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13iJLQDV
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13iJLQDV
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13iJLQDV
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13iJLQDV
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13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
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13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
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13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
³¢3RUTXpQR"0HUHYLHQWDTXHPHVLJDDWRGDVSDUWHV6DOtGHFDVDHVWDEDHQOD SOD]DFRPRXQSRVWH ³¢<TXpWHGLMR" ³4XHQRPHVHJXtD ³<TXL]iQRORKDJD(VSHULRGLVWD¢VDEHV"$OPHQRVHVRPHKDQGLFKR ³¢4XLpQWHORGLMR" ³$OIRQVR6DQWRV ³1RVpTXLpQHVHVHKRPEUH ³6L PXMHU (VH DERJDGR FULPLQDOLVWD TXH WDQWR KD GDGR TXH KDEODU 0H OR SUHVHQWy XQ DPLJR FRP~Q HO RWUR GtD &DVXDOPHQWH SDVy FHUFD WX GHVFRQRFLGR \ VDOXGyD$OIRQVR
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
$OGtDVLJXLHQWHVRUSUHQGLyDVXPDGUHKDFLHQGRHOHTXLSDMH ³¢2VPDUFKiLV" ³6tQLxD$,WDOLD ³¢1RHVSHUiLVSRUHOKLMRGH-DLPH" ³3XHVFODURTXHQR1RYDPRVDHVWDUHVSHUDQGRSRUpOWRGDODYLGD %HJRxDVHVLQWLyWULVWH<SHQVyTXHHOODFRPRDTXHOKLMRVROLWDULRHUDQGLJQRV GHOiVWLPDSHURSUHIHUtDTXHQRODFRPSDGHFLHUDQ
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
&DStWXOR &DStWXOR (O KHFKR RFXUULy GH OD IRUPD PiV VLPSOH H LQHVSHUDGD %HJRxD IXH D OD SHOXTXHUtDDTXHOODWDUGH&RPRWDQWDVRWUDVGHVXYLGDVHVHQWtDVROD\GHVDPSDUDGD VLELHQMDPiVVHOHRFXUULyDFKDFDUVXVROHGDGDODIULYROLGDGGHVXPDGUH 6XELyDO©0HUFHGHVª\ORSXVRHQPDUFKD&RQODVPDQRVHQHOYRODQWHDWUDYHVy ODFDSLWDOSHQVDQGRHQVtPLVPD/HGLVWUDtDLUDOSHOXTXHUR/RKDFLDVyORGHYH]HQ FXDQGR \D TXH VX GRQFHOOD OH DUUHJODED HO SHOR WDQ ELHQ R PHMRU TXH HO SHOXTXHUR 3HURDOOtHQODSHOXTXHUtDVHGLVWUDtDOHHQWUHWHQtDODFKDUODGHVXVDPLJDVHOFORTXHR GHODVYLHMDVFRWRUUDVTXHVHJ~QGHFtDQKDEtDQVLGRDPLJDVGHVXDEXHODXQDVRWUDV GH VXV WtDV VROWHUDV TXH KDEtDQ PXHUWR DxRV DQWHV« < WDPELpQ HVFXFKDED FRQ FXULRVLGDG ORV FKLVPRUUHHV TXH OH GHVFXEUtDQ ORV VHFUHWRV GH DTXHOOD VRFLHGDG D OD FXDOSHUWHQHFtD 3HQVy WDPELpQ HQ VXV VROHGDGHV 6X PDGUH \ -DLPH VH KDEtDQ LGR GH QXHYR \ HVWDYH]QRKDEtDQGLFKRFXiQGRUHJUHVDUtDQ(OODORWHQtDWRGRSDUDVHUIHOL]WDOYH] RWUD HQ VX OXJDU VH KDEUtD VHQWLGR VDWLVIHFKD GH OD YLGD (OOD QR QR SRGtD (UD GHPDVLDGRVHQVLEOH\ODIDOWDGHDIHFWRVODKHUtDGHFRQWLQXR\ORSHRUGHWRGRHUDHO GREOHJDUVXVDQVLDVGHFDULxR DTXHOGLVLPXORTXHOHFDXVDEDGRORU\XQDDPDUJXUD TXH SRQtD QHJURV FHODMHV HQ HO IRQGR GH VXV D]XOHV RMRV 6H FDOLILFDED GH DOWLYD \ RUJXOORVD 6RQULy DQWH HVWD FRQYLFFLyQ 8QD VRQULVD VDUFiVWLFD TXH WHQtD PiV GH GRORURVD TXH LUyQLFD DXQTXH SUHWHQGtD GHPRVWUDU OR FRQWUDULR $TXHOOD DOWLYH] \ DTXHORUJXOORHUDQODFDUHWDTXHOHVHUYtDSDUDGHIHQGHUVHGHODYLGD¢6XDEXHOD"6L WHQtDHODIHFWRGHVXDEXHODSHURHVWRQRHUDVXILFLHQWHSRUTXHHOODDVXODGRKDEtD GH GREOHJDUVH \RFXOWDU VX DPDUJXUD PiV TXH DQWHQDGLH
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
HQWUDURQ D OD YH] HQ HO HOHYDGRU (VWH HPSH]y D VXELU \ OD MRYHQ PLUy UHWDGRUD DO KRPEUHGHODVJDIDV ³$KRUDQRPHGLUiTXHQRPHVLJXH³GLMRHOODILHUDPHQWH ³6L KR\ODVLJR <VLQHVSHUDUUHVSXHVWDVHLQFOLQyKDFLDHOODODWRPyHQVXVEUD]RV\ODEHVy)XH WRGRWDQLQHVSHUDGRWDQVRUSUHQGHQWHTXH%HJRxDQRWXYRWLHPSRQLSDUDUHVSLUDU (OKRPEUHODVROWy\VXVJDIDVVHFRQYLUWLHURQGHSURQWRHQXQDWHUULEOHREVHVLyQSDUD %HJRxD ³6LQRORKLFLHUDDVt³GLMRGHPRGRUDURHOGHVFRQRFLGR³PHKXELHUDFRVWDGR XQDHQIHUPHGDG3HUGRQHPt«DWURSHOOR 1R UHVSRQGLy 6HQWtD XQ QXGR HQ OD JDUJDQWD \ XQ FDORU VRIRFDQWH HQ ODV PHMLOODV ³%HJRxD« (OOD DJLWy OD PDQR FRPR SLGLHQGR VLOHQFLR +DEtD HQ VX PLUDGD D]XO XQD VRUSUHVD WUHPHQGD \ pO VH GLR FXHQWD GH TXH DTXHOOD PXFKDFKD KDEtD VLGR WHUULEOHPHQWH RIHQGLGD ¢$OWLYD \ RUJXOORVD" &XUYy ORV ODELRV HQ XQD PXHFD LQGHILQLEOH \ FRPR HO DVFHQVRU VH GHWHQtD HQ DTXHO LQVWDQWH \ %HJRxD VDOtD UiSLGDPHQWHpOODLPLWy\GLMRVDUFiVWLFR ³'LVF~OSDPH&UHRTXHFRPHWtXQDJUDQWRQWHUtD3HURQRHVWR\DUUHSHQWLGRGH HOODSXHVPHSDUHFHTXHWHFRQR]FRPHMRU\WHQJRXQVHFUHWRGHOLFLRVRFRQWLJR %HJRxDORPLUyDpOFRPRSHVDURVRJLUyHQUHGRQGR\GHVFHQGLyODVHVFDOLQDWDV FDVLFRUULHQGR /DMRYHQQRHQWUyHQODSHOXTXHUtD1HFHVLWDEDDLUH\OLEHUWDG6HQWtDGHQWURGH Vt WDO GHVFRQFLHUWR TXH KXER GH RFXOWDUVH GH QXHYR HQ HO DVFHQVRU SDUD TXH QDGLH REVHUYDUDHOEULOORGHOiJULPDVGHVXVD]XOHVRMRV ³0HJXVWDUtDVDEHUGyQGHWHPHWHV ³3RUDKt ³6LpQWDWH6XSRQJRTXHKR\QRWHQGUiVWDQWDSULVD ³1RPXFKD 6HVHQWy$OIRQVRORKL]RIUHQWHDpO ³6LHPSUH PH GHVFRQFHUWDVWH ³GLMR $OIRQVR SHQVDWLYDPHQWH³ SHUR GHVGH TXHHVWiVHQ0DGULGFRPRQXQFD3DUHFHVDXVHQWHFRPROHMDQR'LUtDVHTXHQLR\HV QLYHV ³(VFULERXQOLEURFRVWXPEULVWD2FXSDSDUWHGHPLWLHPSR\WRGRPLFHUHEUR 1R VRQUHtD 6X FDUD HUD PRUHQD FRPR XQD PiVFDUD
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
DPLJR < $OIRQVR VH SUHJXQWDED PXFKDV YHFHV FyPR pO MRYLDO GLFKDUDFKHUR \ KXPDQR SXGR WRPDU WDQWR DIHFWR DO MRYHQ VROLWDULR TXH VLHPSUH SDUHFtD OHMRV GH VL PLVPR$TXHOMRYHQVHKDEtDFRQYHUWLGRHQXQKRPEUHGHWUHLQWDDxRV\QRREVWDQWH SHVH D VX YLGD DYHQWXUHUD FRQWLQXDED VLHQGR HO UHFRQFHQWUDGR GH URVWUR VLQ KXPDQLGDG < DTXHOODV JDIDV QHJUDV TXH RFXOWDEDQ XQD PLUDGD FODUD YLYD SHQHWUDQWHFRQWULEXtDQDSHUVRQLILFDUODPiVFDUDLQKXPDQD ³¢3LHQVDVSHUPDQHFHUDTXtPXFKRWLHPSR" ³1RORVp0LHQWUDVWUDEDMHHQHOOLEURVt ³¢4XpFRVWXPEUHVKDVHOHJLGRSDUDHOWHPD" ³1HWDPHQWHPDGULOHxDV/RVEDUULRVEDMRVPHDWUDHQ ³6HUiXQOLEURPDFDEUR³ULy$OIRQVR ³1R6HUiXQOLEURKXPDQR ³¢+XPDQR"7HQGUiVTXHHPSH]DUSRUVHUORW~\QRORHUHV ³6LHPSUH FRPHQWDV PL IDOWD GH KXPDQLGDG \ WH HTXLYRFDV 1R HUHV EXHQ SVLFyORJR ³0HItRGHORTXHYHR ³(VWiVFLHJR³\FRQVHTXHGDGTXHQRDVRPEUyD$OIRQVR³ 'HVHRKDEODUWHGH %HJRxD8ULDGH9HODVFR ³£$K¢
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
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13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
³1RPHILMpHQGHWDOOHV6pWDQVyORTXHPHUHVXOWyVLPSiWLFR\QRSXGHQHJDUOH ORTXHSHGtD ³¢/LPRVQD" ³1R VHDV QHFLD QLxD ¢&UHHV TXH XQ SHULRGLVWD GH VX WDOOD SXHGH SHGLU OLPRVQD"(VFXFKD7~VDEHVTXHPLDEXHORIXHXQKRPEUHH[WUDRUGLQDULR<VXSDGUH PL ELVDEXHOR XQ JHQHUDO EDWDOODGRU TXH OXFKy HQ YDULDV JXHUUDV \ PXULy D ORV FLHQ DxRVOOHQRGHFLFDWULFHV ³6L7HRtFRQWDUHVDKLVWRULDPXFKDVYHFHV ³3XHVELHQ(OHVFULWRUHVHGHVHDHVFULELUXQOLEURVREUHODYLGD\KD]DxDVGHO JHQHUDO9HODVFR ³¢<ORYDVDFRQVHQWLU" ³&ODUR QLxD $ WDO SXQWR OR YR\ D FRQVHQWLU TXH OH GL SHUPLVR SDUD GHVHPSROYDUODELEOLRWHFD\DOOtHVWi %HJRxDDEULyORVRMRVDVtGHJUDQGHV ³¢&yPR" ¢7~ WDQ UHDFLD D ORV LQWUXVRV GDV SHUPLVR D XQ GHVFRQRFLGR SDUD SHQHWUDUHQWXVVDQWXDULRV" ³
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
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13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
³/R FXDO YLHQH D IDFLOLWDU PL ODERU ³\ VLQ WUDQVLFLyQ³ &RPR QR GHVHR PROHVWDUOD PiV SXHV WHPR KDEHU DEXVDGR PXFKR GH VX FRUWHVtD PH GHVSLGR KDVWD PDxDQD ³3XHGHYLVLWDUPLELEOLRWHFDFXDQGRGHVHH³RIUHFLyODDQFLDQD³&RQUHVSHFWR DHOORGDUpRUGHQDOSRUWHURSDUDTXHOHGHMHOLEUHDFFHVRDODFDVD ³,QILQLWDVJUDFLDV /HEHVyODPDQR\VDOLyWUDVXQDSURIXQGDLQFOLQDFLyQGHFDEH]D /D DQFLDQD VRQULy VDWLVIHFKD /H DJUDGDEDQ ORV LQWHOHFWXDOHV \ QXQFD QHJy VX D\XGDFXDQGROHIXHVROLFLWDGD3HVHDODRSLQLyQGHVXQLHWDWDPSRFRVHODQHJDUtDD DTXHOKRPEUH
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
&DStWXOR &DStWXOR 7UDQVFXUULHURQ GRV VHPDQDV /D FRQGHVD &ULVWLQD HVWDED PX\ GHVFRQFHUWDGD 4XH VX QLHWD OH UHSURFKDUD VX OLJHUH]D HUD XQD FRVD \ TXH QR OD YLVLWDUD HQ TXLQFH GtDVHUDRWUDPX\GLVWLQWD'HVSXpVGHWRGRHOODQRKDEtDFRPHWLGRQLQJ~QSHFDGR ¢3URSRUFLRQDU GDWRV D XQ SHULRGLVWD" ¢'DWRV TXH VyOR HOOD SRGtD IDFLOLWDU" /R FRQVLGHUDED OR PiV OyJLFR GHO PXQGR < QR YHtD HO PRWLYR TXH WHQtD %HJRxD SDUD UHSURFKiUVHOR7HQGUtDTXHGHFLUOHXQDVFXDQWDVFRVDVDDTXHOODQLxD¢4XpVHKDEtD FUHtGR"(OODHUDGXHxDGHVXVDFWRV\SRGtDKDFHUORTXHTXLVLHUDSRUWDQWRD%HJRxD FRPRQLHWDVyOROHTXHGDEDDGPLWLUFRPREXHQRWRGRFXDQWRHOODTXLVLHUDKDFHU $GHPiV KDFtD TXLQFH GtDV TXH WUDWDED DO GHVFRQRFLGR \ FDGD GtD OH DJUDGDED PiV (UD WDO YH] HQLJPiWLFR \ QR VH TXLWDED ODV JDIDV QL SDUD PHUHQGDU SHUR HUD FRUUHFWR HGXFDGR \ JDODQWH \ QXQFD KDEODED GH Vt PLVPR QL GH ORV GHPiV 6H OLPLWDED D FRPHQWDU OR TXH KDFtD HQ OD ELEOLRWHFD \ OH HQVHxDED ORV DPDULOOHQWRV SDSHOHVGHORVFXDOHVVDFDEDHOH[WUDFWRSDUDVXOLEUR $TXHOODWDUGHODFRQGHVD&ULVWLQDPDUFyXQQ~PHURGHWHOpIRQR\SLGLyKDEODU FRQVXQLHWD%HJRxD $OLQVWDQWHODWHQtDDODSDUDWR ³'LPHDEXHOLWD³GLMRODYR]VHUHQD³¢&yPRHVWiVDEXHOLWD" ³(VRWHORSUHJXQWR\RDWL¢3XHGHVDEHUVHORTXHRFXUUHTXHKDFHTXLQFHGtDV TXHPHWLHQHVDEDQGRQDGD" ³2FXSDFLRQHVVRFLDOHV 1RORFUH\y1RHUD%HJRxDXQDHVFODYDGHODVRFLHGDGQLGHMDEDIiFLOPHQWHVXV GHEHUHVIDPLOLDUHVSRUXQDILHVWDPXQGDQD ³9R\DFUHHUTXHWHFRQWDJLDVGHWXPDGUH$SURSyVLWRGHpVWD¢GyQGHHVWi" ³(Q%HUOtQ+HUHFLELGRKR\XQDWDUMHWD ³+D\ PDGUHV FRQ VXHUWH ³UH]RQJy OD DQFLDQD³ < PL KLMD HV XQD GH HOODV WHQLHQGRXQDKLMDFRPRW~TXHVLHPSUHODGLVFXOSD%XHQRDOOiHOOD\DOOiW~1RWHKH OODPDGRSDUDHVR ³¢3DUDTXpSXHV" ³3DUDTXHYHQJDVDYHUPH ³,UpKR\VLSXHGR ³+DV GH SRGHU %HJRxD (V WX GHEHU $GHPiV GHVHR WHQHUWH FHUFD GH YH] HQ FXDQGR ³(VWiELHQDEXHOLWD,UpDPHUHQGDUFRQWLJR &ROJyVDWLVIHFKD
13iJLQDV
&RUtQ7HOODGR²eOFDPELyPLYLGD
(OSHULRGLVWDOOHJyPiVWHPSUDQRDTXHOODWDUGH/OHYDEDODFDUWHUDEDMRHOEUD]R \ YHVWtD WUDMH RVFXUR /D FRQGHVD OH VRQULy VXDYHPHQWH /H DJUDGDED DTXHO KRPEUH WUDEDMDGRU\VLOHQFLRVRTXHUHVXOWDEDVLHPSUHH[WUHPDGDPHQWHFRUWpV ³6LpQWHVH&HO ³¢0HDGHODQWpPXFKR" ³(Q PRGR DOJXQR 'HVGH TXH XVWHG FRPSDUWH PLV WDUGHV PH VLHQWR PHQRV VROD+R\QRVDFRPSDxDUiPLQLHWD &HOQRSDUSDGHy'LUtDVHTXH%HJRxDOHHUDGHVFRQRFLGD ³6L\RHVWRUER«³HPSH]yDGHFLU /DGDPDOHKL]RFDOODUFRQXQVXDYHDGHPiQGHVXILQDPDQRDSHUJDPLQDGD ³0X\DOFRQWUDULR&HO0LQLHWDHVSDUFDHQSDODEUDVRHVWDWHPSRUDGDSDUHFH GHVFRQFHUWDGD³\FRQSHVDU³ 1RPHH[WUDxDGHVSXpVGHWRGR0LKLMDTXHHVVX PDGUH HV XQD MRYHQ PXMHU \ QDWXUDOPHQWH GHVHD YLYLU VX YLGD \ OD YLYH ROYLGiQGRVHXQWDQWRGHVXVGHEHUHVGHPDGUH 'LUtDVH DO YHU ODV JDIDV LPSDVLEOHV TXH D &HO QR OH LQWHUHVDED FXDQWR GHFtD OD GDPD\HUDWRGRORFRQWUDULR ³0LKLMD/HyQLGHVPDGUHGH%HJRxD³DxDGLyODGDPDGHVHRVDGHFRPSDUWLU FRQ DOJXLHQ VXV LQTXLHWXGHV³ VH KD FDVDGR SRU VHJXQGD YH] FRQ XQ KRPEUH GHPDVLDGRWROHUDQWH (VWD YH] ODV JDIDV VH PRYLHURQ )XH HO ~QLFR VLJQR GH FRPSUHQVLyQ GHO SHULRGLVWD ³-DLPH(VWHEDQ³FRQWLQXyODFRQGHVD&ULVWLQDFRPRSHQVDQGRHQYR]DOWD³ HVXQKRPEUHH[FHOHQWHVLELHQOHOOHYDDVXHVSRVDGHPDVLDGRVDxRV\YLYHVyORSDUD FRPSODFHU VXV FDSULFKRV \ SRU GHVJUDFLD PL KLMD HV PX\ FDSULFKRVD FRQVHFXHQFLD GHVXVP~OWLSOHVFDSULFKRVHVODVROHGDGGHPLQLHWD/DSREUHQLxDYLYHDVtWRGRHO DxRVRODHQVXSDODFLR\VHUHFRQFHQWUDHQVtPLVPD3HURQXQFDUHSURFKDDVXPDGUH ³KL]R XQD SDXVD \ H[FODPy WULVWHPHQWH³ /RV SDGUHV D YHFHV KDFHQ D VXV KLMRV YtFWLPDVGHVXIULYROLGDG\HJRtVPR\HVODPHQWDEOH¢1ROHSDUHFH&HO" ³3RUVXSXHVWR ³¢7LHQHXVWHGSDGUHV" ³3HUGt D PL PDGUH FXDQGR PH WUDMR DO PXQGR \ PH VHQWt VLHPSUH VROR 6LQ GXGD³DxDGLyHQWUHEXUOyQ\VDUFiVWLFR³WHQJRSXQWRVGHDILQLGDGFRQVXQLHWD 6H R\HURQ ORV iJLOHV SDVRV GH %HJRxD \ DPERV FDOODURQ &HO VH SXVR HQ SLH \ HVSHUy OD HQWUDGD GH OD MRYHQ +DFtD TXLQFH GtDV TXH QR OD YHtD \ UHFRUGDED DTXHO EHVR(O~QLFREHVRSXURGHVXYLGD« $OSURQWRSDUHFLyGHVFRQFHUWDGDDOHQFRQWUDUVHFRQpOHQHOVDOyQGHVXDEXHOD PDVVHUHFXSHUyDOLQVWDQWH%HVyDODGDPD\VDOXGyDOSHULRGLVWDFRQLQGLIHUHQFLD
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13iJLQDV
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13iJLQDV
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