Está en la página 1de 8

&ROHFFLQ&LHQFLDV+XPDQDV

,XUL7LQLQRY
(OSUREOHPD
GHODOHQJXDSRWLFD
1SMPHPEF+PSHF1BOFTJ
5SBEVDDJOEF&VHFOJP-QF["SSJB[V

5JOJOPW *VSJ
&MQSPCMFNBEFMBMFOHVBQPUJDBBFE#VFOPT"JSFT%FEBMVT 
QYDN $JFODJBT)VNBOBT

5SBEVDJEPQPS&VHFOJP-QF["SSJB[V
*4#/
&TUVEJPT-JUFSBSJPT-JUFSBUVSB3VTB*-QF["SSJB[V &VHFOJP USBE**5UVMP

,QGLFH

$%%

1SMPHPBFTUBFEJDJO
+PSHF1BOFTJ
/PUBEFMUSBEVDUPS



1SFGBDJPEFMBVUPS



5UVMPPSJHJOBM1SPCMFNBTUJKPUWPSOPHPJB[JLB
EFMBUSBEVDDJO&VHFOJP-QF["SSJB[V
BFEJDJOKVMJPEF
%FEBMVT&EJUPSFT
'FMJQF7BMMFTF #VFOPT"JSFT "SHFOUJOB
JOGP!EFEBMVTFEJUPSFTDPNBS
XXXEFEBMVTFEJUPSFTDPNBS
&EJDJOBDBSHPEF&VHFOJP-QF["SSJB[V
%JTFPEFDPMFDDJOZDVCJFSUB$SVEFMF3JCFJSP%JTFP]DSVEFMFSJCFJSPDPN
%JBHSBNBDJO"SJFM4IBMPN
*4#/
)FDIPFMEFQTJUPRVFNBSDBMBMFZ
*NQSFTPFO"SHFOUJOB
/JOHVOBQBSUFEFFTUBQVCMJDBDJO JODMVJEPFMEJTFPEFDVCJFSUB QVFEFTFSSFQSPEVDJEB 
BMNBDFOBEBPUSBOTNJUJEBEFNBOFSBBMHVOBOJQPSOJOHONFEJP ZBTFBFMDUSJDP RVNJDP 
NFDOJDP QUJDP EJHJUBM EFHSBCBDJOPGPUPDPQJB TJOQFSNJTPQSFWJPEFMFEJUPS

$"156-0

&-3*5.0$0.0'"$503
$0/4536$5*70%&-7&340
&MDPODFQUPEFDPOTUSVDDJO-PJONPUJWBEPDPNPNB
UFSJBM EF FTUVEJP EFM BSUF &M QBQFM EF MB 0ISFOQIJMP
MPHJFFOFMFTUBCMFDJNJFOUPEFMGBDUPSDPOTUSVDUJWPEFM
WFSTP &M FOGPRVF BDTUJDP EFM WFSTP  TV JOTVmDJFODJB
-PTFRVJWBMFOUFTEFMUFYUP&MNFUSPZFMSJUNP-BGVO
DJOEFMSJUNPFOFMWFSTPZFOMBQSPTB&MDPODFQUPEF
VOJEBEQPUJDB&MWFSTPMJCSF-BTMFZFTEFMWFSTP



$"156-0

&-4&/5*%0%&-"1"-"#3"105*$"
-BQBMBCSBBJTMBEBZMBQBMBCSBQVSBNFOUFMYJDB&MJO




EJDJPGVOEBNFOUBMEFTJHOJmDBEP-PTJOEJDJPTTFDVOEB
SJPTZnVDUVBOUFTEFTJHOJmDBEP&MNBUJ[MYJDP&MDPO
DFQUPEFMYJDPMJUFSBSJP-BJOnVFODJBEFMWFSTPTPCSF
FMTFOUJEPEFMBQBMBCSB-BJOnVFODJBEFMPTMNJUFTEFM
WFSTPZEFMFODBCBMHBNJFOUPTPCSFFMTFOUJEP-BTJHOJm
DBDJOSUNJDBZMBTJHOJmDBDJOEFMTFOUJEP-PTJOEJDJPT
nVDUVBOUFTEFTJHOJmDBEPFOFMWFSTP&MNBUJ[MYJDPFO
FM WFSTP &M KVFHP CBTBEP FO MPT JOEJDJPT GVOEBNFOUB
MFTEFTJHOJmDBEP-PTOPNCSFTQSPQJPTFOFMWFSTP&M
NBUJ[ MYJDP iB MB EJTUBODJBw -B iJOTUSVNFOUBDJOw  TV
JOnVFODJBTPCSFFMTFOUJEPEFMBQBMBCSB-BJOnVFODJB
EFMBSJNBTPCSFFMTFOUJEPEFMBQBMBCSB&MDBMBNCVS&M
QSPCMFNBEFMBJNBHFO

/PUBTEFMBVUPS

3UORJRDHVWDHGLFLQ



)BZ iOVEPT IJTUSJDPTw RVF OP EFKBNPT EF EFTBUBS  RVFS


NPTMPPOP QVFTOPTPMBNFOUFTFOPTQSFTFOUBOBMBDVSJPTJEBE
DPOUFNQPSOFB DPNP VO BDFSUJKP  TJOP DPNP MB DPNQSPNFUJEB
TPNCSBEFVOUSBVNBJNQPTJCMFEFEJTJQBS6OPEFFTPTiOVEPT
IJTUSJDPTwFTFMFTUBMJOJTNP ZQBSUJDVMBSNFOUF FMMB[PFYUFSNJ
OBEPSRVFMPMJHBDPOFTFPUSPUSBVNBIJTUSJDP FMOB[JTNP
2VJ[TFBFTUFVONBSDPNVZHFOFSBMQBSBDPNQSFOEFSMPT
BMDBODFTEF&MQSPCMFNBEFMBMFOHVBQPUJDB MJCSPQVCMJDBEP
FO   Z RVF BQBSFDF MFKBOP EF MBT DPOUJFOEBT QPMUJDBT QPS
TVDBSDUFSiUDOJDPw4JOFNCBSHP DPNPTFTBCF MBQPMUJDB P
MB HVFSSB
 OP EFKBO EF BQSFOEFS PUSBT MFOHVBT Z PUSPT EJBMFD
UPT QBSB IBCMBS Z EJTDVUJS TVT JOUFSFTFT FO DBNQPT FTQFDmDPT
BQBSFOUFNFOUFBMFKBEPT&TFMTFOUJEPRVFQVFEFFYUSBFSTFEF
MBQPMNJDBTPCSFFTUBTDVFTUJPOFTiUDOJDBTwZQPMUJDBTNBOUF
OJEBQPS-FO5SPUTLJZFMGPSNBMJTUB#PSJT&JKFOCBVNFO
$PNP TVSHF EF MB NFODJO B 5SPUTLJ QPS QBSUF EF 5JOJBOPW B
 -FO 5SPUTLJ  i-B FTDVFMB QPUJDB GPSNBMJTUB Z FM NBSYJTNPw  FO -JUFSBUVSB Z
SFWPMVDJO  #VFOPT "JSFT  &M :VORVF FEJUPSB   #PSJT &JKFOCBVN  i&O UPSOP B MB
DVFTUJOEFMPTGPSNBMJTUBTw<> FO&NJM7PMFL FEJUPS
"OUPMPHBEFMGPSNBMJTNP
SVTPZFMHSVQPEF#BKUJO &EJU'VOEBNFOUPT .BESJE 


$BQUVMP

(OULWPRFRPRIDFWRU
FRQVWUXFWLYRGHOYHUVR


&MFTUVEJPEFMBSUFWFSCBMQSFTFOUBVOBEJmDVMUBEEPCMF1SJ
NFSP EFTEFFMQVOUPEFWJTUBEFMNBUFSJBMBMRVFTFEBGPSNB
DVZB EFTJHOBDJO DPOWFODJPOBM NT DPNO FT FM EJTDVSTP  MB
QBMBCSB
4FHVOEP EFTEFFMQVOUPEFWJTUBEFMQSJODJQJPDPOT
USVDUJWPEFFTUFBSUF
&O FM QSJNFS DBTP  FM PCKFUP EF OVFTUSP FTUVEJP SFTVMUB TFS
BMHP EFNBTJBEP FTUSFDIBNFOUF VOJEP B OVFTUSB DPODJFODJB
DPUJEJBOB ZBWFDFTJODMVTPDPODFCJEPFOMBFTUSFDIF[EFFTUF
WODVMP$POHVTUPQFSEFNPTEFWJTUBFORVDPOTJTUFFMWODVMP 
DVMFTTVDBSDUFSZ QSPZFDUBOEPBSCJUSBSJBNFOUFFOFMPCKFUP
EFFTUVEJPUPEBTMBTSFMBDJPOFTRVFTPOIBCJUVBMFTQBSBOVFTUSB
FYJTUFODJB MBTDPOWFSUJNPTFOQVOUPTEFQBSUJEBEFMBJOWFTUJ
HBDJO MJUFSBSJB* "T  TF QJFSEF EF WJTUB MB IFUFSPHFOFJEBE  MB
QPMJTFNJBEFMNBUFSJBM RVFEFQFOEFEFTVQBQFMZEFTVmO4F
QJFSEFEFWJTUBRVFIBZFOMBQBMBCSBNPNFOUPTEFEJWFSTPWBMPS
RVFEFQFOEFOEFTVGVODJOVONPNFOUPQVFEFEFTUBDBSTFB
FYQFOTBTEFMPTPUSPT QPSMPRVFFTUPTPUSPTTFEFGPSNBO ZB



(/352%/(0$'(/$/(1*8$327,&$

WFDFTTPOSFCBKBEPTBMHSBEPEFVOBDDFTPSJPOFVUSP&MHSBOEJP
TPJOUFOUPEF1PUFCOJEFDPOTUSVJSVOBUFPSBEFMBMJUFSBUVSB
DPNQSFOEJEBBQBSUJSEFMBQBMBCSBDPNPIBDJBVOBDPNQMFKB
QSPEVDDJOBSUTUJDBDPNPFTUBCBEFBOUFNBOPDPOEFOB
EPBMGSBDBTP QVFTUPEBMBFTFODJBEFMBSFMBDJOEFB
SFTJEFFOMBWBSJFEBEZFOMBWBSJBEBTJHOJmDBDJOGVODJPOBMEF
FTUFiw&MDPODFQUPEFiNBUFSJBMwOPTBMFEFMPTMNJUFTEFMB
GPSNB FTUBNCJOGPSNBMDPOGVOEJSMPDPONPNFOUPTBKFOPTBMB
DPOTUSVDDJOFTFSSOFP
-BTFHVOEBEJmDVMUBEFTMBVTVBMBDUJUVEIBDJBMBOBUVSBMF[B
EFMQSJODJQJPDPOTUSVDUJWP GPSNBOUF DPOTJEFSBEPEFOBUVSBMF[B
FTUUJDB "DMBSBSFNPT FM QSPCMFNB DPO VO FKFNQMP )BDF BQF
OBTQPDPUJFNQPRVFIFNPTBCBOEPOBEPFMUJQPEFDSUJDBRVF
BOBMJ[BCB ZDFOTVSBCB
BMPTISPFTEFMBOPWFMBDPNPTJGVFSBO
QFSTPOBTWJWJFOUFT/BEJFHBSBOUJ[BUBNQPDPRVFEFTBQBSF[DBO
QPSDPNQMFUPMBTCJPHSBGBTEFMPTISPFTOJMPTJOUFOUPTEFSFT
UBCMFDFS TPCSF FTUBT CJPHSBGBT MB SFBMJEBE IJTUSJDB 5PEP FTUP
TFCBTBFOMBQSFNJTBEFMISPFFTUUJDP&TBQSPQJBEPSFDPSEBS
BRVMBTQBMBCSBTEF(PFUIFTPCSFMBGVODJOBSUTUJDB TPCSFMB
MV[EPCMFEFMPTQBJTBKFTEF3VCFOTZFMIFDIPEPCMFFO4IBLFT
QFBSFi$VBOEPFMDVBESPTFDPOWJFSUFFOVOWFSEBEFSPDVBESP 
BMBSUJTUBTFMFDPODFEFMBMJCFSUBEZFOUPODFTQVFEFSFDVSSJSB
MBmDDJOy&MBSUJTUBIBCMBBMBHFOUFDPOMBBZVEBEFMUPEPyw
1PS FTP MB MV[ EFTEF EPT MBEPT  TJ CJFO FT GPS[BEB  iTJ CJFO FT
BMHPDPOUSBMBOBUVSBMF[Byw BVOBTiFTUQPSFODJNBEFMBOB
UVSBMF[Bw-BEZ.BDCFUI RVJFOEJDFFOVONPNFOUPi-FEJFM
QFDIPBNJIJKPw ZEFRVJFOMVFHPTFEJDFi/PUJFOFIJKPTw FTU
KVTUJmDBEB  QPSRVF B 4IBLFTQFBSF iMF QSFPDVQBCB MB GVFS[B EF
DBEBEJTDVSTPw

&OHSJFHP  iVOPw iUPEPw

( /  5 , 7 0 2  & 2 0 2  )$ &72 5  & 2 1 6 7 5 8 &7 , 9 2  ' ( /  9 ( 5 6 2



/PIBZRVFUPNBSFOHFOFSBMFOVOTFOUJEPEFNBTJBEPFYBDUP
ZQVOUJMMPTPDBEBQBMBCSBEFMQPFUBPDBEBQJODFMBEBEFMQJOUPS
y
FMQPFUBIBDFEFDJSBTVTQFSTPOBKFTFOVOEFUFSNJOBEP
MVHBSQSFDJTBNFOUFMPRVFBMMTFOFDFTJUB MPRVFFTCVFOPQSF
DJTBNFOUFBMMZRVFQSPEVDFVOBJNQSFTJO TJOQSFPDVQBSTFOJ
DPOTJEFSBSFTQFDJBMNFOUFMPRVFTFSBRVJ[TVOBDPOUSBEJDDJO
FWJEFOUFDPOMBTQBMBCSBTEJDIBTFOPUSPMVHBS

:(PFUIFFYQMJDBFTUPEFTEFFMQVOUPEFWJTUBEFMQSJODJQJP
DPOTUSVDUJWPEFMESBNBTIBLFTQFSJBOP
&O HFOFSBM  FT QPDP QSPCBCMF RVF 4IBLFTQFBSF IBZB QFO
TBEP NJFOUSBTFTDSJCB RVFTVTPCSBTTFSBOJNQSFTBT RVFTF
DPOUBSBO ZVYUBQPOESBOZDPNQBSBSBOMPTWFSTPTBOUFTCJFO 
GSFOUFBTVTPKPTUFOBMBFTDFOBWFBDNPTVTPCSBTTFNPWBO
ZWJWBO DVOSQJEPQBTBCBOBOUFMPTPKPTZWPMBCBODFSDBEF
MPTPEPTEFMPTFTQFDUBEPSFTOPIBCBUJFNQPEFEFUFOFSTFZ
DSJUJDBSMPTEFUBMMFT TMPIBCBRVFQSFPDVQBSTFQPSQSPEVDJSMB
JNQSFTJONTGVFSUFFOFMNPNFOUPQSFTFOUF**

"T MBVOJEBEFTUUJDBEFMISPF DPNPUBNCJOFOHFOFSBM


UPEB VOJEBE FTUUJDB EF VOB PCSB MJUFSBSJB
 SFTVMUB FYUSBPSEJ
OBSJBNFOUF JOFTUBCMF EFQFOEF QPS DPNQMFUP EFM QSJODJQJP EF
DPOTUSVDDJO Z QVFEF nVDUVBS FO FM DVSTP EF VOB PCSB TFHO
DNPFODBEBDBTPQBSUJDVMBSMPEFUFSNJOFMBEJONJDBHFOFSBM
EFMBPCSBCBTUBRVFIBZBVOTJHOPEFVOJEBE VOBDBUFHPSBRVF
MFHJUJNFMPTDBTPTNTFYUSFNPTEFEFTUSVDDJOFGFDUJWBZRVF
QFSNJUBWFSMPTDPNPVOFRVJWBMFOUFEFMBVOJEBE***
1FSPFTZBEFMUPEPFWJEFOUFRVFUBMVOJEBEOPFTMBVOJEBE
FTUUJDBEFMISPF JOHFOVBNFOUFJNBHJOBEBFOMVHBSEFMTJHOP
EFVOJEBEFTUUJDBTFDJFSOFTPCSFMFMTJHOPEFMBJOUFHSBDJO
EJONJDB EFMBJOUFHSJEBE/PIBZISPFFTUUJDP TMPFYJTUFFM
ISPFEJONJDP:FTTVmDJFOUFFMTJHOPEFMISPF TVOPNCSF 
QBSBRVFMPDPOTJEFSFNPTFODBEBDBTPQBSUJDVMBSDPNPBMNJT
NPISPF*7



(/352%/(0$'(/$/(1*8$327,&$

&OFMFKFNQMPEFMISPFTFSFWFMBMBTPMJEF[ MBDPOTUBODJB
EFMPTICJUPTFTUUJDPTEFMBDPODJFODJB&YBDUBNFOUFMPNJT
NP TVDFEF DPO MB DVFTUJO EF MB iGPSNBw EF MB PCSB MJUFSBSJB
/P IBDF NVDIP BO RVF QVTJNPT mO B MB DMFCSF BOBMPHB
GPSNB o DPOUFOJEP  WBTP o WJOP 1FSP UPEBT MBT BOBMPHBT
FTQBDJBMFT RVFTFBQMJDBOBMDPODFQUPEFGPSNBTPOJNQPSUBO
UFT QPSRVF TMP TPO BOBMPHBT FO BQBSJFODJB QPS FM DPOUSBSJP 
JOUSPEVDFOJOWBSJBCMFNFOUFFOFMDPODFQUPEFGPSNBVOJOEJDJP
FTUUJDP FTUSFDIBNFOUFMJHBEPBMBFTQBDJBMJEBE NJFOUSBTRVF
MBTGPSNBTFTQBDJBMFTEFCFODPNQSFOEFSTFDPNPEJONJDBTTVJ
HFOFSJT
-PNJTNPDPOMBUFSNJOPMPHB.FBUSFWFSBBBmSNBS
RVFMBQBMBCSBiDPNQPTJDJOwFODVCSFFOEFDBEBDBTPTVOB
DPNQSFOTJOEFMBGPSNBDPNPFTUUJDB*NQFSDFQUJCMFNFOUF FM
DPODFQUPEFiWFSTPwPiFTUSPGBwDBFGVFSBEFMBTFSJFEJONJDBMB
SFQFUJDJOEFKBEFQFSDJCJSTFDPNPVOIFDIPEFJOUFOTJEBEEJT
UJOUBCBKPEJTUJOUBTDPOEJDJPOFTEFGSFDVFODJBZDBMJEBEBQBSFDF
FMQFMJHSPTPDPODFQUPEFiTJNFUSBEFMPTIFDIPTDPNQPTJUJWPTw 
QFMJHSPTP QPSRVF OP TF QVFEF IBCMBS EF TJNFUSB DVBOEP IBZ
JOUFOTJmDBDJO
-BVOJEBEEFMBPCSBOPFTVOUPEPDFSSBEPTJNUSJDP TJOP
VOBJOUFHSJEBEEJONJDBRVFTFEFTBSSPMMBOPIBZFOUSFTVTFMF
NFOUPTVOTJHOPFTUUJDPEFJHVBMEBEZBEJDJO TJOP TJFNQSF 
VOTJHOPEJONJDPEFDPSSFMBDJOFJOUFHSBDJO
-B GPSNB EF MB PCSB MJUFSBSJB EFCF TFS DPNQSFOEJEB DPNP
EJONJDB
&TUF EJOBNJTNP TF NBOJmFTUB 
 FO FM DPODFQUP EF QSJODJ
QJP DPOTUSVDUJWP /P UPEPT MPT GBDUPSFT EF MB QBMBCSB UJFOFO FM
NJTNPWBMPSMBGPSNBEJONJDBOPTFQSPEVDFQPSVOJOOJQPS
DPNCJOBDJO DGFMDPODFQUPGSFDVFOUFNFOUFVUJMJ[BEPEFiDP
SSFTQPOEFODJBw
 TJOP QPS JOUFSBDDJO Z  QPS DPOTJHVJFOUF  QPS
MB FWJEFODJBDJO EF VO HSVQP EF GBDUPSFT B FYQFOTBT EF PUSP
1PS FTP FM GBDUPS EFTUBDBEP EFGPSNB MPT TVCPSEJOBEPT 
 -B
QFSDFQDJOEFMBGPSNBFTBTTJFNQSFMBQFSDFQDJOEFVOnVJS

( /  5 , 7 0 2  & 2 0 2  )$ &72 5  & 2 1 6 7 5 8 &7 , 9 2  ' ( /  9 ( 5 6 2



Z QPSDPOTJHVJFOUF EFVODBNCJP
EFMBSFMBDJOFOUSFFMQSJO
DJQJPDPOTUSVDUJWPTVCPSEJOBOUFZMPTGBDUPSFTTVCPSEJOBEPT&O
FMDPODFQUPEFFTUFnVJS EFFTUFiEFTQMJFHVFwOPFTFOBCTPMVUP
OFDFTBSJP JOUSPEVDJS VO NBUJ[ UFNQPSBM &M nVJS  MB EJONJDB 
QVFEFUPNBSTFFOTNJTNB GVFSBEFMUJFNQP DPNPNPWJNJFOUP
QVSP&MBSUFWJWFEFFTUBJOUFSBDDJO EFFTUBMVDIB4JOMBQFS
DFQDJOEFMBTVCPSEJOBDJO EFMBEFGPSNBDJOEFUPEPTMPTGBD
UPSFTQPSQBSUFEFMGBDUPSRVFEFTFNQFBFMQBQFMDPOTUSVDUJWP 
OPIBZIFDIPBSUTUJDP i-BDPODPSEBODJBEFMPTGBDUPSFTFTVOB
DBSBDUFSTUJDBOFHBUJWBQBSUJDVMBSEFMQSJODJQJPDPOTUSVDUJWPw 7
4ILMPWTLJ
1FSPTJEFTBQBSFDFMBQFSDFQDJOEFMBJOUFSBDDJO
EFMPTGBDUPSFT MPDVBMQSFTVQPOFMBQSFTFODJBOFDFTBSJBEFEPT
NPNFOUPTFMTVCPSEJOBOUFZFMTVCPSEJOBEP
TFCPSSBMPQSPQJP
EFMBSUFTUFTFBVUPNBUJ[B
%F FTUF NPEP  TF JOUSPEVDF FO FM DPODFQUP EF iQSJODJQJP
DPOTUSVDUJWPwZEFiNBUFSJBMwVONBUJ[IJTUSJDP1FSPMBIJTUPSJB
EF MB MJUFSBUVSB UBNCJO OPT DPOWFODF EF MB DPOTUBODJB EF MPT
QSJODJQJPTCTJDPTEFDPOTUSVDDJOZEFNBUFSJBM&MTJTUFNB
NUSJDPUPOBMEFMWFSTPEF-PNPOTPW RVFFSBFMGBDUPSDPOT
USVDUJWP TFVOFBQSPYJNBEBNFOUFQPSMBQPDBEF,PTUSPWBVO
EFUFSNJOBEPTJTUFNBEFTJOUBYJTZEFMYJDPZoDPNPTVQBQFM
TVCPSEJOBOUF EFGPSNBOUFTFEFCJMJUBZFMWFSTPTFBVUPNBUJ[Bo
FTOFDFTBSJBMBSFWPMVDJOEF%FS[IBWJOQBSBEFTUSVJSMBVOJO 
QBSBDPOWFSUJSMPOVFWBNFOUFFOJOUFSBDDJO FOMVDIB FOGPSNB
&M NPNFOUP NT JNQPSUBOUF QBSB FMMP FT BRV FM NPNFOUP EF
VOB OVFWB JOUFSBDDJO  Z OP TMP FM NPNFOUP EF JOUSPEVDDJO
EFVOGBDUPSDVBMRVJFSBEFQPST"MIBDFSJOUFSBDUVBSVONFUSP
HBTUBEP FM DVBM TF IBCB HBTUBEP QSFDJTBNFOUF DPNP DPOTF
DVFODJB EF TV VOJO GVFSUF Z IBCJUVBM DPO FM TJTUFNB BDFOUVBM
EF MB QSPQPTJDJO Z DPO DJFSUPT FMFNFOUPT MYJDPT
 BM IBDFSMP
JOUFSBDUVBS DPO GBDUPSFT OVFWPT  SFOPWBNPT FM NFUSP NJTNP 
SFBWJWBNPTFOMOVFWBTQPTJCJMJEBEFTDPOTUSVDUJWBT 5BMFTFM
QBQFMIJTUSJDPEFMBQBSPEJBQPUJDB
&TUBNJTNBSFOPWBDJO



(/352%/(0$'(/$/(1*8$327,&$

EFMQSJODJQJPDPOTUSVDUJWPEFMNFUSPTFEBDPNPSFTVMUBEPEFMB
JOUSPEVDDJOEFOVFWPTNFUSPT
-BT DBUFHPSBT GVOEBNFOUBMFT EF MB GPSNB QPUJDB QFSNB
OFDFOmSNFTFMEFTBSSPMMPIJTUSJDPOPDPOGVOEFMBTDPTBT OP
EFTUSVZF MB EJGFSFODJB FOUSF QSJODJQJP DPOTUSVDUJWP Z NBUFSJBM 
TJOP RVF  QPS FM DPOUSBSJP  MB TVCSBZB &TUP OP FMJNJOB EF QPS
TMPTQSPCMFNBTEFDBEBDBTPFOQBSUJDVMBSDPOTVTJOHVMBSDP
SSFMBDJOFOUSFQSJODJQJPDPOTUSVDUJWPZNBUFSJBM DPOTVQSPQJP
QSPCMFNBEFVOBGPSNBEJONJDB
%BSVOFKFNQMPEFMBBVUPNBUJ[BDJOEFVODPOPDJEPTJTUF
NBEFWFSTJmDBDJOZEFMSFTDBUFEFMTJHOJmDBEPDPOTUSVDUJWPEFM
NFUSPHSBDJBTBMBSVQUVSBEFUBMTJTUFNB&TJOUFSFTBOUFRVFFM
QBQFMEFMBSVQUVSBMPIVCJFTFEFTFNQBBEPBRVMBNJTNBPDUB
WBRVFQBSB".JLPWFSBFMNPEFMPEFMBiBSNPOBEFMWFSTPw7
&OMPTBPT FMZBNCPEFDVBUSPQJFTTFBVUPNBUJ[BCB$Gi-B
DBTJUBEF,PMPNOBwEF1VTILJO
&MZBNCPEFDVBUSPQJFTNFIBSU


&OFMBP 4IFWJSJPWQVCMJDFO&MUFMFTDPQJPVOBBSHV
NFOUBDJOi4PCSFMBQPTJCJMJEBEEFJOUSPEVDJSMBPDUBWBJUBMJBOB
FO MB WFSTJmDBDJO SVTBw DPO VOB USBEVDDJO EFM DBOUP 7** EF
+FSVTBMO MJCFSBEB &O   FM GSBHNFOUP TF QVCMJD FO &M
PCTFSWBEPSEF.PTDDPOFMTJHVJFOUFQSMPHP
&TUFFYQFSJNFOUPyUVWPyMBEFTHSBDJBEFBQBSFDFSFOVOB
QPDB EF NPOPUPOB BSNOJDB  MB DVBM TF EJGVOEB FOUPODFT
FO FM NVOEP EF OVFTUSB 1PFTB Z UPEBWB DPMNBCB UPEPT MPT
PEPT  BVORVF DPNFO[BCB B GBTUJEJBS VO QPDP &TUBT PDUBWBT 
FOMBTRVFTFEFTUSVBOUPEBTMBTSFHMBTDPOWFODJPOBMFTEF
OVFTUSB QSPTPEJB  FO MBT RVF TF EFDMBSBCB VO EJWPSDJP UPUBM
  "MFYBOES4FSHVFWJDI1VTILJO i-BDBTJUB
EF,PMPNOBw 


( /  5 , 7 0 2  & 2 0 2  )$ &72 5  & 2 1 6 7 5 8 &7 , 9 2  ' ( /  9 ( 5 6 2



FOUSFSJNBTNBTDVMJOBTZGFNFOJOBT FOMBTRVFFMUSPRVFP TF


NF[DMBCB DPO FM ZBNCP  FO MBT RVF EPT WPDBMFT GPSNBCBO
VOBOJDBTMBCB FTUBTPDUBWBT RVFBTVTUBCBOQPSMPFYUSFNP
EFTVTOPWFEBEFT {QPEBOTFSPQPSUVOBTFOVOUJFNQPFORVF
VOBEJDIBEFTPOJEPTNPOUPOPTBDBSJDJBCBOVFTUSPPEP 
FORVFFMQFOTBNJFOUPEPSNJUBCBUSBORVJMBNFOUFCBKPFTUB
NFMPEB Z MB MFOHVB USBOTGPSNBCB MBT QBMBCSBT FO NFSPT
TPOJEPT 7*

&T FYDFMFOUF BRV MB DBSBDUFSJ[BDJO EFM BVUPNBUJTNP SF


TVMUBOUFEFMBVOJOIBCJUVBMFOUSFNFUSPZQBMBCSBFTQSFDJTP
EFTUSVJSiUPEBTMBTSFHMBTwQBSBSFTUBCMFDFSMBEJONJDBEFMWFS
TP-BTPDUBWBTQSPEVKFSPOVOBUPSNFOUBMJUFSBSJB**%JNUSFW
FTDSJCBBMDPOEF7J[FNTLJ
&M QSPGFTPS 4IFWJSJPW Z FM FY FTUVEJBOUF #JFMJOTLJ IBDF ZB
NVDIPRVFFOUFSSBSPOOPTMPOVFTUSBDPGSBEBEFWJFKPT TJOP 
OPTFFOPKF UBNCJOB6EZB#UJVTILPWFJODMVTPB1VTILJO
&MTFPSQSPGFTPSFYQMJDRVFOVFTUSPNFUSPBGFDUBEP FTVOB
QBMBCSBEFNPEB
ZOVFTUSBBGFDUBEBMFOHVBQPUJDBOPTJSWFO
QBSB OBEB  TPO NPOUPOPT UBNCJO VOB QBMBCSB GBWPSJUB
 Z
DPNPNPEFMPOPTEJPFO&MPCTFSWBEPSVOBUSBEVDDJOFOTVT
PDUBWBT EFM DBOUP TQUJNP EF +FSVTBMO -JCFSBEB 2VJTJFSB
RVF MB DPUFKBSB 6E DPO MB USBEVDDJO EF 3BJDI Z NF EJKFSB TJ
FODVFOUSBFOMPTNFUSPTZFOMBMFOHVBQPUJDBEF4IFWJSJPWMB
NVTJDBMJEBE MBGVFS[BZMBFYQSFTJWJEBERVFTFHOTVTQBMBCSBT
GBMUBOFOMBQPFTBSVTBEFOVFTUSPTUJFNQPT4JOFNCBSHPy
`FT EVSP TPCSFWJWJS B MB MFOHVB NBUFSOB Z DPNFO[BS EF OVFWP
DPOFMBCFDFEBSJP7**

5PEPFTDBSBDUFSTUJDPFOFTUFQMFJUPMBSFMBDJOEFMWJFKPQPF
UBDPOMBiNVTJDBMJEBEwZFOHFOFSBMDPOFMWFSTPDPNPTJTUFNB
QFUSJmDBEP MBBTFWFSBDJOEFRVFMBSFWPMVDJOEF4IFWJSJPWFT
VOSFHSFTPBMBCFDFEBSJP GVOEBNFOUPFMFNFOUBM
ZMBBTQJSB
DJOEF4IFWJSJPWEFSFTUBCMFDFS BFYQFOTBTEFVOBiNVTJDBMJ
EBEwHBTUBEB MBJOUFSBDDJOEJONJDBEFMPTGBDUPSFTQPUJDPT



(/352%/(0$'(/$/(1*8$327,&$

&M NJTNP 4IFWJSJPW QVCMJD VO FQJHSBNB QSPWPDBUJWP TPCF


TVTPDUBWBT
&MSJNBEPS EFTDPOUFOUPEFMWFSTPSVTP 
1SPZFDUTVPTBEBTFEJDJO
"RVFCSBSMPTTFQVTPDPOBVEB[TVCWFSTJO
"UPEBTMBTSJNBTVOEJWPSDJPBGSFOUPTPJNQVTP
&MZBNCPZFMUSPRVFPEFKWBHBSFOMJCFSUBE 
{:EFUBOUPQFDBEPRVGSVUPTBMJ
-BMMVWJBZMBRVFKBDPOWJFOUPZDPOUSVFOPVOJ
:EFMBBSNPOBFOTPSEFDJMBIPSSJCMFQB[7***


1PS TV QBSUF  1VTILJO MMBN iTPGw BM WFSTP BVUPNBUJ[BEP Z
DPNQBSFMWFSTPOVFWPEJOBNJ[BEPDPOVODBSSPCBNCPMFBOUF
RVFBWBO[BBHSBOWFMPDJEBETPCSFNPOUDVMPTi&MWFSTPOVFWPw
FSBCVFOPOPQPSRVFGVFSBiNTNVTJDBMwPiNTBDBCBEPw TJOP
QPSRVFSFTUBCMFDBMBEJONJDBEFMPTGBDUPSFT"T FMEFTBSSPMMP
EJBMDUJDP EF MB GPSNB  BM WBSJBS MB DPSSFMBDJO EF MPT GBDUPSFT
TVCPSEJOBEPT DPO FM QSJODJQJP DPOTUSVDUJWP  TBMWB TV QBQFM
DPOTUSVDUJWP


5PEPMPEJDIPOPTIBDFUPNBSDPODJFODJBEFMNBUFSJBMEFMB
JOWFTUJHBDJOMJUFSBSJB&TUFQSPCMFNBOPFTJOEJGFSFOUFBMJOWFT
UJHBEPS-BTFMFDDJOEFMNBUFSJBMJOFWJUBCMFNFOUFBDBSSFBDPNP
DPOTFDVFODJB VOB V PUSB EJSFDDJO FO MB JOWFTUJHBDJO Z BT TF
QSFEFUFSNJOBOFOQBSUFMBTDPODMVTJPOFTNJTNBTPTFMJNJUBTV
3. , , / :
/ , /
, / , /
? / , , , /
 4UFQO1FUSPWJDI4IFWJSJPW 


( /  5 , 7 0 2  & 2 0 2  )$ &72 5  & 2 1 6 7 5 8 &7 , 9 2  ' ( /  9 ( 5 6 2



TJHOJmDBEP &TU DMBSP RVF FM PCKFUP EF FTUVEJP  RVF QSFUFOEF
TFSFMFTUVEJPEFMBSUF EFCFTFSBMHPFTQFDmDPRVFMPEJGFSFODJF
EFMBTPUSBTSFBTEFMBBDUJWJEBEJOUFMFDUVBMZRVFIBHBEFFMMBT
TVNBUFSJBMPJOTUSVNFOUP5PEBPCSBEFBSUFQSFTFOUBVOBDPN
QMFKBJOUFSBDDJOEFNVDIPTGBDUPSFTQPSDPOTJHVJFOUF MBUBSFB
EFM JOWFTUJHBEPS FT EFUFSNJOBS FM DBSDUFS FTQFDmDP EF FTUB
JOUFSBDDJO4JOFNCBSHP EFCJEPBMBMJNJUBDJOEFMNBUFSJBMZB
MBJNQPTJCJMJEBEEFFNQMFBSNUPEPTFYQFSJNFOUBMFTEFFTUVEJP 
FTGDJMUPNBSMBTDBSBDUFSTUJDBTTFDVOEBSJBTEFMPTGBDUPSFT RVF
TVSHFOEFTVQPTJDJOFOVODBTPEBEP QPSTVTDBSBDUFSTUJDBT
GVOEBNFOUBMFT%FBMMMBTDPODMVTJPOFTFSSOFBTHFOFSBMFTRVF
TPOMVFHPBQMJDBEBTBGFONFOPTFORVFMPTGBDUPSFTEBEPTEFT
FNQFBOVODMBSPQBQFMTVCPSEJOBOUF
%FTEFFTUFQVOUPEFWJTUB FMNBUFSJBMNTGDJMZTJNQMFFO
BQBSJFODJBSFTVMUBFMNTDPNQMFKPFJOUSBUBCMFMBFTGFSBEFMBSUF
NPUJWBEP-BNPUJWBDJOFOBSUFFTMBKVTUJmDBDJOEFDVBMRVJFS
GBDUPSEFBDVFSEPBUPEPTMPTSFTUBOUFT TVDPODPSEBODJBDPOUP
EPTMPTSFTUBOUFT 74ILMPWTLJ #JKFOCBVN
DBEBGBDUPSFTU
NPUJWBEPQPSTVMB[PDPOMPTSFTUBOUFT*9
-BEFGPSNBDJOEFMPTGBDUPSFT TFHOFTUP TFQSPEVDFSFHV
MBSNFOUFMBNPUJWBDJOJOUFSOB RVFSFTJEFFOFMQMBOPDPOTUSVD
UJWPEFMBPCSB BMMBOBTVT TQFDJmDB IBDFEFMBSUFBMHPiGDJMw 
BDFQUBCMF-BNPUJWBDJOEFMBSUFFTFOHBPTB,BSBN[OQSPQP
OBEBSBMBTQBMBCSBTWJFKBTiVOTFOUJEPOVFWP QSFTFOUBSMBTFO
BTPDJBDJPOFTOVFWBT QFSPUBOTVUJMFTRVFFOHBFOBMMFDUPSZMF
PDVMUFOMPJOVTVBMEFMBFYQSFTJOw9
1FSP QSFDJTBNFOUF QPS FTUP FM FTUVEJP EF MBT GVODJPOFT EF
DVBMRVJFSGBDUPSFTNVDIPNTEJGDJMEFSFBMJ[BSFOFMBSUFiG
DJMw -B JOWFTUJHBDJO EF FTUBT GVODJPOFT OP UJFOF FO WJTUB VOB
DBOUJEBE UQJDB  TJOP MB DVBMJEBE DBSBDUFSTUJDB EF FMFNFOUPT
RVFTPODPNVOFTBPUSBTFTGFSBTEFMBBDUJWJEBEJOUFMFDUVBMFM
QMVTFTQFDmDPEFMBSUF1PSFTPFOMBTQSPEVDDJPOFTNPUJWBEBT
EFMBSUFFTUQJDBMBNJTNBNPUJWBDJO FMFTGVNBEPEFMQMVT


También podría gustarte