDVDGR GH MXOLR SXVR D OD YHQWD /RV JDWRV QR ODGUDQ XQ DGHODQWR GH HVWH
QXHYRWUDEDMR³(VFRPRWRPDUSUHVWDGDVFRVDVGHODQDWXUDOH]D<DKRUDWRFDED
FRJHU HVD OODPD \ MXJDU FRQ HOOD KDEODU GHO IXHJR LQWHULRU TXH KDFH TXH QRV
VLQWDPRVYLYRV
7UDVODUHFUHDFLyQGHDOJXQDVGHVXVFDQFLRQHVIDYRULWDVGH2WUDVYHUGDGHVTXH
FDVL XQ DxR GHVSXpV GH VX ODQ]DPLHQWR VLJXH HQ ORV SULPHURV SXHVWRV GH
iOEXPHVPiVYHQGLGRV,QGLD0DUWtQH]QHFHVLWDEDFRQVWUXLUXQDREUDSHUVRQDO
UHHQFRQWUDUVH D Vt PLVPD ³'HVSXpV GH XQ GLVFR GH FRYHUV QHFHVLWDED YROYHU D
FUHDUFDQFLRQHVSURSLDV6RQFRPSRVLFLRQHV TXHQDFHQGH GHQWURGHPtGHPL
SURSLD H[SHULHQFLD 0L LGHQWLILFDFLyQ HV PD\RU HQ FDGD FDQFLyQ PiV SOHQD´
UHVXPH
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
(OUHVXOWDGRHVXQWUDEDMRTXHUH]XPDIHPLQLGDGWDOHQWRPLVWHULRGLVFUHFLyQ
FUHGLELOLGDG H[RWLVPR (Q OD EDVH GH HVWH FRQJORPHUDGR GH P~VLFDV \
H[SHULHQFLDV HVWi HO IODPHQFR ³OD UDt] GH WRGR HVWR´ HQ SDODEUDV GH OD DUWLVWD
FRUGREHVD TXH VLJXH SUDFWLFDQGR HO PiV SXUR IROFORUH DQGDOX] HQ GLVWLQWRV
IHVWLYDOHV3HURHVWD,QGLD0DUWtQH]SRVWHULRUD2WUDVYHUGDGHV KDYLDMDGR\VH
KD GHMDGR LPSUHJQDU GH RWUDV P~VLFDV \ H[SHULHQFLDV 3ULQFLSDOPHQWH GH
$PpULFDGH0p[LFR\&RORPELDGRQGHVHOHKDUHFODPDGRFRQLQVLVWHQFLDSDUD
SURPRFLRQDUVXVFDQFLRQHV\GRQGHKDDELHUWRODVIURQWHUDVGHVXP~VLFD<SRU
PiVTXHODPH]FODGHSRS\IODPHQFRVHKD\DGDGRHQOODPDUQXHYRIODPHQFROD
HWLTXHWD QR OH DJUDGD ³2 HV IODPHQFR R QR OR HV \ OR PtR VRQ FDQFLRQHV TXH
VXHQDQDSRSFRQUHPLQLVFHQFLDVGHPLVRUtJHQHVFRQHVDSURIXQGLGDG&XDQGR
KDJDXQGLVFRGHIODPHQFR\DORGLUp´EURPHD
3DUD SODVPDU WRGDV HVDV H[SHULHQFLDV HQ HO GLVFR ,QGLD 0DUWtQH] KD YXHOWR D
DFXGLU D VXV GRV SURGXFWRUHV GH UHIHUHQFLD 'DYLG 6DQWLVWHEDQ \ 5LNL 5LYHUD
³+DFHWLHPSRTXHOHVHOHJtFRPRSURGXFWRUHV\GHVGHHOSULPHUPRPHQWRQRV
HQWHQGLPRVSHUIHFWDPHQWH´(VD³DUPRQtDLQFUHtEOH´VHGLVSDUDHQHVWH&DPLQR
GHODEXHQDVXHUWHHQHOTXHODFRODERUDFLyQKDFUHFLGRGHVGHHOPLVPRSURFHVR
GH FRPSRVLFLyQ ³1RV KHPRV MXQWDGR HQ 0DGULG \ KDQ VDOLGR HVWDV FDQFLRQHV
WDQERQLWDV(OORVVDEHQORTXHPHJXVWD\VLHPSUHYDPRVDWLURILMR´FHOHEUD
(VDKRUDFXDQGR,QGLDHFKDODYLVWDDWUiV\HVFXFKDODVFDQFLRQHVGH$]XOHMRVGH
OXQDUHVRGHOSRVWHULRU'HVSHUWDU\FRPSUXHEDDGyQGHODKDOOHYDGRVX
HYROXFLyQ DUWtVWLFD \ SHUVRQDO ³3RQJR ORV GLVFRV \ PH GLJR £3HUR VL QR WLHQH
QDGD TXH YHU FRQ OR GH DKRUD´ ³7RGR KD YHQLGR SRU HWDSDV PH KH LGR
DFHUFDQGRDXQHVWLORXRWURGHSHQGLHQGRGHORTXHKHYLYLGRTXHHVORTXHPH
LQIOX\H´ FRQWLQ~D (VH VHJXQGR iOEXP JUDEDGR FRQ DxRV OH YDOLy GRV
QRPLQDFLRQHV SDUD ORV *UDPP\ ODWLQRV FRPR 0HMRU 1XHYR $UWLVWD \ 0HMRU
,QJHQLHUtD GH *UDEDFLyQ 6X FDUUHUD FRQWLQXy FRQ 7UHFH YHUGDGHV FRQ HO TXH
ORJUy VX VHJXQGR GLVFR GH 2UR < FRQ 2WUDV YHUGDGHV ,QGLD SHUPDQHFH GLH]
PHVHVGHVSXpVHQORVSULPHURVSXHVWRVGHODOLVWDGHiOEXPHVPiVYHQGLGRVHQ
(VSDxD
)XH 2WUDV YHUGDGHV XQD UHYLVLyQ \ UHFUHDFLyQ GH PXFKDV GH VXV FDQFLRQHV
IDYRULWDV FRPSXHVWDV SRU RWURV DXWRUHV GH $OHMDQGUR 6DQ] D 0DQROR *DUFtD
SDVDQGRSRU/XLV)RQVL*ORULD(VWHIDQR6KDNLUD&RQHVHWUDEDMRVHFRQYLUWLy
GHILQLWLYDPHQWHHQXQDGHODVJUDQGHVUHYHODFLRQHVGHODP~VLFDHVSDxRODGHORV
~OWLPRVWLHPSRVODYR]PiVLPSDFWDQWHTXHQDFHGHODIXVLyQGHOIODPHQFR\HO
SRSFRQRWUDVP~VLFDV\FRQHVHWUDEDMRURPSLySRUILQODVIURQWHUDVGHVXSDtV
SDUD RIUHFHU VX UHSHUWRULR SULQFLSDOPHQWH HQ 0p[LFR &RORPELD R 9HQH]XHOD
³8QDH[SHULHQFLDIXQGDPHQWDOSDUDVHJXLUFUHFLHQGR´UHFXHUGD
< HO FUHFLPLHQWR DUWtVWLFR OH KD FRQGXFLGR SRU HO &DPLQR GH OD EXHQD VXHUWH
GRQGH,QGLDHPHUJHFRPRODDUWLVWDIHPHQLQDGHOPRPHQWRXQDDUWLVWDUHDOGH
ODFDOOHTXHKDLPSXHVWRVXYR]\VXHVWLORSURSLRSDUDPDUFDUGLVWDQFLDVFRQHO
UHVWR
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
0$5=20,(5&2/(66DOD³1DUFLVR<HSHV´±¶K
6(5*,2'$/0$
$ORODUJRGHORVFDVLDxRVTXH6HUJLR'DOPDOOHYDHQODP~VLFDKDVLGRFDSD]
GHFRQGXFLUVXYR]SRUVHQGHURVTXHKDQVDELGRFRQHFWDUFRQORVVHQWLPLHQWRV
GHWRGD(VSDxDHQXQYLDMHOOHQRGHFDQFLRQHVVHQWLPLHQWRV\PXFKDHPRFLyQ
3DUD&DGRUHHOGLVFRQ~PHURGHVXFDUUHUDKDWHQLGRPDVNLOyPHWURVTXH
QXQFDSDUDGDUFRQODVFRPSRVLFLRQHVSHUIHFWDVTXHOHGDUtDQIRUPD
9tD'DOPD\9tD'DOPD,,KDQRFXSDGRFDVLFXDWURDxRVGHVXYLGDGLVIUXWDQGR
GHXQp[LWRTXHOHKDGDGRPXFKRWLHPSRSDUDEXVFDUGHODPLVPDPDQHUDTXH
FRORFDURQHOOLVWyQPX\DOWR$OPDUJHQGHOp[LWRORVFLHQWRVGHFRQFLHUWRV\ODV
PiV GH FRSLDV YHQGLGDV HQ HVWRV WLHPSRV VyOR GH HVRV GRV GLVFRV
'DOPDFRQVLJXLyDOJRPiVLPSRUWDQWHD~QFUHDUXQDVYHUVLRQHVTXHKL]RVX\DV
GHWDOPDQHUDTXHHQYDULRVSDtVHVODWLQRDPHULFDQRVKXERTXLHQFUH\yTXHHUDQ
WHPDV SURSLRV $Vt TXH VLQ SHUGHU GH YLVWD HO HVSHMR UHWURYLVRU EXVFy \ EXVFy
KDVWDTXHHQFRQWUyORVWHPDVTXHQHFHVLWDEDVXSURSLRILOWURVXJDUJDQWDSDUD
GDUOHVVXVHOORLQFRQIXQGLEOH
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
7RGROREXHQRTXHOHKHSDVDGRD6HUJLR'DOPDHQORV~OWLPRVDxRVXQDUWLVWD
~QLFRHQHOSDQRUDPDPXVLFDOHVSDxROVHKDJHVWDGRHQ&DGRUHODGLUHFFLyQ
GHOHVWXGLRGHJUDEDFLyQHQ0LOiQTXHpOHVWUHQyFRQODJUDEDFLyQGH9tD'DOPD
\ GRQGH KD JUDEDGR VXV WUHV ~OWLPRV GLVFRV H[DFWDPHQWH ORV WUHV HQ TXH KD
YLDMDGR GH OD PDQR GHO SURGXFWRU LWDOLDQR &ODXGLR *XLGHWWL (Q &DGRUH 6HUJLR 'DOPD KD IDEULFDGR HO GLVFR SHUIHFWR TXH UH~QH WRGR OR TXH WUDH D OD
HVSDOGDWRGRORKHFKRKDVWDDKRUDFRQORDSUHQGLGRHQHVWRVYLDMHVUHFLHQWHV
+DVWD HVH PRPHQWR TXH ODV FDQFLRQHV OOHJDQ DO S~EOLFR 6HUJLR 'DOPD QR VH
FDQVD GH FRQGXFLU < VLHPSUH OR KDFH SDUD UHSRVWDU SRUTXH OD FDUUHWHUD VLJXH
DKt GHODQWH $KRUD HV HO PRPHQWR GH TXH PLOHV GH SHUVRQDV VLJDQ VXV SDVRV \
GHVFXEUDQ ORV SDLVDMHV GH HVWH GLVFR PLHQWUDV FRQGXFHQ VXV SURSLDV YLGDV
-XVWDPHQWH OR TXH KDFH VHQWLUVH OOHQR D XQ 6HUJLR 'DOPD TXH FRQ &DGRUH FRQILUPD XQD YH] PiV TXH QR SLHUGH QXQFD HO VHQWLGR GH OD RULHQWDFLyQ SDUD
OOHJDUDOGHVWLQRTXHTXLHUHDOFDQ]DU
7RXU &DGRUH UHFRUUHUi ODV SULQFLSDOHV FLXGDGHV GHO SDtV RIUHFLHQGR DO
S~EOLFRHVWHQXHYRWUDEDMR\SDUWHGHHVDVFDQFLRQHVFRQODVTXHDORODUJRGHVXV
DxRVGHFDUUHUD6HUJLRKDLGRFRQIRUPDQGRVXYLDMH
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
$%5,/9,(51(66DOD³1DUFLVR<HSHV´±¶K
&$)e48,-$12
(Q ORV SULPHURV PHVHV GHO DxR HVWiEDPRV HQ QXHVWUD FDVD HQ /HyQ
JUDEDQGRPX\WUDQTXLODPHQWHHOiOEXPGHQXHVWUD³UHDSDULFLyQ´HQODP~VLFD
GHVSXpVGHQXHYHDxRV
6ROR VDEtDPRV XQD FRVD OR TXH HVWiEDPRV KDFLHQGR QRV HPRFLRQDED FRPR
QXQFD DQWHV QRV KDEtD HPRFLRQDGR XQD JUDEDFLyQ < OR PiV LPSRUWDQWH
HVWiEDPRVKDFLHQGRORTXHUHDOPHQWHTXHUtDPRVKDFHU7RGRORGHPiVHUDXQD
LQFyJQLWD
(VD LQFyJQLWD VH WUDQVIRUPR HQ IHOLFLGDG FXDQGR QXHVWURV ³EROHULWRV´ YLHURQ OD
OX]
1R QRV HVSHUiEDPRV XQD UHVSXHVWD DVt VLQFHUDPHQWH 4XL]iV HQ DOJXQD
RFDVLyQSXGLPRVKDEHUORVRxDGRVRORHVR
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
+R\ HVWDPRV PX\ DJUDGHFLGRV SRU WDQWR FDULxR GHPRVWUDGR KDFLD QRVRWURV \
KDFLDHVDVFDQFLRQHVTXHVRQQXHVWUDYLGD
6RPRVFRQVFLHQWHVGHORTXHVLJQLILFDWHQHUODSRVLELOLGDGGHVHJXLUKDFLHQGROR
TXH PiV QRV JXVWD \ QR QRV FDQVDUHPRV GH GDU ODV JUDFLDV D WRGRV SRU
SHUPLWLUQRV YROYHU D HQVHxDU RWUD FROHFFLyQ GH EROHURV HQ HVWH VHJXQGR
YROXPHQ
<PX\DJUDGHFLGRVDQXHVWURFRPSDxHURGHYLDMHGHVLHPSUH:DUQHU
'HVHDPRV TXH GLVIUXWpLV HVFXFKiQGRORV WDQWR FRPR QRVRWURV GLVIUXWDUHPRV
LQWHUSUHWiQGRORVHOUHVWRGHQXHVWUDVYLGDV
1XHVWURPiVVLQFHURDJUDGHFLPLHQWR
0DQXHOÏVFDU\5D~O4XLMDQR
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
$%5,/9,(51(66DOD³1DUFLVR<HSHV´±¶K
-25*('5(;/(5
$UWLVWDV WDQ GLVSDUHV FRPR 0HUFHGHV 6RVD 6KDNLUD 2PDUD 3RUWXRQGR $QD
%HOpQ9tFWRU0DQXHO1HQHK&KHUU\3DEOR0LODQpV.HWDPD0LJXHO5tRV$QD
7RUURMD 6ROH *LPpQH] 'DYLG %UR]D 5RVDULR -RYDQRWWL 0DUtD 5LWD 6LPRQH
=HOLD'XQFDQ3DXOLQKR0RVND-DLPH5RRV$GULDQD9DUHODR%DMRIRQGR7DQJR
&OXEKDQJUDEDGRFDQFLRQHVGH-RUJH'UH[OHUHQVXVGLVFRV$PHGLDGRVGH
HPSH]y D HVFULELU FDQFLRQHV \ HQ HGLWy VX SULPHU GLVFR /D OX] TXH VDEH
UREDU (VH PLVPR DxR VH OLFHQFLy FRPR PpGLFR HQ OD 8QLYHUVLGDG GH OD
5HS~EOLFD2ULHQWDOGHO8UXJXD\
/D HGLFLyQ GH VX VHJXQGR WUDEDMR 5DGDU FHUUy VX SULPHUD HWDSD HQ
8UXJXD\DQWHVGHFUX]DUHOFKDUFRHLQVWDODUVHHQ(VSDxDGRQGHJUDEyVXWHUFHU
iOEXP 9DLYpQ FRQ FRODERUDFLRQHV GH -RDTXtQ 6DELQD /XLV (GXDUGR
$XWH \ -DYLHU ÈOYDUH] $ SDUWLU GH DKt VH HVWDEOHFH HQ 0DGULG GHVGH GRQGH
FRQWLQ~D HGLWDQGR VXV GLVFRV KDVWD HO GtD GH KR\ DFXPXODQGR \D GLVFRV
RULJLQDOHVDGHPiVGHYDULDVUHHGLFLRQHVYHUGLVFRJUDItDPiVDEDMR$GHPiVKD
PDQWHQLGR XQD LQWHQVtVLPD DJHQGD GH FRQFLHUWRV SUHVHQWDQGR VXV ~OWLPRV
GLVFRVHQGLIHUHQWHVIRUPDWRVHQSDtVHV
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
)XH HQ FXDQGR 'UH[OHU DGTXLULy PD\RU QRWRULHGDG D QLYHO SRSXODU DO
UHFLELU HO 26&$5 SRU OD FDQFLyQ $O RWUR ODGR GHO UtR TXH SHUWHQHFH D OD
SHOtFXOD'LDULRVGHPRWRFLFOHWD6HWUDWDGHODSULPHUDFDQFLyQHQFDVWHOODQRGH
ODKLVWRULDTXHUHFLEHHVWHJDODUGyQ
(Q HVWRV ~OWLPRV DxRV KD DFXPXODGR QRPLQDFLRQHV FRQVHFXWLYDV D ORV
*UDPP\ $ZDUGV QRPLQDFLRQHV D ORV /DWLQ *UDPP\ $ZDUGV \ JDQDGRU YHFHVFRQVHFXWLYDVGHO3UHPLRGHOD0~VLFD(VSDxRODHQWUHRWURVJDODUGRQHV
(Q HO VDOLy D OD YHQWD VX QRYHQR GLVFR ³&$5$ %´ JUDEDGR HQ GLUHFWR
GXUDQWHXQDJLUDSRUFLXGDGHVGH&DWDOXxD$GHPiVHOGLUHFWRUGHFLQH0DQHO
+XHUJDVHVXPyDOSUR\HFWR&$5$%URGDQGRXQODUJRPHWUDMHVREUHGLFKDJLUD
GDQGR OXJDU D ³8Q LQVWDQWH SUHFLVR´ GRFXPHQWDO TXH IXH DYDODGR \D SRU
SUHPLRV WDQ LPSRUWDQWHV FRPR OD %L]QDJD GH 3ODWD GHO 3~EOLFR FDWHJRUtD
/DUJRPHWUDMHVGRFXPHQWDOHVFRQVHJXLGRHQHO;;,,)HVWLYDOGH&LQHGH0iODJD
(VSDxD\OD6HOHFFLyQ2ILFLDODO/RQGRQ)LOP)HVWLYDO\(O)HVWLYDOGH&LQHGH
/D+DEDQD
(QVHHGLWD$0$5/$75$0$:DUQHU0XVLF\GXUDQWHORVDxRV\
'UH[OHUOOHYDDFDERXQDH[LWRVDJLUDEDVDGDHQHVHGLVFROODPDGD³$QGDUOD
7UDPD´ FRQ PiV GH FRQFLHUWRV HQ SDtVHV GLIHUHQWHV 6HJXLGDPHQWH HQ
\ FRLQFLGLHQGR FRQ HO DQLYHUVDULR GH VX SULPHUD SXEOLFDFLyQ
GLVFRJUiILFD 'UH[OHU QRV SUHVHQWy OD JLUD ³081'2 $%,6$/´ XQ HVSHFWiFXOR
DELHUWR D OD H[SHULPHQWDFLyQ PXVLFDO \ HVFpQLFD FRQ HO QLYHO GH VRILVWLFDFLyQ
VRQRUDDODTXHQRVWLHQHDFRVWXPEUDGRV
'HVGH TXH HQ 'UH[OHU JDQDUD HO 26&$5 D OD PHMRU FDQFLyQ RULJLQDO HQ
KDEOD QR LQJOHVD QR KD GHMDGR GH WUDEDMDU OLJDGR DO FLQH HQ VXV P~OWLSOHV
YHUWLHQWHV 'HVGH OD FRPSRVLFLyQ PXVLFDO WDQWR GH FDQFLRQHV FRPR GH EDQGDV
VRQRUDVLQFLGHQWDOHVFRPSOHWDVDODLQWHUSUHWDFLyQFRPRDFWRUSURWDJRQLVWD
6XV FDQFLRQHV KDQ VLGR LQFOXLGDV HQ RWUDV QXPHURVDV SHOtFXODV FRPR ³1RV VRV
YRV VR\ \R´ ³5HWUDWR GH PXMHU FRQ KRPEUH DO IRQGR´ ³/DV UD]RQHV GH PLV
DPLJRV´³$QWLJXDYLGDPtD´³6SRLOVRIZDU´³&iQGLGD´R³(OQLGRYDFtR´
+DFRPSXHVWRODEDQGDVRQRUD\GRVQXHYDVFDQFLRQHVGHODSHOtFXODGH-DPHV
,YRU\³7KHFLW\RI\RXUILQDOGHVWLQDWLRQ´SURWDJRQL]DGDSRU$QWKRQ\+RSNLQV
/DXUD/LQQH\\&KDUORWWH*DLQVERXUJ
7DPELpQ KD FRPSXHVWR OD FDQFLyQ RULJLQDO SDUD OD FRSURGXFFLyQ HVSDxROD
/23(GLULJLGDSRU$QGUXFKD:DGGLQJWRQTXHOHYDOLyHO35(0,2*2<$DOD
0HMRU &DQFLyQ 2ULJLQDO(Q HO DXWRU YXHOYH D VRUSUHQGHU SRU VX WUDEDMR
FRPR SURWDJRQLVWD HQ OD SHOtFXOD GH '$1,(/ %850$1 ³/D VXHUWH HQ WXV
PDQRV´-XQWRDODDFWUL]9DOHULD%HUWXFFHOOLSURWDJRQL]DHVWDGLYHUWLGDFRPHGLD
URPiQWLFD HQ OD TXH -RUJH 'UH[OHU GHMD FODUR TXH VX WDOHQWR QR TXHGD VROR OD
P~VLFD
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
$%5,/9,(51(66DOD³1DUFLVR<HSHV´±¶K
9HQWDGHHQWUDGDVVRORHQZZZWLFNHWHDFRP
9(7867$025/$
9HWXVWD0RUODHVXQVH[WHWRGHURFNRULJLQDGRDILQDOHVGHORVTXHWUDWDGH
LUPiVDOOiGHORVHVWHUHRWLSRVGHOJpQHUR3ULPHUDPHQWHHQXQVHQWLGRHVWpWLFR
DxDGLHQGR WLPEUHV \ SDWURQHV UtWPLFRV DMHQRV D OD WUDGLFLyQ GHO URFN
LQWHJUiQGRVH HQ pO VLQ SUHWHQGHU OD IXVLyQ QL HO PHVWL]DMH 6X LQWHQVR GLUHFWR \
XQDV OHWUDV TXH SUHILHUHQ OD VXJHUHQFLD GH LPiJHQHV DO PHQVDMH XQtYRFR H
LQYLWDQDODSDUWLFLSDFLyQDFWLYDGHOR\HQWHVRQORVRWURVGRVDQFODMHVDUWtVWLFRV
GHVXP~VLFD$PEDVFDUDFWHUtVWLFDVFRQWULEX\HQDXQDVHQVDFLyQGHSHUWHQHQFLD
WRWDOPHQWH UHDO SRU RWUR ODGR TXH QDFH HQ TXLHQ OHV HVFXFKD TXH pO R HOOD
IRUPDWDPELpQSDUWHGHHVDFUHDFLyQTXHHVWiLQYROXFUDGRGLUHFWDPHQWHHQHVH
KHFKRPXVLFDO
(Q VHJXQGR OXJDU YHWXVWD PRUOD WDPELpQ WUDQVLWD IXHUD GH OR FRQYHQFLRQDO HQ
FXDQWR DO PRGR HQ TXH OD EDQGD VH SUHVHQWD DO S~EOLFR \ JHVWLRQD VX FUHDFLyQ
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
/RVGRViOEXPHVTXHYHWXVWDPRUODKDSXEOLFDGRKDVWDODIHFKD8Q'tDHQHO
0XQGR \ 0DSDV KDQ VLGR HGLWDGRV SRU 3HTXHxR 6DOWR
0RUWDO XQ VHOOR TXH HOORV PLVPRV FUHDURQ SDUD RIUHFHUVH XQD FDUUHWHUD
VHFXQGDULDXQ GHVYtR GHORV FDXFHVKDELWXDOHVGHOD LQGXVWULD GLVFRJUiILFDTXH
OHV SHUPLWLHUD HVTXLYDU XQD DSDUHQWH SDUiOLVLV GH HVWH VHFWRU 6X FDVR XQ YLDMH
GHODQRQLPDWRPiVDEVROXWRKDVWDVHUXQDGHODVIRUPDFLRQHVPiVUHFRQRFLGDV
GHO SDQRUDPD LQGHSHQGLHQWH HQ (VSDxD FRQVWLWX\H XQD LQVSLUDGRUD DQRPDOtD
HQ HO VLVWHPD GHO QHJRFLR PXVLFDO &RQVLGHUDU OD P~VLFD FRPR XQ ILQ HQ Vt
PLVPR\QRFRPRXQPHGLRSDUDORJUDURWUDFRVD\HQWHQGHUODFRPRXQDIRUPD
GH DYHQWXUD SHUVRQDO \ HPRFLRQDO DQWHV TXH XQD IRUPD GH QHJRFLR KD VLGR OD
SHUVSHFWLYD TXH KD PROGHDGR OD LGLRVLQFUDVLD GH 9HWXVWD 0RUOD (O VX\R HV HQ
GHILQLWLYDXQPRGHORDOVHUYLFLRGHORDUWtVWLFR\EDVDGRHQODKRQHVWLGDG\HQHO
WUDEDMRHQHTXLSRGHWRGDVODVSDUWHVLPSOLFDGDVHQHOSURFHVR
(VWD SHUVSHFWLYD SDUDGyMLFDPHQWH R TXL]i QR WDQWR OHV KD OOHYDGR D ORV
SULPHURV SXHVWRV GH ODV OLVWDV GH YHQWDV \ D REWHQHU HO 'LVFR GH 2UR PiV GH
FRSLDV SDUD 0DSDV \ HO GH 3ODWLQR FRSLDV SDUD 8Q 'tD HQ HO
0XQGR 7DPELpQ OHV KD OOHYDGR D UHDOL]DU JLUDV HQ ODV TXH FXHOJDQ HO QR KD\
HQWUDGDVSRUWRGRHOWHUULWRULR\WDPELpQSRUSDtVHVFRPR0p[LFR\$UJHQWLQD\
D UHFLELU JDODUGRQHV FRPR WUHV 3UHPLRV GH OD 0~VLFD R FXDWUR 3UHPLRV 8),
HQWUHRWURV
(QWRGRVXWUDEDMRKDQWUDWDGRGHSRQHUGHVXODGR,QWHUQHWKDFLHQGRXQXVR
GLUHFWRGHODVUHGHVVRFLDOHV\OOHYDQGRDFDERDFFLRQHVSHQVDGDVSDUDXVDUHQVX
IDYRUORVWDQGHEDWLGRVSURV\FRQWUDVGHODVQXHYDVWHFQRORJtDV$FFLRQHVWDOHV
FRPR OD FUHDFLyQ GH XQD DSOLFDFLyQ SDUD )DFHERRN OODPDGD ([SORUDGRU GH
0DSDVRODLQLFLDWLYDGHSHUPLWLUODHVFXFKDHQVWUHDPLQJHQVXZHEGHOiOEXP
FRPSOHWRORTXHOHVYDOLyPiVGHYLVLWDVHOSULPHUGtDGHODQ]DPLHQWR
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
$%5,/0,(5&2/(66DOD³0LJXHOÈQJHO&ODUHV´±¶K
)$1)$5(&,2&$5/,$
)DQIDUH &LRFDUOLD HV XQD GH ODV PHMRUHV EDQGDV HQ GLUHFWR TXH H[LVWHQ HQ OD
DFWXDOLGDG 6X HQHUJtD H LQJHQLR KDQ FRQTXLVWDGR ORV HVFHQDULRV GH WRGR HO
PXQGR$OKDEHUKHUHGDGRVXSURIHVLyQGH P~VLFRV\VXVLQVWUXPHQWRVGHVXV
SDGUHV\GHVXV DEXHORVVHWRPDQ FDGD FRQFLHUWRFRPRXQD FRPSHWLFLyQ HQOD
TXH WLHQHQ TXH GHPRVWUDU SRUTXH KDQ OOHJDGR DO OXJDU GHVWDFDGR HQ HO TXH VH
HQFXHQWUDQ KR\ \ SRUTXH VH KDQ FRQYHUWLGR HQ ORV UHVSRQVDEOHV GH PDQWHQHU
YLYR HO YHUGDGHUR HVStULWX GH HVWD P~VLFD &XDQGR OD )DQIDUH &LRFDUOLD VXEH DO
HVFHQDULRHOS~EOLFRSXHGHHVWDUVHJXURTXHORTXHYDDHVFXFKDUHVDXWHQWLFD\
YHUGDGHUD P~VLFD JLWDQD ³J\SV\ PXVLF´ y´ EDONDQ PXVLF´ FRPR VH KD KHFKR
LQWHUQDFLRQDOPHQWHIDPRVD
(VWDIRUPDFLyQSURYLHQHGHOSHTXHxRSXHEOHFLWR=HFD3UDMLQLHQHOQRUHVWHGH
5XPDQtD (V HQ HVWH OXJDU DLVODGR GHO PXQGR VLWXDGR HQ XQ YDOOH VHPLRFXOWR
SRUODEUXPDDOTXHVHDFFHGHSRUFDPLQRVVLQDVIDOWDUDSHQDVWUDQVLWDGRVTXH
RFXSDQ IDPLOLDV GH JDQVRV \ GH FDEDOORV HV DOOt GRQGH WRGDYtD KR\ YLYHQ XQDV
RFKRIDPLOLDVGHJLWDQRVTXHVHGHGLFDQDODDJULFXOWXUDDODPDQHUDWUDGLFLRQDO
GH ORV FDPSHVLQRV VRPHWLGRV DO ULWPR GH FDGD HVWDFLyQ FOLPiWLFD (VWH
DLVODPLHQWR OHV PDQWXYR VLQ PXFKDV QRWLFLDV GHO PXQGR H[WHULRU GXUDQWH OD
pSRFDFRPXQLVWDSHURDODYH]OHVSHUPLWLyFRQVHUYDULQWDFWDODDQWLJXDWUDGLFLyQ
RWRPDQD GH DFRPSDxDU FRQ RUTXHVWDV GH PHWDOHV EUDVV EDQGV ORV GHVILOHV
PLOLWDUHV ODV ERGDV \ ORV IXQHUDOHV DOJR TXH HQ HO UHVWR GH 5XPDQtD
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
SUiFWLFDPHQWH KD GHVDSDUHFLGR 8Q GtD DSDUHFLy SRU DOOt XQ MRYHQ DOHPiQ
DSDVLRQDGRSRUODP~VLFDTXHVHFRQYHUWLUtDHQVXGHVFXEULGRU\TXHKR\HVVX
SURGXFWRU+HQU\(UQVW
$Vt IXH FRPR HQ )DQIDUH &LRFDUOLD &LRFDUOLD VLJQLILFD ³FDQWR GH DORQGUD´
FRQTXLVWDUtD(XURSDYROYLHQGRORFDDXQDDXGLHQFLDHQODTXHFRQYLYtDQSXQNV
FRQFUHVWDVNLQVFRQODFDEH]DUDSDGDDPDQWHVGHOMD]]GHOIXQNGHODZRUOG
PXVLF y VLPSOHV DILFLRQDGRV HQ EXVFD GH P~VLFD TXH VXHQH DXWpQWLFD ,QFOXVR
OOHJDURQDDFWXDUHQORVVDJUDGRVWHPSORVGHODP~VLFDFOiVLFD/RVPLHPEURVGH
HVWD IRUPDFLyQ DXQTXH VROR KDEODQ XQ GLDOHFWR ORFDO GHO ³URPDQt ´ LGLRPD
JLWDQR XWLOL]DQ HO OHQJXDMH LQWHUQDFLRQDO GH OD P~VLFD \ HV TXH OD P~VLFD GH
)DQIDUH &LRFDUOLD HV DOJR QXHYR TXH QR HVL[WtD DQWHV /RV GLVFRV GH OD )DQIDUH
&LRFDUOLDKDQLQWURGXFLGRORVULWPRVEDOFiQLFRVHQODVSLVWDVGHEDLOHGHORVFOXEV
GH WRGR HO PXQGR \ ORV HVSHFWDGRUHV UHVSRQGHQ DO SRGHURVR´ IXQN EDOFiQLFR´
FRQYLUWLHQGR ORV FRQFLHUWRV HQ DXWpQWLFDV ILHVWDV $Vt KD VXFHGLGR WDPELpQ HQ
1RUWHDPpULFD-DSyQ\$XVWUDOLD
(VH ULWPR YHUWLJLQRVR TXH URPSH \ UDVJD OD IRUPD GH FRORFDU VX ERFD \ VXV
ODELRV HQ OD ERTXLOOD GHO LQVWUXPHQWR HO VRQLGR VXDYH \ iVSHUR D OD YH] GH VXV
WURPSDV OHV KDFHQ FRPSOHWDPHQWH GLIHUHQWHV D FXDOTXLHU RWUD RUTXHVWD GH
PHWDOHV GHO PXQGR &XDOTXLHUD TXH SUHVHQFLH XQ FRQFLHUWR GH HOORV SXHGH
DVHJXUDUTXHQRKDYLVWRQXFDWRFDUDQLQJXQDIDQIDUULDFRPRORKDFHQHOORV
)DQIDUH &LRFDUOLD KD HGLWDGR KDVWD OD IHFKD RFKR GLVFRV OD PD\RUtD GH HOORV
FRORFDGRV HQ ORV SULPHURV SXHVWRV GH ODV OLVWDV GH ZRUOG PXVLF $GHPiV KDQ
SDUWLFLSDGRHQGRVVXSHUSURGXFFLRQHVPXVLFDOHVFRPR³*\SV\4XHHQV.LQJV´
TXHMXQWyHQHOPLVPRHVFHQDULRDORVPHMRUHVP~VLFRVJLWDQRV\³%DONDQ%UDVV
%DWWOH´TXHHQIUHQWyFDUDDFDUDDORVUXPDQRVFRQODFRQRFLGDRUTXHVWDVHUELD´
%REDQL0DUNR0DUNRYLF2UNHVWDU´HQXQDSDFtILFDEDWDOODPXVLFDOTXHUHFRUULy
ORV PiV SUHVWLJLRVRV IHVWLYDOHV LQWHUQDFLRQDOHV DXQTXH QXQFD VH SUHVHQWy HQ
QXHVWUR SDtV (Q (VSDxD VH GLHURQ D FRQRFHU HQ HO LQROYLGDEOH HVSHFWiFXOR ³(O
7LHPSRGHORV*LWDQRV´HQHOTXHVHLQWHUFDODEDQHQWUHORVLQROYLGDEOHV7DUDIGH
+DLGRXNV(VPD5HG]HSRYD\/RV*LWDQRVGH5DMDVWiQ6X'9'³%UDVV2Q)LUH´
IXH VHxDODGR SRU OD UHYLVWD HVSHFLDOL]DGD ³6RQJOLQHV´ FRPR XQR GH ORV
GRFXPHQWDOHVPXVLFDOHVPiVLQQRYDGRUHV
&DOFXODQKDEHURIUHFLGRPiVGHFRQFLHUWRVIXHUDGHVXSDtV\OHVJXVWDVHU
FRQVLGHUDGRV ORV P~VLFRV PiV GXURV \ UHVLVWHQWHV GH OD HVFHQD LQWHUQDFLRQDO
'LJDPRV VLPSOHPHQWH TXH QDGLH OR KDFH PHMRU TXH OD )DQIDUH &LRFDUOLD
³KDUGHUIDVWHUDQGIXQNLHU´
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
0$<26$%$'26DOD³0LJXHOÈQJHO&ODUHV´±¶K
$%'Ï1$/&$5$=
3LDQLVWD \ FRPSRVLWRU OD YRFDFLyQ OH YLHQH GHVGH OD LQIDQFLD &XUVy HVWXGLRV
VXSHULRUHV HQ HO &RQVHUYDWRULR 6XSHULRU ³0DQXHO 0DVVRWWL /LWWHO´ 0XUFLD
(VSDxD$PDQWHGHOIODPHQFR\GHOMD]]HVDQWHWRGRXQYLUWXRVRGHOSLDQR<
DVtFRQVWDWUDVORVGLYHUVRVSUHPLRVUHFLELGRVDORODUJRGHVXFDUUHUDHQWUHORV
PiV LPSRUWDQWHV HO 3UHPLR )LOyQ DO PHMRU LQVWUXPHQWLVWD IODPHQFR HQ OD
HGLFLyQGHO)HVWLYDO,QWHUQDFLRQDOGHOFDQWHGHODVPLQDVGH/D8QLyQ
6XWUD\HFWRULDFRPLHQ]DDQLYHOSURIHVLRQDOHQFRQODJUDEDFLyQHQGLUHFWR
GH VX SULPHU SUR\HFWR ³&RQ DOPD´ FRQ HO FXDO VH DEUH XQ KXHFR GHQWUR GHO
IODPHQFR -D]] HQ (VSDxD VLHQGR HQ FXDQGR SUHVHQWD ³8Q PDU PHQRU´
WtWXOR GH VX VHJXQGR SUR\HFWR HGLWDGR HQ IRUPDWR '9' RULHQWDGR KDFLD ORV
FDQWHV\SDORVOHYDQWLQRV\TXHPDQWLHQHODPLVPDPH]FODGHSDVLyQ\OX]TXH
FDUDFWHUL]DDHVWHH[FHOHQWHSLDQLVWD
(Q QDFH ³5HLNLDYLN´ XQ GLVFR JUDEDGR GXUDQWH HO PHV GH QRYLHPEUH GH
HQORVHVWXGLRV,QILQLW\GH0DGULGGHQXHYREDMRHOVHOOR(;,75HFRUGV\
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
FRQ SURGXFFLyQ PXVLFDO D FDUJR GH 'RPLQJR - 6iQFKH] 'LVFR TXH UHFLELy HO
3UHPLR ©)ODPHQFR +R\ª ±YRWDGR SRU OR PiV VHOHFWR GH OD FUtWLFD
HVSHFLDOL]DGD± DO PHMRU GLVFR LQVWUXPHQWDO GH IODPHQFR (VWH iOEXP HV XQD
PLUDGDDORRUWRGR[RFRQHFRVJXLWDUUtVWLFRVHQODHMHFXFLyQGHOSLDQR\DOFDQ]D
XQD PDGXUH] DYDODGD SRU HO GHVFXEULPLHQWR GH XQ OHQJXDMH PXVLFDO D FDEDOOR
HQWUHHOIODPHQFR\HOFRROMD]]
³&RPR XQ WRUEHOOLQR FRPR XQ KXUDFiQ PXVLFDO VDOLy $EGyQ $OFDUD]
PRVWUDQGR VX QXHYR WUDEDMR 5HLNLDYLN
/D 9HUGDG 3DWULFLR
3HxDOYHU FUtWLFD DO FRQFLHUWR HQ HO )HVWLYDO GHO FDQWH GH ODV PLQDV GH /D
8QLyQ´
'XUDQWHDUUDQFRODJLUD³5HLNLDYLN7RXU´7UDVXQHVWUHQRVHQVDFLRQDOHQ
OD HGLFLyQ GHO )HVWLYDO ,QWHUQDFLRQDO GHO FDQWH GH ODV PLQDV GH /D 8QLyQ
$EGyQ$OFDUD]DFXGHDGLIHUHQWHVFLWDVGHQWURGHOFLUFXLWRGH-D]]\)ODPHQFR
FDEHQDGHVWDFDUODVSUHVHQWDFLRQHVUHDOL]DGDVHQHO$XGLWRULR9tFWRU9LOOHJDVGH
0XUFLD³IODPHQFR\MD]]VHPLUDQGHIUHQWHPHUFHGDILJXUDVFRPR$EGyQ´/D
2SLQLyQÈQJHO6RSHQDHQODHGLFLyQGHO)HVWLYDO,QWHUQDFLRQDO
GH-D]]GH%DUFHORQDHQODTXHVHOHGHILQHFRPR³XQDDPDOJDPDGHFRROMD]]\
IODPHQFRFRQHOTXHHQWUDGHFLGLGDPHQWHHQODOLJDGHORVPiVJUDQGHVGHOMD]]
HVSDxRO´ 7KH 3URMHFW 'RVVLHU )HVWLYDO \ HQ HO )HVWLYDO ,QWHUQDFLRQDO GH -D]]
GH 0DGULG HQ VX HGLFLyQ $FWXDFLyQ VXEOLPH HQPDUFDGD GHQWUR GHO
PDUDYLOORVR$XGLWRULR&RQGH'XTXHGH0DGULGHQODTXHFRQWyHQWUHRWURVFRQ
OD FRODERUDFLyQ HVSHFLDO GH 7RQL =HQHW SRQLHQGR VX YR] HQ ³1R TXHGD PiV´
GHOLFLRVREROHUR&RRO-D]]GHO(S5HLNLDYLN
)XHHQFXDQGRSUHVHQWDHOGLVFRDQLYHOHXURSHRHQHOSUHVWLJLRVR)HVWLYDO
4XHUHQFLDV HQ &HUHW )UDQFLD \ PHVHV GHVSXpV HVWUHQD D QLYHO PXQGLDO HQ HO
)HVWLYDO -D]] 3OD]D HQ /D +DEDQD &XED 7UDV HO VHQVDFLRQDO FRQFLHUWR HQ HO
7HDWUR0HOODGH/D+DEDQDVXUJHODLGHDGHUHDOL]DUXQSUR\HFWRHVSHFLDOFRQOD
FRODERUDFLyQGHOPDHVWUR-RUJH5H\HVWUDWDQGRGHVRODSDUHOMD]]\ORVVRQLGRV
FXEDQRVFRQVRQLGRVIODPHQFRV6XUJHODLGHDGH³%ROHUR)ODPHQFR´ODFXDOKR\
SRUKR\HVXQDUHDOLGDG\HV³%ROHUHQFR´
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
,QVWLWXWRGHODV,QGXVWULDV&XOWXUDOHV\GHODV$UWHVGHOD5HJLyQGH0XUFLD
$XGLWRULR\&HQWURGH&RQJUHVRV$Y3ULPHURGH0D\RVQă085&,$ă&,)4(
Descargar