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/RV FRORPELDQRV HQ (VWDGRV 8QLGRV \ OD FUHDFLyQ GH XQD FRPXQLGDG WUDQVQDFLRQDO
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PT ÏYPEPT EFOUSP EF MBT GSPOUFSBT Z MPT ÏYPEPT GVFSB EF FMMBT TPO NPWJNJFOUPT B MPT DVBMFT TF BTJHOBO EJWFSTBT OPNFODMBUVSBT DBEB VOB DPO QBSUJDVMBSFT DPOTFDVFODJBT KVSÓEJDBT QBSB FM TVKFUP RVF TF EFOPNJOBSÈ FOUPODFT TFS EFTQMB[BEP NJHSBOUF FYJMBEP SFGVHJBEP BTJMBEP FYQBUSJBEP EFQPSUBEP &NJHSBDJØO JONJHSBDJØO EFOUSP Z GVFSB NPWFSTF Z TFS NPWJEP P SFNPWJEP EFTQMB[BSTF Z TFS GPS[BEP BM EFTQMB[BNJFOUP TPO BTVOUPT RVF EFCFSÓBO USBUBSTF DPO QFSTQFDUJWB EF HÏOFSP BM NFOPT DPNP NBSDBEPS MJOHàÓTUJDP QVFT FM GFOØNFOP FT EFOUSP EF MBT GSPOUFSBT DPMPNCJBOBT NBZPSJUBSJBNFOUF GFNFOJOP Z IBDJB GVFSB GFNFOJOP NBTDVMJOP -(#5 &M EFTQMB[BNJFOUP GPS[BEP FT VO QSPCMFNB RVF DPNP IB BQVOUBEP .BSÓB 4UBWSPQPVMPV FO FM DPOUFYUP NVOEJBM Z 3PCFSUP 7JEBM FO FM DBTP DPMPNCJBOP IBDF QBSUF EF VOB HMPCBMJ[BDJØO PUSB &TUB HMPCBMJ[BDJØO EF BCBKP CPSSB MBT GSPOUFSBT EF MPT EJWFSTPT ÏYPEPT 0CTÏSWFOTF TPMBNFOUF MBT DJGSBT EF EFTQMB[BNJFOUP FO MPT LJMØNFUSPT EF GSPOUFSBT UFSSFTUSFT EF $PMPNCJB Z MPT DBTPT RVF B NBOFSB EF JMVTUSBDJØO DPOUJFOF FM EPDVNFOUP EF $0%)&4 6O QBÓT
RVF IVZF %FTQMB[BNJFOUP Z WJPMFODJB FO VOB OBDJØO GSBHNFOUBEB FO MB GSPOUFSB DPMPNCP FDVBUPSJBOB QPS FKFNQMP $0%&&4 6/*$&' CBTF NJMJUBS BOUJOBSDØUJDPT FO .BOUB Z DSJTJT IVNBOJUBSJB HFOFSBEB QPS FM 1MBO $PMPNCJB Z MB GVNJHBDJØO FO 1VUVNBZP Z /BSJ×P FOUSF PUSPT BTVOUPT QBSB NFODJPOBS TØMP EPT JOHSFEJFOUFT FO MB GSPOUFSB DPMPNCP WFOF[PMBOB TF×BMFNPT MB DSJTJT IVNBOJUBSJB Z MB WJPMBDJØO EF EFSFDIPT IVNBOPT EFTEF QPS FM HPCJFSOP EF $IÈWF[ MB BDUJWJEBE EF QBSBNJMJUBSFT Z HVFSSJMMB FO MB SFHJØO EF $BUBUVNCP FO FM MJOEF DPO 1BOBNÈ MB MPDBMJ[BDJØO HFPFTUSBUÏHJDB EFM %BSJÏO IBDF QPSPTB MB GSPOUFSB BM DPOn JDUP FO 6SBCÈ PSJHJOBOEP EFTQMB[BNJFOUP SFUPSOP Z SFGVHJP $PMPNCJB UJFOF GSPOUFSBT DBMJFOUFT FT BNFOB[B FO FMMBT QBSB MPT QBÓTFT WFDJOPT Z FMMPT FO DBNCJP TPO FTQFSBO[B QBSB RVJFOFT IVZFO &O VO USBCBKP EF JOWFTUJHBDJØO NÈT BNQMJP EFM DVBM FTUF BSUÓDVMP IBDF QBSUF FOGPDP MPT NFSDBEPT HMPCBMFT QBSB MPT DVBMFT FM DPODFQUP EF GSPOUFSB FT DPTB EFM QBTBEP .J NJSBEB TF QPTB FO MBT HFOUFT EF SFFNQMB[P OVFWBT QFSTPOBT TBDFS FO FM NVOEP HMPCBMJ[BEP Z FO MPT NFDBOJTNPT EF FYDMVTJØO Z QPMÓUJDBT EF DJVEBEBOÓB FO MB FSB EF MBT NJHSBDJPOFT &TUBT QFSTPOBT FTUÈO QPS
7FS .JMMÈO i1BSB RVF OP DFSSFNPT MB WFOUBOB w FO 3FWJTUB +BWFSJBOB 7FS FM DBQÓUVMP JOJDJBM EF MB UFTJT EPDUPSBM EF 3 7JEBM TPCSF QSPCMFNBT EFM %FSFDIP Z FM EFTQMB[BNJFOUP FO $PMPNCJB FM DVBM DPOUFYUVBMJ[B MB OPSNBUJWJEBE EFM EFTQMB[BNJFOUP JOUFSOP GPS[PTP EFOUSP EF MBT QPMÓUJDBT EF DPOUFODJØO EFM n VKP EF SFGVHJBEPT $PMPNCJB DPNQBSUF GSPOUFSBT UFSSFTUSFT DPO 7FOF[VFMB FO ,N #SBTJM FO ,N 1FSÞ FO ,N &DVBEPS FO ,N Z 1BOBNÈ FO ,N $PEIFT -B SFGFSFODJB BRVÓ FT B MB m HVSB RVF FM m MØTPGP JUBMJBOP (JPSHJP "HBNCFO FOUSFTBDB EFM %FSFDIP 3PNBOP BSDBJDP QBSB FM DVBM VO IPNP TBDFS FT VO TFS FYDMVJEP EFM NVOEP EF MPT EJPTFT Z EFM NVOEP EF MPT IVNBOPT &O "HBNCFO (JPSHJP )PNP TBDFS &M QPEFS TPCFSBOP Z MB OVEB WJEB 7BMFODJB 1SF 5FYUPT
&DUPHQ 0LOOiQ GH %HQDYLGHV
GVFSB P NÈT BMMÈ EF MPT EFCBUFT TPCSF JVT TBOHVJOJ Z JVT TPMJ TPCSF BTVOUPT DPNP MB EPCMF OBDJPOBMJEBE MPT EFSFDIPT QPMÓUJDPT EF RVJFOFT TPO JONJHSBOUFT FTUBCMFDJEPT FM BDDFTP B CFOFm DJPT TPDJBMFT Z P TVT SFTUSJDDJPOFT BHFOEB FTUB QSPQVFTUB QPS JOTUJUVDJPOFT DPNP FM .JHSBUJPO 1PMJDZ *OTUJUVUF "MFJOJLPĊ Z ,MVTNFZFT "OEFSTPO OPT SFDVFSEB MB QBMBCSB QBSB RVJFOFT TPO BDFQUBEPT DPNP DJVEBEBOPT FO VO QBÓT EJGFSFOUF BM EF TV PSJHFO Z OPT QSPQPOF SFn FYJPOBS TPCSF FM UÏSNJOP OBUVSBMJ[BEP "OESFTPO -B OBUVSBMJ[BDJØO FT VO SJUP EF QBTBKF FT FM QSPDFTP <MFHBM> RVF OPT QFSNJUF TFS BDFQUBEPT QPS VOB DPNVOJEBE JNBHJOBEB EJTUJOUB B BRVFMMB EF PSJHFO &TUB DPNVOJEBE OPT SFDJCF EFTQVÏT EF DVNQMJS SFRVJTJUPT EF QFSNBOFODJB Z QSFWJP FYBNFO FO FM RVF QSPCBCMFNFOUF TF OPT QJEF DBOUBS FM IJNOP OBDJPOBM Z FYQMJDBS MPT DPMPSFT Z EJTUJOUJWPT EF MB CBOEFSB FM GVODJPOBNJFOUP EFM HPCJFSOP Z EFNPTUSBS RVF DPOPDFNPT MB IJTUPSJB EF OVFTUSP OVFWP IPHBS /VODB IF EFKBEP EF BENJSBS MB QFMÓDVMB EPDVNFOUBM ɨ F 3PBE 4DIPMBS RVF FM QPFUB Z QFSJPEJTUB "OESFJ $PESFTDV IJDJFSB FO &O VO WJBKF RVF DVMNJOB DPO MB DFSFNPOJB FO MB DVBM MF FOUSFHBO TV WJTB EF SFTJEFOUF FM FTDSJUPS SVNBOP OPT IB NPTUSBEP TV NBOFSB EF FOUFOEFS MB OBUVSBMJ[BDJØO FO MPT &TUBEPT 6OJEPT FTUF SPBE TDIPMBS QVFEF TFS OBUVSBM BIPSB RVF DPOPDF FM QSJNFS .D%POBME T MPT QSFEJDBEPSFT FO QBUJOFT MB DBTB EF 8IJUNBOO TJUVBEB GSFOUF B MB DÈSDFM EF $BNEFO
MBT EFWPDJPOFT EF MB /VFWB &SB Z MB BTPDJBDJØO EFM SJn F FOUSF PUSBT DPTBT &M $BEJMMBD DPOWFSUJCMF SPKP NPEFMP FO FM DVBM SFDPSSJØ NJMMBT FT QBSUF EF FTB OBUVSBMJ[BDJØO UBNCJÏO QVFT BQSFOEJØ B NBOFKBS QBSB FM WJBKF 3PBE 4DIPMBS 1BSB RVJFO PGSFDF TV USBCBKP NBUFSJBM B MB OVFWB DPNVOJEBE JNBHJOBEB MB EF BEPQDJØO MB DBSUB EF OBUVSBMJ[BDJØO TVQPOF MB BERVJTJDJØO EF DJVEBEBOÓB QMFOB OP TØMP MB SFTUSJOHJEB DJVEBEBOÓB DÓWJDB Z QPMÓUJDB EF MB DVBM HP[BNPT FO MPT QBÓTFT EF MPT DVBMFT OPT EFTBHSFHBNPT TJOP MB DJVEBEBOÓB TPDJBM RVF OPT SFTVNF #PBWFOUVSB EF 4PVTB 4BOUPT QBSBGSBTFBOEP FM DMÈTJDP $JUJ[FOTIJQ BOE 4PDJBM $MBTT EF .BSTIBMM 5FØSJDBNFOUF ZB OP QPESFNPT TFS PCMJHBEPT B TBMBSJPT Z IPSBSJPT EF FTDMBWP OVFTUSPT IJKPT QPESÈO BDVEJS BM QVCMJD TDIPPM Z FO DBTP FYUSFNP IBTUB UFOESFNPT MB QPTJCJMJEBE EF SFDJCJS GPPE TUBNQT 4PVTB 4BOUPT 1BSB RVJFO PGSFDF TV USBCBKP JOUFMFDUVBM FM QSPDFTP QPOF m O B QFSNJTPT EF USBCBKP Z WJTBEPT RVF EFCFO SFOPWBSTF 4VCKFUJWJEBE Z DJVEBEBOÓB DPCSBO PUSBT EJNFOTJPOFT GSFOUF B MPT OVFWPT NPWJNJFOUPT NJHSBUPSJPT $PNP SFDVFSEB EF 4PVTB 4BOUPT FM DPODFQUP GPVDBVMUJBOP RVF SFEVDF MB DJVEBEBOÓB B VOB DPODFQDJØO QBOØQUJDB EFM QBOØQUJDP BM IPNPHFOFJ[BS UPEBT MBT GPSNBT EF QPEFS TJO KFSBSRVJ[BSMBT FT JOTVm DJFOUF 5BNCJÏO SFTVMUBO JOTVm DJFOUFT MBT UFPSÓBT EFM EFSFDIP JOUFSOBDJPOBM QÞCMJDP TPCSF ÈNCJUPT EF WBMJEF[ QFSTPOBM EF MPT FTUBEPT
*DOHUtD GH 3DUWHV &XHUSRV JOREDOHV SUHVDV ORFDOHV
DPMPNCJBOBT WÓDUJNB EF FTB GPSNB EF 7FSESPTT OPT FOTF×Ø B UFOFS CJFO DMBSP FTDMBWJUVE RVF FT FM USÈm DP EF QFSTPOBT RVF OBDJPOBMJEBE FT VO DPODFQUP MBT QJFSOBT MMFHBO DPO QBTBQPSUFT EF DBSÈDUFS KVSÓEJDP JOUFSOBDJPOBM DPNVOJUBSJPT OP EFCFO OBUVSBMJ[BSTF NJFOUSBT RVF DJVEBEBOÓB FT VO TPO OBUVSBMFT ZB BM MMFHBS B MPT FRVJQPT DPODFQUP EF DBSÈDUFS KVSÓEJDP JOUFSOP FVSPQFPT &TUSBUFHJBT RVF QBTBO QPS 7FSESPTT 1FSP DPNP ÏM NJTNP FM DVFSQP Z FKFNQMJm DBO MB EJWJTJØO TF×BMBCB QBSB FM EFSFDIP JOUFSOBDJPOBM USBCBKP JOUFMFDUVBM USBCBKP NBUFSJBM MPT EPT TPO DPODFQUPT RVF TF WFO TVCTVNJEPT QPS FM EF QFSUFOFODJB QFSNBOFOUF Z QBTJWB EF MB QFSTPOB B 1BUSJB FT MB TFMFDDJØO OBDJPOBM EF VOB DPNVOJEBE JNBHJOBEB GÞUCPM &O FM QSFTFOUF BSUÓDVMP -B GSBTF EF $BNVT OPT IBDF QSFUFOEP FNQMFBS NFUÈGPSBT RVF B QFOTBS FO EÓBT FO MPT DVBMFT MBT DBMMFT EF GVFS[B EF TFS VTBEBT Z WBDJBEBT EF #PHPUÈ TF WBDÓBO EÓBT BNBSJMMPT FO MPT TFOUJEP TF IBO DPOWFSUJEP FO DBUBDSFTJT DVBMFT MPT FTUVEJBOUFT MPT USBCBKBEPSFT RVF BOVODJBO VOB TFHNFOUBDJØO FO UPEPT OPTPUSPT OPT QPOFNPT MB DBNJTFUB HBMFSÓB EF QSFTBT DBSOBMJEBE QVSB QBSUF EF MB 4FMFDDJØO EF GÞUCPM PCWJBNFOUF BOJNBM QBSB DPOTVNP GVHB EF DFSFCSPT &T MB PQPSUVOJEBE EF WFS B MPT RVF IBO QJFSOBT EF PSP EFM MBEP CFOÏWPMP Z USJVOGBEP FO FM FYUFSJPS -B $-"$40 UVSJTNP TFYVBM Z USÈm DP EF ØSHBOPT EFM IB EFEJDBEP VOB EF TVT QVCMJDBDJPOFT MBEP PTDVSP EF MB HMPCBMJ[BDJØO SFDJFOUFT BM EFQPSUF Z FM GÞUCPM SFTVMUB &O FM NVOEP HMPCBMJ[BEP TJFOEP FM PCKFUP DBTJ ÞOJDP EF FTUVEJP FM DVFSQP EF MPT DPMPNCJBOPT Z FO FM WPMVNFO $-"$40 "4%* DPMPNCJBOBT TF WJFOF TFHNFOUBOEP B FGFDUPT EF TV OBUVSBMJ[BDJØO $BEB &M NVOEP EFM GÞUCPM HFOFSB QSFTB EFM DVFSQP FT OBUVSBMJ[BEB EF JEFOUJEBEFT DPNQSPNFUJEBT FO MBT EJGFSFOUF NBOFSB &M DFSFCSP BMPKBEP DVBMFT MB QFSUFOFODJB BM FRVJQP QSJNB FO MB DBCF[B MMFHB DPO WJTBEPT RVF OP TPCSF MB OBDJPOBMJEBE EFM KVHBEPS Z EFTQJFSUBO TPTQFDIB FO MBT BVUPSJEBEFT QPS FTP DPMPNCJBOPT DPNP FM 1BUSØO EF JONJHSBDJØO FM USPODP OP UJFOF #FSNÞEF[ P +VBO SJFTHP EF TFS O B U V S B M J [ B E P ³(Q HO PXQGR JOREDOL]DGR HO 1BCMP "OHFM TPO P IBO TJEP EFM *OUFS DPOUJOÞB TJFOEP FXHUSR GH ORV FRORPELDQRV \ EFM 3JWFS EFM FTDFOBSJP EF FRORPELDQDV VH YLHQH /FXFMMT EFM "TUPO QMBDFS Z DBTUJHP VHJPHQWDQGR D HIHFWRV GH 7JMMB BTÓ OVFTUSPT QBSB MPT NJMFT EF VX QDWXUDOL]DFLyQ´ D P N F O U B S J T U B T DPMPNCJBOPT Z
-B QSFHVOUB FT TJ MPT DPMPNCJBOPT UFOFNPT EFSFDIP B QFSNBOFDFS QBTJWBNFOUF DVBOEP MP RVF MMFWBNPT IBDJB FM FYJMJP FT MB NBMB GBNB MB QSFTVODJØO EF OP TFS HFOUF EF CJFO &T RVF DVBOEP VOP WJBKB VOP TF MMFWB DPO VOP Z FO FTF MMFWBSTF DPO VOP TF JODMVZFO MBT TF×BT EF JEFOUJEBE QPS NVZ QPTNPEFSOP RVF VOP TFB
&DUPHQ 0LOOiQ GH %HQDYLGHV
EFQPSUJWPT JOTJTUBO FO TV DPMPNCJBOJEBE &M GÞUCPM QSPGFTJPOBM DPMPNCJBOP IBDF TV BQBSJDJØO UBO TØMP FO DPO OPUBCMF SFUSBTP GSFOUF B PUSPT QBÓTFT EFM ÈSFB %ÈWJMB Z -POEP×P )BDF WFJOUF B×PT QFOTBS FO GVUCPMJTUBT DPMPNCJBOPT DPOWFSUJEPT FO FTUSFMMBT EFM GÞUCPM BSHFOUJOP IVCJFTF TJEP DBMJm DBEP EF MPDVSB &OUSF EJDJFNCSF EF Z GFCSFSP EF DVBOEP USBCBKP FO FM QSFTFOUF BSUÓDVMP MBT TFDDJPOFT EFQPSUJWBT EF MPT OPUJDJFSPT EPNJOJDBMFT EF $PMPNCJB JODMVZFO VO BQBSUBEP EF iDPMPNCJBOPT FO FM FYUFSJPSw RVF OP TØMP DPNFOUB MB HFTUJØO EF OVFTUSPT KVHBEPSFT FO FRVJQPT BSHFOUJOPT TJOP UBNCJÏO FO MBT MJHBT EF *UBMJB &TQB×B *OHMBUFSSB 'SBODJB 5VSRVÓB #SBTJM .ÏYJDP 1PSUVHBM "MFNBOJB Z &DVBEPS *ODMVZP MBT OPUBT B QJF EF QÈHJOB QBSB NPTUSBS MB DBSUPHSBGÓB HMPCBM EF DMVCFT FO MPT RVF KVFHBO OVFTUSPT DSÏEJUPT OBDJPOBMFT i4BMUBO B MB DBODIB DJFO
NJMMPOFT EF EØMBSFTw WPDJGFSBCBO MPT OBSSBEPSFT EFQPSUJWPT EF VOB DBEFOB UFMFWJTJWB BM EBS DPNJFO[P VO SFDJFOUF QBSUJEP EF MB MJHB FVSPQFB EF GÞUCPM -BT QJFSOBT EFM CFMMP NFUSPTFYVBM #FDLIBN WBMFO PSP RVJÏO OP MP TBCF UBM DPNP MBT EF 1FMÏ P MBT EF .BSBEPOB MP WBMJFSPO FO TV NPNFOUP FTUFMBS /P TF USBUB BRVÓ EF VO PSP NFUBGØSJDP FT EJOFSP DPOUBOUF Z TPOBOUF FO FM NFSDBEP EF QJFSOBT FM NVOEP EFM GÞUCPM QSPGFTJPOBM " QBSUJS EF MB FSB .BUVSBOB $PMPNCJB DPNFO[Ø B DPUJ[BS UBNCJÏO TVT KVHBEPSFT FO FM NJMMPOBSJP NFSDBEP EF MBT USBOTGFSFODJBT FOUSF DMVCFT 2VJFO EFTEF BGVFSB EF MB GBOBUJDBEB P UPSDJEB DPNP FT MMBNBEB FO #SBTJM FTDVDIF BDFSDB EF USBOTGFSFODJBT QBTFT DMVCFT GFEFSBDJPOFT SFTUSJDDJPOFT DVPUBT FUD TJFOUF VO BSPNB EF FTDMBWJUVE RVF FTBT FTUSFMMBT HBOBO NJMMPOFT FT WFSEBE 4JO FNCBSHP TPO FTUSFMMBT GVHBDFT QVFT DPNP MPT QPFUBT SPNÈOUJDPT TFSÈO DBEÈWFSFT KØWFOFT %FTQVÏT EF MPT
$PMØO /FXFMM T 0ME #PZT 3BDJOH #PDB +VOJPST 6EJOFTF *OUFS 3FBM 4PDJFEBE Z -FWBOUF "TUPO 7JMMB .FU[ /BOUFT (BMBUBTBSBZ 1BMNFJSBT 1BDIVDB 1VFCMB '$ .PSFMJB $SV[ "[VM #PBWJTUB "DBEFNJB "SNJOJB "VDBT 3FTVMUBSÓB JOUFSFTBOUF TFHVJS MB IJQØUFTJT RVF %ÈWJMB TVHJFSF FO MB RVF TF WJODVMBO MPT NFDBOJTNPT EF WFOUB Z USBOTGFSFODJB EF KVHBEPSFT DPO FM MBWBEP EF BDUJWPT Z MB DJSDVMBDJØO EF DBQJUBMFT EFM OBSDPUSÈm DP %ÈWJMB &O FOFSP EF MB QÈHJOB XFC Pm DJBM EF MB '*'" JODMVÓB B TFJT BHFOUFT EF KVHBEPSFT BVUPSJ[BEPT QBSB PQFSBS FO $PMPNCJB +PTÏ $BTUB×P (MPCBM 4PDDFS FO $BMJ &GSBÓO 1BDIØO .BSLFUJOH 4QPSUJWP F $VMUVSBMF FO #PHPUÈ )VNCFSUP 2VJDFOP +PDLFZ $MVC * $BMJ (JBODBSMP 6EB FO #PHPUÈ $BSMPT "SUVSP 7BMFODJB FO .FEFMMÓO Z )FMNVUI 8FOOJO FO #BSSBORVJMMB
*DOHUtD GH 3DUWHV &XHUSRV JOREDOHV SUHVDV ORFDOHV
B×PT TVT QSFDJPT DPNJFO[BO B CBKBS Z FWFOUVBMNFOUF FTUPT WJFKPT EF JSÈO EFTDFOEJFOEP IBDJB FRVJQPT EF NFOPT DBUFHPSÓB QFSEJÏOEPTF FO FM BOPOJNBUP &O TF QSPEVKP VO MJUJHJP RVF BCSJØ QBSB MPT GVUCPMJTUBT MBUJOPBNFSJDBOPT P NÈT CJFO QBSB TVT NBOBHFST VOB QVFSUB IBDJB MB 6&'" MB QPEFSPTB GFEFSBDJØO FVSPQFB EF GÞUCPM 6O KVHBEPS CFMHB MMBNBEP +FBO .BSD #PTNBO MMFWØ TV DBTP B MPT USJCVOBMFT BM m OBMJ[BS MB UFNQPSBEB FM 3PZBM $MVC -JÏHFPJT BM DVBM QFSUFOFDÓB MF PGSFDJØ MB SFOPWBDJØO EF TV DPOUSBUP QFSP QBHÈOEPMF DVBUSP WFDFT NFOPT EF MP RVF IBCÓB EFWFOHBEP FO MB UFNQPSBEB RVF IBCÓB UFSNJOBEP &M DMVC BEFNÈT EFKØ EF TPMJDJUBS B MB 'FEFSBDJØO CFMHB FM DFSUJm DBEP EF USBOTGFSFODJB EFM KVHBEPS JNQJEJÏOEPMF NBSDIBSTF B VO DMVC EF TFHVOEB EJWJTJØO FO 'SBODJB Z MP TBODJPOØ QPS VO B×P #PTNBO EFNBOEØ B MB 'FEFSBDJØO CFMHB Z BM 3PZBM QPS JNQFEJSMF FODPOUSBS USBCBKP &M EF BCSJM EF #PTNBO JODMVZØ FO TV EFNBOEB B MB 6&'" MB TPMJDJUVE EF OVMJEBE EF MBT OPSNBT WJHFOUFT TPCSF USBOTGFSFODJBT Z OBDJPOBMJEBE
-PT TJOEJDBUPT EF GVUCPMJTUBT EF 'SBODJB Z )PMBOEB BEIJSJFSPO B MB EFNBOEB "OUFT EF MB 4FOUFODJB #PTNBO FM 1BSMBNFOUP &VSPQFP IBCÓB BQSPCBEP MB 3FTPMVDJØO EFM EF BCSJM EF TPCSF -JCFSUBE EF DJSDVMBDJØO EF GVUCPMJTUBT QSPGFTJPOBMFT FO MB $&& DPOTJEFSBOEP RVF MPT GVUCPMJTUBT TPO USBCBKBEPSFT Z RVF QPS FTB SB[ØO EFCFO FTUBS DPCJKBEPT QPS MPT NJTNPT EFSFDIPT EF MPT EFNÈT USBCBKBEPSFT EF MB 6OJØO &VSPQFB 1FSP GVF TØMP IBTUB FM $BTP #PTNBO RVF FO QBMBCSBT EF $SFTQP 1ÏSF[ TF QSPEVKP VOB SFWPMVDJØO $SFTQP &M GBMMP m OBM RVF TF QSPEVKP FO FM 5SJCVOBM EF +VTUJDJB EF MB 6OJØO &VSPQFB FO BCSJØ MBT GSPOUFSBT EFM GÞUCPM FOUSF MPT FTUBEPT DPNVOJUBSJPT QPS FODJNB EF MB 6&'" -BT MMBNBEBT DMÈVTVMBT EF OBDJPOBMJEBE RVFEBCBO BCPMJEBT QBSB MPT GVUCPMJTUBT DPO QBTBQPSUF DPNVOJUBSJP %F SFQFOUF BQBSFDJFSPO OVFTUSPT BOUFQBTBEPT FTQB×PMFT RVF OPT IBDÓBO FTQB×PMFT B MB NBOFSB EF MPT DSJTUJBOPT WJFKPT EFM 4JHMP EF 0SP DPO QSPCBO[BT Z MJNQJF[B EF TBOHSF MPT NBOBHFST QSVFCBO FM BODFTUSP Z DPOTJHVFO QBTBQPSUFT FTQB×PMFT QPSUVHVFTFT Z IBTUB HSJFHPT DPNP FO FM
7FS 4FOUFODJB $ EFM 5SJCVOBM EF +VTUJDJB EF -VYFNCVSHP $BTP #PTNBO BQBSUBEP 4FOUFODJB $ EFM 5SJCVOBM EF +VTUJDJB EF -VYFNCVSHP $BTP #PTNBO "QBSUBEP " QBSUJS EF MPT B×PT TFTFOUB OVNFSPTBT BTPDJBDJPOFT OBDJPOBMFT EF GÞUCPM BEPQUBSPO OPSNBT QPS MBT RVF TF MJNJUB MB QPTJCJMJEBE EF DPOUSBUBS P BMJOFBS FO DPNQFUJDJØO B KVHBEPSFT EF OBDJPOBMJEBE FYUSBOKFSB< > 1BSB MB BQMJDBDJØO EF EJDIBT DMÈVTVMBT MB OBDJPOBMJEBE TF EFm OF UPNBOEP DPNP SFGFSFODJB MB QPTJCJMJEBE EFM KVHBEPS EF TFS IBCJMJUBEP QBSB KVHBS FO VO FRVJQP OBDJPOBM P SFQSFTFOUBUJWP EF VO QBÓT "QBSUBEP 4J CJFO MB MJCSF DJSDVMBDJØO EF MPT USBCBKBEPSFT BM BCSJS FM NFSDBEP EF USBCBKP EF VO FTUBEP NJFNCSP B MPT OBDJPOBMFT EF MPT EFNÈT FTUBEPT NJFNCSPT UJFOF QPS FGFDUP VOB SFEVDDJØO EF MBT PQPSUVOJEBEFT EF MPT OBDJPOBMFT EF EJDIP &TUBEP EF FODPOUSBS VO FNQMFP FO FM UFSSJUPSJP EFM &TUBEP BM RVF QFSUFOFDFO BCSF DPNP DPOUSBQBSUJEB OVFWBT QFSTQFDUJWBT EF FNQMFP B FTPT NJTNPT USBCBKBEPSFT FO MPT EFNÈT &TUBEPT NJFNCSPT &T FWJEFOUF RVF UBMFT DPOTJEFSBDJPOFT TF BQMJDBO UBNCJÏO B MPT KVHBEPSFT QSPGFTJPOBMFT EF GÞUCPM
&DUPHQ 0LOOiQ GH %HQDYLGHV
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*ORULD 3DWULFLD 'tD] %DUUHUR
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%DLODULQDV ([yWLFDV 6WULSWHDVH H ,QPLJUDFLyQ HQ &DQDGi
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*ORULD 3DWULFLD 'tD] %DUUHUR
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%DLODULQDV ([yWLFDV 6WULSWHDVH H ,QPLJUDFLyQ HQ &DQDGi
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*ORULD 3DWULFLD 'tD] %DUUHUR
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