M Laguna, mar/2018, edición Durango

Page 1

683/(0(172 (63(&,$/

0$5=2

5(3257$-( 'XUDQJR UHJLVWUD PDUFDV GH PH]FDO

&2/801$ /XLV 3HWHUVHQ )DUDK

(',&, 1 '85$1*2

JOSÉ ROSAS AISPURO TORRES

LAS EMPRESAS EN EXPANSIÓN VOLTEAN HACIA DURANGO 9 &725 +8*2 &$67$ ('$

-$,0( 0,-$5(6 6$/80

58% 1 &$/'(5 1 /8- 1

(O WXULVPR QR HV JODPRXU QL IULYROLGDG 1R VRQ FRQFXUVRV GH SDVDUHOD

1HFHVLWDPRV FRQHFWLYLGDG VHJXULGDG H LQIUDHVWUXFWXUD WXU­VWLFD

(Q HGXFDFL³Q SULRULGDG DO GL¡ORJR \ DSOLFDFL³Q FRUUHFWD GH ORV UHFXUVRV

&217(1,'26 683/(0(172 0 /$*81$ (',&, 1 '85$1*2 Þ 0$5=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

,QYHUVLRQLVWDV FRQI­DQ HQ 'XUDQJR -RV© 5RVDV $LVSXUR

Ù'85$1*2 (6 81$ &,8'$' &21 08&+2 327(1&,$/Ú

%5(9(6

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

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

3UHVHQWDQ HO &HQWUR GH &LQHPDWRJUDI­D \ $FWXDFL³Q 'RORUHV GHO 5­R

3 '85$1*2 &8(17$ &21 0$5&$6 '( 0(=&$/ 6H UHJLVWUDQ HPSUHVDV GHGLFDGDV D OD SURGXFFL³Q \ HQYDVDGR

&2/801$ 3RU OR WDQWR

3

&2/801$ &DEOH D WLHUUD

3

EJECUTIVOS COMERCIALES ANTONIO FEMATT, JORGE IVÁN MARTÍNEZ, 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

1HFHVDULR EXVFDU VRFLHGDGHV FRQ HPSUHVDV QDFLRQDOHV \ H[WUDQMHUDV

3

7,526 '( 35(&,6, 1 3$5$ )20(17$5 (/ 785,602 (UUDGLFDU OD YLVL³Q ÙURVDÚ SDUD DVXPLU HVWH VHFWRU FRPR LPSXOVRU GH GHVDUUROOR HFRQ³PLFR

3 $5021,=$5 /$ ('8&$&, 1 (/ 2%-(7,92

%(&$6 (675$7(*,$ 3$5$ 5('8&,5 '( 6(5&, 1 (6&2/$5

(Q 'XUDQJR VH DYDQ]D D WUDY©V GHO GL¡ORJR GLUHFWR FRQ HO VHFWRU HGXFDWLYR

(Q 'XUDQJR GH FDGD KDELWDQWHV GH P¡V GH D±RV ILQDOL]DURQ VX HGXFDFL³Q E¡VLFD

3

3

&$57 1 32/ 7,&2 3

0 /$*81$ (',&,Í1 '85$1*2 VXSOHPHQWR HVSHFLDO ,PSUHVR HQ PDU]R 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 SH ULyGLFRV GH 0p[LFR $ & FRQ GRPLFLOLR HQ *XHUUHUR QR &RO *XHUUHUR & 3 'HOHJDFLyQ &XDXKWpPRF 0p[LFR ' ) (V LQGHSHQGLHQWH HQ VX OtQHD GH SHQVDPLHQWR \ QR DFHS WD 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

7LURV GH SUHFLVLÂłQ SDUD IRPHQWDU HO WXULVPR 3

Ă™'XUDQJR HV XQD FLXGDG FRQ PXFKR SRWHQFLDOĂš 3

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

35(6(17$1 (/ &(1752 '( &,1(0$72*5$)�$ < $&78$&,“1 '2/25(6 '(/ 5�2 =l\ \e cX JXcX ;fcfi\j [\c Iˆf [\c :\e$ kif :lckliXc p [\ :fem\eZ`fe\j 9`Z\e$ k\eXi`f# [fe[\ j\ _`qf \c XeleZ`f p cX gi\j\ekXZ`�e [\c :\ekif [\ :`e\dXkf$ ^iX]ˆX p 8ZklXZ`�e ;fcfi\j [\c Iˆf ::8 # hl\ k\e[i} Zfdf j\[\ \c :\e$ kif <jkXkXc [\c :fefZ`d`\ekf p cXj 8i$ k\j :<:F8IK p hl\ `e`Z`Xi} XZk`m`$ [X[\j \c gi�o`df ) [\ XYi`c% Cfj [`gcfdX[fj hl\ X_ˆ j\ `dgXik`i}e j\i}e XmXcX[fj gfi cXLA<; p j\ i\Xc`qX$ i}e \e le g\iˆf[f [\ ,.' _fiXj gXiX ZfeZcl`i X ]`eXc\j [\ efm`\dYi\% 8 cX gi\j\ekXZ`�e [\c ::8 Xj`jk`� \c ^f$ Y\ieX[fi Afj„ IfjXj 8`jglif# \c j\Zi\$

kXi`f [\ Kli`jdf p :`e\dXkf^iX]ˆX# MˆZkfi ?l^f :XjkXÂŒ\[X Jfkf2 cX Y`je`\$ kX [\ ;fcfi\j [\c Iˆf# èijlcX Gile\[X# XZki`q [\ k\Xkif# Z`e\ p k\c\m`j`Â?e2 \c Z`$ e\XjkX Afj„ DXi`f CleX >XiZˆX# \c dX\jkif Afj„ CÂ?g\q If[iˆ^l\q# \eki\ fkiXj g\ijfeXc`[X[\j% <c ::8 j\ [\jkXZX Xc i\le`i X cfj Xcld$ efj [\ cXj ki\j }i\Xj [\ Zi\XZ`Â?e \e dX$ k\i`Xj Zfdle\j [liXek\ kf[f \c gifZ\$ jf ]fidXk`mf# Zfe \c fYa\k`mf [\ Zi\Xi ^\e\iXZ`fe\j [\ [`i\Zkfi\j# ]fkÂ?^iX]fj p XZkfi\j Zfe ]fidXZ`Â?e _fi`qfekXc# \hl`kXk`mX# hl\ ifdg\ a\iXihlˆXj p gif$ gfe\ el\mfj df[fj [\ gif[lZ`Â?e%

0 /$*81$ Ăž 0$5=2

2

%5(9(6

/$ '85$1*2 0$=$7/Â 1 6(5Â 6(*85$ 3$5$ (/ 75Â 16,72 6&7

&)( 18(926 352<(&726

Cl\^f [\ leX m`j`kX [\ `ejg\ZZ`Â?e Xc gl\ek\ <c :Xii`qf i\Xc`qX[X [\ dXe\iX ZfealekX gfi \c ^fY\i$ eX[fi [\ ;liXe^f# Afj„ IfjXj 8`jglif Kfii\j2 jl _f$ dÂ?cf^f [\ J`eXcfX# Hl`i`ef Fi[Xq :fgg\c2 p \c jlY$ j\Zi\kXi`f [\ @e]iX\jkilZkliX [\ cX J:K# äjZXi :Xcc\af J`cmX# j\ `e]fidÂ? hl\ cX i\Xg\ikliX gifm`j`f$ eXc [\ cX jlg\iZXii\k\iX j\i} j\^liX# \j [\Z`i# hl\ j\ ^XiXek`qXi} \c ki}ej`kf j`e gifYc\dXj gXiX kf[f k`gf [\ m\_ˆZlcfj# \oZ\gkf cfj ki}`c\i\j [\ [fYc\ ZXaX% <ogc`ZXife hl\ j`dlck}e\Xd\ek\ X cfj kiXYXafj [\ i\gXiXZ`Â?e j\ XYi`i} Xc ki}]`Zf \e le ZXii`c [\ `[X p

fkif [\ ml\ckX# p gXiX \c *( [\ X^fjkf pX hl\[Xi} kfkXcd\ek\ i\gXiX[f \jk\ j\Zkfi hl\ i\jlckÂ? [XÂŒX[f gfi \c `eZ\e[`f [\ le ZXd`Â?e Z`jk\ieX# hl\ \ogljf gfi d}j [\ j\`j _fiXj cX \jkilZkliX Xc ]l\^f# gfi cf hl\ j\ [XÂŒÂ? cX ZXig\kX Xj]}ck`ZX [\ if[Xd`\ekf p cXj \jkilZkliXj [\ XZ\if% <c gl\ek\ Ăˆ<c :Xii`qfÉ# lY`ZX[f \e \c b`cÂ?d\kif (-)". jl]i`Â? [XÂŒfj gfi \c g\iZXeZ\ [\ leX g`gX [fYc\ i\dfchl\ \c gXjX[f () [\ \e\if# hl\ gifmfZÂ? jl \o$ gfj`Z`Â?e Xc ]l\^f _XjkX leX `ek\ej`[X[ [\ (#''' ^iX$ [fj Z\ekˆ^iX[fj%

(262/ ,19,(57( 0,/ 0'3 &21 /$ &216758&&,“1 '( /$ 75,1,'$' ,

CXj i\cXZ`fe\j [\ Zfe]`XeqX p \c kiXYXaf Zfealekf Zfe jlj ^fY`\iefj# X[\d}j [\c Zc`dX# \j cf hl\ XkiX\ X cfj `em\ij`fe`j$ kXj gXiX \c Zi\Z`d`\ekf [\ cX \ZfefdˆX p ^\e\iXZ`�e [\ el\mfj \dgc\fj \e \c <jkX$ [f [\ ;liXe^f# i\ZfefZ`� [liXek\ cX Z\$ i\dfe`X [\ `e`Z`f# AlXe Cl[cfn# gi\j`[\e$ k\ [\c :fej\af <FJFC <e\i^p [\ D„o`Zf% CX gcXekX jfcXi ]fkfmfckX`ZX CX Ki`e`[X[ @ \e jl k\iZ\iX ]Xj\$hl\ ^\e\iXi} ('/ d\^X nXkkj \e leX jlg\i]`Z`\ (-. _\Zk}$ i\Xj# Zfeki`Yl`i} Xc df[\cf \e\i^„k`Zf jljk\ekXYc\ gXiX \hl`c`YiXi cfj i\Zlijfj XdY`\ekXc\j# [`af \c [`i\Zkfi ^\e\iXc [\ <FJFC FjZXi 9\ieXc Kila`ccf# hl`\e X[\$ cXek� hl\ j\ Zfejkil`i}e [fj ]Xj\j d}j \jk\ d`jdf XŒf% CX \ek`[X[ \j g`fe\iX \e cX Zi\XZ`�e [\ \jhl\dXj ]fkfmfckX`Zfj p j\i} kXdY`„e \c gi`d\if \e m\e[\i cXj \e\i^ˆXj c`dg`Xj \e \c d\iZX[f dXpfi`jkX# \ogi\j� <e \c XiiXehl\ [\ cX ZfejkilZZ`�e [\ \c ^fY\ieX[fi Afj„ IfjXj 8`jglif Kfii\j cX el\mX gcXekX jfcXi CX Ki`e`[X[ @# j\ `e$ Xek\ \dgi\jXi`fj `ek\ieXZ`feXc\j p cfZX$ ]fid� hl\ \jkX \dgi\jX [\ \e\i^ˆX i\ef$ c\j i\le`[fj Xek\ cX \ogXej`�e [\ \jkX \d$ mXYc\ [\aXi} \e ;liXe^f leX `em\ij`�e [\ gi\jX# Zfe hl`\e\j j\ Zfdgifd\k`� X j\$ [fj d`c d`ccfe\j [\ g\jfj p cX ^\e\iXZ`�e ^l`i ]XZ`c`kXe[f cX cc\^X[X [\ d}j [\ d`c )'' \dgc\fj [`i\Zkfj \ `e[`i\Zkfj% `em\ij`fe\j X cX \ek`[X[%

3

<e ;liXe^f j\ Zfe]`idXife ), gifp\Z$ kfj [\ `e]iX\jkilZkliX gXiX cX kiXejd`j`�e p [`jki`YlZ`�e [\ \e\i^ˆX \c„Zki`ZX hl\ XgfpXi} cX :fd`j`�e =\[\iXc [\ <c\Zki`Z`$ [X[ :=< % =l\ \c [`i\Zkfi [\ :=< AX`d\ ?\ie}e[\q DXikˆe\q# hl`\e XeleZ`� cfj el\mfj gifp\Zkfj [liXek\ cX J\j`�e Fi[`$ eXi`X [\c :fej\af :fejlck`mf hl\ klmf Zfdf j\[\ X ;liXe^f% Cfj gifp\Zkfj `eZclp\e XZZ`fe\j gXiX cX kiXejd`j`�e p cXj [`jki`YlZ`fe\j [\ \e\i^ˆX# Zi\XZ`�e [\ cˆe\Xj p jlY\jkXZ`f$ e\j \c„Zki`ZXj# [fj ^Xjf[lZkfj \e CX CX^leX# XZfd\k`[Xj p d\[`[fiXj# X[\d}j [\ cXj d\afiXj \e i\[\j# jlY\jkXZ`fe\j p \c\Zki`]`ZXZ`�e%

0 6 '( 0,/ 1,‘$6 < 1,‘26 (9$/8$'26 (1 6$/8'

:fdf gXik\ [\c gif^iXdX [\ JXcl[ @ek\^iXc gXiX E`ŒXj p E`$ Œfj [\ ;liXe^f# j\ _Xe Xk\e[`[f /) d`c `e]Xek\j [\ j\`j dle`$ Z`g`fj# X kiXm„j [\ cfj ZlXc\j _X j`[f gfj`Yc\ [fkXi X )* d`c +,) e`Œfj Zfe c\ek\j% 8[`Z`feXcd\ek\ j\ [\k\Zk� X ZlXkif g\hl\Œfj Zfe c\lZ\d`X p Z`eZf d\efi\j Zfe [`XY\k\j% <c gif^iXdX hl\ `e`Z`� \c XŒf gi\m`f _X cf^iX[f Xk\e[\i cX jXcl[ [\ Xcldefj [\ le kfkXc [\ j\`j dle`Z`g`fj1 ;liXe^f# >�$ d\q GXcXZ`f# C\i[f# KcX_lXc`cf# :XeXkc}e p :fe\kf [\ :fdfe$ ]fik# p JXe AlXe [\c Iˆf# `e]fid� cX gi\j`[\ekX [\c ;@= <jkXkXc# <cm`iX 9XiiXek\j [\ 8`jglif%

0 /$*81$ Ăž 0$5=2

5(3257$-(

'XUDQJR FRPHUFLDOL]D PDUFDV GH PH]FDO 325 '$1,(/$ &(59$17(6 )2726 (63(&,$/

<e \c <jkX[f j\ k`\e\e i\^`jkiX[Xj .+ \dgi\jXj [\[`ZX[Xj \jg\Z ]`ZXd\ek\ X cX gif[lZZ` e p \emXjX[f [\ cX kiX[`Z`feXc Y\Y`[X

0 /$*81$ Þ 0$5=2

4

5(3257$-(

'(67$&$'26 (Q 'XUDQJR ORV PXQLFLSLRV TXH VREUHVDOHQ SRU VX SURGXFFLÂłQ GH PH]FDO VRQ 1RPEUH GH 'LRV (O 0H]TXLWDO 'XUDQJR 7DPD]XOD \ 7HSHKXDQHV

G

fi X_ˆ [`Z\e hl\ ĂˆgXiX kf[f dXc d\qZXc# gXiX kf[f Y`\e kXd$ Y`„eÂż p j` ef _Xp i\d\[`f c`kif p d\[`fÉ# cfj XdXek\j [\ \jkX Y\Y`[X _Xe i\g\k`[f `e]`e`[X[ [\ m\Z\j \j\ [`Z_f gfglcXi d\o`ZXef p gfi jl$ gl\jkf# cf _Xe ZfdgifYX[f% CX _\Z_liX [\c d\qZXc# \j cf hl\ cf ml\cm\ leX Y\Y`[X \jg\Z`Xc gXiX hl`\e\j c\j i\jlckX ]XjZ`eXek\ jl ZXi}Zk\i Xik\jX$ eXc# kXdY`„e cX mXi`\[X[ \e jlj gi\j\e$ kXZ`fe\j _XZ\ hl\ k\e^X dlZ_X [\dXe[X \e d\iZX[fj eXZ`feXc\j p \okiXea\ifj% ?Xp leX ^iXe mXi`\[X[ [\ jXYfi\j# XifdXj p k\okliXj \e cfj d\qZXc\j# hl\ [\g\e[\ [\ ]XZkfi\j Zfdf \c k`gf [\ X^X$ m\ lk`c`qX[f# [\ cX [\jk`cXZ`Â?e# \c k`\dgf [\ XÂŒ\aXd`\ekf# \kZ„k\iX% Cfj d}j ]Xdfjfj jfe1 YcXeZf f d`$ e\if# i\gfjX[f p XÂŒ\af# g\if kXdY`„e \jk}e \c d\qZXc [\ ^ljXef hl\ kiX\ le Z_`e`Zl`c`kf Xc ]fe[f [\ cX Yfk\ccX2 d\qZXc [\ g\Z_l^X# p kXdY`„e cXj Zi\$ dXj \e[lcqX[Xj Zfe c\Z_\ p d`\c% <e D„o`Zf# jfe fZ_f cfj \jkX[fj

gif[lZkfi\j [\ d\qZXc1 ;liXe^f# QXZXk\ZXj# >l\ii\if# D`Z_fXZ}e# JXe Cl`j Gfkfjˆ# >lXeXalXkf# KXdXlc`gXj p FXoXZX# kf[fj \ccfj Zl\ekXe Zfe cX [\$ efd`eXZ`�e [\ fi`^\e [\c gif[lZkf% <e gXik`ZlcXi ;liXe^f# \jkX[f lY`$ ZX[f Xc efif\jk\ [\c gXˆj Zl\ekX Zfe ZXiXZk\iˆjk`ZXj X^if$Zc`d}k`ZXj hl\ _Xe g\id`k`[f hl\ cX gif[lZZ`�e [\ X^Xm\ j\ i\Xc`Z\ [\ ]fidX eXkliXc \e kf[f \c k\ii`kfi`f% Cfj dle`Z`g`fj hl\ jfYi\jXc\e gfi jl gif[lZZ`�e [\ d\q$ ZXc jfe1 EfdYi\ [\ ;`fj# <c D\qhl`kXc# ;liXe^f# KXdXqlcX p K\g\_lXe\j% (/$%25$&,“1 < (19$6$'2 '( 0(=&$/ (1 '85$1*2

<c d\qZXc \j leX Y\Y`[X XcZf_Â?c`ZX hl\ j\ fYk`\e\ [\ cX [\jk`cXZ`Â?e [\c al^f ]\id\ekX[f [\ cXj ZXY\qXj f g`ÂŒXj [\ X^Xm\ ZfZ`[Xj% Jl gifZ\jf [\ gif[lZZ`Â?e \e jl ]fi$ dX kiX[`Z`feXc j\ Zfdgfe\ [\ Z`eZf \kXgXj1 j\c\ZZ`Â?e p Zfik\ [\c dX^l\p dX[lif2 _fie\X[f f ZfZ`d`\ekf [\ cXj

5

g`ŒXj [\ dX^l\p2 dXZ_XZX[f f df$ c`\e[X [\ cXj g`ŒXj ZfZ`[Xj2 ]\id\ekX$ Z`�e p [\jk`cXZ`�e% ;\ XZl\i[f Zfe cf \jkXYc\Z`[f gfi \c :fej\af I\^lcX[fi [\c D\qZXc :ID cfj ^`ifj [\ cXj \dgi\jXj [\[`ZX[Xj X Xc^leX XZk`m`[X[ \Zfe�d`ZX [\ekif [\ cX ZX[\eX gif[lZk`mX dX^l\p$d\qZXc jfe gi`eZ`gXcd\ek\1 gif[lZkfi [\ dX^l\p# gif[lZkfi [\ d\qZXc# \emXjX$ [fi& Zfd\iZ`Xc`qX[fi% <e ;liXe^f j\ k`\e\e i\^`jkiX[Xj .+ \dgi\jXj [\[`ZX[Xj \jg\Zˆ]`ZXd\ek\ X cX gif[lZZ`�e p \emXjX[f [\ d\qZXc% <e cf i\]\i\ek\ Xc gX[i�e [\ dXiZXj [\ d\qZXc [liXe^l\ej\ hl\ j\ Zfd\i$ Z`Xc`qXe \e \c d\iZX[f cfZXc# eXZ`feXc p [\ \ogfikXZ`�e j\ `e]fidX hl\ XZklXcd\ek\ \c \jkX[f Zl\ekX Zfe le i\^`jkif [\ +/ dXiZXj% J\^’e cX J\Zi\$ kXiˆX [\ I\cXZ`fe\j <ok\i`fi\j# cfj gi`eZ`gXc\j d\iZX[fj [\ \ogfikXZ`�e [\ \jk\ gif[lZkf jfe <jkX[fj Le`[fj# @e^cXk\iiX# 8c\dXe`X# =iXeZ`X# <jgXŒX# @kXc`X# 8ljkiXc`X p :_`c\%

0 /$*81$ Ăž 0$5=2

5(3257$-(

PARA TODO MAL... MEZCAL, PARA TODO BIEN... TAMBIร N

PLO

3URGXFWRUHV

(O Wร UPLQR PH]FDO YLHQH GHO Qร KXDWO PH[FDOOL GH OD SDODEUD PHWO vPDJXH\w H L[FDOOL vFRFLGRw TXLHUH GHFLU SHQFDV GH PDJXH\ FRFLGR 6H FODVLILFD HQ WUHV FDWHJRUร DV -RYHQ EODQFR \ SXUR VX VDERU QR VH PRGLILFD 0DGXUR UHSRVDGR \ Dร HMR $ERFDGR 'XUDQWH VX PDGXUD FLร Q VH KD PRGLILFDGR VX VDERU FRQ DJHQWHV H[WHUQRV SRU HMHPSOR ORV JXVDQRV GH PDJXH\

0DUFDV FHUWLILFDGDV

)ร EULFDV

PLO

7UDEDMDGRUHV

)/25

/D PROLHQGD VH GHMD HQ WRQHOHV SDUD IHUPHQWDU GXUDQWH Gร DV

3,ยด$

(O FXOWLYR GHO PH]FDO SXHGH OOHJDU D WDUGDU GH D Dร RV HQ FXPSOLU VX Pร [LPR FUHFLPLHQWR

'HVSXร V HV GHVWLODGR HQ

OOHJDQ D SHVDU KDVWD NLORV

DODPELTXHV GH FREUH

6H FXHFHQ HQ XQ KRUQR Fร QLFR FRQVWUXLGR FRQ SLHGUD YROFร QLFD GXUDQWH Gร DV D IXHJR OHQWR FRQ YDULRV WLSRV GH PDGHUD

/XHJR GH OD FRFFLร Q GHO DJDYH ร VWH VH PDFKDFD HQ XQ PROLQR GH SLHGUD FLUFXODU SDUD H[WUDHU HO MXJR

6H DOPDFHQD SDUD VX SURFHVR GH PDGXUD FLร Q 3DUD FUHDU PH]FDOHV Dร HMRV VH GHMD UHSRVDU HO WLHPSR UHTXHULGR

)LQDOPHQWH HV OOHYDGR DO SURFHVR GH HQYDVDGR \ HWLTXHWDGR

*5ย ),&2 -26ย )5$1&,6&2 52&+$ &(59$17(6

%(%,'$ 02725 '(/ '(6$552//2 (&21ย 0,&2 'H DFXHUGR FRQ HO ,QVWLWXWR 0H[LFDQR GH OD 3URSLHGDG ,QGXVWULDO ,03, Pยก[LPD DXWRULGDG DGPLQLVWUDWLYD HQ PDWHULD GH SURSLHGDG LQGXV WULDO HQ 0ยฉ[LFR HVWD EHELGD VH KD FRQYHUWLGR HQ PRWRU GH GHVDUUROOR HFRQยณPLFR HVSHFLDO PHQWH HQ ]RQDV PDUJLQDGDV \D TXH HQ VX PD\RUยญD VRQ SHTXHยฑRV SURGXFWRUHV TXH FRQ HO FUHFLPLHQWR GH OD LQGXVWULD HVWยกQ REWHQLHQGR EHQHILFLRV GLUHFWRV /D RIHUWD GH DJDYH VH FDWDORJD FRPSHWLWLYD GH ELGR D TXH DXQ FXDQGR H[LVWD LQIRUPDFLยณQ TXH SHUPLWD UHFRQRFHU D ORV RIHUHQWHV HV SUHFLVR QR ROYLGDU TXH HO DJDYH HV XQ SURGXFWR KRPRJยฉQHR R QR GLIHUHQFLDGR (Q HO PXQLFLSLR GH 'XUDQJR HO DJDYH HV UHFR OHFWDGR HQ ORV PRQWHV WDQWR GH SDUWLFXODUHV

FRPR HMLGDOHV \ FRPXQDOHV /DV SHUVRQDV TXH GHVDUUROODQ ODV ODERUHV GH FRUWH GH DJDYH FRFL PLHQWR \ GHVWDSH GHO KRUQR HV HO WRWDO GH SHU VRQDO TXH ODERUD HQ OD YLQDWD DUWHVDQDO GDGR TXH HO SURFHVR VH GHVDUUROOD SRU HWDSDV HV HO PLVPR SHUVRQDO TXH HMHFXWD HO UHVWR GH ODV OD ERUHV GH ODV HWDSDV VXEVHFXHQWHV SRU OR TXH VROR VH FRQWDELOL]D XQD VROD YH] HO QยบPHUR GH SXHVWRV \ VH DJUHJD D ORV RWURV WUHV RSHUDULRV TXH UHDOL]DQ HO UHVWR GH ODV ODERUHV GH SURGXF FLยณQ 'H HVWD IRUPD WHQHPRV TXH OD FDQWLGDG WRWDO GH WUDEDMDGRUHV SRU YLQDWD DUWHVDQDOHV GH PH]FDO GH PHGLDQD SURGXFFLยณQ HV GH QXHYH SHUVRQDV LQFOXLGR HO GXHยฑR GH OD YLQDWD JHQH UDQGR HQ WRWDO OD LQGXVWULD PยกV GH HPSOHRV GLUHFWRV HQ OD HQWLGDG

0 /$*81$ ร 0$5=2

6

(175(9,67$

0 /$*81$ Þ 0$5=2

8

(175(9,67$

,QYHUVLRQLVWDV FRQIยญDQ HQ 'XUDQJR -RVยฉ 5RVDV $LVSXUR Cfj ), gifp\Zkfj [\ `em\ij`ย e ZfeZi\kX[fj \e \c gi`d\i Xย f [\ jl ^fY`\ief $Zfe leX `em\ij`ย e [\ d}j [\ /-' d`ccfe\j [\ [ย cXi\j p leX gifp\ZZ`ย e [\ (- d`c +*- \dgc\fj$ j`^l\e kf[fj X[\cXek\ 325 6,/9,$ $<$/$

<

e ;liXe^f j\ _X `eZi\d\ekX[f cX Zfdg\k`k`m`[X[ \jkXkXc p \c XkiXZk`mf Zfdf [\jk`ef [\ `em\i$ j`ย e# jfjk`\e\ \c ^fY\ieX[fi Afjย IfjXj 8`jglif% 8 [ย Xj [\ gXik`i X leX el\mX d`j`ย e Zfd\iZ`Xc X :_`eX# _XZ\ le YXcXeZ\ [\ jl ^\jk`ย e \e kย id`efj [\ [\jXiifccf \Zfeย d`Zf Xj\^liXe[f hl\ cX gXik`Z`gXZ`ย e [\ cfj \dgi\jXi`fj [\ cX \e$ k`[X[ \j \c \a\ ]le[Xd\ekXc gXiX [\kfeXi el\mfj gifp\Zkfj# [\j[\ jl gcXe\XZ`ย e _XjkX jl \a\ZlZ`ย e% MXcfiX cX `e`Z`Xk`mX gXiX cX ^\e\iXZ`ย e [\ 8jfZ`XZ`fe\j Gย Yc`Zf Gi`mX[Xj hl\ [\$ kfeXi} cX `em\ij`ย e \e `e]iX\jkilZkliX \e \c <jkX[f# [fe[\ ^fY`\ief p \dgi\jXi`fj gf$ [i}e Zi\Z\i [\ ]fidX ZfealekX% KXdY`ย e [\jkXZX hl\ j\ j`^l\ ]fikXc\$ Z`\e[f Xc :\ekif Cf^ย jk`Zf \ @e[ljki`Xc [\ ;liXe^f# kiXYXaXe[f \e i\fi[\eXi \c gif$ p\Zkf Zfe \c ]`e [\ _XZ\icf XkiXZk`mf X cfj `em\ij`fe`jkXj# [fkXe[f Xc gXihl\ `e[lj$ ki`Xc Zfe ]XZk`Y`c`[X[ kย Ze`ZX \e \c _fjg\$ [Xa\ [\ gifp\Zkfj [\ `em\ij`ย e cfZXc# eXZ`f$ eXc p \okiXea\iX% P Zfdf i\jlckX[f [\ \jk\ kiXYXaf# pX j\ Zl\ekX Zfe leX \dgi\jX `ejkXcX[X \e ]le$ Z`feXd`\ekf p [fj gifp\Zkfj [\ `em\ij`ย e [\ [fj \dgi\jXj [`jk`ekXj hl\ _Xe [\Z`[`[f `ejkXcXij\ \e \j\ gXihl\% <e \c ZXd`ef gXiX XkiX\i cX `em\ij`ย e#

9

cX i\[lZZ`ย e [\ cX kiXd`kfcf^ย X \j kXd$ Y`ย e le Xjlekf hl\ kfdX \jgXZ`f \e cX X^\e[X [\ jl ^fY`\ief% J\ _Xe ^\e\iX[f gifgl\jkXj Xc :fe$ ^i\jf [\c <jkX[f gXiX cX [`jd`elZ`ย e [\ ki}d`k\j# \a\dgcf [\ \jkf \j \c i\Z`\ek\ <jkl[`f [\ =iXZZ`feXd`\ekfj# [fe[\ j\ i\m`jXife 0 c\p\j# i\^cXd\ekfj# dXelX$ c\j dle`Z`gXc\j p leX i\^lcXZ`ย e ]\[\iXc2 Zfe cX Xgc`ZXZ`ย e [\ cXj gifgl\jkXj# j\ gl\[\ i\[lZ`i \c k`\dgf [\ cfj ki}d`k\j [\ ,00 X *)* [ย Xj _}Y`c\j% 'H ORV SUR\HFWRV TXH XVWHG SODQHDED DQWHV GH VX JRELHUQR FXยกO VLJXH HQ SLH R FXยกO \D HVWยก HQ SURFHVR"

Cfj ), gifp\Zkfj ZfeZi\kX[fj \e \c gi`$ d\i Xย f [\ ^fY`\ief# Zfe leX `em\ij`ย e [\ d}j [\ /-' d`ccfe\j [\ [ย cXi\j p leX gifp\ZZ`ย e [\ (- d`c +*- \dgc\fj# kf[fj j`^l\e X[\cXek\2 _XjkX \c dfd\ekf# j\ Zl\ekX Zfe le XmXeZ\ [\c ,' \e `em\i$ j`ย e p / d`c *-- \dgc\fj ^\e\iX[fj# cf hl\ j`^e`]`ZX \c ,' [\ cfj \dgc\fj XeleZ`X[fj% /DV PHWDV GH FUHFLPLHQWR HFRQยณPLFR HVWDWDO VH KDQ DOFDQ]DGR"

<c kiXYXaf gfi _XZ\i \j dlZ_f# g\if cfj \j]l\iqfj mXe \eZXd`eX[fj X cf^iXi cXj d\kXj%

0 /$*81$ ร 0$5=2

(175(9,67$ 4XŠ WDQ GLI­FLO HV FRPSHWLU FRQWUD RWUDV HQWLGDGHV SDUD DWUDHU LQYHUVL³Q"

CX Zfdg\k\eZ`X gfi cX XkiXZZ`�e [\ `e$ m\ij`fe\j \j ]l\ik\# j` Y`\e \j Z`\ikf hl\ fkiXj \ek`[X[\j Zfdf El\mf C\�e f >lX$ eXalXkf# jfe [\jk`efj `e[ljki`Xc\j dlp YljZX[fj# kXdY`„e cf \j hl\ cXj \dgi\jXj YljZXe el\mfj \jgXZ`fj% <j gfi \jkf hl\ _\dfj kiXYXaX[f \e gfe\i X ;liXe^f \e \c dXgX# p cXj \d$ gi\jXj Zfe gifp\Zkfj [\ `ejkXcXZ`�e [\ gcXekXj p [\ \ogXej`�e \e D„o`Zf efj \jk}e mfck\Xe[f X m\i# \jkXdfj ZfcfZXe$ [f X ;liXe^f \e \c dXgX# kiXYXaXe[f ]l\ik\ p dfjkiXe[f cXj Yfe[X[\j hl\ el\jkif <jkX[f f]i\Z\ \e ZXgXZ`[X[ [\ jl ]l\iqX cXYfiXc# \jk`cf [\ m`[X p \oZ\c\ek\ lY`ZXZ`�e ^\f^i}]`ZX% P ef jfcf j\ _X kiXYXaX[f \e \c k\dX [\ cX `em\ij`�e \okiXea\iX# kXdY`„e \e cX `em\ij`�e eXZ`feXc# p dlp `dgfikXek\ cX `em\ij`�e cfZXc _X `[f \e Zi\Z`d`\ekf# cfj d`jdfj [liXe^l\ej\j Zi\\e \e jl <jkX$ [f p \e jl gfk\eZ`Xc# p jfe pX mXi`Xj dl\jkiXj [\ \dgi\jXi`fj cfZXc\j hl\ _Xe Zi\Z`[f jlj `em\ij`fe\j \e cX \ek`[X[# gil\YX [\ \ccf jfe cfj i\Z`\ek\j XeleZ`fj i\Xc`qX[fj \e cX I\^`�e CX^leX% <jkf [X le gXefiXdX i\Xc p kXdY`„e [X leX \oZ\c\ek\ ZXikX [\ gi\j\ekXZ`�e X cfj `em\ij`fe`jkXj \okiXea\ifj ZlXe[f m\e hl\ \c \dgi\jXi`X[f cfZXc Zfe]ˆX \e jl \jkX[f%

/D OOHJDGD GH HVWDV LQYHUVLRQHV VRQ HO UHIOHMR GH OD FRQILDQ]D TXH KD\ HQ XQ JRELHUQR IDFLOLWDGRU FRPR OR KHPRV VLGR GHVGH HO LQLFLR GH PL DGPLQLVWUDFLÂłQĂš

$OJÂşQ SUR\HFWR VH KD FDQFHODGR SRU LQVHJXULGDG IDOWD GH FRQILDQ]D R GH LQ IUDHVWUXFWXUD"

Ef j\ _Xe k\e`[f ZXeZ\cXZ`fe\j [\ gif$ p\Zkfj gfi \jkfj dfk`mfj% ?Xp leX ^iXe Zfe]`XeqX [\ cfj `em\i$ j`fe`jkXj \e ;liXe^f# gil\YX [\ \ccf# \e cfj ’ck`dfj [ˆXj j\ [`f \c XiiXehl\ [\ cX ZfejkilZZ`�e [\ cX el\mX gcXekX jfcXi CX Ki`e`[X[ @# [\ <fjfc# cX ZlXc k`\e\ leX `em\ij`�e [\ [fj d`c d`ccfe\j [\ g\jfj p cX ^\e\iXZ`�e [\ d`c )'' \dgc\fj [`i\Zkfj \ `e[`i\Zkfj% J\ `e`Z`� cX ZfejkilZZ`�e [\ [fj \d$ gi\jXj1 leX \j \c :\ekif [\ @eefmXZ`�e 8^ifXc`d\ekXi`X [\c >ilgf >`c`f p cX fkiX \j 8cldZXjk# \ `eXl^liXdfj cX ]}Yi`ZX [\ _\cX[fj [\ cX \dgi\jX 9`gj% Cf Xek\i`fi i\gi\j\ekXi} leX `em\i$ j`�e ^cfYXc [\ .'' d`ccfe\j [\ g\jfj% 8 \jkf j\ jldX cX `eXl^liXZ`�e [\ cX GcXekX Q= CX^leX# Zfe leX `em\ij`�e [\ (. d`ccfe\j [\ [�cXi\j p cX Zi\XZ`�e [\ d`c ,'' \dgc\fj% CX cc\^X[X [\ \jkXj `em\ij`fe\j jfe \c i\]c\af [\ cX Zfe]`XeqX hl\ _Xp \e le ^f$ Y`\ief ]XZ`c`kX[fi Zfdf cf _\dfj j`[f [\j[\ \c `e`Z`f [\ d` X[d`e`jkiXZ`�e% P gf[\dfj X^i\^Xi le [Xkf d}j# \c `e`Z`f [\c ml\cf ;liXe^f$:`l[X[ Al}i\q#

hl\ [X X cX \ek`[X[ dXpfi Zfe\Zk`m`[X[# \c\d\ekf hl\ kfdXe \e Zl\ekX cfj `em\i$ j`fe`jkXj gXiX XZ\iZXij\%

\dgi\jXi`X[f cfZXc% J\ _Xe ^\e\iX[f el\mXj `e`Z`Xk`mXj Zfdf cX Zi\XZ`Â?e [\c :fej\af gXiX \c ;\jXiifccf <ZfeÂ?d`$ Zf# cXj 8jfZ`XZ`fe\j GÂ’Yc`Zf Gi`mX[Xj p i\[lZZ`Â?e [\ ki}d`k\j%

(Q FRPSDUDFL³Q FRQ RWUDV DGPLQLVWUD FLRQHV &X¥O VHU­D OD GLIHUHQFLD FRQ VX DGPLQLVWUDFL³Q KDVWD HO PRPHQWR HQ HVWD PDWHULD"

5HDOL]DU¥ XQD JLUD SU³[LPDPHQWH KD\ LQWHUŠV HQ DOJºQ SUR\HFWR HQ HVSHFLDO"

<jg\Zˆ]`ZXd\ek\# \e \c kiXYXaf \e ^`iXj [\ gifdfZ`�e \Zfe�d`ZX [liXek\ \c gi`$ d\i XŒf [\ ^fY`\ief# gfi ZX[X d`c [�cX$ i\j ^XjkX[fj j\ _X ^\e\iX[f leX XkiXZ$ Z`�e [\ `em\ij`�e \okiXea\iX [`i\ZkX [\ )%/ d`ccfe\j [\ [�cXi\j# \jkf j`^e`]`ZX hl\ cX gifgfiZ`�e [\ ^Xjkf ]l\ [\ kXe jfcf '%'( gfi ZX[X [�cXi X `em\ik`ij\ \e \c <jkX[f% J\ _X XgfpX[f \ `eZ\ek`mX[f Xc

CX XkiXZZ`�e [\ `em\ij`fe\j p gfj`Z`feXi X ;liXe^f Zfdf \c d\afi cl^Xi gXiX `e$ m\ik`i# ef j\ gl\[\ cf^iXi j`e cXj ^`iXj [\ gifdfZ`�e \Zfe�d`ZX# \jkXi\dfj \jk\ d\j [\ dXiqf \e :_`eX# gXiX m`j`kXi \d$ gi\jXj hl\ _Xe dfjkiX[f `ek\i„j \e `e$ m\ik`i \e \c <jkX[f# Xc^leXj j\ m`j`kXi}e gfi gi`d\iX m\q# p fkiXj j\i}e \e j\^l`$ d`\ekf X cX ^`iX hl\ j\ i\Xc`q� \e )'(.%

0 /$*81$ Ăž 0$5=2

10

(175(9,67$

&21),$1=$ (1 '85$1*2 1XHYD SODQWD VRODU /D 7ULQLGDG , GH (RVRO FRQ XQD LQYHUVL³Q GH GRV PLO PLOORQHV GH SHVRV \ OD JHQHUDFL³Q GH PLO HPSOHRV GLUHFWRV H LQGL UHFWRV 6H LQLFL³ OD FRQVWUXFFL³Q GH GRV HPSUHVDV &HQWUR GH ,QQRYDFL³Q $JURDOLPHQWDULD GHO *UXSR *LOLR

$ QLYHO HVWDGR KD\ DOJºQ SUR\HFWR TXH HVW© SRU OOHJDU"

J\ k`\e\e pX el\mfj gifp\Zkfj ZfeZi\kX$ [fj gXiX \c <jkX[f [\ ;liXe^f# jfe (+ gifp\Zkfj hl\ i\gi\j\ekXe leX `em\ij` e [\ d`c +*) d`ccfe\j [\ [ cXi\j p leX ^\e\iXZ` e [\ + d`c +/' el\mfj \d$ gc\fj# \e cfj j\Zkfi\j \e\i^ Xj i\efmX$ Yc\j# hl d`Zf# d\kXc$d\Z}e`ZX# X^if`e$ [ljki`Xc p [\ j\im`Z`fj% 0XFKR VH KDEOD GH HPSOHRV PHMRU SD JDGRV SHUR FX¡QWRV KDQ OOHJDGR D OD HQWLGDG \ GH TX© UDPR"

;\ XZl\i[f Zfe \c d}j i\Z`\ek\ i\$ gfik\ [\c @ejk`klkf D\o`ZXef [\c J\$ ^lif JfZ`Xc# Zfe + d`c //( el\mfj

$OXPFDVW 6H LQDXJXU³ OD I¡EULFD GH KHODGRV GH OD HPSUH VD %LSV 6H LQDXJXU³ OD 3ODQWD =) /DJXQD FRQ XQD LQ YHUVL³Q GH PLOORQHV GH G³ODUHV \ OD FUHDFL³Q GH PLO HPSOHRV

\dgc\fj ]fidXc\j ^\e\iX[fj \e \c gi`d\i Y`d\jki\ [\ \jk\ )'(/# \c \jkX[f [\ ;liXe^f cf^i Zfe \jX Z`]iX jl d}o`df i\^`jkif _`jk i`Zf gXiX le g\i`f[f j`d`cXi% ;\ XZl\i[f Zfe cXj \jkX[ jk`ZXj [\c @DJJ# ef \o`jk\ le Xek\Z\[\ek\ Zfe leX ZXek`[X[ d}j XckX [\ \dgc\fj ]fidXc\j ^\e\iX[fj gXiX le XiiXehl\ [\ X f \e cX \ek`[X[% <c Zfdgifd`jf hl\ k\e\dfj gXiX ]f$ d\ekXi cX Zi\XZ` e [\ d}j \dgc\fj gXiX cfj [liXe^l\ej\j j\ m\ i\]c\aX[f \e cfj (( d`c (*+ \dgc\fj ]fidXc\j ^\e\iX[fj \e cf hl\ mX [\ \jkX X[d`e`jkiXZ` e% P j\ i\$ X]`idX cX Zfe]`XeqX [\ \dgi\jXi`fj \e el\jkiX \ek`[X[ Zfe \c [\jXiifccf

11

[\ el\mfj gifp\Zkfj [\ `em\ij` e hl\ ^\e\iXe \jkfj \dgc\fj% :`]iXj hl\ g\id`k\e gfj`Z`feXi X cX \ek`[X[ Xek\ el\mfj `em\ij`fe`j$ kXj% ;liXe^f cc\^Xi} X )+) d`c -0. \dgc\fj kfkXc\j ]fidXc`qX[fj Xek\ \c @DJJ# ZXek`[X[ d}j ^iXe[\ [\ cX _`j$ kfi`X# j\^ e \c i\^`jkif `e`Z`X[f _XZ\ )( X fj ;liXe^f gi\j\ek le Zi\Z`$ d`\ekf jXcXi`Xc [\ - # [\ X^fjkf )'(- X dXpf )'(.% El\jkif \jkX[f j\ gfj`Z`feX [\e$ kif [\ cfj [`\q gi`d\ifj cl^Xi\j Zfe \c dXpfi `eZi\d\ekf jXcXi`Xc X e`m\c eXZ`feXc% J\ gXj [\ le `e^i\jf gif$ d\[`f [`Xi`f [\ )+/ g\jfj X )-* g\$ jfj# i\jg\Zk`mXd\ek\%

0 /$*81$ Þ 0$5=2

(175(9,67$

0Â 6 75$%$-2 (Q OD DGPLQLVWUDFLÂłQ HVWDWDO DFWXDO VH UHJLVWUDQ PLO QXHYRV HPSOHRV

(Q HO WUDEDMR HQ JLUDV GH SURPRFLÂłQ HFRQÂłPLFD GXUDQWH HO SULPHU DÂąR GH JRELHUQR SRU FDGD PLO GÂłODUHV JDVWDGRV VH KD JHQHUDGR XQD DWUDFFLÂłQ GH LQYHUVLÂłQ H[WUDQMHUD GLUHFWD GH PLOORQHV GH GÂłODUHV HVWR VLJQLILFD TXH OD SURSRUFLÂłQ GH JDVWR IXH GH WDQ VROR SRU FDGD GÂłODU D LQYHUWLUVH HQ HO (VWDGRĂš 4XŠ IDOWD SDUD TXH OD SREODFLÂłQ SHUFL ED XQ FDPELR HQ VX HFRQRP­D"

CX gi`eZ`gXc i`hl\qX [\ ;liXe^f iX[`ZX \e jlj _fdYi\j p dla\i\j# gfi cf hl\ jl Y`\e\jkXi jfZ`Xc p \ZfeÂ?d`Zf# \j leX gi`fi`[X[ gXiX \c gi\j\ek\ >fY`\ief% J`e [l[X# \e cX d\[`[X hl\ j\ ^\e\i\ \dgc\f \e kf[Xj cXj iXdXj [\ cX \Zfef$ 0 /$*81$ Ăž 0$5=2

dˆX# ef j�cf \jkXi} ^XiXek`qX[X cX Yl\eX dXiZ_X [\c d\iZX[f `ek\ief \jkXkXc# j`ef hl\ kXdY`„e j\ \c\mXi} cX ZXc`[X[ [\ m`[X [\ cXj p cfj kiXYXaX[fi\j p jlj ]Xd`c`Xj% 8_fiX Y`\e# gXiX [\jgc\^Xi le [\jX$ iifccf \Zfe�d`Zf ^\e\iXc [\ cX \ek`[X[ \e ]fidX jfjk\e`Yc\# \e [fe[\ ef j\

12

Zfdgifd\kXe cfj i\Zlijfj eXkliXc\j [\ cXj ^\e\iXZ`fe\j ]lkliXj# \c >fY`\ief `dglcjXi} XZk`m`[X[\j \jkiXk„^`ZXj hl\ \ecXZ\e j�c`[Xd\ek\ gifZ\jfj [\ gif$ [lZZ`�e# [`jki`YlZ`�e p Zfejldf i\^`f$ eXc\j# dle`Z`gXc\j p \jkXkXc\j% ;\ \jkX dXe\iX# j\ Xdgc`Xi} cX `e]iX$ \jkilZkliX [\ Zfdle`ZXZ`fe\j p [\ j\i$ m`Z`fj2 j\ XgfpXi} X cfj gif[lZkfi\j \e [`]\i\ek\j }dY`kfj# \jg\Z`Xcd\ek\ X cfj d`Zif# g\hl\Œfj p d\[`Xefj2 j\ gifdf$ m\i} cX `em\jk`^XZ`�e Z`\ekˆ]`ZX p k\Zef$ c�^`ZX m`eZlcX[X X cfj gifZ\jfj gif[lZ$ k`mfj2 j\ \jki\Z_Xi}e kXdY`„e# mˆeZlcfj Zfe le`m\ij`[X[\j2 j\ \jk`dlcXi} cX gif$ ]\j`feXc`qXZ`�e [\ ZlX[ifj ^\i\eZ`Xc\j [\ cXj `e[ljki`Xj [liXe^l\ej\j% 8[\d}j j\ `eZi\d\ekXi} \c ZXg`kXc _ldXef \e \c }dY`kf [\ cX gif[lZZ`�e g\ZlXi`X p ]fi\jkXc# `dglcjXe[f kXd$ Y`„e# \c ]fikXc\Z`d`\ekf [\ ZX[\eXj gif$ [lZk`mXj cfZXc\j p \c Zfd\iZ`f aljkf%

&DEOH D WLHUUD

3RU 0DUFHOD 0RUHQR &DVDV

+RPEUHV GH YDORU KRPEUHV GH Š[LWR 8Q KRPEUH GH YDORU HV HPS¥WLFR HV VROLGDULR HV WROHUDQWH HV UHVSRQVDEOH FRQ HO HQWRUQR TXH OR URGHD HPSOHD VX FRQRFLPLHQWR SDUD PHMRUDU ODV FRQGLFLRQHV GH YLGD QR V³OR GH ŠO VLQR GH ORV GHP¥V

<

`ejk\`e [\ZˆX Ăˆ`ek\ekX ef mfcm\i$ k\ le _fdYi\ [\ „o`kf# j`ef mfc$ m\ik\ le _fdYi\ [\ mXcfiÉ% P jl ]iXj\ XiifaX dlZ_X jXY`[liˆX p ZcXi`[X[ \e k`\dgfj \e hl\ \c „o`kf [\ le _fdYi\ j\ [\]`e\ Zfdf gfglcXi`[X[# leX ZXik\iX Y`\e cc\eX [\ Y`cc\k\j Æ[\ gi\]\$ i\eZ`X m\i[\j$# leX ZXjX \e CXj M`ccXj# Z\$ clcXi\j [\ Â’ck`dX ^\e\iXZ`Â?e p cX gfj`Y`$ c`[X[ [\ df[`]`ZXi jl ]ˆj`Zf d\iZ\[ X cX Z`il^ˆX gc}jk`ZX gXiX Zfej\imXi cX \k\ieX p XÂŒfiX[X alm\ekl[% <j le df[\cf hl\ j\ m\e[\ X [`Xi`f \e cXj i\m`jkXj [\c ZfiX$ qÂ?e% P \jXj i\m`jkXj j\ m\e[\e Y`\e# gfi$ hl\ jfe Xjg`iXZ`feXc\j% Cfj hl\ cXj X[$ hl`\i\e hl`\i\e \dlcXi X cfj Ăˆ\o`kfjfjÉ hl\ cc\eXe \jfj \jgXZ`fj ĂˆifjXjÉ% EX[`\ \jk} \e ZfekiX [\c ki`le]f p kXdgfZf [\ hl\ „jk\ j\ i\]c\a\% Cf hl\ <`ejk\`e gifgfeˆX `YX d}j Xcc} [\c „o`kf ]`eXeZ`\if% :fem\ik`ij\ \e le _fdYi\ [\ mXcfi% <c ^\e`f Xj\^liXYX hl\ \c dle$ [f ef \jkXYX Xd\eXqX[f gfi cXj dXcXj g\ijfeXj j`ef gfi Xhl\ccfj hl\ g\id`$ kˆXe cX dXc[X[ p cXd\ekXYX gif]le[X$ d\ek\ hl\ \e el\jkiX „gfZX ]l\iX d}j ]}Z`c [\j`ek\^iXi le }kfdf hl\ jlg\iXi le gi\al`Z`f% 8 [\Z\eXj [\ XÂŒfj hl\ \jXj ]iXj\j cX$ g`[Xi`Xj ]l\ife cXeqX[Xj gfi <`ejk\`e

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

0 /$*81$ Ăž 0$5=2

14

[fj ZXiXZk\iˆjk`ZXj [fd`eXe X cX _ldX$ e`[X[1 cX XgXkˆX p cX `ekfc\iXeZ`X% Le _fdYi\ [\ mXcfi \j \dg}k`Zf# \j jfc`[X$ i`f# \j kfc\iXek\# \j i\jgfejXYc\ Zfe \c \ekfief hl\ cf if[\X# \dgc\X jl ZfefZ`$ d`\ekf gXiX d\afiXi cXj Zfe[`Z`fe\j [\ m`[X ef jÂ?cf [\ „c# j`ef [\ cfj [\d}j% <c Zfdle`ZX[fi =\c`g\ [\ A\jÂ’j >fe$ q}c\q i\Zl\i[X hl\ \e \c j\o\e`f [\ If$ ^\c`f Dfek\dXpfi# \e :fX_l`cX# \e cXj \jZl\cXj j\ _XYcXYX [\ mXcfi\j% Cfj dX\j$ kifj \ogc`ZXYXe X cfj e`ÂŒfj \c ZfeZ\gkf [\ cX i\jgfejXY`c`[X[# [\ cX _feiX[\q# [\ cX mXc\ekˆX# [\ cX gleklXc`[X[# [\c i\jg\$ kf ef gXiX hl\ cfj Xgi\e[`\iXe [\ d\df$ i`X# j`ef gXiX hl\ cfj Zfdgi\e[`\iXe p cfj giXZk`ZXiXe \e ZXjX% GXi\Z\ hl\ ef \o`jk\ le d\ZXe`jdf d}j j\eZ`ccf hl\ Zfem\ik`i X cfj e`ÂŒfj X \jfj mXcfi\j% Hl\ cXj ^iXe[\j ZfjXj \jk}e \e cfj g\hl\ÂŒfj [\kXcc\j1 gfi \a\dgcf cc\^Xi X leX Z`kX gleklXc gXiX [\dfjkiXi liYXe`[X[ p i\jg\kf Xc k`\dgf [\ cfj [\$ d}j2 f Y`\e j\i kfc\iXek\ gXiX hl`\e k`\$ e\ gi\]\i\eZ`Xj [`]\i\ek\j X cXj el\jkiXj% <c i\kf \jk} \e Zfem\ik`i X cfj ĂˆX[lckfjÉ% G\if Zfdf i\dXZ_XYX \c ^\e`f Xc\d}e1 Ăˆ?Xp [fj ]fidXj [\ m\i cX m`[X1 leX \j Zi\\i hl\ ef \o`jk\e d`cX^ifj# cX fkiX \j Zi\\i hl\ kf[f \j le d`cX^ifÉ%

(175(9,67$

$UPRQL]DU OD HGXFDFLÂłQ HO REMHWLYR &DOGHUÂłQ /XMÂĄQ <e ;liXe^f j\ XmXeqX X kiXm„j [\c [`}cf^f [`i\Zkf Zfe \c j\Zkfi \[lZXk`mf# Zfe hl`\e\j \jk}e `e$ mfclZiX[fj \e cX ]fidXZ`Â?e XZX[„d`ZX [\ +,+ d`c Xcldefj% <c XZfdgXÂŒXd`\ekf [\ cXj Xlkfi`[X$ [\j Zfe \c [fZ\ek\# g\id`k`Â? X cX \ek`[X[ X i\Xc`qXi \c gi`d\i \eZl\ekif Zfe ) d`c ,)' dX\jkifj gXiX XeXc`qXi \c el\mf df[\cf \[lZXk`mf Zfe cX gXik`Z`gXZ`Â?e [\ \og\ikfj \e \c k\dX 325 *,/%(572 /$675$ *8(55(52

I

lY„e :Xc[\i�e Cla}e# j\Zi\kX$ i`f [\ <[lZXZ`�e \e \c \jkX[f [\ ;liXe^f# ef g`\i[\ cX fgfi$ kle`[X[ [\ Xgi\e[\i \e \c gif$ Z\jf [\ cX ]leZ`�e g’Yc`ZX% ;`Xcf^Xi p Xidfe`qXi cXj i\cXZ`fe\j \eki\ Xcldefj p dX\jkifj# [fZ\ek\j p gX[i\j [\ ]Xd`c`X# c\ _X i\[`klX[f \e d\afi\j i\jlckX[fj% 8ek\ [`]`ZlckX[\j \Zfe�d`ZXj p ^\f$ ^i}]`ZXj cX i\fi^Xe`qXZ`�e [\ cXj \jZl\$ cXj p dXek\e\i \c XiiX`^f [\ cfj gif]\$ jfi\j j\ jfik\Xe cXj Zfdgc`ZXZ`fe\j [\ leX [\g\e[\eZ`X hl\ Xk`\e[\ X le kfkXc [\ +,+ d`c Xcldefj% P Xlehl\ \j leX cXYfi Zfdgc`ZX[X# cfj XmXeZ\j \e cXj \jZl\cXj \j gXcgXYc\# Xle$ hl\ \c ZXd`ef \j cXi^f%

(Q OD 6HFUHWDU­D GH (GXFDFL³Q GHO (VWD GR GH 'XUDQJR 6((' ORV SURJUDPDV VRQ EDVWDQWHV SRU OD JUDQ FDQWLGDG GH PDHVWURV DOXPQRV HQ XQ YDVWR WHUULWR ULR TXŠ WDQ FRPSOLFDGR HV OLGLDU FRQ WDQWD JHQWH" < XQ SDQRUDPD GRQGH HO UHFXUVR HV OLPLWDGR

Cf hl\ _\dfj \jkX[f kiXYXaXe[f [\j[\ \c `e`Z`f Zfe cfj dX\jkifj# \j j`\dgi\ \jkX$ Yc\Z`\e[f \c [`}cf^f% <j cX gXik\ ]le[X$ d\ekXc# \c [`}cf^f Zfe cXj j\ZZ`fe\j j`e$ [`ZXc\j# cX ()# cX ++ p cX *,% P cXj [`]\i\ek\j fi^Xe`qXZ`fe\j hl\ j\ \e$ Zl\ekiXe \e \c \jkX[f p hl\ Zl\ekXe Zfe ZcXm\j \e cXj \jZl\cXj% J`e \dYXi^f# \jf efj _X g\id`k`[f XmXeqXi X g\jXi [\ cXj Zfe[`Z`fe\j hl\ j\ k`\e\e gfi ]XckX [\ i\Zlijfj% Gfi d\eZ`f$ eXi Xc^lefj ZXjfj# Xc Xjld`i cX J\Zi\kX$ iˆX# k\eˆXdfj le gifYc\dX [\ :Xii\iX DX^`jk\i`Xc gXiX ZlXe[f \eki\ \e m`^fi cX el\mX c\p [\ g\ijfeXc [fZ\ek\% <j [\ Xgc`ZXZ`Â?e ^\e\iXc# [\aÂ? X / d`c (.' dX\jkifj ]l\iX [\ \jX gi\jkXZ`Â?e% <iX dlp [`]ˆZ`c gfi cX `eZfe]fid`[X[# j` \j$ kXdfj _XYcXe[f [\ d`c dX\jkifj# \c _X$ 0 /$*81$ Ăž 0$5=2

16

Z\icf [\ / d`c \j YXjkXek\ Xckf% Cf^iXdfj _XjkX cX ]\Z_X i\[lZ`i \j\ e’d\if% ?fp \e [ˆX efj hl\[Xe jfcXd\ek\ g\e[`\ek\j ()(% G\if j\^l`dfj kiXYXaXe$ [f gXiX m\i hl„ gf[\dfj cf^iXi% 8_fiX \c J`e[`ZXkf EXZ`feXc [\ KiXYXaX[fi\j [\ cX <[lZXZ`�e kfd� \c k\dX \e cX e\^fZ`X$ Z`�e eXZ`feXc% <j [`]ˆZ`c gfihl\ cfj dX\jkifj j\ hl\$ [Xife j`e leX gXik\ `dgfikXek\ [\ jl jX$ cXi`f# g\if _\dfj `[f XmXeqXe[f% KXdY`„e _\dfj \eZfekiX[f [\jZfe$ ]`XeqX [\ gXik\ [\c [fZ\ek\ X cX \mXclX$ Z`�e% P \e \jkX gXik\# efj _\dfj [X[f X cX kXi\X [\ XZfdgXŒXicfj% Hl\ \c dX\j$ kif efj k\e^X cX Zfe]`XeqX hl\ \j leX ]`$ ^liX [\ c\e^lXa\# ef eX[X d}j _XYcXi# j`ef [\dfjkiXicf Zfe cfj _\Z_fj% <c XŒf gXjX[f gi\j\ekXife jfc`Z`kl[ * d`c )0' dX\jkifj gXiX cX \mXclXZ`�e% ;\ \jfj# ))' ef gi\j\ekXife \c \oXd\e# g\if aljk`]`ZXife gfi `emXc`[\q f `eZXgX$ Z`[X[% P Xj`jk`\ife ) d`c 0''% <jf ]l\ le ^iXe XmXeZ\# cf gl[`dfj _XZ\i Zfe cX kiXehl`c`[X[ \e \c \jkX[f# gfihl\ ef _lYf gi\j\eZ`X gfc`Z`XZX% Cfj dX\jkifj kiXYXaXife YXjkXek\ Y`\e# g\if j\ efj g`$ [`� gfi gXik\ [\c >fY\ieX[fi Afj„ IfjXj 8`jglif# hl\ cfj XZfdgXŒ}iXdfj% <e 0 dle`Z`g`fj XYi`dfj (, Z\ekifj [\ XZfd$ gXŒXd`\ekf% P _XYˆX .' [fZ\ek\j hl\ gi\j\ekXife \e \c )'(, jl \oXd\e% =l\ le Xgfpf gi\j\eZ`Xc p \jf X cfj dX\jkifj c\j [`f Zfe]`XeqX% Cf^iXdfj cc\^Xi X cX \kXgX hl\ efj dXiZXife [\j[\ cX :`l[X[ [\ D„o`Zf% KXdY`„e j\ efj gi\j\ek� le gifYc\dX Zfe cfj dX\jkifj 8j\jfi\j K„Ze`Zfj G\$ [X^�^`Zfj# cfj 8GGj# hl\ ]l\ife cfj hl\ gi\j\ekXife \c \oXd\e \e \c )'(,% @eZcl$ j`m\# cfj j\ŒXcXife Zfdf kiX`[fi\j% Kl$ m`\ife le gifYc\dX gfihl\ gi\j\ekXife \c \oXd\e# p [\jgl„j [\ [fj XŒfj j\ c\j [`af hl\ cfj i\XZk`mfj ef \iXe cfj XZfi[\j

(175(9,67$ gXiX cX \mXclXZ`Â?e p j\ [\Z`[\ [\ZcXiXi elcf \c \oXd\e% Efj cf _XZ\e jXY\i \e X^fjkf [\ )'(.% P efj glj`dfj X gcXk`ZXi Zfe cfj dX\jkifj# Zfe Xlkfi`[X[\j \e \c Z\ekif [\c gXˆj% <e kf[f D„o`Zf _Xp ) d`c ,'' 8GGj# p \e ;liXe^f _Xp )/'# \j [\ cfj \jkX[fj hl\ d}j k`\e\e# gfi \eZ`$ dX [\c (' gfi Z`\ekf% CX J\Zi\kXiˆX [\ <[lZXZ`Â?e GÂ’Yc`ZX klmf X Y`\e# i\ZfefZ\i p gX^Xic\j# Xc d\$ efj jl jl\c[f# d`\ekiXj hl\ gi\j\ekXe \c \oXd\e% CX gil\YX ]l\ [`j\ÂŒX[X p gfj$ gl\jkX% P j\ kiXYXaÂ? Zfe \ccfj# \e ;liXe$ ^f ZXg`kXc ]l\ife ))'# p -' \e >Â?d\q GXcXZ`f% C\j [`dfj le XZfdgXÂŒXd`\ekf kXdY`„e g\ijfeXc% >ilgfj [\ (, p )' Zfe le [fZ\ek\ hl\ \jklmf Zfe \ccfj gXiX \c \oXd\e% Jlg`dfj i\ZfefZ\i hl\ \c \iifi ef ]l\ [\ cfj dX\jkifj% P \j el\jkiX fYc`^XZ`Â?e \jkXi alekf X \ccfj \e \jX \kXgX p [Xic\j jl cl^Xi% 8QR GH ORV SODQWHDPLHQWRV GH OD UHIRU PD HGXFDWLYD HV HO LPSOHPHQWDU ODV QXHYDV WHFQRORJ­DV (Q HVH DFRPSDÂąD PLHQWR KXER SHUVRQDV TXH QR VDE­DQ PDQHMDU OD FRPSXWDGRUD \ DK­ IXH FXDQGR VH OHV FDSDFLWÂł SDUD GHFRGLILFDU OD LQIRUPDFLÂłQ SDUD ORV DOXPQRV &ÂłPR VH FDSDFLWÂł D ORV PDHVWURV \ TXŠ WDQWR LQFLGH HQ OD FÂĄWHGUD"

Gfi \jf# ZlXe[f _XYc„ [\ cfj * d`c dX\j$ kifj hl\ gi\j\ekXife cX gil\YX \c XŒf gX$ jX[f# c\j [`dfj \c Xgfpf gi\j\eZ`Xc Zfe \c ljf [\ cXj k\Zefcf^ˆXj% Gfihl\ j` ]l\iX m`iklXc# dlZ_fj [fZ\ek\j ef gf[iˆXe _X$ Y\i XZZ\[`[f X \j\ XZfdgXŒXd`\ekf% P \e \jX gXik\ j\ _X `[f XmXeqXe[f1 kXe \j Xjˆ# hl\ j` i\m`jXdfj cfj m`\ie\j [\c Zfe$ j\af# [\j[\ hl\ kfd„ gfj\j`�e# _\ \jkX[f \e Zfdle`ZXZ`�e Zfe \ccfj% I\Zl\i[f hl\ cfj gi`d\ifj [fj f ki\j Zfej\afj k„Ze`Zfj# \iXe dlZ_Xj g\k`Z`f$ e\j [\ dX\jkifj \e ZlXekf X `e]iX\jkilZ$ kliX% J`klXZ`fe\j hl\ jfe efidXc\j \e jl hl\_XZ\i [`Xi`f# g\if _fp _\dfj cc\^X[f _XjkX ) _fiXj p d\[`X gXiX gcXk`ZXi Zfe ZlXkif \jZl\cXj [\ leX qfeX [\ \[lZX$ Z`�e `e`Z`Xc# gi\\jZfcXi# gi`dXi`X p j\$ Zle[Xi`X# p pX \c c\e^lXa\ \j fkif% PX \j \[lZXk`mf% PX j\ gcXek\X cX i\]fi$ dX# cX Zfem`m\eZ`X \e cX \jZl\cX# cX Xlkf$ efdˆX Zlii`ZlcXi# p \jf mX \ei`hl\Z`\e[f gi`d\if X \ccfj d`jdfj# gl\jkf hl\ j\ i\’e\e cfj gXi\j [\ \jX qfeX p _XZ\e hl\ cX Zfem`m\eZ`X Zi\qZX% Mfp X gfe\i le \a\dgcf dlp j`dgc\# leX \jZl\cX k„Ze`ZX kfd� cX [\Z`j`�e hl\ cfj e`Œfj [\Y\e cc\^Xi , d`elkfj Xek\j X cX \jZl\cX [\ cX _fiX [\ \ekiX[X# p cfj gX$ [i\j cf XZ\gkXife% <ekfeZ\j# cc\^Xe p \c dX\jkif pX \jk} \e cX gl\ikX Xk\e[`„e[fcfj% P [\ lef \e

17

0 /$*81$ Ăž 0$5=2

(175(9,67$ lef cfj mX jXcl[Xe[f% <j cX XidfeˆX hl\ j\ Zfd`\eqX X [Xi \e cXj \jZl\cXj% Cfj dfk`mÂ?% CX _fiX [\ cX jXc`[X pX ef \j cX ZXdgXeX# pX ef \j \c k`dYi\% <j leX g`\$ qX dlj`ZXc# p \e cfj ki\j d`elkfj hl\ [liX# \j \c k`\dgf gXiX ZXdY`Xi [\ XlcX% <jkf _X Xpl[X[f dlZ_f X Xidfe`qXi p \e cX Zfem`m\eZ`X Zfe cfj gX[i\j% FkiX \jZl\cX X cX hl\ ]l` p jXcˆ XckX$ d\ek\ jXk`j]\Z_f \j gfihl\ cc\^l„ X cX .1),# cX i\le`Â?e \iX X cXj .1*' p cfj gX[i\j \jkXYXe \e cXj ^iX[Xj# j\ekX[fj% Cf hl\ \jg\iXYXe \iX `i Xc XlcX Zfe jl _`af X i\$ Z`Y`i cXj ZXc`]`ZXZ`fe\j [\c Y`d\jki\% G\if cf hl\ d}j d\ \okiXÂŒÂ? \j hl\ ZX[X gX[i\ cc\mXYX jl ^X]\k\% P ZX[X e`ÂŒf kXdY`„e% <jkf ef d\ \jk} [`Z`\e[f hl\ \jf cf _`$ Z`\iXe le [ˆX Xek\j% <j le kiXYXaf hl\ j\ m`\e\ [Xe[f# p hl\ cfj gX[i\j pX \jk}e `emfclZiX[fj% P ZX[X Y`d\jki\# mXe gfi cXj ZXc`]`ZXZ`fe\j [\ jl _`af% 8 cfj Xcld$ efj d}j jfYi\jXc`\ek\j# j\ c\j \eki\^X le [`gcfdX Zfe Xckfj gifd\[`fj# [\c 0 Xc ('% Kf[f \jkf j\ _X `[f Xidfe`qXe[f \e cXj \jZl\cXj% P j\ XmXeqX% <jg\iXdfj hl\ Zfe \c gXjf [\ cfj d\j\j gf[Xdfj k\e\i d\afi\j i\jlckX[fj% DlZ_X ^\ek\ d\ gf[i} gi\^lekXi gfi hl„ _Xp gXifj p kfdXj [\ cXj `ejkXcXZ`f$ e\j% 9l\ef# \e le le`m\ijf [\ ** d`c +'' [fZ\ek\j p +,+ d`c \jkl[`Xek\j# \j Xc^f hl\ j\ k`\e\ hl\ [Xi% J` j`dgc\d\ek\ cfj [\[fj [\ cX dXef ef jfe `^lXc\j# ** d`c [fZ\ek\j \e , d`c \jZl\cXj# j\ [X% 8 cf hl\ c\ _\dfj [X[f gi`fi`[X[ \j Xc [`}cf^f p hl\ \c i\Zlijf j\ Xgc`hl\ [\ leX dXe\iX kiXejgXi\ek\% <c 0+ gfi Z`\e$ kf \j jXcXi`f p \c +%, \j gXiX dXek\e`$ d`\ekf% Cf hl\ hl\[X# \j gXiX ZfdgiX [\ `ejldfj% <j dlp i\[lZ`[f \c dXe`fYiXi Zfe \c jlYj`[`f% J`e \dYXi^f# Yl\ef# YljZXdfj hl\ cXj ZfjXj j\ [\e [\ cX d\$ afi dXe\iX p XmXeqXi% FkiX \og\i`\eZ`X# \j hl\ \e cfj m`\i$ e\j \jZfcXi\j# d\ kfZX gcXk`ZXi Zfe cXj \jZl\cXj dlck`^iX[f% 8_ˆ# j\ hl\[X lef gXjdX[f# gfihl\ \e leX \jZl\cX# \c dX\jkif [`Z\1 Ăˆpf `dgXikf ZcXj\ \e hl`e$ kf XÂŒf# \e j\okf XÂŒf p jfp \c [`i\Zkfi% P X[\d}j# \j \c `ek\e[\ek\É% <ekfeZ\j# _Xp le XiiX`^f dlp ]l\ik\ [\ [fZ\ek\% P \jf# X efjfkifj efj fYc`^X X hl\ \j\ [fZ\ek\# ef [\a\ \jX qfeX% <o`jk\ leX gi\jkXZ`Â?e hl\ j\ ccXdX 8iiX`^f p \e cX J\Zi\kXiˆX \jkXdfj Xk\e$ kfj X ZlYi`i \jX gXik\ [\c XiiX`^f X cfj [fZ\ek\j gfihl\ j\ cf k`\e\e dlp Y`\e d\i\Z`[f% <c dX\jkif \jk} XiiX`^X[f \e cX qfeX% 8[\d}j \j dlp [`]ˆZ`c# gXiX \ccfj% Gfi \a\dgcf# _Xp leX Zfdle`[X[ dlp Z\iZX hl\ k`\e\ ./ `ek\^iXek\j% E` j`hl`\iX (''% @dX^ˆe\j\ ljk\[# Zl}ekfj e`ÂŒfj gl\[\e \jkXi \e cX \jZl\cX% <j le`$ ^iX[f# p jlgfe`\e[f hl\ klm`\iX ('

/H KHPRV GDGR SULRULGDG DO GLÂĄORJR \ TXH HO UHFXUVR VH DSOLTXH GH XQD PDQHUD WUDQVSDUHQWH (O SRU FLHQWR HV VDODULR \ HO HV SDUD PDQWHQLPLHQWR /R TXH TXHGD HV SDUD FRPSUD GH LQVXPRVĂš

(O DÂąR SDVDGR SUHVHQWDURQ VROLFLWXG PLO PDHVWURV SDUD OD HYDOXDFLÂłQ 'H HVRV QR SUHVHQWDURQ HO H[DPHQ SHUR MXVWLILFDURQ SRU LQYDOLGH] R LQFDSDFLGDG (VR IXH XQ JUDQ DYDQFHĂš

Xcldefj [\ gi`d\if X j\okf% Gl\j \e cX dXÂŒXeX k`\e\ hl\ kiXYXaXi Zfe \c [fZ\e$ k\ [\ gi`d\if# j\^le[f# k\iZ\if f ZlXikf% K\e\i cX d\ekXc`[X[ gXiX \jkXi Zfe ZX[X e`ÂŒf ef \j ]}Z`c# p j`e \dYXi^f# \jf j\ [X% <c ,- gfi Z`\ekf [\ el\jkiXj \jZl\cXj jfe le`^iX[f p dlck`^iX[f% 3ODQWHD XQ SXQWR LPSRUWDQWH SRUTXH HQ 'XUDQJR KD\ PLO FRPXQLGDGHV GH PHQRV GH KDELWDQWHV \ SDUHFHU­D TXH VH FDPELD OD PHQWDOLGDG GH ORV PDHVWURV SDUD DWHQGHU HVWDV FRPXQL GDGHV SHUR HQ FXHVWLÂłQ GH LQIUDHV WUXFWXUD FÂłPR VLHQWH HO WUDEDMR SDUD TXH FXHQWHQ ORV PDHVWURV FRQ ORV HOH PHQWRV QHFHVDULRV SDUD DFWXDOL]DUVH HQ UHIRUPD" < VHU IXQFLRQDOHV SDUD ORV DOXPQRV WDQWR GH OD ]RQD UXUDO FRPR GH OD ]RQD VLHUUD

<jX gXik\ j` cX k\e\dfj kf[XmˆX [\jm\jk`$ [X# j`\e[f ]iXeZf% G\if cf hl\ cX jlgc\ \j cX Zfem`m\eZ`X [\c dX\jkif% Gfi \jf# ef$ jfkifj m\dfj hl\ _Xp dlZ_fj e`Œfj jf$ Yi\jXc`\ek\j \e \jXj Zfdle`[X[\j# gfi$ hl\ _Xp \jX Zfem`m\eZ`X% P X[\d}j# cfj gX[i\j kXdY`„e j\ `emfclZiXe# _\dfj \j$ kX[f YljZXe[f ]fikXc\Z\i cf hl\ \j gi`$ dXi`X# j\Zle[Xi`X p k\c\YXZ_`cc\iXkf2 [\$ j\Xdfj hl\ j\ ZfeZ\eki\ kf[f \e le jfcf cl^Xi# gXiX Zfe cX k\Zefcf^ˆX Xgifm\Z_Xi [\j[\ cX j`\k\ [\ cX dXŒXeX _XjkX cXj fZ_f [\ cX efZ_\% Cf hl\ m\dfj jfe i\Zlijfj [`jg\ijfj hl\ j\ g`\i[\e% P cf hl\ YljZXdfj \j cf

0 /$*81$ Ăž 0$5=2

18

hl\ ccXdXdfj \jZl\cXj Xc Z\ekif% Gfi \a\dgcf# _Xp leX i\^`�e# le dle`Z`g`f hl\ \e cX ZXY\Z\iX dle`Z`gXc Zl\ekX Zfe [fj \jZl\cXj% P \e leX [`jkXeZ`X [\ d\$ efj [\ - b`c�d\kifj# _Xp , \jZl\cXj le`$ ^iX[f p dlck`^iX[f% <jkXdfj X_fiX# _X$ Z`\e[f le \jkl[`f X m\i j` gf[\dfj cf^iXicf \e \c d\j [\ X^fjkf# [\ hl\ cXj [fj \jZl\cXj [\ cX ZXY\Z\iX ]l\iXe leX% P X d\efj# \jZl\cXj dlck`^iX[f f le`^iX$ [f# ZfeZ\ekiXicXj \e cX ZXY\Z\iX dle`Z`$ gXc% Gfi d\[`f [\ le XlkfY’j hl\ i\ek\ \c dle`Z`g`f# p hl\ mXpX le gX[i\ [\ ]X$ d`c`X p \c Xcldef% EX[`\ j\ mX X [\jg\[`i# gfihl\ \e cX ZXY\Z\iX# k\e[iˆX /' p /'

(175(9,67$

Xcldefj% D}j +' hl\ j\Xe [\ cXj dlck`$ ^iX[f% ?XZ\dfj leX \jZl\cX p _XYi} le [`i\Zkfi p le jlY[`i\Zkfi% Klkfi\j# le \eZXi^X[f [\ cX Y`Yc`fk\ZX% P j\ ]fikXc\Z\ cX `ejkXeZ`X \[lZXk`mX% Gfk\eZ`Xdfj cfj i\Zlijfj _ldXefj hl\ k\e\dfj% P \jkf \e Y\e\]`Z`f [\ kf$ [fj cfj Xcldefj% /RV DYDQFHV SHGDJ³JLFRV VH GDQ FRQ UD SLGH] MXQWR FRQ OD WHFQRORJ­D (Q HVWD UHRUJDQL]DFL³Q TXH VH KDFH GHQWUR GH OD 6HFUHWDU­D TX© WDQWR VH SXHGH QLYHODU OR TXH VXFHGH HQ RWURV SD­VHV HQ PDWH ULD HGXFDWLYD" < DKRUD TXH VH GDQ FDP

ELRV ORV FRPLVLRQDGRV F³PR VH HQ FXHQWUDQ WUDEDMDQGR"

Cf hl\ jˆ c\j gl\[f [\Z`i \j hl\ cfj Zf$ d`j`feX[fj pX \jk}e \e cXj XlcXj% ?fp \e [ˆX# j` _Xp leX g\ijfeX hl\ j\X [`i`^\ek\ g`[\ le g\id`jf p c\ gX^X \c j`e[`ZXkf% Cfj dX\jkifj hl\ \jkXYXe Zfdf Zfd`j`feX[fj j\ _Xe `[f gfZf X gfZf `ek\^iXe[f X cXj XlcXj% P \e \j Y\$ e\]`Z`f [\ cXj \jZl\cXj% 8_fiX Y`\e# \e ZlXekf Xc Xgifm\Z_X$ d`\ekf# XZXYXdfj [\ k\e\i \c gi`d\i \e$ Zl\ekif Zfe ) d`c ,)' dX\jkifj hl\ \j$ klm`\ife \jkl[`Xe[f \c el\mf df[\cf \[lZXk`mf% J\ kiXaf X \og\ikfj gXiX hl\

19

\oglj`\iXe \c el\mf df[\cf \[lZXk`mf% <j\ \j fkif i\kf hl\ \jkXdfj kfdXe[f% Cfj dX\jkifj j\ \jk}e ZXgXZ`kXe[f gXiX hl\ \jkX el\mX \kXgX [\c df[\cf \[lZX$ k`mf j\ Zfd`\eZ\ \e X^fjkf X kiXYXaXi% Le \a\dgcf hl\ d\ gXi\ZˆX `ek\i\jXe$ k\# \j \e gi\\jZfcXi# pX cc\^Xife cfj c`$ Yifj# g\if \e ZX[X leX j\ [\Y\e [\ k\e\i ()' c`Yifj hl\ \c e`Œf k`\e\ hl\ c\\i \e \c gifZ\jf [\ gi\\jZfcXi% Kf[f \jkf efj mX X Xpl[Xi dlZ_f X hl\ \c e`Œf Xgi\e[X X c\\i p j\ `eZc`e\ gfi \c cX[f [\ c\ZkliX \e jl m`[X [`Xi`X# cf ZlXc j\iˆX leX ^iXe m\ekXaX gXiX kf[fj# gi`eZ`gXcd\ek\ gXiX el\jkifj Xcldefj%

0 /$*81$ Þ 0$5=2

9HUWHEUDO

3RU Â QJHO &DUULOOR 5RPHUR

5LJREHUWD DO ILOR GH OD UHVLOLHQFLD (Q HO DSDUDGRU WRGR HO UHFRQRFLPLHQWR WRGDV ODV RSRUWXQLGDGHV LQFOXVR JDUDQWHV DQWH OD OH\ ORV HVSDFLRV WHQGU­DQ TXH HVWDU RFXSDGRV SRU HOODV OH JXVWH D TXLHQ OH JXVWH

C

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

c\^Â? gleklXc X cX Z`kX# \iXe cXj j`\k\ [\ cX dXÂŒXeX ZlXe[f \ekiÂ? Xc \jkl[`f [\ K\c\$ [`Xi`f CX^leX XZfdgXÂŒX[X gfi cX XcZXc$ [\jX [\ C\i[f# DXiˆX Cl`jX >feq}c\q 8Z_\d% CX [fZkfiX I`^fY\ikX D\eZ_Â’ Kld# gi\$ d`f EfY\c [\ cX gXq \e (00) [`ZkXiˆX leX Zfe]\$ i\eZ`X \jX kXi[\ Xek\ dla\i\j cX^le\iXj \e \c dXiZf [\ cX Z\c\YiXZ`Â?e [\ jl [ˆX% Ăˆ9Xa`kXÉ [\ \jkXkliX# XkXm`X[X Zfe le kiXa\ Xl$ kÂ?Zkfef# i\j\imX[X \e jlj Zfd\ekXi`fj g\if }m`[X [\ ZfekXi _`jkfi`Xj# cX jlpX# [\ Xc^f j\im`iˆX Zfd$ gXik`i jlj \og\i`\eZ`Xj \e d\[`f [\ gleklXc\j [\YXk\j jfYi\ cX gXik`Z`gXZ`Â?e [\ cX dla\i \e [`jk`ekfj \jZ\eXi`fj% GfZfj [ˆXj Xek\j p gi\m`f X cX \eki\^X [\ cfj gi\d`fj FjZXi \e :Xc`]fie`X# cX XZki`q D\ipc Jki\\g _XYcÂ? jfYi\ cfj Ăˆk\Z_fj [\ Zi`jkXcÉ# le ]\eÂ?d\ef XZklXc hl\ `dgXZkX X cXj dla\i\j [\c dle[f1 <e \c XgXiX[fi kf[f \c i\ZfefZ`d`\e$ kf# kf[Xj cXj fgfikle`[X[\j# `eZcljf ^XiXek\j Xek\ cX c\p# cfj \jgXZ`fj k\e[iˆXe hl\ \jkXi fZlgX[fj gfi \ccXj# c\ ^ljk\ X hl`\e c\ ^ljk\# g\if \e cX gi}Zk`ZX cX i\dle\iXZ`Â?e ef Zfii\j$ gfe[\ X cf hl\ gf[iˆX ^XeXi le _fdYi\ \e `^lXc$ [X[ [\ Z`iZlejkXeZ`Xj% I`^fY\ikX ef kfdÂ? dlp \e Zl\ekX \jk\ dfm`$ d`\ekf kXe ĂˆjfYX[fÉ \e ?fccpnff[# \j d}j cf kiXej]fidÂ?# _ldXe`qÂ? p ĂˆXk\ii`qÂ?É Zfe gXcXYiXj ccXeXj p j`dgc\j1 Ăˆ8_fiX _Xp d}j dla\i\j Zfe mfq \e cXj Xik\j# \e cXj \dgi\jXj# \e cX gfcˆk`ZX# g\if i\Zl\i[f _XZ\ )' XÂŒfj ZlXe[f Zfd\eqXYXe cfj dfm`d`\ekfj ]\d`e`jkXj \e \c dle[f# cXj ZfjXj ef \iXe j\eZ`ccXj1 CXj YifdXj# cXj _ld`ccXZ`fe\j# cX ]fidX \e cX hl\ cfj _fdYi\j j\ [`i`^ˆXe% 8_f$

0 /$*81$ Ăž 0$5=2

20

iX cXj ZfjXj jfe [`jk`ekXj# _\dfj XmXeqX[f# j`e \dYXi^f# j` ef i\Z`Y`dfj Yl\efj jXcXi`fj# [\ gfZf j\im`i} cX clZ_XÉ% J\^Â’e cX ^lXk\dXck\ZX# cXj dla\i\j k`\e\e fkiX ĂˆcÂ?^`ZXÉ \e cX i\gXik`Z`Â?e [\ Y`\e\j# [\Y\e gi\fZlgXij\ gfi cX ]Xd`c`X# gfi cfj _`afj f gfi ZlXchl`\i g\ijfeX hl\ gl\[Xe Xpl[Xi \e \c ZXd`ef# gfihl\ Xjˆ \j cX iXˆq [\ cXj cXk`efX$ d\i`ZXeXj# dla\i\j [\ ĂˆcX dX[i\ k`\iiXÉ% ;\]`e`k`mXd\ek\ D\eZ_Â’ Kld ef gi\k\e[ˆX _XYcXi [\ cXj dla\i\j [\j[\ cX ki`eZ_\iX [\c gf[\i# \ccX hl`\i\ \ogfe\i cfj Ziˆd\e\j [\ c\jX _ldXe`[X[ hl\ j\ i\^`jkiXe# ef \e cl^Xi\j c\aX$ efj Zfdf \c D\[`f Fi`\ek\ # \jkXj gifYc\d}k`$ ZXj j\ ^\e\iXe Xhlˆ d`jdf# \e cXj qfeXj c`dˆkif$ ]\j [\ D„o`Zf p >lXk\dXcX# \e cX j\cmX# [fe[\ cfj gf[\i\j ]}Zk`Zfj j\ \eZXi^Xife [\ [\jXgXi\Z\i X jl dX[i\ \e (0.0 p X GXkifZ`e`f# jl _\idXef f [fe[\ hl\dXife m`mf X jl M`Z\ek\# jl gXg}% 8c^leXj c}^i`dXj j\ XjfdXife ZlXe[f i\Zfi[Â? ZX[X lef [\ cfj \g`jf[`fj# g\if cXj c}^i`dXj ef \iXe gif[lZkf [\c [fcfi# e` [\c i\eZfi# e` [\ cX `iX# \iXe c}^i`dXj i\j`c`\ek\j# cXj hl\ cf^iX$ ife jlg\iXi cX X[m\ij`[X[ gXiX Zfejkil`i \e cX XZZ`Â?e p \e \c Xdfi% 8_ˆ \jkXYX# \e d\[`f [\ cXj clZ\j p cX k\Zef$ cf^ˆX [\ le \jkl[`f [\ k\c\m`j`Â?e# ZfekiXjkXYX Zfe jl kiXa\ Zfcfi`[f p Zfe leX mfq# Xlehl\ gf$ [\ifjX gfi jl \og\i`\eZ`X# Xg\eXj g\iZ\gk`Yc\ \e [\Z`Y\c\j% I`^fY\ikX D\eZ_Â’ gi`m`c\^`X cX ZfejZ`\eZ`X jfYi\ cX gXik`ZlcXi`[X[# \ccX# X g\jXi [\ cXj Z`iZlejkXeZ`Xj hl\ m`m`Â? \e ZXie\ gifg`X# jlgf XZXccXi jlj gifg`fj Ăˆ[\dfe`fjÉ gXiX c\mXe$ kXi cX ]i\ek\ p jXc`i X clZ_Xi# X YljZXi ]fifj hl\ X cX gfjki\# Zfej`^l`Â?%

(175(9,67$

7LURV GH SUHFLVL³Q SDUD IRPHQWDU HO WXULVPR 9­FWRU +XJR &DVWD¹HGD

<c J\Zi\kXi`f [\ Kli`jdf [\ ;liXe^f# [\kXccX ZÂ?df j\ _X `[f \iiX[`ZXe[f cX m`j`Â?e ĂˆifjXÉ gXiX Xjld`i \jk\ j\Zkfi Zfdf `dglcjfi [\ [\jXiifccf \ZfeÂ?d`Zf

325 *,/%(572 /$675$ *8(55(52

:

fe le d\iZX[f i\^`feXc# ;l$ iXe^f \j le [\jk`ef \d\i^\ek\ hl\ gfZf X gfZf j\ Zfejfc`[X% G\if gi`d\if j\ klmf hl\ ZXd$ Y`Xi cX d\ekXc`[X[ [\ cfj gfcˆk`Zfj p [\ cfj d\[`fj [\ Zfdle`ZXZ`Â?e gXiX hl`kXi$ c\ \c dfk\ ifjX Xc kli`jdf p Zfd\eqXi X Zfejkil`i leX mfZXZ`Â?e% MˆZkfi ?l^f :XjkXÂŒ\[X# j\Zi\kXi`f [\ Kli`jdf \e ;liXe^f# [\j^cfjÂ? [\ dXe\$ iX d`c`d„ki`ZX cX ]fidX [\ ZÂ?df Zfd\e$ qÂ? cX X[d`e`jkiXZ`Â?e p Zfe [`jZ`gc`eX ]l\ [`j`gXe[f cXj [l[Xj hl\ \o`jkˆXe jfYi\ j` \j ]XZk`Yc\ p i\ekXYc\ XgfjkXic\ X cX gif$ dfZ`Â?e% :XdgXÂŒXj p gifp\Zkfj j\ Zfeal$ ^Xe Zfe `em\ij`Â?e gXiX XkiX\i kli`jkXj% :i\Xi ilkXj gXiX ]fd\ekXi cX \jkXeZ`X ;liXe^f p ^\e\iXi [\iiXdX% 0 /$*81$ Ăž 0$5=2

4XŠ WDQ FRPSOLFDGR IXH FDPELDU HO UXPER HQ OD 6HFUHWDU­D GH 7XULVPR" 3RUTXH HQ HO SDVDGR VH SHQVDED P¥V HQ OD HVWDG­VWLFD TXH HQ OD IXQFLRQDOLGDG

Gi`d\if _Xp hl\ k\e\i \c Zfem\eZ`d`\e$ kf [\ cf hl\ j\ hl`\i\ _XZ\i% ?Xp hl\ k\$ e\i \c ZfefZ`d`\ekf [\ cX \ek`[X[ hl\ j\ hl`\i\ gifdfm\i% K\e^f leX m\ekXaX# Zf$ efqZf cfj *0 dle`Z`g`fj [\ ;liXe^f% Cfj _\ i\Zfii`[f `e]`e`[X[ [\ m\Z\j% CX j\^le[X \iX Z�df _XZ\i hl\ cX ZcX$ j\ gfcˆk`ZX p cfj d\[`fj [\ Zfdle`ZXZ`�e mfck\XiXe X m\i Xc kli`jdf% D}j Xcc} [\c ifccf ^cXdfifjf# hl\ \j \c j\o$Xgg\Xc [\ cXj X[d`e`jkiXZ`fe\j% 8ek\j \iX \c Xjlekf [\ D`jj D„o`Zf# D`jj Le`m\ijf% Hl`kXic\ \jXj ZfjXj hl\ ef \j kli`jdf# g\if hl\ Xpl[X j`e [l[X Xc^leX%

22

Cf gi`d\if ]l\ _XZ\i hl\ mfck\XiXe cfj gfcˆk`Zfj Xc kli`jdf Zfdf le ^\e\iX$ [fi [\ [\jXiifccf \ZfeÂ?d`Zf% P le ^\e\$ iX[fi [\ \dgc\f# p ZÂ?df m\e[\i cfj `e$ [`ZX[fi\j [\c kli`jdf% <jkX \j cX gXik\ `dgfikXek\1 kli`jdf j\ g`\ejX \e le k`gf Zfe _lXiXZ_\j p ZX$ Z_lZ_X% P leX dXc\kX% P ef j\ g`\ejX d}j Xcc}1 \e cf hl\ j`^e`]`ZXe cfj `e[`ZX$ [fi\j# cX [\iiXdX \ZfeÂ?d`ZX p cX ^\ek\ hl\ \jk} kiXYXaXe[f \e cX XZk`m`[X[ kliˆj$ k`ZX% ?XYc\dfj [\ le _fk\c% ÂśGfi hl„ \j `dgfikXek\ hl\ le _fk\c \jk„ cc\ef6 CX gifm\\[liˆX \j `dgfikXek\% Kf[f cf hl\ j\ dXe\aX \e kfief X le _fk\c1 \m`[\ek\$ d\ek\ ^\e\iX \dgc\fj% P \jk}e cXj cXmXe$ [\iˆXj Xci\[\[fi [\ \ccf% LeX j\i`\ [\ gifm\\[fi\j% Cf d`jdf \e i\jkXliXek\%

(175(9,67$

7XULVPR VH SLHQVD HQ XQ WLSR FRQ KXDUDFKHV \ FDFKXFKD < XQD PDOHWD < QR VH SLHQVD P¥V DOO¥ HQ OR TXH VLJQLILFDQ ORV LQGLFDGRUHV OD GHUUDPD HFRQ³PLFD \ OD JHQWH TXH HVW¥ WUDEDMDQGR HQ OD DFWLYLGDG WXU­VWLFD

ÂśHl„ j`^e`]`ZX \c kli`jdf6 Hl\ \e cX d\[`[X hl\ k\e^Xdfj dXpfi ZXek`[X[ [\ kli`jkXj# _Xp leX dXpfi [\iiXdX \ZfeÂ?$ d`ZX% KXekf gXiX cfj [l\ÂŒfj Zfdf gXiX \c <jkX[f% C\j _\ [`Z_f hl\# \e )'(. cfj _fk\c\j [\ ki\j# ZlXkif p Z`eZf \jki\ccXj m\e[`\ife **' d`ccfe\j [\ g\jfj% P \jf j\ i\]c\aX \e cf hl\ ]l\ [\gfj`kX[f [\ cf hl\ j\ ZXgkÂ? gfi \c ) gfi Z`\ekf [\c @d$ gl\jkf JfYi\ ?fjg\[Xa\% Ef \j ^cXdfli e` ]i`mfc`[X[% Ef jfe ZfeZlijfj [\ gXjXi\cX% <c kli`jdf jfe ]clafj [\ g\ijfeXj hl\ ^XjkXe \e leX ef$ Z_\ [\ ZlXikf [\ _fk\c f \e le i\jkXliXe$ k\% Hl\ ^XjkXe \e Xik\jXeˆX p \e ZfdgiXi Yfc\kfj gXiX cfj dlj\fj% <e \c GXihl\ K\$ d}k`Zf [\c M`\af F\jk\% P \j\ [`e\if j\ [\iiXdX \e cfj kXo`j%

:`\ikXd\ek\ j\ _XYˆX _\Z_f le \j$ ]l\iqf% G\if ef \e \j\ j\ek`[f% Cf j\^le$ [f \iX mfck\Xi X m\i \c gif[lZkf kliˆjk`Zf [\ ;liXe^f% ÂśHl„ \j cf hl\ m\e[\ ;l$ iXe^f6 <c kli`jdf j\ [\Y\ [\ i\jgfe[\i Zfe ki\j gi\^lekXj1 ÂśGXiX hl„ hl`\if le kli`jkX \e ;liXe^f6 ÂśHl„ c\ mfp X dfj$ kiXi6 ÂśHl„ \j cf hl\ c\ hl`\if m\e[\i6 Gif[lZkf kliˆjk`Zf# Zfe\Zk`m`[X[ p ki\j# cX gifdfZ`Â?e hl\ \e ;liXe^f efj \jk} ]XccXe[f \e k„id`efj eXZ`feXc\j gfi ]Xc$ kX [\ i\Zlijf ]`eXeZ`\if% P \ekfeZ\j kiXYXaXi \e kfief X \jf1 \c gif[lZkf \j ZlckliX# ZlXe[f \e fkifj \j$ kX[fj j\ m\e[\ ZlckliX% <c kli`jdf [\ eX$ kliXc\qX hl\ \j el\jkif ^iXe [`]\i\eZ`X$ [fi% F \c \Zfkli`jdf% Cfj +) Z\ekifj% <jkXdfj gfi `eXl^liXi \c j\^le[f _fk\c

23

Yflk`hl\ \e \c ZfiXq�e [\ cX J`\iiX DX[i\ FZZ`[\ekXc% <jf \j cf hl\ ef _XZ\ [`]\i\e$ k\j1 \c kli`jdf [\ Xm\ekliX% >\e\iXi el\mfj gif[lZkfj% KiXYXaX$ dfj \e cf hl\ \j _XZ\i [\ ;liXe^f le [\jk`ef [\ elgZ`Xj% Gfihl\ fkiXj \ek`[X[\j# \e k„id`efj [\ j\^li`[X[# j` Y`\e ;liXe^f i\^`jkiX [\c`$ kfj [\c ]l\if Zfd’e% Ef _Xp [\c`kfj [\ Xckf `dgXZkf Zfdf jˆ cfj _X k\e`[f cfj m\$ Z`efj# p hl\ _Xe g\i[`[f ]clafj kliˆjk`Zfj p _XjkX ml\cfj# Zfe\Zk`m`[X[ X„i\X% F cX `ej\^li`[X[% <c kli`jdf \j _`g\ij\ej`Yc\ \e k„id`efj [\ j\^li`[X[ f `ej\^li`[X[% P Xc dle`Z`g`f p Xc \jkX[f \c @E<>@ cfj i\]c\aX \e k\iZ\if p ZlXikf d}j j\^lif% <e k„id`efj [\ [\c`kfj [\ Xckf `dgXZkf% Ef _Xp [\c`kfj [\c Zi`d\e fi^Xe`qX[f%

0 /$*81$ Ăž 0$5=2

(175(9,67$ <c i\kf \iX [Xic\ cX ml\ckX X ;liXe^f Zfdf leX Z`l[X[ [\ gXjf# gfihl\ cfj kl$ i`jkXj Xjˆ cf [`Z\e% :lXe[f gi\^lekXdfj1 ĂˆÂś8 hl„ m`e`jk\ X ;liXe^f6 ;\ mXZXZ`Â?e% M`e\ X ZfefZ\i ;liXe^fÉ% <e \c gXjX[f cX i\jgl\jkX \iX1 ĂˆM`e\ X m\i X d` dX[i\# X d`j _`afjÉ% F Ăˆm`e\ \e cf hl\ [\jZXejf \e d` gXjf X DXqXkc}eÉ% CX i\gl\jkX [\c XÂŒf )'(. ]l\1 ĂˆM`e\ X ZfefZ\i ;liXe^f% M`e\ X [\jZXejXiÉ% Jfdfj le [\jk`ef \d\i^\ek\ p k\e\$ dfj hl\ Xgifm\Z_Xi \jk\ g\c[XÂŒf hl\ _\$ dfj jlY`[f% P \j `dgfikXek\ gXiX dˆ% (Q OD UHFRQILJXUDFLÂłQ GHO FRQFHSWR GH WXULVPR QR VRODPHQWH IXH DO LQWH ULRU VLQR WDPELŠQ DO H[WHULRU 4XŠ WDQ FRPSOLFDGR IXH FDPELDU HO OŠ[LFR VREUH 'XUDQJR"

Gfihl\ jfcXd\ek\ j\ \ek`\e[\ \e [\jk`ef \e YXj\ Xc ZfeZ\gkf% Gi`d\if k\e\i gi\j\eZ`X% P m\e[\i gif[lZkf% ;\j[\ hl\ efj `em`kÂ? \c >fY\i$ eX[fi# Afj„ IfjXj 8`jglif Kfii\j# `[\ek`$ ]`ZXdfj# Xlehl\ ef \j \eZfekiXi \c _`cf e\^if# g\if ef j\ _XYˆX kiXYXaX[f1 [\jZl$ Yi`dfj hl„ jfdfj# hl„ _XZ\dfj p hl„ m\e[\dfj% Cf gi`d\if% G\if cf j\^le[f \j ZÂ?df cf m\e[\j1 gl\j Zfe gi\j\eZ`X \e cXj (' Z`l[X[\j \d`jfiXj [\ kli`jkXj X ;liXe^f# j\i d}j \e]}k`Zfj \ `i X m\e[\i ZlckliX1 \c =\jk`mXc I\ml\ckXj# \c I`ZXi$ [f :Xjkif# \c kli`jdf [\ eXkliXc\qX# cX k`\iiX [\c Z`e\# cX k`\iiX [\c d\qZXc# \c m`\af f\jk\% <j `i `[\ek`]`ZXe[f cfj g\hl\ÂŒfj gif$ [lZkfj kliˆjk`Zfj p j\ _XZ\ le kf[f p f]i\$ Z\icf% <e \c d\efi [\ cfj ZXjfj gXiX ki\j g\iefZkXj% CX `[\X \j gXjXi [\ leX efZ_\ [\ g\iefZkX X ki\j% P \jkXdfj X glekf [\ cf^iXicf% :i\Z`dfj \e fZlgXZ`Â?e _fk\c\iX \e k„id`efj [\ _l„jg\[\j f g\ijfeXj _fj$ g\[X[Xj efZ_\j$ZlXkif _fk\c% Gfihl\ j` efj mXdfj Xc gfiZ`\ekf mXdfj X k\e\i le [\Zi\d\ekf gfihl\ _Xp d}j _fk\c\j \e +*- ZlXikfj% <jkX gXik\ \j# \jkXi \e \jXj (' Z`l[X$ [\j \d`jfiXj# gfihl\ ]l`dfj i\`k\iXk`$ mfj% :fdf leX ^fkX jfYi\ cX g`\[iX% <e cX \eZl\jkX [\c XÂŒf gXjX[f \c (0 gfi Z`\ekf [`af _XY\i m\e`[f X cX =\i`X p _XY\ij\ hl\[X[f \e le ZlXikf [\ _fk\c% GXjXdfj [\ (%- [\ g\ijfeXj hl\ m\$ eˆXe jfcXd\ek\ X cX ]\i`X# Xc (0 gfi Z`\e$ kf% <c =\jk`mXc @ek\ieXZ`feXc I\ml\ckXj j`^l\ Zfejfc`[}e[fj\% <c I`ZXi[f :Xjkif hl\ \j [\ dXel]XZkliX [\c 8plekXd`\e$ kf gfi \c @ejk`klkf Dle`Z`gXc [\ 8ik\ p :lckliX# \j [\ le gif[lZkf [\ XckX Zlckl$ iX hl\ _XYiˆX [\ X[\i\qXicf Zfe \m\ekfj [\ Xckf `dgXZkf# dXj`mfj% >\e\iXdfj cX ZXdgXÂŒX ĂˆHl`\if \jkXi X_ÂˆĂ‰# p m\e[`dfj le gif[lZkf% >\e\iX$

dfj le \dYXaX[fi1 Afi^\ M`cX[fdj% P m\e[`dfj \j\ m`[\f \e cXj i\[\j jfZ`Xc\j# \e cfj d\[`fj [\ Zfdle`ZXZ`Â?e% ĂˆHl`\if \jkXi X_ÂˆĂ‰# p _\dfj XmXeqX[f% ;\c ( Xc (' gf[\dfj [\Z`i hl\ \jkXdfj \e \c .%,% Hl\ _Xp hl\ j\^l`ic\ XgfjkXe[f Xc ĂˆHl`\if \jkXi X_ÂˆĂ‰% CX ^lˆX kliˆjk`ZX hl\ ef j\ _XYˆX _\$ Z_f# [\c `em\ekXi`f kliˆjk`Zf \jkXkXc# \c m`[\f `ejk`klZ`feXc p cX Xgc`ZXZ`Â?e% ?X$ YiˆX hl\ X^i\^Xic\# hl\ \jf k`\e\ hl\ m\i Zfe \c Xjlekf gi\jlgl\jkXc# k\e\i d}j gi\j\eZ`X \e d\[`fj eXZ`feXc\j# \jf Xpl[XiˆX dlZ_ˆj`df% G\if [\Z`i Zfe ]iXehl\qX# p hl\ efj d`[Xe# ;liXe^f \j [`jk`ekf% ?Xp hl\ [\$ Z`icf# _Xp le Xgfpf ]`eXeZ`\if [\c >fY\i$ eX[fi [\c <jkX[f gXiX `e]iX\jkilZkliX% ?\dfj j\^l`[f kiXYXaXe[f \e ;liXe^f ZXg`kXc# \e EfdYi\ [\ ;`fj# \e \c i\jZX$ k\ [\c Z\ekif _`jkÂ?i`Zf% <e DXg`dˆ%

0 /$*81$ Ăž 0$5=2

24

J\ Zfd\eqÂ? leX ZXdgXÂŒX XgXi\aX[X \e cX :fdXiZX CX^le\iX X ĂˆHl`\if \jkXi X_ÂˆĂ‰# m\e[`\e[f le gif[lZkf i\^`feXc% @[\ek`]`ZXdfj (- gif[lZkfj kliˆjk`Zfj hl\ \iXe XkiXZk`mfj \e C\i[f# DXg`dˆ p >Â?d\q GXcXZ`f% CXj >ilkXj [\c IfjXi`f# cX QfeX [\c J`c\eZ`f# \c Gl\ek\ [\ Fal\cX% P cfj m\e[`dfj \e leX ^lˆX p \e m`[\f% @eZi\d\ekXdfj cfj ]clafj \e DXg`dˆ# \e C\i[f p d\k`dfj \e cX [`e}d`ZX X cfj Xc$ ZXc[\j% Gfihl\ j` ef _Xp g\iefZkX# cX ^iXe [\iiXdX j\ mX X Kfii\Â?e% J\ Zi\Xi}e *' ZlXikfj [\ _fk\c \e >Â?d\q GXcXZ`f% <c gi`d\if [\ ki\j _fk\$ c\j% Lef \e DXg`dˆ% CX XcZXc[\jX [\ C\i[f# DXiˆX Cl`jX >feq}c\q 8Z_\d i\j$ ZXkX Xc^leXj _XZ`\e[Xj [\ \jk\ dle`Z`$ g`f gXiX _XZ\icXj _fjkXc\j% 4XŠ WDQWR VH KD DSURYHFKDGR OD KLVWR ULD GH 'XUDQJR" (Q &DQDWOÂĄQ VH HQFXHQ

(175(9,67$

(Q ORV KRWHOHV GH WUHV FXDWUR \ FLQFR HVWUHOODV YHQGLHURQ PLOORQHV GH SHVRVÚ

WUD OD SULPHUD KDFLHQGD TXH IXH GH ORV MHVXLVWDV OD SULPHUD HQ 0©[LFR 6H LQ WHQW³ IXVLODU D 0LJXHO +LGDOJR HQ HO 6DQWXDULR GH *XDGDOXSH

<c gi`d\if k`\e\ hl\ m\i Zfe kli`jdf i\$ c`^`fjf p j\ k`\e\ hl\ _XZ\i% <c fkif k`\e\ hl\ m\i Zfe cfj Zfefj [\ cX _`jkfi`X [\ ;liXe^f p cfj ^iXe[\j gi Z\i\j# hl\ gX$ jXife% Ef gf[\dfj fd`k`i X 9\e`kf Al}$ i\q# X D`^l\c ?`[Xc^f p :fjk`ccX% F X =iXeZ`jZf M`ccX 8lehl\ \jkXdfj _XZ`\e[f Xc^f# cfj Zfefj hl\ mXdfj X \ogcfkXi# \e le gi`eZ`g`f# [\jgl j efj fZlgXi\dfj [\ fkifj% ;\ el\jkifj Zfefj# lef \j =iXe$ Z`jZf M`ccX p _Xp hl\ \ogcfkXicf% Fkif \j >lX[Xclg\ M`Zkfi`X p _Xp hl\ jXZXic\ gifm\Z_f% <jf \j `dgfikXek\% <e DXg`d \jklmf \eZXiZ\cX[f D`$ ^l\c ?`[Xc^f p :fjk`ccX% 8_ \jk} cX Z}i$ Z\c% 9\e`kf Al}i\q [\jgXZ_ \e cX gi\j`$

[\eZ`X `k`e\iXek\ ZlXe[f Xe[XYX X jXckf [\ dXkX gfihl\ cfj g\ij\^l X DXo`d`c`X$ ef [\ ?XYjYli^f% G\if kXdY` e \jklmf [\ mXZXZ`fe\j =iXeZ`jZf M`ccX \e leX Xc$ Y\iZX [\ cX qfeX% Cf hl\ j\ k`\e\ hl\ _XZ\i \j ZfealekXi \jkfj ki\j \c\d\ekfj _`jk i`Zfj gXiX m\e$ [\icfj Zfdf gif[lZkfj%

Af_e NXpe\% G\if kXdY` e ;fcfi\j [\c I f# hl\ \j leX [liXe^l\j\ hl\ ki`le]X \e ?fccpnff[# \e \c Z`e\ dfefZifd}k`$ Zf p cl\^f \e \c [\ Zfcfi p j\ Zfem`\ik\ \e leX [\ cX gi`d\iXj dla\i\j hl\ ki`le$ ]X \e ?fccpnff[% <e \jf \jkXdfj# `[\ek`]`ZXe[f \jfj Zfefj p gifdfZ`fe}e[fcfj%

4X© HV OR TXH VXFHGH FRQ &LXGDG GH 0©[LFR TXH KDQ VDELGR H[SORWDU HVRV OXJDUHV TXH WLHQHQ IRUWXLWDPHQWH FRQ FHUFDQ­D HQ HO FHQWUR"

/D KHFKXUD GHO PH]FDO HV PLWDG HVSD ±ROD PLWDG QDWLYD 4X© WDQ FRPSOLFD GR HQ VRFLDOL]DU XQ SURGXFWR TXH HV HQ WHUDPHQWH DUWHVDQDO HQ XQ PHUFDGR GRQGH KD\ HVWDGRV FRQ D±RV GH SRVLFLR QDPLHQWR" < UHVFDWDU HO &DPLQR 5HDO 7LHUUD $GHQWUR HQ 1RPEUH GH 'LRV OD FXQD GHO PH]FDO \ OD SULPHUD SREODFL³Q HQ 'XUDQJR

MXdfj \ogcfkXe[f cfj Zfefj% P ef jfcf cf hl\ k`\e\ hl\ m\i Zfe \c dfm`d`\ekf [\ @e[\g\e[\eZ`X f cX I\mfclZ` e% J`ef Zfe cfj Zfefj ZlckliXc\j# Zfdf ;fcfi\j [\c I f# 8e[i\X GXcdX% Gfihl\ Z`\ikX$ d\ek\ efj _\dfj ^XeX[f \jk\ dfk\ [\ <e ;liXe^f# \c :Xd`ef I\Xc [\ K`\iiX K`\iiX [\c Z`e\% P ef _X j`[f ^iXkl`kf% J`e 8[\ekif eXZ\ \e EfdYi\ [\ ;`fj% <j cX [l[X Xc^leX# leX XgfikXZ` e cX _XZ\ ZleX [\c d\jk`qXa\# X_ j\ [X \c \eZl\e$

25

0 /$*81$ Þ 0$5=2

(175(9,67$ kif \eki\ cfj _XY`kXek\j fi`^`eXi`fj p cfj \jgXÂŒfc\j% P \j [fe[\ j\ f]`Z`X cX gi`d\$ iX d`jX ZXkÂ?c`ZX \e EfdYi\ [\ ;`fj% P \j cX k`\iiX [\c Yl\e d\qZXc% ;`iˆX hl\ cf hl\ [\Y\ [\ _XZ\ij\ \j `e`Z`Xi% K\e\dfj [\efd`eXZ`Â?e [\ fi`$ ^\e p \j le \c\d\ekf hl\ _Xp hl\ \ogcf$ kXi# hl\ _Xp hl\ lk`c`qXi% Jfdfj leX [\ cXj 0 \ek`[X[\j Zfe [\efd`eXZ`Â?e [\ fi`$ ^\e p \jf _Xp hl\ \ogcfkXicf% ÂśP hl„ \j cf hl\ _`Z`dfj6 LeX ZXdgXÂŒX# g\hl\ÂŒX f d\[`XeX% ;\ [\Z`i hl\ _Xp ^iXe[\j \k`$ hl\kXj hl\ \jk}e \e \c d\iZX[f eXZ`feXc \ `ek\ieXZ`feXc% <c d\qZXc m`m\ le dfd\ekf Zfdf \e \c gXjX[f \c k\hl`cX% <iX leX Y\Y`[X [\j$ gi\Z`X[X gfi cX ZcXj\ X[`e\iX[X% <iX [\ cfj kiXYXaX[fi\j [\ cX ZfejkilZZ`Â?e% P X_fiX \jk} \e cXj ^iXe[\j d\jXj [\ cfj ^iXe[\j i\jkXliXek\j% P ;liXe^f \jk} Zf$ cfZXe[f jl gif[lZkf hl\ \j YXjkXek\ Yl\$ ef# hl\ Zfdg`k\ Zfe \c [\ FXoXZX% Hl\ ZfefqZf Y`\e% ?Xp (/ \k`hl\kXj hl\ j\ \jk}e Zfd\i$ Z`Xc`qXe[f% P fkiXj _Xp hl\ Xpl[Xic\j%

9DPRV H[SORWDQGR ORV ­FRQRV < QR VROR OR TXH WLHQH TXH YHU FRQ HO PRYLPLHQWR GH ,QGHSHQGHQFLD R OD 5HYROXFLÂłQ 6LQR FRQ ORV ­FRQRV FXOWXUDOHV FRPR 'RORUHV GHO 5­R $QGUHD 3DOPD Ăš

0 /$*81$ Ăž 0$5=2

26

4XŠ WDQ FRPSOLFDGDV VRQ ODV FRLQYHU VLRQHV HQ FLQH" 3RUTXH HQ JRELHUQRV DQWHULRUHV VH KDEODED GH JUDQGHV SUR GXFFLRQHV SHUR QDGLH KDEODED GH G³Q GH VDO­D HO UHFXUVR SDUD PH]FODUOR

8]fikleX[Xd\ek\ _Xp leX c`jkX `ek\i\$ jXek\ [\ gif[lZkfi\j `ek\i\jX[fj \e if$ [Xi \e ;liXe^f# g\if _Xp leX ZfjX# gfi$ hl\ cfj Z`e\XjkXj m`\e\e Zfe leX gXik\1 le .' l /' gfi Z`\ekf [\c kfkXc [\ gif$ [lZZ`�e% P g`[\e \c Xgfpf f cX Zf`em\i$ j`�e [\c )' gfi Z`\ekf [\c <jkX[f% P X m\Z\j ef \j gfj`Yc\ gfi cX ZXek`[X[% P \j X_ˆ [fe[\ efj XkfiXdfj% Ef \j ]XckX [\ Zi\Xk`m`[X[# \j i\jgfe$ jXY`c`[X[ gfihl\ cX Z`e\dXkf^iX]ˆX \j leX `e[ljki`X% >\e\iX i`hl\qX p [\iiXdX \Zfe�d`ZX% G\if ef j\ gl\[\e ^\e\iXi [\iiXdXj ]`Zk`Z`Xj ZlXe[f \c \jkX[f Zfd$ giX gif[lZZ`fe\j p j\ ZXi^Xe X cX [\l[X g’Yc`ZX% Ef% ?Xp hl\ XZklXi Zfe i\jgfe$ jXY`c`[X[% Kf[fj cfj gif[lZkfi\j hl\ _\$ dfj i\Z`Y`[f# X m\Z\j ef gf[\dfj _XZ\i cX `em\ij`�e [\ cX gXik\ hl\ c\ Zfii\jgfe$ [\# \c <jkX[f _XZ\ XgfikXZ`fe\j \e \jg\$ Z`\1 \e _fjg\[Xa\# \e cfj g\id`jfj# \e kf[f \c Xgfpf ZfcXk\iXc gXiX cX gif[lZ$ Z`�e% KiX\dfj :fcfj`f p c\j \jkXdfj Xpl$ [Xe[f dlp Y`\e% =`cdXi \e :`l[X[ [\ D„o`Zf \j [`]ˆZ`c# ]`cdXi \e ;liXe^f \j ]}Z`c% P Xpl[X \e \jg\Z`\% K\e\dfj hl\ m\i [\ [�e[\ fY$ k\e\dfj cfj i\Zlijfj# g\if Zfe i\jgfe$ jXY`c`[X[ gXiX _XZ\i cX Zfe`em\ij`�e Zfe ]`cdXZ`fe\j [\ dXpfi \em\i^X[liX ]`$ eXeZ`\iX% P \jk}e \e gl\ikX# \jk}e \e [`}$ cf^f Zfe efjfkifj% G\if \j le Xjlekf [\ i\jgfejXY`c`[X[%

(9(172

%HFDV XQD HVWUDWHJLD SDUD UHGXFLU GHVHUFL³Q HVFRODU GXiX \jk`dlcXi cX Zfek`el`[X[ \jZfcXi \e ;liXe^f# j\ `em`\ik\e +, d`ccfe\j [\ g\jfj \e Y\ZXj [\ dXelk\eZ`�e p Xgfpf gXiX kiXejgfik\% J\ gi\k\e[\ X[\d}j hl\ \jkfj i\Zlijfj j\ Xj`^e\e [\ ]fidX fgfikleX gXiX Y\e\]`Z`Xi cX gi\gXiXZ`�e XZX[„d`ZX [\ cfj Xcldefj 325 *$%5,(/$ 9 =48(=

<

e D„o`Zf# cfj X[lckfj Zfe le kˆ$ klcf [\ \[lZXZ`Â?e jlg\i`fi ^X$ eXe \e gifd\[`f d}j [\c [fYc\ hl\ Xhl„ccfj jfcf Zfe \jkl[`fj [\ YXZ_`cc\iXkf# i\m\cX \c \jkl[`f GXefiX$ dX [\ cX \[lZXZ`Â?e )'(.# glYc`ZX[f ZX[X XÂŒf gfi cX Fi^Xe`qXZ`Â?e gXiX cX :ffg\$ iXZ`Â?e p \c ;\jXiifccf <ZfeÂ?d`Zf F:;< % 8[\d}j# cX gfj`Y`c`[X[ [\ fY$ k\e\i le \dgc\f j\ \c\mX \eki\ d}j XÂŒfj [\ \jkl[`fj XZX[„d`Zfj j\ i\Â’eXe# [\ X_ˆ cX li^\eZ`X [\ \jk`dlcXi gif^iXdXj hl\ XkXhl\e cX [\j\iZ`Â?e \jZfcXi% <e ;liXe^f# j\^Â’e \c @ejk`klkf EXZ`f$ eXc [\ <jkX[ˆjk`ZX# >\f^iX]ˆX \ @e]fid}$ k`ZX @E<>@ # \c ^iX[f gifd\[`f [\ \jZf$ cXi`[X[ [\ cX gfYcXZ`Â?e [\ (, XÂŒfj p d}j \j [\ 0%(# cf hl\ \hl`mXc\ X gfZf d}j [\ j\Zle[Xi`X ZfeZcl`[X% <e cX ZlXikX \ek`$ [X[ Zfe dXpfi \ok\ej`Â?e k\ii`kfi`Xc [\ D„o`Zf# [\ ZX[X ('' _XY`kXek\j [\ d}j [\ (, XÂŒfj# -(%- ]`eXc`qXife jl \[lZXZ`Â?e Y}j`ZX g\if cX Z`]iX ZX\ X (/%) ZlXe[f j\ kiXkX [\ cfj hl\ ZfeZclp\ife cX \[lZX$ Z`Â?e d\[`X jlg\i`fi% ;\jgl„j [\ cX j\$ Zle[Xi`X le Xdgc`f ^ilgf [\ aÂ?m\e\j ef cc\^X X Zfek`elXi jlj \jkl[`fj X cXj XlcXj [\ gi\gXiXkfi`X% CX li^\ek\ e\Z\j`[X[ [\ \jk`dlcXi cX g\idXe\eZ`X [\ cfj \jkl[`Xek\j [\j[\ cX \[lZXZ`Â?e `e`Z`Xc _XjkX cX ]fidXZ`Â?e gif$ ]\j`feXc# _X cc\mX[f Xc >fY`\ief [\c <j$ kX[f X \eki\^Xi Y\ZXj X Xcldefj [\ gi`$ dXi`X# j\Zle[Xi`X# YXZ_`cc\iXkf p c`Z\eZ`XkliX% 8 kiXm„j [\ 9\ZXj ĂˆDXelk\eZ`Â?eÉ p Ăˆ8gfpX kl KiXejgfik\É Xcldefj [\ [`]\$ i\ek\j `ejk`klZ`fe\j gÂ’Yc`ZXj [\ <[lZX$ Z`Â?e Jlg\i`fi j\ _Xe m`jkf Y\e\]`Z`X[fj \e \c Z`Zcf \jZfcXi )'(.$)'(/# gfi gXik\ [\c >fY`\ief [\c <jkX[f% CX d}j i\Z`\e$ k\ \eki\^X j`^e`]`ZÂ? leX `em\ij`Â?e jlg\$ i`fi X (, d`ccfe\j ,'' d`c g\jfj% ;liXek\ \c Z`Zcf \jZfcXi j\ Xj`^eXife + d`c '.( 9\ZXj ĂˆDXelk\eZ`Â?eÉ p d`c

(V GH JUDQ L P S R U W D Q F L D PDQWHQHU XQD JHVWLÂłQ FRQV WDQWH SDUD RE WHQHU UHFXUVRV TXH FRQWUDUUHV WHQ OD GHVHU FLÂłQ HVFRODUĂš 5XEŠQ &DOGHUÂłQ /XMÂĄQ 6HFUHWDULR GH (GXFDFLÂłQ

0 /$*81$ Ăž 0$5=2

28

(9(172

(1 '85$1*2 6( (175(*$521 %(&$6 (O *RELHUQR GHO (VWDGR GH 'XUDQJR KD HQWUHJDGR EHFDV D DOXPQRV GH ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV

,)) 9\ZXj Ăˆ8gfpX kl KiXejgfik\É cf hl\ i\gi\j\ekXi} leX `em\ij`Â?e kfkXc Xc ]`eXc [\c Z`Zcf \jZfcXi )'(.$)'(/ [\ +, d`ccf$ e\j [\ g\jfj# Xgifo`dX[Xd\ek\% IlY„e :Xc[\iÂ?e Cla}e# J\Zi\kXi`f [\ <[lZXZ`Â?e [\c <jkX[f [\ ;liXe^f jfj$ k`\e\ hl\ \j [\ ^iXe `dgfikXeZ`X dXe$ k\e\i leX ^\jk`Â?e ZfejkXek\ gXiX fYk\$ e\i i\Zlijfj hl\ ZfekiXii\jk\e cX [\j\iZ`Â?e \jZfcXi% ;liXek\ \c Z`Zcf \[lZXk`mf )'(.$ )'(/# \c XYXe[fef \jZfcXi [liXe^l\ej\ cc\^Xi} \e j\Zle[Xi`X X -%, # j\^Â’e \j$ k`dXZ`fe\j [\ cX JlYj\Zi\kXi`X [\ <mX$ clXZ`Â?e p GcXe\XZ`Â?e [\ cX J<G% 8 e`m\c d\[`X Y}j`ZX# \c `e[`ZX[fi [\ \jkX \ek`[X[ j\ j`klXi} \e (-%- p \e cX \[lZXZ`Â?e jlg\i`fi j\i} [\ ,%) # \j [\$ Z`i# _XYi} leX i\[lZZ`Â?e [\ cX [\j\iZ`Â?e i\jg\Zkf Xc Z`Zcf \jZfcXi gi\m`f \e YXZ_`$ cc\iXkf% Cf hl\ jlZ\[\ \e ;liXe^f \j gXik\ [\ le i\kf eXZ`feXc% ;\ XZl\i[f X cX F:;< leX ^iXe gif$ gfiZ`Â?e [\ X[lckfj [\c gXˆj ef _X ZlijX$ [f cX \[lZXZ`Â?e d\[`X jlg\i`fi% <e )'(-# \c ,* [\ cfj X[lckfj aÂ?m\e\j [\

), X *+ XÂŒfj jÂ?cf ZfekXYX Zfe \[lZX$ Z`Â?e gfi XYXaf [\ cX d\[`X jlg\i`fi# p \c -* [\ g\ijfeXj \eki\ cfj ), p -+ XÂŒfj% <c fkfi^Xd`\ekf [\ Y\ZXj \jZfcXi\j _X j`[f \jkiXk\^`X [\ cX X[d`e`jkiXZ`Â?e \jkXkXc XZklXc# cX Xj`^eXZ`Â?e \]`Z`\ek\ [\ cfj i\Zlijfj# g\if kXdY`„e cX \eki\^X fgfikleX [\ cfj Xgfpfj X ]`e [\ hl\ cfj \jkl[`Xek\j Zl\ek\e Zfe jl Y\ZX \e \c dfd\ekf e\Z\jXi`f p j\X ZX[X m\q d\efi \c eÂ’d\if [\ Xcldefj hl\ gfi ]XckX [\ i\Zlijfj [\Y\e jXc`i [\ cfj jXcfe\j [\ ZcXj\j% <e cX \ek`[X[ kXdY`„e j\ i\ZfefZ\e X cfj \jkl[`Xek\j [\jkXZX[fj [\ e`m\c jlg\i`fi hl\ [\jkXZXe gfi jl [\j\dg\$ ÂŒf XZX[„d`Zf gifm\e`\ek\j [\ le`m\ij`$ [X[\j gÂ’Yc`ZXj p gi`mX[Xj% 9\e\]`Z`Xi`fj Zfdf \c afm\e [liXe$ ^l\ej\ Afj„ DXel\c 9fiaÂ?e :_XZÂ?e# hl`\e gleklXc`qX hl\ cX Xpl[X \ZfeÂ?d`$ ZX \j ]le[Xd\ekXc gXiX hl\ cfj Xcldefj Zfek`eÂ’\e jl gi\gXiXZ`Â?e XZX[„d`ZX# gl\j jÂ?cf Xjˆ Ăˆcfj aÂ?m\e\j k\e[i\dfj le d\afi \dgc\f p d\afi ZXc`[X[ [\ m`[X gXiX el\jkiXj ]Xd`c`XjÉ%

29

PLO %HFDV Ă™0DQXWHQFLÂłQĂš VH DVLJQDURQ HQ HO SUHVHQWH FLFOR HVFRODU 0LO %HFDV Ă™$SR\D WX 7UDQV SRUWHĂš IXHURQ WDPELŠQ DVLJQDGDV HQ 'XUDQJR PLOORQHV GH SHVRV DSUR[LPD GDPHQWH VHUÂĄ OD LQYHUVLÂłQ WRWDO DO ILQDO GHO FLFOR HVFRODU HQ EHFDV Ă™0DQXWHQFLÂłQĂš \ Ă™$SR\D WX 7UDQVSRUWHĂš

0 /$*81$ Ăž 0$5=2

9LGD &RWLGLDQD

3RU /XLV :DOWHU -XยกUH] $UTXLHWD

(O UHYHUVR GH OD PRQHGD 1R FDEH GXGD TXH HO URVWUR GHO HVWDGR GH 'XUDQJR GLR XQ JLUR GH JUDGRV

<

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

c \jkX[f [\ ;liXe^f# [liXek\ mXi`fj Xย fj jl]i`ย \c ]cX^\cf [\ cX m`fc\eZ`X# \iX le g\c`^if Z`iZlcXi gfi jlj ZXii\k\iXj# Xek\ \c k\dfi [\ \eZfekiXij\ Zfe ^ilgfj XidX[fj# d`jdfj hl\ ZfcfZXYXe jlj ร i\k\e\jร gXiX i\m`jXi X cXj g\ijfeXj# gXiX Xgf[\iXij\ [\ jlj g\ik\e\eZ`Xj f gXiX [\jgfaXi [\ jlj m\_ย $ Zlcfj X cfj Zfe[lZkfi\j% <e cX Z`l[X[ [\ ;liXe^f# j\ jljZ`kXYXe ]l\i$ k\j \e]i\ekXd`\ekfj \eki\ ^ilgfj i`mXc\j# ]l\ kXekX cX m`fc\eZ`X [\jXkX[X hl\ gfi le dfd\e$ kf j\ cc\^Xife X \eZfekiXi _XjkX ]fjXj ZcXe[\jk`$ eXj# [\ cXj ZlXc\j pX eX[`\ j\ XZl\i[X f eX[`\ hl`\i\ XZfi[Xij\% <e CX CX^leX [\ ;liXe^f# j\ klm`\ife Xย fj [`]ย Z`c\j# Xย fj \e hl\ cfj Z`l[X[Xefj m`mย Xe Zfe \c k\dfi X j\i mย Zk`dXj [\ cX m`fc\eZ`X# X hl\[Xi \e d\[`f [\c ]l\^f ZilqX[f p \e \c hl\ ef j\ jX$ Yย X hl`ย e\j \iXe cfj Yl\efj p hl`ย e\j cfj dXcfj# pX hl\ cfj ^ilgfj [\c`eZl\eZ`Xc\j ZfgkXife X dl$ Z_fj \c\d\ekfj gfc`Z`XZfj% 8_fiX# mXi`fj Xย fj [\jglย j# kf[f ZXdY`ย # cX ZXg`kXc [\c \jkX[f \j le cl^Xi hl\ `em`kX X j\i m`$ j`kX[X# Zfe jl k\c\]ย i`Zf# jlj dlj\fj p jl gl\Ycf [\c f\jk\# \e [fe[\ cfj i\Zl\i[fj [\ ^iXe[\j XZ$ kfi\j `ek\ieXZ`feXc\j j\ _XZ\e gi\j\ek\j% CX ZXii\k\iX >ย d\q GXcXZ`f$;liXe^f# dl\j$ kiX dlZ_X j\^li`[X[ p \j fZlgX[X gfi d`c\j [\ cX^le\ifj# hl`\e\j ZX[X fZXj`ย e hl\ k`\e\e fgfi$ kle`[X[# cX lk`c`qXe gXiX cc\^Xi Xc gl\ikf [\ DX$ qXkc}e# j`k`f kliย jk`Zf hl\ j\ _X Zfem\ik`[f \e \c ]Xmfi`kf [\ ]Xd`c`Xj [\ Kfii\ย e# >ย d\q GXcXZ`f# C\i[f p [\ fkifj glekfj [\c gXย j% <c Zi\Z`d`\ekf [\ cX \ek`[X[ mX [\ cX dXef Zfe \c kiXYXaf [\ cXj Xlkfi`[X[\j \jkXkXc\j# cXj ZlXc\j j\ _Xe gi\fZlgX[f gi`d\iXd\ek\ gfi dXek\e\i

0 /$*81$ ร 0$5=2

30

cX j\^li`[X[# Xc^f hl\ X e`m\c eXZ`feXc j\ i\Zfef$ Z\# X[\d}j# Zfe le Zi\Z`d`\ekf \Zfeย d`Zf `dgfikXek\# Zfe cX cc\^X[X [\ \dgi\jXj p cX Zi\X$ Z`ย e [\ \dgc\fj% G\if ;liXe^f ef \j jfcXd\ek\ cX ZXg`kXc e` cXj Z`l[X[\j [\ CX CX^leX# kXdY`ย e _Xp gfYcXZ`fe\j \e cXj hl\ cXj ]Xd`c`Xj m`m\e [\c ZXdgf# [\ cX j`\dYiX [\ [`]\i\ek\j j\d`ccXj# j`\e[f leX [\ cXj d}j `dgfikXek\j \c ]i`afc% Ef ZXY\ [l[X hl\ \c ifjkif [\c \jkX[f [\ ;l$ iXe^f [`f le ^`if [\ *-' ^iX[fj# X_fiX j\ m\ \c i\m\ijf [\ Xhl\ccX dfe\[X# [\ Xhl\ccfj Xย fj [\ `eZ\ik`[ldYi\# k\dfi# d`\[f X cX m`fc\eZ`X \oki\$ dX p _X j\i Zfe]le[`[f gfi cfj [\c`eZl\ek\j f gfi cXj d`jdXj ZfigfiXZ`fe\j gfc`Z`XZXj% Cfj aย m\e\j# X_fiX jย j\ gl\[\ [\Z`i hl\ \jk}e [`j]ilkX[f [\ jlj Xย fj dXiXm`ccfjfj# gl\[\e jXc`i X cfj Xekifj# gl\[\e X^XiiXi ZXii\k\iX ildYf X DXqXkc}e p gl\[\e Z`iZlcXi kiXehl`cXd\ek\ gfi cXj efZ_\j# ZlXe[f \e \jfj Xย fj e\^ifj# \iX gi}Z$ k`ZXd\ek\ `dgfj`Yc\ f Y`\e Xc jXc`i [\ gXj\f f [\ ]`\jkX# j\ al^XYX X cX ilc\kX iljX% Ef ZXY\ [l[X hl\ X_fiX cXj ]Xd`c`Xj \e kf[X cX \ek`[X[ m`m\e le XdY`\ek\ [`]\i\ek\# cXj Xlkf$ i`[X[\j kXekf \jkXkXc\j Zfdf dle`Z`gXc\j# gl\$ [\e kiXYXaXi \e Y`\e [\ cfj [liXe^l\ej\j# d`\e$ kiXj hl\ cXj ZfigfiXZ`fe\j gfc`Z`XZXj# X_fiX jย hl\ \jk}e Zldgc`\e[f Zfe jl cXYfi% Cfj \dgi\jXi`fj cfZXc\j# Xjย Zfdf \dgi\jXj eXZ`feXc\j Zfdf `ek\ieXZ`feXc\j# m\e X le ;liXe^f Zfdf [\ fgfikle`[X[\j# Xgfjk}e[fc\ X \jkXj k`\iiXj gXiX `em\ik`i# cf d`jdf \e cX ZXg`kXc [\c \jkX[f# hl\ \e dle`Z`g`fj Zfdf >ย d\q GXcXZ`f f \e C\i[f% Ef ZXY\ [l[X hl\ ;liXe^f \j fkif p \jf j\ gl\[\ fYj\imXi X j`dgc\ m`jkX%

(9(172

3URJUDPDV GH ILQDQFLDPLHQWR XQ WHPD HQ OD DJHQGD HVWDWDO ;\j[\ \c XŒf gXjX[f \c >fY`\ief [\c <jkX[f [\ ;liXe^f fkfi^X d`ZifZi„[`kfj \ `dgc\d\ekX XZZ`fe\j \e Xgfpf X \dgi\jXi`fj p X dla\i\j hl\ YljZXe fgfikle`[X[\j [\ Zi\Z`d`\ekf Zfe cX `[\X [\ XYi`i le e\^fZ`f f XgfjkXic\ X fkif k`gf [\ gifp\Zkfj 325 '$1,(/$ &(59$17(6

;

\j[\ \c XŒf gXjX[f \c >fY`\i$ ef [\c <jkX[f [\ ;liXe^f _X fkfi^X[f d`ZifZi„[`kfj p _X `dgc\d\ekX[f XZZ`fe\j \e Xgfpf X \dgi\jXi`fj p X dla\i\j% CX Xlkfi`[X[ \jkXkXc _X Zfej`[\iX[f \e jl X^\e[X XgfpXi \c kXc\ekf [\ \d$ gi\e[\[fi\j cfZXc\j hl\ YljZXe leX fgfikle`[X[ [\ Zi\Z`d`\ekf# gfi fkif cX[f kXdY`„e j\ `[\� le gif^iXdX \e Y\e\]`Z`f [\ cXj dla\i\j% <e dXpf [\ )'(. d}j [\ ) d`c dla\$ i\j cX^le\iXj ]l\ife Y\e\]`Z`X[Xj Zfe

Zi„[`kfj X cX gXcXYiX% <e jl dfd\ekf# \c ^fY\ieX[fi Afj„ IfjXj 8`jglif gi\Z`j� hl\ ) d`c (*' Y\e\]`Z`Xi`Xj i\Xc`qXife gifp\Zkfj ^ilgXc\j Zfe cfj hl\ gl[`\ife Xdgc`Xi jl d`Zif e\^fZ`f f _XZ\i i\Xc`$ [X[ jl jl\Œf [\ \dgc\Xij\ X jˆ d`jdXj p ZfcXYfiXi \e cX \ZfefdˆX ]Xd`c`Xi# Zfe le i\Zlijf \e \c hl\ \c -' gfi Z`\ekf [\ cfj `ek\i\j\j cfj ZlYi`� \c >fY`\ief <j$ kXkXc p \c +' gfi Z`\ekf cX 9XeZX 8]`id\% Le YXcXeZ\ [\ )'(. \j hl\ )( d`ccf$ e\j [\ g\jfj ]l\ife [\jk`eX[fj X ^ilgfj [\ dla\i\j hl\ j\ Zfe]fidXife \e [`m\i$

0 /$*81$ Ăž 0$5=2

32

jfj dle`Z`g`fj p cfZXc`[X[\j Zfdf ;l$ iXe^f# >�d\q GXcXZ`f# C\i[f# KcX_lXc`cf# El\mf @[\Xc# :XeXkc}e# M`ccX Le`�e# M`$ Z\ek\ >l\ii\if# DXg`dˆ# =iXeZ`jZf @% DX[\if# EXqXi\ef p 9\id\a`ccf% 8[\d}j# \c gXjX[f d\j [\ efm`\dYi\ 8`jglif Kfii\j XeleZ`� cX `dgc\d\ekX$ Z`�e [\ [`m\ijfj gif^iXdXj [\ Xgfpf gXiX cfj \dgi\jXi`fj cfZXc\j# \jkf Zfe le dfekf jlg\i`fi X cfj ((' d`ccfe\j [\ g\$ jfj% KXdY`„e j\ `e]fid� hl\ X kiXm„j [\ leX gcXkX]fidX `ek\ieXZ`feXc [\ e\^f$ Z`fj# j\ cf^i� leX [\iiXdX \Zfe�d`ZX

(9(172

3$5$ (035(1'('25(6

(/ *2%,(512 '(/ (67$'2 2)5(&( $32<2 $/ 7$/(172 /2&$/ /RV PLFRFU©GLWRV VRQ XQD RSFL³Q SDUD TXLHQHV EXVFDQ HQ JUXSR DEULU XQ QHJRFLR R HPSUHQGHU DOJXQD DFWLYLGDG

Z\iZXeX X cfj ,'' d`ccfe\j [\ g\jfj# \e jl gi`d\iX \[`Z` e% Gfi fkif cX[f cX ^\e\iXZ` e [\ \dgc\f \j le ilYif hl\ j\ k`\e\ hl\ kfdXi \e Zl\ekX \e ZlXchl`\i X[d`e`jkiXZ` e# gfi \ccf \j `dgfikXek\ kiXYXaXi gXiX hl\ `e$ m\ij`fe`jkXj \eZl\eki\e \e ;liXe^f# \c cl^Xi `[\Xc gXiX lY`ZXi jlj \dgi\jXj% <e \j\ j\ek`[f \e X^fjkf [\ )'(. j\ `eXl^li leX el\mX \kXgX [\ cX gcXekX ;Xnj @@ \e \c dle`Z`g`f [liXe^l\ej\# EfdYi\ [\ ;`fj# Zfe \ccf j\ [\i`mXife d`c ]l\ek\j [\ \dgc\f%

$FWXDOPHQWH HQ HO VLWLR ZHE RILFLDO GH OD 6HFUH WDU­D GH 'HVDUUROOR (FRQ³PLFR GHO *RELHUQR GH 'XUDQJR VHGHFR GXUDQJR JRE P[ VH DQXQFLDQ ORV SURJUDPDV GH DSR\R GH ILQDQFLDPLHQWR GLV SRQLEOHV D ORV FLXGDGDQRV &©OXODV HPSUHVDULDOHV ILQDQFLDPLHQWRV SRU HO PRQWR GH D PLO SHVRV GH PDQHUD VROLGDULD 3URVRIW (O 3URJUDPD SDUD HO 'HVDUUROOR GH OD ,QGXVWULD GHO 6RIWZDUH GLULJLGR D HPSUH VDV GHO VHFWRU GH 7HFQRORJ­DV GH ,QIRUPDFL³Q 7, \ XVXDULRV *DUDQW­DV 3<0( )LQDQFLDPLHQWRV TXH VH RWRUJDQ D WUDY©V GH OD %DQFD &RPHUFLDO FRQ

33

JDUDQW­D O­TXLGD GHO *RELHUQR GHO (VWDGR GH 'XUDQJR )RQGR 3<0( $SR\R SDUD HO GHVDUUROOR GHO VHFWRU HPSUHVDULDO GHO (VWDGR GH 'XUDQJR GH DFXHUGR D ODV FRQYRFDWRULDV SXEOLFDGDV SRU HO ,QVWLWXWR 1DFLRQDO GHO (PSUHQGHGRU &DSDFLWDFL³Q &RQ HO DSR\R GH HVSHFLDOLVWDV HQ FDGD WHPD VH FDSDFLWD GH PDQHUD IRUPDO D ODV PLS\PHV SDUD TXH GHVDUUROOHQ QXHYDV KDELOLGDGHV TXH SHUPLWDQ HO FUHFLPLHQ WR GH VXV HPSUHVDV 0LFURFU©GLWRV 3U©VWDPRV GH WUHV PLO SHVRV D SDJDU HQ VHPDQDV PHGLDQWH DERQRV GH SHVRV

0 /$*81$ Þ 0$5=2

(9(172

7UDEDMDQ SRU OD VDOXG LQWHJUDO GH QLÂąDV \ QLÂąRV <c >fY`\ief [\c <jkX[f [\ ;liXe^f _X Xgc`ZX[f [`m\ijfj gif^iXdXj hl\ Xpl[Xe X [\k\ZkXi fgfikleXd\ek\ cX fY\j`[X[ `e]Xek`c# [\jelki`Z`Â?e# X^l[\qX m`jlXc# Xl[`k`mX p gifYc\dXj [\ekXc\j% 8[\d}j j\ kiXYXaX \e cX `e]iX\jkilZkliX p \hl`gXd`\ekf [\ cfj _fjg`kXc\j 325 '$1,(/$ &(59$17(6

<

c >fY`\ief [\c <jkX[f [\ ;liXe$ ^f _X Xgc`ZX[f [`m\ijfj gif^iX$ dXj hl\ Xpl[Xe X [\k\ZkXi fgfikleXd\ek\ cX fY\j`[X[ `e$ ]Xek`c# [\jelki`Z`Â?e# X^l[\qX m`jlXc# Xl$ [`k`mX p gifYc\dXj [\ekXc\j% 8 gi`eZ`g`fj [\c gi\j\ek\ XÂŒf j\ Xele$ Z`Â? hl\ ^iXZ`Xj Xc Gif^iXdX [\ JXcl[ @e$ k\^iXc gXiX E`ÂŒXj p E`ÂŒfj hl\ j\ i\Xc`qX gfi gXik\ [\c >fY`\ief [\c <jkX[f# j\ cf^iXife Xk\e[\i /) d`c `e]Xek\j [\ j\`j dle`Z`g`fj% KXdY`„e j\ ZfdgXik`Â? hl\ ]l\ gfj`Yc\ Y\e\]`Z`Xi X )* d`c +,) g\$ hl\ÂŒfj hl\ i\hl\iˆXe lefj c\ek\j% ;liXek\ ]\Yi\if j\ `e]fidÂ? hl\ \c gif^iXdX hl\ \dgi\e[`Â? \c ^fY\ieX[fi# Afj„ IfjXj 8`jglif Kfii\j [\j[\ \c XÂŒf gXjX[f# _X Xk\e[`[f X d}j [\ ('- d`c ,0* Xcldefj [\ e`m\c Y}j`Zf [\ \[lZXZ`Â?e# cc\^Xe[f ZXj` X cX d`kX[ [\ cX d\kX hl\ \j )(. d`c \e kf[f \c \jkX[f# Zfdf leX [\ cXj gi`eZ`gXc\j XZZ`fe\j `dgc\d\ekX$ [Xj X ]Xmfi [\ cX e`ÂŒ\q% <jk\ \jhl\dX \jk} cc\^Xe[f pX X cfj [`]\i\ek\j dle`Z`g`fj# Zfdf \j \c ZXjf d}j i\Z`\ek\ [\c XiiXehl\ \e C\i[f# [fe$ [\ d}j [\ (, d`c e`ÂŒfj i\Z`Y`i}e Xk\e$ Z`Â?e \jg\Z`Xc`qX[X Xjˆ Zfdf d}j [\ , d`c `e]Xek\j \e JXek`X^f GXgXjhl`Xif% Kf[fj cfj \jZfcXi\j [\ gi`dXi`X i\Z`Y`i}e \jkfj j\im`Z`fj [\ ZXc`[X[ gfi d\[`f [\ \o}d\e\j [\ m`jkX# hlˆd`ZX jXe^lˆe\X# d\[`Z`Â?e [\ g\jf# kXccX# Xjˆ d`jdf i\m`j`Â?e YlZXc% >iXZ`Xj X cfj Xe}c`j`j hl\ j\ i\Xc`qXe# gXiX \c j\^le[f d\j [\c gi\j\ek\ XÂŒf j\ _XYˆXe [\k\ZkX[f p j\ c\j [`f j\^l`d`\e$ kf fgfiklef X j\`j e`ÂŒfj Zfe [`XY\k\j p ki\j Zfe C\lZ\d`X% Ăˆ;\j[\ \c dfd\ekf \e hl\ ZlXchl`\i e`ÂŒf f e`ÂŒX k\e^X le gifYc\dX [\ jXcl[# \j le e`ÂŒf el\jkif# Xhlˆ cf gifk\^\dfj# c\ [Xdfj kf[f \c kiXkXd`\ekf p cX d\[`$ Z`eXjÉ# \ogc`ZÂ? cX gi\j`[\ekX [\c ;@= <j$ kXkXc# <cm`iX 9XiiXek\j [\ 8`jglif%

1,‘26 < 1,‘$6 +$1 6,'2 %(1(),&,$'26 &21 /26 32*5$0$6 '( 6$/8' 6H HQWUHJDURQ PLO OHQWHV D ORV SHTXH¹RV TXH VH OHV GHWHFW³ DOJºQ SUREOHPD HQ VX YLVWD

0 /$*81$ Ăž 0$5=2

34

(9(172

$&&,21(6 ,03/(0(17$'$6 $ )$925 '( /$ 1,ย (= &DGD YH] PยกV PXQLFLSLRV VRQ SDUWH GHO SURJUDPD HVWDWDO TXH WLHQH FRPR SULQFLSDO REMHWLYR EHQHILFLDU OD VDOXG GH WRGRV ORV GXUDQJXHQVHV

2%5$6 < (48,3$0,(172 3$5$ /$ 6$/8'

<c ]fikXc\Z`d`\ekf [\ `e]iX\jkilZkliX p cX `eefmXZ`ย e \e \hl`gXd`\ekf [\ cXj `ej$ k`klZ`fe\j [\ jXcl[ \e \c <jkX[f j`^l\e j`\e[f leX gi`fi`[X[ gXiX cX Xlkfi`[X[ \e klief gl\j XgXik\ [\ cfj gif^iXdXj \e Y\e\]`Z`fj [\ cX gfYcXZ`ย e# \e gfZf k`\dgf j\ i\XZk`mXi} cX ZfejkilZZ`ย e [\ cX Le`[X[ [\ JXcl[ D\ekXc [\c @e]Xek\ p \c 8[fc\jZ\ek\ \e \c ?fjg`kXc [\ JXcl[ D\ekXc ;i% D`^l\c MXcc\Yl\ef% KXdY`ย e# cfj ]lklifj \e]\id\ifj p fYjk\kiXj [liXe^l\ej\j# ZfekXi}e Zfe le \jgXZ`f [`^ef p df[\ief gXiX X[hl`$ i`i kf[fj cfj ZfefZ`d`\ekfj [\ jl \jg\$ Z`Xc`[X[ \e \c el\mf \[`]`Z`f [\ cX =XZlc$ kX[ [\ <e]\id\iย X p FYjk\ki`Z`X [\ cX LA<; ZXdglj ร JXcl[ร # \c ZlXc cc\mX pX# le XmXeZ\ Zfej`[\iXYc\% 8 cX gXi [\ \jkX \[`]`ZXZ`ย e hl\ j\ gi\mย j\ ZfeZclpX ]ย j`ZXd\ek\ gXiX \c *' [\ dXpf [\c Xย f \e Zlijf # j\ \a\iZ\i}e (* d`ccfe\j *-, d`c g\jfj gXiX cXj fYiXj [\ ZXY\Z\iX Zfdf cX `ek\iZfe\o`ย e _`[i}lc`ZX# `ek\iZfe\o`ย e jXe`kXi`X# jl$ d`e`jkif [\ \e\i^ย X \cย Zki`ZX p m`Xc`[X[% 8[\d}j \eki\ cXj \[`]`ZXZ`fe\j hl\ m\e[i}e X d\afiXi cX Xk\eZ`ย e p ZfY\ikl$ iX [\ cfj j\im`Z`fj gXiX kf[Xj cXj ]Xd`c`Xj [liXe^l\ej\j# j\ \eZl\ekiX \c :\ekif I\^`feXc [\ ;\jXiifccf @e]Xek`c :<I<$ ;@ # \c ZlXc Xk`\e[\ X e`ย fj p e`ย Xj d\$ efi\j [\ , Xย fj gXiX Zfeki`Yl`i Zfe jl [\jXiifccf# [\Y`[f X hl\ \j Zfej`[\iX[f Zfdf \c d}j Zfdgc\kf p \hl`gX[f [\ cfj ), hl\ _Xp [\ jl k`gf \e \c gXย j%

0ย 6 352*5$0$6 $ %(1(),&,2 '( /$ 6$/8' '( 72'26 &RQ SURJUDPDV HVSHFยญILFRV SDUD JDUDQWL]DU OD VDOXG GH OD QLยฑH] DGXOWRV PD\RUHV \ OD SREOD FLยณQ HQ JHQHUDO GHO (VWDGR FRPR 0ยฉGLFR HQ 7X &DVD HO 3URJUDPD GH 6DOXG ,QWHJUDO \ FDPSDยฑDV GH YDFXQDFLยณQ VXPDQ PยกV GH PLO GXUDQJXHQVHV EHQHILFLDGRV DGHPยกV GH TXH UHFLELUยกQ PHMRUHV VHUYLFLRV GH VDOXG FRQ HO ,QWHUFDPELR GH 6HUYLFLRV FRQ LQVWLWX FLRQHV GHO UDPR TXH VH UHDOL]DUยก D SDUWLU GH OD

35

ILUPD GH FRQYHQLR SDUD 8QLILFDU ORV 6HUYLFLRV GH 6DOXG HQ 'XUDQJR (O ',) (VWDWDO WDPELยฉQ FRQWULEX\H D OD VDOXG GH ORV GXUDQJXHQVHV FRQ HO SURJUDPD &LUXJยญD ([WUDPXURV TXH WLHQH FRPR REMHWLYR RIUHFHU LQWHUYHQFLRQHV TXLUยบUJLFDV D SHUVRQDV GH HV FDVRV UHFXUVRV D OD IHFKD YDQ SDFLHQWHV EHQHILFLDGRV FRQ OD SULPHUD FDPSDยฑD GH FL UXJยญD GH HVWUDELVPR

0 /$*81$ ร 0$5=2

(175(9,67$

Ă™'XUDQJR HV XQD FLXGDG FRQ PXFKR SRWHQFLDOĂš -DLPH 0LMDUHV SUHVLGHQWH GHO &HQWUR &RRUGLQDGRU (PSUHVDULDO <c \dgi\jXi`f jfjk`\e\ hl\ gXiX gfk\eZ`Xi \c [\jXiifccf [\ ;liXe^f \j e\Z\jXi`f YljZXi jfZ`\[X[\j Zfe \dgi\jXj eXZ`feXc\j p \okiXea\iXj# g\if i\ZfefZ\ hl\ ef _Xp hl\ [\aXi cX kXi\X jfcXd\ek\ Xc ^fY`\ief gl\jkf hl\ \c Zi\Z`d`\ekf [\ cX \ek`[X[ \j le Xjlekf [\ kf[fj 325 6,/9,$ $<$/$ )2726 6,/9,$ $<$/$

<

c \dgi\jXi`f AX`d\ D`aXi\j JX$ cld [\ZcXiX jl `clj`Â?e [\ m\i X ;liXe^f Zi\Z\i p [\jXiifccXij\ Xc `^lXc hl\ fkiXj Z`l[X[\j Zfdf Kfii\Â?e# JXe Cl`j Gfkfjˆ f 8^lXjZXc`\e$ k\j% D`\ekiXj hl\ cX dXpfiˆX [\ jlj Zfd$ gXÂŒ\ifj [\ ^\e\iXZ`Â?e jXc`\ife [\ ;l$ iXe^f ZXg`kXc \e YljZX [\ d\afi\j fgfikle`[X[\j# \c cˆ[\i [\c :\ekif :ffi$ [`eX[fi <dgi\jXi`Xc i\^i\jÂ? gXiX `em\i$ k`i p _XZ\i Zi\Z\i X jl k`\iiX% K`\e\ ZcXif hl\ gXiX hl\ cX ZXg`kXc p \c i\jkf [\c \jkX[f [\jg\^l\e _XZ\ ]XckX dlZ_f gfi _XZ\i# Zfdf cX jldX [\ \j$ ]l\iqfj \eki\ j\Zkfi gi`mX[f p fi^Xe`j$ dfj [\ ^fY`\ief% <e]Xk`qX \e cX e\Z\j`$ [X[ [\ `em\ik`i gXiX ]fikXc\Z\i cX `e]iX\jkilZkliX [\ cX \ek`[X[% &ÂłPR VH HQFXHQWUD HQ HVWH PRPHQWR HO VHFWRU HPSUHVDULDO GH 'XUDQJR"

;\jgl„j [\ leX ZfplekliX \dgi\jXi`Xc `dgfikXek\# \jkXdfj d}j le`[fj \e k„i$ d`efj [\ Zffi[`eXZ`�e# gXiX gf[\i cf^iXi _XZ\i \hl`gf \eki\ cfj [`]\i\ek\j fi^Xe`j$ dfj# gXiX `e]cl`i \e cXj [\Z`j`fe\j [\ cfj [`]\i\ek\j fi[\e\j [\ ^fY`\ief% ?XZ\ k`\dgf hl\ ef j\ [XYX \jk\ kiXYXaf [\ [\$ ]\ejX X cX c`Yi\ \dgi\jX# [\ `dglcjXi cX ^\e\iXZ`�e [\ \dgc\fj# Zfe]`XeqX \e cfj `em\ij`fe`jkXj p cXj \o`^\eZ`Xj hl\ _XZ\$ dfj Xc ^fY`\ief gXiX gifmfZXi \j\ Yl\e dXe\af [\c ^fY`\ief p kiXejgXi\eZ`X% <j$ kXdfj ]l\ik\j p le`[fj# j`e \dYXi^f efj _XZ\ ]XckX YljZXi jfZ`\[X[\j Zfe \dgi\$ jXj eXZ`feXc\j p \okiXea\iXj hl\ gl\[Xe gfk\eZ`Xi \c [\jXiifccf [\ ;liXe^f# ef _Xp hl\ [\aXi cX kXi\X Xc ^fY`\ief# gfihl\ kXdY`„e \j el\jkiX kXi\X% +D\ DSR\RV SDUD OD DSHUWXUD GH QXH YRV QHJRFLRV"

CX m\i[X[ \j hl\ \e \jk\ dfd\ekf# _X \jkX[f Zfdgifd\k`[X cX i\cXZ`Â?e [\ cfj 0 /$*81$ Ăž 0$5=2

\dgi\jXi`fj Zfe \c dle`Z`g`f# X_ˆ \j cX i\cXZ`�e d}j Z\iZXeX [\ leX \dgi\jX gfihl\ \j [fe[\ \jk}e cX dXpfiˆX [\ cfj ki}d`k\j% J\ \jkXYc\Z`\ife# XZl\i[fj p ^\jk`fe\j gXiX hl\ _XpX `eZ\ek`mfj \Zf$ e�d`Zfj \e ]leZ`�e [\ cfj dfekfj `em\i$ k`[fj p ^\e\iXZ`�e [\ \dgc\fj# j`e \d$ YXi^f jfcf jXc`� [\ dXe\iX k\dgfiXc# g\if \j e\Z\jXi`f hl\ \o`jkXe \jfj `eZ\e$ k`mfj [\ ]fidX g\idXe\ek\ gXiX hl\ j\ gif[lqZX leX `em\ij`�e p cX ^\e\iXZ`�e [\ \dgc\fj% Hl\ cfj gifg`\kXi`fj [\ Xc$ ^’e e\^fZ`f c\ Xgl\jk\e X j\^l`i `em`i$ k`\e[f \e ;liXe^f% <e cf \jkXkXc# _Xp \o\eZ`�e [\ `dgl\j$ kfj jfYi\ e�d`eX gfi Z`\ikf g\i`f[f# j`e \dYXi^f _Xp le \j]l\iqf [\ cX `e`Z`Xk`mX gi`mX[X p j\Zkfi g’Yc`Zf [\ gf[\i j\i ^\$ e\iX[fi\j f XkiX\i \dgi\jXj ^iXe[\j hl\ [\kfe\e \c [\jXiifccf% CXj gfj`Y`c`[X[\j hl\ \o`jk\e j\ i\]`\i\e X cXj ]XZ`c`[X[\j hl\ gl\[Xe Yi`e[Xi \e cfj ki}d`k\j \ `e$ Zclj`m\ [Xic\j gcXqfj [\ gX^fj \e k\ii\$ efj# `dglcjXe[f \c :\ekif Cf^ˆjk`Zf \ @e[ljki`Xc [\ ;liXe^f gfihl\ \j e\Z\jX$ i`f hl\ \j\ \jgXZ`f j\ [\kfe\%

36

3RU TXŠ QR VH KD ORJUDGR XQ GHVDUUROOR HFRQ³PLFR TXH SRWHQFLH D OD HQWLGDG"

Gi`d\if# jfdfj leX gfYcXZ`�e i\[lZ`[X p \e ]leZ`�e [\ \ccf# \j el\jkiX ZXgXZ`$ [X[ [\ ^\e\iXi# [\ gif[lZ`i# [\ dXef [\ fYiX% J\^le[f# cX Zfe\o`�e hl\ X_fiX j\ _X m\e`[f ]fikXc\Z`\e[f# kXekf k\ii\jki\ p X„i\X# \j c`d`kX[X% CX k\ii\jki\ _X [X[f le jXckf `dgfikXek\ \e k„id`efj kliˆjk`$ Zfj# [\ e\^fZ`fj# jˆ _X m\e`[f X `eZi\$ d\ekXi \c ]claf \Zfe�d`Zf \e ;liXe^f# g\if [\jX]fikleX[Xd\ek\ cXj Zfdgc`ZX$ Z`fe\j hl\ _X k\e`[f \jkX ZXii\k\iX# cX ^iXe `em\ij`�e hl\ j\ i\hl`\i\ gXiX dXe$ k\e\icX \e Yl\eXj Zfe[`Z`fe\j ef _X [X[f \c i\jlckX[f [\j\X[f% P jfYi\ kf[f# hl\ \c gl\ikf [\ DXqXkc}e# Xlehl\ \j le [\jk`ef kliˆjk`Zf `dgfikXek\# X’e ef cf \j \e cX gXik\ \Zf$ e�d`ZX gXiX Zfem\ik`ij\ \e le [\j$ k`ef d}j [\ \ekiX[X [\c Zfd\iZ`f Xj`}k`$ Zf _XZ`X D„o`Zf p <jkX[fj Le`[fj p hl\ ;liXe^f gl\[X Xgifm\Z_Xi \jX ]fikXc\qX gfi jl lY`ZXZ`�e ^\f^i}]`ZX kXe `dgfikXek\%

(175(9,67$

(Q HVWH JRELHUQR KHPRV HQFRQWUDGR OD IDFLOLGDG GH TXH OD VRFLHGDG SXHGD DSRUWDU LGHDV FRQRFLPLHQWRÚ

37

0 /$*81$ Þ 0$5=2

(9(172

&RPSURPLVR GH UHVSHWR D ORV GHUHFKRV KXPDQRV ;liXek\ cX \eki\^X [\c Gi\d`f <jkXkXc [\ ;\i\Z_fj ?ldXefj fkfi^X[f gfi cX :<;?# \c ^fY\ieX[fi Afj„ IfjXj 8`jglif Kfii\j Xj\^li� hl\ j\ Zfek`elXi} kiXYXaXe[f gXiX cX `dgXik`Z`�e [\ cX aljk`Z`X \e Y\e\]`Z`f [\ cfj [liXe^l\ej\j 325 &/$8',$ /8‰9$12

;

liXek\ cX \eki\^X [\c Gi\d`f <j$ kXkXc [\ ;\i\Z_fj ?ldXefj# hl\ ZfemfZX cX :fd`j`Â?e <jkXkXc [\ ;\i\Z_fj ?ldXefj :<;? # \c ^fY\ieX[fi [\c \jkX[f# Afj„ IfjXj 8`jglif Kfii\j# i\jXckÂ? hl\ j\^l`i} kiXYXaXe[f gXiX ^XiXek`qXi cfj [\i\Z_fj [\ cfj [liXe^l\ej\j% I\`k\iÂ? jl Zfdgifd`jf [\ gifk\^\i p jXc$ mX^lXi[Xi cfj [\i\Z_fj# hl\ jfe ]le[Xd\e$ kXc\j gXiX \c [\jXiifccf [\ cX Z`l[X[XeˆX% <c dXe[XkXi`f i\ZfefZ`Â? cX cXYfi [\c :\ekif [\ 8pl[X J\im`Z`f p 8gfpf [\ ;liXe^f 8jfZ`X$ Z`Â?e :`m`c :8J8 hl\ i\Z`Y`Â? \c Gi\d`f <j$ kXkXc [\ cfj ;\i\Z_fj ?ldXefj p [\ kf[Xj cXj fi^Xe`qXZ`fe\j [\ cX jfZ`\[X[ Z`m`c hl\ _X$ Z\e gfj`Yc\ hl\ \e ;liXe^f j\ gl\[X j\^l`i XmXeqXe[f \e cX clZ_X gfi \c i\jg\kf gc\ef [\ cfj [\i\Z_fj _ldXefj% ;\jkXZÂ? hl\ \c <jkX[f \j Zfii\jgfejXYc\ \e [Xi ^XiXekˆX X cfj Z`l[X[Xefj \e \c k\dX [\ jlj [\i\Z_fj# gXiX hl\ kf[fj cfj [liXe$ ^l\ej\j gl\[Xe m`m`i \e Zfe[`Z`fe\j [`^eXj% Ăˆ<c <jkX[f D\o`ZXef _X i\ZfefZ`[f hl\ cX [\]\ejX [\ cX [`^e`[X[ _ldXeX ef jfcf [\Y\ ^XiXek`qXij\ X kiXm„j [\ cX gifk\ZZ`Â?e [\ cfj [\i\Z_fj hl\ efj `[\ek`]`ZXe Zfdf g\ijfeXj# j`ef hl\ [\Y\ [Xij\ \c i\jg\kf gc\$ ef X cX [`^e`[X[ `e[`m`[lXcÉ# XYle[Â?%

5(&212&,0,(172 0DUFR $OHMDQGUR 5­RV %XVWDPDQWH HVWXGLDQWH GH OD 8QLYHUVLGDG $XWÂłQRPD (VSDÂąD GH 'XUDQJR JDQÂł HO SUHPLR GHO FRQFXUVR Ă™(QVD\R HQ PDWHULD GH 'HUHFKRV +XPDQRVĂš 0LHQWUDV TXH /D )DFXOWDG GH 3VLFRORJ­D \ 7HUDSLD GH OD &RPXQLFDFLÂłQ +XPDQD GH OD 8-(' IXH UHFRQRFLGD FRQ HO 3UHPLR (VWDWDO GH ,QFOXVLÂłQ $FFHVLELOLGDG

9(5“1,&$ ,1‰6 58$&+2 720$ 3527(67$ &202 &20,6,21$'$

I\Z`\ek\d\ek\ hl\[� `ejkXliX[X cX AlekX [\ >fY`\ief [\ cX :fd`j`�e <a\Zlk`mX <jkX$ kXc [\ 8k\eZ`�e X MˆZk`dXj# gXiX cf ZlXc kfd� gifk\jkX M\i�e`ZX @e„j IlXZ_f <jkiX[X# hl`\e ]le^`i} Zfdf :fd`j`feX[X <a\Zlk`mX% CX :fd`j`�e m`\e\ X Zldgc`i Zfe \c [\Zi\kf **/# ]l\ glYc`ZX[f \c gXjX[f )/ [\ [`Z`\dYi\# \e [fe[\ cX C\p [\ MˆZk`dXj \j$ kXYc\Z\ cX Zi\XZ`�e [\ \j\ fi^Xe`jdf hl\ [\Y\ j\i g’Yc`Zf [\jZ\ekiXc`qX[f Zfe g\ijf$ eXc`[X[ aliˆ[`ZX p gXki`dfe`f gifg`fj2 Zfe XlkfefdˆX k„Ze`ZX p [\ ^\jk`�e# ZfekXi} Zfe i\Zlijfj hl\ c\ Xj`^e\ \c Gi\jlgl\jkf [\ <^i\jfj [\c <jkX[f2 j\Zkfi`qX[f X cX J\Zi\kX$ iˆX >\e\iXc [\ >fY`\ief%

720$ 3527(67$ 9(521,&$ ,1‰6 58$&+2 6HUÂĄ &RPLVLRQDGD (MHFXWLYD (VWDWDO GH $WHQFLÂłQ D 9­FWLPDV

0 /$*81$ Ăž 0$5=2

40

J\ \eZXi^Xi} [\ [Xi cX Xj\jfiˆX p \c XZfd$ gXÂŒXd`\ekf c\^Xc X kf[Xj Xhl\ccXj g\ijfeXj mˆZk`dXj [\ [\c`kf# j`e `dgfikXi \c [\c`kf% <c ^fY\ieX[fi [\ ;liXe^f# Afj„ IfjXj 8`jglif d\eZ`feÂ? hl\1 ĂˆEf [l[f hl\ Zfdf kf[Xj cXj c\p\j# „jkX j\ gl\[X j\^l`i g\i$ ]\ZZ`feXe[f# g\if _fp k\e\dfj le `ejkil$ d\ekf hl\ \e jl Xgc`ZXZ`Â?e dXiZXi} leX [`$ ]\i\eZ`X ]XmfiXYc\ p kfkXc \e dXk\i`X [\ [\$ i\Z_fj X cXj mˆZk`dXjÉ% I\Zfi[Â? cX kiXej`Z`Â?e [\ cX C\p \e ZlXekf X cX gifk\ZZ`Â?e [\ cXj ^XiXekˆXj `e[`m`[lXc\j X cX [\ cfj [\i\Z_fj _ldXefj# p [`af hl\ \e \jk\ ^fY`\ief _Xp mfclekX[ gXiX _XZ\i cXj Zf$ jXj Y`\e p j\ kfdXe dlp \e j\i`f \jkX [\]\e$ jX% 8^i\^Â?1 Ăˆefj Zfii\jgfe[\ cX Xidfe`qX$ Z`Â?e c\^Xc gXiX hl\ j\ \og`[Xe cXj efidXj hl\ ^XiXek`Z\e X cXj mˆZk`dXj i\jg\kf X cfj [\i\Z_fj _ldXefj# Xj`jk\eZ`X p aljk`Z`X%

3RU OR WDQWR

3RU /XLV 3HWHUVHQ )DUDK

+DEUÂĄ GHFDSLWDGHUR GH LQGHSHQGLHQWHV" (O ,1( KD KDOODGR HQWUH RWUDV FRVDV ILUPDV IDOVDV \ UHJLVWURV FRQ OD IRWR GH WDUMHWD GH WLHQGD GHSDUWDPHQWDO R GH IDUPDFLD HQ OXJDU GH OD FUHGHQFLDO SDUD YRWDU

;

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

\ kf[f _Xp \e cX m`ÂŒX [\c J\ÂŒfi p [\ kf[f _XYi} \e \c \ok\ejf p [`m\ijf ^ilgf [\ Xjg`iXek\j `e[\g\e[`\ek\j \e \c gXˆj \ek\if% ;\ \ekiX[X# cX \og\i`\eZ`X [\c @E< \jk\ XÂŒf \c\ZkfiXc _X [\dfjkiX[f hl\ j\i `e[\g\e[`\e k\ ef e\Z\jXi`Xd\ek\ j`^e`]`ZX j\i d}j Xg\^X[f X cX c\^Xc`[X[% CX Xgc`ZXZ`Â?e gXiX cXj ]`idXj j\ Zfem`ik`Â? \e le Z„c\Yi\ gifkX^fe`jkX [\ cX gi`d\iX \kXgX [\c g\iˆf[f% =l\ le dfk`mf gXiX cc\eXi \c YlqÂ?e [\ hl\aXj ZfekiX cX Xlkfi`[X[ \c\ZkfiXc# \j Z`\ikf% G\if jfYi\ kf[f cf ]l\ gXiX hl\ „jkX \eZfekiXiX \e Xc^lefj Xjg`iXek\j j`e gXik`[f cXj Zc}j`ZXj dX$ ÂŒXj [\ gXik`[f1 _XjkX X_fiX _X kldYX[f pX X (0 Xjg`iXek\j X [`glkX[fj ]\[\iXc\j gfi kiXdgfjfj% <c @E< _X _XccX[f# \eki\ fkiXj ZfjXj# ]`idXj ]XcjXj p i\^`jkifj Zfe cX ]fkf [\ kXia\kX [\k`\e[X [\gXikXd\ekXc f [\ ]XidXZ`X \e cl^Xi [\ cX Zi\$ [\eZ`Xc gXiX mfkXi% F Zfe cX c`Z\eZ`X [\ dXe\aXi% F Zfe cX Zi\[\eZ`Xc [\c ZclY [\gfik`mf% F `eZcljf Zfe `[\ek`]`ZXZ`fe\j \okiXea\iXj% <jf jˆ# Zfe cfj [Xkfj [\ le mfkXek\ [\ ZXie\ p _l\jf# d`\dYif XZk`mf [\c gX[iÂ?e \c\ZkfiXc% Âś<iifi6 8_ˆ ef _XYˆX gfj`Y`c`[X[1 _Xp le ZcXif `ek\ekf [\ ]iXl[\% CX Zi\[\eZ`Xc gXiX mfkXi j\ ljX gXiX kf[f% J\ gl\[\ jfjg\Z_Xi hl\ Xc^lefj !!XkiXgX]`i$ dXj!! j\ kfgXife Zfe al^fjXj YXj\j [\ [Xkfj p cXj lk`c`qXife gXiX Zfdgc\kXi ĂˆZfii\ZkXd\ek\É cX `e]fidXZ`Â?e jfc`Z`kX[X \e cX Xgc`ZXZ`Â?e% Cl\$ ^f kfdXife cX ]fkf [\ ZlXchl`\i kXia\kX gXiX cc\eXi \c i\hl`j`kf Zfe cX \jg\iXeqX [\ hl\ eX$ [`\ cXj [\k\ZkXiX%

0 /$*81$ Ăž 0$5=2

42

<c @E< _`qf gi`d\if le k\jk X leX dl\jkiX [\ cfj i\^`jkifj [\ ZX[X Xjg`iXek\ p X cfj hl\ ef cf gXjXife c\j Xgc`ZÂ? leX i\m`j`Â?e \o_Xljk`mX% 8c^Â’e ZXe[`[Xkf X c\^`jcX[fi \em`Â? ZXj` cX kfkXc`[X[ [\ jlj ]`idXj j`dlcX[Xj% <c 9ifeZf# DXi^Xi`kX QXmXcX p 8idXe[f Iˆfj G\k\i# hl\ YljZXe cX Gi\j`[\eZ`X [\ cX I\$ gÂ’Yc`ZX p cc\^Xife Xc eÂ’d\if [\ Xgfpfj i\hl\i`$ [f# pX i\Z`Y`\ife gfi gXik\ [\ cX Xlkfi`[X[ \c\Z$ kfiXc le g\id`jf f]`Z`Xc# g\if gifm`j`feXc# gXiX i\^`jkiXij\ Zfdf ZXe[`[Xkfj% J\^Â’e cfj f]`Z`fj hl\ c\j ]l\ife \eki\^X[fj# cfj ki\j Xjg`iXek\j Ăˆgl\[\e jfc`Z`kXi jl i\^`jkif !!X[ ZXlk\cXd!!É# gl\j ef j\ _X Zfe]`idX[f hl\ ZldgcXe Zfe kf[fj cfj i\hl`j`kfj% <j leX \c\^Xe$ k\ ]fidX [\ [\Z`ic\j hl\ j\ gi\gXi\e# jˆ# g\if hl\ ef j\ cX kfd\e kXe \e j\i`f p gfihl\ c\j _Xe \eZfekiX[f ZXjfj [\ j`dlcXZ`Â?e hl\ mXe X j\i i\jkX[fj [\c kfkXc hl\ _XpXe cf^iX[f# d}j cf hl\ j\ XZldlc\% <c )0 [\ dXiqf \c @E< j\ [\Y\i} gifeleZ`Xi jfYi\ cX Xlk\ek`Z`[X[ [\ cfj i\^`jkifj [\ kf[fj cfj Xjg`iXek\j `e[\g\e[`\ek\j X ZlXchl`\i gl\jkf% P gXiX cX d`jdX ]\Z_X j\ \jg\iX cX ZXc`]`$ ZXZ`Â?e [\ jlj `e^i\jfj p \^i\jfj \e \jk\ g\i`f$ [f [\ ]`idXj# hl\ j\ Xl[`kXe Xc Z`\e gfi Z`\ekf% 8c^lefj Xjg`iXek\j YXkXccXife `eZcljf gXiX gi\j\ekXi jlj i\gfik\j%%% M\i\dfj \e cfj giÂ?o`dfj [ˆXj% Gfi cf gifekf \jk} ZcXif hl\ \c \jhl\dX `e[\g\e[`\ek\ Zfdf kXc ef j\i} cX jXcmXZ`Â?e [\c gXˆj% Âś?XYi} !!![\ZX$ g`kX[\if!!! [\ Xjg`iXek\j j`e gXik`[f \e \jkfj [ˆXj6 IXqfe\j jˆ _Xp gXiX hl\ jlZ\[X%

(9(172

,QYHUVLRQHV \ HPSOHRV PHMRUDQ OD HFRQRP­D GH 'XUDQJR :fe + d`c //( el\mfj \dgc\fj ]fidXc\j ^\e\iX[fj \e \c gi`d\i Y`d\jki\ [\ \jk\ )'(/# ;liXe^f cf^i� jl d}o`df i\^`jkif _`jk�i`Zf gXiX le g\i`f[f j`d`cXi 325 '$1,(/$ &(59$17(6

C

Xj `em\ij`fe\j j`\dgi\ j\i}e le glekf X ]Xmfi gXiX \c Zi\Z`d`\ekf \ZfeÂ?d`Zf [\ ZlXchl`\i \jkX[f# p aljkXd\ek\ ;liXe^f Zfek`eÂ’X Zfe \c kiXYXaf [\ Zi\Xi le XdY`\ek\ hl\ c\j fkfi^l\ Zfe]`XeqX X cfj `em\ij`fe`jkXj gXiX hl\ \eZl\eki\e \e cX i\^`Â?e le cl$ ^Xi `[\Xc gXiX dfekXi le gifp\Zkf# d`j$ df [\c hl\ j\ [\jgi\e[\i}e \dgc\fj [`$ i\Zkfj \ `e[`i\Zkfj% ;\ XZl\i[f X Z`]iXj i\m\cX[Xj gfi \c @ejk`klkf EXZ`feXc [\ <jkX[ˆjk`ZX p >\f$ ^iX]ˆX @E<>@ # \e cfj gi`d\ifj d\j\j [\ Afj„ IfjXj 8`jglif Kfii\j Xc ]i\ek\ [\c ^fY`\ief# cX \ZfefdˆX [\ ;liXe^f Zi\$ Z`Â? le ,%+ gfi Z`\ekf i\jg\Zkf Xc d`jdf g\i`f[f [\c XÂŒf gi\m`f# Z`]iXj hl\ c\ Zf$ cfZXe Zfdf cX j\okX \ZfefdˆX hl\ d}j Zi\Z`Â? [\ le XÂŒf Xc fkif% CX k\e[\eZ`X \j ZcXiX% :fe + d`c //( el\mfj \dgc\fj ]fidXc\j ^\e\iX[fj \e \c gi`d\i Y`d\jki\ [\ \jk\ )'(/# ;liXe$ ^f cf^iÂ? jl d}o`df i\^`jkif _`jkÂ?i`Zf gXiX le g\i`f[f j`d`cXi# [\jkXZÂ? \c ^f$ Y\ieX[fi Afj„ IfjXj 8`jglif Kfii\j Xc i\]\i`i Z`]iXj \ogl\jkXj gfi \c @ejk`klkf D\o`ZXef [\c J\^lif JfZ`Xc @DJJ % <jX ZXek`[X[ [\ gcXqXj cXYfiXc\j# Zf$ ii\jgfe[`\ek\j X kiXYXaX[fi\j hl\ \eki\ jlj gi\jkXZ`fe\j [\ C\p i\Z`Y\e leX X]`$ c`XZ`Â?e X [`Z_X `ejkXeZ`X% CX d}j XckX [\j$ [\ hl\ \c @DJJ Zfd\eqÂ?# \e (00/# X cc\$ mXi cX \jkX[ˆjk`ZX% ĂˆEf \o`jk\ \e cfj [Xkfj \ogl\jkfj gfi \c @DJJ leX ZXek`[X[ d}j XckX [\ \dgc\fj ]fidXc\j ^\e\iX[fj gXiX le XiiXehl\ [\ XÂŒf# cf hl\ [\aX ZcXif \c Zfdgifd`jf hl\ kXekf \c >fY`\ief [\c <jkX[f# Zfdf cfj \dgi\jXi`fj# \jk}e dfjkiXe[f Zfe jl k`\iiX# [X[X cX Zfii\j$ gfejXY`c`[X[ [\ XdYfj \e le k\dX kXe `dgfikXek\ Zfdf cX Zi\XZ`Â?e [\ ]l\ek\j [\ kiXYXafÉ# [\jkXZÂ? \c ^fY\ieX[fi% P \j hl\ ;liXe^f ^\e\iÂ?# \e \e\if [\ \jk\ XÂŒf# ) d`c /+- el\mfj \jgXZ`fj Zfe kf[Xj cXj gi\jkXZ`fe\j [\ C\p# d`\ekiXj hl\ \e ]\Yi\if# cX Z`]iX cc\^Â? X ) d`c '*,# gXiX _XZ\i cX jldX [\ +#//(% <c Zi\Z`d`\ekf [\c gi`d\i Y`d\jki\ \j# X[\d}j# lef [\ cfj d}j Xckfj X e`m\c eXZ`feXc# kf[X m\q hl\ i\gi\j\ekX le Xl$

,19(56,21(6 (1 (/ (67$'2 *(1(5$1 18(926 (03/(26 (Q ORV ÂşOWLPRV DÂąRV 'XUDQJR KD UHVXOWDGR DWUDFWLYR SDUD ORV LQYHUVLRQLVWDV

PLO HPSOHRV VH JHQHUDURQ HQ HQHUR

PLO QXHYDV SOD]DV FUHDGDV HQ IHEUHUR

FUHFLÂł HO HPSOHR IRUPDO HQ HO SULPHU ELPHVWUH

0 /$*81$ Ăž 0$5=2

d\ekf \e \dgc\f ]fidXc [\ )%', gfi Z`\ekf# hl\ \j m`j`Yc\d\ek\ dXpfi Xc (%+* gfi Z`\ekf hl\ $i\jg\Zkf X [`Z`\dYi\ gX$ jX[f$ j\ XcZXeq� X e`m\c eXZ`feXc% ;\ cX Z`]iX kfkXc [\ cfj \dgc\fj ^\e\$ iX[fj# + d`c )(, jfe g\idXe\ek\j% CXj \jkX[ˆjk`ZXj dl\jkiXe# hl\ \e cf hl\ mX [\ cX X[d`e`jkiXZ`�e [\ 8`jglif Kfii\j jldXe pX (( d`c (*+ el\mfj \d$ gc\fj# hl\ j`im\e gXiX hl\ \c d`jdf e’$ d\if [\ ]Xd`c`Xj ]fikXc\qZX jl ZXd`ef X cf^iXi d\afi\j Zfe[`Z`fe\j [\ m`[X%

[f \e [fe[\ cX \dgi\jX k`\e\ `e]iX\j$ kilZkliX [\ gif[lZZ`Â?e% ;liXek\ \c XÂŒf gi\m`f kXdY`„e j\ XeleZ`Â? hl\ cX gcXqX Zfd\iZ`Xc ĂŠGXj\f ;liXe^fĂ‹# j\iˆX Xdgc`X[X Zfe leX `em\i$ j`Â?e [\ ,,' d`ccfe\j [\ g\jfj# Zfe \ccf j\ `dglcjXi} Xc Zfd\iZ`f cfZXc p j\ ]fikX$ c\Z\i} \c [\jXiifccf [\ cX qfeX% I\Z`\ek\d\ek\ j\ XeleZ`Â? hl\ Zfe leX `em\ij`Â?e [\ (. d`ccfe\j [\ [Â?cXi\j p cX ^\e\iXZ`Â?e [\ d`c ,'' \dgc\fj# cc\$ ^Â? Xc \jkX[f leX el\mX \dgi\jX d}j1 Q= GcXekX CX^leX% &21),$1=$ 3$5$ ,19(57,5 CX `ejkXcXZ`Â?e [\ \dgi\jXj p cX df$ <e ale`f [\ )'(.# cX \dgi\jX ;iXbX Gipj$ [\ie`qXZ`Â?e [\ \jgXZ`fj Zfd\iZ`Xc\j# ^\$ d`Xe >iflg ;liXe^f XiiXeZÂ? cX fg\iX$ e\iXi} \dgc\fj ZXc`]`ZX[fj gXiX gif]\$ Z`Â?e [\ cX GcXekX [\ =`YiX ägk`ZX# Zfe j`fe`jkXj p k„Ze`Zfj hl\ m`m\e \e ;l$ leX `em\ij`Â?e [\ (, d`ccfe\j [\ [Â?cXi\j% iXe^f# \jkX[f XkiXZk`mf gXiX cfj `em\i$ ;`Z_X gcXekX Zi\Â? ('' el\mfj \d$ j`fe`jkXj gfi k\e\i le gfj`k`mf gc\fj# cc\^Xe[f X +'' gcXqXj cXYfiXc\j [\ [\j\dg\ÂŒf \ZfeÂ?d`Zf# [\ XZl\i[f X \j$ Xckf e`m\c# j`\e[f ;liXe^f \c Â’e`Zf \jkX$ kl[`fj [\ :`k`YXeXd\o \ @E<>@%

44

*5 ),&2

<e ;liXe^f cX XZk`m`[X[ gfc k`ZX j\ _X m`jkf \ei`hl\Z`[X Zfe cX gXik`Z`gXZ` e [\ cXj dla\i\j Zfek\e[`\e[f ef j cf Zfdf jlgc\ek\j# j`ef Zfdf k`klcXi\j X [`glkX[Xj# j\eX[fiXj p XcZXc[\jXj 325 *$%5,(/$ 9 =48(= *5 ),&2 -26 )5$1&,6&2 52&+$ &(59$17(6

6HJÝQ 21808-(5(6 /D SUHVHQWH ILFKD LQIRUPDWLYD GH OD RUJDQL]DFLÖQ WLHQH FRPR ILQDOLGDG DSRUWDU HOHPHQWRV EÄVLFRV SDUD

D 'HVFULELU OD VLWXDFLÖQ TXH JXDUGD HQ WÌUPLQRV QXPÌULFRV OD SDUWLFLSDFLÖQ SROÐWLFD GH ODV PXMHUHV HQ OD HQWLGDG IHGHUDWLYD

E ,GHQWLILFDU HO HVWDWXV TXH JXDUGD OD SURWHFFLÖQ GHO SULQFLSLR GH SDULGDG GH JÌQHUR HQ HO WH[WR FRQVWLWXFLRQDO \ OD OHJLVODFLÖQ HOHFWRUDO YLJHQWHV

F 6HÔDODU ODV UHFRPHQGDFLRQHV SDUD DOFDQ]DU HO HVWÄQGDU GH SURWHFFLÖQ GH OD SDULGDG LGHQWLILFDGR SDUD FDGD HQWLGDG SDUD ILQDOPHQWH

G ,GHQWLILFDU ORV RUGHQDPLHQWRV MXUÐGLFRV YLJHQWHV HQ PDWHULD GH YLROHQFLD SROÐWLFD FRQWUD ODV PXMHUHV HQ UD]ÖQ GH JÌQHUR

325&(17$-( '( 08-(5(6 (1 (/ &21*5(62 '(/ (67$'2 '( '85$1*2 'H D HO SRUFHQWDMH GH OHJLVODGRUDV FUHFLÖ PÄV GHO GREOH \ HQ OD OHJLVODWXUD DFWXDO UHSUHVHQWDQ

0¤6 $/&$/'(6$6 48( (/ 3520(',2 1$&,21$/ (Q HO ÄPELWR PXQLFLSDO ODV PXMHUHV SDVDURQ GH JREHUQDU DOFDOGÐDV HQ D HQ ORV FRPLFLRV GH OR TXH WRPDQGR HQ FXHQWD TXH 'XUDQJR WLHQH PXQLFLSLRV HTXLYDOH D SRU FLHQWR SRUFHQWD MH TXH FRORFD DO HVWDGR SRU HQFLPD GH OD PHGLD QDFLRQDO FDOFXODGD SDUD HQ SRU FLHQWR

0 /$*81$ Þ 0$5=2

46

*5 ),&2 (67¤1'$5 '( 3$5,'$' /(*,6/$&,¶1 (/(&725$/ (67$7$/ &5,7(5,2 *(1(5$/

',387$&,21(6 '( 0$<25°$ 5(/$7,9$ 05

HVFDÔRV TXH FRQIRUPDQ OD &ÄPDUD ORFDO

PXMHUHV UHVXOWDURQ HOHFWDV SDUD RFXSDU XQD FXUXO

3DULGDG

3RVWXODFLÖQ FDQGLGDWXUDV GH 05 SRU FLHQWR PXMHUHV \ SRU FLHQWR KRPEUHV

)ÖUPXOD PLVPR JÌQHUR 6XSOHQFLDV

6XSOHQFLDV GHO PLVPR JÌQHUR FDQGLGDWXUDV 05

3URKÐEH FDQGLGDWXUDV GH XQ VROR JÌQHUR H[FOXVLYDPHQWH HQ GLVWULWRV SHUGHGRUHV

3URKLELFLÖQ GH SRVWXODU FDQGLGDWXUDV GH XQ VROR JÌQHUR HQ GLVWULWRV GH 05 SHU GHGRUHV

',387$&,21(6 '( 5(35(6(17$&,¶1 352325&,21$/ 53

(Q IXHURQ HOHFWDV HO PD\RU QÝPHUR GH GLSXWD GDV HQ WRGD OD VHULH KLVWÖULFD FRQVWLWX\HQGR XQD FLIUD LQÌGLWD

&5,7(5,2 *(1(5$/

3DULGDG

3RVWXODFLÖQ FDQGLGDWXUDV GH 53 SRU FLHQWR PXMHUHV \ SRU FLHQWR KRPEUHV

0DQGDWR GH SRVLFLÖQ

5HJLVWUR GH FDQGLGDWXUDV GH 53 GHEHUÄQ LQWHJUDUVH DOWHUQDQGR HO JÌQHUR KDVWD WHUPLQDU OD OLVWD

)ÖUPXOD PLVPR JÌQHUR 6XSOHQFLDV

6XSOHQFLDV GHO PLVPR JÌQHUR HQ LQWHJUDFLÖQ GH OLVWDV FDQGLGDWXUDV GH 53

0HMRUHV SHUGHGRUHV 5HSHFKDMH

6L H[LVWH IÖUPXOD DVLJQDFLÖQ GLSXWDFLRQHV GH 53 FRQ FULWHULR GH PHMRU SHUGHGRUu GHEHUÄ H[LJLU DOWHUQDQFLD GH JÌQHUR VHJÝQ YRWDFLÖQ REWHQLGD SRU SDUWLGR

PÄV TXH HQ OD OHJLVODWXUD LQPHGLDWD DQWHULRU

5HWRPDU \ DGDSWDU HO DUWÐFXOR IUDFFLÖQ GH OD /H\ *HQHUDO GH 3DUWLGRV 3ROÐWLFRV

$<817$0,(1726

3DULGDG KRUL]RQWDO SUHVLGHQFLDV PXQLFLSDOHV

3RVWXODFLÖQ SRU FLHQWR FDQGLGDWXUDV PXMHUHV \ SRU FLHQWR KRPEUHV DO FDUJR GH SUHVLGHQFLDV PXQLFLSDOHV

3DULGDG YHUWLFDO DOWHUQDQFLD SODQLOOD FRPSOHWD

3RVWXODFLÖQ GH FDQGLGDWXUDV FRQ UHJLVWUR SDULWDULR \ DOWHUQDQFLD GH KRPEUHV \ PXMHUHV D OD SODQLOOD FRPSOHWD D ORV D\XQWDPLHQWRV SUHVLGHQFLD VLQGLFDWXUD \ UHJLGXUÐDV

)ÖUPXOD GHO PLVPR JÌQHUR VXSOHQFLDV

6XSOHQFLD GHO PLVPR JÌQHUR HQ FDQGLGDWXUDV SRU ORV SULQFLSLRV GH 05 \ GH 53 SODQLOODV D\XQWDPLHQWRV

&ULWHULR QÝPHUR GH SREODFLÖQ WDPDÔR GHO PXQLFLSLR

(Q HO UHJLVWUR GH FDQGLGDWXUDV FRQ SDULGDG KRUL]RQWDO \ YHUWLFDO HQ ODV SODQLOODV GH D\XQWDPLHQWRV ORV SDUWLGRV GHEHUÄQ GLYLGLU ODV SRVWXODFLRQHV HQ ORV PXQLFLSLRV HQ FXDWUR EORTXHV VHJÝQ QÝPHUR GH KDELWDQWHV UHJLVWUDQGR DO PHQRV HO FXDUHQWD SRU FLHQWR GH ODV SRVWXODFLRQHV GH XQ JÌQHUR GLVWLQWR HQ FDGD VHJPHQWR

0DQGDWR GH QR SRVWXODU PXMHUHV FRPR SUHVLGHQWDV PXQLFLSDOHV H[FOXVLYDPHQWH HQ PXQLFLSLRV SHUGHGRUHV

3URKLELFLÖQ GH SRVWXODU FDQGLGDWXUDV GH XQ VROR JÌQHUR HQ PXQLFLSLRV SHUGHGRUHV 5HWRPDU \ DGDSWDU HO DUWÐFXOR IUDFFLÖQ GH OD /H\ *HQHUDO GH 3DUWLGRV 3ROÐWLFRV v>(Q HO FDVR GH OD SDULGDG@ HQ QLQJÝQ FDVR VH DGPLWLUÄQ FULWHULRV TXH WHQJDQ FRPR UHVXOWDGR TXH DOJXQR GH ORV JÌQHURV OH VHDQ DVLJQDGRV H[FOXVLYDPHQWH DTXHOORV GLVWULWRV HQ ORV TXH HO SDUWLGR KD\D REWHQLGR ORV SRUFHQWDMHV GH YRWDFLÖQ PÄV EDMRV HQ HO SURFHVR HOHFWRUDO DQWHULRUw

)XHQWHV 'DWRV GH D UHWRPDGRV GH 'ÄQJHOR 1 \ 5H\QRVR ' /DV OH\HV GH FXRWD \ VX LPSDFWR HQ OD HOHFFLÖQ GH PXMHUHV HQ 0Ì[LFR 3ROÐWLFD \ *RELHUQR 9RO ;,,, 1R 'DWRV ,1(*, ,QPXMHUHV 0XMHUHV \ +RPEUHV HQ 0Ì[LFR 'DWRV D H[WUDÐGRV GH 218 0XMHUHV 318' ,'($ ,QWHUQDFLRQDO 3DUWLFLSDFLÖQ SROÐWLFD GH ODV PXMH UHV HQ 0Ì[LFR $ DÔRV GHO UHFRQRFLPLHQWR GHO GHUHFKR DO YRWR IHPHQLQR &RQJUHVR GHO (VWDGR GH 'XUDQJR KWWS FRQJUHVRGXUDQJR JRE P[ QRVRWURV GLUHFWRULR GLSXWDGRV

47

0 /$*81$ Þ 0$5=2

&$57 1 32/ 7,&2

'5(1$-( 352)81'2

0 /$*81$ Þ 0$5=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.