$&$6$'26%8'$6',72626 -RmR8EDOGR5LEHLUR 9 7;73')!6DFL3HUHUr
³3DUDTXH3HWHU3DQYLDJHPSRURXWUDVWHUUDV6(03$*$53('È*,2´
(VFULWRQRIHPLQLQRRTXHRDXWRUMXVWLILFDFRPDFXULRVD KLVWyULDGHWHUUHFHELGRXPSDFRWHFRPDWUDQVFULomR GDFWLORJUDIDGDGHYiULDVILWDVJUDYDGDVSRUXPDPLVWHULRVD PXOKHU$&DVDGRV%XGDV'LWRVRVpDQDUUDomRQDSULPHLUD SHVVRDGHXPDOLEHUWLQDTXHQDUUDDKLVWyULDGDVXDYLGD LQWHLUDPHQWHGHGLFDGDDRVH[RGLWDQGRDSDUDXPJUDYDGRU$R ORQJRGRURPDQFHDQDUUDGRUDSUDWLFDWRGDVDVPRGDOLGDGHVGH VH[RVHPPDQLIHVWDURPHQRUDUUHSHQGLPHQWRH[SHULPHQWDQGR DOHJUHPHQWHLQFHVWRVH[RFRPPHQRUHVHPJUXSRWURFDGHFDVDLV KRPRVVH[XDOLGDGHHDWpVH[RLQIRUPiWLFR&RQVLGHUDGRSHODUHYLVWD 9HMDFRPRRVWHQVLYDPHQWHSRUQRJUiILFR$&DVDGRV%XGDV'LWRVRV pXPDQDUUDWLYDSRXFRFRPXPjVYH]HVFKRFDQWHjVYH]HVLUyQLFD HVHPSUHSURYRFDGRUDHQYROYHQGRXPGRVSHFDGRVPDLVLQGRPiYHLV HFDSLWDLV DOX[~ULD -RmR8EDOGR5LEHLURQDVFLGRHP QD,OKDGH,WDSDULFDp XPGRVPDLVLPSRUWDQWHVHVFULWRUHVEUDVLOHLURVFRQWHPSRUkQHRV /LFHQFLDGRHP'LUHLWRIH]RPHVWUDGRHP&LrQFLDV3ROtWLFDVQD 8QLYHUVLGDGHGD&DOLIyUQLDHH[HUFHXDSURILVVmRGHMRUQDOLVWD 9LYHXGRLVDQRVHP/LVERDUHJUHVVDQGRjVXDLOKDQDWDOHP RQGHUHVLGHpSUHVHQWHPHQWHPHPEURGD$FDGHPLD%UDVLOHLUDGH /HWUDV'HHQWUHDVVXDVREUDVGHVWDFDPRV $6HPDQDGD3iWULD 6DUJHQWR*HUW~OLR9HQFHFDYDORHR2XWUR3RYR9LOD5HDO2 6RUULVRGR/DJDUWR9LYDR3RYR%UDVLOHLUR 3UpPLR-DEXWLH 3UpPLR*ROILQKRGH2XURHP H2)HLWLoRGD,OKDGR3DYmR HVWHV~OWLPRVSXEOLFDGRVQHVWDPHVPDFROHFomRDRVTXDLV EUHYHPHQWHVHYLUiDFUHVFHQWDURXWUDREUDGR$XWRU /LYURGH +LVWyULDV
3DUDDVPXOKHUHV
7XGRQRPXQGRpVHFUHWR
1R ILQDO GR DQR SDVVDGR GHSRLV TXH DOJXQV MRUQDLV QRWLFLDUDP TXH D HGLWRUD UHVSRQViYHOSRUHVWDSXEOLFDomRPH KDYLD HQFRPHQGDGRXPWH[WRVREUHR SHFDGRGD OX[~ULD RV RULJLQDLV GHVWH OLYUR H R UHFRUWH GD QRWD GH XP GRV MRUQDLV HP TXHVWmR IRUDP HQWUHJXHV SRU XP GHVFRQKHFLGR DR SRUWHLUR GR HGLItFLR RQGH WUDEDOKRDFRPSDQKDGRVGHXPELOKHWHDVVLQDGRSHODVLQLFLDLV&/% ,QIRUPDYDTXHVHWUDWD GHXPUHODWRYHUtGLFRQRTXDODSHQDVD PDLRUSDUWHGRV QRPHVGDVSHVVRDVFLWDGDVIRLPXGDGD HTXHVXD DXWRUDpXPDPXOKHUGHDQRV QDVFLGD QD EDKLD H UHVLGHQWH QR 5LR GH -DQHLUR $XWRUL]DYD TXH RV SXEOLFDVVH FRPR REUD PLQKD HPERUD SUHIHULVVH TXH HX OKHV UHYHODVVH D YHUGDGHLUD RULJHP 1mR SRUYDLGDGHHVFUHYHXHODSRLVDWpDVLQLFLDLVDEDL[RSRGHP VHUIDOVDV 0DV SRUTXH p LUUHVLVWtYHO GHL[DU DV SHVVRDV VHP VDEHU QR TXH DFUHGLWDU $VVLP IRL IHLWR H FRP MXVWD UD]mR FRPR R OHLWRU KDYHUi GH FRQVWDWDU DSyV R H[DPH GHVWHGHSRLPHQWR HVSDQWRVR (PERUD QmR WHQKD WLGR GLILFXOGDGHV H[WUHPDV SDUD D HGLomR GR WH[WR p PHX GHYHU SUD]HURVR DJUDGHFHU D $QGUpLD 'UXPPRQG SHOD SDFLrQFLD H DILQFR QD GHFLIUDomR GH PXLWDV HPHQGDV PDQXVFULWDV D 0DULD GH /RXUGHV 3URWiVLR %HQMDPLQ SHODPHVPDUD]mRHD *HUDOGR&DUQHLURSRUVXDYDOLRVD DMXGDQRHVFODUHFLPHQWR GH DOJXPDV SDVVDJHQV HP TXH D UHYLVmR GRV RULJLQDLV SDUHFH QmR WHU DWHQWDGR D SUREOHPDVFHUWDPHQWHRFRUULGRVQD WUDQVSRVLomRGDV ILWDVJUDYDGDVSDUDRSDSHO (VVD DMXGD WDPEpP IRL IXQGDPHQWDO SDUD D GLYLVmR GR WH[WR HP VHo}HV H SDUiJUDIRV EHP FRPR SDUD D LQVHUomR GH UDURV WUHFKRV HP GLVFXUVR GLUHWR H GLYHUVRV DFHUWRV GH SRQWXDomR FRP R TXH FUHLR TXH VRPHQWH ILFLOLWDPRV D OHLWXUD VHP DOWHUDU R VHQWLGR GH IRUPD VLJQLILFDWLYD 0DQWLYHPRV WDPEpP LQ~PHURV HUUR GH SRUWXJXrV FRP R ILWR GH SUHVHUYDU WDQWR TXDQWR SRVVtYHODRUDOLGDGHGRVRULJLQDLV 3HODWUDQVFULomR
-RmR8EDOGR5LEHLUR
5LRGH-DQHLURPDLRGH $FDVDGRVEXGDVGLWRVRV
(VVD QRLWH HX WLYH XP VRQKR *UDQGH EREDJHP QDGD GLVVR 1mR HUD DVVLP TXH HX TXHULD FRPHoDU QmR p DVVLP (VVD QRLWH HX WLYH XP VRQKR SDUHFH GLiULR GH FROpJLRGHIUHLUDVQmRpQDGD GLVVR0DVGHIDWRHXWLYHXP VRQKR8PVRQKR LQHVSHUDGR FRP DTXHOHV GRLV EXGD]LQKRV DOL $QWLJDPHQWH HX VRQKDYD PXLWR FRP HOHV PDV SDUHL ID] GpFDGDV WXGR ID] GpFDGDV 6mR PXLWR SHTXHQLQLQKRV RV GHWDOKHVVHSHUGHPFRPSUHLQXPFDPHO{GH %DQJXHFRTXHpXPREMHWRVHQWLPHQWDO 1mR OHPEUR RQGH OL D UHVSHLWR GH GRLV %XGLQKDV XP PDFKR H XPD IrPHD ID]HQGR VH[R HVVDV FRLVDV PLOHQDUHV GH FKLQrV QXQFD HQWHQGR GLUHLWR PLVWXUR DV GDWDVDSURQWRDPDLRUFRQIXVmR+DYLDXPDHVSpFLH GH WHPSOR D &DVD GRV %XGDV 'LWRVRV QmR p ERQLWLQKR D FDVD GRV %XGDV GLWRVRV" HX DFKR FRP LPDJHQV LJXDLVDHVVDVVyTXHHQRUPHV 2VQRLYRVDQWHVGRFDVDPHQWRLDPOiSDUDYHQHUDUHVWiWXDVH SDVVDUDVPmRVQRV yUJmRV JHQLWDLV GHODV (UD XPD HVSpFLH GH DSUHQGL]DGR RX IDPLOLDUL]DomR XPD LQWURGXomRDXPFDVDPHQWRERP QDFDPD(XDFKRGHXPERPJRVWRGHOLFDGtVVLPR (P 5RPDDQWLJD KRXYHXPWHPSRHPTXHQRLYDVDFDULFLDYDPD JODQGHGH3UtDSRRX VH VHQWDYDPQHOD 3HORTXHHXOLDJODQGHPDLVXVDGDDJODQGH S~EOLFDSRUDVVLP GL]HUGHYLDVHUXPDYHUGDGHLUDSROWURQD 3UtDSR IRL VXEVWLWXtGR SRU 6mR *RQoDOR QR QRVVR SROLWHtVPR FDWyOLFR 2V FDWyOLFRVVmRSROLWHtVWDV'HVFXOSHVHYRFrp FDWyOLFR$OLiVQDWXUDOPHQWHTXH HX WDPEpP IXL FULDGD FRPR FDWyOLFD WLQKD DXODV GH FDWHFLVPR IL] SULPHLUD FRPXQKmR YHVWLGD GH RUJDQGL EUDQFR Vy IDODYD R HVWULWDPHQWH QHFHVViULR QD VH[WDIHLUD VDQWD Vy FRPtDPRV SHL[H WRGD TXLQWDIHLUD H DVVLP SRU GLDQWH 0DLV DLQGD IXL FULDGD SDUD FRQVLGHUDU RV SURWHVWDQWHV JHQWLQKD H ILFDYD FRP
UDLYD GH /XWHUR TXH PH SDUHFLD D IHLomR GR GHP{QLR QRV OLYURV GH +LVWyULD *HUDO /HYHL XP FHUWR WHPSR SDUD PH OLYUDU GHVVD HVWXSLGH] YHMD YRFr KRMH WHQKRDWpEDVWDQWHDILQLGDGHFRPRVSURWHVWDQWHVH[FHWRRV FDOYLQLVWDVH yEYLRHVVHSHQWHFRVWDOLVPRKLVWpULFRHGHEDL[D H[WUDomRTXHRUDQRVDVVROD2 PDJLVWpULRGD,JUHMDPHHQHUYD 3UHILURHXPHVPDOHUD%tEOLDHSHQVDUGRTXHOHLRRTXHPH SDUHFHFHUWRSHQVDU TXHURHXPHVPDPH LQWHLUDUGDVERDVQRYDV VHPQHQKXPSDGUHGHYR]GHWHQRULQR JULSDGR PH HQVLQDQGR LQFRHUrQFLDV VXEHVWLPDQGR PLQKD LQWHOLJrQFLD H UHSHWLQGR EDERVHLUDV LQYHQWDGDV VHPHOKDQWHV j GHVIDoDWH] GH DILUPDU TXH QR 3HQWDWHXFR Ki PDQGDPHQWRV FRPR JXDUGDU FDVWLGDGH TXH RV KRPHQV VDQWRV QmR EDWL]DGRVIRUDPSDUDXPWDOGHOLPERH WDQWDV RXWUDV FULDo}HV FRQFLOLDUHV Mi OL D %tEOLD GH FDER D UDER H QXQFD YL QDGD GLVVR QHOD ( SRU TXH WDPEpP QmR REVHUYDP R TXH WDPEpP HVWi Oi QR /HYtWLFR" )LQJHP TXH QmR HVWi ( R 3DSD p YLJiULR GH &ULVWR" &HUWRV SDSDV WRGR PXQGR VDEH R TXH IRUDP FHUWRV SDSDV WRGRV LQIDOtYHLV H WDQWRV VDIDGRV (QILP 1mR YRX IDODU PDLV QLVVR SHUGD GH WHPSR $OpPGHWXGRQmRKiQDGDGHPDLVHPVHUSROLWHtVWDGH FHUWD IRUPDpPXLWR PHOKRU GR TXH ILFDU DFUHGLWDQGR VRPHQWH QXP 'HXV LPSRVVtYHO GH FRPSUHHQGHU ( DLQGDDOpPGHWXGRMiHVWRX FDQVDGDGHQmRGL]HURTXHPH YHPjFDEHoDHROKH TXH QXQFD IXL PXLWR GH DJLU DVVLP PDV R SHTXHQR JUDX HP TXH IXL Mi p GHPDLV SDUDPLP$LQGDPHUHVWDPDOJXQV SHQGXULFDOKRVGHVVHOHJDGR LPEHFLOyLGH GH TXH WHQKR GH PH OLYUDU DQWHV GH PRUUHU $ GRHQoD HVWD GRHQoD TXH YDL PH PDWDUWDPEpPFRQWULEXLSDUDPHXDWXDO HVWDGRGHHVStULWR1mRVHL TXHPIRLTXH GLVVH TXH D SHUVSHFWLYD GH VHU HQIRUFDGR DPDQKm GH PDQKm RSHUD PDUDYLOKDV SDUD D FRQFHQWUDomR ([FHOHQWH FRQVWDWDomR 1DGD GH SHVVRDO FRP QLQJXpP QmR IDOR SDUD RIHQGHU QLQJXpP HP SDUWLFXODU p FRPR VH IRVVH XPD DWLWXGH ILORVyILFD JHQpULFD 0HX DY{ PDWHUQR HUD DULVWRFUDWD HOHJDQWtVVLPR IDODYD IUDQFrV H DOHPmRIOXHQWHPHQWHHVWHYH YiULDVYH]HV QD(XURSDHUDFXOWtVVLPRPDVGHSRLV TXH SDVVRX GH XPD FHUWD LGDGH SHLGDYD HP S~EOLFR $VVLVWL D HOH SHLGDU QD IUHQWH GR LQWHUYHQWRU QD pSRFD GR (VWDGR 1RYR 2 LQWHUYHQWRU WLQKD LGR DOPRoDUFRPHOHHGHSRLVGRDOPRoRILFDUDP FRQYHUVDQGR QD VDOD GH HVWDU FRP PHXDY{YROWDHPHLDOHYDQWDQGR RVTXDUWRVHVROWDQGRYHQWR DRVWURY}HV4XDQGR PLQKDDYy UHFODPDYDHOHGL]LDTXHRTXHHVWi SUHVRTXHUVHUVROWRHWRGR PXQGR SHLGDYDLQFOXVLYHRLQWHUYHQWRUHQWmR QmRHUDHOHTXH jTXHODDOWXUDGDYLGD LDDUUROKDUXPSHLGR4XHPTXLVHVVHTXH DUUROKDVVHPDVHOHQmR 0DVVLP PDVHQWmRHXHVWDYDGL]HQGR TXHRVFDWyOLFRVVmR SROLWHtVWDVERWDUDPRVVDQWRV QROXJDUGRVGHXVHV HVSHFLDOL]DGRV2VJUHJRVHRVURPDQRVWLQKDP XPGHXVPHQRU SDUD FDGD FRLVD UHJUDV DWUDVDGDV DUWLVWDV IDOLGRV WUDQVDo}HV LPSRVVtYHLV GtYLGDV IDOLPHQWDUHV FDVDPHQWRV P~VLFRV ErEHGRV DJULFXOWRUHV FULDGRUHV GH FDEUD WXGR WXGR WXGR 2V FDWyOLFRV VXEVWLWXtUDP RV GHXVHV SHORV VDQWRV 2V P~VLFRV"6DQWD&HFtOLD 2VUXLQVGDYLVWD"6DQWD/X]LD$VVROWHLURQDV"6DQWR$QW{QLR ( SRU Dt YDL FRPR YRFr VDEH $Wp OXJDUHV 6mR -RVp GH 1mR 6HL 2QGH" 'LDQD GH eIHVR D PHVPtVVLPD FRLVD 2V GHXVHV QmR IRUDP GHUURWDGRV RX HOLPLQDGRV FRQWLQXDP LPRUWDLV FRP VHPSUH IRUDP H VRPHQWH PXGDUDP GH QRPH VH DGDSWDUDP jV PXGDQoDV (X SURQXQFLR YHUGDGHLUDV FRQIHUrQFLDV VREUH LVVR VRX D UDLQKD GD FRQIHUrQFLD jVYH]HVGHYRILFDUFKDWtVVLPD 0DVSRGHSHUPDQHFHUWUDQTLOR TXH HXQmRYRXID]HUFRQIHUrQFLDSDUDYRFrDILQDO YRFr HVWi VHQGR SDJR WHPRV TXH WUDEDOKDU YDPRV WUDEDOKDU 6RPHQWH XPD ~OWLPD UHIHUHQFLD]LQKD D 6mR *RQoDOR SRUTXH DJRUD Mi FRPHFHL H VRX FRPSXOVLYD FRPHFHL WHP TXH DFDEDU 6mR *RQoDOR QmRH[LVWH 2XPHOKRUH[LVWHPDVQXQFDH[LVWLX3DUDD ,JUHMD QmR Ki QHQKXP 6mR *RQoDOR QXQFDKRXYH0DVVHGHFODURXQDPLQKDRSLQLmR SRU IDOWD GH 3UtDSR XPD JUDQGH ODFXQD TXH FODPDYD SRU VHU SUHHQFKLGD 1mR H[LVWH 6mR *RQoDOR PDV Mi YL SURFLVVmRGHOHFRP SDGUHHWXGRHDVPXOKHUHVFDQWDQGRREVFHQLGDGHVEDL[LQKR p XP VDQWRGHIORUDGRUHFRQVRODGRUSDUDDVVROLWiULDV1RDUUDLDO MXQWRjID]HQGD GD LOKD VHJXQGR DWp PHX DY{ FRQWDYD KDYLD XPD LPDJHP GH 6mR *RQoDOR FRP XP IDOR GH PDGHLUD GHVFRPXQDO PDLRU TXH R SUySULR FRUSR GHOH 2 FRUSR HUD GH EDUURPDVRIDORHUD GHPDGHLUDGHOHLHIL[DGR SHODEDVHQXPHL[RGHPDQHLUD TXH TXDQGRVHSX[DYDXPDFRUGLQKDSRUWUiVHOHVXELDHILFDYDDOL HPULVWH(X QXQFDYLPDVDVQHJUDVYHOKDVGDID]HQGDJDUDQWLDP TXHDQWLJDPHQWHWRGRDQR
ID]LDP XPD SURFLVVmR FRP HVVD LPDJHP GH 6mR *RQoDOR H DV PXOKHUHV GLVSXWDYDP TXHP LD UHSLQWDU R IDOR HUD VXFHVVR JDUDQWLGR QR PXQGR GDV DUWHV SDUD QmR IDODUTXHD IHOL]DUGDILFDULDPXLWREHPDVVLVWLGDQRVVHJXLQWHVGLDV &ODUR e VLPSOHV p SRUTXH HX TXHULD ERWDU XP WtWXOR PDV p FODUR (X VRX FRPR GL]HP TXH %XxXHO HUD PHX PpWRGR GH H[SRVLomR p D GLJUHVVmR (X VHL TXH HVWRXPXLWRORQJHGHHVWDUVHQLO (YLGHQWH TXH HX GHOLUHL XP SRXFR PDV HX VHPSUH GHOLUHL H 6mR *RQoDOR PH IDVFLQDHXWLQKDUD]mR HPOHPEUDURVRQKR&ODURp SRUFDXVDGRWtWXOR7LUH LVVR GD JUDYDomR $OLiV QmR GHSRLV YRFr WLUD WXGR GD JUDYDomR D JUDYDomR LQLFLDO Vy FRPHoD TXDQGR HX GLVVHU 1mR WLUH QDGD DJRUD 'HL[D TXH HX WLUR TXDQGR YRFr SDVVDU WXGR SDUD R SDSHO e PHOKRU YDPRV GHL[DU IOXLU GHSRLV HX IDoRDWULDJHPERWRRUGHPHWF&DOPDFDOPD1mRVHLQHPSRU TXHHVWH&RPR p R QRPH GLVWR GLVWR TXH QyV HVWDPRV SURGX]LQGR" 9DPRV GL]HU XP GHSRLPHQWR VRFLRKLVWyULFROtWHURSRUQ{ KDKD 2X VRFLRKLVWRULFROLWHURSRUQ{ WXGR JUXGDGR GHYH ILFDU OLQGR HP DOHPmR 6LP QmR 6LP QmR VHL QHP SRU TXH HVWHGHSRLPHQWRWHP TXHWHUWtWXORPDVSRUTXHQmR"(VVHV GRLV%XGDV'HSRLV HX IDOR VREUH HVVHV GRLV %XGDV DJRUD QmR p R FDVR 0H OHPEUH p XPD KLVWyULD PXLWR LQWHUHVVDQWH 0DV QR PRPHQWR HOHV PH LQWHUHVVDP SRU FDXVD GR WtWXOR (X DFKRERQLWLQKRFRPXPVRPPHLR DOLWHUDQWHDFDVDGRV%XGDVGLWRVRV DFKR VLPSiWLFR (VWH GHSRLPHQWR KHUHE\ VH FKDPD $ FDVD GRV %XGDV GLWRVRV e ERP DWp SRUTXH QmR TXHU GL]HU QDGD FRPR WRGR ERP WtWXOR GH TXDOLGDGH OLWHUiULD 2 VXMHLWR YDL OHU H SHUJXQWD SRU TXH HVVHV %XGDV p FDSD] GDV H[SOLFDo}HV PDLV GHVYDLUDGDV4XDQWDJHQWHYDLOHU HVWH GHSRLPHQWRFRPRVHUiTXHHOHYDLILFDU VHUiTXHDOJXpPYDLOHU" 9DLVLPDUPHLXPHVTXHPDPDLVVRILVWLFDGRGRTXHRVGRVILOPHV GHHVSLRQDJHP 9RFr ID] SDUWH PDV QmR YRX OKH FRQWDU FRPR QmR WHP LPSRUWkQFLD 9RFr WUDQVFUHYH DV ILWDV DTXL GHL[D DV ILWDV DTXL WXGR R TXH YDL UHVWDU p D VXD SDODYUD 4XH SRGH YLU D VHU ~WLO QXQFD VH VDEH &RQWH D KLVWyULD PLQWD EDVWDQWH VH TXLVHU GLJD TXH p WXGR YHUGDGH H p PHVPR 1R FRPHoR DFKHL TXH LD HVFUHYHU Vy SDUD PLP H GHL[DU SDUD DOJXP PRUDGRU GH )XOkQLD 6LFUkQLD RX %HOWUkQLD FRP JUDQGH HVFkQGDOR H HQJDVJRV SXGLFRV WHQWDU H[SOLFDU WXGR GH DFRUGRFRPVHXVSDGU}HVHPSHGUDGRV { HVSpFLHHVFXOKDPEDGDTXHQyVVRPRVTXH WHPSR QyV SHUGHPRV TXDQGR Ki WDQWD FRLVD D GHVFREULU )XOkQLD %HOWUkQLD H 6LFUkQLD HUDP RV SDtVHV IXQGDGRV SRU XPD JUDQGH DPLJD PLQKD 1RUPD /~FLD GHSRLV YRX IDODU PDLV QHOD p LPSUHVFLQGtYHO WRGRV KDELWDGRV SRU YHOKDFRV FRPR R YHOKR 3HGUmR SURIHVVRU GH 'LUHLWR 5RPDQR GHSRLV HX IDOR QHOH TXH PRUDYDP HP RXWURV SDtVHV PRUDYDP HP RXWURV PXQGRV )XOkQLD %HOWUkQLD H 6LFUkQLD ERQV SDWLIHV HOHV PRUDP Oi H HX Fi 0DV QmR YRX GHL[DU LVVR D FDUJR GHOHV QmR FRQILR QD SRVWHULGDGH 2 WtWXOR TXH HX LD ERWDU HUD 0HPyULDV GHXPDOLEHUWLQDPDVQmRYRXPDLVERWDUpERPJRVWR GHPDLVSDUDHVVHSRYRTXH QXQFDOHX&KRGHUORVGH/DFORVQmRYRX GHVSHUGLoDUMRJDUSpURODVDRVSRUFRV (P )XOkQLD 6LFUkQLD H %HOWUkQLD QmR VH SRGH VHU UHDOPHQWH ILQR FRP XP WtWXOR ILQR GHVVHV WHPTXHVHUSVHXGRILQR FRPRHOHVSURQWRDFDVDGRV %XGDVGLWRVRV VDWLVID]VDWLVID]pPDLV WUDQTLORPHJDUDQWH FRQWUDLUULWDo}HVJHUDGDVSHOD EXUULFHH SHODLJQRUkQFLD&ODUR TXHQRIXQGRRGHLRHVVHWtWXORGHERPJRVWRDR TXDODFDERGH FHGHUPDVFHGRGHUHVWRYmRWRGRVSDVWDUHPYHUGDGHYRVGLJR 1mR FKHJXHL DR SRQWR yWLPR FRPR PHX DY{ QmR WHQKR FRUDJHP GH ID]HU R TXH HOH ID]LDHPS~EOLFRDLQGDHVWRXDPDUUDGDDXPD SRUomRGHSHQGXULFDOKRVDEVXUGRVe XPDSHQDSRUTXHPHPyULDVGH XPDOLEHUWLQDVHULDWmRPHOKRUGR TXHHVVDELFKLFH GRV %XGDV GLWRVRV PDV QmR VH SRGH WHU WXGR QHVWH PXQGR WRPHOKH %XGDV PLVWHULRVRV4XHPpEXUURSHGH D'HXV TXHRPDWHHDRGLDERTXHRFDUUHJXH1R FRPHoR DFKHL TXH LD GHL[DU HVWDV GHOXV}HV FRPR GL]LD PHX SURIHVVRU GH 0HGLFLQD /HJDOSDUDVHUHPSXEOLFDGDVGHSRLVGHPLQKDPRUWH0DV QXP LQVWDQWH YLTXHHUDEXUULFHQDGDYDOHDSHQDGHSRLVGDPRUWH HXTXHURpSDVVDUQDUXD H YHUDVFDUDVGDVSHVVRDVTXHOHUDP WRGRPXQGRILQJLQGRTXHQmRpQDGDFRP HOHV 1DGD GHVVH QHJyFLR SHTXHQREXUJXrV GH GHSRLV GD PRUWH $QWHV GD PRUWH WXGR DQWHV GD PRUWH p RX QmR p" ( SRU RXWUR ODGR PH DUULVFDULD D HOHV GDUHP XP MHLWRGHGHVWUXLURVRULJLQDLVQmRPHSHUJXQWHFRPR HOHVVmRGLDEyOLFRV $ FDVD GRV %XGDV GLWRVRV 2QH WZR WKUHH WXGR EHP" $ FDVD GRV %XGDV GLWRVRV3UHIiFLRLQWURGXomRQRWDSUHOLPLQDU TXDOTXHUFRLVDDVVLP'HFLGLGDU HVWH GHSRLPHQWR RUDOPHQWH HP OXJDU GH HVFUHYrOR SRU YiULDV UD]}HV D
SULQFLSDOGDVTXDLVp DUWULWH&RUWDULVVRJUDFLQKDEREDHXQmRWHQKR DUWULWH QHP IDoR SODQRV GH WHU 0XLWR EHP SUHIiFLR 'HFLGL ID]HU HVWH GHSRLPHQWR LQLFLDOPHQWH GH IRUPD RUDO HP YH] GH HVFULWD SHOD UD]mR SULQFLSDO GH TXH p LPSRVVtYHOHVFUHYHUVREUHVH[RSHOR PHQRVHPSRUWXJXrVVHPSDUHFHU UHFpPVDtGR GH XPD VLQXFD QR EDL[R PHUHWUtFLR RX HQWmR HVFUHYHU YXOYD YDJLQD JUXWD GR SUD]HU VH[R W~PLGR H SHQHWURXD EUXVFDPHQWH )DODQGR ILFD PDLV QDWXUDO QmR VHL EHP SRU TXr 4XH PDLV" *RVWDULD GH WHU MHLWR SDUD IDODU LQDQLGDGHV ODELUtQWLFDV FRPR FHUWRV SVLFDQDOLVWDV RX VRFLyORJRV RX XP GHVVHV SHQVDGR HV IUDQFHVHV GHVVHV TXH FRVWXPDP DSDUHFHU QRV FDGHUQRV GH FXOWXUD GRV MRUQDLV SDUD QD PDLRU SDUWH GRV FDVRV VXPLU LPHGLDWDPHQWH DSyV H TXH QmR GL]HPQDGDPDVLQWLPLGDPDVSHVVRDVFRPVHXVUHODPEyULRV 0DV QmR VHL ID]HU LVVR p XPD GDV PLQKDV GHILFLrQFLDV (VTXHFHU 6LP PDV TXHPDLV"6HPSUHDFKHLFKLTXHGHYHVHUVXESURGXWR GHDOJXPWUDXPDGH LQIkQFLD ERWDU QR IURQWLVStFLR TXDOTXHU VHPHOKDQoD HWF HWF PDV QR FDVR R FRQWUiULR$WHQomR 4XDOTXHU VHPHOKDQoD HVWDUi EHP LQIHULGD 1mR QmR PXLWR SHUQyVWLFR TXDOTXHU VHPHOKDQoDQmRpFRLQFLGrQFLDQHQKXPD VHPHOKDQoDpFRLQFLGrQFLD1RPHVWURFDGRV SDUDSURWHJHUFXOSDGRV 4XHPSXVHUDFDUDSXoDSRGHWHUFHUWH]DGHTXHHVWiEHPSRVWD 1mR QmR HVWRX DFKDQGR LVWR XP SRXFR PHWLGR D HQJUDoDGR 9RX UHGLWDU WXGR TXHUR XP SUHIiFLR GHFHQWH 9DPRV DQRWDU XQV WySLFRV GHSRLV HX GHVHQYROYR 8P WySLFR XP 6HU PXOKHU VHU FRURD" 1mR 1mR QmR QmR 'HSRLV HX DUUHPDWR HVWH SUHIiFLR RX QmR IDoR SUHIiFLR 0HX DY{ R RXWUR DY{ R DOHPmR XP SUXVVLDQR LQVXSRUWiYHO QD]LVWD GH QDVFHQoD FRPR WRGR DOHPmR HPERUD WHQKD PRUULGR VH SURFODPDQGR DQWLQD]LVWD FRPR WDPEpP WRGR DOHPmR GL]LD TXH WXGR R TXH SUHFLVDYD GH SUHIiFLR LQFOXVLYH HPSUHJR H PXOKHU QHVWD RUGHP GH SUHFHGrQFLDQmRYDOLDQDGD 3ULQFLSDOPHQWHPXOKHUDFKRHXSRUTXHDOLYURHOHQmRGDYDPXLWD LPSRUWkQFLDD QmRVHUSDUDHVFXOKDPEDUHTXHUHUTXHLPDUWRGRV (OH Vy QmR JRVWDYD GH +LWOHU SRUTXH +LWOHU HUD EiYDUR H PDOQDVFLGR QmR SRU FDXVD GR QD]LVPR 'DYD FKXUUDVFRV ILFDYD ErEHGR H TXHLPDYD OLYURV &RPSUDYD PXLWR SDUD GHSRLV TXHLPiOR QRV EUDVHLURV GR FKXUUDVFR XP OLYUR GH (GXDUGR 3UDGR PXLWR IDPRVR QD pSRFD ( ID]LD GLVFXUVRV DILUPDQGR TXH RV EUDVLOHLURV HUDPHVW~SLGRVRV~QLFRVLQWHOLJHQWHVHUDPRVDQWURSyIDJRV QmR VHL EHP R TXH HOH TXHULD GL]HU FRP LVVR 0LQKD PmH FRQWDYD TXH (GXDUGR 3UDGR HUD OLQGtVVLPRGHFDEHORVUHYROWRVH IDUIDOKDQWHV DRYHQWRGRYLDGXWRGR&Ki8PD VHQKRUD R YLX XPD YH] FRQWDYD PLQKD PmH QmR VH FRQWHYH H H[FODPRX 0DV TXH KRPHPERQLWR ( HOH UHVSRQGHX e GR DU GR SUDGR PLQKD VHQKRUD +DKD 0HX SDL WLQKD XP WHUURU SDWROyJLFR GH VHU FRUQR H PLQKD PmH VDELD GLVVR H HQWmR PXLWR VDFDQDPHQWH JHQLDOPHQWH VDFDQDPHQWH PLQKD PmH HUD XPD HQFLFORSpGLD GR VDFDQLVPR ID]LD DUHV VXWLOPHQWH DPEtJXRV H HQWmR IDODYD HP (GXDUGR 3UDGR IDODYDHP'RXJODV)DLUEDQNV5RGROIR9DOHQWLQR 5DPyQ1DYDUURLPLWDYD0DH:HVW UHFLWDYD%\URQH&DVWUR$OYHV FRPFDUDVHYR]HVGHRUJDVPRFKDPDYD&DVWUR $OYHV GH &HFpX FRPR VH KRXYHVVH LGR SDUD D FDPD FRP HOH QR GLD DQWHULRU HUD XP PDUWtULR D TXH R YHOKR WLQKD GH VH VXEPHWHU FDODGR SRU XPD TXHVWmR GH FRHUrQFLDHQWUHRTXHSURIHVVDYDHRTXHUHDOPHQWH VHQWLDHOHHUDPXLWROLEHUDO GHERFDFRLWDGRGHPHXYHOKR PRUUHXPRoRPDLVPRoRGRTXHHX KRMHDQRV 3URQWR QmR IDoR SUHIiFLR 'HSRLV HX YHMR GHFLVLRQV GHFLVLRQV 'H TXDOTXHU PDQHLUDILFDDtR UHJLVWUR'HSRLPHQWR RUDOWDWDWiWDWDWiMiIDOHL LVVRSRUTXHpPDLVIiFLO GL]HU SDODYUmRGRTXHHVFUHYHUSDODYUmRKiH[LJrQFLD GH SDVVDSRUWH SDUD DV SDODYUDV SDVVDUHP GR IDODGR DR HVFULWR DOJXPDV QmR FRQVHJXHPQXQFDDKXPDQLGDGHpPXLWRHVWUDQKD4XHPDLV" ([SOLFDUTXHVRXXPJUDQGHKRPHPHQmRGLJRTXHVRXXPDJUDQGH PXOKHUSHODPHVPD UD]mR SRU TXH QmR H[LVWH RQoR Vy RQoD QHP IRFR Vy IRFD WXGR LVVR p XP EREDMROGHTXHPQmR WHPRTXHID]HU RXILFDSUHVRDLGLRVVLQFUDVLDVGDOtQJXD FRPR DTXHODV FUHWLQDV IHPLQLVWDV DPHULFDQDV TXH TXHULDP PXGDU KLVWRU\ SDUD KHUVWRU\ FRPRVH RKLVGRFRPHoRGDSDODYUDIRVVHDPHVPD FRLVDTXHXPSURQRPH SRVVHVVLYR GR JrQHUR PDVFXOLQR D LPEHFLOLGDGH KXPDQD QmR WHP OLPLWHV 6RX XP JUDQGH KRPHP IrPHD GD PHVPD IRUPD TXH RV JUDQGHV KRPHQV PDFKRV VmR JUDQGHV KRPHQV PDFKRV ILFDVH FDWDQGR SLFXLQKD SRUTXH R QRPH GD HVSpFLH p SRU DFDVR
PDVFXOLQRHQmRQHXWURFRPRp SRVVtYHOTXHVHMDHPDOJXPDRXWUDOtQJXDFRPR VH D JUDPiWLFD UHVROYHVVH DOJXPD FRLVD QHVVH FDVR ([SOLFDU LVVR QmR H[LVWHP JUDQGHV KRPHQV H JUDQGHV PXOKHUHV H[LVWHP JUDQGHV KRPHQV PDFKRV H JUDQGHV KRPHQV IrPHDV 1mR Ki QDGD PDLV ULGtFXOR GR TXH JDOHULD GH JUDQGHV PXOKHUHV LVVR H DTXLOR ILFR PRUWD GH YHUJRQKD $ HVSpFLH p KXPDQD FRPR 3DQWKHUD XQFLXV 3DQWKHUD OHR XP RQoD QR IHPLQLQR SRU DFDVR RXWUR OHmR QR PDVFXOLQR SRU DFDVR TXHVWmR GH OtQJXD H[FOXVLYDPHQWH ([SOLFDU LVVR FRPR TXHP H[SOLFDDXPPDUFLDQR$XPWHUUiTXHR(VFXWDDTXLWHUUiTXHR GHL[DGHVHU GpELOPHQWDO%HPDPELo}HVLQ~WHLVYDPRVDR WUDEDOKR4XHPDLV"1DGDHVWRXHP JUDQGHG~YLGDTXDQWRDHVWH SUHIiFLR5HYHUQHFHVVLGDGHGHSUHIiFLR 2GHLRGL]HULVWRPDVDYHUGDGHpTXHHVWRXXPSRXFRQHUYRVD 0LQKDIDPtOLDVHPSUHGHVSUH]RX TXDOTXHUIRUPD IUHVFXUDIXLFULDGDDVVLP0LQKD IDPtOLD QmR YDOH QDGD PDV p yWLPD SULQFLSDOPHQWH RV PDLV DQWLJRV 7HPRV DQFHVWUDLV IDQWiVWLFRV 7XGR EDQGLGR H HOHV VH HVFRQGHP SRU WUiV GDTXHODV EDL[HODV H GDTXHOHV SUDWRV GH DQWHV GD 3ULPHLUD *XHUUD H GDTXHODV PDQHLUDV GH ORUGHV GDV tQGLDV 2FLGHQWDLV 0HX DY{ HUD FRPR HX Mi GLVVH HUD SUXVVLDQR SUXVVLDQR GH %UDQGHPEXUJR DERPLQDYD WRGR PXQGR FRP H[FHomRGH)UHGHULFR,,$LGpLDGHOHGHXP JUDQGHSURJUDPDQD(XURSDHUDSDVVDU TXDWUR GLDV HP 3RWVGDP EDEDQGR GHQWUR GD 2UDQJHULH H VRQKDQGR HP HPSDODU SRORQHVHV *UDQGHIDPtOLD$PXOKHUGHOH HUDFDWyOLFDGD9HVWIiOLDVy WRPDYDEDQKRViEDGR HQXQFDULDDQmR VHUJDUJDOKDGDVKLVWpULFDV TXHGXUDYDPKRUDVJHUDOPHQWHDRV GRPLQJRV GHSRLV GD PLVVD H DQWHV GRV UHSROKRV KHGLRQGRV 7UHPHQGD IDPtOLD 6y FRQKHoRPHXV ELVDVSHORVUHWUDWRV RYDLVHVSDOKDGRVSRUDt2VGRV PXVHX]LQKRV QmR OHYR HP FRQWD Vy OHPEUR TXH PHX ELVD -RmR PH DVVRPEUDYD FRP XQV ROKRV KRUULSLODQWHPHQWH ELOLRVRV QXP UHWUDWR FHUFDGR GH ORXURV QD VDOD JUDQGH GD FDVDGDID]HQGDGH/HQoyLV -RmRWHYHLPHQVRVHVFUDYRVHXPDQWLJRMRUQDOLVWD EDLDQR GHVVHV TXH D JHQWH ILQJHTXHOHPEUDH pQRPHGHUXDHP%URWDVSXEOLFRX VHLVQ~PHURVGDGHVWHPLGD JD]HWDLQGHSHQGHQWHHUHSXEOLFDQD GHDJRVWRHVVHMRUQDOLVWDFRPRp PHVPR RQRPHGHOHHVFUHYHX KRMH QLQJXpPDFUHGLWDDKXPDQLGDGHp EXUUtVVLPDPHVPR TXH PHX ELVD WLQKD GHVFREHUWR D FXUD GD JDJXHLUD 2 FDQDOKD IDOVLILFRX GRFXPHQWRV H D SUySULD DOPD YRFr DFUHGLWD TXH R SXOKD HUD PXODWR" SDUGR FRPR VH GL]LD PDLV QHVVD pSRFD H LQYHQWRX XPD SRUomR GH FRLVDV VREUH QmR VHL TXDQWRV HVFUDYRV SHOR PHQRV GXDV G~]LDV HP FXMDV ERFDV PHX ELVD PDQGRX HQILDU RYRV TXHQWHV HOH DGRUDYD HQILDU XP RYR TXHQWH QD ERFD GH DOJXpP VRE TXDOTXHU SUHWH[WR RX PHVPR VHP SUHWH[WR GL]HP DWp TXH PHWHX XP QD ERFD GH PLQKD ELVD 6LQKD]LQKD PXOKHU GHOH 2V RYRV UHDOPHQWH HOH PDQGDYD HQILDU PDV HYLGHQWH TXH VHX HIHLWR IRL LQYHQWDGR SHOR MRUQDOLVWD 6HLV GHVVHV HVFUDYRV GLVVH DTXHOH FUiSXOD HUDP JDJRV H ILFDUDP ERQV GD JDJXHLUD GHSRLV GRV RYRV TXHQWHV &ODUR HOH QmR GHIHQGLD TXH VH SXVHVVHP RYRV TXHQWHV QD ERFD GH QLQJXpP PDV TXH VH DSURYHLWDVVH D OLomR D FLrQFLD PpGLFD SRGLD HQFRQWUDU XP PHLR SDUD FXUDU HVVH DIOLWLYR PDO GD IDOD DWUDYpV GH XPD WHUDSLD LQVSLUDGD QLVVRLPDJLQRTXHWDOYH]XPRYRQmRPXLWR TXHQWHHPYiULDVDSOLFDo}HV2KRPHP p PXLWR LQJUDWR SDUD FRP VHXV EHQIHLWRUHV FRPR GL]LD PLQKD WLDDYy ,QrV TXH WLQKD KRUURU GH SUHWR H FKDPDYD GH FXGHOXWR TXDOTXHU EUDQFD TXH GRUPLVVH FRP QHJURRXUDFHDGR 9HMRWXGRFRPRVHIRVVHKRMH$YHOKDFDVDJUDQGHGR 2XWHLUmR TXHMiSHJXHL FRPDV SDUHGHVFREHUWDVGHOLPRGHYHUGHDUHWLQWR LQVHWRVSRUWXGRTXDQWRHUD FDQWR MLDV TXH QR LQYHUQR PLDYDP FRPR JDWRV SODQWDV HVWDODQGR DV WHOKDV VH HQWUHODoDQGR FRP FLSyV H XPD RX RXWUD FREUD FRU GH HVPHUDOGD R UHVWR GD FKXYD DLQGD SLQJDQGR GDV iUYRUHV QDV SODQWDV GH IROKDV JUDQGHV HPEDL[R XQV IHGRUHV H FKHLURV PRUQRV VDLQGR GDV UDFKDV QRV SLVRV GH ODMRWD SDVVDULQKRV FDQWDQGR H SLDQGR XQV D]XOHMRV GHVPDLDGRV QDV SDUHGHV GR YDUDQGmR XPDV TXDWUR JDOLQKDV EUDEDV FLVFDQGR GHEDL[R GDV WRXoDV GH EDQDQHLUD SHGUDV VRWHUUDGDV SHOD ODPD FDODQJRV WUHSDQGR SHORV WURQFRV GDV PDQJXHLUDV GXDVRXWUrVPXWXFDV]XPELQGRHDSHVDUGHWXGRXP VLOrQFLRTXHFKHJDYDDGRHU ,VVR )RL QHVVH GLD QHVVD JUDQGH FDVD YHOKD HPERORUDGD TXH WLQKD XPD HVWDQWH GH VXFXSLUD FUXD TXH DV JRWHLUDV KDYLDP HPSHQDGR QDV MXQWDV -i FRQKHFLD PXLWR DTXHOD HVWDQWHPDVPHVPRDVVLPRXWDOYH]SRUFDXVDGLVVRPHVPRIRL PH[HUQRV OLYURVHQUXJDGRVSHODXPLGDGHFRPDVSiJLQDV WUHVDQGDQGRLQHVTXHFLYHOPHQWHHD
FDGDXPD TXHHXIROKHDYDHVVD H[DODomRPHWUD]LDXPDUUHSLRQRPHLRGDVFRVWDV H PH GHL[DYD HQORXTXHFLGD +DYLD WRGRV RV WLSRV GH OLYUR /HPEUR EHP GR 2 *XDUDQ\ FRP tSVLORQ LOXVWUDGR SHOD ILJXUD GH 3HU\ WDPEpP FRP tSVLORQ TXH HX DFKDYD TXH PRVWUDYD XP YROXPH IDVFLQDQWH GR ODGR HVTXHUGR GD WDQJD GH HVSDQDGRU GH 6DODPE{ HVWDPSDQGR XPD PXODWD TXDVH QXD QD FDSD ' 4XL[RWH GH FHURXODV HP PHLR D DOXFLQDo}HV XPD FROHomR HQFDGHUQDGD GH $QDWROH )UDQFH VH GHVPDQFKDQGR WXGR WXGR &RPR VHULD D YR] GH PHX ELVD -RmR )HUGLQDQGR %LELDQR 5DIDHOPDQGDQGRHQILDURYRVTXHQWHVQDERFDGRVRXWURV"&RPR VHULD" 6RX IL[DGD QD IDVH RUDO IDVH RUDO FDQLEDOLVWD FHUWDPHQWH DGRUR TXDOTXHU IRUPD GH LQJHVWmR 1HVVD pSRFD HX Mi HVWDYD EHP IL[DGLQKD KRMH LVVR p SHUIHLWDPHQWH FODUR 1mR VRX FKHJDGD j SVLFDQiOLVH /i HP FDVD GHVGH PXLWR DQWHVGH)UHXGFRPFHUWH]D VHPSUHVHDFKRXREVFHQRILFDUFRQWDQGR LQWLPLGDGHV H IUDTXH]DV D XP HVWUDQKR PDV GH YH] HP TXDQGR XVR XPD IUDVH TXH DSURYHLWD R MDUJmRGRVSVLFDQDOLVWDVDFKRTXH pPHLRLQHYLWiYHOQDPLQKD JHUDomRQmRVHL (QWmRQDIDOWDGHPHOKRUREVHUYDomRHXWHQKR FHUWH]D GH TXH PH HQFDL[R QHVVD VLWXDomR GH IL[DGD QD IDVH RUDO SDVVHL DQRV VHP HQWHQGHU QDGD H HVVD QRomR TXHEUDPHXJDOKR 3RUTXH VHPSUH DFKHL JRVWRVR LQJHULU D QmR VHU SRU YLD YHQRVD H YHQKR FRQWLQXDQGR YLGD DIRUD DSHVDU GH KRMH HP GLD HVWDU XP SRXFR EODVpH (QWmR HX ILFDYD FKHLUDQGR DTXHOHV OLYURV H WHQGR DUUHSLRV $LQGD FKHLUR PDV Vy OLYURV YHOKRVHFRPRGLVVHHVWRX XPSRXFREODVpH'HYHVHUFRLVDGDLGDGH FHUWDPHQWH p D LGDGH HPERUD p FODUR HX QmR PH FRQVLGHUH YHOKD 0DV Mi YLYL TXDVH VHWH GpFDGDV DOJXPD FRLVD VXFHGH QHVVH WHPSR &RQIXVmR HVWRX IDEULFDQGR XPD WUHPHQGDPL[yUGLD6HUiTXHHVWRXID]HQGR SVLFDQiOLVH"3DYRURXYLGRGHDOXJXHO SDYRU%HPGHFHUWD IRUPDYRFrHHVVHJUDYDGRUVmRRXYLGRVGHDOXJXHO6HL Oi e GHYHVHUFRLVDGDLGDGHHXDERPLQRDH[SUHVVmRWHUFHLUD LGDGH KLSRFULVLD GHDPHULFDQRHQWUHDVPXLWDVTXHMiLPSRUWDPRV DPHULFDQRpRUHLGRHXIHPLVPR KLSyFULWD 1mR VXSRUWR YHOKR YHOKR PHVPR PHWLGR D DOHJUH YHOKLFH p XPD GHVJUDoD QmR WUD] QDGD TXH SUHVWH &RUWDU LVVR WXGR DFLPD HX PHVPD DFKR TXH QmR HQWHQGL QDGD GR TXH DFDEHL GH IDODU $ JHQWH ILFD D PHVPD H QmR ILFD D PHVPD ,K FKHJD SUHFLVR ERWDU DOJXPD RUGHP QLVWR H DWp RV GHOtULRV SUHFLVDP VHUSHORPHQRVXPSRXFRRUJDQL]DGRVVRE DOJXPFULWpULR p SUHFLVR GDU PpWRGR j ORXFXUDPDLV RXPHQRV FRPR3RO{QLRIDORXGDSLUDomRGH+DPOHW7K\VRQLVPDG EXW WKHUHLVPHWKRGLQ KLVPDGQHVVQmRIRLLVVRTXHHOHGLVVHPDLV RX PHQRV" (X JRVWR GH 6KDNHVSHDUH OHLR GHVGH PHQLQD PHVPR QR WHPSR HP TXH QmR FRPSUHHQGLDSDWDYLQD$OLiVVHUiTXHFRPSUHHQGR KRMH"1LQJXpPFRPSUHHQGHQDGD VHMDGDYLGDVHMDGH6KDNHVSHDUH TXHPRUUHXPDLVGHGH]DQRVPDLVPRoRGRTXH HX VHP VDEHU TXH HUD 6KDNHVSHDUH 9ROWDLUH GHVDQFRX 6KDNHVSHDUH WRGR PXQGR GHVDQFRX6KDNHVSHDUHDYLGD,KFKHJD $YLQGD GHOHRQRVVRHQFRQWURLVVRHUDRTXHHXLDFRQWDU SDUDILQDOPHQWH FRPHoDU R GHSRLPHQWR 6HP IUHVFXUD EDVWD GH IUHVFXUD $ YLQGD GHOH HX SRVVR GL]HU VHP QHQKXP FRQVWUDQJLPHQWR IRL PHLR YLROHQWD RX EDVWDQWH YLROHQWD VH YRFr TXLVHU (OH EULQFDYD FRPLJR H PHX LUPmR 2WiYLR D JHQWH JRVWDYD GHOH PLQKD DYy GH YH] HP TXDQGR GHL[DYD TXH HOH DOPRoDVVH FRP D JHQWH PDV HOH HUD VRPHQWH XP GRV QHJULQKRV GD ID]HQGD QDTXHOH EDQGR GH HVFUDYRV TXH PHX DY{ WLQKD 1mR HUDP HVFUDYRV RILFLDOPHQWH PDV GH IDWR HUDP HVFUDYRV H D PDLRU SDUWHYLYLDVDWLVIHLWDID]HQGR ILOKRVHHQURODQGRPHXDY{)LJXUD LQWHUHVVDQWH PHX DY{ SHLGmR SHQD TXH HX QmR WHQKD WLGR D RSRUWXQLGDGH ItVLFD H SVLFROyJLFD GH FRQYLYHU PDLV FRP HOH QmR KDYLD FRPR HPERUD HOH JRVWDVVH GH PLPHHXGHOH$FKRTXHHOHVDELDTXHHUDHQURODGRRWHPSRWRGR $FKR TXH QmR HOH VDELD PDV FODUR TXH QmR OLJDYD HOH HUD XPD SRVWXUD SUDJPiWLFRHJRFrQWULFD DPEXODQWH QmR SRGH PDLV H[LVWLU JHQWH FRPR HOH QDWXUDOPHQWH $t HX VHP TXr QHP SDUD TXr PXLWR GH UHSHQWH FKHJXHL SDUD HVVH QHJULQKRQRSiWLRGDTXHEUDGHFRFRGHGHQGrHGLVVH +RMHGHWDUGHHVWHMDQD FDVDJUDQGHYHOKDQDKRUDHPTXHPLQKD DYyHVWLYHUGRUPLQGR6R]LQKRHQmR GLJD DQLQJXpP(OH HVWUDQKRXHGLVVHTXHQmRSRGLDSRUTXHLD WHU GHFDWDU RXULFXUL FRP D PmH H ILFRX UHYLUDQGR RV ROKRV SDUD FLPD H OHYDQWDQGR RV SpV FRPR VH PDUFKDQGR VHP VDLU GR OXJDU H HVIUHJDQGR DV RUHOKDV FRP XPD FDUHWD FRPR VH TXLVHVVH UHPRYrODV GD FDEHoD 0HQWLUD GLVVH HX PHQWLUD VXD KRMH p GRPLQJR
9RFr YDL RX HX FRQWR D PHX DY{ TXH YRFr WRPRX RXVDGLD FRPLJR H HOH PDQGD OKH FDSDU FRPR PDQGRX FDSDU ILQDGR 5RTXH VHX WLR YRFr VDEH TXH PHX DY{ PDQGRX FDSDU HOH SRUTXH HOH VH RXVRX FRP XPD UDSDULJD GHOH ( DLQGD GHL XP WDSD IRUWH HVWDODGR PHVPR QD FDUD GHOH (OH HVWUHPHFHX H VH SUHWR SRGH ILFDU OtYLGR ILFRX OtYLGR $OLiV SUHWR ILFD OtYLGR HQJUDoDGR YRFr QRWD RV OiELRV SiOLGRV 0DV QmR GLVVH QDGD H HX DLQGD IL] PHQomR GH GDU RXWUR WDSD H Vy QmR GHL SRUTXH QmR WLQKD SODQHMDGR QDGD GDTXLOR H HVWDYD PHLR VHP HQWHQGHU D VLWXDomR H WDPEpP PH GHX XPD HVSpFLH GH JDQD GH FRQWLQXDU EDWHQGR H DR PHVPR WHPSR XPD VHQVDomR GHVDJUDGiYHO FRPR VH WLYHVVH PHGR GH DOJXPD FRLVD QmR VHL EHP GHVFUHYHU HVVH PRPHQWR (P WRGR FDVR GHSRLV GH PDUFKDU SDUDGR H HVIUHJDU DV RUHOKDV QRYDPHQWH HOH UHVSRQGHX TXH LD H HX VHQWL XPD FyFHJD IXQGD PH VXELQGR GDV FR[DV SDUD D EDUULJD 6HQWL PXLWDV RXWUDV YH]HV HVVD FyFHJD DWp KRMHVLQWRPDVQXQFDFRPRQHVVHGLD 4XDQGRHOHFKHJRXSDURXEHPHPEDL[RGDDUFDGDGRVDOmRFRP DTXHOHFDOomRGH VDFR GH DQLDJHP VHP QDGD SRU EDL[R YL ORJR TXH HUD XPD HUHomR LPSHWXRVD XPD IRUoDLUUHVLVWtYHOIRUoDQGRRSDQR TXDVHQRPHLRGDFR[DHVTXHUGD HHOHFUX]RX DV PmRV SRU FLPD QXPD SRVLomR TXH DJRUD HX WDOYH] SRVVD FRQVLGHUDU HQJUDoDGD PDV QD KRUD QmR PH SDUHFHX 6HQWL D FyFHJD QD EDUULJD RXWUD YH] PDV DR PHVPR WHPSRQmRJRVWHL1mRVHLGLUHLWR SRUTXHQmRJRVWHL PDVQDKRUDDFKHLTXHIRL SRUTXH ILTXHL SHQVDQGR HP FRPR HUD TXH DTXHOH QHJULQKR DTXHOH SURMHWR GH QHJUmR DOLiV VDELD TXH WLQKD VLGR FKDPDGR SDUD VDFDQDJHP ( VH HX TXLVHVVH VRPHQWH SHJDU SDVVDULQKRV PRVWUDU D HOH RV OLYURV H OKH HQVLQDU DOJXPDV OHWUDV GR DOIDEHWR" 6y PH OHPEUR GLVVR HPERUD WHQKD FHUWH]D GH TXH PXLWR PDLV VHSDVVRXDWURSHODGDPHQWHSRUPLQKDFDEHoDHPHX I{OHJRILFRXDFHOHUDGR(QWmR YHLRRHVWXSURXPLQHJiYHO HVWXSUR'RPLQJRHRQRPHGHOH HUD'RPLQJRV5RGHL RV ROKRV SRU DTXHODV SDUHGHV DSDUHFHX QD PLQKD FDEHoD SDGUH 9LWRULQR QD DXOD GH FDWHFLVPR GL]HQGR TXH GRPLQJR TXHULD GL]HU R GLD GR 6HQKRU GRPLQXV YRELVFXP HW FXP VSLULWXP WXXP LQWURLER DG DOWDUH 'HL LWH PLVVD HVW DTXHOHV ODWLQVGRRXWURPXQGR HSDUHFHXTXHXP UHGHPRLQKRPHSHJRXPHXVROKRVVyYLDP HP IUHQWH PHXV RXYLGRV ]XPELDP H HX IDOHL OHYDQWDQGR D VDLD H EDL[DQGR D FDOoROD &KXSHDTXL 1mRPH UHFRUGRGRTXHHOHUHVSRQGHXGHSURQWROHPEURTXH FXVSLXSDUDRODGR H GLVVH TXH DTXLOR QmR QDGD GDTXLOR &XULRVR WXGR HVWi YLQGR GH YROWD FRPR QXQFDDQWHV/HPEURTXHROKHLSDUD EDL[RHYLQROXJDU JHUDOPHQWHGHVLJQDGRSRU QRPHV ULGtFXORV VRE RV TXDLV D UHDOLGDGH p GLVIDUoDGD YL R TXH HX WHQKR TXH GL]HU FRPWRGDV DVOHWUDVSRUTXHGHRXWURPRGRYRXDJLUFRQIRUPHWXGR RTXHHX VRX FRQWUD GDTXL D SRXFR HX FRQVLJR p TXDVH XPD TXHVWmR GH KRQUD QmR YRX ILFDUVDWLVIHLWDVHQmRGLVVHUMi UD]RDYHOPHQWHHPSOXPDGDHHQIXQDGDFRPR XP FDYDOR GH FRPEDWH PH VHQWL SRGHURVD PDUFKHL SDUD HOH DSHUWHLR QR PHLR GDV SHUQDV H PRUGHQGR D RUHOKD GHOH GLVVH RXWUD YH] TXH LD FRQWDU D PHX DY{ D RXVDGLD GHOH &KXSH DTXL GLVVH HX TXH QmR VDELD UHDOPHQWH TXH DV SHVVRDV VH FKXSDYDP IRL R TXH HX SRVVR GHVFUHYHU FRPR LQVWLQWLYR )DOHL FRP HQHUJLD H SX[HLDFDEHoDGHOHSDUDEDL[R SHODFDUDSLQKDHHPSXUUHLDFDUDGHOHSDUD GHQWUR GH PLQKDV SHUQDV D SRQWR GH HOH WHU WLGR GLILFXOGDGH HP UHVSLUDU 1mR PH LQFRPRGHLGHL[HLTXHHOHWRPDVVHXPSRXFRGHDUHGHSRLVSX[HL DFDEHoDGHOH GH QRYR H HQWUHL HP RUJDVPR QHVVD PHVPD KRUD H GHVOL]HL SDUD R FKmR $ HVVD DOWXUDHOHMiHVWDYDJRVWDQGRHVH HPSHQKDQGRHPHHQFRVWHLQDSDUHGHGH SHUQDV DEHUWDV H SX[HL PXLWR D FDEHoD GHOH HQTXDQWR PH HQFDL[DQGR QD ERFD GHOH FRPR TXHPHQFDL[DXPDSHoDGHSUHFLVmRFRPRTXHPGiRSHLWRSDUD PDPDUFRPXP SUD]HU HQRUPtVVLPR HP ID]HU WXGR LVVR PLQXFLRVDPHQWH HX JR]DYD RXWUD YH] ,PHGLDWDPHQWH Mi SRVVHVVD H QXPD kQVLD TXH PH ID]LD ILEULODU R FRUSR WRGR UHVROYLTXH WLQKDTXHPRQWDUQDFDUDGHOHFDYDOJDUPHVPR FDYDOJDUFDYDOJDU H DtJR]HLPDLVQmRVHLTXDQWDVYH]HVQDERFDQRQDUL]QRV ROKRVQDOtQJXDQD FDEHoDJR]HLQHOHWRGRHHQWmRGHVFLH FKXSHLHOHHQJROLQGRWDQWRGDTXHOD YLJD WHVD TXDQWR SRGLD HQJROLU GHSRLV VHQWLQGR R FKHLUR GDV YLULOKDV GHSRLV ODPEHQGR RVDFRGHSRLVPHHQURVFDQGR QHOHHHVSHUDQGRHOHJR]DUQDPLQKD ERFD HPERUD QLQJXpP DQWHV PH WLYHVVH GLWR FRPR UHDOPHQWH HUD LVVR Vy TXH HOH QmR JR]RX QD PLQKD ERFD DFDERX HVJXLFKDQGR PHX URVWR H HX HVIUHJXHL WXGR HP QyV GRLV e LPSUHVVLRQDQWH FRPR HX IL] WXGR LVVR ORJR GD SULPHLUD YH] SRUTXH IRL PHVPR D PLQKD SULPHLUtVVLPD YH] H HX QXQFD WLQKD YLVWR QDGD QHP QLQJXpP WLQKD GH IDWR PH HQVLQDGR QDGD D QmR VHU HP FRQYHUVDV GRLGDV FRP DV RXWUDV
PHQLQDVGRFROpJLRSULQFLSDOPHQWH DVLQWHUQDVTXHVHPSUH ILFDYDPPHLRORXFDV FRPR p QDWXUDO *UDQGH SDUWH GHVVDV KLVWyULDV QmR WLQKD PXLWR D YHU FRP R TXH HIHWLYDPHQWH p IHLWR FRP H[FHomR GDV KLVWyULDV VREUH DOJXPDV GDV IUHLUDV H RXWUDV DOXQDVTXHHXGHSRLV YLTXHHUDPPDLVRXPHQRVYHUGDGHHKRMH VHLTXH QDPDLRULDGRVFDVRVHUDPYHUGDGH6XSRQKRTXHGHYRWHU XPFHUWRRUJXOKR GLVVR GHYR UHFRQKHFHU VHP PRGpVWLD TXH VRX XP WDOHQWR QDWR XPD SUHGHVWLQDGD XPD HVFROKLGDGRVGHXVHVVySRGH VHUDOJRDVVLP1mRJRVWRGH IDODUGHVWDPDQHLUD PDV QmR Ki FRPR HVFDSDU H[LVWH DOJXPD FRLVD GH LQH[SOLFiYHO QLVVR WHQKR GH FUHU TXHQDVFLVDEHQGRGHFHUWDIRUPD'HFHUWDIRUPDQmRHXQDVFL VDEHQGR6y SRGHVHUQmRPHSHUJXQWHFRPR(XQDVFLVDEHQGR $UUHSLRV 'HSRLVGLVVRSUDWLFDPHQWHQXQFD PDLVQRVIDODPRVYRFr DFUHGLWD"1XQFDPDLV QRV IDODPRV PDV FRQWLQXDPRV D ID]HU DV PHVPDV FRLVDV H RXWUDV GXUDQWH HVVDV IpULDV WRGDV XPD UHODomR PHLR DQLPDOHVFD TXH DSURYHLWDYD DV RSRUWXQLGDGHV VHP TXH IRVVH QHFHVViULR GL]HU QDGD (UD ERP HUD XP GRV PXLWRV SDGU}HV TXH WHUPLQHL DSUHQGHQGR H TXH WHP VHX OXJDU WHP PXLWR VHX OXJDU HVWRX FRP SUHJXLoD GH H[SOLFDU SRU TXH H DOpP GLVVR TXHP WHP VHQVLELOLGDGH DEHUWD H DJXoDGD QHVVH WHUUHQR VDEH R TXH HX TXHUR GL]HU H H[SOLFDU D TXHP QmR WHP DGLDQWD SRXFR RX TXDVH QDGD 6y ID]tDPRV LVVR H GHSRLV HOH LD HPERUD H VH DFRQWHFLDSDVVDUPRV XPSHORRXWURHPOXJDUHVHPTXHKDYLDJHQWHHUDFRPRVH QmR QRV YtVVHPRV 1mR QRV IDODPRV PDLV H TXDQGR HX YROWHL DQRV H DQRV GHSRLV H TXDQGR HX YROWDYD HYHQWXDOPHQWH GHSRLV GH EDVWDQWH DGXOWD QyV VDtDPRV SDUD SHVFDU QD FDQRD GHOH H WUHSiYDPRV QXV QR PHLR GR PDU ,VVR Vy WHUPLQRX PHVPR GHSRLVTXHHXHQWUHLHP RXWUDyUELWDHQXQFDPDLVDSDUHFL6HPSUHSDUWtDPRV SDUD QRV DJDUUDU DXWRPDWLFDPHQWH TXDVH WRGDV DV YH]HV HP TXH ILFiYDPRV VR]LQKRV D QmR VHU QDV UDUDV RFDVL}HV HP TXH HX QmR HVWDYD D ILP H HOH SRU DOJXPD YLD WHOHSiWLFD VDFDYD $OpP GLVVR D LQLFLDWLYD HUD VHPSUH PLQKD HOH ILFDYD HVSHUDQGR$LQGDQHVVH WHPSRGHVHPLDGROHVFHQWHHDGROHVFHQWHHXLDFRP PLQKD DYyDR 2XWHLUmRHHUDDPHVPDFRLVDDSHUIHLoRDGDDFDGDHQFRQWUR(OH VHYLFLRX HP PH FKXSDU H HX HP FKXSDU HOH H PH GDYD PXLWR SUD]HU QyV GRLV DWUiV GDV SRUWDVID]HQGRDVFRLVDV GHPDQHLUD LQVXEVWLWXLYHOPHQWHSHULJRVD&RPRWHPSR DLQGDQHVVDVIpULDV HPTXH FRPHoDPRVHOHSDVVRXDERWDUQDVPLQKDVFR[DVHD JHQWH DSUHQGHXDVLQFURQL]DURJR]RHHXID]LD TXHVWmR GH TXH HOH UHFXDVVH XP SRXFR RV TXDGULV SDUD JR]DU QDV PLQKDV FR[DV )LTXHL XPD HVSHFLDOLVWD QHVVD SUiWLFD DWp KRMH DFKR TXH p PXLWR ERP HP FHUWDV FLUFXQVWkQFLDV TXH QmR VHL HQXPHUDUPDVVLQWRTXDQGRHODV VHDSUHVHQWDP2KRPHPQmRSRGH JR]DUIRUDQmR SRGH FRPHWHU R SHFDGR GH 2QDQ TXH FRPR YRFr VDEH QmR IRL VH PDVWXUEDU PDV HMDFXODUQRFKmRHPYH]GHHPSUHQKDUGHYLGDPHQWHVXDFXQKDGD YL~YDVHQmR PHHQJDQRHUDDFXQKDGDYL~YDRXXPDRXWUDSDUHQWD HPVLWXDomRVHPHOKDQWH (VWi QR 9HOKR 7HVWDPHQWR RQGH DOLiV FRPR HX Mi GLVVH HVWmR PXLWDV RXWUDV FRLVDV KDELWXDOPHQWH GHQXQFLDGDV FRPR UHSURYiYHLV TXH RV SDGUHV H SDVWRUHV ILQJHP TXH QmR YrHP 2V SDGUHV HP VXDV EtEOLDV GLVIDUoDP DV UHIHUrQFLDV GH 6DORPmR FRP QRWDV GH Sp GH SiJLQD GLVWRUo}HV GH VHQWLGR H WURFDV GH SDODYUDV e SRVVtYHOTXHHXWHQKDDOJXPDIL[DomR PyUELGDQLVVRDJRUDWDOYH]HVWHMD QRWDQGR LQGtFLRV FXULRVR QXQFDWLQKDPHGDGRFRQWD2IDWRpTXHDPDQWHVFRQFXELQDV H SRU DtYDLVmREDVWDQWHHQFRQWUDGLoDVQR9HOKR7HVWDPHQWRWRGRPXQGR VDEHGLVVR HFRQWLQXDFRPDVSUHJDo}HVVDQWLPRQLDLVDTXHDWp KRMHKRMHQmRPHDFRVWXPHLe FDSD]GHVVDKLVWyULDGHRQDQLVPR TXHUHQGRGL]HUPDVWXUEDomRKDYHUVLGR LQYHQWDGD SRU HOHV SDUD QmR WHUHP TXH DGPLWLU DV UHODo}HV KRMH HVS~ULDV TXH D WUDGLomR UHODWDGD PRVWUD 8PD YH] OL XP FRQWR GH ,VDDF %DVKHYLV 6LQJHU HP TXH HOH VH UHIHULD DR SHFDGR GH 2QDQ GH PDQHLUD FRUUHWD H DILUPDYD TXH TXDQGR R KRPHP HMDFXOD QR FKmR XP GLDELQKR p JHUDGR 3RGH VHU SRGH VHU R IDWR p TXH QmRHVWiFHUWR1DKRUD GHJR]DUWHPTXHUHFXDURV TXDGULVHQmRSULYDUDPRoD GHVVD LUULJDomR WmR ULFD HP VLJQLILFDGRV H VtPERORV WmR PLVWHULRVD DILQDO $FRQVHOKHLYiULDVRXWUDVPHQLQDVVREUHLVVRHVHPSUH GLVVH D HODV R KRPHP TXH QmRJR]DQHODVQmRPHUHFHFRQILDQoD 2X HQWmR p XP LQHSWR TXH SUHFLVD VHU WUHLQDGR (X QXQFD GHL[HL GH JRVWDU VHPSUHDGRUHLDWpSRUTXHpJHUDOPHQWHHPSpOLJHLUR HHVFRQGLGRpPXLWRERP SRU WUiV RX SHOD IUHQWH HYRFD ERQV WHPSRV p PHLR SHUDOWD H PXLWDV RXWUDV FRLVDV GHSHQGHQGR GH FDGD XPD H GR PRPHQWR (QILP p XPD RSomR HQWUH PXLWDV TXHQmRGHYH VHUGHVSUH]DGD
(UD R TXH VH ID]LD QR PHX WHPSR FKHJD D VHU GLItFLO UHFRQVWLWXLU FRPR HUD FRPSOLFDGRQRPHXWHPSR$OJXpP GHYLDID]HUDVRFLRORJLDGLVVR(XVRXGR WHPSR GR DXWRPyYHO GD JDUoRQQLqUH H GD GHPLYLHUJH QLQJXpP KRMH VDEH PDLV R TXH p LVVR H HX WHQKR DWp XPD FHUWD VDXGDGH DFKR PRWHO VHP JUDoD VHP QHQKXP FRQGLPHQWR PHVPR RV PHWLGRV D FULDU DPELHQWHV URPkQWLFRV RX HUyWLFRV 1HVVH SRQWRVRXREULJDGDDUHFRQKHFHUPHX UHDFLRQDULVPRHPERUDQmRUDGLFDOp FODUR ( D KLSRFULVLD GD pSRFD HUD PDLV DJUHVVLYD GDYD PXLWR JRVWR D TXHP GHVDILDYD VHXV PDQGDPHQWRVDFDEDYDUHVXOWDQGRQXPJUDQGHSUD]HU DWUDQVJUHVVmR HUDPDLV VDWLVIDWyULD PHOKRU SDUD R HJR 9iULRV QDPRUDGRV PHXV LQFOXVLYH PHXV GRLV QRLYRV HX Mi PXOKHU FRPSOHWD GHVGH SULVFDV HUDV DFKDYDP TXH HX HUD YLUJHP H GL]LDP DEHUWDPHQWH TXH QmR WLQKDP SUHFRQFHLWR PDV Vy FDVDULDP FRP YLUJHQV 1R VHJXQGRQRLYDGRTXHFKHJRXSHUWRGRFDVDPHQWR HJUDoDV D'HXV VyFKHJRXSHUWR FRPDTXHODELFKDHQUXVWLGDH PHLRLPSRWHQWHHXMi HVWDYD DWp SURQWD YHMD TXH FRLVD ULGtFXOD RXWUDJHRXV EXW WUXH Mi HVWDYD SURQWD SDUD ID]HU XPD UHFXSHUDomR GH PLQKD FRQGLomR YLUJLQDO UHVWDXUDU R KtPHQ 0XLWD JHQWH UHVWDXURX VHL GH YiULRV FDVRV )LFR SDVPD TXDQGR SHQVR QLVVR PDV p YHUGDGH HX Mi WLQKD R QRPH GH GRLV PpGLFRV DTXL QR 5LR Mi WLQKD SODQHMDGR WXGR2SDVVDGRPH FRQGHQDPHGiYHUJRQKD TXDQGRIDORQLVVR0DVHUDRWHPSR WHPTXH VHGDUXPGHVFRQWR GHORQJHDVFRLVDVSDUHFHPIiFHLV QDYHUGDGHHUDP XPDEDUUD ,QWHUYDOR 9DPRV WRPDU PDLV XP XtVTXH" (X QmR GHYLD EHEHU PDV jV IDYDV FRP LVVR YRX PRUUHU GH TXDOTXHU MHLWR ,QWHUYDOR SDUD XLVTXLQKR VH QmR IRU SRU QDGDSHORPHQRVSRUTXHLQYLQR YHULWDV 0DVHQILPGHPRGRJHUDOHUDXPEDUDWREULQFDUFRP D KLSRFULVLDHGULEOiOD FULDWLYDPHQWH (VVD DPLJD GH TXHP HX Mi IDOHL 1RUPD /~FLD TXH QXQFD PDLV YL SRUTXHFDVRX FRPXP PLOLRQiULRVXODIULFDQRHIRLPRUDUOiPDVXPDYH]QDYLGD DLQGD PH HVFUHYH GHSRLV HX TXHUR IDODU DLQGD PDLV VREUH HOD HOD p PDLV WDUDGDGRTXHHXPXLWRPDLV pXPDVVRPEURMiGHYHHVWDU XPWDQWRSDVVDGDGRV VHWHQWDH QDDWLYDDLQGDPDLVDJRUDTXH RPDULGR ILFRXSDUDOtWLFRHPHLRJDJD HVVDDPLJDPHGHX JUDQGHVOLo}HVGHDQWLKLSRFULVLDDSOLFDGDXVDQGRD IRUoD GHOD FRQWUDHODFRPRGL]HPTXHID]HPRVOXWDGRUHVGHMLXMtWVX $ PDQREUD GH SHJDU QR SDX 3HJDU QR SDX GH IRUPD TXH HOH SHQVH TXH p D SULPHLUD YH] HP TXH D LQGLJLWDGD SHJD QXP SDX QXQFD WRPDU D LQLFLDWLYD H DSHQDVQDWHUFHLUDRXTXDUWDWHQWDWLYDGHL[DU WRGDUHOXWDQWHH SXGLFDTXH HOH SX[HVXDPmR(DtSHJDU GH OHYHFRPRVHHVWLYHVVHWRFDQGRQXPELEHO{GHFDVFD GH SRUFHODQD GHGRV KHVLWDQWHV PmR TXDVH IOiFLGD DWp HOH GDU XP ULVLQKR VXSHULRU H JUXQKLU SRGH DSHUWDU ( HQWmR HOH H[SOLFD H YRFr HVFXWD DWHQWD H UHFHRVDPHQWH TXH p QDWXUDO SDUD D PXOKHU LQH[SHULHQWH SHJDU GDTXHOD IRUPD PDV DJRUD YRFr VDEH GHYHVH DSHUWDU ( Dt D SULQFtSLR VHP PXLWD FRQYLFomRPDVORJRID]HQGR SURJUHVVRVYRFrSDVVDDDSHUWDU j YRQWDGH H DWp D DEULUD EUDJXLOKDGHOHTXHQDTXHOHWHPSR HUDGH ERWmR H QXQFD GH IHFKR HFOHU Mi TXH IHFKR HFOHU SDUD RV PDFKRV PDLV FLRVRV GH VXD PDFKLGmR HUD FRLVD GH YHDGR DEULU FRP GRLV GHGRV KDELOLGRVRV QD KRUD LQWHUPLQiYHO HP TXH HOH FRPHoDYD D PHWHU D OtQJXD HP VXD RUHOKD H EDEDU WXGR $Wp KRMH p XP PLVWpULR SDUD PLP D UD]mR SRU TXH RV KRPHQV FRQVLGHUDYDP GH ULJXHXU PHWHU D OtQJXD QDV RUHOKDV GDV PXOKHUHV QR FRPHoR GRV GDUHVHWRPDUHV YDL YHU TXH HOHV WURFDYDP LQIRUPDo}HVVREUHLVVRHDFDEDUDPIRUPXODQGRXPULWXDO 1mR TXH HX VHMD DEVROXWDPHQWH FRQWUD PDV D REULJDWRULHGDGH GR ODPEX]DPHQWR jV YH]HVGDYDXPDFHUWDH[DVSHUDomRRXLPSDFLrQFLD 'HSRLVJUDoDVD'HXVSDUDYDPJHUDOPHQWHHUDVyQDVSULPHLUDV YH]HV 1~PHURGRLV PDQREUDSDUD FKXSDU,VVRHUDVHPSUH VHPSUpUULPRDSULPHLUD YH] (UD WDO D REVHVVmR GRV KRPHQV SHOD SULPHLUD YH] TXH LDP SDUD D FDPD FRP XPDPXOKHUGHTXDUHQWDH HODFRQVHJXLDFRQYHQFrORGHTXHHUDDSULPHLUDYH] HP TXH FKXSDYDDOJXpP4XHPDUDYLOKDHX QXQFDIL]LVVRVDELD"6yFRP YRFrQXQFD IL] FRP QLQJXpP Vy VDELD GLVVR SRU RXYLU IDODU QHP DFUHGLWDYD DFKHL TXH LD WHU QRMR PDV FRP YRFr HX QmR WHQKR HVVDV FRLVDV $LQGD KRMH DFUHGLWR TXH D PDLRULD GRV KRPHQV p DVVLP MXYHQWXGH GHVFRQWUDtGD H WXGR 2XWUD FRLVD QXQFD GHL[DU TXH HOH DFDEH ORJR QD ERFD H VH SRU DFDVR DFRQWHFHU FXVSLU ODYDU D ERFD HVIUHJDU OHQoR H DVVLP SRU GLDQWH 2 SHOD SULPHLUD YH] QHVVH FDVR HUD DLQGD PDLV LPSRUWDQWH GR TXH R GR FKXSDU VLPSOHVPHQWH 0XOKHUHV FDVDGDV GL]LDP DRVDPDQWHVHPXLWDV DLQGDGL]HPVXVSHLWRHXTXHMDPDLVIL]HUDPRX IDULDP
LVVR FRP R PDULGR H RV FUHWLQRV DFUHGLWDP QmR H[LVWH FRLVD GH TXH KRPHP VH JDEHPDLVGRTXHDDPDQWHID]HUFRPHOHRTXHQmRID]FRP R PDULGRWXGRFKXWH DUPDomR6H[RDQDODPHVPDFRLVDHWFHWF 2KpDSULPHLUDYH]GHYDJDUWi"*UDQGHVDWUL]HVVHSHUGHP WRGRVRVGLDV 1RUPD /~FLD HUD XPD JrQLD (OD H HX VXEtDPRV MXQWDV D UXD &KLOH FRP VHPEODQWHVGHPRoDVPDLVRXPHQRVUHFDWDGDVH DEVROXWDPHQWHIDPtOLDROKDQGRDV YLWULQHV H WHQGR DOWRV SDSRV GH VDFDQDJHP $OWRV SDSRV PHVPR SRUTXH HX VHPSUH WLYH PLQKDV WLQWXUDV H HOD HUD PHLR LQWHOHFWXDO HVFUHYLD HP VXSOHPHQWRV OLWHUiULRVHVHHVIUHJDYD FRPSLQWRUHVSRUFDXVDGHTXDGURV FKHJRX DWpDFRQVHJXLUTXHXPQDPRUDGRFRPHVVHXPSLQWRUYHDGR HPWURFDGHTXDGURV HOD HUDGDQDGD(VVHQHJyFLRGHSULPHLUDYH] PHVPRHODEDWL]RXHPODWLP 3ULQFLSLXP SULPDH QmR VHL R TXr TXDOTXHU FRLVD DVVLP VRPHQWH SDUD SRGHU HQFHWDU SDSRV GH VDFDQDJHPFRP$OPHLGD-~QLRUXPSURIHVVRUGHILORVRILDGD IDFXOGDGHHWLUDU XQV VDUURV FRP HOH VDUURV SHVDGRV PDV Vy VDUURV SRUTXH HOH WLQKD PHGR GH PHWHUQHODKDYLDPXLWR KRPHP DVVLPSHORPHQRVQD%DKLD$TXHODUXD&KLOHGH DQWLJDPHQWH DTXHOHVKRPHQVQDVSRUWDVGDVORMDVWRGRVGHEUDQFR HDSDOSDQGR RX SLQLFDQGRRVEDJRVDOJXQV SDVVDQGRDPmRSDUDFLPDHSDUD EDL[RDFKR TXHHUD XP WLSR GH PRGD QmR VHL SRU TXH ID]LDP LVVR VHPSUH PH SDUHFHUDP XP EDQGR GH KLSRSyWDPRVQRFLR$JHQWH DV KLSRSyWDPDVVRXREULJDGDDUHFRQKHFHUDJHQWH UHERODYD EDVWDQWH TXDQGR SDVVDYD SRU HOHV H 1RUPD /~FLD JRVWDYD GH RXYLU SLDGDV JURVVDV FRPR HX OKH GRX XP EDQKRGHJDWR SXWLQKD RX HQWmR ERQLWR FXHRXWUDVTXH WDLVSDUHFHTXHHODDWUDtDLVVRDOJXP GHOHVGL]LDHVVHWLSR GH FRLVD D HOD WRGD YH] TXH HOD SDVVDYD HOD ILQJLQGR TXH QmR RXYLD PDV DGRUDQGR(XGLJRTXHWHQKR VDXGDGHHQmR GHL[DGHVHUYHUGDGHPDVpFRPRVH HX SXGHVVH VHSDUDU DV FRLVDV ERDV GDV UXLQV LPSRVVtYHO (UD XP WHPSR GLItFLO PHVPR WtQKDPRV TXH VHU DUWLVWDV HP GLYHUVRV FDPSRV 8P GLD DSDUHFHUDP XPDV PXOKHUHVGHFDOoDFRPSULGDLVVRHXMiFRP XQVWULQWDDQRVRXPDLVQHVVD GLWD UXD &KLOH H KRXYH XP WXPXOWR GD PHVPD IRUPD TXH WLYHUDP GH FKDPDU D SROtFLDSDUD WLUDUGDSUDLDXPDVIUDQFHVDVTXHIRUDPWRPDUEDQKR GHPDUGH PDL{ GH GXDV SHoDV -i KDYLD XPD PXOWLGmR GH KRPHQV QD EDODXVWUDGD H SRU SRXFR DV IUDQFHVDV QmR IRUDP SDVVDGDV SHOR ILR GD HVSDGD DOL PHVPR &RPR HX Mi GLVVH EDUUD SHVDGD SHVDGD PHVPR e VDXGDGH p EHVWHLUD Ki VHPSUH PXLWD LGHDOL]DomR QLVVR (X QD UHDOLGDGH QmR WHQKR VDXGDGH GH QDGD D QmR VHU GR DXJH GD MXYHQWXGH PDGXUDPDV HXTXHULDVHUMRYHPWUD]HQGRQDFDEHoDWXGR RTXH DSUHQGLDWpKRMH DtQmRSRGLDHXLDVHU GLWDGRUDGR PXQGR(VWiFHUWRGXDVSOiVWLFDVQDFDUDH XPDQRVSHLWRVPDV HDVSHUQDVRQGHHXQmRIL]QDGDVyXPDPDVVDJHPRXRXWUD" ,JXDLV jV GD 0DUOHQH 'LHWULFK SDUHFH DWp TXH HOD HUD PLQKD SULPD SHOR ODGR DOHPmRGDIDPtOLDHHXSDUWLOKR FRPHODDErQomRGH ILFDUFRPHVWDVSHUQDVDWp PRUUHU DWp SRUTXH PLQKD PRUWH 1mR PDLV WDUGH HX IDOR QLVVR QmR TXHUR EDL[DURDVWUDOOHPEUDQGR TXHPLQKDPRUWHYHPDtDTXDOTXHUKRUDHVWDGRHQoD eLVVR PHVPRTXHPVDEH HXQmRHVWRXPHKDELWXDQGRjLGpLD"0DLVWDUGH HX IDOR QLVVRIDORQLVVRDEHUWDPHQWHTXDQWRPDLVDTXL0DLV WDUGH3RLVpKRMHHXVRX XPDGDVPHOKRUHVGHTXDVHVHWHQWDQR %UDVLOXPDGDVPHOKRUHVGRPXQGRHXVHL R TXHHVWRXGL]HQGR ,PDJLQHFRPRHXHUDHQWUHRVWULQWDHRVTXDUHQWDHSRXFRV QD PLQKDRSLQLmRD PHOKRULGDGHSDUDTXDOTXHUPXOKHUFRPDH[FHomR GD TXH VH FDVD SDUD HQJRUGDU UHDOoDU D FHOXOLWH XVDU PHLDV FRQWUD YDUL]HV DVVLVWLU D QRYHODV HQWUDU HP FRQFXUVRVGH WHOHYLVmROLPSDURFDWDUURGRVILOKRVHRSUySULR HHQFKHUR VDFR GR DG~OWHUR GH PHLD WLJHOD TXH D VXVWHQWD (X HUD yWLPD PDV yWLPD PHVPR QmR GHVVDV yWLPDV GH VHJXQGR WLPH HVIRUoDGR TXH YRFr Yr SRU Dt PDV yWLPD PHVPR $IURGLWH+HOHQDGH7UyLD)ULQpLD 1mRGRXRXVDGLDDFRQWHPSRUkQHDVWDOYH]$YD*DUGQHU8PSRXFR GH$YD *DUGQHUH 6RSKLD /RUHQ QR DSRJHX ( PH VLQWR XP SRXFR GHVSHUGLoDGD HPERUD LQILQLWDPHQWH PHQRVGRTXHDPDLRULD DYDVVDODGRUD4XHURHQmRTXHURYROWDUjTXHOHWHPSR $PELYDOrQFLDV VHPSUH IXL PXLWR DPELYDOHQWH 1mR SDUHoR PDV VRX p XPD FRQGLomR EDVWDQWH LQWHUQD PDV VRX QLQJXpP GL] PDV VRX 3RU H[HPSOR DOpP GH WHUVDXGDGHVGRWHPSRGDVFR[DV $LQGDYRXFRQWDUDOJXPDVDYHQWXUDV GRWHPSRGDVFR[DVWHQKR PDWHULDOSDUDGXDV JXHUUDHSD]HV 3DVVDJHQV HVSHWDFXODUHV XPD YH] FRP SDGUH 0LVDHO HP SOHQR FROpJLR GH IUHLUDV RXWUD YH] FRP PHX QRLYR 0DXUtFLR QD SRUWD GR DSDUWDPHQWR
RQGHHVWDYDPGDQGRXPD IHVWDHHXJR]DQGRFRPRYLQWHDPEXOkQFLDV GHVJRYHUQDGDV RXWUD YH] FRP PHX WLR $IRQVR QR EDQKHLUR H PLQKD WLD 5HJLQD PXOKHU GHOH TXHUHQGR HQWUDU DK H HVVDV VmR VRPHQWH DOJXPDV VmR DVVLP DV TXH PH YrP j FDEHoD GH PRPHQWR (UDP WHPSRV yWLPRV HP YiULRV VHQWLGRV PDV QLKLO HVW DE RPQLSDUWHEHDWXPDFHUWHLHVVDRXWUD TXH1RUPD/~FLDPHHQVLQRXPDVGHVVD YH] QmR WLQKD UHODomR FRP FRPHU QHQKXP SURIHVVRU FDVDGR GH yFXORV VHP DUR H FDUD GH VDQWDUUmRGHYRWDGRDRSDUWLGmRFRPR$OPHLGLQKD)RLVySDUD VDFDQHDURYHOKR 3HGUmRGHSRLVTXHHOHQmRDJHQWRXPDLVHOD FUX]DQGRHGHVFUX]DQGRDVSHUQDVH PRVWUDQGRDWpDVDPtGDODVQDV DXODVGH'LUHLWR5RPDQRHDtXPEHORGLDHOH QmR VHFRQWHYH PDLVHDFDERXFDQWDQGRHODXPDFDQWDGDGHSORUiYHOHPTXH HOH WHQWRX XVDUDOLQJXDJHPHDVUHIHUrQFLDV TXHHVWDYDPHPPRGD HQWUHRVPDLVMRYHQVHVH VDLXJURWHVFDPHQWH)RLQHVVHGLDTXH HODIDORXLVVR HP ODWLP FRPR UHVSRVWD p XPDFLWDomRGHDOJXpP ( GLVVH PDLV TXH HOH SRGLD FRQWLQXDU ROKDQGR DV SHUQDV GHOD HOD WLQKD DWp SUD]HUHPH[LELODVHHOH HUDPHUHFHGRUDWpSHODVXD VHQVLELOLGDGHHHVWDWXUD LQWHOHFWXDO 0DV GDU MDPDLV GH OD YLH LQFRJLWiYHO HOH QmR SHUFHELD" $OpP GR PDLV GLVVH HOD HX VRX YLUJHP R VHQKRU SHOR YLVWR DQGD DFUHGLWDQGR QDV KLVWyULDV TXH RXYH GHVVHV ROLJRIUrQLFRV SRU Dt TXH QmR WrP R TXH ID]HU H QmR SDVVDP GH XP EDQGR GH GRQ]HO}HV IUXVWUDGRV HX VRX XPD PRoD GH SULQFtSLRV 1RUPD /~FLD HUD GLDEyOLFD PH FRQWRX TXH R YHOKR TXDVH PRUUH QmR VHL TXDQWDV YH]HVHXPGLDVHH[LELX SDUDHOD QDVDODGHOHDWpHPVXUSUHHQGHQWHERDIRUPD SDUD D LGDGH (OD HQWmR 1RUPD /~FLD JUDQGH 1RUPD /~FLD LVVR p GH GHL[DU R XQLYHUVR ERTXLDEHUWR SHOR PHQRV R XQLYHUVR GRV TXH YLYHUDP DTXHOH WHPSR GLVVH TXH VLP TXH OKH GDULD DOJXPD FRLVD 2 YHOKR EDERX H SHUJXQWRX R TXr (QWmRHVWiWXGRD]XOWXGRD]XO" &RLWDGRHUD DVVLPTXHHOHDFKDYDTXHDJHQWHIDODYDHPQRVVR PHLR(ODFRQWHYH RULVRHGLVVHTXHGHSHQGLDGRTXHHOH FRQVLGHUDYDWXGRD]XOSRUTXH RTXHHOD LD GDU HUD XPD DOLVDGLQKD UiSLGD PDV Vy XPD DOLVDGLQKD ( GHX D DOLVDGLQKD PHVPRHIRL HPERUDFRPXPDOHYHUDEDQDGD MRYLDO MRJDQGR XP EHLMR SDUD HOH Mi GD SRUWD HQWUHDEHUWD ( QmR SDVVRX GHVVD DOLVDGLQKD H FRP WRGD D FHUWH]D R YHOKRILFRXPDOXFRMiHVTXHFLRVSRUPHQRUHVGR FRPSRUWDPHQWRGHOHGHSRLVGHVVH HSLVyGLR (X VHL PHVPR p TXH HOH ILFRX SHUWXUEDGtVVLPR H PRUUHX XQV PHVHV GHSRLV FODUR TXH D KXPLOKDomR GHYH WHU DMXGDGR (PERUD HX QmR FKHJXH D WHU SHQD SURSULDPHQWH SRU FDXVD GDTXHOD SRVH DXVWHUtVVLPD GHOH PRUDO DFLPD GH TXDOTXHUG~YLGDEDOXDUWHGRVPDLVHOHYDGRVYDORUHV pWLFRVHFULVWmRVFHQVRUGH UHYLVWDV H MRUQDLV TXH JRVWDYD GH LQVXOWDU RV DOXQRV FRP SDODYUDV TXH HOH GHVFREULD HP VXD ELEOLRWHFD ERORUHQWD H TXH RV PHQLQRV WLQKDP GH LU DR GLFLRQiULR SDUD GHVFREULU R TXH TXHULDP GL]HU FRPR SUHFLWR TXH QXQFD RXYL QHPOLQLQJXpPPDLVXVDQGRHTXHQXQFD HVTXHFL 3UHFLWR SUHFLWR HUD HOH YRFr FRQKHFH R WLSR *HUDOPHQWH SRU WUiV GHVVDV FDUUDQFDV LQWROHUDQWHV H FKHLDV GH VL VH HVFRQGH XP SRoR VHP IXQGR GH FRQFXSLVFrQFLD H VRUGLGH] )DULVHX VDIDGR EHPIHLWR PXLWREHPPHUHFLGR e HX FKHJXHL D GL]HU TXH QmR WHQKR VDXGDGHV GH QDGD PDV WHQKR DOJXPDV 0XLWDV DWp e QDWXUDO QmR VHULD QRUPDO QmR WrODV 6DXGDGHV GDTXHOHV EDLOHV DPHULFDQRVSRUH[HPSOR2V QDYLRVGDPDULQKDDPHULFDQDDSRUWDYDPHR PXOKHULR LD DRV StQFDURV +DYLD EDLOHV QRV QDYLRV H EDLOHV HP FOXEHV 2V TXLU{PDQRV EDLDQRV TXHP QRV HQVLQRX HVWD SDODYUD IRL R YHOKR SURIHVVRU 0HQGRQoD HVVH VLP XPD SpUROD GH SHVVRD PDOXFR EHOH]D FRPR VH GL] DJRUD JUDQGH KRPHP D JHQWHPRUULDGHULU FRPHOHRVTXLU{PDQRVEDLDQRVRXVHMDRVYLFLDGRVHP PmR TXH HUDP SUDWLFDPHQWH WRGRV ILFDYDP UHYROWDGtVVLPRV PDV D JHQWH QmR HVWDYD QHP Dt QHP FKHJDQGR (OHV ILFDYDP DVVLP LQGLJQDGRV SRUTXH VDELDP TXH D JHQWH GDYD SDUD RV DPHULFDQRV H QmR GDYD SDUD HOHV 4XHU GL]HU D PDLRU SDUWH QmR GDYD SURSULDPHQWH SHOD UD]mR GH VHPSUH D QHFHVVLGDGH GH SHUPDQHFHU WHFQLFDPHQWH YLUJHP PDV GDYD HP ~OWLPD DQiOLVH $Wp KRMH PH HVSDQWD HVVD KLPHQRODWULD (UDDKRQUDGD PXOKHUTXHKRUURU$LQGDH[LVWHVDELD"(H[LVWH DRVPRQWHVp GHFDLURTXHL[RGHYH]HPTXDQGRWRPRXPVXVWR 3LWWLJULOOL XP HVFULWRU TXH KRMH QLQJXpP Or PDV DQGDYD HP YRJD H GH TXH DV PRoRLODVQmRSRGLDPQHPFKHJDU SHUWRPDVFXMRV OLYURVGDYDPVRSDQDELEOLRWHFD GH PHX SDL H QD GR GH 1RUPLQKD PDLV XP SRQWR SDUD PLQKD IDPtOLD QRVVDV IDPtOLDVDOLiV GL]LDPDLVRXPHQRVTXHHPYH]GHVHSUHRFXSDUHPWDQWRFRP
D LQWHJULGDGH GHVVD KRQUD PHOKRU IDULDP DV PXOKHUHV LWDOLDQDV HP ODYiOD FRP iJXDPHVPRHQmRFRP VDQJXHSHORPHQRVXPDYH]SRU GLD(GHIDWRpWULVWH DFKR TXH FRPR HOH SUySULR DLQGD GLVVH YLYHU QXPD VRFLHGDGH HP TXH D KRQUD IHPLQLQDp SRUWDGDHQWUHDV SHUQDVTXHFRLVDPDLVEHVWDPHX'HXVGRFpX0DV QmR p QmR p" jV YH]HV PH Gi YRQWDGH GH ID]HU XP FRPtFLR 4XDQWDV YLGDV VH SHUGHUDP TXDQWRV GHVWLQRV VH HVWUDJDUDP TXDQWDV WUDJpGLDV QmR KRXYH TXDQWRV FRQYHQWRV QmR IRUDP DEDUURWDGRV GHVXPDQDPHQWH SRU FDXVD GD KRQUD GH WDQWDVHWDQWDVLQIHOL]HV" 6LP FUHLR TXH D JUDQGH PDLRULD SUHVHUYDYD R KtPHQ FRP RV DPHULFDQRV PDVGHUHVWRID]LDVH WXGR(DJHQWHTXDVHVHPSUH WLQKDTXHHQVLQDUPXLWRD HOHV HPERUD FRP EDVWDQWD MHLWR SDUD QmR HVSDQWDU 1XQFD HQFRQWUHL XP QHP HX QHP 1RUPD /~FLD QHP QHQKXPD GDV RXWUDV PHQLQDV TXH ID]LDP LQWHUFkPELR GH H[SHULrQFLDV FRPLJR TXH QmR WLYHVVH XP PXQGR SDUD DSUHQGHU (OHV HUDP XQV EHVWDOK}HV RV DPHULFDQRV PDV WLQKDP JUDQGH VHUYHQWLD SRUTXH R KRPHP EDLDQRPHWLDDPmRSRUEDL[R GHVXDEOXVDHQRGLD VHJXLQWHWRGRPXQGRVDELD DWpHP)HLUDGH6DQWDQD,VVRQXP WHPSRHPTXHQmRVHXVDYD WHOHIRQHFRPRKRMH H SRU H[HPSOR XPD OLJDomR DTXL SDUD R 5LR FRVWXPDYD OHYDU R GLD WRGR SDUD VH FRPSOHWDU 4XDQGR VH FRPSOHWDYD 1R ILQDO D JHQWH WLQKD TXH IDODU DRV EHUURVHQWUHWRGRWLSRGHFKLDGHLUD]XPELGRVH DSLWRVXPDFDFRIRQLDLQIHUQDO $FKR TXH QmR Ki XP Vy EDLDQR GHVVD JHUDomR H GDV GXDV RX WUrV SRVWHULRUHV WDPEpP RX PDLV TXH QXQFD WHQKD FKHJDGR D XP DPLJR RX j WXUPD GR EDLUUR RX GR FROpJLRSDUDGL]HUQmRGLJDPDQLQJXpPPDVHXSHJXHLQRV SHLWRVGH*XLRPDU SRU GHQWUR 3HJXHL QRV SHLWRV SRU GHQWUR IUDVH PiJLFD PXLWDV PRoDV PDLV IUiJHLV TXDVH IRUDP GHVWUXtGDV SRU HVVD IUDVH H RV WDPEpP TXHUR VHQmR YRX HVSDOKDU TXH VH VHJXLDP e LQDFUHGLWiYHO PDV KDYLD VXMHLWRV TXH FKHJDYDP SDUD DVPHQLQDVHGL]LDPLVWRHDOJXPDVFHGLDPpLQDFUHGLWiYHO (P VXPD RV DPHULFDQRV HUDP XQV PHUGDV VLPSiWLFRV Vy HUDP ERQLWLQKRV PDV QmR VDELDP WUHSDU H D PDLRULD TXDQGR TXHULD GL]HU XP SDODYUmR GL]LD *RG H -HVXV LPDJLQH XP SRYR TXH DFKDYD SDODYUmR GL]HU 'HXV H -HVXV WXGR OLJDGR DR SXULWDQLVPR GHOHV XVDU 6HX VDQWR QRPH HP YmR HVVDV FRLVDV 7DQWR DVVLP TXH PXLWRV HPSUHJDYDP HXIHPLVPRV FRPR *HH] +ROO\ JHH H RXWUDV EHVWHLUDV GR PHVPR MDH]LPDJLQHQRYDPHQWHXPSRYRTXHSUHFLVDYDGH HXIHPLVPRVSDUDH[FODPDURQRPH GH 'HXV RX GH -HVXV (OHV WUHSDYDP H GL]LDP RK *RG RK *RG Vy PH OHPEUD XP SRUWXJXrV 1XQR XP SRUWXJXrV OLQGR TXH IRL PHX FDVR XQV WHPSRV -RVp 1XQR OLQGR $OLiV IRGHVH PXLWR EHP HP 3RUWXJDO DR FRQWUiULR GR TXH HX VXSRQKR VHU D RSLQLmR JHQHUDOL]DGD 0DV HX TXDVH QXQFD JR]DYD FRP R =p 1XQR SRUTXHQRPRPHQWRFXOPLQDQWHHOHXUUDYDQmR WDFDQKHVQmRWDFDQKHVHPHX SRQWR * DFLRQDYD R GLVMXQWRU QR DWR HX HQWUDYD HP FULVHV GH ULVR H GHSRLV URoDYD QD EXQGD GHOH HOH DGRUDYD HPERUD IRVVH PDFKtVVLPR FRPR WRGR SRUWXJXrV LQFOXVLYH RV YHDGRV SDQHOHLURV SDUD ILFDU FRP D XVDQoD SRUWXJXHVD H HPSUHVWDU DOJXPD FRU ORFDO j QDUUDWLYD RV SDQHOHLURV TXH VH MXQWDPQRVDUUHGRUHVGR&DPSR 3HTXHQRRQGHVH ID]HPDVKFXUULGDVKGWRLURVKHP /VKERD H YmR WUDEDOKDU FRPR IRUFDGRV TXH VmR XPD HVSpFLH GH YHDGRV SDUUXGRV TXHYmR HQIUHQWDURVWRXURVQR SHLWR(PILODWUHQ]LQKRXPHQFRVWDQGR DEXQGD QR GH WUiV QDWXUDOPHQWH ( GHSRLV YmR jV WDVFDV DRV FRSRV H j YHDGDJHP VmR YHDGRVPDFKtVVLPRV9LPXLWDVEHODV EXQGDVHP3RUWXJDOTXHOiQmRVmRFKDPDGDV GH EXQGDV PDV GH FX PHVPR TXH Oi QHP p SDODYUmR YHMD FRPR VmR DV FRLVDV JUDQGH SDtVVXEHVWLPDGR%XQGDVGH KRPHQVHPXOKHUHV7RGDPXOKHU SRUWXJXHVDGi DEXQGDRXSHORPHQRVGDYDSDUDPDQWHUDVDQWD YLUJLQGDGHYDJLQDOFRPRDTXL +RMH FRP D HQWUDGD QD &RPXQLGDGH (XURSpLD H RXWUDV PXGDQoDV HOHV KRMH GHWHVWDPR%UDVLOVDELD" SRUWXJXrV GHWHVWD R %UDVLO FRP D H[FHomR GR 0iULR 6RDUHV GR 6DUDPDJR GR -RVp&DUORV9DVFRQFHORVHGRLVRXWUrVRXWURVJDWRV SLQJDGRVGHVSUH]DPPHVPRp XPD SHQD QmR VHL PDLV FRPR HVWmR DV FRLVDV 3URYDYHOPHQWH QXQFD PDLV VHUi RXYLGD D SHUJXQWD LPRUWDO TXH XP DPLJR PHX HVFXWRX GHSRLV GH HQIUHQWDU JDOKDUGDPHQWH D SULPHLUD FRP XPD SRUWXJXHVD EHOtVVLPD HOH TXH DQWHV HVWDYD DWp FRP PHGR GH EUR[DU (OH PH FRQWRX TXH VDWLVIHLWR H DOLYLDGtVVLPR HVWDYDIXPDQGRRWUDGLFLRQDO FLJDUULQKRSRVWFRLWXPTXDQGRHODROKRXSDUDHOH H IDORX (DR FXQmRPHYDLV")DQWiVWLFRGLVVHHOH HPRFLRQDQWH (IXLOKH DR FX GLVVH HOH TXH PDUDYLOKD ,PDJLQH DTXL QR %UDVLO XPD PXOKHU ID]HU XPD SHUJXQWDGHVVDVQmRID](XPRUHLQREDLUUR GH $OYDODGH GDYD SDUD LU DQGDQGR
DR &DPSR 3HTXHQR FDQVHL GH LU jV FRUULGDV VRPHQWH SDUD YHU DV EXQGDV DSHUWDGLQKDVGRVIRUFDGRV 6RX FRQWUD HVVD WHRULD VHJXQGR D TXDO RV EUDVLOHLURV WHP EHODV EXQGDV H DOLPHQWDP XPD IL[DomR SDWROyJLFD SRU EXQGDV VRPHQWH SRU FDXVD GRV DIULFDQRV ,VWRpSUHFRQFHLWRDV EHODVEXQGDVGDQRVVD JHQWHYrPWDQWRGDiIULFDTXDQWR GH3RUWXJDOWDQWRDVVLPTXH HXQmRWHQKRVDQJXHDIULFDQRQHQKXPSHORPHQRV TXH HX VDLED H VHPSUH SRUWHL XPD EXQGD DFLPD GH TXDOTXHU FUtWLFD DWp KRMH QmR HQYHUJRQKR'XYLGRTXHVHHXGLVVHUDDOJXPKRPHPTXHPHFRPD HDR FXQmR PHYDLV"HOHQmRYiLPHGLDWDPHQWH &ODUR TXH QXQFD IL] HVVD SHUJXQWD DRV DPHULFDQRV DWp SRUTXH HP LQJOrV QmR WHP JUDoD H HOHV HUDP UHDOPHQWH XQV EHVWDOK}HV D JHQWH WLQKD TXH XVDU PLO UHFXUVRVSDUDHOHVLUHPDFHUWDQGRDRV SRXFRV0DVQmRWLQKDPVyHVVDYDQWDJHP GH TXH IDOHL GH QmR SRGHUHP PHVPR TXH TXLVHVVHP VDLU SHOD UXD &KLOH HVSDOKDQGR DRV TXDWUR YHQWRV VXDV SURH]DV FRQRVFR (UDP SURH]DV QRVVDV SHQVDQGR EHP 0DV HUD ERP QR ILQDO GDV FRQWDV $ JHQWH WLQKD GH HQVLQDU WXGR SRUTXH HOHV QmR VDELDP QHP EHLMDU GLUHLWR DFKDYDP FKXSmR FRP OtQJXD XPD FRLVD SUDWLFDGD H[FOXVLYDPHQWH HP ERUGpLV IUDQFHVHV DWp KRMH FKDPDP LVVR GH )UHQFK NLVV VH EHP PH OHPEUR H PDLV XPD SRUomR GH FRLVDV LQIDQWLV $V EDLDQDV GH PLQKD JHUDomR GHYHP VHU UHVSRQViYHLV SHOD IRUPDomR GH FHQWHQDV H FHQWHQDV GH DPHULFDQRVIRPRVXPDIRUoDSURJUHVVLYDQDYLGD GHOHV7HYHXPFKDPDGR&KXFND TXHP HQVLQHL WXGR H DWH KRMH HOH GHYH VHU XP GHVDMXVWDGR QD WHUUD GHOH HP 2NODKRPD0XVNRJHH 2NODKRPDQXQFDPDLVHVTXHFL$FKRTXHVRXD~QLFDSHVVRD GH IRUD GHOiTXHRXYLX IDODUGHYHVHUXPKRUURU%RPDOXQRHOHXP WDOHQWRTXH WHULD VLGR SHUGLGR VH D PXOKHU EDLDQD QmR WLYHVVH HQWUDGR HP FHQD H FRP PHX EULOKDQWLVPRPRGpVWLDjSDUWH( DSHVDUGLVVRWXGRHUDERPFRPRHXIDOHL 1mR Vy D JHQWH GDYD DOJXPD YD]mR jTXHOD HQHUJLD WRGD GH SRWUDQFDV PDO DWHQGLGDV IHOLFtVVLPDVSRUUHFHEHUHPXPD FDUJDPDFLoDGHKRPHQVSDUDXVR OLYUH WUrV D TXDWUR YH]HV SRU DQR FRPR WUHLQDYD R QRVVR LQJOrV WDQWR SDUD SDSRV QRUPDLV FRPR SDUD SDODYUDV TXH QmR HUDP HQFRQWUDGDV QRV GLFLRQiULRV H D JHQWH PRUULD GH FXULRVLGDGH HP VDEHU $SUHQGL PXLWD SDODYUD FKXOD HP LQJOrV FXQW SXVV\SULFNEDOOVEORZMREILQJHUIXFNLQJ FKHUU\SHUGLDFRQWD 4XHLQWHUHVVDQWHQDGDFRPRXPGLDGHSRLVGRRXWURUHDOPHQWH 4XHPWH YLXTXHPWHYr4XDQGR&KXFNSDVVRXSRU6DOYDGRUHPHVPR PXLWRGHSRLV DVPXOKHUHVJUiYLGDVQHP VHTXHUDSDUHFLDP EDUULJXGDVQRVILOPHVDPHULFDQRVQmR SRGLDP WHU HQM{RV QDGD QDGD 3DVVDYDP QRYH PHVHV JUiYLGDV FRP D EDUULJD GR PHVPR WDPDQKR 'RUPLDP GH VXWLm LPSHFDYHOPHQWH PDTXLODGDV H SHQWHDGDV H DFRUGDYDP GR PHVPR MHLWR 1LQJXpP IDODYD SDODYUmR 1LQJXpP FRPHULD QDGD GH HUUDGR D QmR VHU SDUD VRIUHU FDVWLJRV GHPRQtDFRV QR ILP ( SRU Dt VH LD HUD FRPRVHDTXHOHVIDVFLVWDVGR WLSRGH XPWDOGH:LOOLDP+D\VGHTXHPHXYLXPD IRWRTXHLPHGLDWDPHQWH PHWURX[HjFDEHoDRYHOKR3HGUmRH RXWURVVDQWDUU}HVGR PHVPR TXLODWHGHVSHMDVVHPRDQWLVpSWLFR GHOHVQRFLQHPD3RLVRQWHP HXHVWDYD EULQFDQGRQD,QWHUQHWH DtEDWLGHFDUDFRPXPDSiJLQD GHHGXFDomRVH[XDOTXH TXDOTXHU FULDQoD SRGH DFKDU VH EHP TXH HOHV DJRUD HVWHMDP XVDQGR FyGLJRV SURJUDPDV H VHQKDV HVSHFLDLV SDUD QmR GHL[DU TXH DV FULDQoDV WHQKDP DFHVVR D FHUWR WLSR GH FRLVD $Wp Dt YDPRV GL]HU WXGR EHP SRUTXH D ,QWHUQHW UHDOPHQWH PRVWUDXQVWURoRVTXHYRFrHQWHQGHSRUTXHRVSDLVQmRTXHUHP TXH VHXV ILOKRV SHTXHQRV YHMDP VH EHP TXH VHMD LQ~WLO FRPR WRGR HVIRUoR QHVVD iUHD VHPSUH IRL 0DV HVVD HUD XPD SiJLQD QRUPDO GH FRQVXOWD H SHVTXLVD DWp PHLR IDPtOLDFRPDTXHOHDUGHDPHULFDQR YHVWLQGRSDOHWySDUDLUDRFXOWRQR GRPLQJR RX WULQFKDQGR SHUX QR GLD GR 7KDQNVJLYLQJ ( Oi HVWDYD XPD WDO 'UD %HWW\ 'ROVRQ JUDQGH 'UD 'ROVRQ IDODQGR SDUD XPD SODWpLD DEHUWD TXH DSHQDV GHYLD WHUSDJRDHQWUDGDDUHVSHLWRGRFOLWyULV GHOD GH YLEUDGRUHV GH IHODomR GH FXQLOtQJXD GH XP FDVDO GH PDLV GH VHWHQWD FXMD PXOKHU VH TXHL[DYD DJUHVVLYDPHQWH GH TXH R SDX GR PDULGR QmR VXELD H[SHULrQFLDV VH[XDLV GH WRGRV RVPRGHORVHPDLV XPDSRUomRGHFRLVDVGRDUFR GD YHOKD QXPD OLQJXDJHP WFKDQ WFKDQ VHP GLVIDUFHV TXH ID]HP HVWH GHSRLPHQWR VRDU DWp FRPR DQWLJR HX DFKR TXHWHUiXPDDSDUrQFLD GHDQWLJRHSXGLFR SDUDPXLWDJHQWHTXHROHU9HUGDGH QmRHVWRX VHQGRLU{QLFD YHUGDGHpSRULVVRTXHHXTXHURVROWDUDVDPDUUDVTXH DLQGDPH SHJDPHXTXHURILFDUOLYUH/LYUH(XTXHURVHUPRGHUQD9RFr QmRHVWi DFKDQGRTXHHXHVWRXVHQGR EUDQGDGHPDLV"(XHVWRX DFKDQGR(VWRXSDUHFHQGRXPD DPHULFDQDGRWHPSRGH&KXFN1mR QmRHVWRXH[DJHUR PHX 0DV SUHFLVR S{U WXGR
QXPD SHUVSHFWLYD FRUUHWD DWXDOL]DGD PRGHUQD HQILP 1mR SRVVR ILFDU QXPD DWLWXGH WHPHURVDGRVFHQVRUHVGH-R\FHGH/DZUHQFHGH+HQU\0LOOHUHWF 6HHOHVSRGHPVHD'UD'ROVRQSRGHSRUTXHHXQmRSRVVR" *UDQGH 'UD 'ROVRQ PH DMXGRX EDVWDQWH QHVWD IDVH GH HVFDQFDUDPHQWR H EDWDOKD FRQWUDD EXUULFHHRDWUDVRYDPRVj OXWDSRQWRSDUDRVDPHULFDQRV3RQWRSDUD PLPWDPEpP SRUTXH QmR"(VWRXDWHQWDHWLURSURYHLWRLQWHOLJHQWHGHWXGRRTXH PH DSDUHFH FRPLJR QmR SRGH KDYHU KHVLWDo}HV 9DPRV j YLWyULD HVWRX FRP SUHJXLoD GH PH HVWHQGHU PDLV H DFDEDU PH HQRYHODQGR QRYDPHQWH FRPR Mi DFRQWHFHX8PDFRLVDGHFDGDYH]$RV DPHULFDQRV 1RUPD /~FLD UHXQLX XPD FROHomR GH DPHULFDQRV GD PDLV DOWD FDWHJRULD TXDQWLWDWLYDHTXDOLWDWLYDPHQWH)XQFLRQDYDFRPRXPD ELEOLRWHFDS~EOLFD DJHQWH LD Oi H WRPDYD XP HPSUHVWDGR VHP EXURFUDFLD 6REUHWXGR TXDQWLWDWLYDPHQWH 6y TXDQWLWDWLYDPHQWH DOLiV4XDQWLWDWLYDPHQWHVyVHUYHSDUDR OLYURGHUpFRUGHV 8P DFHUYR LQWHUHVVDQWtVVLPR R GH 1RUPLQKD %DVWD FLWDU 0HOYLQ TXH JR]DYD H ILFDYD FRP DV SHUQDV EDPEDV VH D JHQWH WRFDVVH QR SDX GHOH QRV PLQXWRV VXEVHTHQWHV H SHGLD SHUGmR D 'HXV WRGD YH] TXH JR]DYD FRQWULEXtD EDVWDQWH SDUD QRVVD UHOLJLRVLGDGH 7LQKD HVVH 0HOYLQ WLQKD *RUGRQ WLQKD &OLII WLQKD $QG\ WRGRV TXHUHQGR DSDUHQWDU H[SHULrQFLD PDV D JHQWH VDELD TXH SUHFLVDYD WUDEDOKDU H[ WDEXOD UDVD FRP HOHV 0DV WDPEpP p FODUR WHYH R %RE WHYH R .HQ2.HQHUDMXGHXHHXIL]XPHPSUpVWLPR GHOH jVYH]HV 1RUPLQKDHHXDWp DUPiYDPRV XPDV VXUXELQKDV VHPLVXUXELQKDV QD YHUGDGH FRLVD ERED DPHULFDQR DWp KRMH QmR WHP XPD ERD SDODYUD SDUD VXUXED FRQWLQXDP XP SRXFR VXEGHVHQYROYLGRVQHVVDiUHD *URXS6H[VRDFRPR VDtGRGRFDWiORJRGHFLrQFLDVVRFLDLVGH 6WDQIRUGHYDLYHU TXH HVWi Oi )RL R .HQ TXH PH HQVLQRX R TXH TXHU GL]HU PRKHO SRUTXH HX IXL WRPDGDSRUXPDFULVHGHULVR LQFRQWUROiYHOTXDQGRYL R SDX GHOH SHOD SULPHLUD YH] (UD WRGR WURQFKLQKR H TXDQGR YRFr R ROKDYD GH FLPD SDUHFLD XPD FDUHFD GDQGRULVDGD(OHQmRVHLQFRPRGRXGLVVHTXHMiHVWDYD DFRVWXPDGRTXHR PRKHOTXHFRUWRXDSHODQTXLQKDGHOHVyYLYLD GHFDUDFKHLDHTXHROXJDUGH 1RYD -HUVH\HP TXHHOHQDVFHXHVWi FKHLRGHMXGHXVGHSDXVWRUWLQKRVHULVRQKRVTXH HVVH PRKHO FLUFXQFLGRX &XOWXUD LQ~WLO p FRPLJR QLQJXpP VDEH R TXH p PRKHO D VDFDQDJHPpPHVPRXPJUDQGHYHtFXORGHLQWHUFkPELRFXOWXUDO 0RKHOpRFDUD TXHID]DSRGDGRVSUHS~FLRVpXPDDOWD HVSHFLDOLGDGHPRVDLFD PDVHVVHGR.HQHUDPDLVFKHJDGRD1Rp TXHWRPRXXPSRUUH HFRPHXDVILOKDVH GHSRLVILFDPIDODQGRLVVR HDTXLORSDUDGLVIDUoDU DWp'DQWHDFKR TXHERWRX1Rp QROLPER HPYH]GHQRLQIHUQRTXHHUDROXJDUGHOH9DPRVVHUFRHUHQWHV 7UHSDUFRPWRGRPXQGRGiRXQmRGiLQIHUQR"&RPHUILOKRGi LQIHUQR"$OLiVYDPRV GHL[DU GH ODGR HVVH QHJyFLR GH LQIHUQR DLQGD FRQVHUYR XP FHUWR JULOR GH LQIHUQR 3RLVp1RUPD/~FLDWLQKDHVVDLQILQLWDFROHomRGHDPHULFDQRV DOJXQVULFRV H WRGRV DGRUDYDP HOD (OD VH KRVSHGRX PXLWR QDTXHODV ID]HQGLQKDV GHVOXPEUDQWHV GD1RYD,QJODWHUUDUDQFKRV WH[DQRVFULDF}HVGHFDYDORVHP.HQWXFN\ GHVEXQGHV HP3DOP 6SULQJVWXGRRTXHYRFrSRVVDLPDJLQDU QDTXHOH WHPSR HP TXH R *DOHmR HUD XP JDOSmR PDODFRFKDPEUDGR H DV PXOKHUHV YLDMDYDP GH FKDSpX H GHVILODYDP SDUDOiHSDUD FiFRPRVSDVVDSRUWHV DEDQDQGRQDVPmRV4XDQGRHODJRVWDYDGH DOJXPSREUHWLSR FDSLWmRGHVXEPDULQREDQFDYDDGHVSHVDWRGDHXDPR1RUPLQKD (ODID]LDWRGRWLSR GHHVWULSXOLDFRPHXDPXOKHUGH.HQFRPHX XPDSRUUDGDGH DPLJRVGHOHV FRPHXRILOKRPDLVYHOKRGH*RUGRQ FRPHXRJHQHUDOSDLGH%RE (XDPR1RUPLQKDpXPDtGRODPLQKD HROKDTXHHXQmRVRX GDGDDWHUtGRORV$ YLGD p ORXFD (OD VH FDVRX FRP &DUO R ID]HQGHLUR VXODIULFDQR SRU FDXVD GR %RE $ JHQWH WUDQVRX FRP R %RE HP GXDV YLDJHQV TXH HOH IH] j %DKLD XPD FRPR RILFLDOGD0DULQKDHRXWUDQXPGHVVHVYHOHLURVHPTXHDV SHVVRDVYRPLWDPGRUPHP GHQWURGHEXUDFRVQXQFDWRPDPEDQKR YLYHPGHEXQGDDVVDGDHFXUWHPVH SHQGXUDU QDVERUGDVGRVEDUFRV ID]HUEHLUDHOHVGL]HP SDUDPLP ID]HUEHLUDVXJHUH RXWUD FRLVD GHL[HPRV SDUD Oi ID]HP EHLUD HQWUH YHQWRV DVVDVVLQRV H iJXD VDOJDGDQDFDUDHDVPmRV VDQJUDQGRHWXGRQRFRUSRVHQGR PRtGRWHPJRVWRSDUD WXGR QHVWH PXQGR $SHVDU GHVVH GHIHLWR %RE HUD IDQWiVWLFR R DY{ GHOH WLQKD LQYHQWDGRXPDHVSpFLHGHJUDPSR GHSDSHOLQRYDGRUQmRVHLEHP XPWURoRGHVVHV TXH WRGR PXQGR XVD H Vy RV DPHULFDQRV SDWHQWHLDP GH PDQHLUD TXH %RE WLQKD PDLV GLQKHLURGR TXHWRGRRHVWDGRGD%DKLDHUDXPIHVWLPWUD]LD WRGRWLSRGH SUHVHQWHDPHULFDQR GRWHPSRHPTXHVyVHDFKDYDP FHUWDVFRLVDVHP1RYD
1RYD
8PDLQYHMDDIDYRUGHDGPLUDomRQmRXPDLQYHMDGHVWUXWLYD7XGR RTXHHODIH] IH] QXP WHPSR HP TXH WXGR HUD EHP PDLV GLItFLO SDUD DV PXOKHUHV 1mR TXH QmR IRVVHGLItFLOSDUDRVKRPHQVWDPEpP HVRERXWURVDVSHFWRVQXQFDGHL[HLGHVHU VROLGiULD FRP RV SREUHV GRV PDFKRV DFRUUHQWDGRV D XPD SRUomR GH GHYHUHV HVGU~[XORV GHVGH QmR FKRUDU DWp HQIUHQWDU VLWXDo}HV KRUULSLODQWHV Vy SRUTXH HUDP PDFKRV $ JHQWH SHQVD TXH OHPEUD FRPR HUDP DV FRLVDV PDV QmR OHPEUDKiVHPSUHILOWURVILOWURV GDPHPyULDILOWURVGDVQHXURVHVILOWURV GR YROXQWDULVPRWXGR TXDQWRpWLSRGH ILOWUR1mRHUDEULQFDGHLUDQmRPHVPRFRP HOD H HX YLQGR GH IDPtOLDV PXLWR OLEHUDLV H PHLR SRUUDVORXFDV PHLR PHWLGDV D HXURSpLDV FRVPRSROLWDQDV 0LQKD PmH GLULJLD FDUUR XVDYD FDOoDV FRPSULGDV H IXPDYD GHVGH TXH HX PH HQWHQGL H LD DR PpGLFR VR]LQKD H DR FLQHPD VR]LQKD XP HVFkQGDOR 0XOKHU QmR WLQKD TXH ILFDU YLUJHP DSHQDV SRUTXH R EDEDFD GR QRLYR H[LJLD FRPRDWpKRMHH[LJHR%UDVLOQmRpVy,SDQHPDSRLVKDYLD WDPEpPR PHGR GH HQJUDYLGDU 8VDYDVH FDPLVDGHYrQXV PDV RV SUySULRV KRPHQV WLQKDP YHUJRQKD GH FRPSUDU FDPLVLQKD QDV IDUPiFLDV SDUD QmR IDODU TXH p XP UHFXUVR LQVXSRUWiYHOHJUDQGHSDUWHGRVKRPHQVILFDWmR FRQFHQWUDGDDRWHQWDUHQILiODV TXH DFDED EUR[DQGR $ HUHoiR QmR IRL SODQHMDGD SDUD DFRQWHFHU TXDQGR VH HVWi FRQFHQWUDGR QXP SUREOHPD WpFQLFR e XPD RSHUDomR HVTXLVLWD H GHVDMHLWDGD (X RXYL GL]HUTXH DTXLQR5LRMiKiPHQLQDVTXHS}HPDFDPLVLQKDQR QDPRUDGRFRP DERFD(XLPDJLQRFRPRVHMDPDVPHVPRDVVLP JRVWDULDGHYHUQmRFUHLRTXHD FDPLVLQKD PHOKRUH FRP HVVD PDQREUD QXQFD VXSRUWHL FDPLVLQKD 4XDQGR IRL TXH FKHJRXD StOXOD"1mRPHOHPEUREHPPDVQyVQmRpUDPRVPDLVPRFLQKDVSRU DtVH SRGHDGLYLQKDURTXHQyVYLYHPRVVHEHPTXHDUHSUHVVmR FRPRMiREVHUYHLWHYH VXD XWLOLGDGH DWp PHVPR O~GLFD (X SDVVHL PXLWR WHPSR VHP VDEHU TXH HUD HVWpULOVy YLPDVDEHUPXLWRVDQRV GHSRLVGHPDQHLUDTXHWLQKDWDQWRSDYRUGH HQJUDYLGDU TXDQWR 1RUPD /~FLD H WRGDV DV RXWUDV D QmR VHU DV FKDQWDJLVWDV RX LQFRQVHTHQWHV(ODSRUVLQDODSHVDUGDV FDXWHODVWDEHOLQKDV VLPSDWLDVH UHPpGLRVVXVSHLWRVIH]WUrV DERUWRV+DYLDXQV PpGLFRVFRQKHFLGRVHFRPHQWDGRV j ERFD QmR WmR SHTXHQD GL]HP TXH DWp ERQV PpGLFRV TXH ID]LDP DERUWRV $ FOLHQWHODGHYLDVHU IRUWtVVLPDVySRGLDVHU4XHPSRGLDYLQKDID]HURV DERUWRV DTXL QR5LRSDUDGHVSLVWDU0DVFODURHXJUDoDV D 'HXV QmR WLYH TXH ID]HU DERUWRHDJRUDROKDQGRSDUDWUiVYHMRTXH'HXVVDEH PHVPRRTXHID]SRUTXHHX QmR LD GDU SDUD PmH LD VHU XPD PmH KRUUHQGD H WDOYH] DWp FRPHVVH PHX SUySULR ILOKRFRQKHoR XPDPHLD G~]LDGHWUrVRXTXDWURGHVVDVMRFDVWDVSRUDtQDGDQR PXQGR p LPSRVVtYHO LVVR p DWp UHODWLYDPHQWH FRPXP &RPR GL]LD R YHOKR 0DWRVLQKR QD IDFXOGDGH D YHUGDGH GyL D YHUGDGH PDFKXFD D YHUGDGH FRQWXQGH D YHUGDGH IHUH D YHUGDGH PDOWUDWD D YHUGDGH PDWD R YHOKR 0DWRVLQKR HUD XP HVWLOLVWD EDLDQR QR SLRUtVVLPR VHQWLGR GD SDODYUD PDV WLQKD yEYLDUD]mR&RPRWLQKDUD]mR 1HOVRQ5RGULJXHV VHWRGR PXQGRVRXEHVVHGDYLGD VH[XDOGHWRGRPXQGRQLQJXpPVHGDYDFRP QLQJXpP$YHUGDGHpHVVDGHYH]HP TXDQGRHX ILFRFRPtPSHWRV GHVDLUYHUJDVWDQGRRVIDULVHXVDFKRTXHpSRULVVR TXHHXTXHUR SXEOLFDUHVWHGHSRLPHQWRMiPHTXHEUDXPJDOKR 1mRYRXGL]HU TXH VHMDFRPXQtVVLPR PmHFRPHUILOKRRXLUPmFRPHULUPmRPDVTXH ODVKD\ODVKD\ ( ORV KD\ WDPEpP WDOYH] DWp PDLV 1R LQWHULRU GR 1RUGHVWH H SRU TXH QmR GL]HU GR %UDVLO WRGR GR PXQGR WRGR" GH YH] HP TXDQGR SUHQGHP XP FRPR VHPSUH SREUH H VXVSHLWR TXH p D IDPRVD SRQWD GR LFHEHUJ QD YHUGDGH DV RFRUUrQFLDV VmR PXLWR PDLV QXPHURVDV GR TXH VH LPDJLQD (P UHODomR D LUPmR SRVVR GDU PHX WHVWHPXQKR SHVVRDO HX FRPL PXLWR 5RGROIR PHX LUPmR PDLV YHOKR DWp HOH PRUUHU D JHQWH VH FRPLD VHPSUH DFKDPRV LVVR PXLWR QDWXUDO (YLGHQWHTXHpQDWXUDO DPDLRUSDUWHGDVSHVVRDVSDVVD SHORPHQRVXPDIDVHGH WHVmR QR LUPmR RX QD LUPm Vy TXH D UHSULPH HP UHFDOTXHV PHGRQKRV 1yV QmR 1RUPD/~FLDWDPEpPQmR 0XLWDJHQWHWDPEpPQmR 0DV QmR HUD LVWR TXH HX HVWDYD GL]HQGR HX LD GL]HU TXH VH KRXYHVVH PHVPR IHPLQLVPRQHVWHSDtVIHPLQLVPRVDGLRQmRHVWD PHUGDGHTXHUHUVHUPHOKRUGR TXH RV KRPHQV H DSHQDV DVVXPLU R SDSHO GH GRPLQDGRU FRPR VH SDUD GHVFRQWDU EXUULFH EXUULFH XPD WLUDQLD QmR MXVWLILFD RXWUD EXUULFH OHYDQWDULDP XPD HVWiWXD SDUD 1RUPD /~FLD HVWDEHOHFHULDP XPD )XQGDomR 1RUPD /~FLD TXDOTXHU FRLVDDVVLP7DOYH]HXPHVPDWRPHHVVDLQLFLDWLYD SHQVDQGREHP3RUTXHQmR"$ JHQWHVHDFRVWXPDD DFKDUTXHQmR SRGHID]HUDVFRLVDVHGHUHSHQWHGHVFREUH TXH SRGH 4XDVH VHPSUH SRGH p SRU LVVR TXH PXLWRV PDOXFRV GmR FHUWR 9RX
PHGLWDU VREUH LVVR VHULDPHQWH )XQGDomR 1RUPD /~FLD SHOD /LEHUGDGH GD )rPHD GD (VSpFLH D )812/8 1mR VHP EULQFDGHLUD SRGH VHU XPD ERD LGpLD SHQVDU QLVVR FRPFDULQKR)XQGDomR$QWLSUHFRQFHLWR 1RUPD/~FLD)XQGDomRGD/LEHUGDGH +XPDQD 1RUPD /~FLD &RPLWr $QWLEXUULFH 1RUPD /~FLD &RPLVVmR 1RUPD /~FLD GH &RPEDWH DR $WUDVR H j (VWXSLGH] DOJXPD FRLVD LPSRUWDQWH HP KRPHQDJHP D HOD LQVSLUDGD QHOD H HP RXWUDV KHURtQDV LJQRUDGDV (OD GH IDWR PHUHFH (ODV PHUHFHP 1yV PHUHFHPRV 6H EHP TXH FRPR HX WDPEpP LD GL]HQGR DV UHVWULo}HV WRGDV QRV IRUoDUDP D FRQVHJXLU FDPLQKRV LQWHOLJHQWHV SDUD VXSHUiODV R TXH QRV WRUQRX PHOKRUHV PXOKHUHV HP WRGRV RV VHQWLGRV LQLJXDODYHOPHQWH PHOKRUHV GR TXH VHUtDPRV VHP HODV $SUHQGHPRV D GREUDU VLWXDo}HV DGYHUVDV GHVHQYROYHPRV iUHDV LQWHOHFWXDLV HPRFLRQDLV H VRFLDLV TXH GR FRQWUiULR WHULDP ILFDGR HVWDJQDGD DWURILDGDV(DSUHQGHPRVD WUDQVDUDFXUWLU WXGR$VPXOKHUHVSDUDGR[DOPHQWH QHVWDHUDGHOLEHUGDGHHVWmR ILFDQGRLQFRPSOHWDV HPUHODomRDQyV1mRWRGDV QXQFDVmR WRGDVPDVPXLWDVGH QyVDSUHQGHUDPDJR]DUSRUSUDWLFDPHQWH WRGRVRV EXUDFRV GR FRUSR EDVWD GRPLQDU XQV WUXTXH]LQKRV H H[HUFLWiORV FRP XP FHUWR DILQFR HOHVTXDQGRPHQRVYRFrHVSHUD VHWRUQDPDXWRPiWLFRVSDUHFHPLQDWRV $ QHFHVVLGDGH GHX PXLWD FULDWLYLGDGH j PLQKD JHUDomR PXLWD YHUVDWLOLGDGH $SUHQGHU D DSHUWDU DV FR[DV SURGXWLYDPHQWH SRU H[HPSOR PXLWDV PXOKHUHV QmR VDEHPPDLVDQHFHVVLGDGHQmRDVHVSLFDoRX$QWLJDPHQWHHUDPXLWR PDLVFRPXP D PXOKHU JR]DU DSHQDV DSHUWDQGR DV FR]DV XPD FRQWUD D RXWUD RX TXDVH LVVR KDYLDUHFXUVRSDUDWXGRKDYLDUHDOPHQWH XPFHUWRYLUWXRVLVPRKRMHSHUGLGR SHOD IDOWD GH H[SORUDomR SOHQD GH QRVVDV SRWHQFLDOLGDGHV (QILP FRQVHJXLPRV WUDQVIRUPDU R OLPmR HP GLYHUVDV OLPRQDGDV WUDQVIRUPDPRV R OLPmR HP ODUDQMD GRFH PHOKRUGL]HQGR ,VVR SRGH UHVYDODU SDUD R VDXGRVLVPR RV ERQV WHPSRV H VHPHOKDQWHV DVQLFHV QmRKiERQVWHPSRVVyKiWHPSRV1DGD GH VDXGRVLVPR VDXGRVLVPR p XPD HVSpFLH GH PDVWXUEDomR VHP YHUGDGHLUR SUD]HU XPD LQXWLOLGDGH DWUDYDQFDGRUD TXH QR Pi[LPR SRGH VHU HPSUHJDGD SDUD EULQFDGHLUDV PDV JHUDOPHQWH p SHUGD GH WHPSR PHVPR1mRQDGDGLVVR$TXHOHVWHPSRVWLQKDPVHXFKDUPH PDVHUDPGXURVWDPEpP FDGDWHPSRWHPVXDGXUH]DFRPPLOSHUG}HV SHODILORVRILDGHERWHTXLP7RPDU QDV FR[DV GH TXH HX Mi IDOHL WDQWR H[LJH NQRZKRZ SDUD VHU GHVIUXWDGR GHFHQWHPHQWH $ PXOKHU WHP TXH WUHLQDU D SRVWXUD SDUD HVWDU VHJXUD GH TXH YDL DWLQJLU XPRUJDVPRDLQGDPDLVTXDQGR RKRPHPpVHPLDGROHVFHQWHHJR]D HPGRLV GpFLPRV GH VHJXQGR (UD SUHFLVR WDPEpP WRPDU FXLGDGR FRP R SHVVRDO GR Vy D FDEHFLQKDWRGRPXQGRPDQMDHVVHSHVVRDO HPERUDHOHH[LVWDPDLVQRIROFORUHGR TXHQDYLGDUHDOHXPHVPD VyHQFRQWUHLXQVWUrV7LYHDWpYRQWDGH GHGDUSDUD XP GHOHV FKHJXHL D FRPHoDU D DEULU DV SHUQDV HQFRVWDGD QR SiUDODPD GR FDUUR GR SDL GHOH 0DV DOJR PH GLVVH TXH QmR $OJR TXDVH VHPSUH PHQWH PDV PHVPR DVVLPPDQGDDERDSDUDQyLDVDGLDTXHVHGr DWHQomRDHOH3RLVp$OJRPHGLVVH TXH QmR GHVVH QHP QHVVH GLD QHP QRV VXEVHTHQWHV HPERUD DGRUDVVH PH DJDUUDU FRP HVVH UDSD] HOH GHYLD WHU XQV IHURP{QLRV H[WUDRUGLQiULRV )LFDYD UDODGR GH WDQWRERWDUQDVPLQKDV FR[DVHHXID]LDWXGRFRPHOHH[FHWR GHL[DUTXHHOH PHWHVVHIRVVHQDIUHQWHIRVVHDWUiV$WUiVEHP TXHHXWHQWHLDSULPHLUDYH] HPSpHQFRVWDGDQRPXURGRIDURO GD%DUUDTXHDOLiVpPHLRLQFOLQDGLQKRH D JHQWH ILFD PDLV RX PHQRV UHFOLQDGD GH EUXoRV JUDQGH IDURO GD %DUUD (OH SDVVRX FXVSH HX PH SUHSDUHL WRGD DQVLRVD H TXDQGR HOH HQILRX QmR FRQVLJR LPDJLQDU GRU SLRU GR TXH DTXHOD XPD GRU FRPR VH WLYHVVHP PH GDGR GH]HQDV GH SXQKDODGDV XPD GRU IXQGD H ODFHUDQWH TXH QmR SDVVDYD QXQFD PH DUUHSLR DWp KRMH ( DV WHQWDWLYDV SRVWHULRUHV IRUDP WRGDV GHVDVWURVtVVLPDV H[SHULrQFLDV KXPLOKDQWHVH DFDEUXQKDQWHVSDVVHLDQRVWUDXPDWL]DGDHGHFLGLGDD WRUQDU DTXLOR WHUULWyULR SHUSHWXDPHQWH SURLELGR H PHVPR H[HFUDGR $Wp TXH 1RUPD /~FLD PH HQVLQRX XPD FRLVD 1mR 'XDV FRLVDV 1mR 7UrV FRLVDV 3ULPHLUD FRLVD QR FRPHoRQDLQLFLDomRSRUDVVLPGL]HU WHPTXHVHUGHTXDWURUHTXLVLWR DEVROXWR SDUDDJUDQGHPDLRULD 6HJXQGDFRLVD WHPTXHGL]HUDHOHTXHYHQKDGHYDJDU2XPHOKRU DLQGDGL]HUD HOH TXH HVSHUH D JHQWH LU FKHJDQGR GH Up GHYDJDU VHPSUH GHYDJDU 7HUFHLUD H PDLV LPSRUWDQWH GH WRGDV UHOD[DU UHOD[DU PDV UHOD[DU GH YHUGDGH VROWDU RV P~VFXORV HVSHUDU GH EUDoRV DEHUWRV GLJDPRV e XP PLODJUH )RL XP PLODJUH QD SULPHLUD YH] HP TXH HX VHJXL HVVD RULHQWDomR VLPSOHV 'Dt SDUD JR]DU DQDOPHQWH QmR VHL QHP VH p JR]R SURSULDPHQWH DQDO Vy VHL TXH p XP JR]R LQWHQVtVVLPR IRL Vy PDLV XP SRXFR GH YLYrQFLD ZLWK D OLWWOH KHOS IURP P\
IULHQGV KDKD 4XHP QmR VDEH ID]HU LVVR QXQFD IH] XPD YHUGDGHLUD VXUXED QHP SRGH ID]HU QXQFD YDL SRGHU FRPHU GLUHLWR XP FDVDO HQILP YDL VHU XPD PXOKHU LQFRPSOHWDDFKRTXHTXDOTXHUXPFRQFRUGDFRPLVVR1mRVHLVH YRFrVDEH PDVDVKHWDLUDVDVFRUWHVmVGD*UpFLDDQWLJDGDYDP DEXQGDSUHIHUHQFLDOPHQWH $SHVDU GH Mi KDYHU PpWRGRV DQWLFRQFHSFLRQDLV R PDLV VHJXUR HUD PHVPR XPD HQUDEDomR p XPD DUWH PLOHQDU TXH QmR SRGH VHU SHUGLGD H WRGD PXOKHU TXH VRE GHVFXOSDV LQDFHLWiYHLV H GLWDGDV SHOD LJQRUkQFLD SUHFRQFHLWR RX LQFDSDFLGDGHQmRFRQWDFRPLVVRHPVHXUHSHUWyULRSHUPDQHQWHp XPDOLPLWDGD QmR LPSRUWD R TXH HOD DUJXPHQWH $FKR DWp TXH WRGDV DV UHIUDWiULDV QD YHUGDGH VDEHP TXH VmR OLPLWDGDV H SURFXUDP QHJDU HVVD FRQGLomR DWUDYpV GH PHFDQLVPRV SDUD PLP SRXFR FRQYLQFHQWHV 'HSRLV TXH DSUHQGL QDWXUDOPHQWH TXH WLYH GH SURFXUDU HVVH QDPRUDGR PHX HVTXHFL R QRPH GHOH DJRUD (XVpELR TXDOTXHU FRLVDSRUDtHGDUDEXQGDDHOHQmRSRGLD PRUUHU VHPID]HULVVR'HLQXPD IHVWD GH DQLYHUViULR GD HQWmR QDPRUDGD GHOH QXP VtWLR RQGH p KRMH /DXUR GH )UHLWDVHXWDPEpPHUD OHYDGLQKD (SRUTXHHXQmRGHL[HLTXHHOHPHFRPHVVHQDIUHQWHWDPEpP" %HP SULPHLUR SRUTXH DFKHL TXH QmR HVWDYD SURQWD DLQGD HPERUD PH VHQWLVVH SURIXQGDPHQWHOHVDGDHPPHXVGLUHLWRVHOHPHQWDUHV SRUQmRSRGHUGDUWXGRRTXH HUD PHX H GH PDLV QLQJXpP 0DV SDUD FRQVRODU HX Mi WLQKD PH GHVHQYROYLGR H[WUDRUGLQDULDPHQWH HP RXWUDV iUHDV Mi GHVIUXWDYD WRPDU QD EXQGD H QDV FR[DV FRP JUDQGH FRPSHWrQFLD Mi JR]DYD FKXSDQGR JR]DYD DWp TXDQGR FKXSDYDP PHXV SHLWRV EHP FKXSDGRV JR]DYD QR GHGR JR]DYD DSHUWDQGR DV FR[DV QmR VHQWLD HQILPIDOWDGHPXLWDFRLVD H WLQKDUHDOPHQWHWHUURUGHILFDUJUiYLGD6HJXQGR H PDLV UHOHYDQWH p TXH HX WLQKD XPD IDQWDVLD GH PHX GHVYLUJLQDPHQWR TXH HX DFKRTXHWLUHLGD ELEOLRWHFDGHPHXDY{XPOLYURJURVVmR VREUHDYLGDVH[XDO TXHWUD]LDDVIRWRJUDILDV GHXPKRPHPHXPD PXOKHUDPERVQXVGHIUHQWHDPERV HP SRVLomR GH VHQWLGR WXGR DOWDPHQWH QHXWUR 0DV HX QmR FRQVHJXLD GHL[DU GH PLUDU RV SHLWRV H RV SHQWHOKRV GHOD H R ELJRGH H R SDX GHOH SDVVDYD KRUDV HQWUHWLGD QLVVR H OHQGR D GHVFULomR GH XP GHVYLUJLQDPHQWR IHLWD SHOR DXWRU 1mR VHL GH FRU PDV p FRPR VH VRXEHVVH DWp KRMH VRX FDSD] GH UHSHWLU HVVDVSDODYUDVGRMHLWRTXHILFDUDPHPPLQKD FDEHoD ( HQWmR FKHJD R PRPHQWR WmR DQVLDGR 6HP SURQXQFLDU XPD SDODYUD HOH IHFKD D ERFD GD GRQ]HOD FRP XP EHLMR GHFLGLGR HQWUH VHXV ELJRGHV PiVFXORV LQVLQXD VHXV TXDGULV GHOLFDGD PDV ILUPHPHQWH HQWUH DV FR[DV GHOD H GLULJH D JODQGH LQWXUJHVFHQWH SDUD R KtPHQ HQWmR WUrPXOR H OXEULILFDGR SHORV IOXLGRV QDWXUDLV GD YDJLQD 5HVROXWR HOH VH DVVHJXUD jV YH]HV FRP D DMXGD GDV PmRV GH TXH HVWi QR SRQWR FHUWR H HQWmR HQTXDQWR HOD Gi XP JHPLGR DEDIDGR HQWUH D GRU H R SUD]HU GD IrPHD TXH ILQDOPHQWH FXPSUHRVHXGHVWLQRELROyJLFRSHQHWUDDFRPXPVy LPSXOVR YLJRURVR DEUHOKH PDLV DV SHUQDV LQLFLD XP PRYLPHQWR GH YDLHYHP SURIXQGR H ILQDOPHQWHGHUUDPDOKHQDVHQWUDQKDVR PRUQROtTXLGRYLWDOVHPRTXDOHOHQmR pQDGDHODQmRpQDGD (VVDHUDPLQKDIDQWDVLDDWp KRMHpVHPSUHIRLXPGRV PHXV WHPDV GH PDVWXUEDomR IDYRULWRV H QmR VHL VH GH DOJXPD IRUPD SRU LVVR SDVVHLJUDQGHSDUWHGDYLGDSUHIHULQGRKRPHQVPDLVYHOKRVVy GHSRLVpTXH FRPHFHL D JRVWDU GH KRPHQV PDLV QRYRV GHSRLV TXH GHVFREUL TXH RV PDLV YHOKRV VmR SXWDV YHOKDV LJXDLV D PLP QmR YDOHP QDGD ( GHSRLV EXUUR YHOKR FDSLP QRYRYHUGDGHLQHJiYHO +RMH VLQWR SUD]HU HP VHGX]LU H WUHLQDU XP MRYHP ERQLWR p HVWLPXODQWH UHYLWDOL]DGRUID]EHPDRHJR &ODUR TXH HX PHVPR JRVWDQGR LUUDFLRQDOPHQWH GD FHQD RX VHMD GD PDQHLUD PDLVIRUWHSRVVtYHOQmRWLQKDLGpLDGHTXHLD DFRQWHFHUFRPLJRH[DWDPHQWHGHVVD PDQHLUDRXTXDVHH[DWDPHQWH $LQGDQHPVRQKDYDHPFRQKHFHU-RVp/XtV-RVp/XtVIRL PHX SURIHVVRUGHSUiWLFD GH3HQDOQLQJXpPOLJDYDSDUDHOHPDV3HQDO p yWLPR SRUTXH WHP DTXHOHV SDSRV GH HVWXSUR SUHVXPLGR VHGXomR DWHQWDGR DR SXGRU UDSWR HWF WXGR H[FHOHQWH SDUDSX[DU FRQYHUVDVGHVDFDQDJHPDSDUHQWHPHQWHLQRFHQWHV HWpFQLFDVPDV DVVLP PHVPRDVPHQLQDVSRXFROLJDYDPSDUDHOHQmRWLQKDP LQWXLomRRXH[SHULrQFLDSDUD DYDOLDU DGHTXDGDPHQWH R SRWHQFLDO GHOH $V SRXFDV TXH VH LQWHUHVVDYDP SRU HOH QmR DOLPHQWDYDP SODQRV SRUTXH HOH HUD FDVDGtVVLPR FD[LtVVLPR RUGHLUtVVLPR UHSURYDGRUtVVLPR GHPDQHLUDTXHQLQJXpPDFKDYDTXHYDOLD DSHQD R WUDEDOKR PHVPR GLDQWH GD WHQHEURVD HVFDVVH] GH KRPHQV DSURYHLWiYHLV DTXHOH HOHQFR GHSULPHQWH GH FRoDGRUHV GH EDL[LRV H SULPLWLYRV QHDQGHUWDOHVFRV
3DUrQWHVH )DODQGR HP QHDQGHUWDOHVFR PH DSDUHFHX HVWH SDUrQWHVH WDOYH] LQMXVWLoDQGR XP SRXFR R KRPHP GH 1HDQGHUWDO e GLItFLO DFUHGLWDU QHVWH SDUrQWHVHPDVpDSXUDYHUGDGHQmRUHVLVWRDFRQWiOR 9HUGDGHYHUGDGHILTXHLSDVPDQDRFDVLmRHFRQWLQXRDELVPDGD 8PDFRQKHFLGDPLQKDHUDQRLYDGHDOLDQoDQRGHGRGH XPUDSD] PXLWRFRQKHFLGR FRP TXHP WRGR PXQGR VLPSDWL]DYD XP UHFKRQFKXGLQKR FRUDGR JHQWLO HGXFDGR DEHUWRVLPSiWLFRPHVPR (OHVHUDPXPFDVDOGHSRPELQKRVWRGRPXQGRVHUHIHULDDHOHV FRPRSRPELQKRVXP FKDPHJRHXPFDULQKRTXH FKDPDYDPDDWHQomR VyDSDUHFLDPMXQWRVDRVEHLMLQKRV HDOLVDGLQKDV1DPRURSDGUmR QD%DKLD3RLVEHPSRLVXPEHORGLDDFDEDUDP )RL XPVXVWR JHUDOGH]HQDVGHKLSyWHVHVHHVSHFXODo}HVHQLQJXpPFRQKHFLD D YHUVmR FRUUHWD 0XLWDV H PXLWDV YROWDV GR PXQGR GHSRLV QyV GXDV HVWiYDPRV WHQGR XPD HVSpFLH GH FDVR SDVVDJHLUR H HOD PH FRQWRX QD FDPD R TXH GH IDWR KDYLD DFRQWHFLGR ,QLPDJLQiYHO PDV DFKR TXH DWp KRMH FRQWLQXD DFRQWHFHQGR (OD PH FRQWRX TXH PDQWLQKD D YLUJLQGDGH FRP HOH PDV GH UHVWR ID]LDP XPD SRUomR GH FRLVDV QDYHUGDGHDJRUDHODVDELD XPDSRUomRGHPHUDVSHUIXPDULDV( HOHIRL RSULPHLURQDYLGDGHODD~QLFDH[SHULrQFLDTXHHOD WLQKD(DtHVWmRRVGRLV QDPRUDQGRQXPDEDODXVWUDGDGHVHUWDQD %DUUDMiHVFXUHFHQGRHOHVHQWDGRHOD HP Sp UHFRVWDGD HQWUH DV SHUQDV GHOH TXDQGR VHQWLX R SDX GHOH GXUR OKH URoDU QD ERFKHFKD (OD HQWmR ILFRX HVIUHJDQGR D FDUD SDUD Oi H SDUD Fi SRU FLPD GR SDQRGDFDOoD(HQWmRPHFRQWRXHODTXHQmRWLQKD UD]mRQHQKXPDSDUDPHQWLUH SDUHFLD DWp HVWDU SUHFLVDQGR GDTXHOH GHVDEDIR HOD IRL VHJXLQGR XP FXUVR QDWXUDOVHPQHPSHQVDUQR TXHHVWDYDID]HQGR$EULX D EUDJXLOKD GHOH H GHL[RX TXHRSDX SXODVVHIRUD(UDDSULPHLUDYH]TXHRYLDDVVLPFDUDDFDUD HILFRX TXDVHKLSQRWL]DGDVHVHQWLQGRFRPRQXQFDVHVHQWLUD DQWHVXPDIDOWDGH I{OHJR XPDkQVLD XPDYRQWDGHGHDJDUUDU WXGRGHXPDYH]DVFRVWDVILEULODQGRGHDOWR DEDL[R'DtSDUD S{URSDXGHOHQDERFDIRLXPLQVWDQWH HDtDFDERXRQDPRUR (OH GH UHSHQWH HPSXUURX D FDEHoD SDUD WUiV H GHX XP PXUUR QHOD 1mR XP WDSD GLVVHHODPDVXPPXUURTXHOKHGHL[RXRTXHL[RUR[R 4XHHUDTXHHODHVWDYDSHQVDQGR"(PTXHSXWHLURDSUHQGHUDDTXLOR" $FKDYD TXH PXOKHU GHOH HUD SDUD ID]HU DTXHOD FRLVD QRMHQWD SUySULD GDV PDLV EDL[DV SURVWLWXWDV" 6H HOH TXLVHVVH DTXLOR LD SURFXUDU XPD YDJDEXQGD QD UXD QmRVXDSUySULDPXOKHU( TXH GHVHQYROWXUDHUDDTXHODRQGHHODKDYLDDSUHQGLGR DTXLOR FRP TXHP Mi IL]HUD DTXLOR" 1XQFD PDLV D EHLMDULD QD ERFD QmR TXHULD FKXSDUKRPHPQHQKXPSRUWDEHOD &DVDULDFRPHODVLPSRUTXHMi HVWDYDP FRPSURPHWLGRV PDV QXQFD PDLV D EHLMDULD QD ERFD (OD TXH WLQKD FDUiWHU GHFLGLXTXHDFDEDULDWXGRQDTXHODPHVPDKRUD 1D RFDVLmR QmR FRQVHJXLX GDU D GHVFRPSRVWXUD QHOH TXH SUHWHQGLD PDV QXQFD PDLVTXLV VDEHUGHOHPHVPRTXDQGRHOHWRPRX FRUQRGHXPDRXWUDQDPRUDGDHYHLR DWUiVGHODQRSURYHUELDO UDVWHMDUPRUGLGRGHDUUHSHQGLPHQWR (QWmR YRFr Yr 1mR Vy RV KRPHQV WLQKDP PHGR GH GHIORUDU DV PRoDV PHVPR TXDQGRHODVLPSORUDYDPFRPRDLQGDH[LVWLDHVVHWLSR GHVHOYDJHULD(UD FUXFLDO VHU XPD QDYHJDGRUD KiELO QHVVH PDU GH EDEDTXLFH FKHLR GH DUPDGLOKDV LQHVSHUDGDV 0DV HX VHPSUH WLYH XP IDUR VXSHULRU XPD FDSDFLGDGH GH SHUFHSomR PDLV DJXoDGD TXH R FRPXP WDOYH] 7DOHQWR SRU TXH QmR" 3RU H[HPSOR GHVFREUL R SRWHQFLDOGH=p/XtVQXPHVWDORIRLUHSHQWLQR PHVPR (X HVWDYD QR VDJXmR GD IDFXOGDGHTXDQGRPHYHLRXPFODUmRFODUmRpD ~QLFDSDODYUDDSURSULDGD0DV 0DV HVWDYD QD FDUD =p /XtV =p /XtV DOL GDQGR VRSD H QLQJXpP j DOWXUD GH DSURYHLWDU(HQWmR HOHVXELXDHVFDGDVHPPHROKDUPDVHXVDELDTXHHOH HVWDYD PH YHQGR H HQWmR HX IDOHL FRPLJR PHVPD TXH 'HXV p JUDQGH H WXGR HVWDYD PDUDYLOKRVDPHQWHjVRUGHQVDYLGDpVLPSOHVHDJHQWHQmR UHSDUD&HJRpPHVPR RTXHQmRTXHUYHUHDJRUDHXYRXFRQWDU/D JUDQGHVpGXFWLRQ $JUDQGHVHGXomR (OHQmRHUDERQLWRPDVWDPEpPQmRHUDIHLR $OLiVDVFDWHJRULDVIHLRHERQLWRQmRVHDSOLFDYDPEHPD HOHFRPRDFRQWHFH FRP PXLWRV KRPHQV &RP PXOKHU WDPEpP PDV DV PXOKHUHV WrP PDLV WUXTXHV VXSHUILFLDLV Mi FRQVDJUDGRV SHOR XVR H SHOR WHPSR H RV KRPHQV QmR (OH HUD ERQLWR PXLWR ERQLWR DWp VRE FHUWD SHUVSHFWLYD ( SRGLD VHU FKDPDGR GH IHLR DWUDHQWH SRU RXWUDV SHVVRDV RX PHVPR IHLR SRQWR ILQDO %HP VHP TXHUHU VHU 6SLQR]D H ILFDU SHUJXQWDQGR RQGH p TXH HVWi D EHOH]D YRX PDLV RX PHQRV SHOR PHVPRFDPLQKR3DUDPLPHOHHUDERQLWRSRUTXH SUHHQFKLD DV FRQGLo}HV SDUD VHU
PHXGHIORUDGRUpXPDFRLVD FRPSOH[DPXLWRSHVVRDOpXPDFRQMXPLQDomRGHWXGR RTXHYRFr DFKDTXHFRPS}HXPDSHVVRDHFRPS}HYRFr (OHSUHHQFKLDDV FRQGLo}HV REMHWLYDVHHPRFLRQDLVSURQWRIDODYDjPLQKDQHXURVH ÏFXORVGHWDUWDUXJDTXHDLQGDQmRWLQKDPHQWUDGRQDPRGDFRPR GHSRLVPDJULQKR QR SRQWR FHUWR EXQGLQKD IRUQLGLQKD YR] EHP PRGXODGD VDELD WXGR GH 3HQDO H RXWURV GLUHLWRV HUD HGXFDGtVVLPR HUD GH HVTXHUGD XP PXVW QHVVD pSRFD VRUULVR OLQGR XPD JUDoD SHQVDQGR EHP 8P MHLWR HQWUH DFDQKDGR H VDUG{QLFR IDFLOLGDGH GH IDODU EHP VHP DIHWDomR XP URVWR H[SUHVVLYR H IUDQFR H yEYLR ELJRGH1mRGHVVHVELJRGLQKRV ULGtFXORVPDVELJRGHFKHLRPHVPRELJRGHGH KRPHP PDFKR 1mR HUD XP JDOm FRPR RV DPHULFDQRV WHFQLFRORU PDV XP EHOR JDOm LQFOXVLYH HP WHUPRV GH KRMH -i GHYH WHU PRUULGR H VH QmR IRVVH HX FHUWDPHQWHPRUUHULDFRPSOHWDPHQWHGHVSHUGLoDGR$PXOKHUGHOH HQVLQDYD)tVLFDHP RXWUD IDFXOGDGH H HUD XP KRUURU GHVVDV PXOKHUHV VHP TXHL[R TXH FRPSDUHFHP D WRGD UHXQLmR UHLYLQGLFDWyULD H ID]HP FRORFDo}HV VHPSUH KRXYH JHQWH ID]HQGR FRORFDo}HV H DLQGD SRU FLPD WLQKD PDQLD GH FDQWDU FDQWDYD HP WRGDV DV IHVWDV WRFDYD XP YLROmR KRUUtYHO FRP XP UHSHUWyULR GH TXDWUR DFRUGHV H LPLWDYD 6WHOOLQKD (JJ H ,QH]LWD %DUURVR H PDLV XPDV WDQWDV RXWUDV FDQWRUDV IROFOyULFDV GR LQWHULRU GH 6mR 3DXOR ( HOH DGRUDYD HOD FDUUHJDYD R YLROmR GHOD ID]LD SVLX QD KRUD HP TXH HOD FRPHoDYD D XLYDU H GDYD EHLMRV VDSHFDGRV QHOD GHSRLV TXH HOD FDQWDYD WUHQ]LQKR FKXiFKXi RX TXDOTXHU PHUGD GHVVDV TXH WRGR PXQGR RXYLD VH DFKDQGR DOWDPHQWH SRYR (OD DMXGDYD D TXH HX QmR VHQWLVVH UHPRUVR QHQKXP DFKR DWp TXH OKH IL] XP IDYRU =p /XtV GHYH WHU PHOKRUDGR EDVWDQWH HP FDVD GHSRLV GD VpULH GH VXUUDV GH FDPD TXH HX OKH DSOLTXHL(PHVPRTXHGHVVHUHPRUVR DYHUGDGHpTXHQXQFDIXLGDGDDHVVHWLSR GH UHPRUVR 2 ~QLFR SUREOHPD PHVPR HUD DUPDU XPD HVWUDWpJLD HILFD] H HX HQIUHQWHLD VLWXDomRFRPXPDFDWHJRULD GLJQDGH1RUPD/~FLD2XPHOKRUSRU TXH PHGLPLQXLU"&DWHJRULDPLQKDVyTXHPYLYHXQDTXHOH WHPSR p TXH SRGH VHQWLU RV GHVDILRV HP VXD LQWHLUH]D ( D YHUGDGH p TXH GHVVD YH] QmR SHGL DVVHVVRULD D 1RUPD/~FLDUHVROYLTXHLD HQIUHQWDUWXGRVR]LQKDY{RVROR 2 SDVVR LQLFLDO IRL VHU D SULPHLUD D FRPSDUHFHU jV DXODV H VHQWDU FRP XPD FDUD GH DWHQomR H DGPLUDomR TXH TXDOTXHU XP MXUDYD TXH HX WLQKD IUHTHQWDGR R $FWRUV6WXGLRFROHJDGH WXUPD GH0DUORQ%UDQGR6yTXHPLDjVDXODVGHOHHUDP RV FrGrHIHV H RV TXH HVWDYDP SHQGXUDGRV SRU IDOWDV PDV HX QmR HX Mi HVWDYD QRFRUUHGRUQDKRUDHPTXHHOHYLQKDHTXDQGRHOHYLQKDHX UXERUL]DYD VHPSUHVRXEHUXERUL]DUjYRQWDGHYLUDYDDV FRVWDVHVDEHQGRSHUIHLWDPHQWH TXH HOH HVWDYD YHQGR UHWRFDYD R EDWRP H R UXJH DOLVDYD D VDLD DMHLWDYD R FDEHORHLDVHQWDU QDSULPHLUDILOD4XDQWDVYH]HV HX VHQWHL DOL WRGD SXGLFD DQWHV GHTXDOTXHURXWURDOXQRFKHJDU(OHILFDYDVHPJUDFtVVLPDXPD WHVmRHHX QmR GDYD EDQGHLUD QHQKXPD Vy SHUJXQWDYD FRPR HOH LD H GL]LD TXH HVWDYD HVSHUDQGRDTXHODDXODHXDGRUDYD3HQDOHDV DXODVGHOHPHDEULDPPXQGRV 0LQKD SRVWXUD HUD WDPEpP PXLWR UHFDWDGD VH EHP TXH FRP XPDV FHUWDV H[FHo}HV UHSHQWLQDVH IXJD]HVVySDUDGHL[iORGHRUHOKDHPSpHVHPVDEHURTXH SHQVDU GLUHLWR ( QDTXHOH WHPSR VH DQGDYD GH DQiJXD H VXWLm H PLQLVVDLD HUD GRV DQRV GR WHPSR GDV IODSSHUV TXH D JHQWH YLD QR FLQHPD ( PHVPR TXH KRXYHVVH PLQLVVDLD HX QmR XVDULD Mi HVWDYD OLJDGD QD SUiWLFD GR SULPHLURIRLYRFr QXQFDSHUGLWHPSR HPTXHUHUGDUPXUURHPSRQWDGHIDFD )RUDPPHVHVDOJXpPDFUHGLWD")RUDPPHVHVSDUDHOHFRPSUHHQGHU TXHHXHVWDYD TXHUHQGRGDUSDUDHOHHPDLVPHVHVSDUDHOHDFHLWDU PHGHVYLUJLQDU)RUDPPHVHV UHQDVFHQWLVWDV IORUHQWLQRV PDV HX QmR PH LPSRUWHL DWp JRVWHL &RQWLQXHL OHYDQGR D PLQKD YLGD FRPR VHPSUH FRP QRLYR H WXGR 0H VHQWLD PDLV RX PHQRV FRPR 6HOPD D MLEyLD GH 1RUPD /~FLD H HOH HUD R UDWLQKR HP TXH HX LD PH HQURVFDUHHQJROLU(HXQmRPHOLPLWDYD jPDQREUDGHVHQWDUQDSULPHLUDILOD $ FDGD GLD HX IHFKDYD R FHUFR PDLV XP ERFDGLQKR XP DSHUWR VXWLO XP DYDQoR TXDVH LPSHUFHSWtYHOPDVVHPSUHXPWLMRORQDPLQKDFRQVWUXomR'HLSDUD ILFDUQD VDODGHSRLVGDDXODVHPSUHWLQKDXPDSHUJXQWDYiULDV SHUJXQWDVROKDQGRGLUHWR QRV ROKRV GHOH TXH GHVYLDYD D YLVWD PDV HX ILUPH 3HGLD ELEOLRJUDILD ID]LD TXH QmR HQWHQGLD FHUWDV FRLVDV FLWDYD WUHFKRV GH OLYURV YLUHL XPD YHUGDGHLUD %HFFDULD Vy VH YHQGR 'HSRLV SHJDPRV PDLV SUR[LPLGDGH H HX PRVWUHL FDGHUQRV DQRWDo}HV H HVFULWRV PHXV XQV SRHPDV 8PD YH] QLQJXpP QHVWH PXQGR SUHVWD PXLWR PHQRV HX HOH HVWDYD OHQGR XQV SRHPDV H HX ILQJLQGR DOWR QHUYRVLVPR WRPHL R FDGHUQR GHOH QD KRUD HP TXH HOH HVWDYD FRPHoDQGR XP SRHPD H GLVVH TXH
DTXHOH QmRDTXHOHHOHQmRSRGLD OHU(IL]IL]IL]QmRSRVVR QHJDUIL] XP QHJyFLR TXH VHPSUH FRQVLGHUHL YXOJDU PDV IL] DSOLTXHL DTXHOH JROSH GR YHMD FRPR HX HVWRX QHUYRVD SX[DQGR D PmR GR IUHJXrV SDUD R PHX UHJDoR ( QR VHWRUYLVXDODHVWD DOWXUDHXMiWLQKDFKHJDGRDRVDLmRFRPERW}HVQDIUHQWH $QiJXD ILQD SRU EDL[R PDV VDLmR FRP ERW}HV 1mR DSDUHFLD QDGD Vy PXLWR GH UHODQFHHXPDYH]QDYLGDHRXWUDQDPRUWHPDVHOH ILFDYDSHUWXUEDGRMiDQGDYD YLVLYHOPHQWH SHUWXUEDGR FRPLJR jV YH]HV FRLWDGR GDYD XQV ROKDUHV FDtGRV H FRPSULGRV FRPR VH TXLVHVVH SHGLU PLVHULFyUGLD ( HX ILUPH 0LQKDV ILFDGDV GHSRLV GDDXODYLUDUDPFRVWXPHFRPLJR FRQYHUVDQGRHXVDQGRWRGRVRV WUXTXHVTXH Mi QDVFL VDEHQGR SHJDQGR QR EUDoR GHOH H WLUDQGR D PmR GHSUHVVD H PDOLFLRVDPHQWH HORJLDQGR HOH FKHJDQGR SHUWR SDUD ROKDU OLYURV VREUH R RPEUR GHOH ROKRV QRV ROKRV VHPSUH TXH SRGLD XPD FDPSDQKD QDSROH{QLFD 1RUPD /~FLD GLVVH TXH HX HUD OHWDO )LQDOPHQWH FKHJRX R JUDQGH GLD (UD XPD TXDUWD IHLUD H FKRYLD QmR p DVVLP TXH VH FRPHoDP HVVHV UHODWRV" 1mR VHL VH HUD TXDUWDIHLUD PDV FKRYLD VLP QR JUDQGH GLD p XP SRUPHQRU LPSRUWDQWH ( IRL LQHVSHUDGR SRUTXH HOH QmR GDYD DXOD QHVVH GLD PDV 0DVFDUHQKDV R FDWHGUiWLFR WLQKD PHGR REVHVVLYR GH ILFDU WXEHUFXORVR RXWUD YH] H DPDOGLoRDYD DWp YHQWLODGRUHV H PDQGRX TXH HOH DSOLFDVVH D SURYD 4XDVH WRGR PXQGR DFDERX PDLV RX PHQRV FHGR PDV HX TXH WLQKD HVWXGDGR FRPR XPD DOXFLQDGD HVFUHYL UHVPDV GH SDSHO H GHPRUHL DWH TXDVH R ILP GR KRUiULR 4XDQGR FKHJRX D KRUDVy UHVWDYDPQDVDODHOHH-RUJLQKRTXHHUDPDOXFR HWLQKD GLILFXOGDGHHP HVFUHYHU PDV Mi HVWDYD WHUPLQDQGR (X HVSHUHL XP ERFDGLQKR YL TXH -RUJLQKR DLQGDLDGHPRUDUPDLV XP WHPSLQKRHWRPHLXPDGHFLVmRTXHMiHVWDYDGLVSRVWDD WRPDU ID]LD PXLWR )LQJL TXH R YDGHPpFXP H RV FDGHUQRVHVWDYDP DWUDSDOKDQGR ERWHL D FDQHWD QD ERFD H IXL DWp HOH (OH HVWDYD FXUYDGR FRP DV PmRVDSRLDGDVQDPHVDH HQWmRDSDUHQWDQGRHVWDUWRGDVHPMHLWR GHL[HLXQV FDGHUQRV FDLU QD PHVD SHJXHL D SDSHODGD GD SURYD SDUD HQWUHJDU H EHP QHVVD KRUD FRPR TXHP HVWi GLVWUDtGD PDV GHL[DQGR WUDQVSDUHFHU XPD GHWHUPLQDomR LQHJiYHO HPERUD LQWDQJtYHO HQFRVWHL QD PmR GHOH TXH VH IHFKDYD VREUH D ERUGD GD PHVD (OH OHYRX XP VXVWR H WLURX D PmR PDV HX IL] SUHVVmR H PLQKD VDLD FKHJRX D VXELU XP SRXFR DUUHSDQKDGD HP IUHQWH D PHX S~ELV SHOR PRYLPHQWR GHOH0DVHXQmRDOLYLHLDSUHVVmRVyROKHLQRVROKRV GHOHRXWUDYH]GHSRLV EDL[HL D YLVWD GHSRLV ILTXHL YHUPHOKD IL] PHQomR GH VDLU DWDEDOKRDGDPHQWH YROWHLSDUDSHJDUXPFDGHUQR TXHWLQKDHVTXHFLGRGH SURSyVLWR H Dt SHUJXQWHL D HOHVHHX DJRUDTXHD SURYDHVWDYDHQWUHJXHSRGLDSHUPDQHFHUDOLXP ERFDGLQKR H WLUDU XPDV G~YLGDV FRP HOH" 6DEH HX WLQKD WLGR XQV GRLV SURIHVVRUHV TXH PDUFDUDP PLQKD YLGD GRLV RX WUrV QR Pi[LPR ( HOH HUD XP GHOHV VDELD" (OH WLQKD GHVSHUWDGR DOJR TXH GRUPLD HP PLP DOJR GH FXMD H[LVWrQFLD HX MDPDLV VXVSHLWDUDH DJRUDSHODVPmRVGHOHGHVFREULUDDUUHEDWDGDTXDVHVHPI{OHJR 8PDSDL[mRGLVVHHX(IDOHLSDL[mRGHIRUPDWmRDPEtJXDTXH HXPHVPD VHQWLR DPELHQWHHVTXHQWDUHILFDUFRPRVHXPYDSRU HVFDUODWHWLYHVVHUHSHQWLQDPHQWHVH HYRODGR GR FKmR ( VHQWL SHQD GHOH FRLWDGR 6LP VHQWL SHQD GHOH HX HUD D FREUD6HOPDHOHHUDRUDWLQKR $ YHUGDGH p TXH VRE FHUWR VHQWLGR DV PXOKHUHV QmR WrP UD]mR GH TXHL[D (P SULPHLUROXJDUHVVDFRQYHUVDGHTXHDPDLRUSDUWHGD +LVWyULDGDKXPDQLGDGHIRL YLYLGD VRE R GRPtQLR PDVFXOLQR p EDVWDQWH TXHVWLRQiYHO +RMH QLQJXpP Or PDV R YHOKR 5REHUW *UDYHV JUDQGH 5REHUW *UDYHV TXH HX GHVFRQILR TXH WDPEpP HUD XP IDQWiVWLFRPHQWLURVRXPFROKXGHLUR HVWDSDODYUDDGPLUiYHOTXH WHPQD%DKLD SDUD GHVLJQDU PHQWLURVRV GH SULPHLUR WLPH XP VXEOLPH FROKXGHLUR WLQKD XPDV LGpLDVVREUHLVVRGHYH]HP TXDQGRHXOHLRHOH HUD LQWHOLJHQWtVVLPR GH ERP JRVWtVVLPR HUXGLWtVVLPR+RMHDHUXGLomRDFDERXDPHPyULDpD GRVVLVWHPDV GH DUPD]HQDPHQWR HOHWU{QLFR 1R IXWXUR D JHQWH SDJDUi D XP VXMHLWR SDUD DFKDU R TXH D JHQWH TXHU QRV EDQFRV GH GDGRV SRLV QHP LU Oi GLUHWDPHQWH RX SUHFLVDU GLVVR D JHQWH YDL D HUXGLomR DFDERX PHVPR 0DV JUDoDV D 'HXV QmR DFDERX D LQWHOLJrQFLD 5REHUW*UDYHVYRXOHUGH QRYR7KH*UHHN0\WKVWHQKRXPDHGLomR SHTXHQLQLQKD HPSDSHUEDFNMiWRGDVHEHQWDGHHXWDQWRPDQXVHDU (QWmRR%RE*UDYHVHHX WHPRVVpULDVG~YLGDVVREUHHVVDTXHVWmR GHD PXOKHUWHU VLGR VHPSUH GRPLQDGD 2 FRQWUiULR QD YHUGDGH p TXH SDUHFH TXH DFRQWHFHX 0DV LVVR QmR YHP DR FDVR QmR VH SRGH TXHUHU YHU D DILUPDomR GD PXOKHU FRPR XPD YLQJDQoDDJRUDYDPRV GHVFRQWDUH DVVLPSRUGLDQWHHVVDEDUEiULHLQVXSRUWiYHO
(QWmR SRUTXHVXSRVWDPHQWHRVKRPHQVQRVRSULPLUDPDRORQJRGD+LVWyULD DJRUDp D QRVVD YH] GH RSULPLU RV KRPHQV SDUD HOHV YHUHP R TXH p ERP 1mR FRQFHER HVWXSLGH]PDLRUVXEVWLWXLUXPD PHUGDSRU RXWUDSUHVHUYDQGRDEDL[DULDKXPDQD (PVHJXQGROXJDUYRFrSRGH DWpDOHJDUTXHLVVRIRUoRXDVPXOKHUHVD GHVHQYROYHU DSWLG}HV SRXFR ORXYiYHLV FRPR GLVVXPXODomR FKDQWDJHP HPRFLRQDO H VHGXomR FRP JROSHV EDL[RV PDV D YHUGDGH p TXH DV PXOKHUHV VHPSUH WLYHUDP XP SRGHU GHVPHVXUDGRVREUHRVKRPHQVHPXLWRVGHERPJUDGR SUHIHULULDPRLQIHUQRHWRGRV RV VHXV GLDE}HV D SDVVDU GH QRYR SHOR TXH OKHV IH] SDVVDU DOJXPD PXOKHU 2 SUySULR PDFKLVPR VH YROWRX FRQWUD RV PDFK}HV WRUQRX R KRPHP SULVLRQHLUR GHOH PHVPR REULJDGRDQmRFKRUDUQmREUR[DUQmRDIURX[DUQmRSHGLU SHQLFR$TXLOR TXH QXPD SULPHLUD YLVmR RSULPLD VRPHQWH DV PXOKHUHV RSULPLD PDLV RV KRPHQV TXHDWpKRMHYLYHPFHUFDGRV SRU XPFRUWHMRGHPXOKHUHVIDQWDVPDJyULFDVUHDLVH LPDJLQiULDV VHPSUHSURQWDVDHVTXDUWHMiORVVHR SHJDUHPIRUDGHVVHV SDGU}HV (QmRDGLDQWDSVLFDQiOLVHQHPILFDUDUURWDQGR OLEHUDo}HV(OHVWrPPHGRHPHp GryFDJDPVHGHPHGR0HGR WHXQRPH pPDFKRQmRGLVVHR%DUGRPDVGLJRHX 4XDQWD PXOKHU QmR FRPHX R KRPHP TXH TXLV DSHQDV SRUTXH HOH QmR SRGLD UHFXVDU XPDPXOKHU"8PDPXOKHU VHWUDQFDFRPXPKRPHPQXPTXDUWRHGL] TXHHOH YDL FRPHU HOD (OH WHP TXH FRPHU D QmR VHU TXH HOD VHMD R FRUFXQGD GH 1{WUH 'DPH $Wp PHVPR UHFXVDU XPD PXOKHU REHGHFH D QRUPDV SRUTXH p HVWDEHOHFLGR R GLUHLWRGHHODVH RIHQGHUVH DUHFXVDIRUIHLWDIRUDGDVQRUPDV3RUH[HPSOR YRFrpIHLD HHXQmRYRXOKHFRPHUQmRVHGL]XPDFRLVDGHVVDVD XPD PXOKHU 3DUDQmR ID]HUXPDLQLPLJDPRUWDORUHFXVDGRUWHPTXH VHUDUWLVWD-iDPXOKHU SRGH UHFXVDU SHUIHLWDPHQWH H PHVPR QRV SLRUHV WHUPRV SRVVtYHLV YRFr QXQFD Wi"DVPXOKHUHV VDEHPGRTXHHVWRXIDODQGRVRXXPDIHPLQLVWD HVFODUHFLGD SURJUHVVLVWD VRX XP JUDQGH KRPHP IrPHD 6LP HX ILTXHL FRP SHQD GHOH 3HQD SURSULDPHQWHQmRSUHFLVRGH XPDSDODYUDPDLVDGHTXDGD)LTXHLQXPDSRVWXUD PHLR ILORVyILFD PHLR PHODQFyOLFD 1mR p EHP PHODQFyOLFD p D GH XP VRUULVR FKDSOLQLDQRWDOYH]7HPXPD SDODYUDLQJOHVDTXHHVWi]DQ]DQGR DTXLHP WRUQR GH PLQKD FDEHoD FRPR XPD PDULSRVD HP WRUQR GH XPD OkPSDGD 'HWHVWR XVDU SDODYUDV HVWUDQJHLUDV SRUTXH DV SRUWXJXHVDV PH IDOWDUDP PH VLQWR XPD GpELO PHQWDOLVVRVyVHSHUGRDHP DOHPmRTXHWHP SDODYUDV SDUD GHVLJQDU FRLVDV TXH Vy DOHPmR VHQWH %HP QmR WHQKR LQVHWLFLGD DTXL ZLVWIXO )LTXHL DVVLP PHLR ZLVWIXOROKDQGRSDUDHOHFRPRVHHXHVWLYHVVHjGLVWkQFLD GHVWDFDGDGDFHQD (XWLQKDWRGDVDVDUPDVHOHVyWLQKD REULJDo}HVVySRGLDUHDJLUFRPRHVWDYD QR FyGLJR H HX MRJXHL WXGR HP FLPD GHOH %RPEDUGHLR GH VDWXUDomR DUWLOKDULD H LQIDQWDULD EOLQGDGD (X Mi GLVVH LVVR PDV SRVVR UHSHWLU SDUD HQIDWL]DU PHVPRSRUTXHpYHUGDGH(XHUDOLQGDGHDUUHSLDUDWp KRMHVRXERQLWDPDVFODUR TXHQmRWHQKRRYLoRGDMXYHQWXGHH VHLTXHQmR WHQKRRPHVPRROKDU GHSRLVGRV TXDUHQWD QLQJXpP WHP R PHVPR ROKDU 0DV QHVVH GLD HX WLQKD WXGR 'HXV PH IH] DVVLP OHPEURTXHILQJLDHVSRQWDQHLGDGHHFDVXDOLGDGH PDVSDVVDYDKRUDV GLDQWH GRHVSHOKRjVYH]HVQXDPHDGPLUDQGRHHQVDLDQGRWXGR GRULVRDRDQGDU 7DQWR HQVDLHLTXH PXLWDFRLVDWDOYH]WXGR SDVVRXDID]HUSDUWHGHPLPQmRVHLPDLV R TXH p QDWXUDO RX R TXH PH FRQGLFLRQHL D ID]HU $FKR TXH PH OHPEUR GR ULVR VLPR ULVRpFHUWR(XULDKLKLKLPH DFKDYD XPD JDUULQFKD ( WUHLQHL PXLWR SDUD ULU KDKDKD WDQWR TXH KRMH Vy ULR KDKDKD H DLQGD ODQoR D FDEHoD SDUD WUiVQDGDGLVVRp UHDOPHQWHHVSRQWkQHRHP PLP(HQWmRHXMRJXHLWXGRHPFLPD GHOH FDGD GHWDOKH GR YHVWLGR GR GHFRWH DERWRDGR GHVFXLGDGDPHQWH GDV VREUDQFHOKDV GD ERFD GRV RPEURV GR SHVFRoR GRV MRHOKRV GRV SpV GRV TXDGULV GDV SHUQDV HX VDELD HX VDELD WXGR $LQGD QmR VDELD GR TXH LQWHUHVVDYDDHOHPDLVSDUWLFXODUPHQWH PDVMiWLQKDXPDYDJD LGpLD3pV0mRV PLQKDV PmRV GH GHGRV ORQJRV PDV VXDYHV H FKHLRV DV XQKDV FRPSULGDV HVPDOWDGDV GH YHUPHOKR /iELRV ROKRV GHQWHV 0HXV GHQWHV DWp KRMH VmR HVWDV SpURODV WRGRV QDWXUDLV QXQFD SHUGL QHQKXP 0HXV GHQWHV PRUGHQGR OHQWDPHQWH R DU HQWUH PHXV OiELRV FDUQXGRV PLQKD OtQJXD SDVVDQGR TXDVH LPSHUFHSWLYHOPHQWH SRU HQWUHHOHVHXHUDPRUWtIHUD0HXFKHLUR PLQKDVFXUYDVPLQKDVKDUPRQLDVPHXV WUHMHLWRV HX VHPSUH HQORXTXHFL RV KRPHQV TXH TXLV HQORXTXHFHU GHFLIUR WRGRV VHL GRV TXH JRVWDP GH HQWUHYLV}HV LQGHILQLGDV GRV TXH VXFXPEHP D XP SRUWH HUJXLGRGHWRGRVRVDUTXpWLSRVTXHSRGHPVXUJLUQHOHV HXVHLWHQKRWDOHQWR H HVWXGHL DSULPRUHL HVVH WDOHQWR e SRU LVVR WXGR TXH HX GLVVH TXH WLQKD SHQD GHOHPDVQDYHUGDGHQmR WLQKDHQmRWLYHHQmRWHQKRILFRZLVWIXO
&RLWDGR 4XDQGR QyV ILFDPRV D VyV QD VDOD HOH YLURX XPD SLOKD FKHJRX D WUHPHU PDV DFKR TXH Mi HVWDYD OLJDGR QD WUDQVDomR FODUR TXH HVWDYD HPERUD QDGD GH PDLV FRQFUHWR WLYHVVH DFRQWHFLGR QHVVH GLD )LFDPRV FRQYHUVDQGR TXDVH PHLD KRUD H TXDQGR QRV GHVSHGLPRV DSHUWHL D PmR GHOH FRP IRUoD H SURORQJDGDPHQWH H UXERUL]HL GH SURSyVLWR QRYDPHQWH H GLVVH DWp ORJR SURIHVVRU FRPR TXHP QmR TXHULD LU HPERUD H QRV ROKDPRV HQTXDQWR HOH VHJXLD FDPLQKR $ SDUWLU GDt SRGH VH GL]HU TXH Mi HVWiYDPRV QDPRUDQGR (UD XPD FRLVLQKD DWUiV GD RXWUD WRGR GLD XP SURJUHVVLQKR PDV HX ILTXHL LPSDFLHQWH H UHVROYL GDU XPD VROXomR WmR UiSLGD TXDQWR SRVVtYHO jTXHOH FKRYHQmRPROKD H DIHWHLQRYDFULVHGHQHUYRVLVPRVHJXLGDGHUHQRYDGDDSHODomR YXOJDUGDQHVH (ORJLHL D PXOKHU GHOH GL]HQGR TXH Vy SRGLD VHU XPD PXOKHU H[FHSFLRQDO SDUD DWUDLU XP KRPHP FRPR HOH $t DFUHVFHQWHL TXH QmR SRGLD IDODU DTXHODV FRLVDV ILFDYDPXLWR QHUYRVDHERWHLDPmRGHOHQRPHXFRUDomRRXWUDYH] TXHUGL]HU QR PHXSHLWRpFODURHGHVWD YH]GRLVGRVGHGRVGHOHSDVVDUDP GDEOXVD HURoDUDP QDERUGDGHPHXVXWLmYHMDFRPRPHXFRUDomR HVWiSDOSLWDQGRGLVVHHXHXYRX PRUUHU ( Dt WHQKD D VDQWD LPSDFLrQFLD QmR GDYD PDLV SDUD DJXHQWDU DTXHOD OHQWLGmR GHL XP EHLMR QHOH XP EHLMLQKR Vy PDV HOH QmR VH VHJXURX H SDUD JUDQGH VXUSUHVD PLQKD PH GHYROYHX R EHLMR )HOL]PHQWH HUD SHUWR GR PHLR GLD FRPR GD YH] DQWHULRU H QLQJXpP HVWDYD SRU SHUWR SDUD HVSLRQDU H GHSRLV GHVVH GLD SDVVHL D WRPDU WRGR WLSR GH RXVDGLD SRVVtYHO VHPSUH TXH WLQKD RFDVLmRSDVVHLRGHGRSHORVFRQWRUQRV GRURVWRGHOHHQFRVWHLRMRHOKRQR GHOH ERWHL ORJR SDUD TXHEUDU WDQWR TXDQWR VH SRGLD QDTXHOD pSRFD DLQGD PDLV HX TXHUHQGRDR PHVPRWHPSRPDQWHUDLPDJHPGHLQRFHQWH HQOHYDGD ( R TXH HX IDOHL PDOGHPHXQRLYR IRLXPIHVWLYDOFRLWDGRHOHDSHVDUGH WXGRQmRPHUHFLDPDV HX SUHFLVDYD IDODU TXH Mi HVWDYD IDUWD GH UDSD]LQKRV TXH QmR VXSRUWDYD PDLV LPDWXULGDGH H IDOWD GH H[SHULrQFLD H WXGR PDLV TXH PH RFRUUHX SDUD FRPSDUiOR PDOFRP RRXWURVLQWRXPDFHUWDYHUJRQKD]LQKDDWpKRMHPDVYDOHWXGR QDJXHUUD HQRDPRU 2GHVYLUJLQDPHQWR (VVHIRLUHDOPHQWHXPJUDQGH GLDD FXOPLQDomRGHPXLWDGHGLFDomR HWUDEDOKR iUGXR 3ULPHLUR WLQKD R OXJDU GR HQFRQWUR (OH GDYD DXODV GH QRLWH QD $VVRFLDomR GRV )XQFLRQiULRV 3~EOLFRV GH PDQHLUD TXH D JHQWH FRQVHJXLD VH HQFRQWUDUSHORVHVFXURV4XDVHVHPSUH HOHSHJDYDRFDUURGRSDL HPSUHVWDGRH PH SXQKD GHQWUR GHOH GHSRLV GH JUDQGHV FDXWHODV SDUD QmR VHUPRV SLOKDGRV (QWUDU HP FDUUR HUD PXLWtVVLPR PDOYLVWR H RV FDIDMHVWHV WRGRV PHQWLURVRV H PDOIRGLGRVH PDOIHOL]HVGL]LDPFRLVDVFRPRHQWURXQRPHXFDUURHX PHWRORJR D PmRQDVFR[DVRX HQWmRHXVDLRVDFXGLQGRDVFKDYHVGRFDUUR HSLQJRJDVROLQD QR OHQoR H R PXOKHULR FKRYH HP FLPD GH PLP SDEXODJHP SDWpWLFD QmR ID]LDP QDGDGLVVRFDQVHLGHHQWUDUHP FDUURHVHHVWDYDDILPGR PRWRULVWDWHUTXH PH YLUDU SDUD HOH ID]HU DOJXPD FRLVD (QWmR R FDUUR QmR HUD VLPSOHV FRP WRGRV DTXHOHV VXEWHUI~JLRV H VREUHVVDOWRV ( DOpP GLVVR HVWDYD DEVROXWDPHQWH IRUD GH TXHVWmR SHUGHU D YLUJLQGDGH QXP FDUUR QmR WLQKD QDGD D YHU FRP PHX VFULSW9LUJLQGDGHVyVH SHUGHXPDYH] HMiTXHHXFULDUDDRSRUWXQLGDGHSDUD PH OLYUDU GHOD GR MHLWR TXH LGHDOL]DUD QmR LD GHVSHUGLoDU VDWLVIDomR WmR SOHQD0HX VFULSWHUDWD[DWLYR UHTXHULDFDPDFRPWRGDVDVOHWUDV( WUDQVDUHP FDUUR IUDQFDPHQWH Vy HP FHUWRV FDVRV QDV UDUDV RFDVL}HV HP TXH WHP R VHX OXJDU HPERUD H[LVWD PXLWD JHQWH TXH WHP XPD FHUWD SHUYHUVmR DXWRPRELOtVWLFD DGRUDWUHSDUHPFDUURV ( PHVPR TXH QmR KRXYHVVH HVVHV SUREOHPDV HOH QmR TXHULD WLUDU PLQKD YLUJLQGDGH IRL XPD OXWD $Wp KRMH GRX ULVDGD TXDQGR SHQVR TXH HVWDYD FRP YRQWDGH GH FKXSDU HOH KDYLD QmR VHL TXDQWR WHPSR H TXDQGR HOH ILQDOPHQWH PH FKXSRXSHODSULPHLUDYH] HPXLWR PDOSRUVLQDOFKHLRGH GHQWHVHXVDQGRD OtQJXDFRPRXPDUDGRKLSHUFLQpWLFRHX GLVVHDJRUD TXH YRFr IH] FRPLJR HX YRXID]HUFRPYRFrPDFKXFD" 9RFr QmR YDL GHUUDPDU QD PLQKD ERFD HVVD FRLVD TXH HVSLUUD YDL" &DQDOKD FDQDOKD0DVQmRHUDRTXHTXHULDP"'DQoDUFRQIRUPHD P~VLFDPXLWDVYH]HVQmRp XPDPiLGpLD(WLYHGHYHQFHUD LPSDFLrQFLDSRUTXHHUDDSULPHLUD YH]TXHHX FKXSDYD XP KRPHP FODUR DTXLOR Vy HOH Vy HOH H HQWmR WLQKD GH ILQJLU TXH QmR VDELDFKXSDUFRPRYLJRUHDFDWHJRULDTXHVHPSUH WLYHWLQKDTXH SHUJXQWDU GHQRYRVHPDFKXFDYDWLQKDTXHDIHWDUIDOWDGHMHLWR XPVDFRH HXGRLGDTXH HOHJR]DVVHQDPLQKDERFDHHOH DFUHGLWDQGRQDTXHODIUHVFXUDSUHOLPLQDUGR HVVD
FRLVDTXH HVSLUUDHWLUDQGR RSDXIRUDGHPLQKDERFDSDUDJR]DUQDPLQKD PmR DWp TXH HX QmR DJHQWHL H JUXQKL JR]H QD PLQKD ERFD H UHHQILHL R SDX GHOH WDQWRTXDQWRSXGHQDERFDHVySDUHL TXDQGRVHQWLHOHJR]DQGRTXDVHHP PLQKD JDUJDQWD DWp KRMH QmR GHYH WHU HQWHQGLGR QDGD H SRU PLP PRUUH VHP HQWHQGHU FHUWDV EXUULFHV VmR LQGHVFXOSiYHLV H p ERP TXH KDMD PLVWpULRV LQVRQGiYHLV HP QRVVDVELRJUDILDV 2SUREOHPDGRORFDOGRFULPHQmRIRLGHUHVROXomRVLPSOHV(X WLQKDXPDPLJR PHOKRU GL]HQGR XPD YHUGDGHLUD DPLJD TXH Vy IDOWDYD VDLU SHOD UXD YHVWLGD GH PXOKHU XPD ELFKD IUDQFHVD FKDPDGD &ODXGH TXH WLQKD XPD JDOHULD GH DUWH HP 6DOYDGRU H TXH PRUDYD VR]LQKD H PH HPSUHVWDYD D FDVD QD KRUD HP TXH HX TXHULD )RL XPD SURGXomR LQYHQWDU XP MHLWR GH GL]HU D =p /XtV VHP OHYDQWDU VXVSHLWDV TXH QyV SRGtDPRV XVDU D FDVD )XL REULJDGD D GL]HU TXH DMXGDYD R IUDQFrVQRVFDWiORJRVHQDV PRQWDJHQVGHH[SRVLo}HV GH IDWR DMXGDYD PHVPR PDV QmR PXLWR H SRU LVVR WLQKD D FKDYH R IUDQFrV YLDMDYD R WHPSR WRGR QmR VHL R TXr LPDJLQH D FRPSOLFDomR $UUDQMDU XP GLD HP TXH &ODXGH SXGHVVH HPSUHVWDUDFKDYHHVDLUGH FDVDHKRUURUGRVKRUURUHV ID]HUFRPTXHHVVHGLD FRLQFLGLVVH FRP RV GLDV GD WDEHOLQKD $ WDEHOLQKD D IDPRVD WDEHOLQKD $ WDEHOLQKD VDtD HP FHUWRV OLYURV RX HP IRUPD GH IROKHWRV VHPSUH GH DSDUrQFLD FODQGHVWLQD TXH DV PXOKHUHV QmR WLQKDP FRUDJHP GH PRVWUDU H PXLWR PHQRV GH FRPSUDU (UD XPD YHUGDGHLUD PDoRQDULD PXOKHUHV FDVDGDV FRPSUDYDP SDUD GDU VHFUHWDPHQWH jV DPLJDV VROWHLUDV WXGR VH SDVVDYD HQWUH FRFKLFKRV H WURFDV IXUWLYDV GH HPEUXOKLQKRVUHIHUrQFLDVHPFyGLJRXPD VXEFXOWXUDFRPSOHWD KRMHSHUGLGDFRPR DV UHYLVWLQKDV GH &DUORV =pILUR $OJXQV GHVVHV OLYULQKRV HUDP DWHUURUL]DQWHV FRP GHWDOKHV LQWLPLGDGRUHV VREUH XPLGDGH YDJLQDO WHPSHUDWXUD H WDQWDV RXWUDV FRLVDV TXH PXLWD PXOKHU GHYH WHU SUHIHULGR D FDVWLGDGH D WDQWD DSRUULQKDomR SRU XPD FRLVD TXH Mi QmR IDODYD j DOPD WDQWR DVVLP $JRUD H[LVWHP SURJUDPDV GH FRPSXWDGRUHV SDUD RV FDWyOLFRV QDWXUHEDV GRHQWHV H RXWURV TXH QmR XVDP RX HVWmR SURLELGRV GH XVDU TXDOTXHU RXWUR PHLR GH HYLWDU ILOKRV 6yYLXPGHUHODQFH PDVLPDJLQRTXHKiDOJXPHPTXHD PXOKHUGLJLWDRVGDGRV GHOD H HOH UHVSRQGH
GDFDVDRQGHHXMiHVWDYDHVSHUDQGRVXELQGRSHODV SDUHGHVGHWDQWDDQVLHGDGHH MiWHQGRPHPDVWXUEDGRGXDVYH]HV YiULRVRUJDVPRVLQWHQVtVVLPRV $ WDEHOLQKD IDOKDYD R WHPSR WRGR DUTXLYiYDPRV FDVRV H PDLV FDVRV QR IROFORUH GH QRVVD WXUPD PDV HUD R PHQRV UXLP GHVFRQWDQGR p FODUR D FDPLVLQKD (X MDPDLV DGPLWLULD VHU GHVYLUJLQDGD FRP FDPLVLQKD MDPDLV ,PDJLQH RQGH ILFDULD R WUHFKR GH PHX VFULSW TXH GL]LD HQTXDQWR HOD Gi XP JHPLGR DEDIDGR HQWUH D GRU H R SUD]HU GD IrPHD HOH D SHQHWUD FRP XP Vy LPSXOVR YLJRURVR DEUHOKH PDLV DV SHUQDV LQLFLD XP PRYLPHQWR GH YDLHYHP SURIXQGRHILQDOPHQWHHQWUHJHPLGRVGHJR]R GHUUDPDOKHQDVHQWUDQKDVR PRUQR OtTXLGR YLWDO VHP R TXDO HOH QmR p QDGD HOD QmR p QDGD 1mR QDGD GH FDPLVLQKDWLQKDTXH VHUDWDEHOD2VRXWURVPpWRGRVQmRH[LVWLDPPXOKHU VRIUHX PXLWR FRPLVVRDWUDYpVGRVWHPSRVHUDPXLWRFHUFHDGRUGDOLEHUGDGH $OJXpP SRGH DFUHGLWDU TXH DFRQVHOKDYDP DWp VDO Oi GHQWUR SLPHQWDGRUHLQR D]HLWH GH ROLYD XPD YHUGDGHLUD VDODGD" +DYLD WDPEpP XPDV WDLV LQMHo}HV SDUD DWUDVR GH UHJUDV PDV HX DFKR TXH QD UHDOLGDGH HUDP DERUWLYDV H FRPR PLQKDV UHJUDVQXQFD DWUDVDUDPQXQFDSUHFLVHL1RUPD/~FLD SHVTXLVDYDHVVDVFRLVDV QDV ELEOLRWHFDV H PXVHXV GH WXGR R TXH HUD FDQWR DRQGH LD H GHVFREULX UHFHLWDV KHGLRQGDV FRPR SRU H[HPSOR XPD GR (JLWR DQWLJR TXH SUHVFUHYLD FRFR GH FURFRGLORHRXWUDQmRVHLGH RQGHFXMDEDVHHUDFRFRGHHOHIDQWH$FKRTXH Mi IDOHL TXH DV SXWDV JUHJD WRPDYDP QD EXQGD 1RUPD /~FLD YLX XP MDUUR QR 0XVHX %ULWkQLFR TXH HX WDPEpP YL GHSRLV 2 PXQGR WLQKD IHLWR PXLWR SRXFR SURJUHVVR DQWHV GD StOXOD H GHVVHV RXWURV WURoRV FRPR R ',8 &RPR VH PDWRX H PRUUHX SRU FDXVD GLVVR PHX 'HXV GR FpX ( HX WDPEpP Mi GLVVH QmR VDELD TXH HUDHVWpULOHQWmRDWDEHOLQKD HUDVDJUDGD 1XP SURGtJLR GH FRRUGHQDomR XPD DXWrQWLFD RSHUDomR GH JXHUUD SDUHFHQGR ILOPHLQJOrVGHHVSLRQDJHPILQDOPHQWHFKHJRXRGLD 4XDWUR KRUDV GD WDUGH HX GDTXHOH MHLWR TXH Mi FRQWHL XP PDUHPRWR GH WHVmR ODWHMDQWHHOH DWUDVDGRXPD DIOLomR7LYHTXHPHFRQWHUSDUDQmRFDLUHPFLPD GHOH DVVLP TXH SDVVHL D FKDYH H R IHUUROKR QD SRUWD PDV FRQVHJXL PH VHJXUDU ILTXHLHP SpMXQWRGHOHHHOHGHSRLVGHXPDHWHUQLGDGHS{VD PmRQR PHXRPEURHGLVVHFRPRYDLYRFr" 9RXEHPYRXEHP9RXQHUYRVD 1HUYRVD" 2TXHpTXHYRFrDFKD"0LQKDVSHUQDVHVWmRWUHPHQGR (VWDYDPPHVPRHHOHDLQGDGHPRURXSDUDID]HUDOJXPDFRLVDDOpP GHERWDU DPmR QR PHX RPEUR DWp TXH ILQDOPHQWH GHVHQFDQWRX H DJDUUDGRV PHVPR IRPRV SDUD R TXDUWRTXHGDYDSRUWDSDUDR FRUUHGRUHRQGH&ODXGHWLQKDVXDFDPDGHFDVDO SDUD UHFHEHU UDSD]HV XP TXDUWR SHQXPEURVR GHQWUR GH XPD IORUHVWD GH TXDGURV HVFXOWXUDV H ELEHO{V FRP SDUWH GR WHWR H XPD SDUHGH FREHUWDV SRU HVSHOKRV6HQWDPRVQDFDPDROKDQGRIL[RXPQRRXWURHXID]HQGR PLQKDPHOKRU FDUDGHFRUoDQRFLRDOFDQoDGDSHORPDFKRVHPQHP SUHFLVDUPXLWRSRUTXHHVWDYD PHVPR IRUD GH PLP GH WHVmR (OH PH GHVDERWRRX D EOXVD HX R DMXGHL D WLUiOD FRP XP VRUULVR OHYH VHP PRVWUDU RV GHQWHV H EDL[DQGR RV ROKRV (OH PH EHLMRX EHP Mi WLQKD DSUHQGLGR FRPLJR ( S{V D PmR QR IHFKR GH PHX VXWLm QRYLGDGH WHFQROyJLFD QD pSRFD XP DPHULFDQR TXH 1RUPD /~FLD PH WURX[H GH SUHVHQWH GR WLSR TXH VROWDYD FRP XPD SUHVVmR]LQKD GRV GHGRV 0HXV GRLV SHLWRV SXODUDP OLYUHV WUrIHJRV H OLQGRV FRPR OXDV FKHLDV DV DUpRODV URVDGDV TXDVH DSRQWDQGR SDUD R DOWR RV ELFRV WHQVDPHQWH HQULMHFLGRV DV FXUYDV GHOLFDGDV VH GHVGREUDQGR HP PLO RXWUDV VHP FHVVDU H HOH HQILRX R URVWR QR PHLR GHOHV 1mR VHLFRPRORJRHVWiYDPRVQXVHGHLWDGRVMXQWRVHUHVROYL TXH ILFDULDRPDLV TXLHWDSRVVtYHOQDFDPD HVyPHPH[HULDHPFDVR GHHPHUJrQFLDSDUDHYLWDUXPD EDUEHLUDJHPPDLVJUDYHHQTXDQWR HOHGHVFLDDERFDGRVPHXVSHLWRVSDUDR XPELJR H ILQDOPHQWH Oi HPEDL[R TXH IRL TXDQGR HX QmR PH FRQWUROHL H VHJXUHL D FDEHoD GHOH HQWUH PLQKDV SHUQDV H JR]HL WmR SURIXQGDPHQWH TXH DFKHL TXH LD PRUUHU4XDQGRSDUHLGHJR]DUSHQVHLTXHHOHLDTXHUHUTXH HXR FKXSDVVHWDPEpP XPSRXFRHHXHVWDYDFRP YRQWDGHPDVPDO UHVYDOHLRVOiELRVQRSDXGHOHHOH UHFXRX RV TXDGULV ILFRX GH MRHOKRV GLDQWH GH PLP H PH GLVVH HQFDQWDGRULVVLPDPHQWH PDFKLVVLPDPHQWH QR PHOKRU VHQWLGR $EUD DV SHUQDV SDUDPLP (XDEULHOHFXUYRXPHXVMRHOKRVSDUDFLPDDIDVWRXPLQKDV FR[DVDLQGDPDLV DL TXHPRPHQWROLQGRHQFRVWRXDJODQGH EHPQROXJDUFHUWRDJDUURXPHXV
RPEURVFRP RVEUDoRVHPJDQFKR SHODVPLQKDVFRVWDVDEULXDERFDSDUDPHEHLMDU FRPDOtQJXD HQURVFDGDQDPLQKDHQXPPRYLPHQWR~QLFR HSRGHURVR VHHQILRX HP PLP6HQWLXPDGRU ILQDHTXDVHXPHVWDORFKHJXHLDTXHUHU GHVOL]DUGHFRVWDV SHOR FROFKmR DFLPD PDV HOH VRPHQWH HQILRXVH HP PLP DWp R FDER H ILFRX Oi GHQWUR SDUDGR PH VHJXUDQGR IRUWH SDUD Vy HQWmR WHUPLQDU R EHLMR HUJXHU R WURQFRHFRPHoDUDPH IRGHUROKDQGRSDUDDPLQKDFDUD(HQWmRFRPD H[SUHVVmR GH KRPHP PDLV ERQLWD TXH Mi YL QD PLQKD YLGD H H[DODQGR XP FKHLUR SDUD VHPSUH LUUHSURGX]tYHOJR]RXPXLWRIXQGRGHQWUR GHPLPHHX VHQWLVHQWLPHVPRDTXHOH MDWRPHLQXQGDUJORULRVDPHQWHDRV ERUERW}HVDTXHODSLFDJURVVDHPDFLD SXOVDQGR HUHWD GHQWUR GH PLP DL (X QmR JR]HL PDV Vy WHFQLFDPHQWH SRUTXH GH RXWUD IRUPD JR]HL PXLWR QDTXHOH PRPHQWR QmR SRVVR GHVFUHYHU PLQKD IHOLFLGDGH PLQKD SURIXVmRGHVHQWLPHQWRVPHVHQWLU PXOKHUPH VHQWLUIRGLGDPHRUJXOKDUGHWHU VLGR HVSRUUDGD HP PHLR D PHX VDQJXH VHP IULFRWHV FRPR XPD YHUGDGHLUD IrPHD GHYH VHU LQDXJXUDGD SRU XP YHUGDGHLUR PDFKR -i OL PXLWRV OLYURV HUyWLFRV H SRUQRJUiILFRV D PDLRU SDUWH GHWHVWiYHO Mi YL WXGR PDV QDGD SRGH HVSHOKDU DTXHOHLQVWDQWHQDGDQDGD QDGDQDGDDWpKRMH PHPDVWXUERSHQVDQGRQDTXHOD KRUDPLQKDIDQWDVLDSHUIHLWDPHQWH UHDOL]DGD )LFDPRVDPDQWHVXQVWHPSRVDWpSRUTXHDFDEHLPHXQRLYDGR=p /XtVVHUHYHORX XPDFDPDGHSULPHLUDFDWHJRULD HPHVPRGHSRLV TXHQRVDIDVWDPRVDLQGDGiYDPRV XPDV LQFHUWDV XPD YH] QD SUySULD IDFXOGDGH Oi QR WHUUDoR 'HSRLV GHOH HX FRPHFHL D DFKDU PHX QRLYR XP FKDWR FRP JRVWR GH MXMXED YHOKD $OpP GLVVR FRPR HXSRGLDGL]HUDHOHTXHQmRHUDPDLVYLUJHPHQmRWLQKD VLGR HOHRDXWRU GD IDoDQKD" 6DELD TXH FHUWDPHQWH YLULD D HQFRQWUDU HVVH PHVPR SUREOHPD QR IXWXUR PDV QmR PH LQWHUHVVDYD SUHIHULD QmR SHQVDU QLVVR (X QmR FRQVHJXLD VXSRUWDU HVWDU DJRUD KDELOLWDGD D WRGR WLSR GH VH[R H WHU GH ILQJLU TXH QmR HVWDYD &RPHoRX D PH GDU XP FHUWR QRMLQKR GHOH e KRUUtYHO TXDQGR LVVR DFRQWHFH WmR KRUUtYHO TXH PXLWD JHQWH VH UHFXVD D UHFRQKHFHU TXH SDVVRX SRU LVVR PDV D YHUGDGH p TXH DQWHV GH D JHQWH VH OLYUDU GH DOJXpP jV YH]HV Gi XP QRMLQKR +RUUtYHODWpSRUTXHDSHVVRD SRGHQmRWHUFXOSD PDV GH UHSHQWH ILFD QRMHQWD FKHLURV LQDFHLWiYHLV PDQFKDV GH SHOH LQVXSRUWiYHLV URXSDV VXMDV UHSHOHQWHV KiOLWR DVFRVR FDEHOR IHGLGR WXGR LUUHPHGLDYHOPHQWH QRMHQWR &RPR HX SRGLD FRQYLYHU FRP DTXHOD FRQWUDIDomR WRGD DLQGD PDLV QXPD LGDGH HP TXH WRGRV QyV VRPRV UDGLFDLV H LQWROHUDQWHV" 1mR SRGLD 0DQGHLR j PHUGD GHL XP FKXWH QD EXQGD GHOH QR ILP GH XPD QRLWH HP TXH HOH QmR VDELD PDV HX HVWDYD GDQGR D VDLGHLUD GHOH $SDUHQWHPHQWH IRL XPD KRPHQDJHP GH GHVSHGLGD XPD FRQVLGHUDomR ILQDO PDV TXDOTXHU SHVVRD GH VHQVLELOLGDGH QRWD TXH IRL GH XPD HVFURWLGmR DEVROXWD (X QmR WLQKD SURSULDPHQWH PRWLYR SDUD VHU HVFURWD FRP HOH PDV HX TXHULD p R LQVWLQWR SHOYHOVR FRPR H[SOLFDYD XPD QHJUD Oi GD LOKD TXH ILFDYDDSUHFLDQGRVLULVPRUUHUHPHPIRJROHQWR [LQJDQGRRVEDL[LQKR2LQVWLQWR SHOYHOVRVHDSRGHURXGHPLPH HQWmRHXIL]LVVR QmRKiRTXHH[SOLFDU6DtPRV GHFDUUR H IRPRVSDUDXPPRUURGR5LR9HUPHOKRDPHXSHGLGR4XDQGRFKHJXHL Oi DEULDFDSRWDILTXHLGHSp HWLUHLDURXSD(PVHJXLGD PDQGHLTXHHOHWLUDVVH WDPEpPDURXSDHQTXDQWRHXPHUHTXHEUDYD HPSpQREDQFRGHWUiV(DtFRP XPD OXDGHVFRPXQDOLOXPLQDQGR DEDUUDGDEDtDGH7RGRVRV6DQWRV HXHQFDUQHLWRGDV DV GHXVDV GR DPRU WRGDV DV GLDEDV GHVDEULGDV TXH SRYRDP R XQLYHUVR D /X[~ULD FRPVXDVWUDLoRHLUDVVRPEUDVFROHDQWHVHVHXVHVWDQGDUWHV LPRUDLVVHXFKDPDGRj GHYDVVLGmR j GLVVLSDomR H j HQWUHJD D WRGRV RV JR]RV GH WRGRV RV PDWL]HV DWp FKHJDUjPRUWHODVFLYD HXHUDD/X[~ULDLQWHJUDOEDL[DGDDOL SDUDUHLQDUFRPR XP HVStULWR LPLVHULFRUGLRVR H LQYHQFtYHO QDTXHOH PRUUR DVVRPEUDGR H VXDV UHGRQGH]DV SHWULILFDGDV (X IL] WXGR FRP HOH WXGR D SRQWR GH DFKDU TXH HOH GHVIDOHFHULD(QHPSHUJXQWRX QDGDTXDQGR HXVHQWHLHPFLPDGRSDXGHOHHHOH YLX TXH HX Mi HVWDYD ORQJH GH VHU YLUJHP 1mR SHUJXQWRX QHP HX GLVVH QDGD 'HSRLVGHWXGR RTXHIL]HPRV VDtGRFDUURYHVWLDURXSDDMHLWHLRFDEHORH D PDTXLODJHPPHFRPSXVFRP FDOPDYROWHLSDUDRFDUURHDR VHQWDUSHGLFRPXP VRUULVRUHFDWDGRTXDVHSXGLFRTXHHOHPH OHYDVVHHPFDVD)RPRVHPVLOrQFLRH ROKDQGRSDUDDIUHQWH HX FXUWLQGRRYHQWRQRURVWRHDFKDQGRDSDLVDJHPPXLWR PDLVERQLWD TXHGHKiELWR4XDQGRFKHJDPRVHOHTXLV PH EHLMDU PDV HX IL] TXH QmR FRP D FDEHoD H R HPSXUUHL OHYHPHQWH FRP R DQWHEUDoR ( FRP D FDUD PDLV LPSDVVtYHO GR PXQGR WLUHL D DOLDQoD ERWHL QD PmR GHOH GLVVH TXH PH
HVTXHFHVVHDFHQHLE\HE\HH HQWUHLHOH OiIRUDFRPDDOLDQoDQDSDOPDGDPmR HVWHQGLGDRTXHL[R FHUWDPHQWHWRFDQGRDFLQWXUD 3DVVDGR R QRMR DWp FKHJXHL D SHQVDU TXH QXP IXWXUR UHPRWR DLQGD SRGHULD GDU SDUD HOH PDV HOH ILFRX XP GHVVHV FRURDV XQWXRVRV GH GHQWDGXUD UHOX]HQWH SHOHEURQ]HDGDHHDX[SRXU OKRPPHULGtFXODVGHVVHVTXHYRFrWHPGLILFXOGDGH HP DFUHGLWDU TXH DOJXP GLD Mi IRL QHQpP RX PHVPR UDSD] MRYHP ( HX GLVVH LVVR D HOH QR GLD HP TXH HOH YHLR PH SHUJXQWDU QD IHVWD GH DQLYHUViULR GH -XOLQKR DTXLQR 5LRPHVPRDUHVSHLWRGDTXHOD QRLWHQR5LR9HUPHOKRHOHpREVHGDGRSRU LVVR $FKR MXVWR 0DV FRPR YRX H[SOLFDU VH QHP PHVPR HX VHL H[SOLFDU" &ODUR VHL TXHP PH GHVYLUJLQRX PDV QXQFD LULD FRQWDU D HOH FRPR HOH SHGLD (X QmR SRGLD UHVROYHU R SUREOHPD GHOH TXH KRMH SDUD SLRUDU HVWi JURWHVFDPHQWH FDVDGRFRPXPDPXOKHUXQVTXDUHQWDDQRVPDLV QRYD ERP FDQGLGDWR D FKLIUHV VH Mi QmR RV RVWHQWD 3RU TXH GLJR LVVR R TXH p TXH WHP LVVR" &HUWR FHUWR WHP UD]mR 1mR VHL $FKR TXH WHQKR XP WUDoR ViGLFR QmR VDGLVPR ItVLFR D QmR VHU PXLWR OLJKW FRPR TXDQGR ILFR TXHUHQGR VXIRFDU DOJXpP VHQWDQGR QD FDUD GHOH RX SX[DQGRDFDUDSDUD GHQWURGHPLQKDVSHUQDVFRLVDDVVLPEHP OLJKW-iGHLXQV WDSDVPDVDSHGLGRHPKRPHQVHPXOKHUHV QXQFDFXUWLPXLWR1XQFDSHUPLWLTXH PHEDWHVVHPQDFDUDPDV TXLVH[SHULPHQWDUSDOPDGDVFKLQHODGDVHFLQWXUmR OHYH QmR JRVWHLQmRUHSHWL6RXDLQGDPHQRVPDVRTXLVWDGRTXHViGLFD &XUWRRVDGLVPRVXSHULRUGLJDPRV DVVLPPDVVHPLGHQWLILFDUPH FRPHOHeFRPR WRXUDGD (X VHL TXH Ki WRGD XPD EHOH]D HQWUDQKDGD QDV WRXUDGDV WRGD XPD FXOWXUD WRGD XPD PLWRORJLD WRGR XP FRQMXQWR GH YDORUHV QmR VRX KRVWLO DRV DILFLRQDGRVPDVQmR JRVWRGHWRXUDGD &RPVDGLVPRHPDVRTXLVPRDPHVPDFRLVD $ +LVWyULDGH2PHGHL[RXH[FLWDGtVVLPDPDVHXQmRTXHULDVHU2 1XQFD PDV FXUWR WHQKR VHQVLELOLGDGH SDUD VDEHU TXDO p D GHOD H VDEHU FRPR D GHOD SRGH VHU XP EDUDWR GLJDPRV DVVLP e WLYH DOJXPDV SRXFDV H[SHULrQFLDV QHVVD iUHD ItVLFD GHSRLV HX IDOR QHODV VH IRU R FDVR &RQVLGHUR PHX VDGLVPR SVLFROyJLFR PXLWR PDLV LQWHUHVVDQWH LQFOXVLYH SRUTXH p VHOHWLYR p XP SUDWR IHLWR SDUDDQDOLVWDV ([HPSOR GHVVH PHX QRLYR PXLWRV H[HPSORV H[HPSOR GH WLR $IRQVR R SLRU GH WRGRV7HQKRFHUWH]DGHTXHFRQWULEXtVXEVWDQFLDOPHQWH SDUDRHQIDUWHGHOH(OH QmR YDOLD QDGD GH TXDOTXHU MHLWR FRPLD D PXOKHU GR LUPmR PLQKD PmH (X GH +DPOHWQHVVDKLVWyULDYHMD TXHPDOXTXLFHHXWRGDHOHFWUDWRGDKDPOHWLDQD HP WRUQRGHXP VHQWLPHQWRFUHWLQRFRPRHVVH$PHXIDYRUGLJDVH TXHVLPHX IL] RXTXLVID]HUFRLVDVLJXDLVRXHTXLYDOHQWHVPDVQXQFD SURIHVVHLRVYDORUHVTXH HOHYLYLD DUURWDQGRFRPFDUDGHVDQWD SXWDDUUHSHQGLGDQXQFDIXLDHStWRPHGD KLSRFULVLD 1mR GHVFXOSD HVIDUUDSDGD QmR FRQYHQFH (VWRX DEHUWD j FUtWLFD HX PHVPD Mi SHQVHL PXLWR QLVVR GH FHUWD IRUPD YLYR SHQVDQGR 1mR DFKR QDGD GHPDLVRVXMHLWRFRPHUDPXOKHUGRLUPmRPDVQmR FRQFRUGRHPTXHRLUPmRGHPHX SDL WLYHVVH FRPLGR D PXOKHU GR LUPmR PHX SDL 1HXURVHV 3RU PDLV TXH PH GHVJRVWH VRX REULJDGD D DGPLWLU 7UDXPDV GH LQIkQFLD %HP HX QmR HVWDYD SHQVDQGR QLVVR TXDQGR WLR $IRQVR PH VHQWRX QR FROR H ILFRX GH SDX GXUR HX DLQGD GHYLD WHU XQV GR]H RX WUH]H DQRV H R ILOKR GD SXWD ILFRX GH SDX GXUR FRPLJR QR FROR PDV HX GHL[HL 1mR VHL R TXH GHX HP PLP PDV GHL[HL H PH PH[L EDVWDQWHHPFLPDGRSDXGHOH HGHVVH GLDHPGLDQWHWRGDYH]TXHHOHDSDUHFLD HXVHQWDYDQRFROR GHOHMiWtQKDPRVDWpXPDVFRPELQDo}HVWiFLWDV$WpTXH PDLV RX PHQRV XP DQR GHSRLV QR VtWLR GHOH WRGR PXQGR IRL SDVVHDU D FDYDOR H HX PHQWL TXH QmR LD SRUTXH HVWDYD PHQVWUXDGD H HOH PHQWLX TXH WLQKD GH VXSHUYLVLRQDU D OLPSH]D GRV FRTXHLURV Mi WtQKDPRV DFHUWDGR WXGR DQWHV 'LD TXHQWH GH OLEpOXODV ]XPELQGR HP Y{RV EDL[RV FDODQJRV GH FDEHoD HUJXLGD QRV WURQFRV GDV PDQJXHLUDV IROKDV LPyYHLV R VRO UHWLQLQGR QR ODJXLQKR XPD IRJR SDJRX GH DUUXORV HQHUYDQWHV XP VLOrQFLR GHVDJUDGiYHO TXH SDUHFLD LPSRVWR SRU DTXHOH DU FULVWDOL]DGR (X GHPRUHL GH SURSyVLWR VDELD TXH HOH HVWDYD DQVLRVR PDVTXDQGRFKHJXHLQmR IL]SLUUDoD$VVLPTXHIHFKHLDSRUWD QDVDODSHTXHQD GRVHJXQGR DQGDUPDUFKHLSDUDHOHVHPGL]HUXPD SDODYUD H SHJXHL QR SDX GHOH SDWROHLPHVPR(OHWRPRXXPVXVWRPDVVHUHFXSHURXORJR HPHWHX DPmRSRU EDL[R GH PHX VXWLm 3DUHFLD GHVVHV ILOPHV HP ULWPR DFHOHUDGR DTXHODV FRPpGLDV GR FLQHPD PXGR XP WDO GH SX[D URXSD WLUD URXSD DSHUWD SDX Gi FKXSmR FKXSD SHLWRODPEH [R[RWDXPDFRLVDLPSUHVVLRQDQWH6yGHSRLVGHVVHIUHQHVL pTXH PH GHLWHL GH EDUULJD SDUD FLPD QR VRIi FRP R FRUSR PHLR SDUD IRUD DV SHUQDV DEHUWDVHVWHQGLGDVRS~ELVHPSLQDGRHDWUHYLGR VHPSUHWLYHXPPRQWHGH9rQXV
OLQGRHSHQWHOKRVIDUWRVQD PHGLGDFHUWDHVSHUDQGRTXHHOHYLHVVHGH FDEHoD FRPR GH IDWR YHLR H FKXSDYD PXLWR EHP KDELOLGDGH VXUSUHHQGHQWHPHQWH UDUD HP KRPHQVPHVPRKRPHQVGH YDORU(PVHJXLGDIRLDPLQKDYH]PDV HX GLVVH TXH VDELD TXH VDtD XPD FRLVD Oi GH GHQWUR WLQKD OLGR QXP OLYUR H QmR TXHULD TXH HOHHVJXLFKDVVHDTXHODFRLVDQDPLQKD ERFDFRPRGH IDWR QmR TXHULD (OH GLVVH FODURFODURWXGRFRPR YRFrTXLVHU FRPRVHHVVDFRQFHVVmRGHDOJXPDPDQHLUD DWHQXDVVH DPRQVWUXRVLGDGHTXHHOHDFKDYDTXHHVWDYDID]HQGRHFRQWLQXRX FRPD VDFDQDJHPPXLWRERDUHDOPHQWHDWpTXHJR]RXQDVPLQKDV FR[DVHHXWDPEpPJR]HL QDPHVPDKRUD &RPHoRXHQWmRDHVFUDYLGmRGHOH 1RGLDPHVPRGREDQKHLURMi PHQFLRQHLHVVH GLDHOHQmRTXHULDPHERWDUQDVFR[DVHPSp DWUiVGDSRUWDGHXPEDQKHLULQKR TXH QHP ELGr WLQKD SRUTXH HVWDYD FRP PHGR GH TXH D PXOKHU GHOH WLD 5HJLQD QRVSHJDVVH 0DVHX TXHJRVWDYDGRSHULJRGHWLD5HJLQDQRVIODJUDUGLVVH TXHQHVVHFDVR QXQFD PDLV IDULD QDGD FRP HOH RX HOH WRSDYD RX DGHXV (OH HQWmR WRSRX H HX DLQGDOKHGHLXPDPRUGLGDQRSHVFRoR SDUDGHL[DUPDUFDHHOHWHUGHLQYHQWDU XPD KLVWyULD TXDOTXHU HOH TXH VH OL[DVVH HX DFKDYD TXH QmR WLQKD QDGD D SHUGHU 7LD 5HJLQDQmRPHVXSRUWDYDPRUUHXPHRGLDQGRPHLRFDTXpWLFDPDV DLQGDO~FLGD R VXILFLHQWH SDUD RGLDU &ODUR TXH HOD QXQFD WHYH FRQGLo}HV GH SURYDU TXDOTXHU FRLVDHHXID]LDJXHUUDGH QHUYRV QmRWLQKDGy&KHJXHLDSHQVDUHPFRPHUHOD WDPEpP PDV QmR GDYD Vy RV SHUIXPHV TXH HOD XVDYD Mi EUR[DYDP TXDOTXHU XP H DOpPGH WXGRQmRDFUHGLWRTXHHODFDtVVHHUDGRWLSR PHXQHJyFLRpKRPHPXPD GHVVDV DQWDV IDORFrQWULFDV IDOyILODV H IDOyODWUDV TXH QmR PRUUHP SRUTXH OKHV IDOWDYHUJRQKD3DUDQmR IDODUTXH VHPHXWHUQDGDFRPHODPHXGRPtQLRVREUH RVDFDQD HUDLQWHJUDOHUDVyGL]HU TXHLDFRQWDUWXGRDWLD5HJLQLQKD HHOH VDELDTXHHXHUDLQFRQVHTHQWHPDOXFDHFRUDMRVDR EDVWDQWHSDUDFRQWDU TXH HOH ILFDYD jV SRUWDV GD PRUWH TXDVH DSRSOpWLFR $SOLTXHL DWp D WRUWXUD GD JUDYLGH]QHOHDQXQFLHLRDWUDVRGHXPDVGH] UHJUDVVySDUDVDFDQHDUHOH+RXYH XPDIDVHHPTXHHXWHOHIRQDYD SDUDDFDVDGHOHH GL]LDVyTXHURTXHYRFrVDLED SRUTXH HVWRX PH VHQWLQGR PXLWR VR]LQKD HX Vy TXHULD TXH YRFr VRXEHVVH TXH PHX LQF{PRGR DWp KRMH QmR FKHJRX H HX SRVVR HVWDU FRP XP ILOKLQKR VHX DTXL GHQWUR H HX ILFR SHQVDQGR VHUi TXH YDL VHU ERP FRPR VHUi D FDUD GHOH" (OH PRUULDPRUULD DFDERXPRUUHQGRDOLiV( FODURTXHHOHQmRPHWLDHPPLPPDV PH HVSRUUDYDWRGDHHXVHPSUH GDYDXPMHLWRGHTXHHOHVHOHPEUDVVH GHTXHDOJXPD FRLVDVHPSUH SRGLDHVFRUUHUSDUDGHQWURGHPLPHXWDPEpPMiWLQKDOLGR LVVR QXP OLYUR (OH DQGDYD FRP PLOKDUHV GH OHQoRV QRV EROVRV TXH WLQKD GH MRJDU IRUD GHSRLVSDUDQLQJXpPHPFDVDVXVSHLWDU /HPEUDQGRDVVLPDYLGDGHOHVHWRUQRXXPLQIHUQRHHX6DWDQiV (OHYLURXXPDHVSpFLHGHIDUUDSRKXPDQRJRUGRWHHPTXHHX PDQGDYDHGHVPDQGDYD 6HPSUHTXLVFRPHUPLQKDEXQGDHHXQXQFD GHLPHVPRGHSRLVTXHDSUHQGL&RQWHL D HOH HP SRUPHQRUHV TXH WLQKD DSUHQGLGR H DJRUD JRVWDYD PXLWR IDOHL ORQJDPHQWHVREUHRV UDSD]HVTXHPHFRPLDPPHQWLXPSRXFRIORUHHLEDVWDQWH (QWmR DJRUD PH Gr PH Gr $JRUD YRFr QmR WHP UD]mR SDUD QmR PH GDU HVVD EXQGLQKDOLQGD (XQmR 0DV SRU TXH QmR" 1mR YRFr YDL PH GDU YRFr YDL PH GDU YRFr HVWi EULQFDQGRePDLVGLQKHLURTXH YRFrTXHU"&ODURWHQKR OKHGDGRSRXFRGLQKHLUR HVWXSLGH]PLQKDGHTXDQWRYRFrHVWi SUHFLVDQGR"(XOKHGRXR GLQKHLURTXHYRFr TXLVHUHYRFrYDLPH GDUHVVDEXQGLQKDTXHHXHVWRXDOLVDQGR WmRJRVWRVRQmR YDL" (XQmR 0H Gr HVWi DTXL DJRUD QmR WHP SUREOHPD YRFr SRGH GDU HX IDoR WXGR R TXHYRFrTXLVHU 1mRGRX3RGHSHJDU SRGHDOLVDUSRGHDSHUWDUSRGH EHLMDUSRGHODPEHU SRGHGDUPRUGLGLQKDSRGHYHUWXGRRTXH TXLVHUPDVHXQmRGRX 1XQFD GHL 'HL[HL DOLVDU GHL[HL SHJDU GHL[HL DEULU ILTXHL GH TXDWUR PXJLQGR H FKDPDQGR HOH GH PHX WRXUR GHL[HL EHLMDU GHL[HL PHWHU D OtQJXD XP ERFDGLQKR H[LEL PXLWR D EXQGD PDV QXQFD GHL &DQVHL GH ILFDU QXD FRP HOH FRUUHQGR DWUiV GH PLP QR TXDUWR H HX ID]HQGR SRVHV GH VtOILGH HVYRDoDQWH H IDODQGR PDLV RX PHQRV SDUQDVLDQDPHQWH DUFDGLFDPHQWH URPDQWLFDPHQWH $VVLP SURPHWL D HOH TXH XP FHUWR GLD QXP LQFHUWR SRUYLU HP LQFHUWR DUUHERO
QHVVH LQFHUWR GLD FRP FHUWH]D HX GDULD DR FHUWR HOH SRGLD WHU FRPR IDYDV FRQWDGDVWULSXGLHLRTXH IRLSRVVtYHOPDV QXQFDGHLHHXVDELDTXHQXQFDLD GDU HOH QmR VDELD 4XHU GL]HU VDELD PDV WLQKD HVSHUDQoDV YROXQWDULVWDV HUD XPEDEDFD GRPDLVDOWRFRWXUQRQmRVHLSRUTXHPLQKD PmHGDYDDHOHVy VHPHX SDLHUD UXLPGHFDPDFRLVDVREUHDTXDOQXQFDYRXSRGHU WHVWHPXQKDUHVWDYLGD p LQJUDWD PHVPR 1HP WDPSRXFR GHL D HOH SHOD IUHQWH DFKR TXH IRL LVVR TXH DFDERXPDWDQGRHOHSRUTXH TXDQGR HXILQDOPHQWHUHVROYLFRQWDUTXHQmRHUD PDLV YLUJHP HOH HQGRLGRX H PH RIHUHFHX DEVROXWDPHQWH WXGR R TXH HX TXLVHVVH SDJR DQWHFLSDGDPHQWHPDVHXQmR GHL8PDYH]HOHHVWDYDHPSpHHX FKXSDQGRR SDXGHOHVHQWDGDVHPERWDUDVPmRVQRSDXFRPRHOH JRVWDYDGHYH]HP TXDQGR HX ID]LD DV FRLVDV PtQLPDV GH TXH HOH JRVWDYD QmR Vy SRUTXH WDPEpP QmR VRX QHQKXPD7RUTXHPDGDFRPR SRUTXHJRVWDYDGHPRVWUDUFRPRSRGLDID]HUGHOHJDWR H VDSDWR HXHVWDYDFKXSDQGRHOHPXLWRDSOLFDGDPHQWHPDVSHQVDQGRHP DUWLVWDVGH FLQHPDHDtUHVROYLLVVR TXHYRXFRQWDU6HPTXrQHP SDUDTXrGLVVHDHOHTXH LDOKHGDUPLQKDEXQGLQKD PDVDQWHV LDFKXSDUPDLVXPERFDGLQKR HHQWmR FDQWHL (LQHNOHLQH 1DFKWPXVLNDVVLP 9RXYRXYRXHXYRXpOKHFKXSDU 9RX YRXYRX HX YRX p OKH FKXSDU $OOHJUR YLYDFH 9RXYRX OKH GDU D EXQGD YRURURURU{ PDVYRFrYDLEUR[DU 0DLVRXPHQRVDVVLP DJRUDQmRHVWiVDLQGRPDVQDKRUD HQFDL[RX WXGR FHUWLQKR QRWDGDPHQWH D LQWHQomR SRUTXH TXDQGR RIHUWHL PLQKD EXQGDH GLVVHTXHMiWLQKD IHLWR PXLWREHPDPLQKDSDUWHHDJRUDHUDFRP HOHH DFUHVFHQWHL XP YHQKD ORJR SHWXODQWH HOH REYLDPHQWH EUR[RX 9LVmR SDWpWLFD HOHFKRUDPLQJDQGRPDLVXPDFKDQFHPDLV XPDFKDQFHHHXUHVSRQGHQGRPHQRV XPD FKDQFH PHQRV XPD FKDQFH QmR VRX UHDOPHQWH WmR ERD TXDQWR JRVWR GH PH DFKDU HPERUD PH WHQKD QD FRQWD GH HQYLDGD GH 'HXV VpULR PHVPR 0DV QmR ILFR PHWLGD D EHVWD FRP LVVR DQWHV KXPLOGH 3RGH SDUHFHU PHQWLUD PDV HX DFUHGLWR PXLWRHP'HXVIRL(OH4XHPIH]WXGR ORXYDGRVHMD'HXV([LVWHPDLRUViGLFR QR PHOKRUGRVVHQWLGRV GRTXH'HXV"1mR SUHFLVDOHU6DUWUHTXHMiIRLDPRGDGDV PRGDV EDVWDSDUWLFLSDUGHXPSDSRGHERWHTXLPILORVyILFR'HXV'HXV 'HXVHX DFUHGLWRPXLWRHP'HXVDFUHGLWRQD3URYLGrQFLD'LYLQD DFUHGLWRPHVPR3UHJXLoD GH H[SOLFDU D TXHP p SUHVR D SDUDGLJPDV KHEUDLFRV RX FRQFLOLDUHV 6LPSDWLFtVVLPRVRVPHXV%XGDVGLWRVRV LPSRVVtYHOGHL[DUGHJRVWDUGHOHV 0HX TXHULGR WLR $IRQVR 3HGUR GH VDXGRVR VDUUR IRL TXHP PH GHX D EROVD GH HVWXGRV SDUD /RV $QJHOHV (OH SHUJXQWRX VH GHSRLV TXH HX YROWDVVH GDYD SDUD HOHGHYHUGDGHHHXGLVVH GRXHVWD EXQGRQDOLQGDSRQKDDPmRGHEDL[RGHPLQKD VDLD H SHJXH DTXL SDUD VHQWLU SHJXH GHEDL[R GD FDOoROD SDVVH D PmR QD PLQKD UHJDGLQKDHHOHSHJRXHSDVVRXDPmRIRUDGHVLHTXDQGRHX YROWHLHOH FREURX H HX GLVVH TXH HVWDYD FRP D FDEHoD PXGDGD H QmR GDYD QDGD IRL Dt TXH HOH GHYH WHU FRPHoDGR D HVWXSRUDU H WHYH XP HQIDUWH QD IUHQWH GD WHOHYLVmR YHQGR XP ILOPH SROLFLDO DPHULFDQR HOH YHQHUDYD RV DPHULFDQRV JUDQGH EDEDFD %RPILOKR GDSXWDQmRWHQKRDPHQRUJUDWLGmRSHODEROVDDFKRDWpTXH IRL PXLWR SRXFR SDUD HOH WUDQVDU FRP XPD PHQLQD GH PLQKD FDWHJRULD PXLWRV TXLVHUDP PDV QHPWDQWRVFRQVHJXLUDPVyRVTXHHXTXLV 1XPHURVRVQXPHURVRVJUDoDVD'HXVPDVVRPHQWHRVTXHHXTXLV (X VHPSUH WLYH DV FR[DV SRGHURVDV GH IUHQWH UHGRQGDV H EHP WDOKDGDV WHUPLQDQGR HP MRHOKRV SHUIHLWRV GH ODGR FRP DTXHOD FDYDGLQKD TXH DWp KRMH HX WHQKR XPD HVFXOWXUD VXWLO TXH HQWRQWHFH TXDOTXHU FRQKHFHGRU GR DVVXQWR GH WUiVpDWpFRYDUGLD IDODU%RPHXVHPSUHWLYHXPVHQKRUSDUGHSHUQDVH FR[DV QmR KiFRPRLQRYDUQDGHVFULomR8PVHQKRUSDUGHSHUQDVHFR[DV SURQWRHPERUD HX DLQGD DFKH TXH PHUHFLD DOJR PDLV HODERUDGR QmR p MXVWR ( SRGHURVD HVWi VHQGR XPD SDODYUD PXLWR GHVJDVWDGD FRPR DFRQWHFHX FRP JrQLR H DQWHV FRP IRUPLGiYHO 8PD SHQD SRUTXH QmR DFKR RXWUD FR[DV SRGHURVDV p LVVR PDV p PXLWR PDLV XP SRGHU QmR Vy ItVLFR FRPR HPRFLRQDO H SVLFROyJLFR p SRGHURVDV )RUPLGiYHLVQRVHQWLGRDQWLJRWDPEpPVHUYLDHPERUD QmRWDQWR1DUFLVDQmRp YHUGDGH" 2K ZHOO %RP HX VHPSUH WLYH JUDQGHV FR[DV ( VHL XViODV FRPR yUJmR VH[XDO GH SULPHLUR HVFDOmR SULQFLSDOPHQWH HP Sp Mi YL PXLWR KRPHP GHVSHQFDU QD PLQKD IUHQWH jV YH]HV HUD PXLWR ERP 9ROWD H PHLD PH DVVDOWD D YRQWDGH GH HVFUHYHUXPOLYURVREUHLVVRSRUTXHVHLTXHpXPD DUWHTXHHVWiVHSHUGHQGRHp XPDSHQD7RPDUQDV FR[DVp LQVXEVWLWXtYHOHHXHVWRXVHJXUDGHTXHQRQRVVR LPHQVR %UDVLO DJRUD PHVPR Ki FHQWHQDV GH PLOKDUHV GH PXOKHUHV H PXLWRV UDSD]HVWRPDQGRQDVFR[DVJHUDOPHQWHHPOXJDUHVGHDOWRULVFR
,VWR QDWXUDOPHQWH ID] SDUWH (VSHUR TXH R SURJUHVVR QmR YHQKD PDLV XPD YH] PDWDU R GHVHQYROYLPHQWR H D HYROXomR GHVHMiYHO DVVDVVLQDQGR HVVD DUWH YHQHUDQGD 1mR SHUFHEHPRV XPD SRUomR GH YDORUHV FXOWXUDLV LPSRUWDQWHV ILFDPRV SHQVDQGR VHPSUH HP FDQWRULDV QRUGHVWLQDV $OHLMDGLQKR HVFRODV GH VDPED H PDFDUURQDGDV SDXOLVWDV PDV H R ERP H YHOKR DQWH SRUWDV GH WDQWD WmR LQWULFDGDHFRORULGDKLVWyULD"2QGHILFDHOH"2QGH ILFDPDVFR[DV"7HUiPHXWLR PRUULGR WmR LQJORULDPHQWH TXH VHXV IHLWRV FRPLJR QmR IDUmR VHQWLGR SDUD DV JHUDo}HVIXWXUDV" 3XHV TXH Vt VL HV DVt SRU VXSXHVWR 1mR WHQKR JUDWLGmR D HOH SRU QDGD QHP SHOD EROVD QHP SRU QDGD QHP PHVPR SHORV ERQV RUJDVPRV MXYHQLV TXH HOH PH SURSRUFLRQDYD H DMXGDYDP D GDU YD]mR D PLQKD HQHUJLD VH[XDO FRPSXOVLYD QHP PHVPR SRUTXH WLYH H[SHULrQFLDV PDLV RX PHQRV UDUDV 1mR TXH HX SRVVD ERWDU R GHGR HPFLPDGHDOJXPDYDQWDJHPTXHLVVRSRUYHQWXUDVLJQLILTXHPDV KiXP TXrGH VLQJXODU H LQWHUHVVDQWH HP WHU QD PHPyULD R WHPSR HP TXH JR]HL FRP XP KRPHP FKDPDQGRRGHWLWLRRXPHXWLR 6LPFHUWDPHQWHQmRKiYDQWDJHPQLVWRPDVHXMiFRPLXPWLR DOJXPDFRLVDKiGH VLJQLILFDU (X JRVWDYD GH WUHSDU GL]HQGR WLWLR PDV HOH QmR VDELD GLVVR ( WDPEpP WLYH RUJDVPRV PXLWR PHOKRUHV LQFOXVLYH H QRWDGDPHQWH FRP SDUHQWHV SUy[LPRV FRPR 5RGROIR (VVH WLR Vy WLQKD D JUDQGH YDQWDJHP GH HX SRGHU H[HUFLWDU PHX VDGLVPR HVSHFLDOL]DGR QXPD ERD VRX XPD ViGLFD FRPSHWHQWH $OJRPHGL]FRQWXGR$OJRPHQWHPHVPRSUDFDUDOKR 3DUrQWHVH DJRUDHXTXDVHJDJXHMHLHFKHJXHLDFRJLWDUGL]HUSUD FDUDPEDFRPR WHQKR RXYLGR SRU DL 4XH KRUURU &RPR D PDLRULD GRV HXIHPLVPRV TXH FRLVD SHTXHQREXUJXHVD DWUDVDGD 7RGR PXQGR VDEH TXH D SHVVRD HVWi TXHUHQGR GL]HU SUD FDUDOKRHHPYH]GLVVRHPYH]GHSURFXUDUGHFHQWHPHQWH RXWUDILJXUDGH OLQJXDJHPXVDHVVHEDUEDULVPRLQWROHUiYHO 7RGRPXQGRTXHGL]SUDFDUDPEDSDUDPLPpXPLPEHFLO 1RUPDOPHQWH QmR PH RFRUUHULD GL]HU HVVD FRLVD LQRPLQiYHO PDV GHYH WHU VLGR SRUTXH R TXH HVWRX IDODQGR YDL VHU HVSHUR HX HVFULWR GLJLWDGR H LPSUHVVR 4XHU GL]HU HX DLQGD SDGHoR HPERUD PH JDEH GH QmR SDGHFHU GD UHODomR ULWXDOtVWLFDTXHREDEDFDGR VHUKXPDQRPDQWpPFRPDSDODYUD HVFULWD7HUiVLGR SRU LVVR TXH D HVFULWD HUD LQLFLDOPHQWH SULYLOpJLR GH VDFHUGRWHV H GHSRLV GH PRQJHV"2XSRUFDXVDGLVVR H[LVWHHVVDUHYHUrQFLDFUHWLQD"1mR VHLMiIDOHL QLVWRDQWHV PDVQmRPHFDQVRGHIDODU&KHJDDR SRQWRGHPXLWRVGpEHLVPHQWDLV VH RUJXOKDUHP GH IDODU FRPR VH HVFUHYH FRPR VH D JUDILD QmR IRVVH XPD WHQWDWLYD PXLWR GHIHLWXRVD GH HQJHVVDU DV SDODYUDV HP VtPERORV PHWLGRV D IRQpWLFRV FRPR VH VH SXGHVVH SHGLU D XP FKLQrV SDUD IDODU FRPR VH HVFUHYH FRPR VH D HVFULWD WLYHVVH SUHFHGLGR D IDOD 2XoR JHQWH SURQXQFLDQGR RV HPHV ILQDLVFRPRVHHVWDPHUGDGHVWD OtQJXDIRVVHLQJOrV 8PD~P GL]HP HOHV H QmR DSHQDV QDVDODQGR R VRP GR X HP XPDXP 6H IRVVH DVVLP XP DOKR HUD D PHVPD FRLVDTXHXPPDOKRXP ROKRXPPROKRHDOtQJXDILFDULD LQYLiYHO 2XWUR DEOpSWLFR TXH HX FRQKHoR Vy TXHP HVWXGRX 0HGLFLQD /HJDO p TXH VDEH HVWDVSDODYUDVTXHPTXLVHUTXH YiDR GLFLRQiULRSURQXQFLDDSDODYUDPXLWR FRPR VH HVFUHYH RX VHMD P~LWR VHP QDVDODomR GR X $L 5HDOPHQWH VRPRV XPD HVSpFLHPXLWRDWUDVDGDHVyIDOWDPRVEDWHUDWHVWDQRFKmRSDUD FRLVDVDTXH QmR GDUtDPRV D PtQLPD LPSRUWkQFLD VH IRVVHP VRPHQWH IDODGDV (VWmR HVFULWDV DVVXPHP VDFUDOLGDGH WDQWR DVVLP TXH FRPR HX WDPEpP Mi GLVVH FHUWDV SDODYUDV QXQFD DGTXLULUDP SDVVDSRUWH SDUD D HVFULWD H TXDQGR FRQVHJXHP SHQHWUDU SHOD PmR GHDOJXPPiUWLUVmR ORJRGHSRUWDGDVGHYROWDFRQGHQDGDVj FODQGHVWLQLGDGH RX FRQILQDGDV HP JXHWRV FRPR ID]HP FRP JHQWH 5LGtFXOR SDWpWLFR PDV LQHOXWiYHO DV SDODYUDV VmR GH IDWR XP PLVWpULR XP GLD HX HVFUHYR XP OLYUR ORXFR Vy TXHUR HVFUHYHU XP OLYUR ORXFR HP TXH DV SDODYUDV SRVVDP GHWRQDU H[SORGLU HP WRGRV RV WLSRV GH VLJQLILFDGRV SURYRFDU WRGR WLSR GH UHDomR (X TXHULD OLEHUWDUWRGDVDVSDODYUDVHXVHLTXHLVVRSDUHFHYHDGDJHP GH SRHWDVWUR MXYHQLOPDVTXHpTXH HXSRVVRID]HUpRTXHHX VLQWRHXTXHULDOLEHUWDUDV SDODYUDV,GLRWDYRFrWDPEpP$FDED GHOtULROLQJLVWLFRIHFKDSDUrQWHVH $OJR PH GL] IDODYDOKHV HX +DKDKDKD +DKDKDKD $L PHX 'HXV 'HVFXOSH D FULVH GH ULVR PDV HX PH VHQWL QmR VHL SRU TXr PHLR /DFDQ GHFODPDQGR WRGDV DTXHODV EDERVHLUDV GHVFRQH[DV H LQLQWHOLJtYHLV H RV FUHQWHV WHQWDQGR GHFLIUiOR FRPR TXHP GHFLIUD 1RVWUDGDPXV RX D SLWRQLVD GH 'HOIRV TXDQGR p FODUR TXH HOH PHVPR QmR VDELD TXH PHUGD HVWDYD IDODQGR VXVSHLWR TXH
WRPDYD TXDOTXHU FRLVD SDUD R MXt]R 'HVFLD DV YHQWDV QXPDV TXDWUR FDUUHLULQKDV JRUGDV H LD j OXWD 2 TXH VH IDOD H HVFUHYH GH PHUGD HQJDODQDGD QD )UDQoD p LQDFUHGLWiYHO HX PHVPD QXQFD HQJROL QDGD GHVVD HPSXOKDomR TXH FRQIXQGH LQLQWHOLJLELOLGDGHH FKDWLFHFRPSURIXQGLGDGHQHP/DFDQQHP*RGDUG QHP 5REEH *ULOOHW QDGD GHVVDV PHUGDV WXGR FKXWH H FKDWR H TXHP JRVWD p SRUTXH IRL FKDQWDJHDGR D JRVWDU H QR IXQGR VH VHQWH EXUUR 6DUWUH DLQGD WLQKD XPDV FRLVDVVHEHPTXH/HWUHHWOH QpDQWpDPmHGHOHPDVDLQGDWLQKDXPDV FRLVDV jVYH]HVHUD DUUHEDWDGRU1mRQmRWHQKRQDGDTXHPHVHQWLUFRPR/DFDQHX +DKDKD GHVFXOSH p GHVVDV FULVHV GH ULVR TXH D JHQWH QmR FRQVHJXH GHWHU /DFDQ ,PDJLQH D FHQD XP PDOXFR IXULEXQGR FRP R PLROR FKHLR GH FRFDtQD RX DQIHWDPLQDGHVSHMDQGRDTXHOD HQ[XUUDGD DPD]{QLFDGHQRQ VHTXLWXUVHVEXJDOKDGRV HP FLPD GH XPD SODWpLD TXH QXQFD HQWHQGHX H DWp KRMH YLYH WHQWDQGR FRPLFDPHQWH HQWHQGHU H WHUPLQDQGR SRU IDODU GR PHVPR MHLWR H DFDEDQGR LQYDULDYHOPHQWH SRU LQIHOLFLWDU DOJXpP (OH QmR HVFUHYHX SRUTXH SURYDYHOPHQWH QmR FRQVHJXLD VHQWDU SDUD HVFUHYHU 7HP JHQWH DVVLP (X WDPEpPTXDQGRILFDYDOLJDGRQDHUDDVVLPQmRSDUDYD TXLHWDQHPQDFDPD'HYLD KDYHUXP QRPHSDUDHVVDGRHQoDRX SHORPHQRVSDUDDOJXQVGHVHXVVLQWRPDV1mR D GRHQoD GHOH TXH HUD XPD YDULDQWH QHXUROyJLFD PDOLJQD GH JORVVRODOLD QDGD GH H[WUDRUGLQiULR (X PH UHILUR j GRHQoD GRV UHOLJLRVRV GHOH RV LQLFLDGRV RV VDFHUGRWHVHQDWXUDOPHQWHRVTXHXVDPRWDO WHPSROyJLFRFRPRVHR0HVWUH GRV 0HVWUHV MDPDLV KRXYHVVH SURIHULGR DOJXPD FRLVD GH OyJLFR PDLV HVSHUWDPHQWH Vy GHL[DQGR R VRIUHQWH IDODU GRLV PLQXWRV H PDQGDQGRR jV IDYDV SDUD WHUWHPSRGHDWHQGHUDPDLVQRYLoRV/yJLFRSDUDREROVR pXPD 1mRHXQmRWHQKRQDGDDYHUFRP/DFDQ VLPWKHUHLV PHWKRG LQ P\ PDGQHVV $OJR PHQWH PXLWR Mi GLVVH H UHSHWL PDV FRPR GH KiELWR YRX HVTXHFHU LVVR H PDLV XPD YH] GDUOKH FUpGLWR $OJR PH GL] TXH QmR VRX XPD ViGLFD GLJDPRV JHUDO VRX XPD ViGLFD VHOHWLYD &RP 5RGROIR PHVPR FRP 5RGROIR FRPR HUD GLIHUHQWH 2 SLRU GLD GH PLQKD YLGD IRL TXDQGR HX YROWHL SDUD FDVD TXDVH DPDQKHFHQGRHOiHVWDYDRUHFDGRGHTXH5RGROIRWLQKDPRUULGR QXP GHVDVWUH GHFDUUR(OHDLQGDFKHJRXYLYRDRKRVSLWDOHSHUJXQWRX SRUPLP(HXQDFDVDGH &KLTXLQKR FKHLUDQGR Sy FRP )HUQDQGR 0DUFLWR 0LOWLQKR (OLDQD 5LWD H /DtV DTXHODV FRLVDV GH Sy TXH QD pSRFD HX DFKDYD D YHUGDGHLUD UHGHQomR GD FRQVFLrQFLD H GD FRQYLYrQFLD SHUIHLWD HQWUH D UD]mR H SUiWLFD H KRMH DFKR XPD PHUGD DYLOWDQWH /HPEUR TXH (OLDQD TXH WDPEpP WLQKD XPD WHVmR GH MHJXH QHOHKDYLDFRPELQDGRTXHDJHQWHLDID]HUXPDVXUXED &KHJXHLOiWULQFDGDHPRUWDGHUDLYDGDSREUHGD(OLDQDTXHDWp KRMHIHOL]PHQWH pPLQKDDPLJD2SDGUHHRVPpGLFRV QRV ROKDUDP DWUDYHVVDGR HOH WLQKD DFDEDGR GH PRUUHU 1mR HVTXHoR DTXHOH LQVWDQWH SDYRURVR D JHQWH FRPSOHWDPHQWH ORXFD GHROKRV DUUHJDODGRVID]HQGRELFRH VXDQGRFRPRFKDOHLUDVHHXPDO VHJXUDQGRD YRQWDGHGHHVFXOKDPEDURSDGUHHPHXLUPmRPRUWR 'HL XP EHLMR QD ERFD GHOH H IXL DR HQWHUUR GH yFXORV HVFXURV H FKHLUHL QR FHPLWpULRSDVVHLRUHVWRGRGLD HQIXUQDGDQRTXDUWR HR UHVWRGRPrVRGLDQGRR PXQGR H XQV ERQV DQRV GHVDWLQDGD H D YLGD GHVDPSDUDGD (X HUD ORXFD SRU PHX LUPmR HQVDQGHFLGD IDQiWLFD TXHP IDODYD TXDOTXHU FRLVD GHOH YLUDYD PHX LQLPLJR (OH HUD OLQGR SDUHFLD FRPLJR Vy TXH PDLV ERQLWR DLQGD HUD JUDQGH FRPR HX WLQKD RV PHVPRV OiELRV RV PHVPRV ROKRV YHUGHV XP ELJRGH LQGL]tYHO GHVVHV TXH GHVFHP SHODV FRPLVVXUDV TXDVH FRPR R GRV PRQJyLV GR FLQHPDVyTXHPDLV FKHLRHPHQRVFRPSULGRHUD D SHVVRD PDLVFDULQKRVDTXHVH SRVVDFRQFHEHUWLQKDXPFDQWRGH ROKRHQUXJDGLQKRFRPRHXQXQFD YLHPQLQJXpP D YR] Vy XP WDQWLQKR URXFD PDV IRUWH RV SpV HQpUJLFRV VXDYHV GRFHV YLROHQWRV WLQKD DV PmRV PDLV VH[\ TXH DOJXpP SRGH WHU WLQKD XPD EXQGD HVSOHQGRURVDQmRKiSDODYUDSDUDGHVFUHYHUDTXHODPLVWXUD UHDOPHQWHLQHIiYHOGH PDVFXOLQLGDGH H IHPLQLOLGDGH DTXHOH MHLWR GH GHLWDU GH EUXoRV FRP DV SHUQDV GREUDGDV DTXHOH VRUULVR HQWUH PDURWR H WtPLGR H QR IXQGR UHVROXWR XQV GHQWHV FRPR QXQFD KRXYH GHQWHV HVSRUUDYD PDLV ORQJH H IDUWDPHQWH GR TXH MDPDLV DOJXP KRPHP HVSRUURX WLQKD XP SDX OLQGtVVLPR GHOLFDGR H DR PHVPR WHPSR DILUPDWLYRHPDLVGXURGR TXHDFRQVFLrQFLDGD$OHPDQKD WLQKDXPDLQWHOLJrQFLD DFDFKDSDQWH XPDV YLULOKDV GH FKHLUR LQHEULDQWH RV FDEHORV PDLV PDFLRV GR SODQHWDXQVJUXQKLGR]LQKRV LPSRVVtYHLVGHLPLWDUXPDVFDUDVWmROLQGDVQD KRUD GH WUHSDU H ROKH TXH Mi YL DV PXGDQoDV GH FDUD QD KRUD GH WUHSDU PDLV HVSHWDFXODUHV FRPR p EHOD D PXGDQoD GH FDUD QD KRUD GH WUHSDU p R
FRQKHFLPHQWR DEVROXWR WLQKD RUJDVPRV SHORV SHLWRV LJXDO D PLP RUJDVPRV FRPSOHWRVWLQKDXPRIHJDULQLPLWiYHOQDKRUD GH JR]DU WLQKD D PHOKRU WULOKD VRQRUD GH TXH Mi SDUWLFLSHL WLQKD XP XPELJR LUUHSUHHQVtYHO HQWUH SrORV PDLV PDFLRV TXH EDUULJD GH RYHOKD WLQKD R PHOKRU QDUL] TXH Mi HQWURX SHODV PLQKDV SHUQDV DFLPD XP FDQJRWH LUUHVLVWtYHO WLQKD XP VDFR TXH GDYD LPHGLDWD YRQWDGH GHEHLMDUHODPEHUHTXHPHID]LDJR]DU TXDQGRHVIUHJDYDDFDUD QHOHWLQKDXP MHLWRGHEDWHUSXQKHWD SDUDJR]DUQD PLQKDERFDVyQD~OWLPDKRUDTXHDWpDJRUD PH GHL[D HQGRLGHFLGD WLQKD XPD PDQHLUD GH PH SHQHWUDU SRU WUiV TXH HX QXQFD HVTXHoRRIHUHFHQGROLQGRVHXSDXHUHWRSDUDTXHHX FKXSDVVHHPROKDVVHHGHSRLV PHWHQGR WXGR GHQWUR GH PLP HX GH TXDWUR H HOH DPDVVDQGR PHXV SHLWRV H PH [LQJDQGRHID]HQGR TXHVWmRGHSX[DURSDXSDUDPHWHUGH QRYRGHYDJDUDWpR IXQGR H PRUGHQGR PHX SHVFRoR H PH SX[DQGR SHORV TXDGULV H HX DEULQGR D EXQGD FRP DV PmRV SDUD HOH PH PHWHU DLQGD PDLV IXQGR HOH WLQKD WXGR WXGR WXGR HOH PH FRPHXGHWRGDVDVIRUPDVTXHHOHTXLV HHXWDPEpPFRPLHOHHXDGRURPHX LUPmR QXQFDPDLVDYLGDIRL DPHVPDFRLVDHOHHVWDYDVHPSUHHOHHUDVHPSUHHX QXQFD SRGLD ILFDU Vy SRUTXH HOH H[LVWLD HOH HUD PLQKD UHIHUrQFLD H PHX SDUFHLUR EiVLFRPHXPDFKRHPLQKDIrPHDHOHPHGHL[DYDPROKDGD WRGDVDVYH]HVHPTXHPH WRFDYDHOH DQXQFLDYDTXHLDJR]DUHP PLPFRPRXPFpVDUHPWULXQIRPHHORJLDYD DQWHV GXUDQWH H GHSRLV R SDX GHOH SXOVDYD HP PLQKD ERFD DQWHV GH HOH JR]DU WRGDV DV PLQKDV HQWUDGDV SDOSLWDYDP DQWHV GH HOH PHWHU HX VXELD SDUD R FpX TXDQGR HOH OHYDQWDYD PHX WUDVHLUR H PH WUDQVILJXUDYD QXPD SRWUDQFD VHQGR HQUDEDGD SHOR SXURVDQJXH VHX LUPmR R ~QLFR TXH VRQKH VHU WXGR PDFKR SXWR IrPHD GHVFDUDGR ViGLFR PDVRTXLVWD PHQWLURVR YHUGDGHLUR OLQGR IHLR GLVSRVWR SUHJXLoRVROLQGROLQGROLQGROLQGRPHXLUPmR5RGROIR (OHWHYHWUrVPXOKHUHV&OiXGLD9HUHQDH&LGDKRMHD YL~YD RILFLDO0HGRX PXLWR EHP FRP HOD 0H GRX EHP FRP WRGDV DV WUrV DOLiV 7UrV PXOKHUHV VXSHULRUHVFXOWDVHILQDV DVWUrVVDELDPTXHHXHUDWDUDGDSRU5RGROIRHDWp WLQKDPXPD FHUWDDSUHFLDomRHVWpWLFDSRULVVRVHPSUHQRVGHPRVPXLWR EHP PHVPR H 9HUHQD QyV FKHJDPRV D FRPHU MXQWRV DOJXPDV YH]HV (OD WRSDYD FRP PXLWR HVStULWRHVSRUWLYRPDVDFKRTXHSUHIHULDOHU HMRJDU DVH[RHUDXPDFRLVD TXH TXDQGRHODID]LDGLYHUWLDVH UD]RDYHOPHQWHPDVTXDQGRQmRID]LDSDUHFLDQmR VHQWLUIDOWD &DVR PDLV FRPXP GR TXH VH SHQVD p DOJXP DOHLMmR DLQGD QmR DGHTXDGDPHQWH HVWXGDGR $ PRGHUDomR VHPSUH PH LQWULJRX QmR FRQVLJR FRPSUHHQGrOD GLUHLWR H WHQKR XP FHUWR PHGR GHVVDV SHVVRDV GHOLEHUDGDV H SDXVDGDV TXH SHQVDP QR TXH OHQWDPHQWH IDODP H ID]HP VHPSUH R TXH GHYHP ID]HU QRV OLPLWHV TXH TXHUHP REVHUYDU 6y FRQVLJR VHU GHVDEULGD H Vy PH GRX HIHWLYDPHQWH EHP FRP RV GHVDEULGRV VHMD FRPR SHVVRDV VHMD FRPR DUWLVWDV RX SHQVDGRUHV &LGD HUD GLIHUHQWHPDVQXQFDFKHJDPRVDWHUQDGD (ODFKHLUDYDHHXWDPEpPHWLYHPRVXPIUHWHFRPRVHGL]QD %DKLD1XQFDSLQWRX QDGD GH FRQFUHWR Vy XQV EHLMRV QD ERFD H XQV DPDVVRV PDV HX FUHLR TXH VH 5RGROIR QmR WLYHVVH PRUULGR DFDEDYD DFRQWHFHQGR DOJXPD FRLVD &LGD EHLMDYD PXLWR EHP H VHPSUH PH DOLVDYD PXLWR H D JHQWH VHPSUH VH DPDVVDYD QRV SHLWRV QDV GHVSHGLGDV 8PD YH] D JHQWH FKHLUDQGR 5RGROIR SHGLX SDUD PDPDU HP PLP H HOD ILFRX DVVLVWLQGR SHJDQGR HP PHX RXWUR SHLWR PH EHLMDQGR QD ERFD H VH HVIUHJDQGR HP QyV 0DV R QHJyFLR GHOD HUD PDLV IDODU SHQVDQGR EHP ,VVR DFRQWHFH PXLWR FRP Sy )HUQDQGR TXH R GLJD 'HXV R WHQKD PRUUHX GH HQIDUWH WDPEpPHPHGHL[RX XPDVFRLVLQKDV +LVWyULDGHPLQKDYLGDDLPLQKDKLVWyULDWmRULFDWmRFXUWD 9LWWRULR *DVVPDQ WLQKD UD]mR QXPD HQWUHYLVWD TXH HX YL QD WHYr D YLGD GHYLD VHUGXDV XPDSDUDHQVDLDURXWUDSDUDYLYHU D VpULR 4XDQGR VH DSUHQGH DOJXPD FRLVD HVWi QD KRUD GH LU 'HVGH TXH PHXV SHLWRV FUHVFHUDP QyV FRPHoDPRV D EULQFDUGHPDPmHH QHQpPPHVPRHOHVHQGRPDLVYHOKRGRTXHHX (XPHVHQWDYD HOH GHLWDYDD FDEHoDQRPHXFRORHXWLUDYDXPSHLWRSXQKDRVGRLV GHGRVSHUWR GRVPDPLORVHOHPDPDYDGHROKRVIHFKDGRVH PDLV RX PHQRV JHPHQGR H ILFiYDPRV DVVLP XP WHPSmR 'HSRLV HX PXGDYD GH SHLWR H HOH FRQWLQXDYD D PDPDU 'HSRLV D JHQWH HYROXLX H HX ILFDYD DIDJDQGR R SDX GHOH HQTXDQWR HOH PDPDYD 'HSRLV HYROXtPRV DLQGD PDLV (X QXQFD ILFDYD QXD Vy WLUDYD RV SHLWRV PDV HOH ILFDYD QX 'HSRLV IRL LQGR IRL LQGR D JHQWH SUDWLFDPHQWH FRPHoRX D WUDQVDU H HX ILTXHLSDUDVHPSUHFDWLYDGDEXQGDGHOH
1mR KDYLD QDGD PHOKRU QR PXQGR GR TXH FRPHU D EXQGD GHOH (OH ERWDYD XP WUDYHVVHLUR HPEDL[R GHOH H HX R FDYDOJDYD FRP XP SUD]HU TXH QXQFD VHQWL QHP FRPKRPHPQHPFRPPXOKHUQHPFRP YHDGRDOLiVHXQmRJRVWRPXLWRGHWUDQVD FRP YHDGR Vy SRU DPL]DGH DPLJRV YHDGRV HX WHQKR PXLWRV PH GRX EHP FRP HOHV &RP 5RGROIR D EXQGD HUD XP JR]R PRQXPHQWDO QmR Vy SRUTXH HOH HUD HVSHFLDO FRPR SRUTXH ID]LD D PXOKHU]LQKD VHP GHL[DU GH VHU PDFKR p LQGHVFULWtYHO Vy SUHVHQFLDQGR Vy YLYHQFLDQGR (X R SRVVXtD WRGR HVWH WHP TXH VHU R WHUPR HQURVFDGD QHOH PH HVIUHJDQGR QHOH FRP IRUoD DEULQGRR SDUD PH HVIUHJDU EHP IXQGR HHOHVHGHL[DYDFRPHUOLQGRXPGHXVGRXUDGRGHEDL[RGHPLPH HXPRUGLD DQXFDGHOHDPDVVDYDRVSHLWRVGHOHDSHUWDYDRSDX GHOHHHOHYROWDYDRURVWR SDUDPHGDUDOtQJXDTXDQGRHXSHGLD ( GHSRLV HOH PH FRPLD *HUDOPHQWH HUD HOH PH FKXSDQGR H HX DOLVDQGR D EXQGD GHOH PDV HX WDPEpP JRVWHL PXLWR TXDQGR HOH SDVVRX D PH FRPHU SRU WUiV HX OHYDQWDYDDEXQGDQDKRUDHP TXH HOHLDPHWHUHDGRUDYDTXDQGRHOHPHSLQFHODYD H ID]LD TXH LD HQWUDU PDV QmR HQWUDYD DWp TXH DTXHOH SDX JURVVmR VH HQILDYD WRGRHPPLPQLQJXpPPHYHQKDFRPHVVDKLVWyULDPXLWRFLWDGD SRUDtH DWp VDFUDPHQWDGD HP SHVTXLVDV SVHXGRFLHQWtILFDV GH TXH SDX SHTXHQR QmR ID] GLIHUHQoD FODUR TXH ID] XP SDX EHP GLPHQVLRQDGR SUHHQFKH DSURSULDGDPHQWH D PXOKHUHpXPYLVXDO HVWLPXODQWHHH[FLWDQWHQDGDGHVVHQHJyFLRGHSDX SHTXHQR ,VWR p XPD GDV PXLWDV EDOHODV TXH QRV IRUoDP SHOD JRHOD DEDL[R $V ~QLFDV PXOKHUHVTXHDSUHFLDPSDXSHTXHQRVmRDVTXHGHXPDIRUPD RXGHRXWUDWrP PHGR GHSDXVHMDSRUTXHVHQWHP GRUVHMD SRUTXHVmRUXLQVGDFDEHoD$PHVPDFRLVD p SDX PROH &ODUR VmR RV KRPHQV TXH HVSDOKDP KLVWyULDV WHUUtYHLV VREUH R TXH RXWURV QXQFDHOHVRXYLUDPGHPXOKHUHVFRPTXHPEUR[DUDP$VPXOKHUHV GHIDWR QmR FRVWXPDP HVFXOKDPEDU RV KRPHQV TXH EUR[DP FRP HODV VmR LQYDULDYHOPHQWH FRPSUHHQVLYDV H DWp VROLGiULDV WDQWR TXDQWR SRGHP VHU H DOJXPDV FKHJDP D VH FXOSDU SHOR PDORJUR 0DV PXOKHU SOHQDPHQWH VDGLD JRVWD GH SDX GXUR H JRVWD GH SHQHWUDomR2UHVWR pFRQYHUVDGHFRQVRODomRTXHDWpFRQYpPD DOJXPDVTXHFRP LVVR RFXOWDP R TXH OKHV LQWHUHVVD RFXOWDU (VFUHYDVH D QHQKXPD PXOKHU JRVWD GH SDX PROH E H[FHWXDGDV GLPHQV}HV DEHUUDQWHV H DV RXWUDV YDULiYHLV VHQGR HTXLYDOHQWHVRSDXPDLRUH PDLV YLVWRVRpSUHIHULGR(YLGHQWHTXHRSULQFLSDO SULQFLSDOtVVLPR p TXHP p R SURSULHWiULR GR SDX 0DV Dt VH p SHTXHQR D PXOKHU DSHQDV GHL[D SDUD Oi HPERUD SUHIHULVVH TXH IRVVH PDLRU]LQKR p PDLV VDWLVIDWyULRSRUDOJXPDRXYiULDVUD]}HV(VWDpTXHp DUHDOLGDGH RUHVWR UHSLWRpRQGDHSHQVDPHQWRYROXQWDULVWD 1mRTXHQmRKDMDPXLWRVFDVRVHPTXHRKRPHPGHSDXSHTXHQR RIHUHFHFRPSHQVDo}HV LQHVWLPiYHLVPDVPLOYH]HVXPSDXGLJQR GHVVHQRPH5RGROIR5RGROIR( QHQKXPD PXOKHU VDGLD WHP QRMR GH HVSHUPD RXWUD FRLVD TXH SUHFLVD VHU EHP HVFODUHFLGD (X OL QmR VHL RQGH TXH DOJXQV PXoXOPDQRV FRQVLGHUDP RIHQVD VXSUHPD D PXOKHU FXVSLUIRUDRHVSHUPDGHUUDPDGRHPVXDERFDSRUVHXKRPHP(X FRQFRUGRp XPD VHOYDJHULD XP VLQDO GH EDL[D H[WUDomR IDOWD GH IRUPDomR GH FODVVH GH FXOWXUD GH VRILVWLFDomR &XVSLU R HVSHUPD Vy p DGPLVVtYHO RX TXDQGR VH TXHU LQVXOWDUXPKRPHPRX TXDQGRVHTXHUS{ORHPVHXOXJDU YRFrSRGH VHUERPSDUD HXPH GLVWUDLUFKXSDQGRVHXSDXPDVQmRpERPRVXILFLHQWHSDUDHX HQJROLUVXD VHLYD PH UHFXVR D GHYRUiOR QmR GRX jV VXDV FpOXODV HVVD LQWLPLGDGH FRP DV PLQKDV (X VRX PDOXFD 6LP H HQWmR 5RGROIR H HX HYROXtPRV RXWUD YH] FRPR p ERP FRQWDU LVWR (X GDYD GH PDPDU D HOH QRV SHLWRV H HP VHJXLGD WLUDYD DV FDOoDV VHSDUDYD PHX FOLWyULV GRV JUDQGHV OiELRV DSUHVHQWDYDR FRP WRGR R FDULQKRHILFDYDYHQGRHOHPDPDUJHUDOPHQWHWRFDQGRGHSRLVXPD SXQKHWLQKDQHOH )LFDPRV yWLPRV QLVVR IL]HPRV LVVR DWp HOH PRUUHU DSHVDU GH WDPEpP WUDQVDUPRV GHWRGRVRVRXWURVMHLWRV 4DQGR HOH PDPDYD HQWUH PLQKDV SHUQDV TXDVH VHPSUH FRP D FDEHoD UHFRVWDGD QD SDUWH LQWHUQD GH PLQKD FR[D HX PH VHQWLD D PDLV FRPSOHWD GDV PXOKHUHV PH VHQWLD D *UDQGH 0mH PH VHQWLD QmR VHL FRPR Vy DOJXpP TXH Mi IH] LVVR p TXH VDEHVyDVPXOKHUHV2V KRPHQVTXDQGRVHQVtYHLVVDEHPWDPEpPXPSRXFR SRUTXH WrPXPD WHWDTXHpRSDXHHVSLUUDPXPOHLWHTXHpRHVSHUPDPDV VHJXUDPHQWHQD PXOKHUHVVHVHQWLPHQWRpPXLWRPDLVDPSORH YLVFHUDOpLQWUDQVPLVVtYHORIHUHFHU RFOLWyULV FRPRTXHPRIHUHFH XPELFRGHSHLWRHYHUDTXHOHKRPHPPDPDQGRDLQGD PDLVTXDQGR pRLUPmR(OHHQFDL[DYDWmREHPDTXHOHTXHL[ROLQGRHP PHXV EDL[LRV PDLV VHFUHWRV HX TXHULD TXH R FRUSR GHOH WRGR HQWUDVVH HP PLP TXHULD PH
PLVWXUDU VH[R VRPHQWH QmR HUD EDVWDQWH HX TXHULD PH IXQGLU FRP HOH 5RGROIR 5RGROIR0HXDPRU (XQmRYRXID]HUFRQIHUrQFLD SURPHWRTXHQmRYRXID]HU FRQIHUrQFLDVHLTXH pXPKiELWRLQWROHUiYHO PDVQmRSRVVR GHL[DUGHID]HUXPDGHQGRHPUHODomRDR LQFHVWR 6RX FRPR %HUQDUG 6KDZ QmR EDVWD PRVWUDU WHP TXH H[SOLFDU VHQmR DV SHVVRDVQmR HQWHQGHP&ODURTXHDVPXOKHUHVGH5RGROIRHVWDYDPFDQVDGDV GH VDEHU TXH PXLWD FRLVD PDLV GR TXH EHLMLQKRV KDYLD HQWUH QyV HX QXQFD HVFRQGL TXH WLQKDORXFXUDSRUHOHHPERUDVHPSUHFLVDUDWp TXHSRQWRH DVVLPSRUGLDQWH PDV VHPSUH PH LQGLJQRX WHU TXH HVFRQGHU R TXH SDUD PLP p D FRLVD PDLV QDWXUDO GR PXQGR 7HQKR DEVROXWD FHUWH]D GH TXH R Q~PHUR GH LUPmRV TXH WUDQVD FRP LUPmV WLRVHWLDVFRPVREULQKRVHVREULQKDVSDLVFRPILOKDVHPmHV FRP ILOKRV DGLQIQLWXPpPXLWtVVLPRPDLRUGRTXHDQRVVDKLSRFULVLD DGPLWHHQmRKiUD]mR SRU TXH GHYD VHU GH RXWUD IRUPD ( SULPRV FULDGRV MXQWRV" e XQLYHUVDO FRXVLQDJHGDQJHUHX[YRLVLQDJH $QWHVGHVHSRGHUHYLWDUILOKRVFRPVHJXUDQoDYiOi KDYLDXPD UD]mRJHQpWLFD 0DVQmRKRMHHPGLDPHVPR DQWHVGDStOXOD TXDQGRVHSRGLDID]HUXPDERUWRQDV PHOKRUHV FOtQLFDV EDVWDQGR DR PpGLFR XVDU R QRPH DUWtVWLFR GH FXUHWDJHP ,QFHVWR HUD QRUPDO QR (JLWR DQWLJR -XQR HUD LUPm H PXOKHU GH -~SLWHU WRGR PXQGR FRPLDWRGRPXQGRpQDWXUDODUWLILFLDOpD QRomR GH LQFHVWR FRPR XP PDO HP VL QmR WHP QDGD GH LQWULQVHFDPHQWH PDX QR LQFHVWR DQWHV PXLWR SHOR FRQWUiULRpXPDIRUoDGD1DWXUH]DpQDWXUDO 1mR p REULJDWyULR PDV p QDWXUDO $FKR EXUUR RX PHQWLURVR TXHP VH HVFDQGDOL]D FRP HX WHU FRPLGR PHX LUPmR H PHX WLR SDUD QmR IDODU HP SULPRV FXQKDGRV H TXHMDQGRV(XPHDUUHSHQGRGHQmRWHU FRPLGRPHX SDL KRMH PH DUUHSHQGR WHQKR FHUWH]DGHTXHDUPDQGR XPERPHVTXHPDHXFRQVHJXLULDHOHWDPEpPHUDQRUPDO H HX DGRUDYDHOHHEHPTXHHXSRGLDWHUFRQWUDFRUQHDGRPLQKDPmHLD ID]HUEHPD WRGRV RV HQYROYLGRV DWp D WLR $IRQVR TXHP VDEH" ( QLVVR HX VLQWR Oi D FDUD IHLD GR SUHFRQFHLWR ILFR SXWD FRP HVVDV FRQWUDGLo}HV PDV QHXURVH p QHXURVH 7HQKR GH DGPLWLU TXH VRX XPD QHYURSDWD WDOYH] QR IHOL] GL]HU GH (XFOLGHV GD &XQKD 3RUTXH WDPEpP DFKR HVVH QHJyFLR GH FRUQLGmR R PDLRU DWUDVR GH YLGD QLQJXpP p PRQyJDPR QHP KRPHP QHP PXOKHU Vy GHJHQHUDGR PHVPR PDVRFD GHVOLELGDGRGRHQWHGDFDEHoDJUDYHPHQWH)LFDUFDVDGR FRPDPHVPDSHVVRDDYLGD WRGD yWLPR DWp WHQKR DGPLUDomR VLQFHUD SRU HVVH WLSR GH VDQWLGDGH H SRGHVH PHVPR DOHJDU TXH SDVVHL D PLQKD YLGD WRGD FDVDGD FRP 5RGROIR H SUHVHQWHPHQWH VRX YL~YD GHOH $JRUD QXQFD WHU TXHULGR GDU XPD HVFDSXOLGLQKD GH YH] HP TXDQGRQXQFDWHUIDQWDVLDGRXPDWUHSDGDIRUDpPHQWLUD 0HQWLUDTXHPXLWRUDUDPHQWHSRGHVHUVLQFHUDPDVPHVPRQHVWHV FDVRVQmRGHL[D GH VHU PHQWLUD 7RGR PXQGR p FRUQR PHVPR TXH QmR VHMD SRU XPD PHUD TXHVWmR FRQMXQWXUDO WpFQLFD 6HL GH PXLWD JHQWH D TXHP HVVH UHFRQKHFLPHQWR LQFRPRGD WUHPHQGDPHQWH WUD] PXGDQoDV GH DVVXQWR FULVHV GH PHODQFROLD LUULWDELOLGDGH H VXUWRVGHVXRUHVIULRVHPELEOLRWHFDVOLYUDULDVHFLQHPDV $OJXQV KRPHQV DWp OLEHUDLV QmR VXSRUWDP D LGpLD GH VXDV PXOKHUHV YHUHP IRWRV SRUQRJUiILFDV QmR TXHUHP TXH LVVR H[LVWD SDUD HODV FRLWDGRV $FKDP TXH SRU QmR GHL[DUHP TXH D PXOKHU YHMD FHUWRV DWRV H REVHUYH R SDX GH RXWURV KRPHQV HODVQmRYmR ID]HULVVRSRUFRQWDSUySULD VH UHVROYHUHP RX SDVVDUmR D YLGD QD FUHQoDGHTXHVyRPDULGRWHPSDXRPDLRU GRPXQGRHQLQJXpP ID]VDIDGDJHP( PXOKHUHV TXH FULDP FDVR SRUTXH VHXV KRPHQV YrHP IRWRV GH PXOKHUHV SHODGDV WDPEpP FRLWDGDV /XWD PDLV EHVWD QmR SRGH KDYHU PHOKRU VHULD TXH WRGR PXQGR IRVVH IRGHU QXPD ERD H GHL[DVVH GH DSRUULQKDU R MXt]R DOKHLR 0DV SDUHFH TXH D KXPDQLGDGH DFDEDUi H LVVR QmR DFRQWHFHUi 1mR H[LVWH QLQJXpP UD]RDYHOPHQWH QRUPDO TXH QmR SHQVH RX WHQKD SHQVDGR HP SUHYDULFDU 1HVVH SRQWR FRPR HP PXLWDFRLVDPDLVHXIXL SLRQHLUDQXPDJHUDomRREVFXUDPHQWHSLRQHLUD4XDQGR HX IXLPRUDU FRP )HUQDQGRHPRXQXQFDVHLGLUHLWRMiYHOKDSDUD RV SDGU}HV GDpSRFDHOHVDELDWXGRVREUHPLPHVDELDDWp TXHHX WLQKDSURPHWLGRDEXQGDD WLR $IRQVR SDUD TXDQGR YROWDVVH GH /RV $QJHOHV Vy TXH YHUGDGH VHMD GLWD )HUQDQGR WLQKD FHUWH]D GH TXH HX LD VDFDQHDU PHX WLR H QmR LD GDU QDGD 0DV R UHVWRHOHVDELD ~QLFD FRPELQDomR IRGHX QD UXD FRQWDYD DR RXWUR &RUROiULR R IRGHGRU RX IRGHGRUD GD UXD WLQKD TXH VDEHU TXH D JHQWH FRQWDYD WXGR XP DR RXWUR 0DV QmR FRQWDYDUHDOPHQWHWXGRHVVHWLSRGH FRPELQDomRQXQFDIXQFLRQDFHPSRUFHQWR ( ROKH TXH D JHQWH FRPLD PXLWR DV PHVPDV SHVVRDV R TXH IDFLOLWDYD DV FRLVDV
1mR UHVROYHDWpFL~PHDSDUHFHp LQDFUHGLWiYHO0DVpPHOKRUGRTXH QDGDSHOR PHQRV D JHQWH QmR PHQWH QHP ILQJH H GLVVLPXOD WDQWR PHOKRU TXH HP PXLWRV FRQYHQWRV ,VVRSRGHSDUHFHUEREDJHPPDV QmRp(YLWDPXLWDDSRUULQKDomR SRVWHULRUHp IUXWRGDPLQKDH[SHULrQFLD&RPR GL]LDXPSURIHVVRU PDOXFRGH3URFHVVR&LYLOD UHVSHLWRGRFRUQRGyLDRQDVFHUPDV DMXGDDYLYHU7HYHJHQWHTXH VHQHJRXD PHFRPHUTXDQGRHXGLVVH TXHLDFRQWDUD)HUQDQGRHPXLWDJHQWHTXHVHQHJRXD FRPHUHOH TXDQGRHOHGLVVHTXHLDPHFRQWDU7HYHXPDPRFLQKDTXHHXFRPL DTXL QR5LRHPHHVTXHFLGHID]HUDYLVRSUpYLRQmRSHQVHLTXH HODIRVVHVHLPSRUWDU 0DVTXDQGRHXHVWDYDFRPHODQDFDPD RXWUDYH]HGLVVHFDVXDOPHQWHTXHMi WLQKD FRQWDGR WXGR D )HUQDQGR HOD ILFRX QHUYRVtVVLPD QmR DFHUWRX D FRQYHUVDU PDLV VREUHQDGD HIRLHPERUDVHPJUDoDGHVDSDUHFHXHDWpKRMHILQJH TXHQmRPH Yr QD UXD 0RUD DTXL QHVWD PHVPD UXD H Vy IDOWD FRUUHU TXDQGR WRSD FRPLJR $FRQWHFHX PXLWR (P /RV $QJHOHV WHYH R FDVR GH 0DUN H .DWH TXH HUDP UHFpP FDVDGRV IXPDYDP PDFRQKD ID]LDP R JrQHUR DYDQoDGH[ (OD QmR VDtD DVVLP j UXD PHVPRSRUTXH FRUULDDWpRULVFRGHVHUSUHVDQDTXHOHWHPSRHPTXHD 3OD\ER\ QmR PRVWUDYDSHQWHOKRHHUDEDQLGDGHPXLWDVFRPXQLGDGHVHYLVWD SHORVOLEHUDLVFRPR VtPERORGDOLEHUGDGHHGDGHPRFUDFLDSDUD DJHQWH YHUFRPRViR DVFRLVDVD 3OD\ER\MiIRLEDOXDUWHGD GHPRFUDFLDHGDOLEHUGDGHLQFOXVLYHDTXLQR%UDVLO HX PH OHPEUR GH WXGR HOD QmR VDtD GHVVH MHLWR PDV DQGDYD GH YHVWLGR GH PDOKD HP FLPD GD SHOH SHORV FRUUHGRUHV GH QRVVR SUpGLR PHVPR DQGDU *RVWRVtVVLPD OiELRV FDUQXGRV FDEHORV IDUWRV FDLQGR SHORV RPEURV ROKRV D]XLV HQRUPHVXPDEXQGDGH5RVDQQD6FKLDIILQRXP SDXGH PXOKHU HQILP FRPR VH GL] QDLOKDXPEXUURGXPDPXOp PHVPR(RVGRLVMiHVWDYDPSUDWLFDPHQWHQRSDSR (X PHHVIUHJXHL HP0DUNXPDSRUomRGHYH]HVHWRGDYH]TXHEDWLDFRP HOHVR]LQKR QR HOHYDGRU GDYDOKH XP FKXSmR UiSLGR GLVVH D HOH TXH TXHULD LU SDUD D FDPD FRP HOHVyQmRSLQWRXSRUTXHQmRWLQKDTXHSLQWDU HWDPEpP SDWDOHL.DWH HGHLXP EHLMmRQDERFDGHODQDYDUDQGD H)HUQDQGRSHJRXQRSDX GH0DUNHQRVSHLWRVGH .DWH WXGR FHUWR FHUWR FHUWR LQ WKH EDJ Vy IDOWDYD R DOLQKDYR ILQDO ( FKHJRX R GLD HP TXH QyV FRPSUDPRV XPD JDUUDID GH FKDPSDQKH IUDQFrV GHVVHV GH FLQFR PLO FRQWRV D IOWH SHJDPRV R FKDPSDQKH IRPRV SDUD R DSDUWDPHQWR GHOHV FRPR FRPELQDGR TXHLPDPRV GRLV EDVHDGRV VHUYLPRV R FKDPSDQKH H QDWXUDOPHQWH DEULPRV R MRJR $K SDUD TXr" $ YHUJRQKD HP ~OWLPD DQiOLVH IRL GHOHV WHQKR FHUWH]D GH TXH DFDEDUDP VH VHSDUDQGR H VH DUUHSHQGHQGR PDV QD KRUD D YHUJRQKD IRLQRVVDIRLFKDWtVVLPR(OHVSULPHLURWRPDUDPXP VXVWRPDVORJRDVVXPLUDPXP DUDIHWDGDPHQWHVLPSiWLFRH GHPDO GLVIDUoDGDFRQGHVFHQGrQFLD{KLSRFULVLD { SUDJD GD KXPDQLGDGH DWp TXDQGR" H GLVVHUDP TXH QDWXUDOPHQWH FRQWLQXDULDP QRVVRV DPLJRV GH VHPSUH PDV D FXOWXUD GHOHV HUD GLIHUHQWH FRPSUHHQGLDP QRVVR HTXtYRFR PDV DTXHOD QmR HUD D GHOHV QmR TXHULDP TXH ILFiVVHPRV PDJRDGRV FRPSUHHQGLDP QRVVRV SDGU}HV GH FRQGXWD H QDGD WLQKDP FRQWUD HOHV PDV QmR SRGLDP DGRWiORV 7DQWR )HUQDQGR TXDQWR HX IRPRV HOHJDQWHV QHP PHQFLRQDPRV FRPR SRGtDPRV WHU IHLWR R SRQWR D TXH VHSDUDGDPHQWH WtQKDPRV FKHJDGR FRP RV GRLV DJRUD TXHP QmR TXHULD PDLV HUD D JHQWH HOHV SHUGHUDP R LQWHUHVVH 8P KRUURU XPKRUURUXPKRUURU)RLWmRFKDWRTXH)HUQDQGRSURS{VORJRTXH DJHQWH VHPXGDVVHSDUDQXQFDPDLVGDUGHFDUDFRPHOHVHHX WRSHL (IRLyWLPRWHUPRVIHLWRHVVDPXGDQoDSRUTXHREDLUURQRYR FLGDGHDOLiV /RV $QJHOHV VmR PLOKDUHV GH FLGDGHV D JHQWH DWUDYHVVD D UXD H SDJD LPSRVWRV GLIHUHQWHV HUD PHLR ULSRQJD ULSRQJD FKLTXH DSHVDU GH RV KLSSLHV HVWDUHP Vy FRPHoDQGR QDTXHOD pSRFD H D JHQWH VH LQWHJURX FRPR VH WLYHVVH QDVFLGR Oi &RQKHFHPRVORJRR0LNHH D$OLFHHIL]HPRVRQDUL] FRPHOHV3yDLQGDHUDPHLR UDUR PDV HOHV WLQKDP yWLPRV IRUQHFHGRUHV $Wp HVVH WHPSR D JHQWH Vy FRQKHFLD ELULWD PHVPR PDFRQKD H DVVLP PHVPR PDO ODQoDSHUIXPH SHUIXPH 3HUYLWLQ 'H[DPLOPDLVXQVRXWURVGRLVRXWUrVFRPSULPLGRVWXGRPHLR FRLVDGH SREUH 9RFr YHMD Sy HVVD GHVJUDoD TXH Vy VHUYH SDUD VH H[SHULPHQWDU DOJXPDV YH]HV SDUD QmR VH ILFDU LJQRUDQWH $FKR VLP TXH D SHVVRD GHYH H[SHULPHQWDU ERD FRFDtQD $t FKHLUD XP SDU GH YH]HV ID] H GL] DV VDQGLFHV GHOLUDQWHV H FRQIHVVLRQDLVFRPXQV DTXHPFKHLUDHFRPSUHHQGHTXHpXPDPHUGDHGHL[DGH ODGR $VVLP VHULDyWLPRSRUTXHRVHUKXPDQRSUHFLVDFRPSUHHQGHUDILPGH VHOHFLRQi ORVSDUDVHXXVRRVYDULDGRVLQVWUXPHQWRVSDUDVH HQWUDUQXPEDUDWRHDOWHUDUD UHDOLGDGH SHUFHELGD 'LJR SHUFHELGD SDUD TXDOLILFDU D UHDOLGDGH SRUTXH D UHDOLGDGHQDWXUDOPHQWH QmRH[LVWHHPVL/HQLQHHUDJURVVRHRELVSR %HUNHOH\
HUDILQR HDItVLFDTXkQWLFDPDLVILQDDLQGD3HUJXQWHDXPFLHQWLVWD QXFOHDUR TXHpDUHDOLGDGHHHOHYDLJDJXHMDUVHIRUKRQHVWR 0DV H[LVWH XPD UHDOLGDGH SHUFHELGD H R VHU KXPDQR QmR SRGH WROHUiOD H Dt DOWHUDD SHUFHSomR'HVGHTXHRKRPHPpKRPHPHOH SURFXUDLVVRSRUPLOKDUHVGH YLDVDVPDLVFRQKHFLGDVVHQGRR iOFRROHDVGURJDVHPJHUDOQDWXUDLVRXQmR $ P~VLFD p LVVR D P~VLFD QmR p VHQmR LVVR R ~QLFR LQWHUPHGLiULR p R RXYLGR HOD YDLGLUHWRHDIHWDTXHPD RXYHQXQFDGHL[DGHDIHWDUGHXPD PDQHLUDRXGH RXWUD (QWmR HX DFKR TXH VH GHYH H[SHULPHQWDU p XPD ERUULFH QmR H[SHULPHQWDU 4XHP QmR XVD QDGD QHP VHFUHWDPHQWH p XP SHULJRVR ORXFR TXH SRVVLYHOPHQWH PDWDULD DOJXpP 2 SUREOHPD p TXH PXLWD JHQWH WHP GLILFXOGDGH HP YHU TXH DTXHOD GURJDFREUDXPWULEXWRTXHQmRVHSRGHSDJDUHQmRVDL GDTXHODHPTXH HXHQWUHL H JUDoDV D 'HXV VDt VHP SUHFLVDU GH XP HVIRUoR H[WUDRUGLQiULR 0XLWD JHQWH ILFD JUXGDGD QDTXHOD GURJD H HX DFKDYD TXH ILFDULD VRX REULJDGD D FRQIHVVDU TXH WLYH GHVOXPEUDPHQWR FRFDLQDO 4XDQGR IXL DSUHVHQWDGD H GXUDQWH DQRV D VHJXLU Sy PH SDUHFHX XPD FKDYH GR XQLYHUVR H GD IHOLFLGDGH D GURJD GD VDEHGRULDGDYHUGDGHHGDLOXPLQDomRREULOKR (VWXSLGH]pH[DWDPHQWHRFRQWUiULR 0LNHH$OLFHFKHLUDYDPWRGRGLDHVHFRQWLQXDUDPH DLQGD HVWmRYLYRVGHYHP WHU VH WUDQVIRUPDGR QXQV FDFRV LUUHFRQKHFtYHLV H LPSUHVWiYHLV (OHV WDPEpP WLQKDPJUDQDHOHWUDQVDYDSyFRPXQV PLOLRQiULRVDPLJRVGHOHVJDQKDYDXPD EDED VyFRPLVVR(UDXPD FRPSOHWDLQVDQLGDGH+DYLDRFDVL}HVHPTXHSDVViYDPRVGLDV D ILR FKHLUDQGR H EHEHQGR HP YROXPHV LQGXVWULDLV FRQYHUVDQGR VDFDQDJHP H HQWUDQGRQXPDVEDUUDVSHVDGLQKDVFRPRQDPDGUXJDGDHPTXHRV TXDWURUHVROYHPRV VDLU GH FDUUR SHOD +DUERU )UHHZD\ QXV GD FLQWXUD SDUD EDL[R p XP PLODJUH TXH QXQFDWHQKDPRVHQWUDGRHP FDQD$JHQWHID]LDWXGR(VWDYDHQWUDQGRQDPRGD ZLIH VZDSSLQJ HQyVHQWUDPRVHPYiULRVJUXSRVXQVVHPSyRXWURV FRPSy7LQKD TXH KDYHUXQVVHPSySRUTXHSypEUR[DQWHRVXMHLWRILFD OLJDGmRHPVDFDQDJHPPDV JHUDOPHQWHRSDXQmRVREHVy GiSDUD WLUDU XPVDUURPHVPRRXHQWmRFKXSDomRH FRLVDV DVVLP PDV QRUPDOPHQWH Vy VDL SDSR DOXFLQDGR PHVPR (X WHQKR XP DPLJR TXH FKHLUDYDPXLWRHTXDQGRLDVDLUFRPXPD PXOKHU SHUJXQWDYD FRP Sy RX FRP SDX"(ODTXHHVFROKHVVHSRUTXHVHKDYLDSDXQmR SRGLDKDYHU SyH YLFHYHUVD (OH PH FRQWRX TXH XPD YH] FRQVHJXLX XPD PHLDERPED H XVRX XPD FDOoDGHLUD SHTXHQLQLQKD GHVVDV TXH jV YH]HV GLVWULEXHP HP DYLmR H DSHVDU GH WHU KDYLGR DOJXPD SHQHWUDomR D H[SHULrQFLD QmR DJUDGRX ( WLQKD JUXSRV FKDWtVVLPRV HQWUH RV VZDSSHUV UHOLJLRVRV YHJHWDULDQRV HVSHUDQWLVWDV R TXH YRFr SRVVD LPDJLQDU $PHULFDQR FRQVHJXH VHU FKDWR H FDJDU UHJUD DWp HP VXUXED VmR PXLWR SLRUHV GR TXH RV DOHPmHV TXH TXDQGR ERWDP TXDOTXHU FRLVD QR MXt]R ILFDP FRPSOHWDPHQWH GHVSLURFDGRVHQmRUHVSHLWDPUHJUD QHQKXPD1RV(VWDGRV8QLGRV Ki XPPDQXDOHXPFXUVRSDUDWXGRHVHPG~YLGDOiPXLWR VHWUHSD GHDFRUGR FRPRV PDQXDLV 0DV LVVR QmR p JHUDO H Gi SDUD VH GLVWUDLU FRP IDUWXUD 1yV IUHTHQWDPRV DOJXP WHPSR HVVHV JUXSRV H WXGR VRPDGR IRL XPD H[SHULrQFLD GLYHUWLGDHYDOLRVD 0LNH WDPEpP WLQKD XP HVW~GLR IRWRJUiILFR HP FDVD HTXLSDPHQWR GH SULPHLUD DWpFRPIXQGRLQILQLWRHGLYHUVDVSDLVDJHQVRPDLRU KLJKWHFKHQyVWLUiYDPRV IRWRVQXV QmRVyQyVTXDWURPDV PXLWDJHQWHPDLVpDVVRPEURVRFRPRWHPJHQWH TXH VRQKD HP WLUDU IRWRV QXD HPERUD D PDLRULD UHSULPD p XPD SHQD H XP GHVSHUGtFLR %RWDPRV WRGR WLSR GH JHQWH SHODGRQD QDTXHOH HVW~GLR H HP RXWURV OXJDUHV TXH D JHQWHGHVFRODYDHUDXPDIHVWD7LUDPRVDWpIRWRV GHXPDIUHLUDSULPDGH0LNH H SRUWDGRUD GH XPD FDUD GH VDQWDUURQD H[HPSODU PDV TXH GHSRLV VH UHYHORX XPD GHVVDV IUHLUDV PHGLHYDLV GH FROHo}HV IHVFHQLQDV IUDQFHVDV GH DQWLJDPHQWH H DGRUDYD VXUXED RX HQWmR WUDQVDU FRPLJR WUDQViYDPRV SUDWLFDPHQWH WRGDV DV YH]HV HP TXH QRV YtDPRV ( DUUXPRX GRLV SDGUHV SDUD D WXUPD XP YHDGR H RXWUR KRPHPGHWRGDVDVDUPDVJUDQGH)DWKHU 3DW0XOOLJDQTXHWRSDYDTXDOTXHUFRLVD H WURFDYD FRP )HUQDQGR QXPD ERD HX QmR VHL R TXH HUD PDLV OLQGR VH )HUQDQGR HQUDEDQGR HOH RX HOH HQUDEDQGR )HUQDQGR jV YH]HV GH TXDWUR PXLWDV YH]HV GH IUHQWH TXH HUD D PLQKD SRVLomR IDYRULWD SDUD HOHV R SDX HQWUD PDLV GUDPDWLFDPHQWH HOHV VH HQFDUDP p PXLWR ERQLWR PHVPR XPD GDV FRLVDV PDLV VHQVXDLV H H[FLWDQWHV TXH HX FRQKHoR 7DPEpP HUD PXLWR ERQLWR HOHV VH FKXSDQGR GHROKRVIHFKDGRVSRQGRFRP YRO~SLDRSDXGRRXWURQDERFD(X ILFDYDIRUDGH
PLPHTXDVH QXQFDFRQVHJXLDSHUPDQHFHUVRPHQWHDSUHFLDQGRFRPR SODQHMDYD DQWHV HSDUWLFLSDYDGHDOJXPDIRUPD &ODUR TXH QHVVD VRGRPDHJRPRUUD GR ZLIH VZDSSLQJ RV SDGUHV RV SDGUHV QmR SRUTXH R %LOO QmR VH LQWHUHVVDYD SRU PXOKHU 3DW H D IUHLUD WLQKDP XP FHUWR SUREOHPD SRUTXH QmR GLVSXQKDP GH F{QMXJHV SDUD DSUHVHQWDU PDV D JHQWH DSUHVHQWDYDXPFRPR F{QMXJHGRRXWURH0LNHIDOVLILFDYDOLFHQoDVGH FDVDPHQWR VH IRVVH QHFHVViULR TXH ORXFXUD GXDV SHVVRDV FDVDGDV TXH YmR WUHSDU FRP RXWUDV H[LJLQGR SDSHO SDVVDGR RX LVVR p ORXFXUD UHPDWDGD RX p GH XP UHTXLQWH SRUPLPLQDWLQJtYHOHPERUDSRVVD LPDJLQDUXPFHUWRFHQiULRXPILOPHGH %XxXHO SRU H[HPSOR 'HYH KDYHU ILOPHV UHODWRV H HQVDLRV VREUH ZLIH VZDSSLQJ PDV QDGD SRGHGHVFUHYHUDTXLORQHQKXPILOPHQHQKXPDFROHomRGHILOPHV HOLYURV(X DGRUDYD TXDQGR SRGLD LU FRPR PXOKHU GH SDGUH 3DW SRUTXH HOH HUD H[FHOHQWH PDULGR H FRPSDQKHLUR H DGRUDYD SHUYHUWHU DTXHODV SHUXDV FKHLURVDV GH FDEHOR DUPDGRH VDSDWRVEULOKRVRVGD PHVPDFRUTXHRYHVWLGRRFDFKHFRORVEULQFRVH WXGR PDLV (OH HQVLQDYD DV FRLVDV PDLV HVFDEURVDV ID]HQGR DV FDUDV PDLV LQDFUHGLWiYHLV H HX DOL EDWDOKDQGR SHOR 2VFDU GH FRDGMXYDQWH DSUHQGL PXLWRFRPHOHWDPEpP(OHHUDSULYLOHJLDGR2V LUODQGHVHVTXHHXVDLEDQmRWrP IDPDGHGHVPDUFDGRVPDVRGHOH HUDPXLWRJUDQGHHJURVVRHILFDYDGXURFRPR XPD YLJD GH PDGHLUD DSRQWDQGR SDUD FLPD H JR]DQGR FRP XPD IRUoD H DEXQGkQFLD TXH RQGH TXHU TXH HOH JR]DVVH HP DOJXpP HVVH DOJXpP VHQWLD D LQXQGDomR HX DPDYD LVVR jV YH]HV ILFDYD VHQWDGD FRP D ERFD MXQWR DR SDX GHOH DVVLVWLQGR WUDQVSRUWDGD D HOH EDWHU XPD SXQKHWD SDUD QD KRUD GH JR]DU GLULJLU R MDWR j PLQKDERFD DEHUWD)L]HPRVPXLWRLVVRHPRFDVL}HV HP TXH D SUHVVD HUD DPLJD GD SHUIHLomRHWLUDPRVYiULRVILQRVIRPRVTXDVHSLOKDGRV GLYHUVDVYH]HVPDVLVVR GDYDJUDoD(OHVHUSDGUH WLQKDDOJXPD FRLVDDYHUFRPLVVRRXHQWmRR'LDER OKH GDYD XPD FRODERUDomR H[WUDRUGLQiULD $QG\ PHVPR $QG\ HUD XPD PXOKHU TXH QyV FRPtDPRV QXP GHVVHV FOXEHV GHVFREHUWD SRU HOH 4XHU GL]HU GHVFREULU WRGR PXQGR WLQKD GHVFREHUWR SRUTXH HOD HUD H[LELGtVVLPD (OH GHVFREULX IRL R WDOHQWR GHOD SRU WUiV GDTXHOD ERoDOLGDGH HPSHWHFDGD H DR ODGR GR PDULGR PHLR EUR[DHEDUULJXGmRVHP FKDUPHQHQKXPFRLWDGRPDVDFKRTXHSUHIHULD IUHTHQWDU DTXHOD WXUPDRQGHSHORPHQRV HVWDYDQRPLQDOPHQWHHPLJXDOGDGHGH FRQGLo}HVGR TXHWRPDURFRUQRVROLWiULRTXHIDWDOPHQWHWRPDULD 1R FRPHoR HX DFKHL TXH SDGUH 3DW HVWDYD PDOXFR TXHUHQGR TXH D JHQWH FRPHVVH DTXHOD -D\QH 0DQVILHOG GH RLWDYD FDWHJRULD D YHUGDGHLUD -D\QH 0DQVILHOG HUD IDQWiVWLFDHHXTXDVHFRPR YHUGDGHPHVPRPDVLVVR p RXWUD KLVWyULD IRL QXP FRTXHWHO HP %HYHUO\ +LOOV PH OHPEUH GHSRLV PDV HOH WLQKD UD]mR $QG\ HUD XPD JrQLDXPGLDPDQWHEUXWR (PGRLVPHVHVMiVDELDHJRVWDYD GH WXGR GHL[RXGH DFKDU TXH FKXSDU SDX HUD ID]HU FDUDV H ERFDV H SDVVDU XPD OtQJXD IUHQpWLFD QD JODQGHFRPRXPDFREUDFRP SUREOHPDVQHXUROyJLFRVDSUHQGHXDFXUWLUWXGR FRPHX WRGRV RV KRPHQV PXOKHUHV H VRUWLGRV GLVSRQtYHLV ILFRX FUDTXH HP WRGDV DV PRGDOLGDGHV YLURX DEVROXWDPHQWH RXWUD ( R FDVDPHQWR DFDERX FODUR 7UDF\ R PDULGR GHOD UHDOPHQWH QmR WLQKD MHLWR 1RVVD IUHLUD 6LVWHU *UDFH DOLDV 0UV 6DXQGHUVDOLDV0DXUHHQDOLDV 'HHDOLDV WDQWDFRLVDDFKRTXHQHVVHFOXEHHOD HUD 0UV 5LYHUD PXOKHU GH )HUQDQGR (OD IH] R LPSRVVtYHO SDUD WUD]HU 7UDF\ DR FRQYtYLR GD KXPDQLGDGH PDV QHP HOD VHULD FDSD] GHVVH IHLWR QHP HX 1HP 1RUPD/~FLD(FXPSULXVHRFDUPD GHFDGDXPQyV WUDQVDQGRFRP$QG\H7UDF\VH GDQGRSRUPXLWRIHOL]HPVHU FKXSDGRFRPDILQFRHGHQWHVSRU5LWD0DHD PDJUHOD GH ,RZD TXH QLQJXpP TXHULD FRPHU (X TXHULD VHU SLQWRUD SULPD GH XP %UXHJKHO TXDOTXHUXP%RVFKTXDOTXHUSDUDSLQWDUDTXHODVQRLWHV(GLDV 6DXGDGHVSRUTXHQmRGL]HUVDXGDGHV *UDQGH6LVWHU*UDFHJUDQGH )DWKHU%LOOJUDQGH)DWKHU3DW 0XOOLJDQ)HUQDQGR VHPSUHGLVVHTXHDPDLRUIDQWDVLD GHOHVH FXPSULXQRGLDHPTXHIRLFKXSDGRSRU 6LVWHU*UDFH FRPHODWRGD QXDPHQRVSHORDUUDQMRGHFDEHoDGHIUHLUD(*UDFH HUD OLQGD WLQKD DTXHODV VDUGDV GH LUODQGHVD PDV QR SRQWR FHUWR RV SHLWRV FXUYDGRV VXDYHPHQWH RV ELFRV URVDGRV H DUUHGRQGDGRV XPD [R[RWD PDJQtILFD FRP SHQWHOKRV DUUXLYDGRV H GHL[DGRV j YRQWDGH XPD EXQGD FOiVVLFD D IURQWHLUD SDUD DV FR[DV WUDVHLUDV EHP WUDoDGtVVLPD OLQGD OLQGD OLQGD H VDIDGD HUD FRPR HX H 3DW H UDURV RXWURV H RXWUDV TXH HQFRQWUDPRV QD YLGD HVWDYD VHPSUH GLVSRVWD VHPSUH D ILP HP TXDOTXHU OXJDU D TXDOTXHU KRUD VLQWR IDOWD GH PDLV JHQWH DVVLP DFKR TXH WRGR PXQGR VHULD DVVLP VH DMXGDGR )D]LD XP HVFkQGDOR TXDQGR JR]DYD WLQKD TXH WHU P~VLFD DOWD SDUD RV
YL]LQKRVQmRSHQVDUHPTXHDJHQWHHVWDYD PDWDQGRDOJXpPGHYRFDEXOiULRPDLV VXMR GRTXH/RQJ-RKQ6LOYHU )DWKHU%LOOHUDPDLVFDOPRPXLWRGHOLFDGRHGXFDGtVVLPRIDODYD QmRVHLTXDQWDV OtQJXDV H HUD WDPEpP PXLWR ERQLWR Vy TXH DOWR PRUHQR FRP XPD FRYLQKD QR TXHL[R H DEVROXWDPHQWH EDQGHLUD QHQKXPD GH TXH HUD ELFKD HX WRPHL XP VXVWR TXDQGR VRXEH 1mR HUD XP YHDGmR UDGLFDO Vy VH UHFXVDYD D FRPHU RX FKXSDU [R[RWD DOLiV QHP WRFDU DOLiV QHP YHU 7LQKD QRMR GL]LD TXH OHPEUDYD DV RVWUDV GD FLGDGH]LQKD GH SHVFDGRUHV RQGH HOH QDVFHX HP 0DVVDFKXVHWWV RX QR 0DLQH VHL Oi (OH WLQKD SDYRU GHVVDV RVWUDV WLQKD DWp SHVDGHORV FRP HODV 0DV WLUDQGR DV RVWUDV R UHVWR HUD FRP HOH PHVPR SULQFLSDOPHQWH FKXSDU SDX H SHLWR FRP D DYLGH] GH XP EDFRULQKR 0DV R TXH HOH SUHIHULD PHVPR HUD VHU HQUDEDGR SRU )HUQDQGR QD IUHQWH GH TXHP HVWLYHVVH 4XDQWR PDLV JHQWH SUHIHULYHOPHQWH PXOKHU PHOKRU SDUD HOH 3DUHFLD XP DWRU GH ILOPH SRUQ{ FODVVH $ HUD XPD YRFDomR LQDWD 'LULJLD R HVSHWiFXOR H ID]LD XPD HVSpFLH GH HQVDLR FRP )HUQDQGR KRMH YRFr ID] DVVLP KRMH ID] DVVDGR ( )HUQDQGR WDPEpP WLQKDVHQVRGHHVSHWiFXORHOHVGRLVHUDPXPVKRZVHP H[DJHURVXQGHUVWDWHGPDV YLJRURVR XPD EHOH]D PHVPR LQVSLURX PXLWD JHQWH &RPL D EXQGD GHOH DOJXPDV YH]HV PDV HOH PH HPSUHVWDYD XP QRPH PDVFXOLQR H TXDVH VHPSUH PH SHGLD SDUD XVDU XQV GLOGRV HVSHFLDLV XPDV SLFDV GH ERUUDFKD GHVWH WDPDQKR TXH VH HQFDL[DYDP GLUHLWLQKR QR S~ELV GD PXOKHU H HOD JR]DYD GH WDQWR VH HVIUHJDU $WXDOPHQWHTXDOTXHUUHYLVWDGHVDFDQDJHPWUD] DQ~QFLRVGHFDOFLQKDVJHUDOPHQWH SUHWDV H GH XP PDX JRVWR DWUR] WRGDV FRP SLFDV GH GLYHUVRV WDPDQKRV VHPSUH DFKHLGHWHVWiYHO 8VHL XPDV GXDV YH]HV PDV IRL WHUUtYHO LQFOXVLYH SRU HX WHU GH WUHSDU XVDQGR FDOFLQKDV QmR Ki D PHQRU JUDoD H PH Gi XP FHUWR QRMLQKR GR KRPHP TXH FXUWH LVVR QmR VHL EHP SRU TXr 'H PXOKHU WDPEpP SHQVDQGR EHP D SDVVLYD H SULQFLSDOPHQWH D DWLYD QmR DFUHGLWR TXH XPD VDSDWRQD GH UHVSHLWR XVH KDELWXDOPHQWHXPQHJyFLRGHVVHVpXPD LQGLJQLGDGH -i )DWKHU 3DW FRPR HX GLVVH HUD SHUIHLWtVVLPR FRPSOHWR QHQKXPD UHFODPDomR SHOR FRQWUiULR ,UUHWRFiYHO DTXLOR p TXH VH SRGH YHUGDGHLUDPHQWH FKDPDU GH DWLUDU FRP WRGDV DV DUPDV PHVPR JRVWDULD PXLWR GH HVWDU FRP HOH H *UDFHQRYDPHQWHPDVHOHVHPSUH SURPHWHTXHYHPDR %UDVLO H QXQFD DSDUHFH )RL HOH TXHP FRQILUPRX PXLWDV FRLVDV GH TXH D JHQWH KDYLD PXLWR VXVSHLWDYD H SHUGLD WHPSRHkQLPRFRPHODV3RUH[HPSORVHVVHQWDHQRYHpXPD EHVWHLUDTXH WLUD D FRQFHQWUDomR H Vy YDOH D SHQD HP FDVRV HVSHFLDOtVVLPRV ( D FKDPDGD SHQHWUDomR GXSOD TXH KRMH HVWi PXLWR QD PRGD H HX YHMR QDV UHYLVWDV SRUQRJUiILFDV" (X SDVVR QD EDQFD H SHUJXQWR VH WHP UHYLVWD GH VDFDQDJHP QRYD SHUJXQWRHP WRPGHYR]QDWXUDOQmRLPSRUWDTXHPHVWHMDSUHVHQWH ,QWHUHVVDQWH p TXH D PDLRULD GDV SHVVRDV ILQJH TXH QmR RXYH p FXULRVR QR FRPHoR HX HVSHUDYD R FRQWUiULR ( RV MRUQDOHLURV Mi VHSDUDP DV UHYLVWDV SDUD PLPRVMRUQDOHLURVVmRXPDFDWHJRULD PXLWRHVFODUHFLGDHGHPHQWHPXLWR DEHUWD DOJXpP GHYLD HVFUHYHU XPD WHVH VREUH HVVH LQWHUHVVDQWH SDSHO GD LPSUHQVD (P TXDVH WRGDV DV UHYLVWDV Ki IRWRV GH SHQHWUDomR GXSOD GRLV VXMHLWRV H XPD LQIHOL]WRGD PDTXLODGDHODPDLVRXPHQRVFRPRXPQDFRGH FDUQHQRHVSHWRHOHV FRPRDVGXDVPHWDGHVGHXPSmRGH FDFKRUURTXHQWH LVVR QmR H[LVWH 2X PHOKRU H[LVWH SRUTXH QyV PHVPRV H[SHULPHQWDPRV PDV QmR WHP YDORU DOJXP D QmR VHU SDUD FXUUtFXOR ( RXWUDV FRQWRUo}HV TXH PH GHVWURQFDP D DOPD Vy GH OHPEUDU SULQFLSDOPHQWH TXDQGR VH DUPD XPD PDFDUURQDGD KXPDQD 7UrV WUrV p R Q~PHUR LGHDO SDUD XP JUXSR TXDLVTXHU TXH VHMDP RV VH[RV GRV SDUWLFLSDQWHV LQFOXVLYH PLVWXUDGR (X JRVWR GDV WUrV IRUPDV SRVVtYHLV XPD PXOKHU H GXDV PXOKHUHV XPD PXOKHU XPKRPHPHRXWUDPXOKHUXPDPXOKHUHGRLVKRPHQV1D PLQKD H[SHULrQFLD PDV HQIDWL]R TXH Vy IDOR SRU PLP R PHQRV VDWLVIDWyULR p PXOKHU FRP GXDV PXOKHUHVH RPDLVVDWLVIDWyULR VXUSULVHpGXDVPXOKHUHVFRPXPKRPHP2 LGHDO p TXH WRGR PXQGR QHVVH JUXSR VH WUDQVH PDV QmR p LQGLVSHQViYHO 2 LQGLVSHQViYHO p TXH DV GXDV PXOKHUHV VH GrHP PXLWR EHP HP PDWpULD GH ULYDOLGDGH VHMDP HVSRUWLVWDV VLQFHUDV H JRVWHP H WHQKDP WHVmR QR KRPHP H XP EHOR GLD GHFLGDP WUDQVIRUPiOR HP VXOWmR H HODV HP RGDOLVFDV ( PXLWR SUHIHULYHOPHQWH TXH WRGRV VHMDP DPLJRV HVVD KLVWyULD GH TXH QmR VH SRGH PLVWXUDU DPL]DGH FRP VH[R p XPD PDOXTXLFH p SUHFLVDPHQWH R FRQWUiULR PHX 'HXV GRFpXeSRUTXHDVSHVVRDVHQYROYHPRVH[RHPWDQWD PHUGD PHVTXLQKDULDV FL~PHV GH SHLWRV LQVHJXUDQoDV GLVVHPHGLVVH VXVSHLWDV DILUPDo}HV GH HJR
WDQWD WDQWD PHUGD TXH ID]HU VH[R FRP DPLJRV jV YH]HV DFDED SUHMXGLFDQGR D DPL]DGH 1mR VH RIHUHFH PHUGD DRV DPLJRV DWHQWDU QLVVR RV DPLJRV VmR PXLWR LPSRUWDQWHV (QWmR OLYUDUVH GD PHUGD SDUD SRGHU RIHUHFHU D DPEURVLD TXHHVWiDtSDUDTXHPTXLVHUGHL[DUGHVHUEDEDFDH YHU6HVHSUHVWDUDWHQomR H VHDVVXPLUDSRVWXUDFRUUHWDR FHUWRpFRPHURVDPLJRV pDEVROXWDPHQWHyEYLR FKHJDDVHU ULGtFXORWHUTXHGL]HULVVRHDSUHVHQWDUFRPR WHVHDVHU GLVFXWLGD QmRKiQDGDDVHUGLVFXWLGRpHOHPHQWDUOyJLFR FXULDO1mRWRGRVRVDPLJRV p FODUR PLQKD LGpLD QmR GHYH VHU GHWXUSDGD HPERUD HX DFKH OHJtWLPR TXH DOJXpP HPSUHHQGD FRPR PLVVmR GH YLGD FRPHU WRGRV RV DPLJRV H DPLJDV TXH SXGHU (X PHVPD GH FHUWD IRUPD VRX DVVLP H FRQKHoR JHQWH DVVLP PDLV JHQWH GR TXH VHULDGHHVSHUDUjSULPHLUDYLVWD &RPHUDOJXpPGHYH VHUXPJHVWRGHDPL]DGHH TXHFRPSOHPHQWDHDSURIXQGDQmR HVWUDJDHVVDDPL]DGH2TXHHVWUDJDpROL[R QD FDEHoD TXH QmR p LQHUHQWH DR VH[R VmR RV SHQGXULFDOKRV PRUWtIHURV TXH DUUDQMDP SDUD HOH ([SHULPHQWH FRQYHUVDU VREUH LVVR FRP DPLJRV H FRPD HOHV VH HOHVVHUHYHODUHPVHQVtYHLVDHVVDPDQHLUDGH YHU DV FRLVDV ,QGHFHQWH p FRPHU SHVVRDVTXHQmRVHULDPQRVVDVDPLJDV ,VVR Vy VH DGPLWH HP UDUtVVLPRV FDVRV FRPR SRU H[HPSOR SDUD VDWLVID]HU XPD SHUYHUVmR]LQKD(XJRVWRGH YH]HPTXDQGRHFRP DVSHVVRDVFHUWDVGHGDUXPD GHRGDOLVFDWRGDPXOKHUVDEHGH TXHHVWRXIDODQGRpJRVWRVR)L]LVVRPXLWR p ERP VHU XPD GDV GXDV PXOKHUHV TXH HVWmR FRPHQGR XP KRPHP GH FLPD D EDL[R H GH WRGRV RV MHLWRV H VDEHQGR TXH HVWmR GDQGR D HOH XP GLD GH UHL EDVWDP HODV SDUDTXHHOHVHVLQWDXPUHLPDLRUTXHXPUHL+i TXHPSHQVHTXHQmRWHPKRPHP FRP UHVLVWrQFLD SDUD LVVR PDV WHP VHPSUH WRSDYD FRP XP D YDULDomR GH SDUFHLURVID]PXLWREHPDR PDFKRHOHpSURJUDPDGRSDUDLVVR9RFrVDEHRTXH HX FXUWL" (X H XPD DPLJD PLQKD SRU H[HPSOR FXUWLPRV LQWHQVtVVLPDPHQWH XPD QRLWH TXHSDVVDPRVFRPPHXLUPmR5RGROIRHQDTXDOHQWUHRXWUDV FRLVDVILFDPRVDPEDV GHUDERSDUDFLPDSDUD HOHQRVSHQHWUDU DOWHUQDGDPHQWH(5RGROIRHUD5RGROIR IRGHX DV GXDV D QRLWH LQWHLUD HP WRGRV RV EXUDFRV H IH] TXHVWmR GH QmR VHU JURVVHLUR HHVSRUURXWDPEpPQDVGXDV-iTXDWURSHVVRDVpPDLVFRPSOLFDGR eSRVVtYHO PDVQmRpIiFLODQmRVHUVHIRUQDEDVHGDWURFD YH]SRURXWUDH RXWUDVYDULDo}HV7RGRPXQGRHPERODGRQmRpERP 2X HQWmR p GLVIDUFH Mi YL LVVR DFRQWHFHU 3RU PLQKD FDXVD XQV GRLV RX WUrV KRPHQVTXHHXHQFRUDMHLHHORJLHLQDKRUD SUDWLFDUDP YiULRV DWRV D TXH DQWHV VH UHFXVDYDP 0XLWRV UHVLVWLDP D )HUQDQGR QR FRPHoR PDV DFDEDYDP FHGHQGR DWp SRUTXH WDQWR HOH FRPR HX pUDPRV PXLWR KiEHLV QHVVH VHWRU 6H R VXMHLWR SHUPLWLD TXH)HUQDQGRRFKXSDVVHHQmRHOHD)HUQDQGRWXGREHP GHVDSRQWDYDXP SRXFRDVPXOKHUHVPDV)HUQDQGRTXHULDFKXSiOR GHTXDOTXHUMHLWR UHFLSURFLGDGH RX QmR SRUTXH QmR WLQKD HVVDV IUHVFXUDV ( D JHQWH DSODXGLD H PRVWUDYD DGPLUDomR H WHVmR UHGREUDGD SRU )HUQDQGR H HPERUD QmR IRUoDVVH D EDUUD RX UHFULPLQDVVH R UHIUDWiULR GHL[DYD YLVtYHO TXH HOH HUD DVVLP XPD HVSpFLH GH ERER $V PXOKHUHV VHPSUH VH UHYHODUDP yWLPDV QLVVR D PDLRU SDUWH PH DMXGDYD PXLWR D FRQYHQFHU RV PDULGRV H QDPRUDGRV D WUDQVDU FRP RXWURV KRPHQV QD QRVVD SUHVHQoDRXFRPDQRVVD SDUWLFLSDomR9RFrSRGHSHQVDUTXHQmR PDVDVPXOKHUHV FXUWHP LVVRWDOYH]PXLWRPDLVGRTXHDPDLRULD VXVSHLWD QmR PH OHPEUR GH XPD TXHWLYHVVHH[SHULPHQWDGRHQmRWLYHVVHJRVWDGR(QWmR QDVWUHSDGDVGHTXDWUR Ki IUHTHQWHPHQWH GLVIDUFHV TXH TXDQGR HX GHVFREULD GHVPDVFDUDYD ORJR H HQFRUDMDYD D TXH OLEHUDVVHP ORJR WXGR IRVVHP KRPHQV QD H[SUHVVmR GD SDODYUD IRVVHPRV IRGDoRVTXHQyVVHPSUHTXLVHPRVTXHHOHVIRVVHP( XPIRGDoR FKHLRGH OLPLWDo}HVQmR SRGHVHUXPIRGDoR4XHXPQmRFXUWD FHUWDVFRLVDVWXGREHP XP FDPDUDGD SRGH JRVWDU PXLWR GH FRPHU RXWUR H QmR TXHUHU GDU SDUD HVVH RXWUR DVVLPFRPRHVVHRXWUR SRGHPXLWREHPVyTXHUHU GDU RX GH]HQDV GH YLFHYHUVDV $VVLP FRPR SRGH QmR VH VHQWLU WHVmR SRU GHWHUPLQDGD SHVVRD RX WLSR GH SHVVRD SRGHVH DWp Vy WHU WHVmR SRU XP WLSR GH SHVVRD H[FOXVLYDPHQWH HPERUD LVVR Mi VHMDGRLGLFH0DVTXHVHVHMD DEVROXWDPHQWHLQIHQVRDWRGDH TXDOTXHUFRLVDFRP R PHVPR VH[R Dt QmR Dt p OLPLWDomR JUDYH QmR Ki XP KRPHP RX PXOKHU FRPSOHWR QRFDVR7RGRKRPHPTXHGLVVHUTXHQXQFDQDYLGDWRGD VHQWLX QHQKXPD WHVmRSRUDEVROXWDPHQWHQHQKXPRXWUR KRPHPDWpXPEHOR WUDQVH[XDORXXPHIHER PDV QHQKXP PHVPR RX HVWi PHQWLQGR RX VH HQJDQDQGR 2 PHVPR SDUD DV PXOKHUHV TXH UHFRQKHFHP HVVH IDWR FRP PXLWR PDLRU IDFLOLGDGH WDOYH] SRUTXH QmR WHQKDP TXH VHU PDFKRV FRPR RV KRPHQV H QmR YLYDP WmR DVVXVWDGDV R WHPSR WRGR 3RU LVVR H SRUTXH DV PXOKHUHV VmR GH HVSHFLDO DMXGD DRV KRPHQV KHVLWDQWHV H
LQVHJXURVMiTXH VyRV LQVHJXURVpTXHWrPHVVHSUREOHPD p TXHHXQXQFD GHL[HLRVGLVIDUFHVHVFDSDUHPQRVH[RJUXSDO 2VGLVIDUFHVFRPHoDPMiQRVH[R DWUrV1mRLPSRUWDRTXHGLJDP VHGRLV KRPHQV HVWmR WUDQVDQGR DR PHVPR WHPSR FRP D PHVPD PXOKHU H[LVWH XP FRQWH~GR GH YHDGLVPRQLVVRHOHVILFDPROKDQGRDVURODV XPGR RXWUR FXUWLQGR FRLVDV TXH R RXWURID]YROWDHPHLDVH HQFRVWDPVHSHJDPHVHPIDODUQDGDDFDEDP HQWUDQGR QR VDPED XP FRP R RXWUR VHPSUH WHP XPD FRLVD GHVVDV 2 PHVPR RFRUUH FRP GXDV PXOKHUHV H XP KRPHP H[FHWXDQGR FRPR p GH SUD[H QHVWDV TXHVW}HV H HX REVHUYR VHPSUHFDVRVJUDYHVGHGRHQoDPHQWDO ([FHWXDQGR FDVRV JUDYHV GH GRHQoD PHQWDO WRGDV DV PXOKHUHV JRVWDP GH PXOKHU WDPEpP HP JUDXV YDULDGRV RX DWp HVSHFLDOL]DGRV GR PHVPR MHLWR TXH WRGR KRPHP JRVWDGHKRPHPID]SDUWHGD FRQVWLWXLomRGHQyVWRGRVQLQJXpPQDVFHXFRP SDSHO VH[XDO UtJLGR WRGR PXQGR p WXGR HP PDLRU RX PHQRU JUDX R UHVWR p PHGR GH IDQWDVPDV ULGtFXORV H DEVXUGRV TXH QXQFD VH VXVWHQWDUDP QDV VXDV SHUQRFDV GH QpYRD-iDVVLVWLDHSLVyGLRVHMiRXYL FRQILGrQFLDVGHKRPHQV TXHRGLDULDPGDU RUDERPDVFXUWLDP IDQWDVLDVHQGHPRQLQKDGDVGHHQUDEDUMRYHQVUDSD]HVH PXLWDV YH]HV ID]LDP LVVR HVFRQGLGRV GHOHV PHVPRV 2V WUDYHVWLV FRPHP KDELWXDOPHQWH KRPHQV VpULRV RV WUDYHVWLV WrP KLVWyULDV PXLWR ERDV HX VLPSDWL]R FRP RV WUDYHVWLVHPJHUDO(OHVFRPHP EDVLFDPHQWHKRPHQVVpULRV2VKRPHQVRVSHJDPHP VHXV FDUURV H ILFDP GH TXDWUR SDUD HOHV p HVVH R JUDQGH QHJyFLR GHOHV QmR p GDU DRV KRPHQV VpULRV FRPR VH SHQVD ( WRGRV HVVHV KRPHQV VpULRV VmR LQGLVWLQJXtYHLV GRV TXH QmR ID]HP R TXH HOHV ID]HP HOHV HVWmR HP WRGD SDUWH VmR QRVVRV FRQKHFLGRV SDLV PDULGRV FKHIHV FRPDQGDQWHV HWF TXH VH DEUDVDP RFXOWDPHQWHGHSRLVVH DSRVHQWDPHPRUUHPGHFkQFHU3UHFLVDYDGLVVR SUHFLVDYD" 1mR VHFHUWDVYHUGDGHVyEYLDVIRVVHPDGPLWLGDVGHXPDYH]SRUWRGDV $WUDVRDWUDVRYLYHPRVVHJXQGRUHJUDVHSDGU}HVSDUDRVTXDLV QHQKXPVHUKXPDQR IRLIHLWRHFODURILFDPRVPDOXFRVSRULVVR 1mR VHL VH Mi IDOHL TXH HQFDUR FRP SLHGDGH D PXOKHU TXH GL] VLQFHUD H SURLELWLYDPHQWH PHX QHJyFLR p KRPHP PLQKD ILOKD H IUHTHQWHPHQWH p LUUHFXSHUiYHOSDUDXPDYLVmRGR PXQGRHXPD YLGDVDGLDVDWpSRUTXHIRUWLILFDGD SRU WUiV GH VXD PXUDOKD GH QHXURVHV H FUHQGLFHV )LFR FRP SHQD $ EHP GL]HU ILFR FRP SHQD QmR Vy GHVVDV PXOKHUHV FRPR GRV KRPHQV HP FRQGLomR DQiORJD ILFR FRP SHQD GH WRGRV HVVHV H[FOXVLYRV GH DUDTXH 3UHIHUrQFLDV VLP H[FOXVLYLGDGHMDPDLV$VPXOKHUHVJRVWDPVLPGHPXOKHUHVHDV TXHPHQRV JRVWDP SHOR PHQRV DGRUDP VHU YLVWDV HP DomR SHODV RXWUDV TXH DV DFRPSDQKDP SUHIHULYHOPHQWH PRVWUDQGR TXH VmR PDLV JRVWRVDV -i SDUWLFLSHL GHVVH WLSR GH FRLVD H PXLWRV KRPHQV FRPR R SUySULR )HUQDQGR PH FRQWDUDP TXH WUDQVDUDP FRP PXOKHUHV TXH VR]LQKDV FRP HOH ILFDYDP Oi SDUDGRQDV FRPR XPD DOPRIDGD FRP EXUDFRVPDVTXDQGRHXRX TXDOTXHURXWUDHVWDYDSRUSHUWR YLUDYDPGHP{QLRVGR OHLWR JULWDYDP JHPLDP EHUUDYDP R QRPH GHOH HP DOWRV EUDGRV H DVVLP SRU GLDQWHeRIDPRVRVHUKXPDQR0DV QmRID]PDODQLQJXpPp WDOYH]GRVJUDQGHV DWUDWLYRV GH VH[R D WUrV p OHJtWLPR XPD FRQFRUUrQFLD FRQVWUXWLYD 0DV D YHUGDGHp TXHDJUDQGHPDLRULD GDVIDQWDVLDVFRPRRVH[RJUXSDOTXDQGR YLYLGD p XP VDFR FRP UDUDV H HSLVyGLFDV H[FHo}HV 4XDQGR LPDJLQDGD H DWp YLVWD HP IRWRV D LPSUHVVmR p RXWUD 6HU SHQHWUDGD HQTXDQWR VH FKXSD DOJXpP GH YDORU WRGRV DPLJRV H DPDQWHV WXGR EHP $OLiV R PHOKRU SDUD WXGR LVVR YROWR D EDWHU QD WHFOD VmR RV DPLJRV H SDUHQWHV 2X HQWmR R RXWUR H[WUHPR GHVFRQKHFLGRVTXHQmRYmRPDLVVHUYLVWRV4XDQGRVHpDPLJR DFDEDPVH WRUQDQGR PDLV SURYiYHLV DV FRPELQDo}HV JHUDOPHQWH HVSRQWkQHDV TXH SRGHP GDU FHUWR $Wp VLQFURQLVPR GH RUJDVPR D WUrV PXLWDV YH]HV Gi FHUWR PDV JHQWH GH SULPHLUDTXDOLGDGHSDUDLVVRp GLItFLOGHVHU HQFRQWUDGDHDVLWXDomRSURStFLD pWDPEpPGLItFLOGHDUPDU $WUDVRDWUDVR(HXGHLVRUWHDLQGDGHLPXLWDVRUWH 0LQKDEROVDGHHVWXGRVWRGRHVVHWHPSRIRLGHORQJHDPHOKRU TXHHXSRGHULD HVSHUDU 6Dt IRUPDGtVVLPD SyVJUDGXDGtVVLPD 1mR QDV PDWpULDV GR FXUUtFXOR HYLGHQWHSRUTXHHXLDDRFDPSXV VRPHQWHTXDQGRKDYLDQHFHVVLGDGHHPERUD WHQKD SHJDGR R PDLRU GLSORPD GH PHVWUDGR /i p LJXDO D DTXL EDVLFDPHQWH Vy TXH EDVWDQWH PDLV HODERUDGR H FRP XPD KLSRFULVLD LQWULQFDGDPHQWH FRUHRJUDIDGD TXHFKHJD DVHUERQLWDGHWmRKRUULSLODQWHHEHP HVWUXWXUDGD/iDJHQWHFRPSUD RVSDSHUVRVWUDEDOKRVGHFDVD TXHWHPGHDSUHVHQWDUH[LVWHP ILUPDVTXHID]HP LVVR p D PDLRU PROH]D p Vy WHU GLQKHLUR SDUD FRPSUDU FRPR TXDVH WXGR PDLV
'DU SDUD RV SURIHVVRUHV IXQFLRQDYD GD PHVPD IRUPD TXH DTXL GHL DWp SDUD XP PyUPRQ TXH QmR IXPDYD QmR EHELD QHP FDIp QmR GL]LD SDODYUmR HUD XP VDQWR KRPHPPDVTXDQGRHXSHJXHLQRSDXGHOH SRUFLPDGDVFDOoDVVHHVSRUURXWRGR H VyPHGHXQRWD$RFXUVR LQWHLUR(DVVLPGLYHUVRV RXWURVHUDVyGDU HSDVVDU SURFXUHP HP RXWUR OXJDU DV GLIHUHQoDV GH GHVHQYROYLPHQWR HQWUH R %UDVLO H RV (VWDGRV 8QLGRV 1R IHOL] GL]HU GH 0DULO\Q 0RQURH VHJXQGR HX OL HP DOJXPD UHYLVWD GH IRIRFD FKXSHL PXLWD SLFD PDV FRQVHJXL PXLWRV SDSpLV 1mR KDYLD GLILFXOGDGH DLQGD PDLV FRP D DSDUrQFLD GHPROLGRUD TXH HX WLQKD HOHV WLQKDP PHGR GH PLP H IDVFLQDomR DEVROXWD H PHOKRU DLQGD QmR KDYLD FRQFRUUrQFLD GLJQD GHVVH QRPH HX HVWUDQJHLUD FDVDGD OLYUH SDUD TXDOTXHU KRUiULR VHP TXHUHU GLQKHLUR GH QLQJXpP JRVWRVtVVLPD ID]HQGR FRLVDV TXH HOHV QXQFD VRQKDUDP HUD DWp FRYDUGLD QHQKXP UHVLVWLX DEVROXWDPHQWH QHQKXP (X IDODYD SRUWXJXrVGXUDQWHDVWUHSDGDV HOHVFDODPHPWUDQVH&RPGRLVHXWUHSHLD VpULR PDV FRP RV RXWURV HX ILFDYD GL]HQGR )ODPHQJR DWp PRUUHU R VXIOr Mi HVWi SURQWRWXpUXLPGHFDPDSUDFDUDOKR H RXWUDV PDOXTXLFHV TXH PH GDYDP QD FDEHoD VHPSUH OLJHLULQKR SDUD QmR DUULVFDU TXH HOHV HQWHQGHVVHP HUD QD &DOLIyUQLDHPXLWRVVDELDPXPDVSDODYULQKDV HPHVSDQKROFRPRTXDQGRHX FKDPHL 'U6FRWWGHHVW~SLGRSRUTXH HOHPHSHQHWURXSRUWUiVFRPR XPULQRFHURQWHGDQGR XPDPDUUDGD FRLWDGRGHOHHUDFDVDGR FRPXPDPXOKHUWHUUtYHOTXHHXH )HUQDQGR FRPHPRV H HUD FRUQR YLWDOtFLR VH EHP TXH ERP GH QRWD SDUD PLP VWUDLJKW $V DJDLQ 7LYHDSHQDVWUrVSUREOHPDVGRLVSHTXHQRVHXPJUDQGHQD YROWDSDUDD%DKLD 2 SULPHLUR SUREOHPLQKD IRL WLWLR $IRQVR p FODUR TXH FKRURX PH FKDPRX GH LQJUDWD SHUYHUVD LUUHVSRQViYHO H PDXFDUiWHU SRUTXH HX QmR TXLV GDU (OH HVWDYD WRGR FUHQWH WRGR /HRFiGLD FRPR VH IDODYD QR PHX WHPSR GH FROpJLR GH IUHLUDV HIRLORJRPHWHQGRDPmRHPPLPDVVLPTXHPHSHJRXVR]LQKD $OLiV QyV PDUFDPRV (X PDUTXHL PHOKRU GL]HQGR TXHP PDUFRX IXL HX VHP GL]HU QDGDGRTXHKDYLDGHFLGLGRHGHL[DQGRTXH HOH GHYDQHDVVH j YRQWDGH 0DUTXHL QD PHVPD VDOD GR VLWLR RQGH IL]HPRV VDFDQDJHP SHOD SULPHLUD YH] 'HXV PH SHUGRH IL]FRPR+LWOHUTXH REULJRXRVIUDQFHVHVDDVVLQDUHPDUHQGLomR QRPHVPRYDJmR GH WUHP RQGH R 7UDWDGR GH 9HUVDOKHV IRL DVVLQDGR 1RV HQFRQWUDPRV Oi HOH YHLR WRGRSUHVVXURVRWRGRPHWLGRDyWLPRPDVHXWLUHL DVPmRVGHOHGHFLPDGHPLP H GLVVHTXHSDUDVVHTXHDVFRLVDV MiQmRHUDPDVPHVPDV(OHPH SHUJXQWRXVHHX LD FXPSULU D SURPHVVD ILTXHL FDODGD OHYDQWHL D VDLD H DLQGD VHP GL]HU XPD SDODYUD IL] FRP TXH HOH FRPSUHHQGHVVH TXH HUDP Vy DV FR[DV 6HL TXH p GLItFLOFUHUPDVGHLVRPHQWHDVFR[DV(PSpSHGLQGR SUHVVDSRUTXHDFKDYDTXH YLQKDJHQWHVHPEHLMRQD ERFDVHP QHQKXPH[WUDHDLQGDULQDFDUDGHOHQD KRUDHPTXHDVSHUQDV GHOHEDPEHDUDPHHOHWHYHGHVHDJDUUDUHPPHXVRPE URVH DLQGD GLVVHDHOHHXQmRYDOKRQDGDPHVPRPDVPHQRVYDOLD HOH TXHWLQKD EDL[DGR D FDOFLQKD VRPHQWH SRUTXH QmR TXHULD TXH HOD ILFDVVH WRGD ODPEX]DGD GDTXLORH[LJLROHQoRGHOHSDUDPH OLPSDUVHJXUDQGRR QDV SRQWDV GRV GHGRV H ID]HQGR FDULQKDV GH QRMR ( SURQWR DTXHOD HUD D ~OWLPD YH] HOH TXH VH GHVVH SRU PXLWtVVLPR VDWLVIHLWR SRU HX DLQGD WHU IHLWR DTXLOR FRPR GHVSHGLGD HOH PH IL]HUDFDLUQXPDDUPDGLOKDSURPHWHURTXHQmR SRGHULDFXPSULUVHDSURYHLWDQGR GD PLQKD ERDIp H LQH[SHULrQFLD R LQHVFUXSXORVR DPRUDO TXH WLQKD LQLFLDGR D VREULQKD LQRFHQWH QD VDFDQDJHP R ~OWLPR H PDLV SpUILGR GRV KRPHQV ( DJRUD SDUD WRGRV RV HIHLWRV HX HUD XPD VHQKRUD FDVDGD HOH TXHULD TXH HX FRQWDVVH WXGRD)HUQDQGRRXDDOJXpPPDLVGDIDPtOLD"$WLD 5HJLQDWDOYH]"6HWLD 5HJLQD FRQFRUGDVVH FRP R FXPSULPHQWR GD SURPHVVD SRGLD VHU TXH HX UHYLVVH PLQKD SRVLomR'HYROYL ROHQoR DLQGDQDVSRQWDVGRVGHGRVHGHVYLDQGRRURVWRHQXQFD PDLV GHL[HLTXHHOHFKHJDVVHQHPSHUWRGHPLP 2VHJXQGRSUREOHPD]LQKRIRLTXHHXWLQKDGHHQVLQDUQD XQLYHUVLGDGHSRUFRQWD GD EROVD TXH WLQKD XQV UHTXLVLWRV GHVVH WLSR HPERUD WLYHVVH VLGR TXDVH WRGD SDJDSHORWLR$IRQVR'HXV RWHQKDSHQVDQGREHPHXWDPEpPERWHLSUDTXHEUDU HP FLPD GHOH DTXLOR QmR VH ID] $SDUHFHX SDUD GDU DXODV R 'DODL /DPD" $VVLP DSDUHFL HX $LQGD WHQWDUDP PH FKDQWDJHDU SDUD HX DFHLWDU DTXHOH HPSUHJR HVFUDYL]DQWH GH PHUGD PDV HX QmR TXLV QHP VDEHU DWp KRMH GHYH KDYHU DOJXP LQTXpULWR RX SURFHVVR FRQWUD PLP PDV HX QXQFD GHL D PHQRU LPSRUWkQFLD 0DV HQILPFRPR HXGLVVHIRLXPD JUDQGHEROVDDSHVDUGHHXGHWHVWDU/RV$QJHOHVH D &DOLIyUQLD GH PRGR JHUDO FRP H[FHomR GH 6mR )UDQFLVFR ( YHLR R WHUFHLUR SUREOHPD GHVWD YH] EHP PDLV JUDYH 1HP )HUQDQGR QHP HX FRQVHJXLDPRV
DJHQWDU D %DELD GHSRLV GH H WRGR PXQGR VH PDQGRX H QyV ILFDPRV SUDWLFDPHQWH VHP DPLJR QHQKXP SULQFLSDOPHQWH RV TXH QyV TXHUtDPRV FRQYHUWHU j QRVVD PDQHLUD GH YLYHU (X VHPSUH GHL SDUD FRPXQLVWDV H HVTXHUGLVWDV YDULDGRV SRU XPDTXHVWmRTXHHXFRQVLGHUDYD FtYLFD&RPXQLVWDpUXLPGHFDPD TXHQLQJXpP VDEH WDOYH] VHMD D PDLRU LQFLGrQFLD GH EUR[XUD GHILQKDGD TXH HX HQFRQWUHL 1XQFDWLYHWHVmRHP/rQLQVyWHQKR SRU)LGHO&DVWUR0DVRVHVTXHUGLQKDV WLQKDP WRGRV GHVDSDUHFLGR HQWUH ERDWRV GH TXH HQILDUDP XPD JUDQDGD QD ERFD GH XP RXWUR HUD JXHUULOKHLUR QR &DPERMD H RXWUD WLQKD GHGDGR WRGR PXQGR H DJRUD HUD FRPERUoD GH XP PDMRU WRUWXUDGRU WRGR GLD DSDUHFLD XPD KLVWyULD ( WRGR PXQGR TXHILFRXSDUHFLDVHPJUDoDFKDWRH DWUDVDGRHSDUDTXHPHVWiFKHLUDQGR Sy WRGR PXQGR TXH QmR FKHLUD p FKDWR H DWUDVDGR H )HUQDQGR WLQKD TXH YLDMDU SDUD R5LR SDUDFRQVHJXLUSyHWXGRHUDUHDOPHQWHPXLWRPXLWRFKDWR HDtQyV UHVROYHPRVYLUSDUDR5LRGH-DQHLUR&KHJDPRVDSDVVDU DLQGDXQVWUrVRXTXDWUR DQRVQD%DKLDPDVSHJDPRVRMHUL]D PHVPRDWpSRUTXHQRVSDUHFLD TXHOiHVWDYDP FRQFHQWUDGRV RV ILOKRV GDV SXWDV TXH VH DSURYHLWDUDP GD 5HGHQWRUD SDUD HQFKHU R FX GH GLQKHLUR D FRPHoDU SRU DTXHOHV IXQGRV GH QmR VHL R TXr GD IDPtOLD PLOLWDU QmR VHL R TXr TXH UHDOPHQWH HQFKHUDP R UDER GH GLQKHLUR H DJRUD VXPLUDPFRPRGLQKHLURGHWRGRPXQGRTXHIRL QDGHOHVHQLQJXpPPDLVIDOD QHOHV 8P EDQGR GH HVFURWDoRV H QmR FRPHoR QHP SHORV PLOLFRV FRPHoR SHORV GpEHLV PHQWDLV TXH GRDUDP DWp DV DOLDQoDV GH FDVDPHQWR H QmR GXYLGR TXH RV PDLV EDEDFDV WHQKDP GDGR VHXV EORFRV GHQWDLV GH RXUR SDUD D FDPSDQKD RXUR SHOR %UDVLORXURVLQLVWURTXHOHPEUDYDRTXHRVQD]LVWDV URXEDUDPGRVMXGHXVHTXH QXQFDPDLVQLQJXpPYLXHDWpKRMHGHYH HVWDUID]HQGRDIHOLFLGDGHGRV SURPRWRUHV GD FDPSDQKD ERQV ILOKRV GDV SXWDV SDUD QmR IDODU QR IHVWLYDO GH GHGXULVPR GD pSRFD H HP PXLWDV RXWUDV FRLVDV VREUH DV TXDLV D JHQWH DJH FRPR VH HP PXLWDV RXWUDV FRLVDV VREUH DV TXDLV D JHQWH DJH FRPR VH QXQFD WLYHVVHP DFRQWHFLGR0DVHXQmRVHEHPTXHUHFRQKHoDTXHQR IXQGRpXPDDWLWXGH EHVWD 5HVROYHPRVQRVPXGDUSDUDR5LRHQWUHDOWDVH[SHFWDWLYDV (XTXHQXQFDWLQKDHYLWDGRILOKRVFRPDVHULHGDGHDSURSULDGD PDVWLQKDPHGR GH SHJDU XP VHP TXHUHU H SLRU DLQGD VHP WHU VDFR SDUD FULDQoDV DLQGD PDLV SRGHQGR QmR WHU FHUWH]D VREUH TXHP HUD R SDL IXL D QmR VHL TXDQWRV JLQHFRORJLVWDV H WRGRV LQYHQWDUDP XP SUREOHPD GLIHUHQWH HP PHX VLVWHPD UHSURGXWLYR3UREOHPDHUD FODURTXHHXWLQKDSRUTXHREULJDUDP)HUQDQGRD ID]HU H[DPHV H RV H[DPHV VHPSUH GHPRQVWUDUDP TXH HOH WLQKD IHUWLOLGDGH VXILFLHQWH SDUD HPSUHQKDU WRGDV DV FKLQHVDV FRP PHLD G~]LD GH HVJXLFKDGLQKDV )RL DWp LQWHUHVVDQWH TXH HOH IL]HVVH HVVHV H[DPHV SRUTXH HX GHFLGL LU FRP HOH H PH WUDQFDYD FRP HOH QDTXHODV VDOLQKDV VyUGLGDV XPD FREHUWD GH IROKLQKDV GH SRVWR GH JDVROLQD H WRGDV VyUGLGDV VyUGLGDV HX GL]LD FRP D PDLRU FDUDGHSDX TXH LD DMXGDU QD FROHWD GH PDWHULDO (UD yWLPR VDLU GD VDOLQKD H YHU DV FDUDV GDV SHVVRDV DOJXPDV ID]HQGR IRUoD SDUD GLVIDUoDU H RXWUDV DEHUWDPHQWH HVFDQGDOL]DGDV 8PD YH] OHYDPRV XPD SXWLQKD FRQWUDWDGD HVSHFLDOPHQWH GL]HQGR TXHHODHUD VHFUHWiULDGH)HUQDQGRHRPpGLFR'U&OyYLVQmRPH HVTXHoR GHOH XP EDL[RWH PHLR VHEHQWLQKR TXH IXPDYD XP WRFR GH FKDUXWR PRUGLGR H EDEDGR WHQWRXID]HUXPGLVFXUVRFRQWUDPDV)HUQDQGR H HX UHDJLPRV H HQWUDPRV RV WUrV QDVDOLQKDGHSXQKHWDIRL IDQWiVWLFRDSRVWRTXHR 'U &OyYLV GHYH WHU ILFDGR WUDXPDWL]DGR SHOR UHVWR GD YLGD 0HX SDOSLWH HUD TXH HX HUD HVWpULO PHVPR QmR LPSRUWDQGR SRU TXH UD]mR PDV FRPR FRQILR HP PpGLFRV WDQWR TXDQWR HP HFRQRPLVWDV UHVROYL OLJDU PLQKDV WURPSDV H PH OLYUDU GHVVD SUHRFXSDomR SDUD VHPSUH 5LR GH -DQHLUR WURPSDV OLJDGDV SUREOHPDV QHQKXQV OLEHUGDGH OLEHUGDGH 0DVQRFRPHoRIRLXPDPHUGDHSHQVDPRVDWpHPPRUDU HPRXWUROXJDUFKHJDPRVD YLDMDU SHQVDPRV HP 3DULV SHQVDPRV QD 3URYHQoD SHQVDPRV QXPD LOKD GR 0HGLWHUUkQHRPDVDFDEDPRV ILFDQGRQR5LRHWXGRIRLVHDFHUWDQGRDRVSRXFRV (X QmR FRQFHER RXWUR OXJDU SDUD PRUDU TXH QmR R 5LR DSHVDU GH WXGR R TXH ID]HP SDUD DFDEDU FRP HOH QRWDGDPHQWH RV FDULRFDV PHVPRV 0DV Vy p SRVVtYHO PRUDUPRUDUPHVPRQR5LR9RFrYHMDHX DGRUR 6mR 3DXOR DFKDP DWp HVWUDQKR PDVpYHUGDGHDGRUR$VSDXOLVWDVVmR IRJRVDVRVSDXOLVWDVVmR ERQVDPLJRVH TXDQGR IRGHP EHP IRGHP PXLWR EHP EDVWD YRFr GHVHQYROYHU R SDODGDU ( R LQWHULRU GH 6mR 3DXOR WDPEpP WHP PXLWD FRLVD yWLPD p VXUSUHHQGHQWH 0DV HX Vy TXHUR PRUDU QR 5LR QHP SHQVDU HP VDLU GDTXL ( ROKH TXH HX VRX EDLDQD H FRPRWRGREDLDQRFULDGD FRPSUHFRQFHLWRFRQWUD FDULRFD%DLDQRWHPSUHFRQFHLWR
FRQWUD WRGR PXQGR DOLiV TXHP TXLVHU TXH SHQVH TXH HQWUD PHVPR HP FDVD GH EDLDQR SRUTXH QmR HQWUD 7HP DTXHOH REDRED WRGR PHX LUPmR]LQKR PHX DPRU PHX LGRODWUDGRPHXUHLWXGRRTXH pPHXpVHXPLQKDPXOKHUpVXD PHXPDULGR pVHXPLQKDEXQGDpVXDPDVTXHPTXLVHUTXHSHQVH TXHHQWUDSRUTXHQmR HQWUD Vy XP RX RXWUR VDOYDQGRVH XPD DOPD QR SXUJDWyULR %DLDQR DFKD QmREDLDQRV VHUHVLQFRPSUHHQVtYHLV SHULJRVRVHFRQVSLUDWRULDLV2EVHUYH IRUDGR WHUULWyULR GHOHV HOHV SRGHP VH GHWHVWDU PDV YLYHP VH HORJLDQGR 3HUJXQWH D TXDOTXHU EDLDQRRTXHHOHDFKDGHRXWUREDLDQRTXHQDYHUGDGH HOHFRQVLGHUDDFDFDGDV FDFDV H HOH GLUi TXH p R PDLRU GR PXQGR (OHV ILFDP PDORFDGRV PDV VH RXWUR EDLDQRSUHFLVDUHOHV VDHPGDVWRFDV VmRXPDHVSpFLHPXLWRSHFXOLDUTXHPTXHU TXH WHQKD PHGR GHOHV WHP UD]mR $Wp HX TXH WHQKR HVWD SRVWXUD FUtWLFD VRX YtWLPD GLVVR )XL FULDGD SDUD RGLDU R %DKLD H RGHLR R %DKLD PDV TXDQGR HOH HVWi MRJDQGR IRUD GH Oi HX WRUoR SRU HOH p ULGtFXOR 0DV p VpULR 3RU LVVR TXH SDUD PXLWRV SDXOLVWDV D (QGO|VDQJ p DFDEDU FRP D EDLDQDGD WRGD (X DFKR XPD VDFDQDJHPPDVFRPSUHHQGR(OHVSRGHPHVSHUQHDUPDVQmR FRQVHJXHPDFHLWDUD H[LVWrQFLDGDEDLDQLGDGHHODWHPGHVHU H[WHUPLQDGD $OJXQV EDLDQRV DSDUHFHUDP QR 5LR QHVVD RFDVLmR ( DOJXQV GHVWHV VRPHQWH QHVVDRFDVLmRQXQFDPDLVYLPRV3DUHFLDPXQV PLVVLRQiULRVHKRMHFRPSUHHQGRTXH HUD D EDLDQDGD HP DomR DFKR TXH p XPD FRLVD PHLR LQFRQVFLHQWH TXH Mi HVWi SURJUDPDGD QHOHV GH QDVFHQoD (OHV IRUDP QRV DMHLWDQGR H GDt D SRXFR HVWiYDPRV LQWHJUDGRVFRPSOHWDPHQWHFDULRFDV R5LRDGRWDWRGRPXQGRQmR ID] SHUJXQWDVVHEHPTXHWDPSRXFRSDSDULTXHPDVLVWRMip RXWUD FRQYHUVD/RJRMi WLQKDSyGHGDUGHSDXQR5LRMiWtQKDPRV DV FRQH[}HVFHUWDVQDGDGHVXELUQR PRUUR H OLGDU FRP PDODQGURV TXH QmR SRGHP VHU UHFHELGRV HP FDVD 0LQWR 8QV TXDWUR RX FLQFR FKHJDUDP D HQWUDU H PH OHPEUR GH XP TXH DSUHVHQWRX GH JUDoD GLYHUVDVYH]HVDGRUDYD)HUQDQGR DFKDYDTXHVHWUDWDYDGHXP LQWHOHFWXDO ILQtVVLPRHHXWDPEpPHUDXPDLQWHOHFWXDOILQtVVLPD HXPD JUDQGHGDPD(VVHHUD XPIHQ{PHQRSDUHFLDXPDVSLUDGRUGH SySHVDGRGHVVHV TXH YRFr Yr OLPSDQGR DV UXDV HP 3DULV %DWLD R Sy FRP DV FRVWDV GH XP SHQWLQKR GH SOiVWLFR H FKHLUDYD ILOHLUDV GR WDPDQKR GH XP VDODPH (OH WLQKD REVHVVmR SRU XPD PXOKHU GR VHX SDVVDGRFKDPDGD 0DGDOHQDHGHYH]HPTXDQGRHVFUHYLDRQRPHGHOD FRPSyHP OHWUDVHQRUPHVQXPDFDSDGH HOHSrHFKHLUDYD 0DGDOHQDWRGDQXPDFDIXQJDGDVy WLQKDTXHYHUSDUDDFUHGLWDU 2SUREOHPDHUDTXHTXDQGRHOHDSDUHFLDWDQWR)HUQDQGRFRPR HX GHSRLVGHXPDV GXDVFKHLUDGDVHVWiYDPRVPRUWRVGHWHVmRHGH YRQWDGH GH IDODU VDFDQDJHP H GH WHOHIRQDU SDUD FKDPDU PDLV JHQWH PDV LVVR HUD LPSRVVtYHO FRP HOH DOL VHX ELJRGLQKRSLQWDGRVXDV SHUQDVHVTXHOpWLFDVHVXDEDUULJDPDLRUTXHXP ]HSHOLP XP YHUGDGHLUR PD[L[H HVSHWDGR HP GRLV SDOLWRV (X PHVPD TXH TXDQGR FKHLUDYD MiILTXHLH[FLWDGDYHQGRDIRWR GHXPDPXOKHUPXLWR ERQLWDFKXSDQGRRSDXGHXP FDYDOR H Mi SHQVHL PXLWR HP GDU SDUD XP MHJXH FKHJXHL PHVPR QXQFD FRQVHJXLQHPSHQVDUHP WUDQVDUFRPHOH4XHUGL]HU SHQVDU DWp SHQVHL PDV QmR SRGLD LU DGLDQWH SRU PDLV TXH UHFRUUHVVH D PHXV DUJXPHQWRV SDQVH[XDLV GH FRVWXPH$FKRTXHMiFRQWHLTXHTXDQGRPHQLQDYHUDQHDQGRQD LOKDYLPXLWRV MHJXHVWUHSDQGRHVyXPDSHVVRDGHVDQJXH GH EDUDWD QmR ILFD H[FLWDGD TXDQGR YrRMHJXHVXELUFRP DTXHOH YHUJDOKRLPHQVRHPULVWHPRQWDUQDMHJDPRUGHUD QXFD GHOD HOH IHFKDQGR RV ROKRV H HOD PH[HQGR R TXHL[R GDQGR XQV FRLFH]LQKRV QHOH H EDEDQGR p OLQGR &ODUR TXH QXQFD HVSHUHL DJHQWDU XP MHJXH WRGRHPPLPPDVSHOR PHQRVXPSRXFRHIL]XPGHVHQKRGH PHPyULDGDFLOKDTXH HXWLQKDYLVWRFRP)HUQDQGRHP6mR )UDQFLVFRQXPVKRZSRUQ{GHXPQLJKWFOXE GH TXLQWDFDWHJRULD 2Q~PHURSULQFLSDOSHORPHQRVGRPHXSRQWR GH YLVWD HUD XPD PXOKHU HQFLOKDGD SRUEDL[RGHXPFDYDORHRFDYDORPHWLDQHOD 1mR WXGR p yEYLR PDV XP SHGDoR LPSUHVVLRQDQWH )LTXHL H[FLWDGtVVLPD DWp FRP YRQWDGH GH VXELU QR SDOFR H WRPDU R OXJDU GHOD ( 1RUPD /~FLD PH HQVLQRX D FXUWLUWUDQVDVFRPFDYDORVHUD PXLWRERPSHJDUXPFDYDORPDQVRGDTXHOHVH ILFDU GH PHQWH SHUGLGD QR GHVFDPSDGR DFDULFLDQGR RV FROK}HV GHOH H OKH DOLVDQGR R SDX (UD QmR p e PXLWR ERP H FDUUHJD ORJR R FRUSR GH WRGRV RV KRUP{QLRV PDLV VDIDGRV 0DV YDPRV GHL[DU GH ODGR MHJXHV H FDYDORV QXQFD FRQVHJXL GH IDWR SUDWLFDU PLQKDV SRXFDV IDQWDVLDV GH EHVWLDOLGDGH VRX IUDFD HP EHVWLDOLGDGH QDVFL PDO GRWDGD H QmR GHVHQYROYL QDGD &DFKRUUR TXH p R PDLV FRPXP p TXH
QXQFD PH DWUDLX /LPLWDomR PLQKD FRP FHUWH]D 2XWUR GLD QXPD GHVVDV VDODV GH EDWHSDSRGHVDFDQDJHPQD,QWHUQHWTXHHXIUHTHQWRXP UDSD]HVWDYDSURFXUDQGR XP FDFKRUUR JUDQGH H PDQVR TXH SXGHVVH HQUDEiOR 3HUPLWLD TXH RV GRQRV DVVLVWLVVHPHDWpIRWRJUDIDVVHP (GL]LDTXHQDGDVXSHUDYDVHUHQUDEDGRSRUXPFDFKRUUR2SDXGR FDFKRUURSDUHFH ILQR GLVVH R UDSD] PDV DXPHQWD PXLWR GH YROXPH TXDQGR SHQHWUD H WHP XP PDJQtILFR Qy QR PHLR $OpP GLVVR R FDFKRUUR SURORQJD VXD SHQHWUDomR SRU DWp PHLD KRUD HMDFXODQGR DEXQGDQWHPHQWH D LQWHUYDORV 2 UDSD] HVWi SHQVDQGR QXP ILOD 4XDQGR YL R DQ~QFLR ILTXHL FRP YRQWDGH GH WHU XP FDFKRUUR H DVVLVWLU D LVVR 0DV QmR IL] QDGD H R DQ~QFLR SRGH DWp VHU PHQWLUD HPERUD HX FUHLD TXH p YHUGDGH QyV R KRPHP ID]HPRV WXGR 0DV QXQFD FRQVHJXL QHP SHQVDU GLUHLWR HP ID]HU TXDOTXHU FRLVD GH VH[XDO FRP HVVH VXMHLWR GR SHQWH QR Sy ODPHQWR PHVPR GL]HU TXH QmR KDYLD D PDLV UHPRWD FRQGLomR $OpP GLVVR XP GRV SUREOHPDV FRP Sy p TXH D JHQWH ILFD VH GDQGR H DIHWDQGR DPL]DGH SRU XPD SRUomR GH JHQWH SDUDTXHPQHPROKDULDVHQmRIRVVHSHOR IDWRGHHOHVRIHUHFHUHPRXUHSDUWLUHPR XVRGDGURJDGHOHV(GDt IRPRVQRVGHVOLJDQGRJUDGXDOPHQWHGHVVH WLSRGHJHQWH H ILFDPRV Vy FRP RV QRVVRV IRUQHFHGRUHV GH FODVVH ILQD GLJDPRV DVVLP H DFDEDPRV HQWUDQGR QXP UHJLPH GH ORXFXUD WRWDO GH TXH QmR WHQKR R PtQLPR GH DUUHSHQGLPHQWR Vy JRVWDULD GH ID]HU DOJXPDV UHYLV}HV Vy WHQKR DUUHSHQGLPHQWR GR TXH QmR IL] FRPR VH GL] PXLWR H p YHUGDGH D JHQWH Vy VH DUUHSHQGHGRTXHQmRIH](Dt PHUJXOKDPRVGHFDEHoDQRSyHQDVDFDQDJHP 'H UHSHQWH QRV YLPRV PHWLGRV QXPD URGDYLYD DOXFLQDQWH TXH QHP VHL UHFRQVWLWXLU GLUHLWR QHP TXHUR QHP YRX WHQWDU 2 TXH HX VHL p R VHJXLQWH SHQVHPRV HP GHVYDULRV 0DV GHVYDULRV PHVPR KRXYH PXLWR SRXFD FRLVD TXH HX QmR H[SHULPHQWDVVH QR WHUUHQR TXH DUELWUDULDPHQWH GHILQL FRPR QRUPDO SDUD PLP 'HVLVWL GH TXHUHU MXVWLILFDU PLQKDV HVFROKDV WUDEDOKHL RV SRQWRV QRV TXDLV QRWHL XPD FHQWHOKD LQLFLDO DOpP GLVVR D YLGD p FXUWD 1HFURILOLD FRSURILOLD PXLWDV RXWUDV ILOLDV QmR GHILQLWLYDPHQWH 7XGR EHP SDUD TXHP JRVWD QDGD GH UHSUHVVmR D QmR VHU j PXWLODomR H j PRUWH 0DV HX QmR 7LUDQGR LVVR IRPRV EDVWDQWH IXQGR 3y FRQWXGR WHP DTXHOH GHIHLWR HQWUH PXLWRV D TXH Mi PH UHIHUL OLJD D FDEHoD PDV GHVOLJD RV yUJmRV JHQLWDLV )HUQDQGR PHVPR TXH HX VDLEDQXQFDFRQVHJXLXWUDQVDUFRP Sy0XOKHUQmRWHPHVVH SUREOHPDGHSUHFLVDU GHILFDUILVLFDPHQWHWHVDPDVDVVLPPHVPR SUHMXGLFDSHORPHQRVQRPHXFDVRH QRGHGLYHUVDVDPLJDVPLQKDV 0DV LVVR QmR LPSHGLD TXH PHQRV GH XP PLQXWR GHSRLV TXH D JHQWH FKHLUDYD D SULPHLUD FDUUHLULQKD D JHQWH VH REVHGDVVH WDQWR SRU VH[R TXH Vy IDOiYDPRV SXWDULDDWpRGLDDPDQKHFHU (SUDWLFiYDPRV&KHJDDVHUWHGLRVRUHFRUGDUFHUWDVFRLVDV ( WDPEpP QmR TXHUR ILFDU UHSLVDQGR DTXL R TXH WRGR PXQGR Mi FRQKHFH 0DV SRU RXWURODGRSUHFLVRUHSLVDU+HQU\-DPHVHX Mi JRVWHL PXLWR GH +HQU\ -DPHV KRMH QmR JRVWR PDLV WDQWR DVVLP PDV PH Gi XPD VDXGDGH LPSUHFLVD GH WDUGHV ORQJDVHPHLRQXEODGDV HQWUHiUYRUHVWULVWRQKDVQmRVHL EHP SRU TXr RX SRU RXWUDVHL PDVHVWRXFRPSUHJXLoDGHIDODUpSRUFDXVDGH:DVKLQJWRQ 6TXDUHHX VHPSUHILFRWULVWHTXDQGRSDVVRSRUOiQR LQYHUQR +HQU\ -DPHV HVFUHYHX QmR VHL RQGH TXH OHU XP URPDQFH p ROKDU SHOR EXUDFR GD IHFKDGXUD (VWH GHSRLPHQWR QmRpXPURPDQFHQHPHQUHGR WHPVHEHPTXH RVGRSUySULR+HQU\-DPHVWDPEpP PDO WLYHVVHP SHQVDQGR EHP PDV p ROKDU SHOR EXUDFR GD IHFKDGXUD &ODUR PLQKD YLGD QmR IRL FRPXP PDV HX EDVLFDPHQWH VRX LJXDO D TXDOTXHU XPD QHP SLRU QHP PHOKRU 6HPSUH WLYH GLQKHLUR H IXL LQWHOLJHQWH R TXH FHUWDPHQWH IDFLOLWD DV FRLVDV 0DV VRX LJXDO D TXDOTXHU XPD ( DV SHVVRDV OrHP URPDQFHV ELRJUDILDV FRQILVV}HV H PHPyULDV SRUTXH TXHUHP VDEHU VH DV RXWUDV SHVVRDV VmR FRPRHODV1mRVRPHQWH SRULVVRPDVPXLWRSRULVVR4XHUHP VDEHUVHDTXLORGH YHUJRQKRVR TXH VHQWHP p WDPEpP VHQWLGR SRU RXWURV TXHUHP ROKDU PHVPR SHOR EXUDFR GD IHFKDGXUD H TXDQWR PDLV ROKDP PDLV SUHFLVDP ROKDU QXQFD HVWDUmR VDFLDGDV)D]EHP pUHFRQIRUWDQWH3RUTXHHXWHQKRD FRQYLFomR GH TXH D PDLRU SDUWH GDVPXOKHUHVHKRPHQVpFRPRHXHSHQVDTXHQmRFDGDXPSHQVD TXHp~QLFR HPVXDVPDOXTXLFHV1mRpQmRVRPRVWRGRVLJXDLV 9DL WHU PXLWD JHQWH TXH YDL OHU LVVR H YDL GLVFRUGDU H GH QRYR HVWRX FRP SUHJXLoD GH DUJXPHQWDU /DUJXH HVWH WH[WR HQWmR QmR SHUFD VHX WHPSR 1mR ODUJRX"1mRODUJRXFODURFKHJRXDWpDTXL
1mRpSDUDODUJDU$LQWHQomRGREXUDFRGDIHFKDGXUDpD SULPHLUD$VHJXQGDp SURYRFDUWHVmRTXHURTXHTXHPPHOHUILTXH FRPYRQWDGHGHID]HUVDFDQDJHPSHOR PHQRVVHPDVWXUEDQGR6H DOJXpPOHVVHLVWRQRDYLmRHSRUFDXVDGLVVR HQWUDVVH QXPD VHVVmR GH VDFDQDJHP FRP R FRPSDQKHLUR DR ODGR VHULD XPD UHDOL]DomR XP DFFRPSOLVKPHQW3HQVRSULQFLSDOPHQWHQDVPXOKHUHV JRVWDULDTXHDVPXOKHUHVDR WHPSR HP TXH VH WRUQDVVHP PDLV RXVDGDV VH WRUQDVVHP WDPEpP PDLV DEHUWDV PDLV FRPSUHHQVLYDV GHL[DVVHP GH VHU WmR PXOKHUHV SRU DVVLP GL]HU ( JRVWDULD GH XP PXQGR GH VDFDQDJHP VHP SUREOHPDV p GLILFtOLPR PDV QmR p LPSRVVtYHO HP FHUWRV FDVRV 4XHUR TXH DV PXOKHUHV ILTXHP H[FLWDGDV VH LGHQWLILTXHP FRPLJR TXHLUDP PH FRPHU H FRPHU WRGR PXQGR TXH QXQFD VH SHUPLWLUDP VDEHU TXH TXHULDP FRPHU TXHUR FULDU XP FOLPD GH OX[~ULD H VRIUHJXLGmR 'H QRLWH VR]LQKD LVVR DFRQWHFH jV YH]HV SRU FDXVD GH XP GULQTXH XP EDVHDGR XPD P~VLFD XPD IRWR XPD FRLVD TXDOTXHU TXH DOWHUH RX SURYRTXH D FRQVFLrQFLD jV YH]HV DSDUHQWHPHQWHSRUQDGD0DVWRGDVDV PXOKHUHVWRGRVRVKRPHQVPDVDJRUD TXHUR IDODUGHPXOKHUHV MiVHQWLUDPHVHQWHPXPPRPHQWRHPTXHVmRSXUDPHQWHVH[R H SXOVDPVH[RSRUWRGRVRVODGRVHILFDPFRPPHGRGHVLPHVPDVH VHGHVFRQWURODP H FRPSUHHQGHP WXGR VREUH VH[R H TXHUHP WXGR p XPD VHQVDomR DYDVVDODGRUD GH DEVROXWDVH[XDOLGDGHXPPRPHQWRHP TXHDVDFDQDJHPWRPDFRQWDGHWXGRHHOD VH VHQWHIrPHD GHYDVVDSXWDHODIDULDWXGRWXGRHODTXHUIRGHUHOD TXHU ID]HU WXGR7RGDPXOKHUTXHQmRGi DEXQGDVHQWHYRQWDGHGH WDPEpPGDUDEXQGDQHVVDV KRUDVWRGDPXOKHUTXHQXQFDGHL[RX JR]DUHPHPVXDERFDVHQWH YRQWDGHGHFKXSDU XP SDX DWp TXH HOH HVJXLFKH IRUWH HP VXD ERFD WRGD PXOKHU DVVLP OLPLWDGD VDL GHVVHV OLPLWHVQHVVDVKRUDVILQJHTXHQmRWHPSUREOHPDV7RGDVLJXDLV (X TXHUR H[FLWDU HVVDV TXHUR SURYRFDU PXLWDV WUHSDGDV TXHUR TXH PDULGRV QDPRUDGRVHSDLVDVVXVWDGRVDVSURtEDPGHOHUTXHURTXH KDMDJHQWHFRPYHUJRQKD GHOHUHPS~EOLFRRXPHVPRSHGLUQD OLYUDULDDKFRPRVHULDERPDFRPSDQKDU WXGR LVVR ( QmR HVWRX ID]HQGR QDGD GHPDLV D QmR VHU FRQWDU D YHUGDGH e GH IDWR LQDFUHGLWiYHOVHYRFrIRUYHUEHPTXHFRQWDUDYHUGDGH VHMD HVFDQGDORVR TXDVH VXEYHUVLYR R DWUDVR R DWUDVR 6H WRGR PXQGR FRQWDVVH HVWH GHSRLPHQWR VHULDDSHQDVPDLVXPHQWUHPLOK}HV 0DVFRPRQmRFRQWDHXFRQWRHDLQGDWHQKRPXLWRPDLVFRLVD SDUDFRQWDUQXQFD YRX FRQVHJXLU FRQWDU WXGR ( ILQDOPHQWH D WHUFHLUD LQWHQomR p EHP PDLV XP GHVHMReRGHVHMRGHHVWDUFRP PXOKHUHVTXHWHQKDPOLGRHVWHWH[WRSDUDYHU DV FDUDV GHODV H RXYLU RV FRPHQWiULRV SDUD FRQVXPR H[WHUQR H SDUD R PDULGR TXH VH MXOJDOLEHUDOtVVLPRPDVGHVSHQFDULDGR(YHUHVWVHVRXEHVVHGH] SRUFHQWRGR TXHYDLQDFDEHoDGHOD3DUHFH TXHHXHVWRXYHQGR *RVWHLVLPPDVpFODURTXH GLVFRUGRGHPXLWDFRLVDHODpPXLWR UDGLFDOSDUDPLPHXQmRFKHJRjTXHOH SRQWR QHP QD WHRULD TXDQWR PDLV QD SUiWLFD &DQDOKDV &ODUR TXH FKHJDP VH Mi QmR FKHJDUDP 0DVWrPTXHVHGHIHQGHUpQDWXUDOeDWDOFRLVDWHP XPD FRPXQLGDGHFKHLDGH YHDGRVHQHQKXPKRPHPTXHFRPDRVYHDGRV ([LVWH"&ODURTXHQmRH[LVWHeDPHVPDFRLVDPRGXVLQUHEXV (XVHUHLD~QLFD"3HORFRQWUiULR HXVRXPDLVpDUHJUDDQRUPD HPERUDSRXFDV WHQKDP WLGR DV RSRUWXQLGDGHV TXH HX WLYH H SRU LVVR QmR IRUDP ORQJH ( FRP TXHPpTXHHXIL]WXGRRTXHHXIL]" &RP DOJXP PDUFLDQR SRU DFDVR" 4XHP HVWi ID]HQGR WXGR DJRUD" 6LP TXHUR PH[HU FRPHVVDVPXOKHUHVWDPEpPTXHURPH[HUFRPWRGR PXQGR ePXLWRGLItFLOID]HUXPUHVXPRGHVVDpSRFDGHRXURGRSyPDV IRLXPDJUDQGH OLomRGHYLGD(QVLQRXPXLWDVFRLVDVGDVTXDLV DJRUDYRXGL]HUDSULPHLUDVHP RUGHP GH LPSRUWkQFLD (QVLQRX TXH p PXLWR GLItFLO HQFRQWUDU DOJXpP TXH QmR WHQKD DOJXPD JUDQGH REVHVVmR VH[XDO RX PDLV FRPXPHQWH YiULDV JHUDOPHQWH UHSULPLGDV GDV IRUPDV PDLV LQHVSHUDGDV 4XH PDLV" e PXLWR GLItFLO HQFRQWUDU DOJXpP TXH QmR VH SRVVD VHGX]LU 4XHUHQGRVH SDJDU R SUHoR TXH SRGH VHU DWp XPD H[LVWrQFLD p SRVVtYHO VHGX]LU WRGD H TXDOTXHU SHVVRD 4XH PDLV" 7RGRKRPHPpYHDGRHPPDLRURXPHQRUJUDXH WRGDPXOKHUpOpVELFDHPPDLRURX PHQRU JUDX 1LQJXpP p DOJXPD FRLVD GH IRUPD DEVROXWD QmR Ki KLSyWHVH &DVH KLVWRULHV XPD DWUiV GD RXWUD GHYR WHU XPD GDV PDLRUHV FROHo}HV GR PXQGR VRPHQWHFRQWDQGRFRPPHXWHPSRFRP)HUQDQGRHFRP$QWRQLD 3ULPHLURFDVRTXHPHYHP 0DULQDDFRPLVViULDGHERUGR 3UHILURPXLWRGL]HUDHURPRoDPDV SDUHFHTXHDJRUDHODVVH RIHQGHPTXDQGRVmR FKDPDGDVGHDHURPRoDVGHYHVHUSRUTXHDFDGD GLDILFDPPDLVDHURYHOKDV+RMHHP
GLD WXGR RIHQGH H FRPR QyV YLYHPRV PDFDTXHDQGR RV DPHULFDQRV WDPEpP ILFDPRV SROLWLFDPHQWH FRUUHWRV H XP EDEDFD Dt DJRUD HVWi TXHUHQGR XPD OHL SURLELQGR SLDGDVTXHSRVVDPRIHQGHUTXDOTXHUJUXSRGHTXDOTXHUWLSR ,PDJLQRRVXUJLPHQWRGHXP JUXSRDQWLSLDGDVD,JUHMD8QLYHUVDO GD$VVHPEOpLD GRV +RPHQV 6pULRV UHJLVWUDGR H SRUWDQWR D SURLELomR GH FRQWDU TXDOTXHU SLDGDVRERULVFRGHRIHQGrOR +DYHUi SLDGDV FODQGHVWLQDV FRQWUDEDQGLVWDV GH SLDGDV WUDQVHLURV GH SLDGDV IRUQHFHGRUHV GH SLDGDV GH iUDEH H MXGHX H SUHVRV LQDILDQoiYHLV SHOR GHOLWR GH FRQWDU SLDGDV 3XWD TXH R SDULX Vy IDODQGR DVVLP DWUDVR DWUDVR $ DHURPRoD QRV FRQKHFHX QXPD ELURVFD GH SUDLD TXDQGR HVWDYD SDVVDQGR IpULDV QXPD SRXVDGD HP 3RUWR6HJXURTXHQmRHUDPRGDFRPRDJRUD(ODWRPRXXPDV EDWLGLQKDVHDFDERX FRQIHVVDQGRTXH MiHVWDYDILFDQGRPHLRGXUD HDt )HUQDQGRHHXMiSHQVDQGRHP GDUXPERWHSRUTXHHODHUD XPGHVOXPEUDPHQWRROKRVYHUG}HVSHLWRV HFR[DVQD PHGLGDFHUWD XPDYR]JUDYHHQORXTXHFHGRUDHQILPyWLPDyWLPD XPD YHUGDGHLUD HVWiWXDJUHJDGHELTXtQLRIHUHFHPRVOXJDUSDUDHOD FDVDFRPLGDURXSDODYDGD H DMXGD QR TXH HOD SUHFLVDVVH QR VLWLR]LQKR TXH WtQKDPRV DOXJDGR SDUD D WHPSRUDGD 1R FRPHoR HOD ILQJLX QmR TXHUHU PDV GHSRLV TXLV ( WDPEpP ILQJLX TXHQmR JRVWDYDGHSy PDVGHSRLVVHQWRXDYHQWDFRPRGL]LDRQRVVR DPLJRTXH FKHLUDYD 0DGDOHQD 1D SULPHLUD QRLWH HP TXH FKHLUDPRV MXQWRV HOD HVWDYD GH VKRUWLQKRPHLRIURX[RHEOXVDSRUFLPDGRV LQHQDUUiYHLVSHLWRVFRPRVELFRVTXH SDUHFLDPGRLV WHOHVFRSLR]LQKRVHPSLQDGRV SDUDRFpXHHXILTXHLHQVDQGHFLGD GH WHVmR SDVVHL R WHPSR WRGR DOLVDQGR HOD GXUDQWH DV FRQYHUVDV H TXDQGR ILQDOPHQWHUHVROYHPRVLUGRUPLUHXHQWUHLQRTXDUWR GHODHGHLWHLMXQWRGHODH HQFRVWHLQDEXQGDGHODHHODYHLRFRP DTXHODFRQYHUVDGHTXHRQHJyFLRGHOD HUD KRPHP 0DV LVVR FRP XP VRUULVR VHPYHUJRQKD TXH QHP GH ORQJH PH FRQYHQFHX $OLiV PXOKHU TXH YLYH UHSHWLQGR TXH R QHJyFLR GHOD p KRPHP R QHJyFLR GHOD p KRPHPHVWiQXPFDVRDQiORJRDR TXHPLQKDDYyGHQXQFLDYD DPXOKHUTXHQmRVH UHIHUH DR PDULGR SHOR QRPH PDV YLYH IDODQGR PHX PDULGR PHX PDULGR 1R SULPHLUR FDVR GHGXomR PLQKD R QHJyFLR QmR p Vy KRPHP H QR VHJXQGR FDVR GHGXomR GH PLQKD DYy R PDULGR p FRUQR $LQGD FRQYHUVHL XP SRXFR H DSHUWHL RV SHLWRV GHOD TXH WLURX PLQKDV PmRV PDV GDTXHOH MHLWR VDIDGR GH TXHP QmR TXHU TXHDJHQWHWLUHUHDOPHQWH 3HUJXQWHLVHQHVVH FDVRHODHVWDYDLQWHUHVVDGD HP )HUQDQGR PDV HOD GLVVH TXH QmR GHVWD YH] FRP ILUPH]D TXH HOD SRGH QmR WHU WHQFLRQDGR PRVWUDU PDV HX QRWHL ORJR (VWi FHUWR WXGR EHP Yi GRUPLU GXUPD EHP ( SRU XPD TXHVWmR GH HVWUDWpJLD FRLVDV VXWLV SDUD DV TXDLV D JHQWH WHP WDOHQWRQDWXUDOHDSHUIHLoRD FRPDYLGDGHL[HL HODVR]LQKDQRTXDUWRHIXL FRQWLQXDUDFRQYHUVDUVDFDQDJHPFRP )HUQDQGRDWpRGLDFRPHoDUDDPDQKHFHU 1mR JRVWR GH YHU R GLD DPDQKHFHU FRPSOHWDPHQWH GHYH VHU DOJXP OL[R FDWyOLFR TXH HX FDUUHJR PH Gi GHVFRQIRUWR FXOSD -i GHVLVWL GH FRPEDWHU LVVR Ki PXLWR WHPSR VHPSUH YRX SDUD D FDPD DQWHV TXH R GLD DPDQKHoD p PDLV F{PRGR GR TXH GHGLFDUDYLGDD WHQWDUYHQFHUXPDQHXURVH GHPHUGD&RPRGHKiELWRQmRGRUPL GXUDQWH PXLWR WHPSR DSHVDU GDV EROLQKDV H ILTXHL SHQVDQGR QHOD (X WLQKD FHUWH]D GH TXH HOD TXHULD TXH HX LQVLVWLVVH PDV QmR LQVLVWL SRVVR VHU ERED PDV QHPWDQWR1mRVRX EREDDOLiV(DVVLPVHSDVVRXHVVDQRLWHH DVHJXLQWH DWp TXH QD WHUFHLUD QRLWH GHSRLV TXH HOD DOHJRX VRQR H FDQVDoR H IRL SDUD D FDPD VR]LQKD QRYDPHQWH HX SDVVHL GH SURSyVLWR SHOD SRUWD GR TXDUWR GHOD TXH HVWDYD TXDVH FRPSOHWDPHQWH DEHUWD H D OX] GR DEDMXU Oi GHQWUR DFHVD (OD QmR HVWDYD PDLV GH VKRUWLQKR H EOXVD QmR HVWDYD YHVWLQGR QDGD HVWDYD FRPSOHWDPHQWH QXD GH EUXoRV SHUQDV HP kQJXOR SRVH FOiVVLFD DTXHOD EXQGD LQHIiYHO DTXHOD SHOH FREHUWD GH ODQXJHP GRXUDGD H HX p FODUR QmR KHVLWHL 1mR SRGLDKDYHUDPtQLPDG~YLGDGHTXHHODHVWDYDDOLPHHVSHUDQGR SDUDWUDQVDU SRU PDLV TXH SXGHVVH GL]HU R FRQWUiULR (X QmR LD GHL[DU HVVD RSRUWXQLGDGH SDVVDUOHYDGDSRUSUXGrQFLDEDEDFDMi EDVWDPDVGHTXHPHDUUHSHQGRSRUQmR WHU FDtGR HP FLPD KRMH YHMR FRPR DV EDUUHLUDV HUDP EHVWDV RX DWp ILFWtFLDV 1HP SDUHL SDUD SHQVDU )LTXHL WDPEpP QXD QD SRUWD GR TXDUWR GHL[DQGR DV URXSDV FDtUHP QD HQWUDGD H PH LQVLQXHL SRU FLPD GHOD TXH DJLX FRPR VH HVWLYHVVH DFRUGDQGRQDTXHOHPRPHQWRSpVVLPDDWUL] 'HLWDGDHPFLPDGDVFRVWDVGHODHQFDL[DGDHP XPD GDV ERFKHFKDV GD EXQGD GHOD Mi FRPHoDQGR D PH HVIUHJDU SHGL TXH YLUDVVH R URVWR SDUD WUiV SDUD TXH HX D EHLMDVVHQDERFDHHODYLURX
3URQWR XPD TXtPLFD MDPDLV GHFODUDGD EDL[RX HP 3RUWR 6HJXUR PHX 'HXV 7XGR IXQFLRQRXFRPRVHWLYpVVHPRVQDVFLGRMiID]HQGRWXGR DTXLORXPDFRPDRXWUDDWp RV JHPLGLQKRV GHOD FRPSDVVDYDP FRP PHXV JHPLG}HV QDGD GHX HUUDGR QHQKXP PRYLPHQWRVHIUXVWURX DLFRPRIRLERPHVWDYLGD p PXLWR LQMXVWD TXDQGR QRV WUD] HVVDV OHPEUDQoDV 3HQVR QHOD FRPR HOD HUD HQWmR QmR SHQVR QHOD FRPR GHYH HVWDUKRMHPHPDVWXUERHYRFDQGRDTXHOHVGLDVFRPHOD 6HP R PRPHQWR QmR H[LVWLULDP QHP D DQWHFLSDomR QHP D OHPEUDQoD PDV FRPR RV GRLV VmR PHOKRUHV TXH R PRPHQWR 4XDQGR GHSRLV GH Mi WHUPRV JR]DGR TXDVH LQVWDQWDQHDPHQWHHXQDEXQGDGHODHHOD FRPPHXVGHGRVYLRTXH PLQKDPmRMi WLQKD DGLYLQKDGR HOD WLQKD XP WXIR GH SHQWHOKRV TXH Vy SRVVR FKDPDU GH VXQWXRVR D YLVmR PDLV KRVSHGHLUD TXH Mi WLYH DGRUR PXOKHUHV IDUWDPHQWH SHQWHOKXGDV QmR VRX FKHJDGD jV DSDUDGLQKDV H UDVSDGLQKDV TXH VmR PXLWRFRPXQVQR1RUGHVWH(QRV(VWDGRV8QLGRVWDPEpPp HQJUDoDGR(WDPEpPQmR DSUHFLRHVVHVSHQWHOKRVTXH ILFDPFRPR XPDFULVWDUDVSDGRVFHUWHLUDPHQWHMXQWR jV YLULOKDV SDUHFHQGR D FDEHoD GH XP tQGLR VHPLQROH RX R WRSR GR FDSDFHWH GH XP FHQWXULmR URPDQR GH FLQHPD (VWi FHUWR p SDUD XVDU R ELTXtQL PDV QmR p QHFHVViULD DTXHOD SUHFLVmR SRGLD VHU XPD FRLVD PHQRV GHILQLGD PDLV GpJUDGpH PHQRVEUXWDO2XHQWmRGHL[DURV SHQWHOKRVVDtUHPSHORVODGRVGRELTXLQLRX DWp SRU FLPD p EHP PDLV VRILVWLFDGR HPERUD UHTXHLUD FODVVH (OD HUD SHUIHLWD QHVVH VHQWLGR DTXHOH PRQWH GH 9rQXV DPSOR H JHQHURVR DTXHOHV SrORV Om]XGRV H PDFLRV5HIRFLOHLDFDUDQHVVHWDSHWHTXHDWpDJRUD VLQWRHPPHXURVWRHYLYHPRV KRUDVGHDEUDoRVHVIUHJDGDVHJR]R XPDWUiVGRRXWURFRPRVyDVERDV PXOKHUHV VDEHPRV ID]HU $OLiV HQWUDPRV QXP GHOtULR WDO TXH )HUQDQGR VR]LQKR VR]LQKR DEULQGR DR DFDVR UHYLVWDV SRUQRJUiILFDV SDUD WHQWDU DGLYLQKDU VH HOH DLQGD LD FRPHU%HOWUDQDRX6LFUDQRHHQFKHQGRDFDUD DSDUHFHX QR TXDUWR H WDPEpP ILFRX QX H DSHVDU GH EUR[DGR QmR HQYHUJRQKRX 1RV WUDQVIRUPDPRV QXP QRYHOR H QR ILP )HUQDQGR HQWURX HP UHERUGRVD H ILFRX QXPD SDXGXULVLD LQDXGLWD FRPHX QyV GXDV H JR]RX QD ERFD GHOD ,VVR VH UHSHWLX DWp DV IpULDV GHOD DFDEDUHP H QR ILP HOD QRV GLVVH PLVWHULRVDPHQWH TXH HUD FDVDGD H SRU PDLV TXH WHQWiVVHPRV QXQFDPDLVDYLPRVPDV HXQmRDHVTXHoRFRPRD PXOKHUTXHHXPDLVJRVWDULDGH WHUWLGRVHPSUHDRSpSDUDD JHQWHVHFRPHU &RPR HOD PH FKXSDYD 0XOKHU VHPSUH FKXSD [R[RWD PXLWR PHOKRU GR TXH KRPHP TXHJHUDOPHQWHDFKDTXHVXDOtQJXDpXPDHVSpFLH GHSrQLVGHVDUYRUDGRHTXH SRGH VXJDUXPFOLWyULVLJQRUDQGRRV SUySULRVGHQWHVFKHLRVGHDUHVWDVFRPRTXHP HVWi WRPDQGR UHIULJHUDQWH GH FDQXGLQKR FRP UDLYD GR FRQWH~GR ( HOD PH FKXSDYD FRP FODVVHHXPWRTXHQmRVHLEHPFRPRGL]HUXPWRTXH GHGHYRomR5HVSLUDYD IXQGR VHDFRQFKHJDYDHQWUHPLQKDVFR[DV PHVHJXUDYDGHOLFDGDPHQWHQDEXQGD UHVSLUDYD IXQGR RXWUD YH] PH FREULD GH EHLMRV QDV YLULOKDV IHFKDYD RV ROKRV H PH OHYDYD DRFpXDRFpX1mRSRVVRQXQFDPHHVTXHFHUGRGLDHP TXHHOD FRPHoRXD PH FKXSDU QR VRIi H HX UHVROYL TXH QDTXHOD KRUD SUHIHULD D FDPD H QmR VHL FRPR HOD FRQVHJXLX PH VHJXLU DWp D FDPD VHP WLUDU D ERFD GH PLP FRP RV ROKRV IHFKDGRV H HX JR]HL WRUUHQFLDOPHQWH ORJR HP VHJXLGD 1mR VHL VH SRVVR GL]HU SRUTXH QmRYHMRUD]mRSDUDUHMHLWDURUyWXORGHOLEHUWLQDSHUYHUWLGD H GHYDVVD VHMiWLYHSDL[RQLWHDVpULRSRUDOJXpPPDVVH Mi WLYHIRLSRUHOD8PDYH] )HUQDQGR IRUD GH FDVD FRPHQGR XPD FDULRFD JUmILQD TXH KDYLD DSDUHFLGR FRP XP PDULGR DOWDPHQWH EDEDFD H QyV GXDV HP FDVD HX GHLWDGD QXP WDSHWH H HOD XVDQGR XPURXSmRIHOSXGRGH)HUQDQGRVHPQDGDSRU EDL[R IH] TXH LD SDVVDU SRU FLPD GH PLQKD FDEHoD H SDURX EHP DFLPD GH PLQKD FDUD FRP DV SHUQDV OHYHPHQWH DEHUWDV H DTXHOH ERFHWmR LUUHVLVWtYHO QD SHQXPEUD HP WRUQR GH PHXV ROKRV 7RTXHLQRVTXDGULVGHODH HODFRPRVHWLYpVVHPRV FRPELQDGR DQWHV VHQWRX QD PLQKDFDUD TXHVHQVDomRLQVXEVWLWXtYHOHLQFRPSDUiYHO&RPRHUD DYHOXGDGD FRPR HUDDFROKHGRUDFRPRWLQKDRV FKHLURVFHUWRV&RPRHUD VXEPLVVDGDPDQHLUDPDLV HQFDQWDGRUDSURQWDSDUDID]HUWXGRR TXHHXTXLVHVVHGRMHLWRTXHHX TXLVHVVH QD KRUD HP TXH HX TXLVHVVH WXGR FRP XPD QDWXUDOLGDGH TXH SDUHFLD TXH D YLGD VHPSUH WLQKD VLGR DVVLP GHVGH TXH R PXQGR HUD PXQGR 1mR VHL QmR VHL PHVPR FRPR GHVFUHYHU R TXH KDYLD HQWUH PLP H HOD DWp R MHLWR FRPR HOD VH OLYURX GR URXSmR QHVVD KRUD p LQLPLWiYHO (OD PH FKDPRX GH PHX DPRU PHX DPRU PLQKD WHVmR PLQKD GRQD PLQKD tGROD PHX WXGR PLQKD YLGD H DL FRPR HX D FKXSHL FRPR FKXSHL WXGR GHOD DWp TXH HOD IDODQGR DV FRLVDV PDLV VXEOLPHV TXH SRGHP VHURXYLGDVJR]RXFRPRXPDOREDGLYLQDXLYDQGRJR]RXPDLV VXVSLURXFRP DTXHOHV ROK}HV TXH GDYDP YRQWDGH GH PHUJXOKDU H SHGLX TXH URoiVVHPRV
HQWUHODoDGDV DWp PRUUHUPRV H QDWXUDOPHQWH TXH PRUUHPRV XP SRXFR ( GHSRLV FRQWLQXDPRVDQRVURoDUHHXSHGL TXHHODPHGHVVH DOtQJXDWRGDSDUDHXHQILDU QD PLQKD ERFD H HQTXDQWR LVVR TXH JLUDVVH D EXQGD SDUD HX DOLViOD H HOD SDVVRX DPHFKXSDUQRYDPHQWH HXMiVHPI{OHJRHVHPYRQWDGHGHVHUPDLV FRLVD QHQKXPDQHVWHPXQGRDQmRVHUQyVGXDVGLOXtGDVQRPHLR GRXQLYHUVRH WURFDQGR QRVVRV FRUSRV 4XDQGR IDOR QLVVR ILFR XP SRXFR XP SRXFR QmR PXLWR H[FLWDGDHPHDUUHSHQGRSRUQmR WrODSHUVHJXLGRRUHVWRGDYLGDeFODURTXHR QHJyFLR GHOD QmR HUD KRPHP HUD HX PHVPD 3RGLD QmR VHU Vy HX PHVPD PDV HX ID]LD SDUWHLPSRUWDQWHGRQHJyFLRGHOD2VRXWURVSDUWLFLSDQWHV FHUWDPHQWHKRXYH RXKiPDVQmRSRGHPWHUVLGRPHOKRUHVFRPHOD QDFDPDGRTXHHX )HUQDQGRQDWXUDOPHQWHDFDERXVHLQWHJUDQGR(ODHUDWDOHQWRVD HFODURTXH JRVWDYD GH KRPHP WDPEpP FRPR DFRQWHFH FRP WRGDV DV SHVVRDV WDHQWRVDV H FKHLDV GHYLGD 9LGDSDUDPLPVDEHRTXH p,QWHUHVVDQWHDFDERGHID]HUXPDHVSpFLH GH UHGXomR HSLVWHPROyJLFD QmR YRX GL]HU QHQKXPD QRYLGDGH PDV SRVVR JDUDQWLU TXHFKHJXHLDHVVDUHGXomRGHSRLVGHVHJXLUXPFDPLQKR TXHOHYDDRFRQYHQFLPHQWR GHTXHVHWUDWDGHYHUGDGH WUDQVSDUHQWHXPFDPLQKR TXH QmR SRVVR GLYLGLU PDV TXHTXDOTXHU XPVHTXLVHUSRGHWULOKDUWDPEpP$UHGXomR pDVHJXLQWHVDEH R TXHpDYLGD"pIRGHU$YLGDpIRGHU1RWHEHP HVWDSDUWLQGR GH PLPp FRPR HX Mi VXJHUL XPD DILUPDomR UHILQDGtVVLPD QmR WHP QDGD D YHU FRP HQXQFLDGRV LGrQWLFRV PDV VLPSOHVPHQWH JURVVRV RX LQVWLQWLYRV 2 PHX HQXQFLDGR p IUXWR GH PXLWD YLYrQFLD H SURFHVVDPHQWR GHVVD YLYrQFLD $ YLGD p IRGHU HP ~OWLPD DQiOLVH e XPD SHQD TXH D PDLRULD QXQFD FKHJXH QHP GH ORQJH j SOHQLWXGH TXH HVWD FRQVWDWDomRRIHUHFHXPDJUDQGHSHQDPHVPR(ODWDPEpP WLQKDFRPSUHHQGLGRLVVRH FRPLJR DEULX R UHVWR GR KRUL]RQWH TXH SUHFLVDYD WHU )HUQDQGR HQWURX H GHPRV PXLWRFHUWRRVWUrV *RVWiYDPRV GH VDLU SDUD SDVVHDU j QRLWH H ID]HU VDFDQDJHP QD UXD VDEHQGR TXH HVWDYDP QRV HVSUHLWDQGR $ JHQWH EHELD QXPD SUDFLQKD DR DU OLYUH H GHSRLV QRV OHYDQWiYDPRV H tDPRV RV WUrV SDUD R HVFXUR VH DJDUUDU 9ROWiYDPRV FRP D FDUD PDLVLQRFHQWHGRPXQGR VDEHQGRTXHWRGRPXQGRVDELDHTXHDOJXQVWLQKDP HVSLDGR H PHVPR WRFDGR XPD SXQKHWD YHQGR D JHQWH VH EHLMDU VH FKXSDU H ID]HU RXWUDV FRLVDV ERDV SDUD R DU OLYUH ( PDLV DLQGD HOD LQYHQWRX XP URWHLUR GRPpVWLFR TXH)HUQDQGRDGRURX(ODILFDYDFRPXPD FDULQKDGHSXWDLQRFHQWHLQDFUHGLWiYHOH GL]LDTXHTXHULDGDU SDUDHOHJHPHQGRHQWUHRIHJRVTXDVHODFULPRVRVH H[SOLFDQGR TXH HVWDYD SUHFLVDQGR TXH HOH D FREULVVH D SURWHJHVVH SHQHWUDVVH EHP IXQGR QHOD H HVSRUUDVVH PXLWR QHOD SRU IDYRU SRU IDYRU 8PD GLDED 4XDQGR )HUQDQGR DFDEDYD DJUDGHFLD D HOH Vy YHQGR R MHLWR GHOD ( IH] )HUQDQGR DLQGD PDLV IHOL] SRUTXH FRPHX R FDVDO TXH WRPDYD FRQWD GR VtWLR H DEULX FDPLQKR SDUD )HUQDQGR TXH HVWDYD GRLGR SHORV GRLV UHDOPHQWH XP FDVDO GH PXODWRV PXLWR ERQLWR XP UDFHDPHQWR SHUIHLWR )HUQDQGR ILFRX GRLGR SHOR SDX GR UDSD] TXH GH IDWR H[FHSFLRQDO PDLV FRPSULGR GR TXH JURVVR H PXLWR WHVR OXVWURVR H SDUHFHQGR HQYHUQL]DGR ( SHOD EXQGD WDPEpP TXH HX DFKDYD DLQGD PDLV ERQLWD H FRPL DOJXPDV YH]HV )HUQDQGR ILFDYD LQGyFLO QmR VDELD VH FKXSDYD HOH VH R FRPLD RX VH OKH GDYD D EXQGD FRPHoDYD XPD FRLVD HPHQGDYD SHOD RXWUD HUD XP IUHQHVL (X GHYLD FRQWDU LVWR HP SRUPHQRUHV HVPLXoDGRV SHOR SUD]HU GH H[FLWDUDVSHVVRDVHLQGX]LODVjVDFDQDJHPpXP H[HUFtFLRGHSRGHUDJUDGiYHOH PHX SURSyVLWR GHVGH TXH HX FRPHFHL LVWR 6LP QmR SDVViYDPRV GLD VHP TXH IL]pVVHPRV PXLWDV PXLWDV VDFDQDJHQV WRGR WLSR GH FRLVD FRP HVVH UDSD] H D PXOKHUGHOH HOHFKXSDQGR)HUQDQGR WRGRSDUDGHSRLVHQUDEiORFRPDTXHOH FDFHWH FRPSULGR TXH HQWUDYD WRGR H )HUQDQGR FKHJRX D VHQWDU HP FLPD GHOH WDQWD FRLVD 0DV QmR YRX FRQWDU p SUHFLVR UHFRQKHFHU TXH WHQKR SUHVVD 7HQKR TXH WHU SUHVVD VH TXLVHU HVWDU VHJXUD GH TXH SHOR PHQRV DV SDUWHV TXH FRQVLGHUR PDLV LQWHUHVVDQWHV QHVWH GHSRLPHQWR QmR ILFDUmR GH IRUD (VWD GRHQoD (X YRX IDODUVREUHDGRHQoD TXHHXWHQKRQmRpFkQFHU FRPRYRFrGHYHHVWDUSHQVDQGR HX QmR VRX GR WLSR TXH WHP FkQFHU PLQKDV FpOXODV WrP SRXTXtVVLPRV PRWLYRV GH UHYROWDQRWDGDPHQWH HPFRPSDUDomRFRPD PDLRULDGDVSHVVRDV&kQFHUpDGRHQoD GR UHSULPLGR GD OLELGR HQFDUFHUDGD GD IDOVLGDGH H[WUHPD HP UHODomR j SUySULD QDWXUH]D $V FpOXODV WUDtGDV H IUXVWUDGDV HQWmR VH UHEHODP PDQGDP HPLVViULRV VXEYHUVLYRV SDUD WRGDV DV SDUWHV GR FRUSR H JHUDOPHQWH YHQFHP H GHVWURHP R RUJDQLVPR (X QmR WHQKR LVVR H GH FHUWD IRUPD D PLQKD p XPD FRQGLomR EHP PDLV LQWHUHVVDQWH GR TXH FkQFHU SHOR PHQRV QXP DVSHFWR ( PDLV FRQGL]HQWH
FRPLJRPDLVWFKDQ0DVGHSRLVHXIDORQLVVR H GHSRLV FRQWR PDLV KLVWyULDV FRP GHWDOKHV D GRHQoD SRGH QmR PH GDU PXLWR WHPSR Ki FRLVDV TXH MXOJR EiVLFDV H TXHDLQGDQmRFRQWHL -iGHL XPDLGpLDVXILFLHQWHGHFRPRQRVVRVGLDVHP3RUWR 6HJXURQmRWrP FRPSDUDomRRTXHVHLPDJLQDUpSRXFR 1mR 0LQWR 0LQWR $OLiV PHQWHVH VHPSUH PHVPR TXDQGR QmR VH WHP QHQKXPD LQWHQomR 0HQWHVH PHQWHVH R WHPSR WRGR H TXH PH GHVFXOSHP D ILORVRILD EDUDWD D YLGD p XPD PHQWLUD LPSHQLWHQWH UHQLWHQWH H UHVLVWHQWH H R ~QLFR SUREOHPD ILORVyILFR GH IDWR p R VXLFtGLR (VWRX SHUQyVWLFD KRMH PDV QmR PLQWR VREUH LVVR DR FRQWUiULR GH SUDWLFDPHQWH WRGR PXQGR WKH ZRUOG LV EXW D VWDJHQmRpDVVLPTXHHVWiQR+DPOHW" 7KH ZRUOG LV EXW D VWDJH H HX TXH QmR PH FRQVLGHUR PHOKRU GR TXH QLQJXpP PHQWLUDPHQWLUDPHFRQVLGHURFODURTXHPH FRQVLGHURYDPRVVHUGHPRFUDWDVPDV QmR YDPRV DFKDU TXH WRGR PXQGR p LJXDOPHQWH GRWDGR SRUTXH QmR p HVWRX GHVHPSHQKDQGR PHX SDSHO FRP XP PtQLPR DEVROXWR GH YHDGDJHP SVLFDQDOtWLFD DWp SRUTXH FRQVLGHUR )UHXG DOpP GH PDXFDUiWHU R JrQLR PDLV GHVSHUGLoDGR GD +LVWyULD GHSRLV GH 3ODWmR DTXHOH ILOKR GD SXWD UHVSRQViYHO SHOR WDVFLVPR WHFQRFUDWDGD5HS~EOLFDEDEDFDGHYLD VHUFDVWLJDGRFRPXPDHQFDUQDomR SHUSpWXD FRPR 0LQLVWUR GD $GPLQLVWUDomR GR %UDVLO %DEDFD HX QmR SRVVR OHU $ 5HS~EOLFD VHP ILFDU FRP YRQWDGH GH LU Oi H HVFXOKDPEDU 6yFUDWHV DTXHOH YHDGR VHEHQWR LVVRHUDRTXHHOHHUD XPYHDGRVHEHQWRHEXUURTXH QmRFRPHX$OFLEtDGHVRUD KRPHP FUHLD QmR FRPHU $OFLEtDGHV TXHP HUD HOH SDUD QmR FRPHU $OFLEtDGHV TXDQGRTXDOTXHU XPGHQyV FRPHULD"(TXHSHQWHOKRLQRPLQiYHORTXHHOHHQFKHR VDFRGR FRLWDGRGDTXHOHHVFUDYRQREDQTXHWHGHL[DD SHVVRDQHUYRVDVyGHSHQVDU HP FRQYLYHU FRP HOH %HUQDUG 6KDZ WLQKD UD]mR PDWDUDP HOH SRUTXH QLQJXpP FRQVHJXLD VXSRUWDU VXD SUHVHQoD HQFDUGLGLQKD SHUJXQWDGHLUD SHWXODQWH H LPSHUWLQHQWH GHYLD WHU PDX KiOLWR $OFLEtDGHV SUHFLVD VHU GHVDJUDYDGR H YLYD ;DQWLSD JUDQGH PiUWLU ;DQWLSD ( TXDQWR D )UHXG GHL[RX HVVD KHUDQoD GHVDUYRUDGD GH IDODQWHV QHEXORVRV H QHUYRVRV TXH SUDWLFDP VHLWDV REVFXUDV H GHGLFDP DV YLGDV j LQIHOLFLGDGH SDODYURVD 1XQFD SURYDUDP HIHWLYDPHQWH QDGD H QXQFDJHUDUDPQDGD GHDSURYHLWiYHODOpPGHXQVGRLV ILOPHV GH :RRG\ $OOHQ PDV HVWmR Dt SDUD ILFDU VHPSUH HVWDUmR FRPR DV FDUWRPDQWHV H YLGHQWHV H FRQVHOKHLURV VHQWLPHQWDLV 2XYLGR GH DOXJXHO VHPSUH WHYH XP JUDQGH PHUFDGR D ,JUHMD WHP VDFDGDV JHQLDLV YDPRV UHFRQKHFHU D FRQILVVmR DXULFXODU IRL XPD GHODV )UHXG QmR FKHJRX D VXEVWLWXLU LVVR QXQFD VHUi VXILFLHQWH H DOpP GR PDLVQmRVH SRGHSHUGRDURSURJHQLWRUGRPDLRUDF~PXORGH DVQLFHV ODELUtQWLFDV MDPDLVGHVSHMDGRVREUHD+XPDQLGDGHHGHELFKDV IUDQFHVDVTXHQmRHQWHQGHPR TXH HODVSUySULDVHVFUHYHPHGH DOHPmHVTXHDFKDPTXH SHOR IDWR GH WHUHP SDODYUDV SDUD GHVLJQDU FRQGLo}HV DWRV H VLWXDo}HV TXH RV RXWURV QmR WrP HQWHQGHP PDLV GHVVDV FRLVDV XP SHUIHLWR QRQ VHTXLWXU QDGD D YHU R FX FRP DV FDOoDV DOHPmR Vy HQWHQGH GH DOHPmR :HOWVFKPHU] p D SXWD TXH SDULX *RFWKH FRP TXHP DOLiV HX VLPSDWL]R HUD XP IRGHOmR H PRUUHX XP YHOKR VDIDGR FRPR GHYHP VHU WRGRVRVYHOKRVHP YH] GHHQJROLUHPFDODGRVRVSDSpLVTXHRVPDLVMRYHQVQmR VH FRQWHQWDQGRHPVHUPDLVMRYHQVOKHVLPS}HP1DGDGHFRQIHUrQFLD TXHFRLVD p LQFRQWUROiYHO 6H HX IRVVH SURIHVVRUD VHULD OLQFKDGD SHORV DOXQRV (YLGHQWH TXHQmRUHWLURQDGDGRTXHDFDER GHGL]HUPDVRREMHWLYRTXHHVFROKLGHSRLV GH PXLWR SHQVDU IRL GDU XP GHSRLPHQWR SRUQRJUiILFR H SURYRFDU H HVSLFDoDU H HQFRUDMDU HUHDVVHJXUDUKRPHQVHPXOKHUHVHQIXUQDGRVHPVXDVFDVFDV GH FDUDFyLV 3RUWDQWR QmR WHQKR QDGD TXH ILFDU IDODQGR QLVVR TXHUR PRVWUDU H DUJXPHQWDU PDV WXGR QXP FRQWH[WR SRUQRJUiILFR TXHUR GLWDU SRUQRJUDILD PH DJUDGD PXLWRTXDQGRHXFRQVLJR 0LQWR GL]LD HX 0LQWR TXDQWR D 0DULQD PLQKD DHURPRoD TXH IDoR SDUHFHU D PHOKRUWUDQVD GHPLQKDYLGDGHSRLVGH 5RGROIRPDVQmRpQDGDGLVVRQmRH[LVWH HVVD WUDQVD 1mR H[LVWH D IRGD Vy H[LVWHP IRGDV 0LQWR PHQWHVH HX PLQWR WX PHQWHVHOHPHQWHQyVPHQWLPRVYyVPHQWLVHOHVPHQWHP 6HPSUH WLYH SUREOHPDV FRP D PHQWLUD PDV WDPEpP VRX PHQWLURVD QmR Ki FRPR HVFDSDUDOOWKHZRUOGHWF4XDQWDV PHQWLUDVHPERUDDPDLRUSDUWH IHOL]PHQWH DSHQDV LQWHUSUHWDWLYDMiQmRFRQWHLDTXLHYRXFRQWLQXDUDFRQWDU"9mR jPHUGD YRFrVWRGRVPHQWLURVRVPHQWLURVRVDHVPDJDGRUDPDLRULD KLSyFULWDHVDQWDUURQD 9LYDQyV RVPHQWLURVRVjIRUoDRV FRQVFLHQWHV2&ULVWRQmRVRXEHGL]HURTXH HUDDYHUGDGHGLDQWH GR,PSpULR5RPDQRSRUTXH(OHSUySULRWHYH TXHPHQWLUGHVGH TXH DSUHQGHXDIDODU1mR KiFRPR(OHQmRKDYHUPHQWLGRDQmRVHU TXHYLYHVVH
LVRODGR H VHP IDODU GHVGH R EHUoR 'R FRQWUiULR QHP WHULD FKHJDGR j LGDGH GD UD]mR TXDQWR PDLV DRV TXH GL]HP TXH (OH YLYHX TXHUHQGR QRV HQVLQDU XPD PDQHLUD GH VHU LPSRVVtYHO GH DVVXPLU $ TXHP WHP VHUi GDGR GH TXHP QmR WHP VHUiWLUDGR ([SXOVDL RV YHQGLOK}HV GR WHPSOR D FKLEDWDGDV RIHUHFHL D RXWUD IDFH SDUD D ERIHWDGD&UHVFHLHPXOWLSOL FDLYRVGLVVH-DYpSRUpPQmRIRGDLV7RGR PXQGR VDEH GH JHQWH TXH VH FDVWURX H PXLWRV RXWURV TXH SDVVDUDP DV YLGDV FRPR VH VHXV yUJmRVVH[XDLVKRXYHVVHPVLGRFULDGRVDSHQDVSDUDOHYiORVj WHQWDomRHDR LQIHUQR (QWmR p WXGR XPD SHUPDQHQWH FRQWUDGLomR H WRGRV VmR REULJDGRV D PHQWLUWDQWR DVVLPTXHQRGLiORJR JHUDOWRGRPXQGRVDEHRTXHpPHQWLUDPDV GHILQLUFRPSUHFLVmR pGLItFLOVHQmRLPSRVVtYHO 3RUWDQWRHUDPHQWLUDTXH RVWHPSRVGH3RUWR6HJXURQmRWHQKDP ULYDO(DYLGD QmR p XP FDPSHRQDWR GH IXWHERO HP TXH D JHQWH ILFD SURFXUDQGR R PHOKRU FDGD LQVWDQWH p XP FRPSDUDU p LPSRVVtYHO 1D YHUGDGH PLQKD YLGD WHP DSHQDV XP GHQRPLQDGRU FRPXP TXH p R IDWR GH HX WrOD GHGLFDGR EDVLFDPHQWH j VDWLVIDomR VDXGiYHOGHPLQKDOX[~ULD7HQKRRUJXOKR JUDQGHRUJXOKRGLVVR FRPR MiGHYRWHUGHL[DGRWUDQVSDUHFHU7XGRHPHVFDODJUDQGLRVD DVVXPHJUDQGLRVLGDGH &UHLRILUPHPHQWHTXHp RPHXFDVRQmR FRQVLJRYrORGHRXWUDIRUPDVHQmRFRP RUJXOKR $JUDGHoR PXLWR D 'HXV SRU (OH PH WHU GDGR D IRUoD D GHWHUPLQDomR D LQWHOLJrQFLDHDFRUDJHPSDUDOHYDUDGLDQWHRGRPTXHUHFHELGH QDVFHQoDGLJR LVWR FRP GHYRomR RV EXUURV QmR DFUHGLWDP RV LQWHOLJHQWHV YrHP ORJR TXH p YHUGDGH (X QDVFL FRP XP GRP TXH 'HXV PH GHX H KRQUHL HVVH GRP GLIHUHQWH GH PXLWRVRXWURVWDOYH] TXDVHWRGRV(OHIH]DSDUWHG(OHHHXIL]DPLQKDFRPR RUGHQD R/LYUR(QWmRHXWHQKR HVVHGHQRPLQDGRUFRPXPTXHpPXLWR IRUWHPXLWR VLQJXODUDWpSRUTXHVHDPDLRULDGDVSHVVRDVp PHVPRFRPRHXDLPHQVDPDLRULD GHVVDPDLRULDQXQFDFRQVHJXLX ID]HUQHPXPPLOpVLPRGRTXHHXIL]1mRQmRKi FRPR FRPSDUDU QDGD WRGR WHPSR WHP VXD LQGLYLGXDOLGDGH &RPR HVWH TXH HVWRX YLYHQGR 7DOYH] PXLWRV DQRV DWUiV VH HX SXGHVVH DQWHYrOR DFKDVVH TXH YLULDDVHURPHOKRUGDPLQKDYLGD7DOYH]DJRUD PHVPRHXSRVVDGL]HULVVRGH IDWRDFKHLXPDVROXomRLUUHWRFiYHO SDUDRVSUREOHPDVTXHXPDSHVVRDVR]LQKDQD PLQKDLGDGHFRVWXPD HQFRQWUDU(HQWmRQDPHGLGDHPTXHVHSRGHGL]HULVWR HX VRX IHOL]0DVQmRHVTXHoRTXHGLQKHLURDMXGDPXLWRpPHVPR LQGLVSHQViYHOFRPR VXSRUWH H IHUUDPHQWD PDV R PDLV LPSRUWDQWH p D LPDJLQDomR &XUYHPRQRV DRV WHPSRVHXVHPRVVXDVSDODYUDV &ULDWLYLGDGHSDODYUDKRUUHQGD SRUTXHQmRSXGHPRVSUHVHUYDU LQYHQomRFRP DV EHODV FRQRWDo}HV TXH HOD WLQKD HQJHQKR WDQWDV SDODYUDV ERDV PRIDQGR SRU EXUULFH H FRORQL]DomR 0DV QmR DGLDQWD UHFODPDU (QWmR GLJDPRV FULDWLYLGDGH H JUDQD FRQIRUWiYHO IDFLOLWDP PXLWR 1R PHX FDVR XPD QmR IXQFLRQDULD VHP D RXWUD HHVWRXPXLWRVDWLVIHLWD 0LQKD VROXomR WDPEpP GHSHQGHX XP SRXFR GH VRUWH VH EHP TXH VH HOD QmR WLYHVVHDSDUHFLGRHXDHQFRQWUDULDSRURXWURFDPLQKR (TXDFLRQH LVWR (X EHP GH YLGD PRUDQGR EHP YHVWLQGR EHP WXGR PXLWR EHP YHOKDERQLWRQDJRVWRVDHGHYDVVDQmRTXHUHQGRPDLV DPDQWHVIL[RVTXHPHHQFKDP R VDFR H p PXLWR GLItFLO DFKDU XP TXH DFDEH QmR HQFKHQGR H YLYHQGR QD JUDQGHFLGDGHGR5LR GH-DQHLURTXH pTXHHXIDoRTXDQGRHVWRXFRPYRQWDGHGH XPD WUDQVD]LQKD H[SHGLWD" 3HJR R MRUQDO DFKR XP DQ~QFLR TXDOTXHU WHOHIRQR HQFRPHQGR XP UDSD] XPD PRoD XP UDSD] H XPD PRoD TXDOTXHU FRPELQDomR WXGR HVSHFLILFDGR SDJR DWp FRP FDUWmR GH FUpGLWR 1HQKXP SUREOHPD FHUWR" (UUDGR 7RGRGLDDJHQWHOrQR PHVPRMRUQDODKLVWyULDGHXPYHDGRYHOKRHVy DVVDOWDGR H DVVDVVLQDGRSRUXPJDURWRGH SURJUDPDRXHTXLYDOHQWH1XQFDR YHDGRYHOKRH HX HVWDPRV QD PHVPD VLWXDomR EiVLFD 8PD ERD SDUDQyLD FRPR HX DFKR TXH Mi OHPEUHLWHPRVHXOXJDU(XHVWDYD SURFXUDQGRXPDVROXomRHDtHODFDLXQR PHX FROR $ PDom GH 1HZWRQ VHUHQGLSLW\ (X WLQKD VLGR FRQYLGDGD SDUD VDLU FRP XP FDVDODPLJRPHXWDPEpPEDLDQRPDVPRUDQGRDTXL DFKR TXH DWp Ki PDLV WHPSR GRTXHHXHQmRTXHULDLUHOHVVmRPHLRFKDWLQKRV (VVDV SHVVRDV GH TXH D JHQWH JRVWD JHQXLQDPHQWH PDV FXMD FRQYLYrQFLD p VRSRUtIHUDWRGRPXQGRVHGiFRPJHQWHDVVLPp FRPRRFKDWRDIDYRUWRGRPXQGR WHPSHORPHQRVXPFKDWRDIDYRU TXH DJHQWHQmR SRGHPDQGDULUVHFDWDUSRUTXH p ERQ]LQKR H p D IDYRU ID] WXGR SHOD JHQWH 0DV p FKDWR H jV YH]HV ILFD GLItFLO GH VXSRUWDU $t HX QmR LD PHVPR PDV XP GLD GHSRLV GH KDYHU GHFLGLGR LVVR PH VXUSUHHQGL PRUWD GH WHVmR H VR]LQKD HP FDVD UHSHQWLQDPHQWH
GHVSUHYHQLGD H SHQVDQGR VDFDQDJHP FRP WDQWD LQWHQVLGDGH TXH LD DFDEDU ID]HQGR XPDEHVWHLUDSHJDUDOJXpPQR VXSHUPHUFDGRKRUDVTXDOTXHUFRLVDDVVLPHX PH FRQKHoRMi IL]LVVRpSRUTXHHXGHIDWRGRX PXLWDVRUWHPHXDQMRGDJXDUGD p yWLPR FRPR VH GL] ( Dt PHLR GH ~OWLPD KRUD WHOHIRQHL SDUD HOHV H IXL FRP HOHV DR &DQHFmR H IRL Oi TXH HQFRQWUHL RXWUR FDVDO HVVH MRYHP 8P VREULQKR GHOHV H D QDPRUDGD XPD JDURWD PXLWR VLPSiWLFD H ERQLWLQKD FRP XPDV SHUQDV H XPDEXQGD SURYRFDQWHVHXQVSHLWLQKRVHQJUDoDGLQKRVTXHHODGHL[DYDYHU GHYH] HPTXDQGRFRPPXLWRFKDUPH(XSDUHFLDTXH WLQKD FKHLUDGR XPD ILOHLUD GH WmR OLJDGRQDHPVH[RTXHHVWDYDHDVHPYHUJRQKD HQFRVWRXRMRHOKRQRPHXSRUEDL[R GD PHVD DVVLP TXH DV OX]HV VH DSDJDUDP H ILFDPRV QXPD EROLQDomR VRQVD R WHPSR WRGR(XQmR DJXHQWDYDPDLVPLQKDYRQWDGHHUDDUUDQFiODGDOLQDKRUD H OHYiOD SDUD FDVD H FRPrOD WRGD PLQXFLRVDPHQWH PDV WLYH GH PH FRQWHU H SRU YLD GDV G~YLGDV VRQGHL R UDSD] DILQDO SRGLD YLU D VHU QHFHVViULR S{OR QD WUDQVD WDPEpP4XDQGR WLYHGHSUHVWDU DWHQomRQHOHYLTXHQmRHUDIHLRWLQKDXPDERD FDUD H WDOYH] ILFDVVH LQLELGR QD FRPSDQKLD GH XPD PXOKHU LQILQLWDPHQWH PDLV HVFRODGD GR TXH HOH TXH GHYLD OKH S{U FKLIUHV HVFURWRV URWLQHLUDPHQWH 6LPQmRHUDIHLRHUDDWpERQLWRH$OJRPH GLVVHGHHVWDORTXHDOLWLQKDRXUR 7KDUV JROG LQ WKHP WKDU KLOOV &XULRVtVVLPR p FRPR R PRPHQWR HP TXH D JHQWH DGRUPHFH QmRVHSRGHOHPEUiOR$JHQWHHVWiQDFDPDHFDLQR VRQRQmR VH Gi FRQWDGDSDVVDJHPSHODIURQWHLUD IRLLVVRRTXHDFRQWHFHX FRPHOH%DWHXVHPH FiR ERUEXOKDUGRJrQLRWURTXHLGHPDUFKD FRPRXPSLORWRGH)yUPXODHEDL[HL D PmR QR SDX GHOH %DL[HL PHVPR QHP SHQVHL IRVVH R TXH 'HXV TXLVHVVH ( PHQLQR D UHDomR IRL LQVWDQWkQHD SDUHFLD TXH HX WLQKD DFRUGDGR XP XUVR KLEHUQDGR 8PDPDVVLQKDDQWHVPXUFKDH LQIRUPHGHVDEUROKRXFRPRXPDSLSRFD HHXHQTXDQWR R tGDOR QR SDOFR VLQFURQL]DYD UHTXHEURV YLV FRP DFRUGHV LJXDOPHQWH GHVDJUDGiYHLVFHUUHLPHXVGHGRVQREHORSDX TXHMiDGLYLQKDYDHPPLQKDERFD (QFXUWHPRV DUV ORQJD YLWD EUHYLV YLYD R JUDQGH 4XLQWXV +RUDWLXV )ODYLXV YLYD 5RPD (X 1mR 1mR YRX IDODU VREUH +RUiFLR QmR YRX ID]HU RXWUD FRQIHUrQFLDVLOrQFLR2KYyV VRPEUDVVRWXUQDVGDVHUDV6SHDNE\KHDYHQ , FKDUJH WKHH VSHDN 6LP RV IDQWDVPDV GHYHP IDODU HX p TXH QmR GHYR IDODU DJRUD )DODL IDQWDVPDV )DOD R IDQWDVPD QD FDODGD GDTXHOD QRLWH GH MDQHLUR HP TXH QD VDtGD WURYHMDYD H FKRYLD H UHOkPSDJRV DUURMDYDP ODPSHMRV LQIHUQDLV VREUH DV DOPDV LQTXLHWDV TXH DGHMDP DFLPD GR FHPLWpULR GH 6mR -RmR %DWLVWD )DOD IDQWDVPD HVWDPRV DWHQWRV QmR KHVLWH IDQWDVPD GH TXH SRGH WHU PHGR XP IDQWDVPD" )DODRIDQWDVPDFRPVXD YR]UHYHUEHUDQWH2RRRKVLPQDTXHOD QRLWHPHVPDFRPL RV GRLV FRPL RV GRLV PXLWR WHPSR FRPL GLYHUVDV RXWUDV YH]HV JRVWHL GHOH H WHUPLQHL FRQVWDWDQGR TXH HOD HUD XP HTXtYRFR HQIHLWDGR H PH DOLYLHL TXDQGR D IDPtOLD VH PXGRX FRP HOD SDUD D +RODQGD WHUUD GR SDL GHOD H QXQFD PDLV D YLPRV 4XDQWRDHOH3DXOR+HQULTXHSRGHPHFKDPDUGH3LJPDOLRQD)XL HXTXH RHVFXOSL HIXLHXTXHPSHGLXD$IURGLWHSDUDTXHHOH IRVVHH[DWDPHQWHRTXHHXTXHULDH $IURGLWH PH DWHQGHX PH GHX PHX *DODWHR (X FUHLR TXH SRVVR PH FRQVLGHUDU VDFHUGRWLVD GH $IURGLWH WHQKR SUHVWtJLR FRP HOD XP GLD GHVVHV VH D GRHQoD QmR H[SORGLU HP PLQKD FDEHoD FRPR GL]HP TXH YDL H[SORGLU HVFUHYR D ELRJUDILD GHODVRXFRQKHFHGRUDtQWLPD 3DXOR +HQULTXH ,JQRUDQWtVVLPR PDV LQWHOLJHQWtVVLPR DWp SDUD SHUFHEHU HQFDQWDGRUDPHQWH TXH p LJQRUDQWH H XVDU HVVD FRQGLomR FRPR DGRUQR 5LVR IiFLO MRYLDOLGDGH YLYDFLGDGH DOHJULD H SULQFLSDOPHQWH WDOHQWR VHQVLELOLGDGH H DSOLFDomR 4XDQGR R SHJXHL SHJXHL XPD IRUFLQKD GD 1DWXUH]D XP HVStULWR VLOYHVWUH XP H[X]LQKR LQRFHQWH H V{IUHJR GHQWUR GH XP KRPHP DOWR PXVFXORVR PDVPDFLRHWRGREHPIHLWRWRGRFRPRVHWLYHVVHVLGR SURMHWDGRSRUXPGHVLJQHU PLODQrVFRPRREUDDEHUWDGHOHLWXUD GHSHQGHQWHGHTXHPDHQFRQWUDVVH(LJXDO D XP SURJUDPD GH FRPSXWDGRU GHVVHV TXH YRFr FRQILJXUD SDUD VHPSUH SRUTXH DUPD]HQD WXGR HP DUTXLYRV DUFDQRV TXH QXQFD QLQJXpP DEUH H VmR REUD REVFXUDGHDOJXPSURJUDPDGRU TXHFKHJDGHEHUPXGDDVXDWRFD QD 0LFURVRIW HDt SDVVD R WHPSR WRGR IHOL] SRUTXH IRL R DXWRU GR VXESURJUDPD UHVSRQViYHO SHOR GHVDEURFKDU GH XP LFRQH]LQKR QR FDQWR GD VWDWXV OLQH HVWD p D REUD GHOH HOH QmR SRGH YHU DTXHOH LFRQH]LQKR VHP GL]HU 3DUOD (UD SHGUDVDEmR HUD D PLQKD PDWpULDSULPDWmREHPPROGiYHO (HXFRQILJXUHLHOHXP SURJUDPD]LQKRGH
FDGD YH] ( GH V~ELWR DR DEULU RV PHXV DUTXLYRV H[HFXWiYHLV XP EHOR GLD Oi HVWi 3DXOR +HQULTXH 'HXV VHMD ORXYDGR (OH WDPEpP OHYD D VpULR VHX GRP PH DGRUDSRUTXH HXRDMXGHLDFRPSUHHQGHUFRPRHVVHWLSRGHFRLVDIXQFLRQD $VVXPLX YLURX PHX H[HFXWLYR VH[XDO GH XPD IRUPD DQWHV LQVXVSHLWiYHO e UHDOPHQWH IDQWiVWLFR R TXH DFRQWHFHX FKHJD D SDUHFHU LQYHQomR PDV QmR p p YHUGDGH D YLGD p TXH SDUHFH LQYHQomR D LQYHQomR p TXH WHP TXH SDUHFHU YHUGDGHLUD &UHLRTXHHQWUHRXWURVEHQHItFLRVTXHDSXEOLFDomRGHVWH GHSRLPHQWRFRPFHUWH]D WUDUi H HX TXHUR TXH WUDJD H ILFR IHOL] FRP LVVR JRVWR GH DMXGDU R VHPHOKDQWH HVWi WDPEpP XP VHUYLoR S~EOLFR TXH DJRUD HVWRX SUHVWDQGR 9RX FRQWDU R HVTXHPD TXH DUPHL H TXH FRQVLGHUR PXLWR EHP ERODGR e XP SRXFR HOLWLVWD RX EDVWDQWH HOLWLVWD PDV SRGH DWp VHU DGDSWDGR D FLUFXQVWkQFLDV EHP PDLV PRGHVWDV $ SULPHLUD FRLVD TXH HX IL] IRL FULDU XPD ILUPD XPD VRFLHGDGH FLYLO 3HJXHL R PHVPR FDVDO FKDWR DWUDYpV GR TXDO FRQKHFL 3DXOR +HQULTXH H ERWHL RV GRLV FRPR VyFLRV VRPHQWH SDUD FRQVWDU HOHV QHP SHUJXQWDUDP QDGD DVVLQDUDP ORJR VmR JUDQGHV FKDWRV D IDYRU H FULHL D ILUPD (PVHJXLGDWLUHL3DXOR+HQULTXH GRHPSUHJRQDJHUrQFLDGHXP SRVWRGHJDVROLQD GD %DUUD RQGH HOH JDQKDYD XPD PHUUHFD H D ILUPD DOXJRX XP TXDUWRHVDOD ERQLWLQKR QR /HEORQ RQGH HX ERWHL HOH SRUTXH QmR VXSRUWR D %DUUD H D ~QLFD KLSyWHVHGHHXLUOip VHPHOHYDUHPGHDPEXOkQFLDRX FDPEXUmRWHQKRKRUURUVy GHSHQVDUSDUDPLPRV VHSDUDWLVWDVWrP UD]mRHOHVGHYHPPHVPREORTXHDUDTXHOD PHUGD H FRQWLQXDU SDVWDQGR HP SD] QRV VHXV VKRSSLQJV TXH KRUURU &RQWUDWHL HOH FRPR IXQFLRQiULR GD ILUPD H SDJR XP ERP VDOiULR 1mR H[WUDRUGLQiULR SDUD QmR DFRVWXPDU PDO PDV R VXILFLHQWH SDUD TXH HOH SRVVD FRPSUDU DV URXSLQKDV GHOHRV&'VHRXWUDVFRLVDVGH TXHHOHJRVWDDOpPGHSRVVLELOLWDUTXHHOH VDLD FRP DV JDWLQKDV GHOH VHP PXLWD SUHRFXSDomR GH GLQKHLUR TXHUR TXH HOH WHQKD XPD YLGD QRUPDO H 'HXV QRV OLYUH GH HQFKHUPRV RV VDFRV XP GR RXWUR LVVR p LQDGPLVVtYHO ( ILQDOPHQWH D SDUWH EiVLFD HLV TXH Mi YLYL R VXILFLHQWH SDUD VDEHUTXHVHJXURPRUUHXGHYHOKRHFRQILDU GHVFRQILDQGRpXPOHPDVDSLHQWtVVLPR )L] XP EDLWD VHJXUR GH YLGD SDUD HOH HP GyODU H GHL D DSyOLFH D HOH ( HYLGHQWHPHQWH HOH Vy UHFHEH R VHJXUR VH HX PRUUHU GH FDXVDV QDWXUDLV 6H KRXYHU TXDOTXHUG~YLGDIXQGDPHQWDGDTXDQWR jPLQKDFDXVDPRUWLVHOHQmR UHFHEH XPWRVWmRSRGHVHUDWpDFLGHQWHGHFDUURRXDYLmRSDUD QmRIDODUQRyEYLR TXH p DVVDVVLQDWR ([SOLTXHL D HOH WXGR GLUHLWLQKR HOH FRPSUHHQGHX H KRMH WHP XPD SUHRFXSDomR HQRUPH FRP PLQKD VHJXUDQoD 6H HX TXHUR HQFRQWUDU DOJXpP TXH QmR FRQKHoR PXLWR EHP PXLWDV YH]HV XVR R DSDUWDPHQWR GHOH ( HOH JHUDOPHQWH HVWi DTXLHPFDVDTXDQGRUHFHERDOJXpPGLVFUHWRPDVYLVtYHO *RVWR GH FUHU TXH HOH VHULD WmR DWHQFLRVR DVVLP PHVPR TXH HX QmR IL]HVVH R VHJXUR PDV QmR YHP DR FDVR LQGDJDomR DFDGrPLFD 2 IDWR p TXH WXGR IXQFLRQD PDUDYLOKRVDPHQWH EHP HOH ILFRX SHUIHLWR QD FDPD H QXQFD QHJD VHUYLoR GH TXDOTXHUWLSRDUUXPDQDPRUDGDV SDUDDJHQWHWUDQVDUMXQWRVDUUXPDKRPHQVp XP HVTXHPD SULPRURVR HVWRX PXLWtVVLPR EHP VHUYLGD WmR VHP SUREOHPDV TXH SDUHFH VRQKR $JRUD HOH HVWi TXHUHQGR FDVDU 1mR VRX SURSULDPHQWH FRQWUD PDV WDPEpP QmR VRX D IDYRU QmR YHMR SDUD TXH HOH SUHFLVD FDVDU ( VRX LQVXVSHLWD SDUD IDODU SRUTXH D PHQLQD p yWLPD VHP SUREOHPDV FXFD IUHVFD FRPR VH GL] 6H D JHQWH HVWi D ILP D JHQWH WUDQVD H HOD DSHVDU GH HVWDU DSDL[RQDGD SRU HOH GL] TXH WDPEpP p DSDL[RQDGD SRU PLP WXGR VHP JULOR 0DV p TXH HX QmR VHL %RP QmR YRX SHQVDU QLVVR QmR DGLDQWD ( QmR TXHUR GDU D HQWHQGHU TXH WHQKR FL~PH$FKDULVVRDHVWDDOWXUDGHXPDYLGD FRPRDPLQKDpXPDRIHQVDJUDYH PDV DV SHVVRDV WLUDP FRQFOXV}HV JHUDOPHQWH EDVHDGDV HP VXD SUySULD PDQHLUD GH VHU HLVVRPHLUULWDILFDULDFRPYRQWDGHGH GDU SRUUDGD HP TXHP GLVVHVVH TXH HXHVWRXFRPFL~PH(YHMDYRFrWDPEpPVRX DSDL[RQDGDSRU3DXOR+HQULTXHPDV PLQKD SDL[mR QmR p GRHQWH FRPR FRVWXPD DFRQWHFHU -i QDVFL DVVLP H PH DSHUIHLoRHL FRQVFLHQWHPHQWH 1XQFD PH GHL[HL HQJDEHODU SRU HVVDV EDERVHLUDV TXH QRVLPSLQJHPFRPRID]HQGRSDUWHGDQDWXUH]DKXPDQD1mRVH SRGHHVWDUDSDL[RQDGR SRUGXDV SHVVRDVDRPHVPRWHPSRPHX'HXV TXDQWDJHQWHPRUUHXHPRUUHWRGRVRV GLDV SRU FDXVD GHVVH GRJPD EDEDFD TXH p WmR DUUDLJDGR TXH D SHVVRD KRPHP H SULQFLSDOPHQWH PXOKHU TXH HVWi RX p DSDL[RQDGD SRU GRLV RX WUrV HQWUD HP FRQIOLWRV FDYHUQRVtVVLPRV VH UHPyL GH FXOSD VH DFKD XP GHJHQHUDGR QmR FRQIHVVDRTXHVHQWHQHPjVSDUHGHVLPS}HVH IDOVtVVLPRVGLOHPDVVHWRUWXUDp XPD VLWXDomR LQIHUQDO H FDQFHUtJHQD WRGR PXQGR OXWDQGR HVWXSLGDPHQWH SDUD VHU
TXL[RWHV H GXOFLQpDV e R DWUDVR R DWUDVR (P WHVH VRPRV FDSD]HV GH QRV DSDL[RQDUSRUWDQWDVSHVVRDVTXDQWDVVHMDPRVFDSD]HVGH OHPEUDU ROLPLWHp HVWH QmR XP RX GRLV RX WUrV RX TXDWUR RX FLQFR RX GH]HVVHWH WRGRV HVVHV Q~PHURV VmR DUELWUiULRV WLUkQLFRV H RSUHVVRUHV 7i Oi R PHX ILFKiULR DSDL[RQDWLYRFRPRSHUILOGR TXHHXDFKRDWUDHQWHTXHpEDVWDQWHYDVWR (QWURX QRYR FRQWDWR SHUILO DSURYDGR HX SRVVR PH DSDL[RQDU SRU HOH +RMH HX HVWRX DOWDPHQWH LQIRUPiWLFD $ VXSHUVWLomR SHUQLFLRVD JHQHUDOL]DGD p TXH p SUHFLVR GHOHWDU R DQWHULRU SDUD DFHLWDU R QRYR 4XH SREUH]D TXH SREUH]D TXH SREUH]DTXHDWUDVR6HDPHPyULD DFHLWDVHRSHUILOFRQIHUHVH DVHQKDIRL GDGDURGDRVGRLV SURJUDPDVDRPHVPRWHPSRURGDRVWUrVURGDRVYLQWHSRUUD 0LQLPL]D XP URGD HPEDL[R R RXWUR H[SRUWD XP DUTXLYR SUD Oi RXWUR SUD Fi D LQIRUPiWLFDpPXLWRHGXFDWLYDSDUDTXHRVGpEHLV PHQWDLV TXHWDQWRSRQWLILFDP H QRV DEDODP FRP VXDV EHVWHLUDV FRPSUHHQGDP TXH RV SURFHVVRV PHQWDLV TXH FRQVLGHUDP VXEOLPHV H SURYD GD H[LVWrQFLD GH 'HXV VmR PHUDV OLQKD]LQKDV GH FRPDQGR GH URWLQD QR '26 GR FpUHEUR R EXUDFR p DELVVDOPHQWLVVLPDPHQWH PDLV HPEDL[R &ODUR TXH D SDL[mR QRYD QR SULPHLUR PRPHQWR PRELOL]D PXLWR R DSDL[RQDGRTXH WHQGHDILFDUFHJRSDUDRVRXWURV DUTXLYRVHDtQDPDLRUSDUWH GDVYH]HVRHQWXOKREXUURFRPHoD DDSRUULQKDURFDPDUDGDIRLWUHLQDGRSDUD QmR DFKDUDTXLOR FHUWRWHPTXHGHOHWDURDUTXLYRHPXVRQmRVHLRTXr$ DQDORJLD LQIRUPiWLFD FRQWLQXD FHUWHLUD p FRPR XP SURJUDPD QRYR XP EULQTXHGR QRYR 0DV GHSRLVDJHQWHDEUHRDUTXLYRPDLVDQWLJR p ERP UHDYLYD HVWLPXOD PHX 'HXV SRU TXH HULJLPRV HPSHFLOKRV DEVXUGRV H GHVWUXWLYRV GD EHOH]D GD &ULDomR RV DUTXLYRV SRGHP FRQYLYHU QD PDLRU SD] FOLFD HOH DEUH WXGR SURQWR SDUD R GHOHLWH GH WRGRV H R FXPSULPHQWR FLRVR TXmR DOHJUH GD VLQD 2 OLPLWH p D PHPyULD(TXDQWRVJXJyLVGHE\WHVQmRWHPRVQD PHPyULD"1XQFDYDPRVXVDUQHPXP ]LOLRQpVLPR SRU PDLV TXH YLYDPRV H DEHUWRV VHMDPRV 3RU FRQVHJXLQWH PLQKDV SDL[}HVQmR VmRGRHQWHVFRQYLYHPSHUIHLWDPHQWH EHPHpSRULVVRTXHQmR PRUUHP FRPR DV RXWUDV Vy PRUUHP TXDQGR HX GHL[R GH UHJDU SRUTXH UHVROYL GHL[DU GH UHJDU 0DV DV SHVVRDV VH VHQWHP REULJDGDV D GHL[DU GH UHJDU p XPD PHUGD HVFXOKDPEDWXGRFDQFHUtJHQRFDQFHUtJHQR6RX DSDL[RQDGDSRUPHXLUPmR5RGROIR VHPSUH VHUHL DSDL[RQDGD SHOD PLQKD DHURPRoD DSDL[RQDGD SRU )HUQDQGR DSDL[RQDGDSRU 3DXOR +HQULTXHH7kQLDDPRoDFRPTXHPHOHTXHUFDVDUSRUWRGR PXQGR SRU TXHP PH LQWHUHVVD DSDL[RQDUPH SRLV PHX PDQHMR GD SDL[mR PH Gi JUDQGH OLEHUGDGH HX SRVVR ERWDU R WHPSHUR GD SDL[mR HP TXDOTXHU WUDQVD VHP FXOSD VHP DSUHHQV}HV ULGtFXODV ( WRGR PXQGR TXH VRIUH H YDL WHU FkQFHU SRU LVVR SRGH ID]HU FRPR HX TXH GHVSHUGtFLR PHX 'HXV TXH JHQRFtGLR 7DWDWi WD WDWi 1mR VH SRGH DPDU GXDV SHVVRDV DR PHVPR WHPSR EDKEDKEDK GXKGXKGXK GXK&RUROiULRVP~OWLSORVpVXPILOKRGDSXWDVH SHQVDVRFRQWUiULRPHVPRTXH VDLEDV TXH R FRQWUiULR p D YHUGDGH TXH YLYH QR SHLWR H QD FDEHoD $ SDL[mR p VLPSOHVPHQWH D WHVmR IRUPDWDGD VHUi TXH MDPDLV LVWR VHUi FRPSUHHQGLGR VHUi TXH ILFDUHPRVVHPSUHDOJHPDGRVFRPDFKDYHQDPmR"0HX'HXV GDL IRUoDDYRVVRV PiUWLUHVDRSHQRVtVVLPRWHVWHPXQKRGHQRVVDIp Hj SHUVHYHUDQoDQRH[HUFtFLR GH QRVVDLQWHOLJrQFLD $ IRUPDomR GHOH IRL LPSUHVVLRQDQWH 0DJQtILFR DOXQR SURIHVVRUD JHQLDO &RPR Mi FRQWHL SHJXHL PDWpULD EUXWD (OH QmR VDELD WUHSDU QmR WLQKD FRPSUHHQGLGRQHPDVSHFWRVUHODWLYDPHQWH HOHPHQWDUHV WDLVFRPR DGHVQHFHVVLGDGH GH ILFDU DJLQGR FRPR VH R SDX IRVVH XP SLVWmR FRP DUULWPLD H FDSULFKDQGR HP HVWRFDGDV TXDQGR WRGR ERP KRPHP VDEH TXH QR UDPHUUmR VDWLVIDWyULR EDVWD HOH VH HQFDL[DU H ILFDU LQGR H YLQGR HP PRYLPHQWRV VXDYHV TXDVH LPSHUFHSWtYHLV TXDVH FRPR R DPRUWHFHGRU GH XP 5ROOV5R\FH HVWRFDGD WHP VHX OXJDU PDV FRPR HIHLWRHVSHFLDOFRPRFRPSRQHQWH GHXPGHWHUPLQDGRFHQiULRFRPRXPVRORGH MD]] LPSURYLVDGR QDGD GH SUiWLFD KDELWXDO ( HOH WLQKD HMDFXODomR SUHPDWXUD TXH DWDTXHL ORJR FRP 0DVWHUV H -RKQVRQ IXQFLRQD 1RYR VHUYLoR S~EOLFR UHGLYXOJDomRGHXPDWpFQLFDLQH[SOLFDYHOPHQWHHVTXHFLGD 2FDQGLGDWRVHGHVPDQFKDHP HMDFXODo}HVDVVLPTXHSHQHWUD1R FRPHoRWXGREHP PDVGHSRLVHQFKHR VDFR4XHID]HUVHR FDQGLGDWRYDOHRHVIRUoR" &RQVXOWHPR 0DVWHUVH-RKQVRQSDUD PDLRUHVGHWDOKHVPDVREiVLFRHXSRVVRWUDQVPLWLU &ULHP XP FOLPDGHVDFDQDJHP&OLPDFULDGRILTXHPQXV)LFDGRVQXVWRTXH XPDSXQKHWD QHOHHSHoDTXHOKHDYLVHQDKRUDHPTXH HVWLYHU SUHVWHVDJR]DURXVHMDGDt D TXDWUR VHJXQGRV 4XDQGR HOH DYLVDU SDUH D SXQKHWD LPHGLDWDPHQWH H DSHUWH R SDX GHOH SHOD EDVH )XQFLRQD p GLItFLO GH DFUHGLWDU PDV IXQFLRQD QHP
UHTXHU PXLWRNQRZKRZ3DXOR+HQULTXHUHDJLXEHODPHQWH DRWUDWDPHQWR KRMHJR]D QDKRUDHPTXHTXHU(XGLJRJR]HHHOHJR]Dp SHUIHLWRHOHDJRUDVHVHQWH PXLWRPDLVVHJXURFRPPXLWRPDLV SRGHUTXHPDUDYLOKDXPDEHODHVSRUUDGD QLVVR HXWHQKRXP WDQWLQKRGHLQYHMDGRVKRPHQVTXHULTXH]D VLPEyOLFDLQVXSRUWiYHO Ki QXPDHVSRUUDGD FRPRRKRPHPSRGHH[SORUDUEHPLVVRSDUDRVHX GHOHLWHFRPRDV PXOKHUHV JRVWDP FRPR p ERP VDEHU TXH VH HVWi VHQGR PDJLFDPHQWH LUULJDGD TXH FRLVDPDLVOLQGDPHQWHDWiYLFD pERPVHUELFKR3DUDPLPVHPHVSHUPD GHUUDPDGR QmR H[LVWH VH[R FRP KRPHP D FDPLVLQKD p XPD FDVWUDomR IXQGtVVLPD p XPD SULYDomR FUXHOSDUDDVPXOKHUHV 0DV HYLGHQWH TXH D PROGDJHP QmR ILFRX QLVVR IRL WRWDO (OH HUD XP KRPHP FRPSOHWRHQmRVDELDFHUWDPHQWHQXQFDYLULDD VDEHUVHQmRPHFRQKHFHVVH(OH KRMH FXUWH WXGR R TXH HX FXUWR DSUHQGHX FRP UDSLGH] H HQWXVLDVPR 6y WLQKD WLGR SRU H[HPSOR XPDV H[SHULrQFLDV KRPRVVH[XDLV QD LQIkQFLD FXMD PHPyULD DSUHQGHX D UHSULPLU H QD DGROHVFrQFLD WLQKD FRPLGR XPDV WUrV YH]HV XP PpGLFR TXH OKH GHX GLQKHLUR IDWR TXH HOH Vy PH FRQWRX GHSRLV GH PXLWD FRQYHUVD SHUVXDVyULD 8VHL D PHVPD WpFQLFD FRQVDJUDGD TXH HX H PXLWDV RXWUDV PXOKHUHV PXLWDV PXOKHUHV PHVPR DK VH HX WLYHVVH HVWDWtVWLFDV TXH VXVWRV QmR WRPDUtDPRV XVDPRV H TXH Mi GHVFUHYL e Vy OLYUiOR FRP SDFLrQFLD H FRPSUHHQVmR GD LQVHJXUDQoD HP SHUPLWLU TXH DFRUGHPRV QHOH VHQWLPHQWRV Mi WmR UHSUHVDGLQKRV TXH SDUHFHP PRUWRV 'HFHSFLRQDUVH FRP HOH FRP PRGHUDomR GLVFULomR PDOGLVIDUoDGD XPD WURPELQKD RX XPD SDODYULQKD HYHQWXDO RX RXWUD SRUTXHHOH DFKDyWLPRTXHYRFr WUDQVHFRPRXWUDPXOKHUPDVQmRDGPLWHSDUDHOH QHQKXPD IRUPD GH UHODFLRQDPHQWR FRP RXWUR KRPHP VHMD PRoR VHMD YHOKR VHMD GDQGR VHMD FRPHQGR VHMD DSHQDV SHJDQGR 3RUWDQWR FRQVLGHUD YRFr LQIHULRU PDV QD YHUGDGH YRFr GHL[D FODUR TXH R LQIHULRU p HOH (QILP YmR VH GDQGRRVUHIRUoRVHVDQo}HVFHUWRVWLSR 6NLQQHUPHVPRDWpTXHXPGLDSLQWD 6H QmR SLQWDU p SRUTXH HOH QmR YDOH D SHQD D QmR VHU TXH VH TXHLUD FRQWLQXDU D VHU ILHO D XP EHVWDOKmR LPSHQLWHQWH PXLWR DTXpP GD JHQWH HP YHUVDWLOLGDGH H VHQVLELOLGDGH(QILPXPVHQVDERUmROLPLWDGRGHVWLWXtGRGH YHUGDGHLURDWUDWLYR 0DV LVVR p FRPSDUDWLYDPHQWH UDUR VRXEH GH PXLWR SRXFRV IUDFDVVRV QHVVD iUHD 4XDQGR HOH VHQWH TXH D PXOKHU p VLQFHUD HOH HPEDUFD ( D DGHVmR GH XPD ERD DPLJD TXH HOH TXHLUD FRPHU RX FXMD RSLQLmR HOH UHVSHLWH p IiFLO GH REWHU H jV YH]HV p D HVSROHWD (X PHVPD Ki VpFXORV Mi GL]LD FRLVDV FRPR QyV GXDV WtQKDPRVPXLWDYRQWDGHGHWUHSDUFRPYRFrPDV DJRUD TXH YRFr VH UHYHORX HVVH KRPHQ]LQKR SHUGHPRV D YRQWDGH JDQKHL PXLWRV DVVLP RX PDLV RX PHQRV DVVLP 4XHU GL]HU TXH QR IXQGR YRFr VH FRQVLGHUD VXSHULRU D )HUQDQGR SRUTXH HOH SHJRX QR VHX SDX VHP H[LJLU UHFLSURFLGDGH H YRFr TXHU TXH D JHQWH DFKH YRFr JRVWRVR SRU LVVR TXDQGR p UHYROWDQWHPHQWH R FRQWUiULR" ( HX GL]LD LVVR FRP VLQFHULGDGH PHVPR QmR PDQWHQKR D WHVmR HP KRPHP TXH QmR ID] SHOR PHQRV WXGRRTXHHXIDoRFKHJDGHFDUHWLFHD YLGDpFXUWD6yWHPp TXHFXPSULU6H YRFr GL] XPD FRLVD GHVVDV H HOH DGHUH H YRFr QmR OKH Gi ORJR UHFRPSHQVDV H UHIRUoRV JHQHURVRV p XPD VDFDQDJHP WHP GH DWHQWDU QLVVR QR FRPHoR WHP TXH DMXGDURVSREUHVQRVSULPHLURVSDVVRVGHSRLVHOHVSHJDP HPEDODJHP3DUDPXLWRV pGLItFLO pSUHFLVRGDUPXLWRDSRLR0DV TXDQGRHOHDGTXLUHFHUWH]DGHTXHDV PXOKHUHVHPWRUQRHVWmRp DILPGHVDFDQDJHPHQmRGHILFDUMXOJDQGRTXHHOHp LVVRRX DTXLORSRUTXHWUDQVDFRPKRPHPDQWHVPXLWRSHORFRQWUiULR HOH HPEDUFD HpPXLWRPDLVIHOL]HDVPXOKHUHVPXLWRPDLVIHOL]HV $V PXOKHUHV WUDQVPLWHP VLQFHULGDGH QHVVDV RFDVL}HV SRUTXH HVWmR GH IDWR VHQGR VLQFHUDVHjVYH]HVDWpILFDPDQVLRVDVGHVFREUHP TXH SUHFLVDP GH XPD FRLVD GD TXDO DQWHV QmR WLQKDP SOHQD FRQVFLrQFLD GHVFREUHP TXH IRL PHWLGR QD FDEHoD GHODV SRU LQWHUHVVDGRV TXH SRU DOJXPD UD]mR H[SOLFiYHO WUDQVD HQWUH GXDV PXOKHUHV p PDLV ERQLWLQKR 3RGH VHU SDUD PXLWRV PDV SDUD RXWURV WDQWRV QmR p 3DUD RV QRUPDLV p WDQWR TXDQWR HPERUD GLIHUHQWHV DPEDV HVWpWLFD H VH[XDOPHQWH FXUWtYHLV 3RU TXH p ERQLWR XPD PXOKHU WUDQVDQGR FRP RXWUD H QXQFD XPKRPHPWUDQVDQGR FRPRXWUR"$OOLQ WKHH\HRIWKHEHKROGHUWXGRHVWiQRROKR GH TXHPYrp FODUtVVLPRHIL]HUDPRVROKRVGHODHDtXPEHORGLD GiVHTXHHOD GHVFREUH TXH DGRUDULD YHU R KRPHP GHOD SHQHWUDQGR RXWUR KRPHP SUHIHULYHOPHQWH XPKRPHPTXHHODWDPEpPSXGHVVHWHU RXQmRRXYLFHYHUVDRXYLFH GRYLFHGD YHUVD GR YHUVR GD YLFH FDGD XPD p XPD FRLVD YLYD D GLYHUVLGDGH ELROyJLFD H FXOWXUDO
6HMDP VLQFHUDV SHQVHP QLVVR VHP ILOWURV EDEDFDV ROKHP XPDV IRWRV GH KRPHQV PDFKRV VH HQUDEDQGR H VH FKXSDQGR FODUR TXH p XP EDUDWR D TXH YRFrV WrP GLUHLWR SULQFLSDOPHQWH DTXHODV IRWRV HP TXH HVWi FRP SLQWD GH YHDGR FOiVVLFR PDVVLPSOHVPHQWHXPKRPHP HQUDEDRRXWUR GHIUHQWHXPGHSHUQDVSDUD FLPDHR RXWUR DR PHWHU IXQGR REULJDGR D URoDU D EDUULJD QR SDX GR TXH HVWi VHQGR HQUDEDGR DPERV VH ROKDQGR RX GH ROKRV IHFKDGRV p OLQGR PHQWLUD GH TXHP GL] TXHQmRpOLQGRVHQVR HVWpWLFRGLVWRUFLGRHDWURILDGRDVVLPFRPR RVYHDGRVGR WLSRGH )DWKHU%LOOTXHVHLPXQL]DUDPFRQWUDDEHOH]DGHXPD[R[RWD3RU TXHKi WDQWRPHUFDGRSDUDHVVDVIRWRVPXLWRPDLVGRTXHR PHUFDGRJD\UHFRQKHFLGR"3RU TXH TXH Ki WDQWRV SURVWLWXWRV FDGD YH] PDLV" 3RUTXH DV SHVVRDV HVWmR SRGHQGR WHU FDGD YH] DFHVVR PDLV IiFLO H GDt D SRXFR VH KRXYHU SURJUHVVR YmR SDUDU FRP LQWHUPHGLiULRV H DJLU GLUHWDPHQWH QDGD GH DUULVFDU VHU DVVDOWDGR QD UXD OHYDUXPDPLJRSDUDFDVDHVHFRPHUHPRVGRLVDPXOKHU SDUWLFLSDQGRRXQmRPDV SURYDYHOPHQWHVLPHLVTXHQLQJXpPpGH IHUURHGHYHVHUDVVLPSRUTXH GLILFXOWD D DomR GRV HQWXOKRV QHROtWLFRV 6H YRFr IRU ROKDU D PDLRULD GRV YHDGRV VXSHULRUHV FRQWLQXD YHDGD PDV IH] RX ID] ILOKRV QmR WHP PHGR GH [R[RWD Vy SUHIHUH RXWUD FRLVD SRGHQGR HVFROKHU 3HUIHLWR ~QLFD DWLWXGH VDGLD HQWUH YHDGRV H VDSDWRQDV VXSHULRUHV (QWUH KRPHQV H PXOKHUHV VXSHULRUHV p D QRUPD 0XLWRVYHDGRVHVDSDWRQDVTXHHX FRQKHoRQmRWLYHUDPILOKRVSRUUHOD[DPHQWR QmR SRURMHUL]D )RUDP DGLDQGR DGLDQGR H Dt ILFRX WDUGH H WDPEpP QmR HUD XPD FRLVD LPSHULRVD FRPR QmR p HQWUH PXLWRV GRV FKDPDGRV KpWHURV SXURV HVSpFLH HVTXLVLWtVVLPD TXDQWRPDLVHXSHQVRPDLVHX DFKRTXHQmRH[LVWHPVmRXQLFyUQLRV$JRUD UHVXPR PLQKDWHVH H[SOLFLWDPHQWH&ODURTXHQmRHVWRXGL]HQGRQRYLGDGHQHQKXPD QDGDGR TXHVHGL]pQRYLGDGHHVSHFLDOPHQWHLVWRPXLWDJHQWH MiGLVVHLVWRVRX DSHQDV XPDYXOJDUL]DGRUDYHHPHQWH +HWHURVVH[XDOLVPR H[FOXVLYR OLPLWDomR +RPRVVH[XDOLVPR H[FOXVLYR OLPLWDomR %LVVH[XDOLVPR QRUPDO WDQWR DVVLP TXH QD LQIkQFLD GHVSHUWD HP WRGRV H WRGDV VHP H[FHomR 3DQVH[XDOLVPR R IXWXUR VH DWp QmR DFDEDUPRV FRPR HVSpFLH SRU IRUoD GH YtFLRV GH RULJHP TXH Vy IL]HPRV SLRUDU H MRJDUPRV IRUD D FKDQFH GH XQLYHUVDOL]DU D IRUoD DJUHJDGRUD GR DPRU 1mR GXYLGR QDGD TXH XP ItVLFR TXkQWLFRGHVVHVTXHILFDPPDOXFRVSRUTXHQmRVDEHP H[SOLFDUFRPRVWHUPRVGHOHV DTXLORTXHQmRGiSDUDH[SOLFDUFRP RVWHUPRVGHOHVRXVHTXHUH[SOLFDUYHQKD D DGLFLRQDU VH QmR Mi DGLFLRQRX R FRQFHLWR GH DPRU URPkQWLFR j ItVLFD GDV SDUWtFXODVQmRDGLFLRQDUDPVDERUFRUQmRVHLRTXr"$ H[FOXVLYLGDGHRV H[FOXVLYRV LQWHOLJHQWHV H VHQVtYHLV VDEHP GLVVR H RV TXH QmR VDHP GHVVD VLWXDomR GHSULPHQWH p SRUTXH QmR HQFRQWUDUDP DMXGD p QR PtQLPR PHGtRFUH H HVSROLDWLYD $ PHVPD WpFQLFD GH GHVSHUWDU D FRQVFLrQFLD GHYH VHU DSOLFDGD QRV FDVRV EHPPHQRVIiFHLVGHDFKDUHPTXHDPXOKHUUHVLVWH VHULDPHQWHj LGpLDGH LU SDUD D FDPD FRP RXWUD PXOKHU QHVVH SRQWR DV PXOKHUHV VH EHQHILFLDUDP GR PDFKLVPR TXH PLWLILFRX DV WUDQVDV HQWUH PXOKHUHV H OKHV FRQIHULX XP VWDWXV HVWpWLFRIDMXWRPXLWR VXSHULRUDR GRKRPRVVH[XDOLVPRPDVFXOLQR7DQWRLVVRQmR p QDWXUDO TXH GXUDQWH PXLWR WHPSR DFRQWHFLD R FRQWUiULR DFRQWHFLD QD *UpFLD DFRQWHFLD HP 5RPD DQWLQDWXUDO XPD FRQYHUVD HP HPSXOKDomR FRQFLOLDU EUR[XUD FDOYLQLVWDYHDGDJHPDQJOLFDQD HQUXVWLGDWXGRLVVRHRUHVWRTXHFRQKHFHPRV $V PXOKHUHV PHVPR DV PDLV TXDGUDGLQKDV Ki PXLWR WHPSR VH OLYUDUDP GDV FXOSDV SRU KDYHUHP WUDQVDGR FRP DPLJXLQKDV QD LQIkQFLD QHP OHPEUDP D VRFLHGDGH IDOLIRUPH QmR Gi D PHQRU LPSRUWkQFLD D HVVDV FRLVDV QmR VmR QHP WUDQVJUHVV}HV LQWHUHVVDQWHV 1DGD GLVVR QD YHUGDGH IRL DSHQDV RXWUD FRQIHUrQFLD HODV PH SHJDP GHVSUHYHQLGD (X DSHQDV TXHULD PRVWUDU FRPR DUUXPHL HVVH HVTXHPD LQYHMiYHO FRP 3DXOR +HQULTXH H FRPR IL] GHOH XP KRPHP FRPSOHWR -i WLQKD FRQWULEXtGR SDUD PXLWRV FDVRV GHVVHV FRQWLQXR D FRQWULEXLU DWp FRP D DMXGD GHOH PDV HOH IRL WRWDO IRL UHDOPHQWH XPD HVFXOWXUD 1mR WLYH XP ILOKR PDV WLYH DOJR GH PDLV PHXGXYLGRTXHDOJXpPSXGHVVHWHUIHLWRGHXPILOKRRTXH IL]GHOHQXQFD-i HUD REUD SDUD HQFHUUDU PLQKD YLGD 0DV IHOL]PHQWH PLQKD YLGD QmR VH FLVFXQVFUHYHXD LVVRIRLGHGLFDGD PHVPRDXPDPLVVmRHHXOHYHLHVVDPLVVmRD FRQVHTrQFLDV SRVVtYHLVHLPSRVVtYHLVFRPXPDGHGLFDomRTXHQXQFDHVPRUHFHX (X IL] R EHP D PXLWD JHQWH PXLWD JHQWH H FKHJXHL DR SRQWR GH GL]HU LVWR VHP RUJXOKRDSHQDVFRPFRQWHQWDPHQWR(X MiIDOHL PXLWRHP'HXVDTXLILFDGLItFLO GL]HU TXH DOJXpP DFUHGLWD WDQWR HP 'HXV H IDOD WDQWR HP VDFDQDJHP 0LQKD
UHVSRVWD p FRPR VH HX GLVVHVVH 'HVFXOSH DVVLP QmR Gi SDUD FRQYHUVDU (X VHUHLHQWmR DYR]GH6DWDQiVVHPG~YLGD0DVQmRODPHQWR GL]HUOKHV ODPHQWR PHVPRSRUTXHVHLTXHLVWRYDLID]HUPXLWRVVRIUHUHPPDLV GRTXHQRLQIHUQR PDV HXVRXDYR]GH'HXV1mRVySRUTXHDYR] GDOX] H GD LQWHOLJrQFLD p D YR] GH 'HXV PDV SRUTXH VRX PHVPR D YR] GH 'HXV 1mR VRX SURIHWD PXLWR PHQRV R 0HVVLDV PDV VRX D YR] G(OH FRPR QD WHRIDQLD GR OLYUR GH -y RQGH HVWiYHLV TXDQGR (OH FULRX DV IrPHDV H RV PDFKRV H OKHV GHX FDGD FHQWHOKD GH GHVHMR FHJR XP SHOR RXWUR H OKHV GHX FRPR PLVWXUDUVH OLYUHPHQWH XQV FRP RV RXWURV"2QGHHVWiYHLVTXDQGR(OHFULRX WRGRVRVPLVWpULRVTXHOHYDPDR'HVHMR H j WHVmR H WRUQDP VXEOLPHV RV DEUDoRV" 2QGH HVWiYHLV TXDQGR (OH FULRX DV kQVLDV LPRUWDLVTXHDJRUDIRUFHMDLVSRUVDFULOHJDPHQWHDEDIDUHPDWDU" 2QGH HVWDLV GHSRLV TXH (OH YRV GHX R SRGHU GR SUD]HU LQRFHQWH H DJRUD FXVSLV QHVVHSRGHUHSUHWHQGHLVTXHYRVVDVSDODYUDV YDOKDPPDLVTXHDVGHOH" (X QmR VRX D YR] GH 6DWDQiV 6DWDQiV RGHLD D /X[~ULD QmR p LQYHQomR GHOH DVVLP FRPR D %RQGDGH 7DQWR XPD TXDQWR D RXWUD 6DWDQiV XVD VROHUWHPHQWH SDUD VHXV ILQV PDOpYRORV (X VRX D YR] GH 'HXV VRX XPD GDV YR]HV GH 'HXV H QmR HVWRXPDOXFD 2XSRU RXWUDSRVVRHVWDUFRPRTXDOTXHU XPSRGH HVWDURTXHID] FRP TXH D SDODYUD SHUFD R VHQWLGR 6HULD R FDVR GH SHUJXQWDU TXH UHOLJLmR HVWUDQKDpHVWDTXHHX SURIHVVR(X PHVPDQmRVHL3URIHVVDUSURIHVVDUPHVPR DFKR TXH QmR SURIHVVR QHQKXPD GHWHVWR UHOLJLmR RUJDQL]DGD TXDOTXHU TXH VHMD HOD $JRUD HVWmR RUJDQL]DQGR DWp FDQGRPEOp p XPD SUDJD D UHOLJLmR PDLV OLQGDPHQWH GHVRUJDQL]DGDGRPXQGRHDJRUDHOHVTXHUHP FREULODGHUHJUDV-iOLR/LYURGRV HVStULWRV DFKHL TXH LD DFKDU XP EHVWLDOyJLFR PDV QmR DFKHL QDGD GLVVR SHOR FRQWUiULR JRVWHLPXLWRPDVWDPEpPQmRVRXSURSULDPHQWHHVStULWDH DFUHGLWR TXH GHL[DULD XP ERP HVStULWD FKRFDGR VH GLVVHVVH D HOH TXH D SULQFLSDO UD]mR SRU TXHTXHURUHHQFDUQDUpTXHQDRXWUD HQFDUQDomRHXSODQHMRFRPHUTXHPSRU EREHLUD GHL[HL GH FRPHU QHVWD 7DPEpP SHQVR QLVVR TXDQGR YHMR DOL PHXV %XGDV 1mR GHL[D GH VHU YHUGDGH HPERUD WDOYH] QmR VHMD D SULQFLSDO UD]mR 1mR Ki D SULQFLSDO UD]mR QD UHDOLGDGH HX QmR TXHUR UHHQFDUQDU DFKR HVVD REULJDomR XP VDFR 1mR HX QmR TXHULD UHHQFDUQDomR DFKR TXH QmR SRVVR FRPSUHHQGHU FRPR FRQWLQXRFDWyOLFDGRMHLWRTXH IXLFULDGD(YRFrYHMDVHPSUHKRQUHL6HX 6DQWR 1RPH HPERUD QXQFD WHQKD DFHLWR R PDJLVWpULR GD ,JUHMD ( QXQFD EODVIHPHL MDPDLV VDLX GH PLQKD ERFD XPD EODVIrPLD XPD TXHL[D FRQWUD (OH Vy ORXYRU0LQKDGRHQoDPHVPRPLQKDGRHQoDDQWHVTXHHODPH DFDEHHQLQJXpPVDLED RTXHIXLe XPDQHXULVPDQRPHLRGR FpUHEURLQRSHUiYHO6HPSUHHVWHYHDLVy VRXEHID]DOJXPWHPSR 1R FRPHoR PH DVVXVWHL PDV QmR OHYHL GRLV GLDV DVVXVWDGD DFKHL TXH VHUi XPD ERD PRUWH SURYDYHOPHQWH UiSLGD -i GHL[HL LQVWUXo}HV SDUD GRDUHP R TXH SXGHU VHUGRDGRHWRFDUHPIRJRQR UHVWRHVRFDUHPDVFLQ]DVRQGHTXLVHUHP 0DV QmR HUD XPD ERD UD]mR SDUD HX PH PDOGL]HU H EODVIHPDU" 6HU DYLVDGD GH TXH D TXDOTXHU GLD D TXDOTXHU KRUD GRUPLQGR RX DFRUGDGD PLQKD FDEHoD SRGH H[SORGLUHPVDQJXH" &ODURTXHQmR PRUUHVHGHDOJXPMHLWRHFRQVLGHURRPHX ERP 1mR VHULD WmR ERP VH HX VHJXLVVH DV SUHVFULo}HV PDV HX QmR GRX D PHQRU LPSRUWkQFLD DTXDVHQHQKXPDGHODVDMRFRPRVHPSUHDJLPLQKDYLGDWRGD %ODVIHPRQDGDDWpDJUDGHoR )DoRWXGRTXHPHGiQDFDEHoDQmR TXHURVDEHUGH OLPLWDo}HV(XQmRSHTXHLFRQWUDDOX[~ULD4XHP SHFDpDTXHOHTXHQmRID]RTXH IRL FULDGR SDUD ID]HU ( HX IL] R TXH (OH PH FULRX SDUD ID]HU 1mR TXHUR HQWHQGHU QDGD 4XHUR DFUHGLWDU PDV QmR SRVVR WHU FHUWH]D QmR VH SRGH WHU FHUWH]DGH QDGDTXH'HXVPHWHUiHP6XD*OyULDHVHLTXH(OHDJRUDHVWi ULQGR
