Murillo y la pintura del Siglo de Oro española en California: las colecciones Putnam & Timken y la Exposición Internacional de San Diego de 1935

&ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD 085,//2</$3,1785$'(/6,*/2'(252(63$f2/ (1&$/,)251,$/$6&2/(&&,21(63871$0 7,0.(1</$(;326,&,Ð1,17(51$&,21$/'(6$1 ',(*2'( 085,//2$1'7+(*2/'(1$*(2)63$1,6+3$,17,1*,1 &$/,)251,$7+(3871$07,0.(1&2//(&7,216$1' 7+(6$1',(*2&$/,)251,$3$&,),&,17(51$7,21$/ (;326,7,212) 0$18(/ 9,(5$'(0,*8(/ 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 8&0 (VSDxD PYLHUD#XFPHV $ SDUWLU GH  HO IHQyPHQR GH ODV ([SRVLFLRQHV 8QLYHUVDOHV VH GLIXQGH LQWHUQDFLRQDOPHQWH (QWUH VXV P~OWLSOHV PDQLIHVWDFLRQHV GHVWDFD OD RUJDQL]DFLyQ GH H[KLELFLRQHV DUWtVWLFDV FRPR ODV EDVDGDV HQ SUpVWDPRV GH FROHFFLRQLVWDV SDUWLFXODUHV YpDVHOD /RDQ&ROOHFWLRQ GH &KLFDJR 'DGRHODXJHGHOFROHFFLRQLVPR\PHFHQD]JR HQ ((88 QR VRUSUHQGH TXH ODV FHVLRQHV WHPSRUDOHV VLJDQ FRQVWLWX\HQGR OD EDVH GH PXHVWUDVSRVWHULRUHVFRPR OD &DOLIRUQLD3DFLILF,QWHUQDWLRQDO([SRVLWLRQ GH GRQGH ODSLQWXUDHVSDxROD DGTXLHUHXQDQRWDEOHSUHVHQFLD (VWHDUWtFXOR SURSRQHHOHVWXGLRGH GLFKD H[SRVLFLyQ FHQWUiQGRVH HQ HO 6LJOR GH 2UR OD ILJXUD GH 0XULOOR \ DWHQGLHQGR HVSHFLDOPHQWH D ODV FROHFFLRQHV 3XWQDP \ 7LPNHQ GH ODV TXH VH QXWUHQ WDQWR HO 6'0$57FRPRHO7LPNHQ0XVHXPGRVGHODVJUDQGHVSLQDFRWHFDVFDOLIRUQLDQDV %DUWRORPp(VWHEDQ0XULOOR3LQWXUDGHO6LJORGH2UR&ROHFFLyQ3XWQDP &ROHFFLyQ7LPNHQ([SRVLFLyQ,QWHUQDFLRQDO&DOLIRUQLD3DFtILFRGH6DQ'LHJR )URPRQZDUGV:RUOG·V)DLUV KDYHEHHQKHOGDFURVV WKHSODQHW$PRQJLWV PXOWLSOH GLVSOD\V LW PXVW EH HPSKDVL]HG WKH RUJDQL]DWLRQ RI D ZLGH UDQJH RI DUW H[KLELWLRQV DV WKRVH EDVHG RQ ORDQV RI SULYDWH FROOHFWRUV HJ WKH VRFDOOHG /RDQ &ROOHFWLRQ DW WKH&ROXPELDQ([SRVLWLRQRI &RQVLGHULQJWKHULVHRIDUWFROOHFWLQJ DQGSDWURQDJHLQWKH86$LWLVQRWVXUSULVLQJWKDWWKLVNLQGRIGLVSOD\ FRQWLQXHGWREH VXEVHTXHQWO\KHOG$W WKH 6DQ'LHJR&DOLIRUQLD3DFLILF,QWHUQDWLRQDO([SRVLWLRQ RI ORDQVRI6SDQLVKSDLQWLQJZHUH WUXO\UHPDUNDEOH 7KLVSURSRVDOIRFXVHV RQWKDWH[KLELWLRQ SD\LQJDWWHQWLRQWR 0XULOOR DQG WKHRULJLQ RIWKH3XWQDP7LPNHQFROOHFWLRQVZKLFK &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD JHQHURXVO\FRQWULEXWHG WR WKH 6'0$57DQGJDYHELUWKWRWKH7LPNHQ0XVHXP %DUWRORPp ( 0XULOOR 6SDQLVK *ROGHQ $JH 3DLQWLQJ 3XWQDP &ROOHFWLRQ 7LPNHQ&ROOHFWLRQ6DQ'LHJR&DOLIRUQLD3DFLILF,QWHUQDWLRQDO([SRVLWLRQ $ SDUWLU GH  HO IHQyPHQR GH ODV ([SRVLFLRQHV 8QLYHUVDOHV VH GLIXQGH GH IRUPD SURJUHVLYD SRU WRGR HO SODQHWD (Q OtQHDV JHQHUDOHV HVWH WLSR GH FHUWDPHQ VH FRQYLHUWHGHVGHXQSULPHUPRPHQWR HQXQHVFDSDUDWHLQWHUQDFLRQDOGRQGHHOSULQFLSDO REMHWLYR GH FDGD SDUWLFLSDQWH FROHFWLYR R LQGLYLGXDO VHUi OD SUR\HFFLyQ GH XQD GHWHUPLQDGDLGHQWLGDG\ODDGTXLVLFLyQGHXQSUHVWLJLRLQWHUQDFLRQDOWDQWRHQHOiPELWR SROtWLFRFRPRHQHOHFRQyPLFRR FXOWXUDO1RREVWDQWHHVWHLQWHUpVVHGLVLPXODED WUDVXQ LGHDO ILODQWUySLFRGHUDtFHVVDQVLPRQLDQDVTXHFRQILDEDHQODPHMRUDGHODVFRQGLFLRQHV GHYLGDGHODKXPDQLGDGJUDFLDVDODH[WUDSRODFLyQ DOUHVWRGHOPXQGR GHODFLYLOL]DFLyQH LGHDOHV RFFLGHQWDOHV HV GHFLU SRVLWLYLVPR UHYROXFLyQ WHFQROyJLFD SURGXFFLyQ PDVLYD OLEUHFDPELR\GRPLQDFLyQFRORQLDO /RVFRQFXUVRVLQWHUQDFLRQDOHVVHFRQYHUWLUtDQDVtHQ HO PHGLR PiV HILFD] SDUD VDOYDU ´ ORV HVFROORV HQ TXH DTXHOORV >RWURV SDtVHV@ QDYHJDQ HQFDPLQDQGRHOPRYLPLHQWR\ODDFFLyQGHODVIXHU]DVFROHFWLYDVKDFLDHOJUDQUHVXOWDGR XWySLFR D~Q HQ ODV QDFLRQHV DKRUD PiVFLYLOL]DGDV TXH KDJD FRPSDWLEOHV HO SURJUHVR PDWHULDOFRQODIHOLFLGDGGHOSXHEOR\OD/,%(57$',1',9,'8$/&21(/25'(1 HQODVVRFLHGDGHV>VLF@ µWDO\FRPRDILUPDED5DPyQGHOD6DJUD FRPLVDULR HVSDxROHQOD([SRVLFLyQ8QLYHUVDOGH/RQGUHVGH (Q HVWH FRQWH[WR OD H[SUHVLyQ DUWtVWLFD YD D MXJDU XQ SDSHO IXQGDPHQWDO FRQWULEX\HQGRDOUHFRQRFLPLHQWRLQWHUQDFLRQDO GHOJUDGRGHGHVDUUROORLQWHOHFWXDOGHXQ SXHEOR QXHYDPHQWH GH DFXHUGR FRQ ORV FiQRQHV GHO $UWH RFFLGHQWDO 'H HVWH PRGR VHUiQFDGDYH]PiVODVPXHVWUDVFRQWHPSRUiQHDVGHFHQDOHVFHQWHQDOHVDUTXHROyJLFDV\ GHDUWHUHWURVSHFWLYRHWFTXHVHRUJDQLFHQHQHOPDUFRGH ODV([SRVLFLRQHV8QLYHUVDOHV <FRQVHFXHQWHPHQWH DSHVDUGHORVP~OWLSOHVSUHMXLFLRVTXHVHGLHURQ\GHODXWLOL]DFLyQ GHO$UWHFRPRPHGLRSURSDJDQGtVWLFRHVLQQHJDEOHTXH FXDQGRPHQRVHVWHIHQyPHQR D\XGy D LQFHQWLYDU OD IXQGDFLyQ GH QXHYRV PXVHRV FUHDQGR XQD FRUULHQWH GH RSLQLyQ '(/$ 6$*5$5DPyQ 0HPRULDVREUHORVREMHWRVHVWXGLDGRVHQOD([SRVLFLyQ8QLYHUVDOGH/RQGUHV\ IXHUDGHHOODEDMRHOSXQWRGHYLVWDGHODGHODQWRIXWXURGHODDJULFXOWXUDpLQGXVWULDHVSDxRODV > VLF @ 0DGULG SS[[YLLL[[L[ &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD IDYRUDEOHDOGHVDUUROORGHODVDUWHVTXHYLQFXODEDHVWUHFKDPHQWHVXFXOWLYRFRQHOSURJUHVR \ODIHOLFLGDGGHXQSXHEOR²HQVLQWRQtDFRQHOFLWDGRWHVWLPRQLRGH5DPyQGHOD6DJUD² $HVWHUHVSHFWR HODUFKLYHURHKLVWRULDGRUGHODUWH -RVHS3XLJJDUt  VHQWHQFLDED TXH ´«RWUDVQDFLRQHVFHOHEUDQJUDQGLRVRV FHUWiPHQHVSDUDJORULILFDUDOLQJHQLR\iODVDUWHV\« QXHVWURVSURSLRVJRELHUQRVKDQKHFKRDOJXQHVIXHU]RGHUHJODPHQWDFLRQYLHQGRODQHFHVLGDGGHLPSXOVDU WDQWRVFRQRFLPLHQWRVFRPRQRVIDOWDQVLQORVFXDOHVQRFDEHFLYLOL]DFLRQQLOHJLWLPRSURJUHVRQLVyOLGDV EDVHVGLULJLGDViODEUDUODULTXH]D\SRUFRQVLJXLHQWHODGLFKDGHORVSXHEORV>VLF@ µ 0X\SURQWRORVFRQFXUVRVLQWHUQDFLRQDOHV VHFRQYLUWLHURQHQVLQyQLPRGHSRGHU\ JUDQGH]DGHODQDFLyQDQILWULRQD1RWRGRVORVHVWDGRVSRGtDQSHUPLWLUVHODRUJDQL]DFLyQ GH XQD IHULD GH VHPHMDQWH PDJQLWXG \ ODV SULQFLSDOHV SRWHQFLDV FRPHQ]DURQ D ULYDOL]DU HQWUHHOODVPHGLDQWHODFHOHEUDFLyQ GH XQRVFHUWiPHQHVTXHDGTXLUtDQ FDGDYH]PD\RUHV SURSRUFLRQHV (Q HVWH VHQWLGR QR HV GH H[WUDxDU TXH OD QHFHVLGDG GH FRQVROLGDU OD SRVLFLyQKHJHPyQLFDTXHSDXODWLQDPHQWH KDEtDQLGRDOFDQ]DQGR ORV(VWDGRV8QLGRVGH $PpULFD HQ HO SODQR SROtWLFR \ HFRQyPLFR PXQGLDO LQIOX\HUD GHFLVLYDPHQWH HQ OD FRQYRFDWRULDGHXQD QXHYD H[SRVLFLyQ TXHDFRJHUtDOD FLXGDGGH)LODGHOILD LPSRUWDQWH FHQWUR GH GHVDUUROOR LQGXVWULDO HQ  FRLQFLGLHQGR FRQ HO FHQWHQDULR GH OD 'HFODUDFLyQ GH ,QGHSHQGHQFLD GH OD 8QLyQ 6L D HVWR VH DxDGH HO LQWHUpV SRU VXSHUDU 3XLJJDUt KDFtDHVWDVGHFODUDFLRQHVDFHUFDGHODIDOWDGHLQYHUVLyQGHOHVWDGRHVSDxROHQODSURWHFFLyQGHODV DUWHVSRQLHQGRFRPRHMHPSORHO´PDORJUDGRµHVWDGRHQHOTXHVHHQFRQWUDEDHOPXVHRGH6DQ-XDQGH %DUFHORQD FULWLFDQGR HO UHWUDVR GH (VSDxD D OD KRUD GH RUJDQL]DU FRQFXUVRV LQGXVWULDOHV \ DUWtVWLFRV \ H[SRQLHQGRODQHFHVLGDGGHIRPHQWDUODLQVWUXFFLyQS~EOLFDDWUDYpVGHXQDPHMRUDGHOVLVWHPDHGXFDWLYR\ GHO DFRQGLFLRQDPLHQWR GH PXVHRV H LQVWLWXFLRQHV TXH OOHYDVHQ D FDER XQD LPSRUWDQWH ODERU GLYXOJDWLYD 38,**$5Ì-RVHS´0XVHRDUTXHROyJLFRGH%DUFHORQDµ /D,OXVWUDFLyQHVSDxROD\DPHULFDQD DxR;9,,  Q ;/9,  GH GLFLHPEUH S  /DV ([SRVLFLRQHV 8QLYHUVDOHV WDPELpQ FRQWULEX\HURQ D OD VXSHUDFLyQGHFLHUWRVSUHMXLFLRVSRUSDUWHGHOD,JOHVLDHVSDxRODDODKRUDGHH[SRQHUVXSDWULPRQLRDUWtVWLFR (Op[LWRDOFDQ]DGRSRUHO$UWHVDFURHQHVWRVFHUWiPHQHVSXHGHFRQVLGHUDUVHFRPRXQRGHORVIDFWRUHVTXH SURPRYLHURQ ODFUHDFLyQ GH ORVQXHYRVPXVHRVGLRFHVDQRV&IU&2552&+$12'( /266$1726 0,VDEHO 0XVHRV(FOHVLiVWLFRVHQ(VSDxDJpQHVLV\VXEVLVWHQFLD /RJURxRSS 'H DKt SRU HMHPSOR HO WULXQIDOLVPR GH ORV PHGLRV DQWH OD FHOHEUDFLyQ GH OD ([SRVLFLyQ 8QLYHUVDO GH %DUFHORQDGH  TXHDXQTXHGH FDWHJRUtDLQIHULRUDODV GH /RQGUHVR 3DUtV JR]y GH XQDLPSRUWDQWH FRQVLGHUDFLyQLQWHUQDFLRQDO´*UDFLDVDOD([SRVLFLyQ GH%DUFHORQDOD~QLFD TXHKDWHQLGR OXJDUHQXQ SXHUWR GHPDU (VSDxD VH XQH D HVWDV FXDWUR JUDQGHV SRWHQFLDV )UDQFLD ,QJODWHUUD$XVWULD ORV (VWDGRV 8QLGRV +RQRU DO SXHEOR FDWDOiQ TXH SRU VX FRQVWDQFLD VX DFWLYLGDG VX HMHPSOR VX SHUVHYHUDQFLD KD UHDOL]DGRODJUDQILHVWDGHOWUDEDMR\GHODLQGXVWULDTXHHVHQHVWHPRPHQWRRUJXOORGHORV(VSDxROHVµ $0,&,/ ´/HWWUHGH%DUFHORQHµ /HVPDWLQpHVHVSDJQROHV1RXYHOOHUHYXHLQWHUQDWLRQDOHHXURSpHQQH  DxR9,,VHPHVWUHS6REUHODV FUHFLHQWHVGLPHQVLRQHV GHORVFRQFXUVRVLQWHUQDFLRQDOHVYLG 9,(5$ '( 0,*8(/ 0 ´,O ¶OXRJR· GHOOXWRSLD PLUDJJL GL FLYLOWj H GL SURJUHVVR QHOOH HVSRVL]LRQL XQLYHUVDOLGHO;,;VHFRORµHQ /D)HVWDGHOOH$UWL6FULWWLLQRQRUHGL0DUFHOOR)DJLRORSHUFLQTXDQWDQQLGL VWXGL 5RPDYRO,,SS &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD GHILQLWLYDPHQWH ODV KHULGDV DELHUWDV SRU OD *XHUUD FLYLO  HO SURJUDPD LGHROyJLFRGHOFRQFXUVR TXHGDUtDSUiFWLFDPHQWHGHILQLGRHQVXWRWDOLGDG 1RREVWDQWH OD PD\RU ([SRVLFLyQ 8QLYHUVDO TXH VHFHOHEUy HQORV (VWDGRV 8QLGRV GH $PpULFD GXUDQWH HO ~OWLPR FXDUWR GHO VLJOR ;,; WXYR OXJDU HQ &KLFDJR HQ  FX\D ¶&LXGDG %ODQFD·  :KLWH &LW\ ²WDO \ FRPR VH GHQRPLQy HO UHFLQWR H[SRVLWLYR²VHUtD LPLWDGD D PHQRU HVFDOD HQ FHUWiPHQHV QDFLRQDOHV SRVWHULRUHV FRPR HV HO FDVR GH OD 7UDQV0LVVLVVLSSL ,QWHUQDWLRQDO ([SRVLWLRQ RUJDQL]DGDHQ1HEUDVNDHQ(QHVWD RFDVLyQ VH OOHJDED D UHFRQRFHU TXH OD ([SRVLFLyQ FRORPELQD KDEtD SURSRUFLRQDGR ´ HO LGHDOGHWRGDVODVIXWXUDVH[SRVLFLRQHV µ6HDFRPRIXHUH&KLFDJRVXSXVRODFRQVDJUDFLyQ GHODQDFLyQHVWDGRXQLGHQVHFRPROtGHU SROtWLFR\HFRQyPLFR PXQGLDODSURSLiQGRVHGHO WtWXOR GH ¶1XHYR 0XQGR· FXDWURFLHQWRV XQ DxRVGHVSXpV GHO ¶GHVFXEULPLHQWR· GH $PpULFD (Q HVWH PDUFR OD ([SRVLFLyQ VHUi FDOLILFDGD GH ´8QLYHUVLGDG PXQGLDO GH OD GHPRFUDFLDµSRUHOLPSDFWRTXHVHSHQVDEDSXGLHUDSURYRFDUHQHOSHQVDPLHQWRGHOD SREODFLyQ QR VyOR HQ FXDQWR D ORV FRQRFLPLHQWRV WHyULFRV VH UHILHUH VLQR HQ OR FRQFHUQLHQWHDYDORUHVKXPDQRVFRPRHOJRELHUQRGHOSXHEORODIUDWHUQLGDGXQLYHUVDOOD LJXDOGDGGHODPXMHUODDSOLFDFLyQGHODFLHQFLDDOLQWHUpVS~EOLFRRODDSUHFLDFLyQJHQHUDO GH¶OREHOOR· -XVWDPHQWH HQ OR TXH FRQFLHUQH D ODV %HOODV $UWHV OD ([SRVLFLyQ 8QLYHUVDO GH &KLFDJR PHUHFH GHVWDFDUVH SRU OD DSHUWXUD DO S~EOLFR GH XQD PXHVWUD FRPSXHVWD H[FOXVLYDPHQWH GH REUDV PDHVWUDV GHO DUWH PRGHUQR FHGLGDV SRU FROHFFLRQLVWDV HVWDGRXQLGHQVHV VH WUDWD GH OD OODPDGD /RDQ &ROOHFWLRQ  (V FLHUWR TXH ORV SUpVWDPRV SDUWLFXODUHV QRVXSRQtDQQLQJXQDQRYHGDGHQHOiPELWRGHORVFHUWiPHQHVLQWHUQDFLRQDOHV SHURQRHUDKDELWXDOTXHHOSDtVDQILWULyQRUJDQL]DUDXQDH[SRVLFLyQLQWHJUDGD~QLFDPHQWH 9,(5$ '( 0,*8(/0 ´,PDJHQ VtPEROR \ FRQVWUXFFLyQ LGHROyJLFD YLVXDOL]DFLyQ GH (VSDxD HQ OD ([SRVLFLyQ8QLYHUVDOGH)LODGHOILDGHµHQ /RVOXJDUHVGHODUWH,GHQWLGDG\UHSUHVHQWDFLyQ %DUFHORQD YRO,,SS +$<(6-DPHV% +LVWRU\RIWKH7UDQV0LVVLVVLSSLDQG,QWHUQDWLRQDO([SRVLWLRQRI 6/XLVS  9,(5$'(0,*8(/0´&ULVWRIRUR&RORPERWUD,WDOLDH6SDJQDSRHWLFKHGLDSSURSLD]LRQHHLGHQWLWj QHOOH DUWL YLVXDOL DOO·HVSRVL]LRQH XQLYHUVDOH GL )LODGHOILD GHO µ HQ (VSRVL]LRQL 8QLYHUVDOL LQ (XURSD DWWRUL SXEEOLFL PHPRULH WUD PHWURSROL H FRORQLH  Q~PHUR PRQRJUiILFR GH 5LFHUFKH 6WRULFKH  ;/9)ORUHQFLDSS :$/.(5-%´,QWURGXFWRU\7KH:RUOG·V&ROOHJHRI'HPRFUDF\µ 7KH&RVPRSROLWDQDQ,OOXVWUDWHG 0RQWKO\0DJD]LQH YRO;9QVHSWLHPEUH GH ´$:RUOG·V)DLU1XPEHUµS  /RDQ&ROOHFWLRQ )RUHLJQ0DVWHUSLHFHV2ZQHGLQWKH8QLWHG6WDWHV:RUOG·V&ROXPELDQ([SRVLWLRQ  &DWiORJRGHODH[SRVLFLyQVG &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD SRU REUDV GH DUWLVWDV IRUiQHRV HVR Vt TXH VH FRQVHUYDUDQ HQ WHUULWRULR QDFLRQDO (VWH KHFKR QR VROR GD LGHD GHO UHFRQRFLPLHQWR GHO DUWH HXURSHR ²TXH HUD HO TXH HQ VX WRWDOLGDGFRQIRUPDED ODFROHFFLyQ SULQFLSDOPHQWHGHDUWLVWDVHVWDEOHFLGRVHQ)UDQFLDH ,QJODWHUUD&RURW&RQVWDEOH&RXUEHW$OPD7DGHPD0RQHW3XYLVGH&KDYDQQHVHWF² VLQRWDPELpQ \SULQFLSDOPHQWHGHOD FUHFLHQWH WUDVFHQGHQFLD GHOFROHFFLRQLVPRHQORV (VWDGRV8QLGRVGH$PpULFD²OLJDGRDVXLPSDUDEOHGHVDUUROORHFRQyPLFR²\GHOSUHVWLJLR TXHFRQIHUtDODRUJDQL]DFLyQGH XQDPXHVWUDGHOJpQHUR HQXQD([SRVLFLyQ8QLYHUVDO DO PDUJHQGHOFRQFXUVR JHQHUDOGH%HOODV$UWHV TXHFRPRHUDKDELWXDOVHHVWUXFWXUDED HQ IXQFLyQGHODVGHOHJDFLRQHV QDFLRQDOHVSDUWLFLSDQWHV ODVFXDOHV QRVLHPSUHHQYLDEDQODV REUDVPiVUHSUHVHQWDWLYDVGHVXVHVFXHODV'HDKtTXH -DPHV:LOVRQ3LHUFHDILUPDVH TXH ´ MXQWR D QXHVWUR SURJUHVR FRPR QDFLyQ SURGXFWRUD GH DUWH GXUDQWH OD SDVDGD GpFDGD $PpULFDVHHQULTXHFLGRHQODSRVHVLyQGHJUDQSDUWHGHOPHMRUDUWHIRUiQHRGHKR\HQGtD /DSURSHQVLyQDFRPSUDUFXDGURVGHOPLOORQDULRDPHULFDQRHVWiOOHJDQGRDVHUSURYHUELDO HQHOH[WUDQMHUR µDxDGLHQGRTXH´ DXQTXH ORVFXDGURVGHOD /RDQ&ROOHFWLRQ  QRGDQXQD LGHDFRPSOHWDGHWRGRORTXHWHQHPRV«QRVSURSRUFLRQDQPiVHOHYDGRVHMHPSORVGHO DUWHIUDQFpVTXH ORVPLVPRVIUDQFHVHV µ 'HHVSHFLDOUHOHYDQFLDSRUFXDQWRUHVSHFWDDODUWHHVSDxROHVODLQFOXVLyQHQWUH HVDV REUDV PDHVWUDV IRUiQHDV GHO FXDGUR 3OD\D GH 3RUWLFL  TXH 0DULDQR )RUWXQ\ GHMy LQDFDEDGRDOVRUSUHQGHUOHODPXHUWHHQ\TXHHOFLWDGR3LHUFH GHVWDFDMXQWRDRWURV OLHQ]RV FRPR HO 7RUHDGRU PXHUWR  GH eGRXDUG 0DQHW    7DPELpQ HO <DORGHFtD$OIUHGR(VFREDU  HQ3DUtVORH[SXHVWRHQHVWRVFHUWiPHQHV´IRUPDXQOLEUR LQWHUHVDQWHGHODUWHXQLYHUVDOyPHMRUGLFKRGHODUWHHXURSHRTXHHVHOYHUGDGHURDUWH> VLF @µ(6&2%$5 $´/D([SRVLFLyQ8QLYHUVDOGH3DUtVµ /D,OXVWUDFLyQHVSDxROD\DPHULFDQD DxR;;,,Q;; GHPD\RS  3,(5&(-DPHV:LOVRQ 3KRWRJUDSKLF+LVWRU\ RIWKH:RUOG·V)DLU DQG6NHWFKRIWKH&LW\RI&KLFDJR DOVRD*XLGHWRWKH:RUOG·V)DLUDQG&KLFDJRZLWK,QIRUPDWLRQ)XUQLVKHGE\WKH'HSDUWPHQWRI3XEOLFLW\ DQG3URPRWLRQRIWKH:RUOG·V)DLU3URIXVHO\,OOXVWUDWHG$XWKHQWLF(GLWLRQ /HQQR[3XEOLVKLQJ&RPSDQ\ S  ,EtGHP  7UXPEXOO:KLWH  \:0,JOHKHDUWWDPELpQLQFOX\HQHO´~OWLPRHLQDFDEDGRµFXDGUR GH)RUWXQ\HQWUHODVREUDVPiVOODPDWLYDVGHODH[SRVLFLyQ3RUWRGDVHVWDVLQGLFDFLRQHVSDUHFHQRKDEHU GXGDHQ TXHVHWUDWDUtDGHODPLVPDREUDTXHVHH[SXVRHQHO0XVHR1DFLRQDOGH$UWHGH&DWDOXxD\HQHO 0XVHRGH%HOODV$UWHVGH%LOEDRHQ\UHVSHFWLYDPHQWHDVHJXUiQGRVHHQWRQFHVTXHHOOLHQ]R QRVHKDEtDH[KLELGRGHVGHFXDQGRHOS~EOLFRSXGRFRQWHPSODUORFRQPRWLYRGHODVXEDVWD UHDOL]DGD WUDVODPXHUWHGHVXSURSLHWDULD &RUQHOLD0&OLQFK6WHZDUW YLXGDGH$76WHZDUW  'HKHFKR %HDFKDW3RUWLFL IXHSUHVWDGRDOD /RDQ&ROOHFWLRQ SRUODVREULQDGHDTXHOODWDPELpQOODPDGD &RUQHOLD¶1HOOLH·6WHZDUW6PLWK%XWOHU0UV3UHVFRWW+DOO%XWOHU&IU:+,7( 7UXPEXOO ,*/(+($57 :0 7KH :RUOG·V &ROXPELDQ ([SRVLWLRQ &KLFDJR  $ &RPSOHWH +LVWRU\ RI WKH (QWHUSULVHD)XOO'HVFULSWLRQRIWKH%XLOGLQJVDQG([KLELWVLQDOO'HSDUWPHQWVDQGD6KRUW$FFRXQWRI 3UHYLRXV ([SRVLWLRQV « )LODGHOILD VG SS  )/,11 -RKQ - 2IILFLDO *XLGH WR WKH :RUOG·V &ROXPELDQ([SRVLWLRQLQWKH&LW\RI&KLFDJR6WDWHRI,OOLQRLV0D\,WR2FWREHU &KLFDJR" S 7KH6WHZDUW&ROOHFWLRQ 3DLQWLQJV 6FXOSWXUH DQG 2WKHU 2EMHFWV RI $UW &RPSLOHGE\7KRPDV( &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD KLVWRULDGRU +XEHUW+RZH%DQFURIW  UHVHxDEDHOFXDGURGH)RUWXQ\HQWUHODV REUDV PiV UHOHYDQWHV GH OD PXHVWUD DVHJXUDQGR TXH VH WUDWDED GH ´ XQD LQWHUSUHWDFLyQ PDHVWUDGHOFLHOR\HO PDUFRQDOJRGRQRVDV\VROHDGDVQXEHVUHYRORWHDQGRDWUDYpVGH XQDDWPyVIHUDD]XOFLHOR \ VREUHXQSULPHUSODQRGHUHOXFLHQWHDUHQDILJXUDVGHYLVWRVR DWXHQGRFRQIXQGLpQGRVHFRQORVEULOODQWHVWRQRVGHIORUHV\IROODMH µ 7KH /RDQ &ROOHFWLRQ SXHGH FRQVLGHUDUVH FRPR XQ FODUR SUHFHGHQWH GHO SURJUHVLYR GHVDUUROOR TXH HQ DxRV SRVWHULRUHV LUiQ DOFDQ]DQGR HO FROHFFLRQLVPR \ PHFHQD]JRDUWtVWLFRHQORV(VWDGRV8QLGRVGH$PpULFDTXHDSDUWLUGHHQWRQFHVWRPDUiQ JUDGXDOPHQWHHOUHOHYRGHO¶9LHMR0XQGR· QRVyORHQFXDQWRDODSURPRFLyQGHODVDUWHV VHUHILHUHVLQR²FRPRDILUPDED3LHUFHHQ² HQORUHODWLYRDOD¶SURGXFFLyQDUWtVWLFD· SURSLDPHQWHGLFKDDFDEDQGRDVtFRQHOYLHMRSUHMXLFLRTXHORVWDFKDEDGH QDFLyQXWLOLWDULD FDUHQWH GH VHQWLPLHQWR HVWpWLFR (Q FRQVHFXHQFLDORV SUpVWDPRV SDUWLFXODUHV GH REUDV DUWtVWLFDV VHJXLUiQ VLHQGR KDELWXDOHV HQ ODV VXFHVLYDV H[SRVLFLRQHV QDFLRQDOHV R LQWHUQDFLRQDOHVTXHVHFHOHEUHQ HQHOSDtV \D HVWHUHVSHFWRHVLQWHUHVDQWHGHVWDFDUHOFDVR GH6DQ'LHJRFLXGDGIURQWHUL]DHQODFRVWDFDOLIRUQLDQDTXHGXUDQWHODSULPHUDPLWDGGHO VLJOR;;VHFRQYHUWLUi HQVHGHGHLPSRUWDQWHVFHUWiPHQHV (Q SULPHU OXJDU KD\ TXH WHQHU HQ FXHQWD TXH HQ  VH FHOHEUDQ VLPXOWiQHDPHQWHGRVIHULDVOD 3DQDPD3DFLILF,QWHUQDWLRQDO([SRVLWLRQ HQ6DQ)UDQFLVFR \OD 3DQDPD&DOLIRUQLD,QWHUQDWLRQDO([SRVLWLRQ HQ 6DQ'LHJRDPEDVFRQHOREMHWRGH .LUE\ $XFWLRQQHU1XHYD<RUNSS +87725LFKDUG-D\ 7KHLU*LOGHG&DJH7KH -HN\OO,VODQG&OXE0HPEHUV  0DFRQS6(55$&DWDOLQD´(O01$&ORFDOL]D3OD\DGH3RUWLFL GH)RUWXQ\\ORLQFRUSRUDDODUHWURVSHFWLYDGHODUWLVWDµ (O3DtV PDUWHVGHHQHURGH0XVHRGH %HOODV $UWHV GH %LOEDR /D REUD LQYLWDGD  KWWSVZZZPXVHRELOEDRFRPH[SRVLFLRQHVSOD\DGHSRUWLFL &RQVXOWDGD HO  %$1&52)7+XEHUW +RZH 7KH%RRNRIWKH)DLU  &KLFDJRFDStWXOR;;,)LQH$UWVS'HO FXDGUR GH 0DQHW GLUi +RZH %DQFURIW TXH ´VH FRPELQDQ KiELOPHQWH OR SLQWRUHVFR \ OR UHSXOVLYR GH OD DQWLJXDFRUULGDGHWRURVHVSDxRODORVWUDMHVHVWiQUHSUHVHQWDGRVHQWRQRVEULOODQWHV\ODVILJXUDVUHDOL]DGDV FRQDFHQWXDGRUHOLHYHVLQHODERUDFLyQGHOGHWDOOH\WUDWDGDVFRQIXHU]D\VLPSOLFLGDGµ ,EtGHP   'XUDQWHODVHJXQGD PLWDGGHO VLJOR;,; \HQHOFRQWH[WRGHODV([SRVLFLRQHV 8QLYHUVDOHVHVIUHFXHQWH HQFRQWUDU FLWDV FRPR OD VLJXLHQWH ´/D DQJORDPHULFDQD SDUHFH OD ~QLFD QDFLyQ D OD TXH HO DPRU GH OD GHFRUDFLyQQRHVLQKHUHQWHHO<DQNHHWDOODXQDUDPDSHURVXFRUWHQXQFDDGTXLHUHXQDIRUPDGHFRUDWLYD VXDFWLYLGDGVHGDULHQGDVXHOWDDVtPLVPDGHVWUX\HQGRQRDGRUQDQGRHVXQXWLOLWDULRQRXQGHFRUDGRU SXHGHLQYHQWDUXQDPiTXLQDGHFRVHUSHURQRXQWHODUGH-DFTXDUGXQWHOpJUDGRHOpFWULFRSHURQR XQD PiTXLQDGHERUGDU&RQFXDOTXLHURWUDQDFLRQODVXSHUIOXDDFWLYLGDGGHOKRPEUHHQFXHQWUDXQUHFXUVR\ XQDYiOYXODGHVHJXULGDGHQODVDUWHVGHFRUDWLYDVµ0(55,),(/'´2Q'HVLJQDV$SSOLHGWR/DGLHV:RUNµ 7KH$UW-RXUQDO /RQGUHV\1XHYD<RUNS  %2.292< 0DWWKHZ ) 7KH 6DQ 'LHJR :RUOG·V )DLUV DQG 6RXWKZHVWHUQ 0HPRU\   $OEXUTXHUTXH &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD FRQPHPRUDU ODLQDXJXUDFLyQGHO&DQDO GH3DQDPiTXHKDEtDWHQLGROXJDUXQDxRDQWHV 1RREVWDQWH\PiVDOOiGHODQLYHUVDULRFRPRVXFHGHHQFXDOTXLHUFRQFXUVRGHHVWHWLSR HVSUHFLVRFRQVLGHUDUXQRVLQWHUHVHVHVWUDWpJLFRV SURSLRV(Q ORTXHDWDxH D6DQ'LHJRQR KD\ TXH ROYLGDU VX DPELFLyQ FRPHUFLDO HQ FXDQWR SXHUWR PDUtWLPR OD LPSRUWDQFLD GHO VHFWRUWXUtVWLFRDVtFRPRODFRQFHQWUDFLyQHQVXQ~FOHRXUEDQRGHXQDVHULHGHJUDQGHV IRUWXQDV PXFKRV GH HOORV HPSUHVDULRV UHVLGHQWHV HQ OD &RVWD (VWH TXH OOHJDGR HO PRPHQWRGHODMXELODFLyQ GHFLGHQWUDVODGDUVHFRQVXVIDPLOLDVD&DOLIRUQLDHQFRQWUDQGR HQ 6DQ 'LHJR XQ HQFODYH GH JUDQ EHOOH]D SDLVDMtVWLFD \ XQDV FRQGLFLRQHV FOLPDWROyJLFDV LQPHMRUDEOHV 3RU RWUD SDUWH HO SDVDGR GH OD UHJLyQ FRQWDED FRQ XQDV PDUFDGDV VHxDV GH LGHQWLGDGFX\DVUDtFHVVHKXQGtDQHQODOHJHQGDULDOOHJDGDGH ORVHVSDxROHVHQHOVLJOR;9, \ODIXQGDFLyQGHODVPLVLRQHVGHIUD\-XQtSHUR6HUUDHQ&DOLIRUQLDDSDUWLU GHO ~OWLPR WHUFLR GHO VLJOR ;9,,, 'H DKt TXH D OD KRUD GH HVWDEOHFHU XQD OH\HQGD IXQGDFLRQDO6DQ'LHJRVHVLUYLHUDGHORKLVSDQRSDUDHVWDEOHFHUXQYtQFXORGLUHFWRFRQOD FXOWXUDHXURSHD\XQDFRQWHFLPLHQWRWDQUHOHYDQWHFRPRHO¶GHVFXEULPLHQWR·GH$PpULFD VLQGHMDUGHUHFXUULUSRUHOORDOHVWHUHRWLSRGHPRGHUQLGDGWDQFDUDFWHUtVWLFRGHWRGDXUEH HVWDGRXQLGHQVH$OPLVPRWLHPSR ORHVSDxRO\ORODWLQRDPHULFDQRHQJHQHUDO ²HQUD]yQ GHVXKLVWRULD\VXVLWXDFLyQJHRJUiILFDIURQWHUL]DFRQ0p[LFR²WDPELpQOHFRQIHUtDQXQ PDUFDGR H[RWLVPR TXH QR GXGy HQ UHQWDELOL]DU HFRQyPLFDPHQWH FRQYLUWLpQGROR HQ UHFODPRWXUtVWLFR²FRPRVHSXHGHDSUHFLDUSRUHMHPSORHQODSRUWDGDGHODJXtDRILFLDO GHOD &DOLIRUQLD3DFLILF,QWHUQDWLRQDO([SRVLWLRQ TXHWXYROXJDUHQ6DQ'LHJRDxRVPiV WDUGH HQ  HQ HOOD DSDUHFHQ UHSUHVHQWDGRV XQD VHYLOODQD \ XQ PDULDFKL EDLODQGR IODPHQFR \ WRFDQGR ODV FDVWDxXHODV 3UHFLVDPHQWH HVWH FDUiFWHU KLVSDQR IXH DVLPLVPR XWLOL]DGR FRPR DOHJDWR HQ GHIHQVD GH OD FHOHEUDFLyQ HQ 6DQ 'LHJR GH OD 3DQDPD &DOLIRUQLD,QWHUQDWLRQDO([SRVLWLRQ GHGXUDQWHORVGXURVGHEDWHVTXHWXYLHURQOXJDU HQHO&RQJUHVRDFDXVDGH ODULYDOLGDGHQWUHODVGRVFLXGDGHVFDOLIRUQLDQDV TXHRSWDEDQD  (OSDQIOHWR 6DQ'LHJR3DQDPD&DOLIRUQLD([SRVLWLRQDW6DQ'LHJR&DOLIRUQLD$OOWKH\HDU GH MXQLRGH"FRPLHQ]DDILUPDQGRTXHVHWUDWDGH´8QDH[SRVLFLyQGHORVORJURV²\SRVLELOLGDGHV²GHO KRPEUH (Q HO SDtV GH OH\HQGD H KLVWRULD XQ ([SRVLFLyQ TXH DUTXLWHFWyQLFDPHQWH SHUWHQHFH D OD 9LHMD (VSDxDµSHURDODYH]VHUHFXHUGDQORV´HGLILFLRVGHRILFLQDVHQFDOOHVGRQGHUHVXHQDODDFWLYLGDGGHXQD FLXGDGPRGHUQDDPHULFDQDHOUXPRU GHORVWUDQYtDVHOVLOELGR GHODGLVWDQWHORFRPRWRUD\HOVRQRURWRTXH GHOWUDVDWOiQWLFRµ  &DOLIRUQLD3DFLILF,QWHUQDWLRQDO([SRVLWLRQ  2IILFLDO*XLGH 6DQ'LHJR*):ROFRWWF'HOPLVPR PRGRXQDPXMHUFRQSHLQHWD\IORUHQHOFDEHOORSURWDJRQL]DODSRUWDGDGHODJXtDGHODPLVPDH[SRVLFLyQ SURUURJDGD GXUDQWH  9LG &DOLIRUQLD3DFLILF ,QWHUQDWLRQDO ([SRVLWLRQ  2IILFLDO *XLGH 6RXYHQLU 3URJUDP  6DQ'LHJRVQF &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD DOEHUJDUXQDH[SRVLFLyQ HVHDxRVHMXVWLILFySXHV TXHVL6DQ)UDQFLVFRGHEtDSUHVHQWDU XQDDSDULHQFLDGHFRUWHQHRFOiVLFRHQOtQHDFRQODDQWHULRUPHQWHFLWDGD¶&LXGDG%ODQFD· GH&KLFDJR \ODVH[SRVLFLRQHVHXURSHDV 6DQ'LHJRUHVDOWDUtDODLPSRUWDQFLDGHOD KHUHQFLDHVSDxRODHLQGtJHQD HQHO6XGRHVWH DPHULFDQR /DH[SRVLFLyQGHWXYROXJDUHQHO3DUTXHGH%DOERDSXOPyQYHUGHGHOD FLXGDGGH6DQ'LHJR QDFLGRHQFRPR &LW\3DUN \FX\RQRPEUHGHFLGLyFDPELDUVH SRU HO DFWXDO HQ  HQ KRQRU GH 9DVFR 1~xH] GH %DOERD  H[SORUDGRU HVSDxRO DOTXHVHDWULEX\HHOKDEHU GLYLVDGRSRUSULPHUDYH]HORFpDQR3DFtILFR (Q %DOERD 3DUN VH FRQVWUX\y XQ FRQMXQWR GH HGLILFLRV GH HVWLOR QHREDUURFR HVSDxRO \ FRORQLDO PXFKRV GH ORV FXDOHV VHKDQ FRQVHUYDGR KDVWD HO GtD GHKR\ VLUYLHQGR HQVX PD\RUtD FRPR HVSDFLR H[SRVLWLYR HQ FHUWiPHQHV SRVWHULRUHV \ FRPR PXVHRV HQ OD DFWXDOLGDG (QWUH HVWDV FRQVWUXFFLRQHV H LQIUDHVWUXFWXUDV FDEH GHVWDFDU HO TXH IXHUD 3DEHOOyQGHO(VWDGRGH&DOLIRUQLDHQKR\ 6DQ'LHJR0XVHXPRI0DQ   HOSXHQWH &DEULOOR GH FHUFD GH  PHWURV GH ORQJLWXG DVt FRPR HO %RWDQLFDO %XLOGLQJ \ HO 6SUHFNHOV2UJDQ3DYLOLRQ TXHVHFRQWDEDQHQWUH ORV HGLILFLRV PiVJUDQGHVGHOPXQGR HQ VXVUHVSHFWLYDVFDWHJRUtDV 7DPELpQVHLQFOX\yGHQWURGHOSURJUDPDGHHVWD 3DQDPD&DOLIRUQLD,QWHUQDWLRQDO ([SRVLWLRQ GH  XQD PXHVWUD DUWtVWLFD SULQFLSDOPHQWH LQWHJUDGD SRU REUDV HVWDGRXQLGHQVHV \ SDUWLFXODUPHQWH FDOLIRUQLDQDV 6LQ HPEDUJR OR PiV GHVWDFDGR DO UHVSHFWR HV FRPR KDEtD YHQLGR RFXUULHQGR D UDt] GH WDQWRV FRQFXUVRV DQWHULRUHV OD  %2.292< RS FLW  S  7DPELpQ 1XHYD 2UOHDQV HQWUy HQ OL]D DXQTXH IXH 6DQ )UDQFLVFR TXLHQ FRQVLJXLyODDSUREDFLyQILQDOGHO&RQJUHVRHQSDUWHGHELGRDODLQWHQVDFDPSDxDSXEOLFLWDULDTXHGHVSOHJy HQ SDUWH D VX SURPHVD GH FRQVHJXLU ILQDQFLDFLyQ SULYDGD SDUD OD IHULD 6REUH HO DVSHFWR HVWpWLFR GH OD 3DQDPD3DFLILFGH6DQ)UDQFLVFRYLG)$/=21(52%,1621&DUORWWD´'HVLJQLQJD8QLILHG&LW\7KH 3DQDPD3DFLILF,QWHUQDWLRQDO([SRVLWLRQDQG,WV$HVWKHWLFLGHDOVµ 7KH-RXUQDORI6DQ'LHJR+LVWRU\  QRV,\,,LQYLHUQRSULPDYHUDSS  'XUDQWHODH[SRVLFLyQFRQWLQXyUHFXUULpQGRVHDO PLVPRDUJXPHQWRSDUDGLIHUHQFLDUODGHVXVSUHFHGHQWHV$VtIUHQWHDODWHQGHQFLD %HDX[$UWV¶*UDQG3UL[· GHOUHVWRGHFHUWiPHQHVXQRGHORVDUTXLWHFWRVGHODH[SRVLFLyQ&DUOHWRQ0RQURH:LQVORZ  GLUiTXH´ODIHULDGH6DQ'LHJRHVODDSRWHRVLVGHWRGRVORVHOHPHQWRVGHYDULHGDG\HQFDQWRTXHDVRFLDPRV FRQODVFLXGDGHVGH,WDOLD\(VSDxDµ&IU:,16/2:&0 7KHDUFKLWHFWXUHDQGWKHJDUGHQVRIWKH6DQ 'LHJR ([SRVLWLRQ $ 3LFWRULDO 6XUYH\ RI WKH $HVWKHWLF )HDWXUHV RI WKH 3DQDPD &DOLIRUQLD LQWHUQDWLRQDO ([SRVLWLRQ 6DQ)UDQFLVFRVGSS  KWWSVZZZEDOERDSDUNRUJDERXWKLVWRU\&RQVXOWDGDHO  7KH$UFKLWHFWXUDO5HYLHZ YRO,,,QILJXUD;;;,  &IU 2IILFLDO*XLGH%RRNRIWKH3DQDPD&DOLIRUQLD([SRVLWLRQ6DQ 'LHJR-DQXDU\WR'HFHPEHU  6DQ'LHJR &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD JpQHVLVGHXQDFRQFLHQFLDFLyQVRFLDOTXHFRPHQ]yDH[LJLUODFUHDFLyQGHXQ0XVHRGH %HOODV$UWHVHQODFLXGDGGH6DQ'LHJR (Q  HO HPSUHVDULR ORFDO $SSOHWRQ 6 %ULGJHV  RIUHFLy IRQGRV SDUDILQDQFLDUODREUDTXHQRFRPHQ]y KDVWD GRVDxRVGHVSXpV<PiVWDUGHHQ VH IXQGyOD )LQH$UWV6RFLHW\ FRQHOILQGH GLULJLUHOQXHYRPXVHROD 6DQ'LHJR)LQH$UWV *DOOHU\ TXH ILQDOPHQWH DEULUtDVXVSXHUWDVHOGHIHEUHURGH  6HKDEtDGHFLGLGR XELFDUHOHGLILFLR DOQRUWHGHOD3OD]DGH3DQDPiMXVWRHQHO VRODU TXH KDEtD RFXSDGR HO 3DEHOOyQ GHO 9DOOH GH 6DFUDPHQWR GXUDQWH HO FHUWDPHQ GH  7DQWR HO GLVHxR DUTXLWHFWyQLFR FRPR HO SURJUDPD LFRQRJUiILFR GH OD HVFXOWXUD PRQXPHQWDOTXHORGHFRUDVRQVHHVSHFLDOLPSRUWDQFLDHQUHODFLyQFRQODDFHSWDFLyQGH ODWUDGLFLyQFXOWXUDOHVSDxROD\VXSDSHOSURWDJRQLVWD HQODFRQILJXUDFLyQGHODLGHQWLGDG ORFDO /DIDFKDGDGHODFRQVWUXFFLyQREUDGHXQRGHORVPiVUHQRPEUDGRVDUTXLWHFWRVGHO PRPHQWR HQ 6DQ 'LHJR :LOOLDP 7HPSOHWRQ -RKQVRQ ² ²HQ FRODERUDFLyQ FRQVXDVRFLDGR5REHUW:6Q\GHU² UHPLWHDREUDVPDHVWUDVGHOSODWHUHVFR HVSDxROFRPRVRQOD8QLYHUVLGDGGH6DODPDQFD\6DQ*UHJRULRGH 9DOODGROLGPLHQWUDV TXH HOLQWHULRUVHLQVSLUD HQSDUWH HQ ODSODQWDGHO +RVSLWDOGHOD6DQWD&UX]GH7ROHGR /RV GHWDOOHVHVFXOWyULFRVFRUULHURQ D FDUJRGH &KLUV 0XHOOHU TXLHQ\D VH KDEtD RFXSDGRGHODGHFRUDFLyQGHORVHGLILFLRVGHODH[SRVLFLyQGH(QHVWHVHQWLGR\GH IRUPD FRKHUHQWH FRQ HO HVWLOR QHRKLVSDQR TXH GRPLQDED HQ %DOERD 3DUN  KDQ GH GHVWDFDUVHQXHYDVUHIHUHQFLDVD¶ORHVSDxRO·D~QPiVVLJQLILFDWLYDVVL FDEHHQHVWHFDVRVH HOLJH FRPR ILJXUDV HPEOHPiWLFDV SDUD RUQDPHQWDU OD IDFKDGD GHO PXVHR D ORV FLQFR SLQWRUHVGHO6LJORGH2URTXHPD\RUIDPDKDEtDQDOFDQ]DGRHQHOH[WUDQMHUR0XULOOR 9HOi]TXH]\=XUEDUiQ ²FX\DVHVFXOWXUDVGHFXHUSRHQWHURRFXSDQHOFHQWURGHODSRUWDGD HQWUHVQLFKRV\X[WDSXHVWRV VREUHODSXHUWDGHDFFHVRDOPXVHR²DGHPiVGH(O*UHFR\ 5LEHUD ²FX\RV EXVWRV VH FRORFDURQ HQ PHGDOORQHV D DPERV ODGRV GH ORV DQWHULRUHV UHVSHFWLYDPHQWH²3RUVLIXHUDSRFR ORVHVFXGRVGHORV(VWDGRV8QLGRV&DOLIRUQLD6DQ 'LHJR\MXQWRDHOORVHOGH(VSDxDUHPDWDEDQ HOFRQMXQWR 'HVGHHQDGHODQWH\EDMRODGLUHFFLyQGH5HJLQDOG3RODQG  ² DQWLJXR'LUHFWRUGH(GXFDFLyQGHO 'HWURLW,QVWLWXWHRIWKH$UWV SURSXHVWRSRUHOIXQGDGRU GHOD+LVSDQLF6RFLHW\RI$PHULFD $UFKHU0+XQWLQJWRQ ²OD )LQH $UWV*DOOHU\ LQLFLDUi XQDLQWHUHVDQWHFDPSDxDGHDGTXLVLFLyQGHREUDV\FHOHEUDFLyQGH  KWWSVZZZVGPDUWRUJPLVVLRQKLVWRU\ &RQVXOWDGD HO  $ SDUWLU GH  OD JDOHUtD SDVD D OODPDUVH 6DQ'LHJR0XVHXPRI$UW  &ROHFFLRQLVPR0HFHQD]JR\0HUFDGR$UWtVWLFR 0DQXHO9LHUDGH0LJXHO VXSUR\HFFLyQHQ(XURSD\$PpULFD 7LPNHQ VH FRQWUDWy DO HVWXGLR )UDQN / +RSH DQG $VVRFLDWHV SDUD HMHFXWDU OD REUD VLHQGR -RKQ0RFNDUTXLWHFWRHQFDUJDGR GHOGLVHxRFRQWHPSRUiQHR GH ODILUPDTXLHQ FRQFLELy OD LGHD GH XQ HGLILFLR TXH D GLIHUHQFLD GHO UHVWR HQ %DOERD 3DUN  QL HUD XQ UHYLYDO QLTXHGDED DLVODGRGHOHQWRUQR FHQWUiQGRVH~QLFDPHQWHHQVXV SURSLRV IRQGRV VLQRTXHURPStDFRQHOKLVWRULFLVPRFLUFXQGDQWH\ HVWDEOHFtDXQDUHODFLyQYLVXDOGLUHFWD HQWUH ODV REUDV \ HO H[WHULRU JUDFLDV D XQ DO]DGR TXH VH DEUtD DO SDUTXH UHFXUULHQGR DO HPSOHR GH WUDYHUWLQR  YLGULR \ EURQFH  $XQTXH FRQ JUDQ SROpPLFD SRU VX HVWpWLFD YDQJXDUGLVWDHOPXVHRDEULyILQDOPHQWHVXVSXHUWDVHQRFWXEUHGH\KDFHOHEUDGR VXVFLQFXHQWDDxRVHQFRQODDGTXLVLFLyQGHXQQXHYR=XUEDUiQ 6DQ )UDQFLVFRHQ PHGLWDFLyQ   (QWUHORVFRODERUDGRUHVGH0RFNVHHQFRQWUDEDQHOLOXPLQDGRU5LFKDUG.HOO\TXHKDEtD WUDEDMDGR FRQ SUHVWLJLRVRVDUTXLWHFWRVFRPR3KLOOLS-RKQVRQ0LHVYDQGHU5RKHRHOSURSLR/RXLV.DKQ\+RZDUG6KDZ TXLHQ VH RFXSy GHO GLVHxR GHO HQUHMDGR H[WHULRU \ ODV SODFDV GH EURQFH KWWSZZZWLPNHQPXVHXPRUJDUWDUFKLWHFWXUHFRQVXOWDGDHO  KWWSZZZWLPNHQPXVHXPRUJFROOHFWLRQVDLQWIUDQFLVLQPHGLWDWLRQ FRQVXOWDGD HO  6HJ~Q 'DYLG%XOOLQYHVWLJDGRUFRQVHUYDGRU\GLUHFWRULQWHULQRGHOPXVHRTXHSURPRYLyOD DGTXLVLFLyQHOQXHYR =XUEDUiQ YHQtD D FRPSOHWDU OD FROHFFLyQ \D H[LVWHQWH HQ HO YHFLQR 6DQ 'LHJR 0XVHXP RI $UW  GDGD OD LPSRUWDQFLDGHODSLQWXUDHVSDxRODHQ6DQ'LHJR&+87(-DPHV´7LPNHQ0XVHXP3XUFKDVHV=XUEDUiQ 0DVWHUZRUNµ 6DQ'LHJR8QLRQ7ULEXQH  GHRFWXEUHGH (VWH=XUEDUiQIRUPDDFWXDOPHQWHWiQGHP FRQXQ &ULVWRHQODFUX] GH0XULOORHQHO 7LPNHQ0XVHXPRI$UW 