M Laguna, nov/2018

Page 1

683/(0(172 0(168$/

129,(0%5(

5(3257$-( 0LJXHO QJHO 5LTXHOPH \ VX SULPHU D±R GH ÙFODURVFXURVÚ

&2/801$ /XLV *DUF­D $EXVD­G

/$*81$

+25$&,2 3, $ 9,/$ 3RU VHU GH 025(1$ QR KDEU¡ SUHIHUHQFLDV SHUR V­ EHQHôFLRV

6$1'5$ /,/,$ $0$<$ 526$/(6 &DPELDU OD IRUPD SDUD GDUOH YXHOWD DO IRQGR

$/)5('2 0855$ )$55 6 3DUD &,0$&2 QR VRQ WLHPSRV SDUD EDMDU ORV EUD]RV \ UHQGLUVH



&217(1,'26

Á *%3 3 $ '/.:u,%: &5.$Î$/2

683/(0(172 0 /$*81$ Þ 129,(0%5(

, ( #- ) ɠ źɠ ) ( 4 P & 4 , -# ( . ɠ & ɠ ) ( - $ )ɠ ɠ '#( #-. , #ç (

, ( #- ) ɠ źɠ ) ( 4 P & 4 , -# ( . ɠ $ / . #0 )

-Ħ -ɠ źɠ ) ( 4 P & 4 0 # , -# ( .

Ù(Q OD &RPDUFD /DJXQHUD GHVSHUGLFLDPRV OLWURV GH DJXD GH FDGD TXH VH H[WUDHQÚ &DUORV /³SH] /³SH]

, & ) -ɠ , °( ) ( - $ , ) ɠ #. ) , # & P ( & ɠ ) ( #, . ) , ɠ! ( , & æ- , ɠ #& & ) #, . ) , ɠɠ ɠ#( ) , ' #ç ( & , ) ɠ *) #, . ) , ɠ'#& ( #) ɠ # , #) , & ɠ) *) #, . ) , ɠ'#& ( #) ɠ. & 0 #-#ç (

0 # , ɠ " * #, . ) , ɠ'/ & . #! , P # , #( ɠ, 3 -ɠ" , ) & #, . ) , ɠ ɠ-/ & ' ( . ) 0 & , # ɠ ) ( 4 P & 4 #, . ) , ɠ , . #0

461-&.&/50 .&/46"alXe ^iXd`cc f dXiZ\cX dfi\ef fdXi \jZ fY\[f ^l`cc\idf Zfe Ki\iXj Xc\a Xe[iX m Xcc\af ^XYi`\cX mÛQHl\Q afj ]iXeZ`jZ f ifZ_X c `c`X fmXcc\ c l`j XcY\i Kf ^Xc mÛe dXel\c ^lX[ XiiXdX c l`j XcY\i Kf c g\ Q j`c m`X XpXcX c l`j ZXic fj mXc[ j i fY\i Kf ZXij fe c l`j XcX Kfii\ ^`cY\i Kf c Xj KiX a feX K_X e gi`\ Kf

;`i <Zkfi ^<e<i Xc ;< e<^fZ`fJ ;`i <Zkfi X <;`kfi `Xc < `e] fi dXZ` e ^<i <ek < Zfd<i Z`Xc ^<i <ek < ;< X;d`e`Jk i XZ` e p ] `eXeqXJ ^<i <ek < ;< d<i ZX;fk <Ze`X Jlgc <d<ekfJ ;`J< f <;`kfi `Xc a<]X ;< `e] fi dXZ` e a<] < ;< i <;XZZ` e ] fk ^i X] f i <gfi k <i f i <gfi k <i f i <gfi k <i f i <gfi k <i f i <gfi k <i f i <gfi k <i f ;`^`kXc `qXZ` e

%5(9(6

&2/801$

1RWLFLDV SRO­WLFDV \ VRFLDOHV GH &RDKXLOD \ 'XUDQJR

9LGD &RWLGLDQD

3

3 &20,(1=$ 352&(62 (/(&725$/

(/ $57( '( /$ 180,60 7,&$

$ SDUWLU GHO GH DEULO \ KDVWD HO GH PD\R GH VH HQFRQWUDU¡Q HQ FDPSD±D ORV PXQLFLSLRV GH 'XUDQJR *³PH] 3DODFLR \ /HUGR

)UDQFLVFR 9LOOD DFX±³ HQ &XHQFDP© PRQHGDV GH SODWD FRQ OD OH\HQGD Ù0XHUD +XHUWDÚ

3

3 0,*5$17(6 (1 /$ /$*81$

+25$&,2 3, $ 9,/$

&HQWUR GH '­D UHJLVWUD HQWUH D SHUVRQDV DWHQGLGDV HQ SURPHGLR DO PHV

Ù6LQ TXHUHU PROHVWDU D QDGLH TXHUHPRV TXH OD SDUWLGD GHO )RQGR 0HWURSROLWDQR VHD LJXDOLWDULDÚ

3

3

\a\ZlK`mfj Zfd\i Z`Xc \j Xekfe`f ] <dXk k# afi ^< `mÛe dXi k Þe<q# mXc <i `X ZXJk i f# Ûe^<c fdXi ^feqÛc <q

35,0(5 $ 2 '( *2%,(512 ;fd`Z`c `f1 <;`kfi `Xc c X fg`e` e J%X%# Xm% Xc c <e;< J&e# Zfc % Z<ek i f Z%g% ).''' kfi i < e# ZfX_l`c X% gXi X m<ekXJ < `e] fi d<J1 /.(.+0((''$/.(.+0(('+$/.(.+0((+0 JlJZi `gZ`fe<J '(/'' )''-+,*

(175(9,67$

$QDOLVWDV SRO­WLFRV DXJXUDQ FDPELRV HQ HO JDELQHWH GH 0LJXHO QJHO 5LTXHOPH 6RO­V

$OIUHGR 0XUUD )DUUºV GLUHFWRU JHQHUDO GH &,0$&2 \D VH YLVXDOL]D FRQWLQXDU FRQ VX WHQGHQFLD GH FUHFLPLHQWR

3

3

&$57 1 32/ 7,&2 3

0 /$*81$ VXSOHPHQWR PHQVXDO ,PSUHVR HQ QRYLHPEUH GH (GLWRU 5HVSRQVDEOH 0DUFHOD 0RUHQR &DVDV 1~PHUR GH FHUWL½FDGR GH UHVHUYD RWRUJDGR SRU HO ,QVWLWXWR 1D FLRQDO GHO 'HUHFKR GH $XWRU HQ WUiPLWH 1~PHUR GH FHUWL½FDGR GH OLFLWXG GH WtWXOR \ FRQWHQLGR HQ WUiPLWH 'RPLFLOLR GH OD SXEOLFDFLyQ H LPSUHQWD 0LOHQLR 'LDULR 6 $ GH & 9 0RUHORV Q~PHUR &RORQLD &HQWUR 'HOHJDFLyQ &XDXKWpPRF & 3 HQ 0p[LFR 'LVWULWR )HGHUDO 'LVWULEXFLyQ XQLyQ GH H[SHQGHGRUHV \ YRFHDGRUHV GH ORV SHULyGLFRV GH 0p[LFR $ & FRQ GRPLFLOLR HQ *XHUUHUR QR &RO *XHUUHUR & 3 'HOHJDFLyQ &XDXKWpPRF 0p[LFR ' ) (V LQGHSHQGLHQWH HQ VX OtQHD GH SHQVDPLHQWR \ QR DFHSWD QHFHVD ULDPHQWH FRPR VX\DV ODV LGHDV GH DUWtFXORV ½UPDGRV 4XHGD SURKLELGR OD UHSURGXFFLyQ WRWDO R SDUFLDO GH OD SUHVHQWH HGLFLyQ PLVPD TXH VH HQFXHQWUD UHJLVWUDGD D QRPEUH GH 0LOHQLR 'LDULR 6 $ GH & 9 'HUHFKRV UHVHUYDGRV (O FRQWHQLGR GH ORV DUWtFXORV HV UHVSRQVDELOLGDG GH ORV DXWRUHV 7RGRV ORV GHUHFKRV HVWiQ UHVHUYDGRV 4XHGD SURKLELGD OD UHSURGXFFLyQ SDUFLDO R WRWDO GHO PDWHULDO SXEOLFDGR VLQ FRQVHQWLPLHQWR SRU HVFULWR GH ORV HGLWRUHV /D LQIRUPDFLyQ KD VLGR REWHQLGD GH IXHQWHV ½GHGLJQDV


8Q ÙYRODGRÚ SHOLJURVR HQ WLHPSRV GH OD 5HYROXFL³Q 3

6H PDQWLHQH GHVLQIRUPDFLÂłQ HQ WHPD GH OD PLJUDFLÂłQ 2VZDOGR 9DOHQ]XHOD 3

%5(9(6 325 5('$&&,“1 0,/(1,2 /$ 23,1,“1 /$*81$

,1$8*85$1 +263,7$/ 5(*,21$/ 0,/,7$5 (1 7255(“1 :fe ZXgXZ`[X[ [\ Xk\eZ`Â?e X (, \jg\Z`Xc`[X[\j# +' ZXdXj Z\ejX$ Yc\j# `ejkXcXZ`fe\j [\ Xgfpf# }i\X [\ d\[`Z`eX ]ˆj`ZX p i\_XY`c`$ kXZ`Â?e# le Xl[`kfi`f gXiX ('' g\ijfeXj# Xjˆ Zfdf XcdXZ„e [\ d\[`ZXd\ekfj# XcfaXd`\ekf gXiX i\j`[\ek\j p g\ijfeXc ]fi}e\f# \c gXjX[f (* [\ efm`\dYi\ ]l\ `eXl^liX[f \c el\mf ?fjg`kXc D`$ c`kXi I\^`feXc [\ Kfii\Â?e# Zfe leX `em\ij`Â?e kfkXc [\ *,) d`ccf$ e\j [\ g\jfj% <c ^fY\ieX[fi D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj [`f cX Y`\em\e`[X Xc j\Zi\kXi`f [\ cX ;\]\ejX EXZ`feXc# ^\e\iXc JXcmX[fi :`\e]l\^fj# hl`\e `eXl^liÂ? \c _fjg`kXc# [\jkXZXe[f cX Zffi[`eXZ`Â?e Zfe \c

0 /$*81$ Ăž 129,(0%5(

^fY`\ief \jkXkXc hl\ [`af# g\id`k`\ife ^iXe[\j cf^ifj XcZXeqX[fj \e :fX_l`cX% <c ^fY\ieX[fi gfi jl gXik\ \ok\e[`Â? \c i\ZfefZ`d`\ekf [\ jl ^fY`\ief _XZ`X cX X[d`e`jkiXZ`Â?e [\c gi\j`[\ek\ [\ D„o`Zf# <e$ i`hl\ G\ÂŒX E`\kf# gfi cf hl\ Zfej`[\iÂ? cfj cf^ifj \e dXk\i`X [\ j\^li`[X[ XcZXeqX[fj \e :fX_l`cX% Ăˆ:X[X [ˆX Zi\Z\ el\jkiX ^iXk`kl[ _XZ`X \c <a„iZ`kf gfihl\ _Xe gi\jkX[f jl m`[X gXiX [\]\e[\i X D„o`Zf% ?X j`[f `dgfikXek\ cX gi\j\eZ`X [\ - d`c \c\d\ekfj gXiX cX \ek`[X[ p cX I\^`Â?eÉ# X]`idÂ? \c dXe[XkXi`f \jkXkXc%


%5(9(6

Ù)(1“0(12 0,*5$725,2 32'5�$ 321(5 (1 5,(6*2 /$ 5(/$&,“1 32/�7,&$ (175( 0‰;,&2 < (8$Ú

CX j\eX[fiX p giÂ?o`dX j\Zi\kXi`X [\ >fY\ieXZ`Â?e# Fc^X J}e$ Z_\q :fi[\if# \e m`j`kX gfi \c \jkX[f [\ :fX_l`cX XglekÂ? hl\ \c ]\eÂ?d\ef d`^iXkfi`f hl\ \e]i\ekX D„o`Zf Zfdf gXˆj [\ ki}ej`kf _XZ`X cfj <jkX[fj Le`[fj# gf[iˆX gfe\i \e i`\j^f cX i\cXZ`Â?e gfcˆk`ZX \eki\ XdYfj gXˆj\j% CX \o d`e`jkiX Zfej`[\iÂ? hl\ cX gi\j\eZ`X [\ d`^iXek\j Z\e$ kifXd\i`ZXefj hl\ j\ `ek\ieXe \e D„o`Zf gXiX cc\^Xi X cX Z`l[X[ [\ K`alXeX Zfe cX `ek\eZ`Â?e [\ ZilqXi cX ]ifek\iX Zfe cfj <jkX[fj Le`[fj1 Ăˆgl[`\iX ^\e\iXi le gifYc\dX dlp j\i`f ef jÂ?cf Xc >fY`\ief [\ D„o`Zf# j`ef kXdY`„e X el\jkif m\Z`$ ef# `eZclj`m\ gl[`\iX [\k\i`fiXi cX i\cXZ`Â?e gfcˆk`ZX \eki\ D„o`Zf p <jkX[fj Le`[fjÉ% J`e \dYXi^f XZfkÂ? hl\ j\ [\Y\i}e jXcmX^lXi[Xi cfj [\i\Z_fj _ldXefj [\ cfj d`^iXek\j# [\jZXikXe[f hl\ j\Xe g\ijfeXj [\ j\^le[X f hl\ ef jfe k`klcXi\j [\ [\i\Z_fj _ldXefj# gfi cf ZlXc \c ^fY`\ief [\ 8e[i„j DXel\c CÂ?g\q FYiX[fi# pX \e ]leZ`fe\j# [\Y\i} kiXYXaXi \e \c k\dX%

Ă™*2%,(512 )('(5$/ 9(/$5Â 325 0$17(1(5 (/ 0$1'2 (63(&,$/Ăš

5($/,=$1 )252 5(*,21$/ $17,&25583&,“1 (1 '85$1*2 :fdf le \jgXZ`f [\ i\]c\o`Â?e gXiX XeXc`$ qXi cfj i\kfj p fgfikle`[X[\j hl\ j\ k`\$ e\e \e cX el\mX Zfe]fidXZ`Â?e [\c j`jk\dX Xek`ZfiilgZ`Â?e \e ;liXe^f# j\ cc\mÂ? X ZXYf \c =fif I\^`feXc 8ek`ZfiilgZ`Â?e# d`jdX hl\ \eZXY\qÂ? \c ^fY\ieX[fi [\c \jkX[f# Afj„ IfjXj 8`jglif Kfii\j% <c dXe[XkXi`f \jkXkXc [\jkXZÂ? cX `dgfi$ kXeZ`X [\ j\^l`i gfi \j\ ZXd`ef# Xc m`jlX$ c`qXicf Zfdf leX ZlckliX [\ m`[X \e kf[fj cfj j\Zkfi\j jfZ`Xc\j% ĂˆJ\ c\^`jcÂ? X e`m\c ]\[\iXc p \e \c }dY`$ kf cfZXc ]XckX Zfejfc`[Xicf# g\if _XZ\ ]XckX hl\ \c Â?i^Xef ali`j[`ZZ`feXc [\k\id`e\

GfZf Xek\j [\ hl\ kfd\ gifk\jkX \c gi\$ j`[\ek\ \c\Zkf [\ D„o`Zf# 8e[i„j DX$ el\c CÂ?g\q FYiX[fi# \c [\c\^X[f gXiX \c \jkX[f [\ ;liXe^f \e \c \hl`gf [\ kiXe$ j`Z`Â?e# <ei`hl\ Efm\cf Jfcˆj# X[\cXekÂ? hl\ \c el\mf ^fY`\ief m\cXi} gfi dXek\$ e\i \c DXe[f <jg\Z`Xc \e cX :fdXiZX CX$ ^le\iX pX hl\ _X [X[f i\jlckX[fj gfj`k`$ mfj% <jkf Xek\ cX `eZ\ik`[ldYi\ \ogi\jX[X gfi \dgi\jXi`fj p i\gi\j\ekXek\j [\ Z}$ dXiXj# \e jl dXpfiˆX [\c :fej\af CX^l$ e\if [\ cX @e`Z`Xk`mX Gi`mX[X :C@G Xek\ cfj gfj`Yc\j ZXdY`fj \e cX j\^li`[X[ Zfe cX `dgc\d\ekXZ`Â?e [\ cX XeleZ`X[X >lXi[`X EXZ`feXc% ĂˆMX X Zfek`elXi \c DXe[f <jg\Z`Xc# cX Zf$ fi[`eXZ`Â?e [\ \jkfj gifp\Zkfj j\ _XZ\ [\ dXe\iX cfZXc Xk\e[`\e[f cXj j`klXZ`fe\j hl\ j\ ^\e\iXife p _Xe m\e`[f Xk\e[`\e$ [f \jkXj gifYc\d}k`ZXj# p Xlehl\ m\e^X cX >lXi[`X EXZ`feXc# k\e[iˆX hl\ j\i leX ^lXi[`X \e cX hl\ kiXYXa\ [\ leX dXe\iX ZfealekX cfj [fj \jkX[fjÉ# [\ZcXiÂ? <ei`$ hl\ Efm\cf Jfcˆj%

hl„ mX X gXjXi Zfe leX [\ cXj gifgl\jkXj hl\ j\ gi\j\ekXife Xc :fe^i\jf# Zfdf \j cX [\c c`Z\eZ`X[f ?„Zkfi If[iˆ^l\q# p leX m\q ZfefZ`[f \jkf# \ekfeZ\j j\ gf[i} j\$ ^l`i X[\cXek\É# [`af% 8`jglif Kfii\j Zfd\ekÂ? hl\ cX Zfiilg$ Z`Â?e j`e [l[X _X YXaX[f \e jl X[d`e`jkiX$ Z`Â?e p ZlXe[f j\ _X [\eleZ`X[f le ZXjf f j\ÂŒXcXd`\ekf# kf[fj j\ _Xe jljkXeZ`X[f gfi cfj d\[`fj hl\ cX gifg`X c\p% I\dXiZÂ? hl\# \e \jk\ k\dX [\c ZfdYX$ k\ X cX ZfiilgZ`Â?e# \e ;liXe^f j\i} [\ dXe\iX g\idXe\ek\ p gfi kXekf _X cc\^X$ [f gXiX hl\[Xij\%

'(6'( (/ 6(1$'2 *(67,21$5Â 1 0Â 6 '( 0'3 3$5$ &2$+8,/$

<c j\eX[fi# 8idXe[f >lX[`XeX K`a\i`eX# \ogljf hl\ ^\jk`f$ eXi}e i\Zlijfj gXiX cX Xdgc`XZ`Â?e [\ cfj kiXdfj [\ [fj ZXii\$ k\iXj [\ cX \ek`[X[1 cX JXck`ccf$QXZXk\ZXj p cX ]\[\iXc ,.% Ăˆ<e \c }i\X [\ Zfdle`ZXZ`fe\j k\ii\jki\j cfj gifp\Zkfj hl\ pX k`\e\e eÂ’d\if \e ?XZ`\e[X jfe cX ZXii\k\iX [\ JXck`ccf$ ;\iiXdX[\if hl\ jfe (' b`cÂ?d\kifj hl\ i\hl`\i\e leX Xd$ gc`XZ`Â?e ^iXe[\ gfihl\ kf[Xj cXj dXÂŒXeXj _Xp le Zl\ccf [\ Yfk\ccX# X[\d}j [\ cX Xdgc`XZ`Â?e X () d\kifj [\ le kiXdf El\mX Ifj`kX$8cc\e[\ [\ cX ZXii\k\iX ,.É% <c c\^`jcX[fi [`af hl\ gXiX cX gi`d\iX fYiX j\ Xgc`ZXiˆXe *.' d`ccfe\j [\ g\jfj# d`\ekiXj hl\ gXiX cX j\^le[X ,/* d[g%

0 /$*81$ Ăž 129,(0%5(


5(3257$-(

8Q Ă™YRODGRĂš SHOLJURVR HQ WLHPSRV GH OD 5HYROXFLÂłQ =iXeZ`jZf M`ccX dXe[Â? XZlÂŒXi \e :l\eZXd„# ;liXe^f dfe\[Xj [\ gcXkX Zfe cX c\p\e[X ĂˆDl\iX ?l\ikXÉ# gXiX gX^Xi X cfj jfc[X[fj hl\ `ek\^iXYXe \c \a„iZ`kf [\ cX ;`m`j`Â?e [\c Efik\ 325 52%(572 &$5621 )2726 0 /$*81$

<

e cX „gfZX df[\ieX [\ cX Zfdl$ '$726 180,60 7,&$ (1 /$ 5(92/8&,“1 e`ZXZ`Â?e p cfj Zfek\e`[fj kiXej$ d\[`X# \j d}j hl\ ZfdÂ’e fY$ j\imXi `d}^\e\j hl\ j\ (Q HO SHULRGR GH OD 5HYROXFLÂłQ 0H[LFD QD KXER DFXÂąDPLHQWR GH PRQHGDV YL dl\jkiXe p i\g`k\e \e `e]`e`kf Zfe \c OOLVWDV ]DSDWLVWDV \ FDUUDQFLVWDV $GH fYa\k`mf [\ _XZ\i i\ˆi# dfc\jkXi f j`d$ PÂĄV SDUD TXH OD PRQHGD VHD gc\d\ek\ kiXejd`k`i le d\ejXa\% FRQVLGHUD FRPR UHYROXFLRQDULD WXYR D\afi ZfefZ`[fj Zfdf ĂŠd\d\jĂ‹# \j$ TXH VHU GLVHÂąDGD HQWUH \ kXj Zi\XZ`fe\j \oZclj`mXj [\ `ek\ie\k /RV HVWDGRV HQ GRQGH VH HQFDUJDURQ cc\^Xe X dXiZXi leX gXlkX gXiX `[\ek`]`$ GH DFXÂąDU ODV PRQHGDV HQ HVWH SHULRGR ZXi p i\ZfefZ\i hl„ k\dgfiX[X \j cX hl\ IXH $JXDVFDOLHQWHV 'XUDQJR -DOLVFR j\ m`m\ \e \c dle[f% ?fp \e [ˆX \j [`]ˆ$ &KLKXDKXD *XHUUHUR (VWDGR GH 0Š[L Z`c hl\ leX g\ijfeX Zfe XZZ\jf X cX n\Y FR 0RUHORV 3XHEOD 2D[DFD \ 6LQDORD ef i\ZfefqZX Zl}c \j \c Ăˆd\d\É d}j gf$ (O SHVR Ă™0XHUD +XHUWDĂš HV XQ FDVR ÂşQL glcXi [\c dfd\ekf% FR HQ HO PXQGR VLQ HPEDUJR VH FRQRFH Cf hl\ gf[iˆX j\i \c j\^le[f fYa\kf RWUD PRQHGD FRQ XQ PHQVDMH VLPLODU OD d}j ZfdgXik`[f Ăˆ[\ dXef \e dXefÉ X GH Ă™0XHUD &DOOHV 0XHUD *DUULGR &DU e`m\c dle[`Xc# j\ kiX[lZ\ \e \c gifgÂ?$ EDMDOĂš HQ DXQTXH OR PÂĄV VHJXUR j`kf \c\d\ekXc [\c [`e\if p cfj j`jk\dXj HV TXH VHD XQD LPLWDFLÂłQ GH OD RULJLQDO \ZfeÂ?d`Zfj% 8 gXik\ [\ cXj `ejk`klZ`f$ GH 9LOOD e\j YXeZXi`Xj# j\^l`[fi\j [\c Xik\ [\ cX eld`jd}k`ZX jfe ZXgXZ\j [\ `[\ek`]`ZXi \c k`\dgf p \iX \e hl\ leX [\k\id`eX[X dfe\[X f Y`cc\k\ Zfd\eqÂ? X dXiZXi jl _`jkfi`X [\ekif [\ cfj Yfcj`ccfj [\ cXj qfj p m\jk`^`fj [\ leX [\ cXj \iXj Zfe _XY\i [X[f dl\ik\ gfi ]lj`cXd`\ekf Xc dXpfi jXc[f [\ dl\ik\j \e \c gXˆj% g\ijfeXj% dˆk`Zf ^\e\iXc [liXe^l\ej\% 8 g\jXi [\ ĂˆDl\iX ?l\ikXÉ \j \c d\ejXa\ XZlÂŒX$ cXj Â?i[\e\j# cX `ek\im\eZ`Â?e [\ >ljkXmf (/ 2752 /$'2 '( /$ 021('$ [f \e cXj dfe\[Xj [\ gcXkX [`j\ÂŒX[Xj 8[fc]f DX[\if# _\idXef [\ =iXeZ`jZf I\Z`\ek\d\ek\# \e D„o`Zf cX gfc„d`ZX gXiX gX^Xi X cfj d`\dYifj [\c \a„iZ`kf @% DX[\if# cf^iÂ? i\jZXkXi X M`ccX [\c ]l\ ^`iX[X _XZ`X cX [\j`^eXZ`Â?e Zfed\$ ZfdXe[X[f gfi M`ccX% J`e \dYXi^f# dfikXc ZXjk`^f% ;\j[\ X_ˆ# cX \e\d`jkX[ dfiXk`mX [\c 9\e\d„i`kf [\ cXj 8d„i`$ Zfdf \iX [\ \jg\iXij\# cX [\Z`j`Â?e ]l\ \eki\ XdYfj g\ijfeXa\j Zfd\eqÂ? X ^X$ ZXj 9\e`kf Al}i\q# g\ijfeXa\ _XccX[f \e leX X]ifekX kfdX[X Zfe gfZX XdXY`c`$ eXi kiXZZ`Â?e% cfj Y`cc\k\j [\ )' g\jfj# Zfdf el\mX [X[ gfi \c \o gi\j`[\ek\% Gfi cf hl\ j\i ;\j[\ \c i\efmX[f 8iZ_`mf Dle`Z`$ `dX^\e [\c gXg\c Zfe mXcfi X ,'' g\jfj% \eZfekiX[f \e gfj\j`Â?e [\ \jk\ dXk\$ gXc [\ Kfii\Â?e# jl [`i\Zkfi \ _`jkfi`X[fi J`e \dYXi^f# _XZ\ d}j [\ Z`\e XÂŒfj# cX i`Xc j\ Zfem\ikˆX \e leX `e\m`kXYc\ j\e$ :Xicfj :XjkXÂŒÂ?e :lX[ifj# i\d\dfiX \c kiX[`Z`Â?e [\ _feiXi X le ˆZfef [\ cX jf$ k\eZ`X X dfi`i# j`e `dgfikXi hl\ \c gf$ Zfek\okf [\ \jkX Xe_\cX[X g`\qX [\ cX Z`\[X[ X kiXm„j [\ jˆdYfcfj dfe\kXi`fj# j\\[fi ]l\iX le jfc[X[f# le eld`jd}k`ZX% ]l\ Ăˆfcm`[X[fÉ gXiX \e jl cl^Xi gifdf$ Zfd\iZ`Xek\ f leX g\ijfeX ZlXchl`\iX m\i le d\ejXa\ [`i\Zkf [\ XkXhl\ X hl\ gfi Xc^leX iXqÂ?e klm`\iX \eki\ jlj 4XŠ VDEHPRV GHO Ă™3HVR GH OD 0XHUWHĂ—" hl`\e ]l\ gi\j`[\ek\ [\ D„o`Zf gfi d\$ ifgXj \jk\ fYa\kf# `eZclj`m\ j\ [`af hl\ ;liXek\ cX I\mfclZ`Â?e _lYf dXe`]\jkX$ efj [\ le XÂŒf# M`Zkfi`Xef ?l\ikX% <e$ _lYf kiXYXaX[fi\j hl\ i\Z`Y`\ife \jk\ Z`fe\j dlp `ek\i\jXek\j# ef jÂ?cf [\j[\ kfeZ\j ZfiiˆX \c XÂŒf [\ (0(+ p \c Xlkfi XikˆZlcf Zfdf gifg`eX p gfi \ccf ef [l$ \c glekf [\ m`jkX XidX[f# j`ef hl\ _lYf [\ cX d\d„k`ZX gifk\jkX ]l\ \c ^\e\iXc iXife dlZ_f k`\dgf gXiX ^XjkXicf% [`jk`ekXj gifk\jkXj gfcˆk`ZXj p \ogi\j`f$ i\mfclZ`feXi`f =iXeZ`jZf M`ccX% <c Xek\Z\[\ek\ `ed\[`Xkf j\ Zfej$ e\j jfZ`Xc\j [liXek\ \jk\ cXgjf hl\ Zf$ <e \jk\ ZXjf# CX CX^leX \j Zfej`[\$ kilp\ [fj XÂŒfj Xki}j# \e (0() =iXeZ`jZf ii`Â? [\j[\ (0(' _XjkX (0)'% iX[X Zfdf ZleX [\ cX I\mfclZ`Â?e [\Y`$ M`ccX _XYˆX j`[f \eZXiZ\cX[f YXaf Â?i[\$ <e \jk\ k`\dgf# Xc^lefj \jkX[fj [f X jl ifc Zfdf \jZ\eXi`f [liXek\ \jk\ e\j [\ ?l\ikX YXaf \c gi\k\okf [\ _XY\i Zfdf 8^lXjZXc`\ek\j# FXoXZX# :_`_l$ dfm`d`\ekf Y„c`Zf p gfcˆk`Zf# \e Zfej\$ ifYX[f leX p\^lX% Cfj _`jkfi`X[fi\j Zf$ X_lX# \c <jkX[f [\ D„o`Zf p fkiXj cfZX$ Zl\eZ`X \j ZfdÂ’e hl\ kiXjZ`\e[Xe i\kX$ d\ekXe hl\ \jkX ]l\ cX XZZ`Â?e hl\ gl[f c`[X[\j `dgi`dˆXe Y`cc\k\j p dfe\[Xj 0 /$*81$ Ăž 129,(0%5(


5(3257$-( D„o`Zf# gfi cf hl\ \c gfcˆk`Zf p \dgi\$ jXi`f gXii\ej\ =iXeZ`jZf @% DX[\if \j$ Zi`Y\ le c`Yif ccXdX[f cX JlZ\j`Â?e Gi\$ j`[\eZ`Xc# g\if ef cf Ăˆg\cXeÉ# ef c\ _XZ\e ZXjf _XjkX hl\ [\Z`[\ d\afi Xiif$ aXij\ X cXj XidXj% =`eXcd\ek\# DX[\if k\id`eX Zfdf \c ĂŠD}ik`i [\ cX ;\dfZiXZ`XÉ p cf^iX [\j$ gl„j [\ [\iifZXi X ;ˆXq Zfe cX kfdX dX$ [\i`jkX \e Kfii\Â?e p :`l[X[ Al}i\q# j\i gi\j`[\ek\ \e cX el\mX \iX [\dfZi}k`ZX [\ D„o`Zf# X [fe[\ cc\^Â? alekf Xc GXik`$ [f 8ek`i\\c\ZZ`fe`jkX% Gfjk\i`fid\ek\ le m`\af d`c`kXi gfi$ ]`i`jkX# M`Zkfi`Xef ?l\ikX# j\ \eZXi^X [\ m\cXi gfi jl j\^li`[X[ Zfdf A\]\ [\c <j$ kX[f DXpfi p cf k\id`eX kiX`Z`feXe[f% G\if ef jÂ?cf j\ Zfe]fidX Zfe i\gfe\icf [\c gf[\i# j`ef hl\ cf j\Zl\jkiX alekf X G`ef Jl}i\q \e cfj \m\ekfj ZfefZ`[fj Zfdf cX ;\Z\eX Ki}^`ZX# \c dXiZf [\ lefj [`\q [ˆXj dlp m`fc\ekfj [\ekif [\c XÂŒf [\ (0(*% <jkf gifmfZX cX i\XZZ`Â?e [\ mXi`fj i\$ mfclZ`feXi`fj hl\ Xe[XYXe \e \c gXˆj# Zfdf =iXeZ`jZf M`ccX p M\eljk`Xef :X$ iiXeqX hl\ j\ cXeqXe gfi i\jkXYc\Z\i le fi[\e Zfejk`klZ`feXc \e \c gXˆj p hl\ jf$ Yi\ kf[f# ]l\iX i\jg\kX[f% /$ 08(57( '( )$&72

[\ [`jk`ekXj [\efd`eXZ`fe\j% <eki\ \ccXj# cX d}j ccXdXk`mX f efkX$ Yc\ ]l\ cX Zi\XZ`Â?e [\ le g\jf [\ gcXkX Zfe cX c\p\e[X ĂˆDl\iX ?l\ikXÉ% <jkX dfe\[X ]l\ Zi\X[X gfi dXe[Xkf [\ =iXeZ`jZf M`ccX XgfpX[f gfi cfj [fj ^\$ e\iXc\j [\ dXpfi Zfe]`XeqX# :Xc`okf :feki\iXj# dlp ZfefZ`[f \e CX CX^leX p J\m\i`ef :\e`Z\ifj# fi`^`eXi`f [\ :l\eZXd„%

qXe X cX _`jkfi`X eXZ`feXc Zfe gXik`Z`gX$ Z`fe\j Zfdf „jkX% J` m\dfj cX dfe\[X# ef ]l\ i\Xc`qX[X Zfe ZlXchl`\i d\kXc# j`ef Zfe gcXkX gXiX hl\ klm`\iX mXcfi p ^XiXek`qXiX jl Z`iZlcXZ`�e% <c XŒf [\ (0(+ ]l\ dlp `dgfikXek\ gXiX M`ccX gfihl\ j\ Zfejfc`[� Zfdf \c gi`eZ`gXc cˆ[\i [\c gXˆj alekf Xc \a„iZ`kf d}j gf[\ifjf# cX ]XdfjX ;`m`j`�e [\c Efik\%

'ÂłQGH IXH DFXÂąDGD"

4XŠ KD\ GHWU¥V VX FUHDFL³Q"

=l\ dlp Z\iZX [\ Xhlˆ# \e cX cfZXc`[X[ ;\j[\ (0(' _Xp leX j\i`\ [\ dfm`d`\e$ [\ :l\eZXd„# ;liXe^f p \j dlp Zli`f$ kfj [\Y`[f X hl\ Gfi]`i`f ;ˆXq# gfi \e„$ jf Zfdf g\hl\ŒXj gfYcXZ`fe\j j\ \ecX$ j`dX m\q YljZX j\i \c gi\j`[\ek\ [\

Cc\^Xdfj X (0(+# \c ZlXc ]l\ lef [\ cfj XÂŒfj d}j m`fc\ekfj [\c gXˆj p \e \c ZlXc j\ cc\mXe X ZXYf mXi`Xj YXkXccXj Zfe dl$ Z_Xj g„i[`[Xj _ldXeXj# \eki\ \ccXj cX kfdX [\ Kfii\Â?e# [fe[\ M`ccX m\eZ\ Xc \a„iZ`kf ]\[\iXc ZfdXe[X[f gfi ?l\ikX p fkiX \e cX kfdX [\ QXZXk\ZXj \e cX hl\ pX gi}Zk`ZXd\ek\ [fYc\^X Xc dfm`d`\e$ kf _l\ik`jkX gfi Zfdgc\kf% :fe le ZfdgfikXd`\ekf efkXYc\ Zfdf d`c`kXi# M`ccX Zi\X cX dfe\[X gXiX gX^Xi X jlj jfc[X[fj# pX hl\ ef \iX le \a„iZ`kf d\iXd\ek\ mfclekXi`f% <iX Y}$ j`ZXd\ek\ le \dgc\f p cc\^Â? X k\e\i _XjkX (' d`c ZfdYXk`\ek\j% <ekfeZ\j# cX dfe\[X j`im`Â? gXiX Zfe$ k`elXi Zfe cX clZ_X d`\ekiXj hl\ Xc d`j$ df k`\dgf cXeqXYX le XkXhl\ ZfekiX \c ^fY`\ief \jgli`f p ^fcg`jkX [\ M`Zkfi`X$ ef ?l\ikX% >\e\iÂ? kXekf f[`f p dXc\j$ kXi hl\ ?l\ikX [X cX fi[\e [\ ]XZkf [\ Xj\j`eXi X ZlXchl`\i g\ijfeX hl\ ]l\iX m`jkX gX^Xe[f Zfe cX dfe\[X j`e [Xi \o$ gc`ZXZ`Â?e% =`eXcd\ek\ \iXe k`\dgfj [\ ^l\iiX p \c f[`f \iX k\ii`Yc\% 4XŠ VXFHGLÂł GHVSXŠV FRQ HO PHWDO"

8ZklXcd\ek\ _Xp Xc^lefj \a\dgcXi\j hl\ `eZcljf cc\^Xe X j\i jlYXjkX[fj gfi `ek\ie\k% <c Zfjkf gl\[\ `i [\ \eki\ 0 d`c X )' d`c g\jfj p Zfdf \e kf[f# \o`j$ k\e kXdY`„e dlZ_Xj ]XcjXj% CX eld`j$ d}k`ZX \j le dle[f cc\ef [\ Zfc\ZZ`f$ e`jkXj g\if kXdY`„e [\ ]Xcj`]`ZX[fi\j% J`e cl^Xi X [l[Xj# \jkX \j leX [\ cXj dfe\[Xj Zfe d}j ]XdX [\ cX I\mfcl$ Z`�e D\o`ZXeX%

0 /$*81$ Ăž 129,(0%5(


(175(9,67$

Ă™(/ 02725 '( /$ 9,'$ (6 (/ $*8$ 12 (/ ',1(52 1, (/ 3(75“/(2Ăš &DUORV /ÂłSH] /ÂłSH] ,QJHQLHUR HVSHFLDOLVWD HQ LUULJDFLÂłQ Ăˆ<e cX CX^leX# j` ef j\ gfe\e [\ XZl\i[f p ef j\ _XZ\ le [`X^eÂ?jk`Zf [\ cX gifYc\d}k`ZX# [\ cXj ]XccXj hl\ k`\e\ \c ljf# Xgifm\Z_Xd`\ekf# [`jki`YlZ`Â?e p Zfe[lZZ`Â?e [\c X^lX# ZX[X [ˆX j\i} d}j Zfdgc`ZX[fÉ

325 /,/,$ 29$//( )2726 26&$5 :21*

@

e^\e`\if X^iÂ?efdf \jg\Z`Xc`jkX \e `ii`^XZ`Â?e Zfe le gfj^iX[f \e `e^\$ e`\iˆX \e i\Zlijfj _`[i}lc`Zfj# :Xi$ cfj CÂ?g\q CÂ?g\q# dXek`\e\ le \a\i$ Z`Z`f gif]\j`feXc [\ )/ XÂŒfj jfYi\ j`jk\dXj _ˆ[i`Zfj \e kf[f \c gXˆj% J`\e[f \o ]leZ`feXi`f [\ cX :fd`j`Â?e EXZ`feXc [\c 8^lX# \jk\ XZX[„d`Zf `em\j$ k`^X[fi Zfejfc`[Â? _XZ\ [`\q XÂŒfj Xki}j \c ZfigfiXk`mf :fdgXŒˆX [\ <jkl[`fj# Gif$ p\Zkfj p :fejkilZZ`fe\j @ek\^iXc\j :F$ D<J # hl\ X^clk`eX \jg\Z`Xc`jkXj \e kf[Xj cXj iXdXj# d`jdfj kiXYXaXe \e gifp\Zkfj gXiX dÂ’ck`gc\j i\^`fe\j [\ cX I\gÂ’Yc`ZX D\o`ZXeX% :fe j\[\ \e K\oZfZf# \e \c <j$ kX[f [\ D„o`Zf# :FD<J dXek`\e\ cX ]`$ cfjf]ˆX [\ hl\ \c X^lX \j \c dfkfi [\ cX m`[X% <e m`j`kX gfi cX :fdXiZX CX^le\iX# i\^`Â?e [fe[\ pX jfjklmf i\le`fe\j [\ kiX$ YXaf Zfe i\gi\j\ekXek\j [\ cX X[d`e`jkiX$ Z`Â?e gÂ’Yc`ZX# Zfd\ekÂ? gXiX D CX^leX hl\ \c X^lX j\i} \a\ [\ XZZ`Â?e X kiXm„j [\ gif$ p\Zkfj hl\ j\ ZfeZ\ekiXi}e \e jl dXe\af \]`Z`\ek\% ĂˆJ\im`dfj X kf[Xj cXj [\g\e[\eZ`Xj [\c ^fY`\ief ]\[\iXc# \jkXkXc p dle`Z`gXc\j# p X ljlXi`fj fi^Xe`qX[fj \e kf[f \c gXˆj i\$ jfcm`\e[f [\j[\ gifYc\dXj gleklXc\j2 gifYc\dXj cfZXc\j# i\^`feXc\j p eXZ`feX$ c\j jfYi\ kf[f \e \c ljf# dXe\af p Xgifm\$

0 /$*81$ Ăž 129,(0%5(

Z_Xd`\ekf [\c X^lX p kf[fj cfj gifYc\dXj hl\ j\ [\i`mXe [\ \ccf1 [\j[\ gifYc\dXj [\ `dgXZkf XdY`\ekXc# `ele[XZ`fe\j# gif$ Yc\dXj [\ `e]iX\jkilZkliX# [\ j`jk\dXj [\ i`\^f# \kZ„k\iX% 8Yfi[Xdfj kf[X cX `e]iX$ \jkilZkliX hl\ i\hl`\i\ \c m`kXc cˆhl`[f gXiX \c j\i _ldXefj p kf[fj cfj j\i\j m`$ mfjÉ# XglekÂ?% &XÂĄO VHUÂĄ OD UHODFLÂłQ TXH HQWDEODUÂĄ HVWH FRUSRUDWLYR HPSUHVDULDO FRQ HO JR ELHUQR GH /ÂłSH] 2EUDGRU"

<c c`Z\eZ`X[f 8e[i„j DXel\c C�g\q FYiX[fi _X Zfd\ekX[f p cf gfe[i} \e gi}Zk`ZX# hl\ k\e[i} Xg\ikliX Zfe cXj d`$ Zif p d\[`XeXj \dgi\jXj p cfj ZfigfiX$ k`mfj Zfdf \c el\jkif% Efjfkifj# Zfe cX ZXgXZ`[X[ hl\ k\e\$ dfj [\ )/ XŒfj [\ \og\i`\eZ`X p \hl`gf `ek\i[`jZ`gc`eXi`f# pX k\e\dfj jfc`Z`kl[ \e mXi`Xj i\^`fe\j# Zfdf \e I\^`�e CX^l$ eX# gXiX gf[\i ZfX[plmXi X cX jfclZ`�e [\ cfj gifYc\dXj hl\ d}j [XŒXe% 8jˆ \jkXi\dfj \e cX i\^`�e CX^le\iX# \e cX i\^`�e [\c 9Xaˆf# cX [\c Jli Jli\jk\# FZZ`[\ek\# Efik\# Efif\jk\% <e kf[f \c gXˆj% <jg\iXdfj k\e\i leX Yl\eX i\cXZ`�e Zfe cXj J\Zi\kXiˆXj p kf[Xj cXj [`i\ZZ`fe\j gfihl\ efj ZfefZ\e [\ _XZ\ dlZ_fj XŒfj gfi el\jkif kiXYXaf%


(175(9,67$

(VSHUDPRV WHQHU XQD EXHQD UHODFL³Q FRQ ( OODV 6HFUHWDU­DV \ WRGDV ODV GLUHFFLRQHV S SRUTXH QRV FRQRFHQ GH KDFH PXFKRV D±RV S SRU QXHVWUR WUDEDMRÚ

0 /$*81$ Þ 129,(0%5(


(175(9,67$

&$5/26 /“3(= /“3(= $‘26 '( (;3(5,(1&,$ (1 6,67(0$6 +Â?'5,&26 (1 72'2 (/ 3$Â?6 &RQ VHGH HQ 7H[FRFR HQ HO (VWDGR GH 0Š[LFR &20(6 PDQWLHQH OD ILORVRI­D GH TXH HO DJXD HV HO PRWRU GH OD YLGD

&RQRFLHQGR TXH ODERU³ HQ OD &RQDJXD \ SHQVDQGR TXH HO DFX­IHUR SULQFLSDO GH OD &RPDUFD /DJXQHUD HVW¥ DEDWLGR MXVWR SRU OD YRFDFL³Q TXH GHFLPRV WHQHU F³PR GHVDUUROODU¥Q SUR\HFWRV HQ /D /DJXQD"

j\ i\ZXi^X Xc XÂŒf p cXj \]`Z`\eZ`Xj [\c ljf [\c X^lX# \e cX hl\ m`\e\ jlg\i]`Z`Xc# hl\ ccXdXdfj X^lX if[X[X# [\ gi\jX# jfe dlp YXaXj# \ekfeZ\j [\jg\i[`Z`Xdfj -' c`kifj [\ ZX[X ('' hl\ j\ \okiX\%

<]\Zk`mXd\ek\% <e \jkX i\^`Â?e [\ cX :f$ dXiZX CX^le\iX# cXj gi`eZ`gXc\j ]l\ek\j [\ X^lX jfe [fj1 \c X^lX if[X[X jlg\i]`$ Z`Xc hl\ m`\e\ [\ cXj gi\jXj C}qXif :}i[\$ eXj Ăˆ<c GXcd`kfÉ p cX =iXeZ`jZf QXiZf# ĂˆCXj KÂ?ikfcXjÉ# hl\ \j X^lX if[X[X hl\ m`\e\ [\ iˆf# hl\ \jZlii`Â? \e cXj dfekXÂŒXj# p cX fkiX \j [\c jlYjl\cf# [\ cfj XZlˆ]\ifj% CX i\^`Â?e gi\j\ekX i\kfj dlp `ek\i\$ jXek\j hl\ i\jfcm\i p hl\ c\ Zfdg\k\e X kf[fj cfj j\Zkfi\j1 k\e\dfj Xc j\Zkfi X^iˆ$ ZfcX hl\ \j lef [\ cfj gi`eZ`gXc\j dfkfi\j [\ cX \ZfefdˆX# \c g\ZlXi`f# \c X^if`e[lj$ ki`Xc p \c k\ok`c# p Yl\ef \c fkif j\Zkfi hl\ ljX \c X^lX# \c gÂ’Yc`Zf liYXef% J` ef j\ gfe\e [\ XZl\i[f p ef j\ _XZ\ le [`X^$ eÂ?jk`Zf [\ cX gifYc\d}k`ZX# [\ cXj ]XccXj hl\ k`\e\ \c ljf# Xgifm\Z_Xd`\ekf# [`jki`$ YlZ`Â?e p Zfe[lZZ`Â?e [\c X^lX# ZX[X [ˆX j\i} d}j Zfdgc`ZX[f gfihl\ j\ \okiX\ \c ('' gfi Z`\ekf d}j [\c XZlˆ]\if hl\ cf hl\

(VWR SRU TXŠ RFXUUH"

<o`jk\e dlZ_Xj ZXljXj [\ cXj g„i[`[Xj1 cX \mXgfiXZ`Â?e# g\i]fiXZ`Â?e# Zfe[lZ$ Z`Â?e# gfi ifYf# gfi dXc dXe\af# gi`eZ`$ gXcd\ek\ \jXj# g\if j\ [\Y\ X hl\ ]XckX k\Ze`]`ZXi cX `e]iX\jkilZkliX% (Q OD UHJLÂłQ VH PDQHMD TXH QR H[LVWH XQ SDGUÂłQ GH SR]RV $GHPÂĄV FRORFDQ PH GLGRUHV YROXPŠWULFRV TXH VRQ URWRV < WHQHPRV XQ SUREOHPD VHULR SRUTXH OR TXH QR VH PLGH QR H[LVWH

9l\ef# jˆ _Xp Xc^lefj gif^iXdXj [\ ^f$ Y`\ief ]\[\iXc X kiXm„j [\ cX :feX^lX gXiX cfj ljlXi`fj [\ i`\^f# hl\ jˆ cfj _X [fkX[f# _X jld`e`jkiX[f \jkfj kfkXc`qX$ [fi\j mfcld„ki`Zfj \e cX [\jZXi^X [\ cfj gfqfj [\ X^lX jlYk\ii}e\X# j`e \dYXi^f X dlZ_fj ef c\j _X ]leZ`feX[f# f ]leZ`f$ eXife [ˆXj p [\jgl„j j\ [\jZfdglj`\ife d`cX^ifjXd\ek\%

0 /$*81$ Ăž 129,(0%5(

<ekfeZ\j cfj hl\ jˆ ]leZ`feXe _Xe [X[f i\jlckX[f# cfj hl\ ef# cX dXpfiˆX \jk} \e gifYc\dXj% I\Zlg\iXi cX \]`Z`\eZ`X \e \c ljf [\c X^lX \j le i\kf gi`eZ`gXc [\c ^f$ Y`\ief hl\ m`\e\ p kXdY`„e [\ cfj ljlX$ i`fj hl\ jfe cfj i\jgfejXYc\j [\c dXe\af p \c Xgifm\Z_Xd`\ekf [\c X^lX gfihl\ _X j`[f ZfeZ\j`feX[X \c X^lX [\ i`\^f X cfj ljlXi`fj X kiXm„j [\ ]`^liXj aliˆ[`ZXj hl\ j\ ccXdXe XjfZ`XZ`fe\j Z`m`c\j# Zfd’e$ d\ek\ d�[lcfj [\ i`\^f# p jfe cXj \eZXi$ ^X[Xj [\ fg\iXi# Zfej\imXi# X[d`e`jkiXi# ZfYiXi \c ljf [\c X^lX X cfj ljlXi`fj hl\ g\ik\e\Z\e X jl i\^`�e ^\f^i}]`ZX% <j leX i\jgfejXY`c`[X[ ZfdgXik`[X [\c ljlXi`f# cfj hl\ cfj i\gi\j\ekXe p ^fY`\ief \e kf$ [fj cfj e`m\c\j% :Xicfj C�g\q C�g\q gi\Z`j� hl\ \e \j\ j\ek`[f j\ dXek`\e\ leX ZlfkX \Zfe�d`ZX [\ Xlkfjl]`Z`\eZ`X \eki\ cfj gif[lZkfi\j% P Xlehl\ ef k`\e\ \c [Xkf jfYi\ X Zl}ekf Xj$ Z`\e[\# i\]`i`� hl\ \jk\ gX^f gfi i`\^f \j e\Z\jXi`f gXiX [Xi Zfej\imXZ`�e p X[d`e`j$ kiXi cX `e]iX\jkilZkliX% <c Zfjkf hl\ [\i`mX [\ cfj ^Xjkfj# j\ [`m`[\ \eki\ cXj _\Zk}i\Xj hl\ k`\e\ \c d�[lcf [\ i`\^f# p \c ljlXi`f gX^X ZX[X XŒf gfi Zfjkf [\ _\Zk}i\X%


(175(9,67$ hl\ mXj X X]\ZkXi cf [\Y\j d`k`^Xi# g\if jfi^f# Xc^f[ e# dXk\i`Xj gi`dXj% <c j\Z$ kfi j\Zle[Xi`f cXj kiXej]fidX ^\e\iXe[f 9l\ef# hl`j` iXdfj hl\ ]l\iX d}j# ]XckX cf d}j `dgfikXek\ \j hl\ j\X cX d`jdX gif[lZZ` e [\ Y`\e\j# p cl\^f \jk}e cfj d}j `e]iX\jkilZkliX# ]XckX k\Ze`]`ZXi# jf$ jfZ`\[X[ cX hl\ [\]`eX jl gcXe [\ [\jX$ iifccf1 j` c\ mX XgfjkXi X cX d`e\i X X Z`\$ j\im`Z`fj# cX gi\jkXZ` e [\ j\im`Z`fj p ]`$ Yi\ kf[f df[\ie`qXi% cf XY`\ikf# X cX [\c jlYjl\cf d\[`Xek\ \c eXcd\ek\ cX `em\jk`^XZ` e Z`\ek ]`ZX gXiX (Q HO SODQR GH OD UHJXODFL³Q VH SLHQVD ]iXZb`e^# X cX ^XeX[\i X# X cX `e[ljki`X f _XZ\i d\afi ljf p [\jXiifccf k\Zefc ^`Zf WDPEL©Q TXH D OD SREODFL³Q VH OH GHEH cX \ogcfkXZ` e [\ dX[\iXYc\j# g\ZlXi`X# [\ kf[f% Cfj j\Zkfi\j [\Y\e kiXYXaXi \e OLPLWDU HO FRQVXPR GHO O­TXLGR SDUD XVR kf[f [\Y\i X cc\mXij\ X kiXm j [\ cX gif$ ]fidX `ek\^iXc# \hl`c`YiX[X# \ekfeZ\j cX GRP©VWLFR DOJXQRV HVWDGRV LPSXOVDQ gl\jkX hl\ \jkXdfj [Xe[f X ZfefZ\i gifgl\jkX \j hl\ \c dXe\af j\X `ek\^iXc HVWD LQLFLDWLYD 6H SRGU­D SHQVDU OR Zfdf ZfigfiXk`mf p hl\ ccXdXdfj ÈDX$ p jljk\ekXYc\ g\if gfi k\ii`kfi`f \e kf[f PLVPR SDUD ORV SURGXFWRUHV" e\af K\ii`kfi`Xc Jljk\ekXYc\ p ;`]\i\e$ \c gX j gfihl\ \j cX e`ZX \jg\iXeqX hl\ Pf# Zfdf \jg\Z`Xc`jkX \e \c k\dX [\c X^lX Z`X[f gXiX \c ;\jXiifccf \e D o`ZfÉ% J` k\e\dfj Zfdf gX j p jfZ`\[X[# [\ ZXd$ p Zfe cX \og\i`\eZ`X [\ )/ X fj [\ \a\i$ ef cf m\dfj Xj # [\j[\ le glekf [\ m`j$ Y`Xi \c [\jk`ef eXZ`feXc# gfihl\ \jkXdfj Z`Z`f \e \c gX j# Zi\f hl\ cX ZXek`[X[ [\ kX `ek\^iXc p j cf [\jXiifccXdfj \c j\Zkfi X le gXjf [\ jlZldY`i p cX m`[X ef j\i X X^lX p jfYi\ kf[f gXiX \jkX i\^` e gf[i X gi`dXi`f [\j\hl`c`YiXdfj cX YXcXeqX% jljk\ekXYc\% j\i jl]`Z`\ek\ j` kiXYXaXdfj d}j \e `e$ <c [\jXiifccf [\ kf[X \Zfefd X Zc}j`ZX Pf ef hl`j`\iX kfZXi \j\ glekf kXe Zi\d\ekXi cX \]`Z`\eZ`X \e jl dXe\af% K\ \e \c dle[f# p ef efj \jZXgXdfj kXd$ [i}jk`Zf g\if Zfdf \jg\Z`Xc`jkX \e \c Zfd\ekXYX hl\ j\ g`\i[\e -' c`kifj [\ gfZf efjfkifj# \j \e YXj\ X cfj j\Zkfi\j k\dX Xj \jk} gfihl\ ZX[X m\q jfdfj ZX[X ('' hl\ j\ \okiX\e [\ cXj ]l\ek\j# [\ cX \Zfefd X1 \e cX YXj\ [\ cX g`i}d`[\ d}j g\ijfeXj cXj hl\ [\dXe[Xdfj d}j \ekfeZ\j eX[X d}j Xgifm\Z_Xdfj +' c`$ k\e\dfj Xc j\Zkfi gi`dXi`f hl\ \j cX gif$ X^lX# d}j j\im`Z`fj# g\if \c X^lX \j cX kifj# \jf hl`\i\ [\Z`i hl\ k\e\dfj leX [lZZ` e Y}j`ZX [\ ZXie\# c\Z_\# ^iXefj# d`jdX% [\]`Z`\eZ`X f g i[`[Xj [\c -' gfi Z`\ekf \e gifd\[`f% CXj ZXljXj _Xp hl\ XkXZXi$ cXj p X_ \j [fe[\ gf[\dfj i\Zlg\iXi X^lX gfihl\ ef _XYi} d}j# \j cX d`jdX# 6HUYLPRV D WRGDV ODV GHSHQGHQFLDV gfi \jf _Xp hl\ _XZ\i le ljf \]`Z`\ek\ [\ cX hl\ pX k\e\dfj% GHO JRELHUQR IHGHUDO HVWDWDO \ (V VXILFLHQWH"

4X© FRQVLGHUDFLRQHV WLHQH VREUH HO FDPELR FOLP¡WLFR SHQVDQGR TXH HO WHPD HMH HV HO DJXD SHUR DFRPSD±DGD GH UH FXUVRV FRPR HO VXHOR \ HO SURSLR FOLPD"

PXQLFLSDOHV \ D XVXDULRV RUJDQL]DGRV HQ WRGR HO SD­VÚ

8j \j% <c ZXdY`f Zc`d}k`Zf \j leX i\X$ c`[X[% ?XZ\ lefj *' X fj )' X fj cX \jkXZ` e [\ cclm`Xj `e`Z`XYX \e Z`\ikf g\$ i`f[f \e leX i\^` e p \iX dlp \jkXYc\2 cX gfZX [\ j\hl X f \jk`Xa\ kXdY` e% 8hl \e \c ZXjf [\ ljk\[\j# \e cX i\^` e CX^le\iX cXj gfZXj [\ `e`Z`f [\ `em`\i$ ef \iXe dlp dXiZX[Xj Zfe leXj k\dg\$ iXkliXj dlp \jkXYc\j2 X_fiX jfe [i}jk`$ ZXj% 8dXe\Z\ dlp ]i f# ZXj` Zfe^\cXe[f p \ej\^l`[X k`\e\e le ZXcfi e% <j\ \j \c \]\Zkf [\ le ZXdY`f Zc`d}k`Zf m\i[X[\$ if# alekf X cXj ^iXe[\j `ele[XZ`fe\j hl\ j\ [Xe# cXj k\dg\iXkliXj \oki\dXj hl\ efj X^XiiXe1 cXj YfiiXjZXj# cfj Z`Zcfe\j# jfe cfj \]\Zkfj% 8c ZXdY`f Zc`d}k`Zf k\$ e\dfj hl\ X[XgkXiefj gfihl\ kf[X \j$ g\Z`\ m`mX# j\X Xe`dXc f m\^\kXc# j\ X[XgkX f dl\i\% < TX© GLFH XVWHG VREUH OD H[WUDFFL³Q GHO JDV OXWLWDV HQ &RDKXLOD" 6DEHPRV TXH OD SURSXHVWD KD VLGR UHFKD]DGD SRU HO SUHVLGHQWH SHUR ORV HPSUHVDULRV LQ VLVWHQ DXQTXH SDUD IUDJPHQWDU HO VXHOR VH UHTXLHUH PXFKD DJXD \ HVH UHFXUVR QR OR WHQHPRV

<c ]Xdfjf ]iXZb`e^% Pf Zi\f hl\ kf[Xj cXj XZk`m`[X[\j \Zfe d`ZXj [\ cX jfZ`\$ [X[ jfe Yl\eXj# kf[Xj% <c e`Zf [\kXcc\ \j hl\ _Xp hl\ _XZ\icXj Zfe \hl`c`Yi`f p df[\iXZ` e# p Xek\j [\ \a\ZlkXi leX XZk`m`[X[ Zfdf \jX [\Y\e _XZ\ij\ \jkl$ [`fj [\ `dgXZkf XdY`\ekXc# [\ X]\ZkX$ Z`fe\j p hl d\[`[Xj [\ d`k`^XZ` e mXe X `dgc\d\ekXij\ gfihl\ ]`eXcd\ek\ cf

0 /$*81$ Þ 129,(0%5(


(175(9,67$ kf gi`fi`kXi`f XZk`mXi \jXj gcXekXj gXiX cX gif[lZZ`Â?e [\ ]\ik`c`qXek\j# ef \j dXcf# g\if k\e\dfj hl\ cc\^Xi X leX X^i`ZlckliX \hl`c`YiX[X# Xd`^XYc\ Zfe \c d\[`f Xd$ Y`\ek\ p gXiX \ccf \o`jk\e dlZ_Xj k„Ze`$ ZXj# dlZ_Xj d\kf[fcf^ˆXj Zfdf cX X^i`$ ZlckliX [\ Zfej\imXZ`Â?e# cX YXcXeqX Z\if# cX YXcXeqX dˆe`dX# \kZ„k\iX# hl\ \jk}e [Xe[f dlp Yl\efj i\jlckX[fj \e kf[f \c dle[f p \e \c gXˆj# p efjfkifj k\e\dfj dlZ_f hl\ _XZ\i X_ˆ% Efjfkifj Zfdf ZfigfiXk`mf# k\e\dfj gcXek\Xd`\ekfj X \j\ e`m\c p [\ _\Z_f pX \jk} cX Xg\ikliX gXiX cXj d`Zif p d\[`XeXj \dgi\jXj hl\ cXj mXe X `dglcjXi \e \c ^f$ Y`\ief hl\ m`\e\# hl\ \jk} X [fj [ˆXj% <e$ kfeZ\j cXj d`Zif p d\[`XeXj \dgi\jXj Zfdf cX el\jkiX# ^\e\iXdfj d}j [\c -' Â? .' gfi Z`\ekf [\ cfj \dgc\fj [\c gXˆj \e$ ki\ kf[fj% <c gi\j`[\ek\ 8e[i„j DXel\c CÂ?g\q FYiX[fi p jl \hl`gf [\ kiXYXaf# jlj [`]\i\ek\j j\Zi\kXi`fj# _Xe g\i]`cX[f gif$ ^iXdXj gXiX `dglcjXi \jkXj \dgi\jXj gXiX hl\ [\jXiifcc\dfj gifp\Zkfj \e cXj i\^`f$ e\j d}j XYXe[feX[Xj [\c gXˆj# [fe[\ d}j efj e\Z\j`kXe% < FXÂĄO HV HO GLDJQÂłVWLFR TXH KDFH GH 0Š[LFR \ VXV FRPXQLGDGHV" 'ÂłQGH WHQGU­DQ OD PD\RU LQIOXHQFLD SDUD WUD EDMDU"

D`iX# kf[f \c gXˆj k`\e\ cl^Xi\j XYXe[f$ eX[fj# Zfe Xckfj ˆe[`Z\j [\ dXi^`eXZ`Â?e% Cf `dgfikXek\# hl\ j\ _X gcXek\X[f p Xjˆ \jk} g\i]`cX[f \j \c Jli Jli\jk\# \dg\qXi X_ˆ1 gXik\ [\ AXc`jZf# gXik\ [\ D`Z_fXZ}e# g\if cf hl\ \j :_`XgXj# KXYXjZf# M\iXZilq# jfe gi`fi`kXi`fj% <c efik\ k`\e\ cf jlpf kXdY`„e g\if efj cc\^X XZ} d}j i}g`[f cX k\Zefcf^ˆX% < SDUD /D /DJXQD FXÂĄOHV SUR\HFWRV SRGU­DQ GHVDUUROODU"

;\Y\dfj i\^lcXi gXiX ef k\e\i \c ^cf$ Yf k\ii}hl\f _`im`\e[f [\ ZXcfi cc\^Xe[f X gifZ\jfj Xekifgf^„e`Zfj# [\jkilZk`mfj# X^i\j`mXd\ek\ Zfdf \j \e \c ZXjf [\ cX X^i`ZlckliX hl\ j\ ljX [\ ]fidX [\jd\[`$ [X# f cX ^XeX[\iˆX kXdY`„e dlp [\jZfe$ kifcX[X# Zfe cX [\]fi\jkXZ`Â?e Zfdf i\jlc$ kX[f% <c ZXdY`f Zc`d}k`Zf ef k`\e\ ]ifek\iXj e` gXik`[fj gfcˆk`Zfj f Zi\[fj% 9­FWRU 9LOODORERV \D VH UHXQLÂł FRQ UHSUH VHQWDFLRQHV FDPSHVLQDV < PHQFLRQDQ FRPR DFXHUGRV TXH VH LQVWDODUÂĄQ GRV SODQWDV SDUD OD JHQHUDFLÂłQ GH DJURTX­ PLFRV GHELGR D TXH ORV LQVXPRV ORV WUDHQ LQFOXVR GHVGH 8FUDQLD \ HO UHWRUQR

GH OD DJULFXOWXUD SRU FRQWUDWR 8VWHGHV FÂłPR WUDEDMDUÂĄQ HQ FXDQWR D OD REUD SÂş EOLFD TXH JHQHUHQ GH OD PDQR GH ODV DVR FLDFLRQHV FLYLOHV R GHO FDPSHVLQDGR"

D` gfe\eZ`X cX ZfefZ\ MˆZkfi M`ccXcfYfj# cX _X m`jkf \e cX Le`m\ij`[X[ [\ :_Xg`e^f# [fe[\ cX _\ `dgXik`[f# \e cX Le`m\ij`[X[ 8lk�efdX 8^iXi`X 8ekfe`f EXiif# cX _X m`jkf \e fkiXj i\le`fe\j \e cX :`l[X[ [\ D„o`Zf Zfe fi^Xe`qXZ`fe\j ZXdg\j`eXj# p _X i\kfdX[f glekfj [\ \jkX gfe\eZ`X gfihl\ cX \cXYfiXdfj Zfdf ^ilgf `ek\i$ [`jZ`gc`eXi`f% CX Zl\jk`�e [\ cfj X^ifhlˆ$ d`Zfj \e D„o`Zf# ]\ik`c`qXek\j Xc ZXjf# k\$ e\dfj le ^iXe [„]`Z`k p j\ [\Y\ kiXYXaXi \e \c glekf% yc _X gcXek\X[f Zfdf gifp\Z$

0 /$*81$ Ăž 129,(0%5(

CX i\^`Â?e CX^le\iX j`e [l[X# j` ef i\Xc`qX le Yl\e [`X^eÂ?jk`Zf `ek\^iXc gXik`Z`gXk`$ mf# jljk\ekXYc\# [\ kf[fj cfj j\Zkfi\j# mX$ dfj X j\^l`i Zfe gifYc\dXj hl\ efj mXe X cc\mXi X cX ZXˆ[X \e ZXjZX[X% <e YXj\ Xc [`X^eÂ?jk`Zf _Xp hl\ [\]`e`i cXj XZZ`fe\j# ef jÂ?cf [\]`e`i \e ^XY`e\k\ f Zfe cfj ]le$ Z`feXi`fj hl\ mXpXe X cc\^Xi# j`ef Zfe gXi$ k`Z`gXek\j [\ cX jfZ`\[X[# i\gi\j\ekXek\j jfZ`Xc\j% Kf[fj cfj j\Zkfi\j k`\e\e hl\ gXik`Z`gXi p _Xp d\kf[fcf^ˆXj gXiX _XZ\i$ cf# efjfkifj cf \jkXdfj f]i\Z`\e[f \e cX i\^`Â?e# gfi cX \og\i`\eZ`X hl\ k\e\dfj \e \c gXˆj# p Zi\\dfj hl\ \j \c gi`d\i gXjf hl\ _Xp hl\ [Xi% <c [`X^eÂ?jk`Zf ef Zl\jkX dlZ_f# cf hl\ ZfjkXi} \j cX jfclZ`Â?e% (Q WŠUPLQRV VRFLDOHV HO FRVWR VHU­D OD UH FRQYHUVLÂłQ GH ODV UHJLRQHV

Jˆ# ZcXif# p \hl`c`YiXicXj gfihl\ j` \jkX i\$ ^`�e# Zfdf dlZ_Xj d}j# j\ gl\[\ ZfcXgjXi \e Yi\m\ gfi cX \jZXj\q [\c X^lX f cX ZfekX$ d`eXZ`�e [\ cX d`jdX# kf[Xj cXj XZk`m`[X$ [\j j\ mXe X XkiXjXi% <c dfkfi [\ cX m`[X \j \c X^lX# ef cf \j \c [`e\if e` \c g\ki�c\f%



5(3257$-(

/$ &21),*85$&,“1 0,*5$17( (1 /$ /$*81$ FjnXc[f MXc\eql\cX# [`i\Zkfi [\c :\ekif [\ ;ˆX ĂˆA\jÂ’j Kfii\j =iXpi\É [`Z\ hl\ j\ dXek`\e\ leX [\j`e]fidXZ`Â?e \e \c k\dX [\ cX d`^iXZ`Â?e

325 52%(572 &$5621 )2726 -21$7+$1 35,(72 < 0/$*81$

:

/26 Ă™%$' +20%5(6Ăš

fe cX kfdX [\ gf[\i \e )'(- [\c gi\j`[\ek\ [\ <jkX[fj Le`$ [fj# ;feXc[ Kildg# cX X^\e[X d`^iXkfi`X \e CXk`efXd„i`ZX _X ^`iX[f \e kfief [\ cX [\j\jg\iXZ`Â?e p cX `eZ\ik`[ldYi\% <e d\efj [\ [fj XÂŒfj# cXj [\ZcXiXZ`f$ e\j p j`^eXkliXj [\c ^fY\ieXek\ i\glYc`$ ZXef gifmfZXife le [\jXaljk\ \e cX [`e}$ d`ZX [\ cfj d\iZX[fj# cf^iXe[f X jl m\q [\jZlYi`i leX gj`Zfj`j \e cX jfZ`\[X[ Z\i$ ZX p c\afj [\ cXj ]ifek\iXj% <e cX [\YXZc\ XZklXc# D„o`Zf cc\^Â? X Zfem\ik`ij\ \e \c g\ijfeXa\ `ek\id\[`f kXekf [\ cfj \jhl\dXj ^\f^i}]`Zfj Zfdf [\ cX cXYfi YlifZi}k`ZX \e cXj f]`Z`eXj [\ i\cXZ`fe\j \ok\i`fi\j% 8 jÂ?cf lefj d\j\j [\ f]`Z`Xc`qXi jl efdYiXd`\ekf Zfdf gi\j`[\ek\ [\c gXˆj# 8e[i„j DXel\c CÂ?$ g\q FYiX[fi Zfe[`d\ekÂ? cX gfcˆk`ZX kiXj$ eXZ`feXc Zfe [\ZcXiXkfi`Xj [\ i\Z\gZ`Â?e ĂˆZfe YiXqfj XY`\ikfjÉ gXiX cfj m`Xa\ifj [\ ?fe[liXj p >lXk\dXcX# d\ejXa\ hl\ kiXjkXY`ccÂ? cfj XZl\i[fj dXek\e`[fj \eki\ cX i\cXZ`Â?e [\ D„o`Zf p <jkX[fj Le`[fj X cf cXi^f [\ cfj XÂŒfj% :fdf Xek\jXcX# \e X^fjkf [\ )'(/# cX I\[ [\ ;fZld\ekXZ`Â?e [\ cXj Fi^Xe`qX$ Z`fe\j ;\]\ejfiXj [\ D`^iXek\j I<;F$ ;<D # fi^Xe`qXZ`Â?e hl\ dXek`\e\ p Zf$ dle`ZX j`k`fj [\ Xgfpf X d`^iXek\j X cf cXi^f [\ )* XcY\i^l\j lY`ZX[fj \e ki\Z\ \jkX[fj# glYc`ZÂ? cfj i\^`jkifj [\ le \jkl$ [`f \e]fZX[f \e cX gXik`Z`gXZ`Â?e [\ cXj Xlkfi`[X[\j [\c gXˆj Zfe i\jg\Zkf X cX gif$ Yc\d}k`ZX d`^iXkfi`X [\c XÂŒf Xek\i`fi%

<c gi`d\i [\kfeXek\ X[pXZ\ek\ Xc ccXdX[f Ăˆ]\eÂ?d\ef KildgÉ# i\]`i`Â? hl\ X g\jXi [\ cXj gifd\jXj \jkX[fle`[\e$ j\j [\ d`c`kXi`qXi cX ]ifek\iX p \e[li\$ Z\i cXj d\[`[Xj [\ [\gfikXZ`Â?e# \c eÂ’$ d\if [\ `ed`^iXek\j j\ [lgc`ZÂ? \e i\cXZ`Â?e Xc XÂŒf )'(-% =l\ Xjˆ hl\ j\ i\^`jkiXife )/ d`c )// g\ijfeXj# [\ cXj ZlXc\j )- d`c ('( ]l\$ ife _fdYi\j# ) d`c ((/ dla\i\j p [\ \ccfj# -0 j\ `[\ek`]`ZXife Zfdf kiXe$ j\olXc\j# cfj ZlXc\j kiXej`kXife [\j[\ cX ]ifek\iX jli [\ D„o`Zf p j\ [\jgc\^Xife \eki\ cfj ZlXkif j\Zkfi\j \e hl\ cX fi$ ^Xe`qXZ`Â?e [\j^cfjX Xc gXˆj1 QfeX jli FXoXZX# :_`XgXj p M\iXZilq # QfeX Z\ekif ?`[Xc^f# Hl\i„kXif# >lXeXalX$ kf p :`l[X[ [\ D„o`Zf # QfeX FZZ`[\e$ k\ >lXeXalXkf# AXc`jZf# p EXpXi`k p gfi Â’ck`df cX QfeX efik\ El\mf C\Â?e# :fX_l`cX# :_`_lX_lX# p JXe Cl`j Gfkf$ jˆ % <c gi`eZ`gXc fYa\k`mf [\ \jkfj ef[fj [\ Xk\eZ`Â?e# ef jÂ?cf \j \c [\ Yi`e[Xi X cfj d`^iXek\j Xgfpf Xc`d\ek`Z`f p [\ jXcl[ [liXek\ \c kiXp\Zkf# j`ef \c [\ ZfeZ\gklXc`qXi \c kiXj]fe[f [\c ]claf [\ g\ijfeXj pX j\X X kiXm„j [\ dfk`mfj gf$ cˆk`Zfj f \ZfeÂ?d`Zfj p X jl m\q# \m`[\e$ Z`Xi p ZfdgifYXi cXj gfj`Yc\j `ii\^lcX$ i`[X[\j hl\ gl\[Xe jljZ`kXij\ [\ekif [\c k\ii`kfi`f d\o`ZXef# \c ZlXc X_fiX [\j[\ cX g\ijg\Zk`mX ^cfYXc# k`\e\ cX kX$ i\X [\ ]le^`i Zfdf XZfdgXÂŒXek\ f [\$ kiXZkfi [\ cX [\efd`eX[X :XiXmXeX D`$ ^iXek\# X cX ZlXc pX c\ gifZ\[\e mXi`Xj \[`Z`fe\j%

0 /$*81$ Ăž 129,(0%5(

3$62 325 /$ /$*81$

(O &HQWUR GH '­D GHSHQGH GH OD 3DUURTXLD GH 6DQ -XGDV 7D GHR XELFDGD HQ OD FRORQLD /DV 7RUUHV \ GH OD 8 Q L Y H U V L G D G ,EHURDPHULFD QD GH 7RUUHÂłQĂš

<e cX gXik\ \ok\i`fi [\c :\ekif [\ ;ˆX ĂˆA\jÂ’j Kfii\j =iXpi\É# \c ZlXc [\j[\ _XZ\ j`\k\ XÂŒfj XgfpX X hl`\e\j jXc`\$ ife [\ jl gXˆj \e YljZX [\ d\afi\j Zfe$ [`Z`fe\j# j\ \eZl\ekiX le dXgX [\ D„o`Zf Zfe]fidX[f gfi [`i\ZZ`fe\j p ilkXj `ek\i\jkXkXc\j hl\ iXd`]`ZXe X cfj fkifj cl^Xi\j \jkXYc\Z`[fj Zfe \c d`jdf gifgÂ?j`kf% 9Xaf \jk\ k\Z_f \e cX Zfcfe`X CXj Al$ c`\kXj Xc fi`\ek\ [\c dle`Z`g`f [\ Kf$ ii\Â?e# :fX_l`cX# jl [`i\Zkfi FjnXc[f MXc\eql\cX# cc\mX X ZXYf cXj XZZ`fe\j hl\ g\ij`^l\e \c Z`d\ekXi \eki\ cX gf$ YcXZ`Â?e cX^le\iX# leX ZlckliX [\ Zfe$ Z`\ek`qXZ`Â?e \e i\cXZ`Â?e Xc m`XZilZ`j hl\ \e]i\ekX \c d`^iXek\ Xek\j [\ jl Xii`Yf X <jkX[fj Le`[fj% <e \jk\ cXgjf# [fj aÂ?m\e\j _fe[li\$ ÂŒfj# gi\Z\[`[fj gfi leX ]Xd`c`X `ek\$ ^iX[X gfi [fj d\efi\j [\ \[X[ hl\ cc\$ ^Xife leX j\dXeX Xek\i`fi# _XYˆXe jXc`[f X i\Zfii\i lef [\ cfj Â’ck`dfj kiX$ dfj [\ cX Cˆe\X M\i[\ dlp Z\iZXef Xc XcY\i^l\% &XÂĄO IXH HO ÂşOWLPR QÂşPHUR GH PLJUDQ WHV UHJLVWUDGRV HQ 7RUUHÂłQ"

<jX gi\^lekX \j le gfZf [`]ˆZ`c [\ i\j$ gfe[\i# g\if ef gfihl\ ef \o`jkXe cXj _\iiXd`\ekXj e\Z\jXi`Xj gXiX jXY\icf# j`ef gfi \c j`dgc\ _\Z_f hl\ ZfekXY`c`$ qXi leX gfYcXZ`�e d`^iXek\ \j Zfdgc`$ ZX[f [\Y`[f X hl\ d`\ekiXj lefj j\ \j$ kXYc\Z\e gfi le k`\dgf# fkifj pX mXe [\ jXc`[X%


5(3257$-(

&X¡QWRV G­DV OOHJD D SDVDU XQ PLJUDQ WH HQ 7RUUH³Q"

'$726 '(/ ,1)250( 5('2'(0

;\g\e[`\e[f [\ cX j`klXZ` e# cf Zfd e jfe ki\j f ZlXkif [ Xj# g\if _Xp fZXj`fe\j \e hl\ e` j`hl`\iX gXjXe cX efZ_\%

Þ &RQ HO GH ORV PLJUDQWHV UHJLV WUDGRV +RQGXUDV RFXSD HO SULPHU OX JDU GH RULJHQ GH ODV SHUVRQDV VHJXL GR SRU (O 6DOYDGRU FRQ OXHJR *XDWHPDOD \ ILQDOPHQWH 0©[LFR Þ 8Q GH QL±RV \ DGROHVFHQWHV PL JUDQWHV YLDMDQ VLQ QLQJXQD FODVH GH FRPSD±­D DGXOWD &RQ P¡V FDVRV HQ HO SDUWLFXODU GH TXH VHDQ QL±DV Þ (VWDGRV 8QLGRV VH PDQWLHQH FRPR HO SULQFLSDO GHVWLQR SDUD OD PLJUDFL³Q FRQ HO SRVWHULRUPHQWH VH HQFXHQWUD 0©[LFR DEDMR FRQ FDQWLGDG TXH DXPHQW³ GHVSX©V GHO \ HO QRPEUDPLHQWR GH 'RQDOG 7UXPS FRPR SUHVLGHQWH

(Q FDVR GH TXH OOHJXHQ D FUHDU XQD ID PLOLD HQ 0©[LFR FX¡O VHU­D VX VLWXD FL³Q OHJDO"

<e ZlXekf Xc :\ekif [\ ; X# \jk\ X f _\dfj k\e`[f gfi d\j le gifd\[`f [\ \eki\ ('' $ ()' g\ijfeXj% P cf m\dfj gfi \a\dgcf Zfe `e]fid\j [\ cX :XiXmX$ eX D`^iXek\ hl\ ZXdY`Xe \e ZX[X i\$ gfik\# e d\ifj d}j# e d\ifj d\efj# gi\Z`jXicf \j [`] Z`c%

k`\dgf \e Kfii\ e# j`e \dYXi^f# [\j$ ZfefqZf j` cc\^Xife X k\e\i _`afj [liXe$ k\ \jk\ k`\dgf% <c dfk`mf \j hl\ X [`]\i\eZ`X [\ cXj Z`l[X[\j [\jk`ef Zfdf K`alXeX# Dfe$ k\ii\p# :`l[X[ Al}i\q# G`\[iXj E\^iXj p \e fZXj`fe\j JXck`ccf# cfj d`^iXek\j j\ hl\[Xe X_ pX j\X gfihl\ ef gl[`\ife &RQRFHV FDVRV GH PLJUDQWHV TXH VH ZilqXi X <jkX[fj Le`[fj f gfihl\ [`^X$ KD\DQ TXHGDGR HQ OD UHJL³Q" dfj hl\ _XjkX Z`\ikf glekf jfe gfYcX$ K\e^f \c ZfefZ`d`\ekf \e \jg\Z ]`Zf [\ Z`fe\j d}j `e[ljki`Xc`qX[Xj# gfi cf hl\ [fj g\ijfeXj hl\ j\ hl\[Xife gfi le X_ \iX X [fe[\ hl\i Xe cc\^Xi%

CX c\p [\Y\ gifk\^\i X cfj d`^iXek\j \e \c gX j# Xlehl\ _XpXe `e^i\jX[f [\ dX$ e\iX `c\^Xc [\Y\e ZfekXi Zfe cfj [\i\$ Z_fj hl\ j\ c\ fkfi^Xe X le Z`l[X[Xef d\o`ZXef% K`\e\e XZZ\jf X j\im`Z`fj [\ jXcl[ p \e ZXjf [\ hl\ cc\^l\e X k\e\i _`afj \ccfj k`\e\e \c [\i\Z_f X i\Z`Y`i \[lZXZ` e% G\if \e cX gi}Zk`ZX# pX j\X gfihl\ \c d`^iXek\ ef cf j\gX f gfi fd`$ j` e [\ cXj Xlkfi`[X[\j# \jkfj [\i\Z_fj cc\^Xe X ef i\jg\kXij\ f _XjkX m`fcXij\% J\^ e cX C\p D`^iXek\ [\ D o`Zf# gl$ Yc`ZX[X \c ), [\ dXpf [\ )'(( p df[`]`$ ZX[X gfi ck`dX m\q \e XYi`c [\ )'(-# cXj ^XiXek Xj c\^Xc\j ZfY`aXe X kf[X g\ijfeX hl\ j\ \eZl\eki\ \e k\ii`kfi`f eXZ`feXc j`e `dgfikXi jl gX j [\ fi`^\e# X jl m\q kXdY` e i\ZcXdX dXpfi gifk\ZZ` e X `e$ k\^iXek\j [\ ^ilgfj mlce\iXYc\j# d\ef$ i\j [\ \[X[# `e[ ^\eXj f m Zk`dXj [\ le [\c`kf% ;\j[\ cX g}^`eX f]`Z`Xc [\ `ek\ie\k [\ cX J\Zi\kXi X [\ I\cXZ`fe\j# j\ \e$ Zl\ekiX c`jkf gXiX jl [\jZXi^X \c Zfek\$ e`[f hl\ \e cX gi}Zk`ZX# [\Y\ fjk\ekXij\ Zfdf le [fZld\ekf [`j\ X[f gXiX jXc$ mX^lXi[Xi cX `ek\^i`[X[ [\ ZlXchl`\i g\i$ jfeX [liXek\ jl ki}ej`kf gfi D o`Zf# pX j\X gfi _fiXj# [ Xj f X fj%

0 /$*81$ Þ 129,(0%5(


5(3257$-( @Y\ifXd\i`ZXeX [\ Kfii\Â?e% G\if [\ ]fidX XlkÂ?efdX efjfkifj d`jdfj Zfej\^l`dfj el\jkifj i\Zli$ jfj# pX j\X Zfe XZk`m`[X[\j Xci\[\[fi [\c XÂŒf# Zfdf b\id\j\j# \eki\ fkifj p \e Zfealekf Xjˆ \j Zfdf dXek\e\dfj \jk\ cl^Xi% G\if YljZXdfj hl\ leX \dgi\jX kXdY`„e efj Xgfp\# XgXik\ [\ cX gXiif$ hl`X p cX le`m\ij`[X[# gfihl\ Zfdf kf[f# _Xp k`\dgfj [\ ĂˆmXZXj ^fi[XjÉ p ĂˆmXZXj ]cXZXjÉ p X g\jXi [\ \ccf cX e\Z\$ j`[X[ j\ mX _XZ`\e[f d}j ^iXe[\% Cf g\c`^ifjf [\ cX Xpl[X \j hl\ j\ mXpX fcm`[Xe[f# kiXkXdfj [\ [Xiefj X ZfefZ\i \e d\[`fj [\ Zfdle`ZXZ`Â?e gXiX _XZ\iefj d}j gi\j\ek\j# Xlehl\ XÂ’e Xjˆ _Xp ^\ek\ hl\ ef efj ZfefZ\ f j\ dXek`\e\ leX [\j`e]fidXZ`Â?e \e ZlXekf Xc k\dX [\ cX d`^iXZ`Â?e% 6RQ XQ VHFWRU Ă™ROYLGDGRĂš SRU OD VRFLH GDG FLYLO"

0,*5$17(6 '( 3$62 &HQWUR GH '­D KD UHFLELGR SRU PHV XQ SURPHGLR GH HQWUH SHUVRQDV

ĂˆÂż Jli^\ \jk\ `ejkild\ekf aliˆ[`Zf `ek\^iXc# \e \c hl\ j\ Xjld\ X D„o`Zf Zfdf gXˆj [\ fi`^\e# ki}ej`kf p [\jk`ef# [\ `^lXc dXe\iX j\ \jkXYc\Z\ cX le`[X[ ]Xd`c`Xi p cX gifk\ZZ`Â?e _ldXe`kXi`X Zfdf \a\j i\Zkfi\j [\ cX gfcˆk`ZX d`^iX$ kfi`XÉ# [`ZkX le Zfe[\ejX[f [\ gXcXYiXj YXaf \c c`eb [\ [\jZXi^X% J`e \dYXi^f# \e YXj\ Xc i\gfik\ [\ I<;F;<D# ) d`c .)+ [\ cfj d`^iXek\j i\^`jkiX[fj jl]i`\ife [\ Xc^Â’e [\c`kf f m`fcXZ`Â?e [\ [\i\Z_fj _ldXefj# j`\e[f cX dXpfiˆX [\ cXj ZXljXj \c ifYf Zfe .-%'- # c\j`fe\j ,%(+ # \okfij`Â?e +%'+ # j\Zl\jkif *%/) p XYljf [\ Xl$ kfi`[X[ )%0' % :fe \c dXpfi ˆe[`Z\ [\ XZkfj ZfekiX d`^iXek\j \e :_`XgXj# M\$ iXZilq# FXoXZX p KXYXjZf% /D FDUDYDQD KD WUD­GR XQ DXPHQWR LUUHJXODU HQ HO IOXMR GH PLJUDQWHV SRU OD UHJLÂłQ"

Jˆ# pX _\dfj m`jkf le Xld\ekf \e j\$ dXeXj i\Z`\ek\j# Xlehl\ pX ZlXe[f cc\$ ^X \c ]iˆf# Zfdf \j \jk\ ZXjf# \c e’d\if YXaX# k\e\dfj i\^`jkifj [\ \eki\ .' l /' g\ijfeXj \e cl^Xi [\c gifd\[`f Zf$ d’e [\ (*'% <ccfj gi\]`\i\e m`XaXi \eki\ dXiqf p fZklYi\ hl\ jfe cfj d\j\j [\ ZXcfi hl\ k\e\dfj ZX[X XŒf% :fe cX ilkX gi`eZ`gXc [\ cX ZXiXmXeX# cX ZlXc j\ [`Z\ \j \c fZZ`[\ek\# \c ]claf j\ [`m\ij`]`ZX gifmfZXe[f hl\ _XpX dX$ pfi ]claf \e cfj Z\ekifj [\ [ˆX [\ kf[f

D„o`Zf% Gfi \a\dgcf# \c gXjX[f j}YX[f (' [\ efm`\dYi\ cc\^Â? leX ]Xd`c`X Zfe d\efi\j [\ \[X[ hl\ m\eˆXe \e cX ZXiXmXeX p hl\ pX \e Hl\i„kXif j\ Zfe$ j`^l`\ife le ĂŠiX`[Ă‹ \e ZXiif gXiX XZ} X cX Z`l[X[ [\ Kfii\Â?e% <ccfj cc\^Xife \e j`klXZ`fe\j gi\fZlgXek\j# cfj d\efi\j ef _XYˆXe Zfd`[f p cc\mXYXe mXi`fj [ˆXj j`e YXÂŒXij\% (Q HVWH FDVR TXŠ DWHQFLÂłQ UHFLEHQ HQ HO &HQWUR GH '­D Ă–-HVÂşV 7RUUHVĂ—"

8hlˆ c\j [Xdfj le b`k [\ c`dg`\qX# Z_XdgÂ’# aXYÂ?e p gXjkX [\ [`\ek\j# X[\$ d}j [\ le Zfealekf [\ ifgX p le gXi [\ qXgXkfj% KXdY`„e j\ gl\[\e YXÂŒXi# [\$ jXpleXi p Zfd\i p j` cf i\hl`\i\e gl\$ [\e Zfdle`ZXij\ Zfe jlj ]Xd`c`Xi\j gfi k\c„]fef f `ek\ie\k% :\iZX [\ cX gl\ikX gfi [fe[\ ZilqXe cfj m`Xa\ifj p X le cX[f [\c cl^Xi [fe[\ j\ i\^`jkiXe Zfe jl efdYi\# j\ \eZl\e$ kiX le ZlXikf Zfe leX ZXek`[X[ [\ ifgX hl\ eleZX j\iˆX jl]`Z`\ek\% <e \ccX _Xp mXi`fj \jkXek\j hl\ ^lXi[Xe kf[f k`gf [\ gi\e[Xj j\gXiX[Xj \e [`jk`ekXj kX$ ccXj# cXj ZlXc\j cc\^Xe X kiXm„j [\ Zfc\Z$ kXj fi^Xe`qX[Xj gfi `^c\j`Xj l fi^Xe`qX$ Z`fe\j _ldXe`kXi`Xj% &ÂłPR VH PDQWLHQH HVWH FHQWUR"

<c :\ekif [\ ;ˆX [\g\e[\ [\ cX GXiif$ hl`X [\ JXe Al[Xj KX[\f# lY`ZX[X \e cX Zfcfe`X CXj Kfii\j p [\ cX Le`m\ij`[X[

0 /$*81$ Ăž 129,(0%5(

Efj _X gXjX[f hl\ ^\ek\ hl\ ef Zfef$ ZˆX \jk\ cl^Xi gfZf X gfZf j\ mX \eXdf$ iXe[f# f i\^i\jXe Zfe ifgX f d}j [feX$ Z`fe\j Zfdf i\jgl\jkX X cX cXYfi hl\ j\ _XZ\ Xhlˆ% G\if Zfdf \e kf[fj cfj cl^Xi\j# kXd$ Y`„e \o`jk\ Xc^f [\ [\j`e]fidXZ`Â?e \e ZlXekf X cfj gifgÂ?j`kfj hl\ k`\e\e cfj d`^iXek\j# hl\ j` cfj dlZ_XZ_fj m`\$ e\e X ifYXi f XjXckXi# cf ZlXc \j kfkXc$ d\ek\ \hl`mfZX[f% G`\ejf hl\ jfYi\kf$ [f# _Xp leX XgXkˆX gfi ef ZfefZ\icfj p pX ZlXe[f cf cc\^Xe X \eZfekiXi# \j dlp [`]ˆZ`c hl\ j\ [\jm`eZlc\e [\c Z\ekif# ef gfihl\ \c cl^Xi j\X Yfe`kf f ef# j`ef gfihl\ \j le \jgXZ`f XZf^\[fi p kiXkX$ dfj [\ _XZ\icf Xjˆ% Gfi fkif cX[f kXdY`„e \jk}e cXj _`j$ kfi`Xj hl\ cfj dlZ_XZ_fj Zl\ekXe# Âśhl`„e ef k`\e\ f klmf \e jl ]Xd`c`X leX g\ijfeX d`^iXek\6 Gfi hl„ e\^Xi X_fiX cf hl\ _X f]i\Z`[f \e \c gXjX[f \e cX i\^`Â?e% 8 ]`eXc [\ Zl\ekXj# cX Zfd$ gfj`Z`Â?e [\ cX _ldXe`[X[ _X j`[f _\$ Z_X \e YXj\ X cfj dfm`d`\ekfj d`^iXe$ k\j% &RQ XQ FDPELR GH JRELHUQR HQ SXHUWD FÂłPR FDOLILFDV HO WUDWDPLHQWR DO PL JUDQWH HQ HVWH VH[HQLR"

CX m\i[X[# cX dXpfiˆX [\ cXj g\ijfeXj Xc ]i\ek\ [\ \jkXj fi^Xe`qXZ`fe\j [\ Xgfpf Xc d`^iXek\# jfe dlp ]„ii\Xj f Ziˆk`ZXj X cXj Xlkfi`[X[\j# g\if cX i\Xc`[X[ \j hl\ cX gfj`Z`�e [\c gi\j`[\ek\ <ei`hl\ G\ŒX E`\kf# [\ )'() X )'(/ ]l\ Zfdf le jXk„c`k\ [\ cXj gfcˆk`ZXj Xgc`ZX[Xj gfi <jkX[fj Le`[fj% ;X le gfZf [\ \jg\iXeqX jXY\i hl\ \c ^fY`\ief hl\ j`^l\ _X gifd\k`[f cX \eki\^X [\ m`jXj [\ kiXYXaf# cf ZlXc pX j\ \jk} m`\e[f Zfdf gXik\ [\ cX kiXej`$ Z`�e# g\if X’e \o`jk\e cX^leXj [\ `e]fi$ dXZ`�e% J`e \dYXi^f# kXdY`„e \jg\iX$ dfj ZlXchl`\i ZcXj\ [\ Xgfpf X g\jXi [\ cfj Zfcfi\j [\ ZlXchl`\i ^fY\ieXek\%



5(3257$-(

5LTXHOPH \ VX SULPHU D¹R GH ÙFODURVFXURVÚ 8eXc`jkXj i\jXckXe hl\ cX el\mX Zfdgfj`Z`�e c\^`jcXk`$ mX p ^lY\ieXd\ekXc ]\[\iXc fi`ccXe X cX X[d`e`jkiXZ`�e \jkXkXc )'(.$)')) X _XZ\i ZXdY`fj gi�o`dXd\ek\ \e Xc^leXj [\g\e[\eZ`Xj ZcXm\j

325 /8,6 $/%(572 /“3(= )2726 0$18(/ *8$'$55$0$

<

c gi`d\i XÂŒf [\c >fY\ieX[fi [\ :fX_l`cX# D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj [\aX Zfdf gi`eZ`gXc c\^X[f cX i\\jkilZkliXZ`Â?e [\ cX [\l[X d`ccf$ eXi`X ZfekiXˆ[X _XZ\ [fj X[d`e`jkiXZ`fe\j# X[\d}j [\ cX \ej\ÂŒXeqX [\ hl\ [\Y\ ZXd$ Y`Xi jl dXe\iX [\ \a\iZ\i \c gf[\i [\ ZXiX X leX kiXej`Z`Â?e ]\[\iXc _`jkÂ?i`ZX% 8c d\efj \jXj jfe Xc^leXj [\ cXj i\$ ]c\o`fe\j hl\ _XZ\e XeXc`jkXj gfcˆk`Zfj Zfe$ jlckX[fj gfi D CX^leX# hl`\e\j Xl^liXe ZXdY`fj \e \c ^XY`e\k\ [\c dXe[XkXi`f cX$ ^le\if hl\ XjZ\e[`Â? Xc gf[\i kiXj leX \c\Z$ Z`Â?e Zfdg\k`[X p Zl\jk`feX[X% Ăˆ<c ^fY\ieX[fi XmXeqÂ? dXi^`eXcd\ek\ p \c gi\jlgl\jkf ef [`f gXiX \a\ZlkXi ^iXe$ [\j gifp\Zkfj [\ `em\ij`Â?e gÂ’Yc`ZX# Xc Zfe$ kiXi`f j\ X[d`e`jkiÂ? cX Zi`j`j gfihl\ cX [\l$ [X j\ i\e\^fZ`Â? gXiX XZXYXi [\ gX^XicX \e )'+/# cf ZlXc Zfe[\eX X [fj ^\e\iXZ`fe\j X \jkXi YXaf \c pl^f [\ cX [\l[X gÂ’Yc`ZX Zfe leX YXeZX ljli\iXÉ# Xj\m\iX \c g\i`f[`jkX >\iXi[f ?\ie}e[\q% @e[`ZX hl\ dlZ_f [\ cf hl\ fgXZÂ? \c gi`d\i XÂŒf [\ ^\jk`Â?e [\c ^fY\ieX[fi gi``jkX ]l\ \c Zfe]c`Zkf gfjk\c\ZkfiXc [\c XÂŒf gXjX[f# Xjˆ Zfdf \c gifZ\jf [\ i\efmXZ`Â?e [\ Zlilc\j ]\[\iXc\j p cX gi\j`[\eZ`X [\ cX i\gÂ’Yc`ZX% Ăˆ=l\ le XÂŒf dlp [`]ˆZ`c gfi cXj Z`iZlej$ kXeZ`Xj gfcˆk`ZXj p jfZ`Xc\j [\ :fX_l`cX% Le \jkX[f jldXd\ek\ \e[\l[X[f j`e dXi^\e [\ dXe`fYiX ]`eXeZ`\iX p XkX[f X cfj YXe$ Zfj# Zfe leX [\dXe[X [\ `e]iX\jkilZkliX Zi\Z`\ek\ [\ cX `e[ljki`X p cX jfZ`\[X[ \e \c k„id`ef [\ j\im`Z`fj gÂ’Yc`ZfjÉ% Gfi jl cX[f# Cl`j >XiZˆX 8YljXˆ[# XeXc`j$ kX gfcˆk`Zf p Zfclde`jkX [\ D`c\e`f CX^l$ eX# i\jXckX hl\ I`hl\cd\ Jfcˆj fgkÂ? gfi j\i ZXlk\cfjf Xek\ \jfj [fj [\kXcc\j p gXiX dl\jkiX \jk} hl\ cf^iÂ? dXek\e\i XmXeZ\j \e ki\j ilYifj ZcXm\%

0 /$*81$ Ăž 129,(0%5(

Ăˆ<c ^fY`\ief [\ D`^l\c I`hl\cd\ _X j`[f ZXlk\cfjf p gil[\ek\ gXiX \jkXYc\Z\i f i\]fiqXi \c df[\cf hl\ [\ dXe\iX \o`kf$ jX j\ gi\j\ekÂ? \e \c j\o\e`f gXjX[f \e ki\j ilYifj1 \c \dgc\f# `em\ij`Â?e p j\^li`[X[ gÂ’Yc`ZXÉ% ;\ \jk\ Â’ck`df# Zfej`[\iX hl\ ]`^liX Zfdf \c gi`eZ`gXc cf^if hl\ k`\e\ gfihl\ cXj \ek`[X[\j m\Z`eXj ef gl\[\e _XYcXi [\ leX j`klXZ`Â?e [\ i\cXk`mX kiXehl`c`[X[% Ăˆ8 g\jXi [\ \jkXi if[\X[f gfi \jkX[fj hl\ m`m\e leX j`klXZ`Â?e dlp cXd\ekXYc\ Zfdf :_`_lX_lX# KXdXlc`gXj p El\mf C\Â?e# :fX_l`cX j\ _X dXek\e`[f Zfe i\jlc$ kX[fj i\cXk`mXd\ek\ jXk`j]XZkfi`fjÉ% /$ 0(*$'(8'$ +$67$ (/

;liXek\ jl [`jZlijf [\ kfdX [\ gfj\j`Â?e \c gi`d\if [\ [`Z`\dYi\ [\c )'(.# D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj ]l\ ZcXif \e jl `ek\e$ Z`Â?e [\ i\\jkilZkliXi cX [\l[X [\ ZXj` +' d`c d`ccfe\j [\ g\jfj hl\ ZXi^X cX \ek`[X[ [\j[\ )'((% ĂˆMfp X g\[`ic\ Xc J\Zi\kXi`f [\ =`eXeqXj hl\ `e`Z`\ cfj ki}d`k\j gXiX i\\jkilZkliXi cX [\l[X p k\e\i kXjXj [\ `ek\i„j d}j YXaXj p d\afi\j Zfe[`Z`fe\j Zi\[`k`Z`XjÉ# jfckÂ? \e \c :fe^i\jf [\c <jkX[f% J`e \dYXi^f# \jX gi`d\iX fi[\e ef ]l\ [\c kf[f i}g`[X gfihl\ cXj Zfe[`Z`fe\j \Zf$ eÂ?d`ZXj [\c gXˆj c\ `dg`[`\ife m\i Zi`jkX$ c`qX[f \jf _XjkX ]`eXc\j [\ fZklYi\ ZlXe[f gfi ]`e ZfeZclpÂ? cX i\e\^fZ`XZ`Â?e hl\ [\j$ [\ \c Zfd`\eqf ]l\ i\Z_XqX[X gfi cX fgfj`$ Z`Â?e \e \c Gf[\i C\^`jcXk`mf% CX J\Zi\kXiˆX [\ =`eXeqXj [`f Zl\ekX _XZ\ leXj j\dXeXj hl\ XZ\gkÂ? Z`eZf f]\i$ kXj Zfe ki\j YXeZfj [`]\i\ek\j# [\ kXc dX$ e\iX hl\ \c YXeZf Dlck`mX fYklmf [fj Zfe$ kiXkfj# lef gfi (( d`c d`ccfe\j [\ g\jfj p fkif gfi , d`c d`ccfe\j [\ g\jfj# XdYfj X le gcXqf [\ *' XÂŒfj%


(175(9,67$

35,0(5 $‘2 '( *2%,(512 0LJXHO  QJHO 5LTXHOPH 6RO­V RSWÂł SRU GHVDSDUHFHU VHFUHWDU­DV \ UHHPSOD]DUODV SRU LQVWLWXWRV

j`^l\ X cfj [`j`[\ek\j gfcˆk`Zfj p \c gifg`f Xjg\Zkf [\c \hl`gf \j Xd\eXqXek\ \ `ek`$ d`[Xkfi`fÉ% J\^Â’e Cl`j >XiZˆX 8YljXˆ[# \e cfj ZXdY`fj [\Y\ [Xij\ gi`fi`[X[ \e cX \]`$ Z`\eZ`X X[d`e`jkiXk`mX hl\ g\id`kX Xc \j$ kX[f jfik\Xi cXj [`]`ZlckX[\j hl\ j\ m`\$ e\e% Ăˆ<c ^fY\ieX[fi _X \dg\qX[f X i\`e$ m\ekXij\ le gfZf \e jl i\jgfejXY`c`[X[ p \jk} fYc`^X[f X j\i dlZ_f d}j XY`\ikf# i\Z\gk`mf p i\jg\klfjf [\ cfj gifZ\jfj hl\ m`m\e cfj ZfX_l`c\ej\j% <e]i\ekX leX j`klXZ`Â?e Zfdgc\aX X iXˆq [\ cfj i\jlckX$ [fj [\ cX \c\ZZ`Â?e ]\[\iXcÉ% <ogfe\ kXdY`„e hl\ \e cX [\]`e`Z`Â?e [\c Gi\jlgl\jkf [\ <^i\jfj [\ cX =\[\iX$ Z`Â?e m\e[i} fkif i\kf `dgfikXek\# [\Y`[f X hl\ X_ˆ j\ m\i} \c f]`Z`f gfcˆk`Zf p ZXgX$ Z`[X[ [\ ^\jk`Â?e [\ cfj ki\j [`glkX[fj ]\$ [\iXc\j p cX j\eX[fiX hl\ jl gXik`[f kf[X$ mˆX k`\e\% Ăˆ<c ^fY\ieX[fi c\ gi\j\ekÂ? X 8DCF leX ZXik\iX [\ )' d`c d`ccfe\j [\ g\jfj \e fYiXj p gifp\Zkfj \e jl i\Z`\ek\ m`j`kX X :fX_l`cX# g\if \c gi\j`[\ek\ c\ [`af hl\ gf[iˆX (' d`c d`ccfe\j# \ekfeZ\j _XYiˆX hl\ m\i hl„ kXekf g\jX cX ZXgXZ`[X[ [\ ^\jk`Â?e [\ jlj c\^`jcX[fi\jÉ% ;\jkXZX kXdY`„e \c gXg\c [\c dXe[X$ kXi`f [\ fgfj`Z`Â?e hl\ [\j[\ \c gi`d\if [\ [`Z`\dYi\ Xjld`i}% ĂˆE\Z\j`kX \jkXYc\Z\i leX i\cXZ`Â?e d}j Z\iZXeX X cX Z`l[X[XeˆX# Zfe cX Z`l[X[X$ eˆX# gl\j k`\e\ Zfdf gi`d\i i\kf X le jl$ g\i[\c\^X[f \e cX ]`^liX [\ I\p\j =cfi\j hl\ mX Xjld`i \c gXg\c [\ Y`jX^iX \eki\ \c ^fY`\ief ]\[\iXc# \jkXkXc p cfj dle`Z`gX$ c\jÉ% 5((6758&785$&,“1 < &5($&,“1 '( '(3(1'(1&,$6

8c i\jg\Zkf# I`hl\cd\ Jfcˆj Xi^ld\ekÂ? hl\ [\i`mX[f [\ \jf _XYi} le X_fiif [\ _XjkX ) d`c ,'' d`ccfe\j [\ g\jfj XelXc\j hl\ Xpl[Xi}e X Yi`e[Xi d}j i\Zlijfj Xc k\dX [\ `em\ij`Â?e gÂ’Yc`ZX% <e \j\ j\ek`[f# \c g\i`f[`jkX >\iXi[f ?\ie}e[\q X[m`\ik\ hl\ \jf ef \j ^XiXekˆX [\ eX[X gfihl\ cX gfcˆk`ZX hl\ j\ gi\k\e[\ `dgc\d\ekXi gfi 8e[i„j DXel\c CÂ?g\q FYiX[fi \e cX ]\[\iXZ`Â?e `emfclZiX i\[lZ`i `dgl\jkfj \e \ek`[X[\j ]ifek\i`qXj Zfdf :fX_l`cX# cf ZlXc gf[iˆX X]\ZkXi X cfj `e^i\$ jfj gfi gXik`Z`gXZ`fe\j hl\ k`\e\e p gfi \e[\ jlgi`d`i \jfj X_fiifj% Ă™81$ 2325781,'$' ,10(-25$%/(Ăš

8dYfj XeXc`jkXj i\jXckXe hl\ cX el\mX Zfdgfj`Z`�e c\^`jcXk`mX p ^lY\ieXd\ekXc ]\[\iXc fi`ccXe X cX X[d`e`jkiXZ`�e )'(.$ )')) X _XZ\i ZXdY`fj gi�o`dXd\ek\ \e Xc^leXj [\g\e[\eZ`Xj ZcXm\j% >\iXi[f ?\ie}e[\q m\ e\Z\jXi`f hl\ cfj ZXdY`fj fo`^\e\e cX \jkilZkliX \jkX$ kXc hl\ kf[XmˆX \e ^iXe gXik\ k`\e\ ZfcX$

YfiX[fi\j f ^\ek\ Z\iZXeX X cfj _\idX$ efj Dfi\`iX% Ăˆ<c ^XY`e\k\ XZklXc k`\e\ le ^iXe kl]f dfi\`i`jkX ZXj` \e kf[X jl \jkilZkliX p \j `dgfikXek\ hl\ j\ i\\jkilZkli\ _XZ`\e[f leX \mXclXZ`Â?e d}j hl\ [\ Zfem\e`\e$ Z`Xj gfcˆk`ZXj \e i\jgl\jkX X i\ZcXdfj [\ cfj ZfX_l`c\ej\jÉ% :fej`[\iX hl\ Xc^leXj [\ cXj j\Zi\kX$ iˆXj hl\ [\Y\iˆXe ZXdY`Xi [\ k`klcXi Zf$ ii\jgfe[\e X cX [\ =`eXeqXj p >fY`\ief# gl\j Xek\ cfj ZXdY`fj ]\[\iXc\j hl\ j\ m`\e\e jfe ZcXm\ \e \c XZ\iZXd`\ekf Zfe ^ilgfj jfZ`Xc\j p gfcˆk`Zfj# X[\d}j [\ X[$ d`e`jkiXZ`Â?e [\c gi\jlgl\jkf% 8[\d}j [\ \jf# XÂŒX[\# cX J\Zi\kXiˆX [\ J\^li`[X[ GÂ’Yc`ZX e\Z\j`kX [\ leX i\m`$ j`Â?e `dgfikXek\# gi`eZ`gXcd\ek\ gfi cX Gfc`ZˆX <jkXkXc p hl\ `eZcljf \c gifg`f I`$ hl\cd\ Jfcˆj _XYcÂ? [\ ZXdY`Xi \e ZlXekf X `dX^\e% Ăˆ=l\iqX :fX_l`cX [\Y\ [\jXgXi\Z\i# gl\j \c d\ejXa\ hl\ j\ \emˆX [\j[\ _XZ\ XÂŒfj \j le ^fY`\ief Xlkfi`kXi`f hl\ g\i$

<e jl gi`d\i XÂŒf [\ ^fY`\ief# D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj fgkÂ? gfi [\jXgXi\$ Z\i j\Zi\kXiˆXj p i\\dgcXqXicXj gfi `ejk`$ klkfj gXiX \]`Z`\ekXi cX Xgc`ZXZ`Â?e [\ i\$ Zlijfj# X[\d}j [\ i\[lZ`i \c ^Xjkf Zfii`\ek\ [\ cX X[d`e`jkiXZ`Â?e% <eki\ cfj ZXdY`fj d}j i\c\mXek\j ]`^l$ iX \c i\^i\jf [\ cX J\Zi\kXiˆX [\ J\^li`[X[ GÂ’Yc`ZX p cfj `ejk`klkfj [\ cX Dla\i p :fX_l`c\ej\ [\ cX Alm\ekl[% ;\ cX gi`d\iX [\g\e[\eZ`X kfdÂ? gfi jfigi\jX cX `eZfigfiXZ`Â?e X jl k`klcXi`[X[ [\ Afj„ Cl`j Gc`\^f :fifeX# hl`\e ]le^`Â? Zfdf :fd`jXi`f p ;`i\Zkfi >\e\iXc gXiX cX gi\m\eZ`Â?e [\ [\c`kfj Z`Y\ie„k`Zfj \e cX ;`m`j`Â?e :`\ekˆ]`ZX [\ cX Gfc`ZˆX =\[\$ iXc% Jl Xii`Yf ]l\ gfZf d}j [\ ki\j d\j\j [\jgl„j [\ hl\ I`hl\cd\ Jfcˆj kfdÂ? gif$ k\jkX% J\dXeXj [\jgl„j# \c ^fY\ieX[fi [\$ mfcm`Â? X cX \jZ\eX gÂ’Yc`ZX X hl`\e ]l\iX jl [`i\Zkfi [\ J\^li`[X[ GÂ’Yc`ZX Dle`Z`$ gXc ZlXe[f ]l\ XcZXc[\ [\ Kfii\Â?e# \c k\$ e`\ek\ 8[\cX`[f =cfi\j ;ˆXq p hl`\e _Xj$ kX _fp \j \c i\gi\j\ekXek\ [\ cX [\g\e[\eZ`X \jkXkXc \e \jkX i\^`Â?e%

0 /$*81$ Ăž 129,(0%5(


3DQÂłSWLFR

3RU /XLV *DUF­D $EXVD­G

Ă™0LJXHO 5LTXHOPH 6X (QFUXFLMDGDĂš 0LJXHO HVWÂĄ SUÂł[LPR D UHDOL]DU FDPELRV HQ VX JDELQHWH SDUD HQIUHQWDU OD QXHYD UHDOLGDG GHO SD­V \ GH &RDKXLOD

D

/XLV *DUF­D $EXVD­G $QDOLVWD SRO­WLFR FDQHNYLQ#SURGLJ\ QHW P[

`^l\c I`hl\cd\ \e]i\ekX jl gifg`f Il$ Y`ZÂ?e% G\if e\Z\j`kX ZilqXicf j`e `d$ gfikXi cfj i`\j^fj [\ jl kliYlc\ekf ZXl[Xc p cX kfid\ekX [\ i\c}dgX^fj p kil\efj hl\ c\ XZfdgXÂŒX% C\ li^\ i\`em\ekXij\ gXiX g\ejXi ]l\iX [\ cX ZXaX# gfihl\ \jk\ D„o`Zf k`\e\ le j`^ef dfi\e`jkX `e[`j$ Zlk`Yc\2 p :fX_l`cX# kXdY`„e% J` ef cf _XZ\# D`^l\c m`m`iˆX \e le \jkX[f [\ j`k`f g\idXe\ek\# Xj\[`X[f gfi cXj _l\jk\j Xdcf`jkXj _XjkX \c ]`eXc [\ jl j\o\e`f% Âś:l}c\j jfe jlj i\kfj gXiX i\g\ejXij\ p ifdg\i Zfe \j\ Z\iZf Xj]`o`Xek\6 Gfi cf gifekf# I`hl\cd\ \iiÂ? \e jl gi`d\i i\kf# Xc iXk`]`ZXi X If[i`^f =l\ek\j Zfdf gi\j`[\ek\ [\c GI@ \jkXkXc% Gi`m`c\^`Â? \c X]\Zkf gfi \eZ`dX [\ ]i`Xc$ [X[ [\ cfj i\jlckX[fj% Ifkle[f g\i[\[fi [\ cXj gX$ jX[Xj \c\ZZ`fe\j hl\ gifd\k`Â? ^XeXi ĂˆZfe ZXiif Zfdgc\kfÉ2 =l\ek\j [`m`[`Â? Xc gi``jdf p j\ \e\d`jkÂ? Zfe cXj YXj\j% <e \jk\ ZXjf# \c \a„iZ`kf [\ D`^l\c# fkifiX df[\cf gi``jkX X e`m\c eXZ`feXc# k`\e\ le c`[\$ iXq^f [„Y`c \e k`\dgfj [\ jlg\im`m\eZ`X \oki\dX% :fe ZXlk\cX p j\eZ`cc\q# jl ^\jk`Â?e ^lY\ieXd\e$ kXc dXiZ_X m`\ekf \e gfgX \e ki\j }i\Xj1 \e \dgc\f# ZXj` XcZXeqX cfj +' d`c \dgc\fj ]fidXc\j \e jl gi`$ d\i XÂŒf [\ ^fY`\ief gXiX lY`ZXij\ \eki\ cfj [`\q \jkX[fj d}j [\jkXZX[fj [\ cX I\gÂ’Yc`ZX2 \e `em\ij`Â?e \okiXea\iX [`i\ZkX# :fX_l`cX \j cX +Âą \ek`[X[ i\Z\g$ kfiX [\c gXˆj Zfe d`c /*%*. d`ccfe\j [\ [Â?cXi\j# jÂ?cf \e \c (\i j\d\jki\ [\c XÂŒf2 p \e j\^li`[X[ gÂ’Yc`ZX# j\ \eZl\ekiX \eki\ cXj , \jkX[fj d}j j\^lifj [\c gXˆj% <e \jk\ ZXjf# \c j\^le[f i\kf [\ I`hl\cd\ Zfej`j$ k\ \e d\afiXi \jkfj ˆe[`Z\j p gi\Z`jXi jl \jk`cf g\i$ jfeXc [\ ^fY\ieXi d}j Xcc} [\ cX gil[\eZ`X p cX _l$ d`c[X[ dfjkiX[Xj \jk\ gi`d\i XÂŒf% CX Zi`j`j [\ gXik`[fj gfcˆk`Zfj p cX \d\i^\eZ`X [\c dfi\e`jdf [\aXife _l„i]Xefj X j\Zkfi\j `dgfikXe$ k\j [\ cXj ZcXj\j d\[`Xj# d\[`Xj XckXj p XckXj% Gl\j d`\ekiXj \c GI@ [`jglkX k\ii`kfi`fj [\ Zc`\ek\cX \c\Z$

0 /$*81$ Ăž 129,(0%5(

kfiXc Zfe Dfi\eX# X_ˆ \o`jk\ leX fgfikle`[X[ gXiX hl\ D`^l\c ZfejkilpX gl\ek\j p Xc`XeqXj Zfe j\Zkf$ i\j \dgi\jXi`Xc\j p fi^Xe`qXZ`fe\j [\ cX jfZ`\[X[ Z`m`c# \ek\e[`[Xj „jkXj# \e \c j\ek`[f Xdgc`f [\c k„i$ d`ef% <jkX }i\X [\ fgfikle`[X[ i\ZcXdX jl gi\j\eZ`X gfcˆk`ZX# Zfe le kXcXek\ i\Z\gk`mf# XY`\ikf# kfc\iXek\ p [`jgl\jkf X \jki\Z_Xi i\cXZ`fe\j jÂ?c`[Xj gfi \c Y`\e [\ jl gXik`[f p [\ :fX_l`cX% <jk\ \j \c k\iZ\i i\kf [\ I`hl\cd\% D`^l\c \jk} giÂ?o`df X i\Xc`qXi ZXdY`fj \e jl ^X$ Y`e\k\ gXiX \e]i\ekXi cX el\mX i\Xc`[X[ [\c gXˆj p [\ :fX_l`cX% J`e \dYXi^f# ef gl\[\ \iiXi% ?XYi} [\ \eZfekiXi le \hl`c`Yi`f \eki\ g\ijfeXj Zfe ZXgXZ`$ [X[ k„Ze`Zf$X[d`e`jkiXk`mX p gfcˆk`ZX gXiX ]fikXc\Z\i jl ^\jk`Â?e X[d`e`jkiXk`mX# j`e Ăˆkfii\Â?e$Xe`qXicX \e \oZ\jfÉ f gfe\i \e i`\j^f jl Xc`XeqX Zfe \c >ilgf JXck`ccf# \c d`jdf hl\ [\]`e`Â? jl m`Zkfi`X \c\ZkfiXc \e )'(.% <j\ el\mf \hl`gf _XYi} [\ k\e\i leX [fYc\ m`i$ kl[1 Xpl[Xicf X \jkXYc\Z\i le ^fY`\ief \]`ZXq# \]`$ Z`\ek\ p Z\iZXef X cXj \og\ZkXk`mXj [\ cX ^\ek\% < `d$ glcjXicf X Zfejkil`i gl\ek\j Zfe \c >fY`\ief =\[\iXc \eki\ d`j`c\j p kfig\[fj [\ jlj X[m\ijXi`fj1 8idXe$ [f >lX[`XeX# I\p\j =cfi\j# AXm`\i >l\ii\if# Afj„ Ă?e$ ^\c G„i\q p Cl`j =\ieXe[f JXcXqXi% <jk\ \j \c ZlXikf i\kf [\ I`hl\cd\% P \c hl`ekf# Zfej`jk\ \e i\k\e\i \c :fe^i\jf \e cXj \c\ZZ`fe\j `ek\id\[`Xj [\ )')' p cX ^lY\ieXkliX \e )')*% :fe le \a„iZ`kf [\Y`c`kX[f gfi jl c`[\iXq^f# j\ kfieXe ZilZ`Xc\j gXiX D`^l\c2 i\`em\ekXi jl \jk`cf g\ijfeXc [\ ^fY\ieXi2 Zfejkil`i gl\ek\j \e k`\iiXj `dg\ejX[Xj2 \c\^`i X jl d\afi >XY`e\k\ gfj`Yc\ p \[`]`ZXi leX i\cXZ`Â?e \o`kfjX Zfe \c >fY`\ief =\[\$ iXc% ;\ fkiX dXe\iX# :fX_l`cX j\ dfi\e`qXi} _XjkX \c kl„kXef X gXik`i [\ )')'% P \c Xj\[`f Xdcf`jkX [\aXi} [\ j\i gfj`Y`c`[X[ gXiX Zfem\ik`ij\ \e i\Xc`[X[ Xj$ ]`o`Xek\%



(175(9,67$

6DQGUD $PD\D 5RVDOHV KDFH KLVWRULD HQ 'XUDQJR 3UHVLGH OD -XQWD GH &RRUGLQDFLÂłQ 3RO­WLFD GHO &RQJUHVR ORFDO ĂˆJˆ \o`jk\ leX cˆe\X eXZ`feXc hl\ [\]`e\ cf hl\ j\ _XYi} [\ c\^`jcXi gXiX Xidfe`qXi \e D„o`Zf# cf hl\ m`\e\ gXiX cfj Z`l[X[Xefj Zfe 8e[i„j DXel\c CÂ?g\q FYiX[fiÉ 325 *,/%(572 /$675$ *8(55(52 )2726 0 /$*81$

J

Xe[iX C`c`X 8dXpX IfjXc\j \j cX gi`d\i dla\i \e j\i gi\j`[\ek\ [\ cX AlekX [\ :ffi[`eXZ`Â?e Gfcˆ$ k`ZX \e \c :fe^i\jf [\ ;liXe^f alekf X le gXik`[f Xc`X[f# \c GXik`[f [\c KiXYXaf# hl\ i\gi\j\ekX _fp X cX dXpfiˆX d}j XgcXjkXek\ [\ cX _`jkfi`X [\c i„^`d\e [\c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc GI@ # p [\ jl fgfj`Z`Â?e# \c GXik`[f 8Z$ Z`Â?e EXZ`feXc G8E % GXiX \ccX# Dfm`d`\ekf [\ I\^\e\iX$ Z`Â?e EXZ`feXc DFI<E8 \j cX ccXm\ gXiX ZXdY`Xi cX gfcˆk`ZX \e \c gXˆj p \e \c \jkX[f% <c hl\ _fp j\ m`m\ \j le \jZ\eXi`f hl\ eX[`\ Zfej`[\iÂ? Xek\j# g\if ef gfi ef ZfefZ\i leX ]Â?idlcX gXiX XmXeqXi Zfe cXj gXcXYiXj kiXejgXi\eZ`X p Xljk\i`$ [X[ gXiX Zfe[lZ`i X cX eXZ`Â?e X cf hl\ _fp ccXdXe cX cˆe\X [\ cX :lXikX kiXej]fi$ dXZ`Â?e% Jl d\ek\ j\ \eZl\ekiX fZlgX[X \e \j$ kfj dfd\ekfj \e \c [\jXiifccf [\c gXicX$ d\ekf [liXe^l\ej\ Zfe cXj `e`Z`Xk`mXj g\e[`\ek\j p Zfe \c kiXYXaf [`Xi`f [\ cX :}dXiX% P ef [`jkXi} [\ cX \eZfd`\e[X gfihl\ ef \j k`\dgf [\ \c\ZZ`fe\j% 8[\$ d}j hl\ \c gXik`[f \j \c hl\ kfdX Xc ]`eXc cX [\Z`j`Â?e% 8lehl\ ef [\jZXikX \e \c ]l$ klif gXik`Z`gXi \e fkiX \c\ZZ`Â?e% Jfeiˆ\ d`\ekiXj \c i\gfik\if c\ gi\$ ^lekX ZÂ?df XiiXeZXi le Zfe^i\jf cfZXc [fe[\ DFI<E8 \j fgfj`Z`Â?e Xc ^fY`\i$ ef [\ ;liXe^f# g\if \j \c d`jdf gXik`[f Zfe dXpfiˆX \e :fe^i\jf [\ cX Le`Â?e p \c ^fY`\ief ]\[\iXc% Âś:Â?df Zfd\eqXi \c kiXYXaf gfcˆk`Zf6 I\jgfe[\ hl\ Zfe [`}cf^f# gfihl\ X g\jXi [\ cX gfj`Y`c`[X[ [\c ĂˆdXpfi`k\fÉ Zfdf j\ c\ ccXdÂ? \e \c gXjX[f X cXj XiY`$ kiXi`\[X[\j hl\ g\id`k\ \c ZfekXi Zfe [`$ glkX[fj [\ leX d`jdX cˆe\X# \e \c :fe$ ^i\jf [\ ;liXe^f cf `dgfikXek\ jfe cfj Z`l[X[Xefj p _XZ\i Zfej\ejf% CX `qhl`\i$ [X Zl\ekX Zfe (+ [\ ), [`glkX[fj1 dXpf$ 0 /$*81$ Ăž 129,(0%5(

3RGHPRV GHFLU PXFKDV FRVDV /DV SDODEUDV WH DVLJQDQ DOJXQDV IRUPDV GH WUDEDMDUĂš


(175(9,67$ gXik\ [\c [`jZlijf cXj gXcXYiXj kiXejgX$ i\eZ`X p Xljk\i`[X[ ]fidXe gXik\ [\ cX ZX[\eX j\d}ek`ZX% /R P¥V FRPSOLFDGR HV FXDQGR VH GHVLJ QD D OD SHUVRQD < OOHJD DO SOHQR \ HVW¥Q GLSXWDGRV TXH WLHQHQ VXV SUR\HFWRV \ VXV SDUWLGRV 4XŠ IXH OR TXH SDV³ SRU WX PHQWH HQ HVH PRPHQWR"

<D WHQJR XQ WLHPSR HQ OD SRO­WLFD IXL UHJLGRUD <D FRQR]FR \ \D PH FRQRFHQĂš

iˆX j`dgc\ p ZXc`]`ZX[X gXiX XgifYXi cf hl\ j\X# g\if Xj\^liX hl\ j\i} cf hl\ Xpl[\ X cX ^\ek\% 8gl\jkX cX `qhl`\i[X X cX XidfeˆX Zfe cXj [\d}j ]l\iqXj gfcˆk`ZXj i\gi\j\ekX$ [Xj \e \c :fe^i\jf% P i\ZfefZ\ hl\ \j Zfdgc`ZX[f gfihl\ ef _Xp XZl\i[fj# g\if j\ gi`m`c\^`X \c [`}cf^f% G\if Xglek� hl\ jˆ \o`jk\ leX cˆe\X eXZ`feXc hl\ [\$ ]`e\ cf hl\ j\ _XYi} [\ c\^`jcXi gXiX Xi$ dfe`qXi \e D„o`Zf cf hl\ m`\e\ gXiX cfj Z`l[X[Xefj Zfe 8e[i„j DXel\c C�g\q FYiX[fi% <ekiX gfi cX gl\ikX [\ Zi`jkXc hl\ Zfe$ [lZ\ Xc gc\ef [\c :fe^i\jf [\ ;liXe^f%

GXjf ]`id\% J`^l\ \c Zlijf [\ cX YXiXe[`ccX [\ dX$ [\iX p [\ki}j [\ cX Zlilc hl\ fZlgXi} j\ [\k`\e\ p ZfcfZX cfj YiXqfj jfYi\ \c i\j$ gXc[f% :fd`\eqXe cfj jXcl[fj% CX gc}k`ZX# hl\ Zfej`[\iX JXe[iX C`c`X 8dXpX# gi\$ j`[\ek\ [\ cX AlekX [\ :ffi[`eXZ`�e Gf$ cˆk`ZX# \j \c d\ZXe`jdf gXiX cf^iXi XZl\i$ [fj% 8k`\e[\ X le c\^`jcX[fi p X fkif% Cfj i\gfik\ifj j\ XZ\iZXe p cfj Xk`\e[\% CX mfq \j ZcXiX p \ekfeX[X% J`^l\ cXj cˆe\Xj hl\ 8e[i„j DXel\c C�g\q FYiX[fi c\ `dgi`d\ X Dfm`d`\ekf [\ I\^\e\iXZ`�e EXZ`feXc DFI<E8 % Ef [\aX `ejkXek\ X mXZ`cXi e`e^leX i\jgl\jkX% <e Xc^leX

Kf[f `e`Z`X [\j[\ cX gXik`Z`gXZ`�e `e$ k\ieX# cX [\j`^eXZ`�e `ek\ieX gXiX hl\ ]l\iX cX XYXe[\iX[X# Zfdf cX Zffi[`eX$ [fiX [\c ^ilgf gXicXd\ekXi`f [\ DFI<$ E8% :fd`\eqX leX Zfek`\e[X Zfe cfj (' [`glkX[fj [\ DFI<E8 p gifgfe^f d` efdYi\ \ `e`Z`X cX mfkXZ`�e gXiX hl\ j\X cX Zffi[`eX[fiX% ?Xp j`\k\ mfkfj X ]Xmfi p ki\j \e ZfekiX% PX jfp cX Zffi[`eX[fiX p Zfd`\eqX \c ZXY`c[\f% <c Zfej\ejf gXiX g\[`i \c Xgfpf [\ cfj )+ [`jglkX[fj hl\ jfe [\ fkifj gXik`[fj p pX \e \c gc\ef j\ gl\[X cf^iXi cX mfkXZ`�e% PX k\e^f le k`\dgf \e cX gfcˆk`ZX# ]l` i\^`[fiX% PX ZfefqZf p pX d\ ZfefZ\e% K\e^f le kiXYXaf _\Z_f p le ZXd`ef i\$ Zfii`[f% D\ Zfd`\eqXe X gi\^lekXi% D\ Zfd`\eqXe X ccXdXi% P Zfek\jkf cf hl\ hl`\i\e jXY\i1 d` kiXYXaf% ;\j[\ cl\^f hl\ \j le e\im`fj`jdf% PX cX dXpfiˆX d\ _XYˆX \ok\ieX[f jl Xgfpf% PX `YX kiXehl`cX \e \c j\ek`[f [\ cfj mfkfj% G\if j`\dgi\ hl\[X cX [l[X p cX `eZ\ik`[ldYi\ jfYi\ j` j\ mX X mfkXi% J\ [X cX mfkXZ`�e p cf^i� )* mfkfj X ]Xmfi p [fj \e ZfekiX% ;\j[\ cl\^f hl\ \c e\i$ m`fj`jdf1 \c Zfdgifd`jf hl\ lef X[$ hl`\i\% <c kiXYXaf [\ leX dla\i hl\ \e \c \jgXZ`f ef _XYˆX \jkX[f% J`ef hl\ _XYˆX j`[f glif _fdYi\ \c hl\ \jkXYX \e cX :f$ fi[`eXZ`�e Gfcˆk`ZX# Xek\j cX >iXe :fd`$ j`�e% <ekfeZ\j \j [fYc\ \c Zfdgifd`jf hl\ k`\e\j% <c Zldgc`ic\ X kl gXik`[f# X cfj [`glkX[fj [\ kl gXik`[f# g\if kXd$ Y`„e Zldgc`ic\j X cfj [\d}j% <c Zfej\e$ jXi# \c kiXYXaXi \e \hl`gf2 cc\^Xi X XZl\i$ [f Zfe cfj [\d}j% <j le kiXYXaf \efid\ hl\ m`\e\ X ]fikXc\Z\i X cXj dla\i\j% <j leX cXYfi \efid\% Le Zfdgifd`jf dlp ^iXe[\ hl\ _\ cc\mX[f Zfe dlZ_X kiXehl`c`[X[% :fe gc}k`ZX% CX gfcˆk`ZX \j [\ gc}k`ZX Zfe cfj [\d}j gXik`[fj% ;\YXaf [\ le kfc[f [\ gc}jk`Zf# ]i\ek\ X leX d\jX hl\ cc\mX Xc d\efj (( d\j\j [\j[\ hl\ \a`[XkXi`fj kfdXife cX gi`d\$ iX ZXj\kX [\ cX jlg\iZXii\k\iX ;liXe^f$ DXqXkc}e# JXe[iX C`c`X 8dXpX gcXk`ZX Zfe \ccfj% Gfi dfd\ekfj# jfeiˆ\e p \e fkifj _Xp j\i`\[X[ gfi cfj gcXek\Xd`\e$ kfj gXiX hl\ j\ i\jl\cmX \c gX^f hl\ c\j X[\l[Xe [\j[\ _XZ\ XŒfj% J\ i\ZXi^X \e le gfcˆe hl\ jfjk`\e\ cX m`^l\iˆX gXiX leX \efid\ c}d`eX hl\ j`i$ m\ [\ k\Z_f% LeX jl[X[\iX ifjX p a\Xej% <c ZXY\ccf XZfdf[X[f Zfe le ]c\Zf [\c cX[f [\i\Z_f# \c g\`eX[f _XY`klXc% =i\e$ k\ jlpf# le _fdYi\ Zfe leX ZXd`jX X ZlX[ifj p le jfdYi\if hl\ c\ ZXcqX cX ZX$ Y\qX%

0 /$*81$ Ăž 129,(0%5(


(175(9,67$

/DV PXMHUHV GHEHPRV HVWDU IRUWDOHFLGDV SDUD TXH ODV GHPÂĄV GHQ SDVRV ILUPHVĂš

&³PR FRPHQ]DU FRQ XQD QXHYD HVWUD WHJLD D IXWXUR" 3RUTXH 025(1$ HV XQ SDUWHDJXDV SDUD HO IXWXUR < VH SRGU­D DSURYHFKDU SDUD FDPELDU OD LPDJHQ GHO GLSXWDGR SHUR GDUOH IXQFLRQDOLGDG D OD UHSUHVHQWDFL³Q

CXj XZZ`fe\j [\ ZX[X [`glkX[f mXe X [\k\id`eXi \c kiXYXaf hl\ j\ i\Xc`qX% Gf[\dfj [\Z`i dlZ_Xj ZfjXj% CXj gXcX$ YiXj k\ Xj`^eXe Xc^leXj ]fidXj [\ kiX$ YXaXi% G\if cXj XZZ`fe\j jfe cXj hl\ [\k\i$ d`eXe cf hl\ \jk}j _XZ`\e[f% P \jf \j cf d}j `dgfikXek\% K\e\i XZZ\jf X cXj XZZ`fe\j Yl\eXj p hl\ \c Z`l[X[Xef j\gX hl\ \jkXdfj kiXYXaXe[f gXiX \ccfj% P j\ i\ZfefqZX \c kiXYXaf [\ cfj [`glkX$ [fj% P hl\ j\ k\e^X fkiX m`j`Â?e [\c kiX$ YXaf c\^`jcXk`mf% Hl\ ef j\X jfcXd\ek\ \e \c Zfe^i\jf1 ZXdY`Xi c\p\j2 c\mXekXi cX dXef2 ef mfkXi \e ZfekiX# j`ef hl\ j\X \c kiXYXaf [`Xi`f hl\ j\ Zfem`\ikX \e XZZ`fe\j p Y\e\]`Z`\e X cfj Z`l[X[Xefj# gfihl\ \j cf hl\ \ccfj hl`\i\e% <j cf hl\ \jg\iXe% 0 /$*81$ Ăž 129,(0%5(

<ccfj ef j\ \ek\iXe [\ cXj `e`Z`Xk`mXj hl\ j\ gi\j\ekXe# g\if jˆ [\ cXj XZZ`f$ e\j hl\ j\ mXe i\Xc`qXe[f [ˆX X [ˆX% LeX dla\i j\ XZ\iZX X cX YXiXe[`ccX [\ dX[\iX% :fe leX dXef j\ jfjk`\e\ gXiX X[\cXekXi \c Zl\igf p j\i \jZlZ_X$ [X gfi Xc^lef [\ cfj Xj`jk\ek\j [\ cfj [`glkX[fj f [\c g\ijfeXc [\c :fe^i\jf [\ ;liXe^f% ;\ leX g\ijfeX X fkiX m`X$ aX \c d\ejXa\ _XjkX cX gi\j`[\ek\ [\ cX AlekX [\ :ffi[`eXZ`�e Gfcˆk`ZX% Gfi le dfd\ekf# j\ [\k`\e\ gXiX \j$ ZlZ_Xi% LeXj ZlXekXj gXcXYiXj Zfe jl `ek\icfZlkfi p j\ XZ\iZX X Xk\e[\i X leX dla\i dX[liX% 8j`jk\ cX ZXY\qX C`c`X 8dXpX IfjXc\j d`\ekiXj cX g\ijfeX hl\ cX YljZX gXi\Z\ [\jX_f^Xij\% :fe [\k\e`d`\ekf cX gi\j`[\ek\ [\ cX AlekX [\ :ffi[`eXZ`�e Gfcˆk`ZX \e \c :fe^i\jf \jZlZ_X# `eZcljf Zfe le c\m\ ^\jkf `eZc`eX cX ZXY\qX gXiX _XZ\i hl\ j\ j`\ekX Z�df[X d`\ekiXj gcXek\X jl gifYc\dX f jfc`Z`kl[ [\ Xpl[X% P gXjXe cfj d`elkfj p cX \jZ\eX j`^l\%

&³PR FDPELD HO SUR\HFWR SRO­WLFR GH 6DQGUD /LOLD $PD\D"

:i\f hl\ cXj dla\i\j _\dfj \jkX[f [Xe[f gXjfj ]`id\j% ?\dfj \jkX[f Ylj$ ZXe[f% P hl„ hl`\if pf1 j\i le \a\dgcf gXiX Xhl\ccX dla\i hl\ ef gl\[\ _XYcXi p gcXjdXi jlj `[\Xj% Hl\ j\ Xki\mX% Hl\ j\gX hl\ j\ gl\[\ i\Xc`qXi% Hl\ cf hl\ leX dla\i j\ [\Z`[\ X _XZ\i# cf gl\[\ _XZ\i% :fe kiXYXaf# ZXgXZ`k}e[fj\% Hl\ ef j\X jfcXd\ek\ cX \hl`[X[ [\ ^„e\if cX hl\ efj gfe^X \e cfj \jgXZ`fj# j`ef hl\ j\Xe cXj XZZ`fe\j hl\ i\Xc`Z\dfj# cXj ZXgXZ`[X[\j hl\ k\e^Xdfj% Gfihl\ leX dla\i gl\[\ _XZ\i dlZ_Xj ZfjXj% K\e\dfj hl\ Xki\m\iefj% 8hl\ccX dl$ a\i hl\ ef k\e^X ]fikXc\qX% K\e\dfj cX fYc`^XZ`�e [\ [}ij\cX% CXj dla\i\j [\$ Y\dfj \jkXi ]fikXc\Z`[Xj gXiX hl\ cXj [\d}j [\e gXjfj ]`id\j% GXjfj `dgfi$ kXek\j gXiX el\jkiXj ]Xd`c`Xj% Gfihl\ jfdfj cfj hl\ cc\mXdfj cX ]l\iqX [\ cX ZXjX# [\ cfj _`afj# [\ cX ]Xd`c`X% Hl\ el\jkifj _`afj j\gXe hl\ kXdY`„e cXj dla\i\j gf[\dfj _XZ\i cXj ZfjXj%



(175(9,67$

ร 'HILQLWLYDPHQWH TXH QR VH OH DSRVWDUยก DO DVLVWHQFLDOLVPR VRFLDOร +RUDULR 3LยฑD ย YLOD DOFDOGH HOHFWR GH 0DWDPRURV &RDKXLOD <e \eki\m`jkX gXiX D CX^leX# Xj\^liX hl\ hl`\i\ cc\mXi X jl dle`Z`g`f X j\i i\ZfefZ`[f X e`m\c eXZ`feXc \ `ek\ieXZ`feXc# g\if gXiX \jf jXY\ hl\ \j e\Z\jXi`f gXjXi gfi leX j\i`\ [\ ร Z`il^ย Xjร 325/8,6 &$5/26 9$/'ย 6 '( /(ย 1 )2726 0$18(/ *8$'$55$0$

:

`ilaXef kiXldXkย cf^f [\ gif]\$ j`ย e# \c X_fiX XcZXc[\ \c\Zkf [\c dle`Z`g`f [\ DXkXdfifj# :fX_l`cX# ?fiXZ`f G`ย X ร m`cX# k`\$ e\ dlp XiiX`^X[f jl j\ek`i [\ Xgfpf X cX Zf$ dle`[X[% KiXj j\i i\^`[fi p X_fiX [\j[\ leX el\mX ki`eZ_\iX# Xj\^liX hl\ hl`\i\ cc\mXi X jl Z`l[X[ X j\i i\ZfefZ`[X X e`m\c eXZ`feXc \ `ek\ieXZ`feXc% 9Xaf \c ZfY`af [\ DFI<E8# jXY\ hl\ gXiX cf^iXi \jkf# \j e\Z\jXi`f hl\ cX Z`l[X[ gXj\ gfi leX j\i`\ [\ ร Z`il^ย Xjร gXiX hl\ \c dle`Z`g`f jXe\ \e dXk\i`X [\ `e]iX\jkilZkl$ iX# jXcl[# \[lZXZ`ย e# [\jXiifccf \Zfeย d`Zf# \eki\ fkifj% JXY\ X[\d}j hl\ cX [`]\i\eZ`X gfcย k`ZX hl\ _Xp ]i\ek\ X cfj XcZXc[\j hl\ ^f$ Y`\ieXe cX qfeX d\kifgfc`kXeX \j le i\kf \e cX ^\jk`ย e g\if Xj\^liX# cf d\afi j\i} kiXYXaXi kf[fj [\ dXe\iX Zffi[`eX[X%

&XยกO HV HO RULJHQ GH OD PRWLYDFLยณQ SRU LQ FXUVLRQDU DKRUD HQ OD SROยญWLFD"

<jkf d\ m`\e\ [\j[\ dlp afm\e% <e ZXjX k\$ e\dfj mXi`fj dย [`Zfj# lef [\ \ccfj \j d` kย f AX`d\ G`ย X# d\ ^ljkXYX dlZ_f cX cXYfi [\ ย c Zfdf dย [`Zf# \ekfeZ\j [\j[\ dlp Z_`Zf d\ [`f cX `ehl`\kl[ gfi Xk\e[\i X cX ^\ek\# gfi j\im`icX2 X_ย \e cX ZXjX [\ekif [\ cX ]Xd`c`X# j`\dgi\ j\ _X cc\mX[f X ZXYf cX `ek\eZ`ย e [\ Zl`[Xi p gifk\^\i X cfj [\d}j# [\ X_ย hl\ Zf$ d\eZย Zfe \jkX `[\X% Cc\^lย X cX ZXii\iX [\ D\[`Z`eX# d\ _X ^ljkX[f dlZ_f Xpl[Xi X cX ^\ek\ j`e \jg\iXi eX[X X ZXdY`f# \j Xc^f hl\ efj cc\eX# d\ ^lj$ kX YXjkXek\% 8_fiX Zfdf i\^`[fi hl\ _\ \j$ kX[f \e cX X[d`e`jkiXZ`ย e XZklXc d\ _\ [X[f Zl\ekX [\ cX e\Z\j`[X[ [\ cX ^\ek\ p ZX[X m\q mXdfj kiXkXe[f [\ _XZ\i d\afi cXj ZfjXj gfi Xpl[Xicfj% LeX m\q X_ย X[\ekif g\ejย hl\ j` gf[ย X \jkXi Xย e d}j X[\ekif gXiX gf[\i Xpl$ [Xi# gfihlย ef _XZ\icf# [\ X_ย eXZ`ย \c dfk`$ mf%

6L HO PXQLFLSLR GH 0DWDPRURV IXHUD XQ SDFLHQWH &XยกOHV SXGLHUDQ VHU ODV HQ IHUPHGDGHV TXH KD\D TXH DWHQGHU GH PDQHUD SULRULWDULD" +D KHFKR \D DO JยบQ GLDJQยณVWLFR"

J` ZcXif% @eZcljf \e d`j [`jZlijfj _XYcXYX [\ \jf# _\dfj \jkX[f i\Xc`qXe[f le [`X^$ eย jk`Zf [\ cX Z`l[X[# [\c dle`Z`g`f% =l`dfj Zfcfe`X gfi Zfcfe`X# \a`[f gfi \a`[f# p \]\Zk`$ mXd\ek\ _Xp mXi`Xj ร \e]\id\[X[\jร hl\ efj X]\ZkXe% ;\ cf hl\ d}j X[fc\Z\ \c dle`Z`g`f [\ DXkXdfifj# [\j[\ \c j\ek`i [\ cX ^\ek\# \j cX ]XckX [\ X^lX# cf hl\ d\ _X cc\mX[f X cX :`l[X[ [\ Dย o`Zf gXiX gcXk`ZXi Zfe cfj Xckfj dXe[fj [\ cX :FE8>L8 p \jkXYc\Z\i Xc^l$ eXj kXi\Xj p gif^iXdXj gXiX gf[\i XYi`i Xc$ ^lefj gfqfj [\ X^lX hl\ cX jld`e`jki\e X cX Z`l[X[% K\e\dfj kXdY`ย e gfi X_ย \c gifYc\dX \c [\k\i`fif [\c gXm`d\ekf p \jkXdfj kiXYXaXe$ [f gfi YXaXi Xc^lefj gif^iXdXj ]\[\iXc\j gXiX `i jfclZ`feXe[f \jkX j`klXZ`ย e hl\ j\ efj XZ\ekย f Zfe cXj gXjX[Xj cclm`Xj hl\ j\ gi\j\ekXife \e cX i\^`ย e% Fkif k\dX \j cX j\$ ^li`[X[ gย Yc`ZX2 \e ZXdgXย X cf [`a\# k\e\$ dfj le Zl\igf gfc`Z`XZf hl\ cX gfYcXZ`ย e c\ k`\e\ d`\[f# pf c\ k\e^f d`\[f# kf[fj cf k`\$ e\e% <ekfeZ\j k\e\dfj le gif^iXdX hl\ hl\$ i\dfj `dgc\d\ekXi hl\ j\ ccXdX \c :@GI<D :\ekif [\ @ek\c`^\eZ`X Gi\m\ek`mX DXkXdf$ ifj # hl\ \jkfp j\^lif c\ mX X [Xi le ZXdY`f kfkXc X cX j\^li`[X[ [\ DXkXdfifj2 mXdfj X _XZ\i hl\ cX ^\ek\ Zfe]ย \ \e cfj gfc`Zย Xj gXiX hl\ k\e^Xdfj X cX ZfigfiXZ`ย e hl\ i\Xcd\e$ k\ d\i\Z\dfj% ;liXek\ cX ZXdgXย X kXdY`ย e gifglj\ d\afiXj \e cX \[lZXZ`ย e# Zi\Xe[f Zlijfj gXiX kf[Xj Xhl\ccXj g\ijfeXj hl\ [\j\\e `e$ ^i\jXi X cX le`m\ij`[X[# X cX \[lZXZ`ย e d\[`f jlg\i`fi p jlg\i`fi# k\e^Xe ZfefZ`d`\ekfj p j\ gi\gXi\e gXiX cfj \o}d\e\j%

0 /$*81$ ร 129,(0%5(

4Xยฉ KD\ FRQ HO GHSRUWH \ OD VDOXG"

GXiX cfj e`ย fj k\e[i\dfj Zlijfj [\ i\^l$ cXi`qXZ`ย e# [\ @e^cย j# <jgXย fc# DXk\d}k`$ ZXj# kf[f \jf \e ]fidX ^iXkl`kX% <e \c [\$ gfik\ klm`dfj gc}k`ZXj Zfe 8eX >XYi`\cX >l\mXiX# hl\ j\i} cX \eZXi^X[X [\ \jkX }i\X X e`m\c eXZ`feXc p pX efj g`[`ย _XZ\i le [`X^eย jk`Zf [\ cfj ZXdgfj# cXj ZXeZ_Xj hl\ _Xp \e el\jkiX Zfdle`[X[ p pX k\e\$ dfj le Yl\e eย d\if [\ fgZ`fe\j gXiX d\afiXi kf[Xj \jkXj ZXeZ_Xj% P [\ _\Z_f cX jXcl[ \j \c gi`eZ`gXc k\dX gfi d` gif]\$ j`ย e p hl\ ef gf[\dfj [\aXi Xki}j% K\e\$ dfj cX `ek\eZ`ย e [\ Zi\Xi Z\ekifj Zfdl$ e`kXi`fj p cc\mXi X ZXYf \e \ccfj Yi`^X[Xj p k\e\i dย [`Zfj p \e]\id\iXj [\ dXe\iX g\idXe\ek\ \e \ccfj alekf Zfe d\[`ZX$ d\ekfj gXiX gf[\i Xk\e[\i X_ย d`jdf X cXj g\ijfeXj hl\ Xjย cf e\Z\j`k\e# cX gfYcX$ Z`ย e mlce\iXYc\%


(175(9,67$

'H QR KDEHU VLGR FLUXMDQR PH KXELHUD JXVWDGR VHU PHF¡QLFR DXWRPRWUL] 6­ KH GHVDUUROODGR DOJR QR FRQ ORV FDUURV QXHYRV SHUR V­ FRQ ORV YLHMLWRV 1R PH KH GDGR HO WLHPSR SDUD WHQHU PL WDOOHU PHF¡QLFR /D FDUSLQWHU­D WDPEL©Q PH OODPD PXFKR OD DWHQFL³QÚ

0 /$*81$ Þ 129,(0%5(


(175(9,67$ 0XFKR GHO UHFXUVR TXH REWLHQH XQ 0X QLFLSLR VH GD SRU PHGLR GHO SDJR GH LP SXHVWRV &RQ OD OOHJDGD GH QXHYRV FR PHUFLRV \ HPSUHVDV 4Xยฉ DFFLRQHV VH YDQ D LPSOHPHQWDU SDUD GDU FRQWLQXL GDG D HVWH FUHFLPLHQWR HFRQยณPLFR"

$ OR ODUJR GH VX SURIHVLยณQ KD VLGR UHFR QRFLGR SRU RIUHFHU FRQVXOWDV PยฉGLFDV JUDWXLWDV (Q VX JHVWLยณQ VH OH DSRVWDUยก DO PHMRUDPLHQWR GH OD FDOLGDG GH YLGD PHGLDQWH HO DVLVWHQFLDOLVPR VRFLDO R VH LUยก PยกV DOOยก"

DlZ_f mXdfj X [\g\e[\i [\ cfj `e^i\jfj ]\[\iXc\j p \jkXkXc\j p d}j dle`Z`gXc\j% ;\j[\ \c `e`Z`f \jkXdfj Zi\Xe[f \jkiXk\$ ^`Xj gXiX hl\ cfj Z`l[X[Xefj XZl[Xe X gX^Xi jl gi\[`Xc# \c X^lX Zfe \c gX^f hl\ _X^X ZX[X Z`l[X[Xef gfi \jk\ j\im`Z`f% <e cf i\cXZ`feX[f X cXj \dgi\jXj# \jkX$ dfj \e gc}k`ZXj Zfe `em\ij`fe`jkXj gi`mX$ [fj cfZXc\j p \okiXea\ifj gXiX hl\ efj kiX`^Xe jlj \dgi\jXj X \jkX Z`l[X[% <jklm`dfj pX \e gc}k`ZXj Zfe cX \d$ gi\jX C\Xi :figfiXk`fe# hl\ [X Zl\ekX pX [\ [fj d`c \dgc\fj g\if hl\ gXiX ef$ m`\dYi\ [\c giย o`df Xย f hl`\i\e Xl$ d\ekXi jl gcXek`ccX X ZXj` + d`c +'' \d$ gc\fj% Hl\i\dfj kfdXi X \jkX \dgi\jX Zfdf XeZcX gXiX Zi\Xi le gXihl\ `e[lj$ ki`Xc \e \jkX Z`l[X[# gXiX XcY\i^Xi X_ย X cXj fkiXj ZfdgXย ย Xj Zfe cXj hl\ pX _\dfj \jkX[f \e gc}k`ZXj gXiX hl\ X_ย j\ \jkX$ Yc\qZXe% <c GXihl\ @e[ljki`Xc :\ek\eXi`f Xย e g\ik\e\Z\ X Kfii\ย e Xlehl\ \jk} g\^X[f Xc \a`[f JXekf E`ย f 8^lXeXmXc [\c dle`$ Z`g`f [\ DXkXdfifj# \jk} ^iXe[ย j`df%

;\]`e`k`mXd\ek\ hl\ ef j\ c\ XgfjkXi} Xc Xj`jk\eZ`Xc`jdf jfZ`Xc% ;\j[\ cfj gif^iX$ dXj jfZ`Xc\j hl\ m`\e\e [\ dXe\iX [`]\$ i\ek\ [\c ^fY`\ief ]\[\iXc mXdfj X kiXkXi [\ hl`kXi \jkX ZfjkldYi\ [\ cX ^\ek\ [\c g\[`i# [\c k\e\icfj ZXlk`mfj Zfe Xc^leX [\jg\ejX f Xc^f gXiX _XZ\i cf hl\ \c ^f$ Y`\ief hl`\i\% C\ mXdfj X XgfjkXi X hl\ cX `e`Z`Xk`mX gi`mX[X ^\e\i\ cfj \dgc\fj hl\ i\hl`\$ i\e cfj dXkXdfi\ej\j# gXiX hl\ \ccfj d`jdfj Zfe jl kiXYXaf# k\e^Xe cX dXe\iX [\ jfcm\ekXi kf[f% PX ef hl\i\dfj gif$ dfm\i \c Xj`jk\eZ`Xc`jdf jfZ`Xc% 4Xยฉ DFWLYLGDG SURGXFWLYD VH LQFHQWL YDUยก FRPR YRFDFLยณQ GHO PXQLFLSLR FRQ VLGHUDQGR TXH WUDGLFLRQDOPHQWH HV XQD ]RQD DJURSHFXDULD DXQTXH WDPELยฉQ OR HV HO FRPHUFLR \ DKRUD OD LQGXVWULD"

GXik\ [\ cf hl\ mXdfj X YljZXi gfi X_ย # `eZcljf Zfe \jZl\cXj# \j hl\ mXdfj X gi\$ gXiXi X cX ^\ek\ \e \c j`jk\dX X^ifg\ZlX$ i`f p XgfjkXic\ X \jk\ ilYif% PX j\ \jk} \e gc}k`ZXj Zfe `em\ij`fe`jkXj \okiXea\ifj

\e ZlXekf X i\Z`Y`i cX gif[lZZ`ย e [\ ร cf jXYifjfร [\ el\jkiX k`\iiX# \c d\cย e p cX jXe[ย X2 \jkXdfj \e gc}k`ZXj Zfe Xc^lefj \ogfikX[fi\j# gXiX hl\ j\ efj ZXgXZ`k\ [\j[\ cX j`\dYiX gXiX cc\^Xi X cX `ek\ieX$ Z`feXc`qXZ`ย e [\ \jkfj gif[lZkfj p ef hl\[\e k`iX[fj \e cX ZXii\k\iX% CX `ek\i$ d\[`XZ`ย e \j le k\dX dlp Xย \af# \c Zf$ pfkXa\% ?Xp hl`\e\j ef _XZ\e eX[X X cf cXi^f [\c Xย f p ZlXe[f cc\^X cX k\dgfiX$ [X# m`m\e [\ \jkf p \jk}e cXjk`dXe[f Xc gif[lZkfi% (Q FDPSDยฑD IXH DFRJLGR SRU HO HTXLSR GH 025(1$ &XยกO VHUยก OD UHODFLยณQ TXH WHQGUยก FRQ HO JRELHUQR HVWDWDO SULยญVWD \ FRQ SUHVLGHQWHV PXQLFLSDOHV TXH VRQ GH LJXDO PDQHUD GH GLIHUHQWH H[WUDF FLยณQ SDUWLGLVWD"

Ef _X _XY`[f XZ\iZXd`\ekf Zfe \c `e^\$ e`\if D`^l\c I`hl\cd\# Zi\f hl\ kXekf ย c Zfdf efjfkifj [\j\Xdfj \c Y`\e\jkXi \e cX \Zfefdย X [\ el\jkif \jkX[f p ef$ jfkifj \e \c dle`Z`g`f Xjย hl\ Zi\\dfj hl\ _Xp cXj d\afi\j `ek\eZ`fe\j gXiX el\jkiX Zfdle`[X[ p Dย o`Zf# mXdfj X _XZ\i le Yl\e gXg\c# efj mXdfj X cc\mXi Y`\e# \j \c [\j\f% :fe cXj Z`l[X[\j _\i$ dXeXj [\ cX qfeX d\kifgfc`kXeX k\e\dfj \e d\ek\ cfj d`jdfj k\dXj1 @e]iX\jkilZ$ kliX# ;\jXiifccf <Zfeย d`Zf# :lckliXc# Xjย hl\ Zi\f hl\ efj mXdfj X cc\mXi dlp Y`\e% K\e\dfj gc}k`ZXj Zfe Afi^\ Q\id\$ ย f# Zfe cfj gi\j`[\ek\j \c\Zkfj [\ =iXe$ Z`jZf @% DX[\if# [\ GXiiXj# [\ JXe G\[if [\ cXj :fcfe`Xj% D\ ^ljkXiย X ZfefZ\i X C\k`Z`X ?\ii\iX# g\if jย _Xp hl\ gcXk`ZXi Zfe \ccX kXdY`ย e% $O VHU GH 025(1$ VH WHQGUยก DOJXQD SUHIHUHQFLD FRQ $QGUยฉV 0DQXHO /ยณSH] 2EUDGRU"

Ef Zi\f% PX cX \kXgX \c\ZkfiXc j\ k\id`eย % Ef _XYi} gi\]\i\eZ`X g\if Y\e\]`Z`fj jย # _\dfj j\^l`[f kiXYXaXe[f dlZ_f# Zfe i\Zlijfj gifg`fj efj _\dfj \jkX[f p\e$ [f X cX :`l[X[ [\ Dย o`Zf [\j[\ _XZ\ Xc$ ^lefj d\j\j X kiXd`kXi kf[fj \jkfj Y\e\$ ]`Z`fj hl\ _\ Zfd\ekX[f# \e :FE8>L8% 8c ]`eXc [\ Zl\ekXj Zfdf ZfXc`Z`ย e \jkX$ dfj i\Z`Y`\e[f Xgfpfj [\ \ccfj X e`m\c ]\[\iXc gXiX gf[\i YXaXi i\Zlijfj% <e kf[fj cfj j\Zkfi\j ^iXZ`Xj X ;`fj k\e\dfj dlp Yl\efj gcXe\j# Zi\\dfj hl\ j\ efj mXe X [Xi cXj ZfjXj p Zfe \jkf hl\i\dfj Zfejfc`[Xi le ZXdY`f [\]`e`$ k`mf \e el\jkif DXkXdfifj% 7HQGUยก XQ URO SURWDJยณQLFR HQ /D /DJXQD"

ร (1 )21'2 0(75232/,7$12 81 75$72 ,*8$/ร (O PXQLFLSLR GH 0DWDPRURV HV WUHV YHFHV PยกV JUDQGH TXH 7RUUHยณQ PLO NLOยณPHWURV GH VXSHUILFLH

0 /$*81$ ร 129,(0%5(

Kfii\ย e p >ย d\q GXcXZ`f jfe dlp `d$ gfikXek\j# [\ _\Z_f \e \c k\dX [\ i\Zli$ jfj gXiX cX qfeX d\kifgfc`kXeX# cX dXpfi ZXek`[X[ [\ i\Zlijfj cX ZXgkXe \jkfj [fj dle`Z`g`fj# g\if \e \jkX fZXj`ย e p j`e kiXkXi [\ dfc\jkXi X eX[`\ hl\i\dfj cc\$ mXi \jk\ =fe[f D\kifgfc`kXeX gXiX hl\ _XpX leX gXik`[X `^lXc`kXi`X gfi Z`l[X[% <jk} _\Z_X pX \jkX jfc`Z`kl[%


(175(9,67$

<R QXQFD HVWXYH UHJLVWUDGR HQ QLQJยบQ SDUWLGR SROยญWLFR +DFH FLQFR DยฑRV PH KDEODURQ GHO 35, Vยญ WXYH DFHUFDPLHQWR SHUR PยกV TXH QDGD SDUD D\XGDU D OD JHQWHร

(Q HO WHPD GH VHJXULGDG FXยกOHV VHUยญDQ ODV DFFLRQHV TXH VH LPSOHPHQWDUยกQ"

&XยกO VHUยก OD FRRUGLQDFLยณQ TXH VH WHQ JD FRQ HO (VWDGR GH &RDKXLOD HQ HO 8 cfj \c\d\ekfj [\ cX ZfigfiXZ`ย e hl\i\dfj WHPD YLQFXODGR FRQ )XHU]D &RDKXLOD"

hl\ \jkย ZXgXZ`kX[X gXiX hl\ \jkย [\ Z\iZX Zfe cX Z`l[X[Xeย X Zfe d\afi\j jl\c[fj \ `e$ Z\ek`mfj% Hl\i\dfj [fkXicfj [\ le \hl`gf \jg\Z`Xc# cX Zi\XZ`ย e [\c :@GI<D# [fkXi\$ dfj Xc dle`Z`g`f [\ le j`jk\dX [\ m`^`cXeZ`X Zfe Z}dXiXj XckXd\ek\ Zfdg\k`k`mXj# Yfkf$ e\j f j\ejfi\j [\ XcXidX gXiX hl\ cX ^\ek\ hl\ Xjย cf i\hl`\i\# i\ZliiX X \ccfj% PX ef hl\$ i\dfj kXekX gifo`d`[X[# hl\ j\ \jk} lk`c`qXe$ [f dlZ_f \jk\ kย id`ef# hl\i\dfj k\e\i le ZfekXZkf i\Xc Zfe \c Z`l[X[Xef%

8jย j\i}% K\e\dfj cX giย o`dX Zi\X$ Z`ย e [\ le gXihl\ jfcXi \e le \a`[f [\ DXkXdfifj% <jkXdfj \e gc}k`ZXj gXiX ^\e\iXi cX Zfe\Zk`m`[X[ Zfe \c gifp\Zkf Gfik kf GcX`e p \e \c k\dX [\ jljk\ekXY`$ c`[X[ _Xp d}j gifp\Zkfj gXiX Zi\Xi `e$ m\ij`ย e \e \c j\Zkfi [\ cXj \e\i^ย Xj c`d$ g`Xj Xgifm\Z_Xe[f \c i\Zlijf [\c jfc hl\ _Xp \e \c dle`Z`g`f% &ยณPR OH JXVWDUยญD YHU D 0DWDPRURV HQ HO ยกPELWR QDFLRQDO H LQWHUQDFLRQDO"

8 g\jXi p hl\ Zfdf dle`Z`g`f k\e\dfj cX fgfikle`[X[ [\ [\Z`[`i j` XZ\gkXdfj f ef X =l\iqX :fX_l`cX# Zi\f hl\ \e \c dle`Z`g`f [\ DXkXdfifj ef hl\i\dfj g\c\Xi Zfe eX[`\# kf[fj jfdfj Y`\e i\$ Z`Y`[fj# j` efj Zffi[`eXdfj [\ dXe\iX X[\ZlX[X ]fd\ekXe[f cX gifo`d`[X[ hl\ hl\i\dfj k\e\i Zfe \c `e^\e`\if D`^l\c ร e^\c I`hl\cd\ Jfcย j gf[\dfj _XZ\i le Yl\e gXg\c j`e cXjk`dXi X cfj dXkXdfi\ej\j%

6H GDUยก FRQWLQXLGDG D OD WHQGHQFLD GH LQYHUVLยณQ VXVWHQWDEOH FRQ ORV SDQHOHV VRODUHV"

Hl\i\dfj hl\ j\ m\X X DXkXdfifj Zfdf le dle`Z`g`f \e [fe[\ [\ m\i[X[ cc\^ย \c ZXdY`f% MXdfj X _XZ\i i\Xc`[X[ \c ]lklif [\ :fX_l`cX% KiX\i\dfj dl$ Z_X `e[ljki`X# dXel]XZkliX p pf hl`\if hl\ j\ g\iZ`YX Xc dle`Z`g`f Zfe fkifj fafj# Zfe le gXefiXdX j\^lif p Zfe le XdY`\ek\ [\ kiXYXaf X^iX[XYc\ gXiX cfj `em\ij`fe`jkXj gXiX hl\ cc\^l\e X DXkX$ dfifj p gf[\i [Xi \c ZXdY`f hl\ kf[fj \jg\iXdfj [\ DXkXdfifj%

0 /$*81$ ร 129,(0%5(


$UWLFXOLVWD LQYLWDGR

3RU (GXDUGR +ROJX­Q

2WUR SODQ HVWUDWŠJLFR" 'H TXŠ GHSHQGH OD PDWHULDOL]DFL³Q GH WDOHV SUR\HFWRV H LQLFLDWLYDV" 'H KDFHU OR TXH QR KHPRV KHFKR XQLUQRV HQ XQ HVIXHU]R FRPºQ

;

(GXDUGR +ROJX­Q 'LUHFWRU GHO ,03/$1 7RUUH³Q FROXPQDGUDJRQHV# \DKRR FRP

\j[\ d` Xii`Yf X CX CX^leX )''+ \jZl$ Z_f i\jg\Zkf X cX e\Z\j`[X[ li^\ek\ [\ \cXYfiXi le GcXe <jkiXk„^`Zf [\ >iXe M`$ j`Â?e# hl\ [\]`eX \c gfk\eZ`Xc gif[lZk`mf [\ CX CX^leX p [\k\id`e\ X hl„ j\Zkfi \ZfeÂ?d`Zf [\Y\dfj [\ [`i`^`i \j]l\iqfj [\ gifdfZ`Â?e% Cf gX$ iX[Â?a`Zf [\c Xjlekf \j hl\ [\j[\ \jX ]\Z_X j\ _Xe \cXYfiX[f# gfi cf d\efj# ki\j gcXe\j \jkiXk„^`Zfj [\ ^iXe m`j`Â?e% Gfi ]Xmfi# j\ÂŒfi\j p j\ÂŒfiXj# CX CX^leX \jk} jfYi\ [`X^efjk`ZX[X# jfYi\ XeXc`qX[X# cfj d`\dYifj [\ cX Zfdle`[X[ jXY\dfj cf hl\ hl\i\$ dfj# jXY\dfj Zl}c\j jfe cXj ZXi\eZ`Xj hl\ Xhl\aXe X cX i\^`Â?e p ef e\Z\j`kXdfj hl\ Xc^l`\e efj Ăˆm\e$ ^X X ZfYiXi le faf [\ cX ZXiXÉ gXiX [\Z`iefj \e hl„ jfdfj Zfdg\k`k`mfj% C\j mfp X [Xi lefj [Xkfj% CX `e[ljki`X dXel]XZkli\iX i\gi\j\ekX .' [\c mXcfi [\ cX gif[lZZ`Â?e ZfdXiZXeX p ,- [\c mXcfi X^i\$ ^X[f% CXj Z`eZf iXdXj `e[ljki`Xc\j d}j `dgfikXek\j jfe1 `e[ljki`X Xc`d\ekXi`X# `e[ljki`Xj d\k}c`ZXj Y}$ j`ZXj# ]XYi`ZXZ`Â?e [\ dXhl`eXi`X p \hl`gf# ]XYi`ZX$ Z`Â?e [\ \hl`gf [\ kiXejgfik\# ]XYi`ZXZ`Â?e [\ gi\e$ [Xj [\ m\jk`i% CX `e[ljki`X Xlkfdfki`q i\gi\j\ekX )' [\c mXcfi [\ cX gif[lZZ`Â?e cfZXc% <j \m`[\ek\ hl\ j\iˆX \hl`mfZX[f i\[lZ`i X le j\Zkfi cfj \j]l\i$ qfj [\ gifdfZ`Â?e p [\jXgifm\Z_Xi cX m\ekXaX Zfd$ gXiXk`mX [\ j\i dlck` j\Zkfi`Xc\j% Cf hl\ d\eZ`fef j\ \eZl\ekiX i\^`jkiX[f \e \c GcXe <jkiXk„^`Zf Kfii\Â?e# Zfe <e]fhl\ D\kifgfc`$ kXef )'+'# \cXYfiX[f gfi \c @DGC8E% Ef# ef e\Z\$ j`kXdfj d}j gcXe\j p m`j`fe\j [\ cXi^f gcXqf# e\Z\$ j`kXdfj# \jf jˆ# \cXYfiXi# ]`eXeZ`Xi p gfe\i \e dXiZ_X `e`Z`Xk`mXj p gifp\Zkfj \a\Zlk`mfj [\ ^iXe ZXcX[f# Xhl\ccXj p Xhl\ccfj hl\ i\jl\cmXe X cX Yi\$ m\[X[ gfj`Yc\ cfj [\j\hl`c`Yi`fj \jkilZkliXc\j p cXj

0 /$*81$ Ăž 129,(0%5(

gifYc\d}k`ZXj liYXeXj hl\ cXjk`dXe \c Y`\e\jkXi p cX ZXc`[X[ [\ m`[X [\ cfj cX^le\ifj% E\Z\j`kXdfj1 [\ le gifp\Zkf hl\ efj \m`k\ j\^l`i al^Xe[f X cX ilc\$ kX iljX \e dXk\i`X [\c X^lX# le gifp\Zkf hl\ [„ i\jgl\jkX X cX j\ek`[X [\dXe[X [\ [i\eXa\ gclm`Xc# le gifp\Zkf 9IK hl\ leX cXj ZlXkif Z`l[X[\j hl\ `ek\^iXe cX QfeX D\kifgfc`kXeX# le gifp\Zkf hl\ jXk`j]X^X cXj e\Z\j`[X[\j [\ \e\i^ˆX hl\ \o`^\ cX \o$ gXej`Â?e `e[ljki`Xc# le gifp\Zkf hl\ jlg\i\ \c i\qX$ ^f _fjg`kXcXi`f hl\ Xhl\aX X cX i\^`Â?e# le gifp\Zkf [\ ZXgXZ`kXZ`Â?e gXiX p \e \c kiXYXaf hl\ `eZi\d\e$ k\ jljkXek`mXd\ek\ \c gfk\eZ`Xc dXel]XZkli\if Xl$ kfdfki`q p efj g\id`kX Zfdg\k`i Zfe JXck`ccf# :_`$ _lX_lX p <c 9Xaˆf% <e dXk\i`X [\ `e`Z`Xk`mXj i\hl\i`dfj1 [\ ^fY\ieXeqX d\kifgfc`kXeX# [\ ]`$ eXeZ`Xd`\ekf ]\[\iXc Xc 8kcXj [\ I`\j^f# [\ ]`eXe$ Z`Xd`\ekf ]\[\iXc Xc Gif^iXdX [\ ;\jXiifccf LiYX$ ef p X cfj gif^iXdXj gfc`^feXc\j% <jkXj [fj Â’ck`dXj `e`Z`Xk`mXj Zfe \c fYa\k`mf [\ [Xi i\jgl\jkX Xc Zi\Z`$ d`\ekf [\j\hl`c`YiX[f [\ cX Z`l[X[# X cX YXaX [\e$ j`[X[# X cX qfe`]`ZXZ`Â?e dfef ]leZ`feXc [\ cXj qfeXj liYXeXj p X leX dfm`c`[X[ Z`kX[`eX `e\]`Z`\ek\% Ef [l[f hl\ _XpX fkifj gifp\Zkfj p fkiXj li^\e$ k\j `e`Z`Xk`mXj2 j`e \dYXi^f# \c @DGC8E \jk} j\^lif hl\# [\ i\Xc`qXij\ cf Xhlˆ d\eZ`feX[f# CX CX^leX j\ j`klXiˆX \e cfj gi`d\ifj cl^Xi\j [\ cfj iXeb`e^j eXZ`feXc\j [\ Zfdg\k`k`m`[X[# gifjg\i`[X[ p ZXc`$ [X[ [\ m`[X% Âś;\ hl„ [\g\e[\ cX dXk\i`Xc`qXZ`Â?e [\ kXc\j gifp\Zkfj \ `e`Z`Xk`mXj6 ;\ _XZ\i cf hl\ ef _\dfj _\Z_f1 le`iefj \e le \j]l\iqf ZfdÂ’e# le`i$ efj gXiX [`i\ZZ`feXi \c \j]l\iqf [\ kf[fj# le`iefj gXiX fYk\e\i ]`eXeZ`Xd`\ekf ]\[\iXc# \jkXkXc# dle`$ Z`gXc p gi`mX[f2 le`iefj gl\j# gXiX gfk\eZ`Xi Xc d}o`df el\jkiXj ]fikXc\qXj p fgfikle`[X[\j%



(175(9,67$

ร $ OD FRPSHWHQFLD QR KD\ TXH WHQHUOH PLHGRร $OIUHGR 0XUUD )DUUยบV GLUHFWRU JHQHUDO GH &,0$&2 <c gXjf `dgXiXYc\ [\c Zi\Z`d`\ekf [\ \jkX \dgi\jX cX^le\iX _XZ\ m`jlXc`qXi pX le gifp\Zkf [\ \ogXej`ย e [\ cX GcXqX :lXkif :Xd`efj \e Kfii\ย e# Zfe m`jkXj X leX dXpfi gi\j\eZ`X \e \c gXย j 325 /8,6 &$5/26 9$/'ย 6 '( /(ย 1 )2726 0$18(/ *8$'$55$0$

0 /$*81$ ร 129,(0%5(


(175(9,67$

C

X _`jkfi`X [\ cX \dgi\jX cX^le\iX :@D8:F# k`\e\ jlj fiˆ^\e\j \e (0*'% ;\j[\ \ekfeZ\j# jl gi\j\e$ Z`X _X kiXjgXjX[f cXj ]ifek\iXj [\ cX :fdXiZX CX^le\iX p cX dXiZX c`[\iX[X gfi cX ]Xd`c`X DliiX DXiZfj p DliiX =X$ iiÂ’j# XmXeqX Zfe gXjf ]`id\ \e jl ZXd`ef gfi j\i i\ZfefZ`[X X e`m\c eXZ`feXc# Zfdf leX k`\e[X [\gXikXd\ekXc# hl\ j`e k\dfi \e]i\ekX X cX Zfdg\k\eZ`X% CX i\Z`\ek\ Xg\ikliX \e cX Z`l[X[ [\ DfeZcfmX# :fX_l`cX# [\ jl j\okX jlZlijXc \e \c gXˆj# klmf leX `em\ij`Â?e [\ Xci\[\[fi [\ )'' d`ccfe\j [\ g\jfj% ?fp :@D8:F [X \d$ gc\f X d}j [\ d`c .'' kiXYXaX[fi\j# [`i`$ ^`[fj \e cX XZklXc`[X[ gfi 8c]i\[f DliiX =XiiÂ’j2 \ `eZcljf# \c gXjf `dgXiXYc\ [\c Zi\Z`d`\ekf [\ \jkX dXiZX _XZ\ m`jlXc`qXi pX le gifp\Zkf [\ \ogXej`Â?e [\ cX GcXqX :lXkif :Xd`efj lY`ZX[X \e cX Z`l[X[ [\ Kfii\Â?e gXiX Zfejfc`[Xij\ Xjˆ Zfdf leX dXiZX [\ XiiX`^f \e cX :fdXiZX CX^le\iX Zfe m`jkXj X leX dXpfi gi\j\eZ`X \e \c gXˆj% &ÂłPR VH ORJUD OD FRQVROLGDFLÂłQ GH XQ SUR\HFWR HQ 0RQFORYD TXH UHSUHVHQWD OD H[SDQVLÂłQ SDUD HO *UXSR &LPDFR"

8_ˆ j\ ZfealekXife Xc^lefj ]XZkfi\j# \c gi`eZ`gXc ]l\ \c hl\ cfj [\jXiifccX[fi\j [\ \jX gcXqX Zfd\iZ`Xc# hl\ jfe cfj j\ÂŒfi\j IXdˆi\q# gl[`\ife ZfeZi\kXi \c ljf [\ jl\cf [\c k\ii\ef# hl\ \e jl Zfealekf \j [\ ZXj` )'' d`c d\kifj ZlX[iX[fj% <ccfj klm`\ife hl\ i\lY`ZXi leX \jZl\cX \e le k\ii\ef Zfek`^lf# ]l\ Zfe cX ;\jXiifccX[f$ iX <eiXc\# Zfe hl`\e X_ˆ j\ ZfeZi\kÂ? cX ]`i$ dX [\ ZfekiXkf# \jkf ]l\ \c XÂŒf gXjX[f gfi \c d\j [\ XYi`c% P gfjk\i`fid\ek\ `e`Z`Xife Zfe cfj kiX$ YXafj [\ e`m\cXZ`Â?e [\c k\ii\ef p efj \e$ ki\^Xife Ăˆ\c gX[ f cX _l\ccXÉ [fe[\ mX \c XeZcX [\ :@D8:F hl\ \j [\ Z`eZf d`c ,'' d\kifj# [fe[\ cX k`\e[X j\i} \e [fj e`m\c\j# hl\ hl`k}e[fc\j cXj }i\Xj [\ j\i$ m`Z`f p Yf[\^Xj# m`\e\ hl\[Xe[f \e 0 d`c /,' d\kifj ZlX[iX[fj [\ }i\X [\ m\ekX% <jkf \j d}j [\ cfj +. d`c d\kifj ZlX[iX$ [fj hl\ j\ k\eˆXe# \c `eZi\d\ekf \j Zfe$ j`[\iXYc\# ZfekXe[f cXj Z`eZf k`\e[Xj XZ$ klXc\j1 ?`[Xc^f# :lXkif :Xd`efj# :`l[X[ Al}i\q# JXck`ccf p DXqXkc}e%

(Q 0D]DWO¥Q VH DSHUWXUDURQ VLHWH PLO FXHQWDV SHUR HVD FLXGDG WLHQH PD\RU FDQWLGDG GH KDELWDQWHV TXH KD LGR FUHFLHQGR FRQ HO ÙERRPÚ GH OD VXSHUFDUUHWHUDÚ

0 /$*81$ Ăž 129,(0%5(


(175(9,67$

J\ efj \eki\^Â? \c k\ii\ef \c . [\ ef$ m`\dYi\ [\c XÂŒf gXjX[f p gi\m`Xd\ek\ j\ _`qf \c [`j\ÂŒf [\ cX k`\e[X Zfe \c [\jgXZ_f [\ Xihl`k\ZkliX Jkfi\ \e cX Z`l[X[ [\ D„o`Zf# p j\ Zfd\eqÂ? [\j[\ cXj gil\YXj [\c k\ii\ef gXiX cX Z`d\ekXZ`Â?e# pX _XYˆX$ dfj kiXYXaX[f Zfe >ilgf JKFI [\j[\ cX k`\e[X [\ :lXkif :Xd`efj# JXck`ccf p DX$ qXkc}e# j\ _XYˆX _\Z_f \c [`j\ÂŒf Zfe \ccfj% (Q HO GLVHÂąR DUTXLWHFWÂłQLFR 6H EXVFÂł WURSLFDOL]DU HO GLVHÂąR SDUD JHQHUDU PD\RU HPSDW­D FRQ HO FRQVXPLGRU HQ OD TXH VH HVWDEOHFH R VH FRQVLGHUD HO PLVPR FRQ FHSWR TXH WLHQH DUUDLJDGR &,0$&2 HQ WR GDV ODV XQLGDGHV GH YHQWD"

J\ kiXkX [\ dXek\e\i \c d`jdf ZfeZ\gkf [\ cX f]\ikX [\ [\gXikXd\ekfj p j\im`Z`fj2 j\ ZfekXi} Zfe i\jkXliXek\ p cX k`\e[X ^flid\k# g\if \e \c [`j\ÂŒf j\ kiXkÂ? [\ kif$ g`ZXc`qXi \e DfeZcfmX \c k\dX [\ cX XZ\$ i\iX [\ 8ckfj ?fiefj# gfi cf hl\ _Xp lefj \c\d\ekfj [\ZfiXk`mfj p Xihl`k\ZkÂ?e`Zfj \e \c `ek\i`fi [\ cX k`\e[X _XZ`\e[f Xcl$ j`Â?e [\ cX `dgfikXeZ`X [\ cX `e[ljki`X [\c XZ\if \e cX i\^`Â?e# Zfe [\kXcc\j fieXd\e$ kXc\j% <e \c }i\X [\ ifgX [\ Ale`fij j\ [\$ ZfiÂ? leX dXihl\j`eX Zfe ZXjZfj p ZXii`kfj [\ d`eX p ZXiYÂ?e# Zfe \c\d\ekfj Xclj`mfj% 0 /$*81$ Ăž 129,(0%5(

6H WUDWD GH PDQWHQHU HO PLVPR FRQFHSWR GH OD RIHUWD GH GHSDUWDPHQWRV \ VHUYLFLRV VH FRQWDUÂĄ FRQ UHVWDXUDQWH \ OD WLHQGD JRXUPHWĂš

+D\ WHPRU GH IUHQWH D OD FRPSHWHQFLD TXH WHQGUÂĄQ HQ HO PLVPR SUR\HFWR FRPR OR HV 3DVHR 0RQFORYD"

D}j hl\ k\dfi _Xp hl\ k\e\ic\ i\jg\kf% CX Zfdg\k\eZ`X k\ _XZ\ d\afiXi# j\ m\e cXj m\ekXaXj Zfdg\k`k`mXj hl\ f]i\Z\ cX Zfdg\k\eZ`X p j\ YljZX d\afiXij\# Zfd$ gc\d\ekXe[f Zfe fkifj j\im`Z`fj f dXi$ ZXj \oZclj`mXj% <e \jX gcXqX XYi`i} C`m\i$ gffc# cX ZX[\eX [\ k`\e[Xj [\gXikXd\ekXc\j d}j ^iXe[\ [\ D„o`Zf# gfi cf hl\ \j leX Zfdg\k\eZ`X `dgfikXe$ k\% <ccfj XYi`i}e [liXek\ \c gi`d\i ki`$ d\jki\ [\c gi�o`df XŒf# gfi cf hl\ \jg\$ iXdfj hl\ Xc Xg\ikliXi [fj d\j\j Xek\j

gf[Xdfj ZXgkXi cX gi\]\i\eZ`X [\ Zc`\e$ k\j p \jkXYc\Z\i cX dXpfi ZXek`[X[ [\ Zl\ekXj2 `eZcljf j`e _XY\i XY`\ikf pX _X$ YˆXe i\^`jkiX[f Z`eZf d`c Zl\ekXj% <e DXqXkc}e j\ Xg\ikliXife j`\k\ d`c Zl\ekXj# g\if \jX Z`l[X[ k`\e\ dXpfi ZXe$ k`[X[ [\ _XY`kXek\j# hl\ _X `[f Zi\Z`\e[f Zfe \c ĂˆYffdÉ [\ cX jlg\iZXii\k\iX% D`\e$ kiXj hl\ \e DfeZcfmX k`\e\ leX gfYcXZ`Â?e \jk`dX[X \e */' d`c _XY`kXek\j# \eki\ DfeZcfmX# JXe 9l\eXm\ekliX# =ifek\iX# :XjkXÂŒfj# p fkifj gfYcX[fj Z`iZlem\Z`efj% J\i}e f]\ikXj [\ [fj k`\e[Xj `dgfikXek\j hl\ \jkXi\dfj Zfdg`k`\e[f gfi cX gi\]\$ i\eZ`X [\c Zc`\ek\% :fe >ilgf IXdˆi\q#


(175(9,67$

d` gXg} k\eˆX pX \c ZfekXZkf# pX hl\ cfj YljZÂ? gXiX hl\ j\ `ejkXcXi}e \e GcXqX :lX$ kif :Xd`efj# _XZ\ pX m\`ek\ XÂŒfj p [\j[\ \ekfeZ\j j\ [`f cX i\cXZ`Â?e Zfe cfj [\jX$ iifccX[fi\j2 p hl\ `eZcljf pX \jk}e Xd$ gc`Xe[f jlj `ejkXcXZ`fe\j [\c Z\ekif Zf$ d\iZ`Xc \e Kfii\Â?e% &,0$&2 ,PSDUDEOH 9LVXDOL]DQ H[SDQ VLÂłQ HQ 7RUUHÂłQ

GXiX :@D8:F# ef jfe k`\dgfj gXiX YXaXi cfj YiXqfj p i\e[`ij\ ]i\ek\ X cX `eZ\ik`$ [ldYi\ \ZfeÂ?d`ZX2 cf \j d}j Y`\e# gXiX \e]i\ekXi X cX Zfdg\k\eZ`X Zfe dX[li\q p XZZ`fe\j% ;\ X_ˆ hl\ j\^Â’e Zfd\ekÂ? 8c]i\[f DliiX =XiiÂ’j# [\ekif [\c :fej\$ af [\ 8[d`e`jkiXZ`Â?e [\ :@D8:F# pX j\ m`jlXc`qX Zfek`elXi Zfe jl k\e[\eZ`X [\ Zi\Z`d`\ekf2 gXik`ZlcXid\ek\ \e cX Z`l$ [X[ [\ Kfii\Â?e pX _Xp le gifp\Zkf [\ Xdgc`XZ`Â?e [\ cX GcXqX :lXkif :Xd`efj# [fe[\ j\ lY`ZX cX jlZlijXc d}j ^iXe[\ [\c ^ilgf :`dXZf% J\ gcXe\X hl\ X ]lkl$ if# cX \ogXej`Â?e j\ cf^i\ \e \c }i\X hl\ XcfaX Xc \jkXZ`feXd`\ekf \ok\i`fi lY`ZX$ [f X e`m\c [\ cX ZXcc\ \e \c Iˆf >lX[Xchl`$ m`i p Ă?m`cX :XdXZ_f% Ăˆ8_ˆ j\iˆX d}j ]XZ$ k`Yc\ cX Xdgc`XZ`Â?e2 \c gifp\Zkf [\ cXj jXcXj M@G j\ gl[f `ejkXcXi \e \c }i\X [\c

=ff[ :flik p Xii`YX [\ cX gcXqX pX ef _X$ YiˆX gfj`Y`c`[X[ [\ Xdgc`Xicf# gfi \jf j\ [XiˆX \e cX gXik\ [\c \jkXZ`feXd`\ekfÉ# \ogc`ZÂ? DliiX =XiiÂ’j% J` Y`\e ef _Xp leX ]\Z_X ZfeZi\kX gXiX Zfd\eqXi cfj kiXYXafj# \e]Xk`qÂ? hl\ \jk\ gifp\Zkf [\g\e[\i} [\ hl\ j\ ZldgcXe Z`\ikXj d\kXj [\ Zfd\iZ`Xc`qXZ`Â?e# \c gf$ [\i XeZcXi Zfe [fj f ki\j dXiZXj `dgfi$ kXek\j gXiX `e`Z`Xi Zfe \jkX Xdgc`XZ`Â?e# hl\ Zfek\dgcXiˆX \c \jkXZ`feXd`\ekf \e e`m\c\j# hl\ Zfe cX Xdgc`XZ`Â?e j\iˆX e\Z\$ jXi`f hl\ gl[`\iX j\i [\c e`m\c [\ ZXcc\ _X$ Z`X Xii`YX p ef [\ dXe\iX jlYk\ii}e\X Zfdf cfj hl\ pX Zl\ekX p hl\ \e cX XZklX$ c`[X[ jfe d}j [\ d`c ('' ZXafe\j hl\ [Xe j\im`Z`f X cX GcXqX :lXkif :Xd`efj% <c gifp\Zkf Zfek\dgcX hl\ \eki\ cfj Z`e\j p \c }i\X [\ Zfd`[Xj j\ Xgifm\Z_\ cX gi\gXiXZ`Â?e hl\ pX \o`jk\ gXiX i\Xc`qXi le gXj`ccf gXiX `ek\iZfe\ZkXi Zfe le gl\ek\ cX el\mX ]Xj\ [\c gifp\Zkf# Zfe \c ]`e [\ `ek\^iXi X XdYfj gifp\Zkfj% 8_ˆ j\ _XYcX [\ Z`eZf d`c d\kifj [\ \j\ \jkX$ Z`feXd`\ekf d}j leX i\j\imX [\ jlg\i$ ]`Z`\ [\ k\ii\ef% <e cX XZklXc`[X[ cX gcXqX Zl\ekX Zfe ). d`c d\kifj ZlX[iX[fj% <c dfekf [\ cX `em\ij`Â?e XÂ’e ef j\ _X [\$ k\id`eX[f%

0 /$*81$ Ăž 129,(0%5(


9LGD &RWLGLDQD

3RU /XLV :DOWHU -XยกUH] $UTXLHWD

6H OOHJยณ OD KRUD VH OOHJยณ OD KRUD OH OOHJยณ VX WXUQR \ SRGUยก HMHUFHU HO SRGHU SDUD SRGHU FDPELDU HO UXPER GHO SDยญV

J

\ mX <ei`hl\ G\ย X E`\kf p cc\^X 8e[iย j DXel\c Cย g\q FYiX[fi X cX Gi\j`[\eZ`X [\ cX I\gย Yc`ZX# \e cf hl\ j\ \j$ g\iX j\X le j\o\e`f [\ dlZ_fj ZXd$ Y`fj# le j\o\e`f [`]\i\ek\ p Zfe leX m`j`ย e hl\ X dlZ_fj gi\fZlgX# g\if hl\ X fkifj c\j [X Z\ik\qX [\ hl\ cXj ZfjXj j\ _Xi}e Y`\e% G\ย X E`\kf j\ mX j`e g\eX e` ^cf$ i`X# Zfe leX X[d`e`jkiXZ`ย e dlp Zi`k`ZX[X# Zfe dlZ_fj gi`\k`kfj \e \c Xiifq Zfdf \c [\ cfj +* [\jXgXi\$ Z`[fj [\ cX EfidXc [\ 8pfkq`eXgX# cX ^l\iiX ZfekiX ^ilgfj [\c`Zk`mfj p [\aX Xc gXย j Zfe le Xckf ย e[`Z\ [\ j\$ Zl\jkifj% J\ [`Z\ hl\ i\Xc`qย ^iXe[\j fYiXj \e Y\e\]`Z`f [\ Dย o`Zf p cfj d\o`$ ZXefj# g\if cfj glekfj e\^ifj j`\d$ gi\ cf g\ij`^l`\ife# X kXc ^iX[f hl\ \e jl gXik`[f pX ef ]l\ Y`\e m`jkf# cl\^f [\ [\aXic\ cX gl\ikX XY`\ikX X 8e[iย j DXel\c Cย g\q FYiX[fi% Ef ZXY\ [l[X hl\ <ei`hl\ G\ย X E`\kf gXjXi} X cX _`jkfi`X j`e g\eX e` ^cfi`X# d`\ekiXj hl\ jl jlZ\jfi# jXY\ hl\ X_fiX jย jl mfq \j cX hl\ dXe[X# hl\ cf hl\ _X^X f [`^X j\i} c\p p gXiX \ccf k`\e\ dXpfiย X [\ [`$ glkX[fj p j\eX[fi\j# hl`\e\j _X$ Yi}e [\ c\mXekXi cX dXef ZlXe[f c\j [`^X%

/XLV :DOWHU -XยกUH] $UTXLHWD 'LUHFWRU HGLWRULDO GH ([SUHVV ZDOWHU MXDUH]# PLOHQLR FRP

0 /$*81$ ร 129,(0%5(

Cย g\q FYiX[fi ef \j e`e^ย e `d$ gifm`jX[f# jXY\ cf hl\ _XZ\# jXY\ cf hl\ hl`\i\ p _X i\Zfii`[f \c gXย j [\ glekX X glekX# ZfefZ\ kf[fj cfj dl$ e`Z`g`fj p X[\d}j# kXdY`ย e jXY\ cf hl\ c\ [l\c\ X Dย o`Zf p X cfj d\o`$ ZXefj% 8_fiX# j\ cc\^ย cX _fiX# c\ cc\^ย jl klief p gf[i} \a\iZ\i \c gf[\i gXiX gf[\i ZXdY`Xi \c ildYf [\c gXย j# \j\ gXย j hl\ ย c j`\dgi\ _X jfย X[f# c`Yi\ [\ ZfiilgZ`ย e p gXiX \ccf j\ _XZ\ XZfdgXย Xi [\ \dgi\jXi`fj# `e$ k\c\ZklXc\j p [\ jlj ZfejlckXj Xc gl\Ycf% <e le gi`eZ`g`f _XYย X dlZ_X `e$ Z\ik`[ldYi\# j\ k\dย X hl\ \c g\jf j\ ]l\iX X `i gfi cfj Z`\cfj# g\if \c d`j$ df 8e[iย j DXel\c j\ _X \eZXi^X[f [\ hl\ \c gXย j j`^X kiXehl`cf# j`e jf$ Yi\jXckfj p hl\ cfj gXjfj hl\ [Xi}# j\i}e gXiX d\afiXi% J\ \jg\iXe ZXdY`fj j`^e`]`ZXk`$ mfj# \jfj ZXdY`fj hl\ kXekf _XYcย \e jl ZXdgXย X# gfi cf hl\ [\j[\ cX d`jdX j\^li`[X[ k\e[i} cf hl\ j\i} leX ^lXi[`X eXZ`feXc# \c \aย iZ`kf j\$ ^l`i} \e cXj ZXcc\j p _XYi} [\ [\jXgX$ i\Z\i [\g\e[\eZ`Xj hl\ gXiX ย c \j$ kXYXe [\ X[fief% J\ mX G\ย X E`\kf p cc\^X Cย g\q FYiX[fi gfi j\`j Xย fj# j` ef \j hl\ j\ i\\c`^\%



5(6(‘$

)5('',( 0(5&85< (/ 0,72 '( 3(5)250(5 Hl\\e ]l\ le ^ilgf hl\ c\ ifY� j`^cfj X cX d’j`ZX% <oZ„eki`Zf% Al^� Zfe cX \j\eZ`X [\c jfe`[f p X ZXgi`Z_f cf df[lc� _XjkX _XZ\icf gifg`f 325 *,/%(572 /$675$ *8(55(52 )2726 0/$*81$

Âś

;\ [Â?e[\ eXZ\ le d`kf6 ÂśLeX \j$ ki\ccX [\ ifZb6 <jXj jfe cXj gi\^le$ kXj hl\ lef j\ _XZ\ \e \c dfd\ekf [\ m\i 9f_\d`Xe I_Xgjf[p# leX Z`ekX hl\ kiXkX Xc ^ilgf Yi`k}e`Zf Hl\\e f X =i\[[`\ D\iZlip% <j leX Z`ekX hl\ ^lXi[X cX ]fidX Zf$ d\iZ`Xc g\if XZ`\ikX \e XYfi[Xi \c gifZ\jf Zi\Xk`mf [\ cX YXe[X# p d}j XÂ’e# [\ cX ]l\ek\ [\ \e\i^ˆX Zi\Xk`mX hl\ ]l\ jl mf$ ZXc`jkX% Lef [\ cfj ^iXe[\j i\kfj [\ cfj i\Xc`qX$ [fi\j [\ Z`e\ \j `ek\i`fi`qXi X cfj g\ijf$ eXa\j# jl d\ZXe`jdf `ek\ief [\ Zi\XZ`Â?e

p \j Xc^f hl\ j\ cf^iX \e cX Z`ekX Zfe jfc$ kliX# `eZcljf# gXiX cfj \jZlZ_Xj [\ Hl\\e [\ XekXŒf# \j leX ]fidX [\ Zfdgi\e[\i \j\ Zfdgc\af j`jk\dX [\ jfe`[fj# leX fg\$ iˆjk`ZX kiXejdf[\ieX# `eZ\jXek\% JfYi\ cX Z`iZlcXi`[X[ [\ cX _`jkfi`X# gfi$ hl\ Zfd`\eqX [fe[\ k\id`eX# \e \c d}j `Z�e`Zf [\ cfj g\i]fidXeZ\ _\Z_fj gfi D\iZlip \e d\[`f [\c Jˆe[ifd\ [\ @edl$ ef[\]`Z`\eZ`X 8[hl`i`[X J@;8 p \e \j\ dfd\ekf gfZfj ZfefZˆXe# cX YXe[X% Hl\\e ]l\ le ^ilgf hl\ c\ ifY� j`^cfj X cX d’j`ZX% <oZ„eki`Zf% Al^� Zfe cX \j\eZ`X [\c jfe`[f p X ZXgi`Z_f cf df[lc� _XjkX

0 /$*81$ Ăž 129,(0%5(

_XZ\icf gifg`f# ˆek`df% CX kiXdX k\dgfiXc# cfj gifYc\dXj [\ ZlXchl`\i ^ilgf [\ ifZb p cX ef XZ\gkXZ`�e [\ cX _fdfj\olXc`[X[ [\c ZXekXek\ \j cX j`$ klXZ`�e \e cX hl\ j\ XglekXcX cX _`jkfi`X ˆek`dX [\ leX j`\dgi\ efdYiX[X i\`eX% DXip 8ljk`e# \c Xdfi [\ D\iZlip# Zfdf cf ]l\ >XcX gXiX JXcmX[fi ;Xcˆ f <[`\ J\[^n`Zb gXiX 8e[p NXi_fc# cX dljX# cX `dX^\e `ehl\YiXekXYc\ Zfe cX Zi\XZ`�e gliX# Zfe cX Y\cc\qX% P hl\ \e leX \jZ\eX \e le i\k`if \e cX eXkliXc\qX gXiX Zi\Xi d’$ j`ZX# cXj \jki\ccXj# \c m`\ekf p \c [\j\f j\ Zfem`\ik\e \e cXj gi`d\iXj efkXj [\ g`Xef


5(6( $

&26(&+$ '( &RQ GLVFRV GH HVWXGLR DOJXQRV HQ YLYR \ RWURV UHFRSLODWRULRV 4XHHQ HV VLQ GXGD DOJXQD XQD GH ODV EDQGDV GH URFN EULW¡QLFR P¡V PH PRUDEOHV /D G©FDGD GH ORV VHWHQWD VH YLVWL³ GH JODPRXU \ SRGHU FRQ OD SRUWHQWRVD YR] GH )UHGGLH 0HU FXU\ DFRPSD±DGR HQ OD EDWHU­D \ FRURV GH 5R JHU 7D\ORU \ HO EDMR GH -RKQ 'HDFRQ TXLHQHV FRQIRUPDURQ OD DJUXSDFL³Q < IXH HQ FXDQGR VDOLHURQ GHO DQRQLPDWR FRQ XQ GLVFR KRP³QLPR VXPDQGR HQ VX KLVWRULD FDQFLR QHV HQ HO SULPHU OXJDU GH ODV OLVWDV PXVLFDOHV PLVPDV TXH VRQDEDQ D WRGD KRUD HQ OD UDGLR OR TXH OHV DEUL³ ODV SXHUWDV GHO 5RFN 5ROO +DOO RI )DPH

/26 /%80(6 '( (678',2

4XHHQ GH MXOLR GH 4XHHQ ,, GH PDU]R GH 6KHHU +HDUW $WWDFN GH QRYLHPEUH GH $ 1LJKW DW WKH 2SHUD GH GLFLHPEUH GH $ 'D\ DW WKH 5DFHV GH GLFLHPEUH GH 1HZV RI WKH :RUOG GH RFWXEUH GH -D]] GH QRYLHPEUH GH 7KH *DPH GH MXQLR GH +RW 6SDFH GH PD\R GH 7KH :RUNV GH IHEUHUR GH $ .LQG RI 0DJLF GH MXQLR GH 7KH 0LUDFOH GH PD\R GH ,QQXHQGR GH IHEUHUR GH 0DGH LQ +HDYHQ GH QRYLHPEUH GH

\e Cfm\ f] dp c`]\% 8ljk`e# Zfdf m\e[\[fiX [\ ifgX gXiX dla\i p \c kiXkf hl\ c\ [X X D\iZlip# \j# X d` gXi\Z\i leX g`\[iX Xe^lcXi \e cX m`[X [\c g\i]fid\i gfihl\ X cf cXi^f [\ jl Zfd$ gX X ZfefZ\ [\ cX \j\eZ`X _fdfj\olXc hl\ c\ Z`iZlcX gfi cXj m\eXj p \j\ \oZ\eki`$ Z`jdf gXiX dlZ_fj# hl\ \j d}j leX \ogcf$ j` e [\ ]l\iqX mfZXc \e ZX[X leX [\ cXj ZXe$ Z`fe\j Zfdgl\jkXj gfi Hl\\e% CX ]XdX \j cX d}j XYjfclkX jfc\[X[# le Xdfi hl\ ef Zfem`m\# hl\ ef j\ kfZX% D\i$ Zlip m`m` ^iXe gXik\ [\ jl m`[X \e \jX Z}i$ Z\c# p YljZ [\ Zl\igf \e Zl\igf cf hl\ gXiX[ a`ZXd\ek\ jfcXd\ek\ DXip 8ljk`e c\ [`f% <e cX ZcXe[\jk`e`[X[ \eZfeki cf hl\ YljZXYX# \e \j\ Xd`^f hl\ \eZfeki cXj gX$ cXYiXj gXiX [\jZ`]iXi \c j\ek`[f [\ cX m`[X XdfifjX [\ D\iZlip# A`d ?lkkfe% ;\ cXj gfZXj X[fc\jZ\eZ`Xj [\ cX Z`e$ kX# \j kXc m\q# hl\ lef [\ cfj \eZXekfj [\ cX d j`ZX Hl\\e \j jl ZlX[iXkliX# \j [\Z`i# jl ]`eX Zfdgfj`Z` e eld i`ZX% <c \jfk\i`jdf [\ D\iZlip hl\ [`f \c i\dX$ k\ ]`eXc X ZXeZ`fe\j Zfdf IXgjf[`X 9f$ _\d`X% Le ^\e`f j`\dgi\ XaljkXi} \c ZXfj p \c fi[\e X jl ZXgi`Z_f p ]fidX% D\iZlip cf _`qf X ZXYXc`[X[# X e p ZlXe[f jXY X hl\ j\ [`]ld`eXYX [\c dle[f gfi \c J@;8# \c g\i]fid\i c\mXe$ k cXj mfZ\j [\ N\dYc\p \e le ZfeZ`\i$ kf hl\ Xc ]`eXc# j\i X fkiX fYiX dX\jkiX# p ef j cf gXiX cX d j`ZX# j`ef gXiX \c dle[f [\ cXj m Zk`dXj [\ cX `edlef[\$ ]`Z`\eZ`X%

/26 /%80(6 (1 9,92 /LYH .LOOHUV GH MXQLR GH /LYH 0DJLF GH GLFLHPEUH GH /LYH DW :HPEOH\ Ö GH PD\R GH 4XHHQ RQ )LUH /LYH DW WKH %RZO GH GLFLHPEUH GH 5HWXUQ RI WKH &KDPSLRQV GH VHSWLHPEUH GH 4XHHQ LQ 0RQWUHDO GH RFWXEUH GH /LYH DW WKH 5DLQERZ Ö GH VHSWLHPEUH GH

/26 5(&23,/$725,26 *UHDWHVW +LWV GH QRYLHPEUH GH *UHDWHVW +LWV ,, GH RFWXEUH GH &ODVVLF 4XHHQ GH PDU]R GH 7KH *UHDW 3UHWHQGHU GH QRYLHPEUH GH 4XHHQ 5RFNV GH QRYLHPEUH GH *UHDWHVW +LWV ,,, GH QRYLHPEUH GH 4XHHQ DEVROXWH JUHDWHVW GH QRYLHPEUH GH ,FRQ GH MXQLR GH 4XHHQ )RUHYHU GH QRYLHPEUH GH

0 /$*81$ Þ 129,(0%5(


(O 6ŠS LPR 5ROOR

3RU /XLV $OEHUWR /ÂłSH]

(O FLQH \ HO QXHYR JRELHUQR (Q VX FDPSD¹D /³SH] 2EUDGRU KDEO³ WDPELŠQ GH LQVWDXUDU XQD PDWHULD TXH D\XGH D DSUHFLDU HO FLQH

<

/XLV $OEHUWR /³SH] *DUF­D 5HSRUWHUR GH 0LOHQLR /D 2SLQL³Q /DJXQD #OXLVDOEHUWROR

c Z`e\ i\gi\j\ekX lef [\ kXekfj k\dXj hl\ ^\e\iXe `eZ\ik`[ldYi\ \e ZlXekf Xc ^fY`\ief [\ 8e[i„j DXel\c C�g\q FYiX$ [fi# gl\j d`\ekiXj gfi le cX[f [liXek\ cX ZXdgXŒX _`qf leX j\i`\ [\ gifgl\jkXj eX[X [\jgi\Z`XYc\j# _\dfj m`jkf kifg`\qfj \e \c gcXef c\^`jcXk`mf% <dg\qXi„ gfi i\Zfi[Xi cXj `[\Xj hl\ \e jl df$ d\ekf \c kXYXjhl\Œf XeleZ`� p d\ gXi\Z\e dlp Yl\eXj `e`Z`Xk`mXj gXiX fo`^\eXi cX [`jki`YlZ`�e [\c j„gk`df Xik\ \e D„o`Zf% :fdf leX [\ cXj XZZ`fe\j gifd\k`� le Xl$ d\ekf [\c k`\dgf dˆe`df [\ \o_`Y`Z`�e [\ g\cˆ$ ZlcXj eXZ`feXc\j# \j [\Z`i# jlY`i [\c g\efjf (' gfi Z`\ekf Xc XZ\gkXYc\ *' gfi Z`\ekf% KXdY`„e _XYc� [\ leX i\^lcXZ`�e [\ cXj \o_`$ Y`Z`fe\j# cf ZlXc ]l\ kiX[lZ`[f Zfdf hl\ cXj g\$ cˆZlcXj gif[lZ`[Xj \e D„o`Zf k\e[iˆXe le dXpfi e’d\if [\ jXcXj \e cfj Z`e\j Zfd\iZ`Xc\j% ;\ Zldgc`ij\ cf Xek\i`fi efj \m`kXiˆXdfj dfc\jk`Xj Zfdf cf fZlii`[f Zfe cX Z`ekX IfdX# [\ 8c]fejf :lXi�e# [\Y`[f X hl\ Xlehl\ leX [\ cXj ZX[\eXj [\ Z`e\ d}j `dgfikXek\j Xc\^� hl\ ]l\ ZlcgX [\ E\k]c`o# j\ efkX kXdY`„e leX ]XckX [\ `ek\i„j% 8[\d}j [\ \jf# cX gifgl\jkX fi`^`eXc cfg\qf$ YiX[fi`jkX kXdY`„e gcXek\X hl\ \c k`\dgf dˆe`$ df [\ \o_`Y`Z`�e [\ leX g\cˆZlcX j\X [\ [fj j\$ dXeXj p hl\ jfcXd\ek\ \e d`cX^ifjXj j`klXZ`fe\j m\dfj \e cX :fdXiZX CX^le\iX% Gfi \a\dgcf \e jl dfd\ekf Z`ekXj kXe `dgfikXek\j Zfdf CXj _`$ aXj [\ XYi`c Xg\eXj [liXife leX j\dXeX \e \o_`$ Y`Z`�e% FkiX ZfjX hl\ \e cXj ZXdgXŒXj j\ gifgljf p

0 /$*81$ Ăž 129,(0%5(

hl\ ]l\ [\c X^iX[f [\ leX Yl\eX gXik\ [\ cfj XZ$ kfi\j `emfclZiX[fj \e cX gif[lZZ`�e [\ Z`e\# ]l\ ^\e\iXi le `eZ\ek`mf ]`jZXc gXiX \o_`Y`[fi\j p \jf `emfclZiX i\Zfdg\ejXi X cfj hl\ ZldgcXe Zfe Xc d\efj \c *, gfi Z`\ekf [\ cXj Z`ekXj d\o`ZXeXj \e jl jXcXj% Gfi ’ck`df# \e jl ZXdgXŒX C�g\q FYiX[fi _X$ Yc� kXdY`„e [\ `ejkXliXi leX dXk\i`X hl\ Xpl[\ X Xgi\Z`Xi \c Z`e\ p ZfefZ\i d}j jfYi\ \jX Xik\% <e \j\eZ`X kf[Xj cXj `[\Xj jfe Yl\eXj p jl Xgc`$ ZXZ`�e j\i} \c m\i[X[\if i\kf \ `eZ�^e`kX gfihl\ Zfdf \e cX ZlckliX \e ^\e\iXc Zfdf \jX [`jZ`gc`$ eX cfj \^fj p cfj `ek\i\j\j \jk}e d}j Xcc} [\ cf hl\ dlZ_fj `dX^`eXdfj% Hl`q} \c gi`d\i i\kf hl\ k\e[i} \c Gi\j`[\ek\ j\i} \c Gf[\i C\^`jcXk`mf p hl\ \e k\fiˆX gfi j\i [\ jl d`jdf gXik`[f ef [\Y\iˆX i\gi\j\ekXi le gifYc\dX# g\if cf [`]le[`[f _XjkX X_fiX dXe[X leX dXcX j\ŒXc% GXiX dl\jkiX \jk} J\i^`f DXp\i Zfdf Zffi[`$ eX[fi [\ cX :fd`j`�e [\ :lckliX p :`e\dXkf^iX$ ]ˆX \e cX :}dXiX [\ ;`glkX[fj# ZlpX `^efiXeZ`X _X ifYX[f Z}dXiX \e d}j [\ leX fZXj`�e p pX ZXlj� gi\fZlgXZ`�e% KXdY`„e k\e\dfj cf hl\ \e jl dfd\ekf \o$ k\ie� cX [`glkX[X JXe[iX J`d\p Fcm\iX 9Xlk`jkX \e ZlXekf X i\]fidXi \c XikˆZlcf *. [\ cX C\p =\$ [\iXc [\ :`e\dXkf^iX]ˆX p hl\ [\jXk� gfc„d`ZX [\c ^i\d`f gfi Zfej`[\iXi m\e[iˆX X]\ZkXi efj \j$ kˆdlcfj XZklXcd\ek\ [\jk`eX[fj Xc j„gk`df Xik\% ;`Z_f cf Xek\i`fi j\i} `ek\i\jXek\ m\i Z�df k\i$ d`eX \jkX g\cˆZlcX [\ lef [\ cfj k\dXj d}j `dgfi$ kXek\j [\ cX ZlckliX p cX m`[X g’Yc`ZX eXZ`feXc%



5(3257$-(

&RPLHQ]D HO SURFHVR HOHFWRUDO HQ 'XUDQJR 8 gXik`i [\c (' [\ XYi`c p _XjkX \c )0 [\ dXpf [\ )'(0 j\ \eZfekiXi}e \e ZXdgX X cfj dle`Z`g`fj [\ ;liXe^f# > d\q GXcXZ`f p C\i[f 325 *,/%(572 /$675$ *8(55(52 )2726 &257(6 $

;

\ekif [\ cX \mfclZ` e \e \c }d$ Y`kf \c\ZkfiXc \e ;liXe^f# cX k\e[\eZ`X \j XaljkXi cfj k`\d$ gfj [\ ZXdgX X X cX ZXek`[X[ [\ gfYcXZ` e% GXiX cXj Xlkfi`[X[\j \c\Z$ kfiXc\j \c gi\jlgl\jkf j\ _X i\[lZ`[f [\ dXe\iX jljkXeZ`Xc# ZlXe[f X f Zfe X f _Xe j`[f Zi`k`ZX[fj gfi cfj dfekfj jfc`Z`$ kX[fj% GXiX )'(0 cfj i\Zlijfj gXiX fi^Xe`qX$ Z`fe\j gfc k`ZXj p ZXe[`[Xkfj `e[\g\e$ [`\ek\j gfi c\p j\^l`i}e Zfe e]`dfj gi\$ jlgl\jkfj%

35(6838(672 3$5$ 3$57,'26

GXiX )'(0# Dfm`d`\ekf [\ I\^\e\iXZ` e EXZ`feXc DFI<E8 j\i} \c gXik`[f hl\ d}j i\Zlijfj i\Z`YX Xc ZfekXi Zfe cX dX$ pfi ZXek`[X[ [\ mfkfj \e cX \c\ZZ` e gX$ jX[X `ed\[`XkX% :fe \oZ\gZ` e [\c GXik`[f [\c KiXYXaf# hl\ ZfekXi} Zfe leX YfcjX [\ gfZf d}j [\ * d`ccfe\j [\ g\jfj# cfj [\d}j gXik`$ [fj i\Z`Y`i}e leX ZXek`[X[ Xgifo`dX[X X cfj ) d`ccfe\j ,'' d`c g\jfj% J`e \dYXi^f \e cXj gXik`[Xj gfi gif$ gfiZ` e \e cX mfkXZ` e# DFI<E8 ZfekX$ i} Zfe (* d`ccfe\j --) d`c g\jfj2 \c GXi$ k`[f I\mfclZ`feXi`f @ejk`klZ`feXc GI@ j\ dXek`\e\ Zfdf cX j\^le[X ]l\iqX \e \c \jkX[f [\ ;liXe^f Zfe (( d`ccfe\j +.+ d`c g\jfj p cX k\iZ\iX \j \e \c GXik`[f 8Z$ Z` e EXZ`feXc G8E Zfe / d`ccfe\j [\ g\jfj --) d`c g\jfj% <e kfkXc# Dfm`d`\ekf [\ I\^\e\iXZ` e EXZ`feXc _XYi} [\ ZfekXi Zfe le i\Zlijf [\ )( d`ccfe\j ,** d`c (0/ g\jfj2 \c GI@ Zfe (/ d`ccfe\j 0/, d`c g\jfj# p \c G8E Zfe (+ d`ccfe\j //( d`c g\jfj% CXj [\d}j ]l\iqXj gfc k`ZXj p gXik`[fj ZfekXi}e Zfe d\efj [\ (' d`ccfe\j [\ g\jfj% <e jldX#

5(48,6,726 3$5$ 2%6(59$'25(6 /D FLXGDGDQ­D PH[LFDQD LQWHUHVDGD HQ REWH QHU OD DFUHGLWDFL³Q FRPR 2EVHUYDGRUHV (OHF WRUDOHV GHEHU¡ SUHVHQWDU ORV VLJXLHQWHV GRFX PHQWRV

6ROLFLWXG GH DFUHGLWDFL³Q HQ HO IRUPDWR FRUUHV SRQGLHQWH (VFULWR EDMR SURWHVWD HQ HO TXH VH PDQLILHVWH TXH FXPSOH FRQ ORV UHTXLVLWRV HVWDEOHFLGRV HQ HO DUW­ FXOR QXPHUDO LQFLVR G GH OD /*,3( \ GHO 5( 'RV IRWRJUDI­DV UHFLHQWHV GHO R GH OD VROLFLWDQWH &RSLD GH OD &UHGHQFLDO SDUD 9RWDU FRQ IRWRJUDI­D

0 /$*81$ Þ 129,(0%5(


5(3257$-(

35(6838(672 6( +$ 5('8&,'2 (O ,(3& WHQGUยก ยบQLFDPHQWH XQ JDVWR RSHUDWLYR GH PLOORQHV PLO SHVRV FRQ FHQWDYRV SDUD HO SUยณ[LPR HMHUFLFLR

\c gi\jlgl\jkf gXiX gXik`[fj j\ \eZl\ekiX jfYi\ cfj 0( d`ccfe\j [\ g\jfj% Cf hl\ ccXdX cX Xk\eZ`ย e \j hl\ gXiX cXj fi^Xe`qXZ`fe\j gfcย k`ZXj p ZXe[`[Xkfj `e[\g\e[`\ek\j# \c i\Zlijf gXiX ZXdgXย X \j [\ ( d`ccย e *.+ d`c g\jfj# j`e hl\ j\ c\j Xj`^e\ i\Zlijfj fi[`eXi`fj% 0(126 'ย $6 '( &$03$ย $

GXiX \c Xย f \ekiXek\# gfi cX \jkX[ย jk`ZX [\ Z`l[X[Xefj ZfekXY`c`qX[fj \e cfj dle`$ Z`g`fj p \c k`\dgf [\ gifj\c`k`jdf# j\ [`$ m`[`\ife \e ki\j ^ilgfj Zfe (' [ย Xj [\ [`$ ]\i\eZ`X% ;\ \jkX dXe\iX X gXik`i [\c (' [\ XYi`c p _XjkX \c )0 [\ dXpf [\ )'(0 j\

\eZfekiXi}e \e ZXdgXย X cfj dle`Z`g`fj [\ ;liXe^f# >ย d\q GXcXZ`f p C\i[f% <e \c j\^le[f ^ilgf [\ XZl\i[f Xc k`\dgf [\ gifj\c`k`jdf# [\c )' [\ XYi`c Xc )0 [\ dXpf [\ )'(0 j\ lY`ZXi}e cfj dl$ e`Z`g`fj [\ :XeXkc}e# :l\eZXdย # >lX[X$ clg\ M`Zkfi`X# DXg`dย # D\qhl`kXc# Efd$ Yi\ [\ ;`fj# El\mf @[\Xc# GfXeXj# Gl\Ycf El\mf# JXe ;`dXj# JXek`X^f GXgXjhl`X$ if# <c Fif# KXdXqlcX# KcX_lXc`cf p M`Z\e$ k\ >l\ii\if% <e cX k\iZ\iX gfj`Z`ย e# cfj dle`Z`g`fj hl\ Zfd`\eqXe [\c *' [\ XYi`c Xc )0 [\ dXpf [\ )'(0 p jfe cfj hl\ d\efi gfYcX$ Z`ย e k`\e\e Zfdf :Xe\cXj# :fe\kf [\ :f$ dfe]fik# >\e\iXc J`dย e 9fcย mXi# >lXeX$ Z\mย # ?`[Xc^f# @e[ย # EXqXj# FZXdgf#

Fk}\q# G}elZf [\ :fifeX[f# G\ย ย e 9cXe$ Zf# If[\f# JXe 9\ieXi[f# JXe AlXe [\ >lX[Xclg\# JXe AlXe [\c Iย f# JXe Cl`j [\c :fi[\if# JXe G\[if [\c >Xccf# JXekX :cX$ iX# Jย Z_`c# K\g\_lXe\j p Kfg`X% CX Zfe]fidXZ`ย e [\ cfj XplekXd`\e$ kfj j\ \eZl\ekiX \e ]leZ`ย e [\ cX gfYcX$ Z`ย e p \e \c dle`Z`g`f [\ ;liXe^f j\i}e \c\Zkfj (. i\^`[fi\j2 \e >ย d\q GXcXZ`f p C\i[f j\i}e \c\Zkfj (, i\^`[fi\j2 \e :X$ eXkc}e# :l\eZXdย # >lX[Xclg\ M`Zkfi`X# DXg`dย # D\qhl`kXc# EfdYi\ [\ ;`fj# El\mf @[\Xc# GfXeXj# Gl\Ycf El\mf# JXe ;`dXj# JXek`X^f GXgXjhl`Xif# KXdXqlcX# KcX_lXc`cf p M`Z\ek\ >l\ii\if j\ \c\^`i}e 0 i\^`[fi\j2 p \e cfj [\d}j dle`Z`g`fj j\ \c\^`i}e jย cf . \[`c\j%

0 /$*81$ ร 129,(0%5(


5(3257$-( (/ 35(6838(672

J\^ย e cXj Xlkfi`[X[\j [\c @ejk`klkf <c\Zkf$ iXc p [\ GXik`Z`gXZ`ย e :`l[X[XeX# j\ XgifYย \c Gifp\Zkf [\ Gi\jlgl\jkf )'(0 d\efi \e le (%// gfi Z`\ekf Zfe i\jg\Zkf Xc jfc`Z`kX[f \e \c Xย f \e Zlijf# jldXe[f )-- d`ccfe\j -.- d`c +)- g\jfj Zfe .- Z\ekXmfj% ;\ekif [\c [fZld\ekf [\c Xek\gif$ p\Zkf j\ \eZl\ekiXe i\[lZZ`fe\j \e Y`\e\j dl\Yc\j \ `edl\Yc\j hl\ gi\$ j\ekX leX [`jd`elZ`ย e [\ le -'%,' gfi Z`\ekf2 \e \c ilYif [\ J\im`Z`fj G\ijf$ eXc\j j\ gi\j\ekย le dfekf d\efi [\ le *%+02 DXk\i`Xc\j p Jld`e`jkifj j\ i\[laf le +%, gfi Z`\ekf2 J\im`Z`fj >\$ e\iXc\j hl\[ย X cX YXaX \e le +%0(gfi Z`\ekf% <e cf hl\ Zfii\jgfe[\ Xc gi\$ jlgl\jkf [\ gXik`[fj gfcย k`Zfj p X^il$ gXZ`fe\j gfcย k`ZXj# \jk\ XjZ`\e[\ X cX ZXek`[X[ [\ 0( d`ccfe\j ()) d`c ((' g\jfj Zfe 00 Z\ekXmfj% <c @<G: k\e[i} ย e`ZXd\ek\ le ^Xjkf fg\iXk`mf [\ (., d`ccfe\j ,,+ d`c *(, g\jfj Zfe .. Z\ekXmfj# gXiX \c giย o`df \a\iZ`Z`f%

GXiX \c >Xjkf :fii`\ek\ [\c @<G: j\ gifgljf gfi cfj d`\dYifj [\c :fej\af >\e\iXc leX i\[lZZ`ย e [\ () d`ccfe\j **+ d`c )+, g\jfj Zfe )0 Z\ekXmfj# cf ZlXc [\aX Xc Xek\gifp\Zkf XgifYX[f Zfe cf dย e`df `e[`jg\ejXYc\ gXiX \c [\jX$ iifccf [\c GifZ\jf <c\ZkfiXc CfZXc )'(/$)'(0 \e [fe[\ cfj Z`l[X[Xefj [\ ;liXe^f \c\^`i}e X cfj i\gi\j\ekXek\j [\ cfj *0 8plekXd`\ekfj hl\ Zfe]fi$ dXe \c <jkX[f% &21&(378$/,=$&,ย 1

Cfj XZkfj Xek`Z`gX[fj [\ ZXdgXย X f gi\$ ZXdgXย X jfe cXj XZk`m`[X[\j hl\ j\ i\X$ c`qXe YXaf ZlXchl`\i df[Xc`[X[ p \e ZlXchl`\i dfd\ekf ]l\iX [\ cX \kXgX [\ ZXdgXย Xj# hl\ Zfek\e^Xe ccXdX[fj \o$ gi\jfj Xc mfkf# \e ZfekiX f X ]Xmfi [\ leX ZXe[`[XkliX f le gXik`[f2 f \ogi\j`fe\j jfc`Z`kXe[f ZlXchl`\i k`gf [\ Xgfpf gXiX Zfek\e[\i \e \c gifZ\jf \c\ZkfiXc gfi Xc^leX ZXe[`[XkliX f gXiX le gXik`[f% :fdf fYj\imX[fi\j \c\ZkfiXc\j j\ Z`kX hl\ gXiX cfj Z`l[X[Xefj hl\ Ylj$

3$5$ (/ 35ย ;,02 (-(5&,&,2 (O ,(3& WHQGUยก JDVWR RSHUDWLYR GH PLOORQHV PLO SHVRV

0 /$*81$ ร 129,(0%5(

hl\e gXik`Z`gXi \e \c gifZ\jf \c\ZkfiXc# j\ cXeqย cX ZfemfZXkfi`X p j\i}e i\hl`$ j`kfj \c ZfekXi Zfe cX Z`l[X[Xeย X d\o`$ ZXeX p Zfe [\i\Z_fj Z`m`c\j p gfcย k`Zfj XZk`mfj2 ef ]fidXi gXik\ [\ cX [`i`^\eZ`X [\ le gXik`[f \e cfj ย ck`dfj ki\j Xย fj Xjย Zfdf ef _XY\i j`[f ZXe[`[Xkf \e \c d`jdf cXgjf [\ k`\dgf% 8j`d`jdf \c Xj`jk`i X cfj Zlijfj [\ ZXgXZ`kXZ`ย e# gi\$ gXiXZ`ย e f `e]fidXZ`ย e hl\ `dgXikX \c @E< p \e jl ZXjf# \c @ejk`klkf <c\ZkfiXc p [\ GXik`Z`gXZ`ย e :`l[X[XeX [\c <jkX$ [f [\ ;liXe^f f cXj gifg`Xj fi^Xe`qX$ Z`fe\j X cXj hl\ g\ik\e\qZXe% P [\ `^lXc dXe\iX _Xp i\jki`ZZ`fe\j Zfdf \c ef _XY\i j`[f [\j`^eX[f gXiX `ek\^iXi cXj d\jXj [`i\Zk`mXj [\ ZXj`ccX \e cX AfieX[X <c\ZkfiXc [\c Xย f )'(02 [\j\dg\ย Xij\ Zfdf i\gi\j\ekXek\ [\ gXik`[f gfcย k`Zf f [\ ZXe[`[XkliX `e[\$ g\e[`\ek\ Xek\ cfj :fej\afj [\c @E< f [\c @<G:2 Xek\ cXj :fd`j`fe\j [\ M`^`$ cXeZ`X EXZ`feXc# CfZXc\j p ;`jki`kXc\j [\c I\^`jkif =\[\iXc [\ <c\ZkfiXc\j# f Xek\ cXj d\jXj [`i\Zk`mXj [\ ZXj`ccX%



5(3257$-(

$ERUWR HQ &RDKXLOD OXFKD HQWUH GHUHFKD H L]TXLHUGD ;\ XZl\i[f X Z`]iXj [\ cX @ek\iilgZ`�e C\^Xc [\c <d$ YXiXqf# [`jgfe`Yc\ \e \c gfikXc [\ JXcl[ [\ cX g}^`eX f]`Z`Xc [\ cX :`l[X[ [\ D„o`Zf# [\ XYi`c [\ )''. _Xj$ kX j\gk`\dYi\ [\ )'(.# \ogfe\ hl\ ]l\ife Xk\e[`[Xj (/*#,'- dla\i\j2 +) [\ :fX_l`cX p ** [\ ;liXe^f

325 52%(572 &$5621 )2726 0/$*81$

<

c )/ [\ j\gk`\dYi\ [\ (00' \e CXk`efXd„i`ZX# p \e \c XŒf )'(( X \jZXcX `ek\ieXZ`feXc# j\ [\j`^$ e� gXiX Zfed\dfiXi \c ;ˆX @e$ k\ieXZ`feXc [\c 8Yfikf J\^lif% J`e \d$ YXi^f# p X ]XckX [\ gfcˆk`ZXj g’Yc`ZXj XY`\ikXj p [\ ZXdgXŒXj [\ ZfeZ`\ek`qX$ Z`�e \e D„o`Zf# \c iXjkif [\ cX `c\^Xc`$ [X[ j`^l\ jldXe[f mˆZk`dXj [\ekif p ]l\iX [\ cXj \jkX[ˆjk`ZXj% Gfi \ccf# X [`\q XŒfj [\ cX [\jg\eXc`$ qXZ`�e \e \c ;`jki`kf =\[\iXc :`l[X[ [\ D„o`Zf # \c XYfikf ZcXe[\jk`ef j\ \e$ Zl\ekiX \eki\ cX k\iZ\iX p ZlXikX ZXljX [\ dl\ik\ dXk\ieX \e \c gXˆj% <c i\gfik\ [\ Z`]iXj [\ cX @ek\iilg$ Z`�e C\^Xc [\c <dYXiXqf @C< # [`jgf$ e`Yc\ \e \c gfikXc [\ JXcl[ [\ cX g}^`eX f]`Z`Xc [\ cX :`l[X[ [\ D„o`Zf `c\%jX$ cl[%[]%^fY%do # [\ XYi`c [\ )''. _XjkX j\gk`\dYi\ [\ )'(.# \ogfe\ hl\ ]l\ife Xk\e[`[Xj (/* d`c ,'- dla\i\j# hl`\e\j fgkXife gfi \c XYfikf j\^lif \e \c ’e`Zf cl^Xi [\c gXˆj [fe[\ \jkX fgZ`�e d„[`ZX j\ \eZl\ekiX i\^lcXi`qX[X% ;\ \jk\ `e$ ]fid\# \c ZlXc [\j^cfjX cX eld\iXc`X j\$ ^’e cX \ek`[X[ [\c gXZ`\ek\# +) dla\i\j m`XaXife [\j[\ \c \jkX[f [\ :fX_l`cX p ** [\c \jkX[f [\ ;liXe^f% <c gifZ\[`d`\ekf# cl\^f [\ XeXc`qXi cXj Zfe[`Z`fe\j [\ cXj jfc`Z`kXek\j# gl\[\

i\Xc`qXij\ X kiXm„j [\ d\[`ZXd\ekf f [\$ g\e[`\e[f [\ cXj j\dXeXj [\ ^\jkXZ`�e d\efj [\ () # gfi cX mˆX hl`i’i^`ZX% Ef fYjkXek\# X g\jXi [\ \o`jk`i leX fgfikle`[X[ \e \c gXefiXdX c\^Xc# cX ]XckX [\ ZfefZ`d`\ekf f g\fi X’e# cX gi\j`�e jfZ`Xc# \Zfe�d`ZX p i\c`^`fjX# Zfem`\ik\ \jkX gi}Zk`ZX \e le \jk`^dX [\ XcZXeZ\ dfikXc% $%2572 6(*852 2 ,16(*852"

CXliX ?\ie}e[\q <jhl`m\c# `ek\^iXek\ [\ cX XjfZ`XZ`Â?e cX^le\iX j`e ]`e\j [\ clZif Dla\i\j >\e\iXe[f :XdY`fj DL><: # ZfdgXik\ \e \c [fZld\ekf k`klcX[f ĂŠD` Zl\igf# d` [\i\Z_f# d` [\Z`j`Â?e1 D`kfj [\c XYfikfĂ‹# cX [\]`e`Z`Â?e [\ cX Fi^Xe`qX$ Z`Â?e Dle[`Xc [\ cX JXcl[ FDJ 1 ĂˆCX `e$ k\iilgZ`Â?e [\c \dYXiXqf Xek\j [\ hl\ \c gif[lZkf j\X m`XYc\É# [fe[\ jldXe cXj [fj ZfeZ\gZ`fe\j [\c k„id`ef% 8Yfikf J\^lif1 GiXZk`ZX[f \e Zfe[`$ Z`fe\j gifk\^`[Xj# mXc`[X[Xj p Zfe]`XYc\j gfi g\ijfeXc [\ jXcl[ ZXgXZ`kX[f \ `ejkil$ d\ekXc d„[`Zf X[\ZlX[f# \e [fe[\ cX jX$ cl[ p cX m`[X [\ cX dla\i \jk„e ^XiXek`qX$ [Xj% 8Yfikf @ej\^lif1 GiXZk`ZX[f gfi g\i$ jfeXj j`e ZXgXZ`kXZ`Â?e f \og\i`\eZ`X# f \e le XdY`\ek\ hl\ ZXi\Z\ [\ cfj \jk}e[Xi\j d„[`Zfj dˆe`dfj%

0 /$*81$ Ăž 129,(0%5(

*58326 )(0,1,67$6 /D ÙHOHFFL³Q SRU OD YLGDÚ VH PDQWLHQH WULXQIDQWH HQ &RDKXLOD


5(3257$-( 8[\d}j# \eki\ cfj ]XZkfi\j [\ `ej\^l$ i`[X[ hl\ `ek\im`\e\e \e cX YÂ’jhl\[X [\ cX k\id`eXZ`Â?e ZcXe[\jk`eX# ?\ie}e[\q <jhl`m\c XÂŒX[\ cfj hl\ m`\e\e \eml\ckfj \e \c Zfek\okf jfZ`Xc [\ cX dla\i \dYXiX$ qX[X# [\ X_ˆ hl\ \e cfj \jkiXkfj d}j mlc$ e\iXYc\j j\ i\^`jki\ cX dXpfi ZXek`[X[ [\ ]Xcc\Z`d`\ekfj% CX k\iXg\lkX `e[`ZÂ? hl\ cX Zi`d`eXc`qX$ Z`Â?e [\ \jkX [\Z`j`Â?e fi`ccX X hl\ j\ Ylj$ hl\ \c XYfikf j`e cXj d\[`[Xj j\^liXj gXiX i\Xc`qXicf# cf ZlXc Zfecc\mX kXdY`„e X kiXl$ dXj ]ˆj`Zfj# \dfZ`feXc\j p gj`ZfcÂ?^`Zfj% <e cX d`jdX `em\jk`^XZ`Â?e# \c ^ilgf ]\$ d`e`jkX hl\ YljZX [Xi gf[\i [\ XZZ`Â?e X cX dla\i \e cX kfdX [\ [\Z`j`fe\j# kfie\X jl Xi^ld\ekf X kiXm„j [\ ZlXkif \a\j1 JX$ cl[ gÂ’Yc`ZX# Aljk`Z`X jfZ`Xc# ;\i\Z_fj _l$ dXefj p 8lkf[\k\id`eXZ`Â?e% :X[X lef [\ \ccfj i\jgXc[X[f YXaf cX \jkX[ˆjk`ZX [\ * d`ccfe\j .'' d`c dla\i\j dl\ikXj \e CXk`efXd„i`ZX X ZXljX [\ \d$ YXiXqfj ef [\j\X[fj p XYfikfj `ej\^lifj% <e D„o`Zf# j\^Â’e \c @ejk`klkf >lkkdX$ Z_\i# fi^Xe`qXZ`Â?e `ek\ieXZ`feXc hl\ gif$ dl\m\ cX jXcl[ i\gif[lZk`mX# \eki\ (00' p )''- cX kXjX [\ XYfikf Xld\ekÂ? \e ** gfi Z`\ekf Zfe leX \jk`dXZ`Â?e [\ /., d`c dla\i\j% <eki\ cXj Zfej\Zl\eZ`Xj gXiX cX jXcl[ ]\d\e`eX X ZXljX [\ cX dXi^`eXc`qXZ`Â?e p cX ]XckX [\ gfcˆk`ZXj gi\m\ek`mXj# j\ \e$ Zl\ekiXe cXj _\dfiiX^`Xj# `e]\ZZ`fe\j# gi\\ZcXdgj`X$\ZcXdgj`X# Zfdgc`ZXZ`fe\j \e \c gXikf p dl\ik\j gfi gifZ\[`d`\ekfj `ejXclYi\j# gX[\Z`d`\ekfj d}j ]i\Zl\ek\j \e gXˆj\j Zfe c\p\j gif_`Y`k`mXj# Zfdf \e \c ZXjf [\ D„o`Zf% GXiX cX `ek\^iXek\ [\ DL><:# cX Zi`j`j [\ \dYXiXqfj ef [\j\X[fj \e dla\i\j d\efi\j [\ *' XÂŒfj# \j le gifYc\dX Zfe jfclZ`Â?e \e cX gi\m\eZ`Â?e# j`e \dYXi^f \c ZfeZ\gkf [\ cX Xlkf[\k\id`eXZ`Â?e j\ \e$ Zl\ekiX XiiX`^X[f \e gi\al`Z`fj jfZ`Xc\j# ĂˆcXj dla\i\j gf[\dfj kfdXi [\Z`j`fe\j p jfdfj [l\ÂŒXj [\ el\jkif Zl\igf p \jkX \j leX `[\X hl\ `eZfdf[X X cX jfZ`\[X[ XZfj$ kldYiX[X X hl\ el\jkif Zl\igf \j k\ii`kf$ i`f gÂ’Yc`ZfÉ# [`ZkX ?\ie}e[\q <jhl`m\c \e \c [fZld\ekf% 1, 7$1 &(5&$ 1, 7$1 /(-26

%86&$1 '$5 81 3$62 +$&,$ /$ '(63(1$/,=$&,“1 '(/ $%2572 (O GH RFWXEUH GH OD DVRFLDFL³Q Ö0XMHUHV SRU &RDKXLOD× HQWUHJ³ XQ GRFXPHQWR FRQ PLO ILUPDV

<e cX \ek`[X[# cX Zl\jk`Â?e [\ jXeZ`feXi X hl`\e [\j\\ ]`eXc`qXi jl \dYXiXqf# \j dX$ k\i`X [\ fg`e`Â?e gÂ’Yc`ZX# pX hl\ \c )- [\ fZklYi\ [\ )'(.# cX XjfZ`XZ`Â?e ĂŠDla\i\j gfi :fX_l`cXĂ‹ \eki\^Â? le [fZld\ekf Zfe (/ d`c ]`idXj# \e \c ZlXc j\ ]`e`hl`kÂ? Zfe cX fgfikle`[X[ [\ [Xi le gXjf _XZ`X cX [\jg\eXc`qXZ`Â?e [\ cX gi}Zk`ZX# XZZ`Â?e gifgl\jkX gfi \c \o ^fY\ieX[fi IlY„e Dfi\`iX MXc[\q `dgi\jX \e \c el\mf :Â?$ [`^f G\eXc p gi\j\ekX[X \e j\gk`\dYi\ [\c d`jdf XÂŒf hl\ X jl m\q# XZfdgXÂŒXYX cf \jZi`kf \e \c El\mf J`jk\dX G\eXc 8Zl$ jXkfi`f# [fe[\ [\aÂ? [\ Zfej`[\iXij\ Zfdf [\c`kf ^iXm\ \c XYfikf# \oZclp\e[f [\ \jkX dXe\iX# cX Z}iZ\c%

0 /$*81$ Ăž 129,(0%5(


5(3257$-( 8c `^lXc hl\ \e :[Do# j\ gifgfeˆX hl\ cXj dla\i\j# Zfe „e]Xj`j \e cfj j\Zkfi\j dXi^`eXc`qX[fj# klm`\iXe cX fgZ`Â?e [\ k\i$ d`eXi jl \dYXiXqf [\ekif [\c cXgjf g\i$ d`k`[f [\ () j\dXeXj# k`\dgf \e hl\ \c gif[lZkf XÂ’e ef [\jXiifccX ZfeZ`\eZ`X% 8 g\jXi [\ cXj \jkX[ˆjk`ZXj hl\ ]Xmfi\$ Z\e \jkX d\[`[X# \c :fe^i\jf [\c <jkX[f mfkÂ? \e ZfekiX p i\X]`idÂ? hl\ gXiX XZZ\$ [\i X \jk\ j\im`Z`f# cX gXZ`\ek\ [\Y\ j\ÂŒX$ cXi hl\ ]l\ mˆZk`dX [\ leX m`fcXZ`Â?e# gfi cf ZlXc [\Y\ jfd\k\ij\ X gil\YXj Zfe d„$ [`Zf c\^`jkX p gXg\c\iˆX [\ gfi d\[`f hl\ Zfdf _X jlZ\[`[f Xek\j# Zfejld\ \c k`\dgf \jkXYc\Z`[f [\ cXj () j\dXeXj% <c \ekfeZ\j Zffi[`eX[fi [\ cX YXeZX[X gXe`jkX \e \c :fe^i\jf# A\jÂ’j [\ C\Â?e K\$ ccf# XgcXl[`Â? cX [\Z`j`Â?e p ^\e\iXc`qÂ? Xc [\ZcXiXi hl\# Ăˆj\ [X le d\ejXa\ [\ hl\ j\^l`dfj i\jg\kXe[f cX m`[X p hl\ \e :fX_l`cX ef j\ [\jg\eXc`qX \c XYfikf# gfi \c ZfekiXi`f# j\ j`^l\ gi`m`c\^`Xe[f \c k\dX [\ gifk\ZZ`Â?eÉ% Gfjk\i`fid\ek\# Dfi\`iX MXc[\q cX$ d\ekÂ? hl\ cX g\eXc`qXZ`Â?e [\c XYfikf X]\ZkXiˆX jÂ?cf X dla\i\j [\ YXafj i\Zlijfj p hl\ jl `ek\eZ`Â?e \iX gifk\^\i X hl`\e\j _XY`kXe cfj \jkiXkfj [\ gfYi\qX% CX clZ_X \eki\ [\i\Z_Xj \ `qhl`\i[Xj j\ dXe`]\jkÂ? \e leX j\i`\ [\ gifk\jkXj X]l\iX [\c :fe^i\jf [\c <jkX[f p gfi ZXcc\j [\ mX$ i`Xj Z`l[X[\j# X [fe[\ ]l\ife jldX[fj cfj ^ilgfj i\c`^`fjfj hl\ dXek`\e\e jl \k\ief i\gifZ_\ _XZ`X cX [\Z`j`Â?e ]\d\e`eX% 8Â’e Xjˆ# X g\jXi [\ cX Zfeal^XZ`Â?e [\ ^ilgfj ]\d`e`jkXj [\c \jkX[f# hl`\e\j [\$ ]`e`\ife Zfdf `efg\iXek\ \ `eÂ’k`c cX g\$ eXc`qXZ`Â?e# pX hl\ [\j[\ cX k`g`]`ZXZ`Â?e [\c [\c`kf [\ XYfikf _XZ\ [fj [„ZX[Xj# eleZX j\ _X \cXYfiX[f leX j\ek\eZ`X# cX Ăˆ\c\Z$ Z`Â?e gfi cX m`[XÉ j\ dXek`\e\ ki`le]Xek\ \e :fX_l`cX% <c Zfe]c`Zkf kfdX dXpfi Yi`ccf# ZlXe[f X d\j\j [\ cX [\Z`j`Â?e \e \c :fe^i\jf# cXj fgZ`fe\j ZcXe[\jk`eXj gXiX XYfikXi glclcXe \eki\ cfj dle`Z`g`fj# pX hl\ YXjkX Zfe gf$ e\i cXj gXcXYiXj ĂˆXYfikfÉ p Ăˆ:fX_l`cXÉ \e \c YljZX[fi >ff^c\# gXiX hl\ XgXi\qZXe gi\$ Z`fj p [`i\ZZ`fe\j# cf ZlXc fi`ccX X hl\ cX dla\i Zfe gfZf [`e\if p \jkl[`fj# gfi k\$ dfi X cX Z}iZ\c mXpX [`i\Zkf _XZ`X cX dl\i$ k\% P cX \jkX[ˆjk`ZX j\^l`i} \e Xld\ekf%

(Q 0Š[LFR VHJºQ HO ,QVWLWXWR *XWWPDFKHU RUJDQL]DFL³Q LQWHUQDFLRQDO TXH SURPXHYH OD VDOXG UHSURGXFWLYD HQWUH \ OD WDVD GH DERUWR DXPHQW³ HQ SRU FLHQWR FRQ XQD HVWLPDFL³Q GH PLO PXMHUHV

0 /$*81$ Ăž 129,(0%5(



&$57 1 32/ 7,&2

(1 &2168/7$ 3238/$5

0 /$*81$ Þ 129,(0%5(

9LOODIXHUWH




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.