M Laguna, feb/2018

683/(0(172 0(168$/

)(%5(52

5(3257$-( /DV PXMHUHV \ VX OXFKD SRU OD SDULGDG HQ OD SROยญWLFD

&2/801$ ย QJHO &DUULOOR 5RPHUR

/$*81$

ELVIRA BARRANTES DE AISPURO

DA UN GOLPE DE TIMร N EN LAS POLร TICAS Pร BLICAS 0$5&(/2 7255(6 &2),ย 2 /RV PH[LFDQRV VDEHPRV TXH HVWยก QXHVWUR IXWXUR HQ MXHJR

/25(1=2 0$57ย 1(= '(/*$',//2 +D IDOWDGR PยกV LQGHSHQGHQFLD GH QXHVWURV OLGHUD]JRV HQ /D /DJXQD

5,&$5'2 /ย 3(= 3(6&$'25 (O 6HQDGR QR SXHGH VHU SDUD JHQWH LPSURYLVDGD

&217(1,'26 683/(0(172 0 /$*81$ Þ )(%5(52 (+) JESÚS D. GONZÁLEZ FUNDADOR FRANCISCO A. GONZÁLEZ FRANCISCO D. GONZÁLEZ JESÚS D. GONZÁLEZ CARLOS MARÍN ÁNGEL CONG PEDRO GONZÁLEZ HUGO CHAPA JAVIER CHAPA ALFREDO CAMPOS ROBERTO LÓPEZ JUAN PABLO BECERRA-ACOSTA HÉCTOR ZAMARRÓN ÓSCAR CEDILLO BÁRBARA ANDERSON RAFAEL OCAMPO MIGUEL ÁNGEL VARGAS MAURICIO MORALES ADRIANA OBREGÓN RICARDO ZAMORA DYANA REYES ADRIÁN LOAIZA GUILLERMO FRANCO FERNANDO RUIZ ALBERTO BRAÑA VALERIA GONZÁLEZ RODOLFO GUTIÉRREZ TOMÁS SÁNCHEZ MARCO A. ZAMORA

PRESIDENTE DEL CONSEJO DE ADMINISTRACIÓN PRESIDENTE EJECUTIVO VICEPRESIDENTE DIRECTOR GENERAL EDITORIAL DIRECTOR GENERAL ADJUNTO DIRECTOR GENERAL ADJUNTO DIRECTOR EJECUTIVO DIRECTOR DE MEDIOS IMPRESOS DIRECTOR EDITORIAL SUBDIRECTOR EDITORIAL SUBDIRECTOR EDITORIAL SUBDIRECTOR EDITORIAL DIRECTOR EDITORIAL DE MILENIO DIGITAL DIRECTORA DE INNOVACIÓN EDITORIAL DIRECTOR DE MILENIO TELEVISIÓN DIRECTOR DE ENLACE EDITORIAL DIRECTOR DE DESARROLLO CORPORATIVO DIRECTORA COMERCIAL DIRECTOR DE ENLACE INSTITUCIONAL DIRECTORA DE INNOVACIÓN COMERCIAL DIRECTOR DE TECNOLOGÍA Y PROCESOS DIRECTOR DE INGENIERÍA Y REGULACIÓN DIRECTOR DE PRODUCCIÓN DIRECTOR DE PRODUCCIONES EDITORIALES DIRECTORA CREATIVA DIRECTOR DE DESARROLLO DIGITAL DIRECTOR DE RESPONSABILIDAD SOCIAL DIRECTOR DE PROYECTOS ESPECIALES

461-&.&/50 .&/46"JUAN GRAMILLO MARCELA MORENO OMAR ESCOBEDO FRANCISCO HERNÁNDEZ GABRIELA VÁZQUEZ JOSÉ FRANCISCO ROCHA ERNESTO VENEGAS LILIA OVALLE LUIS ALBERTO GALVÁN MANUEL GUADARRAMA LUIS ALBERTO LÓPEZ SILVIA AYALA LUIS CARLOS VALDÉS ROBERTO CARSON LUIS ALATORRE GILBERTO LASTRA JONATHAN PRIETO

DIRECTOR GENERAL DE NEGOCIOS DIRECTORA EDITORIAL E INFORMACIÓN GERENTE COMERCIAL GERENTE DE PRODUCCIÓN SUPLEMENTOS DISEÑO EDITORIAL SISTEMAS JEFA DE INFORMACIÓN JEFE DE REDACCIÓN FOTÓGRAFO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO DIGITALIZACIÓN

EJECUTIVOS COMERCIALES ANTONIO FEMATT, JORGE IVÁN MARTÍNEZ, VALERIA CASTRO

(Q HO PRPHQWR TXH HO QL±R HV GHWHFWDGR FRQ XQD HQIHUPHGDG HV QXHVWUR QL±R (OYLUD %DUUDQWHV GH $LVSXUR

%5(9(6

&2/801$

1RWLFLDV SRO­WLFDV \ VRFLDOHV GH &RDKXLOD \ 'XUDQJR

3RU OR WDQWR

(175(9,67$ /$6 08-(5(6 < 68 /8&+$ (1 /$ 32/ 7,&$

(O SUHVLGHQWH GHO &(1 GHO 3$1 0DUFHOR 7RUUHV &RIL±R H[SOLFD TXH VH UHTXLHUH FRQJUXHQFLD \ OHDOWDG SDUD FRQ ORV FLXGDGDQRV \ HQ HO DFWXDU SRO­WLFR

/D FXRWD GH J©QHUR VLUYL³ SDUD IDFLOLWDU OD LQFRUSRUDFL³Q GH ODV PXMHUHV GHVGH D OD IHFKD

3

3 &,8'$' +(&+$ $ 0$12 *DQDGRUD GHO WHUFHU OXJDU HQ XQ FHUWDPHQ LQWHUQDFLRQDO HO ILOPH GHVFULEH D ORV FLXGDGDQRV VLHQGR SURWDJRQLVWDV

3

$32<26 $/ $*52 (1 '85$1*2 DOMICILIO: EDITORIAL LA OPINIÓN S.A., AV. ALLENDE S/N, COL. CENTRO C.P. 27000 TORREÓN, COAHUILA. PARA VENTAS E INFORMES: 8717491100-8717491104-8717491149 SUSCRIPCIONES 01800 2006453

3

3

(O JRELHUQR HVWDWDO LQWHQWD XQ GHVDUUROOR FRQ HTXLGDG HQ OD DVLJQDFL³Q GH UHFXUVRV

3

(175(9,67$ (O SUHVLGHQWH GHO 3$1 HQ 'XUDQJR /RUHQ]R 0DUW­QH] DVSLUD D TXH OD IXHU]D SRO­WLFD FUH]FD HQ OD HQWLGDG

3

35(&$1','$726 &$86$1 )8525 /D FRPHGLD SRO­WLFD FRQWHP SRU¡QHD D WUDY©V GH VXV FDQGLGDWRV JHQHUDGRUD GH XQD PRUGD] FU­WLFD HQ ODV UHGHV VRFLDHV

3

&$57 1 32/ 7,&2 3

0 /$*81$ VXSOHPHQWR PHQVXDO ,PSUHVR HQ IHEUHUR GH (GLWRU 5HVSRQVDEOH 0DUFHOD 0RUHQR &DVDV 1~PHUR GH FHUWL½FDGR GH UHVHUYD RWRUJDGR SRU HO ,QVWLWXWR 1DFLRQDO 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 QHFHVDULDPHQWH 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

/RV FDQGLGDWRV \ OD FRQVWUXFFL³Q GH VX LPDJHQ SRO­WLFD 3

6DOYDGRU +HUQ¥QGH] 9ŠOH] DVXPH UHFWRU­D GH OD 8$GH& 3

%5(9(6 325 5('$&&,Â&#x201C;1 0,/(1,2 /$ 23,1,Â&#x201C;1 /$*81$

/$ &$3,//$ 6,;7,1$ (67$5Â (1 7255(Â&#x201C;1 CX iÂ&#x201E;gc`ZX [\ cX :Xg`ccX J`ok`eX \jkXi} \e Kf$ ii\Â?e X gXik`i [\c d\j [\ dXiqf p X cf cXi^f [\ Xc d\efj [fj d\j\j% <c XcZXc[\ Afi^\ Q\i$ d\Â&#x152;f `e]fidÂ? hl\ j\i} \e cXj `ejkXcXZ`fe\j [\ cX =\i`X [\ Kfii\Â?e [fe[\ cfj m`j`kXek\j gf[i}e Xgi\Z`Xi cXj iÂ&#x201E;gc`ZXj [\ cfj dliXc\j [\ D`^l\c Ă?e^\c# g`ekfi i\eXZ\ek`jkX# Zfej`$

[\iX[f lef [\ cfj d}j ^iXe[\j Xik`jkXj [\ kf[fj cfj k`\dgfj% :Xg`ccX J`ok`eX \e DÂ&#x201E;o`Zf# \j le dlj\f `k`e\iXek\2 ]l\ife e\Z\jXi`Xj d}j [\ (.' d`c efZ_\j gXiX ZfeZcl`i \c c\mXekXd`\ekf [\ cXj d}j [\ ) d`ccfe\j .'' d`c ]fkf^iX]Â&#x2C6;Xj hl\ Zfe]fidXe \c XiZ_`mf [`^`kXc X cf cXi^f

0 /$*81$ Ă&#x17E; )(%5(52

2

[\ ) d`c _fiXj [\ kiXYXaf% Afi^\ Q\id\Â&#x152;f @e]Xek\ X^iX[\Z`Â? X kf[Xj cXj g\ijfeXj `dgc`ZX[Xj \e \c \j]l\iqf [\ kiXjcX[Xi X Kfii\Â?e cX iÂ&#x201E;gc`ZX [\ cX :Xg`ccX J`ok`eX# \e \jg\Z`Xc X cXj ^iXe[\j# d\[`XeXj p g\hl\Â&#x152;Xj \dgi\jXj hl\ XZ\gkXife j\i gX$ kifZ`eX[fiXj [\ \jk\ ^iXe \j]l\iqf%

%5(9(6

720$ 3527(67$ ',387$'2 +8,&+2/

5($18'$5Â 1 &,5&8/$&,Â&#x201C;1 (1 /$ Ă&#x2122;683(5&$55(7(5$Ă&#x161; Cl\^f [\ j\dXeXj [\ g\idXe\Z\i Z\iiX[X [\ dX$ e\iX gXiZ`Xc cX jlg\iZXii\k\iX ;liXe^f$DXqXkc}e X cX XckliX [\c gl\ek\ <c :Xii`qf hl\ i\jlckÂ? [X$ Â&#x152;X[f kiXj \c \c `eZ\e[`f gifmfZX[f gfi \c Z_fhl\ [\ leX g`gX ZXi^X[X [\ ZfdYljk`Yc\# \jk\ )* [\ dXiqf j\ i\Xel[Xi} cX Z`iZlcXZ`Â?e% <c XeleZ`f [X[f X ZfefZ\i gfi g\ijfeXc [\ cX J\Zi\kXiÂ&#x2C6;X [\ :fdle`ZXZ`fe\j p KiXejgfik\j J:K XjÂ&#x2C6; Zfdf gfi cfj >fY`\iefj [\ ;liXe^f p J`eXcfX# Xc\ekÂ? X cXj [\g\e[\eZ`Xj \eZXi^X[Xj [\ Kli`jdf gXiX i\Zfd\eqXi Zfe cfj kiXYXafj gXiX Xgifm\Z_Xi \c K`Xe^l`j KliÂ&#x2C6;jk`Zf hl\ gfi gi`d\iX m\q j\ i\Xc`qXi} \e cX Z`l[X[ [\c efik\ d\o`ZXef%

CX \jkiXk\^`X \dgi\e[`[X gfi cX J\Zi\kXiÂ&#x2C6;X [\ Kli`jdf \j hl\ fg\iX[fi\j p \dgi\jXi`fj [\c iXdf ZfefqZXe ;liXe^f p gifdfZ`feXicf Zfdf le [\jk`ef Zfealekf Xc [\ jfc p gcXqX# Zfe cfj XkiXZk`mfj kliÂ&#x2C6;jk`Zfj [\ cX J`\iiX DX[i\ FZZ`[\e$ kXc# cX Z`l[X[ [\ ;liXe^f p jl ZlckliX% :fe \c XeleZ`f# j\ i\XZk`mÂ? cX ZXdgXÂ&#x152;X [\ gif$ dfZ`Â?e \e cfj (' \jkX[fj \d`jfi\j [\ kli`jkXj X ;liXe^f% 8[\d}j j\ m`j`kX X cXj Z`l[X[\j \e cfj <jkX[fj Le`[Xj [\ 8dÂ&#x201E;i`ZX [fe[\ iX[`ZXe d\o`$ ZXefj p [liXe^l\ej\j% Cf d`jdf hl\ j\ YljZX \c XYfi[Xi \c d\iZX[f Xe^cfjXaÂ?e gXiX cfj XkiXZk`mfj \e cX \ek`[X[%

<c (+ [\ ]\Yi\if kfdÂ? gifk\jkX Zfdf [`$ glkX[f cfZXc# =iXeZ`jZf >feq}c\q [\ cX :ilq# fi`^`eXi`f [\ JXe 8ekfe`f [\ GX[lX [\c dl$ e`Z`g`f [\ <c D\qhl`kXc% :fe \c Xkl\e[f [\c gl\Ycf n`o}i`ZX# >feq}c\q [\ cX :ilq _XYcÂ? [\ cf Zfdgc`ZX[f hl\ \j j\i kfdX[f \e Zl\e$ kX gXiX j\i i\gi\j\ekXek\ Z`l[X[Xef gfi _X$ YcXi \e c\e^lX dXk\ieX% <e jl gi`d\iX \eki\m`jkX i\ZfefZ`Â? hl\ \c i\Zlijf hl\ j\ [\jk`eX X cXj Zfdle`[X[\j `e$ [Â&#x2C6;^\eXj [\ cX \ek`[X[ \j `ejl]`Z`\ek\# g\if \jg\iX hl\ \c gi\jlgl\jkf X \a\iZ\i \jk\ XÂ&#x152;f j\ Zl\ek\ Zfe leX ZXek`[X[ dXpfi [\ [`e\if gXiX Xk\e[\i cfj gifYc\dXj [\ m`m`\e[X \e cX qfeX j\iiXeX% KXdY`Â&#x201E;e _XYcÂ? hl\ \j e\Z\jXi`f hl\ cfj dX\jkifj hl\ `ejkilp\e X cfj e`Â&#x152;fj [\ cX [`$ ]\i\ek\j \ke`Xj# gXic\e \e c\e^lX dXk\ieX p \c Xgi\e[`qXa\ j\X d\afi%

3,'(1 6( ,19(67,*8( (/ &$62 '( /$ 0(*$'(8'$

8jfZ`XZ`fe\j Z`m`c\j [\ cX :fdXi$ ZX CX^le\iX le`[Xj YXaf \c dfm`$ d`\ekf [\efd`eX[f Ă&#x2C6;I\[ CX^leX ZfekiX cX @dgle`[X[ p cX :fiilg$ Z`Â?eĂ&#x2030;# gi\j\ekXife \c gXjX[f () [\ \e\if le al`Z`f [\ XdgXif ZfekiX \c ;\Zi\kf ((0*# i\]\i\ek\ X cX df$ [`]`ZXZ`Â?e [\c XikÂ&#x2C6;Zlcf )Â&#x2014; [\ cX C\p Fi^}e`ZX [\c :fe^i\jf [\ :fX_l`$ cX# Xek\ \c Alq^X[f J\^le[f [\ ;`jki`kf# Zfe \c eÂ&#x2019;d\if [\ i\^`jkif --&)'(/% I`ZXi[f J\^liX DfekXÂ&#x152;X# [\ cXj XjfZ`XZ`fe\j CX^le\ifj Le`[fj [\ :fiXqÂ?e p GXik`Z`gXZ`Â?e :`l[X[XeX )0# j\Â&#x152;XcÂ? hl\ pX j\ _X ZfeZ\[`[f leX Xl[`\eZ`X gXiX \c giÂ?o`df () [\ ]\Yi\if [\ \jk\ d`jdf XÂ&#x152;f% <e il\[X [\ gi\ejX \ogc`ZÂ? hl\ [`Z_f XdgXif \j le \j]l\iqf Xgf$ pX[f gfi cfj fi^Xe`jdfj [\ cX jf$

/(7,&,$ +(55(5$ $/( 5(*5(6$ $ /$ $/&$/'Â?$ '( *Â&#x201C;0(= 3$/$&,2 8lehl\ cX XcZXc[\jX [\ >Â?d\q GX$ cXZ`f g`[`Â? c`Z\eZ`X gXiX j\gXiXij\ [\c ZXi^f Zfe \c fYa\k`mf [\ gXik`$ Z`gXi Zfdf ZXe[`[XkX [\c GI@ X [`$ glkX[X ]\[\iXc gfi \c ;`jki`kf ') \e ;liXe^f# )( [Â&#x2C6;Xj [\jglÂ&#x201E;j [\ hl\ \c :XY`c[f c\ XZ\gkÂ? cX j\gXiX$

Z`Â?e# cX \[`c XeleZ`Â? hl\ i\^i\jX$ iÂ&#x2C6;X X ^fY\ieXi jl dle`Z`g`f gl\j cX C\p [\ @ejk`klZ`fe\j p GifZ\jfj <c\ZkfiXc\j `dg`[\ hl\ Xc ^XeXi \c ZXi^f gÂ&#x2019;Yc`Zf cf XYXe[fe\ gXiX mfcm\i Zfdf dleÂ&#x2C6;Z`g\ [\aXe[f cX Zlilc X jl jlgc\ek\ p X jl gXik`[f%

3

Z`\[X[ Z`m`c Zfe \c fYa\k`mf [\ j\$ Â&#x152;XcXi cX `eZfejk`klZ`feXc`[X[ [\ cXj df[`]`ZXZ`fe\j hl\ cX c\^`jcX$ kliX Xek\i`fi XcZXeqÂ? X i\Xc`qXi leXj j\dXeXj Xek\j [\ \eki\^Xi \c ZXi^f X cX XZklXc%

0 /$*81$ Ă&#x17E; )(%5(52

5(3257$-(

/DV PXMHUHV \ VX OXFKD SRU OD SDULGDG HQ HO SRGHU SROยญWLFR GXiX IfjXi`f MXi\cX Qย ย `^X# `em\jk`^X[fiX [\ cX L8 [\ :# ef \j kXe ]}Z`c ZXdY`Xi kf[X leX ZlckliX XeZ\jkiXc# [fe[\ cX gfcย k`ZX j\ _X Zfejkil`[f \e YXj\ X \a\iZ`Z`fj [\c gf[\i dXjZlc`ef% FiXc`X <jgXiqX# ZXk\[i}k`ZX# \jg\iX hl\ \c :fe^i\jf \e :fX_l`cX j\X kXdY`ย e ]\d`e`jkX 325 /8,6 &$5/26 9$/'ย 6 '( /(ย 1

<

e (00*# \e \c :ย [`^f =\[\iXc [\ GifZ\[`d`\ekfj <c\ZkfiXc\j j\ `e$ kif[laf cX i\Zfd\e[XZ`ย e gXiX hl\ cfj GXik`[fj Gfcย k`Zfj gfjkl$ cXiXe ZXe[`[XkliXj [\ dla\i\j \e cfj gif$ Z\jfj \c\ZkfiXc\j# j`\e[f Xjย cX gi`d\iX `eZlij`ย e [\c k\dX \e cX X^\e[X gfcย k`ZX \e Dย o`Zf# Zfdf leX _\iiXd`\ekX gXiX `eZ\ek`mXi cX gXik`Z`gXZ`ย e [\ cX dla\i \e cX m`[X# Xjย Zfdf \e cXj [\Z`j`fe\j# [\ cX gfcย k`ZX [\ Dย o`Zf% <e (00- j\ d\eZ`feX le gfiZ\ekXa\ hl\ cfj gXik`[fj gfcย k`Zfj [\Y`\iXe \jkXi gfjklcXe[f# X dย e`df le *' gfi Z`\ekf Zfe g\ijfeXj [\ [`jk`ekf ^ย $ e\if# \ek\e[`\e[f cX i\]\i\eZ`X _XZ`X cXj dla\i\j Xc ef \jkXi i\gi\j\ekX[Xj% CX XZklXc c\^`jcXkliX \e \c :fe^i\jf [\c \jkX[f [\ :fX_l`cX# cX dXpfiย X [\ jlj Zlil$ c\j \jk}e fZlgX[Xj gfi dla\i\j# Xci\[\[fi [\c -' gfi Z`\ekf% ;\ le kfkXc [\ ), Xj`\e$ kfj hl\ k`\e\ cX CO@ C\^`jcXkliX# (+ jfe fZlgX[fj gfi dla\i\j1 j\`j [\c GI@# j\`j [\c G8E# leX [\ L;:# leX [\ Dfi\eX% D`\ekiXj kXekf \e \c :fe^i\jf [\c <j$ kX[f [\ ;liXe^f# [X Zldgc`d`\ekf X cf \jk`glcX[f gfi cX c\p# [fe[\ j\ [\k\ekX \c *' gfi Z`\ekf [\ cXj Zlilc\j [\ cX C\^`jcX$ kliX COM@@ gfi dla\i\j% <e ;liXe^f# _Xp *. Zlilc\j# [\ cXj ZlXc\j (( \jk}e fZlgX[Xj gfi dla\i\j% ;\ cXj fZ_f hl\ fjk\ekX \c GXik`[f 8ZZ`ย e EXZ`feXc# ZlXkif \jk}e fZlgX[Xj gfi dla\i\j2 \e \c GI@ [\ ()# ZlXkif ]l\ife [X[Xj X dla\i\j2 [\ cfj [fj Xj`\ekfj hl\ k`\e\ \c GI; jfe fZlgX[fj gfi dla\i\j p \c ย e`Zf Xj`\ekf [\ El\mX 8c`XeqX \j [\ leX dla\i% ร :fdf [\dXe[X jfZ`Xc _X \jkX[f g\i$ dXe\ek\d\ek\ \e cX _`jkfi`X [\ cXj [\df$ ZiXZ`Xj [\c dle[f Zfe jlj gifd\jXj [\ `^lXc[X[# [fe[\ cfj dfm`d`\ekfj fi^Xe`qX$ [fj [\ dla\i\j cf^iXife hl\ [\ dXe\iX gXlcXk`eX j\ `eZfigfiXi} \e \c :ย [`^f =\$ [\iXc <c\ZkfiXc p cl\^f \e cfj \jkX[fj j\ ]l\$ iX i\kfdXe[f \e cXj c\p\j \c\ZkfiXc\j \jkX$ kXc\jร # i\]`i`ย IfjXi`f MXi\cX Qย ย `^X# dX\jkiX `em\jk`^X[fiX [\ cX =XZlckX[ [\ :`\eZ`Xj Gfcย k`ZXj p JfZ`Xc\j [\ cX L8 [\ :%

&$3$&,7$&,ย 1 3$5$ (/ (032'(5$0,(172 +,/'$ )/25(6 (6&$/(5$ /D SUHVLGHQWD GHO 2UJDQLVPR 1DFLRQDO GH 0X MHUHV 3ULLVWDV 21035, VHQDGRUD +LOGD )ORUHV (VFDOHUD DVHJXUยณ TXH OD PLVLยณQ GHO RUJDQLVPR UXPER DO HV TXH ODV PXMHUHV VHDQ SURWD JRQLVWDV HQ ORV FRPLFLRV GHO SUยณ[LPR DยฑR ร 1XHVWUD PLVLยณQ HV OOHJDU D PLOORQHV GH PX MHUHV TXH HVWยกQ LQVFULWDV HQ HO SDGUยณQ HOHFWRUDO QXHVWUR UHWR HV VDEHU GยณQGH HVWยกQ \ FRQYHQFHU TXH QXHVWUDV PXMHUHV SULLVWDV VH TXHGHQ ILUPHV \ EXVFDU PยกVร GHPDQGยณ 'H DFXHUGR D OD SยกJLQD GH HVWH RUJDQLVPR HQ GRQGH VH SXEOLFยณ HVWH GRFXPHQWR )ORUHV (VFD OHUD SURSXVR D ODV SUHVLGHQWDV GHO RUJDQLVPR HQ FDGD XQR GH ORV HVWDGRV GH OD 5HSยบEOLFD WUD EDMDU HQ XQ SODQ GH DFFLยณQ FRPSXHVWR HQ YDULDV YHUWLHQWHV FDSDFLWDFLยณQ IRUPDFLยณQ SUHSDUD FLยณQ \ HPSRGHUDPLHQWR D SDUWLU GHO FRQRFL PLHQWR

0 /$*81$ ร )(%5(52

4

ร 7HQHPRV TXH FDSDFLWDU PยกV SDUD KDFHU PยกV WUDEDMR SDUWLGLVWD OOHJDQGR D PยกV JHQWH KDFHU FRVDV GLIHUHQWHV QHFHVLWDPRV VDOLU D ODV FDOOHV D RUJDQL]DU D HVDV PXMHUHV TXH WLHQHQ XQD SURSXHVWD SROยญWLFD \ HVFXFKDU OR TXH PยกV OHV LQTXLHWD SDUD TXH QXHVWUR SDUWLGR WHQJD HFR 7UDEDMDUHPRV HQ XQ SODQ XQLILFDGR HQ WRGR HO SDยญV SDUD TXH QR QRV SHUGDPRV FDPLQDU HQ XQD VROD YR] SRUTXH WRGDV ODV PXMHUHV GHO 35, WH QHPRV TXH HVWDU HQ HO SDUWLGR PยกV FRPSHWLWL YRร DSXQWยณ )ORUHV (VFDOHUD OHV SLGLยณ VHU LQFOX\HQWHV VHQVLEOHV SHUVXDVLYDV \ FRQYLQFHQWHV FRQ HO REMHWLYR GH GDU D FRQRFHU TXH HO 35, HV OD PHMRU RSFLยณQ SROยญWLFD SDUD ORV PH[LFDQRV ร 7UDEDMH PRV MXQWDV GH OD PDQR D WRGDV QRV LGHQWLILFD TXH VRPRV PXMHUHV SULLVWDV \ VHJXLUHPRV ODER UDQGR FRQ FRPSURPLVR \ FRQ XQLGDGร

5(3257$-( J\^Â&#x2019;e i\Zl\i[X# \e gfjk\i`fi\j i\]fi$ dXj j\ ]l\ife `eZfigfiXe[f d\ZXe`jdfj hl\ ]l\ife Ă&#x2C6;]fiqXe[fĂ&#x2030; X cfj GXik`[fj GfcÂ&#x2C6;$ k`Zfj# X gXjXi [\ leX j`dgc\ i\Zfd\e[X$ Z`Â?e X \c\mXi \c gfiZ\ekXa\ hl\ cl\^f j\ `eZi\d\ekÂ? X le +' gfi Z`\ekf# g\if Xc ef j\i kXe \jg\ZÂ&#x2C6;]`Zf [`af# cfj GXik`[fj GfcÂ&#x2C6;k`$ Zfj cXj gfjklcXYXe \e [`jki`kfj g\i[\[fi\j f \e cfj Â&#x2019;ck`dfj cl^Xi\j [\ i\gi\j\ekXZ`Â?e gfcÂ&#x2C6;k`ZX [fe[\ ef _XYÂ&#x2C6;X gfj`Y`c`[X[ [\ ^X$ eXi2 f hl\ j` cXj gfjklcXYXe# g\if cl\^f cXj jljk`klÂ&#x2C6;Xe gfi _fdYi\j% Ă&#x2C6;CX ZlfkX [\ ^Â&#x201E;e\if j`im`Â? gXiX ]XZ`c`kXi cX `eZfigfiXZ`Â?e [\ dla\i\j# _X k\e`[f leX kiXp\Zkfi`X [\j[\ (00- X cX ]\Z_X2 g\if d}j hl\ [\ ZlfkX [\ ^Â&#x201E;e\if# j\ _XYcX [\ gXi`[X[2 [\ XZl\i[f X cX I\]fidX <c\Z$ kfiXc [\ )'(+# cfj GXik`[fj GfcÂ&#x2C6;k`Zfj \jk}e fYc`^X[fj X gfjklcXi \e gXi`[X[ X jlj ZXe$ [`[XkliXjĂ&#x2030;% G\if \jkf ef hl\[X XhlÂ&#x2C6;% KXd$ Y`Â&#x201E;e cX C\p Zfej`[\iX fkifj d\ZXe`jdfj gfi d\[`f [\ cfj ZlXc\j cfj GXik`[fj GfcÂ&#x2C6;$ k`Zfj [\Y\e ZXgXZ`kXi X cXj dla\i\j gXiX cX Zfdg\k\eZ`X gfcÂ&#x2C6;k`ZX p gXiX \c \a\iZ`Z`f [\ cfj ZXi^fj# Zfdf \j \c * gfi Z`\ekf [\ jl gi\jlgl\jkf gÂ&#x2019;Yc`Zf Xj`^eX[f hl\ [\Y\ j\i [\jk`eX[f X ZXgXZ`kXZ`Â?e p ]fikXc\Z`$ d`\ekf [\ cfj c`[\iXq^fj gfcÂ&#x2C6;k`Zfj% J`e \dYXi^f# \jk\ i\Zlijf ef j\ _X \a\iZ`[f Zfdf j\ \jg\iXYX# Xj\^liX% <o$ gljf hl\ Â&#x201E;jk\ j\ gl\[\ Xgc`ZXi \e `em\j$ k`^XZ`Â?e# ZXgXZ`kXZ`Â?e f [`mlc^XZ`Â?e# g\if ef gi\Z`jX \c gfiZ\ekXa\% <e leX `e$ m\jk`^XZ`Â?e hl\ i\Xc`qÂ? MXi\cX QÂ&#x2019;Â&#x152;`^X \e )'(,# `[\ek`]`ZÂ? hl\ _Xp gXik`[fj gfcÂ&#x2C6;k`$ Zfj hl\ [\jk`eXe \c ('' gfi Z`\ekf [\ jl i\Zlijf \e cX \[`Z`Â?e [\ i\m`jkXj# gfi cf hl\ hl\[X `eZ`\ikf \c `dgXZkf \e cXj dl$ a\i\j d`c`kXek\j [\ cfj GXik`[fj# pX hl\ cX ZXgXZ`kXZ`Â?e j\ Zfej`[\iX gXiX gf[\i Zfdg\k`i \e \c\ZZ`fe\j# _\iiXd`\ekXj [\ e\^fZ`XZ`Â?e gfcÂ&#x2C6;k`ZX# \eki\ fkifj% ?XYiÂ&#x2C6;X hl\ m\i \c \]\Zkf i\Xc [\c i\Zlijfj \e cX ZXgXZ`kXZ`Â?e gfcÂ&#x2C6;k`ZX [\ cXj dla\i\j f j` _Xp hl\ i\fi`\ekXicf% Ă&#x2C6;?XYiÂ&#x2C6;X hl\ gfe\i \e g\ijg\Zk`mX \c XcZXeZ\ i\Xc [\ cX ZlfkX [\ ^Â&#x201E;e\if# cX gXi`[X[ p \c i\Zlijf [\c * gfi Z`\ekf2 ef \j kXe ]}Z`c hl\ j\ [\j\jkilZkli\ kf[X leX ZlckliX XeZ\jkiXc# [fe[\ cX gfcÂ&#x2C6;k`ZX j\ _X Zfejkil`[f \e YXj\ X \a\iZ`Z`fj [\c gf[\i dXjZlc`efĂ&#x2030;% <e jl dXpfiÂ&#x2C6;X cX gXik`Z`gXZ`Â?e [\ cXj dla\i\j \e cX gfcÂ&#x2C6;k`ZX j\ [X X e`m\c [\ YXj\# \j [\Z`i2 cfj gXik`[fj lk`c`qXe dlZ_f X cXj dla\i\j gXiX cX gifdfZ`Â?e [\c mfkf# [\c ZXe[`[Xkf p hl`q}j X_Â&#x2C6; gl\[\e m\ij\ Y\$ e\]`Z`X[Xj Zfe Xc^leX ZXe[`[XkliX% CX [`i`^\eZ`X [\ cfj GXik`[fj GfcÂ&#x2C6;k`Zfj _fp jÂ&#x2C6; i\hl`\i\e ]fidXi c`[\iXq^fj pX hl\ cXj dla\i\j \jk}e m`\e[f hl\ k`\e\e d}j gfj`Y`c`[X[\j i\Xc\j [\ [\jXiifccXij\ \e cX gfcÂ&#x2C6;k`ZX gfihl\ cfj gXik`[fj \jk}e fYc`^X$ [fj X \ccf2 g\if \jkf \e]i\ekX X cXj dla\i\j X fkiXj j`klXZ`fe\j% 8c ef [\jXiifccXij\ eXkliXcd\ek\ \e cX gfcÂ&#x2C6;k`ZX# \e dlZ_Xj [\ \ccXj j\ ^\e\iX Z`\ikX `ej\^li`[X[ jfYi\ jl [\j\dg\Â&#x152;f# ZfjX hl\ [`Z\# cfj _fdYi\j ef j\ Zl\jk`f$

eXe% 8[\d}j Zfd\ekÂ?1 Ă&#x2C6;Cfj _fd$ Yi\j ef mXe X Z\[\i kXe ]}Z`cd\e$ k\ \c gf[\i p \c cl^Xi hl\ pX k`\e\e# p leX dXe\iX [\ Zfek`$ elXi \a\iZ`\e[f# \j cX gfj`Y`c`$ [X[ [\ [\Z`[`i hlÂ&#x201E; dla\i\j mXe p Zl}c\j ef# pX hl\ cf `[\Xc \j hl\ hl\[XiXe dla\i\j Zfe kiXp\Zkfi`X# Zfe \og\i`\eZ`XĂ&#x2030;% CX `em\jk`^X[fiX i\ZfefZ\ Zfdf gf$ j`k`mf \c hl\ Xc d\efj# cXj dla\i\j \jkl$ m`\iXe i\gi\j\ekX[Xj# hl\ cc\^XiXe# pX hl\ [\ cf ZfekiXi`f# ef j\ g\iZ`Y\ \c gf[\i gf$ cÂ&#x2C6;k`Zf [\ dla\i\j p _fdYi\j# X[\d}j X cf hl\ cXj dla\i\j k`\e\e hl\ XgfikXi# gXik`\e[f [\ jl \og\i`\eZ`X [\ m`[X% 8 gXik`i [\ hl\ cXj dl$ a\i\j cc\^Xife# j\ Zfd\eqXife X _X$ Z\i c\p\j gXiX ZfdYXk`i cX m`f$ c\eZ`X ]Xd`c`Xi# ef Xek\j# pX hl\ cXj gi`eZ`gXc\j mÂ&#x2C6;Zk`$ dXj jfe cXj dla\$ i\j% Ă&#x2C6;=l\ kXi\X [\ cXj dl$ a\i\j `i hl`kXe[f X cfj :Â?$ [`^fj G\eXc\j# \j\ j\ccf hl\ k\$ eÂ&#x2C6;X% Cfj [\c`kfj j\olXc\j \ekiXYXe Zfdf [\c`kfj [\ _fefi# X_fiX jfe [\c`kfj [\ j\$ ^li`[X[ j\olXc p ]l\ife cXj dla\i\j hl`\e\j `dglcjXife \jX X^\e[XĂ&#x2030;2 XjÂ&#x2C6; Zfdf kXdY`Â&#x201E;e cXj c\p\j hl\ ZXjk`^Xe cX m`fc\eZ`X ]Xd`c`Xi hl\ Xek\j j\ Zfej`[\iXYX le gf[\i [\ cfj _fdYi\j# pX hl\ \iX jl \j$ gXZ`f p \ccfj gf[Â&#x2C6;Xe dXek\e\i \c fi[\e% I\]`i`Â? hl\ ]l\ife \ccXj hl`\e\j X e`m\c ]\[\iXc \e \c :fe$ ^i\jf [\ cX Le`Â?e# cf^iXife hl\ cX m`fcXZ`Â?e dXi`kXc j\ Zfej`[\iXiX le [\c`kf p ef Zfdf le [\i\Z_f [\ cfj _fdYi\j% <e \jX d`jdX kÂ?e`ZX# cX ZXk\[i}k`ZX `e$ [\g\e[`\ek\ FiXc`X <jgXiqX# i\ZfefZ\ Zfdf gfj`k`mX cX gi\j\eZ`X [\ cX dla\i \e cXj c\^`jcXkliXj# p hl\ \e \c ZXjf [\ :fX_l`$ cX# j\ k\e^X leX dXpfiÂ&#x2C6;X ]\d\e`eX \e \c :fe^i\jf <jkXkXc% Ă&#x2C6;;\j[\ d` glekf [\ m`j$ kX# \jg\i\dfj hl\ kXd$ Y`Â&#x201E;e cf j\X ]\d`e`jkX% Hl\ ef j\ `eZc`e\ gfi kfdXi cX cÂ&#x2C6;e\X gXik`$ [`jkX% Hl\ [\a\e _l\$ ccX \e j\ek`[f `e[`m`$ [lXc p cf^i\ cX Xgc`ZXZ`Â?e [\ Zi`k\$ i`fj XZklXc\j \e gif [\ cfj XmXeZ\j hl\ _\dfj fYk\e`[f cXj dla\i\j% Hl\ ZfekX^`\e Xc i\jkf dXjZlc`$ efĂ&#x2030;% I\Zfi[Â? hl\ \e cX C\^`jcXkliX gXjX[X j\ [\aÂ? g\e[`\ek\ cX `e`Z`Xk`mX [\ cX XgifYXZ`Â?e jfYi\ cfj Zi`k\i`fj hl\ ]Xmf$ i\qZXe \c [\i\Z_f X [\Z`[`i X cXj dla\i\j jfYi\ jlj Zl\igfj%

5

$/*81$6 08-(5(6 (1 /$ 32/�7,&$ (1 &2$+8,/$ < '85$1*2 +LOGD )ORUHV (VFDOHUD 6LOYLD *DU]D *DOY¥Q )ORU (VWHOD 5HQWHU­D 5RVDULR &DVWUR /R]DQR 9HU³QLFD 0DUW­QH] *DUF­D /HWLFLD +HUUHUD $UDOXFH 5RF­R 5HEROOR

0 /$*81$ Ă&#x17E; )(%5(52

(175(9,67$

&UHR TXH HO SUREOHPD GH OD GLVFDSDFLGDG KD VLGR XQ WHPD TXH HVWXYR SRU PXFKR WLHPSR QR DEDQGRQDGR SHUR V­ KHFKR D XQ ODGRÃ&#x161;

0 /$*81$ Ã&#x17E; )(%5(52

6

(175(9,67$

+DFHU PยกV SRU ORV TXH PยกV QHFHVLWDQ (OYLUD %DUUDQWHV GH $LVSXUR CX gi\j`[\ekX [\c J`jk\dX gXiX \c ;\jXiifccf @ek\^iXc [\ cX =Xd`c`X \e ;liXe^f# [`f \c ^fcg\ [\ k`dย e \e gfcย k`ZXj gย Yc`ZXj gXiX Xk\e[\i X j\Zkfi\j mlce\iXYc\j# Zfe gif^iXdXj Zfdf JXcl[ @ek\^iXc# Cย e\X 8qlc p cX Zi\XZ`ย e [\c :\ekif [\ Aljk`Z`X G\eXc gXiX E`ย Xj# E`ย fj p 8[fc\jZ\ek\j 325 *,/%(572 /$675$ *8(55(52 )2726 &257(6ย $

:

fe le ZfeZ\gkf ZcXif [\ Xj`jk\e$ Z`X jfZ`Xc# <cm`iX 9XiiXek\j [\ 8`jglif# gi\j`[\ekX [\c J`jk\dX gXiX \c ;\jXiifccf @ek\^iXc [\ cX =Xd`c`X ;@= \e ;liXe^f# ZXdY`ย \c [\j$ k`ef [\ g\ijfeXj hl\ \e \c gXjX[f \jkXYXe c`d`kX[Xj p [\aX[Xj [\ cX[f gfi cfj [`]\i\e$ k\j e`m\c\j [\ ^fY`\ief# Xek\ cX `eZXgXZ`[X[ [\ XYfi[Xi k\dXj \e kfief X cX j\^li`[X[ p Y`\e\jkXi [\ cX gfYcXZ`ย e Zfe Xc^leX [`jZX$ gXZ`[X[ f \e j`klXZ`ย e mlce\iXYc\% :fe JXcl[ @ek\^iXc# CX Cย e\X 8qlc p cX Zi\XZ`ย e [\c :\ekif [\ Aljk`Z`X G\eXc gXiX E`ย Xj# E`ย fj p 8[fc\jZ\ek\j j\ [`f \c ^fcg\ [\ k`dย e \e gfcย k`ZXj gย Yc`ZXj gXiX Xk\e[\i X j\Zkfi\j mlce\iXYc\j% CX gi\j`[\ekX [\c ;@= \jkXkXc ;liXe^f _XYcX hl\ \e \c gif^iXdX [\ JXcl[ @ek\$ ^iXc j\ Xk`\e[\ X ).' d`c e`ย fj# X cfj hl\ j\ Zi\ย le \og\[`\ek\ [\ jXcl[ gi\m\ek`$ mX hl\ j\ \eki\^X X cfj gX[i\j# p \e \c ]lklif Xpl[Xi} X [\k\ZkXi \e]\id\[X[\j hl\ j\ gi\j\ek\e% <cm`iX 9XiiXek\j [\ 8`jglif lk`c`qX cX gX$ cXYiX XiifgXi ZlXe[f j\ i\]`\i\ X cX Xk\e$ Z`ย e [\ cfj [liXe^l\ej\j Zfe cfj [`m\ijfj gif^iXdXj \o`jk\ek\j% :fe j\eZ`cc\q _XYcX [\ Zย df XZklXi \e \c gi\j\ek\ gXiX i\d\[`Xi gifYc\dXj \e \c ]lklif [\ cfj e`ย fj p le el\mf k`\dgf gXiX hl`\e\j cfj X^i\[Xe [\ ZlXchl`\i ]fidX# p Zย df _XZ\i d}j cc\mX[\iX cX m`[X [\ g\ijf$ eXj Zfe c`d`kXZ`fe\j dfki`Z\j% I\ZfefZ\ cf hl\ _Xp hl\ ZXdY`Xi p j\ \eZl\ekiX le df[f [\ XYfi[Xi ZX[X k\dX% @eZcljf# fihl\jkX \c kiXYXaf [\ j\Zi\kXiย Xj

7

p [\g\e[\eZ`Xj [\ JXcl[ p <[lZXZ`ย e# kXe$ kf \jkXkXc\j Zfdf ]\[\iXc\j% &XยกO HV HO SULQFLSDO DSUHQGL]DMH HQ OR TXH YD GH OD DGPLQLVWUDFLยณQ"

<c gi`eZ`gXc Xgi\e[`qXa\ _X j`[f \c Xpl[Xi X cX dXpfi ZXek`[X[ [\ ^\ek\% <e \c j`jk\dX :I<< :\ekif [\ I\_XY`c`kXZ`ย e p <[lZX$ Z`ย e <jg\Z`Xc _Xp dlZ_X ^\ek\ Y\e\]`Z`X$ [X% :fe \c gif^iXdX [\ CX Cย e\X 8qlc# jfe d}j [\ ) d`c /'' g\ijfeXj Xk\e[`[Xj p (, d`c j\im`Z`fj d\ejlXc\j% ยถ:ย df _XZ\i d}j# gXiX d}j ^\ek\6 <j\ _X j`[f \c dXpfi [\ cfj i\kfj hl\ _\dfj k\e`[f% :ย df _XZ\i gXiX d}j Z`l[X[Xefj hl\ cf e\Z\j`kX% :i\f hl\ \c gifYc\dX [\ cX [`jZXgXZ`[X[ _X j`[f le k\dX hl\ \jklmf gfi dlZ_f k`\d$ gf# ef XYXe[feX[f# g\if jย _\Z_f X le cX[f% P _fp efjfkifj _\dfj kiXkX[f [\ [Xic\ `dglcjf X cf hl\ j\X gif^iXdXj gXiX [`jZX$ gXZ`[X[% :fdf cX IlkX 8qlc [fe[\ _Xp (* cย e\Xj1 - Xhlย ;liXe^f ZXg`kXc p - \e >ย $ d\q GXcXZ`f% P leX d}j \e KcX_lXc`cf [fe$ [\ j\ Zl\ekX Zfe leX ^iXe ZXek`[X[ [\ g\i$ jfeXj Zfe [`jZXgXZ`[X[% ?\dfj kiXkX[f [\ [Xi j`ccXj [\ il\[Xj% K\e\dfj dlZ_Xj j`ccXj [\ il\[Xj gXiX \e$ ki\^Xi X cX Z`l[X[Xeย X hl\ cXj e\Z\j`k\% Hl\ cfj [liXe^l\ej\j ef YXkXcc\e gfi leX j`ccX [\ il\[Xj f leX Xe[X[\iX% <j X cf hl\ c\ _\dfj gl\jkf dlZ_f i\Zlijf1 \c ,) gfi Z`\ekf [\c ;@= j\ mX \e cfj Xgfpfj hl\ [X$ dfj X cXj g\ijfeXj% Cc}d\j\ fg\iXZ`fe\j# cc}d\j\ giย k\j`j# XgXiXkfj ]leZ`feXc\j Zfdf XgXiXkfj Xl[`k`mfj2 c\ek\j% <c ,) gfi Z`\ekf [\c gi\jlgl\jkf j\ efj mX \e \jf%

0 /$*81$ ร )(%5(52

(175(9,67$ XZ\iZXic\j jl k\iXg`X X jl cl^Xi [\ fi`^\e p XjÂ&#x2C6; \m`kXi hl\ m\e^Xe X ;liXe^f p _X^Xe ^Xjkfj2 hl\ j\ k\e^Xe hl\ _fjg\[Xi# j\ c\j k`\e\ hl\ _XZ\i cXj Z`kXj [\ Zfii`[f% Ef i\$ ^`jkiXe \c jl]`Z`\ek\ XmXeZ\ gfihl\ _Xp hl\ [\aXi gXjXi le k`\dgf gXiX cX j`^l`\ek\ k\$ iXg`X% G\if Zfdf m`\e\e [\ ]l\iX j\ cXj X^\e[Xe j\^l`[Xj% :i\f hl\ \jkX i\[ hl\ mXdfj X _XZ\i \j dlp `dgfikXek\% Gi`d\if ;`fj# hl\ X cf d\afi k\id`eXe[f d` \jgfjf# gl[`Â&#x201E;iXdfj cc\^Xi X k\e\i (' j`jk\dXj :I<<% P le :I@ :\ekif [\ I\_XY`c`kXZ`Â?e @ek\^iXc hl\ efj Zfej`^l`Â? cX j\eX[fiX gfi \c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc # PfcXe[X [\ cX Kfii\% <e \c `e]fid\# klmf X Y`\e \jkXi gi\j\e$ k\ cX j\Â&#x152;fiX CXliX 9Xii\iX# Zfe cX i\gi\j\e$ kXZ`Â?e [\ 8e^Â&#x201E;c`ZX I`m\iX [\ G\Â&#x152;X# pX efj Xlkfi`qXife# gXi\Z\ j\i hl\ efj mXe X [Xi \c \hl`gXd`\ekf gXiX JXek`X^f GXgXjhl`X$ if p Gl\Ycf El\mf% P \c :I@ [\ ;liXe^f ZXg`kXc% :fe \jfj ki\j \hl`gXd`\ekfj# p Zfe cfj [fj j`jk\dXj :I<< hl\ k\e\dfj% K\id`eXi} \c XÂ&#x152;f k\e`\e[f Z`eZf% P mX$ dfj X c`Z`kXi# \jkfj [fj hl\ j`^l\e# hl\ jfe cfj [\ KXdXqlcX p M`Z\ek\ >l\ii\if% <e [`$ Z`\dYi\ pX [\Y\e \jkXi `e`Z`X[fj% K\e[i\$ dfj Z`eZf ]leZ`feX[f p [fj \e gifp\Zkf [\ ZXd`eXi%

+DEOD TXH YD D VHU HO VH[HQLR GH OD GLVFD SDFLGDG GH GÂłQGH QDFH HVD LGHD" &XÂĄO IXH HO SXQWR HQ HO TXH GHFLGLÂł Ă&#x2122;YDPRV D WUDEDMDU DV­Ă&#x161;"

CXj ZfjXj j\ ]l\ife [Xe[f% :lXe[f cc\^Xdfj XhlÂ&#x2C6; p efj [`dfj Zl\ekX hl\ j\ _XYÂ&#x2C6;X Xlkf$ i`qX[f i\Zlijf \e [`Z`\dYi\ [\ )'(-% LeX gXik`[X gXiX ZXd`fe\j% Hl\ \iX le i\Zlijf hl\ j\ YXaXYX [\ gif^iXdX ]\[\iXc gXiX cX [`jZXgXZ`[X[% Efj [`dfj X cX kXi\X [\ m\i hlÂ&#x201E; \iX cf hl\ e\Z\j`k}YXdfj gXiX Zfd$ giXi cfj ZXd`fe\j% J\ c`Z`kXife Zfe iXdgX# gfihl\ j` \j gXiX [`jZXgXZ`[X[# [`a`dfj1 mX$ dfj X lk`c`qXicfj gXiX cf hl\ \j% P [\ X_Â&#x2C6; jli^`Â? cX dXe\iX hl\ ]l\iXe el\jkifj Z_f$ ]\i\j# el\jkif [`Â&#x201E;j\c p gl[`Â&#x201E;iXdfj XidXi cXj ilkXj% <e \e\if efj [`a\ife hl\ _XYÂ&#x2C6;Xdfj XZ$ Z\[`[f X le i\Zlijf kXdY`Â&#x201E;e ]\[\iXc gXiX Xk\e[\i cX [`jZXgXZ`[X[# p hl\ gf[Â&#x2C6;Xdfj lk`c`qXicf# pX j\X gXiX iXdgXj f hlÂ&#x201E; d\ ^lj$ kXiÂ&#x2C6;X X dÂ&#x2C6; _XZ\i% M`\e[f hl\ \c j`jk\dX :I<<# \jk} jfYi\jXkliX[f \e ;liXe^f% 8_fiX k\ [Xe cX Z`kX X ki\j j\dXeXj# g\if ZlXe[f cc\^Xdfj k\ cX [XYXe X [fj d\j\j% 8gXik\ [\ d\k\ic\ [`e\if p i\Zlg\iXi cfj XgXiXkfj hl\ \jkXYXe [\jZfdgl\jkfj# cX dXpfiÂ&#x2C6;X j\ gl[`\ife Xii\^cXi% :fe \jf cf$ ^iÂ? kiXYXaXi d}j p d\afi \c g\ijfeXc hl\ k\e\dfj% C\ [`a\1 Ă&#x2C6;mXdfj _XZ`\e[f d}j j`jk\dX :I<<Ă&#x2030; gXiX [\jZ\ekiXc`qXi \c j`jk\dX \e ;liXe^f ZXg`kXc% 8_Â&#x2C6; ]l\ ZlXe[f jli^`Â? _X$ Z\i \c [\ JXek`X^f GXgXjhl`Xif p Gl\Ycf El\mf% Gfihl\ pX k\e\dfj lef \e >Â?d\q GXcXZ`f% P XjÂ&#x2C6; \j Zfdf _\dfj Zfd\eqX[f X _XZ\i leX m\i[X[\iX i\[ hl\ efj g\id`kX [Xi d}j Xk\eZ`Â?e X cXj g\ijfeXj hl\ jl]i\e Xc^Â&#x2019;e k`gf [\ [`jZXgXZ`[X[ f hl\ Zfdf efj [`af cX [`i\ZkfiX [\c ;@= eXZ`feXc1 Ă&#x2C6;kf[fj k\e\dfj le gXj\ gXiX cX [`jZXgXZ`[X[Ă&#x2030;% Gfihl\ gl\[\ j\i leX [`jZXgXZ`[X[ df$ d\ek}e\X# k\dgfiXc# gif[lZkf [\ le XZZ`$ [\ek\% Le \j^l`eZ\% K`\e\j hl\ `i X k\iXg`X \e le YiXqf f leX g`\ieX% F gl\[\e j\i cfj gifYc\dXj hl\ \jk}e dlp XiiX`^X[fj f hl\ cXj g\ijfeXj ZfekiX\e [\ gfi m`[X% 8_Â&#x2C6; m`$ dfj hl\ gf[Â&#x2C6;Xdfj Zi\Z\i dlZ_f# jfYi\ kf[f `dglcjXi \jk\ k`gf [\ Xgfpfj gfihl\ cX ^\ek\ cfj e\Z\j`kX% <e \c [`Xi`f ZXd`eXi# gfihl\ X [fe[\ mXdfj# cXj le`[X[\j dÂ&#x201E;[`$ ZXj [\ i\_XY`c`kXZ`Â?e jfe `ejl]`Z`\ek\j% Jfe cl^Xi\j hl\ d`[\e X cf d\afi# (' gfi , d\$ kifj% Hl\ k`\e\ .' d\kifj [\ jlg\i]`Z`\% G\if [fe[\ pX \jkXdfj fYjfc\kfj% ;fe[\ _Xp hl\ d\k\ic\ d}j ^XeXj% ?Xp hl\ _XZ\i d\afi cfj j`jk\dXj :I<<% 8_fiX Zfe \c [\ JXek`X^f GXgXjhl`Xif# j\ m\i}e Y\e\]`Z`X[fj cfj dle`Z`g`fj [\c efi\jk\ [\c \jkX[f% <j cX \ekiX[X% P X_Â&#x2C6; mXe X YXaXi cfj _XY`kXek\j hl\ cc\^l\e X JXek`X$ ^f% Gl\Ycf El\mf `^lXc% <j fkif gfcf [\c \jkX[f% P XjÂ&#x2C6; jlZ\j`mXd\ek\% J\ _Xi} Zfe \c i\Zlijf [\ )'(/% P Zfe \c i\Zlijf [\ )'(0 j\ _Xi}e fkifj [fj d}j1 \c [\ KXdXqlcX p M`Z\ek\ >l\ii\if% P XjÂ&#x2C6; Zi\$ Z\i \e leX i\[ [\ j`jk\dXj :I<<% :i\f hl\ cf d\afi hl\ gf[\dfj _XZ\i gfi cXj g\ijf$ eXj hl\ k\e^Xe Xc^leX [`jZXgXZ`[X[ \j

(VR HV HQ OD SDUWH GH OD LQIUDHVWUXFWXUD \ HTXLSR 3HUR TXŠ KD\ HQ HO FDVR GHO SHUVR QDO" 3RUTXH HV LPSRUWDQWH SDUD GHWHFWDU ORV SUREOHPDV R GHVRUGHQHV GH ORV QL¹RV FXDQGR QR DSUHQGHQ GH OD PDQHUD DGHFXD GD R SRU DOJºQ DVXQWR GH GHILFLHQFLD

<j dlp `ek\i\jXek\% CX m\i[X[ \j hl\ \c j`j$ k\dX :I<<# k\e[i} hl\ i\ZclkXi ^\ek\% <c j`jk\dX cfZXc \j lef [\ cfj gfZfj hl\ k\e\$ dfj \e \c gXÂ&#x2C6;j Zfe leX \jZl\cX% <^i\jXe [\ el\jkiX `ejk`klZ`Â?e# [\c j`jk\dX :I<<# Xgifo`dX[Xd\ek\ ()' dlZ_XZ_fj ZX[X ki\j XÂ&#x152;fj% <ekfeZ\j# \j Y`\e `dgfikXek\# gfihl\ fkifj j`jk\dXj j\ cfj cc\mXe# gfihl\ efjfkifj jfcXd\ek\ k\e\dfj [fj# \c [\ ;l$ iXe^f p >Â?d\q GXcXZ`f% 8_fiX el\jkifj dlZ_XZ_fj j\ mXe X gf$ [\i hl\[Xi% MXdfj X [Xic\j cX Xg\ikliX X hl\ j\ `ejZi`YXe dlZ_XZ_fj [\ JXek`X^f GXgXjhl`Xif p Gl\Ycf El\mf% Hl\ ef jXc$ ^Xe [\ jl Zfdle`[X[ f [\ jl dle`Z`g`f% Hl\ j\ hl\[\e X kiXYXaXi% JÂ&#x2C6; mXdfj X k\e\i hl\ Xld\ekXi \c g\ijfeXc% G\if gfi \a\dgcf# efj [\aXife d`c )/' \dgc\X[fj p k\e\dfj d`c +'' X_fiX% <jfj ))' \dgc\X[fj _Xe Zi\Z`[f \e eÂ&#x2019;d\if gfi cXj Yi`^X[Xj hl\ fg\iXe [\ JXcl[ @ek\^iXc% 8e[Xdfj gfi kf[f \c \jkX[f% ?X Zi\Z`[f gfi cXj kiXYXaX[fiXj jfZ`Xc\j hl\ \jk}e \e \jkfj gif^iXdXj% G\if \jk\ gif^iXdX cfj

$7(1&,Â&#x201C;1 $ /26 '85$1*8(16(6 (O SRU FLHQWR GHO SUHVXSXHVWR GHO ',) VH YD HQ DSR\RV D ODV SHUVRQDV RSHUDFLRQHV SUÂłWHVLV OHQWHV

0 /$*81$ Ă&#x17E; )(%5(52

8

(175(9,67$ mXdfj X k\id`eXi \e le XÂ&#x152;f% ;\ekif [\ cfj gcXe\j p Z}cZlcfj mXdfj X gf[\i Zi\Z\i \e \c g\ijfeXc [\c j`jk\dX :I<<% CX `e]iX\jkilZkliX gXiX [`jZXgXZ`kX$ [fj \e cXj Z`l[X[\j# \e cfj dle`Z`g`fj \j elcX% <ekfeZ\j gXi\Z\iÂ&#x2C6;X hl\ \c gif^iX$ dX [\ cXj j`ccXj [\ il\[Xj Xpl[X \e \jX gXik\ X gXc\Xi le gfZf hl\ ef _Xp Zfe[`$ Z`fe\j [\ dfm`c`[X[ gXiX cXj g\ijfeXj Zfe c`d`kXZ`fe\j dfki`Z\j% Ef j\ gl\[\e dfm\i% Efjfkifj efj _\$ dfj \eZfekiX[f Zfe dlZ_X e\Z\j`[X[ [\ j`ccXj [\ il\[Xj# Xe[X[\iXj p YXjkfe\j% J`\dgi\ hl\ jXc`dfj# cc\mXdfj dlZ_Xj g`\qXj gXiX hl\ cX ^\ek\ hl\ efj jfc`Z`k\# kf[f cfj hl\ efj _Xe g\[`[f# cXj \jgfjXj [\ cfj gi\j`[\ek\j dle`Z`gXc\j# cXj gi\j`[\e$ kXj [\ cfj ;@= [\ kf[fj cfj dle`Z`g`fj# cf _\dfj ZlY`\ikf% Cc\mXdfj -// j`ccXj [\ il\[Xj ZlY`\i$ kXj% P XgXik\ k\e\dfj * d`c )''# gfihl\ d\k`dfj leX jfc`Z`kl[ X cX ]le[XZ`Â?e Jc`d% P \c kfg\ \iXe d`c -,'% P j` mXdfj X g\[`i# mXdfj X g\[`i kf[f% <ccfj efj g`[\e hl\ Zfdgi\dfj d`c -,' p \ccfj efj [Xe d`c -,'% Efj [Xe * d`c *'' p X cX ]\Z_X _\dfj [X[f Zfdf (,'% &ÂłPR VH GLVWULEXLUÂĄQ" 3RU PHGLR GH ODV SUHVLGHQWDV GHO ',) R H[LVWH RWUR PHFDQLV PR TXH SXGLHUD VHU PÂĄV UÂĄSLGR"

J\i} gfi d\[`f [\ cfj j`jk\dXj ;@=% :lXc$ hl`\i g\ijfeX hl\ e\Z\j`k\ leX gl\[\ XZl$ [`i j` \jk} Z\iZX \e ;liXe^f ZXg`kXc # j` ef# \e cfj j`jk\dX ;@= dle`Z`gXc\j% J\ k`\e\ hl\ cc\eXi leX ]fidX# gfihl\ [\Y\dfj [\ k\e\i \c i\j^lXi[f [\ kf[f cf hl\ ZfdgiX$ dfj gfihl\ efj Xl[`kX :fekiXcfiÂ&#x2C6;X% <jk} dlp g\e[`\ek\ hl\ kf[f j\ [Â&#x201E; \e ]fidX% P j\ cc\eX leX [fZld\ekXZ`Â?e [fe$ [\ j\ [X k\jk`dfe`f hl\ cX j`ccX [\ il\[Xj j\ \eki\^Â? X cX g\ijfeX hl\ cf e\Z\j`kX% 4XŠ WDQWR HO *RELHUQR EXVFD DGHFXDU VH D ODV QHFHVLGDGHV GH OD JHQWH" 3RU TXH /D /­QHD $]XO SDUHFHU­D XQ WHPD TXH HQ HO SDVDGR QR KDEU­D WRFDGR SRU TXH LPSOLFDED JDVWR

:i\f hl\ \j Zl\jk`Â?e [\ gi`fi`qXi1 ÂśhlÂ&#x201E; \j Xj`jk\eZ`X jfZ`Xc6 C\j [\ZÂ&#x2C6;X \c fkif [Â&#x2C6;X1 ZlXe$ [f cc\^lÂ&#x201E; XhlÂ&#x2C6;# d\ \eZfekiÂ&#x201E; ]XZkliXj [\ g\e$ [fe\j% Âś:i\\j hl\ gfe\i g\e[fe\j \j Xj`j$ k\eZ`X jfZ`Xc6 D\ \eZfekiÂ&#x201E; ]XZkliXj [\ j`ccXj% ;\ .' d`c j`ccXj \iX cX ]XZkliX% J`cc\iÂ&#x2C6;X [\ZÂ&#x2C6;X% I\ekX[X% ÂśCf Zi\\j6 GXiX d` `e]fid\ ]l\ife d`c% <jf ef \j Xj`jk\eZ`X jfZ`Xc% ?Xp hl\ k\e\i Y`\e ZcXif hl\ \j cX Xj`j$ k\eZ`X jfZ`Xc% P Xj`jk\eZ`X jfZ`Xc \j cf hl\ \jkXdfj _XZ`\e[f Zfe cXj g\ijfeXj hl\ k`\$ e\e Xc^Â&#x2019;e k`gf [\ [`jZXgXZ`[X[% (O UHFXUVR VLHPSUH HV OLPLWDGR 4XŠ HV OR TXH YHQ PÂĄV DOOÂĄ TXH VH GHEH GH JHV WLRQDU R HO IRFR HO UHWR SDUD DWHQGHU D HVWD SREODFLÂłQ"

J` k\ gfe\j X ZlXek`]`ZXi \c ^Xjkf# ef cf _X$ Z\j% J\ [\Y\ [\ _XZ\i% M\j cX e\Z\j`[X[ p kiXkXj [\ ZlYi`icX% Ef XZfjkldYif m\i \c ^Xjkf% Gfi \a\dgcf# _XZ\ gfZf# d\ Zfd\e$

$6,67(1&,$ 62&,$/ /D DWHQFLÂłQ D ORV JUXSRV YXOQHUDEOHV HV SULRULGDG HQ ORV SUR\HFWRV GH JRELHUQR

kÂ? d` \jgfjf hl\ Zfej`^l`Â? le Xgfpf [\ [`Â&#x201E;j\c p [\ ^Xjfc`eX% <e DÂ&#x201E;o`Zf# \e G\kiÂ?$ c\fj D\o`ZXefj G<D<O % yc g\ejÂ? hl\ [\g\e[\eZ`X hl\ d}j ^XjkXYX ^Xjfc`eX \iX J<:FG< J\Zi\kXiÂ&#x2C6;X [\ :fdle`ZXZ`fe\j p FYiXj GÂ&#x2019;Yc`ZXj [\c <jkX[f % Cf [\jk`eX$ ife X J<:FG<% <ekfeZ\j c\ [`a\1 Ă&#x2C6;Zi\f hl\ jÂ&#x2C6; efj cfj [\Y\iÂ&#x2C6;Xj [\ [Xi X efjfkifj# gfi$ hl\ Zfe CX CÂ&#x2C6;e\X Xqlc# ^XjkXdfj dlZ_fĂ&#x2030;% P efj cf mXe X Xj`^eXi X efjfkifj% <j leX Y\cc\qX# gfihl\ Zfe cf Â&#x2019;e`Zf hl\ mXdfj X ZXi^Xi \j Zfe cfj jl\c[fj [\ cfj Z_f]\i\j% G\if j` ef k\ gfe\j X _XZ\i \jkf# ef k\ [Xj Zl\ekX [\ cXj e\Z\j`[X[\j hl\ k`\e\j% F j\X# lk`c`qXdfj cfj ZXd`fe\j# c\j [`dfj le ljf `ek\ej`mf% P hlÂ&#x201E; d\afi hl\ \jkf# gfihl\ \j kfkXcd\ek\ ^iXkl`kf% <j kf$ kXcd\ek\ ^iXkl`kf p Zfe cX ZXc`[\q p ZXc`[X[ gfihl\ jfe ZXd`fe\j el\mfj% Cfj \dgc\X$ [fj jfe kiXYXaX[fi\j ;@=% 8 cfj hl\ ZXgX$ Z`kXdfj gXiX hl\ Xpl[\e X cXj g\ijfeXj hl\ k`\e\ \c gifYc\dX [\ [`jZXgXZ`[X[% <e \c dfd\ekf hl\ \c ZXd`Â?e j\ [\k`\e\# cX g\ijfeX \j el\jkiX% <j le gif^iXdX dlp Yl\ef% :fdf \c [\ JXcl[ @ek\^iXc% J\ XidX leX dXhl`cX gXiX jXZXic\ cX jXe^i\ X cfj e`Â&#x152;fj# _XZ\ic\j \c \oXd\e [\ cX m`jkX# \c [\ cX _`^`\e\ Yl$ ZXc% <j leX dXhl`cX% MXe cc\^Xe[f cfj ^il$ gfj# gi`d\if Zfe cfj d}j Z_`Zfj% Gfihl\ jfe cfj hl\ d}j j\ [\j\jg\iXe# cfj [\ gi`$ d\if p j\^le[f% :fd`\eqX X kiXYXaXi leX dXhl`cX g\i$ ]\ZkX% Kf[fj cfj e`Â&#x152;fj k`\e\e le ZÂ?[`^f

9

[\ YXiiXj hl\ _`Z`\ife XhlÂ&#x2C6; \e \c ;@= cXj g\ijfeXj \eZXi^X[Xj [\ j`jk\dXj% P X ef$ jfkifj ef j\ efj gl\[\ \okiXm`Xi le e`Â&#x152;f% Kf[fj Zl\ekXe Zfe le ZÂ?[`^f [\ YXiiXj% <j le dlp Yl\e gif^iXdX% ;@= eXZ`feXc efj g`[\ g\jf p kXccX% Efjfkifj k\e\dfj g\jf# kXccX# j` \c e`Â&#x152;f \jk} [\jelki`[f# j` k`\e\ Xe\d`X% J` k`\e\ fY\j`[X[% :Â?df \jk}e jlj e`m\c\j \e cX jXe^i\% Kf[f \jf c\ [\k\ZkXdfj Xc e`Â&#x152;f p c\j [Xdfj X cfj gX[i\j [\ ]Xd`c`X le jf$ Yi\ Zfe cfj i\jlckX[fj [\ jlj _`afj% P \c e`Â&#x152;f hl\ cf e\Z\j`k\# j\ c\ [X [\ dXe\iX ^iXkl`kX jl gXi [\ c\ek\j% <j le k\dX `dgfikXek\# gfihl\ ef jf$ cXd\ek\ jfe cfj i\jlckX[fj hl\ k`\e\e# j`ef cX Zffi[`eXZ`Â?e hl\ j\ cf^iX Zfe cX J\Zi\kXiÂ&#x2C6;X [\ JXcl[# [\ <[lZXZ`Â?e% P \c kiXYXaf hl\ j\ k`\e\ Zfe ]le[XZ`fe\j# hl\ \j le k\dX hl\ ef j\ m\# g\if \e \c k\ii\ef k`\e\ jlj i\jlckX[fj% <j le kiXYXaf dlck`]leZ`feXc% <jkX$ dfj _XYcXe[f [\ cX J\Zi\kXiÂ&#x2C6;X [\ JXcl[# [\ <[lZXZ`Â?e GÂ&#x2019;Yc`ZX ]\[\iXc p \jkXkXc# gfihl\ \jkXdfj \e kf[Xj cXj \jZl\cXj gÂ&#x2019;$ Yc`ZXj% <j J\^lif GfglcXi% Kf[f \c j`jk\dX ;@=# \jkXdfj kiXYXaXe[f alekfj# kf[f \c >fY`\ief [\c <jkX[f# gfihl\ ]`eXcd\ek\# cf gX^X \c >fY`\ief [\c <jkX[f% Jfdfj Zfdf \c gXjf% Efjfkifj jfdfj \c ]`ckif% Jfdfj cfj hl\ cc\mXdfj cX YXklkX \e \c gif^iXdX# g\if hl`\e cf gX^X \j \c >f$ Y`\ief [\c <jkX[f%

0 /$*81$ Ă&#x17E; )(%5(52

(175(9,67$ 8 efjfkifj# \c gif^iXdX efj mX dXi$ ZXe[f cf hl\ _Xp hl\ `i gX^Xe[f p ef$ jfkifj i\d`k`dfj kf[f Xc >fY`\ief [\c <jkX[f p j\ gX^X% <j le k\dX `dgfikXek\ gfihl\ j\ Zl\e$ kX Zfe le [`X^eÂ?jk`Zf [\ cfj e`Â&#x152;fj% Cf hl\ i\g\iZlk\ \e \c ]lklif p \e \c kiXkf hl\ j\ c\ gl\[X [Xi \e ZXjf [\ \e]\id\[X[\j% ?\dfj [\k\ZkX[f ki\j ZXjfj [\ c\lZ\$ d`X% P Z`eZf [\ [`XY\k\j% :Xjfj \e cfj hl\ cfj gX[i\j [\ ]Xd`c`X e` gfi Xjfdf j\ [XYXe Zl\ekX hl\ el\jkifj e`Â&#x152;fj \jkXYXe \e]\i$ dfj% G\if cf d}j `dgfikXek\# p gfi cf hl\ cX ^\ek\ \jk} X^iX[\Z`[X# \j hl\ \e \c df$ d\ekf hl\ \c e`Â&#x152;f \j [\k\ZkX[f Zfe leX \e]\id\[X[# [\j[\ \j\ `ejkXek\# \c e`Â&#x152;f pX \j el\jkif% PX ef \j le e`Â&#x152;f# \j el\jkif e`Â&#x152;f% Cf XYiXqXdfj Zfe kf[f le j`jk\dX [\ >fY`\ief% :fe kf[Xj cXj `ejk`klZ`fe\j% CX J\Zi\kXiÂ&#x2C6;X [\ JXcl[# `ed\[`XkXd\e$ k\# efj Xm`jX# gfihl\ c\j kfdXe cX dl\jkiX [\ jXe^i\ p jfcXd\ek\ [liX * _fiXj% 8_Â&#x2C6; d`jdf j\ Z\eki`]l^X p j\ j\gXiX \c gcXjdX [\ cf hl\ \j cX jXe^i\% P \j [fe[\ j\ jXZXe cXj dl\jkiXj% 8_fiX# m`\e\ cf hl\ \j cf d}j [`]Â&#x2C6;Z`c# hl\ jfe cfj dle`Z`g`fj [\ j`\iiX% P cfj mXdfj X k\e\i hl\ jXZXi \e Xm`fe\kX% <e \jk\ dfd\ekf cfj cc\mXdfj Xc _fjg`kXc d}j Z\iZXef% ;\c El\mf @[\Xc cfj cc\mXdfj X JXek`X^f GXgXjhl`Xif% 8_Â&#x2C6;# \ccfj [\k\ZkXe ZlXchl`\i ZXjf [\ le e`Â&#x152;f hl\ \jkÂ&#x201E; \e]\idf [\ c\lZ\d`X% >iXZ`Xj X ;`fj jfcXd\ek\ _Xe jXc`[f ki\j% G\if cc\mXdfj /* d`c ((( \jkl[`fj% P cl\^f# Zfe jl ZÂ?[`^f [\ YXiiXj# X cX leX [\ cX kXi[\ k\ \jk}e Xm`jXe[f1 _Xp le e`Â&#x152;f [\ kXc Zfdle`[X[# [\ kXc dle`$ Z`g`f# \e]\idf% P gXiX cXj , [\ cX kXi[\ pX cf k\e\dfj XhlÂ&#x2C6; \e cXj `ejkXcXZ`fe\j [\c ;@= Zfe jlj gXg}j% GXiX i\g\k`ic\j cfj \jkl[`fj% J\ cfj i\g\k`dfj p Zfiif$ YfiXdfj hl\ \jk}e \e]\idfj% G\if ^iX$ Z`Xj X ;`fj# cf _\dfj [\k\ZkX[f X k`\d$ gf p \jk}e \e kiXkXd`\ekf% <e \c `e]fid\ [\ XZk`m`[X[\j [\ZÂ&#x2C6;X hl\ \j le gif^iXdX ZXif# g\if ef \j gfihl\ j\X ZXif# j` ef gfihl\ j\ dlck`$ gc`ZX gfi )(. d`c e`Â&#x152;fj cf hl\ Zl\jkX ZX[X \jkl[`f% G\if Zl}ekf k\ X_fiiXj \e \c j`jk\dX [\ JXcl[ gÂ&#x2019;Yc`ZX gfihl\ \j$ k}j [\k\ZkXe[f X k`\dgf cX \e]\id\[X[# Zfe kf[X cX m\ekXaX hl\ XZkÂ&#x2019;Xj X k`\dgf gXiX jXcmXi X cfj e`Â&#x152;fj% CX m`[X [\ le e`Â&#x152;f ef k`\e\ gi\Z`f% (Q OD SURFXUDFLÂłQ GH MXVWLFLD SDUD JUX SRV YXOQHUDEOHV TXŠ WDQ FRPSOLFDGR KD VLGR HO FDPELDU OD PHQWDOLGDG GH OD JHQWH TXH ODV DWLHQGH SDUD TXH FXHQ WHQ FRQ OD FRQILDQ]D SDUD VHJXLU FRQ VXV SURFHVRV OHJDOHV"

Fkif [\ cfj gif^iXdXj hl\ k\e\dfj X e`m\c eXZ`feXc% Jfdfj g`fe\ifj X e`m\c eXZ`feXc# \j :\ekif [\ Aljk`Z`X G\eXc gXiX E`Â&#x152;Xj# E`Â&#x152;fj p 8[fc\jZ\ek\j% <j X_Â&#x2C6;# [fe[\ _\dfj k\e`[f d}j dXefj gXiX _XZ\i ZXdY`fj \e cX gifZliXZ`Â?e [\ aljk`Z`X gXiX cfj e`Â&#x152;fj# gfihl\ j` \j X le X[lckf Ă&#x2C6;\e^fiifjfĂ&#x2030; `i X [\eleZ`Xi

leX m`fcXZ`Â?e p hl\ k\ kiX`^Xe [\ le cX[f gXiX fkif% K\ ZXi\Xe p k\ gfe\eÂż Cf i\m`Zk`d`qXe% :fe \c Z\ekif [\ alj$ k`Z`X \j cf hl\ \jkXdfj gifZliXe[f# hl\ \c e`Â&#x152;f hl\ ]l\ pX mÂ&#x2C6;Zk`dX [\ le XYljf# ef j\ i\m`Zk`d`Z\% Gfihl\ [\j[\ \c df$ d\ekf hl\ \c e`Â&#x152;f cc\^X# ZlXe[f \dg`\$ qX cX [\ZcXiXZ`Â?e [\1 Ă&#x2C6;ÂśhlÂ&#x201E; ]l\ cf hl\ k\ gXjÂ?6Ă&#x2030;% 8c `e]Xek\ c\ [Xe le eld\i`kf# cf Xk`\e[\ leX gj`ZÂ?cf^X% C\ kfZX le d`$ e`jk\i`f gÂ&#x2019;Yc`Zf p Xc e`Â&#x152;f c\ kfZX gcXk`$ ZXi# p cfj Zfd\eqXdfj X ^iXYXi% <c e`Â&#x152;f ef k`\e\ hl\ mfcm\i X [\Z`i cf hl\ c\ gXjÂ?% PX Zfe leX jfcX m\q k`\e\%

0 /$*81$ Ă&#x17E; )(%5(52

10

<jf \j dlp `dgfikXek\# jfYi\ kf[f hl\ j\ i\[laf \c k`\dgf gXiX hl\ leX g\i$ jfeX i\Z`YX jl ZXjk`^f# gfi _XY\i m`fc\e$ kX[f cfj [\i\Z_fj [\ le e`Â&#x152;f# e`Â&#x152;X f X[f$ c\jZ\ek\% 8_fiX pX m\dfj \e ZlXkif d\j\j% :lXe[f \e le XÂ&#x152;f# j\ [`f jfcl$ Z`Â?e X () ZXig\kXj% <e \jk\ dfd\ekf mX$ dfj cc\^Xe[f X (''% G\if ef \j gfihl\ _XpX d}j m`fcXZ`f$ e\j% J` ef \j gfihl\ cX ^\ek\ j\ Xki\m\ d}j# X cc\mXi \c gifZ\jf% Gfihl\ cc\^Xe Xc j`jk\dX ;@=# p cf XiifgXdfj% 8 \jX dX[i\ \j\ gX[i\ hl\ kiX\ \c ZXjf [\ le e`Â&#x152;f hl\ _X j`[f m`fc\ekX[f% Ef cf kiX\dfj [\ XZ} gXiX Xcc}% J` ef kf[f \e leX jfcX ilkX%

5(3257$-(

Ă&#x2122;8QD FLXGDG KHFKD D PDQRĂ&#x161; UHIOHMR GH OD YROXQWDG GH TXLHQHV TXLHUHQ WUDQVLWDU HQ OLEHUWDG 9XjX[f \e cXj XZZ`fe\j hl\ [\jXiifccXYX \ekfeZ\j Ă&#x2C6;Il\[Xj [\c ;\j`\ikfĂ&#x2030;# cX g\cÂ&#x2C6;ZlcX i\Xc`qX[X gfi \c `em\jk`^X[fi DXi`f =iXeZ`jZf :\g\[X IlY`f# ]l\ efd`eX[X gXiX fYk\e\i lef [\ cfj gi`d\ifj cl^Xi\j [\ekif [\c Z\ikXd\e K_\ Nfic[ 9`ZpZc\ =fild 325 /,/,$ 29$//(

8

c ZilqXi cX j\^le[X hl`eZ\eX [\ XYi`c [\c XÂ&#x152;f Xek\i`fi# \c kiXYXaf [\c `em\jk`^X[fi DXi`f =iXeZ`j$ Zf :\g\[X IlY`f i`e[`Â? ]ilkfj `ek\ieXZ`feXc\j% 8lehl\ cX gif[lZZ`Â?e cX `e`Z`Â? Xc Zfii\i \c XÂ&#x152;f )'(* [fZld\ekXe[f \c \a\iZ`Z`f [\ leX fi^Xe`qXZ`Â?e Z`m`c# j\ [`f X cX kXi\X [\ i\jld`icf \e ZlXi\ekX d`$ elkfj gXiX gi\j\ekXi \e le ZfeZlijf `e$ k\ieXZ`feXc \c d\[`fd\kiXa\ Ă&#x2C6;LeX Z`l[X[ _\Z_X X dXefĂ&#x2030;% 9XjX[f \e cXj XZZ`fe\j hl\ [\jXiifccXYX \ekfeZ\j Ă&#x2C6;Il\[Xj [\c ;\j`\ikfĂ&#x2030;# cX g\cÂ&#x2C6;Zl$ cX ]l\ efd`eX[X gXiX fYk\e\i lef [\ cfj gi`d\ifj cl^Xi\j [\ekif [\c Z\ikXd\e K_\ Nfic[ 9`ZpZc\ =fild% <c ZXk\[i}k`Zf# gi\j`[\ek\ [\c :cXljkif ;fZkfiXc \e \c @ejk`klkf K\ZefcÂ?^`Zf [\ CX CX^leX i\jld`Â? hl\ cX ]`cdXZ`Â?e j\ Zfe$ Z\ekiÂ? \e cXj if[X[Xj hl\ j\ i\Xc`qXYXe gfi cXj ZlXkif gi`eZ`gXc\j Z`l[X[\j [\ cX qfeX d\kifgfc`kXeX [\ cX :fdXiZX CX^le\iX1 Kfii\Â?e p DXkXdfifj# [\ :fX_l`cX# XjÂ&#x2C6; Zfdf >Â?d\q GXcXZ`f p :`l[X[ C\i[f# Xd$ Yfj dle`Z`g`fj [\c \jkX[f [\ ;liXe^f# hl\ X g\jXi [\ cXj [`m`j`fe\j ^\f^i}]`ZXj p cfj XmXkXi\j Zfk`[`Xefj# j\ _Xe m`jlXc`qX[f Zfdf leX jÂ?c`[X i\^`Â?e% Ă&#x2C6;=l\ife ]`cdXZ`fe\j [\ dlZ_f k`\dgf# \iXe cXj g\[Xc\X[Xj Zfdgc\kXj [\ g\ijfeXj le`[Xj gfi cfj k\dXj [\ cX Z`l[X[2 \c ^ilgf \e le `e`Z`f \dg`\qX gfi le Xjg\Zkf Zfdf cX ZXc`[X[ [\ m`[X# \c gXj\Xij\ p ZfefZ\i cX Z`l[X[# \e le XdY`\ek\ hl\ \jkXYX dlp Zfdgc`ZX[f gfi cX Zi`j`j [\ j\^li`[X[ \e cX i\^`Â?eĂ&#x2030;# \jkXYc\Z`Â?% CX m`fc\eZ`X hl\ j\ [\jXkÂ? \e cX :fdXi$ ZX CX^le\iX \e \c XÂ&#x152;f )''. p hl\ ]l\ Xj$ Z\e[`\e[f [\aXe[f d`c\j [\ dl\ik\j _Xj$ kX \c XÂ&#x152;f )'(*# p hl\ _fp XÂ&#x2019;e j\ dXe`]`\jkX \e \c i\^`jkif [\ YXcXZ\iXj p dl\ik\j m`fc\ekXj f [fcfjXj \e cX i\^`Â?e# ef `dg`[`Â? hl\ X kiXmÂ&#x201E;j [\ cX dfm`c`qXZ`Â?e Z`m`c j\ `dglcjXiXe ZXdY`fj# Xc^lefj [\ \ccfj \e ZlXekf X i\^cXd\ekfj dle`Z`gXc\j \e \c }i\X [\ m`Xc`[X[ p dfm`c`[X[ jfZ`Xc% Ă&#x2C6;<ccfj ]l\ife XmXeqXe[f Xc alekXij\# gi`d\if gfi jXc`i X [`m\ik`ij\ p gfZf X gfZf

81$ &,8'$' +(&+$ $ 0$12

PLQXWRV

GH SUR\HFFLÂłQ GHO ILOPH

UR

OXJDU

HQ 7KH :RUOG %\FLFOH )RUXP

0 /$*81$ Ă&#x17E; )(%5(52

j\ ]l\ife X[\ekiXe[f \e gifYc\d}k`ZXj dlp Zfdgc\aXj \e dXk\i`X Z`l[X[XeX hl\ Xc ]`e [\ Zl\ekXj [`\ife Zfdf i\jlckX[f ^iXe[\j ZfjXj Zfdf \c d\k\ij\ [\ cc\ef Xc fi[\eXd`\ekf m`Xc2 ]l\ \c _XZ\i gi\j`Â?e Zfe XZZ`fe\j Zfekle[\ek\j hl\ j\ i\]c\aX$ ife \e gfcÂ&#x2C6;k`ZXj gÂ&#x2019;Yc`ZXj p ZiÂ&#x2C6;k`ZXj Xc ^f$ Y`\ief jfYi\ \c k\dX m`XcĂ&#x2030;# [`af \e jl df$ d\ekf gXiX D`c\e`f CX^leX% ;\ \jkX ]fidX :\g\[X IlY`f j\ \e]fZÂ? \e ]`cdXZ`fe\j \ok\ejXj# Xc^leXj [\j[\ cXj [`\q [\ cX dXÂ&#x152;XeX hl\ ZfeZclp\ife X cXj j\`j [\ cX kXi[\# gXiX [fZld\ekXi cX i\Xc`$ qXZ`Â?e [\c gi`d\i gXjf [\ Z\YiX \e cX Z`l$ [X[2 [\j[\ jl kiXqf _XjkX \c XZXYX[f Zfe g`ekliX# kf[f \e gc\ef m\iXef%

12

Ă&#x2C6;D` kiXYXaf ]l\ i\gi\j\ekXi \e leX g\$ cÂ&#x2C6;ZlcX Ă&#x160;LeX Z`l[X[ _\Z_X X dXefĂ&#x2039;2 \c kÂ&#x201E;i$ d`ef i\]`\i\ \c _XZ\i cXj ZfjXj Zfe Zl`$ [X[f# Zfe ZXi`Â&#x152;f# Zfe \c ZfiXqÂ?e gXiX d\afiXi jl \ekfief% CX g\cÂ&#x2C6;ZlcX j\ _`qf \e i\cXZ`Â?e X hlÂ&#x201E; _X _\Z_f Ă&#x160;Il\[Xj [\c ;\j`\ikfĂ&#x2039; Zfdf gXik\ [\ jl XgfikXZ`Â?e f jl clZ_X gfi Zi\Xi leX Z`l[X[ _\Z_X X dXefĂ&#x2030;% <c ZXk\[i}k`Zf [fZld\ekÂ? cX m`[X [\ Ă&#x2C6;Il\[Xj [\c ;\j`\ikfĂ&#x2030; p gXiX \ccf `eZcljf ZfekiXkÂ? cfj j\im`Z`fj [\ leX \dgi\jX [\ [ife\j2 XjÂ&#x2C6; gi\j\ekÂ? \c jli^`d`\ekf [\ cX XjfZ`XZ`Â?e# hl\ `dglcjXYX if[X[Xj p Xc d`jdf k`\dgf `dglcjXYX cX df[`]`ZX$ Z`Â?e [\ \jhl\dXj jfZ`Xc\j%

5(3257$-(

Ă&#x2C6;<c ZXdgf [\ `ek\im\eZ`Â?e ]l\ \e Kf$ ii\Â?e# DXkXdfifj# >Â?d\q GXcXZ`f p C\i$ [fÂż le [Â&#x2C6;X \c [fZkfi =iXeZ`jZf MXc[Â&#x201E;j GÂ&#x201E;$ i\q^Xj^X d\ [`af hl\ _XYÂ&#x2C6;X le ZfeZlijf [\ Z`e\ gXiX \c ]fif dle[`Xc# c\ \ekiXdfj p efj glj`dfj X kiXYXaXi \e cX \[`Z`Â?e% <jk\ XÂ&#x152;f )'(. c\ [\[`hlÂ&#x201E; le d\j \ek\if X cX \[`Z`Â?e [\ cX g\cÂ&#x2C6;ZlcX gXiX hl\ Zldgc`\iX Zfe cXj YXj\j [\ cXj Z`l[X[\j _\Z_Xj X dXefĂ&#x2030;# [\kXccÂ? \c ZXk\[i}k`Zf% Ă&#x2122;58('$6 '(/ '(6,(572Ă&#x161; ,038/6Â&#x201C; /$ 029,/,'$' &,9,/ (1 /$ /$*81$

<c Zfc\Zk`mf Ă&#x2C6;Il\[Xj [\c ;\j`\ikfĂ&#x2030; Zfd\e$ qÂ? jl if[Xi gfi cXj ZXcc\j [\ cX :fdXiZX CX^le\iX aljkf ZlXe[f cXj XZZ`fe\j [\c eXiZfki}]`Zf# hl\ `dgljf k\iifi [\aXe[f Zl\igfj j`e m`[X \ogl\jkfj \e cXj ZXcc\j# Zfe]`eXife X cfj Z`l[X[Xefj X jfYi\m`m`i \e leX [`e}d`ZX [fe[\ j\ jXcÂ&#x2C6;X [\ ZXjX gXiX `i Xc kiXYXaf p m`Z\m\ijX% <c [fZkfi \e Z`\e$ Z`Xj# =iXeZ`jZf MXc[Â&#x201E;j GÂ&#x201E;i\q^Xj^X \ogc`ZÂ? hl\ [liXek\ mXi`fj XÂ&#x152;fj DXi`f :\g\[X Il$ Y`f \jklmf ]`cdXe[f [`jk`ekXj g\[Xc\X[Xj [\ Ă&#x2C6;Il\[Xj [\c ;\j`\ikfĂ&#x2030;# XjÂ&#x2C6; Zfdf cXj \e$ ki\m`jkXj hl\ ZfeZ\[`\ife X mXi`fj d\[`fj [\ Zfdle`ZXZ`Â?e# Zfe]\ZZ`feXe[f XjÂ&#x2C6; le d\[`fd\kiXa\ _XYcXe[f [\c ZÂ?df j\ `ej$ Zi`Y\ \jkX fi^Xe`qXZ`Â?e [\ CX CX^leX \e \c dfm`d`\ekf dle[`Xc gfi \c Z`Zc`jdf%

Ă&#x2C6;<c =fif Dle[`Xc [\ cX 9`Z` hl\ cc\^X X jl j\okX \[`Z`Â?e eXZ`Â? gi\Z`jXd\ek\ Zfdf leX i\jgl\jkX X leX X^i\j`Â?e k\ii`Yc\ \e Gfikf 8c\^i\# 9iXj`c# \e [fe[\ le k`gf \e le ZfZ_\ j\ ]l\ \eZ`dX [\ leX if[X[X p Xkifg\ccÂ? X [\Z\eXj [\ Z`Zc`jkXj p \ekfeZ\j \e cl^Xi [\ i\XZZ`feXi Zfe cX iXY`X f Zfe$ d\dfiXicf Zfdf le _\Z_f ki`jk\ ZX[X XÂ&#x152;f# j\ [\Z`[`Â? _XZ\i \c =fif Dle[`XcĂ&#x2030;% =iXeZ`jZf MXc[Â&#x201E;j GÂ&#x201E;i\q^Xj^X gi\Z`jÂ? hl\ ]l\ Xc d`jdf k`\dgf hl\ fZlii`Â? cX X^i\j`Â?e g\ig\kiX[X gfi le YXehl\if# hl\ eXZ`Â? Ă&#x2C6;Il\[Xj [\c ;\j`\ikfĂ&#x2030;# p Xlehl\ gf$ [iÂ&#x2C6;X Xgi\Z`Xij\ Zfdf leX Zf`eZ`[\eZ`X# ]l\ gXik\ [\ le dfm`d`\ekf ^cfYXc hl\ j\ m\eÂ&#x2C6;X ^\jkXe[f p hl\ kfZÂ? gl\ikf \e DÂ&#x201E;o`$ Zf Zfdf \e fkiXj gXik\j [\c dle[f% Ă&#x2C6;<c [fZld\ekXc _XYcX [\ Xc^leXj XZZ`f$ e\j hl\ _\dfj cc\mX[f X ZXYf gXiX d\afiXi el\jkiXj Z`l[X[\j# \e cX :fdXiZX CX^le\$ iX# Zfdf Zfc\Zk`mf% CX g\cÂ&#x2C6;ZlcX \e jl j\$ Zl\eZ`X \jk} dlp Y`\e XidX[X# Zfe cÂ?^`ZX% ?XZÂ&#x2C6;X le k`\dgf Xki}j DXi`f =iXeZ`jZf :\g\[X IlY`f _XYÂ&#x2C6;X _\Z_f leX g\cÂ&#x2C6;ZlcX hl\ j\ ccXdX Ă&#x160;EXZ`dfj Il\[XjĂ&#x2039; [\ Z\iZX [\ leX _fiX [\ [liXZ`Â?e# cX _`qf gXiX \c ZlXi$ kf Xe`m\ijXi`f [\ Ă&#x160;Il\[Xj [\c ;\j`\ikfĂ&#x2039; p gXik\ [\ \ccX \jk} \e cX g\cÂ&#x2C6;ZlcX g\if X[\$ d}j _Xp dXk\i`Xc el\mf \e cX g\cÂ&#x2C6;ZlcX Ă&#x160;LeX Z`l[X[ _\Z_X X dXefĂ&#x2039;Ă&#x2030;%

13

(O GRFXPHQWDO KDEOD GH DOJX QDV DFFLRQHV TXH KHPRV OOH YDGR D FDER SDUD PHMRUDU QXHVWUDV FLXGD GHV HQ /D /D JXQD FRPR FR OHFWLYR / D SHO­FXOD HQ VX VHFXHQFLD HVWÂĄ PX\ ELHQ DUPD GD FRQ OÂłJLFDĂ&#x161;

<jkX g\cÂ&#x2C6;ZlcX ]l\ \em`X[X Xc ZfeZlijf :`e\ p Dfm`c`[X[ [\c =fif Dle[`Xc [\ cX 9`Z` K_\ Nfic[ 9`ZpZc\ =fild hl\ `e`Z`Â? \c [Â&#x2C6;X )( [\ XYi`c \e cX :`l[X[ [\ DÂ&#x201E;o`Zf# j`\e[f j\c\ZZ`feX[X Zfdf ]`eXc`jkX% Ă&#x2C6;El\jkiX d`j`Â?e ]l\ ZXdY`Xi \c \Zfj`j$ k\dX [\ cX dfm`c`[X[ \e cX :fdXiZX CX^l$ e\iX# gXiX [Xic\ dXpfi gi\gfe[\iXeZ`X X cfj d\[`fj ef dfkfi`qX[fj# X cfj g\Xkfe\j# X cfj Z`Zc`jkXj% Cf hl\ ]l\ Y`\e Zli`fjf p kXdY`Â&#x201E;e Y`\e jXk`j]XZkfi`f ]l\ hl\ \e \c ZXd`ef efj [`dfj Zl\ekX hl\ Xc _XY\i eX$ Z`[f \e cX g\fi Zi`j`j [\ `ej\^li`[X[ hl\ m`m`\iX el\jkiX :fdXiZX CX^le\iX# kXd$ Y`Â&#x201E;e Xpl[Xdfj X hl\ cX ^\ek\ jXc`\iX [\ jlj ZXjXj# g\i[`\iX \c d`\[f p i\Zlg\iXiX cfj \jgXZ`fj gÂ&#x2019;Yc`ZfjĂ&#x2030;# ZfeZclpÂ? =iXeZ`jZf MXc[Â&#x201E;j GÂ&#x201E;i\q^Xj^X% <e \c XiiXehl\ [\ )'(/ cXj gfcÂ&#x2C6;k`ZXj gÂ&#x2019;$ Yc`ZXj `dgc\d\ekX[Xj \e CX CX^leX gXiX gifk\^\i X cfj ljlXi`fj [\ cXj Y`Z`Zc\kXj j\ g\iZ`Y\e [\j[`YlaX[Xj% Cfj XZk`m`jkXj jfc`$ Z`kXe X cfj ^fY`\iefj cfZXc\j leX d\afi `e$ ]iX\jkilZkliX Zfe cX `ejkXcXZ`Â?e [\ Z`Zcf$ mÂ&#x2C6;Xj p hl\ j\ \a\iqX le i\^cXd\ekf \jki`Zkf hl\ \m`k\ hl\ cfj Zfe[lZkfi\j j\ dfm`c`Z\e X \oZ\jf [\ m\cfZ`[X[# ZfekifcXe[f \c ki}$ ]`Zf X kiXmÂ&#x201E;j [\ cX i\[lZZ`Â?e [\ cfj cÂ&#x2C6;d`k\j d}o`dfj gl\j Zfek`eÂ&#x2019;Xe i\^`jki}e[fj\ mÂ&#x2C6;Zk`dXj ]XkXc\j [\ _\Z_fj m`Xc\j%

0 /$*81$ Ă&#x17E; )(%5(52

&DEOH D WLHUUD

3RU 0DUFHOD 0RUHQR &DVDV

Ă&#x2122;/HV HQFDUJR PL ELFLĂ&#x161; /D PD\RU­D HUDQ FKDYRV FRPR GHF­DQ ORV YHFLQRV VLQ RILFLR QL EHQHILFLR 9H­DQ SDVDU OD YLGD \ OD YLGD ORV SDVDED D HOORV

8

0DUFHOD 0RUHQR &DVDV 'LUHFWRUD HGLWRULDO GH 0LOHQLR /D 2SLQLÂłQ /DJXQD PDUFHOD PRUHQR# PLOHQLR FRP

jlj hl`eZ\ XÂ&#x152;fj Ă&#x2C6;<c KfepĂ&#x2030; k\eÂ&#x2C6;X leX jfcX mfZXZ`Â?e1 cX ZXcc\ p Xe[Xi \e Y`Z`Zc\kX% Jl k\ii`kf$ i`f \iX cX \jhl`eX% 8_Â&#x2C6; k\eÂ&#x2C6;X dlZ_fj Xd`^fj p Xc^lef hl\ fkif j\ [\$ [`ZXYX X glZ_Xi% CX dXpfiÂ&#x2C6;X \iXe Z_Xmfj# Zfdf [\ZÂ&#x2C6;Xe cfj m\Z`efj# j`e f]`Z`f# e` Y\e\]`Z`f% M\Â&#x2C6;Xe gXjXi cX m`[X p cX m`[X cfj gXjXYX X \ccfj% <em\a\ZÂ&#x2C6;Xe j`e [Xij\ Zl\ekX hl\ cfj [Â&#x2C6;Xj ef i\kfieXYXe p hl\ jlj gfj`Y`c`[X[\j [\ j\^l`i alek}e[fj\ \e cXj \jhl`eXj \iXe kXe \jZXjXj Zfdf cXj [\ Zfej\^l`i le kiXYXaf# gfihl\ cX dl\i$ k\ pX cfj ife[XYX% 8 lefj gfi glZ_Xi# X fkifj gfi j\i Xd`^fj [\ glZ_X[fi\j f g\fi# _`afj% ;`Z\e hl\ Ă&#x2C6;<c KfepĂ&#x2030; ef \ek\e[`Â? \c d\ejXa\% Hl\ X g\jXi [\ j\i ZfefZ`[f gfi kf[fj cfj m\Z`efj [\ cX ZlX[iX p [\ j\i le Z_Xm`kf _XjkX Z`\ikf glekf XdX$ Yc\# j`e gi\k\ej`fe\j# jXcl[X[fi# \jf jÂ&#x2C6;# ef i\Z`Y`Â? cX jfc`[Xi`[X[ [\ jlj ZfefZ`$ [fj ZlXe[f cX m`[X j\ mfcm`Â? \e jl ZfekiX% 8g\eXj (, XÂ&#x152;fj Xek\j# cfj ^fd\qgXcX$ k`efj [\ \jX ZlX[iX \iXe Yl\efj m\Z`efj% CX dXpfiÂ&#x2C6;X _`afj [\ ]\iifZXii`c\ifj# [\ `eZ`g`\ek\j ^XeX[\ifj# [\ g\hl\Â&#x152;fj Zf$ d\iZ`Xek\j f [\ \dgc\X[fj [\ cX :fd`$ j`Â?e =\[\iXc [\ <c\Zki`Z`[X[% GifZ\[\e$ k\j [\ i\^`fe\j Zfdf QXZXk\ZXj# K\gXk`kc}e f [\ ;liXe^f% >\ek\ j\eZ`ccX# Yfe[X[fjX hl\ gf[Â&#x2C6;X [\jgi\e[\ij\ [\ Xc^f gXiX [}ij\cf Xc m\Z`ef \e [\j^iXZ`X% >\ek\ mXc`\ek\ hl\ ef k\eÂ&#x2C6;X d`\[f [\ [\$

0 /$*81$ Ă&#x17E; )(%5(52

14

eleZ`Xi cXj `ealjk`Z`Xj p hl\ clZ_XYX gfi j\i i\jg\kX[X \e jl Zfdle`[X[% Âś:l}e[f j\ g\i[`Â? \j\ \jgÂ&#x2C6;i`kl6 EX[`\ cf jXY\% Cf hl\ jÂ&#x2C6; jXY\e \j hl\ gfZf X gfZf# cX m`fc\eZ`X j\ ]l\ d\k`\e[f \e cXj ZXcc\j [\ jl YXii`f% <eki\ cfj aÂ?m\e\j j\ ]l\ife XYi`\e[f jliZfj% Lefj# Zfej`$ ^l`\ife `ejkilZZ`Â?e# XYXe[feXife \c YX$ ii`f2 fkifj# j\ hl\[Xife \e cX ZXcc\ p X_Â&#x2C6;# j`e fZlgXZ`Â?e# ]l\ife ^XjkXe[f cfj XÂ&#x152;fj% CXj [if^Xj c\j cc\^Xife Zfdf gXc`Xk`mf# Zfdf fcm`[f% ;\ cX ]XckX [\ [`e\if# [\ cX ZXi\eZ`X [\ Zfd`[X# [\ cX Xlj\eZ`X [\ Xk\eZ`Â?e% <c ZXd`ef ]}Z`c# \c ZXd`ef j\$ ^lif X cX Z}iZ\c f Xc gXek\Â?e% Fkifj# Zfdf Ă&#x2C6;<c KfepĂ&#x2030; e` j\ `emfclZiXYXe# e` [\eleZ`XYXe% M\Â&#x2C6;Xe gXiX fkif cX[f# ZX[X hl`\e jl clZ_X% <c [Â&#x2C6;X \e hl\ dXkXife Xc Ă&#x2C6;KfepĂ&#x2030;# cfj m\Z`efj \jZlZ_Xife cX [\jZXi^X [\ le XidX [\ ^il\jf ZXc`Yi\% =l\ \e cX dX[il$ ^X[X% J\ XjljkXife# g\if cl\^f i\kfdX$ ife \c jl\Â&#x152;f% Ă&#x2C6;<c KfepĂ&#x2030; hl\[Â? k\e[`[f \e cX ZXcc\# ]i\ek\ X cXj ZXjXj [\ jlj ZfefZ`$ [fj% Ef dli`Â? Xc `ejkXek\% J\ [\jXe^iÂ? c\ekXd\ek\% :fdf gl[f j\ XiiXjkiÂ? _Xj$ kX cX gl\ikX [\ leX m`m`\e[X# g`[`Â? Xlo`$ c`f p eX[`\ c\ _`qf ZXjf% EX[`\ ccXdÂ? X cX :ilq IfaX% <c d`\[f cfj m\eZ`Â?% KXc m\q# Ă&#x2C6;KfepĂ&#x2030; Zfdgi\e[`Â? hl\ ef _XYÂ&#x2C6;X eX[X d}j hl\ _XZ\i p g`[`Â? leX Â&#x2019;ck`dX ZfjX1 Ă&#x2C6;C\j \eZXi^f d` Y`Z`Ă&#x2030;% P XjÂ&#x2C6; k\id`eÂ? jl _`jkfi`X% LeX _`jkfi`X hl\ ef \j ]`ZZ`Â?e# leX _`jkfi`X [\ki}j [\ cX efkX ifaX%

(175(9,67$

/RV SRO­WLFRV QRV PHUHFHPRV OD GHVFRQILDQ]D GH OD FLXGDGDQ­D I`ZXi[f CÂ?g\q G\jZX[fi# gfcÂ&#x2C6;k`Zf [liXe^l\ej\ hl\ YljZX Zfem\ik`ij\ \e j\eX[fi# Xj\^liX hl\ \c J\eX[f [\ cX I\gÂ&#x2019;Yc`ZX ef gl\[\ j\i gXiX ^\ek\ `dgifm`jX[X# j`ef gXiX hl`\e k`\e\ gXj`Â?e 325 6,/9,$ $<$/$ )2726 6,/9,$ $<$/$

:

fe leX dX\jkiÂ&#x2C6;X \e [\i\Z_f p leX ZXii\iX gfcÂ&#x2C6;k`ZX XjZ\e[\e$ k\ X gXik`i [\c XÂ&#x152;f [\ (0/) [\e$ kif [\ cXj ]`cXj [\c GXik`[f I\$ mfclZ`feXi`f @ejk`klZ`feXc# CÂ?g\q G\jZX[fi X[m`\ik\ hl\ cfj ZXi^fj hl\ d}j jXk`j]XZZ`Â?e [\aXe jfe Xhl\ccfj [fe[\ j\ `dgXZkX [\ dXe\iX gfj`k`mX p j\ cf^iX d\afiXi cX ZXc`[X[ [\ m`[X [\ cfj _XY`kXe$ k\j# Xlehl\ kXdY`Â&#x201E;e jXY\ hl\ Xc^lefj gfcÂ&#x2C6;k`Zfj gi\]`\i\e \c fkif ifjkif [\ cX dfe\[X p j\ \e]fZXe \e cX g\idXe\eZ`X [\ekif [\ le \jgXZ`f hl\ c\j i\gi\j\ekX le Zfe]fik g\ijfeXc%

4XLŠQ HV 5LFDUGR /³SH] 3HVFDGRU G³Q GH QDFLVWH \ F³PR OOHJDV D OD SRO­WLFD"

Jfp le [liXe^l\ej\ hl\ k`\e\ jl fi`^\e \e \c ZXdgf2 jfp \c _`af [\ le ZXdg\j`ef \a`[XkXi`f hl\ Zfe dlZ_f \j]l\iqf p kiX$ YXaXe[f \e cfj <jkX[fj Le`[fj# cf^iÂ? hl\ gl[`Â&#x201E;iXdfj \jkl[`Xi cfj fZ_f [\ jlj _`$ afj \e cX ZXg`kXc% ?fp jfp gif]\j`fe`jkX p d\ _\ gi\gX$ iX[f \e cX gfcÂ&#x2C6;k`ZX# g\if _X j`[f leX mf$ ZXZ`Â?e# gfihl\ XhlÂ&#x2C6; ef \j Zfdf \e cXj [\d}j gif]\j`fe\j [fe[\ klj [\Z`j`fe\j k\ X]\ZkXe jfcf X k` f X kl \ekfief# XhlÂ&#x2C6; \e cX gfcÂ&#x2C6;k`ZX# cXj [\Z`j`fe\j [\ lef `eZ`$ [\e \e cfj [\d}j# gfi \jf \j leX ^iXe i\jgfejXY`c`[X[% 8 cfj (/ XÂ&#x152;fj# \dg\ZÂ&#x201E; X kiXYXaXi [\ekif [\ d` gXik`[f p _\ k\$ e`[f cX fgfikle`[X[ [\ [`i`^`icf [\j[\ le }dY`kf j\ZZ`feXc _XjkX \eZXi^fj [\ :f$ d`kÂ&#x201E; <a\Zlk`mf EXZ`feXc% <e \c }dY`kf c\^`jcXk`mf [\j[\ i\^`[fi _XjkX [`glkX[f ]\[\iXc p _fp gi\ZXe[`[Xkf Xc J\eX[f [\ cX I\gÂ&#x2019;Yc`ZX% (Q WX FDUUHUD FXÂĄOHV SRGU­DQ VHU ORV FDU JRV PÂĄV LPSRUWDQWHV TXH KD\DV WHQLGR"

Kf[fj jfe `dgfikXek\j# g\if \c j\i J\$ Zi\kXi`f >\e\iXc [\ >fY`\ief p Xik`ZlcXi gfcÂ&#x2C6;k`ZXj gÂ&#x2019;Yc`ZXj Zfe cfj dle`Z`g`fj# m\i k\dXj Zfe gXik`[fj gfcÂ&#x2C6;k`Zfj gXiX hl\ _XpX ^fY\ieXY`c`[X[# gif^iXdXj gXiX hl\ _XpX d\afi kiXejgfik\ liYXef# ]l\ dlp `dgfikXek\# f gfi \a\dgcf# \jkXi \e DÂ&#x201E;o`Zf p gXik`i [\ Z\if ZlXe[f d\ [\$ j`^eXife i\jgfejXYc\ [\ cX Xk\eZ`Â?e [\c k\dX [\ d`eXj p ZfekiXkfj [\ \ogcfkX$ Z`Â?e# p hl\ d\ [`a\ife _Xp hl\ \Z_Xi X Xe[Xi [fj gif^iXdXj2 Zi\Xi \c =fe[f D`$ e\if [\ Z\if# _XZ\i cX efidXk`m`[X[# df$ [`]`ZXi \c i\^cXd\ekf [\ cX J\Zi\kXiÂ&#x2C6;X# cfj 0 /$*81$ Ă&#x17E; )(%5(52

16

(175(9,67$ c`e\Xd`\ekfj# cXj i\^cXj [\ fg\iXZ`Â?e# Zi\Xi `e]iX\jkilZkliX# YXaXi \c i\Zlijf X cfj gifp\Zkfj p hl\ \jkÂ&#x201E; Zfem\ik`[f \e lef [\ cfj d\afi\j gif^iXdXj hl\ cc\^X X cfj \jkX[fj p dle`Z`g`fj [fe[\ _Xp `e$ Zlij`Â?e d`e\iX p hl\ ef \jk} Zl\jk`feX$ [f# gfihl\ \j Y\eÂ&#x201E;mfcf p j\ _X dXe\aX[f Zfe kiXejgXi\eZ`X# d\ [\aX dlZ_X jXk`j$ ]XZZ`Â?e2 k\e\dfj , d`c d`ccfe\j [\ g\jfj `em\ik`[fj [\c =fe[f D`e\if \e cX J<;8$ KL# p d}j [\ ,'' fYiXj hl\ cX ^\ek\ Xe$ _\cXYX \e Zfdle`[X[\j d`e\iXj Zfdf gXm`d\ekf p \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX% Cfj ZXi^fj hl\ d}j jXk`j]XZZ`Â?e [\$ aXe jfe [fe[\ lef `dgXZkX d}j X cX ^\e$ k\ p ef [fe[\ lef \jk} d}j ZÂ?df[f% <c J\eX[f ef gl\[\ j\i gXiX ^\ek\ `dgifm`jX[X# j`ef gXiX hl`\e k`\e\ gX$ j`Â?e# hl\ ZfefZ\ jl Zfdle`[X[ p hl\ jXY\ ZÂ?df Xpl[Xi X jl \ek`[X[ p hl\ kXdY`Â&#x201E;e [\Y\ k\e\i leX m`j`Â?e ZcXiX [\ gXÂ&#x2C6;j% <ekfeZ\j \jkfj _Xe j`[f cfj [fj ZXi^fj d}j `dgfikXek\j# j\Zi\kXi`f ^\$ e\iXc [\ ^fY`\ief [\ ;liXe^f )''- p X_fiX \e \c =fe[f D`e\if \e cX J<;8$ KL EXkliXc%

&RQRFHU DO (VWDGR \ VXV UHJLRQHV HV LPSRUWDQWH FXDQGR WLHQHV JDQDV GH VHUYLU SRUTXH SXHGHV JHVWLRQDU FRQ PÂĄV SUHFLVLÂłQ \ HVR VROR WH OR GD OD H[SHULHQFLDĂ&#x161;

7H FRQVLGHUDV XQ KRPEUH KRQHVWR"

JÂ&#x2C6;# _fe\jkf Zfe d`j gi`eZ`g`fj# Zfe d`j mXcfi\j# Zfe d` ]Xd`c`X# Zfe ;liXe^f# Zfe cX gfcÂ&#x2C6;k`ZX p cX ^\ek\% EX[`\ gl\[\ [\Z`id\ cf ZfekiXi`f p pf d\ Zfej`[\if hl\ _\ Zldgc`[f \e cX d\[`[X [\ d`j gfj`Y`c`[X[\j \e ZX[X i\jgfejXY`c`[X[ hl\ _\ k\e`[f% 4XŠ SXHGHQ HVSHUDU R TXŠ RIUHFHV D ORV GXUDQJXHQVHV SDUD TXH WH FRQYLHU WDQ HQ 6HQDGRU"

Gl\[\e \jg\iXi X le J\eX[fi Zfdgif$ d\k`[f# ZfefZ\[fi% 8 leX g\ijfeX hl\ mX X \jkXi Z`\e gfi Z`\ekf [\[`ZX[f X ^\jk`feXi gif^iXdXj p gfcÂ&#x2C6;k`ZXj gÂ&#x2019;Yc`$ ZXj gXiX ;liXe^f% 8 leX g\ijfeX hl\ ZfefZ\ ZX[X i\$ ^`Â?e [\ ;liXe^f# jlj gfk\eZ`Xc`[X[\j2 gfi \a\dgcf cX ZXg`kXc f CX CX^leX k`\$ e\e ZXiXZk\iÂ&#x2C6;jk`ZXj dlp `dgfikXek\j g\if dlp [`]\i\ek\j# `^lXc hl\ Cfj CcX$ efj# f cX i\^`Â?e efik\% :fefZ\i Xc <jkX$ [f p jlj i\^`fe\j \j `dgfikXek\ ZlXe[f k`\e\j ^XeXj [\ j\im`i gfihl\ gl\[\j ^\jk`feXi Zfe d}j gi\Z`j`Â?e p \jf jfcf k\ cf [X cX \og\i`\eZ`X% /RV FDQGLGDWRV GHO 35, TXH FRPSHWL UÂĄQ HQ HVWD HOHFFLÂłQ FUHHV TXH SXHGDQ JDUDQWL]DU XQ WULXQIR"

Jfe dlp ZXgXZ\j# i\ZfefZ`[fj gfi cX jf$ Z`\[X[# ZfefZ`[fj# _Xp leX ZfdY`eX$ Z`Â?e [\ aÂ?m\e\j p g\ijfeXj Zfe \og\$ i`\eZ`X# leX gXi`[X[ \eki\ _fdYi\j p dla\i\j# pf m\f le ZlX[if ^XeX[fi# cX ^\ek\ jXY\ hlÂ&#x201E; \jg\iXi [\ \ccfj% Cfj Z`l[X[Xefj jXY\e [\Z`[`i p jÂ?cf _Xp hl\ g\[`i hl\ efj mXcfi\e p Zfe$ ]ifek\e el\jkiX \og\i`\eZ`X Zfe cXj fkiXj fgZ`fe\j p m\i}e hl\ k\e\dfj j\$ i`\[X[ p gif]\j`feXc`jdf%

'H DFXHUGR D HQFXHVWDV DO G­D GH KR\ GDQ XQ PDUJHQ PX\ SHTXH¹R HQWUH ORV FDQGLGDWRV DO JRELHUQR IHGHUDO VH SR GU­D MXGLFLDOL]DU HO SURFHVR"

4XŠ WDQ EXHQR VHU­D TXH XQ SURFHVR VH UHVXHOYD GH HVWD PDQHUD FXDQGR GH SRU V­ OD FLXGDGDQ­D YD SHUGLHQGR FRQILDQ]D HQ ORV SDUWLGRV \ ODV LQVWLWXFLRQHV"

<jg\iXdfj hl\ ef% <c j`jk\dX [\dfZi}k`$ Zf \jk} [`j\Â&#x152;X[f gXiX hl\# hl`\e ^Xe\ gfi [\Z`j`Â?e [\ cfj Z`l[X[Xefj fZlg\ \c ZXi^f p hl`\e ef# \jg\i\ fkiX fgfikle`[X[% <jg\i\dfj hl\ ef# g\if _Xp hl`\e\j j\ fYjk`eXe p al[`Z`Xc`qXe p g`\ejXe hl\ gl\$ [\e cf^iXi ZXdY`Xi \c i\jlckX[f [\ cXj li$ eXj# g\if \jkf \j cX mfclekX[ [\ cfj Z`l[X[X$ efj# [fe[\ j\ dXe`]`\jkX p i\Xcd\ek\ g\ejÂ? hl`Â&#x201E;e gl\[\ j\i jl d\afi i\gi\j\ekXek\% Ef \j Yl\ef al[`Z`Xc`qXi# g\if \jf jÂ&#x2C6;# j` _lY`\j\ m`fcXZ`fe\j ]cX^iXek\j p \m`$ [\ek\j _XYi} hl\ i\jfcm\i \e cfj ki`YleX$ c\j# g\if Zi\f hl\ cX mfclekX[ dXpfi`kX$ i`X ef gl\[\ ZXdY`Xij\ \e le Â?i^Xef ali`j[`ZZ`feXc gfihl\ \j d}j `dgfikXek\ hl\ ZlXchl`\i fkiX `ejk`klZ`Â?e%

?Xp leX ]XckX [\ Zfe]`XeqX dlp d\i\Z`$ [X _XZ`X cX ZcXj\ gfcÂ&#x2C6;k`ZX p cX m\i[X[ efj cX d\i\Z\dfj% 8 cfj Z`l[X[Xefj _Xp hl\ [Xic\j [\j[\ \c \a\iZ`Z`f gÂ&#x2019;Yc`Zf cf hl\ i\ZcXdXe p cf Â&#x2019;e`Zf hl\ g`[\e \j m`m`i \e gXq# k\e\i j\^li`[X[# hl\ _XpX fgfikle`$ [X[\j `^lXc\j gXiX kf[fj p hl\ \o`jkXe Zfe[`Z`fe\j gXiX hl\ j\ [\jXiifcc\e p k\$ e\i d\afi\j e`m\c\j [\ m`[X% <jX \j cX i\jgfejXY`c`[X[ [\c ^fY`\i$ ef# [\ gXik`[fj gfcÂ&#x2C6;k`Zfj p Xlkfi`[X[\j% <ekfeZ\j cfj Z`l[X[Xefj k`\e\e iXqÂ?e \e Xc\aXij\# g\if efjfkifj k\e\dfj hl\ [\$ dfjkiXic\j hl\ _\dfj Xgi\e[`[f cX c\Z$ Z`Â?e p hl\ c\j k\e\dfj hl\ f]i\Z\i leX dXpfi i\jgfejXY`c`[X[ \e \c \a\iZ`Z`f [\ cX gfcÂ&#x2C6;k`ZX%

17

0 /$*81$ Ă&#x17E; )(%5(52

(175(9,67$

9HPRV FRPR YDULRV PLHPEURV KDQ GHMD GR ODV ILODV SULLVWDV SDUD LUVH D RWURV SDU WLGRV HV DFDVR SRU EHUULQFKH"

CX Yย jhl\[X [\c gf[\i j`\dgi\ _X cc\$ mX[f X g\ijfeXa\j X \ogcfiXi X kiXmย j [\ gXik`[fj# _Xp hl`\e\j j\ `[\ek`]`ZXe [\ dXe\iX ZcXiX Zfe le gifp\Zkf p _Xp hl`\e\j ef j`\ek\e X \jfj gXik`[fj d}j hl\ Zfdf `ejkild\ekfj gXiX cf^iXi jlj gifgย j`kfj# \ekfeZ\j _Xp [`i`^\ek\j p d`c`kXek\j hl\ jย Zi\\e p hl`\i\e \j\ gifp\Zkf# g\if _Xp hl`\e\j jย cf hl`\$ i\e \jZXcXi jlj fYa\k`mfj g\ijfeXc\j# hl`\e\j j\ mXe [\ le gXik`[f X fkif# \j ZcXif hl\ ef j`\ek\e cX `[\fcf^ย X [\ le gXik`[f# cf m\e Zfdf le `ejkild\ekf%

(VWRV FXDGURV SHUMXGLFDUยกQ ORV UHVXO WDGRV GHO 35,"

/D OH\ QR SXHGH VHU GH SULPHUD R GH VHJXQGD \ XQ IXQFLRQDULR QR HV GH SULPH UD HV XQ FLXGD GDQR FRPยบQ FRPR WRGRV ORV GHPยกVร

4Xยฉ SLHQVDV GH ORV SROยญWLFRV FKDSXOLQHV"

Hl`\e Yi`eZX [\ le ZXi^f X fkif \j `ii\jgfejXYc\# gfihl\ j` k\ \c`^\e gfi ki\j f j\`j Xย fj _Xp hl\ Zldgc`i# \ekfe$ Z\j \j\ ร Z_Xglc`e\fร Zi\f hl\ ef c\ Xpl$ [X X cX gfcย k`ZX p \jf \j gXik\ [\ cf hl\ _XZ\ Zi\Z\i cX ]XckX [\ Zfe]`XeqX [\ cfj Z`l[X[Xefj _XZ`X cfj gXik`[fj gfcย k`Zfj# g\if jlZ\[\ \e kf[fj cfj gXik`[fj gfcย $ k`Zfj# \e kf[fj% 0 /$*81$ ร )(%5(52

Pf Zi\f hl\ cfj i\jlckX[fj [\ ZlXchl`\i gXik`[f# k`\e\ hl\ m\i cX ]fidX \e hl\ j\ Zfdle`hl\ \e cX \kXgX [\ ZXdgXย X p Zย df j\ ZfekXZk\ Zfe cX Z`l[X[Xeย X# gfihl\ \j dlp j\ej`Yc\ p _Xp hl\ ^\e\$ iXi \dgXkย X# hlย m\Xe i\Xc kl f]\ikX# cf hl\ kย \i\j% Gfihl\ [fe[\ m\e hl\ mXj Zfe leX ZXZ_lZ_X p cl\^f mXj Zfe fkiX# pX ef k\ i\ZfefZ\e# e` jXY\j [\ hlย Zfcfi XdX$ e\Z`jk\ _fp# \ekfeZ\j k\e\dfj hl\ XZ\iZXiefj X cfj Z`l[X[Xefj [\ dXe\iX ZcXiX p f]i\Z\i cf hl\ lef gl\[X _XZ\i p cf hl\ ef j\ gl\[X# [\Z`icf Zfe kf[Xj jlj c\kiXj# gfihl\ X m\Z\j gfi hl\i\i ^X$ eXi le mfkf# X kf[f [`Z\j hl\ jย p cl\^f m`\e\ cX [\Z\gZ`ย e p \jf ef [\Y\dfj _XZ\icf%

]i`e^`ย cX c\p# _Xp gifZ\[`d`\ekfj hl\ j\ [\Y\e fg\iXi gXiX ZXjk`^Xi j\^ย e cX ]XckX# ef j\ [\Y\ [\aXi cfj gifZ\[`d`\e$ kfj [\ cX[f gfi `ek\i\j\j gfcย k`Zfj# gfi$ hl\ \jf ^\e\iX leX ZfiilgZ`ย e g\hl\$ ย X X leX d\[`XeX p cl\^f leX ^iXe[\ p cl\^f i\jlckX hl\ cX ^\ek\ pX ef Zi\\ \e cX ]leZ`ย e gย Yc`ZX gfihl\ cX Zfiilg$ Z`ย e \j Zfdf cX _ld\[X[# j\ \ogXe[\ ZlXe[f ef \j XkXZX[X X k`\dgf% Pf k\e^f cX Zfem`ZZ`ย e [\ hl\ cX c\p j\ [\Y\ Xgc`ZXi [\ dXe\iX `ed\[`XkX# j`e hl\ \o`jkX e`e^ย e gi`m`c\^`f gXiX eX[`\% 6L SXGLHUDV SHGLU XQ GHVHR TXยฉ SHGL UยญDV"

8 cfj Z`l[X[Xefj hl\ d\ Xpl[\e \e \jkX Xm\ekliX p hl\ k\e[i}e \e dย X leX g\ijfeX [\[`ZX[X# X le ]leZ`feXi`f _X$ Z`\e[f jlj ]leZ`fe\j# X le i\gi\j\e$ 4Xยฉ SLHQVDV GH ORV VHUYLGRUHV SยบEOL kXek\ gfi ;liXe^f g\c\Xe[f p [\]\e$ FRV TXH FDHQ HQ FRUUXSFLยณQ" [`\e[f X ;liXe^f# gfihl\ [\j\f j\i ?Xp hl\ ZXjk`^Xicfj% CX c\p ef gl\[\ j\i i\Zfi[X[f gfi cX ^\ek\ Zfdf leX g\i$ [\ gi`d\iX f [\ j\^le[X p le ]leZ`feX$ jfeX hl\ _X jXY`[f j\i Zfe^il\ek\ p i`f ef \j [\ gi`d\iX# \j le Z`l[X[Xef hl\ k`\e\ leX jfcX ]fidX [\ m\i p leX Zfdย e Zfdf kf[fj cfj [\d}j p j` `e$ jfcX cย e\X# \c kiXYXaf p \c \j]l\iqf%

18

(9(172

/DJXQHUR DVXPH OD UHFWRU­D GH OD 8$GH& ;\ d\ek\ dXk\d}k`ZX p _XY`c`[X[ gfcÂ&#x2C6;k`ZX# JXcmX[fi ?\ie}e[\q MÂ&#x201E;c\q _X XjZ\e[`[f X gl\jkfj [\ i\gi\j\ekXZ`Â?e gfglcXi X kiXmÂ&#x201E;j [\c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc# Zfdf [`glkX[f cfZXc p ]\[\iXc# p Xjld`\e[f c`[\iXq^fj hl\ cf ZXkXglckXife Zfdf i\Zkfi [\ cX Le`m\ij`[X[ 325 /,/,$ 29$//(

G

fi m\q gi`d\iX cX i\ZkfiÂ&#x2C6;X [\ cX Le`m\ij`[X[ 8lkÂ?efdX [\ :fX_l`cX k\e[i} \e jl i\gi\j\e$ kXZ`Â?e X le cX^le\if% P gXiX \c g\i`f[f )'(/$)')( le \^i\jX[f [\ cX gifg`X Le`m\ij`[X[ 8lkÂ?efdX [\ :fX_l`cX j\i} hl`\e i\kfd\ cX [`i\ZZ`Â?e [\ cX ZXjX [\ \jkl[`fj# hl\ \e \c gXjX[f i\Z`\ek\ X kiXmÂ&#x201E;j [\ jl X[d`e`jkiXZ`Â?e XZf^`Â? X \^i\jX[fj [\ `ejk`klZ`fe\j \[l$ ZXk`mXj gi`mX[Xj# \jg\ZÂ&#x2C6;]`ZXd\ek\ [\c K\ZefcÂ?^`Zf [\ Dfek\ii\p% ;\ d\ek\ dXk\d}k`ZX p _XY`c`[X[ gf$ cÂ&#x2C6;k`ZX# JXcmX[fi ?\ie}e[\q MÂ&#x201E;c\q _X Xj$ Z\e[`[f X gl\jkfj [\ i\gi\j\ekXZ`Â?e gf$ glcXi X kiXmÂ&#x201E;j [\c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc# fZlgXe[f \jZXÂ&#x152;fj Zfdf [`glkX[f cfZXc p ]\[\iXc# p Xjld`\e[f c`$ [\iXq^fj hl\ cf ZXkXglckXife Zfdf i\Z$ kfi [\ cX L8[\:% Ă&#x2C6;D\ \eZl\ekif dlp Zfek\ekf g\if X cX m\q dlp Zfdgifd\k`[f Zfe \c Xgfpf hl\ i\Z`YÂ&#x2C6; [\ cfj le`m\ij`kXi`fj \e \jkX \c\ZZ`Â?e# p \jkf _XZ\ hl\ d\ gcXek\\ \c gf[\i kiXYXaXi [\ leX dXe\iX d}j \]`$ Z`\ek\ p Zfe dlZ_f \j]l\iqf% <ek`\e[f hl\ \c Zfdgifd`jf hl\ d\ [`\ife cfj le`m\ij`kXi`fj Xc mfkXi gfi dÂ&#x2C6; Zfecc\mX ]le[Xd\ekXcd\ek\ X_fiX \c XZ\gkXi cX ^iXe i\jgfejXY`c`[X[ hl\ \jf `dgc`ZXĂ&#x2030;% <eki\m`jkX[f [liXek\ \c ]`e [\ j\dXeX gi\m`f X cX kfdX [\ gifk\jkX hl\ \jkXYc\$ Z\ \c gifg`f <jkXklkf Le`m\ij`kXi`f# i\$ Zl\i[X hl\ \c dXik\j (* [\ ]\Yi\if ]l\ mfkX[f gfi cX Zfdle`[X[ le`m\ij`kXi`X \e le gifZ\jf hl\ ]l\ [\ le jfcf ZXe[`$ [Xkf p [liÂ? () _fiXj \e cXj ZlXc\j jl]iX$ ^Xife ** d`c *//# [\ cfj ZlXc\j cf XmXcX$ ife )0 d`c *,0# cf hl\ i\gi\j\ekX \c // [\ cX gfYcXZ`Â?e% :fe [`jgfj`Z`Â?e gXiX cX e\^fZ`XZ`Â?e# \jkXYc\Z`Â? hl\ cX gi`d\iX XZZ`Â?e X [\jX$ iifccXi j\iÂ&#x2C6;X \ekXYcXi leX i\le`Â?e Zfe cfj [`i\Zkfi\j [\ cX Le`[X[ Efik\ gXiX i\m`$ jXi cfj gcXe\j [\ kiXYXaf p cXj gifgl\jkXj hl\ i\Z`Y`Â? [\ gif]\jfi\j p \jkl[`Xek\j# Xc k`\dgf d`jdf hl\ \oXd`eXi} cXj gif$ gl\jkXj hl\ Â&#x201E;c d`jdf c\j \ok\ieÂ?% 0 /$*81$ Ă&#x17E; )(%5(52

20

(9(172 I\Z`\ek\d\ek\ p X kiXmย j [\ cX Le`$ m\ij`[X[ 8lkย efdX [\ :fX_l`cX# ?\i$ e}e[\q Mย c\q glYc`Zย \c c`Yif ร 8jย j\ ]fi$ aย cX L8[\:# -' Xย fj [\ _`jkfi`Xร # [fe[\ \jkXYc\Z`ย hl\ cX ZXjX [\ \jkl[`fj [\Y\ XZklXc`qXij\ \e jlj gifZ\[`d`\ekfj i\$ ^lcXkfi`fj gXiX gf[\i \e]i\ekXi cfj i\$ kfj hl\ f]i\Z\e cfj el\mfj k`\dgfj% ร Cf gi`d\if hl\ k\e\dfj hl\ i\m`$ jXi# XeXc`qXi p [`jZlk`i Zfe cfj le`m\ij`$ kXi`fj \j cX gifgl\jkX [\ XZklXc`qXi \c dXiZf efidXk`mf [\ cX ZXjX [\ \jkl[`fj gfihl\ j\ i\hl`\i\ hl\ \jkย XZklXc`qX[f gXiX cfj \]\Zkfj [\c dle[f ^cfYXc% ร <c \jkXklkf j\ _`qf ZlXe[f m`mย Xdfj leX \Zfefdย X dlp Z\iiX[X# g\if _fp Zfe cX ^cfYXc`qXZ`ย e p cX `ek\iZfdle`$ ZXZ`ย e hl\ _Xp \e \c dle[f# p \c gif$ Z\jf [\ [\jXiifccf p cX m\cfZ`[X[ Zfe cX hl\ j\ ^\e\iX \c ZfefZ`d`\ekf# efj \o`$ ^\ \e gi`d\i kย id`ef i\m`jXi el\jkiX efidXk`m`[X[ gXiX XZklXc`qXicXร % ?\ie}e[\q Mย c\q [`af hl\ cfj gcXe\j [\ `em\ij`ย e [\ cX L8[\: ef j\ lY`ZXe \e \c gi\jlgl\jkf gifg`f [\ cX ZXjX [\ \jkl[`fj# hl\ j\ dXe\aXe [\ XZl\i[f X cXj YfcjXj ZfeZlijXYc\j hl\ kf[Xj cXj `ejk`klZ`fe\j [\ \[lZXZ`ย e k`\e\e% <e \jk\ ilYif p X kiXmย j [\c =fe[f [\ 8gfikXZ`fe\j Dย ck`gc\j# cX Le`m\ij`[X[ 8lkย efdX [\ :fX_l`cX \jk} gfi i\Z`Y`i cfj i\Zlijfj hl\ g\id`k`i}e _XZ\i \c \[`]`Z`f [\ cX <jZl\cX [\ Dย j`ZX \e JXc$ k`ccf2 \e Kfii\ย e k\id`eXi cX ZfejkilZ$ Z`ย e gXiX cX =XZlckX[ [\ :`\eZ`Xj Gfcย $ k`ZXj p JfZ`Xc\j p \e cX Le`[X[ Efik\ \c gf[\i ZfeZcl`i cXj }i\Xj Zfdle\j [\ cX <jZl\cX [\ D\[`Z`eX p cX <jZl\cX [\ :`\eZ`Xj [\ cX JXcl[% ร <e [fe[\ efj \e]fZXi\dfj \j \e \c\mXi cX ZXc`[X[ XZX[ย d`ZX p \jf `dgc`$ ZX hl\ el\jkiXj /, ZXii\iXj j\ \dg`\$ Z\e X kiXYXaXi gXiX hl\ \jkย e \e \c gif$ ^iXdX [\ Xckf [\j\dg\ย f [\c :\e\mXc% ร <e cX Le`m\ij`[X[ jย cf k\e\dfj leX ZXii\iX [\ Xckf [\j\dg\ย f hl\ \j cX C`$ Z\eZ`XkliX \e Gj`Zfcf^ย X \e cX ]XZlckX[ [\ JXck`ccf# g\if cX le`m\ij`[X[ \jk} gXiX ]fidXi \oZ\c\ek\j gif]\j`fe`jkXj p e\Z\j`kXdfj gXik`Z`gXi \e \jk\ gif^iX$ dX X gXik`i [\ hl\ cfj \jkl[`Xek\j \e$ ki\e X cfj <o}d\e\j >\e\iXc\j gXiX \c <^i\jf [\ C`Z\eZ`XkliX <^\c ร % <e ZlXekf X cX gXik`Z`gXZ`ย e [fZ\e$ k\# ?\ie}e[\q Mย c\q [`af hl\ cX L8[\: Zl\ekX Zfe (/' i\^`jkiX[fj \e \c J`jk\$ dX EXZ`feXc [\ @em\jk`^X[fi\j# hl\ Xj\^liย # ^\e\iXe gifp\Zkfj hl\ `dgXZ$ kXe \e cX jfZ`\[X[# d`jdfj hl\ jfe XgfpX[fj gfi \c :feXZpk% <c gifYc\dX# Xglekย \j cX ]XckX [\ [`$ ]lj`ย e p \j X_ย [fe[\ j\ i\ZfefZ\ hl\ \c ilYif [\ glYc`ZXZ`fe\j [\ cX ZXjX [\ \jkl[`fj _X \jkX[f XYXe[feX[f% ร @em`kf X cfj le`m\ij`kXi`fj X hl\ efj \j]fiZ\dfj kf[fj gXiX hl\ el\jkiX ZXjX [\ \jkl[`fj ml\cmX X j\i [\ cXj d\afi\j [\c gXย j# \e Y\e\]`Z`f [\ el\jkifj \^i\$ jX[fjร # ZfeZclpย %

)257$/(=$6

'(%,/,'$'(6

/D )DFXOWDG GH 3VLFRORJยญD GH 6DOWLOOR VH HQ FXHQWUD FRQVLGHUDGD HQ HO 3URJUDPD GH $OWR 5HQGLPLHQWR 'H ORV PยกV GH PDHVWURV GH WLHPSR FRPSOHWR GH OD 8$GH& HO SRU FLHQWR HVWยกQ HQ HO SURJUDPD GH GHVDUUROOR SURIHVLRQDO GH OD 6HFUHWDUยญD GH (GXFDFLยณQ 3ยบEOLFD )HGHUDO 'H ORV PLVPRV HVWยกQ HO 3URJUDPD 1DFLRQDO GH ,QYHVWLJDGRUHV

/D DXVHQFLD GH XQ VLVWHPD GH LQWHUQHW HQ WR GRV ORV SODQWHOHV GH OD 8$GH& FRQ FREHUWX UD DPSOLD 8QD ODUJD OLVWD GH QHFHVLGDGHV HQ FXDQWR D PDQWHQLPLHQWR HQ LQIUDHVWUXFWXUD IยญVLFD FHQWURV GH FยณPSXWR \ ODERUDWRULRV

21

0 /$*81$ ร )(%5(52

9HUWHEUDO

3RU Â QJHO &DUULOOR 5RPHUR

/RV PRQXPHQWRV D OD SROLWLTXHU­D 0H HQFDQWDU­D HVWDU HTXLYRFDGR \ TXH -RUJH =HUPH¹R XELFDUD XQD O­QHD WUDQVYHUVDO GH LQMHUHQFLD GH GHSHQGHQFLDV PXQLFLSDOHV

J

 QJHO &DUULOOR 5RPHUR 'LUHFWRU GH RSHUDFLRQHV GH 0XOWLPHGLRV /DJXQD DQJHO FDUULOOR# PXOWLPHGLRV FRP

`e [l[X# Afi^\ Q\id\Â&#x152;f @e]Xek\ \j le _fdYi\ hl\ gfj\\ mXi`Xj m`ikl[\j \e \c k\ii\ef [\ cX gfcÂ&#x2C6;k`ZX1 ;`jZi\Z`Â?e# k\d$ gcXeqX p Yl\eX g\iZ\gZ`Â?e \eki\ cX Z`l$ [X[XeÂ&#x2C6;X p mXpX hl\# X \jkXj XckliXj# cXj ZXiXZk\iÂ&#x2C6;j$ k`ZXj Xek\j \ogl\jkXj ef [\Y\iÂ&#x2C6;Xe j\i i\]\i\ek\ [\ Yl\efj X[\gkfj# g\if efj _\dfj kfgX[f Zfe ZX[X \jgÂ&#x201E;Z`d\e hl\ cX m\i[X[# j\ c\ mXcfiX% J`e \dYXi^f _Xp gXj`mfj `dgfikXek\j \e jl X[d`e`jkiXZ`Â?e# lef [\ cfj d}j j\ek`[fj \j \c ef$ kXYc\ [\k\i`fif hl\ jl]i\ \c Zfdgc\af ZlckliXc p [\gfik`mf CX AXYfe\iX% <j leX c}jk`dX hl\ leX `e`Z`Xk`mX Zfe le ^iXe gfk\eZ`Xc \e [\jXiifccf _l$ dXef# \c`d`eXZ`Â?e [\ cX m`fc\eZ`X p jfYi\ kf[f Zfe kXe Yl\eXj `ek\eZ`fe\j _XpX ZXÂ&#x2C6;[f \e dXefj [\ ^\ek\ `e\og\ikX hl\ gfZf c\ `dgfikX \c dXe$ k\e`d`\ekf [\c cl^Xi p jl gfjk\i`fi Zi\Z`d`\ekf% D\ hl\[X ZcXif hl\ 8c`eX MXi^Xj ef ]l\ \c ^iXe Ă&#x2C6;[\jZlYi`d`\ekfĂ&#x2030; \e ZlXekf X cX ]leZ`Â?e gÂ&#x2019;$ Yc`ZX j\ i\]`\i\# d}j Y`\e D`^l\c I`hl\cd\ cX `e$ m`kÂ? X ]fidXi gXik\ [\ jl \hl`gf [\ kiXYXaf gfi jl [\jkXZX[X ZXii\iX [\gfik`mX# j`e \dYXi^f [`f \c XeZ_f p Ă&#x2C6;j\ ]XaÂ? cfj gXekXcfe\jĂ&#x2030; Zfe cX Zi`jkX$ c`qXZ`Â?e [\ CX AXYfe\iX1 :fekiXkXife X dX\jkifj ZXc`]`ZX[fj p kXdY`Â&#x201E;e _Xp hl\ [\Z`icf# Zfe jl\c$ [fj gfZf Zfdg\k`k`mfj# g\if cX ^\ek\ hl\ \jklmf Xc ]i\ek\ [\c Zfdgc\af# cf _`qf g\ejXe[f \e [\$ jXiifccXi kXc\ekf \e e`Â&#x152;fj hl\ gfZXj gfj`Y`c`[X$ [\j k\eÂ&#x2C6;Xe # \c ZXif dXek\e`d`\ekf [\ cXj `ejkX$ cXZ`fe\j XcY\iZXj# ^`deXj`f# ^iX[\iÂ&#x2C6;X# }i\Xj m\i[\j p gi\gfe[\iXek\d\ek\ cX ZfcXYfiXZ`Â?e [\ cfj m\Z`efj [\c cl^Xi% <jX ]l\ cX cXYfi d}j `d$ gfikXek\# Ă&#x2C6;\eXdfiXicfjĂ&#x2030; gXiX hl\ _`Z`\iXe jlpX CX AXYfe\iX% Gif[lZ\ `e[`^eXZ`Â?e m\i cXj ^i}]`ZXj [\ cf hl\ fZlii\ X \jgXc[Xj [\c j`k`f p j\^liXd\ek\ X cXj [\c XZklXc [`i\Zkfi [\c [\gfik\ p g\i`f[`jkX Df`$ jÂ&#x201E;j 8iZ\ # dfekfe\j [\ YXjliX# gfihl\ \c ZXd`Â?e i\Zfc\Zkfi ef gXjX p cX ^\ek\ Zfe gfZX ZlckliX

0 /$*81$ Ă&#x17E; )(%5(52

22

Z`l[X[XeX k`iX cfj [\j\Z_fj \e cX gi`d\iX \jhl`$ eX hl\ \eZl\ekiX # \c [\jg`[f [\ dX\jkifj \jg\$ Z`Xc`qX[fj j`e fkiX aljk`]`ZXZ`Â?e hl\ cX [\ Ă&#x2C6;d\k\iĂ&#x2030; X cX ^\ek\ hl\ XgfpÂ? cX ZXljX [\ Q\id\Â&#x152;f \e ZXdgXÂ&#x152;X# \j d}j# cfj m\Z`efj [\c gfe`\ek\ [\ii`$ YXife le dlif j`dlcXe[f leX gl\ikX [\ \ekiX$ [X gXiX \m`kXi cX dfc\jk`X [\ if[\Xi gXiX `e^i\$ jXi X leX [\ cXj ZXeZ_Xj p pX e` [\Z`i [\ cX j\^li`[X[# gfihl\ j`dgc\d\ek\ cX gfc`ZÂ&#x2C6;X [\aÂ? [\ [Xi ife[`e\j [\ m`^`cXeZ`X% ?Xp hl\ i\Zfi[Xic\j X Df`jÂ&#x201E;j p Xc gifg`f 8c$ ZXc[\ Q\id\Â&#x152;f hl\ _XZ\ Xc^lefj XÂ&#x152;fj# \c gfe`\e$ k\ ]l\ j\d`cc\if [\c dXc jl\eX X kÂ&#x2C6;klcf [\ g\cÂ&#x2C6;$ ZlcX# g\if ef \j XjÂ&#x2C6;# \j c`k\iXc # X_Â&#x2C6; j\ ^\jkXYX le gf[\i ]}Zk`Zf hl\ X kf[fj XqfkÂ?# X gfYi\j p X i`Zfj# X gfcÂ&#x2C6;k`Zfj p X \dgi\jXi`fj# X g\i`f[`jkXj p X cX ^\ek\ [\ cX ZlckliX# kf[fj k\e\dfj leX _`jkfi`X hlÂ&#x201E; ZfekXi# leX YXcXZ\iX [\ cX hl\ ]l`dfj gXik\ \e \c d\afi [\ cfj ZXjfj f cfj Ă&#x2C6;kfhl\j [\ hl\[XĂ&#x2030; `dgcÂ&#x2C6;Z`kfj# \jfj [\ cfj hl\ eX[`\ _XYcXYX# g\if hl\ kf[fj XjldÂ&#x2C6;Xdfj p \jf j\ ^\e\iXYX \e \c j\Z$ kfi% 8_fiX cfj _XY`kXek\j [\ CX AXYfe\iX k`\e\e cX fgfikle`[X[ [\ m\i# \e cl^Xi [\ leX \jhl`eX fj$ ZliX# leX ZXeZ_X Y`\e `cld`eX[X f le gXj\f Xc X`i\ c`Yi\ gXiX gf[\i ZXd`eXi Zfe cX ]Xd`c`X# cfj e`Â&#x152;fj \e cl^Xi [\ kiXYXaXi Zfdf Ă&#x2C6;_XcZfe\jĂ&#x2030; gl\$ [\e kfdXi ZcXj\j [\ eXkXZ`Â?e f [\ kX\ bnfe [f# g\if cX \e[\Yc\ e\Z\[X[ [\ cfj X[d`e`jkiX[fi\j gÂ&#x2019;Yc`Zfj gl\[\ [\jm`iklXi \j\ [\c`ZX[X `ejk`kl$ Z`Â?e% D\ \eZXekXiÂ&#x2C6;X \jkXi \hl`mfZX[f p hl\ Afi^\ Q\id\Â&#x152;f lY`ZXiX leX cÂ&#x2C6;e\X kiXejm\ijXc [\ `ea\$ i\eZ`X [\ [\g\e[\eZ`Xj dle`Z`gXc\j# [\j[\ J\$ ^li`[X[# FYiXj GÂ&#x2019;Yc`ZXj# LiYXe`jdf# <Zfcf^Â&#x2C6;X# :lckliX# <[lZXZ`Â?e p JXcl[# \jX j\iÂ&#x2C6;X leX ^XiXe$ kÂ&#x2C6;X [\ hl\ \c gifp\Zkf kiXjZ`\e[X p ef j\ Zfem`\i$ kX \e cf hl\ dlZ_fj cl^Xi\j [\ Kfii\Â?e1 <e df$ eld\ekfj X cX gfc`k`hl\iÂ&#x2C6;X%

5(3257$-(

'XUDQJR WUDEDMD SDUD SRQHU ILQ D GHVHTXLOLEULRV HQ DSR\RV DO DJUR <e \c gif^iXdX \a\iZ`[f \e )'(.# cX J8>;I \eki\^X X gif[lZkfi\j [\ CX CX^leX le gi\jl$ gl\jkf [\ ++ d`ccfe\j ,0, d`c -(-%.' g\jfj# Zfe cf hl\ j\ [`f Zldgc`d`\ekf X 0,, jfc`Z`$ kl[\j [\ Xgfpf [\ cXj d`c +.. hl\ j\ i\Z`Y`\ife [liXek\ \c XÂ&#x152;f 325 /8,6 $/$7255(

1(*2&,2 '(/ $*52 (1 /$ /$*81$ /RV FXOWLYRV GH DOJRGÂłQ \ IRUUDMHV VLJXHQ WHQLHQGR XQ SUHGRPLQLR HQ OD DJULFXOWXUD UHJLRQDO

;

liXek\ dlZ_fj XÂ&#x152;fj# leX hl\$ aX i\Zlii\ek\ [\ cfj gif[lZkf$ i\j jfZ`Xc\j [\c ZXdgf \e CX CX^leX [\ ;liXe^f ]l\ cX [`j$ ki`YlZ`Â?e `ealjkX [\ cfj gi\jlgl\jkfj hl\ \c ^fY`\ief ]\[\iXc# \e d\qZcX Zfe cfj \j$ kXkXc\j fi`\ekXYX Xc j\Zkfi X^ifg\ZlXi`f# XZljXe[f \e \ccf leX YXcXeqX d}j ZXi^X$ [X _XZ`X cfj ^iXe[\j gif[lZkfi\j \e gif$ p\Zkfj hl\ cf d`jdf g\[Â&#x2C6;Xe le j`jk\dX [\ i`\^f# hl\ le `em\ieX[\if YXaf \c \j$ hl\dX [\ X^i`ZlckliX gifk\^`[X# [\aXe[f X cfj [\d}j Xc dXi^\e [\ cfj \jkÂ&#x2C6;dlcfj% ?fp# YXaf leX gfcÂ&#x2C6;k`ZX gÂ&#x2019;Yc`ZX hl\ \j$ ZlZ_X p Xk`\e[\ \jXj `ehl`\kl[\j# \c >f$ Y`\ief [\ ;liXe^f \e \c dXiZf [\ jl GcXe <jkXkXc [\ ;\jXiifccf Xgc`ZX gXiX \c j\Zkfi X^ifg\ZlXi`f ZlXkif \a\j i\Zkfi\j p lef k`\e\ hl\ m\i Zfe \jkX [\dXe[X1 ;\jXiif$ ccf Zfe <hl`[X[% ;\ \jkX ]fidX# cX Xj`^eX$ Z`Â?e [\ i\Zlijfj Zfdf cX XgifYXZ`Â?e [\ gifp\Zkfj gif[lZk`mfj mX \e \jX [`i\Z$ Z`Â?e# Xc d\efj XjÂ&#x2C6; j\ Xgi\Z`X \e cfj i\jlc$ kX[fj XcZXeqX[fj Xc Z`\ii\ [\ )'(. gfi cX

J\Zi\kXiÂ&#x2C6;X [\ 8^i`ZlckliX# >XeX[\iÂ&#x2C6;X p ;\jXiifccf IliXc% Fi`^`eXi`f [\c \jkX[f [\ AXc`jZf p \^i\jX$ [f [\ cX C`Z\eZ`XkliX \e 8[d`e`jkiXZ`Â?e [\ <dgi\jXj [\ cX Le`m\ij`[X[ [\c MXcc\ [\ 8k\$ dXaXZ# g\if Zfe Xdgc`X \og\i`\eZ`X \e \c iXdf X^ifg\ZlXi`f i\^`feXc# Lc`j\j :XdY\$ ifj >lk`Â&#x201E;ii\q# jlYj\Zi\kXi`f [\ cX J\Zi\kXiÂ&#x2C6;X [\ 8^i`ZlckliX >XeX[\iÂ&#x2C6;X p ;\jXiifccf IliXc ;liXe^f J8>;I \e cX I\^`Â?e CX^le\iX# jXY\ \c i\kf p jfjk`\e\ hl\ j\ _X m\e`[f kiX$ YXaXe[f jfYi\ kf[f gXiX XcZXeqXi \j\ fYa\k`$ mf [\ cX dXef Zfe cXj [`m\ijXj XjfZ`XZ`fe\j [\ gif[lZkfi\j X^iÂ&#x2C6;ZfcXj Zfdf ^XeX[\iXj# [\ X_Â&#x2C6; hl\ le /' gfi Z`\ekf [\ cXj 0,, g\k`Z`f$ e\j XgfpX[Xj# Zfii\jgfe[\ X Y\e\]`Z`Xi`fj hl\ [liXek\ cfj Â&#x2019;ck`dfj XÂ&#x152;fj _XYÂ&#x2C6;Xe ZXi\Z`$ [f [\ Xgfpfj [\c ^fY`\ief% <e \c gif^iXdX \a\iZ`[f \e )'(.# \jkX [\g\e[\eZ`X XgfpÂ? X gif[lZkfi\j i\^`f$ eXc\j Zfe le gi\jlgl\jkf [\ ++ d`ccfe\j ,0, d`c -(-%.' g\jfj# Zfe cf hl\ j\ [`f Zldgc`d`\ekf X 0,, jfc`Z`kl[\j [\ Xgfpf [\ cXj d`c +.. hl\ j\ i\Z`Y`\ife [liXek\

0 /$*81$ Ă&#x17E; )(%5(52

24

\c XÂ&#x152;f# cf hl\ \hl`mXc\ X leX \]\Zk`m`[X[ [\c -+%-- gfi Z`\ekf% Gfi dfekf# cXj gi`eZ`gXc\j XZk`m`[X[\j XgfpX[Xj gfi \c ^fY`\ief [\ ;liXe^f ]l\$ ife cX X^i`ZlckliX Zfe -%. d`ccfe\j [\ g\$ jfj2 ^XeX[\iÂ&#x2C6;X Zfe -%) d`ccfe\j [\ g\jfj2 GXhl\k\j K\ZefcÂ?^`Zfj Zfe *%. d`ccfe\j [\ g\jfj p le gif^iXdX [\ \ok\ej`fe`jdf [\ )%. d`ccfe\j [\ g\jfj% <e kXekf# Xc j\i \c X^lX le i\Zlijf X Zl`[Xi# \e \c gif^iX$ dX _`[ifX^iÂ&#x2C6;ZfcX j\ Xk\e[`\ife jfc`Z`kl$ [\j gfi le dfekf [\ gfZf d}j [\ )' d`$ ccfe\j [\ g\jfj2 \eki\ fkifj% <e \j\ j\ek`[f# \c ]leZ`feXi`f i\]i\e$ [X \c Zfdgifd`jf [\c ^fY\ieX[fi AfjÂ&#x201E; IfjXj 8`jglif [\ ef g\i[\i [\ m`jkX \jk\ ZlXikf \a\ i\Zkfi [\ ;\jXiifccf Zfe <hl`$ [X[# \e \c hl\ j\ Yi`e[\e fgfikle`[X[\j gfi `^lXc X cfj gif[lZkfi\j [\c ZXdgf# XgfpXe[f X gifp\Zkfj hl\ ]Xmfi\qZXe X dXek\e\i \c XiiX`^f d\[`Xek\ cX ^\e\iX$ Z`Â?e [\ \dgc\fj \ `e^i\jfj gXiX cXj ]Xd`$ c`Xj [\c d\[`f iliXc# Zfdf cf _X jfjk\e`[f jl k`klcXi I\eÂ&#x201E; 8cd\`[X >iXa\[X%

5(3257$-(

),1$1&,(5$ 1$&,21$/ 352<(&7$ &2/2&$5 &5 ',726 325 0,//21(6 (1 /$ /$*81$ /D EDQFD GH GHVDUUROOR VLJXH RFXSDQGR XQ SD SHO SUHSRQGHUDQWH HQ HO HMHUFLFLR GH ODV GLYHU VDV DFWLYLGDGHV DJURSHFXDULDV GH OD 5HJL³Q /D JXQHUD \ PXHVWUD GH HOOR VRQ ODV SUR\HFFLRQHV TXH SDUD HVWH WLHQH OD )LQDQFLHUD 1DFLRQDO SDUD HO 'HVDUUROOR $JURSHFXDULR 5XUDO )RUHVWDO \ 3HVTXHUR HQ ODV TXH OOHYD HWLTXHWDGR XQ WH FKR GH PLOORQHV GH SHVRV 9RFHURV GH HVWD LQVWLWXFL³Q UHILHUHQ TXH HVWH SUHVXSXHVWR VLJQLILFD XQ LQFUHPHQWR GHO SRU FLHQWR P¡V UHVSHFWR D OR DSOLFDGR HQ HO HMHUFLFLR ILVFDO DQWHULRU GH HQ HO TXH RWRUJDURQ FU© GLWRV SRU HO RUGHQ GH ORV PLOORQHV PLO SHVRV GH ORV FXDOHV PLOORQHV GH SHVRV IXH RULHQWDGR DO FU©GLWR GH DY­R PLOORQHV GH SHVRV D FU©GLWR UHIDFFLRQDULR \ PLOORQHV GH SHVRV DO FU©GLWR VLPSOH 'H DFXHUGR D GDWRV SURSRUFLRQDGRV SRU OD $JHQFLD 7RUUH³Q GH OD )1' HQ HO HMHUFLFLR VH FXPSOLHURQ ODV H[SHFWDWLYDV GH FRORFDFL³Q FUHGLWLFLD DO OOHJDU D ODV GLVSHUVLRQHV GH ODV FXDOHV FRUUHVSRQGHQ D OD DFWLYLGDG DJU­FROD D OD DFWLYLGDG FRPHUFLDO D OD DFWL YLGDG JDQDGHUD \ D OD DFWLYLGDG LQGXVWULDO (Q HVWH PRQWR GH RSHUDFLRQHV VH LQFOX\H HO 3URJUDPD GH )LQDQFLDPLHQWR D 3HTXH±RV 3UR GXFWRUHV GRQGH LQIRUPD TXH HQ OD LQVWLWX FL³Q HMHUFL³ GLVSHUVLRQHV SRU HO RUGHQ GH ORV PLOORQHV PLO SHVRV SUHGRPLQDQGR OD DFWLYLGDG DJU­FROD FRQ PLOORQHV GH SHVRV VHJXLGR SRU OD DFWLYLGDG JDQDGHUD FRQ PL OORQHV GH SHVRV HQ WDQWR TXH HQ DFWLYLGDG FR

PHUFLDO RWRUJ³ FU©GLWRV SRU PLO SHVRV \ HQ OD DFWLYLGDG LQGXVWULDO UHSRUW³ GLVSHUVLRQHV SRU PLO SHVRV 7RGDV HVWDV RSHUDFLRQHV VH UHDOL]DURQ D WUD Y©V GH PLQLVWUDFLRQHV FUHGLWLFLDV GLUHFWDV FRPR WDPEL©Q VH LQFOX\HQ D ORV GLVSHUVRUHV FUHDGRV SRU ODV PLVPDV RUJDQL]DFLRQHV GH SUR GXFWRUHV (QWUH ORV SUR\HFWRV UHOHYDQWHV TXH VH DWHQGLHURQ SRU SDUWH GH OD )1' HQ VX $JHQFLD 7RUUH³Q GHVWDFD OD KDELOLWDFL³Q SDUD OD VLHPEUD GHO FXOWLYR GHO DOJRGRQHUR FRQ XQ PRQWR GH DO UHGHGRU GH PLOORQHV GH SHVRV DV­ FRPR FU©GLWRV UHIDFFLRQDULRV SDUD OD PHFDQL]DFL³Q GHO FDPSR SULQFLSDOPHQWH WUDFWRUHV WDQWR HQ IRUPD GLUHFWD FRPR D WUDY©V GH ORV LQWHUPHGLD ULRV ILQDQFLHURV

(/ %220 '( /$ $*5,&8/785$ 3527(*,'$ Ù3$62 '( 02'$Ú

8 [\Z`i [\c jlYj\Zi\kXi`f [\ 8^i`Zlckl$ iX# >XeX[\i X p ;\jXiifccf IliXc \e CX CX^leX [\ ;liXe^f# Lc`j\j :XdY\ifj# \c ÈYffdÉ hl\ j\ [`f _XZ\ Xc^lefj X fj Zfe cX `ejkXcXZ` e [\ `em\ieX[\ifj kXd$ Y` e ccXdX[X X^i`ZlckliX gifk\^`[X ÈgXjf [\ df[XÉ Xc ef k\e\i \c o`kf \j$ g\iX[fj# gl\j j\ kiXk [\ gifp\Zkfj hl\ i\hl\i Xe [\ leX ]l\ik\ `em\ij` e# hl\ jl i\Zlg\iXZ` e \iX X cXi^f gcXqf p jlj [l\ fj [\Y Xe k\e\i ZfekiXkfj [\ Zf$ d\iZ`Xc`qXZ` e dlp [\]`e`[fj pX j\X \e \c d\iZX[f eXZ`feXc f [\ \ogfikXZ` e# cf hl\ \iX Zfdgc`ZX[f% ÈJfe YXjkXek\ Zfjkfjfj# g\if Zi\f hl\ ef klmf \c `dgXZkf hl\ j\ \jg\iXYX2 j`e \dYXi^f X e _Xp Xc^lefj gifp\Zkfj hl\ j \jk}e \e \j\ \jhl\dX p gi\Z`jX$ d\ek\ gfi cfj Xckfj Zfjkfj [\ \jk\ k`gf [\ gifp\Zkfj ef c\ Xii`\j^X2 [\ gfi j cX X^i`ZlckliX \j i`\j^fjX p gfi cf kXekf \c `em\ik`i YXjkXek\ ZXg`kXc \e \jf cX _XZ\ X e d}j mlce\iXYc\É# [`af% 68.$51( 81 ,038/62 $ /$ (;3257$ &, 1 < (/ (03/(2

<ogc`Z hl\ cX `ejkXcXZ` e _XZ\ gfZf d}j [\ [fj X fj [\c iXjkif JlBXie\ \e \c \a`[f ClZ\if# [\c dle`Z`g`f [\ KcX_lXc`cf# _X m\e`[f X ^\e\iXi le `dglcjf `dgfikXek\ X cX XZk`m`[X[ ^XeX[\iX i\^`feXc# X[\d}j [\ ZfeZ\ekiXi \e \jk\ X leX ^iXe ZXek`[X[ [\ \dgc\fj hl\ _Xe [X[f XiiX`^f# `e^i\jf p \jkXY`c`[X[ X dlZ_Xj ]Xd`c`Xj hl\ Xek\j [\ \jkX \dgi\jX ef k\e Xe d}j \jg\iXeqXj hl\ \d`^iXi X <jkX[fj Le`[fj f Y`\e X cXj Z`l[X[\j Z\iZXeXj% Gfi fkif cX[f# Lc`j\j :XdY\ifj \ogfe\ hl\ cX fg\iXZ` e [\ \jk\ d\^XiXjkif K`gf @ejg\ZZ` e =\[\iXc# _XjkX X_fiX \c d}j ^iXe[\ [\ 8d i`ZX CXk`eX# \j le i\]\i\e$ k\ gXiX [Xic\ kiXej]fidXZ` e gi`dXi`X# [fe[\ j\ [\aX [\ \ogfikXi Y\Z\iifj \e g`\ gXiX X_fiX \em`Xi ZXie\ pX \e Zfik\j Zfe \c mXcfi X^i\^X[f hl\ `dgc`ZX%

_Xkf# d}j cX gifg`\[X[ j\^l`i} j`\e[f [\c ^fY`\ief# kf[X m\q hl\ cfj Y\e\]`Z`Xi`fj I\Zfi[ hl\ gfi dlZ_f k`\dgf \e CX CX$ gf[i}e Zfej`[\iXi Zfdf ^XeXeZ`X Xhl\ccf ^leX# cfj ^fY`\iefj Xek\i`fi\j `dgc\d\e$ hl\ i\jlck\ [\ jlj [\i`mX[fj# Zfdf jfe cfj kXYXe gfc k`ZXj hl\ fY\[\Z Xe d}j X `ek\$ gifg`fj Y\Z\iifj p cX cXeX hl\ gif[lqZXe# i\j\j Zc`\ek\cXi\j hl\ X gifZliXi \c d}j ef [\c Y`\e gi`eZ`gXc% [\jXiifccf [\ cfj gif[lZkfi\j# [\ X_ hl\ 35,1&,3$/(6 dlZ_fj [\ \jkfj j\ Zfem`ik`\ife Xc gfZf $/*2'21(52 < )255$-(6 &8/7,926 $&7,9,'$'(6 k`\dgf \e È\c\]Xek\j YcXeZfjÉ [fe[\ j\ 5(&725(6 (1 /$ /$*81$ (/ $*52 /$*81(52 &21 327(1&,$/ $32<$'$6 `em`ik`\ife d`ccfe\j [\ g\jfj# ef Zld$ <ogc`ZX hl\ cfj Zlck`mfj [\ Xc^f[ e p ]f$ <e jl g\ijg\Zk`mX X cfj j`^l`\ek\j Z`eZf gc`\ife Zfe \c fYa\k`mf p ef ^\e\iXife le iiXa\j j`^l\e k\e`\e[f le gi\[fd`e`f \e X fj# :XdY\ifj >lk` ii\q dXe`]\jk hl\ j cf \dgc\f \e \c ZXdgf% P Z`k \eki\ cX X^i`ZlckliX i\^`feXc# pX hl\ jXcmf cfj _Xp gc\eX Zfe]`XeqX [\ hl\ CX CX^leX j\$ fkifj X cX GcXekX LckiXgXjk\li`qX[fiX [\ gifYc\dXj hl\ j\ _Xe m\e`[f gi\j\ekXe[f ^l`i} XmXeqXe[f Zfe i\jlckX[fj \o`kfjfj \e CX >fdX# \e C\i[f2 Xc IXjkif [\ :XYi`kfj \e cfj ck`dfj X fj Zfe cXj gcX^Xj# Zfdf VH DSOLFDURQ D OD jlj [`m\ijXj XZk`m`[X[\j X^ifg\ZlXi`Xj [\ \e CX Kfii\ X [fe[\ ef _lYf le j cf jX$ ]l\ \c ZXjf [\c glc^ e XdXi`ccf \e cfj jfi$ cX hl\ _X [\dfjkiX[f jl c`[\iXq^f eXZ`f$ JDQDGHU­D Zi`]`Z`f p \e KcX_lXc`cf leX df[\ieX \d$ ^fj ]fiiXa\ifj# \jk\ j`^l\ k\e`\e[f leX eXc# cf d`jdf \e cX ^XeX[\i X c\Z_\iX# cX gXZX[fiX [\ d\c e hl\ ef XZXY Zfe \c XckX [\dXe[X [\ j`\dYiX kf[X m\q hl\ jl gif[lZZ` e [\ ZXie\# jl `e[ljki`X Xm ZfcX `ek\id\[`Xi`jdf Zfdf \iX jl fYa\k`mf% Zfd\iZ`Xc`qXZ` e \jk} d}j hl\ ^XiXek`qX$ p X^i ZfcX# gfi cf hl\ \c \jZ\eXi`f \j k\e\i <e \jk\ dXiZf# XeleZ` hl\ j\ \jk} [`$ [X \e cfj \jkXYcfj Xc j\i cX Xc`d\ekXZ` e le j\Zkfi X e d}j j c`[f% j\ Xe[f le gcXe \e \c hl\ Xhl\ccfj gif$ Y}j`ZX [\c ^XeX[f c\Z_\if% ÈJ` kf[fj efj [\[`ZXdfj X kiXYXaXi p _X$ Gfi fkif cX[f# Lc`j\j :XdY\ifj >lk` $ Z\i cf hl\ efj Zfii\jgfe[\# gf[\dfj j\$ p\Zkfj \jkiXk ^`Zfj gifgl\jkfj gfi cfj ^l`i XmXeqXe[f p \e \jX c e\X \c ^fY\ieX$ gif[lZkfi\j# k\e^Xe ef j cf \c XZfdgX X$ ii\q jfjk`\e\ hl\ cX j`\dYiX [\ Xc^f[ e [fi Afj IfjXj 8`jglif \jk} gi\fZlgX[f p d`\ekf p m`^`cXeZ`X [\c ^fY`\ief# j`ef hl\ _X Zi\Z`[f# Xc gXjXi [\ ) d`c _\Zk}i\Xj hl\ SDUD DWHQGHU gifg`Z`\e cX Zfii\jgfejXY`c`[X[ p \c Zl`$ j\ j\dYiXYXe \e \c )'(+ X * d`c hl\ j\ VROLFLWXGHV HQ fZlgX[f \e YljZXi cfj d\afi\j \jhl\dXj \jkXYc\Z`\ife \e \c Z`Zcf X^i ZfcX )'(.# gXiX Xgifm\Z_Xi Xc d}o`df cfj i\Zlijfj [X[f [\c d`jdf% SURJUDPD hl\ j\ fi`\ek\e Xc j\Zkfi X^ifg\ZlXi`f# Xc :fdf \a\dgcf Z`k hl\ \e le gifp\Z$ gfi cf hl\ j\i} X \jkfj [fj Zlck`mfj# X[\$ KLGURDJU­FROD kf [\ ^XeX[f fm`ef d\[`Xek\ cX ZfdgiX d}j [\ cfj g\i\ee\j Zfdf cX Xc]Xc]X p \c j\i \jk\ lef [\ cfj d}j `dgfikXek\j ^\e\$ [\ j\d\ekXc\j p _\dYiXj# X cfj `ek\i\jX$ ef^Xc X cfj hl\ j\ c\j j\^l`i} XgfjkXe[f iX[fi\j [\ \dgc\f \ `e^i\jf p hl\ [X \jkX$ [fj j\ c\j _Xi} \eki\^X \e ljl]ilZkf \j\ \e cfj j`^l`\ek\j X fj% Y`c`[X[ \e \c d\[`f iliXcÉ%

352<(&726 (675$7 *,&26 &21 &2 55(63216$%,/,'$'

PGS

PGS

25

0 /$*81$ Þ )(%5(52

5(3257$-(

(/ 3/$1 '(67,1$5 $/ 58%52 0,//21(6 5(3$57,'26 (1 /$6 &,1&2 5(*,21(6 '( &2$+8,/$

:

fdf gXik\ [\ jlj Zfdgifd`jfj [\ ZXdgXÂ&#x152;X \c ^fY\ieX[fi D`$ ^l\c Ă?e^\c I`hl\cd\ JfcÂ&#x2C6;j Ylj$ ZX i\jgfe[\i X leX \o`^\eZ`X [\ cfj gif[lZkfi\j [\c ZXdgf# jfYi\ kf[f [\c j\Zkfi jfZ`Xc# Xc \a\iZ\i le gi\jlgl\jkf d}j \hl`c`YiX[f \eki\ cXj i\^`fe\j [\ cX \ek`[X[# _XZ`\e[f Â&#x201E;e]Xj`j \e Xk\e[\i Xhl\ccXj qfeXj d\efj ]Xmfi\Z`[Xj p hl\ k`\e\e dlZ_f hl\ XgfikXi Xc j\Zkfi X^if$ g\ZlXi`f [\ :fX_l`cX% <c j\Zi\kXi`f [\ ;\jXiifccf IliXc [\c >fY`\ief [\ :fX_l`cX# AfjÂ&#x201E; Cl`j =cfi\j DÂ&#x201E;e[\q# jfjk`\e\ hl\ \j [\ m`kXc `dgfi$ kXeZ`X \jZlZ_Xi cXj mfZ\j p gcXek\Xd`\e$ kfj hl\ j\ i\ZXYXe X kiXmÂ&#x201E;j [\ cfj =fifj [\ :fejlckX :`l[X[XeX hl\ j\ [\jXiifccXe \e kf[Xj cXj i\^`fe\j# Zfe \c ]`e [\ `ek\^iXi \c GcXe <jkXkXc [\ ;\jXiifccf )'(.$)')*# \e \c hl\ j\ gcXjd\ X kiXmÂ&#x201E;j [\ cX d`jdX jf$ Z`\[X[# cX gifYc\d}k`ZX hl\ m`m\e [\k\i$ d`eX[fj j\Zkfi\j# g\if X[\d}j cXj gif$ gl\jkXj [\ jfclZ`Â?e# XZklXe[f \e ]fidX `eZclp\ek\ p Zfii\jgfejXYc\% <e \j\ Zfek\okf \ogc`ZÂ? hl\ \e ZXc`[X[ [\ gifgl\jkX# cfj \a\j i\Zkfi\j [\c ^fY`\ief [\ :fX_l`cX gXiX \c j\Zkfi X^ifg\ZlXi`f X gXik`i [\ \jk\ j\o\e`f jfe1 @ek\^i`[X[ p 9l\e >fY`\ief2 J\^li`[X[# Aljk`Z`X p <jkX$ [f [\ ;\i\Z_f2 ;\jXiifccf <ZfeÂ?d`Zf Jlj$ k\ekXYc\# hl\ \jk} `ejZi`kf \e \c GcXe [\ ;\$ jXiifccf IliXc Jljk\ekXYc\2 XjÂ&#x2C6; Zfdf \c ;\jXiifccf JfZ`Xc `eZclp\ek\ p gXik`Z`gXk`mf% :fdf jfgfik\ `dgfikXek\ gXiX \c [\j$ gc`\^l\ [\ \jkXj XZZ`fe\j# d\eZ`feÂ? hl\ \c ^fY`\ief `e`Z`Â? Zfe le gi\jlgl\jkf _\$ i\[X[f [\ ),' d`ccfe\j [\ g\jfj p Zfe cXj ^\jk`fe\j hl\ XZklXcd\ek\ \a\iZ\ I`hl\c$ d\ JfcÂ&#x2C6;j Xek\ cXj [`m\ijXj `ejkXeZ`Xj [\c ^XY`e\k\ ]\[\iXc [\j[\ cX gifg`X JX^XigX# \jk\ gf[iÂ&#x2C6;X \c\mXij\ X *,' d`ccfe\j# \j [\$ Z`i# le +' gfi Z`\ekf d}j# j`e ZfekXi Zfe cXj XgfikXZ`fe\j [\ cXj [\g\e[\eZ`Xj hl\ ]fidXe gXik\ [\c :fej\af <jkXkXc [\ ;\jX$ iifccf IliXc Jljk\ekXYc\%

(48,/,%5,2 (175( 5(*,21(6

I\jg\Zkf X hlÂ&#x201E; kXekX `dgfikXeZ`X j\ c\ [Xi} X CX CX^leX \e cX [`jki`YlZ`Â?e p Xgc`$ ZXZ`Â?e [\c gi\jlgl\jkf# =cfi\j DÂ&#x201E;e[\q \ogljf hl\ kXekf \jkX i\^`Â?e Zfdf cX qfeX [\c Jli\jk\ [\c \jkX[f [\ :fX_l`cX# jfe Zfej`[\iX[Xj \e XZZ`fe\j p fYiXj [\ [\jX$ iifccf iliXc \e ]leZ`Â?e [\ cX ZXgXZ`[X[ fi$ ^Xe`qXk`mX hl\ dl\jki\e \ `eZcljf i\]`i`Â? hl\ \e \c ZXjf [\ XdYXj i\^`fe\j# j\ XmXe$ qX Zfe le [\jXiifccf `ek\^iXc% J`e \dYXi^f# jfjklmf hl\ cX gfcÂ&#x2C6;k`ZX [\c ^fY\ieX[fi [\ :fX_l`cX \j XgfpXi Zfe i\$ Zlijfj X[`Z`feXc\j X cXj i\^`fe\j :\ekif# J\d`[\j`\ikf p X cX :XiYfeÂ&#x2C6;]\iX# X ]`e [\ hl\ \dgi\e[Xe le [\jXiifccf \hl`c`YiX[f \eki\ kf[Xj cXj i\^`fe\j [\c \jkX[f%

3/$1 (67$7$/ '( '(6$552//2 *RELHUQR GH 0LJXHO Â QJHO 5LTXHOPH EXVFD HTXLOLEUDU OD EDODQ]D GHO GHVDUUROOR DJURSHFXDULR

G\j\ X \jkf# i\]`i`Â? hl\ cX J\Zi\kXiÂ&#x2C6;X [\ ;\jXiifccf IliXc j\ dXek\e[i} Xk\ekX \e \c i\jgXc[f [\ cXj XZk`m`[X[\j hl\ gl\[Xe Zfeki`Yl`i X dXek\e\i cX gif[lZk`m`[X[ [\ cX :fdXiZX CX^le\iX# Zfdf \j cX Xg\ikliX k\dgiXeX [\ cXj m\ekXe`ccXj p ^\jk`Â?e Xek\ JX^XigX$8j\iZX gXiX cX ZfdgiX [\ ZfY\i$ kliXj \e \c Xc^f[Â?e2 cf d`jdf \e \c ]fd\e$ kf p ]fikXc\Z`d`\ekf [\ cX gif[lZZ`Â?e d`j$ dX [\c Xc^f[Â?e Zfdf d\cÂ?e2 [\jXiifccf \e cX Zfem\ij`Â?e [\ ]fiiXa\j# [\ Xc]Xc]X p jfi^f ]fiiXa\if% 8[\d}j j\ XgfpXi} \c ]fikXc\Z`d`\ekf X cX ^XeX[\iÂ&#x2C6;X ZXgi`eX [\ ZXie\ p c\Z_\# XjÂ&#x2C6; Zfdf leX dXpfi fi^Xe`qXZ`Â?e [\ cfj gif[lZkfi\j Xc `dgc\d\ekXi ZXdgXÂ&#x152;Xj qffjXe`kXi`Xj [\ klY\iZlcfj`j p YilZ\cfj`j \e ^XeX[f Yfm`ef# ZXgi`ef p fm`ef% ;\ `^lXc ]fidX j\ `dglcjXi}e ZXdgXÂ&#x152;Xj ]`kf$ jXe`kXi`Xj gXiX \c ZfdYXk\ [\ gcX^Xj p \e$ ]\id\[X[\j gXiX XcZXeqXi cX Z\ik`]`ZXZ`Â?e gXiX cX gif[lZZ`Â?e p lk`c`qXZ`Â?e [\ cX c\$ Z_\ [\ ZXYiX# hl\ \j leX gi`fi`[X[% 8c Zfej`[\iXi \c X^lX le i\Zlijf hl\ j\ [\Y\ [\ Zl`[Xi \e CX CX^leX# =cfi\j DÂ&#x201E;e$ [\q i\]`i`Â? hl\ leX [\ cXj `ejkilZZ`fe\j hl\ _X i\Z`Y`[f [\c ^fY\ieX[fi \j \c ^\j$ k`feXi Xek\ cX :fd`j`Â?e EXZ`feXc [\c 8^lX cX i\^lcXi`qXZ`Â?e [\ g\id`jfj p ZfeZ\j`f$

0 /$*81$ Ă&#x17E; )(%5(52

26

e\j [\ gfqfj gXiX leX lk`c`qXZ`Â?e d}j \]`$ ZXq [\c i\Zlijf _Â&#x2C6;[i`Zf% <e cX g\ijg\Zk`mX X Zfikf gcXqf# \c j\Zi\$ kXi`f [\ ;\jXiifccf IliXc \e \c <jkX[f X[\$ cXekÂ? hl\ Xjg`iXe X ZfekXi \e Yi\m\ Zfe le :\ekif [\ :XgXZ`kXZ`Â?e p :\ik`]`ZXZ`Â?e gXiX gif[lZkfi\j X^iÂ&#x2C6;ZfcXj p ^XeX[\ifj# XjÂ&#x2C6; Zfdf \c gf[\i ]fikXc\Z\i X cXj :\ekiX$ c\j [\ DXhl`eXi`X \e ZX[X leX [\ cXj Z`eZf i\^`fe\j [\ cX \ek`[X[% =cfi\j DÂ&#x201E;e[\q ZfeZclpÂ? hl\ Xj`d`jdf j\ gi\k\e[\ [Xi mXcfi X cX ZX[\eX gif[lZ$ k`mX [\c d\cÂ?e Xc j\i \jk\ le fi^lccf \jkXkXc [fe[\ j\ _X XcZXeqX[f \c gi`d\i cl^Xi \e jl gif[lZZ`Â?e eXZ`feXc2 cf d`jdf hl\ `d$ glcjXi leX ZXdgXÂ&#x152;X gXiX `eZi\d\ekXi \c _Xkf ^XeX[\if \e Yfm`efj p ZXgi`efj# X ]`e [\ gi`m`c\^`Xi \c d\afiXd`\ekf ^\eÂ&#x201E;k`Zf pX j\X Zfe dfekX [`i\ZkX# `ej\d`eXZ`Â?e Xik`$ ]`Z`Xc f kiXjgcXek\ [\ \dYi`fe\j% <e \jk\ Zfealekf [\ gifgl\jkXj p gif$ p\Zkfj ^lY\ieXd\ekXc\j# =cfi\j DÂ&#x201E;e[\q i\`k\iÂ? hl\ dlZ_f [\c Â&#x201E;o`kf hl\ j\ XcZXeZ\ [\g\e[\i} [\ cX ]leZ`Â?e fi^Xe`qXk`mX [\ cfj gifg`fj gif[lZkfi\j cfZXc\j# X ]`e [\ hl\ ef j\Xe jÂ?cf \jg\ZkX[fi\j [\ jl gif$ Yc\d}k`ZX# j`ef XZkfi\j [\ jl gifg`X jfcl$ Z`Â?e X ]`e [\ k\e\i le ZXdgf ZfX_l`c\ej\ ifYljkf p Zfdg\k`k`mf%

(175(9,67$

)DOWD PXFKR SRU KDFHU HQ HO

JRELHUQR GH OD DOWHUQDQFLD /RUHQ]R 0DUW­QH] 'HOJDGLOOR 3UHVLGHQWH (VWDWDO GHO 3$1 HQ 'XUDQJR 325 6,/9,$ $<$/$ )2726 6,/9,$ $<$/$

<c cÂ&#x2C6;[\i gXe`jkX X[d`k\ hl\ _Xe hl\[X[f Zfikfj Xek\ cX Z`l[X[XeÂ&#x2C6;X hl\ \o`^\ i\jlckX[fj i}g`[fj% <e ZlXekf Xc k\dX [\ cfj gfcÂ&#x2C6;k`Zfj Z_Xglc`e\j# X]`idX hl\ ]XckXe X jlj Zfem`ZZ`fe\j# gi`eZ`g`fj p mXcfi\j# Ă&#x2C6;\jkf _XYcX [\ [\jc\XckX[ p \j cXd\ekXYc\ hl\ fZliiXe \jXj j`klXZ`fe\jĂ&#x2030;

C

fi\eqf DXikÂ&#x2C6;e\q ;\c^X[`ccf gif$ m`\e\ [\c dle`Z`g`f [\ JXe AlXe [\ >lX[Xclg\# \e cX qfeX [\c j\$ d`[\j`\ikf [\ ;liXe^f# cfZXc`$ [X[ \e cX hl\ \jkl[`Â? _XjkX \c e`m\c d\$ [`f jlg\i`fi# gXiX cl\^f \d`^iXi X cX Z`l[X[ [\ DÂ&#x201E;o`Zf p i\Xc`qXi jl ZXii\iX gif]\j`feXc \e ;\i\Z_f% :fd\eqÂ? jl ZX$ ii\iX gfcÂ&#x2C6;k`ZX Zfdf gi\j`[\ek\ dle`Z`$ gXc [\ jl gl\Ycf eXkXc# gXiX cl\^f j\i [`$ glkX[f cfZXc# ZXe[`[Xkf X [`glkX[f ]\[\iXc p _fp# gi\j`[\ek\ <jkXkXc [\c GXi$ k`[f 8ZZ`Â?e EXZ`feXc% <eki\ jlj gifgÂ?j`kfj gfcÂ&#x2C6;k`Zfj i\Zfef$ Z\ hl\ Xc jXc`i [\ jl gl\Ycf# j\ ]l\ Zfe cX `[\X [\ le [Â&#x2C6;X i\^i\jXi X _XZ\i gfcÂ&#x2C6;k`ZX%

6REUH VXV KRPEURV UHFDH OD UHVSRQVDEL OLGDG GH TXH VH UHSLWD OR TXH RFXUULÂł HQ FUHH TXH VH SXHGD ORJUDU GDGR TXH HQ ODV EROHWDV \D QR WLHQHQ D XQ $LVSXUR

Ef _Xp hl\ fcm`[Xi hl\ \e )'(-# _lYf Xc d\efj leX [\Z\eX [\ ]XZkfi\j hl\ j\ i\$ jld`\ife \e leX ZXe[`[XkliX [\c [fZkfi 8`jglif# hl\ gl[f cc\^Xi X cX lieX \e kÂ&#x201E;i$ d`efj dlp Zfdg\k`k`mfj# \e leX j`klXZ`Â?e Xjg`iXZ`feXc [\ cX jfZ`\[X[ [liXe^l\ej\ hl\ m\eÂ&#x2C6;X Zfe Z`\ikf _XikXq^f p hl\ j\ Ylj$ ZXYX leX Xck\ieXeZ`X# \jf ef cf [\Y\dfj g\i[\i [\ m`jkX2 leX j\i`\ [\ Xc`XeqXj p [\ XZkfi\j gfcÂ&#x2C6;k`Zfj hl\ _XYÂ&#x2C6;Xe j`[f [\jgcXqX$ [fj# [\Z`j`fe\j [\c gXik`[f [\ \e]i\ek\ \hl`mfZX[Xj p cfj \iifi\j [\c ^fY`\ief# leX jldXkfi`X [\ fkifj gXik`[fj hl\ efj [`\ife cX gfj`Y`c`[X[ [\ j\i Zfdg\k`k`mfj Zfe XZ$ kfi\j gifm\e`\ek\j [\ fkiXj ]l\iqXj gfcÂ&#x2C6;k`$ ZXj# cf^iXe[f XcZXeqXi \c ki`le]f% G\if X_f$ iX# k\e\dfj fkiX j\i`\ [\ ]XZkfi\j hl\ efj \jk}e _XZ`\e[f dlp Zfdg\k`k`mfj p k\e\$ dfj gc\eX ZfeZ`\eZ`X [\ cX i\jgfejXY`c`$ [X[ p [Xi \jfj i\jlckX[fj# k\e\dfj le ZXe$ [`[Xkf hl\ mX Zi\Z`\e[f p \c *( [\ dXiqf j\ [Xi} X ZfefZ\i \c gcXe [\ ^fY`\ief hl\ kiX\dfj% <j leX i\jgfejXY`c`[X[ XckX# j`e [l[X cf mXdfj X cf^iXi# ef \jk} 8`jglif \e cX Yfc\kX# g\if \jk} jl i\jlckX[f# jl \jk`cf [\ ^fY\ieXi# ZXiXZk\iÂ&#x2C6;jk`ZXj hl\ cX ^\ek\ gl\[\ mXcfiXi p [Xiefj f ef \c Y\e\]`Z`f X cX _fiX [\ [\gfj`kXi \c mfkf \e cX lieX%

gfi Z`\ekf gfi c`d`kXZ`Â?e gi\jlgl\jkXc f _ldXef% CXj kiXej`Z`fe\j jfe [`]Â&#x2C6;Z`c\j p gXljX[Xj# \c ZXdY`f \e cX d\ekXc`[X[ [\ cXj g\ijfeXj ef \j ]}Z`c# j\ XiiXjkiXe m`\$ aXj gi}Zk`ZXj hl\ ef [\aXe XmXeqXi dl$ Z_f f Zfdf lef hl`j`\iX%

&XDQGR HUDQ RSRVLFL³Q VX FU­WLFD HUD GXUD IXHUWH SHUPDQHQWH HQ OD DFWXDOL GDG QR ORV YHPRV WDQ WDMDQWHV SRUTXŠ SRU TXH VH YROYLHURQ HO SDUWLGR RILFLDO R SRUTXH QR KD\ QDGD TXŠ FULWLFDU

Pf Zi\f hl\ cX XlkfZiÂ&#x2C6;k`ZX _Xp hl\ _X$ Z\icf _XZ`X X[\ekif# \j Zfdf \e leX ZXjX# ef c\ mXj X [\Z`i X kl _\idXef f kl _`af# \e cX ZXcc\ f \e `^c\j`X# cfj \iifi\j hl\ \jk} Zfd\k`\e[f hl`q} c\ [Xj le \jk`iÂ?e [\ fi\aX# g\if kiXkXi}j \e cX ZXjX ccXdXi Xc fi[\e p _XZ\i cX XlkfZiÂ&#x2C6;k`ZX f _XZ\i Zf$ ii\ZZ`fe\j# cX ifgX jlZ`X j\ cXmX \e ZXjX p \e \c XZklXi [\c ^fY`\ief cX i\jgfejXY`c`$ [X[ \j d}j XckX# ef j`^e`]`ZX hl\ ef k\e$ ^Xdfj \jX XlkfZiÂ&#x2C6;k`ZX# j`ef hl\ j\ [\Y\ _XZ\i \e \c cl^Xi [fe[\ j\ [\Y\ _XZ\i# _X$ ZÂ&#x2C6;X X[\ekif [\ cX `ejk`klZ`Â?e% 6H KD KHFKR HVH GLÂĄORJR FRQ HO JREHUQDGRU

Gfi jlgl\jkf# j\ _X m\e`[f _XZ`\e[f X cf cXi^f [\ \jk\ k`\dgf# fYm`Xd\ek\ \e gfcÂ&#x2C6;k`ZX j`\dgi\ fZlii\ leX j`klXZ`Â?e [\ Xjg`iXZ`fe\j [fe[\ ef j\ XcZXeqX le Z`\e

0 /$*81$ Ă&#x17E; )(%5(52

28

(V XQD UHVSRQ VDELOLGDG DOWD VLQ GXGD OR YD PRV D ORJUDU QR HVWÂĄ $LVSXUR HQ OD EROHWD SHUR HVWÂĄ VX UHVXOWD GR VX HVWLOR GH JREHUQDUĂ&#x161;

4XŠ SLHQVD GH ORV SRO­WLFRV Ă&#x2122;FKDSXOLQHVĂ&#x161;

D\ gXi\Z\ hl\ ]XckXe X jlj Zfem`ZZ`f$ e\j# gi`eZ`g`fj# mXcfi\j p X cXj `ejk`klZ`f$ e\j hl\ c\j [`\ife jl Zfe]`XeqX# _Xe hl\$ i`[f \jkXi \e cXj Yl\eXj# g\if ef \e cXj i\^lcXi\j p dlZ_f d\efj \e cXj dXcXj% <jkf _XYcX [\ [\jc\XckX[ p \j cXd\ekXYc\ hl\ fZliiXe \jXj j`klXZ`fe\j% 3DUD HVWH SURFHVR MXVWDPHQWH KD\ PX FKRV SDQLVWDV TXH TXLHUHQ UHSHWLU EXV FDU OD UHHOHFFLÂłQ HVWÂĄ ELHQ"

@ej`jkf# ZlXe[f j\ _Xe gi\j\ekX[f Yl\eXj Zl\ekXj# cX i\\c\ZZ`Â?e \j le gi\$ d`f X le Yl\e kiXYXaf p \e leX jfZ`\[X[ Zfdf cX el\jkiX# g\idXe\ek\d\ek\ i\$ \c\^`dfj [\j[\ le gif[lZkf hl\ Zfd$

(175(9,67$ giXdfj# ef k\e[iÂ&#x2C6;X hl\ j\i [`]\i\ek\ \e cX gfcÂ&#x2C6;k`ZX% ?fp cX jfZ`\[X[ \jk} `e]fidX$ [X p Zi\\dfj hl\ cX ^\ek\ \jk} \e gfj`Y`$ c`[X[ [\ XeXc`qXi p [Xi cX fgfikle`[X[ [\ i\\c\^`ij\ X hl`\e cf d\i\qZX% (O FDQGLGDWR SUHVLGHQFLDO GHO 3$1 KD VLGR VHÂąDODGR FRQWLQXDPHQWH SRU DFWRV GH FRUUXSFLÂłQ HQULTXHFLPLHQWR \ PÂĄV HVR OH DIHFWDUÂĄ HQ OD HOHFFLÂłQ"

Efjfkifj _\dfj g\ejX[f kf[f \c k`\d$ gf# hl`\e\j \e \jkX ^\e\iXZ`Â?e efj ]fidX$ dfj X kiXmÂ&#x201E;j [\ hl\ m`m`dfj \e leX jfZ`\$ [X[ Zfe \jkX[f [\ ;\i\Z_f# hl\ j\ k`\e\ hl\ Xgc`ZXi cX c\p p hl\ hl`\e Zfd\kX le XZkf [\ ZfiilgZ`Â?e ef hl\[\ `dgle\# mXpX X cX Z}iZ\c# hl\ j\ _X^X cf hl\ j\ k\e$ ^X hl\ _XZ\i% <e k`\dgfj \c\ZkfiXc\j j`\dgi\ XgXi\Z\e cXj ZXdgXÂ&#x152;Xj e\^iXj# cX [\efjkXZ`Â?e f [\jZXc`]`ZXZ`Â?e [\ kXc jl\i$ k\ hl\ cX jfZ`\[X[ gl\[\ Zfe]le[`ij\ jf$ Yi\ hlÂ&#x201E; \j Z`\ikf f ef# hlÂ&#x201E; \j leX ZXdgX$ Â&#x152;X e\^iX gXiX [\efjkXi# g\if efjfkifj Zi\\dfj \e \c <jkX[f [\ ;\i\Z_f XÂ&#x2019;e ZlXe[f \e DÂ&#x201E;o`Zf ef \jk} ]l\ik\% J` \e \j\ j\ek`[f j\ `em\jk`^X p j\ ZfeZclp\ hl\ _Xp Zfd`j`Â?e [\ le [\c`kf# hl\ j\ Xgc`hl\ cX c\p% <e \c ZXjf [\ el\jkif ZXe[`[Xkf# \j leX ZXdgXÂ&#x152;X [\ [\jgi\jk`^`f gfihl\ mX Zi\Z`\e[f# [\ jl\ik\ hl\ \jk} `ejZi`kX \e \jk\ Zfek\okf [\ ZXdgXÂ&#x152;Xj gfcÂ&#x2C6;k`ZXj p \e kf[f ZXjf p X i\j\imX hl\ gl\[Xe Zfdgif$ YXi Xc^f# gl\j hl\ j\ Xgc`hl\ cX c\p% 4XŠ SLHQVD GH ODV FDQGLGDWXUDV LQGH SHQGLHQWHV"

<e le gifZ\jf [\ dX[liXZ`Â?e [\c [\$ jXiifccf [\dfZi}k`Zf [\c gXÂ&#x2C6;j# m`\e\e X fo`^\eXi cX m`[X gÂ&#x2019;Yc`ZX p cX Zfdg\k\eZ`X# d` ^\e\iXZ`Â?e \jkXYX }m`[X [\ hl\ j\ XYi`\iXe cfj \jgXZ`fj X cX Zfdg\k\eZ`X# g\if kXdY`Â&#x201E;e efj _\dfj \eZfekiX[f hl\ dlZ_fj [\ \ccfj m`\e\e [\ fkifj gXik`[fj gfcÂ&#x2C6;k`Zfj Zfe dXcXj gi}Zk`ZXj p Zfe leX XdY`Z`Â?e [\c gf[\i gfi \c gf[\i# \jf ef \j jXef# hl`j`Â&#x201E;iXdfj ZXe[`[Xkfj XlkÂ&#x201E;ek`$ ZXd\ek\ ZXgXZ`kX[fj gXiX cX ]leZ`Â?e [\ ^fY`\ief p gfi \jf# ef j`\dgi\ _Xe i\jlc$ kX[f Zfdf leX Yl\eX fgZ`Â?e# gfihl\ Xc$ ^lefj _Xe hl\i`[f Zfem\ik`ij\ \e ZXl[`$ ccfj j`e XgfpXij\ \e cXj `ejk`klZ`fe\j2 _Xe j`[f ^fY`\iefj hl\ _Xe ]iXZXjX[f f hl\ efj c\j _X `[f dlp Y`\e% &RPR SDUWLGR HVWÂĄQ VDWLVIHFKRV FRQ HO WUDEDMR TXH KD KHFKR HO JRELHUQR R TXŠ KD IDOWDGR"

<jkXdfj jXk`j]\Z_fj \e kÂ&#x201E;id`efj [\ hl\ mXdfj XmXeqXe[f p [\ hl\ k\e\dfj le ^fY`\ief [\ Xck\ieXeZ`X [\jglÂ&#x201E;j [\ d}j [\ /' XÂ&#x152;fj [\ ^fY`\iefj [\ le d`j$ df Zfcfi# _Xp i\qX^fj# _Xp [Â&#x201E;]`Z`k \e dl$ Z_Xj }i\Xj f [\]`Z`\eZ`Xj# g\if mXdfj XmXeqXe[f% J`e \dYXi^f \jkXdfj `ejXk`j$ ]\Z_fj gfihl\ ]XckX dlZ_f gfi _XZ\i# gfi ZXd`eXi# gfi Zfejkil`i \ `ejkXliXi el\mXj ZfjXj p gfi# X cf d\afi# `emfclZiXi X cfj j\im`[fi\j gÂ&#x2019;Yc`Zfj \e leX el\mX dÂ&#x2C6;jk`ZX [\ j\im`Z`f# gfihl\ dlZ_fj \jk}e hl\$

'H QLÂąR YHQG­ SDOHWDV \ GHVGH PL FDUULWR YH­D D ORV SRO­WLFRV HQ OD SOD]D GH PL SXHEOR \ SHQVŠ TXH XQ G­D \R HVWDU­D DK­Ă&#x161; [Xe[f dlp Zfikfj# ZlXe[f _fp cX \o`^\e$ Z`X [\ cX Z`l[X[XeÂ&#x2C6;X \j [Xd\ i\jlckX[fj gifekf gfihl\ gXiX \jf k\ gX^f# hl`q} \e \jf efj _\dfj hl\[X[f Zfikfj# g\if X]fi$ kleX[Xd\ek\ \jk\ ^fY`\ief Xg\eXj cc\mX XÂ&#x152;f p d\[`f gfi cf hl\ kf[XmÂ&#x2C6;X k\e\dfj k`\dgf p cf _XYi\dfj [\ cf^iXi j\^liX$ d\ek\% /D /DJXQD KD VLGR VLHPSUH XQ EDVWLÂłQ IXHUWH SDUD HO 35, TXŠ OH KD IDOWDGR DO 3$1 SDUD FDPELDU HVR R TXŠ SLHQVDQ KD FHU SDUD HVWH SURFHVR"

?X ]XckX[f dXpfi `e[\g\e[\eZ`X [\ el\jkifj c`[\iXq^fj \e cX :fdXiZX# d}j \jkXkliX dfiXc# gfcÂ&#x2C6;k`ZX# XjÂ&#x2C6; Zfdf [\ `i X leX jfZ`\[X[ ^fd\qgXcXk`eX f [\ C\i[f p _XYcXic\j [\ ]i\ek\# j`e k\dfi\j# j`e if$ [\fj# c\ _Xe k\e`[f d`\[f X \jfj ^fY`\i$ efj [\ Zfik\ [\c Gfi]`i`Xkf p j\ _Xe [\aX[f gfi leX gXik\ j\[lZ`i f Xd\[i\ekXi# efj ]XckX d}j ]fidXZ`Â?e# Zfem`ZZ`Â?e p leX Z`l[X[XeÂ&#x2C6;X hl\ efj Xpl[\ kXdY`Â&#x201E;e% 8[\$ d}j [\ hl\ efjfkifj ef gfe\dfj c`[\iXq$ ^fj gXiX [\jX]`Xi \jXj ZfjXj% Pf \jkfp j\$ ^lif hl\ X_fi`kX \jk}e [X[Xj cXj Zfe[`Z`fe\j gXiX _XZ\icf# Zfej`[\iXe[f

29

cf hl\ fZlii`Â? Zfe cX ZXiXmXeX [\ cfj Z_`$ _lX_l\ej\j# hl\ \jk} d}j i\jl\ckX X XmXe$ qXi p [\jg\ikXi X leX [\dfZiXZ`X hl\ efj g\id`kX leX Xck\ieXeZ`X \e \jX i\^`Â?e p \jkfp j\^lif hl\ gf[\dfj Xjg`iXi \e le Zfikf gcXqf X Zi\Z\i Zfdf ]l\iqX gfcÂ&#x2C6;k`ZX% &ÂłPR YH D ORV SRO­WLFRV TXH FDPELDQ GH SDUWLGR SRUTXH QR ORJUDQ Ă&#x2122;KXHVRĂ&#x161;"

Dlp cXd\ekXYc\# Zi\f hl\ \jfj gfcÂ&#x2C6;k`$ Zfj hl\ jfcXd\ek\ m`m\e [\ cX ZfplekliX [\c XhlÂ&#x2C6; p X_fiX f [\c \jgXZ`f hl\ d\ [Xj# j`ef d\ mfp# jfe [\jc\Xc\j X jlj gi`eZ`g`fj p mXcfi\j% Fkifj hl\ cc\^Xe _XZ\ gfZf p j\ \jk}e p\e[f# gfi \a\dgcf le AXm`\i Cf$ qXef f cX j\eX[fiX :l\mXj# hl\ k`\e\e gfZf \e \c G8E p hl\ hl\iÂ&#x2C6;Xe leX gfj`$ Z`Â?e d\afi p Xc ef i\Z`Y`icX# \e \j\ df$ d\ekf [\Z`[\e `ij\ Zfe cX Zfdg\k\eZ`X# k\ii`Yc\d\ek\ [\jc\Xc cf hl\ j`^e`]`ZX hl\ jfe Ă&#x2C6;Z_XdY`jkXjĂ&#x2030; p hl\ [\ e`e^leX dXe\$ iX _Xe YljZX[f \c Y\e\]`Z`f [\ leX jfZ`\$ [X[ X cX hl\ [\Y\e i\gi\j\ekXi Zfe [`^e`$ [X[ p gif]\j`feXc`jdf p hl\ [\j^iXZ`X[Xd\ek\ \ej\Â&#x152;Xe \c ZfYi\ \e \c dfd\ekf \e hl\ ef j\ c\j [X leX ZXe[`$ [XkliX p jXc\e gfi cX gl\ikX [\ Xki}j%

0 /$*81$ Ă&#x17E; )(%5(52

(1&8(67$

'XUDQJR FDSLWDO VH LQFOLQD SRU 0DQXHO /ยณSH] 2EUDGRU $(0( $VHVRUHV \ 0LOHQLR HQFXHVWDQ D PยกV GH PLO FLXGDGDQRV <e Kfii\ย e p JXck`ccf cX dXpfiย X [\ cfj \eZl\jkX[fj ef Zfej`[\iX X e`e^ย e ZXe[`[Xkf Zfdf ร Yl\eX fe[Xร % Cfj ZfX_l`c\ej\j dl\jkiXe jl [\jZfek\ekf Zfe cX gfcย k`ZX Xc gi\mXc\Z\i \c ร e`e^lefร ZlXe[f j\ c\j Zl\jk`feX jfYi\ \c gfcย k`Zf hl\ d\afi _X _\Z_f jl kiXYXaf 325 5('$&&,ย 1

8

<D< 8j\jfi\j \e ZfcXYfiXZ`ย e Zfe D`c\e`f# i\Xc`qย leX \eZl\j$ kX X d}j [\ d`c Z`l[X[Xefj \e Kf$ ii\ย e# ;liXe^f p JXck`ccf Xc Z`\ii\ [\c gifZ\jf [\ gi\ZXdgXย X \e \c gXย j% :fdf i\jlckX[f [\ cX d`jdX j\ fYj\imX hl\ \e cXj Z`l[X[\j [\ :fX_l`cX cX dXpfiย X [\ cfj \eZl\jkX[fj ef Zfej`[\iX X e`e^ย e ZXe[`[Xkf Zfdf ร Yl\eX fe[Xร % Ef fYjkXe$ k\# 8e[iย j DXel\c Cย g\q FYiX[fi 8DCF j\ gfj`Z`feX \e \c gi`d\i cl^Xi \e ZlXekf X gi\]\i\eZ`Xj \e cX Z`l[X[ [\ ;liXe^f% Cfj ZfX_l`c\ej\j dl\jkiXe jl [\jZfe$ k\ekf Zfe cX gfcย k`ZX Xc gi\mXc\Z\i \c ร e`e$ ^lefร ZlXe[f j\ c\j Zl\jk`feX jfYi\ \c gf$ cย k`Zf hl\ d\afi _X _\Z_f jl kiXYXaf# cf hl\ j\ Xki`Ylp\ X cX j`klXZ`ย e i\Z`\ek\ [\ XkXhl\ p [\j^Xjk\ hl\ j\ m`m`ย [liXek\ cX ย ck`dX \c\ZZ`ย e \e cX \ek`[X[%

8j`d`jdf cfj Z`l[X[Xefj Zfej`[\iXe Zfe dXpfi gi\gXiXZ`ย e X cfj ZXe[`[Xkfj [\c G8E p GI@% <e \jkX ZXiXZk\iย jk`ZX Afjย 8e$ kfe`f D\X[\ \j [fe[\ d\afi gfj`Z`feX$ d`\ekf k`\e\ \e cXj ki\j Z`l[X[\j% <e Zl\jk`fe\j [\ _fe\jk`[X[# [\jkXZX ZcXiXd\ek\ cX dfc\jk`X [\ cfj ZfX_l`c\ej\j Zfe cXj fgZ`fe\j gfcย k`ZXj Xc \c\^`i ร e`e^l$ efร Zfdf gi`eZ`gXc i\jgl\jkX% P [\jkXZXi \e \c gi`d\i gl\jkf [\ cXj gi\]\i\eZ`Xj X 8DCF \e cX Z`l[X[ [\ ;liXe^f% J`^l`\e[f \jkX cย e\X# 8DCF \j `[\ek`]`ZX$ [f \e cXj ki\j Z`l[X[\j Zfdf Xc^l`\e hl\ Xpl$ [X d}j X cXj g\ijfeXj [\ \jZXjfj i\Zlijfj% CX ^\ek\ Zfdย e \j d}j \jZlZ_X[X gfi \c kXYXjhl\ย f j\^ย e cfj \eZl\jkX[fj% J\ gl\[\ fYj\imXi le `dgfikXek\ gfiZ\ekXa\ [\ gXik`Z`gXek\j hl\ Zfej`[\iXe hl\ e`e$ ^ย e ZXe[`[Xkf \jZlZ_X cfj gifYc\dXj [\ cX

0 /$*81$ ร )(%5(52

30

^\ek\# cf hl\ `dgc`ZX le \j]l\iqf [\ cfj ZXe[`[Xkfj X cX gi\j`[\eZ`X gXiX cf^iXi le dXpfi XZ\iZXd`\ekf Zfe cfj mfkXek\j# p d}j kiXYXaf [\ k\ii`kfi`f \e le gXย j kXe [`m\ijf Zfdf \c el\jkif% CX ZfejkXeZ`X [\ 8DCF cf _X gfj`Z`feX$ [f \e cXj gcXqXj [\ Kfii\ย e p ;liXe^f Zfdf \c d}j kiXYXaX[fi# Xย e ZlXe[f \jkXj [fj Z`l$ [X[\j Zl\ekXe XZklXcd\ek\ Zfe le ^fY`\i$ ef gXe`jkX% Gfi jl gXik\ Afjย 8ekfe`f D\X[\# X hl`\e cX ^\ek\ Zfej`[\iX gi\gXiX[f# d}j ef kiXYXaX[fi# jย cf XgXi\Z\ \e JXck`ccf% Gf[\dfj efkXi hl\ cX ZXdgXย X ef gcX$ e\X[X [\ I`ZXi[f 8eXpX ร `ejlck`e^ Xe[ leXZZ\gkXYc\ร `dgXZkย [\ dXe\iX gfj`k`mX gXiX \c ZXe[`[Xkf [\c G8E Xc lY`ZXi jlj XeleZ`fj Zfdf cfj gi\]\i`[fj \e cXj ki\j Z`l[X[\j%

(1&8(67$

QLYHO GH FRQILDQ]D GH OD HQFXHVWD

PDUJHQ GH HUURU SRU PXQLFLSLR

HQFXHVWDV OHYDQWDGDV

HQFXHVWDV SRU FDGD PXQLFLSLR

<e ZlXekf X cfj gXik`[fj# cfj XeleZ`fj d}j m`jkfj Zfii\e gfi Zl\ekX [\c G8E p [\c GI@# d`\ekiXj hl\ DFI<E8 XgXi\Z\ YXaf \e gfi$ Z\ekXa\j# cf ZlXc j\ \ogc`ZX [\Y`[f Xc eÂ&#x2019;d\if [\ jgfkj hl\ j\ fkfi^Xe X ZX[X gXik`[f% J`e \dYXi^f DFM@D@<EKF :@L;8$ ;8EF Xgifm\Z_Â? \c gf[\i [\ cX dÂ&#x2019;j`ZX \e DÂ&#x201E;o`Zf p j\ ZfcfZX \e \c k\iZ\i cl^Xi [\ cfj XeleZ`fj d}j m`jkfj kXekf \e Kfii\Â?e# ;l$ iXe^f p JXck`ccf# j`\e[f \jkX Â&#x2019;ck`dX Z`l[X[ [fe[\ XgXi\Z\ ZXj` \dgXkX[f Zfe \c G8E p \c GI@# hl\ k`\e\e dlZ_fj d}j jgfkj Xc X`i\% <jk\ XmXeZ\ j\ cf [\Y\e Xc ZXi`jdX [\c e`Â&#x152;f ZXekXek\ PlXn` p X jp Ă&#x2C6;eX eX eX eX eXĂ&#x2030;# hl\ \e *' j\^le[fj XkiXgX X ZlXchl`\i \j$ g\ZkX[fi hl\ j\ Xc\aX ZXekXe[f \c \jki`Y`ccf%

31

48Â&#x2030; (6 /2 48( 48,(5( /$ *(17( '( 81 35(6,'(17( (1 0Â&#x2030;;,&2"

DlZ_fj g\ejXiÂ&#x2C6;Xe hl\ j\i gfglc`jkX p i\$ ^XcXi ZfjXj X cX ^\ek\ \j le k\dX `ek\i\jXe$ k\ [\ ZXdgXÂ&#x152;X# j`e \dYXi^f# \e cfj \jkX[fj [\c efik\ [\c gXÂ&#x2C6;j cX ^\e\iXZ`Â?e [\ \dgc\f \j d\afi m`jkX# gl\j cfj efik\Â&#x152;fj j\ gi\j\e$ kXe Zfdf Z`l[X[Xefj [\ kiXYXaf hl\ ef [\$ g\e[\e [\ cX Xj`jk\eZ`X [\c ^fY`\ief% Glj`dfj X gil\YX cX gifgl\jkX [\ 8e$ [iÂ&#x201E;j DXel\c CÂ?g\q FYiX[fi [\ _XZ\i le gXZkf Zfe cfj [\c`eZl\ek\j Xc gi\^lekXi X cX gfYcXZ`Â?e j` gi\]`\i\e le gi\j`[\ek\ hl\ kiX`^X cX gXq p j\^li`[X[ f j` gi\]`\i\e le gi\j`[\ek\ hl\ i\jg\k\ cXj c\p\j% CX i\jgl\jkX ]l\ dXpfi _XZ`X \c i\jg\kf X cXj c\p\j Zfe le dXpfi gfiZ\ekXa\ \e Kf$ ii\Â?e p ;liXe^f# d`\ekiXj hl\ \e JXck`ccf cXj fgZ`fe\j j\ \eZl\ekiXe ZXj` \e \c \dgX$ k\% <jkf j\ Xki`Ylp\ X hl\ cfj Â&#x2C6;e[`Z\j [\ `e$ j\^li`[X[ XZklXc\j jfe d\efi\j X cfj hl\ j\ gi\j\ekXYXe \e \e \c XÂ&#x152;f )'((# j`e \dYXi^f# hl\[X cX [l[X [\ j` \e cfj [\d}j \jkX[fj [\ cX I\gÂ&#x2019;Yc`ZX Zfe dXpfi `ej\^li`[X[ cX gi\$ ]\i\eZ`X gfi \c i\jg\kf X cXj c\p\j gi\mXc\qZX% <e cfj Â&#x2019;ck`dfj d\j\j gl[`dfj efkXi cX fi`\ekXZ`Â?e [\ cXj ZXdgXÂ&#x152;Xj [\ cfj ZXe[`$ [Xkfj [\ GI@ p G8E _XZ`X cX gi\gXiXZ`Â?e XZX[Â&#x201E;d`ZX p dXe\af [\ `[`fdXj# j`e \d$ YXi^f# Xc Zl\jk`feXi X cX gfYcXZ`Â?e jfYi\ j` gi\]`\i\ le gi\j`[\ek\ Zfe \jkl[`fj p dlp gi\gXiX[f# f lef j`e \jkl[`fj g\if hl\ j\X [\c gl\Ycf# cX i\jgl\jkX ]l\ ZXj` le \dgXk\ \e cXj Z`l[X[\j [\ ;liXe^f p JXck`ccf%

0 /$*81$ Ă&#x17E; )(%5(52

(1&8(67$

Le ZXjf j`d`cXi j\ [`f Xc gi\^lekXi j` gi\]`\i\e hl\ \c gi\j`[\ek\ Xpl[\ X cfj d}j _ld`c[\j p ZfYi\ d}j `dgl\jkfj X cfj d}j i`Zfj# f j` gi\]`\i\e hl\ Xpl[\ X kf[fj cfj d\o`ZXefj gfi `^lXc# pX hl\ j\ fYklmf ZXj` le \dgXk\ \eki\ cXj fgZ`fe\j% Gfi Â&#x2019;ck`df# j\ \mXclÂ? cX \]\Zk`m`[X[ [\ cX ZXdgXÂ&#x152;X <jkXiÂ&#x2C6;Xdfj d\afi Zfe pX jX$ Y\e hl`Â&#x201E;e % ;fe[\ efj gl[`dfj g\iZXkXi [\ hl\ [\ cX ^\ek\ hl\ cf _X m`jkf# Xci\[\$ [fi [\c *' gfi Z`\ekf# ef jXY\ X hlÂ&#x201E; ZXe$ [`[Xkf g\ik\e\Z\% <jk\ k`gf [\ gifgl\jkX j\ gl\[\ \eZfekiXi \e \c c`Yif Ă&#x2C6;@[\Xj hl\ g\^XeĂ&#x2030; [Â?e[\ j\ d\eZ`feX leX dXc[`Z`Â?e [\c ZfefZ`d`\ekf# hl\ _XYcX [\ jlgfe\i hl\ cX ^\ek\ jXY\ [\ cf hl\ _XYcXdfj%

0(72'2/2*Â?$

CX \eZl\jkX j\ YXjÂ? \e le \jkl[`f ZlXek`$ kXk`mf# ZXiX X ZXiX# X Z`l[X[Xefj dXpfi\j [\ (/ XÂ&#x152;fj Zfe Zi\[\eZ`Xc [\c @E< p hl\ m`m\e \e \c [fd`Z`c`f j\c\ZZ`feX[f% :fe dl\jki\f gfc`\k}g`Zf Xc\Xkfi`f \jkiXk`]`ZX$ [f p gfi Zfe^cfd\iX[fj# j\ kfdÂ? Zfdf dXiZf dl\jkiXc X cXj j\ZZ`fe\j \c\ZkfiXc\j [\ ZX[X dle`Z`g`f i\gfikX[Xj gfi \c @E<% <c e`m\c [\ Zfe]`XeqX \j [\ 0, gfi Z`\e$ kf# Zfe dXi^\e [\ \iifi [\ - gfi Z`\ekf gfi dle`Z`g`f% <c c\mXekXd`\ekf j\ i\Xc`qÂ? [\c - Xc () [\ [\ )'(/ p \c kXdXÂ&#x152;f [\ dl\jkiX kfkXc hl\ j\ fYklmf ]l\ife (#',' \eZl\jkXj# k\e`\e[f *,' \eZl\jkXj gfi ZX[X dle`Z`g`f%

0 /$*81$ Ă&#x17E; )(%5(52

32

5(3257$-(

3UHFDQGLGDWRV FDXVDQ IXURU HQ UHGHV VRFLDOHV ;\j[\ \c PXJXY\jHl`Â&#x201E;e _XjkX \c PfD\if gXjXe[f gfi Dfm`d`\ekfEXiXeaX# [`ZkX le i\$ kl`k Zfdf Xek\jXcX Xc i\Zl\ekf [\ cXj gi\ZXdgXÂ&#x152;Xj [\ CÂ?g\q FYiX[fi# AfjÂ&#x201E; 8ekfe`f D\X[\ p I`ZXi[f 8eXpX# hl`\e\j ]`^liXe \e cfj ki\j gi`d\ifj cl^Xi\j [\ cXj \eZl\jkXj X e`m\c eXZ`feXc 325 52%(572 &$5621 325 52%(572 &$5621

/26 Ă&#x2122; /26 Ă&#x2122;0(0(6Ă&#x161; < 6Ă&#x161; < /26 32/Â?7,&26 /26 3 26 (Q HO FDOHQGDULR HO (Q HO LR HO MXHJR UHDO GH ODV MXHJR DV FDPSDÂąDV LQLFLD HO FDPS FLD HO GH PDU]R \ VLJXH GH VLJXH KDVWD HO GH MXQLR KDVWD MXQLR

12&+( '( 6Â %$'2 325 /$ 12&+(

<

eki\ cXj ]`e`kXj Yfe[X[\j hl\ _X jljZ`kX[f cX `dX^\e [\ ;feXc[ Kildg Zfdf gi\j`[\ek\ [\ <jkX$ [fj Le`[fj [\ Efik\XdÂ&#x201E;i`ZX# j\ \eZl\ekiX \c i\^i\jf \e ]fidX [\ cX Zfd\$ [`X gfcÂ&#x2C6;k`ZX Zfek\dgfi}e\X% ;\j[\ Xek\j [\ cfj Zfd`Z`fj \jkX[fle`$ [\ej\j [\c / [\ efm`\dYi\ [\ )'(-# \c iX$ k`e^ [\ cX cfe^\mX j\i`\ [\ k\c\m`j`Â?e JX$ kli[Xp E`^_k C`m\ E9:# (0., XcZXeqÂ? e`m\c\j hl\ ef cf^iXYX \e [Â&#x201E;ZX[Xj# _XqXÂ&#x152;X XcZXeqX[X Zfe kXe jÂ?cf le jb\kZ_ `e`Z`Xc gfi j\dXeX [\ Xc d\efj j`\k\ d`elkfj% CX gXif[`X# dfkfi`qX[X gfi 8c\Z 9Xc[n`e Zfdf Kildgp# \c \o j\Zi\kXi`f [\ gi\ejX [\ cX :XjX 9cXeZX J\Xe Jg`$ Z\i# \eZXieX[f gfi cX Zfd\[`Xek\ D\$ c`jjX DZXik_p# i\Xe`dXife cX k\e[\eZ`X _XZ`X le _ldfi ZiÂ&#x2C6;k`Zf p [\ efkfi`X j\ej`Y`c`[X[ ^cfYXc% J`e \dYXi^f# \e DÂ&#x201E;o`Zf \jkX ]Â?idl$ cX pX _XYÂ&#x2C6;X gifYX[f X cXj k\c\m`jfiXj () XÂ&#x152;fj Xki}j# hl\ cX j}k`iX gfcÂ&#x2C6;k`ZX \iX gXi$ k\ [\ cX ilkX [\c Â&#x201E;o`kf \e cX gi\]\i\eZ`X [\c gÂ&#x2019;Yc`Zf% Ă&#x160;<c Gi`m`c\^`f [\ DXe[XiĂ&#x2039; K\c\m`jX# )''+ `e`Z`Â? Zfdf le Yi\m\

j\^d\ekf [\ekif [\c j\i`Xc gif[lZ`[f gfi :XicX <jkiX[X p I\peXc[f CÂ?g\q# ccX$ dX[f j`e dXpfi Zfdgc`ZXZ`Â?e Zfdf Ă&#x160;CX GXif[`XĂ&#x2039;% <e Â&#x201E;c# 8c]fejf M`ccXcgXe[f# \e$ ki\ fkifj# XYi`Â? cXj gl\ikXj [\ cX el\mX ]ifek\iX ZÂ?d`ZX Xc jXk`i`qXi Xc \ekfeZ\j gi\j`[\ek\ [\ DÂ&#x201E;o`Zf# M`Z\ek\ =fo Hl\$ jX[X# Â&#x2C6;Zfef hl\ gfi j\o\e`fj j\ dXekl$ mf jfc\de\ \ `ekfZXYc\ \e cX jfdYiX% ;\j[\ \ekfeZ\j# Ă&#x160;<c Gi`m`c\^`fĂ&#x2039; ZfYiX m`[X \e cXj kiXejd`j`fe\j [liXek\ \c k`\dgf hl\ [liXe cXj ZXdgXÂ&#x152;Xj p k\i$ d`eX _XjkX \c \m\eklXc Zfek\f p i\jlc$ kX[f [\]`e`k`mf% Ef fYjkXek\# X [`]\i\eZ`X [\c _ldfi `emfclekXi`f [\ cfj \ekfeZ\j ZXe[`[X$ kfj# pX j\X gfi leX dlc\k`ccX Xc _XYcXi# \iifi\j ^iXdXk`ZXc\j [liXek\ le [`jZli$ jf f \c Ă&#x160;^Xcc`kfĂ&#x2039; Zfdf [\kXcc\ \e \c g\`$ eX[f# cXj gi\ZXdgXÂ&#x152;Xj XZklXc\j Xj`d`$ cXife \c d`jdf \jk`cf X[fgkX[f gfi cXj j}k`iXj p Zi\Xife cf hl\ X_fiX gf[iÂ&#x2C6;X Zfej`[\iXij\ Zfdf j`e\i^`X% 8jÂ&#x2C6; Zfdf cf [\dfjkiÂ? \c `ek\dg\jk`$ mf XZklXi [\c \dgi\jXi`f ;feXc[ Kildg p hl\ \e fZXj`fe\j _XZ\ \Zf _XjkX cX gf$ cÂ&#x2C6;k`ZX d\o`ZXeX# \c ZXe[`[Xkf j\ _X ml\ckf jl gifg`X gXif[`X%

0 /$*81$ Ă&#x17E; )(%5(52

34

/$ 98(/7$ $/ 081'2 (1 &$5$&7(5(6

Cfj \jgXZ`fj hl\ jfcÂ&#x2C6;Xe cc\^Xi j\dXeXc$ d\ek\ X ZX[X k\c\m`jfiX# _fp jfe m\ik`[fj \e i\[\j jfZ`Xc\j X ZlXchl`\i _fiX [\c [Â&#x2C6;X% ;\jc`Z\j# \jZ}e[Xcfj# dXc\ek\e[`[fj p kf[f d\efj gifgl\jkXj# j\ ]`ckiXe \e Kn`k$ k\i p X[fgkXe \c c\e^lXa\ hl\ i`^\ \jkX gcX$ kX]fidX# cX `e]fidXc`[X[% ;\j[\ \c PXJXY\jHl`Â&#x201E;e _XjkX \c Pf$ D\if# [`ZkX le i\kl`k Zfdf Xek\jXcX Xc i\$ Zl\ekf [\ cXj gi\ZXdgXÂ&#x152;Xj [\ 8e[iÂ&#x201E;j DX$ el\c CÂ?g\q FYiX[fi# AfjÂ&#x201E; 8ekfe`f D\X[\ p I`ZXi[f 8eXpX# hl`\e\j ]`^liXe \e cfj ki\j gi`d\ifj cl^Xi\j [\ cXj \eZl\jkXj X e`m\c eXZ`feXc% CX `dX^\e ]iXZZ`feX[X p iX[`ZXc [\c Xjg`iXek\ [\ Dfi\eX [\c )'() _XjkX cX ]\Z_X# j\ [`jg\ijX X kiXmÂ&#x201E;j [\ jl$ k`c\j d\ejXa\j [\ YlicX p XZ\gkXZ`Â?e [\ jl g\ijfeXa\# j`e \dYXi^f kXdY`Â&#x201E;e _X gif$ p\ZkX[f k`ek\j [\ efkfi`X `dgXZ`\eZ`X Xek\ cX ZiÂ&#x2C6;k`ZX p gi\ejX \jg\Z`Xc`qX[X% Gfi fkif cX[f# \c ZXe[`[Xkf [\c I\mf$ clZ`feXi`f @ejk`klZ`feXc \j \c gifkfk`gf [\c XZkfi gfcÂ&#x2C6;k`Zf hl\ \mX[\ \c Ylccp`e^ [\ cX Z`l[X[XeÂ&#x2C6;X j`e [\jZXejf p hl\ clZ_X gfi X[XgkXij\ \e k\ii\efj Xa\efj X jl qfeX [\ Zfe]fik# ]leZ`Â?e hl\ <ei`hl\

5(3257$-( G\Â&#x152;X E`\kf ef cf^iÂ? [\jXiifccXi gfi Zfdgc\kf p hl\ gfi Z`\ikf# mfc$ m`Â? Zfdgc`ZX[X gXiX \c gfj`Yc\ jl$ Z\jfi% 8dYfj ZXe[`[Xkfj _Xe [\aX[f ZcXif# \e XZZ`fe\j# hl\ jlj Xj\jfi\j \e \jkiXk\^`X gfcÂ&#x2C6;k`ZX# KXk`XeX :cf$ lk_`\i [\c gi`d\if p AXm`\i CfqXef [\c j\^le[f# [`i`^\e cXj gi\ZXdgX$ Â&#x152;Xj Ă&#x160;\e ZXc`\ek\Ă&#x2039;# Zfe \c fYa\k`mf [\ dXiZXi le d\ejXa\ [`^`kXc hl\ g\i$ [li\ p jfYi\ kf[f# j\ i\g`kX _XjkX \c [Â&#x2C6;X [\ cXj mfkXZ`fe\j j`e `dgfikXi j` \j Yl\ef# dXcf f Xc d\efj gifgfj`$ k`mf% <e ZXdY`f# I`ZXi[f 8eXpX :fi$ kÂ&#x201E;j# XYXe[\iX[f [\c =i\ek\ :`l[X$ [Xef# _X dXe\aX[f leX gXlkX le kXekf [`jk`ekX# pX hl\ [\j[\ \c `e`Z`f [\ cX kiXejd`j`Â?e [\ jlj jgfkj# _X YljZX[f i\`em\ekXij\ XjÂ&#x2C6; d`jdf# \ [\j[\ \c Ă&#x160;`ejlck`e^ Xe[ leXZZ\gkXYc\Ă&#x2039; i[X[\$ _XjkX \c [l\kf kiX[`Z`feXc Zfe \c m\i[X[\$ if ^XeX[fi [\c ZfeZlijf# PlXn`%

(/ 18(92 /(1*8$-( 'HVOLFHV HVFÂĄQ GDORV PDOHQWHQ GLGRV \ WRGR PHQRV SURSXHV WDV VH ILOWUDQ HQ 7ZLWWHU

< 'Â&#x201C;1'( (67Â (/ 35(&$1','$72" 2"

<e \c ZXc\e[Xi`f# \c al\^f i\Xc [\ cXj ZXdgXÂ&#x152;Xj `e`Z`X \c *' [\ dXi$ qf p j`^l\ _XjkX \c ). [\ ale`f# cXgjf \e \c hl\ cXj gifgl\jkXj i\X$ c\j [\Y\i}e [\j\e]le[Xij\ p [Xi ZX$$ Y`[X X cXj \jkiXk\^`Xj Ă&#x160;[\ m\i[X[Ă&#x2039;% <e cX dXpfiÂ&#x2C6;X [\ cXj \eZl\jkXj eX$ eX$ Z`feXc\j# Xhl\ccXj c\mXekX[Xj ]l\iX [\ X [\ cXj `ejk`klZ`fe\j gXik`[`jkXj# \c Xjg`iXe$ iXe$ k\ Zfe dXpfi glekXa\ \j 8e[iÂ&#x201E;j DXel\c Xel\c CÂ?g\q FYiX[fi# hl`\e ef _XZ\ dlZ_f k`\dgf ]l\ Zfej`[\iX[f le Ă&#x160;g\c`^if gXiX f gXiX DÂ&#x201E;o`ZfĂ&#x2039;% J`e \dYXi^f \e cX i\Z`\ek\ Zi`j`j \ Zi`j`j ÂśhlÂ&#x201E; \j [\ [\jmXcfi`qXZ`Â?e [\ \jkfj Z\ejfj# ÂśhlÂ&#x201E; \j cf hl\ dfk`mX \jk\ g\ijfeXa\ gXiX jfYi\jXc`i Yi\jXc`i \eki\ cfj [\d}j6 CX [l[X ef i\ZX\ \e \c \ \e \c \c \c\$ Zl\igf [\ jlj gifgfj`Z`fe\j# j`ef \e \c \c\$ d\ekf hl\ j`e cl^Xi X [l[Xj [\]`e`i} e`i} Xc Xc giÂ?o`df _fdYi\ jfYi\ cX j`ccX gi\j`[\eZ`Xc# cX j`dgXkÂ&#x2C6;X% Ă&#x160;DXel\cfm`Z_Ă&#x2039; Ă&#x2C6;YXaX cX YfcXĂ&#x2030; \e ZX[X XZl$ jXZ`Â?e f Zfekifm\ij`X p \jkl[`fj j\Â&#x152;XcXe hl\ \e i\[\j jfZ`Xc\j \j hl`\e dXe\aX cX dXpfi ZXek`[X[ [\ j\^l`[fi\j# d`\ekiXj kXekf \c GI@ clZ_X gXiX XmXeqXi p Xc d`jdf k`\dgf i\XidXij\ [\ekif [\ leX el\mX XidX[liX% ;\c fkif cX[f [\c \jZ\eXi`f# cX [\i\Z_X i\Zfem\ik`[X \e `qhl`\i[X# [\jg`[\ X d`c`$ kXek\j hl\ XYXe[feXe X leX [`i`^\eZ`X hl\ g\ij`^l\ cX m`iXc`qXZ`Â?e ]fiqX[X X kf[X ZfjkX# cX ZfcXYfiXZ`Â?e \e jgfkj# Z_`jk\j jXc`[fj [\c Ă&#x160;jkXe[lgĂ&#x2039; p cfj i\Z`\ek\j Xii\YXkfj [\ \jZX$ cX[Xj \e d`k`e\j gÂ&#x2019;Yc`Zfj# X[\d}j [\ ]fkfj p m`[\fj [fe[\ XgXi\Z\ Zfe jl ]Xd`c`X Ă&#x160;_X$ Z`\e[f le \j]l\iqfĂ&#x2039;# gfjXe[f Zfdf \e cfj ZXikfe\j [\ c\Z_\ f \c XeleZ`f [\ Xc^leX k`\e[X [\ ifgX% <c \c\ZkfiX[f ef fcm`[X eleZX# DÂ&#x201E;o`Zf `e`Z`Â? )'(/ jfYi\ le ]`ef g`jf [\ _`\cf X glekf [\c i\jhl\YiXaf# cX kldlcklfjX e\^f$ Z`XZ`Â?e [\c KC:8E# cX gXik`[X [\ `em\ij`f$ e\j Xlkfdfki`Z\j p \c m\i[X[\if Xj\j`ef j`$ c\eZ`fjf# cfj ^Xjfc`eXqfj%

Gfi \ccf cX `iX g\ij`jk\ cXj )+ Gfi \ccf cX `iX g\ij`j _fiXj \e cl^Xi\j [fe[\ cX mfq _fiXj \e cl^Xi\j [fe[\ cX mfq j`\dgi\ g\idXe\Z\# Kn`kk\i# cX gcXkX]fidX [fe[\ g\idXe\Z\# Kn`kk\i# cX gcXkX]fid cX gXcXYiX j\ Zfem`\ik\ \e \c XidX% CX mÂ&#x2C6;Zk`dX d}j i\Z`\ek\# <ei`hl\ FZ_fX I\qX# gi\j`[\ek\ [\c :fd`kÂ&#x201E; EXZ`feXc [\c GI@# hl`\e k\id`eÂ? \c g\i`f[f [\ gi\ZXd$ gXÂ&#x152;Xj XZlÂ&#x152;Xe[f le el\mf kÂ&#x201E;id`ef Xc c`Yif [\ iXZ`jdf d\o`ZXef1 \c Ă&#x160;gi`\kfĂ&#x2039;# j`^e`]`ZX$ [f hl\ kiXjZ\e[`Â? [\ dXe\iX ZfcfjXc p j\ Zfem`ik`Â? \e \c g\i]\Zkf \a\dgcf [\ le _X$ iXb`i` [`^`kXc# X_fiX cX Z`l[X[XeÂ&#x2C6;X g`[\ jl ZXY\qX i\kl`k kiXj i\kl`k% <e \jkX Zfek`\e[X# cX fkiX gfk\eZ`X \e jlY`[X p j`e XgXi\ek\ X]`c`XZ`Â?e gfcÂ&#x2C6;k`ZX hl\ _X [\jkXZX[f gfi jlj ]i\Zl\ek\j XgXi`Z`f$ e\j [\ekif p ]l\iX [\ cX i\[# \j \c XeÂ?e`df Zi\X[fi [\ d\d\j% Ă&#x2C6;D\d\Ă&#x2030;\j le mfZXYcf X[XgkX[f [\c ^i`\^f# \c ZlXc fi`^`eXcd\ek\ XgXi\ZÂ&#x2C6;X Zfdf Ă&#x160;d`d\dXĂ&#x2039; p _XZ\ i\]\i\eZ`X X cX kiXejd`j`Â?e [\ ZlckliX f Â&#x2C6;Zfefj [\ leX jf$ Z`\[X[# Zfdf le m`ilj% @ek\ie\k _X X[fgkX$ [f X kiXmÂ&#x201E;j [\ cfj XÂ&#x152;fj Z`\ekfj f d`c\j [\ `d}^\e\j hl\ ZX[X ZlckliX \jZf^\ X Zfem\$ e`\eZ`X# gXiX cl\^f gcXjdXi le d\ejXa\# pX j\X ZÂ?d`Zf f `ejlck`mf p [\aXi hl\ cX Ă&#x160;m`iX$ c`qXZ`Â?eĂ&#x2039; \dgi\e[X \c ml\cf%

35

CX Xgl\jkX \e cX gfcÂ&#x2C6;k`ZX Zfek\dgfi}$ e\X \j j`d`cXi# [\j[\ \c ]Xdfjf Ă&#x160;FYXd`q\Ă&#x2039; Zfe \c ifjkif [\c \o gi\j`[\ek\ [\ Efik\X$ dÂ&#x201E;i`ZX 9XiXZb FYXdX# _XjkX cXj gXif[`Xj [\ cX `ea\i\eZ`X iljX Zfe 8e[iÂ&#x201E;j DXel\c Zfdf gifkX^fe`jkX# leX ZfdgXiXZ`Â?e [\j$ m`iklX[X g\if \o`jk\ek\% ;\ \jkX dXe\iX# cfj d\[`fj kiX[`Z`feX$ c\j [\ `e]fidXZ`Â?e jÂ?cf [Xi}e Zfek\e`[f [\ XZfdgXÂ&#x152;Xd`\ekf X cX gif[lZZ`Â?e hl\ XgXi\Z\ \e fkifj gfikXc\j Zfdf \c ;\]fi$ dX# i\Z`\ek\d\ek\ X[hl`i`[f gfi leX ]`c`Xc [\ K\c\m`jX f G`Zkfc`e\# cX ZlXc \e YXj\ X XkiXZk`mXj `e]f^iX]Â&#x2C6;Xj elki\e \c Zi`k\i`f [\c \c\Zkfi p cXj j}k`iXj k\c\m`j`mXj hl\ _XZ\ [`\q XÂ&#x152;fj Xc`d\ekXife cfj dfejkilfj [\ cX el\mX Zfd\[`X# gXjXi}e X j\^le[f gcXef# \c j_fn jlZ\[\ \e k`\dgf i\Xc p j`e e`e^Â&#x2019;e ^l`Â?e XgXi\ek\% <j [\ jlgfe\i hl\ cfj ]XZkfi\j hl\ [\]`$ eXe cXj \c\ZZ`fe\j \e DÂ&#x201E;o`Zf# ef j\i}e cfj kÂ&#x2C6;g`Zfj \jZ}e[Xcfj hl\ j\ Ă&#x160;[\jZlYi\eĂ&#x2039; \e cX i\ZkX ]`eXc# j`ef cX XZ\ikX[X \dgXkÂ&#x2C6;X hl\ \ogcXp\e \e i\[\j jfZ`Xc\j f cXj Ă&#x160;ZÂ&#x201E;c\Yi\j ]iXj\jĂ&#x2039; hl\ cc\^l\e X jfckXi [\ m\q \e ZlXe$ [f# cf ZlXc _Xi} hl\ DÂ&#x201E;o`Zf dl\iX X ZXiZX$ aX[Xj gfi j`\k\ d\j\j gXiX cl\^f k\id`eXi ccfiXe[f \c gi`d\if [\ alc`f%

0 /$*81$ Ă&#x17E; )(%5(52

5(3257$-(

/RV FDQGLGDWRV \ OD FRQVWUXFFLÂłQ GH VX LPDJHQ SRO­WLFD D WUDYŠV GH ORV DÂąRV Afi^\ Kfii\j 9\ieXc# \jg\Z`Xc`jkX \e dXib\k`e^ gfcÂ&#x2C6;k`Zf# Xi^ld\ekX hl\ \e i\[\j jfZ`Xc\j \c hl\ d}j Zi\Z\ \j I`ZXi[f 8eXpX# AfjÂ&#x201E; 8ekfe`f D\X[\ gXi\Z\ \jkXeZX[f p CÂ?g\q FYiX[fi j\ dXek`\e\ gfi \eZ`dX [\ \jfj [fj gfi \c k`\dgf hl\ cc\mX \e \jXj gcXkX]fidXj 325 /8,6 $/%(572 /Â&#x201C;3(=

(/ &$5,60$ < /$ (675$7(*,$ (Q ORV ÂşOWLPRV DÂąRV ORV FDQGLGDWRV KDQ FDPELDGR UDGLFDOPHQWH HO PRGHOR GH VX LPDJHQ

:

fe \c `e`Z`f [\c el\mf d`c\e`f kXdY`Â&#x201E;e Zfd\eqÂ? leX \iX \e ZlXekf X cX `dX^\e [\ cfj ZXe$ [`[Xkfj X cX Gi\j`[\eZ`X [\ cX I\gÂ&#x2019;Yc`ZX D\o`ZXeX% <jf cf [\dfjkiÂ? \c Xii`Yf Xc gf[\i [\ M`Z\ek\ =fo Hl\qX[X# hl`\e Zfe jl ZXi`j$ dX p cX ZXg`kXc`qXZ`Â?e [\ jlj \iifi\j# cf^iÂ? \dgXk`qXi Zfe \c Z`l[X[Xef [\ X g`\% Afi^\ Kfii\j 9\ieXc# \jg\Z`Xc`jkX \e dXib\k`e^ gfcÂ&#x2C6;k`Zf# Zfej`[\iX hl\ \e cfj Â&#x2019;ck`dfj (/ XÂ&#x152;fj cfj ZXe[`[Xkfj _Xe ZXd$ Y`X[f iX[`ZXcd\ek\ \c df[\cf [\ jl `dX$ ^\e Zfdf le gifZ\jf gXiX X[XgkXij\ X cXj el\mXj k\Zefcf^Â&#x2C6;Xj p [fe[\ cX Zi\[`Y`c`$ [X[ [\ cXj `ejk`klZ`fe\j g\e[\ [\ le _`cf% Ă&#x2C6;<jkXdfj m`m`\e[f leX \iX [fe[\ \jk} [\jXgXi\Z`\e[f cX `ek\id\[`XZ`Â?e# \j [\Z`i# cfj d\[`fj [\ Zfdle`ZXZ`Â?e \jk}e \e Zi`j`j gfihl\ pX ef jfe `ek\id\[`Xi`fj \eki\ \c gÂ&#x2019;$ Yc`Zf p cX ^\e\iXZ`Â?e [\ `e]fidXZ`Â?eĂ&#x2030;% <c XikÂ&#x2C6;Zlcf1 Ă&#x2C6;;\c dXib\k`e^ gfcÂ&#x2C6;k`Zf kiX[`Z`feXc Xc dXib\k`e^ )%'Ă&#x2030;# \jZi`kf gfi ki\j `em\jk`^X[fi\j 8e[iÂ&#x201E;j MXc[\q Q\g\$ [X# ;\c`X 8% ?l\ikX =iXeZf p 8iklif M\i$ ^XiX FZ_fX [\c :\ekif Le`m\ij`kXi`f [\ :`\eZ`Xj <ZfeÂ?d`Zf 8[d`e`jkiXk`mXj [\ cX Le`m\ij`[X[ [\ >lX[XcXaXiX Zf`eZ`[\ Zfe \jX gi\d`jX% <c \jZi`kf \ogfe\ hl\ \c dXib\k`e^ gf$ cÂ&#x2C6;k`Zf cc\^Â? X \jk\ gXÂ&#x2C6;j \e cfj fZ_\ekXj Xek\ gifZ\jfj \c\ZkfiXc\j d}j Zfdg\k`k`mfj p [fj [Â&#x201E;ZX[Xj [\jglÂ&#x201E;j ZXdY`Â? [\Y`[f X cX \iX [`^`kXc% Ă&#x2C6;<e DÂ&#x201E;o`Zf# cXj gi`d\iXj Z`Y\iZXdgX$ Â&#x152;Xj j\ i\Xc`qXife \e \c XÂ&#x152;f )'''# [liXek\ cX _`jkÂ?i`ZX \c\ZZ`Â?e \e cX hl\ \c fkifiX gXik`[f _\^\dÂ?e`Zf [\ <jkX[f GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc g\i[`Â? cX gi\j`[\eZ`X [\ cX i\gÂ&#x2019;Yc`ZX p cX dXpfiÂ&#x2C6;X [\ cfj Xj`\ekfj \e \c Zfe^i\jf Y`ZXd\iXcĂ&#x2030;% @em\jk`^X[fi\j XÂ&#x152;X[\e kXdY`Â&#x201E;e hl\ gXiX \c gifZ\jf \c\ZkfiXc [\ )''- al^Xife le gXg\c `dgfikXek\ cfj d\[`fj [`^`kXc\j gXiX Zi\Xi leX `dX^\e [\ k\dfi _XZ`X \c ZXe[`[Xkf [\ cXj `qhl`\i[Xj# 8e[iÂ&#x201E;j DX$ el\c CÂ?g\q FYiX[fi%

Ă&#x2C6;<iX ZfdÂ&#x2019;e m\i m`[\fj [\jZXc`]`ZXkf$ i`fj \e PflKlY\# i\Z`Y`i Zfii\fj \c\ZkiÂ?$ e`Zfj [`]XdXkfi`fj p# jfYi\ kf[f# XkXZXi gfi [`m\ijfj d\[`fj [`^`kXc\j X 8DCF# Xik`ZlcXe[f leX ZXdgXÂ&#x152;X [\ f[`f p d`\$ [f# hl\ cf^iÂ? ]`eXcd\ek\ jlj fYa\k`mfjĂ&#x2030;% (O \ VXV FDQGLGDWRV

;liXek\ \c gifZ\jf \c\ZkfiXc gXiX i\ef$ mXi cX Gi\j`[\eZ`X [\ cX I\gÂ&#x2019;Yc`ZX \e )'() i\jlckÂ? ki`le]X[fi \c ZXe[`[Xkf Zfe dXpfi ZXi`jdX p ZfejkilZZ`Â?e d\$ [`}k`ZX X cf cXi^f [\ cfj XÂ&#x152;fj% <c GXik`[f I\mfclZ`feXi`f @ejk`klZ`f$ eXc gi\j\ekÂ? X <ei`hl\ G\Â&#x152;X E`\kf# _fp

0 /$*81$ Ă&#x17E; )(%5(52

36

k`klcXi [\c <a\Zlk`mf =\[\iXc# le gfcÂ&#x2C6;k`Zf \e \j\ \ekfeZ\j afm\e# XkiXZk`mf gXiX cX gfYcXZ`Â?e ]\d\e`eX p hl\ ]l\ m\e[`[f Zfdf cX jfclZ`Â?e X cfj gifYc\dXj [\ `e$ j\^li`[X[ p ZfiilgZ`Â?e [\ \jk\ gXÂ&#x2C6;j% <c GXik`[f 8ZZ`Â?e EXZ`feXc# gfi jl cX[f# fgkÂ? gfi `eefmXi \e jlj \jhl\dXj gifg`fj Xc gfjklcXi gfi gi`d\iX fZXj`Â?e X leX dla\i# Xlehl\ ef cf^iÂ? cX \dgXkÂ&#x2C6;X \jg\iX[X Zfe \c \c\ZkfiX[f p \jf gifmf$ ZÂ? hl\ \c YcXehl`Xqlc g\i[`\iX cX gi\j`$ [\eZ`X p gXjXiX X leX k\iZ\iX gfj`Z`Â?e \e cXj gi\]\i\eZ`Xj% <e \c ZXjf [\c GXik`[f [\ cX I\mfclZ`Â?e ;\dfZi}k`ZX# Dfm`d`\ekf :`l[X[Xef p

5(3257$-( Zfdf `ejk`klkf p Zfe leX ZXdgXÂ&#x152;X gcX^X$ [X [\ \iifi\j Xlj\eZ`X [\ ZXi`jdX # ]l\ [\jgcXqX[f X le [`jkXek\ k\iZ\i j`k`f Zfdf ]l\iqX gfcÂ&#x2C6;k`ZX eXZ`feXcĂ&#x2030;% $VSLUDQWHV DFWXDOHV TXH EXVFDQ VHU PÂĄV WUDQVSDUHQWHV

\c GK# \jZf^`\ife cXeqXi gfi j\^le[X fZX$ j`Â?e X 8e[iÂ&#x201E;j DXel\c CÂ?g\q FYiX[fi# hl`\e \e \jX fZXj`Â?e `ek\ekÂ? e\lkiXc`qXi cX `dX^\e hl\ _`Z`\ife [\ Â&#x201E;c \e )''- [\ le g\c`^if gXiX DÂ&#x201E;o`Zf% Âś:Â?df6 <e jlj jgfkj \c ZXe[`[Xkf fgkÂ? gfi le [`jZlijf d}j Xd\ef p \e \c hl\ ccX$ dXYX X cX i\ZfeZ`c`XZ`Â?e Zfe Xhl\ccfj Zfe cfj hl\ \e jl dfd\ekf klmf [`]\i\eZ`Xj% Jlj X[m\ijXi`fj ef [l[Xife \e hl\i\i mfc$ m\i X [`]le[`i leX `[\X e\^Xk`mX# cX ZlXc \e \jkX fZXj`Â?e ef cf^iÂ? \c d`jdf `dgXZkf% Cfj XZX[Â&#x201E;d`Zfj [\ cX Le`m\ij`[X[ [\ >lX[XcXaXiX 8e[iÂ&#x201E;j MXc[\q Q\g\[X# AfY M`iXdfek\j JXc[`mXi p ;\c`X 8% ?l\ikX Z`$

kXe \e \c \jZi`kf1 Ă&#x2C6;<c :Xi`jdX \e cXj :Xd$ gXÂ&#x152;Xj <c\ZkfiXc\jĂ&#x2030;# \c gifZ\jf [\ )'() \e DÂ&#x201E;o`Zf p cX \c\ZZ`Â?e [\ 9XiXZb FYXdX \e <jkX[fj Le`[fj [liXek\ )''/ Zfdf \a\d$ gcfj [\ Â&#x201E;o`kf p ]iXZXjf \e ZlXekf X cfj ZXe$ [`[Xkfj j\c\ZZ`feX[fj% Ă&#x2C6;<c ZXi`jdX p cX \jkiXk\^`X Xpl[Xife [\$ k\id`eXek\d\ek\ gXiX hl\ cfj gi``jkXj i\$ Zlg\iXiXe cX gi\j`[\eZ`X [\ cX i\gÂ&#x2019;Yc`ZX p fYklm`\iXe dXpfiÂ&#x2C6;X \e \c Zfe^i\jf Y`ZX$ d\iXc# X[\d}j [\ ^XeXi \e mXi`fj [\ cfj \jkX[fj [fe[\ j\ i\Xc`qXife Zfd`Z`fj \c\ZkfiXc\j cfZXc\j% Gfi jl gXik\# \c GXik`[f 8ZZ`Â?e EXZ`feXc Zfe leX ZXe[`[XkX j`e ZXi`jdX# `dgfglcXi \e \jfj dfd\ekfj

37

I\jg\Zkf X cX `dX^\e hl\ gi\k\e[\e gif$ p\ZkXi cfj Xjg`iXek\j X cX Gi\j`[\eZ`X [\ cX I\gÂ&#x2019;Yc`ZX# Afi^\ Kfii\j 9\ieXc fg`eX hl\ leX ^\e\iXc`[X[ [\ kf[fj \j hl\i\i m\ij\ d}j kiXejgXi\ek\j p _ldXefj% Ef kf[fj cf cf^iXe \e jl gi\j\eZ`X \e d\[`fj [`^`kXc\j% Ă&#x2C6;CX \mfclZ`Â?e [\ cfj ZXe[`[Xkfj _X j`[f X cX gXi [\ cXj i\[\j jfZ`Xc\j1 k`\e\e hl\ dfjkiXij\ d}j kiXejgXi\ek\j p d}j `ek\$ i\jX[fj gfi \c \e^X^\d\ek Zfe\ZkXi Zfe jl gÂ&#x2019;Yc`Zf % ?X ZXdY`X[f gfihl\ jfe le gif[lZkf dlp Zl`[X[f X [`]\i\eZ`X [\c )''' [fe[\ gl\[f Xj\^liXi hl\ M`Z\ek\ =fo ]l\ gif[lZkf [\ Â&#x201E;c d`jdfĂ&#x2030;% <e \c ZXjf [\c GI@# XglekX# _lYf cX `e$ k\eZ`Â?e [\ i\]i\jZXi \c g\i]`c [\ hl`\e \e$ ZXY\Z\ cX ZXe[`[XkliX Zfe le g\ijfeXa\ Xc\aX[f [\ cX \jkilZkliX kiX[`Z`feXc p hl\ \e XgXi`\eZ`X \jk} Xc\aX[f [\ cX gfcÂ&#x2C6;k`ZX% Ă&#x2C6;Cf m` dlp Y`\e \e le gi`eZ`g`f# g\if \jkf gl\[\ ZXdY`Xi \e +' d`elkfj p ef \e [Â&#x2C6;Xj# Âśgfi hlÂ&#x201E;6 <j \c k`\dgf \e hl\ gl\[\ jli^`i le \jZ}e[Xcf \e i\[\j% <e \c dfd\ekf [\c [\jkXg\ [\ D\X[\ cX ]`$ ^liX p cX ]fidX \e hl\ j\ gi\j\ekX \j `eefmX[fiX gXiX cXj ]fidXj [\c GI@# g\if ef cf ]l\ gXiX DÂ&#x201E;o`Zf p gfi \jf m\dfj le [\j^Xjk\Ă&#x2030;% <ogfe\ hl\ D\X[\ _X `ek\ekX[f ZXg`kX$ c`qXi jlj \iifi\j mÂ&#x2C6;X cXj i\[\j jfZ`Xc\j Zfdf kn`kk\i \ `d`kXi X M`Z\ek\ =fo Zfe jl Zc}j`$ Zf Ă&#x2C6;?fpĂ&#x2030;# Xlehl\ pX ef ]leZ`feX `^lXc p j\iÂ&#x2C6;X d\afi [\aXi gXjXi cfj kifg`\qfj% <e \c ZXjf [\ 8e[iÂ&#x201E;j DXel\c CÂ?g\q FYiX[fi p \c Dfm`d`\ekf [\ I\^\e\iXZ`Â?e EXZ`feXc Dfi\eX # ef m\ le ZXdY`f \e jl `dX^\e \e ZfdgXiXZ`Â?e X cfj gifZ\jfj Xe$ k\i`fi\j \e cfj hl\ gXik`Z`gÂ?# g\if jl Zfej$ kXeZ`X \e cX m`[X gfcÂ&#x2C6;k`ZX p gfi \e[\ jl gi\$ j\eZ`X \e i\[\j [`^`kXc\j cf gfj`Z`feX Zfdf Xc^l`\e Zfe XckXj gfj`Y`c`[X[\j% Ă&#x2C6;;\g\e[`\e[f [\ hlÂ&#x201E; }e^lcf j\ m\X \j Zfdf _Xe ZXdY`X[f cfj ZXe[`[Xkfj# gfi \a\dgcf j` efj mXdfj _XZ`X \c cX[f [\ hl`\e _X j`[f ZXe[`[Xkf ki\j m\Z\j ef _Xp le ZXdY`f \e \c g\i]`c# j\ m\ \e i\[\j jf$ Z`Xc\j# Xlehl\ _Xp le Zi\Z`d`\ekfĂ&#x2030;% Gfi \c cX[f [\ I`ZXi[f 8eXpX# hl`\e Xj$ g`iX X cX Gi\j`[\eZ`X [\ cX I\gÂ&#x2019;Yc`ZX gfi \c =i\ek\ gfi DÂ&#x201E;o`Zf# efkX hl\ gifp\ZkX leX `dX^\e alm\e`c hl\ gl[`\iX Zfem\e$ Z\i X cfj hl\ \jk}e _Xikfj [\c gXik`[f \e \c gf[\i p hl\ [\jZXikXe gfi ZlXchl`\i dfk`mf X cX fgZ`Â?e [\ cXj `qhl`\i[Xj% J\^Â&#x2019;e le Xe}c`j`j hl\ _XZ\ [\ cfj ki\j gi\ZXe[`[Xkfj d}j `dgfikXek\j# Kfii\j 9\ieXc Xi^ld\ekX hl\ \e i\[\j jfZ`Xc\j \c hl\ d}j Zi\Z\ \j I`ZXi[f 8eXpX# D\X[\ gXi\Z\ \jkXeZX[f p CÂ?g\q FYiX[fi j\ dXe$ k`\e\ gfi \eZ`dX [\ \jfj [fj gfi \c k`\dgf hl\ cc\mX \e \jXj gcXkX]fidXj Xc gXik`Z`gXi Xek\j \e [fj gifZ\jfj \c\ZkfiXc\j%

0 /$*81$ Ă&#x17E; )(%5(52

3DQÂłSWLFR

3RU /XLV *DUF­D $EXVD­G

Ă&#x161;3HSH 0HDG H b<D YDOLÂł Ă&#x161; (V HVWDG­VWLFDPHQWH LPSRVLEOH SDUD 3HSH 0HDGH UHPRQWDU OD GLIHUHQFLD UHVSHFWR D $QGUŠV 0DQXHO HQ ORV G­DV GH FDPSDÂąD HOHFWRUDO GHO GH PDU]R DO GH MXQLR

K

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

\id`eÂ? cX gi\ZXdgXÂ&#x152;X [\ cX YXkXccX \c\ZkfiXc d}j ^iXe[\ [\ cX _`jkfi`X gfcÂ&#x2C6;k`ZX [\c gXÂ&#x2C6;j1 \e cX ZlXc# \jk}e \e al\^f cX Gi\j`[\eZ`X [\ cX I\gÂ&#x2019;Yc`ZX# ,'' ;`glkX$ [fj =\[\iXc\j# ()/ J\eX[fi\j# / ^fY\ieX[fi\j# d`c -() XplekXd`\ekfj# ( A\]\ [\ >fY`\ief [\ cX :;DO p 0.) ;`glkX[fj cfZXc\j% <c i\jlckX[f [\ \jX gi\ZXdgXÂ&#x152;X \j lef1 G\g\ D\X[\ pX mX$ c`Â?% KifeÂ? Zfdf \afk\% J\ [\iildYÂ? ZlXc ZXjk`ccf [\ eX`g\j% E` Z_XeqX klmf [\ [\Z`i1 Ă&#x2C6;8 [Xic\ hl\ \j dfc\ [\ fccXĂ&#x2030;% DlZ_f d\efj gi\jld`i X Dfi\eX f Xc =i\ek\ gXe`$g\ii\[`jkX$eXiXeaX1 Ă&#x2C6;mXdfj ZXYXccf X ZXYXccfĂ&#x2030;# \dgXkX[fj j`e m\ekXaX gXiX eX[`\% <j \jkX[Â&#x2C6;jk`ZXd\ek\ `dgfj`Yc\ gXiX G\g\ D\X[\ i\dfekXi cX [`]\i\eZ`X i\jg\Zkf X 8e[iÂ&#x201E;j DXel\c \e cfj /0 [Â&#x2C6;Xj [\ ZXd$ gXÂ&#x152;X \c\ZkfiXc1 [\c *' [\ dXiqf Xc ). [\ ale`f% CX d}j i\Z`\ek\ \eZl\jkX [\ I\]fidX# glYc`ZX[X \c gXjX[f (, [\ ]\Yi\if# XjÂ&#x2C6; cf [\dl\jkiX% 8 cX gi\^lekX1 J` _fp ]l\iX cX \c\ZZ`Â?e gXiX Gi\j`[\ek\# Âśgfi hl`Â&#x201E;e mfkXiÂ&#x2C6;X6 8e[iÂ&#x201E;j DXel\c c\ cc\mX X D\X[\ leX [`]\i\eZ`X [\ )- glekfj% J` D\X[\ \e]i\ekXiX X 8e[iÂ&#x201E;j DXel\c# Zfdf ZXe[`[Xkfj Â&#x2019;e`Zfj \e cX Yfc\kX2 CÂ?g\q FYiX[fi c\ Xm\ekXaXiÂ&#x2C6;X gfi ** gle$ kfj% <e cX [`jki`YlZ`Â?e [\ Xki`Ylkfj gfj`k`mfj# D\X[\ jXc\ [\c ZfZfc1 8e[iÂ&#x201E;j DXel\c j\ cf cc\mX [\ ZXcc\% CÂ?g\q FYiX[fi `ej$ g`iX d}j Zfe]`XeqX */ mj (' D\X[\ 2 _XiÂ&#x2C6;X d}j g\ijfeXj Zfdf ljk\[ */ mj (' 2 ^fY\ieXiÂ&#x2C6;X d\afi *. mj (( 2 i\jg\kXiÂ&#x2C6;X d}j cXj `ejk`klZ`fe\j ** mj () 2 i\gi\j\ekXiÂ&#x2C6;X d\afi X DÂ&#x201E;o`Zf Xek\ \c dle[f *) mj (( 2 ZfdYXk`iÂ&#x2C6;X d\$ afi cX ZfiilgZ`Â?e *) mj / 2 d\afiXiÂ&#x2C6;X cX j`klXZ`Â?e \ZfeÂ?$ d`ZX [\ cX ^\ek\ *' mj / 2 \j d}j `ek\c`^\ek\ )- mj (* 2 p XZXYXiÂ&#x2C6;X Zfe cX `ej\^li`[X[ )- mj - % CX [`]\i\eZ`X gifd\[`f Zfe d}j gfj`k`mfj \j XYildX[fiX1 8DCF *)%++ mj D\X[\ 0%//%

0 /$*81$ Ă&#x17E; )(%5(52

38

<e cfj Xki`Ylkfj e\^Xk`mfj cX j`klXZ`Â?e \j j`d`cXi1 ÂśHl`Â&#x201E;e ifYXiÂ&#x2C6;X d\efj6 *) 8DCF mj - D\X[\ 2 Âśhl`Â&#x201E;e c\ _XiÂ&#x2C6;X d}j [XÂ&#x152;f Xc gXÂ&#x2C6;j6 )' 8DCF mj *+ D\X[\ 2 Âśhl`Â&#x201E;e gXZkX$ iÂ&#x2C6;X Zfe \c eXiZfki}]`Zf (- 8DCF mj )) D\X[\ 2 Âśhl`Â&#x201E;e Y\e\]`Z`XiÂ&#x2C6;X jÂ?cf X `e]clp\ek\j6 () 8DCF mj *, D\X[\ % <e \jk\ ZXjf# cX [`]\i\eZ`X gifd\[`f Zfe d\efj e\^Xk`mfj# kXdY`Â&#x201E;e ]Xmfi\Z\ X 8e[iÂ&#x201E;j DXel\c )' mj )+%), % <jkX g\iZ\gZ`Â?e [\ Xki`Ylkfj gfj`k`mfj p e\^Xk`mfj \j i\jgXc$ [X[X gfi cX fg`e`Â?e hl\ k`\e\ cX ^\ek\ i\jg\Zkf X 8e[iÂ&#x201E;j DX$ el\c p G\g\ D\X[\1 Cfj d\o`ZXefj k`\e\e leX g\iZ\gZ`Â?e Ă&#x2C6;dlp Yl\eX& Yl\eXĂ&#x2030; [\ 8DCF +* mj (0 [\ D\X[\ % P Ă&#x2C6;dXcX& dlp dXcXĂ&#x2030; [\ 8DCF )- mj */ [\ D\X[\ % 8c^Â&#x2019;e gi``jkX [\jg`jkX[f gf[iÂ&#x2C6;X [\Z`i1 Ă&#x2C6;8c ]`eXc# el\jkif mfkf [lif efj _Xi} ^XeXi cX \c\ZZ`Â?eĂ&#x2030;% EX[X d}j Xc\aX[f [\ cX i\Xc`$ [X[1 Gfi \jZfcXi`[X[# 8e[iÂ&#x201E;j DXel\c XiiXjX X D\X[\% <c d\o`$ ZXef Zfe gi`dXi`X mfkXiÂ&#x2C6;X gfi 8e[iÂ&#x201E;j DXel\c ), mj (, [\ D\X[\ % Cf d`jdf jlZ\[\iÂ&#x2C6;X Zfe g\ijfeXj Zfe dXpfi \jZfcX$ i`[X[1 j\Zle[Xi`X *) mj (, 2 gi\gXiXkfi`X f \hl`mXc\ek\ *. mj ), p le`m\ij`[X[ f d}j +* mj (' % Cf d`jdf jlZ\[\ ZlXe[f XeXc`qXdfj cX Z`iZlejZi`gZ`Â?e ^\f^i}]`ZX [\ cX ZlXc gifZ\[\ \c mfkXek\1 <e cXj i\^`fe\j Efik\ p Efi\jk\ 9XaÂ&#x2C6;f# 8e[iÂ&#x201E;j DXel\c k`\e\ leX m\ekXaX [\ ,) mj )/ [\ D\X[\% <e cX Jli$Jli\jk\ :Xdg\Z_\# :_`XgXj# FXoX$ ZX# Hl`ekXeX Iff# KXYXjZf# M\iXZilq p PlZXk}e # +/ mj (( % <e cX :\ekif# *, mj (+ % P# \e cX :\ekif$FZZ`[\ek\# *( mj (. % <e \jk\ ilYif# cX [`]\i\eZ`X gifd\[`f \eki\ 8e[iÂ&#x201E;j DX$ el\c p D\X[\ \j [\ *)%) mj (+ % <c mfkf [lif gi``jkX \jk} Zfe CÂ?g\q FYiX[fi% <c d`jdf gi``jkX# pX XclZ`eXe[f# [`iÂ&#x2C6;X# Ă&#x2C6;g\i[\dfj cX Gi\j`$ [\eZ`X# g\if ^XeXdfj \c :fe^i\jfĂ&#x2030;% J\ \hl`mfZX [\ el\mf1 J` cXj \c\ZZ`fe\j ]l\iXe _fp# cfj d\o`ZXefj mfkXiÂ&#x2C6;Xe gfi le :fe$ ^i\jf Dfi\e`jkX# Zfe le *) gfi le (+ gXiX \c GI@% <c ]Xi[f [\c [\j\dg\Â&#x152;f [\ <ei`hl\ G\Â&#x152;X E`\kf _le[`Â? X D\X[\1 <c .0 [\ cfj d\o`ZXefj fg`eX hl\ \c gXÂ&#x2C6;j mX gfi dXc ZXd`ef [\Y`[f Xc gÂ&#x201E;j`df dXe\af [\c Gi\j`[\ek\ [\ cX I\gÂ&#x2019;Yc`$ ZX% <jX [\jZXc`]`ZXZ`Â?e `dgXZkX [\ dXe\iX [`i\ZkX Xc +. [\ d\o`ZXefj hl\ eleZX mfkXiÂ&#x2C6;X gfi \c GI@# j\^l`[f gfi Dfi\eX Zfe () % ÂśCc\^Xi}e cfj gi``jkXj _XjkX \c ]`eXc# Zfe jl [\iifkX[f ZXe$ [`[Xkf G\g\ D\X[\# gXiX ZfifeXi le [\j_feifjf k\iZ\i cl^Xi6 F# ÂśXgfpXi}e X I`ZXi[f 8eXpX gXiX `dg\[`i cX cc\^X[X [\ 8e$ [iÂ&#x201E;j DXel\c CÂ?g\q FYiX[fi X cX Gi\j`[\eZ`X [\ cX I\gÂ&#x2019;Yc`ZX6 Ef k`\e\e d}j fgZ`fe\j% Gl\j G\g\ D\X[\# pX mXc`Â?%

(175(9,67$

/H SLGR D 'LRV TXH PH SRQJD HQ HO OXJDU GRQGH P¡V KDJD IDOWD 0DUFHOR 7RUUHV &RIL±R SUHVLGHQWH QDFLRQDO GHO 3$1 <e \eki\m`jkX gXiX D CX^leX# \c c [\i [\c GXik`[f 8ZZ` e EXZ`feXc Xj\^liX hl\ X cX \c\ZZ` e ]\[\iXc [\ )'(/ cc\^Xe ]fikXc\Z`[fj p le`[fj# ÈI`ZXi[f 8eXpX \j gfi dlZ_f \c d\afi ZXe[`[Xkf% Jl m`j` e [\ gifp\Zkf [\ eXZ` e \j cf hl\ e\Z\j`kXdfj \e el\jkif gX jÉ 325 /8,6 $/%(572 / 3(= )2726 6$17,$*2 &+$3$552

<

c Gi\j`[\ek\ EXZ`feXc [\c GXik`[f 8ZZ` e EXZ`feXc# DXiZ\cf Kfii\j :f]` f# Xj\^liX hl\ jl gXik`[f cc\^X d}j ]fikXc\Z`[f hl\ eleZX gXiX \jkX \c\ZZ` e ]\[\iXc% <e \c gcXef cfZXc# i\jXckX hl\ Zfe \c \hl`$ gf _\Z_f Zfe cX Le`[X[ ;\dfZi}k`ZX [\ :fX_l`cX L;: mXe gfi cfj XZl\i[fj e\Z\$ jXi`fj gXiX jXZXi X :fX_l`cX X[\cXek\ p [\aXi Xki}j cfj k`\dgfj \e hl\ \c Gf[\i C\^`jcXk`mf \iX ZfdgcXZ`\ek\ [\c <a\Zlk`mf [\c <jkX[f%

J`\dgi\ Zfd\ekf hl\ cX ^\ek\ efj [`Z\ \e cX ZXcc\1 Èljk\[\j jfcf m`\e\e ZlXe[f g`[\e \c mfkf p pX ef i\^i\jXeÉ2 Afi^\ p pf ef jfdfj Xj # jfdfj X^iX[\$ Z`[fj p _XZ\dfj el\jkif [\Y\i% 8VWHG GLMR ÙQR VHUHPRV XQ FRQJUHVR OD FD\R GHO JREHUQDGRUÚ F³PR YDQ ODV QHJRFLDFLRQHV FRQ RWURV SDUWLGRV SDUD HYLWDU HVR 0RUHQD SRU HMHPSOR"

:fdf cf [`a\ \e cX j\j` e [\ `ejkXcXZ` e# \c :fe^i\jf j\i} c`Yi\# jfY\iXef \ `e[\$ g\e[`\ek\% CX Xlkfefd X p cX [`^e`[X[ [\c Gf[\i C\^`jcXk`mf [\ :fX_l`cX [\g\e[\e [\ dXe\iX [`i\ZkX [\ el\jkiX Zfe^il\eZ`X p c\XckX[ gXiX Zfe cfj Z`l[X[Xefj \e el\jkif XZklXi# `e[\g\e[`\ek\d\ek\ [\ el\jkiX `[\ek`[X[ gXik`[`jkX% ?\dfj _\Z_f \hl`gf Zfe cX Le`[X[ ;\dfZi}k`ZX [\ :fX_l`cX# p ef _Xp dfk`mf gXiX ef j\^l`icf j`\e[f%

'H UHJLGRU SDVDQGR SRU GLSXWDGR IH GHUDO FRRUGLQDGRU GH OD EDQFDGD GHO &RQJUHVR GH &RDKXLOD \ 6HFUHWDULR *H QHUDO GHO &RPLW© (MHFXWLYR 1DFLRQDO GHO 3$1 \ DKRUD 3UHVLGHQWH 1DFLRQDO GH VX 3DUWLGR F³PR OOHJD 0DUFHOR 7R UUHV D WRGR HVWR"

:fe kiXYXaf# [`jZ`gc`eX# k\eXZ`[X[# Zfe c\XckX[ X d`j `[\Xc\j p gi`eZ`g`fj# Zfe \c Xgfpf [\ cfj d fj# j`\dgi\ Zfejkilp\e$ [f XZl\i[fj# ZfeZ`c`Xe[f# Zfe dlZ_X [`jgfj`Z` e p c\XckX[ \e d`j ZXi^fj p Zfe cX ^iXe Zfem`ZZ` e [\ hl\ \jkfp \e \c d\afi gXik`[f [\ D o`Zf%

&X¡O HV OD DJHQGD TXH VLJXH VX JUXSR SDUODPHQWDULR" KD\ DOJXQD LQLFLDWLYD R PRGLILFDFL³Q D ODV OH\HV HQ SDUWLFXODU"

Gi`d\iXd\ek\# \jkXdfj Zfe cX [\dXe[X [\ XZZ` e [\ `eZfejk`klZ`feXc`[X[ [\ cX C\p Fi^}e`ZX [\c :fe^i\jf [\c <jkX[f [\ :fX_l`cX# eX[`\ efj k`\e\ hl\ XkXi cXj dXefj# p d\efj hl`\e\j pX ZfeZcl$ p\ife jl c\^`jcXkliX# p ]l\iXe jld`jfj Zfe \c ^fY\ieX[fi% KiX\dfj leX X^\e[X \e mXi`fj k\dXj# \e [\l[X g Yc`ZX# \e g\ej`fe\j# \e [\$ jXiifccf jfZ`Xc# \e kiXejgXi\eZ`X p i\e$ [`Z` e [\ Zl\ekXj p gXicXd\ekf XY`\ikf%

7LHQH WLHPSR SDUD DPEDV HQFRPLHQ GDV" F³PR OR JDUDQWL]D"

:fe fi[\e# [`jZ`gc`eX p \eki\^X# Xgifm\$ Z_Xe[f cXj )+ _fiXj [\c [ X# cfj j`\k\ [ Xj [\ cX j\dXeX# p cf d}j `dgfikXek\# Zfe \c ^iXe i\jgXc[f p }e`df [\ d` ]Xd`c`X% D\ j`\ekf jXk`j]\Z_f [\ cfj i\jlckX[fj p j\^l`dfj kiXYXaXe[f gXiX hl\ \e \jk\ )'(/ X Kfii\ e# X :fX_l`cX p X D o`Zf c\j [\gXi\ le d\afi ]lklif%

+D\ XQD GLYLVL³Q MXVWD GH ODV FRPLVLR QHV" 6H GLFH TXH DXQTXH XVWHGHV WLHQHQ OD SUHVLGHQFLD GH DOJXQDV FODYH QR WLH QHQ OD PD\RU­D SDUD UHDOPHQWH DFFLRQDU

+D\ TXLHQHV SLHQVDQ TXH WDPEL©Q KDFH FDPSD±D SXHV VH OH KD YLVWR UHFRUULHQGR FRORQLDV FRQ HO DOFDOGH -RUJH =HUPH±R

<jkXdfj Zldgc` e[fc\ X cfj Z`l[X[Xefj# gifd\k`dfj i\^i\jXi# [Xi cX ZXiX# i\jfcm\i \e \hl`gf jlj e\Z\j`[X[\j \ `ehl`\kl[\j# jfcf hl\ Zfdf jfZ`\[X[ ef \jkXdfj XZfj$ kldYiX[fj X hl\ cfj gfc k`Zfj i\^i\j\e Zfe cX ^\ek\ hl\ c\j [`f jl Zfe]`XeqX# \j \ek\e$ [`Yc\ hl\ ^\e\i\ \okiX \qX% 0 /$*81$ Þ )(%5(52

<jkXdfj dlp jXk`j]\Z_fj \e cX Zfe]fi$ dXZ` e [\ cXj Zfd`j`fe\j# _`Z`dfj le ^iXe kiXYXaf cfj ^ilgfj gXicXd\ekXi`fj [\c GXik`[f 8ZZ` e EXZ`feXc p Le`[X[ ;\dfZi}k`ZX [\ :fX_l`cX# cfj i\jlckX[fj j\ m\i}e \e \c Gc\ef%

40

(175(9,67$ (O 6LVWHPD 1DFLRQDO $QWLFRUUXSFL³Q 61$ IXH XQD GH ODV FDXVDV TXH DEDQ GHU³ HQ VX PRPHQWR HQ HO &RQJUHVR GH OD 8QL³Q DKRUD HVW¡ GHWHQLGR D QLYHO QDFLRQDO \ DPD±DGR HQ YDULDV HQWLGD GHV GHO SD­V TX© SDV³ DK­"

E\Z\j`kXdfj [\ cX mfclekX[ [\ dlZ_fj XZkfi\j# \c GI@$^fY`\ief [\Y\ [\aXi cX j`$ dlcXZ` e# j\^l`dfj kiXYXaXe[f ]l\ik\ gXiX cf^iXi cfj XZl\i[fj p hl\ \c JE8 j\X leX i\Xc`[X[ \e kf[Xj cXj \ek`[X[\j% 8VWHG HV XQ SHUVRQDMH PX\ FHUFDQR DO SUHFDQGLGDWR 5LFDUGR $QD\D H LQFOXVR VH GLFH TXH VX DVFHQVR D YDULRV SXHVWRV VH OR GHEH D ©O WLHQH PDGHUD SDUD OOH JDU D OD VLOOD JUDQGH"

I`ZXi[f 8eXpX \j gfi dlZ_f \c d\afi ZXe$ [`[Xkf p j\i} le ^iXe Gi\j`[\ek\ [\ cX I\g $ Yc`ZX# j [\ jl ZXgXZ`[X[# \eki\^X# [`jZ`gc`$ eX# Zfdgifd`jf p mXc\ek X% Jl m`j` e [\ gifp\Zkf [\ eXZ` e \j cf hl\ e\Z\j`kXdfj \e el\jkif gX j% 3HVH D TXH HV DFXVDGR SRU RWURV SDQLV WDV \ H[ SDQLVWDV GH OOHJDU D OD SUHFDQGL GDWXUD FRQ P©WRGRV SRFR GHPRFU¡WLFRV"

:fdf pX cf _XY X Zfd\ekX[f# \c G8E \j \c d\afi gXik`[f [\ D o`Zf p cf hl\ cf [`jk`e^l\ \j jl m`[X [\dfZi}k`ZX# cX c`Y\ikX[ hl\ k\e\$ dfj cfj gXe`jkXj [\ \ogi\jXi el\jkifj glekfj [\ m`jkX \ei`hl\Z\ cX `ejk`klZ` e# i\jg\kf kf$ [Xj cXj fg`e`fe\j# cXd\ekf hl\ Xc^lefj Zfd$ gX \ifj gfi [\Z`j` e gifg`X Xk`\e[Xe gifp\Z$ kfj g\ijfeXc\j# \j leX g\eX hl\ ef j\ jld\e Xc gifp\Zkf [\c G8E p [\c =i\ek\% &³PR OOHJD DO 3$1 D " HQ &RDKXLOD FUHHQ UHSHWLU HO FDUUR FRPSOH WR GH GLSXWDFLRQHV HQ /D /DJXQD"

Cc\^Xdfj ]fikXc\Z`[fj# Zfe le ^iXe Zfdgif$ d`jf _XZ`X cfj Z`l[X[Xefj p [\]`e`k`mXd\e$ k\ k\e\dfj cXj _\iiXd`\ekXj gXiX j\^l`i Zfe cX Zfe]`XeqX [\ cfj cX^le\ifj% +D\ UHFRQFLOLDFL³Q R FRQFLOLDFL³Q HQ WUH YDULRV OLGHUD]JRV FRPR -RUJH =HU PH±R /XLV )HUQDQGR -HVºV GH /H³Q \ *XLOOHUPR $QD\D"

?Xp leX ^iXe Zfem`ZZ` e [\ hl\ k\e\dfj leX \oZ\c\ek\ fgfikle`[X[ [\ [Xic\j X cfj ZfX_l`c\ej\j ^fY`\iefj Z\iZXefj X cX Z`l[X$ [Xe X# [\ kiXYXaXi j`e i\e[`iefj# \c G8E \jk} le`[f p ]l\ik\# pX cf m\i}e% (O FDPELR VXHQD DOJR WULOODGR TX© P¡V OH RIUHFHQ D OD FLXGDGDQ­D"

>fY`\iefj hl\ \jZlZ_\e p hl\ kiXYXa\e gfi cfj Z`l[X[Xefj# jXe\Xi cXj ]`eXeqXj# YljZXi \c gif^i\jf i\Xc p jljk\ekXYc\# cc\mXi fYiXj [\ ZXc`[X[# i\e[`i Zl\ekXj# hl\ cX kiXejgX$ i\eZ`X ef j\X le [`jZlijf j`ef leX i\Xc`[X[# i\Zlg\iXi cf ifYX[f Xek\ \c jXhl\f [\ fkiXj X[d`e`jkiXZ`fe\j# i\^i\jXic\ cX [`^e`[X[ X dlZ_Xj ]Xd`c`Xj hl\ m`m\e \e Zfe[`Z`fe\j hl\ eX[`\ d\i\Z\# lk`c`qXi \c [`e\if \e XZ$ Z`fe\j hl\ Y\e\]`Z`\e X kf[fj# k\e\i le Zfe$ ^i\jf j`e dXefj XkX[Xj p ef j\im`c# \c G8E k`\e\ dlZ_f hl\ [Xic\ X cfj Z`l[X[Xefj%

/DPHQWR TXH DOJXQRV FRPSD±HURV SRU GHFLVL³Q SURSLD DWLHQGDQ SUR\HFWRV SHUVRQDOHV HV XQD SHQD TXH QR VH VXPHQ DO SUR\HFWR GHO 3$1 \ GHO )UHQWH Ú 41

0 /$*81$ Þ )(%5(52

(175(9,67$

&RPR OR GLMH HO &RQJUHVR VHUยก OLEUH VREHUDQR H LQGHSHQGLHQWHร

4Xยฉ OHV GHMยณ OD SยฉUGLGD GH OD JXEHUQDWX UD GH &RDKXLOD HO DยฑR SDVDGR" FยณPR OR FDSLWDOL]DQ GH FDUD D OD HOHFFLยณQ PยกV LP SRUWDQWH GHO SDยญV"

:fe cX jXY`[liย X hl\ \eZXY\qXdfj leX cl$ Z_X aljkX# hl\ cfj ZfX_l`c\ej\j efj le`$ dfj Zfdf eleZX gfi i\Zlg\iXi cf hl\ efj ifYXife# cX fgfikle`[X[ [\ [\Z`i PX 9XjkX \e :fX_l`cX cc\^ย dlp gifekf p cX mXdfj X Xgifm\Z_Xi% &XยกO HV HO UHWR PยกV LPSRUWDQWH TXH WLH QH HO 3$1 HQ HVWD HOHFFLยณQ"

I\j`jk\eZ`X p dlZ_f kiXYXaf# kiX\dfj \o$ Z\c\ek\j ZXe[`[Xkfj p \oZ\c\ek\j gifgl\j$ kXj# mXdfj gfi kf[f% 0 /$*81$ ร )(%5(52

&ยณPR VDOLU GHO VHJXQGR OXJDU D QLYHO QD FLRQDO TXH PDUFDQ ODV HQFXHVWDV"

Cfj d\o`ZXefj jXY\dfj hl\ \jk} el\jkif ]lklif \e al\^f# [\Y\dfj [\ clZ_Xi Zfe$ kiX dย kf[fj ZfigfiXk`mfj p d\j`}e`Zfj# \c mfkf ef k`\e\ gi\Z`f# \c mfkf ย k`c p [\ Zfe$ m`ZZ`ย e j\ i\]c\aXi} \e cXj lieXj% <jkX \c\Z$ Z`ย e j\i} \eki\ [fj# \c GI@ hl\[ย ]l\iX# p d\ YXjf \e _\Z_fj i\Xc\j# / [\ ZX[X (' d\o`ZXefj i\gl[`X Xc GI@# \jf \j `ii\m\i$ j`Yc\% CX [\Z`j`ย e \jk} \e dXefj [\ cfj d\o`ZXefj# [\Y\i}e \c\^`i \eki\ cXj `[\Xj m`\aXj# fYjfc\kXj p ]iXZXjX[Xj hl\ i\gi\$ j\ekX Cย g\q# f cXj gifgl\jkXj el\mXj# `e$ k\c`^\ek\j p Zfe m`j`ย e X ]lklif hl\ f]i\Z\ I`ZXi[f 8eXpX%

42

4Xยฉ VHUยก GH XVWHG GHVSXยฉV GH ORV FRPL FLRV VL JDQDQ R SLHUGHQ" +D\ TXLHQHV SLHQVDQ TXH VL HO 3DUWLGR $FFLยณQ 1DFLRQDO VH YH IDYRUHFLGR HQ ORV FRPLFLRV SRU OD 3UHVLGHQFLD GH OD 5HSยบEOLFD XVWHG SXGLH UD VHU LQYLWDGR D IRUPDU SDUWH GHO FยญUFXOR FHUFDQR GHO SUยณ[LPR SUHVLGHQWH

D\ j`\ekf _feiX[f [\ g\ik\e\Z\i X \jk\ ^iXe GXik`[f Gfcย k`Zf \e \jk\ dfd\ekf _`jkย i`Zf# kf[Xj cXj dXย XeXj c\ g`[f X ;`fj hl\ d\ gfe^X \e \c cl^Xi [fe[\ d}j _X^X ]XckX# m\e^f X [Xi d` ZXgXZ`[X[ p \eki\^X X d` gXย j# \c cl^Xi \j cf [\ d\efj# cf `d$ gfikXek\ \j _XZ\icf Y`\e% D` fYj\j`ย e \j ZXdY`Xi X Dย o`Zf# _X$ Z\i i\Xc`[X[ X cf hl\ Xjg`iXdfj cfj d\o`ZXefj# ZfdYXk`i cX ZfiilgZ`ย e \ `dgle`[X[# k\e\i p j\ek`i c`Y\ikX[ p j\$ ^li`[X[# p [\j[\ cl\^f ^\e\iXi fgfikl$ e`[X[\j [\ [\jXiifccf X kf[fj cfj d\o`$ ZXefj# dla\i\j p _fdYi\j# aย m\e\j# X[lckfj p X[lckfj dXpfi\j# \kZ%# kf[fj k\e\dfj cfj d`jdfj [\i\Z_fj p [\Y\$ dfj Xjg`iXi X j\i d\afi\j%

3RU OR WDQWR

3RU /XLV 3HWHUVHQ )DUDK

4XLยฉQ FUHH TXH VHUยก UHHOHJLGR" (Q WHRUยญD OD YHQWDMD GH OD UHHOHFFLยณQ HV TXH ODV DXWRULGDGHV PXQLFLSDOHV \ OHJLVODWLYDV WHQGUยกQ PยกV WLHPSR SDUD DSUHQGHU HO RILFLR \ KDFHU DOJR YDOLRVR

<

/XLV 3HWHUVHQ )DUDK 'LUHFWRU HGLWRULDO GH 0LOHQLR 'LDULR GH 0RQWHUUH\ OXLV SHWHUVHQ# PLOHQLR FRP

e kย id`efj gi}Zk`Zfj# \jk\ Xย f Dย o`$ Zf \jki\eX i\\c\ZZ`ย e% <j Z`\ikf hl\ \e )'(. _lYf le gXi [\ [`jki`kfj cf$ ZXc\j p le dle`Z`g`f hl\ pX j\ X[\$ cXekXife% KXdY`ย e \j Z`\ikf hl\ cfj XZklXc\j [`glkX[fj ]\[\iXc\j p j\eX[fi\j kf[Xmย X ef j\ gf[i}e gi\j\ekXi gXiX le j`^l`\ek\ g\i`f[f% J`e \dYXi^f# )'(/ \j \c Xย f \e hl\ ). \e$ k`[X[\j ]\[\iXk`mXj gfj`Y`c`kXi}e cX i\\c\ZZ`ย e \e :fe^i\jfj cfZXc\j p XplekXd`\ekfj f jย cf \e ย jkfj ย ck`dfj# Zfdf \j \c ZXjf [\ :fX_l`$ cX% <e k\fiย X# cX m\ekXaX [\ cX i\\c\ZZ`ย e \j hl\ cXj Xlkfi`[X[\j dle`Z`gXc\j p c\^`jcXk`mXj k\e$ [i}e d}j k`\dgf gXiX Xgi\e[\i \c f]`Z`f p _X$ Z\i Xc^f mXc`fjf% 8[\d}j# [\Y\i}e [Xi cX ZXiX X cfj Z`l[X[Xefj \e YljZX [\ jl j`^l`\ek\ fgfikle`[X[# i\e[`i Zl\ekXj p# [\ Xc^leX dX$ e\iX# gi\j\ekXi i\jlckX[fj# \jZlZ_Xi cX \mX$ clXZ`ย e [\ jl gifg`f kiXYXaf p Xii`\j^Xij\ Xc i\ZcXdf% <jf# \e k\fiย X% <e cX i\Xc`[X[# cf hl\ \jk} ZcXif \j m`m`i\dfj le ^iXe \og\i`d\ekf% Lef d}j# Zfdf j` ef _lY`\iX gifYc\dXj gi\m`j`$ Yc\j \e cfj Zfd`Z`fj [\ \jk\ Xย f# g\if Xjย jfe cXj ZfjXj \e el\jkif j`jk\dX \c\ZkfiXc _\Z_f X YXj\ [\ gXiZ_\j1 p j\i} le [\jX]ย f gXiX cXj Xlkfi`[X[\j \c\ZkfiXc\j# gXiX cfj ki`YleXc\j p gXiX cfj gifg`fj Zfdg\k`[fi\j p jlj gXik`[fj% CXj gi`d\iXj \e]i\ekXi}e# Zfe cX i\\c\Z$ Z`ย e# el\mXj [`]`ZlckX[\j% <c @E< p jlj Fgc\j k\e[i}e leX Z_XdYX \efid\# gfi \a\dgcf# \e cX m`^`cXeZ`X [\ i\Zlijfj gย Yc`Zfj gfi gXi$ k\ [\ hl`\e\j YljZXe i\\c\^`ij\% Ef _Xp hl\ fcm`[Xicf1 cX [\jZfe]`XeqX \c\ZkfiXc gifm`\e\# \e Yl\eX d\[`[X p \e kf[f Dย o`Zf# [\c ljf \c\ZkfiXc [\ cfj i\Zlijfj p cfj gif^iXdXj jf$ Z`Xc\j%

0 /$*81$ ร )(%5(52

44

Cfj ki`YleXc\j \c\ZkfiXc\j \jkXkXc\j p ]\[\$ iXc\j kXdY`ย e k\e[i}e hl\ \jkXi gi\gXiX[fj% ;X[f el\jkif k\dg\iXd\ekf \c\ZkfiXc# f j\X# [X[X el\jkiX e\Z\[X[ \e YXjXi cX Zfek`\e[X \e cX Z\ik\qX [\ hl\ \c fkif _Xi} kiXdgX p hl\ \e ZlXchl`\i ZXjf j\ d\i\Z\i} leX `dgl^eX$ Z`ย e# cf d}j gifYXYc\ \j hl\ cX el\mX j`klX$ Z`ย e [\ i\\c\ZZ`ย e j\ kiX[lqZX \e leX gfj`Y`$ c`[X[ X[`Z`feXc [\ i\ZcXdfj p [\eleZ`Xj% LeX el\mX ]l\ek\ [\ al[`Z`Xc`qXZ`ย e [\ cfj gifZ\$ jfj \c\ZkfiXc\j% G\if jfYi\ kf[f# eX[X j\ jXY\ XZ\iZX [\c ย o`kf [\ cfj hl\ j\ hl`\iXe i\\c\^`i# gXik`Zl$ cXid\ek\ cfj XcZXc[\j% E` cfj gXik`[fj e` cfj gifg`fj ]leZ`feXi`fj \e gfj`Y`c`[X[ [\ i\$ \c\ZZ`ย e jXY\e Zl}ekf c\j ZfjkXi} \c [\j^Xjk\ [\ jl XZklXc ^\jk`ย e% CX \og\i`\eZ`X [`Z\ hl\ eX[`\ j\ \jZXgX [\ [\Z\gZ`feXi X jlj ^fY\ieX[fj# p hl\ ย jkfj `e$ mXi`XYc\d\ek\ XZXYXe ZfYiXe[f Xc^leX ]XZ$ kliX% GXiX \c mfkXek\ ZXjk`^X[fi# j`\dgi\ j\i} d\afi \c Yl\ef gfi ZfefZ\i% CX i\\c\ZZ`ย e gl\[\ j\i le k`if gfi cX Zl$ cXkX% <jf j\ m\i} \e lefj d\j\j% Cfj mfkXek\j j\ XZfi[Xi}e# j`e [l[X# [\ cXj gifd\jXj hl\ jl XcZXc[\ c\j _`qf \e jl ZXdgXย X Xek\i`fi p c\ \o`^`i}e jl Zldgc`d`\ekf2 f [\ cXj gifd\$ jXj hl\ e` j`hl`\iX _`qf g\if hl\[Xife Zfdf gXik\ [\ cXj \og\ZkXk`mXj Z`l[X[XeXj% :fdf jl\c\ jlZ\[\i# cfj mfkXek\j i\Zfi[X$ i}e cf dXcf# gfi dlZ_f hl\ cf Yl\ef Zl\ek\% Gfi cf gifekf# ZfefqZf X mXi`fj XcZXc[\j hl\# ZfejZ`\ek\j [\c [\j^Xjk\ [\ ZlXchl`\i X[d`e`jkiXZ`ย e dle`Z`gXc# _Xe gi\]\i`[f ef Xii`\j^Xij\ p kfdXi fkiX mย X% Jfp [\ cfj hl\ g`\ejX# gfi cf kXekf# hl\ j\ e\Z\j`kX j\i [\ m\iXj Yi`ccXek\ gXiX \jg\iXi j\i i\\c\^`[f%

5(3257$-(

(/ &ย 1&(5

TE ARRANC 325 5('$&&,ย 1 0,/(1,2 *5ย ),&2 6(5*,2 3(5$/7$

6HJยบQ GDWRV HVWDGยญVWLFRV D QLYHO QDFLRQDO HQ 0ยฉ[LFR

GH FDGD PXMHUHV

TXH OOHJDQ D SDGHFHU FยกQFHU GH PDPD SXHGHQ VDOYDU OD YLGD 6L HVWH PDO HQGยฉPLFR HV GHWHFWDGR HQ VX IDVH SULPDULD \ VLQ UHFXUUHQFLD SRU OR TXH HV GH YLGD R PXHUWH TXH D SDUWLU GH ORV DยฑRV VH UHDOLFHQ GH PDQHUD UXWLQDULD SUยกFWLFDV GH DXWRH[SORUDFLยณQ PDPDULD \ D SDUWLU GH ORV DยฑRV VH HIHFWยบHQ XQD PDVWRJUDIยญD SRU OR PHQRV FDGD GRV DยฑRV

$TXยญ DOJXQDV FLIUDV GH &RDKXLOD \ /D /DJXQD

1

0XQLFLSLRV

6HJยบQ GDWRV GHO ,1(*, &21$32 \ 6HFUHWDUยญD GH 6DOXG ORV PXQLFLSLRV FRQ PD\RU LQFLGHQFLD GH OD HQIHUPHGDG HQ /D /DJXQD /HUGR *ยณPH] 3DODFLR 7RUUHยณQ 0DWDPRURV 6DQ 3HGUR )UDQFLVFR , 0DGHUR \ 9LHVFD

2

(VWDGยญVWLFD DQXDO

3

&RVWRV GH DWHQFLยณQ

/RV FDVRV GH FยกQFHU GH PDPD HQ HO (VWDGR GH &RDKXLOD KDQ GLVPLQXLGR KDVWD QRYLHP EUH GH XQ FRQ UHODFLยณQ D

275 casos 'H WXPRUHV PDOLJQRV HQ PDPDV VH KDQ GHWHFWDGR GH HQHUR D QRYLHPEUH GH 'H DFXHUGR D FLIUDV RILFLDOHV GH OD 6HFUHWDUยญD GH 6DOXG

3 hombres VH LQFOX\HQ GHQWUR GH HVWDV FLIUDV GH FDVRV GH FยกQFHU GH PDPD

0 /$*81$ ร )(%5(52

46

/D DWHQFLยณQ D XQD SDFLHQWH GLDJQRVWLFDGD FRQ HVWD HQIHUPHGDG DVFLHQGH HQ SURPHGLR D

PLO SHVRV

5(3257$-(

5 '( 0$0$ 5

6­QWRPDV

CA LA VIDA C

4

&DPELR HQ OD WH[WXUD GH OD SLHO

3UHVHQFLD GH EXOWRV HQURMHFLPLHQWR R JDQJOLRV OLQI¡WLFRV LQIODPDGRV

&DPELR HQ OD FRORUDFL³Q GH OD DXUHROD

5 'LIHUHQFLD HQ OD IRUPD GH ORV VHQRV

6DOLGD GH VDQJUH R DOJºQ RWUR IOXLGR

,QIUDHVWUXFWXUD /RV UDQJRV GH HGDG GH ODV PXMHUHV VRQ YDULDEOHV VLQ HPEDUJR VH GD HQ VX PD\RU­D HQWUH ORV \ D±RV \ VRQ DWHQGLGDV HQ LQVWLWXFLRQHV SºEOLFDV \ SULYDGDV FRPR HO ,QVWLWXWR 0H[LFDQR GHO 6HJXUR 6RFLDO ,066 ,QVWLWXWR GH 6HJXULGDG \ 6HUYLFLRV 6RFLDOHV GH ORV 7UDEDMDGRUHV GHO (VWDGR ,6667( 0DJLVWHULR 6HJXUR 3RSXODU HQWUH RWUDV

$FFLRQHV GH SUHYHQFL³Q

(O GHVDUUROOR GHO F¡QFHU GH PDPD VH GHEH D GLYHUVRV IDFWRUHV HQWUH ORV TXH VH HQFXHQ WUDQ XQD GLHWD LQDGHFXDGD FRQVXPR GH SRFR ¡FLGR I³OLFR IDOWD GH YLWDPLQDV WDEDTXLVPR DOFRKROLVPR IDOWD GH HMHUFLFLR DV­ FRPR ORV KHUHGLWDULRV $QWHV GH ORV D±RV VL VH OOHJD D WHQHU DOJXQD VRVSHFKD OR LGHDO HV UHDOL]DUVH XQ XOWUDVRQLGR PDPDULR

8QD SDFLHQWH TXH FRQFOX\H VX SURFHVR HV PRQLWRUHDGD HQ ORV VLJXLHQWHV FLQFR D±RV VL QR SUHVHQWD UHLQFLGHQFLD WLHQH PHQRV ULHVJR GH YROYHU D GHVDUUROODU HVWD HQIHUPHGDG

)8(17( 66$ -85,6',&&Â&#x201C;1 6$1,7$5,$ 1R

6

2WUDV DFFLRQHV

0HGLDQWH DFWLYLGDGHV VHQFLOODV ODV PXMHUHV SXHGHQ HQ OD SUHYHQFL³Q GHO F¡QFHU GH PDPD \ HQ OD GHWHFFL³Q HQ HWDSDV WHPSUDQDV

8QD GH ODV SULQFLSDOHV FDXVDV SRU ODV TXH QR DFXGHQ D UHDOL]DUVH ORV HVWXGLRV FRUUHVSRQGLHQWHV HV OD XELFDFL³Q GHO +RVSLWDO *HQHUDO SRU HVR VH UHDOL]DQ FDPSD±DV SDUD SRGHU DFHUFDU HVWH VHUYLFLRV D RWURV SXQWRV GHO PXQLFLSLR \ FDSWDU HO PD\RU QºPHUR GH PXMHUHV

47

&RQWURO DGHFXDGR GHO SHVR 3URJUDPDV GH HMHUFLFLR UHDOL]DGRV GH PDQHUD UHJXODU /LPLWDU HO FRQVXPR GH DOFRKRO 5HDOL]DU H[¡PHQHV GLDJQ³VWLFRV GH LPDJHQ HQ IRUPD VLVWHP¡WLFD GH DFXHUGR D OD HGDG \ D ORV IDFWRUHV GH ULHVJR FRQRFLGRV &RQVXOWDU D VX P©GLFR HQ FDVR GH WHQHU KLVWRULD IDPLOLDU GH F¡QFHU GH PDPD PDGUH SDGUH KHUPDQRV R KLMRV SDUD FRQRFHU HO ULHVJR UHDO

0 /$*81$ Ã&#x17E; )(%5(52

&$57 1 32/ 7,&2

/$ (67$' 67,&$

0 /$*81$ Þ )(%5(52

9LOODIXHUWH

48