Número 193

Page 1

$12 1~PHUR D HGLomR GH $EULO GH 1HZ <RUN 86$

´&KHJXHPRV SRLV FRP FRQÀ DQoD DR WURQR GD JUDoD SDUD TXH SRVVDPRV DOFDQoDU ³OHYDQGR HOH PHVPR RV QRVVRV SHFDGRV HP VHX FRUSR VREUH R PDGHLUR SDUD TXH PRUWRV SDUD RV SHFDGRV SXGpVVHPRV YLYHU SDUD D MXVWLoD H SHODV VXDV IHULGDV IRVWHV VDUDGRV ´ , 3HGUR PLVHULFyUGLD H DFKDU JUDoD D À P GH VHUPRV DMXGDGRV HP WHPSR RSRUWXQRµ +HEUHXV


21'( (67,9(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52


21'( (67,9(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52

0,167e5,2 6$1726 352'8&7,21 2Oi OHLWRU DPLJR UHFHEL HVWD PHQVDJHP GH 3iVFRD HQYLDGD SHOR 3U $ORtVLR &DPSDQKD /HLD H PHGLWH FRP PXLWD DWHQomR

3DVWRUDO +HOLR GRV 6DQWRV )LOKR

$ORtVLR &DPSDQKD -HVXV &ULVWR &RUGHLUR 3DVFDO

$ORtVLR &DPSDQKD 3DVWRU $QGUp 6RDUHV $GYRJDGR %RQJ <HRQ $GYRJDGR &DUORV )HUQDQGHV 'HVLJQHU &DUORV 'H 3DXOD 7UDGXWRU 'DULR 6DQWRV &ROXQLVWD 'DYL 6RDUHV 3DVWRU 'RUD *DUFLD &RUUHomR (OL )HUQDQGHV 3DVWRU (OL]DEHWH % 3VLFyORJD )UDQFLVFR ,]LGRUR 3DVWRU *HUVRQLWD 0DODIDLD 3DVWRUD *LOVRQ %LIDQR 3DVWRU *ODXEHU 0RUDUH 3DVWRU *XLOKHUPLQR &XQKD 3DVWRU *XLGR &RXWR $JHQWH 'H 6HJXURV +HOLR 'RV 6DQWRV 3DVWRU ,UODQG 3 $]HYHGR 3DVWRU -RUJH %H]HUUD 3DVWRU -RVLPDU 6DOXQ 3DVWRU -DQGLU 6LOYD &DSHOmR -D\PH 'H $PRULP 3DVWRU -RVp 0DULD 3DVWRU /XFLD %UDQGmR 3VLFRWHUDSHXWD 0RXUD *RQoDOYHV 3DVWRU 0RLVpV $SVDQ $GYRJDGR 0DUFRV 1DVFLPHQWR 3DVWRU 0DUFRV 0RWD 3DVWRU 1pOLR 'D 6LOYD 3DVWRU 3DXOR GRV 6DQWRV 3VLFyORJR 5 5 6RDUHV 3DVWRU 5LFDUGR *RQGLQ 3DVWRU 5LFDUGR 6DQWRV 3DVWRU 5HXHO 3HUHLUD )HLWRVD 3DVWRU 5HQDWR 5XELP 3DVWRU 6tODV 0DODIDLD 3DVWRU 6HULNDNR +LURVKL 3DVWRU 7KHRGRPLUR - )UHLWDV 3DVWRU 9LWRU +XJR 3DVWRU

GLVFtSXORV 2 SmR UHSUHVHQWD R FRUSR TXH IRL PRtGR SHODV QRV VDV WUDQVJUHVV}HV PDV TXH p R VLPEROR GD QRVVD XQLGDGH D FUX] 2 YLQKR UHSUHVHQWD R VDQJXH TXH p GHUUDPDGR QR XPEUDO GR QRVVR FRUDomR H LVWR p D JD UDQWLD GD YLWyULD GD YLGD VREUH D PRUWH GD SD] VREUH D JXHUUD GR DPRU VREUH R yGLR 3RU LVVR SRGHPRV SHUJXQWDU ³2QGH HVWi RK PRUWH D VXD YLWyULD"´ -HVXV &ULVWR UHVXVFLWRX &RP (OH UHVXVFLWDUHL

1D VDtGD GR (JLWR TXDQGR R SRYR UHFHEHX D GLUHomR SDUD TXH PDWDVVHP XP FRUGHLUR H FRP VHX VDQJXH XQJLVVH R XPEUDO GD SRUWD SDUD TXH R DQMR RV OLYUDV VH GD PRUWH WHPRV Dt D UHSUH VHQWDomR GR TXH p D YHUGDGHLUD 3iVFRD SDUD QyV RV FULVWmRV R VDQJXH GH -HVXV &ULVWR R QRVVR 3RU LVVR PXLWR PDLV TXH RYRV &RUGHLUR 3DVFDO TXH QRV SXUL¿ GD 3iVFRD QR $QWLJR 7HVWDPHQWR HUD H FKRFRODWHV D PRUWH H UHVVXU FD GH WRGR SHFDGR H QRV OLYUD GD QHFHVViULR FRPHU R FRUGHLUR FRP HU UHLomR GH &ULVWR p D YHUGDGHLUD YDV DPDUJDV H SmR VHP IHUPHQWR $V 3iVFRD FHOHEUDGD SHOR SRYR GH PRUWH HWHUQD HUYDV DPDUJDV VmR SDUD OHPEUDU QRV 'HXV &RQWUDULDQGR R FRPpUFLR TXH VH GDV GL¿ FXOGDGHV TXH HQIUHQWDPRV QD DSURYHLWD GHVWD GDWD SDUD OXFUDU YLGD PDV WDPEpP TXH R 6HQKRU QRV 6LP DPLJR OHLWRU D SiVFRD QXQ FRP D YHQGD GH FKRFRODWHV D OLYUD GH WRGDV HODV H R IHUPHQWR QRV FD WHUi ¿ P SRU TXH -HVXV p D YHUGDGHLUD GRoXUD QmR HVWi QRV OHYD j FRQVFLrQFLD GR SHFDGR TXH WH QRVVD SiVFRD H (OH YLYR HVWD RYRV GH SiVFRD H VLP QR IDWR PRV TXH HYLWDU H IXJLU SDUD QmR FUHV SDUD WRGR R VHPSUH GH UHFHEHUPRV R SUHVHQWH PDLRU FHU HP QRVVDV YLGDV D LQGLIHUHQoD H 4XH WDO PHGLWRX " $Wp D SUy[L TXH p D OLEHUWDomR GD PRUWH H GD D HVFUDYLGmR PD HGLomR HVFUDYLGmR GR SHFDGR DWUDYpV 1R 1RYR 7HVWDPHQWR RV HOHPHQWRV GH &ULVWR -HVXV XVDGRV IRUDP R SmR H R YLQKR GDTXH +HOLR GRV 6DQWRV )LOKR 9DOH OHPEUDU TXH QD FHOHEUDomR OD ~OWLPD FHLD GH -HVXV FRP RV VHXV (GLWRU

&217$726 &20 1266$ 5('$d­2 &DUWDV DR (GLWRU +HOLR GRV 6DQWRV )LOKR %URDGZD\ 6W 6XLWH % $VWRULD 1<

7HO H PDLO RPHQVDJHLUR #DRO FRP E\ 6DQWRV 3URGXFWLRQ $OO 5LJKWV 5HVHUYHG 6LWHV TXH FRODERUDP FRQRVFR

(1&25$-$0(172 &+$0$'$ &%0& %5$6,/ 3257$6 $%(57$6 $7/(7$6 '( &5,672 &/,&. )$0Ë/,$

2V DUWLJRV PHQVDJHQV H HVWXGRV SXEOLFDGRV QHVWH -RUQDO SRU FDGD DXWRU QmR UHÀ HWHP D LGpLD GD GLUHomR GHVWH -RUQDO &DGD HVFULWRU p UHVSRQViYHO SRU VHXV DVVXQWRV H LGpLDV $VVLP VHQGR FDGD DXWRU D HVWi j GLVSRVLomR SDUD UHVSRQGHU DV G~YLGDV GR DPLJR OHLWRU

2 0HQVDJHLUR QHZVSDSHU LV D ELZHHNO\ SXEOLFDWLRQ LQ 3RUWXJXHVH 5HSURGXFWLRQ LQ ZKROH RU LQ SDUW ZLWKRXW SHUPLVVLRQ LV VWULFWO\ SURKLELWHG 7KH 3XEOLVKHU PDNHV HYHU\ HIIRUW WR HQVXUH WKH DFFXUDF\ RI WKH LQIRUPDWLRQ JLYHQ LQ WKH HGLWRULDO DQG DGYHUWLVLQJ SDJHV RI 2 0HQVDJHLUR QHZVSDSHU EXW DFFHSWV QR UHVSRQVLELOLW\ IRU HUURV RU RPLVVLRQV IRU FODLPV PDGH LQ DQ\ VHFWLRQ RI WKLV QHZVSDSHU 3ULQWHG LQ WKH 8QLWHG 6WDWHV RI $PHULFD 2 -RUPDO 2 0HQVDJHLUR p XPD SXEOLFDomR TXLQ]HQDO HP 3RUWXJXrV 5HSURGXomR SDUFLDO RX WRWDO GR FRQWH[WR GD SXEOLFDomR VHP D GHYLGD SHUPLVVmR p H[SUHVVDPHQWH SURLELGD 2 -RUQDO 2 0HQVDJHLUR QmR VH UHVSRQVDELOL]D SRU LQVHUomR GH IRWRV ORJRV VORJDQV HUURV RX RPLVV}HV SRU SDUWH GRV DQXQFLDQWHV RX LQIRUPDo}HV IRUQHFLGDV SRU WHUFHLURV HGLWDGDV HP TXDOTXHU SDUWH GHVWD SXEOLFDomR ,PSUHVVR QRV (VWDGRV 8QLGRV GD $PpULFD GR 1RUWH


0$7e5,$

TXH DFRQWHFHX QDTXHOHV GLDV HX PH GHSDUHL FRP XPD YHUGDGH FRU WDQWH DTXHOD FUX] HUD PLQKD

$ SiVFRD DFDERX ( RV PHLRV GH FRPXQLFDomR HP PDVVD FDSULFKDUDP PDLV XPD YH] HP UHGX]LU D DomR UHGHQWRUD GH &ULVWR QD FUX] D XP VLPSOHV RYR GH FKRFRODWH Q~PHUR

0LQKD SRUTXH TXHP SHFRX IXL HX H QmR (OH 0LQKD SRUTXH TXHP QHJRX D H[LV WrQFLD GR ~QLFR 6HU FDSD] GH GDU VHQWLGR j YLGD IXL HX H QmR (OH

$OLiV HOHV VmR HVSHFLDOLVWDV QHV VH WLSR GH FRLVD ( D QyV" 5HVWD QRV DOJR DOpP GH FRQWDELOL]DU RV TXLOLQKRV D PDLV H XPD FRQVFLrQFLD SHVDGD SRU VDLU GD GLHWD"

( PHVPR DVVLP (OH QmR GHVFHX GD FUX] 7DOYH] (OH WHQKD GH SURSyVLWR HOLPLQDGR GR VHX FDUGiSLR D RS omR GH GHVLVWLU GH PLP Vy SRUTXH PH DPRX PXLWR

$ IHVWD DFDERX 1R PXQGR LQWHLUR DV LJUHMDV FULV WmV QHVVD pSRFD OHPEUDP R VD FULItFLR YLYLGR SRU -HVXV GHVGH D VXD DJRQLD QR *HWVrPDQL SDV VDQGR SHOD ³FRQGHQDomR GR MXVWR SRU XP MXOJDPHQWR LQMXVWR´ LQGR DWp R F~PXOR GD UHQ~QFLD GD GRU GR VRIULPHQWR GR DPRU $ FDQWDWD DFDERX )LFD D LPSUHVVmR GH TXH QyV RV FUHQWHV DLQGD QmR FRQVHJXLPRV DOFDQoDU D YHUGDGHLUD GLPHQVmR GR TXH &ULVWR SUHFLVRX SDVVDU QD FUX] SDUD FXPSULU R TXH DOJXQV FKDPDP GH ³XP FDSULFKR GH 'HXV´ 3DUHFH TXH VH DTXHOH PRPHQWR QmR WLYHVVH H[LVWLGR QD KLVWyULD GD KXPDQLGDGH QmR IDULD D PHQRU GLIHUHQoD WDO R GHVFDVR FRP TXH WHPRV WUDWDGR QRVVDV YLGDV FULV WmV

1HVVD 3iVFRD QXP GDGR PR PHQWR HX PH SHJXHL FKRUDQGR

JN>E: <KNS >K: FBGA:

(YDQGUR 7DYDUHV

PDLV FKRUDU SHOR TXH DFRQWHFHX 0DV 'HXV UHVLVWLX ,QVLVWLX HP HQ WUHJDU R VHX %HP PDLV SUHFLRVR QD FUX] j PRUWH SRU XPD UD]mR VLPSOHV $ FHLD DFDERX H[SUHVVD HP 7LDJR E ± ³ 1mR SHUFHEHPRV TXH R 3DL SR HP TXHP QmR Ki PXGDQoD QHP 'DU WHVWHPXQKR RX QmR GD YHU GHULD WHU DWHQGLGR DR FODPRU GR VRPEUD GH YDULDomR´ GDGH DEVROXWD Mi YLURX XPD TXHV )LOKR TXDQGR HVWH SHGLX OKH TXH 1HVVD 3iVFRD HQWUH XPD FDQWD WmR GH PHUD RSomR QHVVH PXQGR ³SDVVDVVH 'HOH DTXHOH FiOL WD H RXWUD DR PHGLWDU XP SRXFR SOXUDOLVWD -i QmR FRQVHJXLPRV FH ´ PDLV SURIXQGDPHQWH HP WXGR R

7DOYH] SHOR FHQiULR GR *yOJRWD SLQWDGR SRU XP DUWLVWD GXUDQWH R FXOWR 2X SHODV P~VLFDV OLQGDV H D¿QDGDV TXH HX RXYL QDTXHOD QRL WH 1mR 1DGD GLVVR (X FKRUHL SRU TXH VHQWL XP SRXTXLQKR GR SHVR GD FUX] QDV PLQKDV FRVWDV 7HQWHL PH HQ[HUJDU HP )LOLSHQVHV H YL R TXDQWR HX VRX LQGLJQR DWp GH VHQWLU R TXH (OH VHQWLX &DEH D QyV GDU VHQWLGR DR TXH &ULVWR IH] &DEH D QyV D UHVSRQVDELOLGDGH GH FRQYHQFHU 'HXV GH TXH (OH QmR ³PDWRX´ 6HX ¿OKR HP YmR´ 6y QmR YDOH DFKDU TXH VHUi SUHFL VR HVSHUDU FKHJDU D SUy[LPD 3iV FRD SDUD DJLU 6H GHPRUDUPRV PXLWR WDOYH] RXoDPRV GR 6HQKRU 2 WHPSR DFDERX ž


$57,*2

2V HYDQJpOLFRV VDEHP TXH D )HVWD GD 3iVFRD HUD FRPHPRUD GD SHORV MXGHXV PXLWR WHPSR DQ WHV GD YLQGD GH &ULVWR

7HUPLQDGR R 6HGHU HOHV VH IDU WDP FRP SUDWRV WUDGLFLRQDLV GD FXOLQiULD MXGDLFD H D YLGD YROWD j QRUPDOLGDGH

e XPD FHOHEUDomR SURIXQGD PHQWH DUUDLJDGD QD KLVWyULD GRV KHEUHXV 3iVFRD GR KHEUDLFR ³3HVVDFK´ VLJQL¿FD SDVVDJHP H D IHVWD PXLWR DQWLJD DFRQWHFLD GXUDQWH D PXGDQoD GH HVWDomR QR LQtFLR GD pSRFD GDV FROKHLWDV

,UPmRV QmR QRV HVTXHoDPRV GH TXH QD TXLQWD IHLUD GD VHPDQD GD 3iVFRD -XGDLFD FHOHEUDQGR D IHVWD XP GLD DQWHV GD VXD PRU WH QD FUX] -HVXV &ULVWR LQVWLWXL D &HLD GR 6HQKRU DVVRFLDQGR R SmR H R YLQKR DR VHX FRUSR

(UD D SDVVDJHP SDUD XP SHUtR GR GH DEXQGkQFLD FHOHEUDGD FRP PXLWD DOHJULD SRU WRGRV 1DTXHOH WHPSR Mi HUD WUDGLomR FRPHU SmR i]LPR SUHSDUDGR VHP IHUPHQWR VRPHQWH IDULQKD H iJXD R TXH PDLV DGLDQWH VH WRU QDULD XP GRV VtPERORV GD 3iVFRD -XGDLFD 4XDQGR DFRQWHFHX D OLEHUWDomR GR SRYR KHEUHX GR FDWLYHLUR GR (JLWR 0RLVpV RULHQWDGR SRU 'HXV PX GRX D PRWLYDomR GD IHVWD H D 3iV FRD SDVVRX D VLJQL¿FDU SDUD RV KHEUHXV D SDVVDJHP GD HVFUDYL GmR SDUD D OLEHUGDGH R r[RGR GRV MXGHXV GR (JLWR H D OLEHUWDomR GD VXD FRQGLomR GH HVFUDYRV FRP GRLV PRPHQWRV GLVWLQWRV &KDJ +D¶3HVVDFK D )HVWD GR &RUGHL UR 3DVFDO H &KDJ +D¶PDW]RW

VH HQFKH GH D )HVWD GRV DU H FUHVFH 3mHV È]LPRV DVVLP FRPR ³ & R P H U H L V SmR VHP IHU D YDLGDGH Ym PHQWR PDW]i QR FRUDomR GR GXUDQWH VHWH KRPHP H TXH GLDV SRLV R YHUGDGHLUR TXHP FRPHU VHQWLGR GD HOL SmR IHUPHQ PLQDomR GH WDGR FKD SURGXWRV IHU PHW] GHVGH PHQWDGRV QD R SULPHLUR GLD 3HVVDFK p D DWp R VpWLPR SXUL¿FDomR HV SLULWXDO GR FR VHUi FRUWDGR GD DVVHPEOpLD GH ,VUDHO´ Ç[RGR UDomR H GD DOPD 1yV QmR HVTXHFHUHPRV MDPDLV 0{QLFD PLQKD HVSRVD H HX WLYH GDTXHOD VHPDQD HP TXH DQGDQ PRV R SULYLOpJLR Ki GH] DQRV GH GR SHODV UXDV GH FLGDGHV GH ,V SDVVDU RV VHWH GLDV GR 3HVVDFK UDHO FRPR -HUXVDOpP %HOpP -H ULFy RX REVHUYDQGR GD MDQHOD GR HP -HUXVDOpP KRWHO WHVWHPXQKDPRV D FHOHEUD 9LPRV ,VUDHO SDUDU FRPSOHWDPHQ omR WRGDV DV QRLWHV GD SULQFLSDO WH 1mR FRPLDP FDUQH QDTXHOHV FHULP{QLD GD 3iVFRD GRV MXGHXV GLDV QHQKXP DOLPHQWR FRP IHU R 6HGHU EDQTXHWH HP WRGDV DV PHQWR TXH SRU Vt Vy UHSUHVHQWD UHVLGrQFLDV TXH UH~QH DV IDPt DV LPSHUIHLo}HV GR VHU KXPDQR OLDV HP WRUQR GH VHWH DOLPHQWRV 2V MXGHXV HQVLQDP TXH D PDVVD VLPEyOLFRV

H VDQJXH &ULVWR WUDQVIRUPD VH QR &RUGHLUR GH 'HXV HP UHODomR DR VDFULItFLR GH RYHOKDV QD FXOWX UD GRV KHEUHXV LPRODGR SDUD R SHUGmR GRV SHFDGRV GD KXPDQL GDGH &RPR VmR LPSUHVVLRQDQWHV RV SODQRV GH 'HXV GHQWUR GD KLVWy ULD GD UHGHQomR H 6XDV SURYLGrQ FLDV SDUD TXH R VDFULItFLR GR 6HX )LOKR -HVXV DFRQWHFHVVH QD VH PDQD GD 3iVFRD SDUD TXH KRMH D FHOHEUiVVHPRV QyV WDPEpP DJUDGHFHQGR /KH WDQWR D SDVVD JHP GRV KHEUHXV GR (JLWR SDUD D ,VUDHO FRPR H PXLWR PDLV D PRUWH YLFiULD H D UHVVXUUHLomR GH -HVXV SDUD D SDVVDJHP GH WRGR DTXHOH TXH Q(OH FUr GD PRUWH SDUD D YLGD GD SHUGLomR SDUD D VDOYDomR ž


$57,*2

5HFHEL DOJXQV GLDV PDLV XP SRX FR GR ³PDQi´ GRV FpXV D SDODYUD GH 'HXV UHYHODGD (VWDYD QD VHGH H RXYL FRP DWHQ omR R TXH R (VStULWR 6DQWR IDORX SHOR 3DVWRU -D\PH GH $PRULP VREUH R GLVFXUVR GXUR GH -HVXV 2 TXH PH FKDPRX D DWHQomR IRL D FRQVWDQWH QD SUHJDomR GR 6HQKRU -HVXV 4XDQGR (OH FKDPRX D UHV SRQVDELOLGDGH SDUD VL YLX XPD JUDQGH GHEDQGDGD GH GLVFtSXORV TXH ¿ FDUDP KRUURUL]DGRV FRP R TXH RXYLDP PDV -HVXV WHQWRX FRQWRUQDU" 1mR -HVXV IDULD D REUD VR]LQKR VH IRVVH QHFHVViULR SRUTXH FRP R PDQGDPHQWR GH 'HXV WHPRV GH VHU GLUHWRV H LQÀ H[LYHLV 2 TXH -HVXV IDORX" )DORX VREUH WHU R VHX FRUSR H VDQJXH GDGR SHOD H[SXUJDomR GR SHFDGR GD KXPDQLGDGH H DTXLOR IRL GHPDLV SDUD D JUDQGH SDUWH GRV VHXV GLV FLSXORV 2 TXH HOHV SHQVDYDP GH -HVXV" 6HUi TXH SDUD HOHV R 0HVVLDV QDR GHYHULD PRUUHU" 2X -HVXV HVWDYD PRVWUDQGR XPD ODGR IUiJLO GD VXD SHUVRQDOLGDGH"

SDUD R 5HLQR GH 'HXV 9ROWDQGR jTXHOHV GLVFtSXORV HUD GHPDLV DOJXpP VHU D IRQWH GD YLGD G(OHV H HX SHUJXQWR VH YRFr FRQIHVVD -HVXV FRPR VHX 4XHVWLRQDPHQWRV FRPR HVVH RX ULD FDSD] GH OKH GDU D VHJXUDQoD 6HQKRU SRUTXH KHVLWDU HP UHQXQ RXWURV QmR OHYDP D OXJDU DOJXP GH YLYHU HP SD] RX WDOYH] R TXH FLDU D DOJR TXH YRFr VHQWH TXH WH PDV R TXH PH OHYRX D UHÀ HWLU p HOH VHQWLULD VH DR YHQGHU VXDV FD DWUDSDOKD" TXH TXDQWRV HVWmR ³SHUWR´ H DR VDV FHUWR WHPSR GHSRLV YLVVH HODV 2 6HQKRU GRPLQD R 6HQKRU FXL H VDEHQGR TXH QmR SRGHULD PDLV GD -HVXV QmR p R 6HQKRU GH HQ PHVPR WHPSR ³ORQJH´ 2V GLVFLSXORV UHFHEHUDP R SRGHU HQWUDU QHP UHFHEHU QHQKXP SUR JHQKR TXH WUDWDYD RV HVFUDYRV D SmR H iJXD YLDP PLODJUHV HVWDYDP PDLV GR YHQWR GHODV DFRVWXPDGRV D YHU DV WUDQVIRUPD $TXLOR IRL GHPDLV SDUD HOH 'HXV -HVXV p R 6HQKRU H IRUPDGRU GH o}HV QDV YLGDV GDV SHVVRDV TXH QmR SRGHULD SHGLU DTXLOR TXH FRP QRVVDV YLGDV TXH GRPLQDQGR D VHJXLDP D -HVXV PDV QmR HVSH WDQWR FDULQKR H GHGLFDomR HOH OX QRVVD PHQWH SRGH QRV OHYDU DRV UDYDP R GLVFXUVR HP TXH -HVXV WRX SDUD WHU PDLV DOWRV UHIXJLRV ž GHL[RX FODUR VR 1(OH DFKDUHPRV Ê R TXH RXYLPRV PXLWDV YH]HV YLGD IRUD G(OH QDR Ki FKDQFH 3HVVRDV TXHUHP VHUYLU D 'HXV 3$5$ $181&,$5 &DVR SUiWLFR (VWDPRV QD ,JUHMD PDV VH UHFXVDP D GHL[DU 'HXV RV 12 H TXHUHPRV D ErQomR TXHUHPRV JXLDU H SDUD PXLWRV R JXLDU GH R PLODJUH D WUDQVIRUPDomR PDV 'HXV VHUi GHL[DU D ³VHJXUDQoD GH QmR TXHUHPRV RXYLU R GXUR GLV +DUm´ FRPR $EUDmR WHYH GH GHL [DU ³UHVLVWLU D VXD GRQD H DR SUD FXUVR -HVXV IDOD DR ULFR TXH R EXVFRX ]HU TXH HOD SURSRUFLRQDULD´ FRPR SDUD YHQGHU RV VHXV EHQV ,VVR -RVp WHYH GH ID]HU ,PDJLQH R TXH DTXHOH MRYHP UD (OH YLVXDOL]RX XPD YLGD VLPSOHV SD] TXH -HVXV DPRX SRGHULD ID H WHPHX R 'HXV TXH HOH KRQURX ]HU QD PmR G(OH" DR FXPSULU RV PDQGDPHQWRV FUHLR &UHLR TXH XP YHUGDGHLUR ³DUUDV TXH QR HQWHQGLPHQWR GHOH QmR VH WmR´ QR LQIHUQR URXEDQGR DOPDV IRL R F~PXOR SDUD HOH

&+$0(


0(16$*(0

KRMH D FUX] WDPEpP p WURSHoR e IHLD GHPDLV

³&HUWDPHQWH D SDODYUD GD FUX] p ORXFXUD SDUD RV TXH VH SHU GHP PDV SDUD QyV TXH VRPRV VDOYRV SRGHU GH 'HXV"´ , &R

26 *5(*26 ± 3DUD HVWHV TXH DPDYDP D VDEHGRULD GRV ¿Oy VRIRV SDUD TXHP D FUX] GH &ULV WR HUD ORXFXUD RX HVFkQGDOR 2V SVHXGRV ViELRV GH KRMH EXVFDP XPD VDEHGRULD TXH QmR OHYD D OXJDU DOJXP 6mR RV HVSLULWXDOLV WDV VHP HVSLULWXDOLGDGH 6mR RV DPDQWHV GDV OHWUDV VHP R QpFWDU GR HVStULWR 'LUtDPRV VmR RV Vi ELRV DRV VHXV SUySULRV ROKRV

$ 6DQWD &HLD GR 6HQKRU p XP PRPHQWR SDUD UHÀH[mR e XPD RSRUWXQLGDGH PDLRU SDUD R DWR KLVWyULFR PHPRULDO SURIpWLFR H QHRWHVWDPHQWiULR $R FHOHEUDU D &HLD GR 6HQKRU D ,JUHMD SRGH FR PXQLFDU D PRUWH GH -HVXV &ULVWR SHORV QRVVRV SHFDGRV $ ,JUHMD SRGH WDPEpP REHGHFHU j RUGHP WiFLWD GH -HVXV &ULVWR TXDQGR GLVVH ³ID]HL LVWR HP PHPyULD GH PLP´ $ ,JUHMD Mi SRGH DLQGD YDOHU VH GR PRPHQ WR SDUD TXHEUDQWDU VH GLDQWH GH 'HXV SHGLQGR /KH SHUGmR SDUD RV SHFDGRV EXVFDQGR XPD FR PXQKmR PDLV VLJQL¿FDWLYD FRP RV VDQWRV H SURIHWL]DQGR HP DWRV TXH -HVXV &ULVWR YROWDUi

&UX] $QWHV TXH SDVVHP D SUHJDU XP HYDQJHOKR VHP &UX] $QWHV TXH GHVIDoDP RX DQXOHP D PRUWH GH &ULVWR $QWHV DLQGD TXH HP EDUTXH HP FDQRDV IXUDGDV GH XP $ SURSyVLWR TXHUHPRV WUD]HU D VXSRVWR HYDQJHOKR 2 TXH PXLWRV OXPH DOJXPDV ¿OLJUDQDV UHVSHL HYDQJpOLFRV HVWmR ID]HQGR FXP WDQWHV DR WH[WR VXSUDFLWDGR VHP SULQGR VH OLWHUDOPHQWH SHUGHU GH YLVWD R WtWXOR VXSUDGLWR ³$ 0HQVDJHP GD &UX] H D ,JUH ³$GPLUD PH TXH HVWHMDLV SDV MD´ 7HP WXGR D YHU 2V FUHQWHV VDQGR WmR GHSUHVVD GDTXHOH TXH FDUHFHP GHVHVSHUDGDPHQWH GH YRV FKDPRX QD JUDoD GH &ULVWR YROWDU VH SDUD D PHQVDJHP GD SDUD RXWUR HYDQJHOKR´ *O

1D FUX] GH &ULVWR VH GHVFREUHP WUrV FODVVHV GH SHVVRDV

26 &5(17(6 ± *UDoDV DR 6HQKRU H[LVWH HVWH JUXSR TXH QR SDVVDGR VH GHVWDFRX FRPR RV TXH GL]LDP ³$ FUX] GH &ULVWR p R SRGHU GH 'HXV´ ³$ PHQVD JHP GD &UX] GH &ULVWR HUD R SRGHU GH 'HXV´ ³2QGH HVWi R ViELR" 2QGH R HVFULED" 2QGH R LQTXLULGRU GHVWH VpFXOR" 3RU YHQWXUD QmR WRUQRX 'HXV ORXFD D VDEHGRULD GR PXQGR" 9LVWR FRPR QD VDEHGRULD GH 'HXV R PXQGR QmR R FRQKHFHX SRU VXD SUySULD VDEHGRULD DSURX YH D 'HXV VDOYDU RV TXH FUrHP SHOD ORXFXUD GD SUHJDomR´ , &R

26 -8'(86 ± 3DUD HVWHV Vy WLQKDP YDORU RV VLQDLV 2V MXGHXV SHGLDP VLQDLV (UDP iYLGRV SHOR TXH YLDP (UDP FRPR PXLWRV KRMH TXHUHP VLQDLV $QGDP PDLV DWUiV GH VLQDLV GR TXH GH &ULVWR &DPLQKDP TXLO{PHWURV DWUiV GH DOJXP VLQDO 9LYHP HP EXVFD GH 1mR SRGHPRV ROYLGDU D 0HQVD VLQDLV 3DUD RV MXGHXV GH RQWHP JHP GD &UX] VRE SHQD SHUGHUPRV D FUX] HUD WURSHoR 3DUD PXLWRV R ~OWLPR OLDPH GD Ip HP 'HXV ž


6$Ò'(

$OLPHQWRV IXQFLRQDLV DOLDGRV 3UREOHPDV GH UHVSLUDomR QD SURWHomR DR FkQFHU

2 FkQFHU p XPD GRHQoD FU{QLFD PXOWLFDXVDO (OH GHYH VH DR FUHV FLPHQWR H[FHVVLYR H GHVRUGHQD GR GDV FpOXODV TXH GHYLGR D HVWH FUHVFLPHQWR DGTXL UHP SURJUHVVLYDPHQWH FDUDFWHUtVWLFDV TXH OKH SHUPLWHP LQYDGLU RV WHFLGRV GR RUJD QLVPR 3ULQFL SDO FDXVD GH PRUWDOLGDGH QR PXQGR DOJXQV GH VHXV IDWR UHV GH ULVFR HVWmR UHODFLRQDGRV DR HVWLOR GH YLGD WDEDJLVPR XVR GH HQWRUSHFHQWHV H GH EHELGDV DOFRyOLFDV HP H[FHVVR VHGHQWD ULVPR REHVLGDGH H PDXV KiELWRV DOLPHQWDUHV )HOL]PHQWH VHJXQGR D QXWULFLR QLVWD %UXQD 0XUWD GD UHGH 0XQ GR 9HUGH PXLWRV DOLPHQWRV FRQ WrP FRPSRVWRV EHQp¿FRV FRP SURSULHGDGHV SURWHWRUDV FRQWUD R FkQFHU ³2V YHJHWDLV SRU H[HP SOR FRQWrP DOpP GH YLWDPLQDV H PLQHUDLV GLYHUVRV FRPSRVWRV ¿WRTXtPLFRV TXH SRVVXHP SUR SULHGDGHV FRQWUD D Pi IRUPDomR GDV FpOXODV´ D¿UPD

8PD DOLPHQWDomR EDVHDGD QR FRQVXPR UHJXODU GH DOLPHQWRV ULFRV QHVWHV FRPSRVWRV UHSUH VHQWD D PHOKRU DUPD SDUD D SUHYHQomR GR FkQFHU 9HJHWDLV FRPR EUy FROLV FRXYH ÀRU RX UHSROKR FRQWrP V X O I D U R I D Q R V VXEVWkQFLDV FD SD]HV GH HOLPLQDU VXEVWkQFLDV TXtPLFDV UHVSRQVi YHLV SRU PXWDo}HV FDQFHUtJHQDV 6HX FRQVXPR p DVVRFLDGR D XP ULVFR PHQRU GH FkQFHU GH PDPD ~WHUR SUyVWDWD LQWHVWLQR EH[LJD SXOPmR H ODULQJH

QR VRQR SRGHP DXPHQWDU ULVFR GH GHUUDPH

FLSDQWHV FRP 8P HVWXGR GR LGDGHV HQWUH ,QVWLWXWR 1DFLR DQRV RX PDLV QDO GH &RUDomR VHP KLVWyULFR GH 3XOPmR H 6DQ GHUUDPH GXUDQ JXH H GR ,QVWLWX WH QRYH DQRV WR 1DFLRQDO GH 1R LQtFLR GR HV 6D~GH DPERV WXGR RV SDUWLFL QRUWH DPHULFD SDQWHV ¿]HUDP QRV FRQFOXLX WHVWHV HP FDVD TXH D DSQHLD GR TXH GHWHUPLQD VRQR VXVSHQVmR UDP VH WLQKDP GD UHVSLUDomR DSQHLD H R VHX GXUDQWH R VRQR JUDX 'XUDQWH HVWi DVVRFLDGD R HVWXGR FRP R DXPHQWR $ VRMD H VHXV GHULYDGRV IRQWHV GR ULVFR GH GHUUDPH HP KRPHQV SDUWLFLSDQWHV WLYHUDP GHUUDPH GH LVRÀDYRQD VXEVWkQFLD TXH GH PHLD LGDGH H DGXOWRV PDLV YH GHVWHV KRPHQV GRV KR DSUHVHQWD VHPHOKDQoD HVWUXWXUDO OKRV PHQV HQYROYLGRV H PXOKH FRP RV KRUP{QLRV HVWURJrQLFRV UHV GDV SDUWLFLSDQWHV SURWHJHP FRQWUD YiULRV WLSRV GD (VWH ULVFR DXPHQWD PDLV TXH R GRHQoD GHVWDFDQGR VH R GH GREUR HP KRPHQV VH FRPSDUDGR 2V SHVTXLVDGRUHV D¿UPDP TXH PDPD H R GH SUyVWDWD $ OLQKDoD D KRPHQV TXH QmR VRIUHP FRP R DV GLIHUHQoDV HQWUH KRPHQV H PX WDPEpP WHP VXDV SURSULHGDGHV SUREOHPD 0DV IDWRUHV GH ULVFR OKHUHV RFRUUHP SRUTXH KRPHQV SURWHWRUDV SRLV p IRQWH GH OLJ GD DSQHLD VmR LQGHSHQGHQWHV GH VmR PDLV VXVFHWtYHLV D GHVHQYRO QDQD XP ¿WRHVWUyJHQR GH DomR RXWURV IDWRUHV FRPR SHVR SUHV YHU DSQHLD GR VRQR GXUDQWH D MX UHODFLRQDGD j SUHYHQomR GH FkQ VmR VDQJXtQHD UDoD WDEDJLVPR YHQWXGH H FRVWXPD Wr OD SRU PDLV WHPSR GR TXH D PXOKHU ž FHU GH PDPD SUyVWDWD H FROR GR H GLDEHWHV ~WHUR ž )RUDP HVWXGDGRV SDUWL )RQWH QRWtFLDV 5 )RQWH $EULO FRP


+20(1$*(0 2UGHQDomR DR 0LQLVWpULR 3DVWRUDO

(ULNVRQ 3LPHQWHO

1R GLD GH -DQHLUR GR FRUUHQ WH DQR QR %UDVLO QD 6HGH GD ,JUHMD $VVHPEOpLD GH 'HXV HP -DUGLP *UDPDFKR IRL RUGHQD GR DR 0LQLVWpULR GD 3DODYUD R SDVWRU (ULNVRQ 3LPHQWHO 3DVWRU (ULNVRQ p FDVDGR FRP &ULVWLDQH H R FDVDO WHP ¿ OKRV +RMH SDVWRUHLD D ,JUHMD $VVHP EOpLD GH 'HXV HP 0DQKDWDQ $ &HULPRQLD IRL SUHVLGLGD SHOR 3DVWRU 3UHVLGHQWH GR 0LQLVWp ULR $QVHOPR )HUUHLUD )HUQDQ GHV 4XH GHXV R DEHQoRH 3DVWRU (ULNVRQ QR VHX 0LQLVWpULR

8PD RYHOKD GLJQD GDV OiJULPDV GR VHX SDVWRU )DODU VREUH R LUPmR &RQUDGR p PXLWR IiFLO H LQVSLUDGRU 4XDQGR WRPHL SRVVH QD 3ULPHLUD ,JUHMD %DWLVWD HP 7HL[HLUD GH )UHLWDV LPHGLDWDPHQWH XP VHQKRU GH DQRV WRUQRX VH QD PLQKD WUDMHWy ULD PLQLVWHULDO XP OHDO H ¿ HO SDU FHLUR PLQLVWHULDO -DPDLV PH HV TXHFHUHL GDV SDODYUDV SRVLWLYDV H RWLPLVWDV TXH HUDP SURIHULGDV SHOD ERFD GHVWH DPDGR LUPmR $ EHP GD YHUGDGH HOH HUD XP OH JtWLPR HPEDL[DGRU H XP H[tPLR UHSUHVHQWDQWH GH QRVVD HVWLPDGD 3,%7() 'XUDQWH R DQR GH VHX FDULVPD H VLPSDWLD DWUDtUDP PXLWDV SHVVRDV GH 7HL[HLUD GH WDU TXH PLQKDV XWRSLDV HFOHViVWL )UHLWDV SDUD GHQWUR GH QRVVD FR FDV SRGHP VH WRUQDU XPD UHDOLGD GH FRQFUHWD PXQLGDGH GH Ip (OH HUD VHPSUH XP RXYLQWH DWHQWR ,UPmR &RQUDGR UHSUHVHQWRX QD jV PLQKDV KRPLOLDV H DRV PHXV PLQKD YLGD XP JUDQGH H IRUWH YH HVWXGRV GRXWULQiULRV 6XD DXVrQ OHLUR TXH QHVWH H[DWR PRPHQWR FLD ItVLFD GHVHQFDGHDUi QR PHX VDLX GR SRUWR WHUUHQR H SDUWLX HP FRUDomR XPD FUDWHUD GR WDPD GLUHomR DR FHOHVWLDO SRUWR VHJXUR QKR GR DPRU TXH VXD SHVVRD PH /LWHUDOPHQWH Mi R SHUGL GH YLVWD GLVSHQVDYD H RIHUHFLD &RQIHVVR PDV QR IXWXUR R PHX QDYLR H[LV TXH VRX XP VRQKDGRU FRPSXOVL WHQFLDO H HVSLULWXDO WHUi QRYDPHQ YR H FRQKHFHU HVWD SUHFLRVD H WH FRQWDWR FRP D VXD YLGD HPSROJDGD RYHOKD PH IH] DFUHGL &RQUDGR QmR HYDSRURX DSHQDV

QmR R SRGHPRV PDLV YHU PDV HOH FRQWLQXD R PHVPR ( WDOYH] QR H[DWR LQVWDQWH HP TXH DOJXpP GL] ³Mi VH IRL´ KDYHUi RXWUDV YR]HV PDLV DOpP D D¿ UPDU ³¶/i YHP R YHOHLUR &RQUDGR Oi YHP R YHOHL UR ´ 6HUi XP SURFHVVR GRORURVR DFHL WDU D VXD SDUWLGD HQWUHWDQWR p SUHFLVR UHVVDOWDU TXH D YLGD p IHLWD GH SDUWLGDV H FKHJDGDV 'H LGDV H YLQGDV $VVLP R TXH SDUD XQV SDUHFH VHU D SDUWLGD SDUD RXWURV p D FKHJDGD 7HUi R LUPmR &RQ UDGR VXPLGR" (YDSRUDGR" 1mR FHUWDPHQWH $SHQDV R SHUGHPRV GH YLVWD $VVLP XP GLD WRGRV QyV SDU WLPRV FRPR VHUHV LPRUWDLV TXH VRPRV DR HQFRQWUR 'DTXHOH TXH QRV FULRX 2EULJDGR LUPmR &RQUDGR SRU WHU VLGR PLQKD RYHOKD 2EULJDGR SRU TXH VXD IDPtOLD WHP VH WRUQDGR PLQKD IDPtOLD (Q¿ P REULJDGR SRU WXGR OiJULPDV &RP DIHWR

'R VHX SDVWRU 2VHLDV ž


21'( (67,9(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52


21'( (67,9(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52


21'( (67,9(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52


21'( +289(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52


$ )(67$ '2 0(16$*(,52

$ )(67$ '2 0(16$*(,52

-(686 e 2 9(5'$'(,52 0(16$*(,52 1R GLD GH PDUoR GR FRUUHQWH DQR QR *LQiVLR )ORUHQFH ( 6PLWK &HQWHU HP &RURQD 4XHHQV 1HZ <RUN IRL UHDOL]DGD D $ )(67$ '2 0(16$*(,52 FRPHoDQGR DV SP FRP FRQYLGDGRV )RUDP PRPHQWRV GH PXLWD DOHJULD H FRQIUDWHUQL]DomR 7LYHPRV LJUHMDV H DPLJRV SUHVHQWHV QDTXHOH HYHQWR 2 0LQLVWpULR 6DQWRV 3URGXFWLRQ 3XEOLVK GH 2 MRUQDO 2 0HQVDJH LUR DJUDGHFH D WRGRV RV SDUWLFLSDQWHV GHVWH HYHQWR $ FDGD SDV WRU PHPEURV GDV GLYHUVDV LJUHMDV UHSUHVHQWDGDV H DPLJRV SHOR FDULQKR H UHVSHLWR 4XHUHPRV GDU D 'HXV WRGD KRQUD *OyULD H /RXYRU

7HUHPRV PDLV IRWRV QD SUy[LPD HGLomR *LQiVLR )ORUHQFH ( 6PLWK &HQWHU TXH VHGLRX D )HVWD GR 0HQVDJHLUR

$Wp Oi +HOLR GRV VDQWRV )LOKR (GLWRU


$ )(67$ '2 0(16$*(,52

$&(,7$026 $0(5,*5283 0(7523/86 +($/7+ ),567 $(71$ &,*1$ %/8( &5266 %/8( 6+,(/' 0(',&$5( +,3 81,7(' +($/7+ 2;2)25' :25.(5路6 &203 12 )$8/7 $&&,'(17( '( $872

9RFr WHP DOJXQV GHVWHV SUREOHPDV" 4$UWULWH 4'RU QDV FRVWDV H SHVFRoR 4'RHQoD GHJHQHUDWLYD GH GLVFR 4)LEURPLDOJLD 2)(5(&(026 4([DPH GH 1HUYRV 4+pUQLD GH GLVFR 45DLRV ; 'LJLWDO

42VWHRSRURVH 4(TXLSDPHQWR GH 4&LiWLFD 9LEUDo}HV 4$FLGHQWHV GH WUDEDOKR 48OWUD VRP 4)LVLRWHUDSLD 4(VFROLRVH 4$FXSXQWXUD 4(VWHQRVH GD (VSLQKD 4(VSRQGLOROLVWHVH 4/HV}HV HVSRUWLYDV 4$FLGHQWH FHUHEURYDVFXODU


$ )(67$ '2 0(16$*(,52


$ )(67$ '2 0(16$*(,52


$ )(67$ '2 0(16$*(,52


$ )(67$ '2 0(16$*(,52


21'( (67,9(5 80 %5$6,/(,52 $/, (67$5È 2 0(16$*(,52


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.