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)HPLQLVPR FU WLFDOLWHUDULD68È5(=%ULRQHV%0$57Ë1/XFDV% )$5, $%XVWR0
-HGV(VFULELUHQIHPHQLQR3RpWLFDV SRO WLFDV,JXDOPHQWH/Ï3(=5RPiQ% ./(,1
+$*(1+7HRU DVIHPLQLVWDV VXVDSOLFDFLRQHVDOWHDWURIHPLQLVWDEULWiQLFRFRQWHPSRUiQHR
*UDQDGD&RPDUHV

UHFHSWRUPiVSUy[LPR%HOOHV5LYLqUHVHQJHQGUDUiXQKLMRVLQKDEHUVHFDVDGRKDELHQGR
YLYLGRXQDKLVWRULDGHDPRUFRQHOKHUHGHURGHXQDGHODVIDPLOLDVPiVLQIOX HQWHVGHO
OXJDUORV5RVWDQG UHFKD]DUiODSURSXHVWDGHPDWULPRQLRGHXQKRPEUHPDGXURTXH
HQFDUQD HO LGHDO PDVFXOLQR GH KRQRUDELOLGDG UHVSHWDELOLGDG /D VXEYHUVLyQGH -XOLH
IUHQWHD³ODGRPLQDFLyQ ODKHJHPRQ DSDWULDUFDO´6HJDUUDHQ6HJDUUD0 &DUUDE 
ÈHGV

HVLPSHUGRQDEOHDRMRVGHORVKDELWDQWHVGHOSXHEOR6LQHPEDUJR
DOFDERGHXQVLJORVHOHULQGHQKRPHQDMHV VHUHSUHVHQWDVXYLGDHQXQDH[LWRVDREUDGH
WHDWURHQODTXHVHPH]FODWH[WROLWHUDULR WH[WRPXVLFDO6DEHPRVTXHODFRPSRVLWRUD
-XOLHHVXQVHUPDUJLQDOIXHUDGHOGLVFXUVRFXOWXUDOGRPLQDQWHDSDUWDGDI VLFDPHQWHGH
ORVGRPLQLRVGHOFHQWURJHRJUiILFRGRQGHVHGHVDUUROODVXH[LVWHQFLDPRVWUiQGRVHOR
DQWHULRUPHGLDQWHVXGHVHRGHTXHVXLGHQWLGDGSHUPDQH]FDSRUHQFLPDGHODVHJXULGDG
TXHOHRIUHFHHOPDWULPRQLR
$OKDEODUGHOFDUiFWHUVXEYHUVLYRGH-XOLHQRSRGHPRVSDVDUSRUDOWRODSUHVHQFLD
GHO PLVPR UDVJR HQ 6DUDK FXDQGR VH GHVFXEUH HQDPRUDGD GH XQ DFWRU TXH FXHQWD
YHLQWLVpLVDxRV%LOO&ROOLQV6DUDKFRQPiVGHVHVHQWD FLQFRYLYLUiODH[SHULHQFLD
DPRURVDFRPRXQSURFHVRGHFDWDUVLVTXHOHSURSRUFLRQDHQHUJ DVUHQRYDGDVSHURTXHOD
REOLJDDUHPHPRUDUYLYHQFLDVGHOSDVDGR DHQIUHQWDUVHDPLHGRVTXHHVFRQG DHQDOJ~Q
DSDUWDGR ULQFyQ GH VX FRUD]yQ 3HUR OD DFHSWDFLyQ GH OD VLWXDFLyQ OD IDFXOWDUi SDUD
YHQFHUHOWDE~VREUHODYHMH] VXFRQVLGHUDFLyQVRFLDOHQHOPXQGRRFFLGHQWDO0iV
WDUGHWHQGUiODRSRUWXQLGDGGHYLYLUGHQXHYRODH[SHULHQFLDDPRURVDGHVGHRWURSXQWR
GHYLVWDGHIRUPDPiVVHUHQD SDXVDGDFRQHOGLUHFWRUQRUWHDPHULFDQRGHOPRQWDMH
-XOLH9DLURQ+HQU %LVOH SHURpVWHVHJXLUiVLHQGRXQDPRUPDUJLQDOYLYLGRGHVGHHO
GHVHRGHWUDVJUHVLyQGHODVQRUPDVLPSXHVWDVFXOWXUDOPHQWHSRUVHU+HQU XQKRPEUH
FDVDGR QXHYDPHQWHPiVMRYHQTXHHOOD
3RURWURODGR IUHQWHDHVWDPDQLIHVWDFLyQGHORVXEYHUVLYRHQODQRYHODHQ
/RYHDJDLQVHSURGXFHXQDFRQVWDQWHUHIHUHQFLDDORVFOiVLFRVQRVyORDORVDUWLVWDV
SOiVWLFRVVLQRWDPELpQDGLIHUHQWHVYRFHVGHODOLWHUDWXUD1RPEUHVFRPRORVGH0DGDPH
GH 6HYLJQq 3URXVW 3ODXWR 6KDNHVSHDUH :RUGVZRUWK &DUO OH 7ROVWRL R 6WHQGKDO
OOHQDQ ODV FRQYHUVDFLRQHV GH ORV SHUVRQDMHV GH /RYH DJDLQ 7RGR HVWR QRV OOHYD D
LQWHUWH[WXDOLGDG  OD LQWHUGLVFXUVLYLGDG TXH VH KDFHQ SUHVHQWHV HQ HO GHVDUUROOR
DUJXPHQWDOGHODQRYHOD(OHMHUFLFLRFXOWXUDOHKLVWyULFRDTXHHVLQYLWDGRHOOHFWRUVH
FRQYLHUWHHQXQDH[LJHQFLDMXVWLILFDGDSRU/HVVLQJFXDQGRDILUPDDWUDYpVGHXQWH[WR

9pDVH,E GHP
FRPR/RYHDJDLQTXHHO~QLFRUDVJRGHQXHVWUDFXOWXUDTXHUHGLPHDOKRPEUHGHVX
SHVLPLVPR H[LVWHQFLDO HV OD H[SHULHQFLD VHQVLEOH  OD UHIOH[LyQ TXH SHUPLWH OD
FRQWHPSODFLyQGHODREUDGHDUWH~QLFRPHGLRGHGHUULEDULPSRVLFLRQHVFXOWXUDOHVTXH
XQIpUUHRILOWURVHRFXSDGHPDQWHQHUHUJXLGDV(ODUWHVHU DDV SDUD/HVVLQJXQPHGLR
SDUDHQWHQGHUPHMRUHOSUHVHQWHFRQIXVRFDUJDGRGHLQFHUWLGXPEUHTXHYLYHHOKRPEUH
FRQWHPSRUiQHR  FRQVWLWXLU D OR ~QLFR TXH OR UHGLPH GHO GHVDVRVLHJR  GH OD
LQVDWLVIDFFLyQDQWHHOYHUWLJLQRVRGHVDUUROORTXHKDQWRPDGRORVDFRQWHFLPLHQWRVGHVGH
ODILQDOL]DFLyQGHOD6HJXQGD*XHUUD0XQGLDO
(QUHDOLGDGFXDQGRHVWXGLDPRVFRQSURIXQGLGDGODQRYHODVRPRVWHVWLJRVGHOD
FRPSOHMLGDGTXHWUDHFRQVLJRXQSDQRUDPDWDQYDULDGRFRPRHOTXHKR HQFRQWUDPRVHQ
ODOLWHUDWXUDHVFULWDHQOHQJXDLQJOHVD/RYHDJDLQUHSUHVHQWDSRUORWDQWRXQDSUXHED
TXH UHIOHMD OD YHUVDWLOLGDG HO PXOWLFXOWXUDOLVPR SURSLRVGH HVWD WUDQVLFLyQHQWUH GRV
VLJORV DVRFLDGRV pVWRV D OD GLYHUVLGDG VRFLDO  SRO WLFD HQ OD TXH VH PDQLILHVWDQ ODV
GLVWLQWDV UHDOLGDGHV TXH FRH[LVWHQ HQ HO PLVPR iPELWR JHRJUiILFR  FXOWXUDO FRPR
GHPXHVWUDODSUHVHQFLDDORODUJRGHWRGRHOWH[WRGHSHUVRQDMHVTXHUHSUHVHQWDQDODV
OODPDGDVPLQRU DVpWQLFDVRVH[XDOHV
(Q/RYHDJDLQHVFODUDODSUHVHQFLDGHSHUVRQDMHVTXHOXFKDQSRUFRQVHUYDUVX
LGHQWLGDG HOORTXHGDHVSHFLDOPHQWHSXHVWRGHPDQLILHVWRHQHOFDVRGH6DUDKTXHQR
VLUYHDORVLQWHUHVHVGHORFRQVLGHUDGRSRO WLFDPHQWHFRUUHFWR(QHVWHVHQWLGRKDEORGH
PDUJHQDOKDEODUGH6DUDK GHODYHMH]HQ/RYH DJDLQSRUHMHPSORSRUTXHORTXH
SXGLHUD VHU FHQWUR VH KD WRPDGR FRPR DUJXPHQWR TXH D WUDYpV GH ODV SiJLQDV GHOD
QRYHOD TXHGD GHFRQVWUXLGR  HV DSDUWDGR GHO PLVPR FRQVFLHQWHPHQWH SRU QXHVWUD
DXWRUD (VWH PDUJHQ KD VLGR LPSXOVDGR SRU /HVVLQJ DO UHIOHMDU XQDV GLFRWRP DV TXH
DIHFWDQ DO VXMHWR HQ HO RUGHQ VRFLDO SRO WLFR  FXOWXUDO FRQ XQD HVFULWXUD GRQGH VH
GHUUXPED HO VHQWLGR GH OR WUDGLFLRQDOPHQWH DFHSWDGR  VH DOWHUDQ ORV yUGHQHV
SUHYLVLEOHPHQWH FRQVWUXLGRV FRPR YLHMRMRYHQ R HQIHUPRVDQR IHDOGDGEHOOH]D
LJQRUDGRVPXWXDPHQWHFRQWDQWDIUHFXHQFLD(QODQRYHODQRVHFRQIXQGHQORVO PLWHV
SHURV VHRWRUJDHOEHQHSOiFLWRGHODGXGDDODWUDVJUHVLyQTXHGHVPRURQDODVFDWHJRU DV
HVWDEOHFLGDV /R PLVPR RFXUUH FRQ -XOLH FX D SUHVHQFLD HV XQ DFLFDWH IUHQWH D OR
LPSXHVWR DFHSWDGRVRFLDOPHQWHFRPRYiOLGR/DVXEYHUVLyQGH-XOLHVHWUDQVIRUPDHQ
WUDVJUHVLyQPD ~VFXODDOFRQWLQXDUFRQVXWUDEDMRDUW VWLFRHQWRGDVODVFLUFXQVWDQFLDV 
DOUHFKD]DUODRSRUWXQLGDGGHYLYLUIXHUDGHOPDUJHQEDMRODWHUDSLDWUDQTXLOL]DGRUDGHO
PDWULPRQLRGHFLPRQyQLFRGHQWURGHORSUHYLVWRSDUDXQDMRYHQDODTXHHOJUXSRGH
LJXDOHVSHUGRQDUiVyORVLDFHSWDODVFRQGLFLRQHVTXHRIUHFHHOPDQGDWRGHOFDQRQVRFLDO
HFRQyPLFR
&RQFOXLPRVTXH/HVVLQJDILUPDODQHFHVLGDGGHUHVFDWDUORTXHSHUWHQHFHRVHKD
FRQILQDGR D ORV PiUJHQHV SRQLHQGR HQ WHOD GH MXLFLR PHGLDQWH XQD ULFD YDULHGDG GH
UHFXUVRV ORV YDORUHV TXH VH FRQVLGHUDQ DFHSWDGRV GHVGH HO SXQWR GH YLVWD VRFLDO
IDPLOLDU SRO WLFR  FXOWXUDO 'H HVWD PDQHUD VH GHUULEDU D HO FDQRQ SRUTXH ORV GRV
SHUVRQDMHV SULQFLSDOHV VRQ HMHPSORV FUHDWLYRV PHGLDQWH ORV TXH /HVVLQJ PXHVWUD VX
GHVDFXHUGRFRQHOOXJDUUHVHUYDGRDODFUHDFLyQSDUDPXFKDVPXMHUHVDV FRPRDOD
OLEHUWDG GH HOHFFLyQ IXHUD GH OR SHUPLWLGR GHQWUR GH ORV HVWUHFKRV PiUJHQHV GH OD
QRUPDOLGDG ODRUWRGR[LD/RDQWHULRUVHFRQILUPDDWHQGLHQGRDOWUDWDPLHQWRHQODREUD
GHODVUHODFLRQHVIDPLOLDUHVDOFRQFHSWRGHSDUHMDDPRURVDDODFRQFHSFLyQGHOFUHDGRU
FRPRILJXUDTXHGHEHSRQHUVXWDUHDDOVHUYLFLRGHOELHQGHODUWH QRDOGHODFU WLFDRDO
GHOHPSUHVDULRRHOSRO WLFRRDODFUHHQFLDHQGHILQLWLYDHQODREUDGHDUWHFRPRXQ
PHGLRSDUDH[SUHVDUODDSXHVWDSRUXQDUHYLVLyQGHOHVWDGRGHODVRFLHGDGDFWXDO GHO
OXJDUTXHRFXSDHOLQGLYLGXRHQHOOD&RPRGHPXHVWUDQORVDUJXPHQWRVGHODVQRYHODV
GH /HVVLQJ  FRPR DILUPD 2VFDU :LOGH HQ (O FU WLFR FRPR DUWLVWD ³OD YLGD HV >@
GHILFLHQWHHQVXIRUPD´SHURHVHHVSDQWRTXHSURGXFHDWHQGHUDODUHDOLGDG
YLROHQWD GHJUDGDGD QRYROYHUOHODFDUDSRGUiVHUUHVWLWXLGRHQSDUWHSRUODHVSHUDQ]D
OHYHPHQWHLOXPLQDGDTXH/HVVLQJSUR HFWDVREUHVXVFULDWXUDVTXHVHVLHQWHQDWUD GDV
SRUHOHVSHMLVPRTXHVXSRQHODLOXVLyQGHODLPDJLQDFLyQFXDQGRVHSUR HFWDVREUHOD
REUDGHDUWH$V SXHGHQRWRUJDUVHQWLGRDVXVYLGDV VHJXLUFUHFLHQGRHQXQPHGLR
KRVWLOFRPRHOTXHYLYHHOLQGLYLGXRGHOPXQGRFRQWHPSRUiQHRPHGLDQWHHOLPSXOVR
pWLFR GH OD FUHDFLyQ SRWHQFLDGR SRU OD LQWURVSHFFLyQ LQGLYLGXDO DSUHFLDQGR DGHPiV
TXHODREUDGHDUWHHVWi
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HQXQDUHODFLyQQXHYDFRQQXHVWUDpSRFD1RVUHFRUGDUiVLHPSUHTXHODVJUDQGHV
REUDV GH DUWH VRQ FRVDV YLYDV VRQ HQ UHDOLGDG ODV ~QLFDV FRVDV TXH YLYHQ :LOGH
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