.BOJmFTUP QPS MB QB[ (Q HVWDV KRUDV GLItFLOHV \ FUXFLDOHV SDUD OD KXPDQLGDG WRGD SHUVRQDV H LQVWLWXFLRQHV ODLFDV \ GH IH GH QXHVWUR SDtV VLQ GLVWLQFLyQ GH SHUWHQHQFLDV UHOLJLRVDV FRQIHVLRQDOHV WUDGLFLRQDOHV FXOWXUDOHV SROtWLFDV R pWQLFDV PHGLRV GH FRPXQLFDFLyQ SHULRGLVWDV \ DUWLVWDV TXH VXVFULELPRV DO SLH QRV XQLPRV SDUD GHIHQGHU OD OLEHUWDG GH FRPXQLFD FLyQ \ HO GHUHFKR D YLYLU QXHVWUDV FUHHQFLDV VRVWHQHU \ GHIHQGHU OD 3D] OD -XVWLFLD \ HO $PRU UHFRQRFLpQGRORV FRPR GRQHV \ ELHQHV VXSUHPRV \ GLYLQRV FRPR DVt WDPELpQ HO GHUHFKR D OD OLEHUWDG GH FRPXQLFDFLyQ HMHUFLGD HQ HO PDUFR GH OD UHVSRQVDELOLGDG \ HO UHVSHWR 5HVSHWDPRV HQ VX HVHQFLD WRGRV \ FDGD XQR GH ORV FUHGRV 'HO PRGR HQ TXH FDGD SHUVRQD DFRVWXPEUD KDFHPRV QXHVWUDV ODV LQWHQFLRQHV GHO 3DSD )UDQFLVFR SDUD DFRPSDxDU HQ HVWDV KRUDV ´HO VXIULPLHQWR GH ORV KHUL GRV \ D ODV IDPLOLDV GH ORV IDOOHFLGRV«µ HQ ODV WUDJHGLDV DFRQWHFLGDV HQ 3DUtV OD VHPDQD ~OWLPD DO WLHPSR TXH UHDILUPDPRV QXHVWUD YROXQWDG GH ´«VHU FRQVFLHQWHV \ OLEUDGRV GH OD FUXHOGDG GH OD TXH HV FDSD] HO KRPEUH«µ 5RJDPRV ´WDPELpQ SRU ORV FUXHOHV SDUD TXH HO 6HxRU FDPELH VXV FRUD]RQHVµ &RQGHQDPRV \ QRV RSRQHPRV FRPR )UDQFLVFR D ´WRGD LQVWLJDFLyQ \ GLIXVLyQ GHO RGLR \ GH FXDOTXLHU IRUPD GH YLROHQFLD ItVLFD \ PRUDO TXH GHVWUX\D OD YLGD KXPDQD YLROH OD GLJQLGDG GH ODV SHUVRQDV R VRFDYH UDGLFDOPHQWH HO ELHQ IXQGDPHQWDO GH OD FRQYLYHQFLD SDFtILFD HQWUH ODV SHUVRQDV \ ORV SXHEORV PiV DOOi GH ODV GLIHUHQFLDV GH QDFLRQDOLGDG UHOLJLyQ \ FXOWXUDµ &UHHPRV ILHOPHQWH TXH WRGRV ORV KRPEUHV WLHQHQ HO GHUHFKR GH H[SUHVDU \ FRPXQLFDU HQ SD] VXV LGHDV \ TXH ODV GLYHUJHQFLDV GHEHQ UHVROYHUVH FRQ HO GLiORJR \ OD UHIOH[LyQ /D FUHDFLyQ DUWtVWLFD OD OLEHUWDG GH FRPXQLFD FLyQ \ HO DFFHVR D OD LQIRUPDFLyQ QR SXHGHQ HVWDU FRQGLFLRQDGRV SRU OD YLROHQFLD \ OD DPHQD]D D OD YLGD FRPR IRUPD \ PpWRGR GH H[WRUVLyQ R FRDFFLyQ HQ HO VLJOR ;;, )LQDOPHQWH PDQLIHVWDPRV WRPDQGR GH QXHYR ODV SDODEUDV GHO 3DSD TXH ´HO UHVSHWR DO RWUR GHEH VHU FXOWLYD GR WUDEDMDQGR FRQ FRQVWDQFLD SRU OD 3D] OD -XVWLFLD \ HO 'HUHFKR SDUD VDQDU HQ SURIXQGLGDG ODV FDXVDV GHO RGLRµ £6DODP 6KDORP 3D] $BSEFOBM .BSJP 1PMJ 3BCJOP "CSBIBN 4LPSLB 0NBS "CCPVE $PNVOJEBE *TMÈNJDB .BSDFMP 'JHVFSPB 1SPUFTUBOUF %BOJFM 4DJPMJ .BVSJDJP .BDSJ 4FSHJP .BTTB +PTÏ .BOVFM %F MB 4PUB 'SBODJTDP 1ÏSF[ &SOFTUP 4BO[ +PSHF 5BJBOB .BSDFMP -POHPCBSEJ 'FSOÈO 4BHVJFS 3JDBSEP ,JSTDICBVN $BSMPT (VZPU /FMTPO $BTUSP %BOJFM )BEBE 'FSOBOEP (PO[ÈMF[ 3VCÏO 3BCBOBM 3PNÈO -FKUNBO 4BOUJBHP 1POU -F[JDB 4FSHJP 4[QPMTLJ $SJTUJOB 1ÏSF[ "OB %0OPGSJP +VBO $BSS 'SBOL %F /VZMMZ #SPXO +VBO +PTÏ $BNQBOFMMB "MGSFEP 4ÈCBU /BUV 1PCMFU 1BCMP ,FOEJLJBO (VJMMFSNP (BSDÓB )FSOÈO #SJFO[B 0TDBS #BSOFZ 'JOO $BDIJUP 7JHJM (VTUBWP 1FEBDF "MFKBOESP "WSVK %BOJFM $BMWP "TPDJBDJØO $SJTUJBOB EF +ØWFOFT FO "SHFOUJOB :.$" $PNVOJEBE "NJKBJ %FMFHBDJØO EF "TPDJBDJPOFT *TSBFMJUBT "SHFOUJOBT %"*" %BOJFM (PMENBO (BCSJFMB .JDIFUUJ 'SBODJTDP %F /BSWÈF[ (FSBSEP .PSBMFT +PSHF 5FMFSNBO (SBDJFMB 0DB×B +VMJP $PCPT 3PZ $PSUJOB 7BMFSJB $BWBMMP 3JDBSEP 3PB +PBRVÓO .PSBMFT 4PMÈ 8JMMZ ,PIBO &EVBSEP 7BO %FS ,PPZ $IBSMZ 'FSOÈOEF[ *OEBMP .FEJP .BUÓBT (BSGVOLFM .BSDFMP #POFMMJ )ÏDUPS %"NJDP ,BSJOB 3BCPMJOJ 4DIPMBT 0DVSSFOUFT +PTFmOB %FMHBEP +VBO "SDIJCBMEP -BOÞT 'BCJÈO #PTPFS 4VTBOB 3FJOPTP 'FSOBOEP (JBOFUUJ 0NBS %J .BSJP "MCFSUP ;JNNFSNBO /PSCFSUP 4BSBDDP 1BESF (VJMMFSNP .BSDØ .BSHBSJUB 4UPMCJ[FS (VTUBWP .BSBOHPOJ -VJT +VF[ %BSÓP (JVTUP[[J %JFHP 4BOUJMMJ -BVSB "MPOTP .BSJP /FHSJ $SJTUJBO 3JUPOEP "EBMCFSUP 3PESÓHVF[ (JBWBSJOJ (VJMMFSNP /JFMTFO 0NBS 1MBJOJ $BSMPT .BD "MMJTUFS +VMJP #MBOD -VJT /PWBSFTJP 1BCMP 4JSWÏO )FSOÈO EF (P×J %BOJFM 'FSOÈOEF[ $BOFEP +PSHF 1PSUB $BSMPT #VSHVF×P 4JMWJB .FSDBEP .BSDFMP $BOUFMNJ &OSJRVF 4BDDP 7FSPOJDB #SVOBUJ %BOJFM 4BOUPSP .BSJP 1PSUVHBM 'FEFSJDP %FM 3ÓP "OB (FSTDIFOTPO 1BCMP 8FOEF 'FSOBOEP $BSOPUB &TUFCBO 5BMQPOF %FCPSB 1MBHFS 'MPSFODJB %POPWBO /PSNB .PSBOEJOJ +VMJP #ÈSCBSP )FSOÈO -PNCBSEJ *WÈO 1FUSFMMB 3BÞM 4DJBMBCCB %BOJFM .VDIOJL 4JMWJOB $IFEJFL 1BVMB 5PSSFT .ØOJDB "MCJS[V .BUÓBT 4[BQJSP 4FCBTUJÈO 4BODIF[ )FSOÈO .BVSFUUF "SJFI 4[UPDLNBO -JTBOESP 0SMPW $SØOJDB #MBODB "SHFOUJOB +VBO 1BCMP $BOOBUB +VBO /BWBSSP 'MPSJB /PSCFSUP 3PESÓHVF[ 'FEFSJDP 1JOFEP (VTUBWP 'FSSBSJ -VJT "DV×B .BSJP $JNBEFWJMMB 1BUSJDJB #VMMSJDI .JHVFM 1FJSBOP .JHVFM %F (PEPZ -JMJB 1VJH %F 4UVCSJO .JSUB 5VOEJT 8BMUFS #SPXO 4JMWJB /BJTIUBU .BSJBOP :F[[F +VBO $SV[ 4BO[ "MFKBOESP #JBODIJ -PSFOB .BDJFM .BSDFMP $BOUØO "ESJÈOB 4DIFUUJOJ 1BCMP %VHHBO 4BOESB #PSHIJ $BSMPT "SCÓB $BSMPT .ÏOEF[ &EVBSEP 3BNFO[POJ 1BVMJOP 3PESÓHVFT .ÈYJNP 1BMNB 1BVMP .PSBMFT /JDPMÈT 8JOB[LJ %JBOB 4BJFHI -BVSB ;PNNFS .BSJP 3FOF .PVDIF #BMUBTBS +BSBNJMMP *HOBDJP 'JEBO[B .BSÓB 3PTB -PKP .BSÓB 1JNFOUFM EF -BOVTTF "OB .BSUÓOF[ 2VJKBOP *OÏT 8FJOCFSH $BSMPT 0WJFEP .POUB×P "NÓMDBS "OUPHOPOJ (VTUBWP 7FSB 4FSHJP #FSHNBO "MGSFEP %F "OHFMJ 3FNFT -FOJDPW 1BCMP 5POFMMJ .BSDFMP $IPDBSSP +PSHF (SFDDP $BSMPT $BNQPMPOHP )ÏDUPS #BMEBTTJ .JHVFM %FM 4FM "MEP 1JHOBOFMMJ .BVSJDJP %"MFTTBOESP .JHVFM "OHFM 5PNB &EVBSEP $ÈDFSFT (MBEZT (PO[BMF[ $ISJTUJBO (SJCBVEP +BWJFS .BD "MMJTUFS 4JMWJB .BKEBMBOJ 4PMFEBE .BSUÓOF[ 3PCFSUP 1SBEJOFT (JTFMB 4DBHMJB $PSOFMJB 4DINJEU-JFSNBOO +PSHF 5SJBDB 1BCMP 3PTTJ 8BMUFS %J /BSEP 1BVMB (BSDÓB 'FEFSJDP 4FFCFS 'SBODP .FSDVSJBMJ %BOJFM 4UJDP 1BCMP $IBQFUB $BSMPT 1B[P .BSDPT 3PDDB *HOBDJP 0SUFMMJ .BSUÓO #SBWP +PSHF -JHBT 'BDVOEP -BOEÓWBS -VJT "OESFPUUJ $BSNFO "DFWFEP %ÓB[ $MBVEJP "MJTDJPOJ /PSCFSUP "OHFMFUUJ .BSDFMP "SHàFMMFT .BSJOB "SUVTB 1BCMP #JGm 4JMWBOB #PTDIJ 5POZ #PTDP +PTÏ $BCBMMFSP +VBO $BNQBOP .BSDFMP $BOUØO 3JDBSEP $BSDPWB +VMJP $IJBQQFUB 1BCMP $PMB[P 'MPSFODJB $VO[PMP 4FSHJP %BOJTIFXTLZ 1BCMP %F -FØO 'BDVOEP %F 1BMNB 3PEPMGP %FM 1FSDJP 8BMUFS %PNÓOHVF[ 4FSHJP %VCDPWTLZ .BSÓB EFM 4PDPSSP &TUSBEB %BOJFM 'FSOÈOEF[ $BOFEP 4JMWJB 'FTRVFU )ÏDUPS (BNCJOJ 7JDFOUF (PO[ÈMF[ -BVSB )BJNPWJDIJ )ÏDUPS )VFSHP &SOFTUP +BDLTPO .JHVFM +VSBEP %BNJÈO ,BOUPS (VJMMFS NP ,FMMNFS %BOJFM -FZCB (VTUBWP -PWBMWP 1BVMB -VHPOFT &[FRVJFM .BSUÓOF[ "HVTUÓO .BVSÓO $BZFUBOB .FSDÏ 0TWBMEP 1FQF 3PCFSUP 1FSB "MFKBOESP 1SPTEPDJNJ 4FSHJP 3VCÓO .BSJBOP 3ZBO $MBVEJP 4BWPJB 1BCMP 4DIPM[ (VTUBWP 4JFSSB (VJMMFSNP 5BHMJBGFSSJ 7JWJBO 6SGFJH $BSMPT 7È[RVF[ .JHVFM 8J×B[LJ 3JDBSEP #SBHJTOLJ (VTUBWP 3PO[BOP $FDJMJB #PVF "OBMÓB 3PGGP "OB (VFMMFS 1BCMP (BHHFSP 'FMJDJUBT 3PTTJ 'SBODP 7BSJTF +BWJFS /BWJB %JFHP $ÞOFP %JFHP +BQBT 'FSOBOEP 3PESÓHVF[ +PTÏ $SFUUB[ %JFHP $BCPU +VBO -BOEBCVSV (SBDJFMB (VBEBMVQF 1BCMP (JBOFSB (SBDJFMB .FMHBSFKP +PSHF 3PTBMFT *OÏT $BQEFWJMB (VJMMFSNP *EJBSU -BVSFBOP 1ÏSF[ *[RVJFSEP -FPOBSEP 5BHMJBCÞF /JDPMÈT (JMBSEJ $MBVEJB 1FJSØ 'FSOBOEB ,PCFMJOTLZ "ESJÈO #POP "MEP .BSJOP[[J %ÏCPSB $BNQPT )VHP 4ÈODIF[ 'FEFSJDP 0MJWBSFT 3PCFSUP $BCBMMFSP "OB $MBSB 1FSF[ $PUUFO *HOBDJP $IBVTJT 4FSHJP %J /VDDJ 4JMWJOB 1JOJ 0TDBS +BDJOUP 4ØDSBUFT +VMJP (JNÏOF[ 'FSOBOEP .FMDIJPSJ .BSÓB 4VDBSSBU /JDPMÈT .JHMJBWBDDB 4FCBTUJÈO %ÓB[ "MFKBOESP 4PLPMPXTLJ -VDJBOP $BOFU 'FEFSJDP 3P[FOCBVN $MBVEJB 7JMMBQÞO 3BNJSP 4DBOEPMP %FCPSB %"NBUP +VBO .FSJOP "ESJÈO #POP "ESJBOB 4DIFUUJOJ (BCSJFM 1SPmUJ /PSNBO 3P[FOUIBM -FPOBSEP 5BHMJBCÞF .BSUÓO #SBWP .BKP .VMMFS /PSNBO 3P[FOUIBM 4FSHJP %BOJTIFXTLZ (VTUBWP 3PO[BOP %JFHP $PSCBMÈO 'SBODJTDP 4UFGBOPGG 4FCBTUJÈO $BNQBOBSJP .BSUÓO (SPT[ $MBVEJP $IBSVUUJOJ 3JDBSEP 1JQJOP +PSHF &MÓBT $MBVEJB (PNF[ $PTUB .BSUB %ÓB[ .BSJB 4VTBOB 1BUBSP 3PCFSUP 0DDIJQJOUJ -PSFOB 5PTP .BSUÓO #MPUUP 1BCMP $IJBQFUUB .BSUÓO &VMB &[FRVJFM $PHBO +VBO 4[FJOGFME 7FSØOJDB %SZHBJMP "SJFM $SJTUØGBMP 1BCMP )FMNBO 4FSHJP 4FSSJDIJP