M Laguna, jul/2018

Page 1

683/(0(172 0(168$/

-8/,2

5(3257$-( (O HIHFWR $0/2 UHSODQWHD OD IRUPD GH KDFHU SRO­WLFD HQ &RDKXLOD

&2/801$ 0D[LPH 3RUWDO

/$*81$

JORGE ZERMEÑO INFANTE

PERCIBO UNA GRAN CONFIANZA DE LA GENTE $50$1'2 *8$',$1$ 7,-(5,1$ 6H QHFHVLWD TXH FDGD TXLHQ WUDEDMH D IDYRU GH ORV FLXGDGDQRV

+25$&,2 3, $ 9,/$ +D\ TXH SRUWDUVH ELHQ \ QDGD GH FRUUXSFL³Q

5$ / 9(5$ / 3(= &UHR TXH HO 2ELVSR GH 7RUUH³Q DUUDQF³ ELHQ

&217(1,'26 683/(0(172 0 /$*81$ Þ -8/,2

(+) 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 GUILLERMO CONTRERAS FERNANDO RODRÍGUEZ ERNESTO VENEGAS GABRIELA VÁZQUEZ JOSÉ FRANCISCO ROCHA 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 GERENTE DE ADMINISTRACIÓN Y FINANZAS GERENTE DE MERCADOTECNIA GERENTE DE SISTEMAS SUPLEMENTOS DISEÑO EDITORIAL JEFA DE INFORMACIÓN JEFE DE REDACCIÓN FOTÓGRAFO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO DIGITALIZACIÓN

EJECUTIVOS COMERCIALES ANTONIO FEMATT, JORGE IVÁN MARTÍNEZ, VALERIA CASTRO, ÁNGEL OMAR GONZÁLEZ

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

Ù1R PH VLHQWR XQD DXWRULGDG DOHMDGD R HQ XQ SHGHVWDO VR\ FRPR FXDOTXLHUD PH VLJR VLQWLHQGR FLXGDGDQRÚ -RUJH =HUPH±R ,QIDQWH

&2/801$

%5(9(6

1RWLFLDV SRO­WLFDV \ VRFLDOHV GH &RDKXLOD \ 'XUDQJR

(O 6©S LPR 5ROOR

3

3

(175(9,67$

7255( 1 /(-26 '( 6(5 327(1&,$ 785 67,&$

5DºO 9HUD /³SH] VDEH TXH HO FRPEDWH D ODV LQMXVWLFLDV QXQFD WHUPLQD

'H SUR\HFWRV SULRULWDULRV GHO DFWXDO VH[HQLR VROR WUHV IXHURQ FRQFOXLGRV

3

3

(175(9,67$

&212&(5 ÙJHQHUDGRUÚ GH SHUVRQDO FRPSHWHQWH $OEHUWR $OPDJXHU 5RFKD GLUHFWRU JHQHUDO

3

(175(9,67$

+RUDFLR 3L±D YLOD HQFDEH]DU¡ HO SULPHU JRELHUQR GH DOWHUQDQFLD HQ HO PXQLFLSLR GH 0DWDPRURV

3 '85$1*2 7(&12/ *,&2

(175(9,67$

3

3

&OºVWHU GH 7HFQRORJ­D GH OD ,QIRUPDFL³Q DSXQWD KDFLD OD WHFQLILFDFL³Q GH ODV DFWLYLGDGHV SURGXFWLYDV

7DOHQWR KXPDQR HO HVFXGR HPSUHVDULDO IUHQWH DO FRQWH[WR FRPSHWLWLYR H LQFLHUWR -DLPH 9DOYHUGH

&$57 1 32/ 7,&2 3

0 /$*81$ VXSOHPHQWR PHQVXDO ,PSUHVR HQ MXOLR 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

7RUUH³Q OHMRV GH VHU XQD SRWHQFLD WXU­VWLFD 3

(O UHWR IUHQDU DEXVRV GH DXWRULGDG HQ 0DGHUR -RQDWKDQ  YDORV 5RGU­JXH] 3

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

%$1'(5$=2 $ 3$548( (&2/“*,&2 &(552 '( /$6 12$6 :fe leX `em\ij`Â?e [\ +' d`ccfe\j [\ g\jfj# \c ^fY\ieX[fi [\c \jkX[f [\ :fX_l`cX# D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj# XeleZ`Â? cX ZfejkilZZ`Â?e [\c GXihl\ <ZfcÂ?^`Zf :\iif [\ cXj EfXj# \jg\Z`$ ]`ZXe[f hl\ cX fYiX j\ [\jXiifccXi} \e leX _\Zk}i\X# \e le k`\d$ gf Xgifo`dX[f X le XÂŒf% <jkX `em\ij`Â?e \e `e]iX\jkilZkliX kliˆjk`ZX p [\ i\Zi\XZ`Â?e# j\ Xj\^liÂ?# g\id`k`i} Zfejfc`[Xi \c Gifp\Zkf @ek\^iXc :\ekif ?`jkÂ?i`Zf :\iif [\ cXj EfXj# hl\ Xik`ZlcX \c JXeklXi`f alekf Xc K\c\]„i`Zf p \c GXj\f Dfi\cfj# cf hl\ gifdfm\i} \c [\jXiifccf kliˆjk`Zf p \ZfeÂ?d`Zf \e Kfii\Â?e% CX ZfejkilZZ`Â?e Zfej`jk`i} \e , k\iiXqXj X YXj\ [\ le j`jk\dX

0 /$*81$ Ăž -8/,2

[\ dlif [\ Zfek\eZ`�e p XcY\i^Xi} XZk`m`[X[\j# le }i\X [\ al\$ ^fj `e]Xek`c\j# qfeX [\ [\jZXejf# (' d�[lcfj Zfd\iZ`Xc\j ]`afj# (' d�[lcfj Zfd\iZ`Xc\j d�m`c\j p le aXi[ˆe Yfk}e`Zf% >\iXi[f 9\icXe^X >fk„j# k`klcXi [\ cX J\Zi\kXiˆX [\ @e]iX\j$ kilZkliX# XZfk� hl\ j\i}e , k\iiXqXj \e [\je`m\c\j Zfdle`ZX[Xj X kiXm„j [\ \jZXc`eXkXj p iXdgXj \c„Zki`ZXj# p Zfej`[\iXe[f cXj XckXj k\dg\iXkliXj hl\ j\ i\^`jkiXe \e CX CX^leX# j\ k\e[i}e \jgXZ`fj [fe[\ j\ ZfeZ\ekiXi}e m\ek`cX[fi\j Zfe _ld\[X[% <e \c XZkf gifkfZfcXi`f kXdY`„e j\ i\Xc`q� cX ]`idX [\c Zfe$ m\e`f [\ Z\j`�e [\ `e^i\jfj [\c K\c\]„i`Zf [\ Kfii\�e X ]Xmfi [\c ;@= dle`Z`gXc p X cX ;`�Z\j`j [\ Kfii\�e%

2

%5(9(6

,3 < *2%,(512 '( '85$1*2 680$1 (6)8(5=26

<c ^fY\ieX[fi Afj„ IfjXj 8`jglif \jkXYc\Z`� Xc `ejkXcXi \c :fej\af gXiX \c ;\jXiifccf [\ ;liXe^f# hl\ Zfe cX jldX [\ \j]l\iqfj \eki\ \dgi\jXi`fj p cX X[d`e`jkiXZ`�e \jkXkXc j\ i\]i\e[X \c Zfdgifd`jf [\ kiXYXaXi \e le`[X[ gfi \c gif^i\$ jf# ]fikXc\Z`\e[f cX kfdX [\ [\Z`j`fe\j d\[`Xek\ cX gXik`Z`$ gXZ`�e Z`l[X[XeX% <e \j\ Zfek\okf \c dXe[XkXi`f c\ kfd� gifk\jkX X DXpk„ M`m� Gi`\kf Zfdf gi\j`[\ek\ [\c :fej\af gXiX \c ;\jXiifccf [\ ;liXe[f :f[\[li # `ejkXeZ`X [\ Zffi[`eXZ`�e `ek\i`ej$ k`klZ`feXc p [\ ZfeZ\ikXZ`�e [fe[\ cfj \dgi\jXi`fj kiXYXaX$ i}e [\ ]fidX ZfealekX gXiX ^\e\iXi gifp\Zkfj p gfcˆk`ZXj hl\ Xpl[\e X k\e\i leX \ek`[X[ d}j Zfdg\k`k`mX% :fe cfj \dgi\jXi`fj p \c Zfdgifd`jf [\c ^fY`\ief gXiX kiXYXaXi \e \hl`gf# j\ cf^iXi} \c [\jXiifccf hl\ \c \jkX[f i\$ hl`\i\# gleklXc`q� 8`jglif Kfii\j# p i\`k\i� X cfj Zfej\a\ifj hl\ j\ [\Y\e i\[fYcXi \j]l\iqfj p jldXi mfclekX[\j \eki\ ]leZ`feXi`fj p jfZ`\[X[ gXiX kfdXi cXj d\afi\j [\Z`j`fe\j gfi \c Y`\e [\ ;liXe^f%

/$ &,8'$' '( '85$1*2 )(67(-$ $1,9(56$5,2

5(<(6 )/25(6 +857$'2 18(92 &225',1$'25 *(1(5$/ '(/ *2%,(512 )('(5$/ (1 &2$+8,/$ <c gi\j`[\ek\ \c\Zkf# 8e[i„j DXel\c CÂ?$ g\q FYiX[fi# efdYiÂ? X I\p\j =cfi\j ?li$ kX[f Zfdf :ffi[`eX[fi >\e\iXc [\c >f$ Y`\ief =\[\iXc gXiX :fX_l`cX [liXek\ leX i\le`Â?e hl\ jfjklmf Zfe J\eX[fi\j p ;`$ glkX[fj =\[\iXc\j \c\Zkfj gfjklcX[fj gfi cX ZfXc`Z`Â?e ĂˆAlekfj _Xi\dfj _`jkfi`XÉ% =l\ \c gXjX[f (( [\ alc`f ZlXe[f =cfi\j ?likX[f \ogc`ZÂ? hl\ \eki\ cXj gi`eZ`gXc\j ]XZlckX[\j hl\ k\e[i}# \jkXi} cX [\ m`eZl$ cXi \c kiXYXaf [\ cXj [`]\i\ek\j [\c\^XZ`f$ e\j \e cX \ek`[X[# gl\j cX ]XckX [\ Zffi[`$ eXZ`Â?e _X ^\e\iX[f `e\]`Z`\eZ`X \e \c \a\iZ`Z`f [\ cXj XZk`m`[X[\j%

CXj ZXcc\j [\ ;liXe^f ZXg`kXc j\ cc\eXife [\ Zfcfi p Xc^XiXYˆX cl\^f [\ hl\ d`c\j [\ ]Xd`c`Xj XZl[`\ife Xc kiX[`Z`feXc [\j]`c\ [\ cX =\i`X EXZ`feXc ;liXe^f =\eX[l )'(/# Zfed\dfiXe[f \c +,, Xe`m\ijXi`f [\ jl ]le[XZ`�e% <jkX Z\i\dfe`X ]l\ \eZXY\qX[X gfi \c ^fY\ieX[fi [\c \jkX[f [\ ;liXe^f# Afj„ IfjXj 8`jglif# hl`\e [`f \c XiiXehl\ X )' ZXiifj Xc\^�i`Zfj hl\ [`\ife gXjf X cX i\`$ eX [\ cX =\i`X EXZ`feXc ;liXe^f# Xjˆ Zfdf X cX =l\iqX 8„i\X D\o`ZXeX# cX Gfc`ZˆX <j$ kXkXc# cX :XYXcc\iˆX [\ ;\]\ejXj IliXc\j# \c :clY [\ DfkfZ`Zc`jkXj# X[\d}j [\ cfj Z_X$ iifj# \jZXiXdlqXj p YXjkfe\iXj XZfdgX$ ŒX[Xj gfi g\ijfeXc [\ [\g\e[\eZ`Xj \jkX$ kXc\j# `ejk`klZ`fe\j \[lZXk`mXj p cX i\gi\j\ekXZ`�e [\c j\Zkfi \dgi\jXi`Xc% <c \a\Zlk`mf \jkXkXc i\ZfefZ`� cX cX$ Yfi [\c >\e\iXc ?fd\if D\e[fqX Il`q# :fdXe[Xek\ [\ cX O QfeX D`c`kXi# cX gXik`Z`gXZ`�e [\c <a„iZ`kf D\o`ZXef p X^iX[\Z`� Xc ZfdXe[Xek\ [\ cX ZlX[i`ccX [\ cX =l\iqX 8„i\X hl\ mfc� gfi cfj Z`\$ cfj [liXe^l\ej\j%

3

8j`d`jdf j\ \eZXi^Xi} [\ [`jd`el`i cfj Zfjkfj# \j [\Z`i# i\[lZ`i _XjkX \e le .' gfi Z`\ekf \c ^Xjkf [\c >fY`\ief =\[\iXc \e cXj [\c\^XZ`fe\j ]\[\iXc\j# cf hl\ `dgc`ZX cX i\[lZZ`Â?e [\c g\ijfeXc p \e \c ljf [\ `e]iX$ \jkilZkliX p [\ m\_`Zlcfj lk`c`kXi`fj% ĂˆJ\ jlg\im`jXi}e kf[Xj cXj }i\Xj [\ ^fY`\i$ ef gXiX hl\ e`e^Â’e ]leZ`feXi`f k\e^X cX k\ekXZ`Â?e [\ `eZlii`i \e ZfiilgZ`Â?e# „jkX \j leX [\ cXj gi`eZ`gXc\j kXi\Xj hl\ efj \eZXi^Â? \c Gi\j`[\ek\ \c\Zkf# cX jlg\im`$ j`Â?e [\ cX kiXejgXi\eZ`X p [\c Zfii\Zkf dX$ e\af [\ cfj i\Zlijfj gÂ’Yc`Zfj \e cXj \ek`$ [X[\j ]\[\iXk`mXjÉ# \ogc`ZÂ?%

(9$5,672 /(1,1 3‰5(= 5,9(5$ &(/(%5$ 326,&,21$0,(172 '( 8'& (1 (/ (67$'2

<mXi`jkf C\e`e G„i\q I`m\iX# ;`glkX[f =\[\iXc \c\Zkf [\c ;`j$ ki`kf '(# gi\Z`jÂ? hl\ g\j\ X cXj [\jm\ekXaXj hl\ Le`[X[ ;\$ dfZi}k`ZX [\ :fX_l`cX gi\j\ekÂ? \e \c gXjX[f gifZ\jf \c\Zkf$ iXc# i\jlckÂ? ]Xmfi\Z`[f ^iXZ`Xj X cX ]`^liX [\ 8e[i„j DXel\c CÂ?g\q FYiX[fi p \c Ăˆ\]\Zkf DFI<E8É% ;\ \jkX ]fidX Xlehl\ \c i\^`jkif [\c gXik`[f gfcˆk`Zf cfZXc \jkXYX \e al\^f# cf^iXife gfj`Z`feXij\ Zfdf cX ZlXikX ]l\iqX gfcˆk`ZX \e cX \ek`[X[# ^fY\ieXe[f + dle`Z`g`fj Zfe ZXe[`$ [Xkfj gifg`fj \e 8ZlÂŒX# JXY`eX# 8cc\e[\ p JXZiXd\ekf%

0 /$*81$ Ăž -8/,2

5(3257$-(

7RUUHÂłQ OHMRV GH VHU XQD SRWHQFLD WXU­VWLFD CX gfcˆk`ZX kliˆjk`ZX [\c j\o\e`f ]\[\iXc hl\ k\id`eX# Zfej`[\iX gXiX cX i\^`Â?e cX^le\iX (+ gifp\Zkfj gi`fi`kXi`fj# [\ cfj hl\ jfcf ki\j ]l\ife ZfeZcl`[fj p \c i\jkf \jk} \e m`cf Xc ef j\i XeleZ`X[f f gl\jkf \e dXiZ_X gfi gXik\ [\ cXj Xlkfi`[X[\j cfZXc\j 325 /8,6 $/%(572 /“3(= )2726 $57852 6$/$=$5

<

eki\ cXj Yl\eXj `ek\eZ`fe\j p cX `dgc\d\ekXZ`�e [\ fYiXj hl\ ^\$ e\iXife Zfekifm\ij`X gfi cX Ziˆk`$ ZX jfZ`Xc# hl\[X cX gfcˆk`ZX kliˆjk`$ ZX [\c j\o\e`f ]\[\iXc hl\ k\id`eX% <j cX gi\d`jX hl\ Xc^lefj \jg\Z`Xc`jkXj Zfej`[\iXe Zfe i\jg\Zkf X cX 8^\e[X [\ :fdg\k`k`m`[X[ [\ ;\jk`efj Kliˆjk`Zfj gifgl\jkX gfi \c >fY`\ief =\[\iXc X `e`$ Z`fj [\ jl ^\jk`�e gXiX \jkX i\^`�e# cX ZlXc Zfej`[\iX (+ gifp\Zkfj gi`fi`kXi`fj [\ cfj hl\ Xg\eXj ki\j ]l\ife ZfeZcl`[fj# lef j`$ ^l\ \e gifZ\jf g\j\ X kiXkXij\ [\ Zfdgif$ d`jf gi\j`[\eZ`Xc p \c i\jkf \jk} \e m`cf Xc ef j\i XeleZ`X[f f gl\jkf \e dXiZ_X gfi gXik\ [\ cXj Xlkfi`[X[\j cfZXc\j% Cfj ki\j hl\ ]l\ife k\id`eX[fj Zfii\j$ gfe[\e Xc K\c\]„i`Zf :i`jkf [\ cXj EfXj \c ZlXc klmf ZXdY`fj \e jl [`j\Œf fi`^`eXc hl\ XYXiZXYX leX `em\ij`�e [\ ('' d`ccf$ e\j p Xc ]`eXc k\id`e� \e (.' d`ccfe\j [\ g\jfj # \c GXj\f Dfi\cfj p cX gi`d\iX \kX$ gX [\c GXihl\ C`e\Xc Iˆf EXqXj% <c hl\ j`^l\ \e ZfejkilZZ`�e \j \c :\e$ kif [\ :fem\eZ`fe\j [\ Kfii\�e# \c ZlXc \jk} gi\m`jkf hl\[\ k\id`eX[f Xek\j [\ ]`$ eXc`qXi \c j\o\e`f gi\j`[\eZ`Xc% <c XiiXe$ hl\ [\ cX gi`d\iX \kXgX hl\ Zl\jkX ('' d`ccfe\j [\ g\jfj# j\^’e i\^`jkifj _\d\$ if^i}]`Zfj [\ >ilgf D`c\e`f# ]l\ \e ef$ m`\dYi\ [\c )'(-% ?XZ\ lefj [ˆXj cfj gifg`fj \dgi\jXi`fj [\ cX cfZXc`[X[ i\ZcXdXife cX kXi[XeqX \e \c gifp\Zkf hl\ j\ [`af \jkXiˆX k\id`eX[f \e dXiqf gXjX[f# g\if c\j efk`]`ZXife hl\ \jkXi} _XjkX [`Z`\dYi\ [\ \jk\ XŒf% Gfi \c cX[f [\ cfj gifp\Zkfj hl\ hl\[Xe g\e[`\ek\j p hl\ \jk}e [`jgfe`Yc\j \e jl [\jZi`gZ`�e \e \c gfikXc1 _kkg1&&nnn%j\Z$ kli%^fY%do&ng $ Zfek\ek& lgcfX[j&)'(,&')&G;=$Kfii\fe%g[]# \jk}e \c :\ekif I\Zi\Xk`mf A`dlcZf# cX I\_XY`c`$ kXZ`�e [\c 9fjhl\ M\eljk`Xef :XiiXeqX# \c D\afiXd`\ekf DXekf [\ cX M`i^\e p cX I\$ _XY`c`kXZ`�e [\ cX 8cXd\[X QXiX^fqX%

/$ 32/‰0,&$ (1 &8$172 $/ 7(/()‰5,&2 '( 7255(“1 0ÂĄV DOOÂĄ GH XQD DWUDFFLÂłQ WXU­VWLFD HV LPSRUWDQWH TXH OD FLXGDG WHQJD VHUYLFLRV GH SULPHUD +XJR (VWUDGD

352<(&726 '(6$57,&8/$'26

<c Xihl`k\Zkf ?l^f <jkiX[X I\p\j fg`eX hl\ cX `dgc\d\ekXZ`Â?e [\ cfj gfZfj gif$ 0 /$*81$ Ăž -8/,2

p\Zkfj hl\ XcZXeqXife X m\ij\ Zi`jkXc`qX[fj \e \c :\ekif [\ Kfii\Â?e# ZXi\Z\e [\ cX Xi$ k`ZlcXZ`Â?e X[\ZlX[X p ifdg`\ife Zfe cX XidfeˆX liYXeˆjk`ZX [\ le j\Zkfi% ĂˆCfj gifp\Zkfj Zi\f hl\ k`\e\e Yl\eXj `ek\eZ`fe\j# g\if j`^f g\ejXe[f hl\ \jk}e [\jXik`ZlcX[fj gfihl\ ef _Xp Xc^f hl\ cfj leX% MXe X hl\[Xi Zfdf fYa\kfj gl\jkfj \e le \jgXZ`f p j`e cX ]leZ`Â?e \jg\iX[XÉ% <e \c ZXjf ZfeZi\kf [\c GXj\f Dfi\$ cfj p \c K\c\]„i`Zf [\ Kfii\Â?e# Xi^ld\e$ kX hl\ [\aXife [\ cX[f \c i\jZXk\ [\c mX$ cfi ZlckliXc hl\ k`\e\ \c gi`d\i ZlX[if [\ cX Z`l[X[% Ăˆ8dYfj gifp\Zkfj _Xe ^\e\iX[f XkiXZ$

4

Z`Â?e p Z`\ikf kli`jdf cfZXc hl\ \j `dgfi$ kXek\ gfihl\ \c :\ekif \jk} \e \c fcm`[f# j`e \dYXi^f ef j\ Zl`[Xife cXj ]fidXj \ `dgXZkXife leX gXik\ [\ cX Z`l[X[ hl\ e\$ Z\j`kX [\ le Zl`[X[f [`]\i\ek\% CX Dfi\$ cfj \j leX Xm\e`[X _`jkÂ?i`ZX p ef j\ Zfe$ jlckÂ? X cX d\dfi`X ^i}]`ZX hl\ k\e\dfjÉ% 8ÂŒX[\ hl\ cf d\afi \e \j\ ZXjf _lY`\$ iX j`[f d\afi gi`fi`qXi \c i\jZXk\ [\ \jgX$ Z`fj Zfdf cX 8cXd\[X QXiX^fqX# \c gifg`f Zfii\[fi p cX GcXqX [\ 8idXj% ĂˆGfi le cX[f gl\[\j gifp\ZkXi cX i\df$ [\cXZ`Â?e f \dY\cc\Z`d`\ekf [\ cX 8cXd\$ [X QXiX^fqX alekf Zfe \c GXj\f Dfi\cfj p cc\^Xi X cX GcXqX [\ 8idXj gXiX _XZ\i \jk\

5(3257$-(

$*(1'$ '( &203(7,7,9,'$' '( '(67,126 785�67,&26 35238(67$ 325 (/ *2%,(512 )('(5$/ 4XHGDURQ PXFKRV SHQGLHQWHV HQ HO UXEUR \ TXH FRPR FRQMXQWR ORV SUR\HFWRV SURPRYLGRV DERQDU­DQ DO WXULVPR SHUR QR VH FRQFUHWDURQ

k`gf [\ Xik`ZlcXZ`Â?e \e le gifp\Zkf liYX$ ef _lY`\iX j`[f [\ dXpfi `dgXZkf% <eki\ \jfj [fj glekfj k\ gf[i}j \eZfekiXi X cX GcXqX dXpfi p Xc K\c\]„i`Zf le`[fjÉ% Fkif glekf `dgfikXek\ X Zfej`[\iXi \e \ccf# `e[`ZX <jkiX[X I\p\j# k`\e\ hl\ m\i Zfe cX d\afiX \e j\im`Z`fj gÂ’Yc`Zfj \c\$ d\ekXc\j Zfdf cX i\Zfc\ZZ`Â?e [\ YXjliX hl\ _XjkX _fp i\gi\j\ekX le gifYc\dX% Ăˆ?XZ\ k`\dgf j\ _XYcÂ? hl\ Xci\[\[fi [\ cX :fcÂ?e p \c GXj\f Dfi\cfj _XYˆX gcX$ ^Xj [\ if\[fi\j% <jf ef k\ ^\e\iX kli`jdf p Xc ZfekiXi`f cf X_lp\ekX# Zi\f hl\ \jfj j\im`Z`fj Zfdf \c [\ c`dg`\qX p cld`eXi`Xj [\Y\ `i [\ cX dXef gXiX hl\ \c `dgXZkf j\X \c hl\ j\ [\j\XÉ% J\^Â’e cfj gifg`fj i\^`jkifj _\d\if^i}$ ]`Zfj [\ D`c\e`f# \c gifp\Zkf [\c Zfii\[fi j\ ZXiXZk\i`qÂ? gfi cXj hl\aXj Z`l[X[XeXj gfi cX c\ek`kl[ [\ fYiXj# cX ]XckX [\ Zfej\e$ jf gXiX jl \[`]`ZXZ`Â?e p XZklXcd\ek\ gfi \c mXe[Xc`jdf hl\ jl]i\% <e ZlXekf X cX ]fidX \e hl\ ]l\ife gi`fi`qX[fj cfj gifp\Zkfj [\ cX X^\e[X hl\ jˆ ]l\ife `dgc\d\ekX[fj# ;Xm`[ Il\cXj# `em\jk`^X[fi [\c FYj\imXkfi`f :`l[X[Xef [\ CX CX^leX# [`Z\ hl\ j\ cc\mXife X cX gi}Zk`ZX gfi cfj XZl\i[fj \eki\ cfj ki\j e`$ m\c\j [\ ^fY`\ief# g\if gi\[fd`eÂ? d}j cX ^\jk`Â?e i\Xc`qX[X gfi \c <jkXkXc% Ăˆ;\ \jkfj (+ gifp\Zkfj ef hl\[X dlp ZcXif Zl}c `YX j\i gi`d\if f gfjk\i`fi# g\if m\dfj hl\ Xc^lefj jˆ j\ _Xe ZfeZi\kX[f p fkifj ef dlZ_f [\ \jf [\g\e[\ [\ cXj mf$ clekX[\j [\ cfj ki\j Â?i[\e\j [\ ^fY`\iefÉ% <c ZXjf ZfeZi\kf [\c K\c\]„i`Zf [\ cX Z`l[X[ [\ Kfii\Â?e# XglekX# ]l\ \k`hl\kX[f Zfe i\Zlijfj ]\[\iXc\j [\ [`m\ijfj ]fe[fj gifm\e`\ek\j [\c IXdf )*# [fe[\ gfi cf i\^lcXi \c \]\Zk`mf j\ lk`c`qX gXiX ]fikXc\$ Z\i cX `e]iX\jkilZkliX [\ cX \ek`[X[ p cfj dle`Z`g`fj%

/RV SUR\HFWRV FUHR TXH WLHQHQ EXHQDV LQWHQ FLRQHV SHUR VLJR SHQVDQGR TXH HVWÂĄQ GHV D U W L F X O D G R V SRUTXH QR KD\ DOJR TXH ORV XQD 9DQ D TXH GDU FRPR REMH WRV SXHVWRV HQ XQ HVSDFLR \ VLQ OD IXQFLÂłQ HV SHUDGDĂš

J`e \dYXi^f# \e \jkX fZXj`Â?e ]l\ gf$ j`Yc\ jl \a\ZlZ`Â?e [\Y`[f X hl\ \iX le gifp\Zkf dXiZX[f Zfdf gi`fi`[X[ ]\[\$ iXc \e gcXe j\o\eXc# Xlehl\ jl ljf gl[f j\i j`d`cXi \e ZlXchl`\iX [\ cfj fkifj (* gifp\Zkfj% CX gfc„d`ZX \e ZlXekf Xc K\c\]„i`Zf m\ijÂ? \e ^iXe gXik\ X hl\ cXj XjfZ`XZ`fe\j Z`m`c\j p \dgi\jXi`Xc\j Zl\jk`feXife Xgc`$ ZXi \jfj i\Zlijfj \e \j\ d\[`f [\ kiXej$ gfik\ p ef \e d\afiXi cfj j\im`Z`fj gÂ’Yc`$ Zfj Zfdf \c X^lX p [i\eXa\% CX Xlkfi`[X[ \jkXkXc p dle`Z`gXc j`\d$ gi\ i\jgfe[`Â? hl\ \iX `dgfj`Yc\ i\[`i\Z$ Z`feXi \jfj i\Zlijfj Xc kiXkXij\ [\ le k\dX kliˆjk`Zf# j`e \dYXi^f jˆ gl[`\ife lk`c`qXi$ j\ \e fkifj gifp\Zkfj [\ekif [\ \j\ ilYif hl\ Zfek\dgcXife d\afiXj \e \c gi`d\i ZlX[if [\ cX Z`l[X[% KXc \j \c ZXjf [\c GXj\f Kliˆjk`Zf GcX$ qX DXpfi# \c ZlXc \eki\ jlj XZZ`fe\j Zfe leX `em\ij`Â?e [\ )' d`ccfe\j [\ g\jfj gi\m\ˆX# Z`kX cX X^\e[X# ĂˆZfeki`Yl`i Xc d\afiXd`\ekf liYXef [\c :\ekif ?`jkÂ?$ i`Zf# g\id`k`\e[f leX dXpfi XZZ\j`Y`c`$ [X[# X kiXm„j [\c i\[`j\ÂŒf [\ cfj ZXeXc\j [\ jld`e`jkif [\ j\im`Z`fj Y}j`Zfj# p Zfeki`Ylp\e[f X le `eZi\d\ekf \e \c ]claf [\c kli`jdf liYXefÉ% 7255(“1 '(1752 '( '(67,126 785Â?67,&26 $ '(6$552//$5

J\^’e \c Zfdle`ZX[f (*'&)'(+# [`jgfe`$ Yc\ \e \c gfikXc [\ cX J\Zi\kXiˆX [\ Kli`jdf =\[\iXc# ]l\ \c (( [\ ale`f [\ )'(+ ZlXe[f \c gi\j`[\ek\ <ei`hl\ G\ŒX E`\kf \eki\^� cXj ++ X^\e[Xj \cXYfiX[Xj gfi \jX [\g\e$ [\eZ`X# \e Zffi[`eXZ`�e Zfe cXj Xlkfi`[X$ [\j cfZXc\j p \jkXkXc\j [\ [`]\i\ek\j dle`$ Z`g`fj% KXdY`„e gXik`Z`gXife le`m\ij`[X[\j \e \c ZXjf [\ :fX_l`cX cX Le`m\ij`[X[ 8l$

5

kÂ?efdX [\ :fX_l`cX gXiX XidXi \jfj gcX$ e\j2 g\id`k`\ife ĂˆZfekXi Zfe leX ZXik\iX [\ gifp\Zkfj jla\kfj X Zfej`[\iXi# gXiX j\i ]`eXeZ`X[fj \e cfj giÂ?o`dfj XÂŒfj d\[`Xe$ k\ cfj :fem\e`fj [\ :ffi[`eXZ`Â?e [\ cX J<:KLI# f XgfpX[fj Zfe \jhl\dXj ]`eXe$ Z`\ifj Xck\iefjÉ% CX `[\X [\ \jfj \jkl[`fj \iX kXdY`„e k\e\i Ăˆle [`X^eÂ?jk`Zf j`klXZ`feXc [\ cfj [\jk`efj kliˆjk`Zfj# jljk\ekX[f \e leX j\$ i`\ [\ `e[`ZX[fi\j p Zi`k\i`fj [\]`e`[fj# p Zfej`[\iXe leX X^\e[X [\ XZZ`fe\j Zfe$ j\ejX[Xj# Zfe YXj\ \e \e]fhl\j [\ gcXe\X$ Z`Â?e gXik`Z`gXk`mX# p ]le[Xd\ekX[Xj \e Zi`k\i`fj \ `e[`ZX[fi\j [\ Zfdg\k`k`m`[X[ Zfdle\j# hl\ i\jgfe[\e X cX gifYc\d}k`$ ZX gXik`ZlcXi [\ ZX[X [\jk`efÉ% <eki\ cXj Z`l[X[\j j\c\ZZ`feX[Xj alekf Zfe Kfii\Â?e gXiX \jf \jk}e 8ZXglcZf# 8^lXjZXc`\ek\j# :`l[X[ Al}i\q# :Xdg\$ Z_\# :XeZÂ’e# :_XcdX# :`l[X[ [\ D„o`Zf# :fqld\c# :l\ieXmXZX# ;liXe^f# <ej\eX$ [X# >lX[XcXaXiX# >lXeXalXkf# ?\idfj`ccf p ?lXklcZf% 8 lefj d\j\j [\ hl\ k\id`e\ \c j\o\$ e`f \e Zlijf# kXekf <jkiX[X I\p\j Zfdf Il\cXj fg`eXe hl\ hl\[Xife dlZ_fj g\e[`\ek\j \e \c ilYif p hl\ Zfdf Zfe$ alekf cfj gifp\Zkfj gifdfm`[fj gXiX \jkX Z`l[X[ XYfeXiˆXe Xc kli`jdf# g\if ef j\ ZfeZi\kXife% Ăˆ:i\f hl\ [\Y\dfj Zfej`[\iXicfj kf$ [fj Zfdf le ]leZ`feXd`\ekf \e Zfe$ alekfÂż ]XckX dlZ_f gfi _XZ\i \e dX$ k\i`X [\ kli`jdf j` cf hl\ j\ gi\k\e[\ \iX hl\ Kfii\Â?e ]l\iX le [\jk`ef `d$ gfikXek\É# X]`idX% <jkiX[X I\p\j XZfkX hl\ ĂˆcX X^\e[X Zi\f hl\ efj hl\[Â? X [\Y\i p Zi\f hl\ d}j Xcc} [\ leX XkiXZZ`Â?e kliˆjk`ZX \j `dgfi$ kXek\ hl\ cX Z`l[X[ k\e^X j\im`Z`fj [\ gi`$ d\iX Xc d\efj \e \jkX }i\XÉ%

0 /$*81$ Ăž -8/,2

(175(9,67$

0 /$*81$ Þ -8/,2

6

(175(9,67$

Ă™0( 6,(172 08< $&203$‘$'2 325 /$ &,8'$'$1Â?$Ăš <e \eki\m`jkX gXiX D CX^leX# Afi^\ Q\id\ÂŒf @e]Xek\ i\ZfefZ\ hl\ m\ le Kfii\Â?e hl\ jli^\ Zfdf leX Z`l[X[ df[\ieX Y`\e kiXqX[X# [\ kiXYXaf p [\ fgfikle`[X[\j# Ăˆ\jkf ef j\ gl\[\ e\^XiÉ 325 /8,6 &$5/26 9$/'‰6 '( /(“1 )2726 0$18(/ *8$'$55$0$

A

fi^\ Q\id\Œf @e]Xek\ \j le _fd$ Yi\ hl\ gfi k\iZ\iX fZXj`�e \jkXi} \c ]i\ek\ [\c ^fY`\ief [\ cX Z`l[X[ [\ Kfii\�e# X_fiX gXiX \c g\iˆf[f )'(0$)')(% GXiX „c \jkX el\mX fgfikle`$ [X[ c\ ^\e\iX le ^iXe fi^lccf# gl\j Xj\$ ^liX hl\ \c ZXi^f [\ XcZXc[\ k`\e\ dXpfi i\ZfefZ`d`\ekf [\ cX Z`l[X[XeˆX# d}j `eZcljf hl\ j\i gi\j`[\ek\ [\ cX :}dXiX [\ ;`glkX[fj f <dYXaX[fi \e <jgXŒX% GXiX \c eXZ`[f \e cX :`l[X[ [\ D„o`Zf j`\e[f \c k\iZ\if [\ leX ]Xd`c`X [\ el\m\ _`afj% 8j\^liX hl\ _X jXY`[f ^XeXij\ cX m`[X# gfihl\ kXdY`„e _X gXjX[f _XdYi\ p \jkf c\ _X g\id`k`[f k\e\i \jX gXik\ j\ej`Yc\ _XZ`X cfj [\d}j p kiXkXi [\ i\$ d\[`Xi jlj gifYc\dXj% <c ^iX[lX[f \e cX ZXii\iX [\ ;\i\Z_f i\ZfefZ\ jl [`]`ZlckX[ gXiX jfei\ˆi# j\ c`$ d`kX X dfjkiXi cX j\i`\[X[ [\ Xc^l`\e hl\ Xj\^liX# \jk} _XZ`\e[f Y`\e jl kiXYXaf%

d` ZXjX cc\^Xdfj X i\Z`Y`i ZfjkXc\j [\ XqÂ’$ ZXi# _Xi`eX2 d` dX[i\ _`qf gXjk\c\j# m\e$ [ˆX ifgX% Kf[fj Zfd\eqXdfj X kiXYXaXi \e Xc^f% Gfi jl gl\jkf pf j„ cf hl\ \j m`m`i Zfe ZXi\eZ`Xj# klm\ hl\ [\aXi cX \jZl\cX gXik`ZlcXi# klm\ hl\ `i X leX \jZl\cX [\ ^fY`\ief pX hl\ ef gf[ˆXdfj gX^Xi leX \jZl\cX gXik`ZlcXi% :fem`mˆ Zfe ZfdgXÂŒ\ifj hl\ m\eˆXe [\ le fi`^\e ZXdg\j`ef# fYi\if2 gXjXi [\ k\e\i leX gfj`Z`Â?e XZfdf[X[X X pX ef k\$ e\icX p [\ k\e\i hl\ \jkXi m\e[`\e[f ZfjXj [\j[\ dlp Z_`hl`ccf% Pf j„ cf hl\ \j cc\^Xi X kl ZXjX# XYi`i \c i\]i`^\iX[fi p ef \eZfe$ kiXi eX[X2 j„ cf hl\ \j i\Z`Y`i ifgX ljX[X [\ fkiXj ^\ek\j hl\ k\ i\^XcXe cf hl\ pX ef ljXe% J„ cf hl\ \j kf[f \jf p ef d\ XjljkX p \j gXik\ [\ leX i\Xc`[X[ hl\ X dˆ d\ kfZÂ? m`m`i# g\if j`\dgi\ Zfe dlZ_fj mX$ cfi\j p fi^lccf# aXd}j \e d` ]Xd`c`X j\ g\i$ [`Â? cX `clj`Â?e [\ kiXYXaXi# [\ gif^i\jXi# i\$ Zlg\iXi Zfe [`^e`[X[ cf hl\ k\ &ÂłPR IXH HVWD HWDSD GH VX YLGD HQ TXH Zfii\jgfe[\ \e YXj\ Xc kiXYXaf p ef \e DVHJXUD FRQRFLÂł OD SDODEUD Ă™KDPEUHĂš HQ YXj\ X cf hl\ k\ [X cX ;`m`eX Gifm`[\eZ`X HO VHQR IDPLOLDU" f `ij\ gfi fkif cX[f# g\if \jkf eleZX gXjX Cc\^Xdfj X k\e\i leX j`klXZ`Â?e \ZfeÂ?d`$ ZlXe[f k\ \[lZXe Zfe mXcfi\j% ZX kXe [`]ˆZ`c# hl\ gi}Zk`ZXd\ek\ d` gX[i\ g\i[`Â? jl gXki`dfe`f# jl kiXYXaf% yc j\ [\$ (V QHFHVDULR SDVDU SRU HVWR VHU VHQVL [`ZÂ? X _XZ\i qXgXkfj kf[X jl m`[X# klmf hl\ EOH SDUD HVWDU HQ XQ FDUJR SRO­WLFR" Z\iiXi \c e\^fZ`f# j\ g\i[`Â? kf[f cf hl\ 8 ZfefZ\i cX i\Xc`[X[ [\ le dle[f \e k\eˆX# p ef _XYˆX [`e\if \e leX ]Xd`c`X [\ [fe[\ k`\e\j leX ^\ek\ hl\ cf k`\e\ kf[f el\m\ _\idXefj# [fe[\ [\ i\g\ek\ ef p fkiX hl\ ZXj` ef k`\e\ eX[X% Le dle[f k`\e\j gXiX Zfd\i% Cfj dXpfi\j klm`dfj [fe[\ _Xp kf[fj \jfj ZfekiXjk\j2 p hl\ hl\ Zfd\eqXi X kiXYXaXi# pf X cfj hl`eZ\ cf d`jdf gl\[\j Zfem`m`i Zfe le ZXd$ XÂŒfj% g\j`ef# fYi\if# Zfe leX ^\ek\ \e cX ZXcc\2 Cc\^Xdfj X i\Z`Y`i Xpl[Xj f]`Z`Xc\j# \e hl\ Zfe le ^iXe \dgi\jXi`f%

7

0 /$*81$ Ăž -8/,2

(175(9,67$ Pf _\ Zfem`m`[f Zfe i\p\j# Zfe gi\j`$ [\ek\j [\ cX i\g’Yc`ZX# Zfe ^fY\ieX[fi\j2 ZfefqZf X cfj \dg\iX[fi\j [\ AXg�e# X cfj i\p\j [\ <jgXŒX% ?\ jXcl[X[f p \jkX[f \e \m\ekfj Zfe gi\j`[\ek\j [\ kf[f \c dle$ [f# Zfe c\^`jcX[fi\j [\ kf[f \c dle[f% G\if kXdY`„e _\ \jkX[f \e cfj cl^Xi\j d}j _ld`c[\j# Zfe cX ^\ek\ Zfe dXpfi\j ZXi\eZ`Xj p \jkf [X cX i\Xc`[X[ [\ le dle$ [f Xc hl\ k`\e\j hl\ YljZXi hl\ cXj [`]\$ i\eZ`Xj# hl\ cXj ZXi\eZ`Xj j\Xe ZX[X m\q d\efi\j# hl\ kf[f \c dle[f k\e^X [\i\$ Z_f X cX \[lZXZ`�e X cX jXcl[# XZZ\jf X cfj Y`\e\j# Xc kiXYXaf% :lXe[f k\ XZfjkldYiXj X \jf m\j cXj ZfjXj Zfe dXpfi eXkliXc`[X[ p k\ jfc`[Xi`qXj# k\ gfe\j \e cfj qXgXkfj [\ cX ^\ek\ hl\ k`\e\e e\Z\j`[X[\j% ?\ \jkX[f \e Zfcfe`Xj gi\ZXi`jkXj [\ ^\ek\ hl\ _X `[f `emX[`\e[f k\ii\efj% Gfi leX gXik\ \ek`\e[\j hl\ \jX ^\ek\ k`\e\ e\$ Z\j`[X[ [\ leX m`m`\e[X% G\if Xhlˆ cf `d$ gfikXek\ \j m\i cf hl\ j\ gl\[\ _XZ\i gXiX hl\ k\e^Xe kiXYXaf# gXiX Yi`e[Xic\j j\^li`$ [X[ p j\im`Z`fj# ef XjljkXij\ [\ i\Xc`[X[\j hl\ X_ˆ \jk}e j`ef m\i \c Z�df Xpl[Xi X i\jfcm\icXj% <e \c ]fe[f _Xp hl\ jXY\i ^f$ Y\ieXi gXiX hl\ CX CX^leX p Kfii\�e k\e^X cXj Zfe[`Z`fe\j gXiX hl\ ml\cmXe X j\i le \jgXZ`f gXiX cX `em\ij`�e p XkiXZZ`�e [\ \dgc\f p kiXYXaf p \j \jkf cf hl\ mX X i\jfc$ m\i cXj ZfjXj# p ef cfj gXc`Xk`mfj p gif^iX$ dXj [\ Xpl[X dfd\ek}e\X% Ef _Xp eX[X d\afi hl\ cX ^\ek\ k\e^X Z\ik`[ldYi\# hl\ gl\[X kiXYXaXi# hl\ gl\$ [X k\e\i cfj [\i\Z_fj hl\ gl\[\ [Xi cX J\$ ^li`[X[ JfZ`Xc p Yi`e[}ij\cX X jl ]Xd`c`X%

&UHR TXH QR KD\ QDGD TXH WH GŠ PÂĄV VDWLVIDFFLÂłQ TXH SRGHU D\XGDU D OD JHQWH \ UHVROYHUOH ORV SUREOHPDVĂš

0XFKD JHQWH VLJXH DFRVWXPEUDGD D SUR JUDPDV GH DVLVWHQFLDOLVPR VRFLDO &ÂłPR JDUDQWL]DU HVWR ORJUDU HVWH RE MHWLYR FXDQGR VH WUDWD GH XQD LGHD PX\ DUUDLJDGD"

<j ZXdY`Xi \jkX d\ekXc`[X[# Zfe kiXYX$ af% EX[`\ hl`\i\ c`dfjeXj# cX ^\ek\ hl`\$ i\ Xpl[X# jˆ2 g\if kXdY`„e j` X cX ^\ek\ c\ [Xj cX fgfikle`[X[ [\ kiXYXaXi Zfe [`^e`[X[# [\ ^XeXi d\afi jXcXi`f# \jX ^\ek\ pX ef \jkXi} g`[`\e[f# p pX [\g\e$ [\ [\ jˆ d`jdX p c\ ZXdY`Xjk\ cX dXe\iX [\ m\i cX m`[X% G\if [\ cf ZfekiXi`f Zi\\ hl\ ef _Xp kiXYXaf# hl\ ef _Xp \dgc\f# hl\ ef _Xp fgfikle`[X[\j f hl\ hl`\i\ j\^l`i m`$ m`\e[f [\c Zl\ekf# f _Xp g\ijfeXj# Ăˆcˆ$ [\i\jÉ# hl\ m`m\e [\ \jf# hl\ dXe`glcXe cX gfYi\qX# \jf pX k`\e\ hl\ `i hl\[Xe[f Xki}j \e le D„o`Zf hl\ \jk} ZXdY`Xe[f p hl\ k\e\dfj hl\ _XZ\i hl\ ZXdY`\ gXiX Y`\e% Cfj gif^iXdXj jfZ`Xc\j \e cf ^\e\iXc X cf cXi^f [\ cX _`jkfi`X ef _Xe cf^iX[f jXZXi [\ cX gfYi\qX X dlZ_X ^\ek\2 jˆ \c kiXYXaf# \c \dgc\f p \jf \j gfi cf hl\ _Xp hl\ clZ_Xi% Pf ef [`^f hl\ [\jXgXi\qZXe jlYj`$ [`fj f gif^iXdXj jfZ`Xc\j# d`\ekiXj j\ e\Z\j`k\e% Jfe e\Z\jXi`fj gXiX gXc`Xi cXj e\Z\j`[X[\j# g\if j\ k`\e\ hl\ g\e$ jXi d}j Xcc}% 0 /$*81$ Ăž -8/,2

8

(175(9,67$ <c [\jgXZ_f [\c XcZXc[\ j\ lY`ZX \e \c j„gk`df g`jf% LeX ^iXe jXcX [\ alekXj Zfe d\jX [\ dX[\iX j\ lY`ZX aljkf X le cX[f [\ jl \jZi`kfi`f2 leX \efid\ gfjkXc m`$ m`\ek\ [\ cX Z`l[X[ [\ Kfii\Â?e j\ Xgi\Z`X X kiXm„j [\ cfj \efid\j m\ekXeXc\j [\j[\ [fe[\ j\ cf^iX Xgi\Z`Xi \c :\ekif [\ cX Z`l[X[# \c :\iif [\ cXj EfXj# cX GcXqX DX$ pfi _XjkX Xc^leXj Zfcfe`Xj X cXj fi`ccXj [\ cfj Z\iifj hl\ if[\Xe \jkX Z`l[X[% &XÂĄO HV OD UHDOLGDG TXH ORJUD YLVXDOL]DU -RUJH =HUPHÂąR GHO 7RUUHÂłQ D WUDYŠV GH HVH JUDQ YHQWDQDO SRU HO TXH WLHQH XQD YLVWD D OD FLXGDG" 4XŠ OH IDOWD" 4XŠ OH GXHOH DO WRUUHRQHQVH"

M\f le Kfii\Â?e hl\ jli^\ Zfdf leX Z`l$ [X[ df[\ieX Y`\e kiXqX[X# [\ kiXYXaf p [\ fgfikle`[X[\j# \jkf ef j\ gl\[\ e\$ ^Xi2 g\if hl\ X cf cXi^f [\c k`\dgf _X k\e`[f le Zi\Z`d`\ekf [\jfi[\eX[f hl\ _X ^\e\iX[f Z`eklife\j [\ gfYi\qX# [\ XYXe[fef p \e cfj Â’ck`dfj XÂŒfj Zfe j\i$ m`Z`fj gÂ’Yc`Zfj dlp [\k\i`fiX[fj# ]XckX [\ le Yl\e [i\eXa\ gclm`Xc jXe`kXi`f# ef j\ _Xe ZXdY`X[f dlZ_Xj i\[\j [\ X^lX gfkXYc\# _Xp [\jfi[\e \e \c ZfYif# [fe[\ ]XckXe d}j [\ Z`\e d`c d\[`[fi\j# _Xp dlZ_f [\jg\i[`Z`f [\ X^lX% M\f leX Z`l$ [X[ X cX hl\ _XZ\ dlZ_f k`\dgf ef cc\$ ^Xe `em\ij`fe\j `dgfikXek\j% ?Xp Z`l[X[\j hl\ _Xe Zi\Z`[f dlZ_f d}j# [\ <c 9Xaˆf# Z`l[X[\j [\c efik\# [\c fZZ`[\ek\ p Kfii\Â?e j\ _X \jkXeZX[f% M\f leX Z`l[X[ hl\ e\Z\j`kX li^\ek\$ d\ek\ i\Zlg\iXi cX Zfe]`XeqX gXiX hl\ ml\cmXe el\mXd\ek\ Yl\eXj `em\ij`f$ e\j hl\ Xgfik\e Yl\efj jXcXi`fj# k\Zef$ cf^ˆXj# \eki\ fkiXj ZfjXj% <jkf c\ _XZ\ ]XckX X Kfii\Â?e# \jf \j cf hl\ m\f# hl\ efj \jkXdfj \dg\ÂŒXe[f \e d\afiXi kf[fj cfj j\im`Z`fj Y}j`Zfj# i\jZXkXe[f }i\Xj m\i[\j# gXihl\j# aXi[`$ e\j# [i\eXa\j2 YljZXe[f ^\e\iXi leX Z`l[X[ Zfe gXq jfZ`Xc% <jkXdfj kiXYXaXe[f \e cX gi\m\eZ`Â?e# g\if kXdY`„e \jkXdfj \hl`gXe[f X cX gf$ c`ZˆX Zfe d\afi\j `ejkild\ekfj# el\mXj gXkilccXj# el\mfj le`]fid\j# Yl\efj jX$ cXi`fj# 8ZX[\d`X [\ Gfc`ZˆX% K\e\dfj hl\ ^\e\iXi Zfe]`XeqX% <jkX \j leX Z`l$ [X[ hl\ k`\e\ kf[f gXiX mfcm\i X jXc`i X[\cXek\ p gif^i\jXi% 4XŠ WDQ FRPSOLFDGR KD VLGR HO SURFHVR GH UHFXSHUDU OD FRQILDQ]D FRQVLGHUDQGR TXH OD FLXGDG KD VLGR ODFHUDGD HO WHPD GH OD YLROHQFLD TXH VHPEUÂł HO GHVÂĄQLPR \ OD GHVPRWLYDFLÂłQ \ TXH KD SHUGLGR OD FRQILDQ]D D VXV DXWRULGDGHV"

8c i\m„j% Pf m\f X le cX^le\if hl\ \d$ g`\qX X i\Zlg\iXi cX Zfe]`XeqX \e jl Xl$ kfi`[X[# pf d\ j`\ekf dlp XZfdgXŒX[f gfi cX Z`l[X[XeˆX# gfihl\ cX ^\ek\ m\# \e fYiXj# \e j\im`Z`fj# Zfe _\Z_fj hl\ \jkX \j leX Xlkfi`[X[ hl\ \jk} Z\iZXeX X \ccfj# hl\ \jkXdfj i\jgfe[`\e[f X cX ^\ek\ \e cXj Zfcfe`Xj Zfe cf hl\ e\Z\j`kXe%

9

0 /$*81$ Ăž -8/,2

(175(9,67$ <c c\dX [\ d` X[d`e`jkiXZ`Â?e \j ĂˆKiX$ YXaf \e <hl`gfÉ# ef Zfdf le \jcf^Xe hl\ ef [`Z\ eX[X# hl\ \ek`\e[f hl\ jfZ`\[X[ p ^fY`\ief k\e\dfj kf[fj Xc^f hl\ _XZ\i% 8hlˆ \c ccXdX[f \j X cfj gX[i\j [\ ]X$ d`c`X# X cfj dX\jkifj# X cXj `^c\j`Xj# X cfj d\[`fj# X kf[fj# hl\ Xhlˆ m`m`dfj# \jkX \j el\jkiX ZXjX# pf \jkfp Zfem\eZ`[f [\ \ccf% Ef d\ j`\ekf leX Xlkfi`[X[ Xc\aX[X f \e le g\[\jkXc# jfp Zfdf ZlXchl`\iX# d\ j`^f j`ek`\e[f Z`l[X[Xef p j`^f j`e$ k`\e[f cXj ZXi\eZ`Xj f cXj e\Z\j`[X[\j hl\ j`\ek\ ZlXchl`\i g\ijfeX% Gfi \jkf k`\e\ hl\ _XY\i leX `[\ek`[X[ p jˆ g\iZ`$ Yf leX ^iXe Zfe]`XeqX [\ cX ^\ek\ _XZ`X d` ^fY`\ief p cf hl\ \jkXdfj _XZ`\e[f% GXihl\j# ZXeZ_Xj `cld`eX[Xj# \e CX :feZ_X# CX GXik`[X# <c G\iÂ’# Zfcfe`Xj Zfdf DXZcfm`f ?\ii\iX# <c :\iif [\ cX :ilq# CX Ifj`kX# DXikˆe\q 8[Xd\# Gi`$ d\if [\ DXpf# Jfc [\ Fi`\ek\# MXcc\ Fi`\ek\# gfi kf[X cX Z`l[X[% CX ^\ek\ ef mfkX X Z`\^Xj# _Xp le kiXYXaf g\idXe\e$ k\# [ˆX X [ˆX \e kf[fj cfj ilYifj# fYiX gÂ’$ Yc`ZX# ZlckliX# [\gfik\# j\im`Z`fj dle`Z`$ gXc\j# j\^li`[X[ gÂ’Yc`ZX# m`Xc`[X[2 \e cX X[d`e`jkiXZ`Â?e% <e cX Gi\j`[\eZ`X [\ Kf$ ii\Â?e ef m\j ]fkf^iX]ˆXj [\c XcZXc[\2 m\j ZÂ?[`^fj [\ „k`ZX% Pf ef [`a\ hl\ _XiˆXdfj k\c\]„i`Zfj# \jkXdfj kiXYXaXe[f \e e\Z\$ j`[X[\j i\Xc\j# Zfcfe`X gfi Zfcfe`X%

dle[`Xc% 8jˆ hl\ f efj X[\ZlXdfj X \jXj Z`iZlejkXeZ`Xj f m\dfj \jX i\Xc`[X[% Cl\^f ]i\ek\ X Xc^leX Ziˆk`ZX X d` kiXYX$ af \e i\[\j# [\dfjkiXdfj hl\ ef \j Xjˆ# p \jX Ziˆk`ZX e\^Xk`mX ZfekiX dˆ# cl\^f \c 0' [\ cfj Zfd\ekXi`fj jfe ]XmfiXYc\j X d` g\ijfeX% CX ^\ek\ ef \jk} XZ\gkXe[f X fafj Z\iiX[fj# pX ef j\ \e^XÂŒX# \c hl\ cf hl`\iX _XZ\i# hl\ cf _X^X% 4XŠ YH -RUJH =HUPHÂąR GH V­ PLVPR DO YHUVH IUHQWH D IUHQWH HQ HO HVSHMR"

M\f X cX g\ijfeX hl\ jfp# j`e kiXkXi [\ dX$ hl`ccXi eX[X% Jfp le j\i _ldXef hl\ _X m`m`[f cX m`[X X gc\e`kl[ p hl\ kf[fj cfj [ˆXj c\ g`[f ;`fj hl\ d\ [„ ]fikXc\qX# jXY`[liˆX# hl\ d\ Xpl[\ X _XZ\i cXj ZfjXj Y`\e# X j\i aljkf% 8jˆ d\ m\f p c\ X^iX[\qZf X ;`fj kXd$ Y`„e k\e\i leX ]Xd`c`X X cX hl\ hl`\if dl$ Z_f2 c\ [X le j\ek`[f X d` m`[X% C\ X^iX[\q$ Zf cX jXcl[ p hl\ d\ g\id`kX j\^l`i j`im`\e[f% :fdf [`Z\ Xc^l`\e1 <c hl\ ef m`m\ gXiX j\im`i ef j`im\ gXiX m`m`i% :i\f hl\ ef _Xp eX[X hl\ k\ [„ d}j

&RQ WRGD OD WUD\HFWRULD SºEOLFD TXH WLH QH TXŠ WDQWR VH HV WROHUDQWH D ODV FU­ WLFDV TXH VH GDQ HQ WRGRV ORV VHJPHQ WRV GH OD SREODFL³Q PXFKD GH HOOD HQ ODV UHGHV VRFLDOHV"

K`\e\j hl\ jXY\i [`jZ\ie`i cX Ziˆk`ZX# [\ hl`\e m`\e\ p hl„ [`Z\% :lXe[f k\ Zi`k`$ ZXe Xc^f hl\ k’ jXY\j hl\ \j ]Xcjf f hl\ k\ cf `em\ekXe# gl\j gXiX hl„ k\ gi\fZl$ gXj% J\ kiXkX [\ leX Ziˆk`ZX `ek\i\jX[X% G\if ZlXe[f _Xp leX Ziˆk`ZX ZfejkilZk`$ mX# [\ ^\ek\ j\i`X# hl\ X cf d\afi ef k`\$ e\ kf[fj cfj \c\d\ekfj# gl\j j\ mXcfiX# YljZXj d\afiXi% CX Ziˆk`ZX j`\dgi\ k\ Xpl[X X _XZ\i d\afi cXj ZfjXj# gXiX d` \j Y`\em\e`[X cX Ziˆk`ZX g\if ef cX [\ dXcX ]\ f dXcX c\Z_\# cX Ziˆk`ZX `ek\i\jX$ [X f cX gX^X[X% ?Xp d\[`fj f g\ijfeXj hl\ \jk}e kiX$ kXe[f [\ jXZXi \c cX[f e\^Xk`mf f ]Xcjf [\ Xc^leX fg`e`�e% K\e^f \og\i`\eZ`X Zfe cfj d\[`fj eXZ`feXc\j# `ek\ieXZ`feXc% Ef eXZˆ Xp\i# p cX m`[X k\ [X leX \og\i`\eZ`X% 6H IRUPD XQD FRUD]D DQWH HVWH WLSR GH H[SHULHQFLDV"

Ef% J\ ]fidX le Zi`k\i`f hl\ j\ mX Xgc`$ ZXe[f [\ XZl\i[f X cXj Z`iZlejkXeZ`Xj% CÂ?g\q FYiX[fi _`qf Zfd\ekXi`fj X^iX[\$ Z`\e[f X cfj d\[`fj [\ Zfdle`ZXZ`Â?e jl Xg\ikliX2 p kXdY`„e X^iX[\Z`Â? X ĂˆcXj Y\e$ [`kXj i\[\jÉ% <jkf pX ZXdY`Â? [\j[\ _XZ\ dlZ_f k`\dgf% CXj el\mXj ^\e\iXZ`fe\j j\ Zfdle`ZXe gfi cXj i\[\j# gXik`Z`gXe \e cXj i\[\j# m`\e\ le ZXdY`f \e cX dX$ e\iX [\ Zfdle`ZXiefj X e`m\c cfZXc p

$&(37$&,“1 -RUJH =HUPHÂąR ,QIDQWH UHFRQRFH VX GLILFXOWDG SDUD VRQUH­U

0 /$*81$ Ăž -8/,2

10

jXk`j]XZZ`Â?e hl\ gf[\i Xpl[Xi X cX ^\ek\ p i\jfcm\ic\ cfj gifYc\dXj% D\ _Xe gi\$ ^lekX[f hl\# [\ kf[fj cfj kiXYXafj hl\ _\ k\e`[f# Âśgfi hl„ j` pX ]l`jk\ <dYXaX[fi# Gi\j`[\ek\ [\ cX :}dXiX [\ ;`glkX[fj# J\eX[fi# X_fiX i\^i\jXj X j\i XcZXc[\6 <jk\ \j le ZXi^f dlp `dgfikXek\# gfihl\ k\ [X dlZ_X jXk`j]XZZ`Â?e \e le ZXi^f Zfdf „jk\# gf[\i j\im`i# gf[\i Xpl[Xi% Ef cf _XZ\j Zfdf [`glkX[f# cX ^\ek\ ef mXcfiX \c kiXYXaf c\^`jcXk`mf% 8 m\Z\j cX ^\ek\ Zi\\ hl\ j` \i\j \d$ YXaX[fi m`m\j \e le gXcXZ\k\ \e fkif dle[f# ZlXe[f kXdY`„e _Xp dlZ_f kiX$ YXaf gXiX i\gi\j\ekXi Xc gXˆj p Xk\e[\i X cfj d\o`ZXefj hl\ j\ XZZ`[\ekXe# \jk}e \e cXj Z}iZ\c\j p hl\ k`\e\e gifYc\dXj% G\if Xhlˆ jˆ cf m\# gfihl\ j\ \jk} Xc [ˆX X [ˆX2 jˆ m\ cX ZXcc\ gXm`d\ekX[X# \c Xcld$ YiX[f# cX j\^li`[X[# \c X^lX hl\ cc\^X X jl ZXjX% CX Z`l[X[ m`m\ cXj )+ _fiXj [\c [ˆX p ef j\ [\k`\e\2 cX Z`l[X[ ef [l\id\ p [X jXk`j]XZZ`Â?e \c gf[\i _XZ\i hl\ cXj ZfjXj ]leZ`fe\e d\afi%

(175(9,67$

Ă™9DPRV D OHJLVODU \ D DSR\DU DO 3UHVLGHQWH HOHFWR HQ OD HOLPLQDFLÂłQ GH OD EXURFUDFLDĂš 8idXe[f >lX[`XeX K`a\i`eX# j\eX[fi \c\Zkf gfi ĂˆAlekfj ?Xi\dfj ?`jkfi`XÉ# [`Z\ hl\ X_fiX i\jkX kiXYXaXi gfi \c Y`\e [\ cfj ZfX_l`c\ej\j gXiX ef kiX`Z`feXi cX Zfe]`XeqX hl\ [\gfj`kXife \e \ccfj

<

325 /8,6 $/%(572 /“3(= )2726 &257(6�$

c \dgi\jXi`f d`e\if p j\eX[fi \c\Zkf gfi cX ZfXc`Z`Â?e ĂˆAlekfj ?Xi\dfj ?`jkfi`XÉ# 8idXe[f >lX[`XeX K`a\i`eX \jk} Zfem\e$ Z`[f [\ hl\ \c Ăˆ\]\Zkf 8DCFÉ Zfeki`Yl$ pÂ? gXiX [Xic\ cX m`Zkfi`X \c gXjX[f gi`$ d\if [\ alc`f# g\if kXdY`„e \c g\jf [\ jl cXYfi Zfdf fgfj`Z`Â?e [\c i„^`d\e \j$ kXkXc \e cfj Â’ck`dfj XÂŒfj% >lX[`XeX K`a\i`eX `e[`ZX hl\ X_fiX i\jkX kiXYXaXi gfi \c Y`\e [\ kf[fj cfj ZfX_l`c\ej\j gXiX ef kiX`Z`feXi cX Zfe$ ]`XeqX hl\ [\gfj`kXife \e \ccfj# j`e [`j$ k`e^f [\ Zfcfi\j gXik`[Xi`fj% ĂˆEfjfkifj Zfdf j\eX[fi\j kXdY`„e mXdfj X \dglaXi cfj gifp\Zkfj Zfeale$ kXd\ek\ Zfe \c ^fY\ieX[fi D`^l\c Ă?e$ ^\c I`hl\cd\ p cfj dle`Z`g`fj Zfdf Kf$ ii\Â?e [fe[\ \jk} \c j\ÂŒfi Q\id\ÂŒf [\c G8E# hl`\e \e d` fg`e`Â?e _X j`[f le \oZ\c\ek\ XcZXc[\# p Zi\f hl\ k\e\dfj hl\ XgfpXi Zfe kf[fÉ% >lX[`XeX K`a\i`eX p jl ZfdgXÂŒ\iX [\ ]Â?idlcX <mX >XcXq fYklm`\ife \c *-%)) gfi Z`\ekf [\ cfj jl]iX^`fj gXiX cXj j\$ eX[liˆXj \e cX \ek`[X[# \j [\Z`i# +0* d`c +-) mfkfj# cf ZlXc i\gi\j\ekÂ? [\aXi Xki}j cX kiX[`Z`Â?e hl\ [\j[\ _XZ\ (/ XÂŒfj `ej$ kXliÂ? \c GXik`[f 8ZZ`Â?e EXZ`feXc G8E [\ hl\[Xij\ Zfe XdYfj gl\jkfj [\ dX$ pfiˆX i\cXk`mX% <c GI@ i\klmf \c Xj`\ekf [\ i\gi\j\ekXZ`Â?e gifgfiZ`feXc% Ăˆ8c d\efj \e \c J\eX[f gifZliXi„ p Zfem\eZ\i„ X cX ^\ek\ [\ hl\ ef mXpX m\e[\i cfj `ek\i\j\j Z`l[X[Xefj% ;\ d` gXik\ p <mX >XcXq [\]\e[\i\dfj X cfj ZfX_l`c\ej\j p cfj d\o`ZXefjÉ% <c \dgi\jXi`f [`Z\ cXd\ekXi hl\ jl \o Zfeki`eZXek\ gfi cX ^lY\ieXkliX [\ :fX_l`cX# >l`cc\idf 8eXpX CcXdXj# ef XcZXeqXiX X cc\^Xi X cX :}dXiX 8ckX gfi$ hl\ \c ki`Zfcfi kiXYXaÂ? Zfe jl \jkilZkliX gXiX gfj`Z`feXij\ \e le j\^le[f cl^Xi \e cX Zfdg\k\eZ`X% ĂˆEfjfkifj \e cXj \eZl\jkXj hl\ k\eˆX$ dfj \jk}YXdfj \e gi`d\if f j\^le[f cl^Xi Zfe \c G8E p ef \c GI@É% 0 /$*81$ Ăž -8/,2

'H HPSUHVDULR PLQHUR \ JDQDGHUR D DFWL YLVWD SRU OD UHQGLFLÂłQ GH FXHQWDV FDQGL GDWR D JREHUQDGRU \ DKRUD D XQ SDVR GHO 6HQDGR GH OD 5HSÂşEOLFD FÂłPR OOHJD $U PDQGR *XDGLDQD D WRGR HVWR"

<j leX clZ_X jfZ`Xc p [\j[\ \c glekf [\ m`jkX Z`l[X[Xef ]le[Xd\ekXcd\ek\% Cl\$ ^f [\ hl\ \e )'() XgfpXdfj X 8e[i„j DX$ el\c CÂ?g\q FYiX[fi p [\j[\ \ekfeZ\j \j$ kXdfj X ]Xmfi [\ \j\ gifp\Zkf% ?\dfj \jkX[f kiXYXaXe[f# clZ_Xe[f p jfYi\kf[f j`^l`\e[f X leX g\ijfeX hl\ \j g\ij\m\iXek\ p k`\e\ le gcXe Y`\e [\]`e`$ [f X ]Xmfi [\ cX Z`l[X[XeˆX p le ZXdY`f m\i[X[\if% :fdf [`Z\e cfj ZXqX[fi\j1 ĂŠ\c hl\ gfi$ ]ˆX dXkX m\eX[fĂ‹ p \jf ]l\ cf hl\ _`qf 8e$

12

[i„j DXel\c \e jl clZ_X [\ () XÂŒfj% 8 ]`eXc [\ Zl\ekXj j\ m\ ZfifeX[f Zfe leX ^iXe mfkXZ`Â?e [\jgl„j [\ [fe =iXeZ`jZf @% DX[\if% (O HIHFWR $0/2 VLQ GXGD GLR XQD VDFXGLGD D WRGR HO SD­V \ &RDKXLOD QR IXH OD H[FHS FLÂłQ HVSHUDEDQ HVWRV UHVXOWDGRV HQ XQD WLHUUD GRQGH HO 35, ORJUÂł PDQWHQHU HO FRQWURO HO DÂąR SDVDGR"

Efjfkifj \e cXj \eZl\jkXj hl\ k\eˆXdfj \jk}YXdfj \e gi`d\if f j\^le[f cl^Xi Zfe \c G8E p ef \c GI@% CX i\Xc`[X[ \j hl\ _lYf fg\iXZ`�e [\c ki`Zfcfi \e mXi`Xj i\^`fe\j [\c \jkX[f# jf$ Yi\kf[f cX Jli\jk\ [fe[\ \jk} \c dle`Z`$ g`f JXck`ccf p cfj [`jki`kfj d}j gi``jkXj%

(175(9,67$ @e[\g\e[`\ek\d\ek\ [\ \jf Zi\f hl\ ^XeXdfj gfi \c kiXYXaf _\Z_f p \c kjleX$ d` l fcX [\ 8e[iย j DXel\c Cย g\q FYiX$ [fi hl\ efj \dglaย X cX Zi\jkX gXiX ^X$ eXi \c gi`d\i cl^Xi% < *XLOOHUPR $QD\D /ODPDV"

<j leX g\ijfeX [\ dlZ_X clZ_X1 _X j`[f c\^`jcX[fi \e cX :}dXiX 9XaX p \e cX 8ckX% 8_fiX ef c\ kfZย # g\if \jkfp j\^l$ if hl\ mX X clZ_Xi \e fkiX ki`eZ_\iX [\e$ kif [\ jl gXik`[f# \j leX ^\ek\ mXc`fjX hl\ \jklmf X glekf [\ j\i ^fY\ieX[fi p [\j^iXZ`X[Xd\ek\ hl\[ย ]l\iX# Xlehl\ gl[f XgfikXi dlZ_f% &XยกO HV OD DJHQGD ORFDO TXH VHJXLUยก MXQWR FRQ (YD *DOD] HQ HO 6HQDGR GH OD 5HSยบEOLFD"

LeX [\ cXj ZfjXj ]le[Xd\ekXc\j \j \c Xjg\Zkf [\ cX \[lZXZ`ย e% 8]fikleX[X$ d\ek\ pX j\ \jk} i\jfcm`\e[f Zfe cXj [fj [\Z`j`fe\j [\ cX Jlgi\dX :fik\ [\ Aljk`Z`X [\ cX EXZ`ย e# \e [fe[\ \iX le Zi`d\e hl\ c\j \jklm`\iXe i\YXaXe[f X cfj dX\jkifj alY`cX[fj gfi cf hl\ _XYย X i\^cXd\ekX[f \c ^fY`\ief cfZXc [\ IlYย e Dfi\`iX% Ef \iX aljkf hl\ klm`\$ iXe hl\ gX^Xi gfi j\im`Z`fj jlYif^X[fj p k`\e\e hl\ [Xic\j \c j\im`Z`f dย [`Zf Zfdf \j [\Y`[f% KXdY`ย e \c Xjlekf [\ cXj Y\ZXj [\ \j$ kl[`Xek\j# cX gXik\ [\ cfj Xgi\e[`Z\j p fkiX [\ cXj ZfjXj ]le[Xd\ekXc\j# \e cXj hl\ ef \jkfp [\ XZl\i[f# \j cX i\\c\Z$ Z`ย e hl\ `dglcjย \c GXik`[f 8ZZ`ย e EX$ Z`feXc% CX clZ_X [\ DX[\if ]l\ jl]iX^`f \]\Zk`mf ef i\\c\ZZ`ย e p X_fiX i\jlckX hl\ jย gl\[\e i\\c\^`ij\ cfj XcZXc[\j# [`$ glkX[fj p j\eX[fi\j% J` ^XeXe[f X m\Z\j hl`\i\e d\k\i X cX \jgfjX p \c _`af Zfdf jlZ\[`ย \e M\$ iXZilq# X_fiX dfekXdfj \e \c dXZ_f ef cfj YXaXdfj% <j leX Zfdg\k\eZ`X [\jc\Xc gfihl\ \e leX ZXdgXย X \c XcZXc[\ kiXYXaX gfi cX dXย XeX gXiX \c dle`Z`g`f \e jfc`Z`$ kl[\j [\ fYiXj p \e cX kXi[\ cX \eki\^X%

Kf[f \jf _`qf hl\ \c GXik`[f 8ZZ`ย e EX$ Efjfkifj Zfdf j\eX[fi\j kXdY`ย e mX$ Z`feXc YXaXiX X k\iZ\i cl^Xi p efjfkifj efj dfj X \dglaXi cfj gifp\Zkfj ZfealekX$ dXeklm`dfj \e \c gi`d\if% d\ek\ Zfe \c ^fY\ieX[fi I`hl\cd\ p cfj dle`Z`g`fj Zfdf Kfii\ย e [fe[\ \jk} \c &RQ WRGR HVWR \ DQWH OD DXVHQFLD GH OHJLV j\ย fi Q\id\ย f [\c G8E# hl`\e \e d` fg`$ ODGRUHV \ DOFDOGHV SULLVWDV HQ YDULDV UH e`ย e _X j`[f le \oZ\c\ek\ XcZXc[\# p Zi\f JLRQHV GH OD HQWLGDG FยณPR FUHH TXH VHD hl\ k\e\dfj hl\ XgfpXi Zfe kf[f%

OD UHODFLยณQ HQWUH $0/2 \ 0LJXHO ย QJHO 5L TXHOPH 6ROยญV"

I\Zl\i[\e hl\ gย Yc`ZXd\ek\ j\ _X dXe`$ ]\jkX[f mXi`Xj m\Z\j hl\ 8e[iย j DXel\c mX X ^fY\ieXi gXiX kf[fj cfj Zfcfi\j# cXj i\c`^`fe\j \ `e[\g\e[`\ek\ [\ ZlXchl`\i gXik`[f hl\ i\gi\j\ek\ \c ^fY\ieX[fi f le XcZXc[\ mX X i\Z`Y`i \c d`jdf Xgfpf gXiX cfj gifp\Zkfj hl\ j\Xe m`XYc\j p j\ i\hl`\$ iXe gXiX cX Z`l[X[Xeย X [\ :fX_l`cX%

&RQVLGHUD TXH OD HOHFFLยณQ GH HVWH DยฑR SXVR HQ VX VLWLR D ORV TXH HQ UHVSDO GDURQ HO )UHQWH SRU OD 'LJQLGDG GH &RDKXLOD"

<c gi\j`[\ek\ \c\Zkf kiX\ cX i\[lZZ`ย e [\c ^Xjkf \e [\c\^XZ`fe\j [\ [`]\i\ek\j j\Zi\kXiย Xj [\ cfj \jkX[fj d\[`Xek\ cX Zi\XZ`ย e [\ leX Zffi[`eXZ`ย e \jkXkXc% ?Xp hl\ c\^`jcXi p cf mXdfj X XgfpXi gXiX \c`d`eXi cX YlifZiXZ`X% $KRUD HQ HO 6HQDGR UHWRPDUยก OD GH QXQFLD SRU HO WHPD GH OD PHJDGHXGD"

:i\f hl\ ef k`\e\ eX[X hl\ m\i% CX clZ_X [\c =i\ek\ gfi cX ;`^e`[X[ ]l\ le dfm`$ d`\ekf [\dfZi}k`Zf [fe[\ [\]\e[`dfj gifg`Xd\ek\ cX [\]\ejX [\c mfkf p \c i\j$ g\kf X cX mfclekX[ gfglcXi%

13

&XยกOHV VRQ ORV WHPDV HQ HO SODQR QD FLRQDO TXH LPSXOVDUยก"

Pf Zi\f hl\ k\e\dfj hl\ `ej`jk`i kXekf \e \c ZXjf [\ :fX_l`cX Zfdf fkifj \jkX$ [fj [\ cX I\gย Yc`ZX% CX [\l[X eXZ`feXc `dgc`ZX d}j [\c ,* gfi Z`\ekf [\c Gif$ [lZkf @ek\ief 9ilkf p _XYcXe [\ d}j [\ - Y`ccfe\j [\ g\jfj hl\ i\gi\j\ekXe le gifYc\dX ^iXm\ hl\ [\Y\dfj i\jfcm\i%

0 /$*81$ ร -8/,2

(175(9,67$

1RVRWURV FRPR VHQDGRUHV WDPELยฉQ YDPRV D HPSXMDU ORV SUR\HFWRV FRQMXQWDPHQWH FRQ HO JREHUQDGRU 5LTXHOPH \ ORV PXQLFLSLRV FRPR 7RUUHยณQ GRQGH HVWยก HO VHยฑRU =HUPHยฑRร

8c d\efj \e \c J\eX[f gifZliXiย p Zfem\eZ\iย X cX ^\ek\ [\ hl\ ef mXpX X m\e[\i cfj `ek\i\j\j Z`l[X[Xefj% ;\ d` Pf Zi\f hl\ \j le g\i]`c eX[X X^iX[XYc\ gXik\ p <mX >XcXq [\]\e[\i\dfj X cfj \e cX :}dXiX [\ ;`glkX[fj p \ekiย \e cX ZfX_l`c\ej\j p cfj d\o`ZXefj% c`jk`kX [\ cfj gcli`efd`eXc\j% J` cf _lY`\$ iXe gl\jkf \e k`\iiX ef Zi\f hl\ cX ^\ek\ 'XUDQWH OD SULPHUD VHPDQD SRVWHULRU D mfkXiX gfi ย c p gfi \jf d\ j`\ekf Zfek\e$ ODV HOHFFLRQHV XVWHG IXH XQR GH ORV TXH kf [\ cc\^Xi Xc J\eX[f [\ cX I\gย Yc`ZX DFXGLยณ D OD FDVD GH FDPSDยฑD GH $QGUยฉV Zfe \c Xgfpf [\ cfj Z`l[X[Xefj# k\e[i\$ 0DQXHO /ยณSH] 2EUDGRU HQ OD FDSLWDO GHO SDยญV KDEยญD DOJยบQ RWUR PRWLYR DGHPยกV dfj hl\ i\jgfe[\ic\j% 4Xยฉ RSLQLยณQ OH PHUHFH TXH HO H[ JREHU QDGRU 5XEยฉQ 0RUHLUD WDPELยฉQ HVWDUยก HQ HO SRGHU OHJLVODWLYR"

4Xยฉ JDUDQWยญDV KD\ GH TXH OD PD\RUยญD TXH WLHQH 0RUHQD WDQWR HQ HO 6HQDGR FRPR HQ OD &ยกPDUD GH 'LSXWDGRV QR VH GHVGLEXMH SRU VLWXDFLRQHV GH SHUVRQDV TXH REHGH] FDQ RWURV LQWHUHVHV WDO FRPR OR TXH \D SDVยณ HQ HO &RQJUHVR GH &RDKXLOD"

<jf kXdY`ย e mX [\g\e[\i dlZ_f [\ 8e$ [iย j DXel\c Cย g\q FYiX[fi p Zfdf gi\$ j`[\ek\ ef mX dXe\aXij\ Zfdf fkifj [Xe$ [f cย e\X X cX YXeZX[X% J\ e\Z\j`kX hl\ ZX[X hl`\e kiXYXa\ X ]Xmfi [\ cfj Z`l[X[Xefj p ef j\ Xe[\e m\e[`\e[f X `ek\i\j\j [\ ^ilgย jZlcfj p gXik`ZlcXi\j%

GH OD IHOLFLWDFLยณQ FRUGLDO"

?XYย X fkifj g\e[`\ek\j gfi i\m`jXi \e ZlXekf X kiXYXaf p X^\e[X c\^`jcXk`mX% Kl$ m`dfj [\jglย j leX i\le`ย e Zfe 8e[iย j DXel\c% +D\ TXLHQHV OR PDQHMDQ FRPR XQR GH ORV TXH SXGLHUD DSR\DU DQWH OD HYHQWXDO FUHDFLยณQ GH OD 6HFUHWDUยญD GH 0LQHUยญD DOJR OH KDQ GLFKR"

Ef d\ cf _Xe Zfd\ekX[f# g\if pX _Xp leX jlYj\Zi\kXiย X [\ d`e\iย X \e cX J\Zi\$ kXiย X [\ <Zfefdย X% 8VWHG HV PLQHUR \ JDQDGHUR FRQVLGHUD

0 /$*81$ ร -8/,2

14

OOHYDU DPERV WHPDV D OD &ยกPDUD GH 6H QDGRUHV"

Efjfkifj mXdfj X kiXkXi hl\ cfj Xgfpfj cc\^l\e X cX g\hl\ย X p d\[`XeX \dgi\jX# ef jfcXd\ek\ cX d`e\iX p ^XeX[\iX% G\if \e ZlXekf X \jf cfj Ziย [`kfj dXpfid\ek\ cfj ljXe cfj ^iXe[\j ZfigfiXk`mfj p k\e\$ dfj hl\ i\m\ik`i \jf% CX g\hl\ย X p d\[`XeX \dgi\jX k\e$ [i} Xgfpf gfihl\ ^\e\iXe \c .) gfi Z`\e$ kf [\ cfj \dgc\fj \e \jk\ gXย j% <c /' gfi Z`\ekf [\ kf[fj cfj ]fe[fj cf [`j]ilkXe cfj ^iXe[\j ZfigfiXk`mfj eXZ`feXc\j p gfi \jf \c Zi\Z`d`\ekf \jk} \jkXeZX[f# gXiX cf^iXi \c + gfi Z`\ekf [\ Zi\Z`d`\e$ kf XelXc k\e\dfj hl\ i\m\ik`icf% $UPDQGR *XDGLDQD YH XQ IXWXUR SROยญWL FR PยกV DOOยก GH OD 6HQDGXUยญD" HQ HO DยฑR WDO YH]"

I\Xcd\ek\ ef% <jk} dlp ^iXe[\ \c ki\Z_f p _XYcXdfj [\ Z`eZf Xย fj# X_fi`kX d\ mfp X gi\gXiXi p Zldgc`i Zfe cX ]leZ`ย e gย Yc`ZX hl\ d\ kfZX [\j[\ \c J\eX[f [\ cX I\gย Yc`ZX p c\j mXdfj X^iX[\Z\i jl Zfe]`XeqX Zfe cX i\jgfejXY`c`[X[%

(175(9,67$

&212&(5 ÙJHQHUDGRUÚ GH SHUVRQDO FRPSHWHQWH :fekXi ef jfcf Zfe \jkl[`Xek\j# kiXYXaX[fi\j# \dgi\jXi`fj# j`ef kXdY` e j\im`[fi\j g Yc`Zfj Zfe le d\afi p d}j Xckf e`m\c [\ Zfdgifd`jf \e cX cXYfi hl\ [\j\dg\ Xe# \c i\kf 325 /8,6 &$5/26 9$/' 6 '( /( 1 )2726 &257(6 $

<

e D o`Zf# \ek`[X[\j ]\[\iXk`mXj Zfdf ?`[Xc^f# 9XaX :Xc`]fie`X p :_`XgXj ef jfcf _Xe Zfej`[\iX[f# j`ef hl\ _Xe cc\mX[f X ZXYf XZZ`f$ e\j [\ ZXgXZ`kXZ` e p d\afiX [\ gifZ\jfj [\ kiXYXaf [\ jlj j\im`[fi\j g Yc`Zfj2 cX Z`l[X[Xe X _fp \j d}j gXik`Z`gXk`mX p \o`$ ^\ek\ Xek\ \c [\j\dg\ f [\ jlj Xlkfi`[X$ [\j# gfi cf hl\ _Xe k\e`[f hl\ `dgc\d\e$ kXi j`jk\dXj hl\ ef j cf gfk\eZ`Xc`Z\e p Z\ik`]`hl\e cXj Zfdg\k\eZ`Xj [\ cfj j\im`$ [fi\j g Yc`Zfj% <c `i d}j Xcc} [\ fjk\ekXi le Z\ik`]`ZX[f \j e\Z\jXi`f p gXiX 8cY\ikf 8cdX^l\i IfZ_X# [`i\Zkfi ^\e\iXc [\c :fej\af EXZ`feXc [\ EfidXc`qXZ` e p :\ik`]`ZXZ` e [\ :fdg\k\eZ`Xj CXYfiXc\j :FEF:<I # \jkf \j ]le[Xd\ekXc% ;\j[\ _XZ\ )+ X fj cX `ejkXeZ`X hl\ i\gi\j\ekX g\id`k\ d\[`Xek\ cX ZXgXZ`kX$ Z` e p \c J`jk\dX EXZ`feXc [\ :fdg\k\e$ Z`Xj# ZfekXi ef jfcf Zfe \jkl[`Xek\j# kiX$ YXaX[fi\j# \dgi\jXi`fj# j`ef kXdY` e j\im`[fi\j g Yc`Zfj Zfe le d\afi p d}j Xckf e`m\c [\ Zfdgifd`jf \e cX cXYfi hl\ [\j\dg\ Xe# cf hl\ j\ kiX[lZ\# \e \c ZXjf [\ \jkfj ck`dfj# \e le dXpfi i\ZfefZ`$ d`\ekf fYk\e`[f [\ cX Z`l[X[Xe X d`jdX%

$ 0©[LFR V­ OH LQWHUHVD GHVDUUROODU \ FHU WLILFDU VXV KDELOLGDGHV \ FDSDFLGDGHV"

<jkX gXik\ \j leX e\Z\j`[X[% ?XZ\ Xc^lefj d\j\j cX F:;< Fi^Xe`qXZ` e gXiX cX :f$ fg\iXZ` e p ;\jXiifccf <Zfe d`Zfj i\X$ c`q le i\gfik\ [\ cXj _XY`c`[X[\j gXiX D o`Zf# p \c j\Zi\kXi`f Afj Ýe^\c >lii X Zfd\ekXYX hl\ cX i`hl\qX [\ cXj eXZ`fe\j pX ef \jkXYX \e cfj i\Zlijfj eXkliXc\j# g\$ ki c\f l fif# cX i`hl\qX \jk} \e cXj ZXgXZ`$ [X[\j p _XY`c`[X[\j [\ cXj g\ijfeXj% <c ZXjf `ek\ieXZ`feXc [\ :fi\X cf^iX Xc`e\Xi jl \jkiXk\^`X `e[ljki`Xc p [\ [\jX$ iifccf Zfe le [\jXiifccf \[lZXk`mf p ]fi$ dXZ` e gXiX hl\ cfj k Ze`Zfj# cfj `e^\$ e`\ifj# cX ^\ek\ gl[`\iX _XZ\i ]i\ek\ X \jkX [`e}d`ZX p \jk\ gcXe [\ [\jXiifccf `e[ljki`Xc p _fp k\e\dfj X :fi\X Zfdf lef [\ cfj i\]\i\ek\j \e [\jXiifccf k\Z$ efc ^`Zf# \ogfikXZ` e Xlkfdfki`q# \o$ gfikXZ` e [\ k\Zefcf^ X# \hl`gfj \e ^\$ e\iXc# g\if [\ki}j [\ \ccf _Xp gifZ\jfj [\ `e^\e`\i X p [\ dXel]XZkliX \jg\Z`Xc`$

/$ &(57,),&$&, 1 ,QFLGHQFLD HQ HO HVWDEOHFLPLHQWR GH 3ROÐWLFDV 3ÝEOLFDV ,1)21$9,7 1DFLRQDO ([LJHQFLD GH OD FHUWLILFDFLÖQ SDUD ORV SURPRWRUHV GH FUÌGLWR D OD YLYLHQGD 3XHEOD /D /HJLVODWXUD HVWDEOHFLÖ OD FHUWLILFDFLÖQ HQ GHO VHUYLFLR SÝEOLFR GH WUDQVSRUWH SDUD OD REWHQFLÖQ GH OL FHQFLD GH FRQGXFLU 4XHUÌWDUR /D /HJLVODWXUD HVWDEOHFLÖ OD FHUWLILFDFLÖQ HQ FRPHUFLDOL]DFLÖQ GH ELHQHV LQPXHEOHV FRPR UHTXLVLWR SDUD ORV DJHQWHV LQPRELOLDULRV +LGDOJR &KLDSDV \ 0LFKRDFÄQ (VWDEOHFHQ OD REOLJD WRULHGDG GH OD FHUWLILFDFLÖQ GH ORV VHUYLGRUHV SÝEOLFRV HQ ORV JRELHUQRV PXQLFLSDOHV ',) 1DFLRQDO ([LJHQFLD FHUWLILFDGR SDUD HO FXLGDGR \ DWHQFLÖQ GH QLÔRV \ QLÔDV 'LVHÔR GH (VWÄQGDUHV GH &RPSHWHQFLD DSOLFDEOHV DO 0RGHOR 0H[LFDQR GH )RUPDFLÖQ 'XDO

0 /$*81$ Þ -8/,2

16

qX[X# p \jkf cf _XZ\e g\ijfeXj [\Y`[X$ d\ek\ \eki\eX[Xj p ZXgXZ`kX[Xj p hl\ klm`\ife jl Xgi\e[`qXa\ dlp c`^X[f X leX g\ik`e\eZ`X \[lZXk`mX gXiX `eZfigfiXij\ Xc d\iZX[f cXYfiXc ]fidXc% /D 2&'( WDPEL©Q GD FXHQWD GHO EDMR QL YHO HGXFDWLYR TXH SUHYDOHFH HQ HO SD­V \ VX EDMR SRVLFLRQDPLHQWR D QLYHO PXQ GLDO 'H TX© PDQHUD HO HVWDU FHUWLILFD GR HQ FRPSHWHQFLDV GHO &212&(5 FRDG\XYD D PHMRUDU HVWD VLWXDFL³Q \ HO DFFHVR DO VHFWRU SURGXFWLYR"

Gi`d\if _Xp hl\ i\ZfefZ\i Xc^leXj ZfjXj% <jkXdfj `ed\ijfj \e leX [\ cXj kiXej]fidXZ`fe\j d}j `dgfikXek\j hl\ _X k\e`[f \c gX j# hl\ _X j`[f cX I\]fidX <[lZXk`mX% ?fp \e [ X j\ gcXek\X le df[\cf \[l$ ZXk`mf hl\ `dgc`ZX cX ]fidXZ` e [\ [fZ\e$ k\j# g\if kXdY` e le df[\cf \[lZXk`mf hl\ gcXek\X le el\mf g\i]`c [\ \^i\jfj# Zfe Z`\ikXj ZXiXZk\i jk`ZXj [\c d\o`ZXef# \e \c j`jk\dX g Yc`Zf [\c e`m\c Y}j`Zf X d\[`f jlg\i`fi# hl\ j\X ZXgXq [\ Xgi\e$ [\i X Xgi\e[\i# hl\ j\ [X Zfe ZfefZ`d`\e$ kfj Y}j`Zfj dlp j c`[fj [\ dXk\d}k`ZXj# c\e^lXa\# Z`\eZ`Xj# g\if kXdY` e hl\ j\X

(175(9,67$ leX gfj`Z`Â?e dXpfi f leX XZk`m`[X[ [`$ ]\i\ek\# ef e\Z\jXi`Xd\ek\ i\^i\jXe[f X \jkl[`Xi leX ZXii\iX gif]\j`feXc j`ef X kiXm„j [\ cX ZXgXZ`kXZ`Â?e p Z\ik`]`ZX$ Z`Â?e# `eZfigfiXij\ X XZk`m`[X[\j [\ ZX$ i}Zk\i k„Ze`Zf p gif]\j`feXc% < HQ HVH VHQWLGR TXŠ KD\ FRQ OD FHUWL ILFDFLÂłQ GH VHUYLGRUHV SÂşEOLFRV"

CX Z\ik`]`ZXZ`Â?e \j le [fZld\ekf hl\ [X \c \jkX[f d\o`ZXef X kiXm„j [\c :F$ EF:<I hl\ [X cX Z\ik\qX hl\ cX g\ijf$ eX \j Zfdg\k\ek\ gXiX Xc^leX XZk`m`$ [X[% <e cX gXik\ [\ dXel]XZkliX# cX `e[ljki`X Xlkfdfki`q# cX X\ife}lk`ZX# g\if kXdY`„e _\dfj g\iZ`Y`[f leX ^iXe [\dXe[X [\ ^fY`\iefj# hl\ efj jfc`Z`kXe hl\ cfj Xgfp\dfj X kiXm„j [\c \jhl\dX [\ Zfdg\k\eZ`Xj# cX gif]\j`f$ eXc`qXZ`Â?e [\c j\im`Z`f gÂ’Yc`Zf% Ef \j jfcXd\ek\ ZXgXZ`kX# j`ef hl\ cXj g\ijfeXj hl\ i\Xc`qXe leX XZk`m`[X[ \e gifZ\jfj ZcXm\j [\ cX X[d`e`jkiXZ`Â?e gÂ’Yc`ZX k\e^Xe le Z\ik`]`ZX[f hl\ cfj XZi\[`k\ Zfdf g\ijfeXj Zfdg\k\ek\j gXiX \ccf# hl\ [fd`eXe cfj gifZ\jfj# hl\ j\ dXe\aXe Zfe le e`m\c [\ ZXi}Z$ k\i „k`Zf# Zfe ZfefZ`d`\ekf [\ cX c\p# [\c i\^cXd\ekfj hl\ jfgfikXe jl XZk`m`$ [X[% P \jkf gXiX cX [`i\ZZ`Â?e ^\e\iXc [\ le fi^Xe`jdf gÂ’Yc`Zf \j dlp `dgfi$ kXek\# g\if cf \j d}j gXiX \c Z`l[X[Xef# gfihl\ k\e`\e[f j\im`[fi\j gÂ’Yc`Zfj Zfdg\k\ek\j# _Xi}e Yl\e ljf [\c i\$ Zlijf p [\c i\jg\kf [\ cX c\p% 6LQ HPEDUJR TXŠ WDQWR KD SHUPHDGR OD FXOWXUD GH FHUWLILFDFLÂłQ \ SURIHVLR QDOL]DFLÂłQ GHO VHUYLFLR SÂşEOLFR HQ HQWL GDGHV \ PXQLFLSLRV"

ZXgXq [\ ]fidXij\ Xc d\efj \e \c `[`fdX `e^c„j# hl\ dXe\a\ k\Zefcf^ˆX Y}j`ZX# hl\ j` ef dXe\aX \jkf ef k`\e\ fgfikle`[X[ [\ [\jXiifccf2 cX gXik\ jfZ`f \dfZ`feXc# hl\ k`\e\e hl\ m\i Zfe cX ZXgXZ`[X[ [\ \dgX$ kˆX# cX ZXgXZ`[X[ [\ Zfdle`ZXZ`�e \]\Zk`$ mX \e cXj g\ijfeXj2 \c kiXYXaf \e \hl`gf \e cXj fi^Xe`qXZ`fe\j p \e cX jfZ`\[X[ p hl\ jfe XZk`m`[X[\j dlp c`^X[Xj X cXj [\ ZXi}Z$ k\i gif[lZk`mf# gfi \a\dgcf Xc^l`\e hl\ j\X ZXgXq [\ \ek\e[\i \c d\[`f XdY`\ek\# cX jljk\ekXY`c`[X[% <e cX F:;<# j\ gcXek\X hl\ cX \[lZX$ Z`�e k`\e\e hl\ j\i X cf cXi^f [\ cX m`[X# \j [\Z`i# hl\ ef e\Z\jXi`Xd\ek\ k\id`eX Zfe \c gif^iXdX \[lZXk`mf \e cX ]Xj\ kiX$ [`Z`feXc2 j`ef hl\ Xhl\ccfj hl\ k`\e\e Xc$ ^leX XZk`m`[X[ gif[lZk`mX j\ m\Xe dfk`$ mX[fj gfi gi\gXiXij\ ZfejkXek\d\ek\ f i\[\]`e`i cfj f]`Z`fj f XZk`m`[X[\j gXiX gf$ [\i k\e\i leX i\Xc`qXZ`�e g\ijfeXc p gXiX gf[\i Zfeki`Yl`i Zfe D„o`Zf% 7LHQH TXH GDUVH GH PDQHUD LQWHJUDO"

<j X_ˆ [fe[\ :FEF:<I# hl\ k`\e\ d}j [\ d`c \jk}e[Xi\j [\ Zfdg\k\e$ Z`Xj# k`\e\e hl\ m\i Zfe Zl\jk`fe\j k„Z$ e`ZXj2 \c :FEF:<I \j leX `ejkXeZ`X

(/ &212&(5 SURPXHYH OD LQ WHJUDFLÂłQ GH &RPLWŠV 6HFWR ULDOHV GH *HV WLÂłQ SRU &RP SHWHQFLDV FRQ O­GHUHV GH ORV ÂĄPELWRV HP SUHVDULDO ODER UDO HGXFDWLYR VRFLDO \ GH JR ELHUQRĂš

j\Zkfi`qX[X \e cX J\Zi\kXiˆX [\ <[lZX$ Z`�e g\if hl\ k`\e\ `ek\iXZZ`�e Zfe cX J\Zi\kXiˆX [\c KiXYXaf# cX J\Zi\kXiˆX [\ <ZfefdˆX# J\Zi\kXiˆX [\ <e\i^ˆX# J\$ Zi\kXiˆX [\ Kli`jdf# JX^XigX# pX hl\ j\ `emfclZiXe Zfe j\Zkfi\j \jkiXk„^`Zfj [\c gXˆj# efj m`eZlcXdfj \e leX Zfe$ Z\gZ`�e g’Yc`ZX p gi`mX[X# pX hl\ jf$ dfj [\c ^fY`\ief ]\[\iXc# g\if \e el\j$ kif Zfej\af# \e \c Zfd`k„ k„Ze`Zf gXik`Z`gX \c j\Zkfi \dgi\jXi`Xc Zfe fi$ ^Xe`jdfj Zfdf \c :fej\af :ffi[`eX$ [fi <dgi\jXi`Xc# cX :feZXd`e# cX :fe$ ZXeXZf# p kXdY`„e cfj j`e[`ZXkfj hl\ k`\e\e i\gi\j\ekXZ`�e cXYfiXc# Zfe cX `ek\eZ`�e [\ jfZ`Xc`qXi \c k\dX [\ cX ZX$ gXZ`kXZ`�e# \mXclXZ`�e p Z\ik`]`ZXZ`�e# hl\ gl\[X Zfdgc\d\ekXi cX Zl\jk`�e \[lZXk`mX [\ a�m\e\j \^i\jX[fj p [\ kiX$ YXaX[fi\j \e XZk`mf# kXc p Zfdf cf [`Z\ cX F:;<# [\ cX \[lZXZ`�e X cf cXi^f [\ cX m`[X p [\ dXe\iX g\idXe\ek\ p hl\ ef ZfeZ\Y`i cX gXik\ [\ cX \[lZXZ`�e Zfdf Xc^f [\ \jZl\cXj f [\ XlcXj# j`ef hl\ ZlXchl`\i g\ijfeX `e[\g\e[`\ek\$ d\ek\ [\ cX XZk`m`[X[ hl\ i\Xc`qXe# gl\[\e g\i]\ZZ`feXi jl XZk`m`[X[# f k\$ e\i leX ilkX [\ [\jXiifccf Xjg`iXe[f X

17

?Xp ZXjfj \o`kfjfj \e [fe[\ \e Xc^lefj [\ \ccfj j\ _X cc\^X[f X gifdfm\i c\p\j gXiX XZi\[`kXi cX Zfdg\k\eZ`X [\ j\im`$ [fi\j g’Yc`Zfj \e XZk`m`[X[\j ZcXm\j2 gfi \a\dgcf \e \c \jkX[f [\ ?`[Xc^f# j\ gifdfm`� leX c\p hl\ fYc`^X X hl\ \c K\jfi\if# \c :fekiXcfi# \c [\ GcXe\XZ`�e p Gifk\ZZ`�e :`m`c# gl\[Xe k\e\i jl Z\i$ k`]`ZXZ`�e# g\if ef _XYcXdfj [\ le [`$ gcfdX[f \e Xc^leX le`m\ij`[X[ [\ ZX$ i}Zk\i fe\ifjf# j`ef hl\ X kiXm„j [\ le \jk}e[Xi hl\ Xpl[Xdfj X [\jXiifccXicfj% <jkXj g\ijfeXj `e[\g\e[`\ek\d\ek\ j` k`\e\e c`Z\eZ`XkliX f gfj^iX[fj# k\e$ ^Xe leX Z\ik`]`ZXZ`�e [\ hl\ ZfefZ\e \c dˆe`df [\ ZfefZ`d`\ekfj k„Ze`Zfj# c\^Xc\j p i\^cXd\ekXi`fj gXiX \a\iZ\i leX ]leZ`�e% P \jkf \j `dgfikXek\ gfihl\ hl`q}j le XcZXc[\ gl\[\ efdYiXi X Xc^l`\e hl\ gXik`Z`g� \e jl ZXdgXŒX f X Xc$ ^l`\e Zfe hl`\e k`\e\ leX i\cXZ`�e [\ Zfe]`XeqX# g\if cf d}j `dgfikXek\ \j hl\ `e[\g\e[`\ek\d\ek\ [\ \jkf# gl\$ [X j\i leX g\ijfeX Zfdg\k\ek\ p cf hl\ cf XZi\[`kX Zfdf Zfdg\k\ek\ \j hl\ k\e^X le Z\ik`]`ZX[f gXiX \jkX XZk`m`$ [X[# gXiX \j\ gl\jkf# \jkX \j leX gif$ gl\jkX [\ XckX lk`c`[X[ g’Yc`ZX%

0 /$*81$ Ăž -8/,2

(175(9,67$ /D FHUWLILFDFLÂłQ VH RWRUJD DO VHUYLGRU SÂşEOLFR HQ JHQHUDO R SRU ÂĄUHDV"

Efjfkifj kiXYXaXdfj dlZ_f \e cX [\dXe$ [X [\c d\iZX[f cXYfiXc% Ef _XZ\dfj Z\i$ k`]`ZXdfj hl\ ef mXpX X k\e\i lk`c`[X[# j`ef hl\ e\Z\j`kX Xc^l`\e hl\ cf [\dXe$ [\# hl\ cf lk`c`Z\ p cf gifdl\mX% <c j`jk\dX kiXYXaX \e ]leZ`�e [\ hl`\e j\ `emfclZiX gXiX jfc`Z`kXi efi$ dXc`qXi leX XZk`m`[X[# hl\ \e \jk\ ZXjf _lYf ^\ek\ [\c >fY`\ief [\ ?`[Xc^f# k\eˆXdfj cfj ifc\j ZcXm\ p j\ ^\e\i� le \jk}e[Xi hl\ Zfek\dgcX cfj ZfefZ`$ d`\ekfj Y}j`Zfj# cXj XZk`kl[\j p mXcfi\j hl\ [\Y\ k\e\i leX g\ijfeX gXiX [\jX$ iifccXi X[\ZlX[Xd\ek\ \j\ gl\jkf% ;\ X_ˆ j\ [\jgi\e[`� kf[f le gif$ Z\jf [\ ]fidXZ`�e p ZXgXZ`kXZ`�e2 cl\$ ^f cX g\ijfeX j\ jfd\k\ X leX \mXclX$ Z`�e hl\ \j d}j hl\ le \o}d\e# \j [\c [fd`e`f [\# Zfe ZXjfj m`m\eZ`Xc\j# Zfe ZXjfj gi}Zk`Zfj p Zfd le gfikX]f$ c`f [\ \m`[\eZ`Xj [\ hl\ cX g\ijfeX j\ jfd\k`� X \jkX \mXclXZ`�e# ef gXiX i\$ gifYXi f gXiX fYk\e\i leX ZXc`]`ZX$ Z`�e# j`ef jfcf gXiX [\ZcXiXicf Zfdg\$ k\ek\2 \j [\Z`i# \jkf c\ ^XiXek`qX X hl`\e cf ZfekiXkX f X hl`\e cf efdYiX# hl\ cX g\ijfeX \jk} gi\gXiX[X gXiX Zldgc`i Zfe \jkX XZk`m`[X[% Ef \jk} \o\ekf [\ \iifi\j# g\if Xc d\efj ef mX X \oZljXi `^efiXeZ`X [\ hl\ ef jXYˆX kXc i\^cXd\ekf f gifZ\[`$ d`\ekf# `e[\g\e[`\ek\d\ek\ hl\ cX c\p ef k\ \o`d\ gfi `^efiXeZ`X g\if j\ k\e$ [iˆX le [fZld\ekf hl\ cf XZi\[`kX gXiX gf[\i \a\iZ\i [`Z_f ZXi^f%

'$ /$ &(57(=$ 48( /$ 3(5621$ (6 &203(7(17( 3$5$ $/*81$ $&7,9,'$' /D FHUWLILFDFL³Q HV XQ GRFXPHQWR TXH GD HO HVWDGR PH[LFDQR D WUDYŠV GHO &212&(5

(Q OD 2&'( VH SODQWHD TXH OD HGXFDFLÂłQ WLHQHQ TXH VHU D OR ODUJR GH OD YLGD HV GHFLU TXH QR QHFHVDULDPHQWH WHUPLQD FRQ HO SURJUDPD HGXFDWLYR HQ OD IDVH WUDGLFLRQDOĂš

&XDQWRV PXQLFLSLRV R HQWLGDGHV KDQ RSWDGR SRU HVWD FHUWLILFDFLÂłQ"

8 e`m\c dle`Z`gXc# \c \jkX[f [\ ?`[Xc^f X e`m\c [\ leX gifdfZ`�e [\ Z\ik`]`ZX$ Z`�e [\c j\im`Z`f p Xk\eZ`�e Xc Z`l[X[X$ ef# hl\ \j fkif \jk}e[Xi [\ Zfdg\k\e$ Z`X# \c ZXjf [\ 9XaX :Xc`]fie`X# \c ZXjf [\ :_`XgXj hl\ \jk} ^\e\iXe[f kf[X leX [`e}d`ZX gXiX gf[\i gi\gXiXi X jlj ]le$ Z`feXi`fj# p \e XZk`m`[X[\j [\c }dY`kf g’Yc`Zf% <e \c e`m\c ]\[\iXc j\ \jk} gifdf$ m`\e[f hl\ k\e^Xe le Z\ik`]`ZX[f cfj f]`Z`Xc\j [\c I\^`jkif :`m`c X e`m\c ]\[\$ iXc f [\ leX XZk`m`[X[ efidX[X p i\^l$ cX[X gfi \c ^fY`\ief ]\[\iXc [X[f hl\ \e dlZ_fj ZXjfj cXj gfk\jkX[ jfe [\ ZXi}Z$ k\i cfZXc p \jkf gXiX \m`kXi cX [`jZi\Z`f$ eXc`[X[ \e \c efdYiXd`\ekf [\ dlZ_fj ]leZ`feXi`fj hl\ _XZ\e leX XZk`m`[X[ `dgfikXek\ p hl\ [\jgl„j [\ \jkf ef Zf$ d\kXe XZZ`fe\j \e ZfekiX [\ cfj Z`l[X$ [Xefj Xc ZfekXi Zfe le Z\ik`]`ZX[f% :i\f hl\ \jkX gfi [\d}j d\eZ`feXi hl\ j\ _Xe [X[f dlZ_fj \iifi\j hl\ c\ ZXdY`Xe cX m`[X X le afm\e f g\ijfeX# \e \c ZXjf [\ YljZXi le kiXYXaf# le gif$ Z\[`d`\ekf [\ ZXi}Zk\i Z`m`c# f \e jlj \jkl[`fj# j`\dgi\ _Xp Zl\jk`fe\j hl\ cfj gl\[\e X]\ZkXi% 0 /$*81$ Þ -8/,2

(Q HO WHPD ODERUDO TXŠ WDQWR WHQHU XQD FHUWLILFDFL³Q JDUDQWL]D QR V³OR OD REWHQFL³Q GH XQ SXHVWR HQ OD DGPLQLV WUDFL³Q SºEOLFD VLQR XQD EXHQD JHVWL³Q SºEOLFD"

DlZ_f# Xlehl\ ef cfj \o\ekX [\ \iif$ i\j% G\if hl`\e _XpX gXjX[f gfi le gif$ Z\jf [\ \mXclXZ`�e f Z\ik`]`ZXZ`�e# cfj XZ\iZX d}j X le e`m\c d}j Zfdg\k`k`mf# p \jkf j\ mX _XZ`\e[f leX ZlckliX [\ ^\j$ k`feXi i\Zlijfj _ldXefj YXjX[f \e Zfd$ g\k\eZ`Xj# hl\ hl`\e k\e^X cXj ZXgXZ`[X$ [\j p cXj _XY`c`[X[\j p j\X Zfdg\k\ek\# Xjg`i\ X \jfj gl\jkfj p ^\e\iXi Xjˆ ZXg`kXc _ldXef \e \c j\Zkfi g’Yc`Zf# hl\ [„ le j\im`Z`f [\ ZXc`[X[ p hl\ \c Z`l[X[Xef cf i\ZfefqZX% Hl\ ]`eXcd\ek\ \jkfj \jk`^dXj [\ Yl$ ifZiXk`jdf p e\^c`^\eZ`X hl\ g\ij`jk\ \e cX g\iZ\gZ`�e [\c Z`l[X[Xef \e jl al`Z`f Zfe cX X[d`e`jkiXZ`�e g’Yc`ZX% <e cX d\$ [`[X \e hl\ kf[fj k\e^Xdfj le d\afi [\j\dg\Œf# j\i\dfj d}j gif[lZk`mfj X e`m\c `e[`m`[lXc# fi^Xe`qXZ`feXc# X e`m\c `ek\^iXc# jldXe[f kf[fj# j\ Xld\ekX Xjˆ cX Zfdg\k`k`m`[X[ [\c gXˆj%

18

<C :FEF:<I gifdl\m\ cX `ek\^iX$ Z`�e [\ :fd`k„j J\Zkfi`Xc\j [\ >\jk`�e gfi :fdg\k\eZ`Xj Zfe cˆ[\i\j [\ cfj }dY`kfj \dgi\jXi`Xc# cXYfiXc# \[lZXk`$ mf# jfZ`Xc p [\ ^fY`\ief% :fe \jkf j\ Xj\^liX le Xckf e`m\c [\ `ek\icfZlZ`�e p le [`}cf^f g\idXe\ek\ gXiX hl\ ZfealekXd\ek\# kiXYXaX[fi\j p \dgc\X[fi\j# [\jXiifcc\e \jk}e[Xi\j [\ Zfdg\k\eZ`X p jfclZ`fe\j [\ ZXgX$ Z`kXZ`�e# \mXclXZ`�e p Z\ik`]`ZXZ`�e# hl\ i\Xcd\ek\ k\e^Xe `dgXZkf \e cXj XZk`m`[X[\j gi`fi`kXi`Xj [\ cfj j\Zkfi\j gif[lZk`mf# jfZ`Xc# \[lZXk`mf f [\ ^f$ Y`\ief% CX \jkiXk\^`X [\c :FEF:<I# kXd$ Y`„e `eZclp\ le df[\cf [\ \mXclXZ`�e p Z\ik`]`ZXZ`�e# \e \c hl\ j\i}e cfj ljlXi`fj# cfj hl\ gifgfe^Xe cXj jfcl$ Z`fe\j [\ \mXclXZ`�e p Z\ik`]`ZXZ`�e# hl\ d\afi i\jgfe[Xe X jlj e\Z\j`[X$ [\j# p \e \c hl\ gf[i}e \c\^`i jfYi\ leX dlp Xdgc`X ^XdX [\ fgZ`fe\j# \ `eZcl$ j`m\ gifgfe\i fgZ`fe\j [`]\i\ek\j X cXj [`jgfe`Yc\j \e cX I\[ [\ gi\jkX[fi\j [\ j\im`Z`f [\c :FEF:<I%

5(3257$-(

'XUDQJR WHFQROÂłJLFR HO UHWR :cÂ’jk\i [\ K\Zefcf^ˆX [\ cX @e]fidXZ`Â?e XglekX _XZ`X cX k\Ze`]`ZXZ`Â?e [\ cXj \dgi\jXj p cXj XZk`m`[X[\j gif[lZk`mXj Zfdf \c j\Zkfi ]fi\jkXc# cX X^if`e[ljki`X p cX d`e\iˆX gXiX \eZfekiXi el\mfj ZXd`efj

325 *,/%(572 /$675$ *8(55(52 )2726 &257(6Â?$

D

`cX^ifj :_XZ�e \j cX gi\j`$ [\ekX [\c :c’jk\i [\ K\Zef$ cf^ˆX [\ cX @e]fidXZ`�e% <dgi\e[\ le ZXd`ef hl\ \e le Zfikf gcXqf `eZclp\ X \dgi\e$ [\[fi\j hl\ gfi d\[`f [\ kiXYXaf dlck`$ [`jZ`gc`eXi`f# cf^i� kiXqXi cfj gi`d\ifj gXjfj _XZ`X cX k\Ze`]`ZXZ`�e [\ cXj \dgi\$ jXj p cXj XZk`m`[X[\j gif[lZk`mXj Zfdf \c j\Zkfi ]fi\jkXc# cX X^if`e[ljki`X p cX d`e\$ iˆX gXiX \eZfekiXi el\mfj ZXd`efj%

4XŠ DYDQFHV KD\ KDVWD HO PRPHQWR HQ HO XVR GH ODV QXHYDV WHFQRORJ­DV SDUD DSOLFDUODV HQ FDVRV PX\ SU¥FWLFRV HQ HO HVWDGR GH 'XUDQJR"

Cf hl\ efj ^ljkX \j cf hl\ _XZ\dfj% Hl\ \j \c [\jXiifccf [\ k\Zefcf^ˆXj# p \c Xdfi X el\jkiX k`\iiX# hl\ \j cf hl\ efj dl\m\ dlZ_ˆj`df% JXY\dfj hl\ \e ;liXe^f \c

j\Zkfi [\ k\Zefcf^ˆXj \j le j\Zkfi [\jXi$ k`ZlcX[f kfkXcd\ek\% P d}j# \e \c dle`Z`$ g`f [\ ;liXe^f% Cf gi`d\if hl\ [\Y\dfj [\ _XZ\i# \j Xik`ZlcXicf% Ef jfcXd\ek\ cXj \dgi\jXj hl\ Zi\Xe jf]knXi\# j`ef cXj \dgi\jXj hl\ gi\jkXe j\im`Z`fj [\ k\Zefcf^ˆXj% M\ekX% :i\\dfj hl\ kf[fj le`[fj gf[\$ dfj jXZXi Xc j\Zkfi X[\cXek\% G\if cX Yl\eX XZ\gkXZ`�e hl\ _\dfj k\e`[f X e`m\c eXZ`feXc# ef Xpl[X X m\i hl\ gf[\dfj `dgXZkXi \e fkifj j\Zkf$ i\j Zfdf cX X^if`e[ljki`X# cX `e[ljki`X d\qZXc\iX# p XgXik\ XgfpXdfj X cfj \d$ gi\e[\[fi\j% :fej`[\iXdfj hl\ ef jfcXd\ek\ _Xp hl\ YljZXi hl\ cfj \^i\jX[fj [\ cXj le`$ m\ij`[X[\j p k\Zefc�^`Zfj k\e^Xe kiXYX$ af f le gl\jkf# j`ef hl\ \dgi\e[Xe% M\$ dfj cX e\Z\j`[X[ \e ;liXe^f# jfYi\

0 /$*81$ Ăž -8/,2

20

kf[f \e \c kXc\ekf hl\ \o`jk\# hl\ \j \c `ek\c\ZklXc p efj [Xdfj Zl\ekX [\ \ccfj# gfihl\ \e fkifj \jkX[fj cf mXcfiXe% 8gfjkXdfj X \jf% Cfj a�m\e\j e\Z\j`kXe `em\ij`fe`jkXj gXiX cfj gifp\Zkfj p cf hl\ _XZ\e [\j[\ cX le`m\ij`[X[% <ekfe$ Z\j kXdY`„e j\ \jk} clZ_Xe[f gfi \jf% Jfe mXi`Xj \jkiXk\^`Xj hl\ Xgc`ZXi \e \c Zc’jk\i p X cf d\afi# Xjˆ kiX\dfj \j$ kiXk\^`Xj XdY`Z`fjXj# g\if X cX m\q# ZlXe[f Zfd\eqXdfj X m\i kf[f cf hl\ cX k\Zefcf^ˆX gl\[\ `dgXZkXiefj \e j\Z$ kfi\j# Zfe cfj \dgi\e[\[fi\j# p Zfdf \jkX[f# ef _XZ\ hl\ gf[Xdfj kiXYXaXi# p hl\ ;liXe^f j\ ml\cmX le \jkX[f k\Z$ efc�^`Zf% P X_fiX \mXe^\c`qXi X cfj \d$ gi\jXi`fj [\ cX \ek`[X[# p d}j hl\ eX[X# ZXdY`Xi cfj e’d\ifj hl\ ;liXe^f kiX\ X e`m\c eXZ`feXc \e \c k\dX [\ `eefmX$ Z`�e hl\ jfe cfj ’ck`dfj cl^Xi\j%

5(3257$-( KiX\dfj cXj ^XeXj# kiX\dfj \jkiXk\$ ^`Xj% PX j\ _Xe cf^iX[f XmXeZ\j hl\ jfe \e `e]iX\jkilZkliX gXiX \c `ek\ie\k [\ cXj ZfjXj% J\ mXcfiX cX gfj`Y`c`[X[ [\ `e$ m\ij`ย e eXZ`feXc \ `ek\ieXZ`feXc gXiX XgfpXi Xc \dgi\e[\[fi% 8Z\c\iX[fiXj [\ e\^fZ`fj% Efj YljZXe gXiX _XZ\i \m\ekfj dle$ [`Xc\j% <e \c \ok\i`fi j\ [`\ife Zl\ekX hl\ ;liXe^f gl\[\ j\i le \jkX[f [\kf$ eXek\ \e dXk\i`X [\ k\Zefcf^ย X% P Zf$ d\eqXdfj Zfe cX mfZXZ`ย e p Zi\\e X e`m\c eXZ`feXc hl\ ;liXe^f j\ _XZ\ k\Zefcย ^`Zf% /D PDWHULD SULPD GHO FOยบVWHU HV HO WD OHQWR &ยณPR ORV HVWXGLDQWHV FRPHQ ]DURQ D HQWUDU HQ XQD GLQยกPLFD GRQGH WLHQHQ TXH FUHDU PยกV DOOยก GHO DXOD" ,Q FOXVR PยกV DOOยก GH OD H[SHFWDWLYD SRU TXH VRQ XQLYHUVLWDULRV SHUR DO FUHDU VL QHUJLD FRQ HO PXQGR FRPLHQ]DQ SUR\HFWRV GH FRQVLGHUDFLยณQ

<j le k\dX `ek\i\jXek\% LeX [\ cXj Zl\jk`fe\j hl\ j`\dgi\ efj gi\^lekX$ dfj# kXekf cfj [`i\Zkfi\j p i\Zkfi\j [\ cXj le`m\ij`[X[\j p efjfkifj Zfdf \d$ gi\jXi`fj# \j Zย df XgfpXi \c kXc\ekf hl\ pX j\ ^\e\iX [\ekif [\ cXj XlcXj% Cfj Z_Xmfj kiX\e cX [`e}d`ZX# p jXY\e hl\ ;liXe^f \jk} gXj`mf# p e\Z\j`kX XZ$ k`mXij\% P X_ย cf hl\ [\Z`dfj \j hl\ j\ e\Z\j`kXe [\ \dgi\jXi`fj \ `em\ij`fe`j$ kXj hl\ gl\[Xe XgfpXicfj% 8 m\Z\j jย cf j\ e\Z\j`kX [\ le g\hl\ย f \dglaย e gXiX hl\ \dgi\e[Xe leX \dgi\jX% /RV HVWXGLDQWHV HVWยกQ DFRVWXPEUDGRV D WUDEDMDU FRQ HO PยญQLPR

J`\dgi\ j\ hl\[Xe \e cX ZXc`]`ZXZ`ย e% P pX ef XmXeqXe d}j% ยถGfi hlย 6 Gfihl\ e\Z\j`kXe X Xc^l`\e hl\ c\j Xpl[\ X `e$ ZlYXi gifp\Zkfj% G\if ef _Xp \e ;liXe$ ^f% Ef _Xp XZ\c\iX[fiXj% :i\f hl\ j\ XYi`i} leX% G\if _Xp hl\ kiX\i cXj `em\i$ j`fe\j f efjfkifj Zfdf \dgi\jXi`fj Zi\\i \e jlj gifp\Zkfj gfihl\ [\ m\i$ [X[ jfe Yl\efj p jfe gif[lZkfj hl\ gl\[\e ]fidXi leX \dgi\jX# _XjkX d\$ afi [\ cX hl\ _Xp \e \jkfj dfd\ekfj% <c kXc\ekf `ek\c\ZklXc \j \efid\% P X_fiX YljZXdfj X e`m\c eXZ`feXc X hl`ย e k\ gl\[X kiX\i gXiX hl\ Xpl[\ X \jfj \dgi\e[\[fi\j hl\ Xpl[\ X XZ\c\$ iXi jlj gifp\Zkfj% G\if kXdY`ย e# `em\ij`fe`jkXj hl\ gl\[Xe XgfpXi X hl\ \j\ afm\e j\X le \dgi\jXi`f p \j\ gif[lZkf# hl\ kXc m\q c\ ]XckX Xc^f [\ k\Zefcf^ย X# f le gfZf [\ `em\ij`ย e gXiX hl\ jXc^X [\ d\afi ZXc`$ [X[% <jf \j cf hl\ j\ YljZX# p k\e\dfj ZXj` Z\iiX[f Zfe leX \dgi\jX [\ \jk\ k`gf# JkXiklg gXiX hl\ Xpl[\ X el\jkifj aย m\e\j% P ef jfcXd\ek\ leX# j`ef mX$ i`Xj m\ik`\ek\j gfihl\ \e ;liXe^f ef _Xp `e]iX\jkilZkliX gXiX _XZ\icf% P j\ Zi\Xi} [\ekif [\ cXj le`m\ij`[X[\j [\c \jkX[f# gXiX hl\ Zfe \ccf# gl\[Xe jXZXi

gifp\Zkfj f gif[lZkfj hl\ jfe [\ k\Z$ efcf^ย Xj dle[`Xc\j p jfe \c gXik\X^lXj \e \c ZXdY`f k\Zefcย ^`Zf% 8[\d}j hl\ cX `em\ij`ย e \j dlp gfZX# cX lk`c`[X[ `dgXZkX \e kf[fj cfj j\Zkfi\j# p ]leZ`f$ eX Zfe iXg`[\q% (O FRQFHSWR GH WHFQRORJยญD GH OD LQIRU PDFLยณQ QR VH HQWLHQGH KDVWD TXH VH SUDFWLFD < HQ 'XUDQJR ORV SUR\HFWRV TXH VH FRQRFHQ VXV UHVXOWDGRV VRQ GH ILQLGRV \ FRPR HQ HO FDVR IRUHVWDO VRQ KDVWD ORV DยฑRV ODV SUR\HFFLRQHV HQ DOJXQRV FDVRV &ยณPR HV SODQWHDUVH XQ SUR\HFWR GH HVWH WLSR SRUTXH QR HV VRODPHQWH FUHDU HO VRIWZDUH \ HVWDQ GDUL]DU OD SURGXFFLยณQ VLQR WHQHU UDQJRV PยกV DOOยก" $GHPยกV HQ OD WHQWDWLYD GH OD FHUWLILFDFLยณQ

KXc m\q Zfdf \dgi\jX \j [`]ย Z`c# g\if ZlXe[f k\ le\j \j d}j Zfikf Xc ZXd`ef gXiX cc\^Xi X cX d\kX% Gi`d\if e\Z\j`kXj jXY\i X hlย mXj X `dgXZkXi% Efjfkifj Zfdf Zcย jk\i jXY\dfj hl\ _Xp j\Zkfi\j \e \c \jkX[f [\ ;liXe^f hl\ jfe cfj gi`$ dXi`fj f cfj hl\ i`^\e cX \Zfefdย X1 \j cX X^if`e[ljki`X# cX d`e\iย X# cX ^XeX[\$ iย X# \c j\Zkfi ]fi\jkXc% E\Z\j`kXdfj `e$ j\ikXiefj \e \jfj j\Zkfi\j# ZfefZ\i cf hl\ \jk} jlZ\[`\e[f p ZfefZ\i cXj `e$ m\jk`^XZ`fe\j hl\ _Xp% <jk\ \j \c hl\ efj Xpl[X X cX `eefmX$ Z`ย e gXiX mXcfiXi hlย j\ gl\[\ [\jXiif$ ccXi# p Zย df j\ gl\[\ Xpl[Xi X \jk\ j\Z$ kfi# gXiX hl\ XcZXeZ\ cX ZXc`[X[ p cX gif[lZZ`ย e% P hl\ cfj j\Zkfi\j gif[lZ$ k`mfj j\ gl\[Xe k\Ze`]`ZXi# p _XZ\icfj gif[lZk`mfj% J` k\ mXj Zfdf \dgi\jX XcZXeqXj X lef f X [fj f ZlXkif Zc`\ek\j% G\if j` k\ mXj \e \c j\Zkfi# XcZXeqXj dlZ_f d}j# \j d}j j\eZ`ccf m\i jlj e\Z\j`[X[\j% <e$ kiXj X cX X^if`e[ljki`X p m\j hl\ ef jX$ Y\e cf hl\ e\Z\j`kXe% <j _XZ\i le gfZf [\ `em\jk`^XZ`ย e% G\if j\ [\Y\ [\ `i [\j$ [\ \c dXpfi X cX d\efi% J\ XeXc`qXe# j\ _XZ\e gifgl\jkXj% P \j kiXYXaf \e Zfe$ alekf# kXekf jl j\Zkfi Zfdf \c el\jkif gXiX hl\ j\ gl\[X Xgc`ZXi% CX XZi\[`kXZ`ย e \j `dgfikXek\# gfi$ hl\ gXiX f]i\Z\i le gif[lZkf [\ [\jX$ iifccf k`\e\ hl\ k\e\i ZXc`[X[# p leX XZi\[`kXZ`ย e k\ ^XiXek`qX gifZ\jfj `e$ k\iefj [\c e\^fZ`f p jlj gifZ\jfj [\ gif[lZZ`ย e% 8_fiX cXj \dgi\jXj \jk}e kiXYXaXe[f Zfe Z\ik`]`ZXZ`ย e dle[`Xc# Zfe cX hl\ j\ XYi\e cXj gl\ikXj [\ mXi`fj gXย j\j% <j d}j i}g`[f \ekiXi ZlXe[f k`\e\j leX Z\ik`]`ZXZ`ย e \e 8c\dXe`X# hl\ \j \c ZXjf hl\ k\e\dfj% P le gXi [\ \dgi\$ jXj efj [`a\ife1 ร <jk} dlp Y`\e kl gif$ gl\jkX# d}e[Xefj klj Z\ik`]`ZXZ`fe\jร % PX _Xp \dgi\jXj Zfe Z\ik`]`ZXZ`ย e p hl\ kiXYXaXe gXiX fkifj gXย j\j% <jk}e \ogfikXe[f% CX Z\ik`]`ZXZ`ย e c\j XYi\ cXj gl\ikXj `ek\ieXZ`feXc\j% <jf efj _X Xpl[X[f dlZ_f%

21

0,/$*526 &+$&ย 1 1RVRWURV FRPR FOยบVWHU VDEHPRV TXH KD\ VHFWRUHV HQ HO HVWDGR GH 'XUDQJR TXH VRQ ORV SULPDULRV R ORV TXH ULJHQ OD HFRQRPยญD HV OD DJURLQGXVWULD OD PLQHUยญD OD JDQDGHUยญD HO VHFWRU IRUHVWDO

0 /$*81$ ร -8/,2

$UWLFXOLVWD LQYLWDGR

(GXDUGR +ROJX­Q

(O 1XHYR 9LUUH\ (Q HO 6LJOR ;;, HQ SOHQD HUD GHO FRQRFLPLHQWR QR HV QHFHVDULD OD SUHVHQFLD I­VLFD GH XQ IXQFLRQDULR R GH XQD RILFLQRWD SDUD DWHQGHU OD GHPDQGD UHJLRQDO SRU XQ SURJUDPD GH DSR\D IHGHUDO

G

\ik`e\ek\ `[\X cX [\ C�g\q FYiX$ [fi cX [\ \c`d`eXi cXj [\c\^XZ`fe\j ]\[\iXc\j# dXcX `[\X cX [\ `ek\^iXi$ cXj kf[Xj \e leX Zffi[`eXZ`�e [\ [\c\^XZ`fe\j% <ogfe^f Xi^ld\ekfj1 Kf[fj jXY\dfj gXiX hl„ j`im\e cX dX$ pfiˆX [\ cXj i\gi\j\ekXZ`fe\j \jkXkXc\j [\ cXj j\Zi\kXiˆXj ]\[\iXc\j# \j [\Z`i cXj [\c\$ ^XZ`fe\j ]\[\iXc\j1 gXiX eX[X k„Ze`Zf hl\ Y\e\]`Z`\ X cX Zfdle`[X[ p gXiX `ejkil$ d\ekXi \c Zc`\ek\c`jdf gfcˆk`Zf% Gfi \a\dgcf# cX [\c\^XZ`�e [\ J<;<$ JFC \e :fX_l`cX# leX fe\ifjX f]`Z`eX# j`\dgi\ _X j`[f X[d`e`jkiX[X gfi le ]le$ Z`feXi`f hl\ c\ [\Y\ \c gl\jkf Xc ^fY\ieX$ [fi p hl\ gfi cf kXekf \jk} Xc j\im`Z`f [\c gXik`[f \e \c gf[\i% P ef d\ [`^Xe hl\ cfj Z`l[X[Xefj ZfX_l`c\ej\j p cfj kfii\fe\ej\j j\ m\iˆXe X]\ZkX[fj# f `eZclj`m\ j\ [XiˆXe gfi \ek\$ iX[fj# j` [\jXgXi\Z`\iX cX [\c\^XZ`�e [\ cX J\Zi\kXiˆX [\ <ZfefdˆX \e :fX_l`cX J< p jl jlY[\c\^XZ`�e \e Kfii\�e% P e` Z�df [\]\e[\i Xc i\gi\j\ekXek\ \jkXkXc [\ cX J\$ Zi\kXiˆX [\ >fY\ieXZ`�e# ZlpX ’e`ZX ]le$ Z`�e \j cc\mXic\ cfj Z_`jd\j cfZXc\j Xc a\]Xqf [\ 9lZXi\c`% :fej`[\iXe[f cfj Zfjkfj [\ cXj [\c\^X$ Z`fe\j# jl `e\]`Z`\eZ`X \ `elk`c`[X[ ]leZ`f$ eXc# Z\c\Yif hl\ j\ Z`\ii\e j`e dXpfi ki}$ d`k\2 j`e \dYXi^f# Zfej`[\if le ^iXm\ \iifi \c `ek\^iXi X kf[Xj cXj i\gi\j\ekXZ`f$ e\j \e leX Zffi[`eXZ`�e ^\e\iXc% P \j hl\ \c k`klcXi [\ [`Z_X f]`Z`efkX \j$

(GXDUGR +ROJX­Q

'LUHFWRU GHO ,03/$1 7RUUHÂłQ FROXPQDGUDJRQHV# \DKRR FRP

0 /$*81$ Ăž -8/,2

22

kXkXc j\ Zfem\ik`iˆX \e le kXkX dXe[�e Zlpf gf[\i jfYi\gXjXiˆX# f gfi cf d\efj `^lXcXiˆX# Xc [\c ^fY\ieX[fi \e klief# pX hl\ gfi jlj dXefj gXjXiˆX cX Xlkfi`qXZ`�e [\ dlZ_fj [\ cfj gif^iXdXj# gifp\Zkfj p gi\jlgl\jkfj ]\[\iXc\j% C�g\q FYiX[fi mX \e \c ZXd`ef Zfii\Z$ kf j` jl `ek\eZ`�e \j Z\ekiXc`qXi \c gf[\i# p&f i\jkXic\ ]l\iqX X cfj m`ii\p\j \jkXkXc\j# \ekife`qXe[f fkif m`ii\p lef [\ jlj Zfe$ ]`XeqXj 2 g\if# kfdXiˆX leX ilkX `eZfii\ZkX j` jl `ek\eZ`�e \j _XZ\i d}j \]`Z`\ek\ cX ]leZ`�e g’Yc`ZX# i\jg\kXe[f \c i„^`d\e ]\$ [\iXc \e \c hl\ jlgl\jkXd\ek\ \jkXdfj `ejZi`kfj% <e \c J`^cf OO@# \e gc\eX \iX [\c Zfef$ Z`d`\ekf# ef \j e\Z\jXi`X cX gi\j\eZ`X ]ˆ$ j`ZX [\ le ]leZ`feXi`f f [\ leX f]`Z`efkX gXiX Xk\e[\i cX [\dXe[X i\^`feXc gfi le gif^iXdX [\ XgfpX ]\[\iXc ]`eXeZ`X$ d`\ekf# jlYm\eZ`�e# fYiX g’Yc`ZX# `e]iX$ \jkilZkliX# \kZ% 9XjkXiˆX Zfe hl\ \c Z`l$ [X[Xef# cX \ek`[X[ f \c dle`Z`g`f# hl\ [\j\\ XZZ\[\i X [`Z_f gif^iXdX j\X \c\$ ^`Yc\ p ZldgcX Zfe cfj i\hl`j`kfj p d\kf$ [fcf^ˆX hl\ [`Z_f gif^iXdX ]\[\iXc _X \jkXYc\Z`[f gi\m`Xd\ek\ p X cfj hl\ gl\$ [\ XZZ\[\i [`^`kXcd\ek\% ;\ le X[d`iX[fi [\ Al}i\q# [\ le c`Y\$ iXc# \jg\iXdfj \c i\jg\kf1 Xc dXe[Xkf ]\$ [\iXc`jkX [\ cX :fejk`klZ`�e Gfcˆk`ZX D\o`$ ZXeX# X cX XlkfefdˆX [\ cXj \ek`[X[\j ]\[\iXc\j p Xc dle`Z`g`f Zfdf Z„clcX Y}j`$ ZX [\c <jkX[f%

(175(9,67$

+RUDFLR 3LÂąD  YLOD SHJD GH Ă™KRPH UXQĂš <c ZXe[`[Xkf gfi cX ZfXc`Z`Â?e ĂˆAlekfj ?Xi\dfj ?`jkfi`XÉ j\ XcqÂ? Zfdf \c gi`d\i ^fY`\ief [\ Xck\ieXeZ`X \e \c dle`Z`g`f [\ DXkXdfifj 325 52%(572 &$5621 )2726 0$18(/ *8$'$55$0$

:

'28%/( 3/$<

fdf cf _`qf \c () [\ alc`f [\ (0./ alekf X cfj I`\c\ifj [\ 8^lXjZXc`\ek\j# ?fiXZ`f Ăˆ<c <afk\É G`ÂŒX >XiZˆX j\ \e]le[Â? Zfe cX dXefgcX gXiX cXeqXi# [\ ]fidX i\$ gi\j\ekXk`mX# leX YfcX ZlimX _XZ`X \c ^lXek\ [\c kXdY`„e g\cfk\if i\k`iX[f [fe :c\d\ek\ IfjXj% KiXj \c ^i`kf [\c 8dg`i\# \jZlZ_X[f gfi ]Xd`c`Xi\j# Xd`$ ^fj p d`\dYifj [\c 8plekXd`\ekf [\ DXkXdfifj# \c Ăˆ<afk\É Z\c\YiÂ? \c +' Xe`$ m\ijXi`f [\ jl ZfejX^iXZ`Â?e Zfdf ˆZfef [\c Y\`jYfc \e D„o`Zf% J`e \dYXi^f# \jk\ )'(/# cX i\d\dfiX$ Z`Â?e [\c Al\^f G\i]\Zkf# Zfeal^X[X X cX m`Zkfi`X [\ jl _`af ?fiXZ`f G`ÂŒX Ă?m`cX Zfdf XcZXc[\ [\ DXkXdfifj# :fX_l`cX )'(0Ç)')( # \c \e„i^`Zf ]\jk\af gfi \c [flYc\ gcXp m`YiÂ? Zfe dXpfi ]l\iqX \e cXj ZXcc\j [\c dle`Z`g`f hl\ \e cXj ^iX[Xj [\c \jkX[`f% Cl\^f [\ cXj \c\ZZ`fe\j [\c gXjX[f ( [\ alc`f# \c \hl`gf [\ Dfi\eX fYklmf ZlXkif XcZXc[ˆXj \e cX \ek`[X[# gfi cf hl\ X \oZ\gZ`Â?e [\ G`\[iXj E\^iXj# DXkXdf$ ifj alekf X GXiiXj [\ cX =l\ek\ p =iXeZ`j$ Zf @% DX[\if# [\jg\ikXife Zfdf \c i`e$ ZÂ?e ^l`e[X [\ CX CX^leX% CX _XqXÂŒX# Z\c\YiX[X jfYi\ \c gXjkf [\c ZXdgf `e]Xek`c [\ Y\`jYfc [\ cX le`[X[ [\$ 0 /$*81$ Ăž -8/,2

gfik`mX dle`Z`gXc# efdYiX[X Zfdf \c c\$ ^\e[Xi`f g\cfk\if cX^le\if# ]l\ X[\i\qX$ [X gfi cX `e`Z`Xk`mX [\ jl _\idXef# 8cY\ikf G`ÂŒX >XiZˆX# [\ Zfd\eqXi Zfe cX Zfc\ZkX [\ ccXm\j gXiX cX Zi\XZ`Â?e p gfjk\$ i`fi `ejkXcXZ`Â?e \e \c \jkX[`f [\ Y\`jYfc [\ leX \jkXklX Zfe cX ]`^liX [\c ĂŠ<afk\Ă‹# XZZ`Â?e X cX hl\ ZcXdÂ? Zfe Xc\^iˆX# ĂˆcX g\k`Z`Â?e [\Y\ j\i X e`m\c cfZXc# cl\^f \jkXkXc p _XZ\i kf[f cf gfj`Yc\ gXiX hl\ j\X X e`m\c eXZ`f$ eXc# pX hl\ efj mXdfj X kXi[Xi dlZ_f ef$ d}j \e _XZ\ic\ cfj qXgXkfjÉ# j\ek\eZ`Â?% D`\ekiXj X^iX[\ZˆXe Xc gÂ’Yc`Zf gi\j\e$ k\# \c XcZXc[\ \c\Zkf i\^i\jXYX [\ cX :`l[X[ [\ D„o`Zf kiXj leX gi`d\iX i\le`Â?e Zfe 8e[i„j DXel\c CÂ?g\q FYiX[fi# hl`\e _X$ YˆX Z`kX[f X cfj j\im`[fi\j gÂ’Yc`Zfj hl\ ]`^liXe \e jl ifXjk\i gXiX [`Xcf^Xi Zfe \ccfj# Xg\eXj [fj j\dXeXj [\jgl„j [\ cX Zlcd`eXZ`Â?e [\ cfj Zfd`Z`fj% ÇPX c\ [\ZˆX X cX iXqX hl\ gi}Zk`ZX$ d\ek\ efj c\pÂ? cX ZXik`ccX Æ\ogc`ZÂ? \c Xc$ ZXc[\ \c\Zkf XÂ’e Zfe cX \dfZ`Â?e \e Z`\i$ e\jÇ% ?Xp hl\ gfikXij\ Y`\e p eX[X [\ ZfiilgZ`Â?e gfihl\ j\ mX X XZklXi Zfe \c g\jf [\ cX c\p% KiXj jl cc\^X[X Xc [`XdXek\# \c kiXldX$ kÂ?cf^f G`ÂŒX Ă?m`cX ]l\ \jZfckX[f gfi e`ÂŒfj p aÂ?m\e\j \e]le[X[fj YXaf leX gcXp\iX ^l`e[X Zfe \c [fijXc ĂŠ?fiXZ`f G`ÂŒX **Ă‹# _XjkX leX [\ cXj j`ccXj X cX[f [\ jl gX[i\%

24

(175(9,67$

(O UHWR HV PD\RU FXDQGR VDEHPRV TXH KD\ PXFKDV REUDV LQFRQFOXVDV \ TXH GHVFRQRFHPRV F³PR QRV YDQ D GHMDU HO SUHVXSXHVWR /D UHVSRQVDELOLGDG HV JUDQGHÚ 25

0 /$*81$ Þ -8/,2

(175(9,67$

:fd\eqXe[f leX el\mX j\i`\ gXiX DX$ kXdfifj# gXiX cX ZlXc [`af# _X k\e`[f XÂŒfj [\ gi\gXiXZ`Â?e% ĂˆCf k\e^f Y`\e ZcXif# hl`\if \jkXi \e \c gf[\i gXiX gf[\i Xpl[Xi% <eki„ X cX gfcˆk`ZX YljZXe[f le i\Zlijf gÂ’Yc`Zf p d\ [` Zl\ekX hl\ j\ \e^XÂŒXYX dlZ_f X cX ^\ek\# cX dXpfiˆX [\ cX ^\ek\ k`dX[X jfe g\ijfeXj [\ YXafj i\Zlijfj% 8_fiX# Zfdf c\ [`a\ X d` \jgfjX ĂˆpX ef _Xp ZÂ?df iXaXid\# pX c\ \ekiXdfj p mXdfj X \ekiXi$ c\ Zfe kf[fÉ# i\Zfi[Â? \eki\ i`jXj% )8(5$ '(/ 3$548(

CX Z\c\YiXZ`Â?e [\c Al\^f g\i]\Zkf j\ dl[X [\ cX Le`[X[ ;\gfik`mX _XZ`X leX Zfd`[X \e cX hl`ekX G`ÂŒX# lY`ZX[X X leXj ZlX[iXj [\ [`jkXeZ`X% <e \c ZXd`ef jf$ Yi\jXc\ \c Zfemfp [\ j\^l`[fi\j hl\ cX ]Xd`c`X ZfemfZX% M`XaXe \e ZXd`fe\kXj hl\ jfik\Xe cfj dÂ’ck`gc\j YXZ_\j \e \c gXm`d\ekf p hl\ Xc d`jdf k`\dgf# k`\$ e\e gfi j\^lif hl\ pX ef mfcm\i}e X m\i% CX ]`\jkX j\ dXek`\e\ X gl\ikX XY`\ikX# _Xp d\jXj p j`ccXj \okiXj Xg`cX[Xj# X[\$ d}j [\ cfeXj Zfe `d}^\e\j [\ cfj k`\d$ gfj [fiX[fj [\c ĂŠ<afk\Ă‹# \c gi`d\i Y\`jYf$ c`jkX d\o`ZXef \e Zfej\^l`i le Xe`ccf [\

cX J\i`\ Dle[`Xc# _\Z_f i\^`jkiX[f \e (0.* X ]Xmfi [\ cfj 8kc„k`Zfj [\ FXbcXe[% D`\ekiXj cfj Xj`jk\ek\j kfdXYXe Xj`\ekf# le kiˆf [\ dÂ’j`Zfj \og\i`d\ekX[fj kf$ ZXe \c Zfii`[f Zfdgl\jkf \e _fefi Xc g`kZ_\i fi`le[f [\ DXkXdfifj% ÇD` gXg} [`Z\ hl\ pX jÂ?cf d\ ]XckX [Xi le al\^f g\i]\Zkf% ÆZl\ekX \eki\ YifdXj Xc i\ZfefZ\i \c g\jf [\ jl m`Zkf$ i`X% <c [fZkfi G`ÂŒX Ă?m`cX gfe[\iX cX i\j$ gfejXY`c`[X[ gfi j\i \c gi`d\i ZXe[`[Xkf Xa\ef Xc GXik`[f I\mfclZ`feXi`f @ejk`kl$ Z`feXc# \e ^XeXi cXj \c\ZZ`fe\j gXiX cX gi\j`[\eZ`X [\ DXkXdfifj# ĂˆZfefqZf YXjkXek\ cX ZXi^X [\j[\ \c ZcXdfi [\ cX ^\ek\% KXdY`„e cf hl\ _Xe g\[`[f \j leX Ăˆc`dg`XÉ [\ ]leZ`feXi`fj dle`Z`gXc\j# g\if cf hl\ ef mXdfj X _XZ\i \j leX ZX$ Z\iˆX [\ YilaXj# \c hl\ kiXYXa\ hl\ [\$ dl\jki\ cf Yl\ef hl\ \j kiXYXaXe[fÉ% I\jg\Zkf Xc gifZ\jf [\ kiXej`Z`Â?e gXiX \c giÂ?o`df XÂŒf# G`ÂŒX Ă?m`cX ZfdgXi$ k`Â? hl\ pX klmf le XZ\iZXd`\ekf `e`Z`Xc Zfe \c XZklXc XcZXc[\ AlXe :Xicfj 8plg >l\ii\if# gXiX \eZfekiXi \c glekf [\ XZl\i[f gfi DXkXdfifj# Ăˆ\o`jk\ leX Yl\eX [`jgfj`Z`Â?e [\ gXik\ [\ cX X[d`$

0 /$*81$ Ăž -8/,2

26

e`jkiXZ`Â?e jXc`\ek\# j\ \jg\iX le gifZ\jf \eki\^X $ i\Z\gZ`Â?e j`e ZfekiXk`\dgfjÉ% 8[\d}j# Xc k\e\i \e Zl\ekX \c ]\eÂ?d\ef [\c mfkf [`m`[`[f# \jg\iX hl\ ZfekXi Zfe le dXe[XkXi`f \jkXkXc [\c Ki`Zfcfi# ef j\X [\ki`d\ekf gXiX \c [\jXiifccf [\c dle`Z`$ g`f# Ăˆ\jg\iXdfj leX Yl\eX i\cXZ`Â?e Zfe \c ^fY\ieX[fi# ef k\e^f \c ^ljkf g\if \jg\if gifekf \jkXi \e ZfekXZkf Zfe „cÉ% 3/$<2))6

8 cX dXpfiˆX [\ cfj `em`kX[fj \e cX hl`ekX G`ÂŒX ef c\j `dgfikX gXjXi cX ]`\jkX YXaf \c jfc# pX hl\ d`\ekiXj lefj X[d`iXe \c gXjf [\ cX ZXii\iX [\c ĂŠ<afk\Ă‹# fkifj ]`eXcd\ek\ [\jZXejXe \c j\dYcXek\ hl\ dXeklm`\ife X cf cXi^f [\ 0' [ˆXj [\ ZXdgXÂŒX% =l\ [liXek\ cX kXi[\ \c d`„iZfc\j + [\ alc`f# leX j\dXeX Xek\j [\c Xe`m\ijXi`f [\ cX _XqXÂŒX [\ jl gX[i\# hl\ ?fiXZ`f G`ÂŒX Ă?m`cX i\Z`Y`\iX \c 8ZkX [\ DXpfiˆX [\ gXi$ k\ [\ cfj i\gi\j\ekXek\j [\c @ejk`klkf <c\Z$ kfiXc [\ :fX_l`cX @<: # gfi cf hl\ cX ZfX$ c`Z`Â?e Alekfj ?Xi\dfj ?`jkfi`X# Zfe leX g`qXiiX [\ ), d`c -*( mfkfj ZfekiX )' d`c **) [\ jl Zfeki`eZXek\ [\ Kf[fj gfi D„o`Zf# j\ XcqÂ? Zfdf \c gi`d\i ^fY`\ief [\ Xck\ieXeZ`X \e DXkXdfifj%

(175(9,67$ I\jlckX[f hl\ \c XÂŒf gXjX[f ef Zfe$ kXYX YXaf cX \jkiXk\^`X [\c gXik`[f Df$ i\eX p \c \hl`gf [\ 8e[i„j DXel\c CÂ?$ g\q FYiX[fi% Ăˆ?\ k\e`[f dlZ_f ZfekXZkf Zfe \c }i\X d„[`ZX p ZfefqZf \e [Â?e[\ \jk}e cXj ZXi\eZ`Xj# \e \[lZXZ`Â?e# kiXYXaf p [\gfik\É# Zfd\ekX G`ÂŒX Ă?m`cX d`\ekiXj \ogc`ZX jl ki`le]f p X]`c`XZ`Â?e Xc gXik`[f# cX ZlXc ef ]l\ Y`\e i\Z`Y`[X gfi le ^il$ gf [\ d`c`kXek\j ZfX_l`c\ej\j# Ăˆ\c XÂŒf gXjX[f gXik`Z`g„ Zfdf `e[\g\e[`\ek\# gXjX cX Zfek`\e[X p gXiX X^fjkf m`\e\ \c [`glkX[f IXpdle[f DXikˆe\q M`k\ X `e$ m`kXiefj X gXik`Z`gXi \e jl gXik`[f% 8Z\gkXdfj [\jgl„j [\ j\ekXiefj X c\\i jlj `[\Xj p gifgl\jkXj# cXj ZlXc\j gi}Z$ k`ZXd\ek\ Zfeal^XYXe Zfe cXj el\jkiXjÉ# XÂŒX[`Â? G`ÂŒX Ă?m`cX% 8 jl m\q# kXdY`„e i\ZfefZ`Â? \c Xgfpf hl\ i\Z`Y`Â? \e cX Zfdle`[X[ iliXc [\ gXik\ [\ A\jÂ’j :feki\iXj GXZ_\Zf# j\Z$ kfi Xc hl\ Xj\^liÂ?# XgfpXi} \e cX ]Xj\ `e`Z`Xc [\ ^fY`\ief% ĂˆCf hl\ m`\e\ [\ekif [\c gifp\Zkf gXiX cfj gi`d\ifj Z`\e [ˆXj \j Zfe \c k\dX [\c X^lX# cX ^\ek\ efj g`[\ [i\eX$ a\# cX d\afiX [\ j\im`Z`fj gÂ’Yc`Zfj# pX \jk}e _Xikfj [\ kXekXj d\ek`iXjÉ%

$KRUD FRPR OH GLMH D PL HVSRVD \D QR KD\ FÂłPR UDMDUPH \D OH HQWUDPRV \ YDPRV D HQWUDUOH FRQ WRGRĂš

:Xj` Xc k„id`ef [\ cX Zfd`[X# ?fiX$ Z`f G`ÂŒX cc\^X X cX hl`ekX [\jgl„j [\ gf$ e\ij\ Xc Zfii`\ek\ Zfe [fj gXZ`\ek\j hl\ k\eˆXe g\e[`\ek\ leX ]\Z_X \e \c hl`iÂ?]Xef# X cf hl\ [`af# pX ef gf[i} ZlXe[f XjldX ]leZ`fe\j Zfdf XcZXc[\% J`e \dYXi^f# Zfe]ˆX \e hl\ i\jgfe[\i} [\ dXe\iX ]XmfiXYc\ \c el\mf ildYf [\ DXkXdfifj% Ăˆ<c i\kf \j dXpfi ZlXe[f jXY\dfj hl\ _Xp dlZ_Xj fYiXj `eZfeZcljXj p hl\ [\jZfefZ\dfj ZÂ?df efj mXe X [\$ aXi \c gi\jlgl\jkf% CX i\jgfejXY`c`[X[ \j Y`\e ^iXe[\É% CX kfeX[X iXeZ_\iX [\c kiˆf Zfek`eÂ’X gXiX jldXi Zfdf ZXekXek\ \e leX [\ cXj ZXeZ`fe\j Xc c\^\e[Xi`f ĂŠ<afk\Ă‹# cX c\kiX [\ jl Zfii`[f \jkXYX `dgi\jX \e fkiX [\ cXj cfeXj% <c ]\jk\af Xg\eXj Zfd\eqXYX1 Hl\ ;`fj k\ cc\e\ [\ Yfe[X[ jXcl[ p Y`\e\jkXi p hl\ m`mX ?fiXZ`f ĂŠ\c <afk\Ă‹ G`ÂŒX% LeX gfiiX ef _X [\ ]XckXi p kf[fj Xc ZXekXi hl\ \c ZfiXqÂ?e j\ cc\e\ [\ Xc\^iˆX% Gl\j k\ d\i\Z\j \jf p d}j p j` hl`\$ i\j Yi`e[Xi Yi`e[\dfj Zfe Z\im\qX p Zfe k\hl`cX%

27

0 /$*81$ Ăž -8/,2

9LGD &RWLGLDQD

3RU /XLV :DOWHU -XยกUH] $UTXLHWD

(IHFWR R KDUWD]JR" /RV PLVPRV FLXGDGDQRV FRPHQWDQ TXH FRQ ร (O 3HMHร QR SXHGH HVWDU HO SDยญV WDQ PDO FRPR OR WLHQHQ ODV WUHV DGPLQLVWUDFLRQHV SDVDGDV

C

/XLV :DOWHU -XยกUH] $UTXLHWD

'LUHFWRU HGLWRULDO GH ([SUHVV ZDOWHU MXDUH]# PLOHQLR FRP

f jlZ\[`[f \c gXjX[f gi`d\if [\ alc`f gXiX dlZ_fj ]l\ \c \]\Zkf Cย g\q FYiX[fi# g\if gXiX dl$ Z_fj fkifj# jfcXd\ek\ \c _XikXq^f hl\ _Xe [\aX[f cfj gXik`[fj hl\ _Xe ^f$ Y\ieX[f \c gXย j% DlZ_f j\ _X [`Z_f hl\ \c kXYXjhl\ย f ]l\ \c Xikย ]`Z\ ef [\ jl ki`le]f# j`ef [\ cX [\iifkX [\ cfj i\gi\$ j\ekXek\j [\ cfj gXik`[fj Zfdf \c I\mf$ clZ`feXi`f @ejk`klZ`feXc f \c [\ 8ZZ`ย e EXZ`feXc# pX hl\ X d`ccfe\j [\ d\o`ZX$ efj gfZf c\j `dgfikย hl`\e\j XgXi\Z`\$ iXe \e cXj Yfc\kXj# \ccfj jfcXd\ek\ dXi$ ZXife \c i\ZlX[if \e \c hl\ [\Zย X Dfi\eX f Y`\e# j\ [\aXife cc\mXi gfi \c Zfcfi dfiX[f p ef gfi cfj efdYi\j% Ef ZXY\ [l[X hl\ ZlXchl`\i Z`l[X[X$ ef Zfdย e p Zfii`\ek\# [\ \jfj [\ X g`\ hl\ gfZf f eX[X jXY\e [\ gfcย k`ZX# Y`\e gl[`\ife _XY\i Zfek\e[`[f i\gi\j\e$ kXe[f Xc gXik`[f [\ 8e[iย j DXel\c Cย $ g\q FYiX[fi p \c gi`d\if [\ alc`f _lY`\$ iXe jXc`[f m`Zkfi`fjfj% Cfj d`jdfj Z`l[X[Xefj Zfd\ekXe hl\ Zfe ร <c G\a\ร ef gl\[\ \jkXi \c gXย j kXe dXc Zfdf cf k`\e\e cXj ki\j X[d`e`j$ kiXZ`fe\j gXjX[Xj# [fj gXe`jkXj p leX [\c ki`Zfcfi# gfi cf ZlXc cf hl\ _X^X \c kXYXj$ hl\ย f# gl\[\ j\i Yl\ef gXiX jXZXi X[\$ cXek\ X \jkX eXZ`ย e%

0 /$*81$ ร -8/,2

28

JXY\dfj Zfdf \j kfql[f 8e[iย j DX$ el\c Cย g\q FYiX[fi# pX hl\ Xjย Zfdf YljZย cX Gi\j`[\eZ`X [\ cX I\gย Yc`ZX p cX ^Xeย \e \jk\ )'(/# Xjย YljZXi} cc\mXi X ZXYf jlj gifgl\jkXj# XZXYXi Zfe cX Zf$ iilgZ`ย e# \m`kXi d}j ^Xjfc`eXqfj# XgfpXi X cfj d}j e\Z\j`kX[fj p YljZXi} jXZXi [\ cX gfYi\qX X dlZ_Xj ]Xd`c`Xj d\o`ZXeXj% KXdY`ย e ef ZXY\ [l[X hl\ Cย g\q FYiX[fi _XYi} [\ kiXYXaXi gfi cfj aย m\$ e\j hl\ pX \^i\jXife [\ cXj le`m\ij`[X$ [\j# Xjย Zfdf gfi Xhl\ccfj hl\ hl`\i\e \jkl[`Xi leX ZXii\iX% :fdf kXdY`ย e _XYi} [\ d\afiXi cX ZXc`[X[ [\ m`[X [\ cfj g\ej`feX[fj# Zfdf cf gifd\k`\iX \e ZXdgXย X p dl$ Z_Xj gifgl\jkXj d}j hl\ k`\e\ dlp \e cX d\ek\% Ef ZXY\ [l[X hl\ \c _XikXq^f [\ cfj d\o`ZXefj# cc\mย Xc kXYXjhl\ย f p X dl$ Z_ย j`dfj d}j X cf^iXi [`glkXZ`fe\j cf$ ZXc\j# ]\[\iXc\j# j\eX[liย Xj# XcZXc[ย Xj p ef j\ [`^X ^lY\ieXkliXj% 8_fiX# m`\e\ gXiX Cย g\q FYiX[fi le k`\dgf [\ ^iXZ`X# d`jdf hl\ pX \jk} Xgifm\Z_Xe[f gXiX cf^iXi Zfe jl ^XY`$ e\k\# kiXYXaXi gfi Y`\e [\ cfj d\o`ZXefj% JfcXd\ek\ hl\[X Zfe]`Xi \e \jk\ g\ijf$ eXa\# gXiX hl\ cXj ZfjXj ZXdY`\e \e el\jkif Dย o`Zf c`e[f p hl\i`[f%

5(3257$-(

(O WVXQDPL TXH UHSODQWHD OD IRUPD GH KDFHU SRO­WLFD HQ &RDKXLOD <c XeXc`jkX gfcˆk`Zf p g\i`f[`jkX >\iXi[f ?\ie}e[\q \jkXYc\Z\ hl\ \c >fY`\ief <jkXkXc g\i[`Â? X jlj gi`eZ`gXc\j fg\iX[fi\j ]`eXeZ`\ifj Xek\ cX ]\[\iXZ`Â?e gfi cX [\iifkX [\ jl gXik`[f 325 /8,6 $/%(572 /“3(= )2726 &257(6Â?$

<

c kjleXd` f \c \]\Zkf 8e[i„j DX$ el\c CÂ?g\q FYiX[fi i\gcXek\X cX ]fidX [\ _XZ\i gfcˆk`ZX \e \jkX \ek`[X[ [fe[\ \c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc GI@ cf$ ^iÂ? i\k\e\i \e )'(. cX ^lY\ieXkliX \e d\[`f [\ le gifZ\jf \c\ZkfiXc Zfej`[\$ iX[f Zfdf ]iXl[lc\ekf gfi kf[Xj cXj ]l\iqXj [\ fgfj`Z`Â?e p leX Yl\eX gXik\ [\ cX jfZ`\[X[ Z`m`c% <c XeXc`jkX gfcˆk`Zf p g\i`f[`jkX >\iXi$ [f ?\ie}e[\q \jkXYc\Z\ hl\# Zfdf leX Zfek`el`[X[ X \jX _`jkfi`X# \c >fY`\ief <jkXkXc g\i[`Â? X jlj gi`eZ`gXc\j fg\iX[f$ i\j ]`eXeZ`\ifj Xek\ cX ]\[\iXZ`Â?e gfi cX [\iifkX [\ jl gXik`[f \e cfj [`]\i\ek\j [`jki`kfj [\ cX \ek`[X[ p cf ZlXc jldX[f X hl\ cX fgfj`Z`Â?e ^XeÂ? d}j XcZXc[ˆXj c\ i\jkXi} dXi^\e [\ dXe`fYiX% ĂˆD`^l\c I`hl\cd\ [\Y\ _XZ\i leX i\$ ]c\o`Â?e dlp gif]le[X jfYi\ jl ^\jk`Â?e# i\\jkilZkliXi jl ^XY`e\k\ \ `eZfigfiXi X ]`^liXj ef gi`ˆjkXj \ `eZcljf [\ fgfj`$ Z`Â?e% ;\Y\ j\i le ^fY`\ief [\ ZfXc`Z`Â?e Xk\e[`\e[f X cX Zfdgfj`Z`Â?e gfcˆk`ZX [\c gXˆj p [\c \jkX[f# gl\j k`\e\ kf[XmˆX X ]`$ ^liXj dlp Zl\jk`feX[Xj hl\ \jklm`\ife \e cXj X[d`e`jkiXZ`fe\j [\ cfj _\idXefj Dfi\`iXÉ% :fej`[\iX hl\ cfj g\i]`c\j [\ cfj c\^`j$ cX[fi\j gi``jkXj hl\ k\e[i} :fX_l`cX \e \c :fe^i\jf [\ cX Le`Â?e [`]ˆZ`cd\ek\ gf$ [i}e \jkXi X cX XckliX [\ cX Z`iZlejkXe$ Z`Xj# j`e \dYXi^f cX ZfplekliX c\ j\im`i} Xc ^fY\ieX[fi gXiX [\jc`e[Xij\ [\ cfj [fj Â’ck`dfj \o ^fY\ieX[fi\j% Ăˆ<j leX fgfikle`[X[ [\ [\jkXZXi Zfdf le ^fY\ieX[fi [\dfZi}k`Zf p Xc^f hl\ ef [`jk`e^l\ X jl gXik`[f# g\if cX Z`i$ ZlejkXeZ`X c\ f]i\Z\ gfj`Y`c`[X[\j [\ jX$ c`i Y`\e c`YiX[fÉ% ;\ `^lXc ]fidX fg`eX \c XeXc`jkX Cl`j >XiZˆX 8YljXˆ[# hl`\e i\ZfefZ\ hl\ _Xj$ kX \c dfd\ekf \c dXe[XkXi`f ]l\ ZXlkf

/$ 587$ '( /$ $/7(51$1&,$ /D FRDOLFL³Q GHO 35, JREHUQDU¥ DOFDOG­DV OD DOLDQ]D GHO 3$1 OD GH 0RUHQD \ XQR HO 35'

\e ZlXekf XZZ`fe\j [\ ^\e\iXZ`Â?e [\ \d$ gc\f p Yc`e[Xa\ [\ j\^li`[X[ [\ cX \ek`$ [X[# g\if X_fiX [\Y\ `i d}j Xcc}% ĂˆCX i\Xc`[X[ [\c gi`d\if [\ alc`f ZXd$ Y`Â? cXj \og\ZkXk`mXj [\ kf[fj cfj ^fY\i$ eX[fi\j p \e \c ZXjf Zfdgc\kf [\ D`^l\c I`hl\cd\ \c \jZ\eXi`f c\ \o`^\ leX i\`e$ m\eZ`Â?e [\ jˆ d`jdf p jl gifp\Zkf gfcˆ$ k`Zf [\ cfj giÂ?o`dfj Z`eZf XÂŒfjÉ% 8[\d}j [\ \jf# Xi^ld\ekX hl\ \c ^f$ Y\ieX[fi [\Y\i} kiXejgXi\ekXi gfi Zfd$ gc\kf jl X[d`e`jkiXZ`Â?e p cf^iXi k\e[\i gl\ek\j Zfe cfj fg\iX[fi\j [\c ]lklif gi\j`[\ek\ [\ cX I\gÂ’Yc`ZX%

0 /$*81$ Ăž -8/,2

30

ĂˆK`\e\ hl\ Xjld`i [\ dXe\iX gXlcX$ k`eX le ^fY`\ief [\ jˆ d`jdf \ `ij\ [\j$ gi\e[`\e[f [\ cfj hl\ \e le dfd\ekf [X[f gl\[\e fZXj`feXic\ gifYc\dXjÉ% >XiZˆX 8YljXˆ[ \ogfe\ kXdY`„e hl\ k\e[i} hl\ c`[`Xi Zfe m`\afj \e\d`^fj gfcˆk`Zfj hl\ i\kfdXe ]l\iqX \e \c }dY`$ kf gXik`[Xi`f [\ Dfi\eX# Zfdf c\^`jcX[f$ i\j f g\ijfeXj hl\ ]fidXi}e gXik\ [\ cX \jkilZkliX ]\[\iXc% Ăˆ?Xp \e\d`^fj gfcˆk`Zfj [\c gXjX[f Zfdf I\p\j =cfi\j ?likX[f# hl`\e j\i} Zffi[`eX[fi \eki\ cX i\cXZ`Â?e Zfe \c ^f$ Y`\ief ]\[\iXc# AXm`\i >l\ii\if \e Dfi\$

5(3257$-( /26 5(68/7$'26 (/ 5(3$572 '( $/&$/'°$6

(O &RQJUHVR VHUÄ LQWHJUDGR HQ VX PD\RUÐD SRU OD FRDOLFLÖQ v-XQWRV KDUHPRV KLVWRULDw

/D &ÄPDUD GH 'LSXWDGRV HQ 0Ì[LFR HVWÄ FRQIRUPDGD SRU SHUVRQDV GH ODV FXDOHV VRQ HOHJLGDV PHGLDQWH HO YRWR GLUHFWR HQ FDGD XQR GH ORV GLVWULWRV GHO SDÐV \ ODV UHVWDQWHV VH HOLJHQ EDMR HO SULQFLSLR GH UHSUHVHQWD FLÖQ SURSRUFLRQDO

35, 9(5'( 18(9$ $/,$1=$

35, 3$1 025(1$

3$1 8'& 029,0,(172 &,8'$'$12

9(5'(

37 025(1$ (1&8(1752 62&,$/

8'&

35'

3(5621$-(6 48( '$5¤1 '( 48¬ +$%/$5 7UDV ORV UHVXOWDGRV GH OD HOHFFLÖQ GHO SDVDGR SULPHUR GH MXOLR VH SHUPLWLÖ HVER]DU HO IXWXUR GHO HVFHQDULR SROÐWLFR SDUD OD JXEHUQDWX UD HQ &RDKXLOD UXPER DO \ ORV SHUVRQDMHV TXH SXGLHUDQ ILJXUDU

3$1 -RUJH =HUPHÔR ,QIDQWH DOFDOGH GH 7RUUHÖQ

'HVFDUWD DOJXQD DVSLUDFLÖQ HQ HO IXWXUR /XLV )HUQDQGR 6DOD]DU GLSXWDGR HOHFWR SRU HO 'LVWULWR

'XUDQWH VX FDPSDÔD VÐ KDEOÖ GH TXHUHU EXVFDU OD JXEHUQDWXUD

/D OODPDGD &ÄPDUD $OWD GHO 3RGHU /HJLVODWLYR VH FRQIRUPD SRU VHQDGRUHV GH HOORV VRQ HOHJLGRV SRU PD\RUÐD UHODWLYD R VHD GRV VHQDGRUHV VRQ HOHFWRV HQ YRWDFLÖQ GLUHFWD SRU HVWDGR (Q HO 6HQDGR H[LVWHQ OXJDUHV TXH VRQ DVLJQDGRV DO FDQGLGDWR SURSLHWDULR GH OD IÖUPXOD TXH HV SULPHUD PL QRUÐD \ RWURV OXJDUHV UHVWDQWHV TXH VH DVLJQDQ SRU UHSUHVHQWDFLÖQ SURSRUFLRQDO

35, 0DQROR -LPÌQH] DOFDOGH GH 6DOWLOOR

/XLV *DUFÐD $EXVDÐG RSLQD TXH HO HGLO VHUÄ XQD GH ODV ILJXUDV TXH SXHGH FRQHFWDU FRQ OR TXH TXHGD GH OD HVWUXFWXUD WULFRORU \ GDUOH XQ QXHYR JLUR

025(1$ $UPDQGR *XDGLDQD 6HQDGRU HOHFWR SRU &RDKXLOD

-DYLHU *XHUUHUR &RRUGLQDGRU

*HUDUGR +HUQÄQGH] SRQH HQ OD PHVD TXH OD H[SHULHQFLD GH -DYLHU *XHUUHUR SXGLHUD DERQDU D GDUOH XQD HVWUXFWXUD WHUULWRULDO DO PRYL PLHQWR )XHQWH ,1( 35(3 ,(3& 'JR

eX p Afj Ýe^\c G i\q hl\ j\i} [`glkX[f p hl`\e [`f Xm`jfj [\ hl\ \e dfd\ekf [X[f mX Ycfhl\Xi \og\ZkXk`mXj Zfdf \c ZXjf [\ i\gc`ZXi cX \og\i`\eZ`X [\c k\c\$ ] i`Zf \e JXck`ccfÉ% <e ZlXekf X cfj i\jlckX[fj \c\ZkfiXc\j cfZXc\j hl\ XiifaXife hl\ cX ZfXc`Z` e [\c GI@ ^fY\ieXi} (/ XcZXc[ Xj# (, cX Xc`XeqX [\c G8E# + cX [\ Dfi\eX p lef \c GI;# >\iXi[f ?\ie}e[\q Zfej`[\iX hl\ cf gfe\ \e Xgi`\kfj [\Y`[f X hl\ cX dXpfi X [\ cfj dle`Z`g`fj [\ jl i\^` e [\ fi`^\e \jkXi}e X ZXi^f [\ gXik`[fj [`]\i\ek\j X jl gXik`[f# `eZcljf ZlXe[f \c X f gXjX[f

leX [\ jlj YXe[\iXj ]l\ cX e\Z\j`[X[ [\ k\e\i le ^fY\ieX[fi cX^le\if% ÈEf d\ `dX^`ef le ^fY`\ief \jkXkXc i\gi`d`\e[f X le XcZXc[\ [\ DXkXdf$ ifj# DX[\if f G`\[iXj E\^iXj j` \j\ Xc$ ZXc[\ mX k\e\i c e\X [`i\ZkX Zfe \c gi\$ j`[\ek\ f le ZfcXYfiX[fi Z\iZXef% K\e[i} hl\ _XY\i leX df[`]`ZXZ` e [\ cXj Zfe[lZkXjÉ% 8i^ld\ekX hl\ \e k id`efj [\ cX \c\ZZ` e ]\[\iXc p cfZXc ]l\ kiXqX[X leX ilkX [\ Xck\ieXeZ`X hl\ j` _fp ]l\iX i\$ efmX[X cX ^lY\ieXkliX ^XeXi X Dfi\eX# \c G8E ZfYi ]l\iqX p \c GI@ hl\[ X`j$

31

cX[f \e \c Jli\jk\% ÈCX \c\ZZ` e j\i} _XjkX \c )')*# g\if pX [\j[\ _fp \jk} g\i[`[X cX ^lY\ieXkliX Zfe Dfi\eX# Xlehl\ mX [\g\e[\i dlZ_f [\c gXg\c [\c ^fY`\ief ]\[\iXcÉ% ?\ie}e[\q XglekX hl\ \c [\Zc`m\ [\c ki`Zfcfi fZlii` gfihl\ [\aXife [\ Xk\e$ [\i jlj iX Z\j p d`c`kXeZ`X# cf ZlXc hl\[ ZcXif \e cX gfjklcXZ` e [\ \dgi\jXi`fj \e mXi`fj dle`Z`g`fj Zfdf Kfii\ e# G`\$ [iXj E\^iXj# DfeZcfmX p JXck`ccf# d`\e$ kiXj hl\ \e \c ZXjf [\c G8E ]l\ gfi \c dfefgfc`f hl\ j\ Zi\ [\j[\ _XZ\ X fj \e kfief X jl [`i`^\eZ`X%

0 /$*81$ Þ -8/,2

5(3257$-( /26 $1$/,67$6 23,1$1 2%5$6 325 *27(2 (1 7255( 1

*(5$5'2 +(51 1'(=

(O PRWLYR SRU HO TXH HO 3$1 ORJU³ UHFXSHUDU 7RUUH³Q HO D±R SDVDGR \ PDQWHQHU HO SRGHU SRU WUHV D±RV P¡V KDFH XQDV VHPDQDV WLHQH VX RULJHQ HQ UHWUDVR TXH WLHQH HQ FXDQWR D VHUYLFLRV SºEOLFRV *HUDUGR +HUQ¡QGH] RSLQD TXH HQ HVH VHQWLGR -RUJH =HUPH±R ,QIDQWH VXSR PHGLDQWH SHTXH±DV REUDV GDU XQD LPSUHVL³Q D OD FLXGDGDQ­D GH TXH VH WUDEDMDED HQ OR P¡V HOHPHQWDO \ TXH VXV WUHV JRELHU QRV DQWHFHVRUHV QR WRPDURQ HQ FXHQWD Ù/R TXH OH SHUPLWL³ DO 3$1 UHFXSHUDU DO PXQLFLSLR IXH HO SHUôO GHO FDQGLGDWR HQ \ OR TXH OR KDFH UDWLôFDU VX WULXQIR IXH MXVWD

PHQWH TXH OD FLXGDG HVWDED WDQ GHVFXLGDGD \ FD­GD TXH OR SRFR TXH VH KLFLHUD HQ FLQFR PHVHV VH LED QRWDUÚ ,QGLFD TXH HVD PHGLGD WLHQH XQ QRPEUH FRQFUHWR FRQR FLGR FRPR ÙREUDV SRU JRWHRÚ HV GHFLU VDOSLFDU GLVWLQWDV SDUWHV GH OD FLXGDG FRQ DFFLRQHV TXH LPSDF WDQ GLUHFWDPHQWH HQ OD SHUFHSFL³Q FLXGDGDQD \ QR WLHQHQ XQ DOWR FRV WR Ù/D LQYHUVL³Q SRU JRWHR WLHQH JUDQ LPSDFWR VRFLDO \ SRO­WLFR HQ ODV XUQDV 1R HV OR PLVPR FHQWUDU ORV UHFXUVRV HQ GRV R WUHV REUDV PX\ YLVWRVDV FRQ UHQGLPLHQWRV FXHVWLRQDEOHV \ VDOSLFDU D 7RUUH³Q GH DFFLRQHV FRPR FDQFKDV SDYL

PHQWDFL³Q R OLPSLH]DÚ 5HFXHUGD TXH HO UH]DJR HQ HVWD FLXGDG FRPHQ]³ WUDV ODV HOHFFLR QHV GH FXDQGR HO SULLVWD +XPEHUWR 0RUHLUD 9DOG©V UHVXOW³ YLFWRULRVR HQ OD JXEHUQDWXUD GH &RDKXLOD DXQTXH SHUGL³ HQ 7R UUH³Q MXQWR FRQ HO FDQGLGDWR GH HVH HQWRQFHV (GXDUGR 2OPRV &DVWUR $QWH HVR DSXQWD OD DGPLQLVWUD FL³Q HVWDWDO FHQWU³ VXV UHFXUVRV \ SUR\HFWRV HQ OD 5HJL³Q 6XUHVWH \ DEDQGRQ³ OD JHVWL³Q HQ HVH HQWRQFHV HQFDEH]DGD SRU HO HQ WRQFHV SDQLVWD -RV© QJHO 3©UH] +HUQ¡QGH]

/$6 5(*/$6 48( &$0%,$1 &21 18(92 *2%,(512 )('(5$/ /RV FDPELRV DQXQFLDGRV UHFLHQ WHPHQWH SRU HO YLUWXDO SUHVLGHQWH HOHFWR $QGU©V 0DQXHO /³SH] 2EUDGRU JHQHUDQ LQFHUWLGXPEUH \ KDVWD HO PRPHQWR WRGDY­D QR KD\ FODULGDG VREUH VX DSOLFDFL³Q $O PHQRV D HVD FRQFOXVL³Q OOHJD OD KLVWRULDGRUD \ HGXFDGRUD 0DU­D 0$5 $ &$1'(/$5,$ &DQGHODULD 9DOG©V 6LOYD TXLHQ DUJXPHQWD TXH OD FUHDFL³Q GH 9$/' 6 6,/9$ ôJXUDV HVWDWDOHV TXH FRRUGLQHQ ORV HVIXHU]RV GH OR TXH DKRUD VRQ ODV GHOHJDFLRQHV VHU¡ P¡V GLI­FLO GH OR TXH SDUHFH Ù8QR VH SUHJXQWD HV GHVFHQ

WUDOL]DFL³Q R GHVFRQFHQWUDFL³Q" ôQDOPHQWH SRGHPRV KDVWD VHU SUHGHFLEOHV HQ FXDQWR D XQD FHQWUDOL]DFL³Q 6H GLFH TXH YDQ D WHQHU IXQFLRQHV P¡[LPDV H KLVW³ ULFDPHQWH VH SUHJXQWD VL YDPRV D WHQHU XQ SURF³QVXO FRPR HQ HO 3RUôULDWRÚ ,QGLFD TXH HQ VX H[SHULHQFLD FRPR GHOHJDGD GH OD 6HFUHWDU­D GH (GXFDFL³Q 3ºEOLFD KDFH YDULRV D±RV OH TXHGD FODUR OR FRPSOHMR TXH UHVXOWD HO IXQFLRQDPLHQWR GH XQD RôFLQD HVWDWDO \ TXH QR WRGDV PDQHMDQ SUHVXSXHVWR SDUD SUR

JUDPDV FRQ ODV HQWLGDGHV Ù+D\ GHOHJDFLRQHV TXH WLHQHQ GLIHUHQWHV IXQFLRQHV \ SUHVXSXHV WRV HQ PL H[SHULHQFLD FRPR GH OHJDGD IHGHUDO QR PDQHM¡EDPRV UHFXUVRV SDUD SURJUDPDV VLQR REWHQHU LQIRUPDFL³Q GH F³PR IXQFLRQDQ SURJUDPDV IHGHUDOHV R ODV IRUWDOH]DV R GHELOLGDGHV GH XQD SRO­WLFD SºEOLFD HQ W©UPLQRV GH HGXFDFL³QÚ &RQVLGHUD TXH HO SODQWHDPLHQWR GH DXVWHULGDG QR HV PDOR DXQTXH WDPEL©Q IDOWD YHU VL UHDOPHQWH VH OOHYD D OD SU¡FWLFD

(/ 5(72 '( 81$ 5()/(;, 1 &5 7,&$

/8,6 *$5& $ $%86$ '

(O DQDOLVWD SRO­WLFR /XLV *DUF­D $EXVD­G YH QHFHVDULR TXH ORV GRV SDUWLGRV WUDGLFLRQDOHV HQ &RDKXLOD KDJDQ XQD UHõH[L³Q SURIXQGD TXH HQ HO SDVDGR QR DSOLFDURQ \ OD FXDO LPSOLFD GHMDU DWU¡V D ORV OLGHUD]JRV TXH GHVGH KDFH P¡V GH D±RV ORV GRPLQDQ (Q HO FDVR GHO WULFRORU OD GLQDVW­D GH ORV KHUPDQRV 0RUHLUD \ HO EODQTXLD]XO OD GHO H[ FDQGLGDWR DO 6HQDGR GH OD 5HSºEOLFD *XLOOHUPR $QD\D /ODPDV Ù(O PHQVDMH IXH PX\ FODUR SDUD HO 35, \ HO 3$1 VL QR KDFHQ XQD FU­WLFD VHULD YDQ D GHVDSDUHFHU /RV OLGHUD]JRV HQ HO VHQWLGR PHWDI³ULFR GHEHQ PRULU \ QR FDHU HQ HO FDQLED OLVPR \ DXWRõDJHODFL³Q GH VLHPSUH

0 /$*81$ Þ -8/,2

FXDQGR VH EXVFD XQ FXOSDEOHÚ &RPR SDUWH GHO WVXQDPL HOHFWRUDO TXH JROSH³ &RDKXLOD \ HO SD­V ODV ô JXUDV GH 5XE©Q 0RUHLUD \ *XLOOHUPR $QD\D /ODPDV TXHGDURQ UHOHJDGDV HQ HO SODQR SRO­WLFR (O SULPHUR DSHQDV SXGR OOHJDU FRPR GLSXWDGR SOXULQRPLQDO DO &RQJUHVR GH OD 8QL³Q LQFOXVR FXDQGR D QLYHO QDFLRQDO HO 35, OH GLR OD HQFRPLHQGD GH VHU VX SULQFLSDO RSHUDGRU Ù(O 35, WLHQH P¡V SRVLELOLGDG GH VREUHYLYLU SRUTXH FRPSDUWH F³GLJR JHQ©WLFR GH 0RUHQD 8QD GH ODV FRVDV TXH ORV KD DIHFWDGR HV HO GLV WDQFLDPLHQWR FRQ VXV EDVHV HOHFWR UDOHVÚ (Q HO FDVR GH $QD\D /ODPDV

32

QR SXGR DFFHGHU D XQD 6HQDGXU­D LQFOXVR FXDQGR HO D±R SDVDGR IXH XQD GH ODV ôJXUDV P¡V YRWDGDV SDUD OD HOHFFL³Q GH JREHUQDGRU \ HQFDEH]³ HO )UHQWH SRU OD 'LJQLGDG GH &RDKXLOD TXH GXUDQWH FLQFR PHVHV DOHJ³ PHGLDQWH PDQLIHV WDFLRQHV IUDXGH HQ HVRV FRPLFLRV Ù(O JUXSR $QD\LVWD \D GLR GH V­ \ QR SXHGH DVXPLU XQD UHVSRQVDELOLGDG TXH OH TXHG³ JUDQGH GHVGH (O SUREOHPD HV TXH ôJXUDV UHOHYDQWHV FRPR 0DUFHOR 7RUUHV &Rô±R TXH SXGLHUDQ DVXPLU HVD UHVSRQVDELOL GDG HVW¡Q PX\ JROSHDGRV SRUTXH VX MHIH SRO­WLFR 5LFDUGR $QD\D SLHUGH OD RSRUWXQLGDG GH DFFHGHU D OD 3UHVLGHQFLD GH OD 5HSºEOLFDÚ

5(3257$-(

,QŠGLWD RSRVLFL³Q HQ HO HVWDGR GH 'XUDQJR GXiX cfj \jg\Z`Xc`jkXj# \e \c :fe^i\jf cfZXc j\ i\hl\i`i} [\ e\^fZ`XZ`�e gXiX j\^l`i \c Zlijf [\ cX XZklXc X[d`e`jkiXZ`�e \jkXkXc p Zfek`elXi Zfe \c ZXd`ef c\^`jcXk`mf \dgi\e[`[f [\j[\ )'(325 *,/%(572 /$675$ *8(55(52

;

liXe^f \e [fj XŒfj gXj� [\c Z\ekif X cX `qhl`\i[X \e dX$ k\i`X c\^`jcXk`mX% ;fj ZXe[`[X$ kfj [\dfjkiXife le XiiXjki\ `elj`kX[f# Afj„ IfjXj 8`jglif Kfii\j# X_fiX ^fY\ieX[fi# p \e cX gXjX[X \c\Z$ Z`�e \c gi\j`[\ek\ \c\Zkf# 8e[i„j DX$ el\c C�g\q FYiX[fi% <e \c gcXef ]\[\iXc# \e \c J\eX[f [\ cX I\g’Yc`ZX# DXi^Xi`kX MXc[\q p 8c\aXe$ [if >feq}c\q P}Œ\q alekf X Afj„ IXd�e <eiˆhl\q j\i}e cfj i\gi\j\ekXek\j gfi ;liXe^f% <e cX Z}dXiX XckX# cXj i\]fi$ dXj c\^Xc\j p cfj Xjlekfj `ek\ieXZ`feX$ c\j jfe cfj gi`fi`kXi`fj% G\if \e cX Z}dXiX YXaX# j\ [\Z`[\e cfj gi\jlgl\jkfj% P \e cX XZklXc X[d`e`jkiX$ Z`�e \jkXkXc# cX dXpfiˆX [\ c\^`jcX[fi\j cf jfe gfi Dfm`d`\ekf [\ I\^\e\iXZ`�e EX$ Z`feXc DFI<E8 1 DXik_X Fc`m`X >XiZˆX M`[XŒX# 8cdX DXi`eX M`k\cX If[iˆ^l\q# DXi`Y\c 8^l`c\iX p gfi \c GXik`[f 8ZZ`�e EXZ`feXc G8E # Afi^\ JXcld [\c GXcXZ`f% <jkfj ZlXkif g\ijfeXa\j# d}j @jdX\c ?\i$ e}e[\q ;\iXj# gi\j`[\ek\ [\ cX :fe]\[\$ iXZ`�e EXZ`feXc :Xdg\j`eX :E: # hl\ cf^iXife le \jgXZ`f \e cX Z}dXiX gfi cX mˆX gcli`efd`eXc# j\i}e cfj ^\jkfi\j gXiX \c k\iZ\if# ZlXikf p hl`ekf XŒf [\ ^fY`\i$ ef% Cfj [\ Zfejfc`[XZ`�e% ?XjkX hl\ ef j\ ZfeZclpX Zfe \c g\i`f$ [f [\ `dgl^eXZ`fe\j X e`m\c ]\[\iXc# j\ jXYi} j` >`eX :XdglqXef XcZXeqXi} le \j$ gXZ`f \e \c Zfe^i\jf ]\[\iXc% <e \c :fe^i\jf [\ ;liXe^f# feZ\ jfe cfj Zlilc\j gXiX DFI<E8 p GK# [fj gXiX \c G8E# lef gXiX \c GI; p lef gXiX \c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc GI@ \e dXpfiˆX i\cXk`mX# \j [\Z`i# [`i\Z$ kX [\c mfkf% P [`\q gfi cX mˆX gcli`efd`eXc% Le \jZ\eXi`f `e„[`kf# hl\ gXiX cfj \jg\$ Z`Xc`jkXj i\hl\i`i} [\ e\^fZ`XZ`�e gXiX j\$ ^l`i \c Zlijf [\ cX XZklXc X[d`e`jkiXZ`�e \jkXkXc p Zfek`elXi Zfe \c ZXd`ef c\^`jcX$ k`mf \dgi\e[`[f [\j[\ )'(-% Le k\dX hl\ j\ gi\m„ Zfe]c`Zkf# \j cX [\j`^eXZ`�e [\c =`jZXc 8ek`ZfiilgZ`�e# [X[f hl\ \o`jk\e [fj gifgl\jkXj p le Xd$ gXif jfYi\ cX gi`d\iX [\ \ccXj% CX `qhl`\i[X YljZXi} Xidfe`qXi cfj

'85$1*2 (/(&725$/ (Q HO FRQJUHVR ORFDO H[LVWHQ GRV IRUPDV GH YRWR OD PD\RUĂ?D FDOLILFDGD \ PD\RUĂ?D VLPSOH (Q DPERV FDVRV OD DOFDQ]DQ ORV SDUWLGRV 025(1$ \ GHO 7UDEDMR <D VHD TXH FRQIRUPH XQD EDQFDGD GH L]TXLHUGD DO KDEHU FRPSHWLGR FRPR XQD FRDOLFLĂ–Q R TXH FDGD SDUWLGR FXHQWH FRQ XQD IUDFFLĂ–Q

025(1$ 37

3$1 35' 3'

35,

+ &RQJUHVR GHO (VWDGR GH 'XUDQJR /;9,

/;9,,

/;9,,,

35, 'LSXWDGRV 39(0 'LSXWDGRV 3$1$/ 'LSXWDGRV 3$1 'LSXWDGRV 3' 'LSXWDGRV 35' 'LSXWDGR 37 'LSXWDGR 0RYLPLHQWR &LXGDGDQR 'LSXWDGR

35, 1XHYH 'LSXWDGRV 3$1 2FKR 'LSXWDGRV 35' 'RV 'LSXWDGRV 39(0 'RV 'LSXWDGRV 3$1$/ 31$ 'RV 'LSXWDGRV 37 8Q 'LSXWDGR /RFDO 8Q 'LSXWDGR

3DUWLGR GHO 7UDEDMR 6LHWH 'LSXWDGRV GH 0D\RUĂ?D 8QR SOXULQRPLQDO 0RUHQD &XDWUR 'LSXWDGRV GH 0D\RUĂ?D 7UHV SOXULQRPLQDOHV 3$1 'RV 'LSXWDGRV GH 0D\RUĂ?D 'RV SOXULQRPLQDOHV 35, 8Q 'LSXWDGR SRU 0D\RUĂ?D 7UHV SOXULQRPLQDOHV 35' 8Q 'LSXWDGR SRU 0D\RUĂ?D &HUR SOXULQRPLQDOHV 39(0 &HUR 'LSXWDGRV SRU 0D\RUĂ?D 8Q SOXULQRPLQDO

)XHQWH ,1( 35(3 ,(3& 'JR

gif^iXdXj jfZ`Xc\j \e ]leZ`�e [\c ^fY`\i$ ef ]\[\iXc# Xc`e\Xi cXj gfcˆk`ZXj Zfe cXj [\ C�g\q FYiX[fi% P cfj gXik`[fj kiX[`Z`feX$ c\j [\ i\gi\j\ekXZ`�e \e ;liXe^f [\Y\$ i}e i\j`jk`i cfj \dYXk\j [\ cX `qhl`\i[X% <e \c Zfe^i\jf cfZXc \o`jk\e [fj ]fi$ dXj [\ mfkf# cX dXpfiˆX ZXc`]`ZX[X p dX$ pfiˆX j`dgc\% <e XdYfj ZXjfj cX XcZXe$ qXe cfj gXik`[fj DFI<E8 p [\c KiXYXaf% PX j\X hl\ Zfe]fid\e leX YXeZX[X [\ `qhl`\i[X Xc _XY\i Zfdg\k`[f Zfdf leX ZfXc`Z`�e# f hl\ ZX[X gXik`[f Zl\ek\ Zfe leX ]iXZZ`�e% P \j hl\ \e cfj (' \jgXZ`fj gcli`efd`$ eXc\j DFI<E8 p \c GXik`[f [\c KiXYXaf cf^i� + \jgXZ`fj1 Fk`e\c >XiZˆX EXmXiif#

33

EXeZp M}qhl\q# p 8c\aXe[if AliX[f gfi DFI<E8 p JfZfiif G}\q gfi \c GK% <c GXik`[f I\mfclZ`feXi`f @ejk`klZ`f$ eXc GI@ k\e[i} YXeZX[X Zfe cfj ki\j \j$ gXZ`fj cf^iX[fj% 8c`Z`X >XdYfX# :XkXc`eX D\iZX[f p <jk\YXe M`cc\^Xj j\i}e c\^`jcX$ [fi\j \e cX fgfj`Z`�e \e \c Zfe^i\jf cfZXc% Gfi \c gXik`[f \e \c ^fY`\ief# 8ZZ`�e EXZ`feXc# :Xicfj DXkli`ef# \o Zffi[`eX$ [fi [\c ^XY`e\k\# p DXiˆX <c\eX >feq}c\q# j\i}e jlj i\gi\j\ekXek\j j`e cX gfj`Y`c`[X[ [\ ZfeZi\kXi leX YXeZX[X gfihl\ jfcX$ d\ek\ jfe [fj% P ]`eXcd\ek\# >\iXi[f Jfcˆj# gi\j`[\ek\ [\c GXik`[f M\i[\ <Zfcf^`jkX [\ D„o`Zf Z`\iiX cfj ), c\^`jcX[fi\j cfZXc\j%

0 /$*81$ Ăž -8/,2

&ROXPQLVWD ,QYLWDGR

3RU 0D[LPH 3RUWDO

-XOLR \ VXV FRQPHPRUDFLRQHV 'H QLQJXQD PDQHUD VH SXHGH MXVWLILFDU OD YLROHQFLD \ OD FUXHOGDG \ SRUTXH OD 5HYROXFLÂłQ )UDQFHVD HV XQD FRQVHFXHQFLD GLUHFWD GH OD HYROXFLÂłQ LGHROÂłJLFD GHO 6LJOR GH ODV /XFHV

<

0D[LPH 3RUWDO

'LUHFWRU GH OD $OLDQ]D )UDQFHVD GH 7RUUHÂłQ PD[LPH SRUWDO# DOLDQ]DIU P[

c d\j [\ alc`f Zfd\eqÂ? Zfe lef [\ cfj \m\ekfj d}j `dgfikXek\j gXiX cfj Z`l[X[Xefj d\o`ZXefj# cXj \c\Z$ Z`fe\j gi\j`[\eZ`Xc\j% Lefj [ˆXj [\jgl„j# j\ Zfed\$ dfiXYX cX @e[\g\e[\eZ`X [\ <jkX[fj Le`[fj p cl\^f cX Zfed\dfiXZ`Â?e [\ cX I\mfclZ`Â?e =iXeZ\jX% Ki\j XZfek\Z`$ d`\ekfj gXiX \mfZXi k\dXj kXe gi`dfi[`Xc\j gXiX cX jfZ`\[X[ Zfdf cX Z`l[X[XeˆX# cX [\dfZiXZ`X f cX jfY\iXeˆX% :XY\ d\e$ Z`feXi hl\ hl`\e \jk} \jZi`Y`\e[f# j`\e[f i\j`[\ek\ \okiXea\$ if \e D„o`Zf# ef k`\e\ [\i\Z_f [\ mfkXi \e \jk\ gXˆj% <c _\Z_f [\ j\i fYj\imX[fi p ef XZkfi [\ \jk\ gifZ\jf \c\ZkfiXc dfk`mX cX gi\j\ek\ i\]c\o`Â?e% MXi`Xj m\Z\j klm\ \c _fefi [\ fi^Xe`qXi# \e \c dXiZf [\ d`j fYc`^XZ`fe\j gif]\j`feXc\j# cX Z\i\dfe`X [\ Zfed\df$ iXZ`Â?e [\ cX =`\jkX EXZ`feXc [\ =iXeZ`X# \c (+ [\ alc`f# p dlZ_Xj m\Z\j d\ \e]i\ek„ X cX d`jdX gi\^lekX# ÂśHl„ \j$ kXdfj Z\c\YiXe[f Xhlˆ6 CX i\jgl\jkX [`gcfd}k`ZX# Zfii\ZkX p \m`[\ek\ \j \ogc`ZXi hl\ Z\c\YiXi cX I\mfclZ`Â?e =iXeZ\jX# \j Z\c\YiXi cX \dXeZ`$ gXZ`Â?e [\ le gl\Ycf ]i\ek\ Xc gf[\i [\ leX d`efi`[X[ [\ cX gfYcXZ`Â?e [\jgl„j [\ j`^cfj [\ `ealjk`Z`X jfZ`Xc% Efj `dX^`$ eXdfj leX efYc\qX ^fqXe[f [\ i`hl\qXj j`e cˆd`k\j g\c\Xe$ [f ZfekiX ZXdg\j`efj ]Xd„c`Zfj p \efaX[fj# f Y`\e i\Zfi[X$ dfj cX `dX^\e [\c ZlX[if [\ ;\cXZif`o# cX C`Y\ikX[ >l`Xe[f Xc gl\Ycf% G\if cX i\Xc`[X[ ef \j kXe ifd}ek`ZX% EleZX ]XckX hl`\e d\ _XZ\ i\Zfi[Xi cX ^l`ccfk`eX f cfj iˆfj [\ jXe^i\ [\$ iiXdX[X \e cX DXij\`ccX`j\% CX i\jgl\jkX mX d}j [\c cX[f `[\fcÂ?^`Zf# gfihl\ [\ e`e^leX dXe\iX j\ gl\[\ aljk`]`ZXi cX m`fc\eZ`X p cX Zil\c[X[ p gfihl\ cX I\mfclZ`Â?e =iXeZ\jX \j leX Zfej\Zl\eZ`X [`i\ZkX [\ cX \mf$ clZ`Â?e `[\fcÂ?^`ZX [\c J`^cf [\ cXj ClZ\j% Cfj `[\Xc\j [\ cX @clj$ kiXZ`Â?e [`\ife m`[X X cX ;\ZcXiXZ`Â?e [\ cfj ;\i\Z_fj ?ldX$ efj# Xc ZXdY`f [\ i„^`d\e gfcˆk`Zf \e =iXeZ`X p \e mXi`fj fkifj gXˆj\j# X cX `e[\g\e[\eZ`X [\ Zfcfe`Xj p X dlZ_fj ZXdY`fj jfZ`Xc\j X cf cXi^f [\ cfj j`^cfj% ;\ Z`\ikX dXe\iX# \j \e gXik\ ^iXZ`Xj X [`Z_fj `[\Xc\j j` \c gl\Ycf d\o`ZXef gl[f \c\^`i X jl el\mf gi\j`[\ek\# \ogi\jXe[f jl mfkf# X `e`Z`fj [\c d\j% ;\aXe[f [\ cX[f \c Xjg\Zkf _`jkÂ?i`Zf# jfZ`Xc f ]`cfjÂ?]`Zf# gf[\dfj fYj\imXi j`dgc\d\ek\ cf hl\ [`Z\ cX ^\ek\% CX k\i$ d`efcf^ˆX efj [`Z\ dlZ_f% ?fp \e [ˆX# \c gl\Ycf ]iXeZ„j [`Z\ hl\ Z\c\YiX Ăˆc\ (+ al`cc\kÉ \c (+ [\ alc`f # j`dgc\d\ek\# p ef 0 /$*81$ Ăž -8/,2

34

_XZ\ d\eZ`�e [\ cX I\mfclZ`�e \e cX Zfem\ijXZ`�e [\c [ˆX X [ˆX% <jkf [\dl\jkiX leX [`jkXeZ`XZ`�e Zfe cfj _\Z_fj jXe$ ^i`\ekfj d\eZ`feX[fj Xii`YX% <j Z`\ikf# \c ^fY`\ief ]iXeZ„j j`^l\ gi\j\ekXe[f ZX[X XŒf# \e le ^iXe [\j]`c\ d`c`kXi# kf[f jl gf[\i Y\c`^\iXek\% G\if \e cfj ’ck`dfj XŒfj# \c gl\Ycf ]iXe$ Z„j _X i\Z`Y`[f kXekfj XkXhl\j k\iifi`jkXj hl\ cX `dX^\e [\c gf[\i d`c`kXi# Zfdf XgXiXkf [\]\ej`mf p ef f]\ej`mf# j\ _X ml\ckf le \c\d\ekf dlp `dgfikXek\ gXiX dXek\e\i cX j\^l$ i`[X[ p cX j\i\e`[X[ [\ cX eXZ`�e% J`e \dYXi^f# gXiX cX gfYcXZ`�e \e ^\e\iXc \e =iXeZ`X# \c (+ [\ alc`f# Xek\ kf[f# \j \c [ˆX [\ cfj d}j Y\ccfj \jg\Zk}Zlcfj [\ ]l\^fj Xik`]`Z`Xc\j fi^Xe`qX[fj \e ZX[X dle`Z`gXc`[X[ [\c gXˆj# \j \c [ˆX [\c YX`c\ XelXc [\ cfj YfdY\ifj p gXiX dlZ_fj# \j \c `e`Z`f [\ cXj mXZXZ`fe\j% ;`j]ilkXi [\ cX c`Y\ikX[# [\ cX `^lXc[X[ p [\ cX ]iXk\ie`[X[# ]\jk\aXe[f# \j gifYXYc\d\ek\ \c d\afi _fd\eXa\ hl\ gf[\dfj f]i\Z\i X el\jkifj Xek\gX$ jX[fj p X jl clZ_X% Cf hl\ Z\c\YiXdfj# \ekfeZ\j# \j j`dgc\$ d\ek\ gf[\i \ogi\jXi cfj g\ejXd`\ekfj gcXjdX[fj \e \c gi\$ j\ek\ k\okf# \j m`m`i \e le gXˆj [fe[\ \o`jk\ le gifZ\jf [\dfZi}k`Zf gXiX \c\^`i X cfj ^fY\ieXek\j# \j gf[\i g\ejXi hl\ [`Z_f gifZ\jf \j Yl\ef f k`\e\ jlj ]XccXj p \j k\e\i \c [\i\Z_f [\ gf[\i [Xi jl fg`e`�e% D}j `dgfikXek\# Z\c\YiXdfj cf hl\ fYj\imXdfj Xc d`iXi leX ]fkf [\c \hl`gf [\ =iXeZ`X \e cX ZfgX dle[`Xc [\ ]lk$ Yfc% :X[X lef [\ cfj al^X[fi\j \j ]iXeZ„j [\ eXZ`feXc`[X[# p kXdY`„e gfj\\ jlj fiˆ^\e\j ZlckliXc\j# „ke`Zfj# c`e^•ˆjk`$ Zfj% ;\ _\Z_f# gf[\dfj m\i \c ]lkYfc ]iXeZ„j Zfdf le d\$ [`[fi [\ cX ZXgXZ`[X[ [\ `ek\^iXZ`�e [\ cX jfZ`\[X[ ]iXeZ\$ jX% 8g\cc`[fj c\p\e[Xi`fj Zfdf BfgX# GcXk`e`# :XekfeX f Q`[Xe\ [\dl\jkiXe hl\ cXj efZ`fe\j [\ c`Y\ikX[# `^lXc[X[ p ]iXk\ie`[X[ j`^l\e m`mXj p kiXjZ\e[\ek\j _XjkX \c [ˆX [\ _fp% Hl`q}j j\X \jkf le Zl\ekf [\ _X[Xj gXiX dlZ_fj# \e le dle[f [fe[\ m\dfj Zi\Z\i f i\jli^`i \c eXZ`feXc`jdf p cX o\ef]fY`X \e gXˆj\j [�e[\ d\efj cf \jg\i}YXdfj# g\if cX i\Xc`[X[ \j hl\ le afm\e# _`af f e`\kf [\ `ed`^iXek\j \e =iXeZ`X# k`\e\ cX gfj`Y`c`[X[ [\ Zfem\ik`ij\ Xc^’e [ˆX \e le _„if\ eXZ`feXc Zfdf cf \j X_fiX Bpc`Xe DYXgg„% :\c\YiXi p dXek\e\i m`mfj cfj `[\Xc\j _ldXe`jkXj p cfj mXcfi\j [\ cX i\mfclZ`�e ]iXeZ\jX# ]`eXcd\ek\# \j Xpl[Xi X Zfejkil`i leX jfZ`\[X[ d}j aljkX# `eZclp\ek\ p d’ck`gc\%

(175(9,67$

(O WDOHQWR KXPDQR HO HVFXGR HPSUHVDULDO IUHQWH DO FRQWH[WR FRPSHWLWLYR H LQFLHUWR ,&$0, AX`d\ MXcm\i[\# [`i\Zkfi# j\ÂŒXcX hl\ \c :\ekif [\ =fidXZ`Â?e p G\i]\ZZ`feXd`\ekf ;`i\Zk`mf \jk} \e]fZX[f X Xk\e[\i cXj e\Z\j`[X[\j [\ ZXgXZ`kXZ`Â?e [\ cfj dXe[fj ^\i\eZ`Xc\j \ `ek\id\[`fj

<

325 /8,6 &$5/26 9$/'‰6 '( /(“1 )2726 0$18(/ *8$'$55$0$

c @:8D@# :\ekif [\ =fidXZ`Â?e p G\i]\ZZ`feXd`\ekf ;`i\Zk`mf eXZ`Â? _XZ\ ,' XÂŒfj# \jg\Z`Xc`$ qX[f \e dXe[fj ^\i\eZ`Xc\j \ `ek\id\[`fj# a\]\j# jlg\im`jfi\j# \eki\ fkifj gl\jkfj% :fe [`\q XÂŒfj [\ gi\j\e$ Z`X \e CX CX^leX# @:8D@ \jk} \e]fZX[f X Xk\e[\i cXj e\Z\j`[X[\j [\ ZXgXZ`kX$ Z`Â?e [\ cfj dXe[fj ^\i\eZ`Xc\j \ `ek\i$ d\[`fj2 d`\ekiXj hl\ gXiX cfj dXe[fj [`i\Zk`mfj \jk} @G8;<% AX`d\ MXcm\i[\# [`i\Zkfi [\ @:8D@ \e Kfii\Â?e# \ogc`ZÂ? \jk}e \e]fZX[fj X cX Xk\eZ`Â?e [\ [l\ÂŒfj [\ jlj gifg`fj gif$ p\Zkfj# \dgi\e[\[fi\j# gpd\j# fi^Xe`qX$ Z`fe\j hl\ mXe eXZ`\e[f p hl\ hl`q}j XÂ’e ef k`\e\e \c kXdXÂŒf f cX Zfejfc`[XZ`Â?e hl\ j\ i\hl`\i\ gXiX \jkXi \e @G8;<% :l\jk`feX[f jfYi\ cfj i\kfj p }i\Xj [\ fgfikle`[X[ hl\ j\ `[\ek`]`ZXe \e cfj dXe[fj d\[`fj \e CX CX^leX# AX`d\ MXc$ m\i[\ m`jlXc`qÂ? \jk\ Xjg\Zkf [\j[\ leX g\ijg\Zk`mX ^cfYXc1 ĂˆM\f \e cfj Â’ck`dfj XÂŒfj \e CX CX^leX# d}j hl\ i\kfj hl\ jˆ cfj _Xp p hl\ jfe Zfdle\j gXiX \c gXˆj% Jˆ efkf leX :fdXiZX CX^le\iX Zfe d}j XZ$ k`m`[X[ \ZfeÂ?d`ZX# Zfe d}j fgfikle`[X$ [\j# i\jli^`\e[f% Cfj i\kfj jˆ cfj _Xp# \e \c j\^d\ekf [\ \a\Zlk`mfj Zfe cfj hl\ kiX$ YXaXdfj% Ef _Xp _`cfj e\^ifj hl\ [\jZl$ Yi`i2 kf[Xj cXj \dgi\jXj j`^l\e k\e`\e[f \c i\kf [\ ZÂ?df XkiX\i# [\jXiifccXi p i\k\$ e\i Xc kXc\ekf# gfihl\ Z`\ikXd\ek\ \c Zfe$ k\okf \j ZX[X m\q d}j Zfdg\k`k`mf p Â’ck`$ dXd\ek\ d}j `eZ`\ikfÉ% AX`d\ MXcm\i[\ Xj\^liÂ? hl\ ]i\ek\ X le Zfek\okf Zfdg\k`k`mf \ `eZ`\ikf# cf hl\ j\ i\hl`\i\ \j d}j kXc\ekf# g\ijfeXc Zfe dX$ pfi ZXgXZ`[X[ [\ Xe}c`j`j# Zfe d}j Xl[X$ Z`X \e cX kfdX [\ [\Z`j`fe\j# gXiX `[\ek`$ ]`ZXi [fe[\ \jk}e cXj fgfikle`[X[\j `ek\ieXj [\ekif [\ cX \dgi\jX p j\i d}j \]`Z`\ek\# Xjˆ Zfdf cXj \ok\ieXj# hl\ \j [fe[\ \jk} \c e\^fZ`f% Ăˆ8 m\Z\j gl\[\ j\i hl\ efj \eZXj`ccX$ dfj \e k\dXj [\ j` _Xp Zi`j`j f _XYi} Zi`j`j2 Yl\ef# j`\dgi\ hl\ _Xp [`]`Zlc$ 0 /$*81$ Ăž -8/,2

36

(175(9,67$

3DUD QRVRWURV HV IXQGDPHQWDO TXH ORV PDQGRV PHGLRV WRPHQ EXHQDV GHFLVLRQHV SHUR SDUD HOOR QHFHVLWDQ WHQHU XQD YLVLÂłQ LQWHJUDO GH OD RUJDQL]DFLÂłQĂš

kX[\j _Xp fgfikle`[X[\j# g\if cXj fgfi$ kle`[X[\j \jk}e gXiX hl`\e cXj YljZXÉ% <e \jk\ j\ek`[f# i\ZfefZ`Â? hl\ jˆ _Xp le i\kf gXiX cfj dXe[fj d\[`fj1 \c XYi`ic\j cX m`j`Â?e# hl`kXic\j gXiX[`^dXj p hl\ j\$ gXe [\jZlYi`i \jkXj fgfikle`[X[\j# \o$ k\ieXj \ `ek\ieXj% J`e \dYXi^f# \jk\ k\dX ef \j el\mf p j\ c\ Zl\jk`feÂ? Xc i\jg\Zkf1 Ăˆ?Xp gX$ iX[`^dXj hl\ ef j\ _Xe jlg\iX[f p lef [\ \jkfj \j \c d`\[f [\ `em\ik`i \e cX ZXgXZ`kXZ`Â?e p \e \c [\jXiifccf [\ cX ^\ek\ g\ejXe[f hl\ j\ efj mX X `i% P ef efj [Xdfj Zl\ekX hl\ hl`q}j j\X g\fi \c ef `em\ik`i p hl\ j\ hl\[\e# gfihl\ \jkXdfj i\k\e`\e[f Xc g\ijfeXc hl\ d\$ efj `ek\i\jX X cX \dgi\jXÉ% <e fkiXj Z`l[X[\j j\ efkX ZÂ?df Xc `e$ m\ik`ic\ Xc kXc\ekf# \c ZXgXZ`kXi p [\jXiif$ ccXi X cX ^\ek\# g\id`k\ hl\ j\ ^\e\i\e gifp\Zkfj# [\jZlYi\e fgfikle`[X[\j# aX$ cXe gifp\Zkfj [\ `em\ij`Â?e# Zi\Xe cXj fgfikle`[X[\j# ef \jg\iXe hl\ c\j cc\^l\% Jfe gXik\ [\ cfj i\kfj p fgfikle`[X[\j hl\ j\ k`\e\e gfi [\cXek\% <ogljf hl\ le glekf ]le[Xd\ekXc hl\ [\jXiifccXe Zfdf @:8D@# \j g\i]\ZZ`feXi _XY`c`[X[\j [\ dXe[f2 \ogc`ZÂ? hl\ dl$ Z_Xj m\Z\j \jkf j\ [X X cfj \a\Zlk`mfj# [fe$ [\ X m\Z\j i\jlckX j\i \c \jcXYÂ?e d}j [„Y`c pX hl\ \j gfi X_ˆ [fe[\ j\ g`\i[\ cX \]\Z$

k`m`[X[# cX \]`Z`\eZ`X p j\ g`\i[\ dlZ_f gfk\eZ`Xc2 \j ZlXe[f j\ k`\e\e dXe[fj ^\$ i\eZ`Xc\j# a\]\j f jlg\im`jfi\j hl\ ZXi\$ Z\e [\ _XY`c`[X[\j `ek\ig\ijfeXc\j p _X$ Y`c`[X[\j [\ dXe[f% <ogc`ZÂ? hl\ ZlXe[f [\ekif [\ cX fi^X$ e`qXZ`Â?e j\ cf^iXe [\jXiifccXi \jkXj ZlXc`$ [X[\j# j\ g\id`k\e [\jXiifccXi \hl`gfj [\ Xckf [\j\dg\ÂŒf# ^\ek\ dfk`mX[X# _Xp dX$ pfi gif[lZk`m`[X[# dXpfi\j `[\Xj# dXpfi jXk`j]XZZ`Â?e Xc Zc`\ek\% ĂˆCfj \^i\jX[fj [\ @:8D@ i\ZfefZ\e \j\ el\mf \e]fhl\ _X$ Z`X \c ]XZkfi _ldXef p j` j\ jXY\ [\kfeXi \jXj _XY`c`[X[\j# j\ cf^iX le Zc`dX cXYfiXc dlZ_f d}j gfj`k`mf# Zfe ^\ek\ d}j df$ k`mX[X p jXk`j]\Z_X# cf^iXi} d}j \]`Z`\eZ`X# YXaXi} cX ifkXZ`Â?eÉ% <e \c @:8D@# Xc `^lXc hl\ \e @G8;<# j\ lk`c`qX \c D„kf[f [\c :Xjf# [fe[\ j\ kiXkXe gifYc\dXj [\ cX \dgi\jX ef Zfe YXj\ \e c`Yifj e` k\fiˆXj j`ef d\[`Xek\ cX [`jZlj`Â?e Zfc\Zk`mX [\ leX j`klXZ`Â?e i\Xc f `eZcljf [\ leX \dgi\jX ZfeZi\kX% MXcm\i[\ \a\dgc`]`$ ZX1 ĂˆLe X^\ek\ [\ m\ekXj ef jÂ?cf [\Y\ kiX$ YXaXi \e Zi\Xi \jkiXk\^`Xj [\ m\ekXj# j`ef hl\ X_fiX j\ k`\e\e hl\ Zfej`[\iXi fkifj Xjg\Zkfj p\e[f d}j Xcc}# m\i X cXj g\ijfeXj ef jÂ?cf Zfdf leX _\iiXd`\ekX [\ ^\e\iXi m\ekXj p ^XeXeZ`Xj# g\if m\icf Zfdf g\ijf$ eXj% <jkf \j X_fiX leX m`j`Â?e [\ e\^fZ`fj# le df[\cf [\ e\^fZ`fjÉ%

37

<e \c j`jk\dX kiX[`Z`feXc# j\ kiXYXaX gfi ]leZ`fe\j# [fe[\ j\ k`\e\e ^\i\e$ k\j [\ m\ekX dlp Yl\efj p kfdXe [\Z`$ j`fe\j hl\ hl`q}j j\Xe Yl\eXj gXiX jl [\gXikXd\ekf# g\if ef e\Z\jXi`Xd\ek\ gXiX cX \dgi\jX# gXiX \c e\^fZ`f% 8[m`i$ k`Â? hl\ cf hl\ \e @:8D@ j\ YljZX \j hl\ \jkfj dXe[fj `ek\id\[`fj [\jXiifcc\e leX m`j`Â?e [\ cX fi^Xe`qXZ`Â?e# leX m`$ j`Â?e [\ e\^fZ`fj d}j j`jk„d`ZX# hl\ Zfdgi\e[Xe ZÂ?df jlj XZk`m`[X[\j `d$ gXZkXe \e \c i\jkf [\ cX fi^Xe`qXZ`Â?e% ĂˆGXiX efjfkifj \j ]le[Xd\ekXc hl\ cfj dXe[fj d\[`fj kfd\e Yl\eXj [\Z`j`f$ e\j# g\if gXiX \ccf# e\Z\j`kXe k\e\i leX m`j`Â?e `ek\^iXc [\ cX fi^Xe`qXZ`Â?e# gfi \jf \c @:8D@ ef \jg\Z`Xc`qXe X jlj gXi$ k`Z`gXek\j \e le }i\X# j`ef hl\ j\ c\j [X leX m`j`Â?e `ek\^iXc [\ cX \dgi\jX# [\j$ [\ Xjg\Zkfj Zfdf i\Zlijfj _ldXefj# }i\X Zfd\iZ`Xc# [\ fg\iXZ`fe\j p gif$ [lZZ`Â?e# X[d`e`jkiXk`mXj# [\ `dgc\$ d\ekXZ`Â?e \jkiXk„^`ZX# gXiX hl\ \e$ k`\e[Xe cX m`j`Â?e [\ cX [`i\ZZ`Â?e# gfihl\ X \ccfj Zfdg\k\ Zfdgi\e[\icX p kiX[lZ`icX X cX fg\iXZ`Â?e% J` \jkf ef j\ \ek`\e[\# \jk} g\i[`[f# gfi d}j Yl\$ eXj `[\Xj p gifp\Zkfj hl\ k\e^X cX [`$ i\ZZ`Â?e# mX X \jkXi ]XccXe[f \j\ \jcXYÂ?e p X_ˆ \j [fe[\ \ekiXe cXj _XY`c`[X[\j `ek\ig\ijfeXc\jÉ# \ogljf%

0 /$*81$ Ăž -8/,2

(O 6ŠS LPR 5ROOR

3RU /XLV $OEHUWR /ÂłSH]

6REUH GHVDIXHURV OXFKD VRFLDO \ SRSXOLVPR 1R HV PDOD LGHD UHYLVDU WRGRV HVRV GRFXPHQWDOHV \ GH DK­ SDUWLU SDUD HYDOXDU TXŠ WDQ FLHUWR HV OR TXH QRV SUHVHQWDQ HQ FDGD XQR

8

/XLV $OEHUWR /³SH] *DUF­D

5HSRUWHUR GH 0LOHQLR /D 2SLQLÂłQ /DJXQD #OXLVDOEHUWROR

c^f \hl`gXiXYc\ Xc eÂ’d\if [\ fZXj`fe\j \e hl\ 8e[i„j DXel\c CÂ?g\q FYiX[fi Zfdg`$ k`Â? gfi cX gi\j`[\eZ`X [\ cX I\gÂ’Yc`ZX \j cX ZXek`[X[ [\ [fZld\ekXc\j hl\ Zl\ekXe jl _`jkfi`X Zfdf le g\ijfeXa\ Zfekifm\ij`Xc p hl\ [\j$ [\ _XZ\ d}j [\ leX [„ZX[X kfdX gXik\ [\ cX X^\e[X eXZ`feXc% PX Zfdf m`iklXc gi\j`[\ek\ \c\Zkf [\ D„o`Zf mXc\ cX g\eX _XZ\i le i\Zl\ekf [\ ki\j [\ \jXj ]`cdXZ`f$ e\j hl\ XYi`\ife \c [\YXk\ \e kfief X jl gifZ\jf [\ [\jX]l\if# cX _`jkfi`X [\ jl m`[X p clZ_X gfi cXj Zf$ dle`[X[\j `e[ˆ^\eXj# Xjˆ Zfdf cX `eZc`eXZ`Â?e gfgl$ c`jkX hl\ Xc^lefj m\e \e „c% <e \c gi`d\if [\ cfj ZXjfj efj \eZfekiXdfj Zfe \c [fZld\ekXc [\c Z`e\XjkX Cl`j DXe[fb`1 ĂˆÂśHl`„e \j \c j\ÂŒfi CÂ?g\q6É# leX gifgl\jkX hl\ gi\j\ekX [`$ ]\i\ek\j \eki\m`jkXj Zfe \c kXYXjhl\ÂŒf# jlj ZfcXYf$ iX[fi\j Z\iZXefj# g\i`f[`jkXj p gfcˆk`Zfj hl\ [Xe clq X cfj fiˆ^\e\j [\c \oa\]\ [\ ^fY`\ief ZXg`kXc`ef \e jl \jkX[f eXkXc# cXj [`]`ZlckX[\j [\ jl ^fY`\ief p \c gifZ\jf hl\ XYi`Â? \c \ekfeZ\j ^fY`\ief [\ M`Z\ek\ =fo gXiX [\jX]fiXicf% FkiX [\ cXj gif[lZZ`fe\j hl\ kXdY`„e efj dl\jkiX gXik\ [\ cX m`[X [\c ki\j m\Z\j ZXe[`[Xkf gi\j`[\eZ`Xc \j Ăˆ<jkf jfpÉ# cXeqX[X X ]`eXc\j [\c XÂŒf gXjX[f Zfdf leX dXe\iX [\ \ogfe\i Xc g\ijfeXa\ Xek\ cX Z\iZXeˆX [\ cXj \c\ZZ`fe\j [\ )'(/ p hl\ ]l\ [`i`^`[f gfi M\iÂ?$ e`ZX M\cXjZf p <g`^d\e`f @YXiiX% <c [fZld\ekXc i\gi\j\ekX cX m`j`Â?e d}j Z\iZXeX [\ cX ]Xd`c`X p cXj qfeXj [fe[\ \c kXYXjhl\ÂŒf Zi\Z`Â?# X[\$ d}j [\ XYfi[Xi cfj XÂŒfj i\Z`\ek\j [\ jl clZ_X gfi Xc$ ZXeqXi cX gi\j`[\eZ`X [\ cX I\gÂ’Yc`ZX kiXj cX ]le[X$ Z`Â?e [\ jl gXik`[f gfcˆk`Zf \ `eZcljf XYfi[Xi k\dXj Zfdf cX gfc„d`ZX `ek\eZ`Â?e [\ ZXeZ\cXi \c El\mf 8\$ ifgl\ikf [\ cX :`l[X[ [\ D„o`Zf%

0 /$*81$ Ăž -8/,2

38

CX ]iXj\ d}j \dYc\d}k`ZX [\ cX g\cˆZlcX cX \eZfe$ kiXdfj \e cX `ekif[lZZ`Â?e p [fe[\ m\dfj X le CÂ?g\q FYiX[fi gXiX[f ]i\ek\ Xc GXcXZ`f EXZ`feXc jfckXi1 Ăˆ8 GXcXZ`f f X CX :_`e^X[XÉ# _XZ`\e[f i\]\i\eZ`X X hl\ \j cX Â’ck`dX m\q hl\ YljZXiˆX cX gi\j`[\eZ`X p j`ef j\ `iˆX m`m`i X jl iXeZ_f hl\ kXdY`„e ZfefZ\dfj d\$ [`Xek\ \c dXk\i`Xc Xl[`fm`jlXc \e GXc\ehl\# :_`XgXj% G\if \c [fZld\ekXc d}j Zfekifm\ij`Xc XZ\iZX [\c kXYXjhl\ÂŒf j`e [l[X \j cX hl`ekX gXik\ [\ cX j\i`\ ĂˆGfglc`jdf \e 8d„i`ZX CXk`eXÉ p hl\ cc\mX gfi efd$ Yi\ Ăˆ<c i\[\ekfi ]li`fjfÉ# [\ cX ZXjX gif[lZkfiX CX ;`m`j`Â?e% Jl gifdfZ`Â?e ]l\ \e gc\eX ZXdgXÂŒX \c\ZkfiXc p \e cX ZXg`kXc [\c gXˆj XgXi\Z`\ife ZXd`fe\j Zfe glYc`Z`$ [X[ [\ cXj \eki\^Xj \e [fe[\ j\ m\ˆX X le CÂ?g\q FYiX$ [fi alekf X ]`^liXj Zfdf \c \ogi\j`[\ek\ m\e\qfcXef ?l^f :_}m\q% Jl \jki\ef eleZX ]l\ ZcXi`]`ZX[f# Xle$ hl\ X gfZfj [ˆXj [\ cXj mfkXZ`fe\j XgXi\Z`Â? leX gcX$ kX]fidX jki\Xd`e^ p \e ZXeXc\j [\ pflklY\% CX j\i`\ gi\j\ekX cX _`jkfi`X [\ \odXe[XkXi`fj cXk`$ efXd\i`ZXefj p jl jlgl\jkX `eZc`eXZ`Â?e gfglc`jkX# d`\ekiXj hl\ \e \c Â’ck`df ZXgˆklcf gi\j\ekX X 8e[i„j DXel\c p cX fg`e`Â?e [\ Xc^lefj XZX[„d`Zfj# g\i`f[`j$ kXj p gfcˆk`Zfj XZ\iZX [\ cX X]`e`[X[ [\c kXYXjhl\ÂŒf gfi \jX k\e[\eZ`X% @e[\g\e[`\ek\d\ek\ [\ cX X]`e`[X[ f [\jgi\Z`f gfi \c g\ijfeXa\ hl\ \e lefj d\j\j j\i} el\jkif giÂ?o`df gi\j`[\ek\# ef \j dXcX `[\X i\m`jXi kf[fj \jfj [fZl$ d\ekXc\j p [\ X_ˆ gXik`i gXiX \mXclXi hl„ kXe Z`\ikf \j cf hl\ efj gi\j\ekXe \e ZX[X lef% I\Zfi[\dfj hl\ gfi cf i\^lcXi \e \jX ZcXj\ [\ gif$ [lZZ`fe\j gi\[fd`eXe cXj ]fY`Xj f X[d`iXZ`fe\j _X$ Z`X cfj g\ijfeXa\j p \e \jk\ ZXjf ef \j cX \oZ\gZ`Â?e# g\if j`im\e Zfdf leX glekX [\ cXeqX gXiX `em\jk`^Xi Xc Xcl[`[f%

(175(9,67$

Ă™(O UHWR IUHQDU DEXVRV GH DXWRULGDG \ SROLF­DFRV HQ )UDQFLVFR , 0DGHURĂš AfeXk_Xe Ă?mXcfj If[iˆ^l\q# XcZXc[\ \c\Zkf gfjklcX[f gfi cX ZfXc`Z`Â?e Alekfj ?Xi\dfj ?`jkfi`X# X]`idX hl\ c\ [Xi} fkif ifjkif X cX X[d`e`jkiXZ`Â?e gÂ’Yc`ZX p X cX cXYfi [\ cX Gfc`ZˆX Dle`Z`gXc 325/8,6 $/%(572 /“3(= )2726 &257(6Â?$

G

XiX \c XcZXc[\ \c\Zkf [\ =iXeZ`j$ Zf @%DX[\if# AfeXk_Xe Ă?mXcfj If[iˆ^l\q# \c gi`eZ`gXc i\kf [\ jl ^fY`\ief j\i} [Xic\ fkif ifj$ kif X cX X[d`e`jkiXZ`Â?e gÂ’Yc`ZX p gi`e$ Z`gXcd\ek\ X cX cXYfi hl\ [\j\dg\ÂŒX cX Gfc`ZˆX Dle`Z`gXc% ĂˆMXdfj \a\iZ\i leX XZX[\d`X [\ gf$ c`ZˆX Zfek`elX gXiX hl\ \jkl[`\e# j\ gif$ ]\j`feXc`Z\e p k\e^Xe jl [`gcfdX[f \e [\i\Z_fj _ldXefj p \jk„e XZklXc`qX[fj \e cXj c\p\j \jkXkXc\j p ]\[\iXc\j% ?Xi\$ dfj le ZXdY`f \e cX ZlckliX gfc`Z`Xc \e =iXeZ`jZf @% DX[\ifÉ% Ă?mXcfj If[iˆ^l\q ]l\ gfjklcX[f gfi cX ZfXc`Z`Â?e Alekfj ?Xi\dfj ?`jkfi`X# \eZX$ Y\qX[X gfi \c Dfm`d`\ekf [\ I\^\e\iX$ Z`Â?e EXZ`feXc Dfi\eX # cX ZlXc g\id`k`Â? fYk\e\i d}j [\ (, d`c mfkfj p X_fiX \jg\$ iX [\ cX fgfj`Z`Â?e hl\ ]fidX gXik\ [\ cX XZklXc X[d`e`jkiXZ`Â?e dX[li\q gfcˆk`ZX gXiX jlY`ij\ X le d`jdf YXiZf% ĂˆJ` mXe X _XZ\i fYj\imXZ`fe\j c\j g`[f cXj _X^Xe Zfe Xi^ld\ekfj p \jkXdfj Xhlˆ Zfdf Z`l[X[Xefj Zfdgifd\k`[fj gfi le ZXdY`f m\i[X[\if# hl\i\dfj hl\ \ccfj j\ jlYXe Xc d`jdf YXiZfÉ% Ă?mXcfj If[iˆ^l\q j\ \jki\eX Zfdf ]le$ Z`feXi`f gÂ’Yc`Zf [\ \c\ZZ`Â?e gfglcXi# Xlehl\ Xek\i`fid\ek\ \e cX X[d`e`jkiX$ Z`Â?e [\c gi``jkX [\ :i`jkÂ?YXc DXiil]f CÂ?$ g\q ]le^`Â? Zfdf k`klcXi [\ cX ;`i\ZZ`Â?e [\ JXcl[ p [\jgl„j ]l\ \c [`i\Zkfi [\c ?fj$ g`kXc >\e\iXc [\ =iXeZ`jZf @% DX[\if [l$ iXek\ d}j [\ ki\j XÂŒfj%

3RU SULPHUD YH] XQ PXQLFLSLR FRPR )UDQFLVFR , 0DGHUR VH SLQWD GH RWUR FR ORU SDUWLGLVWD SRU TXŠ FRQVLGHUD TXH VH GLR HVWD DOWHUQDQFLD"

Jfe mXi`fj ]XZkfi\j1 lef \c \]\Zkf 8e[i„j DXel\c C�g\q FYiX[fi# \c j\^le[f \c _Xi$ kXq^f jfZ`Xc hl\ j\ m`m\ \e \c dle`Z`g`f gfi kf[fj cfj XYljfj [\ cXj Xlkfi`[X[\j p ZfigfiXZ`fe\j gfc`Z`XZXj ZfekiX cX Z`l[X$ 0 /$*81$ Þ -8/,2

40

(175(9,67$

1RVRWURV WHQHPRV HVRV SULQFLSLRV GH 0RUHQD QR PHQWLU QR WUDLFLRQDU \ QR UREDU 9DPRV D DSOLFDU XQD UHGXFFLยณQ D ORV VXHOGRV GH ORV IXQFLRQDULRV HQWUH HOORV HO GH WX VHUYLGRU \ ORV UHJLGRUHVร

[Xeย X p \c k\iZ\if hl\ k`\e\ hl\ m\i Zfe 8 efjfkifj efj Zfii\jgfe[\ Xk\e[\i hl\ Xc d\efj \e cf hl\ i\jg\ZkX X d` g\i$ cXj e\Z\j`[X[\j Y}j`ZXj \e ZlXekf X jX$ jfeX _\dfj _\Z_f dlp Yl\eX Xd`jkX[ cl[# gfi \a\dgcf cfj kiXjcX[fj dย [`Zfj Zfe cX dXpfiย X [\ cfj Z`l[X[Xefj# ef _Xp [\ Xhlย _XjkX Kfii\ย e% e`e^leX dXeZ_X hl\ d\ gl\[Xe jXZXi% CX :ilq IfaX c\ ZfYiX _XjkX ,'' g\$ jfj X cXj g\ijfeXj p cX dXpfiย X [\ cX gf$ %DVDGR HQ ORV UHFRUULGRV SRU ODV FROR YcXZ`ย e ^XeX \jf X cX j\dXeX# gfi \jf QLDV \ ORV HMLGRV GXUDQWH GRV PHVHV GH _Xi\dfj [fj Zcย e`ZXj dlp g\hl\ย Xj FDPSDยฑD FXยกO VHUยก OD SULRULGDG HQ ORV hl\ Xk`\e[Xe \jkX e\Z\j`[X[ Y}j`ZX1 WUHV DยฑRV GH JRELHUQR TXH HQFDEH]DUยก" k\e^Xe [fj XdYlcXeZ`Xj p XgXiXkf [\ Cf hl\ d}j efj Zfd\ekย cX ^\ek\ \e cX iXpfj o gXiX hl\ [\ dXe\iX fgfikleX p ZXdgXย X ]l\ \c _XikXq^f [\c XYljf [\ cfj gifekX j\ c\ Yi`e[\ Xk\eZ`ย e X el\jkifj gfc`Zย Xj# dlckXj \jkiXkfj]ย i`ZXj [\ \eki\ gXZ`\ek\j% Kf[f \jkf [\g\e[\iย X [\ cX . d`c p (' d`c g\jfj% Efjfkifj efj mXdfj ;`i\ZZ`ย e [\ JXcl[ Dle`Z`gXc% ?Xi\dfj cf d\afi gfj`Yc\ gXiX ef ]X$ X ZXiXZk\i`qXi gfi i\^i\jXi cX gXq p kiXe$ ccXic\ Xc gl\Ycf p mXdfj \c`d`eXi cfj XZ$ hl`c`[X[ Xc gl\Ycf% MXdfj \a\iZ\i leX XZX[\d`X [\ gfc`$ kfj [\ ZfiilgZ`ย e# gi`eZ`gXcd\ek\ k\e$ Zย X Zfek`elX gXiX hl\ \jkl[`\e# j\ gif]\$ [i\dfj dlZ_X kiXejgXi\eZ`X \e cfj j`feXc`Z\e p k\e^Xe jl [`gcfdX[f \e [\$ i\Zlijfj gfihl\ \j cf hl\ cfj Z`l[X[X$ i\Z_fj _ldXefj p \jkย e XZklXc`qX[fj \e efj e\Z\j`kXdfj% KiXkXi\dfj [\ ^\jk`feXi fYiXj Zfdf cXj c\p\j \jkXkXc\j p ]\[\iXc\j% ?Xi\dfj le ZXdY`f \e cX ZlckliX gfc`Z`Xc \e =iXe$ \jXj [fj Zcย e`ZXj [\ Xk\eZ`ย e p leX le`$ m\ij`[X[# \eki\ fkiXj ZfjXj Zfdf ]fi$ Z`jZf @% DX[\if% 8lehl\ cfj _fjg`kXc\j c\ Zfii\jgfe$ dXi leX ;`i\ZZ`ย e Dle`Z`gXc [\ Kli`j$ [\e Xc >fY`\ief =\[\iXc ^\jk`feXi\dfj df% <j le }i\X hl\ ef _\dfj \ogcfiX[f Xdgc`XZ`fe\j Zfii\jgfe[`\ek\j p d\af$ Xlehl\ k\e\dfj leXj [leXj [\ j`c`Z`f iXi cfj j\im`Z`fj \e ZXek`[X[ p ZXc`[X[# p lefj fafj [\ X^lX ildYf Xc MXcc\ [\ 8ZXk`kX% X[\d}j [\ `ejldfj p dย [`Zfj%

41

0 /$*81$ ร -8/,2

(175(9,67$

2WUR GH ORV GLVFXUVRV GH 0RUHQD \ GHO YLUWXDO SUHVLGHQWH HOHFWR GH OD 5HSยบEOL FD $QGUยฉV 0DQXHO /ยณSH] 2EUDGRU WLHQH TXH YHU FRQ OD DXVWHULGDG FยณPR VH YD DWHUUL]DU HVR HQ HO FDVR GHO PXQLFLSLR TXH YD D JREHUQDU"

Efjfkifj k\e\dfj \jfj gi`eZ`g`fj [\ Df$ i\eX1 ef d\ek`i# ef kiX`Z`feXi p ef ifYXi% MXdfj X Xgc`ZXi leX i\[lZZ`ย e X cfj jl\c$ [fj [\ cfj ]leZ`feXi`fj# \eki\ \ccfj \c [\ kl j\im`[fi p cfj i\^`[fi\j% Hl\i\dfj X_fiiXi i\Zlijfj gXiX Xgc`ZXicfj \e Y\e\$ ]`Z`f [\ cX gfYcXZ`ย e% Kf[Xmย X ef k\e\dfj Zfek\dgcX[f \c gfiZ\ekXa\ [\ i\[lZZ`ย e# g\if leX m\q hl\ k\e^Xdfj cX gi`d\iX j\j`ย e [\ :XY`c$ [f cf kfdXi\dfj Zfdf XZl\i[f% 6X FRQWULQFDQWH GHO SDUWLGR TXH KLVWยณ ULFDPHQWH JREHUQยณ )UDQFLVFR , 0DGHUR %LEL 'HOJDGR /DUD \ DOJXQRV PLHPEURV 0 /$*81$ ร -8/,2

e` Zfcfi\j% MXdfj X cc\mXi le XdY`\ek\ [\ i\jg\kf# Zfi[`Xc`[X[ p Xidfeย X gXiX YXaXi cfj i\Zlijfj p hl\ d\afi\ cX ZXc`[X[ [\ m`[X CX m\i[X[ [\jZfefqZf Zย df m\e^Xe \ccfj [\ cfj _XY`kXek\j [\ =iXeZ`jZf @% DX[\if% p efjfkifj mXdfj X kiXkXi [\ cc\mXi le Xd$ Y`\ek\ [\ kiXYXaf p Zfi[`Xc`[X[ Zfe kf[fj 'XUDQWH PXFKR WLHPSR VH KD KDEODGR \ccfj gfi \c Y`\e [\ kf[fj cfj Z`l[X[Xefj% GH )UDQFLVFR , 0DGHUR UHSUHVHQWD ร HO J` mXe X _XZ\i fYj\imXZ`fe\j c\j g`[f cXj FRUD]ยณQ GH /D /DJXQDร SRU VX XELFDFLยณQ _X^Xe Zfe Xi^ld\ekfj p \jkXdfj Xhlย JHRJUยกILFD \ TXH PXFKRV RWURV QR VX Zfdf Z`l[X[Xefj Zfdgifd\k`[fj gfi le SLHURQ DSURYHFKDU FXยกO VHUยก HO PD\RU ZXdY`f m\i[X[\if# hl\i\dfj hl\ \ccfj j\ UHWR HQ HVH VHQWLGR" jlYXe Xc d`jdf YXiZf% @ej`jkf hl\ \c k\dX [\ ]i\eXi cfj XYljfj [\ Xlkfi`[X[ p gfc`Zย XZfj% J` m`\e\j X DX$ $QWH XQD DOWHUQDQFLD HQ HO JRELHUQR IHGH [\if kf[f \c dle[f _XYcX [\ \ccf# \o`jk\e UDO \ HQ HVWH PXQLFLSLR TXยฉ HVSHUDQ GHO dlZ_fj XZkfj [\ i\gi\j`ย e _XZ`X cfj Zf$ DFWXDU GHO JRELHUQR HVWDWDO TXH HQFDEH]D d\iZ`Xek\j# cfj kXo`jkXj# cfj ZXd`fe\ifj# 0LJXHO ย QJHO 5LTXHOPH 6ROยญV" cfj j`e[`ZXkfj p Zi\f hl\ \jf j\ mX XZXYXi% <c gi`eZ`gXc i\kf \j cc\mXi X kf[X cX Z`l$ :i\f hl\ pX ef \j Zl\jk`ย e [\ gXik`[fj# j`ef Z`l[X[Xefj% El\jkif ^fY\ieX[fi \j [X[Xeย X X leX le`[X[# hl\ kf[fj efj m\X$ le ^fY\ieX[fi gXiX kf[fj p pf _Xiย cf d`j$ dfj Zfdf Xd`^fj fkiX m\q p ef \o`jkX \c df \e \c dle`Z`g`f j`e [`jk`e^f [\ gXik`[fj [`m`j`fe`jdf hl\ j\ ^\e\iย % GH OD DFWXDO DGPLQLVWUDFLยณQ HVWDUยกQ HQ VX &DELOGR TXยฉ VH HVSHUD GH HOORV FRPR RSRVLFLยณQ"

42

(175(9,67$

5$š/ 9(5$ /“3(=

VDEH TXH HO FRPEDWH D ODV LQMXVWLFLDV QXQFD WHUPLQD 8 (/ XŒfj [\ jl cc\^X[X X cX ;`�Z\j`j [\ JXck`ccf# \c FY`jgf _XZ\ i\jfeXi \c d\ejXa\ [\ Xk\eZ`�e X cXj mˆZk`dXj gfi cX m`fc\eZ`X# cX d`^iXZ`�e p cX \ogcfkXZ`�e cXYfiXc 325 /8,6 $/%(572 /“3(= )2726 &257(6�$

C

X [\]\ejX [\ cfj [\i\Z_fj _ldX$ efj p cX [\eleZ`X [\ cXj `ealjk`$ Z`Xj jfZ`Xc\j \e :fX_l`cX \eZfe$ kiÂ? X jl dXpfi gifdfkfi _XZ\ (/ XÂŒfj Zfe cX cc\^X[X [\ IXÂ’c M\iX CÂ?g\q X cX ;`Â?Z\j`j [\ JXck`ccf# p hl`\e _XjkX _fp# _XZ\ i\jfeXi \c d\ejXa\ [\ Xk\eZ`Â?e X cXj mˆZk`dXj gfi cX m`fc\eZ`X# cX d`^iXZ`Â?e p cX \ogcfkXZ`Â?e cXYfiXc% Gifm\e`\ek\ [\ JXe :i`jkÂ?YXc [\ cXj :XjXj kiXj _XY\i ZfcXYfiX[f Zfe JXdl\c Il`q \e cX gXZ`]`ZXZ`Â?e \e \jX Z`l[X[ jl$ i\ÂŒX# X[\d}j [\ cX \o`^\eZ`X gfi Zfe[`$ Z`fe\j d}j aljkXj gXiX cfj gl\Ycfj `e[ˆ$ ^\eXj dXpXj# Dfej\ÂŒfi \eZfekiÂ? \e \c efik\ [\ D„o`Zf leX [\ cXj qfeXj hl\ d}j _Xe i\gi\j\ekX[f le i\kf \e jl m`[X% Ăˆ:lXe[f m\e^f Xhlˆ d\ \eZl\ekif Zfe cfj d\ZXe`jdfj [\ cX \ZfefdˆX e\fc`Y\iXc X kf[f mXgfi% Lef [\ jlj i\$ jlckX[fj d}j ki`jk\j p Zil\c\j \j cX d`$ ^iXZ`Â?e ]fiqX[X# cl\^f cX Zfdgc`Z`[X[ [\ cfj gfcˆk`Zfj p eXiZfkiX]`ZXek\j [\

dXe\iX d}j hl\ \m`[\ek\É% 8lehl\ ef c\ \iXe \okiXÂŒXj cXj Zfe[`$ Z`fe\j [\ dXi^`eXZ`Â?e p dXckiXkf _XZ`X le gl\Ycf# \c i\c`^`fjf ZfeZ\ekiÂ? jlj XZ$ Z`fe\j \e cX Zi\XZ`Â?e [\ \jkilZkliXj hl\ j`im`\iXe gXiX ]fidXi leX ZfeZ`\eZ`X Ziˆ$ k`ZX \e cX Zfdle`[X[ p hl\ kfdXiX \e jlj dXefj \c ZfdYXk\ [\ cXj `ealjk`Z`Xj% Ăˆ<c i\kf d}j ^iXe[\ hl\ _\ k\e`[f \j Xpl[Xic\ X cfj gX[i\j X \ek\e[\i hl\ \jkf hl\ gi\[`hl\ _fp% <c gXZkf hl\ ;`fj _XZ\ Zfe cX _ldXe`[X[# \jkf [\ hl\ _Xp _Xd$ Yi`\ekfj# j\[`\ekfj p d`^iXek\j fY\[\Z\ X leX \jkilZkliX hl\ [\j[\ el\jkif kiX$ YXaf k\e\dfj hl\ [Xic\ leX ZfejZ`\eZ`X gfcˆk`ZX p jfZ`XcÉ% <eki\ \jfj gi`d\ifj \j]l\iqfj \jklmf cX ]le[XZ`Â?e [\ cXj ZXjXj [\c d`^iXek\ \e 8ZlÂŒX p JXck`ccf# Xjˆ Zfdf \c :\ekif [\ ;\i\Z_fj ?ldXefj Ăˆ=iXp AlXe [\ CX$ i`fjÉ hl\ cl\^f g\id`k`iˆX [Xi ]fidX X fkiXj \jkilZkliXj Zfdf cX fi^Xe`qXZ`Â?e =l\iqXj Le`[Xj gfi El\jkifj ;\$jXgXi\$

0 /$*81$ Ăž -8/,2

44

Z`[fj [\ :fX_l`cX =LLE;<: % Ăˆ<e :fX_l`cX _Xp leX Zi`j`j k\ii`Yc\ Zfe \c [\j]XcZf [\ *+ d`c d`ccfe\j [\ g\$ jfj# j\ m\ \c i\kiXjf p \jk} dlp dXc \c \jkX[f gfihl\ ef k`\e\e Zfdf \Z_Xicf Xe[Xi# k`\e\e hl\ g\[`i gi\jkX[f gXiX gf[\i gX^Xi jXcXi`fj% G\fi kf[XmˆX hl\ g\idXe\qZX \j\ \e[\l[Xd`\ekf \e cX `dgle`[X[ p \jf [\efkX hl\ _Xp leX ]Xc$ j\[X[ \e \c `ek\i„j gfcˆk`ZfÉ% Dfej\ÂŒfi kfdÂ? kXdY`„e cX YXe[\iX [\ cX [\]\ejX [\ cfj kiXYXaX[fi\j X jl cc\^X[X p kiXj cX kiX^\[`X d`e\iX [\ GXj$ kX [\ :feZ_fj \e ]\Yi\if [\ )''-# XZfdgXÂŒÂ? X cXj ]Xd`c`Xj [\ cfj -, d`e\$ ifj ]Xcc\Z`[fj \e jl kiXm\jˆX gfi \o`^`i aljk`Z`X p d\afi\j Zfe[`Z`fe\j gXiX \jX ZcXj\ kiXYXaX[fiX% <c XZfdgXÂŒXd`\ekf j\ kiX[laf \e leX fi^Xe`qXZ`Â?e hl\ _X cf^iX[f i\[lZ`i Zfe jl XZk`m`jdf p ZfejkXek\ [\eleZ`X Xek\ cXj Xlkfi`[X[\j# \e le 0. gfi Z`\ekf cXj dl\ik\j \e cXj d`eXj ZfX_l`c\ej\j%

(175(9,67$

(Q &RDKXLOD KD\ XQD FULVLV WHUULEOH FRQ HO GHVIDOFR GH PLO PLOORQHV GH SHVRV VH YH HO UHWUDVR \ HVWยก PX\ PDO HO HVWDGR SRUTXH QR WLHQHQ FRPR HFKDUOR DQGDU WLHQHQ TXH SHGLU SUHVWDGR SDUD SRGHU SDJDU VDODULRVร

J`e \dYXi^f# cX gi`eZ`gXc [\dXe[X _XjkX _fp j`^l\ j`\e[f \c i\jZXk\ [\ cfj -* Zl\igfj [\ cfj d`e\ifj hl\ kf[fj cfj ย i[\e\j [\ ^fY`\ief _Xe `^efiX[f% Jl XZk`m`jdf cf _X cc\mX[f kXdY`ย e X [\eleZ`Xi \e )'('# alekf Zfe fkifj [\$ ]\ejfi\j [\ [\i\Z_fj _ldXefj# cX kiX^\$ [`X ร _ldXe`kXi`Xร [\c j\Zl\jkif [\ d`$ ^iXek\j \e \jk\ gXย j% /$%25 48( 12 7,(1( ),1

IXย c M\iX jXY\ hl\ \c kiXYXaf \e ]Xmfi [\ cfj [\i\Z_fj _ldXefj p \c ZfdYXk\ X cXj `ealjk`Z`Xj eleZX k\id`eX# g\if \jk} Zfe$ k\ekf [\ hl\ \j]l\iqfj \e cfj hl\ _X \j$ kX[f `emfclZiX[f j\ _XpXe i\gc`ZX[f Zfe d}j ^ilgfj \e \c i\jkf [\ :fX_l`cX# kXc \j \c ZXjf [\ cXj fi^Xe`qXZ`fe\j hl\ cl$ Z_Xe gfi cfj [\jXgXi\Z`[fj% KXdY`ย e m\ leX @^c\j`X d}j gif^i\j`j$ kX \e cf ^\e\iXc p hl\ X_fiX d}j hl\ ele$ ZX j\ i\gcXek\X jl ]fidX [\ XZklXi Xek\ \c gf[\i gfcย k`Zf p \Zfeย d`Zf% 8gcXl[\

45

cX `e`Z`Xk`mX [\ fY`jgfj i\Z`ย e cc\^X[fj X cX \ek`[X[ Zfdf Dfej\ย fi Cl`j DXikย e 9XiiXqX 9\cki}e% ร :i\f hl\ \c FY`jgf [\ Kfii\ย e XiiXe$ Zย Y`\e p k`\e\ gfj`Z`feXd`\ekfj `ek\i\$ jXek\j% ?Xp dlZ_Xj ZfjXj hl\ k\e[iย Xdfj hl\ _XZ\i p Zi\f hl\ Xc d\efj _X _\Z_f cX clZ_X# g\if kXdY`ย e _Xp _\idXefj hl\ pX ef j\ gl\[\e \jkXi Z\iiXe[fร % M\iX Cย g\q jldย X jlj ZXljXj \e cfj Xย fj i\Z`\ek\j cX [\]\ejX [\ cX k`\iiX p \c k\ii`kfi`f [\ cfj ZXdg\j`efj# cXYfi hl\ Zf$ d\eqย Zfe \c Zfc\Zk`mf ร Jย X cX m`[Xร # hl\ [\j[\ _XZ\ mXi`fj Xย fj j\ fgfe\ Xc ]leZ`f$ eXd`\ekf [\c :\ekif @ek\^iXc gXiX \c DX$ e\af [\ I\j`[lfj @e[ljki`Xc\j \e leX Zf$ dle`[X[ [\ >\e\iXc :\g\[X% I\Z`\ek\d\ek\ kXdY`ย e Zfdf XZk`m`j$ kX i\jgXc[ย cXj XZZ`fe\j [\ i\j`jk\eZ`X Xek\ cX `ejkXcXZ`ย e [\ cX gcXekX [\ Z`Xelif [\ jf[`f \e lef [\ cfj gfYcX[fi\j [\ >ย $ d\q GXcXZ`f# ;liXe^f# gfi gXik\ [\ cX \d$ gi\jX :_\dflij :fdgXep%

0 /$*81$ ร -8/,2

(175(9,67$ CX `ejkXcXZ`Â?e [\ cX gcXekX \e \jkfj df$ d\ekfj \jk} jljg\e[`[X gfi le al\q ]\[\iXc kiXj cXj gifk\jkXj p cXj XZZ`fe\j c\^Xc\j \d$ gi\e[`[Xj gfi [`m\ijfj ]i\ek\j Z`l[X[Xefj% 5(3/,&$5 /2 $35(1','2 (1 (/ 685 '(/ 3$Â?6

Dfej\ÂŒfi IXÂ’c M\iX CÂ?g\q Zldgc`Â? \e \e\if gXjX[f ki\j [„ZX[Xj [\ hl\ ]l\iX fi[\eX[f fY`jgf p \e jlj gi`d\ifj () XÂŒfj [\ \jX i\jgfejXY`c`[X[ ZfefZ`Â? cfj mXcfi\j hl\ i`^\e jl D`e`jk\i`f% ;liXek\ jl \jkXeZ`X [\ j`\k\ XÂŒfj \e :`l[X[ 8ckXd`iXef# >l\ii\if2 jlgf [\ cX i`hl\qX hl\ ^lXi[Xe cfj gl\Ycfj d}j _l$ d`c[\j# \c kiXYXaf [lif [\ cfj ZXdg\j`efj p cX `dgfikXeZ`X [\ hl\ \c a\iXiZX ZXkÂ?c`$ Zf d}j hl\ Zi\\i hl\ k`\e\ le gf[\i j\gX hl\ \j le \eZfd`\e[X \e ]Xmfi [\ cfj [\jgifk\^`[fj% ĂˆD\ Xpl[Â? X Zfdgi\e[\i \c j\ek`[f [\ gf[\i hl\ X m\Z\j j\ efj d\k\ X cfj fY`j$ gfj p hl\ \e i\Xc`[X[ \j gfk\jkX[ gXiX jXe$ k`]`ZXi p alekXi cfj ZXi`jdXj [\ cX `^c\j`X% Jlg\ kXdY`„e [\ cf i`Zf [\ k\e\i le gif$ p\Zkf gXjkfiXc [fe[\ _XpX leX gcXe`]`ZX$ Z`Â?e p leX ]`eXc`[X[ ^iXZ`Xj X cfj jXZ\i[f$ k\j gXjkfiXc`jkXj hl\ j\ d\ XZ\iZXifeÉ% 8_ˆ d`jdf ]le[Â? \c :\ekif JfZ`Xc ĂˆAlXe EXmXiifÉ gXiX Xk\e[\i X cfj gfYi\j [\ cX ;`Â?Z\j`j# kf[XmˆX m`^\ek\# p Zfd\e$ qÂ? Zfe jl cXi^X kiXm\jˆX gfi cX [\]\ejX [\ cfj [\i\Z_fj _ldXefj% <e JXe :i`jkÂ?YXc [\ cXj :XjXj [\ cX dXef [\ JXdl\c Il`q jlgf cf hl\ \iXe cXj \jkilZkliXj gXiX `ek\^iXi X cX Zfdl$ e`[X[ X le gifp\Zkf [\ \o`^\eZ`X gfi jlj [\i\Z_fj p leX m`[X d}j aljkX# kf[f Xg\$ ^X[f X cX i\]fidX d}j c`Y\iXc [\ cX @^c\j`X :XkÂ?c`ZX1 \c ZfeZ`c`f MXk`ZXef @@% Ăˆ:lXe[f \c GXgX d\ g`[\ hl\ mXpX X :_`XgXj ef \iX le cl^Xi [\jZfefZ`[f% :fe kf[f p cfj d\[`fj [\ZˆXe hl\ \c Zlc$ gXYc\ [\c c\mXekXd`\ekf qXgXk`jkX \iX JXdl\c# jXYˆX [\c dXckiXkf hl\ jl]iˆXe cfj `e[ˆ^\eXjÉ% <e cfj XÂŒfj m\e`[\ifj Zfeki`YlpÂ? gXiX Zi\Xi Zfe[`Z`fe\j [\ [`}cf^f \eki\ \c <a„i$ Z`kf QXgXk`jkX p \c >fY`\ief =\[\iXc gXiX ^XiXek`qXi d\afi\j Zfe[`Z`fe\j [\ m`[X gXiX cfj gl\Ycfj# X[\d}j [\ hl\ [\j[\ \e$ kfeZ\j ]fidX gXik\ [\c :fej\af ;`i\Zk`mf [\c :\ekif [\ ;\i\Z_fj ?ldXefj =iXp 9Xikfcfd„ [\ CXj :XjXj% <e dXiqf gXjX[f# M\iX CÂ?g\q Zldgc`Â? (/ XÂŒfj [\ _XY\i cc\^X[f X JXck`ccf p [\j[\ \ekfeZ\j df[`]`ZÂ? cX ilk`eX [\ cX ]\c`^i\$ jˆX cfZXc# X[\d}j [\ j\dXeXcd\ek\ \e jlj _fd`cˆXj \e cX :Xk\[iXc dXiZXi X^\e[X Zfe cX [\eleZ`X f \o`^\eZ`X gfi Xc^leX ZXljX jfZ`Xc% 8 [fj XÂŒfj [\ hl\ gfi efidXk`mXj [\ cX @^c\j`X ZXkÂ?c`ZX [\YX i\eleZ`Xi Xc ZXi^f [\ FY`jgf# \jk} Zfem\eZ`[f hl\ cXj \jkilZkl$ iXj Zi\X[Xj \e \jkX \ek`[X[ g\idXe\Z\i}e gfihl\ ef [\g\e[\e [\ leX g\ijfeX# j`ef [\ [`]\i\ek\j ^ilgfj jfZ`Xc\j hl\ kiXYXaXe \e \iiX[`ZXi [\j`^lXc[X[\j%

&XDQGR HO 3DSD PH SLGH TXH YD\D D &KLDSDV QR HUD XQ OXJDU GHVFRQRFLGR &RQ WRGR \ ORV PHGLRV TXH GHF­DQ TXH HO FXOSDEOH GHO OHYDQWDPLHQWR ]DSDWLVWD HUD 6DPXHO 5XL] VDE­D GHO PDOWUDWR TXH VXIU­DQ ORV LQG­JHQDVĂš

0 /$*81$ Ăž -8/,2

46

&$57 1 32/ 7,&2

/26 '( $%$-2

0 /$*81$ Þ -8/,2

9LOODIXHUWH

48

Turn static files into dynamic content formats.

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